id	sid	tid	token	lemma	pos
cjfa-8204	1	1	copernican	copernican	PROPN
cjfa-8204	1	2	journal	journal	PROPN
cjfa-8204	1	3	of	of	ADP
cjfa-8204	1	4	finance	finance	PROPN
cjfa-8204	1	5	&	&	CCONJ
cjfa-8204	1	6	accounting	accounting	PROPN
cjfa-8204	1	7	e	e	PROPN
cjfa-8204	1	8	-	-	PROPN
cjfa-8204	1	9	issn	issn	PROPN
cjfa-8204	1	10	2300	2300	NUM
cjfa-8204	1	11	-	-	SYM
cjfa-8204	1	12	3065	3065	NUM
cjfa-8204	1	13	p	p	PROPN
cjfa-8204	1	14	-	-	PUNCT
cjfa-8204	1	15	issn	issn	PROPN
cjfa-8204	1	16	2300	2300	NUM
cjfa-8204	1	17	-	-	SYM
cjfa-8204	1	18	12402015	12402015	NUM
cjfa-8204	1	19	,	,	PUNCT
cjfa-8204	1	20	volume	volume	NOUN
cjfa-8204	1	21	4	4	NUM
cjfa-8204	1	22	,	,	PUNCT
cjfa-8204	1	23	issue	issue	NOUN
cjfa-8204	1	24	2	2	NUM
cjfa-8204	1	25	date	date	NOUN
cjfa-8204	1	26	of	of	ADP
cjfa-8204	1	27	submission	submission	NOUN
cjfa-8204	1	28	:	:	PUNCT
cjfa-8204	1	29	june	june	PROPN
cjfa-8204	1	30	25	25	NUM
cjfa-8204	1	31	,	,	PUNCT
cjfa-8204	1	32	2015	2015	NUM
cjfa-8204	1	33	;	;	PUNCT
cjfa-8204	1	34	date	date	NOUN
cjfa-8204	1	35	of	of	ADP
cjfa-8204	1	36	acceptance	acceptance	NOUN
cjfa-8204	1	37	:	:	PUNCT
cjfa-8204	1	38	october	october	PROPN
cjfa-8204	1	39	8	8	NUM
cjfa-8204	1	40	,	,	PUNCT
cjfa-8204	1	41	2015	2015	NUM
cjfa-8204	1	42	.	.	PUNCT
cjfa-8204	2	1	*	*	PUNCT
cjfa-8204	2	2	contact	contact	NOUN
cjfa-8204	2	3	information	information	NOUN
cjfa-8204	2	4	:	:	PUNCT
cjfa-8204	2	5	adam.zaremba@ue.poznan.pl	adam.zaremba@ue.poznan.pl	PROPN
cjfa-8204	2	6	,	,	PUNCT
cjfa-8204	2	7	poznań	poznań	PROPN
cjfa-8204	2	8	university	university	PROPN
cjfa-8204	2	9	of	of	ADP
cjfa-8204	2	10	economics	economics	PROPN
cjfa-8204	2	11	,	,	PUNCT
cjfa-8204	2	12	al	al	PROPN
cjfa-8204	2	13	.	.	PUNCT
cjfa-8204	3	1	niepodległości	niepodległości	PROPN
cjfa-8204	3	2	10	10	NUM
cjfa-8204	3	3	,	,	PUNCT
cjfa-8204	3	4	61	61	NUM
cjfa-8204	3	5	-	-	SYM
cjfa-8204	3	6	875	875	NUM
cjfa-8204	3	7	poznań	poznań	NOUN
cjfa-8204	3	8	,	,	PUNCT
cjfa-8204	3	9	poland	poland	PROPN
cjfa-8204	3	10	,	,	PUNCT
cjfa-8204	3	11	phone	phone	NOUN
cjfa-8204	3	12	:	:	PUNCT
cjfa-8204	3	13	+48	+48	NUM
cjfa-8204	3	14	61	61	NUM
cjfa-8204	3	15	854	854	NUM
cjfa-8204	3	16	38	38	NUM
cjfa-8204	3	17	28	28	NUM
cjfa-8204	3	18	.	.	PUNCT
cjfa-8204	4	1	zaremba	zaremba	PROPN
cjfa-8204	4	2	a.	a.	PROPN
cjfa-8204	4	3	(	(	PUNCT
cjfa-8204	4	4	2015	2015	NUM
cjfa-8204	4	5	)	)	PUNCT
cjfa-8204	4	6	.	.	PUNCT
cjfa-8204	5	1	the	the	DET
cjfa-8204	5	2	january	january	PROPN
cjfa-8204	5	3	seasonality	seasonality	NOUN
cjfa-8204	5	4	and	and	CCONJ
cjfa-8204	5	5	the	the	DET
cjfa-8204	5	6	performance	performance	NOUN
cjfa-8204	5	7	of	of	ADP
cjfa-8204	5	8	country	country	NOUN
cjfa-8204	5	9	-	-	PUNCT
cjfa-8204	5	10	level	level	NOUN
cjfa-8204	5	11	value	value	NOUN
cjfa-8204	5	12	and	and	CCONJ
cjfa-8204	5	13	momentum	momentum	NOUN
cjfa-8204	5	14	strategies	strategy	NOUN
cjfa-8204	5	15	.	.	PUNCT
cjfa-8204	6	1	copernican	copernican	PROPN
cjfa-8204	6	2	journal	journal	PROPN
cjfa-8204	6	3	of	of	ADP
cjfa-8204	6	4	finance	finance	PROPN
cjfa-8204	6	5	&	&	CCONJ
cjfa-8204	6	6	accounting	accounting	PROPN
cjfa-8204	6	7	,	,	PUNCT
cjfa-8204	6	8	4(2	4(2	NUM
cjfa-8204	6	9	)	)	PUNCT
cjfa-8204	6	10	,	,	PUNCT
cjfa-8204	6	11	195–209	195–209	NUM
cjfa-8204	6	12	.	.	PUNCT
cjfa-8204	7	1	http://dx.doi	http://dx.doi	NOUN
cjfa-8204	7	2	.	.	PUNCT
cjfa-8204	8	1	org/10.12775	org/10.12775	PROPN
cjfa-8204	8	2	/	/	SYM
cjfa-8204	8	3	cjfa.2015.024	cjfa.2015.024	VERB
cjfa-8204	8	4	adam	adam	PROPN
cjfa-8204	8	5	zaremba	zaremba	PROPN
cjfa-8204	8	6	*	*	PUNCT
cjfa-8204	8	7	poznań	poznań	PROPN
cjfa-8204	8	8	university	university	PROPN
cjfa-8204	8	9	of	of	ADP
cjfa-8204	8	10	economics	economics	PROPN
cjfa-8204	8	11	the	the	DET
cjfa-8204	8	12	january	january	PROPN
cjfa-8204	8	13	seasonality	seasonality	NOUN
cjfa-8204	8	14	and	and	CCONJ
cjfa-8204	8	15	the	the	DET
cjfa-8204	8	16	performance	performance	NOUN
cjfa-8204	8	17	of	of	ADP
cjfa-8204	8	18	country	country	NOUN
cjfa-8204	8	19	-	-	PUNCT
cjfa-8204	8	20	level	level	NOUN
cjfa-8204	8	21	value	value	NOUN
cjfa-8204	8	22	and	and	CCONJ
cjfa-8204	8	23	momentum	momentum	NOUN
cjfa-8204	8	24	strategies	strategy	NOUN
cjfa-8204	8	25	keywords	keyword	NOUN
cjfa-8204	8	26	:	:	PUNCT
cjfa-8204	8	27	january	january	NOUN
cjfa-8204	8	28	effect	effect	NOUN
cjfa-8204	8	29	,	,	PUNCT
cjfa-8204	8	30	turn	turn	NOUN
cjfa-8204	8	31	-	-	PUNCT
cjfa-8204	8	32	of	of	ADP
cjfa-8204	8	33	-	-	PUNCT
cjfa-8204	8	34	the	the	DET
cjfa-8204	8	35	-	-	PUNCT
cjfa-8204	8	36	year	year	NOUN
cjfa-8204	8	37	effect	effect	NOUN
cjfa-8204	8	38	,	,	PUNCT
cjfa-8204	8	39	value	value	NOUN
cjfa-8204	8	40	,	,	PUNCT
cjfa-8204	8	41	momentum	momentum	NOUN
cjfa-8204	8	42	,	,	PUNCT
cjfa-8204	8	43	country	country	NOUN
cjfa-8204	8	44	-	-	PUNCT
cjfa-8204	8	45	level	level	NOUN
cjfa-8204	8	46	anomalies	anomaly	NOUN
cjfa-8204	8	47	,	,	PUNCT
cjfa-8204	8	48	international	international	ADJ
cjfa-8204	8	49	investments	investment	NOUN
cjfa-8204	8	50	,	,	PUNCT
cjfa-8204	8	51	cross	cross	NOUN
cjfa-8204	8	52	section	section	NOUN
cjfa-8204	8	53	of	of	ADP
cjfa-8204	8	54	stock	stock	NOUN
cjfa-8204	8	55	returns	return	NOUN
cjfa-8204	8	56	,	,	PUNCT
cjfa-8204	8	57	asset	asset	NOUN
cjfa-8204	8	58	pricing	pricing	NOUN
cjfa-8204	8	59	.	.	PUNCT
cjfa-8204	9	1	j	j	PROPN
cjfa-8204	9	2	e	e	NOUN
cjfa-8204	9	3	l	l	PROPN
cjfa-8204	9	4	classification	classification	NOUN
cjfa-8204	9	5	:	:	PUNCT
cjfa-8204	9	6	g11	g11	PROPN
cjfa-8204	9	7	,	,	PUNCT
cjfa-8204	9	8	g12	g12	NOUN
cjfa-8204	9	9	,	,	PUNCT
cjfa-8204	9	10	g14	g14	PROPN
cjfa-8204	9	11	,	,	PUNCT
cjfa-8204	9	12	g15	g15	PROPN
cjfa-8204	9	13	.	.	PUNCT
cjfa-8204	10	1	abstract	abstract	PROPN
cjfa-8204	10	2	:	:	PUNCT
cjfa-8204	10	3	the	the	DET
cjfa-8204	10	4	study	study	NOUN
cjfa-8204	10	5	examines	examine	VERB
cjfa-8204	10	6	the	the	DET
cjfa-8204	10	7	turn	turn	VERB
cjfa-8204	10	8	-	-	PUNCT
cjfa-8204	10	9	of	of	ADP
cjfa-8204	10	10	-	-	PUNCT
cjfa-8204	10	11	the	the	DET
cjfa-8204	10	12	-	-	PUNCT
cjfa-8204	10	13	year	year	NOUN
cjfa-8204	10	14	effect	effect	NOUN
cjfa-8204	10	15	in	in	ADP
cjfa-8204	10	16	the	the	DET
cjfa-8204	10	17	country	country	NOUN
cjfa-8204	10	18	-	-	PUNCT
cjfa-8204	10	19	level	level	NOUN
cjfa-8204	10	20	value	value	NOUN
cjfa-8204	10	21	and	and	CCONJ
cjfa-8204	10	22	momentum	momentum	NOUN
cjfa-8204	10	23	strategies	strategy	NOUN
cjfa-8204	10	24	.	.	PUNCT
cjfa-8204	11	1	we	we	PRON
cjfa-8204	11	2	re	re	VERB
cjfa-8204	11	3	-	-	VERB
cjfa-8204	11	4	examine	examine	VERB
cjfa-8204	11	5	eight	eight	NUM
cjfa-8204	11	6	distinct	distinct	ADJ
cjfa-8204	11	7	value	value	NOUN
cjfa-8204	11	8	and	and	CCONJ
cjfa-8204	11	9	momentum	momentum	NOUN
cjfa-8204	11	10	strategies	strategy	NOUN
cjfa-8204	11	11	within	within	ADP
cjfa-8204	11	12	78	78	NUM
cjfa-8204	11	13	markets	market	NOUN
cjfa-8204	11	14	in	in	ADP
cjfa-8204	11	15	the	the	DET
cjfa-8204	11	16	1995	1995	NUM
cjfa-8204	11	17	-	-	SYM
cjfa-8204	11	18	2015	2015	NUM
cjfa-8204	11	19	period	period	NOUN
cjfa-8204	12	1	and	and	CCONJ
cjfa-8204	12	2	we	we	PRON
cjfa-8204	12	3	test	test	VERB
cjfa-8204	12	4	their	their	PRON
cjfa-8204	12	5	performance	performance	NOUN
cjfa-8204	12	6	for	for	ADP
cjfa-8204	12	7	the	the	DET
cjfa-8204	12	8	seasonal	seasonal	ADJ
cjfa-8204	12	9	patterns	pattern	NOUN
cjfa-8204	12	10	.	.	PUNCT
cjfa-8204	13	1	we	we	PRON
cjfa-8204	13	2	find	find	VERB
cjfa-8204	13	3	that	that	SCONJ
cjfa-8204	13	4	during	during	ADP
cjfa-8204	13	5	the	the	DET
cjfa-8204	13	6	last	last	ADJ
cjfa-8204	13	7	20	20	NUM
cjfa-8204	13	8	years	year	NOUN
cjfa-8204	13	9	the	the	DET
cjfa-8204	13	10	value	value	NOUN
cjfa-8204	13	11	strategies	strategy	NOUN
cjfa-8204	13	12	performed	perform	VERB
cjfa-8204	13	13	particularly	particularly	ADV
cjfa-8204	13	14	well	well	ADV
cjfa-8204	13	15	in	in	ADP
cjfa-8204	13	16	january	january	PROPN
cjfa-8204	13	17	and	and	CCONJ
cjfa-8204	13	18	poor	poor	ADJ
cjfa-8204	13	19	in	in	ADP
cjfa-8204	13	20	december	december	PROPN
cjfa-8204	13	21	.	.	PUNCT
cjfa-8204	14	1	on	on	ADP
cjfa-8204	14	2	the	the	DET
cjfa-8204	14	3	contrary	contrary	NOUN
cjfa-8204	14	4	,	,	PUNCT
cjfa-8204	14	5	the	the	DET
cjfa-8204	14	6	momentum	momentum	NOUN
cjfa-8204	14	7	strategies	strategy	NOUN
cjfa-8204	14	8	had	have	VERB
cjfa-8204	14	9	high	high	ADJ
cjfa-8204	14	10	returns	return	NOUN
cjfa-8204	14	11	in	in	ADP
cjfa-8204	14	12	december	december	PROPN
cjfa-8204	14	13	and	and	CCONJ
cjfa-8204	14	14	low	low	ADJ
cjfa-8204	14	15	in	in	ADP
cjfa-8204	14	16	january	january	PROPN
cjfa-8204	14	17	.	.	PUNCT
cjfa-8204	15	1	these	these	DET
cjfa-8204	15	2	observations	observation	NOUN
cjfa-8204	15	3	are	be	AUX
cjfa-8204	15	4	consistent	consistent	ADJ
cjfa-8204	15	5	with	with	ADP
cjfa-8204	15	6	the	the	DET
cjfa-8204	15	7	explanations	explanation	NOUN
cjfa-8204	15	8	of	of	ADP
cjfa-8204	15	9	the	the	DET
cjfa-8204	15	10	january	january	PROPN
cjfa-8204	15	11	seasonality	seasonality	NOUN
cjfa-8204	15	12	related	relate	VERB
cjfa-8204	15	13	to	to	ADP
cjfa-8204	15	14	the	the	DET
cjfa-8204	15	15	tax	tax	NOUN
cjfa-8204	15	16	loss	loss	NOUN
cjfa-8204	15	17	selling	selling	NOUN
cjfa-8204	15	18	and	and	CCONJ
cjfa-8204	15	19	window	window	NOUN
cjfa-8204	15	20	dressing	dressing	NOUN
cjfa-8204	15	21	effects	effect	NOUN
cjfa-8204	15	22	.	.	PUNCT
cjfa-8204	16	1	translated	translate	VERB
cjfa-8204	16	2	by	by	ADP
cjfa-8204	16	3	adam	adam	PROPN
cjfa-8204	16	4	zaremba	zaremba	PROPN
cjfa-8204	16	5	 	 	SPACE
cjfa-8204	16	6	introduction	introduction	NOUN
cjfa-8204	16	7	the	the	DET
cjfa-8204	16	8	primary	primary	ADJ
cjfa-8204	16	9	aim	aim	NOUN
cjfa-8204	16	10	of	of	ADP
cjfa-8204	16	11	this	this	DET
cjfa-8204	16	12	study	study	NOUN
cjfa-8204	16	13	is	be	AUX
cjfa-8204	16	14	to	to	PART
cjfa-8204	16	15	examine	examine	VERB
cjfa-8204	16	16	the	the	DET
cjfa-8204	16	17	influence	influence	NOUN
cjfa-8204	16	18	of	of	ADP
cjfa-8204	16	19	the	the	DET
cjfa-8204	16	20	turn	turn	NOUN
cjfa-8204	16	21	-	-	PUNCT
cjfa-8204	16	22	of	of	ADP
cjfa-8204	16	23	-theyear	-theyear	ADJ
cjfa-8204	16	24	effect	effect	NOUN
cjfa-8204	16	25	on	on	ADP
cjfa-8204	16	26	the	the	DET
cjfa-8204	16	27	performance	performance	NOUN
cjfa-8204	16	28	of	of	ADP
cjfa-8204	16	29	the	the	DET
cjfa-8204	16	30	country	country	NOUN
cjfa-8204	16	31	-	-	PUNCT
cjfa-8204	16	32	level	level	NOUN
cjfa-8204	16	33	anomalies	anomaly	NOUN
cjfa-8204	16	34	related	relate	VERB
cjfa-8204	16	35	to	to	ADP
cjfa-8204	16	36	valadam	valadam	PROPN
cjfa-8204	16	37	zaremba196	zaremba196	PROPN
cjfa-8204	16	38	ue	ue	NOUN
cjfa-8204	16	39	and	and	CCONJ
cjfa-8204	16	40	momentum	momentum	NOUN
cjfa-8204	16	41	effects	effect	NOUN
cjfa-8204	16	42	.	.	PUNCT
cjfa-8204	17	1	the	the	DET
cjfa-8204	17	2	turn	turn	VERB
cjfa-8204	17	3	-	-	PUNCT
cjfa-8204	17	4	of	of	ADP
cjfa-8204	17	5	-	-	PUNCT
cjfa-8204	17	6	the	the	DET
cjfa-8204	17	7	-	-	PUNCT
cjfa-8204	17	8	year	year	NOUN
cjfa-8204	17	9	effect	effect	NOUN
cjfa-8204	17	10	,	,	PUNCT
cjfa-8204	17	11	or	or	CCONJ
cjfa-8204	17	12	in	in	ADP
cjfa-8204	17	13	other	other	ADJ
cjfa-8204	17	14	words	word	NOUN
cjfa-8204	17	15	the	the	DET
cjfa-8204	17	16	january	january	PROPN
cjfa-8204	17	17	effect	effect	NOUN
cjfa-8204	17	18	,	,	PUNCT
cjfa-8204	17	19	is	be	AUX
cjfa-8204	17	20	a	a	DET
cjfa-8204	17	21	tendency	tendency	NOUN
cjfa-8204	17	22	of	of	SCONJ
cjfa-8204	17	23	stocks	stock	NOUN
cjfa-8204	17	24	to	to	PART
cjfa-8204	17	25	perform	perform	VERB
cjfa-8204	17	26	particularly	particularly	ADV
cjfa-8204	17	27	well	well	ADV
cjfa-8204	17	28	in	in	ADP
cjfa-8204	17	29	january	january	PROPN
cjfa-8204	17	30	.	.	PUNCT
cjfa-8204	18	1	since	since	SCONJ
cjfa-8204	18	2	its	its	PRON
cjfa-8204	18	3	discovery	discovery	NOUN
cjfa-8204	18	4	almost	almost	ADV
cjfa-8204	18	5	40	40	NUM
cjfa-8204	18	6	years	year	NOUN
cjfa-8204	18	7	ago	ago	ADV
cjfa-8204	18	8	(	(	PUNCT
cjfa-8204	18	9	rozeff	rozeff	NOUN
cjfa-8204	18	10	and	and	CCONJ
cjfa-8204	18	11	kinney	kinney	PROPN
cjfa-8204	18	12	1976	1976	NUM
cjfa-8204	18	13	)	)	PUNCT
cjfa-8204	18	14	,	,	PUNCT
cjfa-8204	18	15	it	it	PRON
cjfa-8204	18	16	has	have	AUX
cjfa-8204	18	17	been	be	AUX
cjfa-8204	18	18	explained	explain	VERB
cjfa-8204	18	19	in	in	ADP
cjfa-8204	18	20	many	many	ADJ
cjfa-8204	18	21	ways	way	NOUN
cjfa-8204	18	22	,	,	PUNCT
cjfa-8204	18	23	but	but	CCONJ
cjfa-8204	18	24	it	it	PRON
cjfa-8204	18	25	appears	appear	VERB
cjfa-8204	18	26	that	that	SCONJ
cjfa-8204	18	27	only	only	ADV
cjfa-8204	18	28	two	two	NUM
cjfa-8204	18	29	hypotheses	hypothesis	NOUN
cjfa-8204	18	30	hold	hold	VERB
cjfa-8204	18	31	up	up	ADP
cjfa-8204	18	32	to	to	ADP
cjfa-8204	18	33	serious	serious	ADJ
cjfa-8204	18	34	scrutiny	scrutiny	NOUN
cjfa-8204	18	35	.	.	PUNCT
cjfa-8204	19	1	the	the	DET
cjfa-8204	19	2	tax	tax	NOUN
cjfa-8204	19	3	loss	loss	NOUN
cjfa-8204	19	4	selling	selling	NOUN
cjfa-8204	19	5	story	story	NOUN
cjfa-8204	19	6	assumes	assume	VERB
cjfa-8204	19	7	that	that	SCONJ
cjfa-8204	19	8	at	at	ADP
cjfa-8204	19	9	the	the	DET
cjfa-8204	19	10	end	end	NOUN
cjfa-8204	19	11	of	of	ADP
cjfa-8204	19	12	the	the	DET
cjfa-8204	19	13	year	year	NOUN
cjfa-8204	19	14	investors	investor	NOUN
cjfa-8204	19	15	sell	sell	VERB
cjfa-8204	19	16	stocks	stock	NOUN
cjfa-8204	19	17	that	that	PRON
cjfa-8204	19	18	have	have	AUX
cjfa-8204	19	19	“	"	PUNCT
cjfa-8204	19	20	lost	lose	VERB
cjfa-8204	19	21	money	money	NOUN
cjfa-8204	19	22	”	"	PUNCT
cjfa-8204	19	23	to	to	PART
cjfa-8204	19	24	capture	capture	VERB
cjfa-8204	19	25	the	the	DET
cjfa-8204	19	26	capital	capital	NOUN
cjfa-8204	19	27	loss	loss	NOUN
cjfa-8204	19	28	,	,	PUNCT
cjfa-8204	19	29	resulting	result	VERB
cjfa-8204	19	30	in	in	ADP
cjfa-8204	19	31	the	the	DET
cjfa-8204	19	32	low	low	ADJ
cjfa-8204	19	33	or	or	CCONJ
cjfa-8204	19	34	negative	negative	ADJ
cjfa-8204	19	35	returns	return	NOUN
cjfa-8204	19	36	,	,	PUNCT
cjfa-8204	19	37	and	and	CCONJ
cjfa-8204	19	38	then	then	ADV
cjfa-8204	19	39	buy	buy	VERB
cjfa-8204	19	40	them	they	PRON
cjfa-8204	19	41	back	back	ADV
cjfa-8204	19	42	in	in	ADP
cjfa-8204	19	43	january	january	PROPN
cjfa-8204	19	44	,	,	PUNCT
cjfa-8204	19	45	driving	drive	VERB
cjfa-8204	19	46	the	the	DET
cjfa-8204	19	47	prices	price	NOUN
cjfa-8204	19	48	up	up	ADP
cjfa-8204	19	49	(	(	PUNCT
cjfa-8204	19	50	chen	chen	PROPN
cjfa-8204	19	51	and	and	CCONJ
cjfa-8204	19	52	singal	singal	PROPN
cjfa-8204	19	53	2004	2004	NUM
cjfa-8204	19	54	)	)	PUNCT
cjfa-8204	19	55	.	.	PUNCT
cjfa-8204	20	1	the	the	DET
cjfa-8204	20	2	second	second	ADJ
cjfa-8204	20	3	rationale	rationale	NOUN
cjfa-8204	20	4	–	–	PUNCT
cjfa-8204	20	5	the	the	DET
cjfa-8204	20	6	window	window	NOUN
cjfa-8204	20	7	dressing	dressing	NOUN
cjfa-8204	20	8	hypothesis	hypothesis	NOUN
cjfa-8204	20	9	relates	relate	VERB
cjfa-8204	20	10	the	the	DET
cjfa-8204	20	11	turn	turn	VERB
cjfa-8204	20	12	-	-	PUNCT
cjfa-8204	20	13	of	of	ADP
cjfa-8204	20	14	-	-	PUNCT
cjfa-8204	20	15	the	the	DET
cjfa-8204	20	16	-	-	PUNCT
cjfa-8204	20	17	year	year	NOUN
cjfa-8204	20	18	phenomenon	phenomenon	NOUN
cjfa-8204	20	19	to	to	ADP
cjfa-8204	20	20	the	the	DET
cjfa-8204	20	21	behaviour	behaviour	NOUN
cjfa-8204	20	22	of	of	ADP
cjfa-8204	20	23	institutional	institutional	ADJ
cjfa-8204	20	24	investors	investor	NOUN
cjfa-8204	20	25	,	,	PUNCT
cjfa-8204	20	26	who	who	PRON
cjfa-8204	20	27	“	"	PUNCT
cjfa-8204	20	28	clean	clean	ADJ
cjfa-8204	20	29	”	"	PUNCT
cjfa-8204	20	30	their	their	PRON
cjfa-8204	20	31	balance	balance	NOUN
cjfa-8204	20	32	sheets	sheet	NOUN
cjfa-8204	20	33	before	before	ADP
cjfa-8204	20	34	the	the	DET
cjfa-8204	20	35	end	end	NOUN
cjfa-8204	20	36	of	of	ADP
cjfa-8204	20	37	december	december	PROPN
cjfa-8204	20	38	.	.	PUNCT
cjfa-8204	21	1	this	this	PRON
cjfa-8204	21	2	is	be	AUX
cjfa-8204	21	3	the	the	DET
cjfa-8204	21	4	time	time	NOUN
cjfa-8204	21	5	when	when	SCONJ
cjfa-8204	21	6	the	the	DET
cjfa-8204	21	7	detailed	detailed	ADJ
cjfa-8204	21	8	portfolio	portfolio	NOUN
cjfa-8204	21	9	composition	composition	NOUN
cjfa-8204	21	10	is	be	AUX
cjfa-8204	21	11	reported	report	VERB
cjfa-8204	21	12	to	to	ADP
cjfa-8204	21	13	investors	investor	NOUN
cjfa-8204	21	14	(	(	PUNCT
cjfa-8204	21	15	haugen	haugen	PROPN
cjfa-8204	21	16	and	and	CCONJ
cjfa-8204	21	17	lakonishok	lakonishok	PROPN
cjfa-8204	21	18	1988	1988	NUM
cjfa-8204	21	19	,	,	PUNCT
cjfa-8204	21	20	lakonishok	lakonishok	NOUN
cjfa-8204	21	21	et	et	PROPN
cjfa-8204	21	22	al	al	PROPN
cjfa-8204	21	23	.	.	PROPN
cjfa-8204	21	24	1991	1991	NUM
cjfa-8204	21	25	)	)	PUNCT
cjfa-8204	21	26	.	.	PUNCT
cjfa-8204	22	1	thus	thus	ADV
cjfa-8204	22	2	,	,	PUNCT
cjfa-8204	22	3	they	they	PRON
cjfa-8204	22	4	sell	sell	VERB
cjfa-8204	22	5	the	the	DET
cjfa-8204	22	6	risky	risky	ADJ
cjfa-8204	22	7	and	and	CCONJ
cjfa-8204	22	8	neglected	neglect	VERB
cjfa-8204	22	9	stocks	stock	NOUN
cjfa-8204	22	10	in	in	ADP
cjfa-8204	22	11	december	december	PROPN
cjfa-8204	22	12	and	and	CCONJ
cjfa-8204	22	13	buy	buy	VERB
cjfa-8204	22	14	them	they	PRON
cjfa-8204	22	15	back	back	ADV
cjfa-8204	22	16	at	at	ADP
cjfa-8204	22	17	the	the	DET
cjfa-8204	22	18	beginning	beginning	NOUN
cjfa-8204	22	19	of	of	ADP
cjfa-8204	22	20	the	the	DET
cjfa-8204	22	21	year	year	NOUN
cjfa-8204	22	22	.	.	PUNCT
cjfa-8204	23	1	both	both	DET
cjfa-8204	23	2	hypotheses	hypothesis	NOUN
cjfa-8204	23	3	have	have	VERB
cjfa-8204	23	4	vivid	vivid	ADJ
cjfa-8204	23	5	implications	implication	NOUN
cjfa-8204	23	6	for	for	ADP
cjfa-8204	23	7	the	the	DET
cjfa-8204	23	8	two	two	NUM
cjfa-8204	23	9	most	most	ADV
cjfa-8204	23	10	popular	popular	ADJ
cjfa-8204	23	11	and	and	CCONJ
cjfa-8204	23	12	best	well	ADV
cjfa-8204	23	13	documented	document	VERB
cjfa-8204	23	14	cross	cross	ADJ
cjfa-8204	23	15	-	-	ADJ
cjfa-8204	23	16	sectional	sectional	ADJ
cjfa-8204	23	17	investment	investment	NOUN
cjfa-8204	23	18	strategies	strategy	NOUN
cjfa-8204	23	19	:	:	PUNCT
cjfa-8204	23	20	value	value	NOUN
cjfa-8204	23	21	and	and	CCONJ
cjfa-8204	23	22	momentum	momentum	NOUN
cjfa-8204	23	23	investing	investing	NOUN
cjfa-8204	23	24	.	.	PUNCT
cjfa-8204	24	1	the	the	DET
cjfa-8204	24	2	value	value	NOUN
cjfa-8204	24	3	effect	effect	NOUN
cjfa-8204	24	4	is	be	AUX
cjfa-8204	24	5	related	relate	VERB
cjfa-8204	24	6	to	to	ADP
cjfa-8204	24	7	the	the	DET
cjfa-8204	24	8	fact	fact	NOUN
cjfa-8204	24	9	that	that	SCONJ
cjfa-8204	24	10	stocks	stock	NOUN
cjfa-8204	24	11	with	with	ADP
cjfa-8204	24	12	high	high	ADJ
cjfa-8204	24	13	(	(	PUNCT
cjfa-8204	24	14	low	low	ADJ
cjfa-8204	24	15	)	)	PUNCT
cjfa-8204	24	16	fundamentals	fundamental	NOUN
cjfa-8204	24	17	relative	relative	ADJ
cjfa-8204	24	18	to	to	ADP
cjfa-8204	24	19	the	the	DET
cjfa-8204	24	20	market	market	NOUN
cjfa-8204	24	21	price	price	NOUN
cjfa-8204	24	22	outperform	outperform	NOUN
cjfa-8204	24	23	stocks	stock	NOUN
cjfa-8204	24	24	with	with	ADP
cjfa-8204	24	25	low	low	ADJ
cjfa-8204	24	26	(	(	PUNCT
cjfa-8204	24	27	high	high	ADJ
cjfa-8204	24	28	)	)	PUNCT
cjfa-8204	24	29	fundamentals	fundamental	NOUN
cjfa-8204	24	30	to	to	ADP
cjfa-8204	24	31	the	the	DET
cjfa-8204	24	32	price	price	NOUN
cjfa-8204	24	33	ratio	ratio	NOUN
cjfa-8204	24	34	.	.	PUNCT
cjfa-8204	25	1	the	the	DET
cjfa-8204	25	2	momentum	momentum	NOUN
cjfa-8204	25	3	anomaly	anomaly	NOUN
cjfa-8204	25	4	is	be	AUX
cjfa-8204	25	5	a	a	DET
cjfa-8204	25	6	phenomenon	phenomenon	NOUN
cjfa-8204	25	7	that	that	SCONJ
cjfa-8204	25	8	the	the	DET
cjfa-8204	25	9	stocks	stock	NOUN
cjfa-8204	25	10	that	that	PRON
cjfa-8204	25	11	performed	perform	VERB
cjfa-8204	25	12	well	well	INTJ
cjfa-8204	25	13	(	(	PUNCT
cjfa-8204	25	14	poor	poor	ADJ
cjfa-8204	25	15	)	)	PUNCT
cjfa-8204	25	16	over	over	ADP
cjfa-8204	25	17	recent	recent	ADJ
cjfa-8204	25	18	3	3	NUM
cjfa-8204	25	19	-	-	SYM
cjfa-8204	25	20	12	12	NUM
cjfa-8204	25	21	months	month	NOUN
cjfa-8204	25	22	usually	usually	ADV
cjfa-8204	25	23	continue	continue	VERB
cjfa-8204	25	24	to	to	PART
cjfa-8204	25	25	outperform	outperform	VERB
cjfa-8204	25	26	(	(	PUNCT
cjfa-8204	25	27	underperform	underperform	NOUN
cjfa-8204	25	28	)	)	PUNCT
cjfa-8204	25	29	.	.	PUNCT
cjfa-8204	26	1	both	both	DET
cjfa-8204	26	2	anomalies	anomaly	NOUN
cjfa-8204	26	3	are	be	AUX
cjfa-8204	26	4	proven	prove	VERB
cjfa-8204	26	5	to	to	PART
cjfa-8204	26	6	be	be	AUX
cjfa-8204	26	7	robust	robust	ADJ
cjfa-8204	26	8	and	and	CCONJ
cjfa-8204	26	9	reliable	reliable	ADJ
cjfa-8204	26	10	sources	source	NOUN
cjfa-8204	26	11	of	of	ADP
cjfa-8204	26	12	return	return	NOUN
cjfa-8204	26	13	and	and	CCONJ
cjfa-8204	26	14	both	both	PRON
cjfa-8204	26	15	of	of	ADP
cjfa-8204	26	16	them	they	PRON
cjfa-8204	26	17	have	have	AUX
cjfa-8204	26	18	been	be	AUX
cjfa-8204	26	19	documented	document	VERB
cjfa-8204	26	20	across	across	ADP
cjfa-8204	26	21	all	all	DET
cjfa-8204	26	22	the	the	DET
cjfa-8204	26	23	major	major	ADJ
cjfa-8204	26	24	asset	asset	NOUN
cjfa-8204	26	25	classes	class	NOUN
cjfa-8204	26	26	(	(	PUNCT
cjfa-8204	26	27	asness	asness	PROPN
cjfa-8204	26	28	et	et	PROPN
cjfa-8204	26	29	al	al	PROPN
cjfa-8204	26	30	.	.	PROPN
cjfa-8204	26	31	2013	2013	NUM
cjfa-8204	26	32	)	)	PUNCT
cjfa-8204	26	33	.	.	PUNCT
cjfa-8204	27	1	the	the	DET
cjfa-8204	27	2	both	both	DET
cjfa-8204	27	3	explanations	explanation	NOUN
cjfa-8204	27	4	of	of	ADP
cjfa-8204	27	5	the	the	DET
cjfa-8204	27	6	january	january	PROPN
cjfa-8204	27	7	effect	effect	NOUN
cjfa-8204	27	8	,	,	PUNCT
cjfa-8204	27	9	i.e.	i.e.	X
cjfa-8204	27	10	tax	tax	NOUN
cjfa-8204	27	11	loss	loss	NOUN
cjfa-8204	27	12	selling	selling	NOUN
cjfa-8204	27	13	and	and	CCONJ
cjfa-8204	27	14	window	window	NOUN
cjfa-8204	27	15	dressing	dressing	NOUN
cjfa-8204	27	16	hypotheses	hypothesis	NOUN
cjfa-8204	27	17	,	,	PUNCT
cjfa-8204	27	18	suggest	suggest	VERB
cjfa-8204	27	19	that	that	SCONJ
cjfa-8204	27	20	investors	investor	NOUN
cjfa-8204	27	21	should	should	AUX
cjfa-8204	27	22	sell	sell	VERB
cjfa-8204	27	23	risk	risk	NOUN
cjfa-8204	27	24	and	and	CCONJ
cjfa-8204	27	25	neglected	neglect	VERB
cjfa-8204	27	26	stocks	stock	NOUN
cjfa-8204	27	27	,	,	PUNCT
cjfa-8204	27	28	perhaps	perhaps	ADV
cjfa-8204	27	29	with	with	ADP
cjfa-8204	27	30	poor	poor	ADJ
cjfa-8204	27	31	past	past	ADJ
cjfa-8204	27	32	longterm	longterm	NOUN
cjfa-8204	27	33	performance	performance	NOUN
cjfa-8204	27	34	,	,	PUNCT
cjfa-8204	27	35	so	so	SCONJ
cjfa-8204	27	36	the	the	DET
cjfa-8204	27	37	stocks	stock	NOUN
cjfa-8204	27	38	that	that	PRON
cjfa-8204	27	39	bear	bear	VERB
cjfa-8204	27	40	all	all	DET
cjfa-8204	27	41	the	the	DET
cjfa-8204	27	42	characteristics	characteristic	NOUN
cjfa-8204	27	43	of	of	ADP
cjfa-8204	27	44	the	the	DET
cjfa-8204	27	45	value	value	NOUN
cjfa-8204	27	46	stocks	stock	NOUN
cjfa-8204	27	47	,	,	PUNCT
cjfa-8204	27	48	in	in	ADP
cjfa-8204	27	49	december	december	PROPN
cjfa-8204	27	50	,	,	PUNCT
cjfa-8204	27	51	and	and	CCONJ
cjfa-8204	27	52	then	then	ADV
cjfa-8204	27	53	buy	buy	VERB
cjfa-8204	27	54	them	they	PRON
cjfa-8204	27	55	back	back	ADV
cjfa-8204	27	56	in	in	ADP
cjfa-8204	27	57	january	january	PROPN
cjfa-8204	27	58	.	.	PUNCT
cjfa-8204	28	1	thus	thus	ADV
cjfa-8204	28	2	,	,	PUNCT
cjfa-8204	28	3	the	the	DET
cjfa-8204	28	4	value	value	NOUN
cjfa-8204	28	5	strategies	strategy	NOUN
cjfa-8204	28	6	should	should	AUX
cjfa-8204	28	7	underperform	underperform	VERB
cjfa-8204	28	8	in	in	ADP
cjfa-8204	28	9	december	december	PROPN
cjfa-8204	28	10	and	and	CCONJ
cjfa-8204	28	11	perform	perform	VERB
cjfa-8204	28	12	particularly	particularly	ADV
cjfa-8204	28	13	well	well	ADV
cjfa-8204	28	14	in	in	ADP
cjfa-8204	28	15	the	the	DET
cjfa-8204	28	16	beginning	beginning	NOUN
cjfa-8204	28	17	of	of	ADP
cjfa-8204	28	18	the	the	DET
cjfa-8204	28	19	year	year	NOUN
cjfa-8204	28	20	.	.	PUNCT
cjfa-8204	29	1	conversely	conversely	ADV
cjfa-8204	29	2	,	,	PUNCT
cjfa-8204	29	3	considering	consider	VERB
cjfa-8204	29	4	the	the	DET
cjfa-8204	29	5	momentum	momentum	NOUN
cjfa-8204	29	6	effect	effect	NOUN
cjfa-8204	29	7	,	,	PUNCT
cjfa-8204	29	8	investors	investor	NOUN
cjfa-8204	29	9	should	should	AUX
cjfa-8204	29	10	stick	stick	VERB
cjfa-8204	29	11	to	to	ADP
cjfa-8204	29	12	the	the	DET
cjfa-8204	29	13	winning	win	VERB
cjfa-8204	29	14	companies	company	NOUN
cjfa-8204	29	15	at	at	ADP
cjfa-8204	29	16	the	the	DET
cjfa-8204	29	17	end	end	NOUN
cjfa-8204	29	18	of	of	ADP
cjfa-8204	29	19	the	the	DET
cjfa-8204	29	20	year	year	NOUN
cjfa-8204	29	21	,	,	PUNCT
cjfa-8204	29	22	and	and	CCONJ
cjfa-8204	29	23	then	then	ADV
cjfa-8204	29	24	switch	switch	VERB
cjfa-8204	29	25	to	to	ADP
cjfa-8204	29	26	the	the	DET
cjfa-8204	29	27	value	value	NOUN
cjfa-8204	29	28	stocks	stock	NOUN
cjfa-8204	29	29	in	in	ADP
cjfa-8204	29	30	the	the	DET
cjfa-8204	29	31	january	january	PROPN
cjfa-8204	29	32	.	.	PUNCT
cjfa-8204	30	1	in	in	ADP
cjfa-8204	30	2	other	other	ADJ
cjfa-8204	30	3	words	word	NOUN
cjfa-8204	30	4	,	,	PUNCT
cjfa-8204	30	5	the	the	DET
cjfa-8204	30	6	momentum	momentum	NOUN
cjfa-8204	30	7	anomaly	anomaly	NOUN
cjfa-8204	30	8	should	should	AUX
cjfa-8204	30	9	deliver	deliver	VERB
cjfa-8204	30	10	high	high	ADJ
cjfa-8204	30	11	returns	return	NOUN
cjfa-8204	30	12	in	in	ADP
cjfa-8204	30	13	the	the	DET
cjfa-8204	30	14	last	last	ADJ
cjfa-8204	30	15	month	month	NOUN
cjfa-8204	30	16	of	of	ADP
cjfa-8204	30	17	the	the	DET
cjfa-8204	30	18	year	year	NOUN
cjfa-8204	30	19	,	,	PUNCT
cjfa-8204	30	20	but	but	CCONJ
cjfa-8204	30	21	also	also	ADV
cjfa-8204	30	22	rather	rather	ADV
cjfa-8204	30	23	poor	poor	ADJ
cjfa-8204	30	24	performance	performance	NOUN
cjfa-8204	30	25	in	in	ADP
cjfa-8204	30	26	january	january	PROPN
cjfa-8204	30	27	.	.	PUNCT
cjfa-8204	31	1	the	the	DET
cjfa-8204	31	2	empirical	empirical	ADJ
cjfa-8204	31	3	evidence	evidence	NOUN
cjfa-8204	31	4	seems	seem	VERB
cjfa-8204	31	5	to	to	PART
cjfa-8204	31	6	be	be	AUX
cjfa-8204	31	7	generally	generally	ADV
cjfa-8204	31	8	consistent	consistent	ADJ
cjfa-8204	31	9	with	with	ADP
cjfa-8204	31	10	these	these	DET
cjfa-8204	31	11	hypotheses	hypothesis	NOUN
cjfa-8204	31	12	.	.	PUNCT
cjfa-8204	32	1	davis	davis	PROPN
cjfa-8204	32	2	(	(	PUNCT
cjfa-8204	32	3	1994	1994	NUM
cjfa-8204	32	4	)	)	PUNCT
cjfa-8204	32	5	and	and	CCONJ
cjfa-8204	32	6	loughram	loughram	NOUN
cjfa-8204	32	7	(	(	PUNCT
cjfa-8204	32	8	1997	1997	NUM
cjfa-8204	32	9	)	)	PUNCT
cjfa-8204	32	10	find	find	VERB
cjfa-8204	32	11	that	that	SCONJ
cjfa-8204	32	12	the	the	DET
cjfa-8204	32	13	stocklevel	stocklevel	ADJ
cjfa-8204	32	14	value	value	NOUN
cjfa-8204	32	15	premium	premium	NOUN
cjfa-8204	32	16	is	be	AUX
cjfa-8204	32	17	particularly	particularly	ADV
cjfa-8204	32	18	high	high	ADJ
cjfa-8204	32	19	in	in	ADP
cjfa-8204	32	20	january	january	PROPN
cjfa-8204	32	21	,	,	PUNCT
cjfa-8204	32	22	while	while	SCONJ
cjfa-8204	32	23	yao	yao	PROPN
cjfa-8204	32	24	(	(	PUNCT
cjfa-8204	32	25	2012	2012	NUM
cjfa-8204	32	26	)	)	PUNCT
cjfa-8204	32	27	and	and	CCONJ
cjfa-8204	32	28	novymarx	novymarx	NOUN
cjfa-8204	32	29	(	(	PUNCT
cjfa-8204	32	30	2012	2012	NUM
cjfa-8204	32	31	)	)	PUNCT
cjfa-8204	32	32	indicate	indicate	VERB
cjfa-8204	32	33	,	,	PUNCT
cjfa-8204	32	34	that	that	SCONJ
cjfa-8204	32	35	the	the	DET
cjfa-8204	32	36	momentum	momentum	NOUN
cjfa-8204	32	37	returns	return	NOUN
cjfa-8204	32	38	are	be	AUX
cjfa-8204	32	39	highest	high	ADJ
cjfa-8204	32	40	in	in	ADP
cjfa-8204	32	41	december	december	PROPN
cjfa-8204	32	42	and	and	CCONJ
cjfa-8204	32	43	lowest	low	ADJ
cjfa-8204	32	44	in	in	ADP
cjfa-8204	32	45	january	january	PROPN
cjfa-8204	32	46	.	.	PUNCT
cjfa-8204	33	1	the	the	DET
cjfa-8204	33	2	january	january	PROPN
cjfa-8204	33	3	seasonality	seasonality	NOUN
cjfa-8204	33	4	and	and	CCONJ
cjfa-8204	33	5	the	the	DET
cjfa-8204	33	6	performance	performance	NOUN
cjfa-8204	33	7	…	…	PUNCT
cjfa-8204	33	8	197	197	NUM
cjfa-8204	33	9	in	in	ADP
cjfa-8204	33	10	this	this	DET
cjfa-8204	33	11	study	study	NOUN
cjfa-8204	33	12	,	,	PUNCT
cjfa-8204	33	13	we	we	PRON
cjfa-8204	33	14	bring	bring	VERB
cjfa-8204	33	15	the	the	DET
cjfa-8204	33	16	research	research	NOUN
cjfa-8204	33	17	on	on	ADP
cjfa-8204	33	18	the	the	DET
cjfa-8204	33	19	seasonality	seasonality	NOUN
cjfa-8204	33	20	in	in	ADP
cjfa-8204	33	21	value	value	NOUN
cjfa-8204	33	22	and	and	CCONJ
cjfa-8204	33	23	momentum	momentum	NOUN
cjfa-8204	33	24	returns	return	NOUN
cjfa-8204	33	25	into	into	ADP
cjfa-8204	33	26	a	a	DET
cjfa-8204	33	27	new	new	ADJ
cjfa-8204	33	28	global	global	ADJ
cjfa-8204	33	29	dimension	dimension	NOUN
cjfa-8204	33	30	.	.	PUNCT
cjfa-8204	34	1	a	a	DET
cjfa-8204	34	2	few	few	ADJ
cjfa-8204	34	3	studies	study	NOUN
cjfa-8204	34	4	show	show	VERB
cjfa-8204	34	5	,	,	PUNCT
cjfa-8204	34	6	that	that	SCONJ
cjfa-8204	34	7	the	the	DET
cjfa-8204	34	8	value	value	NOUN
cjfa-8204	34	9	and	and	CCONJ
cjfa-8204	34	10	momentum	momentum	NOUN
cjfa-8204	34	11	effects	effect	NOUN
cjfa-8204	34	12	could	could	AUX
cjfa-8204	34	13	be	be	AUX
cjfa-8204	34	14	applied	apply	VERB
cjfa-8204	34	15	not	not	PART
cjfa-8204	34	16	only	only	ADV
cjfa-8204	34	17	to	to	ADP
cjfa-8204	34	18	the	the	DET
cjfa-8204	34	19	stocks	stock	NOUN
cjfa-8204	34	20	,	,	PUNCT
cjfa-8204	34	21	but	but	CCONJ
cjfa-8204	34	22	also	also	ADV
cjfa-8204	34	23	entire	entire	ADJ
cjfa-8204	34	24	country	country	NOUN
cjfa-8204	34	25	equity	equity	NOUN
cjfa-8204	34	26	markets	market	NOUN
cjfa-8204	34	27	.	.	PUNCT
cjfa-8204	35	1	in	in	ADP
cjfa-8204	35	2	other	other	ADJ
cjfa-8204	35	3	words	word	NOUN
cjfa-8204	35	4	,	,	PUNCT
cjfa-8204	35	5	there	there	PRON
cjfa-8204	35	6	is	be	VERB
cjfa-8204	35	7	substantial	substantial	ADJ
cjfa-8204	35	8	evidence	evidence	NOUN
cjfa-8204	35	9	that	that	SCONJ
cjfa-8204	35	10	countries	country	NOUN
cjfa-8204	35	11	with	with	ADP
cjfa-8204	35	12	the	the	DET
cjfa-8204	35	13	high	high	ADJ
cjfa-8204	35	14	fundamentals	fundamental	NOUN
cjfa-8204	35	15	relative	relative	ADJ
cjfa-8204	35	16	to	to	ADP
cjfa-8204	35	17	the	the	DET
cjfa-8204	35	18	market	market	NOUN
cjfa-8204	35	19	capitalization	capitalization	NOUN
cjfa-8204	35	20	outperform	outperform	NOUN
cjfa-8204	35	21	countries	country	NOUN
cjfa-8204	35	22	with	with	ADP
cjfa-8204	35	23	the	the	DET
cjfa-8204	35	24	low	low	ADJ
cjfa-8204	35	25	fundamentals	fundamental	NOUN
cjfa-8204	35	26	relative	relative	ADJ
cjfa-8204	35	27	to	to	ADP
cjfa-8204	35	28	stock	stock	NOUN
cjfa-8204	35	29	market	market	NOUN
cjfa-8204	35	30	capitalization	capitalization	NOUN
cjfa-8204	35	31	(	(	PUNCT
cjfa-8204	35	32	asness	asness	PROPN
cjfa-8204	35	33	et	et	PROPN
cjfa-8204	35	34	al	al	PROPN
cjfa-8204	35	35	.	.	PROPN
cjfa-8204	35	36	1997	1997	NUM
cjfa-8204	35	37	,	,	PUNCT
cjfa-8204	35	38	kim	kim	PROPN
cjfa-8204	35	39	2012	2012	NUM
cjfa-8204	35	40	,	,	PUNCT
cjfa-8204	35	41	zaremba	zaremba	NOUN
cjfa-8204	35	42	2015a	2015a	NUM
cjfa-8204	35	43	)	)	PUNCT
cjfa-8204	35	44	.	.	PUNCT
cjfa-8204	36	1	analogously	analogously	ADV
cjfa-8204	36	2	,	,	PUNCT
cjfa-8204	36	3	the	the	DET
cjfa-8204	36	4	stock	stock	NOUN
cjfa-8204	36	5	markets	market	NOUN
cjfa-8204	36	6	that	that	PRON
cjfa-8204	36	7	outperformed	outperform	VERB
cjfa-8204	36	8	in	in	ADP
cjfa-8204	36	9	the	the	DET
cjfa-8204	36	10	past	past	ADJ
cjfa-8204	36	11	12	12	NUM
cjfa-8204	36	12	months	month	NOUN
cjfa-8204	36	13	tend	tend	VERB
cjfa-8204	36	14	to	to	PART
cjfa-8204	36	15	perform	perform	VERB
cjfa-8204	36	16	well	well	ADV
cjfa-8204	36	17	in	in	ADP
cjfa-8204	36	18	the	the	DET
cjfa-8204	36	19	future	future	NOUN
cjfa-8204	36	20	(	(	PUNCT
cjfa-8204	36	21	bhojraj	bhojraj	NOUN
cjfa-8204	36	22	and	and	CCONJ
cjfa-8204	36	23	swaminathan	swaminathan	ADV
cjfa-8204	36	24	2006	2006	NUM
cjfa-8204	36	25	,	,	PUNCT
cjfa-8204	36	26	balvers	balver	NOUN
cjfa-8204	36	27	and	and	CCONJ
cjfa-8204	36	28	wu	wu	PROPN
cjfa-8204	36	29	2006	2006	NUM
cjfa-8204	36	30	)	)	PUNCT
cjfa-8204	36	31	.	.	PUNCT
cjfa-8204	37	1	but	but	CCONJ
cjfa-8204	37	2	does	do	AUX
cjfa-8204	37	3	the	the	DET
cjfa-8204	37	4	turn	turn	VERB
cjfa-8204	37	5	-	-	PUNCT
cjfa-8204	37	6	of	of	ADP
cjfa-8204	37	7	-	-	PUNCT
cjfa-8204	37	8	the	the	DET
cjfa-8204	37	9	-	-	PUNCT
cjfa-8204	37	10	year	year	NOUN
cjfa-8204	37	11	seasonality	seasonality	NOUN
cjfa-8204	37	12	exert	exert	VERB
cjfa-8204	37	13	similar	similar	ADJ
cjfa-8204	37	14	impact	impact	NOUN
cjfa-8204	37	15	on	on	ADP
cjfa-8204	37	16	the	the	DET
cjfa-8204	37	17	country	country	NOUN
cjfa-8204	37	18	-	-	PUNCT
cjfa-8204	37	19	level	level	NOUN
cjfa-8204	37	20	value	value	NOUN
cjfa-8204	37	21	and	and	CCONJ
cjfa-8204	37	22	momentum	momentum	NOUN
cjfa-8204	37	23	effects	effect	NOUN
cjfa-8204	37	24	as	as	ADP
cjfa-8204	37	25	on	on	ADP
cjfa-8204	37	26	the	the	DET
cjfa-8204	37	27	stock	stock	NOUN
cjfa-8204	37	28	-	-	PUNCT
cjfa-8204	37	29	level	level	NOUN
cjfa-8204	37	30	anomalies	anomaly	NOUN
cjfa-8204	37	31	?	?	PUNCT
cjfa-8204	38	1	the	the	DET
cjfa-8204	38	2	goal	goal	NOUN
cjfa-8204	38	3	of	of	ADP
cjfa-8204	38	4	this	this	DET
cjfa-8204	38	5	study	study	NOUN
cjfa-8204	38	6	is	be	AUX
cjfa-8204	38	7	to	to	PART
cjfa-8204	38	8	answer	answer	VERB
cjfa-8204	38	9	this	this	DET
cjfa-8204	38	10	question	question	NOUN
cjfa-8204	38	11	,	,	PUNCT
cjfa-8204	38	12	that	that	PRON
cjfa-8204	38	13	has	have	AUX
cjfa-8204	38	14	not	not	PART
cjfa-8204	38	15	been	be	AUX
cjfa-8204	38	16	discussed	discuss	VERB
cjfa-8204	38	17	in	in	ADP
cjfa-8204	38	18	the	the	DET
cjfa-8204	38	19	global	global	ADJ
cjfa-8204	38	20	academic	academic	ADJ
cjfa-8204	38	21	literature	literature	PROPN
cjfa-8204	38	22	yet	yet	ADV
cjfa-8204	38	23	.	.	PUNCT
cjfa-8204	39	1	presumably	presumably	ADV
cjfa-8204	39	2	,	,	PUNCT
cjfa-8204	39	3	the	the	DET
cjfa-8204	39	4	same	same	ADJ
cjfa-8204	39	5	arguments	argument	NOUN
cjfa-8204	39	6	stemming	stem	VERB
cjfa-8204	39	7	from	from	ADP
cjfa-8204	39	8	the	the	DET
cjfa-8204	39	9	tax	tax	NOUN
cjfa-8204	39	10	selling	selling	NOUN
cjfa-8204	39	11	and	and	CCONJ
cjfa-8204	39	12	window	window	NOUN
cjfa-8204	39	13	dressing	dressing	NOUN
cjfa-8204	39	14	explanations	explanation	NOUN
cjfa-8204	39	15	that	that	PRON
cjfa-8204	39	16	are	be	AUX
cjfa-8204	39	17	used	use	VERB
cjfa-8204	39	18	for	for	ADP
cjfa-8204	39	19	the	the	DET
cjfa-8204	39	20	stock	stock	NOUN
cjfa-8204	39	21	-	-	PUNCT
cjfa-8204	39	22	level	level	NOUN
cjfa-8204	39	23	effects	effect	NOUN
cjfa-8204	39	24	,	,	PUNCT
cjfa-8204	39	25	could	could	AUX
cjfa-8204	39	26	be	be	AUX
cjfa-8204	39	27	also	also	ADV
cjfa-8204	39	28	applied	apply	VERB
cjfa-8204	39	29	for	for	ADP
cjfa-8204	39	30	the	the	DET
cjfa-8204	39	31	country	country	NOUN
cjfa-8204	39	32	-	-	PUNCT
cjfa-8204	39	33	level	level	NOUN
cjfa-8204	39	34	effects	effect	NOUN
cjfa-8204	39	35	.	.	PUNCT
cjfa-8204	40	1	on	on	ADP
cjfa-8204	40	2	the	the	DET
cjfa-8204	40	3	one	one	NUM
cjfa-8204	40	4	hand	hand	NOUN
cjfa-8204	40	5	,	,	PUNCT
cjfa-8204	40	6	investment	investment	NOUN
cjfa-8204	40	7	managers	manager	NOUN
cjfa-8204	40	8	might	might	AUX
cjfa-8204	40	9	reduce	reduce	VERB
cjfa-8204	40	10	the	the	DET
cjfa-8204	40	11	exposure	exposure	NOUN
cjfa-8204	40	12	to	to	ADP
cjfa-8204	40	13	risky	risky	ADJ
cjfa-8204	40	14	countries	country	NOUN
cjfa-8204	40	15	,	,	PUNCT
cjfa-8204	40	16	that	that	PRON
cjfa-8204	40	17	would	would	AUX
cjfa-8204	40	18	not	not	PART
cjfa-8204	40	19	be	be	AUX
cjfa-8204	40	20	well	well	ADV
cjfa-8204	40	21	perceived	perceive	VERB
cjfa-8204	40	22	by	by	ADP
cjfa-8204	40	23	investors	investor	NOUN
cjfa-8204	40	24	reviewing	review	VERB
cjfa-8204	40	25	the	the	DET
cjfa-8204	40	26	funds	fund	NOUN
cjfa-8204	40	27	’	'	PUNCT
cjfa-8204	40	28	financial	financial	ADJ
cjfa-8204	40	29	statements	statement	NOUN
cjfa-8204	40	30	.	.	PUNCT
cjfa-8204	41	1	on	on	ADP
cjfa-8204	41	2	the	the	DET
cjfa-8204	41	3	other	other	ADJ
cjfa-8204	41	4	hand	hand	NOUN
cjfa-8204	41	5	,	,	PUNCT
cjfa-8204	41	6	the	the	DET
cjfa-8204	41	7	individual	individual	ADJ
cjfa-8204	41	8	investors	investor	NOUN
cjfa-8204	41	9	could	could	AUX
cjfa-8204	41	10	sell	sell	VERB
cjfa-8204	41	11	the	the	DET
cjfa-8204	41	12	funds	fund	NOUN
cjfa-8204	41	13	exposed	expose	VERB
cjfa-8204	41	14	to	to	ADP
cjfa-8204	41	15	the	the	DET
cjfa-8204	41	16	“	"	PUNCT
cjfa-8204	41	17	loser	loser	ADJ
cjfa-8204	41	18	countries	country	NOUN
cjfa-8204	41	19	”	"	PUNCT
cjfa-8204	41	20	to	to	PART
cjfa-8204	41	21	capture	capture	VERB
cjfa-8204	41	22	the	the	DET
cjfa-8204	41	23	capital	capital	NOUN
cjfa-8204	41	24	loss	loss	NOUN
cjfa-8204	41	25	.	.	PUNCT
cjfa-8204	42	1	the	the	DET
cjfa-8204	42	2	impact	impact	NOUN
cjfa-8204	42	3	of	of	ADP
cjfa-8204	42	4	both	both	DET
cjfa-8204	42	5	effects	effect	NOUN
cjfa-8204	42	6	would	would	AUX
cjfa-8204	42	7	be	be	AUX
cjfa-8204	42	8	potentially	potentially	ADV
cjfa-8204	42	9	unwound	unwound	ADJ
cjfa-8204	42	10	in	in	ADP
cjfa-8204	42	11	january	january	PROPN
cjfa-8204	42	12	.	.	PUNCT
cjfa-8204	43	1	summing	sum	VERB
cjfa-8204	43	2	up	up	ADP
cjfa-8204	43	3	,	,	PUNCT
cjfa-8204	43	4	we	we	PRON
cjfa-8204	43	5	suppose	suppose	VERB
cjfa-8204	43	6	that	that	SCONJ
cjfa-8204	43	7	the	the	DET
cjfa-8204	43	8	turn	turn	VERB
cjfa-8204	43	9	-	-	PUNCT
cjfa-8204	43	10	of	of	ADP
cjfa-8204	43	11	-	-	PUNCT
cjfa-8204	43	12	the	the	DET
cjfa-8204	43	13	-	-	PUNCT
cjfa-8204	43	14	year	year	NOUN
cjfa-8204	43	15	effect	effect	NOUN
cjfa-8204	43	16	could	could	AUX
cjfa-8204	43	17	be	be	AUX
cjfa-8204	43	18	applied	apply	VERB
cjfa-8204	43	19	to	to	ADP
cjfa-8204	43	20	the	the	DET
cjfa-8204	43	21	country	country	NOUN
cjfa-8204	43	22	-	-	PUNCT
cjfa-8204	43	23	level	level	NOUN
cjfa-8204	43	24	value	value	NOUN
cjfa-8204	43	25	and	and	CCONJ
cjfa-8204	43	26	momentum	momentum	NOUN
cjfa-8204	43	27	strategies	strategy	NOUN
cjfa-8204	43	28	,	,	PUNCT
cjfa-8204	43	29	analogous	analogous	ADJ
cjfa-8204	43	30	as	as	ADP
cjfa-8204	43	31	to	to	ADP
cjfa-8204	43	32	the	the	DET
cjfa-8204	43	33	stocklevel	stocklevel	ADJ
cjfa-8204	43	34	parallels	parallel	NOUN
cjfa-8204	43	35	.	.	PUNCT
cjfa-8204	44	1	we	we	PRON
cjfa-8204	44	2	expect	expect	VERB
cjfa-8204	44	3	the	the	DET
cjfa-8204	44	4	value	value	NOUN
cjfa-8204	44	5	strategies	strategy	NOUN
cjfa-8204	44	6	to	to	PART
cjfa-8204	44	7	outperform	outperform	VERB
cjfa-8204	44	8	in	in	ADP
cjfa-8204	44	9	january	january	PROPN
cjfa-8204	44	10	relative	relative	ADJ
cjfa-8204	44	11	to	to	ADP
cjfa-8204	44	12	december	december	PROPN
cjfa-8204	44	13	,	,	PUNCT
cjfa-8204	44	14	and	and	CCONJ
cjfa-8204	44	15	the	the	DET
cjfa-8204	44	16	momentum	momentum	NOUN
cjfa-8204	44	17	portfolios	portfolio	NOUN
cjfa-8204	44	18	to	to	PART
cjfa-8204	44	19	have	have	VERB
cjfa-8204	44	20	higher	high	ADJ
cjfa-8204	44	21	returns	return	NOUN
cjfa-8204	44	22	in	in	ADP
cjfa-8204	44	23	december	december	PROPN
cjfa-8204	44	24	than	than	ADP
cjfa-8204	44	25	in	in	ADP
cjfa-8204	44	26	january	january	PROPN
cjfa-8204	44	27	.	.	PUNCT
cjfa-8204	45	1	thus	thus	ADV
cjfa-8204	45	2	,	,	PUNCT
cjfa-8204	45	3	our	our	PRON
cjfa-8204	45	4	null	null	ADJ
cjfa-8204	45	5	hypothesis	hypothesis	NOUN
cjfa-8204	45	6	is	be	AUX
cjfa-8204	45	7	:	:	PUNCT
cjfa-8204	45	8	h0	h0	PROPN
cjfa-8204	45	9	:	:	PUNCT
cjfa-8204	45	10	the	the	DET
cjfa-8204	45	11	country	country	NOUN
cjfa-8204	45	12	-	-	PUNCT
cjfa-8204	45	13	level	level	NOUN
cjfa-8204	45	14	value	value	NOUN
cjfa-8204	45	15	and	and	CCONJ
cjfa-8204	45	16	momentum	momentum	NOUN
cjfa-8204	45	17	strategies	strategy	NOUN
cjfa-8204	45	18	have	have	VERB
cjfa-8204	45	19	equal	equal	ADJ
cjfa-8204	45	20	returns	return	NOUN
cjfa-8204	45	21	in	in	ADP
cjfa-8204	45	22	december	december	PROPN
cjfa-8204	45	23	and	and	CCONJ
cjfa-8204	45	24	january	january	PROPN
cjfa-8204	45	25	,	,	PUNCT
cjfa-8204	45	26	with	with	ADP
cjfa-8204	45	27	the	the	DET
cjfa-8204	45	28	alternative	alternative	ADJ
cjfa-8204	45	29	hypothesis	hypothesis	NOUN
cjfa-8204	45	30	assuming	assume	VERB
cjfa-8204	45	31	the	the	DET
cjfa-8204	45	32	contrary	contrary	NOUN
cjfa-8204	45	33	:	:	PUNCT
cjfa-8204	45	34	h1	h1	PROPN
cjfa-8204	45	35	:	:	PUNCT
cjfa-8204	45	36	the	the	DET
cjfa-8204	45	37	country	country	NOUN
cjfa-8204	45	38	-	-	PUNCT
cjfa-8204	45	39	level	level	NOUN
cjfa-8204	45	40	value	value	NOUN
cjfa-8204	45	41	and	and	CCONJ
cjfa-8204	45	42	momentum	momentum	NOUN
cjfa-8204	45	43	strategies	strategy	NOUN
cjfa-8204	45	44	do	do	AUX
cjfa-8204	45	45	not	not	PART
cjfa-8204	45	46	have	have	VERB
cjfa-8204	45	47	equal	equal	ADJ
cjfa-8204	45	48	returns	return	NOUN
cjfa-8204	45	49	in	in	ADP
cjfa-8204	45	50	december	december	PROPN
cjfa-8204	45	51	and	and	CCONJ
cjfa-8204	45	52	january	january	PROPN
cjfa-8204	45	53	.	.	PUNCT
cjfa-8204	46	1	the	the	DET
cjfa-8204	46	2	motivation	motivation	NOUN
cjfa-8204	46	3	for	for	ADP
cjfa-8204	46	4	this	this	DET
cjfa-8204	46	5	study	study	NOUN
cjfa-8204	46	6	is	be	AUX
cjfa-8204	46	7	twofold	twofold	ADJ
cjfa-8204	46	8	.	.	PUNCT
cjfa-8204	47	1	first	first	ADV
cjfa-8204	47	2	,	,	PUNCT
cjfa-8204	47	3	we	we	PRON
cjfa-8204	47	4	want	want	VERB
cjfa-8204	47	5	to	to	PART
cjfa-8204	47	6	provide	provide	VERB
cjfa-8204	47	7	fresh	fresh	ADJ
cjfa-8204	47	8	outof	outof	NOUN
cjfa-8204	47	9	-	-	PUNCT
cjfa-8204	47	10	sample	sample	NOUN
cjfa-8204	47	11	evidence	evidence	NOUN
cjfa-8204	47	12	on	on	ADP
cjfa-8204	47	13	the	the	DET
cjfa-8204	47	14	turn	turn	NOUN
cjfa-8204	47	15	-	-	PUNCT
cjfa-8204	47	16	of	of	ADP
cjfa-8204	47	17	-	-	PUNCT
cjfa-8204	47	18	the	the	DET
cjfa-8204	47	19	-	-	PUNCT
cjfa-8204	47	20	year	year	NOUN
cjfa-8204	47	21	effect	effect	NOUN
cjfa-8204	47	22	.	.	PUNCT
cjfa-8204	48	1	but	but	CCONJ
cjfa-8204	48	2	second	second	ADJ
cjfa-8204	48	3	,	,	PUNCT
cjfa-8204	48	4	and	and	CCONJ
cjfa-8204	48	5	more	more	ADV
cjfa-8204	48	6	importantly	importantly	ADV
cjfa-8204	48	7	,	,	PUNCT
cjfa-8204	48	8	the	the	DET
cjfa-8204	48	9	goal	goal	NOUN
cjfa-8204	48	10	is	be	AUX
cjfa-8204	48	11	to	to	PART
cjfa-8204	48	12	offer	offer	VERB
cjfa-8204	48	13	new	new	ADJ
cjfa-8204	48	14	tools	tool	NOUN
cjfa-8204	48	15	for	for	ADP
cjfa-8204	48	16	international	international	ADJ
cjfa-8204	48	17	investors	investor	NOUN
cjfa-8204	48	18	.	.	PUNCT
cjfa-8204	49	1	the	the	DET
cjfa-8204	49	2	stock	stock	NOUN
cjfa-8204	49	3	-	-	PUNCT
cjfa-8204	49	4	level	level	NOUN
cjfa-8204	49	5	adam	adam	PROPN
cjfa-8204	49	6	zaremba198	zaremba198	PROPN
cjfa-8204	49	7	market	market	NOUN
cjfa-8204	49	8	participants	participant	NOUN
cjfa-8204	49	9	have	have	VERB
cjfa-8204	49	10	at	at	ADP
cjfa-8204	49	11	their	their	PRON
cjfa-8204	49	12	disposal	disposal	NOUN
cjfa-8204	49	13	substantial	substantial	ADJ
cjfa-8204	49	14	economic	economic	ADJ
cjfa-8204	49	15	literature	literature	NOUN
cjfa-8204	49	16	devoted	devote	VERB
cjfa-8204	49	17	to	to	ADP
cjfa-8204	49	18	cross	cross	ADJ
cjfa-8204	49	19	-	-	ADJ
cjfa-8204	49	20	sectional	sectional	ADJ
cjfa-8204	49	21	return	return	NOUN
cjfa-8204	49	22	patterns	pattern	NOUN
cjfa-8204	49	23	.	.	PUNCT
cjfa-8204	50	1	jacobs	jacobs	PROPN
cjfa-8204	50	2	(	(	PUNCT
cjfa-8204	50	3	2015	2015	NUM
cjfa-8204	50	4	)	)	PUNCT
cjfa-8204	50	5	recently	recently	ADV
cjfa-8204	50	6	reviewed	review	VERB
cjfa-8204	50	7	100	100	NUM
cjfa-8204	50	8	stock	stock	NOUN
cjfa-8204	50	9	-	-	PUNCT
cjfa-8204	50	10	market	market	NOUN
cjfa-8204	50	11	anomalies	anomaly	NOUN
cjfa-8204	50	12	from	from	ADP
cjfa-8204	50	13	tier	tier	NOUN
cjfa-8204	50	14	-	-	PUNCT
cjfa-8204	50	15	one	one	NUM
cjfa-8204	50	16	academic	academic	ADJ
cjfa-8204	50	17	journals	journal	NOUN
cjfa-8204	50	18	.	.	PUNCT
cjfa-8204	51	1	in	in	ADP
cjfa-8204	51	2	comparison	comparison	NOUN
cjfa-8204	51	3	with	with	ADP
cjfa-8204	51	4	this	this	DET
cjfa-8204	51	5	“	"	PUNCT
cjfa-8204	51	6	factor	factor	NOUN
cjfa-8204	51	7	zoo	zoo	NOUN
cjfa-8204	51	8	”	"	PUNCT
cjfa-8204	51	9	,	,	PUNCT
cjfa-8204	51	10	the	the	DET
cjfa-8204	51	11	tools	tool	NOUN
cjfa-8204	51	12	available	available	ADJ
cjfa-8204	51	13	for	for	ADP
cjfa-8204	51	14	country	country	NOUN
cjfa-8204	51	15	-	-	PUNCT
cjfa-8204	51	16	level	level	NOUN
cjfa-8204	51	17	investors	investor	NOUN
cjfa-8204	51	18	,	,	PUNCT
cjfa-8204	51	19	who	who	PRON
cjfa-8204	51	20	base	base	VERB
cjfa-8204	51	21	their	their	PRON
cjfa-8204	51	22	strategies	strategy	NOUN
cjfa-8204	51	23	on	on	ADP
cjfa-8204	51	24	exchange	exchange	NOUN
cjfa-8204	51	25	traded	trade	VERB
cjfa-8204	51	26	funds	fund	NOUN
cjfa-8204	51	27	(	(	PUNCT
cjfa-8204	51	28	etfs	etfs	NOUN
cjfa-8204	51	29	)	)	PUNCT
cjfa-8204	51	30	or	or	CCONJ
cjfa-8204	51	31	stock	stock	NOUN
cjfa-8204	51	32	index	index	NOUN
cjfa-8204	51	33	futures	future	NOUN
cjfa-8204	51	34	,	,	PUNCT
cjfa-8204	51	35	are	be	AUX
cjfa-8204	51	36	rather	rather	ADV
cjfa-8204	51	37	modest	modest	ADJ
cjfa-8204	51	38	.	.	PUNCT
cjfa-8204	52	1	furthermore	furthermore	ADV
cjfa-8204	52	2	,	,	PUNCT
cjfa-8204	52	3	the	the	DET
cjfa-8204	52	4	papers	paper	NOUN
cjfa-8204	52	5	containing	contain	VERB
cjfa-8204	52	6	meta	meta	ADJ
cjfa-8204	52	7	-	-	PUNCT
cjfa-8204	52	8	analysis	analysis	NOUN
cjfa-8204	52	9	,	,	PUNCT
cjfa-8204	52	10	that	that	PRON
cjfa-8204	52	11	investigate	investigate	VERB
cjfa-8204	52	12	some	some	DET
cjfa-8204	52	13	commonalities	commonality	NOUN
cjfa-8204	52	14	across	across	ADP
cjfa-8204	52	15	the	the	DET
cjfa-8204	52	16	country	country	NOUN
cjfa-8204	52	17	-	-	PUNCT
cjfa-8204	52	18	level	level	NOUN
cjfa-8204	52	19	anomalies	anomaly	NOUN
cjfa-8204	52	20	,	,	PUNCT
cjfa-8204	52	21	are	be	AUX
cjfa-8204	52	22	almost	almost	ADV
cjfa-8204	52	23	non	non	ADJ
cjfa-8204	52	24	-	-	ADJ
cjfa-8204	52	25	existent	existent	ADJ
cjfa-8204	52	26	.	.	PUNCT
cjfa-8204	53	1	this	this	DET
cjfa-8204	53	2	shortage	shortage	NOUN
cjfa-8204	53	3	of	of	ADP
cjfa-8204	53	4	useful	useful	ADJ
cjfa-8204	53	5	tools	tool	NOUN
cjfa-8204	53	6	is	be	AUX
cjfa-8204	53	7	particularly	particularly	ADV
cjfa-8204	53	8	striking	striking	ADJ
cjfa-8204	53	9	given	give	VERB
cjfa-8204	53	10	the	the	DET
cjfa-8204	53	11	fact	fact	NOUN
cjfa-8204	53	12	that	that	SCONJ
cjfa-8204	53	13	the	the	DET
cjfa-8204	53	14	last	last	ADJ
cjfa-8204	53	15	years	year	NOUN
cjfa-8204	53	16	have	have	AUX
cjfa-8204	53	17	seen	see	VERB
cjfa-8204	53	18	unprecedented	unprecedented	ADJ
cjfa-8204	53	19	growth	growth	NOUN
cjfa-8204	53	20	of	of	ADP
cjfa-8204	53	21	country	country	NOUN
cjfa-8204	53	22	-	-	PUNCT
cjfa-8204	53	23	level	level	NOUN
cjfa-8204	53	24	investment	investment	NOUN
cjfa-8204	53	25	vehicles	vehicle	NOUN
cjfa-8204	53	26	:	:	PUNCT
cjfa-8204	53	27	e.g.	e.g.	ADV
cjfa-8204	53	28	futures	future	NOUN
cjfa-8204	53	29	,	,	PUNCT
cjfa-8204	53	30	index	index	NOUN
cjfa-8204	53	31	funds	fund	NOUN
cjfa-8204	53	32	and	and	CCONJ
cjfa-8204	53	33	etfs	etfs	NOUN
cjfa-8204	53	34	.	.	PUNCT
cjfa-8204	54	1	these	these	DET
cjfa-8204	54	2	structural	structural	ADJ
cjfa-8204	54	3	changes	change	NOUN
cjfa-8204	54	4	call	call	VERB
cjfa-8204	54	5	for	for	ADP
cjfa-8204	54	6	new	new	ADJ
cjfa-8204	54	7	tools	tool	NOUN
cjfa-8204	54	8	for	for	ADP
cjfa-8204	54	9	global	global	ADJ
cjfa-8204	54	10	investors	investor	NOUN
cjfa-8204	54	11	.	.	PUNCT
cjfa-8204	55	1	this	this	DET
cjfa-8204	55	2	study	study	NOUN
cjfa-8204	55	3	investigates	investigate	VERB
cjfa-8204	55	4	the	the	DET
cjfa-8204	55	5	performance	performance	NOUN
cjfa-8204	55	6	of	of	ADP
cjfa-8204	55	7	eight	eight	NUM
cjfa-8204	55	8	distinct	distinct	ADJ
cjfa-8204	55	9	value	value	NOUN
cjfa-8204	55	10	and	and	CCONJ
cjfa-8204	55	11	momentum	momentum	NOUN
cjfa-8204	55	12	anomalies	anomaly	NOUN
cjfa-8204	55	13	within	within	ADP
cjfa-8204	55	14	a	a	DET
cjfa-8204	55	15	sample	sample	NOUN
cjfa-8204	55	16	of	of	ADP
cjfa-8204	55	17	78	78	NUM
cjfa-8204	55	18	country	country	NOUN
cjfa-8204	55	19	equity	equity	NOUN
cjfa-8204	55	20	markets	market	NOUN
cjfa-8204	55	21	in	in	ADP
cjfa-8204	55	22	the	the	DET
cjfa-8204	55	23	period	period	NOUN
cjfa-8204	55	24	between	between	ADP
cjfa-8204	55	25	1995	1995	NUM
cjfa-8204	55	26	-	-	SYM
cjfa-8204	55	27	2015	2015	NUM
cjfa-8204	55	28	.	.	PUNCT
cjfa-8204	56	1	we	we	PRON
cjfa-8204	56	2	first	first	ADV
cjfa-8204	56	3	re	re	VERB
cjfa-8204	56	4	-	-	VERB
cjfa-8204	56	5	examine	examine	VERB
cjfa-8204	56	6	the	the	DET
cjfa-8204	56	7	performance	performance	NOUN
cjfa-8204	56	8	of	of	ADP
cjfa-8204	56	9	the	the	DET
cjfa-8204	56	10	country	country	NOUN
cjfa-8204	56	11	-	-	PUNCT
cjfa-8204	56	12	level	level	NOUN
cjfa-8204	56	13	strategies	strategy	NOUN
cjfa-8204	56	14	,	,	PUNCT
cjfa-8204	56	15	and	and	CCONJ
cjfa-8204	56	16	then	then	ADV
cjfa-8204	56	17	test	test	VERB
cjfa-8204	56	18	the	the	DET
cjfa-8204	56	19	time	time	NOUN
cjfa-8204	56	20	series	series	NOUN
cjfa-8204	56	21	of	of	ADP
cjfa-8204	56	22	returns	return	NOUN
cjfa-8204	56	23	for	for	ADP
cjfa-8204	56	24	the	the	DET
cjfa-8204	56	25	potential	potential	ADJ
cjfa-8204	56	26	turn	turn	NOUN
cjfa-8204	56	27	-	-	PUNCT
cjfa-8204	56	28	of	of	ADP
cjfa-8204	56	29	-	-	PUNCT
cjfa-8204	56	30	theyear	theyear	NOUN
cjfa-8204	56	31	effect	effect	NOUN
cjfa-8204	56	32	.	.	PUNCT
cjfa-8204	57	1	the	the	DET
cjfa-8204	57	2	principal	principal	ADJ
cjfa-8204	57	3	findings	finding	NOUN
cjfa-8204	57	4	of	of	ADP
cjfa-8204	57	5	the	the	DET
cjfa-8204	57	6	paper	paper	NOUN
cjfa-8204	57	7	can	can	AUX
cjfa-8204	57	8	be	be	AUX
cjfa-8204	57	9	summarized	summarize	VERB
cjfa-8204	57	10	as	as	SCONJ
cjfa-8204	57	11	follows	follow	VERB
cjfa-8204	57	12	.	.	PUNCT
cjfa-8204	58	1	during	during	ADP
cjfa-8204	58	2	the	the	DET
cjfa-8204	58	3	last	last	ADJ
cjfa-8204	58	4	20	20	NUM
cjfa-8204	58	5	years	year	NOUN
cjfa-8204	58	6	the	the	DET
cjfa-8204	58	7	value	value	NOUN
cjfa-8204	58	8	strategies	strategy	NOUN
cjfa-8204	58	9	performed	perform	VERB
cjfa-8204	58	10	particularly	particularly	ADV
cjfa-8204	58	11	well	well	ADV
cjfa-8204	58	12	in	in	ADP
cjfa-8204	58	13	january	january	PROPN
cjfa-8204	58	14	and	and	CCONJ
cjfa-8204	58	15	underperformed	underperform	VERB
cjfa-8204	58	16	in	in	ADP
cjfa-8204	58	17	december	december	PROPN
cjfa-8204	58	18	.	.	PUNCT
cjfa-8204	59	1	on	on	ADP
cjfa-8204	59	2	the	the	DET
cjfa-8204	59	3	contrary	contrary	NOUN
cjfa-8204	59	4	,	,	PUNCT
cjfa-8204	59	5	the	the	DET
cjfa-8204	59	6	momentum	momentum	NOUN
cjfa-8204	59	7	strategies	strategy	NOUN
cjfa-8204	59	8	had	have	VERB
cjfa-8204	59	9	the	the	DET
cjfa-8204	59	10	substantially	substantially	ADV
cjfa-8204	59	11	high	high	ADJ
cjfa-8204	59	12	returns	return	NOUN
cjfa-8204	59	13	in	in	ADP
cjfa-8204	59	14	december	december	PROPN
cjfa-8204	59	15	and	and	CCONJ
cjfa-8204	59	16	low	low	ADJ
cjfa-8204	59	17	in	in	ADP
cjfa-8204	59	18	january	january	PROPN
cjfa-8204	59	19	.	.	PUNCT
cjfa-8204	60	1	nonetheless	nonetheless	ADV
cjfa-8204	60	2	,	,	PUNCT
cjfa-8204	60	3	the	the	DET
cjfa-8204	60	4	observations	observation	NOUN
cjfa-8204	60	5	lack	lack	VERB
cjfa-8204	60	6	sufficient	sufficient	ADJ
cjfa-8204	60	7	statistical	statistical	ADJ
cjfa-8204	60	8	significance	significance	NOUN
cjfa-8204	60	9	to	to	PART
cjfa-8204	60	10	formally	formally	ADV
cjfa-8204	60	11	reject	reject	VERB
cjfa-8204	60	12	the	the	DET
cjfa-8204	60	13	hypothesis	hypothesis	NOUN
cjfa-8204	60	14	of	of	ADP
cjfa-8204	60	15	the	the	DET
cjfa-8204	60	16	study	study	NOUN
cjfa-8204	60	17	.	.	PUNCT
cjfa-8204	61	1	the	the	DET
cjfa-8204	61	2	remainder	remainder	NOUN
cjfa-8204	61	3	of	of	ADP
cjfa-8204	61	4	this	this	DET
cjfa-8204	61	5	article	article	NOUN
cjfa-8204	61	6	has	have	VERB
cjfa-8204	61	7	the	the	DET
cjfa-8204	61	8	following	follow	VERB
cjfa-8204	61	9	structure	structure	NOUN
cjfa-8204	61	10	:	:	PUNCT
cjfa-8204	61	11	the	the	DET
cjfa-8204	61	12	next	next	ADJ
cjfa-8204	61	13	section	section	NOUN
cjfa-8204	61	14	covers	cover	VERB
cjfa-8204	61	15	data	datum	NOUN
cjfa-8204	61	16	and	and	CCONJ
cjfa-8204	61	17	research	research	NOUN
cjfa-8204	61	18	methods	method	NOUN
cjfa-8204	61	19	,	,	PUNCT
cjfa-8204	61	20	which	which	PRON
cjfa-8204	61	21	is	be	AUX
cjfa-8204	61	22	followed	follow	VERB
cjfa-8204	61	23	by	by	ADP
cjfa-8204	61	24	a	a	DET
cjfa-8204	61	25	presentation	presentation	NOUN
cjfa-8204	61	26	and	and	CCONJ
cjfa-8204	61	27	discussion	discussion	NOUN
cjfa-8204	61	28	of	of	ADP
cjfa-8204	61	29	findings	finding	NOUN
cjfa-8204	61	30	.	.	PUNCT
cjfa-8204	62	1	the	the	DET
cjfa-8204	62	2	last	last	ADJ
cjfa-8204	62	3	section	section	NOUN
cjfa-8204	62	4	concludes	conclude	VERB
cjfa-8204	62	5	the	the	DET
cjfa-8204	62	6	paper	paper	NOUN
cjfa-8204	62	7	and	and	CCONJ
cjfa-8204	62	8	indicates	indicate	VERB
cjfa-8204	62	9	the	the	DET
cjfa-8204	62	10	areas	area	NOUN
cjfa-8204	62	11	for	for	ADP
cjfa-8204	62	12	further	further	ADJ
cjfa-8204	62	13	research	research	NOUN
cjfa-8204	62	14	.	.	PUNCT
cjfa-8204	63	1	data	datum	NOUN
cjfa-8204	63	2	and	and	CCONJ
cjfa-8204	63	3	methods	method	NOUN
cjfa-8204	63	4	the	the	DET
cjfa-8204	63	5	primary	primary	ADJ
cjfa-8204	63	6	aim	aim	NOUN
cjfa-8204	63	7	of	of	ADP
cjfa-8204	63	8	this	this	DET
cjfa-8204	63	9	study	study	NOUN
cjfa-8204	63	10	is	be	AUX
cjfa-8204	63	11	to	to	PART
cjfa-8204	63	12	test	test	VERB
cjfa-8204	63	13	seasonal	seasonal	ADJ
cjfa-8204	63	14	patterns	pattern	NOUN
cjfa-8204	63	15	around	around	ADP
cjfa-8204	63	16	the	the	DET
cjfa-8204	63	17	turn	turn	NOUN
cjfa-8204	63	18	of	of	ADP
cjfa-8204	63	19	the	the	DET
cjfa-8204	63	20	year	year	NOUN
cjfa-8204	63	21	in	in	ADP
cjfa-8204	63	22	the	the	DET
cjfa-8204	63	23	country	country	NOUN
cjfa-8204	63	24	-	-	PUNCT
cjfa-8204	63	25	level	level	NOUN
cjfa-8204	63	26	value	value	NOUN
cjfa-8204	63	27	and	and	CCONJ
cjfa-8204	63	28	momentum	momentum	NOUN
cjfa-8204	63	29	anomalies	anomaly	NOUN
cjfa-8204	63	30	.	.	PUNCT
cjfa-8204	64	1	thus	thus	ADV
cjfa-8204	64	2	,	,	PUNCT
cjfa-8204	64	3	the	the	DET
cjfa-8204	64	4	empirical	empirical	ADJ
cjfa-8204	64	5	analysis	analysis	NOUN
cjfa-8204	64	6	could	could	AUX
cjfa-8204	64	7	be	be	AUX
cjfa-8204	64	8	divided	divide	VERB
cjfa-8204	64	9	into	into	ADP
cjfa-8204	64	10	two	two	NUM
cjfa-8204	64	11	subsections	subsection	NOUN
cjfa-8204	64	12	:	:	PUNCT
cjfa-8204	64	13	(	(	PUNCT
cjfa-8204	64	14	1	1	X
cjfa-8204	64	15	)	)	PUNCT
cjfa-8204	64	16	we	we	PRON
cjfa-8204	64	17	select	select	VERB
cjfa-8204	64	18	and	and	CCONJ
cjfa-8204	64	19	reexamine	reexamine	VERB
cjfa-8204	64	20	the	the	DET
cjfa-8204	64	21	appropriate	appropriate	ADJ
cjfa-8204	64	22	cross	cross	ADJ
cjfa-8204	64	23	-	-	ADJ
cjfa-8204	64	24	country	country	ADJ
cjfa-8204	64	25	anomalies	anomaly	NOUN
cjfa-8204	64	26	,	,	PUNCT
cjfa-8204	64	27	(	(	PUNCT
cjfa-8204	64	28	2	2	X
cjfa-8204	64	29	)	)	PUNCT
cjfa-8204	64	30	we	we	PRON
cjfa-8204	64	31	test	test	VERB
cjfa-8204	64	32	them	they	PRON
cjfa-8204	64	33	for	for	ADP
cjfa-8204	64	34	the	the	DET
cjfa-8204	64	35	effects	effect	NOUN
cjfa-8204	64	36	related	relate	VERB
cjfa-8204	64	37	to	to	ADP
cjfa-8204	64	38	january	january	PROPN
cjfa-8204	64	39	and	and	CCONJ
cjfa-8204	64	40	december	december	PROPN
cjfa-8204	64	41	.	.	PUNCT
cjfa-8204	65	1	this	this	DET
cjfa-8204	65	2	section	section	NOUN
cjfa-8204	65	3	first	first	ADV
cjfa-8204	65	4	describes	describe	VERB
cjfa-8204	65	5	the	the	DET
cjfa-8204	65	6	data	datum	NOUN
cjfa-8204	65	7	sources	source	NOUN
cjfa-8204	65	8	,	,	PUNCT
cjfa-8204	65	9	the	the	DET
cjfa-8204	65	10	procedures	procedure	NOUN
cjfa-8204	65	11	employed	employ	VERB
cjfa-8204	65	12	in	in	ADP
cjfa-8204	65	13	the	the	DET
cjfa-8204	65	14	construction	construction	NOUN
cjfa-8204	65	15	of	of	ADP
cjfa-8204	65	16	anomalies	anomaly	NOUN
cjfa-8204	65	17	-	-	PUNCT
cjfa-8204	65	18	based	base	VERB
cjfa-8204	65	19	portfolios	portfolio	NOUN
cjfa-8204	65	20	,	,	PUNCT
cjfa-8204	65	21	and	and	CCONJ
cjfa-8204	65	22	asset	asset	NOUN
cjfa-8204	65	23	-	-	PUNCT
cjfa-8204	65	24	pricing	pricing	NOUN
cjfa-8204	65	25	models	model	NOUN
cjfa-8204	65	26	employed	employ	VERB
cjfa-8204	65	27	to	to	PART
cjfa-8204	65	28	examine	examine	VERB
cjfa-8204	65	29	them	they	PRON
cjfa-8204	65	30	.	.	PUNCT
cjfa-8204	66	1	subsequently	subsequently	ADV
cjfa-8204	66	2	,	,	PUNCT
cjfa-8204	66	3	the	the	DET
cjfa-8204	66	4	methods	method	NOUN
cjfa-8204	66	5	utilized	utilize	VERB
cjfa-8204	66	6	to	to	PART
cjfa-8204	66	7	investigate	investigate	VERB
cjfa-8204	66	8	the	the	DET
cjfa-8204	66	9	seasonal	seasonal	ADJ
cjfa-8204	66	10	patterns	pattern	NOUN
cjfa-8204	66	11	are	be	AUX
cjfa-8204	66	12	discussed	discuss	VERB
cjfa-8204	66	13	.	.	PUNCT
cjfa-8204	67	1	the	the	DET
cjfa-8204	67	2	january	january	PROPN
cjfa-8204	67	3	seasonality	seasonality	NOUN
cjfa-8204	67	4	and	and	CCONJ
cjfa-8204	67	5	the	the	DET
cjfa-8204	67	6	performance	performance	NOUN
cjfa-8204	67	7	…	…	PUNCT
cjfa-8204	67	8	199	199	NUM
cjfa-8204	67	9	the	the	DET
cjfa-8204	67	10	calculations	calculation	NOUN
cjfa-8204	67	11	in	in	ADP
cjfa-8204	67	12	this	this	DET
cjfa-8204	67	13	study	study	NOUN
cjfa-8204	67	14	are	be	AUX
cjfa-8204	67	15	based	base	VERB
cjfa-8204	67	16	on	on	ADP
cjfa-8204	67	17	returns	return	NOUN
cjfa-8204	67	18	on	on	ADP
cjfa-8204	67	19	msci	msci	PROPN
cjfa-8204	67	20	international	international	ADJ
cjfa-8204	67	21	stock	stock	NOUN
cjfa-8204	67	22	market	market	NOUN
cjfa-8204	67	23	indices	indice	VERB
cjfa-8204	67	24	from	from	ADP
cjfa-8204	67	25	78	78	NUM
cjfa-8204	67	26	countries	country	NOUN
cjfa-8204	67	27	,	,	PUNCT
cjfa-8204	67	28	including	include	VERB
cjfa-8204	67	29	both	both	CCONJ
cjfa-8204	67	30	existing	exist	VERB
cjfa-8204	67	31	and	and	CCONJ
cjfa-8204	67	32	discontinued	discontinued	ADJ
cjfa-8204	67	33	indices	index	NOUN
cjfa-8204	67	34	(	(	PUNCT
cjfa-8204	67	35	e.g.	e.g.	ADV
cjfa-8204	67	36	msci	msci	PROPN
cjfa-8204	67	37	venezuela)1	venezuela)1	PROPN
cjfa-8204	67	38	.	.	PUNCT
cjfa-8204	68	1	we	we	PRON
cjfa-8204	68	2	use	use	VERB
cjfa-8204	68	3	monthly	monthly	ADJ
cjfa-8204	68	4	time	time	NOUN
cjfa-8204	68	5	series	series	NOUN
cjfa-8204	68	6	from	from	ADP
cjfa-8204	68	7	the	the	DET
cjfa-8204	68	8	period	period	NOUN
cjfa-8204	68	9	june	june	PROPN
cjfa-8204	68	10	1995	1995	NUM
cjfa-8204	68	11	may	may	AUX
cjfa-8204	68	12	2015	2015	NUM
cjfa-8204	68	13	sourced	source	VERB
cjfa-8204	68	14	from	from	ADP
cjfa-8204	68	15	the	the	DET
cjfa-8204	68	16	bloomberg	bloomberg	PROPN
cjfa-8204	68	17	database	database	NOUN
cjfa-8204	68	18	.	.	PUNCT
cjfa-8204	69	1	returns	return	NOUN
cjfa-8204	69	2	are	be	AUX
cjfa-8204	69	3	calculated	calculate	VERB
cjfa-8204	69	4	on	on	ADP
cjfa-8204	69	5	the	the	DET
cjfa-8204	69	6	basis	basis	NOUN
cjfa-8204	69	7	of	of	ADP
cjfa-8204	69	8	capitalization	capitalization	NOUN
cjfa-8204	69	9	-	-	PUNCT
cjfa-8204	69	10	weighted	weight	VERB
cjfa-8204	69	11	total	total	ADJ
cjfa-8204	69	12	return	return	NOUN
cjfa-8204	69	13	indices	index	NOUN
cjfa-8204	69	14	.	.	PUNCT
cjfa-8204	70	1	we	we	PRON
cjfa-8204	70	2	utilize	utilize	VERB
cjfa-8204	70	3	both	both	DET
cjfa-8204	70	4	gross	gross	ADJ
cjfa-8204	70	5	return	return	NOUN
cjfa-8204	70	6	and	and	CCONJ
cjfa-8204	70	7	net	net	ADJ
cjfa-8204	70	8	return	return	NOUN
cjfa-8204	70	9	indices	index	NOUN
cjfa-8204	70	10	,	,	PUNCT
cjfa-8204	70	11	i.e.	i.e.	X
cjfa-8204	70	12	unadjusted	unadjusted	ADJ
cjfa-8204	70	13	and	and	CCONJ
cjfa-8204	70	14	adjusted	adjust	VERB
cjfa-8204	70	15	for	for	ADP
cjfa-8204	70	16	taxes	taxis	NOUN
cjfa-8204	70	17	on	on	ADP
cjfa-8204	70	18	dividends	dividend	NOUN
cjfa-8204	70	19	,	,	PUNCT
cjfa-8204	70	20	to	to	PART
cjfa-8204	70	21	provide	provide	VERB
cjfa-8204	70	22	the	the	DET
cjfa-8204	70	23	robustness	robustness	NOUN
cjfa-8204	70	24	of	of	ADP
cjfa-8204	70	25	results	result	NOUN
cjfa-8204	70	26	and	and	CCONJ
cjfa-8204	70	27	express	express	VERB
cjfa-8204	70	28	the	the	DET
cjfa-8204	70	29	standpoint	standpoint	NOUN
cjfa-8204	70	30	of	of	ADP
cjfa-8204	70	31	both	both	CCONJ
cjfa-8204	70	32	institutional	institutional	ADJ
cjfa-8204	70	33	and	and	CCONJ
cjfa-8204	70	34	individual	individual	ADJ
cjfa-8204	70	35	investors	investor	NOUN
cjfa-8204	70	36	.	.	PUNCT
cjfa-8204	71	1	a	a	DET
cjfa-8204	71	2	stock	stock	NOUN
cjfa-8204	71	3	market	market	NOUN
cjfa-8204	71	4	is	be	AUX
cjfa-8204	71	5	included	include	VERB
cjfa-8204	71	6	in	in	ADP
cjfa-8204	71	7	the	the	DET
cjfa-8204	71	8	sample	sample	NOUN
cjfa-8204	71	9	in	in	ADP
cjfa-8204	71	10	month	month	PROPN
cjfa-8204	71	11	t	t	PROPN
cjfa-8204	71	12	,	,	PUNCT
cjfa-8204	71	13	when	when	SCONJ
cjfa-8204	71	14	it	it	PRON
cjfa-8204	71	15	is	be	AUX
cjfa-8204	71	16	possible	possible	ADJ
cjfa-8204	71	17	to	to	PART
cjfa-8204	71	18	compute	compute	VERB
cjfa-8204	71	19	its	its	PRON
cjfa-8204	71	20	returns	return	NOUN
cjfa-8204	71	21	in	in	ADP
cjfa-8204	71	22	month	month	NOUN
cjfa-8204	71	23	t	t	PROPN
cjfa-8204	71	24	and	and	CCONJ
cjfa-8204	71	25	its	its	PRON
cjfa-8204	71	26	metric	metric	NOUN
cjfa-8204	71	27	necessary	necessary	ADJ
cjfa-8204	71	28	to	to	PART
cjfa-8204	71	29	sort	sort	VERB
cjfa-8204	71	30	the	the	DET
cjfa-8204	71	31	countries	country	NOUN
cjfa-8204	71	32	for	for	ADP
cjfa-8204	71	33	the	the	DET
cjfa-8204	71	34	need	need	NOUN
cjfa-8204	71	35	of	of	ADP
cjfa-8204	71	36	portfolios	portfolio	NOUN
cjfa-8204	71	37	formation	formation	NOUN
cjfa-8204	71	38	at	at	ADP
cjfa-8204	71	39	the	the	DET
cjfa-8204	71	40	end	end	NOUN
cjfa-8204	71	41	of	of	ADP
cjfa-8204	71	42	month	month	NOUN
cjfa-8204	71	43	t-1	t-1	PROPN
cjfa-8204	71	44	.	.	PUNCT
cjfa-8204	72	1	data	datum	NOUN
cjfa-8204	72	2	are	be	AUX
cjfa-8204	72	3	collected	collect	VERB
cjfa-8204	72	4	in	in	ADP
cjfa-8204	72	5	local	local	ADJ
cjfa-8204	72	6	currencies	currency	NOUN
cjfa-8204	72	7	and	and	CCONJ
cjfa-8204	72	8	subsequently	subsequently	ADV
cjfa-8204	72	9	denominated	denominate	VERB
cjfa-8204	72	10	in	in	ADP
cjfa-8204	72	11	us$	us$	ADP
cjfa-8204	72	12	to	to	PART
cjfa-8204	72	13	obtain	obtain	VERB
cjfa-8204	72	14	polled	poll	VERB
cjfa-8204	72	15	international	international	ADJ
cjfa-8204	72	16	results	result	NOUN
cjfa-8204	72	17	.	.	PUNCT
cjfa-8204	73	1	to	to	PART
cjfa-8204	73	2	ensure	ensure	VERB
cjfa-8204	73	3	consistency	consistency	NOUN
cjfa-8204	73	4	with	with	ADP
cjfa-8204	73	5	the	the	DET
cjfa-8204	73	6	us$	us$	SYM
cjfa-8204	73	7	approach	approach	NOUN
cjfa-8204	73	8	,	,	PUNCT
cjfa-8204	73	9	excess	excess	ADJ
cjfa-8204	73	10	returns	return	NOUN
cjfa-8204	73	11	were	be	AUX
cjfa-8204	73	12	computed	compute	VERB
cjfa-8204	73	13	over	over	ADP
cjfa-8204	73	14	returns	return	NOUN
cjfa-8204	73	15	on	on	ADP
cjfa-8204	73	16	the	the	DET
cjfa-8204	73	17	bloomberg	bloomberg	NOUN
cjfa-8204	73	18	generic	generic	PROPN
cjfa-8204	73	19	us	we	PRON
cjfa-8204	73	20	1	1	NUM
cjfa-8204	73	21	-	-	PUNCT
cjfa-8204	73	22	month	month	NOUN
cjfa-8204	73	23	t	t	NOUN
cjfa-8204	73	24	-	-	PUNCT
cjfa-8204	73	25	bill	bill	NOUN
cjfa-8204	73	26	.	.	PUNCT
cjfa-8204	74	1	we	we	PRON
cjfa-8204	74	2	first	first	ADV
cjfa-8204	74	3	examine	examine	VERB
cjfa-8204	74	4	the	the	DET
cjfa-8204	74	5	performance	performance	NOUN
cjfa-8204	74	6	of	of	ADP
cjfa-8204	74	7	long	long	ADJ
cjfa-8204	74	8	/	/	SYM
cjfa-8204	74	9	short	short	ADJ
cjfa-8204	74	10	zero	zero	NUM
cjfa-8204	74	11	-	-	PUNCT
cjfa-8204	74	12	portfolios	portfolio	NOUN
cjfa-8204	74	13	formed	form	VERB
cjfa-8204	74	14	based	base	VERB
cjfa-8204	74	15	on	on	ADP
cjfa-8204	74	16	two	two	NUM
cjfa-8204	74	17	groups	group	NOUN
cjfa-8204	74	18	of	of	ADP
cjfa-8204	74	19	anomalies	anomaly	NOUN
cjfa-8204	74	20	.	.	PUNCT
cjfa-8204	75	1	the	the	DET
cjfa-8204	75	2	first	first	ADJ
cjfa-8204	75	3	group	group	NOUN
cjfa-8204	75	4	is	be	AUX
cjfa-8204	75	5	related	relate	VERB
cjfa-8204	75	6	to	to	ADP
cjfa-8204	75	7	the	the	DET
cjfa-8204	75	8	concept	concept	NOUN
cjfa-8204	75	9	of	of	ADP
cjfa-8204	75	10	value	value	NOUN
cjfa-8204	75	11	investing	investing	NOUN
cjfa-8204	75	12	,	,	PUNCT
cjfa-8204	75	13	i.e.	i.e.	X
cjfa-8204	75	14	the	the	DET
cjfa-8204	75	15	phenomenon	phenomenon	NOUN
cjfa-8204	75	16	that	that	PRON
cjfa-8204	75	17	stocks	stock	NOUN
cjfa-8204	75	18	with	with	ADP
cjfa-8204	75	19	high	high	ADJ
cjfa-8204	75	20	fundamentals	fundamental	NOUN
cjfa-8204	75	21	relative	relative	ADJ
cjfa-8204	75	22	to	to	ADP
cjfa-8204	75	23	price	price	VERB
cjfa-8204	75	24	outperform	outperform	ADJ
cjfa-8204	75	25	stocks	stock	NOUN
cjfa-8204	75	26	with	with	ADP
cjfa-8204	75	27	low	low	ADJ
cjfa-8204	75	28	fundamentals	fundamental	NOUN
cjfa-8204	75	29	.	.	PUNCT
cjfa-8204	76	1	this	this	DET
cjfa-8204	76	2	effect	effect	NOUN
cjfa-8204	76	3	has	have	AUX
cjfa-8204	76	4	been	be	AUX
cjfa-8204	76	5	so	so	ADV
cjfa-8204	76	6	far	far	ADV
cjfa-8204	76	7	documented	document	VERB
cjfa-8204	76	8	with	with	ADP
cjfa-8204	76	9	the	the	DET
cjfa-8204	76	10	use	use	NOUN
cjfa-8204	76	11	of	of	ADP
cjfa-8204	76	12	many	many	ADJ
cjfa-8204	76	13	various	various	ADJ
cjfa-8204	76	14	valuation	valuation	NOUN
cjfa-8204	76	15	ratios	ratio	NOUN
cjfa-8204	76	16	,	,	PUNCT
cjfa-8204	76	17	e.g.	e.g.	ADV
cjfa-8204	76	18	bookto	bookto	NOUN
cjfa-8204	76	19	-	-	PUNCT
cjfa-8204	76	20	market	market	NOUN
cjfa-8204	76	21	ratio	ratio	NOUN
cjfa-8204	76	22	(	(	PUNCT
cjfa-8204	76	23	rosenberg	rosenberg	PROPN
cjfa-8204	76	24	et	et	PROPN
cjfa-8204	76	25	al	al	PROPN
cjfa-8204	76	26	.	.	PROPN
cjfa-8204	76	27	1985	1985	NUM
cjfa-8204	76	28	)	)	PUNCT
cjfa-8204	76	29	,	,	PUNCT
cjfa-8204	76	30	earnings	earning	NOUN
cjfa-8204	76	31	-	-	PUNCT
cjfa-8204	76	32	to	to	ADP
cjfa-8204	76	33	-	-	PUNCT
cjfa-8204	76	34	price	price	NOUN
cjfa-8204	76	35	-	-	PUNCT
cjfa-8204	76	36	ratio	ratio	NOUN
cjfa-8204	76	37	(	(	PUNCT
cjfa-8204	76	38	basu	basu	PROPN
cjfa-8204	76	39	1983	1983	NUM
cjfa-8204	76	40	)	)	PUNCT
cjfa-8204	76	41	,	,	PUNCT
cjfa-8204	76	42	or	or	CCONJ
cjfa-8204	76	43	dividend	dividend	NOUN
cjfa-8204	76	44	yield	yield	NOUN
cjfa-8204	76	45	(	(	PUNCT
cjfa-8204	76	46	litzenberger	litzenberger	NOUN
cjfa-8204	76	47	and	and	CCONJ
cjfa-8204	76	48	ramaswamy	ramaswamy	ADJ
cjfa-8204	76	49	1979	1979	NUM
cjfa-8204	76	50	)	)	PUNCT
cjfa-8204	76	51	.	.	PUNCT
cjfa-8204	77	1	a	a	DET
cjfa-8204	77	2	number	number	NOUN
cjfa-8204	77	3	of	of	ADP
cjfa-8204	77	4	authors	author	NOUN
cjfa-8204	77	5	documented	document	VERB
cjfa-8204	77	6	that	that	SCONJ
cjfa-8204	77	7	these	these	DET
cjfa-8204	77	8	anomalies	anomaly	NOUN
cjfa-8204	77	9	has	have	VERB
cjfa-8204	77	10	their	their	PRON
cjfa-8204	77	11	country	country	NOUN
cjfa-8204	77	12	-	-	PUNCT
cjfa-8204	77	13	level	level	NOUN
cjfa-8204	77	14	parallels	parallel	NOUN
cjfa-8204	77	15	,	,	PUNCT
cjfa-8204	77	16	so	so	ADV
cjfa-8204	77	17	,	,	PUNCT
cjfa-8204	77	18	in	in	ADP
cjfa-8204	77	19	other	other	ADJ
cjfa-8204	77	20	words	word	NOUN
cjfa-8204	77	21	,	,	PUNCT
cjfa-8204	77	22	“	"	PUNCT
cjfa-8204	77	23	value	value	NOUN
cjfa-8204	77	24	countries	country	NOUN
cjfa-8204	77	25	”	"	PUNCT
cjfa-8204	77	26	outperform	outperform	ADJ
cjfa-8204	77	27	“	"	PUNCT
cjfa-8204	77	28	growth	growth	NOUN
cjfa-8204	77	29	countries	country	NOUN
cjfa-8204	77	30	”	"	PUNCT
cjfa-8204	77	31	(	(	PUNCT
cjfa-8204	77	32	asness	asness	NOUN
cjfa-8204	77	33	et	et	PROPN
cjfa-8204	77	34	al	al	PROPN
cjfa-8204	77	35	.	.	PROPN
cjfa-8204	77	36	1997	1997	NUM
cjfa-8204	77	37	,	,	PUNCT
cjfa-8204	77	38	kim	kim	PROPN
cjfa-8204	77	39	2012	2012	NUM
cjfa-8204	77	40	,	,	PUNCT
cjfa-8204	77	41	zaremba	zaremba	NOUN
cjfa-8204	77	42	2015a	2015a	NUM
cjfa-8204	77	43	)	)	PUNCT
cjfa-8204	77	44	.	.	PUNCT
cjfa-8204	78	1	in	in	ADP
cjfa-8204	78	2	this	this	DET
cjfa-8204	78	3	papers	paper	NOUN
cjfa-8204	78	4	we	we	PRON
cjfa-8204	78	5	base	base	VERB
cjfa-8204	78	6	the	the	DET
cjfa-8204	78	7	tested	test	VERB
cjfa-8204	78	8	portfolios	portfolio	NOUN
cjfa-8204	78	9	only	only	ADV
cjfa-8204	78	10	on	on	ADP
cjfa-8204	78	11	the	the	DET
cjfa-8204	78	12	four	four	NUM
cjfa-8204	78	13	metrics	metric	NOUN
cjfa-8204	78	14	that	that	PRON
cjfa-8204	78	15	are	be	AUX
cjfa-8204	78	16	found	find	VERB
cjfa-8204	78	17	to	to	ADP
cjfa-8204	78	18	me	i	PRON
cjfa-8204	78	19	the	the	DET
cjfa-8204	78	20	most	most	ADV
cjfa-8204	78	21	reliable	reliable	ADJ
cjfa-8204	78	22	in	in	ADP
cjfa-8204	78	23	the	the	DET
cjfa-8204	78	24	study	study	NOUN
cjfa-8204	78	25	of	of	ADP
cjfa-8204	78	26	zaremba	zaremba	NOUN
cjfa-8204	78	27	(	(	PUNCT
cjfa-8204	78	28	2015b	2015b	NUM
cjfa-8204	78	29	):	):	PUNCT
cjfa-8204	78	30	earnings	earning	NOUN
cjfa-8204	78	31	-	-	PUNCT
cjfa-8204	78	32	to	to	ADP
cjfa-8204	78	33	-	-	PUNCT
cjfa-8204	78	34	price	price	NOUN
cjfa-8204	78	35	ratio	ratio	NOUN
cjfa-8204	78	36	(	(	PUNCT
cjfa-8204	78	37	ep	ep	PROPN
cjfa-8204	78	38	)	)	PUNCT
cjfa-8204	78	39	,	,	PUNCT
cjfa-8204	78	40	ebitda	ebitda	PROPN
cjfa-8204	78	41	-	-	PUNCT
cjfa-8204	78	42	to	to	ADP
cjfa-8204	78	43	-	-	PUNCT
cjfa-8204	78	44	ev	ev	NOUN
cjfa-8204	78	45	ratio	ratio	NOUN
cjfa-8204	78	46	(	(	PUNCT
cjfa-8204	78	47	ebev	ebev	ADJ
cjfa-8204	78	48	)	)	PUNCT
cjfa-8204	78	49	,	,	PUNCT
cjfa-8204	78	50	ebitdato	ebitdato	NOUN
cjfa-8204	78	51	-	-	PUNCT
cjfa-8204	78	52	price	price	NOUN
cjfa-8204	78	53	ratio	ratio	NOUN
cjfa-8204	78	54	(	(	PUNCT
cjfa-8204	78	55	ebp	ebp	PROPN
cjfa-8204	78	56	)	)	PUNCT
cjfa-8204	78	57	and	and	CCONJ
cjfa-8204	78	58	sales	sale	NOUN
cjfa-8204	78	59	-	-	PUNCT
cjfa-8204	78	60	to	to	ADP
cjfa-8204	78	61	-	-	PUNCT
cjfa-8204	78	62	ev	ev	NOUN
cjfa-8204	78	63	ratio	ratio	NOUN
cjfa-8204	78	64	(	(	PUNCT
cjfa-8204	78	65	sev	sev	NOUN
cjfa-8204	78	66	)	)	PUNCT
cjfa-8204	78	67	.	.	PUNCT
cjfa-8204	79	1	in	in	ADP
cjfa-8204	79	2	each	each	DET
cjfa-8204	79	3	case	case	NOUN
cjfa-8204	79	4	,	,	PUNCT
cjfa-8204	79	5	we	we	PRON
cjfa-8204	79	6	calculate	calculate	VERB
cjfa-8204	79	7	the	the	DET
cjfa-8204	79	8	1	1	NUM
cjfa-8204	79	9	 	 	SPACE
cjfa-8204	79	10	argentina	argentina	NOUN
cjfa-8204	79	11	,	,	PUNCT
cjfa-8204	79	12	australia	australia	PROPN
cjfa-8204	79	13	,	,	PUNCT
cjfa-8204	79	14	austria	austria	PROPN
cjfa-8204	79	15	,	,	PUNCT
cjfa-8204	79	16	bahrain	bahrain	NOUN
cjfa-8204	79	17	,	,	PUNCT
cjfa-8204	79	18	bangladesh	bangladesh	PROPN
cjfa-8204	79	19	,	,	PUNCT
cjfa-8204	79	20	belgium	belgium	PROPN
cjfa-8204	79	21	,	,	PUNCT
cjfa-8204	79	22	brazil	brazil	PROPN
cjfa-8204	79	23	,	,	PUNCT
cjfa-8204	79	24	bulgaria	bulgaria	PROPN
cjfa-8204	79	25	,	,	PUNCT
cjfa-8204	79	26	canada	canada	PROPN
cjfa-8204	79	27	,	,	PUNCT
cjfa-8204	79	28	chile	chile	PROPN
cjfa-8204	79	29	,	,	PUNCT
cjfa-8204	79	30	china	china	PROPN
cjfa-8204	79	31	,	,	PUNCT
cjfa-8204	79	32	colombia	colombia	PROPN
cjfa-8204	79	33	,	,	PUNCT
cjfa-8204	79	34	croatia	croatia	PROPN
cjfa-8204	79	35	,	,	PUNCT
cjfa-8204	79	36	cyprus	cyprus	PROPN
cjfa-8204	79	37	,	,	PUNCT
cjfa-8204	79	38	czech	czech	PROPN
cjfa-8204	79	39	republic	republic	NOUN
cjfa-8204	79	40	,	,	PUNCT
cjfa-8204	79	41	denmark	denmark	PROPN
cjfa-8204	79	42	,	,	PUNCT
cjfa-8204	79	43	egypt	egypt	PROPN
cjfa-8204	79	44	,	,	PUNCT
cjfa-8204	79	45	estonia	estonia	PROPN
cjfa-8204	79	46	,	,	PUNCT
cjfa-8204	79	47	finland	finland	PROPN
cjfa-8204	79	48	,	,	PUNCT
cjfa-8204	79	49	france	france	PROPN
cjfa-8204	79	50	,	,	PUNCT
cjfa-8204	79	51	germany	germany	PROPN
cjfa-8204	79	52	,	,	PUNCT
cjfa-8204	79	53	greece	greece	PROPN
cjfa-8204	79	54	,	,	PUNCT
cjfa-8204	79	55	hong	hong	PROPN
cjfa-8204	79	56	kong	kong	PROPN
cjfa-8204	79	57	,	,	PUNCT
cjfa-8204	79	58	hungary	hungary	PROPN
cjfa-8204	79	59	,	,	PUNCT
cjfa-8204	79	60	iceland	iceland	PROPN
cjfa-8204	79	61	,	,	PUNCT
cjfa-8204	79	62	india	india	PROPN
cjfa-8204	79	63	,	,	PUNCT
cjfa-8204	79	64	indonesia	indonesia	PROPN
cjfa-8204	79	65	,	,	PUNCT
cjfa-8204	79	66	ireland	ireland	PROPN
cjfa-8204	79	67	,	,	PUNCT
cjfa-8204	79	68	israel	israel	PROPN
cjfa-8204	79	69	,	,	PUNCT
cjfa-8204	79	70	italy	italy	PROPN
cjfa-8204	79	71	,	,	PUNCT
cjfa-8204	79	72	japan	japan	PROPN
cjfa-8204	79	73	,	,	PUNCT
cjfa-8204	79	74	jordan	jordan	PROPN
cjfa-8204	79	75	,	,	PUNCT
cjfa-8204	79	76	kazakhstan	kazakhstan	PROPN
cjfa-8204	79	77	,	,	PUNCT
cjfa-8204	79	78	kenya	kenya	PROPN
cjfa-8204	79	79	,	,	PUNCT
cjfa-8204	79	80	kuwait	kuwait	PROPN
cjfa-8204	79	81	,	,	PUNCT
cjfa-8204	79	82	latvia	latvia	PROPN
cjfa-8204	79	83	,	,	PUNCT
cjfa-8204	79	84	lebanon	lebanon	PROPN
cjfa-8204	79	85	,	,	PUNCT
cjfa-8204	79	86	lithuania	lithuania	PROPN
cjfa-8204	79	87	,	,	PUNCT
cjfa-8204	79	88	luxemburg	luxemburg	PROPN
cjfa-8204	79	89	,	,	PUNCT
cjfa-8204	79	90	malaysia	malaysia	PROPN
cjfa-8204	79	91	,	,	PUNCT
cjfa-8204	79	92	malta	malta	PROPN
cjfa-8204	79	93	,	,	PUNCT
cjfa-8204	79	94	mexico	mexico	PROPN
cjfa-8204	79	95	,	,	PUNCT
cjfa-8204	79	96	morocco	morocco	PROPN
cjfa-8204	79	97	,	,	PUNCT
cjfa-8204	79	98	mauritius	mauritius	PROPN
cjfa-8204	79	99	,	,	PUNCT
cjfa-8204	79	100	netherlands	netherlands	PROPN
cjfa-8204	79	101	,	,	PUNCT
cjfa-8204	79	102	new	new	PROPN
cjfa-8204	79	103	zealand	zealand	PROPN
cjfa-8204	79	104	,	,	PUNCT
cjfa-8204	79	105	nigeria	nigeria	PROPN
cjfa-8204	79	106	,	,	PUNCT
cjfa-8204	79	107	norway	norway	PROPN
cjfa-8204	79	108	,	,	PUNCT
cjfa-8204	79	109	oman	oman	NOUN
cjfa-8204	79	110	,	,	PUNCT
cjfa-8204	79	111	pakistan	pakistan	PROPN
cjfa-8204	79	112	,	,	PUNCT
cjfa-8204	79	113	peru	peru	PROPN
cjfa-8204	79	114	,	,	PUNCT
cjfa-8204	79	115	philippines	philippine	NOUN
cjfa-8204	79	116	,	,	PUNCT
cjfa-8204	79	117	poland	poland	PROPN
cjfa-8204	79	118	,	,	PUNCT
cjfa-8204	79	119	portugal	portugal	PROPN
cjfa-8204	79	120	,	,	PUNCT
cjfa-8204	79	121	qatar	qatar	PROPN
cjfa-8204	79	122	,	,	PUNCT
cjfa-8204	79	123	romania	romania	PROPN
cjfa-8204	79	124	,	,	PUNCT
cjfa-8204	79	125	russia	russia	PROPN
cjfa-8204	79	126	,	,	PUNCT
cjfa-8204	79	127	serbia	serbia	PROPN
cjfa-8204	79	128	,	,	PUNCT
cjfa-8204	79	129	saudi	saudi	PROPN
cjfa-8204	79	130	arabia	arabia	PROPN
cjfa-8204	79	131	,	,	PUNCT
cjfa-8204	79	132	singapore	singapore	PROPN
cjfa-8204	79	133	,	,	PUNCT
cjfa-8204	79	134	slovenia	slovenia	PROPN
cjfa-8204	79	135	,	,	PUNCT
cjfa-8204	79	136	south	south	PROPN
cjfa-8204	79	137	africa	africa	PROPN
cjfa-8204	79	138	,	,	PUNCT
cjfa-8204	79	139	south	south	PROPN
cjfa-8204	79	140	korea	korea	PROPN
cjfa-8204	79	141	,	,	PUNCT
cjfa-8204	79	142	spain	spain	PROPN
cjfa-8204	79	143	,	,	PUNCT
cjfa-8204	79	144	sri	sri	PROPN
cjfa-8204	79	145	lanka	lanka	PROPN
cjfa-8204	79	146	,	,	PUNCT
cjfa-8204	79	147	sweden	sweden	PROPN
cjfa-8204	79	148	,	,	PUNCT
cjfa-8204	79	149	switzerland	switzerland	PROPN
cjfa-8204	79	150	,	,	PUNCT
cjfa-8204	79	151	taiwan	taiwan	PROPN
cjfa-8204	79	152	,	,	PUNCT
cjfa-8204	79	153	thailand	thailand	PROPN
cjfa-8204	79	154	,	,	PUNCT
cjfa-8204	79	155	trinidad	trinidad	PROPN
cjfa-8204	79	156	and	and	CCONJ
cjfa-8204	79	157	tobago	tobago	PROPN
cjfa-8204	79	158	,	,	PUNCT
cjfa-8204	79	159	tunisia	tunisia	PROPN
cjfa-8204	79	160	,	,	PUNCT
cjfa-8204	79	161	turkey	turkey	PROPN
cjfa-8204	79	162	,	,	PUNCT
cjfa-8204	79	163	ukraine	ukraine	PROPN
cjfa-8204	79	164	,	,	PUNCT
cjfa-8204	79	165	united	united	PROPN
cjfa-8204	79	166	arab	arab	PROPN
cjfa-8204	79	167	emirates	emirates	PROPN
cjfa-8204	79	168	,	,	PUNCT
cjfa-8204	79	169	united	united	ADJ
cjfa-8204	79	170	kingdom	kingdom	PROPN
cjfa-8204	79	171	,	,	PUNCT
cjfa-8204	79	172	usa	usa	PROPN
cjfa-8204	79	173	,	,	PUNCT
cjfa-8204	79	174	venezuela	venezuela	PROPN
cjfa-8204	79	175	,	,	PUNCT
cjfa-8204	79	176	vietnam	vietnam	PROPN
cjfa-8204	79	177	.	.	PUNCT
cjfa-8204	80	1	if	if	SCONJ
cjfa-8204	80	2	an	an	DET
cjfa-8204	80	3	msci	msci	PROPN
cjfa-8204	80	4	index	index	NOUN
cjfa-8204	80	5	is	be	AUX
cjfa-8204	80	6	not	not	PART
cjfa-8204	80	7	available	available	ADJ
cjfa-8204	80	8	for	for	ADP
cjfa-8204	80	9	some	some	DET
cjfa-8204	80	10	country	country	NOUN
cjfa-8204	80	11	,	,	PUNCT
cjfa-8204	80	12	the	the	DET
cjfa-8204	80	13	second	second	ADJ
cjfa-8204	80	14	choice	choice	NOUN
cjfa-8204	80	15	is	be	AUX
cjfa-8204	80	16	the	the	DET
cjfa-8204	80	17	dow	dow	PROPN
cjfa-8204	80	18	jones	jones	PROPN
cjfa-8204	80	19	index	index	PROPN
cjfa-8204	80	20	,	,	PUNCT
cjfa-8204	80	21	and	and	CCONJ
cjfa-8204	80	22	the	the	DET
cjfa-8204	80	23	third	third	ADJ
cjfa-8204	80	24	choice	choice	NOUN
cjfa-8204	80	25	is	be	AUX
cjfa-8204	80	26	stoxx	stoxx	VERB
cjfa-8204	80	27	.	.	PUNCT
cjfa-8204	81	1	adam	adam	PROPN
cjfa-8204	81	2	zaremba200	zaremba200	PROPN
cjfa-8204	81	3	total	total	ADJ
cjfa-8204	81	4	accounting	accounting	NOUN
cjfa-8204	81	5	measure	measure	NOUN
cjfa-8204	81	6	aggregated	aggregate	VERB
cjfa-8204	81	7	over	over	ADP
cjfa-8204	81	8	four	four	NUM
cjfa-8204	81	9	prior	prior	ADJ
cjfa-8204	81	10	quarters	quarter	NOUN
cjfa-8204	81	11	and	and	CCONJ
cjfa-8204	81	12	divide	divide	VERB
cjfa-8204	81	13	it	it	PRON
cjfa-8204	81	14	by	by	ADP
cjfa-8204	81	15	the	the	DET
cjfa-8204	81	16	current	current	ADJ
cjfa-8204	81	17	total	total	ADJ
cjfa-8204	81	18	stock	stock	NOUN
cjfa-8204	81	19	market	market	NOUN
cjfa-8204	81	20	capitalization	capitalization	NOUN
cjfa-8204	81	21	or	or	CCONJ
cjfa-8204	81	22	ev	ev	INTJ
cjfa-8204	81	23	.	.	PUNCT
cjfa-8204	82	1	the	the	DET
cjfa-8204	82	2	accounting	accounting	NOUN
cjfa-8204	82	3	measures	measure	NOUN
cjfa-8204	82	4	for	for	ADP
cjfa-8204	82	5	the	the	DET
cjfa-8204	82	6	indices	index	NOUN
cjfa-8204	82	7	are	be	AUX
cjfa-8204	82	8	the	the	DET
cjfa-8204	82	9	summed	sum	VERB
cjfa-8204	82	10	values	value	NOUN
cjfa-8204	82	11	for	for	ADP
cjfa-8204	82	12	all	all	DET
cjfa-8204	82	13	the	the	DET
cjfa-8204	82	14	constituent	constituent	NOUN
cjfa-8204	82	15	companies	company	NOUN
cjfa-8204	82	16	,	,	PUNCT
cjfa-8204	82	17	w8ed	w8ed	X
cjfa-8204	82	18	according	accord	VERB
cjfa-8204	82	19	to	to	ADP
cjfa-8204	82	20	the	the	DET
cjfa-8204	82	21	methodology	methodology	NOUN
cjfa-8204	82	22	of	of	ADP
cjfa-8204	82	23	a	a	DET
cjfa-8204	82	24	given	give	VERB
cjfa-8204	82	25	index	index	NOUN
cjfa-8204	82	26	.	.	PUNCT
cjfa-8204	83	1	furthermore	furthermore	ADV
cjfa-8204	83	2	,	,	PUNCT
cjfa-8204	83	3	all	all	DET
cjfa-8204	83	4	the	the	DET
cjfa-8204	83	5	ratios	ratio	NOUN
cjfa-8204	83	6	are	be	AUX
cjfa-8204	83	7	lagged	lag	VERB
cjfa-8204	83	8	three	three	NUM
cjfa-8204	83	9	months	month	NOUN
cjfa-8204	83	10	in	in	ADP
cjfa-8204	83	11	order	order	NOUN
cjfa-8204	83	12	to	to	PART
cjfa-8204	83	13	avoid	avoid	VERB
cjfa-8204	83	14	look	look	VERB
cjfa-8204	83	15	-	-	PUNCT
cjfa-8204	83	16	ahead	ahead	NOUN
cjfa-8204	83	17	bias	bias	NOUN
cjfa-8204	83	18	.	.	PUNCT
cjfa-8204	84	1	the	the	DET
cjfa-8204	84	2	second	second	ADJ
cjfa-8204	84	3	group	group	NOUN
cjfa-8204	84	4	of	of	ADP
cjfa-8204	84	5	anomalies	anomaly	NOUN
cjfa-8204	84	6	is	be	AUX
cjfa-8204	84	7	related	relate	VERB
cjfa-8204	84	8	to	to	ADP
cjfa-8204	84	9	momentum	momentum	NOUN
cjfa-8204	84	10	,	,	PUNCT
cjfa-8204	84	11	which	which	PRON
cjfa-8204	84	12	is	be	AUX
cjfa-8204	84	13	found	find	VERB
cjfa-8204	84	14	in	in	ADP
cjfa-8204	84	15	country	country	NOUN
cjfa-8204	84	16	equity	equity	NOUN
cjfa-8204	84	17	indices	index	NOUN
cjfa-8204	84	18	by	by	ADP
cjfa-8204	84	19	for	for	ADP
cjfa-8204	84	20	example	example	NOUN
cjfa-8204	84	21	asness	asness	PROPN
cjfa-8204	84	22	et	et	PROPN
cjfa-8204	84	23	al	al	PROPN
cjfa-8204	84	24	.	.	PROPN
cjfa-8204	85	1	(	(	PUNCT
cjfa-8204	85	2	1997	1997	NUM
cjfa-8204	85	3	)	)	PUNCT
cjfa-8204	85	4	,	,	PUNCT
cjfa-8204	85	5	bhojraj	bhojraj	NOUN
cjfa-8204	85	6	and	and	CCONJ
cjfa-8204	85	7	swaminathan	swaminathan	ADV
cjfa-8204	85	8	(	(	PUNCT
cjfa-8204	85	9	2006	2006	NUM
cjfa-8204	85	10	)	)	PUNCT
cjfa-8204	85	11	,	,	PUNCT
cjfa-8204	85	12	and	and	CCONJ
cjfa-8204	85	13	balvers	balver	NOUN
cjfa-8204	85	14	and	and	CCONJ
cjfa-8204	85	15	wu	wu	PROPN
cjfa-8204	85	16	(	(	PUNCT
cjfa-8204	85	17	2006	2006	NUM
cjfa-8204	85	18	)	)	PUNCT
cjfa-8204	85	19	.	.	PUNCT
cjfa-8204	86	1	we	we	PRON
cjfa-8204	86	2	examine	examine	VERB
cjfa-8204	86	3	two	two	NUM
cjfa-8204	86	4	separate	separate	ADJ
cjfa-8204	86	5	version	version	NOUN
cjfa-8204	86	6	of	of	ADP
cjfa-8204	86	7	the	the	DET
cjfa-8204	86	8	anomaly	anomaly	NOUN
cjfa-8204	86	9	.	.	PUNCT
cjfa-8204	87	1	first	first	ADV
cjfa-8204	87	2	,	,	PUNCT
cjfa-8204	87	3	we	we	PRON
cjfa-8204	87	4	examine	examine	VERB
cjfa-8204	87	5	the	the	DET
cjfa-8204	87	6	standard	standard	ADJ
cjfa-8204	87	7	long	long	ADJ
cjfa-8204	87	8	-	-	PUNCT
cjfa-8204	87	9	term	term	NOUN
cjfa-8204	87	10	momentum	momentum	NOUN
cjfa-8204	87	11	(	(	PUNCT
cjfa-8204	87	12	ltmom	ltmom	PROPN
cjfa-8204	87	13	)	)	PUNCT
cjfa-8204	87	14	,	,	PUNCT
cjfa-8204	87	15	where	where	SCONJ
cjfa-8204	87	16	portfolios	portfolio	NOUN
cjfa-8204	87	17	are	be	AUX
cjfa-8204	87	18	formed	form	VERB
cjfa-8204	87	19	on	on	ADP
cjfa-8204	87	20	the	the	DET
cjfa-8204	87	21	basis	basis	NOUN
cjfa-8204	87	22	of	of	ADP
cjfa-8204	87	23	12	12	NUM
cjfa-8204	87	24	-	-	PUNCT
cjfa-8204	87	25	month	month	NOUN
cjfa-8204	87	26	past	past	NOUN
cjfa-8204	87	27	performance	performance	NOUN
cjfa-8204	87	28	with	with	ADP
cjfa-8204	87	29	the	the	DET
cjfa-8204	87	30	most	most	ADV
cjfa-8204	87	31	recent	recent	ADJ
cjfa-8204	87	32	month	month	NOUN
cjfa-8204	87	33	skipped	skip	VERB
cjfa-8204	87	34	(	(	PUNCT
cjfa-8204	87	35	fama	fama	NOUN
cjfa-8204	87	36	and	and	CCONJ
cjfa-8204	87	37	french	french	ADJ
cjfa-8204	87	38	2008	2008	NUM
cjfa-8204	87	39	)	)	PUNCT
cjfa-8204	87	40	.	.	PUNCT
cjfa-8204	88	1	second	second	ADJ
cjfa-8204	88	2	,	,	PUNCT
cjfa-8204	88	3	we	we	PRON
cjfa-8204	88	4	investigate	investigate	VERB
cjfa-8204	88	5	the	the	DET
cjfa-8204	88	6	intermediate	intermediate	ADJ
cjfa-8204	88	7	momentum	momentum	NOUN
cjfa-8204	88	8	(	(	PUNCT
cjfa-8204	88	9	intmom	intmom	NOUN
cjfa-8204	88	10	)	)	PUNCT
cjfa-8204	88	11	suggested	suggest	VERB
cjfa-8204	88	12	by	by	ADP
cjfa-8204	88	13	novy	novy	PROPN
cjfa-8204	88	14	-	-	PUNCT
cjfa-8204	88	15	marx	marx	PROPN
cjfa-8204	88	16	(	(	PUNCT
cjfa-8204	88	17	2012	2012	NUM
cjfa-8204	88	18	)	)	PUNCT
cjfa-8204	88	19	.	.	PUNCT
cjfa-8204	89	1	we	we	PRON
cjfa-8204	89	2	do	do	AUX
cjfa-8204	89	3	not	not	PART
cjfa-8204	89	4	examine	examine	VERB
cjfa-8204	89	5	the	the	DET
cjfa-8204	89	6	classical	classical	ADJ
cjfa-8204	89	7	short	short	ADJ
cjfa-8204	89	8	-	-	PUNCT
cjfa-8204	89	9	term	term	NOUN
cjfa-8204	89	10	momentum	momentum	NOUN
cjfa-8204	89	11	originating	originate	VERB
cjfa-8204	89	12	from	from	ADP
cjfa-8204	89	13	jegadeesh	jegadeesh	NOUN
cjfa-8204	89	14	and	and	CCONJ
cjfa-8204	89	15	titman	titman	NOUN
cjfa-8204	89	16	(	(	PUNCT
cjfa-8204	89	17	1993	1993	NUM
cjfa-8204	89	18	)	)	PUNCT
cjfa-8204	89	19	,	,	PUNCT
cjfa-8204	89	20	that	that	PRON
cjfa-8204	89	21	was	be	AUX
cjfa-8204	89	22	based	base	VERB
cjfa-8204	89	23	on	on	ADP
cjfa-8204	89	24	6	6	NUM
cjfa-8204	89	25	-	-	PUNCT
cjfa-8204	89	26	month	month	NOUN
cjfa-8204	89	27	past	past	NOUN
cjfa-8204	89	28	performance	performance	NOUN
cjfa-8204	89	29	.	.	PUNCT
cjfa-8204	90	1	the	the	DET
cjfa-8204	90	2	reason	reason	NOUN
cjfa-8204	90	3	is	be	AUX
cjfa-8204	90	4	that	that	SCONJ
cjfa-8204	90	5	novy	novy	PROPN
cjfa-8204	90	6	-	-	PUNCT
cjfa-8204	90	7	marx	marx	PROPN
cjfa-8204	90	8	(	(	PUNCT
cjfa-8204	90	9	2012	2012	NUM
cjfa-8204	90	10	)	)	PUNCT
cjfa-8204	90	11	suggest	suggest	VERB
cjfa-8204	90	12	that	that	SCONJ
cjfa-8204	90	13	it	it	PRON
cjfa-8204	90	14	’s	’	VERB
cjfa-8204	90	15	source	source	NOUN
cjfa-8204	90	16	lies	lie	VERB
cjfa-8204	90	17	predominantly	predominantly	ADV
cjfa-8204	90	18	in	in	ADP
cjfa-8204	90	19	the	the	DET
cjfa-8204	90	20	postearnings	postearning	NOUN
cjfa-8204	90	21	announcement	announcement	NOUN
cjfa-8204	90	22	drift	drift	NOUN
cjfa-8204	90	23	,	,	PUNCT
cjfa-8204	90	24	which	which	PRON
cjfa-8204	90	25	is	be	AUX
cjfa-8204	90	26	not	not	PART
cjfa-8204	90	27	present	present	ADJ
cjfa-8204	90	28	at	at	ADP
cjfa-8204	90	29	the	the	DET
cjfa-8204	90	30	country	country	NOUN
cjfa-8204	90	31	-	-	PUNCT
cjfa-8204	90	32	level	level	NOUN
cjfa-8204	90	33	.	.	PUNCT
cjfa-8204	91	1	furthermore	furthermore	ADV
cjfa-8204	91	2	,	,	PUNCT
cjfa-8204	91	3	zaremba	zaremba	NOUN
cjfa-8204	91	4	(	(	PUNCT
cjfa-8204	91	5	2015b	2015b	NUM
cjfa-8204	91	6	)	)	PUNCT
cjfa-8204	91	7	and	and	CCONJ
cjfa-8204	91	8	zaremba	zaremba	NOUN
cjfa-8204	91	9	and	and	CCONJ
cjfa-8204	91	10	konieczka	konieczka	PROPN
cjfa-8204	91	11	(	(	PUNCT
cjfa-8204	91	12	2015	2015	NUM
cjfa-8204	91	13	)	)	PUNCT
cjfa-8204	91	14	finds	find	VERB
cjfa-8204	91	15	no	no	DET
cjfa-8204	91	16	significant	significant	ADJ
cjfa-8204	91	17	evidence	evidence	NOUN
cjfa-8204	91	18	for	for	ADP
cjfa-8204	91	19	the	the	DET
cjfa-8204	91	20	short	short	ADJ
cjfa-8204	91	21	-	-	PUNCT
cjfa-8204	91	22	term	term	NOUN
cjfa-8204	91	23	momentum	momentum	NOUN
cjfa-8204	91	24	within	within	ADP
cjfa-8204	91	25	country	country	NOUN
cjfa-8204	91	26	equity	equity	NOUN
cjfa-8204	91	27	indices	index	NOUN
cjfa-8204	91	28	.	.	PUNCT
cjfa-8204	92	1	for	for	ADP
cjfa-8204	92	2	all	all	DET
cjfa-8204	92	3	the	the	DET
cjfa-8204	92	4	above	above	ADV
cjfa-8204	92	5	-	-	PUNCT
cjfa-8204	92	6	described	describe	VERB
cjfa-8204	92	7	strategies	strategy	NOUN
cjfa-8204	92	8	,	,	PUNCT
cjfa-8204	92	9	the	the	DET
cjfa-8204	92	10	zero	zero	NUM
cjfa-8204	92	11	-	-	PUNCT
cjfa-8204	92	12	portfolios	portfolio	NOUN
cjfa-8204	92	13	are	be	AUX
cjfa-8204	92	14	formed	form	VERB
cjfa-8204	92	15	in	in	ADP
cjfa-8204	92	16	a	a	DET
cjfa-8204	92	17	uniform	uniform	ADJ
cjfa-8204	92	18	way	way	NOUN
cjfa-8204	92	19	.	.	PUNCT
cjfa-8204	93	1	first	first	ADV
cjfa-8204	93	2	,	,	PUNCT
cjfa-8204	93	3	all	all	DET
cjfa-8204	93	4	the	the	DET
cjfa-8204	93	5	stock	stock	NOUN
cjfa-8204	93	6	market	market	NOUN
cjfa-8204	93	7	indices	index	NOUN
cjfa-8204	93	8	are	be	AUX
cjfa-8204	93	9	sorted	sort	VERB
cjfa-8204	93	10	on	on	ADP
cjfa-8204	93	11	the	the	DET
cjfa-8204	93	12	metrics	metric	NOUN
cjfa-8204	93	13	related	relate	VERB
cjfa-8204	93	14	to	to	ADP
cjfa-8204	93	15	the	the	DET
cjfa-8204	93	16	anomalies	anomaly	NOUN
cjfa-8204	93	17	at	at	ADP
cjfa-8204	93	18	the	the	DET
cjfa-8204	93	19	end	end	NOUN
cjfa-8204	93	20	of	of	ADP
cjfa-8204	93	21	each	each	DET
cjfa-8204	93	22	month	month	NOUN
cjfa-8204	93	23	t-1	t-1	PROPN
cjfa-8204	93	24	.	.	PUNCT
cjfa-8204	94	1	next	next	ADV
cjfa-8204	94	2	,	,	PUNCT
cjfa-8204	94	3	we	we	PRON
cjfa-8204	94	4	determine	determine	VERB
cjfa-8204	94	5	the	the	DET
cjfa-8204	94	6	20th	20th	ADJ
cjfa-8204	94	7	and	and	CCONJ
cjfa-8204	94	8	80th	80th	ADJ
cjfa-8204	94	9	percentiles	percentile	NOUN
cjfa-8204	94	10	as	as	ADP
cjfa-8204	94	11	breakpoints	breakpoint	NOUN
cjfa-8204	94	12	,	,	PUNCT
cjfa-8204	94	13	and	and	CCONJ
cjfa-8204	94	14	thus	thus	ADV
cjfa-8204	94	15	form	form	VERB
cjfa-8204	94	16	three	three	NUM
cjfa-8204	94	17	subgroups	subgroup	NOUN
cjfa-8204	94	18	.	.	PUNCT
cjfa-8204	95	1	subsequently	subsequently	ADV
cjfa-8204	95	2	,	,	PUNCT
cjfa-8204	95	3	the	the	DET
cjfa-8204	95	4	returns	return	NOUN
cjfa-8204	95	5	on	on	ADP
cjfa-8204	95	6	indices	index	NOUN
cjfa-8204	95	7	in	in	ADP
cjfa-8204	95	8	the	the	DET
cjfa-8204	95	9	top	top	NOUN
cjfa-8204	95	10	and	and	CCONJ
cjfa-8204	95	11	the	the	DET
cjfa-8204	95	12	bottom	bottom	ADJ
cjfa-8204	95	13	subgroup	subgroup	NOUN
cjfa-8204	95	14	are	be	AUX
cjfa-8204	95	15	equally	equally	ADV
cjfa-8204	95	16	w8ed	w8ed	PUNCT
cjfa-8204	95	17	to	to	PART
cjfa-8204	95	18	form	form	VERB
cjfa-8204	95	19	portfolios	portfolio	NOUN
cjfa-8204	95	20	.	.	PUNCT
cjfa-8204	96	1	finally	finally	ADV
cjfa-8204	96	2	,	,	PUNCT
cjfa-8204	96	3	we	we	PRON
cjfa-8204	96	4	calculate	calculate	VERB
cjfa-8204	96	5	returns	return	NOUN
cjfa-8204	96	6	on	on	ADP
cjfa-8204	96	7	the	the	DET
cjfa-8204	96	8	differential	differential	ADJ
cjfa-8204	96	9	portfolio	portfolio	NOUN
cjfa-8204	96	10	–	–	PUNCT
cjfa-8204	96	11	in	in	ADP
cjfa-8204	96	12	other	other	ADJ
cjfa-8204	96	13	words	word	NOUN
cjfa-8204	96	14	zero	zero	NUM
cjfa-8204	96	15	-	-	PUNCT
cjfa-8204	96	16	portfolios	portfolio	NOUN
cjfa-8204	96	17	–	–	PUNCT
cjfa-8204	96	18	which	which	PRON
cjfa-8204	96	19	are	be	AUX
cjfa-8204	96	20	long	long	ADV
cjfa-8204	96	21	/	/	SYM
cjfa-8204	96	22	short	short	ADJ
cjfa-8204	96	23	portfolios	portfolio	NOUN
cjfa-8204	96	24	:	:	PUNCT
cjfa-8204	96	25	100	100	NUM
cjfa-8204	96	26	%	%	NOUN
cjfa-8204	96	27	long	long	ADJ
cjfa-8204	96	28	in	in	ADP
cjfa-8204	96	29	the	the	DET
cjfa-8204	96	30	quintile	quintile	NOUN
cjfa-8204	96	31	of	of	ADP
cjfa-8204	96	32	markets	market	NOUN
cjfa-8204	96	33	with	with	ADP
cjfa-8204	96	34	the	the	DET
cjfa-8204	96	35	highest	high	ADJ
cjfa-8204	96	36	metric	metric	ADJ
cjfa-8204	96	37	,	,	PUNCT
cjfa-8204	96	38	and	and	CCONJ
cjfa-8204	96	39	100	100	NUM
cjfa-8204	96	40	%	%	NOUN
cjfa-8204	96	41	short	short	ADJ
cjfa-8204	96	42	in	in	ADP
cjfa-8204	96	43	the	the	DET
cjfa-8204	96	44	quintile	quintile	NOUN
cjfa-8204	96	45	of	of	ADP
cjfa-8204	96	46	markets	market	NOUN
cjfa-8204	96	47	with	with	ADP
cjfa-8204	96	48	the	the	DET
cjfa-8204	96	49	lowest	low	ADJ
cjfa-8204	96	50	metric	metric	NOUN
cjfa-8204	96	51	.	.	PUNCT
cjfa-8204	97	1	beside	beside	ADP
cjfa-8204	97	2	the	the	DET
cjfa-8204	97	3	strategies	strategy	NOUN
cjfa-8204	97	4	based	base	VERB
cjfa-8204	97	5	on	on	ADP
cjfa-8204	97	6	single	single	ADJ
cjfa-8204	97	7	metrics	metric	NOUN
cjfa-8204	97	8	,	,	PUNCT
cjfa-8204	97	9	we	we	PRON
cjfa-8204	97	10	calculate	calculate	VERB
cjfa-8204	97	11	also	also	ADV
cjfa-8204	97	12	returns	return	VERB
cjfa-8204	97	13	on	on	ADP
cjfa-8204	97	14	composite	composite	ADJ
cjfa-8204	97	15	strategies	strategy	NOUN
cjfa-8204	97	16	,	,	PUNCT
cjfa-8204	97	17	that	that	PRON
cjfa-8204	97	18	are	be	AUX
cjfa-8204	97	19	equal	equal	ADJ
cjfa-8204	97	20	weighted	weight	VERB
cjfa-8204	97	21	portfolios	portfolio	NOUN
cjfa-8204	97	22	of	of	ADP
cjfa-8204	97	23	all	all	DET
cjfa-8204	97	24	the	the	DET
cjfa-8204	97	25	strategies	strategy	NOUN
cjfa-8204	97	26	within	within	ADP
cjfa-8204	97	27	the	the	DET
cjfa-8204	97	28	two	two	NUM
cjfa-8204	97	29	groups	group	NOUN
cjfa-8204	97	30	:	:	PUNCT
cjfa-8204	97	31	value	value	NOUN
cjfa-8204	97	32	and	and	CCONJ
cjfa-8204	97	33	momentum	momentum	NOUN
cjfa-8204	97	34	.	.	PUNCT
cjfa-8204	98	1	thus	thus	ADV
cjfa-8204	98	2	,	,	PUNCT
cjfa-8204	98	3	we	we	PRON
cjfa-8204	98	4	have	have	VERB
cjfa-8204	98	5	a	a	DET
cjfa-8204	98	6	composite	composite	ADJ
cjfa-8204	98	7	value	value	NOUN
cjfa-8204	98	8	strategy	strategy	NOUN
cjfa-8204	98	9	,	,	PUNCT
cjfa-8204	98	10	that	that	PRON
cjfa-8204	98	11	is	be	AUX
cjfa-8204	98	12	based	base	VERB
cjfa-8204	98	13	on	on	ADP
cjfa-8204	98	14	average	average	ADJ
cjfa-8204	98	15	performance	performance	NOUN
cjfa-8204	98	16	of	of	ADP
cjfa-8204	98	17	the	the	DET
cjfa-8204	98	18	four	four	NUM
cjfa-8204	98	19	single	single	ADJ
cjfa-8204	98	20	-	-	PUNCT
cjfa-8204	98	21	variable	variable	ADJ
cjfa-8204	98	22	value	value	NOUN
cjfa-8204	98	23	strategies	strategy	NOUN
cjfa-8204	98	24	,	,	PUNCT
cjfa-8204	98	25	and	and	CCONJ
cjfa-8204	98	26	a	a	DET
cjfa-8204	98	27	composite	composite	ADJ
cjfa-8204	98	28	momentum	momentum	NOUN
cjfa-8204	98	29	strategy	strategy	NOUN
cjfa-8204	98	30	,	,	PUNCT
cjfa-8204	98	31	that	that	SCONJ
cjfa-8204	98	32	basically	basically	ADV
cjfa-8204	98	33	averages	average	VERB
cjfa-8204	98	34	returns	return	VERB
cjfa-8204	98	35	on	on	ADP
cjfa-8204	98	36	long	long	ADJ
cjfa-8204	98	37	-	-	PUNCT
cjfa-8204	98	38	term	term	NOUN
cjfa-8204	98	39	and	and	CCONJ
cjfa-8204	98	40	intermediate	intermediate	ADJ
cjfa-8204	98	41	momentum	momentum	NOUN
cjfa-8204	98	42	.	.	PUNCT
cjfa-8204	99	1	following	follow	VERB
cjfa-8204	99	2	zaremba	zaremba	NOUN
cjfa-8204	99	3	and	and	CCONJ
cjfa-8204	99	4	konieczka	konieczka	PROPN
cjfa-8204	99	5	(	(	PUNCT
cjfa-8204	99	6	2015	2015	NUM
cjfa-8204	99	7	)	)	PUNCT
cjfa-8204	99	8	,	,	PUNCT
cjfa-8204	99	9	the	the	DET
cjfa-8204	99	10	performance	performance	NOUN
cjfa-8204	99	11	of	of	ADP
cjfa-8204	99	12	the	the	DET
cjfa-8204	99	13	portfolios	portfolio	NOUN
cjfa-8204	99	14	is	be	AUX
cjfa-8204	99	15	examined	examine	VERB
cjfa-8204	99	16	with	with	ADP
cjfa-8204	99	17	two	two	NUM
cjfa-8204	99	18	distinct	distinct	ADJ
cjfa-8204	99	19	asset	asset	NOUN
cjfa-8204	99	20	pricing	pricing	NOUN
cjfa-8204	99	21	model	model	NOUN
cjfa-8204	99	22	.	.	PUNCT
cjfa-8204	100	1	the	the	DET
cjfa-8204	100	2	first	first	ADJ
cjfa-8204	100	3	is	be	AUX
cjfa-8204	100	4	the	the	DET
cjfa-8204	100	5	countrylevel	countrylevel	ADJ
cjfa-8204	100	6	capm	capm	PROPN
cjfa-8204	100	7	model	model	NOUN
cjfa-8204	100	8	(	(	PUNCT
cjfa-8204	100	9	sharpe	sharpe	PROPN
cjfa-8204	100	10	,	,	PUNCT
cjfa-8204	100	11	1964	1964	NUM
cjfa-8204	100	12	)	)	PUNCT
cjfa-8204	100	13	,	,	PUNCT
cjfa-8204	100	14	where	where	SCONJ
cjfa-8204	100	15	the	the	DET
cjfa-8204	100	16	global	global	ADJ
cjfa-8204	100	17	market	market	NOUN
cjfa-8204	100	18	portfolio	portfolio	NOUN
cjfa-8204	100	19	includes	include	VERB
cjfa-8204	100	20	all	all	DET
cjfa-8204	100	21	the	the	DET
cjfa-8204	100	22	country	country	NOUN
cjfa-8204	100	23	equity	equity	NOUN
cjfa-8204	100	24	indices	index	NOUN
cjfa-8204	100	25	.	.	PUNCT
cjfa-8204	101	1	the	the	DET
cjfa-8204	101	2	return	return	NOUN
cjfa-8204	101	3	on	on	ADP
cjfa-8204	101	4	the	the	DET
cjfa-8204	101	5	market	market	NOUN
cjfa-8204	101	6	portfolio	portfolio	NOUN
cjfa-8204	101	7	in	in	ADP
cjfa-8204	101	8	this	this	DET
cjfa-8204	101	9	case	case	NOUN
cjfa-8204	101	10	is	be	AUX
cjfa-8204	101	11	the	the	DET
cjfa-8204	101	12	january	january	PROPN
cjfa-8204	101	13	seasonality	seasonality	NOUN
cjfa-8204	101	14	and	and	CCONJ
cjfa-8204	101	15	the	the	DET
cjfa-8204	101	16	performance	performance	NOUN
cjfa-8204	101	17	…	…	SYM
cjfa-8204	101	18	201	201	NUM
cjfa-8204	101	19	calculated	calculate	VERB
cjfa-8204	101	20	either	either	CCONJ
cjfa-8204	101	21	in	in	ADP
cjfa-8204	101	22	the	the	DET
cjfa-8204	101	23	gross	gross	ADJ
cjfa-8204	101	24	or	or	CCONJ
cjfa-8204	101	25	net	net	ADJ
cjfa-8204	101	26	approach	approach	NOUN
cjfa-8204	101	27	,	,	PUNCT
cjfa-8204	101	28	consistently	consistently	ADV
cjfa-8204	101	29	with	with	ADP
cjfa-8204	101	30	the	the	DET
cjfa-8204	101	31	returns	return	NOUN
cjfa-8204	101	32	on	on	ADP
cjfa-8204	101	33	anomaly	anomaly	NOUN
cjfa-8204	101	34	-	-	PUNCT
cjfa-8204	101	35	based	base	VERB
cjfa-8204	101	36	portfolios	portfolio	NOUN
cjfa-8204	101	37	.	.	PUNCT
cjfa-8204	102	1	the	the	DET
cjfa-8204	102	2	other	other	ADJ
cjfa-8204	102	3	model	model	NOUN
cjfa-8204	102	4	is	be	AUX
cjfa-8204	102	5	the	the	DET
cjfa-8204	102	6	standard	standard	ADJ
cjfa-8204	102	7	four	four	NUM
cjfa-8204	102	8	-	-	PUNCT
cjfa-8204	102	9	factor	factor	NOUN
cjfa-8204	102	10	model	model	NOUN
cjfa-8204	102	11	by	by	ADP
cjfa-8204	102	12	carhart	carhart	NOUN
cjfa-8204	102	13	(	(	PUNCT
cjfa-8204	102	14	1997	1997	NUM
cjfa-8204	102	15	)	)	PUNCT
cjfa-8204	102	16	based	base	VERB
cjfa-8204	102	17	the	the	DET
cjfa-8204	102	18	us	us	PROPN
cjfa-8204	102	19	stock	stock	NOUN
cjfa-8204	102	20	-	-	PUNCT
cjfa-8204	102	21	level	level	NOUN
cjfa-8204	102	22	data2	data2	PROPN
cjfa-8204	102	23	.	.	PUNCT
cjfa-8204	103	1	we	we	PRON
cjfa-8204	103	2	base	base	VERB
cjfa-8204	103	3	all	all	DET
cjfa-8204	103	4	the	the	DET
cjfa-8204	103	5	formal	formal	ADJ
cjfa-8204	103	6	statistical	statistical	ADJ
cjfa-8204	103	7	inferences	inference	NOUN
cjfa-8204	103	8	on	on	ADP
cjfa-8204	103	9	log	log	NOUN
cjfa-8204	103	10	-	-	PUNCT
cjfa-8204	103	11	returns	return	NOUN
cjfa-8204	103	12	and	and	CCONJ
cjfa-8204	103	13	present	present	VERB
cjfa-8204	103	14	the	the	DET
cjfa-8204	103	15	outcomes	outcome	NOUN
cjfa-8204	103	16	accordingly	accordingly	ADV
cjfa-8204	103	17	.	.	PUNCT
cjfa-8204	104	1	considering	consider	VERB
cjfa-8204	104	2	the	the	DET
cjfa-8204	104	3	impact	impact	NOUN
cjfa-8204	104	4	of	of	ADP
cjfa-8204	104	5	seasonality	seasonality	NOUN
cjfa-8204	104	6	on	on	ADP
cjfa-8204	104	7	the	the	DET
cjfa-8204	104	8	returns	return	NOUN
cjfa-8204	104	9	on	on	ADP
cjfa-8204	104	10	value	value	NOUN
cjfa-8204	104	11	and	and	CCONJ
cjfa-8204	104	12	momentum	momentum	NOUN
cjfa-8204	104	13	anomalies	anomaly	NOUN
cjfa-8204	104	14	,	,	PUNCT
cjfa-8204	104	15	we	we	PRON
cjfa-8204	104	16	are	be	AUX
cjfa-8204	104	17	particularly	particularly	ADV
cjfa-8204	104	18	interested	interested	ADJ
cjfa-8204	104	19	whether	whether	SCONJ
cjfa-8204	104	20	the	the	DET
cjfa-8204	104	21	performance	performance	NOUN
cjfa-8204	104	22	in	in	ADP
cjfa-8204	104	23	january	january	PROPN
cjfa-8204	104	24	is	be	AUX
cjfa-8204	104	25	significantly	significantly	ADV
cjfa-8204	104	26	better	well	ADJ
cjfa-8204	104	27	than	than	ADP
cjfa-8204	104	28	in	in	ADP
cjfa-8204	104	29	december	december	PROPN
cjfa-8204	104	30	.	.	PUNCT
cjfa-8204	105	1	we	we	PRON
cjfa-8204	105	2	use	use	VERB
cjfa-8204	105	3	two	two	NUM
cjfa-8204	105	4	separate	separate	ADJ
cjfa-8204	105	5	methods	method	NOUN
cjfa-8204	105	6	to	to	PART
cjfa-8204	105	7	verify	verify	VERB
cjfa-8204	105	8	this	this	DET
cjfa-8204	105	9	hypothesis	hypothesis	NOUN
cjfa-8204	105	10	.	.	PUNCT
cjfa-8204	106	1	initially	initially	ADV
cjfa-8204	106	2	,	,	PUNCT
cjfa-8204	106	3	we	we	PRON
cjfa-8204	106	4	simply	simply	ADV
cjfa-8204	106	5	calculate	calculate	VERB
cjfa-8204	106	6	the	the	DET
cjfa-8204	106	7	mean	mean	ADJ
cjfa-8204	106	8	returns	return	NOUN
cjfa-8204	106	9	in	in	ADP
cjfa-8204	106	10	the	the	DET
cjfa-8204	106	11	two	two	NUM
cjfa-8204	106	12	above	above	ADV
cjfa-8204	106	13	-	-	PUNCT
cjfa-8204	106	14	mentioned	mention	VERB
cjfa-8204	106	15	months	month	NOUN
cjfa-8204	106	16	and	and	CCONJ
cjfa-8204	106	17	tests	test	VERB
cjfa-8204	106	18	whether	whether	SCONJ
cjfa-8204	106	19	the	the	DET
cjfa-8204	106	20	difference	difference	NOUN
cjfa-8204	106	21	is	be	AUX
cjfa-8204	106	22	significantly	significantly	ADV
cjfa-8204	106	23	different	different	ADJ
cjfa-8204	106	24	from	from	ADP
cjfa-8204	106	25	0	0	NUM
cjfa-8204	106	26	.	.	PUNCT
cjfa-8204	107	1	in	in	ADP
cjfa-8204	107	2	this	this	DET
cjfa-8204	107	3	test	test	NOUN
cjfa-8204	107	4	,	,	PUNCT
cjfa-8204	107	5	for	for	ADP
cjfa-8204	107	6	the	the	DET
cjfa-8204	107	7	sake	sake	NOUN
cjfa-8204	107	8	of	of	ADP
cjfa-8204	107	9	simplicity	simplicity	NOUN
cjfa-8204	107	10	,	,	PUNCT
cjfa-8204	107	11	we	we	PRON
cjfa-8204	107	12	assume	assume	VERB
cjfa-8204	107	13	that	that	SCONJ
cjfa-8204	107	14	the	the	DET
cjfa-8204	107	15	january	january	PROPN
cjfa-8204	107	16	and	and	CCONJ
cjfa-8204	107	17	december	december	PROPN
cjfa-8204	107	18	log	log	NOUN
cjfa-8204	107	19	-	-	PUNCT
cjfa-8204	107	20	returns	return	NOUN
cjfa-8204	107	21	are	be	AUX
cjfa-8204	107	22	independent	independent	ADJ
cjfa-8204	107	23	and	and	CCONJ
cjfa-8204	107	24	normally	normally	ADV
cjfa-8204	107	25	distributed.3	distributed.3	PROPN
cjfa-8204	107	26	next	next	ADV
cjfa-8204	107	27	,	,	PUNCT
cjfa-8204	107	28	using	use	VERB
cjfa-8204	107	29	the	the	DET
cjfa-8204	107	30	ols	ol	NOUN
cjfa-8204	107	31	method	method	NOUN
cjfa-8204	107	32	,	,	PUNCT
cjfa-8204	107	33	we	we	PRON
cjfa-8204	107	34	estimate	estimate	VERB
cjfa-8204	107	35	the	the	DET
cjfa-8204	107	36	parameters	parameter	NOUN
cjfa-8204	107	37	of	of	ADP
cjfa-8204	107	38	the	the	DET
cjfa-8204	107	39	following	follow	VERB
cjfa-8204	107	40	regression	regression	NOUN
cjfa-8204	107	41	equation	equation	NOUN
cjfa-8204	107	42	:	:	PUNCT
cjfa-8204	108	1	i	i	PRON
cjfa-8204	108	2	tt	tt	VERB
cjfa-8204	109	1	i	i	PRON
cjfa-8204	109	2	t	t	PROPN
cjfa-8204	109	3	iii	iii	PROPN
cjfa-8204	109	4	t	t	PROPN
cjfa-8204	109	5	decjanr	decjanr	NOUN
cjfa-8204	109	6			NOUN
cjfa-8204	109	7			PROPN
cjfa-8204	109	8	,	,	PUNCT
cjfa-8204	109	9	(	(	PUNCT
cjfa-8204	109	10	1	1	X
cjfa-8204	109	11	)	)	PUNCT
cjfa-8204	109	12	where	where	SCONJ
cjfa-8204	109	13	ri	ri	PROPN
cjfa-8204	109	14	t	t	PROPN
cjfa-8204	109	15	is	be	AUX
cjfa-8204	109	16	the	the	DET
cjfa-8204	109	17	return	return	NOUN
cjfa-8204	109	18	on	on	ADP
cjfa-8204	109	19	i	i	PROPN
cjfa-8204	109	20	-	-	PUNCT
cjfa-8204	109	21	th	th	X
cjfa-8204	109	22	strategy	strategy	NOUN
cjfa-8204	109	23	in	in	ADP
cjfa-8204	109	24	month	month	NOUN
cjfa-8204	109	25	t	t	PROPN
cjfa-8204	109	26	,	,	PUNCT
cjfa-8204	109	27	jant	jant	ADJ
cjfa-8204	109	28	and	and	CCONJ
cjfa-8204	109	29	dect	dect	PROPN
cjfa-8204	109	30	are	be	AUX
cjfa-8204	109	31	dummy	dummy	ADJ
cjfa-8204	109	32	variables	variable	NOUN
cjfa-8204	109	33	equal	equal	ADJ
cjfa-8204	109	34	1	1	NUM
cjfa-8204	109	35	when	when	SCONJ
cjfa-8204	109	36	month	month	NOUN
cjfa-8204	109	37	t	t	PROPN
cjfa-8204	109	38	is	be	AUX
cjfa-8204	109	39	january	january	PROPN
cjfa-8204	109	40	and	and	CCONJ
cjfa-8204	109	41	december	december	PROPN
cjfa-8204	109	42	,	,	PUNCT
cjfa-8204	109	43	respectively	respectively	ADV
cjfa-8204	109	44	,	,	PUNCT
cjfa-8204	109	45	or	or	CCONJ
cjfa-8204	109	46	0	0	NUM
cjfa-8204	109	47	otherwise	otherwise	ADV
cjfa-8204	109	48	,	,	PUNCT
cjfa-8204	109	49	εi	εi	VERB
cjfa-8204	109	50	t	t	PROPN
cjfa-8204	109	51	is	be	AUX
cjfa-8204	109	52	the	the	DET
cjfa-8204	109	53	standard	standard	ADJ
cjfa-8204	109	54	error	error	NOUN
cjfa-8204	109	55	,	,	PUNCT
cjfa-8204	109	56	and	and	CCONJ
cjfa-8204	109	57	αi	αi	PROPN
cjfa-8204	109	58	,	,	PUNCT
cjfa-8204	109	59	βi	βi	PRON
cjfa-8204	109	60	and	and	CCONJ
cjfa-8204	109	61	γi	γi	PROPN
cjfa-8204	109	62	are	be	AUX
cjfa-8204	109	63	the	the	DET
cjfa-8204	109	64	regression	regression	NOUN
cjfa-8204	109	65	parameters	parameter	NOUN
cjfa-8204	109	66	.	.	PUNCT
cjfa-8204	110	1	finally	finally	ADV
cjfa-8204	110	2	,	,	PUNCT
cjfa-8204	110	3	for	for	ADP
cjfa-8204	110	4	each	each	DET
cjfa-8204	110	5	strategy	strategy	NOUN
cjfa-8204	110	6	we	we	PRON
cjfa-8204	110	7	test	test	VERB
cjfa-8204	110	8	the	the	DET
cjfa-8204	110	9	null	null	ADJ
cjfa-8204	110	10	hypothesis	hypothesis	NOUN
cjfa-8204	110	11	that	that	PRON
cjfa-8204	110	12	βi	βi	PRON
cjfa-8204	110	13	is	be	AUX
cjfa-8204	110	14	equal	equal	ADJ
cjfa-8204	110	15	γi	γi	ADP
cjfa-8204	110	16	,	,	PUNCT
cjfa-8204	110	17	with	with	ADP
cjfa-8204	110	18	the	the	DET
cjfa-8204	110	19	alternative	alternative	ADJ
cjfa-8204	110	20	hypothesis	hypothesis	NOUN
cjfa-8204	110	21	assuming	assume	VERB
cjfa-8204	110	22	the	the	DET
cjfa-8204	110	23	contrary	contrary	NOUN
cjfa-8204	110	24	.	.	PUNCT
cjfa-8204	111	1	to	to	PART
cjfa-8204	111	2	examine	examine	VERB
cjfa-8204	111	3	whether	whether	SCONJ
cjfa-8204	111	4	the	the	DET
cjfa-8204	111	5	difference	difference	NOUN
cjfa-8204	111	6	in	in	ADP
cjfa-8204	111	7	coefficients	coefficient	NOUN
cjfa-8204	111	8	significantly	significantly	ADV
cjfa-8204	111	9	departs	depart	VERB
cjfa-8204	111	10	from	from	ADP
cjfa-8204	111	11	0	0	NUM
cjfa-8204	111	12	,	,	PUNCT
cjfa-8204	111	13	we	we	PRON
cjfa-8204	111	14	follow	follow	VERB
cjfa-8204	111	15	the	the	DET
cjfa-8204	111	16	approach	approach	NOUN
cjfa-8204	111	17	suggested	suggest	VERB
cjfa-8204	111	18	by	by	ADP
cjfa-8204	111	19	paternoster	paternoster	PROPN
cjfa-8204	111	20	et	et	PROPN
cjfa-8204	111	21	al	al	PROPN
cjfa-8204	111	22	.	.	PUNCT
cjfa-8204	112	1	(	(	PUNCT
cjfa-8204	112	2	1998	1998	NUM
cjfa-8204	112	3	)	)	PUNCT
cjfa-8204	112	4	.	.	PUNCT
cjfa-8204	113	1	results	result	NOUN
cjfa-8204	113	2	and	and	CCONJ
cjfa-8204	113	3	discussion	discussion	NOUN
cjfa-8204	113	4	table	table	NOUN
cjfa-8204	113	5	1	1	NUM
cjfa-8204	113	6	reports	report	VERB
cjfa-8204	113	7	the	the	DET
cjfa-8204	113	8	performance	performance	NOUN
cjfa-8204	113	9	of	of	ADP
cjfa-8204	113	10	the	the	DET
cjfa-8204	113	11	examined	examine	VERB
cjfa-8204	113	12	value	value	NOUN
cjfa-8204	113	13	and	and	CCONJ
cjfa-8204	113	14	momentum	momentum	NOUN
cjfa-8204	113	15	strategies	strategy	NOUN
cjfa-8204	113	16	.	.	PUNCT
cjfa-8204	114	1	almost	almost	ADV
cjfa-8204	114	2	all	all	DET
cjfa-8204	114	3	the	the	DET
cjfa-8204	114	4	examined	examine	VERB
cjfa-8204	114	5	strategies	strategy	NOUN
cjfa-8204	114	6	are	be	AUX
cjfa-8204	114	7	characterized	characterize	VERB
cjfa-8204	114	8	returns	return	NOUN
cjfa-8204	114	9	that	that	PRON
cjfa-8204	114	10	are	be	AUX
cjfa-8204	114	11	positive	positive	ADJ
cjfa-8204	114	12	and	and	CCONJ
cjfa-8204	114	13	significantly	significantly	ADV
cjfa-8204	114	14	different	different	ADJ
cjfa-8204	114	15	from	from	ADP
cjfa-8204	114	16	0	0	NUM
cjfa-8204	114	17	,	,	PUNCT
cjfa-8204	114	18	even	even	ADV
cjfa-8204	114	19	after	after	SCONJ
cjfa-8204	114	20	the	the	DET
cjfa-8204	114	21	capm	capm	PROPN
cjfa-8204	114	22	and	and	CCONJ
cjfa-8204	114	23	four	four	NUM
cjfa-8204	114	24	-	-	PUNCT
cjfa-8204	114	25	factor	factor	NOUN
cjfa-8204	114	26	models	model	NOUN
cjfa-8204	114	27	are	be	AUX
cjfa-8204	114	28	applied	apply	VERB
cjfa-8204	114	29	.	.	PUNCT
cjfa-8204	115	1	basically	basically	ADV
cjfa-8204	115	2	,	,	PUNCT
cjfa-8204	115	3	adjusting	adjust	VERB
cjfa-8204	115	4	for	for	ADP
cjfa-8204	115	5	cross	cross	ADJ
cjfa-8204	115	6	-	-	ADJ
cjfa-8204	115	7	sectionally	sectionally	ADV
cjfa-8204	115	8	varying	vary	VERB
cjfa-8204	115	9	taxes	taxis	NOUN
cjfa-8204	115	10	on	on	ADP
cjfa-8204	115	11	dividends	dividend	NOUN
cjfa-8204	115	12	do	do	AUX
cjfa-8204	115	13	not	not	PART
cjfa-8204	115	14	change	change	VERB
cjfa-8204	115	15	the	the	DET
cjfa-8204	115	16	picture	picture	NOUN
cjfa-8204	115	17	and	and	CCONJ
cjfa-8204	115	18	most	most	ADJ
cjfa-8204	115	19	of	of	ADP
cjfa-8204	115	20	the	the	DET
cjfa-8204	115	21	strategies	strategy	NOUN
cjfa-8204	115	22	remain	remain	VERB
cjfa-8204	115	23	robust	robust	ADJ
cjfa-8204	115	24	and	and	CCONJ
cjfa-8204	115	25	reliable	reliable	ADJ
cjfa-8204	115	26	sources	source	NOUN
cjfa-8204	115	27	of	of	ADP
cjfa-8204	115	28	returns	return	NOUN
cjfa-8204	115	29	.	.	PUNCT
cjfa-8204	116	1	analogously	analogously	ADV
cjfa-8204	116	2	,	,	PUNCT
cjfa-8204	116	3	the	the	DET
cjfa-8204	116	4	performance	performance	NOUN
cjfa-8204	116	5	of	of	ADP
cjfa-8204	116	6	the	the	DET
cjfa-8204	116	7	composite	composite	ADJ
cjfa-8204	116	8	strategies	strategy	NOUN
cjfa-8204	116	9	is	be	AUX
cjfa-8204	116	10	also	also	ADV
cjfa-8204	116	11	characterized	characterize	VERB
cjfa-8204	116	12	by	by	ADP
cjfa-8204	116	13	positive	positive	ADJ
cjfa-8204	116	14	and	and	CCONJ
cjfa-8204	116	15	abnormal	abnormal	ADJ
cjfa-8204	116	16	returns	return	NOUN
cjfa-8204	116	17	,	,	PUNCT
cjfa-8204	116	18	that	that	PRON
cjfa-8204	116	19	withstand	withstand	VERB
cjfa-8204	116	20	the	the	DET
cjfa-8204	116	21	adjustment	adjustment	NOUN
cjfa-8204	116	22	for	for	ADP
cjfa-8204	116	23	the	the	DET
cjfa-8204	116	24	global	global	ADJ
cjfa-8204	116	25	and	and	CCONJ
cjfa-8204	116	26	local	local	ADJ
cjfa-8204	116	27	risk	risk	NOUN
cjfa-8204	116	28	factors	factor	NOUN
cjfa-8204	116	29	.	.	PUNCT
cjfa-8204	117	1	the	the	DET
cjfa-8204	117	2	sharpe	sharpe	PROPN
cjfa-8204	117	3	ratio	ratio	NOUN
cjfa-8204	117	4	on	on	ADP
cjfa-8204	117	5	the	the	DET
cjfa-8204	117	6	composite	composite	ADJ
cjfa-8204	117	7	strategies	strategy	NOUN
cjfa-8204	117	8	in	in	ADP
cjfa-8204	117	9	the	the	DET
cjfa-8204	117	10	gross	gross	ADJ
cjfa-8204	117	11	and	and	CCONJ
cjfa-8204	117	12	net	net	ADJ
cjfa-8204	117	13	approaches	approach	NOUN
cjfa-8204	117	14	,	,	PUNCT
cjfa-8204	117	15	respectively	respectively	ADV
cjfa-8204	117	16	,	,	PUNCT
cjfa-8204	117	17	are	be	AUX
cjfa-8204	117	18	equal	equal	ADJ
cjfa-8204	117	19	0.86	0.86	NUM
cjfa-8204	117	20	and	and	CCONJ
cjfa-8204	117	21	0.75	0.75	NUM
cjfa-8204	117	22	for	for	ADP
cjfa-8204	117	23	the	the	DET
cjfa-8204	117	24	value	value	NOUN
cjfa-8204	117	25	anomalies	anomaly	NOUN
cjfa-8204	117	26	,	,	PUNCT
cjfa-8204	117	27	and	and	CCONJ
cjfa-8204	117	28	0.58	0.58	NUM
cjfa-8204	117	29	and	and	CCONJ
cjfa-8204	117	30	0.51	0.51	NUM
cjfa-8204	117	31	for	for	ADP
cjfa-8204	117	32	the	the	DET
cjfa-8204	117	33	momentum	momentum	NOUN
cjfa-8204	117	34	.	.	PUNCT
cjfa-8204	118	1	the	the	DET
cjfa-8204	118	2	outperformance	outperformance	NOUN
cjfa-8204	118	3	of	of	ADP
cjfa-8204	118	4	the	the	DET
cjfa-8204	118	5	value	value	NOUN
cjfa-8204	118	6	strategies	strategy	NOUN
cjfa-8204	118	7	stems	stem	VERB
cjfa-8204	118	8	mainly	mainly	ADV
cjfa-8204	118	9	from	from	ADP
cjfa-8204	118	10	their	their	PRON
cjfa-8204	118	11	lover	lover	NOUN
cjfa-8204	118	12	volatility	volatility	NOUN
cjfa-8204	118	13	.	.	PUNCT
cjfa-8204	119	1	two	two	NUM
cjfa-8204	119	2	of	of	ADP
cjfa-8204	119	3	the	the	DET
cjfa-8204	119	4	examined	examine	VERB
cjfa-8204	119	5	strategies	strategy	NOUN
cjfa-8204	119	6	may	may	AUX
cjfa-8204	119	7	appear	appear	VERB
cjfa-8204	119	8	a	a	DET
cjfa-8204	119	9	bit	bit	NOUN
cjfa-8204	119	10	controversial	controversial	ADJ
cjfa-8204	119	11	from	from	ADP
cjfa-8204	119	12	the	the	DET
cjfa-8204	119	13	standpoint	standpoint	NOUN
cjfa-8204	119	14	of	of	ADP
cjfa-8204	119	15	their	their	PRON
cjfa-8204	119	16	robustness	robustness	NOUN
cjfa-8204	119	17	.	.	PUNCT
cjfa-8204	120	1	first	first	ADV
cjfa-8204	120	2	,	,	PUNCT
cjfa-8204	120	3	the	the	DET
cjfa-8204	120	4	zero	zero	NUM
cjfa-8204	120	5	-	-	PUNCT
cjfa-8204	120	6	portfolios	portfolio	NOUN
cjfa-8204	120	7	from	from	ADP
cjfa-8204	120	8	sorts	sort	NOUN
cjfa-8204	120	9	on	on	ADP
cjfa-8204	120	10	earnings	earning	NOUN
cjfa-8204	120	11	-	-	PUNCT
cjfa-8204	120	12	to	to	ADP
cjfa-8204	120	13	-	-	PUNCT
cjfa-8204	120	14	price	price	NOUN
cjfa-8204	120	15	ratios	ratio	NOUN
cjfa-8204	120	16	have	have	AUX
cjfa-8204	120	17	are	be	AUX
cjfa-8204	120	18	positive	positive	ADJ
cjfa-8204	120	19	returns	return	NOUN
cjfa-8204	120	20	that	that	PRON
cjfa-8204	120	21	significantly	significantly	ADV
cjfa-8204	120	22	differ	differ	VERB
cjfa-8204	120	23	from	from	ADP
cjfa-8204	120	24	0	0	NUM
cjfa-8204	120	25	only	only	ADV
cjfa-8204	120	26	in	in	ADP
cjfa-8204	120	27	the	the	DET
cjfa-8204	120	28	net	net	ADJ
cjfa-8204	120	29	approach	approach	NOUN
cjfa-8204	120	30	.	.	PUNCT
cjfa-8204	121	1	furthermore	furthermore	ADV
cjfa-8204	121	2	,	,	PUNCT
cjfa-8204	121	3	the	the	DET
cjfa-8204	121	4	intercepts	intercept	NOUN
cjfa-8204	121	5	from	from	ADP
cjfa-8204	121	6	asset	asset	NOUN
cjfa-8204	121	7	pricing	pricing	NOUN
cjfa-8204	121	8	models	model	NOUN
cjfa-8204	121	9	are	be	AUX
cjfa-8204	121	10	not	not	PART
cjfa-8204	121	11	significant	significant	ADJ
cjfa-8204	121	12	either	either	ADV
cjfa-8204	121	13	.	.	PUNCT
cjfa-8204	122	1	nonetheless	nonetheless	ADV
cjfa-8204	122	2	,	,	PUNCT
cjfa-8204	122	3	zaremba	zaremba	NOUN
cjfa-8204	122	4	and	and	CCONJ
cjfa-8204	122	5	konieczka	konieczka	PROPN
cjfa-8204	122	6	(	(	PUNCT
cjfa-8204	122	7	2015	2015	NUM
cjfa-8204	122	8	)	)	PUNCT
cjfa-8204	122	9	,	,	PUNCT
cjfa-8204	122	10	who	who	PRON
cjfa-8204	122	11	examine	examine	VERB
cjfa-8204	122	12	this	this	DET
cjfa-8204	122	13	strategy	strategy	NOUN
cjfa-8204	122	14	also	also	ADV
cjfa-8204	122	15	for	for	ADP
cjfa-8204	122	16	alternative	alternative	ADJ
cjfa-8204	122	17	weighting	weighting	NOUN
cjfa-8204	122	18	scheme	scheme	NOUN
cjfa-8204	122	19	,	,	PUNCT
cjfa-8204	122	20	find	find	VERB
cjfa-8204	122	21	it	it	PRON
cjfa-8204	122	22	one	one	NUM
cjfa-8204	122	23	of	of	ADP
cjfa-8204	122	24	the	the	DET
cjfa-8204	122	25	most	most	ADV
cjfa-8204	122	26	reliable	reliable	ADJ
cjfa-8204	122	27	and	and	CCONJ
cjfa-8204	122	28	robust	robust	ADJ
cjfa-8204	122	29	strategies	strategy	NOUN
cjfa-8204	122	30	,	,	PUNCT
cjfa-8204	122	31	so	so	SCONJ
cjfa-8204	122	32	we	we	PRON
cjfa-8204	122	33	qualify	qualify	VERB
cjfa-8204	122	34	it	it	PRON
cjfa-8204	122	35	for	for	ADP
cjfa-8204	122	36	further	further	ADJ
cjfa-8204	122	37	investigations	investigation	NOUN
cjfa-8204	122	38	.	.	PUNCT
cjfa-8204	123	1	analogously	analogously	ADV
cjfa-8204	123	2	,	,	PUNCT
cjfa-8204	123	3	the	the	DET
cjfa-8204	123	4	soft	soft	ADJ
cjfa-8204	123	5	spot	spot	NOUN
cjfa-8204	123	6	of	of	ADP
cjfa-8204	123	7	the	the	DET
cjfa-8204	123	8	long	long	ADJ
cjfa-8204	123	9	-	-	PUNCT
cjfa-8204	123	10	term	term	NOUN
cjfa-8204	123	11	momentum	momentum	NOUN
cjfa-8204	123	12	strategy	strategy	NOUN
cjfa-8204	123	13	seems	seem	VERB
cjfa-8204	123	14	to	to	PART
cjfa-8204	123	15	be	be	AUX
cjfa-8204	123	16	adjustment	adjustment	NOUN
cjfa-8204	123	17	for	for	ADP
cjfa-8204	123	18	taxes	taxis	NOUN
cjfa-8204	123	19	;	;	PUNCT
cjfa-8204	123	20	the	the	DET
cjfa-8204	123	21	abnormal	abnormal	ADJ
cjfa-8204	123	22	returns	return	NOUN
cjfa-8204	123	23	in	in	ADP
cjfa-8204	123	24	this	this	DET
cjfa-8204	123	25	approach	approach	NOUN
cjfa-8204	123	26	are	be	AUX
cjfa-8204	123	27	no	no	ADV
cjfa-8204	123	28	longer	long	ADV
cjfa-8204	123	29	significant	significant	ADJ
cjfa-8204	123	30	.	.	PUNCT
cjfa-8204	124	1	nonetheless	nonetheless	ADV
cjfa-8204	124	2	,	,	PUNCT
cjfa-8204	124	3	numerous	numerous	ADJ
cjfa-8204	124	4	studies	study	NOUN
cjfa-8204	124	5	,	,	PUNCT
cjfa-8204	124	6	e.g.	e.g.	ADV
cjfa-8204	124	7	asness	asness	PROPN
cjfa-8204	124	8	et	et	PROPN
cjfa-8204	124	9	al	al	PROPN
cjfa-8204	124	10	.	.	PROPN
cjfa-8204	125	1	(	(	PUNCT
cjfa-8204	125	2	2013	2013	NUM
cjfa-8204	125	3	)	)	PUNCT
cjfa-8204	125	4	,	,	PUNCT
cjfa-8204	125	5	document	document	NOUN
cjfa-8204	125	6	that	that	SCONJ
cjfa-8204	125	7	the	the	DET
cjfa-8204	125	8	momentum	momentum	NOUN
cjfa-8204	125	9	effect	effect	NOUN
cjfa-8204	125	10	is	be	AUX
cjfa-8204	125	11	so	so	ADV
cjfa-8204	125	12	pervasive	pervasive	ADJ
cjfa-8204	125	13	,	,	PUNCT
cjfa-8204	125	14	so	so	ADV
cjfa-8204	125	15	we	we	PRON
cjfa-8204	125	16	also	also	ADV
cjfa-8204	125	17	include	include	VERB
cjfa-8204	125	18	it	it	PRON
cjfa-8204	125	19	in	in	ADP
cjfa-8204	125	20	the	the	DET
cjfa-8204	125	21	further	further	ADJ
cjfa-8204	125	22	part	part	NOUN
cjfa-8204	125	23	of	of	ADP
cjfa-8204	125	24	the	the	DET
cjfa-8204	125	25	study	study	NOUN
cjfa-8204	125	26	.	.	PUNCT
cjfa-8204	126	1	table	table	NOUN
cjfa-8204	126	2	1	1	NUM
cjfa-8204	126	3	.	.	PUNCT
cjfa-8204	127	1	performance	performance	NOUN
cjfa-8204	127	2	of	of	ADP
cjfa-8204	127	3	the	the	DET
cjfa-8204	127	4	zero	zero	NUM
cjfa-8204	127	5	-	-	PUNCT
cjfa-8204	127	6	portfolios	portfolio	NOUN
cjfa-8204	127	7	based	base	VERB
cjfa-8204	127	8	on	on	ADP
cjfa-8204	127	9	the	the	DET
cjfa-8204	127	10	examined	examine	VERB
cjfa-8204	127	11	anomalies	anomaly	NOUN
cjfa-8204	127	12	.	.	PUNCT
cjfa-8204	128	1	mean	mean	PROPN
cjfa-8204	128	2	st	st	PROPN
cjfa-8204	128	3	.	.	PROPN
cjfa-8204	128	4	dev	dev	PROPN
cjfa-8204	128	5	.	.	PUNCT
cjfa-8204	129	1	sr	sr	PROPN
cjfa-8204	129	2	αcapm	αcapm	PROPN
cjfa-8204	129	3	α4f	α4f	PROPN
cjfa-8204	129	4	mean	mean	PROPN
cjfa-8204	129	5	st	st	PROPN
cjfa-8204	129	6	.	.	PROPN
cjfa-8204	129	7	dev	dev	PROPN
cjfa-8204	129	8	.	.	PUNCT
cjfa-8204	130	1	sr	sr	PROPN
cjfa-8204	131	1	αcapm	αcapm	PROPN
cjfa-8204	131	2	α4f	α4f	PROPN
cjfa-8204	131	3	gross	gross	ADJ
cjfa-8204	131	4	returns	return	NOUN
cjfa-8204	131	5	approach	approach	VERB
cjfa-8204	131	6	net	net	ADJ
cjfa-8204	131	7	returns	return	NOUN
cjfa-8204	131	8	approach	approach	NOUN
cjfa-8204	131	9	value	value	NOUN
cjfa-8204	131	10	ep	ep	PROPN
cjfa-8204	131	11	0.32	0.32	NUM
cjfa-8204	131	12	3.99	3.99	NUM
cjfa-8204	131	13	0.28	0.28	NUM
cjfa-8204	131	14	0.29	0.29	NUM
cjfa-8204	131	15	0.24	0.24	NUM
cjfa-8204	131	16	0.47	0.47	NUM
cjfa-8204	131	17	*	*	PUNCT
cjfa-8204	131	18	*	*	PUNCT
cjfa-8204	131	19	3.60	3.60	NUM
cjfa-8204	131	20	0.45	0.45	NUM
cjfa-8204	131	21	0.41	0.41	NUM
cjfa-8204	131	22	0.38	0.38	NUM
cjfa-8204	131	23	(	(	PUNCT
cjfa-8204	131	24	1	1	NUM
cjfa-8204	131	25	)	)	PUNCT
cjfa-8204	131	26	where	where	SCONJ
cjfa-8204	131	27	ri	ri	PROPN
cjfa-8204	131	28	t	t	PROPN
cjfa-8204	131	29	is	be	AUX
cjfa-8204	131	30	the	the	DET
cjfa-8204	131	31	return	return	NOUN
cjfa-8204	131	32	on	on	ADP
cjfa-8204	131	33	i	i	PROPN
cjfa-8204	131	34	-	-	PUNCT
cjfa-8204	131	35	th	th	X
cjfa-8204	131	36	strategy	strategy	NOUN
cjfa-8204	131	37	in	in	ADP
cjfa-8204	131	38	month	month	NOUN
cjfa-8204	131	39	t	t	PROPN
cjfa-8204	131	40	,	,	PUNCT
cjfa-8204	131	41	jant	jant	ADJ
cjfa-8204	131	42	and	and	CCONJ
cjfa-8204	131	43	dect	dect	PROPN
cjfa-8204	131	44	are	be	AUX
cjfa-8204	131	45	dummy	dummy	ADJ
cjfa-8204	131	46	variables	variable	NOUN
cjfa-8204	131	47	equal	equal	ADJ
cjfa-8204	131	48	1	1	NUM
cjfa-8204	131	49	when	when	SCONJ
cjfa-8204	131	50	month	month	NOUN
cjfa-8204	131	51	t	t	PROPN
cjfa-8204	131	52	is	be	AUX
cjfa-8204	131	53	january	january	PROPN
cjfa-8204	131	54	and	and	CCONJ
cjfa-8204	131	55	december	december	PROPN
cjfa-8204	131	56	,	,	PUNCT
cjfa-8204	131	57	respectively	respectively	ADV
cjfa-8204	131	58	,	,	PUNCT
cjfa-8204	131	59	or	or	CCONJ
cjfa-8204	131	60	0	0	NUM
cjfa-8204	131	61	otherwise	otherwise	ADV
cjfa-8204	131	62	,	,	PUNCT
cjfa-8204	131	63	εi	εi	VERB
cjfa-8204	131	64	t	t	PROPN
cjfa-8204	131	65	is	be	AUX
cjfa-8204	131	66	the	the	DET
cjfa-8204	131	67	standard	standard	ADJ
cjfa-8204	131	68	error	error	NOUN
cjfa-8204	131	69	,	,	PUNCT
cjfa-8204	131	70	and	and	CCONJ
cjfa-8204	131	71	αi	αi	PROPN
cjfa-8204	131	72	,	,	PUNCT
cjfa-8204	131	73	βi	βi	PRON
cjfa-8204	131	74	and	and	CCONJ
cjfa-8204	131	75	γi	γi	PROPN
cjfa-8204	131	76	are	be	AUX
cjfa-8204	131	77	the	the	DET
cjfa-8204	131	78	regression	regression	NOUN
cjfa-8204	131	79	parameters	parameter	NOUN
cjfa-8204	131	80	.	.	PUNCT
cjfa-8204	132	1	finally	finally	ADV
cjfa-8204	132	2	,	,	PUNCT
cjfa-8204	132	3	for	for	ADP
cjfa-8204	132	4	each	each	DET
cjfa-8204	132	5	strategy	strategy	NOUN
cjfa-8204	132	6	we	we	PRON
cjfa-8204	132	7	test	test	VERB
cjfa-8204	132	8	the	the	DET
cjfa-8204	132	9	null	null	ADJ
cjfa-8204	132	10	hypothesis	hypothesis	NOUN
cjfa-8204	132	11	that	that	PRON
cjfa-8204	132	12	βi	βi	PRON
cjfa-8204	132	13	is	be	AUX
cjfa-8204	132	14	equal	equal	ADJ
cjfa-8204	132	15	γi	γi	ADP
cjfa-8204	132	16	,	,	PUNCT
cjfa-8204	132	17	with	with	ADP
cjfa-8204	132	18	the	the	DET
cjfa-8204	132	19	alternative	alternative	ADJ
cjfa-8204	132	20	hypothesis	hypothesis	NOUN
cjfa-8204	132	21	assuming	assume	VERB
cjfa-8204	132	22	the	the	DET
cjfa-8204	132	23	contrary	contrary	NOUN
cjfa-8204	132	24	.	.	PUNCT
cjfa-8204	133	1	to	to	PART
cjfa-8204	133	2	examine	examine	VERB
cjfa-8204	133	3	whether	whether	SCONJ
cjfa-8204	133	4	the	the	DET
cjfa-8204	133	5	difference	difference	NOUN
cjfa-8204	133	6	in	in	ADP
cjfa-8204	133	7	coefficients	coefficient	NOUN
cjfa-8204	133	8	significantly	significantly	ADV
cjfa-8204	133	9	departs	depart	VERB
cjfa-8204	133	10	from	from	ADP
cjfa-8204	133	11	0	0	NUM
cjfa-8204	133	12	,	,	PUNCT
cjfa-8204	133	13	we	we	PRON
cjfa-8204	133	14	follow	follow	VERB
cjfa-8204	133	15	the	the	DET
cjfa-8204	133	16	approach	approach	NOUN
cjfa-8204	133	17	suggested	suggest	VERB
cjfa-8204	133	18	by	by	ADP
cjfa-8204	133	19	paternoster	paternoster	PROPN
cjfa-8204	133	20	et	et	PROPN
cjfa-8204	133	21	al	al	PROPN
cjfa-8204	133	22	.	.	PUNCT
cjfa-8204	134	1	(	(	PUNCT
cjfa-8204	134	2	1998	1998	NUM
cjfa-8204	134	3	)	)	PUNCT
cjfa-8204	134	4	.	.	PUNCT
cjfa-8204	135	1	results	result	NOUN
cjfa-8204	135	2	and	and	CCONJ
cjfa-8204	135	3	discussion	discussion	NOUN
cjfa-8204	135	4	table	table	NOUN
cjfa-8204	135	5	1	1	NUM
cjfa-8204	135	6	reports	report	VERB
cjfa-8204	135	7	the	the	DET
cjfa-8204	135	8	performance	performance	NOUN
cjfa-8204	135	9	of	of	ADP
cjfa-8204	135	10	the	the	DET
cjfa-8204	135	11	examined	examine	VERB
cjfa-8204	135	12	value	value	NOUN
cjfa-8204	135	13	and	and	CCONJ
cjfa-8204	135	14	momentum	momentum	NOUN
cjfa-8204	135	15	strategies	strategy	NOUN
cjfa-8204	135	16	.	.	PUNCT
cjfa-8204	136	1	almost	almost	ADV
cjfa-8204	136	2	all	all	DET
cjfa-8204	136	3	the	the	DET
cjfa-8204	136	4	examined	examine	VERB
cjfa-8204	136	5	strategies	strategy	NOUN
cjfa-8204	136	6	are	be	AUX
cjfa-8204	136	7	characterized	characterize	VERB
cjfa-8204	136	8	returns	return	NOUN
cjfa-8204	136	9	that	that	PRON
cjfa-8204	136	10	are	be	AUX
cjfa-8204	136	11	positive	positive	ADJ
cjfa-8204	136	12	and	and	CCONJ
cjfa-8204	136	13	significantly	significantly	ADV
cjfa-8204	136	14	different	different	ADJ
cjfa-8204	136	15	from	from	ADP
cjfa-8204	136	16	0	0	NUM
cjfa-8204	136	17	,	,	PUNCT
cjfa-8204	136	18	even	even	ADV
cjfa-8204	136	19	after	after	SCONJ
cjfa-8204	136	20	the	the	DET
cjfa-8204	136	21	capm	capm	PROPN
cjfa-8204	136	22	and	and	CCONJ
cjfa-8204	136	23	four	four	NUM
cjfa-8204	136	24	-	-	PUNCT
cjfa-8204	136	25	factor	factor	NOUN
cjfa-8204	136	26	models	model	NOUN
cjfa-8204	136	27	are	be	AUX
cjfa-8204	136	28	applied	apply	VERB
cjfa-8204	136	29	.	.	PUNCT
cjfa-8204	137	1	basically	basically	ADV
cjfa-8204	137	2	,	,	PUNCT
cjfa-8204	137	3	adjusting	adjust	VERB
cjfa-8204	137	4	for	for	ADP
cjfa-8204	137	5	cross	cross	ADJ
cjfa-8204	137	6	-	-	ADJ
cjfa-8204	137	7	sectionally	sectionally	ADV
cjfa-8204	137	8	varying	vary	VERB
cjfa-8204	137	9	taxes	taxis	NOUN
cjfa-8204	137	10	on	on	ADP
cjfa-8204	137	11	dividends	dividend	NOUN
cjfa-8204	137	12	do	do	AUX
cjfa-8204	137	13	not	not	PART
cjfa-8204	137	14	change	change	VERB
cjfa-8204	137	15	the	the	DET
cjfa-8204	137	16	picture	picture	NOUN
cjfa-8204	137	17	and	and	CCONJ
cjfa-8204	137	18	most	most	ADJ
cjfa-8204	137	19	of	of	ADP
cjfa-8204	137	20	the	the	DET
cjfa-8204	137	21	strategies	strategy	NOUN
cjfa-8204	137	22	remain	remain	VERB
cjfa-8204	137	23	ro2	ro2	NOUN
cjfa-8204	137	24	 	 	SPACE
cjfa-8204	137	25	the	the	DET
cjfa-8204	137	26	stock	stock	NOUN
cjfa-8204	137	27	level	level	NOUN
cjfa-8204	137	28	data	datum	NOUN
cjfa-8204	137	29	come	come	VERB
cjfa-8204	137	30	from	from	ADP
cjfa-8204	137	31	andrea	andrea	PROPN
cjfa-8204	137	32	frazzini	frazzini	PROPN
cjfa-8204	137	33	’s	’s	PART
cjfa-8204	137	34	data	datum	NOUN
cjfa-8204	137	35	library	library	NOUN
cjfa-8204	137	36	accessed	access	VERB
cjfa-8204	137	37	on	on	ADP
cjfa-8204	137	38	25	25	NUM
cjfa-8204	137	39	june	june	NOUN
cjfa-8204	137	40	,	,	PUNCT
cjfa-8204	137	41	2015	2015	NUM
cjfa-8204	137	42	:	:	PUNCT
cjfa-8204	138	1	http://www.econ.yale.edu/~af227/data_library.htm	http://www.econ.yale.edu/~af227/data_library.htm	X
cjfa-8204	138	2	.	.	NOUN
cjfa-8204	139	1	3	3	X
cjfa-8204	139	2	 	 	SPACE
cjfa-8204	139	3	we	we	PRON
cjfa-8204	139	4	are	be	AUX
cjfa-8204	139	5	aware	aware	ADJ
cjfa-8204	139	6	that	that	SCONJ
cjfa-8204	139	7	these	these	DET
cjfa-8204	139	8	assumptions	assumption	NOUN
cjfa-8204	139	9	may	may	AUX
cjfa-8204	139	10	be	be	AUX
cjfa-8204	139	11	regarded	regard	VERB
cjfa-8204	139	12	as	as	ADP
cjfa-8204	139	13	an	an	DET
cjfa-8204	139	14	oversimplification	oversimplification	NOUN
cjfa-8204	139	15	,	,	PUNCT
cjfa-8204	139	16	but	but	CCONJ
cjfa-8204	139	17	,	,	PUNCT
cjfa-8204	139	18	as	as	SCONJ
cjfa-8204	139	19	it	it	PRON
cjfa-8204	139	20	is	be	AUX
cjfa-8204	139	21	shown	show	VERB
cjfa-8204	139	22	later	later	ADV
cjfa-8204	139	23	in	in	ADP
cjfa-8204	139	24	the	the	DET
cjfa-8204	139	25	paper	paper	NOUN
cjfa-8204	139	26	,	,	PUNCT
cjfa-8204	139	27	it	it	PRON
cjfa-8204	139	28	is	be	AUX
cjfa-8204	139	29	sufficient	sufficient	ADJ
cjfa-8204	139	30	for	for	ADP
cjfa-8204	139	31	this	this	DET
cjfa-8204	139	32	paper	paper	NOUN
cjfa-8204	139	33	and	and	CCONJ
cjfa-8204	139	34	any	any	DET
cjfa-8204	139	35	more	more	ADV
cjfa-8204	139	36	sophisticated	sophisticated	ADJ
cjfa-8204	139	37	method	method	NOUN
cjfa-8204	139	38	would	would	AUX
cjfa-8204	139	39	not	not	PART
cjfa-8204	139	40	substantially	substantially	ADV
cjfa-8204	139	41	change	change	VERB
cjfa-8204	139	42	the	the	DET
cjfa-8204	139	43	outcomes	outcome	NOUN
cjfa-8204	139	44	.	.	PUNCT
cjfa-8204	140	1	adam	adam	PROPN
cjfa-8204	140	2	zaremba202	zaremba202	PROPN
cjfa-8204	140	3	bust	bust	PROPN
cjfa-8204	140	4	and	and	CCONJ
cjfa-8204	140	5	reliable	reliable	ADJ
cjfa-8204	140	6	sources	source	NOUN
cjfa-8204	140	7	of	of	ADP
cjfa-8204	140	8	returns	return	NOUN
cjfa-8204	140	9	.	.	PUNCT
cjfa-8204	141	1	analogously	analogously	ADV
cjfa-8204	141	2	,	,	PUNCT
cjfa-8204	141	3	the	the	DET
cjfa-8204	141	4	performance	performance	NOUN
cjfa-8204	141	5	of	of	ADP
cjfa-8204	141	6	the	the	DET
cjfa-8204	141	7	composite	composite	ADJ
cjfa-8204	141	8	strategies	strategy	NOUN
cjfa-8204	141	9	is	be	AUX
cjfa-8204	141	10	also	also	ADV
cjfa-8204	141	11	characterized	characterize	VERB
cjfa-8204	141	12	by	by	ADP
cjfa-8204	141	13	positive	positive	ADJ
cjfa-8204	141	14	and	and	CCONJ
cjfa-8204	141	15	abnormal	abnormal	ADJ
cjfa-8204	141	16	returns	return	NOUN
cjfa-8204	141	17	,	,	PUNCT
cjfa-8204	141	18	that	that	PRON
cjfa-8204	141	19	withstand	withstand	VERB
cjfa-8204	141	20	the	the	DET
cjfa-8204	141	21	adjustment	adjustment	NOUN
cjfa-8204	141	22	for	for	ADP
cjfa-8204	141	23	the	the	DET
cjfa-8204	141	24	global	global	ADJ
cjfa-8204	141	25	and	and	CCONJ
cjfa-8204	141	26	local	local	ADJ
cjfa-8204	141	27	risk	risk	NOUN
cjfa-8204	141	28	factors	factor	NOUN
cjfa-8204	141	29	.	.	PUNCT
cjfa-8204	142	1	the	the	DET
cjfa-8204	142	2	sharpe	sharpe	PROPN
cjfa-8204	142	3	ratio	ratio	NOUN
cjfa-8204	142	4	on	on	ADP
cjfa-8204	142	5	the	the	DET
cjfa-8204	142	6	composite	composite	ADJ
cjfa-8204	142	7	strategies	strategy	NOUN
cjfa-8204	142	8	in	in	ADP
cjfa-8204	142	9	the	the	DET
cjfa-8204	142	10	gross	gross	ADJ
cjfa-8204	142	11	and	and	CCONJ
cjfa-8204	142	12	net	net	ADJ
cjfa-8204	142	13	approaches	approach	NOUN
cjfa-8204	142	14	,	,	PUNCT
cjfa-8204	142	15	respectively	respectively	ADV
cjfa-8204	142	16	,	,	PUNCT
cjfa-8204	142	17	are	be	AUX
cjfa-8204	142	18	equal	equal	ADJ
cjfa-8204	142	19	0.86	0.86	NUM
cjfa-8204	142	20	and	and	CCONJ
cjfa-8204	142	21	0.75	0.75	NUM
cjfa-8204	142	22	for	for	ADP
cjfa-8204	142	23	the	the	DET
cjfa-8204	142	24	value	value	NOUN
cjfa-8204	142	25	anomalies	anomaly	NOUN
cjfa-8204	142	26	,	,	PUNCT
cjfa-8204	142	27	and	and	CCONJ
cjfa-8204	142	28	0.58	0.58	NUM
cjfa-8204	142	29	and	and	CCONJ
cjfa-8204	142	30	0.51	0.51	NUM
cjfa-8204	142	31	for	for	ADP
cjfa-8204	142	32	the	the	DET
cjfa-8204	142	33	momentum	momentum	NOUN
cjfa-8204	142	34	.	.	PUNCT
cjfa-8204	143	1	the	the	DET
cjfa-8204	143	2	outperformance	outperformance	NOUN
cjfa-8204	143	3	of	of	ADP
cjfa-8204	143	4	the	the	DET
cjfa-8204	143	5	value	value	NOUN
cjfa-8204	143	6	strategies	strategy	NOUN
cjfa-8204	143	7	stems	stem	VERB
cjfa-8204	143	8	mainly	mainly	ADV
cjfa-8204	143	9	from	from	ADP
cjfa-8204	143	10	their	their	PRON
cjfa-8204	143	11	lover	lover	NOUN
cjfa-8204	143	12	volatility	volatility	NOUN
cjfa-8204	143	13	.	.	PUNCT
cjfa-8204	144	1	two	two	NUM
cjfa-8204	144	2	of	of	ADP
cjfa-8204	144	3	the	the	DET
cjfa-8204	144	4	examined	examine	VERB
cjfa-8204	144	5	strategies	strategy	NOUN
cjfa-8204	144	6	may	may	AUX
cjfa-8204	144	7	appear	appear	VERB
cjfa-8204	144	8	a	a	DET
cjfa-8204	144	9	bit	bit	NOUN
cjfa-8204	144	10	controversial	controversial	ADJ
cjfa-8204	144	11	from	from	ADP
cjfa-8204	144	12	the	the	DET
cjfa-8204	144	13	standpoint	standpoint	NOUN
cjfa-8204	144	14	of	of	ADP
cjfa-8204	144	15	their	their	PRON
cjfa-8204	144	16	robustness	robustness	NOUN
cjfa-8204	144	17	.	.	PUNCT
cjfa-8204	145	1	first	first	ADV
cjfa-8204	145	2	,	,	PUNCT
cjfa-8204	145	3	the	the	DET
cjfa-8204	145	4	zero	zero	NUM
cjfa-8204	145	5	-	-	PUNCT
cjfa-8204	145	6	portfolios	portfolio	NOUN
cjfa-8204	145	7	from	from	ADP
cjfa-8204	145	8	sorts	sort	NOUN
cjfa-8204	145	9	on	on	ADP
cjfa-8204	145	10	earnings	earning	NOUN
cjfa-8204	145	11	-	-	PUNCT
cjfa-8204	145	12	to	to	ADP
cjfa-8204	145	13	-	-	PUNCT
cjfa-8204	145	14	price	price	NOUN
cjfa-8204	145	15	ratios	ratio	NOUN
cjfa-8204	145	16	have	have	AUX
cjfa-8204	145	17	are	be	AUX
cjfa-8204	145	18	positive	positive	ADJ
cjfa-8204	145	19	returns	return	NOUN
cjfa-8204	145	20	that	that	PRON
cjfa-8204	145	21	significantly	significantly	ADV
cjfa-8204	145	22	differ	differ	VERB
cjfa-8204	145	23	from	from	ADP
cjfa-8204	145	24	0	0	NUM
cjfa-8204	145	25	only	only	ADV
cjfa-8204	145	26	in	in	ADP
cjfa-8204	145	27	the	the	DET
cjfa-8204	145	28	net	net	ADJ
cjfa-8204	145	29	approach	approach	NOUN
cjfa-8204	145	30	.	.	PUNCT
cjfa-8204	146	1	furthermore	furthermore	ADV
cjfa-8204	146	2	,	,	PUNCT
cjfa-8204	146	3	the	the	DET
cjfa-8204	146	4	intercepts	intercept	NOUN
cjfa-8204	146	5	from	from	ADP
cjfa-8204	146	6	asset	asset	NOUN
cjfa-8204	146	7	pricing	pricing	NOUN
cjfa-8204	146	8	models	model	NOUN
cjfa-8204	146	9	are	be	AUX
cjfa-8204	146	10	not	not	PART
cjfa-8204	146	11	significant	significant	ADJ
cjfa-8204	146	12	either	either	ADV
cjfa-8204	146	13	.	.	PUNCT
cjfa-8204	147	1	nonetheless	nonetheless	ADV
cjfa-8204	147	2	,	,	PUNCT
cjfa-8204	147	3	zaremba	zaremba	NOUN
cjfa-8204	147	4	and	and	CCONJ
cjfa-8204	147	5	konieczka	konieczka	PROPN
cjfa-8204	147	6	(	(	PUNCT
cjfa-8204	147	7	2015	2015	NUM
cjfa-8204	147	8	)	)	PUNCT
cjfa-8204	147	9	,	,	PUNCT
cjfa-8204	147	10	who	who	PRON
cjfa-8204	147	11	examine	examine	VERB
cjfa-8204	147	12	this	this	DET
cjfa-8204	147	13	strategy	strategy	NOUN
cjfa-8204	147	14	also	also	ADV
cjfa-8204	147	15	for	for	ADP
cjfa-8204	147	16	alternative	alternative	ADJ
cjfa-8204	147	17	weighting	weighting	NOUN
cjfa-8204	147	18	scheme	scheme	NOUN
cjfa-8204	147	19	,	,	PUNCT
cjfa-8204	147	20	find	find	VERB
cjfa-8204	147	21	it	it	PRON
cjfa-8204	147	22	one	one	NUM
cjfa-8204	147	23	of	of	ADP
cjfa-8204	147	24	the	the	DET
cjfa-8204	147	25	most	most	ADV
cjfa-8204	147	26	reliable	reliable	ADJ
cjfa-8204	147	27	and	and	CCONJ
cjfa-8204	147	28	robust	robust	ADJ
cjfa-8204	147	29	strategies	strategy	NOUN
cjfa-8204	147	30	,	,	PUNCT
cjfa-8204	147	31	so	so	SCONJ
cjfa-8204	147	32	we	we	PRON
cjfa-8204	147	33	qualify	qualify	VERB
cjfa-8204	147	34	it	it	PRON
cjfa-8204	147	35	for	for	ADP
cjfa-8204	147	36	further	further	ADJ
cjfa-8204	147	37	investigations	investigation	NOUN
cjfa-8204	147	38	.	.	PUNCT
cjfa-8204	148	1	analogously	analogously	ADV
cjfa-8204	148	2	,	,	PUNCT
cjfa-8204	148	3	the	the	DET
cjfa-8204	148	4	soft	soft	ADJ
cjfa-8204	148	5	spot	spot	NOUN
cjfa-8204	148	6	of	of	ADP
cjfa-8204	148	7	the	the	DET
cjfa-8204	148	8	long	long	ADJ
cjfa-8204	148	9	-	-	PUNCT
cjfa-8204	148	10	term	term	NOUN
cjfa-8204	148	11	momentum	momentum	NOUN
cjfa-8204	148	12	strategy	strategy	NOUN
cjfa-8204	148	13	seems	seem	VERB
cjfa-8204	148	14	to	to	PART
cjfa-8204	148	15	be	be	AUX
cjfa-8204	148	16	adjustment	adjustment	NOUN
cjfa-8204	148	17	for	for	ADP
cjfa-8204	148	18	taxes	taxis	NOUN
cjfa-8204	148	19	;	;	PUNCT
cjfa-8204	148	20	the	the	DET
cjfa-8204	148	21	abnormal	abnormal	ADJ
cjfa-8204	148	22	returns	return	NOUN
cjfa-8204	148	23	in	in	ADP
cjfa-8204	148	24	this	this	DET
cjfa-8204	148	25	approach	approach	NOUN
cjfa-8204	148	26	are	be	AUX
cjfa-8204	148	27	no	no	ADV
cjfa-8204	148	28	longer	long	ADV
cjfa-8204	148	29	significant	significant	ADJ
cjfa-8204	148	30	.	.	PUNCT
cjfa-8204	149	1	nonetheless	nonetheless	ADV
cjfa-8204	149	2	,	,	PUNCT
cjfa-8204	149	3	numerous	numerous	ADJ
cjfa-8204	149	4	studies	study	NOUN
cjfa-8204	149	5	,	,	PUNCT
cjfa-8204	149	6	e.g.	e.g.	ADV
cjfa-8204	149	7	asness	asness	PROPN
cjfa-8204	149	8	et	et	PROPN
cjfa-8204	149	9	al	al	PROPN
cjfa-8204	149	10	.	.	PROPN
cjfa-8204	150	1	(	(	PUNCT
cjfa-8204	150	2	2013	2013	NUM
cjfa-8204	150	3	)	)	PUNCT
cjfa-8204	150	4	,	,	PUNCT
cjfa-8204	150	5	document	document	NOUN
cjfa-8204	150	6	that	that	SCONJ
cjfa-8204	150	7	the	the	DET
cjfa-8204	150	8	momentum	momentum	NOUN
cjfa-8204	150	9	effect	effect	NOUN
cjfa-8204	150	10	is	be	AUX
cjfa-8204	150	11	so	so	ADV
cjfa-8204	150	12	pervasive	pervasive	ADJ
cjfa-8204	150	13	,	,	PUNCT
cjfa-8204	150	14	so	so	ADV
cjfa-8204	150	15	we	we	PRON
cjfa-8204	150	16	also	also	ADV
cjfa-8204	150	17	include	include	VERB
cjfa-8204	150	18	it	it	PRON
cjfa-8204	150	19	in	in	ADP
cjfa-8204	150	20	the	the	DET
cjfa-8204	150	21	further	further	ADJ
cjfa-8204	150	22	part	part	NOUN
cjfa-8204	150	23	of	of	ADP
cjfa-8204	150	24	the	the	DET
cjfa-8204	150	25	study	study	NOUN
cjfa-8204	150	26	.	.	PUNCT
cjfa-8204	151	1	table	table	NOUN
cjfa-8204	151	2	1	1	NUM
cjfa-8204	151	3	.	.	PUNCT
cjfa-8204	152	1	performance	performance	NOUN
cjfa-8204	152	2	of	of	ADP
cjfa-8204	152	3	the	the	DET
cjfa-8204	152	4	zero	zero	NUM
cjfa-8204	152	5	-	-	PUNCT
cjfa-8204	152	6	portfolios	portfolio	NOUN
cjfa-8204	152	7	based	base	VERB
cjfa-8204	152	8	on	on	ADP
cjfa-8204	152	9	the	the	DET
cjfa-8204	152	10	examined	examine	VERB
cjfa-8204	152	11	anomalies	anomaly	NOUN
cjfa-8204	152	12	mean	mean	VERB
cjfa-8204	152	13	st	st	PROPN
cjfa-8204	152	14	.	.	PROPN
cjfa-8204	152	15	dev	dev	PROPN
cjfa-8204	152	16	.	.	PUNCT
cjfa-8204	153	1	sr	sr	PROPN
cjfa-8204	153	2	αcapm	αcapm	PROPN
cjfa-8204	153	3	α4f	α4f	PROPN
cjfa-8204	153	4	mean	mean	PROPN
cjfa-8204	153	5	st	st	PROPN
cjfa-8204	153	6	.	.	PROPN
cjfa-8204	153	7	dev	dev	PROPN
cjfa-8204	153	8	.	.	PUNCT
cjfa-8204	154	1	sr	sr	PROPN
cjfa-8204	155	1	αcapm	αcapm	PROPN
cjfa-8204	155	2	α4f	α4f	PROPN
cjfa-8204	155	3	gross	gross	ADJ
cjfa-8204	155	4	returns	return	NOUN
cjfa-8204	155	5	approach	approach	VERB
cjfa-8204	155	6	net	net	ADJ
cjfa-8204	155	7	returns	return	NOUN
cjfa-8204	155	8	approach	approach	NOUN
cjfa-8204	155	9	value	value	NOUN
cjfa-8204	155	10	ep	ep	PROPN
cjfa-8204	155	11	0.32	0.32	NUM
cjfa-8204	155	12	3.99	3.99	NUM
cjfa-8204	155	13	0.28	0.28	NUM
cjfa-8204	155	14	0.29	0.29	NUM
cjfa-8204	155	15	0.24	0.24	NUM
cjfa-8204	155	16	0.47	0.47	NUM
cjfa-8204	155	17	*	*	PUNCT
cjfa-8204	155	18	*	*	PUNCT
cjfa-8204	155	19	3.60	3.60	NUM
cjfa-8204	155	20	0.45	0.45	NUM
cjfa-8204	155	21	0.41	0.41	NUM
cjfa-8204	155	22	0.38	0.38	NUM
cjfa-8204	155	23	(	(	PUNCT
cjfa-8204	155	24	1.47	1.47	NUM
cjfa-8204	155	25	)	)	PUNCT
cjfa-8204	155	26	(	(	PUNCT
cjfa-8204	155	27	1.16	1.16	NUM
cjfa-8204	155	28	)	)	PUNCT
cjfa-8204	155	29	(	(	PUNCT
cjfa-8204	155	30	0.97	0.97	NUM
cjfa-8204	155	31	)	)	PUNCT
cjfa-8204	155	32	(	(	PUNCT
cjfa-8204	155	33	2.00	2.00	NUM
cjfa-8204	155	34	)	)	PUNCT
cjfa-8204	155	35	(	(	PUNCT
cjfa-8204	155	36	1.60	1.60	NUM
cjfa-8204	155	37	)	)	PUNCT
cjfa-8204	155	38	(	(	PUNCT
cjfa-8204	155	39	1.51	1.51	NUM
cjfa-8204	155	40	)	)	PUNCT
cjfa-8204	155	41	ebev	ebev	ADJ
cjfa-8204	155	42	0.96	0.96	NUM
cjfa-8204	155	43	*	*	PUNCT
cjfa-8204	155	44	*	*	PUNCT
cjfa-8204	155	45	*	*	PUNCT
cjfa-8204	155	46	4.25	4.25	NUM
cjfa-8204	155	47	0.79	0.79	NUM
cjfa-8204	155	48	0.95	0.95	NUM
cjfa-8204	155	49	*	*	PUNCT
cjfa-8204	155	50	*	*	PUNCT
cjfa-8204	155	51	*	*	PUNCT
cjfa-8204	155	52	0.88	0.88	NUM
cjfa-8204	155	53	*	*	PUNCT
cjfa-8204	155	54	*	*	PUNCT
cjfa-8204	155	55	*	*	PUNCT
cjfa-8204	155	56	0.64	0.64	NUM
cjfa-8204	155	57	*	*	PUNCT
cjfa-8204	155	58	*	*	PUNCT
cjfa-8204	155	59	3.94	3.94	NUM
cjfa-8204	155	60	0.57	0.57	NUM
cjfa-8204	155	61	0.57	0.57	NUM
cjfa-8204	155	62	*	*	PUNCT
cjfa-8204	155	63	*	*	PUNCT
cjfa-8204	155	64	0.53	0.53	NUM
cjfa-8204	155	65	*	*	PUNCT
cjfa-8204	155	66	*	*	PUNCT
cjfa-8204	155	67	(	(	PUNCT
cjfa-8204	155	68	3.54	3.54	NUM
cjfa-8204	155	69	)	)	PUNCT
cjfa-8204	155	70	(	(	PUNCT
cjfa-8204	155	71	3.51	3.51	NUM
cjfa-8204	155	72	)	)	PUNCT
cjfa-8204	155	73	(	(	PUNCT
cjfa-8204	155	74	3.26	3.26	NUM
cjfa-8204	155	75	)	)	PUNCT
cjfa-8204	155	76	(	(	PUNCT
cjfa-8204	155	77	2.27	2.27	NUM
cjfa-8204	155	78	)	)	PUNCT
cjfa-8204	155	79	(	(	PUNCT
cjfa-8204	155	80	2.24	2.24	NUM
cjfa-8204	155	81	)	)	PUNCT
cjfa-8204	155	82	(	(	PUNCT
cjfa-8204	155	83	2.04	2.04	NUM
cjfa-8204	155	84	)	)	PUNCT
cjfa-8204	155	85	ebp	ebp	PROPN
cjfa-8204	155	86	0.84	0.84	NUM
cjfa-8204	155	87	*	*	PUNCT
cjfa-8204	155	88	*	*	PUNCT
cjfa-8204	155	89	*	*	PUNCT
cjfa-8204	155	90	4.08	4.08	NUM
cjfa-8204	155	91	0.71	0.71	NUM
cjfa-8204	155	92	0.80	0.80	NUM
cjfa-8204	155	93	*	*	PUNCT
cjfa-8204	155	94	*	*	PUNCT
cjfa-8204	155	95	*	*	PUNCT
cjfa-8204	155	96	0.70	0.70	NUM
cjfa-8204	155	97	*	*	PUNCT
cjfa-8204	155	98	*	*	PUNCT
cjfa-8204	155	99	*	*	PUNCT
cjfa-8204	155	100	0.73	0.73	NUM
cjfa-8204	155	101	*	*	PUNCT
cjfa-8204	155	102	*	*	PUNCT
cjfa-8204	155	103	4.21	4.21	NUM
cjfa-8204	155	104	0.60	0.60	NUM
cjfa-8204	155	105	0.64	0.64	NUM
cjfa-8204	155	106	*	*	PUNCT
cjfa-8204	155	107	*	*	PUNCT
cjfa-8204	155	108	0.56	0.56	NUM
cjfa-8204	155	109	*	*	NOUN
cjfa-8204	155	110	*	*	PUNCT
cjfa-8204	155	111	(	(	PUNCT
cjfa-8204	155	112	3.00	3.00	NUM
cjfa-8204	155	113	)	)	PUNCT
cjfa-8204	155	114	(	(	PUNCT
cjfa-8204	155	115	3.12	3.12	NUM
cjfa-8204	155	116	)	)	PUNCT
cjfa-8204	155	117	(	(	PUNCT
cjfa-8204	155	118	2.84	2.84	NUM
cjfa-8204	155	119	)	)	PUNCT
cjfa-8204	155	120	(	(	PUNCT
cjfa-8204	155	121	2.20	2.20	NUM
cjfa-8204	155	122	)	)	PUNCT
cjfa-8204	155	123	(	(	PUNCT
cjfa-8204	155	124	2.23	2.23	NUM
cjfa-8204	155	125	)	)	PUNCT
cjfa-8204	155	126	(	(	PUNCT
cjfa-8204	155	127	2.05	2.05	NUM
cjfa-8204	155	128	)	)	PUNCT
cjfa-8204	155	129	sev	sev	NOUN
cjfa-8204	155	130	0.69	0.69	NUM
cjfa-8204	155	131	*	*	NOUN
cjfa-8204	155	132	*	*	PUNCT
cjfa-8204	155	133	*	*	PUNCT
cjfa-8204	155	134	3.90	3.90	NUM
cjfa-8204	155	135	0.61	0.61	NUM
cjfa-8204	155	136	0.68	0.68	NUM
cjfa-8204	155	137	*	*	PUNCT
cjfa-8204	155	138	*	*	PUNCT
cjfa-8204	155	139	*	*	PUNCT
cjfa-8204	155	140	0.64	0.64	NUM
cjfa-8204	155	141	*	*	PUNCT
cjfa-8204	155	142	*	*	PUNCT
cjfa-8204	155	143	0.58	0.58	NUM
cjfa-8204	155	144	*	*	PUNCT
cjfa-8204	155	145	*	*	PUNCT
cjfa-8204	155	146	*	*	PUNCT
cjfa-8204	155	147	3.07	3.07	NUM
cjfa-8204	155	148	0.65	0.65	NUM
cjfa-8204	155	149	0.52	0.52	NUM
cjfa-8204	155	150	*	*	PUNCT
cjfa-8204	155	151	*	*	PUNCT
cjfa-8204	156	1	0.47	0.47	NUM
cjfa-8204	156	2	*	*	PUNCT
cjfa-8204	156	3	*	*	PUNCT
cjfa-8204	156	4	(	(	PUNCT
cjfa-8204	156	5	3.09	3.09	NUM
cjfa-8204	156	6	)	)	PUNCT
cjfa-8204	156	7	(	(	PUNCT
cjfa-8204	156	8	2.64	2.64	NUM
cjfa-8204	156	9	)	)	PUNCT
cjfa-8204	156	10	(	(	PUNCT
cjfa-8204	156	11	2.56	2.56	NUM
cjfa-8204	156	12	)	)	PUNCT
cjfa-8204	156	13	(	(	PUNCT
cjfa-8204	156	14	3.15	3.15	NUM
cjfa-8204	156	15	)	)	PUNCT
cjfa-8204	156	16	(	(	PUNCT
cjfa-8204	156	17	2.42	2.42	NUM
cjfa-8204	156	18	)	)	PUNCT
cjfa-8204	156	19	(	(	PUNCT
cjfa-8204	156	20	2.25	2.25	NUM
cjfa-8204	156	21	)	)	PUNCT
cjfa-8204	156	22	compval	compval	NOUN
cjfa-8204	156	23	0.74	0.74	NUM
cjfa-8204	156	24	*	*	PUNCT
cjfa-8204	156	25	*	*	PUNCT
cjfa-8204	156	26	*	*	PUNCT
cjfa-8204	156	27	2.99	2.99	NUM
cjfa-8204	156	28	0.86	0.86	NUM
cjfa-8204	156	29	0.72	0.72	NUM
cjfa-8204	156	30	*	*	PUNCT
cjfa-8204	156	31	*	*	PUNCT
cjfa-8204	156	32	*	*	PUNCT
cjfa-8204	156	33	0.68	0.68	NUM
cjfa-8204	156	34	*	*	PUNCT
cjfa-8204	156	35	*	*	PUNCT
cjfa-8204	156	36	*	*	PUNCT
cjfa-8204	156	37	0.63	0.63	NUM
cjfa-8204	156	38	*	*	PUNCT
cjfa-8204	156	39	*	*	PUNCT
cjfa-8204	156	40	*	*	PUNCT
cjfa-8204	156	41	2.93	2.93	NUM
cjfa-8204	156	42	0.75	0.75	NUM
cjfa-8204	156	43	0.55	0.55	NUM
cjfa-8204	156	44	*	*	PUNCT
cjfa-8204	156	45	*	*	PUNCT
cjfa-8204	156	46	*	*	PUNCT
cjfa-8204	156	47	0.50	0.50	NUM
cjfa-8204	156	48	*	*	PUNCT
cjfa-8204	156	49	*	*	PUNCT
cjfa-8204	156	50	*	*	PUNCT
cjfa-8204	156	51	(	(	PUNCT
cjfa-8204	156	52	3.83	3.83	NUM
cjfa-8204	156	53	)	)	PUNCT
cjfa-8204	156	54	(	(	PUNCT
cjfa-8204	156	55	3.34	3.34	NUM
cjfa-8204	156	56	)	)	PUNCT
cjfa-8204	156	57	(	(	PUNCT
cjfa-8204	156	58	2.98	2.98	NUM
cjfa-8204	156	59	)	)	PUNCT
cjfa-8204	156	60	(	(	PUNCT
cjfa-8204	156	61	3.00	3.00	NUM
cjfa-8204	156	62	)	)	PUNCT
cjfa-8204	156	63	(	(	PUNCT
cjfa-8204	156	64	2.89	2.89	NUM
cjfa-8204	156	65	)	)	PUNCT
cjfa-8204	156	66	(	(	PUNCT
cjfa-8204	156	67	2.65	2.65	NUM
cjfa-8204	156	68	)	)	PUNCT
cjfa-8204	156	69	the	the	DET
cjfa-8204	156	70	january	january	PROPN
cjfa-8204	156	71	seasonality	seasonality	NOUN
cjfa-8204	156	72	and	and	CCONJ
cjfa-8204	156	73	the	the	DET
cjfa-8204	156	74	performance	performance	NOUN
cjfa-8204	156	75	…	…	PUNCT
cjfa-8204	156	76	203	203	NUM
cjfa-8204	156	77	mean	mean	PROPN
cjfa-8204	156	78	st	st	PROPN
cjfa-8204	156	79	.	.	PROPN
cjfa-8204	156	80	dev	dev	PROPN
cjfa-8204	156	81	.	.	PUNCT
cjfa-8204	157	1	sr	sr	PROPN
cjfa-8204	157	2	αcapm	αcapm	PROPN
cjfa-8204	157	3	α4f	α4f	PROPN
cjfa-8204	157	4	mean	mean	PROPN
cjfa-8204	157	5	st	st	PROPN
cjfa-8204	157	6	.	.	PROPN
cjfa-8204	157	7	dev	dev	PROPN
cjfa-8204	157	8	.	.	PUNCT
cjfa-8204	158	1	sr	sr	PROPN
cjfa-8204	159	1	αcapm	αcapm	PROPN
cjfa-8204	159	2	α4f	α4f	PROPN
cjfa-8204	159	3	gross	gross	ADJ
cjfa-8204	159	4	returns	return	NOUN
cjfa-8204	159	5	approach	approach	VERB
cjfa-8204	159	6	net	net	ADJ
cjfa-8204	159	7	returns	return	NOUN
cjfa-8204	159	8	approach	approach	VERB
cjfa-8204	159	9	momentum	momentum	NOUN
cjfa-8204	159	10	ltmom	ltmom	ADJ
cjfa-8204	159	11	0.64	0.64	NUM
cjfa-8204	159	12	*	*	PUNCT
cjfa-8204	159	13	4.71	4.71	NUM
cjfa-8204	159	14	0.47	0.47	NUM
cjfa-8204	159	15	0.68	0.68	NUM
cjfa-8204	159	16	*	*	PUNCT
cjfa-8204	159	17	*	*	PUNCT
cjfa-8204	160	1	0.52	0.52	NUM
cjfa-8204	160	2	*	*	NUM
cjfa-8204	160	3	0.44	0.44	NUM
cjfa-8204	160	4	4.42	4.42	NUM
cjfa-8204	160	5	0.34	0.34	NUM
cjfa-8204	160	6	0.49	0.49	NUM
cjfa-8204	160	7	0.34	0.34	NUM
cjfa-8204	160	8	(	(	PUNCT
cjfa-8204	160	9	1.96	1.96	NUM
cjfa-8204	160	10	)	)	PUNCT
cjfa-8204	160	11	(	(	PUNCT
cjfa-8204	160	12	2.18	2.18	NUM
cjfa-8204	160	13	)	)	PUNCT
cjfa-8204	160	14	(	(	PUNCT
cjfa-8204	160	15	1.82	1.82	NUM
cjfa-8204	160	16	)	)	PUNCT
cjfa-8204	160	17	(	(	PUNCT
cjfa-8204	160	18	1.40	1.40	NUM
cjfa-8204	160	19	)	)	PUNCT
cjfa-8204	160	20	(	(	PUNCT
cjfa-8204	160	21	1.55	1.55	NUM
cjfa-8204	160	22	)	)	PUNCT
cjfa-8204	160	23	(	(	PUNCT
cjfa-8204	160	24	1.21	1.21	NUM
cjfa-8204	160	25	)	)	PUNCT
cjfa-8204	160	26	intmom	intmom	NOUN
cjfa-8204	160	27	0.74	0.74	NUM
cjfa-8204	160	28	*	*	PUNCT
cjfa-8204	160	29	*	*	PUNCT
cjfa-8204	160	30	4.38	4.38	NUM
cjfa-8204	160	31	0.58	0.58	NUM
cjfa-8204	160	32	0.77	0.77	NUM
cjfa-8204	160	33	*	*	PUNCT
cjfa-8204	160	34	*	*	PUNCT
cjfa-8204	160	35	*	*	PUNCT
cjfa-8204	161	1	0.63	0.63	NUM
cjfa-8204	161	2	*	*	PUNCT
cjfa-8204	161	3	*	*	PUNCT
cjfa-8204	161	4	0.72	0.72	NUM
cjfa-8204	161	5	*	*	PUNCT
cjfa-8204	161	6	*	*	PUNCT
cjfa-8204	161	7	4.42	4.42	NUM
cjfa-8204	161	8	0.57	0.57	NUM
cjfa-8204	161	9	0.77	0.77	NUM
cjfa-8204	161	10	*	*	PUNCT
cjfa-8204	161	11	*	*	PUNCT
cjfa-8204	162	1	0.64	0.64	NUM
cjfa-8204	162	2	*	*	PUNCT
cjfa-8204	162	3	*	*	PUNCT
cjfa-8204	162	4	(	(	PUNCT
cjfa-8204	162	5	2.52	2.52	NUM
cjfa-8204	162	6	)	)	PUNCT
cjfa-8204	162	7	(	(	PUNCT
cjfa-8204	162	8	2.71	2.71	NUM
cjfa-8204	162	9	)	)	PUNCT
cjfa-8204	162	10	(	(	PUNCT
cjfa-8204	162	11	2.20	2.20	NUM
cjfa-8204	162	12	)	)	PUNCT
cjfa-8204	162	13	(	(	PUNCT
cjfa-8204	162	14	2.36	2.36	NUM
cjfa-8204	162	15	)	)	PUNCT
cjfa-8204	162	16	(	(	PUNCT
cjfa-8204	162	17	2.53	2.53	NUM
cjfa-8204	162	18	)	)	PUNCT
cjfa-8204	162	19	(	(	PUNCT
cjfa-8204	162	20	2.14	2.14	NUM
cjfa-8204	162	21	)	)	PUNCT
cjfa-8204	162	22	compmom	compmom	NOUN
cjfa-8204	162	23	0.70	0.70	NUM
cjfa-8204	162	24	*	*	PUNCT
cjfa-8204	162	25	*	*	PUNCT
cjfa-8204	162	26	4.22	4.22	NUM
cjfa-8204	162	27	0.58	0.58	NUM
cjfa-8204	162	28	0.73	0.73	NUM
cjfa-8204	162	29	*	*	PUNCT
cjfa-8204	162	30	*	*	PUNCT
cjfa-8204	162	31	*	*	PUNCT
cjfa-8204	163	1	0.59	0.59	NUM
cjfa-8204	163	2	*	*	PUNCT
cjfa-8204	163	3	*	*	PUNCT
cjfa-8204	164	1	0.60	0.60	NUM
cjfa-8204	164	2	*	*	PUNCT
cjfa-8204	164	3	*	*	PUNCT
cjfa-8204	164	4	4.06	4.06	NUM
cjfa-8204	164	5	0.51	0.51	NUM
cjfa-8204	164	6	0.64	0.64	NUM
cjfa-8204	164	7	*	*	PUNCT
cjfa-8204	164	8	*	*	PUNCT
cjfa-8204	164	9	0.55	0.55	NUM
cjfa-8204	164	10	*	*	PUNCT
cjfa-8204	164	11	(	(	PUNCT
cjfa-8204	164	12	2.51	2.51	NUM
cjfa-8204	164	13	)	)	PUNCT
cjfa-8204	164	14	(	(	PUNCT
cjfa-8204	164	15	2.68	2.68	NUM
cjfa-8204	164	16	)	)	PUNCT
cjfa-8204	164	17	(	(	PUNCT
cjfa-8204	164	18	2.15	2.15	NUM
cjfa-8204	164	19	)	)	PUNCT
cjfa-8204	164	20	(	(	PUNCT
cjfa-8204	164	21	2.04	2.04	NUM
cjfa-8204	164	22	)	)	PUNCT
cjfa-8204	164	23	(	(	PUNCT
cjfa-8204	164	24	2.15	2.15	NUM
cjfa-8204	164	25	)	)	PUNCT
cjfa-8204	164	26	(	(	PUNCT
cjfa-8204	164	27	1.80	1.80	NUM
cjfa-8204	164	28	)	)	PUNCT
cjfa-8204	164	29	the	the	DET
cjfa-8204	164	30	table	table	NOUN
cjfa-8204	164	31	reports	report	VERB
cjfa-8204	164	32	performance	performance	NOUN
cjfa-8204	164	33	of	of	ADP
cjfa-8204	164	34	zero	zero	NUM
cjfa-8204	164	35	-	-	PUNCT
cjfa-8204	164	36	portfolios	portfolio	NOUN
cjfa-8204	164	37	from	from	ADP
cjfa-8204	164	38	sorts	sort	NOUN
cjfa-8204	164	39	on	on	ADP
cjfa-8204	164	40	earnings	earning	NOUN
cjfa-8204	164	41	-	-	PUNCT
cjfa-8204	164	42	to	to	ADP
cjfa-8204	164	43	-	-	PUNCT
cjfa-8204	164	44	price	price	NOUN
cjfa-8204	164	45	ratio	ratio	NOUN
cjfa-8204	164	46	(	(	PUNCT
cjfa-8204	164	47	“	"	PUNCT
cjfa-8204	164	48	ep	ep	PROPN
cjfa-8204	164	49	”	"	PUNCT
cjfa-8204	164	50	)	)	PUNCT
cjfa-8204	164	51	,	,	PUNCT
cjfa-8204	164	52	ebitda	ebitda	PROPN
cjfa-8204	164	53	-	-	PUNCT
cjfa-8204	164	54	to	to	ADP
cjfa-8204	164	55	-	-	PUNCT
cjfa-8204	164	56	ev	ev	NOUN
cjfa-8204	164	57	ratio	ratio	NOUN
cjfa-8204	164	58	(	(	PUNCT
cjfa-8204	164	59	“	"	PUNCT
cjfa-8204	164	60	ebev	ebev	ADJ
cjfa-8204	164	61	”	"	PUNCT
cjfa-8204	164	62	)	)	PUNCT
cjfa-8204	164	63	,	,	PUNCT
cjfa-8204	164	64	ebitda	ebitda	PROPN
cjfa-8204	164	65	-	-	PUNCT
cjfa-8204	164	66	to	to	ADP
cjfa-8204	164	67	-	-	PUNCT
cjfa-8204	164	68	price	price	NOUN
cjfa-8204	164	69	ratio	ratio	NOUN
cjfa-8204	164	70	(	(	PUNCT
cjfa-8204	164	71	“	"	PUNCT
cjfa-8204	164	72	ebp	ebp	PROPN
cjfa-8204	164	73	”	"	PUNCT
cjfa-8204	164	74	)	)	PUNCT
cjfa-8204	164	75	,	,	PUNCT
cjfa-8204	164	76	sales	sale	NOUN
cjfa-8204	164	77	-	-	PUNCT
cjfa-8204	164	78	to	to	ADP
cjfa-8204	164	79	-	-	PUNCT
cjfa-8204	164	80	ev	ev	NOUN
cjfa-8204	164	81	(	(	PUNCT
cjfa-8204	164	82	“	"	PUNCT
cjfa-8204	164	83	sev	sev	NOUN
cjfa-8204	164	84	”	"	PUNCT
cjfa-8204	164	85	)	)	PUNCT
cjfa-8204	164	86	,	,	PUNCT
cjfa-8204	164	87	long	long	ADJ
cjfa-8204	164	88	-	-	PUNCT
cjfa-8204	164	89	term	term	NOUN
cjfa-8204	164	90	momentum	momentum	NOUN
cjfa-8204	164	91	(	(	PUNCT
cjfa-8204	164	92	“	"	PUNCT
cjfa-8204	164	93	ltmom	ltmom	ADJ
cjfa-8204	164	94	”	"	PUNCT
cjfa-8204	164	95	)	)	PUNCT
cjfa-8204	164	96	,	,	PUNCT
cjfa-8204	164	97	and	and	CCONJ
cjfa-8204	164	98	intermediate	intermediate	ADJ
cjfa-8204	164	99	momentum	momentum	NOUN
cjfa-8204	164	100	(	(	PUNCT
cjfa-8204	164	101	“	"	PUNCT
cjfa-8204	164	102	intmom	intmom	NOUN
cjfa-8204	164	103	”	"	PUNCT
cjfa-8204	164	104	)	)	PUNCT
cjfa-8204	164	105	.	.	PUNCT
cjfa-8204	165	1	it	it	PRON
cjfa-8204	165	2	also	also	ADV
cjfa-8204	165	3	presents	present	VERB
cjfa-8204	165	4	two	two	NUM
cjfa-8204	165	5	meta	meta	ADJ
cjfa-8204	165	6	-	-	PUNCT
cjfa-8204	165	7	strategies	strategy	NOUN
cjfa-8204	165	8	:	:	PUNCT
cjfa-8204	165	9	composite	composite	ADJ
cjfa-8204	165	10	value	value	NOUN
cjfa-8204	165	11	(	(	PUNCT
cjfa-8204	165	12	“	"	PUNCT
cjfa-8204	165	13	compval	compval	NOUN
cjfa-8204	165	14	”	"	PUNCT
cjfa-8204	165	15	)	)	PUNCT
cjfa-8204	165	16	and	and	CCONJ
cjfa-8204	165	17	composite	composite	ADJ
cjfa-8204	165	18	momentum	momentum	NOUN
cjfa-8204	165	19	(	(	PUNCT
cjfa-8204	165	20	“	"	PUNCT
cjfa-8204	165	21	compmom	compmom	NOUN
cjfa-8204	165	22	”	"	PUNCT
cjfa-8204	165	23	)	)	PUNCT
cjfa-8204	165	24	.	.	PUNCT
cjfa-8204	166	1	“	"	PUNCT
cjfa-8204	166	2	st.dev	st.dev	PROPN
cjfa-8204	166	3	.	.	PUNCT
cjfa-8204	166	4	”	"	PUNCT
cjfa-8204	166	5	is	be	AUX
cjfa-8204	166	6	the	the	DET
cjfa-8204	166	7	standard	standard	ADJ
cjfa-8204	166	8	deviation	deviation	NOUN
cjfa-8204	166	9	of	of	ADP
cjfa-8204	166	10	monthly	monthly	ADJ
cjfa-8204	166	11	returns	return	NOUN
cjfa-8204	166	12	,	,	PUNCT
cjfa-8204	166	13	sr	sr	PROPN
cjfa-8204	166	14	is	be	AUX
cjfa-8204	166	15	the	the	DET
cjfa-8204	166	16	annualized	annualize	VERB
cjfa-8204	166	17	sharpe	sharpe	NOUN
cjfa-8204	166	18	ratio	ratio	NOUN
cjfa-8204	166	19	,	,	PUNCT
cjfa-8204	166	20	αcapm	αcapm	NOUN
cjfa-8204	166	21	and	and	CCONJ
cjfa-8204	166	22	α4f	α4f	PROPN
cjfa-8204	166	23	are	be	AUX
cjfa-8204	166	24	intercepts	intercept	NOUN
cjfa-8204	166	25	from	from	ADP
cjfa-8204	166	26	the	the	DET
cjfa-8204	166	27	countrylevel	countrylevel	ADJ
cjfa-8204	166	28	capm	capm	NOUN
cjfa-8204	166	29	and	and	CCONJ
cjfa-8204	166	30	the	the	DET
cjfa-8204	166	31	us	us	PROPN
cjfa-8204	166	32	stock	stock	NOUN
cjfa-8204	166	33	-	-	PUNCT
cjfa-8204	166	34	level	level	NOUN
cjfa-8204	166	35	four	four	NUM
cjfa-8204	166	36	-	-	PUNCT
cjfa-8204	166	37	factor	factor	NOUN
cjfa-8204	166	38	model	model	NOUN
cjfa-8204	166	39	,	,	PUNCT
cjfa-8204	166	40	respectively	respectively	ADV
cjfa-8204	166	41	.	.	PUNCT
cjfa-8204	167	1	“	"	PUNCT
cjfa-8204	167	2	gross	gross	ADJ
cjfa-8204	167	3	”	"	PUNCT
cjfa-8204	167	4	and	and	CCONJ
cjfa-8204	167	5	“	"	PUNCT
cjfa-8204	167	6	net	net	ADJ
cjfa-8204	167	7	”	"	PUNCT
cjfa-8204	167	8	approaches	approach	NOUN
cjfa-8204	167	9	refer	refer	VERB
cjfa-8204	167	10	to	to	ADP
cjfa-8204	167	11	the	the	DET
cjfa-8204	167	12	adjustment	adjustment	NOUN
cjfa-8204	167	13	for	for	ADP
cjfa-8204	167	14	taxes	taxis	NOUN
cjfa-8204	167	15	on	on	ADP
cjfa-8204	167	16	dividends	dividend	NOUN
cjfa-8204	167	17	.	.	PUNCT
cjfa-8204	168	1	the	the	DET
cjfa-8204	168	2	means	mean	NOUN
cjfa-8204	168	3	,	,	PUNCT
cjfa-8204	168	4	standard	standard	ADJ
cjfa-8204	168	5	deviations	deviation	NOUN
cjfa-8204	168	6	and	and	CCONJ
cjfa-8204	168	7	intercepts	intercept	NOUN
cjfa-8204	168	8	are	be	AUX
cjfa-8204	168	9	expressed	express	VERB
cjfa-8204	168	10	in	in	ADP
cjfa-8204	168	11	percentage	percentage	NOUN
cjfa-8204	168	12	terms	term	NOUN
cjfa-8204	168	13	.	.	PUNCT
cjfa-8204	169	1	the	the	DET
cjfa-8204	169	2	numbers	number	NOUN
cjfa-8204	169	3	in	in	ADP
cjfa-8204	169	4	brackets	bracket	NOUN
cjfa-8204	169	5	are	be	AUX
cjfa-8204	169	6	t	t	PROPN
cjfa-8204	169	7	-	-	PUNCT
cjfa-8204	169	8	statistics	statistic	NOUN
cjfa-8204	169	9	based	base	VERB
cjfa-8204	169	10	on	on	ADP
cjfa-8204	169	11	bootstrap	bootstrap	NOUN
cjfa-8204	169	12	standard	standard	ADJ
cjfa-8204	169	13	errors	error	NOUN
cjfa-8204	169	14	and	and	CCONJ
cjfa-8204	169	15	the	the	DET
cjfa-8204	169	16	significance	significance	NOUN
cjfa-8204	169	17	at	at	ADP
cjfa-8204	169	18	10	10	NUM
cjfa-8204	169	19	%	%	NOUN
cjfa-8204	169	20	level	level	NOUN
cjfa-8204	169	21	is	be	AUX
cjfa-8204	169	22	given	give	VERB
cjfa-8204	169	23	in	in	ADP
cjfa-8204	169	24	bold	bold	ADJ
cjfa-8204	169	25	characters	character	NOUN
cjfa-8204	169	26	.	.	PUNCT
cjfa-8204	170	1	*	*	PUNCT
cjfa-8204	170	2	,	,	PUNCT
cjfa-8204	170	3	*	*	PUNCT
cjfa-8204	170	4	*	*	PUNCT
cjfa-8204	170	5	and	and	CCONJ
cjfa-8204	170	6	*	*	PUNCT
cjfa-8204	170	7	*	*	PUNCT
cjfa-8204	170	8	*	*	PUNCT
cjfa-8204	170	9	indicate	indicate	VERB
cjfa-8204	170	10	values	value	NOUN
cjfa-8204	170	11	significantly	significantly	ADV
cjfa-8204	170	12	different	different	ADJ
cjfa-8204	170	13	from	from	ADP
cjfa-8204	170	14	0	0	NUM
cjfa-8204	170	15	at	at	ADP
cjfa-8204	170	16	10	10	NUM
cjfa-8204	170	17	%	%	NOUN
cjfa-8204	170	18	,	,	PUNCT
cjfa-8204	170	19	5	5	NUM
cjfa-8204	170	20	%	%	NOUN
cjfa-8204	170	21	and	and	CCONJ
cjfa-8204	170	22	1	1	NUM
cjfa-8204	170	23	%	%	NOUN
cjfa-8204	170	24	level	level	NOUN
cjfa-8204	170	25	,	,	PUNCT
cjfa-8204	170	26	respectively	respectively	ADV
cjfa-8204	170	27	.	.	PUNCT
cjfa-8204	171	1	s	s	PART
cjfa-8204	171	2	o	o	X
cjfa-8204	171	3	u	u	NOUN
cjfa-8204	171	4	r	r	NOUN
cjfa-8204	171	5	c	c	NOUN
cjfa-8204	171	6	e	e	NOUN
cjfa-8204	171	7	:	:	PUNCT
cjfa-8204	171	8	own	own	ADJ
cjfa-8204	171	9	study	study	NOUN
cjfa-8204	171	10	.	.	PUNCT
cjfa-8204	172	1	table	table	NOUN
cjfa-8204	172	2	2	2	NUM
cjfa-8204	172	3	depicts	depict	VERB
cjfa-8204	172	4	the	the	DET
cjfa-8204	172	5	mean	mean	ADJ
cjfa-8204	172	6	monthly	monthly	ADJ
cjfa-8204	172	7	returns	return	NOUN
cjfa-8204	172	8	of	of	ADP
cjfa-8204	172	9	the	the	DET
cjfa-8204	172	10	zero	zero	NUM
cjfa-8204	172	11	-	-	PUNCT
cjfa-8204	172	12	portfolios	portfolio	NOUN
cjfa-8204	172	13	in	in	ADP
cjfa-8204	172	14	the	the	DET
cjfa-8204	172	15	three	three	NUM
cjfa-8204	172	16	parts	part	NOUN
cjfa-8204	172	17	of	of	ADP
cjfa-8204	172	18	the	the	DET
cjfa-8204	172	19	year	year	NOUN
cjfa-8204	172	20	:	:	PUNCT
cjfa-8204	172	21	in	in	ADP
cjfa-8204	172	22	junuary	junuary	ADJ
cjfa-8204	172	23	,	,	PUNCT
cjfa-8204	172	24	in	in	ADP
cjfa-8204	172	25	december	december	PROPN
cjfa-8204	172	26	,	,	PUNCT
cjfa-8204	172	27	and	and	CCONJ
cjfa-8204	172	28	in	in	ADP
cjfa-8204	172	29	the	the	DET
cjfa-8204	172	30	remaining	remain	VERB
cjfa-8204	172	31	months	month	NOUN
cjfa-8204	172	32	.	.	PUNCT
cjfa-8204	173	1	at	at	ADP
cjfa-8204	173	2	first	first	ADJ
cjfa-8204	173	3	sight	sight	NOUN
cjfa-8204	173	4	,	,	PUNCT
cjfa-8204	173	5	some	some	DET
cjfa-8204	173	6	interesting	interesting	ADJ
cjfa-8204	173	7	patterns	pattern	NOUN
cjfa-8204	173	8	emerge	emerge	VERB
cjfa-8204	173	9	.	.	PUNCT
cjfa-8204	174	1	no	no	ADV
cjfa-8204	174	2	matter	matter	ADV
cjfa-8204	174	3	which	which	DET
cjfa-8204	174	4	approach	approach	NOUN
cjfa-8204	174	5	we	we	PRON
cjfa-8204	174	6	focus	focus	VERB
cjfa-8204	174	7	on	on	ADP
cjfa-8204	174	8	–	–	PUNCT
cjfa-8204	174	9	the	the	DET
cjfa-8204	174	10	gross	gross	ADJ
cjfa-8204	174	11	or	or	CCONJ
cjfa-8204	174	12	net	net	ADJ
cjfa-8204	174	13	one	one	NUM
cjfa-8204	174	14	the	the	DET
cjfa-8204	174	15	value	value	NOUN
cjfa-8204	174	16	strategies	strategy	NOUN
cjfa-8204	174	17	predominantly	predominantly	ADV
cjfa-8204	174	18	performed	perform	VERB
cjfa-8204	174	19	better	well	ADV
cjfa-8204	174	20	in	in	ADP
cjfa-8204	174	21	january	january	PROPN
cjfa-8204	174	22	than	than	ADP
cjfa-8204	174	23	in	in	ADP
cjfa-8204	174	24	the	the	DET
cjfa-8204	174	25	10	10	NUM
cjfa-8204	174	26	following	follow	VERB
cjfa-8204	174	27	months	month	NOUN
cjfa-8204	174	28	,	,	PUNCT
cjfa-8204	174	29	and	and	CCONJ
cjfa-8204	174	30	subsequently	subsequently	ADV
cjfa-8204	174	31	even	even	ADV
cjfa-8204	174	32	worse	bad	ADJ
cjfa-8204	174	33	in	in	ADP
cjfa-8204	174	34	december	december	PROPN
cjfa-8204	174	35	.	.	PUNCT
cjfa-8204	175	1	in	in	ADP
cjfa-8204	175	2	other	other	ADJ
cjfa-8204	175	3	words	word	NOUN
cjfa-8204	175	4	,	,	PUNCT
cjfa-8204	175	5	in	in	ADP
cjfa-8204	175	6	comparison	comparison	NOUN
cjfa-8204	175	7	with	with	ADP
cjfa-8204	175	8	the	the	DET
cjfa-8204	175	9	rest	rest	NOUN
cjfa-8204	175	10	of	of	ADP
cjfa-8204	175	11	the	the	DET
cjfa-8204	175	12	year	year	NOUN
cjfa-8204	175	13	,	,	PUNCT
cjfa-8204	175	14	the	the	DET
cjfa-8204	175	15	mean	mean	ADJ
cjfa-8204	175	16	returns	return	NOUN
cjfa-8204	175	17	were	be	AUX
cjfa-8204	175	18	on	on	ADP
cjfa-8204	175	19	average	average	ADJ
cjfa-8204	175	20	higher	higher	ADV
cjfa-8204	175	21	in	in	ADP
cjfa-8204	175	22	january	january	PROPN
cjfa-8204	175	23	and	and	CCONJ
cjfa-8204	175	24	lower	low	ADJ
cjfa-8204	175	25	in	in	ADP
cjfa-8204	175	26	december	december	PROPN
cjfa-8204	175	27	.	.	PUNCT
cjfa-8204	176	1	for	for	ADP
cjfa-8204	176	2	example	example	NOUN
cjfa-8204	176	3	,	,	PUNCT
cjfa-8204	176	4	in	in	ADP
cjfa-8204	176	5	the	the	DET
cjfa-8204	176	6	case	case	NOUN
cjfa-8204	176	7	of	of	ADP
cjfa-8204	176	8	the	the	DET
cjfa-8204	176	9	composite	composite	ADJ
cjfa-8204	176	10	value	value	NOUN
cjfa-8204	176	11	strategy	strategy	NOUN
cjfa-8204	176	12	(	(	PUNCT
cjfa-8204	176	13	the	the	DET
cjfa-8204	176	14	gross	gross	ADJ
cjfa-8204	176	15	approach	approach	NOUN
cjfa-8204	176	16	)	)	PUNCT
cjfa-8204	176	17	,	,	PUNCT
cjfa-8204	176	18	the	the	DET
cjfa-8204	176	19	mean	mean	ADJ
cjfa-8204	176	20	monthly	monthly	ADJ
cjfa-8204	176	21	return	return	NOUN
cjfa-8204	176	22	in	in	ADP
cjfa-8204	176	23	january	january	PROPN
cjfa-8204	176	24	was	be	AUX
cjfa-8204	176	25	equal	equal	ADJ
cjfa-8204	176	26	1.50	1.50	NUM
cjfa-8204	176	27	%	%	NOUN
cjfa-8204	176	28	,	,	PUNCT
cjfa-8204	176	29	then	then	ADV
cjfa-8204	176	30	0.71	0.71	NUM
cjfa-8204	176	31	%	%	NOUN
cjfa-8204	176	32	on	on	ADP
cjfa-8204	176	33	average	average	ADJ
cjfa-8204	176	34	monthly	monthly	ADV
cjfa-8204	176	35	during	during	ADP
cjfa-8204	176	36	rest	rest	NOUN
cjfa-8204	176	37	of	of	ADP
cjfa-8204	176	38	the	the	DET
cjfa-8204	176	39	year	year	NOUN
cjfa-8204	176	40	,	,	PUNCT
cjfa-8204	176	41	and	and	CCONJ
cjfa-8204	176	42	finally	finally	ADV
cjfa-8204	176	43	only	only	ADV
cjfa-8204	176	44	0.31	0.31	NUM
cjfa-8204	176	45	%	%	NOUN
cjfa-8204	176	46	in	in	ADP
cjfa-8204	176	47	december	december	PROPN
cjfa-8204	176	48	.	.	PUNCT
cjfa-8204	177	1	in	in	ADP
cjfa-8204	177	2	all	all	PRON
cjfa-8204	177	3	of	of	ADP
cjfa-8204	177	4	the	the	DET
cjfa-8204	177	5	observable	observable	ADJ
cjfa-8204	177	6	variants	variant	NOUN
cjfa-8204	177	7	of	of	ADP
cjfa-8204	177	8	the	the	DET
cjfa-8204	177	9	value	value	NOUN
cjfa-8204	177	10	strategies	strategy	NOUN
cjfa-8204	177	11	,	,	PUNCT
cjfa-8204	177	12	the	the	DET
cjfa-8204	177	13	januaries	january	NOUN
cjfa-8204	177	14	outperformed	outperform	VERB
cjfa-8204	177	15	decembers	december	NOUN
cjfa-8204	177	16	.	.	PUNCT
cjfa-8204	178	1	the	the	DET
cjfa-8204	178	2	superior	superior	ADJ
cjfa-8204	178	3	performance	performance	NOUN
cjfa-8204	178	4	in	in	ADP
cjfa-8204	178	5	january	january	PROPN
cjfa-8204	178	6	relative	relative	ADJ
cjfa-8204	178	7	to	to	ADP
cjfa-8204	178	8	other	other	ADJ
cjfa-8204	178	9	months	month	NOUN
cjfa-8204	178	10	is	be	AUX
cjfa-8204	178	11	consistent	consistent	ADJ
cjfa-8204	178	12	with	with	ADP
cjfa-8204	178	13	analogous	analogous	ADJ
cjfa-8204	178	14	stock	stock	NOUN
cjfa-8204	178	15	-	-	PUNCT
cjfa-8204	178	16	level	level	NOUN
cjfa-8204	178	17	studies	study	NOUN
cjfa-8204	178	18	of	of	ADP
cjfa-8204	178	19	value	value	NOUN
cjfa-8204	178	20	strategies	strategy	NOUN
cjfa-8204	178	21	(	(	PUNCT
cjfa-8204	178	22	davis	davis	PROPN
cjfa-8204	178	23	1994	1994	NUM
cjfa-8204	178	24	,	,	PUNCT
cjfa-8204	178	25	loughram	loughram	NOUN
cjfa-8204	178	26	1997	1997	NUM
cjfa-8204	178	27	)	)	PUNCT
cjfa-8204	178	28	.	.	PUNCT
cjfa-8204	179	1	nonetheless	nonetheless	ADV
cjfa-8204	179	2	,	,	PUNCT
cjfa-8204	179	3	the	the	DET
cjfa-8204	179	4	achilles	achille	NOUN
cjfa-8204	179	5	heel	heel	NOUN
cjfa-8204	179	6	of	of	ADP
cjfa-8204	179	7	these	these	DET
cjfa-8204	179	8	observations	observation	NOUN
cjfa-8204	179	9	is	be	AUX
cjfa-8204	179	10	the	the	DET
cjfa-8204	179	11	fact	fact	NOUN
cjfa-8204	179	12	,	,	PUNCT
cjfa-8204	179	13	that	that	SCONJ
cjfa-8204	179	14	in	in	ADP
cjfa-8204	179	15	none	none	NOUN
cjfa-8204	179	16	case	case	NOUN
cjfa-8204	179	17	the	the	DET
cjfa-8204	179	18	january	january	PROPN
cjfa-8204	179	19	-	-	PUNCT
cjfa-8204	179	20	december	december	PROPN
cjfa-8204	179	21	difference	difference	NOUN
cjfa-8204	179	22	was	be	AUX
cjfa-8204	179	23	actually	actually	ADV
cjfa-8204	179	24	significantly	significantly	ADV
cjfa-8204	179	25	different	different	ADJ
cjfa-8204	179	26	adam	adam	PROPN
cjfa-8204	179	27	zaremba204	zaremba204	PROPN
cjfa-8204	179	28	from	from	ADP
cjfa-8204	179	29	0	0	NUM
cjfa-8204	179	30	.	.	PUNCT
cjfa-8204	180	1	although	although	SCONJ
cjfa-8204	180	2	the	the	DET
cjfa-8204	180	3	seasonal	seasonal	ADJ
cjfa-8204	180	4	pattern	pattern	NOUN
cjfa-8204	180	5	is	be	AUX
cjfa-8204	180	6	quite	quite	ADV
cjfa-8204	180	7	vivid	vivid	ADJ
cjfa-8204	180	8	,	,	PUNCT
cjfa-8204	180	9	it	it	PRON
cjfa-8204	180	10	is	be	AUX
cjfa-8204	180	11	not	not	PART
cjfa-8204	180	12	possible	possible	ADJ
cjfa-8204	180	13	to	to	PART
cjfa-8204	180	14	make	make	VERB
cjfa-8204	180	15	any	any	DET
cjfa-8204	180	16	formal	formal	ADJ
cjfa-8204	180	17	inferences	inference	NOUN
cjfa-8204	180	18	on	on	ADP
cjfa-8204	180	19	its	its	PRON
cjfa-8204	180	20	basis	basis	NOUN
cjfa-8204	180	21	.	.	PUNCT
cjfa-8204	181	1	the	the	DET
cjfa-8204	181	2	behavior	behavior	NOUN
cjfa-8204	181	3	of	of	ADP
cjfa-8204	181	4	the	the	DET
cjfa-8204	181	5	country	country	NOUN
cjfa-8204	181	6	-	-	PUNCT
cjfa-8204	181	7	level	level	NOUN
cjfa-8204	181	8	anomaly	anomaly	NOUN
cjfa-8204	181	9	seems	seem	VERB
cjfa-8204	181	10	to	to	PART
cjfa-8204	181	11	be	be	AUX
cjfa-8204	181	12	completely	completely	ADV
cjfa-8204	181	13	opposite	opposite	ADJ
cjfa-8204	181	14	to	to	ADP
cjfa-8204	181	15	the	the	DET
cjfa-8204	181	16	value	value	NOUN
cjfa-8204	181	17	effect	effect	NOUN
cjfa-8204	181	18	.	.	PUNCT
cjfa-8204	182	1	the	the	DET
cjfa-8204	182	2	impact	impact	NOUN
cjfa-8204	182	3	of	of	ADP
cjfa-8204	182	4	the	the	DET
cjfa-8204	182	5	turn	turn	NOUN
cjfa-8204	182	6	-	-	PUNCT
cjfa-8204	182	7	of	of	ADP
cjfa-8204	182	8	-	-	PUNCT
cjfa-8204	182	9	the	the	DET
cjfa-8204	182	10	-	-	PUNCT
cjfa-8204	182	11	year	year	NOUN
cjfa-8204	182	12	phenomenon	phenomenon	NOUN
cjfa-8204	182	13	was	be	AUX
cjfa-8204	182	14	historically	historically	ADV
cjfa-8204	182	15	totally	totally	ADV
cjfa-8204	182	16	reverse	reverse	ADJ
cjfa-8204	182	17	.	.	PUNCT
cjfa-8204	183	1	the	the	DET
cjfa-8204	183	2	both	both	DET
cjfa-8204	183	3	examined	examine	VERB
cjfa-8204	183	4	momentum	momentum	NOUN
cjfa-8204	183	5	strategies	strategy	NOUN
cjfa-8204	183	6	had	have	VERB
cjfa-8204	183	7	markedly	markedly	ADV
cjfa-8204	183	8	higher	high	ADJ
cjfa-8204	183	9	mean	mean	ADJ
cjfa-8204	183	10	returns	return	NOUN
cjfa-8204	183	11	in	in	ADP
cjfa-8204	183	12	december	december	PROPN
cjfa-8204	183	13	than	than	ADP
cjfa-8204	183	14	in	in	ADP
cjfa-8204	183	15	other	other	ADJ
cjfa-8204	183	16	months	month	NOUN
cjfa-8204	183	17	,	,	PUNCT
cjfa-8204	183	18	while	while	SCONJ
cjfa-8204	183	19	in	in	ADP
cjfa-8204	183	20	january	january	PROPN
cjfa-8204	183	21	they	they	PRON
cjfa-8204	183	22	visibly	visibly	ADV
cjfa-8204	183	23	underperformed	underperform	VERB
cjfa-8204	183	24	.	.	PUNCT
cjfa-8204	184	1	let	let	VERB
cjfa-8204	184	2	us	we	PRON
cjfa-8204	184	3	focus	focus	VERB
cjfa-8204	184	4	on	on	ADP
cjfa-8204	184	5	the	the	DET
cjfa-8204	184	6	composite	composite	ADJ
cjfa-8204	184	7	momentum	momentum	NOUN
cjfa-8204	184	8	strategy	strategy	NOUN
cjfa-8204	184	9	in	in	ADP
cjfa-8204	184	10	the	the	DET
cjfa-8204	184	11	gross	gross	ADJ
cjfa-8204	184	12	approach	approach	NOUN
cjfa-8204	184	13	.	.	PUNCT
cjfa-8204	185	1	the	the	DET
cjfa-8204	185	2	average	average	ADJ
cjfa-8204	185	3	monthly	monthly	ADJ
cjfa-8204	185	4	in	in	ADP
cjfa-8204	185	5	january	january	PROPN
cjfa-8204	185	6	was	be	AUX
cjfa-8204	185	7	equal	equal	ADJ
cjfa-8204	185	8	1.93	1.93	NUM
cjfa-8204	185	9	%	%	NOUN
cjfa-8204	185	10	,	,	PUNCT
cjfa-8204	185	11	while	while	SCONJ
cjfa-8204	185	12	in	in	ADP
cjfa-8204	185	13	december	december	PROPN
cjfa-8204	185	14	only	only	ADV
cjfa-8204	185	15	0.33	0.33	NUM
cjfa-8204	185	16	%	%	NOUN
cjfa-8204	185	17	.	.	PUNCT
cjfa-8204	186	1	the	the	DET
cjfa-8204	186	2	remaining	remain	VERB
cjfa-8204	186	3	months	month	NOUN
cjfa-8204	186	4	delivered	deliver	VERB
cjfa-8204	186	5	on	on	ADP
cjfa-8204	186	6	average	average	ADJ
cjfa-8204	186	7	a	a	DET
cjfa-8204	186	8	return	return	NOUN
cjfa-8204	186	9	of	of	ADP
cjfa-8204	186	10	0.62	0.62	NUM
cjfa-8204	186	11	%	%	NOUN
cjfa-8204	186	12	.	.	PUNCT
cjfa-8204	187	1	again	again	ADV
cjfa-8204	187	2	,	,	PUNCT
cjfa-8204	187	3	similarly	similarly	ADV
cjfa-8204	187	4	as	as	ADP
cjfa-8204	187	5	in	in	ADP
cjfa-8204	187	6	the	the	DET
cjfa-8204	187	7	case	case	NOUN
cjfa-8204	187	8	of	of	ADP
cjfa-8204	187	9	the	the	DET
cjfa-8204	187	10	value	value	NOUN
cjfa-8204	187	11	strategies	strategy	NOUN
cjfa-8204	187	12	,	,	PUNCT
cjfa-8204	187	13	this	this	DET
cjfa-8204	187	14	differences	difference	NOUN
cjfa-8204	187	15	are	be	AUX
cjfa-8204	187	16	not	not	PART
cjfa-8204	187	17	significant	significant	ADJ
cjfa-8204	187	18	,	,	PUNCT
cjfa-8204	187	19	although	although	SCONJ
cjfa-8204	187	20	the	the	DET
cjfa-8204	187	21	observations	observation	NOUN
cjfa-8204	187	22	are	be	AUX
cjfa-8204	187	23	basically	basically	ADV
cjfa-8204	187	24	in	in	ADP
cjfa-8204	187	25	line	line	NOUN
cjfa-8204	187	26	with	with	ADP
cjfa-8204	187	27	similar	similar	ADJ
cjfa-8204	187	28	patterns	pattern	NOUN
cjfa-8204	187	29	at	at	ADP
cjfa-8204	187	30	the	the	DET
cjfa-8204	187	31	stock	stock	NOUN
cjfa-8204	187	32	level	level	NOUN
cjfa-8204	187	33	detected	detect	VERB
cjfa-8204	187	34	for	for	ADP
cjfa-8204	187	35	example	example	NOUN
cjfa-8204	187	36	by	by	ADP
cjfa-8204	187	37	yao	yao	PROPN
cjfa-8204	187	38	(	(	PUNCT
cjfa-8204	187	39	2012	2012	NUM
cjfa-8204	187	40	)	)	PUNCT
cjfa-8204	187	41	and	and	CCONJ
cjfa-8204	187	42	novy	novy	PROPN
cjfa-8204	187	43	-	-	PUNCT
cjfa-8204	187	44	marx	marx	PROPN
cjfa-8204	187	45	(	(	PUNCT
cjfa-8204	187	46	2012	2012	NUM
cjfa-8204	187	47	)	)	PUNCT
cjfa-8204	187	48	.	.	PUNCT
cjfa-8204	188	1	table	table	NOUN
cjfa-8204	188	2	2	2	NUM
cjfa-8204	188	3	.	.	PUNCT
cjfa-8204	189	1	mean	mean	VERB
cjfa-8204	189	2	monthly	monthly	ADJ
cjfa-8204	189	3	returns	return	NOUN
cjfa-8204	189	4	on	on	ADP
cjfa-8204	189	5	anomalies	anomaly	NOUN
cjfa-8204	189	6	during	during	ADP
cjfa-8204	189	7	various	various	ADJ
cjfa-8204	189	8	parts	part	NOUN
cjfa-8204	189	9	of	of	ADP
cjfa-8204	189	10	the	the	DET
cjfa-8204	189	11	year	year	NOUN
cjfa-8204	189	12	ep	ep	PROPN
cjfa-8204	189	13	ebev	ebev	PROPN
cjfa-8204	189	14	ebp	ebp	PROPN
cjfa-8204	189	15	sev	sev	PROPN
cjfa-8204	189	16	compval	compval	PROPN
cjfa-8204	189	17	ltmom	ltmom	PROPN
cjfa-8204	189	18	intmom	intmom	NOUN
cjfa-8204	189	19	compmom	compmom	PROPN
cjfa-8204	189	20	gross	gross	ADJ
cjfa-8204	189	21	returns	return	NOUN
cjfa-8204	189	22	approach	approach	VERB
cjfa-8204	189	23	jan	jan	PROPN
cjfa-8204	189	24	0.46	0.46	NUM
cjfa-8204	189	25	1.66	1.66	NUM
cjfa-8204	189	26	1.53	1.53	NUM
cjfa-8204	189	27	2.10	2.10	NUM
cjfa-8204	189	28	1.50	1.50	NUM
cjfa-8204	189	29	0.21	0.21	NUM
cjfa-8204	189	30	0.40	0.40	NUM
cjfa-8204	189	31	0.33	0.33	NUM
cjfa-8204	189	32	other	other	ADJ
cjfa-8204	189	33	0.28	0.28	NUM
cjfa-8204	189	34	0.95	0.95	NUM
cjfa-8204	189	35	0.86	0.86	NUM
cjfa-8204	189	36	0.61	0.61	NUM
cjfa-8204	189	37	0.71	0.71	NUM
cjfa-8204	189	38	0.57	0.57	NUM
cjfa-8204	189	39	0.65	0.65	NUM
cjfa-8204	189	40	0.62	0.62	NUM
cjfa-8204	189	41	dec	dec	PROPN
cjfa-8204	189	42	0.26	0.26	NUM
cjfa-8204	189	43	0.32	0.32	NUM
cjfa-8204	189	44	0.03	0.03	NUM
cjfa-8204	189	45	0.50	0.50	NUM
cjfa-8204	189	46	0.31	0.31	NUM
cjfa-8204	189	47	1.81	1.81	NUM
cjfa-8204	189	48	2.02	2.02	NUM
cjfa-8204	189	49	1.93	1.93	NUM
cjfa-8204	189	50	jan	jan	PROPN
cjfa-8204	189	51	-	-	PUNCT
cjfa-8204	189	52	dec	dec	PROPN
cjfa-8204	189	53	0.21	0.21	NUM
cjfa-8204	189	54	1.35	1.35	NUM
cjfa-8204	189	55	1.50	1.50	NUM
cjfa-8204	189	56	1.60	1.60	NUM
cjfa-8204	189	57	1.19	1.19	NUM
cjfa-8204	189	58	-1.61	-1.61	ADJ
cjfa-8204	189	59	-1.62	-1.62	NOUN
cjfa-8204	189	60	-1.60	-1.60	NUM
cjfa-8204	189	61	(	(	PUNCT
cjfa-8204	189	62	0.13	0.13	NUM
cjfa-8204	189	63	)	)	PUNCT
cjfa-8204	189	64	(	(	PUNCT
cjfa-8204	189	65	1.05	1.05	NUM
cjfa-8204	189	66	)	)	PUNCT
cjfa-8204	189	67	(	(	PUNCT
cjfa-8204	189	68	0.96	0.96	NUM
cjfa-8204	189	69	)	)	PUNCT
cjfa-8204	189	70	(	(	PUNCT
cjfa-8204	189	71	1.47	1.47	NUM
cjfa-8204	189	72	)	)	PUNCT
cjfa-8204	189	73	(	(	PUNCT
cjfa-8204	189	74	1.21	1.21	NUM
cjfa-8204	189	75	)	)	PUNCT
cjfa-8204	189	76	(	(	PUNCT
cjfa-8204	189	77	-0.96	-0.96	NUM
cjfa-8204	189	78	)	)	PUNCT
cjfa-8204	189	79	(	(	PUNCT
cjfa-8204	189	80	-1.37	-1.37	NOUN
cjfa-8204	189	81	)	)	PUNCT
cjfa-8204	189	82	(	(	PUNCT
cjfa-8204	189	83	-1.23	-1.23	X
cjfa-8204	189	84	)	)	PUNCT
cjfa-8204	189	85	net	net	ADJ
cjfa-8204	189	86	returns	return	NOUN
cjfa-8204	189	87	approach	approach	VERB
cjfa-8204	189	88	jan	jan	PROPN
cjfa-8204	189	89	1.14	1.14	NUM
cjfa-8204	189	90	0.79	0.79	NUM
cjfa-8204	189	91	1.22	1.22	NUM
cjfa-8204	189	92	1.20	1.20	NUM
cjfa-8204	189	93	1.11	1.11	NUM
cjfa-8204	189	94	0.12	0.12	NUM
cjfa-8204	189	95	1.18	1.18	NUM
cjfa-8204	189	96	0.68	0.68	NUM
cjfa-8204	189	97	other	other	ADJ
cjfa-8204	189	98	0.39	0.39	NUM
cjfa-8204	189	99	0.72	0.72	NUM
cjfa-8204	189	100	0.78	0.78	NUM
cjfa-8204	189	101	0.56	0.56	NUM
cjfa-8204	189	102	0.64	0.64	NUM
cjfa-8204	189	103	0.36	0.36	NUM
cjfa-8204	189	104	0.54	0.54	NUM
cjfa-8204	189	105	0.46	0.46	NUM
cjfa-8204	189	106	dec	dec	PROPN
cjfa-8204	189	107	0.57	0.57	NUM
cjfa-8204	189	108	-0.30	-0.30	VERB
cjfa-8204	189	109	-0.33	-0.33	NUM
cjfa-8204	189	110	0.05	0.05	NUM
cjfa-8204	189	111	0.04	0.04	NUM
cjfa-8204	189	112	1.60	1.60	NUM
cjfa-8204	189	113	2.15	2.15	NUM
cjfa-8204	189	114	1.89	1.89	NUM
cjfa-8204	189	115	jan	jan	PROPN
cjfa-8204	189	116	-	-	PUNCT
cjfa-8204	189	117	dec	dec	PROPN
cjfa-8204	189	118	0.57	0.57	NUM
cjfa-8204	189	119	1.09	1.09	NUM
cjfa-8204	189	120	1.55	1.55	NUM
cjfa-8204	189	121	1.15	1.15	NUM
cjfa-8204	189	122	1.07	1.07	NUM
cjfa-8204	189	123	-1.49	-1.49	NOUN
cjfa-8204	189	124	-0.97	-0.97	NOUN
cjfa-8204	189	125	-1.21	-1.21	INTJ
cjfa-8204	189	126	(	(	PUNCT
cjfa-8204	189	127	0.46	0.46	NUM
cjfa-8204	189	128	)	)	PUNCT
cjfa-8204	189	129	(	(	PUNCT
cjfa-8204	189	130	0.90	0.90	NUM
cjfa-8204	189	131	)	)	PUNCT
cjfa-8204	189	132	(	(	PUNCT
cjfa-8204	189	133	0.91	0.91	NUM
cjfa-8204	189	134	)	)	PUNCT
cjfa-8204	189	135	(	(	PUNCT
cjfa-8204	189	136	1.20	1.20	NUM
cjfa-8204	189	137	)	)	PUNCT
cjfa-8204	189	138	(	(	PUNCT
cjfa-8204	189	139	1.11	1.11	NUM
cjfa-8204	189	140	)	)	PUNCT
cjfa-8204	189	141	(	(	PUNCT
cjfa-8204	189	142	-0.87	-0.87	NUM
cjfa-8204	189	143	)	)	PUNCT
cjfa-8204	189	144	(	(	PUNCT
cjfa-8204	189	145	-0.76	-0.76	PROPN
cjfa-8204	189	146	)	)	PUNCT
cjfa-8204	189	147	(	(	PUNCT
cjfa-8204	189	148	-0.89	-0.89	X
cjfa-8204	189	149	)	)	PUNCT
cjfa-8204	189	150	the	the	DET
cjfa-8204	189	151	table	table	NOUN
cjfa-8204	189	152	reports	report	NOUN
cjfa-8204	189	153	mean	mean	VERB
cjfa-8204	189	154	monthly	monthly	ADJ
cjfa-8204	189	155	returns	return	NOUN
cjfa-8204	189	156	(	(	PUNCT
cjfa-8204	189	157	expressed	express	VERB
cjfa-8204	189	158	in	in	ADP
cjfa-8204	189	159	percentage	percentage	NOUN
cjfa-8204	189	160	terms	term	NOUN
cjfa-8204	189	161	)	)	PUNCT
cjfa-8204	189	162	of	of	ADP
cjfa-8204	189	163	anomaly	anomaly	NOUN
cjfa-8204	189	164	-	-	PUNCT
cjfa-8204	189	165	based	base	VERB
cjfa-8204	189	166	strategies	strategy	NOUN
cjfa-8204	189	167	in	in	ADP
cjfa-8204	189	168	three	three	NUM
cjfa-8204	189	169	parts	part	NOUN
cjfa-8204	189	170	of	of	ADP
cjfa-8204	189	171	the	the	DET
cjfa-8204	189	172	year	year	NOUN
cjfa-8204	189	173	:	:	PUNCT
cjfa-8204	189	174	januaries	january	NOUN
cjfa-8204	189	175	(	(	PUNCT
cjfa-8204	189	176	“	"	PUNCT
cjfa-8204	189	177	jan	jan	PROPN
cjfa-8204	189	178	”	"	PUNCT
cjfa-8204	189	179	)	)	PUNCT
cjfa-8204	189	180	,	,	PUNCT
cjfa-8204	189	181	decembers	december	NOUN
cjfa-8204	189	182	(	(	PUNCT
cjfa-8204	189	183	“	"	PUNCT
cjfa-8204	189	184	dec	dec	PROPN
cjfa-8204	189	185	”	"	PUNCT
cjfa-8204	189	186	)	)	PUNCT
cjfa-8204	189	187	,	,	PUNCT
cjfa-8204	189	188	and	and	CCONJ
cjfa-8204	189	189	the	the	DET
cjfa-8204	189	190	remaining	remain	VERB
cjfa-8204	189	191	months	month	NOUN
cjfa-8204	189	192	(	(	PUNCT
cjfa-8204	189	193	“	"	PUNCT
cjfa-8204	189	194	other	other	ADJ
cjfa-8204	189	195	”	"	PUNCT
cjfa-8204	189	196	)	)	PUNCT
cjfa-8204	189	197	.	.	PUNCT
cjfa-8204	190	1	the	the	DET
cjfa-8204	190	2	last	last	ADJ
cjfa-8204	190	3	row	row	NOUN
cjfa-8204	190	4	(	(	PUNCT
cjfa-8204	190	5	“	"	PUNCT
cjfa-8204	190	6	jan	jan	PROPN
cjfa-8204	190	7	-	-	PUNCT
cjfa-8204	190	8	dec	dec	PROPN
cjfa-8204	190	9	”	"	PUNCT
cjfa-8204	190	10	)	)	PUNCT
cjfa-8204	190	11	is	be	AUX
cjfa-8204	190	12	the	the	DET
cjfa-8204	190	13	difference	difference	NOUN
cjfa-8204	190	14	between	between	ADP
cjfa-8204	190	15	returns	return	NOUN
cjfa-8204	190	16	in	in	ADP
cjfa-8204	190	17	januaries	january	NOUN
cjfa-8204	190	18	and	and	CCONJ
cjfa-8204	190	19	decembers	december	NOUN
cjfa-8204	190	20	.	.	PUNCT
cjfa-8204	191	1	symbols	symbol	NOUN
cjfa-8204	191	2	of	of	ADP
cjfa-8204	191	3	strategies	strategy	NOUN
cjfa-8204	191	4	are	be	AUX
cjfa-8204	191	5	identical	identical	ADJ
cjfa-8204	191	6	as	as	ADP
cjfa-8204	191	7	in	in	ADP
cjfa-8204	191	8	table	table	NOUN
cjfa-8204	191	9	1	1	NUM
cjfa-8204	191	10	.	.	PUNCT
cjfa-8204	192	1	the	the	DET
cjfa-8204	192	2	numbers	number	NOUN
cjfa-8204	192	3	in	in	ADP
cjfa-8204	192	4	brackets	bracket	NOUN
cjfa-8204	192	5	are	be	AUX
cjfa-8204	192	6	t	t	NOUN
cjfa-8204	192	7	-	-	PUNCT
cjfa-8204	192	8	statistics	statistic	NOUN
cjfa-8204	192	9	.	.	PUNCT
cjfa-8204	193	1	s	s	PART
cjfa-8204	193	2	o	o	X
cjfa-8204	193	3	u	u	NOUN
cjfa-8204	193	4	r	r	NOUN
cjfa-8204	193	5	c	c	NOUN
cjfa-8204	193	6	e	e	NOUN
cjfa-8204	193	7	:	:	PUNCT
cjfa-8204	193	8	own	own	ADJ
cjfa-8204	193	9	study	study	NOUN
cjfa-8204	193	10	.	.	PUNCT
cjfa-8204	194	1	the	the	DET
cjfa-8204	194	2	january	january	PROPN
cjfa-8204	194	3	seasonality	seasonality	NOUN
cjfa-8204	194	4	and	and	CCONJ
cjfa-8204	194	5	the	the	DET
cjfa-8204	194	6	performance	performance	NOUN
cjfa-8204	194	7	…	…	PUNCT
cjfa-8204	194	8	205	205	NUM
cjfa-8204	194	9	finally	finally	ADV
cjfa-8204	194	10	,	,	PUNCT
cjfa-8204	194	11	table	table	NOUN
cjfa-8204	194	12	3	3	NUM
cjfa-8204	194	13	reports	report	VERB
cjfa-8204	194	14	the	the	DET
cjfa-8204	194	15	regression	regression	NOUN
cjfa-8204	194	16	parameters	parameter	NOUN
cjfa-8204	194	17	of	of	ADP
cjfa-8204	194	18	the	the	DET
cjfa-8204	194	19	equation	equation	NOUN
cjfa-8204	194	20	(	(	PUNCT
cjfa-8204	194	21	1	1	X
cjfa-8204	194	22	)	)	PUNCT
cjfa-8204	194	23	estimated	estimate	VERB
cjfa-8204	194	24	from	from	ADP
cjfa-8204	194	25	the	the	DET
cjfa-8204	194	26	time	time	NOUN
cjfa-8204	194	27	series	series	NOUN
cjfa-8204	194	28	of	of	ADP
cjfa-8204	194	29	anomaly	anomaly	NOUN
cjfa-8204	194	30	returns	return	NOUN
cjfa-8204	194	31	.	.	PUNCT
cjfa-8204	195	1	the	the	DET
cjfa-8204	195	2	outcome	outcome	NOUN
cjfa-8204	195	3	basically	basically	ADV
cjfa-8204	195	4	confirm	confirm	VERB
cjfa-8204	195	5	the	the	DET
cjfa-8204	195	6	initial	initial	ADJ
cjfa-8204	195	7	observations	observation	NOUN
cjfa-8204	195	8	presented	present	VERB
cjfa-8204	195	9	in	in	ADP
cjfa-8204	195	10	tables	table	NOUN
cjfa-8204	195	11	2	2	NUM
cjfa-8204	195	12	.	.	PUNCT
cjfa-8204	195	13	focusing	focus	VERB
cjfa-8204	195	14	on	on	ADP
cjfa-8204	195	15	the	the	DET
cjfa-8204	195	16	gross	gross	ADJ
cjfa-8204	195	17	returns	return	NOUN
cjfa-8204	195	18	,	,	PUNCT
cjfa-8204	195	19	the	the	DET
cjfa-8204	195	20	january	january	PROPN
cjfa-8204	195	21	coefficients	coefficient	NOUN
cjfa-8204	195	22	are	be	AUX
cjfa-8204	195	23	always	always	ADV
cjfa-8204	195	24	positive	positive	ADJ
cjfa-8204	195	25	and	and	CCONJ
cjfa-8204	195	26	range	range	VERB
cjfa-8204	195	27	from	from	ADP
cjfa-8204	195	28	0.18	0.18	NUM
cjfa-8204	195	29	for	for	ADP
cjfa-8204	195	30	ep	ep	PROPN
cjfa-8204	195	31	to	to	ADP
cjfa-8204	195	32	1.49	1.49	NUM
cjfa-8204	195	33	for	for	ADP
cjfa-8204	195	34	sev	sev	NOUN
cjfa-8204	195	35	.	.	PUNCT
cjfa-8204	196	1	analogously	analogously	PROPN
cjfa-8204	196	2	,	,	PUNCT
cjfa-8204	196	3	the	the	DET
cjfa-8204	196	4	december	december	PROPN
cjfa-8204	196	5	coefficients	coefficient	NOUN
cjfa-8204	196	6	are	be	AUX
cjfa-8204	196	7	always	always	ADV
cjfa-8204	196	8	negative	negative	ADJ
cjfa-8204	196	9	and	and	CCONJ
cjfa-8204	196	10	amount	amount	VERB
cjfa-8204	196	11	to	to	ADP
cjfa-8204	196	12	from	from	ADP
cjfa-8204	196	13	-0.03	-0.03	NUM
cjfa-8204	196	14	for	for	ADP
cjfa-8204	196	15	ep	ep	PROPN
cjfa-8204	196	16	to	to	ADP
cjfa-8204	196	17	-0.83	-0.83	PROPN
cjfa-8204	196	18	for	for	ADP
cjfa-8204	196	19	ebp	ebp	PROPN
cjfa-8204	196	20	.	.	PUNCT
cjfa-8204	197	1	the	the	DET
cjfa-8204	197	2	differences	difference	NOUN
cjfa-8204	197	3	between	between	ADP
cjfa-8204	197	4	january	january	PROPN
cjfa-8204	197	5	and	and	CCONJ
cjfa-8204	197	6	december	december	PROPN
cjfa-8204	197	7	coefficients	coefficient	NOUN
cjfa-8204	197	8	are	be	AUX
cjfa-8204	197	9	historically	historically	ADV
cjfa-8204	197	10	positive	positive	ADJ
cjfa-8204	197	11	for	for	ADP
cjfa-8204	197	12	all	all	DET
cjfa-8204	197	13	the	the	DET
cjfa-8204	197	14	value	value	NOUN
cjfa-8204	197	15	strategies	strategy	NOUN
cjfa-8204	197	16	,	,	PUNCT
cjfa-8204	197	17	nonetheless	nonetheless	ADV
cjfa-8204	197	18	significantly	significantly	ADV
cjfa-8204	197	19	different	different	ADJ
cjfa-8204	197	20	from	from	ADP
cjfa-8204	197	21	0	0	NUM
cjfa-8204	197	22	only	only	ADV
cjfa-8204	197	23	for	for	ADP
cjfa-8204	197	24	sev	sev	NOUN
cjfa-8204	197	25	and	and	CCONJ
cjfa-8204	197	26	for	for	ADP
cjfa-8204	197	27	the	the	DET
cjfa-8204	197	28	composite	composite	ADJ
cjfa-8204	197	29	value	value	NOUN
cjfa-8204	197	30	strategy	strategy	NOUN
cjfa-8204	197	31	.	.	PUNCT
cjfa-8204	198	1	the	the	DET
cjfa-8204	198	2	outcomes	outcome	NOUN
cjfa-8204	198	3	of	of	ADP
cjfa-8204	198	4	the	the	DET
cjfa-8204	198	5	examinations	examination	NOUN
cjfa-8204	198	6	in	in	ADP
cjfa-8204	198	7	the	the	DET
cjfa-8204	198	8	net	net	ADJ
cjfa-8204	198	9	returns	return	NOUN
cjfa-8204	198	10	approach	approach	NOUN
cjfa-8204	198	11	are	be	AUX
cjfa-8204	198	12	basically	basically	ADV
cjfa-8204	198	13	similar	similar	ADJ
cjfa-8204	198	14	.	.	PUNCT
cjfa-8204	199	1	equally	equally	ADV
cjfa-8204	199	2	in	in	ADP
cjfa-8204	199	3	all	all	DET
cjfa-8204	199	4	the	the	DET
cjfa-8204	199	5	value	value	NOUN
cjfa-8204	199	6	anomalies	anomaly	NOUN
cjfa-8204	199	7	januaries	january	NOUN
cjfa-8204	199	8	outperformed	outperform	VERB
cjfa-8204	199	9	decembers	december	NOUN
cjfa-8204	199	10	,	,	PUNCT
cjfa-8204	199	11	but	but	CCONJ
cjfa-8204	199	12	the	the	DET
cjfa-8204	199	13	statistical	statistical	ADJ
cjfa-8204	199	14	significance	significance	NOUN
cjfa-8204	199	15	of	of	ADP
cjfa-8204	199	16	this	this	DET
cjfa-8204	199	17	observation	observation	NOUN
cjfa-8204	199	18	is	be	AUX
cjfa-8204	199	19	weak	weak	ADJ
cjfa-8204	199	20	.	.	PUNCT
cjfa-8204	200	1	table	table	NOUN
cjfa-8204	200	2	3	3	NUM
cjfa-8204	200	3	.	.	PUNCT
cjfa-8204	201	1	regression	regression	NOUN
cjfa-8204	201	2	coefficients	coefficient	NOUN
cjfa-8204	201	3	of	of	ADP
cjfa-8204	201	4	seasonal	seasonal	ADJ
cjfa-8204	201	5	dummy	dummy	ADJ
cjfa-8204	201	6	variables	variable	NOUN
cjfa-8204	201	7	ep	ep	PROPN
cjfa-8204	201	8	ebev	ebev	PROPN
cjfa-8204	201	9	ebp	ebp	PROPN
cjfa-8204	201	10	sev	sev	PROPN
cjfa-8204	201	11	compval	compval	PROPN
cjfa-8204	201	12	ltmom	ltmom	PROPN
cjfa-8204	201	13	intmom	intmom	NOUN
cjfa-8204	201	14	compmom	compmom	PROPN
cjfa-8204	201	15	gross	gross	ADJ
cjfa-8204	201	16	returns	return	NOUN
cjfa-8204	201	17	approach	approach	VERB
cjfa-8204	201	18	jan	jan	PROPN
cjfa-8204	201	19	0.18	0.18	NUM
cjfa-8204	201	20	0.71	0.71	NUM
cjfa-8204	201	21	0.67	0.67	NUM
cjfa-8204	201	22	1.49	1.49	NUM
cjfa-8204	201	23	0.81	0.81	NUM
cjfa-8204	201	24	-0.36	-0.36	NUM
cjfa-8204	201	25	-0.24	-0.24	NOUN
cjfa-8204	201	26	-0.29	-0.29	NOUN
cjfa-8204	201	27	(	(	PUNCT
cjfa-8204	201	28	0.19	0.19	NUM
cjfa-8204	201	29	)	)	PUNCT
cjfa-8204	201	30	(	(	PUNCT
cjfa-8204	201	31	0.71	0.71	NUM
cjfa-8204	201	32	)	)	PUNCT
cjfa-8204	201	33	(	(	PUNCT
cjfa-8204	201	34	0.70	0.70	NUM
cjfa-8204	201	35	)	)	PUNCT
cjfa-8204	201	36	(	(	PUNCT
cjfa-8204	201	37	1.65	1.65	NUM
cjfa-8204	201	38	)	)	PUNCT
cjfa-8204	201	39	(	(	PUNCT
cjfa-8204	201	40	1.15	1.15	NUM
cjfa-8204	201	41	)	)	PUNCT
cjfa-8204	201	42	(	(	PUNCT
cjfa-8204	201	43	-0.32	-0.32	NUM
cjfa-8204	201	44	)	)	PUNCT
cjfa-8204	201	45	(	(	PUNCT
cjfa-8204	201	46	-0.23	-0.23	NUM
cjfa-8204	201	47	)	)	PUNCT
cjfa-8204	201	48	(	(	PUNCT
cjfa-8204	201	49	-0.28	-0.28	X
cjfa-8204	201	50	)	)	PUNCT
cjfa-8204	201	51	dec	dec	PROPN
cjfa-8204	201	52	-0.03	-0.03	NUM
cjfa-8204	201	53	-0.63	-0.63	PROPN
cjfa-8204	201	54	-0.83	-0.83	DET
cjfa-8204	201	55	-0.11	-0.11	NUM
cjfa-8204	201	56	-0.38	-0.38	PROPN
cjfa-8204	201	57	1.24	1.24	NUM
cjfa-8204	201	58	1.37	1.37	NUM
cjfa-8204	201	59	1.31	1.31	NUM
cjfa-8204	201	60	(	(	PUNCT
cjfa-8204	201	61	-0.03	-0.03	NOUN
cjfa-8204	201	62	)	)	PUNCT
cjfa-8204	201	63	(	(	PUNCT
cjfa-8204	201	64	-0.63	-0.63	NOUN
cjfa-8204	201	65	)	)	PUNCT
cjfa-8204	201	66	(	(	PUNCT
cjfa-8204	201	67	-0.87	-0.87	NUM
cjfa-8204	201	68	)	)	PUNCT
cjfa-8204	201	69	(	(	PUNCT
cjfa-8204	201	70	-0.12	-0.12	NUM
cjfa-8204	201	71	)	)	PUNCT
cjfa-8204	201	72	(	(	PUNCT
cjfa-8204	201	73	-0.54	-0.54	NUM
cjfa-8204	201	74	)	)	PUNCT
cjfa-8204	201	75	(	(	PUNCT
cjfa-8204	201	76	1.10	1.10	NUM
cjfa-8204	201	77	)	)	PUNCT
cjfa-8204	201	78	(	(	PUNCT
cjfa-8204	201	79	1.30	1.30	NUM
cjfa-8204	201	80	)	)	PUNCT
cjfa-8204	201	81	(	(	PUNCT
cjfa-8204	201	82	1.29	1.29	NUM
cjfa-8204	201	83	)	)	PUNCT
cjfa-8204	201	84	jan	jan	PROPN
cjfa-8204	201	85	-	-	PUNCT
cjfa-8204	201	86	dec	dec	PROPN
cjfa-8204	201	87	0.21	0.21	NUM
cjfa-8204	201	88	1.35	1.35	NUM
cjfa-8204	201	89	1.50	1.50	NUM
cjfa-8204	201	90	1.60	1.60	NUM
cjfa-8204	201	91	1.19	1.19	NUM
cjfa-8204	201	92	-1.61	-1.61	ADJ
cjfa-8204	201	93	-1.62	-1.62	ADJ
cjfa-8204	201	94	-1.60	-1.60	ADJ
cjfa-8204	201	95	(	(	PUNCT
cjfa-8204	201	96	0.22	0.22	NUM
cjfa-8204	201	97	)	)	PUNCT
cjfa-8204	201	98	(	(	PUNCT
cjfa-8204	201	99	1.35	1.35	NUM
cjfa-8204	201	100	)	)	PUNCT
cjfa-8204	201	101	(	(	PUNCT
cjfa-8204	201	102	1.57	1.57	NUM
cjfa-8204	201	103	)	)	PUNCT
cjfa-8204	201	104	(	(	PUNCT
cjfa-8204	201	105	1.77	1.77	NUM
cjfa-8204	201	106	)	)	PUNCT
cjfa-8204	201	107	(	(	PUNCT
cjfa-8204	201	108	1.69	1.69	NUM
cjfa-8204	201	109	)	)	PUNCT
cjfa-8204	201	110	(	(	PUNCT
cjfa-8204	201	111	-1.42	-1.42	NUM
cjfa-8204	201	112	)	)	PUNCT
cjfa-8204	201	113	(	(	PUNCT
cjfa-8204	201	114	-1.53	-1.53	NUM
cjfa-8204	201	115	)	)	PUNCT
cjfa-8204	201	116	(	(	PUNCT
cjfa-8204	201	117	-1.57	-1.57	X
cjfa-8204	201	118	)	)	PUNCT
cjfa-8204	201	119	net	net	ADJ
cjfa-8204	201	120	returns	return	NOUN
cjfa-8204	201	121	approach	approach	VERB
cjfa-8204	201	122	jan	jan	PROPN
cjfa-8204	201	123	0.75	0.75	NUM
cjfa-8204	201	124	0.07	0.07	NUM
cjfa-8204	201	125	0.44	0.44	NUM
cjfa-8204	201	126	0.64	0.64	NUM
cjfa-8204	201	127	0.48	0.48	NUM
cjfa-8204	201	128	-0.24	-0.24	NUM
cjfa-8204	201	129	0.64	0.64	NUM
cjfa-8204	201	130	0.22	0.22	NUM
cjfa-8204	201	131	(	(	PUNCT
cjfa-8204	201	132	0.82	0.82	NUM
cjfa-8204	201	133	)	)	PUNCT
cjfa-8204	201	134	(	(	PUNCT
cjfa-8204	201	135	0.07	0.07	NUM
cjfa-8204	201	136	)	)	PUNCT
cjfa-8204	201	137	(	(	PUNCT
cjfa-8204	201	138	0.41	0.41	NUM
cjfa-8204	201	139	)	)	PUNCT
cjfa-8204	201	140	(	(	PUNCT
cjfa-8204	201	141	0.81	0.81	NUM
cjfa-8204	201	142	)	)	PUNCT
cjfa-8204	201	143	(	(	PUNCT
cjfa-8204	201	144	0.64	0.64	NUM
cjfa-8204	201	145	)	)	PUNCT
cjfa-8204	201	146	(	(	PUNCT
cjfa-8204	201	147	-0.21	-0.21	NOUN
cjfa-8204	201	148	)	)	PUNCT
cjfa-8204	201	149	(	(	PUNCT
cjfa-8204	201	150	0.57	0.57	NUM
cjfa-8204	201	151	)	)	PUNCT
cjfa-8204	201	152	(	(	PUNCT
cjfa-8204	201	153	0.21	0.21	NUM
cjfa-8204	201	154	)	)	PUNCT
cjfa-8204	201	155	dec	dec	PROPN
cjfa-8204	201	156	0.18	0.18	NUM
cjfa-8204	201	157	-1.02	-1.02	NUM
cjfa-8204	201	158	-1.11	-1.11	NOUN
cjfa-8204	201	159	-0.51	-0.51	NOUN
cjfa-8204	201	160	-0.60	-0.60	NUM
cjfa-8204	201	161	1.25	1.25	NUM
cjfa-8204	201	162	1.61	1.61	NUM
cjfa-8204	201	163	1.42	1.42	NUM
cjfa-8204	201	164	(	(	PUNCT
cjfa-8204	201	165	0.19	0.19	NUM
cjfa-8204	201	166	)	)	PUNCT
cjfa-8204	201	167	(	(	PUNCT
cjfa-8204	201	168	-0.99	-0.99	NOUN
cjfa-8204	201	169	)	)	PUNCT
cjfa-8204	201	170	(	(	PUNCT
cjfa-8204	201	171	-1.01	-1.01	X
cjfa-8204	201	172	)	)	PUNCT
cjfa-8204	201	173	(	(	PUNCT
cjfa-8204	201	174	-0.64	-0.64	X
cjfa-8204	201	175	)	)	PUNCT
cjfa-8204	201	176	(	(	PUNCT
cjfa-8204	201	177	-0.78	-0.78	NUM
cjfa-8204	201	178	)	)	PUNCT
cjfa-8204	201	179	(	(	PUNCT
cjfa-8204	201	180	1.07	1.07	NUM
cjfa-8204	201	181	)	)	PUNCT
cjfa-8204	201	182	(	(	PUNCT
cjfa-8204	201	183	1.39	1.39	NUM
cjfa-8204	201	184	)	)	PUNCT
cjfa-8204	201	185	(	(	PUNCT
cjfa-8204	201	186	1.34	1.34	NUM
cjfa-8204	201	187	)	)	PUNCT
cjfa-8204	201	188	jan	jan	PROPN
cjfa-8204	201	189	-	-	PROPN
cjfa-8204	201	190	dec	dec	PROPN
cjfa-8204	201	191	0.57	0.57	NUM
cjfa-8204	201	192	1.09	1.09	NUM
cjfa-8204	201	193	1.55	1.55	NUM
cjfa-8204	201	194	1.15	1.15	NUM
cjfa-8204	201	195	1.07	1.07	NUM
cjfa-8204	201	196	-1.49	-1.49	NOUN
cjfa-8204	201	197	-0.97	-0.97	NOUN
cjfa-8204	201	198	-1.21	-1.21	X
cjfa-8204	201	199	(	(	PUNCT
cjfa-8204	201	200	0.61	0.61	NUM
cjfa-8204	201	201	)	)	PUNCT
cjfa-8204	201	202	(	(	PUNCT
cjfa-8204	201	203	1.07	1.07	NUM
cjfa-8204	201	204	)	)	PUNCT
cjfa-8204	201	205	(	(	PUNCT
cjfa-8204	201	206	1.42	1.42	NUM
cjfa-8204	201	207	)	)	PUNCT
cjfa-8204	201	208	(	(	PUNCT
cjfa-8204	201	209	1.45	1.45	NUM
cjfa-8204	201	210	)	)	PUNCT
cjfa-8204	201	211	(	(	PUNCT
cjfa-8204	201	212	1.42	1.42	NUM
cjfa-8204	201	213	)	)	PUNCT
cjfa-8204	201	214	(	(	PUNCT
cjfa-8204	201	215	-1.30	-1.30	NUM
cjfa-8204	201	216	)	)	PUNCT
cjfa-8204	201	217	(	(	PUNCT
cjfa-8204	201	218	-0.85	-0.85	NOUN
cjfa-8204	201	219	)	)	PUNCT
cjfa-8204	201	220	(	(	PUNCT
cjfa-8204	201	221	-1.15	-1.15	X
cjfa-8204	201	222	)	)	PUNCT
cjfa-8204	201	223	the	the	DET
cjfa-8204	201	224	table	table	NOUN
cjfa-8204	201	225	reports	report	NOUN
cjfa-8204	201	226	regression	regression	VERB
cjfa-8204	201	227	coefficients	coefficient	NOUN
cjfa-8204	201	228	of	of	ADP
cjfa-8204	201	229	seasonal	seasonal	ADJ
cjfa-8204	201	230	dummies	dummy	NOUN
cjfa-8204	201	231	related	relate	VERB
cjfa-8204	201	232	to	to	ADP
cjfa-8204	201	233	january	january	PROPN
cjfa-8204	201	234	(	(	PUNCT
cjfa-8204	201	235	“	"	PUNCT
cjfa-8204	201	236	jan	jan	PROPN
cjfa-8204	201	237	”	"	PUNCT
cjfa-8204	201	238	)	)	PUNCT
cjfa-8204	201	239	and	and	CCONJ
cjfa-8204	201	240	december	december	PROPN
cjfa-8204	201	241	(	(	PUNCT
cjfa-8204	201	242	“	"	PUNCT
cjfa-8204	201	243	dec	dec	PROPN
cjfa-8204	201	244	”	"	PUNCT
cjfa-8204	201	245	)	)	PUNCT
cjfa-8204	201	246	according	accord	VERB
cjfa-8204	201	247	to	to	ADP
cjfa-8204	201	248	the	the	DET
cjfa-8204	201	249	equation	equation	NOUN
cjfa-8204	201	250	(	(	PUNCT
cjfa-8204	201	251	1	1	NUM
cjfa-8204	201	252	)	)	PUNCT
cjfa-8204	201	253	.	.	PUNCT
cjfa-8204	202	1	the	the	DET
cjfa-8204	202	2	final	final	ADJ
cjfa-8204	202	3	row	row	NOUN
cjfa-8204	202	4	in	in	ADP
cjfa-8204	202	5	each	each	DET
cjfa-8204	202	6	section	section	NOUN
cjfa-8204	202	7	presents	present	VERB
cjfa-8204	202	8	the	the	DET
cjfa-8204	202	9	difference	difference	NOUN
cjfa-8204	202	10	between	between	ADP
cjfa-8204	202	11	january	january	PROPN
cjfa-8204	202	12	and	and	CCONJ
cjfa-8204	202	13	december	december	PROPN
cjfa-8204	202	14	coefficients	coefficient	NOUN
cjfa-8204	202	15	.	.	PUNCT
cjfa-8204	203	1	symbols	symbol	NOUN
cjfa-8204	203	2	of	of	ADP
cjfa-8204	203	3	strategies	strategy	NOUN
cjfa-8204	203	4	are	be	AUX
cjfa-8204	203	5	identical	identical	ADJ
cjfa-8204	203	6	as	as	ADP
cjfa-8204	203	7	in	in	ADP
cjfa-8204	203	8	table	table	NOUN
cjfa-8204	203	9	1	1	NUM
cjfa-8204	203	10	.	.	PUNCT
cjfa-8204	204	1	the	the	DET
cjfa-8204	204	2	numbers	number	NOUN
cjfa-8204	204	3	in	in	ADP
cjfa-8204	204	4	brackets	bracket	NOUN
cjfa-8204	204	5	are	be	AUX
cjfa-8204	204	6	t	t	PROPN
cjfa-8204	204	7	-	-	PUNCT
cjfa-8204	204	8	statistics	statistic	NOUN
cjfa-8204	204	9	based	base	VERB
cjfa-8204	204	10	on	on	ADP
cjfa-8204	204	11	bootstrap	bootstrap	NOUN
cjfa-8204	204	12	standard	standard	ADJ
cjfa-8204	204	13	errors	error	NOUN
cjfa-8204	204	14	and	and	CCONJ
cjfa-8204	204	15	the	the	DET
cjfa-8204	204	16	significance	significance	NOUN
cjfa-8204	204	17	at	at	ADP
cjfa-8204	204	18	10	10	NUM
cjfa-8204	204	19	%	%	NOUN
cjfa-8204	204	20	level	level	NOUN
cjfa-8204	204	21	is	be	AUX
cjfa-8204	204	22	given	give	VERB
cjfa-8204	204	23	in	in	ADP
cjfa-8204	204	24	bold	bold	ADJ
cjfa-8204	204	25	characters	character	NOUN
cjfa-8204	204	26	.	.	PUNCT
cjfa-8204	205	1	s	s	PART
cjfa-8204	205	2	o	o	X
cjfa-8204	205	3	u	u	NOUN
cjfa-8204	205	4	r	r	NOUN
cjfa-8204	205	5	c	c	NOUN
cjfa-8204	205	6	e	e	NOUN
cjfa-8204	205	7	:	:	PUNCT
cjfa-8204	205	8	own	own	ADJ
cjfa-8204	205	9	study	study	NOUN
cjfa-8204	205	10	.	.	PUNCT
cjfa-8204	206	1	adam	adam	PROPN
cjfa-8204	206	2	zaremba206	zaremba206	PROPN
cjfa-8204	207	1	the	the	DET
cjfa-8204	207	2	january	january	PROPN
cjfa-8204	207	3	and	and	CCONJ
cjfa-8204	207	4	december	december	PROPN
cjfa-8204	207	5	coefficients	coefficient	NOUN
cjfa-8204	207	6	of	of	ADP
cjfa-8204	207	7	the	the	DET
cjfa-8204	207	8	momentum	momentum	NOUN
cjfa-8204	207	9	strategies	strategy	NOUN
cjfa-8204	207	10	are	be	AUX
cjfa-8204	207	11	again	again	ADV
cjfa-8204	207	12	reverse	reverse	ADJ
cjfa-8204	207	13	to	to	ADP
cjfa-8204	207	14	the	the	DET
cjfa-8204	207	15	value	value	NOUN
cjfa-8204	207	16	strategies	strategy	NOUN
cjfa-8204	207	17	,	,	PUNCT
cjfa-8204	207	18	analogously	analogously	ADV
cjfa-8204	207	19	to	to	ADP
cjfa-8204	207	20	the	the	DET
cjfa-8204	207	21	evidence	evidence	NOUN
cjfa-8204	207	22	from	from	ADP
cjfa-8204	207	23	table	table	NOUN
cjfa-8204	207	24	2	2	NUM
cjfa-8204	207	25	.	.	PUNCT
cjfa-8204	208	1	the	the	DET
cjfa-8204	208	2	january	january	PROPN
cjfa-8204	208	3	coefficients	coefficient	NOUN
cjfa-8204	208	4	are	be	AUX
cjfa-8204	208	5	predominantly	predominantly	ADV
cjfa-8204	208	6	negative	negative	ADJ
cjfa-8204	208	7	,	,	PUNCT
cjfa-8204	208	8	while	while	SCONJ
cjfa-8204	208	9	december	december	PROPN
cjfa-8204	208	10	coefficients	coefficient	VERB
cjfa-8204	208	11	highly	highly	ADV
cjfa-8204	208	12	positive	positive	ADJ
cjfa-8204	208	13	,	,	PUNCT
cjfa-8204	208	14	and	and	CCONJ
cjfa-8204	208	15	thus	thus	ADV
cjfa-8204	208	16	their	their	PRON
cjfa-8204	208	17	difference	difference	NOUN
cjfa-8204	208	18	is	be	AUX
cjfa-8204	208	19	also	also	ADV
cjfa-8204	208	20	negative	negative	ADJ
cjfa-8204	208	21	.	.	PUNCT
cjfa-8204	209	1	nevertheless	nevertheless	ADV
cjfa-8204	209	2	,	,	PUNCT
cjfa-8204	209	3	none	none	NOUN
cjfa-8204	209	4	of	of	ADP
cjfa-8204	209	5	this	this	DET
cjfa-8204	209	6	observations	observation	NOUN
cjfa-8204	209	7	is	be	AUX
cjfa-8204	209	8	statistically	statistically	ADV
cjfa-8204	209	9	significant	significant	ADJ
cjfa-8204	209	10	.	.	PUNCT
cjfa-8204	210	1	concluding	conclude	VERB
cjfa-8204	210	2	remarks	remark	VERB
cjfa-8204	210	3	the	the	DET
cjfa-8204	210	4	study	study	NOUN
cjfa-8204	210	5	presents	present	VERB
cjfa-8204	210	6	the	the	DET
cjfa-8204	210	7	seasonal	seasonal	ADJ
cjfa-8204	210	8	patterns	pattern	NOUN
cjfa-8204	210	9	in	in	ADP
cjfa-8204	210	10	the	the	DET
cjfa-8204	210	11	returns	return	NOUN
cjfa-8204	210	12	on	on	ADP
cjfa-8204	210	13	country	country	NOUN
cjfa-8204	210	14	-	-	PUNCT
cjfa-8204	210	15	level	level	NOUN
cjfa-8204	210	16	value	value	NOUN
cjfa-8204	210	17	and	and	CCONJ
cjfa-8204	210	18	momentum	momentum	NOUN
cjfa-8204	210	19	investment	investment	NOUN
cjfa-8204	210	20	strategies	strategy	NOUN
cjfa-8204	210	21	.	.	PUNCT
cjfa-8204	211	1	during	during	ADP
cjfa-8204	211	2	last	last	ADJ
cjfa-8204	211	3	20	20	NUM
cjfa-8204	211	4	years	year	NOUN
cjfa-8204	211	5	the	the	DET
cjfa-8204	211	6	value	value	NOUN
cjfa-8204	211	7	strategies	strategy	NOUN
cjfa-8204	211	8	performed	perform	VERB
cjfa-8204	211	9	particularly	particularly	ADV
cjfa-8204	211	10	well	well	ADV
cjfa-8204	211	11	in	in	ADP
cjfa-8204	211	12	january	january	PROPN
cjfa-8204	211	13	and	and	CCONJ
cjfa-8204	211	14	underperformed	underperform	VERB
cjfa-8204	211	15	in	in	ADP
cjfa-8204	211	16	december	december	PROPN
cjfa-8204	211	17	.	.	PUNCT
cjfa-8204	212	1	on	on	ADP
cjfa-8204	212	2	the	the	DET
cjfa-8204	212	3	contrary	contrary	NOUN
cjfa-8204	212	4	,	,	PUNCT
cjfa-8204	212	5	the	the	DET
cjfa-8204	212	6	momentum	momentum	NOUN
cjfa-8204	212	7	strategies	strategy	NOUN
cjfa-8204	212	8	had	have	VERB
cjfa-8204	212	9	the	the	DET
cjfa-8204	212	10	substantially	substantially	ADV
cjfa-8204	212	11	high	high	ADJ
cjfa-8204	212	12	returns	return	NOUN
cjfa-8204	212	13	in	in	ADP
cjfa-8204	212	14	december	december	PROPN
cjfa-8204	212	15	and	and	CCONJ
cjfa-8204	212	16	low	low	ADJ
cjfa-8204	212	17	in	in	ADP
cjfa-8204	212	18	january	january	PROPN
cjfa-8204	212	19	.	.	PUNCT
cjfa-8204	213	1	these	these	DET
cjfa-8204	213	2	observations	observation	NOUN
cjfa-8204	213	3	are	be	AUX
cjfa-8204	213	4	consistent	consistent	ADJ
cjfa-8204	213	5	with	with	ADP
cjfa-8204	213	6	the	the	DET
cjfa-8204	213	7	explanations	explanation	NOUN
cjfa-8204	213	8	of	of	ADP
cjfa-8204	213	9	the	the	DET
cjfa-8204	213	10	january	january	PROPN
cjfa-8204	213	11	effect	effect	NOUN
cjfa-8204	213	12	related	relate	VERB
cjfa-8204	213	13	to	to	ADP
cjfa-8204	213	14	tax	tax	NOUN
cjfa-8204	213	15	selling	selling	NOUN
cjfa-8204	213	16	and	and	CCONJ
cjfa-8204	213	17	window	window	NOUN
cjfa-8204	213	18	dressing	dressing	NOUN
cjfa-8204	213	19	.	.	PUNCT
cjfa-8204	214	1	the	the	DET
cjfa-8204	214	2	results	result	NOUN
cjfa-8204	214	3	are	be	AUX
cjfa-8204	214	4	mainly	mainly	ADV
cjfa-8204	214	5	important	important	ADJ
cjfa-8204	214	6	for	for	ADP
cjfa-8204	214	7	fund	fund	NOUN
cjfa-8204	214	8	pickers	picker	NOUN
cjfa-8204	214	9	and	and	CCONJ
cjfa-8204	214	10	investment	investment	NOUN
cjfa-8204	214	11	managers	manager	NOUN
cjfa-8204	214	12	with	with	ADP
cjfa-8204	214	13	a	a	DET
cjfa-8204	214	14	global	global	ADJ
cjfa-8204	214	15	investment	investment	NOUN
cjfa-8204	214	16	mandate	mandate	NOUN
cjfa-8204	214	17	,	,	PUNCT
cjfa-8204	214	18	who	who	PRON
cjfa-8204	214	19	employ	employ	VERB
cjfa-8204	214	20	factor	factor	NOUN
cjfa-8204	214	21	strategies	strategy	NOUN
cjfa-8204	214	22	.	.	PUNCT
cjfa-8204	215	1	it	it	PRON
cjfa-8204	215	2	indicates	indicate	VERB
cjfa-8204	215	3	that	that	SCONJ
cjfa-8204	215	4	investors	investor	NOUN
cjfa-8204	215	5	should	should	AUX
cjfa-8204	215	6	pay	pay	VERB
cjfa-8204	215	7	attention	attention	NOUN
cjfa-8204	215	8	to	to	ADP
cjfa-8204	215	9	the	the	DET
cjfa-8204	215	10	seasonal	seasonal	ADJ
cjfa-8204	215	11	patterns	pattern	NOUN
cjfa-8204	215	12	related	relate	VERB
cjfa-8204	215	13	to	to	ADP
cjfa-8204	215	14	the	the	DET
cjfa-8204	215	15	turn	turn	VERB
cjfa-8204	215	16	-	-	PUNCT
cjfa-8204	215	17	of	of	ADP
cjfa-8204	215	18	-	-	PUNCT
cjfa-8204	215	19	the	the	DET
cjfa-8204	215	20	year	year	NOUN
cjfa-8204	215	21	effect	effect	NOUN
cjfa-8204	215	22	and	and	CCONJ
cjfa-8204	215	23	consider	consider	VERB
cjfa-8204	215	24	unwinding	unwind	VERB
cjfa-8204	215	25	their	their	PRON
cjfa-8204	215	26	positions	position	NOUN
cjfa-8204	215	27	in	in	ADP
cjfa-8204	215	28	december	december	PROPN
cjfa-8204	215	29	or	or	CCONJ
cjfa-8204	215	30	january	january	PROPN
cjfa-8204	215	31	,	,	PUNCT
cjfa-8204	215	32	depending	depend	VERB
cjfa-8204	215	33	on	on	ADP
cjfa-8204	215	34	which	which	DET
cjfa-8204	215	35	strategy	strategy	NOUN
cjfa-8204	215	36	they	they	PRON
cjfa-8204	215	37	follow	follow	VERB
cjfa-8204	215	38	.	.	PUNCT
cjfa-8204	216	1	the	the	DET
cjfa-8204	216	2	study	study	NOUN
cjfa-8204	216	3	have	have	VERB
cjfa-8204	216	4	three	three	NUM
cjfa-8204	216	5	limitations	limitation	NOUN
cjfa-8204	216	6	of	of	ADP
cjfa-8204	216	7	potentially	potentially	ADV
cjfa-8204	216	8	high	high	ADJ
cjfa-8204	216	9	importance	importance	NOUN
cjfa-8204	216	10	.	.	PUNCT
cjfa-8204	217	1	first	first	ADV
cjfa-8204	217	2	,	,	PUNCT
cjfa-8204	217	3	the	the	PRON
cjfa-8204	217	4	we	we	PRON
cjfa-8204	217	5	do	do	AUX
cjfa-8204	217	6	not	not	PART
cjfa-8204	217	7	account	account	VERB
cjfa-8204	217	8	for	for	ADP
cjfa-8204	217	9	transaction	transaction	NOUN
cjfa-8204	217	10	costs	cost	NOUN
cjfa-8204	217	11	or	or	CCONJ
cjfa-8204	217	12	cross	cross	ADJ
cjfa-8204	217	13	-	-	ADJ
cjfa-8204	217	14	country	country	ADJ
cjfa-8204	217	15	liquidity	liquidity	NOUN
cjfa-8204	217	16	and	and	CCONJ
cjfa-8204	217	17	capital	capital	NOUN
cjfa-8204	217	18	mobility	mobility	NOUN
cjfa-8204	217	19	constraints	constraint	NOUN
cjfa-8204	217	20	.	.	PUNCT
cjfa-8204	218	1	second	second	ADJ
cjfa-8204	218	2	,	,	PUNCT
cjfa-8204	218	3	the	the	DET
cjfa-8204	218	4	sample	sample	NOUN
cjfa-8204	218	5	period	period	NOUN
cjfa-8204	218	6	includes	include	VERB
cjfa-8204	218	7	the	the	DET
cjfa-8204	218	8	socalled	socalled	ADJ
cjfa-8204	218	9	global	global	ADJ
cjfa-8204	218	10	financial	financial	ADJ
cjfa-8204	218	11	crisis	crisis	NOUN
cjfa-8204	218	12	,	,	PUNCT
cjfa-8204	218	13	that	that	PRON
cjfa-8204	218	14	could	could	AUX
cjfa-8204	218	15	have	have	AUX
cjfa-8204	218	16	affected	affect	VERB
cjfa-8204	218	17	the	the	DET
cjfa-8204	218	18	results	result	NOUN
cjfa-8204	218	19	in	in	ADP
cjfa-8204	218	20	some	some	DET
cjfa-8204	218	21	way	way	NOUN
cjfa-8204	218	22	.	.	PUNCT
cjfa-8204	219	1	third	third	ADJ
cjfa-8204	219	2	,	,	PUNCT
cjfa-8204	219	3	the	the	DET
cjfa-8204	219	4	relatively	relatively	ADV
cjfa-8204	219	5	short	short	ADJ
cjfa-8204	219	6	study	study	NOUN
cjfa-8204	219	7	period	period	NOUN
cjfa-8204	219	8	makes	make	VERB
cjfa-8204	219	9	it	it	PRON
cjfa-8204	219	10	impossible	impossible	ADJ
cjfa-8204	219	11	to	to	PART
cjfa-8204	219	12	draw	draw	VERB
cjfa-8204	219	13	statistically	statistically	ADV
cjfa-8204	219	14	significant	significant	ADJ
cjfa-8204	219	15	conclusions	conclusion	NOUN
cjfa-8204	219	16	about	about	ADP
cjfa-8204	219	17	the	the	DET
cjfa-8204	219	18	seasonal	seasonal	ADJ
cjfa-8204	219	19	patterns	pattern	NOUN
cjfa-8204	219	20	in	in	ADP
cjfa-8204	219	21	the	the	PRON
cjfa-8204	219	22	for	for	ADP
cjfa-8204	219	23	future	future	ADJ
cjfa-8204	219	24	long	long	ADJ
cjfa-8204	219	25	-	-	PUNCT
cjfa-8204	219	26	term	term	NOUN
cjfa-8204	219	27	inter	inter	ADJ
cjfa-8204	219	28	-	-	ADJ
cjfa-8204	219	29	market	market	ADJ
cjfa-8204	219	30	value	value	NOUN
cjfa-8204	219	31	and	and	CCONJ
cjfa-8204	219	32	momentum	momentum	NOUN
cjfa-8204	219	33	returns	return	NOUN
cjfa-8204	219	34	.	.	PUNCT
cjfa-8204	220	1	nonetheless	nonetheless	ADV
cjfa-8204	220	2	,	,	PUNCT
cjfa-8204	220	3	we	we	PRON
cjfa-8204	220	4	do	do	AUX
cjfa-8204	220	5	not	not	PART
cjfa-8204	220	6	have	have	VERB
cjfa-8204	220	7	access	access	NOUN
cjfa-8204	220	8	to	to	ADP
cjfa-8204	220	9	any	any	DET
cjfa-8204	220	10	older	old	ADJ
cjfa-8204	220	11	financial	financial	ADJ
cjfa-8204	220	12	data	datum	NOUN
cjfa-8204	220	13	,	,	PUNCT
cjfa-8204	220	14	that	that	PRON
cjfa-8204	220	15	would	would	AUX
cjfa-8204	220	16	enable	enable	VERB
cjfa-8204	220	17	us	we	PRON
cjfa-8204	220	18	to	to	PART
cjfa-8204	220	19	test	test	VERB
cjfa-8204	220	20	the	the	DET
cjfa-8204	220	21	examined	examine	VERB
cjfa-8204	220	22	strategies	strategy	NOUN
cjfa-8204	220	23	in	in	ADP
cjfa-8204	220	24	years	year	NOUN
cjfa-8204	220	25	prior	prior	ADV
cjfa-8204	220	26	to	to	ADP
cjfa-8204	220	27	1995	1995	NUM
cjfa-8204	220	28	.	.	PUNCT
cjfa-8204	221	1	nevertheless	nevertheless	ADV
cjfa-8204	221	2	,	,	PUNCT
cjfa-8204	221	3	due	due	ADP
cjfa-8204	221	4	to	to	ADP
cjfa-8204	221	5	the	the	DET
cjfa-8204	221	6	lack	lack	NOUN
cjfa-8204	221	7	of	of	ADP
cjfa-8204	221	8	statistical	statistical	ADJ
cjfa-8204	221	9	significance	significance	NOUN
cjfa-8204	221	10	,	,	PUNCT
cjfa-8204	221	11	we	we	PRON
cjfa-8204	221	12	are	be	AUX
cjfa-8204	221	13	unable	unable	ADJ
cjfa-8204	221	14	to	to	PART
cjfa-8204	221	15	formally	formally	ADV
cjfa-8204	221	16	reject	reject	VERB
cjfa-8204	221	17	the	the	DET
cjfa-8204	221	18	basic	basic	ADJ
cjfa-8204	221	19	null	null	ADJ
cjfa-8204	221	20	hypotheses	hypothesis	NOUN
cjfa-8204	221	21	of	of	ADP
cjfa-8204	221	22	the	the	DET
cjfa-8204	221	23	paper	paper	NOUN
cjfa-8204	221	24	.	.	PUNCT
cjfa-8204	222	1	the	the	DET
cjfa-8204	222	2	future	future	ADJ
cjfa-8204	222	3	studies	study	NOUN
cjfa-8204	222	4	on	on	ADP
cjfa-8204	222	5	the	the	DET
cjfa-8204	222	6	topic	topic	NOUN
cjfa-8204	222	7	discussed	discuss	VERB
cjfa-8204	222	8	in	in	ADP
cjfa-8204	222	9	this	this	DET
cjfa-8204	222	10	paper	paper	NOUN
cjfa-8204	222	11	could	could	AUX
cjfa-8204	222	12	be	be	AUX
cjfa-8204	222	13	pursued	pursue	VERB
cjfa-8204	222	14	in	in	ADP
cjfa-8204	222	15	a	a	DET
cjfa-8204	222	16	few	few	ADJ
cjfa-8204	222	17	directions	direction	NOUN
cjfa-8204	222	18	.	.	PUNCT
cjfa-8204	223	1	first	first	ADV
cjfa-8204	223	2	,	,	PUNCT
cjfa-8204	223	3	it	it	PRON
cjfa-8204	223	4	would	would	AUX
cjfa-8204	223	5	be	be	AUX
cjfa-8204	223	6	valuable	valuable	ADJ
cjfa-8204	223	7	to	to	PART
cjfa-8204	223	8	extend	extend	VERB
cjfa-8204	223	9	the	the	DET
cjfa-8204	223	10	time	time	NOUN
cjfa-8204	223	11	span	span	NOUN
cjfa-8204	223	12	of	of	ADP
cjfa-8204	223	13	the	the	DET
cjfa-8204	223	14	research	research	NOUN
cjfa-8204	223	15	to	to	PART
cjfa-8204	223	16	increase	increase	VERB
cjfa-8204	223	17	the	the	DET
cjfa-8204	223	18	power	power	NOUN
cjfa-8204	223	19	of	of	ADP
cjfa-8204	223	20	the	the	DET
cjfa-8204	223	21	performed	perform	VERB
cjfa-8204	223	22	tests	test	NOUN
cjfa-8204	223	23	.	.	PUNCT
cjfa-8204	224	1	second	second	ADJ
cjfa-8204	224	2	,	,	PUNCT
cjfa-8204	224	3	examination	examination	NOUN
cjfa-8204	224	4	of	of	ADP
cjfa-8204	224	5	also	also	ADV
cjfa-8204	224	6	other	other	ADJ
cjfa-8204	224	7	seasonal	seasonal	ADJ
cjfa-8204	224	8	patterns	pattern	NOUN
cjfa-8204	224	9	,	,	PUNCT
cjfa-8204	224	10	like	like	ADP
cjfa-8204	224	11	for	for	ADP
cjfa-8204	224	12	example	example	NOUN
cjfa-8204	224	13	the	the	DET
cjfa-8204	224	14	“	"	PUNCT
cjfa-8204	224	15	sell	sell	VERB
cjfa-8204	224	16	-	-	PUNCT
cjfa-8204	224	17	in	in	ADP
cjfa-8204	224	18	-	-	PUNCT
cjfa-8204	224	19	may	may	NOUN
cjfa-8204	224	20	-	-	PUNCT
cjfa-8204	224	21	and	and	CCONJ
cjfa-8204	224	22	-	-	PUNCT
cjfa-8204	224	23	go	go	VERB
cjfa-8204	224	24	-	-	PUNCT
cjfa-8204	224	25	away	away	NOUN
cjfa-8204	224	26	”	"	PUNCT
cjfa-8204	224	27	effect	effect	NOUN
cjfa-8204	224	28	(	(	PUNCT
cjfa-8204	224	29	bouman	bouman	NOUN
cjfa-8204	224	30	and	and	CCONJ
cjfa-8204	224	31	jacobsen	jacobsen	PROPN
cjfa-8204	224	32	2002	2002	NUM
cjfa-8204	224	33	,	,	PUNCT
cjfa-8204	224	34	castro	castro	NOUN
cjfa-8204	224	35	and	and	CCONJ
cjfa-8204	224	36	schabek	schabek	NOUN
cjfa-8204	224	37	2014	2014	NUM
cjfa-8204	224	38	)	)	PUNCT
cjfa-8204	224	39	,	,	PUNCT
cjfa-8204	224	40	would	would	AUX
cjfa-8204	224	41	be	be	AUX
cjfa-8204	224	42	beneficial	beneficial	ADJ
cjfa-8204	224	43	for	for	ADP
cjfa-8204	224	44	country	country	NOUN
cjfa-8204	224	45	-	-	PUNCT
cjfa-8204	224	46	level	level	NOUN
cjfa-8204	224	47	investors	investor	NOUN
cjfa-8204	224	48	.	.	PUNCT
cjfa-8204	225	1	finally	finally	ADV
cjfa-8204	225	2	,	,	PUNCT
cjfa-8204	225	3	a	a	DET
cjfa-8204	225	4	careful	careful	ADJ
cjfa-8204	225	5	investigation	investigation	NOUN
cjfa-8204	225	6	should	should	AUX
cjfa-8204	225	7	be	be	AUX
cjfa-8204	225	8	per	per	ADP
cjfa-8204	225	9	the	the	DET
cjfa-8204	225	10	january	january	PROPN
cjfa-8204	225	11	seasonality	seasonality	NOUN
cjfa-8204	225	12	and	and	CCONJ
cjfa-8204	225	13	the	the	DET
cjfa-8204	225	14	performance	performance	NOUN
cjfa-8204	225	15	…	…	PUNCT
cjfa-8204	225	16	207	207	NUM
cjfa-8204	225	17	formed	form	VERB
cjfa-8204	225	18	whether	whether	SCONJ
cjfa-8204	225	19	any	any	DET
cjfa-8204	225	20	other	other	ADJ
cjfa-8204	225	21	country	country	NOUN
cjfa-8204	225	22	-	-	PUNCT
cjfa-8204	225	23	level	level	NOUN
cjfa-8204	225	24	strategies	strategy	NOUN
cjfa-8204	225	25	,	,	PUNCT
cjfa-8204	225	26	e.g.	e.g.	ADV
cjfa-8204	225	27	related	relate	VERB
cjfa-8204	225	28	to	to	ADP
cjfa-8204	225	29	the	the	DET
cjfa-8204	225	30	crosscountry	crosscountry	PROPN
cjfa-8204	225	31	size	size	NOUN
cjfa-8204	225	32	effect	effect	NOUN
cjfa-8204	225	33	(	(	PUNCT
cjfa-8204	225	34	keppler	keppler	NOUN
cjfa-8204	225	35	and	and	CCONJ
cjfa-8204	225	36	encinosa	encinosa	PROPN
cjfa-8204	225	37	2011	2011	NUM
cjfa-8204	225	38	)	)	PUNCT
cjfa-8204	225	39	,	,	PUNCT
cjfa-8204	225	40	also	also	ADV
cjfa-8204	225	41	reveal	reveal	VERB
cjfa-8204	225	42	some	some	DET
cjfa-8204	225	43	seasonal	seasonal	ADJ
cjfa-8204	225	44	patterns	pattern	NOUN
cjfa-8204	225	45	.	.	PUNCT
cjfa-8204	226	1	acknowledgments	acknowledgment	NOUN
cjfa-8204	226	2	this	this	DET
cjfa-8204	226	3	paper	paper	NOUN
cjfa-8204	226	4	is	be	AUX
cjfa-8204	226	5	a	a	DET
cjfa-8204	226	6	part	part	NOUN
cjfa-8204	226	7	of	of	ADP
cjfa-8204	226	8	the	the	DET
cjfa-8204	226	9	project	project	NOUN
cjfa-8204	226	10	no	no	NOUN
cjfa-8204	226	11	.	.	PUNCT
cjfa-8204	227	1	2014/15	2014/15	NUM
cjfa-8204	227	2	/	/	SYM
cjfa-8204	227	3	d	d	NOUN
cjfa-8204	227	4	/	/	SYM
cjfa-8204	227	5	hs4/01235	hs4/01235	PROPN
cjfa-8204	227	6	financed	finance	VERB
cjfa-8204	227	7	by	by	ADP
cjfa-8204	227	8	the	the	DET
cjfa-8204	227	9	national	national	PROPN
cjfa-8204	227	10	science	science	PROPN
cjfa-8204	227	11	centre	centre	PROPN
cjfa-8204	227	12	of	of	ADP
cjfa-8204	227	13	poland	poland	PROPN
cjfa-8204	227	14	.	.	PUNCT
cjfa-8204	227	15	 	 	SPACE
cjfa-8204	228	1	references	reference	NOUN
cjfa-8204	228	2	asness	asness	PROPN
cjfa-8204	228	3	,	,	PUNCT
cjfa-8204	228	4	c.s	c.s	PROPN
cjfa-8204	228	5	.	.	PROPN
cjfa-8204	228	6	,	,	PUNCT
cjfa-8204	228	7	liew	liew	PROPN
cjfa-8204	228	8	,	,	PUNCT
cjfa-8204	228	9	j.m	j.m	PROPN
cjfa-8204	228	10	.	.	PROPN
cjfa-8204	228	11	,	,	PUNCT
cjfa-8204	228	12	&	&	CCONJ
cjfa-8204	228	13	stevens	stevens	PROPN
cjfa-8204	228	14	,	,	PUNCT
cjfa-8204	228	15	r.l	r.l	PROPN
cjfa-8204	228	16	.	.	PROPN
cjfa-8204	228	17	(	(	PUNCT
cjfa-8204	228	18	1997	1997	NUM
cjfa-8204	228	19	)	)	PUNCT
cjfa-8204	228	20	.	.	PUNCT
cjfa-8204	229	1	parallels	parallel	NOUN
cjfa-8204	229	2	between	between	ADP
cjfa-8204	229	3	the	the	DET
cjfa-8204	229	4	cross	cross	ADJ
cjfa-8204	229	5	-	-	ADJ
cjfa-8204	229	6	sectional	sectional	ADJ
cjfa-8204	229	7	predictability	predictability	NOUN
cjfa-8204	229	8	of	of	ADP
cjfa-8204	229	9	stock	stock	NOUN
cjfa-8204	229	10	and	and	CCONJ
cjfa-8204	229	11	country	country	NOUN
cjfa-8204	229	12	returns	return	NOUN
cjfa-8204	229	13	.	.	PUNCT
cjfa-8204	230	1	journal	journal	PROPN
cjfa-8204	230	2	of	of	ADP
cjfa-8204	230	3	portfolio	portfolio	NOUN
cjfa-8204	230	4	management	management	NOUN
cjfa-8204	230	5	,	,	PUNCT
cjfa-8204	230	6	23	23	NUM
cjfa-8204	230	7	,	,	PUNCT
cjfa-8204	230	8	79	79	NUM
cjfa-8204	230	9	-	-	SYM
cjfa-8204	230	10	87	87	NUM
cjfa-8204	230	11	.	.	PUNCT
cjfa-8204	231	1	http://dx.doi.org/10.3905/jpm.1997.409606	http://dx.doi.org/10.3905/jpm.1997.409606	VERB
cjfa-8204	231	2	.	.	PUNCT
cjfa-8204	232	1	asness	asness	PROPN
cjfa-8204	232	2	,	,	PUNCT
cjfa-8204	232	3	c.s	c.s	PROPN
cjfa-8204	232	4	.	.	PROPN
cjfa-8204	232	5	,	,	PUNCT
cjfa-8204	232	6	moskowitz	moskowitz	PROPN
cjfa-8204	232	7	,	,	PUNCT
cjfa-8204	232	8	t.j	t.j	PROPN
cjfa-8204	232	9	.	.	PROPN
cjfa-8204	232	10	,	,	PUNCT
cjfa-8204	232	11	&	&	CCONJ
cjfa-8204	232	12	pedersen	pedersen	PROPN
cjfa-8204	232	13	,	,	PUNCT
cjfa-8204	232	14	l.h	l.h	PROPN
cjfa-8204	232	15	.	.	PROPN
cjfa-8204	233	1	(	(	PUNCT
cjfa-8204	233	2	2013	2013	NUM
cjfa-8204	233	3	)	)	PUNCT
cjfa-8204	233	4	.	.	PUNCT
cjfa-8204	234	1	value	value	NOUN
cjfa-8204	234	2	and	and	CCONJ
cjfa-8204	234	3	momentum	momentum	NOUN
cjfa-8204	234	4	everywhere	everywhere	ADV
cjfa-8204	234	5	.	.	PUNCT
cjfa-8204	235	1	journal	journal	PROPN
cjfa-8204	235	2	of	of	ADP
cjfa-8204	235	3	finance	finance	NOUN
cjfa-8204	235	4	,	,	PUNCT
cjfa-8204	235	5	68	68	NUM
cjfa-8204	235	6	,	,	PUNCT
cjfa-8204	235	7	929	929	NUM
cjfa-8204	235	8	-	-	SYM
cjfa-8204	235	9	985	985	NUM
cjfa-8204	235	10	.	.	PUNCT
cjfa-8204	236	1	http://dx.doi.org/10.1111/jofi.12021	http://dx.doi.org/10.1111/jofi.12021	X
cjfa-8204	236	2	.	.	PUNCT
cjfa-8204	237	1	balvers	balvers	PROPN
cjfa-8204	237	2	,	,	PUNCT
cjfa-8204	237	3	r.	r.	PROPN
cjfa-8204	237	4	&	&	CCONJ
cjfa-8204	237	5	wu	wu	PROPN
cjfa-8204	237	6	,	,	PUNCT
cjfa-8204	237	7	y.	y.	PROPN
cjfa-8204	237	8	(	(	PUNCT
cjfa-8204	237	9	2006	2006	NUM
cjfa-8204	237	10	)	)	PUNCT
cjfa-8204	237	11	.	.	PUNCT
cjfa-8204	238	1	momentum	momentum	NOUN
cjfa-8204	238	2	and	and	CCONJ
cjfa-8204	238	3	mean	mean	VERB
cjfa-8204	238	4	reversion	reversion	NOUN
cjfa-8204	238	5	across	across	ADP
cjfa-8204	238	6	national	national	ADJ
cjfa-8204	238	7	equity	equity	NOUN
cjfa-8204	238	8	markets	market	NOUN
cjfa-8204	238	9	.	.	PUNCT
cjfa-8204	239	1	journal	journal	NOUN
cjfa-8204	239	2	of	of	ADP
cjfa-8204	239	3	empirical	empirical	ADJ
cjfa-8204	239	4	finance	finance	NOUN
cjfa-8204	239	5	,	,	PUNCT
cjfa-8204	239	6	13	13	NUM
cjfa-8204	239	7	,	,	PUNCT
cjfa-8204	239	8	24	24	NUM
cjfa-8204	239	9	-	-	SYM
cjfa-8204	239	10	48	48	NUM
cjfa-8204	239	11	.	.	PUNCT
cjfa-8204	240	1	http://dx.doi.org/10.1016/j.jempfin.2005.05.001	http://dx.doi.org/10.1016/j.jempfin.2005.05.001	PROPN
cjfa-8204	240	2	.	.	PUNCT
cjfa-8204	241	1	basu	basu	PROPN
cjfa-8204	241	2	,	,	PUNCT
cjfa-8204	241	3	s.	s.	PROPN
cjfa-8204	241	4	(	(	PUNCT
cjfa-8204	241	5	1983	1983	NUM
cjfa-8204	241	6	)	)	PUNCT
cjfa-8204	241	7	.	.	PUNCT
cjfa-8204	242	1	the	the	DET
cjfa-8204	242	2	relationship	relationship	NOUN
cjfa-8204	242	3	between	between	ADP
cjfa-8204	242	4	earnings	earning	NOUN
cjfa-8204	242	5	yield	yield	NOUN
cjfa-8204	242	6	,	,	PUNCT
cjfa-8204	242	7	market	market	NOUN
cjfa-8204	242	8	value	value	NOUN
cjfa-8204	242	9	,	,	PUNCT
cjfa-8204	242	10	and	and	CCONJ
cjfa-8204	242	11	return	return	VERB
cjfa-8204	242	12	for	for	ADP
cjfa-8204	242	13	nyse	nyse	PROPN
cjfa-8204	242	14	common	common	ADJ
cjfa-8204	242	15	stocks	stock	NOUN
cjfa-8204	242	16	:	:	PUNCT
cjfa-8204	242	17	further	further	ADJ
cjfa-8204	242	18	evidence	evidence	NOUN
cjfa-8204	242	19	.	.	PUNCT
cjfa-8204	243	1	journal	journal	NOUN
cjfa-8204	243	2	of	of	ADP
cjfa-8204	243	3	financial	financial	ADJ
cjfa-8204	243	4	economics	economic	NOUN
cjfa-8204	243	5	,	,	PUNCT
cjfa-8204	243	6	12	12	NUM
cjfa-8204	243	7	,	,	PUNCT
cjfa-8204	243	8	129	129	NUM
cjfa-8204	243	9	–	–	PUNCT
cjfa-8204	243	10	–	–	PUNCT
cjfa-8204	243	11	156	156	NUM
cjfa-8204	243	12	.	.	PUNCT
cjfa-8204	244	1	http://dx.doi.org/10.1016/0304-405x(83)90031-4	http://dx.doi.org/10.1016/0304-405x(83)90031-4	NOUN
cjfa-8204	244	2	.	.	PUNCT
cjfa-8204	245	1	bhojraj	bhojraj	PROPN
cjfa-8204	245	2	,	,	PUNCT
cjfa-8204	245	3	s.	s.	PROPN
cjfa-8204	245	4	,	,	PUNCT
cjfa-8204	245	5	&	&	CCONJ
cjfa-8204	245	6	swaminathan	swaminathan	ADV
cjfa-8204	245	7	,	,	PUNCT
cjfa-8204	245	8	b.	b.	PROPN
cjfa-8204	245	9	(	(	PUNCT
cjfa-8204	245	10	2006	2006	NUM
cjfa-8204	245	11	)	)	PUNCT
cjfa-8204	245	12	.	.	PUNCT
cjfa-8204	246	1	macromomentum	macromomentum	PROPN
cjfa-8204	246	2	:	:	PUNCT
cjfa-8204	246	3	returns	return	VERB
cjfa-8204	246	4	predictability	predictability	NOUN
cjfa-8204	246	5	in	in	ADP
cjfa-8204	246	6	international	international	ADJ
cjfa-8204	246	7	equity	equity	NOUN
cjfa-8204	246	8	indices	index	NOUN
cjfa-8204	246	9	.	.	PUNCT
cjfa-8204	247	1	journal	journal	NOUN
cjfa-8204	247	2	of	of	ADP
cjfa-8204	247	3	business	business	NOUN
cjfa-8204	247	4	,	,	PUNCT
cjfa-8204	247	5	79	79	NUM
cjfa-8204	247	6	,	,	PUNCT
cjfa-8204	247	7	429	429	NUM
cjfa-8204	247	8	-	-	SYM
cjfa-8204	247	9	451	451	NUM
cjfa-8204	247	10	.	.	PUNCT
cjfa-8204	248	1	http://dx.doi	http://dx.doi	NOUN
cjfa-8204	248	2	.	.	PUNCT
cjfa-8204	249	1	org/10.1086/497416	org/10.1086/497416	X
cjfa-8204	249	2	.	.	PUNCT
cjfa-8204	249	3	bouman	bouman	PROPN
cjfa-8204	249	4	,	,	PUNCT
cjfa-8204	249	5	s.	s.	PROPN
cjfa-8204	249	6	,	,	PUNCT
cjfa-8204	249	7	&	&	CCONJ
cjfa-8204	249	8	jacobsen	jacobsen	PROPN
cjfa-8204	249	9	,	,	PUNCT
cjfa-8204	249	10	b.	b.	PROPN
cjfa-8204	249	11	(	(	PUNCT
cjfa-8204	249	12	2002	2002	NUM
cjfa-8204	249	13	)	)	PUNCT
cjfa-8204	249	14	.	.	PUNCT
cjfa-8204	250	1	the	the	DET
cjfa-8204	250	2	halloween	halloween	PROPN
cjfa-8204	250	3	indicator	indicator	NOUN
cjfa-8204	250	4	,	,	PUNCT
cjfa-8204	250	5	‘	'	PUNCT
cjfa-8204	250	6	sell	sell	VERB
cjfa-8204	250	7	in	in	ADP
cjfa-8204	250	8	may	may	PROPN
cjfa-8204	250	9	and	and	CCONJ
cjfa-8204	250	10	go	go	VERB
cjfa-8204	250	11	away	away	ADV
cjfa-8204	250	12	’	'	PUNCT
cjfa-8204	250	13	:	:	PUNCT
cjfa-8204	250	14	another	another	DET
cjfa-8204	250	15	puzzle	puzzle	NOUN
cjfa-8204	250	16	.	.	PUNCT
cjfa-8204	251	1	american	american	PROPN
cjfa-8204	251	2	economic	economic	PROPN
cjfa-8204	251	3	review	review	PROPN
cjfa-8204	251	4	,	,	PUNCT
cjfa-8204	251	5	92(5	92(5	NOUN
cjfa-8204	251	6	)	)	PUNCT
cjfa-8204	251	7	,	,	PUNCT
cjfa-8204	251	8	1618	1618	NUM
cjfa-8204	251	9	-	-	SYM
cjfa-8204	251	10	1635	1635	NUM
cjfa-8204	251	11	.	.	PUNCT
cjfa-8204	252	1	http://dx.doi	http://dx.doi	NOUN
cjfa-8204	252	2	.	.	PUNCT
cjfa-8204	253	1	org/10.1257/000282802762024683	org/10.1257/000282802762024683	PROPN
cjfa-8204	253	2	.	.	PUNCT
cjfa-8204	254	1	carhart	carhart	NOUN
cjfa-8204	254	2	,	,	PUNCT
cjfa-8204	254	3	m.m	m.m	PROPN
cjfa-8204	254	4	.	.	PROPN
cjfa-8204	254	5	(	(	PUNCT
cjfa-8204	254	6	1997	1997	NUM
cjfa-8204	254	7	)	)	PUNCT
cjfa-8204	254	8	.	.	PUNCT
cjfa-8204	255	1	on	on	ADP
cjfa-8204	255	2	persistence	persistence	NOUN
cjfa-8204	255	3	in	in	ADP
cjfa-8204	255	4	mutual	mutual	ADJ
cjfa-8204	255	5	fund	fund	NOUN
cjfa-8204	255	6	performance	performance	NOUN
cjfa-8204	255	7	.	.	PUNCT
cjfa-8204	256	1	journal	journal	PROPN
cjfa-8204	256	2	of	of	ADP
cjfa-8204	256	3	finance	finance	NOUN
cjfa-8204	256	4	,	,	PUNCT
cjfa-8204	256	5	52	52	NUM
cjfa-8204	256	6	,	,	PUNCT
cjfa-8204	256	7	57	57	NUM
cjfa-8204	256	8	-	-	SYM
cjfa-8204	256	9	82	82	NUM
cjfa-8204	256	10	.	.	PUNCT
cjfa-8204	257	1	castro	castro	PROPN
cjfa-8204	257	2	,	,	PUNCT
cjfa-8204	257	3	f.h	f.h	PROPN
cjfa-8204	257	4	.	.	PROPN
cjfa-8204	257	5	,	,	PUNCT
cjfa-8204	257	6	&	&	CCONJ
cjfa-8204	257	7	schabek	schabek	NOUN
cjfa-8204	257	8	,	,	PUNCT
cjfa-8204	257	9	t.	t.	PROPN
cjfa-8204	257	10	(	(	PUNCT
cjfa-8204	257	11	2014	2014	NUM
cjfa-8204	257	12	)	)	PUNCT
cjfa-8204	257	13	.	.	PUNCT
cjfa-8204	258	1	‘	'	PUNCT
cjfa-8204	258	2	sell	sell	VERB
cjfa-8204	258	3	not	not	PART
cjfa-8204	258	4	only	only	ADV
cjfa-8204	258	5	in	in	ADP
cjfa-8204	258	6	may	may	PROPN
cjfa-8204	258	7	’	'	PUNCT
cjfa-8204	258	8	.	.	PUNCT
cjfa-8204	259	1	seasonal	seasonal	ADJ
cjfa-8204	259	2	effects	effect	NOUN
cjfa-8204	259	3	in	in	ADP
cjfa-8204	259	4	emerging	emerge	VERB
cjfa-8204	259	5	and	and	CCONJ
cjfa-8204	259	6	developed	developed	ADJ
cjfa-8204	259	7	markets	market	NOUN
cjfa-8204	259	8	.	.	PUNCT
cjfa-8204	260	1	available	available	ADJ
cjfa-8204	260	2	at	at	ADP
cjfa-8204	260	3	ssrn	ssrn	NOUN
cjfa-8204	260	4	:	:	PUNCT
cjfa-8204	260	5	http://ssrn.com/abstract=2458515	http://ssrn.com/abstract=2458515	NOUN
cjfa-8204	260	6	or	or	CCONJ
cjfa-8204	260	7	http://dx.doi.org/10.2139/ssrn.2458515	http://dx.doi.org/10.2139/ssrn.2458515	NOUN
cjfa-8204	260	8	(	(	PUNCT
cjfa-8204	260	9	accessed	access	VERB
cjfa-8204	260	10	24.06.2015	24.06.2015	NUM
cjfa-8204	260	11	)	)	PUNCT
cjfa-8204	260	12	.	.	PUNCT
cjfa-8204	261	1	chen	chen	PROPN
cjfa-8204	261	2	,	,	PUNCT
cjfa-8204	261	3	h.	h.	PROPN
cjfa-8204	261	4	,	,	PUNCT
cjfa-8204	261	5	&	&	CCONJ
cjfa-8204	261	6	singal	singal	PROPN
cjfa-8204	261	7	,	,	PUNCT
cjfa-8204	261	8	v.	v.	PROPN
cjfa-8204	261	9	(	(	PUNCT
cjfa-8204	261	10	2004	2004	NUM
cjfa-8204	261	11	)	)	PUNCT
cjfa-8204	261	12	.	.	PUNCT
cjfa-8204	262	1	all	all	DET
cjfa-8204	262	2	things	thing	NOUN
cjfa-8204	262	3	considered	consider	VERB
cjfa-8204	262	4	,	,	PUNCT
cjfa-8204	262	5	taxes	taxis	NOUN
cjfa-8204	262	6	drive	drive	VERB
cjfa-8204	262	7	the	the	DET
cjfa-8204	262	8	january	january	PROPN
cjfa-8204	262	9	effect	effect	NOUN
cjfa-8204	262	10	.	.	PUNCT
cjfa-8204	263	1	journal	journal	NOUN
cjfa-8204	263	2	of	of	ADP
cjfa-8204	263	3	financial	financial	ADJ
cjfa-8204	263	4	research	research	NOUN
cjfa-8204	263	5	,	,	PUNCT
cjfa-8204	263	6	27(3	27(3	NUM
cjfa-8204	263	7	)	)	PUNCT
cjfa-8204	263	8	,	,	PUNCT
cjfa-8204	263	9	351	351	NUM
cjfa-8204	263	10	-	-	SYM
cjfa-8204	263	11	372	372	NUM
cjfa-8204	263	12	.	.	PUNCT
cjfa-8204	264	1	http://dx.doi.org/10.1111/j.14756803.2004.00095.x	http://dx.doi.org/10.1111/j.14756803.2004.00095.x	PROPN
cjfa-8204	264	2	.	.	PUNCT
cjfa-8204	265	1	davis	davis	PROPN
cjfa-8204	265	2	,	,	PUNCT
cjfa-8204	265	3	j.	j.	PROPN
cjfa-8204	265	4	(	(	PUNCT
cjfa-8204	265	5	1994	1994	NUM
cjfa-8204	265	6	)	)	PUNCT
cjfa-8204	265	7	.	.	PUNCT
cjfa-8204	266	1	the	the	DET
cjfa-8204	266	2	cross	cross	NOUN
cjfa-8204	266	3	-	-	NOUN
cjfa-8204	266	4	section	section	NOUN
cjfa-8204	266	5	of	of	ADP
cjfa-8204	266	6	realized	realize	VERB
cjfa-8204	266	7	stock	stock	NOUN
cjfa-8204	266	8	returns	return	NOUN
cjfa-8204	266	9	:	:	PUNCT
cjfa-8204	266	10	the	the	DET
cjfa-8204	266	11	pre	pre	ADJ
cjfa-8204	266	12	-	-	ADJ
cjfa-8204	266	13	compustat	compustat	ADJ
cjfa-8204	266	14	evidence	evidence	NOUN
cjfa-8204	266	15	,	,	PUNCT
cjfa-8204	266	16	journal	journal	NOUN
cjfa-8204	266	17	of	of	ADP
cjfa-8204	266	18	finance	finance	NOUN
cjfa-8204	266	19	,	,	PUNCT
cjfa-8204	266	20	49	49	NUM
cjfa-8204	266	21	,	,	PUNCT
cjfa-8204	266	22	1579	1579	NUM
cjfa-8204	266	23	-	-	SYM
cjfa-8204	266	24	1593	1593	NUM
cjfa-8204	266	25	.	.	PUNCT
cjfa-8204	267	1	http://dx.doi.org/10.1111/j.1540-6261.1994	http://dx.doi.org/10.1111/j.1540-6261.1994	PROPN
cjfa-8204	267	2	.	.	PUNCT
cjfa-8204	268	1	tb04773.x	tb04773.x	NOUN
cjfa-8204	268	2	.	.	PUNCT
cjfa-8204	269	1	adam	adam	PROPN
cjfa-8204	269	2	zaremba208	zaremba208	PROPN
cjfa-8204	269	3	fama	fama	PROPN
cjfa-8204	269	4	,	,	PUNCT
cjfa-8204	269	5	e.f	e.f	PROPN
cjfa-8204	269	6	.	.	PROPN
cjfa-8204	269	7	,	,	PUNCT
cjfa-8204	269	8	&	&	CCONJ
cjfa-8204	269	9	french	french	PROPN
cjfa-8204	269	10	,	,	PUNCT
cjfa-8204	269	11	k.r	k.r	PROPN
cjfa-8204	269	12	.	.	PROPN
cjfa-8204	269	13	(	(	PUNCT
cjfa-8204	269	14	2008	2008	NUM
cjfa-8204	269	15	)	)	PUNCT
cjfa-8204	269	16	.	.	PUNCT
cjfa-8204	270	1	dissecting	dissect	VERB
cjfa-8204	270	2	anomalies	anomaly	NOUN
cjfa-8204	270	3	.	.	PUNCT
cjfa-8204	271	1	journal	journal	PROPN
cjfa-8204	271	2	of	of	ADP
cjfa-8204	271	3	finance	finance	NOUN
cjfa-8204	271	4	,	,	PUNCT
cjfa-8204	271	5	58	58	NUM
cjfa-8204	271	6	,	,	PUNCT
cjfa-8204	271	7	1653	1653	NUM
cjfa-8204	271	8	–	–	PUNCT
cjfa-8204	271	9	–	–	PUNCT
cjfa-8204	271	10	1678	1678	NUM
cjfa-8204	271	11	.	.	PUNCT
cjfa-8204	272	1	http://dx.doi.org/10.1111/j.1540-6261.2008.01371.x	http://dx.doi.org/10.1111/j.1540-6261.2008.01371.x	NOUN
cjfa-8204	272	2	.	.	PUNCT
cjfa-8204	273	1	haugen	haugen	PROPN
cjfa-8204	273	2	,	,	PUNCT
cjfa-8204	273	3	r.a	r.a	PROPN
cjfa-8204	273	4	.	.	PROPN
cjfa-8204	273	5	,	,	PUNCT
cjfa-8204	273	6	&	&	CCONJ
cjfa-8204	273	7	lakonishok	lakonishok	PROPN
cjfa-8204	273	8	,	,	PUNCT
cjfa-8204	273	9	j.	j.	PROPN
cjfa-8204	273	10	(	(	PUNCT
cjfa-8204	273	11	1988	1988	NUM
cjfa-8204	273	12	)	)	PUNCT
cjfa-8204	273	13	.	.	PUNCT
cjfa-8204	274	1	the	the	DET
cjfa-8204	274	2	incredible	incredible	ADJ
cjfa-8204	274	3	january	january	PROPN
cjfa-8204	274	4	effect	effect	NOUN
cjfa-8204	274	5	:	:	PUNCT
cjfa-8204	274	6	the	the	DET
cjfa-8204	274	7	stock	stock	NOUN
cjfa-8204	274	8	market	market	NOUN
cjfa-8204	274	9	’s	’s	PART
cjfa-8204	274	10	unsolved	unsolved	ADJ
cjfa-8204	274	11	mystery	mystery	NOUN
cjfa-8204	274	12	.	.	PUNCT
cjfa-8204	275	1	dow	dow	PROPN
cjfa-8204	275	2	jones	jones	PROPN
cjfa-8204	275	3	-	-	PUNCT
cjfa-8204	275	4	irwin	irwin	PROPN
cjfa-8204	275	5	,	,	PUNCT
cjfa-8204	275	6	homewood	homewood	PROPN
cjfa-8204	275	7	,	,	PUNCT
cjfa-8204	275	8	il	il	PROPN
cjfa-8204	275	9	.	.	PROPN
cjfa-8204	275	10	jacobs	jacobs	PROPN
cjfa-8204	275	11	,	,	PUNCT
cjfa-8204	275	12	h.	h.	PROPN
cjfa-8204	275	13	(	(	PUNCT
cjfa-8204	275	14	2015	2015	NUM
cjfa-8204	275	15	)	)	PUNCT
cjfa-8204	275	16	.	.	PUNCT
cjfa-8204	276	1	what	what	PRON
cjfa-8204	276	2	explains	explain	VERB
cjfa-8204	276	3	the	the	DET
cjfa-8204	276	4	dynamics	dynamic	NOUN
cjfa-8204	276	5	of	of	ADP
cjfa-8204	276	6	100	100	NUM
cjfa-8204	276	7	anomalies	anomaly	NOUN
cjfa-8204	276	8	?	?	PUNCT
cjfa-8204	277	1	journal	journal	NOUN
cjfa-8204	277	2	of	of	ADP
cjfa-8204	277	3	banking	banking	NOUN
cjfa-8204	277	4	&	&	CCONJ
cjfa-8204	277	5	finance	finance	PROPN
cjfa-8204	277	6	,	,	PUNCT
cjfa-8204	277	7	57	57	NUM
cjfa-8204	277	8	,	,	PUNCT
cjfa-8204	277	9	65	65	NUM
cjfa-8204	277	10	-	-	SYM
cjfa-8204	277	11	85	85	NUM
cjfa-8204	277	12	.	.	PUNCT
cjfa-8204	278	1	http://dx.doi.org/10.1016/j.jbankfin.2015.03.006	http://dx.doi.org/10.1016/j.jbankfin.2015.03.006	NOUN
cjfa-8204	278	2	.	.	PUNCT
cjfa-8204	279	1	jegadeesh	jegadeesh	PROPN
cjfa-8204	279	2	,	,	PUNCT
cjfa-8204	279	3	n.	n.	NOUN
cjfa-8204	279	4	,	,	PUNCT
cjfa-8204	279	5	&	&	CCONJ
cjfa-8204	279	6	titman	titman	PROPN
cjfa-8204	279	7	,	,	PUNCT
cjfa-8204	279	8	s.	s.	PROPN
cjfa-8204	279	9	(	(	PUNCT
cjfa-8204	279	10	1993	1993	NUM
cjfa-8204	279	11	)	)	PUNCT
cjfa-8204	279	12	.	.	PUNCT
cjfa-8204	280	1	returns	return	NOUN
cjfa-8204	280	2	to	to	ADP
cjfa-8204	280	3	buying	buy	VERB
cjfa-8204	280	4	winners	winner	NOUN
cjfa-8204	280	5	and	and	CCONJ
cjfa-8204	280	6	selling	sell	VERB
cjfa-8204	280	7	losers	loser	NOUN
cjfa-8204	280	8	:	:	PUNCT
cjfa-8204	280	9	implications	implication	NOUN
cjfa-8204	280	10	for	for	ADP
cjfa-8204	280	11	stock	stock	NOUN
cjfa-8204	280	12	market	market	NOUN
cjfa-8204	280	13	efficiency	efficiency	NOUN
cjfa-8204	280	14	.	.	PUNCT
cjfa-8204	281	1	journal	journal	PROPN
cjfa-8204	281	2	of	of	ADP
cjfa-8204	281	3	finance	finance	NOUN
cjfa-8204	281	4	,	,	PUNCT
cjfa-8204	281	5	48	48	NUM
cjfa-8204	281	6	,	,	PUNCT
cjfa-8204	281	7	65–91	65–91	NUM
cjfa-8204	281	8	.	.	PUNCT
cjfa-8204	282	1	doi	doi	NOUN
cjfa-8204	282	2	:	:	PUNCT
cjfa-8204	282	3	http://dx.doi	http://dx.doi	NOUN
cjfa-8204	282	4	.	.	PUNCT
cjfa-8204	283	1	org/10.1111	org/10.1111	PROPN
cjfa-8204	283	2	/	/	SYM
cjfa-8204	283	3	j.1540	j.1540	PROPN
cjfa-8204	283	4	-	-	PUNCT
cjfa-8204	283	5	6261.1993.tb04702.x	6261.1993.tb04702.x	PROPN
cjfa-8204	283	6	.	.	PUNCT
cjfa-8204	284	1	keppler	keppler	PROPN
cjfa-8204	284	2	,	,	PUNCT
cjfa-8204	284	3	m.	m.	NOUN
cjfa-8204	284	4	,	,	PUNCT
cjfa-8204	284	5	encinosa	encinosa	PROPN
cjfa-8204	284	6	,	,	PUNCT
cjfa-8204	284	7	p.	p.	NOUN
cjfa-8204	284	8	(	(	PUNCT
cjfa-8204	284	9	2011	2011	NUM
cjfa-8204	284	10	)	)	PUNCT
cjfa-8204	284	11	.	.	PUNCT
cjfa-8204	285	1	the	the	DET
cjfa-8204	285	2	small	small	ADJ
cjfa-8204	285	3	-	-	PUNCT
cjfa-8204	285	4	country	country	NOUN
cjfa-8204	285	5	effect	effect	NOUN
cjfa-8204	285	6	revisited	revisit	VERB
cjfa-8204	285	7	.	.	PUNCT
cjfa-8204	286	1	journal	journal	NOUN
cjfa-8204	286	2	of	of	ADP
cjfa-8204	286	3	investing	investing	NOUN
cjfa-8204	286	4	,	,	PUNCT
cjfa-8204	286	5	20	20	NUM
cjfa-8204	286	6	,	,	PUNCT
cjfa-8204	286	7	99	99	NUM
cjfa-8204	286	8	-	-	SYM
cjfa-8204	286	9	103	103	NUM
cjfa-8204	286	10	.	.	PUNCT
cjfa-8204	287	1	http://dx.doi.org/10.3905/joi.2011.20.4.099	http://dx.doi.org/10.3905/joi.2011.20.4.099	PROPN
cjfa-8204	287	2	.	.	PUNCT
cjfa-8204	288	1	kim	kim	PROPN
cjfa-8204	288	2	,	,	PUNCT
cjfa-8204	288	3	d.	d.	PROPN
cjfa-8204	288	4	(	(	PUNCT
cjfa-8204	288	5	2012	2012	NUM
cjfa-8204	288	6	)	)	PUNCT
cjfa-8204	288	7	.	.	PUNCT
cjfa-8204	289	1	value	value	NOUN
cjfa-8204	289	2	premium	premium	NOUN
cjfa-8204	289	3	across	across	ADP
cjfa-8204	289	4	countries	country	NOUN
cjfa-8204	289	5	.	.	PUNCT
cjfa-8204	290	1	journal	journal	PROPN
cjfa-8204	290	2	of	of	ADP
cjfa-8204	290	3	portfolio	portfolio	NOUN
cjfa-8204	290	4	management	management	NOUN
cjfa-8204	290	5	,	,	PUNCT
cjfa-8204	290	6	38	38	NUM
cjfa-8204	290	7	,	,	PUNCT
cjfa-8204	290	8	75–86	75–86	NUM
cjfa-8204	290	9	.	.	PUNCT
cjfa-8204	291	1	lakonishok	lakonishok	PROPN
cjfa-8204	291	2	,	,	PUNCT
cjfa-8204	291	3	j.	j.	PROPN
cjfa-8204	291	4	,	,	PUNCT
cjfa-8204	291	5	shleifer	shleifer	PROPN
cjfa-8204	291	6	,	,	PUNCT
cjfa-8204	291	7	a.	a.	NOUN
cjfa-8204	291	8	,	,	PUNCT
cjfa-8204	291	9	thaler	thaler	NOUN
cjfa-8204	291	10	,	,	PUNCT
cjfa-8204	291	11	r.	r.	PROPN
cjfa-8204	291	12	,	,	PUNCT
cjfa-8204	291	13	&	&	CCONJ
cjfa-8204	291	14	vishny	vishny	PROPN
cjfa-8204	291	15	,	,	PUNCT
cjfa-8204	291	16	r.	r.	PROPN
cjfa-8204	291	17	(	(	PUNCT
cjfa-8204	291	18	1991	1991	NUM
cjfa-8204	291	19	)	)	PUNCT
cjfa-8204	291	20	.	.	PUNCT
cjfa-8204	292	1	window	window	NOUN
cjfa-8204	292	2	dressing	dressing	NOUN
cjfa-8204	292	3	by	by	ADP
cjfa-8204	292	4	pension	pension	NOUN
cjfa-8204	292	5	fund	fund	NOUN
cjfa-8204	292	6	managers	manager	NOUN
cjfa-8204	292	7	.	.	PUNCT
cjfa-8204	293	1	american	american	PROPN
cjfa-8204	293	2	economic	economic	PROPN
cjfa-8204	293	3	review	review	PROPN
cjfa-8204	293	4	,	,	PUNCT
cjfa-8204	293	5	81(2	81(2	NUM
cjfa-8204	293	6	)	)	PUNCT
cjfa-8204	293	7	,	,	PUNCT
cjfa-8204	293	8	227–231	227–231	NUM
cjfa-8204	293	9	.	.	PUNCT
cjfa-8204	293	10	http://dx.doi	http://dx.doi	NOUN
cjfa-8204	293	11	.	.	PUNCT
cjfa-8204	294	1	org/10.3386	org/10.3386	PROPN
cjfa-8204	294	2	/	/	SYM
cjfa-8204	294	3	w3617	w3617	VERB
cjfa-8204	294	4	.	.	PUNCT
cjfa-8204	295	1	litzenberg	litzenberg	PROPN
cjfa-8204	295	2	,	,	PUNCT
cjfa-8204	295	3	r.h	r.h	PROPN
cjfa-8204	295	4	.	.	PROPN
cjfa-8204	295	5	,	,	PUNCT
cjfa-8204	295	6	&	&	CCONJ
cjfa-8204	295	7	ramaswamy	ramaswamy	PROPN
cjfa-8204	295	8	,	,	PUNCT
cjfa-8204	295	9	k.	k.	PROPN
cjfa-8204	295	10	(	(	PUNCT
cjfa-8204	295	11	1979	1979	NUM
cjfa-8204	295	12	)	)	PUNCT
cjfa-8204	295	13	.	.	PUNCT
cjfa-8204	296	1	the	the	DET
cjfa-8204	296	2	effect	effect	NOUN
cjfa-8204	296	3	of	of	ADP
cjfa-8204	296	4	personal	personal	ADJ
cjfa-8204	296	5	taxes	taxis	NOUN
cjfa-8204	296	6	and	and	CCONJ
cjfa-8204	296	7	dividends	dividend	NOUN
cjfa-8204	296	8	on	on	ADP
cjfa-8204	296	9	capital	capital	NOUN
cjfa-8204	296	10	asset	asset	NOUN
cjfa-8204	296	11	prices	price	NOUN
cjfa-8204	296	12	:	:	PUNCT
cjfa-8204	296	13	theory	theory	NOUN
cjfa-8204	296	14	and	and	CCONJ
cjfa-8204	296	15	empirical	empirical	ADJ
cjfa-8204	296	16	evidence	evidence	NOUN
cjfa-8204	296	17	.	.	PUNCT
cjfa-8204	297	1	journal	journal	NOUN
cjfa-8204	297	2	of	of	ADP
cjfa-8204	297	3	financial	financial	ADJ
cjfa-8204	297	4	economics	economic	NOUN
cjfa-8204	297	5	,	,	PUNCT
cjfa-8204	297	6	7	7	NUM
cjfa-8204	297	7	,	,	PUNCT
cjfa-8204	297	8	163	163	NUM
cjfa-8204	297	9	-	-	SYM
cjfa-8204	297	10	195	195	NUM
cjfa-8204	297	11	.	.	PUNCT
cjfa-8204	298	1	http://dx.doi.org/10.1016/0304-405x(79)90012-6	http://dx.doi.org/10.1016/0304-405x(79)90012-6	NOUN
cjfa-8204	298	2	.	.	PUNCT
cjfa-8204	299	1	loughran	loughran	NOUN
cjfa-8204	299	2	,	,	PUNCT
cjfa-8204	299	3	t.	t.	PROPN
cjfa-8204	299	4	(	(	PUNCT
cjfa-8204	299	5	1997	1997	NUM
cjfa-8204	299	6	)	)	PUNCT
cjfa-8204	299	7	.	.	PUNCT
cjfa-8204	300	1	book	book	NOUN
cjfa-8204	300	2	-	-	PUNCT
cjfa-8204	300	3	to	to	ADP
cjfa-8204	300	4	-	-	PUNCT
cjfa-8204	300	5	market	market	NOUN
cjfa-8204	300	6	across	across	ADP
cjfa-8204	300	7	firm	firm	ADJ
cjfa-8204	300	8	size	size	NOUN
cjfa-8204	300	9	,	,	PUNCT
cjfa-8204	300	10	exchange	exchange	NOUN
cjfa-8204	300	11	,	,	PUNCT
cjfa-8204	300	12	and	and	CCONJ
cjfa-8204	300	13	seasonality	seasonality	NOUN
cjfa-8204	300	14	:	:	PUNCT
cjfa-8204	300	15	is	be	AUX
cjfa-8204	300	16	there	there	PRON
cjfa-8204	300	17	an	an	DET
cjfa-8204	300	18	effect	effect	NOUN
cjfa-8204	300	19	?	?	PUNCT
cjfa-8204	301	1	journal	journal	NOUN
cjfa-8204	301	2	of	of	ADP
cjfa-8204	301	3	financial	financial	ADJ
cjfa-8204	301	4	and	and	CCONJ
cjfa-8204	301	5	quantitative	quantitative	ADJ
cjfa-8204	301	6	analysis	analysis	NOUN
cjfa-8204	301	7	,	,	PUNCT
cjfa-8204	301	8	30	30	NUM
cjfa-8204	301	9	,	,	PUNCT
cjfa-8204	301	10	607	607	NUM
cjfa-8204	301	11	-	-	SYM
cjfa-8204	301	12	618	618	NUM
cjfa-8204	301	13	.	.	PUNCT
cjfa-8204	302	1	http://	http://	PROPN
cjfa-8204	302	2	dx.doi.org/10.2307/2331199	dx.doi.org/10.2307/2331199	NOUN
cjfa-8204	302	3	.	.	PUNCT
cjfa-8204	303	1	novy	novy	PROPN
cjfa-8204	303	2	-	-	PUNCT
cjfa-8204	303	3	marx	marx	PROPN
cjfa-8204	303	4	,	,	PUNCT
cjfa-8204	303	5	r.	r.	PROPN
cjfa-8204	303	6	(	(	PUNCT
cjfa-8204	303	7	2012	2012	NUM
cjfa-8204	303	8	)	)	PUNCT
cjfa-8204	303	9	.	.	PUNCT
cjfa-8204	303	10	is	be	AUX
cjfa-8204	303	11	momentum	momentum	NOUN
cjfa-8204	303	12	really	really	ADV
cjfa-8204	303	13	momentum	momentum	NOUN
cjfa-8204	303	14	?	?	PUNCT
cjfa-8204	304	1	journal	journal	NOUN
cjfa-8204	304	2	of	of	ADP
cjfa-8204	304	3	financial	financial	ADJ
cjfa-8204	304	4	economics	economic	NOUN
cjfa-8204	304	5	103	103	NUM
cjfa-8204	304	6	,	,	PUNCT
cjfa-8204	304	7	429–453	429–453	NUM
cjfa-8204	304	8	.	.	PUNCT
cjfa-8204	305	1	http://dx.doi.org/10.1016/j.jbankfin.2014.10.002	http://dx.doi.org/10.1016/j.jbankfin.2014.10.002	PROPN
cjfa-8204	305	2	.	.	PUNCT
cjfa-8204	306	1	paternoster	paternoster	PROPN
cjfa-8204	306	2	,	,	PUNCT
cjfa-8204	306	3	r.	r.	PROPN
cjfa-8204	306	4	,	,	PUNCT
cjfa-8204	306	5	brame	brame	PROPN
cjfa-8204	306	6	,	,	PUNCT
cjfa-8204	306	7	r.	r.	PROPN
cjfa-8204	306	8	,	,	PUNCT
cjfa-8204	306	9	mazerolle	mazerolle	NOUN
cjfa-8204	306	10	,	,	PUNCT
cjfa-8204	306	11	p.	p.	NOUN
cjfa-8204	306	12	,	,	PUNCT
cjfa-8204	306	13	&	&	CCONJ
cjfa-8204	306	14	piquero	piquero	PROPN
cjfa-8204	306	15	,	,	PUNCT
cjfa-8204	306	16	a.	a.	NOUN
cjfa-8204	306	17	(	(	PUNCT
cjfa-8204	306	18	1998	1998	NUM
cjfa-8204	306	19	)	)	PUNCT
cjfa-8204	306	20	.	.	PUNCT
cjfa-8204	307	1	using	use	VERB
cjfa-8204	307	2	the	the	DET
cjfa-8204	307	3	correct	correct	ADJ
cjfa-8204	307	4	statistical	statistical	ADJ
cjfa-8204	307	5	test	test	NOUN
cjfa-8204	307	6	for	for	ADP
cjfa-8204	307	7	the	the	DET
cjfa-8204	307	8	equality	equality	NOUN
cjfa-8204	307	9	of	of	ADP
cjfa-8204	307	10	regression	regression	NOUN
cjfa-8204	307	11	coefficients	coefficient	NOUN
cjfa-8204	307	12	.	.	PUNCT
cjfa-8204	308	1	criminology	criminology	NOUN
cjfa-8204	308	2	,	,	PUNCT
cjfa-8204	308	3	36(4	36(4	NUM
cjfa-8204	308	4	)	)	PUNCT
cjfa-8204	308	5	,	,	PUNCT
cjfa-8204	308	6	859	859	NUM
cjfa-8204	308	7	-	-	SYM
cjfa-8204	308	8	866	866	NUM
cjfa-8204	308	9	.	.	PUNCT
cjfa-8204	309	1	http://dx.doi.org/10.1111/j.1745-9125.1998.tb01268.x	http://dx.doi.org/10.1111/j.1745-9125.1998.tb01268.x	PROPN
cjfa-8204	309	2	.	.	PUNCT
cjfa-8204	310	1	rosenberg	rosenberg	PROPN
cjfa-8204	310	2	,	,	PUNCT
cjfa-8204	310	3	b.	b.	PROPN
cjfa-8204	310	4	,	,	PUNCT
cjfa-8204	310	5	reid	reid	PROPN
cjfa-8204	310	6	,	,	PUNCT
cjfa-8204	310	7	k.	k.	PROPN
cjfa-8204	310	8	,	,	PUNCT
cjfa-8204	310	9	&	&	CCONJ
cjfa-8204	310	10	lanstein	lanstein	PROPN
cjfa-8204	310	11	,	,	PUNCT
cjfa-8204	310	12	r.	r.	PROPN
cjfa-8204	310	13	(	(	PUNCT
cjfa-8204	310	14	1985	1985	NUM
cjfa-8204	310	15	)	)	PUNCT
cjfa-8204	310	16	.	.	PUNCT
cjfa-8204	311	1	persuasive	persuasive	ADJ
cjfa-8204	311	2	evidence	evidence	NOUN
cjfa-8204	311	3	of	of	ADP
cjfa-8204	311	4	market	market	NOUN
cjfa-8204	311	5	inefficiency	inefficiency	NOUN
cjfa-8204	311	6	.	.	PUNCT
cjfa-8204	312	1	journal	journal	NOUN
cjfa-8204	312	2	of	of	ADP
cjfa-8204	312	3	portfolio	portfolio	NOUN
cjfa-8204	312	4	management	management	NOUN
cjfa-8204	312	5	,	,	PUNCT
cjfa-8204	312	6	11	11	NUM
cjfa-8204	312	7	,	,	PUNCT
cjfa-8204	312	8	9–16	9–16	NOUN
cjfa-8204	312	9	.	.	PUNCT
cjfa-8204	313	1	http://dx.doi.org/10.3905/	http://dx.doi.org/10.3905/	PROPN
cjfa-8204	313	2	jpm.1985.409007	jpm.1985.409007	PROPN
cjfa-8204	313	3	.	.	PUNCT
cjfa-8204	314	1	rozeff	rozeff	NOUN
cjfa-8204	314	2	,	,	PUNCT
cjfa-8204	314	3	m.s	m.s	PROPN
cjfa-8204	314	4	.	.	PROPN
cjfa-8204	314	5	,	,	PUNCT
cjfa-8204	314	6	&	&	CCONJ
cjfa-8204	314	7	kinney	kinney	PROPN
cjfa-8204	314	8	,	,	PUNCT
cjfa-8204	314	9	w.r	w.r	PROPN
cjfa-8204	314	10	.	.	PUNCT
cjfa-8204	314	11	(	(	PUNCT
cjfa-8204	314	12	1976	1976	NUM
cjfa-8204	314	13	)	)	PUNCT
cjfa-8204	314	14	.	.	PUNCT
cjfa-8204	315	1	capital	capital	NOUN
cjfa-8204	315	2	market	market	NOUN
cjfa-8204	315	3	seasonality	seasonality	NOUN
cjfa-8204	315	4	:	:	PUNCT
cjfa-8204	315	5	the	the	DET
cjfa-8204	315	6	case	case	NOUN
cjfa-8204	315	7	of	of	ADP
cjfa-8204	315	8	stock	stock	NOUN
cjfa-8204	315	9	returns	return	NOUN
cjfa-8204	315	10	.	.	PUNCT
cjfa-8204	316	1	journal	journal	NOUN
cjfa-8204	316	2	of	of	ADP
cjfa-8204	316	3	financial	financial	ADJ
cjfa-8204	316	4	economics	economic	NOUN
cjfa-8204	316	5	,	,	PUNCT
cjfa-8204	316	6	3	3	NUM
cjfa-8204	316	7	,	,	PUNCT
cjfa-8204	316	8	379–402	379–402	NUM
cjfa-8204	316	9	.	.	PUNCT
cjfa-8204	316	10	http://dx.doi.org/10.1016/0304405x(76)90028-3	http://dx.doi.org/10.1016/0304405x(76)90028-3	NOUN
cjfa-8204	316	11	.	.	PUNCT
cjfa-8204	317	1	sharpe	sharpe	PROPN
cjfa-8204	317	2	,	,	PUNCT
cjfa-8204	317	3	w.f	w.f	PROPN
cjfa-8204	317	4	.	.	PROPN
cjfa-8204	317	5	(	(	PUNCT
cjfa-8204	317	6	1964	1964	NUM
cjfa-8204	317	7	)	)	PUNCT
cjfa-8204	317	8	.	.	PUNCT
cjfa-8204	318	1	capital	capital	NOUN
cjfa-8204	318	2	asset	asset	NOUN
cjfa-8204	318	3	prices	price	NOUN
cjfa-8204	318	4	:	:	PUNCT
cjfa-8204	318	5	a	a	DET
cjfa-8204	318	6	theory	theory	NOUN
cjfa-8204	318	7	of	of	ADP
cjfa-8204	318	8	market	market	NOUN
cjfa-8204	318	9	equilibrium	equilibrium	NOUN
cjfa-8204	318	10	under	under	ADP
cjfa-8204	318	11	conditions	condition	NOUN
cjfa-8204	318	12	of	of	ADP
cjfa-8204	318	13	risk	risk	NOUN
cjfa-8204	318	14	.	.	PUNCT
cjfa-8204	319	1	journal	journal	NOUN
cjfa-8204	319	2	of	of	ADP
cjfa-8204	319	3	finance	finance	NOUN
cjfa-8204	319	4	,	,	PUNCT
cjfa-8204	319	5	19	19	NUM
cjfa-8204	319	6	,	,	PUNCT
cjfa-8204	319	7	425	425	NUM
cjfa-8204	319	8	-	-	SYM
cjfa-8204	319	9	442	442	NUM
cjfa-8204	319	10	.	.	PUNCT
cjfa-8204	320	1	http://dx.doi.org/10.2307/2977928	http://dx.doi.org/10.2307/2977928	PROPN
cjfa-8204	320	2	.	.	PUNCT
cjfa-8204	321	1	yao	yao	PROPN
cjfa-8204	321	2	,	,	PUNCT
cjfa-8204	321	3	y.	y.	PROPN
cjfa-8204	321	4	(	(	PUNCT
cjfa-8204	321	5	2012	2012	NUM
cjfa-8204	321	6	)	)	PUNCT
cjfa-8204	321	7	.	.	PUNCT
cjfa-8204	322	1	momentum	momentum	NOUN
cjfa-8204	322	2	,	,	PUNCT
cjfa-8204	322	3	contrarian	contrarian	NOUN
cjfa-8204	322	4	,	,	PUNCT
cjfa-8204	322	5	and	and	CCONJ
cjfa-8204	322	6	the	the	DET
cjfa-8204	322	7	january	january	PROPN
cjfa-8204	322	8	seasonality	seasonality	NOUN
cjfa-8204	322	9	.	.	PUNCT
cjfa-8204	323	1	journal	journal	PROPN
cjfa-8204	323	2	of	of	ADP
cjfa-8204	323	3	banking	banking	NOUN
cjfa-8204	323	4	and	and	CCONJ
cjfa-8204	323	5	finance	finance	NOUN
cjfa-8204	323	6	36	36	NUM
cjfa-8204	323	7	,	,	PUNCT
cjfa-8204	323	8	2757	2757	NUM
cjfa-8204	323	9	-	-	SYM
cjfa-8204	323	10	2769	2769	NUM
cjfa-8204	323	11	.	.	PUNCT
cjfa-8204	324	1	http://dx.doi.org/10.1016/j.jbankfin.2011.12.004	http://dx.doi.org/10.1016/j.jbankfin.2011.12.004	PROPN
cjfa-8204	324	2	.	.	PUNCT
cjfa-8204	325	1	zaremba	zaremba	NOUN
cjfa-8204	325	2	,	,	PUNCT
cjfa-8204	325	3	a.	a.	NOUN
cjfa-8204	325	4	(	(	PUNCT
cjfa-8204	325	5	2015a	2015a	NUM
cjfa-8204	325	6	)	)	PUNCT
cjfa-8204	325	7	.	.	PUNCT
cjfa-8204	326	1	country	country	NOUN
cjfa-8204	326	2	selection	selection	NOUN
cjfa-8204	326	3	strategies	strategy	NOUN
cjfa-8204	326	4	based	base	VERB
cjfa-8204	326	5	on	on	ADP
cjfa-8204	326	6	value	value	NOUN
cjfa-8204	326	7	,	,	PUNCT
cjfa-8204	326	8	size	size	NOUN
cjfa-8204	326	9	and	and	CCONJ
cjfa-8204	326	10	momentum	momentum	NOUN
cjfa-8204	326	11	.	.	PUNCT
cjfa-8204	327	1	investment	investment	NOUN
cjfa-8204	327	2	analyst	analyst	NOUN
cjfa-8204	327	3	journal	journal	NOUN
cjfa-8204	327	4	,	,	PUNCT
cjfa-8204	327	5	44(3	44(3	NOUN
cjfa-8204	327	6	)	)	PUNCT
cjfa-8204	327	7	,	,	PUNCT
cjfa-8204	327	8	171	171	NUM
cjfa-8204	327	9	-	-	SYM
cjfa-8204	327	10	198	198	NUM
cjfa-8204	327	11	.	.	PUNCT
cjfa-8204	328	1	http://dx.doi.org/10.1080/10293523.2	http://dx.doi.org/10.1080/10293523.2	PROPN
cjfa-8204	328	2	015.1060747	015.1060747	NUM
cjfa-8204	328	3	.	.	PUNCT
cjfa-8204	329	1	the	the	DET
cjfa-8204	329	2	january	january	PROPN
cjfa-8204	329	3	seasonality	seasonality	NOUN
cjfa-8204	329	4	and	and	CCONJ
cjfa-8204	329	5	the	the	DET
cjfa-8204	329	6	performance	performance	NOUN
cjfa-8204	329	7	…	…	PUNCT
cjfa-8204	329	8	209	209	NUM
cjfa-8204	329	9	zaremba	zaremba	NOUN
cjfa-8204	329	10	,	,	PUNCT
cjfa-8204	329	11	a.	a.	NOUN
cjfa-8204	329	12	(	(	PUNCT
cjfa-8204	329	13	2015b	2015b	NUM
cjfa-8204	329	14	)	)	PUNCT
cjfa-8204	329	15	.	.	PUNCT
cjfa-8204	330	1	momentum	momentum	NOUN
cjfa-8204	330	2	and	and	CCONJ
cjfa-8204	330	3	low	low	ADJ
cjfa-8204	330	4	-	-	PUNCT
cjfa-8204	330	5	volatility	volatility	NOUN
cjfa-8204	330	6	effects	effect	NOUN
cjfa-8204	330	7	in	in	ADP
cjfa-8204	330	8	country	country	NOUN
cjfa-8204	330	9	-	-	PUNCT
cjfa-8204	330	10	level	level	NOUN
cjfa-8204	330	11	stock	stock	NOUN
cjfa-8204	330	12	market	market	NOUN
cjfa-8204	330	13	anomalies	anomaly	NOUN
cjfa-8204	330	14	.	.	PUNCT
cjfa-8204	331	1	available	available	ADJ
cjfa-8204	331	2	at	at	ADP
cjfa-8204	331	3	ssrn	ssrn	PROPN
cjfa-8204	331	4	:	:	PUNCT
cjfa-8204	332	1	http://ssrn.com/abstract=2621236	http://ssrn.com/abstract=2621236	PROPN
cjfa-8204	332	2	(	(	PUNCT
cjfa-8204	332	3	accessed	access	VERB
cjfa-8204	332	4	:	:	PUNCT
cjfa-8204	332	5	25.06	25.06	NUM
cjfa-8204	332	6	.	.	NOUN
cjfa-8204	332	7	2015	2015	NUM
cjfa-8204	332	8	)	)	PUNCT
cjfa-8204	332	9	.	.	PUNCT
cjfa-8204	333	1	zaremba	zaremba	NOUN
cjfa-8204	333	2	,	,	PUNCT
cjfa-8204	333	3	a.	a.	PROPN
cjfa-8204	333	4	,	,	PUNCT
cjfa-8204	333	5	&	&	CCONJ
cjfa-8204	333	6	konieczka	konieczka	PROPN
cjfa-8204	333	7	,	,	PUNCT
cjfa-8204	333	8	p.	p.	NOUN
cjfa-8204	333	9	(	(	PUNCT
cjfa-8204	333	10	2015	2015	NUM
cjfa-8204	333	11	)	)	PUNCT
cjfa-8204	333	12	.	.	PUNCT
cjfa-8204	334	1	do	do	AUX
cjfa-8204	334	2	quantitative	quantitative	ADJ
cjfa-8204	334	3	country	country	NOUN
cjfa-8204	334	4	selection	selection	NOUN
cjfa-8204	334	5	strategies	strategy	NOUN
cjfa-8204	334	6	really	really	ADV
cjfa-8204	334	7	work	work	VERB
cjfa-8204	334	8	?	?	PUNCT
cjfa-8204	335	1	available	available	ADJ
cjfa-8204	335	2	at	at	ADP
cjfa-8204	335	3	ssrn	ssrn	PROPN
cjfa-8204	335	4	:	:	PUNCT
cjfa-8204	335	5	http://ssrn.com/abstract=2606178	http://ssrn.com/abstract=2606178	ADV
cjfa-8204	335	6	or	or	CCONJ
cjfa-8204	335	7	http://dx.doi	http://dx.doi	NOUN
cjfa-8204	335	8	.	.	PUNCT
cjfa-8204	336	1	org/10.2139	org/10.2139	PROPN
cjfa-8204	336	2	/	/	SYM
cjfa-8204	337	1	ssrn.2606178	ssrn.2606178	CCONJ
cjfa-8204	337	2	(	(	PUNCT
cjfa-8204	337	3	accessed	access	VERB
cjfa-8204	337	4	25.06.2015	25.06.2015	NOUN
cjfa-8204	337	5	)	)	PUNCT
cjfa-8204	337	6	.	.	PUNCT