id	sid	tid	token	lemma	pos
ajfa-8262	1	1	microsoft	microsoft	PROPN
ajfa-8262	1	2	word	word	NOUN
ajfa-8262	1	3	8262	8262	NUM
ajfa-8262	1	4	-	-	SYM
ajfa-8262	1	5	29909	29909	NUM
ajfa-8262	1	6	-	-	PUNCT
ajfa-8262	1	7	1	1	NUM
ajfa-8262	1	8	-	-	PUNCT
ajfa-8262	1	9	sm	sm	NOUN
ajfa-8262	1	10	-	-	PUNCT
ajfa-8262	1	11	writer2	writer2	VERB
ajfa-8262	1	12	-	-	ADJ
ajfa-8262	1	13	new	new	ADJ
ajfa-8262	1	14	-	-	PUNCT
ajfa-8262	1	15	final	final	ADJ
ajfa-8262	1	16	asian	asian	ADJ
ajfa-8262	1	17	journal	journal	NOUN
ajfa-8262	1	18	of	of	ADP
ajfa-8262	1	19	finance	finance	PROPN
ajfa-8262	1	20	&	&	CCONJ
ajfa-8262	1	21	accounting	accounting	PROPN
ajfa-8262	1	22	issn	issn	PROPN
ajfa-8262	1	23	1946	1946	NUM
ajfa-8262	1	24	-	-	PUNCT
ajfa-8262	1	25	052x	052x	NOUN
ajfa-8262	1	26	2015	2015	NUM
ajfa-8262	1	27	,	,	PUNCT
ajfa-8262	1	28	vol	vol	NOUN
ajfa-8262	1	29	.	.	PROPN
ajfa-8262	1	30	7	7	NUM
ajfa-8262	1	31	,	,	PUNCT
ajfa-8262	1	32	no	no	INTJ
ajfa-8262	1	33	.	.	NOUN
ajfa-8262	1	34	2	2	NUM
ajfa-8262	1	35	138	138	NUM
ajfa-8262	1	36	risk	risk	NOUN
ajfa-8262	1	37	anomaly	anomaly	NOUN
ajfa-8262	1	38	:	:	PUNCT
ajfa-8262	1	39	a	a	DET
ajfa-8262	1	40	review	review	NOUN
ajfa-8262	1	41	of	of	ADP
ajfa-8262	1	42	literature	literature	PROPN
ajfa-8262	1	43	dr	dr	PROPN
ajfa-8262	1	44	.	.	PROPN
ajfa-8262	1	45	mayank	mayank	PROPN
ajfa-8262	1	46	joshipura	joshipura	PROPN
ajfa-8262	1	47	professor	professor	NOUN
ajfa-8262	1	48	and	and	CCONJ
ajfa-8262	1	49	head	head	NOUN
ajfa-8262	1	50	of	of	ADP
ajfa-8262	1	51	the	the	DET
ajfa-8262	1	52	department	department	NOUN
ajfa-8262	1	53	finance	finance	NOUN
ajfa-8262	1	54	at	at	ADP
ajfa-8262	1	55	school	school	NOUN
ajfa-8262	1	56	of	of	ADP
ajfa-8262	1	57	business	business	NOUN
ajfa-8262	1	58	management	management	NOUN
ajfa-8262	1	59	nmims	nmims	PROPN
ajfa-8262	1	60	university	university	NOUN
ajfa-8262	1	61	,	,	PUNCT
ajfa-8262	1	62	mumbai	mumbai	PROPN
ajfa-8262	1	63	,	,	PUNCT
ajfa-8262	1	64	india	india	PROPN
ajfa-8262	1	65	e	e	PROPN
ajfa-8262	1	66	-	-	NOUN
ajfa-8262	1	67	mail	mail	NOUN
ajfa-8262	1	68	:	:	PUNCT
ajfa-8262	1	69	mayank.joshipura@nmims.edu	mayank.joshipura@nmims.edu	PROPN
ajfa-8262	1	70	mrs	mrs	PROPN
ajfa-8262	1	71	.	.	PROPN
ajfa-8262	1	72	nehal	nehal	PROPN
ajfa-8262	1	73	joshipura	joshipura	PROPN
ajfa-8262	1	74	assistant	assistant	NOUN
ajfa-8262	1	75	professor	professor	NOUN
ajfa-8262	1	76	(	(	PUNCT
ajfa-8262	1	77	finance	finance	NOUN
ajfa-8262	1	78	)	)	PUNCT
ajfa-8262	1	79	,	,	PUNCT
ajfa-8262	1	80	durgadevi	durgadevi	PROPN
ajfa-8262	1	81	saraf	saraf	PROPN
ajfa-8262	1	82	institute	institute	PROPN
ajfa-8262	1	83	of	of	ADP
ajfa-8262	1	84	management	management	PROPN
ajfa-8262	1	85	studies	studies	PROPN
ajfa-8262	1	86	mumbai	mumbai	PROPN
ajfa-8262	1	87	,	,	PUNCT
ajfa-8262	1	88	india	india	PROPN
ajfa-8262	1	89	e	e	PROPN
ajfa-8262	1	90	-	-	NOUN
ajfa-8262	1	91	mail	mail	NOUN
ajfa-8262	1	92	:	:	PUNCT
ajfa-8262	1	93	nehal.joshipura@dsims.org.in	nehal.joshipura@dsims.org.in	PROPN
ajfa-8262	1	94	received	receive	VERB
ajfa-8262	1	95	:	:	PUNCT
ajfa-8262	2	1	sep	sep	INTJ
ajfa-8262	2	2	.	.	PROPN
ajfa-8262	2	3	4	4	NUM
ajfa-8262	2	4	,	,	PUNCT
ajfa-8262	2	5	2015	2015	NUM
ajfa-8262	2	6	accepted	accept	VERB
ajfa-8262	2	7	:	:	PUNCT
ajfa-8262	2	8	oct	oct	PROPN
ajfa-8262	2	9	.	.	PROPN
ajfa-8262	2	10	13	13	NUM
ajfa-8262	2	11	,	,	PUNCT
ajfa-8262	2	12	2015	2015	NUM
ajfa-8262	2	13	published	publish	VERB
ajfa-8262	2	14	:	:	PUNCT
ajfa-8262	2	15	december	december	PROPN
ajfa-8262	2	16	1	1	NUM
ajfa-8262	2	17	,	,	PUNCT
ajfa-8262	2	18	2015	2015	NUM
ajfa-8262	2	19	doi:10.5296	doi:10.5296	NOUN
ajfa-8262	2	20	/	/	SYM
ajfa-8262	2	21	ajfa.v7i2.8262	ajfa.v7i2.8262	NUM
ajfa-8262	2	22	url	url	NOUN
ajfa-8262	2	23	:	:	PUNCT
ajfa-8262	2	24	http://dx.doi.org/10.5296/ajfa.v7i2.8262	http://dx.doi.org/10.5296/ajfa.v7i2.8262	NOUN
ajfa-8262	2	25	abstract	abstract	ADJ
ajfa-8262	2	26	number	number	NOUN
ajfa-8262	2	27	of	of	ADP
ajfa-8262	2	28	studies	study	NOUN
ajfa-8262	2	29	show	show	VERB
ajfa-8262	2	30	that	that	SCONJ
ajfa-8262	2	31	portfolio	portfolio	NOUN
ajfa-8262	2	32	of	of	ADP
ajfa-8262	2	33	low	low	ADJ
ajfa-8262	2	34	risk	risk	NOUN
ajfa-8262	2	35	stocks	stock	NOUN
ajfa-8262	2	36	outperforms	outperform	VERB
ajfa-8262	2	37	portfolio	portfolio	NOUN
ajfa-8262	2	38	of	of	ADP
ajfa-8262	2	39	high	high	ADJ
ajfa-8262	2	40	risk	risk	NOUN
ajfa-8262	2	41	stocks	stock	NOUN
ajfa-8262	2	42	as	as	ADV
ajfa-8262	2	43	well	well	ADV
ajfa-8262	2	44	as	as	ADP
ajfa-8262	2	45	the	the	DET
ajfa-8262	2	46	market	market	NOUN
ajfa-8262	2	47	portfolio	portfolio	NOUN
ajfa-8262	2	48	over	over	ADP
ajfa-8262	2	49	the	the	DET
ajfa-8262	2	50	full	full	ADJ
ajfa-8262	2	51	market	market	NOUN
ajfa-8262	2	52	cycle	cycle	NOUN
ajfa-8262	2	53	on	on	ADP
ajfa-8262	2	54	risk	risk	NOUN
ajfa-8262	2	55	adjusted	adjust	VERB
ajfa-8262	2	56	basis	basis	NOUN
ajfa-8262	2	57	and	and	CCONJ
ajfa-8262	2	58	in	in	ADP
ajfa-8262	2	59	some	some	DET
ajfa-8262	2	60	cases	case	NOUN
ajfa-8262	2	61	,	,	PUNCT
ajfa-8262	2	62	absolute	absolute	ADJ
ajfa-8262	2	63	basis	basis	NOUN
ajfa-8262	2	64	as	as	ADV
ajfa-8262	2	65	well	well	ADV
ajfa-8262	2	66	.	.	PUNCT
ajfa-8262	3	1	this	this	DET
ajfa-8262	3	2	surprising	surprising	ADJ
ajfa-8262	3	3	contradiction	contradiction	NOUN
ajfa-8262	3	4	to	to	ADP
ajfa-8262	3	5	classic	classic	ADJ
ajfa-8262	3	6	finance	finance	NOUN
ajfa-8262	3	7	theory	theory	NOUN
ajfa-8262	3	8	led	lead	VERB
ajfa-8262	3	9	by	by	ADP
ajfa-8262	3	10	capm	capm	PROPN
ajfa-8262	3	11	has	have	AUX
ajfa-8262	3	12	held	hold	VERB
ajfa-8262	3	13	its	its	PRON
ajfa-8262	3	14	ground	ground	NOUN
ajfa-8262	3	15	over	over	ADP
ajfa-8262	3	16	long	long	ADJ
ajfa-8262	3	17	periods	period	NOUN
ajfa-8262	3	18	of	of	ADP
ajfa-8262	3	19	time	time	NOUN
ajfa-8262	3	20	,	,	PUNCT
ajfa-8262	3	21	across	across	ADP
ajfa-8262	3	22	different	different	ADJ
ajfa-8262	3	23	markets	market	NOUN
ajfa-8262	3	24	and	and	CCONJ
ajfa-8262	3	25	different	different	ADJ
ajfa-8262	3	26	methodological	methodological	ADJ
ajfa-8262	3	27	choices	choice	NOUN
ajfa-8262	3	28	.	.	PUNCT
ajfa-8262	4	1	this	this	DET
ajfa-8262	4	2	review	review	NOUN
ajfa-8262	4	3	paper	paper	NOUN
ajfa-8262	4	4	aims	aim	VERB
ajfa-8262	4	5	at	at	ADP
ajfa-8262	4	6	contributing	contribute	VERB
ajfa-8262	4	7	to	to	ADP
ajfa-8262	4	8	the	the	DET
ajfa-8262	4	9	body	body	NOUN
ajfa-8262	4	10	of	of	ADP
ajfa-8262	4	11	knowledge	knowledge	NOUN
ajfa-8262	4	12	in	in	ADP
ajfa-8262	4	13	four	four	NUM
ajfa-8262	4	14	ways	way	NOUN
ajfa-8262	4	15	.	.	PUNCT
ajfa-8262	5	1	one	one	NUM
ajfa-8262	5	2	,	,	PUNCT
ajfa-8262	5	3	it	it	PRON
ajfa-8262	5	4	highlights	highlight	VERB
ajfa-8262	5	5	and	and	CCONJ
ajfa-8262	5	6	links	link	VERB
ajfa-8262	5	7	different	different	ADJ
ajfa-8262	5	8	strands	strand	NOUN
ajfa-8262	5	9	of	of	ADP
ajfa-8262	5	10	literature	literature	NOUN
ajfa-8262	5	11	on	on	ADP
ajfa-8262	5	12	low	low	ADJ
ajfa-8262	5	13	risk	risk	NOUN
ajfa-8262	5	14	anomaly	anomaly	NOUN
ajfa-8262	5	15	that	that	PRON
ajfa-8262	5	16	has	have	AUX
ajfa-8262	5	17	evolved	evolve	VERB
ajfa-8262	5	18	over	over	ADP
ajfa-8262	5	19	a	a	DET
ajfa-8262	5	20	period	period	NOUN
ajfa-8262	5	21	of	of	ADP
ajfa-8262	5	22	time	time	NOUN
ajfa-8262	5	23	.	.	PUNCT
ajfa-8262	6	1	second	second	ADJ
ajfa-8262	6	2	,	,	PUNCT
ajfa-8262	6	3	it	it	PRON
ajfa-8262	6	4	highlights	highlight	NOUN
ajfa-8262	6	5	,	,	PUNCT
ajfa-8262	6	6	different	different	ADJ
ajfa-8262	6	7	methodological	methodological	ADJ
ajfa-8262	6	8	choices	choice	NOUN
ajfa-8262	6	9	that	that	PRON
ajfa-8262	6	10	have	have	AUX
ajfa-8262	6	11	been	be	AUX
ajfa-8262	6	12	used	use	VERB
ajfa-8262	6	13	.	.	PUNCT
ajfa-8262	7	1	third	third	ADJ
ajfa-8262	7	2	,	,	PUNCT
ajfa-8262	7	3	it	it	PRON
ajfa-8262	7	4	classifies	classify	VERB
ajfa-8262	7	5	explanations	explanation	NOUN
ajfa-8262	7	6	for	for	ADP
ajfa-8262	7	7	persistence	persistence	NOUN
ajfa-8262	7	8	of	of	ADP
ajfa-8262	7	9	risk	risk	NOUN
ajfa-8262	7	10	anomaly	anomaly	NOUN
ajfa-8262	7	11	into	into	ADP
ajfa-8262	7	12	economic	economic	ADJ
ajfa-8262	7	13	and	and	CCONJ
ajfa-8262	7	14	behavioral	behavioral	ADJ
ajfa-8262	7	15	explanations	explanation	NOUN
ajfa-8262	7	16	and	and	CCONJ
ajfa-8262	7	17	explanations	explanation	NOUN
ajfa-8262	7	18	that	that	PRON
ajfa-8262	7	19	try	try	VERB
ajfa-8262	7	20	to	to	PART
ajfa-8262	7	21	explain	explain	VERB
ajfa-8262	7	22	the	the	DET
ajfa-8262	7	23	anomaly	anomaly	NOUN
ajfa-8262	7	24	away	away	ADV
ajfa-8262	7	25	.	.	PUNCT
ajfa-8262	8	1	fourth	fourth	ADV
ajfa-8262	8	2	,	,	PUNCT
ajfa-8262	8	3	it	it	PRON
ajfa-8262	8	4	reviews	review	VERB
ajfa-8262	8	5	the	the	DET
ajfa-8262	8	6	state	state	NOUN
ajfa-8262	8	7	of	of	ADP
ajfa-8262	8	8	current	current	ADJ
ajfa-8262	8	9	research	research	NOUN
ajfa-8262	8	10	and	and	CCONJ
ajfa-8262	8	11	explores	explore	NOUN
ajfa-8262	8	12	potential	potential	ADJ
ajfa-8262	8	13	but	but	CCONJ
ajfa-8262	8	14	yet	yet	ADV
ajfa-8262	8	15	underexplored	underexplored	ADJ
ajfa-8262	8	16	areas	area	NOUN
ajfa-8262	8	17	of	of	ADP
ajfa-8262	8	18	research	research	NOUN
ajfa-8262	8	19	on	on	ADP
ajfa-8262	8	20	risk	risk	NOUN
ajfa-8262	8	21	anomaly	anomaly	NOUN
ajfa-8262	8	22	.	.	PUNCT
ajfa-8262	9	1	keywords	keyword	NOUN
ajfa-8262	9	2	:	:	PUNCT
ajfa-8262	9	3	market	market	NOUN
ajfa-8262	9	4	efficiency	efficiency	NOUN
ajfa-8262	9	5	,	,	PUNCT
ajfa-8262	9	6	risk	risk	NOUN
ajfa-8262	9	7	anomaly	anomaly	NOUN
ajfa-8262	9	8	,	,	PUNCT
ajfa-8262	9	9	capm	capm	PROPN
ajfa-8262	9	10	,	,	PUNCT
ajfa-8262	9	11	preference	preference	NOUN
ajfa-8262	9	12	for	for	ADP
ajfa-8262	9	13	lottery	lottery	NOUN
ajfa-8262	9	14	,	,	PUNCT
ajfa-8262	9	15	limits	limit	NOUN
ajfa-8262	9	16	of	of	ADP
ajfa-8262	9	17	arbitrage	arbitrage	NOUN
ajfa-8262	9	18	,	,	PUNCT
ajfa-8262	9	19	volatility	volatility	NOUN
ajfa-8262	9	20	effect	effect	NOUN
ajfa-8262	9	21	asian	asian	ADJ
ajfa-8262	9	22	journal	journal	NOUN
ajfa-8262	9	23	of	of	ADP
ajfa-8262	9	24	finance	finance	PROPN
ajfa-8262	9	25	&	&	CCONJ
ajfa-8262	9	26	accounting	accounting	PROPN
ajfa-8262	9	27	issn	issn	PROPN
ajfa-8262	9	28	1946	1946	NUM
ajfa-8262	9	29	-	-	PUNCT
ajfa-8262	9	30	052x	052x	NOUN
ajfa-8262	9	31	2015	2015	NUM
ajfa-8262	9	32	,	,	PUNCT
ajfa-8262	9	33	vol	vol	NOUN
ajfa-8262	9	34	.	.	PROPN
ajfa-8262	10	1	7	7	NUM
ajfa-8262	10	2	,	,	PUNCT
ajfa-8262	10	3	no	no	INTJ
ajfa-8262	10	4	.	.	NOUN
ajfa-8262	10	5	2	2	NUM
ajfa-8262	10	6	139	139	NUM
ajfa-8262	10	7	1	1	NUM
ajfa-8262	10	8	.	.	PUNCT
ajfa-8262	11	1	introduction	introduction	NOUN
ajfa-8262	11	2	finance	finance	NOUN
ajfa-8262	11	3	theory	theory	NOUN
ajfa-8262	11	4	suggests	suggest	VERB
ajfa-8262	11	5	that	that	SCONJ
ajfa-8262	11	6	there	there	PRON
ajfa-8262	11	7	is	be	VERB
ajfa-8262	11	8	clear	clear	ADJ
ajfa-8262	11	9	and	and	CCONJ
ajfa-8262	11	10	linear	linear	ADJ
ajfa-8262	11	11	positive	positive	ADJ
ajfa-8262	11	12	relationship	relationship	NOUN
ajfa-8262	11	13	between	between	ADP
ajfa-8262	11	14	the	the	DET
ajfa-8262	11	15	risk	risk	NOUN
ajfa-8262	11	16	and	and	CCONJ
ajfa-8262	11	17	the	the	DET
ajfa-8262	11	18	return	return	NOUN
ajfa-8262	11	19	.	.	PUNCT
ajfa-8262	12	1	one	one	PRON
ajfa-8262	12	2	needs	need	VERB
ajfa-8262	12	3	to	to	PART
ajfa-8262	12	4	assume	assume	VERB
ajfa-8262	12	5	higher	high	ADJ
ajfa-8262	12	6	risk	risk	NOUN
ajfa-8262	12	7	in	in	ADP
ajfa-8262	12	8	order	order	NOUN
ajfa-8262	12	9	to	to	PART
ajfa-8262	12	10	earn	earn	VERB
ajfa-8262	12	11	higher	high	ADJ
ajfa-8262	12	12	return	return	NOUN
ajfa-8262	12	13	.	.	PUNCT
ajfa-8262	13	1	modern	modern	ADJ
ajfa-8262	13	2	portfolio	portfolio	NOUN
ajfa-8262	13	3	theory	theory	NOUN
ajfa-8262	13	4	(	(	PUNCT
ajfa-8262	13	5	markowitz	markowitz	PROPN
ajfa-8262	13	6	,	,	PUNCT
ajfa-8262	13	7	1952	1952	NUM
ajfa-8262	13	8	)	)	PUNCT
ajfa-8262	13	9	offers	offer	VERB
ajfa-8262	13	10	the	the	DET
ajfa-8262	13	11	framework	framework	NOUN
ajfa-8262	13	12	to	to	PART
ajfa-8262	13	13	optimize	optimize	VERB
ajfa-8262	13	14	risk	risk	NOUN
ajfa-8262	13	15	return	return	NOUN
ajfa-8262	13	16	trade	trade	NOUN
ajfa-8262	13	17	-	-	PUNCT
ajfa-8262	13	18	off	off	NOUN
ajfa-8262	13	19	based	base	VERB
ajfa-8262	13	20	on	on	ADP
ajfa-8262	13	21	investors	investor	NOUN
ajfa-8262	13	22	’	’	PART
ajfa-8262	13	23	risk	risk	NOUN
ajfa-8262	13	24	budget	budget	NOUN
ajfa-8262	13	25	by	by	ADP
ajfa-8262	13	26	allowing	allow	VERB
ajfa-8262	13	27	them	they	PRON
ajfa-8262	13	28	to	to	PART
ajfa-8262	13	29	construct	construct	VERB
ajfa-8262	13	30	a	a	DET
ajfa-8262	13	31	portfolio	portfolio	NOUN
ajfa-8262	13	32	that	that	PRON
ajfa-8262	13	33	offers	offer	VERB
ajfa-8262	13	34	the	the	DET
ajfa-8262	13	35	highest	high	ADJ
ajfa-8262	13	36	level	level	NOUN
ajfa-8262	13	37	of	of	ADP
ajfa-8262	13	38	expected	expect	VERB
ajfa-8262	13	39	return	return	NOUN
ajfa-8262	13	40	at	at	ADP
ajfa-8262	13	41	the	the	DET
ajfa-8262	13	42	given	give	VERB
ajfa-8262	13	43	level	level	NOUN
ajfa-8262	13	44	of	of	ADP
ajfa-8262	13	45	volatility	volatility	NOUN
ajfa-8262	13	46	or	or	CCONJ
ajfa-8262	13	47	alternatively	alternatively	ADV
ajfa-8262	13	48	allows	allow	VERB
ajfa-8262	13	49	to	to	PART
ajfa-8262	13	50	construct	construct	VERB
ajfa-8262	13	51	a	a	DET
ajfa-8262	13	52	portfolio	portfolio	NOUN
ajfa-8262	13	53	that	that	PRON
ajfa-8262	13	54	offers	offer	VERB
ajfa-8262	13	55	the	the	DET
ajfa-8262	13	56	higher	high	ADJ
ajfa-8262	13	57	expected	expect	VERB
ajfa-8262	13	58	return	return	NOUN
ajfa-8262	13	59	at	at	ADP
ajfa-8262	13	60	given	give	VERB
ajfa-8262	13	61	level	level	NOUN
ajfa-8262	13	62	of	of	ADP
ajfa-8262	13	63	volatility	volatility	NOUN
ajfa-8262	13	64	.	.	PUNCT
ajfa-8262	14	1	capital	capital	NOUN
ajfa-8262	14	2	asset	asset	NOUN
ajfa-8262	14	3	pricing	pricing	NOUN
ajfa-8262	14	4	model	model	NOUN
ajfa-8262	14	5	(	(	PUNCT
ajfa-8262	14	6	capm	capm	PROPN
ajfa-8262	14	7	)	)	PUNCT
ajfa-8262	14	8	(	(	PUNCT
ajfa-8262	14	9	sharpe	sharpe	NOUN
ajfa-8262	14	10	,	,	PUNCT
ajfa-8262	14	11	1964	1964	NUM
ajfa-8262	14	12	)	)	PUNCT
ajfa-8262	14	13	argues	argue	VERB
ajfa-8262	14	14	that	that	SCONJ
ajfa-8262	14	15	while	while	SCONJ
ajfa-8262	14	16	there	there	PRON
ajfa-8262	14	17	is	be	VERB
ajfa-8262	14	18	a	a	DET
ajfa-8262	14	19	positive	positive	ADJ
ajfa-8262	14	20	relation	relation	NOUN
ajfa-8262	14	21	between	between	ADP
ajfa-8262	14	22	the	the	DET
ajfa-8262	14	23	risk	risk	NOUN
ajfa-8262	14	24	and	and	CCONJ
ajfa-8262	14	25	return	return	NOUN
ajfa-8262	14	26	,	,	PUNCT
ajfa-8262	14	27	the	the	DET
ajfa-8262	14	28	reward	reward	NOUN
ajfa-8262	14	29	for	for	ADP
ajfa-8262	14	30	the	the	DET
ajfa-8262	14	31	additional	additional	ADJ
ajfa-8262	14	32	risk	risk	NOUN
ajfa-8262	14	33	is	be	AUX
ajfa-8262	14	34	limited	limit	VERB
ajfa-8262	14	35	to	to	ADP
ajfa-8262	14	36	the	the	DET
ajfa-8262	14	37	systematic	systematic	ADJ
ajfa-8262	14	38	risk	risk	NOUN
ajfa-8262	14	39	only	only	ADV
ajfa-8262	14	40	and	and	CCONJ
ajfa-8262	14	41	not	not	PART
ajfa-8262	14	42	available	available	ADJ
ajfa-8262	14	43	on	on	ADP
ajfa-8262	14	44	the	the	DET
ajfa-8262	14	45	total	total	ADJ
ajfa-8262	14	46	risk	risk	NOUN
ajfa-8262	14	47	.	.	PUNCT
ajfa-8262	15	1	the	the	DET
ajfa-8262	15	2	logic	logic	NOUN
ajfa-8262	15	3	is	be	AUX
ajfa-8262	15	4	that	that	SCONJ
ajfa-8262	15	5	a	a	DET
ajfa-8262	15	6	rational	rational	ADJ
ajfa-8262	15	7	investor	investor	NOUN
ajfa-8262	15	8	should	should	AUX
ajfa-8262	15	9	be	be	AUX
ajfa-8262	15	10	able	able	ADJ
ajfa-8262	15	11	to	to	PART
ajfa-8262	15	12	diversify	diversify	VERB
ajfa-8262	15	13	away	away	ADV
ajfa-8262	15	14	the	the	DET
ajfa-8262	15	15	unsystematic	unsystematic	ADJ
ajfa-8262	15	16	risk	risk	NOUN
ajfa-8262	15	17	and	and	CCONJ
ajfa-8262	15	18	hence	hence	ADV
ajfa-8262	15	19	no	no	DET
ajfa-8262	15	20	risk	risk	NOUN
ajfa-8262	15	21	premium	premium	NOUN
ajfa-8262	15	22	should	should	AUX
ajfa-8262	15	23	be	be	AUX
ajfa-8262	15	24	associated	associate	VERB
ajfa-8262	15	25	with	with	ADP
ajfa-8262	15	26	such	such	ADJ
ajfa-8262	15	27	risk	risk	NOUN
ajfa-8262	15	28	.	.	PUNCT
ajfa-8262	16	1	however	however	ADV
ajfa-8262	16	2	,	,	PUNCT
ajfa-8262	16	3	when	when	SCONJ
ajfa-8262	16	4	it	it	PRON
ajfa-8262	16	5	comes	come	VERB
ajfa-8262	16	6	to	to	ADP
ajfa-8262	16	7	measuring	measure	VERB
ajfa-8262	16	8	performance	performance	NOUN
ajfa-8262	16	9	of	of	ADP
ajfa-8262	16	10	any	any	DET
ajfa-8262	16	11	managed	manage	VERB
ajfa-8262	16	12	portfolio	portfolio	NOUN
ajfa-8262	16	13	,	,	PUNCT
ajfa-8262	16	14	the	the	DET
ajfa-8262	16	15	most	most	ADV
ajfa-8262	16	16	popular	popular	ADJ
ajfa-8262	16	17	measure	measure	NOUN
ajfa-8262	16	18	is	be	AUX
ajfa-8262	16	19	the	the	DET
ajfa-8262	16	20	sharpe	sharpe	PROPN
ajfa-8262	16	21	ratio	ratio	NOUN
ajfa-8262	16	22	that	that	PRON
ajfa-8262	16	23	measures	measure	VERB
ajfa-8262	16	24	the	the	DET
ajfa-8262	16	25	excess	excess	ADJ
ajfa-8262	16	26	return	return	NOUN
ajfa-8262	16	27	(	(	PUNCT
ajfa-8262	16	28	return	return	NOUN
ajfa-8262	16	29	of	of	ADP
ajfa-8262	16	30	a	a	DET
ajfa-8262	16	31	portfolio	portfolio	NOUN
ajfa-8262	16	32	over	over	ADP
ajfa-8262	16	33	risk	risk	NOUN
ajfa-8262	16	34	free	free	ADJ
ajfa-8262	16	35	return	return	NOUN
ajfa-8262	16	36	)	)	PUNCT
ajfa-8262	16	37	to	to	ADP
ajfa-8262	16	38	volatility	volatility	NOUN
ajfa-8262	16	39	,	,	PUNCT
ajfa-8262	16	40	measured	measure	VERB
ajfa-8262	16	41	by	by	ADP
ajfa-8262	16	42	standard	standard	ADJ
ajfa-8262	16	43	deviation	deviation	NOUN
ajfa-8262	16	44	and	and	CCONJ
ajfa-8262	16	45	not	not	PART
ajfa-8262	16	46	beta	beta	NOUN
ajfa-8262	16	47	.	.	PUNCT
ajfa-8262	17	1	the	the	DET
ajfa-8262	17	2	reason	reason	NOUN
ajfa-8262	17	3	why	why	SCONJ
ajfa-8262	17	4	an	an	DET
ajfa-8262	17	5	actively	actively	ADV
ajfa-8262	17	6	managed	manage	VERB
ajfa-8262	17	7	portfolio	portfolio	NOUN
ajfa-8262	17	8	may	may	AUX
ajfa-8262	17	9	not	not	PART
ajfa-8262	17	10	be	be	AUX
ajfa-8262	17	11	a	a	DET
ajfa-8262	17	12	fully	fully	ADV
ajfa-8262	17	13	diversified	diversified	ADJ
ajfa-8262	17	14	is	be	AUX
ajfa-8262	17	15	that	that	SCONJ
ajfa-8262	17	16	it	it	PRON
ajfa-8262	17	17	intends	intend	VERB
ajfa-8262	17	18	to	to	PART
ajfa-8262	17	19	outperform	outperform	VERB
ajfa-8262	17	20	the	the	DET
ajfa-8262	17	21	benchmark	benchmark	ADJ
ajfa-8262	17	22	market	market	NOUN
ajfa-8262	17	23	portfolio	portfolio	NOUN
ajfa-8262	17	24	(	(	PUNCT
ajfa-8262	17	25	a	a	DET
ajfa-8262	17	26	proxy	proxy	NOUN
ajfa-8262	17	27	for	for	ADP
ajfa-8262	17	28	fully	fully	ADV
ajfa-8262	17	29	diversified	diversify	VERB
ajfa-8262	17	30	portfolio	portfolio	NOUN
ajfa-8262	17	31	with	with	ADP
ajfa-8262	17	32	zero	zero	NUM
ajfa-8262	17	33	unsystematic	unsystematic	ADJ
ajfa-8262	17	34	risk	risk	NOUN
ajfa-8262	17	35	)	)	PUNCT
ajfa-8262	17	36	on	on	ADP
ajfa-8262	17	37	a	a	DET
ajfa-8262	17	38	risk	risk	NOUN
ajfa-8262	17	39	-	-	PUNCT
ajfa-8262	17	40	adjusted	adjust	VERB
ajfa-8262	17	41	basis	basis	NOUN
ajfa-8262	17	42	.	.	PUNCT
ajfa-8262	18	1	therefore	therefore	ADV
ajfa-8262	18	2	they	they	PRON
ajfa-8262	18	3	may	may	AUX
ajfa-8262	18	4	retain	retain	VERB
ajfa-8262	18	5	unsystematic	unsystematic	ADJ
ajfa-8262	18	6	risk	risk	NOUN
ajfa-8262	18	7	for	for	ADP
ajfa-8262	18	8	the	the	DET
ajfa-8262	18	9	superior	superior	ADJ
ajfa-8262	18	10	returns	return	NOUN
ajfa-8262	18	11	.	.	PUNCT
ajfa-8262	19	1	in	in	ADP
ajfa-8262	19	2	such	such	ADJ
ajfa-8262	19	3	cases	case	NOUN
ajfa-8262	19	4	,	,	PUNCT
ajfa-8262	19	5	investors	investor	NOUN
ajfa-8262	19	6	need	need	VERB
ajfa-8262	19	7	reward	reward	NOUN
ajfa-8262	19	8	not	not	PART
ajfa-8262	19	9	only	only	ADV
ajfa-8262	19	10	for	for	ADP
ajfa-8262	19	11	the	the	DET
ajfa-8262	19	12	systematic	systematic	ADJ
ajfa-8262	19	13	risk	risk	NOUN
ajfa-8262	19	14	of	of	ADP
ajfa-8262	19	15	the	the	DET
ajfa-8262	19	16	portfolio	portfolio	NOUN
ajfa-8262	19	17	but	but	CCONJ
ajfa-8262	19	18	for	for	ADP
ajfa-8262	19	19	the	the	DET
ajfa-8262	19	20	unsystematic	unsystematic	ADJ
ajfa-8262	19	21	risk	risk	NOUN
ajfa-8262	19	22	retained	retain	VERB
ajfa-8262	19	23	in	in	ADP
ajfa-8262	19	24	the	the	DET
ajfa-8262	19	25	portfolio	portfolio	NOUN
ajfa-8262	19	26	as	as	ADV
ajfa-8262	19	27	well	well	ADV
ajfa-8262	19	28	.	.	PUNCT
ajfa-8262	20	1	however	however	ADV
ajfa-8262	20	2	,	,	PUNCT
ajfa-8262	20	3	empirical	empirical	ADJ
ajfa-8262	20	4	evidence	evidence	NOUN
ajfa-8262	20	5	showcasing	showcase	VERB
ajfa-8262	20	6	superior	superior	ADJ
ajfa-8262	20	7	risk	risk	NOUN
ajfa-8262	20	8	adjusted	adjust	VERB
ajfa-8262	20	9	performance	performance	NOUN
ajfa-8262	20	10	of	of	ADP
ajfa-8262	20	11	low	low	ADJ
ajfa-8262	20	12	volatility	volatility	NOUN
ajfa-8262	20	13	(	(	PUNCT
ajfa-8262	20	14	lv	lv	PROPN
ajfa-8262	20	15	)	)	PUNCT
ajfa-8262	20	16	and	and	CCONJ
ajfa-8262	20	17	minimum	minimum	ADJ
ajfa-8262	20	18	variance	variance	NOUN
ajfa-8262	20	19	(	(	PUNCT
ajfa-8262	20	20	mv	mv	NOUN
ajfa-8262	20	21	)	)	PUNCT
ajfa-8262	20	22	investment	investment	NOUN
ajfa-8262	20	23	strategies	strategy	NOUN
ajfa-8262	20	24	compared	compare	VERB
ajfa-8262	20	25	to	to	ADP
ajfa-8262	20	26	benchmark	benchmark	NOUN
ajfa-8262	20	27	as	as	ADV
ajfa-8262	20	28	well	well	ADV
ajfa-8262	20	29	as	as	ADP
ajfa-8262	20	30	high	high	ADJ
ajfa-8262	20	31	risk	risk	NOUN
ajfa-8262	20	32	have	have	AUX
ajfa-8262	20	33	raised	raise	VERB
ajfa-8262	20	34	questions	question	NOUN
ajfa-8262	20	35	about	about	ADP
ajfa-8262	20	36	direction	direction	NOUN
ajfa-8262	20	37	and	and	CCONJ
ajfa-8262	20	38	degree	degree	NOUN
ajfa-8262	20	39	of	of	ADP
ajfa-8262	20	40	positive	positive	ADJ
ajfa-8262	20	41	risk	risk	NOUN
ajfa-8262	20	42	return	return	NOUN
ajfa-8262	20	43	relationship	relationship	NOUN
ajfa-8262	20	44	preached	preach	VERB
ajfa-8262	20	45	by	by	ADP
ajfa-8262	20	46	classic	classic	ADJ
ajfa-8262	20	47	finance	finance	NOUN
ajfa-8262	20	48	theory	theory	NOUN
ajfa-8262	20	49	.	.	PUNCT
ajfa-8262	21	1	a	a	DET
ajfa-8262	21	2	large	large	ADJ
ajfa-8262	21	3	body	body	NOUN
ajfa-8262	21	4	of	of	ADP
ajfa-8262	21	5	overlooked	overlook	VERB
ajfa-8262	21	6	academic	academic	ADJ
ajfa-8262	21	7	research	research	NOUN
ajfa-8262	21	8	reveals	reveal	VERB
ajfa-8262	21	9	that	that	SCONJ
ajfa-8262	21	10	risk	risk	NOUN
ajfa-8262	21	11	and	and	CCONJ
ajfa-8262	21	12	return	return	VERB
ajfa-8262	21	13	within	within	ADP
ajfa-8262	21	14	the	the	DET
ajfa-8262	21	15	equity	equity	NOUN
ajfa-8262	21	16	markets	market	NOUN
ajfa-8262	21	17	are	be	AUX
ajfa-8262	21	18	not	not	PART
ajfa-8262	21	19	correlated	correlate	VERB
ajfa-8262	21	20	,	,	PUNCT
ajfa-8262	21	21	or	or	CCONJ
ajfa-8262	21	22	if	if	SCONJ
ajfa-8262	21	23	they	they	PRON
ajfa-8262	21	24	are	be	AUX
ajfa-8262	21	25	,	,	PUNCT
ajfa-8262	21	26	it	it	PRON
ajfa-8262	21	27	is	be	AUX
ajfa-8262	21	28	negative	negative	ADJ
ajfa-8262	21	29	correlation	correlation	NOUN
ajfa-8262	21	30	.	.	PUNCT
ajfa-8262	22	1	this	this	DET
ajfa-8262	22	2	surprising	surprising	ADJ
ajfa-8262	22	3	contradiction	contradiction	NOUN
ajfa-8262	22	4	seems	seem	VERB
ajfa-8262	22	5	to	to	PART
ajfa-8262	22	6	be	be	AUX
ajfa-8262	22	7	true	true	ADJ
ajfa-8262	22	8	and	and	CCONJ
ajfa-8262	22	9	persisting	persist	VERB
ajfa-8262	22	10	and	and	CCONJ
ajfa-8262	22	11	not	not	PART
ajfa-8262	22	12	varying	vary	VERB
ajfa-8262	22	13	a	a	DET
ajfa-8262	22	14	great	great	ADJ
ajfa-8262	22	15	deal	deal	NOUN
ajfa-8262	22	16	with	with	ADP
ajfa-8262	22	17	difference	difference	NOUN
ajfa-8262	22	18	in	in	ADP
ajfa-8262	22	19	methodological	methodological	ADJ
ajfa-8262	22	20	choices	choice	NOUN
ajfa-8262	22	21	and	and	CCONJ
ajfa-8262	22	22	markets	market	NOUN
ajfa-8262	22	23	.	.	PUNCT
ajfa-8262	23	1	more	more	ADV
ajfa-8262	23	2	recently	recently	ADV
ajfa-8262	23	3	,	,	PUNCT
ajfa-8262	23	4	there	there	PRON
ajfa-8262	23	5	are	be	VERB
ajfa-8262	23	6	several	several	ADJ
ajfa-8262	23	7	studies	study	NOUN
ajfa-8262	23	8	that	that	PRON
ajfa-8262	23	9	have	have	AUX
ajfa-8262	23	10	highlighted	highlight	VERB
ajfa-8262	23	11	that	that	DET
ajfa-8262	23	12	risk	risk	NOUN
ajfa-8262	23	13	and	and	CCONJ
ajfa-8262	23	14	expected	expect	VERB
ajfa-8262	23	15	return	return	NOUN
ajfa-8262	23	16	relationship	relationship	NOUN
ajfa-8262	23	17	is	be	AUX
ajfa-8262	23	18	not	not	PART
ajfa-8262	23	19	only	only	ADV
ajfa-8262	23	20	flat	flat	ADJ
ajfa-8262	23	21	but	but	CCONJ
ajfa-8262	23	22	also	also	ADV
ajfa-8262	23	23	actually	actually	ADV
ajfa-8262	23	24	negative	negative	ADJ
ajfa-8262	23	25	within	within	ADP
ajfa-8262	23	26	the	the	DET
ajfa-8262	23	27	asset	asset	NOUN
ajfa-8262	23	28	class	class	NOUN
ajfa-8262	23	29	such	such	ADJ
ajfa-8262	23	30	as	as	ADP
ajfa-8262	23	31	equity	equity	NOUN
ajfa-8262	23	32	if	if	SCONJ
ajfa-8262	23	33	not	not	PART
ajfa-8262	23	34	across	across	ADP
ajfa-8262	23	35	the	the	DET
ajfa-8262	23	36	asset	asset	NOUN
ajfa-8262	23	37	class	class	NOUN
ajfa-8262	23	38	.	.	PUNCT
ajfa-8262	24	1	this	this	PRON
ajfa-8262	24	2	is	be	AUX
ajfa-8262	24	3	known	know	VERB
ajfa-8262	24	4	as	as	ADP
ajfa-8262	24	5	“	"	PUNCT
ajfa-8262	24	6	low	low	ADJ
ajfa-8262	24	7	risk	risk	NOUN
ajfa-8262	24	8	anomaly	anomaly	NOUN
ajfa-8262	24	9	”	"	PUNCT
ajfa-8262	24	10	.	.	PUNCT
ajfa-8262	25	1	the	the	DET
ajfa-8262	25	2	proposition	proposition	NOUN
ajfa-8262	25	3	is	be	AUX
ajfa-8262	25	4	that	that	SCONJ
ajfa-8262	25	5	“	"	PUNCT
ajfa-8262	25	6	portfolio	portfolio	NOUN
ajfa-8262	25	7	consisting	consist	VERB
ajfa-8262	25	8	of	of	ADP
ajfa-8262	25	9	low	low	ADJ
ajfa-8262	25	10	risk	risk	NOUN
ajfa-8262	25	11	stocks	stock	NOUN
ajfa-8262	25	12	not	not	PART
ajfa-8262	25	13	only	only	ADV
ajfa-8262	25	14	outperforms	outperform	VERB
ajfa-8262	25	15	its	its	PRON
ajfa-8262	25	16	high	high	ADJ
ajfa-8262	25	17	volatility	volatility	NOUN
ajfa-8262	25	18	counterpart	counterpart	NOUN
ajfa-8262	25	19	but	but	CCONJ
ajfa-8262	25	20	also	also	ADV
ajfa-8262	25	21	market	market	NOUN
ajfa-8262	25	22	capitalization	capitalization	NOUN
ajfa-8262	25	23	weighted	weight	VERB
ajfa-8262	25	24	benchmark	benchmark	NOUN
ajfa-8262	25	25	portfolio	portfolio	NOUN
ajfa-8262	25	26	over	over	ADP
ajfa-8262	25	27	a	a	DET
ajfa-8262	25	28	period	period	NOUN
ajfa-8262	25	29	of	of	ADP
ajfa-8262	25	30	full	full	ADJ
ajfa-8262	25	31	market	market	NOUN
ajfa-8262	25	32	cycle	cycle	NOUN
ajfa-8262	25	33	”	"	PUNCT
ajfa-8262	25	34	.	.	PUNCT
ajfa-8262	26	1	now	now	ADV
ajfa-8262	26	2	the	the	DET
ajfa-8262	26	3	next	next	ADJ
ajfa-8262	26	4	question	question	NOUN
ajfa-8262	26	5	that	that	PRON
ajfa-8262	26	6	immediately	immediately	ADV
ajfa-8262	26	7	comes	come	VERB
ajfa-8262	26	8	to	to	ADP
ajfa-8262	26	9	mind	mind	NOUN
ajfa-8262	26	10	is	be	AUX
ajfa-8262	26	11	that	that	PRON
ajfa-8262	26	12	is	be	AUX
ajfa-8262	26	13	it	it	PRON
ajfa-8262	26	14	possible	possible	ADJ
ajfa-8262	26	15	to	to	PART
ajfa-8262	26	16	have	have	VERB
ajfa-8262	26	17	portfolios	portfolio	NOUN
ajfa-8262	26	18	,	,	PUNCT
ajfa-8262	26	19	which	which	PRON
ajfa-8262	26	20	give	give	VERB
ajfa-8262	26	21	returns	return	NOUN
ajfa-8262	26	22	greater	great	ADJ
ajfa-8262	26	23	than	than	ADP
ajfa-8262	26	24	high	high	ADJ
ajfa-8262	26	25	volatility	volatility	NOUN
ajfa-8262	26	26	(	(	PUNCT
ajfa-8262	26	27	hv	hv	NOUN
ajfa-8262	26	28	)	)	PUNCT
ajfa-8262	26	29	portfolio	portfolio	NOUN
ajfa-8262	26	30	and	and	CCONJ
ajfa-8262	26	31	market	market	NOUN
ajfa-8262	26	32	portfolio	portfolio	NOUN
ajfa-8262	26	33	with	with	ADP
ajfa-8262	26	34	lesser	less	ADJ
ajfa-8262	26	35	risk	risk	NOUN
ajfa-8262	26	36	?	?	PUNCT
ajfa-8262	27	1	is	be	AUX
ajfa-8262	27	2	it	it	PRON
ajfa-8262	27	3	possible	possible	ADJ
ajfa-8262	27	4	to	to	PART
ajfa-8262	27	5	have	have	VERB
ajfa-8262	27	6	a	a	DET
ajfa-8262	27	7	portfolio	portfolio	NOUN
ajfa-8262	27	8	,	,	PUNCT
ajfa-8262	27	9	which	which	PRON
ajfa-8262	27	10	lies	lie	VERB
ajfa-8262	27	11	above	above	ADP
ajfa-8262	27	12	the	the	DET
ajfa-8262	27	13	capital	capital	NOUN
ajfa-8262	27	14	market	market	NOUN
ajfa-8262	27	15	line	line	NOUN
ajfa-8262	27	16	?	?	PUNCT
ajfa-8262	28	1	this	this	PRON
ajfa-8262	28	2	is	be	AUX
ajfa-8262	28	3	the	the	DET
ajfa-8262	28	4	basic	basic	ADJ
ajfa-8262	28	5	premise	premise	NOUN
ajfa-8262	28	6	behind	behind	ADP
ajfa-8262	28	7	‘	'	PUNCT
ajfa-8262	28	8	exploring	explore	VERB
ajfa-8262	28	9	for	for	ADP
ajfa-8262	28	10	risk	risk	NOUN
ajfa-8262	28	11	anomaly	anomaly	NOUN
ajfa-8262	28	12	in	in	ADP
ajfa-8262	28	13	stock	stock	NOUN
ajfa-8262	28	14	markets	market	NOUN
ajfa-8262	28	15	!	!	PUNCT
ajfa-8262	28	16	’	'	PUNCT
ajfa-8262	29	1	there	there	PRON
ajfa-8262	29	2	are	be	VERB
ajfa-8262	29	3	two	two	NUM
ajfa-8262	29	4	ways	way	NOUN
ajfa-8262	29	5	to	to	PART
ajfa-8262	29	6	test	test	VERB
ajfa-8262	29	7	and	and	CCONJ
ajfa-8262	29	8	exploit	exploit	VERB
ajfa-8262	29	9	risk	risk	NOUN
ajfa-8262	29	10	anomaly	anomaly	NOUN
ajfa-8262	29	11	–	–	PUNCT
ajfa-8262	29	12	[	[	X
ajfa-8262	29	13	a	a	X
ajfa-8262	29	14	]	]	X
ajfa-8262	29	15	low	low	ADJ
ajfa-8262	29	16	volatility	volatility	NOUN
ajfa-8262	29	17	(	(	PUNCT
ajfa-8262	29	18	lv	lv	PROPN
ajfa-8262	29	19	)	)	PUNCT
ajfa-8262	29	20	portfolio	portfolio	NOUN
ajfa-8262	29	21	and	and	CCONJ
ajfa-8262	29	22	[	[	X
ajfa-8262	29	23	b	b	X
ajfa-8262	29	24	]	]	X
ajfa-8262	29	25	minimum	minimum	ADJ
ajfa-8262	29	26	variance	variance	NOUN
ajfa-8262	29	27	(	(	PUNCT
ajfa-8262	29	28	mv	mv	NOUN
ajfa-8262	29	29	)	)	PUNCT
ajfa-8262	29	30	portfolio	portfolio	NOUN
ajfa-8262	29	31	.	.	PUNCT
ajfa-8262	30	1	many	many	ADJ
ajfa-8262	30	2	studies	study	NOUN
ajfa-8262	30	3	in	in	ADP
ajfa-8262	30	4	developed	develop	VERB
ajfa-8262	30	5	markets	market	NOUN
ajfa-8262	30	6	report	report	VERB
ajfa-8262	30	7	superior	superior	ADJ
ajfa-8262	30	8	returns	return	NOUN
ajfa-8262	30	9	associated	associate	VERB
ajfa-8262	30	10	with	with	ADP
ajfa-8262	30	11	low	low	ADJ
ajfa-8262	30	12	volatility	volatility	NOUN
ajfa-8262	30	13	portfolios	portfolio	NOUN
ajfa-8262	30	14	over	over	ADP
ajfa-8262	30	15	the	the	DET
ajfa-8262	30	16	market	market	NOUN
ajfa-8262	30	17	portfolio	portfolio	NOUN
ajfa-8262	30	18	as	as	ADV
ajfa-8262	30	19	well	well	ADV
ajfa-8262	30	20	as	as	ADP
ajfa-8262	30	21	the	the	DET
ajfa-8262	30	22	portfolios	portfolio	NOUN
ajfa-8262	30	23	with	with	ADP
ajfa-8262	30	24	higher	high	ADJ
ajfa-8262	30	25	risk	risk	NOUN
ajfa-8262	30	26	.	.	PUNCT
ajfa-8262	31	1	the	the	DET
ajfa-8262	31	2	risk	risk	NOUN
ajfa-8262	31	3	being	be	AUX
ajfa-8262	31	4	measured	measure	VERB
ajfa-8262	31	5	either	either	CCONJ
ajfa-8262	31	6	by	by	ADP
ajfa-8262	31	7	standard	standard	ADJ
ajfa-8262	31	8	deviation	deviation	NOUN
ajfa-8262	31	9	of	of	ADP
ajfa-8262	31	10	returns	return	NOUN
ajfa-8262	31	11	or	or	CCONJ
ajfa-8262	31	12	by	by	ADP
ajfa-8262	31	13	beta	beta	NOUN
ajfa-8262	31	14	of	of	ADP
ajfa-8262	31	15	the	the	DET
ajfa-8262	31	16	stock	stock	NOUN
ajfa-8262	31	17	returns	return	NOUN
ajfa-8262	31	18	.	.	PUNCT
ajfa-8262	32	1	here	here	ADV
ajfa-8262	32	2	is	be	AUX
ajfa-8262	32	3	the	the	DET
ajfa-8262	32	4	brief	brief	ADJ
ajfa-8262	32	5	explanation	explanation	NOUN
ajfa-8262	32	6	of	of	ADP
ajfa-8262	32	7	the	the	DET
ajfa-8262	32	8	lv	lv	PROPN
ajfa-8262	32	9	and	and	CCONJ
ajfa-8262	32	10	mv	mv	PROPN
ajfa-8262	32	11	investment	investment	NOUN
ajfa-8262	32	12	strategies	strategy	NOUN
ajfa-8262	32	13	–	–	PUNCT
ajfa-8262	32	14	asian	asian	ADJ
ajfa-8262	32	15	journal	journal	NOUN
ajfa-8262	32	16	of	of	ADP
ajfa-8262	32	17	finance	finance	PROPN
ajfa-8262	32	18	&	&	CCONJ
ajfa-8262	32	19	accounting	accounting	PROPN
ajfa-8262	32	20	issn	issn	PROPN
ajfa-8262	32	21	1946	1946	NUM
ajfa-8262	32	22	-	-	PUNCT
ajfa-8262	32	23	052x	052x	NOUN
ajfa-8262	32	24	2015	2015	NUM
ajfa-8262	32	25	,	,	PUNCT
ajfa-8262	32	26	vol	vol	NOUN
ajfa-8262	32	27	.	.	PROPN
ajfa-8262	32	28	7	7	NUM
ajfa-8262	32	29	,	,	PUNCT
ajfa-8262	32	30	no	no	INTJ
ajfa-8262	32	31	.	.	NOUN
ajfa-8262	32	32	2	2	NUM
ajfa-8262	32	33	140	140	NUM
ajfa-8262	32	34	(	(	PUNCT
ajfa-8262	32	35	a	a	NOUN
ajfa-8262	32	36	)	)	PUNCT
ajfa-8262	32	37	low	low	ADJ
ajfa-8262	32	38	volatility	volatility	NOUN
ajfa-8262	32	39	investing	investing	NOUN
ajfa-8262	32	40	–	–	PUNCT
ajfa-8262	32	41	this	this	DET
ajfa-8262	32	42	strategy	strategy	NOUN
ajfa-8262	32	43	sorts	sort	NOUN
ajfa-8262	32	44	or	or	CCONJ
ajfa-8262	32	45	ranks	rank	VERB
ajfa-8262	32	46	all	all	DET
ajfa-8262	32	47	the	the	DET
ajfa-8262	32	48	stocks	stock	NOUN
ajfa-8262	32	49	by	by	ADP
ajfa-8262	32	50	their	their	PRON
ajfa-8262	32	51	historical	historical	ADJ
ajfa-8262	32	52	volatility	volatility	NOUN
ajfa-8262	32	53	and/or	and/or	CCONJ
ajfa-8262	32	54	beta	beta	NOUN
ajfa-8262	32	55	and	and	CCONJ
ajfa-8262	32	56	then	then	ADV
ajfa-8262	32	57	forms	form	VERB
ajfa-8262	32	58	a	a	DET
ajfa-8262	32	59	portfolio	portfolio	NOUN
ajfa-8262	32	60	using	use	VERB
ajfa-8262	32	61	subset	subset	NOUN
ajfa-8262	32	62	of	of	ADP
ajfa-8262	32	63	these	these	DET
ajfa-8262	32	64	stocks	stock	NOUN
ajfa-8262	32	65	–	–	PUNCT
ajfa-8262	32	66	comprising	comprise	VERB
ajfa-8262	32	67	those	those	PRON
ajfa-8262	32	68	with	with	ADP
ajfa-8262	32	69	the	the	DET
ajfa-8262	32	70	lowest	low	ADJ
ajfa-8262	32	71	beta	beta	NOUN
ajfa-8262	32	72	and/or	and/or	CCONJ
ajfa-8262	32	73	volatility	volatility	NOUN
ajfa-8262	32	74	.	.	PUNCT
ajfa-8262	33	1	(	(	PUNCT
ajfa-8262	33	2	b	b	X
ajfa-8262	33	3	)	)	PUNCT
ajfa-8262	33	4	minimum	minimum	ADJ
ajfa-8262	33	5	variance	variance	NOUN
ajfa-8262	33	6	investing	invest	VERB
ajfa-8262	33	7	–	–	PUNCT
ajfa-8262	33	8	it	it	PRON
ajfa-8262	33	9	relies	rely	VERB
ajfa-8262	33	10	on	on	ADP
ajfa-8262	33	11	observations	observation	NOUN
ajfa-8262	33	12	and/or	and/or	CCONJ
ajfa-8262	33	13	estimates	estimate	NOUN
ajfa-8262	33	14	of	of	ADP
ajfa-8262	33	15	correlations	correlation	NOUN
ajfa-8262	33	16	of	of	ADP
ajfa-8262	33	17	individual	individual	ADJ
ajfa-8262	33	18	stocks	stock	NOUN
ajfa-8262	33	19	.	.	PUNCT
ajfa-8262	34	1	individual	individual	ADJ
ajfa-8262	34	2	stocks	stock	NOUN
ajfa-8262	34	3	have	have	VERB
ajfa-8262	34	4	higher	high	ADJ
ajfa-8262	34	5	risk	risk	NOUN
ajfa-8262	34	6	,	,	PUNCT
ajfa-8262	34	7	but	but	CCONJ
ajfa-8262	34	8	a	a	DET
ajfa-8262	34	9	well	well	ADV
ajfa-8262	34	10	-	-	PUNCT
ajfa-8262	34	11	diversified	diversify	VERB
ajfa-8262	34	12	portfolio	portfolio	NOUN
ajfa-8262	34	13	when	when	SCONJ
ajfa-8262	34	14	optimized	optimize	VERB
ajfa-8262	34	15	for	for	ADP
ajfa-8262	34	16	minimum	minimum	ADJ
ajfa-8262	34	17	risk	risk	NOUN
ajfa-8262	34	18	is	be	AUX
ajfa-8262	34	19	identified	identify	VERB
ajfa-8262	34	20	as	as	ADP
ajfa-8262	34	21	the	the	DET
ajfa-8262	34	22	minimum	minimum	ADJ
ajfa-8262	34	23	variance	variance	NOUN
ajfa-8262	34	24	portfolio	portfolio	NOUN
ajfa-8262	34	25	.	.	PUNCT
ajfa-8262	35	1	these	these	DET
ajfa-8262	35	2	investment	investment	NOUN
ajfa-8262	35	3	strategies	strategy	NOUN
ajfa-8262	35	4	have	have	AUX
ajfa-8262	35	5	been	be	AUX
ajfa-8262	35	6	noteworthy	noteworthy	ADJ
ajfa-8262	35	7	in	in	ADP
ajfa-8262	35	8	the	the	DET
ajfa-8262	35	9	sense	sense	NOUN
ajfa-8262	35	10	that	that	SCONJ
ajfa-8262	35	11	they	they	PRON
ajfa-8262	35	12	have	have	AUX
ajfa-8262	35	13	been	be	AUX
ajfa-8262	35	14	able	able	ADJ
ajfa-8262	35	15	to	to	PART
ajfa-8262	35	16	deliver	deliver	VERB
ajfa-8262	35	17	higher	high	ADJ
ajfa-8262	35	18	absolute	absolute	ADJ
ajfa-8262	35	19	returns	return	NOUN
ajfa-8262	35	20	as	as	ADV
ajfa-8262	35	21	well	well	ADV
ajfa-8262	35	22	as	as	ADP
ajfa-8262	35	23	risk	risk	NOUN
ajfa-8262	35	24	-	-	PUNCT
ajfa-8262	35	25	adjusted	adjust	VERB
ajfa-8262	35	26	returns	return	NOUN
ajfa-8262	35	27	over	over	ADP
ajfa-8262	35	28	time	time	NOUN
ajfa-8262	35	29	.	.	PUNCT
ajfa-8262	36	1	both	both	PRON
ajfa-8262	36	2	mv	mv	PROPN
ajfa-8262	36	3	and	and	CCONJ
ajfa-8262	36	4	lv	lv	PROPN
ajfa-8262	36	5	portfolios	portfolio	NOUN
ajfa-8262	36	6	reduce	reduce	VERB
ajfa-8262	36	7	volatility	volatility	NOUN
ajfa-8262	36	8	and	and	CCONJ
ajfa-8262	36	9	face	face	NOUN
ajfa-8262	36	10	least	least	ADJ
ajfa-8262	36	11	drawdowns1	drawdowns1	NOUN
ajfa-8262	36	12	.	.	PUNCT
ajfa-8262	37	1	we	we	PRON
ajfa-8262	37	2	organize	organize	VERB
ajfa-8262	37	3	remaining	remain	VERB
ajfa-8262	37	4	part	part	NOUN
ajfa-8262	37	5	of	of	ADP
ajfa-8262	37	6	this	this	DET
ajfa-8262	37	7	paper	paper	NOUN
ajfa-8262	37	8	as	as	SCONJ
ajfa-8262	37	9	follows	follow	VERB
ajfa-8262	37	10	.	.	PUNCT
ajfa-8262	38	1	section	section	NOUN
ajfa-8262	38	2	2	2	NUM
ajfa-8262	38	3	discusses	discuss	VERB
ajfa-8262	38	4	review	review	NOUN
ajfa-8262	38	5	of	of	ADP
ajfa-8262	38	6	literature	literature	NOUN
ajfa-8262	38	7	in	in	ADP
ajfa-8262	38	8	general	general	ADJ
ajfa-8262	38	9	,	,	PUNCT
ajfa-8262	38	10	section	section	NOUN
ajfa-8262	38	11	3	3	NUM
ajfa-8262	38	12	discusses	discuss	VERB
ajfa-8262	38	13	different	different	ADJ
ajfa-8262	38	14	methodological	methodological	ADJ
ajfa-8262	38	15	choices	choice	NOUN
ajfa-8262	38	16	,	,	PUNCT
ajfa-8262	38	17	section	section	NOUN
ajfa-8262	38	18	4	4	NUM
ajfa-8262	38	19	discusses	discuss	VERB
ajfa-8262	38	20	possible	possible	ADJ
ajfa-8262	38	21	explanations	explanation	NOUN
ajfa-8262	38	22	and	and	CCONJ
ajfa-8262	38	23	section	section	NOUN
ajfa-8262	38	24	5	5	NUM
ajfa-8262	38	25	discusses	discuss	VERB
ajfa-8262	38	26	road	road	NOUN
ajfa-8262	38	27	ahead	ahead	ADV
ajfa-8262	38	28	followed	follow	VERB
ajfa-8262	38	29	by	by	ADP
ajfa-8262	38	30	section	section	NOUN
ajfa-8262	38	31	6	6	NUM
ajfa-8262	38	32	conclusion	conclusion	NOUN
ajfa-8262	38	33	.	.	PUNCT
ajfa-8262	39	1	2	2	X
ajfa-8262	39	2	.	.	X
ajfa-8262	39	3	review	review	NOUN
ajfa-8262	39	4	of	of	ADP
ajfa-8262	39	5	major	major	ADJ
ajfa-8262	39	6	literature	literature	NOUN
ajfa-8262	39	7	initial	initial	ADJ
ajfa-8262	39	8	evidence	evidence	NOUN
ajfa-8262	39	9	on	on	ADP
ajfa-8262	39	10	“	"	PUNCT
ajfa-8262	39	11	betting	bet	VERB
ajfa-8262	39	12	against	against	ADP
ajfa-8262	39	13	beta	beta	NOUN
ajfa-8262	39	14	”	"	PUNCT
ajfa-8262	39	15	version	version	NOUN
ajfa-8262	39	16	of	of	ADP
ajfa-8262	39	17	risk	risk	NOUN
ajfa-8262	39	18	anomaly	anomaly	NOUN
ajfa-8262	39	19	throwing	throw	VERB
ajfa-8262	39	20	light	light	NOUN
ajfa-8262	39	21	on	on	ADP
ajfa-8262	39	22	flatter	flatter	NOUN
ajfa-8262	39	23	than	than	SCONJ
ajfa-8262	39	24	expected	expect	VERB
ajfa-8262	39	25	or	or	CCONJ
ajfa-8262	39	26	even	even	ADV
ajfa-8262	39	27	inverse	inverse	NOUN
ajfa-8262	39	28	relationship	relationship	NOUN
ajfa-8262	39	29	between	between	ADP
ajfa-8262	39	30	risk	risk	NOUN
ajfa-8262	39	31	and	and	CCONJ
ajfa-8262	39	32	return	return	NOUN
ajfa-8262	39	33	as	as	SCONJ
ajfa-8262	39	34	predicted	predict	VERB
ajfa-8262	39	35	by	by	ADP
ajfa-8262	39	36	capm	capm	PROPN
ajfa-8262	39	37	(	(	PUNCT
ajfa-8262	39	38	sharpe	sharpe	PROPN
ajfa-8262	39	39	,	,	PUNCT
ajfa-8262	39	40	1964	1964	NUM
ajfa-8262	39	41	)	)	PUNCT
ajfa-8262	39	42	traces	trace	VERB
ajfa-8262	39	43	back	back	ADV
ajfa-8262	39	44	to	to	ADP
ajfa-8262	39	45	1970	1970	NUM
ajfa-8262	39	46	’s	’s	NOUN
ajfa-8262	39	47	where	where	SCONJ
ajfa-8262	39	48	(	(	PUNCT
ajfa-8262	39	49	(	(	PUNCT
ajfa-8262	39	50	black	black	ADJ
ajfa-8262	39	51	,	,	PUNCT
ajfa-8262	39	52	1972),(haugen	1972),(haugen	NUM
ajfa-8262	39	53	&	&	CCONJ
ajfa-8262	39	54	heins	heins	PROPN
ajfa-8262	39	55	,	,	PUNCT
ajfa-8262	39	56	1975	1975	NUM
ajfa-8262	39	57	)	)	PUNCT
ajfa-8262	39	58	)	)	PUNCT
ajfa-8262	40	1	show	show	VERB
ajfa-8262	40	2	flatter	flat	ADJ
ajfa-8262	40	3	than	than	ADP
ajfa-8262	40	4	expected	expect	VERB
ajfa-8262	40	5	and	and	CCONJ
ajfa-8262	40	6	negative	negative	ADJ
ajfa-8262	40	7	relationship	relationship	NOUN
ajfa-8262	40	8	between	between	ADP
ajfa-8262	40	9	beta	beta	NOUN
ajfa-8262	40	10	and	and	CCONJ
ajfa-8262	40	11	expected	expected	ADJ
ajfa-8262	40	12	returns	return	NOUN
ajfa-8262	40	13	.	.	PUNCT
ajfa-8262	41	1	further	far	ADV
ajfa-8262	41	2	(	(	PUNCT
ajfa-8262	41	3	fama	fama	PROPN
ajfa-8262	41	4	&	&	CCONJ
ajfa-8262	41	5	french	french	PROPN
ajfa-8262	41	6	,	,	PUNCT
ajfa-8262	41	7	1992	1992	NUM
ajfa-8262	41	8	)	)	PUNCT
ajfa-8262	41	9	report	report	VERB
ajfa-8262	41	10	flat	flat	ADJ
ajfa-8262	41	11	relationship	relationship	NOUN
ajfa-8262	41	12	between	between	ADP
ajfa-8262	41	13	beta	beta	NOUN
ajfa-8262	41	14	and	and	CCONJ
ajfa-8262	41	15	cross	cross	NOUN
ajfa-8262	41	16	section	section	NOUN
ajfa-8262	41	17	of	of	ADP
ajfa-8262	41	18	returns	return	NOUN
ajfa-8262	41	19	in	in	ADP
ajfa-8262	41	20	u.s	u.s	PROPN
ajfa-8262	41	21	.	.	PROPN
ajfa-8262	41	22	markets	market	NOUN
ajfa-8262	41	23	for	for	ADP
ajfa-8262	41	24	1963	1963	NUM
ajfa-8262	41	25	-	-	SYM
ajfa-8262	41	26	1990	1990	NUM
ajfa-8262	41	27	period	period	NOUN
ajfa-8262	41	28	.	.	PUNCT
ajfa-8262	42	1	(	(	PUNCT
ajfa-8262	42	2	haugen	haugen	PROPN
ajfa-8262	42	3	&	&	CCONJ
ajfa-8262	42	4	baker	baker	PROPN
ajfa-8262	42	5	,	,	PUNCT
ajfa-8262	42	6	1991	1991	NUM
ajfa-8262	42	7	)	)	PUNCT
ajfa-8262	42	8	and	and	CCONJ
ajfa-8262	42	9	(	(	PUNCT
ajfa-8262	42	10	haugen	haugen	PROPN
ajfa-8262	42	11	&	&	CCONJ
ajfa-8262	42	12	baker	baker	PROPN
ajfa-8262	42	13	,	,	PUNCT
ajfa-8262	42	14	1996	1996	NUM
ajfa-8262	42	15	)	)	PUNCT
ajfa-8262	42	16	offer	offer	VERB
ajfa-8262	42	17	initial	initial	ADJ
ajfa-8262	42	18	evidence	evidence	NOUN
ajfa-8262	42	19	on	on	ADP
ajfa-8262	42	20	inverse	inverse	NOUN
ajfa-8262	42	21	relationship	relationship	NOUN
ajfa-8262	42	22	between	between	ADP
ajfa-8262	42	23	risk	risk	NOUN
ajfa-8262	42	24	and	and	CCONJ
ajfa-8262	42	25	return	return	NOUN
ajfa-8262	42	26	.	.	PUNCT
ajfa-8262	43	1	more	more	ADV
ajfa-8262	43	2	recent	recent	ADJ
ajfa-8262	43	3	studies	study	NOUN
ajfa-8262	43	4	on	on	ADP
ajfa-8262	43	5	risk	risk	NOUN
ajfa-8262	43	6	anomaly	anomaly	NOUN
ajfa-8262	43	7	can	can	AUX
ajfa-8262	43	8	be	be	AUX
ajfa-8262	43	9	classified	classify	VERB
ajfa-8262	43	10	based	base	VERB
ajfa-8262	43	11	on	on	ADP
ajfa-8262	43	12	choice	choice	NOUN
ajfa-8262	43	13	of	of	ADP
ajfa-8262	43	14	1	1	NUM
ajfa-8262	43	15	)	)	PUNCT
ajfa-8262	43	16	portfolio	portfolio	NOUN
ajfa-8262	43	17	construction	construction	NOUN
ajfa-8262	43	18	methodminimum	methodminimum	ADJ
ajfa-8262	43	19	variance	variance	NOUN
ajfa-8262	43	20	vs.	vs.	ADP
ajfa-8262	43	21	volatility	volatility	NOUN
ajfa-8262	43	22	sorting	sort	VERB
ajfa-8262	43	23	2	2	NUM
ajfa-8262	43	24	)	)	PUNCT
ajfa-8262	43	25	choice	choice	NOUN
ajfa-8262	43	26	of	of	ADP
ajfa-8262	43	27	risk	risk	NOUN
ajfa-8262	43	28	measuresstandard	measuresstandard	ADJ
ajfa-8262	43	29	deviation	deviation	NOUN
ajfa-8262	43	30	,	,	PUNCT
ajfa-8262	43	31	beta	beta	NOUN
ajfa-8262	43	32	,	,	PUNCT
ajfa-8262	43	33	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	43	34	risk	risk	NOUN
ajfa-8262	43	35	3	3	NUM
ajfa-8262	43	36	)	)	PUNCT
ajfa-8262	43	37	choice	choice	NOUN
ajfa-8262	43	38	of	of	ADP
ajfa-8262	43	39	portfolio	portfolio	NOUN
ajfa-8262	43	40	construction	construction	NOUN
ajfa-8262	43	41	and	and	CCONJ
ajfa-8262	43	42	holding	hold	VERB
ajfa-8262	43	43	period	period	NOUN
ajfa-8262	43	44	-	-	PUNCT
ajfa-8262	43	45	short	short	NOUN
ajfa-8262	43	46	vs.	vs.	X
ajfa-8262	43	47	long	long	ADV
ajfa-8262	43	48	we	we	PRON
ajfa-8262	43	49	further	far	ADV
ajfa-8262	43	50	classify	classify	VERB
ajfa-8262	43	51	various	various	ADJ
ajfa-8262	43	52	studies	study	NOUN
ajfa-8262	43	53	based	base	VERB
ajfa-8262	43	54	on	on	ADP
ajfa-8262	43	55	the	the	DET
ajfa-8262	43	56	way	way	NOUN
ajfa-8262	43	57	they	they	PRON
ajfa-8262	43	58	attempt	attempt	VERB
ajfa-8262	43	59	to	to	PART
ajfa-8262	43	60	explain	explain	VERB
ajfa-8262	43	61	or	or	CCONJ
ajfa-8262	43	62	explain	explain	VERB
ajfa-8262	43	63	away	away	ADV
ajfa-8262	43	64	,	,	PUNCT
ajfa-8262	43	65	the	the	DET
ajfa-8262	43	66	risk	risk	NOUN
ajfa-8262	43	67	anomaly	anomaly	NOUN
ajfa-8262	43	68	.	.	PUNCT
ajfa-8262	44	1	1	1	X
ajfa-8262	44	2	)	)	PUNCT
ajfa-8262	44	3	studies	study	NOUN
ajfa-8262	44	4	attempting	attempt	VERB
ajfa-8262	44	5	to	to	PART
ajfa-8262	44	6	explain	explain	VERB
ajfa-8262	44	7	the	the	DET
ajfa-8262	44	8	volatility	volatility	NOUN
ajfa-8262	44	9	effect	effect	NOUN
ajfa-8262	44	10	either	either	ADV
ajfa-8262	44	11	by	by	ADP
ajfa-8262	44	12	economic	economic	ADJ
ajfa-8262	44	13	reasoning	reasoning	NOUN
ajfa-8262	44	14	or	or	CCONJ
ajfa-8262	44	15	by	by	ADP
ajfa-8262	44	16	behavioral	behavioral	ADJ
ajfa-8262	44	17	explanation	explanation	NOUN
ajfa-8262	44	18	2	2	NUM
ajfa-8262	44	19	)	)	PUNCT
ajfa-8262	44	20	studies	study	NOUN
ajfa-8262	44	21	attempting	attempt	VERB
ajfa-8262	44	22	to	to	PART
ajfa-8262	44	23	explain	explain	VERB
ajfa-8262	44	24	away	away	ADV
ajfa-8262	44	25	the	the	DET
ajfa-8262	44	26	risk	risk	NOUN
ajfa-8262	44	27	anomaly	anomaly	NOUN
ajfa-8262	44	28	.	.	PUNCT
ajfa-8262	45	1	minimum	minimum	ADJ
ajfa-8262	45	2	variance	variance	NOUN
ajfa-8262	45	3	investing	investing	NOUN
ajfa-8262	45	4	or	or	CCONJ
ajfa-8262	45	5	low	low	ADJ
ajfa-8262	45	6	volatility	volatility	NOUN
ajfa-8262	45	7	investing	investing	NOUN
ajfa-8262	45	8	has	have	AUX
ajfa-8262	45	9	been	be	AUX
ajfa-8262	45	10	inspired	inspire	VERB
ajfa-8262	45	11	by	by	ADP
ajfa-8262	45	12	early	early	ADJ
ajfa-8262	45	13	work	work	NOUN
ajfa-8262	45	14	from	from	ADP
ajfa-8262	45	15	haugen	haugen	PROPN
ajfa-8262	45	16	and	and	CCONJ
ajfa-8262	45	17	baker	baker	PROPN
ajfa-8262	45	18	(	(	PUNCT
ajfa-8262	45	19	haugen	haugen	PROPN
ajfa-8262	45	20	&	&	CCONJ
ajfa-8262	45	21	baker	baker	PROPN
ajfa-8262	45	22	,	,	PUNCT
ajfa-8262	45	23	1991)2	1991)2	NUM
ajfa-8262	45	24	.	.	PUNCT
ajfa-8262	46	1	for	for	ADP
ajfa-8262	46	2	the	the	DET
ajfa-8262	46	3	period	period	NOUN
ajfa-8262	46	4	covering	cover	VERB
ajfa-8262	46	5	the	the	DET
ajfa-8262	46	6	years	year	NOUN
ajfa-8262	46	7	1972	1972	NUM
ajfa-8262	46	8	to	to	ADP
ajfa-8262	46	9	1989	1989	NUM
ajfa-8262	46	10	,	,	PUNCT
ajfa-8262	46	11	the	the	DET
ajfa-8262	46	12	authors	author	NOUN
ajfa-8262	46	13	report	report	VERB
ajfa-8262	46	14	that	that	SCONJ
ajfa-8262	46	15	repeatedly	repeatedly	ADV
ajfa-8262	46	16	investing	invest	VERB
ajfa-8262	46	17	into	into	ADP
ajfa-8262	46	18	a	a	DET
ajfa-8262	46	19	stock	stock	NOUN
ajfa-8262	46	20	portfolio	portfolio	NOUN
ajfa-8262	46	21	constructed	construct	VERB
ajfa-8262	46	22	to	to	PART
ajfa-8262	46	23	expose	expose	VERB
ajfa-8262	46	24	1drawdown	1drawdown	NUM
ajfa-8262	46	25	is	be	AUX
ajfa-8262	46	26	defined	define	VERB
ajfa-8262	46	27	as	as	ADP
ajfa-8262	46	28	peak	peak	NOUN
ajfa-8262	46	29	to	to	ADP
ajfa-8262	46	30	trough	trough	NOUN
ajfa-8262	46	31	decline	decline	NOUN
ajfa-8262	46	32	during	during	ADP
ajfa-8262	46	33	a	a	DET
ajfa-8262	46	34	specific	specific	ADJ
ajfa-8262	46	35	period	period	NOUN
ajfa-8262	46	36	in	in	ADP
ajfa-8262	46	37	the	the	DET
ajfa-8262	46	38	stock	stock	NOUN
ajfa-8262	46	39	price	price	NOUN
ajfa-8262	46	40	.	.	PUNCT
ajfa-8262	47	1	2acadian	2acadian	ADJ
ajfa-8262	47	2	asset	asset	NOUN
ajfa-8262	47	3	management	management	NOUN
ajfa-8262	47	4	,	,	PUNCT
ajfa-8262	47	5	axa	axa	PROPN
ajfa-8262	47	6	rosenberg	rosenberg	PROPN
ajfa-8262	47	7	,	,	PUNCT
ajfa-8262	47	8	analytic	analytic	ADJ
ajfa-8262	47	9	investors	investors	PROPN
ajfa-8262	47	10	llc	llc	PROPN
ajfa-8262	47	11	,	,	PUNCT
ajfa-8262	47	12	invesco	invesco	PROPN
ajfa-8262	47	13	,	,	PUNCT
ajfa-8262	47	14	lgt	lgt	PROPN
ajfa-8262	47	15	capital	capital	NOUN
ajfa-8262	47	16	management	management	NOUN
ajfa-8262	47	17	,	,	PUNCT
ajfa-8262	47	18	msci	msci	PROPN
ajfa-8262	47	19	barra	barra	PROPN
ajfa-8262	47	20	,	,	PUNCT
ajfa-8262	47	21	robeco	robeco	PROPN
ajfa-8262	47	22	,	,	PUNCT
ajfa-8262	47	23	sei	sei	ADJ
ajfa-8262	47	24	,	,	PUNCT
ajfa-8262	47	25	state	state	NOUN
ajfa-8262	47	26	street	street	NOUN
ajfa-8262	47	27	global	global	ADJ
ajfa-8262	47	28	advisors	advisor	NOUN
ajfa-8262	47	29	,	,	PUNCT
ajfa-8262	47	30	martingale	martingale	ADJ
ajfa-8262	47	31	asset	asset	NOUN
ajfa-8262	47	32	management	management	NOUN
ajfa-8262	47	33	llc	llc	PROPN
ajfa-8262	47	34	and	and	CCONJ
ajfa-8262	47	35	unigestion	unigestion	NOUN
ajfa-8262	47	36	are	be	AUX
ajfa-8262	47	37	running	run	VERB
ajfa-8262	47	38	minimum	minimum	ADJ
ajfa-8262	47	39	variance	variance	NOUN
ajfa-8262	47	40	index	index	NOUN
ajfa-8262	47	41	concepts	concept	NOUN
ajfa-8262	47	42	.	.	PUNCT
ajfa-8262	48	1	ishare	ishare	PROPN
ajfa-8262	48	2	&	&	CCONJ
ajfa-8262	48	3	russel	russel	PROPN
ajfa-8262	48	4	have	have	AUX
ajfa-8262	48	5	already	already	ADV
ajfa-8262	48	6	launched	launch	VERB
ajfa-8262	48	7	etfs	etfs	NOUN
ajfa-8262	48	8	based	base	VERB
ajfa-8262	48	9	on	on	ADP
ajfa-8262	48	10	mv	mv	PROPN
ajfa-8262	48	11	indices	index	NOUN
ajfa-8262	48	12	.	.	PUNCT
ajfa-8262	49	1	asian	asian	ADJ
ajfa-8262	49	2	journal	journal	PROPN
ajfa-8262	49	3	of	of	ADP
ajfa-8262	49	4	finance	finance	PROPN
ajfa-8262	49	5	&	&	CCONJ
ajfa-8262	49	6	accounting	accounting	PROPN
ajfa-8262	49	7	issn	issn	PROPN
ajfa-8262	49	8	1946	1946	NUM
ajfa-8262	49	9	-	-	PUNCT
ajfa-8262	49	10	052x	052x	NOUN
ajfa-8262	49	11	2015	2015	NUM
ajfa-8262	49	12	,	,	PUNCT
ajfa-8262	49	13	vol	vol	NOUN
ajfa-8262	49	14	.	.	PROPN
ajfa-8262	49	15	7	7	NUM
ajfa-8262	49	16	,	,	PUNCT
ajfa-8262	49	17	no	no	INTJ
ajfa-8262	49	18	.	.	NOUN
ajfa-8262	49	19	2	2	NUM
ajfa-8262	49	20	141	141	NUM
ajfa-8262	49	21	investors	investor	NOUN
ajfa-8262	49	22	to	to	ADP
ajfa-8262	49	23	minimum	minimum	ADJ
ajfa-8262	49	24	risk	risk	NOUN
ajfa-8262	49	25	(	(	PUNCT
ajfa-8262	49	26	as	as	SCONJ
ajfa-8262	49	27	measured	measure	VERB
ajfa-8262	49	28	by	by	ADP
ajfa-8262	49	29	variance	variance	NOUN
ajfa-8262	49	30	)	)	PUNCT
ajfa-8262	49	31	would	would	AUX
ajfa-8262	49	32	outperform	outperform	VERB
ajfa-8262	49	33	the	the	DET
ajfa-8262	49	34	wilshire	wilshire	PROPN
ajfa-8262	49	35	5000	5000	NUM
ajfa-8262	49	36	index	index	NOUN
ajfa-8262	49	37	(	(	PUNCT
ajfa-8262	49	38	provide	provide	VERB
ajfa-8262	49	39	a	a	DET
ajfa-8262	49	40	higher	high	ADJ
ajfa-8262	49	41	sharpe	sharpe	NOUN
ajfa-8262	49	42	ratio3	ratio3	PROPN
ajfa-8262	49	43	)	)	PUNCT
ajfa-8262	49	44	.	.	PUNCT
ajfa-8262	50	1	today	today	NOUN
ajfa-8262	50	2	,	,	PUNCT
ajfa-8262	50	3	the	the	DET
ajfa-8262	50	4	body	body	NOUN
ajfa-8262	50	5	of	of	ADP
ajfa-8262	50	6	research	research	NOUN
ajfa-8262	50	7	supporting	support	VERB
ajfa-8262	50	8	the	the	DET
ajfa-8262	50	9	low	low	ADJ
ajfa-8262	50	10	risk	risk	NOUN
ajfa-8262	50	11	anomaly	anomaly	NOUN
ajfa-8262	50	12	studies	study	NOUN
ajfa-8262	50	13	the	the	DET
ajfa-8262	50	14	period	period	NOUN
ajfa-8262	50	15	from	from	ADP
ajfa-8262	50	16	1926	1926	NUM
ajfa-8262	50	17	to	to	ADP
ajfa-8262	50	18	the	the	DET
ajfa-8262	50	19	present	present	NOUN
ajfa-8262	50	20	.	.	PUNCT
ajfa-8262	51	1	many	many	ADJ
ajfa-8262	51	2	other	other	ADJ
ajfa-8262	51	3	studies	study	NOUN
ajfa-8262	51	4	specific	specific	ADJ
ajfa-8262	51	5	to	to	ADP
ajfa-8262	51	6	u.s	u.s	PROPN
ajfa-8262	51	7	.	.	PROPN
ajfa-8262	51	8	markets	market	NOUN
ajfa-8262	51	9	including	include	VERB
ajfa-8262	51	10	(	(	PUNCT
ajfa-8262	51	11	chan	chan	PROPN
ajfa-8262	51	12	,	,	PUNCT
ajfa-8262	51	13	karceski	karceski	PROPN
ajfa-8262	51	14	,	,	PUNCT
ajfa-8262	51	15	&	&	CCONJ
ajfa-8262	51	16	lakonishok	lakonishok	PROPN
ajfa-8262	51	17	,	,	PUNCT
ajfa-8262	51	18	1999	1999	NUM
ajfa-8262	51	19	)	)	PUNCT
ajfa-8262	51	20	,	,	PUNCT
ajfa-8262	51	21	(	(	PUNCT
ajfa-8262	51	22	schawartz	schawartz	NOUN
ajfa-8262	51	23	,	,	PUNCT
ajfa-8262	51	24	2000	2000	NUM
ajfa-8262	51	25	)	)	PUNCT
ajfa-8262	51	26	,	,	PUNCT
ajfa-8262	51	27	(	(	PUNCT
ajfa-8262	51	28	jagannathan	jagannathan	PROPN
ajfa-8262	51	29	&	&	CCONJ
ajfa-8262	51	30	ma	ma	PROPN
ajfa-8262	51	31	,	,	PUNCT
ajfa-8262	51	32	2003	2003	NUM
ajfa-8262	51	33	)	)	PUNCT
ajfa-8262	51	34	report	report	VERB
ajfa-8262	51	35	both	both	DET
ajfa-8262	51	36	higher	high	ADJ
ajfa-8262	51	37	returns	return	NOUN
ajfa-8262	51	38	and	and	CCONJ
ajfa-8262	51	39	lower	low	ADJ
ajfa-8262	51	40	realized	realize	VERB
ajfa-8262	51	41	risks	risk	NOUN
ajfa-8262	51	42	for	for	ADP
ajfa-8262	51	43	the	the	DET
ajfa-8262	51	44	minimum	minimum	ADJ
ajfa-8262	51	45	variance	variance	NOUN
ajfa-8262	51	46	portfolio	portfolio	NOUN
ajfa-8262	51	47	(	(	PUNCT
ajfa-8262	51	48	mvp	mvp	PROPN
ajfa-8262	51	49	)	)	PUNCT
ajfa-8262	51	50	versus	versus	ADP
ajfa-8262	51	51	a	a	DET
ajfa-8262	51	52	capitalization	capitalization	NOUN
ajfa-8262	51	53	-	-	PUNCT
ajfa-8262	51	54	weighted	weight	VERB
ajfa-8262	51	55	benchmark	benchmark	NOUN
ajfa-8262	51	56	(	(	PUNCT
ajfa-8262	51	57	mwp	mwp	NOUN
ajfa-8262	51	58	)	)	PUNCT
ajfa-8262	51	59	.	.	PUNCT
ajfa-8262	52	1	we	we	PRON
ajfa-8262	52	2	discuss	discuss	VERB
ajfa-8262	52	3	some	some	PRON
ajfa-8262	52	4	of	of	ADP
ajfa-8262	52	5	the	the	DET
ajfa-8262	52	6	major	major	ADJ
ajfa-8262	52	7	studies	study	NOUN
ajfa-8262	52	8	and	and	CCONJ
ajfa-8262	52	9	their	their	PRON
ajfa-8262	52	10	propositions	proposition	NOUN
ajfa-8262	52	11	below	below	ADV
ajfa-8262	52	12	.	.	PUNCT
ajfa-8262	53	1	clarke	clarke	PROPN
ajfa-8262	53	2	et	et	PROPN
ajfa-8262	53	3	al	al	PROPN
ajfa-8262	53	4	.	.	PUNCT
ajfa-8262	54	1	(	(	PUNCT
ajfa-8262	54	2	clarke	clarke	PROPN
ajfa-8262	54	3	,	,	PUNCT
ajfa-8262	54	4	desilva	desilva	PROPN
ajfa-8262	54	5	,	,	PUNCT
ajfa-8262	54	6	&	&	CCONJ
ajfa-8262	54	7	thorley	thorley	PROPN
ajfa-8262	54	8	,	,	PUNCT
ajfa-8262	54	9	2006a	2006a	NUM
ajfa-8262	54	10	)	)	PUNCT
ajfa-8262	54	11	study	study	NOUN
ajfa-8262	54	12	focus	focus	NOUN
ajfa-8262	54	13	on	on	ADP
ajfa-8262	54	14	the	the	DET
ajfa-8262	54	15	characteristics	characteristic	NOUN
ajfa-8262	54	16	of	of	ADP
ajfa-8262	54	17	minimum	minimum	NOUN
ajfa-8262	54	18	-	-	PUNCT
ajfa-8262	54	19	variance	variance	NOUN
ajfa-8262	54	20	(	(	PUNCT
ajfa-8262	54	21	mv	mv	NOUN
ajfa-8262	54	22	)	)	PUNCT
ajfa-8262	54	23	portfolios	portfolio	NOUN
ajfa-8262	54	24	.	.	PUNCT
ajfa-8262	55	1	the	the	DET
ajfa-8262	55	2	study	study	NOUN
ajfa-8262	55	3	reports	report	VERB
ajfa-8262	55	4	that	that	SCONJ
ajfa-8262	55	5	mv	mv	PROPN
ajfa-8262	55	6	portfolios	portfolio	NOUN
ajfa-8262	55	7	based	base	VERB
ajfa-8262	55	8	on	on	ADP
ajfa-8262	55	9	the	the	DET
ajfa-8262	55	10	1,000	1,000	NUM
ajfa-8262	55	11	largest	large	ADJ
ajfa-8262	55	12	u.s	u.s	PROPN
ajfa-8262	55	13	.	.	PROPN
ajfa-8262	55	14	stocks	stock	NOUN
ajfa-8262	55	15	over	over	ADP
ajfa-8262	55	16	the	the	DET
ajfa-8262	55	17	period	period	NOUN
ajfa-8262	55	18	of	of	ADP
ajfa-8262	55	19	1968	1968	NUM
ajfa-8262	55	20	–	–	PUNCT
ajfa-8262	55	21	2005	2005	NUM
ajfa-8262	55	22	,	,	PUNCT
ajfa-8262	55	23	achieved	achieve	VERB
ajfa-8262	55	24	a	a	DET
ajfa-8262	55	25	volatility	volatility	NOUN
ajfa-8262	55	26	reduction	reduction	NOUN
ajfa-8262	55	27	of	of	ADP
ajfa-8262	55	28	about	about	ADV
ajfa-8262	55	29	25	25	NUM
ajfa-8262	55	30	%	%	NOUN
ajfa-8262	55	31	while	while	SCONJ
ajfa-8262	55	32	delivering	deliver	VERB
ajfa-8262	55	33	comparable	comparable	ADJ
ajfa-8262	55	34	or	or	CCONJ
ajfa-8262	55	35	even	even	ADV
ajfa-8262	55	36	higher	high	ADJ
ajfa-8262	55	37	average	average	ADJ
ajfa-8262	55	38	returns	return	NOUN
ajfa-8262	55	39	than	than	ADP
ajfa-8262	55	40	the	the	DET
ajfa-8262	55	41	market	market	NOUN
ajfa-8262	55	42	portfolio	portfolio	NOUN
ajfa-8262	55	43	.	.	PUNCT
ajfa-8262	56	1	this	this	PRON
ajfa-8262	56	2	means	mean	VERB
ajfa-8262	56	3	that	that	SCONJ
ajfa-8262	56	4	the	the	DET
ajfa-8262	56	5	mv	mv	PROPN
ajfa-8262	56	6	portfolios	portfolio	NOUN
ajfa-8262	56	7	had	have	VERB
ajfa-8262	56	8	around	around	ADV
ajfa-8262	56	9	75	75	NUM
ajfa-8262	56	10	%	%	NOUN
ajfa-8262	56	11	of	of	ADP
ajfa-8262	56	12	the	the	DET
ajfa-8262	56	13	risk	risk	NOUN
ajfa-8262	56	14	of	of	ADP
ajfa-8262	56	15	the	the	DET
ajfa-8262	56	16	market	market	NOUN
ajfa-8262	56	17	portfolio	portfolio	NOUN
ajfa-8262	56	18	,	,	PUNCT
ajfa-8262	56	19	with	with	ADP
ajfa-8262	56	20	returns	return	NOUN
ajfa-8262	56	21	comparable	comparable	ADJ
ajfa-8262	56	22	to	to	ADP
ajfa-8262	56	23	those	those	PRON
ajfa-8262	56	24	of	of	ADP
ajfa-8262	56	25	the	the	DET
ajfa-8262	56	26	broad	broad	ADJ
ajfa-8262	56	27	market	market	NOUN
ajfa-8262	56	28	.	.	PUNCT
ajfa-8262	57	1	mv	mv	PROPN
ajfa-8262	57	2	portfolios	portfolio	NOUN
ajfa-8262	57	3	gave	give	VERB
ajfa-8262	57	4	average	average	ADJ
ajfa-8262	57	5	6.5	6.5	NUM
ajfa-8262	57	6	%	%	NOUN
ajfa-8262	57	7	excess	excess	ADJ
ajfa-8262	57	8	return	return	NOUN
ajfa-8262	57	9	above	above	ADP
ajfa-8262	57	10	t	t	PROPN
ajfa-8262	57	11	-	-	PUNCT
ajfa-8262	57	12	bills	bill	NOUN
ajfa-8262	57	13	with	with	ADP
ajfa-8262	57	14	a	a	DET
ajfa-8262	57	15	volatility	volatility	NOUN
ajfa-8262	57	16	of	of	ADP
ajfa-8262	57	17	11.7	11.7	NUM
ajfa-8262	57	18	%	%	NOUN
ajfa-8262	57	19	whereas	whereas	SCONJ
ajfa-8262	57	20	the	the	DET
ajfa-8262	57	21	market	market	NOUN
ajfa-8262	57	22	index	index	NOUN
ajfa-8262	57	23	gave	give	VERB
ajfa-8262	57	24	average	average	ADJ
ajfa-8262	57	25	excess	excess	ADJ
ajfa-8262	57	26	return	return	NOUN
ajfa-8262	57	27	of	of	ADP
ajfa-8262	57	28	5.6	5.6	NUM
ajfa-8262	57	29	%	%	NOUN
ajfa-8262	57	30	with	with	ADP
ajfa-8262	57	31	a	a	DET
ajfa-8262	57	32	volatility	volatility	NOUN
ajfa-8262	57	33	of	of	ADP
ajfa-8262	57	34	15.4	15.4	NUM
ajfa-8262	57	35	%	%	NOUN
ajfa-8262	57	36	.	.	PUNCT
ajfa-8262	58	1	blitz	blitz	PROPN
ajfa-8262	58	2	&	&	CCONJ
ajfa-8262	58	3	vliet	vliet	PROPN
ajfa-8262	58	4	(	(	PUNCT
ajfa-8262	58	5	blitz	blitz	PROPN
ajfa-8262	58	6	&	&	CCONJ
ajfa-8262	58	7	vliet	vliet	PROPN
ajfa-8262	58	8	,	,	PUNCT
ajfa-8262	58	9	2007	2007	NUM
ajfa-8262	58	10	)	)	PUNCT
ajfa-8262	58	11	report	report	NOUN
ajfa-8262	58	12	that	that	SCONJ
ajfa-8262	58	13	low	low	ADJ
ajfa-8262	58	14	volatility	volatility	NOUN
ajfa-8262	58	15	stocks	stock	NOUN
ajfa-8262	58	16	have	have	VERB
ajfa-8262	58	17	superior	superior	ADJ
ajfa-8262	58	18	risk	risk	NOUN
ajfa-8262	58	19	-	-	PUNCT
ajfa-8262	58	20	adjusted	adjust	VERB
ajfa-8262	58	21	returns	return	NOUN
ajfa-8262	58	22	relative	relative	ADJ
ajfa-8262	58	23	to	to	ADP
ajfa-8262	58	24	the	the	DET
ajfa-8262	58	25	ftse	ftse	PROPN
ajfa-8262	58	26	world	world	PROPN
ajfa-8262	58	27	development	development	PROPN
ajfa-8262	58	28	index	index	PROPN
ajfa-8262	58	29	.	.	PUNCT
ajfa-8262	59	1	the	the	DET
ajfa-8262	59	2	study	study	NOUN
ajfa-8262	59	3	also	also	ADV
ajfa-8262	59	4	reports	report	VERB
ajfa-8262	59	5	that	that	SCONJ
ajfa-8262	59	6	low	low	ADJ
ajfa-8262	59	7	beta	beta	NOUN
ajfa-8262	59	8	stocks	stock	NOUN
ajfa-8262	59	9	have	have	VERB
ajfa-8262	59	10	higher	high	ADJ
ajfa-8262	59	11	returns	return	NOUN
ajfa-8262	59	12	and	and	CCONJ
ajfa-8262	59	13	high	high	ADJ
ajfa-8262	59	14	beta	beta	NOUN
ajfa-8262	59	15	stocks	stock	NOUN
ajfa-8262	59	16	have	have	VERB
ajfa-8262	59	17	lower	low	ADJ
ajfa-8262	59	18	returns	return	NOUN
ajfa-8262	59	19	than	than	SCONJ
ajfa-8262	59	20	predicted	predict	VERB
ajfa-8262	59	21	by	by	ADP
ajfa-8262	59	22	capm	capm	PROPN
ajfa-8262	59	23	.	.	PUNCT
ajfa-8262	60	1	they	they	PRON
ajfa-8262	60	2	also	also	ADV
ajfa-8262	60	3	provide	provide	VERB
ajfa-8262	60	4	detailed	detailed	ADJ
ajfa-8262	60	5	analysis	analysis	NOUN
ajfa-8262	60	6	of	of	ADP
ajfa-8262	60	7	the	the	DET
ajfa-8262	60	8	volatility	volatility	NOUN
ajfa-8262	60	9	anomaly	anomaly	NOUN
ajfa-8262	60	10	and	and	CCONJ
ajfa-8262	60	11	demonstrated	demonstrate	VERB
ajfa-8262	60	12	its	its	PRON
ajfa-8262	60	13	robustness	robustness	NOUN
ajfa-8262	60	14	across	across	ADP
ajfa-8262	60	15	regions	region	NOUN
ajfa-8262	60	16	and	and	CCONJ
ajfa-8262	60	17	to	to	PART
ajfa-8262	60	18	controls	control	NOUN
ajfa-8262	60	19	for	for	ADP
ajfa-8262	60	20	size	size	NOUN
ajfa-8262	60	21	,	,	PUNCT
ajfa-8262	60	22	value	value	NOUN
ajfa-8262	60	23	and	and	CCONJ
ajfa-8262	60	24	momentum	momentum	NOUN
ajfa-8262	60	25	effects	effect	NOUN
ajfa-8262	60	26	.	.	PUNCT
ajfa-8262	61	1	they	they	PRON
ajfa-8262	61	2	show	show	VERB
ajfa-8262	61	3	outperformance	outperformance	NOUN
ajfa-8262	61	4	associated	associate	VERB
ajfa-8262	61	5	with	with	ADP
ajfa-8262	61	6	low	low	ADJ
ajfa-8262	61	7	historical	historical	ADJ
ajfa-8262	61	8	volatility	volatility	NOUN
ajfa-8262	61	9	stocks	stock	NOUN
ajfa-8262	61	10	both	both	CCONJ
ajfa-8262	61	11	in	in	ADP
ajfa-8262	61	12	terms	term	NOUN
ajfa-8262	61	13	of	of	ADP
ajfa-8262	61	14	higher	high	ADJ
ajfa-8262	61	15	sharpe	sharpe	NOUN
ajfa-8262	61	16	ratio	ratio	NOUN
ajfa-8262	61	17	and	and	CCONJ
ajfa-8262	61	18	higher	high	ADJ
ajfa-8262	61	19	positive	positive	ADJ
ajfa-8262	61	20	capm	capm	PROPN
ajfa-8262	61	21	alpha	alpha	NOUN
ajfa-8262	61	22	.	.	PUNCT
ajfa-8262	62	1	they	they	PRON
ajfa-8262	62	2	attribute	attribute	VERB
ajfa-8262	62	3	such	such	ADJ
ajfa-8262	62	4	sustainable	sustainable	ADJ
ajfa-8262	62	5	outperformance	outperformance	NOUN
ajfa-8262	62	6	to	to	PART
ajfa-8262	62	7	restricted	restricted	ADJ
ajfa-8262	62	8	borrowing	borrowing	NOUN
ajfa-8262	62	9	as	as	SCONJ
ajfa-8262	62	10	reported	report	VERB
ajfa-8262	62	11	by	by	ADP
ajfa-8262	62	12	(	(	PUNCT
ajfa-8262	62	13	black	black	ADJ
ajfa-8262	62	14	,	,	PUNCT
ajfa-8262	62	15	1972	1972	NUM
ajfa-8262	62	16	)	)	PUNCT
ajfa-8262	62	17	,	,	PUNCT
ajfa-8262	62	18	decentralized	decentralize	VERB
ajfa-8262	62	19	investment	investment	NOUN
ajfa-8262	62	20	approach	approach	NOUN
ajfa-8262	62	21	and	and	CCONJ
ajfa-8262	62	22	behavioral	behavioral	ADJ
ajfa-8262	62	23	biases	bias	NOUN
ajfa-8262	62	24	such	such	ADJ
ajfa-8262	62	25	as	as	ADP
ajfa-8262	62	26	preference	preference	NOUN
ajfa-8262	62	27	for	for	ADP
ajfa-8262	62	28	lotteries	lottery	NOUN
ajfa-8262	62	29	.	.	PUNCT
ajfa-8262	63	1	further	further	ADJ
ajfa-8262	63	2	details	detail	NOUN
ajfa-8262	63	3	on	on	ADP
ajfa-8262	63	4	explanations	explanation	NOUN
ajfa-8262	63	5	are	be	AUX
ajfa-8262	63	6	given	give	VERB
ajfa-8262	63	7	in	in	ADP
ajfa-8262	63	8	possible	possible	ADJ
ajfa-8262	63	9	explanations	explanation	NOUN
ajfa-8262	63	10	section	section	NOUN
ajfa-8262	63	11	of	of	ADP
ajfa-8262	63	12	this	this	DET
ajfa-8262	63	13	document	document	NOUN
ajfa-8262	63	14	.	.	PUNCT
ajfa-8262	64	1	ang	ang	PROPN
ajfa-8262	64	2	et.al	et.al	PROPN
ajfa-8262	64	3	.	.	PUNCT
ajfa-8262	65	1	(	(	PUNCT
ajfa-8262	65	2	(	(	PUNCT
ajfa-8262	65	3	ang	ang	INTJ
ajfa-8262	65	4	,	,	PUNCT
ajfa-8262	65	5	hodrick	hodrick	PROPN
ajfa-8262	65	6	,	,	PUNCT
ajfa-8262	65	7	xing	xing	PROPN
ajfa-8262	65	8	,	,	PUNCT
ajfa-8262	65	9	&	&	CCONJ
ajfa-8262	65	10	zhang	zhang	PROPN
ajfa-8262	65	11	)	)	PUNCT
ajfa-8262	65	12	,	,	PUNCT
ajfa-8262	65	13	2006	2006	NUM
ajfa-8262	65	14	,	,	PUNCT
ajfa-8262	65	15	2009	2009	NUM
ajfa-8262	65	16	)	)	PUNCT
ajfa-8262	65	17	report	report	VERB
ajfa-8262	65	18	evidence	evidence	NOUN
ajfa-8262	65	19	for	for	ADP
ajfa-8262	65	20	inverted	inverted	ADJ
ajfa-8262	65	21	relationship	relationship	NOUN
ajfa-8262	65	22	between	between	ADP
ajfa-8262	65	23	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	65	24	volatility	volatility	NOUN
ajfa-8262	65	25	as	as	SCONJ
ajfa-8262	65	26	opposed	oppose	VERB
ajfa-8262	65	27	to	to	ADP
ajfa-8262	65	28	systematic	systematic	ADJ
ajfa-8262	65	29	and	and	CCONJ
ajfa-8262	65	30	total	total	ADJ
ajfa-8262	65	31	risk	risk	NOUN
ajfa-8262	65	32	for	for	ADP
ajfa-8262	65	33	a	a	DET
ajfa-8262	65	34	very	very	ADV
ajfa-8262	65	35	short	short	ADJ
ajfa-8262	65	36	term	term	NOUN
ajfa-8262	65	37	-	-	PUNCT
ajfa-8262	65	38	one	one	NUM
ajfa-8262	65	39	month	month	NOUN
ajfa-8262	65	40	volatility	volatility	NOUN
ajfa-8262	65	41	measure	measure	NOUN
ajfa-8262	65	42	in	in	ADP
ajfa-8262	65	43	u.s	u.s	PROPN
ajfa-8262	65	44	.	.	PROPN
ajfa-8262	65	45	as	as	ADV
ajfa-8262	65	46	well	well	ADV
ajfa-8262	65	47	as	as	ADP
ajfa-8262	65	48	other	other	ADJ
ajfa-8262	65	49	global	global	ADJ
ajfa-8262	65	50	markets	market	NOUN
ajfa-8262	65	51	.	.	PUNCT
ajfa-8262	66	1	in	in	ADP
ajfa-8262	66	2	another	another	DET
ajfa-8262	66	3	recent	recent	ADJ
ajfa-8262	66	4	study	study	NOUN
ajfa-8262	66	5	by	by	ADP
ajfa-8262	66	6	(	(	PUNCT
ajfa-8262	66	7	baker	baker	PROPN
ajfa-8262	66	8	&	&	CCONJ
ajfa-8262	66	9	haugen	haugen	PROPN
ajfa-8262	66	10	,	,	PUNCT
ajfa-8262	66	11	2012	2012	NUM
ajfa-8262	66	12	)	)	PUNCT
ajfa-8262	66	13	finds	find	VERB
ajfa-8262	66	14	that	that	SCONJ
ajfa-8262	66	15	from	from	ADP
ajfa-8262	66	16	1990	1990	NUM
ajfa-8262	66	17	–	–	PUNCT
ajfa-8262	66	18	2011	2011	NUM
ajfa-8262	66	19	,	,	PUNCT
ajfa-8262	66	20	low	low	ADJ
ajfa-8262	66	21	risk	risk	NOUN
ajfa-8262	66	22	stocks	stock	NOUN
ajfa-8262	66	23	have	have	AUX
ajfa-8262	66	24	produced	produce	VERB
ajfa-8262	66	25	higher	high	ADJ
ajfa-8262	66	26	returns	return	NOUN
ajfa-8262	66	27	in	in	ADP
ajfa-8262	66	28	every	every	DET
ajfa-8262	66	29	market	market	NOUN
ajfa-8262	66	30	worldwide	worldwide	ADV
ajfa-8262	66	31	–	–	PUNCT
ajfa-8262	66	32	including	include	VERB
ajfa-8262	66	33	emerging	emerge	VERB
ajfa-8262	66	34	markets	market	NOUN
ajfa-8262	66	35	.	.	PUNCT
ajfa-8262	67	1	frazzini	frazzini	PROPN
ajfa-8262	67	2	&	&	CCONJ
ajfa-8262	67	3	pedersen	pedersen	PROPN
ajfa-8262	67	4	(	(	PUNCT
ajfa-8262	67	5	frazzini	frazzini	PROPN
ajfa-8262	67	6	&	&	CCONJ
ajfa-8262	67	7	pedersen	pedersen	PROPN
ajfa-8262	67	8	,	,	PUNCT
ajfa-8262	67	9	2010	2010	NUM
ajfa-8262	67	10	)	)	PUNCT
ajfa-8262	67	11	document	document	NOUN
ajfa-8262	67	12	that	that	PRON
ajfa-8262	67	13	low	low	ADJ
ajfa-8262	67	14	-	-	PUNCT
ajfa-8262	67	15	risk	risk	NOUN
ajfa-8262	67	16	securities	security	NOUN
ajfa-8262	67	17	have	have	AUX
ajfa-8262	67	18	high	high	ADJ
ajfa-8262	67	19	risk	risk	NOUN
ajfa-8262	67	20	-	-	PUNCT
ajfa-8262	67	21	adjusted	adjust	VERB
ajfa-8262	67	22	returns	return	NOUN
ajfa-8262	67	23	in	in	ADP
ajfa-8262	67	24	global	global	ADJ
ajfa-8262	67	25	stock	stock	NOUN
ajfa-8262	67	26	,	,	PUNCT
ajfa-8262	67	27	treasury	treasury	NOUN
ajfa-8262	67	28	,	,	PUNCT
ajfa-8262	67	29	credit	credit	NOUN
ajfa-8262	67	30	and	and	CCONJ
ajfa-8262	67	31	futures	future	NOUN
ajfa-8262	67	32	market	market	NOUN
ajfa-8262	67	33	.	.	PUNCT
ajfa-8262	68	1	most	most	ADV
ajfa-8262	68	2	recently	recently	ADV
ajfa-8262	68	3	,	,	PUNCT
ajfa-8262	68	4	(	(	PUNCT
ajfa-8262	68	5	frazzini	frazzini	PROPN
ajfa-8262	68	6	&	&	CCONJ
ajfa-8262	68	7	pedersen	pedersen	PROPN
ajfa-8262	68	8	,	,	PUNCT
ajfa-8262	68	9	2014	2014	NUM
ajfa-8262	68	10	)	)	PUNCT
ajfa-8262	68	11	report	report	VERB
ajfa-8262	68	12	evidence	evidence	NOUN
ajfa-8262	68	13	for	for	ADP
ajfa-8262	68	14	betting	bet	VERB
ajfa-8262	68	15	against	against	ADP
ajfa-8262	68	16	beta	beta	NOUN
ajfa-8262	68	17	and	and	CCONJ
ajfa-8262	68	18	attributed	attribute	VERB
ajfa-8262	68	19	to	to	ADP
ajfa-8262	68	20	leverage	leverage	NOUN
ajfa-8262	68	21	constrained	constrain	VERB
ajfa-8262	68	22	investors	investor	NOUN
ajfa-8262	68	23	seeking	seek	VERB
ajfa-8262	68	24	superior	superior	ADJ
ajfa-8262	68	25	returns	return	NOUN
ajfa-8262	68	26	bid	bid	VERB
ajfa-8262	68	27	up	up	ADP
ajfa-8262	68	28	the	the	DET
ajfa-8262	68	29	high	high	ADJ
ajfa-8262	68	30	beta	beta	NOUN
ajfa-8262	68	31	stocks	stock	NOUN
ajfa-8262	68	32	that	that	PRON
ajfa-8262	68	33	in	in	ADP
ajfa-8262	68	34	turn	turn	NOUN
ajfa-8262	68	35	results	result	NOUN
ajfa-8262	68	36	into	into	ADP
ajfa-8262	68	37	lower	low	ADJ
ajfa-8262	68	38	expected	expect	VERB
ajfa-8262	68	39	returns	return	NOUN
ajfa-8262	68	40	on	on	ADP
ajfa-8262	68	41	high	high	ADJ
ajfa-8262	68	42	beta	beta	NOUN
ajfa-8262	68	43	stocks	stock	NOUN
ajfa-8262	68	44	.	.	PUNCT
ajfa-8262	69	1	3sharpe	3sharpe	NUM
ajfa-8262	69	2	ratio	ratio	NOUN
ajfa-8262	69	3	=	=	PUNCT
ajfa-8262	69	4	excess	excess	ADJ
ajfa-8262	69	5	return	return	NOUN
ajfa-8262	69	6	on	on	ADP
ajfa-8262	69	7	portfolio	portfolio	NOUN
ajfa-8262	69	8	over	over	ADP
ajfa-8262	69	9	risk	risk	NOUN
ajfa-8262	69	10	free	free	ADJ
ajfa-8262	69	11	rare	rare	ADV
ajfa-8262	69	12	divided	divide	VERB
ajfa-8262	69	13	by	by	ADP
ajfa-8262	69	14	standard	standard	ADJ
ajfa-8262	69	15	deviation	deviation	NOUN
ajfa-8262	69	16	of	of	ADP
ajfa-8262	69	17	portfolio	portfolio	NOUN
ajfa-8262	69	18	returns	return	NOUN
ajfa-8262	69	19	.	.	PUNCT
ajfa-8262	70	1	asian	asian	ADJ
ajfa-8262	70	2	journal	journal	PROPN
ajfa-8262	70	3	of	of	ADP
ajfa-8262	70	4	finance	finance	PROPN
ajfa-8262	70	5	&	&	CCONJ
ajfa-8262	70	6	accounting	accounting	PROPN
ajfa-8262	70	7	issn	issn	PROPN
ajfa-8262	70	8	1946	1946	NUM
ajfa-8262	70	9	-	-	PUNCT
ajfa-8262	70	10	052x	052x	NOUN
ajfa-8262	70	11	2015	2015	NUM
ajfa-8262	70	12	,	,	PUNCT
ajfa-8262	70	13	vol	vol	NOUN
ajfa-8262	70	14	.	.	PROPN
ajfa-8262	70	15	7	7	NUM
ajfa-8262	70	16	,	,	PUNCT
ajfa-8262	70	17	no	no	INTJ
ajfa-8262	70	18	.	.	NOUN
ajfa-8262	70	19	2	2	NUM
ajfa-8262	70	20	142	142	NUM
ajfa-8262	70	21	choueifaty	choueifaty	NOUN
ajfa-8262	70	22	&	&	CCONJ
ajfa-8262	70	23	conignard	conignard	PROPN
ajfa-8262	70	24	(	(	PUNCT
ajfa-8262	70	25	choueifaty	choueifaty	NOUN
ajfa-8262	70	26	&	&	CCONJ
ajfa-8262	70	27	coignard	coignard	NOUN
ajfa-8262	70	28	,	,	PUNCT
ajfa-8262	70	29	2008	2008	NUM
ajfa-8262	70	30	)	)	PUNCT
ajfa-8262	70	31	argue	argue	VERB
ajfa-8262	70	32	that	that	SCONJ
ajfa-8262	70	33	maximizing	maximize	VERB
ajfa-8262	70	34	a	a	DET
ajfa-8262	70	35	diversification	diversification	NOUN
ajfa-8262	70	36	ratio	ratio	NOUN
ajfa-8262	70	37	,	,	PUNCT
ajfa-8262	70	38	the	the	DET
ajfa-8262	70	39	weighted	weighted	ADJ
ajfa-8262	70	40	average	average	NOUN
ajfa-8262	70	41	of	of	ADP
ajfa-8262	70	42	the	the	DET
ajfa-8262	70	43	stocks	stock	NOUN
ajfa-8262	70	44	’	'	PUNCT
ajfa-8262	70	45	volatilities	volatility	NOUN
ajfa-8262	70	46	divided	divide	VERB
ajfa-8262	70	47	by	by	ADP
ajfa-8262	70	48	the	the	DET
ajfa-8262	70	49	portfolio	portfolio	NOUN
ajfa-8262	70	50	volatility	volatility	NOUN
ajfa-8262	70	51	,	,	PUNCT
ajfa-8262	70	52	as	as	SCONJ
ajfa-8262	70	53	an	an	DET
ajfa-8262	70	54	approach	approach	NOUN
ajfa-8262	70	55	to	to	PART
ajfa-8262	70	56	achieve	achieve	VERB
ajfa-8262	70	57	risk	risk	NOUN
ajfa-8262	70	58	-	-	PUNCT
ajfa-8262	70	59	adjusted	adjust	VERB
ajfa-8262	70	60	returns	return	NOUN
ajfa-8262	70	61	is	be	AUX
ajfa-8262	70	62	superior	superior	ADJ
ajfa-8262	70	63	to	to	ADP
ajfa-8262	70	64	those	those	PRON
ajfa-8262	70	65	of	of	ADP
ajfa-8262	70	66	the	the	DET
ajfa-8262	70	67	market	market	NOUN
ajfa-8262	70	68	cap	cap	NOUN
ajfa-8262	70	69	-	-	PUNCT
ajfa-8262	70	70	weighted	weight	VERB
ajfa-8262	70	71	portfolios	portfolio	NOUN
ajfa-8262	70	72	.	.	PUNCT
ajfa-8262	71	1	based	base	VERB
ajfa-8262	71	2	on	on	ADP
ajfa-8262	71	3	the	the	DET
ajfa-8262	71	4	results	result	NOUN
ajfa-8262	71	5	on	on	ADP
ajfa-8262	71	6	the	the	DET
ajfa-8262	71	7	universe	universe	NOUN
ajfa-8262	71	8	of	of	ADP
ajfa-8262	71	9	u.s	u.s	PROPN
ajfa-8262	71	10	.	.	PROPN
ajfa-8262	71	11	and	and	CCONJ
ajfa-8262	71	12	eurozone	eurozone	NOUN
ajfa-8262	71	13	securities	security	NOUN
ajfa-8262	71	14	,	,	PUNCT
ajfa-8262	71	15	they	they	PRON
ajfa-8262	71	16	conclude	conclude	VERB
ajfa-8262	71	17	that	that	SCONJ
ajfa-8262	71	18	,	,	PUNCT
ajfa-8262	71	19	if	if	SCONJ
ajfa-8262	71	20	all	all	PRON
ajfa-8262	71	21	of	of	ADP
ajfa-8262	71	22	the	the	DET
ajfa-8262	71	23	stocks	stock	NOUN
ajfa-8262	71	24	in	in	ADP
ajfa-8262	71	25	the	the	DET
ajfa-8262	71	26	study	study	NOUN
ajfa-8262	71	27	’s	’s	PART
ajfa-8262	71	28	universe	universe	NOUN
ajfa-8262	71	29	possess	possess	VERB
ajfa-8262	71	30	the	the	DET
ajfa-8262	71	31	same	same	ADJ
ajfa-8262	71	32	volatility	volatility	NOUN
ajfa-8262	71	33	,	,	PUNCT
ajfa-8262	71	34	then	then	ADV
ajfa-8262	71	35	the	the	DET
ajfa-8262	71	36	maximum	maximum	ADJ
ajfa-8262	71	37	diversification	diversification	NOUN
ajfa-8262	71	38	portfolio	portfolio	NOUN
ajfa-8262	71	39	is	be	AUX
ajfa-8262	71	40	equal	equal	ADJ
ajfa-8262	71	41	to	to	ADP
ajfa-8262	71	42	the	the	DET
ajfa-8262	71	43	global	global	ADJ
ajfa-8262	71	44	minimum	minimum	ADJ
ajfa-8262	71	45	-	-	PUNCT
ajfa-8262	71	46	variance	variance	NOUN
ajfa-8262	71	47	portfolio	portfolio	NOUN
ajfa-8262	71	48	.	.	PUNCT
ajfa-8262	72	1	baker	baker	PROPN
ajfa-8262	72	2	et	et	PROPN
ajfa-8262	72	3	.	.	PUNCT
ajfa-8262	73	1	al	al	PROPN
ajfa-8262	73	2	.	.	PUNCT
ajfa-8262	74	1	(	(	PUNCT
ajfa-8262	74	2	baker	baker	PROPN
ajfa-8262	74	3	,	,	PUNCT
ajfa-8262	74	4	bradley	bradley	PROPN
ajfa-8262	74	5	,	,	PUNCT
ajfa-8262	74	6	&	&	CCONJ
ajfa-8262	74	7	wurgler	wurgler	PROPN
ajfa-8262	74	8	,	,	PUNCT
ajfa-8262	74	9	2011	2011	NUM
ajfa-8262	74	10	)	)	PUNCT
ajfa-8262	74	11	report	report	NOUN
ajfa-8262	74	12	that	that	SCONJ
ajfa-8262	74	13	contrary	contrary	ADV
ajfa-8262	74	14	to	to	ADP
ajfa-8262	74	15	basic	basic	ADJ
ajfa-8262	74	16	finance	finance	NOUN
ajfa-8262	74	17	principles	principle	NOUN
ajfa-8262	74	18	,	,	PUNCT
ajfa-8262	74	19	high	high	ADJ
ajfa-8262	74	20	-	-	PUNCT
ajfa-8262	74	21	beta	beta	NOUN
ajfa-8262	74	22	and	and	CCONJ
ajfa-8262	74	23	high	high	ADJ
ajfa-8262	74	24	-	-	PUNCT
ajfa-8262	74	25	volatility	volatility	NOUN
ajfa-8262	74	26	stocks	stock	NOUN
ajfa-8262	74	27	long	long	ADV
ajfa-8262	74	28	underperformed	underperform	VERB
ajfa-8262	74	29	low	low	ADJ
ajfa-8262	74	30	-	-	PUNCT
ajfa-8262	74	31	beta	beta	ADJ
ajfa-8262	74	32	and	and	CCONJ
ajfa-8262	74	33	low	low	ADJ
ajfa-8262	74	34	-	-	PUNCT
ajfa-8262	74	35	volatility	volatility	NOUN
ajfa-8262	74	36	stocks	stock	NOUN
ajfa-8262	74	37	.	.	PUNCT
ajfa-8262	75	1	karceski	karceski	PROPN
ajfa-8262	75	2	(	(	PUNCT
ajfa-8262	75	3	karceski	karceski	PROPN
ajfa-8262	75	4	,	,	PUNCT
ajfa-8262	75	5	2002	2002	NUM
ajfa-8262	75	6	)	)	PUNCT
ajfa-8262	75	7	provides	provide	VERB
ajfa-8262	75	8	behavioral	behavioral	ADJ
ajfa-8262	75	9	explanation	explanation	NOUN
ajfa-8262	75	10	to	to	ADP
ajfa-8262	75	11	low	low	ADJ
ajfa-8262	75	12	risk	risk	NOUN
ajfa-8262	75	13	anomaly	anomaly	NOUN
ajfa-8262	75	14	.	.	PUNCT
ajfa-8262	76	1	according	accord	VERB
ajfa-8262	76	2	to	to	ADP
ajfa-8262	76	3	him	he	PRON
ajfa-8262	76	4	,	,	PUNCT
ajfa-8262	76	5	mutual	mutual	ADJ
ajfa-8262	76	6	funds	fund	NOUN
ajfa-8262	76	7	investors	investor	NOUN
ajfa-8262	76	8	tend	tend	VERB
ajfa-8262	76	9	to	to	PART
ajfa-8262	76	10	chase	chase	VERB
ajfa-8262	76	11	returns	return	NOUN
ajfa-8262	76	12	over	over	ADP
ajfa-8262	76	13	the	the	DET
ajfa-8262	76	14	time	time	NOUN
ajfa-8262	76	15	and	and	CCONJ
ajfa-8262	76	16	across	across	ADP
ajfa-8262	76	17	the	the	DET
ajfa-8262	76	18	funds	fund	NOUN
ajfa-8262	76	19	,	,	PUNCT
ajfa-8262	76	20	possibly	possibly	ADV
ajfa-8262	76	21	because	because	SCONJ
ajfa-8262	76	22	of	of	ADP
ajfa-8262	76	23	an	an	DET
ajfa-8262	76	24	extrapolation	extrapolation	NOUN
ajfa-8262	76	25	bias	bias	NOUN
ajfa-8262	76	26	.	.	PUNCT
ajfa-8262	77	1	these	these	DET
ajfa-8262	77	2	forces	force	NOUN
ajfa-8262	77	3	make	make	VERB
ajfa-8262	77	4	fund	fund	NOUN
ajfa-8262	77	5	managers	manager	NOUN
ajfa-8262	77	6	care	care	VERB
ajfa-8262	77	7	more	more	ADV
ajfa-8262	77	8	about	about	ADP
ajfa-8262	77	9	outperforming	outperform	VERB
ajfa-8262	77	10	in	in	ADP
ajfa-8262	77	11	bull	bull	NOUN
ajfa-8262	77	12	markets	market	NOUN
ajfa-8262	77	13	rather	rather	ADV
ajfa-8262	77	14	than	than	ADP
ajfa-8262	77	15	underperforming	underperform	VERB
ajfa-8262	77	16	in	in	ADP
ajfa-8262	77	17	bear	bear	NOUN
ajfa-8262	77	18	markets	market	NOUN
ajfa-8262	77	19	and	and	CCONJ
ajfa-8262	77	20	therefore	therefore	ADV
ajfa-8262	77	21	increase	increase	VERB
ajfa-8262	77	22	their	their	PRON
ajfa-8262	77	23	demand	demand	NOUN
ajfa-8262	77	24	for	for	ADP
ajfa-8262	77	25	high	high	ADJ
ajfa-8262	77	26	beta	beta	NOUN
ajfa-8262	77	27	stocks	stock	NOUN
ajfa-8262	77	28	and	and	CCONJ
ajfa-8262	77	29	reduce	reduce	VERB
ajfa-8262	77	30	required	required	ADJ
ajfa-8262	77	31	rate	rate	NOUN
ajfa-8262	77	32	of	of	ADP
ajfa-8262	77	33	returns	return	NOUN
ajfa-8262	77	34	.	.	PUNCT
ajfa-8262	78	1	baker	baker	PROPN
ajfa-8262	78	2	et	et	PROPN
ajfa-8262	78	3	.	.	PUNCT
ajfa-8262	79	1	al	al	PROPN
ajfa-8262	79	2	.	.	PUNCT
ajfa-8262	80	1	(	(	PUNCT
ajfa-8262	80	2	baker	baker	PROPN
ajfa-8262	80	3	,	,	PUNCT
ajfa-8262	80	4	bradley	bradley	PROPN
ajfa-8262	80	5	,	,	PUNCT
ajfa-8262	80	6	&	&	CCONJ
ajfa-8262	80	7	wurgler	wurgler	PROPN
ajfa-8262	80	8	,	,	PUNCT
ajfa-8262	80	9	2011	2011	NUM
ajfa-8262	80	10	)	)	PUNCT
ajfa-8262	80	11	&	&	CCONJ
ajfa-8262	80	12	(	(	PUNCT
ajfa-8262	80	13	baker	baker	PROPN
ajfa-8262	80	14	,	,	PUNCT
ajfa-8262	80	15	bradley	bradley	PROPN
ajfa-8262	80	16	,	,	PUNCT
ajfa-8262	80	17	&	&	CCONJ
ajfa-8262	80	18	taliaferro	taliaferro	PROPN
ajfa-8262	80	19	,	,	PUNCT
ajfa-8262	80	20	2013	2013	NUM
ajfa-8262	80	21	)	)	PUNCT
ajfa-8262	80	22	provide	provide	VERB
ajfa-8262	80	23	some	some	DET
ajfa-8262	80	24	explanation	explanation	NOUN
ajfa-8262	80	25	for	for	ADP
ajfa-8262	80	26	the	the	DET
ajfa-8262	80	27	presence	presence	NOUN
ajfa-8262	80	28	and	and	CCONJ
ajfa-8262	80	29	sustainability	sustainability	NOUN
ajfa-8262	80	30	of	of	ADP
ajfa-8262	80	31	low	low	ADJ
ajfa-8262	80	32	risk	risk	NOUN
ajfa-8262	80	33	anomaly	anomaly	NOUN
ajfa-8262	80	34	.	.	PUNCT
ajfa-8262	81	1	according	accord	VERB
ajfa-8262	81	2	to	to	ADP
ajfa-8262	81	3	them	they	PRON
ajfa-8262	81	4	,	,	PUNCT
ajfa-8262	81	5	the	the	DET
ajfa-8262	81	6	typical	typical	ADJ
ajfa-8262	81	7	institutional	institutional	ADJ
ajfa-8262	81	8	investor	investor	NOUN
ajfa-8262	81	9	’s	’s	PART
ajfa-8262	81	10	mandate	mandate	NOUN
ajfa-8262	81	11	to	to	PART
ajfa-8262	81	12	outperform	outperform	VERB
ajfa-8262	81	13	a	a	DET
ajfa-8262	81	14	fixed	fix	VERB
ajfa-8262	81	15	benchmark	benchmark	NOUN
ajfa-8262	81	16	discourages	discourage	VERB
ajfa-8262	81	17	arbitrage	arbitrage	NOUN
ajfa-8262	81	18	activity	activity	NOUN
ajfa-8262	81	19	in	in	ADP
ajfa-8262	81	20	high	high	ADJ
ajfa-8262	81	21	-	-	PUNCT
ajfa-8262	81	22	alpha	alpha	NOUN
ajfa-8262	81	23	,	,	PUNCT
ajfa-8262	81	24	low	low	ADJ
ajfa-8262	81	25	-	-	PUNCT
ajfa-8262	81	26	beta	beta	NOUN
ajfa-8262	81	27	stocks	stock	NOUN
ajfa-8262	81	28	and	and	CCONJ
ajfa-8262	81	29	low	low	ADJ
ajfa-8262	81	30	-	-	PUNCT
ajfa-8262	81	31	alpha	alpha	NOUN
ajfa-8262	81	32	,	,	PUNCT
ajfa-8262	81	33	high	high	ADJ
ajfa-8262	81	34	-	-	PUNCT
ajfa-8262	81	35	beta	beta	NOUN
ajfa-8262	81	36	stocks	stock	NOUN
ajfa-8262	81	37	.	.	PUNCT
ajfa-8262	82	1	they	they	PRON
ajfa-8262	82	2	replicate	replicate	VERB
ajfa-8262	82	3	(	(	PUNCT
ajfa-8262	82	4	pettengill	pettengill	NOUN
ajfa-8262	82	5	,	,	PUNCT
ajfa-8262	82	6	sundaram	sundaram	PROPN
ajfa-8262	82	7	,	,	PUNCT
ajfa-8262	82	8	&	&	CCONJ
ajfa-8262	82	9	mathur	mathur	PROPN
ajfa-8262	82	10	,	,	PUNCT
ajfa-8262	82	11	1995	1995	NUM
ajfa-8262	82	12	)	)	PUNCT
ajfa-8262	82	13	study	study	NOUN
ajfa-8262	82	14	which	which	PRON
ajfa-8262	82	15	reports	report	VERB
ajfa-8262	82	16	higher	high	ADJ
ajfa-8262	82	17	(	(	PUNCT
ajfa-8262	82	18	lower	low	ADJ
ajfa-8262	82	19	)	)	PUNCT
ajfa-8262	82	20	total	total	ADJ
ajfa-8262	82	21	return	return	NOUN
ajfa-8262	82	22	associated	associate	VERB
ajfa-8262	82	23	with	with	ADP
ajfa-8262	82	24	high	high	ADJ
ajfa-8262	82	25	beta	beta	NOUN
ajfa-8262	82	26	stock	stock	NOUN
ajfa-8262	82	27	in	in	ADP
ajfa-8262	82	28	months	month	NOUN
ajfa-8262	82	29	where	where	SCONJ
ajfa-8262	82	30	market	market	NOUN
ajfa-8262	82	31	report	report	NOUN
ajfa-8262	82	32	above	above	ADP
ajfa-8262	82	33	(	(	PUNCT
ajfa-8262	82	34	below	below	ADJ
ajfa-8262	82	35	)	)	PUNCT
ajfa-8262	82	36	median	median	ADJ
ajfa-8262	82	37	return	return	NOUN
ajfa-8262	82	38	compared	compare	VERB
ajfa-8262	82	39	to	to	ADP
ajfa-8262	82	40	their	their	PRON
ajfa-8262	82	41	low	low	ADJ
ajfa-8262	82	42	beta	beta	NOUN
ajfa-8262	82	43	counterparts	counterpart	NOUN
ajfa-8262	82	44	.	.	PUNCT
ajfa-8262	83	1	the	the	DET
ajfa-8262	83	2	results	result	NOUN
ajfa-8262	83	3	are	be	AUX
ajfa-8262	83	4	similar	similar	ADJ
ajfa-8262	83	5	.	.	PUNCT
ajfa-8262	84	1	however	however	ADV
ajfa-8262	84	2	,	,	PUNCT
ajfa-8262	84	3	on	on	ADP
ajfa-8262	84	4	capm	capm	PROPN
ajfa-8262	84	5	adjusted	adjust	VERB
ajfa-8262	84	6	basis	basis	NOUN
ajfa-8262	84	7	,	,	PUNCT
ajfa-8262	84	8	low	low	ADJ
ajfa-8262	84	9	beta	beta	NOUN
ajfa-8262	84	10	stocks	stock	NOUN
ajfa-8262	84	11	still	still	ADV
ajfa-8262	84	12	outperform	outperform	VERB
ajfa-8262	84	13	in	in	ADP
ajfa-8262	84	14	bull	bull	NOUN
ajfa-8262	84	15	as	as	ADV
ajfa-8262	84	16	well	well	ADV
ajfa-8262	84	17	as	as	ADP
ajfa-8262	84	18	bear	bear	NOUN
ajfa-8262	84	19	markets	market	NOUN
ajfa-8262	84	20	and	and	CCONJ
ajfa-8262	84	21	provide	provide	VERB
ajfa-8262	84	22	evidence	evidence	NOUN
ajfa-8262	84	23	for	for	ADP
ajfa-8262	84	24	presence	presence	NOUN
ajfa-8262	84	25	of	of	ADP
ajfa-8262	84	26	low	low	ADJ
ajfa-8262	84	27	risk	risk	NOUN
ajfa-8262	84	28	anomaly	anomaly	NOUN
ajfa-8262	84	29	over	over	ADP
ajfa-8262	84	30	market	market	NOUN
ajfa-8262	84	31	cycles	cycle	NOUN
ajfa-8262	84	32	.	.	PUNCT
ajfa-8262	85	1	soe	soe	PROPN
ajfa-8262	85	2	(	(	PUNCT
ajfa-8262	85	3	soe	soe	PROPN
ajfa-8262	85	4	,	,	PUNCT
ajfa-8262	85	5	2012	2012	NUM
ajfa-8262	85	6	)	)	PUNCT
ajfa-8262	85	7	tests	test	VERB
ajfa-8262	85	8	the	the	DET
ajfa-8262	85	9	low	low	ADJ
ajfa-8262	85	10	-	-	PUNCT
ajfa-8262	85	11	risk	risk	NOUN
ajfa-8262	85	12	anomaly	anomaly	NOUN
ajfa-8262	85	13	in	in	ADP
ajfa-8262	85	14	different	different	ADJ
ajfa-8262	85	15	markets	market	NOUN
ajfa-8262	85	16	and	and	CCONJ
ajfa-8262	85	17	across	across	ADP
ajfa-8262	85	18	various	various	ADJ
ajfa-8262	85	19	market	market	NOUN
ajfa-8262	85	20	cap	cap	NOUN
ajfa-8262	85	21	stocks	stock	NOUN
ajfa-8262	85	22	to	to	PART
ajfa-8262	85	23	find	find	VERB
ajfa-8262	85	24	that	that	SCONJ
ajfa-8262	85	25	the	the	DET
ajfa-8262	85	26	low	low	ADJ
ajfa-8262	85	27	-	-	PUNCT
ajfa-8262	85	28	volatility	volatility	NOUN
ajfa-8262	85	29	effect	effect	NOUN
ajfa-8262	85	30	is	be	AUX
ajfa-8262	85	31	not	not	PART
ajfa-8262	85	32	unique	unique	ADJ
ajfa-8262	85	33	to	to	ADP
ajfa-8262	85	34	the	the	DET
ajfa-8262	85	35	u.s	u.s	PROPN
ajfa-8262	85	36	.	.	PROPN
ajfa-8262	85	37	equity	equity	NOUN
ajfa-8262	85	38	markets	market	NOUN
ajfa-8262	85	39	;	;	PUNCT
ajfa-8262	85	40	it	it	PRON
ajfa-8262	85	41	is	be	AUX
ajfa-8262	85	42	present	present	ADJ
ajfa-8262	85	43	on	on	ADP
ajfa-8262	85	44	a	a	DET
ajfa-8262	85	45	global	global	ADJ
ajfa-8262	85	46	scale	scale	NOUN
ajfa-8262	85	47	.	.	PUNCT
ajfa-8262	86	1	carvalho	carvalho	PROPN
ajfa-8262	86	2	et	et	PROPN
ajfa-8262	86	3	.	.	PUNCT
ajfa-8262	87	1	al	al	PROPN
ajfa-8262	87	2	.	.	PUNCT
ajfa-8262	88	1	(	(	PUNCT
ajfa-8262	88	2	carvalho	carvalho	PROPN
ajfa-8262	88	3	,	,	PUNCT
ajfa-8262	88	4	raul	raul	PROPN
ajfa-8262	88	5	,	,	PUNCT
ajfa-8262	88	6	xiao	xiao	PROPN
ajfa-8262	88	7	,	,	PUNCT
ajfa-8262	88	8	&	&	CCONJ
ajfa-8262	88	9	pierre	pierre	PROPN
ajfa-8262	88	10	,	,	PUNCT
ajfa-8262	88	11	2012	2012	NUM
ajfa-8262	88	12	)	)	PUNCT
ajfa-8262	88	13	find	find	VERB
ajfa-8262	88	14	that	that	SCONJ
ajfa-8262	88	15	a	a	DET
ajfa-8262	88	16	rankings	ranking	NOUN
ajfa-8262	88	17	-	-	PUNCT
ajfa-8262	88	18	based	base	VERB
ajfa-8262	88	19	or	or	CCONJ
ajfa-8262	88	20	quintile	quintile	NOUN
ajfa-8262	88	21	-	-	PUNCT
ajfa-8262	88	22	based	base	VERB
ajfa-8262	88	23	low	low	ADJ
ajfa-8262	88	24	volatility	volatility	NOUN
ajfa-8262	88	25	construction	construction	NOUN
ajfa-8262	88	26	approach	approach	NOUN
ajfa-8262	88	27	could	could	AUX
ajfa-8262	88	28	be	be	AUX
ajfa-8262	88	29	considered	consider	VERB
ajfa-8262	88	30	as	as	ADP
ajfa-8262	88	31	an	an	DET
ajfa-8262	88	32	equal	equal	ADJ
ajfa-8262	88	33	risk	risk	NOUN
ajfa-8262	88	34	budget	budget	NOUN
ajfa-8262	88	35	strategy	strategy	NOUN
ajfa-8262	88	36	that	that	PRON
ajfa-8262	88	37	does	do	AUX
ajfa-8262	88	38	not	not	PART
ajfa-8262	88	39	account	account	VERB
ajfa-8262	88	40	for	for	ADP
ajfa-8262	88	41	the	the	DET
ajfa-8262	88	42	impact	impact	NOUN
ajfa-8262	88	43	of	of	ADP
ajfa-8262	88	44	correlations	correlation	NOUN
ajfa-8262	88	45	between	between	ADP
ajfa-8262	88	46	stocks	stock	NOUN
ajfa-8262	88	47	.	.	PUNCT
ajfa-8262	89	1	while	while	SCONJ
ajfa-8262	89	2	evidence	evidence	NOUN
ajfa-8262	89	3	for	for	ADP
ajfa-8262	89	4	risk	risk	NOUN
ajfa-8262	89	5	anomaly	anomaly	NOUN
ajfa-8262	89	6	is	be	AUX
ajfa-8262	89	7	growing	grow	VERB
ajfa-8262	89	8	,	,	PUNCT
ajfa-8262	89	9	some	some	DET
ajfa-8262	89	10	recent	recent	ADJ
ajfa-8262	89	11	studies	study	NOUN
ajfa-8262	89	12	report	report	VERB
ajfa-8262	89	13	findings	finding	NOUN
ajfa-8262	89	14	in	in	ADP
ajfa-8262	89	15	favor	favor	NOUN
ajfa-8262	89	16	of	of	ADP
ajfa-8262	89	17	classic	classic	ADJ
ajfa-8262	89	18	positive	positive	ADJ
ajfa-8262	89	19	risk	risk	NOUN
ajfa-8262	89	20	-	-	PUNCT
ajfa-8262	89	21	return	return	NOUN
ajfa-8262	89	22	relationship	relationship	NOUN
ajfa-8262	89	23	or	or	CCONJ
ajfa-8262	89	24	dispute	dispute	VERB
ajfa-8262	89	25	the	the	DET
ajfa-8262	89	26	methodological	methodological	ADJ
ajfa-8262	89	27	choices	choice	NOUN
ajfa-8262	89	28	of	of	ADP
ajfa-8262	89	29	other	other	ADJ
ajfa-8262	89	30	studies	study	NOUN
ajfa-8262	89	31	reporting	report	VERB
ajfa-8262	89	32	flat	flat	ADJ
ajfa-8262	89	33	or	or	CCONJ
ajfa-8262	89	34	inverted	inverted	ADJ
ajfa-8262	89	35	risk	risk	NOUN
ajfa-8262	89	36	-	-	PUNCT
ajfa-8262	89	37	return	return	NOUN
ajfa-8262	89	38	relationship	relationship	NOUN
ajfa-8262	89	39	.	.	PUNCT
ajfa-8262	90	1	martellini	martellini	NOUN
ajfa-8262	90	2	(	(	PUNCT
ajfa-8262	90	3	martellini	martellini	ADJ
ajfa-8262	90	4	,	,	PUNCT
ajfa-8262	90	5	2008	2008	NUM
ajfa-8262	90	6	)	)	PUNCT
ajfa-8262	90	7	finds	find	VERB
ajfa-8262	90	8	that	that	DET
ajfa-8262	90	9	positive	positive	ADJ
ajfa-8262	90	10	relationship	relationship	NOUN
ajfa-8262	90	11	between	between	ADP
ajfa-8262	90	12	risk	risk	NOUN
ajfa-8262	90	13	and	and	CCONJ
ajfa-8262	90	14	return	return	NOUN
ajfa-8262	90	15	is	be	AUX
ajfa-8262	90	16	intact	intact	ADJ
ajfa-8262	90	17	.	.	PUNCT
ajfa-8262	91	1	however	however	ADV
ajfa-8262	91	2	,	,	PUNCT
ajfa-8262	91	3	one	one	PRON
ajfa-8262	91	4	must	must	AUX
ajfa-8262	91	5	note	note	VERB
ajfa-8262	91	6	that	that	SCONJ
ajfa-8262	91	7	the	the	DET
ajfa-8262	91	8	study	study	NOUN
ajfa-8262	91	9	uses	use	VERB
ajfa-8262	91	10	only	only	ADV
ajfa-8262	91	11	surviving	survive	VERB
ajfa-8262	91	12	stocks	stock	NOUN
ajfa-8262	91	13	and	and	CCONJ
ajfa-8262	91	14	therefore	therefore	ADV
ajfa-8262	91	15	systematically	systematically	ADV
ajfa-8262	91	16	ignores	ignore	VERB
ajfa-8262	91	17	stocks	stock	NOUN
ajfa-8262	91	18	delivering	deliver	VERB
ajfa-8262	91	19	significant	significant	ADJ
ajfa-8262	91	20	negative	negative	ADJ
ajfa-8262	91	21	returns	return	NOUN
ajfa-8262	91	22	before	before	ADP
ajfa-8262	91	23	disappearing	disappear	VERB
ajfa-8262	91	24	.	.	PUNCT
ajfa-8262	92	1	(	(	PUNCT
ajfa-8262	92	2	fu	fu	ADJ
ajfa-8262	92	3	,	,	PUNCT
ajfa-8262	92	4	2009	2009	NUM
ajfa-8262	92	5	)	)	PUNCT
ajfa-8262	92	6	claims	claim	VERB
ajfa-8262	92	7	that	that	SCONJ
ajfa-8262	92	8	one	one	PRON
ajfa-8262	92	9	should	should	AUX
ajfa-8262	92	10	focus	focus	VERB
ajfa-8262	92	11	on	on	ADP
ajfa-8262	92	12	expected	expect	VERB
ajfa-8262	92	13	rather	rather	ADV
ajfa-8262	92	14	than	than	ADP
ajfa-8262	92	15	historical	historical	ADJ
ajfa-8262	92	16	volatility	volatility	NOUN
ajfa-8262	92	17	,	,	PUNCT
ajfa-8262	92	18	and	and	CCONJ
ajfa-8262	92	19	reports	report	VERB
ajfa-8262	92	20	a	a	DET
ajfa-8262	92	21	positive	positive	ADJ
ajfa-8262	92	22	relation	relation	NOUN
ajfa-8262	92	23	between	between	ADP
ajfa-8262	92	24	risk	risk	NOUN
ajfa-8262	92	25	and	and	CCONJ
ajfa-8262	92	26	return	return	VERB
ajfa-8262	92	27	by	by	ADP
ajfa-8262	92	28	using	use	VERB
ajfa-8262	92	29	egarch	egarch	NOUN
ajfa-8262	92	30	models	model	NOUN
ajfa-8262	92	31	to	to	PART
ajfa-8262	92	32	estimate	estimate	VERB
ajfa-8262	92	33	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	92	34	volatility	volatility	NOUN
ajfa-8262	92	35	.	.	PUNCT
ajfa-8262	93	1	3	3	X
ajfa-8262	93	2	.	.	NOUN
ajfa-8262	93	3	methodological	methodological	ADJ
ajfa-8262	93	4	choices	choice	NOUN
ajfa-8262	93	5	asian	asian	ADJ
ajfa-8262	93	6	journal	journal	NOUN
ajfa-8262	93	7	of	of	ADP
ajfa-8262	93	8	finance	finance	PROPN
ajfa-8262	93	9	&	&	CCONJ
ajfa-8262	93	10	accounting	accounting	PROPN
ajfa-8262	93	11	issn	issn	PROPN
ajfa-8262	93	12	1946	1946	NUM
ajfa-8262	93	13	-	-	PUNCT
ajfa-8262	93	14	052x	052x	NOUN
ajfa-8262	93	15	2015	2015	NUM
ajfa-8262	93	16	,	,	PUNCT
ajfa-8262	93	17	vol	vol	NOUN
ajfa-8262	93	18	.	.	PROPN
ajfa-8262	93	19	7	7	NUM
ajfa-8262	93	20	,	,	PUNCT
ajfa-8262	93	21	no	no	INTJ
ajfa-8262	93	22	.	.	NOUN
ajfa-8262	93	23	2	2	NUM
ajfa-8262	93	24	143	143	NUM
ajfa-8262	93	25	following	follow	VERB
ajfa-8262	93	26	variations	variation	NOUN
ajfa-8262	93	27	in	in	ADP
ajfa-8262	93	28	term	term	NOUN
ajfa-8262	93	29	of	of	ADP
ajfa-8262	93	30	methodological	methodological	ADJ
ajfa-8262	93	31	choices	choice	NOUN
ajfa-8262	93	32	are	be	AUX
ajfa-8262	93	33	popular	popular	ADJ
ajfa-8262	93	34	to	to	PART
ajfa-8262	93	35	test	test	VERB
ajfa-8262	93	36	presence	presence	NOUN
ajfa-8262	93	37	of	of	ADP
ajfa-8262	93	38	risk	risk	NOUN
ajfa-8262	93	39	anomaly	anomaly	NOUN
ajfa-8262	93	40	.	.	PUNCT
ajfa-8262	94	1	•	•	NUM
ajfa-8262	94	2	minimum	minimum	NOUN
ajfa-8262	94	3	variance	variance	NOUN
ajfa-8262	94	4	vs.	vs.	ADP
ajfa-8262	94	5	simple	simple	ADJ
ajfa-8262	94	6	volatility	volatility	NOUN
ajfa-8262	94	7	sorting	sorting	NOUN
ajfa-8262	94	8	based	base	VERB
ajfa-8262	94	9	approach	approach	NOUN
ajfa-8262	94	10	•	•	NUM
ajfa-8262	94	11	choice	choice	NOUN
ajfa-8262	94	12	of	of	ADP
ajfa-8262	94	13	measure	measure	NOUN
ajfa-8262	94	14	of	of	ADP
ajfa-8262	94	15	riskhistorical	riskhistorical	ADJ
ajfa-8262	94	16	standard	standard	ADJ
ajfa-8262	94	17	deviation	deviation	NOUN
ajfa-8262	94	18	,	,	PUNCT
ajfa-8262	94	19	beta	beta	NOUN
ajfa-8262	94	20	or	or	CCONJ
ajfa-8262	94	21	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	94	22	risk	risk	NOUN
ajfa-8262	94	23	•	•	NOUN
ajfa-8262	94	24	choice	choice	NOUN
ajfa-8262	94	25	of	of	ADP
ajfa-8262	94	26	return	return	NOUN
ajfa-8262	94	27	measures	measure	NOUN
ajfa-8262	94	28	-	-	PUNCT
ajfa-8262	94	29	simple	simple	ADJ
ajfa-8262	94	30	vs.	vs.	ADP
ajfa-8262	94	31	compounded	compound	VERB
ajfa-8262	94	32	•	•	NUM
ajfa-8262	94	33	choice	choice	NOUN
ajfa-8262	94	34	of	of	ADP
ajfa-8262	94	35	period	period	NOUN
ajfa-8262	94	36	for	for	ADP
ajfa-8262	94	37	volatility	volatility	NOUN
ajfa-8262	94	38	estimationshort	estimationshort	NOUN
ajfa-8262	94	39	vs.	vs.	ADP
ajfa-8262	94	40	long	long	ADJ
ajfa-8262	94	41	•	•	NUM
ajfa-8262	94	42	choice	choice	NOUN
ajfa-8262	94	43	of	of	ADP
ajfa-8262	94	44	universedeveloped	universedevelope	VERB
ajfa-8262	94	45	countries	country	NOUN
ajfa-8262	94	46	vs.	vs.	ADP
ajfa-8262	94	47	emerging	emerge	VERB
ajfa-8262	94	48	markets	market	NOUN
ajfa-8262	94	49	,	,	PUNCT
ajfa-8262	94	50	size	size	NOUN
ajfa-8262	94	51	and	and	CCONJ
ajfa-8262	94	52	liquidity	liquidity	NOUN
ajfa-8262	94	53	of	of	ADP
ajfa-8262	94	54	the	the	DET
ajfa-8262	94	55	stocks	stock	NOUN
ajfa-8262	94	56	•	•	ADV
ajfa-8262	94	57	weighing	weigh	VERB
ajfa-8262	94	58	scheme	scheme	NOUN
ajfa-8262	94	59	:	:	PUNCT
ajfa-8262	94	60	equally	equally	ADV
ajfa-8262	94	61	weighted	weight	VERB
ajfa-8262	94	62	vs.	vs.	ADP
ajfa-8262	94	63	value	value	NOUN
ajfa-8262	94	64	weighted	weight	VERB
ajfa-8262	94	65	•	•	NUM
ajfa-8262	94	66	division	division	NOUN
ajfa-8262	94	67	of	of	ADP
ajfa-8262	94	68	portfolios	portfolio	NOUN
ajfa-8262	94	69	-	-	PUNCT
ajfa-8262	94	70	decile	decile	NOUN
ajfa-8262	94	71	vs.	vs.	X
ajfa-8262	94	72	quintiles	quintile	NOUN
ajfa-8262	94	73	given	give	VERB
ajfa-8262	94	74	below	below	ADP
ajfa-8262	94	75	are	be	AUX
ajfa-8262	94	76	some	some	PRON
ajfa-8262	94	77	of	of	ADP
ajfa-8262	94	78	the	the	DET
ajfa-8262	94	79	examples	example	NOUN
ajfa-8262	94	80	of	of	ADP
ajfa-8262	94	81	different	different	ADJ
ajfa-8262	94	82	methodological	methodological	ADJ
ajfa-8262	94	83	choices	choice	NOUN
ajfa-8262	94	84	used	use	VERB
ajfa-8262	94	85	in	in	ADP
ajfa-8262	94	86	some	some	PRON
ajfa-8262	94	87	of	of	ADP
ajfa-8262	94	88	the	the	DET
ajfa-8262	94	89	important	important	ADJ
ajfa-8262	94	90	studies	study	NOUN
ajfa-8262	94	91	.	.	PUNCT
ajfa-8262	95	1	(	(	PUNCT
ajfa-8262	95	2	clarke	clarke	PROPN
ajfa-8262	95	3	,	,	PUNCT
ajfa-8262	95	4	desilva	desilva	PROPN
ajfa-8262	95	5	,	,	PUNCT
ajfa-8262	95	6	&	&	CCONJ
ajfa-8262	95	7	thorley	thorley	PROPN
ajfa-8262	95	8	,	,	PUNCT
ajfa-8262	95	9	2006a	2006a	NUM
ajfa-8262	95	10	)	)	PUNCT
ajfa-8262	95	11	,	,	PUNCT
ajfa-8262	95	12	(	(	PUNCT
ajfa-8262	95	13	chan	chan	PROPN
ajfa-8262	95	14	,	,	PUNCT
ajfa-8262	95	15	karceski	karceski	PROPN
ajfa-8262	95	16	,	,	PUNCT
ajfa-8262	95	17	&	&	CCONJ
ajfa-8262	95	18	lakonishok	lakonishok	PROPN
ajfa-8262	95	19	,	,	PUNCT
ajfa-8262	95	20	1999	1999	NUM
ajfa-8262	95	21	)	)	PUNCT
ajfa-8262	95	22	,	,	PUNCT
ajfa-8262	95	23	(	(	PUNCT
ajfa-8262	95	24	schawartz	schawartz	NOUN
ajfa-8262	95	25	,	,	PUNCT
ajfa-8262	95	26	2000	2000	NUM
ajfa-8262	95	27	)	)	PUNCT
ajfa-8262	95	28	,	,	PUNCT
ajfa-8262	95	29	(	(	PUNCT
ajfa-8262	95	30	jagannathan	jagannathan	PROPN
ajfa-8262	95	31	&	&	CCONJ
ajfa-8262	95	32	ma	ma	PROPN
ajfa-8262	95	33	,	,	PUNCT
ajfa-8262	95	34	2003	2003	NUM
ajfa-8262	95	35	)	)	PUNCT
ajfa-8262	95	36	use	use	VERB
ajfa-8262	95	37	minimum	minimum	ADJ
ajfa-8262	95	38	variance	variance	NOUN
ajfa-8262	95	39	based	base	VERB
ajfa-8262	95	40	approach	approach	NOUN
ajfa-8262	95	41	whereas	whereas	SCONJ
ajfa-8262	95	42	(	(	PUNCT
ajfa-8262	95	43	blitz	blitz	NOUN
ajfa-8262	95	44	&	&	CCONJ
ajfa-8262	95	45	vliet	vliet	PROPN
ajfa-8262	95	46	,	,	PUNCT
ajfa-8262	95	47	2007	2007	NUM
ajfa-8262	95	48	)	)	PUNCT
ajfa-8262	95	49	,	,	PUNCT
ajfa-8262	95	50	(	(	PUNCT
ajfa-8262	95	51	ang	ang	INTJ
ajfa-8262	95	52	,	,	PUNCT
ajfa-8262	95	53	hodrick	hodrick	PROPN
ajfa-8262	95	54	,	,	PUNCT
ajfa-8262	95	55	xing	xing	PROPN
ajfa-8262	95	56	,	,	PUNCT
ajfa-8262	95	57	&	&	CCONJ
ajfa-8262	95	58	zhang	zhang	PROPN
ajfa-8262	95	59	,	,	PUNCT
ajfa-8262	95	60	2006	2006	NUM
ajfa-8262	95	61	)	)	PUNCT
ajfa-8262	95	62	,	,	PUNCT
ajfa-8262	95	63	(	(	PUNCT
ajfa-8262	95	64	baker	baker	PROPN
ajfa-8262	95	65	&	&	CCONJ
ajfa-8262	95	66	haugen	haugen	PROPN
ajfa-8262	95	67	,	,	PUNCT
ajfa-8262	95	68	2012	2012	NUM
ajfa-8262	95	69	)	)	PUNCT
ajfa-8262	95	70	,	,	PUNCT
ajfa-8262	95	71	(	(	PUNCT
ajfa-8262	95	72	frazzini	frazzini	PROPN
ajfa-8262	95	73	&	&	CCONJ
ajfa-8262	95	74	pedersen	pedersen	PROPN
ajfa-8262	95	75	,	,	PUNCT
ajfa-8262	95	76	2014	2014	NUM
ajfa-8262	95	77	)	)	PUNCT
ajfa-8262	95	78	use	use	VERB
ajfa-8262	95	79	risk	risk	NOUN
ajfa-8262	95	80	measure	measure	NOUN
ajfa-8262	95	81	based	base	VERB
ajfa-8262	95	82	sorting	sort	VERB
ajfa-8262	95	83	approach	approach	NOUN
ajfa-8262	95	84	.	.	PUNCT
ajfa-8262	96	1	(	(	PUNCT
ajfa-8262	96	2	clarke	clarke	PROPN
ajfa-8262	96	3	,	,	PUNCT
ajfa-8262	96	4	desilva	desilva	PROPN
ajfa-8262	96	5	,	,	PUNCT
ajfa-8262	96	6	&	&	CCONJ
ajfa-8262	96	7	thorley	thorley	PROPN
ajfa-8262	96	8	,	,	PUNCT
ajfa-8262	96	9	2006a	2006a	NUM
ajfa-8262	96	10	)	)	PUNCT
ajfa-8262	96	11	,	,	PUNCT
ajfa-8262	96	12	(	(	PUNCT
ajfa-8262	96	13	bali	bali	PROPN
ajfa-8262	96	14	&	&	CCONJ
ajfa-8262	96	15	cakici	cakici	PROPN
ajfa-8262	96	16	,	,	PUNCT
ajfa-8262	96	17	2008	2008	NUM
ajfa-8262	96	18	)	)	PUNCT
ajfa-8262	96	19	,	,	PUNCT
ajfa-8262	96	20	(	(	PUNCT
ajfa-8262	96	21	baker	baker	PROPN
ajfa-8262	96	22	,	,	PUNCT
ajfa-8262	96	23	bradley	bradley	PROPN
ajfa-8262	96	24	,	,	PUNCT
ajfa-8262	96	25	&	&	CCONJ
ajfa-8262	96	26	wurgler	wurgler	PROPN
ajfa-8262	96	27	,	,	PUNCT
ajfa-8262	96	28	2011	2011	NUM
ajfa-8262	96	29	)	)	PUNCT
ajfa-8262	96	30	use	use	VERB
ajfa-8262	96	31	standard	standard	ADJ
ajfa-8262	96	32	deviation	deviation	NOUN
ajfa-8262	96	33	or	or	CCONJ
ajfa-8262	96	34	variance	variance	NOUN
ajfa-8262	96	35	as	as	ADP
ajfa-8262	96	36	risk	risk	NOUN
ajfa-8262	96	37	measure	measure	NOUN
ajfa-8262	96	38	,	,	PUNCT
ajfa-8262	96	39	(	(	PUNCT
ajfa-8262	96	40	frazzini	frazzini	PROPN
ajfa-8262	96	41	&	&	CCONJ
ajfa-8262	96	42	pedersen	pedersen	PROPN
ajfa-8262	96	43	,	,	PUNCT
ajfa-8262	96	44	2014	2014	NUM
ajfa-8262	96	45	)	)	PUNCT
ajfa-8262	96	46	use	use	VERB
ajfa-8262	96	47	beta	beta	NOUN
ajfa-8262	96	48	as	as	ADP
ajfa-8262	96	49	risk	risk	NOUN
ajfa-8262	96	50	measure	measure	NOUN
ajfa-8262	96	51	.	.	PUNCT
ajfa-8262	97	1	(	(	PUNCT
ajfa-8262	97	2	blitz	blitz	PROPN
ajfa-8262	97	3	&	&	CCONJ
ajfa-8262	97	4	vliet	vliet	PROPN
ajfa-8262	97	5	,	,	PUNCT
ajfa-8262	97	6	2007	2007	NUM
ajfa-8262	97	7	)	)	PUNCT
ajfa-8262	97	8	use	use	VERB
ajfa-8262	97	9	both	both	DET
ajfa-8262	97	10	standard	standard	ADJ
ajfa-8262	97	11	deviation	deviation	NOUN
ajfa-8262	97	12	as	as	ADV
ajfa-8262	97	13	well	well	ADV
ajfa-8262	97	14	as	as	ADP
ajfa-8262	97	15	beta	beta	ADJ
ajfa-8262	97	16	as	as	ADP
ajfa-8262	97	17	risk	risk	NOUN
ajfa-8262	97	18	measure	measure	NOUN
ajfa-8262	97	19	.	.	PUNCT
ajfa-8262	98	1	(	(	PUNCT
ajfa-8262	98	2	ang	ang	INTJ
ajfa-8262	98	3	,	,	PUNCT
ajfa-8262	98	4	hodrick	hodrick	PROPN
ajfa-8262	98	5	,	,	PUNCT
ajfa-8262	98	6	xing	xing	PROPN
ajfa-8262	98	7	,	,	PUNCT
ajfa-8262	98	8	&	&	CCONJ
ajfa-8262	98	9	xhang	xhang	PROPN
ajfa-8262	98	10	,	,	PUNCT
ajfa-8262	98	11	2009	2009	NUM
ajfa-8262	98	12	)	)	PUNCT
ajfa-8262	98	13	use	use	VERB
ajfa-8262	98	14	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	98	15	volatility	volatility	NOUN
ajfa-8262	98	16	as	as	ADP
ajfa-8262	98	17	risk	risk	NOUN
ajfa-8262	98	18	measure	measure	NOUN
ajfa-8262	98	19	.	.	PUNCT
ajfa-8262	99	1	(	(	PUNCT
ajfa-8262	99	2	fu	fu	ADJ
ajfa-8262	99	3	,	,	PUNCT
ajfa-8262	99	4	2009	2009	NUM
ajfa-8262	99	5	)	)	PUNCT
ajfa-8262	99	6	uses	use	VERB
ajfa-8262	99	7	volatility	volatility	NOUN
ajfa-8262	99	8	using	use	VERB
ajfa-8262	99	9	egarch	egarch	NOUN
ajfa-8262	99	10	rather	rather	ADV
ajfa-8262	99	11	than	than	ADP
ajfa-8262	99	12	historical	historical	ADJ
ajfa-8262	99	13	volatility	volatility	NOUN
ajfa-8262	99	14	.	.	PUNCT
ajfa-8262	100	1	(	(	PUNCT
ajfa-8262	100	2	ang	ang	INTJ
ajfa-8262	100	3	,	,	PUNCT
ajfa-8262	100	4	hodrick	hodrick	PROPN
ajfa-8262	100	5	,	,	PUNCT
ajfa-8262	100	6	xing	xing	PROPN
ajfa-8262	100	7	,	,	PUNCT
ajfa-8262	100	8	&	&	CCONJ
ajfa-8262	100	9	zhang	zhang	PROPN
ajfa-8262	100	10	,	,	PUNCT
ajfa-8262	100	11	2006	2006	NUM
ajfa-8262	100	12	)	)	PUNCT
ajfa-8262	100	13	,	,	PUNCT
ajfa-8262	100	14	(	(	PUNCT
ajfa-8262	100	15	martellini	martellini	ADJ
ajfa-8262	100	16	,	,	PUNCT
ajfa-8262	100	17	2008	2008	NUM
ajfa-8262	100	18	)	)	PUNCT
ajfa-8262	100	19	,	,	PUNCT
ajfa-8262	100	20	(	(	PUNCT
ajfa-8262	100	21	bali	bali	PROPN
ajfa-8262	100	22	&	&	CCONJ
ajfa-8262	100	23	cakici	cakici	PROPN
ajfa-8262	100	24	,	,	PUNCT
ajfa-8262	100	25	2008	2008	NUM
ajfa-8262	100	26	)	)	PUNCT
ajfa-8262	100	27	use	use	VERB
ajfa-8262	100	28	simple	simple	ADJ
ajfa-8262	100	29	returns	return	NOUN
ajfa-8262	100	30	,	,	PUNCT
ajfa-8262	100	31	whereas	whereas	SCONJ
ajfa-8262	100	32	(	(	PUNCT
ajfa-8262	100	33	blitz	blitz	NOUN
ajfa-8262	100	34	&	&	CCONJ
ajfa-8262	100	35	vliet	vliet	PROPN
ajfa-8262	100	36	,	,	PUNCT
ajfa-8262	100	37	2007	2007	NUM
ajfa-8262	100	38	)	)	PUNCT
ajfa-8262	100	39	,	,	PUNCT
ajfa-8262	100	40	(	(	PUNCT
ajfa-8262	100	41	baker	baker	PROPN
ajfa-8262	100	42	,	,	PUNCT
ajfa-8262	100	43	bradley	bradley	PROPN
ajfa-8262	100	44	,	,	PUNCT
ajfa-8262	100	45	&	&	CCONJ
ajfa-8262	100	46	wurgler	wurgler	PROPN
ajfa-8262	100	47	,	,	PUNCT
ajfa-8262	100	48	2011	2011	NUM
ajfa-8262	100	49	)	)	PUNCT
ajfa-8262	100	50	use	use	VERB
ajfa-8262	100	51	compounded	compound	VERB
ajfa-8262	100	52	returns	return	NOUN
ajfa-8262	100	53	.	.	PUNCT
ajfa-8262	101	1	(	(	PUNCT
ajfa-8262	101	2	blitz	blitz	PROPN
ajfa-8262	101	3	&	&	CCONJ
ajfa-8262	101	4	vliet	vliet	PROPN
ajfa-8262	101	5	,	,	PUNCT
ajfa-8262	101	6	2007	2007	NUM
ajfa-8262	101	7	)	)	PUNCT
ajfa-8262	101	8	use	use	VERB
ajfa-8262	101	9	three	three	NUM
ajfa-8262	101	10	year	year	NOUN
ajfa-8262	101	11	volatility	volatility	NOUN
ajfa-8262	101	12	of	of	ADP
ajfa-8262	101	13	weekly	weekly	ADJ
ajfa-8262	101	14	returns	return	NOUN
ajfa-8262	101	15	,	,	PUNCT
ajfa-8262	101	16	(	(	PUNCT
ajfa-8262	101	17	baker	baker	PROPN
ajfa-8262	101	18	,	,	PUNCT
ajfa-8262	101	19	bradley	bradley	PROPN
ajfa-8262	101	20	,	,	PUNCT
ajfa-8262	101	21	&	&	CCONJ
ajfa-8262	101	22	wurgler	wurgler	PROPN
ajfa-8262	101	23	,	,	PUNCT
ajfa-8262	101	24	2011	2011	NUM
ajfa-8262	101	25	)	)	PUNCT
ajfa-8262	101	26	use	use	VERB
ajfa-8262	101	27	five	five	NUM
ajfa-8262	101	28	year	year	NOUN
ajfa-8262	101	29	volatility	volatility	NOUN
ajfa-8262	101	30	of	of	ADP
ajfa-8262	101	31	monthly	monthly	ADJ
ajfa-8262	101	32	returns	return	NOUN
ajfa-8262	101	33	.	.	PUNCT
ajfa-8262	102	1	on	on	ADP
ajfa-8262	102	2	extremes	extreme	NOUN
ajfa-8262	102	3	,	,	PUNCT
ajfa-8262	102	4	(	(	PUNCT
ajfa-8262	102	5	martellini	martellini	ADJ
ajfa-8262	102	6	,	,	PUNCT
ajfa-8262	102	7	2008	2008	NUM
ajfa-8262	102	8	)	)	PUNCT
ajfa-8262	102	9	use	use	VERB
ajfa-8262	102	10	ten	ten	NUM
ajfa-8262	102	11	-	-	PUNCT
ajfa-8262	102	12	year	year	NOUN
ajfa-8262	102	13	volatility	volatility	NOUN
ajfa-8262	102	14	of	of	ADP
ajfa-8262	102	15	monthly	monthly	ADJ
ajfa-8262	102	16	returns	return	NOUN
ajfa-8262	102	17	,	,	PUNCT
ajfa-8262	102	18	whereas	whereas	SCONJ
ajfa-8262	102	19	,	,	PUNCT
ajfa-8262	102	20	(	(	PUNCT
ajfa-8262	102	21	ang	ang	INTJ
ajfa-8262	102	22	,	,	PUNCT
ajfa-8262	102	23	hodrick	hodrick	PROPN
ajfa-8262	102	24	,	,	PUNCT
ajfa-8262	102	25	xing	xing	PROPN
ajfa-8262	102	26	,	,	PUNCT
ajfa-8262	102	27	&	&	CCONJ
ajfa-8262	102	28	xhang	xhang	PROPN
ajfa-8262	102	29	,	,	PUNCT
ajfa-8262	102	30	2009	2009	NUM
ajfa-8262	102	31	)	)	PUNCT
ajfa-8262	102	32	and	and	CCONJ
ajfa-8262	102	33	(	(	PUNCT
ajfa-8262	102	34	bali	bali	PROPN
ajfa-8262	102	35	&	&	CCONJ
ajfa-8262	102	36	cakici	cakici	PROPN
ajfa-8262	102	37	,	,	PUNCT
ajfa-8262	102	38	2008	2008	NUM
ajfa-8262	102	39	)	)	PUNCT
ajfa-8262	102	40	use	use	VERB
ajfa-8262	102	41	very	very	ADV
ajfa-8262	102	42	short	short	ADJ
ajfa-8262	102	43	term	term	NOUN
ajfa-8262	102	44	one	one	NUM
ajfa-8262	102	45	month	month	NOUN
ajfa-8262	102	46	volatility	volatility	NOUN
ajfa-8262	102	47	of	of	ADP
ajfa-8262	102	48	daily	daily	ADJ
ajfa-8262	102	49	returns	return	NOUN
ajfa-8262	102	50	.	.	PUNCT
ajfa-8262	103	1	(	(	PUNCT
ajfa-8262	103	2	fu	fu	ADJ
ajfa-8262	103	3	,	,	PUNCT
ajfa-8262	103	4	2009	2009	NUM
ajfa-8262	103	5	)	)	PUNCT
ajfa-8262	103	6	does	do	AUX
ajfa-8262	103	7	not	not	PART
ajfa-8262	103	8	use	use	VERB
ajfa-8262	103	9	historical	historical	ADJ
ajfa-8262	103	10	volatility	volatility	NOUN
ajfa-8262	103	11	at	at	ADV
ajfa-8262	103	12	all	all	ADV
ajfa-8262	103	13	and	and	CCONJ
ajfa-8262	103	14	uses	use	VERB
ajfa-8262	103	15	egarch	egarch	NOUN
ajfa-8262	103	16	estimate	estimate	NOUN
ajfa-8262	103	17	of	of	ADP
ajfa-8262	103	18	daily	daily	ADJ
ajfa-8262	103	19	returns	return	NOUN
ajfa-8262	103	20	volatility	volatility	NOUN
ajfa-8262	103	21	.	.	PUNCT
ajfa-8262	104	1	most	most	ADJ
ajfa-8262	104	2	of	of	ADP
ajfa-8262	104	3	the	the	DET
ajfa-8262	104	4	studies	study	NOUN
ajfa-8262	104	5	focus	focus	VERB
ajfa-8262	104	6	on	on	ADP
ajfa-8262	104	7	u.s	u.s	PROPN
ajfa-8262	104	8	.	.	PROPN
ajfa-8262	104	9	markets	market	NOUN
ajfa-8262	104	10	using	use	VERB
ajfa-8262	104	11	crsp	crsp	PROPN
ajfa-8262	104	12	data	datum	NOUN
ajfa-8262	104	13	including	include	VERB
ajfa-8262	104	14	(	(	PUNCT
ajfa-8262	104	15	clarke	clarke	PROPN
ajfa-8262	104	16	,	,	PUNCT
ajfa-8262	104	17	desilva	desilva	PROPN
ajfa-8262	104	18	,	,	PUNCT
ajfa-8262	104	19	&	&	CCONJ
ajfa-8262	104	20	thorley	thorley	PROPN
ajfa-8262	104	21	,	,	PUNCT
ajfa-8262	104	22	2006b	2006b	NUM
ajfa-8262	104	23	)	)	PUNCT
ajfa-8262	104	24	,	,	PUNCT
ajfa-8262	104	25	(	(	PUNCT
ajfa-8262	104	26	ang	ang	INTJ
ajfa-8262	104	27	,	,	PUNCT
ajfa-8262	104	28	hodrick	hodrick	PROPN
ajfa-8262	104	29	,	,	PUNCT
ajfa-8262	104	30	xing	xing	PROPN
ajfa-8262	104	31	,	,	PUNCT
ajfa-8262	104	32	&	&	CCONJ
ajfa-8262	104	33	zhang	zhang	PROPN
ajfa-8262	104	34	,	,	PUNCT
ajfa-8262	104	35	2006	2006	NUM
ajfa-8262	104	36	)	)	PUNCT
ajfa-8262	104	37	,	,	PUNCT
ajfa-8262	104	38	(	(	PUNCT
ajfa-8262	104	39	fu	fu	ADJ
ajfa-8262	104	40	,	,	PUNCT
ajfa-8262	104	41	2009	2009	NUM
ajfa-8262	104	42	)	)	PUNCT
ajfa-8262	104	43	,	,	PUNCT
ajfa-8262	104	44	(	(	PUNCT
ajfa-8262	104	45	baker	baker	PROPN
ajfa-8262	104	46	,	,	PUNCT
ajfa-8262	104	47	bradley	bradley	PROPN
ajfa-8262	104	48	,	,	PUNCT
ajfa-8262	104	49	&	&	CCONJ
ajfa-8262	104	50	wurgler	wurgler	PROPN
ajfa-8262	104	51	,	,	PUNCT
ajfa-8262	104	52	2011	2011	NUM
ajfa-8262	104	53	)	)	PUNCT
ajfa-8262	104	54	.	.	PUNCT
ajfa-8262	105	1	however	however	ADV
ajfa-8262	105	2	,	,	PUNCT
ajfa-8262	105	3	there	there	PRON
ajfa-8262	105	4	are	be	VERB
ajfa-8262	105	5	number	number	NOUN
ajfa-8262	105	6	of	of	ADP
ajfa-8262	105	7	studies	study	NOUN
ajfa-8262	105	8	focusing	focus	VERB
ajfa-8262	105	9	on	on	ADP
ajfa-8262	105	10	data	datum	NOUN
ajfa-8262	105	11	from	from	ADP
ajfa-8262	105	12	other	other	ADJ
ajfa-8262	105	13	regions	region	NOUN
ajfa-8262	105	14	and	and	CCONJ
ajfa-8262	105	15	emerging	emerge	VERB
ajfa-8262	105	16	markets	market	NOUN
ajfa-8262	105	17	and	and	CCONJ
ajfa-8262	105	18	specific	specific	ADJ
ajfa-8262	105	19	size	size	NOUN
ajfa-8262	105	20	and	and	CCONJ
ajfa-8262	105	21	liquidity	liquidity	NOUN
ajfa-8262	105	22	based	base	VERB
ajfa-8262	105	23	screen	screen	NOUN
ajfa-8262	105	24	in	in	ADP
ajfa-8262	105	25	choice	choice	NOUN
ajfa-8262	105	26	of	of	ADP
ajfa-8262	105	27	their	their	PRON
ajfa-8262	105	28	universe	universe	NOUN
ajfa-8262	105	29	.	.	PUNCT
ajfa-8262	106	1	(	(	PUNCT
ajfa-8262	106	2	blitz	blitz	PROPN
ajfa-8262	106	3	&	&	CCONJ
ajfa-8262	106	4	vliet	vliet	PROPN
ajfa-8262	106	5	,	,	PUNCT
ajfa-8262	106	6	2007	2007	NUM
ajfa-8262	106	7	)	)	PUNCT
ajfa-8262	106	8	use	use	VERB
ajfa-8262	106	9	ftse	ftse	NOUN
ajfa-8262	106	10	world	world	NOUN
ajfa-8262	106	11	stocks	stock	NOUN
ajfa-8262	106	12	sample	sample	NOUN
ajfa-8262	106	13	with	with	ADP
ajfa-8262	106	14	focus	focus	NOUN
ajfa-8262	106	15	on	on	ADP
ajfa-8262	106	16	large	large	ADJ
ajfa-8262	106	17	stocks	stock	NOUN
ajfa-8262	106	18	with	with	ADP
ajfa-8262	106	19	regional	regional	ADJ
ajfa-8262	106	20	focus	focus	NOUN
ajfa-8262	106	21	on	on	ADP
ajfa-8262	106	22	japan	japan	PROPN
ajfa-8262	106	23	and	and	CCONJ
ajfa-8262	106	24	europe	europe	PROPN
ajfa-8262	106	25	data	data	PROPN
ajfa-8262	106	26	,	,	PUNCT
ajfa-8262	106	27	besides	besides	SCONJ
ajfa-8262	106	28	u.s	u.s	PROPN
ajfa-8262	106	29	.	.	PROPN
ajfa-8262	106	30	(	(	PUNCT
ajfa-8262	106	31	baker	baker	PROPN
ajfa-8262	106	32	,	,	PUNCT
ajfa-8262	106	33	bradley	bradley	PROPN
ajfa-8262	106	34	,	,	PUNCT
ajfa-8262	106	35	&	&	CCONJ
ajfa-8262	106	36	wurgler	wurgler	PROPN
ajfa-8262	106	37	,	,	PUNCT
ajfa-8262	106	38	2011	2011	NUM
ajfa-8262	106	39	)	)	PUNCT
ajfa-8262	106	40	use	use	VERB
ajfa-8262	106	41	crsp	crsp	ADJ
ajfa-8262	106	42	top	top	ADJ
ajfa-8262	106	43	1000	1000	NUM
ajfa-8262	106	44	sample	sample	NOUN
ajfa-8262	106	45	besides	besides	SCONJ
ajfa-8262	106	46	all	all	DET
ajfa-8262	106	47	crsp	crsp	PROPN
ajfa-8262	106	48	stocks	stock	NOUN
ajfa-8262	106	49	in	in	ADP
ajfa-8262	106	50	their	their	PRON
ajfa-8262	106	51	study	study	NOUN
ajfa-8262	106	52	.	.	PUNCT
ajfa-8262	107	1	(	(	PUNCT
ajfa-8262	107	2	ang	ang	INTJ
ajfa-8262	107	3	,	,	PUNCT
ajfa-8262	107	4	hodrick	hodrick	PROPN
ajfa-8262	107	5	,	,	PUNCT
ajfa-8262	107	6	xing	xing	PROPN
ajfa-8262	107	7	,	,	PUNCT
ajfa-8262	107	8	&	&	CCONJ
ajfa-8262	107	9	xhang	xhang	PROPN
ajfa-8262	107	10	,	,	PUNCT
ajfa-8262	107	11	2009	2009	NUM
ajfa-8262	107	12	)	)	PUNCT
ajfa-8262	107	13	use	use	VERB
ajfa-8262	107	14	msci	msci	PROPN
ajfa-8262	107	15	europe	europe	PROPN
ajfa-8262	107	16	and	and	CCONJ
ajfa-8262	107	17	asia	asia	PROPN
ajfa-8262	107	18	sample	sample	NOUN
ajfa-8262	107	19	in	in	ADP
ajfa-8262	107	20	their	their	PRON
ajfa-8262	107	21	study	study	NOUN
ajfa-8262	107	22	.	.	PUNCT
ajfa-8262	108	1	(	(	PUNCT
ajfa-8262	108	2	blitz	blitz	NOUN
ajfa-8262	108	3	,	,	PUNCT
ajfa-8262	108	4	pang	pang	NOUN
ajfa-8262	108	5	,	,	PUNCT
ajfa-8262	108	6	&	&	CCONJ
ajfa-8262	108	7	vliet	vliet	PROPN
ajfa-8262	108	8	,	,	PUNCT
ajfa-8262	108	9	2012	2012	NUM
ajfa-8262	108	10	)	)	PUNCT
ajfa-8262	108	11	focus	focus	NOUN
ajfa-8262	108	12	on	on	ADP
ajfa-8262	108	13	asian	asian	ADJ
ajfa-8262	108	14	journal	journal	NOUN
ajfa-8262	108	15	of	of	ADP
ajfa-8262	108	16	finance	finance	PROPN
ajfa-8262	108	17	&	&	CCONJ
ajfa-8262	108	18	accounting	accounting	PROPN
ajfa-8262	108	19	issn	issn	PROPN
ajfa-8262	108	20	1946	1946	NUM
ajfa-8262	108	21	-	-	PUNCT
ajfa-8262	108	22	052x	052x	NOUN
ajfa-8262	108	23	2015	2015	NUM
ajfa-8262	108	24	,	,	PUNCT
ajfa-8262	108	25	vol	vol	NOUN
ajfa-8262	108	26	.	.	PROPN
ajfa-8262	109	1	7	7	NUM
ajfa-8262	109	2	,	,	PUNCT
ajfa-8262	109	3	no	no	INTJ
ajfa-8262	109	4	.	.	NOUN
ajfa-8262	109	5	2	2	NUM
ajfa-8262	109	6	144	144	NUM
ajfa-8262	109	7	universe	universe	NOUN
ajfa-8262	109	8	from	from	ADP
ajfa-8262	109	9	emerging	emerge	VERB
ajfa-8262	109	10	markets	market	NOUN
ajfa-8262	109	11	only	only	ADV
ajfa-8262	109	12	.	.	PUNCT
ajfa-8262	110	1	(	(	PUNCT
ajfa-8262	110	2	martellini	martellini	ADJ
ajfa-8262	110	3	,	,	PUNCT
ajfa-8262	110	4	2008)chooses	2008)chooses	NUM
ajfa-8262	110	5	universe	universe	NOUN
ajfa-8262	110	6	with	with	ADP
ajfa-8262	110	7	only	only	ADJ
ajfa-8262	110	8	survivor	survivor	NOUN
ajfa-8262	110	9	stocks	stock	NOUN
ajfa-8262	110	10	form	form	VERB
ajfa-8262	110	11	crsp	crsp	NOUN
ajfa-8262	110	12	during	during	ADP
ajfa-8262	110	13	entire	entire	ADJ
ajfa-8262	110	14	period	period	NOUN
ajfa-8262	110	15	of	of	ADP
ajfa-8262	110	16	1975	1975	NUM
ajfa-8262	110	17	to	to	ADP
ajfa-8262	110	18	2004	2004	NUM
ajfa-8262	110	19	.	.	PUNCT
ajfa-8262	111	1	(	(	PUNCT
ajfa-8262	111	2	blitz	blitz	PROPN
ajfa-8262	111	3	&	&	CCONJ
ajfa-8262	111	4	vliet	vliet	PROPN
ajfa-8262	111	5	,	,	PUNCT
ajfa-8262	111	6	2007	2007	NUM
ajfa-8262	111	7	)	)	PUNCT
ajfa-8262	111	8	,	,	PUNCT
ajfa-8262	111	9	(	(	PUNCT
ajfa-8262	111	10	fu	fu	ADJ
ajfa-8262	111	11	,	,	PUNCT
ajfa-8262	111	12	2009	2009	NUM
ajfa-8262	111	13	)	)	PUNCT
ajfa-8262	111	14	use	use	VERB
ajfa-8262	111	15	decile	decile	NOUN
ajfa-8262	111	16	portfolios	portfolio	NOUN
ajfa-8262	111	17	,	,	PUNCT
ajfa-8262	111	18	(	(	PUNCT
ajfa-8262	111	19	ang	ang	INTJ
ajfa-8262	111	20	,	,	PUNCT
ajfa-8262	111	21	hodrick	hodrick	PROPN
ajfa-8262	111	22	,	,	PUNCT
ajfa-8262	111	23	xing	xing	PROPN
ajfa-8262	111	24	,	,	PUNCT
ajfa-8262	111	25	&	&	CCONJ
ajfa-8262	111	26	zhang	zhang	PROPN
ajfa-8262	111	27	,	,	PUNCT
ajfa-8262	111	28	2006	2006	NUM
ajfa-8262	111	29	)	)	PUNCT
ajfa-8262	111	30	,	,	PUNCT
ajfa-8262	111	31	(	(	PUNCT
ajfa-8262	111	32	ang	ang	INTJ
ajfa-8262	111	33	,	,	PUNCT
ajfa-8262	111	34	hodrick	hodrick	PROPN
ajfa-8262	111	35	,	,	PUNCT
ajfa-8262	111	36	xing	xing	PROPN
ajfa-8262	111	37	,	,	PUNCT
ajfa-8262	111	38	&	&	CCONJ
ajfa-8262	111	39	xhang	xhang	PROPN
ajfa-8262	111	40	,	,	PUNCT
ajfa-8262	111	41	2009	2009	NUM
ajfa-8262	111	42	)	)	PUNCT
ajfa-8262	111	43	,	,	PUNCT
ajfa-8262	111	44	(	(	PUNCT
ajfa-8262	111	45	bali	bali	PROPN
ajfa-8262	111	46	&	&	CCONJ
ajfa-8262	111	47	cakici	cakici	PROPN
ajfa-8262	111	48	,	,	PUNCT
ajfa-8262	111	49	2008	2008	NUM
ajfa-8262	111	50	)	)	PUNCT
ajfa-8262	111	51	,	,	PUNCT
ajfa-8262	111	52	(	(	PUNCT
ajfa-8262	111	53	martellini	martellini	ADJ
ajfa-8262	111	54	,	,	PUNCT
ajfa-8262	111	55	2008	2008	NUM
ajfa-8262	111	56	)	)	PUNCT
ajfa-8262	111	57	,	,	PUNCT
ajfa-8262	111	58	(	(	PUNCT
ajfa-8262	111	59	baker	baker	PROPN
ajfa-8262	111	60	,	,	PUNCT
ajfa-8262	111	61	bradley	bradley	PROPN
ajfa-8262	111	62	,	,	PUNCT
ajfa-8262	111	63	&	&	CCONJ
ajfa-8262	111	64	wurgler	wurgler	PROPN
ajfa-8262	111	65	,	,	PUNCT
ajfa-8262	111	66	2011	2011	NUM
ajfa-8262	111	67	)	)	PUNCT
ajfa-8262	111	68	,	,	PUNCT
ajfa-8262	111	69	(	(	PUNCT
ajfa-8262	111	70	blitz	blitz	NOUN
ajfa-8262	111	71	,	,	PUNCT
ajfa-8262	111	72	pang	pang	NOUN
ajfa-8262	111	73	,	,	PUNCT
ajfa-8262	111	74	&	&	CCONJ
ajfa-8262	111	75	vliet	vliet	PROPN
ajfa-8262	111	76	,	,	PUNCT
ajfa-8262	111	77	2012	2012	NUM
ajfa-8262	111	78	)	)	PUNCT
ajfa-8262	111	79	use	use	VERB
ajfa-8262	111	80	quintile	quintile	NOUN
ajfa-8262	111	81	portfolios	portfolio	NOUN
ajfa-8262	111	82	.	.	PUNCT
ajfa-8262	112	1	while	while	SCONJ
ajfa-8262	112	2	(	(	PUNCT
ajfa-8262	112	3	blitz	blitz	PROPN
ajfa-8262	112	4	&	&	CCONJ
ajfa-8262	112	5	vliet	vliet	PROPN
ajfa-8262	112	6	,	,	PUNCT
ajfa-8262	112	7	2007	2007	NUM
ajfa-8262	112	8	)	)	PUNCT
ajfa-8262	112	9	,	,	PUNCT
ajfa-8262	112	10	(	(	PUNCT
ajfa-8262	112	11	martellini	martellini	ADJ
ajfa-8262	112	12	,	,	PUNCT
ajfa-8262	112	13	2008	2008	NUM
ajfa-8262	112	14	)	)	PUNCT
ajfa-8262	112	15	,	,	PUNCT
ajfa-8262	112	16	(	(	PUNCT
ajfa-8262	112	17	baker	baker	PROPN
ajfa-8262	112	18	,	,	PUNCT
ajfa-8262	112	19	bradley	bradley	PROPN
ajfa-8262	112	20	,	,	PUNCT
ajfa-8262	112	21	&	&	CCONJ
ajfa-8262	112	22	wurgler	wurgler	PROPN
ajfa-8262	112	23	,	,	PUNCT
ajfa-8262	112	24	2011	2011	NUM
ajfa-8262	112	25	)	)	PUNCT
ajfa-8262	112	26	use	use	VERB
ajfa-8262	112	27	equal	equal	ADJ
ajfa-8262	112	28	weighing	weighing	NOUN
ajfa-8262	112	29	scheme	scheme	NOUN
ajfa-8262	112	30	,	,	PUNCT
ajfa-8262	112	31	(	(	PUNCT
ajfa-8262	112	32	ang	ang	INTJ
ajfa-8262	112	33	,	,	PUNCT
ajfa-8262	112	34	hodrick	hodrick	PROPN
ajfa-8262	112	35	,	,	PUNCT
ajfa-8262	112	36	xing	xing	PROPN
ajfa-8262	112	37	,	,	PUNCT
ajfa-8262	112	38	&	&	CCONJ
ajfa-8262	112	39	zhang	zhang	PROPN
ajfa-8262	112	40	,	,	PUNCT
ajfa-8262	112	41	2006	2006	NUM
ajfa-8262	112	42	)	)	PUNCT
ajfa-8262	112	43	,	,	PUNCT
ajfa-8262	112	44	(	(	PUNCT
ajfa-8262	112	45	ang	ang	INTJ
ajfa-8262	112	46	,	,	PUNCT
ajfa-8262	112	47	hodrick	hodrick	PROPN
ajfa-8262	112	48	,	,	PUNCT
ajfa-8262	112	49	xing	xing	PROPN
ajfa-8262	112	50	,	,	PUNCT
ajfa-8262	112	51	&	&	CCONJ
ajfa-8262	112	52	xhang	xhang	PROPN
ajfa-8262	112	53	,	,	PUNCT
ajfa-8262	112	54	2009	2009	NUM
ajfa-8262	112	55	)	)	PUNCT
ajfa-8262	112	56	,	,	PUNCT
ajfa-8262	112	57	(	(	PUNCT
ajfa-8262	112	58	bali	bali	PROPN
ajfa-8262	112	59	&	&	CCONJ
ajfa-8262	112	60	cakici	cakici	PROPN
ajfa-8262	112	61	,	,	PUNCT
ajfa-8262	112	62	2008	2008	NUM
ajfa-8262	112	63	)	)	PUNCT
ajfa-8262	112	64	use	use	VERB
ajfa-8262	112	65	value	value	NOUN
ajfa-8262	112	66	weighing	weigh	VERB
ajfa-8262	112	67	scheme	scheme	NOUN
ajfa-8262	112	68	and	and	CCONJ
ajfa-8262	112	69	(	(	PUNCT
ajfa-8262	112	70	fu	fu	ADJ
ajfa-8262	112	71	,	,	PUNCT
ajfa-8262	112	72	2009	2009	NUM
ajfa-8262	112	73	)	)	PUNCT
ajfa-8262	112	74	uses	use	VERB
ajfa-8262	112	75	both	both	PRON
ajfa-8262	112	76	.	.	PUNCT
ajfa-8262	113	1	4	4	X
ajfa-8262	113	2	.	.	X
ajfa-8262	113	3	possible	possible	ADJ
ajfa-8262	113	4	explanations	explanation	NOUN
ajfa-8262	113	5	while	while	SCONJ
ajfa-8262	113	6	it	it	PRON
ajfa-8262	113	7	is	be	AUX
ajfa-8262	113	8	difficult	difficult	ADJ
ajfa-8262	113	9	to	to	PART
ajfa-8262	113	10	explain	explain	VERB
ajfa-8262	113	11	presence	presence	NOUN
ajfa-8262	113	12	of	of	ADP
ajfa-8262	113	13	such	such	ADJ
ajfa-8262	113	14	low	low	ADJ
ajfa-8262	113	15	risk	risk	NOUN
ajfa-8262	113	16	anomaly	anomaly	NOUN
ajfa-8262	113	17	and	and	CCONJ
ajfa-8262	113	18	its	its	PRON
ajfa-8262	113	19	persistence	persistence	NOUN
ajfa-8262	113	20	using	use	VERB
ajfa-8262	113	21	traditional	traditional	ADJ
ajfa-8262	113	22	finance	finance	NOUN
ajfa-8262	113	23	theory	theory	NOUN
ajfa-8262	113	24	and	and	CCONJ
ajfa-8262	113	25	models	model	NOUN
ajfa-8262	113	26	such	such	ADJ
ajfa-8262	113	27	as	as	ADP
ajfa-8262	113	28	capital	capital	NOUN
ajfa-8262	113	29	asset	asset	NOUN
ajfa-8262	113	30	pricing	pricing	NOUN
ajfa-8262	113	31	model	model	NOUN
ajfa-8262	113	32	(	(	PUNCT
ajfa-8262	113	33	capm	capm	PROPN
ajfa-8262	113	34	)	)	PUNCT
ajfa-8262	113	35	and	and	CCONJ
ajfa-8262	113	36	markowitz	markowitz	PROPN
ajfa-8262	113	37	modern	modern	PROPN
ajfa-8262	113	38	portfolio	portfolio	PROPN
ajfa-8262	113	39	theory	theory	PROPN
ajfa-8262	113	40	(	(	PUNCT
ajfa-8262	113	41	mpt	mpt	PROPN
ajfa-8262	113	42	)	)	PUNCT
ajfa-8262	113	43	,	,	PUNCT
ajfa-8262	113	44	there	there	PRON
ajfa-8262	113	45	are	be	VERB
ajfa-8262	113	46	some	some	DET
ajfa-8262	113	47	plausible	plausible	ADJ
ajfa-8262	113	48	explanations	explanation	NOUN
ajfa-8262	113	49	to	to	PART
ajfa-8262	113	50	explain	explain	VERB
ajfa-8262	113	51	such	such	ADJ
ajfa-8262	113	52	consistent	consistent	ADJ
ajfa-8262	113	53	outperformance	outperformance	NOUN
ajfa-8262	113	54	of	of	ADP
ajfa-8262	113	55	low	low	ADJ
ajfa-8262	113	56	volatility	volatility	NOUN
ajfa-8262	113	57	investment	investment	NOUN
ajfa-8262	113	58	strategies	strategy	NOUN
ajfa-8262	113	59	.	.	PUNCT
ajfa-8262	114	1	as	as	SCONJ
ajfa-8262	114	2	we	we	PRON
ajfa-8262	114	3	report	report	VERB
ajfa-8262	114	4	earlier	early	ADV
ajfa-8262	114	5	,	,	PUNCT
ajfa-8262	114	6	there	there	PRON
ajfa-8262	114	7	are	be	VERB
ajfa-8262	114	8	two	two	NUM
ajfa-8262	114	9	sets	set	NOUN
ajfa-8262	114	10	of	of	ADP
ajfa-8262	114	11	explanations	explanation	NOUN
ajfa-8262	114	12	available	available	ADJ
ajfa-8262	114	13	.	.	PUNCT
ajfa-8262	115	1	one	one	NUM
ajfa-8262	115	2	set	set	NOUN
ajfa-8262	115	3	of	of	ADP
ajfa-8262	115	4	explanations	explanation	NOUN
ajfa-8262	115	5	tries	try	VERB
ajfa-8262	115	6	to	to	PART
ajfa-8262	115	7	explain	explain	VERB
ajfa-8262	115	8	evidence	evidence	NOUN
ajfa-8262	115	9	of	of	ADP
ajfa-8262	115	10	low	low	ADJ
ajfa-8262	115	11	risk	risk	NOUN
ajfa-8262	115	12	anomaly	anomaly	NOUN
ajfa-8262	115	13	using	use	VERB
ajfa-8262	115	14	economic	economic	ADJ
ajfa-8262	115	15	or	or	CCONJ
ajfa-8262	115	16	behavioral	behavioral	ADJ
ajfa-8262	115	17	reasoning	reasoning	NOUN
ajfa-8262	115	18	.	.	PUNCT
ajfa-8262	116	1	whereas	whereas	SCONJ
ajfa-8262	116	2	the	the	DET
ajfa-8262	116	3	other	other	ADJ
ajfa-8262	116	4	set	set	NOUN
ajfa-8262	116	5	of	of	ADP
ajfa-8262	116	6	explanations	explanation	NOUN
ajfa-8262	116	7	tries	try	VERB
ajfa-8262	116	8	to	to	PART
ajfa-8262	116	9	explain	explain	VERB
ajfa-8262	116	10	it	it	PRON
ajfa-8262	116	11	away	away	ADV
ajfa-8262	116	12	.	.	PUNCT
ajfa-8262	117	1	4.1	4.1	NUM
ajfa-8262	117	2	economic	economic	ADJ
ajfa-8262	117	3	explanations	explanation	NOUN
ajfa-8262	117	4	following	follow	VERB
ajfa-8262	117	5	are	be	AUX
ajfa-8262	117	6	some	some	PRON
ajfa-8262	117	7	of	of	ADP
ajfa-8262	117	8	the	the	DET
ajfa-8262	117	9	economic	economic	ADJ
ajfa-8262	117	10	explanations	explanation	NOUN
ajfa-8262	117	11	.	.	PUNCT
ajfa-8262	118	1	1	1	X
ajfa-8262	118	2	.	.	X
ajfa-8262	118	3	borrowing	borrow	VERB
ajfa-8262	118	4	restrictions	restriction	NOUN
ajfa-8262	118	5	:	:	PUNCT
ajfa-8262	118	6	leverage	leverage	NOUN
ajfa-8262	118	7	is	be	AUX
ajfa-8262	118	8	essential	essential	ADJ
ajfa-8262	118	9	to	to	PART
ajfa-8262	118	10	take	take	VERB
ajfa-8262	118	11	full	full	ADJ
ajfa-8262	118	12	advantage	advantage	NOUN
ajfa-8262	118	13	of	of	ADP
ajfa-8262	118	14	attractive	attractive	ADJ
ajfa-8262	118	15	absolute	absolute	ADJ
ajfa-8262	118	16	returns	return	NOUN
ajfa-8262	118	17	of	of	ADP
ajfa-8262	118	18	low	low	ADJ
ajfa-8262	118	19	-	-	PUNCT
ajfa-8262	118	20	risk	risk	NOUN
ajfa-8262	118	21	stocks	stock	NOUN
ajfa-8262	118	22	.	.	PUNCT
ajfa-8262	119	1	however	however	ADV
ajfa-8262	119	2	,	,	PUNCT
ajfa-8262	119	3	in	in	ADP
ajfa-8262	119	4	practice	practice	NOUN
ajfa-8262	119	5	there	there	PRON
ajfa-8262	119	6	are	be	VERB
ajfa-8262	119	7	several	several	ADJ
ajfa-8262	119	8	restrictions	restriction	NOUN
ajfa-8262	119	9	on	on	ADP
ajfa-8262	119	10	short	short	ADJ
ajfa-8262	119	11	selling	selling	NOUN
ajfa-8262	119	12	and	and	CCONJ
ajfa-8262	119	13	leverage	leverage	NOUN
ajfa-8262	119	14	allowed	allow	VERB
ajfa-8262	119	15	for	for	ADP
ajfa-8262	119	16	investment	investment	NOUN
ajfa-8262	119	17	purpose	purpose	NOUN
ajfa-8262	119	18	.	.	PUNCT
ajfa-8262	120	1	(	(	PUNCT
ajfa-8262	120	2	black	black	ADJ
ajfa-8262	120	3	,	,	PUNCT
ajfa-8262	120	4	1972	1972	NUM
ajfa-8262	120	5	)	)	PUNCT
ajfa-8262	120	6	documents	document	NOUN
ajfa-8262	120	7	borrowing	borrow	VERB
ajfa-8262	120	8	restrictions	restriction	NOUN
ajfa-8262	120	9	applicable	applicable	ADJ
ajfa-8262	120	10	for	for	ADP
ajfa-8262	120	11	both	both	CCONJ
ajfa-8262	120	12	the	the	DET
ajfa-8262	120	13	individual	individual	NOUN
ajfa-8262	120	14	as	as	ADV
ajfa-8262	120	15	well	well	ADV
ajfa-8262	120	16	as	as	ADP
ajfa-8262	120	17	most	most	ADJ
ajfa-8262	120	18	of	of	ADP
ajfa-8262	120	19	the	the	DET
ajfa-8262	120	20	institutional	institutional	ADJ
ajfa-8262	120	21	investors	investor	NOUN
ajfa-8262	120	22	.	.	PUNCT
ajfa-8262	121	1	black	black	ADJ
ajfa-8262	121	2	(	(	PUNCT
ajfa-8262	121	3	black	black	ADJ
ajfa-8262	121	4	,	,	PUNCT
ajfa-8262	121	5	1993	1993	NUM
ajfa-8262	121	6	)	)	PUNCT
ajfa-8262	121	7	argues	argue	VERB
ajfa-8262	121	8	that	that	SCONJ
ajfa-8262	121	9	one	one	PRON
ajfa-8262	121	10	should	should	AUX
ajfa-8262	121	11	look	look	VERB
ajfa-8262	121	12	at	at	ADP
ajfa-8262	121	13	asset	asset	NOUN
ajfa-8262	121	14	allocation	allocation	NOUN
ajfa-8262	121	15	between	between	ADP
ajfa-8262	121	16	bonds	bond	NOUN
ajfa-8262	121	17	and	and	CCONJ
ajfa-8262	121	18	low	low	ADJ
ajfa-8262	121	19	risk	risk	NOUN
ajfa-8262	121	20	equity	equity	NOUN
ajfa-8262	121	21	rather	rather	ADV
ajfa-8262	121	22	that	that	DET
ajfa-8262	121	23	bond	bond	NOUN
ajfa-8262	121	24	and	and	CCONJ
ajfa-8262	121	25	market	market	NOUN
ajfa-8262	121	26	portfolio	portfolio	NOUN
ajfa-8262	121	27	of	of	ADP
ajfa-8262	121	28	equity	equity	NOUN
ajfa-8262	121	29	.	.	PUNCT
ajfa-8262	122	1	however	however	ADV
ajfa-8262	122	2	,	,	PUNCT
ajfa-8262	122	3	for	for	ADP
ajfa-8262	122	4	that	that	PRON
ajfa-8262	122	5	,	,	PUNCT
ajfa-8262	122	6	one	one	PRON
ajfa-8262	122	7	has	have	VERB
ajfa-8262	122	8	to	to	PART
ajfa-8262	122	9	recognize	recognize	VERB
ajfa-8262	122	10	low	low	ADJ
ajfa-8262	122	11	risk	risk	NOUN
ajfa-8262	122	12	equity	equity	NOUN
ajfa-8262	122	13	as	as	ADP
ajfa-8262	122	14	a	a	DET
ajfa-8262	122	15	separate	separate	ADJ
ajfa-8262	122	16	asset	asset	NOUN
ajfa-8262	122	17	class.(blitz	class.(blitz	PROPN
ajfa-8262	122	18	&	&	CCONJ
ajfa-8262	122	19	vliet	vliet	PROPN
ajfa-8262	122	20	,	,	PUNCT
ajfa-8262	122	21	2007	2007	NUM
ajfa-8262	122	22	)	)	PUNCT
ajfa-8262	122	23	and	and	CCONJ
ajfa-8262	122	24	(	(	PUNCT
ajfa-8262	122	25	baker	baker	PROPN
ajfa-8262	122	26	,	,	PUNCT
ajfa-8262	122	27	bradley	bradley	PROPN
ajfa-8262	122	28	,	,	PUNCT
ajfa-8262	122	29	&	&	CCONJ
ajfa-8262	122	30	wurgler	wurgler	PROPN
ajfa-8262	122	31	,	,	PUNCT
ajfa-8262	122	32	2011	2011	NUM
ajfa-8262	122	33	)	)	PUNCT
ajfa-8262	122	34	explain	explain	VERB
ajfa-8262	122	35	underpricing	underpricing	NOUN
ajfa-8262	122	36	of	of	ADP
ajfa-8262	122	37	low	low	ADJ
ajfa-8262	122	38	volatility	volatility	NOUN
ajfa-8262	122	39	stocks	stock	NOUN
ajfa-8262	122	40	and	and	CCONJ
ajfa-8262	122	41	overpricing	overpricing	NOUN
ajfa-8262	122	42	of	of	ADP
ajfa-8262	122	43	high	high	ADJ
ajfa-8262	122	44	volatility	volatility	NOUN
ajfa-8262	122	45	stocks	stock	NOUN
ajfa-8262	122	46	due	due	ADJ
ajfa-8262	122	47	to	to	ADP
ajfa-8262	122	48	such	such	ADJ
ajfa-8262	122	49	borrowing	borrowing	NOUN
ajfa-8262	122	50	restrictions	restriction	NOUN
ajfa-8262	122	51	.	.	PUNCT
ajfa-8262	123	1	2	2	X
ajfa-8262	123	2	.	.	X
ajfa-8262	123	3	limits	limit	NOUN
ajfa-8262	123	4	of	of	ADP
ajfa-8262	123	5	arbitrage	arbitrage	NOUN
ajfa-8262	123	6	:	:	PUNCT
ajfa-8262	123	7	(	(	PUNCT
ajfa-8262	123	8	baker	baker	PROPN
ajfa-8262	123	9	,	,	PUNCT
ajfa-8262	123	10	bradley	bradley	PROPN
ajfa-8262	123	11	,	,	PUNCT
ajfa-8262	123	12	&	&	CCONJ
ajfa-8262	123	13	wurgler	wurgler	PROPN
ajfa-8262	123	14	,	,	PUNCT
ajfa-8262	123	15	2011	2011	NUM
ajfa-8262	123	16	)	)	PUNCT
ajfa-8262	123	17	attribute	attribute	NOUN
ajfa-8262	123	18	low	low	ADJ
ajfa-8262	123	19	-	-	PUNCT
ajfa-8262	123	20	beta	beta	NOUN
ajfa-8262	123	21	high	high	ADJ
ajfa-8262	123	22	-	-	PUNCT
ajfa-8262	123	23	alpha	alpha	NOUN
ajfa-8262	123	24	and	and	CCONJ
ajfa-8262	123	25	high	high	ADJ
ajfa-8262	123	26	-	-	PUNCT
ajfa-8262	123	27	beta	beta	NOUN
ajfa-8262	123	28	low	low	ADJ
ajfa-8262	123	29	-	-	PUNCT
ajfa-8262	123	30	alpha	alpha	NOUN
ajfa-8262	123	31	scenario	scenario	NOUN
ajfa-8262	123	32	to	to	ADP
ajfa-8262	123	33	the	the	DET
ajfa-8262	123	34	fact	fact	NOUN
ajfa-8262	123	35	that	that	SCONJ
ajfa-8262	123	36	most	most	ADJ
ajfa-8262	123	37	of	of	ADP
ajfa-8262	123	38	the	the	DET
ajfa-8262	123	39	institutional	institutional	ADJ
ajfa-8262	123	40	investors	investor	NOUN
ajfa-8262	123	41	are	be	AUX
ajfa-8262	123	42	working	work	VERB
ajfa-8262	123	43	for	for	ADP
ajfa-8262	123	44	beating	beat	VERB
ajfa-8262	123	45	some	some	DET
ajfa-8262	123	46	benchmark	benchmark	NOUN
ajfa-8262	123	47	and	and	CCONJ
ajfa-8262	123	48	in	in	ADP
ajfa-8262	123	49	order	order	NOUN
ajfa-8262	123	50	to	to	PART
ajfa-8262	123	51	achieve	achieve	VERB
ajfa-8262	123	52	that	that	SCONJ
ajfa-8262	123	53	they	they	PRON
ajfa-8262	123	54	tend	tend	VERB
ajfa-8262	123	55	to	to	PART
ajfa-8262	123	56	go	go	VERB
ajfa-8262	123	57	for	for	ADP
ajfa-8262	123	58	high	high	ADJ
ajfa-8262	123	59	beta	beta	NOUN
ajfa-8262	123	60	stocks	stock	NOUN
ajfa-8262	123	61	.	.	PUNCT
ajfa-8262	124	1	this	this	PRON
ajfa-8262	124	2	is	be	AUX
ajfa-8262	124	3	because	because	SCONJ
ajfa-8262	124	4	chasing	chase	VERB
ajfa-8262	124	5	high	high	ADJ
ajfa-8262	124	6	beta	beta	NOUN
ajfa-8262	124	7	stocks	stock	NOUN
ajfa-8262	124	8	is	be	AUX
ajfa-8262	124	9	an	an	DET
ajfa-8262	124	10	easier	easy	ADJ
ajfa-8262	124	11	way	way	NOUN
ajfa-8262	124	12	to	to	PART
ajfa-8262	124	13	beat	beat	VERB
ajfa-8262	124	14	the	the	DET
ajfa-8262	124	15	benchmark	benchmark	NOUN
ajfa-8262	124	16	rather	rather	ADV
ajfa-8262	124	17	than	than	ADP
ajfa-8262	124	18	search	search	VERB
ajfa-8262	124	19	for	for	ADP
ajfa-8262	124	20	stock	stock	NOUN
ajfa-8262	124	21	with	with	ADP
ajfa-8262	124	22	alpha	alpha	NOUN
ajfa-8262	124	23	that	that	PRON
ajfa-8262	124	24	is	be	AUX
ajfa-8262	124	25	high	high	ADJ
ajfa-8262	124	26	enough	enough	ADV
ajfa-8262	124	27	to	to	PART
ajfa-8262	124	28	enable	enable	VERB
ajfa-8262	124	29	them	they	PRON
ajfa-8262	124	30	to	to	PART
ajfa-8262	124	31	outperform	outperform	VERB
ajfa-8262	124	32	the	the	DET
ajfa-8262	124	33	benchmark	benchmark	NOUN
ajfa-8262	124	34	.	.	PUNCT
ajfa-8262	125	1	the	the	DET
ajfa-8262	125	2	alternative	alternative	ADJ
ajfa-8262	125	3	way	way	NOUN
ajfa-8262	125	4	of	of	ADP
ajfa-8262	125	5	doing	do	VERB
ajfa-8262	125	6	it	it	PRON
ajfa-8262	125	7	is	be	AUX
ajfa-8262	125	8	by	by	ADP
ajfa-8262	125	9	investing	invest	VERB
ajfa-8262	125	10	in	in	ADP
ajfa-8262	125	11	low	low	ADJ
ajfa-8262	125	12	beta	beta	NOUN
ajfa-8262	125	13	stocks	stock	NOUN
ajfa-8262	125	14	using	use	VERB
ajfa-8262	125	15	leverage	leverage	NOUN
ajfa-8262	125	16	and	and	CCONJ
ajfa-8262	125	17	outperforming	outperforming	NOUN
ajfa-8262	125	18	benchmark	benchmark	NOUN
ajfa-8262	125	19	and	and	CCONJ
ajfa-8262	125	20	benefiting	benefit	VERB
ajfa-8262	125	21	from	from	ADP
ajfa-8262	125	22	alpha	alpha	NOUN
ajfa-8262	125	23	as	as	ADV
ajfa-8262	125	24	well	well	ADV
ajfa-8262	125	25	.	.	PUNCT
ajfa-8262	126	1	however	however	ADV
ajfa-8262	126	2	,	,	PUNCT
ajfa-8262	126	3	restrictions	restriction	NOUN
ajfa-8262	126	4	on	on	ADP
ajfa-8262	126	5	borrowing	borrowing	NOUN
ajfa-8262	126	6	including	include	VERB
ajfa-8262	126	7	‘	'	PUNCT
ajfa-8262	126	8	long	long	ADJ
ajfa-8262	126	9	only	only	ADJ
ajfa-8262	126	10	’	'	PUNCT
ajfa-8262	126	11	mandate	mandate	NOUN
ajfa-8262	126	12	leads	lead	VERB
ajfa-8262	126	13	to	to	ADP
ajfa-8262	126	14	elimination	elimination	NOUN
ajfa-8262	126	15	of	of	ADP
ajfa-8262	126	16	possibility	possibility	NOUN
ajfa-8262	126	17	of	of	ADP
ajfa-8262	126	18	exploiting	exploit	VERB
ajfa-8262	126	19	arbitrage	arbitrage	NOUN
ajfa-8262	126	20	opportunity	opportunity	NOUN
ajfa-8262	126	21	between	between	ADP
ajfa-8262	126	22	low	low	ADJ
ajfa-8262	126	23	beta	beta	NOUN
ajfa-8262	126	24	-	-	PUNCT
ajfa-8262	126	25	high	high	ADJ
ajfa-8262	126	26	alpha	alpha	NOUN
ajfa-8262	126	27	and	and	CCONJ
ajfa-8262	126	28	high	high	ADJ
ajfa-8262	126	29	beta	beta	NOUN
ajfa-8262	126	30	-	-	PUNCT
ajfa-8262	126	31	low	low	ADJ
ajfa-8262	126	32	alpha	alpha	NOUN
ajfa-8262	126	33	stock	stock	NOUN
ajfa-8262	126	34	.	.	PUNCT
ajfa-8262	127	1	3	3	X
ajfa-8262	127	2	.	.	X
ajfa-8262	127	3	decentralized	decentralize	VERB
ajfa-8262	127	4	investment	investment	NOUN
ajfa-8262	127	5	approach	approach	NOUN
ajfa-8262	127	6	:	:	PUNCT
ajfa-8262	127	7	in	in	ADP
ajfa-8262	127	8	professional	professional	ADJ
ajfa-8262	127	9	investment	investment	NOUN
ajfa-8262	127	10	industry	industry	NOUN
ajfa-8262	127	11	,	,	PUNCT
ajfa-8262	127	12	the	the	DET
ajfa-8262	127	13	practice	practice	NOUN
ajfa-8262	127	14	is	be	AUX
ajfa-8262	127	15	that	that	SCONJ
ajfa-8262	127	16	the	the	DET
ajfa-8262	127	17	chief	chief	ADJ
ajfa-8262	127	18	investment	investment	NOUN
ajfa-8262	127	19	officer	officer	NOUN
ajfa-8262	127	20	makes	make	VERB
ajfa-8262	127	21	the	the	DET
ajfa-8262	127	22	asset	asset	NOUN
ajfa-8262	127	23	allocation	allocation	NOUN
ajfa-8262	127	24	decision	decision	NOUN
ajfa-8262	127	25	and	and	CCONJ
ajfa-8262	127	26	in	in	ADP
ajfa-8262	127	27	second	second	ADJ
ajfa-8262	127	28	stage	stage	NOUN
ajfa-8262	127	29	,	,	PUNCT
ajfa-8262	127	30	capital	capital	NOUN
ajfa-8262	127	31	is	be	AUX
ajfa-8262	127	32	allocated	allocate	VERB
ajfa-8262	127	33	to	to	ADP
ajfa-8262	127	34	managers	manager	NOUN
ajfa-8262	127	35	who	who	PRON
ajfa-8262	127	36	buy	buy	VERB
ajfa-8262	127	37	securities	security	NOUN
ajfa-8262	127	38	within	within	ADP
ajfa-8262	127	39	the	the	DET
ajfa-8262	127	40	different	different	ADJ
ajfa-8262	127	41	assets	asset	NOUN
ajfa-8262	127	42	classes	class	NOUN
ajfa-8262	127	43	.	.	PUNCT
ajfa-8262	128	1	binsbergen	binsbergen	PROPN
ajfa-8262	128	2	et	et	PROPN
ajfa-8262	128	3	al	al	PROPN
ajfa-8262	128	4	.	.	PROPN
ajfa-8262	128	5	asian	asian	PROPN
ajfa-8262	128	6	journal	journal	PROPN
ajfa-8262	128	7	of	of	ADP
ajfa-8262	128	8	finance	finance	PROPN
ajfa-8262	128	9	&	&	CCONJ
ajfa-8262	128	10	accounting	accounting	PROPN
ajfa-8262	128	11	issn	issn	PROPN
ajfa-8262	128	12	1946	1946	NUM
ajfa-8262	128	13	-	-	PUNCT
ajfa-8262	128	14	052x	052x	NOUN
ajfa-8262	128	15	2015	2015	NUM
ajfa-8262	128	16	,	,	PUNCT
ajfa-8262	128	17	vol	vol	NOUN
ajfa-8262	128	18	.	.	PROPN
ajfa-8262	128	19	7	7	NUM
ajfa-8262	128	20	,	,	PUNCT
ajfa-8262	128	21	no	no	INTJ
ajfa-8262	128	22	.	.	NOUN
ajfa-8262	128	23	2	2	NUM
ajfa-8262	128	24	145	145	NUM
ajfa-8262	128	25	(	(	PUNCT
ajfa-8262	128	26	binsbergen	binsbergen	NOUN
ajfa-8262	128	27	,	,	PUNCT
ajfa-8262	128	28	brandt	brandt	PROPN
ajfa-8262	128	29	,	,	PUNCT
ajfa-8262	128	30	&	&	CCONJ
ajfa-8262	128	31	koijen	koijen	PROPN
ajfa-8262	128	32	,	,	PUNCT
ajfa-8262	128	33	2008	2008	NUM
ajfa-8262	128	34	)	)	PUNCT
ajfa-8262	128	35	attribute	attribute	NOUN
ajfa-8262	128	36	inefficiencies	inefficiency	NOUN
ajfa-8262	128	37	in	in	ADP
ajfa-8262	128	38	decentralized	decentralized	ADJ
ajfa-8262	128	39	investment	investment	NOUN
ajfa-8262	128	40	management	management	NOUN
ajfa-8262	128	41	approach	approach	NOUN
ajfa-8262	128	42	to	to	ADP
ajfa-8262	128	43	profit	profit	NOUN
ajfa-8262	128	44	maximizing	maximize	VERB
ajfa-8262	128	45	asset	asset	NOUN
ajfa-8262	128	46	managers	manager	NOUN
ajfa-8262	128	47	’	'	PUNCT
ajfa-8262	128	48	search	search	NOUN
ajfa-8262	128	49	for	for	ADP
ajfa-8262	128	50	outperformance	outperformance	NOUN
ajfa-8262	128	51	in	in	ADP
ajfa-8262	128	52	up	up	ADP
ajfa-8262	128	53	market	market	NOUN
ajfa-8262	128	54	rather	rather	ADV
ajfa-8262	128	55	than	than	ADP
ajfa-8262	128	56	in	in	ADP
ajfa-8262	128	57	the	the	DET
ajfa-8262	128	58	down	down	ADJ
ajfa-8262	128	59	market	market	NOUN
ajfa-8262	128	60	.	.	PUNCT
ajfa-8262	129	1	4	4	X
ajfa-8262	129	2	.	.	X
ajfa-8262	129	3	short	short	ADJ
ajfa-8262	129	4	selling	selling	NOUN
ajfa-8262	129	5	constraints	constraint	NOUN
ajfa-8262	129	6	:	:	PUNCT
ajfa-8262	129	7	(	(	PUNCT
ajfa-8262	129	8	hong	hong	PROPN
ajfa-8262	129	9	&	&	CCONJ
ajfa-8262	129	10	sraer	sraer	PROPN
ajfa-8262	129	11	,	,	PUNCT
ajfa-8262	129	12	2012	2012	NUM
ajfa-8262	129	13	)	)	PUNCT
ajfa-8262	129	14	show	show	VERB
ajfa-8262	129	15	that	that	SCONJ
ajfa-8262	129	16	high	high	ADJ
ajfa-8262	129	17	-	-	PUNCT
ajfa-8262	129	18	risk	risk	NOUN
ajfa-8262	129	19	stocks	stock	NOUN
ajfa-8262	129	20	have	have	VERB
ajfa-8262	129	21	greater	great	ADJ
ajfa-8262	129	22	divergence	divergence	NOUN
ajfa-8262	129	23	of	of	ADP
ajfa-8262	129	24	opinion	opinion	NOUN
ajfa-8262	129	25	about	about	ADP
ajfa-8262	129	26	their	their	PRON
ajfa-8262	129	27	payoffs	payoff	NOUN
ajfa-8262	129	28	making	make	VERB
ajfa-8262	129	29	them	they	PRON
ajfa-8262	129	30	more	more	ADV
ajfa-8262	129	31	prone	prone	ADJ
ajfa-8262	129	32	to	to	ADP
ajfa-8262	129	33	speculative	speculative	ADJ
ajfa-8262	129	34	overpricing	overpricing	NOUN
ajfa-8262	129	35	than	than	ADP
ajfa-8262	129	36	low	low	ADJ
ajfa-8262	129	37	-	-	PUNCT
ajfa-8262	129	38	risk	risk	NOUN
ajfa-8262	129	39	ones	one	NOUN
ajfa-8262	129	40	.	.	PUNCT
ajfa-8262	130	1	short	short	ADJ
ajfa-8262	130	2	selling	selling	NOUN
ajfa-8262	130	3	constraints	constraint	NOUN
ajfa-8262	130	4	,	,	PUNCT
ajfa-8262	130	5	does	do	AUX
ajfa-8262	130	6	not	not	PART
ajfa-8262	130	7	allow	allow	VERB
ajfa-8262	130	8	arbitrageurs	arbitrageur	NOUN
ajfa-8262	130	9	to	to	PART
ajfa-8262	130	10	correct	correct	VERB
ajfa-8262	130	11	the	the	DET
ajfa-8262	130	12	inflated	inflated	ADJ
ajfa-8262	130	13	prices	price	NOUN
ajfa-8262	130	14	of	of	ADP
ajfa-8262	130	15	high	high	ADJ
ajfa-8262	130	16	volatility	volatility	NOUN
ajfa-8262	130	17	stocks	stock	NOUN
ajfa-8262	130	18	immediately	immediately	ADV
ajfa-8262	130	19	by	by	ADP
ajfa-8262	130	20	going	go	VERB
ajfa-8262	130	21	long	long	ADV
ajfa-8262	130	22	on	on	ADP
ajfa-8262	130	23	ignored	ignore	VERB
ajfa-8262	130	24	low	low	ADJ
ajfa-8262	130	25	risk	risk	NOUN
ajfa-8262	130	26	stocks	stock	NOUN
ajfa-8262	130	27	and	and	CCONJ
ajfa-8262	130	28	shorting	short	VERB
ajfa-8262	130	29	high	high	ADJ
ajfa-8262	130	30	risk	risk	NOUN
ajfa-8262	130	31	stocks	stock	NOUN
ajfa-8262	130	32	,	,	PUNCT
ajfa-8262	130	33	which	which	PRON
ajfa-8262	130	34	in	in	ADP
ajfa-8262	130	35	turn	turn	NOUN
ajfa-8262	130	36	,	,	PUNCT
ajfa-8262	130	37	leads	lead	VERB
ajfa-8262	130	38	to	to	ADP
ajfa-8262	130	39	underperformance	underperformance	NOUN
ajfa-8262	130	40	of	of	ADP
ajfa-8262	130	41	high	high	ADJ
ajfa-8262	130	42	volatility	volatility	NOUN
ajfa-8262	130	43	stocks	stock	NOUN
ajfa-8262	130	44	.	.	PUNCT
ajfa-8262	131	1	5	5	X
ajfa-8262	131	2	.	.	X
ajfa-8262	131	3	agents	agent	NOUN
ajfa-8262	131	4	maximize	maximize	VERB
ajfa-8262	131	5	option	option	NOUN
ajfa-8262	131	6	value	value	NOUN
ajfa-8262	131	7	:	:	PUNCT
ajfa-8262	131	8	(	(	PUNCT
ajfa-8262	131	9	baker	baker	PROPN
ajfa-8262	131	10	&	&	CCONJ
ajfa-8262	131	11	haugen	haugen	PROPN
ajfa-8262	131	12	,	,	PUNCT
ajfa-8262	131	13	2012	2012	NUM
ajfa-8262	131	14	)	)	PUNCT
ajfa-8262	131	15	observe	observe	VERB
ajfa-8262	131	16	that	that	SCONJ
ajfa-8262	131	17	portfolio	portfolio	NOUN
ajfa-8262	131	18	managers	manager	NOUN
ajfa-8262	131	19	are	be	AUX
ajfa-8262	131	20	typically	typically	ADV
ajfa-8262	131	21	paid	pay	VERB
ajfa-8262	131	22	a	a	DET
ajfa-8262	131	23	base	base	ADJ
ajfa-8262	131	24	salary	salary	NOUN
ajfa-8262	131	25	and	and	CCONJ
ajfa-8262	131	26	sufficiently	sufficiently	ADV
ajfa-8262	131	27	high	high	ADJ
ajfa-8262	131	28	bonus	bonus	NOUN
ajfa-8262	131	29	based	base	VERB
ajfa-8262	131	30	on	on	ADP
ajfa-8262	131	31	the	the	DET
ajfa-8262	131	32	portfolio	portfolio	NOUN
ajfa-8262	131	33	return	return	NOUN
ajfa-8262	131	34	.	.	PUNCT
ajfa-8262	132	1	this	this	PRON
ajfa-8262	132	2	makes	make	VERB
ajfa-8262	132	3	their	their	PRON
ajfa-8262	132	4	compensation	compensation	NOUN
ajfa-8262	132	5	resembling	resemble	VERB
ajfa-8262	132	6	a	a	DET
ajfa-8262	132	7	call	call	NOUN
ajfa-8262	132	8	option	option	NOUN
ajfa-8262	132	9	with	with	ADP
ajfa-8262	132	10	payoff	payoff	NOUN
ajfa-8262	132	11	function	function	NOUN
ajfa-8262	132	12	:	:	PUNCT
ajfa-8262	133	1	c	c	X
ajfa-8262	133	2	+	+	CCONJ
ajfa-8262	133	3	max(rp	max(rp	NOUN
ajfa-8262	133	4	–	–	PUNCT
ajfa-8262	133	5	x	x	NOUN
ajfa-8262	133	6	,	,	PUNCT
ajfa-8262	133	7	0	0	NUM
ajfa-8262	133	8	)	)	PUNCT
ajfa-8262	133	9	,	,	PUNCT
ajfa-8262	133	10	where	where	SCONJ
ajfa-8262	133	11	rp	rp	NOUN
ajfa-8262	133	12	is	be	AUX
ajfa-8262	133	13	portfolio	portfolio	NOUN
ajfa-8262	133	14	return	return	NOUN
ajfa-8262	133	15	,	,	PUNCT
ajfa-8262	133	16	c	c	PROPN
ajfa-8262	133	17	is	be	AUX
ajfa-8262	133	18	base	base	ADJ
ajfa-8262	133	19	salary	salary	NOUN
ajfa-8262	133	20	or	or	CCONJ
ajfa-8262	133	21	fee	fee	NOUN
ajfa-8262	133	22	and	and	CCONJ
ajfa-8262	133	23	x	x	NOUN
ajfa-8262	133	24	is	be	AUX
ajfa-8262	133	25	the	the	DET
ajfa-8262	133	26	hurdle	hurdle	NOUN
ajfa-8262	133	27	rate	rate	NOUN
ajfa-8262	133	28	.	.	PUNCT
ajfa-8262	134	1	this	this	DET
ajfa-8262	134	2	in	in	ADP
ajfa-8262	134	3	turn	turn	NOUN
ajfa-8262	134	4	results	result	NOUN
ajfa-8262	134	5	in	in	ADP
ajfa-8262	134	6	portfolio	portfolio	NOUN
ajfa-8262	134	7	managers	manager	NOUN
ajfa-8262	134	8	seeking	seek	VERB
ajfa-8262	134	9	higher	high	ADJ
ajfa-8262	134	10	risk	risk	NOUN
ajfa-8262	134	11	and	and	CCONJ
ajfa-8262	134	12	focusing	focus	VERB
ajfa-8262	134	13	on	on	ADP
ajfa-8262	134	14	outperformance	outperformance	NOUN
ajfa-8262	134	15	during	during	ADP
ajfa-8262	134	16	up	up	ADP
ajfa-8262	134	17	market	market	NOUN
ajfa-8262	134	18	rather	rather	ADV
ajfa-8262	134	19	than	than	ADP
ajfa-8262	134	20	down	down	ADP
ajfa-8262	134	21	market	market	NOUN
ajfa-8262	134	22	and	and	CCONJ
ajfa-8262	134	23	taking	take	VERB
ajfa-8262	134	24	higher	high	ADJ
ajfa-8262	134	25	risk	risk	NOUN
ajfa-8262	134	26	by	by	ADP
ajfa-8262	134	27	tilting	tilt	VERB
ajfa-8262	134	28	portfolios	portfolio	NOUN
ajfa-8262	134	29	towards	towards	ADP
ajfa-8262	134	30	high	high	ADJ
ajfa-8262	134	31	beta	beta	ADJ
ajfa-8262	134	32	stocks	stock	NOUN
ajfa-8262	134	33	.	.	PUNCT
ajfa-8262	135	1	4.2	4.2	NUM
ajfa-8262	135	2	explanations	explanation	NOUN
ajfa-8262	135	3	based	base	VERB
ajfa-8262	135	4	on	on	ADP
ajfa-8262	135	5	investor	investor	NOUN
ajfa-8262	135	6	’s	’s	PART
ajfa-8262	135	7	behavior	behavior	NOUN
ajfa-8262	135	8	and	and	CCONJ
ajfa-8262	135	9	biases	bias	NOUN
ajfa-8262	135	10	there	there	PRON
ajfa-8262	135	11	is	be	VERB
ajfa-8262	135	12	the	the	DET
ajfa-8262	135	13	other	other	ADJ
ajfa-8262	135	14	set	set	NOUN
ajfa-8262	135	15	of	of	ADP
ajfa-8262	135	16	explanations	explanation	NOUN
ajfa-8262	135	17	highlighting	highlight	VERB
ajfa-8262	135	18	irrational	irrational	ADJ
ajfa-8262	135	19	behavior	behavior	NOUN
ajfa-8262	135	20	of	of	ADP
ajfa-8262	135	21	not	not	PART
ajfa-8262	135	22	fully	fully	ADV
ajfa-8262	135	23	diversified	diversify	VERB
ajfa-8262	135	24	investors	investor	NOUN
ajfa-8262	135	25	and	and	CCONJ
ajfa-8262	135	26	how	how	SCONJ
ajfa-8262	135	27	behavioral	behavioral	ADJ
ajfa-8262	135	28	biases	bias	NOUN
ajfa-8262	135	29	influence	influence	VERB
ajfa-8262	135	30	investment	investment	NOUN
ajfa-8262	135	31	decision	decision	NOUN
ajfa-8262	135	32	and	and	CCONJ
ajfa-8262	135	33	make	make	VERB
ajfa-8262	135	34	investor	investor	NOUN
ajfa-8262	135	35	prefer	prefer	VERB
ajfa-8262	135	36	high	high	ADJ
ajfa-8262	135	37	volatility	volatility	NOUN
ajfa-8262	135	38	stocks	stock	NOUN
ajfa-8262	135	39	with	with	ADP
ajfa-8262	135	40	positive	positive	ADJ
ajfa-8262	135	41	skewness	skewness	NOUN
ajfa-8262	135	42	and	and	CCONJ
ajfa-8262	135	43	lottery	lottery	NOUN
ajfa-8262	135	44	like	like	ADP
ajfa-8262	135	45	payoffs	payoff	NOUN
ajfa-8262	135	46	and	and	CCONJ
ajfa-8262	135	47	thereby	thereby	ADV
ajfa-8262	135	48	pushing	push	VERB
ajfa-8262	135	49	them	they	PRON
ajfa-8262	135	50	in	in	ADP
ajfa-8262	135	51	to	to	PART
ajfa-8262	135	52	overpriced	overprice	VERB
ajfa-8262	135	53	territory	territory	NOUN
ajfa-8262	135	54	.	.	PUNCT
ajfa-8262	136	1	1	1	X
ajfa-8262	136	2	.	.	X
ajfa-8262	136	3	preference	preference	NOUN
ajfa-8262	136	4	for	for	ADP
ajfa-8262	136	5	lottery	lottery	NOUN
ajfa-8262	136	6	:	:	PUNCT
ajfa-8262	136	7	the	the	DET
ajfa-8262	136	8	general	general	ADJ
ajfa-8262	136	9	assumption	assumption	NOUN
ajfa-8262	136	10	is	be	AUX
ajfa-8262	136	11	that	that	SCONJ
ajfa-8262	136	12	investors	investor	NOUN
ajfa-8262	136	13	are	be	AUX
ajfa-8262	136	14	risk	risk	NOUN
ajfa-8262	136	15	averse	averse	ADJ
ajfa-8262	136	16	and	and	CCONJ
ajfa-8262	136	17	that	that	PRON
ajfa-8262	136	18	is	be	AUX
ajfa-8262	136	19	true	true	ADJ
ajfa-8262	136	20	under	under	ADP
ajfa-8262	136	21	normal	normal	ADJ
ajfa-8262	136	22	circumstances	circumstance	NOUN
ajfa-8262	136	23	.	.	PUNCT
ajfa-8262	137	1	a	a	DET
ajfa-8262	137	2	layman	layman	NOUN
ajfa-8262	137	3	tends	tend	VERB
ajfa-8262	137	4	to	to	PART
ajfa-8262	137	5	reject	reject	VERB
ajfa-8262	137	6	a	a	DET
ajfa-8262	137	7	bet	bet	NOUN
ajfa-8262	137	8	with	with	ADP
ajfa-8262	137	9	50	50	NUM
ajfa-8262	137	10	percent	percent	NOUN
ajfa-8262	137	11	probability	probability	NOUN
ajfa-8262	137	12	of	of	ADP
ajfa-8262	137	13	winning	win	VERB
ajfa-8262	137	14	rs.110	rs.110	PROPN
ajfa-8262	137	15	and	and	CCONJ
ajfa-8262	137	16	50	50	NUM
ajfa-8262	137	17	percent	percent	NOUN
ajfa-8262	137	18	probability	probability	NOUN
ajfa-8262	137	19	of	of	ADP
ajfa-8262	137	20	losing	lose	VERB
ajfa-8262	137	21	rs.100	rs.100	NOUN
ajfa-8262	137	22	despite	despite	SCONJ
ajfa-8262	137	23	positive	positive	ADJ
ajfa-8262	137	24	expected	expect	VERB
ajfa-8262	137	25	payoff	payoff	NOUN
ajfa-8262	137	26	associated	associate	VERB
ajfa-8262	137	27	with	with	ADP
ajfa-8262	137	28	this	this	DET
ajfa-8262	137	29	bet	bet	NOUN
ajfa-8262	137	30	.	.	PUNCT
ajfa-8262	138	1	(	(	PUNCT
ajfa-8262	138	2	kahneman	kahneman	PROPN
ajfa-8262	138	3	&	&	CCONJ
ajfa-8262	138	4	tversky	tversky	PROPN
ajfa-8262	138	5	,	,	PUNCT
ajfa-8262	138	6	1979	1979	NUM
ajfa-8262	138	7	)	)	PUNCT
ajfa-8262	138	8	explain	explain	VERB
ajfa-8262	138	9	such	such	ADJ
ajfa-8262	138	10	behavior	behavior	NOUN
ajfa-8262	138	11	as	as	ADP
ajfa-8262	138	12	“	"	PUNCT
ajfa-8262	138	13	loss	loss	NOUN
ajfa-8262	138	14	aversion	aversion	NOUN
ajfa-8262	138	15	”	"	PUNCT
ajfa-8262	138	16	.	.	PUNCT
ajfa-8262	139	1	however	however	ADV
ajfa-8262	139	2	something	something	PRON
ajfa-8262	139	3	strange	strange	ADJ
ajfa-8262	139	4	happens	happen	VERB
ajfa-8262	139	5	with	with	ADP
ajfa-8262	139	6	individuals	individual	NOUN
ajfa-8262	139	7	when	when	SCONJ
ajfa-8262	139	8	probability	probability	NOUN
ajfa-8262	139	9	shifts	shift	NOUN
ajfa-8262	139	10	.	.	PUNCT
ajfa-8262	140	1	if	if	SCONJ
ajfa-8262	140	2	the	the	DET
ajfa-8262	140	3	same	same	ADJ
ajfa-8262	140	4	individual	individual	NOUN
ajfa-8262	140	5	who	who	PRON
ajfa-8262	140	6	rejected	reject	VERB
ajfa-8262	140	7	the	the	DET
ajfa-8262	140	8	bet	bet	NOUN
ajfa-8262	140	9	with	with	ADP
ajfa-8262	140	10	positive	positive	ADJ
ajfa-8262	140	11	expected	expect	VERB
ajfa-8262	140	12	payoff	payoff	NOUN
ajfa-8262	140	13	of	of	ADP
ajfa-8262	140	14	rs.5	rs.5	PROPN
ajfa-8262	140	15	earlier	early	ADV
ajfa-8262	140	16	is	be	AUX
ajfa-8262	140	17	now	now	ADV
ajfa-8262	140	18	offered	offer	VERB
ajfa-8262	140	19	a	a	DET
ajfa-8262	140	20	bet	bet	NOUN
ajfa-8262	140	21	with	with	ADP
ajfa-8262	140	22	almost	almost	ADV
ajfa-8262	140	23	certain	certain	ADJ
ajfa-8262	140	24	loss	loss	NOUN
ajfa-8262	140	25	of	of	ADP
ajfa-8262	140	26	re.1	re.1	NOUN
ajfa-8262	140	27	and	and	CCONJ
ajfa-8262	140	28	a	a	DET
ajfa-8262	140	29	small	small	ADJ
ajfa-8262	140	30	chance	chance	NOUN
ajfa-8262	140	31	(	(	PUNCT
ajfa-8262	140	32	probability	probability	NOUN
ajfa-8262	140	33	is	be	AUX
ajfa-8262	140	34	0.15	0.15	NUM
ajfa-8262	140	35	percent	percent	NOUN
ajfa-8262	140	36	)	)	PUNCT
ajfa-8262	140	37	of	of	ADP
ajfa-8262	140	38	getting	get	VERB
ajfa-8262	140	39	rs.5000	rs.5000	PROPN
ajfa-8262	140	40	,	,	PUNCT
ajfa-8262	140	41	is	be	AUX
ajfa-8262	140	42	willing	willing	ADJ
ajfa-8262	140	43	to	to	PART
ajfa-8262	140	44	accept	accept	VERB
ajfa-8262	140	45	the	the	DET
ajfa-8262	140	46	bet	bet	NOUN
ajfa-8262	140	47	despite	despite	SCONJ
ajfa-8262	140	48	negative	negative	ADJ
ajfa-8262	140	49	expected	expected	ADJ
ajfa-8262	140	50	payoff	payoff	NOUN
ajfa-8262	140	51	associated	associate	VERB
ajfa-8262	140	52	with	with	ADP
ajfa-8262	140	53	it	it	PRON
ajfa-8262	140	54	.	.	PUNCT
ajfa-8262	141	1	that	that	PRON
ajfa-8262	141	2	’s	’	VERB
ajfa-8262	141	3	the	the	DET
ajfa-8262	141	4	very	very	ADJ
ajfa-8262	141	5	reason	reason	NOUN
ajfa-8262	141	6	,	,	PUNCT
ajfa-8262	141	7	people	people	NOUN
ajfa-8262	141	8	buy	buy	VERB
ajfa-8262	141	9	lottery	lottery	NOUN
ajfa-8262	141	10	!	!	PUNCT
ajfa-8262	142	1	this	this	PRON
ajfa-8262	142	2	has	have	VERB
ajfa-8262	142	3	something	something	PRON
ajfa-8262	142	4	to	to	PART
ajfa-8262	142	5	do	do	VERB
ajfa-8262	142	6	with	with	ADP
ajfa-8262	142	7	positive	positive	ADJ
ajfa-8262	142	8	skewness	skewness	NOUN
ajfa-8262	142	9	of	of	ADP
ajfa-8262	142	10	payoffs	payoff	NOUN
ajfa-8262	142	11	and	and	CCONJ
ajfa-8262	142	12	not	not	PART
ajfa-8262	142	13	volatility	volatility	NOUN
ajfa-8262	142	14	.	.	PUNCT
ajfa-8262	143	1	however	however	ADV
ajfa-8262	143	2	,	,	PUNCT
ajfa-8262	143	3	(	(	PUNCT
ajfa-8262	143	4	mitton	mitton	PROPN
ajfa-8262	143	5	&	&	CCONJ
ajfa-8262	143	6	vorkink	vorkink	NOUN
ajfa-8262	143	7	,	,	PUNCT
ajfa-8262	143	8	2007	2007	NUM
ajfa-8262	143	9	)	)	PUNCT
ajfa-8262	143	10	highlighted	highlight	VERB
ajfa-8262	143	11	that	that	SCONJ
ajfa-8262	143	12	high	high	ADJ
ajfa-8262	143	13	volatility	volatility	NOUN
ajfa-8262	143	14	individual	individual	ADJ
ajfa-8262	143	15	stocks	stock	NOUN
ajfa-8262	143	16	with	with	ADP
ajfa-8262	143	17	limited	limited	ADJ
ajfa-8262	143	18	liability	liability	NOUN
ajfa-8262	143	19	,	,	PUNCT
ajfa-8262	143	20	are	be	AUX
ajfa-8262	143	21	also	also	ADV
ajfa-8262	143	22	positively	positively	ADV
ajfa-8262	143	23	skewed	skew	VERB
ajfa-8262	143	24	.	.	PUNCT
ajfa-8262	144	1	buying	buy	VERB
ajfa-8262	144	2	a	a	DET
ajfa-8262	144	3	high	high	ADJ
ajfa-8262	144	4	volatility	volatility	NOUN
ajfa-8262	144	5	,	,	PUNCT
ajfa-8262	144	6	low	low	ADJ
ajfa-8262	144	7	priced	price	VERB
ajfa-8262	144	8	stock	stock	NOUN
ajfa-8262	144	9	is	be	AUX
ajfa-8262	144	10	like	like	ADP
ajfa-8262	144	11	buying	buy	VERB
ajfa-8262	144	12	a	a	DET
ajfa-8262	144	13	lottery	lottery	NOUN
ajfa-8262	144	14	high	high	ADJ
ajfa-8262	144	15	probability	probability	NOUN
ajfa-8262	144	16	of	of	ADP
ajfa-8262	144	17	losing	lose	VERB
ajfa-8262	144	18	money	money	NOUN
ajfa-8262	144	19	vs.	vs.	ADP
ajfa-8262	144	20	a	a	DET
ajfa-8262	144	21	small	small	ADJ
ajfa-8262	144	22	chance	chance	NOUN
ajfa-8262	144	23	of	of	ADP
ajfa-8262	144	24	doubling	double	VERB
ajfa-8262	144	25	or	or	CCONJ
ajfa-8262	144	26	tripling	triple	VERB
ajfa-8262	144	27	money	money	NOUN
ajfa-8262	144	28	in	in	ADP
ajfa-8262	144	29	short	short	ADJ
ajfa-8262	144	30	term	term	NOUN
ajfa-8262	144	31	.	.	PUNCT
ajfa-8262	145	1	(	(	PUNCT
ajfa-8262	145	2	kumar	kumar	PROPN
ajfa-8262	145	3	,	,	PUNCT
ajfa-8262	145	4	2009	2009	NUM
ajfa-8262	145	5	)	)	PUNCT
ajfa-8262	145	6	shows	show	VERB
ajfa-8262	145	7	that	that	SCONJ
ajfa-8262	145	8	individual	individual	ADJ
ajfa-8262	145	9	investors	investor	NOUN
ajfa-8262	145	10	show	show	VERB
ajfa-8262	145	11	clear	clear	ADJ
ajfa-8262	145	12	preference	preference	NOUN
ajfa-8262	145	13	for	for	ADP
ajfa-8262	145	14	stocks	stock	NOUN
ajfa-8262	145	15	with	with	ADP
ajfa-8262	145	16	lottery	lottery	NOUN
ajfa-8262	145	17	like	like	ADP
ajfa-8262	145	18	payoff	payoff	NOUN
ajfa-8262	145	19	measured	measure	VERB
ajfa-8262	145	20	as	as	ADP
ajfa-8262	145	21	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	145	22	volatility	volatility	NOUN
ajfa-8262	145	23	or	or	CCONJ
ajfa-8262	145	24	skewness	skewness	NOUN
ajfa-8262	145	25	.	.	PUNCT
ajfa-8262	146	1	(	(	PUNCT
ajfa-8262	146	2	boyer	boyer	PROPN
ajfa-8262	146	3	,	,	PUNCT
ajfa-8262	146	4	mitton	mitton	PROPN
ajfa-8262	146	5	,	,	PUNCT
ajfa-8262	146	6	&	&	CCONJ
ajfa-8262	146	7	vorkink	vorkink	NOUN
ajfa-8262	146	8	,	,	PUNCT
ajfa-8262	146	9	2010	2010	NUM
ajfa-8262	146	10	)	)	PUNCT
ajfa-8262	146	11	argue	argue	VERB
ajfa-8262	146	12	that	that	SCONJ
ajfa-8262	146	13	volatility	volatility	NOUN
ajfa-8262	146	14	is	be	AUX
ajfa-8262	146	15	a	a	DET
ajfa-8262	146	16	proxy	proxy	NOUN
ajfa-8262	146	17	for	for	ADP
ajfa-8262	146	18	expected	expect	VERB
ajfa-8262	146	19	skewness	skewness	NOUN
ajfa-8262	146	20	.	.	PUNCT
ajfa-8262	147	1	2	2	X
ajfa-8262	147	2	.	.	X
ajfa-8262	147	3	mental	mental	ADJ
ajfa-8262	147	4	accounting	accounting	NOUN
ajfa-8262	147	5	:	:	PUNCT
ajfa-8262	147	6	(	(	PUNCT
ajfa-8262	147	7	blitz	blitz	PROPN
ajfa-8262	147	8	&	&	CCONJ
ajfa-8262	147	9	vliet	vliet	PROPN
ajfa-8262	147	10	,	,	PUNCT
ajfa-8262	147	11	2007	2007	NUM
ajfa-8262	147	12	)	)	PUNCT
ajfa-8262	147	13	give	give	VERB
ajfa-8262	147	14	a	a	DET
ajfa-8262	147	15	related	relate	VERB
ajfa-8262	147	16	mental	mental	ADJ
ajfa-8262	147	17	-	-	PUNCT
ajfa-8262	147	18	accounting	accounting	NOUN
ajfa-8262	147	19	explanation	explanation	NOUN
ajfa-8262	147	20	for	for	ADP
ajfa-8262	147	21	the	the	DET
ajfa-8262	147	22	volatility	volatility	NOUN
ajfa-8262	147	23	effect	effect	NOUN
ajfa-8262	147	24	,	,	PUNCT
ajfa-8262	147	25	arguing	argue	VERB
ajfa-8262	147	26	that	that	SCONJ
ajfa-8262	147	27	investors	investor	NOUN
ajfa-8262	147	28	may	may	AUX
ajfa-8262	147	29	make	make	VERB
ajfa-8262	147	30	rational	rational	ADJ
ajfa-8262	147	31	risk	risk	NOUN
ajfa-8262	147	32	-	-	PUNCT
ajfa-8262	147	33	averse	averse	ADJ
ajfa-8262	147	34	choices	choice	NOUN
ajfa-8262	147	35	for	for	ADP
ajfa-8262	147	36	asset	asset	NOUN
ajfa-8262	147	37	allocation	allocation	NOUN
ajfa-8262	147	38	decision	decision	NOUN
ajfa-8262	147	39	,	,	PUNCT
ajfa-8262	147	40	but	but	CCONJ
ajfa-8262	147	41	when	when	SCONJ
ajfa-8262	147	42	it	it	PRON
ajfa-8262	147	43	comes	come	VERB
ajfa-8262	147	44	to	to	ADP
ajfa-8262	147	45	security	security	NOUN
ajfa-8262	147	46	selection	selection	NOUN
ajfa-8262	147	47	within	within	ADP
ajfa-8262	147	48	the	the	DET
ajfa-8262	147	49	asset	asset	NOUN
ajfa-8262	147	50	class	class	NOUN
ajfa-8262	147	51	,	,	PUNCT
ajfa-8262	147	52	they	they	PRON
ajfa-8262	147	53	become	become	VERB
ajfa-8262	147	54	risk	risk	NOUN
ajfa-8262	147	55	seeking	seeking	NOUN
ajfa-8262	147	56	or	or	CCONJ
ajfa-8262	147	57	risk	risk	VERB
ajfa-8262	147	58	neutral	neutral	ADJ
ajfa-8262	147	59	and	and	CCONJ
ajfa-8262	147	60	show	show	VERB
ajfa-8262	147	61	preference	preference	NOUN
ajfa-8262	147	62	for	for	ADP
ajfa-8262	147	63	high	high	ADJ
ajfa-8262	147	64	volatility	volatility	NOUN
ajfa-8262	147	65	investments	investment	NOUN
ajfa-8262	147	66	with	with	ADP
ajfa-8262	147	67	lottery	lottery	NOUN
ajfa-8262	147	68	like	like	ADP
ajfa-8262	147	69	payoffs	payoff	NOUN
ajfa-8262	147	70	.	.	PUNCT
ajfa-8262	148	1	asian	asian	ADJ
ajfa-8262	148	2	journal	journal	PROPN
ajfa-8262	148	3	of	of	ADP
ajfa-8262	148	4	finance	finance	PROPN
ajfa-8262	148	5	&	&	CCONJ
ajfa-8262	148	6	accounting	accounting	PROPN
ajfa-8262	148	7	issn	issn	PROPN
ajfa-8262	148	8	1946	1946	NUM
ajfa-8262	148	9	-	-	PUNCT
ajfa-8262	148	10	052x	052x	NOUN
ajfa-8262	148	11	2015	2015	NUM
ajfa-8262	148	12	,	,	PUNCT
ajfa-8262	148	13	vol	vol	NOUN
ajfa-8262	148	14	.	.	PROPN
ajfa-8262	148	15	7	7	NUM
ajfa-8262	148	16	,	,	PUNCT
ajfa-8262	148	17	no	no	INTJ
ajfa-8262	148	18	.	.	NOUN
ajfa-8262	148	19	2	2	NUM
ajfa-8262	148	20	146	146	NUM
ajfa-8262	148	21	3	3	NUM
ajfa-8262	148	22	.	.	PUNCT
ajfa-8262	148	23	preference	preference	NOUN
ajfa-8262	148	24	for	for	ADP
ajfa-8262	148	25	attention	attention	NOUN
ajfa-8262	148	26	-	-	PUNCT
ajfa-8262	148	27	grabbing	grab	VERB
ajfa-8262	148	28	stocks	stock	NOUN
ajfa-8262	148	29	:	:	PUNCT
ajfa-8262	148	30	(	(	PUNCT
ajfa-8262	148	31	falkenstein	falkenstein	VERB
ajfa-8262	148	32	,	,	PUNCT
ajfa-8262	148	33	1996	1996	NUM
ajfa-8262	148	34	)	)	PUNCT
ajfa-8262	148	35	documents	document	NOUN
ajfa-8262	148	36	that	that	PRON
ajfa-8262	148	37	mutual	mutual	ADJ
ajfa-8262	148	38	funds	fund	NOUN
ajfa-8262	148	39	hold	hold	VERB
ajfa-8262	148	40	firms	firm	NOUN
ajfa-8262	148	41	-	-	PUNCT
ajfa-8262	148	42	in	in	ADP
ajfa-8262	148	43	-	-	PUNCT
ajfa-8262	148	44	news	news	NOUN
ajfa-8262	148	45	more	more	ADJ
ajfa-8262	148	46	.	.	PUNCT
ajfa-8262	149	1	(	(	PUNCT
ajfa-8262	149	2	barber	barber	PROPN
ajfa-8262	149	3	&	&	CCONJ
ajfa-8262	149	4	odean	odean	PROPN
ajfa-8262	149	5	,	,	PUNCT
ajfa-8262	149	6	2008	2008	NUM
ajfa-8262	149	7	)	)	PUNCT
ajfa-8262	149	8	also	also	ADV
ajfa-8262	149	9	find	find	VERB
ajfa-8262	149	10	that	that	SCONJ
ajfa-8262	149	11	individual	individual	ADJ
ajfa-8262	149	12	investors	investor	NOUN
ajfa-8262	149	13	are	be	AUX
ajfa-8262	149	14	net	net	ADJ
ajfa-8262	149	15	buyers	buyer	NOUN
ajfa-8262	149	16	of	of	ADP
ajfa-8262	149	17	attention	attention	NOUN
ajfa-8262	149	18	-	-	PUNCT
ajfa-8262	149	19	grabbing	grab	VERB
ajfa-8262	149	20	stocks	stock	NOUN
ajfa-8262	149	21	.	.	PUNCT
ajfa-8262	150	1	boring	bore	VERB
ajfa-8262	150	2	low	low	ADJ
ajfa-8262	150	3	-	-	PUNCT
ajfa-8262	150	4	volatility	volatility	NOUN
ajfa-8262	150	5	stocks	stock	NOUN
ajfa-8262	150	6	are	be	AUX
ajfa-8262	150	7	neglected	neglect	VERB
ajfa-8262	150	8	causing	cause	VERB
ajfa-8262	150	9	the	the	DET
ajfa-8262	150	10	volatility	volatility	NOUN
ajfa-8262	150	11	effect	effect	NOUN
ajfa-8262	150	12	.	.	PUNCT
ajfa-8262	151	1	4	4	X
ajfa-8262	151	2	.	.	NUM
ajfa-8262	151	3	representativeness	representativeness	ADJ
ajfa-8262	151	4	bias	bias	NOUN
ajfa-8262	151	5	:	:	PUNCT
ajfa-8262	151	6	(	(	PUNCT
ajfa-8262	151	7	falkenstein	falkenstein	VERB
ajfa-8262	151	8	,	,	PUNCT
ajfa-8262	151	9	2009	2009	NUM
ajfa-8262	151	10	)	)	PUNCT
ajfa-8262	151	11	argues	argue	VERB
ajfa-8262	151	12	that	that	SCONJ
ajfa-8262	151	13	representativeness	representativeness	ADJ
ajfa-8262	151	14	bias	bias	NOUN
ajfa-8262	151	15	may	may	AUX
ajfa-8262	151	16	also	also	ADV
ajfa-8262	151	17	explain	explain	VERB
ajfa-8262	151	18	the	the	DET
ajfa-8262	151	19	volatility	volatility	NOUN
ajfa-8262	151	20	effect	effect	NOUN
ajfa-8262	151	21	.	.	PUNCT
ajfa-8262	152	1	as	as	SCONJ
ajfa-8262	152	2	explained	explain	VERB
ajfa-8262	152	3	by	by	ADP
ajfa-8262	152	4	(	(	PUNCT
ajfa-8262	152	5	kahneman	kahneman	PROPN
ajfa-8262	152	6	&	&	CCONJ
ajfa-8262	152	7	tversky	tversky	PROPN
ajfa-8262	152	8	,	,	PUNCT
ajfa-8262	152	9	1983	1983	NUM
ajfa-8262	152	10	)	)	PUNCT
ajfa-8262	152	11	,	,	PUNCT
ajfa-8262	152	12	representativeness	representativeness	ADJ
ajfa-8262	152	13	bias	bias	NOUN
ajfa-8262	152	14	is	be	AUX
ajfa-8262	152	15	that	that	SCONJ
ajfa-8262	152	16	people	people	NOUN
ajfa-8262	152	17	rely	rely	VERB
ajfa-8262	152	18	more	more	ADV
ajfa-8262	152	19	on	on	ADP
ajfa-8262	152	20	appealing	appealing	ADJ
ajfa-8262	152	21	anecdotes	anecdote	NOUN
ajfa-8262	152	22	than	than	ADP
ajfa-8262	152	23	on	on	ADP
ajfa-8262	152	24	dull	dull	ADJ
ajfa-8262	152	25	analysis	analysis	NOUN
ajfa-8262	152	26	.	.	PUNCT
ajfa-8262	153	1	so	so	ADV
ajfa-8262	153	2	it	it	PRON
ajfa-8262	153	3	creates	create	VERB
ajfa-8262	153	4	a	a	DET
ajfa-8262	153	5	logical	logical	ADJ
ajfa-8262	153	6	error	error	NOUN
ajfa-8262	153	7	:	:	PUNCT
ajfa-8262	153	8	stocks	stock	NOUN
ajfa-8262	153	9	that	that	PRON
ajfa-8262	153	10	had	have	VERB
ajfa-8262	153	11	the	the	DET
ajfa-8262	153	12	highest	high	ADJ
ajfa-8262	153	13	returns	return	NOUN
ajfa-8262	153	14	were	be	AUX
ajfa-8262	153	15	risky	risky	ADJ
ajfa-8262	153	16	,	,	PUNCT
ajfa-8262	153	17	therefore	therefore	ADV
ajfa-8262	153	18	risky	risky	ADJ
ajfa-8262	153	19	stocks	stock	NOUN
ajfa-8262	153	20	should	should	AUX
ajfa-8262	153	21	have	have	VERB
ajfa-8262	153	22	higher	high	ADJ
ajfa-8262	153	23	expected	expect	VERB
ajfa-8262	153	24	returns	return	NOUN
ajfa-8262	153	25	.	.	PUNCT
ajfa-8262	154	1	the	the	DET
ajfa-8262	154	2	widespread	widespread	ADJ
ajfa-8262	154	3	heuristic	heuristic	NOUN
ajfa-8262	154	4	that	that	SCONJ
ajfa-8262	154	5	‘	'	PUNCT
ajfa-8262	154	6	risk	risk	NOUN
ajfa-8262	154	7	creates	create	VERB
ajfa-8262	154	8	returns	return	NOUN
ajfa-8262	154	9	premium	premium	NOUN
ajfa-8262	154	10	’	'	PUNCT
ajfa-8262	154	11	causes	cause	VERB
ajfa-8262	154	12	investors	investor	NOUN
ajfa-8262	154	13	to	to	PART
ajfa-8262	154	14	overweight	overweight	VERB
ajfa-8262	154	15	risky	risky	ADJ
ajfa-8262	154	16	stocks	stock	NOUN
ajfa-8262	154	17	to	to	PART
ajfa-8262	154	18	generate	generate	VERB
ajfa-8262	154	19	return	return	NOUN
ajfa-8262	154	20	premium	premium	NOUN
ajfa-8262	154	21	.	.	PUNCT
ajfa-8262	155	1	this	this	PRON
ajfa-8262	155	2	actually	actually	ADV
ajfa-8262	155	3	negates	negate	VERB
ajfa-8262	155	4	the	the	DET
ajfa-8262	155	5	effect	effect	NOUN
ajfa-8262	155	6	through	through	ADP
ajfa-8262	155	7	their	their	PRON
ajfa-8262	155	8	collective	collective	ADJ
ajfa-8262	155	9	action	action	NOUN
ajfa-8262	155	10	.	.	PUNCT
ajfa-8262	156	1	5	5	X
ajfa-8262	156	2	.	.	X
ajfa-8262	156	3	overconfidence	overconfidence	NOUN
ajfa-8262	156	4	:	:	PUNCT
ajfa-8262	156	5	people	people	NOUN
ajfa-8262	156	6	generally	generally	ADV
ajfa-8262	156	7	see	see	VERB
ajfa-8262	156	8	themselves	themselves	PRON
ajfa-8262	156	9	as	as	ADV
ajfa-8262	156	10	better	well	ADJ
ajfa-8262	156	11	than	than	SCONJ
ajfa-8262	156	12	average	average	ADJ
ajfa-8262	156	13	on	on	ADP
ajfa-8262	156	14	nearly	nearly	ADV
ajfa-8262	156	15	any	any	PRON
ajfa-8262	156	16	subjective	subjective	ADJ
ajfa-8262	156	17	and	and	CCONJ
ajfa-8262	156	18	socially	socially	ADV
ajfa-8262	156	19	desirable	desirable	ADJ
ajfa-8262	156	20	dimension	dimension	NOUN
ajfa-8262	156	21	.	.	PUNCT
ajfa-8262	157	1	(	(	PUNCT
ajfa-8262	157	2	falkenstein	falkenstein	VERB
ajfa-8262	157	3	,	,	PUNCT
ajfa-8262	157	4	2009	2009	NUM
ajfa-8262	157	5	)	)	PUNCT
ajfa-8262	157	6	argues	argue	VERB
ajfa-8262	157	7	that	that	SCONJ
ajfa-8262	157	8	many	many	ADJ
ajfa-8262	157	9	people	people	NOUN
ajfa-8262	157	10	believe	believe	VERB
ajfa-8262	157	11	that	that	SCONJ
ajfa-8262	157	12	they	they	PRON
ajfa-8262	157	13	are	be	AUX
ajfa-8262	157	14	capable	capable	ADJ
ajfa-8262	157	15	of	of	ADP
ajfa-8262	157	16	successful	successful	ADJ
ajfa-8262	157	17	stock	stock	NOUN
ajfa-8262	157	18	picking	picking	NOUN
ajfa-8262	157	19	.	.	PUNCT
ajfa-8262	158	1	thus	thus	ADV
ajfa-8262	158	2	investors	investor	NOUN
ajfa-8262	158	3	may	may	AUX
ajfa-8262	158	4	be	be	AUX
ajfa-8262	158	5	biased	bias	VERB
ajfa-8262	158	6	towards	towards	ADP
ajfa-8262	158	7	high	high	ADJ
ajfa-8262	158	8	-	-	PUNCT
ajfa-8262	158	9	risk	risk	NOUN
ajfa-8262	158	10	stocks	stock	NOUN
ajfa-8262	158	11	for	for	ADP
ajfa-8262	158	12	so	so	ADV
ajfa-8262	158	13	-	-	PUNCT
ajfa-8262	158	14	called	call	VERB
ajfa-8262	158	15	alpha	alpha	NOUN
ajfa-8262	158	16	discovery	discovery	NOUN
ajfa-8262	158	17	purposes	purpose	NOUN
ajfa-8262	158	18	,	,	PUNCT
ajfa-8262	158	19	rooted	root	VERB
ajfa-8262	158	20	in	in	ADP
ajfa-8262	158	21	overconfidence	overconfidence	NOUN
ajfa-8262	158	22	.	.	PUNCT
ajfa-8262	159	1	also	also	ADV
ajfa-8262	159	2	with	with	ADP
ajfa-8262	159	3	regard	regard	NOUN
ajfa-8262	159	4	to	to	ADP
ajfa-8262	159	5	market	market	NOUN
ajfa-8262	159	6	timing	timing	NOUN
ajfa-8262	159	7	,	,	PUNCT
ajfa-8262	159	8	there	there	PRON
ajfa-8262	159	9	is	be	VERB
ajfa-8262	159	10	an	an	DET
ajfa-8262	159	11	implication	implication	NOUN
ajfa-8262	159	12	leading	lead	VERB
ajfa-8262	159	13	to	to	ADP
ajfa-8262	159	14	risk	risk	NOUN
ajfa-8262	159	15	anomaly	anomaly	NOUN
ajfa-8262	159	16	.	.	PUNCT
ajfa-8262	160	1	if	if	SCONJ
ajfa-8262	160	2	an	an	DET
ajfa-8262	160	3	investor	investor	NOUN
ajfa-8262	160	4	is	be	AUX
ajfa-8262	160	5	confident	confident	ADJ
ajfa-8262	160	6	about	about	ADP
ajfa-8262	160	7	market	market	NOUN
ajfa-8262	160	8	rising	rise	VERB
ajfa-8262	160	9	,	,	PUNCT
ajfa-8262	160	10	he	he	PRON
ajfa-8262	160	11	will	will	AUX
ajfa-8262	160	12	surely	surely	ADV
ajfa-8262	160	13	park	park	VERB
ajfa-8262	160	14	his	his	PRON
ajfa-8262	160	15	money	money	NOUN
ajfa-8262	160	16	into	into	ADP
ajfa-8262	160	17	high	high	ADJ
ajfa-8262	160	18	-	-	PUNCT
ajfa-8262	160	19	beta	beta	NOUN
ajfa-8262	160	20	stocks	stock	NOUN
ajfa-8262	160	21	to	to	PART
ajfa-8262	160	22	benefit	benefit	VERB
ajfa-8262	160	23	most	most	ADV
ajfa-8262	160	24	.	.	PUNCT
ajfa-8262	161	1	if	if	SCONJ
ajfa-8262	161	2	he	he	PRON
ajfa-8262	161	3	senses	sense	VERB
ajfa-8262	161	4	that	that	SCONJ
ajfa-8262	161	5	the	the	DET
ajfa-8262	161	6	market	market	NOUN
ajfa-8262	161	7	will	will	AUX
ajfa-8262	161	8	go	go	VERB
ajfa-8262	161	9	down	down	ADV
ajfa-8262	161	10	,	,	PUNCT
ajfa-8262	161	11	he	he	PRON
ajfa-8262	161	12	will	will	AUX
ajfa-8262	161	13	not	not	PART
ajfa-8262	161	14	invest	invest	VERB
ajfa-8262	161	15	into	into	ADP
ajfa-8262	161	16	low	low	ADJ
ajfa-8262	161	17	-	-	PUNCT
ajfa-8262	161	18	beta	beta	NOUN
ajfa-8262	161	19	stocks	stock	NOUN
ajfa-8262	161	20	;	;	PUNCT
ajfa-8262	161	21	rather	rather	ADV
ajfa-8262	161	22	will	will	AUX
ajfa-8262	161	23	stay	stay	VERB
ajfa-8262	161	24	away	away	ADV
ajfa-8262	161	25	from	from	ADP
ajfa-8262	161	26	the	the	DET
ajfa-8262	161	27	equities	equity	NOUN
ajfa-8262	161	28	.	.	PUNCT
ajfa-8262	162	1	4.3	4.3	NUM
ajfa-8262	162	2	explanations	explanation	NOUN
ajfa-8262	162	3	trying	try	VERB
ajfa-8262	162	4	to	to	PART
ajfa-8262	162	5	explain	explain	VERB
ajfa-8262	162	6	it	it	PRON
ajfa-8262	162	7	away	away	ADV
ajfa-8262	162	8	there	there	PRON
ajfa-8262	162	9	are	be	VERB
ajfa-8262	162	10	many	many	ADJ
ajfa-8262	162	11	studies	study	NOUN
ajfa-8262	162	12	that	that	PRON
ajfa-8262	162	13	try	try	VERB
ajfa-8262	162	14	to	to	PART
ajfa-8262	162	15	explain	explain	VERB
ajfa-8262	162	16	away	away	ADP
ajfa-8262	162	17	risk	risk	NOUN
ajfa-8262	162	18	anomaly	anomaly	NOUN
ajfa-8262	162	19	based	base	VERB
ajfa-8262	162	20	on	on	ADP
ajfa-8262	162	21	arguments	argument	NOUN
ajfa-8262	162	22	related	relate	VERB
ajfa-8262	162	23	to	to	ADP
ajfa-8262	162	24	methodological	methodological	ADJ
ajfa-8262	162	25	choices	choice	NOUN
ajfa-8262	162	26	and	and	CCONJ
ajfa-8262	162	27	other	other	ADJ
ajfa-8262	162	28	known	know	VERB
ajfa-8262	162	29	investment	investment	NOUN
ajfa-8262	162	30	effects	effect	NOUN
ajfa-8262	162	31	.	.	PUNCT
ajfa-8262	163	1	following	follow	VERB
ajfa-8262	163	2	studies	study	NOUN
ajfa-8262	163	3	offer	offer	VERB
ajfa-8262	163	4	such	such	ADJ
ajfa-8262	163	5	findings	finding	NOUN
ajfa-8262	163	6	.	.	PUNCT
ajfa-8262	164	1	(	(	PUNCT
ajfa-8262	164	2	bali	bali	PROPN
ajfa-8262	164	3	&	&	CCONJ
ajfa-8262	164	4	cakici	cakici	PROPN
ajfa-8262	164	5	,	,	PUNCT
ajfa-8262	164	6	2008	2008	NUM
ajfa-8262	164	7	)	)	PUNCT
ajfa-8262	164	8	argue	argue	VERB
ajfa-8262	164	9	that	that	SCONJ
ajfa-8262	164	10	the	the	DET
ajfa-8262	164	11	negative	negative	ADJ
ajfa-8262	164	12	expected	expected	ADJ
ajfa-8262	164	13	returns	return	NOUN
ajfa-8262	164	14	associated	associate	VERB
ajfa-8262	164	15	with	with	ADP
ajfa-8262	164	16	high	high	ADJ
ajfa-8262	164	17	volatility	volatility	NOUN
ajfa-8262	164	18	stocks	stock	NOUN
ajfa-8262	164	19	reported	report	VERB
ajfa-8262	164	20	by	by	ADP
ajfa-8262	164	21	(	(	PUNCT
ajfa-8262	164	22	ang	ang	INTJ
ajfa-8262	164	23	,	,	PUNCT
ajfa-8262	164	24	hodrick	hodrick	PROPN
ajfa-8262	164	25	,	,	PUNCT
ajfa-8262	164	26	xing	xing	PROPN
ajfa-8262	164	27	,	,	PUNCT
ajfa-8262	164	28	&	&	CCONJ
ajfa-8262	164	29	zhang	zhang	PROPN
ajfa-8262	164	30	,	,	PUNCT
ajfa-8262	164	31	2006	2006	NUM
ajfa-8262	164	32	)	)	PUNCT
ajfa-8262	164	33	are	be	AUX
ajfa-8262	164	34	due	due	ADJ
ajfa-8262	164	35	to	to	ADP
ajfa-8262	164	36	presence	presence	NOUN
ajfa-8262	164	37	of	of	ADP
ajfa-8262	164	38	small	small	ADJ
ajfa-8262	164	39	and	and	CCONJ
ajfa-8262	164	40	illiquid	illiquid	ADJ
ajfa-8262	164	41	stocks	stock	NOUN
ajfa-8262	164	42	with	with	ADP
ajfa-8262	164	43	lottery	lottery	NOUN
ajfa-8262	164	44	like	like	ADP
ajfa-8262	164	45	payoffs	payoff	NOUN
ajfa-8262	164	46	.	.	PUNCT
ajfa-8262	165	1	removing	remove	VERB
ajfa-8262	165	2	these	these	DET
ajfa-8262	165	3	stocks	stock	NOUN
ajfa-8262	165	4	form	form	VERB
ajfa-8262	165	5	the	the	DET
ajfa-8262	165	6	sample	sample	NOUN
ajfa-8262	165	7	makes	make	VERB
ajfa-8262	165	8	the	the	DET
ajfa-8262	165	9	anomaly	anomaly	NOUN
ajfa-8262	165	10	insignificant	insignificant	ADJ
ajfa-8262	165	11	.	.	PUNCT
ajfa-8262	166	1	(	(	PUNCT
ajfa-8262	166	2	martellini	martellini	NOUN
ajfa-8262	166	3	,	,	PUNCT
ajfa-8262	166	4	2008	2008	NUM
ajfa-8262	166	5	)	)	PUNCT
ajfa-8262	166	6	finds	find	VERB
ajfa-8262	166	7	that	that	DET
ajfa-8262	166	8	positive	positive	ADJ
ajfa-8262	166	9	relationship	relationship	NOUN
ajfa-8262	166	10	between	between	ADP
ajfa-8262	166	11	risk	risk	NOUN
ajfa-8262	166	12	and	and	CCONJ
ajfa-8262	166	13	return	return	NOUN
ajfa-8262	166	14	is	be	AUX
ajfa-8262	166	15	intact	intact	ADJ
ajfa-8262	166	16	using	use	VERB
ajfa-8262	166	17	long	long	ADJ
ajfa-8262	166	18	term	term	NOUN
ajfa-8262	166	19	volatility	volatility	NOUN
ajfa-8262	166	20	rather	rather	ADV
ajfa-8262	166	21	than	than	ADP
ajfa-8262	166	22	short	short	ADJ
ajfa-8262	166	23	term	term	NOUN
ajfa-8262	166	24	.	.	PUNCT
ajfa-8262	167	1	however	however	ADV
ajfa-8262	167	2	,	,	PUNCT
ajfa-8262	167	3	one	one	PRON
ajfa-8262	167	4	must	must	AUX
ajfa-8262	167	5	note	note	VERB
ajfa-8262	167	6	that	that	SCONJ
ajfa-8262	167	7	the	the	DET
ajfa-8262	167	8	study	study	NOUN
ajfa-8262	167	9	uses	use	VERB
ajfa-8262	167	10	only	only	ADV
ajfa-8262	167	11	surviving	survive	VERB
ajfa-8262	167	12	stocks	stock	NOUN
ajfa-8262	167	13	and	and	CCONJ
ajfa-8262	167	14	therefore	therefore	ADV
ajfa-8262	167	15	systematically	systematically	ADV
ajfa-8262	167	16	ignores	ignore	VERB
ajfa-8262	167	17	stocks	stock	NOUN
ajfa-8262	167	18	delivering	deliver	VERB
ajfa-8262	167	19	significant	significant	ADJ
ajfa-8262	167	20	negative	negative	ADJ
ajfa-8262	167	21	returns	return	NOUN
ajfa-8262	167	22	before	before	ADP
ajfa-8262	167	23	disappearing	disappear	VERB
ajfa-8262	167	24	.	.	PUNCT
ajfa-8262	168	1	(	(	PUNCT
ajfa-8262	168	2	fu	fu	ADJ
ajfa-8262	168	3	,	,	PUNCT
ajfa-8262	168	4	2009	2009	NUM
ajfa-8262	168	5	)	)	PUNCT
ajfa-8262	168	6	claims	claim	VERB
ajfa-8262	168	7	that	that	SCONJ
ajfa-8262	168	8	one	one	PRON
ajfa-8262	168	9	should	should	AUX
ajfa-8262	168	10	focus	focus	VERB
ajfa-8262	168	11	on	on	ADP
ajfa-8262	168	12	expected	expect	VERB
ajfa-8262	168	13	rather	rather	ADV
ajfa-8262	168	14	than	than	ADP
ajfa-8262	168	15	historical	historical	ADJ
ajfa-8262	168	16	volatility	volatility	NOUN
ajfa-8262	168	17	,	,	PUNCT
ajfa-8262	168	18	and	and	CCONJ
ajfa-8262	168	19	reports	report	VERB
ajfa-8262	168	20	a	a	DET
ajfa-8262	168	21	positive	positive	ADJ
ajfa-8262	168	22	relation	relation	NOUN
ajfa-8262	168	23	between	between	ADP
ajfa-8262	168	24	risk	risk	NOUN
ajfa-8262	168	25	and	and	CCONJ
ajfa-8262	168	26	return	return	VERB
ajfa-8262	168	27	by	by	ADP
ajfa-8262	168	28	using	use	VERB
ajfa-8262	168	29	egarch	egarch	NOUN
ajfa-8262	168	30	models	model	NOUN
ajfa-8262	168	31	to	to	PART
ajfa-8262	168	32	estimate	estimate	VERB
ajfa-8262	168	33	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	168	34	volatility	volatility	NOUN
ajfa-8262	168	35	.	.	PUNCT
ajfa-8262	169	1	(	(	PUNCT
ajfa-8262	169	2	scherer	scherer	PROPN
ajfa-8262	169	3	,	,	PUNCT
ajfa-8262	169	4	2011	2011	NUM
ajfa-8262	169	5	)	)	PUNCT
ajfa-8262	169	6	argues	argue	VERB
ajfa-8262	169	7	that	that	SCONJ
ajfa-8262	169	8	large	large	ADJ
ajfa-8262	169	9	part	part	NOUN
ajfa-8262	169	10	of	of	ADP
ajfa-8262	169	11	excess	excess	ADJ
ajfa-8262	169	12	return	return	NOUN
ajfa-8262	169	13	of	of	ADP
ajfa-8262	169	14	minimum	minimum	ADJ
ajfa-8262	169	15	variance	variance	NOUN
ajfa-8262	169	16	portfolio	portfolio	NOUN
ajfa-8262	169	17	over	over	ADP
ajfa-8262	169	18	benchmark	benchmark	NOUN
ajfa-8262	169	19	portfolio	portfolio	NOUN
ajfa-8262	169	20	is	be	AUX
ajfa-8262	169	21	attributable	attributable	ADJ
ajfa-8262	169	22	to	to	ADP
ajfa-8262	169	23	systematic	systematic	ADJ
ajfa-8262	169	24	exposure	exposure	NOUN
ajfa-8262	169	25	to	to	ADP
ajfa-8262	169	26	size	size	NOUN
ajfa-8262	169	27	and	and	CCONJ
ajfa-8262	169	28	value	value	NOUN
ajfa-8262	169	29	factors	factor	NOUN
ajfa-8262	169	30	and	and	CCONJ
ajfa-8262	169	31	volatility	volatility	NOUN
ajfa-8262	169	32	effect	effect	NOUN
ajfa-8262	169	33	in	in	ADP
ajfa-8262	169	34	large	large	ADJ
ajfa-8262	169	35	part	part	NOUN
ajfa-8262	169	36	a	a	DET
ajfa-8262	169	37	mere	mere	ADJ
ajfa-8262	169	38	proxy	proxy	NOUN
ajfa-8262	169	39	for	for	ADP
ajfa-8262	169	40	value	value	NOUN
ajfa-8262	169	41	effect	effect	NOUN
ajfa-8262	169	42	.	.	PUNCT
ajfa-8262	170	1	(	(	PUNCT
ajfa-8262	170	2	poullaouec	poullaouec	NOUN
ajfa-8262	170	3	,	,	PUNCT
ajfa-8262	170	4	2010	2010	NUM
ajfa-8262	170	5	)	)	PUNCT
ajfa-8262	170	6	shows	show	VERB
ajfa-8262	170	7	that	that	SCONJ
ajfa-8262	170	8	while	while	SCONJ
ajfa-8262	170	9	msci	msci	PROPN
ajfa-8262	170	10	mv	mv	PROPN
ajfa-8262	170	11	index	index	PROPN
ajfa-8262	170	12	has	have	AUX
ajfa-8262	170	13	outperformed	outperform	VERB
ajfa-8262	170	14	msci	msci	PROPN
ajfa-8262	170	15	world	world	PROPN
ajfa-8262	170	16	index	index	NOUN
ajfa-8262	170	17	by	by	ADP
ajfa-8262	170	18	0.5	0.5	NUM
ajfa-8262	170	19	%	%	NOUN
ajfa-8262	170	20	per	per	ADP
ajfa-8262	170	21	annum	annum	NOUN
ajfa-8262	170	22	over	over	ADP
ajfa-8262	170	23	a	a	DET
ajfa-8262	170	24	period	period	NOUN
ajfa-8262	170	25	of	of	ADP
ajfa-8262	170	26	1988	1988	NUM
ajfa-8262	170	27	to	to	ADP
ajfa-8262	170	28	2010	2010	NUM
ajfa-8262	170	29	,	,	PUNCT
ajfa-8262	170	30	large	large	ADJ
ajfa-8262	170	31	chunk	chunk	NOUN
ajfa-8262	170	32	of	of	ADP
ajfa-8262	170	33	this	this	DET
ajfa-8262	170	34	outperformance	outperformance	NOUN
ajfa-8262	170	35	comes	come	VERB
ajfa-8262	170	36	from	from	ADP
ajfa-8262	170	37	a	a	DET
ajfa-8262	170	38	period	period	NOUN
ajfa-8262	170	39	of	of	ADP
ajfa-8262	170	40	june	june	PROPN
ajfa-8262	170	41	2000	2000	NUM
ajfa-8262	170	42	to	to	ADP
ajfa-8262	170	43	june	june	PROPN
ajfa-8262	170	44	2003	2003	NUM
ajfa-8262	170	45	,	,	PUNCT
ajfa-8262	170	46	period	period	NOUN
ajfa-8262	170	47	representing	represent	VERB
ajfa-8262	170	48	the	the	DET
ajfa-8262	170	49	aftermath	aftermath	NOUN
ajfa-8262	170	50	of	of	ADP
ajfa-8262	170	51	dotcom	dotcom	NOUN
ajfa-8262	170	52	crisis	crisis	NOUN
ajfa-8262	170	53	and	and	CCONJ
ajfa-8262	170	54	therefore	therefore	ADV
ajfa-8262	170	55	superior	superior	ADJ
ajfa-8262	170	56	returns	return	NOUN
ajfa-8262	170	57	of	of	ADP
ajfa-8262	170	58	minimum	minimum	ADJ
ajfa-8262	170	59	variance	variance	NOUN
ajfa-8262	170	60	strategy	strategy	NOUN
ajfa-8262	170	61	are	be	AUX
ajfa-8262	170	62	concentrated	concentrate	VERB
ajfa-8262	170	63	during	during	ADP
ajfa-8262	170	64	extreme	extreme	ADJ
ajfa-8262	170	65	bearish	bearish	ADJ
ajfa-8262	170	66	periods	period	NOUN
ajfa-8262	170	67	.	.	PUNCT
ajfa-8262	171	1	(	(	PUNCT
ajfa-8262	171	2	bali	bali	ADJ
ajfa-8262	171	3	,	,	PUNCT
ajfa-8262	171	4	cakici	cakici	NOUN
ajfa-8262	171	5	,	,	PUNCT
ajfa-8262	171	6	&	&	CCONJ
ajfa-8262	171	7	whitelaw	whitelaw	PROPN
ajfa-8262	171	8	,	,	PUNCT
ajfa-8262	171	9	2011)further	2011)further	NUM
ajfa-8262	171	10	contest	contest	NOUN
ajfa-8262	171	11	results	result	NOUN
ajfa-8262	171	12	of	of	ADP
ajfa-8262	171	13	(	(	PUNCT
ajfa-8262	171	14	ang	ang	INTJ
ajfa-8262	171	15	,	,	PUNCT
ajfa-8262	171	16	hodrick	hodrick	PROPN
ajfa-8262	171	17	,	,	PUNCT
ajfa-8262	171	18	xing	xing	PROPN
ajfa-8262	171	19	,	,	PUNCT
ajfa-8262	171	20	&	&	CCONJ
ajfa-8262	171	21	xhang	xhang	PROPN
ajfa-8262	171	22	,	,	PUNCT
ajfa-8262	171	23	2009	2009	NUM
ajfa-8262	171	24	)	)	PUNCT
ajfa-8262	171	25	by	by	ADP
ajfa-8262	171	26	arguing	argue	VERB
ajfa-8262	171	27	that	that	SCONJ
ajfa-8262	171	28	inverted	inverted	ADJ
ajfa-8262	171	29	risk	risk	NOUN
ajfa-8262	171	30	-	-	PUNCT
ajfa-8262	171	31	return	return	NOUN
ajfa-8262	171	32	relationship	relationship	NOUN
ajfa-8262	171	33	is	be	AUX
ajfa-8262	171	34	attributable	attributable	ADJ
ajfa-8262	171	35	to	to	ADP
ajfa-8262	171	36	lottery	lottery	NOUN
ajfa-8262	171	37	like	like	ADP
ajfa-8262	171	38	payoffs	payoff	NOUN
ajfa-8262	171	39	associated	associate	VERB
ajfa-8262	171	40	with	with	ADP
ajfa-8262	171	41	high	high	ADJ
ajfa-8262	171	42	asian	asian	ADJ
ajfa-8262	171	43	journal	journal	NOUN
ajfa-8262	171	44	of	of	ADP
ajfa-8262	171	45	finance	finance	PROPN
ajfa-8262	171	46	&	&	CCONJ
ajfa-8262	171	47	accounting	accounting	PROPN
ajfa-8262	171	48	issn	issn	PROPN
ajfa-8262	171	49	1946	1946	NUM
ajfa-8262	171	50	-	-	PUNCT
ajfa-8262	171	51	052x	052x	NOUN
ajfa-8262	171	52	2015	2015	NUM
ajfa-8262	171	53	,	,	PUNCT
ajfa-8262	171	54	vol	vol	NOUN
ajfa-8262	171	55	.	.	PROPN
ajfa-8262	172	1	7	7	NUM
ajfa-8262	172	2	,	,	PUNCT
ajfa-8262	172	3	no	no	INTJ
ajfa-8262	172	4	.	.	NOUN
ajfa-8262	172	5	2	2	NUM
ajfa-8262	172	6	147	147	NUM
ajfa-8262	172	7	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	172	8	volatility	volatility	NOUN
ajfa-8262	172	9	stocks	stock	NOUN
ajfa-8262	172	10	and	and	CCONJ
ajfa-8262	172	11	substantiate	substantiate	VERB
ajfa-8262	172	12	their	their	PRON
ajfa-8262	172	13	results	result	NOUN
ajfa-8262	172	14	by	by	ADP
ajfa-8262	172	15	developing	develop	VERB
ajfa-8262	172	16	variable	variable	ADJ
ajfa-8262	172	17	max	max	PROPN
ajfa-8262	172	18	to	to	ADP
ajfa-8262	172	19	proxy	proxy	VERB
ajfa-8262	172	20	for	for	ADP
ajfa-8262	172	21	the	the	DET
ajfa-8262	172	22	preference	preference	NOUN
ajfa-8262	172	23	for	for	ADP
ajfa-8262	172	24	lottery	lottery	NOUN
ajfa-8262	172	25	-	-	PUNCT
ajfa-8262	172	26	like	like	ADJ
ajfa-8262	172	27	stocks	stock	NOUN
ajfa-8262	172	28	.	.	PUNCT
ajfa-8262	173	1	they	they	PRON
ajfa-8262	173	2	try	try	VERB
ajfa-8262	173	3	to	to	PART
ajfa-8262	173	4	establish	establish	VERB
ajfa-8262	173	5	that	that	SCONJ
ajfa-8262	173	6	max	max	PROPN
ajfa-8262	173	7	is	be	AUX
ajfa-8262	173	8	an	an	DET
ajfa-8262	173	9	independent	independent	ADJ
ajfa-8262	173	10	variable	variable	NOUN
ajfa-8262	173	11	and	and	CCONJ
ajfa-8262	173	12	not	not	PART
ajfa-8262	173	13	a	a	DET
ajfa-8262	173	14	mere	mere	ADJ
ajfa-8262	173	15	proxy	proxy	NOUN
ajfa-8262	173	16	for	for	ADP
ajfa-8262	173	17	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	173	18	volatility	volatility	NOUN
ajfa-8262	173	19	.	.	PUNCT
ajfa-8262	174	1	5	5	X
ajfa-8262	174	2	.	.	X
ajfa-8262	174	3	road	road	NOUN
ajfa-8262	174	4	ahead	ahead	ADV
ajfa-8262	174	5	5.1	5.1	NUM
ajfa-8262	174	6	critical	critical	ADJ
ajfa-8262	174	7	review	review	NOUN
ajfa-8262	174	8	risk	risk	NOUN
ajfa-8262	174	9	anomaly	anomaly	NOUN
ajfa-8262	174	10	has	have	AUX
ajfa-8262	174	11	turned	turn	VERB
ajfa-8262	174	12	out	out	ADP
ajfa-8262	174	13	to	to	PART
ajfa-8262	174	14	be	be	AUX
ajfa-8262	174	15	one	one	NUM
ajfa-8262	174	16	of	of	ADP
ajfa-8262	174	17	the	the	DET
ajfa-8262	174	18	longest	long	ADJ
ajfa-8262	174	19	standing	standing	NOUN
ajfa-8262	174	20	anomalies	anomaly	NOUN
ajfa-8262	174	21	in	in	ADP
ajfa-8262	174	22	the	the	DET
ajfa-8262	174	23	history	history	NOUN
ajfa-8262	174	24	of	of	ADP
ajfa-8262	174	25	modern	modern	ADJ
ajfa-8262	174	26	finance	finance	NOUN
ajfa-8262	174	27	era	era	NOUN
ajfa-8262	174	28	.	.	PUNCT
ajfa-8262	175	1	it	it	PRON
ajfa-8262	175	2	seems	seem	VERB
ajfa-8262	175	3	to	to	PART
ajfa-8262	175	4	be	be	AUX
ajfa-8262	175	5	a	a	DET
ajfa-8262	175	6	global	global	ADJ
ajfa-8262	175	7	phenomenon	phenomenon	NOUN
ajfa-8262	175	8	and	and	CCONJ
ajfa-8262	175	9	has	have	AUX
ajfa-8262	175	10	seriously	seriously	ADV
ajfa-8262	175	11	challenged	challenge	VERB
ajfa-8262	175	12	classic	classic	ADJ
ajfa-8262	175	13	finance	finance	NOUN
ajfa-8262	175	14	theory	theory	NOUN
ajfa-8262	175	15	based	base	VERB
ajfa-8262	175	16	on	on	ADP
ajfa-8262	175	17	positive	positive	ADJ
ajfa-8262	175	18	risk	risk	NOUN
ajfa-8262	175	19	return	return	NOUN
ajfa-8262	175	20	relationship	relationship	NOUN
ajfa-8262	175	21	.	.	PUNCT
ajfa-8262	176	1	while	while	SCONJ
ajfa-8262	176	2	we	we	PRON
ajfa-8262	176	3	have	have	VERB
ajfa-8262	176	4	some	some	DET
ajfa-8262	176	5	studies	study	NOUN
ajfa-8262	176	6	highlighting	highlight	VERB
ajfa-8262	176	7	positive	positive	ADJ
ajfa-8262	176	8	risk	risk	NOUN
ajfa-8262	176	9	-	-	PUNCT
ajfa-8262	176	10	return	return	NOUN
ajfa-8262	176	11	relationship	relationship	NOUN
ajfa-8262	176	12	recently	recently	ADV
ajfa-8262	176	13	including	include	VERB
ajfa-8262	176	14	(	(	PUNCT
ajfa-8262	176	15	martellini	martellini	ADJ
ajfa-8262	176	16	,	,	PUNCT
ajfa-8262	176	17	2008	2008	NUM
ajfa-8262	176	18	)	)	PUNCT
ajfa-8262	176	19	and	and	CCONJ
ajfa-8262	176	20	(	(	PUNCT
ajfa-8262	176	21	fu	fu	ADJ
ajfa-8262	176	22	,	,	PUNCT
ajfa-8262	176	23	2009	2009	NUM
ajfa-8262	176	24	)	)	PUNCT
ajfa-8262	176	25	,	,	PUNCT
ajfa-8262	176	26	both	both	DET
ajfa-8262	176	27	studies	study	NOUN
ajfa-8262	176	28	suffer	suffer	VERB
ajfa-8262	176	29	from	from	ADP
ajfa-8262	176	30	survivorship	survivorship	NOUN
ajfa-8262	176	31	bias	bias	NOUN
ajfa-8262	176	32	and	and	CCONJ
ajfa-8262	176	33	look	look	VERB
ajfa-8262	176	34	ahead	ahead	ADV
ajfa-8262	176	35	bias	bias	NOUN
ajfa-8262	176	36	respectively	respectively	ADV
ajfa-8262	176	37	.	.	PUNCT
ajfa-8262	177	1	persistence	persistence	NOUN
ajfa-8262	177	2	of	of	ADP
ajfa-8262	177	3	risk	risk	NOUN
ajfa-8262	177	4	anomaly	anomaly	NOUN
ajfa-8262	177	5	has	have	AUX
ajfa-8262	177	6	led	lead	VERB
ajfa-8262	177	7	to	to	ADP
ajfa-8262	177	8	researchers	researcher	NOUN
ajfa-8262	177	9	looking	look	VERB
ajfa-8262	177	10	for	for	ADP
ajfa-8262	177	11	explanations	explanation	NOUN
ajfa-8262	177	12	and	and	CCONJ
ajfa-8262	177	13	there	there	PRON
ajfa-8262	177	14	are	be	VERB
ajfa-8262	177	15	enough	enough	ADJ
ajfa-8262	177	16	and	and	CCONJ
ajfa-8262	177	17	compelling	compelling	ADJ
ajfa-8262	177	18	economic	economic	ADJ
ajfa-8262	177	19	as	as	ADV
ajfa-8262	177	20	well	well	ADV
ajfa-8262	177	21	as	as	ADP
ajfa-8262	177	22	behavioral	behavioral	ADJ
ajfa-8262	177	23	explanations	explanation	NOUN
ajfa-8262	177	24	to	to	PART
ajfa-8262	177	25	explain	explain	VERB
ajfa-8262	177	26	persistence	persistence	NOUN
ajfa-8262	177	27	of	of	ADP
ajfa-8262	177	28	such	such	ADJ
ajfa-8262	177	29	anomaly	anomaly	NOUN
ajfa-8262	177	30	.	.	PUNCT
ajfa-8262	178	1	some	some	DET
ajfa-8262	178	2	studies	study	NOUN
ajfa-8262	178	3	try	try	VERB
ajfa-8262	178	4	to	to	PART
ajfa-8262	178	5	explain	explain	VERB
ajfa-8262	178	6	the	the	DET
ajfa-8262	178	7	anomaly	anomaly	NOUN
ajfa-8262	178	8	away	away	ADV
ajfa-8262	178	9	but	but	CCONJ
ajfa-8262	178	10	that	that	DET
ajfa-8262	178	11	part	part	NOUN
ajfa-8262	178	12	of	of	ADP
ajfa-8262	178	13	the	the	DET
ajfa-8262	178	14	evidence	evidence	NOUN
ajfa-8262	178	15	and	and	CCONJ
ajfa-8262	178	16	weak	weak	ADJ
ajfa-8262	178	17	and	and	CCONJ
ajfa-8262	178	18	small	small	ADJ
ajfa-8262	178	19	at	at	ADP
ajfa-8262	178	20	the	the	DET
ajfa-8262	178	21	moment	moment	NOUN
ajfa-8262	178	22	.	.	PUNCT
ajfa-8262	179	1	in	in	ADP
ajfa-8262	179	2	closing	closing	NOUN
ajfa-8262	179	3	,	,	PUNCT
ajfa-8262	179	4	it	it	PRON
ajfa-8262	179	5	looks	look	VERB
ajfa-8262	179	6	like	like	ADP
ajfa-8262	179	7	that	that	PRON
ajfa-8262	179	8	while	while	SCONJ
ajfa-8262	179	9	positive	positive	ADJ
ajfa-8262	179	10	risk	risk	NOUN
ajfa-8262	179	11	-	-	PUNCT
ajfa-8262	179	12	return	return	NOUN
ajfa-8262	179	13	relation	relation	NOUN
ajfa-8262	179	14	as	as	SCONJ
ajfa-8262	179	15	prescribed	prescribe	VERB
ajfa-8262	179	16	by	by	ADP
ajfa-8262	179	17	capm	capm	PROPN
ajfa-8262	179	18	and	and	CCONJ
ajfa-8262	179	19	mpt	mpt	PROPN
ajfa-8262	179	20	certainly	certainly	ADV
ajfa-8262	179	21	holds	hold	VERB
ajfa-8262	179	22	true	true	ADJ
ajfa-8262	179	23	as	as	ADP
ajfa-8262	179	24	asset	asset	NOUN
ajfa-8262	179	25	class	class	NOUN
ajfa-8262	179	26	level	level	NOUN
ajfa-8262	179	27	but	but	CCONJ
ajfa-8262	179	28	have	have	AUX
ajfa-8262	179	29	come	come	VERB
ajfa-8262	179	30	across	across	ADP
ajfa-8262	179	31	severe	severe	ADJ
ajfa-8262	179	32	scrutiny	scrutiny	NOUN
ajfa-8262	179	33	within	within	ADP
ajfa-8262	179	34	the	the	DET
ajfa-8262	179	35	asset	asset	NOUN
ajfa-8262	179	36	class	class	NOUN
ajfa-8262	179	37	,	,	PUNCT
ajfa-8262	179	38	especially	especially	ADV
ajfa-8262	179	39	equity	equity	NOUN
ajfa-8262	179	40	,	,	PUNCT
ajfa-8262	179	41	where	where	SCONJ
ajfa-8262	179	42	the	the	DET
ajfa-8262	179	43	evidence	evidence	NOUN
ajfa-8262	179	44	is	be	AUX
ajfa-8262	179	45	growing	grow	VERB
ajfa-8262	179	46	for	for	ADP
ajfa-8262	179	47	low	low	ADJ
ajfa-8262	179	48	volatility	volatility	NOUN
ajfa-8262	179	49	with	with	ADP
ajfa-8262	179	50	higher	high	ADJ
ajfa-8262	179	51	expected	expect	VERB
ajfa-8262	179	52	return	return	NOUN
ajfa-8262	179	53	and	and	CCONJ
ajfa-8262	179	54	vice	vice	NOUN
ajfa-8262	179	55	versa	versa	ADV
ajfa-8262	179	56	.	.	PUNCT
ajfa-8262	180	1	the	the	DET
ajfa-8262	180	2	question	question	NOUN
ajfa-8262	180	3	here	here	ADV
ajfa-8262	180	4	is	be	AUX
ajfa-8262	180	5	that	that	SCONJ
ajfa-8262	180	6	“	"	PUNCT
ajfa-8262	180	7	is	be	AUX
ajfa-8262	180	8	this	this	DET
ajfa-8262	180	9	anomaly	anomaly	NOUN
ajfa-8262	180	10	going	go	VERB
ajfa-8262	180	11	to	to	PART
ajfa-8262	180	12	stay	stay	VERB
ajfa-8262	180	13	here	here	ADV
ajfa-8262	180	14	forever	forever	ADV
ajfa-8262	180	15	or	or	CCONJ
ajfa-8262	180	16	market	market	NOUN
ajfa-8262	180	17	learns	learn	VERB
ajfa-8262	180	18	over	over	ADP
ajfa-8262	180	19	a	a	DET
ajfa-8262	180	20	period	period	NOUN
ajfa-8262	180	21	of	of	ADP
ajfa-8262	180	22	time	time	NOUN
ajfa-8262	180	23	to	to	PART
ajfa-8262	180	24	phase	phase	VERB
ajfa-8262	180	25	it	it	PRON
ajfa-8262	180	26	out	out	ADP
ajfa-8262	180	27	?	?	PUNCT
ajfa-8262	180	28	”	"	PUNCT
ajfa-8262	181	1	the	the	DET
ajfa-8262	181	2	answer	answer	NOUN
ajfa-8262	181	3	is	be	AUX
ajfa-8262	181	4	as	as	ADV
ajfa-8262	181	5	long	long	ADV
ajfa-8262	181	6	as	as	SCONJ
ajfa-8262	181	7	we	we	PRON
ajfa-8262	181	8	have	have	VERB
ajfa-8262	181	9	market	market	NOUN
ajfa-8262	181	10	frictions	friction	NOUN
ajfa-8262	181	11	such	such	ADJ
ajfa-8262	181	12	as	as	ADP
ajfa-8262	181	13	borrowing	borrowing	NOUN
ajfa-8262	181	14	restrictions	restriction	NOUN
ajfa-8262	181	15	and	and	CCONJ
ajfa-8262	181	16	short	short	ADJ
ajfa-8262	181	17	selling	selling	NOUN
ajfa-8262	181	18	constraints	constraint	NOUN
ajfa-8262	181	19	,	,	PUNCT
ajfa-8262	181	20	call	call	NOUN
ajfa-8262	181	21	option	option	NOUN
ajfa-8262	181	22	like	like	ADP
ajfa-8262	181	23	compensation	compensation	NOUN
ajfa-8262	181	24	structure	structure	NOUN
ajfa-8262	181	25	for	for	ADP
ajfa-8262	181	26	portfolio	portfolio	NOUN
ajfa-8262	181	27	managers	manager	NOUN
ajfa-8262	181	28	that	that	PRON
ajfa-8262	181	29	incentivizes	incentivize	VERB
ajfa-8262	181	30	them	they	PRON
ajfa-8262	181	31	to	to	PART
ajfa-8262	181	32	pursue	pursue	VERB
ajfa-8262	181	33	higher	high	ADJ
ajfa-8262	181	34	risk	risk	NOUN
ajfa-8262	181	35	and	and	CCONJ
ajfa-8262	181	36	reward	reward	VERB
ajfa-8262	181	37	them	they	PRON
ajfa-8262	181	38	more	more	ADV
ajfa-8262	181	39	for	for	ADP
ajfa-8262	181	40	outperformance	outperformance	NOUN
ajfa-8262	181	41	during	during	ADP
ajfa-8262	181	42	positive	positive	ADJ
ajfa-8262	181	43	markets	market	NOUN
ajfa-8262	181	44	only	only	ADV
ajfa-8262	181	45	and	and	CCONJ
ajfa-8262	181	46	benchmarking	benchmarke	VERB
ajfa-8262	181	47	and	and	CCONJ
ajfa-8262	181	48	minimizing	minimize	VERB
ajfa-8262	181	49	tracking	tracking	NOUN
ajfa-8262	181	50	error	error	NOUN
ajfa-8262	181	51	as	as	ADP
ajfa-8262	181	52	key	key	ADJ
ajfa-8262	181	53	performance	performance	NOUN
ajfa-8262	181	54	measure	measure	NOUN
ajfa-8262	181	55	,	,	PUNCT
ajfa-8262	181	56	this	this	PRON
ajfa-8262	181	57	is	be	AUX
ajfa-8262	181	58	going	go	VERB
ajfa-8262	181	59	to	to	PART
ajfa-8262	181	60	stay	stay	VERB
ajfa-8262	181	61	.	.	PUNCT
ajfa-8262	182	1	besides	besides	ADV
ajfa-8262	182	2	,	,	PUNCT
ajfa-8262	182	3	emergence	emergence	NOUN
ajfa-8262	182	4	of	of	ADP
ajfa-8262	182	5	behavioral	behavioral	ADJ
ajfa-8262	182	6	finance	finance	NOUN
ajfa-8262	182	7	has	have	AUX
ajfa-8262	182	8	already	already	ADV
ajfa-8262	182	9	established	establish	VERB
ajfa-8262	182	10	that	that	SCONJ
ajfa-8262	182	11	investor	investor	NOUN
ajfa-8262	182	12	behavior	behavior	NOUN
ajfa-8262	182	13	is	be	AUX
ajfa-8262	182	14	far	far	ADV
ajfa-8262	182	15	from	from	ADP
ajfa-8262	182	16	rational	rational	ADJ
ajfa-8262	182	17	both	both	PRON
ajfa-8262	182	18	as	as	ADV
ajfa-8262	182	19	well	well	ADV
ajfa-8262	182	20	as	as	ADP
ajfa-8262	182	21	institutional	institutional	ADJ
ajfa-8262	182	22	level	level	NOUN
ajfa-8262	182	23	and	and	CCONJ
ajfa-8262	182	24	therefore	therefore	ADV
ajfa-8262	182	25	preference	preference	NOUN
ajfa-8262	182	26	for	for	ADP
ajfa-8262	182	27	lottery	lottery	NOUN
ajfa-8262	182	28	,	,	PUNCT
ajfa-8262	182	29	overconfidence	overconfidence	NOUN
ajfa-8262	182	30	,	,	PUNCT
ajfa-8262	182	31	representativeness	representativeness	ADJ
ajfa-8262	182	32	bias	bias	NOUN
ajfa-8262	182	33	and	and	CCONJ
ajfa-8262	182	34	limits	limit	NOUN
ajfa-8262	182	35	of	of	ADP
ajfa-8262	182	36	arbitrage	arbitrage	NOUN
ajfa-8262	182	37	are	be	AUX
ajfa-8262	182	38	going	go	VERB
ajfa-8262	182	39	to	to	PART
ajfa-8262	182	40	stay	stay	VERB
ajfa-8262	182	41	for	for	ADP
ajfa-8262	182	42	a	a	DET
ajfa-8262	182	43	long	long	ADJ
ajfa-8262	182	44	,	,	PUNCT
ajfa-8262	182	45	however	however	ADV
ajfa-8262	182	46	,	,	PUNCT
ajfa-8262	182	47	as	as	SCONJ
ajfa-8262	182	48	professional	professional	ADJ
ajfa-8262	182	49	investors	investor	NOUN
ajfa-8262	182	50	learn	learn	VERB
ajfa-8262	182	51	about	about	ADP
ajfa-8262	182	52	this	this	PRON
ajfa-8262	182	53	,	,	PUNCT
ajfa-8262	182	54	more	more	ADJ
ajfa-8262	182	55	and	and	CCONJ
ajfa-8262	182	56	more	more	ADJ
ajfa-8262	182	57	investment	investment	NOUN
ajfa-8262	182	58	strategies	strategy	NOUN
ajfa-8262	182	59	will	will	AUX
ajfa-8262	182	60	target	target	VERB
ajfa-8262	182	61	to	to	PART
ajfa-8262	182	62	benefit	benefit	VERB
ajfa-8262	182	63	from	from	ADP
ajfa-8262	182	64	this	this	DET
ajfa-8262	182	65	anomaly	anomaly	NOUN
ajfa-8262	182	66	and	and	CCONJ
ajfa-8262	182	67	in	in	ADP
ajfa-8262	182	68	turn	turn	NOUN
ajfa-8262	182	69	will	will	AUX
ajfa-8262	182	70	make	make	VERB
ajfa-8262	182	71	it	it	PRON
ajfa-8262	182	72	less	less	ADV
ajfa-8262	182	73	attractive	attractive	ADJ
ajfa-8262	182	74	.	.	PUNCT
ajfa-8262	183	1	for	for	ADP
ajfa-8262	183	2	sure	sure	ADJ
ajfa-8262	183	3	,	,	PUNCT
ajfa-8262	183	4	compensation	compensation	NOUN
ajfa-8262	183	5	structure	structure	NOUN
ajfa-8262	183	6	of	of	ADP
ajfa-8262	183	7	portfolio	portfolio	NOUN
ajfa-8262	183	8	managers	manager	NOUN
ajfa-8262	183	9	will	will	AUX
ajfa-8262	183	10	undergo	undergo	VERB
ajfa-8262	183	11	change	change	NOUN
ajfa-8262	183	12	to	to	PART
ajfa-8262	183	13	align	align	VERB
ajfa-8262	183	14	it	it	PRON
ajfa-8262	183	15	in	in	ADP
ajfa-8262	183	16	such	such	DET
ajfa-8262	183	17	a	a	DET
ajfa-8262	183	18	manner	manner	NOUN
ajfa-8262	183	19	that	that	PRON
ajfa-8262	183	20	the	the	DET
ajfa-8262	183	21	portfolio	portfolio	NOUN
ajfa-8262	183	22	managers	manager	NOUN
ajfa-8262	183	23	do	do	AUX
ajfa-8262	183	24	n’t	not	PART
ajfa-8262	183	25	have	have	VERB
ajfa-8262	183	26	enough	enough	ADJ
ajfa-8262	183	27	incentive	incentive	NOUN
ajfa-8262	183	28	for	for	ADP
ajfa-8262	183	29	preferring	prefer	VERB
ajfa-8262	183	30	high	high	ADJ
ajfa-8262	183	31	beta	beta	NOUN
ajfa-8262	183	32	-	-	PUNCT
ajfa-8262	183	33	low	low	ADJ
ajfa-8262	183	34	alpha	alpha	NOUN
ajfa-8262	183	35	stocks	stock	NOUN
ajfa-8262	183	36	and	and	CCONJ
ajfa-8262	183	37	will	will	AUX
ajfa-8262	183	38	reward	reward	VERB
ajfa-8262	183	39	them	they	PRON
ajfa-8262	183	40	for	for	ADP
ajfa-8262	183	41	outperformance	outperformance	NOUN
ajfa-8262	183	42	during	during	ADP
ajfa-8262	183	43	down	down	ADJ
ajfa-8262	183	44	markets	market	NOUN
ajfa-8262	183	45	as	as	ADV
ajfa-8262	183	46	well	well	ADV
ajfa-8262	183	47	rather	rather	ADV
ajfa-8262	183	48	than	than	ADP
ajfa-8262	183	49	only	only	ADV
ajfa-8262	183	50	during	during	ADP
ajfa-8262	183	51	up	up	ADP
ajfa-8262	183	52	markets	market	NOUN
ajfa-8262	183	53	.	.	PUNCT
ajfa-8262	184	1	going	go	VERB
ajfa-8262	184	2	forward	forward	ADV
ajfa-8262	184	3	,	,	PUNCT
ajfa-8262	184	4	some	some	PRON
ajfa-8262	184	5	of	of	ADP
ajfa-8262	184	6	the	the	DET
ajfa-8262	184	7	changes	change	NOUN
ajfa-8262	184	8	may	may	AUX
ajfa-8262	184	9	reduce	reduce	VERB
ajfa-8262	184	10	the	the	DET
ajfa-8262	184	11	intensity	intensity	NOUN
ajfa-8262	184	12	of	of	ADP
ajfa-8262	184	13	such	such	ADJ
ajfa-8262	184	14	anomaly	anomaly	NOUN
ajfa-8262	184	15	in	in	ADP
ajfa-8262	184	16	some	some	PRON
ajfa-8262	184	17	of	of	ADP
ajfa-8262	184	18	the	the	DET
ajfa-8262	184	19	markets	market	NOUN
ajfa-8262	184	20	but	but	CCONJ
ajfa-8262	184	21	it	it	PRON
ajfa-8262	184	22	seems	seem	VERB
ajfa-8262	184	23	to	to	PART
ajfa-8262	184	24	be	be	AUX
ajfa-8262	184	25	far	far	ADV
ajfa-8262	184	26	away	away	ADV
ajfa-8262	184	27	.	.	PUNCT
ajfa-8262	185	1	5.2	5.2	NUM
ajfa-8262	185	2	scope	scope	NOUN
ajfa-8262	185	3	for	for	ADP
ajfa-8262	185	4	further	further	ADJ
ajfa-8262	185	5	research	research	NOUN
ajfa-8262	185	6	while	while	SCONJ
ajfa-8262	185	7	there	there	PRON
ajfa-8262	185	8	is	be	VERB
ajfa-8262	185	9	plenty	plenty	NOUN
ajfa-8262	185	10	of	of	ADP
ajfa-8262	185	11	work	work	NOUN
ajfa-8262	185	12	done	do	VERB
ajfa-8262	185	13	in	in	ADP
ajfa-8262	185	14	exploring	explore	VERB
ajfa-8262	185	15	and	and	CCONJ
ajfa-8262	185	16	explaining	explain	VERB
ajfa-8262	185	17	(	(	PUNCT
ajfa-8262	185	18	or	or	CCONJ
ajfa-8262	185	19	explaining	explain	VERB
ajfa-8262	185	20	it	it	PRON
ajfa-8262	185	21	away	away	ADV
ajfa-8262	185	22	)	)	PUNCT
ajfa-8262	185	23	risk	risk	NOUN
ajfa-8262	185	24	anomaly	anomaly	NOUN
ajfa-8262	185	25	,	,	PUNCT
ajfa-8262	185	26	there	there	PRON
ajfa-8262	185	27	is	be	VERB
ajfa-8262	185	28	a	a	DET
ajfa-8262	185	29	scope	scope	NOUN
ajfa-8262	185	30	for	for	ADP
ajfa-8262	185	31	lot	lot	NOUN
ajfa-8262	185	32	of	of	ADP
ajfa-8262	185	33	work	work	NOUN
ajfa-8262	185	34	.	.	PUNCT
ajfa-8262	186	1	first	first	ADV
ajfa-8262	186	2	,	,	PUNCT
ajfa-8262	186	3	many	many	ADJ
ajfa-8262	186	4	strategies	strategy	NOUN
ajfa-8262	186	5	that	that	PRON
ajfa-8262	186	6	have	have	AUX
ajfa-8262	186	7	worked	work	VERB
ajfa-8262	186	8	well	well	ADV
ajfa-8262	186	9	on	on	ADP
ajfa-8262	186	10	paper	paper	NOUN
ajfa-8262	186	11	or	or	CCONJ
ajfa-8262	186	12	theoretically	theoretically	ADV
ajfa-8262	186	13	have	have	AUX
ajfa-8262	186	14	failed	fail	VERB
ajfa-8262	186	15	in	in	ADP
ajfa-8262	186	16	practice	practice	NOUN
ajfa-8262	186	17	due	due	ADP
ajfa-8262	186	18	to	to	ADP
ajfa-8262	186	19	execution	execution	NOUN
ajfa-8262	186	20	problems	problem	NOUN
ajfa-8262	186	21	due	due	ADJ
ajfa-8262	186	22	to	to	ADP
ajfa-8262	186	23	market	market	NOUN
ajfa-8262	186	24	microstructure	microstructure	ADJ
ajfa-8262	186	25	effects	effect	NOUN
ajfa-8262	186	26	.	.	PUNCT
ajfa-8262	187	1	next	next	ADJ
ajfa-8262	187	2	phase	phase	NOUN
ajfa-8262	187	3	of	of	ADP
ajfa-8262	187	4	work	work	NOUN
ajfa-8262	187	5	may	may	AUX
ajfa-8262	187	6	focus	focus	VERB
ajfa-8262	187	7	on	on	ADP
ajfa-8262	187	8	evaluating	evaluate	VERB
ajfa-8262	187	9	potential	potential	NOUN
ajfa-8262	187	10	of	of	ADP
ajfa-8262	187	11	low	low	ADJ
ajfa-8262	187	12	volatility	volatility	NOUN
ajfa-8262	187	13	investment	investment	NOUN
ajfa-8262	187	14	strategy	strategy	NOUN
ajfa-8262	187	15	vis	vis	X
ajfa-8262	187	16	-	-	PUNCT
ajfa-8262	187	17	à	à	X
ajfa-8262	187	18	-	-	PUNCT
ajfa-8262	187	19	vis	vis	X
ajfa-8262	187	20	value	value	NOUN
ajfa-8262	187	21	weighted	weight	VERB
ajfa-8262	187	22	market	market	NOUN
ajfa-8262	187	23	portfolio	portfolio	NOUN
ajfa-8262	187	24	in	in	ADP
ajfa-8262	187	25	light	light	NOUN
ajfa-8262	187	26	of	of	ADP
ajfa-8262	187	27	transaction	transaction	NOUN
ajfa-8262	187	28	cost	cost	NOUN
ajfa-8262	187	29	,	,	PUNCT
ajfa-8262	187	30	impact	impact	NOUN
ajfa-8262	187	31	cost	cost	NOUN
ajfa-8262	187	32	,	,	PUNCT
ajfa-8262	187	33	taxes	taxis	NOUN
ajfa-8262	187	34	and	and	CCONJ
ajfa-8262	187	35	such	such	ADJ
ajfa-8262	187	36	other	other	ADJ
ajfa-8262	187	37	microstructure	microstructure	ADJ
ajfa-8262	187	38	issues	issue	NOUN
ajfa-8262	187	39	.	.	PUNCT
ajfa-8262	188	1	asian	asian	ADJ
ajfa-8262	188	2	journal	journal	PROPN
ajfa-8262	188	3	of	of	ADP
ajfa-8262	188	4	finance	finance	PROPN
ajfa-8262	188	5	&	&	CCONJ
ajfa-8262	188	6	accounting	accounting	PROPN
ajfa-8262	188	7	issn	issn	PROPN
ajfa-8262	188	8	1946	1946	NUM
ajfa-8262	188	9	-	-	PUNCT
ajfa-8262	188	10	052x	052x	NOUN
ajfa-8262	188	11	2015	2015	NUM
ajfa-8262	188	12	,	,	PUNCT
ajfa-8262	188	13	vol	vol	NOUN
ajfa-8262	188	14	.	.	PROPN
ajfa-8262	188	15	7	7	NUM
ajfa-8262	188	16	,	,	PUNCT
ajfa-8262	188	17	no	no	INTJ
ajfa-8262	188	18	.	.	NOUN
ajfa-8262	188	19	2	2	NUM
ajfa-8262	188	20	148	148	NUM
ajfa-8262	188	21	second	second	NOUN
ajfa-8262	188	22	,	,	PUNCT
ajfa-8262	188	23	is	be	AUX
ajfa-8262	188	24	to	to	PART
ajfa-8262	188	25	provide	provide	VERB
ajfa-8262	188	26	more	more	ADV
ajfa-8262	188	27	empirical	empirical	ADJ
ajfa-8262	188	28	evidence	evidence	NOUN
ajfa-8262	188	29	on	on	ADP
ajfa-8262	188	30	some	some	PRON
ajfa-8262	188	31	of	of	ADP
ajfa-8262	188	32	the	the	DET
ajfa-8262	188	33	behavioral	behavioral	ADJ
ajfa-8262	188	34	explanations	explanation	NOUN
ajfa-8262	188	35	.	.	PUNCT
ajfa-8262	189	1	except	except	SCONJ
ajfa-8262	189	2	for	for	ADP
ajfa-8262	189	3	preference	preference	NOUN
ajfa-8262	189	4	for	for	ADP
ajfa-8262	189	5	lottery	lottery	NOUN
ajfa-8262	189	6	where	where	SCONJ
ajfa-8262	189	7	(	(	PUNCT
ajfa-8262	189	8	bali	bali	ADJ
ajfa-8262	189	9	,	,	PUNCT
ajfa-8262	189	10	cakici	cakici	NOUN
ajfa-8262	189	11	,	,	PUNCT
ajfa-8262	189	12	&	&	CCONJ
ajfa-8262	189	13	whitelaw	whitelaw	PROPN
ajfa-8262	189	14	,	,	PUNCT
ajfa-8262	189	15	2011	2011	NUM
ajfa-8262	189	16	)	)	PUNCT
ajfa-8262	189	17	have	have	AUX
ajfa-8262	189	18	developed	develop	VERB
ajfa-8262	189	19	a	a	DET
ajfa-8262	189	20	clear	clear	ADJ
ajfa-8262	189	21	and	and	CCONJ
ajfa-8262	189	22	measurable	measurable	ADJ
ajfa-8262	189	23	variable	variable	NOUN
ajfa-8262	189	24	to	to	PART
ajfa-8262	189	25	proxy	proxy	VERB
ajfa-8262	189	26	for	for	ADP
ajfa-8262	189	27	lottery	lottery	NOUN
ajfa-8262	189	28	-	-	PUNCT
ajfa-8262	189	29	like	like	ADJ
ajfa-8262	189	30	stocks	stock	NOUN
ajfa-8262	189	31	,	,	PUNCT
ajfa-8262	189	32	other	other	ADJ
ajfa-8262	189	33	explanations	explanation	NOUN
ajfa-8262	189	34	are	be	AUX
ajfa-8262	189	35	still	still	ADV
ajfa-8262	189	36	more	more	ADJ
ajfa-8262	189	37	qualitative	qualitative	ADJ
ajfa-8262	189	38	in	in	ADP
ajfa-8262	189	39	nature	nature	NOUN
ajfa-8262	189	40	.	.	PUNCT
ajfa-8262	190	1	third	third	ADJ
ajfa-8262	190	2	,	,	PUNCT
ajfa-8262	190	3	is	be	AUX
ajfa-8262	190	4	to	to	PART
ajfa-8262	190	5	look	look	VERB
ajfa-8262	190	6	at	at	ADP
ajfa-8262	190	7	testing	test	VERB
ajfa-8262	190	8	low	low	ADJ
ajfa-8262	190	9	volatility	volatility	NOUN
ajfa-8262	190	10	effect	effect	NOUN
ajfa-8262	190	11	using	use	VERB
ajfa-8262	190	12	implied	imply	VERB
ajfa-8262	190	13	volatility	volatility	NOUN
ajfa-8262	190	14	data	datum	NOUN
ajfa-8262	190	15	from	from	ADP
ajfa-8262	190	16	options	option	NOUN
ajfa-8262	190	17	markets	market	NOUN
ajfa-8262	190	18	rather	rather	ADV
ajfa-8262	190	19	than	than	ADP
ajfa-8262	190	20	using	use	VERB
ajfa-8262	190	21	historical	historical	ADJ
ajfa-8262	190	22	volatility	volatility	NOUN
ajfa-8262	190	23	or	or	CCONJ
ajfa-8262	190	24	using	use	VERB
ajfa-8262	190	25	conditional	conditional	ADJ
ajfa-8262	190	26	volatility	volatility	NOUN
ajfa-8262	190	27	estimates	estimate	NOUN
ajfa-8262	190	28	such	such	ADJ
ajfa-8262	190	29	as	as	ADP
ajfa-8262	190	30	egarch	egarch	NOUN
ajfa-8262	190	31	.	.	PUNCT
ajfa-8262	191	1	the	the	DET
ajfa-8262	191	2	other	other	ADJ
ajfa-8262	191	3	area	area	NOUN
ajfa-8262	191	4	of	of	ADP
ajfa-8262	191	5	work	work	NOUN
ajfa-8262	191	6	may	may	AUX
ajfa-8262	191	7	be	be	AUX
ajfa-8262	191	8	to	to	PART
ajfa-8262	191	9	look	look	VERB
ajfa-8262	191	10	at	at	ADP
ajfa-8262	191	11	equity	equity	NOUN
ajfa-8262	191	12	mutual	mutual	ADJ
ajfa-8262	191	13	fund	fund	NOUN
ajfa-8262	191	14	schemes	scheme	NOUN
ajfa-8262	191	15	rather	rather	ADV
ajfa-8262	191	16	than	than	ADP
ajfa-8262	191	17	stocks	stock	NOUN
ajfa-8262	191	18	and	and	CCONJ
ajfa-8262	191	19	see	see	VERB
ajfa-8262	191	20	whether	whether	SCONJ
ajfa-8262	191	21	risk	risk	NOUN
ajfa-8262	191	22	anomaly	anomaly	NOUN
ajfa-8262	191	23	can	can	AUX
ajfa-8262	191	24	explain	explain	VERB
ajfa-8262	191	25	cross	cross	NOUN
ajfa-8262	191	26	section	section	NOUN
ajfa-8262	191	27	of	of	ADP
ajfa-8262	191	28	mutual	mutual	ADJ
ajfa-8262	191	29	funds	fund	NOUN
ajfa-8262	191	30	’	'	PUNCT
ajfa-8262	191	31	performance	performance	NOUN
ajfa-8262	191	32	.	.	PUNCT
ajfa-8262	192	1	forth	forth	ADV
ajfa-8262	192	2	,	,	PUNCT
ajfa-8262	192	3	is	be	AUX
ajfa-8262	192	4	some	some	PRON
ajfa-8262	192	5	more	more	ADJ
ajfa-8262	192	6	work	work	NOUN
ajfa-8262	192	7	to	to	PART
ajfa-8262	192	8	provide	provide	VERB
ajfa-8262	192	9	clear	clear	ADJ
ajfa-8262	192	10	linkage	linkage	NOUN
ajfa-8262	192	11	between	between	ADP
ajfa-8262	192	12	positive	positive	ADJ
ajfa-8262	192	13	risk	risk	NOUN
ajfa-8262	192	14	-	-	PUNCT
ajfa-8262	192	15	return	return	NOUN
ajfa-8262	192	16	relationship	relationship	NOUN
ajfa-8262	192	17	in	in	ADP
ajfa-8262	192	18	cross	cross	NOUN
ajfa-8262	192	19	section	section	NOUN
ajfa-8262	192	20	of	of	ADP
ajfa-8262	192	21	asset	asset	NOUN
ajfa-8262	192	22	returns	return	NOUN
ajfa-8262	192	23	and	and	CCONJ
ajfa-8262	192	24	flatter	flat	ADJ
ajfa-8262	192	25	or	or	CCONJ
ajfa-8262	192	26	negative	negative	ADJ
ajfa-8262	192	27	returns	return	NOUN
ajfa-8262	192	28	within	within	ADP
ajfa-8262	192	29	the	the	DET
ajfa-8262	192	30	securities	security	NOUN
ajfa-8262	192	31	of	of	ADP
ajfa-8262	192	32	given	give	VERB
ajfa-8262	192	33	asset	asset	NOUN
ajfa-8262	192	34	class	class	NOUN
ajfa-8262	192	35	.	.	PUNCT
ajfa-8262	193	1	6	6	X
ajfa-8262	193	2	.	.	X
ajfa-8262	193	3	conclusion	conclusion	NOUN
ajfa-8262	193	4	we	we	PRON
ajfa-8262	193	5	conclude	conclude	VERB
ajfa-8262	193	6	that	that	SCONJ
ajfa-8262	193	7	the	the	DET
ajfa-8262	193	8	risk	risk	NOUN
ajfa-8262	193	9	anomaly	anomaly	NOUN
ajfa-8262	193	10	is	be	AUX
ajfa-8262	193	11	one	one	NUM
ajfa-8262	193	12	of	of	ADP
ajfa-8262	193	13	the	the	DET
ajfa-8262	193	14	strongest	strong	ADJ
ajfa-8262	193	15	and	and	CCONJ
ajfa-8262	193	16	longest	long	ADJ
ajfa-8262	193	17	standing	standing	NOUN
ajfa-8262	193	18	anomalies	anomaly	NOUN
ajfa-8262	193	19	of	of	ADP
ajfa-8262	193	20	equity	equity	NOUN
ajfa-8262	193	21	markets	market	NOUN
ajfa-8262	193	22	,	,	PUNCT
ajfa-8262	193	23	which	which	PRON
ajfa-8262	193	24	,	,	PUNCT
ajfa-8262	193	25	it	it	PRON
ajfa-8262	193	26	is	be	AUX
ajfa-8262	193	27	going	go	VERB
ajfa-8262	193	28	to	to	PART
ajfa-8262	193	29	stay	stay	VERB
ajfa-8262	193	30	here	here	ADV
ajfa-8262	193	31	for	for	ADP
ajfa-8262	193	32	a	a	DET
ajfa-8262	193	33	long	long	ADJ
ajfa-8262	193	34	time	time	NOUN
ajfa-8262	193	35	.	.	PUNCT
ajfa-8262	194	1	it	it	PRON
ajfa-8262	194	2	has	have	AUX
ajfa-8262	194	3	posed	pose	VERB
ajfa-8262	194	4	significant	significant	ADJ
ajfa-8262	194	5	challenge	challenge	NOUN
ajfa-8262	194	6	to	to	ADP
ajfa-8262	194	7	classic	classic	ADJ
ajfa-8262	194	8	finance	finance	NOUN
ajfa-8262	194	9	theory	theory	NOUN
ajfa-8262	194	10	.	.	PUNCT
ajfa-8262	195	1	there	there	PRON
ajfa-8262	195	2	are	be	VERB
ajfa-8262	195	3	several	several	ADJ
ajfa-8262	195	4	compelling	compelling	ADJ
ajfa-8262	195	5	reasons	reason	NOUN
ajfa-8262	195	6	that	that	PRON
ajfa-8262	195	7	explain	explain	VERB
ajfa-8262	195	8	persistence	persistence	NOUN
ajfa-8262	195	9	of	of	ADP
ajfa-8262	195	10	risk	risk	NOUN
ajfa-8262	195	11	anomaly	anomaly	NOUN
ajfa-8262	195	12	.	.	PUNCT
ajfa-8262	196	1	one	one	NUM
ajfa-8262	196	2	the	the	DET
ajfa-8262	196	3	one	one	NUM
ajfa-8262	196	4	hand	hand	NOUN
ajfa-8262	196	5	,	,	PUNCT
ajfa-8262	196	6	we	we	PRON
ajfa-8262	196	7	have	have	VERB
ajfa-8262	196	8	economic	economic	ADJ
ajfa-8262	196	9	and	and	CCONJ
ajfa-8262	196	10	market	market	NOUN
ajfa-8262	196	11	friction	friction	NOUN
ajfa-8262	196	12	based	base	VERB
ajfa-8262	196	13	explanations	explanation	NOUN
ajfa-8262	196	14	,	,	PUNCT
ajfa-8262	196	15	whereas	whereas	SCONJ
ajfa-8262	196	16	on	on	ADP
ajfa-8262	196	17	the	the	DET
ajfa-8262	196	18	one	one	NUM
ajfa-8262	196	19	hand	hand	NOUN
ajfa-8262	196	20	,	,	PUNCT
ajfa-8262	196	21	there	there	PRON
ajfa-8262	196	22	are	be	VERB
ajfa-8262	196	23	behavioral	behavioral	ADJ
ajfa-8262	196	24	explanations	explanation	NOUN
ajfa-8262	196	25	highlighting	highlight	VERB
ajfa-8262	196	26	behavioral	behavioral	ADJ
ajfa-8262	196	27	biases	bias	NOUN
ajfa-8262	196	28	and	and	CCONJ
ajfa-8262	196	29	irrational	irrational	ADJ
ajfa-8262	196	30	investors	investor	NOUN
ajfa-8262	196	31	behavior	behavior	NOUN
ajfa-8262	196	32	causing	cause	VERB
ajfa-8262	196	33	risk	risk	NOUN
ajfa-8262	196	34	anomaly	anomaly	NOUN
ajfa-8262	196	35	.	.	PUNCT
ajfa-8262	197	1	yet	yet	CCONJ
ajfa-8262	197	2	another	another	DET
ajfa-8262	197	3	set	set	NOUN
ajfa-8262	197	4	of	of	ADP
ajfa-8262	197	5	explanations	explanation	NOUN
ajfa-8262	197	6	attempt	attempt	NOUN
ajfa-8262	197	7	to	to	PART
ajfa-8262	197	8	challenge	challenge	VERB
ajfa-8262	197	9	the	the	DET
ajfa-8262	197	10	very	very	ADJ
ajfa-8262	197	11	existence	existence	NOUN
ajfa-8262	197	12	of	of	ADP
ajfa-8262	197	13	risk	risk	NOUN
ajfa-8262	197	14	anomaly	anomaly	NOUN
ajfa-8262	197	15	and	and	CCONJ
ajfa-8262	197	16	try	try	VERB
ajfa-8262	197	17	to	to	PART
ajfa-8262	197	18	explain	explain	VERB
ajfa-8262	197	19	it	it	PRON
ajfa-8262	197	20	away	away	ADV
ajfa-8262	197	21	.	.	PUNCT
ajfa-8262	198	1	in	in	ADP
ajfa-8262	198	2	closing	closing	NOUN
ajfa-8262	198	3	,	,	PUNCT
ajfa-8262	198	4	it	it	PRON
ajfa-8262	198	5	seems	seem	VERB
ajfa-8262	198	6	that	that	SCONJ
ajfa-8262	198	7	while	while	SCONJ
ajfa-8262	198	8	institutively	institutively	ADV
ajfa-8262	198	9	appealing	appeal	VERB
ajfa-8262	198	10	positive	positive	ADJ
ajfa-8262	198	11	risk	risk	NOUN
ajfa-8262	198	12	-	-	PUNCT
ajfa-8262	198	13	return	return	NOUN
ajfa-8262	198	14	relationship	relationship	NOUN
ajfa-8262	198	15	is	be	AUX
ajfa-8262	198	16	intact	intact	ADJ
ajfa-8262	198	17	and	and	CCONJ
ajfa-8262	198	18	capable	capable	ADJ
ajfa-8262	198	19	of	of	ADP
ajfa-8262	198	20	explaining	explain	VERB
ajfa-8262	198	21	cross	cross	NOUN
ajfa-8262	198	22	section	section	NOUN
ajfa-8262	198	23	of	of	ADP
ajfa-8262	198	24	returns	return	NOUN
ajfa-8262	198	25	of	of	ADP
ajfa-8262	198	26	various	various	ADJ
ajfa-8262	198	27	asset	asset	NOUN
ajfa-8262	198	28	classes	class	NOUN
ajfa-8262	198	29	,	,	PUNCT
ajfa-8262	198	30	such	such	ADJ
ajfa-8262	198	31	relationship	relationship	NOUN
ajfa-8262	198	32	seem	seem	VERB
ajfa-8262	198	33	to	to	PART
ajfa-8262	198	34	be	be	AUX
ajfa-8262	198	35	violated	violate	VERB
ajfa-8262	198	36	on	on	ADP
ajfa-8262	198	37	a	a	DET
ajfa-8262	198	38	consistent	consistent	ADJ
ajfa-8262	198	39	basis	basis	NOUN
ajfa-8262	198	40	across	across	ADP
ajfa-8262	198	41	the	the	DET
ajfa-8262	198	42	securities	security	NOUN
ajfa-8262	198	43	within	within	ADP
ajfa-8262	198	44	given	give	VERB
ajfa-8262	198	45	asset	asset	NOUN
ajfa-8262	198	46	class	class	NOUN
ajfa-8262	198	47	such	such	ADJ
ajfa-8262	198	48	as	as	ADP
ajfa-8262	198	49	equity	equity	NOUN
ajfa-8262	198	50	market	market	NOUN
ajfa-8262	198	51	friction	friction	NOUN
ajfa-8262	198	52	that	that	PRON
ajfa-8262	198	53	impose	impose	VERB
ajfa-8262	198	54	limits	limit	NOUN
ajfa-8262	198	55	on	on	ADP
ajfa-8262	198	56	arbitrage	arbitrage	NOUN
ajfa-8262	198	57	and	and	CCONJ
ajfa-8262	198	58	irrational	irrational	ADJ
ajfa-8262	198	59	behavior	behavior	NOUN
ajfa-8262	198	60	on	on	ADP
ajfa-8262	198	61	part	part	NOUN
ajfa-8262	198	62	of	of	ADP
ajfa-8262	198	63	market	market	NOUN
ajfa-8262	198	64	participants	participant	NOUN
ajfa-8262	198	65	that	that	PRON
ajfa-8262	198	66	affect	affect	VERB
ajfa-8262	198	67	rational	rational	ADJ
ajfa-8262	198	68	investment	investment	NOUN
ajfa-8262	198	69	decision	decision	NOUN
ajfa-8262	198	70	making	make	VERB
ajfa-8262	198	71	lead	lead	NOUN
ajfa-8262	198	72	to	to	ADP
ajfa-8262	198	73	systematic	systematic	ADJ
ajfa-8262	198	74	overpricing	overpricing	NOUN
ajfa-8262	198	75	of	of	ADP
ajfa-8262	198	76	high	high	ADJ
ajfa-8262	198	77	volatility	volatility	NOUN
ajfa-8262	198	78	stocks	stock	NOUN
ajfa-8262	198	79	and	and	CCONJ
ajfa-8262	198	80	under	under	ADP
ajfa-8262	198	81	pricing	pricing	NOUN
ajfa-8262	198	82	of	of	ADP
ajfa-8262	198	83	low	low	ADJ
ajfa-8262	198	84	volatility	volatility	NOUN
ajfa-8262	198	85	stocks	stock	NOUN
ajfa-8262	198	86	.	.	PUNCT
ajfa-8262	199	1	references	reference	NOUN
ajfa-8262	199	2	ang	ang	PROPN
ajfa-8262	199	3	,	,	PUNCT
ajfa-8262	199	4	andrew	andrew	PROPN
ajfa-8262	199	5	,	,	PUNCT
ajfa-8262	199	6	hodrick	hodrick	PROPN
ajfa-8262	199	7	,	,	PUNCT
ajfa-8262	199	8	robert	robert	PROPN
ajfa-8262	199	9	j.	j.	PROPN
ajfa-8262	199	10	,	,	PUNCT
ajfa-8262	199	11	xing	xing	PROPN
ajfa-8262	199	12	,	,	PUNCT
ajfa-8262	199	13	yuhand	yuhand	PROPN
ajfa-8262	199	14	,	,	PUNCT
ajfa-8262	199	15	&	&	CCONJ
ajfa-8262	199	16	zhang	zhang	PROPN
ajfa-8262	199	17	,	,	PUNCT
ajfa-8262	199	18	xiaoyan	xiaoyan	PROPN
ajfa-8262	199	19	.	.	PUNCT
ajfa-8262	200	1	(	(	PUNCT
ajfa-8262	200	2	2006	2006	NUM
ajfa-8262	200	3	)	)	PUNCT
ajfa-8262	200	4	.	.	PUNCT
ajfa-8262	201	1	the	the	DET
ajfa-8262	201	2	cross	cross	NOUN
ajfa-8262	201	3	section	section	NOUN
ajfa-8262	201	4	of	of	ADP
ajfa-8262	201	5	volatility	volatility	NOUN
ajfa-8262	201	6	and	and	CCONJ
ajfa-8262	201	7	expected	expect	VERB
ajfa-8262	201	8	return	return	NOUN
ajfa-8262	201	9	.	.	PUNCT
ajfa-8262	202	1	journal	journal	NOUN
ajfa-8262	202	2	of	of	ADP
ajfa-8262	202	3	finance	finance	NOUN
ajfa-8262	202	4	,	,	PUNCT
ajfa-8262	202	5	61(1	61(1	NOUN
ajfa-8262	202	6	)	)	PUNCT
ajfa-8262	202	7	,	,	PUNCT
ajfa-8262	202	8	259	259	NUM
ajfa-8262	202	9	-	-	SYM
ajfa-8262	202	10	299	299	NUM
ajfa-8262	202	11	.	.	PUNCT
ajfa-8262	203	1	http://dx.doi.org/10.1111/j.1540-6261.2006.00836.x	http://dx.doi.org/10.1111/j.1540-6261.2006.00836.x	ADJ
ajfa-8262	203	2	ang	ang	PROPN
ajfa-8262	203	3	,	,	PUNCT
ajfa-8262	203	4	hodrick	hodrick	PROPN
ajfa-8262	203	5	,	,	PUNCT
ajfa-8262	203	6	xing	xing	PROPN
ajfa-8262	203	7	,	,	PUNCT
ajfa-8262	203	8	&	&	CCONJ
ajfa-8262	203	9	y.	y.	PROPN
ajfa-8262	203	10	,	,	PUNCT
ajfa-8262	203	11	xhang	xhang	PROPN
ajfa-8262	203	12	.	.	PUNCT
ajfa-8262	203	13	(	(	PUNCT
ajfa-8262	203	14	2009	2009	NUM
ajfa-8262	203	15	)	)	PUNCT
ajfa-8262	203	16	.	.	PUNCT
ajfa-8262	204	1	high	high	ADJ
ajfa-8262	204	2	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	204	3	volatility	volatility	NOUN
ajfa-8262	204	4	and	and	CCONJ
ajfa-8262	204	5	low	low	ADJ
ajfa-8262	204	6	returns	return	NOUN
ajfa-8262	204	7	:	:	PUNCT
ajfa-8262	204	8	international	international	ADJ
ajfa-8262	204	9	and	and	CCONJ
ajfa-8262	204	10	further	further	ADJ
ajfa-8262	204	11	u.s	u.s	PROPN
ajfa-8262	204	12	.	.	PROPN
ajfa-8262	204	13	evidence	evidence	NOUN
ajfa-8262	204	14	.	.	PUNCT
ajfa-8262	205	1	journal	journal	NOUN
ajfa-8262	205	2	of	of	ADP
ajfa-8262	205	3	financial	financial	ADJ
ajfa-8262	205	4	economics	economic	NOUN
ajfa-8262	205	5	,	,	PUNCT
ajfa-8262	205	6	91(1	91(1	NUM
ajfa-8262	205	7	)	)	PUNCT
ajfa-8262	205	8	,	,	PUNCT
ajfa-8262	205	9	1	1	NUM
ajfa-8262	205	10	-	-	SYM
ajfa-8262	205	11	23	23	NUM
ajfa-8262	205	12	.	.	PUNCT
ajfa-8262	206	1	http://dx.doi.org/10.1016/j.jfineco.2007.12.005	http://dx.doi.org/10.1016/j.jfineco.2007.12.005	PROPN
ajfa-8262	206	2	baker	baker	PROPN
ajfa-8262	206	3	,	,	PUNCT
ajfa-8262	206	4	malcolm	malcolm	PROPN
ajfa-8262	206	5	,	,	PUNCT
ajfa-8262	206	6	bradley	bradley	PROPN
ajfa-8262	206	7	,	,	PUNCT
ajfa-8262	206	8	brendan	brendan	PROPN
ajfa-8262	206	9	,	,	PUNCT
ajfa-8262	206	10	&	&	CCONJ
ajfa-8262	206	11	taliaferro	taliaferro	PROPN
ajfa-8262	206	12	,	,	PUNCT
ajfa-8262	206	13	ryan	ryan	PROPN
ajfa-8262	206	14	.	.	PUNCT
ajfa-8262	207	1	(	(	PUNCT
ajfa-8262	207	2	2013	2013	NUM
ajfa-8262	207	3	,	,	PUNCT
ajfa-8262	207	4	january	january	PROPN
ajfa-8262	207	5	23	23	NUM
ajfa-8262	207	6	)	)	PUNCT
ajfa-8262	207	7	.	.	PUNCT
ajfa-8262	208	1	the	the	DET
ajfa-8262	208	2	low	low	ADJ
ajfa-8262	208	3	risk	risk	NOUN
ajfa-8262	208	4	anomaly	anomaly	NOUN
ajfa-8262	208	5	:	:	PUNCT
ajfa-8262	208	6	a	a	DET
ajfa-8262	208	7	decomposition	decomposition	NOUN
ajfa-8262	208	8	into	into	ADP
ajfa-8262	208	9	micro	micro	ADJ
ajfa-8262	208	10	and	and	CCONJ
ajfa-8262	208	11	macro	macro	ADJ
ajfa-8262	208	12	effects	effect	NOUN
ajfa-8262	208	13	.	.	PUNCT
ajfa-8262	209	1	working	work	VERB
ajfa-8262	209	2	paper	paper	NOUN
ajfa-8262	209	3	.	.	PUNCT
ajfa-8262	210	1	baker	baker	PROPN
ajfa-8262	210	2	,	,	PUNCT
ajfa-8262	210	3	malcolm	malcolm	PROPN
ajfa-8262	210	4	,	,	PUNCT
ajfa-8262	210	5	bradley	bradley	PROPN
ajfa-8262	210	6	,	,	PUNCT
ajfa-8262	210	7	brendan	brendan	PROPN
ajfa-8262	210	8	,	,	PUNCT
ajfa-8262	210	9	&	&	CCONJ
ajfa-8262	210	10	wurgler	wurgler	PROPN
ajfa-8262	210	11	,	,	PUNCT
ajfa-8262	210	12	jeffrey	jeffrey	PROPN
ajfa-8262	210	13	.	.	PUNCT
ajfa-8262	211	1	(	(	PUNCT
ajfa-8262	211	2	2011	2011	NUM
ajfa-8262	211	3	,	,	PUNCT
ajfa-8262	211	4	january	january	PROPN
ajfa-8262	211	5	)	)	PUNCT
ajfa-8262	211	6	.	.	PUNCT
ajfa-8262	212	1	benchmarks	benchmark	NOUN
ajfa-8262	212	2	as	as	ADP
ajfa-8262	212	3	limits	limit	NOUN
ajfa-8262	212	4	to	to	ADP
ajfa-8262	212	5	arbitrage	arbitrage	NOUN
ajfa-8262	212	6	:	:	PUNCT
ajfa-8262	212	7	understanding	understand	VERB
ajfa-8262	212	8	the	the	DET
ajfa-8262	212	9	low	low	ADJ
ajfa-8262	212	10	-	-	PUNCT
ajfa-8262	212	11	volatility	volatility	NOUN
ajfa-8262	212	12	anomaly	anomaly	NOUN
ajfa-8262	212	13	.	.	PUNCT
ajfa-8262	213	1	financial	financial	ADJ
ajfa-8262	213	2	analysts	analyst	NOUN
ajfa-8262	213	3	journal	journal	NOUN
ajfa-8262	213	4	,	,	PUNCT
ajfa-8262	213	5	67(1	67(1	NOUN
ajfa-8262	213	6	)	)	PUNCT
ajfa-8262	213	7	,	,	PUNCT
ajfa-8262	213	8	40	40	NUM
ajfa-8262	213	9	-	-	SYM
ajfa-8262	213	10	54	54	NUM
ajfa-8262	213	11	.	.	PUNCT
ajfa-8262	214	1	http://dx.doi.org/10.2469/faj.v67.n1.4	http://dx.doi.org/10.2469/faj.v67.n1.4	PROPN
ajfa-8262	214	2	asian	asian	PROPN
ajfa-8262	214	3	journal	journal	PROPN
ajfa-8262	214	4	of	of	ADP
ajfa-8262	214	5	finance	finance	PROPN
ajfa-8262	214	6	&	&	CCONJ
ajfa-8262	214	7	accounting	accounting	PROPN
ajfa-8262	214	8	issn	issn	PROPN
ajfa-8262	214	9	1946	1946	NUM
ajfa-8262	214	10	-	-	PUNCT
ajfa-8262	214	11	052x	052x	NOUN
ajfa-8262	214	12	2015	2015	NUM
ajfa-8262	214	13	,	,	PUNCT
ajfa-8262	214	14	vol	vol	NOUN
ajfa-8262	214	15	.	.	PROPN
ajfa-8262	214	16	7	7	NUM
ajfa-8262	214	17	,	,	PUNCT
ajfa-8262	214	18	no	no	INTJ
ajfa-8262	214	19	.	.	NOUN
ajfa-8262	214	20	2	2	NUM
ajfa-8262	214	21	149	149	NUM
ajfa-8262	214	22	baker	baker	NOUN
ajfa-8262	214	23	,	,	PUNCT
ajfa-8262	214	24	nardin	nardin	PROPN
ajfa-8262	214	25	,	,	PUNCT
ajfa-8262	214	26	&	&	CCONJ
ajfa-8262	214	27	haugen	haugen	PROPN
ajfa-8262	214	28	,	,	PUNCT
ajfa-8262	214	29	robert	robert	PROPN
ajfa-8262	214	30	.	.	PROPN
ajfa-8262	215	1	(	(	PUNCT
ajfa-8262	215	2	2012	2012	NUM
ajfa-8262	215	3	,	,	PUNCT
ajfa-8262	215	4	april	april	PROPN
ajfa-8262	215	5	)	)	PUNCT
ajfa-8262	215	6	.	.	PUNCT
ajfa-8262	216	1	low	low	ADJ
ajfa-8262	216	2	risk	risk	NOUN
ajfa-8262	216	3	stocks	stock	NOUN
ajfa-8262	216	4	outperform	outperform	VERB
ajfa-8262	216	5	within	within	ADP
ajfa-8262	216	6	all	all	DET
ajfa-8262	216	7	observable	observable	ADJ
ajfa-8262	216	8	markets	market	NOUN
ajfa-8262	216	9	of	of	ADP
ajfa-8262	216	10	the	the	DET
ajfa-8262	216	11	world	world	NOUN
ajfa-8262	216	12	.	.	PUNCT
ajfa-8262	217	1	journal	journal	PROPN
ajfa-8262	217	2	of	of	ADP
ajfa-8262	217	3	portfolio	portfolio	NOUN
ajfa-8262	217	4	management	management	NOUN
ajfa-8262	217	5	,	,	PUNCT
ajfa-8262	217	6	17(3	17(3	NUM
ajfa-8262	217	7	)	)	PUNCT
ajfa-8262	217	8	,	,	PUNCT
ajfa-8262	217	9	35	35	NUM
ajfa-8262	217	10	-	-	SYM
ajfa-8262	217	11	40	40	NUM
ajfa-8262	217	12	.	.	PUNCT
ajfa-8262	218	1	http://dx.doi.org/10.2139/ssrn.2055431	http://dx.doi.org/10.2139/ssrn.2055431	PUNCT
ajfa-8262	218	2	bali	bali	PROPN
ajfa-8262	218	3	,	,	PUNCT
ajfa-8262	218	4	t.	t.	PROPN
ajfa-8262	218	5	g.	g.	PROPN
ajfa-8262	218	6	,	,	PUNCT
ajfa-8262	218	7	&	&	CCONJ
ajfa-8262	218	8	cakici	cakici	NOUN
ajfa-8262	218	9	,	,	PUNCT
ajfa-8262	218	10	n.	n.	NOUN
ajfa-8262	218	11	(	(	PUNCT
ajfa-8262	218	12	2008	2008	NUM
ajfa-8262	218	13	)	)	PUNCT
ajfa-8262	218	14	.	.	PUNCT
ajfa-8262	219	1	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	219	2	volatility	volatility	NOUN
ajfa-8262	219	3	and	and	CCONJ
ajfa-8262	219	4	the	the	DET
ajfa-8262	219	5	cross	cross	NOUN
ajfa-8262	219	6	section	section	NOUN
ajfa-8262	219	7	of	of	ADP
ajfa-8262	219	8	expected	expect	VERB
ajfa-8262	219	9	returns	return	NOUN
ajfa-8262	219	10	.	.	PUNCT
ajfa-8262	220	1	journal	journal	NOUN
ajfa-8262	220	2	of	of	ADP
ajfa-8262	220	3	financial	financial	ADJ
ajfa-8262	220	4	and	and	CCONJ
ajfa-8262	220	5	quantitative	quantitative	ADJ
ajfa-8262	220	6	analysis	analysis	NOUN
ajfa-8262	220	7	,	,	PUNCT
ajfa-8262	220	8	43(1	43(1	NOUN
ajfa-8262	220	9	)	)	PUNCT
ajfa-8262	220	10	,	,	PUNCT
ajfa-8262	220	11	29	29	NUM
ajfa-8262	220	12	-	-	SYM
ajfa-8262	220	13	58	58	NUM
ajfa-8262	220	14	.	.	PUNCT
ajfa-8262	221	1	http://dx.doi.org/10.1017/s002210900000274x	http://dx.doi.org/10.1017/s002210900000274x	PROPN
ajfa-8262	221	2	bali	bali	PROPN
ajfa-8262	221	3	,	,	PUNCT
ajfa-8262	221	4	turan	turan	PROPN
ajfa-8262	221	5	g.	g.	PROPN
ajfa-8262	221	6	,	,	PUNCT
ajfa-8262	221	7	cakici	cakici	NOUN
ajfa-8262	221	8	,	,	PUNCT
ajfa-8262	221	9	nusret	nusret	NOUN
ajfa-8262	221	10	,	,	PUNCT
ajfa-8262	221	11	whitelaw	whitelaw	PROPN
ajfa-8262	221	12	,	,	PUNCT
ajfa-8262	221	13	&	&	CCONJ
ajfa-8262	221	14	robert	robert	PROPN
ajfa-8262	221	15	f.	f.	PROPN
ajfa-8262	221	16	(	(	PUNCT
ajfa-8262	221	17	2011	2011	NUM
ajfa-8262	221	18	)	)	PUNCT
ajfa-8262	221	19	.	.	PUNCT
ajfa-8262	222	1	maxing	maxe	VERB
ajfa-8262	222	2	out	out	ADP
ajfa-8262	222	3	:	:	PUNCT
ajfa-8262	222	4	stocks	stock	NOUN
ajfa-8262	222	5	as	as	ADP
ajfa-8262	222	6	lotteries	lottery	NOUN
ajfa-8262	222	7	and	and	CCONJ
ajfa-8262	222	8	the	the	DET
ajfa-8262	222	9	cross	cross	NOUN
ajfa-8262	222	10	-	-	NOUN
ajfa-8262	222	11	section	section	NOUN
ajfa-8262	222	12	of	of	ADP
ajfa-8262	222	13	expected	expect	VERB
ajfa-8262	222	14	returns	return	NOUN
ajfa-8262	222	15	.	.	PUNCT
ajfa-8262	223	1	journal	journal	NOUN
ajfa-8262	223	2	of	of	ADP
ajfa-8262	223	3	financial	financial	ADJ
ajfa-8262	223	4	economics	economic	NOUN
ajfa-8262	223	5	,	,	PUNCT
ajfa-8262	223	6	99	99	NUM
ajfa-8262	223	7	,	,	PUNCT
ajfa-8262	223	8	427	427	NUM
ajfa-8262	223	9	-	-	SYM
ajfa-8262	223	10	446	446	NUM
ajfa-8262	223	11	.	.	PUNCT
ajfa-8262	224	1	http://dx.doi.org/10.1016/j.jfineco.2010.08.014	http://dx.doi.org/10.1016/j.jfineco.2010.08.014	PROPN
ajfa-8262	224	2	barber	barber	PROPN
ajfa-8262	224	3	,	,	PUNCT
ajfa-8262	224	4	odean	odean	ADJ
ajfa-8262	224	5	.	.	PUNCT
ajfa-8262	225	1	(	(	PUNCT
ajfa-8262	225	2	2008	2008	NUM
ajfa-8262	225	3	)	)	PUNCT
ajfa-8262	225	4	.	.	PUNCT
ajfa-8262	226	1	all	all	DET
ajfa-8262	226	2	that	that	PRON
ajfa-8262	226	3	glitters	glitter	NOUN
ajfa-8262	226	4	:	:	PUNCT
ajfa-8262	226	5	the	the	DET
ajfa-8262	226	6	effect	effect	NOUN
ajfa-8262	226	7	of	of	ADP
ajfa-8262	226	8	attention	attention	NOUN
ajfa-8262	226	9	on	on	ADP
ajfa-8262	226	10	the	the	DET
ajfa-8262	226	11	buying	buying	NOUN
ajfa-8262	226	12	behaviour	behaviour	NOUN
ajfa-8262	226	13	of	of	ADP
ajfa-8262	226	14	individual	individual	ADJ
ajfa-8262	226	15	and	and	CCONJ
ajfa-8262	226	16	institutional	institutional	ADJ
ajfa-8262	226	17	investors	investor	NOUN
ajfa-8262	226	18	.	.	PUNCT
ajfa-8262	227	1	review	review	NOUN
ajfa-8262	227	2	of	of	ADP
ajfa-8262	227	3	financial	financial	ADJ
ajfa-8262	227	4	studies	study	NOUN
ajfa-8262	227	5	,	,	PUNCT
ajfa-8262	227	6	21(2	21(2	NUM
ajfa-8262	227	7	)	)	PUNCT
ajfa-8262	227	8	,	,	PUNCT
ajfa-8262	227	9	785-818.http://dx.doi.org/10.1093/rfs/hhm079	785-818.http://dx.doi.org/10.1093/rfs/hhm079	NUM
ajfa-8262	227	10	binsbergen	binsbergen	NOUN
ajfa-8262	227	11	,	,	PUNCT
ajfa-8262	227	12	jules	jules	PROPN
ajfa-8262	227	13	h.	h.	PROPN
ajfa-8262	227	14	van	van	PROPN
ajfa-8262	227	15	,	,	PUNCT
ajfa-8262	227	16	brandt	brandt	PROPN
ajfa-8262	227	17	,	,	PUNCT
ajfa-8262	227	18	michael	michael	PROPN
ajfa-8262	227	19	w.	w.	PROPN
ajfa-8262	227	20	,	,	PUNCT
ajfa-8262	227	21	koijen	koijen	PROPN
ajfa-8262	227	22	,	,	PUNCT
ajfa-8262	227	23	&	&	CCONJ
ajfa-8262	227	24	ralph	ralph	PROPN
ajfa-8262	227	25	s.	s.	PROPN
ajfa-8262	227	26	j.	j.	PROPN
ajfa-8262	227	27	(	(	PUNCT
ajfa-8262	227	28	2008	2008	NUM
ajfa-8262	227	29	,	,	PUNCT
ajfa-8262	227	30	august	august	PROPN
ajfa-8262	227	31	)	)	PUNCT
ajfa-8262	227	32	.	.	PUNCT
ajfa-8262	228	1	optimal	optimal	ADJ
ajfa-8262	228	2	decentralized	decentralize	VERB
ajfa-8262	228	3	investment	investment	NOUN
ajfa-8262	228	4	management	management	NOUN
ajfa-8262	228	5	.	.	PUNCT
ajfa-8262	229	1	journal	journal	PROPN
ajfa-8262	229	2	of	of	ADP
ajfa-8262	229	3	finance	finance	NOUN
ajfa-8262	229	4	,	,	PUNCT
ajfa-8262	229	5	63(4	63(4	NOUN
ajfa-8262	229	6	)	)	PUNCT
ajfa-8262	229	7	,	,	PUNCT
ajfa-8262	229	8	1849	1849	NUM
ajfa-8262	229	9	-	-	SYM
ajfa-8262	229	10	1895	1895	NUM
ajfa-8262	229	11	.	.	PUNCT
ajfa-8262	230	1	http://dx.doi.org/10.1111/j.1540-6261.2008.01376.x	http://dx.doi.org/10.1111/j.1540-6261.2008.01376.x	ADJ
ajfa-8262	230	2	black	black	NOUN
ajfa-8262	230	3	,	,	PUNCT
ajfa-8262	230	4	f.	f.	PROPN
ajfa-8262	230	5	(	(	PUNCT
ajfa-8262	230	6	1972	1972	NUM
ajfa-8262	230	7	,	,	PUNCT
ajfa-8262	230	8	july	july	PROPN
ajfa-8262	230	9	)	)	PUNCT
ajfa-8262	230	10	.	.	PUNCT
ajfa-8262	231	1	capital	capital	NOUN
ajfa-8262	231	2	market	market	NOUN
ajfa-8262	231	3	equilibrium	equilibrium	NOUN
ajfa-8262	231	4	with	with	ADP
ajfa-8262	231	5	restricted	restricted	ADJ
ajfa-8262	231	6	borrowing	borrowing	NOUN
ajfa-8262	231	7	.	.	PUNCT
ajfa-8262	232	1	journal	journal	PROPN
ajfa-8262	232	2	of	of	ADP
ajfa-8262	232	3	business	business	NOUN
ajfa-8262	232	4	,	,	PUNCT
ajfa-8262	232	5	4(3	4(3	NUM
ajfa-8262	232	6	)	)	PUNCT
ajfa-8262	232	7	,	,	PUNCT
ajfa-8262	232	8	444	444	NUM
ajfa-8262	232	9	-	-	SYM
ajfa-8262	232	10	455	455	NUM
ajfa-8262	232	11	.	.	PUNCT
ajfa-8262	233	1	http://dx.doi.org/10.1086/295472	http://dx.doi.org/10.1086/295472	PROPN
ajfa-8262	233	2	black	black	PROPN
ajfa-8262	233	3	,	,	PUNCT
ajfa-8262	233	4	f.	f.	PROPN
ajfa-8262	233	5	(	(	PUNCT
ajfa-8262	233	6	1993	1993	NUM
ajfa-8262	233	7	,	,	PUNCT
ajfa-8262	233	8	fall	fall	NOUN
ajfa-8262	233	9	)	)	PUNCT
ajfa-8262	233	10	.	.	PUNCT
ajfa-8262	234	1	beta	beta	NOUN
ajfa-8262	234	2	and	and	CCONJ
ajfa-8262	234	3	return	return	NOUN
ajfa-8262	234	4	:	:	PUNCT
ajfa-8262	234	5	announcements	announcement	NOUN
ajfa-8262	234	6	of	of	ADP
ajfa-8262	234	7	the	the	DET
ajfa-8262	234	8	'	'	PUNCT
ajfa-8262	234	9	death	death	NOUN
ajfa-8262	234	10	of	of	ADP
ajfa-8262	234	11	beta	beta	NOUN
ajfa-8262	234	12	"	"	PUNCT
ajfa-8262	234	13	seem	seem	VERB
ajfa-8262	234	14	premature	premature	ADJ
ajfa-8262	234	15	.	.	PUNCT
ajfa-8262	235	1	the	the	DET
ajfa-8262	235	2	journal	journal	PROPN
ajfa-8262	235	3	of	of	ADP
ajfa-8262	235	4	portfolio	portfolio	NOUN
ajfa-8262	235	5	management	management	NOUN
ajfa-8262	235	6	,	,	PUNCT
ajfa-8262	235	7	20(1	20(1	NUM
ajfa-8262	235	8	)	)	PUNCT
ajfa-8262	235	9	,	,	PUNCT
ajfa-8262	235	10	11	11	NUM
ajfa-8262	235	11	-	-	SYM
ajfa-8262	235	12	18	18	NUM
ajfa-8262	235	13	.	.	PUNCT
ajfa-8262	236	1	http://dx.doi.org/10.3905/jpm.1993.409462	http://dx.doi.org/10.3905/jpm.1993.409462	PROPN
ajfa-8262	236	2	blitz	blitz	PROPN
ajfa-8262	236	3	,	,	PUNCT
ajfa-8262	236	4	david	david	PROPN
ajfa-8262	236	5	c.	c.	PROPN
ajfa-8262	236	6	,	,	PUNCT
ajfa-8262	236	7	pang	pang	NOUN
ajfa-8262	236	8	,	,	PUNCT
ajfa-8262	236	9	juan	juan	PROPN
ajfa-8262	236	10	,	,	PUNCT
ajfa-8262	236	11	&	&	CCONJ
ajfa-8262	236	12	vliet	vliet	PROPN
ajfa-8262	236	13	,	,	PUNCT
ajfa-8262	236	14	pim	pim	PROPN
ajfa-8262	236	15	van	van	PROPN
ajfa-8262	236	16	.	.	PUNCT
ajfa-8262	236	17	(	(	PUNCT
ajfa-8262	236	18	2012	2012	NUM
ajfa-8262	236	19	)	)	PUNCT
ajfa-8262	236	20	.	.	PUNCT
ajfa-8262	237	1	the	the	DET
ajfa-8262	237	2	volatility	volatility	NOUN
ajfa-8262	237	3	effect	effect	NOUN
ajfa-8262	237	4	in	in	ADP
ajfa-8262	237	5	emerging	emerge	VERB
ajfa-8262	237	6	markets	market	NOUN
ajfa-8262	237	7	.	.	PUNCT
ajfa-8262	238	1	robeco	robeco	PROPN
ajfa-8262	238	2	research	research	NOUN
ajfa-8262	238	3	paper	paper	NOUN
ajfa-8262	238	4	.	.	PUNCT
ajfa-8262	239	1	http://dx.doi.org/10.2139/ssrn.2050863	http://dx.doi.org/10.2139/ssrn.2050863	DET
ajfa-8262	239	2	blitz	blitz	PROPN
ajfa-8262	239	3	,	,	PUNCT
ajfa-8262	239	4	david	david	PROPN
ajfa-8262	239	5	c.	c.	PROPN
ajfa-8262	239	6	,	,	PUNCT
ajfa-8262	239	7	&	&	CCONJ
ajfa-8262	239	8	vliet	vliet	PROPN
ajfa-8262	239	9	,	,	PUNCT
ajfa-8262	239	10	pim	pim	PROPN
ajfa-8262	239	11	van	van	PROPN
ajfa-8262	239	12	.	.	PUNCT
ajfa-8262	239	13	(	(	PUNCT
ajfa-8262	239	14	2007	2007	NUM
ajfa-8262	239	15	)	)	PUNCT
ajfa-8262	239	16	.	.	PUNCT
ajfa-8262	240	1	the	the	DET
ajfa-8262	240	2	volatility	volatility	NOUN
ajfa-8262	240	3	effect	effect	NOUN
ajfa-8262	240	4	.	.	PUNCT
ajfa-8262	241	1	the	the	DET
ajfa-8262	241	2	journal	journal	PROPN
ajfa-8262	241	3	of	of	ADP
ajfa-8262	241	4	portfolio	portfolio	NOUN
ajfa-8262	241	5	management	management	NOUN
ajfa-8262	241	6	,	,	PUNCT
ajfa-8262	241	7	34(fall	34(fall	NUM
ajfa-8262	241	8	)	)	PUNCT
ajfa-8262	241	9	,	,	PUNCT
ajfa-8262	241	10	102	102	NUM
ajfa-8262	241	11	-	-	SYM
ajfa-8262	241	12	113	113	NUM
ajfa-8262	241	13	.	.	PUNCT
ajfa-8262	242	1	http://dx.doi.org/10.3905/jpm.2007.698039	http://dx.doi.org/10.3905/jpm.2007.698039	PROPN
ajfa-8262	242	2	boyer	boyer	PROPN
ajfa-8262	242	3	,	,	PUNCT
ajfa-8262	242	4	b.	b.	PROPN
ajfa-8262	242	5	,	,	PUNCT
ajfa-8262	242	6	mitton	mitton	PROPN
ajfa-8262	242	7	,	,	PUNCT
ajfa-8262	242	8	t.	t.	PROPN
ajfa-8262	242	9	,	,	PUNCT
ajfa-8262	242	10	&	&	CCONJ
ajfa-8262	242	11	vorkink	vorkink	NOUN
ajfa-8262	242	12	,	,	PUNCT
ajfa-8262	242	13	k.	k.	PROPN
ajfa-8262	242	14	(	(	PUNCT
ajfa-8262	242	15	2010	2010	NUM
ajfa-8262	242	16	,	,	PUNCT
ajfa-8262	242	17	january	january	PROPN
ajfa-8262	242	18	)	)	PUNCT
ajfa-8262	242	19	.	.	PUNCT
ajfa-8262	243	1	expected	expect	VERB
ajfa-8262	243	2	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	243	3	skewness	skewness	NOUN
ajfa-8262	243	4	.	.	PUNCT
ajfa-8262	244	1	review	review	NOUN
ajfa-8262	244	2	of	of	ADP
ajfa-8262	244	3	financial	financial	ADJ
ajfa-8262	244	4	studies	study	NOUN
ajfa-8262	244	5	,	,	PUNCT
ajfa-8262	244	6	23(1	23(1	NUM
ajfa-8262	244	7	)	)	PUNCT
ajfa-8262	244	8	.	.	PUNCT
ajfa-8262	245	1	http://dx.doi.org/10.1093/rfs/hhp041	http://dx.doi.org/10.1093/rfs/hhp041	PROPN
ajfa-8262	245	2	carvalho	carvalho	PROPN
ajfa-8262	245	3	,	,	PUNCT
ajfa-8262	245	4	raul	raul	PROPN
ajfa-8262	245	5	,	,	PUNCT
ajfa-8262	245	6	leote	leote	PROPN
ajfa-8262	245	7	de	de	PROPN
ajfa-8262	245	8	,	,	PUNCT
ajfa-8262	245	9	xiao	xiao	PROPN
ajfa-8262	245	10	,	,	PUNCT
ajfa-8262	245	11	lu	lu	PROPN
ajfa-8262	245	12	,	,	PUNCT
ajfa-8262	245	13	&	&	CCONJ
ajfa-8262	245	14	pierre	pierre	PROPN
ajfa-8262	245	15	,	,	PUNCT
ajfa-8262	245	16	moulin	moulin	PROPN
ajfa-8262	245	17	.	.	PUNCT
ajfa-8262	245	18	(	(	PUNCT
ajfa-8262	245	19	2012	2012	NUM
ajfa-8262	245	20	)	)	PUNCT
ajfa-8262	245	21	.	.	PUNCT
ajfa-8262	246	1	demystifying	demystify	VERB
ajfa-8262	246	2	equity	equity	NOUN
ajfa-8262	246	3	risk	risk	NOUN
ajfa-8262	246	4	-	-	PUNCT
ajfa-8262	246	5	based	base	VERB
ajfa-8262	246	6	strategies	strategy	NOUN
ajfa-8262	246	7	:	:	PUNCT
ajfa-8262	246	8	a	a	DET
ajfa-8262	246	9	simple	simple	ADJ
ajfa-8262	246	10	alpha	alpha	NOUN
ajfa-8262	246	11	plus	plus	CCONJ
ajfa-8262	246	12	beta	beta	ADJ
ajfa-8262	246	13	description	description	NOUN
ajfa-8262	246	14	.	.	PUNCT
ajfa-8262	247	1	journal	journal	PROPN
ajfa-8262	247	2	of	of	ADP
ajfa-8262	247	3	portfolio	portfolio	NOUN
ajfa-8262	247	4	management	management	NOUN
ajfa-8262	247	5	,	,	PUNCT
ajfa-8262	247	6	38(3	38(3	NUM
ajfa-8262	247	7	)	)	PUNCT
ajfa-8262	247	8	.	.	PUNCT
ajfa-8262	248	1	chan	chan	PROPN
ajfa-8262	248	2	,	,	PUNCT
ajfa-8262	248	3	l.	l.	PROPN
ajfa-8262	248	4	,	,	PUNCT
ajfa-8262	248	5	karceski	karceski	PROPN
ajfa-8262	248	6	,	,	PUNCT
ajfa-8262	248	7	j.	j.	PROPN
ajfa-8262	248	8	,	,	PUNCT
ajfa-8262	248	9	&	&	CCONJ
ajfa-8262	248	10	lakonishok	lakonishok	PROPN
ajfa-8262	248	11	,	,	PUNCT
ajfa-8262	248	12	j.	j.	PROPN
ajfa-8262	248	13	(	(	PUNCT
ajfa-8262	248	14	1999	1999	NUM
ajfa-8262	248	15	)	)	PUNCT
ajfa-8262	248	16	.	.	PUNCT
ajfa-8262	249	1	portfolio	portfolio	NOUN
ajfa-8262	249	2	optimisation	optimisation	NOUN
ajfa-8262	249	3	:	:	PUNCT
ajfa-8262	249	4	forecasting	forecasting	NOUN
ajfa-8262	249	5	covariances	covariance	NOUN
ajfa-8262	249	6	and	and	CCONJ
ajfa-8262	249	7	choosing	choose	VERB
ajfa-8262	249	8	the	the	DET
ajfa-8262	249	9	risk	risk	NOUN
ajfa-8262	249	10	model	model	NOUN
ajfa-8262	249	11	.	.	PUNCT
ajfa-8262	250	1	review	review	NOUN
ajfa-8262	250	2	of	of	ADP
ajfa-8262	250	3	financial	financial	ADJ
ajfa-8262	250	4	studies	study	NOUN
ajfa-8262	250	5	,	,	PUNCT
ajfa-8262	250	6	12	12	NUM
ajfa-8262	250	7	,	,	PUNCT
ajfa-8262	250	8	937	937	NUM
ajfa-8262	250	9	-	-	SYM
ajfa-8262	250	10	974	974	NUM
ajfa-8262	250	11	.	.	PUNCT
ajfa-8262	250	12	http://dx.doi.org/10.1093/rfs/12.5.937	http://dx.doi.org/10.1093/rfs/12.5.937	PROPN
ajfa-8262	250	13	choueifaty	choueifaty	PROPN
ajfa-8262	250	14	,	,	PUNCT
ajfa-8262	250	15	y.	y.	PROPN
ajfa-8262	250	16	,	,	PUNCT
ajfa-8262	250	17	&	&	CCONJ
ajfa-8262	250	18	coignard	coignard	PROPN
ajfa-8262	250	19	,	,	PUNCT
ajfa-8262	250	20	y.	y.	PROPN
ajfa-8262	250	21	(	(	PUNCT
ajfa-8262	250	22	2008	2008	NUM
ajfa-8262	250	23	)	)	PUNCT
ajfa-8262	250	24	.	.	PUNCT
ajfa-8262	251	1	toward	toward	ADP
ajfa-8262	251	2	maximum	maximum	ADJ
ajfa-8262	251	3	diversification	diversification	NOUN
ajfa-8262	251	4	.	.	PUNCT
ajfa-8262	252	1	journal	journal	PROPN
ajfa-8262	252	2	of	of	ADP
ajfa-8262	252	3	portfolio	portfolio	NOUN
ajfa-8262	252	4	management	management	NOUN
ajfa-8262	252	5	,	,	PUNCT
ajfa-8262	252	6	35(1	35(1	NUM
ajfa-8262	252	7	)	)	PUNCT
ajfa-8262	252	8	.	.	PUNCT
ajfa-8262	253	1	http://dx.doi.org/10.3905/jpm.2008.35.1.40	http://dx.doi.org/10.3905/jpm.2008.35.1.40	PROPN
ajfa-8262	253	2	clarke	clarke	PROPN
ajfa-8262	253	3	,	,	PUNCT
ajfa-8262	253	4	roger	roger	PROPN
ajfa-8262	253	5	,	,	PUNCT
ajfa-8262	253	6	desilva	desilva	PROPN
ajfa-8262	253	7	,	,	PUNCT
ajfa-8262	253	8	harindra	harindra	PROPN
ajfa-8262	253	9	,	,	PUNCT
ajfa-8262	253	10	thorley	thorley	PROPN
ajfa-8262	253	11	,	,	PUNCT
ajfa-8262	253	12	steven	steven	PROPN
ajfa-8262	253	13	.	.	PROPN
ajfa-8262	253	14	(	(	PUNCT
ajfa-8262	253	15	2006b	2006b	NUM
ajfa-8262	253	16	,	,	PUNCT
ajfa-8262	253	17	december	december	PROPN
ajfa-8262	253	18	)	)	PUNCT
ajfa-8262	253	19	.	.	PUNCT
ajfa-8262	254	1	exploring	explore	VERB
ajfa-8262	254	2	the	the	DET
ajfa-8262	254	3	risk	risk	NOUN
ajfa-8262	254	4	anomaly	anomaly	NOUN
ajfa-8262	254	5	in	in	ADP
ajfa-8262	254	6	the	the	DET
ajfa-8262	254	7	equity	equity	NOUN
ajfa-8262	254	8	market	market	NOUN
ajfa-8262	254	9	.	.	PUNCT
ajfa-8262	255	1	economics	economic	NOUN
ajfa-8262	255	2	and	and	CCONJ
ajfa-8262	255	3	portfolio	portfolio	NOUN
ajfa-8262	255	4	strategy	strategy	NOUN
ajfa-8262	255	5	.	.	PUNCT
ajfa-8262	256	1	asian	asian	ADJ
ajfa-8262	256	2	journal	journal	PROPN
ajfa-8262	256	3	of	of	ADP
ajfa-8262	256	4	finance	finance	PROPN
ajfa-8262	256	5	&	&	CCONJ
ajfa-8262	256	6	accounting	accounting	PROPN
ajfa-8262	256	7	issn	issn	PROPN
ajfa-8262	256	8	1946	1946	NUM
ajfa-8262	256	9	-	-	PUNCT
ajfa-8262	256	10	052x	052x	NOUN
ajfa-8262	256	11	2015	2015	NUM
ajfa-8262	256	12	,	,	PUNCT
ajfa-8262	256	13	vol	vol	NOUN
ajfa-8262	256	14	.	.	PROPN
ajfa-8262	256	15	7	7	NUM
ajfa-8262	256	16	,	,	PUNCT
ajfa-8262	256	17	no	no	INTJ
ajfa-8262	256	18	.	.	NOUN
ajfa-8262	256	19	2	2	NUM
ajfa-8262	256	20	150	150	NUM
ajfa-8262	256	21	clarke	clarke	PROPN
ajfa-8262	256	22	,	,	PUNCT
ajfa-8262	256	23	roger	roger	PROPN
ajfa-8262	256	24	,	,	PUNCT
ajfa-8262	256	25	desilva	desilva	PROPN
ajfa-8262	256	26	,	,	PUNCT
ajfa-8262	256	27	harindra	harindra	PROPN
ajfa-8262	256	28	,	,	PUNCT
ajfa-8262	256	29	thorley	thorley	PROPN
ajfa-8262	256	30	,	,	PUNCT
ajfa-8262	256	31	steven	steven	PROPN
ajfa-8262	256	32	.	.	PROPN
ajfa-8262	256	33	(	(	PUNCT
ajfa-8262	256	34	2006a	2006a	NUM
ajfa-8262	256	35	)	)	PUNCT
ajfa-8262	256	36	.	.	PUNCT
ajfa-8262	257	1	minimum	minimum	ADJ
ajfa-8262	257	2	-	-	PUNCT
ajfa-8262	257	3	variance	variance	NOUN
ajfa-8262	257	4	portfolio	portfolio	NOUN
ajfa-8262	257	5	in	in	ADP
ajfa-8262	257	6	the	the	DET
ajfa-8262	257	7	u.s	u.s	PROPN
ajfa-8262	257	8	.	.	PROPN
ajfa-8262	257	9	equity	equity	NOUN
ajfa-8262	257	10	market	market	NOUN
ajfa-8262	257	11	.	.	PUNCT
ajfa-8262	258	1	the	the	DET
ajfa-8262	258	2	journal	journal	PROPN
ajfa-8262	258	3	of	of	ADP
ajfa-8262	258	4	portfolio	portfolio	NOUN
ajfa-8262	258	5	management	management	NOUN
ajfa-8262	258	6	,	,	PUNCT
ajfa-8262	258	7	33(fall	33(fall	NUM
ajfa-8262	258	8	)	)	PUNCT
ajfa-8262	258	9	,	,	PUNCT
ajfa-8262	258	10	10	10	NUM
ajfa-8262	258	11	-	-	SYM
ajfa-8262	258	12	24	24	NUM
ajfa-8262	258	13	.	.	PUNCT
ajfa-8262	259	1	http://dx.doi.org/10.3905/jpm.2006.661366	http://dx.doi.org/10.3905/jpm.2006.661366	AUX
ajfa-8262	259	2	falkenstein	falkenstein	PROPN
ajfa-8262	259	3	.	.	PUNCT
ajfa-8262	260	1	(	(	PUNCT
ajfa-8262	260	2	1996	1996	NUM
ajfa-8262	260	3	)	)	PUNCT
ajfa-8262	260	4	.	.	PUNCT
ajfa-8262	261	1	preferences	preference	NOUN
ajfa-8262	261	2	for	for	ADP
ajfa-8262	261	3	stock	stock	NOUN
ajfa-8262	261	4	characteristics	characteristic	NOUN
ajfa-8262	261	5	as	as	SCONJ
ajfa-8262	261	6	revealed	reveal	VERB
ajfa-8262	261	7	by	by	ADP
ajfa-8262	261	8	mutual	mutual	ADJ
ajfa-8262	261	9	fund	fund	NOUN
ajfa-8262	261	10	portfolio	portfolio	NOUN
ajfa-8262	261	11	holdings	holding	NOUN
ajfa-8262	261	12	.	.	PUNCT
ajfa-8262	262	1	journal	journal	PROPN
ajfa-8262	262	2	of	of	ADP
ajfa-8262	262	3	finance	finance	NOUN
ajfa-8262	262	4	,	,	PUNCT
ajfa-8262	262	5	51(1	51(1	NUM
ajfa-8262	262	6	)	)	PUNCT
ajfa-8262	262	7	,	,	PUNCT
ajfa-8262	262	8	111	111	NUM
ajfa-8262	262	9	-	-	SYM
ajfa-8262	262	10	135	135	NUM
ajfa-8262	262	11	.	.	PUNCT
ajfa-8262	263	1	http://dx.doi.org/10.1111/j.1540-6261.1996.tb05204.x	http://dx.doi.org/10.1111/j.1540-6261.1996.tb05204.x	PROPN
ajfa-8262	263	2	falkenstein	falkenstein	PROPN
ajfa-8262	263	3	.	.	PUNCT
ajfa-8262	264	1	(	(	PUNCT
ajfa-8262	264	2	2009	2009	NUM
ajfa-8262	264	3	)	)	PUNCT
ajfa-8262	264	4	.	.	PUNCT
ajfa-8262	265	1	risk	risk	NOUN
ajfa-8262	265	2	and	and	CCONJ
ajfa-8262	265	3	return	return	VERB
ajfa-8262	265	4	in	in	ADP
ajfa-8262	265	5	general	general	ADJ
ajfa-8262	265	6	:	:	PUNCT
ajfa-8262	265	7	theory	theory	NOUN
ajfa-8262	265	8	and	and	CCONJ
ajfa-8262	265	9	evidence	evidence	NOUN
ajfa-8262	265	10	.	.	PUNCT
ajfa-8262	266	1	ssrn	ssrn	PROPN
ajfa-8262	266	2	working	work	VERB
ajfa-8262	266	3	paper	paper	NOUN
ajfa-8262	266	4	.	.	PUNCT
ajfa-8262	267	1	http://dx.doi.org/10.2139/ssrn.1420356	http://dx.doi.org/10.2139/ssrn.1420356	X
ajfa-8262	267	2	fama	fama	PROPN
ajfa-8262	267	3	,	,	PUNCT
ajfa-8262	267	4	e.	e.	PROPN
ajfa-8262	267	5	f.	f.	PROPN
ajfa-8262	267	6	,	,	PUNCT
ajfa-8262	267	7	&	&	CCONJ
ajfa-8262	267	8	french	french	PROPN
ajfa-8262	267	9	,	,	PUNCT
ajfa-8262	267	10	k.	k.	PROPN
ajfa-8262	267	11	r.	r.	PROPN
ajfa-8262	267	12	(	(	PUNCT
ajfa-8262	267	13	1992	1992	NUM
ajfa-8262	267	14	)	)	PUNCT
ajfa-8262	267	15	.	.	PUNCT
ajfa-8262	268	1	the	the	DET
ajfa-8262	268	2	cross	cross	NOUN
ajfa-8262	268	3	-	-	NOUN
ajfa-8262	268	4	section	section	NOUN
ajfa-8262	268	5	of	of	ADP
ajfa-8262	268	6	expected	expect	VERB
ajfa-8262	268	7	stock	stock	NOUN
ajfa-8262	268	8	returns	return	NOUN
ajfa-8262	268	9	.	.	PUNCT
ajfa-8262	269	1	journal	journal	NOUN
ajfa-8262	269	2	of	of	ADP
ajfa-8262	269	3	finance	finance	PROPN
ajfa-8262	269	4	,	,	PUNCT
ajfa-8262	269	5	47(2	47(2	PROPN
ajfa-8262	269	6	)	)	PUNCT
ajfa-8262	269	7	,	,	PUNCT
ajfa-8262	269	8	424	424	NUM
ajfa-8262	269	9	-	-	SYM
ajfa-8262	269	10	465	465	NUM
ajfa-8262	269	11	.	.	PUNCT
ajfa-8262	270	1	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x	http://dx.doi.org/10.1111/j.1540-6261.1992.tb04398.x	PROPN
ajfa-8262	270	2	frazzini	frazzini	PROPN
ajfa-8262	270	3	,	,	PUNCT
ajfa-8262	270	4	a.	a.	PROPN
ajfa-8262	270	5	,	,	PUNCT
ajfa-8262	270	6	&	&	CCONJ
ajfa-8262	270	7	pedersen	pedersen	PROPN
ajfa-8262	270	8	,	,	PUNCT
ajfa-8262	270	9	l.	l.	PROPN
ajfa-8262	270	10	h.	h.	PROPN
ajfa-8262	270	11	(	(	PUNCT
ajfa-8262	270	12	2014	2014	NUM
ajfa-8262	270	13	)	)	PUNCT
ajfa-8262	270	14	.	.	PUNCT
ajfa-8262	271	1	betting	bet	VERB
ajfa-8262	271	2	against	against	ADP
ajfa-8262	271	3	beta	beta	NOUN
ajfa-8262	271	4	.	.	PUNCT
ajfa-8262	272	1	journal	journal	PROPN
ajfa-8262	272	2	of	of	ADP
ajfa-8262	272	3	financial	financial	ADJ
ajfa-8262	272	4	economics	economic	NOUN
ajfa-8262	272	5	,	,	PUNCT
ajfa-8262	272	6	111(1	111(1	NUM
ajfa-8262	272	7	)	)	PUNCT
ajfa-8262	272	8	,	,	PUNCT
ajfa-8262	272	9	1	1	NUM
ajfa-8262	272	10	-	-	SYM
ajfa-8262	272	11	25	25	NUM
ajfa-8262	272	12	.	.	PUNCT
ajfa-8262	273	1	http://dx.doi.org/10.1016/j.jfineco.2013.10.005	http://dx.doi.org/10.1016/j.jfineco.2013.10.005	PROPN
ajfa-8262	273	2	fu	fu	PROPN
ajfa-8262	273	3	,	,	PUNCT
ajfa-8262	273	4	f.	f.	PROPN
ajfa-8262	273	5	(	(	PUNCT
ajfa-8262	273	6	2009	2009	NUM
ajfa-8262	273	7	)	)	PUNCT
ajfa-8262	273	8	.	.	PUNCT
ajfa-8262	274	1	idiosyncratic	idiosyncratic	ADJ
ajfa-8262	274	2	risk	risk	NOUN
ajfa-8262	274	3	and	and	CCONJ
ajfa-8262	274	4	the	the	DET
ajfa-8262	274	5	cross	cross	NOUN
ajfa-8262	274	6	-	-	NOUN
ajfa-8262	274	7	section	section	NOUN
ajfa-8262	274	8	of	of	ADP
ajfa-8262	274	9	expected	expect	VERB
ajfa-8262	274	10	returns	return	NOUN
ajfa-8262	274	11	.	.	PUNCT
ajfa-8262	275	1	journal	journal	NOUN
ajfa-8262	275	2	of	of	ADP
ajfa-8262	275	3	financial	financial	ADJ
ajfa-8262	275	4	economics	economic	NOUN
ajfa-8262	275	5	,	,	PUNCT
ajfa-8262	275	6	91(1	91(1	NUM
ajfa-8262	275	7	)	)	PUNCT
ajfa-8262	275	8	,	,	PUNCT
ajfa-8262	275	9	24	24	NUM
ajfa-8262	275	10	-	-	SYM
ajfa-8262	275	11	37	37	NUM
ajfa-8262	275	12	.	.	PUNCT
ajfa-8262	276	1	http://dx.doi.org/10.1016/j.jfineco.2008.02.003	http://dx.doi.org/10.1016/j.jfineco.2008.02.003	PROPN
ajfa-8262	276	2	haugen	haugen	PROPN
ajfa-8262	276	3	,	,	PUNCT
ajfa-8262	276	4	r.	r.	PROPN
ajfa-8262	276	5	a.	a.	PROPN
ajfa-8262	276	6	,	,	PUNCT
ajfa-8262	276	7	&	&	CCONJ
ajfa-8262	276	8	baker	baker	PROPN
ajfa-8262	276	9	,	,	PUNCT
ajfa-8262	276	10	n.	n.	PROPN
ajfa-8262	276	11	l.	l.	PROPN
ajfa-8262	276	12	(	(	PUNCT
ajfa-8262	276	13	1991	1991	NUM
ajfa-8262	276	14	)	)	PUNCT
ajfa-8262	276	15	.	.	PUNCT
ajfa-8262	277	1	the	the	DET
ajfa-8262	277	2	efficient	efficient	ADJ
ajfa-8262	277	3	market	market	NOUN
ajfa-8262	277	4	inefficiency	inefficiency	NOUN
ajfa-8262	277	5	of	of	ADP
ajfa-8262	277	6	capitalization	capitalization	NOUN
ajfa-8262	277	7	-	-	PUNCT
ajfa-8262	277	8	weighted	weight	VERB
ajfa-8262	277	9	stock	stock	NOUN
ajfa-8262	277	10	portfolios	portfolio	NOUN
ajfa-8262	277	11	.	.	PUNCT
ajfa-8262	278	1	journal	journal	PROPN
ajfa-8262	278	2	of	of	ADP
ajfa-8262	278	3	portfolio	portfolio	NOUN
ajfa-8262	278	4	management	management	NOUN
ajfa-8262	278	5	,	,	PUNCT
ajfa-8262	278	6	17(3	17(3	NUM
ajfa-8262	278	7	)	)	PUNCT
ajfa-8262	278	8	,	,	PUNCT
ajfa-8262	278	9	35	35	NUM
ajfa-8262	278	10	-	-	SYM
ajfa-8262	278	11	40	40	NUM
ajfa-8262	278	12	.	.	PUNCT
ajfa-8262	279	1	http://dx.doi.org/10.3905/jpm.1991.409335	http://dx.doi.org/10.3905/jpm.1991.409335	NOUN
ajfa-8262	279	2	haugen	haugen	PROPN
ajfa-8262	279	3	,	,	PUNCT
ajfa-8262	279	4	r.	r.	PROPN
ajfa-8262	279	5	a.	a.	PROPN
ajfa-8262	279	6	,	,	PUNCT
ajfa-8262	279	7	&	&	CCONJ
ajfa-8262	279	8	heins	heins	PROPN
ajfa-8262	279	9	,	,	PUNCT
ajfa-8262	279	10	a.	a.	PROPN
ajfa-8262	279	11	j.	j.	PROPN
ajfa-8262	279	12	(	(	PUNCT
ajfa-8262	279	13	1975	1975	NUM
ajfa-8262	279	14	,	,	PUNCT
ajfa-8262	279	15	december	december	PROPN
ajfa-8262	279	16	)	)	PUNCT
ajfa-8262	279	17	.	.	PUNCT
ajfa-8262	280	1	risk	risk	NOUN
ajfa-8262	280	2	and	and	CCONJ
ajfa-8262	280	3	the	the	DET
ajfa-8262	280	4	rate	rate	NOUN
ajfa-8262	280	5	of	of	ADP
ajfa-8262	280	6	return	return	NOUN
ajfa-8262	280	7	on	on	ADP
ajfa-8262	280	8	financial	financial	ADJ
ajfa-8262	280	9	assets	asset	NOUN
ajfa-8262	280	10	:	:	PUNCT
ajfa-8262	280	11	some	some	DET
ajfa-8262	280	12	old	old	ADJ
ajfa-8262	280	13	wine	wine	NOUN
ajfa-8262	280	14	in	in	ADP
ajfa-8262	280	15	new	new	ADJ
ajfa-8262	280	16	bottles	bottle	NOUN
ajfa-8262	280	17	.	.	PUNCT
ajfa-8262	281	1	journal	journal	NOUN
ajfa-8262	281	2	of	of	ADP
ajfa-8262	281	3	financial	financial	ADJ
ajfa-8262	281	4	and	and	CCONJ
ajfa-8262	281	5	quantitative	quantitative	ADJ
ajfa-8262	281	6	analysis	analysis	NOUN
ajfa-8262	281	7	,	,	PUNCT
ajfa-8262	281	8	10(5	10(5	NUM
ajfa-8262	281	9	)	)	PUNCT
ajfa-8262	281	10	,	,	PUNCT
ajfa-8262	281	11	775	775	NUM
ajfa-8262	281	12	-	-	SYM
ajfa-8262	281	13	784	784	NUM
ajfa-8262	281	14	.	.	PUNCT
ajfa-8262	282	1	http://dx.doi.org/10.2307/2330270	http://dx.doi.org/10.2307/2330270	PROPN
ajfa-8262	282	2	haugen	haugen	PROPN
ajfa-8262	282	3	,	,	PUNCT
ajfa-8262	282	4	baker	baker	PROPN
ajfa-8262	282	5	.	.	PUNCT
ajfa-8262	282	6	(	(	PUNCT
ajfa-8262	282	7	1996	1996	NUM
ajfa-8262	282	8	)	)	PUNCT
ajfa-8262	282	9	.	.	PUNCT
ajfa-8262	283	1	commonality	commonality	NOUN
ajfa-8262	283	2	in	in	ADP
ajfa-8262	283	3	the	the	DET
ajfa-8262	283	4	determinants	determinant	NOUN
ajfa-8262	283	5	of	of	ADP
ajfa-8262	283	6	expected	expect	VERB
ajfa-8262	283	7	returns	return	NOUN
ajfa-8262	283	8	.	.	PUNCT
ajfa-8262	284	1	journal	journal	NOUN
ajfa-8262	284	2	of	of	ADP
ajfa-8262	284	3	financial	financial	ADJ
ajfa-8262	284	4	economics	economic	NOUN
ajfa-8262	284	5	,	,	PUNCT
ajfa-8262	284	6	41(3	41(3	NUM
ajfa-8262	284	7	)	)	PUNCT
ajfa-8262	284	8	,	,	PUNCT
ajfa-8262	284	9	401	401	NUM
ajfa-8262	284	10	-	-	SYM
ajfa-8262	284	11	439	439	NUM
ajfa-8262	284	12	.	.	PUNCT
ajfa-8262	285	1	http://dx.doi.org/10.1016/0304-405x(95)00868-f	http://dx.doi.org/10.1016/0304-405x(95)00868-f	PROPN
ajfa-8262	285	2	hong	hong	PROPN
ajfa-8262	285	3	,	,	PUNCT
ajfa-8262	285	4	h.	h.	PROPN
ajfa-8262	285	5	,	,	PUNCT
ajfa-8262	285	6	&	&	CCONJ
ajfa-8262	285	7	sraer	sraer	PROPN
ajfa-8262	285	8	,	,	PUNCT
ajfa-8262	285	9	d.	d.	PROPN
ajfa-8262	285	10	a.	a.	PROPN
ajfa-8262	285	11	(	(	PUNCT
ajfa-8262	285	12	2012	2012	NUM
ajfa-8262	285	13	)	)	PUNCT
ajfa-8262	285	14	.	.	PUNCT
ajfa-8262	286	1	speculative	speculative	ADJ
ajfa-8262	286	2	betas	beta	NOUN
ajfa-8262	286	3	.	.	PUNCT
ajfa-8262	287	1	nber	nber	PROPN
ajfa-8262	287	2	working	working	PROPN
ajfa-8262	287	3	paper	paper	NOUN
ajfa-8262	287	4	.	.	PUNCT
ajfa-8262	288	1	http://dx.doi.org/10.2139/ssrn.1967462	http://dx.doi.org/10.2139/ssrn.1967462	X
ajfa-8262	288	2	jagannathan	jagannathan	PROPN
ajfa-8262	288	3	,	,	PUNCT
ajfa-8262	288	4	r.	r.	PROPN
ajfa-8262	288	5	,	,	PUNCT
ajfa-8262	288	6	&	&	CCONJ
ajfa-8262	288	7	ma	ma	PROPN
ajfa-8262	288	8	,	,	PUNCT
ajfa-8262	288	9	t.	t.	PROPN
ajfa-8262	288	10	(	(	PUNCT
ajfa-8262	288	11	2003	2003	NUM
ajfa-8262	288	12	)	)	PUNCT
ajfa-8262	288	13	.	.	PUNCT
ajfa-8262	289	1	risk	risk	NOUN
ajfa-8262	289	2	reduction	reduction	NOUN
ajfa-8262	289	3	in	in	ADP
ajfa-8262	289	4	large	large	ADJ
ajfa-8262	289	5	portfolios	portfolio	NOUN
ajfa-8262	289	6	:	:	PUNCT
ajfa-8262	289	7	why	why	SCONJ
ajfa-8262	289	8	imposing	impose	VERB
ajfa-8262	289	9	the	the	DET
ajfa-8262	289	10	wrong	wrong	ADJ
ajfa-8262	289	11	constraints	constraint	NOUN
ajfa-8262	289	12	helps	help	VERB
ajfa-8262	289	13	.	.	PUNCT
ajfa-8262	290	1	the	the	DET
ajfa-8262	290	2	journal	journal	PROPN
ajfa-8262	290	3	of	of	ADP
ajfa-8262	290	4	finance	finance	NOUN
ajfa-8262	290	5	,	,	PUNCT
ajfa-8262	290	6	58(4	58(4	NUM
ajfa-8262	290	7	)	)	PUNCT
ajfa-8262	290	8	,	,	PUNCT
ajfa-8262	290	9	1651	1651	NUM
ajfa-8262	290	10	-	-	SYM
ajfa-8262	290	11	1684	1684	NUM
ajfa-8262	290	12	.	.	PUNCT
ajfa-8262	291	1	http://dx.doi.org/10.1111/1540-6261.00580	http://dx.doi.org/10.1111/1540-6261.00580	VERB
ajfa-8262	291	2	kahneman	kahneman	NOUN
ajfa-8262	291	3	,	,	PUNCT
ajfa-8262	291	4	d.	d.	PROPN
ajfa-8262	291	5	,	,	PUNCT
ajfa-8262	291	6	&	&	CCONJ
ajfa-8262	291	7	tversky	tversky	PROPN
ajfa-8262	291	8	,	,	PUNCT
ajfa-8262	291	9	a.	a.	NOUN
ajfa-8262	291	10	(	(	PUNCT
ajfa-8262	291	11	1983	1983	NUM
ajfa-8262	291	12	,	,	PUNCT
ajfa-8262	291	13	october	october	PROPN
ajfa-8262	291	14	)	)	PUNCT
ajfa-8262	291	15	.	.	PUNCT
ajfa-8262	292	1	extensional	extensional	ADJ
ajfa-8262	292	2	versus	versus	ADP
ajfa-8262	292	3	intutive	intutive	ADJ
ajfa-8262	292	4	reasoning	reasoning	NOUN
ajfa-8262	292	5	:	:	PUNCT
ajfa-8262	292	6	the	the	DET
ajfa-8262	292	7	conjunction	conjunction	NOUN
ajfa-8262	292	8	fallacy	fallacy	NOUN
ajfa-8262	292	9	in	in	ADP
ajfa-8262	292	10	probability	probability	NOUN
ajfa-8262	292	11	judgment	judgment	NOUN
ajfa-8262	292	12	.	.	PUNCT
ajfa-8262	293	1	psychological	psychological	ADJ
ajfa-8262	293	2	review	review	NOUN
ajfa-8262	293	3	,	,	PUNCT
ajfa-8262	293	4	90(4	90(4	NUM
ajfa-8262	293	5	)	)	PUNCT
ajfa-8262	293	6	,	,	PUNCT
ajfa-8262	293	7	293-315.http://dx.doi.org/10.1037/0033-295x.90.4.293	293-315.http://dx.doi.org/10.1037/0033-295x.90.4.293	NUM
ajfa-8262	293	8	kahneman	kahneman	NOUN
ajfa-8262	293	9	,	,	PUNCT
ajfa-8262	293	10	d.	d.	PROPN
ajfa-8262	293	11	,	,	PUNCT
ajfa-8262	293	12	&	&	CCONJ
ajfa-8262	293	13	tversky	tversky	PROPN
ajfa-8262	293	14	,	,	PUNCT
ajfa-8262	293	15	a.	a.	NOUN
ajfa-8262	293	16	(	(	PUNCT
ajfa-8262	293	17	1979	1979	NUM
ajfa-8262	293	18	,	,	PUNCT
ajfa-8262	293	19	march	march	PROPN
ajfa-8262	293	20	)	)	PUNCT
ajfa-8262	293	21	.	.	PUNCT
ajfa-8262	294	1	prospect	prospect	PROPN
ajfa-8262	294	2	theory	theory	NOUN
ajfa-8262	294	3	:	:	PUNCT
ajfa-8262	294	4	an	an	DET
ajfa-8262	294	5	analysis	analysis	NOUN
ajfa-8262	294	6	of	of	ADP
ajfa-8262	294	7	decision	decision	NOUN
ajfa-8262	294	8	under	under	ADP
ajfa-8262	294	9	risk	risk	NOUN
ajfa-8262	294	10	.	.	PUNCT
ajfa-8262	295	1	econometrica	econometrica	PROPN
ajfa-8262	295	2	,	,	PUNCT
ajfa-8262	295	3	47(2	47(2	PROPN
ajfa-8262	295	4	)	)	PUNCT
ajfa-8262	295	5	,	,	PUNCT
ajfa-8262	295	6	263	263	NUM
ajfa-8262	295	7	-	-	SYM
ajfa-8262	295	8	291	291	NUM
ajfa-8262	295	9	.	.	PUNCT
ajfa-8262	296	1	http://dx.doi.org/10.2307/1914185	http://dx.doi.org/10.2307/1914185	PROPN
ajfa-8262	296	2	karceski	karceski	PROPN
ajfa-8262	296	3	,	,	PUNCT
ajfa-8262	296	4	j.	j.	PROPN
ajfa-8262	296	5	(	(	PUNCT
ajfa-8262	296	6	2002	2002	NUM
ajfa-8262	296	7	,	,	PUNCT
ajfa-8262	296	8	december	december	PROPN
ajfa-8262	296	9	)	)	PUNCT
ajfa-8262	296	10	.	.	PUNCT
ajfa-8262	297	1	returns	return	NOUN
ajfa-8262	297	2	-	-	PUNCT
ajfa-8262	297	3	chasing	chase	VERB
ajfa-8262	297	4	behavior	behavior	NOUN
ajfa-8262	297	5	,	,	PUNCT
ajfa-8262	297	6	mutual	mutual	ADJ
ajfa-8262	297	7	funds	fund	NOUN
ajfa-8262	297	8	,	,	PUNCT
ajfa-8262	297	9	and	and	CCONJ
ajfa-8262	297	10	beta	beta	NOUN
ajfa-8262	297	11	's	's	PART
ajfa-8262	297	12	death	death	NOUN
ajfa-8262	297	13	.	.	PUNCT
ajfa-8262	298	1	journal	journal	PROPN
ajfa-8262	298	2	of	of	ADP
ajfa-8262	298	3	financial	financial	ADJ
ajfa-8262	298	4	and	and	CCONJ
ajfa-8262	298	5	quantitative	quantitative	ADJ
ajfa-8262	298	6	analysis	analysis	NOUN
ajfa-8262	298	7	,	,	PUNCT
ajfa-8262	298	8	37(4	37(4	NOUN
ajfa-8262	298	9	)	)	PUNCT
ajfa-8262	298	10	,	,	PUNCT
ajfa-8262	298	11	559	559	NUM
ajfa-8262	298	12	-	-	SYM
ajfa-8262	298	13	594	594	NUM
ajfa-8262	298	14	.	.	PUNCT
ajfa-8262	299	1	http://dx.doi.org/10.2307/3595012	http://dx.doi.org/10.2307/3595012	PROPN
ajfa-8262	299	2	asian	asian	PROPN
ajfa-8262	299	3	journal	journal	PROPN
ajfa-8262	299	4	of	of	ADP
ajfa-8262	299	5	finance	finance	PROPN
ajfa-8262	299	6	&	&	CCONJ
ajfa-8262	299	7	accounting	accounting	PROPN
ajfa-8262	299	8	issn	issn	PROPN
ajfa-8262	299	9	1946	1946	NUM
ajfa-8262	299	10	-	-	PUNCT
ajfa-8262	299	11	052x	052x	NOUN
ajfa-8262	299	12	2015	2015	NUM
ajfa-8262	299	13	,	,	PUNCT
ajfa-8262	299	14	vol	vol	NOUN
ajfa-8262	299	15	.	.	PROPN
ajfa-8262	299	16	7	7	NUM
ajfa-8262	299	17	,	,	PUNCT
ajfa-8262	299	18	no	no	INTJ
ajfa-8262	299	19	.	.	NOUN
ajfa-8262	299	20	2	2	NUM
ajfa-8262	299	21	151	151	NUM
ajfa-8262	299	22	kumar	kumar	PROPN
ajfa-8262	299	23	,	,	PUNCT
ajfa-8262	299	24	a.	a.	PROPN
ajfa-8262	299	25	(	(	PUNCT
ajfa-8262	299	26	2009	2009	NUM
ajfa-8262	299	27	,	,	PUNCT
ajfa-8262	299	28	august	august	PROPN
ajfa-8262	299	29	)	)	PUNCT
ajfa-8262	299	30	.	.	PUNCT
ajfa-8262	300	1	who	who	PRON
ajfa-8262	300	2	gambles	gamble	VERB
ajfa-8262	300	3	in	in	ADP
ajfa-8262	300	4	the	the	DET
ajfa-8262	300	5	stock	stock	NOUN
ajfa-8262	300	6	market	market	NOUN
ajfa-8262	300	7	?	?	PUNCT
ajfa-8262	301	1	journal	journal	NOUN
ajfa-8262	301	2	of	of	ADP
ajfa-8262	301	3	finance	finance	NOUN
ajfa-8262	301	4	,	,	PUNCT
ajfa-8262	301	5	64(4	64(4	NUM
ajfa-8262	301	6	)	)	PUNCT
ajfa-8262	301	7	,	,	PUNCT
ajfa-8262	301	8	1889	1889	NUM
ajfa-8262	301	9	-	-	SYM
ajfa-8262	301	10	1933	1933	NUM
ajfa-8262	301	11	.	.	PUNCT
ajfa-8262	302	1	http://dx.doi.org/10.1111/j.1540-6261.2009.01483.x	http://dx.doi.org/10.1111/j.1540-6261.2009.01483.x	X
ajfa-8262	302	2	markowitz	markowitz	PROPN
ajfa-8262	302	3	,	,	PUNCT
ajfa-8262	302	4	h.	h.	PROPN
ajfa-8262	302	5	(	(	PUNCT
ajfa-8262	302	6	1952	1952	NUM
ajfa-8262	302	7	)	)	PUNCT
ajfa-8262	302	8	.	.	PUNCT
ajfa-8262	303	1	portfolio	portfolio	NOUN
ajfa-8262	303	2	selection	selection	NOUN
ajfa-8262	303	3	.	.	PUNCT
ajfa-8262	304	1	the	the	DET
ajfa-8262	304	2	journal	journal	PROPN
ajfa-8262	304	3	of	of	ADP
ajfa-8262	304	4	finance	finance	NOUN
ajfa-8262	304	5	,	,	PUNCT
ajfa-8262	304	6	7(1	7(1	NUM
ajfa-8262	304	7	)	)	PUNCT
ajfa-8262	304	8	,	,	PUNCT
ajfa-8262	304	9	77	77	NUM
ajfa-8262	304	10	-	-	SYM
ajfa-8262	304	11	91	91	NUM
ajfa-8262	304	12	.	.	PUNCT
ajfa-8262	305	1	http://dx.doi.org/10.1111/j.1540-6261.1952.tb01525.x	http://dx.doi.org/10.1111/j.1540-6261.1952.tb01525.x	PROPN
ajfa-8262	305	2	martellini	martellini	PROPN
ajfa-8262	305	3	.	.	PUNCT
ajfa-8262	305	4	(	(	PUNCT
ajfa-8262	305	5	2008	2008	NUM
ajfa-8262	305	6	)	)	PUNCT
ajfa-8262	305	7	.	.	PUNCT
ajfa-8262	306	1	toward	toward	ADP
ajfa-8262	306	2	the	the	DET
ajfa-8262	306	3	design	design	NOUN
ajfa-8262	306	4	of	of	ADP
ajfa-8262	306	5	better	well	ADJ
ajfa-8262	306	6	equity	equity	NOUN
ajfa-8262	306	7	benchmarks	benchmark	NOUN
ajfa-8262	306	8	:	:	PUNCT
ajfa-8262	306	9	rehabilitating	rehabilitate	VERB
ajfa-8262	306	10	the	the	DET
ajfa-8262	306	11	tangency	tangency	NOUN
ajfa-8262	306	12	portfolio	portfolio	NOUN
ajfa-8262	306	13	from	from	ADP
ajfa-8262	306	14	modern	modern	ADJ
ajfa-8262	306	15	portfolio	portfolio	NOUN
ajfa-8262	306	16	theory	theory	NOUN
ajfa-8262	306	17	.	.	PUNCT
ajfa-8262	307	1	journal	journal	PROPN
ajfa-8262	307	2	of	of	ADP
ajfa-8262	307	3	portfolio	portfolio	NOUN
ajfa-8262	307	4	management	management	NOUN
ajfa-8262	307	5	,	,	PUNCT
ajfa-8262	307	6	34(4	34(4	NUM
ajfa-8262	307	7	)	)	PUNCT
ajfa-8262	307	8	,	,	PUNCT
ajfa-8262	307	9	34	34	NUM
ajfa-8262	307	10	-	-	SYM
ajfa-8262	307	11	41	41	NUM
ajfa-8262	307	12	.	.	PUNCT
ajfa-8262	308	1	http://dx.doi.org/10.3905/jpm.2008.709978	http://dx.doi.org/10.3905/jpm.2008.709978	X
ajfa-8262	308	2	mitton	mitton	PROPN
ajfa-8262	308	3	,	,	PUNCT
ajfa-8262	308	4	t.	t.	PROPN
ajfa-8262	308	5	,	,	PUNCT
ajfa-8262	308	6	&	&	CCONJ
ajfa-8262	308	7	vorkink	vorkink	NOUN
ajfa-8262	308	8	,	,	PUNCT
ajfa-8262	308	9	k.	k.	PROPN
ajfa-8262	308	10	(	(	PUNCT
ajfa-8262	308	11	2007	2007	NUM
ajfa-8262	308	12	,	,	PUNCT
ajfa-8262	308	13	july	july	PROPN
ajfa-8262	308	14	)	)	PUNCT
ajfa-8262	308	15	.	.	PUNCT
ajfa-8262	309	1	equilibrium	equilibrium	NOUN
ajfa-8262	309	2	underdiversification	underdiversification	NOUN
ajfa-8262	309	3	and	and	CCONJ
ajfa-8262	309	4	the	the	DET
ajfa-8262	309	5	preference	preference	NOUN
ajfa-8262	309	6	for	for	ADP
ajfa-8262	309	7	skewness	skewness	NOUN
ajfa-8262	309	8	.	.	PUNCT
ajfa-8262	310	1	review	review	NOUN
ajfa-8262	310	2	of	of	ADP
ajfa-8262	310	3	financial	financial	ADJ
ajfa-8262	310	4	studies	study	NOUN
ajfa-8262	310	5	,	,	PUNCT
ajfa-8262	310	6	20(4	20(4	NOUN
ajfa-8262	310	7	)	)	PUNCT
ajfa-8262	310	8	,	,	PUNCT
ajfa-8262	310	9	1255	1255	NUM
ajfa-8262	310	10	-	-	SYM
ajfa-8262	310	11	1288	1288	NUM
ajfa-8262	310	12	.	.	PUNCT
ajfa-8262	311	1	http://dx.doi.org/10.1093/revfin/hhm011	http://dx.doi.org/10.1093/revfin/hhm011	NOUN
ajfa-8262	311	2	pettengill	pettengill	NOUN
ajfa-8262	311	3	,	,	PUNCT
ajfa-8262	311	4	g.	g.	PROPN
ajfa-8262	311	5	n.	n.	PROPN
ajfa-8262	311	6	,	,	PUNCT
ajfa-8262	311	7	sundaram	sundaram	PROPN
ajfa-8262	311	8	,	,	PUNCT
ajfa-8262	311	9	s.	s.	PROPN
ajfa-8262	311	10	,	,	PUNCT
ajfa-8262	311	11	&	&	CCONJ
ajfa-8262	311	12	mathur	mathur	PROPN
ajfa-8262	311	13	,	,	PUNCT
ajfa-8262	311	14	i.	i.	PROPN
ajfa-8262	311	15	(	(	PUNCT
ajfa-8262	311	16	1995	1995	NUM
ajfa-8262	311	17	,	,	PUNCT
ajfa-8262	311	18	march	march	PROPN
ajfa-8262	311	19	)	)	PUNCT
ajfa-8262	311	20	.	.	PUNCT
ajfa-8262	312	1	the	the	DET
ajfa-8262	312	2	conditional	conditional	ADJ
ajfa-8262	312	3	relation	relation	NOUN
ajfa-8262	312	4	between	between	ADP
ajfa-8262	312	5	beta	beta	NOUN
ajfa-8262	312	6	and	and	CCONJ
ajfa-8262	312	7	return	return	NOUN
ajfa-8262	312	8	.	.	PUNCT
ajfa-8262	313	1	journal	journal	NOUN
ajfa-8262	313	2	of	of	ADP
ajfa-8262	313	3	financial	financial	ADJ
ajfa-8262	313	4	and	and	CCONJ
ajfa-8262	313	5	quantitative	quantitative	ADJ
ajfa-8262	313	6	analysis	analysis	NOUN
ajfa-8262	313	7	,	,	PUNCT
ajfa-8262	313	8	30(1	30(1	NUM
ajfa-8262	313	9	)	)	PUNCT
ajfa-8262	313	10	,	,	PUNCT
ajfa-8262	313	11	101	101	NUM
ajfa-8262	313	12	-	-	SYM
ajfa-8262	313	13	116	116	NUM
ajfa-8262	313	14	.	.	PUNCT
ajfa-8262	314	1	http://dx.doi.org/10.2307/2331255	http://dx.doi.org/10.2307/2331255	PROPN
ajfa-8262	314	2	poullaouec	poullaouec	ADJ
ajfa-8262	314	3	t.	t.	PROPN
ajfa-8262	314	4	(	(	PUNCT
ajfa-8262	314	5	2010	2010	NUM
ajfa-8262	314	6	)	)	PUNCT
ajfa-8262	314	7	.	.	PUNCT
ajfa-8262	315	1	things	thing	NOUN
ajfa-8262	315	2	to	to	PART
ajfa-8262	315	3	consider	consider	VERB
ajfa-8262	315	4	when	when	SCONJ
ajfa-8262	315	5	investing	invest	VERB
ajfa-8262	315	6	in	in	ADP
ajfa-8262	315	7	minimum	minimum	ADJ
ajfa-8262	315	8	volatility	volatility	NOUN
ajfa-8262	315	9	strategies	strategy	NOUN
ajfa-8262	315	10	.	.	PUNCT
ajfa-8262	316	1	state	state	NOUN
ajfa-8262	316	2	street	street	PROPN
ajfa-8262	316	3	global	global	PROPN
ajfa-8262	316	4	advisors	advisor	NOUN
ajfa-8262	316	5	asset	asset	NOUN
ajfa-8262	316	6	allocation	allocation	NOUN
ajfa-8262	316	7	research	research	NOUN
ajfa-8262	316	8	.	.	PUNCT
ajfa-8262	317	1	schawartz	schawartz	PROPN
ajfa-8262	317	2	,	,	PUNCT
ajfa-8262	317	3	t.	t.	PROPN
ajfa-8262	317	4	(	(	PUNCT
ajfa-8262	317	5	2000	2000	NUM
ajfa-8262	317	6	)	)	PUNCT
ajfa-8262	317	7	.	.	PUNCT
ajfa-8262	318	1	how	how	SCONJ
ajfa-8262	318	2	to	to	PART
ajfa-8262	318	3	beat	beat	VERB
ajfa-8262	318	4	the	the	DET
ajfa-8262	318	5	s&p	s&p	PROPN
ajfa-8262	318	6	500	500	NUM
ajfa-8262	318	7	with	with	ADP
ajfa-8262	318	8	portfolio	portfolio	NOUN
ajfa-8262	318	9	optimization	optimization	NOUN
ajfa-8262	318	10	.	.	PUNCT
ajfa-8262	319	1	working	work	VERB
ajfa-8262	319	2	paper	paper	NOUN
ajfa-8262	319	3	,	,	PUNCT
ajfa-8262	319	4	depauls	depauls	PROPN
ajfa-8262	319	5	university	university	PROPN
ajfa-8262	319	6	.	.	PUNCT
ajfa-8262	320	1	scherer	scherer	PROPN
ajfa-8262	320	2	,	,	PUNCT
ajfa-8262	320	3	b.	b.	PROPN
ajfa-8262	320	4	(	(	PUNCT
ajfa-8262	320	5	2011	2011	NUM
ajfa-8262	320	6	)	)	PUNCT
ajfa-8262	320	7	.	.	PUNCT
ajfa-8262	321	1	a	a	DET
ajfa-8262	321	2	note	note	NOUN
ajfa-8262	321	3	on	on	ADP
ajfa-8262	321	4	the	the	DET
ajfa-8262	321	5	returns	return	NOUN
ajfa-8262	321	6	from	from	ADP
ajfa-8262	321	7	minimum	minimum	ADJ
ajfa-8262	321	8	variance	variance	NOUN
ajfa-8262	321	9	investing	investing	NOUN
ajfa-8262	321	10	.	.	PUNCT
ajfa-8262	322	1	journal	journal	PROPN
ajfa-8262	322	2	of	of	ADP
ajfa-8262	322	3	empirical	empirical	ADJ
ajfa-8262	322	4	finance	finance	NOUN
ajfa-8262	322	5	,	,	PUNCT
ajfa-8262	322	6	18(4	18(4	NUM
ajfa-8262	322	7	)	)	PUNCT
ajfa-8262	322	8	,	,	PUNCT
ajfa-8262	322	9	652	652	NUM
ajfa-8262	322	10	-	-	SYM
ajfa-8262	322	11	660	660	NUM
ajfa-8262	322	12	.	.	PUNCT
ajfa-8262	323	1	http://dx.doi.org/10.1016/j.jempfin.2011.06.001	http://dx.doi.org/10.1016/j.jempfin.2011.06.001	NOUN
ajfa-8262	323	2	sharpe	sharpe	PROPN
ajfa-8262	323	3	,	,	PUNCT
ajfa-8262	323	4	w.	w.	PROPN
ajfa-8262	323	5	(	(	PUNCT
ajfa-8262	323	6	1964	1964	NUM
ajfa-8262	323	7	)	)	PUNCT
ajfa-8262	323	8	.	.	PUNCT
ajfa-8262	324	1	capital	capital	NOUN
ajfa-8262	324	2	asset	asset	NOUN
ajfa-8262	324	3	prices	price	NOUN
ajfa-8262	324	4	:	:	PUNCT
ajfa-8262	324	5	a	a	DET
ajfa-8262	324	6	theory	theory	NOUN
ajfa-8262	324	7	of	of	ADP
ajfa-8262	324	8	market	market	NOUN
ajfa-8262	324	9	equilibrium	equilibrium	NOUN
ajfa-8262	324	10	under	under	ADP
ajfa-8262	324	11	conditions	condition	NOUN
ajfa-8262	324	12	of	of	ADP
ajfa-8262	324	13	risk	risk	NOUN
ajfa-8262	324	14	.	.	PUNCT
ajfa-8262	325	1	the	the	DET
ajfa-8262	325	2	journal	journal	PROPN
ajfa-8262	325	3	of	of	ADP
ajfa-8262	325	4	finance	finance	NOUN
ajfa-8262	325	5	,	,	PUNCT
ajfa-8262	325	6	19(3	19(3	NUM
ajfa-8262	325	7	)	)	PUNCT
ajfa-8262	325	8	,	,	PUNCT
ajfa-8262	325	9	425	425	NUM
ajfa-8262	325	10	-	-	SYM
ajfa-8262	325	11	442	442	NUM
ajfa-8262	325	12	.	.	PUNCT
ajfa-8262	326	1	http://dx.doi.org/10.1111/j.1540-6261.1964.tb02865.x	http://dx.doi.org/10.1111/j.1540-6261.1964.tb02865.x	PROPN
ajfa-8262	326	2	soe	soe	PROPN
ajfa-8262	326	3	,	,	PUNCT
ajfa-8262	326	4	a.	a.	NOUN
ajfa-8262	326	5	m.	m.	NOUN
ajfa-8262	326	6	(	(	PUNCT
ajfa-8262	326	7	2012	2012	NUM
ajfa-8262	326	8	,	,	PUNCT
ajfa-8262	326	9	august	august	PROPN
ajfa-8262	326	10	1	1	NUM
ajfa-8262	326	11	)	)	PUNCT
ajfa-8262	326	12	.	.	PUNCT
ajfa-8262	327	1	the	the	DET
ajfa-8262	327	2	low	low	ADJ
ajfa-8262	327	3	volatility	volatility	NOUN
ajfa-8262	327	4	effect	effect	NOUN
ajfa-8262	327	5	:	:	PUNCT
ajfa-8262	327	6	a	a	DET
ajfa-8262	327	7	comprehensive	comprehensive	ADJ
ajfa-8262	327	8	look	look	NOUN
ajfa-8262	327	9	.	.	PUNCT
ajfa-8262	328	1	s&p	s&p	PROPN
ajfa-8262	328	2	dow	dow	PROPN
ajfa-8262	328	3	jones	jones	PROPN
ajfa-8262	328	4	indices	indices	PROPN
ajfa-8262	328	5	paper	paper	NOUN
ajfa-8262	328	6	.	.	PUNCT