id	sid	tid	token	lemma	pos
ajfa-5241	1	1	microsoft	microsoft	PROPN
ajfa-5241	1	2	word	word	NOUN
ajfa-5241	1	3	5241-18976-1-sm-writer2-new.docx	5241-18976-1-sm-writer2-new.docx	NUM
ajfa-5241	1	4	asian	asian	ADJ
ajfa-5241	1	5	journal	journal	NOUN
ajfa-5241	1	6	of	of	ADP
ajfa-5241	1	7	finance	finance	PROPN
ajfa-5241	1	8	&	&	CCONJ
ajfa-5241	1	9	accounting	accounting	PROPN
ajfa-5241	1	10	issn	issn	PROPN
ajfa-5241	1	11	1946	1946	NUM
ajfa-5241	1	12	-	-	PUNCT
ajfa-5241	1	13	052x	052x	PROPN
ajfa-5241	1	14	2014	2014	NUM
ajfa-5241	1	15	,	,	PUNCT
ajfa-5241	1	16	vol	vol	NOUN
ajfa-5241	1	17	.	.	PROPN
ajfa-5241	1	18	6	6	NUM
ajfa-5241	1	19	,	,	PUNCT
ajfa-5241	1	20	no	no	INTJ
ajfa-5241	1	21	.	.	NOUN
ajfa-5241	1	22	1	1	NUM
ajfa-5241	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	1	24	337	337	NUM
ajfa-5241	1	25	multifactor	multifactor	NOUN
ajfa-5241	1	26	explanations	explanation	NOUN
ajfa-5241	1	27	of	of	ADP
ajfa-5241	1	28	capm	capm	PROPN
ajfa-5241	1	29	anomalies	anomaly	NOUN
ajfa-5241	1	30	:	:	PUNCT
ajfa-5241	1	31	an	an	DET
ajfa-5241	1	32	evidence	evidence	NOUN
ajfa-5241	1	33	for	for	ADP
ajfa-5241	1	34	indian	indian	ADJ
ajfa-5241	1	35	stock	stock	PROPN
ajfa-5241	1	36	market	market	PROPN
ajfa-5241	1	37	dr	dr	PROPN
ajfa-5241	1	38	.	.	PROPN
ajfa-5241	1	39	a.	a.	PROPN
ajfa-5241	1	40	balakrishnan	balakrishnan	PROPN
ajfa-5241	1	41	assistant	assistant	PROPN
ajfa-5241	1	42	professor	professor	PROPN
ajfa-5241	1	43	,	,	PUNCT
ajfa-5241	1	44	department	department	NOUN
ajfa-5241	1	45	of	of	ADP
ajfa-5241	1	46	banking	banking	NOUN
ajfa-5241	1	47	technology	technology	PROPN
ajfa-5241	1	48	pondicherry	pondicherry	PROPN
ajfa-5241	1	49	university	university	PROPN
ajfa-5241	1	50	,	,	PUNCT
ajfa-5241	1	51	india	india	PROPN
ajfa-5241	1	52	tel	tel	PROPN
ajfa-5241	1	53	:	:	PUNCT
ajfa-5241	1	54	91	91	NUM
ajfa-5241	1	55	-	-	PUNCT
ajfa-5241	1	56	94	94	NUM
ajfa-5241	1	57	-	-	PUNCT
ajfa-5241	1	58	8958	8958	NUM
ajfa-5241	1	59	-	-	SYM
ajfa-5241	1	60	5514	5514	NUM
ajfa-5241	1	61	e	e	NOUN
ajfa-5241	1	62	-	-	NOUN
ajfa-5241	1	63	mail	mail	NOUN
ajfa-5241	1	64	:	:	PUNCT
ajfa-5241	1	65	abalki22@gmail.com	abalki22@gmail.com	X
ajfa-5241	1	66	received	receive	VERB
ajfa-5241	1	67	:	:	PUNCT
ajfa-5241	1	68	march	march	PROPN
ajfa-5241	1	69	5	5	NUM
ajfa-5241	1	70	,	,	PUNCT
ajfa-5241	1	71	2014	2014	NUM
ajfa-5241	1	72	accepted	accept	VERB
ajfa-5241	1	73	:	:	PUNCT
ajfa-5241	1	74	may	may	AUX
ajfa-5241	1	75	28	28	NUM
ajfa-5241	1	76	,	,	PUNCT
ajfa-5241	1	77	2014	2014	NUM
ajfa-5241	1	78	published	publish	VERB
ajfa-5241	1	79	:	:	PUNCT
ajfa-5241	1	80	june	june	PROPN
ajfa-5241	1	81	1	1	NUM
ajfa-5241	1	82	,	,	PUNCT
ajfa-5241	1	83	2014	2014	NUM
ajfa-5241	1	84	doi:10.5296	doi:10.5296	NOUN
ajfa-5241	1	85	/	/	SYM
ajfa-5241	1	86	ajfa.v6i1.5241	ajfa.v6i1.5241	PUNCT
ajfa-5241	1	87	url	url	NOUN
ajfa-5241	1	88	:	:	PUNCT
ajfa-5241	1	89	http://dx.doi.org/10.5296/ajfa.v6i1.5241	http://dx.doi.org/10.5296/ajfa.v6i1.5241	X
ajfa-5241	1	90	abstract	abstract	NOUN
ajfa-5241	1	91	we	we	PRON
ajfa-5241	1	92	evaluate	evaluate	VERB
ajfa-5241	1	93	the	the	DET
ajfa-5241	1	94	ability	ability	NOUN
ajfa-5241	1	95	of	of	ADP
ajfa-5241	1	96	alternative	alternative	ADJ
ajfa-5241	1	97	asset	asset	NOUN
ajfa-5241	1	98	pricing	pricing	NOUN
ajfa-5241	1	99	models	model	NOUN
ajfa-5241	1	100	in	in	ADP
ajfa-5241	1	101	explaining	explain	VERB
ajfa-5241	1	102	returns	return	NOUN
ajfa-5241	1	103	on	on	ADP
ajfa-5241	1	104	various	various	ADJ
ajfa-5241	1	105	characteristic	characteristic	NOUN
ajfa-5241	1	106	(	(	PUNCT
ajfa-5241	1	107	company	company	NOUN
ajfa-5241	1	108	size	size	NOUN
ajfa-5241	1	109	and	and	CCONJ
ajfa-5241	1	110	value	value	NOUN
ajfa-5241	1	111	)	)	PUNCT
ajfa-5241	1	112	sorted	sorted	ADJ
ajfa-5241	1	113	and	and	CCONJ
ajfa-5241	1	114	prior	prior	ADJ
ajfa-5241	1	115	return	return	NOUN
ajfa-5241	1	116	ranked	rank	VERB
ajfa-5241	1	117	portfolios	portfolio	NOUN
ajfa-5241	1	118	.	.	PUNCT
ajfa-5241	2	1	data	datum	NOUN
ajfa-5241	2	2	is	be	AUX
ajfa-5241	2	3	employed	employ	VERB
ajfa-5241	2	4	from	from	ADP
ajfa-5241	2	5	january	january	PROPN
ajfa-5241	2	6	,	,	PUNCT
ajfa-5241	2	7	1997	1997	NUM
ajfa-5241	2	8	to	to	ADP
ajfa-5241	2	9	june	june	PROPN
ajfa-5241	2	10	,	,	PUNCT
ajfa-5241	2	11	2012	2012	NUM
ajfa-5241	2	12	for	for	ADP
ajfa-5241	2	13	488	488	NUM
ajfa-5241	2	14	companies	company	NOUN
ajfa-5241	2	15	listed	list	VERB
ajfa-5241	2	16	on	on	ADP
ajfa-5241	2	17	bse-500	bse-500	NOUN
ajfa-5241	2	18	index	index	NOUN
ajfa-5241	2	19	.	.	PUNCT
ajfa-5241	3	1	we	we	PRON
ajfa-5241	3	2	find	find	VERB
ajfa-5241	3	3	that	that	SCONJ
ajfa-5241	3	4	fama	fama	NOUN
ajfa-5241	3	5	-	-	PUNCT
ajfa-5241	3	6	french	french	ADJ
ajfa-5241	3	7	three	three	NUM
ajfa-5241	3	8	factor	factor	NOUN
ajfa-5241	3	9	model	model	NOUN
ajfa-5241	3	10	performs	perform	VERB
ajfa-5241	3	11	better	well	ADJ
ajfa-5241	3	12	than	than	ADP
ajfa-5241	3	13	one	one	NUM
ajfa-5241	3	14	factor	factor	NOUN
ajfa-5241	3	15	capital	capital	NOUN
ajfa-5241	3	16	asset	asset	NOUN
ajfa-5241	3	17	pricing	pricing	NOUN
ajfa-5241	3	18	model	model	NOUN
ajfa-5241	3	19	in	in	ADP
ajfa-5241	3	20	explaining	explain	VERB
ajfa-5241	3	21	mean	mean	NOUN
ajfa-5241	3	22	excess	excess	ADJ
ajfa-5241	3	23	returns	return	NOUN
ajfa-5241	3	24	on	on	ADP
ajfa-5241	3	25	characteristic	characteristic	ADJ
ajfa-5241	3	26	sorted	sort	VERB
ajfa-5241	3	27	portfolios	portfolio	NOUN
ajfa-5241	3	28	.	.	PUNCT
ajfa-5241	4	1	we	we	PRON
ajfa-5241	4	2	also	also	ADV
ajfa-5241	4	3	observe	observe	VERB
ajfa-5241	4	4	that	that	SCONJ
ajfa-5241	4	5	fama	fama	NOUN
ajfa-5241	4	6	-	-	PUNCT
ajfa-5241	4	7	french	french	ADJ
ajfa-5241	4	8	model	model	NOUN
ajfa-5241	4	9	partly	partly	ADV
ajfa-5241	4	10	explains	explain	VERB
ajfa-5241	4	11	long	long	ADJ
ajfa-5241	4	12	term	term	NOUN
ajfa-5241	4	13	,	,	PUNCT
ajfa-5241	4	14	reversal	reversal	NOUN
ajfa-5241	4	15	,	,	PUNCT
ajfa-5241	4	16	and	and	CCONJ
ajfa-5241	4	17	momentum	momentum	NOUN
ajfa-5241	4	18	profits	profit	NOUN
ajfa-5241	4	19	.	.	PUNCT
ajfa-5241	5	1	asset	asset	NOUN
ajfa-5241	5	2	pricing	pricing	NOUN
ajfa-5241	5	3	results	result	NOUN
ajfa-5241	5	4	are	be	AUX
ajfa-5241	5	5	found	find	VERB
ajfa-5241	5	6	to	to	PART
ajfa-5241	5	7	be	be	AUX
ajfa-5241	5	8	vibrant	vibrant	ADJ
ajfa-5241	5	9	to	to	ADP
ajfa-5241	5	10	the	the	DET
ajfa-5241	5	11	alternate	alternate	ADJ
ajfa-5241	5	12	versions	version	NOUN
ajfa-5241	5	13	of	of	ADP
ajfa-5241	5	14	company	company	NOUN
ajfa-5241	5	15	size	size	NOUN
ajfa-5241	5	16	and	and	CCONJ
ajfa-5241	5	17	value	value	NOUN
ajfa-5241	5	18	factors	factor	NOUN
ajfa-5241	5	19	and	and	CCONJ
ajfa-5241	5	20	choice	choice	NOUN
ajfa-5241	5	21	of	of	ADP
ajfa-5241	5	22	different	different	ADJ
ajfa-5241	5	23	market	market	NOUN
ajfa-5241	5	24	proxies	proxy	NOUN
ajfa-5241	5	25	as	as	SCONJ
ajfa-5241	5	26	the	the	DET
ajfa-5241	5	27	ff	ff	PROPN
ajfa-5241	5	28	model	model	NOUN
ajfa-5241	5	29	(	(	PUNCT
ajfa-5241	5	30	in	in	ADP
ajfa-5241	5	31	all	all	DET
ajfa-5241	5	32	its	its	PRON
ajfa-5241	5	33	versions	version	NOUN
ajfa-5241	5	34	)	)	PUNCT
ajfa-5241	5	35	outperforms	outperform	VERB
ajfa-5241	5	36	capm	capm	PROPN
ajfa-5241	5	37	.	.	PUNCT
ajfa-5241	6	1	we	we	PRON
ajfa-5241	6	2	further	far	ADV
ajfa-5241	6	3	show	show	VERB
ajfa-5241	6	4	that	that	SCONJ
ajfa-5241	6	5	the	the	DET
ajfa-5241	6	6	carhart	carhart	NOUN
ajfa-5241	6	7	four	four	NUM
ajfa-5241	6	8	factor	factor	NOUN
ajfa-5241	6	9	model	model	NOUN
ajfa-5241	6	10	involving	involve	VERB
ajfa-5241	6	11	an	an	DET
ajfa-5241	6	12	additional	additional	ADJ
ajfa-5241	6	13	momentum	momentum	NOUN
ajfa-5241	6	14	factor	factor	NOUN
ajfa-5241	6	15	,	,	PUNCT
ajfa-5241	6	16	does	do	AUX
ajfa-5241	6	17	not	not	PART
ajfa-5241	6	18	significantly	significantly	ADV
ajfa-5241	6	19	perform	perform	VERB
ajfa-5241	6	20	better	well	ADV
ajfa-5241	6	21	than	than	ADP
ajfa-5241	6	22	ff	ff	NOUN
ajfa-5241	6	23	model	model	NOUN
ajfa-5241	6	24	for	for	ADP
ajfa-5241	6	25	different	different	ADJ
ajfa-5241	6	26	portfolios	portfolio	NOUN
ajfa-5241	6	27	except	except	SCONJ
ajfa-5241	6	28	short	short	ADJ
ajfa-5241	6	29	term	term	NOUN
ajfa-5241	6	30	momentum	momentum	NOUN
ajfa-5241	6	31	profits	profit	NOUN
ajfa-5241	6	32	.	.	PUNCT
ajfa-5241	7	1	keywords	keyword	NOUN
ajfa-5241	7	2	:	:	PUNCT
ajfa-5241	8	1	capm	capm	NOUN
ajfa-5241	8	2	,	,	PUNCT
ajfa-5241	8	3	asset	asset	NOUN
ajfa-5241	8	4	pricing	pricing	NOUN
ajfa-5241	8	5	,	,	PUNCT
ajfa-5241	8	6	momentum	momentum	NOUN
ajfa-5241	8	7	effect	effect	NOUN
ajfa-5241	8	8	,	,	PUNCT
ajfa-5241	8	9	reversal	reversal	NOUN
ajfa-5241	8	10	effect	effect	NOUN
ajfa-5241	8	11	and	and	CCONJ
ajfa-5241	8	12	company	company	NOUN
ajfa-5241	8	13	size	size	NOUN
ajfa-5241	8	14	jel	jel	PROPN
ajfa-5241	8	15	codes	code	NOUN
ajfa-5241	8	16	:	:	PUNCT
ajfa-5241	8	17	c12	c12	PROPN
ajfa-5241	8	18	,	,	PUNCT
ajfa-5241	8	19	c31	c31	PROPN
ajfa-5241	8	20	,	,	PUNCT
ajfa-5241	8	21	g12	g12	NOUN
ajfa-5241	8	22	,	,	PUNCT
ajfa-5241	8	23	and	and	CCONJ
ajfa-5241	8	24	g14	g14	ADJ
ajfa-5241	8	25	asian	asian	ADJ
ajfa-5241	8	26	journal	journal	NOUN
ajfa-5241	8	27	of	of	ADP
ajfa-5241	8	28	finance	finance	PROPN
ajfa-5241	8	29	&	&	CCONJ
ajfa-5241	8	30	accounting	accounting	PROPN
ajfa-5241	8	31	issn	issn	PROPN
ajfa-5241	8	32	1946	1946	NUM
ajfa-5241	8	33	-	-	PUNCT
ajfa-5241	8	34	052x	052x	PROPN
ajfa-5241	8	35	2014	2014	NUM
ajfa-5241	8	36	,	,	PUNCT
ajfa-5241	8	37	vol	vol	NOUN
ajfa-5241	8	38	.	.	PROPN
ajfa-5241	8	39	6	6	NUM
ajfa-5241	8	40	,	,	PUNCT
ajfa-5241	8	41	no	no	INTJ
ajfa-5241	8	42	.	.	NOUN
ajfa-5241	8	43	1	1	NUM
ajfa-5241	8	44	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	8	45	338	338	NUM
ajfa-5241	8	46	1	1	NUM
ajfa-5241	8	47	.	.	PUNCT
ajfa-5241	9	1	introduction	introduction	NOUN
ajfa-5241	9	2	capital	capital	NOUN
ajfa-5241	9	3	asset	asset	NOUN
ajfa-5241	9	4	pricing	pricing	NOUN
ajfa-5241	9	5	model	model	NOUN
ajfa-5241	9	6	(	(	PUNCT
ajfa-5241	9	7	in	in	ADP
ajfa-5241	9	8	short	short	ADJ
ajfa-5241	9	9	capm	capm	PROPN
ajfa-5241	9	10	)	)	PUNCT
ajfa-5241	9	11	developed	develop	VERB
ajfa-5241	9	12	by	by	ADP
ajfa-5241	9	13	sharpe	sharpe	PROPN
ajfa-5241	9	14	(	(	PUNCT
ajfa-5241	9	15	1964	1964	NUM
ajfa-5241	9	16	)	)	PUNCT
ajfa-5241	9	17	has	have	AUX
ajfa-5241	9	18	laid	lay	VERB
ajfa-5241	9	19	empirical	empirical	ADJ
ajfa-5241	9	20	foundation	foundation	NOUN
ajfa-5241	9	21	that	that	PRON
ajfa-5241	9	22	securities	security	NOUN
ajfa-5241	9	23	returns	return	NOUN
ajfa-5241	9	24	have	have	VERB
ajfa-5241	9	25	linear	linear	ADJ
ajfa-5241	9	26	relationship	relationship	NOUN
ajfa-5241	9	27	with	with	ADP
ajfa-5241	9	28	their	their	PRON
ajfa-5241	9	29	market	market	NOUN
ajfa-5241	9	30	betas	beta	NOUN
ajfa-5241	9	31	and	and	CCONJ
ajfa-5241	9	32	returns	return	NOUN
ajfa-5241	9	33	are	be	AUX
ajfa-5241	9	34	adequately	adequately	ADV
ajfa-5241	9	35	explained	explain	VERB
ajfa-5241	9	36	by	by	ADP
ajfa-5241	9	37	market	market	NOUN
ajfa-5241	9	38	betas	beta	NOUN
ajfa-5241	9	39	.	.	PUNCT
ajfa-5241	10	1	the	the	DET
ajfa-5241	10	2	above	above	ADJ
ajfa-5241	10	3	arguments	argument	NOUN
ajfa-5241	10	4	have	have	AUX
ajfa-5241	10	5	been	be	AUX
ajfa-5241	10	6	violated	violate	VERB
ajfa-5241	10	7	for	for	ADP
ajfa-5241	10	8	us	us	PROPN
ajfa-5241	10	9	stock	stock	NOUN
ajfa-5241	10	10	market	market	NOUN
ajfa-5241	10	11	due	due	ADP
ajfa-5241	10	12	to	to	ADP
ajfa-5241	10	13	the	the	DET
ajfa-5241	10	14	empirical	empirical	ADJ
ajfa-5241	10	15	evidences	evidence	NOUN
ajfa-5241	10	16	against	against	ADP
ajfa-5241	10	17	the	the	DET
ajfa-5241	10	18	core	core	NOUN
ajfa-5241	10	19	predictions	prediction	NOUN
ajfa-5241	10	20	of	of	ADP
ajfa-5241	10	21	the	the	DET
ajfa-5241	10	22	capm	capm	PROPN
ajfa-5241	10	23	.	.	PUNCT
ajfa-5241	11	1	one	one	NUM
ajfa-5241	11	2	of	of	ADP
ajfa-5241	11	3	the	the	DET
ajfa-5241	11	4	most	most	ADV
ajfa-5241	11	5	important	important	ADJ
ajfa-5241	11	6	arguments	argument	NOUN
ajfa-5241	11	7	posing	pose	VERB
ajfa-5241	11	8	challenge	challenge	NOUN
ajfa-5241	11	9	to	to	ADP
ajfa-5241	11	10	capm	capm	PROPN
ajfa-5241	11	11	is	be	AUX
ajfa-5241	11	12	firm	firm	ADJ
ajfa-5241	11	13	size	size	NOUN
ajfa-5241	11	14	-	-	PUNCT
ajfa-5241	11	15	return	return	NOUN
ajfa-5241	11	16	relationship	relationship	NOUN
ajfa-5241	11	17	.	.	PUNCT
ajfa-5241	12	1	banz	banz	PROPN
ajfa-5241	12	2	(	(	PUNCT
ajfa-5241	12	3	1981	1981	NUM
ajfa-5241	12	4	)	)	PUNCT
ajfa-5241	12	5	documents	document	NOUN
ajfa-5241	12	6	size	size	NOUN
ajfa-5241	12	7	effect1	effect1	X
ajfa-5241	13	1	in	in	ADP
ajfa-5241	13	2	which	which	PRON
ajfa-5241	13	3	company	company	NOUN
ajfa-5241	13	4	size	size	NOUN
ajfa-5241	13	5	measured	measure	VERB
ajfa-5241	13	6	by	by	ADP
ajfa-5241	13	7	market	market	NOUN
ajfa-5241	13	8	capitalization	capitalization	NOUN
ajfa-5241	13	9	(	(	PUNCT
ajfa-5241	13	10	market	market	NOUN
ajfa-5241	13	11	price	price	NOUN
ajfa-5241	13	12	of	of	ADP
ajfa-5241	13	13	stocks	stock	NOUN
ajfa-5241	13	14	times	times	ADP
ajfa-5241	13	15	number	number	NOUN
ajfa-5241	13	16	of	of	ADP
ajfa-5241	13	17	shares	share	NOUN
ajfa-5241	13	18	outstanding	outstanding	ADJ
ajfa-5241	13	19	in	in	ADP
ajfa-5241	13	20	the	the	DET
ajfa-5241	13	21	market	market	NOUN
ajfa-5241	13	22	)	)	PUNCT
ajfa-5241	13	23	is	be	AUX
ajfa-5241	13	24	related	relate	VERB
ajfa-5241	13	25	with	with	ADP
ajfa-5241	13	26	stock	stock	NOUN
ajfa-5241	13	27	returns	return	NOUN
ajfa-5241	13	28	.	.	PUNCT
ajfa-5241	14	1	it	it	PRON
ajfa-5241	14	2	means	mean	VERB
ajfa-5241	14	3	the	the	DET
ajfa-5241	14	4	companies	company	NOUN
ajfa-5241	14	5	with	with	ADP
ajfa-5241	14	6	small	small	ADJ
ajfa-5241	14	7	size	size	NOUN
ajfa-5241	14	8	capitalization	capitalization	NOUN
ajfa-5241	14	9	(	(	PUNCT
ajfa-5241	14	10	small	small	ADJ
ajfa-5241	14	11	stocks	stock	NOUN
ajfa-5241	14	12	)	)	PUNCT
ajfa-5241	14	13	provide	provide	VERB
ajfa-5241	14	14	higher	high	ADJ
ajfa-5241	14	15	returns	return	NOUN
ajfa-5241	14	16	vis	vis	X
ajfa-5241	14	17	-	-	ADJ
ajfa-5241	14	18	à	à	X
ajfa-5241	14	19	-	-	PUNCT
ajfa-5241	14	20	vis	vis	X
ajfa-5241	14	21	the	the	DET
ajfa-5241	14	22	companies	company	NOUN
ajfa-5241	14	23	of	of	ADP
ajfa-5241	14	24	big	big	ADJ
ajfa-5241	14	25	size	size	NOUN
ajfa-5241	14	26	capitalization	capitalization	NOUN
ajfa-5241	14	27	(	(	PUNCT
ajfa-5241	14	28	big	big	ADJ
ajfa-5241	14	29	stocks	stock	NOUN
ajfa-5241	14	30	)	)	PUNCT
ajfa-5241	14	31	.	.	PUNCT
ajfa-5241	15	1	chan	chan	PROPN
ajfa-5241	15	2	(	(	PUNCT
ajfa-5241	15	3	1985	1985	NUM
ajfa-5241	15	4	)	)	PUNCT
ajfa-5241	15	5	shows	show	VERB
ajfa-5241	15	6	that	that	SCONJ
ajfa-5241	15	7	small	small	ADJ
ajfa-5241	15	8	firms	firm	NOUN
ajfa-5241	15	9	provide	provide	VERB
ajfa-5241	15	10	higher	high	ADJ
ajfa-5241	15	11	returns	return	NOUN
ajfa-5241	15	12	than	than	ADP
ajfa-5241	15	13	big	big	ADJ
ajfa-5241	15	14	firms	firm	NOUN
ajfa-5241	15	15	as	as	SCONJ
ajfa-5241	15	16	the	the	DET
ajfa-5241	15	17	small	small	ADJ
ajfa-5241	15	18	firms	firm	NOUN
ajfa-5241	15	19	are	be	AUX
ajfa-5241	15	20	likely	likely	ADJ
ajfa-5241	15	21	to	to	PART
ajfa-5241	15	22	be	be	AUX
ajfa-5241	15	23	exposed	expose	VERB
ajfa-5241	15	24	to	to	ADP
ajfa-5241	15	25	economic	economic	ADJ
ajfa-5241	15	26	fluctuations	fluctuation	NOUN
ajfa-5241	15	27	such	such	ADJ
ajfa-5241	15	28	as	as	ADP
ajfa-5241	15	29	boom	boom	NOUN
ajfa-5241	15	30	and	and	CCONJ
ajfa-5241	15	31	depression	depression	NOUN
ajfa-5241	15	32	.	.	PUNCT
ajfa-5241	16	1	keim	keim	PROPN
ajfa-5241	16	2	(	(	PUNCT
ajfa-5241	16	3	1982	1982	NUM
ajfa-5241	16	4	)	)	PUNCT
ajfa-5241	16	5	records	record	NOUN
ajfa-5241	16	6	size	size	VERB
ajfa-5241	16	7	related	relate	VERB
ajfa-5241	16	8	anomaly	anomaly	NOUN
ajfa-5241	16	9	and	and	CCONJ
ajfa-5241	16	10	he	he	PRON
ajfa-5241	16	11	finds	find	VERB
ajfa-5241	16	12	that	that	SCONJ
ajfa-5241	16	13	the	the	DET
ajfa-5241	16	14	abnormal	abnormal	ADJ
ajfa-5241	16	15	returns	return	NOUN
ajfa-5241	16	16	are	be	AUX
ajfa-5241	16	17	negatively	negatively	ADV
ajfa-5241	16	18	related	relate	VERB
ajfa-5241	16	19	to	to	ADP
ajfa-5241	16	20	size	size	NOUN
ajfa-5241	16	21	i.e.	i.e.	X
ajfa-5241	16	22	,	,	PUNCT
ajfa-5241	16	23	big	big	ADJ
ajfa-5241	16	24	size	size	NOUN
ajfa-5241	16	25	firms	firm	NOUN
ajfa-5241	16	26	provide	provide	VERB
ajfa-5241	16	27	abnormal	abnormal	ADJ
ajfa-5241	16	28	returns	return	NOUN
ajfa-5241	16	29	than	than	ADP
ajfa-5241	16	30	small	small	ADJ
ajfa-5241	16	31	size	size	NOUN
ajfa-5241	16	32	firms	firm	NOUN
ajfa-5241	16	33	.	.	PUNCT
ajfa-5241	17	1	he	he	PRON
ajfa-5241	17	2	also	also	ADV
ajfa-5241	17	3	tests	test	VERB
ajfa-5241	17	4	the	the	DET
ajfa-5241	17	5	seasonal	seasonal	ADJ
ajfa-5241	17	6	effect	effect	NOUN
ajfa-5241	17	7	in	in	ADP
ajfa-5241	17	8	stock	stock	NOUN
ajfa-5241	17	9	returns	return	NOUN
ajfa-5241	17	10	and	and	CCONJ
ajfa-5241	17	11	finds	find	VERB
ajfa-5241	17	12	that	that	SCONJ
ajfa-5241	17	13	there	there	PRON
ajfa-5241	17	14	is	be	VERB
ajfa-5241	17	15	january	january	PROPN
ajfa-5241	17	16	effect	effect	NOUN
ajfa-5241	17	17	in	in	ADP
ajfa-5241	17	18	stock	stock	NOUN
ajfa-5241	17	19	returns	return	NOUN
ajfa-5241	17	20	and	and	CCONJ
ajfa-5241	17	21	abnormal	abnormal	ADJ
ajfa-5241	17	22	returns	return	NOUN
ajfa-5241	17	23	are	be	AUX
ajfa-5241	17	24	heavily	heavily	ADV
ajfa-5241	17	25	registered	register	VERB
ajfa-5241	17	26	in	in	ADP
ajfa-5241	17	27	january	january	PROPN
ajfa-5241	17	28	.	.	PUNCT
ajfa-5241	18	1	friend	friend	NOUN
ajfa-5241	18	2	and	and	CCONJ
ajfa-5241	18	3	lang	lang	PROPN
ajfa-5241	18	4	(	(	PUNCT
ajfa-5241	18	5	1988	1988	NUM
ajfa-5241	18	6	)	)	PUNCT
ajfa-5241	18	7	experiment	experiment	NOUN
ajfa-5241	18	8	the	the	DET
ajfa-5241	18	9	size	size	NOUN
ajfa-5241	18	10	effect	effect	NOUN
ajfa-5241	18	11	and	and	CCONJ
ajfa-5241	18	12	also	also	ADV
ajfa-5241	18	13	state	state	NOUN
ajfa-5241	18	14	that	that	DET
ajfa-5241	18	15	size	size	NOUN
ajfa-5241	18	16	is	be	AUX
ajfa-5241	18	17	predominantly	predominantly	ADV
ajfa-5241	18	18	a	a	DET
ajfa-5241	18	19	risk	risk	NOUN
ajfa-5241	18	20	effect	effect	NOUN
ajfa-5241	18	21	which	which	PRON
ajfa-5241	18	22	is	be	AUX
ajfa-5241	18	23	not	not	PART
ajfa-5241	18	24	captured	capture	VERB
ajfa-5241	18	25	by	by	ADP
ajfa-5241	18	26	beta	beta	NOUN
ajfa-5241	18	27	.	.	PUNCT
ajfa-5241	19	1	chan	chan	PROPN
ajfa-5241	19	2	and	and	CCONJ
ajfa-5241	19	3	chen	chen	PROPN
ajfa-5241	19	4	(	(	PUNCT
ajfa-5241	19	5	1991	1991	NUM
ajfa-5241	19	6	)	)	PUNCT
ajfa-5241	19	7	express	express	VERB
ajfa-5241	19	8	that	that	PRON
ajfa-5241	19	9	small	small	ADJ
ajfa-5241	19	10	size	size	NOUN
ajfa-5241	19	11	firms	firm	NOUN
ajfa-5241	19	12	provide	provide	VERB
ajfa-5241	19	13	better	well	ADJ
ajfa-5241	19	14	returns	return	NOUN
ajfa-5241	19	15	than	than	ADP
ajfa-5241	19	16	big	big	ADJ
ajfa-5241	19	17	firms	firm	NOUN
ajfa-5241	19	18	as	as	SCONJ
ajfa-5241	19	19	the	the	DET
ajfa-5241	19	20	former	former	ADJ
ajfa-5241	19	21	tend	tend	VERB
ajfa-5241	19	22	to	to	PART
ajfa-5241	19	23	be	be	AUX
ajfa-5241	19	24	having	have	VERB
ajfa-5241	19	25	less	less	ADJ
ajfa-5241	19	26	operational	operational	ADJ
ajfa-5241	19	27	efficiency	efficiency	NOUN
ajfa-5241	19	28	,	,	PUNCT
ajfa-5241	19	29	higher	high	ADJ
ajfa-5241	19	30	financial	financial	ADJ
ajfa-5241	19	31	leverage	leverage	NOUN
ajfa-5241	19	32	,	,	PUNCT
ajfa-5241	19	33	and	and	CCONJ
ajfa-5241	19	34	weak	weak	ADJ
ajfa-5241	19	35	ability	ability	NOUN
ajfa-5241	19	36	to	to	PART
ajfa-5241	19	37	access	access	VERB
ajfa-5241	19	38	for	for	ADP
ajfa-5241	19	39	external	external	ADJ
ajfa-5241	19	40	financing	financing	NOUN
ajfa-5241	19	41	etc	etc	X
ajfa-5241	19	42	,	,	PUNCT
ajfa-5241	19	43	.	.	PUNCT
ajfa-5241	20	1	another	another	DET
ajfa-5241	20	2	challenge	challenge	NOUN
ajfa-5241	20	3	the	the	DET
ajfa-5241	20	4	one	one	NUM
ajfa-5241	20	5	factor	factor	NOUN
ajfa-5241	20	6	capm	capm	NOUN
ajfa-5241	20	7	confronts	confront	NOUN
ajfa-5241	20	8	is	be	AUX
ajfa-5241	20	9	the	the	DET
ajfa-5241	20	10	company	company	NOUN
ajfa-5241	20	11	value	value	NOUN
ajfa-5241	20	12	effect2	effect2	NOUN
ajfa-5241	20	13	which	which	PRON
ajfa-5241	20	14	is	be	AUX
ajfa-5241	20	15	documented	document	VERB
ajfa-5241	20	16	by	by	ADP
ajfa-5241	20	17	different	different	ADJ
ajfa-5241	20	18	researchers	researcher	NOUN
ajfa-5241	20	19	for	for	ADP
ajfa-5241	20	20	several	several	ADJ
ajfa-5241	20	21	stock	stock	NOUN
ajfa-5241	20	22	markets	market	NOUN
ajfa-5241	20	23	of	of	ADP
ajfa-5241	20	24	which	which	PRON
ajfa-5241	20	25	some	some	PRON
ajfa-5241	20	26	of	of	ADP
ajfa-5241	20	27	the	the	DET
ajfa-5241	20	28	main	main	ADJ
ajfa-5241	20	29	studies	study	NOUN
ajfa-5241	20	30	are	be	AUX
ajfa-5241	20	31	highlighted	highlight	VERB
ajfa-5241	20	32	here	here	ADV
ajfa-5241	20	33	.	.	PUNCT
ajfa-5241	21	1	basu	basu	PROPN
ajfa-5241	21	2	(	(	PUNCT
ajfa-5241	21	3	1977	1977	NUM
ajfa-5241	21	4	)	)	PUNCT
ajfa-5241	21	5	documents	document	NOUN
ajfa-5241	21	6	that	that	PRON
ajfa-5241	21	7	stocks	stock	NOUN
ajfa-5241	21	8	with	with	ADP
ajfa-5241	21	9	low	low	ADJ
ajfa-5241	21	10	p	p	X
ajfa-5241	21	11	/	/	SYM
ajfa-5241	21	12	e	e	NOUN
ajfa-5241	21	13	ratios	ratio	NOUN
ajfa-5241	21	14	(	(	PUNCT
ajfa-5241	21	15	an	an	DET
ajfa-5241	21	16	indicator	indicator	NOUN
ajfa-5241	21	17	of	of	ADP
ajfa-5241	21	18	company	company	NOUN
ajfa-5241	21	19	value	value	NOUN
ajfa-5241	21	20	)	)	PUNCT
ajfa-5241	21	21	provide	provide	VERB
ajfa-5241	21	22	superior	superior	ADJ
ajfa-5241	21	23	returns	return	NOUN
ajfa-5241	21	24	than	than	ADP
ajfa-5241	21	25	stocks	stock	NOUN
ajfa-5241	21	26	with	with	ADP
ajfa-5241	21	27	high	high	ADJ
ajfa-5241	21	28	p	p	X
ajfa-5241	21	29	/	/	SYM
ajfa-5241	21	30	e	e	NOUN
ajfa-5241	21	31	ratios	ratio	NOUN
ajfa-5241	21	32	.	.	PUNCT
ajfa-5241	22	1	his	his	PRON
ajfa-5241	22	2	arguments	argument	NOUN
ajfa-5241	22	3	to	to	ADP
ajfa-5241	22	4	this	this	PRON
ajfa-5241	22	5	include	include	VERB
ajfa-5241	22	6	non	non	ADJ
ajfa-5241	22	7	-	-	NOUN
ajfa-5241	22	8	reflection	reflection	NOUN
ajfa-5241	22	9	of	of	ADP
ajfa-5241	22	10	p	p	X
ajfa-5241	22	11	/	/	SYM
ajfa-5241	22	12	e	e	NOUN
ajfa-5241	22	13	ratio	ratio	NOUN
ajfa-5241	22	14	information	information	NOUN
ajfa-5241	22	15	in	in	ADP
ajfa-5241	22	16	securities	security	NOUN
ajfa-5241	22	17	prices	price	NOUN
ajfa-5241	22	18	,	,	PUNCT
ajfa-5241	22	19	market	market	NOUN
ajfa-5241	22	20	disequilibrium	disequilibrium	NOUN
ajfa-5241	22	21	,	,	PUNCT
ajfa-5241	22	22	and	and	CCONJ
ajfa-5241	22	23	entry	entry	NOUN
ajfa-5241	22	24	of	of	ADP
ajfa-5241	22	25	tax	tax	NOUN
ajfa-5241	22	26	-	-	PUNCT
ajfa-5241	22	27	paying	pay	VERB
ajfa-5241	22	28	investors	investor	NOUN
ajfa-5241	22	29	in	in	ADP
ajfa-5241	22	30	to	to	ADP
ajfa-5241	22	31	capital	capital	NOUN
ajfa-5241	22	32	market	market	NOUN
ajfa-5241	22	33	to	to	PART
ajfa-5241	22	34	rebalance	rebalance	VERB
ajfa-5241	22	35	their	their	PRON
ajfa-5241	22	36	portfolios	portfolio	NOUN
ajfa-5241	22	37	through	through	ADP
ajfa-5241	22	38	buying	buy	VERB
ajfa-5241	22	39	low	low	ADJ
ajfa-5241	22	40	p	p	X
ajfa-5241	22	41	/	/	SYM
ajfa-5241	22	42	e	e	NOUN
ajfa-5241	22	43	stocks	stock	NOUN
ajfa-5241	22	44	.	.	PUNCT
ajfa-5241	23	1	bhandari	bhandari	PROPN
ajfa-5241	23	2	(	(	PUNCT
ajfa-5241	23	3	1988	1988	NUM
ajfa-5241	23	4	)	)	PUNCT
ajfa-5241	23	5	observes	observe	VERB
ajfa-5241	23	6	a	a	DET
ajfa-5241	23	7	linear	linear	ADJ
ajfa-5241	23	8	relation	relation	NOUN
ajfa-5241	23	9	between	between	ADP
ajfa-5241	23	10	stock	stock	NOUN
ajfa-5241	23	11	returns	return	NOUN
ajfa-5241	23	12	and	and	CCONJ
ajfa-5241	23	13	firm	firm	NOUN
ajfa-5241	23	14	’s	’s	PART
ajfa-5241	23	15	debt	debt	NOUN
ajfa-5241	23	16	-	-	PUNCT
ajfa-5241	23	17	equity	equity	NOUN
ajfa-5241	23	18	ratio	ratio	NOUN
ajfa-5241	23	19	.	.	PUNCT
ajfa-5241	24	1	chan	chan	PROPN
ajfa-5241	24	2	,	,	PUNCT
ajfa-5241	24	3	hamao	hamao	PROPN
ajfa-5241	24	4	,	,	PUNCT
ajfa-5241	24	5	and	and	CCONJ
ajfa-5241	24	6	lakonishok	lakonishok	NOUN
ajfa-5241	24	7	(	(	PUNCT
ajfa-5241	24	8	1991	1991	NUM
ajfa-5241	24	9	)	)	PUNCT
ajfa-5241	24	10	demonstrate	demonstrate	VERB
ajfa-5241	24	11	that	that	SCONJ
ajfa-5241	24	12	there	there	PRON
ajfa-5241	24	13	is	be	VERB
ajfa-5241	24	14	a	a	DET
ajfa-5241	24	15	positive	positive	ADJ
ajfa-5241	24	16	relation	relation	NOUN
ajfa-5241	24	17	between	between	ADP
ajfa-5241	24	18	stock	stock	NOUN
ajfa-5241	24	19	returns	return	NOUN
ajfa-5241	24	20	and	and	CCONJ
ajfa-5241	24	21	corporate	corporate	ADJ
ajfa-5241	24	22	fundamentals	fundamental	NOUN
ajfa-5241	24	23	such	such	ADJ
ajfa-5241	24	24	as	as	ADP
ajfa-5241	24	25	size	size	NOUN
ajfa-5241	24	26	,	,	PUNCT
ajfa-5241	24	27	book	book	NOUN
ajfa-5241	24	28	equity	equity	NOUN
ajfa-5241	24	29	to	to	ADP
ajfa-5241	24	30	market	market	NOUN
ajfa-5241	24	31	equity	equity	NOUN
ajfa-5241	24	32	,	,	PUNCT
ajfa-5241	24	33	earnings	earning	NOUN
ajfa-5241	24	34	yield	yield	NOUN
ajfa-5241	24	35	,	,	PUNCT
ajfa-5241	24	36	and	and	CCONJ
ajfa-5241	24	37	cash	cash	NOUN
ajfa-5241	24	38	flow	flow	NOUN
ajfa-5241	24	39	yield	yield	NOUN
ajfa-5241	24	40	.	.	PUNCT
ajfa-5241	25	1	they	they	PRON
ajfa-5241	25	2	find	find	VERB
ajfa-5241	25	3	a	a	DET
ajfa-5241	25	4	significant	significant	ADJ
ajfa-5241	25	5	impact	impact	NOUN
ajfa-5241	25	6	in	in	ADP
ajfa-5241	25	7	stock	stock	NOUN
ajfa-5241	25	8	returns	return	NOUN
ajfa-5241	25	9	and	and	CCONJ
ajfa-5241	25	10	book	book	NOUN
ajfa-5241	25	11	equity	equity	NOUN
ajfa-5241	25	12	to	to	ADP
ajfa-5241	25	13	market	market	NOUN
ajfa-5241	25	14	equity	equity	NOUN
ajfa-5241	25	15	and	and	CCONJ
ajfa-5241	25	16	cash	cash	NOUN
ajfa-5241	25	17	flow	flow	NOUN
ajfa-5241	25	18	yield	yield	NOUN
ajfa-5241	25	19	.	.	PUNCT
ajfa-5241	26	1	chan	chan	PROPN
ajfa-5241	26	2	,	,	PUNCT
ajfa-5241	26	3	karceski	karceski	PROPN
ajfa-5241	26	4	,	,	PUNCT
ajfa-5241	26	5	and	and	CCONJ
ajfa-5241	26	6	lakonishok	lakonishok	NOUN
ajfa-5241	26	7	(	(	PUNCT
ajfa-5241	26	8	1998	1998	NUM
ajfa-5241	26	9	)	)	PUNCT
ajfa-5241	26	10	take	take	VERB
ajfa-5241	26	11	on	on	ADP
ajfa-5241	26	12	an	an	DET
ajfa-5241	26	13	empirical	empirical	ADJ
ajfa-5241	26	14	work	work	NOUN
ajfa-5241	26	15	which	which	PRON
ajfa-5241	26	16	examines	examine	VERB
ajfa-5241	26	17	the	the	DET
ajfa-5241	26	18	stock	stock	NOUN
ajfa-5241	26	19	returns	return	NOUN
ajfa-5241	26	20	’	'	PUNCT
ajfa-5241	26	21	relation	relation	NOUN
ajfa-5241	26	22	with	with	ADP
ajfa-5241	26	23	fundamental	fundamental	ADJ
ajfa-5241	26	24	factors	factor	NOUN
ajfa-5241	26	25	,	,	PUNCT
ajfa-5241	26	26	technical	technical	ADJ
ajfa-5241	26	27	factors	factor	NOUN
ajfa-5241	26	28	,	,	PUNCT
ajfa-5241	26	29	and	and	CCONJ
ajfa-5241	26	30	macroeconomic	macroeconomic	ADJ
ajfa-5241	26	31	factors	factor	NOUN
ajfa-5241	26	32	and	and	CCONJ
ajfa-5241	26	33	they	they	PRON
ajfa-5241	26	34	find	find	VERB
ajfa-5241	26	35	a	a	DET
ajfa-5241	26	36	significant	significant	ADJ
ajfa-5241	26	37	influence	influence	NOUN
ajfa-5241	26	38	of	of	ADP
ajfa-5241	26	39	fundamental	fundamental	ADJ
ajfa-5241	26	40	factors	factor	NOUN
ajfa-5241	26	41	(	(	PUNCT
ajfa-5241	26	42	accounting	accounting	NOUN
ajfa-5241	26	43	based	base	VERB
ajfa-5241	26	44	variables	variable	NOUN
ajfa-5241	26	45	)	)	PUNCT
ajfa-5241	26	46	and	and	CCONJ
ajfa-5241	26	47	technical	technical	ADJ
ajfa-5241	26	48	factors	factor	NOUN
ajfa-5241	26	49	(	(	PUNCT
ajfa-5241	26	50	prior	prior	ADJ
ajfa-5241	26	51	returns	return	NOUN
ajfa-5241	26	52	)	)	PUNCT
ajfa-5241	26	53	in	in	ADP
ajfa-5241	26	54	stock	stock	NOUN
ajfa-5241	26	55	returns	return	NOUN
ajfa-5241	26	56	while	while	SCONJ
ajfa-5241	26	57	poor	poor	ADJ
ajfa-5241	26	58	relation	relation	NOUN
ajfa-5241	26	59	is	be	AUX
ajfa-5241	26	60	observed	observe	VERB
ajfa-5241	26	61	between	between	ADP
ajfa-5241	26	62	stocks	stock	NOUN
ajfa-5241	26	63	returns	return	NOUN
ajfa-5241	26	64	and	and	CCONJ
ajfa-5241	26	65	macroeconomic	macroeconomic	ADJ
ajfa-5241	26	66	factors	factor	NOUN
ajfa-5241	26	67	.	.	PUNCT
ajfa-5241	27	1	_	_	PUNCT
ajfa-5241	28	1	_	_	PUNCT
ajfa-5241	29	1	_	_	PUNCT
ajfa-5241	30	1	_	_	PUNCT
ajfa-5241	31	1	_	_	PUNCT
ajfa-5241	32	1	_	_	PUNCT
ajfa-5241	33	1	_	_	PUNCT
ajfa-5241	34	1	_	_	PUNCT
ajfa-5241	35	1	_	_	PUNCT
ajfa-5241	36	1	_	_	PUNCT
ajfa-5241	37	1	_	_	PUNCT
ajfa-5241	38	1	_	_	PUNCT
ajfa-5241	39	1	_	_	PUNCT
ajfa-5241	39	2	1	1	NUM
ajfa-5241	39	3	size	size	NOUN
ajfa-5241	39	4	effect	effect	NOUN
ajfa-5241	39	5	means	mean	VERB
ajfa-5241	39	6	small	small	ADJ
ajfa-5241	39	7	stocks	stock	NOUN
ajfa-5241	39	8	(	(	PUNCT
ajfa-5241	39	9	small	small	ADJ
ajfa-5241	39	10	size	size	NOUN
ajfa-5241	39	11	companies	company	NOUN
ajfa-5241	39	12	)	)	PUNCT
ajfa-5241	39	13	outperform	outperform	VERB
ajfa-5241	39	14	big	big	ADJ
ajfa-5241	39	15	stocks	stock	NOUN
ajfa-5241	39	16	(	(	PUNCT
ajfa-5241	39	17	big	big	ADJ
ajfa-5241	39	18	size	size	NOUN
ajfa-5241	39	19	companies	company	NOUN
ajfa-5241	39	20	)	)	PUNCT
ajfa-5241	39	21	by	by	ADP
ajfa-5241	39	22	providing	provide	VERB
ajfa-5241	39	23	extra	extra	ADJ
ajfa-5241	39	24	-	-	ADJ
ajfa-5241	39	25	normal	normal	ADJ
ajfa-5241	39	26	returns	return	NOUN
ajfa-5241	39	27	.	.	PUNCT
ajfa-5241	40	1	see	see	VERB
ajfa-5241	40	2	banz	banz	NOUN
ajfa-5241	40	3	(	(	PUNCT
ajfa-5241	40	4	1981	1981	NUM
ajfa-5241	40	5	)	)	PUNCT
ajfa-5241	40	6	.	.	PUNCT
ajfa-5241	41	1	2	2	NUM
ajfa-5241	41	2	value	value	NOUN
ajfa-5241	41	3	effect	effect	NOUN
ajfa-5241	41	4	means	mean	VERB
ajfa-5241	41	5	low	low	ADJ
ajfa-5241	41	6	value	value	NOUN
ajfa-5241	41	7	stocks	stock	NOUN
ajfa-5241	41	8	provide	provide	VERB
ajfa-5241	41	9	higher	high	ADJ
ajfa-5241	41	10	returns	return	NOUN
ajfa-5241	41	11	vis	vis	X
ajfa-5241	41	12	-	-	ADJ
ajfa-5241	41	13	à	à	X
ajfa-5241	41	14	-	-	PUNCT
ajfa-5241	41	15	vis	vis	X
ajfa-5241	41	16	high	high	ADJ
ajfa-5241	41	17	value	value	NOUN
ajfa-5241	41	18	stocks	stock	NOUN
ajfa-5241	41	19	.	.	PUNCT
ajfa-5241	42	1	see	see	VERB
ajfa-5241	42	2	fama	fama	NOUN
ajfa-5241	42	3	-	-	PUNCT
ajfa-5241	42	4	french	french	NOUN
ajfa-5241	42	5	(	(	PUNCT
ajfa-5241	42	6	1993	1993	NUM
ajfa-5241	42	7	)	)	PUNCT
ajfa-5241	42	8	,	,	PUNCT
ajfa-5241	42	9	basu	basu	PROPN
ajfa-5241	42	10	(	(	PUNCT
ajfa-5241	42	11	1977	1977	NUM
ajfa-5241	42	12	)	)	PUNCT
ajfa-5241	42	13	,	,	PUNCT
ajfa-5241	42	14	bhandari	bhandari	NOUN
ajfa-5241	42	15	(	(	PUNCT
ajfa-5241	42	16	1988	1988	NUM
ajfa-5241	42	17	)	)	PUNCT
ajfa-5241	42	18	,	,	PUNCT
ajfa-5241	42	19	and	and	CCONJ
ajfa-5241	42	20	chan	chan	PROPN
ajfa-5241	42	21	,	,	PUNCT
ajfa-5241	42	22	hamao	hamao	PROPN
ajfa-5241	42	23	,	,	PUNCT
ajfa-5241	42	24	and	and	CCONJ
ajfa-5241	42	25	lakonishok	lakonishok	NOUN
ajfa-5241	42	26	(	(	PUNCT
ajfa-5241	42	27	1991	1991	NUM
ajfa-5241	42	28	)	)	PUNCT
ajfa-5241	42	29	.	.	PUNCT
ajfa-5241	43	1	asian	asian	ADJ
ajfa-5241	43	2	journal	journal	PROPN
ajfa-5241	43	3	of	of	ADP
ajfa-5241	43	4	finance	finance	PROPN
ajfa-5241	43	5	&	&	CCONJ
ajfa-5241	43	6	accounting	accounting	PROPN
ajfa-5241	43	7	issn	issn	PROPN
ajfa-5241	43	8	1946	1946	NUM
ajfa-5241	43	9	-	-	PUNCT
ajfa-5241	43	10	052x	052x	PROPN
ajfa-5241	43	11	2014	2014	NUM
ajfa-5241	43	12	,	,	PUNCT
ajfa-5241	43	13	vol	vol	NOUN
ajfa-5241	43	14	.	.	PROPN
ajfa-5241	43	15	6	6	NUM
ajfa-5241	43	16	,	,	PUNCT
ajfa-5241	43	17	no	no	INTJ
ajfa-5241	43	18	.	.	NOUN
ajfa-5241	43	19	1	1	NUM
ajfa-5241	43	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	43	21	339	339	NUM
ajfa-5241	43	22	chui	chui	PROPN
ajfa-5241	43	23	and	and	CCONJ
ajfa-5241	43	24	wei	wei	PROPN
ajfa-5241	43	25	(	(	PUNCT
ajfa-5241	43	26	1998	1998	NUM
ajfa-5241	43	27	)	)	PUNCT
ajfa-5241	43	28	test	test	VERB
ajfa-5241	43	29	the	the	DET
ajfa-5241	43	30	relationship	relationship	NOUN
ajfa-5241	43	31	between	between	ADP
ajfa-5241	43	32	stock	stock	NOUN
ajfa-5241	43	33	returns	return	NOUN
ajfa-5241	43	34	and	and	CCONJ
ajfa-5241	43	35	market	market	NOUN
ajfa-5241	43	36	beta	beta	NOUN
ajfa-5241	43	37	,	,	PUNCT
ajfa-5241	43	38	size	size	NOUN
ajfa-5241	43	39	,	,	PUNCT
ajfa-5241	43	40	and	and	CCONJ
ajfa-5241	43	41	book	book	NOUN
ajfa-5241	43	42	equity	equity	NOUN
ajfa-5241	43	43	to	to	AUX
ajfa-5241	43	44	market	market	NOUN
ajfa-5241	43	45	equity	equity	NOUN
ajfa-5241	43	46	for	for	ADP
ajfa-5241	43	47	the	the	DET
ajfa-5241	43	48	stock	stock	NOUN
ajfa-5241	43	49	markets	market	NOUN
ajfa-5241	43	50	of	of	ADP
ajfa-5241	43	51	hong	hong	PROPN
ajfa-5241	43	52	kong	kong	PROPN
ajfa-5241	43	53	,	,	PUNCT
ajfa-5241	43	54	korea	korea	PROPN
ajfa-5241	43	55	,	,	PUNCT
ajfa-5241	43	56	malaysia	malaysia	PROPN
ajfa-5241	43	57	,	,	PUNCT
ajfa-5241	43	58	taiwan	taiwan	PROPN
ajfa-5241	43	59	,	,	PUNCT
ajfa-5241	43	60	and	and	CCONJ
ajfa-5241	43	61	thailand	thailand	PROPN
ajfa-5241	43	62	.	.	PUNCT
ajfa-5241	44	1	they	they	PRON
ajfa-5241	44	2	find	find	VERB
ajfa-5241	44	3	a	a	DET
ajfa-5241	44	4	positive	positive	ADJ
ajfa-5241	44	5	relation	relation	NOUN
ajfa-5241	44	6	between	between	ADP
ajfa-5241	44	7	beta	beta	NOUN
ajfa-5241	44	8	and	and	CCONJ
ajfa-5241	44	9	stock	stock	NOUN
ajfa-5241	44	10	returns	return	NOUN
ajfa-5241	44	11	is	be	AUX
ajfa-5241	44	12	weak	weak	ADJ
ajfa-5241	44	13	while	while	SCONJ
ajfa-5241	44	14	size	size	NOUN
ajfa-5241	44	15	effect	effect	NOUN
ajfa-5241	44	16	is	be	AUX
ajfa-5241	44	17	strongly	strongly	ADV
ajfa-5241	44	18	pronounced	pronounce	VERB
ajfa-5241	44	19	across	across	ADP
ajfa-5241	44	20	the	the	DET
ajfa-5241	44	21	markets	market	NOUN
ajfa-5241	44	22	.	.	PUNCT
ajfa-5241	45	1	book	book	NOUN
ajfa-5241	45	2	to	to	ADP
ajfa-5241	45	3	market	market	NOUN
ajfa-5241	45	4	equity	equity	NOUN
ajfa-5241	45	5	explains	explain	VERB
ajfa-5241	45	6	the	the	DET
ajfa-5241	45	7	stock	stock	NOUN
ajfa-5241	45	8	returns	return	NOUN
ajfa-5241	45	9	in	in	ADP
ajfa-5241	45	10	all	all	DET
ajfa-5241	45	11	the	the	DET
ajfa-5241	45	12	markets	market	NOUN
ajfa-5241	45	13	with	with	ADP
ajfa-5241	45	14	exception	exception	NOUN
ajfa-5241	45	15	of	of	ADP
ajfa-5241	45	16	taiwan	taiwan	PROPN
ajfa-5241	45	17	and	and	CCONJ
ajfa-5241	45	18	thailand	thailand	PROPN
ajfa-5241	45	19	.	.	PUNCT
ajfa-5241	46	1	stattman	stattman	PROPN
ajfa-5241	46	2	(	(	PUNCT
ajfa-5241	46	3	1980	1980	NUM
ajfa-5241	46	4	)	)	PUNCT
ajfa-5241	46	5	shows	show	VERB
ajfa-5241	46	6	that	that	SCONJ
ajfa-5241	46	7	stock	stock	NOUN
ajfa-5241	46	8	returns	return	NOUN
ajfa-5241	46	9	have	have	VERB
ajfa-5241	46	10	negative	negative	ADJ
ajfa-5241	46	11	relation	relation	NOUN
ajfa-5241	46	12	with	with	ADP
ajfa-5241	46	13	book	book	NOUN
ajfa-5241	46	14	equity	equity	NOUN
ajfa-5241	46	15	to	to	ADP
ajfa-5241	46	16	market	market	NOUN
ajfa-5241	46	17	equity	equity	NOUN
ajfa-5241	46	18	.	.	PUNCT
ajfa-5241	47	1	another	another	DET
ajfa-5241	47	2	challenge	challenge	NOUN
ajfa-5241	47	3	of	of	ADP
ajfa-5241	47	4	capm	capm	PROPN
ajfa-5241	47	5	is	be	AUX
ajfa-5241	47	6	prior	prior	ADJ
ajfa-5241	47	7	return	return	NOUN
ajfa-5241	47	8	effect3	effect3	NOUN
ajfa-5241	47	9	which	which	PRON
ajfa-5241	47	10	means	mean	VERB
ajfa-5241	47	11	past	past	ADJ
ajfa-5241	47	12	returns	return	NOUN
ajfa-5241	47	13	on	on	ADP
ajfa-5241	47	14	stock	stock	NOUN
ajfa-5241	47	15	attract	attract	VERB
ajfa-5241	47	16	the	the	DET
ajfa-5241	47	17	investors	investor	NOUN
ajfa-5241	47	18	.	.	PUNCT
ajfa-5241	48	1	debondt	debondt	NOUN
ajfa-5241	48	2	and	and	CCONJ
ajfa-5241	48	3	thaler	thaler	PROPN
ajfa-5241	48	4	(	(	PUNCT
ajfa-5241	48	5	1985	1985	NUM
ajfa-5241	48	6	,	,	PUNCT
ajfa-5241	48	7	1987	1987	NUM
ajfa-5241	48	8	)	)	PUNCT
ajfa-5241	48	9	find	find	VERB
ajfa-5241	48	10	new	new	ADJ
ajfa-5241	48	11	evidence	evidence	NOUN
ajfa-5241	48	12	that	that	SCONJ
ajfa-5241	48	13	most	most	ADJ
ajfa-5241	48	14	of	of	ADP
ajfa-5241	48	15	the	the	DET
ajfa-5241	48	16	investors	investor	NOUN
ajfa-5241	48	17	overreact	overreact	VERB
ajfa-5241	48	18	to	to	ADP
ajfa-5241	48	19	certain	certain	ADJ
ajfa-5241	48	20	unexpected	unexpected	ADJ
ajfa-5241	48	21	news	news	NOUN
ajfa-5241	48	22	released	release	VERB
ajfa-5241	48	23	by	by	ADP
ajfa-5241	48	24	corporate	corporate	ADJ
ajfa-5241	48	25	and	and	CCONJ
ajfa-5241	48	26	events	event	NOUN
ajfa-5241	48	27	happening	happen	VERB
ajfa-5241	48	28	in	in	ADP
ajfa-5241	48	29	the	the	DET
ajfa-5241	48	30	company	company	NOUN
ajfa-5241	48	31	.	.	PUNCT
ajfa-5241	49	1	they	they	PRON
ajfa-5241	49	2	further	far	ADV
ajfa-5241	49	3	show	show	VERB
ajfa-5241	49	4	that	that	SCONJ
ajfa-5241	49	5	portfolios	portfolio	NOUN
ajfa-5241	49	6	provided	provide	VERB
ajfa-5241	49	7	higher	high	ADJ
ajfa-5241	49	8	returns	return	NOUN
ajfa-5241	49	9	in	in	ADP
ajfa-5241	49	10	the	the	DET
ajfa-5241	49	11	past	past	NOUN
ajfa-5241	49	12	starts	start	NOUN
ajfa-5241	49	13	giving	give	VERB
ajfa-5241	49	14	lower	low	ADJ
ajfa-5241	49	15	returns	return	NOUN
ajfa-5241	49	16	in	in	ADP
ajfa-5241	49	17	the	the	DET
ajfa-5241	49	18	future	future	NOUN
ajfa-5241	49	19	.	.	PUNCT
ajfa-5241	50	1	chan	chan	PROPN
ajfa-5241	50	2	,	,	PUNCT
ajfa-5241	50	3	jegadeesh	jegadeesh	NOUN
ajfa-5241	50	4	and	and	CCONJ
ajfa-5241	50	5	lakonishok	lakonishok	PROPN
ajfa-5241	50	6	(	(	PUNCT
ajfa-5241	50	7	1996	1996	NUM
ajfa-5241	50	8	)	)	PUNCT
ajfa-5241	50	9	reveal	reveal	VERB
ajfa-5241	50	10	that	that	SCONJ
ajfa-5241	50	11	prior	prior	ADJ
ajfa-5241	50	12	returns	return	NOUN
ajfa-5241	50	13	and	and	CCONJ
ajfa-5241	50	14	past	past	ADJ
ajfa-5241	50	15	earnings	earning	NOUN
ajfa-5241	50	16	surprise	surprise	NOUN
ajfa-5241	50	17	predict	predict	VERB
ajfa-5241	50	18	large	large	ADJ
ajfa-5241	50	19	variations	variation	NOUN
ajfa-5241	50	20	in	in	ADP
ajfa-5241	50	21	stock	stock	NOUN
ajfa-5241	50	22	returns	return	NOUN
ajfa-5241	50	23	and	and	CCONJ
ajfa-5241	50	24	these	these	DET
ajfa-5241	50	25	variations	variation	NOUN
ajfa-5241	50	26	are	be	AUX
ajfa-5241	50	27	not	not	PART
ajfa-5241	50	28	explained	explain	VERB
ajfa-5241	50	29	by	by	ADP
ajfa-5241	50	30	market	market	NOUN
ajfa-5241	50	31	beta	beta	NOUN
ajfa-5241	50	32	,	,	PUNCT
ajfa-5241	50	33	size	size	NOUN
ajfa-5241	50	34	,	,	PUNCT
ajfa-5241	50	35	and	and	CCONJ
ajfa-5241	50	36	book	book	NOUN
ajfa-5241	50	37	equity	equity	NOUN
ajfa-5241	50	38	to	to	ADP
ajfa-5241	50	39	market	market	NOUN
ajfa-5241	50	40	equity	equity	NOUN
ajfa-5241	50	41	.	.	PUNCT
ajfa-5241	51	1	barberis	barberis	PROPN
ajfa-5241	51	2	,	,	PUNCT
ajfa-5241	51	3	shliefer	shliefer	NOUN
ajfa-5241	51	4	and	and	CCONJ
ajfa-5241	51	5	vishny	vishny	PROPN
ajfa-5241	51	6	(	(	PUNCT
ajfa-5241	51	7	1998	1998	NUM
ajfa-5241	51	8	)	)	PUNCT
ajfa-5241	51	9	find	find	VERB
ajfa-5241	51	10	that	that	SCONJ
ajfa-5241	51	11	value	value	NOUN
ajfa-5241	51	12	stocks	stock	NOUN
ajfa-5241	51	13	or	or	CCONJ
ajfa-5241	51	14	out	out	ADP
ajfa-5241	51	15	of	of	ADP
ajfa-5241	51	16	favour	favour	NOUN
ajfa-5241	51	17	stocks	stock	NOUN
ajfa-5241	51	18	outperform	outperform	VERB
ajfa-5241	51	19	the	the	DET
ajfa-5241	51	20	glamour	glamour	NOUN
ajfa-5241	51	21	stocks	stock	NOUN
ajfa-5241	51	22	by	by	ADP
ajfa-5241	51	23	providing	provide	VERB
ajfa-5241	51	24	higher	high	ADJ
ajfa-5241	51	25	returns	return	NOUN
ajfa-5241	51	26	.	.	PUNCT
ajfa-5241	52	1	moreover	moreover	ADV
ajfa-5241	52	2	,	,	PUNCT
ajfa-5241	52	3	they	they	PRON
ajfa-5241	52	4	see	see	VERB
ajfa-5241	52	5	a	a	DET
ajfa-5241	52	6	little	little	ADJ
ajfa-5241	52	7	evidence	evidence	NOUN
ajfa-5241	52	8	in	in	ADP
ajfa-5241	52	9	favour	favour	NOUN
ajfa-5241	52	10	of	of	ADP
ajfa-5241	52	11	an	an	DET
ajfa-5241	52	12	argument	argument	NOUN
ajfa-5241	52	13	that	that	PRON
ajfa-5241	52	14	value	value	NOUN
ajfa-5241	52	15	stocks	stock	NOUN
ajfa-5241	52	16	are	be	AUX
ajfa-5241	52	17	fundamentally	fundamentally	ADV
ajfa-5241	52	18	risky	risky	ADJ
ajfa-5241	52	19	.	.	PUNCT
ajfa-5241	53	1	daniel	daniel	PROPN
ajfa-5241	53	2	,	,	PUNCT
ajfa-5241	53	3	hirshleifer	hirshleifer	NOUN
ajfa-5241	53	4	and	and	CCONJ
ajfa-5241	53	5	subrahmanyam	subrahmanyam	PROPN
ajfa-5241	53	6	(	(	PUNCT
ajfa-5241	53	7	1998	1998	NUM
ajfa-5241	53	8	)	)	PUNCT
ajfa-5241	53	9	develop	develop	VERB
ajfa-5241	53	10	a	a	DET
ajfa-5241	53	11	theory	theory	NOUN
ajfa-5241	53	12	which	which	PRON
ajfa-5241	53	13	proves	prove	VERB
ajfa-5241	53	14	that	that	SCONJ
ajfa-5241	53	15	the	the	DET
ajfa-5241	53	16	investors	investor	NOUN
ajfa-5241	53	17	overreact	overreact	VERB
ajfa-5241	53	18	to	to	ADP
ajfa-5241	53	19	information	information	NOUN
ajfa-5241	53	20	which	which	PRON
ajfa-5241	53	21	are	be	AUX
ajfa-5241	53	22	of	of	ADP
ajfa-5241	53	23	private	private	ADJ
ajfa-5241	53	24	in	in	ADP
ajfa-5241	53	25	nature	nature	NOUN
ajfa-5241	53	26	while	while	SCONJ
ajfa-5241	53	27	underreact	underreact	ADJ
ajfa-5241	53	28	to	to	ADP
ajfa-5241	53	29	public	public	ADJ
ajfa-5241	53	30	information	information	NOUN
ajfa-5241	53	31	being	be	AUX
ajfa-5241	53	32	released	release	VERB
ajfa-5241	53	33	corporate	corporate	ADJ
ajfa-5241	53	34	.	.	PUNCT
ajfa-5241	54	1	hence	hence	ADV
ajfa-5241	54	2	,	,	PUNCT
ajfa-5241	54	3	size	size	NOUN
ajfa-5241	54	4	,	,	PUNCT
ajfa-5241	54	5	value	value	NOUN
ajfa-5241	54	6	,	,	PUNCT
ajfa-5241	54	7	and	and	CCONJ
ajfa-5241	54	8	prior	prior	ADJ
ajfa-5241	54	9	returns	return	NOUN
ajfa-5241	54	10	are	be	AUX
ajfa-5241	54	11	typically	typically	ADV
ajfa-5241	54	12	called	call	VERB
ajfa-5241	54	13	as	as	ADP
ajfa-5241	54	14	asset	asset	NOUN
ajfa-5241	54	15	pricing	pricing	NOUN
ajfa-5241	54	16	anomalies	anomaly	NOUN
ajfa-5241	54	17	.	.	PUNCT
ajfa-5241	55	1	fama	fama	NOUN
ajfa-5241	55	2	-	-	PUNCT
ajfa-5241	55	3	french	french	NOUN
ajfa-5241	55	4	[	[	X
ajfa-5241	55	5	(	(	PUNCT
ajfa-5241	55	6	ff	ff	PROPN
ajfa-5241	55	7	model	model	NOUN
ajfa-5241	55	8	)	)	PUNCT
ajfa-5241	55	9	(	(	PUNCT
ajfa-5241	55	10	1993	1993	NUM
ajfa-5241	55	11	)	)	PUNCT
ajfa-5241	55	12	]	]	PUNCT
ajfa-5241	56	1	propose	propose	VERB
ajfa-5241	56	2	a	a	DET
ajfa-5241	56	3	model	model	NOUN
ajfa-5241	56	4	which	which	PRON
ajfa-5241	56	5	consists	consist	VERB
ajfa-5241	56	6	of	of	ADP
ajfa-5241	56	7	three	three	NUM
ajfa-5241	56	8	stock	stock	NOUN
ajfa-5241	56	9	market	market	NOUN
ajfa-5241	56	10	related	relate	VERB
ajfa-5241	56	11	factors	factor	NOUN
ajfa-5241	56	12	such	such	ADJ
ajfa-5241	56	13	as	as	ADP
ajfa-5241	56	14	market	market	NOUN
ajfa-5241	56	15	,	,	PUNCT
ajfa-5241	56	16	company	company	NOUN
ajfa-5241	56	17	size	size	NOUN
ajfa-5241	56	18	and	and	CCONJ
ajfa-5241	56	19	value	value	NOUN
ajfa-5241	56	20	.	.	PUNCT
ajfa-5241	57	1	the	the	DET
ajfa-5241	57	2	company	company	NOUN
ajfa-5241	57	3	size	size	NOUN
ajfa-5241	57	4	is	be	AUX
ajfa-5241	57	5	represented	represent	VERB
ajfa-5241	57	6	by	by	ADP
ajfa-5241	57	7	market	market	NOUN
ajfa-5241	57	8	capitalization	capitalization	NOUN
ajfa-5241	57	9	while	while	SCONJ
ajfa-5241	57	10	value	value	NOUN
ajfa-5241	57	11	is	be	AUX
ajfa-5241	57	12	quantified	quantify	VERB
ajfa-5241	57	13	by	by	ADP
ajfa-5241	57	14	price	price	NOUN
ajfa-5241	57	15	-	-	PUNCT
ajfa-5241	57	16	to	to	ADP
ajfa-5241	57	17	-	-	PUNCT
ajfa-5241	57	18	book	book	NOUN
ajfa-5241	57	19	ratio	ratio	NOUN
ajfa-5241	57	20	.	.	PUNCT
ajfa-5241	58	1	fama	fama	NOUN
ajfa-5241	58	2	-	-	PUNCT
ajfa-5241	58	3	french	french	NOUN
ajfa-5241	58	4	(	(	PUNCT
ajfa-5241	58	5	1996	1996	NUM
ajfa-5241	58	6	)	)	PUNCT
ajfa-5241	58	7	develop	develop	VERB
ajfa-5241	58	8	a	a	DET
ajfa-5241	58	9	multifactor	multifactor	NOUN
ajfa-5241	58	10	model	model	NOUN
ajfa-5241	58	11	which	which	PRON
ajfa-5241	58	12	explains	explain	VERB
ajfa-5241	58	13	most	most	ADJ
ajfa-5241	58	14	of	of	ADP
ajfa-5241	58	15	the	the	DET
ajfa-5241	58	16	capm	capm	PROPN
ajfa-5241	58	17	anomalies	anomaly	NOUN
ajfa-5241	58	18	excepting	except	VERB
ajfa-5241	58	19	momentum	momentum	NOUN
ajfa-5241	58	20	pattern	pattern	NOUN
ajfa-5241	58	21	which	which	PRON
ajfa-5241	58	22	is	be	AUX
ajfa-5241	58	23	outlined	outline	VERB
ajfa-5241	58	24	later	later	ADV
ajfa-5241	58	25	.	.	PUNCT
ajfa-5241	59	1	they	they	PRON
ajfa-5241	59	2	also	also	ADV
ajfa-5241	59	3	show	show	VERB
ajfa-5241	59	4	that	that	SCONJ
ajfa-5241	59	5	their	their	PRON
ajfa-5241	59	6	multifactor	multifactor	NOUN
ajfa-5241	59	7	model	model	NOUN
ajfa-5241	59	8	can	can	AUX
ajfa-5241	59	9	also	also	ADV
ajfa-5241	59	10	explain	explain	VERB
ajfa-5241	59	11	stock	stock	NOUN
ajfa-5241	59	12	returns	return	NOUN
ajfa-5241	59	13	when	when	SCONJ
ajfa-5241	59	14	alternative	alternative	ADJ
ajfa-5241	59	15	measures	measure	NOUN
ajfa-5241	59	16	of	of	ADP
ajfa-5241	59	17	size	size	NOUN
ajfa-5241	59	18	and	and	CCONJ
ajfa-5241	59	19	value	value	NOUN
ajfa-5241	59	20	factors	factor	NOUN
ajfa-5241	59	21	are	be	AUX
ajfa-5241	59	22	used	use	VERB
ajfa-5241	59	23	.	.	PUNCT
ajfa-5241	60	1	hence	hence	ADV
ajfa-5241	60	2	,	,	PUNCT
ajfa-5241	60	3	the	the	DET
ajfa-5241	60	4	model	model	NOUN
ajfa-5241	60	5	has	have	AUX
ajfa-5241	60	6	piqued	pique	VERB
ajfa-5241	60	7	the	the	DET
ajfa-5241	60	8	interest	interest	NOUN
ajfa-5241	60	9	of	of	ADP
ajfa-5241	60	10	the	the	DET
ajfa-5241	60	11	researchers	researcher	NOUN
ajfa-5241	60	12	and	and	CCONJ
ajfa-5241	60	13	practitioners	practitioner	NOUN
ajfa-5241	60	14	.	.	PUNCT
ajfa-5241	61	1	jegadeesh	jegadeesh	NOUN
ajfa-5241	61	2	and	and	CCONJ
ajfa-5241	61	3	titman	titman	NOUN
ajfa-5241	61	4	(	(	PUNCT
ajfa-5241	61	5	1993	1993	NUM
ajfa-5241	61	6	)	)	PUNCT
ajfa-5241	61	7	document	document	NOUN
ajfa-5241	61	8	of	of	ADP
ajfa-5241	61	9	short	short	ADJ
ajfa-5241	61	10	term	term	NOUN
ajfa-5241	61	11	momentum	momentum	NOUN
ajfa-5241	61	12	effects	effect	NOUN
ajfa-5241	61	13	in	in	ADP
ajfa-5241	61	14	stock	stock	NOUN
ajfa-5241	61	15	returns	return	NOUN
ajfa-5241	61	16	which	which	PRON
ajfa-5241	61	17	could	could	AUX
ajfa-5241	61	18	be	be	AUX
ajfa-5241	61	19	achieved	achieve	VERB
ajfa-5241	61	20	through	through	ADP
ajfa-5241	61	21	buying	buy	VERB
ajfa-5241	61	22	stocks	stock	NOUN
ajfa-5241	61	23	that	that	PRON
ajfa-5241	61	24	provided	provide	VERB
ajfa-5241	61	25	better	well	ADJ
ajfa-5241	61	26	returns	return	NOUN
ajfa-5241	61	27	in	in	ADP
ajfa-5241	61	28	the	the	DET
ajfa-5241	61	29	past	past	NOUN
ajfa-5241	61	30	and	and	CCONJ
ajfa-5241	61	31	selling	sell	VERB
ajfa-5241	61	32	stocks	stock	NOUN
ajfa-5241	61	33	that	that	PRON
ajfa-5241	61	34	fetched	fetch	VERB
ajfa-5241	61	35	poor	poor	ADJ
ajfa-5241	61	36	returns	return	NOUN
ajfa-5241	61	37	in	in	ADP
ajfa-5241	61	38	the	the	DET
ajfa-5241	61	39	past	past	NOUN
ajfa-5241	61	40	.	.	PUNCT
ajfa-5241	62	1	this	this	DET
ajfa-5241	62	2	strategy	strategy	NOUN
ajfa-5241	62	3	is	be	AUX
ajfa-5241	62	4	described	describe	VERB
ajfa-5241	62	5	as	as	ADP
ajfa-5241	62	6	momentum	momentum	NOUN
ajfa-5241	62	7	strategy	strategy	NOUN
ajfa-5241	62	8	.	.	PUNCT
ajfa-5241	63	1	jegadeesh	jegadeesh	NOUN
ajfa-5241	63	2	and	and	CCONJ
ajfa-5241	63	3	titman	titman	NOUN
ajfa-5241	63	4	(	(	PUNCT
ajfa-5241	63	5	2001	2001	NUM
ajfa-5241	63	6	)	)	PUNCT
ajfa-5241	63	7	uphold	uphold	VERB
ajfa-5241	63	8	the	the	DET
ajfa-5241	63	9	robustness	robustness	NOUN
ajfa-5241	63	10	of	of	ADP
ajfa-5241	63	11	their	their	PRON
ajfa-5241	63	12	previous	previous	ADJ
ajfa-5241	63	13	findings	finding	NOUN
ajfa-5241	63	14	.	.	PUNCT
ajfa-5241	64	1	however	however	ADV
ajfa-5241	64	2	ff	ff	X
ajfa-5241	64	3	multifactor	multifactor	NOUN
ajfa-5241	64	4	model	model	NOUN
ajfa-5241	64	5	(	(	PUNCT
ajfa-5241	64	6	1996	1996	NUM
ajfa-5241	64	7	)	)	PUNCT
ajfa-5241	64	8	fails	fail	VERB
ajfa-5241	64	9	to	to	PART
ajfa-5241	64	10	explain	explain	VERB
ajfa-5241	64	11	this	this	DET
ajfa-5241	64	12	momentum	momentum	NOUN
ajfa-5241	64	13	pattern	pattern	NOUN
ajfa-5241	64	14	in	in	ADP
ajfa-5241	64	15	stock	stock	NOUN
ajfa-5241	64	16	returns	return	NOUN
ajfa-5241	64	17	.	.	PUNCT
ajfa-5241	65	1	this	this	PRON
ajfa-5241	65	2	led	lead	VERB
ajfa-5241	65	3	to	to	ADP
ajfa-5241	65	4	the	the	DET
ajfa-5241	65	5	genesis	genesis	NOUN
ajfa-5241	65	6	of	of	ADP
ajfa-5241	65	7	four	four	NUM
ajfa-5241	65	8	factor	factor	NOUN
ajfa-5241	65	9	model	model	NOUN
ajfa-5241	65	10	by	by	ADP
ajfa-5241	65	11	carhart	carhart	NOUN
ajfa-5241	65	12	(	(	PUNCT
ajfa-5241	65	13	1997	1997	NUM
ajfa-5241	65	14	)	)	PUNCT
ajfa-5241	65	15	which	which	PRON
ajfa-5241	65	16	includes	include	VERB
ajfa-5241	65	17	a	a	DET
ajfa-5241	65	18	one	one	NUM
ajfa-5241	65	19	year	year	NOUN
ajfa-5241	65	20	momentum	momentum	NOUN
ajfa-5241	65	21	factor	factor	NOUN
ajfa-5241	65	22	recorded	record	VERB
ajfa-5241	65	23	by	by	ADP
ajfa-5241	65	24	(	(	PUNCT
ajfa-5241	65	25	jegadeesh	jegadeesh	NOUN
ajfa-5241	65	26	and	and	CCONJ
ajfa-5241	65	27	titman	titman	NOUN
ajfa-5241	65	28	)	)	PUNCT
ajfa-5241	65	29	in	in	ADP
ajfa-5241	65	30	addition	addition	NOUN
ajfa-5241	65	31	to	to	ADP
ajfa-5241	65	32	the	the	DET
ajfa-5241	65	33	already	already	ADV
ajfa-5241	65	34	specified	specify	VERB
ajfa-5241	65	35	fama	fama	NOUN
ajfa-5241	65	36	-	-	PUNCT
ajfa-5241	65	37	french	french	ADJ
ajfa-5241	65	38	factors	factor	NOUN
ajfa-5241	65	39	.	.	PUNCT
ajfa-5241	66	1	the	the	DET
ajfa-5241	66	2	four	four	NUM
ajfa-5241	66	3	factor	factor	NOUN
ajfa-5241	66	4	model	model	NOUN
ajfa-5241	66	5	suggests	suggest	VERB
ajfa-5241	66	6	that	that	SCONJ
ajfa-5241	66	7	common	common	ADJ
ajfa-5241	66	8	factors	factor	NOUN
ajfa-5241	66	9	associated	associate	VERB
ajfa-5241	66	10	with	with	ADP
ajfa-5241	66	11	stock	stock	NOUN
ajfa-5241	66	12	returns	return	NOUN
ajfa-5241	66	13	as	as	ADV
ajfa-5241	66	14	well	well	ADV
ajfa-5241	66	15	as	as	ADP
ajfa-5241	66	16	investment	investment	NOUN
ajfa-5241	66	17	expenses	expense	NOUN
ajfa-5241	66	18	can	can	AUX
ajfa-5241	66	19	explain	explain	VERB
ajfa-5241	66	20	returns	return	NOUN
ajfa-5241	66	21	on	on	ADP
ajfa-5241	66	22	mutual	mutual	ADJ
ajfa-5241	66	23	funds	fund	NOUN
ajfa-5241	66	24	.	.	PUNCT
ajfa-5241	67	1	_	_	PUNCT
ajfa-5241	68	1	_	_	PUNCT
ajfa-5241	69	1	_	_	PUNCT
ajfa-5241	70	1	_	_	PUNCT
ajfa-5241	71	1	_	_	PUNCT
ajfa-5241	72	1	_	_	PUNCT
ajfa-5241	73	1	_	_	PUNCT
ajfa-5241	74	1	_	_	PUNCT
ajfa-5241	75	1	_	_	PUNCT
ajfa-5241	76	1	_	_	PUNCT
ajfa-5241	77	1	_	_	PUNCT
ajfa-5241	78	1	_	_	PUNCT
ajfa-5241	79	1	_	_	PUNCT
ajfa-5241	80	1	_	_	PUNCT
ajfa-5241	81	1	_	_	PUNCT
ajfa-5241	82	1	_	_	PUNCT
ajfa-5241	82	2	3	3	NUM
ajfa-5241	82	3	for	for	ADP
ajfa-5241	82	4	prior	prior	ADJ
ajfa-5241	82	5	returns	return	NOUN
ajfa-5241	82	6	effect	effect	NOUN
ajfa-5241	82	7	see	see	VERB
ajfa-5241	82	8	de	de	X
ajfa-5241	82	9	bondt	bondt	NOUN
ajfa-5241	82	10	and	and	CCONJ
ajfa-5241	82	11	thaler	thaler	PROPN
ajfa-5241	82	12	(	(	PUNCT
ajfa-5241	82	13	1985	1985	NUM
ajfa-5241	82	14	,	,	PUNCT
ajfa-5241	82	15	1987	1987	NUM
ajfa-5241	82	16	)	)	PUNCT
ajfa-5241	82	17	and	and	CCONJ
ajfa-5241	82	18	(	(	PUNCT
ajfa-5241	82	19	jegadeesh	jegadeesh	NOUN
ajfa-5241	82	20	and	and	CCONJ
ajfa-5241	82	21	titman	titman	NOUN
ajfa-5241	82	22	,	,	PUNCT
ajfa-5241	82	23	1993	1993	NUM
ajfa-5241	82	24	,	,	PUNCT
ajfa-5241	82	25	2001	2001	NUM
ajfa-5241	82	26	)	)	PUNCT
ajfa-5241	82	27	,	,	PUNCT
ajfa-5241	82	28	fama	fama	NOUN
ajfa-5241	82	29	-	-	PUNCT
ajfa-5241	82	30	french	french	NOUN
ajfa-5241	82	31	(	(	PUNCT
ajfa-5241	82	32	1966	1966	NUM
ajfa-5241	82	33	)	)	PUNCT
ajfa-5241	82	34	asian	asian	ADJ
ajfa-5241	82	35	journal	journal	NOUN
ajfa-5241	82	36	of	of	ADP
ajfa-5241	82	37	finance	finance	PROPN
ajfa-5241	82	38	&	&	CCONJ
ajfa-5241	82	39	accounting	accounting	PROPN
ajfa-5241	82	40	issn	issn	PROPN
ajfa-5241	82	41	1946	1946	NUM
ajfa-5241	82	42	-	-	PUNCT
ajfa-5241	82	43	052x	052x	PROPN
ajfa-5241	82	44	2014	2014	NUM
ajfa-5241	82	45	,	,	PUNCT
ajfa-5241	82	46	vol	vol	NOUN
ajfa-5241	82	47	.	.	PROPN
ajfa-5241	83	1	6	6	NUM
ajfa-5241	83	2	,	,	PUNCT
ajfa-5241	83	3	no	no	INTJ
ajfa-5241	83	4	.	.	NOUN
ajfa-5241	83	5	1	1	NUM
ajfa-5241	83	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	83	7	340	340	NUM
ajfa-5241	83	8	lui	lui	NOUN
ajfa-5241	83	9	and	and	CCONJ
ajfa-5241	83	10	zhang	zhang	PROPN
ajfa-5241	83	11	(	(	PUNCT
ajfa-5241	83	12	2008	2008	NUM
ajfa-5241	83	13	)	)	PUNCT
ajfa-5241	83	14	find	find	VERB
ajfa-5241	83	15	that	that	SCONJ
ajfa-5241	83	16	substantial	substantial	ADJ
ajfa-5241	83	17	part	part	NOUN
ajfa-5241	83	18	of	of	ADP
ajfa-5241	83	19	momentum	momentum	NOUN
ajfa-5241	83	20	profits	profit	NOUN
ajfa-5241	83	21	are	be	AUX
ajfa-5241	83	22	explained	explain	VERB
ajfa-5241	83	23	by	by	ADP
ajfa-5241	83	24	industrial	industrial	ADJ
ajfa-5241	83	25	production	production	NOUN
ajfa-5241	83	26	which	which	PRON
ajfa-5241	83	27	is	be	AUX
ajfa-5241	83	28	one	one	NUM
ajfa-5241	83	29	of	of	ADP
ajfa-5241	83	30	the	the	DET
ajfa-5241	83	31	macroeconomic	macroeconomic	ADJ
ajfa-5241	83	32	variables	variable	NOUN
ajfa-5241	83	33	.	.	PUNCT
ajfa-5241	84	1	they	they	PRON
ajfa-5241	84	2	also	also	ADV
ajfa-5241	84	3	perceive	perceive	VERB
ajfa-5241	84	4	that	that	SCONJ
ajfa-5241	84	5	expected	expect	VERB
ajfa-5241	84	6	growth	growth	NOUN
ajfa-5241	84	7	in	in	ADP
ajfa-5241	84	8	industrial	industrial	ADJ
ajfa-5241	84	9	production	production	NOUN
ajfa-5241	84	10	is	be	AUX
ajfa-5241	84	11	a	a	DET
ajfa-5241	84	12	kind	kind	NOUN
ajfa-5241	84	13	of	of	ADP
ajfa-5241	84	14	risk	risk	NOUN
ajfa-5241	84	15	which	which	PRON
ajfa-5241	84	16	can	can	AUX
ajfa-5241	84	17	be	be	AUX
ajfa-5241	84	18	priced	price	VERB
ajfa-5241	84	19	by	by	ADP
ajfa-5241	84	20	the	the	DET
ajfa-5241	84	21	investors	investor	NOUN
ajfa-5241	84	22	.	.	PUNCT
ajfa-5241	85	1	fama	fama	NOUN
ajfa-5241	85	2	-	-	PUNCT
ajfa-5241	85	3	french	french	NOUN
ajfa-5241	85	4	(	(	PUNCT
ajfa-5241	85	5	2008	2008	NUM
ajfa-5241	85	6	)	)	PUNCT
ajfa-5241	85	7	re	re	NOUN
ajfa-5241	85	8	-	-	VERB
ajfa-5241	85	9	examine	examine	VERB
ajfa-5241	85	10	and	and	CCONJ
ajfa-5241	85	11	find	find	VERB
ajfa-5241	85	12	the	the	DET
ajfa-5241	85	13	emergence	emergence	NOUN
ajfa-5241	85	14	of	of	ADP
ajfa-5241	85	15	new	new	ADJ
ajfa-5241	85	16	stock	stock	NOUN
ajfa-5241	85	17	return	return	NOUN
ajfa-5241	85	18	anomalies	anomaly	NOUN
ajfa-5241	85	19	such	such	ADJ
ajfa-5241	85	20	as	as	ADP
ajfa-5241	85	21	profitability	profitability	NOUN
ajfa-5241	85	22	,	,	PUNCT
ajfa-5241	85	23	growth	growth	NOUN
ajfa-5241	85	24	,	,	PUNCT
ajfa-5241	85	25	accruals	accrual	NOUN
ajfa-5241	85	26	,	,	PUNCT
ajfa-5241	85	27	net	net	ADJ
ajfa-5241	85	28	stock	stock	NOUN
ajfa-5241	85	29	issues	issue	NOUN
ajfa-5241	85	30	etc	etc	X
ajfa-5241	85	31	.	.	X
ajfa-5241	85	32	,	,	PUNCT
ajfa-5241	85	33	besides	besides	SCONJ
ajfa-5241	85	34	size	size	NOUN
ajfa-5241	85	35	,	,	PUNCT
ajfa-5241	85	36	value	value	NOUN
ajfa-5241	85	37	,	,	PUNCT
ajfa-5241	85	38	and	and	CCONJ
ajfa-5241	85	39	momentum	momentum	NOUN
ajfa-5241	85	40	.	.	PUNCT
ajfa-5241	86	1	they	they	PRON
ajfa-5241	86	2	further	far	ADV
ajfa-5241	86	3	document	document	NOUN
ajfa-5241	86	4	that	that	SCONJ
ajfa-5241	86	5	these	these	DET
ajfa-5241	86	6	anomalies	anomaly	NOUN
ajfa-5241	86	7	are	be	AUX
ajfa-5241	86	8	integrated	integrate	VERB
ajfa-5241	86	9	with	with	ADP
ajfa-5241	86	10	stock	stock	NOUN
ajfa-5241	86	11	returns	return	NOUN
ajfa-5241	86	12	.	.	PUNCT
ajfa-5241	87	1	fama	fama	NOUN
ajfa-5241	87	2	-	-	PUNCT
ajfa-5241	87	3	french	french	NOUN
ajfa-5241	87	4	(	(	PUNCT
ajfa-5241	87	5	2012	2012	NUM
ajfa-5241	87	6	)	)	PUNCT
ajfa-5241	87	7	test	test	NOUN
ajfa-5241	87	8	the	the	DET
ajfa-5241	87	9	integration	integration	NOUN
ajfa-5241	87	10	between	between	ADP
ajfa-5241	87	11	stock	stock	NOUN
ajfa-5241	87	12	returns	return	NOUN
ajfa-5241	87	13	and	and	CCONJ
ajfa-5241	87	14	size	size	NOUN
ajfa-5241	87	15	,	,	PUNCT
ajfa-5241	87	16	value	value	NOUN
ajfa-5241	87	17	,	,	PUNCT
ajfa-5241	87	18	and	and	CCONJ
ajfa-5241	87	19	momentum	momentum	NOUN
ajfa-5241	87	20	for	for	ADP
ajfa-5241	87	21	four	four	NUM
ajfa-5241	87	22	regions	region	NOUN
ajfa-5241	87	23	namely	namely	ADV
ajfa-5241	87	24	north	north	PROPN
ajfa-5241	87	25	america	america	PROPN
ajfa-5241	87	26	,	,	PUNCT
ajfa-5241	87	27	europe	europe	PROPN
ajfa-5241	87	28	,	,	PUNCT
ajfa-5241	87	29	japan	japan	PROPN
ajfa-5241	87	30	,	,	PUNCT
ajfa-5241	87	31	and	and	CCONJ
ajfa-5241	87	32	asia	asia	PROPN
ajfa-5241	87	33	pacific	pacific	PROPN
ajfa-5241	87	34	.	.	PUNCT
ajfa-5241	88	1	they	they	PRON
ajfa-5241	88	2	conclude	conclude	VERB
ajfa-5241	88	3	that	that	SCONJ
ajfa-5241	88	4	there	there	PRON
ajfa-5241	88	5	is	be	VERB
ajfa-5241	88	6	premium	premium	NOUN
ajfa-5241	88	7	for	for	ADP
ajfa-5241	88	8	value	value	NOUN
ajfa-5241	88	9	,	,	PUNCT
ajfa-5241	88	10	size	size	NOUN
ajfa-5241	88	11	,	,	PUNCT
ajfa-5241	88	12	and	and	CCONJ
ajfa-5241	88	13	momentum	momentum	NOUN
ajfa-5241	88	14	in	in	ADP
ajfa-5241	88	15	all	all	DET
ajfa-5241	88	16	regions	region	NOUN
ajfa-5241	88	17	with	with	ADP
ajfa-5241	88	18	the	the	DET
ajfa-5241	88	19	exception	exception	NOUN
ajfa-5241	88	20	of	of	ADP
ajfa-5241	88	21	japan	japan	PROPN
ajfa-5241	88	22	.	.	PUNCT
ajfa-5241	89	1	three	three	NUM
ajfa-5241	89	2	factor	factor	NOUN
ajfa-5241	89	3	fama	fama	NOUN
ajfa-5241	89	4	-	-	PUNCT
ajfa-5241	89	5	french	french	ADJ
ajfa-5241	89	6	model	model	NOUN
ajfa-5241	89	7	has	have	AUX
ajfa-5241	89	8	widely	widely	ADV
ajfa-5241	89	9	been	be	AUX
ajfa-5241	89	10	accepted	accept	VERB
ajfa-5241	89	11	by	by	ADP
ajfa-5241	89	12	stock	stock	NOUN
ajfa-5241	89	13	markets	market	NOUN
ajfa-5241	89	14	across	across	ADP
ajfa-5241	89	15	the	the	DET
ajfa-5241	89	16	world	world	NOUN
ajfa-5241	89	17	.	.	PUNCT
ajfa-5241	90	1	[	[	X
ajfa-5241	90	2	see	see	VERB
ajfa-5241	90	3	fama	fama	NOUN
ajfa-5241	90	4	-	-	PUNCT
ajfa-5241	90	5	french	french	NOUN
ajfa-5241	90	6	(	(	PUNCT
ajfa-5241	90	7	1998	1998	NUM
ajfa-5241	90	8	)	)	PUNCT
ajfa-5241	90	9	and	and	CCONJ
ajfa-5241	90	10	chui	chui	PROPN
ajfa-5241	90	11	-	-	PROPN
ajfa-5241	90	12	wei	wei	PROPN
ajfa-5241	90	13	(	(	PUNCT
ajfa-5241	90	14	1998	1998	NUM
ajfa-5241	90	15	)	)	PUNCT
ajfa-5241	90	16	]	]	PUNCT
ajfa-5241	90	17	.	.	PUNCT
ajfa-5241	91	1	in	in	ADP
ajfa-5241	91	2	indian	indian	PROPN
ajfa-5241	91	3	environment	environment	PROPN
ajfa-5241	91	4	,	,	PUNCT
ajfa-5241	91	5	connon	connon	NOUN
ajfa-5241	91	6	g	g	PROPN
ajfa-5241	91	7	and	and	CCONJ
ajfa-5241	91	8	sehgal	sehgal	PROPN
ajfa-5241	91	9	s	s	PROPN
ajfa-5241	91	10	,	,	PUNCT
ajfa-5241	91	11	(	(	PUNCT
ajfa-5241	91	12	2003	2003	NUM
ajfa-5241	91	13	)	)	PUNCT
ajfa-5241	91	14	reveal	reveal	VERB
ajfa-5241	91	15	that	that	SCONJ
ajfa-5241	91	16	their	their	PRON
ajfa-5241	91	17	findings	finding	NOUN
ajfa-5241	91	18	are	be	AUX
ajfa-5241	91	19	benign	benign	ADJ
ajfa-5241	91	20	to	to	ADP
ajfa-5241	91	21	the	the	DET
ajfa-5241	91	22	ff	ff	PROPN
ajfa-5241	91	23	model	model	NOUN
ajfa-5241	91	24	.	.	PUNCT
ajfa-5241	92	1	sehgal	sehgal	PROPN
ajfa-5241	92	2	s	s	PART
ajfa-5241	92	3	and	and	CCONJ
ajfa-5241	92	4	balakrishnan	balakrishnan	PROPN
ajfa-5241	92	5	i	i	PRON
ajfa-5241	92	6	(	(	PUNCT
ajfa-5241	92	7	2002	2002	NUM
ajfa-5241	92	8	)	)	PUNCT
ajfa-5241	92	9	find	find	VERB
ajfa-5241	92	10	that	that	SCONJ
ajfa-5241	92	11	long	long	ADJ
ajfa-5241	92	12	term	term	NOUN
ajfa-5241	92	13	returns	return	NOUN
ajfa-5241	92	14	pattern	pattern	NOUN
ajfa-5241	92	15	reverts	revert	VERB
ajfa-5241	92	16	after	after	SCONJ
ajfa-5241	92	17	short	short	ADJ
ajfa-5241	92	18	term	term	NOUN
ajfa-5241	92	19	momentum	momentum	NOUN
ajfa-5241	92	20	effect	effect	NOUN
ajfa-5241	92	21	is	be	AUX
ajfa-5241	92	22	controlled	control	VERB
ajfa-5241	92	23	.	.	PUNCT
ajfa-5241	93	1	sehgal	sehgal	PROPN
ajfa-5241	93	2	s	s	PART
ajfa-5241	93	3	and	and	CCONJ
ajfa-5241	93	4	balakrishnan	balakrishnan	PROPN
ajfa-5241	93	5	i	i	PRON
ajfa-5241	93	6	,	,	PUNCT
ajfa-5241	93	7	(	(	PUNCT
ajfa-5241	93	8	2008	2008	NUM
ajfa-5241	93	9	)	)	PUNCT
ajfa-5241	93	10	also	also	ADV
ajfa-5241	93	11	find	find	VERB
ajfa-5241	93	12	that	that	SCONJ
ajfa-5241	93	13	a	a	DET
ajfa-5241	93	14	major	major	ADJ
ajfa-5241	93	15	part	part	NOUN
ajfa-5241	93	16	of	of	ADP
ajfa-5241	93	17	momentum	momentum	NOUN
ajfa-5241	93	18	profits	profit	NOUN
ajfa-5241	93	19	on	on	ADP
ajfa-5241	93	20	indian	indian	ADJ
ajfa-5241	93	21	equities	equity	NOUN
ajfa-5241	93	22	are	be	AUX
ajfa-5241	93	23	explained	explain	VERB
ajfa-5241	93	24	by	by	ADP
ajfa-5241	93	25	fama	fama	PROPN
ajfa-5241	93	26	-	-	PUNCT
ajfa-5241	93	27	french	french	ADJ
ajfa-5241	93	28	model	model	NOUN
ajfa-5241	93	29	.	.	PUNCT
ajfa-5241	94	1	sehgal	sehgal	PROPN
ajfa-5241	94	2	,	,	PUNCT
ajfa-5241	94	3	s	s	PROPN
ajfa-5241	94	4	,	,	PUNCT
ajfa-5241	94	5	and	and	CCONJ
ajfa-5241	94	6	jain	jain	PROPN
ajfa-5241	94	7	,	,	PUNCT
ajfa-5241	94	8	s	s	PROPN
ajfa-5241	94	9	,	,	PUNCT
ajfa-5241	94	10	(	(	PUNCT
ajfa-5241	94	11	2009	2009	NUM
ajfa-5241	94	12	)	)	PUNCT
ajfa-5241	94	13	document	document	NOUN
ajfa-5241	94	14	a	a	DET
ajfa-5241	94	15	strong	strong	ADJ
ajfa-5241	94	16	short	short	ADJ
ajfa-5241	94	17	term	term	NOUN
ajfa-5241	94	18	momentum	momentum	NOUN
ajfa-5241	94	19	pattern	pattern	NOUN
ajfa-5241	94	20	in	in	ADP
ajfa-5241	94	21	stock	stock	NOUN
ajfa-5241	94	22	returns	return	NOUN
ajfa-5241	94	23	in	in	ADP
ajfa-5241	94	24	indian	indian	ADJ
ajfa-5241	94	25	stock	stock	NOUN
ajfa-5241	94	26	market	market	NOUN
ajfa-5241	94	27	and	and	CCONJ
ajfa-5241	94	28	they	they	PRON
ajfa-5241	94	29	also	also	ADV
ajfa-5241	94	30	find	find	VERB
ajfa-5241	94	31	that	that	SCONJ
ajfa-5241	94	32	momentum	momentum	NOUN
ajfa-5241	94	33	profits	profit	NOUN
ajfa-5241	94	34	could	could	AUX
ajfa-5241	94	35	not	not	PART
ajfa-5241	94	36	be	be	AUX
ajfa-5241	94	37	explained	explain	VERB
ajfa-5241	94	38	by	by	ADP
ajfa-5241	94	39	capm	capm	PROPN
ajfa-5241	94	40	and	and	CCONJ
ajfa-5241	94	41	ff	ff	PROPN
ajfa-5241	94	42	model	model	NOUN
ajfa-5241	94	43	.	.	PUNCT
ajfa-5241	95	1	sehgal	sehgal	PROPN
ajfa-5241	95	2	,	,	PUNCT
ajfa-5241	95	3	s	s	PROPN
ajfa-5241	95	4	,	,	PUNCT
ajfa-5241	95	5	and	and	CCONJ
ajfa-5241	95	6	jain	jain	PROPN
ajfa-5241	95	7	,	,	PUNCT
ajfa-5241	95	8	s	s	PROPN
ajfa-5241	95	9	,	,	PUNCT
ajfa-5241	95	10	laurence	laurence	PROPN
ajfa-5241	95	11	,	,	PUNCT
ajfa-5241	95	12	(	(	PUNCT
ajfa-5241	95	13	2013	2013	NUM
ajfa-5241	95	14	)	)	PUNCT
ajfa-5241	95	15	observe	observe	VERB
ajfa-5241	95	16	a	a	DET
ajfa-5241	95	17	weak	weak	ADJ
ajfa-5241	95	18	momentum	momentum	NOUN
ajfa-5241	95	19	profits	profit	NOUN
ajfa-5241	95	20	on	on	ADP
ajfa-5241	95	21	portfolios	portfolio	NOUN
ajfa-5241	95	22	formed	form	VERB
ajfa-5241	95	23	using	use	VERB
ajfa-5241	95	24	long	long	ADJ
ajfa-5241	95	25	term	term	NOUN
ajfa-5241	95	26	past	past	ADJ
ajfa-5241	95	27	returns	return	NOUN
ajfa-5241	95	28	.	.	PUNCT
ajfa-5241	96	1	they	they	PRON
ajfa-5241	96	2	further	far	ADV
ajfa-5241	96	3	show	show	VERB
ajfa-5241	96	4	that	that	SCONJ
ajfa-5241	96	5	capm	capm	PROPN
ajfa-5241	96	6	and	and	CCONJ
ajfa-5241	96	7	ff	ff	PROPN
ajfa-5241	96	8	model	model	NOUN
ajfa-5241	96	9	do	do	AUX
ajfa-5241	96	10	not	not	PART
ajfa-5241	96	11	capture	capture	VERB
ajfa-5241	96	12	the	the	DET
ajfa-5241	96	13	long	long	ADJ
ajfa-5241	96	14	term	term	NOUN
ajfa-5241	96	15	momentum	momentum	NOUN
ajfa-5241	96	16	profits	profit	NOUN
ajfa-5241	96	17	.	.	PUNCT
ajfa-5241	97	1	sehgal	sehgal	PROPN
ajfa-5241	97	2	s	s	PROPN
ajfa-5241	97	3	,	,	PUNCT
ajfa-5241	97	4	and	and	CCONJ
ajfa-5241	97	5	balakrishnan	balakrishnan	PROPN
ajfa-5241	97	6	a	a	PRON
ajfa-5241	97	7	,	,	PUNCT
ajfa-5241	97	8	(	(	PUNCT
ajfa-5241	97	9	2013	2013	NUM
ajfa-5241	97	10	)	)	PUNCT
ajfa-5241	97	11	reconfirm	reconfirm	VERB
ajfa-5241	97	12	the	the	DET
ajfa-5241	97	13	presence	presence	NOUN
ajfa-5241	97	14	of	of	ADP
ajfa-5241	97	15	strong	strong	ADJ
ajfa-5241	97	16	size	size	NOUN
ajfa-5241	97	17	and	and	CCONJ
ajfa-5241	97	18	value	value	NOUN
ajfa-5241	97	19	effects	effect	NOUN
ajfa-5241	97	20	.	.	PUNCT
ajfa-5241	98	1	they	they	PRON
ajfa-5241	98	2	also	also	ADV
ajfa-5241	98	3	find	find	VERB
ajfa-5241	98	4	that	that	SCONJ
ajfa-5241	98	5	ff	ff	NOUN
ajfa-5241	98	6	model	model	NOUN
ajfa-5241	98	7	is	be	AUX
ajfa-5241	98	8	stronger	strong	ADJ
ajfa-5241	98	9	than	than	ADP
ajfa-5241	98	10	capm	capm	PROPN
ajfa-5241	98	11	in	in	ADP
ajfa-5241	98	12	explaining	explain	VERB
ajfa-5241	98	13	stock	stock	NOUN
ajfa-5241	98	14	returns	return	NOUN
ajfa-5241	98	15	.	.	PUNCT
ajfa-5241	99	1	this	this	DET
ajfa-5241	99	2	paper	paper	NOUN
ajfa-5241	99	3	attempts	attempt	VERB
ajfa-5241	99	4	to	to	PART
ajfa-5241	99	5	examine	examine	VERB
ajfa-5241	99	6	the	the	DET
ajfa-5241	99	7	efficiency	efficiency	NOUN
ajfa-5241	99	8	of	of	ADP
ajfa-5241	99	9	three	three	NUM
ajfa-5241	99	10	factor	factor	NOUN
ajfa-5241	99	11	fama	fama	NOUN
ajfa-5241	99	12	-	-	PUNCT
ajfa-5241	99	13	french	french	ADJ
ajfa-5241	99	14	model	model	NOUN
ajfa-5241	99	15	(	(	PUNCT
ajfa-5241	99	16	ff	ff	PROPN
ajfa-5241	99	17	model	model	NOUN
ajfa-5241	99	18	)	)	PUNCT
ajfa-5241	99	19	,	,	PUNCT
ajfa-5241	99	20	and	and	CCONJ
ajfa-5241	99	21	four	four	NUM
ajfa-5241	99	22	factor	factor	NOUN
ajfa-5241	99	23	carhart	carhart	NOUN
ajfa-5241	99	24	model	model	NOUN
ajfa-5241	99	25	for	for	ADP
ajfa-5241	99	26	indian	indian	ADJ
ajfa-5241	99	27	stock	stock	NOUN
ajfa-5241	99	28	market	market	NOUN
ajfa-5241	99	29	in	in	ADP
ajfa-5241	99	30	explaining	explain	VERB
ajfa-5241	99	31	stock	stock	NOUN
ajfa-5241	99	32	returns	return	NOUN
ajfa-5241	99	33	.	.	PUNCT
ajfa-5241	100	1	to	to	PART
ajfa-5241	100	2	evaluate	evaluate	VERB
ajfa-5241	100	3	the	the	DET
ajfa-5241	100	4	above	above	ADJ
ajfa-5241	100	5	,	,	PUNCT
ajfa-5241	100	6	we	we	PRON
ajfa-5241	100	7	perform	perform	VERB
ajfa-5241	100	8	out	out	ADP
ajfa-5241	100	9	of	of	ADP
ajfa-5241	100	10	sample	sample	NOUN
ajfa-5241	100	11	test	test	NOUN
ajfa-5241	100	12	using	use	VERB
ajfa-5241	100	13	data	datum	NOUN
ajfa-5241	100	14	for	for	ADP
ajfa-5241	100	15	a	a	DET
ajfa-5241	100	16	longer	long	ADJ
ajfa-5241	100	17	time	time	NOUN
ajfa-5241	100	18	period	period	NOUN
ajfa-5241	100	19	(	(	PUNCT
ajfa-5241	100	20	1997	1997	NUM
ajfa-5241	100	21	2012	2012	NUM
ajfa-5241	100	22	)	)	PUNCT
ajfa-5241	100	23	.	.	PUNCT
ajfa-5241	101	1	the	the	DET
ajfa-5241	101	2	sample	sample	NOUN
ajfa-5241	101	3	covers	cover	VERB
ajfa-5241	101	4	more	more	ADV
ajfa-5241	101	5	recent	recent	ADJ
ajfa-5241	101	6	period	period	NOUN
ajfa-5241	101	7	.	.	PUNCT
ajfa-5241	102	1	hence	hence	ADV
ajfa-5241	102	2	,	,	PUNCT
ajfa-5241	102	3	this	this	DET
ajfa-5241	102	4	study	study	NOUN
ajfa-5241	102	5	will	will	AUX
ajfa-5241	102	6	be	be	AUX
ajfa-5241	102	7	a	a	DET
ajfa-5241	102	8	useful	useful	ADJ
ajfa-5241	102	9	one	one	NOUN
ajfa-5241	102	10	to	to	PART
ajfa-5241	102	11	check	check	VERB
ajfa-5241	102	12	if	if	SCONJ
ajfa-5241	102	13	the	the	DET
ajfa-5241	102	14	fama	fama	NOUN
ajfa-5241	102	15	-	-	PUNCT
ajfa-5241	102	16	french	french	ADJ
ajfa-5241	102	17	factors	factor	NOUN
ajfa-5241	102	18	continue	continue	VERB
ajfa-5241	102	19	to	to	PART
ajfa-5241	102	20	be	be	AUX
ajfa-5241	102	21	valid	valid	ADJ
ajfa-5241	102	22	over	over	ADP
ajfa-5241	102	23	time	time	NOUN
ajfa-5241	102	24	.	.	PUNCT
ajfa-5241	103	1	hence	hence	ADV
ajfa-5241	103	2	one	one	PRON
ajfa-5241	103	3	does	do	AUX
ajfa-5241	103	4	not	not	PART
ajfa-5241	103	5	infer	infer	VERB
ajfa-5241	103	6	that	that	SCONJ
ajfa-5241	103	7	ff	ff	NOUN
ajfa-5241	103	8	factors	factor	NOUN
ajfa-5241	103	9	are	be	AUX
ajfa-5241	103	10	not	not	PART
ajfa-5241	103	11	the	the	DET
ajfa-5241	103	12	outcome	outcome	NOUN
ajfa-5241	103	13	of	of	ADP
ajfa-5241	103	14	investor	investor	NOUN
ajfa-5241	103	15	fancies	fancy	NOUN
ajfa-5241	103	16	towards	towards	ADP
ajfa-5241	103	17	company	company	NOUN
ajfa-5241	103	18	characteristics	characteristic	NOUN
ajfa-5241	103	19	which	which	PRON
ajfa-5241	103	20	may	may	AUX
ajfa-5241	103	21	be	be	AUX
ajfa-5241	103	22	defunct	defunct	ADJ
ajfa-5241	103	23	in	in	ADP
ajfa-5241	103	24	due	due	ADJ
ajfa-5241	103	25	course	course	NOUN
ajfa-5241	103	26	.	.	PUNCT
ajfa-5241	104	1	we	we	PRON
ajfa-5241	104	2	also	also	ADV
ajfa-5241	104	3	test	test	VERB
ajfa-5241	104	4	the	the	DET
ajfa-5241	104	5	efficacy	efficacy	NOUN
ajfa-5241	104	6	of	of	ADP
ajfa-5241	104	7	ff	ff	PROPN
ajfa-5241	104	8	model	model	NOUN
ajfa-5241	104	9	using	use	VERB
ajfa-5241	104	10	its	its	PRON
ajfa-5241	104	11	alternative	alternative	ADJ
ajfa-5241	104	12	construction	construction	NOUN
ajfa-5241	104	13	/	/	SYM
ajfa-5241	104	14	selection	selection	NOUN
ajfa-5241	104	15	of	of	ADP
ajfa-5241	104	16	risk	risk	NOUN
ajfa-5241	104	17	factors	factor	NOUN
ajfa-5241	104	18	.	.	PUNCT
ajfa-5241	105	1	we	we	PRON
ajfa-5241	105	2	also	also	ADV
ajfa-5241	105	3	evaluate	evaluate	VERB
ajfa-5241	105	4	the	the	DET
ajfa-5241	105	5	robustness	robustness	NOUN
ajfa-5241	105	6	of	of	ADP
ajfa-5241	105	7	carhart	carhart	NOUN
ajfa-5241	105	8	four	four	NUM
ajfa-5241	105	9	factor	factor	NOUN
ajfa-5241	105	10	model	model	NOUN
ajfa-5241	105	11	in	in	ADP
ajfa-5241	105	12	explaining	explain	VERB
ajfa-5241	105	13	the	the	DET
ajfa-5241	105	14	cross	cross	NOUN
ajfa-5241	105	15	sectional	sectional	ADJ
ajfa-5241	105	16	average	average	ADJ
ajfa-5241	105	17	stock	stock	NOUN
ajfa-5241	105	18	returns	return	NOUN
ajfa-5241	105	19	.	.	PUNCT
ajfa-5241	106	1	the	the	DET
ajfa-5241	106	2	structure	structure	NOUN
ajfa-5241	106	3	of	of	ADP
ajfa-5241	106	4	the	the	DET
ajfa-5241	106	5	paper	paper	NOUN
ajfa-5241	106	6	is	be	AUX
ajfa-5241	106	7	as	as	SCONJ
ajfa-5241	106	8	follows	follow	VERB
ajfa-5241	106	9	.	.	PUNCT
ajfa-5241	107	1	section	section	NOUN
ajfa-5241	107	2	ii	ii	PROPN
ajfa-5241	107	3	presents	present	VERB
ajfa-5241	107	4	data	datum	NOUN
ajfa-5241	107	5	and	and	CCONJ
ajfa-5241	107	6	their	their	PRON
ajfa-5241	107	7	sources	source	NOUN
ajfa-5241	107	8	.	.	PUNCT
ajfa-5241	108	1	section	section	NOUN
ajfa-5241	108	2	iii	iii	PROPN
ajfa-5241	108	3	examines	examine	NOUN
ajfa-5241	108	4	if	if	SCONJ
ajfa-5241	108	5	the	the	DET
ajfa-5241	108	6	fama	fama	PROPN
ajfa-5241	108	7	-	-	PUNCT
ajfa-5241	108	8	french	french	ADJ
ajfa-5241	108	9	three	three	NUM
ajfa-5241	108	10	factor	factor	NOUN
ajfa-5241	108	11	model	model	NOUN
ajfa-5241	108	12	is	be	AUX
ajfa-5241	108	13	superior	superior	ADJ
ajfa-5241	108	14	to	to	ADP
ajfa-5241	108	15	one	one	NUM
ajfa-5241	108	16	factor	factor	NOUN
ajfa-5241	108	17	capm	capm	NOUN
ajfa-5241	108	18	in	in	ADP
ajfa-5241	108	19	terms	term	NOUN
ajfa-5241	108	20	of	of	ADP
ajfa-5241	108	21	explaining	explain	VERB
ajfa-5241	108	22	stock	stock	NOUN
ajfa-5241	108	23	returns	return	NOUN
ajfa-5241	108	24	.	.	PUNCT
ajfa-5241	109	1	section	section	NOUN
ajfa-5241	109	2	iv	iv	NUM
ajfa-5241	109	3	verifies	verifie	NOUN
ajfa-5241	109	4	if	if	SCONJ
ajfa-5241	109	5	ff	ff	NOUN
ajfa-5241	109	6	model	model	NOUN
ajfa-5241	109	7	is	be	AUX
ajfa-5241	109	8	robust	robust	ADJ
ajfa-5241	109	9	to	to	PART
ajfa-5241	109	10	explain	explain	VERB
ajfa-5241	109	11	the	the	DET
ajfa-5241	109	12	average	average	ADJ
ajfa-5241	109	13	stock	stock	NOUN
ajfa-5241	109	14	returns	return	NOUN
ajfa-5241	109	15	when	when	SCONJ
ajfa-5241	109	16	fama	fama	NOUN
ajfa-5241	109	17	-	-	PUNCT
ajfa-5241	109	18	french	french	ADJ
ajfa-5241	109	19	alternative	alternative	ADJ
ajfa-5241	109	20	versions	version	NOUN
ajfa-5241	109	21	/	/	SYM
ajfa-5241	109	22	risk	risk	NOUN
ajfa-5241	109	23	factors	factor	NOUN
ajfa-5241	109	24	are	be	AUX
ajfa-5241	109	25	employed	employ	VERB
ajfa-5241	109	26	.	.	PUNCT
ajfa-5241	110	1	section	section	NOUN
ajfa-5241	110	2	v	v	NOUN
ajfa-5241	110	3	tests	test	VERB
ajfa-5241	110	4	the	the	DET
ajfa-5241	110	5	relative	relative	ADJ
ajfa-5241	110	6	strength	strength	NOUN
ajfa-5241	110	7	of	of	ADP
ajfa-5241	110	8	carhart	carhart	NOUN
ajfa-5241	110	9	model	model	NOUN
ajfa-5241	110	10	vis	vis	X
ajfa-5241	110	11	-	-	PUNCT
ajfa-5241	110	12	à	à	X
ajfa-5241	110	13	-	-	PUNCT
ajfa-5241	110	14	vis	vis	X
ajfa-5241	110	15	ff	ff	NOUN
ajfa-5241	110	16	model	model	NOUN
ajfa-5241	110	17	in	in	ADP
ajfa-5241	110	18	explaining	explain	VERB
ajfa-5241	110	19	stock	stock	NOUN
ajfa-5241	110	20	returns	return	NOUN
ajfa-5241	110	21	.	.	PUNCT
ajfa-5241	111	1	last	last	ADJ
ajfa-5241	111	2	section	section	NOUN
ajfa-5241	111	3	sheds	shed	VERB
ajfa-5241	111	4	light	light	ADJ
ajfa-5241	111	5	summary	summary	NOUN
ajfa-5241	111	6	and	and	CCONJ
ajfa-5241	111	7	conclusion	conclusion	NOUN
ajfa-5241	111	8	of	of	ADP
ajfa-5241	111	9	the	the	DET
ajfa-5241	111	10	study	study	NOUN
ajfa-5241	111	11	.	.	PUNCT
ajfa-5241	112	1	2	2	X
ajfa-5241	112	2	.	.	X
ajfa-5241	112	3	data	datum	NOUN
ajfa-5241	112	4	the	the	DET
ajfa-5241	112	5	sample	sample	NOUN
ajfa-5241	112	6	size	size	NOUN
ajfa-5241	112	7	of	of	ADP
ajfa-5241	112	8	the	the	DET
ajfa-5241	112	9	study	study	NOUN
ajfa-5241	112	10	is	be	AUX
ajfa-5241	112	11	488	488	NUM
ajfa-5241	112	12	companies	company	NOUN
ajfa-5241	112	13	which	which	PRON
ajfa-5241	112	14	are	be	AUX
ajfa-5241	112	15	listed	list	VERB
ajfa-5241	112	16	on	on	ADP
ajfa-5241	112	17	a	a	DET
ajfa-5241	112	18	recognized	recognize	VERB
ajfa-5241	112	19	stock	stock	NOUN
ajfa-5241	112	20	exchange	exchange	NOUN
ajfa-5241	112	21	i.e.	i.e.	X
ajfa-5241	112	22	,	,	PUNCT
ajfa-5241	112	23	bombay	bombay	PROPN
ajfa-5241	112	24	stock	stock	PROPN
ajfa-5241	112	25	exchange	exchange	PROPN
ajfa-5241	112	26	(	(	PUNCT
ajfa-5241	112	27	bse	bse	PROPN
ajfa-5241	112	28	)	)	PUNCT
ajfa-5241	112	29	500	500	NUM
ajfa-5241	112	30	.	.	PUNCT
ajfa-5241	113	1	the	the	DET
ajfa-5241	113	2	index	index	NOUN
ajfa-5241	113	3	is	be	AUX
ajfa-5241	113	4	broad	broad	ADJ
ajfa-5241	113	5	based	base	VERB
ajfa-5241	113	6	one	one	NUM
ajfa-5241	113	7	.	.	PUNCT
ajfa-5241	114	1	the	the	DET
ajfa-5241	114	2	data	data	NOUN
ajfa-5241	114	3	consists	consist	VERB
ajfa-5241	114	4	of	of	ADP
ajfa-5241	114	5	month	month	NOUN
ajfa-5241	114	6	end	end	NOUN
ajfa-5241	114	7	adjusted	adjust	VERB
ajfa-5241	114	8	share	share	NOUN
ajfa-5241	114	9	prices4	prices4	NOUN
ajfa-5241	114	10	from	from	ADP
ajfa-5241	114	11	january	january	PROPN
ajfa-5241	114	12	,	,	PUNCT
ajfa-5241	114	13	1997	1997	NUM
ajfa-5241	114	14	to	to	ADP
ajfa-5241	114	15	june	june	PROPN
ajfa-5241	114	16	,	,	PUNCT
ajfa-5241	114	17	2012	2012	NUM
ajfa-5241	114	18	.	.	PUNCT
ajfa-5241	115	1	the	the	DET
ajfa-5241	115	2	data	data	NOUN
ajfa-5241	115	3	source	source	NOUN
ajfa-5241	115	4	for	for	ADP
ajfa-5241	115	5	share	share	NOUN
ajfa-5241	115	6	asian	asian	PROPN
ajfa-5241	115	7	journal	journal	PROPN
ajfa-5241	115	8	of	of	ADP
ajfa-5241	115	9	finance	finance	PROPN
ajfa-5241	115	10	&	&	CCONJ
ajfa-5241	115	11	accounting	accounting	PROPN
ajfa-5241	115	12	issn	issn	PROPN
ajfa-5241	115	13	1946	1946	NUM
ajfa-5241	115	14	-	-	PUNCT
ajfa-5241	115	15	052x	052x	PROPN
ajfa-5241	115	16	2014	2014	NUM
ajfa-5241	115	17	,	,	PUNCT
ajfa-5241	115	18	vol	vol	NOUN
ajfa-5241	115	19	.	.	PROPN
ajfa-5241	115	20	6	6	NUM
ajfa-5241	115	21	,	,	PUNCT
ajfa-5241	115	22	no	no	INTJ
ajfa-5241	115	23	.	.	NOUN
ajfa-5241	115	24	1	1	NUM
ajfa-5241	115	25	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	115	26	341	341	NUM
ajfa-5241	115	27	price	price	NOUN
ajfa-5241	115	28	is	be	AUX
ajfa-5241	115	29	cmie	cmie	VERB
ajfa-5241	115	30	prowess	prowess	NOUN
ajfa-5241	115	31	.	.	PUNCT
ajfa-5241	116	1	we	we	PRON
ajfa-5241	116	2	form	form	VERB
ajfa-5241	116	3	stylized	stylize	VERB
ajfa-5241	116	4	portfolios	portfolio	NOUN
ajfa-5241	116	5	based	base	VERB
ajfa-5241	116	6	on	on	ADP
ajfa-5241	116	7	company	company	NOUN
ajfa-5241	116	8	size	size	NOUN
ajfa-5241	116	9	and	and	CCONJ
ajfa-5241	116	10	value	value	NOUN
ajfa-5241	116	11	which	which	PRON
ajfa-5241	116	12	are	be	AUX
ajfa-5241	116	13	described	describe	VERB
ajfa-5241	116	14	as	as	ADP
ajfa-5241	116	15	company	company	NOUN
ajfa-5241	116	16	characteristics	characteristic	NOUN
ajfa-5241	116	17	.	.	PUNCT
ajfa-5241	117	1	the	the	DET
ajfa-5241	117	2	size	size	NOUN
ajfa-5241	117	3	of	of	ADP
ajfa-5241	117	4	the	the	DET
ajfa-5241	117	5	company	company	NOUN
ajfa-5241	117	6	is	be	AUX
ajfa-5241	117	7	measured	measure	VERB
ajfa-5241	117	8	using	use	VERB
ajfa-5241	117	9	three	three	NUM
ajfa-5241	117	10	variables	variable	NOUN
ajfa-5241	117	11	such	such	ADJ
ajfa-5241	117	12	as	as	ADP
ajfa-5241	117	13	market	market	NOUN
ajfa-5241	117	14	capitalization	capitalization	NOUN
ajfa-5241	117	15	(	(	PUNCT
ajfa-5241	117	16	mc	mc	PROPN
ajfa-5241	117	17	)	)	PUNCT
ajfa-5241	117	18	,	,	PUNCT
ajfa-5241	117	19	total	total	ADJ
ajfa-5241	117	20	assets	asset	NOUN
ajfa-5241	117	21	(	(	PUNCT
ajfa-5241	117	22	ta	ta	NOUN
ajfa-5241	117	23	)	)	PUNCT
ajfa-5241	117	24	,	,	PUNCT
ajfa-5241	117	25	and	and	CCONJ
ajfa-5241	117	26	enterprise	enterprise	NOUN
ajfa-5241	117	27	value	value	NOUN
ajfa-5241	117	28	(	(	PUNCT
ajfa-5241	117	29	ev	ev	NOUN
ajfa-5241	117	30	)	)	PUNCT
ajfa-5241	117	31	.	.	PUNCT
ajfa-5241	118	1	ev	ev	PROPN
ajfa-5241	118	2	is	be	AUX
ajfa-5241	118	3	the	the	DET
ajfa-5241	118	4	total	total	ADJ
ajfa-5241	118	5	book	book	NOUN
ajfa-5241	118	6	value	value	NOUN
ajfa-5241	118	7	of	of	ADP
ajfa-5241	118	8	debt	debt	NOUN
ajfa-5241	118	9	plus	plus	CCONJ
ajfa-5241	118	10	market	market	NOUN
ajfa-5241	118	11	capitalization	capitalization	NOUN
ajfa-5241	118	12	.	.	PUNCT
ajfa-5241	119	1	value	value	NOUN
ajfa-5241	119	2	of	of	ADP
ajfa-5241	119	3	the	the	DET
ajfa-5241	119	4	company	company	NOUN
ajfa-5241	119	5	is	be	AUX
ajfa-5241	119	6	determined	determine	VERB
ajfa-5241	119	7	by	by	ADP
ajfa-5241	119	8	using	use	VERB
ajfa-5241	119	9	two	two	NUM
ajfa-5241	119	10	measures	measure	NOUN
ajfa-5241	119	11	such	such	ADJ
ajfa-5241	119	12	as	as	ADP
ajfa-5241	119	13	price	price	NOUN
ajfa-5241	119	14	-	-	PUNCT
ajfa-5241	119	15	to	to	ADP
ajfa-5241	119	16	-	-	PUNCT
ajfa-5241	119	17	book	book	NOUN
ajfa-5241	119	18	(	(	PUNCT
ajfa-5241	119	19	p	p	PROPN
ajfa-5241	119	20	/	/	SYM
ajfa-5241	119	21	b	b	NOUN
ajfa-5241	119	22	)	)	PUNCT
ajfa-5241	119	23	and	and	CCONJ
ajfa-5241	119	24	price	price	NOUN
ajfa-5241	119	25	-	-	PUNCT
ajfa-5241	119	26	to	to	AUX
ajfa-5241	119	27	-	-	PUNCT
ajfa-5241	119	28	earning	earn	VERB
ajfa-5241	119	29	(	(	PUNCT
ajfa-5241	119	30	p	p	X
ajfa-5241	119	31	/	/	SYM
ajfa-5241	119	32	e	e	NOUN
ajfa-5241	119	33	)	)	PUNCT
ajfa-5241	119	34	ratios	ratio	NOUN
ajfa-5241	119	35	.	.	PUNCT
ajfa-5241	120	1	fama	fama	NOUN
ajfa-5241	120	2	-	-	PUNCT
ajfa-5241	120	3	french	french	NOUN
ajfa-5241	120	4	(	(	PUNCT
ajfa-5241	120	5	1993	1993	NUM
ajfa-5241	120	6	,	,	PUNCT
ajfa-5241	120	7	1995	1995	NUM
ajfa-5241	120	8	)	)	PUNCT
ajfa-5241	120	9	find	find	VERB
ajfa-5241	120	10	a	a	DET
ajfa-5241	120	11	relative	relative	ADJ
ajfa-5241	120	12	distress	distress	NOUN
ajfa-5241	120	13	/	/	SYM
ajfa-5241	120	14	value	value	NOUN
ajfa-5241	120	15	effect	effect	NOUN
ajfa-5241	120	16	for	for	ADP
ajfa-5241	120	17	the	the	DET
ajfa-5241	120	18	companies	company	NOUN
ajfa-5241	120	19	.	.	PUNCT
ajfa-5241	121	1	the	the	DET
ajfa-5241	121	2	premise	premise	NOUN
ajfa-5241	121	3	of	of	ADP
ajfa-5241	121	4	relative	relative	ADJ
ajfa-5241	121	5	distress	distress	NOUN
ajfa-5241	121	6	(	(	PUNCT
ajfa-5241	121	7	value	value	NOUN
ajfa-5241	121	8	)	)	PUNCT
ajfa-5241	121	9	factor	factor	NOUN
ajfa-5241	121	10	is	be	AUX
ajfa-5241	121	11	such	such	ADJ
ajfa-5241	121	12	that	that	SCONJ
ajfa-5241	121	13	the	the	DET
ajfa-5241	121	14	companies	company	NOUN
ajfa-5241	121	15	which	which	PRON
ajfa-5241	121	16	have	have	VERB
ajfa-5241	121	17	low	low	ADJ
ajfa-5241	121	18	p	p	PROPN
ajfa-5241	121	19	/	/	SYM
ajfa-5241	121	20	b	b	NOUN
ajfa-5241	121	21	and	and	CCONJ
ajfa-5241	121	22	p	p	NOUN
ajfa-5241	121	23	/	/	SYM
ajfa-5241	121	24	e	e	NOUN
ajfa-5241	121	25	ratios	ratio	NOUN
ajfa-5241	121	26	are	be	AUX
ajfa-5241	121	27	expected	expect	VERB
ajfa-5241	121	28	by	by	ADP
ajfa-5241	121	29	the	the	DET
ajfa-5241	121	30	investors	investor	NOUN
ajfa-5241	121	31	to	to	PART
ajfa-5241	121	32	provide	provide	VERB
ajfa-5241	121	33	them	they	PRON
ajfa-5241	121	34	higher	high	ADJ
ajfa-5241	121	35	returns	return	NOUN
ajfa-5241	121	36	as	as	SCONJ
ajfa-5241	121	37	these	these	DET
ajfa-5241	121	38	companies	company	NOUN
ajfa-5241	121	39	are	be	AUX
ajfa-5241	121	40	characterized	characterize	VERB
ajfa-5241	121	41	as	as	ADP
ajfa-5241	121	42	low	low	ADJ
ajfa-5241	121	43	earning	earning	NOUN
ajfa-5241	121	44	companies	company	NOUN
ajfa-5241	121	45	while	while	SCONJ
ajfa-5241	121	46	companies	company	NOUN
ajfa-5241	121	47	of	of	ADP
ajfa-5241	121	48	high	high	ADJ
ajfa-5241	121	49	p	p	X
ajfa-5241	121	50	/	/	SYM
ajfa-5241	121	51	b	b	NOUN
ajfa-5241	121	52	and	and	CCONJ
ajfa-5241	121	53	p	p	NOUN
ajfa-5241	121	54	/	/	SYM
ajfa-5241	121	55	e	e	NOUN
ajfa-5241	121	56	ratios	ratio	NOUN
ajfa-5241	121	57	are	be	AUX
ajfa-5241	121	58	potentially	potentially	ADV
ajfa-5241	121	59	high	high	ADJ
ajfa-5241	121	60	earnings	earning	NOUN
ajfa-5241	121	61	making	make	VERB
ajfa-5241	121	62	companies	company	NOUN
ajfa-5241	121	63	which	which	PRON
ajfa-5241	121	64	tend	tend	VERB
ajfa-5241	121	65	to	to	PART
ajfa-5241	121	66	provide	provide	VERB
ajfa-5241	121	67	lowerr	lowerr	NOUN
ajfa-5241	121	68	returns	return	NOUN
ajfa-5241	121	69	to	to	ADP
ajfa-5241	121	70	the	the	DET
ajfa-5241	121	71	investors	investor	NOUN
ajfa-5241	121	72	as	as	SCONJ
ajfa-5241	121	73	these	these	DET
ajfa-5241	121	74	companies	company	NOUN
ajfa-5241	121	75	are	be	AUX
ajfa-5241	121	76	possibly	possibly	ADV
ajfa-5241	121	77	less	less	ADV
ajfa-5241	121	78	risky	risky	ADJ
ajfa-5241	121	79	.	.	PUNCT
ajfa-5241	122	1	in	in	ADP
ajfa-5241	122	2	line	line	NOUN
ajfa-5241	122	3	with	with	ADP
ajfa-5241	122	4	prior	prior	ADJ
ajfa-5241	122	5	research	research	NOUN
ajfa-5241	122	6	,	,	PUNCT
ajfa-5241	122	7	we	we	PRON
ajfa-5241	122	8	also	also	ADV
ajfa-5241	122	9	use	use	VERB
ajfa-5241	122	10	p	p	X
ajfa-5241	122	11	/	/	SYM
ajfa-5241	122	12	b	b	NOUN
ajfa-5241	122	13	and	and	CCONJ
ajfa-5241	122	14	p	p	NOUN
ajfa-5241	122	15	/	/	SYM
ajfa-5241	122	16	e	e	NOUN
ajfa-5241	122	17	ratios	ratio	NOUN
ajfa-5241	122	18	as	as	ADP
ajfa-5241	122	19	the	the	DET
ajfa-5241	122	20	measures	measure	NOUN
ajfa-5241	122	21	of	of	ADP
ajfa-5241	122	22	company	company	NOUN
ajfa-5241	122	23	value	value	NOUN
ajfa-5241	122	24	.	.	PUNCT
ajfa-5241	123	1	we	we	PRON
ajfa-5241	123	2	again	again	ADV
ajfa-5241	123	3	collect	collect	VERB
ajfa-5241	123	4	the	the	DET
ajfa-5241	123	5	data	datum	NOUN
ajfa-5241	123	6	for	for	ADP
ajfa-5241	123	7	company	company	NOUN
ajfa-5241	123	8	characteristics	characteristic	NOUN
ajfa-5241	123	9	from	from	ADP
ajfa-5241	123	10	cmie	cmie	NOUN
ajfa-5241	123	11	prowess	prowess	NOUN
ajfa-5241	123	12	.	.	PUNCT
ajfa-5241	124	1	treasury	treasury	NOUN
ajfa-5241	124	2	bill	bill	PROPN
ajfa-5241	124	3	(	(	PUNCT
ajfa-5241	124	4	t	t	NOUN
ajfa-5241	124	5	-	-	PUNCT
ajfa-5241	124	6	bill	bill	NOUN
ajfa-5241	124	7	)	)	PUNCT
ajfa-5241	124	8	is	be	AUX
ajfa-5241	124	9	one	one	NUM
ajfa-5241	124	10	of	of	ADP
ajfa-5241	124	11	the	the	DET
ajfa-5241	124	12	money	money	NOUN
ajfa-5241	124	13	market	market	NOUN
ajfa-5241	124	14	instruments	instrument	NOUN
ajfa-5241	124	15	being	be	AUX
ajfa-5241	124	16	issued	issue	VERB
ajfa-5241	124	17	by	by	ADP
ajfa-5241	124	18	government	government	NOUN
ajfa-5241	124	19	.	.	PUNCT
ajfa-5241	125	1	return	return	VERB
ajfa-5241	125	2	on	on	ADP
ajfa-5241	125	3	t	t	PROPN
ajfa-5241	125	4	-	-	PUNCT
ajfa-5241	125	5	bill	bill	NOUN
ajfa-5241	125	6	has	have	AUX
ajfa-5241	125	7	zero	zero	NUM
ajfa-5241	125	8	covariance	covariance	NOUN
ajfa-5241	125	9	with	with	ADP
ajfa-5241	125	10	return	return	NOUN
ajfa-5241	125	11	on	on	ADP
ajfa-5241	125	12	market	market	NOUN
ajfa-5241	125	13	portfolio	portfolio	NOUN
ajfa-5241	125	14	and	and	CCONJ
ajfa-5241	125	15	other	other	ADJ
ajfa-5241	125	16	risk	risk	NOUN
ajfa-5241	125	17	factors	factor	NOUN
ajfa-5241	125	18	.	.	PUNCT
ajfa-5241	126	1	the	the	DET
ajfa-5241	126	2	implicit	implicit	ADJ
ajfa-5241	126	3	yields	yield	NOUN
ajfa-5241	126	4	on	on	ADP
ajfa-5241	126	5	t	t	PROPN
ajfa-5241	126	6	-	-	PUNCT
ajfa-5241	126	7	bills	bill	NOUN
ajfa-5241	126	8	are	be	AUX
ajfa-5241	126	9	the	the	DET
ajfa-5241	126	10	risk	risk	NOUN
ajfa-5241	126	11	free	free	ADJ
ajfa-5241	126	12	returns	return	NOUN
ajfa-5241	126	13	.	.	PUNCT
ajfa-5241	127	1	moreover	moreover	ADV
ajfa-5241	127	2	,	,	PUNCT
ajfa-5241	127	3	it	it	PRON
ajfa-5241	127	4	is	be	AUX
ajfa-5241	127	5	a	a	DET
ajfa-5241	127	6	general	general	ADJ
ajfa-5241	127	7	practice	practice	NOUN
ajfa-5241	127	8	in	in	ADP
ajfa-5241	127	9	asset	asset	NOUN
ajfa-5241	127	10	pricing	pricing	NOUN
ajfa-5241	127	11	research	research	NOUN
ajfa-5241	127	12	in	in	ADP
ajfa-5241	127	13	india	india	PROPN
ajfa-5241	127	14	of	of	ADP
ajfa-5241	127	15	using	use	VERB
ajfa-5241	127	16	implicit	implicit	ADJ
ajfa-5241	127	17	yields	yield	NOUN
ajfa-5241	127	18	on	on	ADP
ajfa-5241	127	19	91	91	NUM
ajfa-5241	127	20	day	day	NOUN
ajfa-5241	127	21	t	t	PROPN
ajfa-5241	127	22	-	-	PUNCT
ajfa-5241	127	23	bills	bill	NOUN
ajfa-5241	127	24	as	as	ADP
ajfa-5241	127	25	risk	risk	NOUN
ajfa-5241	127	26	free	free	ADJ
ajfa-5241	127	27	rate	rate	NOUN
ajfa-5241	127	28	in	in	ADP
ajfa-5241	127	29	order	order	NOUN
ajfa-5241	127	30	to	to	PART
ajfa-5241	127	31	compute	compute	VERB
ajfa-5241	127	32	excess	excess	ADJ
ajfa-5241	127	33	returns	return	NOUN
ajfa-5241	127	34	on	on	ADP
ajfa-5241	127	35	portfolio	portfolio	NOUN
ajfa-5241	127	36	and	and	CCONJ
ajfa-5241	127	37	excess	excess	ADJ
ajfa-5241	127	38	returns	return	NOUN
ajfa-5241	127	39	on	on	ADP
ajfa-5241	127	40	market	market	NOUN
ajfa-5241	127	41	.	.	PUNCT
ajfa-5241	128	1	hence	hence	ADV
ajfa-5241	128	2	,	,	PUNCT
ajfa-5241	128	3	we	we	PRON
ajfa-5241	128	4	use	use	VERB
ajfa-5241	128	5	implicit	implicit	ADJ
ajfa-5241	128	6	yields	yield	NOUN
ajfa-5241	128	7	on	on	ADP
ajfa-5241	128	8	91	91	NUM
ajfa-5241	128	9	-	-	PUNCT
ajfa-5241	128	10	day	day	NOUN
ajfa-5241	128	11	treasury	treasury	NOUN
ajfa-5241	128	12	bills	bill	NOUN
ajfa-5241	128	13	as	as	ADP
ajfa-5241	128	14	risk	risk	NOUN
ajfa-5241	128	15	free	free	ADJ
ajfa-5241	128	16	proxy	proxy	NOUN
ajfa-5241	128	17	.	.	PUNCT
ajfa-5241	129	1	the	the	DET
ajfa-5241	129	2	implicit	implicit	ADJ
ajfa-5241	129	3	yields	yield	NOUN
ajfa-5241	129	4	on	on	ADP
ajfa-5241	129	5	91	91	NUM
ajfa-5241	129	6	day	day	NOUN
ajfa-5241	129	7	t	t	PROPN
ajfa-5241	129	8	-	-	PUNCT
ajfa-5241	129	9	bills	bill	NOUN
ajfa-5241	129	10	are	be	AUX
ajfa-5241	129	11	collected	collect	VERB
ajfa-5241	129	12	from	from	ADP
ajfa-5241	129	13	reserve	reserve	PROPN
ajfa-5241	129	14	bank	bank	PROPN
ajfa-5241	129	15	of	of	ADP
ajfa-5241	129	16	india	india	PROPN
ajfa-5241	129	17	’s	’s	PART
ajfa-5241	129	18	website	website	NOUN
ajfa-5241	129	19	.	.	PUNCT
ajfa-5241	130	1	the	the	DET
ajfa-5241	130	2	bombay	bombay	PROPN
ajfa-5241	130	3	stock	stock	PROPN
ajfa-5241	130	4	exchange	exchange	PROPN
ajfa-5241	130	5	(	(	PUNCT
ajfa-5241	130	6	1983	1983	NUM
ajfa-5241	130	7	-	-	SYM
ajfa-5241	130	8	84	84	NUM
ajfa-5241	130	9	)	)	PUNCT
ajfa-5241	130	10	and	and	CCONJ
ajfa-5241	130	11	national	national	ADJ
ajfa-5241	130	12	stock	stock	PROPN
ajfa-5241	130	13	exchange	exchange	PROPN
ajfa-5241	130	14	(	(	PUNCT
ajfa-5241	130	15	nse-50	nse-50	NOUN
ajfa-5241	130	16	)	)	PUNCT
ajfa-5241	130	17	popularly	popularly	ADV
ajfa-5241	130	18	known	know	VERB
ajfa-5241	130	19	as	as	ADP
ajfa-5241	130	20	nifty	nifty	ADJ
ajfa-5241	130	21	are	be	AUX
ajfa-5241	130	22	used	use	VERB
ajfa-5241	130	23	as	as	ADP
ajfa-5241	130	24	market	market	NOUN
ajfa-5241	130	25	proxies	proxy	NOUN
ajfa-5241	130	26	.	.	PUNCT
ajfa-5241	131	1	3	3	X
ajfa-5241	131	2	.	.	X
ajfa-5241	131	3	explanation	explanation	NOUN
ajfa-5241	131	4	on	on	ADP
ajfa-5241	131	5	the	the	DET
ajfa-5241	131	6	cross	cross	NOUN
ajfa-5241	131	7	section	section	NOUN
ajfa-5241	131	8	of	of	ADP
ajfa-5241	131	9	average	average	ADJ
ajfa-5241	131	10	stock	stock	NOUN
ajfa-5241	131	11	returns	return	NOUN
ajfa-5241	131	12	:	:	PUNCT
ajfa-5241	131	13	capm	capm	NOUN
ajfa-5241	131	14	versus	versus	ADP
ajfa-5241	131	15	fama	fama	PROPN
ajfa-5241	131	16	-	-	PUNCT
ajfa-5241	131	17	french	french	ADJ
ajfa-5241	131	18	model	model	NOUN
ajfa-5241	131	19	connon	connon	PROPN
ajfa-5241	131	20	g	g	PROPN
ajfa-5241	131	21	and	and	CCONJ
ajfa-5241	131	22	sehgal	sehgal	PROPN
ajfa-5241	131	23	s	s	X
ajfa-5241	131	24	(	(	PUNCT
ajfa-5241	131	25	2003	2003	NUM
ajfa-5241	131	26	)	)	PUNCT
ajfa-5241	131	27	perform	perform	VERB
ajfa-5241	131	28	maiden	maiden	ADJ
ajfa-5241	131	29	experimentation	experimentation	NOUN
ajfa-5241	131	30	of	of	ADP
ajfa-5241	131	31	the	the	DET
ajfa-5241	131	32	ff	ff	PROPN
ajfa-5241	131	33	model	model	NOUN
ajfa-5241	131	34	for	for	ADP
ajfa-5241	131	35	indian	indian	ADJ
ajfa-5241	131	36	stock	stock	NOUN
ajfa-5241	131	37	market	market	NOUN
ajfa-5241	131	38	and	and	CCONJ
ajfa-5241	131	39	find	find	VERB
ajfa-5241	131	40	that	that	SCONJ
ajfa-5241	131	41	ff	ff	PROPN
ajfa-5241	131	42	model	model	NOUN
ajfa-5241	131	43	captures	capture	VERB
ajfa-5241	131	44	the	the	DET
ajfa-5241	131	45	mean	mean	ADJ
ajfa-5241	131	46	excess	excess	ADJ
ajfa-5241	131	47	returns	return	NOUN
ajfa-5241	131	48	on	on	ADP
ajfa-5241	131	49	portfolios	portfolio	NOUN
ajfa-5241	131	50	which	which	PRON
ajfa-5241	131	51	is	be	AUX
ajfa-5241	131	52	missed	miss	VERB
ajfa-5241	131	53	out	out	ADP
ajfa-5241	131	54	by	by	ADP
ajfa-5241	131	55	one	one	NUM
ajfa-5241	131	56	factor	factor	NOUN
ajfa-5241	131	57	capm	capm	NOUN
ajfa-5241	131	58	.	.	PUNCT
ajfa-5241	132	1	we	we	PRON
ajfa-5241	132	2	examine	examine	VERB
ajfa-5241	132	3	whether	whether	SCONJ
ajfa-5241	132	4	ff	ff	NOUN
ajfa-5241	132	5	model	model	NOUN
ajfa-5241	132	6	continues	continue	VERB
ajfa-5241	132	7	to	to	PART
ajfa-5241	132	8	be	be	AUX
ajfa-5241	132	9	a	a	DET
ajfa-5241	132	10	successful	successful	ADJ
ajfa-5241	132	11	asset	asset	NOUN
ajfa-5241	132	12	pricing	pricing	NOUN
ajfa-5241	132	13	tool	tool	NOUN
ajfa-5241	132	14	in	in	ADP
ajfa-5241	132	15	a	a	DET
ajfa-5241	132	16	longer	long	ADJ
ajfa-5241	132	17	and	and	CCONJ
ajfa-5241	132	18	more	more	ADV
ajfa-5241	132	19	recent	recent	ADJ
ajfa-5241	132	20	time	time	NOUN
ajfa-5241	132	21	period	period	NOUN
ajfa-5241	132	22	i.e.	i.e.	X
ajfa-5241	132	23	1997	1997	NUM
ajfa-5241	132	24	-	-	SYM
ajfa-5241	132	25	2012	2012	NUM
ajfa-5241	132	26	for	for	ADP
ajfa-5241	132	27	indian	indian	ADJ
ajfa-5241	132	28	stock	stock	NOUN
ajfa-5241	132	29	market	market	NOUN
ajfa-5241	132	30	.	.	PUNCT
ajfa-5241	133	1	in	in	ADP
ajfa-5241	133	2	order	order	NOUN
ajfa-5241	133	3	to	to	PART
ajfa-5241	133	4	execute	execute	VERB
ajfa-5241	133	5	this	this	PRON
ajfa-5241	133	6	,	,	PUNCT
ajfa-5241	133	7	we	we	PRON
ajfa-5241	133	8	construct	construct	VERB
ajfa-5241	133	9	portfolios	portfolio	NOUN
ajfa-5241	133	10	based	base	VERB
ajfa-5241	133	11	on	on	ADP
ajfa-5241	133	12	company	company	NOUN
ajfa-5241	133	13	characteristics	characteristic	NOUN
ajfa-5241	133	14	using	use	VERB
ajfa-5241	133	15	single	single	ADJ
ajfa-5241	133	16	and	and	CCONJ
ajfa-5241	133	17	double	double	ADJ
ajfa-5241	133	18	sort	sort	NOUN
ajfa-5241	133	19	criterion	criterion	NOUN
ajfa-5241	133	20	,	,	PUNCT
ajfa-5241	133	21	also	also	ADV
ajfa-5241	133	22	form	form	VERB
ajfa-5241	133	23	the	the	DET
ajfa-5241	133	24	portfolios	portfolio	NOUN
ajfa-5241	133	25	based	base	VERB
ajfa-5241	133	26	on	on	ADP
ajfa-5241	133	27	prior	prior	ADJ
ajfa-5241	133	28	returns	return	NOUN
ajfa-5241	133	29	of	of	ADP
ajfa-5241	133	30	the	the	DET
ajfa-5241	133	31	sample	sample	NOUN
ajfa-5241	133	32	companies	company	NOUN
ajfa-5241	133	33	.	.	PUNCT
ajfa-5241	134	1	_	_	PUNCT
ajfa-5241	135	1	_	_	PUNCT
ajfa-5241	136	1	_	_	PUNCT
ajfa-5241	137	1	_	_	PUNCT
ajfa-5241	138	1	_	_	PUNCT
ajfa-5241	139	1	_	_	PUNCT
ajfa-5241	140	1	_	_	PUNCT
ajfa-5241	141	1	_	_	PUNCT
ajfa-5241	142	1	_	_	PUNCT
ajfa-5241	143	1	_	_	PUNCT
ajfa-5241	144	1	_	_	PUNCT
ajfa-5241	145	1	_	_	PUNCT
ajfa-5241	146	1	_	_	PUNCT
ajfa-5241	147	1	_	_	PUNCT
ajfa-5241	147	2	4	4	NUM
ajfa-5241	148	1	the	the	DET
ajfa-5241	148	2	study	study	NOUN
ajfa-5241	148	3	uses	use	VERB
ajfa-5241	148	4	only	only	ADV
ajfa-5241	148	5	adjusted	adjust	VERB
ajfa-5241	148	6	share	share	NOUN
ajfa-5241	148	7	price	price	NOUN
ajfa-5241	148	8	for	for	ADP
ajfa-5241	148	9	estimation	estimation	NOUN
ajfa-5241	148	10	purpose	purpose	NOUN
ajfa-5241	148	11	.	.	PUNCT
ajfa-5241	149	1	it	it	PRON
ajfa-5241	149	2	means	mean	VERB
ajfa-5241	149	3	the	the	DET
ajfa-5241	149	4	share	share	NOUN
ajfa-5241	149	5	prices	price	NOUN
ajfa-5241	149	6	are	be	AUX
ajfa-5241	149	7	adjusted	adjust	VERB
ajfa-5241	149	8	for	for	ADP
ajfa-5241	149	9	capitalization	capitalization	NOUN
ajfa-5241	149	10	changes	change	NOUN
ajfa-5241	149	11	such	such	ADJ
ajfa-5241	149	12	as	as	ADP
ajfa-5241	149	13	stock	stock	NOUN
ajfa-5241	149	14	split	split	NOUN
ajfa-5241	149	15	,	,	PUNCT
ajfa-5241	149	16	stock	stock	NOUN
ajfa-5241	149	17	dividends	dividend	NOUN
ajfa-5241	149	18	,	,	PUNCT
ajfa-5241	149	19	and	and	CCONJ
ajfa-5241	149	20	right	right	ADJ
ajfa-5241	149	21	issues	issue	NOUN
ajfa-5241	149	22	.	.	PUNCT
ajfa-5241	150	1	asian	asian	ADJ
ajfa-5241	150	2	journal	journal	PROPN
ajfa-5241	150	3	of	of	ADP
ajfa-5241	150	4	finance	finance	PROPN
ajfa-5241	150	5	&	&	CCONJ
ajfa-5241	150	6	accounting	accounting	PROPN
ajfa-5241	150	7	issn	issn	PROPN
ajfa-5241	150	8	1946	1946	NUM
ajfa-5241	150	9	-	-	PUNCT
ajfa-5241	150	10	052x	052x	PROPN
ajfa-5241	150	11	2014	2014	NUM
ajfa-5241	150	12	,	,	PUNCT
ajfa-5241	150	13	vol	vol	NOUN
ajfa-5241	150	14	.	.	PROPN
ajfa-5241	151	1	6	6	NUM
ajfa-5241	151	2	,	,	PUNCT
ajfa-5241	151	3	no	no	INTJ
ajfa-5241	151	4	.	.	NOUN
ajfa-5241	151	5	1	1	NUM
ajfa-5241	151	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	151	7	342	342	NUM
ajfa-5241	151	8	3.1	3.1	NUM
ajfa-5241	151	9	single	single	ADJ
ajfa-5241	151	10	sorted	sorted	ADJ
ajfa-5241	151	11	portfolios	portfolio	NOUN
ajfa-5241	151	12	we	we	PRON
ajfa-5241	151	13	start	start	VERB
ajfa-5241	151	14	the	the	DET
ajfa-5241	151	15	analysis	analysis	NOUN
ajfa-5241	151	16	by	by	ADP
ajfa-5241	151	17	ranking	rank	VERB
ajfa-5241	151	18	sample	sample	NOUN
ajfa-5241	151	19	securities	security	NOUN
ajfa-5241	151	20	on	on	ADP
ajfa-5241	151	21	a	a	DET
ajfa-5241	151	22	single	single	ADJ
ajfa-5241	151	23	criterion	criterion	NOUN
ajfa-5241	151	24	(	(	PUNCT
ajfa-5241	151	25	company	company	NOUN
ajfa-5241	151	26	characteristic	characteristic	NOUN
ajfa-5241	151	27	)	)	PUNCT
ajfa-5241	151	28	i.e.	i.e.	X
ajfa-5241	151	29	measure	measure	NOUN
ajfa-5241	151	30	of	of	ADP
ajfa-5241	151	31	company	company	NOUN
ajfa-5241	151	32	size	size	NOUN
ajfa-5241	151	33	/	/	SYM
ajfa-5241	151	34	value	value	NOUN
ajfa-5241	151	35	and	and	CCONJ
ajfa-5241	151	36	form	form	NOUN
ajfa-5241	151	37	portfolios	portfolio	NOUN
ajfa-5241	151	38	termed	term	VERB
ajfa-5241	151	39	as	as	ADP
ajfa-5241	151	40	single	single	ADJ
ajfa-5241	151	41	sorted	sort	VERB
ajfa-5241	151	42	portfolios	portfolio	NOUN
ajfa-5241	151	43	.	.	PUNCT
ajfa-5241	152	1	the	the	DET
ajfa-5241	152	2	portfolio	portfolio	NOUN
ajfa-5241	152	3	construction	construction	NOUN
ajfa-5241	152	4	procedure	procedure	NOUN
ajfa-5241	152	5	is	be	AUX
ajfa-5241	152	6	as	as	SCONJ
ajfa-5241	152	7	follows	follow	VERB
ajfa-5241	152	8	.	.	PUNCT
ajfa-5241	153	1	first	first	ADV
ajfa-5241	153	2	,	,	PUNCT
ajfa-5241	153	3	we	we	PRON
ajfa-5241	153	4	rank	rank	VERB
ajfa-5241	153	5	the	the	DET
ajfa-5241	153	6	companies	company	NOUN
ajfa-5241	153	7	at	at	ADP
ajfa-5241	153	8	the	the	DET
ajfa-5241	153	9	end	end	NOUN
ajfa-5241	153	10	of	of	ADP
ajfa-5241	153	11	june	june	PROPN
ajfa-5241	153	12	,	,	PUNCT
ajfa-5241	153	13	1997	1997	NUM
ajfa-5241	153	14	(	(	PUNCT
ajfa-5241	153	15	period	period	NOUN
ajfa-5241	153	16	t	t	PROPN
ajfa-5241	153	17	)	)	PUNCT
ajfa-5241	153	18	on	on	ADP
ajfa-5241	153	19	the	the	DET
ajfa-5241	153	20	basis	basis	NOUN
ajfa-5241	153	21	of	of	ADP
ajfa-5241	153	22	market	market	NOUN
ajfa-5241	153	23	capitalization	capitalization	NOUN
ajfa-5241	153	24	(	(	PUNCT
ajfa-5241	153	25	mc	mc	PROPN
ajfa-5241	153	26	)	)	PUNCT
ajfa-5241	153	27	.	.	PUNCT
ajfa-5241	154	1	then	then	ADV
ajfa-5241	154	2	the	the	DET
ajfa-5241	154	3	companies	company	NOUN
ajfa-5241	154	4	are	be	AUX
ajfa-5241	154	5	categorized	categorize	VERB
ajfa-5241	154	6	in	in	ADP
ajfa-5241	154	7	to	to	ADP
ajfa-5241	154	8	five	five	NUM
ajfa-5241	154	9	portfolios	portfolio	NOUN
ajfa-5241	154	10	,	,	PUNCT
ajfa-5241	154	11	p1	p1	NOUN
ajfa-5241	154	12	(	(	PUNCT
ajfa-5241	154	13	portfolio	portfolio	NOUN
ajfa-5241	154	14	one	one	NUM
ajfa-5241	154	15	)	)	PUNCT
ajfa-5241	154	16	contains	contain	VERB
ajfa-5241	154	17	20	20	NUM
ajfa-5241	154	18	%	%	NOUN
ajfa-5241	154	19	of	of	ADP
ajfa-5241	154	20	the	the	DET
ajfa-5241	154	21	sample	sample	NOUN
ajfa-5241	154	22	stocks	stock	NOUN
ajfa-5241	154	23	with	with	ADP
ajfa-5241	154	24	smallest	small	ADJ
ajfa-5241	154	25	mc	mc	PROPN
ajfa-5241	154	26	while	while	NOUN
ajfa-5241	154	27	,	,	PUNCT
ajfa-5241	154	28	p5	p5	PROPN
ajfa-5241	154	29	(	(	PUNCT
ajfa-5241	154	30	portfolio	portfolio	NOUN
ajfa-5241	154	31	five	five	NUM
ajfa-5241	154	32	)	)	PUNCT
ajfa-5241	154	33	comprises	comprise	NOUN
ajfa-5241	154	34	of	of	ADP
ajfa-5241	154	35	20	20	NUM
ajfa-5241	154	36	%	%	NOUN
ajfa-5241	154	37	of	of	ADP
ajfa-5241	154	38	the	the	DET
ajfa-5241	154	39	sample	sample	NOUN
ajfa-5241	154	40	stocks	stock	NOUN
ajfa-5241	154	41	with	with	ADP
ajfa-5241	154	42	largest	large	ADJ
ajfa-5241	154	43	mc	mc	PROPN
ajfa-5241	154	44	.	.	PUNCT
ajfa-5241	155	1	then	then	ADV
ajfa-5241	155	2	equally	equally	ADV
ajfa-5241	155	3	weighted	weight	VERB
ajfa-5241	155	4	returns	return	NOUN
ajfa-5241	155	5	on	on	ADP
ajfa-5241	155	6	these	these	DET
ajfa-5241	155	7	five	five	NUM
ajfa-5241	155	8	portfolios	portfolio	NOUN
ajfa-5241	155	9	from	from	ADP
ajfa-5241	155	10	july	july	PROPN
ajfa-5241	155	11	,	,	PUNCT
ajfa-5241	155	12	1997	1997	NUM
ajfa-5241	155	13	(	(	PUNCT
ajfa-5241	155	14	t	t	NOUN
ajfa-5241	155	15	)	)	PUNCT
ajfa-5241	155	16	to	to	ADP
ajfa-5241	155	17	june	june	PROPN
ajfa-5241	155	18	,	,	PUNCT
ajfa-5241	155	19	1998	1998	NUM
ajfa-5241	155	20	(	(	PUNCT
ajfa-5241	155	21	t+1	t+1	NOUN
ajfa-5241	155	22	)	)	PUNCT
ajfa-5241	155	23	are	be	AUX
ajfa-5241	155	24	calculated	calculate	VERB
ajfa-5241	155	25	.	.	PUNCT
ajfa-5241	156	1	then	then	ADV
ajfa-5241	156	2	ranking	ranking	NOUN
ajfa-5241	156	3	is	be	AUX
ajfa-5241	156	4	revised	revise	VERB
ajfa-5241	156	5	in	in	ADP
ajfa-5241	156	6	june	june	PROPN
ajfa-5241	156	7	,	,	PUNCT
ajfa-5241	156	8	1998	1998	NUM
ajfa-5241	156	9	and	and	CCONJ
ajfa-5241	156	10	this	this	DET
ajfa-5241	156	11	process	process	NOUN
ajfa-5241	156	12	is	be	AUX
ajfa-5241	156	13	repeated	repeat	VERB
ajfa-5241	156	14	till	till	SCONJ
ajfa-5241	156	15	end	end	NOUN
ajfa-5241	156	16	of	of	ADP
ajfa-5241	156	17	the	the	DET
ajfa-5241	156	18	study	study	NOUN
ajfa-5241	156	19	period	period	NOUN
ajfa-5241	156	20	.	.	PUNCT
ajfa-5241	157	1	next	next	ADV
ajfa-5241	157	2	we	we	PRON
ajfa-5241	157	3	estimate	estimate	VERB
ajfa-5241	157	4	the	the	DET
ajfa-5241	157	5	mean	mean	ADJ
ajfa-5241	157	6	excess	excess	ADJ
ajfa-5241	157	7	return5	return5	NOUN
ajfa-5241	157	8	on	on	ADP
ajfa-5241	157	9	each	each	DET
ajfa-5241	157	10	portfolio	portfolio	NOUN
ajfa-5241	157	11	from	from	ADP
ajfa-5241	157	12	july	july	PROPN
ajfa-5241	157	13	,	,	PUNCT
ajfa-5241	157	14	1997	1997	NUM
ajfa-5241	157	15	to	to	ADP
ajfa-5241	157	16	june	june	PROPN
ajfa-5241	157	17	,	,	PUNCT
ajfa-5241	157	18	2012	2012	NUM
ajfa-5241	157	19	.	.	PUNCT
ajfa-5241	158	1	the	the	DET
ajfa-5241	158	2	similar	similar	ADJ
ajfa-5241	158	3	procedure	procedure	NOUN
ajfa-5241	158	4	is	be	AUX
ajfa-5241	158	5	adopted	adopt	VERB
ajfa-5241	158	6	for	for	ADP
ajfa-5241	158	7	alternative	alternative	ADJ
ajfa-5241	158	8	measures	measure	NOUN
ajfa-5241	158	9	of	of	ADP
ajfa-5241	158	10	company	company	NOUN
ajfa-5241	158	11	size	size	NOUN
ajfa-5241	158	12	i.e.	i.e.	X
ajfa-5241	158	13	,	,	PUNCT
ajfa-5241	158	14	ta	ta	PROPN
ajfa-5241	158	15	and	and	CCONJ
ajfa-5241	158	16	ev	ev	INTJ
ajfa-5241	158	17	.	.	PROPN
ajfa-5241	159	1	since	since	SCONJ
ajfa-5241	159	2	ta	ta	PROPN
ajfa-5241	159	3	is	be	AUX
ajfa-5241	159	4	fully	fully	ADV
ajfa-5241	159	5	accounting	account	VERB
ajfa-5241	159	6	based	base	VERB
ajfa-5241	159	7	information	information	NOUN
ajfa-5241	159	8	while	while	SCONJ
ajfa-5241	159	9	ev	ev	PROPN
ajfa-5241	159	10	happens	happen	VERB
ajfa-5241	159	11	to	to	PART
ajfa-5241	159	12	be	be	AUX
ajfa-5241	159	13	partly	partly	ADV
ajfa-5241	159	14	accounting	account	VERB
ajfa-5241	159	15	based	base	VERB
ajfa-5241	159	16	data	datum	NOUN
ajfa-5241	159	17	,	,	PUNCT
ajfa-5241	159	18	they	they	PRON
ajfa-5241	159	19	are	be	AUX
ajfa-5241	159	20	made	make	VERB
ajfa-5241	159	21	available	available	ADJ
ajfa-5241	159	22	to	to	ADP
ajfa-5241	159	23	the	the	DET
ajfa-5241	159	24	public	public	NOUN
ajfa-5241	159	25	in	in	ADP
ajfa-5241	159	26	the	the	DET
ajfa-5241	159	27	month	month	NOUN
ajfa-5241	159	28	of	of	ADP
ajfa-5241	159	29	march	march	NOUN
ajfa-5241	159	30	of	of	ADP
ajfa-5241	159	31	every	every	DET
ajfa-5241	159	32	year	year	NOUN
ajfa-5241	159	33	.	.	PUNCT
ajfa-5241	160	1	unlike	unlike	ADP
ajfa-5241	160	2	other	other	ADJ
ajfa-5241	160	3	countries	country	NOUN
ajfa-5241	160	4	,	,	PUNCT
ajfa-5241	160	5	india	india	PROPN
ajfa-5241	160	6	has	have	VERB
ajfa-5241	160	7	financial	financial	ADJ
ajfa-5241	160	8	year	year	NOUN
ajfa-5241	160	9	in	in	ADP
ajfa-5241	160	10	which	which	PRON
ajfa-5241	160	11	march	march	NOUN
ajfa-5241	160	12	is	be	AUX
ajfa-5241	160	13	the	the	DET
ajfa-5241	160	14	closing	closing	NOUN
ajfa-5241	160	15	month	month	NOUN
ajfa-5241	160	16	.	.	PUNCT
ajfa-5241	161	1	hence	hence	ADV
ajfa-5241	161	2	,	,	PUNCT
ajfa-5241	161	3	some	some	DET
ajfa-5241	161	4	companies	company	NOUN
ajfa-5241	161	5	release	release	VERB
ajfa-5241	161	6	the	the	DET
ajfa-5241	161	7	financial	financial	ADJ
ajfa-5241	161	8	statement	statement	NOUN
ajfa-5241	161	9	and	and	CCONJ
ajfa-5241	161	10	other	other	ADJ
ajfa-5241	161	11	finance	finance	NOUN
ajfa-5241	161	12	related	relate	VERB
ajfa-5241	161	13	information	information	NOUN
ajfa-5241	161	14	to	to	ADP
ajfa-5241	161	15	the	the	DET
ajfa-5241	161	16	investors	investor	NOUN
ajfa-5241	161	17	with	with	ADP
ajfa-5241	161	18	some	some	DET
ajfa-5241	161	19	delay	delay	NOUN
ajfa-5241	161	20	.	.	PUNCT
ajfa-5241	162	1	this	this	PRON
ajfa-5241	162	2	may	may	AUX
ajfa-5241	162	3	trigger	trigger	VERB
ajfa-5241	162	4	a	a	DET
ajfa-5241	162	5	lag	lag	NOUN
ajfa-5241	162	6	between	between	ADP
ajfa-5241	162	7	financial	financial	ADJ
ajfa-5241	162	8	closing	closing	NOUN
ajfa-5241	162	9	date	date	NOUN
ajfa-5241	162	10	and	and	CCONJ
ajfa-5241	162	11	availability	availability	NOUN
ajfa-5241	162	12	of	of	ADP
ajfa-5241	162	13	financial	financial	ADJ
ajfa-5241	162	14	information	information	NOUN
ajfa-5241	162	15	so	so	SCONJ
ajfa-5241	162	16	as	as	SCONJ
ajfa-5241	162	17	to	to	PART
ajfa-5241	162	18	be	be	AUX
ajfa-5241	162	19	used	use	VERB
ajfa-5241	162	20	by	by	ADP
ajfa-5241	162	21	investors	investor	NOUN
ajfa-5241	162	22	for	for	ADP
ajfa-5241	162	23	their	their	PRON
ajfa-5241	162	24	decision	decision	NOUN
ajfa-5241	162	25	making	make	VERB
ajfa-5241	162	26	purpose	purpose	NOUN
ajfa-5241	162	27	.	.	PUNCT
ajfa-5241	163	1	hence	hence	ADV
ajfa-5241	163	2	,	,	PUNCT
ajfa-5241	163	3	the	the	DET
ajfa-5241	163	4	portfolios	portfolio	NOUN
ajfa-5241	163	5	are	be	AUX
ajfa-5241	163	6	formed	form	VERB
ajfa-5241	163	7	with	with	ADP
ajfa-5241	163	8	a	a	DET
ajfa-5241	163	9	time	time	NOUN
ajfa-5241	163	10	gap	gap	NOUN
ajfa-5241	163	11	of	of	ADP
ajfa-5241	163	12	three	three	NUM
ajfa-5241	163	13	months	month	NOUN
ajfa-5241	163	14	from	from	ADP
ajfa-5241	163	15	financial	financial	ADJ
ajfa-5241	163	16	closing	closing	NOUN
ajfa-5241	163	17	date	date	NOUN
ajfa-5241	163	18	to	to	PART
ajfa-5241	163	19	overcome	overcome	VERB
ajfa-5241	163	20	this	this	DET
ajfa-5241	163	21	problem	problem	NOUN
ajfa-5241	163	22	.	.	PUNCT
ajfa-5241	164	1	thus	thus	ADV
ajfa-5241	164	2	portfolios	portfolio	NOUN
ajfa-5241	164	3	are	be	AUX
ajfa-5241	164	4	formed	form	VERB
ajfa-5241	164	5	based	base	VERB
ajfa-5241	164	6	on	on	ADP
ajfa-5241	164	7	these	these	DET
ajfa-5241	164	8	size	size	NOUN
ajfa-5241	164	9	measures	measure	NOUN
ajfa-5241	164	10	in	in	ADP
ajfa-5241	164	11	march	march	PROPN
ajfa-5241	164	12	of	of	ADP
ajfa-5241	164	13	year	year	NOUN
ajfa-5241	164	14	(	(	PUNCT
ajfa-5241	164	15	t	t	PROPN
ajfa-5241	164	16	)	)	PUNCT
ajfa-5241	164	17	,	,	PUNCT
ajfa-5241	164	18	while	while	SCONJ
ajfa-5241	164	19	the	the	DET
ajfa-5241	164	20	holding	hold	VERB
ajfa-5241	164	21	period	period	NOUN
ajfa-5241	164	22	starts	start	VERB
ajfa-5241	164	23	from	from	ADP
ajfa-5241	164	24	july	july	PROPN
ajfa-5241	164	25	of	of	ADP
ajfa-5241	164	26	year	year	NOUN
ajfa-5241	164	27	(	(	PUNCT
ajfa-5241	164	28	t	t	NOUN
ajfa-5241	164	29	)	)	PUNCT
ajfa-5241	164	30	unlike	unlike	ADP
ajfa-5241	164	31	market	market	NOUN
ajfa-5241	164	32	capitalization	capitalization	NOUN
ajfa-5241	164	33	where	where	SCONJ
ajfa-5241	164	34	portfolio	portfolio	NOUN
ajfa-5241	164	35	ranking	ranking	NOUN
ajfa-5241	164	36	is	be	AUX
ajfa-5241	164	37	done	do	VERB
ajfa-5241	164	38	in	in	ADP
ajfa-5241	164	39	june	june	PROPN
ajfa-5241	164	40	of	of	ADP
ajfa-5241	164	41	(	(	PUNCT
ajfa-5241	164	42	period	period	NOUN
ajfa-5241	164	43	t	t	PROPN
ajfa-5241	164	44	)	)	PUNCT
ajfa-5241	164	45	as	as	SCONJ
ajfa-5241	164	46	information	information	NOUN
ajfa-5241	164	47	is	be	AUX
ajfa-5241	164	48	regularly	regularly	ADV
ajfa-5241	164	49	available	available	ADJ
ajfa-5241	164	50	.	.	PUNCT
ajfa-5241	165	1	next	next	ADJ
ajfa-5241	165	2	the	the	DET
ajfa-5241	165	3	sample	sample	NOUN
ajfa-5241	165	4	stocks	stock	NOUN
ajfa-5241	165	5	are	be	AUX
ajfa-5241	165	6	sorted	sort	VERB
ajfa-5241	165	7	on	on	ADP
ajfa-5241	165	8	the	the	DET
ajfa-5241	165	9	basis	basis	NOUN
ajfa-5241	165	10	of	of	ADP
ajfa-5241	165	11	relative	relative	ADJ
ajfa-5241	165	12	distress	distress	NOUN
ajfa-5241	165	13	measures	measure	NOUN
ajfa-5241	165	14	(	(	PUNCT
ajfa-5241	165	15	value	value	NOUN
ajfa-5241	165	16	factor	factor	NOUN
ajfa-5241	165	17	)	)	PUNCT
ajfa-5241	165	18	i.e.	i.e.	X
ajfa-5241	165	19	p	p	X
ajfa-5241	165	20	/	/	SYM
ajfa-5241	165	21	b	b	PROPN
ajfa-5241	165	22	and	and	CCONJ
ajfa-5241	165	23	p	p	ADJ
ajfa-5241	165	24	/	/	SYM
ajfa-5241	165	25	e	e	NOUN
ajfa-5241	165	26	ratios	ratio	NOUN
ajfa-5241	165	27	.	.	PUNCT
ajfa-5241	166	1	while	while	SCONJ
ajfa-5241	166	2	ranking	ranking	NOUN
ajfa-5241	166	3	is	be	AUX
ajfa-5241	166	4	done	do	VERB
ajfa-5241	166	5	based	base	VERB
ajfa-5241	166	6	upon	upon	SCONJ
ajfa-5241	166	7	these	these	DET
ajfa-5241	166	8	financial	financial	ADJ
ajfa-5241	166	9	ratios	ratio	NOUN
ajfa-5241	166	10	in	in	ADP
ajfa-5241	166	11	march	march	PROPN
ajfa-5241	166	12	of	of	ADP
ajfa-5241	166	13	year	year	NOUN
ajfa-5241	166	14	(	(	PUNCT
ajfa-5241	166	15	t	t	PROPN
ajfa-5241	166	16	)	)	PUNCT
ajfa-5241	166	17	,	,	PUNCT
ajfa-5241	166	18	portfolio	portfolio	NOUN
ajfa-5241	166	19	is	be	AUX
ajfa-5241	166	20	constructed	construct	VERB
ajfa-5241	166	21	from	from	ADP
ajfa-5241	166	22	july	july	PROPN
ajfa-5241	166	23	to	to	ADP
ajfa-5241	166	24	june	june	PROPN
ajfa-5241	166	25	(	(	PUNCT
ajfa-5241	166	26	t	t	PROPN
ajfa-5241	166	27	)	)	PUNCT
ajfa-5241	166	28	as	as	ADP
ajfa-5241	166	29	p	p	PROPN
ajfa-5241	166	30	/	/	SYM
ajfa-5241	166	31	b	b	PROPN
ajfa-5241	166	32	and	and	CCONJ
ajfa-5241	166	33	p	p	NOUN
ajfa-5241	166	34	/	/	SYM
ajfa-5241	166	35	e	e	NOUN
ajfa-5241	166	36	ratios	ratio	NOUN
ajfa-5241	166	37	are	be	AUX
ajfa-5241	166	38	accounting	account	VERB
ajfa-5241	166	39	based	base	VERB
ajfa-5241	166	40	information	information	NOUN
ajfa-5241	166	41	and	and	CCONJ
ajfa-5241	166	42	therefore	therefore	ADV
ajfa-5241	166	43	the	the	DET
ajfa-5241	166	44	time	time	NOUN
ajfa-5241	166	45	gap	gap	NOUN
ajfa-5241	166	46	for	for	ADP
ajfa-5241	166	47	portfolio	portfolio	NOUN
ajfa-5241	166	48	formation	formation	NOUN
ajfa-5241	166	49	is	be	AUX
ajfa-5241	166	50	necessary	necessary	ADJ
ajfa-5241	166	51	for	for	ADP
ajfa-5241	166	52	reason	reason	NOUN
ajfa-5241	166	53	stated	state	VERB
ajfa-5241	166	54	above	above	ADV
ajfa-5241	166	55	.	.	PUNCT
ajfa-5241	167	1	then	then	ADV
ajfa-5241	167	2	,	,	PUNCT
ajfa-5241	167	3	we	we	PRON
ajfa-5241	167	4	run	run	VERB
ajfa-5241	167	5	capm	capm	NOUN
ajfa-5241	167	6	regressions	regression	NOUN
ajfa-5241	167	7	on	on	ADP
ajfa-5241	167	8	returns	return	NOUN
ajfa-5241	167	9	on	on	ADP
ajfa-5241	167	10	portfolios	portfolio	NOUN
ajfa-5241	167	11	using	use	VERB
ajfa-5241	167	12	prominent	prominent	ADJ
ajfa-5241	167	13	excess	excess	ADJ
ajfa-5241	167	14	return	return	NOUN
ajfa-5241	167	15	version	version	NOUN
ajfa-5241	167	16	of	of	ADP
ajfa-5241	167	17	the	the	DET
ajfa-5241	167	18	market	market	NOUN
ajfa-5241	167	19	model	model	NOUN
ajfa-5241	167	20	specification	specification	NOUN
ajfa-5241	167	21	.	.	PUNCT
ajfa-5241	168	1	rpt	rpt	NOUN
ajfa-5241	168	2	–	–	PUNCT
ajfa-5241	168	3	rft	rft	NOUN
ajfa-5241	168	4	=	=	SYM
ajfa-5241	168	5	a+b	a+b	X
ajfa-5241	168	6	(	(	PUNCT
ajfa-5241	168	7	rmt	rmt	NOUN
ajfa-5241	168	8	-	-	PUNCT
ajfa-5241	168	9	rft	rft	NOUN
ajfa-5241	168	10	)	)	PUNCT
ajfa-5241	169	1	+	+	CCONJ
ajfa-5241	169	2	et	et	NOUN
ajfa-5241	169	3	(	(	PUNCT
ajfa-5241	169	4	1	1	NUM
ajfa-5241	169	5	)	)	PUNCT
ajfa-5241	169	6	where	where	SCONJ
ajfa-5241	169	7	rpt	rpt	NOUN
ajfa-5241	169	8	–	–	PUNCT
ajfa-5241	169	9	rft	rft	NOUN
ajfa-5241	169	10	=	=	SYM
ajfa-5241	169	11	excess	excess	ADJ
ajfa-5241	169	12	returns	return	NOUN
ajfa-5241	169	13	(	(	PUNCT
ajfa-5241	169	14	stock	stock	NOUN
ajfa-5241	169	15	return	return	NOUN
ajfa-5241	169	16	minus	minus	CCONJ
ajfa-5241	169	17	risk	risk	NOUN
ajfa-5241	169	18	free	free	ADJ
ajfa-5241	169	19	return	return	NOUN
ajfa-5241	169	20	)	)	PUNCT
ajfa-5241	169	21	on	on	ADP
ajfa-5241	169	22	portfolio	portfolio	NOUN
ajfa-5241	169	23	,	,	PUNCT
ajfa-5241	169	24	rmt	rmt	NOUN
ajfa-5241	169	25	–	–	PUNCT
ajfa-5241	169	26	rft	rft	NOUN
ajfa-5241	169	27	=	=	SYM
ajfa-5241	169	28	excess	excess	ADJ
ajfa-5241	169	29	returns	return	NOUN
ajfa-5241	169	30	on	on	ADP
ajfa-5241	169	31	the	the	DET
ajfa-5241	169	32	market	market	NOUN
ajfa-5241	169	33	factor	factor	NOUN
ajfa-5241	169	34	(	(	PUNCT
ajfa-5241	169	35	excess	excess	NOUN
ajfa-5241	169	36	of	of	ADP
ajfa-5241	169	37	market	market	NOUN
ajfa-5241	169	38	returns	return	NOUN
ajfa-5241	169	39	over	over	ADP
ajfa-5241	169	40	risk	risk	NOUN
ajfa-5241	169	41	free	free	ADJ
ajfa-5241	169	42	return	return	NOUN
ajfa-5241	169	43	)	)	PUNCT
ajfa-5241	169	44	a	a	DET
ajfa-5241	169	45	=	=	ADJ
ajfa-5241	169	46	measure	measure	NOUN
ajfa-5241	169	47	of	of	ADP
ajfa-5241	169	48	abnormal	abnormal	ADJ
ajfa-5241	169	49	returns	return	NOUN
ajfa-5241	169	50	and	and	CCONJ
ajfa-5241	169	51	b	b	NOUN
ajfa-5241	169	52	=	=	NOUN
ajfa-5241	169	53	sensitivity	sensitivity	NOUN
ajfa-5241	169	54	coefficient	coefficient	NOUN
ajfa-5241	169	55	.	.	PUNCT
ajfa-5241	170	1	_	_	PUNCT
ajfa-5241	171	1	_	_	PUNCT
ajfa-5241	172	1	_	_	PUNCT
ajfa-5241	173	1	_	_	PUNCT
ajfa-5241	174	1	_	_	PUNCT
ajfa-5241	175	1	_	_	PUNCT
ajfa-5241	176	1	_	_	PUNCT
ajfa-5241	177	1	_	_	PUNCT
ajfa-5241	178	1	_	_	PUNCT
ajfa-5241	179	1	_	_	PUNCT
ajfa-5241	180	1	_	_	PUNCT
ajfa-5241	181	1	_	_	PUNCT
ajfa-5241	182	1	_	_	PUNCT
ajfa-5241	183	1	_	_	PUNCT
ajfa-5241	184	1	_	_	PUNCT
ajfa-5241	185	1	_	_	PUNCT
ajfa-5241	186	1	_	_	PUNCT
ajfa-5241	186	2	5	5	NUM
ajfa-5241	186	3	the	the	DET
ajfa-5241	186	4	excess	excess	ADJ
ajfa-5241	186	5	return	return	NOUN
ajfa-5241	186	6	is	be	AUX
ajfa-5241	186	7	the	the	DET
ajfa-5241	186	8	security	security	NOUN
ajfa-5241	186	9	return	return	NOUN
ajfa-5241	186	10	minus	minus	CCONJ
ajfa-5241	186	11	risk	risk	NOUN
ajfa-5241	186	12	free	free	ADJ
ajfa-5241	186	13	return	return	NOUN
ajfa-5241	186	14	for	for	ADP
ajfa-5241	186	15	corresponding	corresponding	ADJ
ajfa-5241	186	16	time	time	NOUN
ajfa-5241	186	17	period	period	NOUN
ajfa-5241	186	18	asian	asian	ADJ
ajfa-5241	186	19	journal	journal	NOUN
ajfa-5241	186	20	of	of	ADP
ajfa-5241	186	21	finance	finance	PROPN
ajfa-5241	186	22	&	&	CCONJ
ajfa-5241	186	23	accounting	accounting	PROPN
ajfa-5241	186	24	issn	issn	PROPN
ajfa-5241	186	25	1946	1946	NUM
ajfa-5241	186	26	-	-	PUNCT
ajfa-5241	186	27	052x	052x	PROPN
ajfa-5241	186	28	2014	2014	NUM
ajfa-5241	186	29	,	,	PUNCT
ajfa-5241	186	30	vol	vol	NOUN
ajfa-5241	186	31	.	.	PROPN
ajfa-5241	186	32	6	6	NUM
ajfa-5241	186	33	,	,	PUNCT
ajfa-5241	186	34	no	no	INTJ
ajfa-5241	186	35	.	.	NOUN
ajfa-5241	186	36	1	1	NUM
ajfa-5241	186	37	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	186	38	343	343	NUM
ajfa-5241	186	39	equation	equation	NOUN
ajfa-5241	186	40	(	(	PUNCT
ajfa-5241	186	41	1	1	X
ajfa-5241	186	42	)	)	PUNCT
ajfa-5241	186	43	is	be	AUX
ajfa-5241	186	44	the	the	DET
ajfa-5241	186	45	capm	capm	PROPN
ajfa-5241	186	46	specification	specification	NOUN
ajfa-5241	186	47	which	which	PRON
ajfa-5241	186	48	is	be	AUX
ajfa-5241	186	49	estimated	estimate	VERB
ajfa-5241	186	50	to	to	PART
ajfa-5241	186	51	verify	verify	VERB
ajfa-5241	186	52	whether	whether	SCONJ
ajfa-5241	186	53	returns	return	NOUN
ajfa-5241	186	54	on	on	ADP
ajfa-5241	186	55	portfolio	portfolio	NOUN
ajfa-5241	186	56	are	be	AUX
ajfa-5241	186	57	fully	fully	ADV
ajfa-5241	186	58	explained	explain	VERB
ajfa-5241	186	59	by	by	ADP
ajfa-5241	186	60	excess	excess	ADJ
ajfa-5241	186	61	returns	return	NOUN
ajfa-5241	186	62	on	on	ADP
ajfa-5241	186	63	market	market	NOUN
ajfa-5241	186	64	portfolio	portfolio	NOUN
ajfa-5241	186	65	.	.	PUNCT
ajfa-5241	187	1	this	this	PRON
ajfa-5241	187	2	can	can	AUX
ajfa-5241	187	3	be	be	AUX
ajfa-5241	187	4	decided	decide	VERB
ajfa-5241	187	5	on	on	ADP
ajfa-5241	187	6	the	the	DET
ajfa-5241	187	7	basis	basis	NOUN
ajfa-5241	187	8	of	of	ADP
ajfa-5241	187	9	‘	'	PUNCT
ajfa-5241	187	10	a	a	DET
ajfa-5241	187	11	’	'	PUNCT
ajfa-5241	187	12	(	(	PUNCT
ajfa-5241	187	13	intercept	intercept	NOUN
ajfa-5241	187	14	)	)	PUNCT
ajfa-5241	187	15	value	value	NOUN
ajfa-5241	187	16	.	.	PUNCT
ajfa-5241	188	1	if	if	SCONJ
ajfa-5241	188	2	the	the	DET
ajfa-5241	188	3	value	value	NOUN
ajfa-5241	188	4	of	of	ADP
ajfa-5241	188	5	‘	'	PUNCT
ajfa-5241	188	6	a	a	DET
ajfa-5241	188	7	’	'	PUNCT
ajfa-5241	188	8	(	(	PUNCT
ajfa-5241	188	9	intercept	intercept	NOUN
ajfa-5241	188	10	)	)	PUNCT
ajfa-5241	188	11	is	be	AUX
ajfa-5241	188	12	indistinguishable	indistinguishable	ADJ
ajfa-5241	188	13	from	from	ADP
ajfa-5241	188	14	0	0	NUM
ajfa-5241	188	15	,	,	PUNCT
ajfa-5241	188	16	it	it	PRON
ajfa-5241	188	17	implies	imply	VERB
ajfa-5241	188	18	that	that	SCONJ
ajfa-5241	188	19	capm	capm	PROPN
ajfa-5241	188	20	explains	explain	VERB
ajfa-5241	188	21	returns	return	NOUN
ajfa-5241	188	22	on	on	ADP
ajfa-5241	188	23	portfolio	portfolio	NOUN
ajfa-5241	188	24	otherwise	otherwise	ADV
ajfa-5241	188	25	one	one	PRON
ajfa-5241	188	26	can	can	AUX
ajfa-5241	188	27	presume	presume	VERB
ajfa-5241	188	28	that	that	SCONJ
ajfa-5241	188	29	it	it	PRON
ajfa-5241	188	30	fails	fail	VERB
ajfa-5241	188	31	to	to	PART
ajfa-5241	188	32	do	do	VERB
ajfa-5241	188	33	so	so	ADV
ajfa-5241	188	34	.	.	PUNCT
ajfa-5241	189	1	equation	equation	NOUN
ajfa-5241	189	2	(	(	PUNCT
ajfa-5241	189	3	2	2	X
ajfa-5241	189	4	)	)	PUNCT
ajfa-5241	189	5	represents	represent	VERB
ajfa-5241	189	6	three	three	NUM
ajfa-5241	189	7	market	market	NOUN
ajfa-5241	189	8	related	relate	VERB
ajfa-5241	189	9	anomalies	anomaly	NOUN
ajfa-5241	189	10	such	such	ADJ
ajfa-5241	189	11	as	as	ADP
ajfa-5241	189	12	market	market	NOUN
ajfa-5241	189	13	,	,	PUNCT
ajfa-5241	189	14	size	size	NOUN
ajfa-5241	189	15	,	,	PUNCT
ajfa-5241	189	16	and	and	CCONJ
ajfa-5241	189	17	value	value	NOUN
ajfa-5241	189	18	,	,	PUNCT
ajfa-5241	189	19	proposed	propose	VERB
ajfa-5241	189	20	by	by	ADP
ajfa-5241	189	21	fama	fama	PROPN
ajfa-5241	189	22	-	-	PUNCT
ajfa-5241	189	23	french	french	NOUN
ajfa-5241	189	24	(	(	PUNCT
ajfa-5241	189	25	1993	1993	NUM
ajfa-5241	189	26	)	)	PUNCT
ajfa-5241	189	27	.	.	PUNCT
ajfa-5241	190	1	equation	equation	NOUN
ajfa-5241	190	2	(	(	PUNCT
ajfa-5241	190	3	2	2	X
ajfa-5241	190	4	)	)	PUNCT
ajfa-5241	190	5	is	be	AUX
ajfa-5241	190	6	estimated	estimate	VERB
ajfa-5241	190	7	to	to	PART
ajfa-5241	190	8	evaluate	evaluate	VERB
ajfa-5241	190	9	if	if	SCONJ
ajfa-5241	190	10	ff	ff	NOUN
ajfa-5241	190	11	three	three	NUM
ajfa-5241	190	12	factors	factor	NOUN
ajfa-5241	190	13	have	have	VERB
ajfa-5241	190	14	the	the	DET
ajfa-5241	190	15	explanatory	explanatory	ADJ
ajfa-5241	190	16	power	power	NOUN
ajfa-5241	190	17	of	of	ADP
ajfa-5241	190	18	returns	return	NOUN
ajfa-5241	190	19	on	on	ADP
ajfa-5241	190	20	portfolio	portfolio	NOUN
ajfa-5241	190	21	as	as	SCONJ
ajfa-5241	190	22	capm	capm	PROPN
ajfa-5241	190	23	fails	fail	VERB
ajfa-5241	190	24	to	to	PART
ajfa-5241	190	25	explain	explain	VERB
ajfa-5241	190	26	the	the	DET
ajfa-5241	190	27	portfolio	portfolio	NOUN
ajfa-5241	190	28	return	return	NOUN
ajfa-5241	190	29	.	.	PUNCT
ajfa-5241	191	1	hence	hence	ADV
ajfa-5241	191	2	,	,	PUNCT
ajfa-5241	191	3	we	we	PRON
ajfa-5241	191	4	regress	regress	VERB
ajfa-5241	191	5	the	the	DET
ajfa-5241	191	6	excess	excess	ADJ
ajfa-5241	191	7	returns	return	NOUN
ajfa-5241	191	8	on	on	ADP
ajfa-5241	191	9	portfolios	portfolio	NOUN
ajfa-5241	191	10	for	for	ADP
ajfa-5241	191	11	fama	fama	NOUN
ajfa-5241	191	12	-	-	PUNCT
ajfa-5241	191	13	french	french	ADJ
ajfa-5241	191	14	factors	factor	NOUN
ajfa-5241	191	15	being	be	AUX
ajfa-5241	191	16	expressed	express	VERB
ajfa-5241	191	17	in	in	ADP
ajfa-5241	191	18	the	the	DET
ajfa-5241	191	19	way	way	NOUN
ajfa-5241	191	20	of	of	ADP
ajfa-5241	191	21	:	:	PUNCT
ajfa-5241	191	22	rpt	rpt	NOUN
ajfa-5241	191	23	–	–	PUNCT
ajfa-5241	191	24	rft	rft	NOUN
ajfa-5241	191	25	=	=	PUNCT
ajfa-5241	191	26	a	a	DET
ajfa-5241	191	27	+	+	NUM
ajfa-5241	191	28	b	b	NOUN
ajfa-5241	191	29	(	(	PUNCT
ajfa-5241	191	30	rmt	rmt	NOUN
ajfa-5241	191	31	–	–	PUNCT
ajfa-5241	191	32	rft	rft	NOUN
ajfa-5241	191	33	)	)	PUNCT
ajfa-5241	192	1	+	+	NUM
ajfa-5241	192	2	ssmbt	ssmbt	NOUN
ajfa-5241	192	3	+	+	CCONJ
ajfa-5241	192	4	llmht	llmht	NOUN
ajfa-5241	192	5	+	+	CCONJ
ajfa-5241	192	6	et	et	NOUN
ajfa-5241	192	7	(	(	PUNCT
ajfa-5241	192	8	2	2	NUM
ajfa-5241	192	9	)	)	PUNCT
ajfa-5241	192	10	where	where	SCONJ
ajfa-5241	192	11	,	,	PUNCT
ajfa-5241	192	12	smb	smb	PROPN
ajfa-5241	192	13	and	and	CCONJ
ajfa-5241	192	14	lmh	lmh	PROPN
ajfa-5241	192	15	are	be	AUX
ajfa-5241	192	16	the	the	DET
ajfa-5241	192	17	risk	risk	NOUN
ajfa-5241	192	18	proxies	proxy	NOUN
ajfa-5241	192	19	of	of	ADP
ajfa-5241	192	20	company	company	NOUN
ajfa-5241	192	21	size	size	NOUN
ajfa-5241	192	22	and	and	CCONJ
ajfa-5241	192	23	value	value	NOUN
ajfa-5241	192	24	respectively	respectively	ADV
ajfa-5241	192	25	and	and	CCONJ
ajfa-5241	192	26	s	s	NOUN
ajfa-5241	192	27	and	and	CCONJ
ajfa-5241	192	28	l	l	NOUN
ajfa-5241	192	29	represent	represent	VERB
ajfa-5241	192	30	the	the	DET
ajfa-5241	192	31	sensitivity	sensitivity	NOUN
ajfa-5241	192	32	coefficients	coefficient	NOUN
ajfa-5241	192	33	of	of	ADP
ajfa-5241	192	34	smb	smb	NOUN
ajfa-5241	192	35	and	and	CCONJ
ajfa-5241	192	36	lmh	lmh	PROPN
ajfa-5241	192	37	factors	factor	NOUN
ajfa-5241	192	38	.	.	PUNCT
ajfa-5241	193	1	smb	smb	PROPN
ajfa-5241	193	2	and	and	CCONJ
ajfa-5241	193	3	lmh	lmh	PROPN
ajfa-5241	193	4	factors	factor	NOUN
ajfa-5241	193	5	are	be	AUX
ajfa-5241	193	6	constructed	construct	VERB
ajfa-5241	193	7	by	by	ADP
ajfa-5241	193	8	performing	perform	VERB
ajfa-5241	193	9	double	double	ADJ
ajfa-5241	193	10	sorted	sorted	ADJ
ajfa-5241	193	11	criterion	criterion	NOUN
ajfa-5241	193	12	.	.	PUNCT
ajfa-5241	194	1	next	next	ADV
ajfa-5241	194	2	we	we	PRON
ajfa-5241	194	3	rank	rank	VERB
ajfa-5241	194	4	the	the	DET
ajfa-5241	194	5	sample	sample	NOUN
ajfa-5241	194	6	stocks	stock	NOUN
ajfa-5241	194	7	on	on	ADP
ajfa-5241	194	8	the	the	DET
ajfa-5241	194	9	basis	basis	NOUN
ajfa-5241	194	10	of	of	ADP
ajfa-5241	194	11	size	size	NOUN
ajfa-5241	194	12	and	and	CCONJ
ajfa-5241	194	13	value	value	NOUN
ajfa-5241	194	14	of	of	ADP
ajfa-5241	194	15	companies	company	NOUN
ajfa-5241	194	16	.	.	PUNCT
ajfa-5241	195	1	the	the	DET
ajfa-5241	195	2	ranking	rank	VERB
ajfa-5241	195	3	procedure	procedure	NOUN
ajfa-5241	195	4	follows	follow	VERB
ajfa-5241	195	5	.	.	PUNCT
ajfa-5241	196	1	in	in	ADP
ajfa-5241	196	2	the	the	DET
ajfa-5241	196	3	month	month	NOUN
ajfa-5241	196	4	of	of	ADP
ajfa-5241	196	5	june	june	PROPN
ajfa-5241	196	6	of	of	ADP
ajfa-5241	196	7	year	year	PROPN
ajfa-5241	196	8	(	(	PUNCT
ajfa-5241	196	9	t	t	PROPN
ajfa-5241	196	10	)	)	PUNCT
ajfa-5241	196	11	,	,	PUNCT
ajfa-5241	196	12	we	we	PRON
ajfa-5241	196	13	rank	rank	VERB
ajfa-5241	196	14	the	the	DET
ajfa-5241	196	15	sample	sample	NOUN
ajfa-5241	196	16	stocks	stock	NOUN
ajfa-5241	196	17	by	by	ADP
ajfa-5241	196	18	taking	take	VERB
ajfa-5241	196	19	market	market	NOUN
ajfa-5241	196	20	capitalization	capitalization	NOUN
ajfa-5241	196	21	as	as	ADP
ajfa-5241	196	22	a	a	DET
ajfa-5241	196	23	measure	measure	NOUN
ajfa-5241	196	24	of	of	ADP
ajfa-5241	196	25	size	size	NOUN
ajfa-5241	196	26	.	.	PUNCT
ajfa-5241	197	1	then	then	ADV
ajfa-5241	197	2	the	the	DET
ajfa-5241	197	3	stocks	stock	NOUN
ajfa-5241	197	4	are	be	AUX
ajfa-5241	197	5	categorized	categorize	VERB
ajfa-5241	197	6	in	in	ADP
ajfa-5241	197	7	to	to	ADP
ajfa-5241	197	8	two	two	NUM
ajfa-5241	197	9	groups	group	NOUN
ajfa-5241	197	10	namely	namely	ADV
ajfa-5241	197	11	small	small	ADJ
ajfa-5241	197	12	and	and	CCONJ
ajfa-5241	197	13	big	big	ADJ
ajfa-5241	197	14	.	.	PUNCT
ajfa-5241	198	1	bottom	bottom	ADJ
ajfa-5241	198	2	50	50	NUM
ajfa-5241	198	3	%	%	NOUN
ajfa-5241	198	4	of	of	ADP
ajfa-5241	198	5	the	the	DET
ajfa-5241	198	6	stocks	stock	NOUN
ajfa-5241	198	7	are	be	AUX
ajfa-5241	198	8	named	name	VERB
ajfa-5241	198	9	as	as	ADV
ajfa-5241	198	10	small	small	ADJ
ajfa-5241	198	11	(	(	PUNCT
ajfa-5241	198	12	s	s	NOUN
ajfa-5241	198	13	)	)	PUNCT
ajfa-5241	198	14	and	and	CCONJ
ajfa-5241	198	15	top	top	ADJ
ajfa-5241	198	16	50	50	NUM
ajfa-5241	198	17	%	%	NOUN
ajfa-5241	198	18	of	of	ADP
ajfa-5241	198	19	the	the	DET
ajfa-5241	198	20	securities	security	NOUN
ajfa-5241	198	21	are	be	AUX
ajfa-5241	198	22	called	call	VERB
ajfa-5241	198	23	as	as	ADV
ajfa-5241	198	24	big	big	ADJ
ajfa-5241	198	25	(	(	PUNCT
ajfa-5241	198	26	b	b	NOUN
ajfa-5241	198	27	)	)	PUNCT
ajfa-5241	198	28	.	.	PUNCT
ajfa-5241	199	1	then	then	ADV
ajfa-5241	199	2	the	the	DET
ajfa-5241	199	3	sample	sample	NOUN
ajfa-5241	199	4	stocks	stock	NOUN
ajfa-5241	199	5	are	be	AUX
ajfa-5241	199	6	again	again	ADV
ajfa-5241	199	7	classified	classify	VERB
ajfa-5241	199	8	in	in	ADP
ajfa-5241	199	9	to	to	ADP
ajfa-5241	199	10	three	three	NUM
ajfa-5241	199	11	groups	group	NOUN
ajfa-5241	199	12	namely	namely	ADV
ajfa-5241	199	13	low	low	ADJ
ajfa-5241	199	14	(	(	PUNCT
ajfa-5241	199	15	l	l	NOUN
ajfa-5241	199	16	)	)	PUNCT
ajfa-5241	199	17	,	,	PUNCT
ajfa-5241	199	18	medium	medium	NOUN
ajfa-5241	199	19	(	(	PUNCT
ajfa-5241	199	20	m	m	NOUN
ajfa-5241	199	21	)	)	PUNCT
ajfa-5241	199	22	,	,	PUNCT
ajfa-5241	199	23	and	and	CCONJ
ajfa-5241	199	24	high	high	ADJ
ajfa-5241	199	25	(	(	PUNCT
ajfa-5241	199	26	h	h	NOUN
ajfa-5241	199	27	)	)	PUNCT
ajfa-5241	199	28	based	base	VERB
ajfa-5241	199	29	on	on	ADP
ajfa-5241	199	30	p	p	PROPN
ajfa-5241	199	31	/	/	SYM
ajfa-5241	199	32	b	b	NOUN
ajfa-5241	199	33	ratio	ratio	NOUN
ajfa-5241	199	34	which	which	PRON
ajfa-5241	199	35	is	be	AUX
ajfa-5241	199	36	a	a	DET
ajfa-5241	199	37	value	value	NOUN
ajfa-5241	199	38	measure	measure	NOUN
ajfa-5241	199	39	.	.	PUNCT
ajfa-5241	200	1	to	to	ADP
ajfa-5241	200	2	the	the	DET
ajfa-5241	200	3	above	above	ADJ
ajfa-5241	200	4	classification	classification	NOUN
ajfa-5241	200	5	based	base	VERB
ajfa-5241	200	6	on	on	ADP
ajfa-5241	200	7	p	p	PROPN
ajfa-5241	200	8	/	/	SYM
ajfa-5241	200	9	b	b	NOUN
ajfa-5241	200	10	ratio	ratio	NOUN
ajfa-5241	200	11	,	,	PUNCT
ajfa-5241	200	12	we	we	PRON
ajfa-5241	200	13	use	use	VERB
ajfa-5241	200	14	the	the	DET
ajfa-5241	200	15	following	follow	VERB
ajfa-5241	200	16	breakpoints	breakpoint	NOUN
ajfa-5241	200	17	.	.	PUNCT
ajfa-5241	201	1	first	first	ADJ
ajfa-5241	201	2	33.33	33.33	NUM
ajfa-5241	201	3	%	%	NOUN
ajfa-5241	201	4	of	of	ADP
ajfa-5241	201	5	stocks	stock	NOUN
ajfa-5241	201	6	from	from	ADP
ajfa-5241	201	7	bottom	bottom	NOUN
ajfa-5241	201	8	are	be	AUX
ajfa-5241	201	9	falling	fall	VERB
ajfa-5241	201	10	in	in	ADP
ajfa-5241	201	11	the	the	DET
ajfa-5241	201	12	low	low	ADJ
ajfa-5241	201	13	group	group	NOUN
ajfa-5241	201	14	,	,	PUNCT
ajfa-5241	201	15	next	next	ADJ
ajfa-5241	201	16	33.33	33.33	NUM
ajfa-5241	201	17	%	%	NOUN
ajfa-5241	201	18	of	of	ADP
ajfa-5241	201	19	stocks	stock	NOUN
ajfa-5241	201	20	are	be	AUX
ajfa-5241	201	21	in	in	ADP
ajfa-5241	201	22	the	the	DET
ajfa-5241	201	23	bracket	bracket	NOUN
ajfa-5241	201	24	of	of	ADP
ajfa-5241	201	25	medium	medium	NOUN
ajfa-5241	201	26	group	group	NOUN
ajfa-5241	201	27	,	,	PUNCT
ajfa-5241	201	28	and	and	CCONJ
ajfa-5241	201	29	above	above	ADP
ajfa-5241	201	30	66.66	66.66	NUM
ajfa-5241	201	31	%	%	NOUN
ajfa-5241	201	32	of	of	ADP
ajfa-5241	201	33	the	the	DET
ajfa-5241	201	34	stocks	stock	NOUN
ajfa-5241	201	35	are	be	AUX
ajfa-5241	201	36	in	in	ADP
ajfa-5241	201	37	the	the	DET
ajfa-5241	201	38	high	high	ADJ
ajfa-5241	201	39	group	group	NOUN
ajfa-5241	201	40	.	.	PUNCT
ajfa-5241	202	1	then	then	ADV
ajfa-5241	202	2	from	from	ADP
ajfa-5241	202	3	the	the	DET
ajfa-5241	202	4	intersection	intersection	NOUN
ajfa-5241	202	5	of	of	ADP
ajfa-5241	202	6	two	two	NUM
ajfa-5241	202	7	size	size	NOUN
ajfa-5241	202	8	and	and	CCONJ
ajfa-5241	202	9	three	three	NUM
ajfa-5241	202	10	value	value	NOUN
ajfa-5241	202	11	groups	group	NOUN
ajfa-5241	202	12	,	,	PUNCT
ajfa-5241	202	13	six	six	NUM
ajfa-5241	202	14	portfolios	portfolio	NOUN
ajfa-5241	202	15	consisting	consist	VERB
ajfa-5241	202	16	of	of	ADP
ajfa-5241	202	17	s	s	NOUN
ajfa-5241	202	18	/	/	SYM
ajfa-5241	202	19	l	l	NOUN
ajfa-5241	202	20	,	,	PUNCT
ajfa-5241	202	21	s	s	PROPN
ajfa-5241	202	22	/	/	SYM
ajfa-5241	202	23	m	m	PROPN
ajfa-5241	202	24	,	,	PUNCT
ajfa-5241	202	25	s	s	PROPN
ajfa-5241	202	26	/	/	SYM
ajfa-5241	202	27	h	h	NOUN
ajfa-5241	202	28	,	,	PUNCT
ajfa-5241	202	29	b	b	NOUN
ajfa-5241	202	30	/	/	SYM
ajfa-5241	202	31	l	l	NOUN
ajfa-5241	202	32	,	,	PUNCT
ajfa-5241	202	33	b	b	X
ajfa-5241	202	34	/	/	SYM
ajfa-5241	202	35	m	m	PROPN
ajfa-5241	202	36	and	and	CCONJ
ajfa-5241	202	37	b	b	X
ajfa-5241	202	38	/	/	SYM
ajfa-5241	202	39	h	h	NOUN
ajfa-5241	202	40	are	be	AUX
ajfa-5241	202	41	constructed	construct	VERB
ajfa-5241	202	42	.	.	PUNCT
ajfa-5241	203	1	the	the	DET
ajfa-5241	203	2	s	s	PROPN
ajfa-5241	203	3	/	/	SYM
ajfa-5241	203	4	l	l	NOUN
ajfa-5241	203	5	portfolio	portfolio	NOUN
ajfa-5241	203	6	contains	contain	VERB
ajfa-5241	203	7	small	small	ADJ
ajfa-5241	203	8	size	size	NOUN
ajfa-5241	203	9	and	and	CCONJ
ajfa-5241	203	10	low	low	ADJ
ajfa-5241	203	11	value	value	NOUN
ajfa-5241	203	12	stocks	stock	NOUN
ajfa-5241	203	13	,	,	PUNCT
ajfa-5241	203	14	while	while	SCONJ
ajfa-5241	203	15	b	b	X
ajfa-5241	203	16	/	/	SYM
ajfa-5241	203	17	h	h	NOUN
ajfa-5241	203	18	comprises	comprise	NOUN
ajfa-5241	203	19	of	of	ADP
ajfa-5241	203	20	big	big	ADJ
ajfa-5241	203	21	size	size	NOUN
ajfa-5241	203	22	and	and	CCONJ
ajfa-5241	203	23	high	high	ADJ
ajfa-5241	203	24	value	value	NOUN
ajfa-5241	203	25	stocks	stock	NOUN
ajfa-5241	203	26	.	.	PUNCT
ajfa-5241	204	1	the	the	DET
ajfa-5241	204	2	smb	smb	PROPN
ajfa-5241	204	3	(	(	PUNCT
ajfa-5241	204	4	small	small	ADJ
ajfa-5241	204	5	minus	minus	CCONJ
ajfa-5241	204	6	big	big	ADJ
ajfa-5241	204	7	)	)	PUNCT
ajfa-5241	204	8	portfolio	portfolio	NOUN
ajfa-5241	204	9	means	mean	VERB
ajfa-5241	204	10	mimicking	mimic	VERB
ajfa-5241	204	11	the	the	DET
ajfa-5241	204	12	risk	risk	NOUN
ajfa-5241	204	13	factor	factor	NOUN
ajfa-5241	204	14	in	in	ADP
ajfa-5241	204	15	returns	return	NOUN
ajfa-5241	204	16	associated	associate	VERB
ajfa-5241	204	17	with	with	ADP
ajfa-5241	204	18	mc	mc	PROPN
ajfa-5241	204	19	(	(	PUNCT
ajfa-5241	204	20	measure	measure	NOUN
ajfa-5241	204	21	of	of	ADP
ajfa-5241	204	22	size	size	NOUN
ajfa-5241	204	23	of	of	ADP
ajfa-5241	204	24	the	the	DET
ajfa-5241	204	25	company	company	NOUN
ajfa-5241	204	26	)	)	PUNCT
ajfa-5241	204	27	.	.	PUNCT
ajfa-5241	205	1	smb	smb	PROPN
ajfa-5241	205	2	is	be	AUX
ajfa-5241	205	3	the	the	DET
ajfa-5241	205	4	average	average	ADJ
ajfa-5241	205	5	returns	return	NOUN
ajfa-5241	205	6	on	on	ADP
ajfa-5241	205	7	small	small	ADJ
ajfa-5241	205	8	stock	stock	NOUN
ajfa-5241	205	9	portfolios	portfolio	NOUN
ajfa-5241	205	10	(	(	PUNCT
ajfa-5241	205	11	s	s	X
ajfa-5241	205	12	/	/	SYM
ajfa-5241	205	13	l	l	NOUN
ajfa-5241	205	14	,	,	PUNCT
ajfa-5241	205	15	s	s	X
ajfa-5241	205	16	/	/	SYM
ajfa-5241	205	17	m	m	PROPN
ajfa-5241	205	18	,	,	PUNCT
ajfa-5241	205	19	and	and	CCONJ
ajfa-5241	205	20	s	s	X
ajfa-5241	205	21	/	/	SYM
ajfa-5241	205	22	h	h	NOUN
ajfa-5241	205	23	)	)	PUNCT
ajfa-5241	205	24	reduced	reduce	VERB
ajfa-5241	205	25	by	by	ADP
ajfa-5241	205	26	average	average	ADJ
ajfa-5241	205	27	returns	return	NOUN
ajfa-5241	205	28	on	on	ADP
ajfa-5241	205	29	big	big	ADJ
ajfa-5241	205	30	-	-	PUNCT
ajfa-5241	205	31	stock	stock	NOUN
ajfa-5241	205	32	(	(	PUNCT
ajfa-5241	205	33	b	b	NOUN
ajfa-5241	205	34	/	/	SYM
ajfa-5241	205	35	l	l	NOUN
ajfa-5241	205	36	,	,	PUNCT
ajfa-5241	205	37	b	b	X
ajfa-5241	205	38	/	/	SYM
ajfa-5241	205	39	m	m	PROPN
ajfa-5241	205	40	,	,	PUNCT
ajfa-5241	205	41	and	and	CCONJ
ajfa-5241	205	42	b	b	X
ajfa-5241	205	43	/	/	SYM
ajfa-5241	205	44	h	h	NOUN
ajfa-5241	205	45	)	)	PUNCT
ajfa-5241	205	46	portfolios	portfolio	NOUN
ajfa-5241	205	47	.	.	PUNCT
ajfa-5241	206	1	smb	smb	PROPN
ajfa-5241	206	2	is	be	AUX
ajfa-5241	206	3	expressed	express	VERB
ajfa-5241	206	4	as	as	SCONJ
ajfa-5241	206	5	follows	follow	VERB
ajfa-5241	206	6	:	:	PUNCT
ajfa-5241	206	7	smb	smb	PROPN
ajfa-5241	206	8	=	=	SYM
ajfa-5241	206	9	(	(	PUNCT
ajfa-5241	206	10	(	(	PUNCT
ajfa-5241	206	11	(	(	PUNCT
ajfa-5241	206	12	s	s	X
ajfa-5241	206	13	/	/	SYM
ajfa-5241	206	14	l	l	NOUN
ajfa-5241	206	15	)	)	PUNCT
ajfa-5241	207	1	+	+	CCONJ
ajfa-5241	207	2	(	(	PUNCT
ajfa-5241	207	3	s	s	X
ajfa-5241	207	4	/	/	SYM
ajfa-5241	207	5	m	m	NOUN
ajfa-5241	207	6	)	)	PUNCT
ajfa-5241	208	1	+	+	CCONJ
ajfa-5241	208	2	(	(	PUNCT
ajfa-5241	208	3	s	s	NOUN
ajfa-5241	208	4	/	/	SYM
ajfa-5241	208	5	h	h	NOUN
ajfa-5241	208	6	)	)	PUNCT
ajfa-5241	208	7	)	)	PUNCT
ajfa-5241	209	1	(	(	PUNCT
ajfa-5241	209	2	(	(	PUNCT
ajfa-5241	209	3	b	b	X
ajfa-5241	209	4	/	/	SYM
ajfa-5241	209	5	l	l	NOUN
ajfa-5241	209	6	)	)	PUNCT
ajfa-5241	210	1	+	+	CCONJ
ajfa-5241	210	2	(	(	PUNCT
ajfa-5241	210	3	b	b	X
ajfa-5241	210	4	/	/	SYM
ajfa-5241	210	5	m	m	NOUN
ajfa-5241	210	6	)	)	PUNCT
ajfa-5241	210	7	+	+	CCONJ
ajfa-5241	211	1	(	(	PUNCT
ajfa-5241	211	2	b	b	X
ajfa-5241	211	3	/	/	SYM
ajfa-5241	211	4	h)))/3	h)))/3	NOUN
ajfa-5241	211	5	(	(	PUNCT
ajfa-5241	211	6	3	3	X
ajfa-5241	211	7	)	)	PUNCT
ajfa-5241	211	8	lmh	lmh	PROPN
ajfa-5241	211	9	(	(	PUNCT
ajfa-5241	211	10	low	low	ADJ
ajfa-5241	211	11	minus	minus	CCONJ
ajfa-5241	211	12	big	big	ADJ
ajfa-5241	211	13	)	)	PUNCT
ajfa-5241	211	14	portfolio	portfolio	NOUN
ajfa-5241	211	15	means	mean	VERB
ajfa-5241	211	16	mimicking	mimic	VERB
ajfa-5241	211	17	the	the	DET
ajfa-5241	211	18	risk	risk	NOUN
ajfa-5241	211	19	factor	factor	NOUN
ajfa-5241	211	20	associated	associate	VERB
ajfa-5241	211	21	with	with	ADP
ajfa-5241	211	22	returns	return	NOUN
ajfa-5241	211	23	related	relate	VERB
ajfa-5241	211	24	to	to	ADP
ajfa-5241	211	25	p	p	PROPN
ajfa-5241	211	26	/	/	SYM
ajfa-5241	211	27	b	b	NOUN
ajfa-5241	211	28	ratio	ratio	NOUN
ajfa-5241	211	29	(	(	PUNCT
ajfa-5241	211	30	measure	measure	NOUN
ajfa-5241	211	31	of	of	ADP
ajfa-5241	211	32	value	value	NOUN
ajfa-5241	211	33	of	of	ADP
ajfa-5241	211	34	the	the	DET
ajfa-5241	211	35	company	company	NOUN
ajfa-5241	211	36	)	)	PUNCT
ajfa-5241	211	37	.	.	PUNCT
ajfa-5241	212	1	lmh	lmh	PROPN
ajfa-5241	212	2	is	be	AUX
ajfa-5241	212	3	the	the	DET
ajfa-5241	212	4	average	average	NOUN
ajfa-5241	212	5	of	of	ADP
ajfa-5241	212	6	the	the	DET
ajfa-5241	212	7	returns	return	NOUN
ajfa-5241	212	8	on	on	ADP
ajfa-5241	212	9	high	high	ADJ
ajfa-5241	212	10	–	–	PUNCT
ajfa-5241	212	11	p	p	X
ajfa-5241	212	12	/	/	SYM
ajfa-5241	212	13	b	b	NOUN
ajfa-5241	212	14	portfolios	portfolio	NOUN
ajfa-5241	212	15	(	(	PUNCT
ajfa-5241	212	16	s	s	NOUN
ajfa-5241	212	17	/	/	SYM
ajfa-5241	212	18	h	h	PROPN
ajfa-5241	212	19	and	and	CCONJ
ajfa-5241	212	20	b	b	X
ajfa-5241	212	21	/	/	SYM
ajfa-5241	212	22	h	h	NOUN
ajfa-5241	212	23	)	)	PUNCT
ajfa-5241	212	24	minus	minus	CCONJ
ajfa-5241	212	25	average	average	ADJ
ajfa-5241	212	26	returns	return	NOUN
ajfa-5241	212	27	on	on	ADP
ajfa-5241	212	28	low	low	ADJ
ajfa-5241	212	29	p	p	PROPN
ajfa-5241	212	30	/	/	SYM
ajfa-5241	212	31	b	b	NOUN
ajfa-5241	212	32	portfolios	portfolio	NOUN
ajfa-5241	212	33	(	(	PUNCT
ajfa-5241	212	34	s	s	NOUN
ajfa-5241	212	35	/	/	SYM
ajfa-5241	212	36	l	l	NOUN
ajfa-5241	212	37	and	and	CCONJ
ajfa-5241	212	38	b	b	X
ajfa-5241	212	39	/	/	SYM
ajfa-5241	212	40	l	l	NOUN
ajfa-5241	212	41	)	)	PUNCT
ajfa-5241	212	42	.	.	PUNCT
ajfa-5241	213	1	lmh	lmh	PROPN
ajfa-5241	213	2	is	be	AUX
ajfa-5241	213	3	shown	show	VERB
ajfa-5241	213	4	as	as	ADP
ajfa-5241	213	5	under	under	ADV
ajfa-5241	213	6	:	:	PUNCT
ajfa-5241	213	7	lmh	lmh	PROPN
ajfa-5241	213	8	=	=	PUNCT
ajfa-5241	213	9	(	(	PUNCT
ajfa-5241	213	10	(	(	PUNCT
ajfa-5241	213	11	(	(	PUNCT
ajfa-5241	213	12	s	s	X
ajfa-5241	213	13	/	/	SYM
ajfa-5241	213	14	l	l	NOUN
ajfa-5241	213	15	)	)	PUNCT
ajfa-5241	214	1	+	+	CCONJ
ajfa-5241	214	2	(	(	PUNCT
ajfa-5241	214	3	b	b	X
ajfa-5241	214	4	/	/	SYM
ajfa-5241	214	5	l	l	NOUN
ajfa-5241	214	6	)	)	PUNCT
ajfa-5241	214	7	–	–	PUNCT
ajfa-5241	214	8	(	(	PUNCT
ajfa-5241	214	9	(	(	PUNCT
ajfa-5241	214	10	s	s	NOUN
ajfa-5241	214	11	/	/	SYM
ajfa-5241	214	12	h	h	NOUN
ajfa-5241	214	13	)	)	PUNCT
ajfa-5241	215	1	+	+	CCONJ
ajfa-5241	215	2	(	(	PUNCT
ajfa-5241	215	3	b	b	X
ajfa-5241	215	4	/	/	SYM
ajfa-5241	215	5	h)))/2	h)))/2	NOUN
ajfa-5241	215	6	(	(	PUNCT
ajfa-5241	215	7	4	4	NUM
ajfa-5241	215	8	)	)	PUNCT
ajfa-5241	215	9	the	the	DET
ajfa-5241	215	10	estimation	estimation	NOUN
ajfa-5241	215	11	of	of	ADP
ajfa-5241	215	12	the	the	DET
ajfa-5241	215	13	lmh	lmh	PROPN
ajfa-5241	215	14	differs	differ	VERB
ajfa-5241	215	15	from	from	ADP
ajfa-5241	215	16	ff	ff	PROPN
ajfa-5241	215	17	model	model	NOUN
ajfa-5241	215	18	(	(	PUNCT
ajfa-5241	215	19	1993	1993	NUM
ajfa-5241	215	20	)	)	PUNCT
ajfa-5241	215	21	which	which	PRON
ajfa-5241	215	22	uses	use	VERB
ajfa-5241	215	23	hml	hml	PROPN
ajfa-5241	215	24	,	,	PUNCT
ajfa-5241	215	25	meant	mean	VERB
ajfa-5241	215	26	to	to	PART
ajfa-5241	215	27	mimick	mimick	VERB
ajfa-5241	215	28	the	the	DET
ajfa-5241	215	29	risk	risk	NOUN
ajfa-5241	215	30	factor	factor	NOUN
ajfa-5241	215	31	in	in	ADP
ajfa-5241	215	32	returns	return	NOUN
ajfa-5241	215	33	relating	relate	VERB
ajfa-5241	215	34	to	to	ADP
ajfa-5241	215	35	value	value	NOUN
ajfa-5241	215	36	factor	factor	NOUN
ajfa-5241	215	37	.	.	PUNCT
ajfa-5241	216	1	hml	hml	PROPN
ajfa-5241	216	2	is	be	AUX
ajfa-5241	216	3	constructed	construct	VERB
ajfa-5241	216	4	using	use	VERB
ajfa-5241	216	5	book	book	NOUN
ajfa-5241	216	6	equity	equity	NOUN
ajfa-5241	216	7	to	to	ADP
ajfa-5241	216	8	asian	asian	ADJ
ajfa-5241	216	9	journal	journal	PROPN
ajfa-5241	216	10	of	of	ADP
ajfa-5241	216	11	finance	finance	PROPN
ajfa-5241	216	12	&	&	CCONJ
ajfa-5241	216	13	accounting	accounting	PROPN
ajfa-5241	216	14	issn	issn	PROPN
ajfa-5241	216	15	1946	1946	NUM
ajfa-5241	216	16	-	-	PUNCT
ajfa-5241	216	17	052x	052x	PROPN
ajfa-5241	216	18	2014	2014	NUM
ajfa-5241	216	19	,	,	PUNCT
ajfa-5241	216	20	vol	vol	NOUN
ajfa-5241	216	21	.	.	PROPN
ajfa-5241	216	22	6	6	NUM
ajfa-5241	216	23	,	,	PUNCT
ajfa-5241	216	24	no	no	INTJ
ajfa-5241	216	25	.	.	NOUN
ajfa-5241	216	26	1	1	NUM
ajfa-5241	216	27	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	216	28	344	344	NUM
ajfa-5241	216	29	market	market	NOUN
ajfa-5241	216	30	equity	equity	NOUN
ajfa-5241	216	31	(	(	PUNCT
ajfa-5241	216	32	be	be	AUX
ajfa-5241	216	33	/	/	SYM
ajfa-5241	216	34	me	i	PRON
ajfa-5241	216	35	)	)	PUNCT
ajfa-5241	216	36	.	.	PUNCT
ajfa-5241	217	1	we	we	PRON
ajfa-5241	217	2	estimate	estimate	VERB
ajfa-5241	217	3	lmh	lmh	PROPN
ajfa-5241	217	4	using	use	VERB
ajfa-5241	217	5	price	price	NOUN
ajfa-5241	217	6	-	-	PUNCT
ajfa-5241	217	7	to	to	ADP
ajfa-5241	217	8	-	-	PUNCT
ajfa-5241	217	9	book	book	NOUN
ajfa-5241	217	10	ratio	ratio	NOUN
ajfa-5241	217	11	(	(	PUNCT
ajfa-5241	217	12	p	p	NOUN
ajfa-5241	217	13	/	/	SYM
ajfa-5241	217	14	b	b	NOUN
ajfa-5241	217	15	)	)	PUNCT
ajfa-5241	217	16	which	which	PRON
ajfa-5241	217	17	is	be	AUX
ajfa-5241	217	18	the	the	DET
ajfa-5241	217	19	mirror	mirror	NOUN
ajfa-5241	217	20	image	image	NOUN
ajfa-5241	217	21	of	of	ADP
ajfa-5241	217	22	be	be	AUX
ajfa-5241	217	23	/	/	SYM
ajfa-5241	217	24	me	i	PRON
ajfa-5241	217	25	.	.	PUNCT
ajfa-5241	218	1	hence	hence	ADV
ajfa-5241	218	2	,	,	PUNCT
ajfa-5241	218	3	the	the	DET
ajfa-5241	218	4	interpretation	interpretation	NOUN
ajfa-5241	218	5	of	of	ADP
ajfa-5241	218	6	the	the	DET
ajfa-5241	218	7	results	result	NOUN
ajfa-5241	218	8	of	of	ADP
ajfa-5241	218	9	value	value	NOUN
ajfa-5241	218	10	factor	factor	NOUN
ajfa-5241	218	11	will	will	AUX
ajfa-5241	218	12	be	be	AUX
ajfa-5241	218	13	inverse	inverse	ADJ
ajfa-5241	218	14	to	to	ADP
ajfa-5241	218	15	those	those	PRON
ajfa-5241	218	16	of	of	ADP
ajfa-5241	218	17	ff	ff	PROPN
ajfa-5241	218	18	model	model	NOUN
ajfa-5241	218	19	(	(	PUNCT
ajfa-5241	218	20	1993	1993	NUM
ajfa-5241	218	21	)	)	PUNCT
ajfa-5241	218	22	.	.	PUNCT
ajfa-5241	219	1	table	table	NOUN
ajfa-5241	219	2	1	1	NUM
ajfa-5241	219	3	(	(	PUNCT
ajfa-5241	219	4	a	a	NOUN
ajfa-5241	219	5	)	)	PUNCT
ajfa-5241	219	6	presents	present	NOUN
ajfa-5241	219	7	means	mean	VERB
ajfa-5241	219	8	excess	excess	ADJ
ajfa-5241	219	9	returns	return	NOUN
ajfa-5241	219	10	on	on	ADP
ajfa-5241	219	11	size	size	NOUN
ajfa-5241	219	12	/	/	SYM
ajfa-5241	219	13	value	value	NOUN
ajfa-5241	219	14	based	base	VERB
ajfa-5241	219	15	portfolios	portfolio	NOUN
ajfa-5241	219	16	.	.	PUNCT
ajfa-5241	220	1	the	the	DET
ajfa-5241	220	2	mean	mean	ADJ
ajfa-5241	220	3	return	return	NOUN
ajfa-5241	220	4	on	on	ADP
ajfa-5241	220	5	p1	p1	PROPN
ajfa-5241	220	6	exceeds	exceed	VERB
ajfa-5241	220	7	that	that	PRON
ajfa-5241	220	8	of	of	ADP
ajfa-5241	220	9	p5	p5	ADJ
ajfa-5241	220	10	by	by	ADP
ajfa-5241	220	11	about	about	ADV
ajfa-5241	220	12	43	43	NUM
ajfa-5241	220	13	%	%	NOUN
ajfa-5241	220	14	on	on	ADP
ajfa-5241	220	15	annualized	annualize	VERB
ajfa-5241	220	16	basis	basis	NOUN
ajfa-5241	220	17	using	use	VERB
ajfa-5241	220	18	alternative	alternative	ADJ
ajfa-5241	220	19	size	size	NOUN
ajfa-5241	220	20	definitions	definition	NOUN
ajfa-5241	220	21	except	except	SCONJ
ajfa-5241	220	22	total	total	ADJ
ajfa-5241	220	23	assets	asset	NOUN
ajfa-5241	220	24	whose	whose	DET
ajfa-5241	220	25	mean	mean	VERB
ajfa-5241	220	26	return	return	NOUN
ajfa-5241	220	27	differential	differential	NOUN
ajfa-5241	220	28	is	be	AUX
ajfa-5241	220	29	40	40	NUM
ajfa-5241	220	30	%	%	NOUN
ajfa-5241	220	31	.	.	PUNCT
ajfa-5241	221	1	hence	hence	ADV
ajfa-5241	221	2	at	at	ADP
ajfa-5241	221	3	prima	prima	PROPN
ajfa-5241	221	4	facie	facie	NOUN
ajfa-5241	221	5	,	,	PUNCT
ajfa-5241	221	6	a	a	DET
ajfa-5241	221	7	strong	strong	ADJ
ajfa-5241	221	8	size	size	NOUN
ajfa-5241	221	9	effect	effect	NOUN
ajfa-5241	221	10	is	be	AUX
ajfa-5241	221	11	observed	observe	VERB
ajfa-5241	221	12	.	.	PUNCT
ajfa-5241	222	1	the	the	DET
ajfa-5241	222	2	company	company	NOUN
ajfa-5241	222	3	value	value	NOUN
ajfa-5241	222	4	is	be	AUX
ajfa-5241	222	5	defined	define	VERB
ajfa-5241	222	6	using	use	VERB
ajfa-5241	222	7	two	two	NUM
ajfa-5241	222	8	measures	measure	NOUN
ajfa-5241	222	9	namely	namely	ADV
ajfa-5241	222	10	p	p	NOUN
ajfa-5241	222	11	/	/	SYM
ajfa-5241	222	12	b	b	NOUN
ajfa-5241	222	13	and	and	CCONJ
ajfa-5241	222	14	p	p	ADJ
ajfa-5241	222	15	/	/	SYM
ajfa-5241	222	16	e	e	NOUN
ajfa-5241	222	17	ratios	ratio	NOUN
ajfa-5241	222	18	.	.	PUNCT
ajfa-5241	223	1	p1	p1	NOUN
ajfa-5241	223	2	is	be	AUX
ajfa-5241	223	3	the	the	DET
ajfa-5241	223	4	portfolio	portfolio	NOUN
ajfa-5241	223	5	with	with	ADP
ajfa-5241	223	6	the	the	DET
ajfa-5241	223	7	highest	high	ADJ
ajfa-5241	223	8	relative	relative	ADJ
ajfa-5241	223	9	distress	distress	NOUN
ajfa-5241	223	10	firms	firm	NOUN
ajfa-5241	223	11	(	(	PUNCT
ajfa-5241	223	12	firms	firm	NOUN
ajfa-5241	223	13	having	have	VERB
ajfa-5241	223	14	weak	weak	ADJ
ajfa-5241	223	15	fundamentals	fundamental	NOUN
ajfa-5241	223	16	)	)	PUNCT
ajfa-5241	223	17	and	and	CCONJ
ajfa-5241	223	18	p5	p5	PROPN
ajfa-5241	223	19	is	be	AUX
ajfa-5241	223	20	the	the	DET
ajfa-5241	223	21	portfolio	portfolio	NOUN
ajfa-5241	223	22	with	with	ADP
ajfa-5241	223	23	lowest	low	ADJ
ajfa-5241	223	24	relative	relative	ADJ
ajfa-5241	223	25	distress	distress	NOUN
ajfa-5241	223	26	firms	firm	NOUN
ajfa-5241	223	27	(	(	PUNCT
ajfa-5241	223	28	firms	firm	NOUN
ajfa-5241	223	29	with	with	ADP
ajfa-5241	223	30	strong	strong	ADJ
ajfa-5241	223	31	fundamentals	fundamental	NOUN
ajfa-5241	223	32	)	)	PUNCT
ajfa-5241	223	33	.	.	PUNCT
ajfa-5241	224	1	the	the	DET
ajfa-5241	224	2	results	result	NOUN
ajfa-5241	224	3	for	for	ADP
ajfa-5241	224	4	two	two	NUM
ajfa-5241	224	5	relative	relative	ADJ
ajfa-5241	224	6	distress	distress	NOUN
ajfa-5241	224	7	proxies	proxy	NOUN
ajfa-5241	224	8	are	be	AUX
ajfa-5241	224	9	also	also	ADV
ajfa-5241	224	10	provided	provide	VERB
ajfa-5241	224	11	in	in	ADP
ajfa-5241	224	12	table	table	NOUN
ajfa-5241	224	13	1	1	NUM
ajfa-5241	224	14	(	(	PUNCT
ajfa-5241	224	15	a	a	NOUN
ajfa-5241	224	16	)	)	PUNCT
ajfa-5241	224	17	.	.	PUNCT
ajfa-5241	225	1	the	the	DET
ajfa-5241	225	2	mean	mean	ADJ
ajfa-5241	225	3	return	return	NOUN
ajfa-5241	225	4	differentials	differential	NOUN
ajfa-5241	225	5	between	between	ADP
ajfa-5241	225	6	portfolios	portfolio	NOUN
ajfa-5241	225	7	p1	p1	NOUN
ajfa-5241	225	8	and	and	CCONJ
ajfa-5241	225	9	p5	p5	ADJ
ajfa-5241	225	10	are	be	AUX
ajfa-5241	225	11	24	24	NUM
ajfa-5241	225	12	%	%	NOUN
ajfa-5241	225	13	and	and	CCONJ
ajfa-5241	225	14	14	14	NUM
ajfa-5241	225	15	%	%	NOUN
ajfa-5241	225	16	for	for	ADP
ajfa-5241	225	17	p	p	PROPN
ajfa-5241	225	18	/	/	SYM
ajfa-5241	225	19	b	b	PROPN
ajfa-5241	225	20	and	and	CCONJ
ajfa-5241	225	21	p	p	X
ajfa-5241	225	22	/	/	SYM
ajfa-5241	225	23	e	e	NOUN
ajfa-5241	225	24	respectively	respectively	ADV
ajfa-5241	225	25	.	.	PUNCT
ajfa-5241	226	1	this	this	PRON
ajfa-5241	226	2	reveals	reveal	VERB
ajfa-5241	226	3	a	a	DET
ajfa-5241	226	4	strong	strong	ADJ
ajfa-5241	226	5	value	value	NOUN
ajfa-5241	226	6	effect	effect	NOUN
ajfa-5241	226	7	.	.	PUNCT
ajfa-5241	227	1	further	far	ADV
ajfa-5241	227	2	,	,	PUNCT
ajfa-5241	227	3	we	we	PRON
ajfa-5241	227	4	observe	observe	VERB
ajfa-5241	227	5	the	the	DET
ajfa-5241	227	6	relationship	relationship	NOUN
ajfa-5241	227	7	between	between	ADP
ajfa-5241	227	8	company	company	NOUN
ajfa-5241	227	9	size	size	NOUN
ajfa-5241	227	10	/	/	SYM
ajfa-5241	227	11	value	value	NOUN
ajfa-5241	227	12	and	and	CCONJ
ajfa-5241	227	13	return	return	NOUN
ajfa-5241	227	14	is	be	AUX
ajfa-5241	227	15	monotonic	monotonic	ADJ
ajfa-5241	227	16	in	in	ADP
ajfa-5241	227	17	nature	nature	NOUN
ajfa-5241	227	18	.	.	PUNCT
ajfa-5241	228	1	the	the	DET
ajfa-5241	228	2	return	return	NOUN
ajfa-5241	228	3	differentials	differential	NOUN
ajfa-5241	228	4	between	between	ADP
ajfa-5241	228	5	p1	p1	NOUN
ajfa-5241	228	6	and	and	CCONJ
ajfa-5241	228	7	p5	p5	NOUN
ajfa-5241	228	8	are	be	AUX
ajfa-5241	228	9	high	high	ADJ
ajfa-5241	228	10	,	,	PUNCT
ajfa-5241	228	11	thus	thus	ADV
ajfa-5241	228	12	,	,	PUNCT
ajfa-5241	228	13	indicating	indicate	VERB
ajfa-5241	228	14	returns	return	NOUN
ajfa-5241	228	15	could	could	AUX
ajfa-5241	228	16	be	be	AUX
ajfa-5241	228	17	influenced	influence	VERB
ajfa-5241	228	18	by	by	ADP
ajfa-5241	228	19	risk	risk	NOUN
ajfa-5241	228	20	factors	factor	NOUN
ajfa-5241	228	21	.	.	PUNCT
ajfa-5241	229	1	hence	hence	ADV
ajfa-5241	229	2	,	,	PUNCT
ajfa-5241	229	3	it	it	PRON
ajfa-5241	229	4	is	be	AUX
ajfa-5241	229	5	imperative	imperative	ADJ
ajfa-5241	229	6	to	to	PART
ajfa-5241	229	7	check	check	VERB
ajfa-5241	229	8	if	if	SCONJ
ajfa-5241	229	9	excess	excess	ADJ
ajfa-5241	229	10	returns	return	NOUN
ajfa-5241	229	11	on	on	ADP
ajfa-5241	229	12	size	size	NOUN
ajfa-5241	229	13	and	and	CCONJ
ajfa-5241	229	14	value	value	NOUN
ajfa-5241	229	15	based	base	VERB
ajfa-5241	229	16	portfolios	portfolio	NOUN
ajfa-5241	229	17	are	be	AUX
ajfa-5241	229	18	captured	capture	VERB
ajfa-5241	229	19	by	by	ADP
ajfa-5241	229	20	risk	risk	NOUN
ajfa-5241	229	21	models	model	NOUN
ajfa-5241	229	22	.	.	PUNCT
ajfa-5241	230	1	in	in	ADP
ajfa-5241	230	2	table	table	NOUN
ajfa-5241	230	3	1	1	NUM
ajfa-5241	230	4	(	(	PUNCT
ajfa-5241	230	5	b	b	NOUN
ajfa-5241	230	6	)	)	PUNCT
ajfa-5241	230	7	,	,	PUNCT
ajfa-5241	230	8	regression	regression	NOUN
ajfa-5241	230	9	results	result	NOUN
ajfa-5241	230	10	for	for	ADP
ajfa-5241	230	11	one	one	NUM
ajfa-5241	230	12	factor	factor	NOUN
ajfa-5241	230	13	capm	capm	NOUN
ajfa-5241	230	14	are	be	AUX
ajfa-5241	230	15	presented	present	VERB
ajfa-5241	230	16	.	.	PUNCT
ajfa-5241	231	1	it	it	PRON
ajfa-5241	231	2	is	be	AUX
ajfa-5241	231	3	seen	see	VERB
ajfa-5241	231	4	that	that	SCONJ
ajfa-5241	231	5	capm	capm	PROPN
ajfa-5241	231	6	does	do	AUX
ajfa-5241	231	7	not	not	PART
ajfa-5241	231	8	explain	explain	VERB
ajfa-5241	231	9	the	the	DET
ajfa-5241	231	10	excess	excess	ADJ
ajfa-5241	231	11	returns	return	NOUN
ajfa-5241	231	12	on	on	ADP
ajfa-5241	231	13	portfolios	portfolio	NOUN
ajfa-5241	231	14	.	.	PUNCT
ajfa-5241	232	1	this	this	PRON
ajfa-5241	232	2	is	be	AUX
ajfa-5241	232	3	confirmed	confirm	VERB
ajfa-5241	232	4	from	from	ADP
ajfa-5241	232	5	the	the	DET
ajfa-5241	232	6	fact	fact	NOUN
ajfa-5241	232	7	that	that	SCONJ
ajfa-5241	232	8	alphas	alpha	NOUN
ajfa-5241	232	9	(	(	PUNCT
ajfa-5241	232	10	intercepts	intercept	NOUN
ajfa-5241	232	11	)	)	PUNCT
ajfa-5241	232	12	of	of	ADP
ajfa-5241	232	13	all	all	DET
ajfa-5241	232	14	p1	p1	NOUN
ajfa-5241	232	15	are	be	AUX
ajfa-5241	232	16	distinguishable	distinguishable	ADJ
ajfa-5241	232	17	from	from	ADP
ajfa-5241	232	18	zero	zero	NUM
ajfa-5241	232	19	.	.	PUNCT
ajfa-5241	233	1	it	it	PRON
ajfa-5241	233	2	means	mean	VERB
ajfa-5241	233	3	abnormal	abnormal	ADJ
ajfa-5241	233	4	returns	return	NOUN
ajfa-5241	233	5	on	on	ADP
ajfa-5241	233	6	portfolios	portfolio	NOUN
ajfa-5241	233	7	seem	seem	VERB
ajfa-5241	233	8	bigger	big	ADJ
ajfa-5241	233	9	.	.	PUNCT
ajfa-5241	234	1	further	far	ADV
ajfa-5241	234	2	,	,	PUNCT
ajfa-5241	234	3	the	the	DET
ajfa-5241	234	4	inability	inability	NOUN
ajfa-5241	234	5	of	of	ADP
ajfa-5241	234	6	capm	capm	PROPN
ajfa-5241	234	7	to	to	ADP
ajfa-5241	234	8	the	the	DET
ajfa-5241	234	9	above	above	NOUN
ajfa-5241	234	10	is	be	AUX
ajfa-5241	234	11	also	also	ADV
ajfa-5241	234	12	witnessed	witness	VERB
ajfa-5241	234	13	from	from	ADP
ajfa-5241	234	14	the	the	DET
ajfa-5241	234	15	t	t	PROPN
ajfa-5241	234	16	-	-	PUNCT
ajfa-5241	234	17	statistics	statistic	NOUN
ajfa-5241	234	18	of	of	ADP
ajfa-5241	234	19	alphas	alpha	NOUN
ajfa-5241	234	20	which	which	PRON
ajfa-5241	234	21	are	be	AUX
ajfa-5241	234	22	significant	significant	ADJ
ajfa-5241	234	23	at	at	ADP
ajfa-5241	234	24	5	5	NUM
ajfa-5241	234	25	%	%	NOUN
ajfa-5241	234	26	level	level	NOUN
ajfa-5241	234	27	.	.	PUNCT
ajfa-5241	235	1	similar	similar	ADJ
ajfa-5241	235	2	results	result	NOUN
ajfa-5241	235	3	are	be	AUX
ajfa-5241	235	4	found	find	VERB
ajfa-5241	235	5	for	for	ADP
ajfa-5241	235	6	alternative	alternative	ADJ
ajfa-5241	235	7	size	size	NOUN
ajfa-5241	235	8	/	/	SYM
ajfa-5241	235	9	value	value	NOUN
ajfa-5241	235	10	measures	measure	NOUN
ajfa-5241	235	11	.	.	PUNCT
ajfa-5241	236	1	further	far	ADV
ajfa-5241	236	2	,	,	PUNCT
ajfa-5241	236	3	betas	beta	NOUN
ajfa-5241	236	4	differentials	differential	NOUN
ajfa-5241	236	5	between	between	ADP
ajfa-5241	236	6	p1	p1	NOUN
ajfa-5241	236	7	and	and	CCONJ
ajfa-5241	236	8	p5	p5	NOUN
ajfa-5241	236	9	seem	seem	VERB
ajfa-5241	236	10	to	to	PART
ajfa-5241	236	11	be	be	AUX
ajfa-5241	236	12	little	little	ADJ
ajfa-5241	236	13	which	which	PRON
ajfa-5241	236	14	also	also	ADV
ajfa-5241	236	15	indicates	indicate	VERB
ajfa-5241	236	16	the	the	DET
ajfa-5241	236	17	failure	failure	NOUN
ajfa-5241	236	18	of	of	ADP
ajfa-5241	236	19	capm	capm	PROPN
ajfa-5241	236	20	to	to	PART
ajfa-5241	236	21	explain	explain	VERB
ajfa-5241	236	22	extra	extra	ADJ
ajfa-5241	236	23	normal	normal	ADJ
ajfa-5241	236	24	returns	return	NOUN
ajfa-5241	236	25	.	.	PUNCT
ajfa-5241	237	1	table	table	NOUN
ajfa-5241	237	2	1	1	NUM
ajfa-5241	237	3	(	(	PUNCT
ajfa-5241	237	4	c	c	NOUN
ajfa-5241	237	5	)	)	PUNCT
ajfa-5241	237	6	documents	document	NOUN
ajfa-5241	237	7	regression	regression	NOUN
ajfa-5241	237	8	results	result	NOUN
ajfa-5241	237	9	for	for	ADP
ajfa-5241	237	10	size/	size/	NUM
ajfa-5241	237	11	value	value	NOUN
ajfa-5241	237	12	sorted	sort	VERB
ajfa-5241	237	13	portfolios	portfolio	NOUN
ajfa-5241	237	14	using	use	VERB
ajfa-5241	237	15	ff	ff	NOUN
ajfa-5241	237	16	model	model	NOUN
ajfa-5241	237	17	are	be	AUX
ajfa-5241	237	18	reported	report	VERB
ajfa-5241	237	19	.	.	PUNCT
ajfa-5241	238	1	it	it	PRON
ajfa-5241	238	2	can	can	AUX
ajfa-5241	238	3	be	be	AUX
ajfa-5241	238	4	noted	note	VERB
ajfa-5241	238	5	that	that	SCONJ
ajfa-5241	238	6	small	small	ADJ
ajfa-5241	238	7	stock	stock	NOUN
ajfa-5241	238	8	portfolios	portfolio	NOUN
ajfa-5241	238	9	load	load	VERB
ajfa-5241	238	10	heavily	heavily	ADV
ajfa-5241	238	11	on	on	ADP
ajfa-5241	238	12	size	size	NOUN
ajfa-5241	238	13	factor	factor	NOUN
ajfa-5241	238	14	,	,	PUNCT
ajfa-5241	238	15	while	while	SCONJ
ajfa-5241	238	16	strong	strong	ADJ
ajfa-5241	238	17	size	size	NOUN
ajfa-5241	238	18	effect	effect	NOUN
ajfa-5241	238	19	is	be	AUX
ajfa-5241	238	20	countered	counter	VERB
ajfa-5241	238	21	by	by	ADP
ajfa-5241	238	22	inverse	inverse	NOUN
ajfa-5241	238	23	value	value	NOUN
ajfa-5241	238	24	effect	effect	NOUN
ajfa-5241	238	25	thus	thus	ADV
ajfa-5241	238	26	reducing	reduce	VERB
ajfa-5241	238	27	the	the	DET
ajfa-5241	238	28	power	power	NOUN
ajfa-5241	238	29	of	of	ADP
ajfa-5241	238	30	ff	ff	PROPN
ajfa-5241	238	31	model	model	NOUN
ajfa-5241	238	32	in	in	ADP
ajfa-5241	238	33	explaining	explain	VERB
ajfa-5241	238	34	abnormal	abnormal	ADJ
ajfa-5241	238	35	returns	return	NOUN
ajfa-5241	238	36	on	on	ADP
ajfa-5241	238	37	size	size	NOUN
ajfa-5241	238	38	sorted	sort	VERB
ajfa-5241	238	39	portfolios	portfolio	NOUN
ajfa-5241	238	40	.	.	PUNCT
ajfa-5241	239	1	there	there	PRON
ajfa-5241	239	2	is	be	VERB
ajfa-5241	239	3	an	an	DET
ajfa-5241	239	4	inverse	inverse	NOUN
ajfa-5241	239	5	value	value	NOUN
ajfa-5241	239	6	effect	effect	NOUN
ajfa-5241	239	7	found	find	VERB
ajfa-5241	239	8	with	with	ADP
ajfa-5241	239	9	the	the	DET
ajfa-5241	239	10	exception	exception	NOUN
ajfa-5241	239	11	of	of	ADP
ajfa-5241	239	12	market	market	NOUN
ajfa-5241	239	13	capitalization	capitalization	NOUN
ajfa-5241	239	14	based	base	VERB
ajfa-5241	239	15	classification	classification	NOUN
ajfa-5241	239	16	.	.	PUNCT
ajfa-5241	240	1	low	low	ADJ
ajfa-5241	240	2	p	p	PROPN
ajfa-5241	240	3	/	/	SYM
ajfa-5241	240	4	b	b	NOUN
ajfa-5241	240	5	and	and	CCONJ
ajfa-5241	240	6	p	p	NOUN
ajfa-5241	240	7	/	/	SYM
ajfa-5241	240	8	e	e	NOUN
ajfa-5241	240	9	stocks	stock	NOUN
ajfa-5241	240	10	are	be	AUX
ajfa-5241	240	11	highly	highly	ADV
ajfa-5241	240	12	sensitive	sensitive	ADJ
ajfa-5241	240	13	to	to	ADP
ajfa-5241	240	14	both	both	DET
ajfa-5241	240	15	size	size	NOUN
ajfa-5241	240	16	and	and	CCONJ
ajfa-5241	240	17	value	value	NOUN
ajfa-5241	240	18	factors	factor	NOUN
ajfa-5241	240	19	compared	compare	VERB
ajfa-5241	240	20	to	to	ADP
ajfa-5241	240	21	high	high	ADJ
ajfa-5241	240	22	p	p	PROPN
ajfa-5241	240	23	/	/	SYM
ajfa-5241	240	24	b	b	NOUN
ajfa-5241	240	25	and	and	CCONJ
ajfa-5241	240	26	p	p	NOUN
ajfa-5241	240	27	/	/	SYM
ajfa-5241	240	28	e	e	NOUN
ajfa-5241	240	29	stocks	stock	NOUN
ajfa-5241	240	30	resulting	result	VERB
ajfa-5241	240	31	in	in	ADP
ajfa-5241	240	32	low	low	ADJ
ajfa-5241	240	33	alpha	alpha	NOUN
ajfa-5241	240	34	.	.	PUNCT
ajfa-5241	241	1	ff	ff	PROPN
ajfa-5241	241	2	model	model	PROPN
ajfa-5241	241	3	alphas	alpha	NOUN
ajfa-5241	241	4	are	be	AUX
ajfa-5241	241	5	however	however	ADV
ajfa-5241	241	6	smaller	small	ADJ
ajfa-5241	241	7	than	than	ADP
ajfa-5241	241	8	capm	capm	PROPN
ajfa-5241	241	9	alphas	alpha	NOUN
ajfa-5241	241	10	.	.	PUNCT
ajfa-5241	242	1	our	our	PRON
ajfa-5241	242	2	results	result	NOUN
ajfa-5241	242	3	show	show	VERB
ajfa-5241	242	4	that	that	SCONJ
ajfa-5241	242	5	ff	ff	NOUN
ajfa-5241	242	6	model	model	NOUN
ajfa-5241	242	7	explains	explain	VERB
ajfa-5241	242	8	major	major	ADJ
ajfa-5241	242	9	part	part	NOUN
ajfa-5241	242	10	of	of	ADP
ajfa-5241	242	11	extra	extra	ADJ
ajfa-5241	242	12	normal	normal	ADJ
ajfa-5241	242	13	returns	return	NOUN
ajfa-5241	242	14	on	on	ADP
ajfa-5241	242	15	single	single	ADJ
ajfa-5241	242	16	sorted	sorted	ADJ
ajfa-5241	242	17	portfolios	portfolio	NOUN
ajfa-5241	242	18	compared	compare	VERB
ajfa-5241	242	19	to	to	ADP
ajfa-5241	242	20	capm	capm	PROPN
ajfa-5241	242	21	.	.	PUNCT
ajfa-5241	243	1	3.2	3.2	NUM
ajfa-5241	243	2	double	double	ADJ
ajfa-5241	243	3	sorted	sort	VERB
ajfa-5241	243	4	portfolios	portfolio	NOUN
ajfa-5241	243	5	next	next	ADV
ajfa-5241	243	6	we	we	PRON
ajfa-5241	243	7	form	form	VERB
ajfa-5241	243	8	portfolios	portfolio	NOUN
ajfa-5241	243	9	based	base	VERB
ajfa-5241	243	10	on	on	ADP
ajfa-5241	243	11	two	two	NUM
ajfa-5241	243	12	company	company	NOUN
ajfa-5241	243	13	characteristics	characteristic	NOUN
ajfa-5241	243	14	by	by	ADP
ajfa-5241	243	15	adopting	adopt	VERB
ajfa-5241	243	16	double	double	ADJ
ajfa-5241	243	17	sorted	sort	VERB
ajfa-5241	243	18	criterion	criterion	NOUN
ajfa-5241	243	19	which	which	PRON
ajfa-5241	243	20	has	have	AUX
ajfa-5241	243	21	already	already	ADV
ajfa-5241	243	22	been	be	AUX
ajfa-5241	243	23	discussed	discuss	VERB
ajfa-5241	243	24	in	in	ADP
ajfa-5241	243	25	the	the	DET
ajfa-5241	243	26	previous	previous	ADJ
ajfa-5241	243	27	sub	sub	NOUN
ajfa-5241	243	28	-	-	NOUN
ajfa-5241	243	29	section	section	NOUN
ajfa-5241	243	30	.	.	PUNCT
ajfa-5241	244	1	then	then	ADV
ajfa-5241	244	2	,	,	PUNCT
ajfa-5241	244	3	we	we	PRON
ajfa-5241	244	4	construct	construct	VERB
ajfa-5241	244	5	six	six	NUM
ajfa-5241	244	6	sets	set	NOUN
ajfa-5241	244	7	of	of	ADP
ajfa-5241	244	8	portfolios	portfolio	NOUN
ajfa-5241	244	9	using	use	VERB
ajfa-5241	244	10	the	the	DET
ajfa-5241	244	11	standard	standard	ADJ
ajfa-5241	244	12	ff	ff	PROPN
ajfa-5241	244	13	model	model	NOUN
ajfa-5241	244	14	definition	definition	NOUN
ajfa-5241	244	15	i.e.	i.e.	X
ajfa-5241	244	16	,	,	PUNCT
ajfa-5241	244	17	mc	mc	PROPN
ajfa-5241	244	18	-	-	PUNCT
ajfa-5241	244	19	pb	pb	PROPN
ajfa-5241	244	20	as	as	ADV
ajfa-5241	244	21	well	well	ADV
ajfa-5241	244	22	as	as	ADP
ajfa-5241	244	23	alternative	alternative	ADJ
ajfa-5241	244	24	versions	version	NOUN
ajfa-5241	244	25	of	of	ADP
ajfa-5241	244	26	ff	ff	NOUN
ajfa-5241	244	27	model	model	NOUN
ajfa-5241	244	28	(	(	PUNCT
ajfa-5241	244	29	mc	mc	PROPN
ajfa-5241	244	30	-	-	PUNCT
ajfa-5241	244	31	pe	pe	PROPN
ajfa-5241	244	32	,	,	PUNCT
ajfa-5241	244	33	ta	ta	PROPN
ajfa-5241	244	34	-	-	PUNCT
ajfa-5241	244	35	pb	pb	NOUN
ajfa-5241	244	36	,	,	PUNCT
ajfa-5241	244	37	ta	ta	PROPN
ajfa-5241	244	38	-	-	PUNCT
ajfa-5241	244	39	pe	pe	PROPN
ajfa-5241	244	40	,	,	PUNCT
ajfa-5241	244	41	ev	ev	PROPN
ajfa-5241	244	42	-	-	PUNCT
ajfa-5241	244	43	pb	pb	NOUN
ajfa-5241	244	44	,	,	PUNCT
ajfa-5241	244	45	and	and	CCONJ
ajfa-5241	244	46	ev	ev	PROPN
ajfa-5241	244	47	-	-	PUNCT
ajfa-5241	244	48	pe	pe	NOUN
ajfa-5241	244	49	)	)	PUNCT
ajfa-5241	244	50	.	.	PUNCT
ajfa-5241	245	1	these	these	DET
ajfa-5241	245	2	six	six	NUM
ajfa-5241	245	3	sets	set	NOUN
ajfa-5241	245	4	are	be	AUX
ajfa-5241	245	5	made	make	VERB
ajfa-5241	245	6	by	by	ADP
ajfa-5241	245	7	combining	combine	VERB
ajfa-5241	245	8	size	size	NOUN
ajfa-5241	245	9	and	and	CCONJ
ajfa-5241	245	10	value	value	NOUN
ajfa-5241	245	11	measures	measure	NOUN
ajfa-5241	245	12	.	.	PUNCT
ajfa-5241	246	1	the	the	DET
ajfa-5241	246	2	mean	mean	ADJ
ajfa-5241	246	3	excess	excess	ADJ
ajfa-5241	246	4	returns	return	NOUN
ajfa-5241	246	5	on	on	ADP
ajfa-5241	246	6	portfolios	portfolio	NOUN
ajfa-5241	246	7	formed	form	VERB
ajfa-5241	246	8	using	use	VERB
ajfa-5241	246	9	double	double	ADJ
ajfa-5241	246	10	sort	sort	NOUN
ajfa-5241	246	11	are	be	AUX
ajfa-5241	246	12	given	give	VERB
ajfa-5241	246	13	in	in	ADP
ajfa-5241	246	14	table	table	NOUN
ajfa-5241	246	15	2	2	NUM
ajfa-5241	246	16	(	(	PUNCT
ajfa-5241	246	17	a	a	NOUN
ajfa-5241	246	18	)	)	PUNCT
ajfa-5241	246	19	.	.	PUNCT
ajfa-5241	247	1	it	it	PRON
ajfa-5241	247	2	is	be	AUX
ajfa-5241	247	3	clear	clear	ADJ
ajfa-5241	247	4	that	that	SCONJ
ajfa-5241	247	5	the	the	DET
ajfa-5241	247	6	returns	return	NOUN
ajfa-5241	247	7	on	on	ADP
ajfa-5241	247	8	all	all	DET
ajfa-5241	247	9	small	small	ADJ
ajfa-5241	247	10	size	size	NOUN
ajfa-5241	247	11	and	and	CCONJ
ajfa-5241	247	12	value	value	NOUN
ajfa-5241	247	13	(	(	PUNCT
ajfa-5241	247	14	s	s	NOUN
ajfa-5241	247	15	/	/	SYM
ajfa-5241	247	16	l	l	NOUN
ajfa-5241	247	17	)	)	PUNCT
ajfa-5241	247	18	stocks	stock	NOUN
ajfa-5241	247	19	are	be	AUX
ajfa-5241	247	20	more	more	ADJ
ajfa-5241	247	21	than	than	ADP
ajfa-5241	247	22	that	that	PRON
ajfa-5241	247	23	of	of	ADP
ajfa-5241	247	24	big	big	ADJ
ajfa-5241	247	25	and	and	CCONJ
ajfa-5241	247	26	growth	growth	NOUN
ajfa-5241	247	27	(	(	PUNCT
ajfa-5241	247	28	b	b	X
ajfa-5241	247	29	/	/	SYM
ajfa-5241	247	30	h	h	NOUN
ajfa-5241	247	31	)	)	PUNCT
ajfa-5241	247	32	stocks	stock	NOUN
ajfa-5241	247	33	.	.	PUNCT
ajfa-5241	248	1	this	this	PRON
ajfa-5241	248	2	indicates	indicate	VERB
ajfa-5241	248	3	that	that	SCONJ
ajfa-5241	248	4	indian	indian	ADJ
ajfa-5241	248	5	stock	stock	NOUN
ajfa-5241	248	6	market	market	NOUN
ajfa-5241	248	7	has	have	VERB
ajfa-5241	248	8	strong	strong	ADJ
ajfa-5241	248	9	influence	influence	NOUN
ajfa-5241	248	10	of	of	ADP
ajfa-5241	248	11	company	company	NOUN
ajfa-5241	248	12	asian	asian	ADJ
ajfa-5241	248	13	journal	journal	PROPN
ajfa-5241	248	14	of	of	ADP
ajfa-5241	248	15	finance	finance	PROPN
ajfa-5241	248	16	&	&	CCONJ
ajfa-5241	248	17	accounting	accounting	PROPN
ajfa-5241	248	18	issn	issn	PROPN
ajfa-5241	248	19	1946	1946	NUM
ajfa-5241	248	20	-	-	PUNCT
ajfa-5241	248	21	052x	052x	PROPN
ajfa-5241	248	22	2014	2014	NUM
ajfa-5241	248	23	,	,	PUNCT
ajfa-5241	248	24	vol	vol	NOUN
ajfa-5241	248	25	.	.	PROPN
ajfa-5241	249	1	6	6	NUM
ajfa-5241	249	2	,	,	PUNCT
ajfa-5241	249	3	no	no	INTJ
ajfa-5241	249	4	.	.	NOUN
ajfa-5241	249	5	1	1	NUM
ajfa-5241	249	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	249	7	345	345	NUM
ajfa-5241	249	8	size	size	NOUN
ajfa-5241	249	9	and	and	CCONJ
ajfa-5241	249	10	value	value	NOUN
ajfa-5241	249	11	effects	effect	NOUN
ajfa-5241	249	12	.	.	PUNCT
ajfa-5241	250	1	however	however	ADV
ajfa-5241	250	2	,	,	PUNCT
ajfa-5241	250	3	these	these	DET
ajfa-5241	250	4	findings	finding	NOUN
ajfa-5241	250	5	are	be	AUX
ajfa-5241	250	6	not	not	PART
ajfa-5241	250	7	consistent	consistent	ADJ
ajfa-5241	250	8	with	with	ADP
ajfa-5241	250	9	berk	berk	PROPN
ajfa-5241	250	10	’s	’s	PART
ajfa-5241	250	11	empirical	empirical	ADJ
ajfa-5241	250	12	findings	finding	NOUN
ajfa-5241	250	13	which	which	PRON
ajfa-5241	250	14	prove	prove	VERB
ajfa-5241	250	15	that	that	DET
ajfa-5241	250	16	size	size	NOUN
ajfa-5241	250	17	effect	effect	NOUN
ajfa-5241	250	18	is	be	AUX
ajfa-5241	250	19	an	an	DET
ajfa-5241	250	20	outcome	outcome	NOUN
ajfa-5241	250	21	of	of	ADP
ajfa-5241	250	22	endogenous	endogenous	ADJ
ajfa-5241	250	23	identity	identity	NOUN
ajfa-5241	250	24	.	.	PUNCT
ajfa-5241	251	1	moreover	moreover	ADV
ajfa-5241	251	2	,	,	PUNCT
ajfa-5241	251	3	it	it	PRON
ajfa-5241	251	4	is	be	AUX
ajfa-5241	251	5	noting	note	VERB
ajfa-5241	251	6	worth	worth	ADJ
ajfa-5241	251	7	that	that	DET
ajfa-5241	251	8	size	size	NOUN
ajfa-5241	251	9	effect	effect	NOUN
ajfa-5241	251	10	is	be	AUX
ajfa-5241	251	11	pervasive	pervasive	ADJ
ajfa-5241	251	12	for	for	ADP
ajfa-5241	251	13	all	all	DET
ajfa-5241	251	14	three	three	NUM
ajfa-5241	251	15	size	size	NOUN
ajfa-5241	251	16	measures	measure	NOUN
ajfa-5241	251	17	(	(	PUNCT
ajfa-5241	251	18	mc	mc	PROPN
ajfa-5241	251	19	,	,	PUNCT
ajfa-5241	251	20	ta	ta	PROPN
ajfa-5241	251	21	,	,	PUNCT
ajfa-5241	251	22	and	and	CCONJ
ajfa-5241	251	23	ev	ev	VERB
ajfa-5241	251	24	)	)	PUNCT
ajfa-5241	251	25	.	.	PUNCT
ajfa-5241	252	1	mc	mc	PROPN
ajfa-5241	252	2	is	be	AUX
ajfa-5241	252	3	a	a	DET
ajfa-5241	252	4	market	market	NOUN
ajfa-5241	252	5	based	base	VERB
ajfa-5241	252	6	measure	measure	NOUN
ajfa-5241	252	7	while	while	SCONJ
ajfa-5241	252	8	latter	latter	ADJ
ajfa-5241	252	9	two	two	NUM
ajfa-5241	252	10	are	be	AUX
ajfa-5241	252	11	non	non	ADJ
ajfa-5241	252	12	-	-	ADJ
ajfa-5241	252	13	market	market	ADJ
ajfa-5241	252	14	based	base	VERB
ajfa-5241	252	15	measures	measure	NOUN
ajfa-5241	252	16	.	.	PUNCT
ajfa-5241	253	1	berk	berk	PROPN
ajfa-5241	253	2	does	do	AUX
ajfa-5241	253	3	not	not	PART
ajfa-5241	253	4	find	find	VERB
ajfa-5241	253	5	size	size	NOUN
ajfa-5241	253	6	effect	effect	NOUN
ajfa-5241	253	7	for	for	ADP
ajfa-5241	253	8	non	non	ADJ
ajfa-5241	253	9	-	-	ADJ
ajfa-5241	253	10	market	market	ADJ
ajfa-5241	253	11	measures6	measures6	NOUN
ajfa-5241	253	12	.	.	PUNCT
ajfa-5241	254	1	next	next	ADV
ajfa-5241	254	2	,	,	PUNCT
ajfa-5241	254	3	we	we	PRON
ajfa-5241	254	4	verify	verify	VERB
ajfa-5241	254	5	if	if	SCONJ
ajfa-5241	254	6	size	size	NOUN
ajfa-5241	254	7	and	and	CCONJ
ajfa-5241	254	8	value	value	NOUN
ajfa-5241	254	9	effects	effect	NOUN
ajfa-5241	254	10	in	in	ADP
ajfa-5241	254	11	stock	stock	NOUN
ajfa-5241	254	12	returns	return	NOUN
ajfa-5241	254	13	could	could	AUX
ajfa-5241	254	14	be	be	AUX
ajfa-5241	254	15	explained	explain	VERB
ajfa-5241	254	16	by	by	ADP
ajfa-5241	254	17	asset	asset	NOUN
ajfa-5241	254	18	pricing	pricing	NOUN
ajfa-5241	254	19	models	model	NOUN
ajfa-5241	254	20	.	.	PUNCT
ajfa-5241	255	1	the	the	DET
ajfa-5241	255	2	regression	regression	NOUN
ajfa-5241	255	3	results	result	NOUN
ajfa-5241	255	4	of	of	ADP
ajfa-5241	255	5	capm	capm	PROPN
ajfa-5241	255	6	are	be	AUX
ajfa-5241	255	7	shown	show	VERB
ajfa-5241	255	8	in	in	ADP
ajfa-5241	255	9	table	table	NOUN
ajfa-5241	255	10	2	2	NUM
ajfa-5241	255	11	(	(	PUNCT
ajfa-5241	255	12	b	b	NOUN
ajfa-5241	255	13	)	)	PUNCT
ajfa-5241	255	14	.	.	PUNCT
ajfa-5241	256	1	it	it	PRON
ajfa-5241	256	2	is	be	AUX
ajfa-5241	256	3	clearly	clearly	ADV
ajfa-5241	256	4	understood	understand	VERB
ajfa-5241	256	5	that	that	SCONJ
ajfa-5241	256	6	the	the	DET
ajfa-5241	256	7	model	model	NOUN
ajfa-5241	256	8	fails	fail	VERB
ajfa-5241	256	9	to	to	PART
ajfa-5241	256	10	explain	explain	VERB
ajfa-5241	256	11	average	average	ADJ
ajfa-5241	256	12	returns	return	NOUN
ajfa-5241	256	13	on	on	ADP
ajfa-5241	256	14	s	s	NOUN
ajfa-5241	256	15	/	/	SYM
ajfa-5241	256	16	l	l	NOUN
ajfa-5241	256	17	stocks	stock	NOUN
ajfa-5241	256	18	.	.	PUNCT
ajfa-5241	257	1	this	this	PRON
ajfa-5241	257	2	is	be	AUX
ajfa-5241	257	3	substantiated	substantiate	VERB
ajfa-5241	257	4	with	with	ADP
ajfa-5241	257	5	alphas	alpha	NOUN
ajfa-5241	257	6	of	of	ADP
ajfa-5241	257	7	all	all	DET
ajfa-5241	257	8	s	s	PROPN
ajfa-5241	257	9	/	/	SYM
ajfa-5241	257	10	l	l	NOUN
ajfa-5241	257	11	stocks	stock	NOUN
ajfa-5241	257	12	are	be	AUX
ajfa-5241	257	13	not	not	PART
ajfa-5241	257	14	close	close	ADJ
ajfa-5241	257	15	to	to	ADP
ajfa-5241	257	16	zero	zero	NUM
ajfa-5241	257	17	and	and	CCONJ
ajfa-5241	257	18	t	t	PROPN
ajfa-5241	257	19	alphas	alpha	NOUN
ajfa-5241	257	20	are	be	AUX
ajfa-5241	257	21	statistically	statistically	ADV
ajfa-5241	257	22	significant	significant	ADJ
ajfa-5241	257	23	at	at	ADP
ajfa-5241	257	24	5	5	NUM
ajfa-5241	257	25	%	%	NOUN
ajfa-5241	257	26	level	level	NOUN
ajfa-5241	257	27	.	.	PUNCT
ajfa-5241	258	1	table	table	NOUN
ajfa-5241	258	2	2(c	2(c	NUM
ajfa-5241	258	3	)	)	PUNCT
ajfa-5241	258	4	presents	present	VERB
ajfa-5241	258	5	the	the	DET
ajfa-5241	258	6	regression	regression	NOUN
ajfa-5241	258	7	results	result	NOUN
ajfa-5241	258	8	of	of	ADP
ajfa-5241	258	9	ff	ff	PROPN
ajfa-5241	258	10	model	model	NOUN
ajfa-5241	258	11	.	.	PUNCT
ajfa-5241	259	1	the	the	DET
ajfa-5241	259	2	results	result	NOUN
ajfa-5241	259	3	clearly	clearly	ADV
ajfa-5241	259	4	express	express	VERB
ajfa-5241	259	5	that	that	SCONJ
ajfa-5241	259	6	ff	ff	PROPN
ajfa-5241	259	7	model	model	NOUN
ajfa-5241	259	8	captures	capture	VERB
ajfa-5241	259	9	the	the	DET
ajfa-5241	259	10	average	average	ADJ
ajfa-5241	259	11	returns	return	NOUN
ajfa-5241	259	12	on	on	ADP
ajfa-5241	259	13	s	s	PROPN
ajfa-5241	259	14	/	/	SYM
ajfa-5241	259	15	l	l	NOUN
ajfa-5241	259	16	portfolio	portfolio	NOUN
ajfa-5241	259	17	.	.	PUNCT
ajfa-5241	260	1	the	the	DET
ajfa-5241	260	2	explanation	explanation	NOUN
ajfa-5241	260	3	for	for	ADP
ajfa-5241	260	4	this	this	PRON
ajfa-5241	260	5	is	be	AUX
ajfa-5241	260	6	s	s	PROPN
ajfa-5241	260	7	/	/	SYM
ajfa-5241	260	8	l	l	NOUN
ajfa-5241	260	9	portfolios	portfolio	NOUN
ajfa-5241	260	10	load	load	VERB
ajfa-5241	260	11	heavily	heavily	ADV
ajfa-5241	260	12	on	on	ADP
ajfa-5241	260	13	size	size	NOUN
ajfa-5241	260	14	and	and	CCONJ
ajfa-5241	260	15	value	value	NOUN
ajfa-5241	260	16	factors	factor	NOUN
ajfa-5241	260	17	.	.	PUNCT
ajfa-5241	261	1	it	it	PRON
ajfa-5241	261	2	is	be	AUX
ajfa-5241	261	3	also	also	ADV
ajfa-5241	261	4	noticed	notice	VERB
ajfa-5241	261	5	that	that	SCONJ
ajfa-5241	261	6	alphas	alpha	NOUN
ajfa-5241	261	7	of	of	ADP
ajfa-5241	261	8	all	all	DET
ajfa-5241	261	9	s	s	NOUN
ajfa-5241	261	10	/	/	SYM
ajfa-5241	261	11	l	l	NOUN
ajfa-5241	261	12	portfolios	portfolio	NOUN
ajfa-5241	261	13	are	be	AUX
ajfa-5241	261	14	almost	almost	ADV
ajfa-5241	261	15	decimated	decimate	VERB
ajfa-5241	261	16	.	.	PUNCT
ajfa-5241	262	1	this	this	PRON
ajfa-5241	262	2	again	again	ADV
ajfa-5241	262	3	confirms	confirm	VERB
ajfa-5241	262	4	that	that	SCONJ
ajfa-5241	262	5	the	the	DET
ajfa-5241	262	6	ff	ff	NOUN
ajfa-5241	262	7	model	model	NOUN
ajfa-5241	262	8	is	be	AUX
ajfa-5241	262	9	a	a	DET
ajfa-5241	262	10	better	well	ADJ
ajfa-5241	262	11	descriptor	descriptor	NOUN
ajfa-5241	262	12	.	.	PUNCT
ajfa-5241	263	1	3.3	3.3	NUM
ajfa-5241	263	2	prior	prior	ADJ
ajfa-5241	263	3	return	return	NOUN
ajfa-5241	263	4	portfolios	portfolio	NOUN
ajfa-5241	263	5	3.3.1	3.3.1	NUM
ajfa-5241	263	6	portfolios	portfolio	NOUN
ajfa-5241	263	7	based	base	VERB
ajfa-5241	263	8	on	on	ADP
ajfa-5241	263	9	long	long	ADJ
ajfa-5241	263	10	term	term	NOUN
ajfa-5241	263	11	past	past	ADP
ajfa-5241	263	12	returns	return	NOUN
ajfa-5241	263	13	we	we	PRON
ajfa-5241	263	14	form	form	VERB
ajfa-5241	263	15	the	the	DET
ajfa-5241	263	16	portfolios	portfolio	NOUN
ajfa-5241	263	17	based	base	VERB
ajfa-5241	263	18	on	on	ADP
ajfa-5241	263	19	long	long	ADJ
ajfa-5241	263	20	-	-	PUNCT
ajfa-5241	263	21	term	term	NOUN
ajfa-5241	263	22	prior	prior	ADJ
ajfa-5241	263	23	returns	return	NOUN
ajfa-5241	263	24	as	as	SCONJ
ajfa-5241	263	25	has	have	AUX
ajfa-5241	263	26	been	be	AUX
ajfa-5241	263	27	done	do	VERB
ajfa-5241	263	28	by	by	ADP
ajfa-5241	263	29	de	de	X
ajfa-5241	263	30	bondt	bondt	NOUN
ajfa-5241	263	31	and	and	CCONJ
ajfa-5241	263	32	thaler	thaler	NOUN
ajfa-5241	263	33	(	(	PUNCT
ajfa-5241	263	34	1985	1985	NUM
ajfa-5241	263	35	)	)	PUNCT
ajfa-5241	263	36	and	and	CCONJ
ajfa-5241	263	37	fama	fama	NOUN
ajfa-5241	263	38	-	-	PUNCT
ajfa-5241	263	39	french	french	NOUN
ajfa-5241	263	40	(	(	PUNCT
ajfa-5241	263	41	1996	1996	NUM
ajfa-5241	263	42	)	)	PUNCT
ajfa-5241	263	43	.	.	PUNCT
ajfa-5241	264	1	in	in	ADP
ajfa-5241	264	2	the	the	DET
ajfa-5241	264	3	month	month	NOUN
ajfa-5241	264	4	of	of	ADP
ajfa-5241	264	5	june	june	PROPN
ajfa-5241	264	6	of	of	ADP
ajfa-5241	264	7	each	each	DET
ajfa-5241	264	8	year	year	NOUN
ajfa-5241	264	9	t	t	PROPN
ajfa-5241	264	10	,	,	PUNCT
ajfa-5241	264	11	we	we	PRON
ajfa-5241	264	12	rank	rank	VERB
ajfa-5241	264	13	the	the	DET
ajfa-5241	264	14	sample	sample	NOUN
ajfa-5241	264	15	stocks	stock	NOUN
ajfa-5241	264	16	in	in	ADP
ajfa-5241	264	17	ascending	ascend	VERB
ajfa-5241	264	18	order	order	NOUN
ajfa-5241	264	19	on	on	ADP
ajfa-5241	264	20	the	the	DET
ajfa-5241	264	21	basis	basis	NOUN
ajfa-5241	264	22	of	of	ADP
ajfa-5241	264	23	their	their	PRON
ajfa-5241	264	24	average	average	ADJ
ajfa-5241	264	25	returns	return	NOUN
ajfa-5241	264	26	during	during	ADP
ajfa-5241	264	27	last	last	ADJ
ajfa-5241	264	28	three	three	NUM
ajfa-5241	264	29	years	year	NOUN
ajfa-5241	264	30	(	(	PUNCT
ajfa-5241	264	31	36	36	NUM
ajfa-5241	264	32	months	month	NOUN
ajfa-5241	264	33	)	)	PUNCT
ajfa-5241	264	34	then	then	ADV
ajfa-5241	264	35	we	we	PRON
ajfa-5241	264	36	form	form	VERB
ajfa-5241	264	37	five	five	NUM
ajfa-5241	264	38	portfolios	portfolio	NOUN
ajfa-5241	264	39	.	.	PUNCT
ajfa-5241	265	1	the	the	DET
ajfa-5241	265	2	bottom	bottom	ADJ
ajfa-5241	265	3	20	20	NUM
ajfa-5241	265	4	%	%	NOUN
ajfa-5241	265	5	of	of	ADP
ajfa-5241	265	6	the	the	DET
ajfa-5241	265	7	sample	sample	NOUN
ajfa-5241	265	8	stocks	stock	NOUN
ajfa-5241	265	9	are	be	AUX
ajfa-5241	265	10	called	call	VERB
ajfa-5241	265	11	portfolio	portfolio	NOUN
ajfa-5241	265	12	one	one	NUM
ajfa-5241	265	13	(	(	PUNCT
ajfa-5241	265	14	p1	p1	PROPN
ajfa-5241	265	15	)	)	PUNCT
ajfa-5241	265	16	whereas	whereas	SCONJ
ajfa-5241	265	17	top	top	ADJ
ajfa-5241	265	18	20	20	NUM
ajfa-5241	265	19	%	%	NOUN
ajfa-5241	265	20	of	of	ADP
ajfa-5241	265	21	the	the	DET
ajfa-5241	265	22	sample	sample	NOUN
ajfa-5241	265	23	stocks	stock	NOUN
ajfa-5241	265	24	are	be	AUX
ajfa-5241	265	25	clubbed	club	VERB
ajfa-5241	265	26	in	in	ADP
ajfa-5241	265	27	portfolio	portfolio	NOUN
ajfa-5241	265	28	five	five	NUM
ajfa-5241	265	29	(	(	PUNCT
ajfa-5241	265	30	p5	p5	ADJ
ajfa-5241	265	31	)	)	PUNCT
ajfa-5241	265	32	.	.	PUNCT
ajfa-5241	266	1	p1	p1	NOUN
ajfa-5241	266	2	is	be	AUX
ajfa-5241	266	3	found	find	VERB
ajfa-5241	266	4	to	to	PART
ajfa-5241	266	5	be	be	AUX
ajfa-5241	266	6	the	the	DET
ajfa-5241	266	7	loser	loser	ADJ
ajfa-5241	266	8	portfolio	portfolio	NOUN
ajfa-5241	266	9	as	as	SCONJ
ajfa-5241	266	10	it	it	PRON
ajfa-5241	266	11	provided	provide	VERB
ajfa-5241	266	12	the	the	DET
ajfa-5241	266	13	lowest	low	ADJ
ajfa-5241	266	14	past	past	ADJ
ajfa-5241	266	15	returns	return	NOUN
ajfa-5241	266	16	while	while	SCONJ
ajfa-5241	266	17	p5	p5	ADJ
ajfa-5241	266	18	is	be	AUX
ajfa-5241	266	19	the	the	DET
ajfa-5241	266	20	taken	take	VERB
ajfa-5241	266	21	as	as	ADP
ajfa-5241	266	22	the	the	DET
ajfa-5241	266	23	winner	winner	NOUN
ajfa-5241	266	24	portfolio	portfolio	NOUN
ajfa-5241	266	25	as	as	SCONJ
ajfa-5241	266	26	it	it	PRON
ajfa-5241	266	27	yielded	yield	VERB
ajfa-5241	266	28	the	the	DET
ajfa-5241	266	29	highest	high	ADJ
ajfa-5241	266	30	returns	return	NOUN
ajfa-5241	266	31	.	.	PUNCT
ajfa-5241	267	1	then	then	ADV
ajfa-5241	267	2	equally	equally	ADV
ajfa-5241	267	3	weighted	weight	VERB
ajfa-5241	267	4	returns	return	NOUN
ajfa-5241	267	5	on	on	ADP
ajfa-5241	267	6	monthly	monthly	ADJ
ajfa-5241	267	7	basis	basis	NOUN
ajfa-5241	267	8	on	on	ADP
ajfa-5241	267	9	these	these	DET
ajfa-5241	267	10	five	five	NUM
ajfa-5241	267	11	portfolios	portfolio	NOUN
ajfa-5241	267	12	from	from	ADP
ajfa-5241	267	13	july	july	PROPN
ajfa-5241	267	14	of	of	ADP
ajfa-5241	267	15	year	year	NOUN
ajfa-5241	267	16	t	t	PROPN
ajfa-5241	267	17	to	to	ADP
ajfa-5241	267	18	june	june	PROPN
ajfa-5241	267	19	of	of	ADP
ajfa-5241	267	20	year	year	NOUN
ajfa-5241	267	21	t+1	t+1	PRON
ajfa-5241	267	22	are	be	AUX
ajfa-5241	267	23	calculated	calculate	VERB
ajfa-5241	267	24	.	.	PUNCT
ajfa-5241	268	1	the	the	DET
ajfa-5241	268	2	portfolios	portfolio	NOUN
ajfa-5241	268	3	are	be	AUX
ajfa-5241	268	4	reformed	reform	VERB
ajfa-5241	268	5	in	in	ADP
ajfa-5241	268	6	june	june	PROPN
ajfa-5241	268	7	of	of	ADP
ajfa-5241	268	8	year	year	NOUN
ajfa-5241	268	9	t+1	t+1	PROPN
ajfa-5241	268	10	,	,	PUNCT
ajfa-5241	268	11	on	on	ADP
ajfa-5241	268	12	the	the	DET
ajfa-5241	268	13	assumption	assumption	NOUN
ajfa-5241	268	14	that	that	SCONJ
ajfa-5241	268	15	portfolio	portfolio	NOUN
ajfa-5241	268	16	holding	hold	VERB
ajfa-5241	268	17	period	period	NOUN
ajfa-5241	268	18	is	be	AUX
ajfa-5241	268	19	12	12	NUM
ajfa-5241	268	20	months	month	NOUN
ajfa-5241	268	21	.	.	PUNCT
ajfa-5241	269	1	thus	thus	ADV
ajfa-5241	269	2	,	,	PUNCT
ajfa-5241	269	3	we	we	PRON
ajfa-5241	269	4	adopt	adopt	VERB
ajfa-5241	269	5	i	i	PRON
ajfa-5241	269	6	months	month	NOUN
ajfa-5241	269	7	/	/	SYM
ajfa-5241	269	8	j	j	PROPN
ajfa-5241	269	9	months	month	NOUN
ajfa-5241	269	10	trading	trading	NOUN
ajfa-5241	269	11	strategy	strategy	NOUN
ajfa-5241	269	12	,	,	PUNCT
ajfa-5241	269	13	where	where	SCONJ
ajfa-5241	269	14	i	i	PRON
ajfa-5241	269	15	is	be	AUX
ajfa-5241	269	16	the	the	DET
ajfa-5241	269	17	portfolio	portfolio	NOUN
ajfa-5241	269	18	formation	formation	NOUN
ajfa-5241	269	19	period	period	NOUN
ajfa-5241	269	20	and	and	CCONJ
ajfa-5241	269	21	j	j	PROPN
ajfa-5241	269	22	is	be	AUX
ajfa-5241	269	23	the	the	DET
ajfa-5241	269	24	portfolio	portfolio	NOUN
ajfa-5241	269	25	holding	hold	VERB
ajfa-5241	269	26	period	period	NOUN
ajfa-5241	269	27	.	.	PUNCT
ajfa-5241	270	1	table	table	NOUN
ajfa-5241	270	2	3	3	NUM
ajfa-5241	270	3	(	(	PUNCT
ajfa-5241	270	4	a	a	NOUN
ajfa-5241	270	5	)	)	PUNCT
ajfa-5241	270	6	shows	show	VERB
ajfa-5241	270	7	the	the	DET
ajfa-5241	270	8	mean	mean	ADJ
ajfa-5241	270	9	returns	return	NOUN
ajfa-5241	270	10	on	on	ADP
ajfa-5241	270	11	loser	loser	NOUN
ajfa-5241	270	12	(	(	PUNCT
ajfa-5241	270	13	p1	p1	NOUN
ajfa-5241	270	14	)	)	PUNCT
ajfa-5241	270	15	and	and	CCONJ
ajfa-5241	270	16	winner	winner	NOUN
ajfa-5241	270	17	(	(	PUNCT
ajfa-5241	270	18	p5	p5	ADJ
ajfa-5241	270	19	)	)	PUNCT
ajfa-5241	270	20	portfolios	portfolio	NOUN
ajfa-5241	270	21	.	.	PUNCT
ajfa-5241	271	1	the	the	DET
ajfa-5241	271	2	mean	mean	ADJ
ajfa-5241	271	3	excess	excess	ADJ
ajfa-5241	271	4	returns	return	NOUN
ajfa-5241	271	5	on	on	ADP
ajfa-5241	271	6	p1	p1	NOUN
ajfa-5241	271	7	and	and	CCONJ
ajfa-5241	271	8	p5	p5	ADJ
ajfa-5241	271	9	are	be	AUX
ajfa-5241	271	10	29	29	NUM
ajfa-5241	271	11	%	%	NOUN
ajfa-5241	271	12	and	and	CCONJ
ajfa-5241	271	13	35	35	NUM
ajfa-5241	271	14	%	%	NOUN
ajfa-5241	271	15	respectively	respectively	ADV
ajfa-5241	271	16	on	on	ADP
ajfa-5241	271	17	annualized	annualize	VERB
ajfa-5241	271	18	basis	basis	NOUN
ajfa-5241	271	19	.	.	PUNCT
ajfa-5241	272	1	the	the	DET
ajfa-5241	272	2	results	result	NOUN
ajfa-5241	272	3	suggest	suggest	VERB
ajfa-5241	272	4	the	the	DET
ajfa-5241	272	5	presence	presence	NOUN
ajfa-5241	272	6	of	of	ADP
ajfa-5241	272	7	long	long	ADJ
ajfa-5241	272	8	term	term	NOUN
ajfa-5241	272	9	momentum	momentum	NOUN
ajfa-5241	272	10	pattern	pattern	NOUN
ajfa-5241	272	11	in	in	ADP
ajfa-5241	272	12	stock	stock	NOUN
ajfa-5241	272	13	returns	return	NOUN
ajfa-5241	272	14	.	.	PUNCT
ajfa-5241	273	1	table	table	NOUN
ajfa-5241	273	2	3	3	NUM
ajfa-5241	273	3	(	(	PUNCT
ajfa-5241	273	4	a	a	NOUN
ajfa-5241	273	5	)	)	PUNCT
ajfa-5241	273	6	also	also	ADV
ajfa-5241	273	7	reveals	reveal	VERB
ajfa-5241	273	8	of	of	ADP
ajfa-5241	273	9	regression	regression	NOUN
ajfa-5241	273	10	results	result	NOUN
ajfa-5241	273	11	for	for	ADP
ajfa-5241	273	12	long	long	ADJ
ajfa-5241	273	13	term	term	NOUN
ajfa-5241	273	14	prior	prior	ADV
ajfa-5241	273	15	return	return	NOUN
ajfa-5241	273	16	portfolios	portfolio	NOUN
ajfa-5241	273	17	regressed	regress	VERB
ajfa-5241	273	18	on	on	ADP
ajfa-5241	273	19	the	the	DET
ajfa-5241	273	20	market	market	NOUN
ajfa-5241	273	21	factor	factor	NOUN
ajfa-5241	273	22	as	as	ADP
ajfa-5241	273	23	per	per	ADP
ajfa-5241	273	24	capm	capm	PROPN
ajfa-5241	273	25	model	model	NOUN
ajfa-5241	273	26	.	.	PUNCT
ajfa-5241	274	1	the	the	DET
ajfa-5241	274	2	capm	capm	PROPN
ajfa-5241	274	3	does	do	AUX
ajfa-5241	274	4	not	not	PART
ajfa-5241	274	5	have	have	VERB
ajfa-5241	274	6	explanatory	explanatory	ADJ
ajfa-5241	274	7	power	power	NOUN
ajfa-5241	274	8	as	as	ADP
ajfa-5241	274	9	alphas	alpha	NOUN
ajfa-5241	274	10	for	for	ADP
ajfa-5241	274	11	p1	p1	NOUN
ajfa-5241	274	12	and	and	CCONJ
ajfa-5241	274	13	p5	p5	NOUN
ajfa-5241	274	14	are	be	AUX
ajfa-5241	274	15	statistically	statistically	ADV
ajfa-5241	274	16	significant	significant	ADJ
ajfa-5241	274	17	.	.	PUNCT
ajfa-5241	275	1	the	the	DET
ajfa-5241	275	2	regression	regression	NOUN
ajfa-5241	275	3	results	result	NOUN
ajfa-5241	275	4	of	of	ADP
ajfa-5241	275	5	ff	ff	NOUN
ajfa-5241	275	6	model	model	NOUN
ajfa-5241	275	7	are	be	AUX
ajfa-5241	275	8	also	also	ADV
ajfa-5241	275	9	reported	report	VERB
ajfa-5241	275	10	in	in	ADP
ajfa-5241	275	11	table	table	NOUN
ajfa-5241	275	12	3	3	NUM
ajfa-5241	275	13	(	(	PUNCT
ajfa-5241	275	14	a	a	NOUN
ajfa-5241	275	15	)	)	PUNCT
ajfa-5241	275	16	.	.	PUNCT
ajfa-5241	276	1	the	the	DET
ajfa-5241	276	2	ff	ff	PROPN
ajfa-5241	276	3	model	model	NOUN
ajfa-5241	276	4	partly	partly	ADV
ajfa-5241	276	5	captures	capture	VERB
ajfa-5241	276	6	the	the	DET
ajfa-5241	276	7	abnormal	abnormal	ADJ
ajfa-5241	276	8	returns	return	NOUN
ajfa-5241	276	9	.	.	PUNCT
ajfa-5241	277	1	_	_	PUNCT
ajfa-5241	278	1	_	_	PUNCT
ajfa-5241	279	1	_	_	PUNCT
ajfa-5241	280	1	_	_	PUNCT
ajfa-5241	281	1	_	_	PUNCT
ajfa-5241	282	1	_	_	PUNCT
ajfa-5241	283	1	_	_	PUNCT
ajfa-5241	284	1	_	_	PUNCT
ajfa-5241	285	1	_	_	PUNCT
ajfa-5241	286	1	_	_	PUNCT
ajfa-5241	287	1	_	_	PUNCT
ajfa-5241	288	1	_	_	PUNCT
ajfa-5241	289	1	_	_	PUNCT
ajfa-5241	290	1	_	_	PUNCT
ajfa-5241	291	1	_	_	PUNCT
ajfa-5241	292	1	_	_	PUNCT
ajfa-5241	293	1	_	_	PUNCT
ajfa-5241	293	2	6	6	NUM
ajfa-5241	293	3	book	book	NOUN
ajfa-5241	293	4	value	value	NOUN
ajfa-5241	293	5	of	of	ADP
ajfa-5241	293	6	assets	asset	NOUN
ajfa-5241	293	7	,	,	PUNCT
ajfa-5241	293	8	book	book	NOUN
ajfa-5241	293	9	value	value	NOUN
ajfa-5241	293	10	of	of	ADP
ajfa-5241	293	11	all	all	DET
ajfa-5241	293	12	un	un	ADJ
ajfa-5241	293	13	-	-	ADJ
ajfa-5241	293	14	depreciated	depreciate	VERB
ajfa-5241	293	15	assets	asset	NOUN
ajfa-5241	293	16	including	include	VERB
ajfa-5241	293	17	plant	plant	NOUN
ajfa-5241	293	18	and	and	CCONJ
ajfa-5241	293	19	equipments	equipment	NOUN
ajfa-5241	293	20	,	,	PUNCT
ajfa-5241	293	21	total	total	ADJ
ajfa-5241	293	22	annual	annual	ADJ
ajfa-5241	293	23	sales	sale	NOUN
ajfa-5241	293	24	,	,	PUNCT
ajfa-5241	293	25	total	total	ADJ
ajfa-5241	293	26	number	number	NOUN
ajfa-5241	293	27	of	of	ADP
ajfa-5241	293	28	employees	employee	NOUN
ajfa-5241	293	29	asian	asian	ADJ
ajfa-5241	293	30	journal	journal	PROPN
ajfa-5241	293	31	of	of	ADP
ajfa-5241	293	32	finance	finance	PROPN
ajfa-5241	293	33	&	&	CCONJ
ajfa-5241	293	34	accounting	accounting	PROPN
ajfa-5241	293	35	issn	issn	PROPN
ajfa-5241	293	36	1946	1946	NUM
ajfa-5241	293	37	-	-	PUNCT
ajfa-5241	293	38	052x	052x	PROPN
ajfa-5241	293	39	2014	2014	NUM
ajfa-5241	293	40	,	,	PUNCT
ajfa-5241	293	41	vol	vol	NOUN
ajfa-5241	293	42	.	.	PROPN
ajfa-5241	294	1	6	6	NUM
ajfa-5241	294	2	,	,	PUNCT
ajfa-5241	294	3	no	no	INTJ
ajfa-5241	294	4	.	.	NOUN
ajfa-5241	294	5	1	1	NUM
ajfa-5241	294	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	294	7	346	346	NUM
ajfa-5241	294	8	it	it	PRON
ajfa-5241	294	9	is	be	AUX
ajfa-5241	294	10	also	also	ADV
ajfa-5241	294	11	important	important	ADJ
ajfa-5241	294	12	to	to	PART
ajfa-5241	294	13	check	check	VERB
ajfa-5241	294	14	that	that	SCONJ
ajfa-5241	294	15	if	if	SCONJ
ajfa-5241	294	16	average	average	ADJ
ajfa-5241	294	17	returns	return	NOUN
ajfa-5241	294	18	tend	tend	VERB
ajfa-5241	294	19	to	to	PART
ajfa-5241	294	20	reverse	reverse	VERB
ajfa-5241	294	21	when	when	SCONJ
ajfa-5241	294	22	the	the	DET
ajfa-5241	294	23	portfolios	portfolio	NOUN
ajfa-5241	294	24	are	be	AUX
ajfa-5241	294	25	formed	form	VERB
ajfa-5241	294	26	using	use	VERB
ajfa-5241	294	27	returns	return	NOUN
ajfa-5241	294	28	for	for	ADP
ajfa-5241	294	29	three	three	NUM
ajfa-5241	294	30	years	year	NOUN
ajfa-5241	294	31	prior	prior	ADV
ajfa-5241	294	32	to	to	ADP
ajfa-5241	294	33	portfolio	portfolio	NOUN
ajfa-5241	294	34	formation	formation	NOUN
ajfa-5241	294	35	.	.	PUNCT
ajfa-5241	295	1	international	international	ADJ
ajfa-5241	295	2	evidence	evidence	NOUN
ajfa-5241	295	3	points	point	VERB
ajfa-5241	295	4	out	out	ADP
ajfa-5241	295	5	reversals	reversal	NOUN
ajfa-5241	295	6	in	in	ADP
ajfa-5241	295	7	long	long	ADJ
ajfa-5241	295	8	term	term	NOUN
ajfa-5241	295	9	returns	return	NOUN
ajfa-5241	295	10	while	while	SCONJ
ajfa-5241	295	11	a	a	DET
ajfa-5241	295	12	momentum	momentum	NOUN
ajfa-5241	295	13	pattern	pattern	NOUN
ajfa-5241	295	14	for	for	ADP
ajfa-5241	295	15	such	such	ADJ
ajfa-5241	295	16	data	datum	NOUN
ajfa-5241	295	17	is	be	AUX
ajfa-5241	295	18	observed	observe	VERB
ajfa-5241	295	19	in	in	ADP
ajfa-5241	295	20	the	the	DET
ajfa-5241	295	21	case	case	NOUN
ajfa-5241	295	22	of	of	ADP
ajfa-5241	295	23	india	india	PROPN
ajfa-5241	295	24	.	.	PUNCT
ajfa-5241	296	1	our	our	PRON
ajfa-5241	296	2	long	long	ADJ
ajfa-5241	296	3	term	term	NOUN
ajfa-5241	296	4	results	result	NOUN
ajfa-5241	296	5	may	may	AUX
ajfa-5241	296	6	be	be	AUX
ajfa-5241	296	7	distorted	distort	VERB
ajfa-5241	296	8	due	due	ADP
ajfa-5241	296	9	to	to	ADP
ajfa-5241	296	10	the	the	DET
ajfa-5241	296	11	fact	fact	NOUN
ajfa-5241	296	12	that	that	SCONJ
ajfa-5241	296	13	there	there	PRON
ajfa-5241	296	14	is	be	VERB
ajfa-5241	296	15	a	a	DET
ajfa-5241	296	16	strong	strong	ADJ
ajfa-5241	296	17	short	short	ADJ
ajfa-5241	296	18	term	term	NOUN
ajfa-5241	296	19	momentum	momentum	NOUN
ajfa-5241	296	20	in	in	ADP
ajfa-5241	296	21	stock	stock	NOUN
ajfa-5241	296	22	returns	return	NOUN
ajfa-5241	296	23	shown	show	VERB
ajfa-5241	296	24	later	later	ADV
ajfa-5241	296	25	where	where	SCONJ
ajfa-5241	296	26	this	this	DET
ajfa-5241	296	27	short	short	ADJ
ajfa-5241	296	28	term	term	NOUN
ajfa-5241	296	29	(	(	PUNCT
ajfa-5241	296	30	12	12	NUM
ajfa-5241	296	31	months	month	NOUN
ajfa-5241	296	32	)	)	PUNCT
ajfa-5241	296	33	is	be	AUX
ajfa-5241	296	34	forming	form	VERB
ajfa-5241	296	35	part	part	NOUN
ajfa-5241	296	36	of	of	ADP
ajfa-5241	296	37	long	long	ADJ
ajfa-5241	296	38	term	term	NOUN
ajfa-5241	296	39	data	datum	NOUN
ajfa-5241	296	40	.	.	PUNCT
ajfa-5241	297	1	to	to	PART
ajfa-5241	297	2	correct	correct	VERB
ajfa-5241	297	3	this	this	PRON
ajfa-5241	297	4	,	,	PUNCT
ajfa-5241	297	5	one	one	NUM
ajfa-5241	297	6	year	year	NOUN
ajfa-5241	297	7	is	be	AUX
ajfa-5241	297	8	skipped	skip	VERB
ajfa-5241	297	9	between	between	ADP
ajfa-5241	297	10	portfolio	portfolio	NOUN
ajfa-5241	297	11	formation	formation	NOUN
ajfa-5241	297	12	and	and	CCONJ
ajfa-5241	297	13	holding	holding	NOUN
ajfa-5241	297	14	periods	period	NOUN
ajfa-5241	297	15	as	as	SCONJ
ajfa-5241	297	16	suggested	suggest	VERB
ajfa-5241	297	17	by	by	ADP
ajfa-5241	297	18	fama	fama	PROPN
ajfa-5241	297	19	-	-	PUNCT
ajfa-5241	297	20	french	french	NOUN
ajfa-5241	297	21	(	(	PUNCT
ajfa-5241	297	22	1996	1996	NUM
ajfa-5241	297	23	)	)	PUNCT
ajfa-5241	297	24	.	.	PUNCT
ajfa-5241	298	1	in	in	ADP
ajfa-5241	298	2	the	the	DET
ajfa-5241	298	3	month	month	NOUN
ajfa-5241	298	4	of	of	ADP
ajfa-5241	298	5	june	june	PROPN
ajfa-5241	298	6	of	of	ADP
ajfa-5241	298	7	year	year	PROPN
ajfa-5241	298	8	(	(	PUNCT
ajfa-5241	298	9	t	t	PROPN
ajfa-5241	298	10	)	)	PUNCT
ajfa-5241	298	11	,	,	PUNCT
ajfa-5241	298	12	we	we	PRON
ajfa-5241	298	13	rank	rank	VERB
ajfa-5241	298	14	the	the	DET
ajfa-5241	298	15	sample	sample	NOUN
ajfa-5241	298	16	stocks	stock	NOUN
ajfa-5241	298	17	in	in	ADP
ajfa-5241	298	18	ascending	ascend	VERB
ajfa-5241	298	19	order	order	NOUN
ajfa-5241	298	20	on	on	ADP
ajfa-5241	298	21	the	the	DET
ajfa-5241	298	22	basis	basis	NOUN
ajfa-5241	298	23	of	of	ADP
ajfa-5241	298	24	their	their	PRON
ajfa-5241	298	25	average	average	ADJ
ajfa-5241	298	26	returns	return	NOUN
ajfa-5241	298	27	during	during	ADP
ajfa-5241	298	28	last	last	ADJ
ajfa-5241	298	29	three	three	NUM
ajfa-5241	298	30	years	year	NOUN
ajfa-5241	298	31	(	(	PUNCT
ajfa-5241	298	32	36	36	NUM
ajfa-5241	298	33	months	month	NOUN
ajfa-5241	298	34	)	)	PUNCT
ajfa-5241	298	35	then	then	ADV
ajfa-5241	298	36	we	we	PRON
ajfa-5241	298	37	form	form	VERB
ajfa-5241	298	38	five	five	NUM
ajfa-5241	298	39	portfolios	portfolio	NOUN
ajfa-5241	298	40	.	.	PUNCT
ajfa-5241	299	1	p1	p1	NOUN
ajfa-5241	299	2	and	and	CCONJ
ajfa-5241	299	3	p5	p5	NOUN
ajfa-5241	299	4	are	be	AUX
ajfa-5241	299	5	termed	term	VERB
ajfa-5241	299	6	as	as	ADP
ajfa-5241	299	7	loser	loser	NOUN
ajfa-5241	299	8	and	and	CCONJ
ajfa-5241	299	9	winner	winner	NOUN
ajfa-5241	299	10	portfolio	portfolio	NOUN
ajfa-5241	299	11	respectively	respectively	ADV
ajfa-5241	299	12	.	.	PUNCT
ajfa-5241	300	1	then	then	ADV
ajfa-5241	300	2	equally	equally	ADV
ajfa-5241	300	3	weighted	weight	VERB
ajfa-5241	300	4	returns	return	NOUN
ajfa-5241	300	5	on	on	ADP
ajfa-5241	300	6	monthly	monthly	ADJ
ajfa-5241	300	7	basis	basis	NOUN
ajfa-5241	300	8	on	on	ADP
ajfa-5241	300	9	these	these	DET
ajfa-5241	300	10	five	five	NUM
ajfa-5241	300	11	portfolios	portfolio	NOUN
ajfa-5241	300	12	from	from	ADP
ajfa-5241	300	13	july	july	PROPN
ajfa-5241	300	14	of	of	ADP
ajfa-5241	300	15	year	year	NOUN
ajfa-5241	300	16	t	t	PROPN
ajfa-5241	300	17	to	to	ADP
ajfa-5241	300	18	june	june	PROPN
ajfa-5241	300	19	of	of	ADP
ajfa-5241	300	20	year	year	NOUN
ajfa-5241	300	21	t+1	t+1	PRON
ajfa-5241	300	22	are	be	AUX
ajfa-5241	300	23	calculated	calculate	VERB
ajfa-5241	300	24	.	.	PUNCT
ajfa-5241	301	1	the	the	DET
ajfa-5241	301	2	portfolios	portfolio	NOUN
ajfa-5241	301	3	are	be	AUX
ajfa-5241	301	4	reformed	reform	VERB
ajfa-5241	301	5	in	in	ADP
ajfa-5241	301	6	june	june	PROPN
ajfa-5241	301	7	of	of	ADP
ajfa-5241	301	8	year	year	NOUN
ajfa-5241	301	9	t+1	t+1	PROPN
ajfa-5241	301	10	,	,	PUNCT
ajfa-5241	301	11	on	on	ADP
ajfa-5241	301	12	the	the	DET
ajfa-5241	301	13	assumption	assumption	NOUN
ajfa-5241	301	14	that	that	SCONJ
ajfa-5241	301	15	portfolio	portfolio	NOUN
ajfa-5241	301	16	holding	hold	VERB
ajfa-5241	301	17	period	period	NOUN
ajfa-5241	301	18	is	be	AUX
ajfa-5241	301	19	12	12	NUM
ajfa-5241	301	20	months	month	NOUN
ajfa-5241	301	21	.	.	PUNCT
ajfa-5241	302	1	we	we	PRON
ajfa-5241	302	2	thus	thus	ADV
ajfa-5241	302	3	adopt	adopt	VERB
ajfa-5241	302	4	36	36	NUM
ajfa-5241	302	5	month	month	NOUN
ajfa-5241	302	6	12	12	NUM
ajfa-5241	302	7	month	month	NOUN
ajfa-5241	302	8	trading	trading	NOUN
ajfa-5241	302	9	strategy	strategy	NOUN
ajfa-5241	302	10	skipping	skip	VERB
ajfa-5241	302	11	one	one	NUM
ajfa-5241	302	12	year	year	NOUN
ajfa-5241	302	13	between	between	ADP
ajfa-5241	302	14	portfolio	portfolio	NOUN
ajfa-5241	302	15	formation	formation	NOUN
ajfa-5241	302	16	period	period	NOUN
ajfa-5241	302	17	and	and	CCONJ
ajfa-5241	302	18	portfolio	portfolio	NOUN
ajfa-5241	302	19	holding	hold	VERB
ajfa-5241	302	20	period	period	NOUN
ajfa-5241	302	21	.	.	PUNCT
ajfa-5241	303	1	the	the	DET
ajfa-5241	303	2	results	result	NOUN
ajfa-5241	303	3	for	for	ADP
ajfa-5241	303	4	these	these	DET
ajfa-5241	303	5	portfolios	portfolio	NOUN
ajfa-5241	303	6	are	be	AUX
ajfa-5241	303	7	shown	show	VERB
ajfa-5241	303	8	in	in	ADP
ajfa-5241	303	9	table	table	NOUN
ajfa-5241	303	10	3	3	NUM
ajfa-5241	303	11	(	(	PUNCT
ajfa-5241	303	12	b	b	NOUN
ajfa-5241	303	13	)	)	PUNCT
ajfa-5241	303	14	.	.	PUNCT
ajfa-5241	304	1	one	one	PRON
ajfa-5241	304	2	can	can	AUX
ajfa-5241	304	3	observe	observe	VERB
ajfa-5241	304	4	that	that	SCONJ
ajfa-5241	304	5	there	there	PRON
ajfa-5241	304	6	is	be	VERB
ajfa-5241	304	7	a	a	DET
ajfa-5241	304	8	weak	weak	ADJ
ajfa-5241	304	9	reversal	reversal	NOUN
ajfa-5241	304	10	pattern	pattern	NOUN
ajfa-5241	304	11	in	in	ADP
ajfa-5241	304	12	stock	stock	NOUN
ajfa-5241	304	13	return	return	NOUN
ajfa-5241	304	14	after	after	ADP
ajfa-5241	304	15	controlling	control	VERB
ajfa-5241	304	16	the	the	DET
ajfa-5241	304	17	momentum	momentum	NOUN
ajfa-5241	304	18	effect	effect	NOUN
ajfa-5241	304	19	.	.	PUNCT
ajfa-5241	305	1	capm	capm	NOUN
ajfa-5241	305	2	again	again	ADV
ajfa-5241	305	3	fails	fail	VERB
ajfa-5241	305	4	to	to	PART
ajfa-5241	305	5	explain	explain	VERB
ajfa-5241	305	6	returns	return	NOUN
ajfa-5241	305	7	on	on	ADP
ajfa-5241	305	8	corner7	corner7	NOUN
ajfa-5241	305	9	portfolios	portfolio	NOUN
ajfa-5241	305	10	and	and	CCONJ
ajfa-5241	305	11	ff	ff	NOUN
ajfa-5241	305	12	model	model	NOUN
ajfa-5241	305	13	is	be	AUX
ajfa-5241	305	14	able	able	ADJ
ajfa-5241	305	15	to	to	PART
ajfa-5241	305	16	capture	capture	VERB
ajfa-5241	305	17	the	the	DET
ajfa-5241	305	18	abnormal	abnormal	ADJ
ajfa-5241	305	19	returns	return	NOUN
ajfa-5241	305	20	partly	partly	ADV
ajfa-5241	305	21	.	.	PUNCT
ajfa-5241	306	1	this	this	PRON
ajfa-5241	306	2	is	be	AUX
ajfa-5241	306	3	predominantly	predominantly	ADV
ajfa-5241	306	4	due	due	ADJ
ajfa-5241	306	5	to	to	ADP
ajfa-5241	306	6	the	the	DET
ajfa-5241	306	7	fact	fact	NOUN
ajfa-5241	306	8	that	that	SCONJ
ajfa-5241	306	9	loser	loser	PROPN
ajfa-5241	306	10	portfolio	portfolio	NOUN
ajfa-5241	306	11	loads	load	VERB
ajfa-5241	306	12	heavily	heavily	ADV
ajfa-5241	306	13	on	on	ADP
ajfa-5241	306	14	the	the	DET
ajfa-5241	306	15	value	value	NOUN
ajfa-5241	306	16	factor	factor	NOUN
ajfa-5241	306	17	compared	compare	VERB
ajfa-5241	306	18	to	to	ADP
ajfa-5241	306	19	winner	winner	NOUN
ajfa-5241	306	20	portfolio	portfolio	NOUN
ajfa-5241	306	21	.	.	PUNCT
ajfa-5241	307	1	this	this	PRON
ajfa-5241	307	2	supports	support	VERB
ajfa-5241	307	3	the	the	DET
ajfa-5241	307	4	risk	risk	NOUN
ajfa-5241	307	5	argument	argument	NOUN
ajfa-5241	307	6	as	as	SCONJ
ajfa-5241	307	7	the	the	DET
ajfa-5241	307	8	loser	loser	NOUN
ajfa-5241	307	9	seems	seem	VERB
ajfa-5241	307	10	to	to	PART
ajfa-5241	307	11	be	be	AUX
ajfa-5241	307	12	fundamentally	fundamentally	ADV
ajfa-5241	307	13	weak	weak	ADJ
ajfa-5241	307	14	as	as	SCONJ
ajfa-5241	307	15	it	it	PRON
ajfa-5241	307	16	contains	contain	VERB
ajfa-5241	307	17	mainly	mainly	ADV
ajfa-5241	307	18	low	low	ADJ
ajfa-5241	307	19	p	p	PROPN
ajfa-5241	307	20	/	/	SYM
ajfa-5241	307	21	b	b	NOUN
ajfa-5241	307	22	stocks	stock	NOUN
ajfa-5241	307	23	.	.	PUNCT
ajfa-5241	308	1	3.3.2	3.3.2	NUM
ajfa-5241	308	2	portfolios	portfolio	NOUN
ajfa-5241	308	3	based	base	VERB
ajfa-5241	308	4	on	on	ADP
ajfa-5241	308	5	short	short	ADJ
ajfa-5241	308	6	-	-	PUNCT
ajfa-5241	308	7	term	term	NOUN
ajfa-5241	308	8	past	past	ADJ
ajfa-5241	308	9	returns	return	NOUN
ajfa-5241	308	10	we	we	PRON
ajfa-5241	308	11	finally	finally	ADV
ajfa-5241	308	12	form	form	VERB
ajfa-5241	308	13	portfolios	portfolio	NOUN
ajfa-5241	308	14	based	base	VERB
ajfa-5241	308	15	on	on	ADP
ajfa-5241	308	16	short	short	ADJ
ajfa-5241	308	17	term	term	NOUN
ajfa-5241	308	18	past	past	ADJ
ajfa-5241	308	19	returns	return	NOUN
ajfa-5241	308	20	as	as	SCONJ
ajfa-5241	308	21	suggested	suggest	VERB
ajfa-5241	308	22	by	by	ADP
ajfa-5241	308	23	jegadeesh	jegadeesh	NOUN
ajfa-5241	308	24	and	and	CCONJ
ajfa-5241	308	25	titman	titman	NOUN
ajfa-5241	308	26	(	(	PUNCT
ajfa-5241	308	27	1993	1993	NUM
ajfa-5241	308	28	)	)	PUNCT
ajfa-5241	308	29	.	.	PUNCT
ajfa-5241	309	1	for	for	ADP
ajfa-5241	309	2	this	this	DET
ajfa-5241	309	3	purpose	purpose	NOUN
ajfa-5241	309	4	stocks	stock	NOUN
ajfa-5241	309	5	are	be	AUX
ajfa-5241	309	6	sorted	sort	VERB
ajfa-5241	309	7	on	on	ADP
ajfa-5241	309	8	the	the	DET
ajfa-5241	309	9	basis	basis	NOUN
ajfa-5241	309	10	of	of	ADP
ajfa-5241	309	11	their	their	PRON
ajfa-5241	309	12	average	average	ADJ
ajfa-5241	309	13	excess	excess	ADJ
ajfa-5241	309	14	returns	return	NOUN
ajfa-5241	309	15	in	in	ADP
ajfa-5241	309	16	the	the	DET
ajfa-5241	309	17	past	past	ADJ
ajfa-5241	309	18	one	one	NUM
ajfa-5241	309	19	year	year	NOUN
ajfa-5241	309	20	(	(	PUNCT
ajfa-5241	309	21	12	12	NUM
ajfa-5241	309	22	months	month	NOUN
ajfa-5241	309	23	)	)	PUNCT
ajfa-5241	309	24	.	.	PUNCT
ajfa-5241	310	1	then	then	ADV
ajfa-5241	310	2	five	five	NUM
ajfa-5241	310	3	portfolios	portfolio	NOUN
ajfa-5241	310	4	are	be	AUX
ajfa-5241	310	5	formed	form	VERB
ajfa-5241	310	6	that	that	SCONJ
ajfa-5241	310	7	equally	equally	ADV
ajfa-5241	310	8	weight	weight	VERB
ajfa-5241	310	9	the	the	DET
ajfa-5241	310	10	securities	security	NOUN
ajfa-5241	310	11	composition	composition	NOUN
ajfa-5241	310	12	.	.	PUNCT
ajfa-5241	311	1	the	the	DET
ajfa-5241	311	2	bottom	bottom	ADJ
ajfa-5241	311	3	20	20	NUM
ajfa-5241	311	4	%	%	NOUN
ajfa-5241	311	5	of	of	ADP
ajfa-5241	311	6	the	the	DET
ajfa-5241	311	7	securities	security	NOUN
ajfa-5241	311	8	are	be	AUX
ajfa-5241	311	9	termed	term	VERB
ajfa-5241	311	10	as	as	ADP
ajfa-5241	311	11	portfolio	portfolio	NOUN
ajfa-5241	311	12	one	one	NUM
ajfa-5241	311	13	(	(	PUNCT
ajfa-5241	311	14	p1	p1	PROPN
ajfa-5241	311	15	)	)	PUNCT
ajfa-5241	311	16	whereas	whereas	SCONJ
ajfa-5241	311	17	top	top	ADJ
ajfa-5241	311	18	20	20	NUM
ajfa-5241	311	19	%	%	NOUN
ajfa-5241	311	20	of	of	ADP
ajfa-5241	311	21	the	the	DET
ajfa-5241	311	22	securities	security	NOUN
ajfa-5241	311	23	are	be	AUX
ajfa-5241	311	24	called	call	VERB
ajfa-5241	311	25	portfolio	portfolio	NOUN
ajfa-5241	311	26	five	five	NUM
ajfa-5241	311	27	(	(	PUNCT
ajfa-5241	311	28	p5	p5	ADJ
ajfa-5241	311	29	)	)	PUNCT
ajfa-5241	311	30	.	.	PUNCT
ajfa-5241	312	1	according	accord	VERB
ajfa-5241	312	2	to	to	ADP
ajfa-5241	312	3	this	this	DET
ajfa-5241	312	4	classification	classification	NOUN
ajfa-5241	312	5	again	again	ADV
ajfa-5241	312	6	p1	p1	NOUN
ajfa-5241	312	7	and	and	CCONJ
ajfa-5241	312	8	p5	p5	ADJ
ajfa-5241	312	9	are	be	AUX
ajfa-5241	312	10	the	the	DET
ajfa-5241	312	11	loser	loser	NOUN
ajfa-5241	312	12	and	and	CCONJ
ajfa-5241	312	13	winner	winner	ADJ
ajfa-5241	312	14	portfolios	portfolio	NOUN
ajfa-5241	312	15	respectively	respectively	ADV
ajfa-5241	312	16	.	.	PUNCT
ajfa-5241	313	1	then	then	ADV
ajfa-5241	313	2	equally	equally	ADV
ajfa-5241	313	3	weighted	weight	VERB
ajfa-5241	313	4	returns	return	NOUN
ajfa-5241	313	5	on	on	ADP
ajfa-5241	313	6	monthly	monthly	ADJ
ajfa-5241	313	7	basis	basis	NOUN
ajfa-5241	313	8	on	on	ADP
ajfa-5241	313	9	these	these	DET
ajfa-5241	313	10	five	five	NUM
ajfa-5241	313	11	portfolios	portfolio	NOUN
ajfa-5241	313	12	from	from	ADP
ajfa-5241	313	13	july	july	PROPN
ajfa-5241	313	14	of	of	ADP
ajfa-5241	313	15	year	year	NOUN
ajfa-5241	313	16	t	t	PROPN
ajfa-5241	313	17	to	to	ADP
ajfa-5241	313	18	june	june	PROPN
ajfa-5241	313	19	of	of	ADP
ajfa-5241	313	20	year	year	NOUN
ajfa-5241	313	21	t+1	t+1	PRON
ajfa-5241	313	22	are	be	AUX
ajfa-5241	313	23	calculated	calculate	VERB
ajfa-5241	313	24	.	.	PUNCT
ajfa-5241	314	1	the	the	DET
ajfa-5241	314	2	portfolios	portfolio	NOUN
ajfa-5241	314	3	are	be	AUX
ajfa-5241	314	4	reformed	reform	VERB
ajfa-5241	314	5	in	in	ADP
ajfa-5241	314	6	june	june	PROPN
ajfa-5241	314	7	of	of	ADP
ajfa-5241	314	8	year	year	NOUN
ajfa-5241	314	9	t+1	t+1	PROPN
ajfa-5241	314	10	,	,	PUNCT
ajfa-5241	314	11	on	on	ADP
ajfa-5241	314	12	the	the	DET
ajfa-5241	314	13	assumption	assumption	NOUN
ajfa-5241	314	14	that	that	SCONJ
ajfa-5241	314	15	portfolio	portfolio	NOUN
ajfa-5241	314	16	holding	hold	VERB
ajfa-5241	314	17	period	period	NOUN
ajfa-5241	314	18	is	be	AUX
ajfa-5241	314	19	12	12	NUM
ajfa-5241	314	20	months	month	NOUN
ajfa-5241	314	21	.	.	PUNCT
ajfa-5241	315	1	thus	thus	ADV
ajfa-5241	315	2	we	we	PRON
ajfa-5241	315	3	adopt	adopt	VERB
ajfa-5241	315	4	12	12	NUM
ajfa-5241	315	5	month/12	month/12	NOUN
ajfa-5241	315	6	month	month	NOUN
ajfa-5241	315	7	trading	trading	NOUN
ajfa-5241	315	8	strategy	strategy	NOUN
ajfa-5241	315	9	.	.	PUNCT
ajfa-5241	316	1	the	the	DET
ajfa-5241	316	2	results	result	NOUN
ajfa-5241	316	3	for	for	ADP
ajfa-5241	316	4	short	short	ADJ
ajfa-5241	316	5	term	term	NOUN
ajfa-5241	316	6	past	past	ADP
ajfa-5241	316	7	return	return	NOUN
ajfa-5241	316	8	portfolios	portfolio	NOUN
ajfa-5241	316	9	are	be	AUX
ajfa-5241	316	10	reported	report	VERB
ajfa-5241	316	11	in	in	ADP
ajfa-5241	316	12	table	table	NOUN
ajfa-5241	316	13	3	3	NUM
ajfa-5241	316	14	(	(	PUNCT
ajfa-5241	316	15	c	c	NOUN
ajfa-5241	316	16	)	)	PUNCT
ajfa-5241	316	17	.	.	PUNCT
ajfa-5241	317	1	one	one	PRON
ajfa-5241	317	2	can	can	AUX
ajfa-5241	317	3	observe	observe	VERB
ajfa-5241	317	4	a	a	DET
ajfa-5241	317	5	strong	strong	ADJ
ajfa-5241	317	6	momentum	momentum	NOUN
ajfa-5241	317	7	pattern	pattern	NOUN
ajfa-5241	317	8	in	in	ADP
ajfa-5241	317	9	stock	stock	NOUN
ajfa-5241	317	10	returns	return	NOUN
ajfa-5241	317	11	.	.	PUNCT
ajfa-5241	318	1	capm	capm	NOUN
ajfa-5241	318	2	as	as	SCONJ
ajfa-5241	318	3	expected	expect	VERB
ajfa-5241	318	4	does	do	AUX
ajfa-5241	318	5	not	not	PART
ajfa-5241	318	6	explain	explain	VERB
ajfa-5241	318	7	momentum	momentum	NOUN
ajfa-5241	318	8	returns	return	NOUN
ajfa-5241	318	9	.	.	PUNCT
ajfa-5241	319	1	interestingly	interestingly	ADV
ajfa-5241	319	2	,	,	PUNCT
ajfa-5241	319	3	the	the	DET
ajfa-5241	319	4	ff	ff	NOUN
ajfa-5241	319	5	model	model	NOUN
ajfa-5241	319	6	partly	partly	ADV
ajfa-5241	319	7	explains	explain	VERB
ajfa-5241	319	8	abnormal	abnormal	ADJ
ajfa-5241	319	9	returns	return	NOUN
ajfa-5241	319	10	on	on	ADP
ajfa-5241	319	11	the	the	DET
ajfa-5241	319	12	winner	winner	NOUN
ajfa-5241	319	13	portfolio	portfolio	NOUN
ajfa-5241	319	14	.	.	PUNCT
ajfa-5241	320	1	this	this	PRON
ajfa-5241	320	2	is	be	AUX
ajfa-5241	320	3	owing	owe	VERB
ajfa-5241	320	4	to	to	ADP
ajfa-5241	320	5	the	the	DET
ajfa-5241	320	6	fact	fact	NOUN
ajfa-5241	320	7	that	that	SCONJ
ajfa-5241	320	8	p5	p5	ADJ
ajfa-5241	320	9	loads	load	VERB
ajfa-5241	320	10	heavily	heavily	ADV
ajfa-5241	320	11	on	on	ADP
ajfa-5241	320	12	size	size	NOUN
ajfa-5241	320	13	factor	factor	NOUN
ajfa-5241	320	14	.	.	PUNCT
ajfa-5241	321	1	however	however	ADV
ajfa-5241	321	2	it	it	PRON
ajfa-5241	321	3	does	do	AUX
ajfa-5241	321	4	not	not	PART
ajfa-5241	321	5	happen	happen	VERB
ajfa-5241	321	6	with	with	ADP
ajfa-5241	321	7	value	value	NOUN
ajfa-5241	321	8	factor	factor	NOUN
ajfa-5241	321	9	as	as	SCONJ
ajfa-5241	321	10	p5	p5	ADJ
ajfa-5241	321	11	fails	fail	VERB
ajfa-5241	321	12	to	to	PART
ajfa-5241	321	13	load	load	VERB
ajfa-5241	321	14	on	on	ADP
ajfa-5241	321	15	value	value	NOUN
ajfa-5241	321	16	factor	factor	NOUN
ajfa-5241	321	17	.	.	PUNCT
ajfa-5241	322	1	thus	thus	ADV
ajfa-5241	322	2	,	,	PUNCT
ajfa-5241	322	3	implying	imply	VERB
ajfa-5241	322	4	it	it	PRON
ajfa-5241	322	5	comprises	comprise	NOUN
ajfa-5241	322	6	of	of	ADP
ajfa-5241	322	7	small	small	ADJ
ajfa-5241	322	8	stocks	stock	NOUN
ajfa-5241	322	9	.	.	PUNCT
ajfa-5241	323	1	_	_	PUNCT
ajfa-5241	324	1	_	_	PUNCT
ajfa-5241	325	1	_	_	PUNCT
ajfa-5241	326	1	_	_	PUNCT
ajfa-5241	327	1	_	_	PUNCT
ajfa-5241	328	1	_	_	PUNCT
ajfa-5241	329	1	_	_	PUNCT
ajfa-5241	330	1	_	_	PUNCT
ajfa-5241	331	1	_	_	PUNCT
ajfa-5241	332	1	_	_	PUNCT
ajfa-5241	333	1	_	_	PUNCT
ajfa-5241	334	1	_	_	PUNCT
ajfa-5241	335	1	_	_	PUNCT
ajfa-5241	336	1	_	_	PUNCT
ajfa-5241	337	1	7	7	NUM
ajfa-5241	337	2	empirical	empirical	ADJ
ajfa-5241	337	3	results	result	NOUN
ajfa-5241	337	4	in	in	ADP
ajfa-5241	337	5	all	all	DET
ajfa-5241	337	6	tables	table	NOUN
ajfa-5241	337	7	except	except	SCONJ
ajfa-5241	337	8	(	(	PUNCT
ajfa-5241	337	9	table	table	NOUN
ajfa-5241	337	10	2	2	NUM
ajfa-5241	337	11	)	)	PUNCT
ajfa-5241	337	12	are	be	AUX
ajfa-5241	337	13	shown	show	VERB
ajfa-5241	337	14	only	only	ADV
ajfa-5241	337	15	for	for	ADP
ajfa-5241	337	16	the	the	DET
ajfa-5241	337	17	corner	corner	NOUN
ajfa-5241	337	18	portfolios	portfolio	NOUN
ajfa-5241	337	19	.	.	PUNCT
ajfa-5241	338	1	the	the	DET
ajfa-5241	338	2	results	result	NOUN
ajfa-5241	338	3	for	for	ADP
ajfa-5241	338	4	intermediate	intermediate	ADJ
ajfa-5241	338	5	portfolios	portfolio	NOUN
ajfa-5241	338	6	though	though	SCONJ
ajfa-5241	338	7	estimated	estimate	VERB
ajfa-5241	338	8	,	,	PUNCT
ajfa-5241	338	9	are	be	AUX
ajfa-5241	338	10	not	not	PART
ajfa-5241	338	11	shown	show	VERB
ajfa-5241	338	12	due	due	ADP
ajfa-5241	338	13	to	to	ADP
ajfa-5241	338	14	the	the	DET
ajfa-5241	338	15	paucity	paucity	NOUN
ajfa-5241	338	16	of	of	ADP
ajfa-5241	338	17	space	space	NOUN
ajfa-5241	338	18	.	.	PUNCT
ajfa-5241	339	1	in	in	ADP
ajfa-5241	339	2	the	the	DET
ajfa-5241	339	3	case	case	NOUN
ajfa-5241	339	4	of	of	ADP
ajfa-5241	339	5	double	double	ADJ
ajfa-5241	339	6	sorted	sort	VERB
ajfa-5241	339	7	portfolios	portfolio	NOUN
ajfa-5241	339	8	,	,	PUNCT
ajfa-5241	339	9	results	result	NOUN
ajfa-5241	339	10	are	be	AUX
ajfa-5241	339	11	shown	show	VERB
ajfa-5241	339	12	for	for	ADP
ajfa-5241	339	13	all	all	DET
ajfa-5241	339	14	the	the	DET
ajfa-5241	339	15	portfolios	portfolio	NOUN
ajfa-5241	339	16	as	as	SCONJ
ajfa-5241	339	17	they	they	PRON
ajfa-5241	339	18	are	be	AUX
ajfa-5241	339	19	not	not	PART
ajfa-5241	339	20	formed	form	VERB
ajfa-5241	339	21	on	on	ADP
ajfa-5241	339	22	a	a	DET
ajfa-5241	339	23	single	single	ADJ
ajfa-5241	339	24	criterion	criterion	NOUN
ajfa-5241	339	25	.	.	PUNCT
ajfa-5241	340	1	hence	hence	ADV
ajfa-5241	340	2	,	,	PUNCT
ajfa-5241	340	3	corner	corner	NOUN
ajfa-5241	340	4	portfolios	portfolio	NOUN
ajfa-5241	340	5	do	do	AUX
ajfa-5241	340	6	not	not	PART
ajfa-5241	340	7	exist	exist	VERB
ajfa-5241	340	8	.	.	PUNCT
ajfa-5241	341	1	asian	asian	ADJ
ajfa-5241	341	2	journal	journal	PROPN
ajfa-5241	341	3	of	of	ADP
ajfa-5241	341	4	finance	finance	PROPN
ajfa-5241	341	5	&	&	CCONJ
ajfa-5241	341	6	accounting	accounting	PROPN
ajfa-5241	341	7	issn	issn	PROPN
ajfa-5241	341	8	1946	1946	NUM
ajfa-5241	341	9	-	-	PUNCT
ajfa-5241	341	10	052x	052x	PROPN
ajfa-5241	341	11	2014	2014	NUM
ajfa-5241	341	12	,	,	PUNCT
ajfa-5241	341	13	vol	vol	NOUN
ajfa-5241	341	14	.	.	PROPN
ajfa-5241	342	1	6	6	NUM
ajfa-5241	342	2	,	,	PUNCT
ajfa-5241	342	3	no	no	INTJ
ajfa-5241	342	4	.	.	NOUN
ajfa-5241	342	5	1	1	NUM
ajfa-5241	342	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	342	7	347	347	NUM
ajfa-5241	342	8	4	4	NUM
ajfa-5241	342	9	.	.	PUNCT
ajfa-5241	342	10	fama	fama	NOUN
ajfa-5241	342	11	-	-	PUNCT
ajfa-5241	342	12	french	french	ADJ
ajfa-5241	342	13	alternative	alternative	ADJ
ajfa-5241	342	14	definitions	definition	NOUN
ajfa-5241	342	15	/	/	SYM
ajfa-5241	342	16	versions	version	NOUN
ajfa-5241	342	17	section	section	NOUN
ajfa-5241	342	18	3	3	NUM
ajfa-5241	342	19	of	of	ADP
ajfa-5241	342	20	this	this	DET
ajfa-5241	342	21	paper	paper	NOUN
ajfa-5241	342	22	discusses	discuss	VERB
ajfa-5241	342	23	the	the	DET
ajfa-5241	342	24	ability	ability	NOUN
ajfa-5241	342	25	of	of	ADP
ajfa-5241	342	26	ff	ff	ADJ
ajfa-5241	342	27	model	model	NOUN
ajfa-5241	342	28	with	with	ADP
ajfa-5241	342	29	its	its	PRON
ajfa-5241	342	30	standard	standard	ADJ
ajfa-5241	342	31	version	version	NOUN
ajfa-5241	342	32	i.e.	i.e.	ADV
ajfa-5241	342	33	,	,	PUNCT
ajfa-5241	342	34	mc_pb	mc_pb	PROPN
ajfa-5241	342	35	in	in	ADP
ajfa-5241	342	36	explaining	explain	VERB
ajfa-5241	342	37	returns	return	NOUN
ajfa-5241	342	38	on	on	ADP
ajfa-5241	342	39	portfolios	portfolio	NOUN
ajfa-5241	342	40	based	base	VERB
ajfa-5241	342	41	on	on	ADP
ajfa-5241	342	42	characteristic	characteristic	ADJ
ajfa-5241	342	43	and	and	CCONJ
ajfa-5241	342	44	prior	prior	ADJ
ajfa-5241	342	45	return	return	NOUN
ajfa-5241	342	46	sorted	sort	VERB
ajfa-5241	342	47	portfolios	portfolio	NOUN
ajfa-5241	342	48	.	.	PUNCT
ajfa-5241	343	1	we	we	PRON
ajfa-5241	343	2	find	find	VERB
ajfa-5241	343	3	that	that	SCONJ
ajfa-5241	343	4	substantial	substantial	ADJ
ajfa-5241	343	5	part	part	NOUN
ajfa-5241	343	6	of	of	ADP
ajfa-5241	343	7	returns	return	NOUN
ajfa-5241	343	8	on	on	ADP
ajfa-5241	343	9	portfolios	portfolio	NOUN
ajfa-5241	343	10	based	base	VERB
ajfa-5241	343	11	on	on	ADP
ajfa-5241	343	12	company	company	NOUN
ajfa-5241	343	13	characteristics	characteristic	NOUN
ajfa-5241	343	14	and	and	CCONJ
ajfa-5241	343	15	half	half	NOUN
ajfa-5241	343	16	of	of	ADP
ajfa-5241	343	17	the	the	DET
ajfa-5241	343	18	returns	return	NOUN
ajfa-5241	343	19	on	on	ADP
ajfa-5241	343	20	portfolios	portfolio	NOUN
ajfa-5241	343	21	based	base	VERB
ajfa-5241	343	22	on	on	ADP
ajfa-5241	343	23	prior	prior	ADJ
ajfa-5241	343	24	returns	return	NOUN
ajfa-5241	343	25	are	be	AUX
ajfa-5241	343	26	explained	explain	VERB
ajfa-5241	343	27	by	by	ADP
ajfa-5241	343	28	standard	standard	ADJ
ajfa-5241	343	29	version	version	NOUN
ajfa-5241	343	30	of	of	ADP
ajfa-5241	343	31	the	the	DET
ajfa-5241	343	32	ff	ff	PROPN
ajfa-5241	343	33	model	model	NOUN
ajfa-5241	343	34	(	(	PUNCT
ajfa-5241	343	35	mc	mc	PROPN
ajfa-5241	343	36	-	-	PUNCT
ajfa-5241	343	37	pb	pb	NOUN
ajfa-5241	343	38	)	)	PUNCT
ajfa-5241	343	39	.	.	PUNCT
ajfa-5241	344	1	it	it	PRON
ajfa-5241	344	2	tempts	tempt	VERB
ajfa-5241	344	3	us	we	PRON
ajfa-5241	344	4	to	to	PART
ajfa-5241	344	5	verify	verify	VERB
ajfa-5241	344	6	if	if	SCONJ
ajfa-5241	344	7	ff	ff	NOUN
ajfa-5241	344	8	model	model	NOUN
ajfa-5241	344	9	with	with	ADP
ajfa-5241	344	10	its	its	PRON
ajfa-5241	344	11	alternative	alternative	ADJ
ajfa-5241	344	12	versions	version	NOUN
ajfa-5241	344	13	such	such	ADJ
ajfa-5241	344	14	as	as	ADP
ajfa-5241	344	15	mc	mc	PROPN
ajfa-5241	344	16	-	-	PUNCT
ajfa-5241	344	17	pe	pe	PROPN
ajfa-5241	344	18	,	,	PUNCT
ajfa-5241	344	19	ta	ta	PROPN
ajfa-5241	344	20	-	-	PUNCT
ajfa-5241	344	21	pb	pb	NOUN
ajfa-5241	344	22	,	,	PUNCT
ajfa-5241	344	23	ta	ta	PROPN
ajfa-5241	344	24	-	-	PUNCT
ajfa-5241	344	25	pe	pe	PROPN
ajfa-5241	344	26	,	,	PUNCT
ajfa-5241	344	27	ev	ev	PROPN
ajfa-5241	344	28	-	-	PUNCT
ajfa-5241	344	29	pb	pb	NOUN
ajfa-5241	344	30	,	,	PUNCT
ajfa-5241	344	31	and	and	CCONJ
ajfa-5241	344	32	ev	ev	AUX
ajfa-5241	344	33	-	-	PUNCT
ajfa-5241	344	34	pe	pe	PROPN
ajfa-5241	344	35	can	can	AUX
ajfa-5241	344	36	extend	extend	VERB
ajfa-5241	344	37	its	its	PRON
ajfa-5241	344	38	explanatory	explanatory	ADJ
ajfa-5241	344	39	power	power	NOUN
ajfa-5241	344	40	on	on	ADP
ajfa-5241	344	41	portfolio	portfolio	NOUN
ajfa-5241	344	42	returns	return	NOUN
ajfa-5241	344	43	.	.	PUNCT
ajfa-5241	345	1	the	the	DET
ajfa-5241	345	2	erstwhile	erstwhile	ADJ
ajfa-5241	345	3	six	six	NUM
ajfa-5241	345	4	versions	version	NOUN
ajfa-5241	345	5	/	/	SYM
ajfa-5241	345	6	definitions	definition	NOUN
ajfa-5241	345	7	including	include	VERB
ajfa-5241	345	8	mc	mc	PROPN
ajfa-5241	345	9	-	-	PUNCT
ajfa-5241	345	10	pb	pb	NOUN
ajfa-5241	345	11	have	have	AUX
ajfa-5241	345	12	been	be	AUX
ajfa-5241	345	13	constructed	construct	VERB
ajfa-5241	345	14	using	use	VERB
ajfa-5241	345	15	three	three	NUM
ajfa-5241	345	16	size	size	NOUN
ajfa-5241	345	17	measures	measure	NOUN
ajfa-5241	345	18	(	(	PUNCT
ajfa-5241	345	19	mc	mc	PROPN
ajfa-5241	345	20	,	,	PUNCT
ajfa-5241	345	21	ta	ta	PROPN
ajfa-5241	345	22	and	and	CCONJ
ajfa-5241	345	23	ev	ev	VERB
ajfa-5241	345	24	)	)	PUNCT
ajfa-5241	345	25	and	and	CCONJ
ajfa-5241	345	26	two	two	NUM
ajfa-5241	345	27	value	value	NOUN
ajfa-5241	345	28	measures	measure	NOUN
ajfa-5241	345	29	(	(	PUNCT
ajfa-5241	345	30	p	p	NOUN
ajfa-5241	345	31	/	/	SYM
ajfa-5241	345	32	b	b	PROPN
ajfa-5241	345	33	and	and	CCONJ
ajfa-5241	345	34	p	p	X
ajfa-5241	345	35	/	/	SYM
ajfa-5241	345	36	e	e	NOUN
ajfa-5241	345	37	)	)	PUNCT
ajfa-5241	345	38	.	.	PUNCT
ajfa-5241	346	1	we	we	PRON
ajfa-5241	346	2	also	also	ADV
ajfa-5241	346	3	check	check	VERB
ajfa-5241	346	4	the	the	DET
ajfa-5241	346	5	robustness	robustness	NOUN
ajfa-5241	346	6	of	of	ADP
ajfa-5241	346	7	our	our	PRON
ajfa-5241	346	8	asset	asset	NOUN
ajfa-5241	346	9	pricing	pricing	NOUN
ajfa-5241	346	10	results	result	NOUN
ajfa-5241	346	11	to	to	ADP
ajfa-5241	346	12	the	the	DET
ajfa-5241	346	13	selection	selection	NOUN
ajfa-5241	346	14	of	of	ADP
ajfa-5241	346	15	market	market	NOUN
ajfa-5241	346	16	proxy	proxy	NOUN
ajfa-5241	346	17	by	by	ADP
ajfa-5241	346	18	using	use	VERB
ajfa-5241	346	19	another	another	DET
ajfa-5241	346	20	stock	stock	NOUN
ajfa-5241	346	21	market	market	NOUN
ajfa-5241	346	22	index	index	NOUN
ajfa-5241	346	23	namely	namely	ADV
ajfa-5241	346	24	nse-50	nse-50	ADV
ajfa-5241	346	25	in	in	ADP
ajfa-5241	346	26	place	place	NOUN
ajfa-5241	346	27	of	of	ADP
ajfa-5241	346	28	the	the	DET
ajfa-5241	346	29	bse-200	bse-200	NOUN
ajfa-5241	346	30	which	which	PRON
ajfa-5241	346	31	has	have	AUX
ajfa-5241	346	32	been	be	AUX
ajfa-5241	346	33	used	use	VERB
ajfa-5241	346	34	initially	initially	ADV
ajfa-5241	346	35	.	.	PUNCT
ajfa-5241	347	1	nse-50	nse-50	ADV
ajfa-5241	347	2	,	,	PUNCT
ajfa-5241	347	3	like	like	ADP
ajfa-5241	347	4	bse-200	bse-200	NOUN
ajfa-5241	347	5	is	be	AUX
ajfa-5241	347	6	a	a	DET
ajfa-5241	347	7	popular	popular	ADJ
ajfa-5241	347	8	value	value	NOUN
ajfa-5241	347	9	weighted	weight	VERB
ajfa-5241	347	10	index	index	NOUN
ajfa-5241	347	11	but	but	CCONJ
ajfa-5241	347	12	is	be	AUX
ajfa-5241	347	13	comparatively	comparatively	ADV
ajfa-5241	347	14	narrow	narrow	ADJ
ajfa-5241	347	15	based	base	VERB
ajfa-5241	347	16	.	.	PUNCT
ajfa-5241	348	1	the	the	DET
ajfa-5241	348	2	theoretical	theoretical	ADJ
ajfa-5241	348	3	arguments	argument	NOUN
ajfa-5241	348	4	suggest	suggest	VERB
ajfa-5241	348	5	that	that	SCONJ
ajfa-5241	348	6	broad	broad	ADJ
ajfa-5241	348	7	based	base	VERB
ajfa-5241	348	8	index	index	NOUN
ajfa-5241	348	9	should	should	AUX
ajfa-5241	348	10	be	be	AUX
ajfa-5241	348	11	a	a	DET
ajfa-5241	348	12	better	well	ADJ
ajfa-5241	348	13	proxy	proxy	NOUN
ajfa-5241	348	14	for	for	ADP
ajfa-5241	348	15	market	market	NOUN
ajfa-5241	348	16	portfolio	portfolio	NOUN
ajfa-5241	348	17	(	(	PUNCT
ajfa-5241	348	18	which	which	PRON
ajfa-5241	348	19	is	be	AUX
ajfa-5241	348	20	value	value	NOUN
ajfa-5241	348	21	weighted	weight	VERB
ajfa-5241	348	22	and	and	CCONJ
ajfa-5241	348	23	all	all	DET
ajfa-5241	348	24	-	-	PUNCT
ajfa-5241	348	25	inclusive	inclusive	NOUN
ajfa-5241	348	26	)	)	PUNCT
ajfa-5241	348	27	.	.	PUNCT
ajfa-5241	349	1	hence	hence	ADV
ajfa-5241	349	2	,	,	PUNCT
ajfa-5241	349	3	we	we	PRON
ajfa-5241	349	4	expect	expect	VERB
ajfa-5241	349	5	stronger	strong	ADJ
ajfa-5241	349	6	results	result	NOUN
ajfa-5241	349	7	for	for	ADP
ajfa-5241	349	8	bse-200	bse-200	NOUN
ajfa-5241	349	9	compared	compare	VERB
ajfa-5241	349	10	to	to	ADP
ajfa-5241	349	11	nse-50	nse-50	ADJ
ajfa-5241	349	12	index	index	NOUN
ajfa-5241	349	13	.	.	PUNCT
ajfa-5241	350	1	table	table	NOUN
ajfa-5241	350	2	4	4	NUM
ajfa-5241	350	3	(	(	PUNCT
ajfa-5241	350	4	a	a	PRON
ajfa-5241	350	5	)	)	PUNCT
ajfa-5241	350	6	provides	provide	VERB
ajfa-5241	350	7	the	the	DET
ajfa-5241	350	8	results	result	NOUN
ajfa-5241	350	9	for	for	ADP
ajfa-5241	350	10	single	single	ADJ
ajfa-5241	350	11	sorted	sort	VERB
ajfa-5241	350	12	,	,	PUNCT
ajfa-5241	350	13	double	double	ADJ
ajfa-5241	350	14	sorted	sorted	ADJ
ajfa-5241	350	15	,	,	PUNCT
ajfa-5241	350	16	and	and	CCONJ
ajfa-5241	350	17	prior	prior	ADJ
ajfa-5241	350	18	return	return	NOUN
ajfa-5241	350	19	portfolios	portfolio	NOUN
ajfa-5241	350	20	using	use	VERB
ajfa-5241	350	21	bse-200	bse-200	PRON
ajfa-5241	350	22	as	as	ADP
ajfa-5241	350	23	a	a	DET
ajfa-5241	350	24	market	market	NOUN
ajfa-5241	350	25	surrogate	surrogate	NOUN
ajfa-5241	350	26	while	while	SCONJ
ajfa-5241	350	27	table	table	NOUN
ajfa-5241	350	28	4	4	NUM
ajfa-5241	350	29	(	(	PUNCT
ajfa-5241	350	30	b	b	NOUN
ajfa-5241	350	31	)	)	PUNCT
ajfa-5241	350	32	provides	provide	VERB
ajfa-5241	350	33	similar	similar	ADJ
ajfa-5241	350	34	results	result	NOUN
ajfa-5241	350	35	for	for	ADP
ajfa-5241	350	36	nse-50	nse-50	NOUN
ajfa-5241	350	37	.	.	PUNCT
ajfa-5241	351	1	it	it	PRON
ajfa-5241	351	2	is	be	AUX
ajfa-5241	351	3	observed	observe	VERB
ajfa-5241	351	4	that	that	SCONJ
ajfa-5241	351	5	ff	ff	PROPN
ajfa-5241	351	6	model	model	NOUN
ajfa-5241	351	7	shows	show	VERB
ajfa-5241	351	8	stronger	strong	ADJ
ajfa-5241	351	9	results	result	NOUN
ajfa-5241	351	10	across	across	ADP
ajfa-5241	351	11	the	the	DET
ajfa-5241	351	12	versions	version	NOUN
ajfa-5241	351	13	.	.	PUNCT
ajfa-5241	352	1	the	the	DET
ajfa-5241	352	2	values	value	NOUN
ajfa-5241	352	3	of	of	ADP
ajfa-5241	352	4	mean	mean	ADJ
ajfa-5241	352	5	absolute	absolute	ADJ
ajfa-5241	352	6	alphas	alpha	NOUN
ajfa-5241	352	7	and	and	CCONJ
ajfa-5241	352	8	adjusted	adjust	VERB
ajfa-5241	352	9	r2	r2	NOUN
ajfa-5241	352	10	showing	show	VERB
ajfa-5241	352	11	the	the	DET
ajfa-5241	352	12	measure	measure	NOUN
ajfa-5241	352	13	of	of	ADP
ajfa-5241	352	14	abnormal	abnormal	ADJ
ajfa-5241	352	15	returns	return	NOUN
ajfa-5241	352	16	and	and	CCONJ
ajfa-5241	352	17	goodness	goodness	NOUN
ajfa-5241	352	18	of	of	ADP
ajfa-5241	352	19	fit	fit	NOUN
ajfa-5241	352	20	respectively	respectively	ADV
ajfa-5241	352	21	appear	appear	VERB
ajfa-5241	352	22	to	to	PART
ajfa-5241	352	23	be	be	AUX
ajfa-5241	352	24	similar	similar	ADJ
ajfa-5241	352	25	in	in	ADP
ajfa-5241	352	26	all	all	DET
ajfa-5241	352	27	six	six	NUM
ajfa-5241	352	28	versions	version	NOUN
ajfa-5241	352	29	.	.	PUNCT
ajfa-5241	353	1	at	at	ADP
ajfa-5241	353	2	the	the	DET
ajfa-5241	353	3	same	same	ADJ
ajfa-5241	353	4	time	time	NOUN
ajfa-5241	353	5	it	it	PRON
ajfa-5241	353	6	is	be	AUX
ajfa-5241	353	7	noting	note	VERB
ajfa-5241	353	8	worth	worth	ADJ
ajfa-5241	353	9	that	that	SCONJ
ajfa-5241	353	10	capm	capm	PROPN
ajfa-5241	353	11	has	have	VERB
ajfa-5241	353	12	substantially	substantially	ADV
ajfa-5241	353	13	high	high	ADJ
ajfa-5241	353	14	mean	mean	VERB
ajfa-5241	353	15	absolute	absolute	ADJ
ajfa-5241	353	16	alpha	alpha	NOUN
ajfa-5241	353	17	and	and	CCONJ
ajfa-5241	353	18	significantly	significantly	ADV
ajfa-5241	353	19	lower	low	ADJ
ajfa-5241	353	20	adjusted	adjusted	ADJ
ajfa-5241	353	21	r2	r2	NOUN
ajfa-5241	353	22	.	.	PUNCT
ajfa-5241	354	1	hence	hence	ADV
ajfa-5241	354	2	,	,	PUNCT
ajfa-5241	354	3	one	one	PRON
ajfa-5241	354	4	can	can	AUX
ajfa-5241	354	5	suggest	suggest	VERB
ajfa-5241	354	6	that	that	SCONJ
ajfa-5241	354	7	the	the	DET
ajfa-5241	354	8	ff	ff	NOUN
ajfa-5241	354	9	model	model	NOUN
ajfa-5241	354	10	is	be	AUX
ajfa-5241	354	11	undoubtedly	undoubtedly	ADV
ajfa-5241	354	12	superior	superior	ADJ
ajfa-5241	354	13	to	to	ADP
ajfa-5241	354	14	capm	capm	PROPN
ajfa-5241	354	15	.	.	PUNCT
ajfa-5241	355	1	further	far	ADV
ajfa-5241	355	2	,	,	PUNCT
ajfa-5241	355	3	these	these	DET
ajfa-5241	355	4	results	result	NOUN
ajfa-5241	355	5	are	be	AUX
ajfa-5241	355	6	robust	robust	ADJ
ajfa-5241	355	7	to	to	PART
ajfa-5241	355	8	irrespective	irrespective	ADJ
ajfa-5241	355	9	of	of	ADP
ajfa-5241	355	10	the	the	DET
ajfa-5241	355	11	market	market	NOUN
ajfa-5241	355	12	proxy	proxy	NOUN
ajfa-5241	355	13	used	use	VERB
ajfa-5241	355	14	by	by	ADP
ajfa-5241	355	15	us	we	PRON
ajfa-5241	355	16	.	.	PUNCT
ajfa-5241	356	1	therefore	therefore	ADV
ajfa-5241	356	2	,	,	PUNCT
ajfa-5241	356	3	the	the	DET
ajfa-5241	356	4	ff	ff	NOUN
ajfa-5241	356	5	model	model	NOUN
ajfa-5241	356	6	is	be	AUX
ajfa-5241	356	7	also	also	ADV
ajfa-5241	356	8	robust	robust	ADJ
ajfa-5241	356	9	to	to	ADP
ajfa-5241	356	10	its	its	PRON
ajfa-5241	356	11	alternative	alternative	ADJ
ajfa-5241	356	12	versions	version	NOUN
ajfa-5241	356	13	/	/	SYM
ajfa-5241	356	14	risk	risk	NOUN
ajfa-5241	356	15	factors	factor	NOUN
ajfa-5241	356	16	and	and	CCONJ
ajfa-5241	356	17	,	,	PUNCT
ajfa-5241	356	18	in	in	ADP
ajfa-5241	356	19	general	general	ADJ
ajfa-5241	356	20	,	,	PUNCT
ajfa-5241	356	21	does	do	VERB
ajfa-5241	356	22	much	much	ADV
ajfa-5241	356	23	better	well	ADJ
ajfa-5241	356	24	job	job	NOUN
ajfa-5241	356	25	in	in	ADP
ajfa-5241	356	26	explaining	explain	VERB
ajfa-5241	356	27	average	average	ADJ
ajfa-5241	356	28	returns	return	NOUN
ajfa-5241	356	29	compared	compare	VERB
ajfa-5241	356	30	to	to	ADP
ajfa-5241	356	31	one	one	NUM
ajfa-5241	356	32	factor	factor	NOUN
ajfa-5241	356	33	capm	capm	NOUN
ajfa-5241	356	34	.	.	PUNCT
ajfa-5241	357	1	5	5	X
ajfa-5241	357	2	.	.	X
ajfa-5241	357	3	carhart	carhart	NOUN
ajfa-5241	357	4	four	four	NUM
ajfa-5241	357	5	factor	factor	NOUN
ajfa-5241	357	6	model	model	NOUN
ajfa-5241	357	7	in	in	ADP
ajfa-5241	357	8	the	the	DET
ajfa-5241	357	9	previous	previous	ADJ
ajfa-5241	357	10	section	section	NOUN
ajfa-5241	357	11	we	we	PRON
ajfa-5241	357	12	find	find	VERB
ajfa-5241	357	13	that	that	SCONJ
ajfa-5241	357	14	the	the	DET
ajfa-5241	357	15	ff	ff	NOUN
ajfa-5241	357	16	model	model	NOUN
ajfa-5241	357	17	is	be	AUX
ajfa-5241	357	18	not	not	PART
ajfa-5241	357	19	able	able	ADJ
ajfa-5241	357	20	to	to	PART
ajfa-5241	357	21	fully	fully	ADV
ajfa-5241	357	22	explain	explain	VERB
ajfa-5241	357	23	returns	return	NOUN
ajfa-5241	357	24	on	on	ADP
ajfa-5241	357	25	size	size	NOUN
ajfa-5241	357	26	and	and	CCONJ
ajfa-5241	357	27	value	value	NOUN
ajfa-5241	357	28	sorted	sort	VERB
ajfa-5241	357	29	portfolios	portfolio	NOUN
ajfa-5241	357	30	.	.	PUNCT
ajfa-5241	358	1	we	we	PRON
ajfa-5241	358	2	now	now	ADV
ajfa-5241	358	3	verify	verify	VERB
ajfa-5241	358	4	if	if	SCONJ
ajfa-5241	358	5	the	the	DET
ajfa-5241	358	6	carhart	carhart	NOUN
ajfa-5241	358	7	(	(	PUNCT
ajfa-5241	358	8	1997	1997	NUM
ajfa-5241	358	9	)	)	PUNCT
ajfa-5241	358	10	four	four	NUM
ajfa-5241	358	11	factor	factor	NOUN
ajfa-5241	358	12	model	model	NOUN
ajfa-5241	358	13	does	do	VERB
ajfa-5241	358	14	a	a	DET
ajfa-5241	358	15	better	well	ADJ
ajfa-5241	358	16	job	job	NOUN
ajfa-5241	358	17	than	than	ADP
ajfa-5241	358	18	ff	ff	NOUN
ajfa-5241	358	19	model	model	NOUN
ajfa-5241	358	20	in	in	ADP
ajfa-5241	358	21	explaining	explain	VERB
ajfa-5241	358	22	prominent	prominent	ADJ
ajfa-5241	358	23	asset	asset	NOUN
ajfa-5241	358	24	pricing	pricing	NOUN
ajfa-5241	358	25	anomalies	anomaly	NOUN
ajfa-5241	358	26	,	,	PUNCT
ajfa-5241	358	27	especially	especially	ADV
ajfa-5241	358	28	momentum	momentum	NOUN
ajfa-5241	358	29	.	.	PUNCT
ajfa-5241	359	1	carhart	carhart	NOUN
ajfa-5241	359	2	’s	’s	PART
ajfa-5241	359	3	model	model	NOUN
ajfa-5241	359	4	includes	include	VERB
ajfa-5241	359	5	the	the	DET
ajfa-5241	359	6	three	three	NUM
ajfa-5241	359	7	factors	factor	NOUN
ajfa-5241	359	8	specified	specify	VERB
ajfa-5241	359	9	by	by	ADP
ajfa-5241	359	10	ff	ff	NOUN
ajfa-5241	359	11	(	(	PUNCT
ajfa-5241	359	12	1993	1993	NUM
ajfa-5241	359	13	)	)	PUNCT
ajfa-5241	359	14	and	and	CCONJ
ajfa-5241	359	15	an	an	DET
ajfa-5241	359	16	additional	additional	ADJ
ajfa-5241	359	17	momentum	momentum	NOUN
ajfa-5241	359	18	which	which	PRON
ajfa-5241	359	19	is	be	AUX
ajfa-5241	359	20	constructed	construct	VERB
ajfa-5241	359	21	by	by	ADP
ajfa-5241	359	22	taking	take	VERB
ajfa-5241	359	23	the	the	DET
ajfa-5241	359	24	difference	difference	NOUN
ajfa-5241	359	25	between	between	ADP
ajfa-5241	359	26	the	the	DET
ajfa-5241	359	27	returns	return	NOUN
ajfa-5241	359	28	on	on	ADP
ajfa-5241	359	29	winner	winner	NOUN
ajfa-5241	359	30	and	and	CCONJ
ajfa-5241	359	31	loser	loser	ADJ
ajfa-5241	359	32	portfolios	portfolio	NOUN
ajfa-5241	359	33	based	base	VERB
ajfa-5241	359	34	on	on	ADP
ajfa-5241	359	35	short	short	ADJ
ajfa-5241	359	36	term	term	NOUN
ajfa-5241	359	37	(	(	PUNCT
ajfa-5241	359	38	12	12	NUM
ajfa-5241	359	39	months	month	NOUN
ajfa-5241	359	40	)	)	PUNCT
ajfa-5241	359	41	past	past	ADP
ajfa-5241	359	42	returns	return	NOUN
ajfa-5241	359	43	on	on	ADP
ajfa-5241	359	44	period	period	NOUN
ajfa-5241	359	45	to	to	ADP
ajfa-5241	359	46	period	period	NOUN
ajfa-5241	359	47	basis	basis	NOUN
ajfa-5241	359	48	.	.	PUNCT
ajfa-5241	360	1	the	the	DET
ajfa-5241	360	2	carhart	carhart	NOUN
ajfa-5241	360	3	’s	’s	PART
ajfa-5241	360	4	specification	specification	NOUN
ajfa-5241	360	5	is	be	AUX
ajfa-5241	360	6	:	:	PUNCT
ajfa-5241	360	7	r	r	NOUN
ajfa-5241	360	8	pt	pt	NOUN
ajfa-5241	360	9	r	r	NOUN
ajfa-5241	360	10	ft	ft	NOUN
ajfa-5241	360	11	=	=	PUNCT
ajfa-5241	360	12	a	a	DET
ajfa-5241	360	13	+	+	X
ajfa-5241	360	14	b	b	NOUN
ajfa-5241	360	15	(	(	PUNCT
ajfa-5241	360	16	rmt	rmt	NOUN
ajfa-5241	360	17	–	–	PUNCT
ajfa-5241	360	18	rft	rft	NOUN
ajfa-5241	360	19	)	)	PUNCT
ajfa-5241	360	20	+	+	PUNCT
ajfa-5241	360	21	s	s	X
ajfa-5241	360	22	smb	smb	NOUN
ajfa-5241	360	23	t	t	NOUN
ajfa-5241	361	1	+	+	CCONJ
ajfa-5241	361	2	l	l	PROPN
ajfa-5241	361	3	lmh	lmh	PROPN
ajfa-5241	361	4	t	t	PROPN
ajfa-5241	361	5	+	+	CCONJ
ajfa-5241	361	6	w	w	PROPN
ajfa-5241	361	7	wml	wml	PROPN
ajfa-5241	361	8	t	t	PROPN
ajfa-5241	362	1	+	+	CCONJ
ajfa-5241	362	2	e	e	PROPN
ajfa-5241	362	3	t	t	PROPN
ajfa-5241	362	4	(	(	PUNCT
ajfa-5241	362	5	5	5	NUM
ajfa-5241	362	6	)	)	PUNCT
ajfa-5241	362	7	where	where	SCONJ
ajfa-5241	362	8	wml	wml	PROPN
ajfa-5241	362	9	is	be	AUX
ajfa-5241	362	10	mimicking	mimic	VERB
ajfa-5241	362	11	portfolio	portfolio	NOUN
ajfa-5241	363	1	that	that	SCONJ
ajfa-5241	363	2	proxies	proxy	NOUN
ajfa-5241	363	3	for	for	ADP
ajfa-5241	363	4	momentum	momentum	NOUN
ajfa-5241	363	5	factor	factor	NOUN
ajfa-5241	363	6	in	in	ADP
ajfa-5241	363	7	returns	return	NOUN
ajfa-5241	364	1	.	.	PUNCT
ajfa-5241	365	1	w	w	NOUN
ajfa-5241	365	2	is	be	AUX
ajfa-5241	365	3	the	the	DET
ajfa-5241	365	4	sensitivity	sensitivity	NOUN
ajfa-5241	365	5	coefficient	coefficient	NOUN
ajfa-5241	365	6	.	.	PUNCT
ajfa-5241	366	1	all	all	DET
ajfa-5241	366	2	other	other	ADJ
ajfa-5241	366	3	terms	term	NOUN
ajfa-5241	366	4	in	in	ADP
ajfa-5241	366	5	equation	equation	NOUN
ajfa-5241	366	6	have	have	AUX
ajfa-5241	366	7	been	be	AUX
ajfa-5241	366	8	described	describe	VERB
ajfa-5241	366	9	earlier	early	ADV
ajfa-5241	366	10	.	.	PUNCT
ajfa-5241	367	1	asian	asian	ADJ
ajfa-5241	367	2	journal	journal	PROPN
ajfa-5241	367	3	of	of	ADP
ajfa-5241	367	4	finance	finance	PROPN
ajfa-5241	367	5	&	&	CCONJ
ajfa-5241	367	6	accounting	accounting	PROPN
ajfa-5241	367	7	issn	issn	PROPN
ajfa-5241	367	8	1946	1946	NUM
ajfa-5241	367	9	-	-	PUNCT
ajfa-5241	367	10	052x	052x	PROPN
ajfa-5241	367	11	2014	2014	NUM
ajfa-5241	367	12	,	,	PUNCT
ajfa-5241	367	13	vol	vol	NOUN
ajfa-5241	367	14	.	.	PROPN
ajfa-5241	367	15	6	6	NUM
ajfa-5241	367	16	,	,	PUNCT
ajfa-5241	367	17	no	no	INTJ
ajfa-5241	367	18	.	.	NOUN
ajfa-5241	367	19	1	1	NUM
ajfa-5241	367	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	367	21	348	348	NUM
ajfa-5241	367	22	we	we	PRON
ajfa-5241	367	23	repeat	repeat	VERB
ajfa-5241	367	24	our	our	PRON
ajfa-5241	367	25	experiments	experiment	NOUN
ajfa-5241	367	26	for	for	ADP
ajfa-5241	367	27	characteristic	characteristic	ADJ
ajfa-5241	367	28	sorted	sort	VERB
ajfa-5241	367	29	as	as	ADV
ajfa-5241	367	30	well	well	ADV
ajfa-5241	367	31	as	as	ADP
ajfa-5241	367	32	prior	prior	ADJ
ajfa-5241	367	33	return	return	NOUN
ajfa-5241	367	34	ranked	rank	VERB
ajfa-5241	367	35	portfolios	portfolio	NOUN
ajfa-5241	367	36	.	.	PUNCT
ajfa-5241	368	1	the	the	DET
ajfa-5241	368	2	results	result	NOUN
ajfa-5241	368	3	for	for	ADP
ajfa-5241	368	4	carhart	carhart	NOUN
ajfa-5241	368	5	model	model	NOUN
ajfa-5241	368	6	are	be	AUX
ajfa-5241	368	7	provided	provide	VERB
ajfa-5241	368	8	in	in	ADP
ajfa-5241	368	9	table	table	NOUN
ajfa-5241	368	10	5	5	NUM
ajfa-5241	368	11	.	.	PUNCT
ajfa-5241	369	1	we	we	PRON
ajfa-5241	369	2	observe	observe	VERB
ajfa-5241	369	3	that	that	SCONJ
ajfa-5241	369	4	four	four	NUM
ajfa-5241	369	5	factor	factor	NOUN
ajfa-5241	369	6	model	model	NOUN
ajfa-5241	369	7	does	do	AUX
ajfa-5241	369	8	not	not	PART
ajfa-5241	369	9	significantly	significantly	ADV
ajfa-5241	369	10	perform	perform	VERB
ajfa-5241	369	11	better	well	ADJ
ajfa-5241	369	12	than	than	ADP
ajfa-5241	369	13	the	the	DET
ajfa-5241	369	14	three	three	NUM
ajfa-5241	369	15	factor	factor	NOUN
ajfa-5241	369	16	model	model	NOUN
ajfa-5241	369	17	in	in	ADP
ajfa-5241	369	18	explaining	explain	VERB
ajfa-5241	369	19	the	the	DET
ajfa-5241	369	20	abnormal	abnormal	ADJ
ajfa-5241	369	21	returns	return	NOUN
ajfa-5241	369	22	(	(	PUNCT
ajfa-5241	369	23	alphas	alpha	NOUN
ajfa-5241	369	24	)	)	PUNCT
ajfa-5241	369	25	on	on	ADP
ajfa-5241	369	26	size	size	NOUN
ajfa-5241	369	27	and	and	CCONJ
ajfa-5241	369	28	value	value	NOUN
ajfa-5241	369	29	sorted	sort	VERB
ajfa-5241	369	30	portfolios	portfolio	NOUN
ajfa-5241	369	31	.	.	PUNCT
ajfa-5241	370	1	the	the	DET
ajfa-5241	370	2	four	four	NUM
ajfa-5241	370	3	factor	factor	NOUN
ajfa-5241	370	4	model	model	NOUN
ajfa-5241	370	5	also	also	ADV
ajfa-5241	370	6	fails	fail	VERB
ajfa-5241	370	7	to	to	PART
ajfa-5241	370	8	explain	explain	VERB
ajfa-5241	370	9	long	long	ADJ
ajfa-5241	370	10	term	term	NOUN
ajfa-5241	370	11	momentum	momentum	NOUN
ajfa-5241	370	12	profits	profit	NOUN
ajfa-5241	370	13	(	(	PUNCT
ajfa-5241	370	14	reversals	reversal	NOUN
ajfa-5241	370	15	)	)	PUNCT
ajfa-5241	370	16	as	as	SCONJ
ajfa-5241	370	17	winner	winner	NOUN
ajfa-5241	370	18	portfolio	portfolio	NOUN
ajfa-5241	370	19	does	do	AUX
ajfa-5241	370	20	not	not	PART
ajfa-5241	370	21	load	load	VERB
ajfa-5241	370	22	on	on	ADP
ajfa-5241	370	23	momentum	momentum	NOUN
ajfa-5241	370	24	factor	factor	NOUN
ajfa-5241	370	25	.	.	PUNCT
ajfa-5241	371	1	however	however	ADV
ajfa-5241	371	2	,	,	PUNCT
ajfa-5241	371	3	carhart	carhart	NOUN
ajfa-5241	371	4	model	model	NOUN
ajfa-5241	371	5	does	do	AUX
ajfa-5241	371	6	explain	explain	VERB
ajfa-5241	371	7	one	one	NUM
ajfa-5241	371	8	year	year	NOUN
ajfa-5241	371	9	momentum	momentum	NOUN
ajfa-5241	371	10	profits	profit	NOUN
ajfa-5241	371	11	that	that	PRON
ajfa-5241	371	12	are	be	AUX
ajfa-5241	371	13	partly	partly	ADV
ajfa-5241	371	14	left	leave	VERB
ajfa-5241	371	15	unexplained	unexplained	ADJ
ajfa-5241	371	16	by	by	ADP
ajfa-5241	371	17	the	the	DET
ajfa-5241	371	18	ff	ff	PROPN
ajfa-5241	371	19	model	model	NOUN
ajfa-5241	371	20	owing	owe	VERB
ajfa-5241	371	21	to	to	ADP
ajfa-5241	371	22	the	the	DET
ajfa-5241	371	23	fact	fact	NOUN
ajfa-5241	371	24	that	that	SCONJ
ajfa-5241	371	25	winner	winner	NOUN
ajfa-5241	371	26	portfolio	portfolio	NOUN
ajfa-5241	371	27	(	(	PUNCT
ajfa-5241	371	28	p5	p5	PROPN
ajfa-5241	371	29	)	)	PUNCT
ajfa-5241	371	30	loads	load	VERB
ajfa-5241	371	31	heavily	heavily	ADV
ajfa-5241	371	32	on	on	ADP
ajfa-5241	371	33	the	the	DET
ajfa-5241	371	34	momentum	momentum	NOUN
ajfa-5241	371	35	factor	factor	NOUN
ajfa-5241	371	36	.	.	PUNCT
ajfa-5241	372	1	one	one	NUM
ajfa-5241	372	2	possible	possible	ADJ
ajfa-5241	372	3	explanation	explanation	NOUN
ajfa-5241	372	4	for	for	ADP
ajfa-5241	372	5	the	the	DET
ajfa-5241	372	6	success	success	NOUN
ajfa-5241	372	7	of	of	ADP
ajfa-5241	372	8	stock	stock	NOUN
ajfa-5241	372	9	momentum	momentum	NOUN
ajfa-5241	372	10	factor	factor	NOUN
ajfa-5241	372	11	could	could	AUX
ajfa-5241	372	12	be	be	AUX
ajfa-5241	372	13	that	that	SCONJ
ajfa-5241	372	14	it	it	PRON
ajfa-5241	372	15	proxies	proxy	NOUN
ajfa-5241	372	16	for	for	ADP
ajfa-5241	372	17	industry	industry	NOUN
ajfa-5241	372	18	momentum	momentum	NOUN
ajfa-5241	372	19	.	.	PUNCT
ajfa-5241	373	1	this	this	PRON
ajfa-5241	373	2	implies	imply	VERB
ajfa-5241	373	3	that	that	SCONJ
ajfa-5241	373	4	winning	win	VERB
ajfa-5241	373	5	stocks	stock	NOUN
ajfa-5241	373	6	come	come	VERB
ajfa-5241	373	7	from	from	ADP
ajfa-5241	373	8	industries	industry	NOUN
ajfa-5241	373	9	which	which	PRON
ajfa-5241	373	10	perform	perform	VERB
ajfa-5241	373	11	well	well	ADV
ajfa-5241	373	12	in	in	ADP
ajfa-5241	373	13	the	the	DET
ajfa-5241	373	14	recent	recent	ADJ
ajfa-5241	373	15	past	past	NOUN
ajfa-5241	373	16	while	while	SCONJ
ajfa-5241	373	17	losing	lose	VERB
ajfa-5241	373	18	stocks	stock	NOUN
ajfa-5241	373	19	belong	belong	VERB
ajfa-5241	373	20	to	to	ADP
ajfa-5241	373	21	poor	poor	ADJ
ajfa-5241	373	22	performing	perform	VERB
ajfa-5241	373	23	industry	industry	NOUN
ajfa-5241	373	24	.	.	PUNCT
ajfa-5241	374	1	to	to	ADP
ajfa-5241	374	2	the	the	DET
ajfa-5241	374	3	extent	extent	NOUN
ajfa-5241	374	4	differences	difference	NOUN
ajfa-5241	374	5	in	in	ADP
ajfa-5241	374	6	industry	industry	NOUN
ajfa-5241	374	7	performance	performance	NOUN
ajfa-5241	374	8	is	be	AUX
ajfa-5241	374	9	a	a	DET
ajfa-5241	374	10	reflection	reflection	NOUN
ajfa-5241	374	11	of	of	ADP
ajfa-5241	374	12	differences	difference	NOUN
ajfa-5241	374	13	in	in	ADP
ajfa-5241	374	14	industry	industry	NOUN
ajfa-5241	374	15	growth	growth	NOUN
ajfa-5241	374	16	potentials	potential	NOUN
ajfa-5241	374	17	,	,	PUNCT
ajfa-5241	374	18	industry	industry	NOUN
ajfa-5241	374	19	momentum	momentum	NOUN
ajfa-5241	374	20	factor	factor	NOUN
ajfa-5241	374	21	is	be	AUX
ajfa-5241	374	22	fundamental	fundamental	ADJ
ajfa-5241	374	23	in	in	ADP
ajfa-5241	374	24	nature	nature	NOUN
ajfa-5241	374	25	and	and	CCONJ
ajfa-5241	374	26	its	its	PRON
ajfa-5241	374	27	impact	impact	NOUN
ajfa-5241	374	28	is	be	AUX
ajfa-5241	374	29	felt	feel	VERB
ajfa-5241	374	30	through	through	ADP
ajfa-5241	374	31	the	the	DET
ajfa-5241	374	32	stock	stock	NOUN
ajfa-5241	374	33	momentum	momentum	NOUN
ajfa-5241	374	34	factor	factor	NOUN
ajfa-5241	374	35	(	(	PUNCT
ajfa-5241	374	36	see	see	VERB
ajfa-5241	374	37	liu	liu	PROPN
ajfa-5241	374	38	and	and	CCONJ
ajfa-5241	374	39	zhang	zhang	PROPN
ajfa-5241	374	40	(	(	PUNCT
ajfa-5241	374	41	2008	2008	NUM
ajfa-5241	374	42	)	)	PUNCT
ajfa-5241	374	43	.	.	PUNCT
ajfa-5241	375	1	this	this	PRON
ajfa-5241	375	2	may	may	AUX
ajfa-5241	375	3	lend	lend	VERB
ajfa-5241	375	4	support	support	NOUN
ajfa-5241	375	5	to	to	ADP
ajfa-5241	375	6	the	the	DET
ajfa-5241	375	7	behavioral	behavioral	ADJ
ajfa-5241	375	8	argument	argument	NOUN
ajfa-5241	375	9	that	that	SCONJ
ajfa-5241	375	10	momentum	momentum	NOUN
ajfa-5241	375	11	profits	profit	NOUN
ajfa-5241	375	12	result	result	VERB
ajfa-5241	375	13	owing	owe	VERB
ajfa-5241	375	14	to	to	ADP
ajfa-5241	375	15	investor	investor	NOUN
ajfa-5241	375	16	under	under	ADP
ajfa-5241	375	17	reaction	reaction	NOUN
ajfa-5241	375	18	to	to	ADP
ajfa-5241	375	19	past	past	ADJ
ajfa-5241	375	20	information	information	NOUN
ajfa-5241	375	21	.	.	PUNCT
ajfa-5241	376	1	6	6	X
ajfa-5241	376	2	.	.	X
ajfa-5241	376	3	conclusions	conclusion	NOUN
ajfa-5241	376	4	in	in	ADP
ajfa-5241	376	5	this	this	DET
ajfa-5241	376	6	paper	paper	NOUN
ajfa-5241	376	7	we	we	PRON
ajfa-5241	376	8	experiment	experiment	VERB
ajfa-5241	376	9	the	the	DET
ajfa-5241	376	10	established	establish	VERB
ajfa-5241	376	11	asset	asset	NOUN
ajfa-5241	376	12	pricing	pricing	NOUN
ajfa-5241	376	13	models	model	NOUN
ajfa-5241	376	14	’	'	PUNCT
ajfa-5241	376	15	ability	ability	NOUN
ajfa-5241	376	16	to	to	PART
ajfa-5241	376	17	explain	explain	VERB
ajfa-5241	376	18	cross	cross	NOUN
ajfa-5241	376	19	section	section	NOUN
ajfa-5241	376	20	of	of	ADP
ajfa-5241	376	21	average	average	ADJ
ajfa-5241	376	22	stock	stock	NOUN
ajfa-5241	376	23	returns	return	NOUN
ajfa-5241	376	24	.	.	PUNCT
ajfa-5241	377	1	sample	sample	NOUN
ajfa-5241	377	2	size	size	NOUN
ajfa-5241	377	3	is	be	AUX
ajfa-5241	377	4	488	488	NUM
ajfa-5241	377	5	indian	indian	ADJ
ajfa-5241	377	6	companies	company	NOUN
ajfa-5241	377	7	from	from	ADP
ajfa-5241	377	8	1997	1997	NUM
ajfa-5241	377	9	to	to	ADP
ajfa-5241	377	10	2012	2012	NUM
ajfa-5241	377	11	.	.	PUNCT
ajfa-5241	378	1	the	the	DET
ajfa-5241	378	2	sample	sample	NOUN
ajfa-5241	378	3	companies	company	NOUN
ajfa-5241	378	4	are	be	AUX
ajfa-5241	378	5	actively	actively	ADV
ajfa-5241	378	6	trading	trade	VERB
ajfa-5241	378	7	in	in	ADP
ajfa-5241	378	8	the	the	DET
ajfa-5241	378	9	market	market	NOUN
ajfa-5241	378	10	.	.	PUNCT
ajfa-5241	379	1	we	we	PRON
ajfa-5241	379	2	perform	perform	VERB
ajfa-5241	379	3	our	our	PRON
ajfa-5241	379	4	tests	test	NOUN
ajfa-5241	379	5	using	use	VERB
ajfa-5241	379	6	three	three	NUM
ajfa-5241	379	7	experimental	experimental	ADJ
ajfa-5241	379	8	portfolios	portfolio	NOUN
ajfa-5241	379	9	:	:	PUNCT
ajfa-5241	379	10	1	1	X
ajfa-5241	379	11	.	.	X
ajfa-5241	379	12	single	single	ADJ
ajfa-5241	379	13	sort	sort	NOUN
ajfa-5241	379	14	based	base	VERB
ajfa-5241	379	15	on	on	ADP
ajfa-5241	379	16	size	size	NOUN
ajfa-5241	379	17	and	and	CCONJ
ajfa-5241	379	18	value	value	NOUN
ajfa-5241	379	19	2	2	NUM
ajfa-5241	379	20	.	.	NUM
ajfa-5241	379	21	double	double	ADJ
ajfa-5241	379	22	sort	sort	ADV
ajfa-5241	379	23	based	base	VERB
ajfa-5241	379	24	on	on	ADP
ajfa-5241	379	25	size	size	NOUN
ajfa-5241	379	26	/	/	SYM
ajfa-5241	379	27	value	value	NOUN
ajfa-5241	379	28	3	3	NUM
ajfa-5241	379	29	.	.	PUNCT
ajfa-5241	379	30	prior	prior	ADJ
ajfa-5241	379	31	return	return	NOUN
ajfa-5241	379	32	portfolios	portfolio	NOUN
ajfa-5241	379	33	based	base	VERB
ajfa-5241	379	34	on	on	ADP
ajfa-5241	379	35	long	long	ADJ
ajfa-5241	379	36	term	term	NOUN
ajfa-5241	379	37	(	(	PUNCT
ajfa-5241	379	38	36	36	NUM
ajfa-5241	379	39	months	month	NOUN
ajfa-5241	379	40	)	)	PUNCT
ajfa-5241	379	41	,	,	PUNCT
ajfa-5241	379	42	reversal	reversal	NOUN
ajfa-5241	379	43	,	,	PUNCT
ajfa-5241	379	44	and	and	CCONJ
ajfa-5241	379	45	short	short	ADJ
ajfa-5241	379	46	term	term	NOUN
ajfa-5241	379	47	(	(	PUNCT
ajfa-5241	379	48	12	12	NUM
ajfa-5241	379	49	months	month	NOUN
ajfa-5241	379	50	)	)	PUNCT
ajfa-5241	379	51	momentum	momentum	NOUN
ajfa-5241	379	52	effects	effect	NOUN
ajfa-5241	379	53	.	.	PUNCT
ajfa-5241	380	1	mc	mc	PROPN
ajfa-5241	380	2	,	,	PUNCT
ajfa-5241	380	3	ta	ta	PROPN
ajfa-5241	380	4	,	,	PUNCT
ajfa-5241	380	5	and	and	CCONJ
ajfa-5241	380	6	ev	ev	PROPN
ajfa-5241	380	7	are	be	AUX
ajfa-5241	380	8	used	use	VERB
ajfa-5241	380	9	as	as	ADP
ajfa-5241	380	10	the	the	DET
ajfa-5241	380	11	measures	measure	NOUN
ajfa-5241	380	12	of	of	ADP
ajfa-5241	380	13	company	company	NOUN
ajfa-5241	380	14	size	size	NOUN
ajfa-5241	380	15	while	while	SCONJ
ajfa-5241	380	16	p	p	PROPN
ajfa-5241	380	17	/	/	SYM
ajfa-5241	380	18	b	b	NOUN
ajfa-5241	380	19	and	and	CCONJ
ajfa-5241	380	20	pe	pe	PROPN
ajfa-5241	380	21	ratios	ratio	NOUN
ajfa-5241	380	22	are	be	AUX
ajfa-5241	380	23	used	use	VERB
ajfa-5241	380	24	as	as	ADP
ajfa-5241	380	25	the	the	DET
ajfa-5241	380	26	measures	measure	NOUN
ajfa-5241	380	27	of	of	ADP
ajfa-5241	380	28	company	company	NOUN
ajfa-5241	380	29	value	value	NOUN
ajfa-5241	380	30	.	.	PUNCT
ajfa-5241	381	1	empirical	empirical	ADJ
ajfa-5241	381	2	results	result	NOUN
ajfa-5241	381	3	confirm	confirm	VERB
ajfa-5241	381	4	that	that	SCONJ
ajfa-5241	381	5	stock	stock	NOUN
ajfa-5241	381	6	returns	return	NOUN
ajfa-5241	381	7	are	be	AUX
ajfa-5241	381	8	strongly	strongly	ADV
ajfa-5241	381	9	influenced	influence	VERB
ajfa-5241	381	10	by	by	ADP
ajfa-5241	381	11	size	size	NOUN
ajfa-5241	381	12	and	and	CCONJ
ajfa-5241	381	13	value	value	NOUN
ajfa-5241	381	14	factors	factor	NOUN
ajfa-5241	381	15	in	in	ADP
ajfa-5241	381	16	indian	indian	ADJ
ajfa-5241	381	17	stock	stock	NOUN
ajfa-5241	381	18	market	market	NOUN
ajfa-5241	381	19	.	.	PUNCT
ajfa-5241	382	1	it	it	PRON
ajfa-5241	382	2	is	be	AUX
ajfa-5241	382	3	also	also	ADV
ajfa-5241	382	4	documented	document	VERB
ajfa-5241	382	5	that	that	SCONJ
ajfa-5241	382	6	ff	ff	PROPN
ajfa-5241	382	7	model	model	NOUN
ajfa-5241	382	8	continues	continue	VERB
ajfa-5241	382	9	to	to	PART
ajfa-5241	382	10	be	be	AUX
ajfa-5241	382	11	a	a	DET
ajfa-5241	382	12	better	well	ADJ
ajfa-5241	382	13	asset	asset	NOUN
ajfa-5241	382	14	pricing	pricing	NOUN
ajfa-5241	382	15	tool	tool	NOUN
ajfa-5241	382	16	as	as	SCONJ
ajfa-5241	382	17	it	it	PRON
ajfa-5241	382	18	explains	explain	VERB
ajfa-5241	382	19	the	the	DET
ajfa-5241	382	20	returns	return	NOUN
ajfa-5241	382	21	on	on	ADP
ajfa-5241	382	22	portfolios	portfolio	NOUN
ajfa-5241	382	23	formed	form	VERB
ajfa-5241	382	24	on	on	ADP
ajfa-5241	382	25	the	the	DET
ajfa-5241	382	26	basis	basis	NOUN
ajfa-5241	382	27	of	of	ADP
ajfa-5241	382	28	company	company	NOUN
ajfa-5241	382	29	characteristics	characteristic	NOUN
ajfa-5241	382	30	.	.	PUNCT
ajfa-5241	383	1	however	however	ADV
ajfa-5241	383	2	,	,	PUNCT
ajfa-5241	383	3	the	the	DET
ajfa-5241	383	4	ff	ff	NOUN
ajfa-5241	383	5	model	model	NOUN
ajfa-5241	383	6	is	be	AUX
ajfa-5241	383	7	not	not	PART
ajfa-5241	383	8	able	able	ADJ
ajfa-5241	383	9	to	to	PART
ajfa-5241	383	10	explain	explain	VERB
ajfa-5241	383	11	abnormal	abnormal	ADJ
ajfa-5241	383	12	returns	return	NOUN
ajfa-5241	383	13	fully	fully	ADV
ajfa-5241	383	14	that	that	PRON
ajfa-5241	383	15	is	be	AUX
ajfa-5241	383	16	missed	miss	VERB
ajfa-5241	383	17	out	out	ADP
ajfa-5241	383	18	by	by	ADP
ajfa-5241	383	19	capm	capm	PROPN
ajfa-5241	383	20	.	.	PUNCT
ajfa-5241	384	1	these	these	DET
ajfa-5241	384	2	results	result	NOUN
ajfa-5241	384	3	are	be	AUX
ajfa-5241	384	4	echoing	echo	VERB
ajfa-5241	384	5	the	the	DET
ajfa-5241	384	6	previous	previous	ADJ
ajfa-5241	384	7	findings	finding	NOUN
ajfa-5241	384	8	for	for	ADP
ajfa-5241	384	9	the	the	DET
ajfa-5241	384	10	indian	indian	ADJ
ajfa-5241	384	11	stock	stock	NOUN
ajfa-5241	384	12	market	market	NOUN
ajfa-5241	384	13	shown	show	VERB
ajfa-5241	384	14	by	by	ADP
ajfa-5241	384	15	sehgal	sehgal	PROPN
ajfa-5241	384	16	s	s	PROPN
ajfa-5241	384	17	and	and	CCONJ
ajfa-5241	384	18	balakrishnan	balakrishnan	PROPN
ajfa-5241	384	19	a	a	DET
ajfa-5241	384	20	(	(	PUNCT
ajfa-5241	384	21	2013	2013	NUM
ajfa-5241	384	22	)	)	PUNCT
ajfa-5241	384	23	.	.	PUNCT
ajfa-5241	385	1	our	our	PRON
ajfa-5241	385	2	study	study	NOUN
ajfa-5241	385	3	covers	cover	VERB
ajfa-5241	385	4	longer	long	ADJ
ajfa-5241	385	5	time	time	NOUN
ajfa-5241	385	6	period	period	NOUN
ajfa-5241	385	7	including	include	VERB
ajfa-5241	385	8	more	more	ADV
ajfa-5241	385	9	recent	recent	ADJ
ajfa-5241	385	10	years	year	NOUN
ajfa-5241	385	11	and	and	CCONJ
ajfa-5241	385	12	suggest	suggest	VERB
ajfa-5241	385	13	that	that	SCONJ
ajfa-5241	385	14	the	the	DET
ajfa-5241	385	15	ff	ff	NOUN
ajfa-5241	385	16	size	size	NOUN
ajfa-5241	385	17	and	and	CCONJ
ajfa-5241	385	18	value	value	NOUN
ajfa-5241	385	19	factors	factor	NOUN
ajfa-5241	385	20	have	have	AUX
ajfa-5241	385	21	become	become	VERB
ajfa-5241	385	22	relatively	relatively	ADV
ajfa-5241	385	23	less	less	ADV
ajfa-5241	385	24	important	important	ADJ
ajfa-5241	385	25	.	.	PUNCT
ajfa-5241	386	1	more	more	ADV
ajfa-5241	386	2	appropriately	appropriately	ADV
ajfa-5241	386	3	,	,	PUNCT
ajfa-5241	386	4	it	it	PRON
ajfa-5241	386	5	may	may	AUX
ajfa-5241	386	6	imply	imply	VERB
ajfa-5241	386	7	that	that	DET
ajfa-5241	386	8	size	size	NOUN
ajfa-5241	386	9	and	and	CCONJ
ajfa-5241	386	10	value	value	NOUN
ajfa-5241	386	11	do	do	AUX
ajfa-5241	386	12	not	not	PART
ajfa-5241	386	13	proxy	proxy	VERB
ajfa-5241	386	14	for	for	ADP
ajfa-5241	386	15	any	any	DET
ajfa-5241	386	16	risk	risk	NOUN
ajfa-5241	386	17	factors	factor	NOUN
ajfa-5241	386	18	but	but	CCONJ
ajfa-5241	386	19	perhaps	perhaps	ADV
ajfa-5241	386	20	represent	represent	VERB
ajfa-5241	386	21	investor	investor	NOUN
ajfa-5241	386	22	fancy	fancy	NOUN
ajfa-5241	386	23	for	for	ADP
ajfa-5241	386	24	certain	certain	ADJ
ajfa-5241	386	25	firm	firm	ADJ
ajfa-5241	386	26	characteristics	characteristic	NOUN
ajfa-5241	386	27	as	as	SCONJ
ajfa-5241	386	28	suggested	suggest	VERB
ajfa-5241	386	29	by	by	ADP
ajfa-5241	386	30	daniel	daniel	PROPN
ajfa-5241	386	31	and	and	CCONJ
ajfa-5241	386	32	titman	titman	PROPN
ajfa-5241	386	33	(	(	PUNCT
ajfa-5241	386	34	1997	1997	NUM
ajfa-5241	386	35	)	)	PUNCT
ajfa-5241	386	36	that	that	PRON
ajfa-5241	386	37	are	be	AUX
ajfa-5241	386	38	fading	fade	VERB
ajfa-5241	386	39	overtime	overtime	NOUN
ajfa-5241	386	40	the	the	DET
ajfa-5241	386	41	ff	ff	NOUN
ajfa-5241	386	42	model	model	NOUN
ajfa-5241	386	43	is	be	AUX
ajfa-5241	386	44	able	able	ADJ
ajfa-5241	386	45	to	to	PART
ajfa-5241	386	46	partly	partly	ADV
ajfa-5241	386	47	capture	capture	VERB
ajfa-5241	386	48	contrarian	contrarian	ADJ
ajfa-5241	386	49	and	and	CCONJ
ajfa-5241	386	50	momentum	momentum	NOUN
ajfa-5241	386	51	patterns	pattern	NOUN
ajfa-5241	386	52	in	in	ADP
ajfa-5241	386	53	stock	stock	NOUN
ajfa-5241	386	54	returns	return	NOUN
ajfa-5241	386	55	that	that	PRON
ajfa-5241	386	56	are	be	AUX
ajfa-5241	386	57	missed	miss	VERB
ajfa-5241	386	58	by	by	ADP
ajfa-5241	386	59	capm	capm	PROPN
ajfa-5241	386	60	.	.	PUNCT
ajfa-5241	387	1	the	the	DET
ajfa-5241	387	2	results	result	NOUN
ajfa-5241	387	3	contradict	contradict	VERB
ajfa-5241	387	4	with	with	ADP
ajfa-5241	387	5	previous	previous	ADJ
ajfa-5241	387	6	findings	finding	NOUN
ajfa-5241	387	7	documented	document	VERB
ajfa-5241	387	8	by	by	ADP
ajfa-5241	387	9	sehgal	sehgal	PROPN
ajfa-5241	387	10	and	and	CCONJ
ajfa-5241	387	11	sakshi	sakshi	PROPN
ajfa-5241	387	12	jain	jain	PROPN
ajfa-5241	387	13	(	(	PUNCT
ajfa-5241	387	14	2009	2009	NUM
ajfa-5241	387	15	and	and	CCONJ
ajfa-5241	387	16	2011	2011	NUM
ajfa-5241	387	17	)	)	PUNCT
ajfa-5241	387	18	.	.	PUNCT
ajfa-5241	388	1	we	we	PRON
ajfa-5241	388	2	also	also	ADV
ajfa-5241	388	3	evaluate	evaluate	VERB
ajfa-5241	388	4	the	the	DET
ajfa-5241	388	5	robustness	robustness	NOUN
ajfa-5241	388	6	of	of	ADP
ajfa-5241	388	7	asset	asset	NOUN
ajfa-5241	388	8	pricing	pricing	NOUN
ajfa-5241	388	9	results	result	NOUN
ajfa-5241	388	10	to	to	ADP
ajfa-5241	388	11	alternative	alternative	ADJ
ajfa-5241	388	12	constructions	construction	NOUN
ajfa-5241	388	13	/	/	SYM
ajfa-5241	388	14	selection	selection	NOUN
ajfa-5241	388	15	of	of	ADP
ajfa-5241	388	16	the	the	DET
ajfa-5241	388	17	risk	risk	NOUN
ajfa-5241	388	18	factors	factor	NOUN
ajfa-5241	388	19	.	.	PUNCT
ajfa-5241	389	1	we	we	PRON
ajfa-5241	389	2	find	find	VERB
ajfa-5241	389	3	that	that	SCONJ
ajfa-5241	389	4	the	the	DET
ajfa-5241	389	5	ff	ff	PROPN
ajfa-5241	389	6	model	model	NOUN
ajfa-5241	389	7	outperforms	outperform	VERB
ajfa-5241	389	8	capm	capm	PROPN
ajfa-5241	389	9	in	in	ADP
ajfa-5241	389	10	all	all	DET
ajfa-5241	389	11	its	its	PRON
ajfa-5241	389	12	versions	version	NOUN
ajfa-5241	389	13	involving	involve	VERB
ajfa-5241	389	14	alternative	alternative	ADJ
ajfa-5241	389	15	proxies	proxy	NOUN
ajfa-5241	389	16	of	of	ADP
ajfa-5241	389	17	size	size	NOUN
ajfa-5241	389	18	and	and	CCONJ
ajfa-5241	389	19	value	value	NOUN
ajfa-5241	389	20	factors	factor	NOUN
ajfa-5241	389	21	and	and	CCONJ
ajfa-5241	389	22	use	use	NOUN
ajfa-5241	389	23	of	of	ADP
ajfa-5241	389	24	different	different	ADJ
ajfa-5241	389	25	market	market	NOUN
ajfa-5241	389	26	proxies	proxy	NOUN
ajfa-5241	389	27	.	.	PUNCT
ajfa-5241	390	1	finally	finally	ADV
ajfa-5241	390	2	,	,	PUNCT
ajfa-5241	390	3	we	we	PRON
ajfa-5241	390	4	evaluate	evaluate	VERB
ajfa-5241	390	5	if	if	SCONJ
ajfa-5241	390	6	the	the	DET
ajfa-5241	390	7	carhart	carhart	NOUN
ajfa-5241	390	8	four	four	NUM
ajfa-5241	390	9	factor	factor	NOUN
ajfa-5241	390	10	model	model	NOUN
ajfa-5241	390	11	which	which	PRON
ajfa-5241	390	12	includes	include	VERB
ajfa-5241	390	13	an	an	DET
ajfa-5241	390	14	additional	additional	ADJ
ajfa-5241	390	15	momentum	momentum	NOUN
ajfa-5241	390	16	factor	factor	NOUN
ajfa-5241	390	17	besides	besides	SCONJ
ajfa-5241	390	18	the	the	DET
ajfa-5241	390	19	ff	ff	NOUN
ajfa-5241	390	20	factors	factor	NOUN
ajfa-5241	390	21	,	,	PUNCT
ajfa-5241	390	22	does	do	VERB
ajfa-5241	390	23	a	a	DET
ajfa-5241	390	24	better	well	ADJ
ajfa-5241	390	25	job	job	NOUN
ajfa-5241	390	26	than	than	ADP
ajfa-5241	390	27	ff	ff	NOUN
ajfa-5241	390	28	model	model	NOUN
ajfa-5241	390	29	in	in	ADP
ajfa-5241	390	30	explaining	explain	VERB
ajfa-5241	390	31	returns	return	NOUN
ajfa-5241	390	32	.	.	PUNCT
ajfa-5241	391	1	it	it	PRON
ajfa-5241	391	2	is	be	AUX
ajfa-5241	391	3	shown	show	VERB
ajfa-5241	391	4	asian	asian	ADJ
ajfa-5241	391	5	journal	journal	NOUN
ajfa-5241	391	6	of	of	ADP
ajfa-5241	391	7	finance	finance	PROPN
ajfa-5241	391	8	&	&	CCONJ
ajfa-5241	391	9	accounting	accounting	PROPN
ajfa-5241	391	10	issn	issn	PROPN
ajfa-5241	391	11	1946	1946	NUM
ajfa-5241	391	12	-	-	PUNCT
ajfa-5241	391	13	052x	052x	PROPN
ajfa-5241	391	14	2014	2014	NUM
ajfa-5241	391	15	,	,	PUNCT
ajfa-5241	391	16	vol	vol	NOUN
ajfa-5241	391	17	.	.	PROPN
ajfa-5241	392	1	6	6	NUM
ajfa-5241	392	2	,	,	PUNCT
ajfa-5241	392	3	no	no	INTJ
ajfa-5241	392	4	.	.	NOUN
ajfa-5241	392	5	1	1	NUM
ajfa-5241	392	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	392	7	349	349	NUM
ajfa-5241	392	8	that	that	PRON
ajfa-5241	392	9	the	the	DET
ajfa-5241	392	10	carhart	carhart	NOUN
ajfa-5241	392	11	model	model	NOUN
ajfa-5241	392	12	does	do	AUX
ajfa-5241	392	13	not	not	PART
ajfa-5241	392	14	perform	perform	VERB
ajfa-5241	392	15	significantly	significantly	ADV
ajfa-5241	392	16	better	well	ADJ
ajfa-5241	392	17	than	than	ADP
ajfa-5241	392	18	the	the	DET
ajfa-5241	392	19	ff	ff	NOUN
ajfa-5241	392	20	model	model	NOUN
ajfa-5241	392	21	for	for	ADP
ajfa-5241	392	22	characteristics	characteristic	NOUN
ajfa-5241	392	23	sorted	sort	VERB
ajfa-5241	392	24	portfolios	portfolio	NOUN
ajfa-5241	392	25	as	as	ADV
ajfa-5241	392	26	well	well	ADV
ajfa-5241	392	27	as	as	ADP
ajfa-5241	392	28	long	long	ADJ
ajfa-5241	392	29	term	term	NOUN
ajfa-5241	392	30	momentum	momentum	NOUN
ajfa-5241	392	31	profits	profit	NOUN
ajfa-5241	392	32	.	.	PUNCT
ajfa-5241	393	1	however	however	ADV
ajfa-5241	393	2	,	,	PUNCT
ajfa-5241	393	3	the	the	DET
ajfa-5241	393	4	four	four	NUM
ajfa-5241	393	5	factor	factor	NOUN
ajfa-5241	393	6	model	model	NOUN
ajfa-5241	393	7	does	do	AUX
ajfa-5241	393	8	explain	explain	VERB
ajfa-5241	393	9	the	the	DET
ajfa-5241	393	10	momentum	momentum	NOUN
ajfa-5241	393	11	profits	profit	NOUN
ajfa-5241	393	12	this	this	PRON
ajfa-5241	393	13	is	be	AUX
ajfa-5241	393	14	owing	owe	VERB
ajfa-5241	393	15	to	to	ADP
ajfa-5241	393	16	the	the	DET
ajfa-5241	393	17	fact	fact	NOUN
ajfa-5241	393	18	that	that	SCONJ
ajfa-5241	393	19	the	the	DET
ajfa-5241	393	20	winner	winner	NOUN
ajfa-5241	393	21	portfolio	portfolio	NOUN
ajfa-5241	393	22	loads	load	VERB
ajfa-5241	393	23	on	on	ADP
ajfa-5241	393	24	the	the	DET
ajfa-5241	393	25	momentum	momentum	NOUN
ajfa-5241	393	26	factor	factor	NOUN
ajfa-5241	393	27	.	.	PUNCT
ajfa-5241	394	1	momentum	momentum	NOUN
ajfa-5241	394	2	profits	profit	NOUN
ajfa-5241	394	3	do	do	AUX
ajfa-5241	394	4	survive	survive	VERB
ajfa-5241	394	5	even	even	ADV
ajfa-5241	394	6	in	in	ADP
ajfa-5241	394	7	a	a	DET
ajfa-5241	394	8	four	four	NUM
ajfa-5241	394	9	factor	factor	NOUN
ajfa-5241	394	10	framework	framework	NOUN
ajfa-5241	394	11	thus	thus	ADV
ajfa-5241	394	12	implying	imply	VERB
ajfa-5241	394	13	that	that	SCONJ
ajfa-5241	394	14	continuation	continuation	NOUN
ajfa-5241	394	15	patterns	pattern	NOUN
ajfa-5241	394	16	may	may	AUX
ajfa-5241	394	17	partly	partly	ADV
ajfa-5241	394	18	have	have	VERB
ajfa-5241	394	19	their	their	PRON
ajfa-5241	394	20	source	source	NOUN
ajfa-5241	394	21	in	in	ADP
ajfa-5241	394	22	non	non	ADJ
ajfa-5241	394	23	rational	rational	ADJ
ajfa-5241	394	24	investor	investor	NOUN
ajfa-5241	394	25	behavior	behavior	NOUN
ajfa-5241	394	26	which	which	PRON
ajfa-5241	394	27	can	can	AUX
ajfa-5241	394	28	not	not	PART
ajfa-5241	394	29	be	be	AUX
ajfa-5241	394	30	explained	explain	VERB
ajfa-5241	394	31	by	by	ADP
ajfa-5241	394	32	any	any	DET
ajfa-5241	394	33	systematic	systematic	ADJ
ajfa-5241	394	34	risk	risk	NOUN
ajfa-5241	394	35	factor	factor	NOUN
ajfa-5241	394	36	.	.	PUNCT
ajfa-5241	395	1	the	the	DET
ajfa-5241	395	2	study	study	NOUN
ajfa-5241	395	3	contributes	contribute	VERB
ajfa-5241	395	4	to	to	ADP
ajfa-5241	395	5	the	the	DET
ajfa-5241	395	6	asset	asset	NOUN
ajfa-5241	395	7	pricing	pricing	NOUN
ajfa-5241	395	8	literature	literature	NOUN
ajfa-5241	395	9	especially	especially	ADV
ajfa-5241	395	10	for	for	ADP
ajfa-5241	395	11	indian	indian	ADJ
ajfa-5241	395	12	market	market	NOUN
ajfa-5241	395	13	,	,	PUNCT
ajfa-5241	395	14	one	one	NUM
ajfa-5241	395	15	of	of	ADP
ajfa-5241	395	16	the	the	DET
ajfa-5241	395	17	emerging	emerge	VERB
ajfa-5241	395	18	markets	market	NOUN
ajfa-5241	395	19	.	.	PUNCT
ajfa-5241	396	1	it	it	PRON
ajfa-5241	396	2	has	have	VERB
ajfa-5241	396	3	strong	strong	ADJ
ajfa-5241	396	4	implications	implication	NOUN
ajfa-5241	396	5	for	for	ADP
ajfa-5241	396	6	global	global	ADJ
ajfa-5241	396	7	fund	fund	NOUN
ajfa-5241	396	8	managers	manager	NOUN
ajfa-5241	396	9	who	who	PRON
ajfa-5241	396	10	are	be	AUX
ajfa-5241	396	11	designing	design	VERB
ajfa-5241	396	12	portfolio	portfolio	NOUN
ajfa-5241	396	13	strategies	strategy	NOUN
ajfa-5241	396	14	based	base	VERB
ajfa-5241	396	15	on	on	ADP
ajfa-5241	396	16	investment	investment	NOUN
ajfa-5241	396	17	styles	style	NOUN
ajfa-5241	396	18	.	.	PUNCT
ajfa-5241	397	1	our	our	PRON
ajfa-5241	397	2	findings	finding	NOUN
ajfa-5241	397	3	cast	cast	VERB
ajfa-5241	397	4	shadow	shadow	NOUN
ajfa-5241	397	5	on	on	ADP
ajfa-5241	397	6	the	the	DET
ajfa-5241	397	7	efficacy	efficacy	NOUN
ajfa-5241	397	8	of	of	ADP
ajfa-5241	397	9	multifactor	multifactor	NOUN
ajfa-5241	397	10	models	model	NOUN
ajfa-5241	397	11	in	in	ADP
ajfa-5241	397	12	explaining	explain	VERB
ajfa-5241	397	13	prominent	prominent	ADJ
ajfa-5241	397	14	asset	asset	NOUN
ajfa-5241	397	15	pricing	pricing	NOUN
ajfa-5241	397	16	anomalies	anomaly	NOUN
ajfa-5241	397	17	as	as	SCONJ
ajfa-5241	397	18	these	these	DET
ajfa-5241	397	19	models	model	NOUN
ajfa-5241	397	20	have	have	VERB
ajfa-5241	397	21	weak	weak	ADJ
ajfa-5241	397	22	economic	economic	ADJ
ajfa-5241	397	23	foundation	foundation	NOUN
ajfa-5241	397	24	and	and	CCONJ
ajfa-5241	397	25	their	their	PRON
ajfa-5241	397	26	empirical	empirical	ADJ
ajfa-5241	397	27	appeal	appeal	NOUN
ajfa-5241	397	28	will	will	AUX
ajfa-5241	397	29	seem	seem	VERB
ajfa-5241	397	30	to	to	PART
ajfa-5241	397	31	be	be	AUX
ajfa-5241	397	32	fading	fade	VERB
ajfa-5241	397	33	over	over	ADP
ajfa-5241	397	34	time	time	NOUN
ajfa-5241	397	35	across	across	ADP
ajfa-5241	397	36	global	global	ADJ
ajfa-5241	397	37	markets	market	NOUN
ajfa-5241	397	38	.	.	PUNCT
ajfa-5241	398	1	referances	referance	NOUN
ajfa-5241	398	2	banz	banz	VERB
ajfa-5241	398	3	,	,	PUNCT
ajfa-5241	398	4	r.	r.	PROPN
ajfa-5241	398	5	w.	w.	PROPN
ajfa-5241	398	6	(	(	PUNCT
ajfa-5241	398	7	1981	1981	NUM
ajfa-5241	398	8	)	)	PUNCT
ajfa-5241	398	9	.	.	PUNCT
ajfa-5241	399	1	the	the	DET
ajfa-5241	399	2	relationship	relationship	NOUN
ajfa-5241	399	3	between	between	ADP
ajfa-5241	399	4	return	return	NOUN
ajfa-5241	399	5	and	and	CCONJ
ajfa-5241	399	6	market	market	NOUN
ajfa-5241	399	7	value	value	NOUN
ajfa-5241	399	8	of	of	ADP
ajfa-5241	399	9	common	common	ADJ
ajfa-5241	399	10	stocks	stock	NOUN
ajfa-5241	399	11	.	.	PUNCT
ajfa-5241	400	1	journal	journal	NOUN
ajfa-5241	400	2	of	of	ADP
ajfa-5241	400	3	financial	financial	ADJ
ajfa-5241	400	4	economics	economic	NOUN
ajfa-5241	400	5	,	,	PUNCT
ajfa-5241	400	6	9(1	9(1	NUM
ajfa-5241	400	7	)	)	PUNCT
ajfa-5241	400	8	,	,	PUNCT
ajfa-5241	400	9	3	3	NUM
ajfa-5241	400	10	-	-	SYM
ajfa-5241	400	11	18	18	NUM
ajfa-5241	400	12	.	.	PUNCT
ajfa-5241	401	1	basu	basu	PROPN
ajfa-5241	401	2	,	,	PUNCT
ajfa-5241	401	3	s.	s.	PROPN
ajfa-5241	401	4	(	(	PUNCT
ajfa-5241	401	5	1977	1977	NUM
ajfa-5241	401	6	)	)	PUNCT
ajfa-5241	401	7	.	.	PUNCT
ajfa-5241	402	1	investment	investment	NOUN
ajfa-5241	402	2	performance	performance	NOUN
ajfa-5241	402	3	of	of	ADP
ajfa-5241	402	4	common	common	ADJ
ajfa-5241	402	5	stocks	stock	NOUN
ajfa-5241	402	6	in	in	ADP
ajfa-5241	402	7	relation	relation	NOUN
ajfa-5241	402	8	to	to	ADP
ajfa-5241	402	9	their	their	PRON
ajfa-5241	402	10	price‐earnings	price‐earning	NOUN
ajfa-5241	402	11	ratios	ratio	NOUN
ajfa-5241	402	12	:	:	PUNCT
ajfa-5241	402	13	a	a	DET
ajfa-5241	402	14	test	test	NOUN
ajfa-5241	402	15	of	of	ADP
ajfa-5241	402	16	the	the	DET
ajfa-5241	402	17	efficient	efficient	ADJ
ajfa-5241	402	18	market	market	NOUN
ajfa-5241	402	19	hypothesis	hypothesis	NOUN
ajfa-5241	402	20	.	.	PUNCT
ajfa-5241	403	1	the	the	DET
ajfa-5241	403	2	journal	journal	PROPN
ajfa-5241	403	3	of	of	ADP
ajfa-5241	403	4	finance	finance	NOUN
ajfa-5241	403	5	,	,	PUNCT
ajfa-5241	403	6	32(3	32(3	NUM
ajfa-5241	403	7	)	)	PUNCT
ajfa-5241	403	8	,	,	PUNCT
ajfa-5241	403	9	663	663	NUM
ajfa-5241	403	10	-	-	SYM
ajfa-5241	403	11	682	682	NUM
ajfa-5241	403	12	.	.	PUNCT
ajfa-5241	404	1	http://dx.doi.org/10.1111/j.1540-6261.1977.tb01979.x	http://dx.doi.org/10.1111/j.1540-6261.1977.tb01979.x	PROPN
ajfa-5241	404	2	basu	basu	PROPN
ajfa-5241	404	3	,	,	PUNCT
ajfa-5241	404	4	s.	s.	PROPN
ajfa-5241	404	5	(	(	PUNCT
ajfa-5241	404	6	1983	1983	NUM
ajfa-5241	404	7	)	)	PUNCT
ajfa-5241	404	8	.	.	PUNCT
ajfa-5241	405	1	the	the	DET
ajfa-5241	405	2	relationship	relationship	NOUN
ajfa-5241	405	3	between	between	ADP
ajfa-5241	405	4	earnings	earning	NOUN
ajfa-5241	405	5	'	'	PART
ajfa-5241	405	6	yield	yield	NOUN
ajfa-5241	405	7	,	,	PUNCT
ajfa-5241	405	8	market	market	NOUN
ajfa-5241	405	9	value	value	NOUN
ajfa-5241	405	10	and	and	CCONJ
ajfa-5241	405	11	return	return	VERB
ajfa-5241	405	12	for	for	ADP
ajfa-5241	405	13	nyse	nyse	PROPN
ajfa-5241	405	14	common	common	ADJ
ajfa-5241	405	15	stocks	stock	NOUN
ajfa-5241	405	16	:	:	PUNCT
ajfa-5241	405	17	further	further	ADJ
ajfa-5241	405	18	evidence	evidence	NOUN
ajfa-5241	405	19	.	.	PUNCT
ajfa-5241	406	1	journal	journal	NOUN
ajfa-5241	406	2	of	of	ADP
ajfa-5241	406	3	financial	financial	ADJ
ajfa-5241	406	4	economics	economic	NOUN
ajfa-5241	406	5	,	,	PUNCT
ajfa-5241	406	6	12(1	12(1	NUM
ajfa-5241	406	7	)	)	PUNCT
ajfa-5241	406	8	,	,	PUNCT
ajfa-5241	406	9	129	129	NUM
ajfa-5241	406	10	-	-	SYM
ajfa-5241	406	11	156	156	NUM
ajfa-5241	406	12	.	.	PUNCT
ajfa-5241	407	1	berk	berk	PROPN
ajfa-5241	407	2	,	,	PUNCT
ajfa-5241	407	3	j.	j.	PROPN
ajfa-5241	407	4	b.	b.	PROPN
ajfa-5241	407	5	(	(	PUNCT
ajfa-5241	407	6	1995	1995	NUM
ajfa-5241	407	7	)	)	PUNCT
ajfa-5241	407	8	.	.	PUNCT
ajfa-5241	408	1	a	a	DET
ajfa-5241	408	2	critique	critique	NOUN
ajfa-5241	408	3	of	of	ADP
ajfa-5241	408	4	size	size	NOUN
ajfa-5241	408	5	-	-	PUNCT
ajfa-5241	408	6	related	relate	VERB
ajfa-5241	408	7	anomalies	anomaly	NOUN
ajfa-5241	408	8	.	.	PUNCT
ajfa-5241	409	1	review	review	NOUN
ajfa-5241	409	2	of	of	ADP
ajfa-5241	409	3	financial	financial	ADJ
ajfa-5241	409	4	studies	study	NOUN
ajfa-5241	409	5	,	,	PUNCT
ajfa-5241	409	6	8(2	8(2	NUM
ajfa-5241	409	7	)	)	PUNCT
ajfa-5241	409	8	,	,	PUNCT
ajfa-5241	409	9	275	275	NUM
ajfa-5241	409	10	-	-	SYM
ajfa-5241	409	11	286	286	NUM
ajfa-5241	409	12	.	.	PUNCT
ajfa-5241	410	1	http://dx.doi.org/10.1093/rfs/8.2.275	http://dx.doi.org/10.1093/rfs/8.2.275	PROPN
ajfa-5241	410	2	bhandari	bhandari	PROPN
ajfa-5241	410	3	,	,	PUNCT
ajfa-5241	410	4	l.	l.	PROPN
ajfa-5241	410	5	c.	c.	PROPN
ajfa-5241	410	6	(	(	PUNCT
ajfa-5241	410	7	1988	1988	NUM
ajfa-5241	410	8	)	)	PUNCT
ajfa-5241	410	9	.	.	PUNCT
ajfa-5241	411	1	debt	debt	NOUN
ajfa-5241	411	2	/	/	SYM
ajfa-5241	411	3	equity	equity	NOUN
ajfa-5241	411	4	ratio	ratio	NOUN
ajfa-5241	411	5	and	and	CCONJ
ajfa-5241	411	6	expected	expect	VERB
ajfa-5241	411	7	common	common	ADJ
ajfa-5241	411	8	stock	stock	NOUN
ajfa-5241	411	9	returns	return	NOUN
ajfa-5241	411	10	:	:	PUNCT
ajfa-5241	411	11	empirical	empirical	ADJ
ajfa-5241	411	12	evidence	evidence	NOUN
ajfa-5241	411	13	.	.	PUNCT
ajfa-5241	412	1	the	the	DET
ajfa-5241	412	2	journal	journal	NOUN
ajfa-5241	412	3	of	of	ADP
ajfa-5241	412	4	finance	finance	NOUN
ajfa-5241	412	5	,	,	PUNCT
ajfa-5241	412	6	43(2	43(2	PROPN
ajfa-5241	412	7	)	)	PUNCT
ajfa-5241	412	8	,	,	PUNCT
ajfa-5241	412	9	507	507	NUM
ajfa-5241	412	10	-	-	SYM
ajfa-5241	412	11	528	528	NUM
ajfa-5241	412	12	.	.	PUNCT
ajfa-5241	413	1	breeden	breeden	PROPN
ajfa-5241	413	2	,	,	PUNCT
ajfa-5241	413	3	d.	d.	PROPN
ajfa-5241	413	4	t.	t.	PROPN
ajfa-5241	413	5	(	(	PUNCT
ajfa-5241	413	6	1979	1979	NUM
ajfa-5241	413	7	)	)	PUNCT
ajfa-5241	413	8	.	.	PUNCT
ajfa-5241	414	1	an	an	DET
ajfa-5241	414	2	intertemporal	intertemporal	ADJ
ajfa-5241	414	3	asset	asset	NOUN
ajfa-5241	414	4	pricing	pricing	NOUN
ajfa-5241	414	5	model	model	NOUN
ajfa-5241	414	6	with	with	ADP
ajfa-5241	414	7	stochastic	stochastic	ADJ
ajfa-5241	414	8	consumption	consumption	NOUN
ajfa-5241	414	9	and	and	CCONJ
ajfa-5241	414	10	investment	investment	NOUN
ajfa-5241	414	11	opportunities	opportunity	NOUN
ajfa-5241	414	12	.	.	PUNCT
ajfa-5241	415	1	journal	journal	NOUN
ajfa-5241	415	2	of	of	ADP
ajfa-5241	415	3	financial	financial	ADJ
ajfa-5241	415	4	economics,7(3	economics,7(3	PROPN
ajfa-5241	415	5	)	)	PUNCT
ajfa-5241	415	6	,	,	PUNCT
ajfa-5241	415	7	265	265	NUM
ajfa-5241	415	8	-	-	SYM
ajfa-5241	415	9	296	296	NUM
ajfa-5241	415	10	.	.	PUNCT
ajfa-5241	416	1	chan	chan	PROPN
ajfa-5241	416	2	,	,	PUNCT
ajfa-5241	416	3	k.	k.	PROPN
ajfa-5241	416	4	,	,	PUNCT
ajfa-5241	416	5	chen	chen	PROPN
ajfa-5241	416	6	,	,	PUNCT
ajfa-5241	416	7	n.	n.	PROPN
ajfa-5241	416	8	f.	f.	PROPN
ajfa-5241	416	9	,	,	PUNCT
ajfa-5241	416	10	&	&	CCONJ
ajfa-5241	416	11	hsieh	hsieh	PROPN
ajfa-5241	416	12	,	,	PUNCT
ajfa-5241	416	13	d.	d.	PROPN
ajfa-5241	416	14	a.	a.	PROPN
ajfa-5241	416	15	(	(	PUNCT
ajfa-5241	416	16	1985	1985	NUM
ajfa-5241	416	17	)	)	PUNCT
ajfa-5241	416	18	.	.	PUNCT
ajfa-5241	417	1	an	an	DET
ajfa-5241	417	2	exploratory	exploratory	ADJ
ajfa-5241	417	3	investigation	investigation	NOUN
ajfa-5241	417	4	of	of	ADP
ajfa-5241	417	5	the	the	DET
ajfa-5241	417	6	firm	firm	ADJ
ajfa-5241	417	7	size	size	NOUN
ajfa-5241	417	8	effect	effect	NOUN
ajfa-5241	417	9	.	.	PUNCT
ajfa-5241	418	1	journal	journal	NOUN
ajfa-5241	418	2	of	of	ADP
ajfa-5241	418	3	financial	financial	ADJ
ajfa-5241	418	4	economics	economic	NOUN
ajfa-5241	418	5	,	,	PUNCT
ajfa-5241	418	6	14(3	14(3	NUM
ajfa-5241	418	7	)	)	PUNCT
ajfa-5241	418	8	,	,	PUNCT
ajfa-5241	418	9	451	451	NUM
ajfa-5241	418	10	-	-	SYM
ajfa-5241	418	11	471	471	NUM
ajfa-5241	418	12	.	.	PUNCT
ajfa-5241	419	1	carhart	carhart	NOUN
ajfa-5241	419	2	,	,	PUNCT
ajfa-5241	419	3	m.	m.	NOUN
ajfa-5241	419	4	m.	m.	NOUN
ajfa-5241	419	5	(	(	PUNCT
ajfa-5241	419	6	1997	1997	NUM
ajfa-5241	419	7	)	)	PUNCT
ajfa-5241	419	8	.	.	PUNCT
ajfa-5241	420	1	on	on	ADP
ajfa-5241	420	2	persistence	persistence	NOUN
ajfa-5241	420	3	in	in	ADP
ajfa-5241	420	4	mutual	mutual	ADJ
ajfa-5241	420	5	fund	fund	NOUN
ajfa-5241	420	6	performance	performance	NOUN
ajfa-5241	420	7	.	.	PUNCT
ajfa-5241	421	1	the	the	DET
ajfa-5241	421	2	journal	journal	PROPN
ajfa-5241	421	3	of	of	ADP
ajfa-5241	421	4	finance	finance	NOUN
ajfa-5241	421	5	,	,	PUNCT
ajfa-5241	421	6	52(1	52(1	NOUN
ajfa-5241	421	7	)	)	PUNCT
ajfa-5241	421	8	,	,	PUNCT
ajfa-5241	421	9	57-82.http://dx.doi.org/10.1111/j.1540-6261.1997.tb03808.x	57-82.http://dx.doi.org/10.1111/j.1540-6261.1997.tb03808.x	PROPN
ajfa-5241	421	10	chui	chui	PROPN
ajfa-5241	421	11	,	,	PUNCT
ajfa-5241	421	12	a.	a.	PROPN
ajfa-5241	421	13	c.	c.	PROPN
ajfa-5241	421	14	,	,	PUNCT
ajfa-5241	421	15	&	&	CCONJ
ajfa-5241	421	16	wei	wei	PROPN
ajfa-5241	421	17	,	,	PUNCT
ajfa-5241	421	18	k.	k.	PROPN
ajfa-5241	421	19	c.	c.	PROPN
ajfa-5241	421	20	(	(	PUNCT
ajfa-5241	421	21	1998	1998	NUM
ajfa-5241	421	22	)	)	PUNCT
ajfa-5241	421	23	.	.	PUNCT
ajfa-5241	422	1	book	book	NOUN
ajfa-5241	422	2	-	-	PUNCT
ajfa-5241	422	3	to	to	ADP
ajfa-5241	422	4	-	-	PUNCT
ajfa-5241	422	5	market	market	NOUN
ajfa-5241	422	6	,	,	PUNCT
ajfa-5241	422	7	firm	firm	ADJ
ajfa-5241	422	8	size	size	NOUN
ajfa-5241	422	9	,	,	PUNCT
ajfa-5241	422	10	and	and	CCONJ
ajfa-5241	422	11	the	the	DET
ajfa-5241	422	12	turn	turn	NOUN
ajfa-5241	422	13	-	-	PUNCT
ajfa-5241	422	14	of	of	ADP
ajfa-5241	422	15	-	-	PUNCT
ajfa-5241	422	16	the	the	DET
ajfa-5241	422	17	-	-	PUNCT
ajfa-5241	422	18	year	year	NOUN
ajfa-5241	422	19	effect	effect	NOUN
ajfa-5241	422	20	:	:	PUNCT
ajfa-5241	422	21	evidence	evidence	NOUN
ajfa-5241	422	22	from	from	ADP
ajfa-5241	422	23	pacific	pacific	ADJ
ajfa-5241	422	24	-	-	PUNCT
ajfa-5241	422	25	basin	basin	NOUN
ajfa-5241	422	26	emerging	emerge	VERB
ajfa-5241	422	27	markets	market	NOUN
ajfa-5241	422	28	.	.	PUNCT
ajfa-5241	423	1	pacific	pacific	ADJ
ajfa-5241	423	2	-	-	PUNCT
ajfa-5241	423	3	basin	basin	NOUN
ajfa-5241	423	4	finance	finance	NOUN
ajfa-5241	423	5	journal	journal	NOUN
ajfa-5241	423	6	,	,	PUNCT
ajfa-5241	423	7	6(3	6(3	NUM
ajfa-5241	423	8	)	)	PUNCT
ajfa-5241	423	9	,	,	PUNCT
ajfa-5241	423	10	275	275	NUM
ajfa-5241	423	11	-	-	SYM
ajfa-5241	423	12	293	293	NUM
ajfa-5241	423	13	.	.	PUNCT
ajfa-5241	424	1	http://dx.doi.org/10.1016/0927-538x(94)90024-8	http://dx.doi.org/10.1016/0927-538x(94)90024-8	PROPN
ajfa-5241	424	2	daniel	daniel	PROPN
ajfa-5241	424	3	,	,	PUNCT
ajfa-5241	424	4	k.	k.	PROPN
ajfa-5241	424	5	,	,	PUNCT
ajfa-5241	424	6	hirshleifer	hirshleifer	PROPN
ajfa-5241	424	7	,	,	PUNCT
ajfa-5241	424	8	d.	d.	PROPN
ajfa-5241	424	9	,	,	PUNCT
ajfa-5241	424	10	&	&	CCONJ
ajfa-5241	424	11	subrahmanyam	subrahmanyam	PROPN
ajfa-5241	424	12	,	,	PUNCT
ajfa-5241	424	13	a.	a.	NOUN
ajfa-5241	424	14	(	(	PUNCT
ajfa-5241	424	15	1998	1998	NUM
ajfa-5241	424	16	)	)	PUNCT
ajfa-5241	424	17	.	.	PUNCT
ajfa-5241	425	1	investor	investor	NOUN
ajfa-5241	425	2	psychology	psychology	NOUN
ajfa-5241	425	3	and	and	CCONJ
ajfa-5241	425	4	security	security	NOUN
ajfa-5241	425	5	market	market	NOUN
ajfa-5241	425	6	under‐and	under‐and	NOUN
ajfa-5241	425	7	overreactions	overreaction	NOUN
ajfa-5241	425	8	.	.	PUNCT
ajfa-5241	426	1	the	the	DET
ajfa-5241	426	2	journal	journal	PROPN
ajfa-5241	426	3	of	of	ADP
ajfa-5241	426	4	finance	finance	NOUN
ajfa-5241	426	5	,	,	PUNCT
ajfa-5241	426	6	53(6	53(6	PROPN
ajfa-5241	426	7	)	)	PUNCT
ajfa-5241	426	8	,	,	PUNCT
ajfa-5241	426	9	1839	1839	NUM
ajfa-5241	426	10	-	-	SYM
ajfa-5241	426	11	1885	1885	NUM
ajfa-5241	426	12	.	.	PUNCT
ajfa-5241	427	1	http://dx.doi.org/10.1111/0022-1082.00077	http://dx.doi.org/10.1111/0022-1082.00077	PROPN
ajfa-5241	427	2	asian	asian	PROPN
ajfa-5241	427	3	journal	journal	PROPN
ajfa-5241	427	4	of	of	ADP
ajfa-5241	427	5	finance	finance	PROPN
ajfa-5241	427	6	&	&	CCONJ
ajfa-5241	427	7	accounting	accounting	PROPN
ajfa-5241	427	8	issn	issn	PROPN
ajfa-5241	427	9	1946	1946	NUM
ajfa-5241	427	10	-	-	PUNCT
ajfa-5241	427	11	052x	052x	PROPN
ajfa-5241	427	12	2014	2014	NUM
ajfa-5241	427	13	,	,	PUNCT
ajfa-5241	427	14	vol	vol	NOUN
ajfa-5241	427	15	.	.	PROPN
ajfa-5241	427	16	6	6	NUM
ajfa-5241	427	17	,	,	PUNCT
ajfa-5241	427	18	no	no	INTJ
ajfa-5241	427	19	.	.	NOUN
ajfa-5241	427	20	1	1	NUM
ajfa-5241	427	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	427	22	350	350	NUM
ajfa-5241	427	23	daniel	daniel	PROPN
ajfa-5241	427	24	,	,	PUNCT
ajfa-5241	427	25	k.	k.	PROPN
ajfa-5241	427	26	,	,	PUNCT
ajfa-5241	427	27	grinblatt	grinblatt	PROPN
ajfa-5241	427	28	,	,	PUNCT
ajfa-5241	427	29	m.	m.	NOUN
ajfa-5241	427	30	,	,	PUNCT
ajfa-5241	427	31	titman	titman	NOUN
ajfa-5241	427	32	,	,	PUNCT
ajfa-5241	427	33	s.	s.	PROPN
ajfa-5241	427	34	,	,	PUNCT
ajfa-5241	427	35	&	&	CCONJ
ajfa-5241	427	36	wermers	wermer	NOUN
ajfa-5241	427	37	,	,	PUNCT
ajfa-5241	427	38	r.	r.	PROPN
ajfa-5241	427	39	(	(	PUNCT
ajfa-5241	427	40	1997	1997	NUM
ajfa-5241	427	41	)	)	PUNCT
ajfa-5241	427	42	.	.	PUNCT
ajfa-5241	428	1	measuring	measure	VERB
ajfa-5241	428	2	mutual	mutual	ADJ
ajfa-5241	428	3	fund	fund	NOUN
ajfa-5241	428	4	performance	performance	NOUN
ajfa-5241	428	5	with	with	ADP
ajfa-5241	428	6	characteristic‐based	characteristic‐base	VERB
ajfa-5241	428	7	benchmarks	benchmark	NOUN
ajfa-5241	428	8	.	.	PUNCT
ajfa-5241	429	1	the	the	DET
ajfa-5241	429	2	journal	journal	NOUN
ajfa-5241	429	3	of	of	ADP
ajfa-5241	429	4	finance	finance	NOUN
ajfa-5241	429	5	,	,	PUNCT
ajfa-5241	429	6	52(3	52(3	NOUN
ajfa-5241	429	7	)	)	PUNCT
ajfa-5241	429	8	,	,	PUNCT
ajfa-5241	429	9	1035	1035	NUM
ajfa-5241	429	10	-	-	SYM
ajfa-5241	429	11	1058	1058	NUM
ajfa-5241	429	12	.	.	PUNCT
ajfa-5241	430	1	bondt	bondt	PROPN
ajfa-5241	430	2	,	,	PUNCT
ajfa-5241	430	3	w.	w.	PROPN
ajfa-5241	430	4	f.	f.	PROPN
ajfa-5241	430	5	,	,	PUNCT
ajfa-5241	430	6	&	&	CCONJ
ajfa-5241	430	7	thaler	thaler	PROPN
ajfa-5241	430	8	,	,	PUNCT
ajfa-5241	430	9	r.	r.	PROPN
ajfa-5241	430	10	(	(	PUNCT
ajfa-5241	430	11	1985	1985	NUM
ajfa-5241	430	12	)	)	PUNCT
ajfa-5241	430	13	.	.	PUNCT
ajfa-5241	431	1	does	do	AUX
ajfa-5241	431	2	the	the	DET
ajfa-5241	431	3	stock	stock	NOUN
ajfa-5241	431	4	market	market	NOUN
ajfa-5241	431	5	overreact	overreact	VERB
ajfa-5241	431	6	?	?	PUNCT
ajfa-5241	431	7	.	.	PUNCT
ajfa-5241	432	1	the	the	DET
ajfa-5241	432	2	journal	journal	PROPN
ajfa-5241	432	3	of	of	ADP
ajfa-5241	432	4	finance	finance	NOUN
ajfa-5241	432	5	,	,	PUNCT
ajfa-5241	432	6	40(3	40(3	NUM
ajfa-5241	432	7	)	)	PUNCT
ajfa-5241	432	8	,	,	PUNCT
ajfa-5241	432	9	793	793	NUM
ajfa-5241	432	10	-	-	SYM
ajfa-5241	432	11	805	805	NUM
ajfa-5241	432	12	.	.	PUNCT
ajfa-5241	433	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-5241	433	2	de	de	PROPN
ajfa-5241	433	3	bondt	bondt	PROPN
ajfa-5241	433	4	,	,	PUNCT
ajfa-5241	433	5	w.	w.	PROPN
ajfa-5241	433	6	f.	f.	PROPN
ajfa-5241	433	7	,	,	PUNCT
ajfa-5241	433	8	&	&	CCONJ
ajfa-5241	433	9	thaler	thaler	PROPN
ajfa-5241	433	10	,	,	PUNCT
ajfa-5241	433	11	r.	r.	PROPN
ajfa-5241	433	12	h.	h.	PROPN
ajfa-5241	433	13	(	(	PUNCT
ajfa-5241	433	14	1987	1987	NUM
ajfa-5241	433	15	)	)	PUNCT
ajfa-5241	433	16	.	.	PUNCT
ajfa-5241	434	1	further	further	ADJ
ajfa-5241	434	2	evidence	evidence	NOUN
ajfa-5241	434	3	on	on	ADP
ajfa-5241	434	4	investor	investor	NOUN
ajfa-5241	434	5	overreaction	overreaction	NOUN
ajfa-5241	434	6	and	and	CCONJ
ajfa-5241	434	7	stock	stock	NOUN
ajfa-5241	434	8	market	market	NOUN
ajfa-5241	434	9	seasonality	seasonality	NOUN
ajfa-5241	434	10	.	.	PUNCT
ajfa-5241	435	1	journal	journal	PROPN
ajfa-5241	435	2	of	of	ADP
ajfa-5241	435	3	finance	finance	NOUN
ajfa-5241	435	4	,	,	PUNCT
ajfa-5241	435	5	557	557	NUM
ajfa-5241	435	6	-	-	SYM
ajfa-5241	435	7	581	581	NUM
ajfa-5241	435	8	.	.	PUNCT
ajfa-5241	436	1	fama	fama	PROPN
ajfa-5241	436	2	,	,	PUNCT
ajfa-5241	436	3	e.	e.	PROPN
ajfa-5241	436	4	f.	f.	PROPN
ajfa-5241	436	5	,	,	PUNCT
ajfa-5241	436	6	&	&	CCONJ
ajfa-5241	436	7	french	french	PROPN
ajfa-5241	436	8	,	,	PUNCT
ajfa-5241	436	9	k.	k.	PROPN
ajfa-5241	436	10	r.	r.	PROPN
ajfa-5241	436	11	(	(	PUNCT
ajfa-5241	436	12	1993	1993	NUM
ajfa-5241	436	13	)	)	PUNCT
ajfa-5241	436	14	.	.	PUNCT
ajfa-5241	437	1	common	common	ADJ
ajfa-5241	437	2	risk	risk	NOUN
ajfa-5241	437	3	factors	factor	NOUN
ajfa-5241	437	4	in	in	ADP
ajfa-5241	437	5	the	the	DET
ajfa-5241	437	6	returns	return	NOUN
ajfa-5241	437	7	on	on	ADP
ajfa-5241	437	8	stocks	stock	NOUN
ajfa-5241	437	9	and	and	CCONJ
ajfa-5241	437	10	bonds	bond	NOUN
ajfa-5241	437	11	.	.	PUNCT
ajfa-5241	438	1	journal	journal	NOUN
ajfa-5241	438	2	of	of	ADP
ajfa-5241	438	3	financial	financial	ADJ
ajfa-5241	438	4	economics	economic	NOUN
ajfa-5241	438	5	,	,	PUNCT
ajfa-5241	438	6	33(1	33(1	NUM
ajfa-5241	438	7	)	)	PUNCT
ajfa-5241	438	8	,	,	PUNCT
ajfa-5241	438	9	3	3	NUM
ajfa-5241	438	10	-	-	SYM
ajfa-5241	438	11	56	56	NUM
ajfa-5241	438	12	.	.	PUNCT
ajfa-5241	439	1	fama	fama	PROPN
ajfa-5241	439	2	,	,	PUNCT
ajfa-5241	439	3	e.	e.	PROPN
ajfa-5241	439	4	f.	f.	PROPN
ajfa-5241	439	5	,	,	PUNCT
ajfa-5241	439	6	&	&	CCONJ
ajfa-5241	439	7	french	french	PROPN
ajfa-5241	439	8	,	,	PUNCT
ajfa-5241	439	9	k.	k.	PROPN
ajfa-5241	439	10	r.	r.	PROPN
ajfa-5241	439	11	(	(	PUNCT
ajfa-5241	439	12	1995	1995	NUM
ajfa-5241	439	13	)	)	PUNCT
ajfa-5241	439	14	.	.	PUNCT
ajfa-5241	440	1	size	size	NOUN
ajfa-5241	440	2	and	and	CCONJ
ajfa-5241	440	3	book‐to‐market	book‐to‐market	NOUN
ajfa-5241	440	4	factors	factor	NOUN
ajfa-5241	440	5	in	in	ADP
ajfa-5241	440	6	earnings	earning	NOUN
ajfa-5241	440	7	and	and	CCONJ
ajfa-5241	440	8	returns	return	NOUN
ajfa-5241	440	9	.	.	PUNCT
ajfa-5241	441	1	the	the	DET
ajfa-5241	441	2	journal	journal	NOUN
ajfa-5241	441	3	of	of	ADP
ajfa-5241	441	4	finance	finance	NOUN
ajfa-5241	441	5	,	,	PUNCT
ajfa-5241	441	6	50(1	50(1	PROPN
ajfa-5241	441	7	)	)	PUNCT
ajfa-5241	441	8	,	,	PUNCT
ajfa-5241	441	9	131	131	NUM
ajfa-5241	441	10	-	-	SYM
ajfa-5241	441	11	155	155	NUM
ajfa-5241	441	12	.	.	PUNCT
ajfa-5241	441	13	http://dx.doi.org/10.1111/j.1540-6261.1995.tb05169.x	http://dx.doi.org/10.1111/j.1540-6261.1995.tb05169.x	PROPN
ajfa-5241	441	14	.	.	PUNCT
ajfa-5241	442	1	fama	fama	PROPN
ajfa-5241	442	2	,	,	PUNCT
ajfa-5241	442	3	e.	e.	PROPN
ajfa-5241	442	4	f.	f.	PROPN
ajfa-5241	442	5	,	,	PUNCT
ajfa-5241	442	6	&	&	CCONJ
ajfa-5241	442	7	french	french	PROPN
ajfa-5241	442	8	,	,	PUNCT
ajfa-5241	442	9	k.	k.	PROPN
ajfa-5241	442	10	r.	r.	PROPN
ajfa-5241	442	11	(	(	PUNCT
ajfa-5241	442	12	1996	1996	NUM
ajfa-5241	442	13	)	)	PUNCT
ajfa-5241	442	14	.	.	PUNCT
ajfa-5241	443	1	multifactor	multifactor	NOUN
ajfa-5241	443	2	explanations	explanation	NOUN
ajfa-5241	443	3	of	of	ADP
ajfa-5241	443	4	asset	asset	NOUN
ajfa-5241	443	5	pricing	pricing	NOUN
ajfa-5241	443	6	anomalies	anomaly	NOUN
ajfa-5241	443	7	.	.	PUNCT
ajfa-5241	444	1	the	the	DET
ajfa-5241	444	2	journal	journal	PROPN
ajfa-5241	444	3	of	of	ADP
ajfa-5241	444	4	finance	finance	NOUN
ajfa-5241	444	5	,	,	PUNCT
ajfa-5241	444	6	51(1	51(1	NUM
ajfa-5241	444	7	)	)	PUNCT
ajfa-5241	444	8	,	,	PUNCT
ajfa-5241	444	9	55	55	NUM
ajfa-5241	444	10	-	-	SYM
ajfa-5241	444	11	84	84	NUM
ajfa-5241	444	12	.	.	PUNCT
ajfa-5241	445	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-5241	445	2	fama	fama	PROPN
ajfa-5241	445	3	,	,	PUNCT
ajfa-5241	445	4	e.	e.	PROPN
ajfa-5241	445	5	f.	f.	PROPN
ajfa-5241	445	6	,	,	PUNCT
ajfa-5241	445	7	&	&	CCONJ
ajfa-5241	445	8	french	french	PROPN
ajfa-5241	445	9	,	,	PUNCT
ajfa-5241	445	10	k.	k.	PROPN
ajfa-5241	445	11	r.	r.	PROPN
ajfa-5241	445	12	(	(	PUNCT
ajfa-5241	445	13	1998	1998	NUM
ajfa-5241	445	14	)	)	PUNCT
ajfa-5241	445	15	.	.	PUNCT
ajfa-5241	446	1	value	value	NOUN
ajfa-5241	446	2	versus	versus	ADP
ajfa-5241	446	3	growth	growth	NOUN
ajfa-5241	446	4	:	:	PUNCT
ajfa-5241	446	5	the	the	DET
ajfa-5241	446	6	international	international	ADJ
ajfa-5241	446	7	evidence	evidence	NOUN
ajfa-5241	446	8	.	.	PUNCT
ajfa-5241	447	1	the	the	DET
ajfa-5241	447	2	journal	journal	PROPN
ajfa-5241	447	3	of	of	ADP
ajfa-5241	447	4	finance	finance	NOUN
ajfa-5241	447	5	,	,	PUNCT
ajfa-5241	447	6	53(6	53(6	PROPN
ajfa-5241	447	7	)	)	PUNCT
ajfa-5241	447	8	,	,	PUNCT
ajfa-5241	447	9	1975	1975	NUM
ajfa-5241	447	10	-	-	SYM
ajfa-5241	447	11	1999	1999	NUM
ajfa-5241	447	12	.	.	PUNCT
ajfa-5241	448	1	http://dx.doi.org/10.1111/0022-1082.00080	http://dx.doi.org/10.1111/0022-1082.00080	NOUN
ajfa-5241	448	2	fama	fama	PROPN
ajfa-5241	448	3	,	,	PUNCT
ajfa-5241	448	4	e.	e.	PROPN
ajfa-5241	448	5	f.	f.	PROPN
ajfa-5241	448	6	,	,	PUNCT
ajfa-5241	448	7	&	&	CCONJ
ajfa-5241	448	8	french	french	PROPN
ajfa-5241	448	9	,	,	PUNCT
ajfa-5241	448	10	k.	k.	PROPN
ajfa-5241	448	11	r.	r.	PROPN
ajfa-5241	448	12	(	(	PUNCT
ajfa-5241	448	13	2008	2008	NUM
ajfa-5241	448	14	)	)	PUNCT
ajfa-5241	448	15	.	.	PUNCT
ajfa-5241	449	1	dissecting	dissect	VERB
ajfa-5241	449	2	anomalies	anomaly	NOUN
ajfa-5241	449	3	.	.	PUNCT
ajfa-5241	450	1	the	the	DET
ajfa-5241	450	2	journal	journal	PROPN
ajfa-5241	450	3	of	of	ADP
ajfa-5241	450	4	finance	finance	NOUN
ajfa-5241	450	5	,	,	PUNCT
ajfa-5241	450	6	63(4	63(4	NOUN
ajfa-5241	450	7	)	)	PUNCT
ajfa-5241	450	8	,	,	PUNCT
ajfa-5241	450	9	1653	1653	NUM
ajfa-5241	450	10	-	-	SYM
ajfa-5241	450	11	1678	1678	NUM
ajfa-5241	450	12	.	.	PUNCT
ajfa-5241	451	1	http://dx.doi.org/10.1111/j.1540-6261.2008.01371.x	http://dx.doi.org/10.1111/j.1540-6261.2008.01371.x	NOUN
ajfa-5241	451	2	friend	friend	NOUN
ajfa-5241	451	3	and	and	CCONJ
ajfa-5241	451	4	lang	lang	PROPN
ajfa-5241	451	5	(	(	PUNCT
ajfa-5241	451	6	1988	1988	NUM
ajfa-5241	451	7	)	)	PUNCT
ajfa-5241	451	8	,	,	PUNCT
ajfa-5241	451	9	“	"	PUNCT
ajfa-5241	451	10	size	size	NOUN
ajfa-5241	451	11	effect	effect	NOUN
ajfa-5241	451	12	on	on	ADP
ajfa-5241	451	13	stock	stock	NOUN
ajfa-5241	451	14	returns	return	NOUN
ajfa-5241	451	15	”	"	PUNCT
ajfa-5241	451	16	,	,	PUNCT
ajfa-5241	451	17	journal	journal	NOUN
ajfa-5241	451	18	of	of	ADP
ajfa-5241	451	19	banking	banking	NOUN
ajfa-5241	451	20	and	and	CCONJ
ajfa-5241	451	21	finance	finance	NOUN
ajfa-5241	451	22	,	,	PUNCT
ajfa-5241	451	23	12	12	NUM
ajfa-5241	451	24	,	,	PUNCT
ajfa-5241	451	25	13	13	NUM
ajfa-5241	451	26	-	-	SYM
ajfa-5241	451	27	30	30	NUM
ajfa-5241	451	28	jegadeesh	jegadeesh	NOUN
ajfa-5241	451	29	,	,	PUNCT
ajfa-5241	451	30	n.	n.	NOUN
ajfa-5241	451	31	,	,	PUNCT
ajfa-5241	451	32	&	&	CCONJ
ajfa-5241	451	33	titman	titman	PROPN
ajfa-5241	451	34	,	,	PUNCT
ajfa-5241	451	35	s.	s.	PROPN
ajfa-5241	451	36	(	(	PUNCT
ajfa-5241	451	37	1993	1993	NUM
ajfa-5241	451	38	)	)	PUNCT
ajfa-5241	451	39	.	.	PUNCT
ajfa-5241	452	1	returns	return	NOUN
ajfa-5241	452	2	to	to	ADP
ajfa-5241	452	3	buying	buy	VERB
ajfa-5241	452	4	winners	winner	NOUN
ajfa-5241	452	5	and	and	CCONJ
ajfa-5241	452	6	selling	sell	VERB
ajfa-5241	452	7	losers	loser	NOUN
ajfa-5241	452	8	:	:	PUNCT
ajfa-5241	452	9	implications	implication	NOUN
ajfa-5241	452	10	for	for	ADP
ajfa-5241	452	11	stock	stock	NOUN
ajfa-5241	452	12	market	market	NOUN
ajfa-5241	452	13	efficiency	efficiency	NOUN
ajfa-5241	452	14	.	.	PUNCT
ajfa-5241	453	1	the	the	DET
ajfa-5241	453	2	journal	journal	PROPN
ajfa-5241	453	3	of	of	ADP
ajfa-5241	453	4	finance	finance	NOUN
ajfa-5241	453	5	,	,	PUNCT
ajfa-5241	453	6	48(1	48(1	NOUN
ajfa-5241	453	7	)	)	PUNCT
ajfa-5241	453	8	,	,	PUNCT
ajfa-5241	453	9	65	65	NUM
ajfa-5241	453	10	-	-	SYM
ajfa-5241	453	11	91	91	NUM
ajfa-5241	453	12	.	.	PUNCT
ajfa-5241	454	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-5241	454	2	.	.	PUNCT
ajfa-5241	454	3	jegadeesh	jegadeesh	PROPN
ajfa-5241	454	4	,	,	PUNCT
ajfa-5241	454	5	n.	n.	NOUN
ajfa-5241	454	6	,	,	PUNCT
ajfa-5241	454	7	&	&	CCONJ
ajfa-5241	454	8	titman	titman	PROPN
ajfa-5241	454	9	,	,	PUNCT
ajfa-5241	454	10	s.	s.	PROPN
ajfa-5241	454	11	(	(	PUNCT
ajfa-5241	454	12	2001	2001	NUM
ajfa-5241	454	13	)	)	PUNCT
ajfa-5241	454	14	.	.	PUNCT
ajfa-5241	455	1	profitability	profitability	NOUN
ajfa-5241	455	2	of	of	ADP
ajfa-5241	455	3	momentum	momentum	NOUN
ajfa-5241	455	4	strategies	strategy	NOUN
ajfa-5241	455	5	:	:	PUNCT
ajfa-5241	455	6	an	an	DET
ajfa-5241	455	7	evaluation	evaluation	NOUN
ajfa-5241	455	8	of	of	ADP
ajfa-5241	455	9	alternative	alternative	ADJ
ajfa-5241	455	10	explanations	explanation	NOUN
ajfa-5241	455	11	.	.	PUNCT
ajfa-5241	456	1	the	the	DET
ajfa-5241	456	2	journal	journal	NOUN
ajfa-5241	456	3	of	of	ADP
ajfa-5241	456	4	finance	finance	NOUN
ajfa-5241	456	5	,	,	PUNCT
ajfa-5241	456	6	56(2	56(2	ADJ
ajfa-5241	456	7	)	)	PUNCT
ajfa-5241	456	8	,	,	PUNCT
ajfa-5241	456	9	699	699	NUM
ajfa-5241	456	10	-	-	SYM
ajfa-5241	456	11	720	720	NUM
ajfa-5241	456	12	.	.	PUNCT
ajfa-5241	457	1	lakonishok	lakonishok	PROPN
ajfa-5241	457	2	,	,	PUNCT
ajfa-5241	457	3	j.	j.	PROPN
ajfa-5241	457	4	,	,	PUNCT
ajfa-5241	457	5	shleifer	shleifer	PROPN
ajfa-5241	457	6	,	,	PUNCT
ajfa-5241	457	7	a.	a.	PROPN
ajfa-5241	457	8	,	,	PUNCT
ajfa-5241	457	9	&	&	CCONJ
ajfa-5241	457	10	vishny	vishny	PROPN
ajfa-5241	457	11	,	,	PUNCT
ajfa-5241	457	12	r.	r.	PROPN
ajfa-5241	457	13	w.	w.	PROPN
ajfa-5241	457	14	(	(	PUNCT
ajfa-5241	457	15	1994	1994	NUM
ajfa-5241	457	16	)	)	PUNCT
ajfa-5241	457	17	.	.	PUNCT
ajfa-5241	458	1	contrarian	contrarian	ADJ
ajfa-5241	458	2	investment	investment	NOUN
ajfa-5241	458	3	,	,	PUNCT
ajfa-5241	458	4	extrapolation	extrapolation	NOUN
ajfa-5241	458	5	,	,	PUNCT
ajfa-5241	458	6	and	and	CCONJ
ajfa-5241	458	7	risk	risk	NOUN
ajfa-5241	458	8	.	.	PUNCT
ajfa-5241	459	1	the	the	DET
ajfa-5241	459	2	journal	journal	PROPN
ajfa-5241	459	3	of	of	ADP
ajfa-5241	459	4	finance	finance	NOUN
ajfa-5241	459	5	,	,	PUNCT
ajfa-5241	459	6	49(5	49(5	NUM
ajfa-5241	459	7	)	)	PUNCT
ajfa-5241	459	8	,	,	PUNCT
ajfa-5241	459	9	1541	1541	NUM
ajfa-5241	459	10	-	-	SYM
ajfa-5241	459	11	1578	1578	NUM
ajfa-5241	459	12	.	.	PUNCT
ajfa-5241	460	1	http://dx.doi.org/10.1111/j.1540-6261.1994.tb04772.x	http://dx.doi.org/10.1111/j.1540-6261.1994.tb04772.x	PROPN
ajfa-5241	460	2	liu	liu	PROPN
ajfa-5241	460	3	,	,	PUNCT
ajfa-5241	460	4	l.	l.	PROPN
ajfa-5241	460	5	x.	x.	PROPN
ajfa-5241	460	6	,	,	PUNCT
ajfa-5241	460	7	&	&	CCONJ
ajfa-5241	460	8	zhang	zhang	PROPN
ajfa-5241	460	9	,	,	PUNCT
ajfa-5241	460	10	l.	l.	PROPN
ajfa-5241	460	11	(	(	PUNCT
ajfa-5241	460	12	2008	2008	NUM
ajfa-5241	460	13	)	)	PUNCT
ajfa-5241	460	14	.	.	PUNCT
ajfa-5241	461	1	momentum	momentum	NOUN
ajfa-5241	461	2	profits	profit	NOUN
ajfa-5241	461	3	,	,	PUNCT
ajfa-5241	461	4	factor	factor	NOUN
ajfa-5241	461	5	pricing	pricing	NOUN
ajfa-5241	461	6	,	,	PUNCT
ajfa-5241	461	7	and	and	CCONJ
ajfa-5241	461	8	macroeconomic	macroeconomic	ADJ
ajfa-5241	461	9	risk	risk	NOUN
ajfa-5241	461	10	.	.	PUNCT
ajfa-5241	462	1	review	review	NOUN
ajfa-5241	462	2	of	of	ADP
ajfa-5241	462	3	financial	financial	ADJ
ajfa-5241	462	4	studies	study	NOUN
ajfa-5241	462	5	,	,	PUNCT
ajfa-5241	462	6	21(6	21(6	NOUN
ajfa-5241	462	7	)	)	PUNCT
ajfa-5241	462	8	,	,	PUNCT
ajfa-5241	462	9	2417	2417	NUM
ajfa-5241	462	10	-	-	SYM
ajfa-5241	462	11	2448	2448	NUM
ajfa-5241	462	12	.	.	PUNCT
ajfa-5241	463	1	http://dx.doi.org/10.1093/rfs/hhn090	http://dx.doi.org/10.1093/rfs/hhn090	PROPN
ajfa-5241	463	2	sharpe	sharpe	PROPN
ajfa-5241	463	3	,	,	PUNCT
ajfa-5241	463	4	w.	w.	PROPN
ajfa-5241	463	5	f.	f.	PROPN
ajfa-5241	463	6	(	(	PUNCT
ajfa-5241	463	7	1964	1964	NUM
ajfa-5241	463	8	)	)	PUNCT
ajfa-5241	463	9	.	.	PUNCT
ajfa-5241	464	1	capital	capital	NOUN
ajfa-5241	464	2	asset	asset	NOUN
ajfa-5241	464	3	prices	price	NOUN
ajfa-5241	464	4	:	:	PUNCT
ajfa-5241	464	5	a	a	DET
ajfa-5241	464	6	theory	theory	NOUN
ajfa-5241	464	7	of	of	ADP
ajfa-5241	464	8	market	market	NOUN
ajfa-5241	464	9	equilibrium	equilibrium	NOUN
ajfa-5241	464	10	under	under	ADP
ajfa-5241	464	11	conditions	condition	NOUN
ajfa-5241	464	12	of	of	ADP
ajfa-5241	464	13	risk	risk	NOUN
ajfa-5241	464	14	*	*	PUNCT
ajfa-5241	464	15	.	.	PUNCT
ajfa-5241	465	1	the	the	DET
ajfa-5241	465	2	journal	journal	PROPN
ajfa-5241	465	3	of	of	ADP
ajfa-5241	465	4	finance	finance	NOUN
ajfa-5241	465	5	,	,	PUNCT
ajfa-5241	465	6	19(3	19(3	NUM
ajfa-5241	465	7	)	)	PUNCT
ajfa-5241	465	8	,	,	PUNCT
ajfa-5241	465	9	425	425	NUM
ajfa-5241	465	10	-	-	SYM
ajfa-5241	465	11	442	442	NUM
ajfa-5241	465	12	.	.	PUNCT
ajfa-5241	466	1	sehgal	sehgal	PROPN
ajfa-5241	466	2	,	,	PUNCT
ajfa-5241	466	3	s.	s.	PROPN
ajfa-5241	466	4	(	(	PUNCT
ajfa-5241	466	5	2003	2003	NUM
ajfa-5241	466	6	)	)	PUNCT
ajfa-5241	466	7	.	.	PUNCT
ajfa-5241	467	1	common	common	ADJ
ajfa-5241	467	2	factors	factor	NOUN
ajfa-5241	467	3	in	in	ADP
ajfa-5241	467	4	stock	stock	NOUN
ajfa-5241	467	5	returns	return	NOUN
ajfa-5241	467	6	:	:	PUNCT
ajfa-5241	467	7	the	the	DET
ajfa-5241	467	8	indian	indian	ADJ
ajfa-5241	467	9	evidence	evidence	NOUN
ajfa-5241	467	10	.	.	PUNCT
ajfa-5241	468	1	the	the	DET
ajfa-5241	468	2	icfai	icfai	NUM
ajfa-5241	468	3	journal	journal	NOUN
ajfa-5241	468	4	of	of	ADP
ajfa-5241	468	5	applied	apply	VERB
ajfa-5241	468	6	finance	finance	NOUN
ajfa-5241	468	7	,	,	PUNCT
ajfa-5241	468	8	9(1	9(1	NUM
ajfa-5241	468	9	)	)	PUNCT
ajfa-5241	468	10	,	,	PUNCT
ajfa-5241	468	11	5	5	NUM
ajfa-5241	468	12	-	-	SYM
ajfa-5241	468	13	16	16	NUM
ajfa-5241	468	14	.	.	PUNCT
ajfa-5241	468	15	http://dx.doi.org/10.1108/17439131211261279	http://dx.doi.org/10.1108/17439131211261279	PROPN
ajfa-5241	468	16	sehgal	sehgal	PROPN
ajfa-5241	468	17	,	,	PUNCT
ajfa-5241	468	18	s.	s.	PROPN
ajfa-5241	468	19	,	,	PUNCT
ajfa-5241	468	20	&	&	CCONJ
ajfa-5241	468	21	balakrishnan	balakrishnan	PROPN
ajfa-5241	468	22	,	,	PUNCT
ajfa-5241	468	23	a.	a.	PROPN
ajfa-5241	468	24	(	(	PUNCT
ajfa-5241	468	25	2013	2013	NUM
ajfa-5241	468	26	)	)	PUNCT
ajfa-5241	468	27	.	.	PUNCT
ajfa-5241	469	1	robustness	robustness	NOUN
ajfa-5241	469	2	of	of	ADP
ajfa-5241	469	3	fama	fama	NOUN
ajfa-5241	469	4	-	-	PUNCT
ajfa-5241	469	5	french	french	ADJ
ajfa-5241	469	6	three	three	NUM
ajfa-5241	469	7	factor	factor	NOUN
ajfa-5241	469	8	model	model	NOUN
ajfa-5241	469	9	:	:	PUNCT
ajfa-5241	469	10	further	further	ADJ
ajfa-5241	469	11	evidence	evidence	NOUN
ajfa-5241	469	12	for	for	ADP
ajfa-5241	469	13	indian	indian	ADJ
ajfa-5241	469	14	stock	stock	NOUN
ajfa-5241	469	15	market	market	NOUN
ajfa-5241	469	16	.	.	PUNCT
ajfa-5241	470	1	vision	vision	NOUN
ajfa-5241	470	2	:	:	PUNCT
ajfa-5241	470	3	the	the	DET
ajfa-5241	470	4	journal	journal	NOUN
ajfa-5241	470	5	of	of	ADP
ajfa-5241	470	6	business	business	PROPN
ajfa-5241	470	7	perspective	perspective	NOUN
ajfa-5241	470	8	,	,	PUNCT
ajfa-5241	470	9	17(2	17(2	NUM
ajfa-5241	470	10	)	)	PUNCT
ajfa-5241	470	11	,	,	PUNCT
ajfa-5241	470	12	119	119	NUM
ajfa-5241	470	13	-	-	SYM
ajfa-5241	470	14	127	127	NUM
ajfa-5241	470	15	.	.	PUNCT
ajfa-5241	471	1	asian	asian	ADJ
ajfa-5241	471	2	journal	journal	PROPN
ajfa-5241	471	3	of	of	ADP
ajfa-5241	471	4	finance	finance	PROPN
ajfa-5241	471	5	&	&	CCONJ
ajfa-5241	471	6	accounting	accounting	PROPN
ajfa-5241	471	7	issn	issn	PROPN
ajfa-5241	471	8	1946	1946	NUM
ajfa-5241	471	9	-	-	PUNCT
ajfa-5241	471	10	052x	052x	PROPN
ajfa-5241	471	11	2014	2014	NUM
ajfa-5241	471	12	,	,	PUNCT
ajfa-5241	471	13	vol	vol	NOUN
ajfa-5241	471	14	.	.	PROPN
ajfa-5241	472	1	6	6	NUM
ajfa-5241	472	2	,	,	PUNCT
ajfa-5241	472	3	no	no	INTJ
ajfa-5241	472	4	.	.	NOUN
ajfa-5241	472	5	1	1	NUM
ajfa-5241	472	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	472	7	351	351	NUM
ajfa-5241	472	8	sehgal	sehgal	ADJ
ajfa-5241	472	9	,	,	PUNCT
ajfa-5241	472	10	s.	s.	PROPN
ajfa-5241	472	11	(	(	PUNCT
ajfa-5241	472	12	2006	2006	NUM
ajfa-5241	472	13	,	,	PUNCT
ajfa-5241	472	14	january	january	PROPN
ajfa-5241	472	15	)	)	PUNCT
ajfa-5241	472	16	.	.	PUNCT
ajfa-5241	473	1	rational	rational	ADJ
ajfa-5241	473	2	sources	source	NOUN
ajfa-5241	473	3	of	of	ADP
ajfa-5241	473	4	momentum	momentum	NOUN
ajfa-5241	473	5	profits	profit	NOUN
ajfa-5241	473	6	:	:	PUNCT
ajfa-5241	473	7	evidence	evidence	NOUN
ajfa-5241	473	8	from	from	ADP
ajfa-5241	473	9	the	the	DET
ajfa-5241	473	10	indian	indian	ADJ
ajfa-5241	473	11	equity	equity	NOUN
ajfa-5241	473	12	market	market	NOUN
ajfa-5241	473	13	.	.	PUNCT
ajfa-5241	474	1	in	in	ADP
ajfa-5241	474	2	indian	indian	PROPN
ajfa-5241	474	3	institute	institute	PROPN
ajfa-5241	474	4	of	of	ADP
ajfa-5241	474	5	capital	capital	PROPN
ajfa-5241	474	6	markets	market	NOUN
ajfa-5241	474	7	9th	9th	ADJ
ajfa-5241	474	8	capital	capital	NOUN
ajfa-5241	474	9	markets	market	NOUN
ajfa-5241	474	10	conference	conference	NOUN
ajfa-5241	474	11	paper	paper	NOUN
ajfa-5241	474	12	.	.	PUNCT
ajfa-5241	475	1	sehgal	sehgal	PROPN
ajfa-5241	475	2	,	,	PUNCT
ajfa-5241	475	3	s.	s.	PROPN
ajfa-5241	475	4	,	,	PUNCT
ajfa-5241	475	5	&	&	CCONJ
ajfa-5241	475	6	jain	jain	PROPN
ajfa-5241	475	7	,	,	PUNCT
ajfa-5241	475	8	s.	s.	PROPN
ajfa-5241	475	9	(	(	PUNCT
ajfa-5241	475	10	2011	2011	NUM
ajfa-5241	475	11	)	)	PUNCT
ajfa-5241	475	12	.	.	PUNCT
ajfa-5241	476	1	short	short	ADJ
ajfa-5241	476	2	-	-	PUNCT
ajfa-5241	476	3	term	term	NOUN
ajfa-5241	476	4	momentum	momentum	NOUN
ajfa-5241	476	5	patterns	pattern	NOUN
ajfa-5241	476	6	in	in	ADP
ajfa-5241	476	7	stock	stock	NOUN
ajfa-5241	476	8	and	and	CCONJ
ajfa-5241	476	9	sectoral	sectoral	ADJ
ajfa-5241	476	10	returns	return	NOUN
ajfa-5241	476	11	:	:	PUNCT
ajfa-5241	476	12	evidence	evidence	NOUN
ajfa-5241	476	13	from	from	ADP
ajfa-5241	476	14	india	india	PROPN
ajfa-5241	476	15	.	.	PUNCT
ajfa-5241	477	1	journal	journal	PROPN
ajfa-5241	477	2	of	of	ADP
ajfa-5241	477	3	advances	advance	NOUN
ajfa-5241	477	4	in	in	ADP
ajfa-5241	477	5	management	management	NOUN
ajfa-5241	477	6	research	research	NOUN
ajfa-5241	477	7	,	,	PUNCT
ajfa-5241	477	8	8(1	8(1	NOUN
ajfa-5241	477	9	)	)	PUNCT
ajfa-5241	477	10	,	,	PUNCT
ajfa-5241	477	11	99	99	NUM
ajfa-5241	477	12	-	-	SYM
ajfa-5241	477	13	122	122	NUM
ajfa-5241	477	14	.	.	PUNCT
ajfa-5241	478	1	stattman	stattman	PROPN
ajfa-5241	478	2	,	,	PUNCT
ajfa-5241	478	3	d.	d.	PROPN
ajfa-5241	478	4	(	(	PUNCT
ajfa-5241	478	5	1980	1980	NUM
ajfa-5241	478	6	)	)	PUNCT
ajfa-5241	478	7	.	.	PUNCT
ajfa-5241	479	1	book	book	NOUN
ajfa-5241	479	2	values	value	NOUN
ajfa-5241	479	3	and	and	CCONJ
ajfa-5241	479	4	stock	stock	NOUN
ajfa-5241	479	5	returns	return	NOUN
ajfa-5241	479	6	.	.	PUNCT
ajfa-5241	480	1	the	the	DET
ajfa-5241	480	2	chicago	chicago	PROPN
ajfa-5241	480	3	mba	mba	PROPN
ajfa-5241	480	4	:	:	PUNCT
ajfa-5241	480	5	a	a	DET
ajfa-5241	480	6	journal	journal	NOUN
ajfa-5241	480	7	of	of	ADP
ajfa-5241	480	8	selected	select	VERB
ajfa-5241	480	9	papers	paper	NOUN
ajfa-5241	480	10	,	,	PUNCT
ajfa-5241	480	11	4(1	4(1	NOUN
ajfa-5241	480	12	)	)	PUNCT
ajfa-5241	480	13	,	,	PUNCT
ajfa-5241	480	14	25	25	NUM
ajfa-5241	480	15	-	-	SYM
ajfa-5241	480	16	45	45	NUM
ajfa-5241	480	17	.	.	PUNCT
ajfa-5241	481	1	asian	asian	ADJ
ajfa-5241	481	2	journal	journal	PROPN
ajfa-5241	481	3	of	of	ADP
ajfa-5241	481	4	finance	finance	PROPN
ajfa-5241	481	5	&	&	CCONJ
ajfa-5241	481	6	accounting	accounting	PROPN
ajfa-5241	481	7	issn	issn	PROPN
ajfa-5241	481	8	1946	1946	NUM
ajfa-5241	481	9	-	-	PUNCT
ajfa-5241	481	10	052x	052x	PROPN
ajfa-5241	481	11	2014	2014	NUM
ajfa-5241	481	12	,	,	PUNCT
ajfa-5241	481	13	vol	vol	NOUN
ajfa-5241	481	14	.	.	PROPN
ajfa-5241	482	1	6	6	NUM
ajfa-5241	482	2	,	,	PUNCT
ajfa-5241	482	3	no	no	INTJ
ajfa-5241	482	4	.	.	NOUN
ajfa-5241	482	5	1	1	NUM
ajfa-5241	482	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	482	7	352	352	NUM
ajfa-5241	482	8	table	table	NOUN
ajfa-5241	482	9	1	1	NUM
ajfa-5241	482	10	.	.	PUNCT
ajfa-5241	482	11	empirical	empirical	ADJ
ajfa-5241	482	12	results	result	NOUN
ajfa-5241	482	13	for	for	ADP
ajfa-5241	482	14	single	single	ADJ
ajfa-5241	482	15	sorted	sorted	ADJ
ajfa-5241	482	16	portfolios	portfolio	NOUN
ajfa-5241	482	17	for	for	ADP
ajfa-5241	482	18	size	size	NOUN
ajfa-5241	482	19	sorted	sort	VERB
ajfa-5241	482	20	portfolios	portfolio	NOUN
ajfa-5241	482	21	p1	p1	NOUN
ajfa-5241	482	22	represents	represent	VERB
ajfa-5241	482	23	small	small	ADJ
ajfa-5241	482	24	size	size	NOUN
ajfa-5241	482	25	stocks	stock	NOUN
ajfa-5241	482	26	while	while	SCONJ
ajfa-5241	482	27	p5	p5	ADJ
ajfa-5241	482	28	indicates	indicate	VERB
ajfa-5241	482	29	big	big	ADJ
ajfa-5241	482	30	stock	stock	NOUN
ajfa-5241	482	31	portfolios	portfolio	NOUN
ajfa-5241	482	32	(	(	PUNCT
ajfa-5241	482	33	based	base	VERB
ajfa-5241	482	34	on	on	ADP
ajfa-5241	482	35	market	market	NOUN
ajfa-5241	482	36	capitalization	capitalization	NOUN
ajfa-5241	482	37	,	,	PUNCT
ajfa-5241	482	38	total	total	ADJ
ajfa-5241	482	39	assets	asset	NOUN
ajfa-5241	482	40	and	and	CCONJ
ajfa-5241	482	41	enterprise	enterprise	NOUN
ajfa-5241	482	42	value	value	NOUN
ajfa-5241	482	43	)	)	PUNCT
ajfa-5241	482	44	.	.	PUNCT
ajfa-5241	483	1	for	for	ADP
ajfa-5241	483	2	value	value	NOUN
ajfa-5241	483	3	sorted	sort	VERB
ajfa-5241	483	4	portfolios	portfolio	NOUN
ajfa-5241	483	5	(	(	PUNCT
ajfa-5241	483	6	based	base	VERB
ajfa-5241	483	7	on	on	ADP
ajfa-5241	483	8	price	price	NOUN
ajfa-5241	483	9	to	to	ADP
ajfa-5241	483	10	book	book	NOUN
ajfa-5241	483	11	and	and	CCONJ
ajfa-5241	483	12	price	price	NOUN
ajfa-5241	483	13	to	to	ADP
ajfa-5241	483	14	earning	earn	VERB
ajfa-5241	483	15	ratios	ratio	NOUN
ajfa-5241	483	16	)	)	PUNCT
ajfa-5241	483	17	p1	p1	NOUN
ajfa-5241	483	18	represents	represent	VERB
ajfa-5241	483	19	value	value	NOUN
ajfa-5241	483	20	stocks	stock	NOUN
ajfa-5241	483	21	while	while	SCONJ
ajfa-5241	483	22	p5	p5	ADJ
ajfa-5241	483	23	denotes	denote	NOUN
ajfa-5241	483	24	growth	growth	NOUN
ajfa-5241	483	25	stocks	stock	NOUN
ajfa-5241	483	26	.	.	PUNCT
ajfa-5241	484	1	panel	panel	NOUN
ajfa-5241	484	2	a	a	DET
ajfa-5241	484	3	:	:	PUNCT
ajfa-5241	484	4	mean	mean	ADJ
ajfa-5241	484	5	excess	excess	ADJ
ajfa-5241	484	6	returns	return	NOUN
ajfa-5241	484	7	mc	mc	PROPN
ajfa-5241	484	8	p1	p1	PROPN
ajfa-5241	484	9	p5	p5	PROPN
ajfa-5241	484	10	mean	mean	VERB
ajfa-5241	484	11	0.045	0.045	NUM
ajfa-5241	484	12	0.009	0.009	NUM
ajfa-5241	484	13	standard	standard	ADJ
ajfa-5241	484	14	deviation	deviation	NOUN
ajfa-5241	484	15	0.121	0.121	NUM
ajfa-5241	484	16	0.088	0.088	NUM
ajfa-5241	484	17	ta	ta	ADP
ajfa-5241	484	18	p1	p1	VERB
ajfa-5241	484	19	p5	p5	PROPN
ajfa-5241	484	20	mean	mean	VERB
ajfa-5241	484	21	0.047	0.047	NUM
ajfa-5241	484	22	0.014	0.014	NUM
ajfa-5241	484	23	standard	standard	ADJ
ajfa-5241	484	24	deviation	deviation	NOUN
ajfa-5241	484	25	0.114	0.114	NUM
ajfa-5241	484	26	0.100	0.100	NUM
ajfa-5241	484	27	ev	ev	ADP
ajfa-5241	484	28	p1	p1	PROPN
ajfa-5241	484	29	p5	p5	PROPN
ajfa-5241	484	30	mean	mean	VERB
ajfa-5241	484	31	0.046	0.046	NUM
ajfa-5241	484	32	0.010	0.010	NUM
ajfa-5241	484	33	standard	standard	ADJ
ajfa-5241	484	34	deviation	deviation	NOUN
ajfa-5241	484	35	0.111	0.111	NUM
ajfa-5241	484	36	0.093	0.093	NUM
ajfa-5241	484	37	pb	pb	ADP
ajfa-5241	484	38	p1	p1	PROPN
ajfa-5241	484	39	p5	p5	PROPN
ajfa-5241	484	40	mean	mean	VERB
ajfa-5241	484	41	0.034	0.034	NUM
ajfa-5241	484	42	0.014	0.014	NUM
ajfa-5241	484	43	standard	standard	ADJ
ajfa-5241	484	44	deviation	deviation	NOUN
ajfa-5241	484	45	0.121	0.121	NUM
ajfa-5241	484	46	0.090	0.090	NUM
ajfa-5241	484	47	pe	pe	X
ajfa-5241	484	48	p1	p1	NOUN
ajfa-5241	484	49	p5	p5	PROPN
ajfa-5241	484	50	mean	mean	VERB
ajfa-5241	484	51	0.029	0.029	NUM
ajfa-5241	484	52	0.017	0.017	NUM
ajfa-5241	484	53	standard	standard	ADJ
ajfa-5241	484	54	deviation	deviation	NOUN
ajfa-5241	484	55	0.109	0.109	NUM
ajfa-5241	484	56	0.105	0.105	NUM
ajfa-5241	484	57	panel	panel	NOUN
ajfa-5241	484	58	b	b	NOUN
ajfa-5241	484	59	:	:	PUNCT
ajfa-5241	484	60	capm	capm	PROPN
ajfa-5241	484	61	results	result	VERB
ajfa-5241	484	62	mc	mc	PROPN
ajfa-5241	484	63	a	a	DET
ajfa-5241	484	64	b	b	PROPN
ajfa-5241	484	65	t(a	t(a	NOUN
ajfa-5241	484	66	)	)	PUNCT
ajfa-5241	484	67	t(b	t(b	NOUN
ajfa-5241	484	68	)	)	PUNCT
ajfa-5241	484	69	r2	r2	PROPN
ajfa-5241	484	70	p1	p1	PROPN
ajfa-5241	484	71	0.037	0.037	NUM
ajfa-5241	484	72	1.101	1.101	NUM
ajfa-5241	484	73	6.339	6.339	NUM
ajfa-5241	484	74	15.834	15.834	NUM
ajfa-5241	484	75	0.585	0.585	NUM
ajfa-5241	484	76	p5	p5	ADJ
ajfa-5241	484	77	0.001	0.001	NUM
ajfa-5241	484	78	1.002	1.002	NUM
ajfa-5241	484	79	0.697	0.697	NUM
ajfa-5241	484	80	42.685	42.685	NUM
ajfa-5241	484	81	0.911	0.911	NUM
ajfa-5241	484	82	asian	asian	ADJ
ajfa-5241	484	83	journal	journal	NOUN
ajfa-5241	484	84	of	of	ADP
ajfa-5241	484	85	finance	finance	PROPN
ajfa-5241	484	86	&	&	CCONJ
ajfa-5241	484	87	accounting	accounting	PROPN
ajfa-5241	484	88	issn	issn	PROPN
ajfa-5241	484	89	1946	1946	NUM
ajfa-5241	484	90	-	-	PUNCT
ajfa-5241	484	91	052x	052x	PROPN
ajfa-5241	484	92	2014	2014	NUM
ajfa-5241	484	93	,	,	PUNCT
ajfa-5241	484	94	vol	vol	NOUN
ajfa-5241	484	95	.	.	PROPN
ajfa-5241	485	1	6	6	NUM
ajfa-5241	485	2	,	,	PUNCT
ajfa-5241	485	3	no	no	INTJ
ajfa-5241	485	4	.	.	NOUN
ajfa-5241	485	5	1	1	NUM
ajfa-5241	485	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	485	7	353	353	NUM
ajfa-5241	485	8	ta	ta	ADP
ajfa-5241	485	9	a	a	DET
ajfa-5241	485	10	b	b	PROPN
ajfa-5241	485	11	t(a	t(a	NOUN
ajfa-5241	485	12	)	)	PUNCT
ajfa-5241	485	13	t(b	t(b	NOUN
ajfa-5241	485	14	)	)	PUNCT
ajfa-5241	485	15	r2	r2	PROPN
ajfa-5241	485	16	p1	p1	NOUN
ajfa-5241	485	17	0.040	0.040	NUM
ajfa-5241	485	18	1.067	1.067	NUM
ajfa-5241	485	19	7.586	7.586	NUM
ajfa-5241	485	20	17.162	17.162	NUM
ajfa-5241	485	21	0.623	0.623	NUM
ajfa-5241	485	22	p5	p5	ADJ
ajfa-5241	485	23	0.007	0.007	NUM
ajfa-5241	485	24	1.082	1.082	NUM
ajfa-5241	485	25	2.114	2.114	NUM
ajfa-5241	485	26	29.481	29.481	NUM
ajfa-5241	485	27	0.830	0.830	NUM
ajfa-5241	485	28	ev	ev	ADP
ajfa-5241	485	29	a	a	DET
ajfa-5241	485	30	b	b	PROPN
ajfa-5241	485	31	t(a	t(a	NOUN
ajfa-5241	485	32	)	)	PUNCT
ajfa-5241	485	33	t(b	t(b	NOUN
ajfa-5241	485	34	)	)	PUNCT
ajfa-5241	485	35	r2	r2	PROPN
ajfa-5241	485	36	p1	p1	PROPN
ajfa-5241	485	37	0.038	0.038	NUM
ajfa-5241	485	38	1.068	1.068	NUM
ajfa-5241	485	39	7.700	7.700	NUM
ajfa-5241	485	40	18.139	18.139	NUM
ajfa-5241	485	41	0.649	0.649	NUM
ajfa-5241	485	42	p5	p5	ADJ
ajfa-5241	485	43	0.003	0.003	NUM
ajfa-5241	485	44	1.038	1.038	NUM
ajfa-5241	485	45	1.110	1.110	NUM
ajfa-5241	485	46	36.604	36.604	NUM
ajfa-5241	485	47	0.883	0.883	NUM
ajfa-5241	485	48	pb	pb	ADP
ajfa-5241	485	49	a	a	DET
ajfa-5241	485	50	b	b	NOUN
ajfa-5241	485	51	t(a	t(a	NOUN
ajfa-5241	485	52	)	)	PUNCT
ajfa-5241	485	53	t(b	t(b	NOUN
ajfa-5241	485	54	)	)	PUNCT
ajfa-5241	485	55	r2	r2	PROPN
ajfa-5241	485	56	p1	p1	PROPN
ajfa-5241	485	57	0.026	0.026	NUM
ajfa-5241	485	58	1.126	1.126	NUM
ajfa-5241	485	59	4.612	4.612	NUM
ajfa-5241	485	60	16.848	16.848	NUM
ajfa-5241	485	61	0.615	0.615	NUM
ajfa-5241	485	62	p5	p5	ADJ
ajfa-5241	485	63	0.007	0.007	NUM
ajfa-5241	485	64	0.979	0.979	NUM
ajfa-5241	485	65	2.411	2.411	NUM
ajfa-5241	485	66	29.758	29.758	NUM
ajfa-5241	485	67	0.833	0.833	NUM
ajfa-5241	485	68	pe	pe	ADP
ajfa-5241	485	69	a	a	DET
ajfa-5241	485	70	b	b	PROPN
ajfa-5241	485	71	t(a	t(a	NOUN
ajfa-5241	485	72	)	)	PUNCT
ajfa-5241	485	73	t(b	t(b	NOUN
ajfa-5241	485	74	)	)	PUNCT
ajfa-5241	485	75	r2	r2	PROPN
ajfa-5241	485	76	p1	p1	NOUN
ajfa-5241	485	77	0.022	0.022	NUM
ajfa-5241	485	78	1.059	1.059	NUM
ajfa-5241	485	79	4.535	4.535	NUM
ajfa-5241	485	80	18.764	18.764	NUM
ajfa-5241	485	81	0.664	0.664	NUM
ajfa-5241	485	82	p5	p5	ADJ
ajfa-5241	485	83	0.009	0.009	NUM
ajfa-5241	485	84	1.141	1.141	NUM
ajfa-5241	485	85	2.794	2.794	NUM
ajfa-5241	485	86	29.768	29.768	NUM
ajfa-5241	485	87	0.833	0.833	NUM
ajfa-5241	485	88	fama	fama	PROPN
ajfa-5241	485	89	-	-	PUNCT
ajfa-5241	485	90	french	french	ADJ
ajfa-5241	485	91	model	model	NOUN
ajfa-5241	485	92	results	result	VERB
ajfa-5241	485	93	mc	mc	PROPN
ajfa-5241	486	1	a	a	DET
ajfa-5241	486	2	b	b	PROPN
ajfa-5241	486	3	s	s	PROPN
ajfa-5241	486	4	l	l	NOUN
ajfa-5241	486	5	t(a	t(a	NOUN
ajfa-5241	486	6	)	)	PUNCT
ajfa-5241	486	7	t(b	t(b	NOUN
ajfa-5241	486	8	)	)	PUNCT
ajfa-5241	486	9	t(s	t(s	PROPN
ajfa-5241	486	10	)	)	PUNCT
ajfa-5241	486	11	t(l	t(l	PROPN
ajfa-5241	486	12	)	)	PUNCT
ajfa-5241	486	13	r2	r2	PROPN
ajfa-5241	486	14	p1	p1	PROPN
ajfa-5241	486	15	0.006	0.006	NUM
ajfa-5241	486	16	0.981	0.981	NUM
ajfa-5241	486	17	1.595	1.595	NUM
ajfa-5241	486	18	0.300	0.300	NUM
ajfa-5241	486	19	2.035	2.035	NUM
ajfa-5241	486	20	31.854	31.854	NUM
ajfa-5241	486	21	23.048	23.048	NUM
ajfa-5241	486	22	5.108	5.108	NUM
ajfa-5241	486	23	0.921	0.921	NUM
ajfa-5241	486	24	p5	p5	ADJ
ajfa-5241	486	25	0.002	0.002	NUM
ajfa-5241	486	26	0.984	0.984	NUM
ajfa-5241	486	27	-0.131	-0.131	NUM
ajfa-5241	486	28	0.233	0.233	NUM
ajfa-5241	486	29	1.127	1.127	NUM
ajfa-5241	486	30	44.339	44.339	NUM
ajfa-5241	486	31	-2.637	-2.637	NOUN
ajfa-5241	486	32	5.524	5.524	NUM
ajfa-5241	486	33	0.923	0.923	NUM
ajfa-5241	486	34	ta	ta	ADP
ajfa-5241	486	35	a	a	DET
ajfa-5241	486	36	b	b	PROPN
ajfa-5241	486	37	s	s	PROPN
ajfa-5241	486	38	l	l	NOUN
ajfa-5241	486	39	t(a	t(a	NOUN
ajfa-5241	486	40	)	)	PUNCT
ajfa-5241	486	41	t(b	t(b	NOUN
ajfa-5241	486	42	)	)	PUNCT
ajfa-5241	486	43	t(s	t(s	PROPN
ajfa-5241	486	44	)	)	PUNCT
ajfa-5241	487	1	t(l	t(l	PROPN
ajfa-5241	487	2	)	)	PUNCT
ajfa-5241	487	3	r2	r2	PROPN
ajfa-5241	487	4	p1	p1	PROPN
ajfa-5241	487	5	0.013	0.013	NUM
ajfa-5241	487	6	1.008	1.008	NUM
ajfa-5241	487	7	1.496	1.496	NUM
ajfa-5241	487	8	-0.211	-0.211	NUM
ajfa-5241	487	9	3.966	3.966	NUM
ajfa-5241	487	10	26.994	26.994	NUM
ajfa-5241	487	11	17.839	17.839	NUM
ajfa-5241	487	12	-2.974	-2.974	NUM
ajfa-5241	487	13	0.869	0.869	NUM
ajfa-5241	487	14	p5	p5	ADJ
ajfa-5241	487	15	0.004	0.004	NUM
ajfa-5241	487	16	1.015	1.015	NUM
ajfa-5241	487	17	-0.080	-0.080	NOUN
ajfa-5241	487	18	0.667	0.667	NUM
ajfa-5241	487	19	1.570	1.570	NUM
ajfa-5241	487	20	39.857	39.857	NUM
ajfa-5241	487	21	-1.391	-1.391	NUM
ajfa-5241	487	22	13.765	13.765	NUM
ajfa-5241	487	23	0.921	0.921	NUM
ajfa-5241	487	24	ev	ev	ADP
ajfa-5241	487	25	a	a	DET
ajfa-5241	487	26	b	b	PROPN
ajfa-5241	487	27	s	s	PROPN
ajfa-5241	487	28	l	l	NOUN
ajfa-5241	487	29	t(a	t(a	NOUN
ajfa-5241	487	30	)	)	PUNCT
ajfa-5241	487	31	t(b	t(b	NOUN
ajfa-5241	487	32	)	)	PUNCT
ajfa-5241	487	33	t(s	t(s	PROPN
ajfa-5241	487	34	)	)	PUNCT
ajfa-5241	487	35	t(l	t(l	PROPN
ajfa-5241	487	36	)	)	PUNCT
ajfa-5241	487	37	r2	r2	PROPN
ajfa-5241	487	38	p1	p1	PROPN
ajfa-5241	487	39	0.012	0.012	NUM
ajfa-5241	487	40	0.983	0.983	NUM
ajfa-5241	487	41	1.402	1.402	NUM
ajfa-5241	487	42	0.073	0.073	NUM
ajfa-5241	487	43	4.333	4.333	NUM
ajfa-5241	487	44	32.818	32.818	NUM
ajfa-5241	487	45	20.826	20.826	NUM
ajfa-5241	487	46	1.275	1.275	NUM
ajfa-5241	487	47	0.912	0.912	NUM
ajfa-5241	487	48	p5	p5	ADJ
ajfa-5241	487	49	0.001	0.001	NUM
ajfa-5241	487	50	1.002	1.002	NUM
ajfa-5241	487	51	-0.044	-0.044	PROPN
ajfa-5241	487	52	0.358	0.358	NUM
ajfa-5241	487	53	0.491	0.491	NUM
ajfa-5241	487	54	40.104	40.104	NUM
ajfa-5241	487	55	-0.779	-0.779	PUNCT
ajfa-5241	487	56	7.528	7.528	NUM
ajfa-5241	487	57	0.912	0.912	NUM
ajfa-5241	487	58	pb	pb	ADP
ajfa-5241	487	59	a	a	DET
ajfa-5241	487	60	b	b	PROPN
ajfa-5241	487	61	s	s	PROPN
ajfa-5241	487	62	l	l	NOUN
ajfa-5241	487	63	t(a	t(a	NOUN
ajfa-5241	487	64	)	)	PUNCT
ajfa-5241	487	65	t(b	t(b	NOUN
ajfa-5241	487	66	)	)	PUNCT
ajfa-5241	487	67	t(s	t(s	PROPN
ajfa-5241	487	68	)	)	PUNCT
ajfa-5241	487	69	t(l	t(l	PROPN
ajfa-5241	487	70	)	)	PUNCT
ajfa-5241	487	71	r2	r2	PROPN
ajfa-5241	487	72	p1	p1	PROPN
ajfa-5241	487	73	0.001	0.001	NUM
ajfa-5241	487	74	0.982	0.982	NUM
ajfa-5241	487	75	1.054	1.054	NUM
ajfa-5241	487	76	0.800	0.800	NUM
ajfa-5241	487	77	0.438	0.438	NUM
ajfa-5241	487	78	31.057	31.057	NUM
ajfa-5241	487	79	14.837	14.837	NUM
ajfa-5241	487	80	13.285	13.285	NUM
ajfa-5241	487	81	0.916	0.916	NUM
ajfa-5241	487	82	p5	p5	ADJ
ajfa-5241	487	83	0.001	0.001	NUM
ajfa-5241	487	84	0.990	0.990	NUM
ajfa-5241	487	85	0.424	0.424	NUM
ajfa-5241	487	86	-0.316	-0.316	PROPN
ajfa-5241	487	87	0.336	0.336	NUM
ajfa-5241	487	88	33.403	33.403	NUM
ajfa-5241	487	89	6.375	6.375	NUM
ajfa-5241	487	90	-5.593	-5.593	NUM
ajfa-5241	487	91	0.869	0.869	NUM
ajfa-5241	487	92	asian	asian	ADJ
ajfa-5241	487	93	journal	journal	NOUN
ajfa-5241	487	94	of	of	ADP
ajfa-5241	487	95	finance	finance	PROPN
ajfa-5241	487	96	&	&	CCONJ
ajfa-5241	487	97	accounting	accounting	PROPN
ajfa-5241	487	98	issn	issn	PROPN
ajfa-5241	487	99	1946	1946	NUM
ajfa-5241	487	100	-	-	PUNCT
ajfa-5241	487	101	052x	052x	PROPN
ajfa-5241	487	102	2014	2014	NUM
ajfa-5241	487	103	,	,	PUNCT
ajfa-5241	487	104	vol	vol	NOUN
ajfa-5241	487	105	.	.	PROPN
ajfa-5241	487	106	6	6	NUM
ajfa-5241	487	107	,	,	PUNCT
ajfa-5241	487	108	no	no	INTJ
ajfa-5241	487	109	.	.	NOUN
ajfa-5241	487	110	1	1	NUM
ajfa-5241	487	111	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	487	112	354	354	NUM
ajfa-5241	487	113	pe	pe	ADP
ajfa-5241	487	114	a	a	DET
ajfa-5241	487	115	b	b	PROPN
ajfa-5241	487	116	s	s	PROPN
ajfa-5241	487	117	l	l	NOUN
ajfa-5241	487	118	t(a	t(a	NOUN
ajfa-5241	487	119	)	)	PUNCT
ajfa-5241	487	120	t(b	t(b	NOUN
ajfa-5241	487	121	)	)	PUNCT
ajfa-5241	487	122	t(s	t(s	PROPN
ajfa-5241	487	123	)	)	PUNCT
ajfa-5241	487	124	t(l	t(l	PROPN
ajfa-5241	487	125	)	)	PUNCT
ajfa-5241	487	126	r2	r2	PROPN
ajfa-5241	487	127	p1	p1	NOUN
ajfa-5241	487	128	0.000	0.000	NUM
ajfa-5241	487	129	0.946	0.946	NUM
ajfa-5241	487	130	0.943	0.943	NUM
ajfa-5241	487	131	0.578	0.578	NUM
ajfa-5241	487	132	0.136	0.136	NUM
ajfa-5241	487	133	31.816	31.816	NUM
ajfa-5241	487	134	14.127	14.127	NUM
ajfa-5241	487	135	10.205	10.205	NUM
ajfa-5241	487	136	0.910	0.910	NUM
ajfa-5241	487	137	p5	p5	ADJ
ajfa-5241	487	138	0.001	0.001	NUM
ajfa-5241	487	139	1.127	1.127	NUM
ajfa-5241	487	140	0.480	0.480	NUM
ajfa-5241	487	141	-0.118	-0.118	NUM
ajfa-5241	487	142	0.283	0.283	NUM
ajfa-5241	487	143	31.501	31.501	NUM
ajfa-5241	487	144	5.975	5.975	NUM
ajfa-5241	487	145	-1.731	-1.731	NOUN
ajfa-5241	487	146	0.859	0.859	NUM
ajfa-5241	487	147	table	table	NOUN
ajfa-5241	487	148	2	2	NUM
ajfa-5241	487	149	.	.	PUNCT
ajfa-5241	487	150	empirical	empirical	ADJ
ajfa-5241	487	151	results	result	NOUN
ajfa-5241	487	152	for	for	ADP
ajfa-5241	487	153	double	double	ADJ
ajfa-5241	487	154	sorted	sorted	ADJ
ajfa-5241	487	155	portfolios	portfolio	NOUN
ajfa-5241	487	156	formed	form	VERB
ajfa-5241	487	157	on	on	ADP
ajfa-5241	487	158	alternative	alternative	ADJ
ajfa-5241	487	159	measures	measure	NOUN
ajfa-5241	487	160	of	of	ADP
ajfa-5241	487	161	company	company	NOUN
ajfa-5241	487	162	size	size	NOUN
ajfa-5241	487	163	and	and	CCONJ
ajfa-5241	487	164	value	value	NOUN
ajfa-5241	487	165	panel	panel	NOUN
ajfa-5241	487	166	a	a	DET
ajfa-5241	487	167	:	:	PUNCT
ajfa-5241	487	168	mean	mean	ADJ
ajfa-5241	487	169	excess	excess	ADJ
ajfa-5241	487	170	returns	return	NOUN
ajfa-5241	487	171	mc_pb	mc_pb	PROPN
ajfa-5241	487	172	s	s	PART
ajfa-5241	487	173	/	/	SYM
ajfa-5241	487	174	l	l	NOUN
ajfa-5241	487	175	s	s	PROPN
ajfa-5241	487	176	/	/	SYM
ajfa-5241	487	177	m	m	PROPN
ajfa-5241	487	178	s	s	PROPN
ajfa-5241	487	179	/	/	SYM
ajfa-5241	487	180	h	h	NOUN
ajfa-5241	487	181	b	b	PROPN
ajfa-5241	487	182	/	/	SYM
ajfa-5241	487	183	l	l	NOUN
ajfa-5241	487	184	b	b	PROPN
ajfa-5241	487	185	/	/	SYM
ajfa-5241	487	186	m	m	PROPN
ajfa-5241	487	187	b	b	NOUN
ajfa-5241	487	188	/	/	SYM
ajfa-5241	487	189	h	h	NOUN
ajfa-5241	487	190	mean	mean	NOUN
ajfa-5241	487	191	0.037	0.037	NUM
ajfa-5241	487	192	0.028	0.028	NUM
ajfa-5241	487	193	0.028	0.028	NUM
ajfa-5241	487	194	0.016	0.016	NUM
ajfa-5241	487	195	0.011	0.011	NUM
ajfa-5241	487	196	0.011	0.011	NUM
ajfa-5241	487	197	standard	standard	ADJ
ajfa-5241	487	198	deviation	deviation	NOUN
ajfa-5241	487	199	0.123	0.123	NUM
ajfa-5241	487	200	0.107	0.107	NUM
ajfa-5241	487	201	0.107	0.107	NUM
ajfa-5241	487	202	0.106	0.106	NUM
ajfa-5241	487	203	0.097	0.097	NUM
ajfa-5241	487	204	0.085	0.085	NUM
ajfa-5241	487	205	mc_pe	mc_pe	NOUN
ajfa-5241	487	206	s	s	PROPN
ajfa-5241	487	207	/	/	SYM
ajfa-5241	487	208	l	l	NOUN
ajfa-5241	487	209	s	s	PROPN
ajfa-5241	487	210	/	/	SYM
ajfa-5241	487	211	m	m	PROPN
ajfa-5241	487	212	s	s	PROPN
ajfa-5241	487	213	/	/	SYM
ajfa-5241	487	214	h	h	NOUN
ajfa-5241	487	215	b	b	PROPN
ajfa-5241	487	216	/	/	SYM
ajfa-5241	487	217	l	l	NOUN
ajfa-5241	487	218	b	b	PROPN
ajfa-5241	487	219	/	/	SYM
ajfa-5241	487	220	m	m	PROPN
ajfa-5241	487	221	b	b	NOUN
ajfa-5241	487	222	/	/	SYM
ajfa-5241	487	223	h	h	NOUN
ajfa-5241	487	224	mean	mean	VERB
ajfa-5241	487	225	0.034	0.034	NUM
ajfa-5241	487	226	0.029	0.029	NUM
ajfa-5241	487	227	0.032	0.032	NUM
ajfa-5241	487	228	0.017	0.017	NUM
ajfa-5241	487	229	0.012	0.012	NUM
ajfa-5241	487	230	0.009	0.009	NUM
ajfa-5241	487	231	standard	standard	ADJ
ajfa-5241	487	232	deviation	deviation	NOUN
ajfa-5241	488	1	0.112	0.112	NUM
ajfa-5241	488	2	0.103	0.103	NUM
ajfa-5241	488	3	0.113	0.113	NUM
ajfa-5241	488	4	0.101	0.101	NUM
ajfa-5241	488	5	0.090	0.090	NUM
ajfa-5241	488	6	0.095	0.095	NUM
ajfa-5241	488	7	ta_pb	ta_pb	VERB
ajfa-5241	488	8	s	s	PROPN
ajfa-5241	488	9	/	/	SYM
ajfa-5241	488	10	l	l	NOUN
ajfa-5241	488	11	s	s	PROPN
ajfa-5241	488	12	/	/	SYM
ajfa-5241	488	13	m	m	PROPN
ajfa-5241	488	14	s	s	PROPN
ajfa-5241	488	15	/	/	SYM
ajfa-5241	488	16	h	h	NOUN
ajfa-5241	488	17	b	b	PROPN
ajfa-5241	488	18	/	/	SYM
ajfa-5241	488	19	l	l	NOUN
ajfa-5241	488	20	b	b	PROPN
ajfa-5241	488	21	/	/	SYM
ajfa-5241	488	22	m	m	PROPN
ajfa-5241	488	23	b	b	NOUN
ajfa-5241	488	24	/	/	SYM
ajfa-5241	488	25	h	h	NOUN
ajfa-5241	488	26	mean	mean	VERB
ajfa-5241	488	27	0.040	0.040	NUM
ajfa-5241	488	28	0.027	0.027	NUM
ajfa-5241	488	29	0.018	0.018	NUM
ajfa-5241	488	30	0.024	0.024	NUM
ajfa-5241	488	31	0.015	0.015	NUM
ajfa-5241	488	32	0.011	0.011	NUM
ajfa-5241	488	33	standard	standard	ADJ
ajfa-5241	488	34	deviation	deviation	NOUN
ajfa-5241	488	35	0.118	0.118	NUM
ajfa-5241	488	36	0.103	0.103	NUM
ajfa-5241	488	37	0.095	0.095	NUM
ajfa-5241	488	38	0.114	0.114	NUM
ajfa-5241	489	1	0.104	0.104	NUM
ajfa-5241	489	2	0.095	0.095	NUM
ajfa-5241	489	3	ta_pe	ta_pe	NOUN
ajfa-5241	489	4	s	s	NOUN
ajfa-5241	489	5	/	/	SYM
ajfa-5241	489	6	l	l	NOUN
ajfa-5241	489	7	s	s	PROPN
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ajfa-5241	489	10	s	s	PROPN
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ajfa-5241	489	12	h	h	NOUN
ajfa-5241	489	13	b	b	PROPN
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ajfa-5241	489	19	b	b	NOUN
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ajfa-5241	489	21	h	h	NOUN
ajfa-5241	489	22	mean	mean	VERB
ajfa-5241	489	23	0.039	0.039	NUM
ajfa-5241	489	24	0.025	0.025	NUM
ajfa-5241	489	25	0.022	0.022	NUM
ajfa-5241	489	26	0.020	0.020	NUM
ajfa-5241	489	27	0.017	0.017	NUM
ajfa-5241	489	28	0.011	0.011	NUM
ajfa-5241	489	29	standard	standard	ADJ
ajfa-5241	489	30	deviation	deviation	NOUN
ajfa-5241	489	31	0.110	0.110	NUM
ajfa-5241	490	1	0.097	0.097	NUM
ajfa-5241	490	2	0.101	0.101	NUM
ajfa-5241	490	3	0.105	0.105	NUM
ajfa-5241	490	4	0.100	0.100	NUM
ajfa-5241	490	5	0.103	0.103	NUM
ajfa-5241	490	6	ev_pb	ev_pb	PROPN
ajfa-5241	490	7	s	s	PROPN
ajfa-5241	490	8	/	/	SYM
ajfa-5241	490	9	l	l	NOUN
ajfa-5241	490	10	s	s	PROPN
ajfa-5241	490	11	/	/	SYM
ajfa-5241	490	12	m	m	PROPN
ajfa-5241	490	13	s	s	PROPN
ajfa-5241	490	14	/	/	SYM
ajfa-5241	490	15	h	h	NOUN
ajfa-5241	490	16	b	b	PROPN
ajfa-5241	490	17	/	/	SYM
ajfa-5241	490	18	l	l	NOUN
ajfa-5241	490	19	b	b	PROPN
ajfa-5241	490	20	/	/	SYM
ajfa-5241	490	21	m	m	PROPN
ajfa-5241	490	22	b	b	NOUN
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ajfa-5241	490	24	h	h	NOUN
ajfa-5241	490	25	mean	mean	NOUN
ajfa-5241	490	26	0.038	0.038	NUM
ajfa-5241	490	27	0.029	0.029	NUM
ajfa-5241	490	28	0.024	0.024	NUM
ajfa-5241	490	29	0.019	0.019	NUM
ajfa-5241	490	30	0.011	0.011	NUM
ajfa-5241	490	31	0.010	0.010	NUM
ajfa-5241	490	32	standard	standard	ADJ
ajfa-5241	490	33	deviation	deviation	NOUN
ajfa-5241	490	34	0.118	0.118	NUM
ajfa-5241	490	35	0.106	0.106	NUM
ajfa-5241	490	36	0.101	0.101	NUM
ajfa-5241	490	37	0.116	0.116	NUM
ajfa-5241	490	38	0.103	0.103	NUM
ajfa-5241	490	39	0.088	0.088	NUM
ajfa-5241	490	40	ev_pe	ev_pe	NOUN
ajfa-5241	490	41	s	s	PROPN
ajfa-5241	490	42	/	/	SYM
ajfa-5241	490	43	l	l	NOUN
ajfa-5241	490	44	s	s	PROPN
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ajfa-5241	490	46	m	m	PROPN
ajfa-5241	490	47	s	s	PROPN
ajfa-5241	490	48	/	/	SYM
ajfa-5241	490	49	h	h	NOUN
ajfa-5241	490	50	b	b	PROPN
ajfa-5241	490	51	/	/	SYM
ajfa-5241	490	52	l	l	NOUN
ajfa-5241	490	53	b	b	PROPN
ajfa-5241	490	54	/	/	SYM
ajfa-5241	490	55	m	m	PROPN
ajfa-5241	490	56	b	b	NOUN
ajfa-5241	490	57	/	/	SYM
ajfa-5241	490	58	h	h	NOUN
ajfa-5241	490	59	mean	mean	VERB
ajfa-5241	490	60	0.035	0.035	NUM
ajfa-5241	490	61	0.029	0.029	NUM
ajfa-5241	490	62	0.028	0.028	NUM
ajfa-5241	490	63	0.017	0.017	NUM
ajfa-5241	490	64	0.013	0.013	NUM
ajfa-5241	490	65	0.009	0.009	NUM
ajfa-5241	490	66	standard	standard	ADJ
ajfa-5241	490	67	deviation	deviation	NOUN
ajfa-5241	490	68	0.111	0.111	NUM
ajfa-5241	490	69	0.100	0.100	NUM
ajfa-5241	490	70	0.105	0.105	NUM
ajfa-5241	490	71	0.105	0.105	NUM
ajfa-5241	490	72	0.095	0.095	NUM
ajfa-5241	490	73	0.098	0.098	NUM
ajfa-5241	490	74	asian	asian	ADJ
ajfa-5241	490	75	journal	journal	NOUN
ajfa-5241	490	76	of	of	ADP
ajfa-5241	490	77	finance	finance	PROPN
ajfa-5241	490	78	&	&	CCONJ
ajfa-5241	490	79	accounting	accounting	PROPN
ajfa-5241	490	80	issn	issn	PROPN
ajfa-5241	490	81	1946	1946	NUM
ajfa-5241	490	82	-	-	PUNCT
ajfa-5241	490	83	052x	052x	PROPN
ajfa-5241	490	84	2014	2014	NUM
ajfa-5241	490	85	,	,	PUNCT
ajfa-5241	490	86	vol	vol	NOUN
ajfa-5241	490	87	.	.	PROPN
ajfa-5241	491	1	6	6	NUM
ajfa-5241	491	2	,	,	PUNCT
ajfa-5241	491	3	no	no	INTJ
ajfa-5241	491	4	.	.	NOUN
ajfa-5241	491	5	1	1	NUM
ajfa-5241	491	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	491	7	355	355	NUM
ajfa-5241	491	8	panel	panel	NOUN
ajfa-5241	491	9	b	b	NOUN
ajfa-5241	491	10	:	:	PUNCT
ajfa-5241	491	11	capm	capm	NOUN
ajfa-5241	491	12	results	result	VERB
ajfa-5241	491	13	for	for	ADP
ajfa-5241	491	14	double	double	ADJ
ajfa-5241	491	15	sorted	sort	VERB
ajfa-5241	491	16	portfolios	portfolio	NOUN
ajfa-5241	491	17	mc_pb	mc_pb	PROPN
ajfa-5241	491	18	a	a	DET
ajfa-5241	491	19	b	b	PROPN
ajfa-5241	491	20	t(a	t(a	NOUN
ajfa-5241	491	21	)	)	PUNCT
ajfa-5241	491	22	t(b	t(b	NOUN
ajfa-5241	491	23	)	)	PUNCT
ajfa-5241	492	1	r2	r2	PROPN
ajfa-5241	492	2	s	s	PART
ajfa-5241	492	3	/	/	SYM
ajfa-5241	492	4	l	l	NOUN
ajfa-5241	492	5	0.029	0.029	NUM
ajfa-5241	492	6	1.146	1.146	NUM
ajfa-5241	492	7	5.074	5.074	NUM
ajfa-5241	492	8	16.742	16.742	NUM
ajfa-5241	492	9	0.612	0.612	NUM
ajfa-5241	492	10	s	s	NOUN
ajfa-5241	492	11	/	/	SYM
ajfa-5241	492	12	m	m	PROPN
ajfa-5241	492	13	0.021	0.021	NUM
ajfa-5241	492	14	1.049	1.049	NUM
ajfa-5241	492	15	4.511	4.511	NUM
ajfa-5241	492	16	19.260	19.260	NUM
ajfa-5241	492	17	0.676	0.676	NUM
ajfa-5241	492	18	s	s	NOUN
ajfa-5241	492	19	/	/	SYM
ajfa-5241	492	20	h	h	NOUN
ajfa-5241	492	21	0.021	0.021	NUM
ajfa-5241	492	22	1.103	1.103	NUM
ajfa-5241	492	23	5.014	5.014	NUM
ajfa-5241	492	24	22.665	22.665	NUM
ajfa-5241	492	25	0.743	0.743	NUM
ajfa-5241	492	26	b	b	NOUN
ajfa-5241	492	27	/	/	SYM
ajfa-5241	492	28	l	l	NOUN
ajfa-5241	492	29	0.008	0.008	NUM
ajfa-5241	492	30	1.111	1.111	NUM
ajfa-5241	492	31	2.161	2.161	NUM
ajfa-5241	492	32	24.722	24.722	NUM
ajfa-5241	492	33	0.774	0.774	NUM
ajfa-5241	492	34	b	b	X
ajfa-5241	492	35	/	/	SYM
ajfa-5241	492	36	m	m	VERB
ajfa-5241	492	37	0.003	0.003	NUM
ajfa-5241	492	38	1.083	1.083	NUM
ajfa-5241	492	39	1.192	1.192	NUM
ajfa-5241	492	40	35.010	35.010	NUM
ajfa-5241	492	41	0.873	0.873	NUM
ajfa-5241	492	42	b	b	X
ajfa-5241	492	43	/	/	SYM
ajfa-5241	492	44	h	h	NOUN
ajfa-5241	492	45	0.004	0.004	NUM
ajfa-5241	492	46	0.940	0.940	NUM
ajfa-5241	492	47	1.554	1.554	NUM
ajfa-5241	492	48	32.219	32.219	NUM
ajfa-5241	492	49	0.854	0.854	NUM
ajfa-5241	492	50	mc_pe	mc_pe	NOUN
ajfa-5241	492	51	a	a	DET
ajfa-5241	492	52	b	b	PROPN
ajfa-5241	492	53	t(a	t(a	NOUN
ajfa-5241	492	54	)	)	PUNCT
ajfa-5241	492	55	t(b	t(b	NOUN
ajfa-5241	492	56	)	)	PUNCT
ajfa-5241	492	57	r2	r2	PROPN
ajfa-5241	492	58	s	s	PART
ajfa-5241	492	59	/	/	SYM
ajfa-5241	492	60	l	l	NOUN
ajfa-5241	492	61	0.026	0.026	NUM
ajfa-5241	492	62	1.057	1.057	NUM
ajfa-5241	492	63	5.091	5.091	NUM
ajfa-5241	492	64	17.166	17.166	NUM
ajfa-5241	492	65	0.623	0.623	NUM
ajfa-5241	492	66	s	s	NOUN
ajfa-5241	492	67	/	/	SYM
ajfa-5241	492	68	m	m	PROPN
ajfa-5241	492	69	0.022	0.022	NUM
ajfa-5241	492	70	0.995	0.995	NUM
ajfa-5241	492	71	4.891	4.891	NUM
ajfa-5241	492	72	18.517	18.517	NUM
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ajfa-5241	496	356	0.157	0.157	NUM
ajfa-5241	496	357	0.446	0.446	NUM
ajfa-5241	496	358	32.640	32.640	NUM
ajfa-5241	496	359	2.504	2.504	NUM
ajfa-5241	496	360	2.636	2.636	NUM
ajfa-5241	496	361	0.869	0.869	NUM
ajfa-5241	496	362	b	b	NOUN
ajfa-5241	496	363	/	/	SYM
ajfa-5241	496	364	h	h	NOUN
ajfa-5241	496	365	-0.001	-0.001	PUNCT
ajfa-5241	496	366	1.067	1.067	NUM
ajfa-5241	496	367	0.156	0.156	NUM
ajfa-5241	496	368	-0.050	-0.050	PUNCT
ajfa-5241	496	369	-0.323	-0.323	PROPN
ajfa-5241	496	370	29.826	29.826	NUM
ajfa-5241	496	371	1.945	1.945	NUM
ajfa-5241	496	372	-0.732	-0.732	NUM
ajfa-5241	496	373	0.839	0.839	NUM
ajfa-5241	496	374	asian	asian	ADJ
ajfa-5241	496	375	journal	journal	NOUN
ajfa-5241	496	376	of	of	ADP
ajfa-5241	496	377	finance	finance	PROPN
ajfa-5241	496	378	&	&	CCONJ
ajfa-5241	496	379	accounting	accounting	PROPN
ajfa-5241	496	380	issn	issn	PROPN
ajfa-5241	496	381	1946	1946	NUM
ajfa-5241	496	382	-	-	PUNCT
ajfa-5241	496	383	052x	052x	PROPN
ajfa-5241	496	384	2014	2014	NUM
ajfa-5241	496	385	,	,	PUNCT
ajfa-5241	496	386	vol	vol	NOUN
ajfa-5241	496	387	.	.	PROPN
ajfa-5241	496	388	6	6	NUM
ajfa-5241	496	389	,	,	PUNCT
ajfa-5241	496	390	no	no	INTJ
ajfa-5241	496	391	.	.	NOUN
ajfa-5241	496	392	1	1	NUM
ajfa-5241	496	393	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	496	394	358	358	NUM
ajfa-5241	496	395	table	table	NOUN
ajfa-5241	496	396	3	3	NUM
ajfa-5241	496	397	.	.	PUNCT
ajfa-5241	496	398	empirical	empirical	ADJ
ajfa-5241	496	399	results	result	NOUN
ajfa-5241	496	400	for	for	ADP
ajfa-5241	496	401	prior	prior	ADJ
ajfa-5241	496	402	returns	return	NOUN
ajfa-5241	496	403	portfolios	portfolio	NOUN
ajfa-5241	496	404	formed	form	VERB
ajfa-5241	496	405	on	on	ADP
ajfa-5241	496	406	long	long	ADJ
ajfa-5241	496	407	term	term	NOUN
ajfa-5241	496	408	prior	prior	ADJ
ajfa-5241	496	409	returns	return	NOUN
ajfa-5241	496	410	we	we	PRON
ajfa-5241	496	411	adopt	adopt	VERB
ajfa-5241	496	412	a	a	DET
ajfa-5241	496	413	36/12	36/12	NUM
ajfa-5241	496	414	strategy	strategy	NOUN
ajfa-5241	496	415	.	.	PUNCT
ajfa-5241	497	1	while	while	SCONJ
ajfa-5241	497	2	36	36	NUM
ajfa-5241	497	3	month	month	NOUN
ajfa-5241	497	4	is	be	AUX
ajfa-5241	497	5	portfolio	portfolio	NOUN
ajfa-5241	497	6	formation	formation	NOUN
ajfa-5241	497	7	period	period	NOUN
ajfa-5241	497	8	while	while	SCONJ
ajfa-5241	497	9	12	12	NUM
ajfa-5241	497	10	month	month	NOUN
ajfa-5241	497	11	is	be	AUX
ajfa-5241	497	12	the	the	DET
ajfa-5241	497	13	portfolio	portfolio	NOUN
ajfa-5241	497	14	holding	hold	VERB
ajfa-5241	497	15	period	period	NOUN
ajfa-5241	497	16	.	.	PUNCT
ajfa-5241	498	1	p1	p1	NOUN
ajfa-5241	498	2	includes	include	VERB
ajfa-5241	498	3	past	past	ADJ
ajfa-5241	498	4	loser	loser	NOUN
ajfa-5241	498	5	and	and	CCONJ
ajfa-5241	498	6	p5	p5	ADJ
ajfa-5241	498	7	includes	include	VERB
ajfa-5241	498	8	past	past	ADJ
ajfa-5241	498	9	winner	winner	NOUN
ajfa-5241	498	10	.	.	PUNCT
ajfa-5241	499	1	panel	panel	NOUN
ajfa-5241	499	2	a	a	DET
ajfa-5241	499	3	:	:	PUNCT
ajfa-5241	499	4	mean	mean	ADJ
ajfa-5241	499	5	excess	excess	ADJ
ajfa-5241	499	6	returns	return	NOUN
ajfa-5241	499	7	p1	p1	NOUN
ajfa-5241	499	8	p5	p5	PROPN
ajfa-5241	499	9	mean	mean	VERB
ajfa-5241	499	10	0.024	0.024	NUM
ajfa-5241	499	11	0.029	0.029	NUM
ajfa-5241	499	12	standard	standard	ADJ
ajfa-5241	499	13	deviation	deviation	NOUN
ajfa-5241	499	14	0.104	0.104	NUM
ajfa-5241	499	15	0.122	0.122	NUM
ajfa-5241	499	16	capm	capm	PROPN
ajfa-5241	499	17	results	result	VERB
ajfa-5241	499	18	a	a	DET
ajfa-5241	499	19	b	b	NOUN
ajfa-5241	499	20	t(a	t(a	NOUN
ajfa-5241	499	21	)	)	PUNCT
ajfa-5241	499	22	t(b	t(b	NOUN
ajfa-5241	499	23	)	)	PUNCT
ajfa-5241	499	24	r2	r2	PROPN
ajfa-5241	499	25	p1	p1	NOUN
ajfa-5241	499	26	0.015	0.015	NUM
ajfa-5241	499	27	1.103	1.103	NUM
ajfa-5241	499	28	3.624	3.624	NUM
ajfa-5241	499	29	21.894	21.894	NUM
ajfa-5241	499	30	0.771	0.771	NUM
ajfa-5241	499	31	p5	p5	ADJ
ajfa-5241	499	32	0.018	0.018	NUM
ajfa-5241	499	33	1.344	1.344	NUM
ajfa-5241	499	34	4.289	4.289	NUM
ajfa-5241	499	35	26.583	26.583	NUM
ajfa-5241	499	36	0.833	0.833	NUM
ajfa-5241	499	37	ff	ff	NOUN
ajfa-5241	499	38	model	model	NOUN
ajfa-5241	499	39	results	result	VERB
ajfa-5241	499	40	a	a	DET
ajfa-5241	499	41	b	b	NOUN
ajfa-5241	499	42	s	s	PROPN
ajfa-5241	499	43	l	l	NOUN
ajfa-5241	499	44	t(a	t(a	NOUN
ajfa-5241	499	45	)	)	PUNCT
ajfa-5241	500	1	t(b	t(b	NOUN
ajfa-5241	500	2	)	)	PUNCT
ajfa-5241	500	3	t(s	t(s	PROPN
ajfa-5241	500	4	)	)	PUNCT
ajfa-5241	500	5	t(l	t(l	PROPN
ajfa-5241	500	6	)	)	PUNCT
ajfa-5241	500	7	r2	r2	PROPN
ajfa-5241	500	8	p1	p1	NOUN
ajfa-5241	500	9	-0.002	-0.002	PUNCT
ajfa-5241	500	10	1.012	1.012	NUM
ajfa-5241	500	11	0.720	0.720	NUM
ajfa-5241	500	12	0.304	0.304	NUM
ajfa-5241	500	13	-0.471	-0.471	NOUN
ajfa-5241	500	14	25.958	25.958	NUM
ajfa-5241	500	15	7.955	7.955	NUM
ajfa-5241	500	16	3.580	3.580	NUM
ajfa-5241	500	17	0.874	0.874	NUM
ajfa-5241	500	18	p5	p5	ADJ
ajfa-5241	500	19	0.004	0.004	NUM
ajfa-5241	500	20	1.321	1.321	NUM
ajfa-5241	500	21	0.893	0.893	NUM
ajfa-5241	500	22	-0.229	-0.229	PUNCT
ajfa-5241	500	23	1.132	1.132	NUM
ajfa-5241	500	24	31.490	31.490	NUM
ajfa-5241	500	25	9.169	9.169	NUM
ajfa-5241	500	26	-2.498	-2.498	NUM
ajfa-5241	500	27	0.894	0.894	NUM
ajfa-5241	500	28	we	we	PRON
ajfa-5241	500	29	adopt	adopt	VERB
ajfa-5241	500	30	a	a	DET
ajfa-5241	500	31	36/12/12	36/12/12	PROPN
ajfa-5241	500	32	strategy	strategy	NOUN
ajfa-5241	500	33	.	.	PUNCT
ajfa-5241	501	1	the	the	DET
ajfa-5241	501	2	portfolio	portfolio	NOUN
ajfa-5241	501	3	formation	formation	NOUN
ajfa-5241	501	4	period	period	NOUN
ajfa-5241	501	5	is	be	AUX
ajfa-5241	501	6	36	36	NUM
ajfa-5241	501	7	month	month	NOUN
ajfa-5241	501	8	.	.	PUNCT
ajfa-5241	502	1	we	we	PRON
ajfa-5241	502	2	skip	skip	VERB
ajfa-5241	502	3	12	12	NUM
ajfa-5241	502	4	months	month	NOUN
ajfa-5241	502	5	between	between	ADP
ajfa-5241	502	6	portfolio	portfolio	NOUN
ajfa-5241	502	7	formation	formation	NOUN
ajfa-5241	502	8	and	and	CCONJ
ajfa-5241	502	9	holding	hold	VERB
ajfa-5241	502	10	periods	period	NOUN
ajfa-5241	502	11	.	.	PUNCT
ajfa-5241	503	1	the	the	DET
ajfa-5241	503	2	portfolio	portfolio	NOUN
ajfa-5241	503	3	holding	hold	VERB
ajfa-5241	503	4	period	period	NOUN
ajfa-5241	503	5	is	be	AUX
ajfa-5241	503	6	12	12	NUM
ajfa-5241	503	7	month	month	NOUN
ajfa-5241	503	8	.	.	PUNCT
ajfa-5241	504	1	p1	p1	NOUN
ajfa-5241	504	2	contains	contain	VERB
ajfa-5241	504	3	past	past	ADJ
ajfa-5241	504	4	loser	loser	NOUN
ajfa-5241	504	5	and	and	CCONJ
ajfa-5241	504	6	p5	p5	ADJ
ajfa-5241	504	7	comprises	comprise	NOUN
ajfa-5241	504	8	of	of	ADP
ajfa-5241	504	9	past	past	ADJ
ajfa-5241	504	10	winners	winner	NOUN
ajfa-5241	504	11	.	.	PUNCT
ajfa-5241	505	1	panel	panel	NOUN
ajfa-5241	505	2	a	a	PRON
ajfa-5241	505	3	:	:	PUNCT
ajfa-5241	505	4	mean	mean	ADJ
ajfa-5241	505	5	excess	excess	ADJ
ajfa-5241	505	6	returns	return	NOUN
ajfa-5241	505	7	p1	p1	NOUN
ajfa-5241	505	8	p5	p5	PROPN
ajfa-5241	505	9	mean	mean	VERB
ajfa-5241	505	10	0.031	0.031	NUM
ajfa-5241	505	11	0.030	0.030	NUM
ajfa-5241	505	12	standard	standard	ADJ
ajfa-5241	505	13	deviation	deviation	NOUN
ajfa-5241	505	14	0.102	0.102	NUM
ajfa-5241	505	15	0.123	0.123	NUM
ajfa-5241	505	16	capm	capm	PROPN
ajfa-5241	505	17	results	result	VERB
ajfa-5241	505	18	a	a	DET
ajfa-5241	505	19	b	b	NOUN
ajfa-5241	505	20	t(a	t(a	NOUN
ajfa-5241	505	21	)	)	PUNCT
ajfa-5241	505	22	t(b	t(b	NOUN
ajfa-5241	505	23	)	)	PUNCT
ajfa-5241	505	24	r2	r2	PROPN
ajfa-5241	505	25	p1	p1	PROPN
ajfa-5241	505	26	0.017	0.017	NUM
ajfa-5241	506	1	1.121	1.121	NUM
ajfa-5241	506	2	4.298	4.298	NUM
ajfa-5241	506	3	22.571	22.571	NUM
ajfa-5241	506	4	0.797	0.797	NUM
ajfa-5241	506	5	p5	p5	ADJ
ajfa-5241	506	6	0.014	0.014	NUM
ajfa-5241	506	7	1.399	1.399	NUM
ajfa-5241	506	8	3.277	3.277	NUM
ajfa-5241	506	9	27.414	27.414	NUM
ajfa-5241	506	10	0.853	0.853	NUM
ajfa-5241	506	11	ff	ff	NOUN
ajfa-5241	506	12	model	model	NOUN
ajfa-5241	507	1	results	result	VERB
ajfa-5241	507	2	a	a	DET
ajfa-5241	507	3	b	b	NOUN
ajfa-5241	507	4	s	s	PROPN
ajfa-5241	507	5	l	l	NOUN
ajfa-5241	507	6	t(a	t(a	NOUN
ajfa-5241	507	7	)	)	PUNCT
ajfa-5241	507	8	t(b	t(b	NOUN
ajfa-5241	507	9	)	)	PUNCT
ajfa-5241	507	10	t(s	t(s	PROPN
ajfa-5241	507	11	)	)	PUNCT
ajfa-5241	508	1	t(l	t(l	PROPN
ajfa-5241	508	2	)	)	PUNCT
ajfa-5241	508	3	r2	r2	PROPN
ajfa-5241	508	4	p1	p1	NOUN
ajfa-5241	508	5	0.002	0.002	NUM
ajfa-5241	508	6	0.995	0.995	NUM
ajfa-5241	508	7	0.691	0.691	NUM
ajfa-5241	508	8	0.397	0.397	NUM
ajfa-5241	508	9	0.704	0.704	NUM
ajfa-5241	508	10	29.849	29.849	NUM
ajfa-5241	508	11	9.389	9.389	NUM
ajfa-5241	508	12	5.475	5.475	NUM
ajfa-5241	508	13	0.920	0.920	NUM
ajfa-5241	508	14	p5	p5	ADJ
ajfa-5241	508	15	0.001	0.001	NUM
ajfa-5241	508	16	1.365	1.365	NUM
ajfa-5241	508	17	0.762	0.762	NUM
ajfa-5241	508	18	-0.132	-0.132	NUM
ajfa-5241	508	19	0.345	0.345	NUM
ajfa-5241	508	20	30.348	30.348	NUM
ajfa-5241	508	21	7.676	7.676	NUM
ajfa-5241	508	22	-1.351	-1.351	NOUN
ajfa-5241	508	23	0.899	0.899	NUM
ajfa-5241	508	24	panel	panel	NOUN
ajfa-5241	508	25	b	b	NOUN
ajfa-5241	508	26	:	:	PUNCT
ajfa-5241	508	27	portfolios	portfolio	NOUN
ajfa-5241	508	28	formed	form	VERB
ajfa-5241	508	29	on	on	ADP
ajfa-5241	508	30	short	short	ADJ
ajfa-5241	508	31	-	-	PUNCT
ajfa-5241	508	32	term	term	NOUN
ajfa-5241	508	33	past	past	ADJ
ajfa-5241	508	34	returns	return	NOUN
ajfa-5241	508	35	.	.	PUNCT
ajfa-5241	509	1	we	we	PRON
ajfa-5241	509	2	adopt	adopt	VERB
ajfa-5241	509	3	a	a	DET
ajfa-5241	509	4	12/12	12/12	NUM
ajfa-5241	509	5	strategy	strategy	NOUN
ajfa-5241	509	6	.	.	PUNCT
ajfa-5241	510	1	portfolio	portfolio	NOUN
ajfa-5241	510	2	formations	formation	NOUN
ajfa-5241	510	3	as	as	ADV
ajfa-5241	510	4	well	well	ADV
ajfa-5241	510	5	as	as	ADP
ajfa-5241	510	6	portfolio	portfolio	NOUN
ajfa-5241	510	7	holding	hold	VERB
ajfa-5241	510	8	period	period	NOUN
ajfa-5241	510	9	are	be	AUX
ajfa-5241	510	10	of	of	ADP
ajfa-5241	510	11	12	12	NUM
ajfa-5241	510	12	month	month	NOUN
ajfa-5241	510	13	each	each	PRON
ajfa-5241	510	14	.	.	PUNCT
ajfa-5241	511	1	p1	p1	PROPN
ajfa-5241	511	2	consists	consist	VERB
ajfa-5241	511	3	of	of	ADP
ajfa-5241	511	4	past	past	ADJ
ajfa-5241	511	5	loser	loser	NOUN
ajfa-5241	511	6	and	and	CCONJ
ajfa-5241	511	7	p5	p5	ADJ
ajfa-5241	511	8	contain	contain	VERB
ajfa-5241	511	9	past	past	ADJ
ajfa-5241	511	10	winner	winner	NOUN
ajfa-5241	511	11	.	.	PUNCT
ajfa-5241	512	1	asian	asian	ADJ
ajfa-5241	512	2	journal	journal	PROPN
ajfa-5241	512	3	of	of	ADP
ajfa-5241	512	4	finance	finance	PROPN
ajfa-5241	512	5	&	&	CCONJ
ajfa-5241	512	6	accounting	accounting	PROPN
ajfa-5241	512	7	issn	issn	PROPN
ajfa-5241	512	8	1946	1946	NUM
ajfa-5241	512	9	-	-	PUNCT
ajfa-5241	512	10	052x	052x	PROPN
ajfa-5241	512	11	2014	2014	NUM
ajfa-5241	512	12	,	,	PUNCT
ajfa-5241	512	13	vol	vol	NOUN
ajfa-5241	512	14	.	.	PROPN
ajfa-5241	513	1	6	6	NUM
ajfa-5241	513	2	,	,	PUNCT
ajfa-5241	513	3	no	no	INTJ
ajfa-5241	513	4	.	.	NOUN
ajfa-5241	513	5	1	1	NUM
ajfa-5241	513	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	513	7	359	359	NUM
ajfa-5241	513	8	mean	mean	VERB
ajfa-5241	513	9	excess	excess	ADJ
ajfa-5241	513	10	returns	return	NOUN
ajfa-5241	513	11	p1	p1	NOUN
ajfa-5241	513	12	p5	p5	PROPN
ajfa-5241	513	13	mean	mean	VERB
ajfa-5241	513	14	0.022	0.022	NUM
ajfa-5241	513	15	0.033	0.033	NUM
ajfa-5241	513	16	standard	standard	ADJ
ajfa-5241	513	17	deviation	deviation	NOUN
ajfa-5241	513	18	0.111	0.111	NUM
ajfa-5241	513	19	0.118	0.118	NUM
ajfa-5241	513	20	capm	capm	PROPN
ajfa-5241	513	21	results	result	VERB
ajfa-5241	513	22	a	a	DET
ajfa-5241	513	23	b	b	NOUN
ajfa-5241	513	24	t(a	t(a	NOUN
ajfa-5241	513	25	)	)	PUNCT
ajfa-5241	513	26	t(b	t(b	NOUN
ajfa-5241	513	27	)	)	PUNCT
ajfa-5241	513	28	r2	r2	PROPN
ajfa-5241	513	29	p1	p1	PROPN
ajfa-5241	513	30	0.012	0.012	NUM
ajfa-5241	513	31	1.120	1.120	NUM
ajfa-5241	513	32	2.595	2.595	NUM
ajfa-5241	513	33	20.754	20.754	NUM
ajfa-5241	513	34	0.722	0.722	NUM
ajfa-5241	513	35	p5	p5	ADJ
ajfa-5241	513	36	0.021	0.021	NUM
ajfa-5241	513	37	1.247	1.247	NUM
ajfa-5241	513	38	4.998	4.998	NUM
ajfa-5241	513	39	24.762	24.762	NUM
ajfa-5241	513	40	0.787	0.787	NUM
ajfa-5241	513	41	ff	ff	NOUN
ajfa-5241	513	42	model	model	NOUN
ajfa-5241	513	43	results	result	VERB
ajfa-5241	513	44	a	a	DET
ajfa-5241	513	45	b	b	NOUN
ajfa-5241	513	46	s	s	PROPN
ajfa-5241	513	47	l	l	NOUN
ajfa-5241	513	48	t(a	t(a	NOUN
ajfa-5241	513	49	)	)	PUNCT
ajfa-5241	514	1	t(b	t(b	NOUN
ajfa-5241	514	2	)	)	PUNCT
ajfa-5241	514	3	t(s	t(s	PROPN
ajfa-5241	514	4	)	)	PUNCT
ajfa-5241	515	1	t(l	t(l	PROPN
ajfa-5241	515	2	)	)	PUNCT
ajfa-5241	515	3	r2	r2	PROPN
ajfa-5241	515	4	p1	p1	PROPN
ajfa-5241	515	5	-0.004	-0.004	PUNCT
ajfa-5241	515	6	1.044	1.044	NUM
ajfa-5241	515	7	0.698	0.698	NUM
ajfa-5241	515	8	0.336	0.336	NUM
ajfa-5241	515	9	-0.886	-0.886	PUNCT
ajfa-5241	515	10	23.892	23.892	NUM
ajfa-5241	515	11	7.004	7.004	NUM
ajfa-5241	515	12	4.087	4.087	NUM
ajfa-5241	515	13	0.823	0.823	NUM
ajfa-5241	515	14	p5	p5	ADJ
ajfa-5241	515	15	0.006	0.006	NUM
ajfa-5241	515	16	1.213	1.213	NUM
ajfa-5241	515	17	0.901	0.901	NUM
ajfa-5241	515	18	-0.190	-0.190	NUM
ajfa-5241	515	19	1.624	1.624	NUM
ajfa-5241	515	20	29.414	29.414	NUM
ajfa-5241	515	21	9.580	9.580	NUM
ajfa-5241	515	22	-2.443	-2.443	NUM
ajfa-5241	515	23	0.862	0.862	NUM
ajfa-5241	515	24	table	table	NOUN
ajfa-5241	515	25	4	4	NUM
ajfa-5241	515	26	.	.	PUNCT
ajfa-5241	515	27	empirical	empirical	ADJ
ajfa-5241	515	28	results	result	NOUN
ajfa-5241	515	29	for	for	ADP
ajfa-5241	515	30	alternative	alternative	ADJ
ajfa-5241	515	31	construction	construction	NOUN
ajfa-5241	515	32	/	/	SYM
ajfa-5241	515	33	selection	selection	NOUN
ajfa-5241	515	34	of	of	ADP
ajfa-5241	515	35	fama	fama	NOUN
ajfa-5241	515	36	-	-	PUNCT
ajfa-5241	515	37	french	french	ADJ
ajfa-5241	515	38	factors	factor	NOUN
ajfa-5241	515	39	in	in	ADP
ajfa-5241	515	40	this	this	DET
ajfa-5241	515	41	table	table	NOUN
ajfa-5241	515	42	we	we	PRON
ajfa-5241	515	43	show	show	VERB
ajfa-5241	515	44	how	how	SCONJ
ajfa-5241	515	45	capm	capm	NOUN
ajfa-5241	515	46	and	and	CCONJ
ajfa-5241	515	47	alternative	alternative	ADJ
ajfa-5241	515	48	versions	version	NOUN
ajfa-5241	515	49	of	of	ADP
ajfa-5241	515	50	the	the	DET
ajfa-5241	515	51	fama	fama	NOUN
ajfa-5241	515	52	-	-	PUNCT
ajfa-5241	515	53	french	french	ADJ
ajfa-5241	515	54	model	model	NOUN
ajfa-5241	515	55	is	be	AUX
ajfa-5241	515	56	explaining	explain	VERB
ajfa-5241	515	57	cross	cross	NOUN
ajfa-5241	515	58	-	-	NOUN
ajfa-5241	515	59	section	section	NOUN
ajfa-5241	515	60	of	of	ADP
ajfa-5241	515	61	returns	return	NOUN
ajfa-5241	515	62	on	on	ADP
ajfa-5241	515	63	various	various	ADJ
ajfa-5241	515	64	characteristic	characteristic	ADJ
ajfa-5241	515	65	sorted	sorted	ADJ
ajfa-5241	515	66	and	and	CCONJ
ajfa-5241	515	67	prior	prior	ADJ
ajfa-5241	515	68	returns	return	NOUN
ajfa-5241	515	69	portfolios	portfolio	NOUN
ajfa-5241	515	70	.	.	PUNCT
ajfa-5241	516	1	panel	panel	NOUN
ajfa-5241	516	2	a	a	DET
ajfa-5241	516	3	shows	show	VERB
ajfa-5241	516	4	the	the	DET
ajfa-5241	516	5	results	result	NOUN
ajfa-5241	516	6	for	for	ADP
ajfa-5241	516	7	bse-200	bse-200	NOUN
ajfa-5241	516	8	when	when	SCONJ
ajfa-5241	516	9	bse-200	bse-200	NOUN
ajfa-5241	516	10	is	be	AUX
ajfa-5241	516	11	used	use	VERB
ajfa-5241	516	12	as	as	ADP
ajfa-5241	516	13	a	a	DET
ajfa-5241	516	14	market	market	NOUN
ajfa-5241	516	15	proxy	proxy	NOUN
ajfa-5241	516	16	for	for	ADP
ajfa-5241	516	17	estimating	estimate	VERB
ajfa-5241	516	18	models	model	NOUN
ajfa-5241	516	19	while	while	SCONJ
ajfa-5241	516	20	panel	panel	NOUN
ajfa-5241	516	21	b	b	PROPN
ajfa-5241	516	22	provides	provide	VERB
ajfa-5241	516	23	results	result	NOUN
ajfa-5241	516	24	using	use	VERB
ajfa-5241	516	25	nse-50	nse-50	ADV
ajfa-5241	516	26	as	as	ADP
ajfa-5241	516	27	market	market	NOUN
ajfa-5241	516	28	proxy	proxy	NOUN
ajfa-5241	516	29	.	.	PUNCT
ajfa-5241	517	1	single	single	ADJ
ajfa-5241	517	2	sorted	sorted	ADJ
ajfa-5241	517	3	portfolios	portfolio	NOUN
ajfa-5241	517	4	formed	form	VERB
ajfa-5241	517	5	on	on	ADP
ajfa-5241	517	6	company	company	NOUN
ajfa-5241	517	7	size	size	NOUN
ajfa-5241	517	8	:	:	PUNCT
ajfa-5241	517	9	comparative	comparative	ADJ
ajfa-5241	517	10	results	result	NOUN
ajfa-5241	517	11	for	for	ADP
ajfa-5241	517	12	capm	capm	NOUN
ajfa-5241	517	13	and	and	CCONJ
ajfa-5241	517	14	alternative	alternative	ADJ
ajfa-5241	517	15	versions	version	NOUN
ajfa-5241	517	16	of	of	ADP
ajfa-5241	517	17	fama	fama	NOUN
ajfa-5241	517	18	-	-	PUNCT
ajfa-5241	517	19	french	french	ADJ
ajfa-5241	517	20	model	model	NOUN
ajfa-5241	517	21	.	.	PUNCT
ajfa-5241	518	1	panel	panel	NOUN
ajfa-5241	518	2	a	a	PRON
ajfa-5241	518	3	:	:	PUNCT
ajfa-5241	518	4	market	market	NOUN
ajfa-5241	518	5	proxybse-200	proxybse-200	NOUN
ajfa-5241	518	6	is	be	AUX
ajfa-5241	518	7	used	use	VERB
ajfa-5241	518	8	as	as	ADP
ajfa-5241	518	9	a	a	DET
ajfa-5241	518	10	market	market	NOUN
ajfa-5241	518	11	proxy	proxy	NOUN
ajfa-5241	518	12	for	for	ADP
ajfa-5241	518	13	estimating	estimate	VERB
ajfa-5241	518	14	capm	capm	PROPN
ajfa-5241	518	15	as	as	ADV
ajfa-5241	518	16	well	well	ADV
ajfa-5241	518	17	as	as	ADP
ajfa-5241	518	18	fama	fama	NOUN
ajfa-5241	518	19	-	-	PUNCT
ajfa-5241	518	20	french	french	ADJ
ajfa-5241	518	21	model	model	NOUN
ajfa-5241	518	22	model	model	NOUN
ajfa-5241	518	23	mean	mean	VERB
ajfa-5241	518	24	/	/	SYM
ajfa-5241	518	25	alpha	alpha	NOUN
ajfa-5241	518	26	r2	r2	PROPN
ajfa-5241	518	27	market	market	NOUN
ajfa-5241	518	28	(	(	PUNCT
ajfa-5241	518	29	capm	capm	PROPN
ajfa-5241	518	30	)	)	PUNCT
ajfa-5241	518	31	0.015	0.015	NUM
ajfa-5241	518	32	0.755	0.755	NUM
ajfa-5241	518	33	market	market	NOUN
ajfa-5241	518	34	,	,	PUNCT
ajfa-5241	518	35	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	518	36	fama	fama	PROPN
ajfa-5241	518	37	-	-	PUNCT
ajfa-5241	518	38	french	french	ADJ
ajfa-5241	518	39	model	model	NOUN
ajfa-5241	518	40	–	–	PUNCT
ajfa-5241	518	41	(	(	PUNCT
ajfa-5241	518	42	version1	version1	NOUN
ajfa-5241	518	43	)	)	PUNCT
ajfa-5241	518	44	0.004	0.004	NUM
ajfa-5241	518	45	0.880	0.880	NUM
ajfa-5241	518	46	market	market	NOUN
ajfa-5241	518	47	,	,	PUNCT
ajfa-5241	518	48	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	518	49	(	(	PUNCT
ajfa-5241	518	50	version-2	version-2	X
ajfa-5241	518	51	)	)	PUNCT
ajfa-5241	518	52	0.004	0.004	NUM
ajfa-5241	518	53	0.861	0.861	NUM
ajfa-5241	518	54	market	market	NOUN
ajfa-5241	518	55	,	,	PUNCT
ajfa-5241	518	56	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	518	57	(	(	PUNCT
ajfa-5241	518	58	version-3	version-3	NOUN
ajfa-5241	518	59	)	)	PUNCT
ajfa-5241	518	60	0.004	0.004	NUM
ajfa-5241	518	61	0.866	0.866	NUM
ajfa-5241	518	62	market	market	NOUN
ajfa-5241	518	63	,	,	PUNCT
ajfa-5241	518	64	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	518	65	(	(	PUNCT
ajfa-5241	518	66	version-4	version-4	NOUN
ajfa-5241	518	67	)	)	PUNCT
ajfa-5241	518	68	0.005	0.005	NUM
ajfa-5241	518	69	0.833	0.833	NUM
ajfa-5241	518	70	market	market	NOUN
ajfa-5241	518	71	,	,	PUNCT
ajfa-5241	518	72	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	518	73	(	(	PUNCT
ajfa-5241	518	74	version-5	version-5	NUM
ajfa-5241	518	75	)	)	PUNCT
ajfa-5241	518	76	0.004	0.004	NUM
ajfa-5241	518	77	0.874	0.874	NUM
ajfa-5241	518	78	market	market	NOUN
ajfa-5241	518	79	,	,	PUNCT
ajfa-5241	518	80	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	518	81	(	(	PUNCT
ajfa-5241	518	82	version-6	version-6	NUM
ajfa-5241	518	83	)	)	PUNCT
ajfa-5241	518	84	0.004	0.004	NUM
ajfa-5241	518	85	0.851	0.851	NUM
ajfa-5241	518	86	asian	asian	ADJ
ajfa-5241	518	87	journal	journal	NOUN
ajfa-5241	518	88	of	of	ADP
ajfa-5241	518	89	finance	finance	PROPN
ajfa-5241	518	90	&	&	CCONJ
ajfa-5241	518	91	accounting	accounting	PROPN
ajfa-5241	518	92	issn	issn	PROPN
ajfa-5241	518	93	1946	1946	NUM
ajfa-5241	518	94	-	-	PUNCT
ajfa-5241	518	95	052x	052x	PROPN
ajfa-5241	518	96	2014	2014	NUM
ajfa-5241	518	97	,	,	PUNCT
ajfa-5241	518	98	vol	vol	NOUN
ajfa-5241	518	99	.	.	PROPN
ajfa-5241	518	100	6	6	NUM
ajfa-5241	518	101	,	,	PUNCT
ajfa-5241	518	102	no	no	INTJ
ajfa-5241	518	103	.	.	NOUN
ajfa-5241	518	104	1	1	NUM
ajfa-5241	518	105	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	518	106	360	360	NUM
ajfa-5241	518	107	single	single	ADJ
ajfa-5241	518	108	sorted	sorted	ADJ
ajfa-5241	518	109	portfolios	portfolio	NOUN
ajfa-5241	518	110	formed	form	VERB
ajfa-5241	518	111	on	on	ADP
ajfa-5241	518	112	company	company	NOUN
ajfa-5241	518	113	value	value	NOUN
ajfa-5241	518	114	:	:	PUNCT
ajfa-5241	518	115	comparative	comparative	ADJ
ajfa-5241	518	116	results	result	NOUN
ajfa-5241	518	117	for	for	ADP
ajfa-5241	518	118	capm	capm	NOUN
ajfa-5241	518	119	and	and	CCONJ
ajfa-5241	518	120	alternative	alternative	ADJ
ajfa-5241	518	121	versions	version	NOUN
ajfa-5241	518	122	of	of	ADP
ajfa-5241	518	123	fama	fama	NOUN
ajfa-5241	518	124	-	-	PUNCT
ajfa-5241	518	125	french	french	ADJ
ajfa-5241	518	126	model	model	NOUN
ajfa-5241	518	127	.	.	PUNCT
ajfa-5241	519	1	model	model	NOUN
ajfa-5241	519	2	mean	mean	VERB
ajfa-5241	519	3	/	/	SYM
ajfa-5241	519	4	alpha	alpha	NOUN
ajfa-5241	519	5	r2	r2	PROPN
ajfa-5241	519	6	market	market	NOUN
ajfa-5241	519	7	(	(	PUNCT
ajfa-5241	519	8	capm	capm	PROPN
ajfa-5241	519	9	)	)	PUNCT
ajfa-5241	519	10	0.014	0.014	NUM
ajfa-5241	519	11	0.771	0.771	NUM
ajfa-5241	519	12	market	market	NOUN
ajfa-5241	519	13	,	,	PUNCT
ajfa-5241	519	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	519	15	fama	fama	PROPN
ajfa-5241	519	16	-	-	PUNCT
ajfa-5241	519	17	french	french	ADJ
ajfa-5241	519	18	model	model	NOUN
ajfa-5241	519	19	–	–	PUNCT
ajfa-5241	519	20	(	(	PUNCT
ajfa-5241	519	21	version1	version1	NOUN
ajfa-5241	519	22	)	)	PUNCT
ajfa-5241	519	23	0.002	0.002	NUM
ajfa-5241	519	24	0.882	0.882	NUM
ajfa-5241	519	25	market	market	NOUN
ajfa-5241	519	26	,	,	PUNCT
ajfa-5241	519	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	519	28	(	(	PUNCT
ajfa-5241	519	29	version-2	version-2	NOUN
ajfa-5241	519	30	)	)	PUNCT
ajfa-5241	519	31	0.001	0.001	NUM
ajfa-5241	519	32	0.868	0.868	NUM
ajfa-5241	519	33	market	market	NOUN
ajfa-5241	519	34	,	,	PUNCT
ajfa-5241	519	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	519	36	(	(	PUNCT
ajfa-5241	519	37	version-3	version-3	NOUN
ajfa-5241	519	38	)	)	PUNCT
ajfa-5241	519	39	0.003	0.003	NUM
ajfa-5241	519	40	0.869	0.869	NUM
ajfa-5241	519	41	market	market	NOUN
ajfa-5241	519	42	,	,	PUNCT
ajfa-5241	519	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	519	44	(	(	PUNCT
ajfa-5241	519	45	version-4	version-4	NOUN
ajfa-5241	519	46	)	)	PUNCT
ajfa-5241	519	47	0.005	0.005	NUM
ajfa-5241	519	48	0.841	0.841	NUM
ajfa-5241	519	49	market	market	NOUN
ajfa-5241	519	50	,	,	PUNCT
ajfa-5241	519	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	519	52	(	(	PUNCT
ajfa-5241	519	53	version-5	version-5	NUM
ajfa-5241	519	54	)	)	PUNCT
ajfa-5241	519	55	0.002	0.002	NUM
ajfa-5241	519	56	0.877	0.877	NUM
ajfa-5241	519	57	market	market	NOUN
ajfa-5241	519	58	,	,	PUNCT
ajfa-5241	519	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	519	60	(	(	PUNCT
ajfa-5241	519	61	version-6	version-6	NUM
ajfa-5241	519	62	)	)	PUNCT
ajfa-5241	519	63	0.002	0.002	NUM
ajfa-5241	519	64	0.856	0.856	NUM
ajfa-5241	519	65	double	double	ADJ
ajfa-5241	519	66	sorted	sorted	ADJ
ajfa-5241	519	67	portfolios	portfolio	NOUN
ajfa-5241	519	68	formed	form	VERB
ajfa-5241	519	69	on	on	ADP
ajfa-5241	519	70	different	different	ADJ
ajfa-5241	519	71	measures	measure	NOUN
ajfa-5241	519	72	of	of	ADP
ajfa-5241	519	73	company	company	NOUN
ajfa-5241	519	74	size	size	NOUN
ajfa-5241	519	75	and	and	CCONJ
ajfa-5241	519	76	value	value	NOUN
ajfa-5241	519	77	:	:	PUNCT
ajfa-5241	519	78	comparative	comparative	ADJ
ajfa-5241	519	79	results	result	NOUN
ajfa-5241	519	80	of	of	ADP
ajfa-5241	519	81	capm	capm	PROPN
ajfa-5241	519	82	and	and	CCONJ
ajfa-5241	519	83	fama	fama	PROPN
ajfa-5241	519	84	-	-	PUNCT
ajfa-5241	519	85	french	french	ADJ
ajfa-5241	519	86	model	model	NOUN
ajfa-5241	519	87	.	.	PUNCT
ajfa-5241	520	1	model	model	NOUN
ajfa-5241	520	2	mean	mean	VERB
ajfa-5241	520	3	/	/	SYM
ajfa-5241	520	4	alpha	alpha	NOUN
ajfa-5241	520	5	r2	r2	PROPN
ajfa-5241	520	6	market	market	NOUN
ajfa-5241	520	7	(	(	PUNCT
ajfa-5241	520	8	capm	capm	PROPN
ajfa-5241	520	9	)	)	PUNCT
ajfa-5241	520	10	0.014	0.014	NUM
ajfa-5241	520	11	0.751	0.751	NUM
ajfa-5241	520	12	market	market	NOUN
ajfa-5241	520	13	,	,	PUNCT
ajfa-5241	520	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	520	15	fama	fama	PROPN
ajfa-5241	520	16	-	-	PUNCT
ajfa-5241	520	17	french	french	ADJ
ajfa-5241	520	18	model	model	NOUN
ajfa-5241	520	19	–	–	PUNCT
ajfa-5241	520	20	(	(	PUNCT
ajfa-5241	520	21	version1	version1	NOUN
ajfa-5241	520	22	)	)	PUNCT
ajfa-5241	520	23	0.002	0.002	NUM
ajfa-5241	520	24	0.878	0.878	NUM
ajfa-5241	520	25	market	market	NOUN
ajfa-5241	520	26	,	,	PUNCT
ajfa-5241	520	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	520	28	(	(	PUNCT
ajfa-5241	520	29	version-2	version-2	NOUN
ajfa-5241	520	30	)	)	PUNCT
ajfa-5241	520	31	0.002	0.002	NUM
ajfa-5241	520	32	0.862	0.862	NUM
ajfa-5241	520	33	market	market	NOUN
ajfa-5241	520	34	,	,	PUNCT
ajfa-5241	520	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	520	36	(	(	PUNCT
ajfa-5241	520	37	version-3	version-3	NOUN
ajfa-5241	520	38	)	)	PUNCT
ajfa-5241	520	39	0.003	0.003	NUM
ajfa-5241	520	40	0.865	0.865	NUM
ajfa-5241	520	41	market	market	NOUN
ajfa-5241	520	42	,	,	PUNCT
ajfa-5241	520	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	520	44	(	(	PUNCT
ajfa-5241	520	45	version-4	version-4	NOUN
ajfa-5241	520	46	)	)	PUNCT
ajfa-5241	520	47	0.005	0.005	NUM
ajfa-5241	520	48	0.837	0.837	NUM
ajfa-5241	520	49	market	market	NOUN
ajfa-5241	520	50	,	,	PUNCT
ajfa-5241	520	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	520	52	(	(	PUNCT
ajfa-5241	520	53	version-5	version-5	NUM
ajfa-5241	520	54	)	)	PUNCT
ajfa-5241	520	55	0.001	0.001	NUM
ajfa-5241	520	56	0.874	0.874	NUM
ajfa-5241	520	57	market	market	NOUN
ajfa-5241	520	58	,	,	PUNCT
ajfa-5241	520	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	520	60	(	(	PUNCT
ajfa-5241	520	61	version-6	version-6	NUM
ajfa-5241	520	62	)	)	PUNCT
ajfa-5241	520	63	0.002	0.002	NUM
ajfa-5241	520	64	0.854	0.854	NUM
ajfa-5241	520	65	portfolios	portfolio	NOUN
ajfa-5241	520	66	formed	form	VERB
ajfa-5241	520	67	on	on	ADP
ajfa-5241	520	68	long	long	ADJ
ajfa-5241	520	69	term	term	NOUN
ajfa-5241	520	70	past	past	ADP
ajfa-5241	520	71	returns	return	NOUN
ajfa-5241	520	72	without	without	ADP
ajfa-5241	520	73	skipping	skip	VERB
ajfa-5241	520	74	one	one	NUM
ajfa-5241	520	75	year	year	NOUN
ajfa-5241	520	76	:	:	PUNCT
ajfa-5241	520	77	comparative	comparative	ADJ
ajfa-5241	520	78	results	result	NOUN
ajfa-5241	520	79	for	for	ADP
ajfa-5241	520	80	capm	capm	PROPN
ajfa-5241	520	81	and	and	CCONJ
ajfa-5241	520	82	fama	fama	PROPN
ajfa-5241	520	83	-	-	PUNCT
ajfa-5241	520	84	french	french	ADJ
ajfa-5241	520	85	model	model	NOUN
ajfa-5241	520	86	.	.	PUNCT
ajfa-5241	521	1	model	model	NOUN
ajfa-5241	521	2	mean	mean	VERB
ajfa-5241	521	3	/	/	SYM
ajfa-5241	521	4	alpha	alpha	NOUN
ajfa-5241	521	5	r2	r2	PROPN
ajfa-5241	521	6	market	market	NOUN
ajfa-5241	521	7	(	(	PUNCT
ajfa-5241	521	8	capm	capm	PROPN
ajfa-5241	521	9	)	)	PUNCT
ajfa-5241	521	10	0.015	0.015	NUM
ajfa-5241	521	11	0.820	0.820	NUM
ajfa-5241	521	12	market	market	NOUN
ajfa-5241	521	13	,	,	PUNCT
ajfa-5241	521	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	521	15	fama	fama	PROPN
ajfa-5241	521	16	-	-	PUNCT
ajfa-5241	521	17	french	french	ADJ
ajfa-5241	521	18	model	model	NOUN
ajfa-5241	521	19	–	–	PUNCT
ajfa-5241	521	20	(	(	PUNCT
ajfa-5241	521	21	version1	version1	NOUN
ajfa-5241	521	22	)	)	PUNCT
ajfa-5241	521	23	0.002	0.002	NUM
ajfa-5241	521	24	0.906	0.906	NUM
ajfa-5241	521	25	market	market	NOUN
ajfa-5241	521	26	,	,	PUNCT
ajfa-5241	521	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	521	28	(	(	PUNCT
ajfa-5241	521	29	version-2	version-2	NOUN
ajfa-5241	521	30	)	)	PUNCT
ajfa-5241	521	31	0.001	0.001	NUM
ajfa-5241	521	32	0.895	0.895	NUM
ajfa-5241	521	33	market	market	NOUN
ajfa-5241	521	34	,	,	PUNCT
ajfa-5241	521	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	521	36	(	(	PUNCT
ajfa-5241	521	37	version-3	version-3	NOUN
ajfa-5241	521	38	)	)	PUNCT
ajfa-5241	521	39	0.003	0.003	NUM
ajfa-5241	521	40	0.888	0.888	NUM
ajfa-5241	521	41	market	market	NOUN
ajfa-5241	521	42	,	,	PUNCT
ajfa-5241	521	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	521	44	(	(	PUNCT
ajfa-5241	521	45	version-4	version-4	NOUN
ajfa-5241	521	46	)	)	PUNCT
ajfa-5241	521	47	0.005	0.005	NUM
ajfa-5241	521	48	0.862	0.862	NUM
ajfa-5241	521	49	market	market	NOUN
ajfa-5241	521	50	,	,	PUNCT
ajfa-5241	521	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	521	52	(	(	PUNCT
ajfa-5241	521	53	version-5	version-5	NUM
ajfa-5241	521	54	)	)	PUNCT
ajfa-5241	521	55	0.001	0.001	NUM
ajfa-5241	521	56	0.893	0.893	NUM
ajfa-5241	521	57	market	market	NOUN
ajfa-5241	521	58	,	,	PUNCT
ajfa-5241	521	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	521	60	(	(	PUNCT
ajfa-5241	521	61	version-6	version-6	NUM
ajfa-5241	521	62	)	)	PUNCT
ajfa-5241	521	63	0.002	0.002	NUM
ajfa-5241	521	64	0.874	0.874	NUM
ajfa-5241	521	65	asian	asian	ADJ
ajfa-5241	521	66	journal	journal	NOUN
ajfa-5241	521	67	of	of	ADP
ajfa-5241	521	68	finance	finance	PROPN
ajfa-5241	521	69	&	&	CCONJ
ajfa-5241	521	70	accounting	accounting	PROPN
ajfa-5241	521	71	issn	issn	PROPN
ajfa-5241	521	72	1946	1946	NUM
ajfa-5241	521	73	-	-	PUNCT
ajfa-5241	521	74	052x	052x	PROPN
ajfa-5241	521	75	2014	2014	NUM
ajfa-5241	521	76	,	,	PUNCT
ajfa-5241	521	77	vol	vol	NOUN
ajfa-5241	521	78	.	.	PROPN
ajfa-5241	521	79	6	6	NUM
ajfa-5241	521	80	,	,	PUNCT
ajfa-5241	521	81	no	no	INTJ
ajfa-5241	521	82	.	.	NOUN
ajfa-5241	521	83	1	1	NUM
ajfa-5241	521	84	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	521	85	361	361	NUM
ajfa-5241	521	86	portfolios	portfolio	NOUN
ajfa-5241	521	87	formed	form	VERB
ajfa-5241	521	88	on	on	ADP
ajfa-5241	521	89	long	long	ADJ
ajfa-5241	521	90	term	term	NOUN
ajfa-5241	521	91	past	past	ADP
ajfa-5241	521	92	returns	return	NOUN
ajfa-5241	521	93	skipping	skip	VERB
ajfa-5241	521	94	one	one	NUM
ajfa-5241	521	95	year	year	NOUN
ajfa-5241	521	96	between	between	ADP
ajfa-5241	521	97	portfolio	portfolio	NOUN
ajfa-5241	521	98	formation	formation	NOUN
ajfa-5241	521	99	and	and	CCONJ
ajfa-5241	521	100	holding	holding	NOUN
ajfa-5241	521	101	period	period	NOUN
ajfa-5241	521	102	:	:	PUNCT
ajfa-5241	521	103	comparative	comparative	ADJ
ajfa-5241	521	104	results	result	NOUN
ajfa-5241	521	105	for	for	ADP
ajfa-5241	521	106	capm	capm	PROPN
ajfa-5241	521	107	and	and	CCONJ
ajfa-5241	521	108	fama	fama	PROPN
ajfa-5241	521	109	-	-	PUNCT
ajfa-5241	521	110	french	french	ADJ
ajfa-5241	521	111	model	model	NOUN
ajfa-5241	521	112	.	.	PUNCT
ajfa-5241	522	1	model	model	NOUN
ajfa-5241	522	2	mean	mean	VERB
ajfa-5241	522	3	/	/	SYM
ajfa-5241	522	4	alpha	alpha	NOUN
ajfa-5241	522	5	r2	r2	PROPN
ajfa-5241	522	6	market	market	NOUN
ajfa-5241	522	7	(	(	PUNCT
ajfa-5241	522	8	capm	capm	PROPN
ajfa-5241	522	9	)	)	PUNCT
ajfa-5241	522	10	0.014	0.014	NUM
ajfa-5241	522	11	0.825	0.825	NUM
ajfa-5241	522	12	market	market	NOUN
ajfa-5241	522	13	,	,	PUNCT
ajfa-5241	522	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	522	15	fama	fama	PROPN
ajfa-5241	522	16	-	-	PUNCT
ajfa-5241	522	17	french	french	ADJ
ajfa-5241	522	18	model	model	NOUN
ajfa-5241	522	19	–	–	PUNCT
ajfa-5241	522	20	(	(	PUNCT
ajfa-5241	522	21	version1	version1	NOUN
ajfa-5241	522	22	)	)	PUNCT
ajfa-5241	522	23	0.001	0.001	NUM
ajfa-5241	522	24	0.917	0.917	NUM
ajfa-5241	522	25	market	market	NOUN
ajfa-5241	522	26	,	,	PUNCT
ajfa-5241	522	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	522	28	(	(	PUNCT
ajfa-5241	522	29	version-2	version-2	NOUN
ajfa-5241	522	30	)	)	PUNCT
ajfa-5241	522	31	0.001	0.001	NUM
ajfa-5241	522	32	0.909	0.909	NUM
ajfa-5241	522	33	market	market	NOUN
ajfa-5241	522	34	,	,	PUNCT
ajfa-5241	522	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	522	36	(	(	PUNCT
ajfa-5241	522	37	version-3	version-3	NOUN
ajfa-5241	522	38	)	)	PUNCT
ajfa-5241	522	39	0.002	0.002	NUM
ajfa-5241	522	40	0.897	0.897	NUM
ajfa-5241	522	41	market	market	NOUN
ajfa-5241	522	42	,	,	PUNCT
ajfa-5241	522	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	522	44	(	(	PUNCT
ajfa-5241	522	45	version-4	version-4	NOUN
ajfa-5241	522	46	)	)	PUNCT
ajfa-5241	522	47	0.004	0.004	NUM
ajfa-5241	522	48	0.871	0.871	NUM
ajfa-5241	522	49	market	market	NOUN
ajfa-5241	522	50	,	,	PUNCT
ajfa-5241	522	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	522	52	(	(	PUNCT
ajfa-5241	522	53	version-5	version-5	NUM
ajfa-5241	522	54	)	)	PUNCT
ajfa-5241	522	55	0.002	0.002	NUM
ajfa-5241	522	56	0.902	0.902	NUM
ajfa-5241	522	57	market	market	NOUN
ajfa-5241	522	58	,	,	PUNCT
ajfa-5241	522	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	522	60	(	(	PUNCT
ajfa-5241	522	61	version-6	version-6	NUM
ajfa-5241	522	62	)	)	PUNCT
ajfa-5241	522	63	0.002	0.002	NUM
ajfa-5241	522	64	0.884	0.884	NUM
ajfa-5241	522	65	portfolios	portfolio	NOUN
ajfa-5241	522	66	formed	form	VERB
ajfa-5241	522	67	on	on	ADP
ajfa-5241	522	68	short	short	ADJ
ajfa-5241	522	69	term	term	NOUN
ajfa-5241	522	70	past	past	ADJ
ajfa-5241	522	71	returns	return	NOUN
ajfa-5241	522	72	:	:	PUNCT
ajfa-5241	522	73	comparative	comparative	ADJ
ajfa-5241	522	74	results	result	NOUN
ajfa-5241	522	75	for	for	ADP
ajfa-5241	522	76	capm	capm	PROPN
ajfa-5241	522	77	and	and	CCONJ
ajfa-5241	522	78	fama	fama	PROPN
ajfa-5241	522	79	-	-	PUNCT
ajfa-5241	522	80	french	french	ADJ
ajfa-5241	522	81	model	model	NOUN
ajfa-5241	522	82	.	.	PUNCT
ajfa-5241	523	1	model	model	NOUN
ajfa-5241	523	2	mean	mean	VERB
ajfa-5241	523	3	/	/	SYM
ajfa-5241	523	4	alpha	alpha	NOUN
ajfa-5241	523	5	r2	r2	PROPN
ajfa-5241	523	6	market	market	NOUN
ajfa-5241	523	7	(	(	PUNCT
ajfa-5241	523	8	capm	capm	PROPN
ajfa-5241	523	9	)	)	PUNCT
ajfa-5241	523	10	0.014	0.014	NUM
ajfa-5241	523	11	0.767	0.767	NUM
ajfa-5241	523	12	market	market	NOUN
ajfa-5241	523	13	,	,	PUNCT
ajfa-5241	523	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	523	15	fama	fama	PROPN
ajfa-5241	523	16	-	-	PUNCT
ajfa-5241	523	17	french	french	ADJ
ajfa-5241	523	18	model	model	NOUN
ajfa-5241	523	19	–	–	PUNCT
ajfa-5241	523	20	(	(	PUNCT
ajfa-5241	523	21	version1	version1	NOUN
ajfa-5241	523	22	)	)	PUNCT
ajfa-5241	523	23	0.003	0.003	NUM
ajfa-5241	523	24	0.861	0.861	NUM
ajfa-5241	523	25	market	market	NOUN
ajfa-5241	523	26	,	,	PUNCT
ajfa-5241	523	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	523	28	(	(	PUNCT
ajfa-5241	523	29	version-2	version-2	X
ajfa-5241	523	30	)	)	PUNCT
ajfa-5241	523	31	0.003	0.003	NUM
ajfa-5241	523	32	0.840	0.840	NUM
ajfa-5241	523	33	market	market	NOUN
ajfa-5241	523	34	,	,	PUNCT
ajfa-5241	523	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	523	36	(	(	PUNCT
ajfa-5241	523	37	version-3	version-3	NOUN
ajfa-5241	523	38	)	)	PUNCT
ajfa-5241	523	39	0.004	0.004	NUM
ajfa-5241	523	40	0.846	0.846	NUM
ajfa-5241	523	41	market	market	NOUN
ajfa-5241	523	42	,	,	PUNCT
ajfa-5241	523	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	523	44	(	(	PUNCT
ajfa-5241	523	45	version-4	version-4	NOUN
ajfa-5241	523	46	)	)	PUNCT
ajfa-5241	523	47	0.005	0.005	NUM
ajfa-5241	523	48	0.815	0.815	NUM
ajfa-5241	523	49	market	market	NOUN
ajfa-5241	523	50	,	,	PUNCT
ajfa-5241	523	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	523	52	(	(	PUNCT
ajfa-5241	523	53	version-5	version-5	NUM
ajfa-5241	523	54	)	)	PUNCT
ajfa-5241	523	55	0.003	0.003	NUM
ajfa-5241	523	56	0.857	0.857	NUM
ajfa-5241	523	57	market	market	NOUN
ajfa-5241	523	58	,	,	PUNCT
ajfa-5241	523	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	523	60	(	(	PUNCT
ajfa-5241	523	61	version-6	version-6	NUM
ajfa-5241	523	62	)	)	PUNCT
ajfa-5241	523	63	0.003	0.003	NUM
ajfa-5241	523	64	0.831	0.831	NUM
ajfa-5241	523	65	panel	panel	NOUN
ajfa-5241	523	66	b	b	NOUN
ajfa-5241	523	67	:	:	PUNCT
ajfa-5241	523	68	market	market	NOUN
ajfa-5241	523	69	proxy	proxy	NOUN
ajfa-5241	523	70	nse-50	nse-50	ADV
ajfa-5241	523	71	single	single	ADJ
ajfa-5241	523	72	sorted	sorted	ADJ
ajfa-5241	523	73	portfolios	portfolio	NOUN
ajfa-5241	523	74	formed	form	VERB
ajfa-5241	523	75	on	on	ADP
ajfa-5241	523	76	company	company	NOUN
ajfa-5241	523	77	size	size	NOUN
ajfa-5241	523	78	:	:	PUNCT
ajfa-5241	523	79	comparative	comparative	ADJ
ajfa-5241	523	80	results	result	NOUN
ajfa-5241	523	81	for	for	ADP
ajfa-5241	523	82	capm	capm	NOUN
ajfa-5241	523	83	and	and	CCONJ
ajfa-5241	523	84	alternative	alternative	ADJ
ajfa-5241	523	85	versions	version	NOUN
ajfa-5241	523	86	of	of	ADP
ajfa-5241	523	87	fama	fama	NOUN
ajfa-5241	523	88	-	-	PUNCT
ajfa-5241	523	89	french	french	ADJ
ajfa-5241	523	90	model	model	NOUN
ajfa-5241	523	91	.	.	PUNCT
ajfa-5241	524	1	model	model	NOUN
ajfa-5241	524	2	mean	mean	VERB
ajfa-5241	524	3	/	/	SYM
ajfa-5241	524	4	alpha	alpha	NOUN
ajfa-5241	524	5	r2	r2	PROPN
ajfa-5241	524	6	market	market	NOUN
ajfa-5241	524	7	(	(	PUNCT
ajfa-5241	524	8	capm	capm	PROPN
ajfa-5241	524	9	)	)	PUNCT
ajfa-5241	524	10	0.017	0.017	NUM
ajfa-5241	524	11	0.689	0.689	NUM
ajfa-5241	524	12	market	market	NOUN
ajfa-5241	524	13	,	,	PUNCT
ajfa-5241	524	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	524	15	fama	fama	PROPN
ajfa-5241	524	16	-	-	PUNCT
ajfa-5241	524	17	french	french	ADJ
ajfa-5241	524	18	model	model	NOUN
ajfa-5241	524	19	–	–	PUNCT
ajfa-5241	524	20	(	(	PUNCT
ajfa-5241	524	21	version1	version1	NOUN
ajfa-5241	524	22	)	)	PUNCT
ajfa-5241	524	23	0.004	0.004	NUM
ajfa-5241	524	24	0.840	0.840	NUM
ajfa-5241	524	25	market	market	NOUN
ajfa-5241	524	26	,	,	PUNCT
ajfa-5241	524	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	524	28	(	(	PUNCT
ajfa-5241	524	29	version-2	version-2	X
ajfa-5241	524	30	)	)	PUNCT
ajfa-5241	524	31	0.004	0.004	NUM
ajfa-5241	524	32	0.822	0.822	NUM
ajfa-5241	524	33	market	market	NOUN
ajfa-5241	524	34	,	,	PUNCT
ajfa-5241	524	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	524	36	(	(	PUNCT
ajfa-5241	524	37	version-3	version-3	NOUN
ajfa-5241	524	38	)	)	PUNCT
ajfa-5241	524	39	0.004	0.004	NUM
ajfa-5241	524	40	0.821	0.821	NUM
ajfa-5241	524	41	market	market	NOUN
ajfa-5241	524	42	,	,	PUNCT
ajfa-5241	524	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	524	44	(	(	PUNCT
ajfa-5241	524	45	version-4	version-4	NOUN
ajfa-5241	524	46	)	)	PUNCT
ajfa-5241	524	47	0.005	0.005	NUM
ajfa-5241	524	48	0.779	0.779	NUM
ajfa-5241	524	49	market	market	NOUN
ajfa-5241	524	50	,	,	PUNCT
ajfa-5241	524	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	524	52	(	(	PUNCT
ajfa-5241	524	53	version-5	version-5	NUM
ajfa-5241	524	54	)	)	PUNCT
ajfa-5241	524	55	0.004	0.004	NUM
ajfa-5241	524	56	0.829	0.829	NUM
ajfa-5241	524	57	market	market	NOUN
ajfa-5241	524	58	,	,	PUNCT
ajfa-5241	524	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	524	60	(	(	PUNCT
ajfa-5241	524	61	version-6	version-6	NUM
ajfa-5241	524	62	)	)	PUNCT
ajfa-5241	524	63	0.004	0.004	NUM
ajfa-5241	524	64	0.808	0.808	NUM
ajfa-5241	524	65	asian	asian	ADJ
ajfa-5241	524	66	journal	journal	NOUN
ajfa-5241	524	67	of	of	ADP
ajfa-5241	524	68	finance	finance	PROPN
ajfa-5241	524	69	&	&	CCONJ
ajfa-5241	524	70	accounting	accounting	PROPN
ajfa-5241	524	71	issn	issn	PROPN
ajfa-5241	524	72	1946	1946	NUM
ajfa-5241	524	73	-	-	PUNCT
ajfa-5241	524	74	052x	052x	PROPN
ajfa-5241	524	75	2014	2014	NUM
ajfa-5241	524	76	,	,	PUNCT
ajfa-5241	524	77	vol	vol	NOUN
ajfa-5241	524	78	.	.	PROPN
ajfa-5241	524	79	6	6	NUM
ajfa-5241	524	80	,	,	PUNCT
ajfa-5241	524	81	no	no	INTJ
ajfa-5241	524	82	.	.	NOUN
ajfa-5241	524	83	1	1	NUM
ajfa-5241	524	84	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-5241	524	85	362	362	NUM
ajfa-5241	524	86	single	single	ADJ
ajfa-5241	524	87	sorted	sorted	ADJ
ajfa-5241	524	88	portfolios	portfolio	NOUN
ajfa-5241	524	89	formed	form	VERB
ajfa-5241	524	90	on	on	ADP
ajfa-5241	524	91	company	company	NOUN
ajfa-5241	524	92	value	value	NOUN
ajfa-5241	524	93	:	:	PUNCT
ajfa-5241	524	94	comparative	comparative	ADJ
ajfa-5241	524	95	results	result	NOUN
ajfa-5241	524	96	for	for	ADP
ajfa-5241	524	97	capm	capm	NOUN
ajfa-5241	524	98	and	and	CCONJ
ajfa-5241	524	99	alternative	alternative	ADJ
ajfa-5241	524	100	versions	version	NOUN
ajfa-5241	524	101	of	of	ADP
ajfa-5241	524	102	fama	fama	NOUN
ajfa-5241	524	103	-	-	PUNCT
ajfa-5241	524	104	french	french	ADJ
ajfa-5241	524	105	model	model	NOUN
ajfa-5241	524	106	.	.	PUNCT
ajfa-5241	525	1	model	model	NOUN
ajfa-5241	525	2	mean	mean	VERB
ajfa-5241	525	3	/	/	SYM
ajfa-5241	525	4	alpha	alpha	NOUN
ajfa-5241	525	5	r2	r2	PROPN
ajfa-5241	525	6	market	market	NOUN
ajfa-5241	525	7	(	(	PUNCT
ajfa-5241	525	8	capm	capm	PROPN
ajfa-5241	525	9	)	)	PUNCT
ajfa-5241	525	10	0.016	0.016	NUM
ajfa-5241	525	11	0.705	0.705	NUM
ajfa-5241	525	12	market	market	NOUN
ajfa-5241	525	13	,	,	PUNCT
ajfa-5241	525	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	525	15	fama	fama	PROPN
ajfa-5241	525	16	-	-	PUNCT
ajfa-5241	525	17	french	french	ADJ
ajfa-5241	525	18	model	model	NOUN
ajfa-5241	525	19	–	–	PUNCT
ajfa-5241	525	20	(	(	PUNCT
ajfa-5241	525	21	version1	version1	NOUN
ajfa-5241	525	22	)	)	PUNCT
ajfa-5241	525	23	0.001	0.001	NUM
ajfa-5241	525	24	0.840	0.840	NUM
ajfa-5241	525	25	market	market	NOUN
ajfa-5241	525	26	,	,	PUNCT
ajfa-5241	525	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	525	28	(	(	PUNCT
ajfa-5241	525	29	version-2	version-2	NOUN
ajfa-5241	525	30	)	)	PUNCT
ajfa-5241	525	31	0.001	0.001	NUM
ajfa-5241	525	32	0.827	0.827	NUM
ajfa-5241	525	33	market	market	NOUN
ajfa-5241	525	34	,	,	PUNCT
ajfa-5241	525	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	525	36	(	(	PUNCT
ajfa-5241	525	37	version-3	version-3	NOUN
ajfa-5241	525	38	)	)	PUNCT
ajfa-5241	525	39	0.002	0.002	NUM
ajfa-5241	525	40	0.823	0.823	NUM
ajfa-5241	525	41	market	market	NOUN
ajfa-5241	525	42	,	,	PUNCT
ajfa-5241	525	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	525	44	(	(	PUNCT
ajfa-5241	525	45	version-4	version-4	NOUN
ajfa-5241	525	46	)	)	PUNCT
ajfa-5241	525	47	0.004	0.004	NUM
ajfa-5241	525	48	0.786	0.786	NUM
ajfa-5241	525	49	market	market	NOUN
ajfa-5241	525	50	,	,	PUNCT
ajfa-5241	525	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	525	52	(	(	PUNCT
ajfa-5241	525	53	version-5	version-5	NUM
ajfa-5241	525	54	)	)	PUNCT
ajfa-5241	525	55	0.001	0.001	NUM
ajfa-5241	525	56	0.831	0.831	NUM
ajfa-5241	525	57	market	market	NOUN
ajfa-5241	525	58	,	,	PUNCT
ajfa-5241	525	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	525	60	(	(	PUNCT
ajfa-5241	525	61	version-6	version-6	NUM
ajfa-5241	525	62	)	)	PUNCT
ajfa-5241	525	63	0.002	0.002	NUM
ajfa-5241	525	64	0.812	0.812	NUM
ajfa-5241	525	65	double	double	ADJ
ajfa-5241	525	66	sorted	sort	VERB
ajfa-5241	525	67	portfolios	portfolio	NOUN
ajfa-5241	525	68	formed	form	VERB
ajfa-5241	525	69	on	on	ADP
ajfa-5241	525	70	different	different	ADJ
ajfa-5241	525	71	measures	measure	NOUN
ajfa-5241	525	72	of	of	ADP
ajfa-5241	525	73	company	company	NOUN
ajfa-5241	525	74	size	size	NOUN
ajfa-5241	525	75	and	and	CCONJ
ajfa-5241	525	76	value	value	NOUN
ajfa-5241	525	77	:	:	PUNCT
ajfa-5241	525	78	comparative	comparative	ADJ
ajfa-5241	525	79	results	result	NOUN
ajfa-5241	525	80	of	of	ADP
ajfa-5241	525	81	capm	capm	PROPN
ajfa-5241	525	82	and	and	CCONJ
ajfa-5241	525	83	fama	fama	PROPN
ajfa-5241	525	84	-	-	PUNCT
ajfa-5241	525	85	french	french	ADJ
ajfa-5241	525	86	model	model	NOUN
ajfa-5241	525	87	.	.	PUNCT
ajfa-5241	526	1	model	model	NOUN
ajfa-5241	526	2	mean	mean	VERB
ajfa-5241	526	3	/	/	SYM
ajfa-5241	526	4	alpha	alpha	NOUN
ajfa-5241	526	5	r2	r2	PROPN
ajfa-5241	526	6	market	market	NOUN
ajfa-5241	526	7	(	(	PUNCT
ajfa-5241	526	8	capm	capm	PROPN
ajfa-5241	526	9	)	)	PUNCT
ajfa-5241	526	10	0.016	0.016	NUM
ajfa-5241	526	11	0.688	0.688	NUM
ajfa-5241	526	12	market	market	NOUN
ajfa-5241	526	13	,	,	PUNCT
ajfa-5241	526	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	526	15	fama	fama	PROPN
ajfa-5241	526	16	-	-	PUNCT
ajfa-5241	526	17	french	french	ADJ
ajfa-5241	526	18	model	model	NOUN
ajfa-5241	526	19	–	–	PUNCT
ajfa-5241	526	20	(	(	PUNCT
ajfa-5241	526	21	version1	version1	NOUN
ajfa-5241	526	22	)	)	PUNCT
ajfa-5241	526	23	0.002	0.002	NUM
ajfa-5241	526	24	0.838	0.838	NUM
ajfa-5241	526	25	market	market	NOUN
ajfa-5241	526	26	,	,	PUNCT
ajfa-5241	526	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	526	28	(	(	PUNCT
ajfa-5241	526	29	version-2	version-2	NOUN
ajfa-5241	526	30	)	)	PUNCT
ajfa-5241	526	31	0.002	0.002	NUM
ajfa-5241	526	32	0.823	0.823	NUM
ajfa-5241	526	33	market	market	NOUN
ajfa-5241	526	34	,	,	PUNCT
ajfa-5241	526	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	526	36	(	(	PUNCT
ajfa-5241	526	37	version-3	version-3	NOUN
ajfa-5241	526	38	)	)	PUNCT
ajfa-5241	526	39	0.002	0.002	NUM
ajfa-5241	526	40	0.821	0.821	NUM
ajfa-5241	526	41	market	market	NOUN
ajfa-5241	526	42	,	,	PUNCT
ajfa-5241	526	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	526	44	(	(	PUNCT
ajfa-5241	526	45	version-4	version-4	NOUN
ajfa-5241	526	46	)	)	PUNCT
ajfa-5241	526	47	0.004	0.004	NUM
ajfa-5241	526	48	0.785	0.785	NUM
ajfa-5241	526	49	market	market	NOUN
ajfa-5241	526	50	,	,	PUNCT
ajfa-5241	526	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	526	52	(	(	PUNCT
ajfa-5241	526	53	version-5	version-5	NUM
ajfa-5241	526	54	)	)	PUNCT
ajfa-5241	526	55	0.001	0.001	NUM
ajfa-5241	526	56	0.829	0.829	NUM
ajfa-5241	526	57	market	market	NOUN
ajfa-5241	526	58	,	,	PUNCT
ajfa-5241	526	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	526	60	(	(	PUNCT
ajfa-5241	526	61	version-6	version-6	NUM
ajfa-5241	526	62	)	)	PUNCT
ajfa-5241	526	63	0.001	0.001	NUM
ajfa-5241	526	64	0.811	0.811	NUM
ajfa-5241	526	65	portfolios	portfolio	NOUN
ajfa-5241	526	66	formed	form	VERB
ajfa-5241	526	67	on	on	ADP
ajfa-5241	526	68	long	long	ADJ
ajfa-5241	526	69	term	term	NOUN
ajfa-5241	526	70	past	past	ADP
ajfa-5241	526	71	returns	return	NOUN
ajfa-5241	526	72	without	without	ADP
ajfa-5241	526	73	skipping	skip	VERB
ajfa-5241	526	74	one	one	NUM
ajfa-5241	526	75	year	year	NOUN
ajfa-5241	526	76	:	:	PUNCT
ajfa-5241	526	77	comparative	comparative	ADJ
ajfa-5241	526	78	results	result	NOUN
ajfa-5241	526	79	for	for	ADP
ajfa-5241	526	80	capm	capm	PROPN
ajfa-5241	526	81	and	and	CCONJ
ajfa-5241	526	82	fama	fama	PROPN
ajfa-5241	526	83	-	-	PUNCT
ajfa-5241	526	84	french	french	ADJ
ajfa-5241	526	85	model	model	NOUN
ajfa-5241	526	86	.	.	PUNCT
ajfa-5241	527	1	model	model	NOUN
ajfa-5241	527	2	mean	mean	VERB
ajfa-5241	527	3	/	/	SYM
ajfa-5241	527	4	alpha	alpha	NOUN
ajfa-5241	527	5	r2	r2	PROPN
ajfa-5241	527	6	market	market	NOUN
ajfa-5241	527	7	(	(	PUNCT
ajfa-5241	527	8	capm	capm	PROPN
ajfa-5241	527	9	)	)	PUNCT
ajfa-5241	527	10	0.017	0.017	NUM
ajfa-5241	527	11	0.736	0.736	NUM
ajfa-5241	527	12	market	market	NOUN
ajfa-5241	527	13	,	,	PUNCT
ajfa-5241	527	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	527	15	fama	fama	PROPN
ajfa-5241	527	16	-	-	PUNCT
ajfa-5241	527	17	french	french	ADJ
ajfa-5241	527	18	model	model	NOUN
ajfa-5241	527	19	–	–	PUNCT
ajfa-5241	527	20	(	(	PUNCT
ajfa-5241	527	21	version1	version1	NOUN
ajfa-5241	527	22	)	)	PUNCT
ajfa-5241	527	23	0.002	0.002	NUM
ajfa-5241	527	24	0.849	0.849	NUM
ajfa-5241	527	25	market	market	NOUN
ajfa-5241	527	26	,	,	PUNCT
ajfa-5241	527	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	527	28	(	(	PUNCT
ajfa-5241	527	29	version-2	version-2	NOUN
ajfa-5241	527	30	)	)	PUNCT
ajfa-5241	527	31	0.002	0.002	NUM
ajfa-5241	527	32	0.832	0.832	NUM
ajfa-5241	527	33	market	market	NOUN
ajfa-5241	527	34	,	,	PUNCT
ajfa-5241	527	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	527	36	(	(	PUNCT
ajfa-5241	527	37	version-3	version-3	NOUN
ajfa-5241	527	38	)	)	PUNCT
ajfa-5241	527	39	0.002	0.002	NUM
ajfa-5241	527	40	0.829	0.829	NUM
ajfa-5241	527	41	market	market	NOUN
ajfa-5241	527	42	,	,	PUNCT
ajfa-5241	527	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	527	44	(	(	PUNCT
ajfa-5241	527	45	version-4	version-4	NOUN
ajfa-5241	527	46	)	)	PUNCT
ajfa-5241	527	47	0.005	0.005	NUM
ajfa-5241	527	48	0.789	0.789	NUM
ajfa-5241	527	49	market	market	NOUN
ajfa-5241	527	50	,	,	PUNCT
ajfa-5241	527	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	527	52	(	(	PUNCT
ajfa-5241	527	53	version-5	version-5	NUM
ajfa-5241	527	54	)	)	PUNCT
ajfa-5241	527	55	0.001	0.001	NUM
ajfa-5241	527	56	0.836	0.836	NUM
ajfa-5241	527	57	market	market	NOUN
ajfa-5241	527	58	,	,	PUNCT
ajfa-5241	527	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	527	60	(	(	PUNCT
ajfa-5241	527	61	version-6	version-6	NUM
ajfa-5241	527	62	)	)	PUNCT
ajfa-5241	527	63	0.002	0.002	NUM
ajfa-5241	527	64	0.810	0.810	NUM
ajfa-5241	527	65	asian	asian	ADJ
ajfa-5241	527	66	journal	journal	NOUN
ajfa-5241	527	67	of	of	ADP
ajfa-5241	527	68	finance	finance	PROPN
ajfa-5241	527	69	&	&	CCONJ
ajfa-5241	527	70	accounting	accounting	PROPN
ajfa-5241	527	71	issn	issn	PROPN
ajfa-5241	527	72	1946	1946	NUM
ajfa-5241	527	73	-	-	PUNCT
ajfa-5241	527	74	052x	052x	PROPN
ajfa-5241	527	75	2014	2014	NUM
ajfa-5241	527	76	,	,	PUNCT
ajfa-5241	527	77	vol	vol	NOUN
ajfa-5241	527	78	.	.	PROPN
ajfa-5241	527	79	6	6	NUM
ajfa-5241	527	80	,	,	PUNCT
ajfa-5241	527	81	no	no	INTJ
ajfa-5241	527	82	.	.	NOUN
ajfa-5241	527	83	1	1	NUM
ajfa-5241	527	84	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	527	85	363	363	NUM
ajfa-5241	527	86	portfolios	portfolio	NOUN
ajfa-5241	527	87	formed	form	VERB
ajfa-5241	527	88	on	on	ADP
ajfa-5241	527	89	long	long	ADJ
ajfa-5241	527	90	term	term	NOUN
ajfa-5241	527	91	past	past	ADP
ajfa-5241	527	92	returns	return	NOUN
ajfa-5241	527	93	skipping	skip	VERB
ajfa-5241	527	94	one	one	NUM
ajfa-5241	527	95	year	year	NOUN
ajfa-5241	527	96	between	between	ADP
ajfa-5241	527	97	portfolio	portfolio	NOUN
ajfa-5241	527	98	formation	formation	NOUN
ajfa-5241	527	99	and	and	CCONJ
ajfa-5241	527	100	holding	holding	NOUN
ajfa-5241	527	101	period	period	NOUN
ajfa-5241	527	102	:	:	PUNCT
ajfa-5241	527	103	comparative	comparative	ADJ
ajfa-5241	527	104	results	result	NOUN
ajfa-5241	527	105	for	for	ADP
ajfa-5241	527	106	capm	capm	PROPN
ajfa-5241	527	107	and	and	CCONJ
ajfa-5241	527	108	fama	fama	PROPN
ajfa-5241	527	109	-	-	PUNCT
ajfa-5241	527	110	french	french	ADJ
ajfa-5241	527	111	model	model	NOUN
ajfa-5241	527	112	.	.	PUNCT
ajfa-5241	528	1	model	model	NOUN
ajfa-5241	528	2	mean	mean	VERB
ajfa-5241	528	3	/	/	SYM
ajfa-5241	528	4	alpha	alpha	NOUN
ajfa-5241	528	5	r2	r2	PROPN
ajfa-5241	528	6	market	market	NOUN
ajfa-5241	528	7	(	(	PUNCT
ajfa-5241	528	8	capm	capm	PROPN
ajfa-5241	528	9	)	)	PUNCT
ajfa-5241	528	10	0.017	0.017	NUM
ajfa-5241	528	11	0.737	0.737	NUM
ajfa-5241	528	12	market	market	NOUN
ajfa-5241	528	13	,	,	PUNCT
ajfa-5241	528	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	528	15	fama	fama	PROPN
ajfa-5241	528	16	-	-	PUNCT
ajfa-5241	528	17	french	french	ADJ
ajfa-5241	528	18	model	model	NOUN
ajfa-5241	528	19	–	–	PUNCT
ajfa-5241	528	20	(	(	PUNCT
ajfa-5241	528	21	version1	version1	NOUN
ajfa-5241	528	22	)	)	PUNCT
ajfa-5241	528	23	0.001	0.001	NUM
ajfa-5241	528	24	0.862	0.862	NUM
ajfa-5241	528	25	market	market	NOUN
ajfa-5241	528	26	,	,	PUNCT
ajfa-5241	528	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	528	28	(	(	PUNCT
ajfa-5241	528	29	version-2	version-2	NOUN
ajfa-5241	528	30	)	)	PUNCT
ajfa-5241	528	31	0.001	0.001	NUM
ajfa-5241	528	32	0.847	0.847	NUM
ajfa-5241	528	33	market	market	NOUN
ajfa-5241	528	34	,	,	PUNCT
ajfa-5241	528	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	528	36	(	(	PUNCT
ajfa-5241	528	37	version-3	version-3	NOUN
ajfa-5241	528	38	)	)	PUNCT
ajfa-5241	528	39	0.003	0.003	NUM
ajfa-5241	528	40	0.839	0.839	NUM
ajfa-5241	528	41	market	market	NOUN
ajfa-5241	528	42	,	,	PUNCT
ajfa-5241	528	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	528	44	(	(	PUNCT
ajfa-5241	528	45	version-4	version-4	NOUN
ajfa-5241	528	46	)	)	PUNCT
ajfa-5241	528	47	0.006	0.006	NUM
ajfa-5241	528	48	0.796	0.796	NUM
ajfa-5241	528	49	market	market	NOUN
ajfa-5241	528	50	,	,	PUNCT
ajfa-5241	528	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	528	52	(	(	PUNCT
ajfa-5241	528	53	version-5	version-5	NUM
ajfa-5241	528	54	)	)	PUNCT
ajfa-5241	528	55	0.002	0.002	NUM
ajfa-5241	528	56	0.847	0.847	NUM
ajfa-5241	528	57	market	market	NOUN
ajfa-5241	528	58	,	,	PUNCT
ajfa-5241	528	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	528	60	(	(	PUNCT
ajfa-5241	528	61	version-6	version-6	NUM
ajfa-5241	528	62	)	)	PUNCT
ajfa-5241	528	63	0.002	0.002	NUM
ajfa-5241	528	64	0.819	0.819	NUM
ajfa-5241	528	65	portfolios	portfolio	NOUN
ajfa-5241	528	66	formed	form	VERB
ajfa-5241	528	67	on	on	ADP
ajfa-5241	528	68	short	short	ADJ
ajfa-5241	528	69	term	term	NOUN
ajfa-5241	528	70	past	past	ADJ
ajfa-5241	528	71	returns	return	NOUN
ajfa-5241	528	72	:	:	PUNCT
ajfa-5241	528	73	comparative	comparative	ADJ
ajfa-5241	528	74	results	result	NOUN
ajfa-5241	528	75	for	for	ADP
ajfa-5241	528	76	capm	capm	PROPN
ajfa-5241	528	77	and	and	CCONJ
ajfa-5241	528	78	fama	fama	PROPN
ajfa-5241	528	79	-	-	PUNCT
ajfa-5241	528	80	french	french	ADJ
ajfa-5241	528	81	model	model	NOUN
ajfa-5241	528	82	.	.	PUNCT
ajfa-5241	529	1	model	model	NOUN
ajfa-5241	529	2	mean	mean	VERB
ajfa-5241	529	3	/	/	SYM
ajfa-5241	529	4	alpha	alpha	NOUN
ajfa-5241	529	5	r2	r2	PROPN
ajfa-5241	529	6	market	market	NOUN
ajfa-5241	529	7	(	(	PUNCT
ajfa-5241	529	8	capm	capm	PROPN
ajfa-5241	529	9	)	)	PUNCT
ajfa-5241	529	10	0.016	0.016	NUM
ajfa-5241	529	11	0.705	0.705	NUM
ajfa-5241	529	12	market	market	NOUN
ajfa-5241	529	13	,	,	PUNCT
ajfa-5241	529	14	smb1,lmh1(standard	smb1,lmh1(standard	PROPN
ajfa-5241	529	15	fama	fama	PROPN
ajfa-5241	529	16	-	-	PUNCT
ajfa-5241	529	17	french	french	ADJ
ajfa-5241	529	18	model	model	NOUN
ajfa-5241	529	19	–	–	PUNCT
ajfa-5241	529	20	(	(	PUNCT
ajfa-5241	529	21	version1	version1	NOUN
ajfa-5241	529	22	)	)	PUNCT
ajfa-5241	529	23	0.003	0.003	NUM
ajfa-5241	529	24	0.822	0.822	NUM
ajfa-5241	529	25	market	market	NOUN
ajfa-5241	529	26	,	,	PUNCT
ajfa-5241	529	27	smb2,lmh2	smb2,lmh2	PROPN
ajfa-5241	529	28	(	(	PUNCT
ajfa-5241	529	29	version-2	version-2	X
ajfa-5241	529	30	)	)	PUNCT
ajfa-5241	529	31	0.003	0.003	NUM
ajfa-5241	529	32	0.802	0.802	NUM
ajfa-5241	529	33	market	market	NOUN
ajfa-5241	529	34	,	,	PUNCT
ajfa-5241	529	35	smb3,lmh3	smb3,lmh3	PROPN
ajfa-5241	529	36	(	(	PUNCT
ajfa-5241	529	37	version-3	version-3	NOUN
ajfa-5241	529	38	)	)	PUNCT
ajfa-5241	529	39	0.003	0.003	NUM
ajfa-5241	529	40	0.805	0.805	NUM
ajfa-5241	529	41	market	market	NOUN
ajfa-5241	529	42	,	,	PUNCT
ajfa-5241	529	43	smb4,lmh4	smb4,lmh4	PROPN
ajfa-5241	529	44	(	(	PUNCT
ajfa-5241	529	45	version-4	version-4	NOUN
ajfa-5241	529	46	)	)	PUNCT
ajfa-5241	529	47	0.005	0.005	NUM
ajfa-5241	529	48	0.764	0.764	NUM
ajfa-5241	529	49	market	market	NOUN
ajfa-5241	529	50	,	,	PUNCT
ajfa-5241	529	51	smb5,lmh5	smb5,lmh5	NOUN
ajfa-5241	529	52	(	(	PUNCT
ajfa-5241	529	53	version-5	version-5	NUM
ajfa-5241	529	54	)	)	PUNCT
ajfa-5241	529	55	0.003	0.003	NUM
ajfa-5241	529	56	0.815	0.815	NUM
ajfa-5241	529	57	market	market	NOUN
ajfa-5241	529	58	,	,	PUNCT
ajfa-5241	529	59	smb6,lmh6	smb6,lmh6	NOUN
ajfa-5241	529	60	(	(	PUNCT
ajfa-5241	529	61	version-6	version-6	NUM
ajfa-5241	529	62	)	)	PUNCT
ajfa-5241	529	63	0.002	0.002	NUM
ajfa-5241	529	64	0.791	0.791	NUM
ajfa-5241	529	65	table	table	NOUN
ajfa-5241	529	66	5	5	NUM
ajfa-5241	529	67	.	.	PUNCT
ajfa-5241	530	1	the	the	DET
ajfa-5241	530	2	carhart	carhart	NOUN
ajfa-5241	530	3	four	four	NUM
ajfa-5241	530	4	factor	factor	NOUN
ajfa-5241	530	5	model	model	NOUN
ajfa-5241	530	6	comprises	comprise	NOUN
ajfa-5241	530	7	of	of	ADP
ajfa-5241	530	8	three	three	NUM
ajfa-5241	530	9	factor	factor	NOUN
ajfa-5241	530	10	fama	fama	NOUN
ajfa-5241	530	11	-	-	PUNCT
ajfa-5241	530	12	french	french	ADJ
ajfa-5241	530	13	risk	risk	NOUN
ajfa-5241	530	14	factors	factor	NOUN
ajfa-5241	530	15	i.e.	i.e.	X
ajfa-5241	530	16	market	market	NOUN
ajfa-5241	530	17	,	,	PUNCT
ajfa-5241	530	18	size	size	NOUN
ajfa-5241	530	19	and	and	CCONJ
ajfa-5241	530	20	value	value	NOUN
ajfa-5241	530	21	as	as	ADV
ajfa-5241	530	22	well	well	ADV
ajfa-5241	530	23	as	as	ADP
ajfa-5241	530	24	an	an	DET
ajfa-5241	530	25	additional	additional	ADJ
ajfa-5241	530	26	momentum	momentum	NOUN
ajfa-5241	530	27	factor	factor	NOUN
ajfa-5241	530	28	panel	panel	NOUN
ajfa-5241	530	29	a	a	DET
ajfa-5241	530	30	:	:	PUNCT
ajfa-5241	530	31	single	single	ADJ
ajfa-5241	530	32	sorted	sorted	ADJ
ajfa-5241	530	33	portfolios	portfolio	NOUN
ajfa-5241	530	34	mc	mc	VERB
ajfa-5241	530	35	a	a	DET
ajfa-5241	530	36	b	b	PROPN
ajfa-5241	530	37	s	s	PROPN
ajfa-5241	530	38	l	l	NOUN
ajfa-5241	530	39	w	w	PROPN
ajfa-5241	530	40	t(a	t(a	NOUN
ajfa-5241	530	41	)	)	PUNCT
ajfa-5241	530	42	t(b	t(b	NOUN
ajfa-5241	530	43	)	)	PUNCT
ajfa-5241	530	44	t(s	t(s	PROPN
ajfa-5241	530	45	)	)	PUNCT
ajfa-5241	530	46	t(l	t(l	PROPN
ajfa-5241	530	47	)	)	PUNCT
ajfa-5241	530	48	t(w	t(w	NOUN
ajfa-5241	530	49	)	)	PUNCT
ajfa-5241	530	50	r2	r2	PROPN
ajfa-5241	530	51	p1	p1	PROPN
ajfa-5241	530	52	0.006	0.006	NUM
ajfa-5241	530	53	0.987	0.987	NUM
ajfa-5241	530	54	1.637	1.637	NUM
ajfa-5241	530	55	0.292	0.292	NUM
ajfa-5241	530	56	-0.004	-0.004	PUNCT
ajfa-5241	530	57	1.861	1.861	NUM
ajfa-5241	530	58	30.041	30.041	NUM
ajfa-5241	530	59	22.337	22.337	NUM
ajfa-5241	530	60	4.505	4.505	NUM
ajfa-5241	530	61	-0.089	-0.089	NOUN
ajfa-5241	530	62	0.987	0.987	NUM
ajfa-5241	530	63	p5	p5	ADJ
ajfa-5241	530	64	0.003	0.003	NUM
ajfa-5241	530	65	0.994	0.994	NUM
ajfa-5241	530	66	-0.111	-0.111	NOUN
ajfa-5241	530	67	0.207	0.207	NUM
ajfa-5241	530	68	-0.053	-0.053	NUM
ajfa-5241	530	69	1.280	1.280	NUM
ajfa-5241	530	70	41.157	41.157	NUM
ajfa-5241	530	71	-2.055	-2.055	NUM
ajfa-5241	530	72	4.342	4.342	NUM
ajfa-5241	530	73	-1.538	-1.538	NUM
ajfa-5241	530	74	0.920	0.920	NUM
ajfa-5241	530	75	ta	ta	ADP
ajfa-5241	530	76	a	a	DET
ajfa-5241	530	77	b	b	PROPN
ajfa-5241	530	78	s	s	PROPN
ajfa-5241	530	79	l	l	NOUN
ajfa-5241	530	80	w	w	PROPN
ajfa-5241	530	81	t(a	t(a	NOUN
ajfa-5241	530	82	)	)	PUNCT
ajfa-5241	530	83	t(b	t(b	NOUN
ajfa-5241	530	84	)	)	PUNCT
ajfa-5241	530	85	t(s	t(s	PROPN
ajfa-5241	530	86	)	)	PUNCT
ajfa-5241	530	87	t(l	t(l	PROPN
ajfa-5241	530	88	)	)	PUNCT
ajfa-5241	530	89	t(w	t(w	NOUN
ajfa-5241	530	90	)	)	PUNCT
ajfa-5241	530	91	r2	r2	PROPN
ajfa-5241	530	92	p1	p1	PROPN
ajfa-5241	530	93	0.012	0.012	NUM
ajfa-5241	530	94	1.004	1.004	NUM
ajfa-5241	530	95	1.488	1.488	NUM
ajfa-5241	530	96	-0.177	-0.177	X
ajfa-5241	530	97	0.083	0.083	NUM
ajfa-5241	530	98	3.449	3.449	NUM
ajfa-5241	530	99	25.183	25.183	NUM
ajfa-5241	530	100	16.731	16.731	NUM
ajfa-5241	530	101	-2.245	-2.245	NUM
ajfa-5241	530	102	1.453	1.453	NUM
ajfa-5241	530	103	0.870	0.870	NUM
ajfa-5241	530	104	p5	p5	ADJ
ajfa-5241	530	105	0.004	0.004	NUM
ajfa-5241	530	106	1.023	1.023	NUM
ajfa-5241	530	107	-0.071	-0.071	NUM
ajfa-5241	530	108	0.657	0.657	NUM
ajfa-5241	530	109	-0.033	-0.033	PUNCT
ajfa-5241	530	110	1.519	1.519	NUM
ajfa-5241	530	111	36.813	36.813	NUM
ajfa-5241	530	112	-1.150	-1.150	NUM
ajfa-5241	530	113	11.980	11.980	NUM
ajfa-5241	530	114	-0.836	-0.836	NUM
ajfa-5241	530	115	0.918	0.918	NUM
ajfa-5241	530	116	asian	asian	ADJ
ajfa-5241	530	117	journal	journal	NOUN
ajfa-5241	530	118	of	of	ADP
ajfa-5241	530	119	finance	finance	PROPN
ajfa-5241	530	120	&	&	CCONJ
ajfa-5241	530	121	accounting	accounting	PROPN
ajfa-5241	530	122	issn	issn	PROPN
ajfa-5241	530	123	1946	1946	NUM
ajfa-5241	530	124	-	-	PUNCT
ajfa-5241	530	125	052x	052x	PROPN
ajfa-5241	530	126	2014	2014	NUM
ajfa-5241	530	127	,	,	PUNCT
ajfa-5241	530	128	vol	vol	NOUN
ajfa-5241	530	129	.	.	PROPN
ajfa-5241	530	130	6	6	NUM
ajfa-5241	530	131	,	,	PUNCT
ajfa-5241	530	132	no	no	INTJ
ajfa-5241	530	133	.	.	NOUN
ajfa-5241	530	134	1	1	NUM
ajfa-5241	530	135	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	530	136	364	364	NUM
ajfa-5241	530	137	ev	ev	ADP
ajfa-5241	530	138	a	a	DET
ajfa-5241	530	139	b	b	PROPN
ajfa-5241	530	140	s	s	PROPN
ajfa-5241	530	141	l	l	NOUN
ajfa-5241	530	142	w	w	PROPN
ajfa-5241	530	143	t(a	t(a	NOUN
ajfa-5241	530	144	)	)	PUNCT
ajfa-5241	530	145	t(b	t(b	NOUN
ajfa-5241	530	146	)	)	PUNCT
ajfa-5241	530	147	t(s	t(s	PROPN
ajfa-5241	530	148	)	)	PUNCT
ajfa-5241	530	149	t(l	t(l	PROPN
ajfa-5241	530	150	)	)	PUNCT
ajfa-5241	530	151	t(w	t(w	NOUN
ajfa-5241	530	152	)	)	PUNCT
ajfa-5241	530	153	r2	r2	PROPN
ajfa-5241	530	154	p1	p1	PROPN
ajfa-5241	530	155	0.011	0.011	NUM
ajfa-5241	530	156	0.980	0.980	NUM
ajfa-5241	530	157	1.376	1.376	NUM
ajfa-5241	530	158	0.098	0.098	NUM
ajfa-5241	530	159	0.056	0.056	NUM
ajfa-5241	530	160	3.927	3.927	NUM
ajfa-5241	530	161	30.553	30.553	NUM
ajfa-5241	530	162	19.228	19.228	NUM
ajfa-5241	530	163	1.553	1.553	NUM
ajfa-5241	530	164	1.227	1.227	NUM
ajfa-5241	530	165	0.911	0.911	NUM
ajfa-5241	530	166	p5	p5	ADJ
ajfa-5241	530	167	0.002	0.002	NUM
ajfa-5241	530	168	1.013	1.013	NUM
ajfa-5241	530	169	-0.025	-0.025	NOUN
ajfa-5241	530	170	0.327	0.327	NUM
ajfa-5241	530	171	-0.056	-0.056	NUM
ajfa-5241	530	172	0.705	0.705	NUM
ajfa-5241	530	173	37.278	37.278	NUM
ajfa-5241	530	174	-0.418	-0.418	NOUN
ajfa-5241	530	175	6.093	6.093	NUM
ajfa-5241	530	176	-1.452	-1.452	NOUN
ajfa-5241	530	177	0.909	0.909	NUM
ajfa-5241	530	178	pb	pb	ADP
ajfa-5241	530	179	a	a	DET
ajfa-5241	530	180	b	b	NOUN
ajfa-5241	530	181	s	s	PROPN
ajfa-5241	530	182	l	l	NOUN
ajfa-5241	530	183	w	w	PROPN
ajfa-5241	530	184	t(a	t(a	NOUN
ajfa-5241	530	185	)	)	PUNCT
ajfa-5241	530	186	t(b	t(b	NOUN
ajfa-5241	530	187	)	)	PUNCT
ajfa-5241	530	188	t(s	t(s	PROPN
ajfa-5241	530	189	)	)	PUNCT
ajfa-5241	531	1	t(l	t(l	PROPN
ajfa-5241	531	2	)	)	PUNCT
ajfa-5241	531	3	t(w	t(w	NOUN
ajfa-5241	531	4	)	)	PUNCT
ajfa-5241	531	5	r2	r2	PROPN
ajfa-5241	531	6	p1	p1	NOUN
ajfa-5241	531	7	0.001	0.001	NUM
ajfa-5241	531	8	0.993	0.993	NUM
ajfa-5241	531	9	1.016	1.016	NUM
ajfa-5241	531	10	0.789	0.789	NUM
ajfa-5241	531	11	-0.009	-0.009	NUM
ajfa-5241	531	12	0.284	0.284	NUM
ajfa-5241	531	13	29.178	29.178	NUM
ajfa-5241	531	14	13.388	13.388	NUM
ajfa-5241	531	15	11.749	11.749	NUM
ajfa-5241	531	16	-0.176	-0.176	NOUN
ajfa-5241	531	17	0.913	0.913	NUM
ajfa-5241	531	18	p5	p5	ADJ
ajfa-5241	531	19	0.001	0.001	NUM
ajfa-5241	531	20	0.992	0.992	NUM
ajfa-5241	531	21	0.420	0.420	NUM
ajfa-5241	531	22	-0.323	-0.323	ADP
ajfa-5241	531	23	0.003	0.003	NUM
ajfa-5241	531	24	0.222	0.222	NUM
ajfa-5241	531	25	30.658	30.658	NUM
ajfa-5241	531	26	5.815	5.815	NUM
ajfa-5241	531	27	-5.053	-5.053	NOUN
ajfa-5241	531	28	0.067	0.067	NUM
ajfa-5241	531	29	0.864	0.864	NUM
ajfa-5241	531	30	pe	pe	ADP
ajfa-5241	531	31	a	a	DET
ajfa-5241	531	32	b	b	PROPN
ajfa-5241	531	33	s	s	PROPN
ajfa-5241	531	34	l	l	NOUN
ajfa-5241	531	35	w	w	PROPN
ajfa-5241	531	36	t(a	t(a	NOUN
ajfa-5241	531	37	)	)	PUNCT
ajfa-5241	531	38	t(b	t(b	NOUN
ajfa-5241	531	39	)	)	PUNCT
ajfa-5241	531	40	t(s	t(s	PROPN
ajfa-5241	531	41	)	)	PUNCT
ajfa-5241	531	42	t(l	t(l	PROPN
ajfa-5241	531	43	)	)	PUNCT
ajfa-5241	531	44	t(w	t(w	NOUN
ajfa-5241	531	45	)	)	PUNCT
ajfa-5241	531	46	r2	r2	PROPN
ajfa-5241	531	47	p1	p1	NOUN
ajfa-5241	531	48	0.000	0.000	NUM
ajfa-5241	531	49	0.949	0.949	NUM
ajfa-5241	531	50	0.890	0.890	NUM
ajfa-5241	531	51	0.578	0.578	NUM
ajfa-5241	531	52	0.016	0.016	NUM
ajfa-5241	531	53	0.103	0.103	NUM
ajfa-5241	531	54	29.966	29.966	NUM
ajfa-5241	531	55	12.608	12.608	NUM
ajfa-5241	531	56	9.245	9.245	NUM
ajfa-5241	531	57	0.345	0.345	NUM
ajfa-5241	531	58	0.908	0.908	NUM
ajfa-5241	531	59	p5	p5	ADJ
ajfa-5241	531	60	0.001	0.001	NUM
ajfa-5241	531	61	1.149	1.149	NUM
ajfa-5241	531	62	0.454	0.454	NUM
ajfa-5241	531	63	-0.172	-0.172	PRON
ajfa-5241	531	64	-0.077	-0.077	PUNCT
ajfa-5241	531	65	0.419	0.419	NUM
ajfa-5241	531	66	30.364	30.364	NUM
ajfa-5241	531	67	5.381	5.381	NUM
ajfa-5241	531	68	-2.306	-2.306	NOUN
ajfa-5241	531	69	-1.429	-1.429	ADJ
ajfa-5241	531	70	0.862	0.862	NUM
ajfa-5241	531	71	panel	panel	NOUN
ajfa-5241	531	72	b	b	NOUN
ajfa-5241	531	73	:	:	PUNCT
ajfa-5241	531	74	double	double	ADJ
ajfa-5241	531	75	sorted	sorted	ADJ
ajfa-5241	531	76	portfolios	portfolio	NOUN
ajfa-5241	531	77	mc_pb	mc_pb	PROPN
ajfa-5241	531	78	a	a	DET
ajfa-5241	531	79	b	b	PROPN
ajfa-5241	531	80	s	s	PROPN
ajfa-5241	531	81	l	l	NOUN
ajfa-5241	531	82	w	w	PROPN
ajfa-5241	531	83	t(a	t(a	NOUN
ajfa-5241	531	84	)	)	PUNCT
ajfa-5241	531	85	t(b	t(b	NOUN
ajfa-5241	531	86	)	)	PUNCT
ajfa-5241	531	87	t(s	t(s	PROPN
ajfa-5241	531	88	)	)	PUNCT
ajfa-5241	531	89	t(l	t(l	PROPN
ajfa-5241	531	90	)	)	PUNCT
ajfa-5241	531	91	t(w	t(w	NOUN
ajfa-5241	531	92	)	)	PUNCT
ajfa-5241	531	93	r2	r2	PROPN
ajfa-5241	531	94	s	s	PART
ajfa-5241	531	95	/	/	SYM
ajfa-5241	531	96	l	l	NOUN
ajfa-5241	531	97	0.002	0.002	NUM
ajfa-5241	531	98	1.008	1.008	NUM
ajfa-5241	531	99	1.211	1.211	NUM
ajfa-5241	531	100	0.694	0.694	NUM
ajfa-5241	531	101	-0.030	-0.030	NUM
ajfa-5241	531	102	0.685	0.685	NUM
ajfa-5241	531	103	30.459	30.459	NUM
ajfa-5241	531	104	16.400	16.400	NUM
ajfa-5241	531	105	10.621	10.621	NUM
ajfa-5241	531	106	-0.626	-0.626	NUM
ajfa-5241	531	107	0.921	0.921	NUM
ajfa-5241	531	108	s	s	NOUN
ajfa-5241	531	109	/	/	SYM
ajfa-5241	531	110	m	m	VERB
ajfa-5241	531	111	-0.002	-0.002	PUNCT
ajfa-5241	531	112	0.968	0.968	NUM
ajfa-5241	531	113	1.131	1.131	NUM
ajfa-5241	531	114	0.195	0.195	NUM
ajfa-5241	531	115	-0.021	-0.021	NOUN
ajfa-5241	531	116	-0.587	-0.587	PROPN
ajfa-5241	532	1	29.374	29.374	NUM
ajfa-5241	532	2	15.384	15.384	NUM
ajfa-5241	532	3	2.996	2.996	NUM
ajfa-5241	532	4	-0.447	-0.447	NUM
ajfa-5241	532	5	0.897	0.897	NUM
ajfa-5241	532	6	s	s	NOUN
ajfa-5241	532	7	/	/	SYM
ajfa-5241	532	8	h	h	NOUN
ajfa-5241	532	9	0.003	0.003	NUM
ajfa-5241	532	10	1.084	1.084	NUM
ajfa-5241	532	11	1.103	1.103	NUM
ajfa-5241	532	12	-0.343	-0.343	NOUN
ajfa-5241	532	13	-0.084	-0.084	PUNCT
ajfa-5241	532	14	1.002	1.002	NUM
ajfa-5241	532	15	30.858	30.858	NUM
ajfa-5241	532	16	14.082	14.082	NUM
ajfa-5241	532	17	-4.952	-4.952	PUNCT
ajfa-5241	532	18	-1.673	-1.673	ADP
ajfa-5241	532	19	0.885	0.885	NUM
ajfa-5241	532	20	b	b	X
ajfa-5241	532	21	/	/	SYM
ajfa-5241	532	22	l	l	NOUN
ajfa-5241	532	23	0.002	0.002	NUM
ajfa-5241	532	24	1.030	1.030	NUM
ajfa-5241	532	25	0.101	0.101	NUM
ajfa-5241	532	26	0.708	0.708	NUM
ajfa-5241	532	27	-0.057	-0.057	NOUN
ajfa-5241	532	28	0.669	0.669	NUM
ajfa-5241	532	29	30.886	30.886	NUM
ajfa-5241	532	30	1.356	1.356	NUM
ajfa-5241	532	31	10.755	10.755	NUM
ajfa-5241	532	32	-1.199	-1.199	SYM
ajfa-5241	532	33	0.892	0.892	NUM
ajfa-5241	532	34	b	b	NOUN
ajfa-5241	532	35	/	/	SYM
ajfa-5241	532	36	m	m	PROPN
ajfa-5241	532	37	0.001	0.001	NUM
ajfa-5241	532	38	1.076	1.076	NUM
ajfa-5241	532	39	0.136	0.136	NUM
ajfa-5241	532	40	0.092	0.092	NUM
ajfa-5241	532	41	-0.075	-0.075	PUNCT
ajfa-5241	532	42	0.200	0.200	NUM
ajfa-5241	532	43	33.146	33.146	NUM
ajfa-5241	532	44	1.875	1.875	NUM
ajfa-5241	532	45	1.434	1.434	NUM
ajfa-5241	532	46	-1.613	-1.613	NUM
ajfa-5241	532	47	0.881	0.881	NUM
ajfa-5241	532	48	b	b	NOUN
ajfa-5241	532	49	/	/	SYM
ajfa-5241	532	50	h	h	NOUN
ajfa-5241	532	51	0.001	0.001	NUM
ajfa-5241	532	52	0.954	0.954	NUM
ajfa-5241	532	53	0.208	0.208	NUM
ajfa-5241	532	54	-0.254	-0.254	NOUN
ajfa-5241	532	55	-0.003	-0.003	NOUN
ajfa-5241	532	56	0.322	0.322	NUM
ajfa-5241	532	57	31.489	31.489	NUM
ajfa-5241	532	58	3.083	3.083	NUM
ajfa-5241	532	59	-4.251	-4.251	NUM
ajfa-5241	532	60	-0.063	-0.063	NUM
ajfa-5241	532	61	0.866	0.866	NUM
ajfa-5241	532	62	mc_pe	mc_pe	PROPN
ajfa-5241	532	63	a	a	DET
ajfa-5241	532	64	b	b	PROPN
ajfa-5241	532	65	s	s	PROPN
ajfa-5241	532	66	l	l	NOUN
ajfa-5241	532	67	w	w	PROPN
ajfa-5241	532	68	t(a	t(a	NOUN
ajfa-5241	532	69	)	)	PUNCT
ajfa-5241	532	70	t(b	t(b	NOUN
ajfa-5241	532	71	)	)	PUNCT
ajfa-5241	532	72	t(s	t(s	PROPN
ajfa-5241	532	73	)	)	PUNCT
ajfa-5241	532	74	t(l	t(l	PROPN
ajfa-5241	532	75	)	)	PUNCT
ajfa-5241	532	76	t(w	t(w	NOUN
ajfa-5241	532	77	)	)	PUNCT
ajfa-5241	532	78	r2	r2	PROPN
ajfa-5241	532	79	s	s	PART
ajfa-5241	532	80	/	/	SYM
ajfa-5241	532	81	l	l	NOUN
ajfa-5241	532	82	0.000	0.000	NUM
ajfa-5241	532	83	0.943	0.943	NUM
ajfa-5241	532	84	1.220	1.220	NUM
ajfa-5241	532	85	0.451	0.451	NUM
ajfa-5241	532	86	0.002	0.002	NUM
ajfa-5241	532	87	0.172	0.172	NUM
ajfa-5241	532	88	29.743	29.743	NUM
ajfa-5241	532	89	17.251	17.251	NUM
ajfa-5241	532	90	7.195	7.195	NUM
ajfa-5241	532	91	0.040	0.040	NUM
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ajfa-5241	536	86	3.221	3.221	NUM
ajfa-5241	536	87	-4.206	-4.206	PUNCT
ajfa-5241	536	88	-0.323	-0.323	PUNCT
ajfa-5241	536	89	0.868	0.868	NUM
ajfa-5241	536	90	ev_pe	ev_pe	NOUN
ajfa-5241	536	91	a	a	DET
ajfa-5241	536	92	b	b	PROPN
ajfa-5241	536	93	s	s	PROPN
ajfa-5241	536	94	l	l	NOUN
ajfa-5241	536	95	w	w	PROPN
ajfa-5241	536	96	t(a	t(a	NOUN
ajfa-5241	536	97	)	)	PUNCT
ajfa-5241	536	98	t(b	t(b	NOUN
ajfa-5241	536	99	)	)	PUNCT
ajfa-5241	536	100	t(s	t(s	PROPN
ajfa-5241	536	101	)	)	PUNCT
ajfa-5241	537	1	t(l	t(l	PROPN
ajfa-5241	537	2	)	)	PUNCT
ajfa-5241	537	3	t(w	t(w	NOUN
ajfa-5241	537	4	)	)	PUNCT
ajfa-5241	537	5	r2	r2	PROPN
ajfa-5241	537	6	s	s	PART
ajfa-5241	537	7	/	/	SYM
ajfa-5241	537	8	l	l	NOUN
ajfa-5241	537	9	0.002	0.002	NUM
ajfa-5241	537	10	0.946	0.946	NUM
ajfa-5241	537	11	1.205	1.205	NUM
ajfa-5241	537	12	0.369	0.369	NUM
ajfa-5241	537	13	-0.019	-0.019	NUM
ajfa-5241	537	14	0.744	0.744	NUM
ajfa-5241	537	15	26.870	26.870	NUM
ajfa-5241	537	16	15.356	15.356	NUM
ajfa-5241	537	17	5.303	5.303	NUM
ajfa-5241	537	18	-0.369	-0.369	NOUN
ajfa-5241	537	19	0.891	0.891	NUM
ajfa-5241	537	20	s	s	NOUN
ajfa-5241	537	21	/	/	SYM
ajfa-5241	537	22	m	m	NOUN
ajfa-5241	537	23	0.004	0.004	NUM
ajfa-5241	537	24	0.930	0.930	NUM
ajfa-5241	537	25	1.052	1.052	NUM
ajfa-5241	537	26	-0.033	-0.033	PUNCT
ajfa-5241	537	27	-0.087	-0.087	NUM
ajfa-5241	537	28	1.015	1.015	NUM
ajfa-5241	537	29	23.952	23.952	NUM
ajfa-5241	537	30	12.141	12.141	NUM
ajfa-5241	537	31	-0.429	-0.429	SYM
ajfa-5241	537	32	-1.566	-1.566	NOUN
ajfa-5241	537	33	0.838	0.838	PRON
ajfa-5241	537	34	s	s	NOUN
ajfa-5241	537	35	/	/	SYM
ajfa-5241	537	36	h	h	NOUN
ajfa-5241	537	37	0.004	0.004	NUM
ajfa-5241	537	38	1.061	1.061	NUM
ajfa-5241	537	39	0.936	0.936	NUM
ajfa-5241	537	40	-0.227	-0.227	PUNCT
ajfa-5241	537	41	-0.022	-0.022	PROPN
ajfa-5241	537	42	1.181	1.181	NUM
ajfa-5241	537	43	29.283	29.283	NUM
ajfa-5241	537	44	11.582	11.582	NUM
ajfa-5241	537	45	-3.180	-3.180	NUM
ajfa-5241	537	46	-0.416	-0.416	PUNCT
ajfa-5241	537	47	0.871	0.871	NUM
ajfa-5241	537	48	b	b	X
ajfa-5241	537	49	/	/	SYM
ajfa-5241	537	50	l	l	NOUN
ajfa-5241	537	51	-0.001	-0.001	NOUN
ajfa-5241	537	52	1.055	1.055	NUM
ajfa-5241	537	53	0.393	0.393	NUM
ajfa-5241	537	54	0.470	0.470	NUM
ajfa-5241	537	55	-0.089	-0.089	NOUN
ajfa-5241	537	56	-0.498	-0.498	PUNCT
ajfa-5241	537	57	35.091	35.091	NUM
ajfa-5241	537	58	5.862	5.862	NUM
ajfa-5241	537	59	7.914	7.914	NUM
ajfa-5241	537	60	-2.075	-2.075	NUM
ajfa-5241	537	61	0.911	0.911	NUM
ajfa-5241	537	62	b	b	X
ajfa-5241	537	63	/	/	SYM
ajfa-5241	537	64	m	m	VERB
ajfa-5241	537	65	0.003	0.003	NUM
ajfa-5241	537	66	1.027	1.027	NUM
ajfa-5241	537	67	0.185	0.185	NUM
ajfa-5241	537	68	0.103	0.103	NUM
ajfa-5241	537	69	-0.100	-0.100	PUNCT
ajfa-5241	537	70	0.879	0.879	NUM
ajfa-5241	537	71	30.830	30.830	NUM
ajfa-5241	537	72	2.491	2.491	NUM
ajfa-5241	537	73	1.559	1.559	NUM
ajfa-5241	537	74	-2.111	-2.111	NOUN
ajfa-5241	537	75	0.867	0.867	NUM
ajfa-5241	537	76	b	b	NOUN
ajfa-5241	537	77	/	/	SYM
ajfa-5241	537	78	h	h	NOUN
ajfa-5241	537	79	-0.001	-0.001	PUNCT
ajfa-5241	537	80	1.086	1.086	NUM
ajfa-5241	537	81	0.130	0.130	NUM
ajfa-5241	537	82	-0.092	-0.092	PUNCT
ajfa-5241	537	83	-0.057	-0.057	PUNCT
ajfa-5241	537	84	-0.145	-0.145	VERB
ajfa-5241	537	85	28.092	28.092	NUM
ajfa-5241	537	86	1.512	1.512	NUM
ajfa-5241	537	87	-1.204	-1.204	NUM
ajfa-5241	537	88	-1.040	-1.040	PUNCT
ajfa-5241	537	89	0.837	0.837	NUM
ajfa-5241	537	90	panel	panel	NOUN
ajfa-5241	537	91	c	c	NOUN
ajfa-5241	537	92	:	:	PUNCT
ajfa-5241	537	93	prior	prior	ADJ
ajfa-5241	537	94	return	return	NOUN
ajfa-5241	537	95	portfolios	portfolio	NOUN
ajfa-5241	537	96	:	:	PUNCT
ajfa-5241	537	97	portfolios	portfolio	NOUN
ajfa-5241	537	98	formed	form	VERB
ajfa-5241	537	99	on	on	ADP
ajfa-5241	537	100	long	long	ADJ
ajfa-5241	537	101	term	term	NOUN
ajfa-5241	537	102	past	past	ADJ
ajfa-5241	537	103	returns	return	NOUN
ajfa-5241	537	104	(	(	PUNCT
ajfa-5241	537	105	36/12	36/12	NUM
ajfa-5241	537	106	strategy	strategy	NOUN
ajfa-5241	537	107	)	)	PUNCT
ajfa-5241	537	108	a	a	DET
ajfa-5241	537	109	b	b	NOUN
ajfa-5241	537	110	s	s	PROPN
ajfa-5241	537	111	l	l	NOUN
ajfa-5241	537	112	w	w	PROPN
ajfa-5241	537	113	t(a	t(a	NOUN
ajfa-5241	537	114	)	)	PUNCT
ajfa-5241	537	115	t(b	t(b	NOUN
ajfa-5241	537	116	)	)	PUNCT
ajfa-5241	537	117	t(s	t(s	PROPN
ajfa-5241	537	118	)	)	PUNCT
ajfa-5241	537	119	t(l	t(l	PROPN
ajfa-5241	537	120	)	)	PUNCT
ajfa-5241	537	121	t(w	t(w	NOUN
ajfa-5241	537	122	)	)	PUNCT
ajfa-5241	537	123	r2	r2	PROPN
ajfa-5241	537	124	p1	p1	NOUN
ajfa-5241	537	125	0.004	0.004	NUM
ajfa-5241	537	126	0.913	0.913	NUM
ajfa-5241	537	127	0.540	0.540	NUM
ajfa-5241	537	128	0.415	0.415	NUM
ajfa-5241	537	129	-0.325	-0.325	NOUN
ajfa-5241	537	130	0.685	0.685	NUM
ajfa-5241	537	131	14.229	14.229	NUM
ajfa-5241	537	132	4.391	4.391	NUM
ajfa-5241	537	133	3.714	3.714	NUM
ajfa-5241	537	134	-4.098	-4.098	NUM
ajfa-5241	537	135	0.849	0.849	NUM
ajfa-5241	537	136	p5	p5	ADJ
ajfa-5241	537	137	0.002	0.002	NUM
ajfa-5241	537	138	1.292	1.292	NUM
ajfa-5241	537	139	0.865	0.865	NUM
ajfa-5241	537	140	-0.178	-0.178	NOUN
ajfa-5241	537	141	0.244	0.244	NUM
ajfa-5241	537	142	0.619	0.619	NUM
ajfa-5241	537	143	32.141	32.141	NUM
ajfa-5241	537	144	9.390	9.390	NUM
ajfa-5241	537	145	-2.044	-2.044	NUM
ajfa-5241	537	146	4.278	4.278	NUM
ajfa-5241	537	147	0.906	0.906	NUM
ajfa-5241	537	148	asian	asian	ADJ
ajfa-5241	537	149	journal	journal	NOUN
ajfa-5241	537	150	of	of	ADP
ajfa-5241	537	151	finance	finance	PROPN
ajfa-5241	537	152	&	&	CCONJ
ajfa-5241	537	153	accounting	accounting	PROPN
ajfa-5241	537	154	issn	issn	PROPN
ajfa-5241	537	155	1946	1946	NUM
ajfa-5241	537	156	-	-	PUNCT
ajfa-5241	537	157	052x	052x	PROPN
ajfa-5241	537	158	2014	2014	NUM
ajfa-5241	537	159	,	,	PUNCT
ajfa-5241	537	160	vol	vol	NOUN
ajfa-5241	537	161	.	.	PROPN
ajfa-5241	537	162	6	6	NUM
ajfa-5241	537	163	,	,	PUNCT
ajfa-5241	537	164	no	no	INTJ
ajfa-5241	537	165	.	.	NOUN
ajfa-5241	537	166	1	1	NUM
ajfa-5241	537	167	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-5241	537	168	366	366	NUM
ajfa-5241	537	169	portfolios	portfolio	NOUN
ajfa-5241	537	170	formed	form	VERB
ajfa-5241	537	171	on	on	ADP
ajfa-5241	537	172	long	long	ADJ
ajfa-5241	537	173	-	-	PUNCT
ajfa-5241	537	174	term	term	NOUN
ajfa-5241	537	175	past	past	ADJ
ajfa-5241	537	176	returns	return	NOUN
ajfa-5241	537	177	skipping	skip	VERB
ajfa-5241	537	178	one	one	NUM
ajfa-5241	537	179	year	year	NOUN
ajfa-5241	537	180	between	between	ADP
ajfa-5241	537	181	portfolio	portfolio	NOUN
ajfa-5241	537	182	formation	formation	NOUN
ajfa-5241	537	183	and	and	CCONJ
ajfa-5241	537	184	portfolio	portfolio	NOUN
ajfa-5241	537	185	holding	hold	VERB
ajfa-5241	537	186	periods	period	NOUN
ajfa-5241	537	187	(	(	PUNCT
ajfa-5241	537	188	36/12/12	36/12/12	PROPN
ajfa-5241	537	189	strategy	strategy	NOUN
ajfa-5241	537	190	)	)	PUNCT
ajfa-5241	537	191	a	a	DET
ajfa-5241	537	192	b	b	NOUN
ajfa-5241	537	193	s	s	PROPN
ajfa-5241	537	194	l	l	NOUN
ajfa-5241	537	195	w	w	PROPN
ajfa-5241	537	196	t(a	t(a	NOUN
ajfa-5241	537	197	)	)	PUNCT
ajfa-5241	537	198	t(b	t(b	NOUN
ajfa-5241	537	199	)	)	PUNCT
ajfa-5241	537	200	t(s	t(s	PROPN
ajfa-5241	537	201	)	)	PUNCT
ajfa-5241	537	202	t(l	t(l	PROPN
ajfa-5241	537	203	)	)	PUNCT
ajfa-5241	537	204	t(w	t(w	NOUN
ajfa-5241	537	205	)	)	PUNCT
ajfa-5241	537	206	r2	r2	PROPN
ajfa-5241	537	207	p1	p1	PROPN
ajfa-5241	537	208	0.002	0.002	NUM
ajfa-5241	537	209	0.997	0.997	NUM
ajfa-5241	537	210	0.692	0.692	NUM
ajfa-5241	537	211	0.396	0.396	NUM
ajfa-5241	537	212	-0.024	-0.024	PUNCT
ajfa-5241	537	213	0.782	0.782	NUM
ajfa-5241	537	214	29.703	29.703	NUM
ajfa-5241	537	215	9.373	9.373	NUM
ajfa-5241	537	216	5.441	5.441	NUM
ajfa-5241	537	217	-0.522	-0.522	NUM
ajfa-5241	537	218	0.919	0.919	NUM
ajfa-5241	537	219	p5	p5	ADJ
ajfa-5241	537	220	0.002	0.002	NUM
ajfa-5241	537	221	1.369	1.369	NUM
ajfa-5241	537	222	0.765	0.765	NUM
ajfa-5241	537	223	-0.136	-0.136	PUNCT
ajfa-5241	537	224	-0.071	-0.071	VERB
ajfa-5241	537	225	0.537	0.537	NUM
ajfa-5241	537	226	30.371	30.371	NUM
ajfa-5241	537	227	7.712	7.712	NUM
ajfa-5241	537	228	-1.387	-1.387	NOUN
ajfa-5241	537	229	-1.134	-1.134	NOUN
ajfa-5241	537	230	0.900	0.900	NUM
ajfa-5241	537	231	portfolios	portfolio	NOUN
ajfa-5241	537	232	formed	form	VERB
ajfa-5241	537	233	on	on	ADP
ajfa-5241	537	234	short	short	ADJ
ajfa-5241	537	235	-	-	PUNCT
ajfa-5241	537	236	term	term	NOUN
ajfa-5241	537	237	past	past	ADJ
ajfa-5241	537	238	returns	return	NOUN
ajfa-5241	537	239	(	(	PUNCT
ajfa-5241	537	240	12/12	12/12	NUM
ajfa-5241	537	241	strategy	strategy	NOUN
ajfa-5241	537	242	)	)	PUNCT
ajfa-5241	537	243	.	.	PUNCT
ajfa-5241	538	1	a	a	DET
ajfa-5241	538	2	b	b	NOUN
ajfa-5241	538	3	s	s	PROPN
ajfa-5241	538	4	l	l	NOUN
ajfa-5241	538	5	w	w	PROPN
ajfa-5241	538	6	t(a	t(a	NOUN
ajfa-5241	538	7	)	)	PUNCT
ajfa-5241	538	8	t(b	t(b	NOUN
ajfa-5241	538	9	)	)	PUNCT
ajfa-5241	538	10	t(s	t(s	PROPN
ajfa-5241	538	11	)	)	PUNCT
ajfa-5241	538	12	t(l	t(l	PROPN
ajfa-5241	538	13	)	)	PUNCT
ajfa-5241	538	14	t(w	t(w	NOUN
ajfa-5241	538	15	)	)	PUNCT
ajfa-5241	538	16	r2	r2	PROPN
ajfa-5241	538	17	p1	p1	PROPN
ajfa-5241	538	18	0.002	0.002	NUM
ajfa-5241	538	19	1.135	1.135	NUM
ajfa-5241	538	20	0.807	0.807	NUM
ajfa-5241	538	21	0.054	0.054	NUM
ajfa-5241	538	22	-0.537	-0.537	NOUN
ajfa-5241	538	23	0.537	0.537	NUM
ajfa-5241	538	24	33.124	33.124	NUM
ajfa-5241	538	25	10.555	10.555	NUM
ajfa-5241	538	26	0.795	0.795	NUM
ajfa-5241	538	27	-10.970	-10.970	ADP
ajfa-5241	538	28	0.898	0.898	NUM
ajfa-5241	538	29	p5	p5	ADJ
ajfa-5241	538	30	0.002	0.002	NUM
ajfa-5241	538	31	1.135	1.135	NUM
ajfa-5241	538	32	0.807	0.807	NUM
ajfa-5241	538	33	0.054	0.054	NUM
ajfa-5241	538	34	0.463	0.463	NUM
ajfa-5241	538	35	0.537	0.537	NUM
ajfa-5241	538	36	33.124	33.124	NUM
ajfa-5241	538	37	10.555	10.555	NUM
ajfa-5241	538	38	0.795	0.795	NUM
ajfa-5241	538	39	9.459	9.459	NUM
ajfa-5241	538	40	0.910	0.910	NUM