id	sid	tid	token	lemma	pos
cusj-5639	1	1	microsoft	microsoft	PROPN
cusj-5639	1	2	word	word	NOUN
cusj-5639	1	3	cusj	cusj	VERB
cusj-5639	1	4	29.docx	29.docx	NUM
cusj-5639	1	5	_	_	PUNCT
cusj-5639	2	1	_	_	PUNCT
cusj-5639	3	1	_	_	PUNCT
cusj-5639	4	1	_	_	PUNCT
cusj-5639	5	1	_	_	PUNCT
cusj-5639	6	1	_	_	PUNCT
cusj-5639	7	1	_	_	PUNCT
cusj-5639	8	1	_	_	PUNCT
cusj-5639	9	1	_	_	PUNCT
cusj-5639	10	1	_	_	PUNCT
cusj-5639	11	1	_	_	PUNCT
cusj-5639	12	1	_	_	PUNCT
cusj-5639	13	1	_	_	PUNCT
cusj-5639	14	1	_	_	PUNCT
cusj-5639	15	1	_	_	PUNCT
cusj-5639	16	1	_	_	PUNCT
cusj-5639	17	1	_	_	PUNCT
cusj-5639	18	1	_	_	PUNCT
cusj-5639	19	1	_	_	PUNCT
cusj-5639	20	1	_	_	PUNCT
cusj-5639	21	1	_	_	PUNCT
cusj-5639	22	1	_	_	PUNCT
cusj-5639	23	1	_	_	PUNCT
cusj-5639	24	1	_	_	PUNCT
cusj-5639	25	1	_	_	PUNCT
cusj-5639	26	1	_	_	PUNCT
cusj-5639	27	1	_	_	PUNCT
cusj-5639	28	1	_	_	PUNCT
cusj-5639	29	1	_	_	PUNCT
cusj-5639	30	1	_	_	PUNCT
cusj-5639	31	1	_	_	PUNCT
cusj-5639	32	1	_	_	PUNCT
cusj-5639	33	1	_	_	PUNCT
cusj-5639	34	1	_	_	PUNCT
cusj-5639	35	1	_	_	PUNCT
cusj-5639	36	1	_	_	PUNCT
cusj-5639	37	1	_	_	PUNCT
cusj-5639	38	1	_	_	PUNCT
cusj-5639	39	1	_	_	PUNCT
cusj-5639	40	1	_	_	PUNCT
cusj-5639	41	1	_	_	PUNCT
cusj-5639	42	1	_	_	PUNCT
cusj-5639	43	1	_	_	PUNCT
cusj-5639	44	1	_	_	PUNCT
cusj-5639	45	1	_	_	PUNCT
cusj-5639	46	1	_	_	PUNCT
cusj-5639	47	1	_	_	PUNCT
cusj-5639	48	1	_	_	PUNCT
cusj-5639	49	1	_	_	PUNCT
cusj-5639	50	1	_	_	PUNCT
cusj-5639	51	1	_	_	PUNCT
cusj-5639	52	1	_	_	PUNCT
cusj-5639	53	1	_	_	PUNCT
cusj-5639	54	1	_	_	PUNCT
cusj-5639	55	1	_	_	PUNCT
cusj-5639	56	1	_	_	PUNCT
cusj-5639	57	1	_	_	PUNCT
cusj-5639	58	1	_	_	PUNCT
cusj-5639	59	1	_	_	PUNCT
cusj-5639	60	1	_	_	PUNCT
cusj-5639	61	1	_	_	PUNCT
cusj-5639	62	1	_	_	PUNCT
cusj-5639	63	1	_	_	PUNCT
cusj-5639	64	1	_	_	PUNCT
cusj-5639	65	1	_	_	PUNCT
cusj-5639	66	1	_	_	PUNCT
cusj-5639	67	1	_	_	PUNCT
cusj-5639	68	1	_	_	PUNCT
cusj-5639	69	1	_	_	PUNCT
cusj-5639	70	1	_	_	PUNCT
cusj-5639	71	1	_	_	PUNCT
cusj-5639	72	1	_	_	PUNCT
cusj-5639	73	1	_	_	PUNCT
cusj-5639	74	1	_	_	PUNCT
cusj-5639	75	1	_	_	PUNCT
cusj-5639	76	1	_	_	PUNCT
cusj-5639	77	1	_	_	PUNCT
cusj-5639	78	1	_	_	PUNCT
cusj-5639	79	1	_	_	PUNCT
cusj-5639	80	1	_	_	PUNCT
cusj-5639	80	2	cusj	cusj	VERB
cusj-5639	80	3	2019	2019	NUM
cusj-5639	80	4	_	_	PUNCT
cusj-5639	81	1	_	_	PUNCT
cusj-5639	82	1	_	_	PUNCT
cusj-5639	83	1	_	_	PUNCT
cusj-5639	84	1	_	_	PUNCT
cusj-5639	85	1	_	_	PUNCT
cusj-5639	86	1	_	_	PUNCT
cusj-5639	87	1	_	_	PUNCT
cusj-5639	88	1	_	_	PUNCT
cusj-5639	89	1	_	_	PUNCT
cusj-5639	90	1	_	_	PUNCT
cusj-5639	91	1	_	_	PUNCT
cusj-5639	92	1	_	_	PUNCT
cusj-5639	93	1	_	_	PUNCT
cusj-5639	94	1	_	_	PUNCT
cusj-5639	95	1	_	_	PUNCT
cusj-5639	96	1	_	_	PUNCT
cusj-5639	97	1	_	_	PUNCT
cusj-5639	98	1	_	_	PUNCT
cusj-5639	99	1	_	_	PUNCT
cusj-5639	100	1	_	_	PUNCT
cusj-5639	101	1	_	_	PUNCT
cusj-5639	102	1	_	_	PUNCT
cusj-5639	103	1	_	_	PUNCT
cusj-5639	104	1	_	_	PUNCT
cusj-5639	105	1	_	_	PUNCT
cusj-5639	106	1	_	_	PUNCT
cusj-5639	107	1	_	_	PUNCT
cusj-5639	108	1	_	_	PUNCT
cusj-5639	109	1	_	_	PUNCT
cusj-5639	110	1	_	_	PUNCT
cusj-5639	111	1	_	_	PUNCT
cusj-5639	112	1	_	_	PUNCT
cusj-5639	113	1	_	_	PUNCT
cusj-5639	114	1	_	_	PUNCT
cusj-5639	115	1	_	_	PUNCT
cusj-5639	116	1	_	_	PUNCT
cusj-5639	117	1	_	_	PUNCT
cusj-5639	118	1	_	_	PUNCT
cusj-5639	119	1	_	_	PUNCT
cusj-5639	120	1	_	_	PUNCT
cusj-5639	121	1	_	_	PUNCT
cusj-5639	122	1	_	_	PUNCT
cusj-5639	123	1	_	_	PUNCT
cusj-5639	124	1	_	_	PUNCT
cusj-5639	125	1	_	_	PUNCT
cusj-5639	126	1	_	_	PUNCT
cusj-5639	127	1	_	_	PUNCT
cusj-5639	128	1	_	_	PUNCT
cusj-5639	129	1	_	_	PUNCT
cusj-5639	130	1	_	_	PUNCT
cusj-5639	131	1	_	_	PUNCT
cusj-5639	132	1	_	_	PUNCT
cusj-5639	133	1	_	_	PUNCT
cusj-5639	134	1	_	_	PUNCT
cusj-5639	135	1	_	_	PUNCT
cusj-5639	136	1	_	_	PUNCT
cusj-5639	137	1	_	_	PUNCT
cusj-5639	138	1	_	_	PUNCT
cusj-5639	139	1	_	_	PUNCT
cusj-5639	140	1	_	_	PUNCT
cusj-5639	141	1	_	_	PUNCT
cusj-5639	142	1	_	_	PUNCT
cusj-5639	143	1	_	_	PUNCT
cusj-5639	144	1	_	_	PUNCT
cusj-5639	145	1	_	_	PUNCT
cusj-5639	146	1	_	_	PUNCT
cusj-5639	147	1	_	_	PUNCT
cusj-5639	148	1	_	_	PUNCT
cusj-5639	149	1	_	_	PUNCT
cusj-5639	150	1	_	_	PUNCT
cusj-5639	151	1	_	_	PUNCT
cusj-5639	152	1	_	_	PUNCT
cusj-5639	153	1	_	_	PUNCT
cusj-5639	154	1	_	_	PUNCT
cusj-5639	155	1	_	_	PUNCT
cusj-5639	156	1	_	_	PUNCT
cusj-5639	157	1	_	_	PUNCT
cusj-5639	158	1	_	_	PUNCT
cusj-5639	159	1	_	_	PUNCT
cusj-5639	160	1	_	_	PUNCT
cusj-5639	161	1	_	_	PUNCT
cusj-5639	162	1	_	_	PUNCT
cusj-5639	163	1	_	_	PUNCT
cusj-5639	164	1	_	_	PUNCT
cusj-5639	165	1	_	_	PUNCT
cusj-5639	166	1	_	_	PUNCT
cusj-5639	167	1	_	_	PUNCT
cusj-5639	168	1	_	_	PUNCT
cusj-5639	169	1	_	_	PUNCT
cusj-5639	170	1	29	29	NUM
cusj-5639	170	2	abstract	abstract	ADJ
cusj-5639	170	3	—	—	PUNCT
cusj-5639	170	4	this	this	DET
cusj-5639	170	5	paper	paper	NOUN
cusj-5639	170	6	presents	present	VERB
cusj-5639	170	7	an	an	DET
cusj-5639	170	8	agent	agent	NOUN
cusj-5639	170	9	-	-	PUNCT
cusj-5639	170	10	based	base	VERB
cusj-5639	170	11	model	model	NOUN
cusj-5639	170	12	of	of	ADP
cusj-5639	170	13	a	a	DET
cusj-5639	170	14	stock	stock	NOUN
cusj-5639	170	15	market	market	NOUN
cusj-5639	170	16	in	in	ADP
cusj-5639	170	17	which	which	PRON
cusj-5639	170	18	investors	investor	NOUN
cusj-5639	170	19	trade	trade	VERB
cusj-5639	170	20	based	base	VERB
cusj-5639	170	21	on	on	ADP
cusj-5639	170	22	heterogeneous	heterogeneous	ADJ
cusj-5639	170	23	and	and	CCONJ
cusj-5639	170	24	changing	change	VERB
cusj-5639	170	25	beliefs	belief	NOUN
cusj-5639	170	26	.	.	PUNCT
cusj-5639	171	1	the	the	DET
cusj-5639	171	2	model	model	NOUN
cusj-5639	171	3	extends	extend	VERB
cusj-5639	171	4	that	that	SCONJ
cusj-5639	171	5	from	from	ADP
cusj-5639	171	6	(	(	PUNCT
cusj-5639	171	7	goodman	goodman	PROPN
cusj-5639	171	8	,	,	PUNCT
cusj-5639	171	9	2016	2016	NUM
cusj-5639	171	10	)	)	PUNCT
cusj-5639	171	11	,	,	PUNCT
cusj-5639	171	12	in	in	ADP
cusj-5639	171	13	which	which	PRON
cusj-5639	171	14	each	each	DET
cusj-5639	171	15	agent	agent	NOUN
cusj-5639	171	16	trades	trade	NOUN
cusj-5639	171	17	based	base	VERB
cusj-5639	171	18	on	on	ADP
cusj-5639	171	19	the	the	DET
cusj-5639	171	20	theory	theory	NOUN
cusj-5639	171	21	of	of	ADP
cusj-5639	171	22	dynamic	dynamic	ADJ
cusj-5639	171	23	investment	investment	NOUN
cusj-5639	171	24	in	in	ADP
cusj-5639	171	25	(	(	PUNCT
cusj-5639	171	26	merton	merton	ADJ
cusj-5639	171	27	,	,	PUNCT
cusj-5639	171	28	1969	1969	NUM
cusj-5639	171	29	)	)	PUNCT
cusj-5639	171	30	,	,	PUNCT
cusj-5639	171	31	with	with	ADP
cusj-5639	171	32	his	his	PRON
cusj-5639	171	33	own	own	ADJ
cusj-5639	171	34	belief	belief	NOUN
cusj-5639	171	35	on	on	ADP
cusj-5639	171	36	the	the	DET
cusj-5639	171	37	return	return	NOUN
cusj-5639	171	38	of	of	ADP
cusj-5639	171	39	the	the	DET
cusj-5639	171	40	stock	stock	NOUN
cusj-5639	171	41	.	.	PUNCT
cusj-5639	172	1	the	the	DET
cusj-5639	172	2	baseline	baseline	PROPN
cusj-5639	172	3	model	model	NOUN
cusj-5639	172	4	implies	imply	VERB
cusj-5639	172	5	that	that	SCONJ
cusj-5639	172	6	optimistic	optimistic	ADJ
cusj-5639	172	7	investors	investor	NOUN
cusj-5639	172	8	buy	buy	VERB
cusj-5639	172	9	stocks	stock	NOUN
cusj-5639	172	10	from	from	ADP
cusj-5639	172	11	pessimistic	pessimistic	ADJ
cusj-5639	172	12	investors	investor	NOUN
cusj-5639	172	13	.	.	PUNCT
cusj-5639	173	1	then	then	ADV
cusj-5639	173	2	,	,	PUNCT
cusj-5639	173	3	the	the	DET
cusj-5639	173	4	model	model	NOUN
cusj-5639	173	5	is	be	AUX
cusj-5639	173	6	extended	extend	VERB
cusj-5639	173	7	such	such	ADJ
cusj-5639	173	8	that	that	SCONJ
cusj-5639	173	9	the	the	DET
cusj-5639	173	10	beliefs	belief	NOUN
cusj-5639	173	11	of	of	ADP
cusj-5639	173	12	agents	agent	NOUN
cusj-5639	173	13	are	be	AUX
cusj-5639	173	14	time	time	NOUN
cusj-5639	173	15	-	-	PUNCT
cusj-5639	173	16	varying	vary	VERB
cusj-5639	173	17	:	:	PUNCT
cusj-5639	173	18	each	each	DET
cusj-5639	173	19	agent	agent	NOUN
cusj-5639	173	20	adjusts	adjust	VERB
cusj-5639	173	21	his	his	PRON
cusj-5639	173	22	belief	belief	NOUN
cusj-5639	173	23	differently	differently	ADV
cusj-5639	173	24	with	with	ADP
cusj-5639	173	25	the	the	DET
cusj-5639	173	26	arrival	arrival	NOUN
cusj-5639	173	27	of	of	ADP
cusj-5639	173	28	new	new	ADJ
cusj-5639	173	29	information	information	NOUN
cusj-5639	173	30	.	.	PUNCT
cusj-5639	174	1	the	the	DET
cusj-5639	174	2	key	key	ADJ
cusj-5639	174	3	findings	finding	NOUN
cusj-5639	174	4	from	from	ADP
cusj-5639	174	5	the	the	DET
cusj-5639	174	6	simulation	simulation	NOUN
cusj-5639	174	7	of	of	ADP
cusj-5639	174	8	the	the	DET
cusj-5639	174	9	extended	extended	ADJ
cusj-5639	174	10	model	model	NOUN
cusj-5639	174	11	are	be	AUX
cusj-5639	174	12	that	that	PRON
cusj-5639	174	13	(	(	PUNCT
cusj-5639	174	14	1	1	X
cusj-5639	174	15	)	)	PUNCT
cusj-5639	174	16	trade	trade	NOUN
cusj-5639	174	17	volume	volume	NOUN
cusj-5639	174	18	increases	increase	VERB
cusj-5639	174	19	with	with	ADP
cusj-5639	174	20	higher	high	ADJ
cusj-5639	174	21	heterogeneity	heterogeneity	NOUN
cusj-5639	174	22	of	of	ADP
cusj-5639	174	23	agents	agent	NOUN
cusj-5639	174	24	'	'	PART
cusj-5639	174	25	response	response	NOUN
cusj-5639	174	26	to	to	ADP
cusj-5639	174	27	news	news	NOUN
cusj-5639	174	28	arrivals	arrival	NOUN
cusj-5639	174	29	and	and	CCONJ
cusj-5639	174	30	(	(	PUNCT
cusj-5639	174	31	2	2	NUM
cusj-5639	174	32	)	)	PUNCT
cusj-5639	174	33	return	return	NOUN
cusj-5639	174	34	volatility	volatility	NOUN
cusj-5639	174	35	decreases	decrease	VERB
cusj-5639	174	36	with	with	ADP
cusj-5639	174	37	more	more	ADV
cusj-5639	174	38	positive	positive	ADJ
cusj-5639	174	39	or	or	CCONJ
cusj-5639	174	40	more	more	ADV
cusj-5639	174	41	negative	negative	ADJ
cusj-5639	174	42	average	average	ADJ
cusj-5639	174	43	level	level	NOUN
cusj-5639	174	44	of	of	ADP
cusj-5639	174	45	response	response	NOUN
cusj-5639	174	46	to	to	ADP
cusj-5639	174	47	news	news	NOUN
cusj-5639	174	48	arrivals	arrival	NOUN
cusj-5639	174	49	.	.	PUNCT
cusj-5639	175	1	i.	i.	PROPN
cusj-5639	175	2	introduction	introduction	PROPN
cusj-5639	175	3	stock	stock	NOUN
cusj-5639	175	4	prices	price	NOUN
cusj-5639	175	5	are	be	AUX
cusj-5639	175	6	determined	determine	VERB
cusj-5639	175	7	by	by	ADP
cusj-5639	175	8	trading	trading	NOUN
cusj-5639	175	9	,	,	PUNCT
cusj-5639	175	10	which	which	PRON
cusj-5639	175	11	arises	arise	VERB
cusj-5639	175	12	from	from	ADP
cusj-5639	175	13	differences	difference	NOUN
cusj-5639	175	14	in	in	ADP
cusj-5639	175	15	opinions	opinion	NOUN
cusj-5639	175	16	among	among	ADP
cusj-5639	175	17	investors	investor	NOUN
cusj-5639	175	18	.	.	PUNCT
cusj-5639	176	1	if	if	SCONJ
cusj-5639	176	2	all	all	DET
cusj-5639	176	3	investors	investor	NOUN
cusj-5639	176	4	had	have	VERB
cusj-5639	176	5	the	the	DET
cusj-5639	176	6	same	same	ADJ
cusj-5639	176	7	expectations	expectation	NOUN
cusj-5639	176	8	on	on	ADP
cusj-5639	176	9	stock	stock	NOUN
cusj-5639	176	10	returns	return	NOUN
cusj-5639	176	11	,	,	PUNCT
cusj-5639	176	12	no	no	DET
cusj-5639	176	13	trades	trade	NOUN
cusj-5639	176	14	would	would	AUX
cusj-5639	176	15	occur	occur	VERB
cusj-5639	176	16	,	,	PUNCT
cusj-5639	176	17	because	because	SCONJ
cusj-5639	176	18	everyone	everyone	PRON
cusj-5639	176	19	would	would	AUX
cusj-5639	176	20	seek	seek	VERB
cusj-5639	176	21	to	to	PART
cusj-5639	176	22	trade	trade	VERB
cusj-5639	176	23	in	in	ADP
cusj-5639	176	24	the	the	DET
cusj-5639	176	25	same	same	ADJ
cusj-5639	176	26	direction	direction	NOUN
cusj-5639	176	27	.	.	PUNCT
cusj-5639	177	1	thus	thus	ADV
cusj-5639	177	2	,	,	PUNCT
cusj-5639	177	3	it	it	PRON
cusj-5639	177	4	makes	make	VERB
cusj-5639	177	5	sense	sense	NOUN
cusj-5639	177	6	to	to	PART
cusj-5639	177	7	study	study	VERB
cusj-5639	177	8	the	the	DET
cusj-5639	177	9	stock	stock	NOUN
cusj-5639	177	10	price	price	NOUN
cusj-5639	177	11	as	as	ADP
cusj-5639	177	12	a	a	DET
cusj-5639	177	13	representation	representation	NOUN
cusj-5639	177	14	of	of	ADP
cusj-5639	177	15	heterogeneous	heterogeneous	ADJ
cusj-5639	177	16	beliefs	belief	NOUN
cusj-5639	177	17	on	on	ADP
cusj-5639	177	18	stock	stock	NOUN
cusj-5639	177	19	returns	return	NOUN
cusj-5639	177	20	materialized	materialize	VERB
cusj-5639	177	21	through	through	ADP
cusj-5639	177	22	trading	trading	NOUN
cusj-5639	177	23	.	.	PUNCT
cusj-5639	178	1	figure	figure	NOUN
cusj-5639	178	2	1	1	NUM
cusj-5639	178	3	.	.	NOUN
cusj-5639	178	4	time	time	NOUN
cusj-5639	178	5	series	series	PROPN
cusj-5639	178	6	of	of	ADP
cusj-5639	178	7	analyst	analyst	NOUN
cusj-5639	178	8	forecasts	forecast	NOUN
cusj-5639	178	9	of	of	ADP
cusj-5639	178	10	amazon	amazon	NOUN
cusj-5639	178	11	's	's	PART
cusj-5639	178	12	eps	eps	PROPN
cusj-5639	178	13	from	from	ADP
cusj-5639	178	14	i.b.e.s	i.b.e.s	PROPN
cusj-5639	178	15	.	.	PUNCT
cusj-5639	179	1	it	it	PRON
cusj-5639	179	2	is	be	AUX
cusj-5639	179	3	also	also	ADV
cusj-5639	179	4	reasonable	reasonable	ADJ
cusj-5639	179	5	to	to	PART
cusj-5639	179	6	think	think	VERB
cusj-5639	179	7	that	that	SCONJ
cusj-5639	179	8	these	these	DET
cusj-5639	179	9	beliefs	belief	NOUN
cusj-5639	179	10	on	on	ADP
cusj-5639	179	11	stock	stock	NOUN
cusj-5639	179	12	returns	return	NOUN
cusj-5639	179	13	change	change	VERB
cusj-5639	179	14	over	over	ADP
cusj-5639	179	15	time	time	NOUN
cusj-5639	179	16	,	,	PUNCT
cusj-5639	179	17	with	with	ADP
cusj-5639	179	18	the	the	DET
cusj-5639	179	19	influx	influx	NOUN
cusj-5639	179	20	of	of	ADP
cusj-5639	179	21	new	new	ADJ
cusj-5639	179	22	information	information	NOUN
cusj-5639	179	23	.	.	PUNCT
cusj-5639	180	1	more	more	ADV
cusj-5639	180	2	specifically	specifically	ADV
cusj-5639	180	3	,	,	PUNCT
cusj-5639	180	4	figure	figure	NOUN
cusj-5639	180	5	1	1	NUM
cusj-5639	180	6	illustrates	illustrate	VERB
cusj-5639	180	7	the	the	DET
cusj-5639	180	8	analysts	analyst	NOUN
cusj-5639	180	9	’	’	PART
cusj-5639	180	10	amazon	amazon	PROPN
cusj-5639	180	11	's	's	PART
cusj-5639	180	12	earnings	earning	NOUN
cusj-5639	180	13	per	per	ADP
cusj-5639	180	14	share	share	NOUN
cusj-5639	180	15	(	(	PUNCT
cusj-5639	180	16	eps	eps	PROPN
cusj-5639	180	17	)	)	PUNCT
cusj-5639	180	18	forecast	forecast	NOUN
cusj-5639	180	19	from	from	ADP
cusj-5639	180	20	2010	2010	NUM
cusj-5639	180	21	.	.	PUNCT
cusj-5639	181	1	figure	figure	NOUN
cusj-5639	181	2	1	1	NUM
cusj-5639	181	3	reveals	reveal	VERB
cusj-5639	181	4	that	that	SCONJ
cusj-5639	181	5	the	the	DET
cusj-5639	181	6	opinions	opinion	NOUN
cusj-5639	181	7	are	be	AUX
cusj-5639	181	8	time	time	NOUN
cusj-5639	181	9	-	-	PUNCT
cusj-5639	181	10	varying	vary	VERB
cusj-5639	181	11	and	and	CCONJ
cusj-5639	181	12	heterogeneous	heterogeneous	ADJ
cusj-5639	181	13	across	across	ADP
cusj-5639	181	14	analysts	analyst	NOUN
cusj-5639	181	15	.	.	PUNCT
cusj-5639	182	1	this	this	PRON
cusj-5639	182	2	may	may	AUX
cusj-5639	182	3	suggest	suggest	VERB
cusj-5639	182	4	that	that	SCONJ
cusj-5639	182	5	investors	investor	NOUN
cusj-5639	182	6	make	make	VERB
cusj-5639	182	7	different	different	ADJ
cusj-5639	182	8	conclusions	conclusion	NOUN
cusj-5639	182	9	from	from	ADP
cusj-5639	182	10	the	the	DET
cusj-5639	182	11	same	same	ADJ
cusj-5639	182	12	set	set	NOUN
cusj-5639	182	13	of	of	ADP
cusj-5639	182	14	information	information	NOUN
cusj-5639	182	15	.	.	PUNCT
cusj-5639	183	1	this	this	PRON
cusj-5639	183	2	motivates	motivate	VERB
cusj-5639	183	3	modeling	model	VERB
cusj-5639	183	4	the	the	DET
cusj-5639	183	5	heterogeneity	heterogeneity	NOUN
cusj-5639	183	6	of	of	ADP
cusj-5639	183	7	beliefs	belief	NOUN
cusj-5639	183	8	as	as	ADP
cusj-5639	183	9	an	an	DET
cusj-5639	183	10	accumulation	accumulation	NOUN
cusj-5639	183	11	of	of	ADP
cusj-5639	183	12	the	the	DET
cusj-5639	183	13	idiosyncratic	idiosyncratic	ADJ
cusj-5639	183	14	response	response	NOUN
cusj-5639	183	15	to	to	ADP
cusj-5639	183	16	the	the	DET
cusj-5639	183	17	identical	identical	ADJ
cusj-5639	183	18	set	set	NOUN
cusj-5639	183	19	of	of	ADP
cusj-5639	183	20	randomly	randomly	ADV
cusj-5639	183	21	arriving	arrive	VERB
cusj-5639	183	22	news	news	NOUN
cusj-5639	183	23	information	information	NOUN
cusj-5639	183	24	.	.	PUNCT
cusj-5639	184	1	there	there	PRON
cusj-5639	184	2	is	be	VERB
cusj-5639	184	3	a	a	DET
cusj-5639	184	4	large	large	ADJ
cusj-5639	184	5	body	body	NOUN
cusj-5639	184	6	of	of	ADP
cusj-5639	184	7	literature	literature	NOUN
cusj-5639	184	8	regarding	regard	VERB
cusj-5639	184	9	empirical	empirical	ADJ
cusj-5639	184	10	evidence	evidence	NOUN
cusj-5639	184	11	on	on	ADP
cusj-5639	184	12	the	the	DET
cusj-5639	184	13	effect	effect	NOUN
cusj-5639	184	14	of	of	ADP
cusj-5639	184	15	heterogeneous	heterogeneous	ADJ
cusj-5639	184	16	beliefs	belief	NOUN
cusj-5639	184	17	on	on	ADP
cusj-5639	184	18	asset	asset	NOUN
cusj-5639	184	19	price	price	NOUN
cusj-5639	184	20	dynamics	dynamic	NOUN
cusj-5639	184	21	,	,	PUNCT
cusj-5639	184	22	many	many	ADJ
cusj-5639	184	23	of	of	ADP
cusj-5639	184	24	which	which	PRON
cusj-5639	184	25	including	include	VERB
cusj-5639	184	26	(	(	PUNCT
cusj-5639	184	27	diether	diether	PROPN
cusj-5639	184	28	,	,	PUNCT
cusj-5639	184	29	malloy	malloy	PROPN
cusj-5639	184	30	,	,	PUNCT
cusj-5639	184	31	&	&	CCONJ
cusj-5639	184	32	scherbina	scherbina	PROPN
cusj-5639	184	33	,	,	PUNCT
cusj-5639	184	34	2002	2002	NUM
cusj-5639	184	35	)	)	PUNCT
cusj-5639	184	36	(	(	PUNCT
cusj-5639	184	37	chen	chen	PROPN
cusj-5639	184	38	,	,	PUNCT
cusj-5639	184	39	hong	hong	PROPN
cusj-5639	184	40	,	,	PUNCT
cusj-5639	184	41	&	&	CCONJ
cusj-5639	184	42	stein	stein	PROPN
cusj-5639	184	43	,	,	PUNCT
cusj-5639	184	44	2002	2002	NUM
cusj-5639	184	45	)	)	PUNCT
cusj-5639	184	46	(	(	PUNCT
cusj-5639	184	47	park	park	NOUN
cusj-5639	184	48	,	,	PUNCT
cusj-5639	184	49	2005	2005	NUM
cusj-5639	184	50	)	)	PUNCT
cusj-5639	184	51	(	(	PUNCT
cusj-5639	184	52	berkman	berkman	NOUN
cusj-5639	184	53	,	,	PUNCT
cusj-5639	184	54	dimitrov	dimitrov	PROPN
cusj-5639	184	55	,	,	PUNCT
cusj-5639	184	56	jain	jain	PROPN
cusj-5639	184	57	,	,	PUNCT
cusj-5639	184	58	koch	koch	PROPN
cusj-5639	184	59	,	,	PUNCT
cusj-5639	184	60	&	&	CCONJ
cusj-5639	184	61	tice	tice	PROPN
cusj-5639	184	62	,	,	PUNCT
cusj-5639	184	63	2009	2009	NUM
cusj-5639	184	64	)	)	PUNCT
cusj-5639	184	65	(	(	PUNCT
cusj-5639	184	66	qu	qu	PROPN
cusj-5639	184	67	,	,	PUNCT
cusj-5639	184	68	starks	stark	NOUN
cusj-5639	184	69	,	,	PUNCT
cusj-5639	184	70	&	&	CCONJ
cusj-5639	184	71	yan	yan	PROPN
cusj-5639	184	72	,	,	PUNCT
cusj-5639	184	73	2003	2003	NUM
cusj-5639	184	74	)	)	PUNCT
cusj-5639	184	75	,	,	PUNCT
cusj-5639	184	76	document	document	VERB
cusj-5639	184	77	a	a	DET
cusj-5639	184	78	negative	negative	ADJ
cusj-5639	184	79	relationship	relationship	NOUN
cusj-5639	184	80	between	between	ADP
cusj-5639	184	81	belief	belief	NOUN
cusj-5639	184	82	dispersion	dispersion	NOUN
cusj-5639	184	83	and	and	CCONJ
cusj-5639	184	84	the	the	DET
cusj-5639	184	85	mean	mean	ADJ
cusj-5639	184	86	returns	return	NOUN
cusj-5639	184	87	of	of	ADP
cusj-5639	184	88	stocks	stock	NOUN
cusj-5639	184	89	.	.	PUNCT
cusj-5639	185	1	(	(	PUNCT
cusj-5639	185	2	goetzmann	goetzmann	PROPN
cusj-5639	185	3	&	&	CCONJ
cusj-5639	185	4	massa	massa	PROPN
cusj-5639	185	5	,	,	PUNCT
cusj-5639	185	6	2005	2005	NUM
cusj-5639	185	7	)	)	PUNCT
cusj-5639	185	8	and	and	CCONJ
cusj-5639	185	9	(	(	PUNCT
cusj-5639	185	10	yu	yu	PROPN
cusj-5639	185	11	,	,	PUNCT
cusj-5639	185	12	2011	2011	NUM
cusj-5639	185	13	)	)	PUNCT
cusj-5639	185	14	find	find	VERB
cusj-5639	185	15	that	that	SCONJ
cusj-5639	185	16	dispersion	dispersion	NOUN
cusj-5639	185	17	in	in	ADP
cusj-5639	185	18	beliefs	belief	NOUN
cusj-5639	185	19	is	be	AUX
cusj-5639	185	20	negatively	negatively	ADV
cusj-5639	185	21	correlated	correlate	VERB
cusj-5639	185	22	with	with	ADP
cusj-5639	185	23	future	future	ADJ
cusj-5639	185	24	returns	return	NOUN
cusj-5639	185	25	.	.	PUNCT
cusj-5639	186	1	on	on	ADP
cusj-5639	186	2	the	the	DET
cusj-5639	186	3	other	other	ADJ
cusj-5639	186	4	hand	hand	NOUN
cusj-5639	186	5	,	,	PUNCT
cusj-5639	186	6	(	(	PUNCT
cusj-5639	186	7	avramov	avramov	PROPN
cusj-5639	186	8	,	,	PUNCT
cusj-5639	186	9	chordia	chordia	PROPN
cusj-5639	186	10	,	,	PUNCT
cusj-5639	186	11	jostova	jostova	PROPN
cusj-5639	186	12	,	,	PUNCT
cusj-5639	186	13	&	&	CCONJ
cusj-5639	186	14	philipov	philipov	NOUN
cusj-5639	186	15	,	,	PUNCT
cusj-5639	186	16	2009	2009	NUM
cusj-5639	186	17	)	)	PUNCT
cusj-5639	186	18	show	show	VERB
cusj-5639	186	19	that	that	SCONJ
cusj-5639	186	20	such	such	ADJ
cusj-5639	186	21	negative	negative	ADJ
cusj-5639	186	22	relation	relation	NOUN
cusj-5639	186	23	is	be	AUX
cusj-5639	186	24	limited	limit	VERB
cusj-5639	186	25	to	to	ADP
cusj-5639	186	26	worst	worst	ADV
cusj-5639	186	27	-	-	PUNCT
cusj-5639	186	28	rated	rate	VERB
cusj-5639	186	29	firms	firm	NOUN
cusj-5639	186	30	,	,	PUNCT
cusj-5639	186	31	while	while	SCONJ
cusj-5639	186	32	(	(	PUNCT
cusj-5639	186	33	doukas	doukas	NOUN
cusj-5639	186	34	,	,	PUNCT
cusj-5639	186	35	kim	kim	PROPN
cusj-5639	186	36	,	,	PUNCT
cusj-5639	186	37	&	&	CCONJ
cusj-5639	186	38	pantzalis	pantzalis	PROPN
cusj-5639	186	39	,	,	PUNCT
cusj-5639	186	40	2006	2006	NUM
cusj-5639	186	41	)	)	PUNCT
cusj-5639	186	42	find	find	VERB
cusj-5639	186	43	that	that	SCONJ
cusj-5639	186	44	the	the	DET
cusj-5639	186	45	relationship	relationship	NOUN
cusj-5639	186	46	is	be	AUX
cusj-5639	186	47	positive	positive	ADJ
cusj-5639	186	48	.	.	PUNCT
cusj-5639	187	1	there	there	PRON
cusj-5639	187	2	are	be	VERB
cusj-5639	187	3	also	also	ADV
cusj-5639	187	4	papers	paper	NOUN
cusj-5639	187	5	that	that	PRON
cusj-5639	187	6	study	study	VERB
cusj-5639	187	7	the	the	DET
cusj-5639	187	8	effect	effect	NOUN
cusj-5639	187	9	of	of	ADP
cusj-5639	187	10	belief	belief	NOUN
cusj-5639	187	11	dispersion	dispersion	NOUN
cusj-5639	187	12	on	on	ADP
cusj-5639	187	13	return	return	NOUN
cusj-5639	187	14	volatility	volatility	NOUN
cusj-5639	187	15	and	and	CCONJ
cusj-5639	187	16	trading	trading	NOUN
cusj-5639	187	17	volume	volume	NOUN
cusj-5639	187	18	.	.	PUNCT
cusj-5639	188	1	for	for	ADP
cusj-5639	188	2	instance	instance	NOUN
cusj-5639	188	3	,	,	PUNCT
cusj-5639	188	4	(	(	PUNCT
cusj-5639	188	5	banerjee	banerjee	PROPN
cusj-5639	188	6	,	,	PUNCT
cusj-5639	188	7	2011	2011	NUM
cusj-5639	188	8	)	)	PUNCT
cusj-5639	188	9	finds	find	VERB
cusj-5639	188	10	evidence	evidence	NOUN
cusj-5639	188	11	that	that	SCONJ
cusj-5639	188	12	stock	stock	NOUN
cusj-5639	188	13	volatilities	volatility	NOUN
cusj-5639	188	14	increase	increase	VERB
cusj-5639	188	15	in	in	ADP
cusj-5639	188	16	belief	belief	NOUN
cusj-5639	188	17	dispersion	dispersion	NOUN
cusj-5639	188	18	and	and	CCONJ
cusj-5639	188	19	(	(	PUNCT
cusj-5639	188	20	goetzmann	goetzmann	PROPN
cusj-5639	188	21	&	&	CCONJ
cusj-5639	188	22	massa	massa	PROPN
cusj-5639	188	23	,	,	PUNCT
cusj-5639	188	24	2005	2005	NUM
cusj-5639	188	25	)	)	PUNCT
cusj-5639	188	26	finds	find	VERB
cusj-5639	188	27	positive	positive	ADJ
cusj-5639	188	28	relationship	relationship	NOUN
cusj-5639	188	29	between	between	ADP
cusj-5639	188	30	trading	trading	NOUN
cusj-5639	188	31	volume	volume	NOUN
cusj-5639	188	32	and	and	CCONJ
cusj-5639	188	33	belief	belief	NOUN
cusj-5639	188	34	dispersion	dispersion	NOUN
cusj-5639	188	35	.	.	PUNCT
cusj-5639	189	1	to	to	PART
cusj-5639	189	2	study	study	VERB
cusj-5639	189	3	how	how	SCONJ
cusj-5639	189	4	interactions	interaction	NOUN
cusj-5639	189	5	among	among	ADP
cusj-5639	189	6	investors	investor	NOUN
cusj-5639	189	7	with	with	ADP
cusj-5639	189	8	heterogeneous	heterogeneous	ADJ
cusj-5639	189	9	and	and	CCONJ
cusj-5639	189	10	changing	change	VERB
cusj-5639	189	11	beliefs	belief	NOUN
cusj-5639	189	12	affect	affect	VERB
cusj-5639	189	13	stock	stock	NOUN
cusj-5639	189	14	prices	price	NOUN
cusj-5639	189	15	,	,	PUNCT
cusj-5639	189	16	i	i	PRON
cusj-5639	189	17	apply	apply	VERB
cusj-5639	189	18	an	an	DET
cusj-5639	189	19	agent	agent	NOUN
cusj-5639	189	20	based	base	VERB
cusj-5639	189	21	model	model	NOUN
cusj-5639	189	22	(	(	PUNCT
cusj-5639	189	23	abm	abm	PROPN
cusj-5639	189	24	)	)	PUNCT
cusj-5639	189	25	approach	approach	NOUN
cusj-5639	189	26	.	.	PUNCT
cusj-5639	190	1	the	the	DET
cusj-5639	190	2	abm	abm	PROPN
cusj-5639	190	3	approach	approach	NOUN
cusj-5639	190	4	offers	offer	VERB
cusj-5639	190	5	several	several	ADJ
cusj-5639	190	6	advantages	advantage	NOUN
cusj-5639	190	7	that	that	PRON
cusj-5639	190	8	representative	representative	ADJ
cusj-5639	190	9	agent	agent	NOUN
cusj-5639	190	10	models	model	NOUN
cusj-5639	190	11	do	do	VERB
cusj-5639	190	12	not	not	PART
cusj-5639	190	13	.	.	PUNCT
cusj-5639	191	1	firstly	firstly	ADV
cusj-5639	191	2	,	,	PUNCT
cusj-5639	191	3	an	an	DET
cusj-5639	191	4	abm	abm	PROPN
cusj-5639	191	5	allows	allow	VERB
cusj-5639	191	6	its	its	PRON
cusj-5639	191	7	agents	agent	NOUN
cusj-5639	191	8	to	to	PART
cusj-5639	191	9	have	have	VERB
cusj-5639	191	10	heterogeneous	heterogeneous	ADJ
cusj-5639	191	11	beliefs	belief	NOUN
cusj-5639	191	12	,	,	PUNCT
cusj-5639	191	13	not	not	PART
cusj-5639	191	14	just	just	ADV
cusj-5639	191	15	heterogeneous	heterogeneous	ADJ
cusj-5639	191	16	utilities	utility	NOUN
cusj-5639	191	17	.	.	PUNCT
cusj-5639	192	1	while	while	SCONJ
cusj-5639	192	2	representative	representative	ADJ
cusj-5639	192	3	agent	agent	NOUN
cusj-5639	192	4	models	model	NOUN
cusj-5639	192	5	allow	allow	VERB
cusj-5639	192	6	for	for	ADP
cusj-5639	192	7	heterogeneous	heterogeneous	ADJ
cusj-5639	192	8	utilities	utility	NOUN
cusj-5639	192	9	of	of	ADP
cusj-5639	192	10	agents	agent	NOUN
cusj-5639	192	11	,	,	PUNCT
cusj-5639	192	12	which	which	PRON
cusj-5639	192	13	means	mean	VERB
cusj-5639	192	14	that	that	SCONJ
cusj-5639	192	15	agents	agent	NOUN
cusj-5639	192	16	can	can	AUX
cusj-5639	192	17	have	have	VERB
cusj-5639	192	18	different	different	ADJ
cusj-5639	192	19	preferences	preference	NOUN
cusj-5639	192	20	and	and	CCONJ
cusj-5639	192	21	thus	thus	ADV
cusj-5639	192	22	different	different	ADJ
cusj-5639	192	23	objectives	objective	NOUN
cusj-5639	192	24	,	,	PUNCT
cusj-5639	192	25	all	all	PRON
cusj-5639	192	26	of	of	ADP
cusj-5639	192	27	its	its	PRON
cusj-5639	192	28	agents	agent	NOUN
cusj-5639	192	29	must	must	AUX
cusj-5639	192	30	agree	agree	VERB
cusj-5639	192	31	on	on	ADP
cusj-5639	192	32	the	the	DET
cusj-5639	192	33	return	return	NOUN
cusj-5639	192	34	of	of	ADP
cusj-5639	192	35	the	the	DET
cusj-5639	192	36	assets	asset	NOUN
cusj-5639	192	37	.	.	PUNCT
cusj-5639	193	1	the	the	DET
cusj-5639	193	2	representative	representative	ADJ
cusj-5639	193	3	agent	agent	NOUN
cusj-5639	193	4	theorem	theorem	NOUN
cusj-5639	193	5	requires	require	VERB
cusj-5639	193	6	the	the	DET
cusj-5639	193	7	assumption	assumption	NOUN
cusj-5639	193	8	that	that	SCONJ
cusj-5639	193	9	all	all	DET
cusj-5639	193	10	agents	agent	NOUN
cusj-5639	193	11	should	should	AUX
cusj-5639	193	12	have	have	AUX
cusj-5639	193	13	homogeneous	homogeneous	ADJ
cusj-5639	193	14	beliefs	belief	NOUN
cusj-5639	193	15	.	.	PUNCT
cusj-5639	194	1	however	however	ADV
cusj-5639	194	2	,	,	PUNCT
cusj-5639	194	3	abm	abm	PROPN
cusj-5639	194	4	operates	operate	VERB
cusj-5639	194	5	without	without	ADP
cusj-5639	194	6	that	that	DET
cusj-5639	194	7	assumption	assumption	NOUN
cusj-5639	194	8	,	,	PUNCT
cusj-5639	194	9	a	a	DET
cusj-5639	194	10	property	property	NOUN
cusj-5639	194	11	which	which	PRON
cusj-5639	194	12	i	i	PRON
cusj-5639	194	13	find	find	VERB
cusj-5639	194	14	useful	useful	ADJ
cusj-5639	194	15	for	for	ADP
cusj-5639	194	16	studying	study	VERB
cusj-5639	194	17	markets	market	NOUN
cusj-5639	194	18	in	in	ADP
cusj-5639	194	19	which	which	PRON
cusj-5639	194	20	the	the	DET
cusj-5639	194	21	beliefs	belief	NOUN
cusj-5639	194	22	on	on	ADP
cusj-5639	194	23	asset	asset	NOUN
cusj-5639	194	24	returns	return	NOUN
cusj-5639	194	25	are	be	AUX
cusj-5639	194	26	heterogeneous	heterogeneous	ADJ
cusj-5639	194	27	across	across	ADP
cusj-5639	194	28	investors	investor	NOUN
cusj-5639	194	29	.	.	PUNCT
cusj-5639	195	1	secondly	secondly	ADV
cusj-5639	195	2	,	,	PUNCT
cusj-5639	195	3	agents	agent	NOUN
cusj-5639	195	4	in	in	ADP
cusj-5639	195	5	an	an	DET
cusj-5639	195	6	abm	abm	PROPN
cusj-5639	195	7	follow	follow	VERB
cusj-5639	195	8	a	a	DET
cusj-5639	195	9	simple	simple	ADJ
cusj-5639	195	10	behavioral	behavioral	ADJ
cusj-5639	195	11	rule	rule	NOUN
cusj-5639	195	12	,	,	PUNCT
cusj-5639	195	13	instead	instead	ADV
cusj-5639	195	14	of	of	ADP
cusj-5639	195	15	optimizing	optimize	VERB
cusj-5639	195	16	with	with	ADP
cusj-5639	195	17	the	the	DET
cusj-5639	195	18	full	full	ADJ
cusj-5639	195	19	knowledge	knowledge	NOUN
cusj-5639	195	20	of	of	ADP
cusj-5639	195	21	the	the	DET
cusj-5639	195	22	state	state	NOUN
cusj-5639	195	23	of	of	ADP
cusj-5639	195	24	the	the	DET
cusj-5639	195	25	world	world	NOUN
cusj-5639	195	26	.	.	PUNCT
cusj-5639	196	1	thirdly	thirdly	ADV
cusj-5639	196	2	,	,	PUNCT
cusj-5639	196	3	the	the	DET
cusj-5639	196	4	key	key	ADJ
cusj-5639	196	5	dynamics	dynamic	NOUN
cusj-5639	196	6	in	in	ADP
cusj-5639	196	7	an	an	DET
cusj-5639	196	8	abm	abm	PROPN
cusj-5639	196	9	are	be	AUX
cusj-5639	196	10	generated	generate	VERB
cusj-5639	196	11	endogenously	endogenously	ADV
cusj-5639	196	12	from	from	ADP
cusj-5639	196	13	the	the	DET
cusj-5639	196	14	interaction	interaction	NOUN
cusj-5639	196	15	among	among	ADP
cusj-5639	196	16	the	the	DET
cusj-5639	196	17	agents	agent	NOUN
cusj-5639	196	18	.	.	PUNCT
cusj-5639	197	1	in	in	ADP
cusj-5639	197	2	relation	relation	NOUN
cusj-5639	197	3	to	to	ADP
cusj-5639	197	4	abm	abm	PROPN
cusj-5639	197	5	and	and	CCONJ
cusj-5639	197	6	economics	economic	NOUN
cusj-5639	197	7	,	,	PUNCT
cusj-5639	197	8	(	(	PUNCT
cusj-5639	197	9	westerhoff	westerhoff	NOUN
cusj-5639	197	10	&	&	CCONJ
cusj-5639	197	11	franke	franke	PROPN
cusj-5639	197	12	,	,	PUNCT
cusj-5639	197	13	2012	2012	NUM
cusj-5639	197	14	)	)	PUNCT
cusj-5639	197	15	illustrates	illustrate	VERB
cusj-5639	197	16	the	the	DET
cusj-5639	197	17	usefulness	usefulness	NOUN
cusj-5639	197	18	of	of	ADP
cusj-5639	197	19	abm	abm	PROPN
cusj-5639	197	20	in	in	ADP
cusj-5639	197	21	designing	design	VERB
cusj-5639	197	22	economic	economic	ADJ
cusj-5639	197	23	policies	policy	NOUN
cusj-5639	197	24	with	with	ADP
cusj-5639	197	25	their	their	PRON
cusj-5639	197	26	example	example	NOUN
cusj-5639	197	27	of	of	ADP
cusj-5639	197	28	technical	technical	ADJ
cusj-5639	197	29	traders	trader	NOUN
cusj-5639	197	30	,	,	PUNCT
cusj-5639	197	31	fundamental	fundamental	ADJ
cusj-5639	197	32	traders	trader	NOUN
cusj-5639	197	33	,	,	PUNCT
cusj-5639	197	34	and	and	CCONJ
cusj-5639	197	35	a	a	DET
cusj-5639	197	36	central	central	ADJ
cusj-5639	197	37	authority	authority	NOUN
cusj-5639	197	38	model	model	NOUN
cusj-5639	197	39	to	to	PART
cusj-5639	197	40	study	study	VERB
cusj-5639	197	41	the	the	DET
cusj-5639	197	42	impact	impact	NOUN
cusj-5639	197	43	of	of	ADP
cusj-5639	197	44	simple	simple	ADJ
cusj-5639	197	45	intervention	intervention	NOUN
cusj-5639	197	46	strategies	strategy	NOUN
cusj-5639	197	47	on	on	ADP
cusj-5639	197	48	asset	asset	NOUN
cusj-5639	197	49	price	price	NOUN
cusj-5639	197	50	dynamics	dynamic	NOUN
cusj-5639	197	51	.	.	PUNCT
cusj-5639	198	1	(	(	PUNCT
cusj-5639	198	2	lengnick	lengnick	ADJ
cusj-5639	198	3	,	,	PUNCT
cusj-5639	198	4	2011	2011	NUM
cusj-5639	198	5	)	)	PUNCT
cusj-5639	199	1	constructs	construct	VERB
cusj-5639	199	2	an	an	DET
cusj-5639	199	3	abm	abm	PROPN
cusj-5639	199	4	for	for	ADP
cusj-5639	199	5	business	business	NOUN
cusj-5639	199	6	cycles	cycle	NOUN
cusj-5639	199	7	in	in	ADP
cusj-5639	199	8	an	an	DET
cusj-5639	199	9	economy	economy	NOUN
cusj-5639	199	10	and	and	CCONJ
cusj-5639	199	11	illustrates	illustrate	VERB
cusj-5639	199	12	that	that	SCONJ
cusj-5639	199	13	an	an	DET
cusj-5639	199	14	abm	abm	PROPN
cusj-5639	199	15	can	can	AUX
cusj-5639	199	16	reproduce	reproduce	VERB
cusj-5639	199	17	many	many	ADJ
cusj-5639	199	18	stylized	stylize	VERB
cusj-5639	199	19	facts	fact	NOUN
cusj-5639	199	20	without	without	ADP
cusj-5639	199	21	the	the	DET
cusj-5639	199	22	strict	strict	ADJ
cusj-5639	199	23	assumption	assumption	NOUN
cusj-5639	199	24	of	of	ADP
cusj-5639	199	25	rationality	rationality	NOUN
cusj-5639	199	26	.	.	PUNCT
cusj-5639	200	1	(	(	PUNCT
cusj-5639	200	2	lengnick	lengnick	ADJ
cusj-5639	200	3	,	,	PUNCT
cusj-5639	200	4	2011	2011	NUM
cusj-5639	200	5	)	)	PUNCT
cusj-5639	200	6	also	also	ADV
cusj-5639	200	7	finds	find	VERB
cusj-5639	200	8	that	that	SCONJ
cusj-5639	200	9	the	the	DET
cusj-5639	200	10	aggregate	aggregate	ADJ
cusj-5639	200	11	behavior	behavior	NOUN
cusj-5639	200	12	generated	generate	VERB
cusj-5639	200	13	by	by	ADP
cusj-5639	200	14	this	this	DET
cusj-5639	200	15	abm	abm	PROPN
cusj-5639	200	16	is	be	AUX
cusj-5639	200	17	not	not	PART
cusj-5639	200	18	equal	equal	ADJ
cusj-5639	200	19	to	to	ADP
cusj-5639	200	20	the	the	DET
cusj-5639	200	21	results	result	NOUN
cusj-5639	200	22	of	of	ADP
cusj-5639	200	23	a	a	DET
cusj-5639	200	24	microeconomic	microeconomic	ADJ
cusj-5639	200	25	optimization	optimization	NOUN
cusj-5639	200	26	by	by	ADP
cusj-5639	200	27	the	the	DET
cusj-5639	200	28	representative	representative	ADJ
cusj-5639	200	29	agent	agent	NOUN
cusj-5639	200	30	.	.	PUNCT
cusj-5639	201	1	a	a	DET
cusj-5639	201	2	more	more	ADV
cusj-5639	201	3	empirical	empirical	ADJ
cusj-5639	201	4	application	application	NOUN
cusj-5639	201	5	was	be	AUX
cusj-5639	201	6	conducted	conduct	VERB
cusj-5639	201	7	by	by	ADP
cusj-5639	201	8	(	(	PUNCT
cusj-5639	201	9	baptista	baptista	PROPN
cusj-5639	201	10	,	,	PUNCT
cusj-5639	201	11	hinterschweiger	hinterschweiger	PROPN
cusj-5639	201	12	,	,	PUNCT
cusj-5639	201	13	farmer	farmer	NOUN
cusj-5639	201	14	,	,	PUNCT
cusj-5639	201	15	low	low	ADJ
cusj-5639	201	16	,	,	PUNCT
cusj-5639	201	17	&	&	CCONJ
cusj-5639	201	18	uluc	uluc	PROPN
cusj-5639	201	19	,	,	PUNCT
cusj-5639	201	20	2016	2016	NUM
cusj-5639	201	21	)	)	PUNCT
cusj-5639	201	22	,	,	PUNCT
cusj-5639	201	23	who	who	PRON
cusj-5639	201	24	developed	develop	VERB
cusj-5639	201	25	an	an	DET
cusj-5639	201	26	abm	abm	PROPN
cusj-5639	201	27	for	for	ADP
cusj-5639	201	28	the	the	DET
cusj-5639	201	29	uk	uk	PROPN
cusj-5639	201	30	housing	housing	NOUN
cusj-5639	201	31	market	market	NOUN
cusj-5639	201	32	to	to	PART
cusj-5639	201	33	examine	examine	VERB
cusj-5639	201	34	the	the	DET
cusj-5639	201	35	effect	effect	NOUN
cusj-5639	201	36	of	of	ADP
cusj-5639	201	37	macroprudential	macroprudential	ADJ
cusj-5639	201	38	policies	policy	NOUN
cusj-5639	201	39	on	on	ADP
cusj-5639	201	40	key	key	ADJ
cusj-5639	201	41	agent	agent	NOUN
cusj-5639	201	42	based	base	VERB
cusj-5639	201	43	trading	trading	NOUN
cusj-5639	201	44	model	model	NOUN
cusj-5639	201	45	of	of	ADP
cusj-5639	201	46	heterogeneous	heterogeneous	ADJ
cusj-5639	201	47	and	and	CCONJ
cusj-5639	201	48	changing	change	VERB
cusj-5639	201	49	beliefs	belief	NOUN
cusj-5639	201	50	jaehoon	jaehoon	PROPN
cusj-5639	201	51	jung	jung	PROPN
cusj-5639	201	52	*	*	PROPN
cusj-5639	201	53	nyu	nyu	PROPN
cusj-5639	201	54	courant	courant	PROPN
cusj-5639	201	55	institute	institute	PROPN
cusj-5639	201	56	of	of	ADP
cusj-5639	201	57	mathematical	mathematical	PROPN
cusj-5639	201	58	sciences	science	NOUN
cusj-5639	201	59	,	,	PUNCT
cusj-5639	201	60	251	251	NUM
cusj-5639	201	61	mercer	mercer	PROPN
cusj-5639	201	62	st	st	PROPN
cusj-5639	201	63	#	#	SYM
cusj-5639	201	64	801	801	NUM
cusj-5639	201	65	,	,	PUNCT
cusj-5639	201	66	new	new	PROPN
cusj-5639	201	67	york	york	PROPN
cusj-5639	201	68	,	,	PUNCT
cusj-5639	201	69	ny	ny	PROPN
cusj-5639	201	70	10012	10012	NUM
cusj-5639	201	71	cusj	cusj	VERB
cusj-5639	201	72	2019	2019	NUM
cusj-5639	201	73	_	_	PUNCT
cusj-5639	202	1	_	_	PUNCT
cusj-5639	203	1	_	_	PUNCT
cusj-5639	204	1	_	_	PUNCT
cusj-5639	205	1	_	_	PUNCT
cusj-5639	206	1	_	_	PUNCT
cusj-5639	207	1	_	_	PUNCT
cusj-5639	208	1	_	_	PUNCT
cusj-5639	209	1	_	_	PUNCT
cusj-5639	210	1	_	_	PUNCT
cusj-5639	211	1	_	_	PUNCT
cusj-5639	212	1	_	_	PUNCT
cusj-5639	213	1	_	_	PUNCT
cusj-5639	214	1	_	_	PUNCT
cusj-5639	215	1	_	_	PUNCT
cusj-5639	216	1	_	_	PUNCT
cusj-5639	217	1	_	_	PUNCT
cusj-5639	218	1	_	_	PUNCT
cusj-5639	219	1	_	_	PUNCT
cusj-5639	220	1	_	_	PUNCT
cusj-5639	221	1	_	_	PUNCT
cusj-5639	222	1	_	_	PUNCT
cusj-5639	223	1	_	_	PUNCT
cusj-5639	224	1	_	_	PUNCT
cusj-5639	225	1	_	_	PUNCT
cusj-5639	226	1	_	_	PUNCT
cusj-5639	227	1	_	_	PUNCT
cusj-5639	228	1	_	_	PUNCT
cusj-5639	229	1	_	_	PUNCT
cusj-5639	230	1	_	_	PUNCT
cusj-5639	231	1	_	_	PUNCT
cusj-5639	232	1	_	_	PUNCT
cusj-5639	233	1	_	_	PUNCT
cusj-5639	234	1	_	_	PUNCT
cusj-5639	235	1	_	_	PUNCT
cusj-5639	236	1	_	_	PUNCT
cusj-5639	237	1	_	_	PUNCT
cusj-5639	238	1	_	_	PUNCT
cusj-5639	239	1	_	_	PUNCT
cusj-5639	240	1	_	_	PUNCT
cusj-5639	241	1	_	_	PUNCT
cusj-5639	242	1	_	_	PUNCT
cusj-5639	243	1	_	_	PUNCT
cusj-5639	244	1	_	_	PUNCT
cusj-5639	245	1	_	_	PUNCT
cusj-5639	246	1	_	_	PUNCT
cusj-5639	247	1	_	_	PUNCT
cusj-5639	248	1	_	_	PUNCT
cusj-5639	249	1	_	_	PUNCT
cusj-5639	250	1	_	_	PUNCT
cusj-5639	251	1	_	_	PUNCT
cusj-5639	252	1	_	_	PUNCT
cusj-5639	253	1	_	_	PUNCT
cusj-5639	254	1	_	_	PUNCT
cusj-5639	255	1	_	_	PUNCT
cusj-5639	256	1	_	_	PUNCT
cusj-5639	257	1	_	_	PUNCT
cusj-5639	258	1	_	_	PUNCT
cusj-5639	259	1	_	_	PUNCT
cusj-5639	260	1	_	_	PUNCT
cusj-5639	261	1	_	_	PUNCT
cusj-5639	262	1	_	_	PUNCT
cusj-5639	263	1	_	_	PUNCT
cusj-5639	264	1	_	_	PUNCT
cusj-5639	265	1	_	_	PUNCT
cusj-5639	266	1	_	_	PUNCT
cusj-5639	267	1	_	_	PUNCT
cusj-5639	268	1	_	_	PUNCT
cusj-5639	269	1	_	_	PUNCT
cusj-5639	270	1	_	_	PUNCT
cusj-5639	271	1	_	_	PUNCT
cusj-5639	272	1	_	_	PUNCT
cusj-5639	273	1	_	_	PUNCT
cusj-5639	274	1	_	_	PUNCT
cusj-5639	275	1	_	_	PUNCT
cusj-5639	276	1	_	_	PUNCT
cusj-5639	277	1	_	_	PUNCT
cusj-5639	278	1	_	_	PUNCT
cusj-5639	279	1	_	_	PUNCT
cusj-5639	280	1	_	_	PUNCT
cusj-5639	281	1	_	_	PUNCT
cusj-5639	282	1	_	_	PUNCT
cusj-5639	283	1	_	_	PUNCT
cusj-5639	284	1	_	_	PUNCT
cusj-5639	285	1	_	_	PUNCT
cusj-5639	286	1	_	_	PUNCT
cusj-5639	287	1	_	_	PUNCT
cusj-5639	288	1	_	_	PUNCT
cusj-5639	289	1	_	_	PUNCT
cusj-5639	290	1	_	_	PUNCT
cusj-5639	291	1	_	_	PUNCT
cusj-5639	292	1	_	_	PUNCT
cusj-5639	293	1	_	_	PUNCT
cusj-5639	294	1	_	_	PUNCT
cusj-5639	295	1	_	_	PUNCT
cusj-5639	296	1	_	_	PUNCT
cusj-5639	297	1	_	_	PUNCT
cusj-5639	298	1	_	_	PUNCT
cusj-5639	299	1	_	_	PUNCT
cusj-5639	300	1	_	_	PUNCT
cusj-5639	301	1	_	_	PUNCT
cusj-5639	302	1	_	_	PUNCT
cusj-5639	303	1	_	_	PUNCT
cusj-5639	304	1	_	_	PUNCT
cusj-5639	305	1	_	_	PUNCT
cusj-5639	306	1	_	_	PUNCT
cusj-5639	307	1	_	_	PUNCT
cusj-5639	308	1	_	_	PUNCT
cusj-5639	309	1	_	_	PUNCT
cusj-5639	310	1	_	_	PUNCT
cusj-5639	311	1	_	_	PUNCT
cusj-5639	312	1	_	_	PUNCT
cusj-5639	313	1	_	_	PUNCT
cusj-5639	314	1	_	_	PUNCT
cusj-5639	315	1	_	_	PUNCT
cusj-5639	316	1	_	_	PUNCT
cusj-5639	317	1	_	_	PUNCT
cusj-5639	318	1	_	_	PUNCT
cusj-5639	319	1	_	_	PUNCT
cusj-5639	320	1	_	_	PUNCT
cusj-5639	321	1	_	_	PUNCT
cusj-5639	322	1	_	_	PUNCT
cusj-5639	323	1	_	_	PUNCT
cusj-5639	324	1	_	_	PUNCT
cusj-5639	325	1	_	_	PUNCT
cusj-5639	326	1	_	_	PUNCT
cusj-5639	327	1	_	_	PUNCT
cusj-5639	328	1	_	_	PUNCT
cusj-5639	329	1	_	_	PUNCT
cusj-5639	330	1	_	_	PUNCT
cusj-5639	331	1	_	_	PUNCT
cusj-5639	332	1	_	_	PUNCT
cusj-5639	333	1	_	_	PUNCT
cusj-5639	334	1	_	_	PUNCT
cusj-5639	335	1	_	_	PUNCT
cusj-5639	336	1	_	_	PUNCT
cusj-5639	337	1	_	_	PUNCT
cusj-5639	338	1	_	_	PUNCT
cusj-5639	339	1	_	_	PUNCT
cusj-5639	340	1	_	_	PUNCT
cusj-5639	341	1	_	_	PUNCT
cusj-5639	342	1	_	_	PUNCT
cusj-5639	343	1	_	_	PUNCT
cusj-5639	344	1	_	_	PUNCT
cusj-5639	345	1	_	_	PUNCT
cusj-5639	346	1	_	_	PUNCT
cusj-5639	347	1	_	_	PUNCT
cusj-5639	348	1	_	_	PUNCT
cusj-5639	349	1	_	_	PUNCT
cusj-5639	350	1	_	_	PUNCT
cusj-5639	351	1	_	_	PUNCT
cusj-5639	352	1	_	_	PUNCT
cusj-5639	353	1	_	_	PUNCT
cusj-5639	354	1	_	_	PUNCT
cusj-5639	355	1	_	_	PUNCT
cusj-5639	356	1	_	_	PUNCT
cusj-5639	357	1	_	_	PUNCT
cusj-5639	358	1	_	_	PUNCT
cusj-5639	359	1	_	_	PUNCT
cusj-5639	360	1	_	_	PUNCT
cusj-5639	361	1	_	_	PUNCT
cusj-5639	362	1	_	_	PUNCT
cusj-5639	363	1	_	_	PUNCT
cusj-5639	364	1	_	_	PUNCT
cusj-5639	365	1	_	_	PUNCT
cusj-5639	366	1	_	_	PUNCT
cusj-5639	367	1	_	_	PUNCT
cusj-5639	368	1	_	_	PUNCT
cusj-5639	369	1	_	_	PUNCT
cusj-5639	370	1	_	_	PUNCT
cusj-5639	371	1	30	30	NUM
cusj-5639	371	2	housing	housing	NOUN
cusj-5639	371	3	market	market	NOUN
cusj-5639	371	4	indicators	indicator	NOUN
cusj-5639	371	5	.	.	PUNCT
cusj-5639	372	1	their	their	PRON
cusj-5639	372	2	results	result	NOUN
cusj-5639	372	3	imply	imply	VERB
cusj-5639	372	4	that	that	SCONJ
cusj-5639	372	5	a	a	DET
cusj-5639	372	6	larger	large	ADJ
cusj-5639	372	7	buy	buy	NOUN
cusj-5639	372	8	-	-	PUNCT
cusj-5639	372	9	to	to	AUX
cusj-5639	372	10	-	-	PUNCT
cusj-5639	372	11	let	let	VERB
cusj-5639	372	12	sector	sector	NOUN
cusj-5639	372	13	might	might	AUX
cusj-5639	372	14	amplify	amplify	VERB
cusj-5639	372	15	house	house	NOUN
cusj-5639	372	16	price	price	NOUN
cusj-5639	372	17	cycles	cycle	NOUN
cusj-5639	372	18	and	and	CCONJ
cusj-5639	372	19	lead	lead	VERB
cusj-5639	372	20	to	to	ADP
cusj-5639	372	21	higher	high	ADJ
cusj-5639	372	22	price	price	NOUN
cusj-5639	372	23	volatility	volatility	NOUN
cusj-5639	372	24	.	.	PUNCT
cusj-5639	373	1	these	these	DET
cusj-5639	373	2	papers	paper	NOUN
cusj-5639	373	3	show	show	VERB
cusj-5639	373	4	that	that	SCONJ
cusj-5639	373	5	the	the	DET
cusj-5639	373	6	abm	abm	PROPN
cusj-5639	373	7	can	can	AUX
cusj-5639	373	8	be	be	AUX
cusj-5639	373	9	economically	economically	ADV
cusj-5639	373	10	useful	useful	ADJ
cusj-5639	373	11	in	in	ADP
cusj-5639	373	12	reproducing	reproduce	VERB
cusj-5639	373	13	stylized	stylize	VERB
cusj-5639	373	14	facts	fact	NOUN
cusj-5639	373	15	without	without	ADP
cusj-5639	373	16	strong	strong	ADJ
cusj-5639	373	17	assumptions	assumption	NOUN
cusj-5639	373	18	on	on	ADP
cusj-5639	373	19	agents	agent	NOUN
cusj-5639	373	20	or	or	CCONJ
cusj-5639	373	21	equilibriums	equilibrium	NOUN
cusj-5639	373	22	;	;	PUNCT
cusj-5639	373	23	the	the	DET
cusj-5639	373	24	abm	abm	PROPN
cusj-5639	373	25	also	also	ADV
cusj-5639	373	26	generates	generate	VERB
cusj-5639	373	27	non	non	ADJ
cusj-5639	373	28	-	-	ADJ
cusj-5639	373	29	standard	standard	ADJ
cusj-5639	373	30	aggregate	aggregate	ADJ
cusj-5639	373	31	behavior	behavior	NOUN
cusj-5639	373	32	that	that	PRON
cusj-5639	373	33	is	be	AUX
cusj-5639	373	34	markedly	markedly	ADV
cusj-5639	373	35	different	different	ADJ
cusj-5639	373	36	from	from	ADP
cusj-5639	373	37	that	that	PRON
cusj-5639	373	38	of	of	ADP
cusj-5639	373	39	a	a	DET
cusj-5639	373	40	representative	representative	ADJ
cusj-5639	373	41	agent	agent	NOUN
cusj-5639	373	42	.	.	PUNCT
cusj-5639	374	1	in	in	ADP
cusj-5639	374	2	this	this	DET
cusj-5639	374	3	paper	paper	NOUN
cusj-5639	374	4	,	,	PUNCT
cusj-5639	374	5	i	i	PRON
cusj-5639	374	6	extend	extend	VERB
cusj-5639	374	7	the	the	DET
cusj-5639	374	8	baseline	baseline	NOUN
cusj-5639	374	9	model	model	NOUN
cusj-5639	374	10	from	from	ADP
cusj-5639	374	11	(	(	PUNCT
cusj-5639	374	12	goodman	goodman	PROPN
cusj-5639	374	13	,	,	PUNCT
cusj-5639	374	14	2016	2016	NUM
cusj-5639	374	15	)	)	PUNCT
cusj-5639	374	16	to	to	PART
cusj-5639	374	17	construct	construct	VERB
cusj-5639	374	18	a	a	DET
cusj-5639	374	19	model	model	NOUN
cusj-5639	374	20	in	in	ADP
cusj-5639	374	21	which	which	PRON
cusj-5639	374	22	agents	agent	NOUN
cusj-5639	374	23	trade	trade	NOUN
cusj-5639	374	24	based	base	VERB
cusj-5639	374	25	on	on	ADP
cusj-5639	374	26	heterogeneous	heterogeneous	ADJ
cusj-5639	374	27	and	and	CCONJ
cusj-5639	374	28	changing	change	VERB
cusj-5639	374	29	beliefs	belief	NOUN
cusj-5639	374	30	.	.	PUNCT
cusj-5639	375	1	in	in	ADP
cusj-5639	375	2	the	the	DET
cusj-5639	375	3	baseline	baseline	NOUN
cusj-5639	375	4	model	model	NOUN
cusj-5639	375	5	from	from	ADP
cusj-5639	375	6	(	(	PUNCT
cusj-5639	375	7	goodman	goodman	PROPN
cusj-5639	375	8	,	,	PUNCT
cusj-5639	375	9	2016	2016	NUM
cusj-5639	375	10	)	)	PUNCT
cusj-5639	375	11	,	,	PUNCT
cusj-5639	375	12	each	each	DET
cusj-5639	375	13	agent	agent	NOUN
cusj-5639	375	14	trades	trade	NOUN
cusj-5639	375	15	based	base	VERB
cusj-5639	375	16	on	on	ADP
cusj-5639	375	17	his	his	PRON
cusj-5639	375	18	beliefs	belief	NOUN
cusj-5639	375	19	and	and	CCONJ
cusj-5639	375	20	the	the	DET
cusj-5639	375	21	theory	theory	NOUN
cusj-5639	375	22	of	of	ADP
cusj-5639	375	23	dynamic	dynamic	ADJ
cusj-5639	375	24	investment	investment	NOUN
cusj-5639	375	25	in	in	ADP
cusj-5639	375	26	(	(	PUNCT
cusj-5639	375	27	merton	merton	ADJ
cusj-5639	375	28	,	,	PUNCT
cusj-5639	375	29	1969	1969	NUM
cusj-5639	375	30	)	)	PUNCT
cusj-5639	375	31	,	,	PUNCT
cusj-5639	375	32	in	in	ADP
cusj-5639	375	33	which	which	PRON
cusj-5639	375	34	an	an	DET
cusj-5639	375	35	agent	agent	NOUN
cusj-5639	375	36	maximizes	maximize	VERB
cusj-5639	375	37	his	his	PRON
cusj-5639	375	38	power	power	NOUN
cusj-5639	375	39	utility	utility	NOUN
cusj-5639	375	40	by	by	ADP
cusj-5639	375	41	holding	hold	VERB
cusj-5639	375	42	a	a	DET
cusj-5639	375	43	fixed	fix	VERB
cusj-5639	375	44	proportion	proportion	NOUN
cusj-5639	375	45	of	of	ADP
cusj-5639	375	46	his	his	PRON
cusj-5639	375	47	wealth	wealth	NOUN
cusj-5639	375	48	in	in	ADP
cusj-5639	375	49	risky	risky	ADJ
cusj-5639	375	50	assets	asset	NOUN
cusj-5639	375	51	.	.	PUNCT
cusj-5639	376	1	this	this	DET
cusj-5639	376	2	baseline	baseline	PROPN
cusj-5639	376	3	model	model	NOUN
cusj-5639	376	4	implies	imply	VERB
cusj-5639	376	5	that	that	SCONJ
cusj-5639	376	6	optimistic	optimistic	ADJ
cusj-5639	376	7	investors	investor	NOUN
cusj-5639	376	8	buy	buy	VERB
cusj-5639	376	9	stocks	stock	NOUN
cusj-5639	376	10	from	from	ADP
cusj-5639	376	11	pessimistic	pessimistic	ADJ
cusj-5639	376	12	investors	investor	NOUN
cusj-5639	376	13	.	.	PUNCT
cusj-5639	377	1	i	i	PRON
cusj-5639	377	2	then	then	ADV
cusj-5639	377	3	extend	extend	VERB
cusj-5639	377	4	the	the	DET
cusj-5639	377	5	model	model	NOUN
cusj-5639	377	6	by	by	ADP
cusj-5639	377	7	having	have	VERB
cusj-5639	377	8	the	the	DET
cusj-5639	377	9	agents	agent	NOUN
cusj-5639	377	10	adjust	adjust	VERB
cusj-5639	377	11	their	their	PRON
cusj-5639	377	12	beliefs	belief	NOUN
cusj-5639	377	13	in	in	ADP
cusj-5639	377	14	a	a	DET
cusj-5639	377	15	manner	manner	NOUN
cusj-5639	377	16	that	that	PRON
cusj-5639	377	17	differs	differ	VERB
cusj-5639	377	18	from	from	ADP
cusj-5639	377	19	randomly	randomly	ADV
cusj-5639	377	20	arriving	arrive	VERB
cusj-5639	377	21	news	news	NOUN
cusj-5639	377	22	information	information	NOUN
cusj-5639	377	23	.	.	PUNCT
cusj-5639	378	1	by	by	ADP
cusj-5639	378	2	simulating	simulate	VERB
cusj-5639	378	3	the	the	DET
cusj-5639	378	4	extended	extended	ADJ
cusj-5639	378	5	model	model	NOUN
cusj-5639	378	6	,	,	PUNCT
cusj-5639	378	7	i	i	PRON
cusj-5639	378	8	find	find	VERB
cusj-5639	378	9	that	that	SCONJ
cusj-5639	378	10	the	the	DET
cusj-5639	378	11	trade	trade	NOUN
cusj-5639	378	12	volume	volume	NOUN
cusj-5639	378	13	increases	increase	VERB
cusj-5639	378	14	with	with	ADP
cusj-5639	378	15	the	the	DET
cusj-5639	378	16	higher	high	ADJ
cusj-5639	378	17	heterogeneity	heterogeneity	NOUN
cusj-5639	378	18	of	of	ADP
cusj-5639	378	19	the	the	DET
cusj-5639	378	20	agents	agent	NOUN
cusj-5639	378	21	'	'	PART
cusj-5639	378	22	response	response	NOUN
cusj-5639	378	23	to	to	ADP
cusj-5639	378	24	the	the	DET
cusj-5639	378	25	news	news	NOUN
cusj-5639	378	26	arrivals	arrival	NOUN
cusj-5639	378	27	.	.	PUNCT
cusj-5639	379	1	i	i	PRON
cusj-5639	379	2	also	also	ADV
cusj-5639	379	3	find	find	VERB
cusj-5639	379	4	that	that	SCONJ
cusj-5639	379	5	the	the	DET
cusj-5639	379	6	return	return	NOUN
cusj-5639	379	7	volatility	volatility	NOUN
cusj-5639	379	8	decreases	decrease	VERB
cusj-5639	379	9	with	with	ADP
cusj-5639	379	10	a	a	DET
cusj-5639	379	11	more	more	ADV
cusj-5639	379	12	positive	positive	ADJ
cusj-5639	379	13	or	or	CCONJ
cusj-5639	379	14	negative	negative	ADJ
cusj-5639	379	15	average	average	ADJ
cusj-5639	379	16	response	response	NOUN
cusj-5639	379	17	level	level	NOUN
cusj-5639	379	18	to	to	ADP
cusj-5639	379	19	news	news	NOUN
cusj-5639	379	20	arrivals	arrival	NOUN
cusj-5639	379	21	.	.	PUNCT
cusj-5639	380	1	ii	ii	PROPN
cusj-5639	380	2	.	.	PROPN
cusj-5639	380	3	model	model	PROPN
cusj-5639	380	4	the	the	DET
cusj-5639	380	5	baseline	baseline	PROPN
cusj-5639	380	6	model	model	NOUN
cusj-5639	380	7	from	from	ADP
cusj-5639	380	8	(	(	PUNCT
cusj-5639	380	9	goodman	goodman	PROPN
cusj-5639	380	10	,	,	PUNCT
cusj-5639	380	11	2016	2016	NUM
cusj-5639	380	12	)	)	PUNCT
cusj-5639	380	13	uses	use	VERB
cusj-5639	380	14	the	the	DET
cusj-5639	380	15	result	result	NOUN
cusj-5639	380	16	from	from	ADP
cusj-5639	380	17	(	(	PUNCT
cusj-5639	380	18	merton	merton	PROPN
cusj-5639	380	19	,	,	PUNCT
cusj-5639	380	20	1969	1969	NUM
cusj-5639	380	21	)	)	PUNCT
cusj-5639	380	22	to	to	PART
cusj-5639	380	23	define	define	VERB
cusj-5639	380	24	the	the	DET
cusj-5639	380	25	trading	trading	NOUN
cusj-5639	380	26	behaviors	behavior	NOUN
cusj-5639	380	27	of	of	ADP
cusj-5639	380	28	the	the	DET
cusj-5639	380	29	agents	agent	NOUN
cusj-5639	380	30	.	.	PUNCT
cusj-5639	381	1	an	an	DET
cusj-5639	381	2	agent	agent	NOUN
cusj-5639	381	3	maximizes	maximize	VERB
cusj-5639	381	4	power	power	NOUN
cusj-5639	381	5	utility	utility	NOUN
cusj-5639	381	6	v(t	v(t	NOUN
cusj-5639	381	7	)	)	PUNCT
cusj-5639	381	8	by	by	ADP
cusj-5639	381	9	allocating	allocate	VERB
cusj-5639	381	10	his	his	PRON
cusj-5639	381	11	wealth	wealth	NOUN
cusj-5639	381	12	w(t	w(t	PROPN
cusj-5639	381	13	)	)	PUNCT
cusj-5639	381	14	between	between	ADP
cusj-5639	381	15	a	a	DET
cusj-5639	381	16	riskless	riskless	NOUN
cusj-5639	381	17	asset	asset	NOUN
cusj-5639	381	18	and	and	CCONJ
cusj-5639	381	19	a	a	DET
cusj-5639	381	20	risky	risky	ADJ
cusj-5639	381	21	asset	asset	NOUN
cusj-5639	381	22	,	,	PUNCT
cusj-5639	381	23	the	the	DET
cusj-5639	381	24	value	value	NOUN
cusj-5639	381	25	of	of	ADP
cusj-5639	381	26	which	which	PRON
cusj-5639	381	27	evolves	evolve	VERB
cusj-5639	381	28	with	with	ADP
cusj-5639	381	29	mean	mean	VERB
cusj-5639	381	30	!	!	PUNCT
cusj-5639	382	1	and	and	CCONJ
cusj-5639	382	2	volatility	volatility	NOUN
cusj-5639	382	3	σ	σ	PROPN
cusj-5639	382	4	.	.	PUNCT
cusj-5639	382	5	!	!	PUNCT
cusj-5639	383	1	"	"	PUNCT
cusj-5639	383	2	#	#	SYM
cusj-5639	383	3	$	$	SYM
cusj-5639	383	4	%	%	NOUN
cusj-5639	383	5	[	[	X
cusj-5639	383	6	'	'	PUNCT
cusj-5639	383	7	(	(	PUNCT
cusj-5639	383	8	)	)	PUNCT
cusj-5639	383	9	]	]	PUNCT
cusj-5639	383	10	subject	subject	ADJ
cusj-5639	383	11	to	to	ADP
cusj-5639	383	12	dw	dw	PROPN
cusj-5639	383	13	=	=	PUNCT
cusj-5639	383	14	rw	rw	PROPN
cusj-5639	383	15	t	t	PROPN
cusj-5639	383	16	dt	dt	NOUN
cusj-5639	383	17	+	+	CCONJ
cusj-5639	383	18	µ	µ	X
cusj-5639	383	19	−	−	NOUN
cusj-5639	383	20	r	r	NOUN
cusj-5639	383	21	x	x	SYM
cusj-5639	383	22	t	t	NOUN
cusj-5639	383	23	dt	dt	NOUN
cusj-5639	384	1	+	+	CCONJ
cusj-5639	384	2	σx	σx	PROPN
cusj-5639	384	3	t	t	PROPN
cusj-5639	384	4	d56	d56	VERB
cusj-5639	384	5	the	the	DET
cusj-5639	384	6	solution	solution	NOUN
cusj-5639	384	7	to	to	ADP
cusj-5639	384	8	this	this	DET
cusj-5639	384	9	problem	problem	NOUN
cusj-5639	384	10	is	be	AUX
cusj-5639	384	11	to	to	PART
cusj-5639	384	12	keep	keep	VERB
cusj-5639	384	13	a	a	DET
cusj-5639	384	14	fixed	fix	VERB
cusj-5639	384	15	proportion	proportion	NOUN
cusj-5639	384	16	of	of	ADP
cusj-5639	384	17	his	his	PRON
cusj-5639	384	18	wealth	wealth	NOUN
cusj-5639	384	19	in	in	ADP
cusj-5639	384	20	risky	risky	ADJ
cusj-5639	384	21	assets	asset	NOUN
cusj-5639	384	22	.	.	PUNCT
cusj-5639	385	1	this	this	DET
cusj-5639	385	2	proportion	proportion	NOUN
cusj-5639	385	3	#	#	NOUN
cusj-5639	385	4	is	be	AUX
cusj-5639	385	5	a	a	DET
cusj-5639	385	6	function	function	NOUN
cusj-5639	385	7	of	of	ADP
cusj-5639	385	8	the	the	DET
cusj-5639	385	9	risky	risky	ADJ
cusj-5639	385	10	asset	asset	NOUN
cusj-5639	385	11	's	's	PART
cusj-5639	385	12	excess	excess	ADJ
cusj-5639	385	13	return	return	NOUN
cusj-5639	385	14	µ	µ	PRON
cusj-5639	385	15	−	−	NOUN
cusj-5639	385	16	r	r	NOUN
cusj-5639	385	17	,	,	PUNCT
cusj-5639	385	18	return	return	VERB
cusj-5639	385	19	volatility	volatility	NOUN
cusj-5639	385	20	σ	σ	PROPN
cusj-5639	385	21	,	,	PUNCT
cusj-5639	385	22	and	and	CCONJ
cusj-5639	385	23	the	the	DET
cusj-5639	385	24	agent	agent	NOUN
cusj-5639	385	25	's	's	PART
cusj-5639	385	26	risk	risk	NOUN
cusj-5639	385	27	aversion	aversion	NOUN
cusj-5639	385	28	parameter	parameter	PROPN
cusj-5639	385	29	γ	γ	PROPN
cusj-5639	385	30	.	.	PROPN
cusj-5639	385	31	8	8	NUM
cusj-5639	385	32	9	9	NUM
cusj-5639	385	33	=	=	SYM
cusj-5639	385	34	:((	:((	ADP
cusj-5639	385	35	9	9	NUM
cusj-5639	385	36	)	)	PUNCT
cusj-5639	385	37	,	,	PUNCT
cusj-5639	385	38	where	where	SCONJ
cusj-5639	385	39	:	:	PUNCT
cusj-5639	385	40	=	=	PUNCT
cusj-5639	386	1	=	=	NOUN
cusj-5639	386	2	-	-	PUNCT
cusj-5639	386	3	?	?	PUNCT
cusj-5639	387	1	(	(	PUNCT
cusj-5639	387	2	@ab)cd	@ab)cd	ADP
cusj-5639	387	3	this	this	DET
cusj-5639	387	4	proportion	proportion	NOUN
cusj-5639	387	5	#	#	NOUN
cusj-5639	387	6	determines	determine	VERB
cusj-5639	387	7	the	the	DET
cusj-5639	387	8	agents	agent	NOUN
cusj-5639	387	9	'	'	PART
cusj-5639	387	10	trading	trading	NOUN
cusj-5639	387	11	behavior	behavior	NOUN
cusj-5639	387	12	:	:	PUNCT
cusj-5639	387	13	each	each	DET
cusj-5639	387	14	agent	agent	NOUN
cusj-5639	387	15	will	will	AUX
cusj-5639	387	16	buy	buy	VERB
cusj-5639	387	17	or	or	CCONJ
cusj-5639	387	18	sell	sell	VERB
cusj-5639	387	19	stocks	stock	NOUN
cusj-5639	387	20	to	to	PART
cusj-5639	387	21	maintain	maintain	VERB
cusj-5639	387	22	that	that	DET
cusj-5639	387	23	proportion	proportion	NOUN
cusj-5639	387	24	of	of	ADP
cusj-5639	387	25	wealth	wealth	NOUN
cusj-5639	387	26	in	in	ADP
cusj-5639	387	27	stocks	stock	NOUN
cusj-5639	387	28	.	.	PUNCT
cusj-5639	388	1	for	for	ADP
cusj-5639	388	2	instance	instance	NOUN
cusj-5639	388	3	,	,	PUNCT
cusj-5639	388	4	if	if	SCONJ
cusj-5639	388	5	the	the	DET
cusj-5639	388	6	price	price	NOUN
cusj-5639	388	7	of	of	ADP
cusj-5639	388	8	the	the	DET
cusj-5639	388	9	risky	risky	ADJ
cusj-5639	388	10	asset	asset	NOUN
cusj-5639	388	11	goes	go	VERB
cusj-5639	388	12	up	up	ADP
cusj-5639	388	13	while	while	SCONJ
cusj-5639	388	14	#	#	NOUN
cusj-5639	388	15	does	do	AUX
cusj-5639	388	16	not	not	PART
cusj-5639	388	17	change	change	VERB
cusj-5639	388	18	,	,	PUNCT
cusj-5639	388	19	the	the	DET
cusj-5639	388	20	agent	agent	NOUN
cusj-5639	388	21	will	will	AUX
cusj-5639	388	22	sell	sell	VERB
cusj-5639	388	23	the	the	DET
cusj-5639	388	24	risky	risky	ADJ
cusj-5639	388	25	asset	asset	NOUN
cusj-5639	388	26	to	to	PART
cusj-5639	388	27	maintain	maintain	VERB
cusj-5639	388	28	the	the	DET
cusj-5639	388	29	proportion	proportion	NOUN
cusj-5639	388	30	of	of	ADP
cusj-5639	388	31	his	his	PRON
cusj-5639	388	32	wealth	wealth	NOUN
cusj-5639	388	33	in	in	ADP
cusj-5639	388	34	the	the	DET
cusj-5639	388	35	risky	risky	ADJ
cusj-5639	388	36	asset	asset	NOUN
cusj-5639	388	37	.	.	PUNCT
cusj-5639	389	1	in	in	ADP
cusj-5639	389	2	the	the	DET
cusj-5639	389	3	baseline	baseline	NOUN
cusj-5639	389	4	model	model	NOUN
cusj-5639	389	5	,	,	PUNCT
cusj-5639	389	6	each	each	DET
cusj-5639	389	7	agent	agent	NOUN
cusj-5639	389	8	trades	trade	NOUN
cusj-5639	389	9	based	base	VERB
cusj-5639	389	10	on	on	ADP
cusj-5639	389	11	the	the	DET
cusj-5639	389	12	merton	merton	ADJ
cusj-5639	389	13	proportion	proportion	NOUN
cusj-5639	389	14	and	and	CCONJ
cusj-5639	389	15	there	there	PRON
cusj-5639	389	16	are	be	VERB
cusj-5639	389	17	n	n	DET
cusj-5639	389	18	such	such	ADJ
cusj-5639	389	19	agents	agent	NOUN
cusj-5639	389	20	in	in	ADP
cusj-5639	389	21	the	the	DET
cusj-5639	389	22	market	market	NOUN
cusj-5639	389	23	.	.	PUNCT
cusj-5639	390	1	an	an	DET
cusj-5639	390	2	important	important	ADJ
cusj-5639	390	3	assumption	assumption	NOUN
cusj-5639	390	4	of	of	ADP
cusj-5639	390	5	this	this	DET
cusj-5639	390	6	model	model	NOUN
cusj-5639	390	7	is	be	AUX
cusj-5639	390	8	that	that	SCONJ
cusj-5639	390	9	each	each	DET
cusj-5639	390	10	agent	agent	NOUN
cusj-5639	390	11	has	have	VERB
cusj-5639	390	12	his	his	PRON
cusj-5639	390	13	own	own	ADJ
cusj-5639	390	14	belief	belief	NOUN
cusj-5639	390	15	:	:	PUNCT
cusj-5639	390	16	agent	agent	NOUN
cusj-5639	390	17	k	k	PROPN
cusj-5639	390	18	has	have	VERB
cusj-5639	390	19	beliefs	belief	NOUN
cusj-5639	390	20	ef	ef	PROPN
cusj-5639	390	21	and	and	CCONJ
cusj-5639	390	22	gf	gf	PROPN
cusj-5639	390	23	and	and	CCONJ
cusj-5639	390	24	risk	risk	VERB
cusj-5639	390	25	aversion	aversion	NOUN
cusj-5639	390	26	parameter	parameter	NOUN
cusj-5639	390	27	hf	hf	NOUN
cusj-5639	390	28	.	.	PUNCT
cusj-5639	391	1	it	it	PRON
cusj-5639	391	2	is	be	AUX
cusj-5639	391	3	further	far	ADV
cusj-5639	391	4	assumed	assume	VERB
cusj-5639	391	5	that	that	SCONJ
cusj-5639	391	6	the	the	DET
cusj-5639	391	7	total	total	ADJ
cusj-5639	391	8	number	number	NOUN
cusj-5639	391	9	of	of	ADP
cusj-5639	391	10	stocks	stock	NOUN
cusj-5639	391	11	in	in	ADP
cusj-5639	391	12	the	the	DET
cusj-5639	391	13	market	market	NOUN
cusj-5639	391	14	does	do	AUX
cusj-5639	391	15	not	not	PART
cusj-5639	391	16	change	change	VERB
cusj-5639	391	17	and	and	CCONJ
cusj-5639	391	18	that	that	SCONJ
cusj-5639	391	19	there	there	PRON
cusj-5639	391	20	is	be	VERB
cusj-5639	391	21	only	only	ADV
cusj-5639	391	22	one	one	NUM
cusj-5639	391	23	risky	risky	ADJ
cusj-5639	391	24	asset	asset	NOUN
cusj-5639	391	25	(	(	PUNCT
cusj-5639	391	26	stock	stock	NOUN
cusj-5639	391	27	)	)	PUNCT
cusj-5639	391	28	and	and	CCONJ
cusj-5639	391	29	one	one	NUM
cusj-5639	391	30	riskless	riskless	NOUN
cusj-5639	391	31	asset	asset	NOUN
cusj-5639	391	32	(	(	PUNCT
cusj-5639	391	33	cash	cash	NOUN
cusj-5639	391	34	)	)	PUNCT
cusj-5639	391	35	.	.	PUNCT
cusj-5639	392	1	from	from	ADP
cusj-5639	392	2	the	the	DET
cusj-5639	392	3	assumptions	assumption	NOUN
cusj-5639	392	4	of	of	ADP
cusj-5639	392	5	the	the	DET
cusj-5639	392	6	model	model	NOUN
cusj-5639	392	7	,	,	PUNCT
cusj-5639	392	8	the	the	DET
cusj-5639	392	9	following	follow	VERB
cusj-5639	392	10	identities	identity	NOUN
cusj-5639	392	11	hold	hold	VERB
cusj-5639	392	12	:	:	PUNCT
cusj-5639	392	13	first	first	ADV
cusj-5639	392	14	,	,	PUNCT
cusj-5639	392	15	the	the	DET
cusj-5639	392	16	wealth	wealth	NOUN
cusj-5639	392	17	of	of	ADP
cusj-5639	392	18	each	each	DET
cusj-5639	392	19	agent	agent	NOUN
cusj-5639	392	20	is	be	AUX
cusj-5639	392	21	the	the	DET
cusj-5639	392	22	sum	sum	NOUN
cusj-5639	392	23	of	of	ADP
cusj-5639	392	24	her	her	PRON
cusj-5639	392	25	cash	cash	NOUN
cusj-5639	392	26	and	and	CCONJ
cusj-5639	392	27	stock	stock	NOUN
cusj-5639	392	28	value	value	NOUN
cusj-5639	392	29	:	:	PUNCT
cusj-5639	392	30	(	(	PUNCT
cusj-5639	392	31	f	f	NOUN
cusj-5639	392	32	9	9	NUM
cusj-5639	392	33	=	=	NOUN
cusj-5639	392	34	if	if	SCONJ
cusj-5639	392	35	9	9	NUM
cusj-5639	392	36	+	+	NUM
cusj-5639	392	37	jf	jf	PROPN
cusj-5639	392	38	9	9	NUM
cusj-5639	392	39	k(9	k(9	PROPN
cusj-5639	392	40	)	)	PUNCT
cusj-5639	392	41	then	then	ADV
cusj-5639	392	42	,	,	PUNCT
cusj-5639	392	43	the	the	DET
cusj-5639	392	44	wealth	wealth	NOUN
cusj-5639	392	45	of	of	ADP
cusj-5639	392	46	the	the	DET
cusj-5639	392	47	economy	economy	NOUN
cusj-5639	392	48	can	can	AUX
cusj-5639	392	49	be	be	AUX
cusj-5639	392	50	expressed	express	VERB
cusj-5639	392	51	as	as	ADP
cusj-5639	392	52	:	:	PUNCT
cusj-5639	392	53	(	(	PUNCT
cusj-5639	392	54	f	f	NOUN
cusj-5639	392	55	9	9	NUM
cusj-5639	392	56	l	l	NOUN
cusj-5639	392	57	fm@	fm@	NOUN
cusj-5639	392	58	=	=	PUNCT
cusj-5639	392	59	(	(	PUNCT
cusj-5639	393	1	if	if	SCONJ
cusj-5639	393	2	9	9	NUM
cusj-5639	393	3	+	+	NUM
cusj-5639	393	4	jf	jf	PROPN
cusj-5639	393	5	9	9	NUM
cusj-5639	393	6	k	k	PROPN
cusj-5639	393	7	9	9	NUM
cusj-5639	393	8	)	)	PUNCT
cusj-5639	393	9	l	l	NOUN
cusj-5639	393	10	fm@	fm@	PROPN
cusj-5639	393	11	second	second	ADJ
cusj-5639	393	12	,	,	PUNCT
cusj-5639	393	13	in	in	ADP
cusj-5639	393	14	equilibrium	equilibrium	NOUN
cusj-5639	393	15	,	,	PUNCT
cusj-5639	393	16	each	each	DET
cusj-5639	393	17	agent	agent	NOUN
cusj-5639	393	18	has	have	VERB
cusj-5639	393	19	the	the	DET
cusj-5639	393	20	optimal	optimal	ADJ
cusj-5639	393	21	ratio	ratio	NOUN
cusj-5639	393	22	of	of	ADP
cusj-5639	393	23	risky	risky	ADJ
cusj-5639	393	24	assets	asset	NOUN
cusj-5639	393	25	.	.	PUNCT
cusj-5639	394	1	(	(	PUNCT
cusj-5639	394	2	f	f	NOUN
cusj-5639	394	3	9	9	NUM
cusj-5639	394	4	:	:	PUNCT
cusj-5639	394	5	f	f	PROPN
cusj-5639	394	6	9	9	NUM
cusj-5639	394	7	=	=	NOUN
cusj-5639	394	8	8f	8f	NOUN
cusj-5639	394	9	9	9	NUM
cusj-5639	394	10	=	=	SYM
cusj-5639	394	11	jf	jf	PROPN
cusj-5639	394	12	9	9	NUM
cusj-5639	394	13	k(9	k(9	PROPN
cusj-5639	394	14	)	)	PUNCT
cusj-5639	394	15	the	the	DET
cusj-5639	394	16	wealth	wealth	NOUN
cusj-5639	394	17	of	of	ADP
cusj-5639	394	18	the	the	DET
cusj-5639	394	19	economy	economy	NOUN
cusj-5639	394	20	at	at	ADP
cusj-5639	394	21	equilibrium	equilibrium	NOUN
cusj-5639	394	22	can	can	AUX
cusj-5639	394	23	thus	thus	ADV
cusj-5639	394	24	be	be	AUX
cusj-5639	394	25	expressed	express	VERB
cusj-5639	394	26	as	as	ADP
cusj-5639	394	27	:	:	PUNCT
cusj-5639	394	28	(	(	PUNCT
cusj-5639	394	29	f	f	NOUN
cusj-5639	394	30	9	9	NUM
cusj-5639	394	31	l	l	NOUN
cusj-5639	394	32	fm@	fm@	NOUN
cusj-5639	394	33	=	=	NOUN
cusj-5639	394	34	1	1	NUM
cusj-5639	394	35	:	:	PUNCT
cusj-5639	394	36	f	f	PROPN
cusj-5639	394	37	9	9	NUM
cusj-5639	394	38	jf	jf	PROPN
cusj-5639	394	39	9	9	NUM
cusj-5639	394	40	k(9	k(9	PROPN
cusj-5639	394	41	)	)	PUNCT
cusj-5639	394	42	l	l	NOUN
cusj-5639	394	43	fm@	fm@	PROPN
cusj-5639	394	44	third	third	ADJ
cusj-5639	394	45	,	,	PUNCT
cusj-5639	394	46	total	total	ADJ
cusj-5639	394	47	number	number	NOUN
cusj-5639	394	48	of	of	ADP
cusj-5639	394	49	stocks	stock	NOUN
cusj-5639	394	50	remains	remain	VERB
cusj-5639	394	51	invariant	invariant	ADJ
cusj-5639	394	52	:	:	PUNCT
cusj-5639	394	53	jf(9@	jf(9@	NOUN
cusj-5639	394	54	)	)	PUNCT
cusj-5639	394	55	l	l	NOUN
cusj-5639	395	1	fm@	fm@	PROPN
cusj-5639	395	2	=	=	SYM
cusj-5639	395	3	jf(9o	jf(9o	ADJ
cusj-5639	395	4	)	)	PUNCT
cusj-5639	395	5	l	l	NOUN
cusj-5639	395	6	fm@	fm@	PROPN
cusj-5639	395	7	let	let	VERB
cusj-5639	395	8	n	n	PRON
cusj-5639	395	9	denote	denote	VERB
cusj-5639	395	10	the	the	DET
cusj-5639	395	11	total	total	ADJ
cusj-5639	395	12	number	number	NOUN
cusj-5639	395	13	of	of	ADP
cusj-5639	395	14	stocks	stock	NOUN
cusj-5639	395	15	in	in	ADP
cusj-5639	395	16	the	the	DET
cusj-5639	395	17	market	market	NOUN
cusj-5639	395	18	.	.	PUNCT
cusj-5639	396	1	j	j	X
cusj-5639	396	2	=	=	PUNCT
cusj-5639	396	3	jf(9	jf(9	PROPN
cusj-5639	396	4	)	)	PUNCT
cusj-5639	396	5	l	l	NOUN
cusj-5639	396	6	fm@	fm@	PROPN
cusj-5639	396	7	fourth	fourth	ADJ
cusj-5639	396	8	,	,	PUNCT
cusj-5639	396	9	total	total	ADJ
cusj-5639	396	10	cash	cash	NOUN
cusj-5639	396	11	in	in	ADP
cusj-5639	396	12	the	the	DET
cusj-5639	396	13	economy	economy	NOUN
cusj-5639	396	14	remains	remain	VERB
cusj-5639	396	15	invariant	invariant	ADJ
cusj-5639	396	16	:	:	PUNCT
cusj-5639	396	17	if(9@	if(9@	X
cusj-5639	396	18	)	)	PUNCT
cusj-5639	396	19	l	l	NOUN
cusj-5639	397	1	fm@	fm@	NOUN
cusj-5639	397	2	=	=	SYM
cusj-5639	397	3	if(9o	if(9o	NOUN
cusj-5639	397	4	)	)	PUNCT
cusj-5639	397	5	l	l	NOUN
cusj-5639	398	1	fm@	fm@	ADJ
cusj-5639	398	2	fifth	fifth	ADJ
cusj-5639	398	3	,	,	PUNCT
cusj-5639	398	4	from	from	ADP
cusj-5639	398	5	3	3	NUM
cusj-5639	398	6	and	and	CCONJ
cusj-5639	398	7	4	4	NUM
cusj-5639	398	8	,	,	PUNCT
cusj-5639	398	9	i	i	PRON
cusj-5639	398	10	find	find	VERB
cusj-5639	398	11	that	that	SCONJ
cusj-5639	398	12	the	the	DET
cusj-5639	398	13	wealth	wealth	NOUN
cusj-5639	398	14	of	of	ADP
cusj-5639	398	15	the	the	DET
cusj-5639	398	16	economy	economy	NOUN
cusj-5639	398	17	is	be	AUX
cusj-5639	398	18	increased	increase	VERB
cusj-5639	398	19	only	only	ADV
cusj-5639	398	20	by	by	ADP
cusj-5639	398	21	the	the	DET
cusj-5639	398	22	rise	rise	NOUN
cusj-5639	398	23	in	in	ADP
cusj-5639	398	24	stock	stock	NOUN
cusj-5639	398	25	price	price	NOUN
cusj-5639	398	26	:	:	PUNCT
cusj-5639	398	27	(	(	PUNCT
cusj-5639	398	28	f(9o	f(9o	X
cusj-5639	398	29	)	)	PUNCT
cusj-5639	398	30	l	l	NOUN
cusj-5639	398	31	fm@	fm@	PROPN
cusj-5639	398	32	(	(	PUNCT
cusj-5639	398	33	f	f	PROPN
cusj-5639	398	34	9@	9@	NUM
cusj-5639	398	35	l	l	NOUN
cusj-5639	398	36	fm@	fm@	NOUN
cusj-5639	398	37	=	=	SYM
cusj-5639	398	38	j(k	j(k	ADJ
cusj-5639	398	39	9o	9o	NOUN
cusj-5639	398	40	-k	-k	PUNCT
cusj-5639	398	41	9@	9@	NUM
cusj-5639	398	42	)	)	PUNCT
cusj-5639	398	43	consider	consider	VERB
cusj-5639	398	44	a	a	DET
cusj-5639	398	45	simple	simple	ADJ
cusj-5639	398	46	case	case	NOUN
cusj-5639	398	47	in	in	ADP
cusj-5639	398	48	which	which	PRON
cusj-5639	398	49	only	only	ADV
cusj-5639	398	50	one	one	NUM
cusj-5639	398	51	of	of	ADP
cusj-5639	398	52	the	the	DET
cusj-5639	398	53	agents	agent	NOUN
cusj-5639	398	54	,	,	PUNCT
cusj-5639	398	55	agent	agent	NOUN
cusj-5639	398	56	1	1	NUM
cusj-5639	398	57	,	,	PUNCT
cusj-5639	398	58	increases	increase	VERB
cusj-5639	398	59	his	his	PRON
cusj-5639	398	60	e@	e@	PROPN
cusj-5639	398	61	and	and	CCONJ
cusj-5639	398	62	thus	thus	ADV
cusj-5639	398	63	his	his	PRON
cusj-5639	398	64	:	:	PUNCT
cusj-5639	398	65	@.	@.	ADP
cusj-5639	398	66	when	when	SCONJ
cusj-5639	398	67	only	only	ADJ
cusj-5639	398	68	agent	agent	NOUN
cusj-5639	398	69	one	one	NUM
cusj-5639	398	70	increased	increase	VERB
cusj-5639	398	71	its	its	PRON
cusj-5639	398	72	e@	e@	PROPN
cusj-5639	398	73	and	and	CCONJ
cusj-5639	398	74	thus	thus	ADV
cusj-5639	398	75	�	�	PROPN
cusj-5639	398	76	@	@	PROPN
cusj-5639	398	77	,	,	PUNCT
cusj-5639	398	78	he	he	PRON
cusj-5639	398	79	would	would	AUX
cusj-5639	398	80	not	not	PART
cusj-5639	398	81	be	be	AUX
cusj-5639	398	82	able	able	ADJ
cusj-5639	398	83	to	to	PART
cusj-5639	398	84	transact	transact	VERB
cusj-5639	398	85	at	at	ADP
cusj-5639	398	86	current	current	ADJ
cusj-5639	398	87	price	price	NOUN
cusj-5639	398	88	if	if	SCONJ
cusj-5639	398	89	all	all	DET
cusj-5639	398	90	the	the	DET
cusj-5639	398	91	other	other	ADJ
cusj-5639	398	92	agents	agent	NOUN
cusj-5639	398	93	are	be	AUX
cusj-5639	398	94	content	content	ADJ
cusj-5639	398	95	with	with	ADP
cusj-5639	398	96	their	their	PRON
cusj-5639	398	97	portfolios	portfolio	NOUN
cusj-5639	398	98	.	.	PUNCT
cusj-5639	399	1	therefore	therefore	ADV
cusj-5639	399	2	,	,	PUNCT
cusj-5639	399	3	agent	agent	NOUN
cusj-5639	399	4	1	1	NUM
cusj-5639	399	5	should	should	AUX
cusj-5639	399	6	keep	keep	VERB
cusj-5639	399	7	bidding	bid	VERB
cusj-5639	399	8	higher	high	ADJ
cusj-5639	399	9	prices	price	NOUN
cusj-5639	399	10	to	to	PART
cusj-5639	399	11	buy	buy	VERB
cusj-5639	399	12	stocks	stock	NOUN
cusj-5639	399	13	until	until	SCONJ
cusj-5639	399	14	he	he	PRON
cusj-5639	399	15	achieves	achieve	VERB
cusj-5639	399	16	his	his	PRON
cusj-5639	399	17	new	new	ADJ
cusj-5639	399	18	proportion	proportion	NOUN
cusj-5639	399	19	:	:	PUNCT
cusj-5639	399	20	@	@	ADP
cusj-5639	399	21	of	of	ADP
cusj-5639	399	22	his	his	PRON
cusj-5639	399	23	wealth	wealth	NOUN
cusj-5639	399	24	in	in	ADP
cusj-5639	399	25	stocks	stock	NOUN
cusj-5639	399	26	.	.	PUNCT
cusj-5639	400	1	when	when	SCONJ
cusj-5639	400	2	agent	agent	NOUN
cusj-5639	400	3	1	1	NUM
cusj-5639	400	4	pushes	push	VERB
cusj-5639	400	5	the	the	DET
cusj-5639	400	6	price	price	NOUN
cusj-5639	400	7	up	up	ADP
cusj-5639	400	8	from	from	ADP
cusj-5639	400	9	s	s	PRON
cusj-5639	400	10	to	to	ADP
cusj-5639	400	11	k	k	PROPN
cusj-5639	400	12	+	+	CCONJ
cusj-5639	400	13	pk	pk	PROPN
cusj-5639	400	14	,	,	PUNCT
cusj-5639	400	15	wealth	wealth	NOUN
cusj-5639	400	16	of	of	ADP
cusj-5639	400	17	agent	agent	PROPN
cusj-5639	400	18	k	k	PROPN
cusj-5639	400	19	,	,	PUNCT
cusj-5639	400	20	(	(	PUNCT
cusj-5639	400	21	f	f	X
cusj-5639	400	22	,	,	PUNCT
cusj-5639	400	23	will	will	AUX
cusj-5639	400	24	increase	increase	VERB
cusj-5639	400	25	by	by	ADP
cusj-5639	400	26	d(f	d(f	NOUN
cusj-5639	400	27	=	=	SYM
cusj-5639	400	28	jfpk	jfpk	NOUN
cusj-5639	400	29	.	.	PUNCT
cusj-5639	401	1	as	as	SCONJ
cusj-5639	401	2	:	:	PUNCT
cusj-5639	401	3	f	f	PROPN
cusj-5639	401	4	has	have	AUX
cusj-5639	401	5	not	not	PART
cusj-5639	401	6	changed	change	VERB
cusj-5639	401	7	for	for	ADP
cusj-5639	401	8	q	q	PROPN
cusj-5639	401	9	>	>	X
cusj-5639	401	10	1	1	NUM
cusj-5639	401	11	,	,	PUNCT
cusj-5639	401	12	the	the	DET
cusj-5639	401	13	change	change	NOUN
cusj-5639	401	14	in	in	ADP
cusj-5639	401	15	the	the	DET
cusj-5639	401	16	optimal	optimal	ADJ
cusj-5639	401	17	stock	stock	NOUN
cusj-5639	401	18	value	value	NOUN
cusj-5639	401	19	for	for	ADP
cusj-5639	401	20	agent	agent	NOUN
cusj-5639	401	21	k	k	PROPN
cusj-5639	401	22	would	would	AUX
cusj-5639	401	23	be	be	AUX
cusj-5639	401	24	p8f	p8f	NOUN
cusj-5639	401	25	=	=	PUNCT
cusj-5639	401	26	:	:	PUNCT
cusj-5639	401	27	fjfps	fjfps	NOUN
cusj-5639	401	28	.	.	PUNCT
cusj-5639	402	1	if	if	SCONJ
cusj-5639	402	2	agent	agent	NOUN
cusj-5639	402	3	k	k	PROPN
cusj-5639	402	4	buys	buy	VERB
cusj-5639	402	5	_	_	PUNCT
cusj-5639	403	1	_	_	PUNCT
cusj-5639	404	1	_	_	PUNCT
cusj-5639	405	1	_	_	PUNCT
cusj-5639	406	1	_	_	PUNCT
cusj-5639	407	1	_	_	PUNCT
cusj-5639	408	1	_	_	PUNCT
cusj-5639	409	1	_	_	PUNCT
cusj-5639	410	1	_	_	PUNCT
cusj-5639	411	1	_	_	PUNCT
cusj-5639	412	1	_	_	PUNCT
cusj-5639	413	1	_	_	PUNCT
cusj-5639	414	1	_	_	PUNCT
cusj-5639	415	1	_	_	PUNCT
cusj-5639	416	1	_	_	PUNCT
cusj-5639	417	1	_	_	PUNCT
cusj-5639	418	1	_	_	PUNCT
cusj-5639	419	1	_	_	PUNCT
cusj-5639	420	1	_	_	PUNCT
cusj-5639	421	1	_	_	PUNCT
cusj-5639	422	1	_	_	PUNCT
cusj-5639	423	1	_	_	PUNCT
cusj-5639	424	1	_	_	PUNCT
cusj-5639	425	1	_	_	PUNCT
cusj-5639	426	1	_	_	PUNCT
cusj-5639	427	1	_	_	PUNCT
cusj-5639	428	1	_	_	PUNCT
cusj-5639	429	1	_	_	PUNCT
cusj-5639	430	1	_	_	PUNCT
cusj-5639	431	1	_	_	PUNCT
cusj-5639	432	1	_	_	PUNCT
cusj-5639	433	1	_	_	PUNCT
cusj-5639	434	1	_	_	PUNCT
cusj-5639	435	1	_	_	PUNCT
cusj-5639	436	1	_	_	PUNCT
cusj-5639	437	1	_	_	PUNCT
cusj-5639	438	1	_	_	PUNCT
cusj-5639	439	1	_	_	PUNCT
cusj-5639	440	1	_	_	PUNCT
cusj-5639	441	1	_	_	PUNCT
cusj-5639	442	1	_	_	PUNCT
cusj-5639	443	1	_	_	PUNCT
cusj-5639	444	1	_	_	PUNCT
cusj-5639	445	1	_	_	PUNCT
cusj-5639	446	1	_	_	PUNCT
cusj-5639	447	1	_	_	PUNCT
cusj-5639	448	1	_	_	PUNCT
cusj-5639	449	1	_	_	PUNCT
cusj-5639	450	1	_	_	PUNCT
cusj-5639	451	1	_	_	PUNCT
cusj-5639	452	1	_	_	PUNCT
cusj-5639	453	1	_	_	PUNCT
cusj-5639	454	1	_	_	PUNCT
cusj-5639	455	1	_	_	PUNCT
cusj-5639	456	1	_	_	PUNCT
cusj-5639	457	1	_	_	PUNCT
cusj-5639	458	1	_	_	PUNCT
cusj-5639	459	1	_	_	PUNCT
cusj-5639	460	1	_	_	PUNCT
cusj-5639	461	1	_	_	PUNCT
cusj-5639	462	1	_	_	PUNCT
cusj-5639	463	1	_	_	PUNCT
cusj-5639	464	1	_	_	PUNCT
cusj-5639	465	1	_	_	PUNCT
cusj-5639	466	1	_	_	PUNCT
cusj-5639	467	1	_	_	PUNCT
cusj-5639	468	1	_	_	PUNCT
cusj-5639	469	1	_	_	PUNCT
cusj-5639	470	1	_	_	PUNCT
cusj-5639	471	1	_	_	PUNCT
cusj-5639	472	1	_	_	PUNCT
cusj-5639	473	1	_	_	PUNCT
cusj-5639	474	1	_	_	PUNCT
cusj-5639	475	1	_	_	PUNCT
cusj-5639	476	1	_	_	PUNCT
cusj-5639	477	1	_	_	PUNCT
cusj-5639	478	1	_	_	PUNCT
cusj-5639	479	1	_	_	PUNCT
cusj-5639	480	1	_	_	PUNCT
cusj-5639	481	1	_	_	PUNCT
cusj-5639	481	2	cusj	cusj	VERB
cusj-5639	481	3	2019	2019	NUM
cusj-5639	481	4	_	_	PUNCT
cusj-5639	482	1	_	_	PUNCT
cusj-5639	483	1	_	_	PUNCT
cusj-5639	484	1	_	_	PUNCT
cusj-5639	485	1	_	_	PUNCT
cusj-5639	486	1	_	_	PUNCT
cusj-5639	487	1	_	_	PUNCT
cusj-5639	488	1	_	_	PUNCT
cusj-5639	489	1	_	_	PUNCT
cusj-5639	490	1	_	_	PUNCT
cusj-5639	491	1	_	_	PUNCT
cusj-5639	492	1	_	_	PUNCT
cusj-5639	493	1	_	_	PUNCT
cusj-5639	494	1	_	_	PUNCT
cusj-5639	495	1	_	_	PUNCT
cusj-5639	496	1	_	_	PUNCT
cusj-5639	497	1	_	_	PUNCT
cusj-5639	498	1	_	_	PUNCT
cusj-5639	499	1	_	_	PUNCT
cusj-5639	500	1	_	_	PUNCT
cusj-5639	501	1	_	_	PUNCT
cusj-5639	502	1	_	_	PUNCT
cusj-5639	503	1	_	_	PUNCT
cusj-5639	504	1	_	_	PUNCT
cusj-5639	505	1	_	_	PUNCT
cusj-5639	506	1	_	_	PUNCT
cusj-5639	507	1	_	_	PUNCT
cusj-5639	508	1	_	_	PUNCT
cusj-5639	509	1	_	_	PUNCT
cusj-5639	510	1	_	_	PUNCT
cusj-5639	511	1	_	_	PUNCT
cusj-5639	512	1	_	_	PUNCT
cusj-5639	513	1	_	_	PUNCT
cusj-5639	514	1	_	_	PUNCT
cusj-5639	515	1	_	_	PUNCT
cusj-5639	516	1	_	_	PUNCT
cusj-5639	517	1	_	_	PUNCT
cusj-5639	518	1	_	_	PUNCT
cusj-5639	519	1	_	_	PUNCT
cusj-5639	520	1	_	_	PUNCT
cusj-5639	521	1	_	_	PUNCT
cusj-5639	522	1	_	_	PUNCT
cusj-5639	523	1	_	_	PUNCT
cusj-5639	524	1	_	_	PUNCT
cusj-5639	525	1	_	_	PUNCT
cusj-5639	526	1	_	_	PUNCT
cusj-5639	527	1	_	_	PUNCT
cusj-5639	528	1	_	_	PUNCT
cusj-5639	529	1	_	_	PUNCT
cusj-5639	530	1	_	_	PUNCT
cusj-5639	531	1	_	_	PUNCT
cusj-5639	532	1	_	_	PUNCT
cusj-5639	533	1	_	_	PUNCT
cusj-5639	534	1	_	_	PUNCT
cusj-5639	535	1	_	_	PUNCT
cusj-5639	536	1	_	_	PUNCT
cusj-5639	537	1	_	_	PUNCT
cusj-5639	538	1	_	_	PUNCT
cusj-5639	539	1	_	_	PUNCT
cusj-5639	540	1	_	_	PUNCT
cusj-5639	541	1	_	_	PUNCT
cusj-5639	542	1	_	_	PUNCT
cusj-5639	543	1	_	_	PUNCT
cusj-5639	544	1	_	_	PUNCT
cusj-5639	545	1	_	_	PUNCT
cusj-5639	546	1	_	_	PUNCT
cusj-5639	547	1	_	_	PUNCT
cusj-5639	548	1	_	_	PUNCT
cusj-5639	549	1	_	_	PUNCT
cusj-5639	550	1	_	_	PUNCT
cusj-5639	551	1	_	_	PUNCT
cusj-5639	552	1	_	_	PUNCT
cusj-5639	553	1	_	_	PUNCT
cusj-5639	554	1	_	_	PUNCT
cusj-5639	555	1	_	_	PUNCT
cusj-5639	556	1	_	_	PUNCT
cusj-5639	557	1	_	_	PUNCT
cusj-5639	558	1	_	_	PUNCT
cusj-5639	559	1	_	_	PUNCT
cusj-5639	560	1	_	_	PUNCT
cusj-5639	561	1	_	_	PUNCT
cusj-5639	562	1	_	_	PUNCT
cusj-5639	563	1	_	_	PUNCT
cusj-5639	564	1	_	_	PUNCT
cusj-5639	565	1	_	_	PUNCT
cusj-5639	566	1	_	_	PUNCT
cusj-5639	567	1	_	_	PUNCT
cusj-5639	568	1	_	_	PUNCT
cusj-5639	569	1	_	_	PUNCT
cusj-5639	570	1	_	_	PUNCT
cusj-5639	570	2	31	31	NUM
cusj-5639	570	3	!	!	PUNCT
cusj-5639	571	1	"	"	PUNCT
cusj-5639	571	2	#	#	NOUN
cusj-5639	571	3	number	number	NOUN
cusj-5639	571	4	of	of	ADP
cusj-5639	571	5	stocks	stock	NOUN
cusj-5639	571	6	to	to	ADP
cusj-5639	571	7	rebalance	rebalance	NOUN
cusj-5639	571	8	to	to	ADP
cusj-5639	571	9	the	the	DET
cusj-5639	571	10	new	new	ADJ
cusj-5639	571	11	optimal	optimal	ADJ
cusj-5639	571	12	allocation	allocation	NOUN
cusj-5639	571	13	,	,	PUNCT
cusj-5639	571	14	the	the	DET
cusj-5639	571	15	value	value	NOUN
cusj-5639	571	16	of	of	ADP
cusj-5639	571	17	his	his	PRON
cusj-5639	571	18	stock	stock	NOUN
cusj-5639	571	19	holdings	holding	NOUN
cusj-5639	571	20	would	would	AUX
cusj-5639	571	21	change	change	VERB
cusj-5639	571	22	from	from	ADP
cusj-5639	571	23	"	"	PUNCT
cusj-5639	571	24	#	#	SYM
cusj-5639	571	25	$	$	SYM
cusj-5639	571	26	to	to	PART
cusj-5639	571	27	(	(	PUNCT
cusj-5639	571	28	"	"	PUNCT
cusj-5639	571	29	#	#	NOUN
cusj-5639	571	30	+	+	X
cusj-5639	571	31	!	!	PUNCT
cusj-5639	572	1	"	"	PUNCT
cusj-5639	572	2	#	#	NOUN
cusj-5639	572	3	)	)	PUNCT
cusj-5639	572	4	(	(	PUNCT
cusj-5639	572	5	$	$	SYM
cusj-5639	572	6	+	+	NOUN
cusj-5639	572	7	!	!	PUNCT
cusj-5639	572	8	$	$	NUM
cusj-5639	572	9	)	)	PUNCT
cusj-5639	572	10	.	.	PUNCT
cusj-5639	573	1	therefore	therefore	ADV
cusj-5639	573	2	,	,	PUNCT
cusj-5639	573	3	the	the	DET
cusj-5639	573	4	following	follow	VERB
cusj-5639	573	5	equation	equation	NOUN
cusj-5639	573	6	holds	hold	VERB
cusj-5639	573	7	for	for	ADP
cusj-5639	573	8	each	each	DET
cusj-5639	573	9	agent	agent	NOUN
cusj-5639	573	10	other	other	ADJ
cusj-5639	573	11	than	than	ADP
cusj-5639	573	12	agent	agent	NOUN
cusj-5639	573	13	1	1	NUM
cusj-5639	573	14	:	:	PUNCT
cusj-5639	573	15	!	!	PUNCT
cusj-5639	574	1	(	(	PUNCT
cusj-5639	574	2	#	#	NOUN
cusj-5639	574	3	=	=	PUNCT
cusj-5639	574	4	*	*	PUNCT
cusj-5639	574	5	#	#	NOUN
cusj-5639	574	6	!	!	PUNCT
cusj-5639	575	1	+	+	NOUN
cusj-5639	575	2	#	#	NOUN
cusj-5639	575	3	=	=	SYM
cusj-5639	575	4	*	*	PUNCT
cusj-5639	575	5	#	#	SYM
cusj-5639	575	6	"	"	PUNCT
cusj-5639	575	7	#	#	NOUN
cusj-5639	575	8	!	!	PUNCT
cusj-5639	575	9	$	$	SYM
cusj-5639	575	10	=	=	PUNCT
cusj-5639	575	11	"	"	PUNCT
cusj-5639	575	12	#	#	NOUN
cusj-5639	575	13	+	+	X
cusj-5639	575	14	!	!	PUNCT
cusj-5639	576	1	"	"	PUNCT
cusj-5639	576	2	#	#	NOUN
cusj-5639	576	3	$	$	SYM
cusj-5639	576	4	+	+	NOUN
cusj-5639	576	5	!	!	PUNCT
cusj-5639	576	6	$	$	SYM
cusj-5639	576	7	−	−	NOUN
cusj-5639	576	8	"	"	PUNCT
cusj-5639	576	9	#	#	SYM
cusj-5639	576	10	$	$	SYM
cusj-5639	576	11	=	=	NUM
cusj-5639	576	12	"	"	PUNCT
cusj-5639	576	13	#	#	NOUN
cusj-5639	576	14	!	!	PUNCT
cusj-5639	576	15	$	$	SYM
cusj-5639	576	16	+	+	NOUN
cusj-5639	576	17	$	$	SYM
cusj-5639	576	18	!	!	PUNCT
cusj-5639	576	19	"	"	PUNCT
cusj-5639	576	20	#	#	NOUN
cusj-5639	576	21	rearranging	rearrange	VERB
cusj-5639	576	22	the	the	DET
cusj-5639	576	23	equation	equation	NOUN
cusj-5639	576	24	above	above	ADV
cusj-5639	576	25	,	,	PUNCT
cusj-5639	576	26	the	the	DET
cusj-5639	576	27	number	number	NOUN
cusj-5639	576	28	of	of	ADP
cusj-5639	576	29	stocks	stock	NOUN
cusj-5639	576	30	that	that	PRON
cusj-5639	576	31	agent	agent	NOUN
cusj-5639	576	32	k	k	PROPN
cusj-5639	576	33	should	should	AUX
cusj-5639	576	34	buy	buy	VERB
cusj-5639	576	35	is	be	AUX
cusj-5639	576	36	:	:	PUNCT
cusj-5639	576	37	!	!	PUNCT
cusj-5639	577	1	"	"	PUNCT
cusj-5639	577	2	#	#	NOUN
cusj-5639	577	3	=	=	SYM
cusj-5639	577	4	−	−	NOUN
cusj-5639	577	5	"	"	PUNCT
cusj-5639	577	6	#	#	NOUN
cusj-5639	577	7	1	1	NUM
cusj-5639	577	8	−	−	NOUN
cusj-5639	577	9	*	*	PUNCT
cusj-5639	577	10	#	#	NOUN
cusj-5639	577	11	$	$	SYM
cusj-5639	577	12	!	!	PUNCT
cusj-5639	577	13	$	$	SYM
cusj-5639	577	14	this	this	PRON
cusj-5639	577	15	suggests	suggest	VERB
cusj-5639	577	16	that	that	SCONJ
cusj-5639	577	17	in	in	ADP
cusj-5639	577	18	response	response	NOUN
cusj-5639	577	19	to	to	PART
cusj-5639	577	20	agent	agent	NOUN
cusj-5639	577	21	1	1	NUM
cusj-5639	577	22	's	's	PART
cusj-5639	577	23	optimism	optimism	NOUN
cusj-5639	577	24	,	,	PUNCT
cusj-5639	577	25	all	all	DET
cusj-5639	577	26	the	the	DET
cusj-5639	577	27	other	other	ADJ
cusj-5639	577	28	agent	agent	NOUN
cusj-5639	577	29	will	will	AUX
cusj-5639	577	30	sell	sell	VERB
cusj-5639	577	31	stocks	stock	NOUN
cusj-5639	577	32	(	(	PUNCT
cusj-5639	577	33	assuming	assume	VERB
cusj-5639	577	34	that	that	SCONJ
cusj-5639	577	35	*	*	PUNCT
cusj-5639	577	36	#	#	NOUN
cusj-5639	577	37	≤	≤	NOUN
cusj-5639	577	38	1)to	1)to	NUM
cusj-5639	577	39	maintain	maintain	VERB
cusj-5639	577	40	their	their	PRON
cusj-5639	577	41	merton	merton	ADJ
cusj-5639	577	42	proportion	proportion	NOUN
cusj-5639	577	43	of	of	ADP
cusj-5639	577	44	their	their	PRON
cusj-5639	577	45	wealth	wealth	NOUN
cusj-5639	577	46	in	in	ADP
cusj-5639	577	47	stocks	stock	NOUN
cusj-5639	577	48	.	.	PUNCT
cusj-5639	578	1	by	by	ADP
cusj-5639	578	2	separating	separate	VERB
cusj-5639	578	3	the	the	DET
cusj-5639	578	4	variables	variable	NOUN
cusj-5639	578	5	,	,	PUNCT
cusj-5639	578	6	i	i	PRON
cusj-5639	578	7	get	get	VERB
cusj-5639	578	8	:	:	PUNCT
cusj-5639	578	9	!	!	PUNCT
cusj-5639	579	1	"	"	PUNCT
cusj-5639	579	2	#	#	NOUN
cusj-5639	579	3	"	"	PUNCT
cusj-5639	579	4	#	#	NOUN
cusj-5639	579	5	=	=	PUNCT
cusj-5639	579	6	−(1	−(1	NOUN
cusj-5639	579	7	−	−	PROPN
cusj-5639	579	8	*	*	PUNCT
cusj-5639	579	9	#	#	NOUN
cusj-5639	579	10	)	)	PUNCT
cusj-5639	579	11	!	!	PUNCT
cusj-5639	580	1	$	$	SYM
cusj-5639	580	2	$	$	NUM
cusj-5639	580	3	by	by	ADP
cusj-5639	580	4	solving	solve	VERB
cusj-5639	580	5	this	this	DET
cusj-5639	580	6	equation	equation	NOUN
cusj-5639	580	7	and	and	CCONJ
cusj-5639	580	8	plugging	plug	VERB
cusj-5639	580	9	in	in	ADP
cusj-5639	580	10	the	the	DET
cusj-5639	580	11	initial	initial	ADJ
cusj-5639	580	12	condition	condition	NOUN
cusj-5639	580	13	,	,	PUNCT
cusj-5639	580	14	i	i	PRON
cusj-5639	580	15	derive	derive	VERB
cusj-5639	580	16	the	the	DET
cusj-5639	580	17	number	number	NOUN
cusj-5639	580	18	of	of	ADP
cusj-5639	580	19	stocks	stock	NOUN
cusj-5639	580	20	that	that	PRON
cusj-5639	580	21	agent	agent	NOUN
cusj-5639	580	22	k	k	PROPN
cusj-5639	580	23	will	will	AUX
cusj-5639	580	24	hold	hold	VERB
cusj-5639	580	25	in	in	ADP
cusj-5639	580	26	equilibrium	equilibrium	NOUN
cusj-5639	580	27	:	:	PUNCT
cusj-5639	580	28	"	"	PUNCT
cusj-5639	580	29	#	#	NOUN
cusj-5639	580	30	0	0	NUM
cusj-5639	580	31	=	=	PUNCT
cusj-5639	580	32	"	"	PUNCT
cusj-5639	580	33	#	#	X
cusj-5639	580	34	(	(	PUNCT
cusj-5639	580	35	1	1	NUM
cusj-5639	580	36	2	2	NUM
cusj-5639	580	37	1	1	NUM
cusj-5639	580	38	3	3	NUM
cusj-5639	580	39	)	)	PUNCT
cusj-5639	580	40	4567(3	4567(3	NUM
cusj-5639	580	41	)	)	PUNCT
cusj-5639	580	42	for	for	ADP
cusj-5639	580	43	8	8	NUM
cusj-5639	580	44	≠	≠	NOUN
cusj-5639	580	45	1	1	NUM
cusj-5639	580	46	as	as	SCONJ
cusj-5639	580	47	total	total	ADJ
cusj-5639	580	48	number	number	NOUN
cusj-5639	580	49	of	of	ADP
cusj-5639	580	50	stocks	stock	NOUN
cusj-5639	580	51	remains	remain	VERB
cusj-5639	580	52	invariant	invariant	ADJ
cusj-5639	580	53	,	,	PUNCT
cusj-5639	580	54	the	the	DET
cusj-5639	580	55	number	number	NOUN
cusj-5639	580	56	of	of	ADP
cusj-5639	580	57	stocks	stock	NOUN
cusj-5639	580	58	owned	own	VERB
cusj-5639	580	59	by	by	ADP
cusj-5639	580	60	the	the	DET
cusj-5639	580	61	agent	agent	NOUN
cusj-5639	580	62	1	1	NUM
cusj-5639	580	63	who	who	PRON
cusj-5639	580	64	changed	change	VERB
cusj-5639	580	65	his	his	PRON
cusj-5639	580	66	views	view	NOUN
cusj-5639	580	67	can	can	AUX
cusj-5639	580	68	be	be	AUX
cusj-5639	580	69	expressed	express	VERB
cusj-5639	580	70	as	as	ADP
cusj-5639	580	71	:	:	PUNCT
cusj-5639	580	72	"	"	PUNCT
cusj-5639	580	73	4	4	NUM
cusj-5639	580	74	0	0	NUM
cusj-5639	580	75	=	=	PUNCT
cusj-5639	580	76	"	"	PUNCT
cusj-5639	580	77	"	"	PUNCT
cusj-5639	580	78	#	#	X
cusj-5639	580	79	(	(	PUNCT
cusj-5639	580	80	0	0	NUM
cusj-5639	580	81	)	)	PUNCT
cusj-5639	580	82	(	(	PUNCT
cusj-5639	580	83	$	$	SYM
cusj-5639	580	84	0	0	NUM
cusj-5639	580	85	$	$	SYM
cusj-5639	580	86	0	0	NUM
cusj-5639	580	87	)	)	PUNCT
cusj-5639	580	88	4567(3	4567(3	NUM
cusj-5639	580	89	)	)	PUNCT
cusj-5639	580	90	<	<	X
cusj-5639	581	1	#	#	X
cusj-5639	581	2	=	=	PRON
cusj-5639	581	3	>	>	X
cusj-5639	581	4	from	from	ADP
cusj-5639	581	5	the	the	DET
cusj-5639	581	6	identities	identity	NOUN
cusj-5639	581	7	and	and	CCONJ
cusj-5639	581	8	the	the	DET
cusj-5639	581	9	stock	stock	NOUN
cusj-5639	581	10	holdings	holding	NOUN
cusj-5639	581	11	derived	derive	VERB
cusj-5639	581	12	above	above	ADV
cusj-5639	581	13	,	,	PUNCT
cusj-5639	581	14	i	i	PRON
cusj-5639	581	15	now	now	ADV
cusj-5639	581	16	derive	derive	VERB
cusj-5639	581	17	the	the	DET
cusj-5639	581	18	new	new	ADJ
cusj-5639	581	19	equilibrium	equilibrium	NOUN
cusj-5639	581	20	price	price	NOUN
cusj-5639	581	21	given	give	VERB
cusj-5639	581	22	that	that	SCONJ
cusj-5639	581	23	only	only	ADJ
cusj-5639	581	24	agent	agent	NOUN
cusj-5639	581	25	1	1	NUM
cusj-5639	581	26	revised	revise	VERB
cusj-5639	581	27	its	its	PRON
cusj-5639	581	28	µ4	µ4	PROPN
cusj-5639	581	29	and	and	CCONJ
cusj-5639	581	30	thus	thus	ADV
cusj-5639	581	31	*	*	ADP
cusj-5639	581	32	4	4	X
cusj-5639	581	33	.	.	PUNCT
cusj-5639	582	1	at	at	ADP
cusj-5639	582	2	the	the	DET
cusj-5639	582	3	new	new	ADJ
cusj-5639	582	4	equilibrium	equilibrium	NOUN
cusj-5639	582	5	,	,	PUNCT
cusj-5639	582	6	both	both	DET
cusj-5639	582	7	identities	identity	NOUN
cusj-5639	582	8	1	1	NUM
cusj-5639	582	9	and	and	CCONJ
cusj-5639	582	10	2	2	NUM
cusj-5639	582	11	should	should	AUX
cusj-5639	582	12	hold	hold	VERB
cusj-5639	582	13	:	:	PUNCT
cusj-5639	583	1	+	+	ADJ
cusj-5639	583	2	#	#	NOUN
cusj-5639	583	3	(	(	PUNCT
cusj-5639	583	4	0	0	NUM
cusj-5639	583	5	)	)	PUNCT
cusj-5639	583	6	<	<	X
cusj-5639	583	7	#	#	SYM
cusj-5639	583	8	=	=	SYM
cusj-5639	583	9	4	4	NUM
cusj-5639	583	10	=	=	SYM
cusj-5639	583	11	(	(	PUNCT
cusj-5639	583	12	@	@	ADP
cusj-5639	583	13	#	#	NOUN
cusj-5639	583	14	0	0	PUNCT
cusj-5639	583	15	+	+	CCONJ
cusj-5639	583	16	"	"	PUNCT
cusj-5639	583	17	#	#	NOUN
cusj-5639	583	18	0	0	NUM
cusj-5639	583	19	$	$	SYM
cusj-5639	583	20	(	(	PUNCT
cusj-5639	583	21	0	0	NUM
cusj-5639	583	22	)	)	PUNCT
cusj-5639	583	23	<	<	X
cusj-5639	584	1	#	#	SYM
cusj-5639	584	2	=	=	SYM
cusj-5639	584	3	4	4	NUM
cusj-5639	584	4	=	=	SYM
cusj-5639	584	5	1	1	NUM
cusj-5639	584	6	*	*	NOUN
cusj-5639	584	7	#	#	NOUN
cusj-5639	584	8	0	0	NUM
cusj-5639	584	9	"	"	PUNCT
cusj-5639	584	10	#	#	NOUN
cusj-5639	584	11	0	0	NUM
cusj-5639	584	12	$	$	SYM
cusj-5639	584	13	(	(	PUNCT
cusj-5639	584	14	0	0	NUM
cusj-5639	584	15	)	)	PUNCT
cusj-5639	584	16	<	<	X
cusj-5639	584	17	#	#	SYM
cusj-5639	584	18	=	=	ADJ
cusj-5639	584	19	4	4	NUM
cusj-5639	584	20	as	as	SCONJ
cusj-5639	584	21	total	total	ADJ
cusj-5639	584	22	cash	cash	NOUN
cusj-5639	584	23	in	in	ADP
cusj-5639	584	24	the	the	DET
cusj-5639	584	25	economy	economy	NOUN
cusj-5639	584	26	is	be	AUX
cusj-5639	584	27	invariant	invariant	ADJ
cusj-5639	584	28	,	,	PUNCT
cusj-5639	584	29	(	(	PUNCT
cusj-5639	584	30	@	@	ADP
cusj-5639	584	31	#	#	NOUN
cusj-5639	584	32	0	0	NUM
cusj-5639	585	1	+	+	CCONJ
cusj-5639	585	2	"	"	PUNCT
cusj-5639	585	3	#	#	NOUN
cusj-5639	585	4	0	0	NUM
cusj-5639	585	5	$	$	SYM
cusj-5639	585	6	0	0	NUM
cusj-5639	585	7	)	)	PUNCT
cusj-5639	585	8	<	<	X
cusj-5639	586	1	#	#	SYM
cusj-5639	586	2	=	=	SYM
cusj-5639	586	3	4	4	NUM
cusj-5639	586	4	=	=	SYM
cusj-5639	586	5	@	@	ADP
cusj-5639	586	6	#	#	NOUN
cusj-5639	586	7	0	0	PUNCT
cusj-5639	586	8	<	<	X
cusj-5639	586	9	#	#	SYM
cusj-5639	586	10	=	=	ADJ
cusj-5639	586	11	4	4	NUM
cusj-5639	586	12	+	+	CCONJ
cusj-5639	586	13	"	"	PUNCT
cusj-5639	586	14	#	#	SYM
cusj-5639	586	15	(	(	PUNCT
cusj-5639	586	16	0)$(0	0)$(0	NOUN
cusj-5639	586	17	)	)	PUNCT
cusj-5639	586	18	<	<	X
cusj-5639	587	1	#	#	SYM
cusj-5639	587	2	=	=	SYM
cusj-5639	587	3	4	4	NUM
cusj-5639	587	4	=	=	SYM
cusj-5639	587	5	1	1	NUM
cusj-5639	587	6	*	*	NOUN
cusj-5639	587	7	#	#	NOUN
cusj-5639	587	8	0	0	NUM
cusj-5639	587	9	"	"	PUNCT
cusj-5639	587	10	#	#	NOUN
cusj-5639	587	11	0	0	NUM
cusj-5639	587	12	$	$	SYM
cusj-5639	587	13	(	(	PUNCT
cusj-5639	587	14	0	0	NUM
cusj-5639	587	15	)	)	PUNCT
cusj-5639	587	16	<	<	X
cusj-5639	588	1	#	#	SYM
cusj-5639	588	2	=	=	ADJ
cusj-5639	588	3	4	4	NUM
cusj-5639	588	4	as	as	SCONJ
cusj-5639	588	5	total	total	ADJ
cusj-5639	588	6	number	number	NOUN
cusj-5639	588	7	of	of	ADP
cusj-5639	588	8	stocks	stock	NOUN
cusj-5639	588	9	is	be	AUX
cusj-5639	588	10	invariant	invariant	ADJ
cusj-5639	588	11	,	,	PUNCT
cusj-5639	588	12	@#(0	@#(0	PROPN
cusj-5639	588	13	)	)	PUNCT
cusj-5639	588	14	<	<	X
cusj-5639	589	1	#	#	X
cusj-5639	589	2	=	=	SYM
cusj-5639	589	3	4	4	NUM
cusj-5639	589	4	+	+	CCONJ
cusj-5639	589	5	"	"	PUNCT
cusj-5639	589	6	$	$	SYM
cusj-5639	589	7	0	0	NUM
cusj-5639	589	8	=	=	SYM
cusj-5639	590	1	1	1	NUM
cusj-5639	590	2	*	*	NOUN
cusj-5639	590	3	#	#	NOUN
cusj-5639	590	4	0	0	NUM
cusj-5639	590	5	"	"	PUNCT
cusj-5639	590	6	#	#	NOUN
cusj-5639	590	7	0	0	NUM
cusj-5639	590	8	$	$	SYM
cusj-5639	590	9	(	(	PUNCT
cusj-5639	590	10	0	0	NUM
cusj-5639	590	11	)	)	PUNCT
cusj-5639	590	12	<	<	X
cusj-5639	591	1	#	#	SYM
cusj-5639	591	2	=	=	PRON
cusj-5639	591	3	4	4	NUM
cusj-5639	591	4	now	now	ADV
cusj-5639	591	5	,	,	PUNCT
cusj-5639	591	6	i	i	PRON
cusj-5639	591	7	separate	separate	VERB
cusj-5639	591	8	agent	agent	NOUN
cusj-5639	591	9	1	1	NUM
cusj-5639	591	10	from	from	ADP
cusj-5639	591	11	others	other	NOUN
cusj-5639	591	12	:	:	PUNCT
cusj-5639	591	13	@	@	ADP
cusj-5639	591	14	#	#	X
cusj-5639	591	15	0	0	PUNCT
cusj-5639	591	16	<	<	X
cusj-5639	591	17	#	#	SYM
cusj-5639	591	18	=	=	ADJ
cusj-5639	591	19	4	4	NUM
cusj-5639	591	20	+	+	CCONJ
cusj-5639	591	21	"	"	PUNCT
cusj-5639	591	22	$	$	SYM
cusj-5639	591	23	0	0	NUM
cusj-5639	591	24	=	=	SYM
cusj-5639	591	25	1	1	NUM
cusj-5639	591	26	*	*	SYM
cusj-5639	591	27	4	4	NUM
cusj-5639	591	28	0	0	NUM
cusj-5639	591	29	"	"	PUNCT
cusj-5639	591	30	4	4	NUM
cusj-5639	591	31	0	0	NUM
cusj-5639	591	32	$	$	SYM
cusj-5639	591	33	0	0	NUM
cusj-5639	592	1	+	+	CCONJ
cusj-5639	592	2	1	1	NUM
cusj-5639	592	3	*	*	NOUN
cusj-5639	592	4	#	#	NOUN
cusj-5639	592	5	0	0	NUM
cusj-5639	592	6	"	"	PUNCT
cusj-5639	592	7	#	#	NOUN
cusj-5639	592	8	0	0	NUM
cusj-5639	592	9	$	$	SYM
cusj-5639	592	10	(	(	PUNCT
cusj-5639	592	11	0	0	NUM
cusj-5639	592	12	)	)	PUNCT
cusj-5639	592	13	<	<	X
cusj-5639	592	14	#	#	SYM
cusj-5639	592	15	=	=	PRON
cusj-5639	592	16	>	>	X
cusj-5639	592	17	plugging	plugging	NOUN
cusj-5639	592	18	in	in	ADP
cusj-5639	592	19	the	the	DET
cusj-5639	592	20	stock	stock	NOUN
cusj-5639	592	21	holdings	holding	NOUN
cusj-5639	592	22	of	of	ADP
cusj-5639	592	23	agents	agent	NOUN
cusj-5639	592	24	in	in	ADP
cusj-5639	592	25	new	new	ADJ
cusj-5639	592	26	equilibrium	equilibrium	NOUN
cusj-5639	592	27	,	,	PUNCT
cusj-5639	592	28	@	@	ADP
cusj-5639	592	29	#	#	X
cusj-5639	592	30	0	0	PUNCT
cusj-5639	592	31	<	<	X
cusj-5639	592	32	#	#	SYM
cusj-5639	592	33	=	=	ADJ
cusj-5639	592	34	4	4	NUM
cusj-5639	592	35	+	+	CCONJ
cusj-5639	592	36	"	"	PUNCT
cusj-5639	592	37	$	$	SYM
cusj-5639	592	38	0	0	NUM
cusj-5639	592	39	=	=	SYM
cusj-5639	592	40	1	1	NUM
cusj-5639	592	41	*	*	SYM
cusj-5639	592	42	4	4	NUM
cusj-5639	592	43	0	0	NUM
cusj-5639	592	44	"	"	PUNCT
cusj-5639	592	45	"	"	PUNCT
cusj-5639	592	46	#	#	NOUN
cusj-5639	592	47	0	0	NUM
cusj-5639	592	48	$	$	SYM
cusj-5639	592	49	0	0	NUM
cusj-5639	592	50	$	$	SYM
cusj-5639	592	51	0	0	NUM
cusj-5639	592	52	4567	4567	NUM
cusj-5639	592	53	3	3	NUM
cusj-5639	592	54	<	<	X
cusj-5639	592	55	#	#	SYM
cusj-5639	592	56	=	=	NOUN
cusj-5639	592	57	>	>	X
cusj-5639	592	58	$	$	SYM
cusj-5639	592	59	0	0	NUM
cusj-5639	593	1	+	+	CCONJ
cusj-5639	593	2	1	1	NUM
cusj-5639	593	3	*	*	NOUN
cusj-5639	593	4	#	#	NOUN
cusj-5639	593	5	0	0	PUNCT
cusj-5639	593	6	<	<	X
cusj-5639	593	7	#	#	SYM
cusj-5639	593	8	=	=	PRON
cusj-5639	593	9	>	>	X
cusj-5639	593	10	"	"	PUNCT
cusj-5639	593	11	#	#	NOUN
cusj-5639	593	12	0	0	NUM
cusj-5639	593	13	$	$	SYM
cusj-5639	593	14	0	0	NUM
cusj-5639	593	15	$	$	SYM
cusj-5639	593	16	0	0	NUM
cusj-5639	593	17	4567	4567	NUM
cusj-5639	593	18	3	3	NUM
cusj-5639	593	19	$	$	SYM
cusj-5639	593	20	(	(	PUNCT
cusj-5639	593	21	0	0	NUM
cusj-5639	593	22	)	)	PUNCT
cusj-5639	593	23	by	by	ADP
cusj-5639	593	24	dividing	divide	VERB
cusj-5639	593	25	up	up	ADP
cusj-5639	593	26	the	the	DET
cusj-5639	593	27	sum	sum	NOUN
cusj-5639	593	28	,	,	PUNCT
cusj-5639	593	29	i	i	PRON
cusj-5639	593	30	get	get	VERB
cusj-5639	593	31	:	:	PUNCT
cusj-5639	593	32	@	@	ADP
cusj-5639	593	33	#	#	X
cusj-5639	593	34	0	0	PUNCT
cusj-5639	593	35	<	<	X
cusj-5639	593	36	#	#	SYM
cusj-5639	593	37	=	=	ADJ
cusj-5639	593	38	4	4	NUM
cusj-5639	593	39	+	+	CCONJ
cusj-5639	593	40	"	"	PUNCT
cusj-5639	593	41	$	$	SYM
cusj-5639	593	42	0	0	NUM
cusj-5639	593	43	=	=	SYM
cusj-5639	593	44	1	1	NUM
cusj-5639	593	45	*	*	SYM
cusj-5639	593	46	4	4	NUM
cusj-5639	593	47	0	0	NUM
cusj-5639	593	48	"	"	PUNCT
cusj-5639	593	49	$	$	SYM
cusj-5639	593	50	0	0	NUM
cusj-5639	593	51	−	−	NUM
cusj-5639	593	52	1	1	NUM
cusj-5639	593	53	*	*	SYM
cusj-5639	593	54	4	4	NUM
cusj-5639	593	55	0	0	NUM
cusj-5639	593	56	"	"	PUNCT
cusj-5639	593	57	#	#	NOUN
cusj-5639	593	58	0	0	NUM
cusj-5639	593	59	�	�	PROPN
cusj-5639	593	60	0	0	NUM
cusj-5639	593	61	$	$	SYM
cusj-5639	593	62	0	0	NUM
cusj-5639	593	63	4567	4567	NUM
cusj-5639	593	64	3	3	NUM
cusj-5639	593	65	<	<	X
cusj-5639	593	66	#	#	SYM
cusj-5639	593	67	=	=	NOUN
cusj-5639	593	68	>	>	X
cusj-5639	593	69	$	$	SYM
cusj-5639	593	70	0	0	NUM
cusj-5639	594	1	+	+	CCONJ
cusj-5639	594	2	1	1	NUM
cusj-5639	594	3	*	*	NOUN
cusj-5639	594	4	#	#	NOUN
cusj-5639	594	5	0	0	PUNCT
cusj-5639	594	6	<	<	X
cusj-5639	594	7	#	#	SYM
cusj-5639	594	8	=	=	PRON
cusj-5639	594	9	>	>	X
cusj-5639	594	10	"	"	PUNCT
cusj-5639	594	11	#	#	NOUN
cusj-5639	594	12	0	0	NUM
cusj-5639	594	13	$	$	SYM
cusj-5639	594	14	0	0	NUM
cusj-5639	594	15	$	$	SYM
cusj-5639	594	16	0	0	NUM
cusj-5639	594	17	4567	4567	NUM
cusj-5639	594	18	3	3	NUM
cusj-5639	594	19	$	$	SYM
cusj-5639	594	20	(	(	PUNCT
cusj-5639	594	21	0	0	NUM
cusj-5639	594	22	)	)	PUNCT
cusj-5639	594	23	by	by	ADP
cusj-5639	594	24	rearranging	rearrange	VERB
cusj-5639	594	25	the	the	DET
cusj-5639	594	26	terms	term	NOUN
cusj-5639	594	27	,	,	PUNCT
cusj-5639	594	28	i	i	PRON
cusj-5639	594	29	get	get	VERB
cusj-5639	594	30	the	the	DET
cusj-5639	594	31	following	follow	VERB
cusj-5639	594	32	equation	equation	NOUN
cusj-5639	594	33	for	for	ADP
cusj-5639	594	34	s(t	s(t	PROPN
cusj-5639	594	35	):	):	PUNCT
cusj-5639	594	36	1	1	NUM
cusj-5639	594	37	−	−	NUM
cusj-5639	594	38	1	1	NUM
cusj-5639	594	39	*	*	SYM
cusj-5639	594	40	4	4	NUM
cusj-5639	594	41	0	0	NUM
cusj-5639	594	42	"	"	PUNCT
cusj-5639	594	43	$	$	SYM
cusj-5639	594	44	0	0	NUM
cusj-5639	594	45	+	+	CCONJ
cusj-5639	594	46	1	1	NUM
cusj-5639	594	47	*	*	NOUN
cusj-5639	594	48	#	#	NOUN
cusj-5639	594	49	0	0	NUM
cusj-5639	594	50	1	1	NUM
cusj-5639	594	51	*	*	SYM
cusj-5639	594	52	4	4	NUM
cusj-5639	594	53	0	0	NUM
cusj-5639	594	54	<	<	X
cusj-5639	594	55	#	#	SYM
cusj-5639	594	56	=	=	PRON
cusj-5639	594	57	>	>	X
cusj-5639	594	58	"	"	PUNCT
cusj-5639	594	59	#	#	NOUN
cusj-5639	594	60	0	0	NUM
cusj-5639	594	61	$	$	SYM
cusj-5639	594	62	0	0	NUM
cusj-5639	594	63	4567	4567	NUM
cusj-5639	594	64	3	3	NUM
cusj-5639	594	65	$	$	SYM
cusj-5639	594	66	(	(	PUNCT
cusj-5639	594	67	0)67	0)67	NOUN
cusj-5639	594	68	3	3	NUM
cusj-5639	594	69	−	−	NOUN
cusj-5639	594	70	@	@	ADP
cusj-5639	594	71	#	#	NOUN
cusj-5639	594	72	0	0	PUNCT
cusj-5639	594	73	<	<	X
cusj-5639	594	74	#	#	SYM
cusj-5639	594	75	=	=	SYM
cusj-5639	594	76	4	4	NUM
cusj-5639	594	77	=	=	SYM
cusj-5639	594	78	0	0	NUM
cusj-5639	595	1	i	i	PRON
cusj-5639	595	2	confirm	confirm	VERB
cusj-5639	595	3	that	that	SCONJ
cusj-5639	595	4	the	the	DET
cusj-5639	595	5	equation	equation	NOUN
cusj-5639	595	6	above	above	ADV
cusj-5639	595	7	is	be	AUX
cusj-5639	595	8	consistent	consistent	ADJ
cusj-5639	595	9	with	with	ADP
cusj-5639	595	10	the	the	DET
cusj-5639	595	11	simulation	simulation	NOUN
cusj-5639	595	12	.	.	PUNCT
cusj-5639	596	1	iii	iii	PROPN
cusj-5639	596	2	.	.	PROPN
cusj-5639	596	3	model	model	NOUN
cusj-5639	596	4	extension	extension	NOUN
cusj-5639	596	5	now	now	ADV
cusj-5639	596	6	,	,	PUNCT
cusj-5639	596	7	consider	consider	VERB
cusj-5639	596	8	a	a	DET
cusj-5639	596	9	more	more	ADV
cusj-5639	596	10	realistic	realistic	ADJ
cusj-5639	596	11	case	case	NOUN
cusj-5639	596	12	in	in	ADP
cusj-5639	596	13	which	which	PRON
cusj-5639	596	14	agents	agent	NOUN
cusj-5639	596	15	adjust	adjust	VERB
cusj-5639	596	16	their	their	PRON
cusj-5639	596	17	beliefs	belief	NOUN
cusj-5639	596	18	based	base	VERB
cusj-5639	596	19	on	on	ADP
cusj-5639	596	20	the	the	DET
cusj-5639	596	21	arrival	arrival	NOUN
cusj-5639	596	22	of	of	ADP
cusj-5639	596	23	news	news	NOUN
cusj-5639	596	24	information	information	NOUN
cusj-5639	596	25	.	.	PUNCT
cusj-5639	597	1	i	i	PRON
cusj-5639	597	2	assume	assume	VERB
cusj-5639	597	3	that	that	SCONJ
cusj-5639	597	4	news	news	NOUN
cusj-5639	597	5	information	information	NOUN
cusj-5639	597	6	arrives	arrive	VERB
cusj-5639	597	7	through	through	ADP
cusj-5639	597	8	poisson	poisson	NOUN
cusj-5639	597	9	process	process	NOUN
cusj-5639	597	10	and	and	CCONJ
cusj-5639	597	11	the	the	DET
cusj-5639	597	12	time	time	NOUN
cusj-5639	597	13	between	between	ADP
cusj-5639	597	14	each	each	PRON
cusj-5639	597	15	of	of	ADP
cusj-5639	597	16	them	they	PRON
cusj-5639	597	17	is	be	AUX
cusj-5639	597	18	exponentially	exponentially	ADV
cusj-5639	597	19	distributed	distribute	VERB
cusj-5639	597	20	.	.	PUNCT
cusj-5639	598	1	each	each	DET
cusj-5639	598	2	agent	agent	NOUN
cusj-5639	598	3	's	's	PART
cusj-5639	598	4	reaction	reaction	NOUN
cusj-5639	598	5	to	to	ADP
cusj-5639	598	6	news	news	NOUN
cusj-5639	598	7	information	information	NOUN
cusj-5639	598	8	can	can	AUX
cusj-5639	598	9	be	be	AUX
cusj-5639	598	10	decomposed	decompose	VERB
cusj-5639	598	11	into	into	ADP
cusj-5639	598	12	two	two	NUM
cusj-5639	598	13	parts	part	NOUN
cusj-5639	598	14	:	:	PUNCT
cusj-5639	598	15	the	the	DET
cusj-5639	598	16	common	common	ADJ
cusj-5639	598	17	response	response	NOUN
cusj-5639	598	18	a3	a3	NOUN
cusj-5639	598	19	and	and	CCONJ
cusj-5639	598	20	agent	agent	NOUN
cusj-5639	598	21	-	-	PUNCT
cusj-5639	598	22	specific	specific	ADJ
cusj-5639	598	23	response	response	NOUN
cusj-5639	598	24	b#,3	b#,3	NOUN
cusj-5639	598	25	.	.	PUNCT
cusj-5639	599	1	d	d	PUNCT
cusj-5639	599	2	#	#	NOUN
cusj-5639	599	3	0	0	NUM
cusj-5639	599	4	+	+	CCONJ
cusj-5639	599	5	e0	e0	PROPN
cusj-5639	599	6	-d	-d	NOUN
cusj-5639	599	7	#	#	NOUN
cusj-5639	599	8	0	0	NUM
cusj-5639	599	9	=	=	SYM
cusj-5639	599	10	a3	a3	NOUN
cusj-5639	599	11	+	+	CCONJ
cusj-5639	599	12	b#,3	b#,3	PROPN
cusj-5639	599	13	cusj	cusj	NOUN
cusj-5639	599	14	2019	2019	NUM
cusj-5639	600	1	_	_	PUNCT
cusj-5639	601	1	_	_	PUNCT
cusj-5639	602	1	_	_	PUNCT
cusj-5639	603	1	_	_	PUNCT
cusj-5639	604	1	_	_	PUNCT
cusj-5639	605	1	_	_	PUNCT
cusj-5639	606	1	_	_	PUNCT
cusj-5639	607	1	_	_	PUNCT
cusj-5639	608	1	_	_	PUNCT
cusj-5639	609	1	_	_	PUNCT
cusj-5639	610	1	_	_	PUNCT
cusj-5639	611	1	_	_	PUNCT
cusj-5639	612	1	_	_	PUNCT
cusj-5639	613	1	_	_	PUNCT
cusj-5639	614	1	_	_	PUNCT
cusj-5639	615	1	_	_	PUNCT
cusj-5639	616	1	_	_	PUNCT
cusj-5639	617	1	_	_	PUNCT
cusj-5639	618	1	_	_	PUNCT
cusj-5639	619	1	_	_	PUNCT
cusj-5639	620	1	_	_	PUNCT
cusj-5639	621	1	_	_	PUNCT
cusj-5639	622	1	_	_	PUNCT
cusj-5639	623	1	_	_	PUNCT
cusj-5639	624	1	_	_	PUNCT
cusj-5639	625	1	_	_	PUNCT
cusj-5639	626	1	_	_	PUNCT
cusj-5639	627	1	_	_	PUNCT
cusj-5639	628	1	_	_	PUNCT
cusj-5639	629	1	_	_	PUNCT
cusj-5639	630	1	_	_	PUNCT
cusj-5639	631	1	_	_	PUNCT
cusj-5639	632	1	_	_	PUNCT
cusj-5639	633	1	_	_	PUNCT
cusj-5639	634	1	_	_	PUNCT
cusj-5639	635	1	_	_	PUNCT
cusj-5639	636	1	_	_	PUNCT
cusj-5639	637	1	_	_	PUNCT
cusj-5639	638	1	_	_	PUNCT
cusj-5639	639	1	_	_	PUNCT
cusj-5639	640	1	_	_	PUNCT
cusj-5639	641	1	_	_	PUNCT
cusj-5639	642	1	_	_	PUNCT
cusj-5639	643	1	_	_	PUNCT
cusj-5639	644	1	_	_	PUNCT
cusj-5639	645	1	_	_	PUNCT
cusj-5639	646	1	_	_	PUNCT
cusj-5639	647	1	_	_	PUNCT
cusj-5639	648	1	_	_	PUNCT
cusj-5639	649	1	_	_	PUNCT
cusj-5639	650	1	_	_	PUNCT
cusj-5639	651	1	_	_	PUNCT
cusj-5639	652	1	_	_	PUNCT
cusj-5639	653	1	_	_	PUNCT
cusj-5639	654	1	_	_	PUNCT
cusj-5639	655	1	_	_	PUNCT
cusj-5639	656	1	_	_	PUNCT
cusj-5639	657	1	_	_	PUNCT
cusj-5639	658	1	_	_	PUNCT
cusj-5639	659	1	_	_	PUNCT
cusj-5639	660	1	_	_	PUNCT
cusj-5639	661	1	_	_	PUNCT
cusj-5639	662	1	_	_	PUNCT
cusj-5639	663	1	_	_	PUNCT
cusj-5639	664	1	_	_	PUNCT
cusj-5639	665	1	_	_	PUNCT
cusj-5639	666	1	_	_	PUNCT
cusj-5639	667	1	_	_	PUNCT
cusj-5639	668	1	_	_	PUNCT
cusj-5639	669	1	_	_	PUNCT
cusj-5639	670	1	_	_	PUNCT
cusj-5639	671	1	_	_	PUNCT
cusj-5639	672	1	_	_	PUNCT
cusj-5639	673	1	_	_	PUNCT
cusj-5639	674	1	_	_	PUNCT
cusj-5639	675	1	_	_	PUNCT
cusj-5639	676	1	_	_	PUNCT
cusj-5639	677	1	_	_	PUNCT
cusj-5639	678	1	_	_	PUNCT
cusj-5639	679	1	_	_	PUNCT
cusj-5639	680	1	_	_	PUNCT
cusj-5639	681	1	_	_	PUNCT
cusj-5639	682	1	_	_	PUNCT
cusj-5639	683	1	_	_	PUNCT
cusj-5639	684	1	_	_	PUNCT
cusj-5639	685	1	_	_	PUNCT
cusj-5639	686	1	_	_	PUNCT
cusj-5639	687	1	_	_	PUNCT
cusj-5639	688	1	_	_	PUNCT
cusj-5639	689	1	_	_	PUNCT
cusj-5639	690	1	_	_	PUNCT
cusj-5639	691	1	_	_	PUNCT
cusj-5639	692	1	_	_	PUNCT
cusj-5639	693	1	_	_	PUNCT
cusj-5639	694	1	_	_	PUNCT
cusj-5639	695	1	_	_	PUNCT
cusj-5639	696	1	_	_	PUNCT
cusj-5639	697	1	_	_	PUNCT
cusj-5639	698	1	_	_	PUNCT
cusj-5639	699	1	_	_	PUNCT
cusj-5639	700	1	_	_	PUNCT
cusj-5639	701	1	_	_	PUNCT
cusj-5639	702	1	_	_	PUNCT
cusj-5639	703	1	_	_	PUNCT
cusj-5639	704	1	_	_	PUNCT
cusj-5639	705	1	_	_	PUNCT
cusj-5639	706	1	_	_	PUNCT
cusj-5639	707	1	_	_	PUNCT
cusj-5639	708	1	_	_	PUNCT
cusj-5639	709	1	_	_	PUNCT
cusj-5639	710	1	_	_	PUNCT
cusj-5639	711	1	_	_	PUNCT
cusj-5639	712	1	_	_	PUNCT
cusj-5639	713	1	_	_	PUNCT
cusj-5639	714	1	_	_	PUNCT
cusj-5639	715	1	_	_	PUNCT
cusj-5639	716	1	_	_	PUNCT
cusj-5639	717	1	_	_	PUNCT
cusj-5639	718	1	_	_	PUNCT
cusj-5639	719	1	_	_	PUNCT
cusj-5639	720	1	_	_	PUNCT
cusj-5639	721	1	_	_	PUNCT
cusj-5639	722	1	_	_	PUNCT
cusj-5639	723	1	_	_	PUNCT
cusj-5639	724	1	_	_	PUNCT
cusj-5639	725	1	_	_	PUNCT
cusj-5639	726	1	_	_	PUNCT
cusj-5639	727	1	_	_	PUNCT
cusj-5639	728	1	_	_	PUNCT
cusj-5639	729	1	_	_	PUNCT
cusj-5639	730	1	_	_	PUNCT
cusj-5639	731	1	_	_	PUNCT
cusj-5639	732	1	_	_	PUNCT
cusj-5639	733	1	_	_	PUNCT
cusj-5639	734	1	_	_	PUNCT
cusj-5639	735	1	_	_	PUNCT
cusj-5639	736	1	_	_	PUNCT
cusj-5639	737	1	_	_	PUNCT
cusj-5639	738	1	_	_	PUNCT
cusj-5639	739	1	_	_	PUNCT
cusj-5639	740	1	_	_	PUNCT
cusj-5639	741	1	_	_	PUNCT
cusj-5639	742	1	_	_	PUNCT
cusj-5639	743	1	_	_	PUNCT
cusj-5639	744	1	_	_	PUNCT
cusj-5639	745	1	_	_	PUNCT
cusj-5639	746	1	_	_	PUNCT
cusj-5639	747	1	_	_	PUNCT
cusj-5639	748	1	_	_	PUNCT
cusj-5639	749	1	_	_	PUNCT
cusj-5639	750	1	_	_	PUNCT
cusj-5639	751	1	_	_	PUNCT
cusj-5639	752	1	_	_	PUNCT
cusj-5639	753	1	_	_	PUNCT
cusj-5639	754	1	_	_	PUNCT
cusj-5639	755	1	_	_	PUNCT
cusj-5639	756	1	_	_	PUNCT
cusj-5639	757	1	_	_	PUNCT
cusj-5639	758	1	_	_	PUNCT
cusj-5639	759	1	_	_	PUNCT
cusj-5639	760	1	_	_	PUNCT
cusj-5639	761	1	_	_	PUNCT
cusj-5639	762	1	_	_	PUNCT
cusj-5639	763	1	_	_	PUNCT
cusj-5639	764	1	_	_	PUNCT
cusj-5639	765	1	_	_	PUNCT
cusj-5639	766	1	_	_	PUNCT
cusj-5639	767	1	_	_	PUNCT
cusj-5639	768	1	_	_	PUNCT
cusj-5639	769	1	_	_	PUNCT
cusj-5639	770	1	32	32	NUM
cusj-5639	770	2	the	the	DET
cusj-5639	770	3	common	common	ADJ
cusj-5639	770	4	response	response	NOUN
cusj-5639	770	5	can	can	AUX
cusj-5639	770	6	be	be	AUX
cusj-5639	770	7	considered	consider	VERB
cusj-5639	770	8	as	as	ADP
cusj-5639	770	9	the	the	DET
cusj-5639	770	10	original	original	ADJ
cusj-5639	770	11	news	news	NOUN
cusj-5639	770	12	information	information	NOUN
cusj-5639	770	13	shared	share	VERB
cusj-5639	770	14	by	by	ADP
cusj-5639	770	15	all	all	DET
cusj-5639	770	16	agents	agent	NOUN
cusj-5639	770	17	;	;	PUNCT
cusj-5639	770	18	i	i	PRON
cusj-5639	770	19	will	will	AUX
cusj-5639	770	20	denote	denote	VERB
cusj-5639	770	21	it	it	PRON
cusj-5639	770	22	by	by	ADP
cusj-5639	770	23	!	!	PUNCT
cusj-5639	770	24	"	"	PUNCT
cusj-5639	770	25	.	.	PUNCT
cusj-5639	771	1	i	i	PRON
cusj-5639	771	2	assume	assume	VERB
cusj-5639	771	3	that	that	PRON
cusj-5639	771	4	!	!	PUNCT
cusj-5639	771	5	"	"	PUNCT
cusj-5639	771	6	is	be	AUX
cusj-5639	771	7	normally	normally	ADV
cusj-5639	771	8	distributed	distribute	VERB
cusj-5639	771	9	with	with	ADP
cusj-5639	771	10	mean	mean	ADJ
cusj-5639	771	11	µ$	µ$	NOUN
cusj-5639	771	12	and	and	CCONJ
cusj-5639	771	13	variance	variance	VERB
cusj-5639	771	14	%	%	INTJ
cusj-5639	771	15	$	$	SYM
cusj-5639	771	16	&	&	CCONJ
cusj-5639	771	17	.	.	PUNCT
cusj-5639	772	1	in	in	ADP
cusj-5639	772	2	this	this	DET
cusj-5639	772	3	setting	setting	NOUN
cusj-5639	772	4	,	,	PUNCT
cusj-5639	772	5	µ$	µ$	PRON
cusj-5639	772	6	would	would	AUX
cusj-5639	772	7	be	be	AUX
cusj-5639	772	8	the	the	DET
cusj-5639	772	9	average	average	ADJ
cusj-5639	772	10	level	level	NOUN
cusj-5639	772	11	of	of	ADP
cusj-5639	772	12	response	response	NOUN
cusj-5639	772	13	of	of	ADP
cusj-5639	772	14	agents	agent	NOUN
cusj-5639	772	15	to	to	ADP
cusj-5639	772	16	the	the	DET
cusj-5639	772	17	news	news	NOUN
cusj-5639	772	18	information	information	NOUN
cusj-5639	772	19	and	and	CCONJ
cusj-5639	772	20	%	%	NOUN
cusj-5639	772	21	$	$	PRON
cusj-5639	772	22	&	&	CCONJ
cusj-5639	772	23	would	would	AUX
cusj-5639	772	24	be	be	AUX
cusj-5639	772	25	the	the	DET
cusj-5639	772	26	variability	variability	NOUN
cusj-5639	772	27	among	among	ADP
cusj-5639	772	28	the	the	DET
cusj-5639	772	29	news	news	NOUN
cusj-5639	772	30	.	.	PUNCT
cusj-5639	772	31	!	!	PUNCT
cusj-5639	773	1	"	"	PUNCT
cusj-5639	773	2	~((µ$	~((µ$	PROPN
cusj-5639	773	3	,	,	PUNCT
cusj-5639	773	4	%	%	INTJ
cusj-5639	773	5	$	$	SYM
cusj-5639	773	6	&	&	CCONJ
cusj-5639	773	7	)	)	PUNCT
cusj-5639	773	8	then	then	ADV
cusj-5639	773	9	,	,	PUNCT
cusj-5639	773	10	for	for	ADP
cusj-5639	773	11	a	a	DET
cusj-5639	773	12	given	give	VERB
cusj-5639	773	13	original	original	ADJ
cusj-5639	773	14	new	new	ADJ
cusj-5639	773	15	information	information	NOUN
cusj-5639	773	16	,	,	PUNCT
cusj-5639	773	17	each	each	DET
cusj-5639	773	18	agent	agent	NOUN
cusj-5639	773	19	reacts	react	VERB
cusj-5639	773	20	differently	differently	ADV
cusj-5639	773	21	as	as	SCONJ
cusj-5639	773	22	would	would	AUX
cusj-5639	773	23	actual	actual	ADJ
cusj-5639	773	24	investors	investor	NOUN
cusj-5639	773	25	in	in	ADP
cusj-5639	773	26	the	the	DET
cusj-5639	773	27	market	market	NOUN
cusj-5639	773	28	.	.	PUNCT
cusj-5639	774	1	i	i	PRON
cusj-5639	774	2	assume	assume	VERB
cusj-5639	774	3	that	that	SCONJ
cusj-5639	774	4	this	this	DET
cusj-5639	774	5	idiosyncratic	idiosyncratic	ADJ
cusj-5639	774	6	response	response	NOUN
cusj-5639	774	7	,	,	PUNCT
cusj-5639	774	8	denoted	denote	VERB
cusj-5639	774	9	as	as	ADP
cusj-5639	774	10	,	,	PUNCT
cusj-5639	774	11	-	-	PUNCT
cusj-5639	774	12	,	,	PUNCT
cusj-5639	774	13	"	"	PUNCT
cusj-5639	774	14	,	,	PUNCT
cusj-5639	774	15	is	be	AUX
cusj-5639	774	16	distributed	distribute	VERB
cusj-5639	774	17	normally	normally	ADV
cusj-5639	774	18	with	with	ADP
cusj-5639	774	19	mean	mean	ADJ
cusj-5639	774	20	µ.	µ.	NOUN
cusj-5639	774	21	and	and	CCONJ
cusj-5639	774	22	variance	variance	NOUN
cusj-5639	774	23	%	%	INTJ
cusj-5639	774	24	.	.	PUNCT
cusj-5639	775	1	&	&	CCONJ
cusj-5639	775	2	.	.	PUNCT
cusj-5639	776	1	as	as	SCONJ
cusj-5639	776	2	i	i	PRON
cusj-5639	776	3	want	want	VERB
cusj-5639	776	4	this	this	DET
cusj-5639	776	5	term	term	NOUN
cusj-5639	776	6	to	to	PART
cusj-5639	776	7	capture	capture	VERB
cusj-5639	776	8	only	only	ADV
cusj-5639	776	9	the	the	DET
cusj-5639	776	10	effect	effect	NOUN
cusj-5639	776	11	specific	specific	ADJ
cusj-5639	776	12	to	to	ADP
cusj-5639	776	13	a	a	DET
cusj-5639	776	14	certain	certain	ADJ
cusj-5639	776	15	agent	agent	NOUN
cusj-5639	776	16	,	,	PUNCT
cusj-5639	776	17	i	i	PRON
cusj-5639	776	18	have	have	VERB
cusj-5639	776	19	the	the	DET
cusj-5639	776	20	mean	mean	ADJ
cusj-5639	776	21	µ.	µ.	NOUN
cusj-5639	776	22	equal	equal	ADJ
cusj-5639	776	23	to	to	ADP
cusj-5639	776	24	0	0	NUM
cusj-5639	776	25	and	and	CCONJ
cusj-5639	776	26	set	set	VERB
cusj-5639	776	27	%	%	INTJ
cusj-5639	776	28	.	.	PUNCT
cusj-5639	777	1	&	&	CCONJ
cusj-5639	777	2	as	as	ADP
cusj-5639	777	3	the	the	DET
cusj-5639	777	4	parameter	parameter	NOUN
cusj-5639	777	5	that	that	PRON
cusj-5639	777	6	determines	determine	VERB
cusj-5639	777	7	the	the	DET
cusj-5639	777	8	level	level	NOUN
cusj-5639	777	9	of	of	ADP
cusj-5639	777	10	heterogeneity	heterogeneity	NOUN
cusj-5639	777	11	among	among	ADP
cusj-5639	777	12	agents	agent	NOUN
cusj-5639	777	13	'	'	PART
cusj-5639	777	14	reactions	reaction	NOUN
cusj-5639	777	15	to	to	ADP
cusj-5639	777	16	news	news	NOUN
cusj-5639	777	17	information	information	NOUN
cusj-5639	777	18	.	.	PUNCT
cusj-5639	777	19	!	!	PUNCT
cusj-5639	778	1	"	"	PUNCT
cusj-5639	778	2	~((0	~((0	NOUN
cusj-5639	778	3	,	,	PUNCT
cusj-5639	778	4	%	%	INTJ
cusj-5639	778	5	.	.	PUNCT
cusj-5639	778	6	&	&	CCONJ
cusj-5639	778	7	)	)	PUNCT
cusj-5639	778	8	iv	iv	NOUN
cusj-5639	778	9	.	.	PUNCT
cusj-5639	778	10	results	result	NOUN
cusj-5639	778	11	i	i	PRON
cusj-5639	778	12	simulated	simulate	VERB
cusj-5639	778	13	the	the	DET
cusj-5639	778	14	extended	extended	ADJ
cusj-5639	778	15	model	model	NOUN
cusj-5639	778	16	with	with	ADP
cusj-5639	778	17	news	news	NOUN
cusj-5639	778	18	information	information	NOUN
cusj-5639	778	19	.	.	PUNCT
cusj-5639	779	1	starting	start	VERB
cusj-5639	779	2	from	from	ADP
cusj-5639	779	3	an	an	DET
cusj-5639	779	4	identical	identical	ADJ
cusj-5639	779	5	distribution	distribution	NOUN
cusj-5639	779	6	of	of	ADP
cusj-5639	779	7	wealth	wealth	NOUN
cusj-5639	779	8	,	,	PUNCT
cusj-5639	779	9	stock	stock	NOUN
cusj-5639	779	10	holdings	holding	NOUN
cusj-5639	779	11	,	,	PUNCT
cusj-5639	779	12	and	and	CCONJ
cusj-5639	779	13	beliefs	belief	NOUN
cusj-5639	779	14	for	for	ADP
cusj-5639	779	15	all	all	DET
cusj-5639	779	16	agents	agent	NOUN
cusj-5639	779	17	,	,	PUNCT
cusj-5639	779	18	i	i	PRON
cusj-5639	779	19	had	have	VERB
cusj-5639	779	20	the	the	DET
cusj-5639	779	21	news	news	NOUN
cusj-5639	779	22	information	information	NOUN
cusj-5639	779	23	arrive	arrive	VERB
cusj-5639	779	24	in	in	ADP
cusj-5639	779	25	exponentially	exponentially	ADV
cusj-5639	779	26	distributed	distribute	VERB
cusj-5639	779	27	intervals	interval	NOUN
cusj-5639	779	28	.	.	PUNCT
cusj-5639	780	1	figure	figure	NOUN
cusj-5639	780	2	2	2	NUM
cusj-5639	780	3	.	.	PUNCT
cusj-5639	780	4	sample	sample	NOUN
cusj-5639	780	5	stock	stock	NOUN
cusj-5639	780	6	price	price	NOUN
cusj-5639	780	7	path	path	NOUN
cusj-5639	780	8	generated	generate	VERB
cusj-5639	780	9	from	from	ADP
cusj-5639	780	10	simulation	simulation	PROPN
cusj-5639	780	11	.	.	PUNCT
cusj-5639	781	1	figure	figure	NOUN
cusj-5639	781	2	2	2	NUM
cusj-5639	781	3	shows	show	VERB
cusj-5639	781	4	one	one	NUM
cusj-5639	781	5	of	of	ADP
cusj-5639	781	6	the	the	DET
cusj-5639	781	7	stock	stock	NOUN
cusj-5639	781	8	price	price	NOUN
cusj-5639	781	9	paths	path	NOUN
cusj-5639	781	10	generated	generate	VERB
cusj-5639	781	11	by	by	ADP
cusj-5639	781	12	the	the	DET
cusj-5639	781	13	simulation	simulation	NOUN
cusj-5639	781	14	.	.	PUNCT
cusj-5639	782	1	the	the	DET
cusj-5639	782	2	simulated	simulate	VERB
cusj-5639	782	3	stock	stock	NOUN
cusj-5639	782	4	price	price	NOUN
cusj-5639	782	5	seems	seem	VERB
cusj-5639	782	6	to	to	PART
cusj-5639	782	7	become	become	VERB
cusj-5639	782	8	more	more	ADV
cusj-5639	782	9	volatile	volatile	ADJ
cusj-5639	782	10	as	as	SCONJ
cusj-5639	782	11	heterogeneity	heterogeneity	NOUN
cusj-5639	782	12	across	across	ADP
cusj-5639	782	13	agent	agent	NOUN
cusj-5639	782	14	beliefs	belief	NOUN
cusj-5639	782	15	increases	increase	VERB
cusj-5639	782	16	with	with	ADP
cusj-5639	782	17	the	the	DET
cusj-5639	782	18	dispersion	dispersion	NOUN
cusj-5639	782	19	in	in	ADP
cusj-5639	782	20	reaction	reaction	NOUN
cusj-5639	782	21	to	to	ADP
cusj-5639	782	22	news	news	NOUN
cusj-5639	782	23	information	information	NOUN
cusj-5639	782	24	accumulating	accumulate	VERB
cusj-5639	782	25	over	over	ADP
cusj-5639	782	26	time	time	NOUN
cusj-5639	782	27	.	.	PUNCT
cusj-5639	783	1	figure	figure	VERB
cusj-5639	783	2	3	3	NUM
cusj-5639	783	3	.	.	PUNCT
cusj-5639	783	4	trade	trade	NOUN
cusj-5639	783	5	volume	volume	NOUN
cusj-5639	783	6	increases	increase	NOUN
cusj-5639	783	7	in	in	ADP
cusj-5639	783	8	%	%	NOUN
cusj-5639	783	9	.	.	PUNCT
cusj-5639	784	1	&	&	CCONJ
cusj-5639	784	2	(	(	PUNCT
cusj-5639	784	3	dispersion	dispersion	NOUN
cusj-5639	784	4	in	in	ADP
cusj-5639	784	5	agent	agent	NOUN
cusj-5639	784	6	response	response	NOUN
cusj-5639	784	7	to	to	ADP
cusj-5639	784	8	new	new	ADJ
cusj-5639	784	9	information	information	NOUN
cusj-5639	784	10	)	)	PUNCT
cusj-5639	784	11	.	.	PUNCT
cusj-5639	785	1	figure	figure	VERB
cusj-5639	785	2	3	3	NUM
cusj-5639	785	3	shows	show	VERB
cusj-5639	785	4	that	that	SCONJ
cusj-5639	785	5	the	the	DET
cusj-5639	785	6	trade	trade	NOUN
cusj-5639	785	7	volume	volume	NOUN
cusj-5639	785	8	increases	increase	VERB
cusj-5639	785	9	with	with	ADP
cusj-5639	785	10	dispersion	dispersion	NOUN
cusj-5639	785	11	in	in	ADP
cusj-5639	785	12	reaction	reaction	NOUN
cusj-5639	785	13	to	to	ADP
cusj-5639	785	14	news	news	NOUN
cusj-5639	785	15	information	information	NOUN
cusj-5639	785	16	,	,	PUNCT
cusj-5639	785	17	which	which	PRON
cusj-5639	785	18	is	be	AUX
cusj-5639	785	19	the	the	DET
cusj-5639	785	20	variance	variance	NOUN
cusj-5639	785	21	in	in	ADP
cusj-5639	785	22	agent	agent	NOUN
cusj-5639	785	23	-	-	PUNCT
cusj-5639	785	24	specific	specific	ADJ
cusj-5639	785	25	response	response	NOUN
cusj-5639	785	26	(	(	PUNCT
cusj-5639	785	27	%	%	INTJ
cusj-5639	785	28	.	.	PUNCT
cusj-5639	786	1	&	&	CCONJ
cusj-5639	786	2	)	)	PUNCT
cusj-5639	786	3	.	.	PUNCT
cusj-5639	787	1	this	this	DET
cusj-5639	787	2	result	result	NOUN
cusj-5639	787	3	is	be	AUX
cusj-5639	787	4	in	in	ADP
cusj-5639	787	5	line	line	NOUN
cusj-5639	787	6	with	with	ADP
cusj-5639	787	7	my	my	PRON
cusj-5639	787	8	expectation	expectation	NOUN
cusj-5639	787	9	,	,	PUNCT
cusj-5639	787	10	because	because	SCONJ
cusj-5639	787	11	this	this	PRON
cusj-5639	787	12	means	mean	VERB
cusj-5639	787	13	that	that	SCONJ
cusj-5639	787	14	agents	agent	NOUN
cusj-5639	787	15	trade	trade	VERB
cusj-5639	787	16	more	more	ADV
cusj-5639	787	17	when	when	SCONJ
cusj-5639	787	18	they	they	PRON
cusj-5639	787	19	respond	respond	VERB
cusj-5639	787	20	to	to	ADP
cusj-5639	787	21	news	news	NOUN
cusj-5639	787	22	information	information	NOUN
cusj-5639	787	23	more	more	ADV
cusj-5639	787	24	differently	differently	ADV
cusj-5639	787	25	.	.	PUNCT
cusj-5639	788	1	thus	thus	ADV
cusj-5639	788	2	,	,	PUNCT
cusj-5639	788	3	in	in	ADP
cusj-5639	788	4	this	this	DET
cusj-5639	788	5	model	model	NOUN
cusj-5639	788	6	,	,	PUNCT
cusj-5639	788	7	heterogeneity	heterogeneity	NOUN
cusj-5639	788	8	in	in	ADP
cusj-5639	788	9	beliefs	beliefs	PROPN
cusj-5639	788	10	gives	give	VERB
cusj-5639	788	11	rise	rise	NOUN
cusj-5639	788	12	to	to	ADP
cusj-5639	788	13	trading	trading	NOUN
cusj-5639	788	14	in	in	ADP
cusj-5639	788	15	the	the	DET
cusj-5639	788	16	market	market	NOUN
cusj-5639	788	17	.	.	PUNCT
cusj-5639	789	1	figure	figure	VERB
cusj-5639	789	2	4	4	NUM
cusj-5639	789	3	.	.	PUNCT
cusj-5639	790	1	return	return	VERB
cusj-5639	790	2	volatility	volatility	NOUN
cusj-5639	790	3	decreases	decrease	VERB
cusj-5639	790	4	in	in	ADP
cusj-5639	790	5	µ$	µ$	X
cusj-5639	790	6	(	(	PUNCT
cusj-5639	790	7	average	average	ADJ
cusj-5639	790	8	level	level	NOUN
cusj-5639	790	9	of	of	ADP
cusj-5639	790	10	response	response	NOUN
cusj-5639	790	11	to	to	ADP
cusj-5639	790	12	new	new	ADJ
cusj-5639	790	13	information	information	NOUN
cusj-5639	790	14	)	)	PUNCT
cusj-5639	790	15	.	.	PUNCT
cusj-5639	791	1	figure	figure	VERB
cusj-5639	791	2	4	4	NUM
cusj-5639	791	3	shows	show	VERB
cusj-5639	791	4	that	that	PRON
cusj-5639	791	5	return	return	VERB
cusj-5639	791	6	volatility	volatility	NOUN
cusj-5639	791	7	decreases	decrease	VERB
cusj-5639	791	8	with	with	ADP
cusj-5639	791	9	more	more	ADV
cusj-5639	791	10	positive	positive	ADJ
cusj-5639	791	11	µ$	µ$	NOUN
cusj-5639	791	12	,	,	PUNCT
cusj-5639	791	13	which	which	PRON
cusj-5639	791	14	means	mean	VERB
cusj-5639	791	15	that	that	SCONJ
cusj-5639	791	16	the	the	DET
cusj-5639	791	17	average	average	ADJ
cusj-5639	791	18	level	level	NOUN
cusj-5639	791	19	of	of	ADP
cusj-5639	791	20	response	response	NOUN
cusj-5639	791	21	by	by	ADP
cusj-5639	791	22	agents	agent	NOUN
cusj-5639	791	23	to	to	ADP
cusj-5639	791	24	new	new	ADJ
cusj-5639	791	25	information	information	NOUN
cusj-5639	791	26	is	be	AUX
cusj-5639	791	27	more	more	ADV
cusj-5639	791	28	positive	positive	ADJ
cusj-5639	791	29	.	.	PUNCT
cusj-5639	792	1	i	i	PRON
cusj-5639	792	2	also	also	ADV
cusj-5639	792	3	find	find	VERB
cusj-5639	792	4	that	that	SCONJ
cusj-5639	792	5	return	return	VERB
cusj-5639	792	6	volatility	volatility	NOUN
cusj-5639	792	7	decreases	decrease	VERB
cusj-5639	792	8	with	with	ADP
cusj-5639	792	9	more	more	ADV
cusj-5639	792	10	negative	negative	ADJ
cusj-5639	792	11	µ$	µ$	NOUN
cusj-5639	792	12	,	,	PUNCT
cusj-5639	792	13	showing	show	VERB
cusj-5639	792	14	no	no	DET
cusj-5639	792	15	asymmetry	asymmetry	NOUN
cusj-5639	792	16	.	.	PUNCT
cusj-5639	793	1	this	this	DET
cusj-5639	793	2	result	result	NOUN
cusj-5639	793	3	is	be	AUX
cusj-5639	793	4	also	also	ADV
cusj-5639	793	5	within	within	ADP
cusj-5639	793	6	my	my	PRON
cusj-5639	793	7	expectation	expectation	NOUN
cusj-5639	793	8	as	as	SCONJ
cusj-5639	793	9	my	my	PRON
cusj-5639	793	10	model	model	NOUN
cusj-5639	793	11	implies	imply	VERB
cusj-5639	793	12	that	that	SCONJ
cusj-5639	793	13	the	the	DET
cusj-5639	793	14	stock	stock	NOUN
cusj-5639	793	15	price	price	NOUN
cusj-5639	793	16	would	would	AUX
cusj-5639	793	17	be	be	AUX
cusj-5639	793	18	less	less	ADV
cusj-5639	793	19	volatile	volatile	ADJ
cusj-5639	793	20	if	if	SCONJ
cusj-5639	793	21	all	all	DET
cusj-5639	793	22	the	the	DET
cusj-5639	793	23	investors	investor	NOUN
cusj-5639	793	24	are	be	AUX
cusj-5639	793	25	becoming	become	VERB
cusj-5639	793	26	more	more	ADV
cusj-5639	793	27	optimistic	optimistic	ADJ
cusj-5639	793	28	about	about	ADP
cusj-5639	793	29	the	the	DET
cusj-5639	793	30	stock	stock	NOUN
cusj-5639	793	31	.	.	PUNCT
cusj-5639	794	1	_	_	PUNCT
cusj-5639	795	1	_	_	PUNCT
cusj-5639	796	1	_	_	PUNCT
cusj-5639	797	1	_	_	PUNCT
cusj-5639	798	1	_	_	PUNCT
cusj-5639	799	1	_	_	PUNCT
cusj-5639	800	1	_	_	PUNCT
cusj-5639	801	1	_	_	PUNCT
cusj-5639	802	1	_	_	PUNCT
cusj-5639	803	1	_	_	PUNCT
cusj-5639	804	1	_	_	PUNCT
cusj-5639	805	1	_	_	PUNCT
cusj-5639	806	1	_	_	PUNCT
cusj-5639	807	1	_	_	PUNCT
cusj-5639	808	1	_	_	PUNCT
cusj-5639	809	1	_	_	PUNCT
cusj-5639	810	1	_	_	PUNCT
cusj-5639	811	1	_	_	PUNCT
cusj-5639	812	1	_	_	PUNCT
cusj-5639	813	1	_	_	PUNCT
cusj-5639	814	1	_	_	PUNCT
cusj-5639	815	1	_	_	PUNCT
cusj-5639	816	1	_	_	PUNCT
cusj-5639	817	1	_	_	PUNCT
cusj-5639	818	1	_	_	PUNCT
cusj-5639	819	1	_	_	PUNCT
cusj-5639	820	1	_	_	PUNCT
cusj-5639	821	1	_	_	PUNCT
cusj-5639	822	1	_	_	PUNCT
cusj-5639	823	1	_	_	PUNCT
cusj-5639	824	1	_	_	PUNCT
cusj-5639	825	1	_	_	PUNCT
cusj-5639	826	1	_	_	PUNCT
cusj-5639	827	1	_	_	PUNCT
cusj-5639	828	1	_	_	PUNCT
cusj-5639	829	1	_	_	PUNCT
cusj-5639	830	1	_	_	PUNCT
cusj-5639	831	1	_	_	PUNCT
cusj-5639	832	1	_	_	PUNCT
cusj-5639	833	1	_	_	PUNCT
cusj-5639	834	1	_	_	PUNCT
cusj-5639	835	1	_	_	PUNCT
cusj-5639	836	1	_	_	PUNCT
cusj-5639	837	1	_	_	PUNCT
cusj-5639	838	1	_	_	PUNCT
cusj-5639	839	1	_	_	PUNCT
cusj-5639	840	1	_	_	PUNCT
cusj-5639	841	1	_	_	PUNCT
cusj-5639	842	1	_	_	PUNCT
cusj-5639	843	1	_	_	PUNCT
cusj-5639	844	1	_	_	PUNCT
cusj-5639	845	1	_	_	PUNCT
cusj-5639	846	1	_	_	PUNCT
cusj-5639	847	1	_	_	PUNCT
cusj-5639	848	1	_	_	PUNCT
cusj-5639	849	1	_	_	PUNCT
cusj-5639	850	1	_	_	PUNCT
cusj-5639	851	1	_	_	PUNCT
cusj-5639	852	1	_	_	PUNCT
cusj-5639	853	1	_	_	PUNCT
cusj-5639	854	1	_	_	PUNCT
cusj-5639	855	1	_	_	PUNCT
cusj-5639	856	1	_	_	PUNCT
cusj-5639	857	1	_	_	PUNCT
cusj-5639	858	1	_	_	PUNCT
cusj-5639	859	1	_	_	PUNCT
cusj-5639	860	1	_	_	PUNCT
cusj-5639	861	1	_	_	PUNCT
cusj-5639	862	1	_	_	PUNCT
cusj-5639	863	1	_	_	PUNCT
cusj-5639	864	1	_	_	PUNCT
cusj-5639	865	1	_	_	PUNCT
cusj-5639	866	1	_	_	PUNCT
cusj-5639	867	1	_	_	PUNCT
cusj-5639	868	1	_	_	PUNCT
cusj-5639	869	1	_	_	PUNCT
cusj-5639	870	1	_	_	PUNCT
cusj-5639	871	1	_	_	PUNCT
cusj-5639	872	1	_	_	PUNCT
cusj-5639	873	1	_	_	PUNCT
cusj-5639	873	2	cusj	cusj	VERB
cusj-5639	873	3	2019	2019	NUM
cusj-5639	873	4	_	_	PUNCT
cusj-5639	874	1	_	_	PUNCT
cusj-5639	875	1	_	_	PUNCT
cusj-5639	876	1	_	_	PUNCT
cusj-5639	877	1	_	_	PUNCT
cusj-5639	878	1	_	_	PUNCT
cusj-5639	879	1	_	_	PUNCT
cusj-5639	880	1	_	_	PUNCT
cusj-5639	881	1	_	_	PUNCT
cusj-5639	882	1	_	_	PUNCT
cusj-5639	883	1	_	_	PUNCT
cusj-5639	884	1	_	_	PUNCT
cusj-5639	885	1	_	_	PUNCT
cusj-5639	886	1	_	_	PUNCT
cusj-5639	887	1	_	_	PUNCT
cusj-5639	888	1	_	_	PUNCT
cusj-5639	889	1	_	_	PUNCT
cusj-5639	890	1	_	_	PUNCT
cusj-5639	891	1	_	_	PUNCT
cusj-5639	892	1	_	_	PUNCT
cusj-5639	893	1	_	_	PUNCT
cusj-5639	894	1	_	_	PUNCT
cusj-5639	895	1	_	_	PUNCT
cusj-5639	896	1	_	_	PUNCT
cusj-5639	897	1	_	_	PUNCT
cusj-5639	898	1	_	_	PUNCT
cusj-5639	899	1	_	_	PUNCT
cusj-5639	900	1	_	_	PUNCT
cusj-5639	901	1	_	_	PUNCT
cusj-5639	902	1	_	_	PUNCT
cusj-5639	903	1	_	_	PUNCT
cusj-5639	904	1	_	_	PUNCT
cusj-5639	905	1	_	_	PUNCT
cusj-5639	906	1	_	_	PUNCT
cusj-5639	907	1	_	_	PUNCT
cusj-5639	908	1	_	_	PUNCT
cusj-5639	909	1	_	_	PUNCT
cusj-5639	910	1	_	_	PUNCT
cusj-5639	911	1	_	_	PUNCT
cusj-5639	912	1	_	_	PUNCT
cusj-5639	913	1	_	_	PUNCT
cusj-5639	914	1	_	_	PUNCT
cusj-5639	915	1	_	_	PUNCT
cusj-5639	916	1	_	_	PUNCT
cusj-5639	917	1	_	_	PUNCT
cusj-5639	918	1	_	_	PUNCT
cusj-5639	919	1	_	_	PUNCT
cusj-5639	920	1	_	_	PUNCT
cusj-5639	921	1	_	_	PUNCT
cusj-5639	922	1	_	_	PUNCT
cusj-5639	923	1	_	_	PUNCT
cusj-5639	924	1	_	_	PUNCT
cusj-5639	925	1	_	_	PUNCT
cusj-5639	926	1	_	_	PUNCT
cusj-5639	927	1	_	_	PUNCT
cusj-5639	928	1	_	_	PUNCT
cusj-5639	929	1	_	_	PUNCT
cusj-5639	930	1	_	_	PUNCT
cusj-5639	931	1	_	_	PUNCT
cusj-5639	932	1	_	_	PUNCT
cusj-5639	933	1	_	_	PUNCT
cusj-5639	934	1	_	_	PUNCT
cusj-5639	935	1	_	_	PUNCT
cusj-5639	936	1	_	_	PUNCT
cusj-5639	937	1	_	_	PUNCT
cusj-5639	938	1	_	_	PUNCT
cusj-5639	939	1	_	_	PUNCT
cusj-5639	940	1	_	_	PUNCT
cusj-5639	941	1	_	_	PUNCT
cusj-5639	942	1	_	_	PUNCT
cusj-5639	943	1	_	_	PUNCT
cusj-5639	944	1	_	_	PUNCT
cusj-5639	945	1	_	_	PUNCT
cusj-5639	946	1	_	_	PUNCT
cusj-5639	947	1	_	_	PUNCT
cusj-5639	948	1	_	_	PUNCT
cusj-5639	949	1	_	_	PUNCT
cusj-5639	950	1	_	_	PUNCT
cusj-5639	951	1	_	_	PUNCT
cusj-5639	952	1	_	_	PUNCT
cusj-5639	953	1	_	_	PUNCT
cusj-5639	954	1	_	_	PUNCT
cusj-5639	955	1	_	_	PUNCT
cusj-5639	956	1	_	_	PUNCT
cusj-5639	957	1	_	_	PUNCT
cusj-5639	958	1	_	_	PUNCT
cusj-5639	959	1	_	_	PUNCT
cusj-5639	960	1	_	_	PUNCT
cusj-5639	961	1	_	_	PUNCT
cusj-5639	961	2	_	_	PUNCT
cusj-5639	962	1	33	33	NUM
cusj-5639	962	2	figure	figure	NOUN
cusj-5639	962	3	5	5	NUM
cusj-5639	962	4	.	.	PUNCT
cusj-5639	962	5	trade	trade	NOUN
cusj-5639	962	6	volume	volume	NOUN
cusj-5639	962	7	decreases	decrease	VERB
cusj-5639	962	8	in	in	ADP
cusj-5639	962	9	news	news	NOUN
cusj-5639	962	10	arrival	arrival	NOUN
cusj-5639	962	11	frequency	frequency	NOUN
cusj-5639	962	12	.	.	PUNCT
cusj-5639	963	1	figure	figure	NOUN
cusj-5639	963	2	5	5	NUM
cusj-5639	963	3	shows	show	VERB
cusj-5639	963	4	that	that	SCONJ
cusj-5639	963	5	trade	trade	NOUN
cusj-5639	963	6	volume	volume	NOUN
cusj-5639	963	7	decreases	decrease	VERB
cusj-5639	963	8	with	with	ADP
cusj-5639	963	9	more	more	ADV
cusj-5639	963	10	frequent	frequent	ADJ
cusj-5639	963	11	news	news	NOUN
cusj-5639	963	12	arrivals	arrival	NOUN
cusj-5639	963	13	.	.	PUNCT
cusj-5639	964	1	this	this	DET
cusj-5639	964	2	result	result	NOUN
cusj-5639	964	3	is	be	AUX
cusj-5639	964	4	counterintuitive	counterintuitive	ADJ
cusj-5639	964	5	as	as	SCONJ
cusj-5639	964	6	i	i	PRON
cusj-5639	964	7	expect	expect	VERB
cusj-5639	964	8	the	the	DET
cusj-5639	964	9	heterogeneity	heterogeneity	NOUN
cusj-5639	964	10	in	in	ADP
cusj-5639	964	11	beliefs	belief	NOUN
cusj-5639	964	12	to	to	PART
cusj-5639	964	13	accumulate	accumulate	VERB
cusj-5639	964	14	faster	fast	ADV
cusj-5639	964	15	with	with	ADP
cusj-5639	964	16	more	more	ADV
cusj-5639	964	17	frequent	frequent	ADJ
cusj-5639	964	18	news	news	NOUN
cusj-5639	964	19	arrivals	arrival	NOUN
cusj-5639	964	20	.	.	PUNCT
cusj-5639	965	1	as	as	ADP
cusj-5639	965	2	of	of	ADP
cusj-5639	965	3	now	now	ADV
cusj-5639	965	4	,	,	PUNCT
cusj-5639	965	5	i	i	PRON
cusj-5639	965	6	do	do	AUX
cusj-5639	965	7	not	not	PART
cusj-5639	965	8	have	have	VERB
cusj-5639	965	9	a	a	DET
cusj-5639	965	10	clear	clear	ADJ
cusj-5639	965	11	explanation	explanation	NOUN
cusj-5639	965	12	as	as	ADP
cusj-5639	965	13	to	to	ADP
cusj-5639	965	14	why	why	SCONJ
cusj-5639	965	15	agent	agent	NOUN
cusj-5639	965	16	trade	trade	VERB
cusj-5639	965	17	less	less	ADV
cusj-5639	965	18	if	if	SCONJ
cusj-5639	965	19	news	news	NOUN
cusj-5639	965	20	information	information	NOUN
cusj-5639	965	21	arrives	arrive	VERB
cusj-5639	965	22	more	more	ADV
cusj-5639	965	23	frequently	frequently	ADV
cusj-5639	965	24	.	.	PUNCT
cusj-5639	966	1	v.	v.	ADP
cusj-5639	966	2	future	future	ADJ
cusj-5639	966	3	work	work	NOUN
cusj-5639	966	4	as	as	ADP
cusj-5639	966	5	the	the	DET
cusj-5639	966	6	second	second	ADJ
cusj-5639	966	7	extension	extension	NOUN
cusj-5639	966	8	to	to	ADP
cusj-5639	966	9	the	the	DET
cusj-5639	966	10	baseline	baseline	PROPN
cusj-5639	966	11	model	model	NOUN
cusj-5639	966	12	,	,	PUNCT
cusj-5639	966	13	i	i	PRON
cusj-5639	966	14	aim	aim	VERB
cusj-5639	966	15	to	to	PART
cusj-5639	966	16	add	add	VERB
cusj-5639	966	17	an	an	DET
cusj-5639	966	18	extrapolative	extrapolative	ADJ
cusj-5639	966	19	component	component	NOUN
cusj-5639	966	20	to	to	ADP
cusj-5639	966	21	agent	agent	NOUN
cusj-5639	966	22	beliefs	belief	NOUN
cusj-5639	966	23	.	.	PUNCT
cusj-5639	966	24	!	!	PUNCT
cusj-5639	966	25	"	"	PUNCT
cusj-5639	967	1	#	#	NOUN
cusj-5639	967	2	+	+	NUM
cusj-5639	967	3	%	%	NOUN
cusj-5639	967	4	#	#	NOUN
cusj-5639	967	5	=	=	NOUN
cusj-5639	967	6	1	1	NUM
cusj-5639	967	7	−	−	NOUN
cusj-5639	967	8	)	)	PUNCT
cusj-5639	967	9	"	"	PUNCT
cusj-5639	967	10	!	!	PUNCT
cusj-5639	967	11	"	"	PUNCT
cusj-5639	968	1	#	#	NOUN
cusj-5639	968	2	+	+	NOUN
cusj-5639	968	3	*	*	PUNCT
cusj-5639	969	1	+	+	PUNCT
cusj-5639	969	2	+	+	CCONJ
cusj-5639	969	3	,	,	PUNCT
cusj-5639	969	4	"	"	PUNCT
cusj-5639	969	5	,	,	PUNCT
cusj-5639	969	6	+	+	PUNCT
cusj-5639	969	7	+	+	X
cusj-5639	969	8	)	)	PUNCT
cusj-5639	969	9	"	"	PUNCT
cusj-5639	969	10	!	!	PUNCT
cusj-5639	970	1	+	+	CCONJ
cusj-5639	970	2	where	where	SCONJ
cusj-5639	970	3	)	)	PUNCT
cusj-5639	970	4	"	"	PUNCT
cusj-5639	970	5	denotes	denote	VERB
cusj-5639	970	6	the	the	DET
cusj-5639	970	7	degree	degree	NOUN
cusj-5639	970	8	to	to	PART
cusj-5639	970	9	which	which	DET
cusj-5639	970	10	belief	belief	NOUN
cusj-5639	970	11	of	of	ADP
cusj-5639	970	12	agent	agent	NOUN
cusj-5639	970	13	k	k	PROPN
cusj-5639	970	14	reflects	reflect	VERB
cusj-5639	970	15	extrapolated	extrapolated	ADJ
cusj-5639	970	16	market	market	NOUN
cusj-5639	970	17	return	return	NOUN
cusj-5639	970	18	!	!	PUNCT
cusj-5639	971	1	+	+	X
cusj-5639	971	2	.	.	PUNCT
cusj-5639	972	1	this	this	PRON
cusj-5639	972	2	would	would	AUX
cusj-5639	972	3	make	make	VERB
cusj-5639	972	4	the	the	DET
cusj-5639	972	5	model	model	NOUN
cusj-5639	972	6	more	more	ADV
cusj-5639	972	7	realistic	realistic	ADJ
cusj-5639	972	8	,	,	PUNCT
cusj-5639	972	9	because	because	SCONJ
cusj-5639	972	10	it	it	PRON
cusj-5639	972	11	would	would	AUX
cusj-5639	972	12	be	be	AUX
cusj-5639	972	13	more	more	ADV
cusj-5639	972	14	reasonable	reasonable	ADJ
cusj-5639	972	15	that	that	SCONJ
cusj-5639	972	16	investors	investor	NOUN
cusj-5639	972	17	also	also	ADV
cusj-5639	972	18	adjust	adjust	VERB
cusj-5639	972	19	their	their	PRON
cusj-5639	972	20	beliefs	belief	NOUN
cusj-5639	972	21	based	base	VERB
cusj-5639	972	22	on	on	ADP
cusj-5639	972	23	the	the	DET
cusj-5639	972	24	realized	realize	VERB
cusj-5639	972	25	return	return	NOUN
cusj-5639	972	26	,	,	PUNCT
cusj-5639	972	27	not	not	PART
cusj-5639	972	28	just	just	ADV
cusj-5639	972	29	on	on	ADP
cusj-5639	972	30	news	news	NOUN
cusj-5639	972	31	information	information	NOUN
cusj-5639	972	32	.	.	PUNCT
cusj-5639	973	1	it	it	PRON
cusj-5639	973	2	would	would	AUX
cusj-5639	973	3	also	also	ADV
cusj-5639	973	4	make	make	VERB
cusj-5639	973	5	the	the	DET
cusj-5639	973	6	belief	belief	NOUN
cusj-5639	973	7	dynamics	dynamic	VERB
cusj-5639	973	8	more	more	ADV
cusj-5639	973	9	endogenous	endogenous	ADJ
cusj-5639	973	10	,	,	PUNCT
cusj-5639	973	11	since	since	SCONJ
cusj-5639	973	12	each	each	DET
cusj-5639	973	13	agent	agent	NOUN
cusj-5639	973	14	's	's	PART
cusj-5639	973	15	beliefs	belief	NOUN
cusj-5639	973	16	will	will	AUX
cusj-5639	973	17	be	be	AUX
cusj-5639	973	18	influenced	influence	VERB
cusj-5639	973	19	by	by	ADP
cusj-5639	973	20	the	the	DET
cusj-5639	973	21	realized	realize	VERB
cusj-5639	973	22	return	return	NOUN
cusj-5639	973	23	,	,	PUNCT
cusj-5639	973	24	which	which	PRON
cusj-5639	973	25	is	be	AUX
cusj-5639	973	26	determined	determine	VERB
cusj-5639	973	27	by	by	ADP
cusj-5639	973	28	other	other	ADJ
cusj-5639	973	29	agents	agent	NOUN
cusj-5639	973	30	'	'	PART
cusj-5639	973	31	beliefs	belief	NOUN
cusj-5639	973	32	.	.	PUNCT
cusj-5639	974	1	the	the	DET
cusj-5639	974	2	addition	addition	NOUN
cusj-5639	974	3	will	will	AUX
cusj-5639	974	4	make	make	VERB
cusj-5639	974	5	this	this	DET
cusj-5639	974	6	abm	abm	PROPN
cusj-5639	974	7	more	more	ADV
cusj-5639	974	8	valuable	valuable	ADJ
cusj-5639	974	9	as	as	SCONJ
cusj-5639	974	10	the	the	DET
cusj-5639	974	11	beliefs	belief	NOUN
cusj-5639	974	12	of	of	ADP
cusj-5639	974	13	agents	agent	NOUN
cusj-5639	974	14	will	will	AUX
cusj-5639	974	15	be	be	AUX
cusj-5639	974	16	affected	affect	VERB
cusj-5639	974	17	by	by	ADP
cusj-5639	974	18	interaction	interaction	NOUN
cusj-5639	974	19	(	(	PUNCT
cusj-5639	974	20	trading	trading	NOUN
cusj-5639	974	21	)	)	PUNCT
cusj-5639	974	22	with	with	ADP
cusj-5639	974	23	other	other	ADJ
cusj-5639	974	24	agents	agent	NOUN
cusj-5639	974	25	with	with	ADP
cusj-5639	974	26	different	different	ADJ
cusj-5639	974	27	beliefs	belief	NOUN
cusj-5639	974	28	,	,	PUNCT
cusj-5639	974	29	instead	instead	ADV
cusj-5639	974	30	of	of	ADP
cusj-5639	974	31	relying	rely	VERB
cusj-5639	974	32	solely	solely	ADV
cusj-5639	974	33	on	on	ADP
cusj-5639	974	34	the	the	DET
cusj-5639	974	35	arrival	arrival	NOUN
cusj-5639	974	36	of	of	ADP
cusj-5639	974	37	news	news	NOUN
cusj-5639	974	38	information	information	NOUN
cusj-5639	974	39	,	,	PUNCT
cusj-5639	974	40	which	which	PRON
cusj-5639	974	41	is	be	AUX
cusj-5639	974	42	exogenous	exogenous	ADJ
cusj-5639	974	43	in	in	ADP
cusj-5639	974	44	this	this	DET
cusj-5639	974	45	model	model	NOUN
cusj-5639	974	46	.	.	PUNCT
cusj-5639	975	1	vi	vi	X
cusj-5639	975	2	.	.	PROPN
cusj-5639	975	3	conclusion	conclusion	NOUN
cusj-5639	975	4	in	in	ADP
cusj-5639	975	5	this	this	DET
cusj-5639	975	6	paper	paper	NOUN
cusj-5639	975	7	,	,	PUNCT
cusj-5639	975	8	i	i	PRON
cusj-5639	975	9	construct	construct	VERB
cusj-5639	975	10	a	a	DET
cusj-5639	975	11	model	model	NOUN
cusj-5639	975	12	in	in	ADP
cusj-5639	975	13	which	which	PRON
cusj-5639	975	14	the	the	DET
cusj-5639	975	15	stock	stock	NOUN
cusj-5639	975	16	price	price	NOUN
cusj-5639	975	17	is	be	AUX
cusj-5639	975	18	determined	determine	VERB
cusj-5639	975	19	by	by	ADP
cusj-5639	975	20	investors	investor	NOUN
cusj-5639	975	21	who	who	PRON
cusj-5639	975	22	trade	trade	VERB
cusj-5639	975	23	based	base	VERB
cusj-5639	975	24	on	on	ADP
cusj-5639	975	25	their	their	PRON
cusj-5639	975	26	heterogeneous	heterogeneous	ADJ
cusj-5639	975	27	and	and	CCONJ
cusj-5639	975	28	changing	change	VERB
cusj-5639	975	29	beliefs	belief	NOUN
cusj-5639	975	30	.	.	PUNCT
cusj-5639	976	1	by	by	ADP
cusj-5639	976	2	simulating	simulate	VERB
cusj-5639	976	3	this	this	DET
cusj-5639	976	4	model	model	NOUN
cusj-5639	976	5	,	,	PUNCT
cusj-5639	976	6	i	i	PRON
cusj-5639	976	7	find	find	VERB
cusj-5639	976	8	that	that	SCONJ
cusj-5639	976	9	trade	trade	NOUN
cusj-5639	976	10	volume	volume	NOUN
cusj-5639	976	11	is	be	AUX
cusj-5639	976	12	positively	positively	ADV
cusj-5639	976	13	correlated	correlate	VERB
cusj-5639	976	14	with	with	ADP
cusj-5639	976	15	dispersion	dispersion	NOUN
cusj-5639	976	16	in	in	ADP
cusj-5639	976	17	investors	investor	NOUN
cusj-5639	976	18	'	'	PART
cusj-5639	976	19	response	response	NOUN
cusj-5639	976	20	to	to	ADP
cusj-5639	976	21	news	news	NOUN
cusj-5639	976	22	arrivals	arrival	NOUN
cusj-5639	976	23	,	,	PUNCT
cusj-5639	976	24	suggesting	suggest	VERB
cusj-5639	976	25	that	that	SCONJ
cusj-5639	976	26	investors	investor	NOUN
cusj-5639	976	27	trade	trade	VERB
cusj-5639	976	28	more	more	ADV
cusj-5639	976	29	when	when	SCONJ
cusj-5639	976	30	they	they	PRON
cusj-5639	976	31	have	have	VERB
cusj-5639	976	32	more	more	ADV
cusj-5639	976	33	different	different	ADJ
cusj-5639	976	34	opinions	opinion	NOUN
cusj-5639	976	35	.	.	PUNCT
cusj-5639	977	1	this	this	DET
cusj-5639	977	2	result	result	NOUN
cusj-5639	977	3	is	be	AUX
cusj-5639	977	4	consistent	consistent	ADJ
cusj-5639	977	5	with	with	ADP
cusj-5639	977	6	the	the	DET
cusj-5639	977	7	empirical	empirical	ADJ
cusj-5639	977	8	evidence	evidence	NOUN
cusj-5639	977	9	documented	document	VERB
cusj-5639	977	10	in	in	ADP
cusj-5639	977	11	(	(	PUNCT
cusj-5639	977	12	goetzmann	goetzmann	PROPN
cusj-5639	977	13	&	&	CCONJ
cusj-5639	977	14	massa	massa	PROPN
cusj-5639	977	15	,	,	PUNCT
cusj-5639	977	16	2005	2005	NUM
cusj-5639	977	17	)	)	PUNCT
cusj-5639	977	18	.	.	PUNCT
cusj-5639	978	1	however	however	ADV
cusj-5639	978	2	,	,	PUNCT
cusj-5639	978	3	i	i	PRON
cusj-5639	978	4	do	do	AUX
cusj-5639	978	5	not	not	PART
cusj-5639	978	6	find	find	VERB
cusj-5639	978	7	a	a	DET
cusj-5639	978	8	clear	clear	ADJ
cusj-5639	978	9	positive	positive	ADJ
cusj-5639	978	10	relationship	relationship	NOUN
cusj-5639	978	11	between	between	ADP
cusj-5639	978	12	dispersion	dispersion	NOUN
cusj-5639	978	13	in	in	ADP
cusj-5639	978	14	reaction	reaction	NOUN
cusj-5639	978	15	to	to	ADP
cusj-5639	978	16	news	news	NOUN
cusj-5639	978	17	and	and	CCONJ
cusj-5639	978	18	return	return	VERB
cusj-5639	978	19	volatility	volatility	NOUN
cusj-5639	978	20	,	,	PUNCT
cusj-5639	978	21	which	which	PRON
cusj-5639	978	22	was	be	AUX
cusj-5639	978	23	found	find	VERB
cusj-5639	978	24	in	in	ADP
cusj-5639	978	25	(	(	PUNCT
cusj-5639	978	26	banerjee	banerjee	PROPN
cusj-5639	978	27	,	,	PUNCT
cusj-5639	978	28	2011	2011	NUM
cusj-5639	978	29	)	)	PUNCT
cusj-5639	978	30	.	.	PUNCT
cusj-5639	979	1	moreover	moreover	ADV
cusj-5639	979	2	,	,	PUNCT
cusj-5639	979	3	i	i	PRON
cusj-5639	979	4	also	also	ADV
cusj-5639	979	5	find	find	VERB
cusj-5639	979	6	that	that	SCONJ
cusj-5639	979	7	the	the	DET
cusj-5639	979	8	return	return	NOUN
cusj-5639	979	9	volatility	volatility	NOUN
cusj-5639	979	10	is	be	AUX
cusj-5639	979	11	negatively	negatively	ADV
cusj-5639	979	12	correlated	correlate	VERB
cusj-5639	979	13	with	with	ADP
cusj-5639	979	14	more	more	ADV
cusj-5639	979	15	positive	positive	ADJ
cusj-5639	979	16	(	(	PUNCT
cusj-5639	979	17	or	or	CCONJ
cusj-5639	979	18	more	more	ADV
cusj-5639	979	19	negative	negative	ADJ
cusj-5639	979	20	)	)	PUNCT
cusj-5639	979	21	average	average	ADJ
cusj-5639	979	22	level	level	NOUN
cusj-5639	979	23	of	of	ADP
cusj-5639	979	24	response	response	NOUN
cusj-5639	979	25	by	by	ADP
cusj-5639	979	26	investors	investor	NOUN
cusj-5639	979	27	to	to	ADP
cusj-5639	979	28	news	news	NOUN
cusj-5639	979	29	arrivals	arrival	NOUN
cusj-5639	979	30	,	,	PUNCT
cusj-5639	979	31	which	which	PRON
cusj-5639	979	32	means	mean	VERB
cusj-5639	979	33	that	that	SCONJ
cusj-5639	979	34	the	the	DET
cusj-5639	979	35	stock	stock	NOUN
cusj-5639	979	36	price	price	NOUN
cusj-5639	979	37	is	be	AUX
cusj-5639	979	38	less	less	ADV
cusj-5639	979	39	volatile	volatile	ADJ
cusj-5639	979	40	if	if	SCONJ
cusj-5639	979	41	all	all	DET
cusj-5639	979	42	investors	investor	NOUN
cusj-5639	979	43	are	be	AUX
cusj-5639	979	44	becoming	become	VERB
cusj-5639	979	45	more	more	ADV
cusj-5639	979	46	optimistic	optimistic	ADJ
cusj-5639	979	47	(	(	PUNCT
cusj-5639	979	48	pessimistic	pessimistic	ADJ
cusj-5639	979	49	)	)	PUNCT
cusj-5639	979	50	.	.	PUNCT
cusj-5639	980	1	finally	finally	ADV
cusj-5639	980	2	,	,	PUNCT
cusj-5639	980	3	i	i	PRON
cusj-5639	980	4	find	find	VERB
cusj-5639	980	5	that	that	SCONJ
cusj-5639	980	6	trade	trade	NOUN
cusj-5639	980	7	volume	volume	NOUN
cusj-5639	980	8	is	be	AUX
cusj-5639	980	9	negatively	negatively	ADV
cusj-5639	980	10	correlated	correlate	VERB
cusj-5639	980	11	to	to	ADP
cusj-5639	980	12	news	news	NOUN
cusj-5639	980	13	arrival	arrival	NOUN
cusj-5639	980	14	frequency	frequency	NOUN
cusj-5639	980	15	,	,	PUNCT
cusj-5639	980	16	contrary	contrary	ADJ
cusj-5639	980	17	to	to	ADP
cusj-5639	980	18	my	my	PRON
cusj-5639	980	19	expectation	expectation	NOUN
cusj-5639	980	20	that	that	SCONJ
cusj-5639	980	21	more	more	ADV
cusj-5639	980	22	frequent	frequent	ADJ
cusj-5639	980	23	news	news	NOUN
cusj-5639	980	24	arrival	arrival	NOUN
cusj-5639	980	25	would	would	AUX
cusj-5639	980	26	accelerate	accelerate	VERB
cusj-5639	980	27	the	the	DET
cusj-5639	980	28	divergence	divergence	NOUN
cusj-5639	980	29	in	in	ADP
cusj-5639	980	30	agent	agent	NOUN
cusj-5639	980	31	beliefs	belief	NOUN
cusj-5639	980	32	and	and	CCONJ
cusj-5639	980	33	thus	thus	ADV
cusj-5639	980	34	increase	increase	VERB
cusj-5639	980	35	trade	trade	NOUN
cusj-5639	980	36	volume	volume	NOUN
cusj-5639	980	37	.	.	PUNCT
cusj-5639	981	1	the	the	DET
cusj-5639	981	2	results	result	NOUN
cusj-5639	981	3	from	from	ADP
cusj-5639	981	4	simulations	simulation	NOUN
cusj-5639	981	5	of	of	ADP
cusj-5639	981	6	this	this	DET
cusj-5639	981	7	model	model	NOUN
cusj-5639	981	8	suggests	suggest	VERB
cusj-5639	981	9	that	that	SCONJ
cusj-5639	981	10	the	the	DET
cusj-5639	981	11	model	model	NOUN
cusj-5639	981	12	is	be	AUX
cusj-5639	981	13	capable	capable	ADJ
cusj-5639	981	14	of	of	ADP
cusj-5639	981	15	replicating	replicate	VERB
cusj-5639	981	16	a	a	DET
cusj-5639	981	17	number	number	NOUN
cusj-5639	981	18	of	of	ADP
cusj-5639	981	19	intuitive	intuitive	ADJ
cusj-5639	981	20	results	result	NOUN
cusj-5639	981	21	,	,	PUNCT
cusj-5639	981	22	such	such	ADJ
cusj-5639	981	23	investors	investor	NOUN
cusj-5639	981	24	trading	trade	VERB
cusj-5639	981	25	more	more	ADV
cusj-5639	981	26	when	when	SCONJ
cusj-5639	981	27	they	they	PRON
cusj-5639	981	28	disagree	disagree	VERB
cusj-5639	981	29	and	and	CCONJ
cusj-5639	981	30	returns	return	NOUN
cusj-5639	981	31	being	be	AUX
cusj-5639	981	32	less	less	ADV
cusj-5639	981	33	volatile	volatile	ADJ
cusj-5639	981	34	when	when	SCONJ
cusj-5639	981	35	investors	investor	NOUN
cusj-5639	981	36	are	be	AUX
cusj-5639	981	37	generally	generally	ADV
cusj-5639	981	38	more	more	ADV
cusj-5639	981	39	optimistic	optimistic	ADJ
cusj-5639	981	40	or	or	CCONJ
cusj-5639	981	41	more	more	ADV
cusj-5639	981	42	pessimistic	pessimistic	ADJ
cusj-5639	981	43	,	,	PUNCT
cusj-5639	981	44	with	with	ADP
cusj-5639	981	45	only	only	ADV
cusj-5639	981	46	simple	simple	ADJ
cusj-5639	981	47	,	,	PUNCT
cusj-5639	981	48	reasonable	reasonable	ADJ
cusj-5639	981	49	assumptions	assumption	NOUN
cusj-5639	981	50	.	.	PUNCT
cusj-5639	982	1	i	i	PRON
cusj-5639	982	2	believe	believe	VERB
cusj-5639	982	3	that	that	SCONJ
cusj-5639	982	4	this	this	DET
cusj-5639	982	5	model	model	NOUN
cusj-5639	982	6	can	can	AUX
cusj-5639	982	7	be	be	AUX
cusj-5639	982	8	used	use	VERB
cusj-5639	982	9	as	as	ADP
cusj-5639	982	10	a	a	DET
cusj-5639	982	11	framework	framework	NOUN
cusj-5639	982	12	for	for	ADP
cusj-5639	982	13	studying	study	VERB
cusj-5639	982	14	the	the	DET
cusj-5639	982	15	effect	effect	NOUN
cusj-5639	982	16	of	of	ADP
cusj-5639	982	17	heterogeneous	heterogeneous	ADJ
cusj-5639	982	18	beliefs	belief	NOUN
cusj-5639	982	19	on	on	ADP
cusj-5639	982	20	market	market	NOUN
cusj-5639	982	21	dynamics	dynamic	NOUN
cusj-5639	982	22	under	under	ADP
cusj-5639	982	23	more	more	ADV
cusj-5639	982	24	specific	specific	ADJ
cusj-5639	982	25	or	or	CCONJ
cusj-5639	982	26	complex	complex	ADJ
cusj-5639	982	27	conditions	condition	NOUN
cusj-5639	982	28	.	.	PUNCT
cusj-5639	983	1	for	for	ADP
cusj-5639	983	2	example	example	NOUN
cusj-5639	983	3	,	,	PUNCT
cusj-5639	983	4	i	i	PRON
cusj-5639	983	5	could	could	AUX
cusj-5639	983	6	extend	extend	VERB
cusj-5639	983	7	the	the	DET
cusj-5639	983	8	model	model	NOUN
cusj-5639	983	9	such	such	ADJ
cusj-5639	983	10	that	that	SCONJ
cusj-5639	983	11	investors	investor	NOUN
cusj-5639	983	12	adjust	adjust	VERB
cusj-5639	983	13	their	their	PRON
cusj-5639	983	14	beliefs	belief	NOUN
cusj-5639	983	15	according	accord	VERB
cusj-5639	983	16	to	to	ADP
cusj-5639	983	17	the	the	DET
cusj-5639	983	18	actual	actual	ADJ
cusj-5639	983	19	trading	trading	NOUN
cusj-5639	983	20	price	price	NOUN
cusj-5639	983	21	.	.	PUNCT
cusj-5639	984	1	then	then	ADV
cusj-5639	984	2	,	,	PUNCT
cusj-5639	984	3	i	i	PRON
cusj-5639	984	4	would	would	AUX
cusj-5639	984	5	be	be	AUX
cusj-5639	984	6	able	able	ADJ
cusj-5639	984	7	to	to	PART
cusj-5639	984	8	identify	identify	VERB
cusj-5639	984	9	the	the	DET
cusj-5639	984	10	effect	effect	NOUN
cusj-5639	984	11	of	of	ADP
cusj-5639	984	12	the	the	DET
cusj-5639	984	13	extrapolative	extrapolative	ADJ
cusj-5639	984	14	component	component	NOUN
cusj-5639	984	15	by	by	ADP
cusj-5639	984	16	comparing	compare	VERB
cusj-5639	984	17	the	the	DET
cusj-5639	984	18	result	result	NOUN
cusj-5639	984	19	with	with	ADP
cusj-5639	984	20	that	that	PRON
cusj-5639	984	21	from	from	ADP
cusj-5639	984	22	simulations	simulation	NOUN
cusj-5639	984	23	without	without	ADP
cusj-5639	984	24	the	the	DET
cusj-5639	984	25	component	component	NOUN
cusj-5639	984	26	.	.	PUNCT
cusj-5639	985	1	in	in	ADP
cusj-5639	985	2	summary	summary	NOUN
cusj-5639	985	3	,	,	PUNCT
cusj-5639	985	4	this	this	DET
cusj-5639	985	5	paper	paper	NOUN
cusj-5639	985	6	contributes	contribute	VERB
cusj-5639	985	7	to	to	ADP
cusj-5639	985	8	the	the	DET
cusj-5639	985	9	literature	literature	NOUN
cusj-5639	985	10	of	of	ADP
cusj-5639	985	11	heterogeneous	heterogeneous	ADJ
cusj-5639	985	12	beliefs	belief	NOUN
cusj-5639	985	13	by	by	ADP
cusj-5639	985	14	showing	show	VERB
cusj-5639	985	15	that	that	SCONJ
cusj-5639	985	16	abm	abm	PROPN
cusj-5639	985	17	could	could	AUX
cusj-5639	985	18	be	be	AUX
cusj-5639	985	19	an	an	DET
cusj-5639	985	20	alternative	alternative	ADJ
cusj-5639	985	21	theoretical	theoretical	ADJ
cusj-5639	985	22	approach	approach	NOUN
cusj-5639	985	23	and	and	CCONJ
cusj-5639	985	24	providing	provide	VERB
cusj-5639	985	25	a	a	DET
cusj-5639	985	26	simple	simple	ADJ
cusj-5639	985	27	framework	framework	NOUN
cusj-5639	985	28	.	.	PUNCT
cusj-5639	986	1	author	author	NOUN
cusj-5639	986	2	information	information	NOUN
cusj-5639	986	3	corresponding	correspond	VERB
cusj-5639	986	4	author	author	NOUN
cusj-5639	986	5	*	*	NOUN
cusj-5639	986	6	email	email	NOUN
cusj-5639	986	7	:	:	PUNCT
cusj-5639	986	8	jj1419@stern.nyu.edu	jj1419@stern.nyu.edu	NUM
cusj-5639	986	9	funding	funding	NOUN
cusj-5639	986	10	sources	source	NOUN
cusj-5639	986	11	received	receive	VERB
cusj-5639	986	12	funding	funding	NOUN
cusj-5639	986	13	from	from	ADP
cusj-5639	986	14	the	the	DET
cusj-5639	986	15	summer	summer	NOUN
cusj-5639	986	16	undergraduate	undergraduate	NOUN
cusj-5639	986	17	research	research	NOUN
cusj-5639	986	18	experience	experience	NOUN
cusj-5639	986	19	program	program	NOUN
cusj-5639	986	20	by	by	ADP
cusj-5639	986	21	the	the	DET
cusj-5639	986	22	math	math	PROPN
cusj-5639	986	23	department	department	PROPN
cusj-5639	986	24	at	at	ADP
cusj-5639	986	25	courant	courant	PROPN
cusj-5639	986	26	institute	institute	PROPN
cusj-5639	986	27	of	of	ADP
cusj-5639	986	28	mathematical	mathematical	ADJ
cusj-5639	986	29	sciences	science	NOUN
cusj-5639	986	30	.	.	PUNCT
cusj-5639	987	1	acknowledgments	acknowledgment	NOUN
cusj-5639	987	2	i	i	PRON
cusj-5639	987	3	am	be	AUX
cusj-5639	987	4	grateful	grateful	ADJ
cusj-5639	987	5	to	to	ADP
cusj-5639	987	6	my	my	PRON
cusj-5639	987	7	advisor	advisor	NOUN
cusj-5639	987	8	jonathan	jonathan	PROPN
cusj-5639	987	9	goodman	goodman	PROPN
cusj-5639	987	10	for	for	ADP
cusj-5639	987	11	his	his	PRON
cusj-5639	987	12	guidance	guidance	NOUN
cusj-5639	987	13	and	and	CCONJ
cusj-5639	987	14	mentorship	mentorship	NOUN
cusj-5639	987	15	.	.	PUNCT
cusj-5639	988	1	all	all	DET
cusj-5639	988	2	errors	error	NOUN
cusj-5639	988	3	are	be	AUX
cusj-5639	988	4	my	my	PRON
cusj-5639	988	5	own	own	ADJ
cusj-5639	988	6	.	.	PUNCT
cusj-5639	989	1	references	reference	NOUN
cusj-5639	989	2	[	[	X
cusj-5639	989	3	1	1	X
cusj-5639	989	4	]	]	PUNCT
cusj-5639	989	5	j.	j.	PROPN
cusj-5639	989	6	goodman	goodman	PROPN
cusj-5639	989	7	,	,	PUNCT
cusj-5639	989	8	"	"	PUNCT
cusj-5639	989	9	stock	stock	NOUN
cusj-5639	989	10	prices	price	NOUN
cusj-5639	989	11	in	in	ADP
cusj-5639	989	12	metronia	metronia	NOUN
cusj-5639	989	13	,	,	PUNCT
cusj-5639	989	14	"	"	PUNCT
cusj-5639	989	15	unpublished	unpublished	ADJ
cusj-5639	989	16	paper	paper	NOUN
cusj-5639	989	17	,	,	PUNCT
cusj-5639	989	18	2016	2016	NUM
cusj-5639	989	19	.	.	PUNCT
cusj-5639	990	1	[	[	X
cusj-5639	990	2	2	2	NUM
cusj-5639	990	3	]	]	X
cusj-5639	990	4	r.	r.	PROPN
cusj-5639	990	5	c.	c.	PROPN
cusj-5639	990	6	merton	merton	PROPN
cusj-5639	990	7	,	,	PUNCT
cusj-5639	990	8	"	"	PUNCT
cusj-5639	990	9	lifetime	lifetime	NOUN
cusj-5639	990	10	portfolio	portfolio	NOUN
cusj-5639	990	11	selection	selection	NOUN
cusj-5639	990	12	under	under	ADP
cusj-5639	990	13	uncertainty	uncertainty	NOUN
cusj-5639	990	14	:	:	PUNCT
cusj-5639	990	15	the	the	DET
cusj-5639	990	16	continuous	continuous	ADJ
cusj-5639	990	17	-	-	PUNCT
cusj-5639	990	18	time	time	NOUN
cusj-5639	990	19	case	case	NOUN
cusj-5639	990	20	,	,	PUNCT
cusj-5639	990	21	"	"	PUNCT
cusj-5639	990	22	the	the	DET
cusj-5639	990	23	review	review	NOUN
cusj-5639	990	24	of	of	ADP
cusj-5639	990	25	economics	economic	NOUN
cusj-5639	990	26	and	and	CCONJ
cusj-5639	990	27	statistics	statistic	NOUN
cusj-5639	990	28	,	,	PUNCT
cusj-5639	990	29	1969	1969	NUM
cusj-5639	990	30	.	.	PUNCT
cusj-5639	991	1	[	[	X
cusj-5639	991	2	3	3	X
cusj-5639	991	3	]	]	PUNCT
cusj-5639	991	4	k.	k.	PROPN
cusj-5639	991	5	b.	b.	PROPN
cusj-5639	991	6	diether	diether	PROPN
cusj-5639	991	7	,	,	PUNCT
cusj-5639	991	8	c.	c.	PROPN
cusj-5639	991	9	j.	j.	PROPN
cusj-5639	991	10	malloy	malloy	PROPN
cusj-5639	991	11	and	and	CCONJ
cusj-5639	991	12	a.	a.	NOUN
cusj-5639	991	13	scherbina	scherbina	PROPN
cusj-5639	991	14	,	,	PUNCT
cusj-5639	991	15	"	"	PUNCT
cusj-5639	991	16	differences	difference	NOUN
cusj-5639	991	17	of	of	ADP
cusj-5639	991	18	opinion	opinion	NOUN
cusj-5639	991	19	and	and	CCONJ
cusj-5639	991	20	the	the	DET
cusj-5639	991	21	cross	cross	NOUN
cusj-5639	991	22	section	section	NOUN
cusj-5639	991	23	of	of	ADP
cusj-5639	991	24	stock	stock	NOUN
cusj-5639	991	25	returns	return	NOUN
cusj-5639	991	26	,	,	PUNCT
cusj-5639	991	27	"	"	PUNCT
cusj-5639	991	28	journal	journal	NOUN
cusj-5639	991	29	of	of	ADP
cusj-5639	991	30	finance	finance	NOUN
cusj-5639	991	31	,	,	PUNCT
cusj-5639	991	32	2002	2002	NUM
cusj-5639	991	33	.	.	PUNCT
cusj-5639	992	1	[	[	X
cusj-5639	992	2	4	4	X
cusj-5639	992	3	]	]	PUNCT
cusj-5639	992	4	j.	j.	PROPN
cusj-5639	992	5	chen	chen	PROPN
cusj-5639	992	6	,	,	PUNCT
cusj-5639	992	7	h.	h.	PROPN
cusj-5639	992	8	hong	hong	PROPN
cusj-5639	992	9	and	and	CCONJ
cusj-5639	992	10	j.	j.	PROPN
cusj-5639	992	11	c.	c.	PROPN
cusj-5639	992	12	stein	stein	PROPN
cusj-5639	992	13	,	,	PUNCT
cusj-5639	992	14	"	"	PUNCT
cusj-5639	992	15	breadth	breadth	NOUN
cusj-5639	992	16	of	of	ADP
cusj-5639	992	17	ownership	ownership	NOUN
cusj-5639	992	18	and	and	CCONJ
cusj-5639	992	19	stock	stock	NOUN
cusj-5639	992	20	returns	return	NOUN
cusj-5639	992	21	,	,	PUNCT
cusj-5639	992	22	"	"	PUNCT
cusj-5639	992	23	journal	journal	NOUN
cusj-5639	992	24	of	of	ADP
cusj-5639	992	25	financial	financial	ADJ
cusj-5639	992	26	economics	economic	NOUN
cusj-5639	992	27	,	,	PUNCT
cusj-5639	992	28	2002	2002	NUM
cusj-5639	992	29	.	.	PUNCT
cusj-5639	993	1	[	[	X
cusj-5639	993	2	5	5	NUM
cusj-5639	993	3	]	]	PUNCT
cusj-5639	993	4	c.	c.	PROPN
cusj-5639	993	5	park	park	PROPN
cusj-5639	993	6	,	,	PUNCT
cusj-5639	993	7	"	"	PUNCT
cusj-5639	993	8	stock	stock	NOUN
cusj-5639	993	9	return	return	NOUN
cusj-5639	993	10	predictability	predictability	NOUN
cusj-5639	993	11	and	and	CCONJ
cusj-5639	993	12	the	the	DET
cusj-5639	993	13	dispersion	dispersion	NOUN
cusj-5639	993	14	in	in	ADP
cusj-5639	993	15	earnings	earning	NOUN
cusj-5639	993	16	forecasts	forecast	NOUN
cusj-5639	993	17	,	,	PUNCT
cusj-5639	993	18	"	"	PUNCT
cusj-5639	993	19	journal	journal	NOUN
cusj-5639	993	20	of	of	ADP
cusj-5639	993	21	business	business	NOUN
cusj-5639	993	22	,	,	PUNCT
cusj-5639	993	23	2005	2005	NUM
cusj-5639	993	24	.	.	PUNCT
cusj-5639	994	1	[	[	X
cusj-5639	994	2	6	6	NUM
cusj-5639	994	3	]	]	PUNCT
cusj-5639	994	4	h.	h.	PROPN
cusj-5639	994	5	berkman	berkman	PROPN
cusj-5639	994	6	,	,	PUNCT
cusj-5639	994	7	v.	v.	CCONJ
cusj-5639	994	8	dimitrov	dimitrov	PROPN
cusj-5639	994	9	,	,	PUNCT
cusj-5639	994	10	p.	p.	PROPN
cusj-5639	994	11	c.	c.	PROPN
cusj-5639	994	12	jain	jain	PROPN
cusj-5639	994	13	,	,	PUNCT
cusj-5639	994	14	p.	p.	PROPN
cusj-5639	994	15	d.	d.	PROPN
cusj-5639	994	16	koch	koch	PROPN
cusj-5639	994	17	and	and	CCONJ
cusj-5639	994	18	s.	s.	PROPN
cusj-5639	994	19	tice	tice	PROPN
cusj-5639	994	20	,	,	PUNCT
cusj-5639	994	21	"	"	PUNCT
cusj-5639	994	22	sell	sell	VERB
cusj-5639	994	23	on	on	ADP
cusj-5639	994	24	the	the	DET
cusj-5639	994	25	news	news	NOUN
cusj-5639	994	26	:	:	PUNCT
cusj-5639	994	27	differences	difference	NOUN
cusj-5639	994	28	in	in	ADP
cusj-5639	994	29	opinion	opinion	NOUN
cusj-5639	994	30	,	,	PUNCT
cusj-5639	994	31	and	and	CCONJ
cusj-5639	994	32	trading	trading	NOUN
cusj-5639	994	33	activity	activity	NOUN
cusj-5639	994	34	,	,	PUNCT
cusj-5639	994	35	"	"	PUNCT
cusj-5639	994	36	journal	journal	NOUN
cusj-5639	994	37	of	of	ADP
cusj-5639	994	38	financial	financial	ADJ
cusj-5639	994	39	economics	economic	NOUN
cusj-5639	994	40	,	,	PUNCT
cusj-5639	994	41	2009	2009	NUM
cusj-5639	994	42	.	.	PUNCT
cusj-5639	995	1	cusj	cusj	NOUN
cusj-5639	995	2	2019	2019	NUM
cusj-5639	995	3	_	_	PUNCT
cusj-5639	996	1	_	_	PUNCT
cusj-5639	997	1	_	_	PUNCT
cusj-5639	998	1	_	_	PUNCT
cusj-5639	999	1	_	_	PUNCT
cusj-5639	1000	1	_	_	PUNCT
cusj-5639	1001	1	_	_	PUNCT
cusj-5639	1002	1	_	_	PUNCT
cusj-5639	1003	1	_	_	PUNCT
cusj-5639	1004	1	_	_	PUNCT
cusj-5639	1005	1	_	_	PUNCT
cusj-5639	1006	1	_	_	PUNCT
cusj-5639	1007	1	_	_	PUNCT
cusj-5639	1008	1	_	_	PUNCT
cusj-5639	1009	1	_	_	PUNCT
cusj-5639	1010	1	_	_	PUNCT
cusj-5639	1011	1	_	_	PUNCT
cusj-5639	1012	1	_	_	PUNCT
cusj-5639	1013	1	_	_	PUNCT
cusj-5639	1014	1	_	_	PUNCT
cusj-5639	1015	1	_	_	PUNCT
cusj-5639	1016	1	_	_	PUNCT
cusj-5639	1017	1	_	_	PUNCT
cusj-5639	1018	1	_	_	PUNCT
cusj-5639	1019	1	_	_	PUNCT
cusj-5639	1020	1	_	_	PUNCT
cusj-5639	1021	1	_	_	PUNCT
cusj-5639	1022	1	_	_	PUNCT
cusj-5639	1023	1	_	_	PUNCT
cusj-5639	1024	1	_	_	PUNCT
cusj-5639	1025	1	_	_	PUNCT
cusj-5639	1026	1	_	_	PUNCT
cusj-5639	1027	1	_	_	PUNCT
cusj-5639	1028	1	_	_	PUNCT
cusj-5639	1029	1	_	_	PUNCT
cusj-5639	1030	1	_	_	PUNCT
cusj-5639	1031	1	_	_	PUNCT
cusj-5639	1032	1	_	_	PUNCT
cusj-5639	1033	1	_	_	PUNCT
cusj-5639	1034	1	_	_	PUNCT
cusj-5639	1035	1	_	_	PUNCT
cusj-5639	1036	1	_	_	PUNCT
cusj-5639	1037	1	_	_	PUNCT
cusj-5639	1038	1	_	_	PUNCT
cusj-5639	1039	1	_	_	PUNCT
cusj-5639	1040	1	_	_	PUNCT
cusj-5639	1041	1	_	_	PUNCT
cusj-5639	1042	1	_	_	PUNCT
cusj-5639	1043	1	_	_	PUNCT
cusj-5639	1044	1	_	_	PUNCT
cusj-5639	1045	1	_	_	PUNCT
cusj-5639	1046	1	_	_	PUNCT
cusj-5639	1047	1	_	_	PUNCT
cusj-5639	1048	1	_	_	PUNCT
cusj-5639	1049	1	_	_	PUNCT
cusj-5639	1050	1	_	_	PUNCT
cusj-5639	1051	1	_	_	PUNCT
cusj-5639	1052	1	_	_	PUNCT
cusj-5639	1053	1	_	_	PUNCT
cusj-5639	1054	1	_	_	PUNCT
cusj-5639	1055	1	_	_	PUNCT
cusj-5639	1056	1	_	_	PUNCT
cusj-5639	1057	1	_	_	PUNCT
cusj-5639	1058	1	_	_	PUNCT
cusj-5639	1059	1	_	_	PUNCT
cusj-5639	1060	1	_	_	PUNCT
cusj-5639	1061	1	_	_	PUNCT
cusj-5639	1062	1	_	_	PUNCT
cusj-5639	1063	1	_	_	PUNCT
cusj-5639	1064	1	_	_	PUNCT
cusj-5639	1065	1	_	_	PUNCT
cusj-5639	1066	1	_	_	PUNCT
cusj-5639	1067	1	_	_	PUNCT
cusj-5639	1068	1	_	_	PUNCT
cusj-5639	1069	1	_	_	PUNCT
cusj-5639	1070	1	_	_	PUNCT
cusj-5639	1071	1	_	_	PUNCT
cusj-5639	1072	1	_	_	PUNCT
cusj-5639	1073	1	_	_	PUNCT
cusj-5639	1074	1	_	_	PUNCT
cusj-5639	1075	1	_	_	PUNCT
cusj-5639	1076	1	_	_	PUNCT
cusj-5639	1077	1	_	_	PUNCT
cusj-5639	1078	1	_	_	PUNCT
cusj-5639	1079	1	_	_	PUNCT
cusj-5639	1080	1	_	_	PUNCT
cusj-5639	1081	1	_	_	PUNCT
cusj-5639	1082	1	_	_	PUNCT
cusj-5639	1083	1	_	_	PUNCT
cusj-5639	1084	1	_	_	PUNCT
cusj-5639	1085	1	_	_	PUNCT
cusj-5639	1086	1	_	_	PUNCT
cusj-5639	1087	1	_	_	PUNCT
cusj-5639	1088	1	_	_	PUNCT
cusj-5639	1089	1	_	_	PUNCT
cusj-5639	1090	1	_	_	PUNCT
cusj-5639	1091	1	_	_	PUNCT
cusj-5639	1092	1	_	_	PUNCT
cusj-5639	1093	1	_	_	PUNCT
cusj-5639	1094	1	_	_	PUNCT
cusj-5639	1095	1	_	_	PUNCT
cusj-5639	1096	1	_	_	PUNCT
cusj-5639	1097	1	_	_	PUNCT
cusj-5639	1098	1	_	_	PUNCT
cusj-5639	1099	1	_	_	PUNCT
cusj-5639	1100	1	_	_	PUNCT
cusj-5639	1101	1	_	_	PUNCT
cusj-5639	1102	1	_	_	PUNCT
cusj-5639	1103	1	_	_	PUNCT
cusj-5639	1104	1	_	_	PUNCT
cusj-5639	1105	1	_	_	PUNCT
cusj-5639	1106	1	_	_	PUNCT
cusj-5639	1107	1	_	_	PUNCT
cusj-5639	1108	1	_	_	PUNCT
cusj-5639	1109	1	_	_	PUNCT
cusj-5639	1110	1	_	_	PUNCT
cusj-5639	1111	1	_	_	PUNCT
cusj-5639	1112	1	_	_	PUNCT
cusj-5639	1113	1	_	_	PUNCT
cusj-5639	1114	1	_	_	PUNCT
cusj-5639	1115	1	_	_	PUNCT
cusj-5639	1116	1	_	_	PUNCT
cusj-5639	1117	1	_	_	PUNCT
cusj-5639	1118	1	_	_	PUNCT
cusj-5639	1119	1	_	_	PUNCT
cusj-5639	1120	1	_	_	PUNCT
cusj-5639	1121	1	_	_	PUNCT
cusj-5639	1122	1	_	_	PUNCT
cusj-5639	1123	1	_	_	PUNCT
cusj-5639	1124	1	_	_	PUNCT
cusj-5639	1125	1	_	_	PUNCT
cusj-5639	1126	1	_	_	PUNCT
cusj-5639	1127	1	_	_	PUNCT
cusj-5639	1128	1	_	_	PUNCT
cusj-5639	1129	1	_	_	PUNCT
cusj-5639	1130	1	_	_	PUNCT
cusj-5639	1131	1	_	_	PUNCT
cusj-5639	1132	1	_	_	PUNCT
cusj-5639	1133	1	_	_	PUNCT
cusj-5639	1134	1	_	_	PUNCT
cusj-5639	1135	1	_	_	PUNCT
cusj-5639	1136	1	_	_	PUNCT
cusj-5639	1137	1	_	_	PUNCT
cusj-5639	1138	1	_	_	PUNCT
cusj-5639	1139	1	_	_	PUNCT
cusj-5639	1140	1	_	_	PUNCT
cusj-5639	1141	1	_	_	PUNCT
cusj-5639	1142	1	_	_	PUNCT
cusj-5639	1143	1	_	_	PUNCT
cusj-5639	1144	1	_	_	PUNCT
cusj-5639	1145	1	_	_	PUNCT
cusj-5639	1146	1	_	_	PUNCT
cusj-5639	1147	1	_	_	PUNCT
cusj-5639	1148	1	_	_	PUNCT
cusj-5639	1149	1	_	_	PUNCT
cusj-5639	1150	1	_	_	PUNCT
cusj-5639	1151	1	_	_	PUNCT
cusj-5639	1152	1	_	_	PUNCT
cusj-5639	1153	1	_	_	PUNCT
cusj-5639	1154	1	_	_	PUNCT
cusj-5639	1155	1	_	_	PUNCT
cusj-5639	1156	1	_	_	PUNCT
cusj-5639	1157	1	_	_	PUNCT
cusj-5639	1158	1	_	_	PUNCT
cusj-5639	1159	1	_	_	PUNCT
cusj-5639	1160	1	_	_	PUNCT
cusj-5639	1161	1	_	_	PUNCT
cusj-5639	1162	1	_	_	PUNCT
cusj-5639	1163	1	_	_	PUNCT
cusj-5639	1164	1	_	_	PUNCT
cusj-5639	1165	1	34	34	NUM
cusj-5639	1166	1	[	[	X
cusj-5639	1166	2	7	7	X
cusj-5639	1166	3	]	]	X
cusj-5639	1166	4	s.	s.	PROPN
cusj-5639	1166	5	qu	qu	PROPN
cusj-5639	1166	6	,	,	PUNCT
cusj-5639	1166	7	l.	l.	PROPN
cusj-5639	1166	8	starks	starks	PROPN
cusj-5639	1166	9	and	and	CCONJ
cusj-5639	1166	10	h.	h.	PROPN
cusj-5639	1166	11	yan	yan	PROPN
cusj-5639	1166	12	,	,	PUNCT
cusj-5639	1166	13	"	"	PUNCT
cusj-5639	1166	14	risk	risk	NOUN
cusj-5639	1166	15	,	,	PUNCT
cusj-5639	1166	16	dispersion	dispersion	NOUN
cusj-5639	1166	17	of	of	ADP
cusj-5639	1166	18	analyst	analyst	NOUN
cusj-5639	1166	19	forecasts	forecast	NOUN
cusj-5639	1166	20	and	and	CCONJ
cusj-5639	1166	21	stock	stock	NOUN
cusj-5639	1166	22	returns	return	NOUN
cusj-5639	1166	23	,	,	PUNCT
cusj-5639	1166	24	"	"	PUNCT
cusj-5639	1166	25	working	work	VERB
cusj-5639	1166	26	paper	paper	NOUN
cusj-5639	1166	27	,	,	PUNCT
cusj-5639	1166	28	2003	2003	NUM
cusj-5639	1166	29	.	.	PUNCT
cusj-5639	1167	1	[	[	X
cusj-5639	1167	2	8	8	NUM
cusj-5639	1167	3	]	]	X
cusj-5639	1167	4	w.	w.	PROPN
cusj-5639	1167	5	n.	n.	PROPN
cusj-5639	1167	6	goetzmann	goetzmann	PROPN
cusj-5639	1167	7	and	and	CCONJ
cusj-5639	1167	8	m.	m.	PROPN
cusj-5639	1167	9	massa	massa	PROPN
cusj-5639	1167	10	,	,	PUNCT
cusj-5639	1167	11	"	"	PUNCT
cusj-5639	1167	12	dispersion	dispersion	NOUN
cusj-5639	1167	13	of	of	ADP
cusj-5639	1167	14	opinion	opinion	NOUN
cusj-5639	1167	15	and	and	CCONJ
cusj-5639	1167	16	stock	stock	NOUN
cusj-5639	1167	17	returns	return	NOUN
cusj-5639	1167	18	,	,	PUNCT
cusj-5639	1167	19	"	"	PUNCT
cusj-5639	1167	20	journal	journal	NOUN
cusj-5639	1167	21	of	of	ADP
cusj-5639	1167	22	financial	financial	ADJ
cusj-5639	1167	23	markets	market	NOUN
cusj-5639	1167	24	,	,	PUNCT
cusj-5639	1167	25	2005	2005	NUM
cusj-5639	1167	26	.	.	PUNCT
cusj-5639	1168	1	[	[	X
cusj-5639	1168	2	9	9	NUM
cusj-5639	1168	3	]	]	PUNCT
cusj-5639	1168	4	j.	j.	PROPN
cusj-5639	1168	5	yu	yu	PROPN
cusj-5639	1168	6	,	,	PUNCT
cusj-5639	1168	7	"	"	PUNCT
cusj-5639	1168	8	disagreement	disagreement	NOUN
cusj-5639	1168	9	and	and	CCONJ
cusj-5639	1168	10	return	return	VERB
cusj-5639	1168	11	predictability	predictability	NOUN
cusj-5639	1168	12	of	of	ADP
cusj-5639	1168	13	stock	stock	NOUN
cusj-5639	1168	14	portfolio	portfolio	NOUN
cusj-5639	1168	15	,	,	PUNCT
cusj-5639	1168	16	"	"	PUNCT
cusj-5639	1168	17	journal	journal	NOUN
cusj-5639	1168	18	of	of	ADP
cusj-5639	1168	19	financial	financial	ADJ
cusj-5639	1168	20	economics	economic	NOUN
cusj-5639	1168	21	,	,	PUNCT
cusj-5639	1168	22	2011	2011	NUM
cusj-5639	1168	23	.	.	PUNCT
cusj-5639	1169	1	[	[	X
cusj-5639	1169	2	10	10	NUM
cusj-5639	1169	3	]	]	X
cusj-5639	1169	4	d.	d.	PROPN
cusj-5639	1169	5	avramov	avramov	PROPN
cusj-5639	1169	6	,	,	PUNCT
cusj-5639	1169	7	t.	t.	PROPN
cusj-5639	1169	8	chordia	chordia	PROPN
cusj-5639	1169	9	,	,	PUNCT
cusj-5639	1169	10	g.	g.	PROPN
cusj-5639	1169	11	jostova	jostova	PROPN
cusj-5639	1169	12	and	and	CCONJ
cusj-5639	1169	13	a.	a.	NOUN
cusj-5639	1169	14	philipov	philipov	NOUN
cusj-5639	1169	15	,	,	PUNCT
cusj-5639	1169	16	"	"	PUNCT
cusj-5639	1169	17	dispersion	dispersion	NOUN
cusj-5639	1169	18	in	in	ADP
cusj-5639	1169	19	analysts	analyst	NOUN
cusj-5639	1169	20	'	'	PART
cusj-5639	1169	21	earnings	earning	NOUN
cusj-5639	1169	22	forecasts	forecast	NOUN
cusj-5639	1169	23	and	and	CCONJ
cusj-5639	1169	24	credit	credit	NOUN
cusj-5639	1169	25	rating	rating	NOUN
cusj-5639	1169	26	,	,	PUNCT
cusj-5639	1169	27	"	"	PUNCT
cusj-5639	1169	28	journal	journal	NOUN
cusj-5639	1169	29	of	of	ADP
cusj-5639	1169	30	financial	financial	ADJ
cusj-5639	1169	31	economics	economic	NOUN
cusj-5639	1169	32	,	,	PUNCT
cusj-5639	1169	33	2009	2009	NUM
cusj-5639	1169	34	.	.	PUNCT
cusj-5639	1170	1	[	[	X
cusj-5639	1170	2	11	11	NUM
cusj-5639	1170	3	]	]	PUNCT
cusj-5639	1170	4	j.	j.	PROPN
cusj-5639	1170	5	a.	a.	PROPN
cusj-5639	1170	6	doukas	doukas	PROPN
cusj-5639	1170	7	,	,	PUNCT
cusj-5639	1170	8	c.	c.	PROPN
cusj-5639	1170	9	kim	kim	PROPN
cusj-5639	1170	10	and	and	CCONJ
cusj-5639	1170	11	c.	c.	PROPN
cusj-5639	1170	12	pantzalis	pantzalis	PROPN
cusj-5639	1170	13	,	,	PUNCT
cusj-5639	1170	14	"	"	PUNCT
cusj-5639	1170	15	divergence	divergence	NOUN
cusj-5639	1170	16	of	of	ADP
cusj-5639	1170	17	opinion	opinion	NOUN
cusj-5639	1170	18	and	and	CCONJ
cusj-5639	1170	19	equity	equity	NOUN
cusj-5639	1170	20	return	return	NOUN
cusj-5639	1170	21	,	,	PUNCT
cusj-5639	1170	22	"	"	PUNCT
cusj-5639	1170	23	journal	journal	NOUN
cusj-5639	1170	24	of	of	ADP
cusj-5639	1170	25	financial	financial	ADJ
cusj-5639	1170	26	and	and	CCONJ
cusj-5639	1170	27	quantitative	quantitative	ADJ
cusj-5639	1170	28	analysis	analysis	NOUN
cusj-5639	1170	29	,	,	PUNCT
cusj-5639	1170	30	2006	2006	NUM
cusj-5639	1170	31	.	.	PUNCT
cusj-5639	1171	1	[	[	X
cusj-5639	1171	2	12	12	NUM
cusj-5639	1171	3	]	]	X
cusj-5639	1171	4	s.	s.	PROPN
cusj-5639	1171	5	banerjee	banerjee	PROPN
cusj-5639	1171	6	,	,	PUNCT
cusj-5639	1171	7	"	"	PUNCT
cusj-5639	1171	8	learning	learn	VERB
cusj-5639	1171	9	from	from	ADP
cusj-5639	1171	10	prices	price	NOUN
cusj-5639	1171	11	and	and	CCONJ
cusj-5639	1171	12	the	the	DET
cusj-5639	1171	13	dispersion	dispersion	NOUN
cusj-5639	1171	14	in	in	ADP
cusj-5639	1171	15	beliefs	belief	NOUN
cusj-5639	1171	16	,	,	PUNCT
cusj-5639	1171	17	"	"	PUNCT
cusj-5639	1171	18	review	review	NOUN
cusj-5639	1171	19	of	of	ADP
cusj-5639	1171	20	financial	financial	ADJ
cusj-5639	1171	21	studies	study	NOUN
cusj-5639	1171	22	,	,	PUNCT
cusj-5639	1171	23	2011	2011	NUM
cusj-5639	1171	24	.	.	PUNCT
cusj-5639	1172	1	[	[	X
cusj-5639	1172	2	13	13	NUM
cusj-5639	1172	3	]	]	X
cusj-5639	1172	4	f.	f.	PROPN
cusj-5639	1172	5	westerhoff	westerhoff	PROPN
cusj-5639	1172	6	and	and	CCONJ
cusj-5639	1172	7	r.	r.	PROPN
cusj-5639	1172	8	franke	franke	PROPN
cusj-5639	1172	9	,	,	PUNCT
cusj-5639	1172	10	"	"	PUNCT
cusj-5639	1172	11	agent	agent	NOUN
cusj-5639	1172	12	-	-	PUNCT
cusj-5639	1172	13	based	base	VERB
cusj-5639	1172	14	models	model	NOUN
cusj-5639	1172	15	for	for	ADP
cusj-5639	1172	16	economic	economic	ADJ
cusj-5639	1172	17	policy	policy	NOUN
cusj-5639	1172	18	design	design	NOUN
cusj-5639	1172	19	:	:	PUNCT
cusj-5639	1172	20	two	two	NUM
cusj-5639	1172	21	illustrative	illustrative	ADJ
cusj-5639	1172	22	examples	example	NOUN
cusj-5639	1172	23	,	,	PUNCT
cusj-5639	1172	24	"	"	PUNCT
cusj-5639	1172	25	working	work	VERB
cusj-5639	1172	26	paper	paper	NOUN
cusj-5639	1172	27	,	,	PUNCT
cusj-5639	1172	28	2012	2012	NUM
cusj-5639	1172	29	.	.	PUNCT
cusj-5639	1173	1	[	[	X
cusj-5639	1173	2	14	14	NUM
cusj-5639	1173	3	]	]	X
cusj-5639	1173	4	m.	m.	NOUN
cusj-5639	1173	5	lengnick	lengnick	NOUN
cusj-5639	1173	6	,	,	PUNCT
cusj-5639	1173	7	"	"	PUNCT
cusj-5639	1173	8	agent	agent	NOUN
cusj-5639	1173	9	-	-	PUNCT
cusj-5639	1173	10	based	base	VERB
cusj-5639	1173	11	macroeconomics	macroeconomic	NOUN
cusj-5639	1173	12	a	a	DET
cusj-5639	1173	13	baseline	baseline	NOUN
cusj-5639	1173	14	model	model	NOUN
cusj-5639	1173	15	-	-	PUNCT
cusj-5639	1173	16	,	,	PUNCT
cusj-5639	1173	17	"	"	PUNCT
cusj-5639	1173	18	working	work	VERB
cusj-5639	1173	19	paper	paper	NOUN
cusj-5639	1173	20	,	,	PUNCT
cusj-5639	1173	21	2011	2011	NUM
cusj-5639	1173	22	.	.	PUNCT
cusj-5639	1174	1	[	[	X
cusj-5639	1174	2	15	15	NUM
cusj-5639	1174	3	]	]	X
cusj-5639	1174	4	r.	r.	PROPN
cusj-5639	1174	5	baptista	baptista	PROPN
cusj-5639	1174	6	,	,	PUNCT
cusj-5639	1174	7	m.	m.	NOUN
cusj-5639	1174	8	hinterschweiger	hinterschweiger	PROPN
cusj-5639	1174	9	,	,	PUNCT
cusj-5639	1174	10	j.	j.	PROPN
cusj-5639	1174	11	d.	d.	PROPN
cusj-5639	1174	12	farmer	farmer	PROPN
cusj-5639	1174	13	,	,	PUNCT
cusj-5639	1174	14	k.	k.	PROPN
cusj-5639	1174	15	low	low	PROPN
cusj-5639	1174	16	and	and	CCONJ
cusj-5639	1174	17	a.	a.	NOUN
cusj-5639	1174	18	uluc	uluc	PROPN
cusj-5639	1174	19	,	,	PUNCT
cusj-5639	1174	20	"	"	PUNCT
cusj-5639	1174	21	macroprudential	macroprudential	ADJ
cusj-5639	1174	22	policy	policy	NOUN
cusj-5639	1174	23	in	in	ADP
cusj-5639	1174	24	an	an	DET
cusj-5639	1174	25	agentbased	agentbase	VERB
cusj-5639	1174	26	model	model	NOUN
cusj-5639	1174	27	of	of	ADP
cusj-5639	1174	28	the	the	DET
cusj-5639	1174	29	uk	uk	PROPN
cusj-5639	1174	30	housing	housing	NOUN
cusj-5639	1174	31	market	market	NOUN
cusj-5639	1174	32	,	,	PUNCT
cusj-5639	1174	33	"	"	PUNCT
cusj-5639	1174	34	staff	staff	NOUN
cusj-5639	1174	35	working	working	NOUN
cusj-5639	1174	36	paper	paper	NOUN
cusj-5639	1174	37	no	no	INTJ
cusj-5639	1174	38	.	.	PROPN
cusj-5639	1174	39	619	619	NUM
cusj-5639	1174	40	,	,	PUNCT
cusj-5639	1174	41	2016	2016	NUM
cusj-5639	1174	42	.	.	PUNCT