id	sid	tid	token	lemma	pos
ajfa-4310	1	1	microsoft	microsoft	PROPN
ajfa-4310	1	2	word	word	NOUN
ajfa-4310	1	3	4310-15941-1-sm-writer2-new.doc	4310-15941-1-sm-writer2-new.doc	NUM
ajfa-4310	1	4	asian	asian	ADJ
ajfa-4310	1	5	journal	journal	NOUN
ajfa-4310	1	6	of	of	ADP
ajfa-4310	1	7	finance	finance	PROPN
ajfa-4310	1	8	&	&	CCONJ
ajfa-4310	1	9	accounting	accounting	PROPN
ajfa-4310	1	10	issn	issn	PROPN
ajfa-4310	1	11	1946	1946	NUM
ajfa-4310	1	12	-	-	PUNCT
ajfa-4310	1	13	052x	052x	NOUN
ajfa-4310	1	14	2013	2013	NUM
ajfa-4310	1	15	,	,	PUNCT
ajfa-4310	1	16	vol	vol	NOUN
ajfa-4310	1	17	.	.	PROPN
ajfa-4310	1	18	5	5	NUM
ajfa-4310	1	19	,	,	PUNCT
ajfa-4310	1	20	no	no	INTJ
ajfa-4310	1	21	.	.	NOUN
ajfa-4310	1	22	2	2	NUM
ajfa-4310	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	1	24	183	183	NUM
ajfa-4310	1	25	momentum	momentum	NOUN
ajfa-4310	1	26	effect	effect	NOUN
ajfa-4310	1	27	:	:	PUNCT
ajfa-4310	1	28	evidence	evidence	NOUN
ajfa-4310	1	29	from	from	ADP
ajfa-4310	1	30	the	the	DET
ajfa-4310	1	31	vietnamese	vietnamese	ADJ
ajfa-4310	1	32	stock	stock	NOUN
ajfa-4310	1	33	market∗	market∗	ADJ
ajfa-4310	1	34	pascal	pascal	ADJ
ajfa-4310	1	35	alphonse	alphonse	PROPN
ajfa-4310	1	36	professor	professor	NOUN
ajfa-4310	1	37	,	,	PUNCT
ajfa-4310	1	38	university	university	NOUN
ajfa-4310	1	39	of	of	ADP
ajfa-4310	1	40	lille	lille	PROPN
ajfa-4310	1	41	north	north	ADV
ajfa-4310	1	42	of	of	ADP
ajfa-4310	1	43	france	france	PROPN
ajfa-4310	1	44	skema	skema	VERB
ajfa-4310	1	45	business	business	NOUN
ajfa-4310	1	46	school	school	NOUN
ajfa-4310	1	47	lsmrc	lsmrc	NOUN
ajfa-4310	1	48	thu	thu	NOUN
ajfa-4310	1	49	hang	hang	PROPN
ajfa-4310	1	50	nguyen∗∗	nguyen∗∗	PROPN
ajfa-4310	1	51	phd	phd	NOUN
ajfa-4310	1	52	candidate	candidate	NOUN
ajfa-4310	1	53	,	,	PUNCT
ajfa-4310	1	54	university	university	NOUN
ajfa-4310	1	55	of	of	ADP
ajfa-4310	1	56	lille	lille	PROPN
ajfa-4310	1	57	north	north	ADV
ajfa-4310	1	58	of	of	ADP
ajfa-4310	1	59	france	france	PROPN
ajfa-4310	1	60	lecturer	lecturer	NOUN
ajfa-4310	1	61	,	,	PUNCT
ajfa-4310	1	62	foreign	foreign	ADJ
ajfa-4310	1	63	trade	trade	NOUN
ajfa-4310	1	64	university	university	PROPN
ajfa-4310	1	65	,	,	PUNCT
ajfa-4310	1	66	hcmc	hcmc	PROPN
ajfa-4310	1	67	campus	campus	PROPN
ajfa-4310	1	68	,	,	PUNCT
ajfa-4310	1	69	vietnam	vietnam	PROPN
ajfa-4310	1	70	received	receive	VERB
ajfa-4310	1	71	:	:	PUNCT
ajfa-4310	1	72	sep	sep	PROPN
ajfa-4310	1	73	.	.	PROPN
ajfa-4310	1	74	20	20	NUM
ajfa-4310	1	75	,	,	PUNCT
ajfa-4310	1	76	2013	2013	NUM
ajfa-4310	1	77	accepted	accept	VERB
ajfa-4310	1	78	:	:	PUNCT
ajfa-4310	1	79	october	october	PROPN
ajfa-4310	1	80	31	31	NUM
ajfa-4310	1	81	,	,	PUNCT
ajfa-4310	1	82	2013	2013	NUM
ajfa-4310	1	83	published	publish	VERB
ajfa-4310	1	84	:	:	PUNCT
ajfa-4310	1	85	december	december	PROPN
ajfa-4310	1	86	1	1	NUM
ajfa-4310	1	87	,	,	PUNCT
ajfa-4310	1	88	2013	2013	NUM
ajfa-4310	1	89	doi:10.5296	doi:10.5296	NOUN
ajfa-4310	1	90	/	/	SYM
ajfa-4310	1	91	ajfa.v5i2.4310	ajfa.v5i2.4310	NUM
ajfa-4310	1	92	url	url	PROPN
ajfa-4310	1	93	:	:	PUNCT
ajfa-4310	1	94	http://dx.doi.org/10.5296/ajfa.v5i2.4310	http://dx.doi.org/10.5296/ajfa.v5i2.4310	X
ajfa-4310	1	95	abstract	abstract	ADV
ajfa-4310	1	96	this	this	DET
ajfa-4310	1	97	paper	paper	NOUN
ajfa-4310	1	98	focuses	focus	VERB
ajfa-4310	1	99	on	on	ADP
ajfa-4310	1	100	the	the	DET
ajfa-4310	1	101	profitability	profitability	NOUN
ajfa-4310	1	102	of	of	ADP
ajfa-4310	1	103	momentum	momentum	NOUN
ajfa-4310	1	104	strategies	strategy	NOUN
ajfa-4310	1	105	in	in	ADP
ajfa-4310	1	106	the	the	DET
ajfa-4310	1	107	vietnamese	vietnamese	ADJ
ajfa-4310	1	108	stock	stock	NOUN
ajfa-4310	1	109	market	market	NOUN
ajfa-4310	1	110	.	.	PUNCT
ajfa-4310	2	1	the	the	DET
ajfa-4310	2	2	results	result	NOUN
ajfa-4310	2	3	assert	assert	VERB
ajfa-4310	2	4	that	that	SCONJ
ajfa-4310	2	5	momentum	momentum	NOUN
ajfa-4310	2	6	occurs	occur	VERB
ajfa-4310	2	7	within	within	ADP
ajfa-4310	2	8	smalland	smalland	NOUN
ajfa-4310	2	9	largesized	largesize	VERB
ajfa-4310	2	10	stock	stock	NOUN
ajfa-4310	2	11	subsamples	subsample	NOUN
ajfa-4310	2	12	in	in	ADP
ajfa-4310	2	13	the	the	DET
ajfa-4310	2	14	period	period	NOUN
ajfa-4310	2	15	prior	prior	ADV
ajfa-4310	2	16	to	to	ADP
ajfa-4310	2	17	the	the	DET
ajfa-4310	2	18	lehmann	lehmann	NOUN
ajfa-4310	2	19	shock	shock	NOUN
ajfa-4310	2	20	and	and	CCONJ
ajfa-4310	2	21	does	do	AUX
ajfa-4310	2	22	not	not	PART
ajfa-4310	2	23	exist	exist	VERB
ajfa-4310	2	24	in	in	ADP
ajfa-4310	2	25	the	the	DET
ajfa-4310	2	26	remaining	remain	VERB
ajfa-4310	2	27	subsamples	subsample	NOUN
ajfa-4310	2	28	.	.	PUNCT
ajfa-4310	3	1	further	further	ADJ
ajfa-4310	3	2	tests	test	NOUN
ajfa-4310	3	3	point	point	VERB
ajfa-4310	3	4	out	out	ADP
ajfa-4310	3	5	that	that	SCONJ
ajfa-4310	3	6	the	the	DET
ajfa-4310	3	7	occurrence	occurrence	NOUN
ajfa-4310	3	8	of	of	ADP
ajfa-4310	3	9	momentum	momentum	NOUN
ajfa-4310	3	10	follows	follow	VERB
ajfa-4310	3	11	market	market	NOUN
ajfa-4310	3	12	gains	gain	NOUN
ajfa-4310	3	13	and	and	CCONJ
ajfa-4310	3	14	is	be	AUX
ajfa-4310	3	15	consistent	consistent	ADJ
ajfa-4310	3	16	with	with	ADP
ajfa-4310	3	17	the	the	DET
ajfa-4310	3	18	overreaction	overreaction	NOUN
ajfa-4310	3	19	hypothesis	hypothesis	NOUN
ajfa-4310	3	20	.	.	PUNCT
ajfa-4310	4	1	the	the	DET
ajfa-4310	4	2	phenomenon	phenomenon	NOUN
ajfa-4310	4	3	is	be	AUX
ajfa-4310	4	4	likely	likely	ADJ
ajfa-4310	4	5	to	to	PART
ajfa-4310	4	6	be	be	AUX
ajfa-4310	4	7	explained	explain	VERB
ajfa-4310	4	8	by	by	ADP
ajfa-4310	4	9	the	the	DET
ajfa-4310	4	10	low	low	ADJ
ajfa-4310	4	11	individualism	individualism	NOUN
ajfa-4310	4	12	in	in	ADP
ajfa-4310	4	13	the	the	DET
ajfa-4310	4	14	vietnamese	vietnamese	ADJ
ajfa-4310	4	15	culture	culture	NOUN
ajfa-4310	4	16	.	.	PUNCT
ajfa-4310	5	1	evidence	evidence	NOUN
ajfa-4310	5	2	on	on	ADP
ajfa-4310	5	3	high	high	ADJ
ajfa-4310	5	4	volatility	volatility	NOUN
ajfa-4310	5	5	,	,	PUNCT
ajfa-4310	5	6	low	low	ADJ
ajfa-4310	5	7	persistence	persistence	NOUN
ajfa-4310	5	8	and	and	CCONJ
ajfa-4310	5	9	high	high	ADJ
ajfa-4310	5	10	correlation	correlation	NOUN
ajfa-4310	5	11	of	of	ADP
ajfa-4310	5	12	stock	stock	NOUN
ajfa-4310	5	13	returns	return	NOUN
ajfa-4310	5	14	is	be	AUX
ajfa-4310	5	15	also	also	ADV
ajfa-4310	5	16	found	find	VERB
ajfa-4310	5	17	from	from	ADP
ajfa-4310	5	18	the	the	DET
ajfa-4310	5	19	study	study	NOUN
ajfa-4310	5	20	.	.	PUNCT
ajfa-4310	6	1	keywords	keyword	NOUN
ajfa-4310	6	2	:	:	PUNCT
ajfa-4310	6	3	market	market	NOUN
ajfa-4310	6	4	efficiency	efficiency	NOUN
ajfa-4310	6	5	,	,	PUNCT
ajfa-4310	6	6	momentum	momentum	NOUN
ajfa-4310	6	7	,	,	PUNCT
ajfa-4310	6	8	vietnamese	vietnamese	ADJ
ajfa-4310	6	9	stock	stock	NOUN
ajfa-4310	6	10	market	market	NOUN
ajfa-4310	6	11	,	,	PUNCT
ajfa-4310	6	12	investor	investor	NOUN
ajfa-4310	6	13	behavior	behavior	NOUN
ajfa-4310	6	14	,	,	PUNCT
ajfa-4310	6	15	market	market	NOUN
ajfa-4310	6	16	state	state	NOUN
ajfa-4310	6	17	∗	∗	NOUN
ajfa-4310	6	18	this	this	DET
ajfa-4310	6	19	article	article	NOUN
ajfa-4310	6	20	is	be	AUX
ajfa-4310	6	21	a	a	DET
ajfa-4310	6	22	revised	revise	VERB
ajfa-4310	6	23	and	and	CCONJ
ajfa-4310	6	24	expanded	expand	VERB
ajfa-4310	6	25	version	version	NOUN
ajfa-4310	6	26	of	of	ADP
ajfa-4310	6	27	a	a	DET
ajfa-4310	6	28	paper	paper	NOUN
ajfa-4310	6	29	entitled	entitle	VERB
ajfa-4310	6	30	“	"	PUNCT
ajfa-4310	6	31	momentum	momentum	NOUN
ajfa-4310	6	32	effect	effect	NOUN
ajfa-4310	6	33	in	in	ADP
ajfa-4310	6	34	the	the	DET
ajfa-4310	6	35	vietnamese	vietnamese	ADJ
ajfa-4310	6	36	stock	stock	NOUN
ajfa-4310	6	37	market	market	NOUN
ajfa-4310	6	38	”	"	PUNCT
ajfa-4310	6	39	,	,	PUNCT
ajfa-4310	6	40	presented	present	VERB
ajfa-4310	6	41	at	at	ADP
ajfa-4310	6	42	2nd	2nd	ADJ
ajfa-4310	6	43	annual	annual	ADJ
ajfa-4310	6	44	international	international	ADJ
ajfa-4310	6	45	conference	conference	NOUN
ajfa-4310	6	46	on	on	ADP
ajfa-4310	6	47	accounting	accounting	NOUN
ajfa-4310	6	48	and	and	CCONJ
ajfa-4310	6	49	finance	finance	NOUN
ajfa-4310	6	50	(	(	PUNCT
ajfa-4310	6	51	af2012	af2012	PROPN
ajfa-4310	6	52	)	)	PUNCT
ajfa-4310	6	53	,	,	PUNCT
ajfa-4310	6	54	singapore	singapore	PROPN
ajfa-4310	6	55	and	and	CCONJ
ajfa-4310	6	56	published	publish	VERB
ajfa-4310	6	57	in	in	ADP
ajfa-4310	6	58	procedia	procedia	ADJ
ajfa-4310	6	59	economics	economic	NOUN
ajfa-4310	6	60	and	and	CCONJ
ajfa-4310	6	61	finance	finance	NOUN
ajfa-4310	6	62	2	2	NUM
ajfa-4310	6	63	(	(	PUNCT
ajfa-4310	6	64	2012	2012	NUM
ajfa-4310	6	65	)	)	PUNCT
ajfa-4310	6	66	.	.	PUNCT
ajfa-4310	7	1	∗∗	∗∗	NOUN
ajfa-4310	7	2	corresponding	corresponding	ADJ
ajfa-4310	7	3	author	author	NOUN
ajfa-4310	7	4	,	,	PUNCT
ajfa-4310	7	5	email	email	NOUN
ajfa-4310	7	6	:	:	PUNCT
ajfa-4310	7	7	nthuhang@hotmail.com	nthuhang@hotmail.com	PROPN
ajfa-4310	7	8	asian	asian	PROPN
ajfa-4310	7	9	journal	journal	PROPN
ajfa-4310	7	10	of	of	ADP
ajfa-4310	7	11	finance	finance	PROPN
ajfa-4310	7	12	&	&	CCONJ
ajfa-4310	7	13	accounting	accounting	PROPN
ajfa-4310	7	14	issn	issn	PROPN
ajfa-4310	7	15	1946	1946	NUM
ajfa-4310	7	16	-	-	PUNCT
ajfa-4310	7	17	052x	052x	NOUN
ajfa-4310	7	18	2013	2013	NUM
ajfa-4310	7	19	,	,	PUNCT
ajfa-4310	7	20	vol	vol	NOUN
ajfa-4310	7	21	.	.	PROPN
ajfa-4310	7	22	5	5	NUM
ajfa-4310	7	23	,	,	PUNCT
ajfa-4310	7	24	no	no	INTJ
ajfa-4310	7	25	.	.	NOUN
ajfa-4310	7	26	2	2	NUM
ajfa-4310	7	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4310	7	28	184	184	NUM
ajfa-4310	7	29	1	1	NUM
ajfa-4310	7	30	.	.	PUNCT
ajfa-4310	8	1	introduction	introduction	NOUN
ajfa-4310	8	2	levine	levine	PROPN
ajfa-4310	8	3	(	(	PUNCT
ajfa-4310	8	4	2001	2001	NUM
ajfa-4310	8	5	)	)	PUNCT
ajfa-4310	8	6	asserts	assert	VERB
ajfa-4310	8	7	that	that	SCONJ
ajfa-4310	8	8	a	a	DET
ajfa-4310	8	9	well	well	ADV
ajfa-4310	8	10	-	-	PUNCT
ajfa-4310	8	11	organized	organize	VERB
ajfa-4310	8	12	stock	stock	NOUN
ajfa-4310	8	13	market	market	NOUN
ajfa-4310	8	14	promotes	promote	VERB
ajfa-4310	8	15	economic	economic	ADJ
ajfa-4310	8	16	growth	growth	NOUN
ajfa-4310	8	17	in	in	ADP
ajfa-4310	8	18	developing	develop	VERB
ajfa-4310	8	19	countries	country	NOUN
ajfa-4310	8	20	by	by	ADP
ajfa-4310	8	21	creating	create	VERB
ajfa-4310	8	22	liquidity	liquidity	NOUN
ajfa-4310	8	23	,	,	PUNCT
ajfa-4310	8	24	improving	improve	VERB
ajfa-4310	8	25	risk	risk	NOUN
ajfa-4310	8	26	diversification	diversification	NOUN
ajfa-4310	8	27	and	and	CCONJ
ajfa-4310	8	28	corporate	corporate	ADJ
ajfa-4310	8	29	governance	governance	NOUN
ajfa-4310	8	30	.	.	PUNCT
ajfa-4310	9	1	these	these	DET
ajfa-4310	9	2	results	result	NOUN
ajfa-4310	9	3	explain	explain	VERB
ajfa-4310	9	4	the	the	DET
ajfa-4310	9	5	reasons	reason	NOUN
ajfa-4310	9	6	for	for	ADP
ajfa-4310	9	7	the	the	DET
ajfa-4310	9	8	establishment	establishment	NOUN
ajfa-4310	9	9	of	of	ADP
ajfa-4310	9	10	vietnamese	vietnamese	ADJ
ajfa-4310	9	11	stock	stock	NOUN
ajfa-4310	9	12	market	market	NOUN
ajfa-4310	9	13	.	.	PUNCT
ajfa-4310	10	1	vietnam	vietnam	PROPN
ajfa-4310	10	2	launched	launch	VERB
ajfa-4310	10	3	its	its	PRON
ajfa-4310	10	4	first	first	ADJ
ajfa-4310	10	5	exchange	exchange	NOUN
ajfa-4310	10	6	in	in	ADP
ajfa-4310	10	7	hochiminh	hochiminh	PROPN
ajfa-4310	10	8	city	city	NOUN
ajfa-4310	10	9	in	in	ADP
ajfa-4310	10	10	2000	2000	NUM
ajfa-4310	10	11	and	and	CCONJ
ajfa-4310	10	12	the	the	DET
ajfa-4310	10	13	second	second	ADJ
ajfa-4310	10	14	one	one	NUM
ajfa-4310	10	15	in	in	ADP
ajfa-4310	10	16	hanoi	hanoi	NOUN
ajfa-4310	10	17	in	in	ADP
ajfa-4310	10	18	2005	2005	NUM
ajfa-4310	10	19	.	.	PUNCT
ajfa-4310	11	1	over	over	ADP
ajfa-4310	11	2	a	a	DET
ajfa-4310	11	3	decade	decade	NOUN
ajfa-4310	11	4	,	,	PUNCT
ajfa-4310	11	5	the	the	DET
ajfa-4310	11	6	vietnamese	vietnamese	ADJ
ajfa-4310	11	7	stock	stock	NOUN
ajfa-4310	11	8	market	market	NOUN
ajfa-4310	11	9	has	have	AUX
ajfa-4310	11	10	experienced	experience	VERB
ajfa-4310	11	11	significant	significant	ADJ
ajfa-4310	11	12	growth	growth	NOUN
ajfa-4310	11	13	.	.	PUNCT
ajfa-4310	12	1	the	the	DET
ajfa-4310	12	2	number	number	NOUN
ajfa-4310	12	3	of	of	ADP
ajfa-4310	12	4	listed	list	VERB
ajfa-4310	12	5	stocks	stock	NOUN
ajfa-4310	12	6	rose	rise	VERB
ajfa-4310	12	7	from	from	ADP
ajfa-4310	12	8	two	two	NUM
ajfa-4310	12	9	in	in	ADP
ajfa-4310	12	10	2000	2000	NUM
ajfa-4310	12	11	to	to	ADP
ajfa-4310	12	12	more	more	ADJ
ajfa-4310	12	13	than	than	ADP
ajfa-4310	12	14	7001	7001	NUM
ajfa-4310	12	15	in	in	ADP
ajfa-4310	12	16	2012	2012	NUM
ajfa-4310	12	17	,	,	PUNCT
ajfa-4310	12	18	while	while	SCONJ
ajfa-4310	12	19	the	the	DET
ajfa-4310	12	20	total	total	ADJ
ajfa-4310	12	21	market	market	NOUN
ajfa-4310	12	22	capitalization	capitalization	NOUN
ajfa-4310	12	23	of	of	ADP
ajfa-4310	12	24	listed	list	VERB
ajfa-4310	12	25	firms	firm	NOUN
ajfa-4310	12	26	peaked	peak	VERB
ajfa-4310	12	27	a	a	DET
ajfa-4310	12	28	mark	mark	NOUN
ajfa-4310	12	29	of	of	ADP
ajfa-4310	12	30	27.5	27.5	NUM
ajfa-4310	12	31	percent	percent	NOUN
ajfa-4310	12	32	of	of	ADP
ajfa-4310	12	33	gdp	gdp	NOUN
ajfa-4310	12	34	in	in	ADP
ajfa-4310	12	35	2007	2007	NUM
ajfa-4310	12	36	the	the	DET
ajfa-4310	12	37	year	year	NOUN
ajfa-4310	12	38	of	of	ADP
ajfa-4310	12	39	market	market	NOUN
ajfa-4310	12	40	boom	boom	NOUN
ajfa-4310	12	41	and	and	CCONJ
ajfa-4310	12	42	decreased	decrease	VERB
ajfa-4310	12	43	to	to	ADP
ajfa-4310	12	44	14.8	14.8	NUM
ajfa-4310	12	45	percent	percent	NOUN
ajfa-4310	12	46	in	in	ADP
ajfa-4310	12	47	20112	20112	NUM
ajfa-4310	12	48	.	.	PUNCT
ajfa-4310	13	1	the	the	DET
ajfa-4310	13	2	market	market	NOUN
ajfa-4310	13	3	intensive	intensive	ADJ
ajfa-4310	13	4	development	development	NOUN
ajfa-4310	13	5	has	have	AUX
ajfa-4310	13	6	raised	raise	VERB
ajfa-4310	13	7	a	a	DET
ajfa-4310	13	8	concern	concern	NOUN
ajfa-4310	13	9	over	over	ADP
ajfa-4310	13	10	its	its	PRON
ajfa-4310	13	11	quality	quality	NOUN
ajfa-4310	13	12	including	include	VERB
ajfa-4310	13	13	liquidity	liquidity	NOUN
ajfa-4310	13	14	,	,	PUNCT
ajfa-4310	13	15	information	information	NOUN
ajfa-4310	13	16	disclosure	disclosure	NOUN
ajfa-4310	13	17	and	and	CCONJ
ajfa-4310	13	18	volatility	volatility	NOUN
ajfa-4310	13	19	.	.	PUNCT
ajfa-4310	14	1	in	in	ADP
ajfa-4310	14	2	decision	decision	NOUN
ajfa-4310	14	3	no	no	DET
ajfa-4310	14	4	252/	252/	NUM
ajfa-4310	14	5	qd	qd	ADP
ajfa-4310	14	6	-	-	PUNCT
ajfa-4310	14	7	ttg3	ttg3	PROPN
ajfa-4310	14	8	,	,	PUNCT
ajfa-4310	14	9	which	which	PRON
ajfa-4310	14	10	approves	approve	VERB
ajfa-4310	14	11	initiatives	initiative	NOUN
ajfa-4310	14	12	to	to	PART
ajfa-4310	14	13	develop	develop	VERB
ajfa-4310	14	14	the	the	DET
ajfa-4310	14	15	stock	stock	NOUN
ajfa-4310	14	16	market	market	NOUN
ajfa-4310	14	17	over	over	ADP
ajfa-4310	14	18	the	the	DET
ajfa-4310	14	19	period	period	NOUN
ajfa-4310	14	20	from	from	ADP
ajfa-4310	14	21	2011	2011	NUM
ajfa-4310	14	22	to	to	ADP
ajfa-4310	14	23	2020	2020	NUM
ajfa-4310	14	24	,	,	PUNCT
ajfa-4310	14	25	the	the	DET
ajfa-4310	14	26	government	government	NOUN
ajfa-4310	14	27	emphasizes	emphasize	VERB
ajfa-4310	14	28	the	the	DET
ajfa-4310	14	29	key	key	ADJ
ajfa-4310	14	30	targets	target	NOUN
ajfa-4310	14	31	of	of	ADP
ajfa-4310	14	32	improving	improve	VERB
ajfa-4310	14	33	market	market	NOUN
ajfa-4310	14	34	liquidity	liquidity	NOUN
ajfa-4310	14	35	and	and	CCONJ
ajfa-4310	14	36	information	information	NOUN
ajfa-4310	14	37	disclosure	disclosure	NOUN
ajfa-4310	14	38	,	,	PUNCT
ajfa-4310	14	39	increasing	increase	VERB
ajfa-4310	14	40	the	the	DET
ajfa-4310	14	41	total	total	ADJ
ajfa-4310	14	42	market	market	NOUN
ajfa-4310	14	43	capitalization	capitalization	NOUN
ajfa-4310	14	44	up	up	ADP
ajfa-4310	14	45	to	to	PART
ajfa-4310	14	46	70	70	NUM
ajfa-4310	14	47	percent	percent	NOUN
ajfa-4310	14	48	of	of	ADP
ajfa-4310	14	49	gdp	gdp	NOUN
ajfa-4310	14	50	and	and	CCONJ
ajfa-4310	14	51	enhancing	enhance	VERB
ajfa-4310	14	52	the	the	DET
ajfa-4310	14	53	operation	operation	NOUN
ajfa-4310	14	54	efficiency	efficiency	NOUN
ajfa-4310	14	55	of	of	ADP
ajfa-4310	14	56	trading	trading	NOUN
ajfa-4310	14	57	system	system	NOUN
ajfa-4310	14	58	.	.	PUNCT
ajfa-4310	15	1	this	this	PRON
ajfa-4310	15	2	means	mean	VERB
ajfa-4310	15	3	that	that	SCONJ
ajfa-4310	15	4	vietnam	vietnam	PROPN
ajfa-4310	15	5	is	be	AUX
ajfa-4310	15	6	aiming	aim	VERB
ajfa-4310	15	7	at	at	ADP
ajfa-4310	15	8	a	a	DET
ajfa-4310	15	9	well	well	ADV
ajfa-4310	15	10	-	-	PUNCT
ajfa-4310	15	11	organized	organize	VERB
ajfa-4310	15	12	stock	stock	NOUN
ajfa-4310	15	13	market	market	NOUN
ajfa-4310	15	14	in	in	ADP
ajfa-4310	15	15	accordance	accordance	NOUN
ajfa-4310	15	16	with	with	ADP
ajfa-4310	15	17	levine	levine	PROPN
ajfa-4310	15	18	(	(	PUNCT
ajfa-4310	15	19	2001).therefore	2001).therefore	PROPN
ajfa-4310	15	20	,	,	PUNCT
ajfa-4310	15	21	the	the	DET
ajfa-4310	15	22	question	question	NOUN
ajfa-4310	15	23	whether	whether	SCONJ
ajfa-4310	15	24	the	the	DET
ajfa-4310	15	25	market	market	NOUN
ajfa-4310	15	26	is	be	AUX
ajfa-4310	15	27	efficient	efficient	ADJ
ajfa-4310	15	28	is	be	AUX
ajfa-4310	15	29	important	important	ADJ
ajfa-4310	15	30	for	for	ADP
ajfa-4310	15	31	both	both	PRON
ajfa-4310	15	32	policy	policy	NOUN
ajfa-4310	15	33	makers	maker	NOUN
ajfa-4310	15	34	and	and	CCONJ
ajfa-4310	15	35	researchers	researcher	NOUN
ajfa-4310	15	36	.	.	PUNCT
ajfa-4310	16	1	nguyen	nguyen	PROPN
ajfa-4310	16	2	,	,	PUNCT
ajfa-4310	16	3	tran	tran	PROPN
ajfa-4310	16	4	and	and	CCONJ
ajfa-4310	16	5	zeckhauser	zeckhauser	PROPN
ajfa-4310	16	6	(	(	PUNCT
ajfa-4310	16	7	2012	2012	NUM
ajfa-4310	16	8	)	)	PUNCT
ajfa-4310	16	9	reject	reject	VERB
ajfa-4310	16	10	the	the	DET
ajfa-4310	16	11	semi	semi	ADV
ajfa-4310	16	12	strong	strong	ADJ
ajfa-4310	16	13	form	form	NOUN
ajfa-4310	16	14	efficiency	efficiency	NOUN
ajfa-4310	16	15	of	of	ADP
ajfa-4310	16	16	the	the	DET
ajfa-4310	16	17	vietnamese	vietnamese	ADJ
ajfa-4310	16	18	stock	stock	NOUN
ajfa-4310	16	19	market	market	NOUN
ajfa-4310	16	20	.	.	PUNCT
ajfa-4310	17	1	they	they	PRON
ajfa-4310	17	2	discover	discover	VERB
ajfa-4310	17	3	extremely	extremely	ADV
ajfa-4310	17	4	high	high	ADJ
ajfa-4310	17	5	abnormal	abnormal	ADJ
ajfa-4310	17	6	returns	return	NOUN
ajfa-4310	17	7	of	of	ADP
ajfa-4310	17	8	stocks	stock	NOUN
ajfa-4310	17	9	prior	prior	ADV
ajfa-4310	17	10	to	to	ADP
ajfa-4310	17	11	their	their	PRON
ajfa-4310	17	12	split	split	ADJ
ajfa-4310	17	13	announcements	announcement	NOUN
ajfa-4310	17	14	,	,	PUNCT
ajfa-4310	17	15	higher	high	ADJ
ajfa-4310	17	16	than	than	ADP
ajfa-4310	17	17	their	their	PRON
ajfa-4310	17	18	abnormal	abnormal	ADJ
ajfa-4310	17	19	post	post	ADJ
ajfa-4310	17	20	-	-	ADJ
ajfa-4310	17	21	announcement	announcement	ADJ
ajfa-4310	17	22	returns	return	NOUN
ajfa-4310	17	23	,	,	PUNCT
ajfa-4310	17	24	raising	raise	VERB
ajfa-4310	17	25	a	a	DET
ajfa-4310	17	26	concern	concern	NOUN
ajfa-4310	17	27	over	over	ADP
ajfa-4310	17	28	illegal	illegal	ADJ
ajfa-4310	17	29	insider	insider	NOUN
ajfa-4310	17	30	trading	trading	NOUN
ajfa-4310	17	31	in	in	ADP
ajfa-4310	17	32	the	the	DET
ajfa-4310	17	33	market	market	NOUN
ajfa-4310	17	34	.	.	PUNCT
ajfa-4310	18	1	employing	employ	VERB
ajfa-4310	18	2	autocorrelation	autocorrelation	NOUN
ajfa-4310	18	3	tests	test	NOUN
ajfa-4310	18	4	,	,	PUNCT
ajfa-4310	18	5	runs	run	VERB
ajfa-4310	18	6	tests	test	NOUN
ajfa-4310	18	7	and	and	CCONJ
ajfa-4310	18	8	variance	variance	NOUN
ajfa-4310	18	9	-	-	PUNCT
ajfa-4310	18	10	ratio	ratio	NOUN
ajfa-4310	18	11	tests	test	NOUN
ajfa-4310	18	12	,	,	PUNCT
ajfa-4310	18	13	truong	truong	PROPN
ajfa-4310	18	14	,	,	PUNCT
ajfa-4310	18	15	lanjouw	lanjouw	VERB
ajfa-4310	18	16	and	and	CCONJ
ajfa-4310	18	17	lensink	lensink	PROPN
ajfa-4310	18	18	(	(	PUNCT
ajfa-4310	18	19	2010	2010	NUM
ajfa-4310	18	20	)	)	PUNCT
ajfa-4310	18	21	reject	reject	VERB
ajfa-4310	18	22	the	the	DET
ajfa-4310	18	23	weak	weak	ADJ
ajfa-4310	18	24	-	-	PUNCT
ajfa-4310	18	25	form	form	NOUN
ajfa-4310	18	26	efficiency	efficiency	NOUN
ajfa-4310	18	27	of	of	ADP
ajfa-4310	18	28	the	the	DET
ajfa-4310	18	29	market	market	NOUN
ajfa-4310	18	30	.	.	PUNCT
ajfa-4310	19	1	however	however	ADV
ajfa-4310	19	2	,	,	PUNCT
ajfa-4310	19	3	as	as	SCONJ
ajfa-4310	19	4	the	the	DET
ajfa-4310	19	5	authors	author	NOUN
ajfa-4310	19	6	examine	examine	VERB
ajfa-4310	19	7	a	a	DET
ajfa-4310	19	8	sample	sample	NOUN
ajfa-4310	19	9	of	of	ADP
ajfa-4310	19	10	only	only	ADV
ajfa-4310	19	11	5	5	NUM
ajfa-4310	19	12	stocks	stock	NOUN
ajfa-4310	19	13	in	in	ADP
ajfa-4310	19	14	the	the	DET
ajfa-4310	19	15	2000	2000	NUM
ajfa-4310	19	16	-	-	SYM
ajfa-4310	19	17	2004	2004	NUM
ajfa-4310	19	18	period	period	NOUN
ajfa-4310	19	19	when	when	SCONJ
ajfa-4310	19	20	the	the	DET
ajfa-4310	19	21	market	market	NOUN
ajfa-4310	19	22	has	have	AUX
ajfa-4310	19	23	just	just	ADV
ajfa-4310	19	24	been	be	AUX
ajfa-4310	19	25	established	establish	VERB
ajfa-4310	19	26	,	,	PUNCT
ajfa-4310	19	27	their	their	PRON
ajfa-4310	19	28	results	result	NOUN
ajfa-4310	19	29	should	should	AUX
ajfa-4310	19	30	be	be	AUX
ajfa-4310	19	31	used	use	VERB
ajfa-4310	19	32	with	with	ADP
ajfa-4310	19	33	care	care	NOUN
ajfa-4310	19	34	.	.	PUNCT
ajfa-4310	20	1	our	our	PRON
ajfa-4310	20	2	study	study	NOUN
ajfa-4310	20	3	also	also	ADV
ajfa-4310	20	4	focuses	focus	VERB
ajfa-4310	20	5	on	on	ADP
ajfa-4310	20	6	the	the	DET
ajfa-4310	20	7	weak	weak	ADJ
ajfa-4310	20	8	-	-	PUNCT
ajfa-4310	20	9	form	form	NOUN
ajfa-4310	20	10	efficiency	efficiency	NOUN
ajfa-4310	20	11	with	with	ADP
ajfa-4310	20	12	a	a	DET
ajfa-4310	20	13	sample	sample	NOUN
ajfa-4310	20	14	ranging	range	VERB
ajfa-4310	20	15	from	from	ADP
ajfa-4310	20	16	67	67	NUM
ajfa-4310	20	17	to	to	ADP
ajfa-4310	20	18	267	267	NUM
ajfa-4310	20	19	stocks	stock	NOUN
ajfa-4310	20	20	listed	list	VERB
ajfa-4310	20	21	on	on	ADP
ajfa-4310	20	22	the	the	DET
ajfa-4310	20	23	ho	ho	PROPN
ajfa-4310	20	24	chi	chi	PROPN
ajfa-4310	20	25	minh	minh	PROPN
ajfa-4310	20	26	stock	stock	PROPN
ajfa-4310	20	27	exchange	exchange	PROPN
ajfa-4310	20	28	(	(	PUNCT
ajfa-4310	20	29	hose)-the	hose)-the	DET
ajfa-4310	20	30	main	main	ADJ
ajfa-4310	20	31	exchange	exchange	NOUN
ajfa-4310	20	32	of	of	ADP
ajfa-4310	20	33	the	the	DET
ajfa-4310	20	34	vietnamese	vietnamese	ADJ
ajfa-4310	20	35	stock	stock	NOUN
ajfa-4310	20	36	market4	market4	NOUN
ajfa-4310	20	37	for	for	ADP
ajfa-4310	20	38	the	the	DET
ajfa-4310	20	39	period	period	NOUN
ajfa-4310	20	40	from	from	ADP
ajfa-4310	20	41	january	january	PROPN
ajfa-4310	20	42	2007	2007	NUM
ajfa-4310	20	43	to	to	ADP
ajfa-4310	20	44	june	june	PROPN
ajfa-4310	20	45	2012	2012	NUM
ajfa-4310	20	46	.	.	PUNCT
ajfa-4310	21	1	we	we	PRON
ajfa-4310	21	2	use	use	VERB
ajfa-4310	21	3	a	a	DET
ajfa-4310	21	4	sample	sample	NOUN
ajfa-4310	21	5	of	of	ADP
ajfa-4310	21	6	weekly	weekly	ADJ
ajfa-4310	21	7	returns	return	NOUN
ajfa-4310	21	8	to	to	PART
ajfa-4310	21	9	increase	increase	VERB
ajfa-4310	21	10	the	the	DET
ajfa-4310	21	11	number	number	NOUN
ajfa-4310	21	12	of	of	ADP
ajfa-4310	21	13	observations	observation	NOUN
ajfa-4310	21	14	.	.	PUNCT
ajfa-4310	22	1	the	the	DET
ajfa-4310	22	2	weak	weak	ADJ
ajfa-4310	22	3	-	-	PUNCT
ajfa-4310	22	4	form	form	NOUN
ajfa-4310	22	5	efficiency	efficiency	NOUN
ajfa-4310	22	6	implies	imply	VERB
ajfa-4310	22	7	that	that	SCONJ
ajfa-4310	22	8	it	it	PRON
ajfa-4310	22	9	is	be	AUX
ajfa-4310	22	10	impossible	impossible	ADJ
ajfa-4310	22	11	to	to	PART
ajfa-4310	22	12	earn	earn	VERB
ajfa-4310	22	13	abnormal	abnormal	ADJ
ajfa-4310	22	14	returns	return	NOUN
ajfa-4310	22	15	on	on	ADP
ajfa-4310	22	16	the	the	DET
ajfa-4310	22	17	basis	basis	NOUN
ajfa-4310	22	18	of	of	ADP
ajfa-4310	22	19	past	past	ADJ
ajfa-4310	22	20	returns	return	NOUN
ajfa-4310	22	21	(	(	PUNCT
ajfa-4310	22	22	fama	fama	NOUN
ajfa-4310	22	23	,	,	PUNCT
ajfa-4310	22	24	1970	1970	NUM
ajfa-4310	22	25	,	,	PUNCT
ajfa-4310	22	26	1991	1991	NUM
ajfa-4310	22	27	)	)	PUNCT
ajfa-4310	22	28	.	.	PUNCT
ajfa-4310	23	1	the	the	DET
ajfa-4310	23	2	two	two	NUM
ajfa-4310	23	3	diametrically	diametrically	ADV
ajfa-4310	23	4	opposed	opposed	ADJ
ajfa-4310	23	5	anomalies	anomaly	NOUN
ajfa-4310	23	6	often	often	ADV
ajfa-4310	23	7	found	find	VERB
ajfa-4310	23	8	in	in	ADP
ajfa-4310	23	9	a	a	DET
ajfa-4310	23	10	weak	weak	ADJ
ajfa-4310	23	11	-	-	PUNCT
ajfa-4310	23	12	form	form	NOUN
ajfa-4310	23	13	inefficient	inefficient	ADJ
ajfa-4310	23	14	market	market	NOUN
ajfa-4310	23	15	with	with	ADP
ajfa-4310	23	16	respect	respect	NOUN
ajfa-4310	23	17	to	to	ADP
ajfa-4310	23	18	past	past	ADJ
ajfa-4310	23	19	returns	return	NOUN
ajfa-4310	23	20	for	for	ADP
ajfa-4310	23	21	different	different	ADJ
ajfa-4310	23	22	investment	investment	NOUN
ajfa-4310	23	23	horizons	horizon	NOUN
ajfa-4310	23	24	are	be	AUX
ajfa-4310	23	25	reversals	reversal	NOUN
ajfa-4310	23	26	and	and	CCONJ
ajfa-4310	23	27	momentum	momentum	NOUN
ajfa-4310	23	28	.	.	PUNCT
ajfa-4310	24	1	prior	prior	ADJ
ajfa-4310	24	2	literature	literature	PROPN
ajfa-4310	24	3	shows	show	VERB
ajfa-4310	24	4	that	that	SCONJ
ajfa-4310	24	5	the	the	DET
ajfa-4310	24	6	former	former	ADJ
ajfa-4310	24	7	occurs	occur	VERB
ajfa-4310	24	8	in	in	ADP
ajfa-4310	24	9	short	short	ADJ
ajfa-4310	24	10	-	-	PUNCT
ajfa-4310	24	11	term	term	NOUN
ajfa-4310	24	12	for	for	ADP
ajfa-4310	24	13	weekly	weekly	ADJ
ajfa-4310	24	14	returns	return	NOUN
ajfa-4310	24	15	(	(	PUNCT
ajfa-4310	24	16	lehmann	lehmann	NOUN
ajfa-4310	24	17	,	,	PUNCT
ajfa-4310	24	18	1990	1990	NUM
ajfa-4310	24	19	)	)	PUNCT
ajfa-4310	24	20	or	or	CCONJ
ajfa-4310	24	21	in	in	ADP
ajfa-4310	24	22	long	long	ADJ
ajfa-4310	24	23	-	-	PUNCT
ajfa-4310	24	24	term	term	NOUN
ajfa-4310	24	25	(	(	PUNCT
ajfa-4310	24	26	three	three	NUM
ajfa-4310	24	27	to	to	PART
ajfa-4310	24	28	five	five	NUM
ajfa-4310	24	29	years	year	NOUN
ajfa-4310	24	30	)	)	PUNCT
ajfa-4310	24	31	for	for	ADP
ajfa-4310	24	32	monthly	monthly	ADJ
ajfa-4310	24	33	returns	return	NOUN
ajfa-4310	24	34	(	(	PUNCT
ajfa-4310	24	35	debond	debond	PROPN
ajfa-4310	24	36	&	&	CCONJ
ajfa-4310	24	37	thaler	thaler	PROPN
ajfa-4310	24	38	,	,	PUNCT
ajfa-4310	24	39	1985	1985	NUM
ajfa-4310	24	40	)	)	PUNCT
ajfa-4310	24	41	,	,	PUNCT
ajfa-4310	24	42	whereas	whereas	SCONJ
ajfa-4310	24	43	the	the	DET
ajfa-4310	24	44	latter	latter	NOUN
ajfa-4310	24	45	happens	happen	VERB
ajfa-4310	24	46	in	in	ADP
ajfa-4310	24	47	medium	medium	ADJ
ajfa-4310	24	48	-	-	PUNCT
ajfa-4310	24	49	term	term	NOUN
ajfa-4310	24	50	(	(	PUNCT
ajfa-4310	24	51	from	from	ADP
ajfa-4310	24	52	several	several	ADJ
ajfa-4310	24	53	to	to	PART
ajfa-4310	24	54	12	12	NUM
ajfa-4310	24	55	months	month	NOUN
ajfa-4310	24	56	)	)	PUNCT
ajfa-4310	24	57	for	for	ADP
ajfa-4310	24	58	weekly	weekly	ADJ
ajfa-4310	24	59	returns	return	NOUN
ajfa-4310	24	60	(	(	PUNCT
ajfa-4310	24	61	gutierrez	gutierrez	PROPN
ajfa-4310	24	62	&	&	CCONJ
ajfa-4310	24	63	kelley	kelley	PROPN
ajfa-4310	24	64	,	,	PUNCT
ajfa-4310	24	65	2008	2008	NUM
ajfa-4310	24	66	)	)	PUNCT
ajfa-4310	24	67	or	or	CCONJ
ajfa-4310	24	68	monthly	monthly	ADJ
ajfa-4310	24	69	returns	return	NOUN
ajfa-4310	24	70	(	(	PUNCT
ajfa-4310	24	71	jegadeesh	jegadeesh	NOUN
ajfa-4310	24	72	&	&	CCONJ
ajfa-4310	24	73	titman	titman	NOUN
ajfa-4310	24	74	,	,	PUNCT
ajfa-4310	24	75	1993	1993	NUM
ajfa-4310	24	76	)	)	PUNCT
ajfa-4310	24	77	.	.	PUNCT
ajfa-4310	25	1	this	this	PRON
ajfa-4310	25	2	means	mean	VERB
ajfa-4310	25	3	that	that	SCONJ
ajfa-4310	25	4	both	both	DET
ajfa-4310	25	5	reversals	reversal	NOUN
ajfa-4310	25	6	and	and	CCONJ
ajfa-4310	25	7	momentum	momentum	NOUN
ajfa-4310	25	8	may	may	AUX
ajfa-4310	25	9	appear	appear	VERB
ajfa-4310	25	10	in	in	ADP
ajfa-4310	25	11	weekly	weekly	ADJ
ajfa-4310	25	12	returns	return	NOUN
ajfa-4310	25	13	.	.	PUNCT
ajfa-4310	26	1	however	however	ADV
ajfa-4310	26	2	,	,	PUNCT
ajfa-4310	26	3	gutierrez	gutierrez	PROPN
ajfa-4310	26	4	&	&	CCONJ
ajfa-4310	26	5	kelley	kelley	PROPN
ajfa-4310	26	6	(	(	PUNCT
ajfa-4310	26	7	2008	2008	NUM
ajfa-4310	26	8	)	)	PUNCT
ajfa-4310	26	9	indicate	indicate	VERB
ajfa-4310	26	10	that	that	SCONJ
ajfa-4310	26	11	a	a	DET
ajfa-4310	26	12	brief	brief	ADJ
ajfa-4310	26	13	reversal	reversal	NOUN
ajfa-4310	26	14	is	be	AUX
ajfa-4310	26	15	present	present	ADJ
ajfa-4310	26	16	in	in	ADP
ajfa-4310	26	17	the	the	DET
ajfa-4310	26	18	first	first	ADJ
ajfa-4310	26	19	two	two	NUM
ajfa-4310	26	20	weeks	week	NOUN
ajfa-4310	26	21	after	after	ADP
ajfa-4310	26	22	portfolio	portfolio	NOUN
ajfa-4310	26	23	formation	formation	NOUN
ajfa-4310	26	24	and	and	CCONJ
ajfa-4310	26	25	easily	easily	ADV
ajfa-4310	26	26	offset	offset	VERB
ajfa-4310	26	27	by	by	ADP
ajfa-4310	26	28	the	the	DET
ajfa-4310	26	29	following	follow	VERB
ajfa-4310	26	30	strong	strong	ADJ
ajfa-4310	26	31	long	long	ADV
ajfa-4310	26	32	-	-	PUNCT
ajfa-4310	26	33	lasting	last	VERB
ajfa-4310	26	34	momentum	momentum	NOUN
ajfa-4310	26	35	.	.	PUNCT
ajfa-4310	27	1	this	this	DET
ajfa-4310	27	2	finding	finding	NOUN
ajfa-4310	27	3	asserts	assert	VERB
ajfa-4310	27	4	that	that	SCONJ
ajfa-4310	27	5	momentum	momentum	NOUN
ajfa-4310	27	6	,	,	PUNCT
ajfa-4310	27	7	not	not	PART
ajfa-4310	27	8	reversals	reversal	NOUN
ajfa-4310	27	9	,	,	PUNCT
ajfa-4310	27	10	is	be	AUX
ajfa-4310	27	11	a	a	DET
ajfa-4310	27	12	dominant	dominant	ADJ
ajfa-4310	27	13	feature	feature	NOUN
ajfa-4310	27	14	of	of	ADP
ajfa-4310	27	15	weekly	weekly	ADJ
ajfa-4310	27	16	returns	return	NOUN
ajfa-4310	27	17	.	.	PUNCT
ajfa-4310	28	1	motivated	motivate	VERB
ajfa-4310	28	2	by	by	ADP
ajfa-4310	28	3	these	these	DET
ajfa-4310	28	4	results	result	NOUN
ajfa-4310	28	5	,	,	PUNCT
ajfa-4310	28	6	using	use	VERB
ajfa-4310	28	7	a	a	DET
ajfa-4310	28	8	sample	sample	NOUN
ajfa-4310	28	9	of	of	ADP
ajfa-4310	28	10	weekly	weekly	ADJ
ajfa-4310	28	11	returns	return	NOUN
ajfa-4310	28	12	,	,	PUNCT
ajfa-4310	28	13	we	we	PRON
ajfa-4310	28	14	concentrate	concentrate	VERB
ajfa-4310	28	15	1	1	NUM
ajfa-4310	28	16	as	as	ADP
ajfa-4310	28	17	of	of	ADP
ajfa-4310	28	18	29	29	NUM
ajfa-4310	28	19	november	november	PROPN
ajfa-4310	28	20	,	,	PUNCT
ajfa-4310	28	21	2012	2012	NUM
ajfa-4310	28	22	,	,	PUNCT
ajfa-4310	28	23	308	308	NUM
ajfa-4310	28	24	listed	list	VERB
ajfa-4310	28	25	firms	firm	NOUN
ajfa-4310	28	26	on	on	ADP
ajfa-4310	28	27	ho	ho	PROPN
ajfa-4310	28	28	chi	chi	PROPN
ajfa-4310	28	29	minh	minh	PROPN
ajfa-4310	28	30	stock	stock	PROPN
ajfa-4310	28	31	exchange	exchange	PROPN
ajfa-4310	28	32	(	(	PUNCT
ajfa-4310	28	33	retrieved	retrieve	VERB
ajfa-4310	28	34	from	from	ADP
ajfa-4310	28	35	http://www.hsx.vn/hsx_en	http://www.hsx.vn/hsx_en	PROPN
ajfa-4310	28	36	)	)	PUNCT
ajfa-4310	28	37	and	and	CCONJ
ajfa-4310	28	38	395	395	NUM
ajfa-4310	28	39	on	on	ADP
ajfa-4310	28	40	hanoi	hanoi	PROPN
ajfa-4310	28	41	stock	stock	NOUN
ajfa-4310	28	42	exchange	exchange	PROPN
ajfa-4310	28	43	(	(	PUNCT
ajfa-4310	28	44	retrieved	retrieve	VERB
ajfa-4310	28	45	from	from	ADP
ajfa-4310	28	46	http://www.hnx.vn/en	http://www.hnx.vn/en	NUM
ajfa-4310	28	47	)	)	PUNCT
ajfa-4310	28	48	.	.	PUNCT
ajfa-4310	29	1	2	2	NUM
ajfa-4310	29	2	according	accord	VERB
ajfa-4310	29	3	to	to	ADP
ajfa-4310	29	4	the	the	DET
ajfa-4310	29	5	world	world	PROPN
ajfa-4310	29	6	bank	bank	PROPN
ajfa-4310	29	7	’s	’s	PART
ajfa-4310	29	8	data	datum	NOUN
ajfa-4310	29	9	on	on	ADP
ajfa-4310	29	10	market	market	NOUN
ajfa-4310	29	11	capitalization	capitalization	NOUN
ajfa-4310	29	12	of	of	ADP
ajfa-4310	29	13	listed	list	VERB
ajfa-4310	29	14	companies	company	NOUN
ajfa-4310	29	15	(	(	PUNCT
ajfa-4310	29	16	%	%	NOUN
ajfa-4310	29	17	of	of	ADP
ajfa-4310	29	18	gdp	gdp	NOUN
ajfa-4310	29	19	)	)	PUNCT
ajfa-4310	29	20	(	(	PUNCT
ajfa-4310	29	21	retrieved	retrieve	VERB
ajfa-4310	29	22	from	from	ADP
ajfa-4310	29	23	http://data.worldbank.org/indicator/cm.mkt.lcap.gd.zs	http://data.worldbank.org/indicator/cm.mkt.lcap.gd.zs	NOUN
ajfa-4310	29	24	)	)	PUNCT
ajfa-4310	29	25	3	3	NUM
ajfa-4310	29	26	retrieved	retrieve	VERB
ajfa-4310	29	27	from	from	ADP
ajfa-4310	29	28	http://www.hsx.vn/hsx_en/modules/phapquy/phapquy.aspx	http://www.hsx.vn/hsx_en/modules/phapquy/phapquy.aspx	PROPN
ajfa-4310	29	29	4	4	NUM
ajfa-4310	29	30	as	as	SCONJ
ajfa-4310	29	31	announced	announce	VERB
ajfa-4310	29	32	on	on	ADP
ajfa-4310	29	33	websites	website	NOUN
ajfa-4310	29	34	of	of	ADP
ajfa-4310	29	35	the	the	DET
ajfa-4310	29	36	hochiminh	hochiminh	PROPN
ajfa-4310	29	37	stock	stock	PROPN
ajfa-4310	29	38	exchange	exchange	PROPN
ajfa-4310	29	39	(	(	PUNCT
ajfa-4310	29	40	hose	hose	PROPN
ajfa-4310	29	41	)	)	PUNCT
ajfa-4310	29	42	(	(	PUNCT
ajfa-4310	29	43	http://www.hsx.vn/hsx_en	http://www.hsx.vn/hsx_en	NOUN
ajfa-4310	29	44	)	)	PUNCT
ajfa-4310	29	45	and	and	CCONJ
ajfa-4310	29	46	the	the	DET
ajfa-4310	29	47	hanoi	hanoi	PROPN
ajfa-4310	29	48	stock	stock	PROPN
ajfa-4310	29	49	exchange	exchange	PROPN
ajfa-4310	29	50	(	(	PUNCT
ajfa-4310	29	51	hnx	hnx	PROPN
ajfa-4310	29	52	)	)	PUNCT
ajfa-4310	29	53	(	(	PUNCT
ajfa-4310	29	54	http://www.hsx.vn/hsx_en	http://www.hsx.vn/hsx_en	NOUN
ajfa-4310	29	55	)	)	PUNCT
ajfa-4310	29	56	,	,	PUNCT
ajfa-4310	29	57	at	at	ADP
ajfa-4310	29	58	the	the	DET
ajfa-4310	29	59	end	end	NOUN
ajfa-4310	29	60	of	of	ADP
ajfa-4310	29	61	2011	2011	NUM
ajfa-4310	29	62	,	,	PUNCT
ajfa-4310	29	63	the	the	DET
ajfa-4310	29	64	total	total	ADJ
ajfa-4310	29	65	market	market	NOUN
ajfa-4310	29	66	capitalization	capitalization	NOUN
ajfa-4310	29	67	of	of	ADP
ajfa-4310	29	68	the	the	DET
ajfa-4310	29	69	two	two	NUM
ajfa-4310	29	70	markets	market	NOUN
ajfa-4310	29	71	is	be	AUX
ajfa-4310	29	72	453,784	453,784	NUM
ajfa-4310	29	73	billion	billion	NUM
ajfa-4310	29	74	vnd	vnd	PROPN
ajfa-4310	29	75	and	and	CCONJ
ajfa-4310	29	76	81,889	81,889	NUM
ajfa-4310	29	77	billion	billion	NUM
ajfa-4310	29	78	vnd	vnd	PROPN
ajfa-4310	29	79	,	,	PUNCT
ajfa-4310	29	80	respectively	respectively	ADV
ajfa-4310	29	81	.	.	PUNCT
ajfa-4310	30	1	this	this	PRON
ajfa-4310	30	2	means	mean	VERB
ajfa-4310	30	3	that	that	SCONJ
ajfa-4310	30	4	the	the	DET
ajfa-4310	30	5	hose	hose	NOUN
ajfa-4310	30	6	accounts	account	VERB
ajfa-4310	30	7	for	for	ADP
ajfa-4310	30	8	84	84	NUM
ajfa-4310	30	9	percent	percent	NOUN
ajfa-4310	30	10	of	of	ADP
ajfa-4310	30	11	the	the	DET
ajfa-4310	30	12	total	total	ADJ
ajfa-4310	30	13	market	market	NOUN
ajfa-4310	30	14	capitalization	capitalization	NOUN
ajfa-4310	30	15	of	of	ADP
ajfa-4310	30	16	the	the	DET
ajfa-4310	30	17	market	market	NOUN
ajfa-4310	30	18	.	.	PUNCT
ajfa-4310	31	1	asian	asian	ADJ
ajfa-4310	31	2	journal	journal	PROPN
ajfa-4310	31	3	of	of	ADP
ajfa-4310	31	4	finance	finance	PROPN
ajfa-4310	31	5	&	&	CCONJ
ajfa-4310	31	6	accounting	accounting	PROPN
ajfa-4310	31	7	issn	issn	PROPN
ajfa-4310	31	8	1946	1946	NUM
ajfa-4310	31	9	-	-	PUNCT
ajfa-4310	31	10	052x	052x	NOUN
ajfa-4310	31	11	2013	2013	NUM
ajfa-4310	31	12	,	,	PUNCT
ajfa-4310	31	13	vol	vol	NOUN
ajfa-4310	31	14	.	.	PROPN
ajfa-4310	31	15	5	5	NUM
ajfa-4310	31	16	,	,	PUNCT
ajfa-4310	31	17	no	no	INTJ
ajfa-4310	31	18	.	.	NOUN
ajfa-4310	31	19	2	2	NUM
ajfa-4310	31	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4310	31	21	185	185	NUM
ajfa-4310	31	22	on	on	ADP
ajfa-4310	31	23	the	the	DET
ajfa-4310	31	24	momentum	momentum	NOUN
ajfa-4310	31	25	effect	effect	NOUN
ajfa-4310	31	26	.	.	PUNCT
ajfa-4310	32	1	employing	employ	VERB
ajfa-4310	32	2	the	the	DET
ajfa-4310	32	3	methodology	methodology	NOUN
ajfa-4310	32	4	initiated	initiate	VERB
ajfa-4310	32	5	by	by	ADP
ajfa-4310	32	6	jegadeesh	jegadeesh	NOUN
ajfa-4310	32	7	and	and	CCONJ
ajfa-4310	32	8	titman	titman	NOUN
ajfa-4310	32	9	(	(	PUNCT
ajfa-4310	32	10	hereafter	hereafter	NOUN
ajfa-4310	32	11	jt	jt	PROPN
ajfa-4310	32	12	)	)	PUNCT
ajfa-4310	32	13	(	(	PUNCT
ajfa-4310	32	14	1993	1993	NUM
ajfa-4310	32	15	)	)	PUNCT
ajfa-4310	32	16	,	,	PUNCT
ajfa-4310	32	17	we	we	PRON
ajfa-4310	32	18	find	find	VERB
ajfa-4310	32	19	the	the	DET
ajfa-4310	32	20	occurrence	occurrence	NOUN
ajfa-4310	32	21	of	of	ADP
ajfa-4310	32	22	momentum	momentum	NOUN
ajfa-4310	32	23	in	in	ADP
ajfa-4310	32	24	the	the	DET
ajfa-4310	32	25	short	short	ADJ
ajfa-4310	32	26	-	-	PUNCT
ajfa-4310	32	27	run	run	NOUN
ajfa-4310	32	28	.	.	PUNCT
ajfa-4310	33	1	the	the	DET
ajfa-4310	33	2	evidence	evidence	NOUN
ajfa-4310	33	3	also	also	ADV
ajfa-4310	33	4	indicates	indicate	VERB
ajfa-4310	33	5	that	that	SCONJ
ajfa-4310	33	6	winner	winner	NOUN
ajfa-4310	33	7	and	and	CCONJ
ajfa-4310	33	8	loser	loser	ADJ
ajfa-4310	33	9	returns	return	NOUN
ajfa-4310	33	10	are	be	AUX
ajfa-4310	33	11	lowly	lowly	ADV
ajfa-4310	33	12	persistent	persistent	ADJ
ajfa-4310	33	13	and	and	CCONJ
ajfa-4310	33	14	highly	highly	ADV
ajfa-4310	33	15	volatile	volatile	ADJ
ajfa-4310	33	16	,	,	PUNCT
ajfa-4310	33	17	but	but	CCONJ
ajfa-4310	33	18	their	their	PRON
ajfa-4310	33	19	strong	strong	ADJ
ajfa-4310	33	20	correlation	correlation	NOUN
ajfa-4310	33	21	creates	create	VERB
ajfa-4310	33	22	significant	significant	ADJ
ajfa-4310	33	23	momentum	momentum	NOUN
ajfa-4310	33	24	profits	profit	NOUN
ajfa-4310	33	25	.	.	PUNCT
ajfa-4310	34	1	the	the	DET
ajfa-4310	34	2	results	result	NOUN
ajfa-4310	34	3	from	from	ADP
ajfa-4310	34	4	additional	additional	ADJ
ajfa-4310	34	5	tests	test	NOUN
ajfa-4310	34	6	point	point	VERB
ajfa-4310	34	7	out	out	ADP
ajfa-4310	34	8	that	that	SCONJ
ajfa-4310	34	9	momentum	momentum	NOUN
ajfa-4310	34	10	is	be	AUX
ajfa-4310	34	11	confined	confine	VERB
ajfa-4310	34	12	to	to	ADP
ajfa-4310	34	13	smalland	smalland	VERB
ajfa-4310	34	14	large	large	ADJ
ajfa-4310	34	15	-	-	PUNCT
ajfa-4310	34	16	sized	sized	ADJ
ajfa-4310	34	17	subsamples	subsample	NOUN
ajfa-4310	34	18	in	in	ADP
ajfa-4310	34	19	the	the	DET
ajfa-4310	34	20	period	period	NOUN
ajfa-4310	34	21	before	before	ADP
ajfa-4310	34	22	the	the	DET
ajfa-4310	34	23	lehmann	lehmann	PROPN
ajfa-4310	34	24	shock	shock	NOUN
ajfa-4310	34	25	.	.	PUNCT
ajfa-4310	35	1	especially	especially	ADV
ajfa-4310	35	2	,	,	PUNCT
ajfa-4310	35	3	it	it	PRON
ajfa-4310	35	4	follows	follow	VERB
ajfa-4310	35	5	short	short	ADJ
ajfa-4310	35	6	-	-	PUNCT
ajfa-4310	35	7	term	term	NOUN
ajfa-4310	35	8	market	market	NOUN
ajfa-4310	35	9	gains	gain	NOUN
ajfa-4310	35	10	and	and	CCONJ
ajfa-4310	35	11	is	be	AUX
ajfa-4310	35	12	consistent	consistent	ADJ
ajfa-4310	35	13	with	with	ADP
ajfa-4310	35	14	the	the	DET
ajfa-4310	35	15	over	over	ADP
ajfa-4310	35	16	-	-	PUNCT
ajfa-4310	35	17	reaction	reaction	NOUN
ajfa-4310	35	18	hypothesis	hypothesis	NOUN
ajfa-4310	35	19	.	.	PUNCT
ajfa-4310	36	1	this	this	PRON
ajfa-4310	36	2	implies	imply	VERB
ajfa-4310	36	3	that	that	SCONJ
ajfa-4310	36	4	after	after	ADP
ajfa-4310	36	5	realizing	realize	VERB
ajfa-4310	36	6	market	market	NOUN
ajfa-4310	36	7	gains	gain	NOUN
ajfa-4310	36	8	investors	investor	NOUN
ajfa-4310	36	9	are	be	AUX
ajfa-4310	36	10	more	more	ADV
ajfa-4310	36	11	confident	confident	ADJ
ajfa-4310	36	12	and	and	CCONJ
ajfa-4310	36	13	overreact	overreact	VERB
ajfa-4310	36	14	to	to	ADP
ajfa-4310	36	15	news	news	NOUN
ajfa-4310	36	16	,	,	PUNCT
ajfa-4310	36	17	which	which	PRON
ajfa-4310	36	18	generates	generate	VERB
ajfa-4310	36	19	momentum	momentum	NOUN
ajfa-4310	36	20	and	and	CCONJ
ajfa-4310	36	21	long	long	ADJ
ajfa-4310	36	22	-	-	PUNCT
ajfa-4310	36	23	term	term	NOUN
ajfa-4310	36	24	reversals	reversal	NOUN
ajfa-4310	36	25	.	.	PUNCT
ajfa-4310	37	1	however	however	ADV
ajfa-4310	37	2	,	,	PUNCT
ajfa-4310	37	3	the	the	DET
ajfa-4310	37	4	magnitude	magnitude	NOUN
ajfa-4310	37	5	of	of	ADP
ajfa-4310	37	6	reversals	reversal	NOUN
ajfa-4310	37	7	is	be	AUX
ajfa-4310	37	8	very	very	ADV
ajfa-4310	37	9	weak	weak	ADJ
ajfa-4310	37	10	,	,	PUNCT
ajfa-4310	37	11	which	which	PRON
ajfa-4310	37	12	can	can	AUX
ajfa-4310	37	13	be	be	AUX
ajfa-4310	37	14	explained	explain	VERB
ajfa-4310	37	15	by	by	ADP
ajfa-4310	37	16	the	the	DET
ajfa-4310	37	17	argument	argument	NOUN
ajfa-4310	37	18	of	of	ADP
ajfa-4310	37	19	chui	chui	PROPN
ajfa-4310	37	20	,	,	PUNCT
ajfa-4310	37	21	titman	titman	NOUN
ajfa-4310	37	22	and	and	CCONJ
ajfa-4310	37	23	wei	wei	PROPN
ajfa-4310	37	24	(	(	PUNCT
ajfa-4310	37	25	2010	2010	NUM
ajfa-4310	37	26	)	)	PUNCT
ajfa-4310	37	27	on	on	ADP
ajfa-4310	37	28	individualism	individualism	NOUN
ajfa-4310	37	29	.	.	PUNCT
ajfa-4310	38	1	the	the	DET
ajfa-4310	38	2	less	less	ADV
ajfa-4310	38	3	individualistic	individualistic	ADJ
ajfa-4310	38	4	investors	investor	NOUN
ajfa-4310	38	5	who	who	PRON
ajfa-4310	38	6	act	act	VERB
ajfa-4310	38	7	less	less	ADV
ajfa-4310	38	8	like	like	ADP
ajfa-4310	38	9	the	the	DET
ajfa-4310	38	10	overconfident	overconfident	ADJ
ajfa-4310	38	11	/	/	SYM
ajfa-4310	38	12	self	self	NOUN
ajfa-4310	38	13	-	-	PUNCT
ajfa-4310	38	14	attribution	attribution	NOUN
ajfa-4310	38	15	biased	bias	VERB
ajfa-4310	38	16	ones	one	NOUN
ajfa-4310	38	17	tend	tend	VERB
ajfa-4310	38	18	not	not	PART
ajfa-4310	38	19	to	to	PART
ajfa-4310	38	20	make	make	VERB
ajfa-4310	38	21	investment	investment	NOUN
ajfa-4310	38	22	decisions	decision	NOUN
ajfa-4310	38	23	that	that	PRON
ajfa-4310	38	24	produce	produce	VERB
ajfa-4310	38	25	momentum	momentum	NOUN
ajfa-4310	38	26	profits	profit	NOUN
ajfa-4310	38	27	and	and	CCONJ
ajfa-4310	38	28	reversals	reversal	NOUN
ajfa-4310	38	29	in	in	ADP
ajfa-4310	38	30	long	long	ADJ
ajfa-4310	38	31	-	-	PUNCT
ajfa-4310	38	32	term	term	NOUN
ajfa-4310	38	33	horizons	horizon	NOUN
ajfa-4310	38	34	.	.	PUNCT
ajfa-4310	39	1	after	after	ADP
ajfa-4310	39	2	short	short	ADJ
ajfa-4310	39	3	-	-	PUNCT
ajfa-4310	39	4	term	term	NOUN
ajfa-4310	39	5	market	market	NOUN
ajfa-4310	39	6	declines	decline	NOUN
ajfa-4310	39	7	or	or	CCONJ
ajfa-4310	39	8	the	the	DET
ajfa-4310	39	9	lehmann	lehmann	NOUN
ajfa-4310	39	10	shock	shock	NOUN
ajfa-4310	39	11	,	,	PUNCT
ajfa-4310	39	12	momentum	momentum	NOUN
ajfa-4310	39	13	does	do	AUX
ajfa-4310	39	14	not	not	PART
ajfa-4310	39	15	exist	exist	VERB
ajfa-4310	39	16	,	,	PUNCT
ajfa-4310	39	17	which	which	PRON
ajfa-4310	39	18	is	be	AUX
ajfa-4310	39	19	similar	similar	ADJ
ajfa-4310	39	20	to	to	ADP
ajfa-4310	39	21	the	the	DET
ajfa-4310	39	22	finding	finding	NOUN
ajfa-4310	39	23	of	of	ADP
ajfa-4310	39	24	chui	chui	PROPN
ajfa-4310	39	25	,	,	PUNCT
ajfa-4310	39	26	titman	titman	NOUN
ajfa-4310	39	27	and	and	CCONJ
ajfa-4310	39	28	wei	wei	PROPN
ajfa-4310	39	29	(	(	PUNCT
ajfa-4310	39	30	2000	2000	NUM
ajfa-4310	39	31	)	)	PUNCT
ajfa-4310	39	32	on	on	ADP
ajfa-4310	39	33	the	the	DET
ajfa-4310	39	34	absence	absence	NOUN
ajfa-4310	39	35	of	of	ADP
ajfa-4310	39	36	momentum	momentum	NOUN
ajfa-4310	39	37	in	in	ADP
ajfa-4310	39	38	asian	asian	ADJ
ajfa-4310	39	39	markets	market	NOUN
ajfa-4310	39	40	for	for	ADP
ajfa-4310	39	41	the	the	DET
ajfa-4310	39	42	period	period	NOUN
ajfa-4310	39	43	prior	prior	ADV
ajfa-4310	39	44	to	to	ADP
ajfa-4310	39	45	the	the	DET
ajfa-4310	39	46	1997crisis	1997crisis	NOUN
ajfa-4310	39	47	.	.	PUNCT
ajfa-4310	40	1	the	the	DET
ajfa-4310	40	2	remainder	remainder	NOUN
ajfa-4310	40	3	of	of	ADP
ajfa-4310	40	4	the	the	DET
ajfa-4310	40	5	paper	paper	NOUN
ajfa-4310	40	6	is	be	AUX
ajfa-4310	40	7	organized	organize	VERB
ajfa-4310	40	8	as	as	SCONJ
ajfa-4310	40	9	follows	follow	VERB
ajfa-4310	40	10	:	:	PUNCT
ajfa-4310	40	11	section	section	NOUN
ajfa-4310	40	12	2	2	NUM
ajfa-4310	40	13	gives	give	VERB
ajfa-4310	40	14	a	a	DET
ajfa-4310	40	15	brief	brief	ADJ
ajfa-4310	40	16	review	review	NOUN
ajfa-4310	40	17	on	on	ADP
ajfa-4310	40	18	momentum	momentum	NOUN
ajfa-4310	40	19	effect	effect	NOUN
ajfa-4310	40	20	and	and	CCONJ
ajfa-4310	40	21	its	its	PRON
ajfa-4310	40	22	explanations	explanation	NOUN
ajfa-4310	40	23	;	;	PUNCT
ajfa-4310	40	24	section	section	NOUN
ajfa-4310	40	25	3	3	NUM
ajfa-4310	40	26	provides	provide	VERB
ajfa-4310	40	27	data	datum	NOUN
ajfa-4310	40	28	description	description	NOUN
ajfa-4310	40	29	;	;	PUNCT
ajfa-4310	40	30	section	section	NOUN
ajfa-4310	40	31	4	4	NUM
ajfa-4310	40	32	illustrates	illustrate	VERB
ajfa-4310	40	33	methodology	methodology	NOUN
ajfa-4310	40	34	description	description	NOUN
ajfa-4310	40	35	;	;	PUNCT
ajfa-4310	40	36	section	section	NOUN
ajfa-4310	40	37	5	5	NUM
ajfa-4310	40	38	shows	show	VERB
ajfa-4310	40	39	empirical	empirical	ADJ
ajfa-4310	40	40	results	result	NOUN
ajfa-4310	40	41	and	and	CCONJ
ajfa-4310	40	42	section	section	NOUN
ajfa-4310	40	43	6	6	NUM
ajfa-4310	40	44	concludes	conclude	VERB
ajfa-4310	40	45	some	some	DET
ajfa-4310	40	46	findings	finding	NOUN
ajfa-4310	40	47	.	.	PUNCT
ajfa-4310	41	1	2	2	X
ajfa-4310	41	2	.	.	X
ajfa-4310	41	3	literature	literature	NOUN
ajfa-4310	41	4	review	review	VERB
ajfa-4310	41	5	2.1	2.1	NUM
ajfa-4310	41	6	market	market	NOUN
ajfa-4310	41	7	efficiency	efficiency	NOUN
ajfa-4310	41	8	and	and	CCONJ
ajfa-4310	41	9	momentum	momentum	NOUN
ajfa-4310	41	10	evidence	evidence	NOUN
ajfa-4310	41	11	the	the	DET
ajfa-4310	41	12	efficient	efficient	ADJ
ajfa-4310	41	13	market	market	NOUN
ajfa-4310	41	14	hypothesis	hypothesis	NOUN
ajfa-4310	41	15	suggests	suggest	VERB
ajfa-4310	41	16	that	that	SCONJ
ajfa-4310	41	17	market	market	NOUN
ajfa-4310	41	18	is	be	AUX
ajfa-4310	41	19	rational	rational	ADJ
ajfa-4310	41	20	and	and	CCONJ
ajfa-4310	41	21	security	security	NOUN
ajfa-4310	41	22	prices	price	NOUN
ajfa-4310	41	23	fully	fully	ADV
ajfa-4310	41	24	reflect	reflect	VERB
ajfa-4310	41	25	all	all	DET
ajfa-4310	41	26	available	available	ADJ
ajfa-4310	41	27	information	information	NOUN
ajfa-4310	41	28	(	(	PUNCT
ajfa-4310	41	29	fama	fama	NOUN
ajfa-4310	41	30	,	,	PUNCT
ajfa-4310	41	31	1970	1970	NUM
ajfa-4310	41	32	,	,	PUNCT
ajfa-4310	41	33	1991	1991	NUM
ajfa-4310	41	34	)	)	PUNCT
ajfa-4310	41	35	.	.	PUNCT
ajfa-4310	42	1	however	however	ADV
ajfa-4310	42	2	,	,	PUNCT
ajfa-4310	42	3	fama	fama	PROPN
ajfa-4310	42	4	emphasizes	emphasize	VERB
ajfa-4310	42	5	that	that	SCONJ
ajfa-4310	42	6	market	market	NOUN
ajfa-4310	42	7	efficiency	efficiency	NOUN
ajfa-4310	42	8	is	be	AUX
ajfa-4310	42	9	not	not	PART
ajfa-4310	42	10	testable	testable	ADJ
ajfa-4310	42	11	because	because	SCONJ
ajfa-4310	42	12	it	it	PRON
ajfa-4310	42	13	should	should	AUX
ajfa-4310	42	14	be	be	AUX
ajfa-4310	42	15	tested	test	VERB
ajfa-4310	42	16	in	in	ADP
ajfa-4310	42	17	the	the	DET
ajfa-4310	42	18	context	context	NOUN
ajfa-4310	42	19	of	of	ADP
ajfa-4310	42	20	a	a	DET
ajfa-4310	42	21	proper	proper	ADJ
ajfa-4310	42	22	pricing	pricing	NOUN
ajfa-4310	42	23	model	model	NOUN
ajfa-4310	42	24	.	.	PUNCT
ajfa-4310	43	1	this	this	PRON
ajfa-4310	43	2	means	mean	VERB
ajfa-4310	43	3	that	that	SCONJ
ajfa-4310	43	4	if	if	SCONJ
ajfa-4310	43	5	anomalies	anomaly	NOUN
ajfa-4310	43	6	are	be	AUX
ajfa-4310	43	7	found	find	VERB
ajfa-4310	43	8	in	in	ADP
ajfa-4310	43	9	empirical	empirical	ADJ
ajfa-4310	43	10	studies	study	NOUN
ajfa-4310	43	11	,	,	PUNCT
ajfa-4310	43	12	we	we	PRON
ajfa-4310	43	13	merely	merely	ADV
ajfa-4310	43	14	infer	infer	VERB
ajfa-4310	43	15	that	that	SCONJ
ajfa-4310	43	16	either	either	CCONJ
ajfa-4310	43	17	the	the	DET
ajfa-4310	43	18	market	market	NOUN
ajfa-4310	43	19	is	be	AUX
ajfa-4310	43	20	inefficient	inefficient	ADJ
ajfa-4310	43	21	or	or	CCONJ
ajfa-4310	43	22	the	the	DET
ajfa-4310	43	23	model	model	NOUN
ajfa-4310	43	24	is	be	AUX
ajfa-4310	43	25	implausible	implausible	ADJ
ajfa-4310	43	26	.	.	PUNCT
ajfa-4310	44	1	put	put	VERB
ajfa-4310	44	2	differently	differently	ADV
ajfa-4310	44	3	,	,	PUNCT
ajfa-4310	44	4	it	it	PRON
ajfa-4310	44	5	remains	remain	VERB
ajfa-4310	44	6	impossible	impossible	ADJ
ajfa-4310	44	7	to	to	PART
ajfa-4310	44	8	infer	infer	VERB
ajfa-4310	44	9	precisely	precisely	ADV
ajfa-4310	44	10	the	the	DET
ajfa-4310	44	11	degree	degree	NOUN
ajfa-4310	44	12	of	of	ADP
ajfa-4310	44	13	market	market	NOUN
ajfa-4310	44	14	efficiency	efficiency	NOUN
ajfa-4310	44	15	due	due	ADP
ajfa-4310	44	16	to	to	ADP
ajfa-4310	44	17	the	the	DET
ajfa-4310	44	18	joint	joint	ADJ
ajfa-4310	44	19	-	-	PUNCT
ajfa-4310	44	20	hypothesis	hypothesis	NOUN
ajfa-4310	44	21	problem	problem	NOUN
ajfa-4310	44	22	(	(	PUNCT
ajfa-4310	44	23	fama	fama	NOUN
ajfa-4310	44	24	,	,	PUNCT
ajfa-4310	44	25	1991	1991	NUM
ajfa-4310	44	26	)	)	PUNCT
ajfa-4310	44	27	.	.	PUNCT
ajfa-4310	45	1	in	in	ADP
ajfa-4310	45	2	fact	fact	NOUN
ajfa-4310	45	3	,	,	PUNCT
ajfa-4310	45	4	prior	prior	ADJ
ajfa-4310	45	5	literature	literature	NOUN
ajfa-4310	45	6	commonly	commonly	ADV
ajfa-4310	45	7	sidesteps	sidestep	VERB
ajfa-4310	45	8	the	the	DET
ajfa-4310	45	9	issue	issue	NOUN
ajfa-4310	45	10	of	of	ADP
ajfa-4310	45	11	plausible	plausible	ADJ
ajfa-4310	45	12	models	model	NOUN
ajfa-4310	45	13	but	but	CCONJ
ajfa-4310	45	14	concentrates	concentrate	VERB
ajfa-4310	45	15	on	on	ADP
ajfa-4310	45	16	the	the	DET
ajfa-4310	45	17	anomalies	anomaly	NOUN
ajfa-4310	45	18	.	.	PUNCT
ajfa-4310	46	1	amongst	amongst	ADP
ajfa-4310	46	2	those	those	PRON
ajfa-4310	46	3	,	,	PUNCT
ajfa-4310	46	4	momentum	momentum	NOUN
ajfa-4310	46	5	has	have	AUX
ajfa-4310	46	6	been	be	AUX
ajfa-4310	46	7	debated	debate	VERB
ajfa-4310	46	8	widely	widely	ADV
ajfa-4310	46	9	since	since	SCONJ
ajfa-4310	46	10	the	the	DET
ajfa-4310	46	11	publication	publication	NOUN
ajfa-4310	46	12	of	of	ADP
ajfa-4310	46	13	jt	jt	PROPN
ajfa-4310	46	14	(	(	PUNCT
ajfa-4310	46	15	1993	1993	NUM
ajfa-4310	46	16	)	)	PUNCT
ajfa-4310	46	17	.	.	PUNCT
ajfa-4310	47	1	jt	jt	PROPN
ajfa-4310	47	2	(	(	PUNCT
ajfa-4310	47	3	1993	1993	NUM
ajfa-4310	47	4	)	)	PUNCT
ajfa-4310	47	5	find	find	VERB
ajfa-4310	47	6	medium	medium	ADJ
ajfa-4310	47	7	-	-	PUNCT
ajfa-4310	47	8	term	term	NOUN
ajfa-4310	47	9	return	return	NOUN
ajfa-4310	47	10	continuation	continuation	NOUN
ajfa-4310	47	11	in	in	ADP
ajfa-4310	47	12	the	the	DET
ajfa-4310	47	13	us	us	PROPN
ajfa-4310	47	14	market	market	NOUN
ajfa-4310	47	15	for	for	ADP
ajfa-4310	47	16	the	the	DET
ajfa-4310	47	17	period	period	NOUN
ajfa-4310	47	18	prior	prior	ADV
ajfa-4310	47	19	to	to	ADP
ajfa-4310	47	20	1989	1989	NUM
ajfa-4310	47	21	:	:	PUNCT
ajfa-4310	47	22	the	the	DET
ajfa-4310	47	23	momentum	momentum	NOUN
ajfa-4310	47	24	strategies	strategy	NOUN
ajfa-4310	47	25	that	that	PRON
ajfa-4310	47	26	long	long	ADJ
ajfa-4310	47	27	stocks	stock	NOUN
ajfa-4310	47	28	with	with	ADP
ajfa-4310	47	29	high	high	ADJ
ajfa-4310	47	30	returns	return	NOUN
ajfa-4310	47	31	over	over	ADP
ajfa-4310	47	32	the	the	DET
ajfa-4310	47	33	past	past	ADJ
ajfa-4310	47	34	three	three	NUM
ajfa-4310	47	35	to	to	PART
ajfa-4310	47	36	12	12	NUM
ajfa-4310	47	37	months	month	NOUN
ajfa-4310	47	38	and	and	CCONJ
ajfa-4310	47	39	short	short	ADJ
ajfa-4310	47	40	stocks	stock	NOUN
ajfa-4310	47	41	with	with	ADP
ajfa-4310	47	42	low	low	ADJ
ajfa-4310	47	43	returns	return	NOUN
ajfa-4310	47	44	over	over	ADP
ajfa-4310	47	45	the	the	DET
ajfa-4310	47	46	same	same	ADJ
ajfa-4310	47	47	periods	period	NOUN
ajfa-4310	47	48	earn	earn	VERB
ajfa-4310	47	49	significantly	significantly	ADV
ajfa-4310	47	50	positive	positive	ADJ
ajfa-4310	47	51	profits	profit	NOUN
ajfa-4310	47	52	.	.	PUNCT
ajfa-4310	48	1	in	in	ADP
ajfa-4310	48	2	their	their	PRON
ajfa-4310	48	3	following	follow	VERB
ajfa-4310	48	4	research	research	NOUN
ajfa-4310	48	5	,	,	PUNCT
ajfa-4310	48	6	jt	jt	PROPN
ajfa-4310	48	7	(	(	PUNCT
ajfa-4310	48	8	2001	2001	NUM
ajfa-4310	48	9	)	)	PUNCT
ajfa-4310	48	10	report	report	NOUN
ajfa-4310	48	11	sustained	sustain	VERB
ajfa-4310	48	12	momentum	momentum	NOUN
ajfa-4310	48	13	in	in	ADP
ajfa-4310	48	14	the	the	DET
ajfa-4310	48	15	1990s	1990s	NUM
ajfa-4310	48	16	,	,	PUNCT
ajfa-4310	48	17	but	but	CCONJ
ajfa-4310	48	18	jt	jt	PROPN
ajfa-4310	48	19	(	(	PUNCT
ajfa-4310	48	20	2011	2011	NUM
ajfa-4310	48	21	)	)	PUNCT
ajfa-4310	48	22	discover	discover	VERB
ajfa-4310	48	23	negative	negative	ADJ
ajfa-4310	48	24	profits	profit	NOUN
ajfa-4310	48	25	in	in	ADP
ajfa-4310	48	26	2008	2008	NUM
ajfa-4310	48	27	and	and	CCONJ
ajfa-4310	48	28	2009	2009	NUM
ajfa-4310	48	29	.	.	PUNCT
ajfa-4310	49	1	gutierrez	gutierrez	PROPN
ajfa-4310	49	2	and	and	CCONJ
ajfa-4310	49	3	kelley	kelley	PROPN
ajfa-4310	49	4	(	(	PUNCT
ajfa-4310	49	5	2008	2008	NUM
ajfa-4310	49	6	)	)	PUNCT
ajfa-4310	49	7	employ	employ	VERB
ajfa-4310	49	8	a	a	DET
ajfa-4310	49	9	sample	sample	NOUN
ajfa-4310	49	10	of	of	ADP
ajfa-4310	49	11	weekly	weekly	ADJ
ajfa-4310	49	12	returns	return	NOUN
ajfa-4310	49	13	of	of	ADP
ajfa-4310	49	14	the	the	DET
ajfa-4310	49	15	us	us	PROPN
ajfa-4310	49	16	market	market	NOUN
ajfa-4310	49	17	from	from	ADP
ajfa-4310	49	18	1983	1983	NUM
ajfa-4310	49	19	to	to	ADP
ajfa-4310	49	20	2003	2003	NUM
ajfa-4310	49	21	and	and	CCONJ
ajfa-4310	49	22	find	find	VERB
ajfa-4310	49	23	a	a	DET
ajfa-4310	49	24	long	long	ADV
ajfa-4310	49	25	-	-	PUNCT
ajfa-4310	49	26	lasting	last	VERB
ajfa-4310	49	27	stream	stream	NOUN
ajfa-4310	49	28	of	of	ADP
ajfa-4310	49	29	momentum	momentum	NOUN
ajfa-4310	49	30	that	that	PRON
ajfa-4310	49	31	follows	follow	VERB
ajfa-4310	49	32	a	a	DET
ajfa-4310	49	33	brief	brief	ADJ
ajfa-4310	49	34	reversal	reversal	NOUN
ajfa-4310	49	35	in	in	ADP
ajfa-4310	49	36	the	the	DET
ajfa-4310	49	37	initial	initial	ADJ
ajfa-4310	49	38	two	two	NUM
ajfa-4310	49	39	weeks	week	NOUN
ajfa-4310	49	40	after	after	ADP
ajfa-4310	49	41	portfolio	portfolio	NOUN
ajfa-4310	49	42	formation	formation	NOUN
ajfa-4310	49	43	.	.	PUNCT
ajfa-4310	50	1	the	the	DET
ajfa-4310	50	2	momentum	momentum	NOUN
ajfa-4310	50	3	profits	profit	NOUN
ajfa-4310	50	4	are	be	AUX
ajfa-4310	50	5	sufficient	sufficient	ADJ
ajfa-4310	50	6	enough	enough	ADV
ajfa-4310	50	7	to	to	PART
ajfa-4310	50	8	offset	offset	VERB
ajfa-4310	50	9	the	the	DET
ajfa-4310	50	10	initial	initial	ADJ
ajfa-4310	50	11	reversal	reversal	NOUN
ajfa-4310	50	12	,	,	PUNCT
ajfa-4310	50	13	resulting	result	VERB
ajfa-4310	50	14	in	in	ADP
ajfa-4310	50	15	significant	significant	ADJ
ajfa-4310	50	16	momentum	momentum	NOUN
ajfa-4310	50	17	over	over	ADP
ajfa-4310	50	18	the	the	DET
ajfa-4310	50	19	full	full	ADJ
ajfa-4310	50	20	year	year	NOUN
ajfa-4310	50	21	following	follow	VERB
ajfa-4310	50	22	portfolio	portfolio	NOUN
ajfa-4310	50	23	formation	formation	NOUN
ajfa-4310	50	24	.	.	PUNCT
ajfa-4310	51	1	rouwenhorst	rouwenhorst	ADV
ajfa-4310	51	2	(	(	PUNCT
ajfa-4310	51	3	1998	1998	NUM
ajfa-4310	51	4	)	)	PUNCT
ajfa-4310	51	5	focuses	focus	VERB
ajfa-4310	51	6	on	on	ADP
ajfa-4310	51	7	international	international	ADJ
ajfa-4310	51	8	momentum	momentum	NOUN
ajfa-4310	51	9	strategies	strategy	NOUN
ajfa-4310	51	10	over	over	ADP
ajfa-4310	51	11	twelve	twelve	NUM
ajfa-4310	51	12	european	european	ADJ
ajfa-4310	51	13	markets	market	NOUN
ajfa-4310	51	14	from	from	ADP
ajfa-4310	51	15	1978	1978	NUM
ajfa-4310	51	16	to	to	ADP
ajfa-4310	51	17	1995	1995	NUM
ajfa-4310	51	18	and	and	CCONJ
ajfa-4310	51	19	discovers	discover	VERB
ajfa-4310	51	20	medium	medium	ADJ
ajfa-4310	51	21	-	-	PUNCT
ajfa-4310	51	22	term	term	NOUN
ajfa-4310	51	23	momentum	momentum	NOUN
ajfa-4310	51	24	across	across	ADP
ajfa-4310	51	25	markets	market	NOUN
ajfa-4310	51	26	and	and	CCONJ
ajfa-4310	51	27	within	within	ADP
ajfa-4310	51	28	each	each	DET
ajfa-4310	51	29	market	market	NOUN
ajfa-4310	51	30	except	except	SCONJ
ajfa-4310	51	31	for	for	ADP
ajfa-4310	51	32	sweden	sweden	PROPN
ajfa-4310	51	33	.	.	PUNCT
ajfa-4310	52	1	the	the	DET
ajfa-4310	52	2	momentum	momentum	NOUN
ajfa-4310	52	3	effect	effect	NOUN
ajfa-4310	52	4	is	be	AUX
ajfa-4310	52	5	examined	examine	VERB
ajfa-4310	52	6	in	in	ADP
ajfa-4310	52	7	emerging	emerge	VERB
ajfa-4310	52	8	and	and	CCONJ
ajfa-4310	52	9	asian	asian	ADJ
ajfa-4310	52	10	markets	market	NOUN
ajfa-4310	52	11	as	as	ADV
ajfa-4310	52	12	well	well	ADV
ajfa-4310	52	13	,	,	PUNCT
ajfa-4310	52	14	but	but	CCONJ
ajfa-4310	52	15	is	be	AUX
ajfa-4310	52	16	reported	report	VERB
ajfa-4310	52	17	that	that	SCONJ
ajfa-4310	52	18	the	the	DET
ajfa-4310	52	19	magnitude	magnitude	NOUN
ajfa-4310	52	20	is	be	AUX
ajfa-4310	52	21	weaker	weak	ADJ
ajfa-4310	52	22	than	than	ADP
ajfa-4310	52	23	that	that	PRON
ajfa-4310	52	24	in	in	ADP
ajfa-4310	52	25	the	the	DET
ajfa-4310	52	26	us	us	PROPN
ajfa-4310	52	27	and	and	CCONJ
ajfa-4310	52	28	european	european	ADJ
ajfa-4310	52	29	markets	market	NOUN
ajfa-4310	52	30	.	.	PUNCT
ajfa-4310	53	1	rouwenhorst	rouwenhorst	ADV
ajfa-4310	53	2	(	(	PUNCT
ajfa-4310	53	3	1999	1999	NUM
ajfa-4310	53	4	)	)	PUNCT
ajfa-4310	53	5	documents	document	NOUN
ajfa-4310	53	6	that	that	PRON
ajfa-4310	53	7	momentum	momentum	NOUN
ajfa-4310	53	8	is	be	AUX
ajfa-4310	53	9	present	present	ADJ
ajfa-4310	53	10	in	in	ADP
ajfa-4310	53	11	an	an	DET
ajfa-4310	53	12	aggregate	aggregate	ADJ
ajfa-4310	53	13	asian	asian	ADJ
ajfa-4310	53	14	journal	journal	NOUN
ajfa-4310	53	15	of	of	ADP
ajfa-4310	53	16	finance	finance	PROPN
ajfa-4310	53	17	&	&	CCONJ
ajfa-4310	53	18	accounting	accounting	PROPN
ajfa-4310	53	19	issn	issn	PROPN
ajfa-4310	53	20	1946	1946	NUM
ajfa-4310	53	21	-	-	PUNCT
ajfa-4310	53	22	052x	052x	NOUN
ajfa-4310	53	23	2013	2013	NUM
ajfa-4310	53	24	,	,	PUNCT
ajfa-4310	53	25	vol	vol	NOUN
ajfa-4310	53	26	.	.	PROPN
ajfa-4310	53	27	5	5	NUM
ajfa-4310	53	28	,	,	PUNCT
ajfa-4310	53	29	no	no	INTJ
ajfa-4310	53	30	.	.	NOUN
ajfa-4310	53	31	2	2	NUM
ajfa-4310	53	32	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	53	33	186	186	NUM
ajfa-4310	53	34	sample	sample	NOUN
ajfa-4310	53	35	of	of	ADP
ajfa-4310	53	36	20	20	NUM
ajfa-4310	53	37	emerging	emerge	VERB
ajfa-4310	53	38	markets	market	NOUN
ajfa-4310	53	39	,	,	PUNCT
ajfa-4310	53	40	but	but	CCONJ
ajfa-4310	53	41	with	with	ADP
ajfa-4310	53	42	the	the	DET
ajfa-4310	53	43	samples	sample	NOUN
ajfa-4310	53	44	of	of	ADP
ajfa-4310	53	45	individual	individual	ADJ
ajfa-4310	53	46	markets	market	NOUN
ajfa-4310	53	47	it	it	PRON
ajfa-4310	53	48	is	be	AUX
ajfa-4310	53	49	significantly	significantly	ADV
ajfa-4310	53	50	positive	positive	ADJ
ajfa-4310	53	51	for	for	ADP
ajfa-4310	53	52	only	only	ADV
ajfa-4310	53	53	six	six	NUM
ajfa-4310	53	54	markets	market	NOUN
ajfa-4310	53	55	.	.	PUNCT
ajfa-4310	54	1	examining	examine	VERB
ajfa-4310	54	2	eight	eight	NUM
ajfa-4310	54	3	asian	asian	ADJ
ajfa-4310	54	4	markets	market	NOUN
ajfa-4310	54	5	,	,	PUNCT
ajfa-4310	54	6	chui	chui	PROPN
ajfa-4310	54	7	et	et	PROPN
ajfa-4310	54	8	al	al	PROPN
ajfa-4310	54	9	.	.	PROPN
ajfa-4310	55	1	(	(	PUNCT
ajfa-4310	55	2	2000	2000	NUM
ajfa-4310	55	3	)	)	PUNCT
ajfa-4310	55	4	report	report	VERB
ajfa-4310	55	5	that	that	SCONJ
ajfa-4310	55	6	momentum	momentum	NOUN
ajfa-4310	55	7	within	within	ADP
ajfa-4310	55	8	each	each	DET
ajfa-4310	55	9	country	country	NOUN
ajfa-4310	55	10	is	be	AUX
ajfa-4310	55	11	rather	rather	ADV
ajfa-4310	55	12	weak	weak	ADJ
ajfa-4310	55	13	:	:	PUNCT
ajfa-4310	55	14	only	only	ADV
ajfa-4310	55	15	the	the	DET
ajfa-4310	55	16	profit	profit	NOUN
ajfa-4310	55	17	of	of	ADP
ajfa-4310	55	18	hong	hong	PROPN
ajfa-4310	55	19	kong	kong	PROPN
ajfa-4310	55	20	market	market	NOUN
ajfa-4310	55	21	is	be	AUX
ajfa-4310	55	22	significantly	significantly	ADV
ajfa-4310	55	23	positive	positive	ADJ
ajfa-4310	55	24	for	for	ADP
ajfa-4310	55	25	the	the	DET
ajfa-4310	55	26	whole	whole	ADJ
ajfa-4310	55	27	sample	sample	NOUN
ajfa-4310	55	28	period	period	NOUN
ajfa-4310	55	29	,	,	PUNCT
ajfa-4310	55	30	while	while	SCONJ
ajfa-4310	55	31	the	the	DET
ajfa-4310	55	32	profits	profit	NOUN
ajfa-4310	55	33	of	of	ADP
ajfa-4310	55	34	hong	hong	PROPN
ajfa-4310	55	35	kong	kong	PROPN
ajfa-4310	55	36	,	,	PUNCT
ajfa-4310	55	37	malaysia	malaysia	PROPN
ajfa-4310	55	38	,	,	PUNCT
ajfa-4310	55	39	singapore	singapore	PROPN
ajfa-4310	55	40	and	and	CCONJ
ajfa-4310	55	41	thailand	thailand	PROPN
ajfa-4310	55	42	are	be	AUX
ajfa-4310	55	43	significantly	significantly	ADV
ajfa-4310	55	44	positive	positive	ADJ
ajfa-4310	55	45	for	for	ADP
ajfa-4310	55	46	the	the	DET
ajfa-4310	55	47	pre	pre	ADJ
ajfa-4310	55	48	-	-	ADJ
ajfa-4310	55	49	crisis	crisis	ADJ
ajfa-4310	55	50	period	period	NOUN
ajfa-4310	55	51	.	.	PUNCT
ajfa-4310	56	1	with	with	ADP
ajfa-4310	56	2	a	a	DET
ajfa-4310	56	3	bigger	big	ADJ
ajfa-4310	56	4	sample	sample	NOUN
ajfa-4310	56	5	of	of	ADP
ajfa-4310	56	6	40	40	NUM
ajfa-4310	56	7	countries	country	NOUN
ajfa-4310	56	8	,	,	PUNCT
ajfa-4310	56	9	griffin	griffin	PROPN
ajfa-4310	56	10	,	,	PUNCT
ajfa-4310	56	11	ji	ji	PROPN
ajfa-4310	56	12	and	and	CCONJ
ajfa-4310	56	13	martin	martin	PROPN
ajfa-4310	56	14	(	(	PUNCT
ajfa-4310	56	15	2003	2003	NUM
ajfa-4310	56	16	)	)	PUNCT
ajfa-4310	56	17	confirm	confirm	VERB
ajfa-4310	56	18	that	that	DET
ajfa-4310	56	19	momentum	momentum	NOUN
ajfa-4310	56	20	in	in	ADP
ajfa-4310	56	21	asian	asian	ADJ
ajfa-4310	56	22	and	and	CCONJ
ajfa-4310	56	23	emerging	emerge	VERB
ajfa-4310	56	24	markets	market	NOUN
ajfa-4310	56	25	is	be	AUX
ajfa-4310	56	26	relatively	relatively	ADV
ajfa-4310	56	27	weak	weak	ADJ
ajfa-4310	56	28	in	in	ADP
ajfa-4310	56	29	comparison	comparison	NOUN
ajfa-4310	56	30	with	with	ADP
ajfa-4310	56	31	that	that	PRON
ajfa-4310	56	32	in	in	ADP
ajfa-4310	56	33	the	the	DET
ajfa-4310	56	34	remaining	remain	VERB
ajfa-4310	56	35	areas	area	NOUN
ajfa-4310	56	36	.	.	PUNCT
ajfa-4310	57	1	2.2	2.2	NUM
ajfa-4310	57	2	explanations	explanation	NOUN
ajfa-4310	57	3	for	for	ADP
ajfa-4310	57	4	momentum	momentum	NOUN
ajfa-4310	57	5	effect	effect	NOUN
ajfa-4310	57	6	on	on	ADP
ajfa-4310	57	7	the	the	DET
ajfa-4310	57	8	assumption	assumption	NOUN
ajfa-4310	57	9	that	that	SCONJ
ajfa-4310	57	10	stock	stock	NOUN
ajfa-4310	57	11	returns	return	NOUN
ajfa-4310	57	12	follow	follow	VERB
ajfa-4310	57	13	a	a	DET
ajfa-4310	57	14	simple	simple	ADJ
ajfa-4310	57	15	one	one	NUM
ajfa-4310	57	16	-	-	PUNCT
ajfa-4310	57	17	factor	factor	NOUN
ajfa-4310	57	18	model	model	NOUN
ajfa-4310	57	19	,	,	PUNCT
ajfa-4310	57	20	jt	jt	PROPN
ajfa-4310	57	21	(	(	PUNCT
ajfa-4310	57	22	1993	1993	NUM
ajfa-4310	57	23	)	)	PUNCT
ajfa-4310	57	24	decompose	decompose	VERB
ajfa-4310	57	25	the	the	DET
ajfa-4310	57	26	profit	profit	NOUN
ajfa-4310	57	27	into	into	ADP
ajfa-4310	57	28	three	three	NUM
ajfa-4310	57	29	components	component	NOUN
ajfa-4310	57	30	:	:	PUNCT
ajfa-4310	57	31	the	the	DET
ajfa-4310	57	32	cross	cross	ADJ
ajfa-4310	57	33	-	-	ADJ
ajfa-4310	57	34	sectional	sectional	ADJ
ajfa-4310	57	35	dispersion	dispersion	NOUN
ajfa-4310	57	36	in	in	ADP
ajfa-4310	57	37	expected	expect	VERB
ajfa-4310	57	38	returns	return	NOUN
ajfa-4310	57	39	,	,	PUNCT
ajfa-4310	57	40	the	the	DET
ajfa-4310	57	41	serial	serial	ADJ
ajfa-4310	57	42	covariance	covariance	NOUN
ajfa-4310	57	43	in	in	ADP
ajfa-4310	57	44	factor	factor	NOUN
ajfa-4310	57	45	returns	return	NOUN
ajfa-4310	57	46	and	and	CCONJ
ajfa-4310	57	47	the	the	DET
ajfa-4310	57	48	serial	serial	ADJ
ajfa-4310	57	49	covariance	covariance	NOUN
ajfa-4310	57	50	of	of	ADP
ajfa-4310	57	51	the	the	DET
ajfa-4310	57	52	idiosyncratic	idiosyncratic	ADJ
ajfa-4310	57	53	components	component	NOUN
ajfa-4310	57	54	of	of	ADP
ajfa-4310	57	55	security	security	NOUN
ajfa-4310	57	56	returns	return	NOUN
ajfa-4310	57	57	.	.	PUNCT
ajfa-4310	58	1	if	if	SCONJ
ajfa-4310	58	2	the	the	DET
ajfa-4310	58	3	momentum	momentum	NOUN
ajfa-4310	58	4	is	be	AUX
ajfa-4310	58	5	caused	cause	VERB
ajfa-4310	58	6	by	by	ADP
ajfa-4310	58	7	either	either	CCONJ
ajfa-4310	58	8	the	the	DET
ajfa-4310	58	9	first	first	ADJ
ajfa-4310	58	10	or	or	CCONJ
ajfa-4310	58	11	the	the	DET
ajfa-4310	58	12	second	second	ADJ
ajfa-4310	58	13	component	component	NOUN
ajfa-4310	58	14	,	,	PUNCT
ajfa-4310	58	15	it	it	PRON
ajfa-4310	58	16	can	can	AUX
ajfa-4310	58	17	be	be	AUX
ajfa-4310	58	18	considered	consider	VERB
ajfa-4310	58	19	as	as	ADP
ajfa-4310	58	20	compensation	compensation	NOUN
ajfa-4310	58	21	for	for	ADP
ajfa-4310	58	22	bearing	bear	VERB
ajfa-4310	58	23	systematic	systematic	ADJ
ajfa-4310	58	24	risk	risk	NOUN
ajfa-4310	58	25	and	and	CCONJ
ajfa-4310	58	26	is	be	AUX
ajfa-4310	58	27	not	not	PART
ajfa-4310	58	28	regarded	regard	VERB
ajfa-4310	58	29	as	as	ADP
ajfa-4310	58	30	an	an	DET
ajfa-4310	58	31	indication	indication	NOUN
ajfa-4310	58	32	for	for	ADP
ajfa-4310	58	33	market	market	NOUN
ajfa-4310	58	34	inefficiency	inefficiency	NOUN
ajfa-4310	58	35	.	.	PUNCT
ajfa-4310	59	1	if	if	SCONJ
ajfa-4310	59	2	it	it	PRON
ajfa-4310	59	3	is	be	AUX
ajfa-4310	59	4	driven	drive	VERB
ajfa-4310	59	5	by	by	ADP
ajfa-4310	59	6	the	the	DET
ajfa-4310	59	7	third	third	ADJ
ajfa-4310	59	8	component	component	NOUN
ajfa-4310	59	9	,	,	PUNCT
ajfa-4310	59	10	it	it	PRON
ajfa-4310	59	11	is	be	AUX
ajfa-4310	59	12	possible	possible	ADJ
ajfa-4310	59	13	to	to	PART
ajfa-4310	59	14	conclude	conclude	VERB
ajfa-4310	59	15	that	that	SCONJ
ajfa-4310	59	16	the	the	DET
ajfa-4310	59	17	market	market	NOUN
ajfa-4310	59	18	is	be	AUX
ajfa-4310	59	19	inefficient	inefficient	ADJ
ajfa-4310	59	20	.	.	PUNCT
ajfa-4310	60	1	jt	jt	PROPN
ajfa-4310	60	2	(	(	PUNCT
ajfa-4310	60	3	1993	1993	NUM
ajfa-4310	60	4	)	)	PUNCT
ajfa-4310	60	5	provide	provide	VERB
ajfa-4310	60	6	evidence	evidence	NOUN
ajfa-4310	60	7	suggesting	suggest	VERB
ajfa-4310	60	8	that	that	SCONJ
ajfa-4310	60	9	momentum	momentum	NOUN
ajfa-4310	60	10	may	may	AUX
ajfa-4310	60	11	arise	arise	VERB
ajfa-4310	60	12	from	from	ADP
ajfa-4310	60	13	the	the	DET
ajfa-4310	60	14	last	last	ADJ
ajfa-4310	60	15	component	component	NOUN
ajfa-4310	60	16	,	,	PUNCT
ajfa-4310	60	17	implying	imply	VERB
ajfa-4310	60	18	that	that	SCONJ
ajfa-4310	60	19	the	the	DET
ajfa-4310	60	20	delayed	delay	VERB
ajfa-4310	60	21	price	price	NOUN
ajfa-4310	60	22	reactions	reaction	NOUN
ajfa-4310	60	23	to	to	ADP
ajfa-4310	60	24	firm	firm	ADJ
ajfa-4310	60	25	-	-	PUNCT
ajfa-4310	60	26	specific	specific	ADJ
ajfa-4310	60	27	information	information	NOUN
ajfa-4310	60	28	generate	generate	VERB
ajfa-4310	60	29	the	the	DET
ajfa-4310	60	30	profits	profit	NOUN
ajfa-4310	60	31	.	.	PUNCT
ajfa-4310	61	1	this	this	DET
ajfa-4310	61	2	result	result	NOUN
ajfa-4310	61	3	has	have	VERB
ajfa-4310	61	4	two	two	NUM
ajfa-4310	61	5	interpretations	interpretation	NOUN
ajfa-4310	61	6	:	:	PUNCT
ajfa-4310	61	7	one	one	NUM
ajfa-4310	61	8	is	be	AUX
ajfa-4310	61	9	the	the	DET
ajfa-4310	61	10	under	under	NOUN
ajfa-4310	61	11	-	-	PUNCT
ajfa-4310	61	12	reaction	reaction	NOUN
ajfa-4310	61	13	of	of	ADP
ajfa-4310	61	14	investors	investor	NOUN
ajfa-4310	61	15	to	to	PART
ajfa-4310	61	16	firm	firm	ADJ
ajfa-4310	61	17	-	-	PUNCT
ajfa-4310	61	18	specific	specific	ADJ
ajfa-4310	61	19	information	information	NOUN
ajfa-4310	61	20	and	and	CCONJ
ajfa-4310	61	21	the	the	DET
ajfa-4310	61	22	other	other	ADJ
ajfa-4310	61	23	is	be	AUX
ajfa-4310	61	24	the	the	DET
ajfa-4310	61	25	over	over	NOUN
ajfa-4310	61	26	-	-	PUNCT
ajfa-4310	61	27	reaction	reaction	NOUN
ajfa-4310	61	28	that	that	PRON
ajfa-4310	61	29	is	be	AUX
ajfa-4310	61	30	eventually	eventually	ADV
ajfa-4310	61	31	followed	follow	VERB
ajfa-4310	61	32	by	by	ADP
ajfa-4310	61	33	reversals	reversal	NOUN
ajfa-4310	61	34	.	.	PUNCT
ajfa-4310	62	1	departing	depart	VERB
ajfa-4310	62	2	from	from	ADP
ajfa-4310	62	3	jt	jt	PROPN
ajfa-4310	62	4	(	(	PUNCT
ajfa-4310	62	5	1993	1993	NUM
ajfa-4310	62	6	)	)	PUNCT
ajfa-4310	62	7	’s	’s	PART
ajfa-4310	62	8	argument	argument	NOUN
ajfa-4310	62	9	,	,	PUNCT
ajfa-4310	62	10	on	on	ADP
ajfa-4310	62	11	the	the	DET
ajfa-4310	62	12	assumption	assumption	NOUN
ajfa-4310	62	13	that	that	SCONJ
ajfa-4310	62	14	the	the	DET
ajfa-4310	62	15	mean	mean	ADJ
ajfa-4310	62	16	returns	return	NOUN
ajfa-4310	62	17	of	of	ADP
ajfa-4310	62	18	individual	individual	ADJ
ajfa-4310	62	19	stocks	stock	NOUN
ajfa-4310	62	20	are	be	AUX
ajfa-4310	62	21	stationary	stationary	ADJ
ajfa-4310	62	22	,	,	PUNCT
ajfa-4310	62	23	conral	conral	NOUN
ajfa-4310	62	24	and	and	CCONJ
ajfa-4310	62	25	kaul	kaul	PROPN
ajfa-4310	62	26	(	(	PUNCT
ajfa-4310	62	27	1998	1998	NUM
ajfa-4310	62	28	)	)	PUNCT
ajfa-4310	62	29	assert	assert	VERB
ajfa-4310	62	30	that	that	SCONJ
ajfa-4310	62	31	momentum	momentum	NOUN
ajfa-4310	62	32	profits	profit	NOUN
ajfa-4310	62	33	are	be	AUX
ajfa-4310	62	34	mainly	mainly	ADV
ajfa-4310	62	35	driven	drive	VERB
ajfa-4310	62	36	by	by	ADP
ajfa-4310	62	37	the	the	DET
ajfa-4310	62	38	cross	cross	ADJ
ajfa-4310	62	39	-	-	ADJ
ajfa-4310	62	40	sectional	sectional	ADJ
ajfa-4310	62	41	variation	variation	NOUN
ajfa-4310	62	42	in	in	ADP
ajfa-4310	62	43	mean	mean	ADJ
ajfa-4310	62	44	returns	return	NOUN
ajfa-4310	62	45	,	,	PUNCT
ajfa-4310	62	46	that	that	ADV
ajfa-4310	62	47	is	is	ADV
ajfa-4310	62	48	,	,	PUNCT
ajfa-4310	62	49	momentum	momentum	NOUN
ajfa-4310	62	50	reflects	reflect	VERB
ajfa-4310	62	51	compensation	compensation	NOUN
ajfa-4310	62	52	for	for	ADP
ajfa-4310	62	53	risk	risk	NOUN
ajfa-4310	62	54	.	.	PUNCT
ajfa-4310	63	1	thus	thus	ADV
ajfa-4310	63	2	,	,	PUNCT
ajfa-4310	63	3	the	the	DET
ajfa-4310	63	4	following	follow	VERB
ajfa-4310	63	5	studies	study	NOUN
ajfa-4310	63	6	such	such	ADJ
ajfa-4310	63	7	as	as	ADP
ajfa-4310	63	8	jt	jt	PROPN
ajfa-4310	63	9	(	(	PUNCT
ajfa-4310	63	10	2001	2001	NUM
ajfa-4310	63	11	)	)	PUNCT
ajfa-4310	63	12	,	,	PUNCT
ajfa-4310	63	13	gutierrez	gutierrez	PROPN
ajfa-4310	63	14	and	and	CCONJ
ajfa-4310	63	15	kelley	kelley	PROPN
ajfa-4310	63	16	(	(	PUNCT
ajfa-4310	63	17	2008	2008	NUM
ajfa-4310	63	18	)	)	PUNCT
ajfa-4310	63	19	examine	examine	VERB
ajfa-4310	63	20	risk	risk	NOUN
ajfa-4310	63	21	-	-	PUNCT
ajfa-4310	63	22	adjusted	adjust	VERB
ajfa-4310	63	23	profits	profit	NOUN
ajfa-4310	63	24	under	under	ADP
ajfa-4310	63	25	specific	specific	ADJ
ajfa-4310	63	26	asset	asset	NOUN
ajfa-4310	63	27	pricing	pricing	NOUN
ajfa-4310	63	28	models	model	NOUN
ajfa-4310	63	29	.	.	PUNCT
ajfa-4310	64	1	their	their	PRON
ajfa-4310	64	2	results	result	NOUN
ajfa-4310	64	3	show	show	VERB
ajfa-4310	64	4	that	that	SCONJ
ajfa-4310	64	5	the	the	DET
ajfa-4310	64	6	momentum	momentum	NOUN
ajfa-4310	64	7	is	be	AUX
ajfa-4310	64	8	still	still	ADV
ajfa-4310	64	9	statistically	statistically	ADV
ajfa-4310	64	10	significant	significant	ADJ
ajfa-4310	64	11	after	after	ADP
ajfa-4310	64	12	being	be	AUX
ajfa-4310	64	13	accounted	account	VERB
ajfa-4310	64	14	for	for	ADP
ajfa-4310	64	15	risk	risk	NOUN
ajfa-4310	64	16	,	,	PUNCT
ajfa-4310	64	17	that	that	ADV
ajfa-4310	64	18	is	is	ADV
ajfa-4310	64	19	,	,	PUNCT
ajfa-4310	64	20	the	the	DET
ajfa-4310	64	21	risk	risk	NOUN
ajfa-4310	64	22	-	-	PUNCT
ajfa-4310	64	23	based	base	VERB
ajfa-4310	64	24	theory	theory	NOUN
ajfa-4310	64	25	is	be	AUX
ajfa-4310	64	26	unlikely	unlikely	ADJ
ajfa-4310	64	27	to	to	PART
ajfa-4310	64	28	explain	explain	VERB
ajfa-4310	64	29	the	the	DET
ajfa-4310	64	30	effect	effect	NOUN
ajfa-4310	64	31	.	.	PUNCT
ajfa-4310	65	1	hence	hence	ADV
ajfa-4310	65	2	,	,	PUNCT
ajfa-4310	65	3	recent	recent	ADJ
ajfa-4310	65	4	literature	literature	NOUN
ajfa-4310	65	5	mainly	mainly	ADV
ajfa-4310	65	6	relies	rely	VERB
ajfa-4310	65	7	on	on	ADP
ajfa-4310	65	8	behavioral	behavioral	ADJ
ajfa-4310	65	9	models	model	NOUN
ajfa-4310	65	10	to	to	PART
ajfa-4310	65	11	explain	explain	VERB
ajfa-4310	65	12	this	this	DET
ajfa-4310	65	13	phenomenon	phenomenon	NOUN
ajfa-4310	65	14	.	.	PUNCT
ajfa-4310	66	1	there	there	PRON
ajfa-4310	66	2	are	be	VERB
ajfa-4310	66	3	three	three	NUM
ajfa-4310	66	4	main	main	ADJ
ajfa-4310	66	5	hypotheses	hypothesis	NOUN
ajfa-4310	66	6	on	on	ADP
ajfa-4310	66	7	investor	investor	NOUN
ajfa-4310	66	8	behavior	behavior	NOUN
ajfa-4310	66	9	,	,	PUNCT
ajfa-4310	66	10	which	which	PRON
ajfa-4310	66	11	are	be	AUX
ajfa-4310	66	12	considered	consider	VERB
ajfa-4310	66	13	to	to	PART
ajfa-4310	66	14	create	create	VERB
ajfa-4310	66	15	momentum	momentum	NOUN
ajfa-4310	66	16	.	.	PUNCT
ajfa-4310	67	1	firstly	firstly	ADV
ajfa-4310	67	2	,	,	PUNCT
ajfa-4310	67	3	barberis	barberis	PROPN
ajfa-4310	67	4	,	,	PUNCT
ajfa-4310	67	5	shleifer	shleifer	NOUN
ajfa-4310	67	6	and	and	CCONJ
ajfa-4310	67	7	vishny	vishny	PROPN
ajfa-4310	67	8	(	(	PUNCT
ajfa-4310	67	9	1998	1998	NUM
ajfa-4310	67	10	)	)	PUNCT
ajfa-4310	67	11	propose	propose	VERB
ajfa-4310	67	12	that	that	SCONJ
ajfa-4310	67	13	conservatism	conservatism	NOUN
ajfa-4310	67	14	bias	bias	NOUN
ajfa-4310	67	15	causes	cause	VERB
ajfa-4310	67	16	investor	investor	NOUN
ajfa-4310	67	17	under	under	NOUN
ajfa-4310	67	18	-	-	PUNCT
ajfa-4310	67	19	reaction	reaction	NOUN
ajfa-4310	67	20	to	to	ADP
ajfa-4310	67	21	news	news	NOUN
ajfa-4310	67	22	,	,	PUNCT
ajfa-4310	67	23	which	which	PRON
ajfa-4310	67	24	generates	generate	VERB
ajfa-4310	67	25	return	return	NOUN
ajfa-4310	67	26	momentum	momentum	NOUN
ajfa-4310	67	27	.	.	PUNCT
ajfa-4310	68	1	precisely	precisely	ADV
ajfa-4310	68	2	,	,	PUNCT
ajfa-4310	68	3	investors	investor	NOUN
ajfa-4310	68	4	slowly	slowly	ADV
ajfa-4310	68	5	change	change	VERB
ajfa-4310	68	6	their	their	PRON
ajfa-4310	68	7	beliefs	belief	NOUN
ajfa-4310	68	8	in	in	ADP
ajfa-4310	68	9	the	the	DET
ajfa-4310	68	10	face	face	NOUN
ajfa-4310	68	11	of	of	ADP
ajfa-4310	68	12	news	news	NOUN
ajfa-4310	68	13	announcement	announcement	NOUN
ajfa-4310	68	14	,	,	PUNCT
ajfa-4310	68	15	which	which	PRON
ajfa-4310	68	16	creates	create	VERB
ajfa-4310	68	17	stock	stock	NOUN
ajfa-4310	68	18	abnormal	abnormal	ADJ
ajfa-4310	68	19	returns	return	NOUN
ajfa-4310	68	20	.	.	PUNCT
ajfa-4310	69	1	when	when	SCONJ
ajfa-4310	69	2	the	the	DET
ajfa-4310	69	3	information	information	NOUN
ajfa-4310	69	4	is	be	AUX
ajfa-4310	69	5	fully	fully	ADV
ajfa-4310	69	6	incorporated	incorporate	VERB
ajfa-4310	69	7	in	in	ADP
ajfa-4310	69	8	prices	price	NOUN
ajfa-4310	69	9	,	,	PUNCT
ajfa-4310	69	10	no	no	DET
ajfa-4310	69	11	further	far	ADV
ajfa-4310	69	12	abnormal	abnormal	ADJ
ajfa-4310	69	13	return	return	NOUN
ajfa-4310	69	14	exists	exist	VERB
ajfa-4310	69	15	.	.	PUNCT
ajfa-4310	70	1	secondly	secondly	ADV
ajfa-4310	70	2	,	,	PUNCT
ajfa-4310	70	3	daniel	daniel	PROPN
ajfa-4310	70	4	,	,	PUNCT
ajfa-4310	70	5	hirshleifer	hirshleifer	NOUN
ajfa-4310	70	6	and	and	CCONJ
ajfa-4310	70	7	subrahmanyam	subrahmanyam	PROPN
ajfa-4310	70	8	(	(	PUNCT
ajfa-4310	70	9	1998	1998	NUM
ajfa-4310	70	10	)	)	PUNCT
ajfa-4310	70	11	argue	argue	VERB
ajfa-4310	70	12	that	that	SCONJ
ajfa-4310	70	13	investor	investor	NOUN
ajfa-4310	70	14	overconfidence	overconfidence	NOUN
ajfa-4310	70	15	and	and	CCONJ
ajfa-4310	70	16	biased	biased	ADJ
ajfa-4310	70	17	-	-	PUNCT
ajfa-4310	70	18	self	self	NOUN
ajfa-4310	70	19	attribution	attribution	NOUN
ajfa-4310	70	20	create	create	VERB
ajfa-4310	70	21	momentum	momentum	NOUN
ajfa-4310	70	22	.	.	PUNCT
ajfa-4310	71	1	the	the	DET
ajfa-4310	71	2	study	study	NOUN
ajfa-4310	71	3	supposes	suppose	VERB
ajfa-4310	71	4	that	that	SCONJ
ajfa-4310	71	5	investors	investor	NOUN
ajfa-4310	71	6	tend	tend	VERB
ajfa-4310	71	7	to	to	PART
ajfa-4310	71	8	be	be	AUX
ajfa-4310	71	9	overconfident	overconfident	ADJ
ajfa-4310	71	10	about	about	ADP
ajfa-4310	71	11	their	their	PRON
ajfa-4310	71	12	private	private	ADJ
ajfa-4310	71	13	information	information	NOUN
ajfa-4310	71	14	and	and	CCONJ
ajfa-4310	71	15	overestimate	overestimate	VERB
ajfa-4310	71	16	its	its	PRON
ajfa-4310	71	17	precision	precision	NOUN
ajfa-4310	71	18	.	.	PUNCT
ajfa-4310	72	1	additionally	additionally	ADV
ajfa-4310	72	2	,	,	PUNCT
ajfa-4310	72	3	they	they	PRON
ajfa-4310	72	4	asymmetrically	asymmetrically	ADV
ajfa-4310	72	5	react	react	VERB
ajfa-4310	72	6	to	to	ADP
ajfa-4310	72	7	their	their	PRON
ajfa-4310	72	8	decision	decision	NOUN
ajfa-4310	72	9	outcomes	outcome	NOUN
ajfa-4310	72	10	.	.	PUNCT
ajfa-4310	73	1	they	they	PRON
ajfa-4310	73	2	attribute	attribute	VERB
ajfa-4310	73	3	successes	success	NOUN
ajfa-4310	73	4	to	to	ADP
ajfa-4310	73	5	their	their	PRON
ajfa-4310	73	6	skill	skill	NOUN
ajfa-4310	73	7	and	and	CCONJ
ajfa-4310	73	8	ascribe	ascribe	VERB
ajfa-4310	73	9	failures	failure	NOUN
ajfa-4310	73	10	to	to	ADP
ajfa-4310	73	11	external	external	ADJ
ajfa-4310	73	12	noise	noise	NOUN
ajfa-4310	73	13	.	.	PUNCT
ajfa-4310	74	1	hence	hence	ADV
ajfa-4310	74	2	,	,	PUNCT
ajfa-4310	74	3	the	the	DET
ajfa-4310	74	4	investors	investor	NOUN
ajfa-4310	74	5	’	’	PART
ajfa-4310	74	6	confidence	confidence	NOUN
ajfa-4310	74	7	increases	increase	VERB
ajfa-4310	74	8	when	when	SCONJ
ajfa-4310	74	9	the	the	DET
ajfa-4310	74	10	subsequent	subsequent	ADJ
ajfa-4310	74	11	public	public	ADJ
ajfa-4310	74	12	information	information	NOUN
ajfa-4310	74	13	confirms	confirm	VERB
ajfa-4310	74	14	their	their	PRON
ajfa-4310	74	15	private	private	ADJ
ajfa-4310	74	16	news	news	NOUN
ajfa-4310	74	17	,	,	PUNCT
ajfa-4310	74	18	which	which	PRON
ajfa-4310	74	19	boosts	boost	VERB
ajfa-4310	74	20	the	the	DET
ajfa-4310	74	21	overreaction	overreaction	NOUN
ajfa-4310	74	22	and	and	CCONJ
ajfa-4310	74	23	produces	produce	VERB
ajfa-4310	74	24	momentum	momentum	NOUN
ajfa-4310	74	25	in	in	ADP
ajfa-4310	74	26	stock	stock	NOUN
ajfa-4310	74	27	returns	return	NOUN
ajfa-4310	74	28	.	.	PUNCT
ajfa-4310	75	1	however	however	ADV
ajfa-4310	75	2	,	,	PUNCT
ajfa-4310	75	3	the	the	DET
ajfa-4310	75	4	momentum	momentum	NOUN
ajfa-4310	75	5	will	will	AUX
ajfa-4310	75	6	eventually	eventually	ADV
ajfa-4310	75	7	be	be	AUX
ajfa-4310	75	8	reversed	reverse	VERB
ajfa-4310	75	9	in	in	ADP
ajfa-4310	75	10	the	the	DET
ajfa-4310	75	11	long	long	ADJ
ajfa-4310	75	12	run	run	NOUN
ajfa-4310	75	13	when	when	SCONJ
ajfa-4310	75	14	the	the	DET
ajfa-4310	75	15	investors	investor	NOUN
ajfa-4310	75	16	realize	realize	VERB
ajfa-4310	75	17	their	their	PRON
ajfa-4310	75	18	errors	error	NOUN
ajfa-4310	75	19	.	.	PUNCT
ajfa-4310	76	1	thirdly	thirdly	ADV
ajfa-4310	76	2	,	,	PUNCT
ajfa-4310	76	3	hong	hong	PROPN
ajfa-4310	76	4	and	and	CCONJ
ajfa-4310	76	5	stein	stein	PROPN
ajfa-4310	76	6	(	(	PUNCT
ajfa-4310	76	7	1999	1999	NUM
ajfa-4310	76	8	)	)	PUNCT
ajfa-4310	76	9	explain	explain	VERB
ajfa-4310	76	10	the	the	DET
ajfa-4310	76	11	short	short	ADJ
ajfa-4310	76	12	-	-	PUNCT
ajfa-4310	76	13	term	term	NOUN
ajfa-4310	76	14	momentum	momentum	NOUN
ajfa-4310	76	15	and	and	CCONJ
ajfa-4310	76	16	long	long	ADJ
ajfa-4310	76	17	-	-	PUNCT
ajfa-4310	76	18	term	term	NOUN
ajfa-4310	76	19	reversals	reversal	NOUN
ajfa-4310	76	20	in	in	ADP
ajfa-4310	76	21	asset	asset	NOUN
ajfa-4310	76	22	markets	market	NOUN
ajfa-4310	76	23	as	as	ADP
ajfa-4310	76	24	results	result	NOUN
ajfa-4310	76	25	of	of	ADP
ajfa-4310	76	26	interaction	interaction	NOUN
ajfa-4310	76	27	between	between	ADP
ajfa-4310	76	28	news	news	NOUN
ajfa-4310	76	29	watchers	watcher	NOUN
ajfa-4310	76	30	and	and	CCONJ
ajfa-4310	76	31	momentum	momentum	NOUN
ajfa-4310	76	32	traders	trader	NOUN
ajfa-4310	76	33	–	–	PUNCT
ajfa-4310	76	34	the	the	DET
ajfa-4310	76	35	two	two	NUM
ajfa-4310	76	36	types	type	NOUN
ajfa-4310	76	37	of	of	ADP
ajfa-4310	76	38	agents	agent	NOUN
ajfa-4310	76	39	in	in	ADP
ajfa-4310	76	40	the	the	DET
ajfa-4310	76	41	market	market	NOUN
ajfa-4310	76	42	.	.	PUNCT
ajfa-4310	77	1	the	the	DET
ajfa-4310	77	2	news	news	NOUN
ajfa-4310	77	3	watchers	watcher	NOUN
ajfa-4310	77	4	predict	predict	VERB
ajfa-4310	77	5	future	future	ADJ
ajfa-4310	77	6	returns	return	NOUN
ajfa-4310	77	7	based	base	VERB
ajfa-4310	77	8	on	on	ADP
ajfa-4310	77	9	their	their	PRON
ajfa-4310	77	10	private	private	ADJ
ajfa-4310	77	11	fundamental	fundamental	ADJ
ajfa-4310	77	12	information	information	NOUN
ajfa-4310	77	13	and	and	CCONJ
ajfa-4310	77	14	do	do	AUX
ajfa-4310	77	15	not	not	PART
ajfa-4310	77	16	pay	pay	VERB
ajfa-4310	77	17	attention	attention	NOUN
ajfa-4310	77	18	to	to	ADP
ajfa-4310	77	19	current	current	ADJ
ajfa-4310	77	20	or	or	CCONJ
ajfa-4310	77	21	past	past	ADJ
ajfa-4310	77	22	prices	price	NOUN
ajfa-4310	77	23	,	,	PUNCT
ajfa-4310	77	24	whereas	whereas	SCONJ
ajfa-4310	77	25	the	the	DET
ajfa-4310	77	26	momentum	momentum	NOUN
ajfa-4310	77	27	traders	trader	NOUN
ajfa-4310	77	28	trace	trace	VERB
ajfa-4310	77	29	profits	profit	NOUN
ajfa-4310	77	30	based	base	VERB
ajfa-4310	77	31	only	only	ADV
ajfa-4310	77	32	on	on	ADP
ajfa-4310	77	33	past	past	ADJ
ajfa-4310	77	34	price	price	NOUN
ajfa-4310	77	35	changes	change	NOUN
ajfa-4310	77	36	.	.	PUNCT
ajfa-4310	78	1	hong	hong	PROPN
ajfa-4310	78	2	and	and	CCONJ
ajfa-4310	78	3	stein	stein	PROPN
ajfa-4310	78	4	(	(	PUNCT
ajfa-4310	78	5	1999	1999	NUM
ajfa-4310	78	6	)	)	PUNCT
ajfa-4310	78	7	argue	argue	VERB
ajfa-4310	78	8	that	that	SCONJ
ajfa-4310	78	9	if	if	SCONJ
ajfa-4310	78	10	information	information	NOUN
ajfa-4310	78	11	spreads	spread	VERB
ajfa-4310	78	12	gradually	gradually	ADV
ajfa-4310	78	13	across	across	ADP
ajfa-4310	78	14	news	news	NOUN
ajfa-4310	78	15	watchers	watcher	NOUN
ajfa-4310	78	16	,	,	PUNCT
ajfa-4310	78	17	that	that	ADV
ajfa-4310	78	18	is	is	ADV
ajfa-4310	78	19	,	,	PUNCT
ajfa-4310	78	20	price	price	NOUN
ajfa-4310	78	21	under	under	NOUN
ajfa-4310	78	22	-	-	PUNCT
ajfa-4310	78	23	reaction	reaction	NOUN
ajfa-4310	78	24	asian	asian	ADJ
ajfa-4310	78	25	journal	journal	NOUN
ajfa-4310	78	26	of	of	ADP
ajfa-4310	78	27	finance	finance	PROPN
ajfa-4310	78	28	&	&	CCONJ
ajfa-4310	78	29	accounting	accounting	PROPN
ajfa-4310	78	30	issn	issn	PROPN
ajfa-4310	78	31	1946	1946	NUM
ajfa-4310	78	32	-	-	PUNCT
ajfa-4310	78	33	052x	052x	NOUN
ajfa-4310	78	34	2013	2013	NUM
ajfa-4310	78	35	,	,	PUNCT
ajfa-4310	78	36	vol	vol	NOUN
ajfa-4310	78	37	.	.	PROPN
ajfa-4310	78	38	5	5	NUM
ajfa-4310	78	39	,	,	PUNCT
ajfa-4310	78	40	no	no	INTJ
ajfa-4310	78	41	.	.	NOUN
ajfa-4310	78	42	2	2	NUM
ajfa-4310	78	43	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4310	78	44	187	187	NUM
ajfa-4310	78	45	occurs	occur	VERB
ajfa-4310	78	46	in	in	ADP
ajfa-4310	78	47	the	the	DET
ajfa-4310	78	48	short	short	ADJ
ajfa-4310	78	49	run	run	NOUN
ajfa-4310	78	50	,	,	PUNCT
ajfa-4310	78	51	and	and	CCONJ
ajfa-4310	78	52	then	then	ADV
ajfa-4310	78	53	momentum	momentum	NOUN
ajfa-4310	78	54	traders	trader	NOUN
ajfa-4310	78	55	can	can	AUX
ajfa-4310	78	56	earn	earn	VERB
ajfa-4310	78	57	profits	profit	NOUN
ajfa-4310	78	58	.	.	PUNCT
ajfa-4310	79	1	however	however	ADV
ajfa-4310	79	2	,	,	PUNCT
ajfa-4310	79	3	their	their	PRON
ajfa-4310	79	4	attempts	attempt	NOUN
ajfa-4310	79	5	to	to	PART
ajfa-4310	79	6	trace	trace	VERB
ajfa-4310	79	7	profits	profit	NOUN
ajfa-4310	79	8	might	might	AUX
ajfa-4310	79	9	push	push	VERB
ajfa-4310	79	10	up	up	ADP
ajfa-4310	79	11	the	the	DET
ajfa-4310	79	12	prices	price	NOUN
ajfa-4310	79	13	above	above	ADP
ajfa-4310	79	14	the	the	DET
ajfa-4310	79	15	fundamental	fundamental	ADJ
ajfa-4310	79	16	values	value	NOUN
ajfa-4310	79	17	,	,	PUNCT
ajfa-4310	79	18	and	and	CCONJ
ajfa-4310	79	19	then	then	ADV
ajfa-4310	79	20	overreaction	overreaction	NOUN
ajfa-4310	79	21	happens	happen	VERB
ajfa-4310	79	22	and	and	CCONJ
ajfa-4310	79	23	leads	lead	VERB
ajfa-4310	79	24	to	to	ADP
ajfa-4310	79	25	fundamental	fundamental	ADJ
ajfa-4310	79	26	reversals	reversal	NOUN
ajfa-4310	79	27	in	in	ADP
ajfa-4310	79	28	the	the	DET
ajfa-4310	79	29	long	long	ADJ
ajfa-4310	79	30	run	run	NOUN
ajfa-4310	79	31	.	.	PUNCT
ajfa-4310	80	1	although	although	SCONJ
ajfa-4310	80	2	daniel	daniel	PROPN
ajfa-4310	80	3	et	et	PROPN
ajfa-4310	80	4	al	al	PROPN
ajfa-4310	80	5	.	.	PROPN
ajfa-4310	81	1	(	(	PUNCT
ajfa-4310	81	2	1998	1998	NUM
ajfa-4310	81	3	)	)	PUNCT
ajfa-4310	81	4	and	and	CCONJ
ajfa-4310	81	5	hong	hong	PROPN
ajfa-4310	81	6	and	and	CCONJ
ajfa-4310	81	7	stein	stein	PROPN
ajfa-4310	81	8	(	(	PUNCT
ajfa-4310	81	9	1999	1999	NUM
ajfa-4310	81	10	)	)	PUNCT
ajfa-4310	81	11	initiate	initiate	VERB
ajfa-4310	81	12	from	from	ADP
ajfa-4310	81	13	different	different	ADJ
ajfa-4310	81	14	assumptions	assumption	NOUN
ajfa-4310	81	15	on	on	ADP
ajfa-4310	81	16	investor	investor	NOUN
ajfa-4310	81	17	behavior	behavior	NOUN
ajfa-4310	81	18	,	,	PUNCT
ajfa-4310	81	19	they	they	PRON
ajfa-4310	81	20	have	have	VERB
ajfa-4310	81	21	a	a	DET
ajfa-4310	81	22	similar	similar	ADJ
ajfa-4310	81	23	inference	inference	NOUN
ajfa-4310	81	24	on	on	ADP
ajfa-4310	81	25	price	price	NOUN
ajfa-4310	81	26	behavior	behavior	NOUN
ajfa-4310	81	27	in	in	ADP
ajfa-4310	81	28	the	the	DET
ajfa-4310	81	29	long	long	ADJ
ajfa-4310	81	30	run	run	NOUN
ajfa-4310	81	31	,	,	PUNCT
ajfa-4310	81	32	which	which	PRON
ajfa-4310	81	33	is	be	AUX
ajfa-4310	81	34	a	a	DET
ajfa-4310	81	35	stream	stream	NOUN
ajfa-4310	81	36	of	of	ADP
ajfa-4310	81	37	overreaction	overreaction	NOUN
ajfa-4310	81	38	followed	follow	VERB
ajfa-4310	81	39	by	by	ADP
ajfa-4310	81	40	reversals	reversal	NOUN
ajfa-4310	81	41	.	.	PUNCT
ajfa-4310	82	1	consequently	consequently	ADV
ajfa-4310	82	2	,	,	PUNCT
ajfa-4310	82	3	there	there	PRON
ajfa-4310	82	4	are	be	VERB
ajfa-4310	82	5	two	two	NUM
ajfa-4310	82	6	types	type	NOUN
ajfa-4310	82	7	of	of	ADP
ajfa-4310	82	8	price	price	NOUN
ajfa-4310	82	9	behavior	behavior	NOUN
ajfa-4310	82	10	inferred	infer	VERB
ajfa-4310	82	11	from	from	ADP
ajfa-4310	82	12	the	the	DET
ajfa-4310	82	13	three	three	NUM
ajfa-4310	82	14	behavioral	behavioral	ADJ
ajfa-4310	82	15	models	model	NOUN
ajfa-4310	82	16	:	:	PUNCT
ajfa-4310	82	17	under	under	ADJ
ajfa-4310	82	18	-	-	PUNCT
ajfa-4310	82	19	reaction	reaction	NOUN
ajfa-4310	82	20	and	and	CCONJ
ajfa-4310	82	21	overreaction	overreaction	NOUN
ajfa-4310	82	22	.	.	PUNCT
ajfa-4310	83	1	jt	jt	PROPN
ajfa-4310	83	2	(	(	PUNCT
ajfa-4310	83	3	2001	2001	NUM
ajfa-4310	83	4	)	)	PUNCT
ajfa-4310	83	5	provide	provide	VERB
ajfa-4310	83	6	evidence	evidence	NOUN
ajfa-4310	83	7	supporting	support	VERB
ajfa-4310	83	8	the	the	DET
ajfa-4310	83	9	latter	latter	ADJ
ajfa-4310	83	10	.	.	PUNCT
ajfa-4310	84	1	upon	upon	SCONJ
ajfa-4310	84	2	the	the	DET
ajfa-4310	84	3	jt	jt	PROPN
ajfa-4310	84	4	(	(	PUNCT
ajfa-4310	84	5	1993	1993	NUM
ajfa-4310	84	6	)	)	PUNCT
ajfa-4310	84	7	’s	’s	PART
ajfa-4310	84	8	argument	argument	NOUN
ajfa-4310	84	9	that	that	SCONJ
ajfa-4310	84	10	momentum	momentum	NOUN
ajfa-4310	84	11	arises	arise	VERB
ajfa-4310	84	12	from	from	ADP
ajfa-4310	84	13	the	the	DET
ajfa-4310	84	14	investors	investor	NOUN
ajfa-4310	84	15	’	'	PUNCT
ajfa-4310	84	16	delayed	delay	VERB
ajfa-4310	84	17	reactions	reaction	NOUN
ajfa-4310	84	18	to	to	PART
ajfa-4310	84	19	firm	firm	VERB
ajfa-4310	84	20	specific	specific	ADJ
ajfa-4310	84	21	information	information	NOUN
ajfa-4310	84	22	,	,	PUNCT
ajfa-4310	84	23	a	a	DET
ajfa-4310	84	24	number	number	NOUN
ajfa-4310	84	25	of	of	ADP
ajfa-4310	84	26	studies	study	NOUN
ajfa-4310	84	27	have	have	AUX
ajfa-4310	84	28	investigated	investigate	VERB
ajfa-4310	84	29	the	the	DET
ajfa-4310	84	30	relationship	relationship	NOUN
ajfa-4310	84	31	between	between	ADP
ajfa-4310	84	32	momentum	momentum	NOUN
ajfa-4310	84	33	and	and	CCONJ
ajfa-4310	84	34	the	the	DET
ajfa-4310	84	35	factors	factor	NOUN
ajfa-4310	84	36	relating	relate	VERB
ajfa-4310	84	37	to	to	ADP
ajfa-4310	84	38	firm	firm	ADJ
ajfa-4310	84	39	characteristics	characteristic	NOUN
ajfa-4310	84	40	,	,	PUNCT
ajfa-4310	84	41	information	information	NOUN
ajfa-4310	84	42	quality	quality	NOUN
ajfa-4310	84	43	and	and	CCONJ
ajfa-4310	84	44	behavioral	behavioral	ADJ
ajfa-4310	84	45	biases	bias	NOUN
ajfa-4310	84	46	.	.	PUNCT
ajfa-4310	85	1	jt	jt	PROPN
ajfa-4310	85	2	(	(	PUNCT
ajfa-4310	85	3	2011	2011	NUM
ajfa-4310	85	4	)	)	PUNCT
ajfa-4310	85	5	provide	provide	VERB
ajfa-4310	85	6	a	a	DET
ajfa-4310	85	7	precise	precise	ADJ
ajfa-4310	85	8	review	review	NOUN
ajfa-4310	85	9	on	on	ADP
ajfa-4310	85	10	these	these	DET
ajfa-4310	85	11	papers	paper	NOUN
ajfa-4310	85	12	.	.	PUNCT
ajfa-4310	86	1	amongst	amongst	ADP
ajfa-4310	86	2	those	those	PRON
ajfa-4310	86	3	,	,	PUNCT
ajfa-4310	86	4	chordia	chordia	NOUN
ajfa-4310	86	5	and	and	CCONJ
ajfa-4310	86	6	shivakumar	shivakumar	PROPN
ajfa-4310	86	7	(	(	PUNCT
ajfa-4310	86	8	2002	2002	NUM
ajfa-4310	86	9	)	)	PUNCT
ajfa-4310	86	10	,	,	PUNCT
ajfa-4310	86	11	chui	chui	PROPN
ajfa-4310	86	12	et	et	PROPN
ajfa-4310	86	13	al	al	PROPN
ajfa-4310	86	14	.	.	PROPN
ajfa-4310	87	1	(	(	PUNCT
ajfa-4310	87	2	2010	2010	NUM
ajfa-4310	87	3	)	)	PUNCT
ajfa-4310	87	4	,	,	PUNCT
ajfa-4310	87	5	cooper	cooper	PROPN
ajfa-4310	87	6	,	,	PUNCT
ajfa-4310	87	7	gutierrez	gutierrez	PROPN
ajfa-4310	87	8	jr	jr	PROPN
ajfa-4310	87	9	.	.	PROPN
ajfa-4310	87	10	and	and	CCONJ
ajfa-4310	87	11	hameed	hameed	PROPN
ajfa-4310	87	12	(	(	PUNCT
ajfa-4310	87	13	2004	2004	NUM
ajfa-4310	87	14	)	)	PUNCT
ajfa-4310	87	15	,	,	PUNCT
ajfa-4310	87	16	du	du	PROPN
ajfa-4310	87	17	,	,	PUNCT
ajfa-4310	87	18	huang	huang	PROPN
ajfa-4310	87	19	and	and	CCONJ
ajfa-4310	87	20	liao	liao	PROPN
ajfa-4310	87	21	(	(	PUNCT
ajfa-4310	87	22	2009	2009	NUM
ajfa-4310	87	23	)	)	PUNCT
ajfa-4310	87	24	have	have	VERB
ajfa-4310	87	25	some	some	DET
ajfa-4310	87	26	implications	implication	NOUN
ajfa-4310	87	27	relating	relate	VERB
ajfa-4310	87	28	to	to	ADP
ajfa-4310	87	29	our	our	PRON
ajfa-4310	87	30	results	result	NOUN
ajfa-4310	87	31	.	.	PUNCT
ajfa-4310	88	1	chui	chui	PROPN
ajfa-4310	88	2	et	et	PROPN
ajfa-4310	88	3	al	al	PROPN
ajfa-4310	88	4	.	.	PROPN
ajfa-4310	89	1	(	(	PUNCT
ajfa-4310	89	2	2010	2010	NUM
ajfa-4310	89	3	)	)	PUNCT
ajfa-4310	89	4	find	find	VERB
ajfa-4310	89	5	that	that	SCONJ
ajfa-4310	89	6	individualism	individualism	NOUN
ajfa-4310	89	7	is	be	AUX
ajfa-4310	89	8	positively	positively	ADV
ajfa-4310	89	9	correlated	correlate	VERB
ajfa-4310	89	10	with	with	ADP
ajfa-4310	89	11	the	the	DET
ajfa-4310	89	12	degree	degree	NOUN
ajfa-4310	89	13	of	of	ADP
ajfa-4310	89	14	momentum	momentum	NOUN
ajfa-4310	89	15	and	and	CCONJ
ajfa-4310	89	16	the	the	DET
ajfa-4310	89	17	magnitude	magnitude	NOUN
ajfa-4310	89	18	of	of	ADP
ajfa-4310	89	19	reversals	reversal	NOUN
ajfa-4310	89	20	tends	tend	VERB
ajfa-4310	89	21	to	to	PART
ajfa-4310	89	22	be	be	AUX
ajfa-4310	89	23	higher	high	ADJ
ajfa-4310	89	24	in	in	ADP
ajfa-4310	89	25	countries	country	NOUN
ajfa-4310	89	26	with	with	ADP
ajfa-4310	89	27	higher	high	ADJ
ajfa-4310	89	28	individualism	individualism	NOUN
ajfa-4310	89	29	.	.	PUNCT
ajfa-4310	90	1	chordia	chordia	NOUN
ajfa-4310	90	2	and	and	CCONJ
ajfa-4310	90	3	shivakumar	shivakumar	PROPN
ajfa-4310	90	4	(	(	PUNCT
ajfa-4310	90	5	2002	2002	NUM
ajfa-4310	90	6	)	)	PUNCT
ajfa-4310	90	7	discover	discover	VERB
ajfa-4310	90	8	that	that	SCONJ
ajfa-4310	90	9	momentum	momentum	NOUN
ajfa-4310	90	10	profits	profit	NOUN
ajfa-4310	90	11	are	be	AUX
ajfa-4310	90	12	positive	positive	ADJ
ajfa-4310	90	13	only	only	ADV
ajfa-4310	90	14	during	during	ADP
ajfa-4310	90	15	expansionary	expansionary	ADJ
ajfa-4310	90	16	periods	period	NOUN
ajfa-4310	90	17	and	and	CCONJ
ajfa-4310	90	18	are	be	AUX
ajfa-4310	90	19	negative	negative	ADJ
ajfa-4310	90	20	or	or	CCONJ
ajfa-4310	90	21	statistically	statistically	ADV
ajfa-4310	90	22	insignificant	insignificant	ADJ
ajfa-4310	90	23	during	during	ADP
ajfa-4310	90	24	recession	recession	NOUN
ajfa-4310	90	25	periods	period	NOUN
ajfa-4310	90	26	.	.	PUNCT
ajfa-4310	91	1	cooper	cooper	PROPN
ajfa-4310	91	2	et	et	PROPN
ajfa-4310	91	3	al	al	PROPN
ajfa-4310	91	4	.	.	PROPN
ajfa-4310	92	1	(	(	PUNCT
ajfa-4310	92	2	2004	2004	NUM
ajfa-4310	92	3	)	)	PUNCT
ajfa-4310	92	4	find	find	VERB
ajfa-4310	92	5	a	a	DET
ajfa-4310	92	6	relationship	relationship	NOUN
ajfa-4310	92	7	between	between	ADP
ajfa-4310	92	8	market	market	NOUN
ajfa-4310	92	9	states	state	NOUN
ajfa-4310	92	10	and	and	CCONJ
ajfa-4310	92	11	momentum	momentum	NOUN
ajfa-4310	92	12	magnitude	magnitude	NOUN
ajfa-4310	92	13	,	,	PUNCT
ajfa-4310	92	14	which	which	PRON
ajfa-4310	92	15	implies	imply	VERB
ajfa-4310	92	16	that	that	SCONJ
ajfa-4310	92	17	the	the	DET
ajfa-4310	92	18	overreaction	overreaction	NOUN
ajfa-4310	92	19	is	be	AUX
ajfa-4310	92	20	greater	great	ADJ
ajfa-4310	92	21	when	when	SCONJ
ajfa-4310	92	22	the	the	DET
ajfa-4310	92	23	market	market	NOUN
ajfa-4310	92	24	is	be	AUX
ajfa-4310	92	25	up	up	ADV
ajfa-4310	92	26	.	.	PUNCT
ajfa-4310	93	1	du	du	PROPN
ajfa-4310	93	2	et	et	PROPN
ajfa-4310	93	3	al	al	PROPN
ajfa-4310	93	4	.	.	PROPN
ajfa-4310	93	5	(	(	PUNCT
ajfa-4310	93	6	2009	2009	NUM
ajfa-4310	93	7	)	)	PUNCT
ajfa-4310	93	8	indicate	indicate	VERB
ajfa-4310	93	9	that	that	SCONJ
ajfa-4310	93	10	the	the	DET
ajfa-4310	93	11	poor	poor	ADJ
ajfa-4310	93	12	performance	performance	NOUN
ajfa-4310	93	13	of	of	ADP
ajfa-4310	93	14	momentum	momentum	NOUN
ajfa-4310	93	15	in	in	ADP
ajfa-4310	93	16	the	the	DET
ajfa-4310	93	17	taiwan	taiwan	PROPN
ajfa-4310	93	18	stock	stock	NOUN
ajfa-4310	93	19	market	market	NOUN
ajfa-4310	93	20	relates	relate	VERB
ajfa-4310	93	21	to	to	ADP
ajfa-4310	93	22	the	the	DET
ajfa-4310	93	23	down	down	ADJ
ajfa-4310	93	24	market	market	NOUN
ajfa-4310	93	25	states	state	NOUN
ajfa-4310	93	26	.	.	PUNCT
ajfa-4310	94	1	3	3	X
ajfa-4310	94	2	.	.	X
ajfa-4310	94	3	data	datum	NOUN
ajfa-4310	94	4	we	we	PRON
ajfa-4310	94	5	use	use	VERB
ajfa-4310	94	6	a	a	DET
ajfa-4310	94	7	sample	sample	NOUN
ajfa-4310	94	8	of	of	ADP
ajfa-4310	94	9	simple	simple	ADJ
ajfa-4310	94	10	weekly	weekly	ADJ
ajfa-4310	94	11	returns	return	NOUN
ajfa-4310	94	12	of	of	ADP
ajfa-4310	94	13	stocks	stock	NOUN
ajfa-4310	94	14	listed	list	VERB
ajfa-4310	94	15	on	on	ADP
ajfa-4310	94	16	the	the	DET
ajfa-4310	94	17	ho	ho	PROPN
ajfa-4310	94	18	chi	chi	PROPN
ajfa-4310	94	19	minh	minh	PROPN
ajfa-4310	94	20	stock	stock	PROPN
ajfa-4310	94	21	exchange	exchange	PROPN
ajfa-4310	94	22	(	(	PUNCT
ajfa-4310	94	23	hose	hose	PROPN
ajfa-4310	94	24	)	)	PUNCT
ajfa-4310	94	25	for	for	ADP
ajfa-4310	94	26	the	the	DET
ajfa-4310	94	27	period	period	NOUN
ajfa-4310	94	28	between	between	ADP
ajfa-4310	94	29	january	january	PROPN
ajfa-4310	94	30	2007	2007	NUM
ajfa-4310	94	31	and	and	CCONJ
ajfa-4310	94	32	june	june	PROPN
ajfa-4310	94	33	2012	2012	NUM
ajfa-4310	94	34	.	.	PUNCT
ajfa-4310	95	1	the	the	DET
ajfa-4310	95	2	data	datum	NOUN
ajfa-4310	95	3	was	be	AUX
ajfa-4310	95	4	supplied	supply	VERB
ajfa-4310	95	5	by	by	ADP
ajfa-4310	95	6	itrade	itrade	NOUN
ajfa-4310	95	7	corporationa	corporationa	PROPN
ajfa-4310	95	8	data	data	NOUN
ajfa-4310	95	9	provider	provider	NOUN
ajfa-4310	95	10	of	of	ADP
ajfa-4310	95	11	the	the	DET
ajfa-4310	95	12	vietnamese	vietnamese	ADJ
ajfa-4310	95	13	stock	stock	NOUN
ajfa-4310	95	14	market	market	NOUN
ajfa-4310	95	15	.	.	PUNCT
ajfa-4310	96	1	although	although	SCONJ
ajfa-4310	96	2	the	the	DET
ajfa-4310	96	3	hose	hose	NOUN
ajfa-4310	96	4	had	have	VERB
ajfa-4310	96	5	its	its	PRON
ajfa-4310	96	6	first	first	ADJ
ajfa-4310	96	7	trading	trading	NOUN
ajfa-4310	96	8	section	section	NOUN
ajfa-4310	96	9	on	on	ADP
ajfa-4310	96	10	july	july	PROPN
ajfa-4310	96	11	28th	28th	NOUN
ajfa-4310	96	12	2000	2000	NUM
ajfa-4310	96	13	,	,	PUNCT
ajfa-4310	96	14	the	the	DET
ajfa-4310	96	15	sample	sample	NOUN
ajfa-4310	96	16	of	of	ADP
ajfa-4310	96	17	the	the	DET
ajfa-4310	96	18	period	period	NOUN
ajfa-4310	96	19	prior	prior	ADV
ajfa-4310	96	20	to	to	ADP
ajfa-4310	96	21	2007	2007	NUM
ajfa-4310	96	22	is	be	AUX
ajfa-4310	96	23	not	not	PART
ajfa-4310	96	24	utilized	utilize	VERB
ajfa-4310	96	25	because	because	SCONJ
ajfa-4310	96	26	it	it	PRON
ajfa-4310	96	27	has	have	VERB
ajfa-4310	96	28	not	not	PART
ajfa-4310	96	29	enough	enough	ADJ
ajfa-4310	96	30	stocks	stock	NOUN
ajfa-4310	96	31	to	to	PART
ajfa-4310	96	32	build	build	VERB
ajfa-4310	96	33	portfolios	portfolio	NOUN
ajfa-4310	96	34	.	.	PUNCT
ajfa-4310	97	1	to	to	PART
ajfa-4310	97	2	compute	compute	VERB
ajfa-4310	97	3	the	the	DET
ajfa-4310	97	4	past	past	ADJ
ajfa-4310	97	5	13	13	NUM
ajfa-4310	97	6	-	-	PUNCT
ajfa-4310	97	7	week	week	NOUN
ajfa-4310	97	8	returns	return	NOUN
ajfa-4310	97	9	on	on	ADP
ajfa-4310	97	10	individual	individual	ADJ
ajfa-4310	97	11	stocks	stock	NOUN
ajfa-4310	97	12	and	and	CCONJ
ajfa-4310	97	13	to	to	PART
ajfa-4310	97	14	measure	measure	VERB
ajfa-4310	97	15	returns	return	NOUN
ajfa-4310	97	16	on	on	ADP
ajfa-4310	97	17	the	the	DET
ajfa-4310	97	18	momentum	momentum	NOUN
ajfa-4310	97	19	portfolios	portfolio	NOUN
ajfa-4310	97	20	which	which	PRON
ajfa-4310	97	21	are	be	AUX
ajfa-4310	97	22	held	hold	VERB
ajfa-4310	97	23	up	up	ADP
ajfa-4310	97	24	to	to	PART
ajfa-4310	97	25	13	13	NUM
ajfa-4310	97	26	weeks	week	NOUN
ajfa-4310	97	27	,	,	PUNCT
ajfa-4310	97	28	we	we	PRON
ajfa-4310	97	29	require	require	VERB
ajfa-4310	97	30	all	all	DET
ajfa-4310	97	31	selected	select	VERB
ajfa-4310	97	32	stocks	stock	NOUN
ajfa-4310	97	33	to	to	PART
ajfa-4310	97	34	have	have	AUX
ajfa-4310	97	35	return	return	VERB
ajfa-4310	97	36	history	history	NOUN
ajfa-4310	97	37	of	of	ADP
ajfa-4310	97	38	at	at	ADV
ajfa-4310	97	39	least	least	ADV
ajfa-4310	97	40	26	26	NUM
ajfa-4310	97	41	weeks	week	NOUN
ajfa-4310	97	42	.	.	PUNCT
ajfa-4310	98	1	thus	thus	ADV
ajfa-4310	98	2	,	,	PUNCT
ajfa-4310	98	3	stocks	stock	NOUN
ajfa-4310	98	4	listed	list	VERB
ajfa-4310	98	5	after	after	ADP
ajfa-4310	98	6	january	january	PROPN
ajfa-4310	98	7	1st	1st	PROPN
ajfa-4310	98	8	2012	2012	NUM
ajfa-4310	98	9	are	be	AUX
ajfa-4310	98	10	deleted	delete	VERB
ajfa-4310	98	11	from	from	ADP
ajfa-4310	98	12	our	our	PRON
ajfa-4310	98	13	sample	sample	NOUN
ajfa-4310	98	14	.	.	PUNCT
ajfa-4310	99	1	in	in	ADP
ajfa-4310	99	2	addition	addition	NOUN
ajfa-4310	99	3	,	,	PUNCT
ajfa-4310	99	4	for	for	ADP
ajfa-4310	99	5	some	some	DET
ajfa-4310	99	6	stocks	stock	NOUN
ajfa-4310	99	7	that	that	PRON
ajfa-4310	99	8	had	have	AUX
ajfa-4310	99	9	been	be	AUX
ajfa-4310	99	10	traded	trade	VERB
ajfa-4310	99	11	in	in	ADP
ajfa-4310	99	12	the	the	DET
ajfa-4310	99	13	hanoi	hanoi	PROPN
ajfa-4310	99	14	stock	stock	PROPN
ajfa-4310	99	15	exchange	exchange	PROPN
ajfa-4310	99	16	(	(	PUNCT
ajfa-4310	99	17	hnx	hnx	ADJ
ajfa-4310	99	18	)	)	PUNCT
ajfa-4310	99	19	before	before	ADP
ajfa-4310	99	20	being	be	AUX
ajfa-4310	99	21	moved	move	VERB
ajfa-4310	99	22	to	to	ADP
ajfa-4310	99	23	the	the	DET
ajfa-4310	99	24	hose	hose	NOUN
ajfa-4310	99	25	,	,	PUNCT
ajfa-4310	99	26	only	only	ADV
ajfa-4310	99	27	the	the	DET
ajfa-4310	99	28	data	datum	NOUN
ajfa-4310	99	29	for	for	ADP
ajfa-4310	99	30	the	the	DET
ajfa-4310	99	31	period	period	NOUN
ajfa-4310	99	32	of	of	ADP
ajfa-4310	99	33	being	be	AUX
ajfa-4310	99	34	traded	trade	VERB
ajfa-4310	99	35	in	in	ADP
ajfa-4310	99	36	the	the	DET
ajfa-4310	99	37	hose	hose	NOUN
ajfa-4310	99	38	are	be	AUX
ajfa-4310	99	39	utilized5	utilized5	ADJ
ajfa-4310	99	40	.	.	PUNCT
ajfa-4310	100	1	the	the	DET
ajfa-4310	100	2	sample	sample	NOUN
ajfa-4310	100	3	also	also	ADV
ajfa-4310	100	4	excludes	exclude	VERB
ajfa-4310	100	5	some	some	DET
ajfa-4310	100	6	stocks	stock	NOUN
ajfa-4310	100	7	that	that	PRON
ajfa-4310	100	8	had	have	AUX
ajfa-4310	100	9	been	be	AUX
ajfa-4310	100	10	traded	trade	VERB
ajfa-4310	100	11	in	in	ADP
ajfa-4310	100	12	the	the	DET
ajfa-4310	100	13	hose	hose	NOUN
ajfa-4310	100	14	before	before	ADP
ajfa-4310	100	15	being	be	AUX
ajfa-4310	100	16	moved	move	VERB
ajfa-4310	100	17	to	to	ADP
ajfa-4310	100	18	the	the	DET
ajfa-4310	100	19	hnx	hnx	NOUN
ajfa-4310	100	20	as	as	SCONJ
ajfa-4310	100	21	they	they	PRON
ajfa-4310	100	22	were	be	AUX
ajfa-4310	100	23	small	small	ADJ
ajfa-4310	100	24	firms	firm	NOUN
ajfa-4310	100	25	and	and	CCONJ
ajfa-4310	100	26	did	do	AUX
ajfa-4310	100	27	not	not	PART
ajfa-4310	100	28	meet	meet	VERB
ajfa-4310	100	29	the	the	DET
ajfa-4310	100	30	hose	hose	NOUN
ajfa-4310	100	31	’s	’s	PART
ajfa-4310	100	32	minimum	minimum	ADJ
ajfa-4310	100	33	capital	capital	NOUN
ajfa-4310	100	34	regulation	regulation	NOUN
ajfa-4310	100	35	for	for	ADP
ajfa-4310	100	36	listing6	listing6	NOUN
ajfa-4310	100	37	.	.	PUNCT
ajfa-4310	101	1	furthermore	furthermore	ADV
ajfa-4310	101	2	,	,	PUNCT
ajfa-4310	101	3	to	to	PART
ajfa-4310	101	4	avoid	avoid	VERB
ajfa-4310	101	5	the	the	DET
ajfa-4310	101	6	effect	effect	NOUN
ajfa-4310	101	7	of	of	ADP
ajfa-4310	101	8	extremely	extremely	ADV
ajfa-4310	101	9	small	small	ADJ
ajfa-4310	101	10	and/	and/	NOUN
ajfa-4310	101	11	or	or	CCONJ
ajfa-4310	101	12	illiquid	illiquid	ADJ
ajfa-4310	101	13	stocks	stock	NOUN
ajfa-4310	101	14	,	,	PUNCT
ajfa-4310	101	15	we	we	PRON
ajfa-4310	101	16	treat	treat	VERB
ajfa-4310	101	17	them	they	PRON
ajfa-4310	101	18	as	as	SCONJ
ajfa-4310	101	19	follows	follow	VERB
ajfa-4310	101	20	.	.	PUNCT
ajfa-4310	102	1	first	first	ADV
ajfa-4310	102	2	,	,	PUNCT
ajfa-4310	102	3	for	for	ADP
ajfa-4310	102	4	small	small	ADJ
ajfa-4310	102	5	stocks	stock	NOUN
ajfa-4310	102	6	that	that	PRON
ajfa-4310	102	7	have	have	VERB
ajfa-4310	102	8	prices	price	NOUN
ajfa-4310	102	9	below	below	ADP
ajfa-4310	102	10	vnd10,0007	vnd10,0007	PROPN
ajfa-4310	102	11	in	in	ADP
ajfa-4310	102	12	any	any	DET
ajfa-4310	102	13	single	single	ADJ
ajfa-4310	102	14	week	week	NOUN
ajfa-4310	102	15	,	,	PUNCT
ajfa-4310	102	16	their	their	PRON
ajfa-4310	102	17	returns	return	NOUN
ajfa-4310	102	18	in	in	ADP
ajfa-4310	102	19	that	that	DET
ajfa-4310	102	20	week	week	NOUN
ajfa-4310	102	21	is	be	AUX
ajfa-4310	102	22	treated	treat	VERB
ajfa-4310	102	23	as	as	ADP
ajfa-4310	102	24	missing	missing	ADJ
ajfa-4310	102	25	.	.	PUNCT
ajfa-4310	103	1	second	second	ADJ
ajfa-4310	103	2	,	,	PUNCT
ajfa-4310	103	3	in	in	ADP
ajfa-4310	103	4	a	a	DET
ajfa-4310	103	5	week	week	NOUN
ajfa-4310	103	6	that	that	SCONJ
ajfa-4310	103	7	a	a	DET
ajfa-4310	103	8	stock	stock	NOUN
ajfa-4310	103	9	is	be	AUX
ajfa-4310	103	10	not	not	PART
ajfa-4310	103	11	traded	trade	VERB
ajfa-4310	103	12	,	,	PUNCT
ajfa-4310	103	13	its	its	PRON
ajfa-4310	103	14	return	return	NOUN
ajfa-4310	103	15	is	be	AUX
ajfa-4310	103	16	also	also	ADV
ajfa-4310	103	17	treated	treat	VERB
ajfa-4310	103	18	as	as	ADP
ajfa-4310	103	19	missing	missing	ADJ
ajfa-4310	103	20	.	.	PUNCT
ajfa-4310	104	1	after	after	ADP
ajfa-4310	104	2	handling	handle	VERB
ajfa-4310	104	3	the	the	DET
ajfa-4310	104	4	small	small	ADJ
ajfa-4310	104	5	and	and	CCONJ
ajfa-4310	104	6	illiquid	illiquid	ADJ
ajfa-4310	104	7	stocks	stock	NOUN
ajfa-4310	104	8	,	,	PUNCT
ajfa-4310	104	9	we	we	PRON
ajfa-4310	104	10	again	again	ADV
ajfa-4310	104	11	screen	screen	VERB
ajfa-4310	104	12	out	out	ADP
ajfa-4310	104	13	stocks	stock	NOUN
ajfa-4310	104	14	with	with	ADP
ajfa-4310	104	15	the	the	DET
ajfa-4310	104	16	requirement	requirement	NOUN
ajfa-4310	104	17	of	of	ADP
ajfa-4310	104	18	having	have	VERB
ajfa-4310	104	19	at	at	ADP
ajfa-4310	104	20	least	least	ADJ
ajfa-4310	104	21	5we	5we	ADJ
ajfa-4310	104	22	do	do	AUX
ajfa-4310	104	23	not	not	PART
ajfa-4310	104	24	use	use	VERB
ajfa-4310	104	25	the	the	DET
ajfa-4310	104	26	data	datum	NOUN
ajfa-4310	104	27	in	in	ADP
ajfa-4310	104	28	the	the	DET
ajfa-4310	104	29	hnx	hnx	NOUN
ajfa-4310	104	30	because	because	SCONJ
ajfa-4310	104	31	of	of	ADP
ajfa-4310	104	32	the	the	DET
ajfa-4310	104	33	differences	difference	NOUN
ajfa-4310	104	34	in	in	ADP
ajfa-4310	104	35	trading	trading	NOUN
ajfa-4310	104	36	mechanisms	mechanism	NOUN
ajfa-4310	104	37	in	in	ADP
ajfa-4310	104	38	the	the	DET
ajfa-4310	104	39	two	two	NUM
ajfa-4310	104	40	exchanges	exchange	NOUN
ajfa-4310	104	41	.	.	PUNCT
ajfa-4310	105	1	while	while	SCONJ
ajfa-4310	105	2	the	the	DET
ajfa-4310	105	3	hose	hose	NOUN
ajfa-4310	105	4	employs	employ	VERB
ajfa-4310	105	5	two	two	NUM
ajfa-4310	105	6	trading	trading	NOUN
ajfa-4310	105	7	methods	method	NOUN
ajfa-4310	105	8	:	:	PUNCT
ajfa-4310	105	9	a	a	DET
ajfa-4310	105	10	call	call	NOUN
ajfa-4310	105	11	auction	auction	NOUN
ajfa-4310	105	12	to	to	PART
ajfa-4310	105	13	determine	determine	VERB
ajfa-4310	105	14	opening	opening	NOUN
ajfa-4310	105	15	and	and	CCONJ
ajfa-4310	105	16	closing	closing	NOUN
ajfa-4310	105	17	prices	price	NOUN
ajfa-4310	105	18	,	,	PUNCT
ajfa-4310	105	19	and	and	CCONJ
ajfa-4310	105	20	a	a	DET
ajfa-4310	105	21	continuous	continuous	ADJ
ajfa-4310	105	22	order	order	NOUN
ajfa-4310	105	23	matching	matching	NOUN
ajfa-4310	105	24	,	,	PUNCT
ajfa-4310	105	25	the	the	DET
ajfa-4310	105	26	hnx	hnx	NOUN
ajfa-4310	105	27	applies	apply	VERB
ajfa-4310	105	28	only	only	ADV
ajfa-4310	105	29	a	a	DET
ajfa-4310	105	30	continuous	continuous	ADJ
ajfa-4310	105	31	order	order	NOUN
ajfa-4310	105	32	matching	matching	NOUN
ajfa-4310	105	33	method	method	NOUN
ajfa-4310	105	34	.	.	PUNCT
ajfa-4310	106	1	also	also	ADV
ajfa-4310	106	2	,	,	PUNCT
ajfa-4310	106	3	the	the	DET
ajfa-4310	106	4	regulated	regulated	ADJ
ajfa-4310	106	5	daily	daily	ADJ
ajfa-4310	106	6	price	price	NOUN
ajfa-4310	106	7	limit	limit	NOUN
ajfa-4310	106	8	in	in	ADP
ajfa-4310	106	9	the	the	DET
ajfa-4310	106	10	hose	hose	NOUN
ajfa-4310	106	11	is	be	AUX
ajfa-4310	106	12	(	(	PUNCT
ajfa-4310	106	13	+	+	ADJ
ajfa-4310	106	14	/-	/-	X
ajfa-4310	106	15	)	)	PUNCT
ajfa-4310	106	16	5	5	NUM
ajfa-4310	106	17	percent	percent	NOUN
ajfa-4310	106	18	,	,	PUNCT
ajfa-4310	106	19	while	while	SCONJ
ajfa-4310	106	20	that	that	SCONJ
ajfa-4310	106	21	in	in	ADP
ajfa-4310	106	22	the	the	DET
ajfa-4310	106	23	hnx	hnx	NOUN
ajfa-4310	106	24	is	be	AUX
ajfa-4310	106	25	(	(	PUNCT
ajfa-4310	106	26	+	+	ADJ
ajfa-4310	106	27	/-	/-	X
ajfa-4310	106	28	)	)	PUNCT
ajfa-4310	106	29	7	7	NUM
ajfa-4310	106	30	percent	percent	NOUN
ajfa-4310	106	31	.	.	PUNCT
ajfa-4310	107	1	therefore	therefore	ADV
ajfa-4310	107	2	,	,	PUNCT
ajfa-4310	107	3	the	the	DET
ajfa-4310	107	4	inclusion	inclusion	NOUN
ajfa-4310	107	5	of	of	ADP
ajfa-4310	107	6	data	datum	NOUN
ajfa-4310	107	7	from	from	ADP
ajfa-4310	107	8	the	the	DET
ajfa-4310	107	9	hnx	hnx	NOUN
ajfa-4310	107	10	may	may	AUX
ajfa-4310	107	11	cause	cause	VERB
ajfa-4310	107	12	bias	bias	NOUN
ajfa-4310	107	13	.	.	PUNCT
ajfa-4310	108	1	6	6	NUM
ajfa-4310	108	2	according	accord	VERB
ajfa-4310	108	3	to	to	ADP
ajfa-4310	108	4	document	document	NOUN
ajfa-4310	108	5	no.163	no.163	PROPN
ajfa-4310	108	6	/	/	SYM
ajfa-4310	108	7	ubck	ubck	NOUN
ajfa-4310	108	8	-	-	PUNCT
ajfa-4310	108	9	pttt	pttt	NOUN
ajfa-4310	108	10	issued	issue	VERB
ajfa-4310	108	11	by	by	ADP
ajfa-4310	108	12	the	the	DET
ajfa-4310	108	13	state	state	PROPN
ajfa-4310	108	14	security	security	PROPN
ajfa-4310	108	15	commission	commission	PROPN
ajfa-4310	108	16	of	of	ADP
ajfa-4310	108	17	vietnam	vietnam	PROPN
ajfa-4310	108	18	on	on	ADP
ajfa-4310	108	19	10	10	NUM
ajfa-4310	108	20	february	february	NOUN
ajfa-4310	108	21	2009	2009	NUM
ajfa-4310	108	22	,	,	PUNCT
ajfa-4310	108	23	by	by	ADP
ajfa-4310	108	24	august	august	PROPN
ajfa-4310	108	25	2009	2009	NUM
ajfa-4310	108	26	(	(	PUNCT
ajfa-4310	108	27	retrieved	retrieve	VERB
ajfa-4310	108	28	from	from	ADP
ajfa-4310	108	29	http://www.vinanet.com.vn/uy-ban-chung-khoan-nha-nuoc/300/cqbh.xhtml	http://www.vinanet.com.vn/uy-ban-chung-khoan-nha-nuoc/300/cqbh.xhtml	ADJ
ajfa-4310	108	30	)	)	PUNCT
ajfa-4310	108	31	those	those	DET
ajfa-4310	108	32	firms	firm	NOUN
ajfa-4310	108	33	who	who	PRON
ajfa-4310	108	34	are	be	AUX
ajfa-4310	108	35	being	be	AUX
ajfa-4310	108	36	listed	list	VERB
ajfa-4310	108	37	on	on	ADP
ajfa-4310	108	38	the	the	DET
ajfa-4310	108	39	hose	hose	NOUN
ajfa-4310	108	40	but	but	CCONJ
ajfa-4310	108	41	can	can	AUX
ajfa-4310	108	42	not	not	PART
ajfa-4310	108	43	meet	meet	VERB
ajfa-4310	108	44	the	the	DET
ajfa-4310	108	45	minimum	minimum	ADJ
ajfa-4310	108	46	capital	capital	NOUN
ajfa-4310	108	47	of	of	ADP
ajfa-4310	108	48	80	80	NUM
ajfa-4310	108	49	billion	billion	NUM
ajfa-4310	108	50	vietnamese	vietnamese	ADJ
ajfa-4310	108	51	dong	dong	NOUN
ajfa-4310	108	52	(	(	PUNCT
ajfa-4310	108	53	vnd	vnd	PROPN
ajfa-4310	108	54	)	)	PUNCT
ajfa-4310	108	55	have	have	VERB
ajfa-4310	108	56	to	to	PART
ajfa-4310	108	57	move	move	VERB
ajfa-4310	108	58	to	to	ADP
ajfa-4310	108	59	the	the	DET
ajfa-4310	108	60	hsx	hsx	NOUN
ajfa-4310	108	61	which	which	PRON
ajfa-4310	108	62	applies	apply	VERB
ajfa-4310	108	63	a	a	DET
ajfa-4310	108	64	minimum	minimum	ADJ
ajfa-4310	108	65	capital	capital	NOUN
ajfa-4310	108	66	of	of	ADP
ajfa-4310	108	67	10	10	NUM
ajfa-4310	108	68	billion	billion	NUM
ajfa-4310	108	69	vnd	vnd	PROPN
ajfa-4310	108	70	.	.	PROPN
ajfa-4310	108	71	7	7	NUM
ajfa-4310	108	72	in	in	ADP
ajfa-4310	108	73	vietnam	vietnam	PROPN
ajfa-4310	108	74	all	all	DET
ajfa-4310	108	75	stocks	stock	NOUN
ajfa-4310	108	76	have	have	VERB
ajfa-4310	108	77	a	a	DET
ajfa-4310	108	78	face	face	NOUN
ajfa-4310	108	79	value	value	NOUN
ajfa-4310	108	80	of	of	ADP
ajfa-4310	108	81	ten	ten	NUM
ajfa-4310	108	82	thousand	thousand	NUM
ajfa-4310	108	83	vnd	vnd	NOUN
ajfa-4310	108	84	.	.	PUNCT
ajfa-4310	109	1	asian	asian	ADJ
ajfa-4310	109	2	journal	journal	PROPN
ajfa-4310	109	3	of	of	ADP
ajfa-4310	109	4	finance	finance	PROPN
ajfa-4310	109	5	&	&	CCONJ
ajfa-4310	109	6	accounting	accounting	PROPN
ajfa-4310	109	7	issn	issn	PROPN
ajfa-4310	109	8	1946	1946	NUM
ajfa-4310	109	9	-	-	PUNCT
ajfa-4310	109	10	052x	052x	NOUN
ajfa-4310	109	11	2013	2013	NUM
ajfa-4310	109	12	,	,	PUNCT
ajfa-4310	109	13	vol	vol	NOUN
ajfa-4310	109	14	.	.	PROPN
ajfa-4310	109	15	5	5	NUM
ajfa-4310	109	16	,	,	PUNCT
ajfa-4310	109	17	no	no	INTJ
ajfa-4310	109	18	.	.	NOUN
ajfa-4310	109	19	2	2	NUM
ajfa-4310	109	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	109	21	188	188	NUM
ajfa-4310	109	22	26	26	NUM
ajfa-4310	109	23	-	-	PUNCT
ajfa-4310	109	24	week	week	NOUN
ajfa-4310	109	25	returns	return	NOUN
ajfa-4310	109	26	.	.	PUNCT
ajfa-4310	110	1	finally	finally	ADV
ajfa-4310	110	2	,	,	PUNCT
ajfa-4310	110	3	we	we	PRON
ajfa-4310	110	4	have	have	VERB
ajfa-4310	110	5	a	a	DET
ajfa-4310	110	6	sample	sample	NOUN
ajfa-4310	110	7	with	with	ADP
ajfa-4310	110	8	the	the	DET
ajfa-4310	110	9	number	number	NOUN
ajfa-4310	110	10	of	of	ADP
ajfa-4310	110	11	stocks	stock	NOUN
ajfa-4310	110	12	ranging	range	VERB
ajfa-4310	110	13	from	from	ADP
ajfa-4310	110	14	67	67	NUM
ajfa-4310	110	15	(	(	PUNCT
ajfa-4310	110	16	in	in	ADP
ajfa-4310	110	17	beginning	beginning	NOUN
ajfa-4310	110	18	of	of	ADP
ajfa-4310	110	19	2007	2007	NUM
ajfa-4310	110	20	)	)	PUNCT
ajfa-4310	110	21	to	to	ADP
ajfa-4310	110	22	267	267	NUM
ajfa-4310	110	23	(	(	PUNCT
ajfa-4310	110	24	at	at	ADP
ajfa-4310	110	25	the	the	DET
ajfa-4310	110	26	end	end	NOUN
ajfa-4310	110	27	of	of	ADP
ajfa-4310	110	28	2011	2011	NUM
ajfa-4310	110	29	)	)	PUNCT
ajfa-4310	110	30	.	.	PUNCT
ajfa-4310	111	1	as	as	SCONJ
ajfa-4310	111	2	the	the	DET
ajfa-4310	111	3	prices	price	NOUN
ajfa-4310	111	4	have	have	AUX
ajfa-4310	111	5	already	already	ADV
ajfa-4310	111	6	been	be	AUX
ajfa-4310	111	7	adjusted	adjust	VERB
ajfa-4310	111	8	for	for	ADP
ajfa-4310	111	9	dividend	dividend	NOUN
ajfa-4310	111	10	payments	payment	NOUN
ajfa-4310	111	11	and	and	CCONJ
ajfa-4310	111	12	stock	stock	NOUN
ajfa-4310	111	13	splits	split	NOUN
ajfa-4310	111	14	,	,	PUNCT
ajfa-4310	111	15	the	the	DET
ajfa-4310	111	16	simple	simple	ADJ
ajfa-4310	111	17	weekly	weekly	ADJ
ajfa-4310	111	18	return	return	NOUN
ajfa-4310	111	19	on	on	ADP
ajfa-4310	111	20	each	each	DET
ajfa-4310	111	21	security	security	NOUN
ajfa-4310	111	22	is	be	AUX
ajfa-4310	111	23	calculated	calculate	VERB
ajfa-4310	111	24	using	use	VERB
ajfa-4310	111	25	wednesday	wednesday	PROPN
ajfa-4310	111	26	-	-	PUNCT
ajfa-4310	111	27	wednesday	wednesday	PROPN
ajfa-4310	111	28	closing	closing	NOUN
ajfa-4310	111	29	prices	price	NOUN
ajfa-4310	111	30	to	to	PART
ajfa-4310	111	31	avoid	avoid	VERB
ajfa-4310	111	32	the	the	DET
ajfa-4310	111	33	weekend	weekend	NOUN
ajfa-4310	111	34	effects	effect	NOUN
ajfa-4310	111	35	.	.	PUNCT
ajfa-4310	112	1	the	the	DET
ajfa-4310	112	2	choice	choice	NOUN
ajfa-4310	112	3	of	of	ADP
ajfa-4310	112	4	a	a	DET
ajfa-4310	112	5	weekly	weekly	ADJ
ajfa-4310	112	6	sampling	sampling	NOUN
ajfa-4310	112	7	interval	interval	NOUN
ajfa-4310	112	8	is	be	AUX
ajfa-4310	112	9	to	to	PART
ajfa-4310	112	10	gain	gain	VERB
ajfa-4310	112	11	a	a	DET
ajfa-4310	112	12	large	large	ADJ
ajfa-4310	112	13	number	number	NOUN
ajfa-4310	112	14	of	of	ADP
ajfa-4310	112	15	observations	observation	NOUN
ajfa-4310	112	16	while	while	SCONJ
ajfa-4310	112	17	lessening	lessen	VERB
ajfa-4310	112	18	the	the	DET
ajfa-4310	112	19	biases	bias	NOUN
ajfa-4310	112	20	arising	arise	VERB
ajfa-4310	112	21	from	from	ADP
ajfa-4310	112	22	the	the	DET
ajfa-4310	112	23	daily	daily	ADJ
ajfa-4310	112	24	price	price	NOUN
ajfa-4310	112	25	limit8	limit8	NOUN
ajfa-4310	112	26	.	.	PUNCT
ajfa-4310	113	1	instead	instead	ADV
ajfa-4310	113	2	of	of	ADP
ajfa-4310	113	3	using	use	VERB
ajfa-4310	113	4	continuously	continuously	ADV
ajfa-4310	113	5	compounded	compound	VERB
ajfa-4310	113	6	returns	return	NOUN
ajfa-4310	113	7	,	,	PUNCT
ajfa-4310	113	8	we	we	PRON
ajfa-4310	113	9	choose	choose	VERB
ajfa-4310	113	10	simple	simple	ADJ
ajfa-4310	113	11	returns	return	NOUN
ajfa-4310	113	12	as	as	ADP
ajfa-4310	113	13	the	the	DET
ajfa-4310	113	14	simple	simple	ADJ
ajfa-4310	113	15	return	return	NOUN
ajfa-4310	113	16	on	on	ADP
ajfa-4310	113	17	a	a	DET
ajfa-4310	113	18	portfolio	portfolio	NOUN
ajfa-4310	113	19	is	be	AUX
ajfa-4310	113	20	equal	equal	ADJ
ajfa-4310	113	21	to	to	ADP
ajfa-4310	113	22	the	the	DET
ajfa-4310	113	23	weighted	weighted	ADJ
ajfa-4310	113	24	average	average	NOUN
ajfa-4310	113	25	of	of	ADP
ajfa-4310	113	26	its	its	PRON
ajfa-4310	113	27	component	component	NOUN
ajfa-4310	113	28	stocks	stock	NOUN
ajfa-4310	113	29	’	'	PUNCT
ajfa-4310	113	30	simple	simple	ADJ
ajfa-4310	113	31	returns	return	NOUN
ajfa-4310	113	32	.	.	PUNCT
ajfa-4310	114	1	this	this	DET
ajfa-4310	114	2	characteristic	characteristic	NOUN
ajfa-4310	114	3	does	do	AUX
ajfa-4310	114	4	not	not	PART
ajfa-4310	114	5	work	work	VERB
ajfa-4310	114	6	for	for	ADP
ajfa-4310	114	7	the	the	DET
ajfa-4310	114	8	continuously	continuously	ADV
ajfa-4310	114	9	compounded	compound	VERB
ajfa-4310	114	10	returns	return	NOUN
ajfa-4310	114	11	.	.	PUNCT
ajfa-4310	115	1	the	the	DET
ajfa-4310	115	2	market	market	NOUN
ajfa-4310	115	3	index	index	NOUN
ajfa-4310	115	4	,	,	PUNCT
ajfa-4310	115	5	the	the	DET
ajfa-4310	115	6	vn	vn	PROPN
ajfa-4310	115	7	-	-	PUNCT
ajfa-4310	115	8	index	index	NOUN
ajfa-4310	115	9	,	,	PUNCT
ajfa-4310	115	10	calculated	calculate	VERB
ajfa-4310	115	11	as	as	SCONJ
ajfa-4310	115	12	the	the	DET
ajfa-4310	115	13	capitalization	capitalization	NOUN
ajfa-4310	115	14	-	-	PUNCT
ajfa-4310	115	15	weighted	weight	VERB
ajfa-4310	115	16	average	average	NOUN
ajfa-4310	115	17	of	of	ADP
ajfa-4310	115	18	all	all	DET
ajfa-4310	115	19	stocks	stock	NOUN
ajfa-4310	115	20	listed	list	VERB
ajfa-4310	115	21	on	on	ADP
ajfa-4310	115	22	the	the	DET
ajfa-4310	115	23	hose	hose	NOUN
ajfa-4310	115	24	is	be	AUX
ajfa-4310	115	25	employed	employ	VERB
ajfa-4310	115	26	as	as	ADP
ajfa-4310	115	27	a	a	DET
ajfa-4310	115	28	proxy	proxy	NOUN
ajfa-4310	115	29	for	for	ADP
ajfa-4310	115	30	the	the	DET
ajfa-4310	115	31	market	market	NOUN
ajfa-4310	115	32	portfolio	portfolio	NOUN
ajfa-4310	115	33	.	.	PUNCT
ajfa-4310	116	1	the	the	DET
ajfa-4310	116	2	weekly	weekly	ADJ
ajfa-4310	116	3	return	return	NOUN
ajfa-4310	116	4	of	of	ADP
ajfa-4310	116	5	vn	vn	NOUN
ajfa-4310	116	6	-	-	PUNCT
ajfa-4310	116	7	index	index	NOUN
ajfa-4310	116	8	calculated	calculate	VERB
ajfa-4310	116	9	based	base	VERB
ajfa-4310	116	10	on	on	ADP
ajfa-4310	116	11	wednesday	wednesday	PROPN
ajfa-4310	116	12	-	-	PUNCT
ajfa-4310	116	13	wednesday	wednesday	PROPN
ajfa-4310	116	14	closing	closing	NOUN
ajfa-4310	116	15	indices	index	NOUN
ajfa-4310	116	16	is	be	AUX
ajfa-4310	116	17	applied	apply	VERB
ajfa-4310	116	18	as	as	ADP
ajfa-4310	116	19	a	a	DET
ajfa-4310	116	20	proxy	proxy	NOUN
ajfa-4310	116	21	of	of	ADP
ajfa-4310	116	22	the	the	DET
ajfa-4310	116	23	market	market	NOUN
ajfa-4310	116	24	return	return	NOUN
ajfa-4310	116	25	.	.	PUNCT
ajfa-4310	117	1	an	an	DET
ajfa-4310	117	2	equivalent	equivalent	ADJ
ajfa-4310	117	3	weekly	weekly	ADJ
ajfa-4310	117	4	rate	rate	NOUN
ajfa-4310	117	5	of	of	ADP
ajfa-4310	117	6	the	the	DET
ajfa-4310	117	7	five	five	NUM
ajfa-4310	117	8	year	year	NOUN
ajfa-4310	117	9	-	-	PUNCT
ajfa-4310	117	10	treasury	treasury	NOUN
ajfa-4310	117	11	bond	bond	NOUN
ajfa-4310	117	12	with	with	ADP
ajfa-4310	117	13	an	an	DET
ajfa-4310	117	14	assumption	assumption	NOUN
ajfa-4310	117	15	that	that	SCONJ
ajfa-4310	117	16	there	there	PRON
ajfa-4310	117	17	are	be	VERB
ajfa-4310	117	18	52	52	NUM
ajfa-4310	117	19	weeks	week	NOUN
ajfa-4310	117	20	in	in	ADP
ajfa-4310	117	21	a	a	DET
ajfa-4310	117	22	year	year	NOUN
ajfa-4310	117	23	is	be	AUX
ajfa-4310	117	24	adopted	adopt	VERB
ajfa-4310	117	25	as	as	ADP
ajfa-4310	117	26	a	a	DET
ajfa-4310	117	27	proxy	proxy	NOUN
ajfa-4310	117	28	for	for	ADP
ajfa-4310	117	29	the	the	DET
ajfa-4310	117	30	risk	risk	NOUN
ajfa-4310	117	31	-	-	PUNCT
ajfa-4310	117	32	free	free	ADJ
ajfa-4310	117	33	rate9	rate9	NOUN
ajfa-4310	117	34	.	.	PUNCT
ajfa-4310	118	1	4	4	X
ajfa-4310	118	2	.	.	X
ajfa-4310	118	3	methodology	methodology	NOUN
ajfa-4310	118	4	we	we	PRON
ajfa-4310	118	5	employ	employ	VERB
ajfa-4310	118	6	the	the	DET
ajfa-4310	118	7	methodology	methodology	NOUN
ajfa-4310	118	8	initiated	initiate	VERB
ajfa-4310	118	9	by	by	ADP
ajfa-4310	118	10	jt	jt	PROPN
ajfa-4310	118	11	(	(	PUNCT
ajfa-4310	118	12	1993	1993	NUM
ajfa-4310	118	13	)	)	PUNCT
ajfa-4310	118	14	but	but	CCONJ
ajfa-4310	118	15	with	with	SCONJ
ajfa-4310	118	16	weekly	weekly	ADJ
ajfa-4310	118	17	returns	return	NOUN
ajfa-4310	118	18	to	to	PART
ajfa-4310	118	19	examine	examine	VERB
ajfa-4310	118	20	the	the	DET
ajfa-4310	118	21	profitability	profitability	NOUN
ajfa-4310	118	22	of	of	ADP
ajfa-4310	118	23	momentum	momentum	NOUN
ajfa-4310	118	24	strategies	strategy	NOUN
ajfa-4310	118	25	.	.	PUNCT
ajfa-4310	119	1	we	we	PRON
ajfa-4310	119	2	rank	rank	VERB
ajfa-4310	119	3	all	all	DET
ajfa-4310	119	4	stocks	stock	NOUN
ajfa-4310	119	5	in	in	ADP
ajfa-4310	119	6	week	week	NOUN
ajfa-4310	119	7	t	t	NOUN
ajfa-4310	119	8	from	from	ADP
ajfa-4310	119	9	the	the	DET
ajfa-4310	119	10	lowest	low	ADJ
ajfa-4310	119	11	to	to	ADP
ajfa-4310	119	12	the	the	DET
ajfa-4310	119	13	highest	high	ADJ
ajfa-4310	119	14	on	on	ADP
ajfa-4310	119	15	the	the	DET
ajfa-4310	119	16	basis	basis	NOUN
ajfa-4310	119	17	of	of	ADP
ajfa-4310	119	18	their	their	PRON
ajfa-4310	119	19	average	average	ADJ
ajfa-4310	119	20	returns	return	NOUN
ajfa-4310	119	21	over	over	ADP
ajfa-4310	119	22	past	past	ADJ
ajfa-4310	119	23	k	k	PROPN
ajfa-4310	119	24	weeks	week	NOUN
ajfa-4310	119	25	.	.	PUNCT
ajfa-4310	120	1	the	the	DET
ajfa-4310	120	2	stocks	stock	NOUN
ajfa-4310	120	3	in	in	ADP
ajfa-4310	120	4	the	the	DET
ajfa-4310	120	5	highest	high	ADJ
ajfa-4310	120	6	quintile	quintile	NOUN
ajfa-4310	120	7	are	be	AUX
ajfa-4310	120	8	named	name	VERB
ajfa-4310	120	9	“	"	PUNCT
ajfa-4310	120	10	winners	winner	NOUN
ajfa-4310	120	11	”	"	PUNCT
ajfa-4310	120	12	and	and	CCONJ
ajfa-4310	120	13	those	those	PRON
ajfa-4310	120	14	in	in	ADP
ajfa-4310	120	15	the	the	DET
ajfa-4310	120	16	lowest	low	ADJ
ajfa-4310	120	17	quintile	quintile	NOUN
ajfa-4310	120	18	“	"	PUNCT
ajfa-4310	120	19	losers	loser	NOUN
ajfa-4310	120	20	”	"	PUNCT
ajfa-4310	120	21	.	.	PUNCT
ajfa-4310	121	1	winner	winner	NOUN
ajfa-4310	121	2	and	and	CCONJ
ajfa-4310	121	3	loser	loser	ADJ
ajfa-4310	121	4	portfolios	portfolio	NOUN
ajfa-4310	121	5	are	be	AUX
ajfa-4310	121	6	formed	form	VERB
ajfa-4310	121	7	by	by	ADP
ajfa-4310	121	8	allocating	allocate	VERB
ajfa-4310	121	9	an	an	DET
ajfa-4310	121	10	equal	equal	ADJ
ajfa-4310	121	11	weight	weight	NOUN
ajfa-4310	121	12	across	across	ADP
ajfa-4310	121	13	all	all	DET
ajfa-4310	121	14	component	component	NOUN
ajfa-4310	121	15	stocks	stock	NOUN
ajfa-4310	121	16	.	.	PUNCT
ajfa-4310	122	1	a	a	DET
ajfa-4310	122	2	portfolio	portfolio	NOUN
ajfa-4310	122	3	that	that	PRON
ajfa-4310	122	4	buys	buy	VERB
ajfa-4310	122	5	the	the	DET
ajfa-4310	122	6	winner	winner	NOUN
ajfa-4310	122	7	portfolio	portfolio	NOUN
ajfa-4310	122	8	and	and	CCONJ
ajfa-4310	122	9	sells	sell	VERB
ajfa-4310	122	10	the	the	DET
ajfa-4310	122	11	loser	loser	ADJ
ajfa-4310	122	12	portfolio	portfolio	NOUN
ajfa-4310	122	13	is	be	AUX
ajfa-4310	122	14	formed	form	VERB
ajfa-4310	122	15	at	at	ADP
ajfa-4310	122	16	week	week	NOUN
ajfa-4310	122	17	t	t	PROPN
ajfa-4310	122	18	and	and	CCONJ
ajfa-4310	122	19	then	then	ADV
ajfa-4310	122	20	held	hold	VERB
ajfa-4310	122	21	for	for	ADP
ajfa-4310	122	22	j	j	PROPN
ajfa-4310	122	23	weeks	week	NOUN
ajfa-4310	122	24	(	(	PUNCT
ajfa-4310	122	25	from	from	ADP
ajfa-4310	122	26	week	week	NOUN
ajfa-4310	122	27	t	t	NOUN
ajfa-4310	122	28	to	to	ADP
ajfa-4310	122	29	week	week	NOUN
ajfa-4310	122	30	t+j)10	t+j)10	PROPN
ajfa-4310	122	31	.	.	PUNCT
ajfa-4310	123	1	this	this	PRON
ajfa-4310	123	2	is	be	AUX
ajfa-4310	123	3	regarded	regard	VERB
ajfa-4310	123	4	as	as	ADP
ajfa-4310	123	5	a	a	DET
ajfa-4310	123	6	winner	winner	NOUN
ajfa-4310	123	7	-	-	PUNCT
ajfa-4310	123	8	minus	minus	NOUN
ajfa-4310	123	9	-	-	PUNCT
ajfa-4310	123	10	loser	loser	NOUN
ajfa-4310	123	11	(	(	PUNCT
ajfa-4310	123	12	wml	wml	PROPN
ajfa-4310	123	13	)	)	PUNCT
ajfa-4310	123	14	portfolio	portfolio	NOUN
ajfa-4310	123	15	.	.	PUNCT
ajfa-4310	124	1	we	we	PRON
ajfa-4310	124	2	call	call	VERB
ajfa-4310	124	3	profit	profit	NOUN
ajfa-4310	124	4	on	on	ADP
ajfa-4310	124	5	the	the	DET
ajfa-4310	124	6	wml	wml	PROPN
ajfa-4310	124	7	portfolio	portfolio	NOUN
ajfa-4310	124	8	,	,	PUNCT
ajfa-4310	124	9	because	because	SCONJ
ajfa-4310	124	10	this	this	PRON
ajfa-4310	124	11	is	be	AUX
ajfa-4310	124	12	a	a	DET
ajfa-4310	124	13	zero	zero	NUM
ajfa-4310	124	14	-	-	PUNCT
ajfa-4310	124	15	cost	cost	NOUN
ajfa-4310	124	16	strategy	strategy	NOUN
ajfa-4310	124	17	,	,	PUNCT
ajfa-4310	124	18	return	return	NOUN
ajfa-4310	124	19	is	be	AUX
ajfa-4310	124	20	not	not	PART
ajfa-4310	124	21	determined	determine	VERB
ajfa-4310	124	22	.	.	PUNCT
ajfa-4310	125	1	a	a	DET
ajfa-4310	125	2	momentum	momentum	NOUN
ajfa-4310	125	3	strategy	strategy	NOUN
ajfa-4310	125	4	is	be	AUX
ajfa-4310	125	5	formed	form	VERB
ajfa-4310	125	6	at	at	ADP
ajfa-4310	125	7	week	week	NOUN
ajfa-4310	125	8	t	t	PROPN
ajfa-4310	125	9	and	and	CCONJ
ajfa-4310	125	10	held	hold	VERB
ajfa-4310	125	11	for	for	ADP
ajfa-4310	125	12	j	j	PROPN
ajfa-4310	125	13	weeks	week	NOUN
ajfa-4310	125	14	,	,	PUNCT
ajfa-4310	125	15	thus	thus	ADV
ajfa-4310	125	16	,	,	PUNCT
ajfa-4310	125	17	j	j	PROPN
ajfa-4310	125	18	time	time	PROPN
ajfa-4310	125	19	series	series	NOUN
ajfa-4310	125	20	of	of	ADP
ajfa-4310	125	21	raw	raw	ADJ
ajfa-4310	125	22	profits	profit	NOUN
ajfa-4310	125	23	on	on	ADP
ajfa-4310	125	24	the	the	DET
ajfa-4310	125	25	wml	wml	PROPN
ajfa-4310	125	26	portfolios	portfolio	NOUN
ajfa-4310	125	27	are	be	AUX
ajfa-4310	125	28	created	create	VERB
ajfa-4310	125	29	.	.	PUNCT
ajfa-4310	126	1	wml	wml	PROPN
ajfa-4310	126	2	tkr	tkr	PROPN
ajfa-4310	126	3	,	,	PUNCT
ajfa-4310	126	4	(	(	PUNCT
ajfa-4310	126	5	k	k	NOUN
ajfa-4310	126	6	=	=	SYM
ajfa-4310	126	7	1	1	NUM
ajfa-4310	126	8	,	,	PUNCT
ajfa-4310	126	9	…	…	NUM
ajfa-4310	126	10	,	,	PUNCT
ajfa-4310	126	11	j	j	NOUN
ajfa-4310	126	12	)	)	PUNCT
ajfa-4310	126	13	are	be	AUX
ajfa-4310	126	14	the	the	DET
ajfa-4310	126	15	raw	raw	ADJ
ajfa-4310	126	16	profits	profit	NOUN
ajfa-4310	126	17	on	on	ADP
ajfa-4310	126	18	the	the	DET
ajfa-4310	126	19	wml	wml	PROPN
ajfa-4310	126	20	portfolios	portfolio	NOUN
ajfa-4310	126	21	that	that	PRON
ajfa-4310	126	22	are	be	AUX
ajfa-4310	126	23	formed	form	VERB
ajfa-4310	126	24	k	k	PROPN
ajfa-4310	126	25	weeks	week	NOUN
ajfa-4310	126	26	ago	ago	ADV
ajfa-4310	126	27	.	.	PUNCT
ajfa-4310	127	1	following	follow	VERB
ajfa-4310	127	2	literature	literature	NOUN
ajfa-4310	127	3	,	,	PUNCT
ajfa-4310	127	4	in	in	ADP
ajfa-4310	127	5	order	order	NOUN
ajfa-4310	127	6	to	to	PART
ajfa-4310	127	7	increase	increase	VERB
ajfa-4310	127	8	the	the	DET
ajfa-4310	127	9	power	power	NOUN
ajfa-4310	127	10	of	of	ADP
ajfa-4310	127	11	our	our	PRON
ajfa-4310	127	12	tests	test	NOUN
ajfa-4310	127	13	,	,	PUNCT
ajfa-4310	127	14	overlapping	overlap	VERB
ajfa-4310	127	15	profits	profit	NOUN
ajfa-4310	127	16	in	in	ADP
ajfa-4310	127	17	a	a	DET
ajfa-4310	127	18	given	give	VERB
ajfa-4310	127	19	calendar	calendar	NOUN
ajfa-4310	127	20	week	week	NOUN
ajfa-4310	127	21	are	be	AUX
ajfa-4310	127	22	examined	examine	VERB
ajfa-4310	127	23	.	.	PUNCT
ajfa-4310	128	1	at	at	ADP
ajfa-4310	128	2	week	week	NOUN
ajfa-4310	128	3	t	t	PROPN
ajfa-4310	128	4	,	,	PUNCT
ajfa-4310	128	5	there	there	PRON
ajfa-4310	128	6	are	be	VERB
ajfa-4310	128	7	j	j	PROPN
ajfa-4310	128	8	wml	wml	NOUN
ajfa-4310	128	9	portfolios	portfolio	NOUN
ajfa-4310	128	10	–	–	PUNCT
ajfa-4310	128	11	one	one	NUM
ajfa-4310	128	12	formed	form	VERB
ajfa-4310	128	13	in	in	ADP
ajfa-4310	128	14	week	week	NOUN
ajfa-4310	128	15	t-1	t-1	PROPN
ajfa-4310	128	16	,	,	PUNCT
ajfa-4310	128	17	one	one	NUM
ajfa-4310	128	18	formed	form	VERB
ajfa-4310	128	19	in	in	ADP
ajfa-4310	128	20	week	week	NOUN
ajfa-4310	128	21	t-2	t-2	NUM
ajfa-4310	128	22	,	,	PUNCT
ajfa-4310	128	23	and	and	CCONJ
ajfa-4310	128	24	so	so	ADV
ajfa-4310	128	25	on	on	ADV
ajfa-4310	128	26	.	.	PUNCT
ajfa-4310	129	1	with	with	ADP
ajfa-4310	129	2	an	an	DET
ajfa-4310	129	3	assumption	assumption	NOUN
ajfa-4310	129	4	of	of	ADP
ajfa-4310	129	5	no	no	DET
ajfa-4310	129	6	transaction	transaction	NOUN
ajfa-4310	129	7	cost	cost	NOUN
ajfa-4310	129	8	,	,	PUNCT
ajfa-4310	129	9	the	the	DET
ajfa-4310	129	10	overlapping	overlap	VERB
ajfa-4310	129	11	profit	profit	NOUN
ajfa-4310	129	12	in	in	ADP
ajfa-4310	129	13	calendar	calendar	NOUN
ajfa-4310	129	14	week	week	NOUN
ajfa-4310	129	15	t	t	PROPN
ajfa-4310	129	16	can	can	AUX
ajfa-4310	129	17	be	be	AUX
ajfa-4310	129	18	calculated	calculate	VERB
ajfa-4310	129	19	as	as	ADP
ajfa-4310	129	20	an	an	DET
ajfa-4310	129	21	equally	equally	ADV
ajfa-4310	129	22	weighted	weight	VERB
ajfa-4310	129	23	average	average	NOUN
ajfa-4310	129	24	of	of	ADP
ajfa-4310	129	25	the	the	DET
ajfa-4310	129	26	j	j	PROPN
ajfa-4310	129	27	overlapping	overlap	VERB
ajfa-4310	129	28	portfolios	portfolio	NOUN
ajfa-4310	129	29	’	'	PUNCT
ajfa-4310	129	30	profits	profit	NOUN
ajfa-4310	129	31	in	in	ADP
ajfa-4310	129	32	that	that	DET
ajfa-4310	129	33	week	week	NOUN
ajfa-4310	129	34	:	:	PUNCT
ajfa-4310	129	35			X
ajfa-4310	130	1	=	=	PUNCT
ajfa-4310	130	2	=	=	PUNCT
ajfa-4310	130	3	j	j	PROPN
ajfa-4310	130	4	k	k	PROPN
ajfa-4310	130	5	wml	wml	PROPN
ajfa-4310	130	6	tk	tk	PROPN
ajfa-4310	130	7	wml	wml	PROPN
ajfa-4310	130	8	tj	tj	PROPN
ajfa-4310	130	9	r	r	PROPN
ajfa-4310	130	10	j	j	PROPN
ajfa-4310	130	11	or	or	CCONJ
ajfa-4310	130	12	1	1	NUM
ajfa-4310	130	13	,	,	PUNCT
ajfa-4310	130	14	,	,	PUNCT
ajfa-4310	130	15	1	1	NUM
ajfa-4310	130	16	(	(	PUNCT
ajfa-4310	130	17	1	1	NUM
ajfa-4310	130	18	)	)	PUNCT
ajfa-4310	130	19	8	8	NUM
ajfa-4310	130	20	the	the	DET
ajfa-4310	130	21	regular	regular	ADJ
ajfa-4310	130	22	daily	daily	ADJ
ajfa-4310	130	23	price	price	NOUN
ajfa-4310	130	24	limit	limit	NOUN
ajfa-4310	130	25	of	of	ADP
ajfa-4310	130	26	the	the	DET
ajfa-4310	130	27	hose	hose	NOUN
ajfa-4310	130	28	is	be	AUX
ajfa-4310	130	29	(	(	PUNCT
ajfa-4310	130	30	+	+	ADJ
ajfa-4310	130	31	/-	/-	X
ajfa-4310	130	32	)	)	PUNCT
ajfa-4310	130	33	5	5	NUM
ajfa-4310	130	34	percent	percent	NOUN
ajfa-4310	130	35	.	.	PUNCT
ajfa-4310	131	1	9	9	NUM
ajfa-4310	131	2	since	since	SCONJ
ajfa-4310	131	3	the	the	DET
ajfa-4310	131	4	data	datum	NOUN
ajfa-4310	131	5	on	on	ADP
ajfa-4310	131	6	the	the	DET
ajfa-4310	131	7	secondary	secondary	ADJ
ajfa-4310	131	8	market	market	NOUN
ajfa-4310	131	9	t	t	PROPN
ajfa-4310	131	10	-	-	PUNCT
ajfa-4310	131	11	bonds	bond	NOUN
ajfa-4310	131	12	’	'	PUNCT
ajfa-4310	131	13	yields	yield	NOUN
ajfa-4310	131	14	are	be	AUX
ajfa-4310	131	15	not	not	PART
ajfa-4310	131	16	available	available	ADJ
ajfa-4310	131	17	,	,	PUNCT
ajfa-4310	131	18	we	we	PRON
ajfa-4310	131	19	use	use	VERB
ajfa-4310	131	20	the	the	DET
ajfa-4310	131	21	primary	primary	ADJ
ajfa-4310	131	22	market	market	NOUN
ajfa-4310	131	23	yields	yield	NOUN
ajfa-4310	131	24	by	by	ADP
ajfa-4310	131	25	regarding	regard	VERB
ajfa-4310	131	26	the	the	DET
ajfa-4310	131	27	minimum	minimum	NOUN
ajfa-4310	131	28	among	among	ADP
ajfa-4310	131	29	accepted	accept	VERB
ajfa-4310	131	30	yields	yield	NOUN
ajfa-4310	131	31	of	of	ADP
ajfa-4310	131	32	bond	bond	NOUN
ajfa-4310	131	33	auctions	auction	NOUN
ajfa-4310	131	34	conducted	conduct	VERB
ajfa-4310	131	35	within	within	ADP
ajfa-4310	131	36	a	a	DET
ajfa-4310	131	37	month	month	NOUN
ajfa-4310	131	38	as	as	ADP
ajfa-4310	131	39	the	the	DET
ajfa-4310	131	40	rate	rate	NOUN
ajfa-4310	131	41	of	of	ADP
ajfa-4310	131	42	that	that	DET
ajfa-4310	131	43	month	month	NOUN
ajfa-4310	131	44	.	.	PUNCT
ajfa-4310	132	1	for	for	ADP
ajfa-4310	132	2	any	any	DET
ajfa-4310	132	3	month	month	NOUN
ajfa-4310	132	4	in	in	ADP
ajfa-4310	132	5	which	which	PRON
ajfa-4310	132	6	no	no	DET
ajfa-4310	132	7	auction	auction	NOUN
ajfa-4310	132	8	is	be	AUX
ajfa-4310	132	9	implemented	implement	VERB
ajfa-4310	132	10	or	or	CCONJ
ajfa-4310	132	11	succeeded	succeed	VERB
ajfa-4310	132	12	,	,	PUNCT
ajfa-4310	132	13	the	the	DET
ajfa-4310	132	14	rate	rate	NOUN
ajfa-4310	132	15	of	of	ADP
ajfa-4310	132	16	the	the	DET
ajfa-4310	132	17	previous	previous	ADJ
ajfa-4310	132	18	month	month	NOUN
ajfa-4310	132	19	is	be	AUX
ajfa-4310	132	20	applied	apply	VERB
ajfa-4310	132	21	alternatively	alternatively	ADV
ajfa-4310	132	22	.	.	PUNCT
ajfa-4310	133	1	we	we	PRON
ajfa-4310	133	2	choose	choose	VERB
ajfa-4310	133	3	the	the	DET
ajfa-4310	133	4	five	five	NUM
ajfa-4310	133	5	year	year	NOUN
ajfa-4310	133	6	-	-	PUNCT
ajfa-4310	133	7	t	t	NOUN
ajfa-4310	133	8	bond	bond	NOUN
ajfa-4310	133	9	’s	’s	PART
ajfa-4310	133	10	yield	yield	NOUN
ajfa-4310	133	11	as	as	SCONJ
ajfa-4310	133	12	this	this	DET
ajfa-4310	133	13	bond	bond	NOUN
ajfa-4310	133	14	is	be	AUX
ajfa-4310	133	15	the	the	DET
ajfa-4310	133	16	most	most	ADV
ajfa-4310	133	17	frequently	frequently	ADV
ajfa-4310	133	18	issued	issue	VERB
ajfa-4310	133	19	.	.	PUNCT
ajfa-4310	134	1	the	the	DET
ajfa-4310	134	2	data	datum	NOUN
ajfa-4310	134	3	are	be	AUX
ajfa-4310	134	4	collected	collect	VERB
ajfa-4310	134	5	from	from	ADP
ajfa-4310	134	6	the	the	DET
ajfa-4310	134	7	website	website	NOUN
ajfa-4310	134	8	of	of	ADP
ajfa-4310	134	9	hnx	hnx	PROPN
ajfa-4310	134	10	(	(	PUNCT
ajfa-4310	134	11	http://bond.hnx.vn	http://bond.hnx.vn	NOUN
ajfa-4310	134	12	)	)	PUNCT
ajfa-4310	134	13	10	10	NUM
ajfa-4310	135	1	although	although	SCONJ
ajfa-4310	135	2	in	in	ADP
ajfa-4310	135	3	vietnam	vietnam	PROPN
ajfa-4310	135	4	short	short	ADJ
ajfa-4310	135	5	sales	sale	NOUN
ajfa-4310	135	6	are	be	AUX
ajfa-4310	135	7	prohibited	prohibit	VERB
ajfa-4310	135	8	,	,	PUNCT
ajfa-4310	135	9	due	due	ADP
ajfa-4310	135	10	to	to	ADP
ajfa-4310	135	11	the	the	DET
ajfa-4310	135	12	loose	loose	ADJ
ajfa-4310	135	13	management	management	NOUN
ajfa-4310	135	14	of	of	ADP
ajfa-4310	135	15	the	the	DET
ajfa-4310	135	16	vietnamese	vietnamese	ADJ
ajfa-4310	135	17	securities	security	NOUN
ajfa-4310	135	18	agency	agency	PROPN
ajfa-4310	135	19	,	,	PUNCT
ajfa-4310	135	20	brokers	broker	NOUN
ajfa-4310	135	21	can	can	AUX
ajfa-4310	135	22	short	short	VERB
ajfa-4310	135	23	their	their	PRON
ajfa-4310	135	24	customers	customer	NOUN
ajfa-4310	135	25	’	'	PUNCT
ajfa-4310	135	26	securities	security	NOUN
ajfa-4310	135	27	.	.	PUNCT
ajfa-4310	136	1	for	for	ADP
ajfa-4310	136	2	example	example	NOUN
ajfa-4310	136	3	,	,	PUNCT
ajfa-4310	136	4	according	accord	VERB
ajfa-4310	136	5	to	to	ADP
ajfa-4310	136	6	hoang	hoang	PROPN
ajfa-4310	136	7	loc	loc	PROPN
ajfa-4310	136	8	,	,	PUNCT
ajfa-4310	136	9	“	"	PUNCT
ajfa-4310	136	10	co	co	X
ajfa-4310	136	11	hay	hay	PROPN
ajfa-4310	136	12	khong	khong	PROPN
ajfa-4310	136	13	hoi	hoi	PROPN
ajfa-4310	136	14	ban	ban	PROPN
ajfa-4310	136	15	khong	khong	PROPN
ajfa-4310	136	16	co	co	NOUN
ajfa-4310	136	17	phieu	phieu	PROPN
ajfa-4310	136	18	?	?	PUNCT
ajfa-4310	137	1	(	(	PUNCT
ajfa-4310	137	2	“	"	PUNCT
ajfa-4310	137	3	are	be	AUX
ajfa-4310	137	4	there	there	PRON
ajfa-4310	137	5	stockshort	stockshort	NOUN
ajfa-4310	137	6	selling	sell	VERB
ajfa-4310	137	7	groups	group	NOUN
ajfa-4310	137	8	?	?	PUNCT
ajfa-4310	137	9	”	"	PUNCT
ajfa-4310	137	10	)	)	PUNCT
ajfa-4310	137	11	vneconomy	vneconomy	NOUN
ajfa-4310	137	12	news	news	NOUN
ajfa-4310	137	13	on	on	ADP
ajfa-4310	137	14	10	10	NUM
ajfa-4310	137	15	september	september	PROPN
ajfa-4310	137	16	2012	2012	NUM
ajfa-4310	137	17	(	(	PUNCT
ajfa-4310	137	18	retrieved	retrieve	VERB
ajfa-4310	137	19	from	from	ADP
ajfa-4310	137	20	http://vneconomy.vn/2012090911541106p0c7/co-hay-khong-hoi-ban-khong-co-phieu.htm	http://vneconomy.vn/2012090911541106p0c7/co-hay-khong-hoi-ban-khong-co-phieu.htm	PROPN
ajfa-4310	137	21	)	)	PUNCT
ajfa-4310	137	22	;	;	PUNCT
ajfa-4310	137	23	hai	hai	PROPN
ajfa-4310	137	24	dang	dang	PROPN
ajfa-4310	137	25	,	,	PUNCT
ajfa-4310	137	26	“	"	PUNCT
ajfa-4310	137	27	nhieu	nhieu	PROPN
ajfa-4310	137	28	chieu	chieu	PROPN
ajfa-4310	137	29	ban	ban	PROPN
ajfa-4310	137	30	khong	khong	PROPN
ajfa-4310	137	31	chung	chung	PROPN
ajfa-4310	137	32	khoan	khoan	PROPN
ajfa-4310	137	33	”	"	PUNCT
ajfa-4310	137	34	(	(	PUNCT
ajfa-4310	137	35	“	"	PUNCT
ajfa-4310	137	36	many	many	ADJ
ajfa-4310	137	37	ways	way	NOUN
ajfa-4310	137	38	to	to	ADP
ajfa-4310	137	39	short	short	ADJ
ajfa-4310	137	40	stocks	stock	NOUN
ajfa-4310	137	41	”	"	PUNCT
ajfa-4310	137	42	)	)	PUNCT
ajfa-4310	137	43	,	,	PUNCT
ajfa-4310	137	44	tuoi	tuoi	PROPN
ajfa-4310	137	45	tre	tre	PROPN
ajfa-4310	137	46	news	news	NOUN
ajfa-4310	137	47	on	on	ADP
ajfa-4310	137	48	17	17	NUM
ajfa-4310	137	49	october	october	PROPN
ajfa-4310	137	50	2012	2012	NUM
ajfa-4310	137	51	(	(	PUNCT
ajfa-4310	137	52	retrieved	retrieve	VERB
ajfa-4310	137	53	from	from	ADP
ajfa-4310	137	54	http://tuoitre.vn/kinh-te/516266/nhieu-chieu-ban-khong-chung-khoan.html	http://tuoitre.vn/kinh-te/516266/nhieu-chieu-ban-khong-chung-khoan.html	PROPN
ajfa-4310	137	55	)	)	PUNCT
ajfa-4310	137	56	,	,	PUNCT
ajfa-4310	137	57	stock	stock	NOUN
ajfa-4310	137	58	short	short	ADJ
ajfa-4310	137	59	sales	sale	NOUN
ajfa-4310	137	60	are	be	AUX
ajfa-4310	137	61	prevalent	prevalent	ADJ
ajfa-4310	137	62	in	in	ADP
ajfa-4310	137	63	vietnam	vietnam	PROPN
ajfa-4310	137	64	.	.	PUNCT
ajfa-4310	138	1	thus	thus	ADV
ajfa-4310	138	2	,	,	PUNCT
ajfa-4310	138	3	the	the	DET
ajfa-4310	138	4	prohibition	prohibition	NOUN
ajfa-4310	138	5	of	of	ADP
ajfa-4310	138	6	short	short	ADJ
ajfa-4310	138	7	sales	sale	NOUN
ajfa-4310	138	8	is	be	AUX
ajfa-4310	138	9	not	not	PART
ajfa-4310	138	10	cause	cause	NOUN
ajfa-4310	138	11	for	for	ADP
ajfa-4310	138	12	concern	concern	NOUN
ajfa-4310	138	13	.	.	PUNCT
ajfa-4310	139	1	asian	asian	ADJ
ajfa-4310	139	2	journal	journal	PROPN
ajfa-4310	139	3	of	of	ADP
ajfa-4310	139	4	finance	finance	PROPN
ajfa-4310	139	5	&	&	CCONJ
ajfa-4310	139	6	accounting	accounting	PROPN
ajfa-4310	139	7	issn	issn	PROPN
ajfa-4310	139	8	1946	1946	NUM
ajfa-4310	139	9	-	-	PUNCT
ajfa-4310	139	10	052x	052x	NOUN
ajfa-4310	139	11	2013	2013	NUM
ajfa-4310	139	12	,	,	PUNCT
ajfa-4310	139	13	vol	vol	NOUN
ajfa-4310	139	14	.	.	PROPN
ajfa-4310	139	15	5	5	NUM
ajfa-4310	139	16	,	,	PUNCT
ajfa-4310	139	17	no	no	INTJ
ajfa-4310	139	18	.	.	NOUN
ajfa-4310	139	19	2	2	NUM
ajfa-4310	139	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	139	21	189	189	NUM
ajfa-4310	139	22	the	the	DET
ajfa-4310	139	23	overlapping	overlap	VERB
ajfa-4310	139	24	returns	return	NOUN
ajfa-4310	139	25	on	on	ADP
ajfa-4310	139	26	winner	winner	NOUN
ajfa-4310	139	27	and	and	CCONJ
ajfa-4310	139	28	loser	loser	ADJ
ajfa-4310	139	29	portfolios	portfolio	NOUN
ajfa-4310	139	30	in	in	ADP
ajfa-4310	139	31	a	a	DET
ajfa-4310	139	32	given	give	VERB
ajfa-4310	139	33	calendar	calendar	NOUN
ajfa-4310	139	34	week	week	NOUN
ajfa-4310	139	35	t	t	PROPN
ajfa-4310	139	36	can	can	AUX
ajfa-4310	139	37	be	be	AUX
ajfa-4310	139	38	calculated	calculate	VERB
ajfa-4310	139	39	similarly	similarly	ADV
ajfa-4310	139	40	.	.	PUNCT
ajfa-4310	140	1	the	the	DET
ajfa-4310	140	2	average	average	NOUN
ajfa-4310	140	3	of	of	ADP
ajfa-4310	140	4	overlapping	overlap	VERB
ajfa-4310	140	5	profit	profit	NOUN
ajfa-4310	140	6	on	on	ADP
ajfa-4310	140	7	the	the	DET
ajfa-4310	140	8	wml	wml	PROPN
ajfa-4310	140	9	portfolio	portfolio	NOUN
ajfa-4310	140	10	is	be	AUX
ajfa-4310	140	11	employed	employ	VERB
ajfa-4310	140	12	as	as	ADP
ajfa-4310	140	13	a	a	DET
ajfa-4310	140	14	metric	metric	NOUN
ajfa-4310	140	15	to	to	PART
ajfa-4310	140	16	test	test	VERB
ajfa-4310	140	17	the	the	DET
ajfa-4310	140	18	momentum	momentum	NOUN
ajfa-4310	140	19	of	of	ADP
ajfa-4310	140	20	the	the	DET
ajfa-4310	140	21	market	market	NOUN
ajfa-4310	140	22	.	.	PUNCT
ajfa-4310	141	1	if	if	SCONJ
ajfa-4310	141	2	the	the	DET
ajfa-4310	141	3	average	average	ADJ
ajfa-4310	141	4	profit	profit	NOUN
ajfa-4310	141	5	is	be	AUX
ajfa-4310	141	6	significantly	significantly	ADV
ajfa-4310	141	7	positive	positive	ADJ
ajfa-4310	141	8	,	,	PUNCT
ajfa-4310	141	9	the	the	DET
ajfa-4310	141	10	momentum	momentum	NOUN
ajfa-4310	141	11	occurs	occur	VERB
ajfa-4310	141	12	,	,	PUNCT
ajfa-4310	141	13	otherwise	otherwise	ADV
ajfa-4310	141	14	,	,	PUNCT
ajfa-4310	141	15	it	it	PRON
ajfa-4310	141	16	does	do	AUX
ajfa-4310	141	17	not	not	PART
ajfa-4310	141	18	exist	exist	VERB
ajfa-4310	141	19	.	.	PUNCT
ajfa-4310	142	1	as	as	SCONJ
ajfa-4310	142	2	the	the	DET
ajfa-4310	142	3	number	number	NOUN
ajfa-4310	142	4	of	of	ADP
ajfa-4310	142	5	observations	observation	NOUN
ajfa-4310	142	6	in	in	ADP
ajfa-4310	142	7	our	our	PRON
ajfa-4310	142	8	sample	sample	NOUN
ajfa-4310	142	9	is	be	AUX
ajfa-4310	142	10	limited	limit	VERB
ajfa-4310	142	11	,	,	PUNCT
ajfa-4310	142	12	the	the	DET
ajfa-4310	142	13	profits	profit	NOUN
ajfa-4310	142	14	on	on	ADP
ajfa-4310	142	15	wml	wml	PROPN
ajfa-4310	142	16	portfolios	portfolio	NOUN
ajfa-4310	142	17	which	which	PRON
ajfa-4310	142	18	are	be	AUX
ajfa-4310	142	19	formed	form	VERB
ajfa-4310	142	20	based	base	VERB
ajfa-4310	142	21	on	on	ADP
ajfa-4310	142	22	stock	stock	NOUN
ajfa-4310	142	23	average	average	ADJ
ajfa-4310	142	24	returns	return	NOUN
ajfa-4310	142	25	over	over	ADP
ajfa-4310	142	26	past	past	ADJ
ajfa-4310	142	27	one	one	NUM
ajfa-4310	142	28	,	,	PUNCT
ajfa-4310	142	29	two	two	NUM
ajfa-4310	142	30	,	,	PUNCT
ajfa-4310	142	31	four	four	NUM
ajfa-4310	142	32	,	,	PUNCT
ajfa-4310	142	33	eight	eight	NUM
ajfa-4310	142	34	and	and	CCONJ
ajfa-4310	142	35	thirteen	thirteen	NUM
ajfa-4310	142	36	weeks	week	NOUN
ajfa-4310	142	37	(	(	PUNCT
ajfa-4310	142	38	k=1	k=1	X
ajfa-4310	142	39	,	,	PUNCT
ajfa-4310	142	40	2	2	NUM
ajfa-4310	142	41	,	,	PUNCT
ajfa-4310	142	42	4	4	NUM
ajfa-4310	142	43	,	,	PUNCT
ajfa-4310	142	44	8	8	NUM
ajfa-4310	142	45	and	and	CCONJ
ajfa-4310	142	46	13	13	NUM
ajfa-4310	142	47	)	)	PUNCT
ajfa-4310	142	48	and	and	CCONJ
ajfa-4310	142	49	held	hold	VERB
ajfa-4310	142	50	for	for	ADP
ajfa-4310	142	51	the	the	DET
ajfa-4310	142	52	periods	period	NOUN
ajfa-4310	142	53	of	of	ADP
ajfa-4310	142	54	one	one	NUM
ajfa-4310	142	55	,	,	PUNCT
ajfa-4310	142	56	two	two	NUM
ajfa-4310	142	57	,	,	PUNCT
ajfa-4310	142	58	four	four	NUM
ajfa-4310	142	59	,	,	PUNCT
ajfa-4310	142	60	eight	eight	NUM
ajfa-4310	142	61	and	and	CCONJ
ajfa-4310	142	62	thirteen	thirteen	NUM
ajfa-4310	142	63	weeks	week	NOUN
ajfa-4310	142	64	(	(	PUNCT
ajfa-4310	142	65	j	j	NOUN
ajfa-4310	142	66	=	=	NOUN
ajfa-4310	142	67	1	1	NUM
ajfa-4310	142	68	,	,	PUNCT
ajfa-4310	142	69	2	2	NUM
ajfa-4310	142	70	,	,	PUNCT
ajfa-4310	142	71	4	4	NUM
ajfa-4310	142	72	,	,	PUNCT
ajfa-4310	142	73	8	8	NUM
ajfa-4310	142	74	and	and	CCONJ
ajfa-4310	142	75	13	13	NUM
ajfa-4310	142	76	)	)	PUNCT
ajfa-4310	142	77	are	be	AUX
ajfa-4310	142	78	tested	test	VERB
ajfa-4310	142	79	.	.	PUNCT
ajfa-4310	143	1	5	5	X
ajfa-4310	143	2	.	.	X
ajfa-4310	143	3	empirical	empirical	ADJ
ajfa-4310	143	4	results	result	NOUN
ajfa-4310	143	5	5.1	5.1	NUM
ajfa-4310	143	6	evidence	evidence	NOUN
ajfa-4310	143	7	on	on	ADP
ajfa-4310	143	8	the	the	DET
ajfa-4310	143	9	momentum	momentum	NOUN
ajfa-4310	143	10	effect	effect	NOUN
ajfa-4310	143	11	table	table	NOUN
ajfa-4310	143	12	1	1	NUM
ajfa-4310	143	13	presents	present	VERB
ajfa-4310	143	14	the	the	DET
ajfa-4310	143	15	average	average	ADJ
ajfa-4310	143	16	raw	raw	ADJ
ajfa-4310	143	17	returns	return	NOUN
ajfa-4310	143	18	and	and	CCONJ
ajfa-4310	143	19	profits	profit	NOUN
ajfa-4310	143	20	on	on	ADP
ajfa-4310	143	21	the	the	DET
ajfa-4310	143	22	winner	winner	NOUN
ajfa-4310	143	23	,	,	PUNCT
ajfa-4310	143	24	loser	loser	NOUN
ajfa-4310	143	25	and	and	CCONJ
ajfa-4310	143	26	wml	wml	PROPN
ajfa-4310	143	27	portfolios	portfolio	NOUN
ajfa-4310	143	28	which	which	PRON
ajfa-4310	143	29	select	select	VERB
ajfa-4310	143	30	stocks	stock	NOUN
ajfa-4310	143	31	based	base	VERB
ajfa-4310	143	32	on	on	ADP
ajfa-4310	143	33	their	their	PRON
ajfa-4310	143	34	average	average	ADJ
ajfa-4310	143	35	returns	return	NOUN
ajfa-4310	143	36	over	over	ADP
ajfa-4310	143	37	past	past	ADJ
ajfa-4310	143	38	k	k	PROPN
ajfa-4310	143	39	weeks	week	NOUN
ajfa-4310	143	40	and	and	CCONJ
ajfa-4310	143	41	hold	hold	VERB
ajfa-4310	143	42	them	they	PRON
ajfa-4310	143	43	for	for	ADP
ajfa-4310	143	44	j	j	PROPN
ajfa-4310	143	45	weeks	week	NOUN
ajfa-4310	143	46	(	(	PUNCT
ajfa-4310	143	47	k=1	k=1	X
ajfa-4310	143	48	,	,	PUNCT
ajfa-4310	143	49	2	2	NUM
ajfa-4310	143	50	,	,	PUNCT
ajfa-4310	143	51	4	4	NUM
ajfa-4310	143	52	,	,	PUNCT
ajfa-4310	143	53	8	8	NUM
ajfa-4310	143	54	and	and	CCONJ
ajfa-4310	143	55	13	13	NUM
ajfa-4310	143	56	,	,	PUNCT
ajfa-4310	143	57	j	j	PROPN
ajfa-4310	143	58	=	=	SYM
ajfa-4310	143	59	1	1	NUM
ajfa-4310	143	60	,	,	PUNCT
ajfa-4310	143	61	2	2	NUM
ajfa-4310	143	62	,	,	PUNCT
ajfa-4310	143	63	4	4	NUM
ajfa-4310	143	64	,	,	PUNCT
ajfa-4310	143	65	8	8	NUM
ajfa-4310	143	66	and	and	CCONJ
ajfa-4310	143	67	13	13	NUM
ajfa-4310	143	68	)	)	PUNCT
ajfa-4310	143	69	.	.	PUNCT
ajfa-4310	144	1	the	the	DET
ajfa-4310	144	2	results	result	NOUN
ajfa-4310	144	3	show	show	VERB
ajfa-4310	144	4	that	that	SCONJ
ajfa-4310	144	5	the	the	DET
ajfa-4310	144	6	profits	profit	NOUN
ajfa-4310	144	7	on	on	ADP
ajfa-4310	144	8	the	the	DET
ajfa-4310	144	9	wml	wml	PROPN
ajfa-4310	144	10	portfolios	portfolio	NOUN
ajfa-4310	144	11	with	with	ADP
ajfa-4310	144	12	k=1	k=1	PROPN
ajfa-4310	144	13	are	be	AUX
ajfa-4310	144	14	significantly	significantly	ADV
ajfa-4310	144	15	positive	positive	ADJ
ajfa-4310	144	16	over	over	ADP
ajfa-4310	144	17	all	all	DET
ajfa-4310	144	18	holding	hold	VERB
ajfa-4310	144	19	periods	period	NOUN
ajfa-4310	144	20	(	(	PUNCT
ajfa-4310	144	21	j	j	NOUN
ajfa-4310	144	22	)	)	PUNCT
ajfa-4310	144	23	,	,	PUNCT
ajfa-4310	144	24	while	while	SCONJ
ajfa-4310	144	25	those	those	PRON
ajfa-4310	144	26	on	on	ADP
ajfa-4310	144	27	the	the	DET
ajfa-4310	144	28	wml	wml	PROPN
ajfa-4310	144	29	portfolios	portfolio	NOUN
ajfa-4310	144	30	with	with	ADP
ajfa-4310	144	31	other	other	ADJ
ajfa-4310	144	32	intervals	interval	NOUN
ajfa-4310	144	33	(	(	PUNCT
ajfa-4310	144	34	k	k	NOUN
ajfa-4310	144	35	)	)	PUNCT
ajfa-4310	144	36	are	be	AUX
ajfa-4310	144	37	significantly	significantly	ADV
ajfa-4310	144	38	positive	positive	ADJ
ajfa-4310	144	39	over	over	ADP
ajfa-4310	144	40	one	one	NUM
ajfa-4310	144	41	,	,	PUNCT
ajfa-4310	144	42	two	two	NUM
ajfa-4310	144	43	or	or	CCONJ
ajfa-4310	144	44	three	three	NUM
ajfa-4310	144	45	holding	hold	VERB
ajfa-4310	144	46	periods	period	NOUN
ajfa-4310	144	47	.	.	PUNCT
ajfa-4310	145	1	in	in	ADP
ajfa-4310	145	2	addition	addition	NOUN
ajfa-4310	145	3	,	,	PUNCT
ajfa-4310	145	4	for	for	ADP
ajfa-4310	145	5	each	each	DET
ajfa-4310	145	6	interval	interval	NOUN
ajfa-4310	145	7	(	(	PUNCT
ajfa-4310	145	8	k	k	X
ajfa-4310	145	9	)	)	PUNCT
ajfa-4310	145	10	the	the	DET
ajfa-4310	145	11	profit	profit	NOUN
ajfa-4310	145	12	tends	tend	VERB
ajfa-4310	145	13	to	to	PART
ajfa-4310	145	14	fall	fall	VERB
ajfa-4310	145	15	for	for	ADP
ajfa-4310	145	16	longer	long	ADJ
ajfa-4310	145	17	holding	hold	VERB
ajfa-4310	145	18	period	period	NOUN
ajfa-4310	145	19	(	(	PUNCT
ajfa-4310	145	20	j	j	NOUN
ajfa-4310	145	21	)	)	PUNCT
ajfa-4310	145	22	,	,	PUNCT
ajfa-4310	145	23	which	which	PRON
ajfa-4310	145	24	is	be	AUX
ajfa-4310	145	25	similar	similar	ADJ
ajfa-4310	145	26	to	to	ADP
ajfa-4310	145	27	the	the	DET
ajfa-4310	145	28	findings	finding	NOUN
ajfa-4310	145	29	of	of	ADP
ajfa-4310	145	30	rouwenhorst	rouwenhorst	PROPN
ajfa-4310	145	31	(	(	PUNCT
ajfa-4310	145	32	1998	1998	NUM
ajfa-4310	145	33	)	)	PUNCT
ajfa-4310	145	34	.	.	PUNCT
ajfa-4310	146	1	the	the	DET
ajfa-4310	146	2	portfolio	portfolio	NOUN
ajfa-4310	146	3	with	with	ADP
ajfa-4310	146	4	k=1	k=1	PRON
ajfa-4310	146	5	and	and	CCONJ
ajfa-4310	146	6	j=1	j=1	PROPN
ajfa-4310	146	7	earns	earn	VERB
ajfa-4310	146	8	the	the	DET
ajfa-4310	146	9	highest	high	ADJ
ajfa-4310	146	10	profit	profit	NOUN
ajfa-4310	146	11	of	of	ADP
ajfa-4310	146	12	0.83	0.83	NUM
ajfa-4310	146	13	percent	percent	NOUN
ajfa-4310	146	14	per	per	ADP
ajfa-4310	146	15	week	week	NOUN
ajfa-4310	146	16	.	.	PUNCT
ajfa-4310	147	1	asian	asian	ADJ
ajfa-4310	147	2	journal	journal	PROPN
ajfa-4310	147	3	of	of	ADP
ajfa-4310	147	4	finance	finance	PROPN
ajfa-4310	147	5	&	&	CCONJ
ajfa-4310	147	6	accounting	accounting	PROPN
ajfa-4310	147	7	issn	issn	PROPN
ajfa-4310	147	8	1946	1946	NUM
ajfa-4310	147	9	-	-	PUNCT
ajfa-4310	147	10	052x	052x	NOUN
ajfa-4310	147	11	2013	2013	NUM
ajfa-4310	147	12	,	,	PUNCT
ajfa-4310	147	13	vol	vol	NOUN
ajfa-4310	147	14	.	.	PROPN
ajfa-4310	147	15	5	5	NUM
ajfa-4310	147	16	,	,	PUNCT
ajfa-4310	147	17	no	no	INTJ
ajfa-4310	147	18	.	.	NOUN
ajfa-4310	147	19	2	2	NUM
ajfa-4310	147	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	147	21	190	190	NUM
ajfa-4310	147	22	table	table	NOUN
ajfa-4310	147	23	1	1	NUM
ajfa-4310	147	24	.	.	PUNCT
ajfa-4310	147	25	returns	return	NOUN
ajfa-4310	147	26	and	and	CCONJ
ajfa-4310	147	27	profits	profit	NOUN
ajfa-4310	147	28	on	on	ADP
ajfa-4310	147	29	winner	winner	NOUN
ajfa-4310	147	30	,	,	PUNCT
ajfa-4310	147	31	loser	loser	NOUN
ajfa-4310	147	32	and	and	CCONJ
ajfa-4310	147	33	winner	winner	NOUN
ajfa-4310	147	34	-	-	PUNCT
ajfa-4310	147	35	minus	minus	NOUN
ajfa-4310	147	36	-	-	PUNCT
ajfa-4310	147	37	loser	loser	NOUN
ajfa-4310	147	38	portfolios	portfolio	NOUN
ajfa-4310	148	1	k	k	PROPN
ajfa-4310	148	2	j	j	PROPN
ajfa-4310	148	3	0	0	NUM
ajfa-4310	148	4	1	1	NUM
ajfa-4310	148	5	2	2	NUM
ajfa-4310	148	6	4	4	NUM
ajfa-4310	148	7	8	8	NUM
ajfa-4310	148	8	13	13	NUM
ajfa-4310	148	9	1	1	NUM
ajfa-4310	148	10	winners	winner	NOUN
ajfa-4310	148	11	0.0833	0.0833	NUM
ajfa-4310	148	12	*	*	PUNCT
ajfa-4310	148	13	*	*	PUNCT
ajfa-4310	148	14	*	*	PUNCT
ajfa-4310	148	15	(	(	PUNCT
ajfa-4310	148	16	21.11	21.11	NUM
ajfa-4310	148	17	)	)	PUNCT
ajfa-4310	148	18	0.0054	0.0054	NUM
ajfa-4310	148	19	(	(	PUNCT
ajfa-4310	148	20	1.35	1.35	NUM
ajfa-4310	148	21	)	)	PUNCT
ajfa-4310	148	22	0.0038	0.0038	NUM
ajfa-4310	148	23	(	(	PUNCT
ajfa-4310	148	24	0.93	0.93	NUM
ajfa-4310	148	25	)	)	PUNCT
ajfa-4310	148	26	0.0026	0.0026	NUM
ajfa-4310	148	27	(	(	PUNCT
ajfa-4310	148	28	0.62	0.62	NUM
ajfa-4310	148	29	)	)	PUNCT
ajfa-4310	148	30	0.0017	0.0017	NUM
ajfa-4310	148	31	(	(	PUNCT
ajfa-4310	148	32	0.41	0.41	NUM
ajfa-4310	148	33	)	)	PUNCT
ajfa-4310	148	34	0.0014	0.0014	NUM
ajfa-4310	148	35	(	(	PUNCT
ajfa-4310	148	36	0.32	0.32	NUM
ajfa-4310	148	37	)	)	PUNCT
ajfa-4310	148	38	losers	loser	NOUN
ajfa-4310	148	39	-0.0707	-0.0707	NOUN
ajfa-4310	148	40	*	*	PUNCT
ajfa-4310	148	41	*	*	PUNCT
ajfa-4310	148	42	*	*	PUNCT
ajfa-4310	148	43	(	(	PUNCT
ajfa-4310	148	44	-24.92	-24.92	NOUN
ajfa-4310	148	45	)	)	PUNCT
ajfa-4310	148	46	-0.0029	-0.0029	PUNCT
ajfa-4310	148	47	(	(	PUNCT
ajfa-4310	148	48	-0.83	-0.83	X
ajfa-4310	148	49	)	)	PUNCT
ajfa-4310	148	50	-0.002	-0.002	PUNCT
ajfa-4310	148	51	(	(	PUNCT
ajfa-4310	148	52	-0.54	-0.54	NOUN
ajfa-4310	148	53	)	)	PUNCT
ajfa-4310	148	54	-0.0004	-0.0004	NOUN
ajfa-4310	148	55	(	(	PUNCT
ajfa-4310	148	56	-0.09	-0.09	NUM
ajfa-4310	148	57	)	)	PUNCT
ajfa-4310	148	58	-0.0002	-0.0002	NOUN
ajfa-4310	148	59	(	(	PUNCT
ajfa-4310	148	60	-0.06	-0.06	NUM
ajfa-4310	148	61	)	)	PUNCT
ajfa-4310	148	62	0.0000	0.0000	NUM
ajfa-4310	148	63	(	(	PUNCT
ajfa-4310	148	64	0.00	0.00	NUM
ajfa-4310	148	65	)	)	PUNCT
ajfa-4310	148	66	wml	wml	NOUN
ajfa-4310	148	67	0.1540	0.1540	NUM
ajfa-4310	148	68	*	*	PUNCT
ajfa-4310	148	69	*	*	PUNCT
ajfa-4310	148	70	*	*	PUNCT
ajfa-4310	148	71	(	(	PUNCT
ajfa-4310	148	72	57.11	57.11	NUM
ajfa-4310	148	73	)	)	PUNCT
ajfa-4310	148	74	0.0083	0.0083	NUM
ajfa-4310	148	75	*	*	PUNCT
ajfa-4310	148	76	*	*	PUNCT
ajfa-4310	148	77	*	*	PUNCT
ajfa-4310	148	78	(	(	PUNCT
ajfa-4310	148	79	3.22	3.22	NUM
ajfa-4310	148	80	)	)	PUNCT
ajfa-4310	148	81	0.0058	0.0058	NUM
ajfa-4310	148	82	*	*	PUNCT
ajfa-4310	148	83	*	*	PUNCT
ajfa-4310	148	84	*	*	PUNCT
ajfa-4310	148	85	(	(	PUNCT
ajfa-4310	148	86	2.69	2.69	NUM
ajfa-4310	148	87	)	)	PUNCT
ajfa-4310	148	88	0.0030	0.0030	NUM
ajfa-4310	148	89	*	*	SYM
ajfa-4310	148	90	(	(	PUNCT
ajfa-4310	148	91	1.76	1.76	NUM
ajfa-4310	148	92	)	)	PUNCT
ajfa-4310	148	93	0.0020	0.0020	NUM
ajfa-4310	148	94	*	*	SYM
ajfa-4310	148	95	(	(	PUNCT
ajfa-4310	148	96	1.70	1.70	NUM
ajfa-4310	148	97	)	)	PUNCT
ajfa-4310	148	98	0.0014	0.0014	NUM
ajfa-4310	148	99	*	*	PUNCT
ajfa-4310	148	100	(	(	PUNCT
ajfa-4310	148	101	1.70	1.70	NUM
ajfa-4310	148	102	)	)	SYM
ajfa-4310	148	103	2	2	NUM
ajfa-4310	148	104	winners	winner	NOUN
ajfa-4310	148	105	0.0584	0.0584	NUM
ajfa-4310	148	106	*	*	PUNCT
ajfa-4310	148	107	*	*	PUNCT
ajfa-4310	148	108	*	*	PUNCT
ajfa-4310	148	109	(	(	PUNCT
ajfa-4310	148	110	14.73	14.73	NUM
ajfa-4310	148	111	)	)	PUNCT
ajfa-4310	148	112	0.0040	0.0040	NUM
ajfa-4310	148	113	(	(	PUNCT
ajfa-4310	148	114	1.03	1.03	NUM
ajfa-4310	148	115	)	)	PUNCT
ajfa-4310	148	116	0.0033	0.0033	NUM
ajfa-4310	148	117	(	(	PUNCT
ajfa-4310	148	118	0.83	0.83	NUM
ajfa-4310	148	119	)	)	PUNCT
ajfa-4310	148	120	0.0028	0.0028	NUM
ajfa-4310	148	121	(	(	PUNCT
ajfa-4310	148	122	0.67	0.67	NUM
ajfa-4310	148	123	)	)	PUNCT
ajfa-4310	148	124	0.0020	0.0020	NUM
ajfa-4310	148	125	(	(	PUNCT
ajfa-4310	148	126	0.47	0.47	NUM
ajfa-4310	148	127	)	)	PUNCT
ajfa-4310	148	128	0.0016	0.0016	NUM
ajfa-4310	148	129	(	(	PUNCT
ajfa-4310	148	130	0.38	0.38	NUM
ajfa-4310	148	131	)	)	PUNCT
ajfa-4310	148	132	losers	loser	NOUN
ajfa-4310	148	133	-0.0488	-0.0488	VERB
ajfa-4310	149	1	*	*	PUNCT
ajfa-4310	149	2	*	*	PUNCT
ajfa-4310	149	3	*	*	PUNCT
ajfa-4310	149	4	(	(	PUNCT
ajfa-4310	149	5	-16.36	-16.36	NOUN
ajfa-4310	149	6	)	)	PUNCT
ajfa-4310	149	7	-0.0022	-0.0022	NOUN
ajfa-4310	149	8	(	(	PUNCT
ajfa-4310	149	9	-0.61	-0.61	NOUN
ajfa-4310	149	10	)	)	PUNCT
ajfa-4310	149	11	-0.0014	-0.0014	NOUN
ajfa-4310	149	12	(	(	PUNCT
ajfa-4310	149	13	-0.35	-0.35	NOUN
ajfa-4310	149	14	)	)	PUNCT
ajfa-4310	149	15	-0.0003	-0.0003	NOUN
ajfa-4310	149	16	(	(	PUNCT
ajfa-4310	149	17	-0.06	-0.06	NUM
ajfa-4310	149	18	)	)	PUNCT
ajfa-4310	149	19	-0.0004	-0.0004	NOUN
ajfa-4310	149	20	(	(	PUNCT
ajfa-4310	149	21	-0.09	-0.09	NUM
ajfa-4310	149	22	)	)	PUNCT
ajfa-4310	149	23	-0.000	-0.000	PRON
ajfa-4310	149	24	(	(	PUNCT
ajfa-4310	149	25	-0.00	-0.00	NUM
ajfa-4310	149	26	)	)	PUNCT
ajfa-4310	149	27	wml	wml	NOUN
ajfa-4310	149	28	0.1073	0.1073	NUM
ajfa-4310	149	29	*	*	PUNCT
ajfa-4310	149	30	*	*	PUNCT
ajfa-4310	149	31	*	*	PUNCT
ajfa-4310	149	32	(	(	PUNCT
ajfa-4310	149	33	40.69	40.69	NUM
ajfa-4310	149	34	)	)	PUNCT
ajfa-4310	149	35	0.0062	0.0062	NUM
ajfa-4310	149	36	*	*	PUNCT
ajfa-4310	149	37	*	*	PUNCT
ajfa-4310	149	38	(	(	PUNCT
ajfa-4310	149	39	2.33	2.33	NUM
ajfa-4310	149	40	)	)	PUNCT
ajfa-4310	149	41	0.0047	0.0047	NUM
ajfa-4310	149	42	*	*	PUNCT
ajfa-4310	149	43	*	*	PUNCT
ajfa-4310	149	44	(	(	PUNCT
ajfa-4310	149	45	2.00	2.00	NUM
ajfa-4310	149	46	)	)	PUNCT
ajfa-4310	149	47	0.0031	0.0031	NUM
ajfa-4310	149	48	(	(	PUNCT
ajfa-4310	149	49	1.60	1.60	NUM
ajfa-4310	149	50	)	)	PUNCT
ajfa-4310	149	51	0.0024	0.0024	NUM
ajfa-4310	149	52	(	(	PUNCT
ajfa-4310	149	53	1.60	1.60	NUM
ajfa-4310	149	54	)	)	PUNCT
ajfa-4310	149	55	0.0016	0.0016	NUM
ajfa-4310	149	56	(	(	PUNCT
ajfa-4310	149	57	1.56	1.56	NUM
ajfa-4310	149	58	)	)	PUNCT
ajfa-4310	149	59	4	4	NUM
ajfa-4310	149	60	winners	winner	NOUN
ajfa-4310	149	61	0.0408	0.0408	NUM
ajfa-4310	149	62	*	*	PUNCT
ajfa-4310	149	63	*	*	PUNCT
ajfa-4310	149	64	*	*	PUNCT
ajfa-4310	149	65	(	(	PUNCT
ajfa-4310	149	66	10.91	10.91	NUM
ajfa-4310	149	67	)	)	PUNCT
ajfa-4310	149	68	0.0039	0.0039	NUM
ajfa-4310	149	69	(	(	PUNCT
ajfa-4310	149	70	1.02	1.02	NUM
ajfa-4310	149	71	)	)	PUNCT
ajfa-4310	149	72	0.0036	0.0036	NUM
ajfa-4310	149	73	(	(	PUNCT
ajfa-4310	149	74	0.93	0.93	NUM
ajfa-4310	149	75	)	)	PUNCT
ajfa-4310	149	76	0.0032	0.0032	NUM
ajfa-4310	149	77	(	(	PUNCT
ajfa-4310	149	78	0.77	0.77	NUM
ajfa-4310	149	79	)	)	PUNCT
ajfa-4310	149	80	0.0020	0.0020	NUM
ajfa-4310	149	81	(	(	PUNCT
ajfa-4310	149	82	0.47	0.47	NUM
ajfa-4310	149	83	)	)	PUNCT
ajfa-4310	149	84	0.0017	0.0017	NUM
ajfa-4310	149	85	(	(	PUNCT
ajfa-4310	149	86	0.40	0.40	NUM
ajfa-4310	149	87	)	)	PUNCT
ajfa-4310	149	88	losers	loser	NOUN
ajfa-4310	149	89	-0.0341	-0.0341	VERB
ajfa-4310	149	90	*	*	PUNCT
ajfa-4310	149	91	*	*	PUNCT
ajfa-4310	149	92	*	*	PUNCT
ajfa-4310	149	93	(	(	PUNCT
ajfa-4310	149	94	-11.40	-11.40	NOUN
ajfa-4310	149	95	)	)	PUNCT
ajfa-4310	149	96	-0.0006	-0.0006	NOUN
ajfa-4310	149	97	(	(	PUNCT
ajfa-4310	149	98	-0.16	-0.16	X
ajfa-4310	149	99	)	)	PUNCT
ajfa-4310	149	100	-0.0007	-0.0007	NOUN
ajfa-4310	149	101	(	(	PUNCT
ajfa-4310	149	102	-0.16	-0.16	X
ajfa-4310	149	103	)	)	PUNCT
ajfa-4310	149	104	-0.0005	-0.0005	NOUN
ajfa-4310	149	105	(	(	PUNCT
ajfa-4310	149	106	-0.13	-0.13	NOUN
ajfa-4310	149	107	)	)	PUNCT
ajfa-4310	149	108	-0.0001	-0.0001	NOUN
ajfa-4310	149	109	(	(	PUNCT
ajfa-4310	149	110	-0.03	-0.03	NOUN
ajfa-4310	149	111	)	)	PUNCT
ajfa-4310	149	112	0.00005	0.00005	NUM
ajfa-4310	149	113	(	(	PUNCT
ajfa-4310	149	114	0.01	0.01	NUM
ajfa-4310	149	115	)	)	PUNCT
ajfa-4310	149	116	wml	wml	NOUN
ajfa-4310	149	117	0.0749	0.0749	NUM
ajfa-4310	149	118	*	*	PUNCT
ajfa-4310	150	1	*	*	PUNCT
ajfa-4310	150	2	*	*	PUNCT
ajfa-4310	150	3	(	(	PUNCT
ajfa-4310	150	4	32.14	32.14	NUM
ajfa-4310	150	5	)	)	PUNCT
ajfa-4310	151	1	0.0044	0.0044	NUM
ajfa-4310	151	2	*	*	SYM
ajfa-4310	151	3	(	(	PUNCT
ajfa-4310	151	4	1.75	1.75	NUM
ajfa-4310	151	5	)	)	PUNCT
ajfa-4310	151	6	0.0043	0.0043	NUM
ajfa-4310	151	7	*	*	PUNCT
ajfa-4310	151	8	(	(	PUNCT
ajfa-4310	151	9	1.79	1.79	NUM
ajfa-4310	151	10	)	)	PUNCT
ajfa-4310	151	11	0.0037	0.0037	NUM
ajfa-4310	151	12	*	*	SYM
ajfa-4310	151	13	(	(	PUNCT
ajfa-4310	151	14	1.77	1.77	NUM
ajfa-4310	151	15	)	)	PUNCT
ajfa-4310	151	16	0.0021	0.0021	NUM
ajfa-4310	151	17	(	(	PUNCT
ajfa-4310	151	18	1.18	1.18	NUM
ajfa-4310	151	19	)	)	PUNCT
ajfa-4310	151	20	0.0016	0.0016	NUM
ajfa-4310	151	21	(	(	PUNCT
ajfa-4310	151	22	1.23	1.23	NUM
ajfa-4310	151	23	)	)	PUNCT
ajfa-4310	151	24	8	8	NUM
ajfa-4310	151	25	winners	winner	NOUN
ajfa-4310	151	26	0.0289	0.0289	NUM
ajfa-4310	151	27	*	*	PUNCT
ajfa-4310	151	28	*	*	PUNCT
ajfa-4310	151	29	*	*	PUNCT
ajfa-4310	151	30	(	(	PUNCT
ajfa-4310	151	31	8.01	8.01	NUM
ajfa-4310	151	32	)	)	PUNCT
ajfa-4310	151	33	0.0037	0.0037	NUM
ajfa-4310	151	34	(	(	PUNCT
ajfa-4310	151	35	0.99	0.99	NUM
ajfa-4310	151	36	)	)	PUNCT
ajfa-4310	151	37	0.0032	0.0032	NUM
ajfa-4310	151	38	(	(	PUNCT
ajfa-4310	151	39	0.83	0.83	NUM
ajfa-4310	151	40	)	)	PUNCT
ajfa-4310	151	41	0.0025	0.0025	NUM
ajfa-4310	151	42	(	(	PUNCT
ajfa-4310	151	43	0.61	0.61	NUM
ajfa-4310	151	44	)	)	PUNCT
ajfa-4310	151	45	0.0020	0.0020	NUM
ajfa-4310	151	46	(	(	PUNCT
ajfa-4310	151	47	0.46	0.46	NUM
ajfa-4310	151	48	)	)	PUNCT
ajfa-4310	151	49	0.0014	0.0014	NUM
ajfa-4310	151	50	(	(	PUNCT
ajfa-4310	151	51	0.33	0.33	NUM
ajfa-4310	151	52	)	)	PUNCT
ajfa-4310	151	53	losers	loser	NOUN
ajfa-4310	151	54	-0.0249	-0.0249	VERB
ajfa-4310	151	55	*	*	PUNCT
ajfa-4310	152	1	*	*	PUNCT
ajfa-4310	152	2	*	*	PUNCT
ajfa-4310	152	3	(	(	PUNCT
ajfa-4310	152	4	-7.98	-7.98	NUM
ajfa-4310	152	5	)	)	PUNCT
ajfa-4310	152	6	-0.0010	-0.0010	NOUN
ajfa-4310	152	7	(	(	PUNCT
ajfa-4310	152	8	-0.27	-0.27	ADJ
ajfa-4310	152	9	)	)	PUNCT
ajfa-4310	152	10	-0.0006	-0.0006	NOUN
ajfa-4310	152	11	(	(	PUNCT
ajfa-4310	152	12	-0.14	-0.14	NOUN
ajfa-4310	152	13	)	)	PUNCT
ajfa-4310	152	14	-0.0004	-0.0004	NOUN
ajfa-4310	152	15	(	(	PUNCT
ajfa-4310	152	16	-0.10	-0.10	NUM
ajfa-4310	152	17	)	)	PUNCT
ajfa-4310	152	18	-0.0001	-0.0001	NOUN
ajfa-4310	152	19	(	(	PUNCT
ajfa-4310	152	20	-0.03	-0.03	NOUN
ajfa-4310	152	21	)	)	PUNCT
ajfa-4310	152	22	0.0005	0.0005	NUM
ajfa-4310	152	23	(	(	PUNCT
ajfa-4310	152	24	0.10	0.10	NUM
ajfa-4310	152	25	)	)	PUNCT
ajfa-4310	152	26	wml	wml	NOUN
ajfa-4310	152	27	0.0538	0.0538	NUM
ajfa-4310	152	28	*	*	PUNCT
ajfa-4310	152	29	*	*	PUNCT
ajfa-4310	152	30	*	*	PUNCT
ajfa-4310	152	31	(	(	PUNCT
ajfa-4310	152	32	23.68	23.68	NUM
ajfa-4310	152	33	)	)	PUNCT
ajfa-4310	152	34	0.0047	0.0047	NUM
ajfa-4310	152	35	*	*	SYM
ajfa-4310	152	36	(	(	PUNCT
ajfa-4310	152	37	1.88	1.88	NUM
ajfa-4310	152	38	)	)	PUNCT
ajfa-4310	152	39	0.0040	0.0040	NUM
ajfa-4310	152	40	(	(	PUNCT
ajfa-4310	152	41	1.54	1.54	NUM
ajfa-4310	152	42	)	)	PUNCT
ajfa-4310	152	43	0.0030	0.0030	NUM
ajfa-4310	152	44	(	(	PUNCT
ajfa-4310	152	45	1.23	1.23	NUM
ajfa-4310	152	46	)	)	PUNCT
ajfa-4310	152	47	0.0021	0.0021	NUM
ajfa-4310	152	48	(	(	PUNCT
ajfa-4310	152	49	1.01	1.01	NUM
ajfa-4310	152	50	)	)	PUNCT
ajfa-4310	152	51	0.0009	0.0009	NUM
ajfa-4310	152	52	(	(	PUNCT
ajfa-4310	152	53	0.52	0.52	NUM
ajfa-4310	152	54	)	)	PUNCT
ajfa-4310	152	55	13	13	NUM
ajfa-4310	152	56	winners	winner	NOUN
ajfa-4310	152	57	0.0224	0.0224	NUM
ajfa-4310	152	58	*	*	PUNCT
ajfa-4310	152	59	*	*	PUNCT
ajfa-4310	152	60	*	*	PUNCT
ajfa-4310	152	61	(	(	PUNCT
ajfa-4310	152	62	6.38	6.38	NUM
ajfa-4310	152	63	)	)	PUNCT
ajfa-4310	152	64	0.0040	0.0040	NUM
ajfa-4310	152	65	(	(	PUNCT
ajfa-4310	152	66	1.08	1.08	NUM
ajfa-4310	152	67	)	)	PUNCT
ajfa-4310	152	68	0.0033	0.0033	NUM
ajfa-4310	152	69	(	(	PUNCT
ajfa-4310	152	70	0.86	0.86	NUM
ajfa-4310	152	71	)	)	PUNCT
ajfa-4310	152	72	0.0025	0.0025	NUM
ajfa-4310	152	73	(	(	PUNCT
ajfa-4310	152	74	0.62	0.62	NUM
ajfa-4310	152	75	)	)	PUNCT
ajfa-4310	152	76	0.0017	0.0017	NUM
ajfa-4310	152	77	(	(	PUNCT
ajfa-4310	152	78	0.40	0.40	NUM
ajfa-4310	152	79	)	)	PUNCT
ajfa-4310	152	80	0.0011	0.0011	NUM
ajfa-4310	152	81	(	(	PUNCT
ajfa-4310	152	82	0.28	0.28	NUM
ajfa-4310	152	83	)	)	PUNCT
ajfa-4310	152	84	losers	loser	NOUN
ajfa-4310	152	85	-0.0203	-0.0203	VERB
ajfa-4310	152	86	*	*	PUNCT
ajfa-4310	153	1	*	*	PUNCT
ajfa-4310	153	2	*	*	PUNCT
ajfa-4310	153	3	(	(	PUNCT
ajfa-4310	153	4	-6.30	-6.30	ADJ
ajfa-4310	153	5	)	)	PUNCT
ajfa-4310	153	6	-0.0013	-0.0013	PUNCT
ajfa-4310	154	1	(	(	PUNCT
ajfa-4310	154	2	-0.35	-0.35	NOUN
ajfa-4310	154	3	)	)	PUNCT
ajfa-4310	154	4	-0.0011	-0.0011	X
ajfa-4310	154	5	(	(	PUNCT
ajfa-4310	154	6	-0.26	-0.26	NOUN
ajfa-4310	154	7	)	)	PUNCT
ajfa-4310	154	8	-0.0006	-0.0006	NOUN
ajfa-4310	154	9	(	(	PUNCT
ajfa-4310	154	10	-0.14	-0.14	NOUN
ajfa-4310	154	11	)	)	PUNCT
ajfa-4310	154	12	0.00005	0.00005	NUM
ajfa-4310	154	13	(	(	PUNCT
ajfa-4310	154	14	0.01	0.01	NUM
ajfa-4310	154	15	)	)	PUNCT
ajfa-4310	154	16	0.0005	0.0005	NUM
ajfa-4310	154	17	(	(	PUNCT
ajfa-4310	154	18	0.11	0.11	NUM
ajfa-4310	154	19	)	)	PUNCT
ajfa-4310	154	20	wml	wml	NOUN
ajfa-4310	154	21	0.0427	0.0427	PROPN
ajfa-4310	154	22	*	*	PUNCT
ajfa-4310	154	23	*	*	PUNCT
ajfa-4310	154	24	*	*	PUNCT
ajfa-4310	154	25	(	(	PUNCT
ajfa-4310	154	26	19.80	19.80	NUM
ajfa-4310	154	27	)	)	PUNCT
ajfa-4310	154	28	0.0053	0.0053	NUM
ajfa-4310	154	29	*	*	PUNCT
ajfa-4310	154	30	*	*	PUNCT
ajfa-4310	154	31	(	(	PUNCT
ajfa-4310	154	32	2.13	2.13	NUM
ajfa-4310	154	33	)	)	PUNCT
ajfa-4310	155	1	0.0044	0.0044	NUM
ajfa-4310	155	2	*	*	SYM
ajfa-4310	155	3	(	(	PUNCT
ajfa-4310	155	4	1.70	1.70	NUM
ajfa-4310	155	5	)	)	PUNCT
ajfa-4310	155	6	0.0031	0.0031	NUM
ajfa-4310	155	7	(	(	PUNCT
ajfa-4310	155	8	1.18	1.18	NUM
ajfa-4310	155	9	)	)	PUNCT
ajfa-4310	155	10	0.0016	0.0016	NUM
ajfa-4310	155	11	(	(	PUNCT
ajfa-4310	155	12	0.68	0.68	NUM
ajfa-4310	155	13	)	)	PUNCT
ajfa-4310	155	14	0.0006	0.0006	NUM
ajfa-4310	155	15	(	(	PUNCT
ajfa-4310	155	16	0.32	0.32	NUM
ajfa-4310	155	17	)	)	PUNCT
ajfa-4310	155	18	note	note	NOUN
ajfa-4310	155	19	:	:	PUNCT
ajfa-4310	155	20	t	t	PROPN
ajfa-4310	155	21	-	-	PUNCT
ajfa-4310	155	22	statistics	statistic	NOUN
ajfa-4310	155	23	are	be	AUX
ajfa-4310	155	24	calculated	calculate	VERB
ajfa-4310	155	25	using	use	VERB
ajfa-4310	155	26	newey	newey	PROPN
ajfa-4310	155	27	-	-	PUNCT
ajfa-4310	155	28	west	west	ADJ
ajfa-4310	155	29	standard	standard	ADJ
ajfa-4310	155	30	errors	error	NOUN
ajfa-4310	155	31	and	and	CCONJ
ajfa-4310	155	32	setting	set	VERB
ajfa-4310	155	33	the	the	DET
ajfa-4310	155	34	number	number	NOUN
ajfa-4310	155	35	of	of	ADP
ajfa-4310	155	36	lags	lag	NOUN
ajfa-4310	155	37	equal	equal	ADJ
ajfa-4310	155	38	to	to	ADP
ajfa-4310	155	39	the	the	DET
ajfa-4310	155	40	number	number	NOUN
ajfa-4310	155	41	of	of	ADP
ajfa-4310	155	42	overlapping	overlap	VERB
ajfa-4310	155	43	weeks	week	NOUN
ajfa-4310	155	44	in	in	ADP
ajfa-4310	155	45	each	each	DET
ajfa-4310	155	46	calendar	calendar	NOUN
ajfa-4310	155	47	week	week	NOUN
ajfa-4310	155	48	.	.	PUNCT
ajfa-4310	156	1	(	(	PUNCT
ajfa-4310	156	2	*	*	PUNCT
ajfa-4310	156	3	*	*	PUNCT
ajfa-4310	156	4	*	*	PUNCT
ajfa-4310	156	5	)	)	PUNCT
ajfa-4310	156	6	,	,	PUNCT
ajfa-4310	156	7	(	(	PUNCT
ajfa-4310	156	8	*	*	PUNCT
ajfa-4310	156	9	*	*	PUNCT
ajfa-4310	156	10	)	)	PUNCT
ajfa-4310	156	11	,	,	PUNCT
ajfa-4310	156	12	(	(	PUNCT
ajfa-4310	156	13	*	*	PUNCT
ajfa-4310	156	14	)	)	PUNCT
ajfa-4310	156	15	indicate	indicate	VERB
ajfa-4310	156	16	significance	significance	NOUN
ajfa-4310	156	17	at	at	ADP
ajfa-4310	156	18	the	the	DET
ajfa-4310	156	19	1	1	NUM
ajfa-4310	156	20	%	%	NOUN
ajfa-4310	156	21	,	,	PUNCT
ajfa-4310	156	22	5	5	NUM
ajfa-4310	156	23	%	%	NOUN
ajfa-4310	156	24	and	and	CCONJ
ajfa-4310	156	25	10	10	NUM
ajfa-4310	156	26	%	%	NOUN
ajfa-4310	156	27	level	level	NOUN
ajfa-4310	156	28	,	,	PUNCT
ajfa-4310	156	29	respectively	respectively	ADV
ajfa-4310	156	30	.	.	PUNCT
ajfa-4310	157	1	t	t	PROPN
ajfa-4310	157	2	-	-	PUNCT
ajfa-4310	157	3	statistics	statistic	NOUN
ajfa-4310	157	4	are	be	AUX
ajfa-4310	157	5	presented	present	VERB
ajfa-4310	157	6	in	in	ADP
ajfa-4310	157	7	parentheses	parenthesis	NOUN
ajfa-4310	157	8	.	.	PUNCT
ajfa-4310	158	1	taking	take	VERB
ajfa-4310	158	2	a	a	DET
ajfa-4310	158	3	look	look	NOUN
ajfa-4310	158	4	at	at	ADP
ajfa-4310	158	5	the	the	DET
ajfa-4310	158	6	profits	profit	NOUN
ajfa-4310	158	7	on	on	ADP
ajfa-4310	158	8	the	the	DET
ajfa-4310	158	9	wml	wml	PROPN
ajfa-4310	158	10	portfolios	portfolio	NOUN
ajfa-4310	158	11	with	with	ADP
ajfa-4310	158	12	k=1	k=1	PROPN
ajfa-4310	158	13	,	,	PUNCT
ajfa-4310	158	14	2	2	NUM
ajfa-4310	158	15	,	,	PUNCT
ajfa-4310	158	16	4	4	NUM
ajfa-4310	158	17	,	,	PUNCT
ajfa-4310	158	18	8	8	NUM
ajfa-4310	158	19	and	and	CCONJ
ajfa-4310	158	20	13	13	NUM
ajfa-4310	158	21	,	,	PUNCT
ajfa-4310	158	22	j=1	j=1	NOUN
ajfa-4310	158	23	,	,	PUNCT
ajfa-4310	158	24	we	we	PRON
ajfa-4310	158	25	find	find	VERB
ajfa-4310	158	26	that	that	SCONJ
ajfa-4310	158	27	the	the	DET
ajfa-4310	158	28	profits	profit	NOUN
ajfa-4310	158	29	are	be	AUX
ajfa-4310	158	30	still	still	ADV
ajfa-4310	158	31	significant	significant	ADJ
ajfa-4310	158	32	for	for	ADP
ajfa-4310	158	33	sorting	sort	VERB
ajfa-4310	158	34	intervals	interval	NOUN
ajfa-4310	158	35	longer	long	ADV
ajfa-4310	158	36	than	than	ADP
ajfa-4310	158	37	one	one	NUM
ajfa-4310	158	38	week	week	NOUN
ajfa-4310	158	39	,	,	PUNCT
ajfa-4310	158	40	but	but	CCONJ
ajfa-4310	158	41	the	the	DET
ajfa-4310	158	42	portfolio	portfolio	NOUN
ajfa-4310	158	43	with	with	ADP
ajfa-4310	158	44	k=1	k=1	PROPN
ajfa-4310	158	45	has	have	VERB
ajfa-4310	158	46	a	a	DET
ajfa-4310	158	47	higher	high	ADJ
ajfa-4310	158	48	and	and	CCONJ
ajfa-4310	158	49	less	less	ADJ
ajfa-4310	158	50	risky11	risky11	NOUN
ajfa-4310	158	51	profit	profit	NOUN
ajfa-4310	158	52	than	than	ADP
ajfa-4310	158	53	the	the	DET
ajfa-4310	158	54	others	other	NOUN
ajfa-4310	158	55	.	.	PUNCT
ajfa-4310	159	1	we	we	PRON
ajfa-4310	159	2	have	have	VERB
ajfa-4310	159	3	similar	similar	ADJ
ajfa-4310	159	4	results	result	NOUN
ajfa-4310	159	5	with	with	ADP
ajfa-4310	159	6	j=2	j=2	PROPN
ajfa-4310	159	7	,	,	PUNCT
ajfa-4310	159	8	8	8	NUM
ajfa-4310	159	9	and	and	CCONJ
ajfa-4310	159	10	13	13	NUM
ajfa-4310	159	11	.	.	PUNCT
ajfa-4310	160	1	these	these	DET
ajfa-4310	160	2	findings	finding	NOUN
ajfa-4310	160	3	imply	imply	VERB
ajfa-4310	160	4	that	that	SCONJ
ajfa-4310	160	5	one	one	NUM
ajfa-4310	160	6	-	-	PUNCT
ajfa-4310	160	7	week	week	NOUN
ajfa-4310	160	8	returns	return	NOUN
ajfa-4310	160	9	provide	provide	VERB
ajfa-4310	160	10	more	more	ADV
ajfa-4310	160	11	substantial	substantial	ADJ
ajfa-4310	160	12	11	11	NUM
ajfa-4310	160	13	the	the	DET
ajfa-4310	160	14	standard	standard	ADJ
ajfa-4310	160	15	deviation	deviation	NOUN
ajfa-4310	160	16	of	of	ADP
ajfa-4310	160	17	profit	profit	NOUN
ajfa-4310	160	18	on	on	ADP
ajfa-4310	160	19	the	the	DET
ajfa-4310	160	20	portfolio	portfolio	NOUN
ajfa-4310	160	21	with	with	ADP
ajfa-4310	160	22	k=1	k=1	PROPN
ajfa-4310	160	23	is	be	AUX
ajfa-4310	160	24	lower	low	ADJ
ajfa-4310	160	25	than	than	ADP
ajfa-4310	160	26	those	those	PRON
ajfa-4310	160	27	of	of	ADP
ajfa-4310	160	28	the	the	DET
ajfa-4310	160	29	others	other	NOUN
ajfa-4310	160	30	.	.	PUNCT
ajfa-4310	161	1	the	the	DET
ajfa-4310	161	2	information	information	NOUN
ajfa-4310	161	3	on	on	ADP
ajfa-4310	161	4	the	the	DET
ajfa-4310	161	5	standard	standard	ADJ
ajfa-4310	161	6	deviations	deviation	NOUN
ajfa-4310	161	7	of	of	ADP
ajfa-4310	161	8	winners	winner	NOUN
ajfa-4310	161	9	,	,	PUNCT
ajfa-4310	161	10	loser	loser	NOUN
ajfa-4310	161	11	and	and	CCONJ
ajfa-4310	161	12	wml	wml	PROPN
ajfa-4310	161	13	portfolios	portfolio	NOUN
ajfa-4310	161	14	’	'	PUNCT
ajfa-4310	161	15	returns	return	NOUN
ajfa-4310	161	16	is	be	AUX
ajfa-4310	161	17	available	available	ADJ
ajfa-4310	161	18	upon	upon	SCONJ
ajfa-4310	161	19	request	request	NOUN
ajfa-4310	161	20	.	.	PUNCT
ajfa-4310	162	1	asian	asian	ADJ
ajfa-4310	162	2	journal	journal	PROPN
ajfa-4310	162	3	of	of	ADP
ajfa-4310	162	4	finance	finance	PROPN
ajfa-4310	162	5	&	&	CCONJ
ajfa-4310	162	6	accounting	accounting	PROPN
ajfa-4310	162	7	issn	issn	PROPN
ajfa-4310	162	8	1946	1946	NUM
ajfa-4310	162	9	-	-	PUNCT
ajfa-4310	162	10	052x	052x	NOUN
ajfa-4310	162	11	2013	2013	NUM
ajfa-4310	162	12	,	,	PUNCT
ajfa-4310	162	13	vol	vol	NOUN
ajfa-4310	162	14	.	.	PROPN
ajfa-4310	162	15	5	5	NUM
ajfa-4310	162	16	,	,	PUNCT
ajfa-4310	162	17	no	no	INTJ
ajfa-4310	162	18	.	.	NOUN
ajfa-4310	162	19	2	2	NUM
ajfa-4310	162	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	162	21	191	191	NUM
ajfa-4310	162	22	information	information	NOUN
ajfa-4310	162	23	than	than	ADP
ajfa-4310	162	24	longer	long	ADJ
ajfa-4310	162	25	-	-	PUNCT
ajfa-4310	162	26	horizon	horizon	NOUN
ajfa-4310	162	27	returns	return	NOUN
ajfa-4310	162	28	in	in	ADP
ajfa-4310	162	29	predicting	predict	VERB
ajfa-4310	162	30	future	future	ADJ
ajfa-4310	162	31	returns	return	NOUN
ajfa-4310	162	32	.	.	PUNCT
ajfa-4310	163	1	for	for	ADP
ajfa-4310	163	2	j=4	j=4	NOUN
ajfa-4310	163	3	,	,	PUNCT
ajfa-4310	163	4	the	the	DET
ajfa-4310	163	5	portfolio	portfolio	NOUN
ajfa-4310	163	6	with	with	ADP
ajfa-4310	163	7	k=4	k=4	PROPN
ajfa-4310	163	8	gains	gain	VERB
ajfa-4310	163	9	a	a	DET
ajfa-4310	163	10	larger	large	ADJ
ajfa-4310	163	11	profit	profit	NOUN
ajfa-4310	163	12	(	(	PUNCT
ajfa-4310	163	13	0.37	0.37	NUM
ajfa-4310	163	14	percent	percent	NOUN
ajfa-4310	163	15	per	per	ADP
ajfa-4310	163	16	week	week	NOUN
ajfa-4310	163	17	)	)	PUNCT
ajfa-4310	163	18	but	but	CCONJ
ajfa-4310	163	19	suffers	suffer	VERB
ajfa-4310	163	20	from	from	ADP
ajfa-4310	163	21	larger	large	ADJ
ajfa-4310	163	22	risk	risk	NOUN
ajfa-4310	163	23	(	(	PUNCT
ajfa-4310	163	24	standard	standard	ADJ
ajfa-4310	163	25	deviation	deviation	NOUN
ajfa-4310	163	26	of	of	ADP
ajfa-4310	163	27	3	3	NUM
ajfa-4310	163	28	percent	percent	NOUN
ajfa-4310	163	29	per	per	ADP
ajfa-4310	163	30	week	week	NOUN
ajfa-4310	163	31	)	)	PUNCT
ajfa-4310	163	32	than	than	ADP
ajfa-4310	163	33	the	the	DET
ajfa-4310	163	34	portfolio	portfolio	NOUN
ajfa-4310	163	35	with	with	ADP
ajfa-4310	163	36	k=1	k=1	PROPN
ajfa-4310	163	37	,	,	PUNCT
ajfa-4310	163	38	of	of	ADP
ajfa-4310	163	39	which	which	PRON
ajfa-4310	163	40	the	the	DET
ajfa-4310	163	41	profit	profit	NOUN
ajfa-4310	163	42	and	and	CCONJ
ajfa-4310	163	43	standard	standard	ADJ
ajfa-4310	163	44	deviation	deviation	NOUN
ajfa-4310	163	45	are	be	AUX
ajfa-4310	163	46	0.30	0.30	NUM
ajfa-4310	163	47	percent	percent	NOUN
ajfa-4310	163	48	and	and	CCONJ
ajfa-4310	163	49	2.11	2.11	NUM
ajfa-4310	163	50	percent	percent	NOUN
ajfa-4310	163	51	per	per	ADP
ajfa-4310	163	52	week	week	NOUN
ajfa-4310	163	53	,	,	PUNCT
ajfa-4310	163	54	respectively	respectively	ADV
ajfa-4310	163	55	.	.	PUNCT
ajfa-4310	164	1	put	put	VERB
ajfa-4310	164	2	differently	differently	ADV
ajfa-4310	164	3	,	,	PUNCT
ajfa-4310	164	4	the	the	DET
ajfa-4310	164	5	portfolio	portfolio	NOUN
ajfa-4310	164	6	with	with	ADP
ajfa-4310	164	7	k=4	k=4	PROPN
ajfa-4310	164	8	has	have	VERB
ajfa-4310	164	9	a	a	DET
ajfa-4310	164	10	23	23	NUM
ajfa-4310	164	11	percent	percent	NOUN
ajfa-4310	164	12	higher	high	ADJ
ajfa-4310	164	13	gain	gain	NOUN
ajfa-4310	164	14	but	but	CCONJ
ajfa-4310	164	15	bears	bear	VERB
ajfa-4310	164	16	42	42	NUM
ajfa-4310	164	17	percent	percent	NOUN
ajfa-4310	164	18	larger	large	ADJ
ajfa-4310	164	19	risk	risk	NOUN
ajfa-4310	164	20	than	than	ADP
ajfa-4310	164	21	the	the	DET
ajfa-4310	164	22	one	one	NOUN
ajfa-4310	164	23	with	with	ADP
ajfa-4310	164	24	k=1	k=1	PROPN
ajfa-4310	164	25	.	.	PUNCT
ajfa-4310	165	1	this	this	PRON
ajfa-4310	165	2	means	mean	VERB
ajfa-4310	165	3	that	that	SCONJ
ajfa-4310	165	4	the	the	DET
ajfa-4310	165	5	latter	latter	NOUN
ajfa-4310	165	6	is	be	AUX
ajfa-4310	165	7	better	well	ADJ
ajfa-4310	165	8	than	than	ADP
ajfa-4310	165	9	the	the	DET
ajfa-4310	165	10	former	former	ADJ
ajfa-4310	165	11	,	,	PUNCT
ajfa-4310	165	12	confirming	confirm	VERB
ajfa-4310	165	13	the	the	DET
ajfa-4310	165	14	ability	ability	NOUN
ajfa-4310	165	15	of	of	ADP
ajfa-4310	165	16	one	one	NUM
ajfa-4310	165	17	-	-	PUNCT
ajfa-4310	165	18	week	week	NOUN
ajfa-4310	165	19	returns	return	NOUN
ajfa-4310	165	20	in	in	ADP
ajfa-4310	165	21	predicting	predict	VERB
ajfa-4310	165	22	future	future	ADJ
ajfa-4310	165	23	returns	return	NOUN
ajfa-4310	165	24	.	.	PUNCT
ajfa-4310	166	1	from	from	ADP
ajfa-4310	166	2	a	a	DET
ajfa-4310	166	3	practical	practical	ADJ
ajfa-4310	166	4	point	point	NOUN
ajfa-4310	166	5	of	of	ADP
ajfa-4310	166	6	view	view	NOUN
ajfa-4310	166	7	,	,	PUNCT
ajfa-4310	166	8	it	it	PRON
ajfa-4310	166	9	is	be	AUX
ajfa-4310	166	10	important	important	ADJ
ajfa-4310	166	11	to	to	PART
ajfa-4310	166	12	examine	examine	VERB
ajfa-4310	166	13	the	the	DET
ajfa-4310	166	14	profitability	profitability	NOUN
ajfa-4310	166	15	of	of	ADP
ajfa-4310	166	16	the	the	DET
ajfa-4310	166	17	momentum	momentum	NOUN
ajfa-4310	166	18	strategies	strategy	NOUN
ajfa-4310	166	19	after	after	ADP
ajfa-4310	166	20	considering	consider	VERB
ajfa-4310	166	21	transaction	transaction	NOUN
ajfa-4310	166	22	costs	cost	NOUN
ajfa-4310	166	23	.	.	PUNCT
ajfa-4310	167	1	in	in	ADP
ajfa-4310	167	2	the	the	DET
ajfa-4310	167	3	vietnamese	vietnamese	ADJ
ajfa-4310	167	4	stock	stock	NOUN
ajfa-4310	167	5	market	market	NOUN
ajfa-4310	167	6	,	,	PUNCT
ajfa-4310	167	7	transaction	transaction	NOUN
ajfa-4310	167	8	costs	cost	NOUN
ajfa-4310	167	9	range	range	VERB
ajfa-4310	167	10	from	from	ADP
ajfa-4310	167	11	0.15	0.15	NUM
ajfa-4310	167	12	percent	percent	NOUN
ajfa-4310	167	13	to	to	ADP
ajfa-4310	167	14	0.35	0.35	NUM
ajfa-4310	167	15	percent	percent	NOUN
ajfa-4310	167	16	of	of	ADP
ajfa-4310	167	17	trading	trading	NOUN
ajfa-4310	167	18	value	value	NOUN
ajfa-4310	167	19	and	and	CCONJ
ajfa-4310	167	20	decrease	decrease	NOUN
ajfa-4310	167	21	for	for	ADP
ajfa-4310	167	22	larger	large	ADJ
ajfa-4310	167	23	trading	trading	NOUN
ajfa-4310	167	24	value12	value12	NOUN
ajfa-4310	167	25	.	.	PUNCT
ajfa-4310	168	1	since	since	SCONJ
ajfa-4310	168	2	momentum	momentum	NOUN
ajfa-4310	168	3	is	be	AUX
ajfa-4310	168	4	considered	consider	VERB
ajfa-4310	168	5	as	as	ADP
ajfa-4310	168	6	an	an	DET
ajfa-4310	168	7	arbitrage	arbitrage	NOUN
ajfa-4310	168	8	opportunity	opportunity	NOUN
ajfa-4310	168	9	which	which	PRON
ajfa-4310	168	10	is	be	AUX
ajfa-4310	168	11	commonly	commonly	ADV
ajfa-4310	168	12	realized	realize	VERB
ajfa-4310	168	13	by	by	ADP
ajfa-4310	168	14	institutional	institutional	ADJ
ajfa-4310	168	15	investors	investor	NOUN
ajfa-4310	168	16	with	with	ADP
ajfa-4310	168	17	huge	huge	ADJ
ajfa-4310	168	18	trading	trading	NOUN
ajfa-4310	168	19	value	value	NOUN
ajfa-4310	168	20	,	,	PUNCT
ajfa-4310	168	21	it	it	PRON
ajfa-4310	168	22	is	be	AUX
ajfa-4310	168	23	plausible	plausible	ADJ
ajfa-4310	168	24	to	to	PART
ajfa-4310	168	25	impose	impose	VERB
ajfa-4310	168	26	the	the	DET
ajfa-4310	168	27	lowest	low	ADJ
ajfa-4310	168	28	trading	trading	NOUN
ajfa-4310	168	29	cost	cost	NOUN
ajfa-4310	168	30	of	of	ADP
ajfa-4310	168	31	0.15	0.15	NUM
ajfa-4310	168	32	percent	percent	NOUN
ajfa-4310	168	33	on	on	ADP
ajfa-4310	168	34	the	the	DET
ajfa-4310	168	35	momentum	momentum	NOUN
ajfa-4310	168	36	strategies	strategy	NOUN
ajfa-4310	168	37	.	.	PUNCT
ajfa-4310	169	1	considering	consider	VERB
ajfa-4310	169	2	the	the	DET
ajfa-4310	169	3	strategy	strategy	NOUN
ajfa-4310	169	4	with	with	ADP
ajfa-4310	169	5	j	j	PROPN
ajfa-4310	169	6	=	=	PROPN
ajfa-4310	169	7	1	1	NUM
ajfa-4310	169	8	,	,	PUNCT
ajfa-4310	169	9	the	the	DET
ajfa-4310	169	10	transaction	transaction	NOUN
ajfa-4310	169	11	cost	cost	NOUN
ajfa-4310	169	12	is	be	AUX
ajfa-4310	169	13	imposed	impose	VERB
ajfa-4310	169	14	twice	twice	ADV
ajfa-4310	169	15	on	on	ADP
ajfa-4310	169	16	each	each	DET
ajfa-4310	169	17	long	long	ADJ
ajfa-4310	169	18	and	and	CCONJ
ajfa-4310	169	19	short	short	ADJ
ajfa-4310	169	20	position	position	NOUN
ajfa-4310	169	21	at	at	ADP
ajfa-4310	169	22	the	the	DET
ajfa-4310	169	23	portfolio	portfolio	NOUN
ajfa-4310	169	24	formation	formation	NOUN
ajfa-4310	169	25	and	and	CCONJ
ajfa-4310	169	26	disposal	disposal	NOUN
ajfa-4310	169	27	.	.	PUNCT
ajfa-4310	170	1	furthermore	furthermore	ADV
ajfa-4310	170	2	,	,	PUNCT
ajfa-4310	170	3	the	the	DET
ajfa-4310	170	4	momentum	momentum	NOUN
ajfa-4310	170	5	profit	profit	NOUN
ajfa-4310	170	6	is	be	AUX
ajfa-4310	170	7	the	the	DET
ajfa-4310	170	8	difference	difference	NOUN
ajfa-4310	170	9	between	between	ADP
ajfa-4310	170	10	returns	return	NOUN
ajfa-4310	170	11	on	on	ADP
ajfa-4310	170	12	winner	winner	NOUN
ajfa-4310	170	13	and	and	CCONJ
ajfa-4310	170	14	loser	loser	ADJ
ajfa-4310	170	15	portfolios	portfolio	NOUN
ajfa-4310	170	16	,	,	PUNCT
ajfa-4310	170	17	thus	thus	ADV
ajfa-4310	170	18	can	can	AUX
ajfa-4310	170	19	be	be	AUX
ajfa-4310	170	20	seen	see	VERB
ajfa-4310	170	21	as	as	ADP
ajfa-4310	170	22	return	return	NOUN
ajfa-4310	170	23	per	per	ADP
ajfa-4310	170	24	dollar	dollar	NOUN
ajfa-4310	170	25	invested	invest	VERB
ajfa-4310	170	26	in	in	ADP
ajfa-4310	170	27	the	the	DET
ajfa-4310	170	28	long	long	ADJ
ajfa-4310	170	29	position	position	NOUN
ajfa-4310	170	30	.	.	PUNCT
ajfa-4310	171	1	consequently	consequently	ADV
ajfa-4310	171	2	,	,	PUNCT
ajfa-4310	171	3	for	for	ADP
ajfa-4310	171	4	the	the	DET
ajfa-4310	171	5	strategy	strategy	NOUN
ajfa-4310	171	6	with	with	ADP
ajfa-4310	171	7	j=1	j=1	PROPN
ajfa-4310	171	8	,	,	PUNCT
ajfa-4310	171	9	four	four	NUM
ajfa-4310	171	10	times	time	NOUN
ajfa-4310	171	11	of	of	ADP
ajfa-4310	171	12	the	the	DET
ajfa-4310	171	13	transaction	transaction	NOUN
ajfa-4310	171	14	cost	cost	NOUN
ajfa-4310	171	15	should	should	AUX
ajfa-4310	171	16	be	be	AUX
ajfa-4310	171	17	cut	cut	VERB
ajfa-4310	171	18	down	down	ADP
ajfa-4310	171	19	from	from	ADP
ajfa-4310	171	20	its	its	PRON
ajfa-4310	171	21	profit	profit	NOUN
ajfa-4310	171	22	.	.	PUNCT
ajfa-4310	172	1	for	for	ADP
ajfa-4310	172	2	the	the	DET
ajfa-4310	172	3	strategy	strategy	NOUN
ajfa-4310	172	4	with	with	ADP
ajfa-4310	172	5	j=2	j=2	PROPN
ajfa-4310	172	6	,	,	PUNCT
ajfa-4310	172	7	since	since	SCONJ
ajfa-4310	172	8	the	the	DET
ajfa-4310	172	9	profit	profit	NOUN
ajfa-4310	172	10	is	be	AUX
ajfa-4310	172	11	determined	determine	VERB
ajfa-4310	172	12	as	as	ADP
ajfa-4310	172	13	the	the	DET
ajfa-4310	172	14	overlapping	overlap	VERB
ajfa-4310	172	15	average	average	ADJ
ajfa-4310	172	16	profit	profit	NOUN
ajfa-4310	172	17	on	on	ADP
ajfa-4310	172	18	two	two	NUM
ajfa-4310	172	19	wml	wml	NOUN
ajfa-4310	172	20	portfolios	portfolio	NOUN
ajfa-4310	172	21	at	at	ADP
ajfa-4310	172	22	a	a	DET
ajfa-4310	172	23	calendar	calendar	NOUN
ajfa-4310	172	24	week	week	NOUN
ajfa-4310	172	25	,	,	PUNCT
ajfa-4310	172	26	the	the	DET
ajfa-4310	172	27	transaction	transaction	NOUN
ajfa-4310	172	28	cost	cost	NOUN
ajfa-4310	172	29	is	be	AUX
ajfa-4310	172	30	charged	charge	VERB
ajfa-4310	172	31	four	four	NUM
ajfa-4310	172	32	times	time	NOUN
ajfa-4310	172	33	to	to	ADP
ajfa-4310	172	34	each	each	DET
ajfa-4310	172	35	position	position	NOUN
ajfa-4310	172	36	during	during	ADP
ajfa-4310	172	37	two	two	NUM
ajfa-4310	172	38	weeks	week	NOUN
ajfa-4310	172	39	.	.	PUNCT
ajfa-4310	173	1	this	this	PRON
ajfa-4310	173	2	means	mean	VERB
ajfa-4310	173	3	that	that	SCONJ
ajfa-4310	173	4	the	the	DET
ajfa-4310	173	5	transaction	transaction	NOUN
ajfa-4310	173	6	cost	cost	NOUN
ajfa-4310	173	7	is	be	AUX
ajfa-4310	173	8	imposed	impose	VERB
ajfa-4310	173	9	twice	twice	ADV
ajfa-4310	173	10	per	per	ADP
ajfa-4310	173	11	week	week	NOUN
ajfa-4310	173	12	on	on	ADP
ajfa-4310	173	13	each	each	DET
ajfa-4310	173	14	long	long	ADJ
ajfa-4310	173	15	and	and	CCONJ
ajfa-4310	173	16	short	short	ADJ
ajfa-4310	173	17	position	position	NOUN
ajfa-4310	173	18	.	.	PUNCT
ajfa-4310	174	1	hence	hence	ADV
ajfa-4310	174	2	,	,	PUNCT
ajfa-4310	174	3	for	for	ADP
ajfa-4310	174	4	the	the	DET
ajfa-4310	174	5	strategy	strategy	NOUN
ajfa-4310	174	6	with	with	ADP
ajfa-4310	174	7	j=2	j=2	PROPN
ajfa-4310	174	8	,	,	PUNCT
ajfa-4310	174	9	four	four	NUM
ajfa-4310	174	10	times	time	NOUN
ajfa-4310	174	11	of	of	ADP
ajfa-4310	174	12	the	the	DET
ajfa-4310	174	13	transaction	transaction	NOUN
ajfa-4310	174	14	cost	cost	NOUN
ajfa-4310	174	15	should	should	AUX
ajfa-4310	174	16	be	be	AUX
ajfa-4310	174	17	deducted	deduct	VERB
ajfa-4310	174	18	from	from	ADP
ajfa-4310	174	19	its	its	PRON
ajfa-4310	174	20	weekly	weekly	ADJ
ajfa-4310	174	21	profit	profit	NOUN
ajfa-4310	174	22	.	.	PUNCT
ajfa-4310	175	1	similarly	similarly	ADV
ajfa-4310	175	2	,	,	PUNCT
ajfa-4310	175	3	for	for	ADP
ajfa-4310	175	4	the	the	DET
ajfa-4310	175	5	strategies	strategy	NOUN
ajfa-4310	175	6	with	with	ADP
ajfa-4310	175	7	j=	j=	NOUN
ajfa-4310	175	8	4	4	NUM
ajfa-4310	175	9	,	,	PUNCT
ajfa-4310	175	10	8	8	NUM
ajfa-4310	175	11	and	and	CCONJ
ajfa-4310	175	12	13	13	NUM
ajfa-4310	175	13	,	,	PUNCT
ajfa-4310	175	14	four	four	NUM
ajfa-4310	175	15	times	time	NOUN
ajfa-4310	175	16	of	of	ADP
ajfa-4310	175	17	the	the	DET
ajfa-4310	175	18	transaction	transaction	NOUN
ajfa-4310	175	19	cost	cost	NOUN
ajfa-4310	175	20	should	should	AUX
ajfa-4310	175	21	be	be	AUX
ajfa-4310	175	22	subtracted	subtract	VERB
ajfa-4310	175	23	from	from	ADP
ajfa-4310	175	24	their	their	PRON
ajfa-4310	175	25	weekly	weekly	ADJ
ajfa-4310	175	26	profit	profit	NOUN
ajfa-4310	175	27	.	.	PUNCT
ajfa-4310	176	1	after	after	ADP
ajfa-4310	176	2	accounting	account	VERB
ajfa-4310	176	3	for	for	ADP
ajfa-4310	176	4	a	a	DET
ajfa-4310	176	5	transaction	transaction	NOUN
ajfa-4310	176	6	cost	cost	NOUN
ajfa-4310	176	7	of	of	ADP
ajfa-4310	176	8	0.15	0.15	NUM
ajfa-4310	176	9	percent	percent	NOUN
ajfa-4310	176	10	,	,	PUNCT
ajfa-4310	176	11	only	only	ADV
ajfa-4310	176	12	profits	profit	NOUN
ajfa-4310	176	13	on	on	ADP
ajfa-4310	176	14	the	the	DET
ajfa-4310	176	15	two	two	NUM
ajfa-4310	176	16	strategies	strategy	NOUN
ajfa-4310	176	17	with	with	ADP
ajfa-4310	176	18	k=1	k=1	PROPN
ajfa-4310	176	19	,	,	PUNCT
ajfa-4310	176	20	2	2	NUM
ajfa-4310	176	21	and	and	CCONJ
ajfa-4310	176	22	j	j	NOUN
ajfa-4310	176	23	=	=	NOUN
ajfa-4310	176	24	1	1	NUM
ajfa-4310	176	25	still	still	ADV
ajfa-4310	176	26	exist	exist	VERB
ajfa-4310	176	27	,	,	PUNCT
ajfa-4310	176	28	whereas	whereas	SCONJ
ajfa-4310	176	29	the	the	DET
ajfa-4310	176	30	profits	profit	NOUN
ajfa-4310	176	31	on	on	ADP
ajfa-4310	176	32	the	the	DET
ajfa-4310	176	33	remaining	remain	VERB
ajfa-4310	176	34	strategies	strategy	NOUN
ajfa-4310	176	35	vanish	vanish	VERB
ajfa-4310	176	36	absolutely	absolutely	ADV
ajfa-4310	176	37	.	.	PUNCT
ajfa-4310	177	1	table	table	NOUN
ajfa-4310	177	2	1	1	NUM
ajfa-4310	177	3	also	also	ADV
ajfa-4310	177	4	reports	report	VERB
ajfa-4310	177	5	the	the	DET
ajfa-4310	177	6	average	average	ADJ
ajfa-4310	177	7	returns	return	NOUN
ajfa-4310	177	8	on	on	ADP
ajfa-4310	177	9	winners	winner	NOUN
ajfa-4310	177	10	and	and	CCONJ
ajfa-4310	177	11	losers	loser	NOUN
ajfa-4310	177	12	separately	separately	ADV
ajfa-4310	177	13	.	.	PUNCT
ajfa-4310	178	1	the	the	DET
ajfa-4310	178	2	winner	winner	NOUN
ajfa-4310	178	3	and	and	CCONJ
ajfa-4310	178	4	loser	loser	ADJ
ajfa-4310	178	5	returns	return	NOUN
ajfa-4310	178	6	are	be	AUX
ajfa-4310	178	7	insignificant	insignificant	ADJ
ajfa-4310	178	8	for	for	ADP
ajfa-4310	178	9	all	all	DET
ajfa-4310	178	10	couples	couple	NOUN
ajfa-4310	178	11	of	of	ADP
ajfa-4310	178	12	k	k	PROPN
ajfa-4310	178	13	and	and	CCONJ
ajfa-4310	178	14	j	j	PROPN
ajfa-4310	178	15	,	,	PUNCT
ajfa-4310	178	16	raising	raise	VERB
ajfa-4310	178	17	a	a	DET
ajfa-4310	178	18	concern	concern	NOUN
ajfa-4310	178	19	over	over	ADP
ajfa-4310	178	20	their	their	PRON
ajfa-4310	178	21	significance	significance	NOUN
ajfa-4310	178	22	in	in	ADP
ajfa-4310	178	23	the	the	DET
ajfa-4310	178	24	sorting	sort	VERB
ajfa-4310	178	25	week	week	NOUN
ajfa-4310	178	26	,	,	PUNCT
ajfa-4310	178	27	that	that	ADV
ajfa-4310	178	28	is	is	ADV
ajfa-4310	178	29	,	,	PUNCT
ajfa-4310	178	30	whether	whether	SCONJ
ajfa-4310	178	31	the	the	DET
ajfa-4310	178	32	momentum	momentum	NOUN
ajfa-4310	178	33	strategies	strategy	NOUN
ajfa-4310	178	34	are	be	AUX
ajfa-4310	178	35	based	base	VERB
ajfa-4310	178	36	on	on	ADP
ajfa-4310	178	37	significant	significant	ADJ
ajfa-4310	178	38	information	information	NOUN
ajfa-4310	178	39	.	.	PUNCT
ajfa-4310	179	1	the	the	DET
ajfa-4310	179	2	first	first	ADJ
ajfa-4310	179	3	column	column	NOUN
ajfa-4310	179	4	indicates	indicate	VERB
ajfa-4310	179	5	that	that	SCONJ
ajfa-4310	179	6	in	in	ADP
ajfa-4310	179	7	the	the	DET
ajfa-4310	179	8	sorting	sort	VERB
ajfa-4310	179	9	week	week	NOUN
ajfa-4310	179	10	(	(	PUNCT
ajfa-4310	179	11	j=0	j=0	PROPN
ajfa-4310	179	12	)	)	PUNCT
ajfa-4310	179	13	,	,	PUNCT
ajfa-4310	179	14	the	the	DET
ajfa-4310	179	15	returns	return	NOUN
ajfa-4310	179	16	on	on	ADP
ajfa-4310	179	17	winners	winner	NOUN
ajfa-4310	179	18	are	be	AUX
ajfa-4310	179	19	significantly	significantly	ADV
ajfa-4310	179	20	positive	positive	ADJ
ajfa-4310	179	21	and	and	CCONJ
ajfa-4310	179	22	decrease	decrease	NOUN
ajfa-4310	179	23	as	as	ADP
ajfa-4310	179	24	the	the	DET
ajfa-4310	179	25	ranking	ranking	NOUN
ajfa-4310	179	26	interval	interval	NOUN
ajfa-4310	179	27	is	be	AUX
ajfa-4310	179	28	longer	long	ADJ
ajfa-4310	179	29	,	,	PUNCT
ajfa-4310	179	30	while	while	SCONJ
ajfa-4310	179	31	the	the	DET
ajfa-4310	179	32	returns	return	NOUN
ajfa-4310	179	33	on	on	ADP
ajfa-4310	179	34	losers	loser	NOUN
ajfa-4310	179	35	are	be	AUX
ajfa-4310	179	36	significantly	significantly	ADV
ajfa-4310	179	37	negative	negative	ADJ
ajfa-4310	179	38	and	and	CCONJ
ajfa-4310	179	39	their	their	PRON
ajfa-4310	179	40	absolute	absolute	ADJ
ajfa-4310	179	41	values	value	NOUN
ajfa-4310	179	42	decrease	decrease	NOUN
ajfa-4310	179	43	for	for	ADP
ajfa-4310	179	44	longer	long	ADJ
ajfa-4310	179	45	ranking	rank	VERB
ajfa-4310	179	46	intervals	interval	NOUN
ajfa-4310	179	47	.	.	PUNCT
ajfa-4310	180	1	this	this	PRON
ajfa-4310	180	2	means	mean	VERB
ajfa-4310	180	3	that	that	SCONJ
ajfa-4310	180	4	the	the	DET
ajfa-4310	180	5	momentum	momentum	NOUN
ajfa-4310	180	6	strategies	strategy	NOUN
ajfa-4310	180	7	are	be	AUX
ajfa-4310	180	8	built	build	VERB
ajfa-4310	180	9	on	on	ADP
ajfa-4310	180	10	significant	significant	ADJ
ajfa-4310	180	11	information	information	NOUN
ajfa-4310	180	12	.	.	PUNCT
ajfa-4310	181	1	furthermore	furthermore	ADV
ajfa-4310	181	2	,	,	PUNCT
ajfa-4310	181	3	the	the	DET
ajfa-4310	181	4	decrease	decrease	NOUN
ajfa-4310	181	5	in	in	ADP
ajfa-4310	181	6	the	the	DET
ajfa-4310	181	7	absolute	absolute	ADJ
ajfa-4310	181	8	values	value	NOUN
ajfa-4310	181	9	of	of	ADP
ajfa-4310	181	10	the	the	DET
ajfa-4310	181	11	t	t	PROPN
ajfa-4310	181	12	-	-	PUNCT
ajfa-4310	181	13	statistics	statistic	NOUN
ajfa-4310	181	14	for	for	ADP
ajfa-4310	181	15	longer	long	ADJ
ajfa-4310	181	16	sorting	sort	VERB
ajfa-4310	181	17	intervals	interval	NOUN
ajfa-4310	181	18	confirms	confirm	VERB
ajfa-4310	181	19	our	our	PRON
ajfa-4310	181	20	previous	previous	ADJ
ajfa-4310	181	21	findings	finding	NOUN
ajfa-4310	181	22	that	that	SCONJ
ajfa-4310	181	23	the	the	DET
ajfa-4310	181	24	backward	backward	ADJ
ajfa-4310	181	25	interval	interval	NOUN
ajfa-4310	181	26	of	of	ADP
ajfa-4310	181	27	one	one	NUM
ajfa-4310	181	28	week	week	NOUN
ajfa-4310	181	29	provides	provide	VERB
ajfa-4310	181	30	more	more	ADV
ajfa-4310	181	31	substantial	substantial	ADJ
ajfa-4310	181	32	information	information	NOUN
ajfa-4310	181	33	than	than	ADP
ajfa-4310	181	34	longer	long	ADV
ajfa-4310	181	35	sorting	sort	VERB
ajfa-4310	181	36	horizons	horizon	NOUN
ajfa-4310	181	37	.	.	PUNCT
ajfa-4310	182	1	the	the	DET
ajfa-4310	182	2	extremely	extremely	ADV
ajfa-4310	182	3	high	high	ADJ
ajfa-4310	182	4	returns	return	NOUN
ajfa-4310	182	5	of	of	ADP
ajfa-4310	182	6	winners	winner	NOUN
ajfa-4310	182	7	in	in	ADP
ajfa-4310	182	8	the	the	DET
ajfa-4310	182	9	sorting	sort	VERB
ajfa-4310	182	10	week	week	NOUN
ajfa-4310	182	11	(	(	PUNCT
ajfa-4310	182	12	j=0	j=0	PROPN
ajfa-4310	182	13	)	)	PUNCT
ajfa-4310	182	14	in	in	ADP
ajfa-4310	182	15	comparison	comparison	NOUN
ajfa-4310	182	16	with	with	ADP
ajfa-4310	182	17	their	their	PRON
ajfa-4310	182	18	low	low	ADJ
ajfa-4310	182	19	and	and	CCONJ
ajfa-4310	182	20	insignificant	insignificant	ADJ
ajfa-4310	182	21	returns	return	NOUN
ajfa-4310	182	22	in	in	ADP
ajfa-4310	182	23	the	the	DET
ajfa-4310	182	24	following	follow	VERB
ajfa-4310	182	25	weeks	week	NOUN
ajfa-4310	182	26	raise	raise	VERB
ajfa-4310	182	27	a	a	DET
ajfa-4310	182	28	concern	concern	NOUN
ajfa-4310	182	29	whether	whether	SCONJ
ajfa-4310	182	30	the	the	DET
ajfa-4310	182	31	high	high	ADJ
ajfa-4310	182	32	returns	return	NOUN
ajfa-4310	182	33	are	be	AUX
ajfa-4310	182	34	driven	drive	VERB
ajfa-4310	182	35	by	by	ADP
ajfa-4310	182	36	some	some	DET
ajfa-4310	182	37	special	special	ADJ
ajfa-4310	182	38	corporate	corporate	ADJ
ajfa-4310	182	39	events	event	NOUN
ajfa-4310	182	40	such	such	ADJ
ajfa-4310	182	41	as	as	ADP
ajfa-4310	182	42	stock	stock	NOUN
ajfa-4310	182	43	issues	issue	NOUN
ajfa-4310	182	44	.	.	PUNCT
ajfa-4310	183	1	since	since	SCONJ
ajfa-4310	183	2	the	the	DET
ajfa-4310	183	3	list	list	NOUN
ajfa-4310	183	4	of	of	ADP
ajfa-4310	183	5	winners	winner	NOUN
ajfa-4310	183	6	and	and	CCONJ
ajfa-4310	183	7	losers	loser	NOUN
ajfa-4310	183	8	varies	vary	VERB
ajfa-4310	183	9	from	from	ADP
ajfa-4310	183	10	week	week	NOUN
ajfa-4310	183	11	to	to	ADP
ajfa-4310	183	12	week	week	NOUN
ajfa-4310	183	13	,	,	PUNCT
ajfa-4310	183	14	it	it	PRON
ajfa-4310	183	15	is	be	AUX
ajfa-4310	183	16	difficult	difficult	ADJ
ajfa-4310	183	17	to	to	PART
ajfa-4310	183	18	examine	examine	VERB
ajfa-4310	183	19	the	the	DET
ajfa-4310	183	20	relationship	relationship	NOUN
ajfa-4310	183	21	between	between	ADP
ajfa-4310	183	22	stock	stock	NOUN
ajfa-4310	183	23	12	12	NUM
ajfa-4310	183	24	according	accord	VERB
ajfa-4310	183	25	to	to	ADP
ajfa-4310	183	26	the	the	DET
ajfa-4310	183	27	trading	trading	NOUN
ajfa-4310	183	28	fee	fee	NOUN
ajfa-4310	183	29	tables	table	NOUN
ajfa-4310	183	30	of	of	ADP
ajfa-4310	183	31	some	some	DET
ajfa-4310	183	32	big	big	ADJ
ajfa-4310	183	33	securities	security	NOUN
ajfa-4310	183	34	companies	company	NOUN
ajfa-4310	183	35	such	such	ADJ
ajfa-4310	183	36	as	as	ADP
ajfa-4310	183	37	hsc	hsc	PROPN
ajfa-4310	183	38	,	,	PUNCT
ajfa-4310	183	39	ssi	ssi	PROPN
ajfa-4310	183	40	,	,	PUNCT
ajfa-4310	183	41	vcbs	vcbs	INTJ
ajfa-4310	183	42	,	,	PUNCT
ajfa-4310	183	43	acbs	acbs	ADV
ajfa-4310	183	44	as	as	ADP
ajfa-4310	183	45	in	in	ADP
ajfa-4310	183	46	october	october	PROPN
ajfa-4310	183	47	2012	2012	NUM
ajfa-4310	183	48	.	.	PUNCT
ajfa-4310	184	1	the	the	DET
ajfa-4310	184	2	lowest	low	ADJ
ajfa-4310	184	3	trading	trading	NOUN
ajfa-4310	184	4	cost	cost	NOUN
ajfa-4310	184	5	(	(	PUNCT
ajfa-4310	184	6	0.15	0.15	NUM
ajfa-4310	184	7	percent	percent	NOUN
ajfa-4310	184	8	)	)	PUNCT
ajfa-4310	184	9	is	be	AUX
ajfa-4310	184	10	provided	provide	VERB
ajfa-4310	184	11	by	by	ADP
ajfa-4310	184	12	hsc	hsc	NOUN
ajfa-4310	184	13	and	and	CCONJ
ajfa-4310	184	14	vcbs	vcbs	NOUN
ajfa-4310	184	15	for	for	ADP
ajfa-4310	184	16	the	the	DET
ajfa-4310	184	17	trading	trading	NOUN
ajfa-4310	184	18	value	value	NOUN
ajfa-4310	184	19	of	of	ADP
ajfa-4310	184	20	more	more	ADJ
ajfa-4310	184	21	than	than	ADP
ajfa-4310	184	22	one	one	NUM
ajfa-4310	184	23	billion	billion	NUM
ajfa-4310	184	24	vnd	vnd	PROPN
ajfa-4310	184	25	(	(	PUNCT
ajfa-4310	184	26	equivalently	equivalently	ADV
ajfa-4310	184	27	,	,	PUNCT
ajfa-4310	184	28	usd	usd	NOUN
ajfa-4310	184	29	50,000	50,000	NUM
ajfa-4310	184	30	)	)	PUNCT
ajfa-4310	184	31	.	.	PUNCT
ajfa-4310	185	1	asian	asian	ADJ
ajfa-4310	185	2	journal	journal	PROPN
ajfa-4310	185	3	of	of	ADP
ajfa-4310	185	4	finance	finance	PROPN
ajfa-4310	185	5	&	&	CCONJ
ajfa-4310	185	6	accounting	accounting	PROPN
ajfa-4310	185	7	issn	issn	PROPN
ajfa-4310	185	8	1946	1946	NUM
ajfa-4310	185	9	-	-	PUNCT
ajfa-4310	185	10	052x	052x	NOUN
ajfa-4310	185	11	2013	2013	NUM
ajfa-4310	185	12	,	,	PUNCT
ajfa-4310	185	13	vol	vol	NOUN
ajfa-4310	185	14	.	.	PROPN
ajfa-4310	185	15	5	5	NUM
ajfa-4310	185	16	,	,	PUNCT
ajfa-4310	185	17	no	no	INTJ
ajfa-4310	185	18	.	.	NOUN
ajfa-4310	185	19	2	2	NUM
ajfa-4310	185	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	185	21	192	192	NUM
ajfa-4310	185	22	returns	return	NOUN
ajfa-4310	185	23	and	and	CCONJ
ajfa-4310	185	24	stock	stock	NOUN
ajfa-4310	185	25	issues	issue	NOUN
ajfa-4310	185	26	for	for	ADP
ajfa-4310	185	27	all	all	DET
ajfa-4310	185	28	stocks	stock	NOUN
ajfa-4310	185	29	within	within	ADP
ajfa-4310	185	30	this	this	DET
ajfa-4310	185	31	paper	paper	NOUN
ajfa-4310	185	32	.	.	PUNCT
ajfa-4310	186	1	thus	thus	ADV
ajfa-4310	186	2	,	,	PUNCT
ajfa-4310	186	3	we	we	PRON
ajfa-4310	186	4	carry	carry	VERB
ajfa-4310	186	5	out	out	ADP
ajfa-4310	186	6	a	a	DET
ajfa-4310	186	7	rough	rough	ADJ
ajfa-4310	186	8	test	test	NOUN
ajfa-4310	186	9	on	on	ADP
ajfa-4310	186	10	some	some	DET
ajfa-4310	186	11	specific	specific	ADJ
ajfa-4310	186	12	stocks	stock	NOUN
ajfa-4310	186	13	of	of	ADP
ajfa-4310	186	14	high	high	ADJ
ajfa-4310	186	15	and	and	CCONJ
ajfa-4310	186	16	low	low	ADJ
ajfa-4310	186	17	frequency	frequency	NOUN
ajfa-4310	186	18	of	of	ADP
ajfa-4310	186	19	being	be	AUX
ajfa-4310	186	20	winners	winner	NOUN
ajfa-4310	186	21	(	(	PUNCT
ajfa-4310	186	22	losers	loser	NOUN
ajfa-4310	186	23	)	)	PUNCT
ajfa-4310	186	24	.	.	PUNCT
ajfa-4310	187	1	we	we	PRON
ajfa-4310	187	2	sort	sort	VERB
ajfa-4310	187	3	stocks	stock	NOUN
ajfa-4310	187	4	by	by	ADP
ajfa-4310	187	5	their	their	PRON
ajfa-4310	187	6	frequency	frequency	NOUN
ajfa-4310	187	7	of	of	ADP
ajfa-4310	187	8	being	be	AUX
ajfa-4310	187	9	winners	winner	NOUN
ajfa-4310	187	10	(	(	PUNCT
ajfa-4310	187	11	losers	loser	NOUN
ajfa-4310	187	12	)	)	PUNCT
ajfa-4310	187	13	,	,	PUNCT
ajfa-4310	187	14	select	select	VERB
ajfa-4310	187	15	top	top	ADJ
ajfa-4310	187	16	ten	ten	NUM
ajfa-4310	187	17	highand	highand	ADJ
ajfa-4310	187	18	low	low	ADJ
ajfa-4310	187	19	-	-	PUNCT
ajfa-4310	187	20	frequency	frequency	NOUN
ajfa-4310	187	21	stocks	stock	NOUN
ajfa-4310	187	22	and	and	CCONJ
ajfa-4310	187	23	observe	observe	VERB
ajfa-4310	187	24	the	the	DET
ajfa-4310	187	25	events	event	NOUN
ajfa-4310	187	26	of	of	ADP
ajfa-4310	187	27	stock	stock	NOUN
ajfa-4310	187	28	issue	issue	NOUN
ajfa-4310	187	29	during	during	ADP
ajfa-4310	187	30	our	our	PRON
ajfa-4310	187	31	sample	sample	NOUN
ajfa-4310	187	32	period	period	NOUN
ajfa-4310	187	33	.	.	PUNCT
ajfa-4310	188	1	the	the	DET
ajfa-4310	188	2	findings	finding	NOUN
ajfa-4310	188	3	uncover	uncover	VERB
ajfa-4310	188	4	that	that	SCONJ
ajfa-4310	188	5	the	the	DET
ajfa-4310	188	6	high	high	ADJ
ajfa-4310	188	7	returns	return	NOUN
ajfa-4310	188	8	are	be	AUX
ajfa-4310	188	9	not	not	PART
ajfa-4310	188	10	likely	likely	ADJ
ajfa-4310	188	11	to	to	PART
ajfa-4310	188	12	be	be	AUX
ajfa-4310	188	13	driven	drive	VERB
ajfa-4310	188	14	by	by	ADP
ajfa-4310	188	15	the	the	DET
ajfa-4310	188	16	stock	stock	NOUN
ajfa-4310	188	17	issuances13	issuances13	NOUN
ajfa-4310	188	18	.	.	PUNCT
ajfa-4310	189	1	for	for	ADP
ajfa-4310	189	2	example	example	NOUN
ajfa-4310	189	3	,	,	PUNCT
ajfa-4310	189	4	a	a	DET
ajfa-4310	189	5	mining	mining	NOUN
ajfa-4310	189	6	stock	stock	NOUN
ajfa-4310	189	7	,	,	PUNCT
ajfa-4310	189	8	named	name	VERB
ajfa-4310	189	9	ksh	ksh	PROPN
ajfa-4310	189	10	had	have	VERB
ajfa-4310	189	11	57	57	NUM
ajfa-4310	189	12	times	time	NOUN
ajfa-4310	189	13	of	of	ADP
ajfa-4310	189	14	being	be	AUX
ajfa-4310	189	15	a	a	DET
ajfa-4310	189	16	winner	winner	NOUN
ajfa-4310	189	17	in	in	ADP
ajfa-4310	189	18	its	its	PRON
ajfa-4310	189	19	163	163	NUM
ajfa-4310	189	20	observations	observation	NOUN
ajfa-4310	189	21	for	for	ADP
ajfa-4310	189	22	the	the	DET
ajfa-4310	189	23	period	period	NOUN
ajfa-4310	189	24	of	of	ADP
ajfa-4310	189	25	three	three	NUM
ajfa-4310	189	26	and	and	CCONJ
ajfa-4310	189	27	a	a	DET
ajfa-4310	189	28	half	half	NOUN
ajfa-4310	189	29	year	year	NOUN
ajfa-4310	189	30	,	,	PUNCT
ajfa-4310	189	31	but	but	CCONJ
ajfa-4310	189	32	did	do	AUX
ajfa-4310	189	33	not	not	PART
ajfa-4310	189	34	have	have	VERB
ajfa-4310	189	35	any	any	DET
ajfa-4310	189	36	stock	stock	NOUN
ajfa-4310	189	37	issue	issue	NOUN
ajfa-4310	189	38	during	during	ADP
ajfa-4310	189	39	the	the	DET
ajfa-4310	189	40	period	period	NOUN
ajfa-4310	189	41	.	.	PUNCT
ajfa-4310	190	1	however	however	ADV
ajfa-4310	190	2	,	,	PUNCT
ajfa-4310	190	3	a	a	DET
ajfa-4310	190	4	real	real	ADJ
ajfa-4310	190	5	estate	estate	NOUN
ajfa-4310	190	6	stock	stock	NOUN
ajfa-4310	190	7	,	,	PUNCT
ajfa-4310	190	8	namely	namely	ADV
ajfa-4310	190	9	ppi	ppi	PROPN
ajfa-4310	190	10	had	have	VERB
ajfa-4310	190	11	two	two	NUM
ajfa-4310	190	12	times	time	NOUN
ajfa-4310	190	13	of	of	ADP
ajfa-4310	190	14	stock	stock	NOUN
ajfa-4310	190	15	issues	issue	NOUN
ajfa-4310	190	16	but	but	CCONJ
ajfa-4310	190	17	suffered	suffer	VERB
ajfa-4310	190	18	22	22	NUM
ajfa-4310	190	19	times	time	NOUN
ajfa-4310	190	20	of	of	ADP
ajfa-4310	190	21	being	be	AUX
ajfa-4310	190	22	a	a	DET
ajfa-4310	190	23	loser	loser	NOUN
ajfa-4310	190	24	relative	relative	ADJ
ajfa-4310	190	25	to	to	ADP
ajfa-4310	190	26	its	its	PRON
ajfa-4310	190	27	61	61	NUM
ajfa-4310	190	28	observations	observation	NOUN
ajfa-4310	190	29	in	in	ADP
ajfa-4310	190	30	more	more	ADJ
ajfa-4310	190	31	than	than	ADP
ajfa-4310	190	32	two	two	NUM
ajfa-4310	190	33	years	year	NOUN
ajfa-4310	190	34	.	.	PUNCT
ajfa-4310	191	1	thus	thus	ADV
ajfa-4310	191	2	,	,	PUNCT
ajfa-4310	191	3	the	the	DET
ajfa-4310	191	4	correlation	correlation	NOUN
ajfa-4310	191	5	between	between	ADP
ajfa-4310	191	6	the	the	DET
ajfa-4310	191	7	high	high	ADJ
ajfa-4310	191	8	returns	return	NOUN
ajfa-4310	191	9	in	in	ADP
ajfa-4310	191	10	sorting	sort	VERB
ajfa-4310	191	11	weeks	week	NOUN
ajfa-4310	191	12	and	and	CCONJ
ajfa-4310	191	13	the	the	DET
ajfa-4310	191	14	stock	stock	NOUN
ajfa-4310	191	15	issuances	issuance	NOUN
ajfa-4310	191	16	is	be	AUX
ajfa-4310	191	17	unlikely	unlikely	ADJ
ajfa-4310	191	18	to	to	PART
ajfa-4310	191	19	exist	exist	VERB
ajfa-4310	191	20	.	.	PUNCT
ajfa-4310	192	1	this	this	DET
ajfa-4310	192	2	test	test	NOUN
ajfa-4310	192	3	also	also	ADV
ajfa-4310	192	4	reveals	reveal	VERB
ajfa-4310	192	5	that	that	SCONJ
ajfa-4310	192	6	eight	eight	NUM
ajfa-4310	192	7	of	of	ADP
ajfa-4310	192	8	the	the	DET
ajfa-4310	192	9	top	top	ADJ
ajfa-4310	192	10	ten	ten	NUM
ajfa-4310	192	11	-	-	PUNCT
ajfa-4310	192	12	high	high	ADJ
ajfa-4310	192	13	frequency	frequency	NOUN
ajfa-4310	192	14	stocks	stock	NOUN
ajfa-4310	192	15	being	be	AUX
ajfa-4310	192	16	winners	winner	NOUN
ajfa-4310	192	17	have	have	VERB
ajfa-4310	192	18	higher	high	ADJ
ajfa-4310	192	19	average	average	ADJ
ajfa-4310	192	20	returns	return	NOUN
ajfa-4310	192	21	than	than	ADP
ajfa-4310	192	22	the	the	DET
ajfa-4310	192	23	market	market	NOUN
ajfa-4310	192	24	average	average	ADJ
ajfa-4310	192	25	return	return	NOUN
ajfa-4310	192	26	,	,	PUNCT
ajfa-4310	192	27	whereas	whereas	SCONJ
ajfa-4310	192	28	seven	seven	NUM
ajfa-4310	192	29	of	of	ADP
ajfa-4310	192	30	the	the	DET
ajfa-4310	192	31	top	top	ADJ
ajfa-4310	192	32	ten	ten	NUM
ajfa-4310	192	33	–	–	PUNCT
ajfa-4310	192	34	low	low	ADJ
ajfa-4310	192	35	frequency	frequency	NOUN
ajfa-4310	192	36	stocks	stock	NOUN
ajfa-4310	192	37	being	be	AUX
ajfa-4310	192	38	winners	winner	NOUN
ajfa-4310	192	39	have	have	VERB
ajfa-4310	192	40	lower	low	ADJ
ajfa-4310	192	41	average	average	ADJ
ajfa-4310	192	42	returns	return	NOUN
ajfa-4310	192	43	.	.	PUNCT
ajfa-4310	193	1	this	this	PRON
ajfa-4310	193	2	means	mean	VERB
ajfa-4310	193	3	that	that	SCONJ
ajfa-4310	193	4	winners	winner	NOUN
ajfa-4310	193	5	can	can	AUX
ajfa-4310	193	6	be	be	AUX
ajfa-4310	193	7	divided	divide	VERB
ajfa-4310	193	8	into	into	ADP
ajfa-4310	193	9	two	two	NUM
ajfa-4310	193	10	groups	group	NOUN
ajfa-4310	193	11	:	:	PUNCT
ajfa-4310	193	12	“	"	PUNCT
ajfa-4310	193	13	clear	clear	VERB
ajfa-4310	193	14	winners”the	winners”the	DET
ajfa-4310	193	15	stocks	stock	NOUN
ajfa-4310	193	16	with	with	ADP
ajfa-4310	193	17	high	high	ADJ
ajfa-4310	193	18	persistence	persistence	NOUN
ajfa-4310	193	19	of	of	ADP
ajfa-4310	193	20	their	their	PRON
ajfa-4310	193	21	returns	return	NOUN
ajfa-4310	193	22	and	and	CCONJ
ajfa-4310	193	23	“	"	PUNCT
ajfa-4310	193	24	noisy	noisy	ADJ
ajfa-4310	193	25	winners”the	winners”the	DET
ajfa-4310	193	26	stocks	stock	NOUN
ajfa-4310	193	27	with	with	ADP
ajfa-4310	193	28	low	low	ADJ
ajfa-4310	193	29	persistence	persistence	NOUN
ajfa-4310	193	30	of	of	ADP
ajfa-4310	193	31	their	their	PRON
ajfa-4310	193	32	returns	return	NOUN
ajfa-4310	193	33	.	.	PUNCT
ajfa-4310	194	1	for	for	ADP
ajfa-4310	194	2	the	the	DET
ajfa-4310	194	3	losers	loser	NOUN
ajfa-4310	194	4	,	,	PUNCT
ajfa-4310	194	5	all	all	DET
ajfa-4310	194	6	top	top	ADJ
ajfa-4310	194	7	ten	ten	NUM
ajfa-4310	194	8	-	-	PUNCT
ajfa-4310	194	9	high	high	ADJ
ajfa-4310	194	10	frequency	frequency	NOUN
ajfa-4310	194	11	stocks	stock	NOUN
ajfa-4310	194	12	being	be	AUX
ajfa-4310	194	13	losers	loser	NOUN
ajfa-4310	194	14	have	have	VERB
ajfa-4310	194	15	lower	low	ADJ
ajfa-4310	194	16	average	average	ADJ
ajfa-4310	194	17	returns	return	NOUN
ajfa-4310	194	18	than	than	ADP
ajfa-4310	194	19	the	the	DET
ajfa-4310	194	20	average	average	ADJ
ajfa-4310	194	21	market	market	NOUN
ajfa-4310	194	22	return	return	NOUN
ajfa-4310	194	23	,	,	PUNCT
ajfa-4310	194	24	whereas	whereas	SCONJ
ajfa-4310	194	25	nine	nine	NUM
ajfa-4310	194	26	of	of	ADP
ajfa-4310	194	27	top	top	ADJ
ajfa-4310	194	28	ten	ten	NUM
ajfa-4310	194	29	-	-	PUNCT
ajfa-4310	194	30	low	low	ADJ
ajfa-4310	194	31	frequency	frequency	NOUN
ajfa-4310	194	32	stocks	stock	NOUN
ajfa-4310	194	33	being	be	AUX
ajfa-4310	194	34	losers	loser	NOUN
ajfa-4310	194	35	have	have	VERB
ajfa-4310	194	36	higher	high	ADJ
ajfa-4310	194	37	average	average	ADJ
ajfa-4310	194	38	returns	return	NOUN
ajfa-4310	194	39	.	.	PUNCT
ajfa-4310	195	1	put	put	VERB
ajfa-4310	195	2	differently	differently	ADV
ajfa-4310	195	3	,	,	PUNCT
ajfa-4310	195	4	two	two	NUM
ajfa-4310	195	5	kinds	kind	NOUN
ajfa-4310	195	6	of	of	ADP
ajfa-4310	195	7	clear	clear	ADJ
ajfa-4310	195	8	and	and	CCONJ
ajfa-4310	195	9	noisy	noisy	ADJ
ajfa-4310	195	10	losers	loser	NOUN
ajfa-4310	195	11	are	be	AUX
ajfa-4310	195	12	also	also	ADV
ajfa-4310	195	13	found	find	VERB
ajfa-4310	195	14	.	.	PUNCT
ajfa-4310	196	1	moreover	moreover	ADV
ajfa-4310	196	2	,	,	PUNCT
ajfa-4310	196	3	the	the	DET
ajfa-4310	196	4	correlation	correlation	NOUN
ajfa-4310	196	5	between	between	ADP
ajfa-4310	196	6	these	these	DET
ajfa-4310	196	7	two	two	NUM
ajfa-4310	196	8	frequencies	frequency	NOUN
ajfa-4310	196	9	is	be	AUX
ajfa-4310	196	10	34.59	34.59	NUM
ajfa-4310	196	11	percent	percent	NOUN
ajfa-4310	196	12	,	,	PUNCT
ajfa-4310	196	13	indicating	indicate	VERB
ajfa-4310	196	14	that	that	SCONJ
ajfa-4310	196	15	the	the	DET
ajfa-4310	196	16	probability	probability	NOUN
ajfa-4310	196	17	of	of	ADP
ajfa-4310	196	18	a	a	DET
ajfa-4310	196	19	winner	winner	NOUN
ajfa-4310	196	20	becoming	become	VERB
ajfa-4310	196	21	a	a	DET
ajfa-4310	196	22	loser	loser	NOUN
ajfa-4310	196	23	and	and	CCONJ
ajfa-4310	196	24	vice	vice	NOUN
ajfa-4310	196	25	versa	versa	NOUN
ajfa-4310	196	26	is	be	AUX
ajfa-4310	196	27	extremely	extremely	ADV
ajfa-4310	196	28	high	high	ADJ
ajfa-4310	196	29	.	.	PUNCT
ajfa-4310	197	1	the	the	DET
ajfa-4310	197	2	low	low	ADJ
ajfa-4310	197	3	persistence	persistence	NOUN
ajfa-4310	197	4	of	of	ADP
ajfa-4310	197	5	winners	winner	NOUN
ajfa-4310	197	6	and	and	CCONJ
ajfa-4310	197	7	losers	loser	NOUN
ajfa-4310	197	8	is	be	AUX
ajfa-4310	197	9	reaffirmed	reaffirm	VERB
ajfa-4310	197	10	by	by	ADP
ajfa-4310	197	11	the	the	DET
ajfa-4310	197	12	results	result	NOUN
ajfa-4310	197	13	in	in	ADP
ajfa-4310	197	14	table	table	NOUN
ajfa-4310	197	15	2	2	NUM
ajfa-4310	197	16	,	,	PUNCT
ajfa-4310	197	17	which	which	PRON
ajfa-4310	197	18	provides	provide	VERB
ajfa-4310	197	19	information	information	NOUN
ajfa-4310	197	20	on	on	ADP
ajfa-4310	197	21	the	the	DET
ajfa-4310	197	22	conditional	conditional	ADJ
ajfa-4310	197	23	probability	probability	NOUN
ajfa-4310	197	24	of	of	ADP
ajfa-4310	197	25	a	a	DET
ajfa-4310	197	26	stock	stock	NOUN
ajfa-4310	197	27	belonging	belong	VERB
ajfa-4310	197	28	to	to	ADP
ajfa-4310	197	29	group	group	NOUN
ajfa-4310	197	30	i	i	PRON
ajfa-4310	197	31	at	at	ADP
ajfa-4310	197	32	week	week	NOUN
ajfa-4310	197	33	t	t	PROPN
ajfa-4310	197	34	,	,	PUNCT
ajfa-4310	197	35	given	give	VERB
ajfa-4310	197	36	the	the	DET
ajfa-4310	197	37	knowledge	knowledge	NOUN
ajfa-4310	197	38	that	that	SCONJ
ajfa-4310	197	39	it	it	PRON
ajfa-4310	197	40	has	have	AUX
ajfa-4310	197	41	been	be	AUX
ajfa-4310	197	42	already	already	ADV
ajfa-4310	197	43	sorted	sort	VERB
ajfa-4310	197	44	in	in	ADP
ajfa-4310	197	45	group	group	PROPN
ajfa-4310	197	46	j	j	PROPN
ajfa-4310	197	47	at	at	ADP
ajfa-4310	197	48	week	week	PROPN
ajfa-4310	197	49	t-1	t-1	PROPN
ajfa-4310	197	50	.	.	PUNCT
ajfa-4310	198	1	table	table	NOUN
ajfa-4310	198	2	2	2	NUM
ajfa-4310	198	3	.	.	X
ajfa-4310	198	4	transition	transition	NOUN
ajfa-4310	198	5	matrix	matrix	NOUN
ajfa-4310	198	6	s	s	PART
ajfa-4310	198	7	=	=	SYM
ajfa-4310	198	8	j	j	PROPN
ajfa-4310	198	9	,	,	PUNCT
ajfa-4310	198	10	t-1	t-1	PROPN
ajfa-4310	198	11	s	s	PROPN
ajfa-4310	198	12	=	=	PROPN
ajfa-4310	198	13	i	i	PROPN
ajfa-4310	198	14	,	,	PUNCT
ajfa-4310	198	15	t	t	PROPN
ajfa-4310	198	16	1	1	NUM
ajfa-4310	198	17	2	2	NUM
ajfa-4310	198	18	3	3	NUM
ajfa-4310	198	19	4	4	NUM
ajfa-4310	198	20	5	5	NUM
ajfa-4310	198	21	1	1	NUM
ajfa-4310	198	22	0.2135	0.2135	NUM
ajfa-4310	198	23	0.1851	0.1851	NUM
ajfa-4310	198	24	0.1805	0.1805	NUM
ajfa-4310	198	25	0.1971	0.1971	NUM
ajfa-4310	198	26	0.2238	0.2238	NUM
ajfa-4310	198	27	2	2	NUM
ajfa-4310	198	28	0.1669	0.1669	NUM
ajfa-4310	198	29	0.2153	0.2153	NUM
ajfa-4310	198	30	0.221	0.221	NUM
ajfa-4310	198	31	0.2201	0.2201	NUM
ajfa-4310	198	32	0.1768	0.1768	NUM
ajfa-4310	198	33	3	3	NUM
ajfa-4310	198	34	0.1671	0.1671	NUM
ajfa-4310	198	35	0.2078	0.2078	NUM
ajfa-4310	198	36	0.2275	0.2275	NUM
ajfa-4310	198	37	0.2201	0.2201	NUM
ajfa-4310	198	38	0.1776	0.1776	NUM
ajfa-4310	198	39	4	4	NUM
ajfa-4310	198	40	0.1838	0.1838	NUM
ajfa-4310	198	41	0.2153	0.2153	NUM
ajfa-4310	198	42	0.2079	0.2079	NUM
ajfa-4310	198	43	0.2037	0.2037	NUM
ajfa-4310	198	44	0.1894	0.1894	NUM
ajfa-4310	198	45	5	5	NUM
ajfa-4310	198	46	0.2437	0.2437	NUM
ajfa-4310	198	47	0.1817	0.1817	NUM
ajfa-4310	198	48	0.1631	0.1631	NUM
ajfa-4310	198	49	0.1708	0.1708	NUM
ajfa-4310	198	50	0.2408	0.2408	NUM
ajfa-4310	198	51	note	note	NOUN
ajfa-4310	198	52	:	:	PUNCT
ajfa-4310	198	53	for	for	ADP
ajfa-4310	198	54	each	each	DET
ajfa-4310	198	55	week	week	NOUN
ajfa-4310	198	56	from	from	ADP
ajfa-4310	198	57	january	january	PROPN
ajfa-4310	198	58	2007	2007	NUM
ajfa-4310	198	59	to	to	ADP
ajfa-4310	198	60	june	june	PROPN
ajfa-4310	198	61	2012	2012	NUM
ajfa-4310	198	62	,	,	PUNCT
ajfa-4310	198	63	stocks	stock	NOUN
ajfa-4310	198	64	are	be	AUX
ajfa-4310	198	65	ranked	rank	VERB
ajfa-4310	198	66	from	from	ADP
ajfa-4310	198	67	the	the	DET
ajfa-4310	198	68	highest	high	ADJ
ajfa-4310	198	69	to	to	ADP
ajfa-4310	198	70	the	the	DET
ajfa-4310	198	71	lowest	low	ADJ
ajfa-4310	198	72	based	base	VERB
ajfa-4310	198	73	on	on	ADP
ajfa-4310	198	74	their	their	PRON
ajfa-4310	198	75	previous	previous	ADJ
ajfa-4310	198	76	one	one	NUM
ajfa-4310	198	77	week	week	NOUN
ajfa-4310	198	78	return	return	NOUN
ajfa-4310	198	79	(	(	PUNCT
ajfa-4310	198	80	k=1	k=1	NOUN
ajfa-4310	198	81	)	)	PUNCT
ajfa-4310	198	82	and	and	CCONJ
ajfa-4310	198	83	then	then	ADV
ajfa-4310	198	84	divided	divide	VERB
ajfa-4310	198	85	into	into	ADP
ajfa-4310	198	86	five	five	NUM
ajfa-4310	198	87	groups	group	NOUN
ajfa-4310	198	88	.	.	PUNCT
ajfa-4310	199	1	group	group	NOUN
ajfa-4310	199	2	1	1	NUM
ajfa-4310	199	3	includes	include	VERB
ajfa-4310	199	4	the	the	DET
ajfa-4310	199	5	lowest	low	ADJ
ajfa-4310	199	6	-	-	PUNCT
ajfa-4310	199	7	quintile	quintile	NOUN
ajfa-4310	199	8	stocks	stock	NOUN
ajfa-4310	199	9	,	,	PUNCT
ajfa-4310	199	10	i.e.	i.e.	X
ajfa-4310	199	11	the	the	DET
ajfa-4310	199	12	losers	loser	NOUN
ajfa-4310	199	13	;	;	PUNCT
ajfa-4310	199	14	group	group	NOUN
ajfa-4310	199	15	5	5	NUM
ajfa-4310	199	16	consists	consist	VERB
ajfa-4310	199	17	of	of	ADP
ajfa-4310	199	18	the	the	DET
ajfa-4310	199	19	highest	high	ADJ
ajfa-4310	199	20	-	-	PUNCT
ajfa-4310	199	21	quintile	quintile	NOUN
ajfa-4310	199	22	ones	one	NOUN
ajfa-4310	199	23	,	,	PUNCT
ajfa-4310	199	24	i.e.	i.e.	X
ajfa-4310	199	25	the	the	DET
ajfa-4310	199	26	winners	winner	NOUN
ajfa-4310	199	27	and	and	CCONJ
ajfa-4310	199	28	the	the	DET
ajfa-4310	199	29	same	same	ADJ
ajfa-4310	199	30	rules	rule	NOUN
ajfa-4310	199	31	for	for	ADP
ajfa-4310	199	32	others	other	NOUN
ajfa-4310	199	33	.	.	PUNCT
ajfa-4310	200	1	the	the	DET
ajfa-4310	200	2	conditional	conditional	ADJ
ajfa-4310	200	3	probability	probability	NOUN
ajfa-4310	200	4	of	of	ADP
ajfa-4310	200	5	a	a	DET
ajfa-4310	200	6	stock	stock	NOUN
ajfa-4310	200	7	belonging	belong	VERB
ajfa-4310	200	8	to	to	ADP
ajfa-4310	200	9	group	group	NOUN
ajfa-4310	200	10	i	i	PRON
ajfa-4310	200	11	at	at	ADP
ajfa-4310	200	12	week	week	NOUN
ajfa-4310	200	13	t	t	PROPN
ajfa-4310	200	14	,	,	PUNCT
ajfa-4310	200	15	given	give	VERB
ajfa-4310	200	16	the	the	DET
ajfa-4310	200	17	knowledge	knowledge	NOUN
ajfa-4310	200	18	that	that	SCONJ
ajfa-4310	200	19	it	it	PRON
ajfa-4310	200	20	has	have	AUX
ajfa-4310	200	21	been	be	AUX
ajfa-4310	200	22	already	already	ADV
ajfa-4310	200	23	sorted	sort	VERB
ajfa-4310	200	24	in	in	ADP
ajfa-4310	200	25	group	group	PROPN
ajfa-4310	200	26	j	j	PROPN
ajfa-4310	200	27	at	at	ADP
ajfa-4310	200	28	week	week	NOUN
ajfa-4310	200	29	t-1	t-1	PROPN
ajfa-4310	200	30	,	,	PUNCT
ajfa-4310	200	31	i.e.	i.e.	X
ajfa-4310	200	32	,	,	PUNCT
ajfa-4310	200	33	prob	prob	NOUN
ajfa-4310	200	34	(	(	PUNCT
ajfa-4310	200	35	s	s	X
ajfa-4310	200	36	=	=	X
ajfa-4310	200	37	i	i	PROPN
ajfa-4310	200	38	,	,	PUNCT
ajfa-4310	200	39	t|s	t|s	PROPN
ajfa-4310	200	40	=	=	SYM
ajfa-4310	200	41	j	j	PROPN
ajfa-4310	200	42	,	,	PUNCT
ajfa-4310	200	43	t-1	t-1	PROPN
ajfa-4310	200	44	)	)	PUNCT
ajfa-4310	200	45	is	be	AUX
ajfa-4310	200	46	presented	present	VERB
ajfa-4310	200	47	in	in	ADP
ajfa-4310	200	48	the	the	DET
ajfa-4310	200	49	table	table	NOUN
ajfa-4310	200	50	.	.	PUNCT
ajfa-4310	201	1	13	13	NUM
ajfa-4310	202	1	the	the	DET
ajfa-4310	202	2	detailed	detailed	ADJ
ajfa-4310	202	3	results	result	NOUN
ajfa-4310	202	4	are	be	AUX
ajfa-4310	202	5	available	available	ADJ
ajfa-4310	202	6	upon	upon	SCONJ
ajfa-4310	202	7	request	request	NOUN
ajfa-4310	202	8	.	.	PUNCT
ajfa-4310	203	1	asian	asian	ADJ
ajfa-4310	203	2	journal	journal	PROPN
ajfa-4310	203	3	of	of	ADP
ajfa-4310	203	4	finance	finance	PROPN
ajfa-4310	203	5	&	&	CCONJ
ajfa-4310	203	6	accounting	accounting	PROPN
ajfa-4310	203	7	issn	issn	PROPN
ajfa-4310	203	8	1946	1946	NUM
ajfa-4310	203	9	-	-	PUNCT
ajfa-4310	203	10	052x	052x	NOUN
ajfa-4310	203	11	2013	2013	NUM
ajfa-4310	203	12	,	,	PUNCT
ajfa-4310	203	13	vol	vol	NOUN
ajfa-4310	203	14	.	.	PROPN
ajfa-4310	203	15	5	5	NUM
ajfa-4310	203	16	,	,	PUNCT
ajfa-4310	203	17	no	no	INTJ
ajfa-4310	203	18	.	.	NOUN
ajfa-4310	203	19	2	2	NUM
ajfa-4310	203	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4310	203	21	193	193	NUM
ajfa-4310	203	22	the	the	DET
ajfa-4310	203	23	results	result	NOUN
ajfa-4310	203	24	indicate	indicate	VERB
ajfa-4310	203	25	that	that	SCONJ
ajfa-4310	203	26	only	only	ADV
ajfa-4310	203	27	24.08	24.08	NUM
ajfa-4310	203	28	percent	percent	NOUN
ajfa-4310	203	29	of	of	ADP
ajfa-4310	203	30	winners	winner	NOUN
ajfa-4310	203	31	continue	continue	VERB
ajfa-4310	203	32	being	be	AUX
ajfa-4310	203	33	winners	winner	NOUN
ajfa-4310	203	34	and	and	CCONJ
ajfa-4310	203	35	21.35	21.35	NUM
ajfa-4310	203	36	percent	percent	NOUN
ajfa-4310	203	37	of	of	ADP
ajfa-4310	203	38	losers	loser	NOUN
ajfa-4310	203	39	continue	continue	VERB
ajfa-4310	203	40	being	be	AUX
ajfa-4310	203	41	losers	loser	NOUN
ajfa-4310	203	42	in	in	ADP
ajfa-4310	203	43	the	the	DET
ajfa-4310	203	44	following	following	ADJ
ajfa-4310	203	45	week	week	NOUN
ajfa-4310	203	46	.	.	PUNCT
ajfa-4310	204	1	the	the	DET
ajfa-4310	204	2	probability	probability	NOUN
ajfa-4310	204	3	of	of	ADP
ajfa-4310	204	4	a	a	DET
ajfa-4310	204	5	winner	winner	NOUN
ajfa-4310	204	6	falling	fall	VERB
ajfa-4310	204	7	in	in	ADP
ajfa-4310	204	8	other	other	ADJ
ajfa-4310	204	9	groups	group	NOUN
ajfa-4310	204	10	for	for	ADP
ajfa-4310	204	11	the	the	DET
ajfa-4310	204	12	subsequent	subsequent	ADJ
ajfa-4310	204	13	week	week	NOUN
ajfa-4310	204	14	is	be	AUX
ajfa-4310	204	15	75.02	75.02	NUM
ajfa-4310	204	16	percent	percent	NOUN
ajfa-4310	204	17	,	,	PUNCT
ajfa-4310	204	18	including	include	VERB
ajfa-4310	204	19	a	a	DET
ajfa-4310	204	20	24.37	24.37	NUM
ajfa-4310	204	21	percent	percent	NOUN
ajfa-4310	204	22	chance	chance	NOUN
ajfa-4310	204	23	of	of	ADP
ajfa-4310	204	24	dropping	drop	VERB
ajfa-4310	204	25	into	into	ADP
ajfa-4310	204	26	losers	loser	NOUN
ajfa-4310	204	27	.	.	PUNCT
ajfa-4310	205	1	the	the	DET
ajfa-4310	205	2	probability	probability	NOUN
ajfa-4310	205	3	of	of	ADP
ajfa-4310	205	4	a	a	DET
ajfa-4310	205	5	loser	loser	NOUN
ajfa-4310	205	6	moving	move	VERB
ajfa-4310	205	7	to	to	ADP
ajfa-4310	205	8	other	other	ADJ
ajfa-4310	205	9	groups	group	NOUN
ajfa-4310	205	10	in	in	ADP
ajfa-4310	205	11	the	the	DET
ajfa-4310	205	12	subsequent	subsequent	ADJ
ajfa-4310	205	13	week	week	NOUN
ajfa-4310	205	14	is	be	AUX
ajfa-4310	205	15	78.65	78.65	NUM
ajfa-4310	205	16	percent	percent	NOUN
ajfa-4310	205	17	,	,	PUNCT
ajfa-4310	205	18	including	include	VERB
ajfa-4310	205	19	a	a	DET
ajfa-4310	205	20	22.38	22.38	NUM
ajfa-4310	205	21	percent	percent	NOUN
ajfa-4310	205	22	chance	chance	NOUN
ajfa-4310	205	23	of	of	ADP
ajfa-4310	205	24	becoming	become	VERB
ajfa-4310	205	25	a	a	DET
ajfa-4310	205	26	winner	winner	NOUN
ajfa-4310	205	27	.	.	PUNCT
ajfa-4310	206	1	the	the	DET
ajfa-4310	206	2	high	high	ADJ
ajfa-4310	206	3	volatility	volatility	NOUN
ajfa-4310	206	4	of	of	ADP
ajfa-4310	206	5	stock	stock	NOUN
ajfa-4310	206	6	returns	return	NOUN
ajfa-4310	206	7	confirms	confirm	VERB
ajfa-4310	206	8	the	the	DET
ajfa-4310	206	9	existence	existence	NOUN
ajfa-4310	206	10	of	of	ADP
ajfa-4310	206	11	noisy	noisy	ADJ
ajfa-4310	206	12	winners	winner	NOUN
ajfa-4310	206	13	and	and	CCONJ
ajfa-4310	206	14	losers	loser	NOUN
ajfa-4310	206	15	.	.	PUNCT
ajfa-4310	207	1	an	an	DET
ajfa-4310	207	2	additional	additional	ADJ
ajfa-4310	207	3	question	question	NOUN
ajfa-4310	207	4	is	be	AUX
ajfa-4310	207	5	why	why	SCONJ
ajfa-4310	207	6	the	the	DET
ajfa-4310	207	7	insignificant	insignificant	ADJ
ajfa-4310	207	8	returns	return	NOUN
ajfa-4310	207	9	of	of	ADP
ajfa-4310	207	10	winners	winner	NOUN
ajfa-4310	207	11	and	and	CCONJ
ajfa-4310	207	12	losers	loser	NOUN
ajfa-4310	207	13	produce	produce	VERB
ajfa-4310	207	14	significant	significant	ADJ
ajfa-4310	207	15	momentum	momentum	NOUN
ajfa-4310	207	16	profits	profit	NOUN
ajfa-4310	207	17	.	.	PUNCT
ajfa-4310	208	1	the	the	DET
ajfa-4310	208	2	average	average	ADJ
ajfa-4310	208	3	standard	standard	ADJ
ajfa-4310	208	4	deviations	deviation	NOUN
ajfa-4310	208	5	of	of	ADP
ajfa-4310	208	6	returns	return	NOUN
ajfa-4310	208	7	or	or	CCONJ
ajfa-4310	208	8	profits	profit	NOUN
ajfa-4310	208	9	on	on	ADP
ajfa-4310	208	10	the	the	DET
ajfa-4310	208	11	winner	winner	NOUN
ajfa-4310	208	12	,	,	PUNCT
ajfa-4310	208	13	loser	loser	NOUN
ajfa-4310	208	14	and	and	CCONJ
ajfa-4310	208	15	wml	wml	NOUN
ajfa-4310	208	16	portfolios	portfolio	NOUN
ajfa-4310	208	17	for	for	ADP
ajfa-4310	208	18	all	all	DET
ajfa-4310	208	19	couples	couple	NOUN
ajfa-4310	208	20	of	of	ADP
ajfa-4310	208	21	k	k	PROPN
ajfa-4310	208	22	and	and	CCONJ
ajfa-4310	208	23	j	j	PROPN
ajfa-4310	208	24	are	be	AUX
ajfa-4310	208	25	0.0536	0.0536	NUM
ajfa-4310	208	26	,	,	PUNCT
ajfa-4310	208	27	0.0552	0.0552	NUM
ajfa-4310	208	28	and	and	CCONJ
ajfa-4310	208	29	0.0296	0.0296	NUM
ajfa-4310	208	30	,	,	PUNCT
ajfa-4310	208	31	respectively	respectively	ADV
ajfa-4310	208	32	.	.	PUNCT
ajfa-4310	209	1	the	the	DET
ajfa-4310	209	2	average	average	ADJ
ajfa-4310	209	3	correlation	correlation	NOUN
ajfa-4310	209	4	between	between	ADP
ajfa-4310	209	5	the	the	DET
ajfa-4310	209	6	winner	winner	NOUN
ajfa-4310	209	7	and	and	CCONJ
ajfa-4310	209	8	loser	loser	ADJ
ajfa-4310	209	9	returns	return	NOUN
ajfa-4310	209	10	is	be	AUX
ajfa-4310	209	11	around	around	ADV
ajfa-4310	209	12	0.85	0.85	NUM
ajfa-4310	209	13	.	.	PUNCT
ajfa-4310	210	1	as	as	SCONJ
ajfa-4310	210	2	the	the	DET
ajfa-4310	210	3	wml	wml	PROPN
ajfa-4310	210	4	portfolios	portfolio	NOUN
ajfa-4310	210	5	are	be	AUX
ajfa-4310	210	6	built	build	VERB
ajfa-4310	210	7	by	by	ADP
ajfa-4310	210	8	buying	buy	VERB
ajfa-4310	210	9	the	the	DET
ajfa-4310	210	10	winners	winner	NOUN
ajfa-4310	210	11	and	and	CCONJ
ajfa-4310	210	12	selling	sell	VERB
ajfa-4310	210	13	the	the	DET
ajfa-4310	210	14	losers	loser	NOUN
ajfa-4310	210	15	,	,	PUNCT
ajfa-4310	210	16	the	the	DET
ajfa-4310	210	17	highly	highly	ADV
ajfa-4310	210	18	positive	positive	ADJ
ajfa-4310	210	19	correlation	correlation	NOUN
ajfa-4310	210	20	between	between	ADP
ajfa-4310	210	21	winner	winner	NOUN
ajfa-4310	210	22	and	and	CCONJ
ajfa-4310	210	23	loser	loser	ADJ
ajfa-4310	210	24	returns	return	NOUN
ajfa-4310	210	25	reduces	reduce	VERB
ajfa-4310	210	26	the	the	DET
ajfa-4310	210	27	standard	standard	ADJ
ajfa-4310	210	28	deviation	deviation	NOUN
ajfa-4310	210	29	of	of	ADP
ajfa-4310	210	30	the	the	DET
ajfa-4310	210	31	wml	wml	PROPN
ajfa-4310	210	32	profits	profit	NOUN
ajfa-4310	210	33	,	,	PUNCT
ajfa-4310	210	34	making	make	VERB
ajfa-4310	210	35	the	the	DET
ajfa-4310	210	36	momentum	momentum	NOUN
ajfa-4310	210	37	profits	profit	VERB
ajfa-4310	210	38	significant	significant	ADJ
ajfa-4310	210	39	in	in	ADP
ajfa-4310	210	40	some	some	DET
ajfa-4310	210	41	periods	period	NOUN
ajfa-4310	210	42	.	.	PUNCT
ajfa-4310	211	1	put	put	VERB
ajfa-4310	211	2	differently	differently	ADV
ajfa-4310	211	3	,	,	PUNCT
ajfa-4310	211	4	the	the	DET
ajfa-4310	211	5	findings	finding	NOUN
ajfa-4310	211	6	confirm	confirm	VERB
ajfa-4310	211	7	the	the	DET
ajfa-4310	211	8	portfolio	portfolio	NOUN
ajfa-4310	211	9	diversification	diversification	NOUN
ajfa-4310	211	10	effect	effect	NOUN
ajfa-4310	211	11	:	:	PUNCT
ajfa-4310	211	12	high	high	ADJ
ajfa-4310	211	13	correlation	correlation	NOUN
ajfa-4310	211	14	between	between	ADP
ajfa-4310	211	15	long	long	ADJ
ajfa-4310	211	16	and	and	CCONJ
ajfa-4310	211	17	short	short	ADJ
ajfa-4310	211	18	positions	position	NOUN
ajfa-4310	211	19	produce	produce	VERB
ajfa-4310	211	20	less	less	ADJ
ajfa-4310	211	21	variance	variance	NOUN
ajfa-4310	211	22	of	of	ADP
ajfa-4310	211	23	the	the	DET
ajfa-4310	211	24	wml	wml	PROPN
ajfa-4310	211	25	profits	profit	NOUN
ajfa-4310	211	26	.	.	PUNCT
ajfa-4310	212	1	nevertheless	nevertheless	ADV
ajfa-4310	212	2	,	,	PUNCT
ajfa-4310	212	3	the	the	DET
ajfa-4310	212	4	risk	risk	NOUN
ajfa-4310	212	5	of	of	ADP
ajfa-4310	212	6	wml	wml	PROPN
ajfa-4310	212	7	profits	profit	NOUN
ajfa-4310	212	8	still	still	ADV
ajfa-4310	212	9	exists	exist	VERB
ajfa-4310	212	10	,	,	PUNCT
ajfa-4310	212	11	which	which	PRON
ajfa-4310	212	12	should	should	AUX
ajfa-4310	212	13	be	be	AUX
ajfa-4310	212	14	accounted	account	VERB
ajfa-4310	212	15	for	for	ADP
ajfa-4310	212	16	in	in	ADP
ajfa-4310	212	17	the	the	DET
ajfa-4310	212	18	next	next	ADJ
ajfa-4310	212	19	section	section	NOUN
ajfa-4310	212	20	.	.	PUNCT
ajfa-4310	213	1	jt	jt	PROPN
ajfa-4310	213	2	(	(	PUNCT
ajfa-4310	213	3	1993	1993	NUM
ajfa-4310	213	4	)	)	PUNCT
ajfa-4310	213	5	argue	argue	VERB
ajfa-4310	213	6	that	that	SCONJ
ajfa-4310	213	7	in	in	ADP
ajfa-4310	213	8	order	order	NOUN
ajfa-4310	213	9	to	to	PART
ajfa-4310	213	10	avoid	avoid	VERB
ajfa-4310	213	11	some	some	PRON
ajfa-4310	213	12	of	of	ADP
ajfa-4310	213	13	the	the	DET
ajfa-4310	213	14	bid	bid	NOUN
ajfa-4310	213	15	-	-	PUNCT
ajfa-4310	213	16	ask	ask	NOUN
ajfa-4310	213	17	spread	spread	NOUN
ajfa-4310	213	18	,	,	PUNCT
ajfa-4310	213	19	price	price	NOUN
ajfa-4310	213	20	pressure	pressure	NOUN
ajfa-4310	213	21	and	and	CCONJ
ajfa-4310	213	22	lagged	lag	VERB
ajfa-4310	213	23	reaction	reaction	NOUN
ajfa-4310	213	24	effects	effect	NOUN
ajfa-4310	213	25	,	,	PUNCT
ajfa-4310	213	26	a	a	DET
ajfa-4310	213	27	second	second	ADJ
ajfa-4310	213	28	set	set	NOUN
ajfa-4310	213	29	of	of	ADP
ajfa-4310	213	30	strategies	strategy	NOUN
ajfa-4310	213	31	that	that	PRON
ajfa-4310	213	32	skip	skip	VERB
ajfa-4310	213	33	one	one	NUM
ajfa-4310	213	34	week	week	NOUN
ajfa-4310	213	35	between	between	ADP
ajfa-4310	213	36	the	the	DET
ajfa-4310	213	37	portfolio	portfolio	NOUN
ajfa-4310	213	38	formation	formation	NOUN
ajfa-4310	213	39	and	and	CCONJ
ajfa-4310	213	40	the	the	DET
ajfa-4310	213	41	holding	hold	VERB
ajfa-4310	213	42	periods	period	NOUN
ajfa-4310	213	43	should	should	AUX
ajfa-4310	213	44	be	be	AUX
ajfa-4310	213	45	examined	examine	VERB
ajfa-4310	213	46	.	.	PUNCT
ajfa-4310	214	1	since	since	SCONJ
ajfa-4310	214	2	we	we	PRON
ajfa-4310	214	3	use	use	VERB
ajfa-4310	214	4	closing	closing	NOUN
ajfa-4310	214	5	prices	price	NOUN
ajfa-4310	214	6	determined	determine	VERB
ajfa-4310	214	7	by	by	ADP
ajfa-4310	214	8	call	call	NOUN
ajfa-4310	214	9	-	-	PUNCT
ajfa-4310	214	10	auctions	auction	NOUN
ajfa-4310	214	11	,	,	PUNCT
ajfa-4310	214	12	the	the	DET
ajfa-4310	214	13	problem	problem	NOUN
ajfa-4310	214	14	of	of	ADP
ajfa-4310	214	15	bid	bid	NOUN
ajfa-4310	214	16	-	-	PUNCT
ajfa-4310	214	17	ask	ask	NOUN
ajfa-4310	214	18	spread	spread	NOUN
ajfa-4310	214	19	is	be	AUX
ajfa-4310	214	20	not	not	PART
ajfa-4310	214	21	a	a	DET
ajfa-4310	214	22	concern	concern	NOUN
ajfa-4310	214	23	.	.	PUNCT
ajfa-4310	215	1	in	in	ADP
ajfa-4310	215	2	a	a	DET
ajfa-4310	215	3	nutshell	nutshell	NOUN
ajfa-4310	215	4	,	,	PUNCT
ajfa-4310	215	5	the	the	DET
ajfa-4310	215	6	evidence	evidence	NOUN
ajfa-4310	215	7	asserts	assert	VERB
ajfa-4310	215	8	that	that	SCONJ
ajfa-4310	215	9	momentum	momentum	NOUN
ajfa-4310	215	10	occurs	occur	VERB
ajfa-4310	215	11	in	in	ADP
ajfa-4310	215	12	the	the	DET
ajfa-4310	215	13	vietnamese	vietnamese	ADJ
ajfa-4310	215	14	stock	stock	NOUN
ajfa-4310	215	15	market	market	NOUN
ajfa-4310	215	16	for	for	ADP
ajfa-4310	215	17	some	some	DET
ajfa-4310	215	18	sorting	sort	VERB
ajfa-4310	215	19	and	and	CCONJ
ajfa-4310	215	20	holding	hold	VERB
ajfa-4310	215	21	periods	period	NOUN
ajfa-4310	215	22	.	.	PUNCT
ajfa-4310	216	1	after	after	ADP
ajfa-4310	216	2	being	be	AUX
ajfa-4310	216	3	controlled	control	VERB
ajfa-4310	216	4	for	for	ADP
ajfa-4310	216	5	transaction	transaction	NOUN
ajfa-4310	216	6	costs	cost	NOUN
ajfa-4310	216	7	,	,	PUNCT
ajfa-4310	216	8	only	only	ADV
ajfa-4310	216	9	two	two	NUM
ajfa-4310	216	10	strategies	strategy	NOUN
ajfa-4310	216	11	with	with	ADP
ajfa-4310	216	12	k=1	k=1	PROPN
ajfa-4310	216	13	,	,	PUNCT
ajfa-4310	216	14	2	2	NUM
ajfa-4310	216	15	and	and	CCONJ
ajfa-4310	216	16	j	j	NOUN
ajfa-4310	216	17	=	=	SYM
ajfa-4310	216	18	1	1	NUM
ajfa-4310	216	19	earn	earn	VERB
ajfa-4310	216	20	significantly	significantly	ADV
ajfa-4310	216	21	positive	positive	ADJ
ajfa-4310	216	22	profits	profit	NOUN
ajfa-4310	216	23	.	.	PUNCT
ajfa-4310	217	1	the	the	DET
ajfa-4310	217	2	results	result	NOUN
ajfa-4310	217	3	also	also	ADV
ajfa-4310	217	4	indicate	indicate	VERB
ajfa-4310	217	5	that	that	SCONJ
ajfa-4310	217	6	one	one	NUM
ajfa-4310	217	7	-	-	PUNCT
ajfa-4310	217	8	week	week	NOUN
ajfa-4310	217	9	returns	return	NOUN
ajfa-4310	217	10	provide	provide	VERB
ajfa-4310	217	11	more	more	ADV
ajfa-4310	217	12	substantial	substantial	ADJ
ajfa-4310	217	13	information	information	NOUN
ajfa-4310	217	14	than	than	ADP
ajfa-4310	217	15	longer	long	ADJ
ajfa-4310	217	16	-	-	PUNCT
ajfa-4310	217	17	horizon	horizon	NOUN
ajfa-4310	217	18	returns	return	NOUN
ajfa-4310	217	19	in	in	ADP
ajfa-4310	217	20	predicting	predict	VERB
ajfa-4310	217	21	future	future	ADJ
ajfa-4310	217	22	returns	return	NOUN
ajfa-4310	217	23	.	.	PUNCT
ajfa-4310	218	1	furthermore	furthermore	ADV
ajfa-4310	218	2	,	,	PUNCT
ajfa-4310	218	3	the	the	DET
ajfa-4310	218	4	winner	winner	NOUN
ajfa-4310	218	5	and	and	CCONJ
ajfa-4310	218	6	loser	loser	ADJ
ajfa-4310	218	7	returns	return	NOUN
ajfa-4310	218	8	are	be	AUX
ajfa-4310	218	9	lowly	lowly	ADV
ajfa-4310	218	10	persistent	persistent	ADJ
ajfa-4310	218	11	and	and	CCONJ
ajfa-4310	218	12	highly	highly	ADV
ajfa-4310	218	13	volatile	volatile	ADJ
ajfa-4310	218	14	,	,	PUNCT
ajfa-4310	218	15	but	but	CCONJ
ajfa-4310	218	16	their	their	PRON
ajfa-4310	218	17	strong	strong	ADJ
ajfa-4310	218	18	correlation	correlation	NOUN
ajfa-4310	218	19	creates	create	VERB
ajfa-4310	218	20	significant	significant	ADJ
ajfa-4310	218	21	momentum	momentum	NOUN
ajfa-4310	218	22	profits	profit	NOUN
ajfa-4310	218	23	.	.	PUNCT
ajfa-4310	219	1	5.1	5.1	NUM
ajfa-4310	219	2	momentum	momentum	NOUN
ajfa-4310	219	3	profits	profit	NOUN
ajfa-4310	219	4	within	within	ADP
ajfa-4310	219	5	size	size	NOUN
ajfa-4310	219	6	-	-	PUNCT
ajfa-4310	219	7	and	and	CCONJ
ajfa-4310	219	8	pre	pre	ADJ
ajfa-4310	219	9	-	-	ADJ
ajfa-4310	219	10	or	or	CCONJ
ajfa-4310	219	11	post	post	VERB
ajfa-4310	219	12	lehman	lehman	NOUN
ajfa-4310	219	13	shock	shock	NOUN
ajfa-4310	219	14	-	-	PUNCT
ajfa-4310	219	15	subsamples	subsample	NOUN
ajfa-4310	219	16	jt	jt	PROPN
ajfa-4310	219	17	(	(	PUNCT
ajfa-4310	219	18	1993	1993	NUM
ajfa-4310	219	19	)	)	PUNCT
ajfa-4310	219	20	argue	argue	VERB
ajfa-4310	219	21	that	that	SCONJ
ajfa-4310	219	22	if	if	SCONJ
ajfa-4310	219	23	the	the	DET
ajfa-4310	219	24	momentum	momentum	NOUN
ajfa-4310	219	25	profits	profit	NOUN
ajfa-4310	219	26	are	be	AUX
ajfa-4310	219	27	driven	drive	VERB
ajfa-4310	219	28	by	by	ADP
ajfa-4310	219	29	the	the	DET
ajfa-4310	219	30	cross	cross	ADJ
ajfa-4310	219	31	-	-	ADJ
ajfa-4310	219	32	sectional	sectional	ADJ
ajfa-4310	219	33	dispersion	dispersion	NOUN
ajfa-4310	219	34	in	in	ADP
ajfa-4310	219	35	expected	expect	VERB
ajfa-4310	219	36	returns	return	NOUN
ajfa-4310	219	37	,	,	PUNCT
ajfa-4310	219	38	the	the	DET
ajfa-4310	219	39	size	size	NOUN
ajfa-4310	219	40	-	-	PUNCT
ajfa-4310	219	41	subsamples	subsample	NOUN
ajfa-4310	219	42	will	will	AUX
ajfa-4310	219	43	earn	earn	VERB
ajfa-4310	219	44	lower	low	ADJ
ajfa-4310	219	45	profits	profit	NOUN
ajfa-4310	219	46	than	than	ADP
ajfa-4310	219	47	the	the	DET
ajfa-4310	219	48	full	full	ADJ
ajfa-4310	219	49	sample	sample	NOUN
ajfa-4310	219	50	due	due	ADP
ajfa-4310	219	51	to	to	ADP
ajfa-4310	219	52	the	the	DET
ajfa-4310	219	53	less	less	ADJ
ajfa-4310	219	54	difference	difference	NOUN
ajfa-4310	219	55	of	of	ADP
ajfa-4310	219	56	expected	expect	VERB
ajfa-4310	219	57	returns	return	NOUN
ajfa-4310	219	58	within	within	ADP
ajfa-4310	219	59	size	size	NOUN
ajfa-4310	219	60	-	-	PUNCT
ajfa-4310	219	61	subsamples	subsample	NOUN
ajfa-4310	219	62	.	.	PUNCT
ajfa-4310	220	1	additionally	additionally	ADV
ajfa-4310	220	2	,	,	PUNCT
ajfa-4310	220	3	if	if	SCONJ
ajfa-4310	220	4	the	the	DET
ajfa-4310	220	5	profits	profit	NOUN
ajfa-4310	220	6	are	be	AUX
ajfa-4310	220	7	factor	factor	NOUN
ajfa-4310	220	8	-	-	PUNCT
ajfa-4310	220	9	related	relate	VERB
ajfa-4310	220	10	,	,	PUNCT
ajfa-4310	220	11	the	the	DET
ajfa-4310	220	12	small	small	ADJ
ajfa-4310	220	13	-	-	PUNCT
ajfa-4310	220	14	sized	sized	ADJ
ajfa-4310	220	15	subsamplewhich	subsamplewhich	NOUN
ajfa-4310	220	16	consists	consist	VERB
ajfa-4310	220	17	of	of	ADP
ajfa-4310	220	18	less	less	ADV
ajfa-4310	220	19	actively	actively	ADV
ajfa-4310	220	20	traded	trade	VERB
ajfa-4310	220	21	stocks	stock	NOUN
ajfa-4310	220	22	is	be	AUX
ajfa-4310	220	23	likely	likely	ADJ
ajfa-4310	220	24	to	to	PART
ajfa-4310	220	25	yield	yield	VERB
ajfa-4310	220	26	a	a	DET
ajfa-4310	220	27	higher	high	ADJ
ajfa-4310	220	28	profit	profit	NOUN
ajfa-4310	220	29	than	than	ADP
ajfa-4310	220	30	the	the	DET
ajfa-4310	220	31	large	large	ADJ
ajfa-4310	220	32	-	-	PUNCT
ajfa-4310	220	33	sized	sized	ADJ
ajfa-4310	220	34	subsample	subsample	NOUN
ajfa-4310	220	35	.	.	PUNCT
ajfa-4310	221	1	in	in	ADP
ajfa-4310	221	2	our	our	PRON
ajfa-4310	221	3	sample	sample	NOUN
ajfa-4310	221	4	,	,	PUNCT
ajfa-4310	221	5	the	the	DET
ajfa-4310	221	6	average	average	ADJ
ajfa-4310	221	7	market	market	NOUN
ajfa-4310	221	8	capitalization	capitalization	NOUN
ajfa-4310	221	9	of	of	ADP
ajfa-4310	221	10	winners	winner	NOUN
ajfa-4310	221	11	and	and	CCONJ
ajfa-4310	221	12	losers	loser	NOUN
ajfa-4310	221	13	shows	show	VERB
ajfa-4310	221	14	that	that	SCONJ
ajfa-4310	221	15	the	the	DET
ajfa-4310	221	16	winners	winner	NOUN
ajfa-4310	221	17	contain	contain	VERB
ajfa-4310	221	18	large	large	ADJ
ajfa-4310	221	19	firms	firm	NOUN
ajfa-4310	221	20	,	,	PUNCT
ajfa-4310	221	21	while	while	SCONJ
ajfa-4310	221	22	the	the	DET
ajfa-4310	221	23	losers	loser	NOUN
ajfa-4310	221	24	include	include	VERB
ajfa-4310	221	25	small	small	ADJ
ajfa-4310	221	26	firms14	firms14	NOUN
ajfa-4310	221	27	,	,	PUNCT
ajfa-4310	221	28	which	which	PRON
ajfa-4310	221	29	is	be	AUX
ajfa-4310	221	30	different	different	ADJ
ajfa-4310	221	31	from	from	ADP
ajfa-4310	221	32	jt(1993	jt(1993	PROPN
ajfa-4310	221	33	)	)	PUNCT
ajfa-4310	221	34	’s	’s	PART
ajfa-4310	221	35	result	result	NOUN
ajfa-4310	221	36	that	that	SCONJ
ajfa-4310	221	37	the	the	DET
ajfa-4310	221	38	highest	high	ADJ
ajfa-4310	221	39	and	and	CCONJ
ajfa-4310	221	40	lowest	low	ADJ
ajfa-4310	221	41	past	past	ADJ
ajfa-4310	221	42	return	return	NOUN
ajfa-4310	221	43	-	-	PUNCT
ajfa-4310	221	44	portfolios	portfolio	NOUN
ajfa-4310	221	45	consist	consist	VERB
ajfa-4310	221	46	of	of	ADP
ajfa-4310	221	47	small	small	ADJ
ajfa-4310	221	48	stocks	stock	NOUN
ajfa-4310	221	49	.	.	PUNCT
ajfa-4310	222	1	this	this	PRON
ajfa-4310	222	2	implies	imply	VERB
ajfa-4310	222	3	that	that	SCONJ
ajfa-4310	222	4	the	the	DET
ajfa-4310	222	5	momentum	momentum	NOUN
ajfa-4310	222	6	may	may	AUX
ajfa-4310	222	7	be	be	AUX
ajfa-4310	222	8	limited	limit	VERB
ajfa-4310	222	9	to	to	ADP
ajfa-4310	222	10	any	any	DET
ajfa-4310	222	11	particular	particular	ADJ
ajfa-4310	222	12	subsample	subsample	NOUN
ajfa-4310	222	13	of	of	ADP
ajfa-4310	222	14	stocks	stock	NOUN
ajfa-4310	222	15	.	.	PUNCT
ajfa-4310	223	1	thus	thus	ADV
ajfa-4310	223	2	,	,	PUNCT
ajfa-4310	223	3	at	at	ADP
ajfa-4310	223	4	the	the	DET
ajfa-4310	223	5	beginning	beginning	NOUN
ajfa-4310	223	6	of	of	ADP
ajfa-4310	223	7	each	each	DET
ajfa-4310	223	8	year	year	NOUN
ajfa-4310	223	9	,	,	PUNCT
ajfa-4310	223	10	we	we	PRON
ajfa-4310	223	11	classify	classify	VERB
ajfa-4310	223	12	stocks	stock	NOUN
ajfa-4310	223	13	into	into	ADP
ajfa-4310	223	14	three	three	NUM
ajfa-4310	223	15	categories	category	NOUN
ajfa-4310	223	16	of	of	ADP
ajfa-4310	223	17	small	small	ADJ
ajfa-4310	223	18	,	,	PUNCT
ajfa-4310	223	19	medium	medium	ADJ
ajfa-4310	223	20	and	and	CCONJ
ajfa-4310	223	21	large	large	ADJ
ajfa-4310	223	22	sizes	size	NOUN
ajfa-4310	223	23	based	base	VERB
ajfa-4310	223	24	on	on	ADP
ajfa-4310	223	25	their	their	PRON
ajfa-4310	223	26	market	market	NOUN
ajfa-4310	223	27	capitalization	capitalization	NOUN
ajfa-4310	223	28	at	at	ADP
ajfa-4310	223	29	the	the	DET
ajfa-4310	223	30	previous	previous	ADJ
ajfa-4310	223	31	year	year	NOUN
ajfa-4310	223	32	-	-	PUNCT
ajfa-4310	223	33	end15	end15	NOUN
ajfa-4310	223	34	.	.	PUNCT
ajfa-4310	224	1	the	the	DET
ajfa-4310	224	2	profits	profit	NOUN
ajfa-4310	224	3	on	on	ADP
ajfa-4310	224	4	the	the	DET
ajfa-4310	224	5	wml	wml	PROPN
ajfa-4310	224	6	14	14	NUM
ajfa-4310	224	7	the	the	DET
ajfa-4310	224	8	average	average	ADJ
ajfa-4310	224	9	market	market	NOUN
ajfa-4310	224	10	capitalization	capitalization	NOUN
ajfa-4310	224	11	of	of	ADP
ajfa-4310	224	12	winners	winner	NOUN
ajfa-4310	224	13	and	and	CCONJ
ajfa-4310	224	14	losers	loser	NOUN
ajfa-4310	224	15	is	be	AUX
ajfa-4310	224	16	2,620	2,620	NUM
ajfa-4310	224	17	billion	billion	NUM
ajfa-4310	224	18	vnd	vnd	NOUN
ajfa-4310	224	19	and	and	CCONJ
ajfa-4310	224	20	2,280	2,280	NUM
ajfa-4310	224	21	billion	billion	NUM
ajfa-4310	224	22	vnd	vnd	PROPN
ajfa-4310	224	23	,	,	PUNCT
ajfa-4310	224	24	respectively	respectively	ADV
ajfa-4310	224	25	,	,	PUNCT
ajfa-4310	224	26	while	while	SCONJ
ajfa-4310	224	27	that	that	PRON
ajfa-4310	224	28	of	of	ADP
ajfa-4310	224	29	the	the	DET
ajfa-4310	224	30	entire	entire	ADJ
ajfa-4310	224	31	sample	sample	NOUN
ajfa-4310	224	32	is	be	AUX
ajfa-4310	224	33	2,540	2,540	NUM
ajfa-4310	224	34	billion	billion	NUM
ajfa-4310	224	35	vnd	vnd	PROPN
ajfa-4310	224	36	.	.	PROPN
ajfa-4310	224	37	15	15	NUM
ajfa-4310	224	38	market	market	NOUN
ajfa-4310	224	39	capitalization	capitalization	NOUN
ajfa-4310	224	40	of	of	ADP
ajfa-4310	224	41	each	each	DET
ajfa-4310	224	42	firm	firm	NOUN
ajfa-4310	224	43	at	at	ADP
ajfa-4310	224	44	the	the	DET
ajfa-4310	224	45	year	year	NOUN
ajfa-4310	224	46	-	-	PUNCT
ajfa-4310	224	47	end	end	NOUN
ajfa-4310	224	48	is	be	AUX
ajfa-4310	224	49	calculated	calculate	VERB
ajfa-4310	224	50	as	as	ADP
ajfa-4310	224	51	a	a	DET
ajfa-4310	224	52	product	product	NOUN
ajfa-4310	224	53	of	of	ADP
ajfa-4310	224	54	the	the	DET
ajfa-4310	224	55	market	market	NOUN
ajfa-4310	224	56	price	price	NOUN
ajfa-4310	224	57	of	of	ADP
ajfa-4310	224	58	its	its	PRON
ajfa-4310	224	59	common	common	ADJ
ajfa-4310	224	60	stock	stock	NOUN
ajfa-4310	224	61	and	and	CCONJ
ajfa-4310	224	62	asian	asian	ADJ
ajfa-4310	224	63	journal	journal	NOUN
ajfa-4310	224	64	of	of	ADP
ajfa-4310	224	65	finance	finance	PROPN
ajfa-4310	224	66	&	&	CCONJ
ajfa-4310	224	67	accounting	accounting	PROPN
ajfa-4310	224	68	issn	issn	PROPN
ajfa-4310	224	69	1946	1946	NUM
ajfa-4310	224	70	-	-	PUNCT
ajfa-4310	224	71	052x	052x	NOUN
ajfa-4310	224	72	2013	2013	NUM
ajfa-4310	224	73	,	,	PUNCT
ajfa-4310	224	74	vol	vol	NOUN
ajfa-4310	224	75	.	.	PROPN
ajfa-4310	224	76	5	5	NUM
ajfa-4310	224	77	,	,	PUNCT
ajfa-4310	224	78	no	no	INTJ
ajfa-4310	224	79	.	.	NOUN
ajfa-4310	224	80	2	2	NUM
ajfa-4310	224	81	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	224	82	194	194	NUM
ajfa-4310	224	83	portfolio	portfolio	NOUN
ajfa-4310	224	84	built	build	VERB
ajfa-4310	224	85	from	from	ADP
ajfa-4310	224	86	the	the	DET
ajfa-4310	224	87	three	three	NUM
ajfa-4310	224	88	categories	category	NOUN
ajfa-4310	224	89	are	be	AUX
ajfa-4310	224	90	examined	examine	VERB
ajfa-4310	224	91	to	to	PART
ajfa-4310	224	92	clarify	clarify	VERB
ajfa-4310	224	93	whether	whether	SCONJ
ajfa-4310	224	94	they	they	PRON
ajfa-4310	224	95	are	be	AUX
ajfa-4310	224	96	due	due	ADJ
ajfa-4310	224	97	to	to	ADP
ajfa-4310	224	98	either	either	CCONJ
ajfa-4310	224	99	the	the	DET
ajfa-4310	224	100	difference	difference	NOUN
ajfa-4310	224	101	in	in	ADP
ajfa-4310	224	102	expected	expect	VERB
ajfa-4310	224	103	returns	return	NOUN
ajfa-4310	224	104	or	or	CCONJ
ajfa-4310	224	105	the	the	DET
ajfa-4310	224	106	positive	positive	ADJ
ajfa-4310	224	107	serial	serial	ADJ
ajfa-4310	224	108	correlation	correlation	NOUN
ajfa-4310	224	109	in	in	ADP
ajfa-4310	224	110	factor	factor	NOUN
ajfa-4310	224	111	returns	return	NOUN
ajfa-4310	224	112	.	.	PUNCT
ajfa-4310	225	1	fama	fama	PROPN
ajfa-4310	225	2	(	(	PUNCT
ajfa-4310	225	3	1970	1970	NUM
ajfa-4310	225	4	,	,	PUNCT
ajfa-4310	225	5	1991	1991	NUM
ajfa-4310	225	6	)	)	PUNCT
ajfa-4310	225	7	asserts	assert	VERB
ajfa-4310	225	8	that	that	SCONJ
ajfa-4310	225	9	anomalies	anomaly	NOUN
ajfa-4310	225	10	should	should	AUX
ajfa-4310	225	11	be	be	AUX
ajfa-4310	225	12	tested	test	VERB
ajfa-4310	225	13	in	in	ADP
ajfa-4310	225	14	the	the	DET
ajfa-4310	225	15	context	context	NOUN
ajfa-4310	225	16	of	of	ADP
ajfa-4310	225	17	a	a	DET
ajfa-4310	225	18	pricing	pricing	NOUN
ajfa-4310	225	19	model	model	NOUN
ajfa-4310	225	20	as	as	SCONJ
ajfa-4310	225	21	they	they	PRON
ajfa-4310	225	22	may	may	AUX
ajfa-4310	225	23	be	be	AUX
ajfa-4310	225	24	compensation	compensation	NOUN
ajfa-4310	225	25	for	for	ADP
ajfa-4310	225	26	risk	risk	NOUN
ajfa-4310	225	27	.	.	PUNCT
ajfa-4310	226	1	additionally	additionally	ADV
ajfa-4310	226	2	,	,	PUNCT
ajfa-4310	226	3	our	our	PRON
ajfa-4310	226	4	previous	previous	ADJ
ajfa-4310	226	5	section	section	NOUN
ajfa-4310	226	6	asserts	assert	VERB
ajfa-4310	226	7	that	that	SCONJ
ajfa-4310	226	8	although	although	SCONJ
ajfa-4310	226	9	being	be	AUX
ajfa-4310	226	10	zero	zero	NUM
ajfa-4310	226	11	-	-	PUNCT
ajfa-4310	226	12	cost	cost	NOUN
ajfa-4310	226	13	portfolios	portfolio	NOUN
ajfa-4310	226	14	,	,	PUNCT
ajfa-4310	226	15	the	the	DET
ajfa-4310	226	16	momentum	momentum	NOUN
ajfa-4310	226	17	strategies	strategy	NOUN
ajfa-4310	226	18	are	be	AUX
ajfa-4310	226	19	still	still	ADV
ajfa-4310	226	20	risky	risky	ADJ
ajfa-4310	226	21	.	.	PUNCT
ajfa-4310	227	1	thus	thus	ADV
ajfa-4310	227	2	,	,	PUNCT
ajfa-4310	227	3	we	we	PRON
ajfa-4310	227	4	employ	employ	VERB
ajfa-4310	227	5	two	two	NUM
ajfa-4310	227	6	commonly	commonly	ADV
ajfa-4310	227	7	used	use	VERB
ajfa-4310	227	8	modelsthe	modelsthe	PROPN
ajfa-4310	227	9	capm	capm	PROPN
ajfa-4310	227	10	and	and	CCONJ
ajfa-4310	227	11	the	the	DET
ajfa-4310	227	12	fama	fama	NOUN
ajfa-4310	227	13	-	-	PUNCT
ajfa-4310	227	14	french	french	ADJ
ajfa-4310	227	15	three	three	NUM
ajfa-4310	227	16	factor	factor	NOUN
ajfa-4310	227	17	model16to	model16to	ADJ
ajfa-4310	227	18	account	account	NOUN
ajfa-4310	227	19	for	for	ADP
ajfa-4310	227	20	risk	risk	NOUN
ajfa-4310	227	21	.	.	PUNCT
ajfa-4310	228	1	furthermore	furthermore	ADV
ajfa-4310	228	2	,	,	PUNCT
ajfa-4310	228	3	chordia	chordia	NOUN
ajfa-4310	228	4	and	and	CCONJ
ajfa-4310	228	5	shivakumar	shivakumar	PROPN
ajfa-4310	228	6	(	(	PUNCT
ajfa-4310	228	7	2002	2002	NUM
ajfa-4310	228	8	)	)	PUNCT
ajfa-4310	228	9	find	find	VERB
ajfa-4310	228	10	relationship	relationship	NOUN
ajfa-4310	228	11	between	between	ADP
ajfa-4310	228	12	momentum	momentum	NOUN
ajfa-4310	228	13	profits	profit	NOUN
ajfa-4310	228	14	and	and	CCONJ
ajfa-4310	228	15	business	business	NOUN
ajfa-4310	228	16	cycle	cycle	NOUN
ajfa-4310	228	17	;	;	PUNCT
ajfa-4310	228	18	jt	jt	PROPN
ajfa-4310	228	19	(	(	PUNCT
ajfa-4310	228	20	2011	2011	NUM
ajfa-4310	228	21	)	)	PUNCT
ajfa-4310	228	22	report	report	VERB
ajfa-4310	228	23	negative	negative	ADJ
ajfa-4310	228	24	momentum	momentum	NOUN
ajfa-4310	228	25	profits	profit	NOUN
ajfa-4310	228	26	in	in	ADP
ajfa-4310	228	27	2008	2008	NUM
ajfa-4310	228	28	and	and	CCONJ
ajfa-4310	228	29	2009	2009	NUM
ajfa-4310	228	30	when	when	SCONJ
ajfa-4310	228	31	the	the	DET
ajfa-4310	228	32	market	market	NOUN
ajfa-4310	228	33	severely	severely	ADV
ajfa-4310	228	34	declined	decline	VERB
ajfa-4310	228	35	;	;	PUNCT
ajfa-4310	228	36	chui	chui	PROPN
ajfa-4310	228	37	et	et	PROPN
ajfa-4310	228	38	al	al	PROPN
ajfa-4310	228	39	.	.	PROPN
ajfa-4310	229	1	(	(	PUNCT
ajfa-4310	229	2	2000	2000	NUM
ajfa-4310	229	3	)	)	PUNCT
ajfa-4310	229	4	show	show	VERB
ajfa-4310	229	5	insignificant	insignificant	ADJ
ajfa-4310	229	6	momentum	momentum	NOUN
ajfa-4310	229	7	profits	profit	NOUN
ajfa-4310	229	8	in	in	ADP
ajfa-4310	229	9	the	the	DET
ajfa-4310	229	10	asian	asian	ADJ
ajfa-4310	229	11	markets	market	NOUN
ajfa-4310	229	12	for	for	ADP
ajfa-4310	229	13	the	the	DET
ajfa-4310	229	14	post	post	ADJ
ajfa-4310	229	15	-	-	ADJ
ajfa-4310	229	16	crisis	crisis	ADJ
ajfa-4310	229	17	period	period	NOUN
ajfa-4310	229	18	.	.	PUNCT
ajfa-4310	230	1	our	our	PRON
ajfa-4310	230	2	sample	sample	NOUN
ajfa-4310	230	3	includes	include	VERB
ajfa-4310	230	4	a	a	DET
ajfa-4310	230	5	severe	severe	ADJ
ajfa-4310	230	6	market	market	NOUN
ajfa-4310	230	7	decline	decline	NOUN
ajfa-4310	230	8	period	period	NOUN
ajfa-4310	230	9	since	since	SCONJ
ajfa-4310	230	10	the	the	DET
ajfa-4310	230	11	beginning	beginning	NOUN
ajfa-4310	230	12	of	of	ADP
ajfa-4310	230	13	2008	2008	NUM
ajfa-4310	230	14	.	.	PUNCT
ajfa-4310	231	1	from	from	ADP
ajfa-4310	231	2	its	its	PRON
ajfa-4310	231	3	high	high	ADJ
ajfa-4310	231	4	level	level	NOUN
ajfa-4310	231	5	of	of	ADP
ajfa-4310	231	6	800	800	NUM
ajfa-4310	231	7	points	point	NOUN
ajfa-4310	231	8	at	at	ADP
ajfa-4310	231	9	the	the	DET
ajfa-4310	231	10	beginning	beginning	NOUN
ajfa-4310	231	11	of	of	ADP
ajfa-4310	231	12	2008	2008	NUM
ajfa-4310	231	13	,	,	PUNCT
ajfa-4310	231	14	vn	vn	PROPN
ajfa-4310	231	15	index	index	NOUN
ajfa-4310	231	16	has	have	AUX
ajfa-4310	231	17	fell	fall	VERB
ajfa-4310	231	18	to	to	ADP
ajfa-4310	231	19	about	about	ADV
ajfa-4310	231	20	400	400	NUM
ajfa-4310	231	21	points	point	NOUN
ajfa-4310	231	22	in	in	ADP
ajfa-4310	231	23	june	june	PROPN
ajfa-4310	231	24	,	,	PUNCT
ajfa-4310	231	25	recovered	recover	VERB
ajfa-4310	231	26	to	to	ADP
ajfa-4310	231	27	around	around	ADP
ajfa-4310	231	28	500	500	NUM
ajfa-4310	231	29	points	point	NOUN
ajfa-4310	231	30	at	at	ADP
ajfa-4310	231	31	the	the	DET
ajfa-4310	231	32	beginning	beginning	NOUN
ajfa-4310	231	33	of	of	ADP
ajfa-4310	231	34	september	september	PROPN
ajfa-4310	231	35	,	,	PUNCT
ajfa-4310	231	36	but	but	CCONJ
ajfa-4310	231	37	since	since	SCONJ
ajfa-4310	231	38	the	the	DET
ajfa-4310	231	39	lehmann	lehmann	PROPN
ajfa-4310	231	40	shock	shock	NOUN
ajfa-4310	231	41	it	it	PRON
ajfa-4310	231	42	has	have	AUX
ajfa-4310	231	43	again	again	ADV
ajfa-4310	231	44	slumped	slump	VERB
ajfa-4310	231	45	to	to	ADP
ajfa-4310	231	46	the	the	DET
ajfa-4310	231	47	lowest	low	ADJ
ajfa-4310	231	48	level	level	NOUN
ajfa-4310	231	49	of	of	ADP
ajfa-4310	231	50	234	234	NUM
ajfa-4310	231	51	points	point	NOUN
ajfa-4310	231	52	in	in	ADP
ajfa-4310	231	53	february	february	PROPN
ajfa-4310	231	54	,	,	PUNCT
ajfa-4310	231	55	2009	2009	NUM
ajfa-4310	231	56	,	,	PUNCT
ajfa-4310	231	57	and	and	CCONJ
ajfa-4310	231	58	then	then	ADV
ajfa-4310	231	59	has	have	AUX
ajfa-4310	231	60	been	be	AUX
ajfa-4310	231	61	sluggish	sluggish	ADJ
ajfa-4310	231	62	around	around	ADP
ajfa-4310	231	63	400	400	NUM
ajfa-4310	231	64	points	point	NOUN
ajfa-4310	231	65	to	to	ADP
ajfa-4310	231	66	the	the	DET
ajfa-4310	231	67	end	end	NOUN
ajfa-4310	231	68	of	of	ADP
ajfa-4310	231	69	the	the	DET
ajfa-4310	231	70	sample	sample	NOUN
ajfa-4310	231	71	period	period	NOUN
ajfa-4310	231	72	.	.	PUNCT
ajfa-4310	232	1	besides	besides	SCONJ
ajfa-4310	232	2	,	,	PUNCT
ajfa-4310	232	3	during	during	ADP
ajfa-4310	232	4	the	the	DET
ajfa-4310	232	5	period	period	NOUN
ajfa-4310	232	6	from	from	ADP
ajfa-4310	232	7	27/3/2008	27/3/2008	NUM
ajfa-4310	232	8	to	to	ADP
ajfa-4310	232	9	18/8/2008	18/8/2008	NUM
ajfa-4310	232	10	,	,	PUNCT
ajfa-4310	232	11	to	to	PART
ajfa-4310	232	12	prevent	prevent	VERB
ajfa-4310	232	13	market	market	NOUN
ajfa-4310	232	14	declines	decline	NOUN
ajfa-4310	232	15	,	,	PUNCT
ajfa-4310	232	16	the	the	DET
ajfa-4310	232	17	state	state	PROPN
ajfa-4310	232	18	securities	securities	PROPN
ajfa-4310	232	19	commission	commission	PROPN
ajfa-4310	232	20	of	of	ADP
ajfa-4310	232	21	vietnam	vietnam	PROPN
ajfa-4310	232	22	applied	apply	VERB
ajfa-4310	232	23	temporary	temporary	ADJ
ajfa-4310	232	24	daily	daily	ADJ
ajfa-4310	232	25	price	price	NOUN
ajfa-4310	232	26	limits	limit	NOUN
ajfa-4310	232	27	varying	vary	VERB
ajfa-4310	232	28	from	from	ADP
ajfa-4310	232	29	(	(	PUNCT
ajfa-4310	232	30	+	+	PROPN
ajfa-4310	232	31	/-)1	/-)1	PROPN
ajfa-4310	232	32	percent	percent	NOUN
ajfa-4310	232	33	to	to	ADP
ajfa-4310	232	34	(	(	PUNCT
ajfa-4310	232	35	+	+	ADJ
ajfa-4310	232	36	/-	/-	PUNCT
ajfa-4310	232	37	)	)	PUNCT
ajfa-4310	232	38	3	3	NUM
ajfa-4310	232	39	percent	percent	NOUN
ajfa-4310	232	40	instead	instead	ADV
ajfa-4310	232	41	of	of	ADP
ajfa-4310	232	42	the	the	DET
ajfa-4310	232	43	regular	regular	ADJ
ajfa-4310	232	44	regulation	regulation	NOUN
ajfa-4310	232	45	of	of	ADP
ajfa-4310	232	46	(	(	PUNCT
ajfa-4310	232	47	+	+	NOUN
ajfa-4310	232	48	/-	/-	X
ajfa-4310	232	49	)	)	PUNCT
ajfa-4310	232	50	5	5	NUM
ajfa-4310	232	51	percent	percent	NOUN
ajfa-4310	232	52	.	.	PUNCT
ajfa-4310	233	1	this	this	DET
ajfa-4310	233	2	sample	sample	NOUN
ajfa-4310	233	3	period	period	NOUN
ajfa-4310	233	4	should	should	AUX
ajfa-4310	233	5	be	be	AUX
ajfa-4310	233	6	removed	remove	VERB
ajfa-4310	233	7	from	from	ADP
ajfa-4310	233	8	our	our	PRON
ajfa-4310	233	9	sample	sample	NOUN
ajfa-4310	233	10	to	to	PART
ajfa-4310	233	11	prevent	prevent	VERB
ajfa-4310	233	12	bias	bias	NOUN
ajfa-4310	233	13	arising	arise	VERB
ajfa-4310	233	14	due	due	ADP
ajfa-4310	233	15	to	to	ADP
ajfa-4310	233	16	the	the	DET
ajfa-4310	233	17	administrative	administrative	ADJ
ajfa-4310	233	18	intervention	intervention	NOUN
ajfa-4310	233	19	.	.	PUNCT
ajfa-4310	234	1	hence	hence	ADV
ajfa-4310	234	2	,	,	PUNCT
ajfa-4310	234	3	we	we	PRON
ajfa-4310	234	4	divide	divide	VERB
ajfa-4310	234	5	our	our	PRON
ajfa-4310	234	6	sample	sample	NOUN
ajfa-4310	234	7	into	into	ADP
ajfa-4310	234	8	two	two	NUM
ajfa-4310	234	9	periods	period	NOUN
ajfa-4310	234	10	:	:	PUNCT
ajfa-4310	234	11	before	before	ADP
ajfa-4310	234	12	the	the	DET
ajfa-4310	234	13	lehmann	lehmann	PROPN
ajfa-4310	234	14	shock	shock	NOUN
ajfa-4310	234	15	(	(	PUNCT
ajfa-4310	234	16	from	from	ADP
ajfa-4310	234	17	january	january	PROPN
ajfa-4310	234	18	2007	2007	NUM
ajfa-4310	234	19	to	to	ADP
ajfa-4310	234	20	march	march	PROPN
ajfa-4310	234	21	2008	2008	NUM
ajfa-4310	234	22	)	)	PUNCT
ajfa-4310	234	23	and	and	CCONJ
ajfa-4310	234	24	after	after	SCONJ
ajfa-4310	234	25	the	the	DET
ajfa-4310	234	26	lehmann	lehmann	PROPN
ajfa-4310	234	27	shock	shock	NOUN
ajfa-4310	234	28	(	(	PUNCT
ajfa-4310	234	29	from	from	ADP
ajfa-4310	234	30	september	september	PROPN
ajfa-4310	234	31	2008	2008	NUM
ajfa-4310	234	32	to	to	ADP
ajfa-4310	234	33	june	june	PROPN
ajfa-4310	234	34	2012	2012	NUM
ajfa-4310	234	35	)	)	PUNCT
ajfa-4310	234	36	to	to	PART
ajfa-4310	234	37	examine	examine	VERB
ajfa-4310	234	38	whether	whether	SCONJ
ajfa-4310	234	39	the	the	DET
ajfa-4310	234	40	momentum	momentum	NOUN
ajfa-4310	234	41	effect	effect	NOUN
ajfa-4310	234	42	is	be	AUX
ajfa-4310	234	43	limited	limit	VERB
ajfa-4310	234	44	to	to	ADP
ajfa-4310	234	45	any	any	DET
ajfa-4310	234	46	particular	particular	ADJ
ajfa-4310	234	47	period	period	NOUN
ajfa-4310	234	48	.	.	PUNCT
ajfa-4310	235	1	as	as	SCONJ
ajfa-4310	235	2	reported	report	VERB
ajfa-4310	235	3	earlier	early	ADV
ajfa-4310	235	4	,	,	PUNCT
ajfa-4310	235	5	the	the	DET
ajfa-4310	235	6	strategy	strategy	NOUN
ajfa-4310	235	7	with	with	ADP
ajfa-4310	235	8	k=1	k=1	PRON
ajfa-4310	235	9	and	and	CCONJ
ajfa-4310	235	10	j=1	j=1	PROPN
ajfa-4310	235	11	yields	yield	VERB
ajfa-4310	235	12	the	the	DET
ajfa-4310	235	13	highest	high	ADJ
ajfa-4310	235	14	profit	profit	NOUN
ajfa-4310	235	15	,	,	PUNCT
ajfa-4310	235	16	thus	thus	ADV
ajfa-4310	235	17	for	for	ADP
ajfa-4310	235	18	brevity	brevity	NOUN
ajfa-4310	235	19	,	,	PUNCT
ajfa-4310	235	20	the	the	DET
ajfa-4310	235	21	profit	profit	NOUN
ajfa-4310	235	22	of	of	ADP
ajfa-4310	235	23	this	this	DET
ajfa-4310	235	24	strategy	strategy	NOUN
ajfa-4310	235	25	constructed	construct	VERB
ajfa-4310	235	26	within	within	ADP
ajfa-4310	235	27	sizeand	sizeand	NOUN
ajfa-4310	235	28	preand	preand	NOUN
ajfa-4310	235	29	postlehmann	postlehmann	NOUN
ajfa-4310	235	30	shock	shock	NOUN
ajfa-4310	235	31	subsamples	subsample	NOUN
ajfa-4310	235	32	is	be	AUX
ajfa-4310	235	33	further	far	ADV
ajfa-4310	235	34	examined	examine	VERB
ajfa-4310	235	35	.	.	PUNCT
ajfa-4310	236	1	the	the	DET
ajfa-4310	236	2	results	result	NOUN
ajfa-4310	236	3	are	be	AUX
ajfa-4310	236	4	presented	present	VERB
ajfa-4310	236	5	in	in	ADP
ajfa-4310	236	6	table	table	NOUN
ajfa-4310	236	7	3	3	NUM
ajfa-4310	236	8	.	.	PUNCT
ajfa-4310	236	9	observing	observe	VERB
ajfa-4310	236	10	the	the	DET
ajfa-4310	236	11	momentum	momentum	NOUN
ajfa-4310	236	12	profits	profit	NOUN
ajfa-4310	236	13	by	by	ADP
ajfa-4310	236	14	periods	period	NOUN
ajfa-4310	236	15	,	,	PUNCT
ajfa-4310	236	16	we	we	PRON
ajfa-4310	236	17	find	find	VERB
ajfa-4310	236	18	that	that	SCONJ
ajfa-4310	236	19	the	the	DET
ajfa-4310	236	20	raw	raw	ADJ
ajfa-4310	236	21	and	and	CCONJ
ajfa-4310	236	22	the	the	DET
ajfa-4310	236	23	risk	risk	NOUN
ajfa-4310	236	24	-	-	PUNCT
ajfa-4310	236	25	adjusted	adjust	VERB
ajfa-4310	236	26	profits	profit	NOUN
ajfa-4310	236	27	in	in	ADP
ajfa-4310	236	28	the	the	DET
ajfa-4310	236	29	first	first	ADJ
ajfa-4310	236	30	period	period	NOUN
ajfa-4310	236	31	are	be	AUX
ajfa-4310	236	32	strongly	strongly	ADV
ajfa-4310	236	33	and	and	CCONJ
ajfa-4310	236	34	significantly	significantly	ADV
ajfa-4310	236	35	positive	positive	ADJ
ajfa-4310	236	36	,	,	PUNCT
ajfa-4310	236	37	while	while	SCONJ
ajfa-4310	236	38	those	those	PRON
ajfa-4310	236	39	in	in	ADP
ajfa-4310	236	40	the	the	DET
ajfa-4310	236	41	second	second	ADJ
ajfa-4310	236	42	period	period	NOUN
ajfa-4310	236	43	are	be	AUX
ajfa-4310	236	44	insignificant	insignificant	ADJ
ajfa-4310	236	45	.	.	PUNCT
ajfa-4310	237	1	this	this	PRON
ajfa-4310	237	2	means	mean	VERB
ajfa-4310	237	3	that	that	SCONJ
ajfa-4310	237	4	the	the	DET
ajfa-4310	237	5	momentum	momentum	NOUN
ajfa-4310	237	6	is	be	AUX
ajfa-4310	237	7	confined	confine	VERB
ajfa-4310	237	8	to	to	ADP
ajfa-4310	237	9	the	the	DET
ajfa-4310	237	10	period	period	NOUN
ajfa-4310	237	11	prior	prior	ADV
ajfa-4310	237	12	to	to	ADP
ajfa-4310	237	13	the	the	DET
ajfa-4310	237	14	lehmann	lehmann	PROPN
ajfa-4310	237	15	shock	shock	NOUN
ajfa-4310	237	16	.	.	PUNCT
ajfa-4310	238	1	our	our	PRON
ajfa-4310	238	2	statistics17	statistics17	PROPN
ajfa-4310	238	3	shows	show	VERB
ajfa-4310	238	4	that	that	SCONJ
ajfa-4310	238	5	the	the	DET
ajfa-4310	238	6	standard	standard	ADJ
ajfa-4310	238	7	deviations	deviation	NOUN
ajfa-4310	238	8	and	and	CCONJ
ajfa-4310	238	9	the	the	DET
ajfa-4310	238	10	correlation	correlation	NOUN
ajfa-4310	238	11	of	of	ADP
ajfa-4310	238	12	winner	winner	NOUN
ajfa-4310	238	13	and	and	CCONJ
ajfa-4310	238	14	looser	loose	ADJ
ajfa-4310	238	15	returns	return	NOUN
ajfa-4310	238	16	in	in	ADP
ajfa-4310	238	17	the	the	DET
ajfa-4310	238	18	first	first	ADJ
ajfa-4310	238	19	period	period	NOUN
ajfa-4310	238	20	are	be	AUX
ajfa-4310	238	21	not	not	PART
ajfa-4310	238	22	very	very	ADV
ajfa-4310	238	23	different	different	ADJ
ajfa-4310	238	24	from	from	ADP
ajfa-4310	238	25	the	the	DET
ajfa-4310	238	26	corresponding	corresponding	ADJ
ajfa-4310	238	27	statistics	statistic	NOUN
ajfa-4310	238	28	in	in	ADP
ajfa-4310	238	29	the	the	DET
ajfa-4310	238	30	second	second	ADJ
ajfa-4310	238	31	period	period	NOUN
ajfa-4310	238	32	,	,	PUNCT
ajfa-4310	238	33	while	while	SCONJ
ajfa-4310	238	34	the	the	DET
ajfa-4310	238	35	difference	difference	NOUN
ajfa-4310	238	36	between	between	ADP
ajfa-4310	238	37	winner	winner	NOUN
ajfa-4310	238	38	and	and	CCONJ
ajfa-4310	238	39	loser	loser	ADJ
ajfa-4310	238	40	returns	return	NOUN
ajfa-4310	238	41	in	in	ADP
ajfa-4310	238	42	the	the	DET
ajfa-4310	238	43	first	first	ADJ
ajfa-4310	238	44	period	period	NOUN
ajfa-4310	238	45	is	be	AUX
ajfa-4310	238	46	rather	rather	ADV
ajfa-4310	238	47	higher	high	ADJ
ajfa-4310	238	48	than	than	ADP
ajfa-4310	238	49	that	that	PRON
ajfa-4310	238	50	in	in	ADP
ajfa-4310	238	51	the	the	DET
ajfa-4310	238	52	second	second	ADJ
ajfa-4310	238	53	period	period	NOUN
ajfa-4310	238	54	.	.	PUNCT
ajfa-4310	239	1	indeed	indeed	ADV
ajfa-4310	239	2	,	,	PUNCT
ajfa-4310	239	3	large	large	ADJ
ajfa-4310	239	4	difference	difference	NOUN
ajfa-4310	239	5	between	between	ADP
ajfa-4310	239	6	winner	winner	NOUN
ajfa-4310	239	7	and	and	CCONJ
ajfa-4310	239	8	looser	loose	ADJ
ajfa-4310	239	9	mean	mean	ADJ
ajfa-4310	239	10	returns	return	NOUN
ajfa-4310	239	11	makes	make	VERB
ajfa-4310	239	12	momentum	momentum	NOUN
ajfa-4310	239	13	significant	significant	ADJ
ajfa-4310	239	14	in	in	ADP
ajfa-4310	239	15	the	the	DET
ajfa-4310	239	16	first	first	ADJ
ajfa-4310	239	17	period	period	NOUN
ajfa-4310	239	18	and	and	CCONJ
ajfa-4310	239	19	small	small	ADJ
ajfa-4310	239	20	difference	difference	NOUN
ajfa-4310	239	21	drives	drive	VERB
ajfa-4310	239	22	the	the	DET
ajfa-4310	239	23	momentum	momentum	NOUN
ajfa-4310	239	24	insignificant	insignificant	ADJ
ajfa-4310	239	25	in	in	ADP
ajfa-4310	239	26	the	the	DET
ajfa-4310	239	27	second	second	ADJ
ajfa-4310	239	28	period	period	NOUN
ajfa-4310	239	29	.	.	PUNCT
ajfa-4310	240	1	the	the	DET
ajfa-4310	240	2	number	number	NOUN
ajfa-4310	240	3	of	of	ADP
ajfa-4310	240	4	outstanding	outstanding	ADJ
ajfa-4310	240	5	stocks	stock	NOUN
ajfa-4310	240	6	at	at	ADP
ajfa-4310	240	7	that	that	DET
ajfa-4310	240	8	time	time	NOUN
ajfa-4310	240	9	.	.	PUNCT
ajfa-4310	241	1	16	16	NUM
ajfa-4310	241	2	we	we	PRON
ajfa-4310	241	3	follow	follow	VERB
ajfa-4310	241	4	fama	fama	NOUN
ajfa-4310	241	5	and	and	CCONJ
ajfa-4310	241	6	french	french	ADJ
ajfa-4310	241	7	(	(	PUNCT
ajfa-4310	241	8	1996	1996	NUM
ajfa-4310	241	9	)	)	PUNCT
ajfa-4310	241	10	to	to	PART
ajfa-4310	241	11	build	build	VERB
ajfa-4310	241	12	the	the	DET
ajfa-4310	241	13	smb	smb	NOUN
ajfa-4310	241	14	and	and	CCONJ
ajfa-4310	241	15	hml	hml	PROPN
ajfa-4310	241	16	portfolios	portfolio	NOUN
ajfa-4310	241	17	.	.	PUNCT
ajfa-4310	242	1	17	17	NUM
ajfa-4310	242	2	the	the	DET
ajfa-4310	242	3	means	mean	NOUN
ajfa-4310	242	4	,	,	PUNCT
ajfa-4310	242	5	standard	standard	ADJ
ajfa-4310	242	6	deviations	deviation	NOUN
ajfa-4310	242	7	and	and	CCONJ
ajfa-4310	242	8	the	the	DET
ajfa-4310	242	9	correlation	correlation	NOUN
ajfa-4310	242	10	of	of	ADP
ajfa-4310	242	11	winner	winner	NOUN
ajfa-4310	242	12	and	and	CCONJ
ajfa-4310	242	13	loser	loser	ADJ
ajfa-4310	242	14	returns	return	NOUN
ajfa-4310	242	15	in	in	ADP
ajfa-4310	242	16	the	the	DET
ajfa-4310	242	17	first	first	ADJ
ajfa-4310	242	18	period	period	NOUN
ajfa-4310	242	19	is	be	AUX
ajfa-4310	242	20	0.78	0.78	NUM
ajfa-4310	242	21	%	%	NOUN
ajfa-4310	242	22	,	,	PUNCT
ajfa-4310	242	23	-0.82	-0.82	NUM
ajfa-4310	242	24	%	%	NOUN
ajfa-4310	242	25	,	,	PUNCT
ajfa-4310	242	26	6.4	6.4	NUM
ajfa-4310	242	27	%	%	NOUN
ajfa-4310	242	28	(	(	PUNCT
ajfa-4310	242	29	standard	standard	ADJ
ajfa-4310	242	30	deviation	deviation	NOUN
ajfa-4310	242	31	)	)	PUNCT
ajfa-4310	242	32	,	,	PUNCT
ajfa-4310	242	33	5.7	5.7	NUM
ajfa-4310	242	34	%	%	NOUN
ajfa-4310	242	35	(	(	PUNCT
ajfa-4310	242	36	standard	standard	ADJ
ajfa-4310	242	37	deviation	deviation	NOUN
ajfa-4310	242	38	)	)	PUNCT
ajfa-4310	242	39	per	per	ADP
ajfa-4310	242	40	week	week	NOUN
ajfa-4310	242	41	and	and	CCONJ
ajfa-4310	242	42	0.80	0.80	NUM
ajfa-4310	242	43	,	,	PUNCT
ajfa-4310	242	44	while	while	SCONJ
ajfa-4310	242	45	those	those	PRON
ajfa-4310	242	46	for	for	ADP
ajfa-4310	242	47	the	the	DET
ajfa-4310	242	48	second	second	ADJ
ajfa-4310	242	49	period	period	NOUN
ajfa-4310	242	50	are	be	AUX
ajfa-4310	242	51	0.25	0.25	NUM
ajfa-4310	242	52	%	%	NOUN
ajfa-4310	242	53	,	,	PUNCT
ajfa-4310	242	54	0.14	0.14	NUM
ajfa-4310	242	55	%	%	NOUN
ajfa-4310	242	56	,	,	PUNCT
ajfa-4310	242	57	5.4	5.4	NUM
ajfa-4310	242	58	%	%	NOUN
ajfa-4310	242	59	(	(	PUNCT
ajfa-4310	242	60	standard	standard	ADJ
ajfa-4310	242	61	deviation	deviation	NOUN
ajfa-4310	242	62	)	)	PUNCT
ajfa-4310	242	63	,	,	PUNCT
ajfa-4310	242	64	5.1	5.1	NUM
ajfa-4310	242	65	%	%	NOUN
ajfa-4310	242	66	(	(	PUNCT
ajfa-4310	242	67	standard	standard	ADJ
ajfa-4310	242	68	deviation	deviation	NOUN
ajfa-4310	242	69	)	)	PUNCT
ajfa-4310	242	70	per	per	ADP
ajfa-4310	242	71	week	week	NOUN
ajfa-4310	242	72	and	and	CCONJ
ajfa-4310	242	73	0.83	0.83	NUM
ajfa-4310	242	74	.	.	PUNCT
ajfa-4310	243	1	asian	asian	ADJ
ajfa-4310	243	2	journal	journal	PROPN
ajfa-4310	243	3	of	of	ADP
ajfa-4310	243	4	finance	finance	PROPN
ajfa-4310	243	5	&	&	CCONJ
ajfa-4310	243	6	accounting	accounting	PROPN
ajfa-4310	243	7	issn	issn	PROPN
ajfa-4310	243	8	1946	1946	NUM
ajfa-4310	243	9	-	-	PUNCT
ajfa-4310	243	10	052x	052x	NOUN
ajfa-4310	243	11	2013	2013	NUM
ajfa-4310	243	12	,	,	PUNCT
ajfa-4310	243	13	vol	vol	NOUN
ajfa-4310	243	14	.	.	PROPN
ajfa-4310	243	15	5	5	NUM
ajfa-4310	243	16	,	,	PUNCT
ajfa-4310	243	17	no	no	INTJ
ajfa-4310	243	18	.	.	NOUN
ajfa-4310	243	19	2	2	NUM
ajfa-4310	243	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	243	21	195	195	NUM
ajfa-4310	243	22	table	table	NOUN
ajfa-4310	243	23	3	3	NUM
ajfa-4310	243	24	.	.	X
ajfa-4310	243	25	momentum	momentum	NOUN
ajfa-4310	243	26	within	within	ADP
ajfa-4310	243	27	size-	size-	X
ajfa-4310	243	28	,	,	PUNCT
ajfa-4310	243	29	preand	preand	VERB
ajfa-4310	243	30	post	post	ADJ
ajfa-4310	243	31	-	-	ADJ
ajfa-4310	243	32	the	the	DET
ajfa-4310	243	33	lehmann	lehmann	NOUN
ajfa-4310	243	34	shock	shock	NOUN
ajfa-4310	243	35	subsamples	subsample	NOUN
ajfa-4310	243	36	periods	period	VERB
ajfa-4310	243	37	all	all	DET
ajfa-4310	243	38	small	small	ADJ
ajfa-4310	243	39	medium	medium	ADJ
ajfa-4310	243	40	large	large	ADJ
ajfa-4310	243	41	whole	whole	ADJ
ajfa-4310	243	42	period	period	NOUN
ajfa-4310	243	43	1/2007	1/2007	NUM
ajfa-4310	243	44	-	-	SYM
ajfa-4310	243	45	6/2012	6/2012	NUM
ajfa-4310	243	46	raw	raw	ADJ
ajfa-4310	243	47	0.0083	0.0083	NUM
ajfa-4310	243	48	*	*	PUNCT
ajfa-4310	243	49	*	*	PUNCT
ajfa-4310	243	50	*	*	PUNCT
ajfa-4310	243	51	(	(	PUNCT
ajfa-4310	243	52	3.22	3.22	NUM
ajfa-4310	243	53	)	)	PUNCT
ajfa-4310	243	54	0.0026	0.0026	NUM
ajfa-4310	243	55	(	(	PUNCT
ajfa-4310	243	56	0.83	0.83	NUM
ajfa-4310	243	57	)	)	PUNCT
ajfa-4310	243	58	0.0030	0.0030	NUM
ajfa-4310	243	59	(	(	PUNCT
ajfa-4310	243	60	1.16	1.16	NUM
ajfa-4310	243	61	)	)	PUNCT
ajfa-4310	243	62	0.0094	0.0094	NUM
ajfa-4310	243	63	*	*	PUNCT
ajfa-4310	243	64	*	*	PUNCT
ajfa-4310	243	65	*	*	PUNCT
ajfa-4310	243	66	(	(	PUNCT
ajfa-4310	243	67	3.24	3.24	NUM
ajfa-4310	243	68	)	)	PUNCT
ajfa-4310	243	69	capm	capm	NOUN
ajfa-4310	243	70	alpha	alpha	NOUN
ajfa-4310	243	71	0.0086	0.0086	NUM
ajfa-4310	243	72	*	*	PUNCT
ajfa-4310	243	73	*	*	PUNCT
ajfa-4310	243	74	*	*	PUNCT
ajfa-4310	243	75	(	(	PUNCT
ajfa-4310	243	76	3.25	3.25	NUM
ajfa-4310	243	77	)	)	PUNCT
ajfa-4310	243	78	0.0032	0.0032	NUM
ajfa-4310	243	79	(	(	PUNCT
ajfa-4310	243	80	1.04	1.04	NUM
ajfa-4310	243	81	)	)	PUNCT
ajfa-4310	243	82	0.0034	0.0034	NUM
ajfa-4310	243	83	(	(	PUNCT
ajfa-4310	243	84	1.32	1.32	NUM
ajfa-4310	243	85	)	)	PUNCT
ajfa-4310	243	86	0.0097	0.0097	NUM
ajfa-4310	243	87	*	*	PUNCT
ajfa-4310	243	88	*	*	PUNCT
ajfa-4310	243	89	*	*	PUNCT
ajfa-4310	243	90	(	(	PUNCT
ajfa-4310	243	91	3.34	3.34	NUM
ajfa-4310	243	92	)	)	PUNCT
ajfa-4310	243	93	ff	ff	NOUN
ajfa-4310	243	94	alpha	alpha	NOUN
ajfa-4310	243	95	0.0084	0.0084	NUM
ajfa-4310	243	96	*	*	PUNCT
ajfa-4310	243	97	*	*	PUNCT
ajfa-4310	243	98	*	*	PUNCT
ajfa-4310	243	99	(	(	PUNCT
ajfa-4310	243	100	3.20	3.20	NUM
ajfa-4310	243	101	)	)	PUNCT
ajfa-4310	243	102	0.0028	0.0028	NUM
ajfa-4310	243	103	(	(	PUNCT
ajfa-4310	243	104	0.94	0.94	NUM
ajfa-4310	243	105	)	)	PUNCT
ajfa-4310	243	106	0.0032	0.0032	NUM
ajfa-4310	243	107	(	(	PUNCT
ajfa-4310	243	108	1.27	1.27	NUM
ajfa-4310	243	109	)	)	PUNCT
ajfa-4310	243	110	0.0098	0.0098	NUM
ajfa-4310	243	111	*	*	PUNCT
ajfa-4310	243	112	*	*	PUNCT
ajfa-4310	243	113	*	*	PUNCT
ajfa-4310	243	114	(	(	PUNCT
ajfa-4310	243	115	3.32	3.32	NUM
ajfa-4310	243	116	)	)	PUNCT
ajfa-4310	243	117	first	first	ADJ
ajfa-4310	243	118	period	period	NOUN
ajfa-4310	243	119	1/20073/2008	1/20073/2008	NUM
ajfa-4310	243	120	raw	raw	ADJ
ajfa-4310	243	121	0.0161	0.0161	NUM
ajfa-4310	243	122	*	*	PUNCT
ajfa-4310	243	123	*	*	PUNCT
ajfa-4310	243	124	*	*	PUNCT
ajfa-4310	243	125	(	(	PUNCT
ajfa-4310	243	126	2.77	2.77	NUM
ajfa-4310	243	127	)	)	PUNCT
ajfa-4310	243	128	0.0156	0.0156	NUM
ajfa-4310	243	129	*	*	PUNCT
ajfa-4310	243	130	*	*	PUNCT
ajfa-4310	243	131	(	(	PUNCT
ajfa-4310	243	132	2.24	2.24	NUM
ajfa-4310	243	133	)	)	PUNCT
ajfa-4310	243	134	0.0057	0.0057	NUM
ajfa-4310	243	135	(	(	PUNCT
ajfa-4310	243	136	1.12	1.12	NUM
ajfa-4310	243	137	)	)	PUNCT
ajfa-4310	243	138	0.0154	0.0154	NUM
ajfa-4310	243	139	*	*	PUNCT
ajfa-4310	243	140	*	*	PUNCT
ajfa-4310	243	141	(	(	PUNCT
ajfa-4310	243	142	2.40	2.40	NUM
ajfa-4310	243	143	)	)	PUNCT
ajfa-4310	243	144	capm	capm	NOUN
ajfa-4310	243	145	alpha	alpha	NOUN
ajfa-4310	243	146	0.0171	0.0171	NUM
ajfa-4310	243	147	*	*	PUNCT
ajfa-4310	243	148	*	*	PUNCT
ajfa-4310	243	149	*	*	PUNCT
ajfa-4310	243	150	(	(	PUNCT
ajfa-4310	243	151	2.82	2.82	NUM
ajfa-4310	243	152	)	)	PUNCT
ajfa-4310	243	153	0.0171	0.0171	NUM
ajfa-4310	243	154	*	*	PUNCT
ajfa-4310	243	155	*	*	PUNCT
ajfa-4310	243	156	(	(	PUNCT
ajfa-4310	243	157	2.54	2.54	NUM
ajfa-4310	243	158	)	)	PUNCT
ajfa-4310	243	159	0.0061	0.0061	NUM
ajfa-4310	243	160	(	(	PUNCT
ajfa-4310	243	161	1.16	1.16	NUM
ajfa-4310	243	162	)	)	PUNCT
ajfa-4310	244	1	0.0168	0.0168	NUM
ajfa-4310	244	2	*	*	PUNCT
ajfa-4310	244	3	*	*	PUNCT
ajfa-4310	244	4	(	(	PUNCT
ajfa-4310	244	5	2.55	2.55	NUM
ajfa-4310	244	6	)	)	PUNCT
ajfa-4310	244	7	ff	ff	NOUN
ajfa-4310	244	8	alpha	alpha	NOUN
ajfa-4310	244	9	0.0154	0.0154	NUM
ajfa-4310	244	10	*	*	PUNCT
ajfa-4310	244	11	*	*	PUNCT
ajfa-4310	244	12	(	(	PUNCT
ajfa-4310	244	13	2.54	2.54	NUM
ajfa-4310	244	14	)	)	PUNCT
ajfa-4310	244	15	0.0148	0.0148	NUM
ajfa-4310	244	16	*	*	PUNCT
ajfa-4310	244	17	(	(	PUNCT
ajfa-4310	244	18	2.06	2.06	NUM
ajfa-4310	244	19	)	)	PUNCT
ajfa-4310	244	20	0.0045	0.0045	NUM
ajfa-4310	244	21	(	(	PUNCT
ajfa-4310	244	22	0.84	0.84	NUM
ajfa-4310	244	23	)	)	PUNCT
ajfa-4310	244	24	0.0163	0.0163	NUM
ajfa-4310	244	25	*	*	PUNCT
ajfa-4310	244	26	*	*	PUNCT
ajfa-4310	244	27	(	(	PUNCT
ajfa-4310	244	28	2.40	2.40	NUM
ajfa-4310	244	29	)	)	PUNCT
ajfa-4310	244	30	second	second	ADJ
ajfa-4310	244	31	period	period	NOUN
ajfa-4310	244	32	9/2008	9/2008	PROPN
ajfa-4310	244	33	-	-	PUNCT
ajfa-4310	244	34	6/2012	6/2012	PROPN
ajfa-4310	244	35	raw	raw	ADJ
ajfa-4310	244	36	0.0007	0.0007	NUM
ajfa-4310	244	37	(	(	PUNCT
ajfa-4310	244	38	0.30	0.30	NUM
ajfa-4310	244	39	)	)	PUNCT
ajfa-4310	244	40	-0.0054	-0.0054	NOUN
ajfa-4310	244	41	(	(	PUNCT
ajfa-4310	244	42	-1.59	-1.59	NUM
ajfa-4310	244	43	)	)	PUNCT
ajfa-4310	244	44	-0.0031	-0.0031	NOUN
ajfa-4310	244	45	(	(	PUNCT
ajfa-4310	244	46	-1.33	-1.33	NUM
ajfa-4310	244	47	)	)	PUNCT
ajfa-4310	244	48	0.0021	0.0021	NUM
ajfa-4310	244	49	(	(	PUNCT
ajfa-4310	244	50	0.76	0.76	NUM
ajfa-4310	244	51	)	)	PUNCT
ajfa-4310	244	52	capm	capm	NOUN
ajfa-4310	244	53	alpha	alpha	NOUN
ajfa-4310	244	54	0.0006	0.0006	NUM
ajfa-4310	244	55	(	(	PUNCT
ajfa-4310	244	56	0.28	0.28	NUM
ajfa-4310	244	57	)	)	PUNCT
ajfa-4310	244	58	-0.0050	-0.0050	NOUN
ajfa-4310	244	59	(	(	PUNCT
ajfa-4310	244	60	-1.50	-1.50	NOUN
ajfa-4310	244	61	)	)	PUNCT
ajfa-4310	244	62	-0.0029	-0.0029	PROPN
ajfa-4310	244	63	(	(	PUNCT
ajfa-4310	244	64	-1.25	-1.25	NOUN
ajfa-4310	244	65	)	)	PUNCT
ajfa-4310	244	66	0.0022	0.0022	NUM
ajfa-4310	244	67	(	(	PUNCT
ajfa-4310	244	68	0.78	0.78	NUM
ajfa-4310	244	69	)	)	PUNCT
ajfa-4310	244	70	ff	ff	NOUN
ajfa-4310	244	71	alpha	alpha	NOUN
ajfa-4310	244	72	0.0005	0.0005	NUM
ajfa-4310	244	73	(	(	PUNCT
ajfa-4310	244	74	0.21	0.21	NUM
ajfa-4310	244	75	)	)	PUNCT
ajfa-4310	244	76	-0.0052	-0.0052	PUNCT
ajfa-4310	245	1	(	(	PUNCT
ajfa-4310	245	2	-1.58	-1.58	NOUN
ajfa-4310	245	3	)	)	PUNCT
ajfa-4310	245	4	-0.0029	-0.0029	PUNCT
ajfa-4310	245	5	(	(	PUNCT
ajfa-4310	245	6	-1.20	-1.20	X
ajfa-4310	245	7	)	)	PUNCT
ajfa-4310	245	8	0.0023	0.0023	NUM
ajfa-4310	245	9	(	(	PUNCT
ajfa-4310	245	10	0.78	0.78	NUM
ajfa-4310	245	11	)	)	PUNCT
ajfa-4310	245	12	note	note	NOUN
ajfa-4310	245	13	:	:	PUNCT
ajfa-4310	245	14	t	t	PROPN
ajfa-4310	245	15	-	-	PUNCT
ajfa-4310	245	16	statistics	statistic	NOUN
ajfa-4310	245	17	are	be	AUX
ajfa-4310	245	18	calculated	calculate	VERB
ajfa-4310	245	19	using	use	VERB
ajfa-4310	245	20	newey	newey	PROPN
ajfa-4310	245	21	-	-	PUNCT
ajfa-4310	245	22	west	west	PROPN
ajfa-4310	245	23	standard	standard	ADJ
ajfa-4310	245	24	errors	error	NOUN
ajfa-4310	245	25	to	to	PART
ajfa-4310	245	26	test	test	VERB
ajfa-4310	245	27	the	the	DET
ajfa-4310	245	28	null	null	ADJ
ajfa-4310	245	29	hypothesis	hypothesis	NOUN
ajfa-4310	245	30	that	that	PRON
ajfa-4310	245	31	the	the	DET
ajfa-4310	245	32	profit	profit	NOUN
ajfa-4310	245	33	or	or	CCONJ
ajfa-4310	245	34	alphas	alpha	NOUN
ajfa-4310	245	35	are	be	AUX
ajfa-4310	245	36	equal	equal	ADJ
ajfa-4310	245	37	to	to	ADP
ajfa-4310	245	38	zero	zero	NUM
ajfa-4310	245	39	.	.	PUNCT
ajfa-4310	246	1	(	(	PUNCT
ajfa-4310	246	2	*	*	PUNCT
ajfa-4310	246	3	*	*	PUNCT
ajfa-4310	246	4	*	*	PUNCT
ajfa-4310	246	5	)	)	PUNCT
ajfa-4310	246	6	,	,	PUNCT
ajfa-4310	246	7	(	(	PUNCT
ajfa-4310	246	8	*	*	PUNCT
ajfa-4310	246	9	*	*	PUNCT
ajfa-4310	246	10	)	)	PUNCT
ajfa-4310	246	11	,	,	PUNCT
ajfa-4310	246	12	(	(	PUNCT
ajfa-4310	246	13	*	*	PUNCT
ajfa-4310	246	14	)	)	PUNCT
ajfa-4310	246	15	indicate	indicate	VERB
ajfa-4310	246	16	significance	significance	NOUN
ajfa-4310	246	17	at	at	ADP
ajfa-4310	246	18	the	the	DET
ajfa-4310	246	19	1	1	NUM
ajfa-4310	246	20	%	%	NOUN
ajfa-4310	246	21	,	,	PUNCT
ajfa-4310	246	22	5	5	NUM
ajfa-4310	246	23	%	%	NOUN
ajfa-4310	246	24	and	and	CCONJ
ajfa-4310	246	25	10	10	NUM
ajfa-4310	246	26	%	%	NOUN
ajfa-4310	246	27	level	level	NOUN
ajfa-4310	246	28	,	,	PUNCT
ajfa-4310	246	29	respectively	respectively	ADV
ajfa-4310	246	30	.	.	PUNCT
ajfa-4310	247	1	t	t	PROPN
ajfa-4310	247	2	-	-	PUNCT
ajfa-4310	247	3	statistics	statistic	NOUN
ajfa-4310	247	4	are	be	AUX
ajfa-4310	247	5	presented	present	VERB
ajfa-4310	247	6	in	in	ADP
ajfa-4310	247	7	parentheses	parenthesis	NOUN
ajfa-4310	247	8	.	.	PUNCT
ajfa-4310	248	1	looking	look	VERB
ajfa-4310	248	2	at	at	ADP
ajfa-4310	248	3	profits	profit	NOUN
ajfa-4310	248	4	by	by	ADP
ajfa-4310	248	5	sizes	size	NOUN
ajfa-4310	248	6	,	,	PUNCT
ajfa-4310	248	7	we	we	PRON
ajfa-4310	248	8	find	find	VERB
ajfa-4310	248	9	that	that	SCONJ
ajfa-4310	248	10	for	for	ADP
ajfa-4310	248	11	the	the	DET
ajfa-4310	248	12	first	first	ADJ
ajfa-4310	248	13	period	period	NOUN
ajfa-4310	248	14	,	,	PUNCT
ajfa-4310	248	15	the	the	DET
ajfa-4310	248	16	small	small	ADJ
ajfa-4310	248	17	and	and	CCONJ
ajfa-4310	248	18	the	the	DET
ajfa-4310	248	19	large	large	ADJ
ajfa-4310	248	20	-	-	PUNCT
ajfa-4310	248	21	sized	sized	ADJ
ajfa-4310	248	22	subsamples	subsample	NOUN
ajfa-4310	248	23	have	have	VERB
ajfa-4310	248	24	a	a	DET
ajfa-4310	248	25	little	little	ADJ
ajfa-4310	248	26	bit	bit	NOUN
ajfa-4310	248	27	lower	low	ADJ
ajfa-4310	248	28	raw	raw	ADJ
ajfa-4310	248	29	profits	profit	NOUN
ajfa-4310	248	30	than	than	ADP
ajfa-4310	248	31	the	the	DET
ajfa-4310	248	32	full	full	ADJ
ajfa-4310	248	33	sample	sample	NOUN
ajfa-4310	248	34	.	.	PUNCT
ajfa-4310	249	1	additionally	additionally	ADV
ajfa-4310	249	2	,	,	PUNCT
ajfa-4310	249	3	the	the	DET
ajfa-4310	249	4	small	small	ADJ
ajfa-4310	249	5	-	-	PUNCT
ajfa-4310	249	6	sized	sized	ADJ
ajfa-4310	249	7	subsample	subsample	ADJ
ajfa-4310	249	8	gains	gain	NOUN
ajfa-4310	249	9	a	a	DET
ajfa-4310	249	10	little	little	ADJ
ajfa-4310	249	11	bit	bit	NOUN
ajfa-4310	249	12	higher	high	ADJ
ajfa-4310	249	13	profit	profit	NOUN
ajfa-4310	249	14	than	than	ADP
ajfa-4310	249	15	the	the	DET
ajfa-4310	249	16	large	large	ADJ
ajfa-4310	249	17	-	-	PUNCT
ajfa-4310	249	18	sized	sized	ADJ
ajfa-4310	249	19	one	one	NUM
ajfa-4310	249	20	.	.	PUNCT
ajfa-4310	250	1	these	these	DET
ajfa-4310	250	2	results	result	NOUN
ajfa-4310	250	3	do	do	AUX
ajfa-4310	250	4	not	not	PART
ajfa-4310	250	5	strongly	strongly	ADV
ajfa-4310	250	6	support	support	VERB
ajfa-4310	250	7	the	the	DET
ajfa-4310	250	8	argument	argument	NOUN
ajfa-4310	250	9	by	by	ADP
ajfa-4310	250	10	jt	jt	PROPN
ajfa-4310	250	11	(	(	PUNCT
ajfa-4310	250	12	1993	1993	NUM
ajfa-4310	250	13	)	)	PUNCT
ajfa-4310	250	14	that	that	SCONJ
ajfa-4310	250	15	momentum	momentum	NOUN
ajfa-4310	250	16	may	may	AUX
ajfa-4310	250	17	be	be	AUX
ajfa-4310	250	18	due	due	ADJ
ajfa-4310	250	19	to	to	ADP
ajfa-4310	250	20	the	the	DET
ajfa-4310	250	21	dispersion	dispersion	NOUN
ajfa-4310	250	22	in	in	ADP
ajfa-4310	250	23	expected	expect	VERB
ajfa-4310	250	24	returns	return	NOUN
ajfa-4310	250	25	or	or	CCONJ
ajfa-4310	250	26	the	the	DET
ajfa-4310	250	27	positive	positive	ADJ
ajfa-4310	250	28	serial	serial	ADJ
ajfa-4310	250	29	correlation	correlation	NOUN
ajfa-4310	250	30	in	in	ADP
ajfa-4310	250	31	factor	factor	NOUN
ajfa-4310	250	32	returns	return	NOUN
ajfa-4310	250	33	.	.	PUNCT
ajfa-4310	251	1	furthermore	furthermore	ADV
ajfa-4310	251	2	,	,	PUNCT
ajfa-4310	251	3	the	the	DET
ajfa-4310	251	4	risk	risk	NOUN
ajfa-4310	251	5	-	-	PUNCT
ajfa-4310	251	6	adjusted	adjust	VERB
ajfa-4310	251	7	profits	profit	NOUN
ajfa-4310	251	8	from	from	ADP
ajfa-4310	251	9	the	the	DET
ajfa-4310	251	10	small	small	ADJ
ajfa-4310	251	11	and	and	CCONJ
ajfa-4310	251	12	the	the	DET
ajfa-4310	251	13	large	large	ADJ
ajfa-4310	251	14	-	-	PUNCT
ajfa-4310	251	15	sized	sized	ADJ
ajfa-4310	251	16	subsamples	subsample	NOUN
ajfa-4310	251	17	are	be	AUX
ajfa-4310	251	18	statistically	statistically	ADV
ajfa-4310	251	19	significant	significant	ADJ
ajfa-4310	251	20	.	.	PUNCT
ajfa-4310	252	1	this	this	PRON
ajfa-4310	252	2	means	mean	VERB
ajfa-4310	252	3	that	that	SCONJ
ajfa-4310	252	4	momentum	momentum	NOUN
ajfa-4310	252	5	is	be	AUX
ajfa-4310	252	6	limited	limit	VERB
ajfa-4310	252	7	to	to	ADP
ajfa-4310	252	8	the	the	DET
ajfa-4310	252	9	small	small	ADJ
ajfa-4310	252	10	and	and	CCONJ
ajfa-4310	252	11	large	large	ADJ
ajfa-4310	252	12	-	-	PUNCT
ajfa-4310	252	13	sized	sized	ADJ
ajfa-4310	252	14	subsamples	subsample	NOUN
ajfa-4310	252	15	and	and	CCONJ
ajfa-4310	252	16	can	can	AUX
ajfa-4310	252	17	not	not	PART
ajfa-4310	252	18	be	be	AUX
ajfa-4310	252	19	regarded	regard	VERB
ajfa-4310	252	20	as	as	ADP
ajfa-4310	252	21	the	the	DET
ajfa-4310	252	22	compensation	compensation	NOUN
ajfa-4310	252	23	for	for	ADP
ajfa-4310	252	24	risk	risk	NOUN
ajfa-4310	252	25	.	.	PUNCT
ajfa-4310	253	1	hence	hence	ADV
ajfa-4310	253	2	,	,	PUNCT
ajfa-4310	253	3	it	it	PRON
ajfa-4310	253	4	can	can	AUX
ajfa-4310	253	5	be	be	AUX
ajfa-4310	253	6	considered	consider	VERB
ajfa-4310	253	7	as	as	ADP
ajfa-4310	253	8	delayed	delay	VERB
ajfa-4310	253	9	price	price	NOUN
ajfa-4310	253	10	reactions	reaction	NOUN
ajfa-4310	253	11	to	to	ADP
ajfa-4310	253	12	information	information	NOUN
ajfa-4310	253	13	,	,	PUNCT
ajfa-4310	253	14	as	as	SCONJ
ajfa-4310	253	15	mentioned	mention	VERB
ajfa-4310	253	16	in	in	ADP
ajfa-4310	253	17	jt	jt	PROPN
ajfa-4310	253	18	(	(	PUNCT
ajfa-4310	253	19	1993	1993	NUM
ajfa-4310	253	20	)	)	PUNCT
ajfa-4310	253	21	.	.	PUNCT
ajfa-4310	254	1	for	for	ADP
ajfa-4310	254	2	the	the	DET
ajfa-4310	254	3	second	second	ADJ
ajfa-4310	254	4	period	period	NOUN
ajfa-4310	254	5	,	,	PUNCT
ajfa-4310	254	6	the	the	DET
ajfa-4310	254	7	raw	raw	ADJ
ajfa-4310	254	8	and	and	CCONJ
ajfa-4310	254	9	the	the	DET
ajfa-4310	254	10	risk	risk	NOUN
ajfa-4310	254	11	-	-	PUNCT
ajfa-4310	254	12	adjusted	adjust	VERB
ajfa-4310	254	13	profits	profit	NOUN
ajfa-4310	254	14	from	from	ADP
ajfa-4310	254	15	all	all	DET
ajfa-4310	254	16	size	size	NOUN
ajfa-4310	254	17	-	-	PUNCT
ajfa-4310	254	18	subsamples	subsample	NOUN
ajfa-4310	254	19	are	be	AUX
ajfa-4310	254	20	not	not	PART
ajfa-4310	254	21	significant	significant	ADJ
ajfa-4310	254	22	,	,	PUNCT
ajfa-4310	254	23	which	which	PRON
ajfa-4310	254	24	is	be	AUX
ajfa-4310	254	25	in	in	ADP
ajfa-4310	254	26	accordance	accordance	NOUN
ajfa-4310	254	27	with	with	ADP
ajfa-4310	254	28	the	the	DET
ajfa-4310	254	29	previous	previous	ADJ
ajfa-4310	254	30	finding	finding	NOUN
ajfa-4310	254	31	on	on	ADP
ajfa-4310	254	32	the	the	DET
ajfa-4310	254	33	absence	absence	NOUN
ajfa-4310	254	34	of	of	ADP
ajfa-4310	254	35	momentum	momentum	NOUN
ajfa-4310	254	36	during	during	ADP
ajfa-4310	254	37	this	this	DET
ajfa-4310	254	38	period	period	NOUN
ajfa-4310	254	39	.	.	PUNCT
ajfa-4310	255	1	5.2	5.2	NUM
ajfa-4310	255	2	performance	performance	NOUN
ajfa-4310	255	3	of	of	ADP
ajfa-4310	255	4	momentum	momentum	NOUN
ajfa-4310	255	5	profits	profit	NOUN
ajfa-4310	255	6	in	in	ADP
ajfa-4310	255	7	the	the	DET
ajfa-4310	255	8	post	post	ADJ
ajfa-4310	255	9	-	-	ADJ
ajfa-4310	255	10	holding	holding	ADJ
ajfa-4310	255	11	period	period	NOUN
ajfa-4310	255	12	in	in	ADP
ajfa-4310	255	13	this	this	DET
ajfa-4310	255	14	section	section	NOUN
ajfa-4310	255	15	we	we	PRON
ajfa-4310	255	16	analyze	analyze	VERB
ajfa-4310	255	17	the	the	DET
ajfa-4310	255	18	profits	profit	NOUN
ajfa-4310	255	19	in	in	ADP
ajfa-4310	255	20	longer	long	ADJ
ajfa-4310	255	21	horizons	horizon	NOUN
ajfa-4310	255	22	following	follow	VERB
ajfa-4310	255	23	the	the	DET
ajfa-4310	255	24	holding	hold	VERB
ajfa-4310	255	25	period	period	NOUN
ajfa-4310	255	26	to	to	PART
ajfa-4310	255	27	examine	examine	VERB
ajfa-4310	255	28	whether	whether	SCONJ
ajfa-4310	255	29	the	the	DET
ajfa-4310	255	30	momentum	momentum	NOUN
ajfa-4310	255	31	is	be	AUX
ajfa-4310	255	32	driven	drive	VERB
ajfa-4310	255	33	by	by	ADP
ajfa-4310	255	34	either	either	CCONJ
ajfa-4310	255	35	the	the	DET
ajfa-4310	255	36	under	under	NOUN
ajfa-4310	255	37	-	-	PUNCT
ajfa-4310	255	38	reaction	reaction	NOUN
ajfa-4310	255	39	or	or	CCONJ
ajfa-4310	255	40	the	the	DET
ajfa-4310	255	41	over	over	ADP
ajfa-4310	255	42	-	-	PUNCT
ajfa-4310	255	43	reaction	reaction	NOUN
ajfa-4310	255	44	hypothesis	hypothesis	NOUN
ajfa-4310	255	45	.	.	PUNCT
ajfa-4310	256	1	due	due	ADP
ajfa-4310	256	2	to	to	ADP
ajfa-4310	256	3	the	the	DET
ajfa-4310	256	4	limitation	limitation	NOUN
ajfa-4310	256	5	of	of	ADP
ajfa-4310	256	6	observation	observation	NOUN
ajfa-4310	256	7	number	number	NOUN
ajfa-4310	256	8	,	,	PUNCT
ajfa-4310	256	9	we	we	PRON
ajfa-4310	256	10	focus	focus	VERB
ajfa-4310	256	11	on	on	ADP
ajfa-4310	256	12	the	the	DET
ajfa-4310	256	13	profits	profit	NOUN
ajfa-4310	256	14	up	up	ADP
ajfa-4310	256	15	to	to	PART
ajfa-4310	256	16	six	six	NUM
ajfa-4310	256	17	months	month	NOUN
ajfa-4310	256	18	or	or	CCONJ
ajfa-4310	256	19	26	26	NUM
ajfa-4310	256	20	weeks	week	NOUN
ajfa-4310	256	21	following	follow	VERB
ajfa-4310	256	22	the	the	DET
ajfa-4310	256	23	formation	formation	NOUN
ajfa-4310	256	24	week	week	NOUN
ajfa-4310	256	25	.	.	PUNCT
ajfa-4310	257	1	additionally	additionally	ADV
ajfa-4310	257	2	,	,	PUNCT
ajfa-4310	257	3	the	the	DET
ajfa-4310	257	4	profit	profit	NOUN
ajfa-4310	257	5	on	on	ADP
ajfa-4310	257	6	the	the	DET
ajfa-4310	257	7	strategy	strategy	NOUN
ajfa-4310	257	8	with	with	ADP
ajfa-4310	257	9	k=1	k=1	PRON
ajfa-4310	257	10	and	and	CCONJ
ajfa-4310	257	11	j=1	j=1	PROPN
ajfa-4310	257	12	is	be	AUX
ajfa-4310	257	13	further	far	ADV
ajfa-4310	257	14	examined	examine	VERB
ajfa-4310	257	15	.	.	PUNCT
ajfa-4310	258	1	asian	asian	ADJ
ajfa-4310	258	2	journal	journal	PROPN
ajfa-4310	258	3	of	of	ADP
ajfa-4310	258	4	finance	finance	PROPN
ajfa-4310	258	5	&	&	CCONJ
ajfa-4310	258	6	accounting	accounting	PROPN
ajfa-4310	258	7	issn	issn	PROPN
ajfa-4310	258	8	1946	1946	NUM
ajfa-4310	258	9	-	-	PUNCT
ajfa-4310	258	10	052x	052x	NOUN
ajfa-4310	258	11	2013	2013	NUM
ajfa-4310	258	12	,	,	PUNCT
ajfa-4310	258	13	vol	vol	NOUN
ajfa-4310	258	14	.	.	PROPN
ajfa-4310	258	15	5	5	NUM
ajfa-4310	258	16	,	,	PUNCT
ajfa-4310	258	17	no	no	INTJ
ajfa-4310	258	18	.	.	NOUN
ajfa-4310	258	19	2	2	NUM
ajfa-4310	258	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4310	258	21	196	196	NUM
ajfa-4310	258	22	as	as	SCONJ
ajfa-4310	258	23	described	describe	VERB
ajfa-4310	258	24	earlier	early	ADV
ajfa-4310	258	25	,	,	PUNCT
ajfa-4310	258	26	26	26	NUM
ajfa-4310	258	27	time	time	NOUN
ajfa-4310	258	28	series	series	NOUN
ajfa-4310	258	29	of	of	ADP
ajfa-4310	258	30	raw	raw	ADJ
ajfa-4310	258	31	profits	profit	NOUN
ajfa-4310	258	32	on	on	ADP
ajfa-4310	258	33	the	the	DET
ajfa-4310	258	34	wml	wml	PROPN
ajfa-4310	258	35	portfolios	portfolio	NOUN
ajfa-4310	258	36	that	that	PRON
ajfa-4310	258	37	are	be	AUX
ajfa-4310	258	38	formed	form	VERB
ajfa-4310	258	39	k	k	PROPN
ajfa-4310	258	40	weeks	week	NOUN
ajfa-4310	258	41	ago	ago	ADV
ajfa-4310	258	42	(	(	PUNCT
ajfa-4310	258	43	k	k	NOUN
ajfa-4310	258	44	=	=	NOUN
ajfa-4310	258	45	1,	1,	NUM
ajfa-4310	258	46	…	…	SYM
ajfa-4310	258	47	,26	,26	PUNCT
ajfa-4310	258	48	)	)	PUNCT
ajfa-4310	258	49	are	be	AUX
ajfa-4310	258	50	created	create	VERB
ajfa-4310	258	51	.	.	PUNCT
ajfa-4310	259	1	following	follow	VERB
ajfa-4310	259	2	cooper	cooper	PROPN
ajfa-4310	259	3	et	et	PROPN
ajfa-4310	259	4	al	al	PROPN
ajfa-4310	259	5	.	.	PROPN
ajfa-4310	260	1	(	(	PUNCT
ajfa-4310	260	2	2004	2004	NUM
ajfa-4310	260	3	)	)	PUNCT
ajfa-4310	260	4	,	,	PUNCT
ajfa-4310	260	5	we	we	PRON
ajfa-4310	260	6	regress	regress	VERB
ajfa-4310	260	7	these	these	DET
ajfa-4310	260	8	26	26	NUM
ajfa-4310	260	9	time	time	NOUN
ajfa-4310	260	10	series	series	NOUN
ajfa-4310	260	11	of	of	ADP
ajfa-4310	260	12	raw	raw	ADJ
ajfa-4310	260	13	profits	profit	NOUN
ajfa-4310	260	14	against	against	ADP
ajfa-4310	260	15	a	a	DET
ajfa-4310	260	16	constant	constant	ADJ
ajfa-4310	260	17	and	and	CCONJ
ajfa-4310	260	18	the	the	DET
ajfa-4310	260	19	appropriate	appropriate	ADJ
ajfa-4310	260	20	factors	factor	NOUN
ajfa-4310	260	21	.	.	PUNCT
ajfa-4310	261	1			X
ajfa-4310	262	1	+	+	PUNCT
ajfa-4310	262	2	+	+	SYM
ajfa-4310	262	3	=	=	SYM
ajfa-4310	262	4	i	i	PRON
ajfa-4310	262	5	itikkt	itikkt	ADJ
ajfa-4310	262	6	fr	fr	NOUN
ajfa-4310	262	7	εβα	εβα	NOUN
ajfa-4310	262	8	(	(	PUNCT
ajfa-4310	262	9	2	2	NUM
ajfa-4310	262	10	)	)	PUNCT
ajfa-4310	262	11	then	then	ADV
ajfa-4310	262	12	,	,	PUNCT
ajfa-4310	262	13	the	the	DET
ajfa-4310	262	14	risk	risk	NOUN
ajfa-4310	262	15	-	-	PUNCT
ajfa-4310	262	16	adjusted	adjust	VERB
ajfa-4310	262	17	profits	profit	NOUN
ajfa-4310	262	18	are	be	AUX
ajfa-4310	262	19	calculated	calculate	VERB
ajfa-4310	262	20	as	as	ADP
ajfa-4310	262	21	:	:	PUNCT
ajfa-4310	262	22	−=	−=	X
ajfa-4310	263	1	i	i	PRON
ajfa-4310	263	2	itikkt	itikkt	ADJ
ajfa-4310	263	3	adj	adj	PROPN
ajfa-4310	263	4	kt	kt	PROPN
ajfa-4310	263	5	frr	frr	PROPN
ajfa-4310	263	6	β̂	β̂	PROPN
ajfa-4310	263	7	(	(	PUNCT
ajfa-4310	263	8	3	3	X
ajfa-4310	263	9	)	)	PUNCT
ajfa-4310	263	10	where	where	SCONJ
ajfa-4310	263	11	rkt	rkt	NOUN
ajfa-4310	263	12	is	be	AUX
ajfa-4310	263	13	the	the	DET
ajfa-4310	263	14	time	time	NOUN
ajfa-4310	263	15	series	series	NOUN
ajfa-4310	263	16	of	of	ADP
ajfa-4310	263	17	raw	raw	ADJ
ajfa-4310	263	18	profits	profit	NOUN
ajfa-4310	263	19	on	on	ADP
ajfa-4310	263	20	the	the	DET
ajfa-4310	263	21	wml	wml	PROPN
ajfa-4310	263	22	portfolio	portfolio	NOUN
ajfa-4310	263	23	that	that	PRON
ajfa-4310	263	24	is	be	AUX
ajfa-4310	263	25	formed	form	VERB
ajfa-4310	263	26	k	k	PROPN
ajfa-4310	263	27	weeks	week	NOUN
ajfa-4310	263	28	ago	ago	ADV
ajfa-4310	263	29	.	.	PUNCT
ajfa-4310	264	1	fit	fit	PROPN
ajfa-4310	264	2	is	be	AUX
ajfa-4310	264	3	the	the	DET
ajfa-4310	264	4	realization	realization	NOUN
ajfa-4310	264	5	of	of	ADP
ajfa-4310	264	6	factor	factor	NOUN
ajfa-4310	264	7	i	i	PRON
ajfa-4310	264	8	in	in	ADP
ajfa-4310	264	9	week	week	NOUN
ajfa-4310	264	10	t.	t.	PROPN
ajfa-4310	264	11	ikβ̂	ikβ̂	PROPN
ajfa-4310	264	12	is	be	AUX
ajfa-4310	264	13	the	the	DET
ajfa-4310	264	14	estimated	estimate	VERB
ajfa-4310	264	15	loadings	loading	NOUN
ajfa-4310	264	16	of	of	ADP
ajfa-4310	264	17	the	the	DET
ajfa-4310	264	18	time	time	NOUN
ajfa-4310	264	19	series	series	NOUN
ajfa-4310	264	20	of	of	ADP
ajfa-4310	264	21	raw	raw	ADJ
ajfa-4310	264	22	profit	profit	NOUN
ajfa-4310	264	23	on	on	ADP
ajfa-4310	264	24	the	the	DET
ajfa-4310	264	25	factors	factor	NOUN
ajfa-4310	264	26	.	.	PUNCT
ajfa-4310	265	1	the	the	DET
ajfa-4310	265	2	excess	excess	ADJ
ajfa-4310	265	3	return	return	NOUN
ajfa-4310	265	4	of	of	ADP
ajfa-4310	265	5	the	the	DET
ajfa-4310	265	6	market	market	NOUN
ajfa-4310	265	7	index	index	NOUN
ajfa-4310	265	8	over	over	ADP
ajfa-4310	265	9	the	the	DET
ajfa-4310	265	10	risk	risk	NOUN
ajfa-4310	265	11	free	free	ADJ
ajfa-4310	265	12	rate	rate	NOUN
ajfa-4310	265	13	is	be	AUX
ajfa-4310	265	14	used	use	VERB
ajfa-4310	265	15	as	as	ADP
ajfa-4310	265	16	the	the	DET
ajfa-4310	265	17	unique	unique	ADJ
ajfa-4310	265	18	factor	factor	NOUN
ajfa-4310	265	19	for	for	ADP
ajfa-4310	265	20	the	the	DET
ajfa-4310	265	21	capm	capm	NOUN
ajfa-4310	265	22	-	-	PUNCT
ajfa-4310	265	23	adjusted	adjust	VERB
ajfa-4310	265	24	profit	profit	NOUN
ajfa-4310	265	25	,	,	PUNCT
ajfa-4310	265	26	and	and	CCONJ
ajfa-4310	265	27	the	the	DET
ajfa-4310	265	28	two	two	NUM
ajfa-4310	265	29	more	more	ADJ
ajfa-4310	265	30	factors	factor	NOUN
ajfa-4310	265	31	,	,	PUNCT
ajfa-4310	265	32	smb	smb	NOUN
ajfa-4310	265	33	and	and	CCONJ
ajfa-4310	265	34	hml	hml	PROPN
ajfa-4310	265	35	,	,	PUNCT
ajfa-4310	265	36	are	be	AUX
ajfa-4310	265	37	served	serve	VERB
ajfa-4310	265	38	for	for	ADP
ajfa-4310	265	39	the	the	DET
ajfa-4310	265	40	fama	fama	NOUN
ajfa-4310	265	41	-	-	PUNCT
ajfa-4310	265	42	french	french	NOUN
ajfa-4310	265	43	-	-	PUNCT
ajfa-4310	265	44	adjusted	adjust	VERB
ajfa-4310	265	45	profit	profit	NOUN
ajfa-4310	265	46	.	.	PUNCT
ajfa-4310	266	1	the	the	DET
ajfa-4310	266	2	weekly	weekly	ADJ
ajfa-4310	266	3	average	average	ADJ
ajfa-4310	266	4	raw	raw	ADJ
ajfa-4310	266	5	or	or	CCONJ
ajfa-4310	266	6	risk	risk	NOUN
ajfa-4310	266	7	-	-	PUNCT
ajfa-4310	266	8	adjusted	adjust	VERB
ajfa-4310	266	9	profits	profit	NOUN
ajfa-4310	266	10	between	between	ADP
ajfa-4310	266	11	week	week	NOUN
ajfa-4310	266	12	k1	k1	NOUN
ajfa-4310	266	13	and	and	CCONJ
ajfa-4310	266	14	k2	k2	NOUN
ajfa-4310	266	15	,	,	PUNCT
ajfa-4310	266	16	following	follow	VERB
ajfa-4310	266	17	the	the	DET
ajfa-4310	266	18	formation	formation	NOUN
ajfa-4310	266	19	week	week	NOUN
ajfa-4310	266	20	are	be	AUX
ajfa-4310	266	21	calculated	calculate	VERB
ajfa-4310	266	22	:	:	PUNCT
ajfa-4310	266	23	)	)	PUNCT
ajfa-4310	266	24	1/	1/	NUM
ajfa-4310	266	25	(	(	PUNCT
ajfa-4310	266	26	12	12	NUM
ajfa-4310	266	27	*	*	NOUN
ajfa-4310	266	28	,	,	PUNCT
ajfa-4310	266	29	,	,	PUNCT
ajfa-4310	266	30	2	2	NUM
ajfa-4310	266	31	1	1	NUM
ajfa-4310	266	32	21	21	NUM
ajfa-4310	266	33	+	+	NOUN
ajfa-4310	266	34	−=	−=	NOUN
ajfa-4310	266	35			X
ajfa-4310	267	1	=	=	PUNCT
ajfa-4310	268	1	+	+	NUM
ajfa-4310	268	2	kkrar	kkrar	NOUN
ajfa-4310	268	3	k	k	PROPN
ajfa-4310	268	4	kk	kk	PROPN
ajfa-4310	268	5	ktkkk	ktkkk	PROPN
ajfa-4310	268	6	(	(	PUNCT
ajfa-4310	268	7	4	4	NUM
ajfa-4310	268	8	)	)	PUNCT
ajfa-4310	268	9	where	where	SCONJ
ajfa-4310	268	10	21,kkar	21,kkar	PROPN
ajfa-4310	268	11	is	be	AUX
ajfa-4310	268	12	the	the	DET
ajfa-4310	268	13	average	average	ADJ
ajfa-4310	268	14	weekly	weekly	ADJ
ajfa-4310	268	15	profit	profit	NOUN
ajfa-4310	268	16	between	between	ADP
ajfa-4310	268	17	week	week	NOUN
ajfa-4310	268	18	k1	k1	NOUN
ajfa-4310	268	19	and	and	CCONJ
ajfa-4310	268	20	k2	k2	NOUN
ajfa-4310	268	21	,	,	PUNCT
ajfa-4310	268	22	*	*	PUNCT
ajfa-4310	268	23	r	r	NOUN
ajfa-4310	268	24	is	be	AUX
ajfa-4310	268	25	either	either	CCONJ
ajfa-4310	268	26	the	the	DET
ajfa-4310	268	27	raw	raw	ADJ
ajfa-4310	268	28	or	or	CCONJ
ajfa-4310	268	29	the	the	DET
ajfa-4310	268	30	risk	risk	NOUN
ajfa-4310	268	31	-	-	PUNCT
ajfa-4310	268	32	adjusted	adjust	VERB
ajfa-4310	268	33	profit	profit	NOUN
ajfa-4310	268	34	.	.	PUNCT
ajfa-4310	269	1	table	table	NOUN
ajfa-4310	269	2	4	4	NUM
ajfa-4310	269	3	demonstrates	demonstrate	VERB
ajfa-4310	269	4	the	the	DET
ajfa-4310	269	5	weekly	weekly	ADJ
ajfa-4310	269	6	average	average	ADJ
ajfa-4310	269	7	profits	profit	NOUN
ajfa-4310	269	8	over	over	ADP
ajfa-4310	269	9	the	the	DET
ajfa-4310	269	10	first	first	ADJ
ajfa-4310	269	11	month	month	NOUN
ajfa-4310	269	12	(	(	PUNCT
ajfa-4310	269	13	k1=2	k1=2	PROPN
ajfa-4310	269	14	,	,	PUNCT
ajfa-4310	269	15	k2=5	k2=5	PROPN
ajfa-4310	269	16	)	)	PUNCT
ajfa-4310	269	17	,	,	PUNCT
ajfa-4310	269	18	second	second	ADJ
ajfa-4310	269	19	month	month	NOUN
ajfa-4310	269	20	(	(	PUNCT
ajfa-4310	269	21	k1=6	k1=6	PROPN
ajfa-4310	269	22	,	,	PUNCT
ajfa-4310	269	23	k2=9	k2=9	PROPN
ajfa-4310	269	24	)	)	PUNCT
ajfa-4310	269	25	,	,	PUNCT
ajfa-4310	269	26	third	third	ADJ
ajfa-4310	269	27	month	month	NOUN
ajfa-4310	269	28	(	(	PUNCT
ajfa-4310	269	29	k1=10	k1=10	PROPN
ajfa-4310	269	30	,	,	PUNCT
ajfa-4310	269	31	k2=13	k2=13	PROPN
ajfa-4310	269	32	)	)	PUNCT
ajfa-4310	269	33	and	and	CCONJ
ajfa-4310	269	34	the	the	DET
ajfa-4310	269	35	following	follow	VERB
ajfa-4310	269	36	three	three	NUM
ajfa-4310	269	37	months	month	NOUN
ajfa-4310	269	38	(	(	PUNCT
ajfa-4310	269	39	k1=14	k1=14	NOUN
ajfa-4310	269	40	,	,	PUNCT
ajfa-4310	269	41	k2=26	k2=26	PROPN
ajfa-4310	269	42	)	)	PUNCT
ajfa-4310	269	43	after	after	ADP
ajfa-4310	269	44	the	the	DET
ajfa-4310	269	45	holding	hold	VERB
ajfa-4310	269	46	period	period	NOUN
ajfa-4310	269	47	.	.	PUNCT
ajfa-4310	270	1	table	table	NOUN
ajfa-4310	270	2	4	4	NUM
ajfa-4310	270	3	shows	show	VERB
ajfa-4310	270	4	that	that	SCONJ
ajfa-4310	270	5	for	for	ADP
ajfa-4310	270	6	the	the	DET
ajfa-4310	270	7	whole	whole	NOUN
ajfa-4310	270	8	and	and	CCONJ
ajfa-4310	270	9	the	the	DET
ajfa-4310	270	10	first	first	ADJ
ajfa-4310	270	11	periods	period	NOUN
ajfa-4310	270	12	,	,	PUNCT
ajfa-4310	270	13	after	after	ADP
ajfa-4310	270	14	reaching	reach	VERB
ajfa-4310	270	15	a	a	DET
ajfa-4310	270	16	significantly	significantly	ADV
ajfa-4310	270	17	positive	positive	ADJ
ajfa-4310	270	18	rate	rate	NOUN
ajfa-4310	270	19	in	in	ADP
ajfa-4310	270	20	week	week	NOUN
ajfa-4310	270	21	1	1	NUM
ajfa-4310	270	22	,	,	PUNCT
ajfa-4310	270	23	the	the	DET
ajfa-4310	270	24	raw	raw	ADJ
ajfa-4310	270	25	and	and	CCONJ
ajfa-4310	270	26	the	the	DET
ajfa-4310	270	27	risk	risk	NOUN
ajfa-4310	270	28	-	-	PUNCT
ajfa-4310	270	29	adjusted	adjust	VERB
ajfa-4310	270	30	profits	profit	NOUN
ajfa-4310	270	31	become	become	VERB
ajfa-4310	270	32	insignificant	insignificant	ADJ
ajfa-4310	270	33	in	in	ADP
ajfa-4310	270	34	the	the	DET
ajfa-4310	270	35	subsequent	subsequent	ADJ
ajfa-4310	270	36	months	month	NOUN
ajfa-4310	270	37	.	.	PUNCT
ajfa-4310	271	1	in	in	ADP
ajfa-4310	271	2	the	the	DET
ajfa-4310	271	3	second	second	ADJ
ajfa-4310	271	4	period	period	NOUN
ajfa-4310	271	5	,	,	PUNCT
ajfa-4310	271	6	the	the	DET
ajfa-4310	271	7	raw	raw	ADJ
ajfa-4310	271	8	and	and	CCONJ
ajfa-4310	271	9	risk	risk	NOUN
ajfa-4310	271	10	-	-	PUNCT
ajfa-4310	271	11	adjusted	adjust	VERB
ajfa-4310	271	12	profits	profit	NOUN
ajfa-4310	271	13	are	be	AUX
ajfa-4310	271	14	insignificant	insignificant	ADJ
ajfa-4310	271	15	in	in	ADP
ajfa-4310	271	16	week	week	NOUN
ajfa-4310	271	17	1	1	NUM
ajfa-4310	271	18	and	and	CCONJ
ajfa-4310	271	19	in	in	ADP
ajfa-4310	271	20	all	all	DET
ajfa-4310	271	21	following	follow	VERB
ajfa-4310	271	22	months	month	NOUN
ajfa-4310	271	23	,	,	PUNCT
ajfa-4310	271	24	confirming	confirm	VERB
ajfa-4310	271	25	the	the	DET
ajfa-4310	271	26	absence	absence	NOUN
ajfa-4310	271	27	of	of	ADP
ajfa-4310	271	28	momentum	momentum	NOUN
ajfa-4310	271	29	.	.	PUNCT
ajfa-4310	272	1	asian	asian	ADJ
ajfa-4310	272	2	journal	journal	PROPN
ajfa-4310	272	3	of	of	ADP
ajfa-4310	272	4	finance	finance	PROPN
ajfa-4310	272	5	&	&	CCONJ
ajfa-4310	272	6	accounting	accounting	PROPN
ajfa-4310	272	7	issn	issn	PROPN
ajfa-4310	272	8	1946	1946	NUM
ajfa-4310	272	9	-	-	PUNCT
ajfa-4310	272	10	052x	052x	NOUN
ajfa-4310	272	11	2013	2013	NUM
ajfa-4310	272	12	,	,	PUNCT
ajfa-4310	272	13	vol	vol	NOUN
ajfa-4310	272	14	.	.	PROPN
ajfa-4310	272	15	5	5	NUM
ajfa-4310	272	16	,	,	PUNCT
ajfa-4310	272	17	no	no	INTJ
ajfa-4310	272	18	.	.	NOUN
ajfa-4310	272	19	2	2	NUM
ajfa-4310	272	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	272	21	197	197	NUM
ajfa-4310	272	22	table	table	NOUN
ajfa-4310	272	23	4	4	NUM
ajfa-4310	272	24	.	.	PUNCT
ajfa-4310	273	1	average	average	ADJ
ajfa-4310	273	2	weekly	weekly	ADJ
ajfa-4310	273	3	profit	profit	NOUN
ajfa-4310	273	4	in	in	ADP
ajfa-4310	273	5	the	the	DET
ajfa-4310	273	6	post	post	NOUN
ajfa-4310	273	7	holding	hold	VERB
ajfa-4310	273	8	periods	period	NOUN
ajfa-4310	273	9	week	week	NOUN
ajfa-4310	273	10	0	0	NUM
ajfa-4310	273	11	week	week	NOUN
ajfa-4310	273	12	1	1	NUM
ajfa-4310	273	13	week	week	NOUN
ajfa-4310	273	14	2	2	NUM
ajfa-4310	273	15	-	-	SYM
ajfa-4310	273	16	5	5	NUM
ajfa-4310	273	17	week	week	NOUN
ajfa-4310	273	18	6	6	NUM
ajfa-4310	273	19	-	-	SYM
ajfa-4310	273	20	9	9	NUM
ajfa-4310	273	21	week	week	NOUN
ajfa-4310	273	22	10	10	NUM
ajfa-4310	273	23	-	-	SYM
ajfa-4310	273	24	13	13	NUM
ajfa-4310	273	25	week	week	NOUN
ajfa-4310	273	26	14	14	NUM
ajfa-4310	273	27	-	-	SYM
ajfa-4310	273	28	26	26	NUM
ajfa-4310	273	29	whole	whole	ADJ
ajfa-4310	273	30	period	period	NOUN
ajfa-4310	273	31	(	(	PUNCT
ajfa-4310	273	32	1/2007	1/2007	PROPN
ajfa-4310	273	33	-	-	PUNCT
ajfa-4310	273	34	6/2012	6/2012	NUM
ajfa-4310	273	35	)	)	PUNCT
ajfa-4310	273	36	raw	raw	ADJ
ajfa-4310	273	37	profit	profit	NOUN
ajfa-4310	273	38	0.1540	0.1540	NUM
ajfa-4310	274	1	*	*	PUNCT
ajfa-4310	274	2	*	*	PUNCT
ajfa-4310	274	3	*	*	PUNCT
ajfa-4310	274	4	(	(	PUNCT
ajfa-4310	274	5	57.11	57.11	NUM
ajfa-4310	274	6	)	)	PUNCT
ajfa-4310	274	7	0.0083	0.0083	NUM
ajfa-4310	274	8	*	*	PUNCT
ajfa-4310	274	9	*	*	PUNCT
ajfa-4310	274	10	*	*	PUNCT
ajfa-4310	274	11	(	(	PUNCT
ajfa-4310	274	12	3.22	3.22	NUM
ajfa-4310	274	13	)	)	PUNCT
ajfa-4310	274	14	0.0009	0.0009	NUM
ajfa-4310	274	15	(	(	PUNCT
ajfa-4310	274	16	0.80	0.80	NUM
ajfa-4310	274	17	)	)	PUNCT
ajfa-4310	274	18	0.0004	0.0004	NUM
ajfa-4310	274	19	(	(	PUNCT
ajfa-4310	274	20	0.40	0.40	NUM
ajfa-4310	274	21	)	)	PUNCT
ajfa-4310	274	22	0.0007	0.0007	NUM
ajfa-4310	274	23	(	(	PUNCT
ajfa-4310	274	24	0.65	0.65	NUM
ajfa-4310	274	25	)	)	PUNCT
ajfa-4310	274	26	-0.0006	-0.0006	NOUN
ajfa-4310	274	27	(	(	PUNCT
ajfa-4310	274	28	-1.00	-1.00	NUM
ajfa-4310	274	29	)	)	PUNCT
ajfa-4310	274	30	capm	capm	NOUN
ajfa-4310	274	31	alpha	alpha	NOUN
ajfa-4310	274	32	0.1547	0.1547	NUM
ajfa-4310	275	1	*	*	PUNCT
ajfa-4310	276	1	*	*	PUNCT
ajfa-4310	276	2	*	*	PUNCT
ajfa-4310	276	3	(	(	PUNCT
ajfa-4310	276	4	59.56	59.56	NUM
ajfa-4310	276	5	)	)	PUNCT
ajfa-4310	276	6	0.0086	0.0086	NUM
ajfa-4310	276	7	*	*	PUNCT
ajfa-4310	276	8	*	*	PUNCT
ajfa-4310	276	9	*	*	PUNCT
ajfa-4310	276	10	(	(	PUNCT
ajfa-4310	276	11	3.25	3.25	NUM
ajfa-4310	276	12	)	)	PUNCT
ajfa-4310	276	13	0.0009	0.0009	NUM
ajfa-4310	276	14	(	(	PUNCT
ajfa-4310	276	15	0.80	0.80	NUM
ajfa-4310	276	16	)	)	PUNCT
ajfa-4310	276	17	0.0004	0.0004	NUM
ajfa-4310	276	18	(	(	PUNCT
ajfa-4310	276	19	0.41	0.41	NUM
ajfa-4310	276	20	)	)	PUNCT
ajfa-4310	276	21	0.00067	0.00067	NUM
ajfa-4310	276	22	(	(	PUNCT
ajfa-4310	276	23	0.60	0.60	NUM
ajfa-4310	276	24	)	)	PUNCT
ajfa-4310	276	25	-0.0006	-0.0006	NOUN
ajfa-4310	276	26	(	(	PUNCT
ajfa-4310	276	27	-1.11	-1.11	NOUN
ajfa-4310	276	28	)	)	PUNCT
ajfa-4310	276	29	fama	fama	NOUN
ajfa-4310	276	30	-	-	PUNCT
ajfa-4310	276	31	french	french	ADJ
ajfa-4310	276	32	alpha	alpha	NOUN
ajfa-4310	276	33	0.1542	0.1542	NUM
ajfa-4310	276	34	*	*	PUNCT
ajfa-4310	276	35	*	*	PUNCT
ajfa-4310	276	36	*	*	PUNCT
ajfa-4310	276	37	(	(	PUNCT
ajfa-4310	276	38	62.24	62.24	NUM
ajfa-4310	276	39	)	)	PUNCT
ajfa-4310	276	40	0.0084	0.0084	NUM
ajfa-4310	276	41	*	*	PUNCT
ajfa-4310	276	42	*	*	PUNCT
ajfa-4310	276	43	*	*	PUNCT
ajfa-4310	276	44	(	(	PUNCT
ajfa-4310	276	45	3.20	3.20	NUM
ajfa-4310	276	46	)	)	PUNCT
ajfa-4310	276	47	0.0009	0.0009	NUM
ajfa-4310	276	48	(	(	PUNCT
ajfa-4310	276	49	0.78	0.78	NUM
ajfa-4310	276	50	)	)	PUNCT
ajfa-4310	276	51	0.0007	0.0007	NUM
ajfa-4310	276	52	(	(	PUNCT
ajfa-4310	276	53	0.65	0.65	NUM
ajfa-4310	276	54	)	)	PUNCT
ajfa-4310	276	55	0.00087	0.00087	NUM
ajfa-4310	276	56	(	(	PUNCT
ajfa-4310	276	57	0.86	0.86	NUM
ajfa-4310	276	58	)	)	PUNCT
ajfa-4310	276	59	-0.00065	-0.00065	NOUN
ajfa-4310	276	60	(	(	PUNCT
ajfa-4310	276	61	-1.30	-1.30	NUM
ajfa-4310	276	62	)	)	PUNCT
ajfa-4310	276	63	first	first	ADJ
ajfa-4310	276	64	period	period	NOUN
ajfa-4310	276	65	(	(	PUNCT
ajfa-4310	276	66	1/2007	1/2007	NUM
ajfa-4310	276	67	-	-	PUNCT
ajfa-4310	276	68	3/2008	3/2008	NOUN
ajfa-4310	276	69	)	)	PUNCT
ajfa-4310	276	70	raw	raw	ADJ
ajfa-4310	276	71	profit	profit	NOUN
ajfa-4310	276	72	0.1562	0.1562	NUM
ajfa-4310	276	73	*	*	PUNCT
ajfa-4310	276	74	*	*	PUNCT
ajfa-4310	276	75	*	*	PUNCT
ajfa-4310	276	76	(	(	PUNCT
ajfa-4310	276	77	22.74	22.74	NUM
ajfa-4310	276	78	)	)	PUNCT
ajfa-4310	276	79	0.0161	0.0161	NUM
ajfa-4310	276	80	*	*	PUNCT
ajfa-4310	276	81	*	*	PUNCT
ajfa-4310	276	82	*	*	PUNCT
ajfa-4310	276	83	(	(	PUNCT
ajfa-4310	276	84	2.77	2.77	NUM
ajfa-4310	276	85	)	)	PUNCT
ajfa-4310	276	86	0.0023	0.0023	NUM
ajfa-4310	276	87	(	(	PUNCT
ajfa-4310	276	88	0.91	0.91	NUM
ajfa-4310	276	89	)	)	PUNCT
ajfa-4310	276	90	0.0017	0.0017	NUM
ajfa-4310	276	91	(	(	PUNCT
ajfa-4310	276	92	0.49	0.49	NUM
ajfa-4310	276	93	)	)	PUNCT
ajfa-4310	276	94	0.0014	0.0014	NUM
ajfa-4310	276	95	(	(	PUNCT
ajfa-4310	276	96	0.37	0.37	NUM
ajfa-4310	276	97	)	)	PUNCT
ajfa-4310	276	98	-0.0013	-0.0013	PUNCT
ajfa-4310	276	99	(	(	PUNCT
ajfa-4310	276	100	-1.10	-1.10	NOUN
ajfa-4310	276	101	)	)	PUNCT
ajfa-4310	276	102	capm	capm	NOUN
ajfa-4310	276	103	alpha	alpha	NOUN
ajfa-4310	276	104	0.1586	0.1586	NUM
ajfa-4310	276	105	*	*	PUNCT
ajfa-4310	276	106	*	*	PUNCT
ajfa-4310	276	107	*	*	PUNCT
ajfa-4310	276	108	(	(	PUNCT
ajfa-4310	276	109	24.61	24.61	NUM
ajfa-4310	276	110	)	)	PUNCT
ajfa-4310	276	111	0.0171	0.0171	NUM
ajfa-4310	276	112	*	*	PUNCT
ajfa-4310	276	113	*	*	PUNCT
ajfa-4310	276	114	*	*	PUNCT
ajfa-4310	276	115	(	(	PUNCT
ajfa-4310	276	116	2.82	2.82	NUM
ajfa-4310	276	117	)	)	PUNCT
ajfa-4310	276	118	0.0026	0.0026	NUM
ajfa-4310	276	119	(	(	PUNCT
ajfa-4310	276	120	1.07	1.07	NUM
ajfa-4310	276	121	)	)	PUNCT
ajfa-4310	276	122	0.0021	0.0021	NUM
ajfa-4310	276	123	(	(	PUNCT
ajfa-4310	276	124	0.66	0.66	NUM
ajfa-4310	276	125	)	)	PUNCT
ajfa-4310	276	126	0.0016	0.0016	NUM
ajfa-4310	276	127	(	(	PUNCT
ajfa-4310	276	128	0.43	0.43	NUM
ajfa-4310	276	129	)	)	PUNCT
ajfa-4310	276	130	-0.0014	-0.0014	NOUN
ajfa-4310	276	131	(	(	PUNCT
ajfa-4310	276	132	-1.19	-1.19	NOUN
ajfa-4310	276	133	)	)	PUNCT
ajfa-4310	276	134	fama	fama	NOUN
ajfa-4310	276	135	-	-	PUNCT
ajfa-4310	276	136	french	french	ADJ
ajfa-4310	276	137	alpha	alpha	NOUN
ajfa-4310	276	138	0.1556	0.1556	NUM
ajfa-4310	276	139	*	*	PUNCT
ajfa-4310	276	140	*	*	PUNCT
ajfa-4310	276	141	*	*	PUNCT
ajfa-4310	276	142	(	(	PUNCT
ajfa-4310	276	143	25.75	25.75	NUM
ajfa-4310	276	144	)	)	PUNCT
ajfa-4310	276	145	0.0154	0.0154	NUM
ajfa-4310	276	146	*	*	PUNCT
ajfa-4310	276	147	*	*	PUNCT
ajfa-4310	276	148	*	*	PUNCT
ajfa-4310	276	149	(	(	PUNCT
ajfa-4310	276	150	2.54	2.54	NUM
ajfa-4310	276	151	)	)	PUNCT
ajfa-4310	276	152	0.0025	0.0025	NUM
ajfa-4310	276	153	(	(	PUNCT
ajfa-4310	276	154	1.01	1.01	NUM
ajfa-4310	276	155	)	)	PUNCT
ajfa-4310	276	156	0.0037	0.0037	NUM
ajfa-4310	276	157	(	(	PUNCT
ajfa-4310	276	158	1.42	1.42	NUM
ajfa-4310	276	159	)	)	PUNCT
ajfa-4310	276	160	0.0038	0.0038	NUM
ajfa-4310	276	161	(	(	PUNCT
ajfa-4310	276	162	1.40	1.40	NUM
ajfa-4310	276	163	)	)	PUNCT
ajfa-4310	276	164	-0.0011	-0.0011	NOUN
ajfa-4310	276	165	(	(	PUNCT
ajfa-4310	276	166	-0.72	-0.72	NUM
ajfa-4310	276	167	)	)	PUNCT
ajfa-4310	276	168	second	second	ADJ
ajfa-4310	276	169	period	period	NOUN
ajfa-4310	276	170	(	(	PUNCT
ajfa-4310	276	171	9/2008	9/2008	PROPN
ajfa-4310	276	172	-	-	PUNCT
ajfa-4310	276	173	6/2012	6/2012	NUM
ajfa-4310	276	174	)	)	PUNCT
ajfa-4310	276	175	raw	raw	ADJ
ajfa-4310	276	176	profit	profit	NOUN
ajfa-4310	276	177	0.1554	0.1554	NUM
ajfa-4310	276	178	*	*	PUNCT
ajfa-4310	276	179	*	*	PUNCT
ajfa-4310	276	180	*	*	PUNCT
ajfa-4310	276	181	(	(	PUNCT
ajfa-4310	276	182	58.19	58.19	NUM
ajfa-4310	276	183	)	)	PUNCT
ajfa-4310	276	184	0.0007	0.0007	NUM
ajfa-4310	276	185	(	(	PUNCT
ajfa-4310	276	186	0.30	0.30	NUM
ajfa-4310	276	187	)	)	PUNCT
ajfa-4310	276	188	-0.0011	-0.0011	NOUN
ajfa-4310	276	189	(	(	PUNCT
ajfa-4310	276	190	-0.94	-0.94	NUM
ajfa-4310	276	191	)	)	PUNCT
ajfa-4310	276	192	0.0003	0.0003	NUM
ajfa-4310	276	193	(	(	PUNCT
ajfa-4310	276	194	0.37	0.37	NUM
ajfa-4310	276	195	)	)	PUNCT
ajfa-4310	276	196	0.0008	0.0008	NUM
ajfa-4310	276	197	(	(	PUNCT
ajfa-4310	276	198	0.81	0.81	NUM
ajfa-4310	276	199	)	)	PUNCT
ajfa-4310	276	200	-0.0006	-0.0006	NOUN
ajfa-4310	276	201	(	(	PUNCT
ajfa-4310	276	202	-0.86	-0.86	INTJ
ajfa-4310	276	203	)	)	PUNCT
ajfa-4310	276	204	capm	capm	PROPN
ajfa-4310	276	205	alpha	alpha	NOUN
ajfa-4310	276	206	0.1558	0.1558	NUM
ajfa-4310	276	207	*	*	PUNCT
ajfa-4310	277	1	*	*	PUNCT
ajfa-4310	277	2	*	*	PUNCT
ajfa-4310	277	3	(	(	PUNCT
ajfa-4310	277	4	58.97	58.97	NUM
ajfa-4310	277	5	)	)	PUNCT
ajfa-4310	277	6	0.0006	0.0006	NUM
ajfa-4310	277	7	(	(	PUNCT
ajfa-4310	277	8	0.28	0.28	NUM
ajfa-4310	277	9	)	)	PUNCT
ajfa-4310	277	10	-0.0011	-0.0011	NOUN
ajfa-4310	277	11	(	(	PUNCT
ajfa-4310	277	12	-0.95	-0.95	NOUN
ajfa-4310	277	13	)	)	PUNCT
ajfa-4310	277	14	0.0003	0.0003	NUM
ajfa-4310	277	15	(	(	PUNCT
ajfa-4310	277	16	0.34	0.34	NUM
ajfa-4310	277	17	)	)	PUNCT
ajfa-4310	277	18	0.0007	0.0007	NUM
ajfa-4310	277	19	(	(	PUNCT
ajfa-4310	277	20	0.77	0.77	NUM
ajfa-4310	277	21	)	)	PUNCT
ajfa-4310	278	1	-0.0007	-0.0007	NOUN
ajfa-4310	278	2	(	(	PUNCT
ajfa-4310	278	3	-0.90	-0.90	X
ajfa-4310	278	4	)	)	PUNCT
ajfa-4310	278	5	fama	fama	NOUN
ajfa-4310	278	6	-	-	PUNCT
ajfa-4310	278	7	french	french	NOUN
ajfa-4310	278	8	alpha	alpha	NOUN
ajfa-4310	278	9	0.1559	0.1559	NUM
ajfa-4310	278	10	*	*	PUNCT
ajfa-4310	278	11	*	*	PUNCT
ajfa-4310	278	12	*	*	PUNCT
ajfa-4310	278	13	(	(	PUNCT
ajfa-4310	278	14	63.40	63.40	NUM
ajfa-4310	278	15	)	)	PUNCT
ajfa-4310	278	16	0.0005	0.0005	NUM
ajfa-4310	278	17	(	(	PUNCT
ajfa-4310	278	18	0.21	0.21	NUM
ajfa-4310	278	19	)	)	PUNCT
ajfa-4310	278	20	-0.0012	-0.0012	NOUN
ajfa-4310	278	21	(	(	PUNCT
ajfa-4310	278	22	-1.10	-1.10	NOUN
ajfa-4310	278	23	)	)	PUNCT
ajfa-4310	278	24	0.0000	0.0000	NUM
ajfa-4310	278	25	(	(	PUNCT
ajfa-4310	278	26	0.02	0.02	NUM
ajfa-4310	278	27	)	)	PUNCT
ajfa-4310	278	28	0.0006	0.0006	NUM
ajfa-4310	278	29	(	(	PUNCT
ajfa-4310	278	30	0.65	0.65	NUM
ajfa-4310	278	31	)	)	PUNCT
ajfa-4310	278	32	-0.0009	-0.0009	PROPN
ajfa-4310	278	33	(	(	PUNCT
ajfa-4310	278	34	-1.35	-1.35	NOUN
ajfa-4310	278	35	)	)	PUNCT
ajfa-4310	278	36	note	note	NOUN
ajfa-4310	278	37	:	:	PUNCT
ajfa-4310	278	38	(	(	PUNCT
ajfa-4310	278	39	*	*	PUNCT
ajfa-4310	278	40	*	*	PUNCT
ajfa-4310	278	41	*	*	PUNCT
ajfa-4310	278	42	)	)	PUNCT
ajfa-4310	278	43	,	,	PUNCT
ajfa-4310	278	44	(	(	PUNCT
ajfa-4310	278	45	*	*	PUNCT
ajfa-4310	278	46	*	*	PUNCT
ajfa-4310	278	47	)	)	PUNCT
ajfa-4310	278	48	,	,	PUNCT
ajfa-4310	278	49	(	(	PUNCT
ajfa-4310	278	50	*	*	PUNCT
ajfa-4310	278	51	)	)	PUNCT
ajfa-4310	278	52	indicate	indicate	VERB
ajfa-4310	278	53	significance	significance	NOUN
ajfa-4310	278	54	at	at	ADP
ajfa-4310	278	55	the	the	DET
ajfa-4310	278	56	1	1	NUM
ajfa-4310	278	57	%	%	NOUN
ajfa-4310	278	58	,	,	PUNCT
ajfa-4310	278	59	5	5	NUM
ajfa-4310	278	60	%	%	NOUN
ajfa-4310	278	61	and	and	CCONJ
ajfa-4310	278	62	10	10	NUM
ajfa-4310	278	63	%	%	NOUN
ajfa-4310	278	64	level	level	NOUN
ajfa-4310	278	65	,	,	PUNCT
ajfa-4310	278	66	respectively	respectively	ADV
ajfa-4310	278	67	.	.	PUNCT
ajfa-4310	279	1	t	t	PROPN
ajfa-4310	279	2	-	-	PUNCT
ajfa-4310	279	3	statistics	statistic	NOUN
ajfa-4310	279	4	are	be	AUX
ajfa-4310	279	5	presented	present	VERB
ajfa-4310	279	6	in	in	ADP
ajfa-4310	279	7	parentheses	parenthesis	NOUN
ajfa-4310	279	8	.	.	PUNCT
ajfa-4310	280	1	the	the	DET
ajfa-4310	280	2	results	result	NOUN
ajfa-4310	280	3	in	in	ADP
ajfa-4310	280	4	table	table	NOUN
ajfa-4310	280	5	3	3	NUM
ajfa-4310	280	6	indicate	indicate	VERB
ajfa-4310	280	7	that	that	DET
ajfa-4310	280	8	momentum	momentum	NOUN
ajfa-4310	280	9	is	be	AUX
ajfa-4310	280	10	confined	confine	VERB
ajfa-4310	280	11	to	to	ADP
ajfa-4310	280	12	the	the	DET
ajfa-4310	280	13	period	period	NOUN
ajfa-4310	280	14	prior	prior	ADV
ajfa-4310	280	15	to	to	ADP
ajfa-4310	280	16	the	the	DET
ajfa-4310	280	17	lehmann	lehmann	NOUN
ajfa-4310	280	18	shock	shock	NOUN
ajfa-4310	280	19	,	,	PUNCT
ajfa-4310	280	20	that	that	ADV
ajfa-4310	280	21	is	is	ADV
ajfa-4310	280	22	,	,	PUNCT
ajfa-4310	280	23	it	it	PRON
ajfa-4310	280	24	seems	seem	VERB
ajfa-4310	280	25	to	to	PART
ajfa-4310	280	26	be	be	AUX
ajfa-4310	280	27	related	relate	VERB
ajfa-4310	280	28	to	to	ADP
ajfa-4310	280	29	market	market	NOUN
ajfa-4310	280	30	states	state	NOUN
ajfa-4310	280	31	.	.	PUNCT
ajfa-4310	281	1	hence	hence	ADV
ajfa-4310	281	2	,	,	PUNCT
ajfa-4310	281	3	we	we	PRON
ajfa-4310	281	4	look	look	VERB
ajfa-4310	281	5	closer	close	ADJ
ajfa-4310	281	6	at	at	ADP
ajfa-4310	281	7	the	the	DET
ajfa-4310	281	8	relationship	relationship	NOUN
ajfa-4310	281	9	between	between	ADP
ajfa-4310	281	10	momentum	momentum	NOUN
ajfa-4310	281	11	and	and	CCONJ
ajfa-4310	281	12	market	market	NOUN
ajfa-4310	281	13	states	state	NOUN
ajfa-4310	281	14	.	.	PUNCT
ajfa-4310	282	1	due	due	ADP
ajfa-4310	282	2	to	to	ADP
ajfa-4310	282	3	the	the	DET
ajfa-4310	282	4	limitation	limitation	NOUN
ajfa-4310	282	5	of	of	ADP
ajfa-4310	282	6	our	our	PRON
ajfa-4310	282	7	observation	observation	NOUN
ajfa-4310	282	8	number	number	NOUN
ajfa-4310	282	9	,	,	PUNCT
ajfa-4310	282	10	we	we	PRON
ajfa-4310	282	11	define	define	VERB
ajfa-4310	282	12	market	market	NOUN
ajfa-4310	282	13	state	state	NOUN
ajfa-4310	282	14	based	base	VERB
ajfa-4310	282	15	on	on	ADP
ajfa-4310	282	16	lagged	lag	VERB
ajfa-4310	282	17	eight	eight	NUM
ajfa-4310	282	18	-	-	PUNCT
ajfa-4310	282	19	week	week	NOUN
ajfa-4310	282	20	market	market	NOUN
ajfa-4310	282	21	returns	return	NOUN
ajfa-4310	282	22	.	.	PUNCT
ajfa-4310	283	1	the	the	DET
ajfa-4310	283	2	state	state	NOUN
ajfa-4310	283	3	is	be	AUX
ajfa-4310	283	4	regarded	regard	VERB
ajfa-4310	283	5	as	as	ADP
ajfa-4310	283	6	“	"	PUNCT
ajfa-4310	283	7	up	up	ADP
ajfa-4310	283	8	”	"	PUNCT
ajfa-4310	283	9	if	if	SCONJ
ajfa-4310	283	10	the	the	DET
ajfa-4310	283	11	lagged	lag	VERB
ajfa-4310	283	12	market	market	NOUN
ajfa-4310	283	13	-	-	PUNCT
ajfa-4310	283	14	return	return	NOUN
ajfa-4310	283	15	is	be	AUX
ajfa-4310	283	16	non	non	ADJ
ajfa-4310	283	17	-	-	ADJ
ajfa-4310	283	18	negative	negative	ADJ
ajfa-4310	283	19	,	,	PUNCT
ajfa-4310	283	20	and	and	CCONJ
ajfa-4310	283	21	as	as	ADP
ajfa-4310	283	22	“	"	PUNCT
ajfa-4310	283	23	down	down	ADV
ajfa-4310	283	24	”	"	PUNCT
ajfa-4310	283	25	if	if	SCONJ
ajfa-4310	283	26	the	the	DET
ajfa-4310	283	27	lagged	lag	VERB
ajfa-4310	283	28	market	market	NOUN
ajfa-4310	283	29	-	-	PUNCT
ajfa-4310	283	30	return	return	NOUN
ajfa-4310	283	31	is	be	AUX
ajfa-4310	283	32	negative	negative	ADJ
ajfa-4310	283	33	.	.	PUNCT
ajfa-4310	284	1	following	follow	VERB
ajfa-4310	284	2	cooper	cooper	PROPN
ajfa-4310	284	3	et	et	PROPN
ajfa-4310	284	4	al	al	PROPN
ajfa-4310	284	5	.	.	PROPN
ajfa-4310	285	1	(	(	PUNCT
ajfa-4310	285	2	2004	2004	NUM
ajfa-4310	285	3	)	)	PUNCT
ajfa-4310	285	4	,	,	PUNCT
ajfa-4310	285	5	we	we	PRON
ajfa-4310	285	6	regress	regress	VERB
ajfa-4310	285	7	the	the	DET
ajfa-4310	285	8	time	time	NOUN
ajfa-4310	285	9	-	-	PUNCT
ajfa-4310	285	10	series	series	NOUN
ajfa-4310	285	11	of	of	ADP
ajfa-4310	285	12	weekly	weekly	ADJ
ajfa-4310	285	13	average	average	ADJ
ajfa-4310	285	14	raw	raw	ADJ
ajfa-4310	285	15	or	or	CCONJ
ajfa-4310	285	16	risk	risk	NOUN
ajfa-4310	285	17	adjusted	adjust	VERB
ajfa-4310	285	18	profits	profit	NOUN
ajfa-4310	285	19	on	on	ADP
ajfa-4310	285	20	an	an	DET
ajfa-4310	285	21	up	up	ADJ
ajfa-4310	285	22	dummy	dummy	ADJ
ajfa-4310	285	23	variable	variable	NOUN
ajfa-4310	285	24	and	and	CCONJ
ajfa-4310	285	25	a	a	DET
ajfa-4310	285	26	down	down	ADJ
ajfa-4310	285	27	dummy	dummy	ADJ
ajfa-4310	285	28	variable	variable	NOUN
ajfa-4310	285	29	,	,	PUNCT
ajfa-4310	285	30	with	with	ADP
ajfa-4310	285	31	no	no	DET
ajfa-4310	285	32	intercept	intercept	NOUN
ajfa-4310	285	33	to	to	PART
ajfa-4310	285	34	calculate	calculate	VERB
ajfa-4310	285	35	the	the	DET
ajfa-4310	285	36	profit	profit	NOUN
ajfa-4310	285	37	following	follow	VERB
ajfa-4310	285	38	each	each	DET
ajfa-4310	285	39	state	state	NOUN
ajfa-4310	285	40	.	.	PUNCT
ajfa-4310	286	1	the	the	DET
ajfa-4310	286	2	results	result	NOUN
ajfa-4310	286	3	are	be	AUX
ajfa-4310	286	4	presented	present	VERB
ajfa-4310	286	5	in	in	ADP
ajfa-4310	286	6	table	table	NOUN
ajfa-4310	286	7	5	5	NUM
ajfa-4310	286	8	.	.	PUNCT
ajfa-4310	287	1	panel	panel	NOUN
ajfa-4310	287	2	a	a	DET
ajfa-4310	287	3	reveals	reveal	NOUN
ajfa-4310	287	4	that	that	SCONJ
ajfa-4310	287	5	for	for	ADP
ajfa-4310	287	6	the	the	DET
ajfa-4310	287	7	whole	whole	ADJ
ajfa-4310	287	8	period	period	NOUN
ajfa-4310	287	9	,	,	PUNCT
ajfa-4310	287	10	the	the	DET
ajfa-4310	287	11	raw	raw	ADJ
ajfa-4310	287	12	and	and	CCONJ
ajfa-4310	287	13	risk	risk	NOUN
ajfa-4310	287	14	-	-	PUNCT
ajfa-4310	287	15	adjusted	adjust	VERB
ajfa-4310	287	16	profits	profit	NOUN
ajfa-4310	287	17	following	follow	VERB
ajfa-4310	287	18	up	up	ADP
ajfa-4310	287	19	states	state	NOUN
ajfa-4310	287	20	are	be	AUX
ajfa-4310	287	21	significantly	significantly	ADV
ajfa-4310	287	22	and	and	CCONJ
ajfa-4310	287	23	strongly	strongly	ADV
ajfa-4310	287	24	positive	positive	ADJ
ajfa-4310	287	25	in	in	ADP
ajfa-4310	287	26	week	week	NOUN
ajfa-4310	287	27	1	1	NUM
ajfa-4310	287	28	,	,	PUNCT
ajfa-4310	287	29	preserve	preserve	VERB
ajfa-4310	287	30	their	their	PRON
ajfa-4310	287	31	significance	significance	NOUN
ajfa-4310	287	32	in	in	ADP
ajfa-4310	287	33	week	week	NOUN
ajfa-4310	287	34	2	2	NUM
ajfa-4310	287	35	-	-	SYM
ajfa-4310	287	36	5	5	NUM
ajfa-4310	287	37	,	,	PUNCT
ajfa-4310	287	38	and	and	CCONJ
ajfa-4310	287	39	become	become	VERB
ajfa-4310	287	40	insignificant	insignificant	ADJ
ajfa-4310	287	41	in	in	ADP
ajfa-4310	287	42	longer	long	ADJ
ajfa-4310	287	43	horizons	horizon	NOUN
ajfa-4310	287	44	.	.	PUNCT
ajfa-4310	288	1	on	on	ADP
ajfa-4310	288	2	the	the	DET
ajfa-4310	288	3	other	other	ADJ
ajfa-4310	288	4	hand	hand	NOUN
ajfa-4310	288	5	,	,	PUNCT
ajfa-4310	288	6	following	follow	VERB
ajfa-4310	288	7	down	down	ADP
ajfa-4310	288	8	states	state	NOUN
ajfa-4310	288	9	,	,	PUNCT
ajfa-4310	288	10	the	the	DET
ajfa-4310	288	11	raw	raw	ADJ
ajfa-4310	288	12	and	and	CCONJ
ajfa-4310	288	13	the	the	DET
ajfa-4310	288	14	capm	capm	NOUN
ajfa-4310	288	15	-	-	PUNCT
ajfa-4310	288	16	adjusted	adjust	VERB
ajfa-4310	288	17	profits	profit	NOUN
ajfa-4310	288	18	except	except	SCONJ
ajfa-4310	288	19	for	for	ADP
ajfa-4310	288	20	the	the	DET
ajfa-4310	288	21	raw	raw	ADJ
ajfa-4310	288	22	one	one	NOUN
ajfa-4310	288	23	in	in	ADP
ajfa-4310	288	24	week	week	NOUN
ajfa-4310	288	25	10	10	NUM
ajfa-4310	288	26	-	-	SYM
ajfa-4310	288	27	13	13	NUM
ajfa-4310	288	28	are	be	AUX
ajfa-4310	288	29	not	not	PART
ajfa-4310	288	30	statistically	statistically	ADV
ajfa-4310	288	31	significant	significant	ADJ
ajfa-4310	288	32	in	in	ADP
ajfa-4310	288	33	week	week	NOUN
ajfa-4310	288	34	1	1	NUM
ajfa-4310	288	35	and	and	CCONJ
ajfa-4310	288	36	in	in	ADP
ajfa-4310	288	37	the	the	DET
ajfa-4310	288	38	subsequent	subsequent	ADJ
ajfa-4310	288	39	months	month	NOUN
ajfa-4310	288	40	.	.	PUNCT
ajfa-4310	289	1	after	after	ADP
ajfa-4310	289	2	being	be	AUX
ajfa-4310	289	3	controlled	control	VERB
ajfa-4310	289	4	for	for	ADP
ajfa-4310	289	5	the	the	DET
ajfa-4310	289	6	asian	asian	ADJ
ajfa-4310	289	7	journal	journal	NOUN
ajfa-4310	289	8	of	of	ADP
ajfa-4310	289	9	finance	finance	PROPN
ajfa-4310	289	10	&	&	CCONJ
ajfa-4310	289	11	accounting	accounting	PROPN
ajfa-4310	289	12	issn	issn	PROPN
ajfa-4310	289	13	1946	1946	NUM
ajfa-4310	289	14	-	-	PUNCT
ajfa-4310	289	15	052x	052x	NOUN
ajfa-4310	289	16	2013	2013	NUM
ajfa-4310	289	17	,	,	PUNCT
ajfa-4310	289	18	vol	vol	NOUN
ajfa-4310	289	19	.	.	PROPN
ajfa-4310	289	20	5	5	NUM
ajfa-4310	289	21	,	,	PUNCT
ajfa-4310	289	22	no	no	INTJ
ajfa-4310	289	23	.	.	NOUN
ajfa-4310	289	24	2	2	NUM
ajfa-4310	289	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	289	26	198	198	NUM
ajfa-4310	289	27	three	three	NUM
ajfa-4310	289	28	factors	factor	NOUN
ajfa-4310	289	29	,	,	PUNCT
ajfa-4310	289	30	the	the	DET
ajfa-4310	289	31	profit	profit	NOUN
ajfa-4310	289	32	is	be	AUX
ajfa-4310	289	33	weakly	weakly	ADV
ajfa-4310	289	34	significant	significant	ADJ
ajfa-4310	289	35	in	in	ADP
ajfa-4310	289	36	week	week	NOUN
ajfa-4310	289	37	1	1	NUM
ajfa-4310	289	38	and	and	CCONJ
ajfa-4310	289	39	insignificant	insignificant	ADJ
ajfa-4310	289	40	in	in	ADP
ajfa-4310	289	41	the	the	DET
ajfa-4310	289	42	subsequent	subsequent	ADJ
ajfa-4310	289	43	months	month	NOUN
ajfa-4310	289	44	.	.	PUNCT
ajfa-4310	290	1	table	table	NOUN
ajfa-4310	290	2	5	5	NUM
ajfa-4310	290	3	.	.	PUNCT
ajfa-4310	291	1	momentum	momentum	NOUN
ajfa-4310	291	2	and	and	CCONJ
ajfa-4310	291	3	market	market	NOUN
ajfa-4310	291	4	states	state	NOUN
ajfa-4310	291	5	week	week	NOUN
ajfa-4310	291	6	0	0	NUM
ajfa-4310	291	7	week	week	NOUN
ajfa-4310	291	8	1	1	NUM
ajfa-4310	291	9	week	week	NOUN
ajfa-4310	291	10	2	2	NUM
ajfa-4310	291	11	-	-	SYM
ajfa-4310	291	12	5	5	NUM
ajfa-4310	291	13	week	week	NOUN
ajfa-4310	291	14	6	6	NUM
ajfa-4310	291	15	-	-	SYM
ajfa-4310	291	16	9	9	NUM
ajfa-4310	291	17	week	week	NOUN
ajfa-4310	291	18	10	10	NUM
ajfa-4310	291	19	-	-	SYM
ajfa-4310	291	20	13	13	NUM
ajfa-4310	291	21	week	week	NOUN
ajfa-4310	291	22	14	14	NUM
ajfa-4310	291	23	-	-	SYM
ajfa-4310	291	24	26	26	NUM
ajfa-4310	291	25	panel	panel	NOUN
ajfa-4310	291	26	a	a	DET
ajfa-4310	291	27	:	:	PUNCT
ajfa-4310	291	28	whole	whole	ADJ
ajfa-4310	291	29	period	period	NOUN
ajfa-4310	291	30	(	(	PUNCT
ajfa-4310	291	31	1/2007	1/2007	PROPN
ajfa-4310	291	32	-	-	PUNCT
ajfa-4310	291	33	6/2012	6/2012	NUM
ajfa-4310	291	34	)	)	PUNCT
ajfa-4310	291	35	average	average	ADJ
ajfa-4310	291	36	weekly	weekly	ADJ
ajfa-4310	291	37	profits	profit	NOUN
ajfa-4310	291	38	following	follow	VERB
ajfa-4310	291	39	up	up	ADP
ajfa-4310	291	40	markets	market	NOUN
ajfa-4310	291	41	raw	raw	ADJ
ajfa-4310	291	42	profit	profit	NOUN
ajfa-4310	291	43	0.1715	0.1715	NUM
ajfa-4310	291	44	*	*	PUNCT
ajfa-4310	291	45	*	*	PUNCT
ajfa-4310	291	46	*	*	PUNCT
ajfa-4310	291	47	(	(	PUNCT
ajfa-4310	291	48	45.49	45.49	NUM
ajfa-4310	291	49	)	)	PUNCT
ajfa-4310	291	50	0.0135	0.0135	NUM
ajfa-4310	291	51	*	*	PUNCT
ajfa-4310	291	52	*	*	PUNCT
ajfa-4310	291	53	*	*	PUNCT
ajfa-4310	291	54	(	(	PUNCT
ajfa-4310	291	55	4.13	4.13	NUM
ajfa-4310	291	56	)	)	PUNCT
ajfa-4310	291	57	0.0030	0.0030	NUM
ajfa-4310	291	58	*	*	PUNCT
ajfa-4310	291	59	*	*	PUNCT
ajfa-4310	291	60	(	(	PUNCT
ajfa-4310	291	61	2.20	2.20	NUM
ajfa-4310	291	62	)	)	PUNCT
ajfa-4310	291	63	-0.0002	-0.0002	NOUN
ajfa-4310	291	64	(	(	PUNCT
ajfa-4310	291	65	-0.15	-0.15	NOUN
ajfa-4310	291	66	)	)	PUNCT
ajfa-4310	291	67	-0.0013	-0.0013	PROPN
ajfa-4310	291	68	(	(	PUNCT
ajfa-4310	291	69	-0.88	-0.88	NOUN
ajfa-4310	291	70	)	)	PUNCT
ajfa-4310	291	71	-0.0008	-0.0008	NOUN
ajfa-4310	291	72	(	(	PUNCT
ajfa-4310	291	73	-1.12	-1.12	NOUN
ajfa-4310	291	74	)	)	PUNCT
ajfa-4310	291	75	capm	capm	NOUN
ajfa-4310	291	76	alpha	alpha	NOUN
ajfa-4310	291	77	0.1711	0.1711	NUM
ajfa-4310	291	78	*	*	PUNCT
ajfa-4310	291	79	*	*	PUNCT
ajfa-4310	291	80	*	*	PUNCT
ajfa-4310	291	81	(	(	PUNCT
ajfa-4310	291	82	47.13	47.13	NUM
ajfa-4310	291	83	)	)	PUNCT
ajfa-4310	291	84	0.0133	0.0133	NUM
ajfa-4310	291	85	*	*	PUNCT
ajfa-4310	291	86	*	*	PUNCT
ajfa-4310	291	87	*	*	PUNCT
ajfa-4310	291	88	(	(	PUNCT
ajfa-4310	291	89	4.12	4.12	NUM
ajfa-4310	291	90	)	)	PUNCT
ajfa-4310	291	91	0.0031	0.0031	NUM
ajfa-4310	291	92	*	*	PUNCT
ajfa-4310	291	93	*	*	PUNCT
ajfa-4310	291	94	(	(	PUNCT
ajfa-4310	291	95	2.30	2.30	NUM
ajfa-4310	291	96	)	)	PUNCT
ajfa-4310	291	97	-0.0004	-0.0004	NOUN
ajfa-4310	291	98	(	(	PUNCT
ajfa-4310	291	99	-0.33	-0.33	ADJ
ajfa-4310	291	100	)	)	PUNCT
ajfa-4310	291	101	-0.0010	-0.0010	NOUN
ajfa-4310	291	102	(	(	PUNCT
ajfa-4310	291	103	-0.67	-0.67	NUM
ajfa-4310	291	104	)	)	PUNCT
ajfa-4310	291	105	-0.0006	-0.0006	NOUN
ajfa-4310	291	106	(	(	PUNCT
ajfa-4310	291	107	-0.81	-0.81	NOUN
ajfa-4310	291	108	)	)	PUNCT
ajfa-4310	291	109	fama	fama	NOUN
ajfa-4310	291	110	-	-	PUNCT
ajfa-4310	291	111	french	french	NOUN
ajfa-4310	291	112	alpha	alpha	NOUN
ajfa-4310	291	113	0.1688	0.1688	NUM
ajfa-4310	291	114	*	*	PUNCT
ajfa-4310	291	115	*	*	PUNCT
ajfa-4310	291	116	*	*	PUNCT
ajfa-4310	291	117	(	(	PUNCT
ajfa-4310	291	118	48.51	48.51	NUM
ajfa-4310	291	119	)	)	PUNCT
ajfa-4310	292	1	0.0127	0.0127	NUM
ajfa-4310	292	2	*	*	PUNCT
ajfa-4310	292	3	*	*	PUNCT
ajfa-4310	292	4	*	*	PUNCT
ajfa-4310	292	5	(	(	PUNCT
ajfa-4310	292	6	3.94	3.94	NUM
ajfa-4310	292	7	)	)	PUNCT
ajfa-4310	292	8	0.0029	0.0029	NUM
ajfa-4310	292	9	*	*	PUNCT
ajfa-4310	292	10	*	*	PUNCT
ajfa-4310	292	11	(	(	PUNCT
ajfa-4310	292	12	2.22	2.22	NUM
ajfa-4310	292	13	)	)	PUNCT
ajfa-4310	292	14	0.0007	0.0007	NUM
ajfa-4310	292	15	(	(	PUNCT
ajfa-4310	292	16	0.59	0.59	NUM
ajfa-4310	292	17	)	)	PUNCT
ajfa-4310	292	18	-0.00002	-0.00002	NOUN
ajfa-4310	292	19	(	(	PUNCT
ajfa-4310	292	20	-0.02	-0.02	NOUN
ajfa-4310	292	21	)	)	PUNCT
ajfa-4310	292	22	-0.0011	-0.0011	NOUN
ajfa-4310	292	23	(	(	PUNCT
ajfa-4310	292	24	-1.56	-1.56	NUM
ajfa-4310	292	25	)	)	PUNCT
ajfa-4310	292	26	average	average	ADJ
ajfa-4310	292	27	weekly	weekly	ADJ
ajfa-4310	292	28	profits	profit	NOUN
ajfa-4310	292	29	following	follow	VERB
ajfa-4310	292	30	down	down	ADP
ajfa-4310	292	31	markets	market	NOUN
ajfa-4310	292	32	raw	raw	ADJ
ajfa-4310	292	33	profit	profit	NOUN
ajfa-4310	292	34	0.1397	0.1397	NUM
ajfa-4310	292	35	*	*	PUNCT
ajfa-4310	292	36	*	*	PUNCT
ajfa-4310	292	37	*	*	PUNCT
ajfa-4310	292	38	(	(	PUNCT
ajfa-4310	292	39	40.99	40.99	NUM
ajfa-4310	292	40	)	)	PUNCT
ajfa-4310	292	41	0.0041	0.0041	NUM
ajfa-4310	292	42	(	(	PUNCT
ajfa-4310	292	43	1.40	1.40	NUM
ajfa-4310	292	44	)	)	PUNCT
ajfa-4310	292	45	-0.0007	-0.0007	NOUN
ajfa-4310	292	46	(	(	PUNCT
ajfa-4310	292	47	-0.59	-0.59	NUM
ajfa-4310	292	48	)	)	PUNCT
ajfa-4310	292	49	0.0009	0.0009	NUM
ajfa-4310	292	50	(	(	PUNCT
ajfa-4310	292	51	0.79	0.79	NUM
ajfa-4310	292	52	)	)	PUNCT
ajfa-4310	292	53	0.0024	0.0024	NUM
ajfa-4310	292	54	*	*	SYM
ajfa-4310	292	55	(	(	PUNCT
ajfa-4310	292	56	1.80	1.80	NUM
ajfa-4310	292	57	)	)	PUNCT
ajfa-4310	292	58	-0.0004	-0.0004	NOUN
ajfa-4310	292	59	(	(	PUNCT
ajfa-4310	292	60	-0.62	-0.62	NOUN
ajfa-4310	292	61	)	)	PUNCT
ajfa-4310	292	62	capm	capm	NOUN
ajfa-4310	292	63	alpha	alpha	NOUN
ajfa-4310	292	64	0.1413	0.1413	NUM
ajfa-4310	292	65	*	*	PUNCT
ajfa-4310	292	66	*	*	PUNCT
ajfa-4310	292	67	*	*	PUNCT
ajfa-4310	292	68	(	(	PUNCT
ajfa-4310	292	69	43.05	43.05	NUM
ajfa-4310	292	70	)	)	PUNCT
ajfa-4310	292	71	0.0047	0.0047	NUM
ajfa-4310	292	72	(	(	PUNCT
ajfa-4310	292	73	1.59	1.59	NUM
ajfa-4310	292	74	)	)	PUNCT
ajfa-4310	292	75	-0.0008	-0.0008	NOUN
ajfa-4310	292	76	(	(	PUNCT
ajfa-4310	292	77	-0.66	-0.66	X
ajfa-4310	292	78	)	)	PUNCT
ajfa-4310	292	79	0.0012	0.0012	NUM
ajfa-4310	292	80	(	(	PUNCT
ajfa-4310	292	81	0.98	0.98	NUM
ajfa-4310	292	82	)	)	PUNCT
ajfa-4310	292	83	0.0020	0.0020	NUM
ajfa-4310	292	84	(	(	PUNCT
ajfa-4310	292	85	1.54	1.54	NUM
ajfa-4310	292	86	)	)	PUNCT
ajfa-4310	292	87	-0.0007	-0.0007	NOUN
ajfa-4310	292	88	(	(	PUNCT
ajfa-4310	292	89	-1.07	-1.07	X
ajfa-4310	292	90	)	)	PUNCT
ajfa-4310	292	91	fama	fama	NOUN
ajfa-4310	292	92	-	-	PUNCT
ajfa-4310	292	93	french	french	ADJ
ajfa-4310	292	94	alpha	alpha	NOUN
ajfa-4310	292	95	0.1424	0.1424	PUNCT
ajfa-4310	292	96	*	*	PUNCT
ajfa-4310	292	97	*	*	PUNCT
ajfa-4310	292	98	*	*	PUNCT
ajfa-4310	292	99	(	(	PUNCT
ajfa-4310	292	100	45.27	45.27	NUM
ajfa-4310	292	101	)	)	PUNCT
ajfa-4310	292	102	0.0049	0.0049	NUM
ajfa-4310	292	103	*	*	SYM
ajfa-4310	292	104	(	(	PUNCT
ajfa-4310	292	105	1.69	1.69	NUM
ajfa-4310	292	106	)	)	PUNCT
ajfa-4310	292	107	-0.0007	-0.0007	NOUN
ajfa-4310	292	108	(	(	PUNCT
ajfa-4310	292	109	-0.61	-0.61	NOUN
ajfa-4310	292	110	)	)	PUNCT
ajfa-4310	292	111	0.0007	0.0007	NUM
ajfa-4310	292	112	(	(	PUNCT
ajfa-4310	292	113	0.57	0.57	NUM
ajfa-4310	292	114	)	)	PUNCT
ajfa-4310	292	115	0.0016	0.0016	NUM
ajfa-4310	292	116	(	(	PUNCT
ajfa-4310	292	117	1.29	1.29	NUM
ajfa-4310	292	118	)	)	PUNCT
ajfa-4310	292	119	-0.0003	-0.0003	NOUN
ajfa-4310	292	120	(	(	PUNCT
ajfa-4310	292	121	-0.47	-0.47	X
ajfa-4310	292	122	)	)	PUNCT
ajfa-4310	292	123	panel	panel	NOUN
ajfa-4310	292	124	b	b	NOUN
ajfa-4310	292	125	:	:	PUNCT
ajfa-4310	292	126	first	first	ADJ
ajfa-4310	292	127	period	period	NOUN
ajfa-4310	292	128	(	(	PUNCT
ajfa-4310	292	129	1/2007	1/2007	NUM
ajfa-4310	292	130	-	-	PUNCT
ajfa-4310	292	131	3/2008	3/2008	NOUN
ajfa-4310	292	132	)	)	PUNCT
ajfa-4310	292	133	average	average	ADJ
ajfa-4310	292	134	weekly	weekly	ADJ
ajfa-4310	292	135	profits	profit	NOUN
ajfa-4310	292	136	following	follow	VERB
ajfa-4310	292	137	up	up	ADP
ajfa-4310	292	138	markets	market	NOUN
ajfa-4310	292	139	raw	raw	ADJ
ajfa-4310	292	140	profit	profit	NOUN
ajfa-4310	292	141	0.1914	0.1914	NUM
ajfa-4310	292	142	*	*	PUNCT
ajfa-4310	292	143	*	*	PUNCT
ajfa-4310	292	144	*	*	PUNCT
ajfa-4310	292	145	(	(	PUNCT
ajfa-4310	292	146	22.66	22.66	NUM
ajfa-4310	292	147	)	)	PUNCT
ajfa-4310	292	148	0.0257	0.0257	NUM
ajfa-4310	292	149	*	*	PUNCT
ajfa-4310	292	150	*	*	PUNCT
ajfa-4310	292	151	*	*	PUNCT
ajfa-4310	292	152	(	(	PUNCT
ajfa-4310	292	153	3.55	3.55	NUM
ajfa-4310	292	154	)	)	PUNCT
ajfa-4310	292	155	0.0071	0.0071	NUM
ajfa-4310	292	156	*	*	PUNCT
ajfa-4310	292	157	*	*	PUNCT
ajfa-4310	292	158	(	(	PUNCT
ajfa-4310	292	159	2.19	2.19	NUM
ajfa-4310	292	160	)	)	PUNCT
ajfa-4310	292	161	0.0034	0.0034	NUM
ajfa-4310	292	162	(	(	PUNCT
ajfa-4310	292	163	0.87	0.87	NUM
ajfa-4310	292	164	)	)	PUNCT
ajfa-4310	292	165	-0.0027	-0.0027	PUNCT
ajfa-4310	293	1	(	(	PUNCT
ajfa-4310	293	2	-0.54	-0.54	X
ajfa-4310	293	3	)	)	PUNCT
ajfa-4310	293	4	0.0000	0.0000	NUM
ajfa-4310	293	5	(	(	PUNCT
ajfa-4310	293	6	0.02	0.02	NUM
ajfa-4310	293	7	)	)	PUNCT
ajfa-4310	293	8	capm	capm	NOUN
ajfa-4310	293	9	alpha	alpha	NOUN
ajfa-4310	293	10	0.1899	0.1899	NUM
ajfa-4310	293	11	*	*	PUNCT
ajfa-4310	293	12	*	*	PUNCT
ajfa-4310	293	13	*	*	PUNCT
ajfa-4310	293	14	(	(	PUNCT
ajfa-4310	293	15	23.53	23.53	NUM
ajfa-4310	293	16	)	)	PUNCT
ajfa-4310	293	17	0.0247	0.0247	NUM
ajfa-4310	293	18	*	*	PUNCT
ajfa-4310	293	19	*	*	PUNCT
ajfa-4310	293	20	*	*	PUNCT
ajfa-4310	293	21	(	(	PUNCT
ajfa-4310	293	22	3.48	3.48	NUM
ajfa-4310	293	23	)	)	PUNCT
ajfa-4310	293	24	0.007	0.007	NUM
ajfa-4310	293	25	*	*	NOUN
ajfa-4310	293	26	*	*	PUNCT
ajfa-4310	293	27	(	(	PUNCT
ajfa-4310	293	28	2.23	2.23	NUM
ajfa-4310	293	29	)	)	PUNCT
ajfa-4310	293	30	0.0023	0.0023	NUM
ajfa-4310	293	31	(	(	PUNCT
ajfa-4310	293	32	0.61	0.61	NUM
ajfa-4310	293	33	)	)	PUNCT
ajfa-4310	293	34	-0.0025	-0.0025	NOUN
ajfa-4310	293	35	(	(	PUNCT
ajfa-4310	293	36	-0.52	-0.52	PROPN
ajfa-4310	293	37	)	)	PUNCT
ajfa-4310	293	38	-0.0002	-0.0002	NOUN
ajfa-4310	293	39	(	(	PUNCT
ajfa-4310	293	40	-0.09	-0.09	NUM
ajfa-4310	293	41	)	)	PUNCT
ajfa-4310	293	42	fama	fama	NOUN
ajfa-4310	293	43	-	-	PUNCT
ajfa-4310	293	44	french	french	ADJ
ajfa-4310	293	45	alpha	alpha	NOUN
ajfa-4310	293	46	0.1849	0.1849	NUM
ajfa-4310	293	47	*	*	PUNCT
ajfa-4310	293	48	*	*	PUNCT
ajfa-4310	293	49	*	*	PUNCT
ajfa-4310	293	50	(	(	PUNCT
ajfa-4310	293	51	24.50	24.50	NUM
ajfa-4310	293	52	)	)	PUNCT
ajfa-4310	293	53	0.0224	0.0224	NUM
ajfa-4310	293	54	*	*	PUNCT
ajfa-4310	293	55	*	*	PUNCT
ajfa-4310	293	56	*	*	PUNCT
ajfa-4310	293	57	(	(	PUNCT
ajfa-4310	293	58	3.24	3.24	NUM
ajfa-4310	293	59	)	)	PUNCT
ajfa-4310	293	60	0.0063	0.0063	NUM
ajfa-4310	293	61	*	*	PUNCT
ajfa-4310	293	62	*	*	PUNCT
ajfa-4310	293	63	(	(	PUNCT
ajfa-4310	293	64	2.12	2.12	NUM
ajfa-4310	293	65	)	)	PUNCT
ajfa-4310	293	66	0.0067	0.0067	NUM
ajfa-4310	293	67	*	*	PUNCT
ajfa-4310	293	68	*	*	PUNCT
ajfa-4310	293	69	(	(	PUNCT
ajfa-4310	293	70	2.02	2.02	NUM
ajfa-4310	293	71	)	)	PUNCT
ajfa-4310	293	72	0.0034	0.0034	NUM
ajfa-4310	293	73	(	(	PUNCT
ajfa-4310	293	74	0.80	0.80	NUM
ajfa-4310	293	75	)	)	PUNCT
ajfa-4310	293	76	-0.0039	-0.0039	NOUN
ajfa-4310	293	77	*	*	PUNCT
ajfa-4310	293	78	(	(	PUNCT
ajfa-4310	293	79	-1.88	-1.88	NUM
ajfa-4310	293	80	)	)	PUNCT
ajfa-4310	293	81	average	average	ADJ
ajfa-4310	293	82	weekly	weekly	ADJ
ajfa-4310	293	83	profits	profit	NOUN
ajfa-4310	293	84	following	follow	VERB
ajfa-4310	293	85	down	down	ADP
ajfa-4310	293	86	markets	market	NOUN
ajfa-4310	293	87	raw	raw	ADJ
ajfa-4310	293	88	profit	profit	NOUN
ajfa-4310	293	89	0.1280	0.1280	NUM
ajfa-4310	293	90	*	*	PUNCT
ajfa-4310	293	91	*	*	PUNCT
ajfa-4310	293	92	*	*	PUNCT
ajfa-4310	293	93	(	(	PUNCT
ajfa-4310	293	94	16.95	16.95	NUM
ajfa-4310	293	95	)	)	PUNCT
ajfa-4310	293	96	0.0085	0.0085	NUM
ajfa-4310	293	97	(	(	PUNCT
ajfa-4310	293	98	1.31	1.31	NUM
ajfa-4310	293	99	)	)	PUNCT
ajfa-4310	293	100	-0.0015	-0.0015	NOUN
ajfa-4310	293	101	(	(	PUNCT
ajfa-4310	293	102	-0.51	-0.51	X
ajfa-4310	293	103	)	)	PUNCT
ajfa-4310	293	104	0.0002	0.0002	NUM
ajfa-4310	293	105	(	(	PUNCT
ajfa-4310	293	106	0.07	0.07	NUM
ajfa-4310	293	107	)	)	PUNCT
ajfa-4310	293	108	0.0046	0.0046	NUM
ajfa-4310	293	109	(	(	PUNCT
ajfa-4310	293	110	1.05	1.05	NUM
ajfa-4310	293	111	)	)	PUNCT
ajfa-4310	293	112	-0.0024	-0.0024	NOUN
ajfa-4310	293	113	(	(	PUNCT
ajfa-4310	293	114	-1.29	-1.29	NOUN
ajfa-4310	293	115	)	)	PUNCT
ajfa-4310	293	116	capm	capm	PROPN
ajfa-4310	293	117	alpha	alpha	NOUN
ajfa-4310	293	118	0.1341	0.1341	NUM
ajfa-4310	293	119	*	*	PUNCT
ajfa-4310	293	120	*	*	PUNCT
ajfa-4310	293	121	*	*	PUNCT
ajfa-4310	293	122	(	(	PUNCT
ajfa-4310	293	123	18.66	18.66	NUM
ajfa-4310	293	124	)	)	PUNCT
ajfa-4310	293	125	0.0110	0.0110	NUM
ajfa-4310	293	126	*	*	PUNCT
ajfa-4310	293	127	(	(	PUNCT
ajfa-4310	293	128	1.73	1.73	NUM
ajfa-4310	293	129	)	)	PUNCT
ajfa-4310	293	130	-0.0009	-0.0009	NOUN
ajfa-4310	293	131	(	(	PUNCT
ajfa-4310	293	132	-0.31	-0.31	X
ajfa-4310	293	133	)	)	PUNCT
ajfa-4310	293	134	0.0019	0.0019	NUM
ajfa-4310	293	135	(	(	PUNCT
ajfa-4310	293	136	0.58	0.58	NUM
ajfa-4310	293	137	)	)	PUNCT
ajfa-4310	293	138	0.0048	0.0048	NUM
ajfa-4310	293	139	(	(	PUNCT
ajfa-4310	293	140	1.11	1.11	NUM
ajfa-4310	293	141	)	)	PUNCT
ajfa-4310	293	142	-0.0023	-0.0023	NOUN
ajfa-4310	293	143	(	(	PUNCT
ajfa-4310	293	144	-1.27	-1.27	NOUN
ajfa-4310	293	145	)	)	PUNCT
ajfa-4310	293	146	fama	fama	NOUN
ajfa-4310	293	147	-	-	PUNCT
ajfa-4310	293	148	french	french	NOUN
ajfa-4310	293	149	alpha	alpha	NOUN
ajfa-4310	293	150	0.1322	0.1322	NUM
ajfa-4310	293	151	*	*	PUNCT
ajfa-4310	293	152	*	*	PUNCT
ajfa-4310	293	153	*	*	PUNCT
ajfa-4310	293	154	(	(	PUNCT
ajfa-4310	293	155	19.59	19.59	NUM
ajfa-4310	293	156	)	)	PUNCT
ajfa-4310	293	157	0.0099	0.0099	NUM
ajfa-4310	293	158	(	(	PUNCT
ajfa-4310	293	159	1.60	1.60	NUM
ajfa-4310	293	160	)	)	PUNCT
ajfa-4310	293	161	-0.0006	-0.0006	NOUN
ajfa-4310	293	162	(	(	PUNCT
ajfa-4310	293	163	-0.21	-0.21	X
ajfa-4310	293	164	)	)	PUNCT
ajfa-4310	293	165	0.0013	0.0013	NUM
ajfa-4310	293	166	(	(	PUNCT
ajfa-4310	293	167	0.44	0.44	NUM
ajfa-4310	293	168	)	)	PUNCT
ajfa-4310	293	169	0.0042	0.0042	NUM
ajfa-4310	293	170	(	(	PUNCT
ajfa-4310	293	171	1.11	1.11	NUM
ajfa-4310	293	172	)	)	PUNCT
ajfa-4310	293	173	0.0011	0.0011	NUM
ajfa-4310	293	174	(	(	PUNCT
ajfa-4310	293	175	0.57	0.57	NUM
ajfa-4310	293	176	)	)	PUNCT
ajfa-4310	293	177	panel	panel	NOUN
ajfa-4310	293	178	c	c	NOUN
ajfa-4310	293	179	:	:	PUNCT
ajfa-4310	293	180	second	second	ADJ
ajfa-4310	293	181	period	period	NOUN
ajfa-4310	293	182	(	(	PUNCT
ajfa-4310	293	183	9/2008	9/2008	PROPN
ajfa-4310	293	184	-	-	PUNCT
ajfa-4310	293	185	6/2012	6/2012	NUM
ajfa-4310	293	186	)	)	PUNCT
ajfa-4310	293	187	average	average	ADJ
ajfa-4310	293	188	weekly	weekly	ADJ
ajfa-4310	293	189	profits	profit	NOUN
ajfa-4310	293	190	following	follow	VERB
ajfa-4310	293	191	up	up	ADP
ajfa-4310	293	192	markets	market	NOUN
ajfa-4310	293	193	raw	raw	ADJ
ajfa-4310	293	194	profit	profit	NOUN
ajfa-4310	293	195	0.1633	0.1633	NUM
ajfa-4310	293	196	*	*	PUNCT
ajfa-4310	293	197	*	*	PUNCT
ajfa-4310	293	198	*	*	PUNCT
ajfa-4310	293	199	(	(	PUNCT
ajfa-4310	293	200	42.50	42.50	NUM
ajfa-4310	293	201	)	)	PUNCT
ajfa-4310	293	202	0.0040	0.0040	NUM
ajfa-4310	293	203	(	(	PUNCT
ajfa-4310	293	204	1.28	1.28	NUM
ajfa-4310	293	205	)	)	PUNCT
ajfa-4310	293	206	0.0007	0.0007	NUM
ajfa-4310	293	207	(	(	PUNCT
ajfa-4310	293	208	0.49	0.49	NUM
ajfa-4310	293	209	)	)	PUNCT
ajfa-4310	293	210	-0.0002	-0.0002	NOUN
ajfa-4310	293	211	(	(	PUNCT
ajfa-4310	293	212	-0.14	-0.14	NOUN
ajfa-4310	293	213	)	)	PUNCT
ajfa-4310	293	214	0.0001	0.0001	NUM
ajfa-4310	293	215	(	(	PUNCT
ajfa-4310	293	216	0.05	0.05	NUM
ajfa-4310	293	217	)	)	PUNCT
ajfa-4310	293	218	-0.0014	-0.0014	NOUN
ajfa-4310	294	1	*	*	PUNCT
ajfa-4310	294	2	*	*	PUNCT
ajfa-4310	294	3	(	(	PUNCT
ajfa-4310	294	4	-2.01	-2.01	NOUN
ajfa-4310	294	5	)	)	PUNCT
ajfa-4310	294	6	capm	capm	NOUN
ajfa-4310	294	7	alpha	alpha	NOUN
ajfa-4310	294	8	0.1635	0.1635	NUM
ajfa-4310	294	9	*	*	PUNCT
ajfa-4310	295	1	*	*	PUNCT
ajfa-4310	295	2	*	*	PUNCT
ajfa-4310	295	3	(	(	PUNCT
ajfa-4310	295	4	43.18	43.18	NUM
ajfa-4310	295	5	)	)	PUNCT
ajfa-4310	295	6	0.0039	0.0039	NUM
ajfa-4310	295	7	(	(	PUNCT
ajfa-4310	295	8	1.28	1.28	NUM
ajfa-4310	295	9	)	)	PUNCT
ajfa-4310	295	10	0.0009	0.0009	NUM
ajfa-4310	295	11	(	(	PUNCT
ajfa-4310	295	12	0.65	0.65	NUM
ajfa-4310	295	13	)	)	PUNCT
ajfa-4310	295	14	-0.0003	-0.0003	NOUN
ajfa-4310	295	15	(	(	PUNCT
ajfa-4310	295	16	-0.21	-0.21	X
ajfa-4310	295	17	)	)	PUNCT
ajfa-4310	295	18	0.0001	0.0001	NUM
ajfa-4310	295	19	(	(	PUNCT
ajfa-4310	295	20	0.09	0.09	NUM
ajfa-4310	295	21	)	)	PUNCT
ajfa-4310	295	22	-0.0012	-0.0012	NOUN
ajfa-4310	295	23	*	*	PUNCT
ajfa-4310	295	24	(	(	PUNCT
ajfa-4310	295	25	-1.69	-1.69	NOUN
ajfa-4310	295	26	)	)	PUNCT
ajfa-4310	295	27	fama	fama	NOUN
ajfa-4310	295	28	-	-	PUNCT
ajfa-4310	295	29	french	french	NOUN
ajfa-4310	295	30	0.1612	0.1612	NUM
ajfa-4310	295	31	*	*	PUNCT
ajfa-4310	295	32	*	*	PUNCT
ajfa-4310	295	33	*	*	X
ajfa-4310	295	34	0.0029	0.0029	NUM
ajfa-4310	295	35	0.0007	0.0007	NUM
ajfa-4310	295	36	-0.0007	-0.0007	NOUN
ajfa-4310	295	37	-0.0003	-0.0003	NOUN
ajfa-4310	295	38	-0.0013	-0.0013	PROPN
ajfa-4310	295	39	*	*	PUNCT
ajfa-4310	295	40	asian	asian	ADJ
ajfa-4310	295	41	journal	journal	NOUN
ajfa-4310	295	42	of	of	ADP
ajfa-4310	295	43	finance	finance	PROPN
ajfa-4310	295	44	&	&	CCONJ
ajfa-4310	295	45	accounting	accounting	PROPN
ajfa-4310	295	46	issn	issn	PROPN
ajfa-4310	295	47	1946	1946	NUM
ajfa-4310	295	48	-	-	PUNCT
ajfa-4310	295	49	052x	052x	NOUN
ajfa-4310	295	50	2013	2013	NUM
ajfa-4310	295	51	,	,	PUNCT
ajfa-4310	295	52	vol	vol	NOUN
ajfa-4310	295	53	.	.	PROPN
ajfa-4310	295	54	5	5	NUM
ajfa-4310	295	55	,	,	PUNCT
ajfa-4310	295	56	no	no	INTJ
ajfa-4310	295	57	.	.	NOUN
ajfa-4310	295	58	2	2	NUM
ajfa-4310	295	59	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	295	60	199	199	NUM
ajfa-4310	295	61	alpha	alpha	NOUN
ajfa-4310	295	62	(	(	PUNCT
ajfa-4310	295	63	45.85	45.85	NUM
ajfa-4310	295	64	)	)	PUNCT
ajfa-4310	295	65	(	(	PUNCT
ajfa-4310	295	66	0.94	0.94	NUM
ajfa-4310	295	67	)	)	PUNCT
ajfa-4310	295	68	(	(	PUNCT
ajfa-4310	295	69	0.50	0.50	NUM
ajfa-4310	295	70	)	)	PUNCT
ajfa-4310	295	71	(	(	PUNCT
ajfa-4310	295	72	0.59	0.59	NUM
ajfa-4310	295	73	)	)	PUNCT
ajfa-4310	295	74	(	(	PUNCT
ajfa-4310	295	75	-0.24	-0.24	NOUN
ajfa-4310	295	76	)	)	PUNCT
ajfa-4310	295	77	(	(	PUNCT
ajfa-4310	295	78	-1.85	-1.85	NOUN
ajfa-4310	295	79	)	)	PUNCT
ajfa-4310	295	80	average	average	ADJ
ajfa-4310	295	81	weekly	weekly	ADJ
ajfa-4310	295	82	profits	profit	NOUN
ajfa-4310	295	83	following	follow	VERB
ajfa-4310	295	84	down	down	ADP
ajfa-4310	295	85	markets	market	NOUN
ajfa-4310	295	86	raw	raw	ADJ
ajfa-4310	295	87	profit	profit	NOUN
ajfa-4310	295	88	0.1485	0.1485	NUM
ajfa-4310	295	89	*	*	PUNCT
ajfa-4310	295	90	*	*	PUNCT
ajfa-4310	295	91	*	*	PUNCT
ajfa-4310	295	92	(	(	PUNCT
ajfa-4310	295	93	41.33	41.33	NUM
ajfa-4310	295	94	)	)	PUNCT
ajfa-4310	295	95	-0.0022	-0.0022	NOUN
ajfa-4310	295	96	(	(	PUNCT
ajfa-4310	295	97	-0.77	-0.77	NOUN
ajfa-4310	295	98	)	)	PUNCT
ajfa-4310	295	99	-0.0026	-0.0026	X
ajfa-4310	296	1	*	*	PUNCT
ajfa-4310	296	2	*	*	PUNCT
ajfa-4310	296	3	(	(	PUNCT
ajfa-4310	296	4	-2.02	-2.02	NUM
ajfa-4310	296	5	)	)	PUNCT
ajfa-4310	296	6	0.0008	0.0008	NUM
ajfa-4310	296	7	(	(	PUNCT
ajfa-4310	296	8	0.67	0.67	NUM
ajfa-4310	296	9	)	)	PUNCT
ajfa-4310	296	10	0.0014	0.0014	NUM
ajfa-4310	296	11	(	(	PUNCT
ajfa-4310	296	12	1.18	1.18	NUM
ajfa-4310	296	13	)	)	PUNCT
ajfa-4310	296	14	0.0001	0.0001	NUM
ajfa-4310	296	15	(	(	PUNCT
ajfa-4310	296	16	0.13	0.13	NUM
ajfa-4310	296	17	)	)	PUNCT
ajfa-4310	296	18	capm	capm	NOUN
ajfa-4310	296	19	alpha	alpha	NOUN
ajfa-4310	296	20	0.1490	0.1490	NUM
ajfa-4310	296	21	*	*	PUNCT
ajfa-4310	296	22	*	*	PUNCT
ajfa-4310	296	23	*	*	PUNCT
ajfa-4310	296	24	(	(	PUNCT
ajfa-4310	296	25	42.08	42.08	NUM
ajfa-4310	296	26	)	)	PUNCT
ajfa-4310	296	27	-0.0023	-0.0023	NOUN
ajfa-4310	296	28	(	(	PUNCT
ajfa-4310	296	29	-0.79	-0.79	NOUN
ajfa-4310	296	30	)	)	PUNCT
ajfa-4310	296	31	-0.0028	-0.0028	NOUN
ajfa-4310	297	1	*	*	PUNCT
ajfa-4310	297	2	*	*	PUNCT
ajfa-4310	297	3	(	(	PUNCT
ajfa-4310	297	4	-2.21	-2.21	NOUN
ajfa-4310	297	5	)	)	PUNCT
ajfa-4310	297	6	0.0008	0.0008	NUM
ajfa-4310	297	7	(	(	PUNCT
ajfa-4310	297	8	0.69	0.69	NUM
ajfa-4310	297	9	)	)	PUNCT
ajfa-4310	297	10	0.0013	0.0013	NUM
ajfa-4310	297	11	(	(	PUNCT
ajfa-4310	297	12	1.07	1.07	NUM
ajfa-4310	297	13	)	)	PUNCT
ajfa-4310	297	14	-0.0002	-0.0002	NOUN
ajfa-4310	297	15	(	(	PUNCT
ajfa-4310	297	16	-0.27	-0.27	ADJ
ajfa-4310	297	17	)	)	PUNCT
ajfa-4310	297	18	fama	fama	NOUN
ajfa-4310	297	19	-	-	PUNCT
ajfa-4310	297	20	french	french	NOUN
ajfa-4310	297	21	alpha	alpha	NOUN
ajfa-4310	297	22	0.1511	0.1511	NUM
ajfa-4310	297	23	*	*	PUNCT
ajfa-4310	297	24	*	*	PUNCT
ajfa-4310	297	25	*	*	PUNCT
ajfa-4310	297	26	(	(	PUNCT
ajfa-4310	297	27	45.95	45.95	NUM
ajfa-4310	297	28	)	)	PUNCT
ajfa-4310	297	29	-0.0016	-0.0016	NOUN
ajfa-4310	297	30	(	(	PUNCT
ajfa-4310	297	31	-0.56	-0.56	NUM
ajfa-4310	297	32	)	)	PUNCT
ajfa-4310	297	33	-0.0029	-0.0029	NOUN
ajfa-4310	297	34	*	*	PUNCT
ajfa-4310	297	35	(	(	PUNCT
ajfa-4310	297	36	-2.31	-2.31	X
ajfa-4310	297	37	)	)	PUNCT
ajfa-4310	297	38	0.0007	0.0007	NUM
ajfa-4310	297	39	(	(	PUNCT
ajfa-4310	297	40	0.58	0.58	NUM
ajfa-4310	297	41	)	)	PUNCT
ajfa-4310	297	42	0.0014	0.0014	NUM
ajfa-4310	297	43	(	(	PUNCT
ajfa-4310	297	44	1.23	1.23	NUM
ajfa-4310	297	45	)	)	PUNCT
ajfa-4310	297	46	-0.0006	-0.0006	NOUN
ajfa-4310	297	47	(	(	PUNCT
ajfa-4310	297	48	-0.87	-0.87	NUM
ajfa-4310	297	49	)	)	PUNCT
ajfa-4310	297	50	note	note	NOUN
ajfa-4310	297	51	:	:	PUNCT
ajfa-4310	297	52	(	(	PUNCT
ajfa-4310	297	53	*	*	PUNCT
ajfa-4310	297	54	*	*	PUNCT
ajfa-4310	297	55	*	*	PUNCT
ajfa-4310	297	56	)	)	PUNCT
ajfa-4310	297	57	,	,	PUNCT
ajfa-4310	297	58	(	(	PUNCT
ajfa-4310	297	59	*	*	PUNCT
ajfa-4310	297	60	*	*	PUNCT
ajfa-4310	297	61	)	)	PUNCT
ajfa-4310	297	62	,	,	PUNCT
ajfa-4310	297	63	(	(	PUNCT
ajfa-4310	297	64	*	*	PUNCT
ajfa-4310	297	65	)	)	PUNCT
ajfa-4310	297	66	indicate	indicate	VERB
ajfa-4310	297	67	significance	significance	NOUN
ajfa-4310	297	68	at	at	ADP
ajfa-4310	297	69	the	the	DET
ajfa-4310	297	70	1	1	NUM
ajfa-4310	297	71	%	%	NOUN
ajfa-4310	297	72	,	,	PUNCT
ajfa-4310	297	73	5	5	NUM
ajfa-4310	297	74	%	%	NOUN
ajfa-4310	297	75	and	and	CCONJ
ajfa-4310	297	76	10	10	NUM
ajfa-4310	297	77	%	%	NOUN
ajfa-4310	297	78	level	level	NOUN
ajfa-4310	297	79	,	,	PUNCT
ajfa-4310	297	80	respectively	respectively	ADV
ajfa-4310	297	81	.	.	PUNCT
ajfa-4310	298	1	t	t	PROPN
ajfa-4310	298	2	-	-	PUNCT
ajfa-4310	298	3	statistics	statistic	NOUN
ajfa-4310	298	4	are	be	AUX
ajfa-4310	298	5	presented	present	VERB
ajfa-4310	298	6	in	in	ADP
ajfa-4310	298	7	parentheses	parenthesis	NOUN
ajfa-4310	298	8	.	.	PUNCT
ajfa-4310	299	1	panel	panel	NOUN
ajfa-4310	299	2	b	b	PROPN
ajfa-4310	299	3	illustrates	illustrate	VERB
ajfa-4310	299	4	that	that	SCONJ
ajfa-4310	299	5	for	for	ADP
ajfa-4310	299	6	the	the	DET
ajfa-4310	299	7	first	first	ADJ
ajfa-4310	299	8	period	period	NOUN
ajfa-4310	299	9	,	,	PUNCT
ajfa-4310	299	10	the	the	DET
ajfa-4310	299	11	raw	raw	ADJ
ajfa-4310	299	12	and	and	CCONJ
ajfa-4310	299	13	the	the	DET
ajfa-4310	299	14	capm	capm	NOUN
ajfa-4310	299	15	-	-	PUNCT
ajfa-4310	299	16	adjusted	adjust	VERB
ajfa-4310	299	17	profits	profit	NOUN
ajfa-4310	299	18	following	follow	VERB
ajfa-4310	299	19	up	up	ADP
ajfa-4310	299	20	states	state	NOUN
ajfa-4310	299	21	are	be	AUX
ajfa-4310	299	22	significant	significant	ADJ
ajfa-4310	299	23	in	in	ADP
ajfa-4310	299	24	week	week	NOUN
ajfa-4310	299	25	1	1	NUM
ajfa-4310	299	26	,	,	PUNCT
ajfa-4310	299	27	sustain	sustain	VERB
ajfa-4310	299	28	their	their	PRON
ajfa-4310	299	29	significance	significance	NOUN
ajfa-4310	299	30	in	in	ADP
ajfa-4310	299	31	week	week	NOUN
ajfa-4310	299	32	2	2	NUM
ajfa-4310	299	33	-	-	SYM
ajfa-4310	299	34	5	5	NUM
ajfa-4310	299	35	and	and	CCONJ
ajfa-4310	299	36	become	become	VERB
ajfa-4310	299	37	insignificant	insignificant	ADJ
ajfa-4310	299	38	in	in	ADP
ajfa-4310	299	39	longer	long	ADJ
ajfa-4310	299	40	horizons	horizon	NOUN
ajfa-4310	299	41	.	.	PUNCT
ajfa-4310	300	1	after	after	ADP
ajfa-4310	300	2	being	be	AUX
ajfa-4310	300	3	accounted	account	VERB
ajfa-4310	300	4	for	for	ADP
ajfa-4310	300	5	the	the	DET
ajfa-4310	300	6	three	three	NUM
ajfa-4310	300	7	factors	factor	NOUN
ajfa-4310	300	8	,	,	PUNCT
ajfa-4310	300	9	the	the	DET
ajfa-4310	300	10	profit	profit	NOUN
ajfa-4310	300	11	prolongs	prolong	VERB
ajfa-4310	300	12	its	its	PRON
ajfa-4310	300	13	significance	significance	NOUN
ajfa-4310	300	14	till	till	SCONJ
ajfa-4310	300	15	week	week	NOUN
ajfa-4310	300	16	6	6	NUM
ajfa-4310	300	17	-	-	SYM
ajfa-4310	300	18	9	9	NUM
ajfa-4310	300	19	,	,	PUNCT
ajfa-4310	300	20	and	and	CCONJ
ajfa-4310	300	21	then	then	ADV
ajfa-4310	300	22	weakly	weakly	ADV
ajfa-4310	300	23	reverses	reverse	VERB
ajfa-4310	300	24	in	in	ADP
ajfa-4310	300	25	week	week	NOUN
ajfa-4310	300	26	14	14	NUM
ajfa-4310	300	27	-	-	SYM
ajfa-4310	300	28	26	26	NUM
ajfa-4310	300	29	,	,	PUNCT
ajfa-4310	300	30	showing	show	VERB
ajfa-4310	300	31	a	a	DET
ajfa-4310	300	32	sign	sign	NOUN
ajfa-4310	300	33	of	of	ADP
ajfa-4310	300	34	initial	initial	ADJ
ajfa-4310	300	35	over	over	ADP
ajfa-4310	300	36	-	-	PUNCT
ajfa-4310	300	37	reaction	reaction	NOUN
ajfa-4310	300	38	and	and	CCONJ
ajfa-4310	300	39	a	a	DET
ajfa-4310	300	40	price	price	NOUN
ajfa-4310	300	41	correction	correction	NOUN
ajfa-4310	300	42	in	in	ADP
ajfa-4310	300	43	stock	stock	NOUN
ajfa-4310	300	44	prices	price	NOUN
ajfa-4310	300	45	.	.	PUNCT
ajfa-4310	301	1	especially	especially	ADV
ajfa-4310	301	2	,	,	PUNCT
ajfa-4310	301	3	the	the	DET
ajfa-4310	301	4	profit	profit	NOUN
ajfa-4310	301	5	following	follow	VERB
ajfa-4310	301	6	up	up	ADP
ajfa-4310	301	7	states	state	NOUN
ajfa-4310	301	8	is	be	AUX
ajfa-4310	301	9	2.24	2.24	NUM
ajfa-4310	301	10	per	per	ADP
ajfa-4310	301	11	cent	cent	NOUN
ajfa-4310	301	12	per	per	ADP
ajfa-4310	301	13	week	week	NOUN
ajfa-4310	301	14	,	,	PUNCT
ajfa-4310	301	15	rather	rather	ADV
ajfa-4310	301	16	higher	high	ADJ
ajfa-4310	301	17	the	the	DET
ajfa-4310	301	18	average	average	ADJ
ajfa-4310	301	19	profit	profit	NOUN
ajfa-4310	301	20	of	of	ADP
ajfa-4310	301	21	1.54	1.54	NUM
ajfa-4310	301	22	per	per	NOUN
ajfa-4310	301	23	cent	cent	NOUN
ajfa-4310	301	24	per	per	ADP
ajfa-4310	301	25	week	week	NOUN
ajfa-4310	301	26	in	in	ADP
ajfa-4310	301	27	table	table	NOUN
ajfa-4310	301	28	4	4	NUM
ajfa-4310	301	29	.	.	PUNCT
ajfa-4310	302	1	on	on	ADP
ajfa-4310	302	2	the	the	DET
ajfa-4310	302	3	other	other	ADJ
ajfa-4310	302	4	hand	hand	NOUN
ajfa-4310	302	5	,	,	PUNCT
ajfa-4310	302	6	following	follow	VERB
ajfa-4310	302	7	down	down	ADP
ajfa-4310	302	8	states	state	NOUN
ajfa-4310	302	9	,	,	PUNCT
ajfa-4310	302	10	the	the	DET
ajfa-4310	302	11	raw	raw	ADJ
ajfa-4310	302	12	and	and	CCONJ
ajfa-4310	302	13	the	the	DET
ajfa-4310	302	14	three	three	NUM
ajfa-4310	302	15	-	-	PUNCT
ajfa-4310	302	16	factor	factor	NOUN
ajfa-4310	302	17	adjusted	adjust	VERB
ajfa-4310	302	18	profits	profit	NOUN
ajfa-4310	302	19	are	be	AUX
ajfa-4310	302	20	insignificant	insignificant	ADJ
ajfa-4310	302	21	in	in	ADP
ajfa-4310	302	22	week	week	NOUN
ajfa-4310	302	23	1	1	NUM
ajfa-4310	302	24	and	and	CCONJ
ajfa-4310	302	25	in	in	ADP
ajfa-4310	302	26	the	the	DET
ajfa-4310	302	27	subsequent	subsequent	ADJ
ajfa-4310	302	28	months	month	NOUN
ajfa-4310	302	29	.	.	PUNCT
ajfa-4310	303	1	the	the	DET
ajfa-4310	303	2	capm	capm	NOUN
ajfa-4310	303	3	-	-	PUNCT
ajfa-4310	303	4	adjusted	adjust	VERB
ajfa-4310	303	5	profit	profit	NOUN
ajfa-4310	303	6	is	be	AUX
ajfa-4310	303	7	weakly	weakly	ADV
ajfa-4310	303	8	significant	significant	ADJ
ajfa-4310	303	9	in	in	ADP
ajfa-4310	303	10	week	week	NOUN
ajfa-4310	303	11	1	1	NUM
ajfa-4310	303	12	and	and	CCONJ
ajfa-4310	303	13	become	become	VERB
ajfa-4310	303	14	insignificant	insignificant	ADJ
ajfa-4310	303	15	in	in	ADP
ajfa-4310	303	16	all	all	DET
ajfa-4310	303	17	following	follow	VERB
ajfa-4310	303	18	months	month	NOUN
ajfa-4310	303	19	.	.	PUNCT
ajfa-4310	304	1	these	these	DET
ajfa-4310	304	2	results	result	NOUN
ajfa-4310	304	3	show	show	VERB
ajfa-4310	304	4	that	that	SCONJ
ajfa-4310	304	5	the	the	DET
ajfa-4310	304	6	stream	stream	NOUN
ajfa-4310	304	7	of	of	ADP
ajfa-4310	304	8	insignificant	insignificant	ADJ
ajfa-4310	304	9	profits	profit	NOUN
ajfa-4310	304	10	following	follow	VERB
ajfa-4310	304	11	down	down	ADP
ajfa-4310	304	12	states	state	NOUN
ajfa-4310	304	13	offset	offset	VERB
ajfa-4310	304	14	the	the	DET
ajfa-4310	304	15	stream	stream	NOUN
ajfa-4310	304	16	following	follow	VERB
ajfa-4310	304	17	up	up	ADP
ajfa-4310	304	18	states	state	NOUN
ajfa-4310	304	19	in	in	ADP
ajfa-4310	304	20	table	table	NOUN
ajfa-4310	304	21	5	5	NUM
ajfa-4310	304	22	,	,	PUNCT
ajfa-4310	304	23	generating	generate	VERB
ajfa-4310	304	24	a	a	DET
ajfa-4310	304	25	stream	stream	NOUN
ajfa-4310	304	26	of	of	ADP
ajfa-4310	304	27	a	a	DET
ajfa-4310	304	28	significant	significant	ADJ
ajfa-4310	304	29	profit	profit	NOUN
ajfa-4310	304	30	in	in	ADP
ajfa-4310	304	31	week	week	NOUN
ajfa-4310	304	32	1	1	NUM
ajfa-4310	304	33	and	and	CCONJ
ajfa-4310	304	34	insignificant	insignificant	ADJ
ajfa-4310	304	35	profits	profit	NOUN
ajfa-4310	304	36	in	in	ADP
ajfa-4310	304	37	the	the	DET
ajfa-4310	304	38	subsequent	subsequent	ADJ
ajfa-4310	304	39	months	month	NOUN
ajfa-4310	304	40	in	in	ADP
ajfa-4310	304	41	table	table	NOUN
ajfa-4310	304	42	4	4	NUM
ajfa-4310	304	43	.	.	PUNCT
ajfa-4310	304	44	panel	panel	NOUN
ajfa-4310	304	45	c	c	PROPN
ajfa-4310	304	46	shows	show	VERB
ajfa-4310	304	47	that	that	SCONJ
ajfa-4310	304	48	momentum	momentum	NOUN
ajfa-4310	304	49	does	do	AUX
ajfa-4310	304	50	not	not	PART
ajfa-4310	304	51	occur	occur	VERB
ajfa-4310	304	52	in	in	ADP
ajfa-4310	304	53	the	the	DET
ajfa-4310	304	54	second	second	ADJ
ajfa-4310	304	55	period	period	NOUN
ajfa-4310	304	56	following	follow	VERB
ajfa-4310	304	57	either	either	CCONJ
ajfa-4310	304	58	up	up	ADV
ajfa-4310	304	59	or	or	CCONJ
ajfa-4310	304	60	down	down	ADP
ajfa-4310	304	61	states	state	NOUN
ajfa-4310	304	62	.	.	PUNCT
ajfa-4310	305	1	the	the	DET
ajfa-4310	305	2	raw	raw	ADJ
ajfa-4310	305	3	and	and	CCONJ
ajfa-4310	305	4	the	the	DET
ajfa-4310	305	5	risk	risk	NOUN
ajfa-4310	305	6	-	-	PUNCT
ajfa-4310	305	7	adjusted	adjust	VERB
ajfa-4310	305	8	profits	profit	NOUN
ajfa-4310	305	9	in	in	ADP
ajfa-4310	305	10	week	week	NOUN
ajfa-4310	305	11	14	14	NUM
ajfa-4310	305	12	-	-	SYM
ajfa-4310	305	13	26	26	NUM
ajfa-4310	305	14	following	follow	VERB
ajfa-4310	305	15	up	up	ADP
ajfa-4310	305	16	states	state	NOUN
ajfa-4310	305	17	and	and	CCONJ
ajfa-4310	305	18	those	those	PRON
ajfa-4310	305	19	in	in	ADP
ajfa-4310	305	20	week	week	NOUN
ajfa-4310	305	21	2	2	NUM
ajfa-4310	305	22	-	-	SYM
ajfa-4310	305	23	5	5	NUM
ajfa-4310	305	24	following	follow	VERB
ajfa-4310	305	25	down	down	ADP
ajfa-4310	305	26	states	state	NOUN
ajfa-4310	305	27	are	be	AUX
ajfa-4310	305	28	significantly	significantly	ADV
ajfa-4310	305	29	negative	negative	ADJ
ajfa-4310	305	30	.	.	PUNCT
ajfa-4310	306	1	nevertheless	nevertheless	ADV
ajfa-4310	306	2	,	,	PUNCT
ajfa-4310	306	3	these	these	DET
ajfa-4310	306	4	values	value	NOUN
ajfa-4310	306	5	are	be	AUX
ajfa-4310	306	6	economically	economically	ADV
ajfa-4310	306	7	small	small	ADJ
ajfa-4310	306	8	.	.	PUNCT
ajfa-4310	307	1	cooper	cooper	PROPN
ajfa-4310	307	2	et	et	PROPN
ajfa-4310	307	3	al	al	PROPN
ajfa-4310	307	4	.	.	PROPN
ajfa-4310	308	1	(	(	PUNCT
ajfa-4310	308	2	2004	2004	NUM
ajfa-4310	308	3	)	)	PUNCT
ajfa-4310	308	4	argue	argue	VERB
ajfa-4310	308	5	that	that	SCONJ
ajfa-4310	308	6	these	these	DET
ajfa-4310	308	7	reversals	reversal	NOUN
ajfa-4310	308	8	may	may	AUX
ajfa-4310	308	9	be	be	AUX
ajfa-4310	308	10	caused	cause	VERB
ajfa-4310	308	11	by	by	ADP
ajfa-4310	308	12	other	other	ADJ
ajfa-4310	308	13	factors	factor	NOUN
ajfa-4310	308	14	instead	instead	ADV
ajfa-4310	308	15	of	of	ADP
ajfa-4310	308	16	the	the	DET
ajfa-4310	308	17	price	price	NOUN
ajfa-4310	308	18	correction	correction	NOUN
ajfa-4310	308	19	for	for	ADP
ajfa-4310	308	20	the	the	DET
ajfa-4310	308	21	delayed	delay	VERB
ajfa-4310	308	22	overreaction	overreaction	NOUN
ajfa-4310	308	23	.	.	PUNCT
ajfa-4310	309	1	in	in	ADP
ajfa-4310	309	2	a	a	DET
ajfa-4310	309	3	nutshell	nutshell	NOUN
ajfa-4310	309	4	,	,	PUNCT
ajfa-4310	309	5	table	table	NOUN
ajfa-4310	309	6	4	4	NUM
ajfa-4310	309	7	and	and	CCONJ
ajfa-4310	309	8	5	5	NUM
ajfa-4310	309	9	indicate	indicate	VERB
ajfa-4310	309	10	that	that	DET
ajfa-4310	309	11	momentum	momentum	NOUN
ajfa-4310	309	12	is	be	AUX
ajfa-4310	309	13	related	relate	VERB
ajfa-4310	309	14	to	to	ADP
ajfa-4310	309	15	market	market	NOUN
ajfa-4310	309	16	states	state	NOUN
ajfa-4310	309	17	:	:	PUNCT
ajfa-4310	309	18	it	it	PRON
ajfa-4310	309	19	follows	follow	VERB
ajfa-4310	309	20	market	market	NOUN
ajfa-4310	309	21	gains	gain	NOUN
ajfa-4310	309	22	only	only	ADV
ajfa-4310	309	23	in	in	ADP
ajfa-4310	309	24	the	the	DET
ajfa-4310	309	25	period	period	NOUN
ajfa-4310	309	26	prior	prior	ADV
ajfa-4310	309	27	to	to	ADP
ajfa-4310	309	28	the	the	DET
ajfa-4310	309	29	lehmann	lehmann	NOUN
ajfa-4310	309	30	shock	shock	NOUN
ajfa-4310	309	31	;	;	PUNCT
ajfa-4310	309	32	after	after	SCONJ
ajfa-4310	309	33	the	the	DET
ajfa-4310	309	34	market	market	NOUN
ajfa-4310	309	35	declines	decline	VERB
ajfa-4310	309	36	or	or	CCONJ
ajfa-4310	309	37	in	in	ADP
ajfa-4310	309	38	the	the	DET
ajfa-4310	309	39	post	post	ADJ
ajfa-4310	309	40	-	-	ADJ
ajfa-4310	309	41	lehmann	lehmann	ADJ
ajfa-4310	309	42	shock	shock	NOUN
ajfa-4310	309	43	period	period	NOUN
ajfa-4310	309	44	it	it	PRON
ajfa-4310	309	45	does	do	AUX
ajfa-4310	309	46	not	not	PART
ajfa-4310	309	47	exist	exist	VERB
ajfa-4310	309	48	.	.	PUNCT
ajfa-4310	310	1	the	the	DET
ajfa-4310	310	2	profit	profit	NOUN
ajfa-4310	310	3	stream	stream	NOUN
ajfa-4310	310	4	following	follow	VERB
ajfa-4310	310	5	up	up	ADP
ajfa-4310	310	6	states	state	NOUN
ajfa-4310	310	7	is	be	AUX
ajfa-4310	310	8	consistent	consistent	ADJ
ajfa-4310	310	9	with	with	ADP
ajfa-4310	310	10	the	the	DET
ajfa-4310	310	11	over	over	ADP
ajfa-4310	310	12	-	-	PUNCT
ajfa-4310	310	13	reaction	reaction	NOUN
ajfa-4310	310	14	hypothesis	hypothesis	NOUN
ajfa-4310	310	15	.	.	PUNCT
ajfa-4310	311	1	6	6	NUM
ajfa-4310	311	2	.	.	X
ajfa-4310	311	3	conclusion	conclusion	NOUN
ajfa-4310	311	4	and	and	CCONJ
ajfa-4310	311	5	discussions	discussion	NOUN
ajfa-4310	311	6	our	our	PRON
ajfa-4310	311	7	initial	initial	ADJ
ajfa-4310	311	8	results	result	NOUN
ajfa-4310	311	9	show	show	VERB
ajfa-4310	311	10	that	that	SCONJ
ajfa-4310	311	11	momentum	momentum	NOUN
ajfa-4310	311	12	occurs	occur	VERB
ajfa-4310	311	13	in	in	ADP
ajfa-4310	311	14	the	the	DET
ajfa-4310	311	15	short	short	ADJ
ajfa-4310	311	16	-	-	PUNCT
ajfa-4310	311	17	run	run	NOUN
ajfa-4310	311	18	.	.	PUNCT
ajfa-4310	312	1	the	the	DET
ajfa-4310	312	2	most	most	ADV
ajfa-4310	312	3	successful	successful	ADJ
ajfa-4310	312	4	strategy	strategy	NOUN
ajfa-4310	312	5	that	that	PRON
ajfa-4310	312	6	selects	select	VERB
ajfa-4310	312	7	stocks	stock	NOUN
ajfa-4310	312	8	based	base	VERB
ajfa-4310	312	9	on	on	ADP
ajfa-4310	312	10	their	their	PRON
ajfa-4310	312	11	previous	previous	ADJ
ajfa-4310	312	12	one	one	NUM
ajfa-4310	312	13	-	-	PUNCT
ajfa-4310	312	14	week	week	NOUN
ajfa-4310	312	15	returns	return	NOUN
ajfa-4310	312	16	and	and	CCONJ
ajfa-4310	312	17	keeps	keep	VERB
ajfa-4310	312	18	them	they	PRON
ajfa-4310	312	19	for	for	ADP
ajfa-4310	312	20	one	one	NUM
ajfa-4310	312	21	week	week	NOUN
ajfa-4310	312	22	earns	earn	VERB
ajfa-4310	312	23	0.83	0.83	NUM
ajfa-4310	312	24	percent	percent	NOUN
ajfa-4310	312	25	per	per	ADP
ajfa-4310	312	26	week	week	NOUN
ajfa-4310	312	27	.	.	PUNCT
ajfa-4310	313	1	this	this	DET
ajfa-4310	313	2	profit	profit	NOUN
ajfa-4310	313	3	is	be	AUX
ajfa-4310	313	4	still	still	ADV
ajfa-4310	313	5	higher	high	ADJ
ajfa-4310	313	6	than	than	ADP
ajfa-4310	313	7	transaction	transaction	NOUN
ajfa-4310	313	8	cost	cost	NOUN
ajfa-4310	313	9	when	when	SCONJ
ajfa-4310	313	10	a	a	DET
ajfa-4310	313	11	large	large	ADJ
ajfa-4310	313	12	value	value	NOUN
ajfa-4310	313	13	of	of	ADP
ajfa-4310	313	14	trading	trading	NOUN
ajfa-4310	313	15	is	be	AUX
ajfa-4310	313	16	considered	consider	VERB
ajfa-4310	313	17	.	.	PUNCT
ajfa-4310	314	1	the	the	DET
ajfa-4310	314	2	results	result	NOUN
ajfa-4310	314	3	from	from	ADP
ajfa-4310	314	4	additional	additional	ADJ
ajfa-4310	314	5	tests	test	NOUN
ajfa-4310	314	6	indicate	indicate	VERB
ajfa-4310	314	7	that	that	PRON
ajfa-4310	314	8	winner	winner	NOUN
ajfa-4310	314	9	and	and	CCONJ
ajfa-4310	314	10	loser	loser	ADJ
ajfa-4310	314	11	returns	return	NOUN
ajfa-4310	314	12	are	be	AUX
ajfa-4310	314	13	lowly	lowly	ADV
ajfa-4310	314	14	persistent	persistent	ADJ
ajfa-4310	314	15	and	and	CCONJ
ajfa-4310	314	16	highly	highly	ADV
ajfa-4310	314	17	volatile	volatile	ADJ
ajfa-4310	314	18	,	,	PUNCT
ajfa-4310	314	19	but	but	CCONJ
ajfa-4310	314	20	their	their	PRON
ajfa-4310	314	21	strong	strong	ADJ
ajfa-4310	314	22	correlation	correlation	NOUN
ajfa-4310	314	23	creates	create	VERB
ajfa-4310	314	24	significant	significant	ADJ
ajfa-4310	314	25	momentum	momentum	NOUN
ajfa-4310	314	26	profits	profit	NOUN
ajfa-4310	314	27	.	.	PUNCT
ajfa-4310	315	1	asian	asian	ADJ
ajfa-4310	315	2	journal	journal	PROPN
ajfa-4310	315	3	of	of	ADP
ajfa-4310	315	4	finance	finance	PROPN
ajfa-4310	315	5	&	&	CCONJ
ajfa-4310	315	6	accounting	accounting	PROPN
ajfa-4310	315	7	issn	issn	PROPN
ajfa-4310	315	8	1946	1946	NUM
ajfa-4310	315	9	-	-	PUNCT
ajfa-4310	315	10	052x	052x	NOUN
ajfa-4310	315	11	2013	2013	NUM
ajfa-4310	315	12	,	,	PUNCT
ajfa-4310	315	13	vol	vol	NOUN
ajfa-4310	315	14	.	.	PROPN
ajfa-4310	315	15	5	5	NUM
ajfa-4310	315	16	,	,	PUNCT
ajfa-4310	315	17	no	no	INTJ
ajfa-4310	315	18	.	.	NOUN
ajfa-4310	315	19	2	2	NUM
ajfa-4310	315	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4310	315	21	200	200	NUM
ajfa-4310	315	22	the	the	DET
ajfa-4310	315	23	results	result	NOUN
ajfa-4310	315	24	from	from	ADP
ajfa-4310	315	25	further	further	ADJ
ajfa-4310	315	26	tests	test	NOUN
ajfa-4310	315	27	show	show	VERB
ajfa-4310	315	28	that	that	SCONJ
ajfa-4310	315	29	momentum	momentum	NOUN
ajfa-4310	315	30	is	be	AUX
ajfa-4310	315	31	confined	confine	VERB
ajfa-4310	315	32	to	to	ADP
ajfa-4310	315	33	smalland	smalland	VERB
ajfa-4310	315	34	large	large	ADJ
ajfa-4310	315	35	-	-	PUNCT
ajfa-4310	315	36	sized	sized	ADJ
ajfa-4310	315	37	subsamples	subsample	NOUN
ajfa-4310	315	38	in	in	ADP
ajfa-4310	315	39	the	the	DET
ajfa-4310	315	40	period	period	NOUN
ajfa-4310	315	41	before	before	ADP
ajfa-4310	315	42	the	the	DET
ajfa-4310	315	43	lehmann	lehmann	PROPN
ajfa-4310	315	44	shock	shock	NOUN
ajfa-4310	315	45	.	.	PUNCT
ajfa-4310	316	1	especially	especially	ADV
ajfa-4310	316	2	,	,	PUNCT
ajfa-4310	316	3	it	it	PRON
ajfa-4310	316	4	follows	follow	VERB
ajfa-4310	316	5	short	short	ADJ
ajfa-4310	316	6	-	-	PUNCT
ajfa-4310	316	7	term	term	NOUN
ajfa-4310	316	8	market	market	NOUN
ajfa-4310	316	9	gains	gain	NOUN
ajfa-4310	316	10	and	and	CCONJ
ajfa-4310	316	11	is	be	AUX
ajfa-4310	316	12	consistent	consistent	ADJ
ajfa-4310	316	13	with	with	ADP
ajfa-4310	316	14	the	the	DET
ajfa-4310	316	15	over	over	ADP
ajfa-4310	316	16	-	-	PUNCT
ajfa-4310	316	17	reaction	reaction	NOUN
ajfa-4310	316	18	hypothesis	hypothesis	NOUN
ajfa-4310	316	19	.	.	PUNCT
ajfa-4310	317	1	this	this	PRON
ajfa-4310	317	2	implies	imply	VERB
ajfa-4310	317	3	that	that	SCONJ
ajfa-4310	317	4	after	after	ADP
ajfa-4310	317	5	realizing	realize	VERB
ajfa-4310	317	6	market	market	NOUN
ajfa-4310	317	7	gains	gain	NOUN
ajfa-4310	317	8	,	,	PUNCT
ajfa-4310	317	9	investors	investor	NOUN
ajfa-4310	317	10	are	be	AUX
ajfa-4310	317	11	more	more	ADV
ajfa-4310	317	12	confident	confident	ADJ
ajfa-4310	317	13	and	and	CCONJ
ajfa-4310	317	14	overreact	overreact	VERB
ajfa-4310	317	15	to	to	ADP
ajfa-4310	317	16	news	news	NOUN
ajfa-4310	317	17	,	,	PUNCT
ajfa-4310	317	18	which	which	PRON
ajfa-4310	317	19	produces	produce	VERB
ajfa-4310	317	20	initial	initial	ADJ
ajfa-4310	317	21	over	over	ADP
ajfa-4310	317	22	-	-	PUNCT
ajfa-4310	317	23	reaction	reaction	NOUN
ajfa-4310	317	24	and	and	CCONJ
ajfa-4310	317	25	long	long	ADJ
ajfa-4310	317	26	-	-	PUNCT
ajfa-4310	317	27	term	term	NOUN
ajfa-4310	317	28	reversals	reversal	NOUN
ajfa-4310	317	29	.	.	PUNCT
ajfa-4310	318	1	however	however	ADV
ajfa-4310	318	2	,	,	PUNCT
ajfa-4310	318	3	the	the	DET
ajfa-4310	318	4	magnitude	magnitude	NOUN
ajfa-4310	318	5	of	of	ADP
ajfa-4310	318	6	reversals	reversal	NOUN
ajfa-4310	318	7	is	be	AUX
ajfa-4310	318	8	very	very	ADV
ajfa-4310	318	9	weak	weak	ADJ
ajfa-4310	318	10	,	,	PUNCT
ajfa-4310	318	11	which	which	PRON
ajfa-4310	318	12	can	can	AUX
ajfa-4310	318	13	be	be	AUX
ajfa-4310	318	14	explained	explain	VERB
ajfa-4310	318	15	by	by	ADP
ajfa-4310	318	16	the	the	DET
ajfa-4310	318	17	argument	argument	NOUN
ajfa-4310	318	18	of	of	ADP
ajfa-4310	318	19	chui	chui	PROPN
ajfa-4310	318	20	et	et	PROPN
ajfa-4310	318	21	al	al	PROPN
ajfa-4310	318	22	.	.	PROPN
ajfa-4310	319	1	(	(	PUNCT
ajfa-4310	319	2	2010	2010	NUM
ajfa-4310	319	3	)	)	PUNCT
ajfa-4310	319	4	on	on	ADP
ajfa-4310	319	5	individualism	individualism	NOUN
ajfa-4310	319	6	.	.	PUNCT
ajfa-4310	320	1	a	a	DET
ajfa-4310	320	2	survey	survey	NOUN
ajfa-4310	320	3	by	by	ADP
ajfa-4310	320	4	geert	geert	PROPN
ajfa-4310	320	5	hofstede	hofstede	PROPN
ajfa-4310	320	6	indicates	indicate	VERB
ajfa-4310	320	7	that	that	SCONJ
ajfa-4310	320	8	vietnam	vietnam	PROPN
ajfa-4310	320	9	is	be	AUX
ajfa-4310	320	10	a	a	DET
ajfa-4310	320	11	collectivistic	collectivistic	ADJ
ajfa-4310	320	12	society	society	NOUN
ajfa-4310	320	13	with	with	ADP
ajfa-4310	320	14	its	its	PRON
ajfa-4310	320	15	individualism	individualism	NOUN
ajfa-4310	320	16	score	score	NOUN
ajfa-4310	320	17	of	of	ADP
ajfa-4310	320	18	2018	2018	NUM
ajfa-4310	320	19	.	.	PUNCT
ajfa-4310	321	1	in	in	ADP
ajfa-4310	321	2	addition	addition	NOUN
ajfa-4310	321	3	,	,	PUNCT
ajfa-4310	321	4	ngo	ngo	PROPN
ajfa-4310	321	5	and	and	CCONJ
ajfa-4310	321	6	truong	truong	PROPN
ajfa-4310	321	7	(	(	PUNCT
ajfa-4310	321	8	2011	2011	NUM
ajfa-4310	321	9	)	)	PUNCT
ajfa-4310	321	10	provide	provide	VERB
ajfa-4310	321	11	evidence	evidence	NOUN
ajfa-4310	321	12	on	on	ADP
ajfa-4310	321	13	herding	herding	NOUN
ajfa-4310	321	14	behavior	behavior	NOUN
ajfa-4310	321	15	,	,	PUNCT
ajfa-4310	321	16	which	which	PRON
ajfa-4310	321	17	implies	imply	VERB
ajfa-4310	321	18	the	the	DET
ajfa-4310	321	19	low	low	ADJ
ajfa-4310	321	20	individualism	individualism	NOUN
ajfa-4310	321	21	of	of	ADP
ajfa-4310	321	22	the	the	DET
ajfa-4310	321	23	vietnamese	vietnamese	ADJ
ajfa-4310	321	24	investors	investor	NOUN
ajfa-4310	321	25	.	.	PUNCT
ajfa-4310	322	1	hence	hence	ADV
ajfa-4310	322	2	,	,	PUNCT
ajfa-4310	322	3	the	the	DET
ajfa-4310	322	4	low	low	ADJ
ajfa-4310	322	5	individualism	individualism	NOUN
ajfa-4310	322	6	is	be	AUX
ajfa-4310	322	7	likely	likely	ADJ
ajfa-4310	322	8	to	to	PART
ajfa-4310	322	9	explain	explain	VERB
ajfa-4310	322	10	the	the	DET
ajfa-4310	322	11	weak	weak	ADJ
ajfa-4310	322	12	reversal	reversal	NOUN
ajfa-4310	322	13	in	in	ADP
ajfa-4310	322	14	the	the	DET
ajfa-4310	322	15	vietnamese	vietnamese	ADJ
ajfa-4310	322	16	stock	stock	NOUN
ajfa-4310	322	17	market	market	NOUN
ajfa-4310	322	18	.	.	PUNCT
ajfa-4310	323	1	put	put	VERB
ajfa-4310	323	2	differently	differently	ADV
ajfa-4310	323	3	,	,	PUNCT
ajfa-4310	323	4	the	the	DET
ajfa-4310	323	5	less	less	ADV
ajfa-4310	323	6	individualistic	individualistic	ADJ
ajfa-4310	323	7	investors	investor	NOUN
ajfa-4310	323	8	-	-	PUNCT
ajfa-4310	323	9	who	who	PRON
ajfa-4310	323	10	act	act	VERB
ajfa-4310	323	11	less	less	ADV
ajfa-4310	323	12	like	like	ADP
ajfa-4310	323	13	the	the	DET
ajfa-4310	323	14	overconfident	overconfident	ADJ
ajfa-4310	323	15	/	/	SYM
ajfa-4310	323	16	self	self	NOUN
ajfa-4310	323	17	-	-	PUNCT
ajfa-4310	323	18	attribution	attribution	NOUN
ajfa-4310	323	19	biased	bias	VERB
ajfa-4310	323	20	ones	one	NOUN
ajfa-4310	323	21	tend	tend	VERB
ajfa-4310	323	22	not	not	PART
ajfa-4310	323	23	to	to	PART
ajfa-4310	323	24	make	make	VERB
ajfa-4310	323	25	investment	investment	NOUN
ajfa-4310	323	26	decisions	decision	NOUN
ajfa-4310	323	27	that	that	PRON
ajfa-4310	323	28	produce	produce	VERB
ajfa-4310	323	29	momentum	momentum	NOUN
ajfa-4310	323	30	profits	profit	NOUN
ajfa-4310	323	31	and	and	CCONJ
ajfa-4310	323	32	reversals	reversal	NOUN
ajfa-4310	323	33	in	in	ADP
ajfa-4310	323	34	long	long	ADJ
ajfa-4310	323	35	-	-	PUNCT
ajfa-4310	323	36	term	term	NOUN
ajfa-4310	323	37	horizons	horizon	NOUN
ajfa-4310	323	38	.	.	PUNCT
ajfa-4310	324	1	similar	similar	ADJ
ajfa-4310	324	2	to	to	ADP
ajfa-4310	324	3	the	the	DET
ajfa-4310	324	4	findings	finding	NOUN
ajfa-4310	324	5	of	of	ADP
ajfa-4310	324	6	chui	chui	PROPN
ajfa-4310	324	7	et	et	PROPN
ajfa-4310	324	8	al	al	PROPN
ajfa-4310	324	9	.	.	PROPN
ajfa-4310	325	1	(	(	PUNCT
ajfa-4310	325	2	2000	2000	NUM
ajfa-4310	325	3	)	)	PUNCT
ajfa-4310	325	4	in	in	ADP
ajfa-4310	325	5	the	the	DET
ajfa-4310	325	6	asian	asian	ADJ
ajfa-4310	325	7	markets	market	NOUN
ajfa-4310	325	8	in	in	ADP
ajfa-4310	325	9	the	the	DET
ajfa-4310	325	10	pre-1997	pre-1997	ADJ
ajfa-4310	325	11	crisis	crisis	NOUN
ajfa-4310	325	12	period	period	NOUN
ajfa-4310	325	13	,	,	PUNCT
ajfa-4310	325	14	momentum	momentum	NOUN
ajfa-4310	325	15	does	do	AUX
ajfa-4310	325	16	not	not	PART
ajfa-4310	325	17	exist	exist	VERB
ajfa-4310	325	18	after	after	ADP
ajfa-4310	325	19	the	the	DET
ajfa-4310	325	20	lehmann	lehmann	PROPN
ajfa-4310	325	21	shock	shock	NOUN
ajfa-4310	325	22	.	.	PUNCT
ajfa-4310	326	1	this	this	PRON
ajfa-4310	326	2	is	be	AUX
ajfa-4310	326	3	due	due	ADJ
ajfa-4310	326	4	to	to	ADP
ajfa-4310	326	5	the	the	DET
ajfa-4310	326	6	small	small	ADJ
ajfa-4310	326	7	difference	difference	NOUN
ajfa-4310	326	8	between	between	ADP
ajfa-4310	326	9	winner	winner	NOUN
ajfa-4310	326	10	and	and	CCONJ
ajfa-4310	326	11	loser	loser	ADJ
ajfa-4310	326	12	returns	return	NOUN
ajfa-4310	326	13	,	,	PUNCT
ajfa-4310	326	14	which	which	PRON
ajfa-4310	326	15	might	might	AUX
ajfa-4310	326	16	derive	derive	VERB
ajfa-4310	326	17	from	from	ADP
ajfa-4310	326	18	the	the	DET
ajfa-4310	326	19	less	less	ADJ
ajfa-4310	326	20	confidence	confidence	NOUN
ajfa-4310	326	21	of	of	ADP
ajfa-4310	326	22	investors	investor	NOUN
ajfa-4310	326	23	following	follow	VERB
ajfa-4310	326	24	market	market	NOUN
ajfa-4310	326	25	declines	decline	NOUN
ajfa-4310	326	26	.	.	PUNCT
ajfa-4310	327	1	references	reference	NOUN
ajfa-4310	327	2	barberis	barberis	PROPN
ajfa-4310	327	3	,	,	PUNCT
ajfa-4310	327	4	n.	n.	NOUN
ajfa-4310	327	5	,	,	PUNCT
ajfa-4310	327	6	shleifer	shleifer	PROPN
ajfa-4310	327	7	,	,	PUNCT
ajfa-4310	327	8	a.	a.	PROPN
ajfa-4310	327	9	,	,	PUNCT
ajfa-4310	327	10	&	&	CCONJ
ajfa-4310	327	11	vishny	vishny	PROPN
ajfa-4310	327	12	,	,	PUNCT
ajfa-4310	327	13	r.	r.	PROPN
ajfa-4310	327	14	(	(	PUNCT
ajfa-4310	327	15	1998	1998	NUM
ajfa-4310	327	16	)	)	PUNCT
ajfa-4310	327	17	.	.	PUNCT
ajfa-4310	328	1	a	a	DET
ajfa-4310	328	2	model	model	NOUN
ajfa-4310	328	3	of	of	ADP
ajfa-4310	328	4	investor	investor	NOUN
ajfa-4310	328	5	sentiment	sentiment	NOUN
ajfa-4310	328	6	.	.	PUNCT
ajfa-4310	329	1	journal	journal	NOUN
ajfa-4310	329	2	of	of	ADP
ajfa-4310	329	3	financial	financial	ADJ
ajfa-4310	329	4	economics	economic	NOUN
ajfa-4310	329	5	,	,	PUNCT
ajfa-4310	329	6	49(3	49(3	PROPN
ajfa-4310	329	7	)	)	PUNCT
ajfa-4310	329	8	,	,	PUNCT
ajfa-4310	329	9	307	307	NUM
ajfa-4310	329	10	-	-	SYM
ajfa-4310	329	11	343	343	NUM
ajfa-4310	329	12	.	.	PUNCT
ajfa-4310	330	1	http://dx.doi.org/10.1016/s0304-405x(98)00027-0	http://dx.doi.org/10.1016/s0304-405x(98)00027-0	PROPN
ajfa-4310	330	2	chordia	chordia	PROPN
ajfa-4310	330	3	,	,	PUNCT
ajfa-4310	330	4	t.	t.	PROPN
ajfa-4310	330	5	,	,	PUNCT
ajfa-4310	330	6	&	&	CCONJ
ajfa-4310	330	7	shivalumar	shivalumar	PROPN
ajfa-4310	330	8	,	,	PUNCT
ajfa-4310	330	9	l.	l.	PROPN
ajfa-4310	330	10	(	(	PUNCT
ajfa-4310	330	11	2002	2002	NUM
ajfa-4310	330	12	)	)	PUNCT
ajfa-4310	330	13	.	.	PUNCT
ajfa-4310	331	1	momentum	momentum	NOUN
ajfa-4310	331	2	,	,	PUNCT
ajfa-4310	331	3	business	business	NOUN
ajfa-4310	331	4	cycle	cycle	NOUN
ajfa-4310	331	5	,	,	PUNCT
ajfa-4310	331	6	and	and	CCONJ
ajfa-4310	331	7	time	time	NOUN
ajfa-4310	331	8	-	-	PUNCT
ajfa-4310	331	9	varying	vary	VERB
ajfa-4310	331	10	expected	expect	VERB
ajfa-4310	331	11	returns	return	NOUN
ajfa-4310	331	12	.	.	PUNCT
ajfa-4310	332	1	the	the	DET
ajfa-4310	332	2	journal	journal	NOUN
ajfa-4310	332	3	of	of	ADP
ajfa-4310	332	4	finance	finance	PROPN
ajfa-4310	332	5	57(2	57(2	NUM
ajfa-4310	332	6	)	)	PUNCT
ajfa-4310	332	7	,	,	PUNCT
ajfa-4310	332	8	985	985	NUM
ajfa-4310	332	9	-	-	SYM
ajfa-4310	332	10	1019	1019	NUM
ajfa-4310	332	11	.	.	PUNCT
ajfa-4310	333	1	http://dx.doi.org/10.1111/1540-6261.00449	http://dx.doi.org/10.1111/1540-6261.00449	PROPN
ajfa-4310	333	2	chui	chui	PROPN
ajfa-4310	333	3	,	,	PUNCT
ajfa-4310	333	4	a.c.w	a.c.w	PROPN
ajfa-4310	333	5	,	,	PUNCT
ajfa-4310	333	6	titman	titman	NOUN
ajfa-4310	333	7	,	,	PUNCT
ajfa-4310	333	8	sh	sh	PROPN
ajfa-4310	333	9	.	.	PROPN
ajfa-4310	333	10	,	,	PUNCT
ajfa-4310	333	11	&	&	CCONJ
ajfa-4310	333	12	wei	wei	PROPN
ajfa-4310	333	13	,	,	PUNCT
ajfa-4310	333	14	k.c.j	k.c.j	PROPN
ajfa-4310	333	15	.	.	PUNCT
ajfa-4310	333	16	(	(	PUNCT
ajfa-4310	333	17	2000	2000	NUM
ajfa-4310	333	18	)	)	PUNCT
ajfa-4310	333	19	.	.	PUNCT
ajfa-4310	334	1	momentum	momentum	NOUN
ajfa-4310	334	2	,	,	PUNCT
ajfa-4310	334	3	legal	legal	ADJ
ajfa-4310	334	4	systems	system	NOUN
ajfa-4310	334	5	and	and	CCONJ
ajfa-4310	334	6	ownership	ownership	NOUN
ajfa-4310	334	7	structure	structure	NOUN
ajfa-4310	334	8	:	:	PUNCT
ajfa-4310	334	9	an	an	DET
ajfa-4310	334	10	analysis	analysis	NOUN
ajfa-4310	334	11	of	of	ADP
ajfa-4310	334	12	asian	asian	ADJ
ajfa-4310	334	13	stock	stock	NOUN
ajfa-4310	334	14	markets	market	NOUN
ajfa-4310	334	15	.	.	PUNCT
ajfa-4310	335	1	working	work	VERB
ajfa-4310	335	2	paper	paper	NOUN
ajfa-4310	335	3	.	.	PUNCT
ajfa-4310	336	1	retrieved	retrieve	VERB
ajfa-4310	336	2	from	from	ADP
ajfa-4310	336	3	http://ssrn.com/abstract=265848	http://ssrn.com/abstract=265848	PROPN
ajfa-4310	336	4	or	or	CCONJ
ajfa-4310	336	5	http://dx.doi.org/10.2139/ssrn.265848	http://dx.doi.org/10.2139/ssrn.265848	NUM
ajfa-4310	336	6	chui	chui	PROPN
ajfa-4310	336	7	,	,	PUNCT
ajfa-4310	336	8	a.c.w	a.c.w	PROPN
ajfa-4310	336	9	,	,	PUNCT
ajfa-4310	336	10	titman	titman	NOUN
ajfa-4310	336	11	,	,	PUNCT
ajfa-4310	336	12	sh	sh	PROPN
ajfa-4310	336	13	.	.	PROPN
ajfa-4310	336	14	,	,	PUNCT
ajfa-4310	336	15	&	&	CCONJ
ajfa-4310	336	16	wei	wei	PROPN
ajfa-4310	336	17	,	,	PUNCT
ajfa-4310	336	18	k.c.j	k.c.j	PROPN
ajfa-4310	336	19	.	.	PUNCT
ajfa-4310	337	1	(	(	PUNCT
ajfa-4310	337	2	2010	2010	NUM
ajfa-4310	337	3	)	)	PUNCT
ajfa-4310	337	4	.	.	PUNCT
ajfa-4310	338	1	individualism	individualism	NOUN
ajfa-4310	338	2	and	and	CCONJ
ajfa-4310	338	3	momentum	momentum	NOUN
ajfa-4310	338	4	around	around	ADP
ajfa-4310	338	5	the	the	DET
ajfa-4310	338	6	world	world	NOUN
ajfa-4310	338	7	.	.	PUNCT
ajfa-4310	339	1	the	the	DET
ajfa-4310	339	2	journal	journal	PROPN
ajfa-4310	339	3	of	of	ADP
ajfa-4310	339	4	finance	finance	NOUN
ajfa-4310	339	5	,	,	PUNCT
ajfa-4310	339	6	65(1	65(1	NOUN
ajfa-4310	339	7	)	)	PUNCT
ajfa-4310	339	8	,	,	PUNCT
ajfa-4310	339	9	361	361	NUM
ajfa-4310	339	10	-	-	SYM
ajfa-4310	339	11	392	392	NUM
ajfa-4310	339	12	.	.	PUNCT
ajfa-4310	340	1	http://dx.doi.org/10.1111/j.1540-6261.2009.01532.x	http://dx.doi.org/10.1111/j.1540-6261.2009.01532.x	ADJ
ajfa-4310	340	2	conral	conral	NOUN
ajfa-4310	340	3	,	,	PUNCT
ajfa-4310	340	4	j.	j.	PROPN
ajfa-4310	340	5	,	,	PUNCT
ajfa-4310	340	6	&	&	CCONJ
ajfa-4310	340	7	kaul	kaul	PROPN
ajfa-4310	340	8	,	,	PUNCT
ajfa-4310	340	9	g.	g.	PROPN
ajfa-4310	340	10	(	(	PUNCT
ajfa-4310	340	11	1998	1998	NUM
ajfa-4310	340	12	)	)	PUNCT
ajfa-4310	340	13	.	.	PUNCT
ajfa-4310	341	1	an	an	DET
ajfa-4310	341	2	anatomy	anatomy	NOUN
ajfa-4310	341	3	of	of	ADP
ajfa-4310	341	4	trading	trading	NOUN
ajfa-4310	341	5	strategies	strategy	NOUN
ajfa-4310	341	6	.	.	PUNCT
ajfa-4310	342	1	review	review	NOUN
ajfa-4310	342	2	of	of	ADP
ajfa-4310	342	3	financial	financial	ADJ
ajfa-4310	342	4	studies	study	NOUN
ajfa-4310	342	5	,	,	PUNCT
ajfa-4310	342	6	11(3	11(3	NUM
ajfa-4310	342	7	)	)	PUNCT
ajfa-4310	342	8	,	,	PUNCT
ajfa-4310	342	9	489	489	NUM
ajfa-4310	342	10	-	-	SYM
ajfa-4310	342	11	519	519	NUM
ajfa-4310	342	12	.	.	PUNCT
ajfa-4310	342	13	http://dx.doi.org/10.1093/rfs/11.3.489	http://dx.doi.org/10.1093/rfs/11.3.489	PROPN
ajfa-4310	342	14	cooper	cooper	PROPN
ajfa-4310	342	15	,	,	PUNCT
ajfa-4310	342	16	m.	m.	PROPN
ajfa-4310	342	17	j.	j.	PROPN
ajfa-4310	342	18	,	,	PUNCT
ajfa-4310	342	19	gutierrez	gutierrez	PROPN
ajfa-4310	342	20	jr	jr	PROPN
ajfa-4310	342	21	.	.	PROPN
ajfa-4310	342	22	,	,	PUNCT
ajfa-4310	342	23	r.	r.	PROPN
ajfa-4310	342	24	c.	c.	PROPN
ajfa-4310	342	25	,	,	PUNCT
ajfa-4310	342	26	&	&	CCONJ
ajfa-4310	342	27	hameed	hameed	PROPN
ajfa-4310	342	28	,	,	PUNCT
ajfa-4310	342	29	a.	a.	NOUN
ajfa-4310	342	30	(	(	PUNCT
ajfa-4310	342	31	2004	2004	NUM
ajfa-4310	342	32	)	)	PUNCT
ajfa-4310	342	33	.	.	PUNCT
ajfa-4310	343	1	market	market	NOUN
ajfa-4310	343	2	states	state	NOUN
ajfa-4310	343	3	and	and	CCONJ
ajfa-4310	343	4	momentum	momentum	NOUN
ajfa-4310	343	5	.	.	PUNCT
ajfa-4310	344	1	the	the	DET
ajfa-4310	344	2	journal	journal	PROPN
ajfa-4310	344	3	of	of	ADP
ajfa-4310	344	4	finance	finance	NOUN
ajfa-4310	344	5	,	,	PUNCT
ajfa-4310	344	6	59	59	NUM
ajfa-4310	344	7	(	(	PUNCT
ajfa-4310	344	8	3	3	NUM
ajfa-4310	344	9	)	)	PUNCT
ajfa-4310	344	10	,	,	PUNCT
ajfa-4310	344	11	1345	1345	NUM
ajfa-4310	344	12	-	-	SYM
ajfa-4310	344	13	1365	1365	NUM
ajfa-4310	344	14	.	.	PUNCT
ajfa-4310	345	1	http://dx.doi.org/10.1111/j.1540-6261.2004.00665.x	http://dx.doi.org/10.1111/j.1540-6261.2004.00665.x	NOUN
ajfa-4310	345	2	daniel	daniel	PROPN
ajfa-4310	345	3	,	,	PUNCT
ajfa-4310	345	4	k.	k.	PROPN
ajfa-4310	345	5	,	,	PUNCT
ajfa-4310	345	6	hirshleifer	hirshleifer	PROPN
ajfa-4310	345	7	,	,	PUNCT
ajfa-4310	345	8	d.	d.	PROPN
ajfa-4310	345	9	,	,	PUNCT
ajfa-4310	345	10	&	&	CCONJ
ajfa-4310	345	11	subrahmanyam	subrahmanyam	PROPN
ajfa-4310	345	12	,	,	PUNCT
ajfa-4310	345	13	a.	a.	NOUN
ajfa-4310	345	14	(	(	PUNCT
ajfa-4310	345	15	1998	1998	NUM
ajfa-4310	345	16	)	)	PUNCT
ajfa-4310	345	17	.	.	PUNCT
ajfa-4310	346	1	investor	investor	NOUN
ajfa-4310	346	2	psychology	psychology	NOUN
ajfa-4310	346	3	and	and	CCONJ
ajfa-4310	346	4	security	security	NOUN
ajfa-4310	346	5	market	market	NOUN
ajfa-4310	346	6	underand	underand	NOUN
ajfa-4310	346	7	overreactions	overreaction	NOUN
ajfa-4310	346	8	.	.	PUNCT
ajfa-4310	347	1	the	the	DET
ajfa-4310	347	2	journal	journal	PROPN
ajfa-4310	347	3	of	of	ADP
ajfa-4310	347	4	finance	finance	NOUN
ajfa-4310	347	5	,	,	PUNCT
ajfa-4310	347	6	53(6	53(6	PROPN
ajfa-4310	347	7	)	)	PUNCT
ajfa-4310	347	8	,	,	PUNCT
ajfa-4310	347	9	1839	1839	NUM
ajfa-4310	347	10	-	-	SYM
ajfa-4310	347	11	1885	1885	NUM
ajfa-4310	347	12	.	.	PUNCT
ajfa-4310	348	1	http://dx.doi.org/10.1111/0022-1082.00077	http://dx.doi.org/10.1111/0022-1082.00077	PROPN
ajfa-4310	348	2	debondt	debondt	PROPN
ajfa-4310	348	3	,	,	PUNCT
ajfa-4310	348	4	w.f.m	w.f.m	NOUN
ajfa-4310	348	5	.	.	PROPN
ajfa-4310	348	6	,	,	PUNCT
ajfa-4310	348	7	&	&	CCONJ
ajfa-4310	348	8	thaler	thaler	PROPN
ajfa-4310	348	9	r.h	r.h	PROPN
ajfa-4310	348	10	.	.	PROPN
ajfa-4310	348	11	(	(	PUNCT
ajfa-4310	348	12	1985	1985	NUM
ajfa-4310	348	13	)	)	PUNCT
ajfa-4310	348	14	.	.	PUNCT
ajfa-4310	349	1	does	do	AUX
ajfa-4310	349	2	the	the	DET
ajfa-4310	349	3	stock	stock	NOUN
ajfa-4310	349	4	market	market	NOUN
ajfa-4310	349	5	overreact	overreact	VERB
ajfa-4310	349	6	?	?	PUNCT
ajfa-4310	350	1	the	the	DET
ajfa-4310	350	2	journal	journal	NOUN
ajfa-4310	350	3	of	of	ADP
ajfa-4310	350	4	finance	finance	NOUN
ajfa-4310	350	5	,	,	PUNCT
ajfa-4310	350	6	40(3	40(3	NUM
ajfa-4310	350	7	)	)	PUNCT
ajfa-4310	350	8	,	,	PUNCT
ajfa-4310	350	9	793	793	NUM
ajfa-4310	350	10	-	-	SYM
ajfa-4310	350	11	805	805	NUM
ajfa-4310	350	12	.	.	PUNCT
ajfa-4310	351	1	http://dx.doi.org/10.1111/j.1540-6261.1985.tb05004.x	http://dx.doi.org/10.1111/j.1540-6261.1985.tb05004.x	PROPN
ajfa-4310	351	2	18	18	NUM
ajfa-4310	351	3	retrieved	retrieve	VERB
ajfa-4310	351	4	from	from	ADP
ajfa-4310	351	5	http://geert-hofstede.com/vietnam.html	http://geert-hofstede.com/vietnam.html	PROPN
ajfa-4310	351	6	asian	asian	ADJ
ajfa-4310	351	7	journal	journal	NOUN
ajfa-4310	351	8	of	of	ADP
ajfa-4310	351	9	finance	finance	PROPN
ajfa-4310	351	10	&	&	CCONJ
ajfa-4310	351	11	accounting	accounting	PROPN
ajfa-4310	351	12	issn	issn	PROPN
ajfa-4310	351	13	1946	1946	NUM
ajfa-4310	351	14	-	-	PUNCT
ajfa-4310	351	15	052x	052x	NOUN
ajfa-4310	351	16	2013	2013	NUM
ajfa-4310	351	17	,	,	PUNCT
ajfa-4310	351	18	vol	vol	NOUN
ajfa-4310	351	19	.	.	PROPN
ajfa-4310	351	20	5	5	NUM
ajfa-4310	351	21	,	,	PUNCT
ajfa-4310	351	22	no	no	INTJ
ajfa-4310	351	23	.	.	NOUN
ajfa-4310	351	24	2	2	NUM
ajfa-4310	351	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-4310	351	26	201	201	NUM
ajfa-4310	351	27	du	du	X
ajfa-4310	351	28	,	,	PUNCT
ajfa-4310	351	29	d.	d.	PROPN
ajfa-4310	351	30	,	,	PUNCT
ajfa-4310	351	31	huang	huang	PROPN
ajfa-4310	351	32	,	,	PUNCT
ajfa-4310	351	33	zh	zh	PROPN
ajfa-4310	351	34	.	.	PROPN
ajfa-4310	351	35	,	,	PUNCT
ajfa-4310	351	36	&	&	CCONJ
ajfa-4310	351	37	liao	liao	PROPN
ajfa-4310	351	38	,	,	PUNCT
ajfa-4310	351	39	b.	b.	PROPN
ajfa-4310	351	40	(	(	PUNCT
ajfa-4310	351	41	2009	2009	NUM
ajfa-4310	351	42	)	)	PUNCT
ajfa-4310	351	43	.	.	PUNCT
ajfa-4310	352	1	why	why	SCONJ
ajfa-4310	352	2	is	be	AUX
ajfa-4310	352	3	there	there	PRON
ajfa-4310	352	4	no	no	DET
ajfa-4310	352	5	momentum	momentum	NOUN
ajfa-4310	352	6	in	in	ADP
ajfa-4310	352	7	the	the	DET
ajfa-4310	352	8	taiwan	taiwan	PROPN
ajfa-4310	352	9	stock	stock	NOUN
ajfa-4310	352	10	market	market	NOUN
ajfa-4310	352	11	?	?	PUNCT
ajfa-4310	353	1	journal	journal	NOUN
ajfa-4310	353	2	of	of	ADP
ajfa-4310	353	3	economics	economic	NOUN
ajfa-4310	353	4	and	and	CCONJ
ajfa-4310	353	5	business	business	NOUN
ajfa-4310	353	6	,	,	PUNCT
ajfa-4310	353	7	61(2	61(2	NUM
ajfa-4310	353	8	)	)	PUNCT
ajfa-4310	353	9	,	,	PUNCT
ajfa-4310	353	10	140	140	NUM
ajfa-4310	353	11	-	-	SYM
ajfa-4310	353	12	152	152	NUM
ajfa-4310	353	13	.	.	PUNCT
ajfa-4310	354	1	http://dx.doi.org/10.1016/j.jeconbus.2008.06.001	http://dx.doi.org/10.1016/j.jeconbus.2008.06.001	NOUN
ajfa-4310	354	2	fama	fama	PROPN
ajfa-4310	354	3	,	,	PUNCT
ajfa-4310	354	4	e.	e.	PROPN
ajfa-4310	354	5	f.	f.	PROPN
ajfa-4310	354	6	(	(	PUNCT
ajfa-4310	354	7	1970	1970	NUM
ajfa-4310	354	8	)	)	PUNCT
ajfa-4310	354	9	.	.	PUNCT
ajfa-4310	355	1	efficient	efficient	ADJ
ajfa-4310	355	2	capital	capital	NOUN
ajfa-4310	355	3	markets	market	NOUN
ajfa-4310	355	4	:	:	PUNCT
ajfa-4310	355	5	a	a	DET
ajfa-4310	355	6	review	review	NOUN
ajfa-4310	355	7	of	of	ADP
ajfa-4310	355	8	theory	theory	NOUN
ajfa-4310	355	9	and	and	CCONJ
ajfa-4310	355	10	empirical	empirical	ADJ
ajfa-4310	355	11	work	work	NOUN
ajfa-4310	355	12	.	.	PUNCT
ajfa-4310	356	1	the	the	DET
ajfa-4310	356	2	journal	journal	NOUN
ajfa-4310	356	3	of	of	ADP
ajfa-4310	356	4	finance	finance	NOUN
ajfa-4310	356	5	25	25	NUM
ajfa-4310	356	6	(	(	PUNCT
ajfa-4310	356	7	2	2	NUM
ajfa-4310	356	8	)	)	PUNCT
ajfa-4310	356	9	,	,	PUNCT
ajfa-4310	356	10	383	383	NUM
ajfa-4310	356	11	-	-	SYM
ajfa-4310	356	12	417	417	NUM
ajfa-4310	356	13	.	.	PUNCT
ajfa-4310	357	1	http://dx.doi.org/10.2307/2325486	http://dx.doi.org/10.2307/2325486	PROPN
ajfa-4310	357	2	fama	fama	PROPN
ajfa-4310	357	3	,	,	PUNCT
ajfa-4310	357	4	e.f	e.f	PROPN
ajfa-4310	357	5	.	.	PROPN
ajfa-4310	357	6	(	(	PUNCT
ajfa-4310	357	7	1991	1991	NUM
ajfa-4310	357	8	)	)	PUNCT
ajfa-4310	357	9	.	.	PUNCT
ajfa-4310	358	1	efficient	efficient	ADJ
ajfa-4310	358	2	capital	capital	NOUN
ajfa-4310	358	3	markets	market	NOUN
ajfa-4310	358	4	:	:	PUNCT
ajfa-4310	358	5	ii	ii	X
ajfa-4310	358	6	.	.	PUNCT
ajfa-4310	359	1	the	the	DET
ajfa-4310	359	2	journal	journal	PROPN
ajfa-4310	359	3	of	of	ADP
ajfa-4310	359	4	finance	finance	NOUN
ajfa-4310	359	5	,	,	PUNCT
ajfa-4310	359	6	46	46	NUM
ajfa-4310	359	7	(	(	PUNCT
ajfa-4310	359	8	5	5	NUM
ajfa-4310	359	9	)	)	PUNCT
ajfa-4310	359	10	,	,	PUNCT
ajfa-4310	359	11	15751617	15751617	NUM
ajfa-4310	359	12	.	.	PUNCT
ajfa-4310	360	1	http://dx.doi.org/10.1111/j.1540-6261.1991.tb04636.x	http://dx.doi.org/10.1111/j.1540-6261.1991.tb04636.x	PROPN
ajfa-4310	360	2	fama	fama	PROPN
ajfa-4310	360	3	,	,	PUNCT
ajfa-4310	360	4	e.f	e.f	PROPN
ajfa-4310	360	5	.	.	PROPN
ajfa-4310	360	6	,	,	PUNCT
ajfa-4310	360	7	&	&	CCONJ
ajfa-4310	360	8	french	french	PROPN
ajfa-4310	360	9	,	,	PUNCT
ajfa-4310	360	10	k.r	k.r	PROPN
ajfa-4310	360	11	.	.	PROPN
ajfa-4310	360	12	(	(	PUNCT
ajfa-4310	360	13	1996	1996	NUM
ajfa-4310	360	14	)	)	PUNCT
ajfa-4310	360	15	.	.	PUNCT
ajfa-4310	361	1	multifactor	multifactor	NOUN
ajfa-4310	361	2	explanations	explanation	NOUN
ajfa-4310	361	3	of	of	ADP
ajfa-4310	361	4	asset	asset	NOUN
ajfa-4310	361	5	pricing	pricing	NOUN
ajfa-4310	361	6	anomalies	anomaly	NOUN
ajfa-4310	361	7	.	.	PUNCT
ajfa-4310	362	1	the	the	DET
ajfa-4310	362	2	journal	journal	PROPN
ajfa-4310	362	3	of	of	ADP
ajfa-4310	362	4	finance	finance	NOUN
ajfa-4310	362	5	,	,	PUNCT
ajfa-4310	362	6	51(1	51(1	NUM
ajfa-4310	362	7	)	)	PUNCT
ajfa-4310	362	8	,	,	PUNCT
ajfa-4310	362	9	55	55	NUM
ajfa-4310	362	10	-	-	SYM
ajfa-4310	362	11	84	84	NUM
ajfa-4310	362	12	.	.	PUNCT
ajfa-4310	363	1	http://dx.doi.org/10.1111/j.1540-6261.1996.tb05202.x	http://dx.doi.org/10.1111/j.1540-6261.1996.tb05202.x	PROPN
ajfa-4310	363	2	griffin	griffin	PROPN
ajfa-4310	363	3	,	,	PUNCT
ajfa-4310	363	4	j.m	j.m	PROPN
ajfa-4310	363	5	.	.	PROPN
ajfa-4310	363	6	,	,	PUNCT
ajfa-4310	363	7	ji	ji	PROPN
ajfa-4310	363	8	,	,	PUNCT
ajfa-4310	363	9	x.	x.	PROPN
ajfa-4310	363	10	,	,	PUNCT
ajfa-4310	363	11	&	&	CCONJ
ajfa-4310	363	12	martin	martin	PROPN
ajfa-4310	363	13	,	,	PUNCT
ajfa-4310	363	14	j.s	j.s	PROPN
ajfa-4310	363	15	.	.	PROPN
ajfa-4310	363	16	(	(	PUNCT
ajfa-4310	363	17	2003	2003	NUM
ajfa-4310	363	18	)	)	PUNCT
ajfa-4310	363	19	.	.	PUNCT
ajfa-4310	364	1	momentum	momentum	NOUN
ajfa-4310	364	2	investing	investing	NOUN
ajfa-4310	364	3	and	and	CCONJ
ajfa-4310	364	4	business	business	NOUN
ajfa-4310	364	5	cycle	cycle	NOUN
ajfa-4310	364	6	risk	risk	NOUN
ajfa-4310	364	7	:	:	PUNCT
ajfa-4310	364	8	evidence	evidence	NOUN
ajfa-4310	364	9	from	from	ADP
ajfa-4310	364	10	pole	pole	NOUN
ajfa-4310	364	11	to	to	AUX
ajfa-4310	364	12	pole	pole	VERB
ajfa-4310	364	13	.	.	PUNCT
ajfa-4310	365	1	the	the	DET
ajfa-4310	365	2	journal	journal	PROPN
ajfa-4310	365	3	of	of	ADP
ajfa-4310	365	4	finance	finance	NOUN
ajfa-4310	365	5	,	,	PUNCT
ajfa-4310	365	6	58(6	58(6	NOUN
ajfa-4310	365	7	)	)	PUNCT
ajfa-4310	365	8	,	,	PUNCT
ajfa-4310	365	9	2515	2515	NUM
ajfa-4310	365	10	-	-	SYM
ajfa-4310	365	11	2547	2547	NUM
ajfa-4310	365	12	.	.	PUNCT
ajfa-4310	366	1	http://dx.doi.org/10.1046/j.1540-6261.2003.00614.x	http://dx.doi.org/10.1046/j.1540-6261.2003.00614.x	ADJ
ajfa-4310	366	2	gutierrez	gutierrez	PROPN
ajfa-4310	366	3	jr	jr	PROPN
ajfa-4310	366	4	.	.	PROPN
ajfa-4310	366	5	,	,	PUNCT
ajfa-4310	366	6	r.c	r.c	PROPN
ajfa-4310	366	7	.	.	PROPN
ajfa-4310	366	8	&	&	CCONJ
ajfa-4310	366	9	kelley	kelley	PROPN
ajfa-4310	366	10	,	,	PUNCT
ajfa-4310	366	11	e.	e.	PROPN
ajfa-4310	366	12	k.	k.	PROPN
ajfa-4310	366	13	(	(	PUNCT
ajfa-4310	366	14	2008	2008	NUM
ajfa-4310	366	15	)	)	PUNCT
ajfa-4310	366	16	.	.	PUNCT
ajfa-4310	367	1	the	the	DET
ajfa-4310	367	2	long	long	ADV
ajfa-4310	367	3	lasting	last	VERB
ajfa-4310	367	4	momentum	momentum	NOUN
ajfa-4310	367	5	in	in	ADP
ajfa-4310	367	6	weekly	weekly	ADJ
ajfa-4310	367	7	returns	return	NOUN
ajfa-4310	367	8	.	.	PUNCT
ajfa-4310	368	1	journal	journal	NOUN
ajfa-4310	368	2	of	of	ADP
ajfa-4310	368	3	finance	finance	NOUN
ajfa-4310	368	4	,	,	PUNCT
ajfa-4310	368	5	63(1	63(1	NUM
ajfa-4310	368	6	)	)	PUNCT
ajfa-4310	368	7	,	,	PUNCT
ajfa-4310	368	8	415	415	NUM
ajfa-4310	368	9	-	-	SYM
ajfa-4310	368	10	447	447	NUM
ajfa-4310	368	11	.	.	PUNCT
ajfa-4310	369	1	http://dx.doi.org/10.1111/j.1540-6261.2008.01320.x	http://dx.doi.org/10.1111/j.1540-6261.2008.01320.x	ADJ
ajfa-4310	369	2	hong	hong	PROPN
ajfa-4310	369	3	,	,	PUNCT
ajfa-4310	369	4	h.	h.	PROPN
ajfa-4310	369	5	,	,	PUNCT
ajfa-4310	369	6	&	&	CCONJ
ajfa-4310	369	7	stein	stein	PROPN
ajfa-4310	369	8	,	,	PUNCT
ajfa-4310	369	9	j.c	j.c	PROPN
ajfa-4310	369	10	.	.	PROPN
ajfa-4310	369	11	(	(	PUNCT
ajfa-4310	369	12	1999	1999	NUM
ajfa-4310	369	13	)	)	PUNCT
ajfa-4310	369	14	.	.	PUNCT
ajfa-4310	370	1	a	a	DET
ajfa-4310	370	2	unified	unified	ADJ
ajfa-4310	370	3	theory	theory	NOUN
ajfa-4310	370	4	of	of	ADP
ajfa-4310	370	5	under	under	NOUN
ajfa-4310	370	6	-	-	PUNCT
ajfa-4310	370	7	reaction	reaction	NOUN
ajfa-4310	370	8	,	,	PUNCT
ajfa-4310	370	9	momentum	momentum	NOUN
ajfa-4310	370	10	trading	trading	NOUN
ajfa-4310	370	11	and	and	CCONJ
ajfa-4310	370	12	overreaction	overreaction	NOUN
ajfa-4310	370	13	in	in	ADP
ajfa-4310	370	14	asset	asset	NOUN
ajfa-4310	370	15	markets	market	NOUN
ajfa-4310	370	16	.	.	PUNCT
ajfa-4310	371	1	the	the	DET
ajfa-4310	371	2	journal	journal	NOUN
ajfa-4310	371	3	of	of	ADP
ajfa-4310	371	4	finance	finance	NOUN
ajfa-4310	371	5	,	,	PUNCT
ajfa-4310	371	6	54(6	54(6	NOUN
ajfa-4310	371	7	)	)	PUNCT
ajfa-4310	371	8	,	,	PUNCT
ajfa-4310	371	9	21432184	21432184	NUM
ajfa-4310	371	10	.	.	PUNCT
ajfa-4310	372	1	http://dx.doi.org/10.1111/0022-1082.00184	http://dx.doi.org/10.1111/0022-1082.00184	PROPN
ajfa-4310	372	2	jegadeesh	jegadeesh	NOUN
ajfa-4310	372	3	,	,	PUNCT
ajfa-4310	372	4	n.	n.	NOUN
ajfa-4310	372	5	,	,	PUNCT
ajfa-4310	372	6	&	&	CCONJ
ajfa-4310	372	7	titman	titman	PROPN
ajfa-4310	372	8	,	,	PUNCT
ajfa-4310	372	9	s.	s.	PROPN
ajfa-4310	372	10	(	(	PUNCT
ajfa-4310	372	11	1993	1993	NUM
ajfa-4310	372	12	)	)	PUNCT
ajfa-4310	372	13	.	.	PUNCT
ajfa-4310	373	1	returns	return	NOUN
ajfa-4310	373	2	to	to	ADP
ajfa-4310	373	3	buying	buy	VERB
ajfa-4310	373	4	winners	winner	NOUN
ajfa-4310	373	5	and	and	CCONJ
ajfa-4310	373	6	selling	sell	VERB
ajfa-4310	373	7	losers	loser	NOUN
ajfa-4310	373	8	:	:	PUNCT
ajfa-4310	373	9	implications	implication	NOUN
ajfa-4310	373	10	for	for	ADP
ajfa-4310	373	11	stock	stock	NOUN
ajfa-4310	373	12	market	market	NOUN
ajfa-4310	373	13	efficiency	efficiency	NOUN
ajfa-4310	373	14	.	.	PUNCT
ajfa-4310	374	1	the	the	DET
ajfa-4310	374	2	journal	journal	PROPN
ajfa-4310	374	3	of	of	ADP
ajfa-4310	374	4	finance	finance	NOUN
ajfa-4310	374	5	,	,	PUNCT
ajfa-4310	374	6	48(1	48(1	NOUN
ajfa-4310	374	7	)	)	PUNCT
ajfa-4310	374	8	,	,	PUNCT
ajfa-4310	374	9	65	65	NUM
ajfa-4310	374	10	-	-	SYM
ajfa-4310	374	11	91	91	NUM
ajfa-4310	374	12	.	.	PUNCT
ajfa-4310	375	1	http://dx.doi.org/10.1111/j.1540-6261.1993.tb04702.x	http://dx.doi.org/10.1111/j.1540-6261.1993.tb04702.x	PROPN
ajfa-4310	375	2	jegadeesh	jegadeesh	PROPN
ajfa-4310	375	3	,	,	PUNCT
ajfa-4310	375	4	n.	n.	NOUN
ajfa-4310	375	5	,	,	PUNCT
ajfa-4310	375	6	&	&	CCONJ
ajfa-4310	375	7	titman	titman	PROPN
ajfa-4310	375	8	,	,	PUNCT
ajfa-4310	375	9	s.	s.	PROPN
ajfa-4310	375	10	(	(	PUNCT
ajfa-4310	375	11	2001	2001	NUM
ajfa-4310	375	12	)	)	PUNCT
ajfa-4310	375	13	.	.	PUNCT
ajfa-4310	376	1	profitability	profitability	NOUN
ajfa-4310	376	2	of	of	ADP
ajfa-4310	376	3	momentum	momentum	NOUN
ajfa-4310	376	4	strategies	strategy	NOUN
ajfa-4310	376	5	:	:	PUNCT
ajfa-4310	376	6	an	an	DET
ajfa-4310	376	7	evaluation	evaluation	NOUN
ajfa-4310	376	8	of	of	ADP
ajfa-4310	376	9	alternative	alternative	ADJ
ajfa-4310	376	10	explanation	explanation	NOUN
ajfa-4310	376	11	.	.	PUNCT
ajfa-4310	377	1	the	the	DET
ajfa-4310	377	2	journal	journal	NOUN
ajfa-4310	377	3	of	of	ADP
ajfa-4310	377	4	finance	finance	NOUN
ajfa-4310	377	5	56	56	NUM
ajfa-4310	377	6	,	,	PUNCT
ajfa-4310	377	7	(	(	PUNCT
ajfa-4310	377	8	2	2	NUM
ajfa-4310	377	9	)	)	PUNCT
ajfa-4310	377	10	,	,	PUNCT
ajfa-4310	377	11	699	699	NUM
ajfa-4310	377	12	-	-	SYM
ajfa-4310	377	13	720	720	NUM
ajfa-4310	377	14	.	.	PUNCT
ajfa-4310	378	1	http://dx.doi.org/10.1111/0022-1082.00342	http://dx.doi.org/10.1111/0022-1082.00342	NOUN
ajfa-4310	378	2	jegadeesh	jegadeesh	NOUN
ajfa-4310	378	3	,	,	PUNCT
ajfa-4310	378	4	n.	n.	NOUN
ajfa-4310	378	5	,	,	PUNCT
ajfa-4310	378	6	&	&	CCONJ
ajfa-4310	378	7	titman	titman	PROPN
ajfa-4310	378	8	s.	s.	PROPN
ajfa-4310	378	9	(	(	PUNCT
ajfa-4310	378	10	2011	2011	NUM
ajfa-4310	378	11	)	)	PUNCT
ajfa-4310	378	12	.	.	PUNCT
ajfa-4310	379	1	momentum	momentum	NOUN
ajfa-4310	379	2	.	.	PUNCT
ajfa-4310	380	1	working	work	VERB
ajfa-4310	380	2	paper	paper	NOUN
ajfa-4310	380	3	.	.	PUNCT
ajfa-4310	381	1	retrieved	retrieve	VERB
ajfa-4310	381	2	from	from	ADP
ajfa-4310	381	3	ssrn	ssrn	NOUN
ajfa-4310	381	4	:	:	PUNCT
ajfa-4310	381	5	http://ssrn.com/abstract=1919226	http://ssrn.com/abstract=1919226	NOUN
ajfa-4310	381	6	or	or	CCONJ
ajfa-4310	381	7	http://dx.doi.org/10.2139/ssrn.1919226	http://dx.doi.org/10.2139/ssrn.1919226	NOUN
ajfa-4310	381	8	lehmann	lehmann	PROPN
ajfa-4310	381	9	,	,	PUNCT
ajfa-4310	381	10	b.n	b.n	PROPN
ajfa-4310	381	11	.	.	PROPN
ajfa-4310	381	12	(	(	PUNCT
ajfa-4310	381	13	1990	1990	NUM
ajfa-4310	381	14	)	)	PUNCT
ajfa-4310	381	15	.	.	PUNCT
ajfa-4310	382	1	fads	fad	NOUN
ajfa-4310	382	2	,	,	PUNCT
ajfa-4310	382	3	martingales	martingale	NOUN
ajfa-4310	382	4	and	and	CCONJ
ajfa-4310	382	5	market	market	NOUN
ajfa-4310	382	6	efficiency	efficiency	NOUN
ajfa-4310	382	7	.	.	PUNCT
ajfa-4310	383	1	quarterly	quarterly	ADJ
ajfa-4310	383	2	journal	journal	NOUN
ajfa-4310	383	3	of	of	ADP
ajfa-4310	383	4	economics	economic	NOUN
ajfa-4310	383	5	,	,	PUNCT
ajfa-4310	383	6	105(1	105(1	NUM
ajfa-4310	383	7	)	)	PUNCT
ajfa-4310	383	8	,	,	PUNCT
ajfa-4310	383	9	1	1	NUM
ajfa-4310	383	10	-	-	SYM
ajfa-4310	383	11	28	28	NUM
ajfa-4310	383	12	.	.	PUNCT
ajfa-4310	384	1	http://dx.doi.org/10.2307/2937816	http://dx.doi.org/10.2307/2937816	PROPN
ajfa-4310	384	2	levine	levine	PROPN
ajfa-4310	384	3	,	,	PUNCT
ajfa-4310	384	4	r.	r.	PROPN
ajfa-4310	384	5	(	(	PUNCT
ajfa-4310	384	6	2001	2001	NUM
ajfa-4310	384	7	)	)	PUNCT
ajfa-4310	384	8	.	.	PUNCT
ajfa-4310	385	1	international	international	ADJ
ajfa-4310	385	2	financial	financial	ADJ
ajfa-4310	385	3	liberalization	liberalization	NOUN
ajfa-4310	385	4	and	and	CCONJ
ajfa-4310	385	5	economic	economic	ADJ
ajfa-4310	385	6	growth	growth	NOUN
ajfa-4310	385	7	.	.	PUNCT
ajfa-4310	386	1	review	review	NOUN
ajfa-4310	386	2	of	of	ADP
ajfa-4310	386	3	international	international	ADJ
ajfa-4310	386	4	economics	economic	NOUN
ajfa-4310	386	5	9(4	9(4	NOUN
ajfa-4310	386	6	)	)	PUNCT
ajfa-4310	386	7	,	,	PUNCT
ajfa-4310	386	8	688	688	NUM
ajfa-4310	386	9	-	-	SYM
ajfa-4310	386	10	702	702	NUM
ajfa-4310	386	11	.	.	PUNCT
ajfa-4310	387	1	http://dx.doi.org/10.1111/1467-9396.00307	http://dx.doi.org/10.1111/1467-9396.00307	PROPN
ajfa-4310	387	2	ngo	ngo	PROPN
ajfa-4310	387	3	,	,	PUNCT
ajfa-4310	387	4	m.	m.	NOUN
ajfa-4310	387	5	t.	t.	PROPN
ajfa-4310	387	6	,	,	PUNCT
ajfa-4310	387	7	&	&	CCONJ
ajfa-4310	387	8	truong	truong	PROPN
ajfa-4310	387	9	,	,	PUNCT
ajfa-4310	387	10	h.	h.	PROPN
ajfa-4310	387	11	h.	h.	PROPN
ajfa-4310	387	12	(	(	PUNCT
ajfa-4310	387	13	2011	2011	NUM
ajfa-4310	387	14	)	)	PUNCT
ajfa-4310	387	15	.	.	PUNCT
ajfa-4310	388	1	herding	herd	VERB
ajfa-4310	388	2	behavior	behavior	NOUN
ajfa-4310	388	3	in	in	ADP
ajfa-4310	388	4	an	an	DET
ajfa-4310	388	5	emerging	emerge	VERB
ajfa-4310	388	6	stock	stock	NOUN
ajfa-4310	388	7	market	market	NOUN
ajfa-4310	388	8	:	:	PUNCT
ajfa-4310	388	9	empirical	empirical	ADJ
ajfa-4310	388	10	evidence	evidence	NOUN
ajfa-4310	388	11	from	from	ADP
ajfa-4310	388	12	vietnam	vietnam	PROPN
ajfa-4310	388	13	.	.	PUNCT
ajfa-4310	389	1	research	research	PROPN
ajfa-4310	389	2	journal	journal	PROPN
ajfa-4310	389	3	of	of	ADP
ajfa-4310	389	4	business	business	NOUN
ajfa-4310	389	5	management	management	NOUN
ajfa-4310	389	6	,	,	PUNCT
ajfa-4310	389	7	5(2	5(2	NUM
ajfa-4310	389	8	)	)	PUNCT
ajfa-4310	389	9	,	,	PUNCT
ajfa-4310	389	10	51	51	NUM
ajfa-4310	389	11	-	-	SYM
ajfa-4310	389	12	76	76	NUM
ajfa-4310	389	13	.	.	PUNCT
ajfa-4310	390	1	http://dx.doi.org/10.3923/rjbm.2011.51.76	http://dx.doi.org/10.3923/rjbm.2011.51.76	PROPN
ajfa-4310	390	2	nguyen	nguyen	NOUN
ajfa-4310	390	3	,	,	PUNCT
ajfa-4310	390	4	v.	v.	ADV
ajfa-4310	390	5	,	,	PUNCT
ajfa-4310	390	6	tran	tran	PROPN
ajfa-4310	390	7	,	,	PUNCT
ajfa-4310	390	8	a.	a.	PROPN
ajfa-4310	390	9	,	,	PUNCT
ajfa-4310	390	10	&	&	CCONJ
ajfa-4310	390	11	zeckhauser	zeckhauser	PROPN
ajfa-4310	390	12	,	,	PUNCT
ajfa-4310	390	13	r.	r.	PROPN
ajfa-4310	390	14	(	(	PUNCT
ajfa-4310	390	15	2011	2011	NUM
ajfa-4310	390	16	)	)	PUNCT
ajfa-4310	390	17	.	.	PUNCT
ajfa-4310	391	1	insider	insider	NOUN
ajfa-4310	391	2	trading	trading	NOUN
ajfa-4310	391	3	and	and	CCONJ
ajfa-4310	391	4	stock	stock	NOUN
ajfa-4310	391	5	splits	split	NOUN
ajfa-4310	391	6	.	.	PUNCT
ajfa-4310	392	1	working	work	VERB
ajfa-4310	392	2	paper	paper	NOUN
ajfa-4310	392	3	.	.	PUNCT
ajfa-4310	393	1	retrieved	retrieve	VERB
ajfa-4310	393	2	from	from	ADP
ajfa-4310	393	3	ssrn	ssrn	NOUN
ajfa-4310	393	4	:	:	PUNCT
ajfa-4310	393	5	http://ssrn.com/abstract=2024101	http://ssrn.com/abstract=2024101	PROPN
ajfa-4310	393	6	or	or	CCONJ
ajfa-4310	393	7	http://dx.doi.org/10.2139/ssrn.2024101	http://dx.doi.org/10.2139/ssrn.2024101	PRON
ajfa-4310	393	8	asian	asian	ADJ
ajfa-4310	393	9	journal	journal	NOUN
ajfa-4310	393	10	of	of	ADP
ajfa-4310	393	11	finance	finance	PROPN
ajfa-4310	393	12	&	&	CCONJ
ajfa-4310	393	13	accounting	accounting	PROPN
ajfa-4310	393	14	issn	issn	PROPN
ajfa-4310	393	15	1946	1946	NUM
ajfa-4310	393	16	-	-	PUNCT
ajfa-4310	393	17	052x	052x	NOUN
ajfa-4310	393	18	2013	2013	NUM
ajfa-4310	393	19	,	,	PUNCT
ajfa-4310	393	20	vol	vol	NOUN
ajfa-4310	393	21	.	.	PROPN
ajfa-4310	393	22	5	5	NUM
ajfa-4310	393	23	,	,	PUNCT
ajfa-4310	393	24	no	no	INTJ
ajfa-4310	393	25	.	.	NOUN
ajfa-4310	393	26	2	2	NUM
ajfa-4310	393	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-4310	393	28	202	202	NUM
ajfa-4310	393	29	rouwenhorst	rouwenhorst	ADJ
ajfa-4310	393	30	,	,	PUNCT
ajfa-4310	393	31	k.g	k.g	PROPN
ajfa-4310	393	32	.	.	PROPN
ajfa-4310	393	33	(	(	PUNCT
ajfa-4310	393	34	1998	1998	NUM
ajfa-4310	393	35	)	)	PUNCT
ajfa-4310	393	36	.	.	PUNCT
ajfa-4310	394	1	international	international	ADJ
ajfa-4310	394	2	momentum	momentum	NOUN
ajfa-4310	394	3	strategies	strategy	NOUN
ajfa-4310	394	4	.	.	PUNCT
ajfa-4310	395	1	the	the	DET
ajfa-4310	395	2	journal	journal	PROPN
ajfa-4310	395	3	of	of	ADP
ajfa-4310	395	4	finance	finance	NOUN
ajfa-4310	395	5	,	,	PUNCT
ajfa-4310	395	6	53(1	53(1	PROPN
ajfa-4310	395	7	)	)	PUNCT
ajfa-4310	395	8	,	,	PUNCT
ajfa-4310	395	9	267	267	NUM
ajfa-4310	395	10	–	–	SYM
ajfa-4310	395	11	284	284	NUM
ajfa-4310	395	12	.	.	PUNCT
ajfa-4310	396	1	http://dx.doi.org/10.1111/0022-1082.95722	http://dx.doi.org/10.1111/0022-1082.95722	NOUN
ajfa-4310	396	2	rouwenhorst	rouwenhorst	ADV
ajfa-4310	396	3	,	,	PUNCT
ajfa-4310	396	4	k.	k.	PROPN
ajfa-4310	396	5	g.	g.	PROPN
ajfa-4310	396	6	(	(	PUNCT
ajfa-4310	396	7	1999	1999	NUM
ajfa-4310	396	8	)	)	PUNCT
ajfa-4310	396	9	.	.	PUNCT
ajfa-4310	397	1	local	local	ADJ
ajfa-4310	397	2	return	return	NOUN
ajfa-4310	397	3	factors	factor	NOUN
ajfa-4310	397	4	and	and	CCONJ
ajfa-4310	397	5	turnover	turnover	NOUN
ajfa-4310	397	6	in	in	ADP
ajfa-4310	397	7	emerging	emerge	VERB
ajfa-4310	397	8	stock	stock	NOUN
ajfa-4310	397	9	markets	market	NOUN
ajfa-4310	397	10	.	.	PUNCT
ajfa-4310	398	1	the	the	DET
ajfa-4310	398	2	journal	journal	NOUN
ajfa-4310	398	3	of	of	ADP
ajfa-4310	398	4	finance	finance	NOUN
ajfa-4310	398	5	,	,	PUNCT
ajfa-4310	398	6	54(4	54(4	NUM
ajfa-4310	398	7	)	)	PUNCT
ajfa-4310	398	8	,	,	PUNCT
ajfa-4310	398	9	1439	1439	NUM
ajfa-4310	398	10	-	-	SYM
ajfa-4310	398	11	1463	1463	NUM
ajfa-4310	398	12	.	.	PUNCT
ajfa-4310	399	1	http://dx.doi.org/10.1111/0022-1082.00151	http://dx.doi.org/10.1111/0022-1082.00151	X
ajfa-4310	399	2	truong	truong	PROPN
ajfa-4310	399	3	,	,	PUNCT
ajfa-4310	399	4	d.l	d.l	PROPN
ajfa-4310	399	5	,	,	PUNCT
ajfa-4310	399	6	lanjouw	lanjouw	PROPN
ajfa-4310	399	7	,	,	PUNCT
ajfa-4310	399	8	g.	g.	PROPN
ajfa-4310	399	9	,	,	PUNCT
ajfa-4310	399	10	&	&	CCONJ
ajfa-4310	399	11	lensink	lensink	PROPN
ajfa-4310	399	12	,	,	PUNCT
ajfa-4310	399	13	r.	r.	PROPN
ajfa-4310	399	14	(	(	PUNCT
ajfa-4310	399	15	2010	2010	NUM
ajfa-4310	399	16	)	)	PUNCT
ajfa-4310	399	17	.	.	PUNCT
ajfa-4310	400	1	stock	stock	NOUN
ajfa-4310	400	2	-	-	PUNCT
ajfa-4310	400	3	market	market	NOUN
ajfa-4310	400	4	efficiency	efficiency	NOUN
ajfa-4310	400	5	in	in	ADP
ajfa-4310	400	6	thin	thin	ADJ
ajfa-4310	400	7	-	-	PUNCT
ajfa-4310	400	8	trading	trading	NOUN
ajfa-4310	400	9	markets	market	NOUN
ajfa-4310	400	10	:	:	PUNCT
ajfa-4310	400	11	the	the	DET
ajfa-4310	400	12	case	case	NOUN
ajfa-4310	400	13	of	of	ADP
ajfa-4310	400	14	the	the	DET
ajfa-4310	400	15	vietnamese	vietnamese	ADJ
ajfa-4310	400	16	stock	stock	NOUN
ajfa-4310	400	17	market	market	NOUN
ajfa-4310	400	18	.	.	PUNCT
ajfa-4310	401	1	applied	apply	VERB
ajfa-4310	401	2	economics	economic	NOUN
ajfa-4310	401	3	,	,	PUNCT
ajfa-4310	401	4	42	42	NUM
ajfa-4310	401	5	,	,	PUNCT
ajfa-4310	401	6	3519	3519	NUM
ajfa-4310	401	7	-	-	SYM
ajfa-4310	401	8	3532	3532	NUM
ajfa-4310	401	9	.	.	PUNCT
ajfa-4310	402	1	http://dx.doi.org/10.1080/00036840802167350	http://dx.doi.org/10.1080/00036840802167350	PROPN