id	sid	tid	token	lemma	pos
emaj-120	1	1	volume	volume	NOUN
emaj-120	1	2	6	6	NUM
emaj-120	1	3	no	no	DET
emaj-120	1	4	1	1	NUM
emaj-120	1	5	(	(	PUNCT
emaj-120	1	6	2016	2016	NUM
emaj-120	1	7	)	)	PUNCT
emaj-120	1	8	|	|	ADV
emaj-120	1	9	issn	issn	VERB
emaj-120	1	10	2158	2158	NUM
emaj-120	1	11	-	-	SYM
emaj-120	1	12	8708	8708	NUM
emaj-120	1	13	(	(	PUNCT
emaj-120	1	14	online	online	NOUN
emaj-120	1	15	)	)	PUNCT
emaj-120	1	16	|	|	ADV
emaj-120	1	17	doi	doi	X
emaj-120	1	18	10.5195	10.5195	NUM
emaj-120	1	19	/	/	SYM
emaj-120	1	20	emaj.2016.92	emaj.2016.92	NOUN
emaj-120	1	21	|	|	ADV
emaj-120	1	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-120	1	23	investment	investment	NOUN
emaj-120	1	24	portfolios	portfolio	NOUN
emaj-120	1	25	in	in	ADP
emaj-120	1	26	an	an	DET
emaj-120	1	27	emerging	emerge	VERB
emaj-120	1	28	economy	economy	NOUN
emaj-120	1	29	:	:	PUNCT
emaj-120	1	30	what	what	PRON
emaj-120	1	31	drives	drive	VERB
emaj-120	1	32	portfolio	portfolio	NOUN
emaj-120	1	33	’s	’s	PART
emaj-120	1	34	diversification	diversification	NOUN
emaj-120	1	35	?	?	PUNCT
emaj-120	2	1	pedro	pedro	PROPN
emaj-120	2	2	luiz	luiz	PROPN
emaj-120	2	3	albertin	albertin	PROPN
emaj-120	2	4	bono	bono	PROPN
emaj-120	2	5	milan	milan	PROPN
emaj-120	2	6	eaesp	eaesp	PROPN
emaj-120	2	7	-	-	PUNCT
emaj-120	2	8	fgv	fgv	PROPN
emaj-120	2	9	,	,	PUNCT
emaj-120	2	10	gvcef	gvcef	PROPN
emaj-120	2	11	:	:	PUNCT
emaj-120	2	12	finance	finance	NOUN
emaj-120	2	13	research	research	NOUN
emaj-120	2	14	center	center	NOUN
emaj-120	3	1	|	|	ADV
emaj-120	4	1	bonomilan@gmail.com	bonomilan@gmail.com	X
emaj-120	4	2	william	william	PROPN
emaj-120	4	3	eid	eid	PROPN
emaj-120	4	4	jr	jr	PROPN
emaj-120	4	5	.	.	PROPN
emaj-120	5	1	eaesp	eaesp	PROPN
emaj-120	5	2	-	-	PUNCT
emaj-120	5	3	fgv	fgv	PROPN
emaj-120	5	4	,	,	PUNCT
emaj-120	5	5	gvcef	gvcef	PROPN
emaj-120	5	6	:	:	PUNCT
emaj-120	5	7	finance	finance	NOUN
emaj-120	5	8	research	research	NOUN
emaj-120	5	9	center	center	NOUN
emaj-120	6	1	|	|	ADV
emaj-120	6	2	william.eid@fgv.br	william.eid@fgv.br	PROPN
emaj-120	6	3	abstract	abstract	ADV
emaj-120	6	4	this	this	DET
emaj-120	6	5	study	study	NOUN
emaj-120	6	6	sheds	shed	VERB
emaj-120	6	7	light	light	NOUN
emaj-120	6	8	on	on	ADP
emaj-120	6	9	the	the	DET
emaj-120	6	10	investment	investment	NOUN
emaj-120	6	11	portfolio	portfolio	NOUN
emaj-120	6	12	’s	’s	PART
emaj-120	6	13	decisions	decision	NOUN
emaj-120	6	14	through	through	ADP
emaj-120	6	15	behavioral	behavioral	ADJ
emaj-120	6	16	insights	insight	NOUN
emaj-120	6	17	.	.	PUNCT
emaj-120	7	1	the	the	DET
emaj-120	7	2	study	study	NOUN
emaj-120	7	3	intends	intend	VERB
emaj-120	7	4	to	to	PART
emaj-120	7	5	identify	identify	VERB
emaj-120	7	6	personal	personal	ADJ
emaj-120	7	7	characteristics	characteristic	NOUN
emaj-120	7	8	that	that	PRON
emaj-120	7	9	drive	drive	VERB
emaj-120	7	10	the	the	DET
emaj-120	7	11	level	level	NOUN
emaj-120	7	12	of	of	ADP
emaj-120	7	13	diversification	diversification	NOUN
emaj-120	7	14	and	and	CCONJ
emaj-120	7	15	lead	lead	VERB
emaj-120	7	16	investors	investor	NOUN
emaj-120	7	17	to	to	PART
emaj-120	7	18	allocate	allocate	VERB
emaj-120	7	19	resources	resource	NOUN
emaj-120	7	20	in	in	ADP
emaj-120	7	21	risky	risky	ADJ
emaj-120	7	22	assets	asset	NOUN
emaj-120	7	23	in	in	ADP
emaj-120	7	24	an	an	DET
emaj-120	7	25	emergent	emergent	ADJ
emaj-120	7	26	economy	economy	NOUN
emaj-120	7	27	,	,	PUNCT
emaj-120	7	28	deepening	deepen	VERB
emaj-120	7	29	the	the	DET
emaj-120	7	30	discussion	discussion	NOUN
emaj-120	7	31	about	about	ADP
emaj-120	7	32	investment	investment	NOUN
emaj-120	7	33	decisions	decision	NOUN
emaj-120	7	34	and	and	CCONJ
emaj-120	7	35	bringing	bring	VERB
emaj-120	7	36	some	some	DET
emaj-120	7	37	behavioral	behavioral	ADJ
emaj-120	7	38	insights	insight	NOUN
emaj-120	7	39	to	to	ADP
emaj-120	7	40	the	the	DET
emaj-120	7	41	debate	debate	NOUN
emaj-120	7	42	.	.	PUNCT
emaj-120	8	1	the	the	DET
emaj-120	8	2	study	study	NOUN
emaj-120	8	3	has	have	VERB
emaj-120	8	4	a	a	DET
emaj-120	8	5	unique	unique	ADJ
emaj-120	8	6	and	and	CCONJ
emaj-120	8	7	heterogeneous	heterogeneous	ADJ
emaj-120	8	8	database	database	NOUN
emaj-120	8	9	of	of	ADP
emaj-120	8	10	individual	individual	ADJ
emaj-120	8	11	financial	financial	ADJ
emaj-120	8	12	allocations	allocation	NOUN
emaj-120	8	13	from	from	ADP
emaj-120	8	14	brazil	brazil	PROPN
emaj-120	8	15	,	,	PUNCT
emaj-120	8	16	one	one	NUM
emaj-120	8	17	of	of	ADP
emaj-120	8	18	the	the	DET
emaj-120	8	19	largest	large	ADJ
emaj-120	8	20	emergent	emergent	ADJ
emaj-120	8	21	economies	economy	NOUN
emaj-120	8	22	.	.	PUNCT
emaj-120	9	1	the	the	DET
emaj-120	9	2	characteristics	characteristic	NOUN
emaj-120	9	3	of	of	ADP
emaj-120	9	4	brazilian	brazilian	ADJ
emaj-120	9	5	investors	investor	NOUN
emaj-120	9	6	play	play	VERB
emaj-120	9	7	an	an	DET
emaj-120	9	8	important	important	ADJ
emaj-120	9	9	role	role	NOUN
emaj-120	9	10	in	in	ADP
emaj-120	9	11	investment	investment	NOUN
emaj-120	9	12	decisions	decision	NOUN
emaj-120	9	13	,	,	PUNCT
emaj-120	9	14	high	high	ADV
emaj-120	9	15	educated	educate	VERB
emaj-120	9	16	and	and	CCONJ
emaj-120	9	17	married	married	ADJ
emaj-120	9	18	investors	investor	NOUN
emaj-120	9	19	tend	tend	VERB
emaj-120	9	20	to	to	PART
emaj-120	9	21	display	display	VERB
emaj-120	9	22	diversified	diversified	ADJ
emaj-120	9	23	portfolios	portfolio	NOUN
emaj-120	9	24	.	.	PUNCT
emaj-120	10	1	to	to	PART
emaj-120	10	2	invest	invest	VERB
emaj-120	10	3	in	in	ADP
emaj-120	10	4	risky	risky	ADJ
emaj-120	10	5	assets	asset	NOUN
emaj-120	10	6	,	,	PUNCT
emaj-120	10	7	male	male	ADJ
emaj-120	10	8	investors	investor	NOUN
emaj-120	10	9	have	have	VERB
emaj-120	10	10	a	a	DET
emaj-120	10	11	43	43	NUM
emaj-120	10	12	%	%	NOUN
emaj-120	10	13	greater	great	ADJ
emaj-120	10	14	likelihood	likelihood	NOUN
emaj-120	10	15	of	of	ADP
emaj-120	10	16	investing	invest	VERB
emaj-120	10	17	in	in	ADP
emaj-120	10	18	risky	risky	ADJ
emaj-120	10	19	assets	asset	NOUN
emaj-120	10	20	than	than	ADP
emaj-120	10	21	females	female	NOUN
emaj-120	10	22	,	,	PUNCT
emaj-120	10	23	highlighting	highlight	VERB
emaj-120	10	24	the	the	DET
emaj-120	10	25	discussion	discussion	NOUN
emaj-120	10	26	on	on	ADP
emaj-120	10	27	gender	gender	NOUN
emaj-120	10	28	and	and	CCONJ
emaj-120	10	29	investment	investment	NOUN
emaj-120	10	30	decisions	decision	NOUN
emaj-120	10	31	.	.	PUNCT
emaj-120	11	1	moreover	moreover	ADV
emaj-120	11	2	,	,	PUNCT
emaj-120	11	3	married	married	ADJ
emaj-120	11	4	investors	investor	NOUN
emaj-120	11	5	tend	tend	VERB
emaj-120	11	6	to	to	PART
emaj-120	11	7	exhibit	exhibit	VERB
emaj-120	11	8	conservative	conservative	ADJ
emaj-120	11	9	portfolios	portfolio	NOUN
emaj-120	11	10	.	.	PUNCT
emaj-120	12	1	we	we	PRON
emaj-120	12	2	observed	observe	VERB
emaj-120	12	3	that	that	SCONJ
emaj-120	12	4	traditional	traditional	ADJ
emaj-120	12	5	investors	investor	NOUN
emaj-120	12	6	are	be	AUX
emaj-120	12	7	underdiversified	underdiversified	ADJ
emaj-120	12	8	,	,	PUNCT
emaj-120	12	9	allocating	allocate	VERB
emaj-120	12	10	primarily	primarily	ADV
emaj-120	12	11	in	in	ADP
emaj-120	12	12	traditional	traditional	ADJ
emaj-120	12	13	and	and	CCONJ
emaj-120	12	14	safety	safety	NOUN
emaj-120	12	15	assets	asset	NOUN
emaj-120	12	16	.	.	PUNCT
emaj-120	13	1	the	the	DET
emaj-120	13	2	results	result	NOUN
emaj-120	13	3	suggest	suggest	VERB
emaj-120	13	4	that	that	SCONJ
emaj-120	13	5	the	the	DET
emaj-120	13	6	investment	investment	NOUN
emaj-120	13	7	decisions	decision	NOUN
emaj-120	13	8	can	can	AUX
emaj-120	13	9	be	be	AUX
emaj-120	13	10	subject	subject	ADJ
emaj-120	13	11	to	to	ADP
emaj-120	13	12	psychological	psychological	ADJ
emaj-120	13	13	biases	bias	NOUN
emaj-120	13	14	defined	define	VERB
emaj-120	13	15	in	in	ADP
emaj-120	13	16	behavioral	behavioral	ADJ
emaj-120	13	17	finance	finance	NOUN
emaj-120	13	18	theory	theory	NOUN
emaj-120	13	19	.	.	PUNCT
emaj-120	14	1	keywords	keyword	NOUN
emaj-120	14	2	:	:	PUNCT
emaj-120	14	3	investment	investment	NOUN
emaj-120	14	4	portfolios	portfolio	NOUN
emaj-120	14	5	,	,	PUNCT
emaj-120	14	6	diversification	diversification	NOUN
emaj-120	14	7	,	,	PUNCT
emaj-120	14	8	risky	risky	ADJ
emaj-120	14	9	assets	asset	NOUN
emaj-120	14	10	,	,	PUNCT
emaj-120	14	11	behavioral	behavioral	ADJ
emaj-120	14	12	finance	finance	NOUN
emaj-120	14	13	.	.	PUNCT
emaj-120	15	1	new	new	ADJ
emaj-120	15	2	articles	article	NOUN
emaj-120	15	3	in	in	ADP
emaj-120	15	4	this	this	DET
emaj-120	15	5	journal	journal	NOUN
emaj-120	15	6	are	be	AUX
emaj-120	15	7	licensed	license	VERB
emaj-120	15	8	under	under	ADP
emaj-120	15	9	a	a	DET
emaj-120	15	10	creative	creative	ADJ
emaj-120	15	11	commons	common	NOUN
emaj-120	15	12	attribution	attribution	NOUN
emaj-120	15	13	3.0	3.0	NUM
emaj-120	15	14	united	unite	VERB
emaj-120	15	15	states	states	PROPN
emaj-120	15	16	license	license	NOUN
emaj-120	15	17	.	.	PUNCT
emaj-120	16	1	this	this	DET
emaj-120	16	2	journal	journal	NOUN
emaj-120	16	3	is	be	AUX
emaj-120	16	4	published	publish	VERB
emaj-120	16	5	by	by	ADP
emaj-120	16	6	the	the	DET
emaj-120	16	7	university	university	NOUN
emaj-120	16	8	library	library	NOUN
emaj-120	16	9	system	system	NOUN
emaj-120	16	10	of	of	ADP
emaj-120	16	11	the	the	DET
emaj-120	16	12	university	university	PROPN
emaj-120	16	13	of	of	ADP
emaj-120	16	14	pittsburgh	pittsburgh	PROPN
emaj-120	16	15	as	as	ADP
emaj-120	16	16	part	part	NOUN
emaj-120	16	17	of	of	ADP
emaj-120	16	18	its	its	PRON
emaj-120	16	19	d	d	NOUN
emaj-120	16	20	-	-	PUNCT
emaj-120	16	21	scribe	scribe	VERB
emaj-120	16	22	digital	digital	ADJ
emaj-120	16	23	publishing	publishing	NOUN
emaj-120	16	24	program	program	NOUN
emaj-120	16	25	,	,	PUNCT
emaj-120	16	26	and	and	CCONJ
emaj-120	16	27	is	be	AUX
emaj-120	16	28	cosponsored	cosponsor	VERB
emaj-120	16	29	by	by	ADP
emaj-120	16	30	the	the	DET
emaj-120	16	31	university	university	PROPN
emaj-120	16	32	of	of	ADP
emaj-120	16	33	pittsburgh	pittsburgh	PROPN
emaj-120	16	34	press	press	NOUN
emaj-120	16	35	.	.	PUNCT
emaj-120	17	1	volume	volume	NOUN
emaj-120	17	2	7	7	NUM
emaj-120	17	3	no	no	DET
emaj-120	17	4	1	1	NUM
emaj-120	17	5	(	(	PUNCT
emaj-120	17	6	2017	2017	NUM
emaj-120	17	7	)	)	PUNCT
emaj-120	17	8	|	|	ADV
emaj-120	17	9	issn	issn	VERB
emaj-120	17	10	2158	2158	NUM
emaj-120	17	11	-	-	SYM
emaj-120	17	12	8708	8708	NUM
emaj-120	17	13	(	(	PUNCT
emaj-120	17	14	online	online	NOUN
emaj-120	17	15	)	)	PUNCT
emaj-120	17	16	|	|	ADV
emaj-120	17	17	doi	doi	X
emaj-120	17	18	10.5195	10.5195	NUM
emaj-120	17	19	/	/	SYM
emaj-120	17	20	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	18	1	|	|	NOUN
emaj-120	18	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-120	18	3	|	|	ADV
emaj-120	18	4	mailto:bonomilan@gmail.com	mailto:bonomilan@gmail.com	X
emaj-120	18	5	http://www.library.pitt.edu/	http://www.library.pitt.edu/	NOUN
emaj-120	18	6	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-120	18	7	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	X
emaj-120	18	8	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NUM
emaj-120	18	9	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-120	18	10	volume	volume	VERB
emaj-120	18	11	7	7	NUM
emaj-120	18	12	no	no	DET
emaj-120	18	13	1	1	NUM
emaj-120	18	14	(	(	PUNCT
emaj-120	18	15	2017	2017	NUM
emaj-120	18	16	)	)	PUNCT
emaj-120	18	17	|	|	ADV
emaj-120	18	18	issn	issn	VERB
emaj-120	18	19	2158	2158	NUM
emaj-120	18	20	-	-	SYM
emaj-120	18	21	8708	8708	NUM
emaj-120	18	22	(	(	PUNCT
emaj-120	18	23	online	online	NOUN
emaj-120	18	24	)	)	PUNCT
emaj-120	18	25	|	|	ADV
emaj-120	18	26	doi	doi	X
emaj-120	18	27	10.5195	10.5195	NUM
emaj-120	18	28	/	/	SYM
emaj-120	18	29	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	18	30	|	|	NOUN
emaj-120	18	31	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-120	18	32	investment	investment	NOUN
emaj-120	18	33	portfolios	portfolio	NOUN
emaj-120	18	34	in	in	ADP
emaj-120	18	35	an	an	DET
emaj-120	18	36	emerging	emerge	VERB
emaj-120	18	37	economy	economy	NOUN
emaj-120	18	38	:	:	PUNCT
emaj-120	18	39	what	what	PRON
emaj-120	18	40	drives	drive	VERB
emaj-120	18	41	portfolio	portfolio	NOUN
emaj-120	18	42	’s	’s	PART
emaj-120	18	43	diversification	diversification	NOUN
emaj-120	18	44	?	?	PUNCT
emaj-120	19	1	page	page	NOUN
emaj-120	19	2	|1|	|1|	NOUN
emaj-120	19	3	emerging	emerge	VERB
emaj-120	19	4	markets	market	NOUN
emaj-120	19	5	journal	journal	NOUN
emaj-120	19	6	investment	investment	NOUN
emaj-120	19	7	portfolios	portfolio	NOUN
emaj-120	19	8	in	in	ADP
emaj-120	19	9	an	an	DET
emaj-120	19	10	emerging	emerge	VERB
emaj-120	19	11	economy	economy	NOUN
emaj-120	19	12	:	:	PUNCT
emaj-120	19	13	what	what	PRON
emaj-120	19	14	drives	drive	VERB
emaj-120	19	15	portfolio	portfolio	NOUN
emaj-120	19	16	’s	’s	PART
emaj-120	19	17	diversification	diversification	NOUN
emaj-120	19	18	?	?	PUNCT
emaj-120	20	1	pedro	pedro	PROPN
emaj-120	20	2	luiz	luiz	PROPN
emaj-120	20	3	albertin	albertin	PROPN
emaj-120	20	4	bono	bono	PROPN
emaj-120	20	5	milan	milan	PROPN
emaj-120	20	6	william	william	PROPN
emaj-120	20	7	eid	eid	PROPN
emaj-120	20	8	jr	jr	PROPN
emaj-120	20	9	.	.	PROPN
emaj-120	20	10	1	1	NUM
emaj-120	20	11	.	.	X
emaj-120	20	12	introduction	introduction	NOUN
emaj-120	20	13	the	the	DET
emaj-120	20	14	growth	growth	NOUN
emaj-120	20	15	of	of	ADP
emaj-120	20	16	the	the	DET
emaj-120	20	17	financial	financial	ADJ
emaj-120	20	18	market	market	NOUN
emaj-120	20	19	in	in	ADP
emaj-120	20	20	recent	recent	ADJ
emaj-120	20	21	years	year	NOUN
emaj-120	20	22	has	have	AUX
emaj-120	20	23	led	lead	VERB
emaj-120	20	24	to	to	ADP
emaj-120	20	25	greater	great	ADJ
emaj-120	20	26	availability	availability	NOUN
emaj-120	20	27	of	of	ADP
emaj-120	20	28	financial	financial	ADJ
emaj-120	20	29	products	product	NOUN
emaj-120	20	30	and	and	CCONJ
emaj-120	20	31	services	service	NOUN
emaj-120	20	32	in	in	ADP
emaj-120	20	33	order	order	NOUN
emaj-120	20	34	to	to	PART
emaj-120	20	35	meet	meet	VERB
emaj-120	20	36	a	a	DET
emaj-120	20	37	new	new	ADJ
emaj-120	20	38	range	range	NOUN
emaj-120	20	39	of	of	ADP
emaj-120	20	40	customers	customer	NOUN
emaj-120	20	41	and	and	CCONJ
emaj-120	20	42	investors	investor	NOUN
emaj-120	20	43	.	.	PUNCT
emaj-120	21	1	among	among	ADP
emaj-120	21	2	the	the	DET
emaj-120	21	3	new	new	ADJ
emaj-120	21	4	products	product	NOUN
emaj-120	21	5	,	,	PUNCT
emaj-120	21	6	those	those	PRON
emaj-120	21	7	intended	intend	VERB
emaj-120	21	8	for	for	ADP
emaj-120	21	9	financial	financial	ADJ
emaj-120	21	10	allocation	allocation	NOUN
emaj-120	21	11	require	require	VERB
emaj-120	21	12	special	special	ADJ
emaj-120	21	13	attention	attention	NOUN
emaj-120	21	14	because	because	SCONJ
emaj-120	21	15	they	they	PRON
emaj-120	21	16	offer	offer	VERB
emaj-120	21	17	new	new	ADJ
emaj-120	21	18	diversification	diversification	NOUN
emaj-120	21	19	possibilities	possibility	NOUN
emaj-120	21	20	and	and	CCONJ
emaj-120	21	21	financial	financial	ADJ
emaj-120	21	22	strategies	strategy	NOUN
emaj-120	21	23	for	for	ADP
emaj-120	21	24	investors	investor	NOUN
emaj-120	21	25	.	.	PUNCT
emaj-120	22	1	according	accord	VERB
emaj-120	22	2	to	to	ADP
emaj-120	22	3	modern	modern	ADJ
emaj-120	22	4	theory	theory	NOUN
emaj-120	22	5	of	of	ADP
emaj-120	22	6	finance	finance	NOUN
emaj-120	22	7	,	,	PUNCT
emaj-120	22	8	which	which	PRON
emaj-120	22	9	has	have	AUX
emaj-120	22	10	been	be	AUX
emaj-120	22	11	built	build	VERB
emaj-120	22	12	since	since	SCONJ
emaj-120	22	13	the	the	DET
emaj-120	22	14	1970s	1970	NOUN
emaj-120	22	15	,	,	PUNCT
emaj-120	22	16	when	when	SCONJ
emaj-120	22	17	several	several	ADJ
emaj-120	22	18	investment	investment	NOUN
emaj-120	22	19	opportunities	opportunity	NOUN
emaj-120	22	20	are	be	AUX
emaj-120	22	21	available	available	ADJ
emaj-120	22	22	in	in	ADP
emaj-120	22	23	the	the	DET
emaj-120	22	24	financial	financial	ADJ
emaj-120	22	25	market	market	NOUN
emaj-120	22	26	,	,	PUNCT
emaj-120	22	27	investors	investor	NOUN
emaj-120	22	28	diversify	diversify	VERB
emaj-120	22	29	their	their	PRON
emaj-120	22	30	investments	investment	NOUN
emaj-120	22	31	mitigating	mitigate	VERB
emaj-120	22	32	risks	risk	NOUN
emaj-120	22	33	and	and	CCONJ
emaj-120	22	34	maximizing	maximize	VERB
emaj-120	22	35	rates	rate	NOUN
emaj-120	22	36	of	of	ADP
emaj-120	22	37	return	return	NOUN
emaj-120	22	38	(	(	PUNCT
emaj-120	22	39	markowitz	markowitz	PROPN
emaj-120	22	40	,	,	PUNCT
emaj-120	22	41	1952	1952	NUM
emaj-120	22	42	)	)	PUNCT
emaj-120	22	43	.	.	PUNCT
emaj-120	23	1	modern	modern	ADJ
emaj-120	23	2	theory	theory	NOUN
emaj-120	23	3	of	of	ADP
emaj-120	23	4	finance	finance	NOUN
emaj-120	23	5	analyzes	analyze	VERB
emaj-120	23	6	the	the	DET
emaj-120	23	7	investors	investor	NOUN
emaj-120	23	8	’	’	PART
emaj-120	23	9	decisions	decision	NOUN
emaj-120	23	10	based	base	VERB
emaj-120	23	11	on	on	ADP
emaj-120	23	12	assumptions	assumption	NOUN
emaj-120	23	13	,	,	PUNCT
emaj-120	23	14	among	among	ADP
emaj-120	23	15	them	they	PRON
emaj-120	23	16	,	,	PUNCT
emaj-120	23	17	the	the	DET
emaj-120	23	18	market	market	NOUN
emaj-120	23	19	efficiency	efficiency	NOUN
emaj-120	23	20	and	and	CCONJ
emaj-120	23	21	individual	individual	ADJ
emaj-120	23	22	rationality	rationality	NOUN
emaj-120	23	23	,	,	PUNCT
emaj-120	23	24	where	where	SCONJ
emaj-120	23	25	investor	investor	NOUN
emaj-120	23	26	decisions	decision	NOUN
emaj-120	23	27	are	be	AUX
emaj-120	23	28	perfectly	perfectly	ADV
emaj-120	23	29	rational	rational	ADJ
emaj-120	23	30	based	base	VERB
emaj-120	23	31	on	on	ADP
emaj-120	23	32	the	the	DET
emaj-120	23	33	correct	correct	ADJ
emaj-120	23	34	analysis	analysis	NOUN
emaj-120	23	35	of	of	ADP
emaj-120	23	36	available	available	ADJ
emaj-120	23	37	information	information	NOUN
emaj-120	23	38	(	(	PUNCT
emaj-120	23	39	fama	fama	NOUN
emaj-120	23	40	,	,	PUNCT
emaj-120	23	41	1970	1970	NUM
emaj-120	23	42	;	;	PUNCT
emaj-120	23	43	shiller	shiller	PROPN
emaj-120	23	44	,	,	PUNCT
emaj-120	23	45	1999	1999	NUM
emaj-120	23	46	)	)	PUNCT
emaj-120	23	47	.	.	PUNCT
emaj-120	24	1	however	however	ADV
emaj-120	24	2	,	,	PUNCT
emaj-120	24	3	it	it	PRON
emaj-120	24	4	is	be	AUX
emaj-120	24	5	noteworthy	noteworthy	ADJ
emaj-120	24	6	that	that	SCONJ
emaj-120	24	7	the	the	DET
emaj-120	24	8	vast	vast	ADJ
emaj-120	24	9	majority	majority	NOUN
emaj-120	24	10	of	of	ADP
emaj-120	24	11	investors	investor	NOUN
emaj-120	24	12	do	do	AUX
emaj-120	24	13	not	not	PART
emaj-120	24	14	have	have	VERB
emaj-120	24	15	diversified	diversify	VERB
emaj-120	24	16	portfolios	portfolio	NOUN
emaj-120	24	17	,	,	PUNCT
emaj-120	24	18	and	and	CCONJ
emaj-120	24	19	many	many	ADJ
emaj-120	24	20	invest	invest	VERB
emaj-120	24	21	without	without	ADP
emaj-120	24	22	regard	regard	NOUN
emaj-120	24	23	to	to	ADP
emaj-120	24	24	the	the	DET
emaj-120	24	25	risk	risk	NOUN
emaj-120	24	26	-	-	PUNCT
emaj-120	24	27	return	return	NOUN
emaj-120	24	28	relationship	relationship	NOUN
emaj-120	24	29	.	.	PUNCT
emaj-120	25	1	noting	note	VERB
emaj-120	25	2	the	the	DET
emaj-120	25	3	dissonance	dissonance	NOUN
emaj-120	25	4	between	between	ADP
emaj-120	25	5	the	the	DET
emaj-120	25	6	practice	practice	NOUN
emaj-120	25	7	and	and	CCONJ
emaj-120	25	8	the	the	DET
emaj-120	25	9	modern	modern	ADJ
emaj-120	25	10	theory	theory	NOUN
emaj-120	25	11	of	of	ADP
emaj-120	25	12	finance	finance	NOUN
emaj-120	25	13	,	,	PUNCT
emaj-120	25	14	some	some	DET
emaj-120	25	15	studies	study	NOUN
emaj-120	25	16	have	have	AUX
emaj-120	25	17	begun	begin	VERB
emaj-120	25	18	to	to	PART
emaj-120	25	19	question	question	VERB
emaj-120	25	20	investors	investor	NOUN
emaj-120	25	21	’	'	PUNCT
emaj-120	25	22	rationality	rationality	NOUN
emaj-120	25	23	in	in	ADP
emaj-120	25	24	presenting	present	VERB
emaj-120	25	25	psychological	psychological	ADJ
emaj-120	25	26	factors	factor	NOUN
emaj-120	25	27	affecting	affect	VERB
emaj-120	25	28	financial	financial	ADJ
emaj-120	25	29	decisions	decision	NOUN
emaj-120	25	30	and	and	CCONJ
emaj-120	25	31	,	,	PUNCT
emaj-120	25	32	furthermore	furthermore	ADV
emaj-120	25	33	,	,	PUNCT
emaj-120	25	34	the	the	DET
emaj-120	25	35	emotional	emotional	ADJ
emaj-120	25	36	factors	factor	NOUN
emaj-120	25	37	leading	lead	VERB
emaj-120	25	38	investor	investor	NOUN
emaj-120	25	39	decisions	decision	NOUN
emaj-120	25	40	.	.	PUNCT
emaj-120	26	1	a	a	DET
emaj-120	26	2	pioneering	pioneer	VERB
emaj-120	26	3	study	study	NOUN
emaj-120	26	4	from	from	ADP
emaj-120	26	5	1979	1979	NUM
emaj-120	26	6	states	state	NOUN
emaj-120	26	7	that	that	SCONJ
emaj-120	26	8	financial	financial	ADJ
emaj-120	26	9	decisions	decision	NOUN
emaj-120	26	10	based	base	VERB
emaj-120	26	11	on	on	ADP
emaj-120	26	12	emotions	emotion	NOUN
emaj-120	26	13	or	or	CCONJ
emaj-120	26	14	psychological	psychological	ADJ
emaj-120	26	15	influences	influence	NOUN
emaj-120	26	16	can	can	AUX
emaj-120	26	17	lead	lead	VERB
emaj-120	26	18	investors	investor	NOUN
emaj-120	26	19	to	to	PART
emaj-120	26	20	allocate	allocate	VERB
emaj-120	26	21	their	their	PRON
emaj-120	26	22	financial	financial	ADJ
emaj-120	26	23	resources	resource	NOUN
emaj-120	26	24	in	in	ADP
emaj-120	26	25	higher	high	ADJ
emaj-120	26	26	-	-	PUNCT
emaj-120	26	27	risk	risk	NOUN
emaj-120	26	28	investments	investment	NOUN
emaj-120	26	29	and	and	CCONJ
emaj-120	26	30	underdiversified	underdiversified	ADJ
emaj-120	26	31	portfolios	portfolio	NOUN
emaj-120	26	32	(	(	PUNCT
emaj-120	26	33	kahneman	kahneman	NOUN
emaj-120	26	34	and	and	CCONJ
emaj-120	26	35	tversky	tversky	ADJ
emaj-120	26	36	,	,	PUNCT
emaj-120	26	37	1979	1979	NUM
emaj-120	26	38	)	)	PUNCT
emaj-120	26	39	.	.	PUNCT
emaj-120	27	1	the	the	DET
emaj-120	27	2	discussion	discussion	NOUN
emaj-120	27	3	of	of	ADP
emaj-120	27	4	the	the	DET
emaj-120	27	5	rationality	rationality	NOUN
emaj-120	27	6	of	of	ADP
emaj-120	27	7	investors	investor	NOUN
emaj-120	27	8	in	in	ADP
emaj-120	27	9	the	the	DET
emaj-120	27	10	finance	finance	NOUN
emaj-120	27	11	literature	literature	NOUN
emaj-120	27	12	leads	lead	VERB
emaj-120	27	13	to	to	ADP
emaj-120	27	14	the	the	DET
emaj-120	27	15	concept	concept	NOUN
emaj-120	27	16	of	of	ADP
emaj-120	27	17	behavioral	behavioral	ADJ
emaj-120	27	18	finance	finance	NOUN
emaj-120	27	19	,	,	PUNCT
emaj-120	27	20	which	which	PRON
emaj-120	27	21	analyzes	analyze	VERB
emaj-120	27	22	investors	investor	NOUN
emaj-120	27	23	’	’	PART
emaj-120	27	24	decisions	decision	NOUN
emaj-120	27	25	under	under	ADP
emaj-120	27	26	psychology	psychology	NOUN
emaj-120	27	27	and	and	CCONJ
emaj-120	27	28	finance	finance	NOUN
emaj-120	27	29	theories	theory	NOUN
emaj-120	27	30	highlighting	highlight	VERB
emaj-120	27	31	the	the	DET
emaj-120	27	32	factors	factor	NOUN
emaj-120	27	33	that	that	PRON
emaj-120	27	34	drive	drive	VERB
emaj-120	27	35	financial	financial	ADJ
emaj-120	27	36	decisions	decision	NOUN
emaj-120	27	37	.	.	PUNCT
emaj-120	28	1	the	the	DET
emaj-120	28	2	brazilian	brazilian	ADJ
emaj-120	28	3	financial	financial	ADJ
emaj-120	28	4	market	market	NOUN
emaj-120	28	5	has	have	VERB
emaj-120	28	6	a	a	DET
emaj-120	28	7	crescent	crescent	NOUN
emaj-120	28	8	number	number	NOUN
emaj-120	28	9	of	of	ADP
emaj-120	28	10	investors	investor	NOUN
emaj-120	28	11	and	and	CCONJ
emaj-120	28	12	several	several	ADJ
emaj-120	28	13	investment	investment	NOUN
emaj-120	28	14	possibilities	possibility	NOUN
emaj-120	28	15	,	,	PUNCT
emaj-120	28	16	offering	offer	VERB
emaj-120	28	17	conservative	conservative	ADJ
emaj-120	28	18	investments	investment	NOUN
emaj-120	28	19	ranging	range	VERB
emaj-120	28	20	from	from	ADP
emaj-120	28	21	savings	saving	NOUN
emaj-120	28	22	and	and	CCONJ
emaj-120	28	23	fixed	fix	VERB
emaj-120	28	24	income	income	NOUN
emaj-120	28	25	funds	fund	NOUN
emaj-120	28	26	to	to	ADP
emaj-120	28	27	risky	risky	ADJ
emaj-120	28	28	investments	investment	NOUN
emaj-120	28	29	via	via	ADP
emaj-120	28	30	capital	capital	NOUN
emaj-120	28	31	markets	market	NOUN
emaj-120	28	32	and	and	CCONJ
emaj-120	28	33	structured	structured	ADJ
emaj-120	28	34	products	product	NOUN
emaj-120	28	35	.	.	PUNCT
emaj-120	29	1	through	through	ADP
emaj-120	29	2	the	the	DET
emaj-120	29	3	prism	prism	NOUN
emaj-120	29	4	of	of	ADP
emaj-120	29	5	the	the	DET
emaj-120	29	6	modern	modern	ADJ
emaj-120	29	7	theory	theory	NOUN
emaj-120	29	8	of	of	ADP
emaj-120	29	9	finance	finance	NOUN
emaj-120	29	10	,	,	PUNCT
emaj-120	29	11	brazilian	brazilian	ADJ
emaj-120	29	12	investors	investor	NOUN
emaj-120	29	13	should	should	AUX
emaj-120	29	14	allocate	allocate	VERB
emaj-120	29	15	their	their	PRON
emaj-120	29	16	financial	financial	ADJ
emaj-120	29	17	resources	resource	NOUN
emaj-120	29	18	in	in	ADP
emaj-120	29	19	a	a	DET
emaj-120	29	20	rational	rational	ADJ
emaj-120	29	21	and	and	CCONJ
emaj-120	29	22	diversified	diversified	ADJ
emaj-120	29	23	way	way	NOUN
emaj-120	29	24	.	.	PUNCT
emaj-120	30	1	on	on	ADP
emaj-120	30	2	the	the	DET
emaj-120	30	3	other	other	ADJ
emaj-120	30	4	hand	hand	NOUN
emaj-120	30	5	,	,	PUNCT
emaj-120	30	6	according	accord	VERB
emaj-120	30	7	to	to	ADP
emaj-120	30	8	behavioral	behavioral	ADJ
emaj-120	30	9	finance	finance	NOUN
emaj-120	30	10	theory	theory	NOUN
emaj-120	30	11	,	,	PUNCT
emaj-120	30	12	brazilian	brazilian	ADJ
emaj-120	30	13	investors	investor	NOUN
emaj-120	30	14	can	can	AUX
emaj-120	30	15	make	make	VERB
emaj-120	30	16	decisions	decision	NOUN
emaj-120	30	17	under	under	ADP
emaj-120	30	18	psychological	psychological	ADJ
emaj-120	30	19	bias	bias	NOUN
emaj-120	30	20	when	when	SCONJ
emaj-120	30	21	choosing	choose	VERB
emaj-120	30	22	underdiversified	underdiversified	ADJ
emaj-120	30	23	or	or	CCONJ
emaj-120	30	24	risky	risky	ADJ
emaj-120	30	25	portfolios	portfolio	NOUN
emaj-120	30	26	.	.	PUNCT
emaj-120	31	1	few	few	ADJ
emaj-120	31	2	empirical	empirical	ADJ
emaj-120	31	3	studies	study	NOUN
emaj-120	31	4	analyze	analyze	VERB
emaj-120	31	5	brazilians	brazilian	NOUN
emaj-120	31	6	’	’	PART
emaj-120	31	7	investment	investment	NOUN
emaj-120	31	8	decisions	decision	NOUN
emaj-120	31	9	and	and	CCONJ
emaj-120	31	10	the	the	DET
emaj-120	31	11	intrinsic	intrinsic	ADJ
emaj-120	31	12	characteristics	characteristic	NOUN
emaj-120	31	13	that	that	PRON
emaj-120	31	14	lead	lead	VERB
emaj-120	31	15	to	to	ADP
emaj-120	31	16	portfolio	portfolio	NOUN
emaj-120	31	17	diversification	diversification	NOUN
emaj-120	31	18	and	and	CCONJ
emaj-120	31	19	the	the	DET
emaj-120	31	20	investment	investment	NOUN
emaj-120	31	21	in	in	ADP
emaj-120	31	22	risky	risky	ADJ
emaj-120	31	23	assets	asset	NOUN
emaj-120	31	24	.	.	PUNCT
emaj-120	32	1	considering	consider	VERB
emaj-120	32	2	the	the	DET
emaj-120	32	3	size	size	NOUN
emaj-120	32	4	and	and	CCONJ
emaj-120	32	5	sophistication	sophistication	NOUN
emaj-120	32	6	of	of	ADP
emaj-120	32	7	the	the	DET
emaj-120	32	8	financial	financial	ADJ
emaj-120	32	9	market	market	NOUN
emaj-120	32	10	in	in	ADP
emaj-120	32	11	brazil	brazil	PROPN
emaj-120	32	12	,	,	PUNCT
emaj-120	32	13	it	it	PRON
emaj-120	32	14	is	be	AUX
emaj-120	32	15	important	important	ADJ
emaj-120	32	16	to	to	PART
emaj-120	32	17	analyze	analyze	VERB
emaj-120	32	18	what	what	PRON
emaj-120	32	19	drives	drive	VERB
emaj-120	32	20	investment	investment	NOUN
emaj-120	32	21	decisions	decision	NOUN
emaj-120	32	22	to	to	PART
emaj-120	32	23	provide	provide	VERB
emaj-120	32	24	new	new	ADJ
emaj-120	32	25	subsidies	subsidy	NOUN
emaj-120	32	26	to	to	PART
emaj-120	32	27	improve	improve	VERB
emaj-120	32	28	the	the	DET
emaj-120	32	29	financial	financial	ADJ
emaj-120	32	30	education	education	NOUN
emaj-120	32	31	process	process	NOUN
emaj-120	32	32	of	of	ADP
emaj-120	32	33	brazilians	brazilian	NOUN
emaj-120	32	34	and	and	CCONJ
emaj-120	32	35	provide	provide	VERB
emaj-120	32	36	new	new	ADJ
emaj-120	32	37	tools	tool	NOUN
emaj-120	32	38	for	for	ADP
emaj-120	32	39	market	market	NOUN
emaj-120	32	40	participants	participant	NOUN
emaj-120	32	41	to	to	PART
emaj-120	32	42	develop	develop	VERB
emaj-120	32	43	better	well	ADJ
emaj-120	32	44	products	product	NOUN
emaj-120	32	45	for	for	ADP
emaj-120	32	46	investors	investor	NOUN
emaj-120	32	47	.	.	PUNCT
emaj-120	33	1	in	in	ADP
emaj-120	33	2	this	this	DET
emaj-120	33	3	context	context	NOUN
emaj-120	33	4	,	,	PUNCT
emaj-120	33	5	the	the	DET
emaj-120	33	6	main	main	ADJ
emaj-120	33	7	objective	objective	NOUN
emaj-120	33	8	of	of	ADP
emaj-120	33	9	our	our	PRON
emaj-120	33	10	study	study	NOUN
emaj-120	33	11	is	be	AUX
emaj-120	33	12	to	to	PART
emaj-120	33	13	analyze	analyze	VERB
emaj-120	33	14	how	how	SCONJ
emaj-120	33	15	brazilian	brazilian	ADJ
emaj-120	33	16	investors	investor	NOUN
emaj-120	33	17	are	be	AUX
emaj-120	33	18	investing	invest	VERB
emaj-120	33	19	their	their	PRON
emaj-120	33	20	financial	financial	ADJ
emaj-120	33	21	resources	resource	NOUN
emaj-120	33	22	among	among	ADP
emaj-120	33	23	several	several	ADJ
emaj-120	33	24	possibilities	possibility	NOUN
emaj-120	33	25	available	available	ADJ
emaj-120	33	26	in	in	ADP
emaj-120	33	27	the	the	DET
emaj-120	33	28	market	market	NOUN
emaj-120	33	29	and	and	CCONJ
emaj-120	33	30	to	to	PART
emaj-120	33	31	seek	seek	VERB
emaj-120	33	32	the	the	DET
emaj-120	33	33	factors	factor	NOUN
emaj-120	33	34	that	that	PRON
emaj-120	33	35	can	can	AUX
emaj-120	33	36	influence	influence	VERB
emaj-120	33	37	the	the	DET
emaj-120	33	38	level	level	NOUN
emaj-120	33	39	of	of	ADP
emaj-120	33	40	portfolio	portfolio	NOUN
emaj-120	33	41	diversification	diversification	NOUN
emaj-120	33	42	and	and	CCONJ
emaj-120	33	43	the	the	DET
emaj-120	33	44	financial	financial	ADJ
emaj-120	33	45	allocation	allocation	NOUN
emaj-120	33	46	in	in	ADP
emaj-120	33	47	risky	risky	ADJ
emaj-120	33	48	assets	asset	NOUN
emaj-120	33	49	.	.	PUNCT
emaj-120	34	1	the	the	DET
emaj-120	34	2	paper	paper	NOUN
emaj-120	34	3	is	be	AUX
emaj-120	34	4	organized	organize	VERB
emaj-120	34	5	as	as	SCONJ
emaj-120	34	6	follows	follow	VERB
emaj-120	34	7	:	:	PUNCT
emaj-120	34	8	the	the	DET
emaj-120	34	9	first	first	ADJ
emaj-120	34	10	presents	present	VERB
emaj-120	34	11	the	the	DET
emaj-120	34	12	motivation	motivation	NOUN
emaj-120	34	13	.	.	PUNCT
emaj-120	35	1	the	the	DET
emaj-120	35	2	second	second	ADJ
emaj-120	35	3	part	part	NOUN
emaj-120	35	4	debates	debate	VERB
emaj-120	35	5	the	the	DET
emaj-120	35	6	underlying	underlie	VERB
emaj-120	35	7	literature	literature	NOUN
emaj-120	35	8	of	of	ADP
emaj-120	35	9	financial	financial	ADJ
emaj-120	35	10	theories	theory	NOUN
emaj-120	35	11	and	and	CCONJ
emaj-120	35	12	behavioral	behavioral	ADJ
emaj-120	35	13	influences	influence	NOUN
emaj-120	35	14	.	.	PUNCT
emaj-120	36	1	the	the	DET
emaj-120	36	2	third	third	ADJ
emaj-120	36	3	presents	present	VERB
emaj-120	36	4	the	the	DET
emaj-120	36	5	data	datum	NOUN
emaj-120	36	6	and	and	CCONJ
emaj-120	36	7	the	the	DET
emaj-120	36	8	methodology	methodology	NOUN
emaj-120	36	9	applied	apply	VERB
emaj-120	36	10	.	.	PUNCT
emaj-120	37	1	the	the	DET
emaj-120	37	2	fourth	fourth	ADJ
emaj-120	37	3	discusses	discuss	VERB
emaj-120	37	4	the	the	DET
emaj-120	37	5	results	result	NOUN
emaj-120	37	6	.	.	PUNCT
emaj-120	38	1	the	the	DET
emaj-120	38	2	fifth	fifth	ADJ
emaj-120	38	3	part	part	NOUN
emaj-120	38	4	of	of	ADP
emaj-120	38	5	the	the	DET
emaj-120	38	6	study	study	NOUN
emaj-120	38	7	is	be	AUX
emaj-120	38	8	devoted	devote	VERB
emaj-120	38	9	to	to	ADP
emaj-120	38	10	the	the	DET
emaj-120	38	11	conclusion	conclusion	NOUN
emaj-120	38	12	.	.	PUNCT
emaj-120	39	1	2	2	X
emaj-120	39	2	.	.	X
emaj-120	39	3	underlying	underlie	VERB
emaj-120	39	4	theories	theory	NOUN
emaj-120	39	5	the	the	DET
emaj-120	39	6	modern	modern	ADJ
emaj-120	39	7	theory	theory	NOUN
emaj-120	39	8	of	of	ADP
emaj-120	39	9	finance	finance	NOUN
emaj-120	39	10	states	state	NOUN
emaj-120	39	11	that	that	SCONJ
emaj-120	39	12	investors	investor	NOUN
emaj-120	39	13	act	act	VERB
emaj-120	39	14	rationally	rationally	ADV
emaj-120	39	15	,	,	PUNCT
emaj-120	39	16	seeking	seek	VERB
emaj-120	39	17	to	to	PART
emaj-120	39	18	minimize	minimize	VERB
emaj-120	39	19	risks	risk	NOUN
emaj-120	39	20	and	and	CCONJ
emaj-120	39	21	maximize	maximize	VERB
emaj-120	39	22	returns	return	NOUN
emaj-120	39	23	through	through	ADP
emaj-120	39	24	the	the	DET
emaj-120	39	25	process	process	NOUN
emaj-120	39	26	of	of	ADP
emaj-120	39	27	the	the	DET
emaj-120	39	28	diversification	diversification	NOUN
emaj-120	39	29	of	of	ADP
emaj-120	39	30	their	their	PRON
emaj-120	39	31	investments	investment	NOUN
emaj-120	39	32	.	.	PUNCT
emaj-120	40	1	the	the	DET
emaj-120	40	2	theory	theory	NOUN
emaj-120	40	3	departs	depart	VERB
emaj-120	40	4	from	from	ADP
emaj-120	40	5	a	a	DET
emaj-120	40	6	neoclassical	neoclassical	ADJ
emaj-120	40	7	microeconomic	microeconomic	ADJ
emaj-120	40	8	approach	approach	NOUN
emaj-120	40	9	whose	whose	DET
emaj-120	40	10	central	central	ADJ
emaj-120	40	11	paradigm	paradigm	NOUN
emaj-120	40	12	is	be	AUX
emaj-120	40	13	the	the	DET
emaj-120	40	14	rationality	rationality	NOUN
emaj-120	40	15	of	of	ADP
emaj-120	40	16	economic	economic	ADJ
emaj-120	40	17	agents	agent	NOUN
emaj-120	40	18	(	(	PUNCT
emaj-120	40	19	yoshinaga	yoshinaga	NOUN
emaj-120	40	20	et	et	PROPN
emaj-120	40	21	al	al	PROPN
emaj-120	40	22	.	.	PROPN
emaj-120	40	23	,	,	PUNCT
emaj-120	40	24	2008	2008	NUM
emaj-120	40	25	)	)	PUNCT
emaj-120	40	26	.	.	PUNCT
emaj-120	41	1	in	in	ADP
emaj-120	41	2	this	this	DET
emaj-120	41	3	sense	sense	NOUN
emaj-120	41	4	,	,	PUNCT
emaj-120	41	5	individuals	individual	NOUN
emaj-120	41	6	who	who	PRON
emaj-120	41	7	operate	operate	VERB
emaj-120	41	8	in	in	ADP
emaj-120	41	9	the	the	DET
emaj-120	41	10	financial	financial	ADJ
emaj-120	41	11	markets	market	NOUN
emaj-120	41	12	must	must	AUX
emaj-120	41	13	have	have	VERB
emaj-120	41	14	the	the	DET
emaj-120	41	15	ability	ability	NOUN
emaj-120	41	16	to	to	PART
emaj-120	41	17	process	process	VERB
emaj-120	41	18	the	the	DET
emaj-120	41	19	information	information	NOUN
emaj-120	41	20	available	available	ADJ
emaj-120	41	21	and	and	CCONJ
emaj-120	41	22	to	to	PART
emaj-120	41	23	make	make	VERB
emaj-120	41	24	rational	rational	ADJ
emaj-120	41	25	decisions	decision	NOUN
emaj-120	41	26	consistent	consistent	ADJ
emaj-120	41	27	with	with	ADP
emaj-120	41	28	the	the	DET
emaj-120	41	29	concept	concept	NOUN
emaj-120	41	30	of	of	ADP
emaj-120	41	31	expected	expect	VERB
emaj-120	41	32	utility	utility	NOUN
emaj-120	41	33	(	(	PUNCT
emaj-120	41	34	von	von	PROPN
emaj-120	41	35	neumann	neumann	PROPN
emaj-120	41	36	,	,	PUNCT
emaj-120	41	37	1947	1947	NUM
emaj-120	41	38	)	)	PUNCT
emaj-120	41	39	.	.	PUNCT
emaj-120	42	1	however	however	ADV
emaj-120	42	2	,	,	PUNCT
emaj-120	42	3	over	over	ADP
emaj-120	42	4	the	the	DET
emaj-120	42	5	course	course	NOUN
emaj-120	42	6	of	of	ADP
emaj-120	42	7	thirty	thirty	NUM
emaj-120	42	8	years	year	NOUN
emaj-120	42	9	,	,	PUNCT
emaj-120	42	10	many	many	ADJ
emaj-120	42	11	studies	study	NOUN
emaj-120	42	12	have	have	AUX
emaj-120	42	13	presented	present	VERB
emaj-120	42	14	evidence	evidence	NOUN
emaj-120	42	15	of	of	ADP
emaj-120	42	16	investors	investor	NOUN
emaj-120	42	17	allocating	allocate	VERB
emaj-120	42	18	financial	financial	ADJ
emaj-120	42	19	resources	resource	NOUN
emaj-120	42	20	in	in	ADP
emaj-120	42	21	under	under	ADV
emaj-120	42	22	-	-	PUNCT
emaj-120	42	23	diversified	diversify	VERB
emaj-120	42	24	portfolios	portfolio	NOUN
emaj-120	42	25	and	and	CCONJ
emaj-120	42	26	unbalanced	unbalanced	ADJ
emaj-120	42	27	portfolios	portfolio	NOUN
emaj-120	42	28	concentrated	concentrate	VERB
emaj-120	42	29	within	within	ADP
emaj-120	42	30	an	an	DET
emaj-120	42	31	average	average	NOUN
emaj-120	42	32	of	of	ADP
emaj-120	42	33	volume	volume	NOUN
emaj-120	42	34	7	7	NUM
emaj-120	42	35	no	no	DET
emaj-120	42	36	1	1	NUM
emaj-120	42	37	(	(	PUNCT
emaj-120	42	38	2017	2017	NUM
emaj-120	42	39	)	)	PUNCT
emaj-120	42	40	|	|	ADV
emaj-120	42	41	issn	issn	VERB
emaj-120	42	42	2158	2158	NUM
emaj-120	42	43	-	-	SYM
emaj-120	42	44	8708	8708	NUM
emaj-120	42	45	(	(	PUNCT
emaj-120	42	46	online	online	NOUN
emaj-120	42	47	)	)	PUNCT
emaj-120	42	48	|	|	ADV
emaj-120	42	49	doi	doi	X
emaj-120	42	50	10.5195	10.5195	NUM
emaj-120	42	51	/	/	SYM
emaj-120	42	52	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	42	53	|	|	NOUN
emaj-120	42	54	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-120	42	55	pedro	pedro	PROPN
emaj-120	42	56	luiz	luiz	PROPN
emaj-120	42	57	albertin	albertin	PROPN
emaj-120	42	58	,	,	PUNCT
emaj-120	42	59	bono	bono	PROPN
emaj-120	42	60	milan	milan	PROPN
emaj-120	42	61	,	,	PUNCT
emaj-120	42	62	william	william	PROPN
emaj-120	42	63	eid	eid	PROPN
emaj-120	42	64	jr	jr	PROPN
emaj-120	42	65	.	.	PUNCT
emaj-120	43	1	emerging	emerge	VERB
emaj-120	43	2	markets	market	NOUN
emaj-120	43	3	journal	journal	NOUN
emaj-120	43	4	|	|	ADV
emaj-120	43	5	p	p	NOUN
emaj-120	43	6	a	a	DET
emaj-120	43	7	g	g	PROPN
emaj-120	43	8	e	e	NOUN
emaj-120	43	9	|2	|2	X
emaj-120	43	10	two	two	NUM
emaj-120	43	11	or	or	CCONJ
emaj-120	43	12	three	three	NUM
emaj-120	43	13	assets	asset	NOUN
emaj-120	43	14	(	(	PUNCT
emaj-120	43	15	blume	blume	NOUN
emaj-120	43	16	and	and	CCONJ
emaj-120	43	17	friend	friend	NOUN
emaj-120	43	18	,	,	PUNCT
emaj-120	43	19	1978	1978	NUM
emaj-120	43	20	)	)	PUNCT
emaj-120	43	21	(	(	PUNCT
emaj-120	43	22	barber	barber	NOUN
emaj-120	43	23	and	and	CCONJ
emaj-120	43	24	odean	odean	ADJ
emaj-120	43	25	2000	2000	NUM
emaj-120	43	26	)	)	PUNCT
emaj-120	43	27	(	(	PUNCT
emaj-120	43	28	polkovnichenko	polkovnichenko	NOUN
emaj-120	43	29	,	,	PUNCT
emaj-120	43	30	2005	2005	NUM
emaj-120	43	31	;	;	PUNCT
emaj-120	43	32	goetzmann	goetzmann	PROPN
emaj-120	43	33	and	and	CCONJ
emaj-120	43	34	kumar	kumar	PROPN
emaj-120	43	35	,	,	PUNCT
emaj-120	43	36	2008	2008	NUM
emaj-120	43	37	)	)	PUNCT
emaj-120	43	38	.	.	PUNCT
emaj-120	44	1	thus	thus	ADV
emaj-120	44	2	,	,	PUNCT
emaj-120	44	3	a	a	DET
emaj-120	44	4	new	new	ADJ
emaj-120	44	5	theoretical	theoretical	ADJ
emaj-120	44	6	approach	approach	NOUN
emaj-120	44	7	to	to	ADP
emaj-120	44	8	finance	finance	NOUN
emaj-120	44	9	goes	go	VERB
emaj-120	44	10	considers	consider	VERB
emaj-120	44	11	the	the	DET
emaj-120	44	12	individual	individual	NOUN
emaj-120	44	13	's	's	PART
emaj-120	44	14	behavior	behavior	NOUN
emaj-120	44	15	in	in	ADP
emaj-120	44	16	the	the	DET
emaj-120	44	17	investment	investment	NOUN
emaj-120	44	18	decision	decision	NOUN
emaj-120	44	19	.	.	PUNCT
emaj-120	45	1	in	in	ADP
emaj-120	45	2	this	this	DET
emaj-120	45	3	context	context	NOUN
emaj-120	45	4	,	,	PUNCT
emaj-120	45	5	the	the	DET
emaj-120	45	6	behavioral	behavioral	ADJ
emaj-120	45	7	finance	finance	NOUN
emaj-120	45	8	theory	theory	NOUN
emaj-120	45	9	has	have	VERB
emaj-120	45	10	the	the	DET
emaj-120	45	11	aim	aim	NOUN
emaj-120	45	12	of	of	ADP
emaj-120	45	13	improving	improve	VERB
emaj-120	45	14	the	the	DET
emaj-120	45	15	modern	modern	ADJ
emaj-120	45	16	theory	theory	NOUN
emaj-120	45	17	of	of	ADP
emaj-120	45	18	finance	finance	NOUN
emaj-120	45	19	through	through	ADP
emaj-120	45	20	psychological	psychological	ADJ
emaj-120	45	21	and	and	CCONJ
emaj-120	45	22	behavioral	behavioral	ADJ
emaj-120	45	23	approaches	approach	NOUN
emaj-120	45	24	(	(	PUNCT
emaj-120	45	25	lintner	lintner	NOUN
emaj-120	45	26	,	,	PUNCT
emaj-120	45	27	1998	1998	NUM
emaj-120	45	28	)	)	PUNCT
emaj-120	45	29	(	(	PUNCT
emaj-120	45	30	kimura	kimura	NOUN
emaj-120	45	31	,	,	PUNCT
emaj-120	45	32	basso	basso	NOUN
emaj-120	45	33	and	and	CCONJ
emaj-120	45	34	krauter	krauter	NOUN
emaj-120	45	35	,	,	PUNCT
emaj-120	45	36	2006	2006	NUM
emaj-120	45	37	)	)	PUNCT
emaj-120	45	38	.	.	PUNCT
emaj-120	46	1	moreover	moreover	ADV
emaj-120	46	2	,	,	PUNCT
emaj-120	46	3	cultural	cultural	ADJ
emaj-120	46	4	differences	difference	NOUN
emaj-120	46	5	shape	shape	VERB
emaj-120	46	6	the	the	DET
emaj-120	46	7	psychological	psychological	ADJ
emaj-120	46	8	aspects	aspect	NOUN
emaj-120	46	9	and	and	CCONJ
emaj-120	46	10	play	play	VERB
emaj-120	46	11	an	an	DET
emaj-120	46	12	important	important	ADJ
emaj-120	46	13	role	role	NOUN
emaj-120	46	14	in	in	ADP
emaj-120	46	15	making	make	VERB
emaj-120	46	16	economic	economic	ADJ
emaj-120	46	17	and	and	CCONJ
emaj-120	46	18	financial	financial	ADJ
emaj-120	46	19	decisions	decision	NOUN
emaj-120	46	20	.	.	PUNCT
emaj-120	47	1	levinson	levinson	PROPN
emaj-120	47	2	and	and	CCONJ
emaj-120	47	3	peng	peng	PROPN
emaj-120	47	4	(	(	PUNCT
emaj-120	47	5	2007	2007	NUM
emaj-120	47	6	)	)	PUNCT
emaj-120	47	7	suggest	suggest	VERB
emaj-120	47	8	that	that	SCONJ
emaj-120	47	9	a	a	DET
emaj-120	47	10	systematic	systematic	ADJ
emaj-120	47	11	difference	difference	NOUN
emaj-120	47	12	affects	affect	VERB
emaj-120	47	13	financial	financial	ADJ
emaj-120	47	14	and	and	CCONJ
emaj-120	47	15	economic	economic	ADJ
emaj-120	47	16	decisions	decision	NOUN
emaj-120	47	17	,	,	PUNCT
emaj-120	47	18	whether	whether	SCONJ
emaj-120	47	19	rational	rational	ADJ
emaj-120	47	20	or	or	CCONJ
emaj-120	47	21	irrational	irrational	ADJ
emaj-120	47	22	,	,	PUNCT
emaj-120	47	23	often	often	ADV
emaj-120	47	24	assumed	assume	VERB
emaj-120	47	25	to	to	PART
emaj-120	47	26	be	be	AUX
emaj-120	47	27	universal	universal	ADJ
emaj-120	47	28	.	.	PUNCT
emaj-120	48	1	the	the	DET
emaj-120	48	2	authors	author	NOUN
emaj-120	48	3	conducted	conduct	VERB
emaj-120	48	4	an	an	DET
emaj-120	48	5	empirical	empirical	ADJ
emaj-120	48	6	study	study	NOUN
emaj-120	48	7	in	in	ADP
emaj-120	48	8	the	the	DET
emaj-120	48	9	united	united	PROPN
emaj-120	48	10	states	states	PROPN
emaj-120	48	11	and	and	CCONJ
emaj-120	48	12	china	china	PROPN
emaj-120	48	13	to	to	PART
emaj-120	48	14	examine	examine	VERB
emaj-120	48	15	how	how	SCONJ
emaj-120	48	16	cultural	cultural	ADJ
emaj-120	48	17	background	background	NOUN
emaj-120	48	18	affects	affect	VERB
emaj-120	48	19	economic	economic	ADJ
emaj-120	48	20	decision	decision	NOUN
emaj-120	48	21	-	-	PUNCT
emaj-120	48	22	making	making	NOUN
emaj-120	48	23	and	and	CCONJ
emaj-120	48	24	test	test	VERB
emaj-120	48	25	the	the	DET
emaj-120	48	26	framework	framework	NOUN
emaj-120	48	27	,	,	PUNCT
emaj-120	48	28	information	information	NOUN
emaj-120	48	29	morality	morality	NOUN
emaj-120	48	30	and	and	CCONJ
emaj-120	48	31	outside	outside	ADJ
emaj-120	48	32	groups	group	NOUN
emaj-120	48	33	influence	influence	VERB
emaj-120	48	34	the	the	DET
emaj-120	48	35	judgments	judgment	NOUN
emaj-120	48	36	of	of	ADP
emaj-120	48	37	financial	financial	ADJ
emaj-120	48	38	value	value	NOUN
emaj-120	48	39	and	and	CCONJ
emaj-120	48	40	the	the	DET
emaj-120	48	41	property	property	NOUN
emaj-120	48	42	across	across	ADP
emaj-120	48	43	cultures	culture	NOUN
emaj-120	48	44	.	.	PUNCT
emaj-120	49	1	important	important	ADJ
emaj-120	49	2	studies	study	NOUN
emaj-120	49	3	that	that	PRON
emaj-120	49	4	have	have	AUX
emaj-120	49	5	incorporated	incorporate	VERB
emaj-120	49	6	behavioral	behavioral	ADJ
emaj-120	49	7	finance	finance	NOUN
emaj-120	49	8	theory	theory	NOUN
emaj-120	49	9	present	present	ADJ
emaj-120	49	10	investor	investor	NOUN
emaj-120	49	11	decisions	decision	NOUN
emaj-120	49	12	driven	drive	VERB
emaj-120	49	13	by	by	ADP
emaj-120	49	14	psychological	psychological	ADJ
emaj-120	49	15	needs	need	NOUN
emaj-120	49	16	,	,	PUNCT
emaj-120	49	17	following	follow	VERB
emaj-120	49	18	maslow	maslow	NOUN
emaj-120	49	19	's	's	PART
emaj-120	49	20	hierarchy	hierarchy	NOUN
emaj-120	49	21	of	of	ADP
emaj-120	49	22	needs	need	NOUN
emaj-120	49	23	.	.	PUNCT
emaj-120	50	1	the	the	DET
emaj-120	50	2	hierarchy	hierarchy	NOUN
emaj-120	50	3	of	of	ADP
emaj-120	50	4	needs	need	NOUN
emaj-120	50	5	is	be	AUX
emaj-120	50	6	a	a	DET
emaj-120	50	7	concept	concept	NOUN
emaj-120	50	8	of	of	ADP
emaj-120	50	9	motivational	motivational	ADJ
emaj-120	50	10	behavior	behavior	NOUN
emaj-120	50	11	,	,	PUNCT
emaj-120	50	12	one	one	NUM
emaj-120	50	13	of	of	ADP
emaj-120	50	14	the	the	DET
emaj-120	50	15	most	most	ADV
emaj-120	50	16	important	important	ADJ
emaj-120	50	17	motivation	motivation	NOUN
emaj-120	50	18	theories	theory	NOUN
emaj-120	50	19	in	in	ADP
emaj-120	50	20	psychology	psychology	NOUN
emaj-120	50	21	studies	study	NOUN
emaj-120	50	22	.	.	PUNCT
emaj-120	51	1	in	in	ADP
emaj-120	51	2	this	this	DET
emaj-120	51	3	concept	concept	NOUN
emaj-120	51	4	,	,	PUNCT
emaj-120	51	5	human	human	ADJ
emaj-120	51	6	actions	action	NOUN
emaj-120	51	7	and	and	CCONJ
emaj-120	51	8	decisions	decision	NOUN
emaj-120	51	9	are	be	AUX
emaj-120	51	10	explained	explain	VERB
emaj-120	51	11	by	by	ADP
emaj-120	51	12	five	five	NUM
emaj-120	51	13	levels	level	NOUN
emaj-120	51	14	of	of	ADP
emaj-120	51	15	human	human	ADJ
emaj-120	51	16	needs	need	NOUN
emaj-120	51	17	,	,	PUNCT
emaj-120	51	18	ranging	range	VERB
emaj-120	51	19	from	from	ADP
emaj-120	51	20	basic	basic	ADJ
emaj-120	51	21	physiological	physiological	ADJ
emaj-120	51	22	needs	need	NOUN
emaj-120	51	23	to	to	ADP
emaj-120	51	24	the	the	DET
emaj-120	51	25	highest	high	ADJ
emaj-120	51	26	level	level	NOUN
emaj-120	51	27	of	of	ADP
emaj-120	51	28	needs	need	NOUN
emaj-120	51	29	:	:	PUNCT
emaj-120	51	30	selfactualization	selfactualization	NOUN
emaj-120	51	31	(	(	PUNCT
emaj-120	51	32	maslow	maslow	NOUN
emaj-120	51	33	,	,	PUNCT
emaj-120	51	34	1943	1943	NUM
emaj-120	51	35	)	)	PUNCT
emaj-120	51	36	,	,	PUNCT
emaj-120	51	37	as	as	SCONJ
emaj-120	51	38	presented	present	VERB
emaj-120	51	39	in	in	ADP
emaj-120	51	40	figure	figure	NOUN
emaj-120	51	41	1	1	NUM
emaj-120	51	42	.	.	PUNCT
emaj-120	52	1	at	at	ADP
emaj-120	52	2	each	each	DET
emaj-120	52	3	level	level	NOUN
emaj-120	52	4	of	of	ADP
emaj-120	52	5	the	the	DET
emaj-120	52	6	hierarchy	hierarchy	NOUN
emaj-120	52	7	of	of	ADP
emaj-120	52	8	needs	need	NOUN
emaj-120	52	9	,	,	PUNCT
emaj-120	52	10	the	the	DET
emaj-120	52	11	human	human	ADJ
emaj-120	52	12	being	being	NOUN
emaj-120	52	13	receives	receive	VERB
emaj-120	52	14	internal	internal	ADJ
emaj-120	52	15	and	and	CCONJ
emaj-120	52	16	external	external	ADJ
emaj-120	52	17	psychological	psychological	ADJ
emaj-120	52	18	influences	influence	NOUN
emaj-120	52	19	that	that	PRON
emaj-120	52	20	affect	affect	VERB
emaj-120	52	21	their	their	PRON
emaj-120	52	22	decisions	decision	NOUN
emaj-120	52	23	,	,	PUNCT
emaj-120	52	24	adding	add	VERB
emaj-120	52	25	the	the	DET
emaj-120	52	26	set	set	NOUN
emaj-120	52	27	of	of	ADP
emaj-120	52	28	needs	need	NOUN
emaj-120	52	29	that	that	DET
emaj-120	52	30	man	man	NOUN
emaj-120	52	31	seeks	seek	VERB
emaj-120	52	32	to	to	PART
emaj-120	52	33	meet	meet	VERB
emaj-120	52	34	throughout	throughout	ADP
emaj-120	52	35	life	life	NOUN
emaj-120	52	36	.	.	PUNCT
emaj-120	53	1	figure	figure	NOUN
emaj-120	53	2	1	1	NUM
emaj-120	53	3	.	.	PUNCT
emaj-120	53	4	maslow	maslow	NOUN
emaj-120	53	5	's	's	PART
emaj-120	53	6	hierarchy	hierarchy	NOUN
emaj-120	53	7	of	of	ADP
emaj-120	53	8	needs	need	NOUN
emaj-120	53	9	source	source	NOUN
emaj-120	53	10	:	:	PUNCT
emaj-120	53	11	hierarchy	hierarchy	NOUN
emaj-120	53	12	of	of	ADP
emaj-120	53	13	needs	need	NOUN
emaj-120	53	14	,	,	PUNCT
emaj-120	53	15	maslow	maslow	NOUN
emaj-120	53	16	(	(	PUNCT
emaj-120	53	17	1943	1943	NUM
emaj-120	53	18	)	)	PUNCT
emaj-120	53	19	.	.	PUNCT
emaj-120	54	1	prepared	prepare	VERB
emaj-120	54	2	by	by	ADP
emaj-120	54	3	the	the	DET
emaj-120	54	4	authors	author	NOUN
emaj-120	54	5	.	.	PUNCT
emaj-120	55	1	in	in	ADP
emaj-120	55	2	the	the	DET
emaj-120	55	3	context	context	NOUN
emaj-120	55	4	of	of	ADP
emaj-120	55	5	investments	investment	NOUN
emaj-120	55	6	arises	arise	VERB
emaj-120	55	7	the	the	DET
emaj-120	55	8	concept	concept	NOUN
emaj-120	55	9	of	of	ADP
emaj-120	55	10	behavioral	behavioral	ADJ
emaj-120	55	11	portfolio	portfolio	NOUN
emaj-120	55	12	theory	theory	NOUN
emaj-120	55	13	,	,	PUNCT
emaj-120	55	14	which	which	PRON
emaj-120	55	15	is	be	AUX
emaj-120	55	16	visually	visually	ADV
emaj-120	55	17	presented	present	VERB
emaj-120	55	18	in	in	ADP
emaj-120	55	19	figure	figure	NOUN
emaj-120	55	20	2	2	NUM
emaj-120	55	21	,	,	PUNCT
emaj-120	55	22	connecting	connect	VERB
emaj-120	55	23	maslow	maslow	NOUN
emaj-120	55	24	's	's	PART
emaj-120	55	25	hierarchy	hierarchy	NOUN
emaj-120	55	26	of	of	ADP
emaj-120	55	27	needs	need	NOUN
emaj-120	55	28	with	with	ADP
emaj-120	55	29	traditional	traditional	ADJ
emaj-120	55	30	financial	financial	ADJ
emaj-120	55	31	theories	theory	NOUN
emaj-120	55	32	(	(	PUNCT
emaj-120	55	33	shefrin	shefrin	NOUN
emaj-120	55	34	and	and	CCONJ
emaj-120	55	35	statman	statman	NOUN
emaj-120	55	36	,	,	PUNCT
emaj-120	55	37	2000	2000	NUM
emaj-120	55	38	)	)	PUNCT
emaj-120	55	39	,	,	PUNCT
emaj-120	55	40	(	(	PUNCT
emaj-120	55	41	de	de	X
emaj-120	55	42	brouwer	brouwer	X
emaj-120	55	43	,	,	PUNCT
emaj-120	55	44	2009	2009	NUM
emaj-120	55	45	)	)	PUNCT
emaj-120	55	46	.	.	PUNCT
emaj-120	56	1	figure	figure	NOUN
emaj-120	56	2	2	2	NUM
emaj-120	56	3	.	.	PUNCT
emaj-120	56	4	behavioral	behavioral	ADJ
emaj-120	56	5	portfolio	portfolio	NOUN
emaj-120	56	6	theory	theory	NOUN
emaj-120	56	7	source	source	NOUN
emaj-120	56	8	:	:	PUNCT
emaj-120	56	9	prepared	prepare	VERB
emaj-120	56	10	by	by	ADP
emaj-120	56	11	the	the	DET
emaj-120	56	12	authors	author	NOUN
emaj-120	56	13	.	.	PUNCT
emaj-120	57	1	the	the	DET
emaj-120	57	2	connection	connection	NOUN
emaj-120	57	3	between	between	ADP
emaj-120	57	4	the	the	DET
emaj-120	57	5	theory	theory	NOUN
emaj-120	57	6	of	of	ADP
emaj-120	57	7	behavioral	behavioral	ADJ
emaj-120	57	8	finance	finance	NOUN
emaj-120	57	9	and	and	CCONJ
emaj-120	57	10	the	the	DET
emaj-120	57	11	traditional	traditional	ADJ
emaj-120	57	12	theory	theory	NOUN
emaj-120	57	13	of	of	ADP
emaj-120	57	14	finance	finance	NOUN
emaj-120	57	15	results	result	NOUN
emaj-120	57	16	in	in	ADP
emaj-120	57	17	three	three	NUM
emaj-120	57	18	approaches	approach	NOUN
emaj-120	57	19	that	that	PRON
emaj-120	57	20	investors	investor	NOUN
emaj-120	57	21	can	can	AUX
emaj-120	57	22	use	use	VERB
emaj-120	57	23	in	in	ADP
emaj-120	57	24	the	the	DET
emaj-120	57	25	investment	investment	NOUN
emaj-120	57	26	decision	decision	NOUN
emaj-120	57	27	-	-	PUNCT
emaj-120	57	28	making	make	VERB
emaj-120	57	29	process	process	NOUN
emaj-120	57	30	(	(	PUNCT
emaj-120	57	31	shefrin	shefrin	NOUN
emaj-120	57	32	e	e	X
emaj-120	57	33	statman	statman	NOUN
emaj-120	57	34	,	,	PUNCT
emaj-120	57	35	2000	2000	NUM
emaj-120	57	36	)	)	PUNCT
emaj-120	57	37	.	.	PUNCT
emaj-120	58	1	the	the	DET
emaj-120	58	2	first	first	ADJ
emaj-120	58	3	approach	approach	NOUN
emaj-120	58	4	is	be	AUX
emaj-120	58	5	the	the	DET
emaj-120	58	6	safety	safety	NOUN
emaj-120	58	7	-	-	PUNCT
emaj-120	58	8	first	first	ADJ
emaj-120	58	9	portfolio	portfolio	NOUN
emaj-120	58	10	theory	theory	NOUN
emaj-120	58	11	,	,	PUNCT
emaj-120	58	12	whereby	whereby	SCONJ
emaj-120	58	13	investors	investor	NOUN
emaj-120	58	14	essentially	essentially	ADV
emaj-120	58	15	receive	receive	VERB
emaj-120	58	16	the	the	DET
emaj-120	58	17	influence	influence	NOUN
emaj-120	58	18	of	of	ADP
emaj-120	58	19	the	the	DET
emaj-120	58	20	second	second	ADJ
emaj-120	58	21	level	level	NOUN
emaj-120	58	22	of	of	ADP
emaj-120	58	23	maslow	maslow	NOUN
emaj-120	58	24	's	's	PART
emaj-120	58	25	hierarchy	hierarchy	NOUN
emaj-120	58	26	.	.	PUNCT
emaj-120	59	1	in	in	ADP
emaj-120	59	2	the	the	DET
emaj-120	59	3	safety	safety	NOUN
emaj-120	59	4	-	-	PUNCT
emaj-120	59	5	first	first	ADJ
emaj-120	59	6	approach	approach	NOUN
emaj-120	59	7	,	,	PUNCT
emaj-120	59	8	the	the	DET
emaj-120	59	9	investor	investor	NOUN
emaj-120	59	10	aims	aim	VERB
emaj-120	59	11	to	to	PART
emaj-120	59	12	minimize	minimize	VERB
emaj-120	59	13	the	the	DET
emaj-120	59	14	likelihood	likelihood	NOUN
emaj-120	59	15	of	of	ADP
emaj-120	59	16	financial	financial	ADJ
emaj-120	59	17	distress	distress	NOUN
emaj-120	59	18	pr(w	pr(w	ADP
emaj-120	59	19	<	<	X
emaj-120	59	20	s	s	NOUN
emaj-120	59	21	)	)	PUNCT
emaj-120	59	22	,	,	PUNCT
emaj-120	59	23	where	where	SCONJ
emaj-120	59	24	the	the	DET
emaj-120	59	25	investor	investor	NOUN
emaj-120	59	26	aims	aim	VERB
emaj-120	59	27	to	to	PART
emaj-120	59	28	maintain	maintain	VERB
emaj-120	59	29	its	its	PRON
emaj-120	59	30	level	level	NOUN
emaj-120	59	31	of	of	ADP
emaj-120	59	32	wealth	wealth	NOUN
emaj-120	59	33	(	(	PUNCT
emaj-120	59	34	w	w	NOUN
emaj-120	59	35	)	)	PUNCT
emaj-120	59	36	above	above	ADP
emaj-120	59	37	the	the	DET
emaj-120	59	38	subsistence	subsistence	NOUN
emaj-120	59	39	level	level	NOUN
emaj-120	59	40	(	(	PUNCT
emaj-120	59	41	s	s	NOUN
emaj-120	59	42	)	)	PUNCT
emaj-120	59	43	,	,	PUNCT
emaj-120	59	44	i.e.	i.e.	X
emaj-120	59	45	,	,	PUNCT
emaj-120	59	46	above	above	ADP
emaj-120	59	47	the	the	DET
emaj-120	59	48	first	first	ADJ
emaj-120	59	49	level	level	NOUN
emaj-120	59	50	maslow	maslow	NOUN
emaj-120	59	51	's	's	PART
emaj-120	59	52	hierarchy	hierarchy	NOUN
emaj-120	59	53	of	of	ADP
emaj-120	59	54	needs	need	NOUN
emaj-120	59	55	.	.	PUNCT
emaj-120	60	1	investors	investor	NOUN
emaj-120	60	2	concentrate	concentrate	VERB
emaj-120	60	3	their	their	PRON
emaj-120	60	4	investments	investment	NOUN
emaj-120	60	5	in	in	ADP
emaj-120	60	6	under	under	ADV
emaj-120	60	7	-	-	PUNCT
emaj-120	60	8	diversified	diversify	VERB
emaj-120	60	9	portfolios	portfolio	NOUN
emaj-120	60	10	allocated	allocate	VERB
emaj-120	60	11	primarily	primarily	ADV
emaj-120	60	12	on	on	ADP
emaj-120	60	13	traditional	traditional	ADJ
emaj-120	60	14	and	and	CCONJ
emaj-120	60	15	low	low	ADJ
emaj-120	60	16	-	-	PUNCT
emaj-120	60	17	risk	risk	NOUN
emaj-120	60	18	assets	asset	NOUN
emaj-120	60	19	.	.	PUNCT
emaj-120	61	1	the	the	DET
emaj-120	61	2	second	second	ADJ
emaj-120	61	3	is	be	AUX
emaj-120	61	4	the	the	DET
emaj-120	61	5	ps	ps	PROPN
emaj-120	61	6	/	/	SYM
emaj-120	61	7	a	a	PRON
emaj-120	61	8	(	(	PUNCT
emaj-120	61	9	theory	theory	NOUN
emaj-120	61	10	,	,	PUNCT
emaj-120	61	11	security	security	NOUN
emaj-120	61	12	,	,	PUNCT
emaj-120	61	13	potential	potential	ADJ
emaj-120	61	14	and	and	CCONJ
emaj-120	61	15	aspiration	aspiration	NOUN
emaj-120	61	16	theory	theory	NOUN
emaj-120	61	17	)	)	PUNCT
emaj-120	61	18	.	.	PUNCT
emaj-120	62	1	the	the	DET
emaj-120	62	2	second	second	ADJ
emaj-120	62	3	theory	theory	NOUN
emaj-120	62	4	follows	follow	VERB
emaj-120	62	5	the	the	DET
emaj-120	62	6	concepts	concept	NOUN
emaj-120	62	7	of	of	ADP
emaj-120	62	8	safety	safety	NOUN
emaj-120	62	9	-	-	PUNCT
emaj-120	62	10	first	first	ADJ
emaj-120	62	11	theory	theory	NOUN
emaj-120	62	12	,	,	PUNCT
emaj-120	62	13	adding	add	VERB
emaj-120	62	14	the	the	DET
emaj-120	62	15	intrinsic	intrinsic	ADJ
emaj-120	62	16	potential	potential	NOUN
emaj-120	62	17	of	of	ADP
emaj-120	62	18	the	the	DET
emaj-120	62	19	investor	investor	NOUN
emaj-120	62	20	.	.	PUNCT
emaj-120	63	1	the	the	DET
emaj-120	63	2	potential	potential	NOUN
emaj-120	63	3	is	be	AUX
emaj-120	63	4	the	the	DET
emaj-120	63	5	individual	individual	ADJ
emaj-120	63	6	aspiration	aspiration	NOUN
emaj-120	63	7	to	to	PART
emaj-120	63	8	achieve	achieve	VERB
emaj-120	63	9	the	the	DET
emaj-120	63	10	highest	high	ADJ
emaj-120	63	11	level	level	NOUN
emaj-120	63	12	of	of	ADP
emaj-120	63	13	maslow	maslow	NOUN
emaj-120	63	14	's	's	PART
emaj-120	63	15	hierarchy	hierarchy	NOUN
emaj-120	63	16	of	of	ADP
emaj-120	63	17	needs	need	NOUN
emaj-120	63	18	.	.	PUNCT
emaj-120	64	1	security	security	NOUN
emaj-120	64	2	is	be	AUX
emaj-120	64	3	the	the	DET
emaj-120	64	4	major	major	ADJ
emaj-120	64	5	guide	guide	NOUN
emaj-120	64	6	of	of	ADP
emaj-120	64	7	financial	financial	ADJ
emaj-120	64	8	decisions	decision	NOUN
emaj-120	64	9	,	,	PUNCT
emaj-120	64	10	but	but	CCONJ
emaj-120	64	11	the	the	DET
emaj-120	64	12	investor	investor	NOUN
emaj-120	64	13	receives	receive	VERB
emaj-120	64	14	an	an	DET
emaj-120	64	15	input	input	NOUN
emaj-120	64	16	from	from	ADP
emaj-120	64	17	the	the	DET
emaj-120	64	18	need	need	NOUN
emaj-120	64	19	to	to	PART
emaj-120	64	20	self	self	NOUN
emaj-120	64	21	-	-	PUNCT
emaj-120	64	22	actualize	actualize	VERB
emaj-120	64	23	.	.	PUNCT
emaj-120	65	1	this	this	DET
emaj-120	65	2	potential	potential	ADJ
emaj-120	65	3	and	and	CCONJ
emaj-120	65	4	aspiration	aspiration	NOUN
emaj-120	65	5	lead	lead	VERB
emaj-120	65	6	the	the	DET
emaj-120	65	7	investor	investor	NOUN
emaj-120	65	8	to	to	PART
emaj-120	65	9	create	create	VERB
emaj-120	65	10	a	a	DET
emaj-120	65	11	target	target	NOUN
emaj-120	65	12	point	point	NOUN
emaj-120	65	13	of	of	ADP
emaj-120	65	14	wealth	wealth	NOUN
emaj-120	65	15	,	,	PUNCT
emaj-120	65	16	a	a	DET
emaj-120	65	17	desire	desire	NOUN
emaj-120	65	18	for	for	ADP
emaj-120	65	19	higher	high	ADJ
emaj-120	65	20	levels	level	NOUN
emaj-120	65	21	of	of	ADP
emaj-120	65	22	wealth	wealth	NOUN
emaj-120	65	23	.	.	PUNCT
emaj-120	66	1	the	the	DET
emaj-120	66	2	central	central	ADJ
emaj-120	66	3	difference	difference	NOUN
emaj-120	66	4	in	in	ADP
emaj-120	66	5	this	this	DET
emaj-120	66	6	second	second	ADJ
emaj-120	66	7	approach	approach	NOUN
emaj-120	66	8	is	be	AUX
emaj-120	66	9	in	in	ADP
emaj-120	66	10	the	the	DET
emaj-120	66	11	interpretation	interpretation	NOUN
emaj-120	66	12	of	of	ADP
emaj-120	66	13	the	the	DET
emaj-120	66	14	variables	variable	NOUN
emaj-120	66	15	.	.	PUNCT
emaj-120	67	1	specifically	specifically	ADV
emaj-120	67	2	,	,	PUNCT
emaj-120	67	3	the	the	DET
emaj-120	67	4	subsistence	subsistence	NOUN
emaj-120	67	5	level	level	NOUN
emaj-120	67	6	(	(	PUNCT
emaj-120	67	7	s	s	NOUN
emaj-120	67	8	)	)	PUNCT
emaj-120	67	9	replaced	replace	VERB
emaj-120	67	10	by	by	ADP
emaj-120	67	11	a	a	DET
emaj-120	67	12	more	more	ADV
emaj-120	67	13	general	general	ADJ
emaj-120	67	14	aspiration	aspiration	NOUN
emaj-120	67	15	level	level	NOUN
emaj-120	67	16	(	(	PUNCT
emaj-120	67	17	a	a	NOUN
emaj-120	67	18	)	)	PUNCT
emaj-120	67	19	.	.	PUNCT
emaj-120	68	1	based	base	VERB
emaj-120	68	2	on	on	ADP
emaj-120	68	3	this	this	DET
emaj-120	68	4	approach	approach	NOUN
emaj-120	68	5	,	,	PUNCT
emaj-120	68	6	the	the	DET
emaj-120	68	7	investor	investor	NOUN
emaj-120	68	8	can	can	AUX
emaj-120	68	9	allocate	allocate	VERB
emaj-120	68	10	portions	portion	NOUN
emaj-120	68	11	of	of	ADP
emaj-120	68	12	its	its	PRON
emaj-120	68	13	investments	investment	NOUN
emaj-120	68	14	in	in	ADP
emaj-120	68	15	risky	risky	ADJ
emaj-120	68	16	assets	asset	NOUN
emaj-120	68	17	by	by	ADP
emaj-120	68	18	seeking	seek	VERB
emaj-120	68	19	higher	high	ADJ
emaj-120	68	20	returns	return	NOUN
emaj-120	68	21	.	.	PUNCT
emaj-120	69	1	even	even	ADV
emaj-120	69	2	though	though	SCONJ
emaj-120	69	3	an	an	DET
emaj-120	69	4	investor	investor	NOUN
emaj-120	69	5	has	have	VERB
emaj-120	69	6	a	a	DET
emaj-120	69	7	potential	potential	ADJ
emaj-120	69	8	aspiration	aspiration	NOUN
emaj-120	69	9	for	for	ADP
emaj-120	69	10	wealth	wealth	NOUN
emaj-120	69	11	,	,	PUNCT
emaj-120	69	12	it	it	PRON
emaj-120	69	13	keeps	keep	VERB
emaj-120	69	14	a	a	DET
emaj-120	69	15	major	major	ADJ
emaj-120	69	16	fraction	fraction	NOUN
emaj-120	69	17	of	of	ADP
emaj-120	69	18	its	its	PRON
emaj-120	69	19	wealth	wealth	NOUN
emaj-120	69	20	in	in	ADP
emaj-120	69	21	traditional	traditional	ADJ
emaj-120	69	22	and	and	CCONJ
emaj-120	69	23	low	low	ADJ
emaj-120	69	24	-	-	PUNCT
emaj-120	69	25	risk	risk	NOUN
emaj-120	69	26	assets	asset	NOUN
emaj-120	69	27	.	.	PUNCT
emaj-120	70	1	the	the	DET
emaj-120	70	2	third	third	ADJ
emaj-120	70	3	and	and	CCONJ
emaj-120	70	4	final	final	ADJ
emaj-120	70	5	approach	approach	NOUN
emaj-120	70	6	,	,	PUNCT
emaj-120	70	7	bpt	bpt	NOUN
emaj-120	70	8	-	-	PUNCT
emaj-120	70	9	as	as	ADP
emaj-120	70	10	(	(	PUNCT
emaj-120	70	11	theory	theory	NOUN
emaj-120	70	12	,	,	PUNCT
emaj-120	70	13	security	security	NOUN
emaj-120	70	14	,	,	PUNCT
emaj-120	70	15	potential	potential	ADJ
emaj-120	70	16	and	and	CCONJ
emaj-120	70	17	aspiration	aspiration	NOUN
emaj-120	70	18	theory	theory	NOUN
emaj-120	70	19	+	+	CCONJ
emaj-120	70	20	prospect	prospect	NOUN
emaj-120	70	21	theory	theory	NOUN
emaj-120	70	22	)	)	PUNCT
emaj-120	70	23	,	,	PUNCT
emaj-120	70	24	complements	complement	VERB
emaj-120	70	25	the	the	DET
emaj-120	70	26	two	two	NUM
emaj-120	70	27	previous	previous	ADJ
emaj-120	70	28	approaches	approach	NOUN
emaj-120	70	29	to	to	PART
emaj-120	70	30	prospect	prospect	NOUN
emaj-120	70	31	theory	theory	NOUN
emaj-120	70	32	(	(	PUNCT
emaj-120	70	33	kahneman	kahneman	NOUN
emaj-120	70	34	and	and	CCONJ
emaj-120	70	35	tversky	tversky	ADJ
emaj-120	70	36	,	,	PUNCT
emaj-120	70	37	1979	1979	NUM
emaj-120	70	38	)	)	PUNCT
emaj-120	70	39	.	.	PUNCT
emaj-120	71	1	the	the	DET
emaj-120	71	2	investor	investor	NOUN
emaj-120	71	3	’s	’s	PART
emaj-120	71	4	motivation	motivation	NOUN
emaj-120	71	5	is	be	AUX
emaj-120	71	6	the	the	DET
emaj-120	71	7	security	security	NOUN
emaj-120	71	8	instincts	instinct	NOUN
emaj-120	71	9	,	,	PUNCT
emaj-120	71	10	but	but	CCONJ
emaj-120	71	11	invest	invest	VERB
emaj-120	71	12	in	in	ADP
emaj-120	71	13	different	different	ADJ
emaj-120	71	14	assets	asset	NOUN
emaj-120	71	15	by	by	ADP
emaj-120	71	16	seeking	seek	VERB
emaj-120	71	17	higher	high	ADJ
emaj-120	71	18	rates	rate	NOUN
emaj-120	71	19	of	of	ADP
emaj-120	71	20	return	return	NOUN
emaj-120	71	21	and	and	CCONJ
emaj-120	71	22	higher	high	ADJ
emaj-120	71	23	levels	level	NOUN
emaj-120	71	24	of	of	ADP
emaj-120	71	25	wealth	wealth	NOUN
emaj-120	71	26	.	.	PUNCT
emaj-120	72	1	the	the	DET
emaj-120	72	2	difference	difference	NOUN
emaj-120	72	3	in	in	ADP
emaj-120	72	4	this	this	DET
emaj-120	72	5	approach	approach	NOUN
emaj-120	72	6	is	be	AUX
emaj-120	72	7	the	the	DET
emaj-120	72	8	addition	addition	NOUN
emaj-120	72	9	of	of	ADP
emaj-120	72	10	all	all	DET
emaj-120	72	11	cognitive	cognitive	ADJ
emaj-120	72	12	biases	bias	NOUN
emaj-120	72	13	in	in	ADP
emaj-120	72	14	financial	financial	ADJ
emaj-120	72	15	decisionmaking	decisionmaking	NOUN
emaj-120	72	16	.	.	PUNCT
emaj-120	73	1	cognitive	cognitive	ADJ
emaj-120	73	2	biases	bias	NOUN
emaj-120	73	3	in	in	ADP
emaj-120	73	4	investment	investment	NOUN
emaj-120	73	5	interfere	interfere	VERB
emaj-120	73	6	in	in	ADP
emaj-120	73	7	mental	mental	ADJ
emaj-120	73	8	processes	process	NOUN
emaj-120	73	9	,	,	PUNCT
emaj-120	73	10	generating	generate	VERB
emaj-120	73	11	decision	decision	NOUN
emaj-120	73	12	biases	bias	NOUN
emaj-120	73	13	that	that	PRON
emaj-120	73	14	may	may	AUX
emaj-120	73	15	violate	violate	VERB
emaj-120	73	16	the	the	DET
emaj-120	73	17	axioms	axiom	NOUN
emaj-120	73	18	of	of	ADP
emaj-120	73	19	rationality	rationality	NOUN
emaj-120	73	20	and	and	CCONJ
emaj-120	73	21	leading	lead	VERB
emaj-120	73	22	investors	investor	NOUN
emaj-120	73	23	to	to	PART
emaj-120	73	24	allocate	allocate	VERB
emaj-120	73	25	their	their	PRON
emaj-120	73	26	resources	resource	NOUN
emaj-120	73	27	in	in	ADP
emaj-120	73	28	investments	investment	NOUN
emaj-120	73	29	that	that	PRON
emaj-120	73	30	generate	generate	VERB
emaj-120	73	31	lower	low	ADJ
emaj-120	73	32	rates	rate	NOUN
emaj-120	73	33	of	of	ADP
emaj-120	73	34	return	return	NOUN
emaj-120	73	35	or	or	CCONJ
emaj-120	73	36	assume	assume	VERB
emaj-120	73	37	higher	high	ADJ
emaj-120	73	38	levels	level	NOUN
emaj-120	73	39	of	of	ADP
emaj-120	73	40	risk	risk	NOUN
emaj-120	73	41	.	.	PUNCT
emaj-120	74	1	among	among	ADP
emaj-120	74	2	the	the	DET
emaj-120	74	3	biases	bias	NOUN
emaj-120	74	4	are	be	AUX
emaj-120	74	5	:	:	PUNCT
emaj-120	74	6	loss	loss	NOUN
emaj-120	74	7	aversion	aversion	NOUN
emaj-120	74	8	,	,	PUNCT
emaj-120	74	9	anchoring	anchoring	NOUN
emaj-120	74	10	,	,	PUNCT
emaj-120	74	11	volume	volume	NOUN
emaj-120	74	12	7	7	NUM
emaj-120	74	13	no	no	DET
emaj-120	74	14	1	1	NUM
emaj-120	74	15	(	(	PUNCT
emaj-120	74	16	2017	2017	NUM
emaj-120	74	17	)	)	PUNCT
emaj-120	74	18	|	|	ADV
emaj-120	74	19	issn	issn	VERB
emaj-120	74	20	2158	2158	NUM
emaj-120	74	21	-	-	SYM
emaj-120	74	22	8708	8708	NUM
emaj-120	74	23	(	(	PUNCT
emaj-120	74	24	online	online	NOUN
emaj-120	74	25	)	)	PUNCT
emaj-120	74	26	|	|	ADV
emaj-120	74	27	doi	doi	X
emaj-120	74	28	10.5195	10.5195	NUM
emaj-120	74	29	/	/	SYM
emaj-120	74	30	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	74	31	|	|	NOUN
emaj-120	74	32	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-120	74	33	investment	investment	NOUN
emaj-120	74	34	portfolios	portfolio	NOUN
emaj-120	74	35	in	in	ADP
emaj-120	74	36	an	an	DET
emaj-120	74	37	emerging	emerge	VERB
emaj-120	74	38	economy	economy	NOUN
emaj-120	74	39	:	:	PUNCT
emaj-120	74	40	what	what	PRON
emaj-120	74	41	drives	drive	VERB
emaj-120	74	42	portfolio	portfolio	NOUN
emaj-120	74	43	’s	’s	PART
emaj-120	74	44	diversification	diversification	NOUN
emaj-120	74	45	?	?	PUNCT
emaj-120	75	1	page	page	NOUN
emaj-120	75	2	|3|	|3|	X
emaj-120	75	3	emerging	emerge	VERB
emaj-120	75	4	markets	market	NOUN
emaj-120	75	5	journal	journal	NOUN
emaj-120	75	6	availability	availability	NOUN
emaj-120	75	7	,	,	PUNCT
emaj-120	75	8	herd	herd	NOUN
emaj-120	75	9	behavior	behavior	NOUN
emaj-120	75	10	,	,	PUNCT
emaj-120	75	11	local	local	ADJ
emaj-120	75	12	trends	trend	NOUN
emaj-120	75	13	and	and	CCONJ
emaj-120	75	14	overconfidence	overconfidence	NOUN
emaj-120	75	15	(	(	PUNCT
emaj-120	75	16	kahneman	kahneman	NOUN
emaj-120	75	17	and	and	CCONJ
emaj-120	75	18	tversky	tversky	ADJ
emaj-120	75	19	,	,	PUNCT
emaj-120	75	20	1979	1979	NUM
emaj-120	75	21	)	)	PUNCT
emaj-120	75	22	,	,	PUNCT
emaj-120	75	23	(	(	PUNCT
emaj-120	75	24	de	de	X
emaj-120	75	25	bondt	bondt	NOUN
emaj-120	75	26	e	e	PROPN
emaj-120	75	27	thaler	thaler	NOUN
emaj-120	75	28	,	,	PUNCT
emaj-120	75	29	1994	1994	NUM
emaj-120	75	30	)	)	PUNCT
emaj-120	75	31	.	.	PUNCT
emaj-120	76	1	loss	loss	NOUN
emaj-120	76	2	aversion	aversion	NOUN
emaj-120	76	3	may	may	AUX
emaj-120	76	4	be	be	AUX
emaj-120	76	5	present	present	ADJ
emaj-120	76	6	only	only	ADV
emaj-120	76	7	when	when	SCONJ
emaj-120	76	8	the	the	DET
emaj-120	76	9	investment	investment	NOUN
emaj-120	76	10	has	have	AUX
emaj-120	76	11	improved	improve	VERB
emaj-120	76	12	,	,	PUNCT
emaj-120	76	13	imposing	impose	VERB
emaj-120	76	14	a	a	DET
emaj-120	76	15	desire	desire	NOUN
emaj-120	76	16	to	to	PART
emaj-120	76	17	preserve	preserve	VERB
emaj-120	76	18	the	the	DET
emaj-120	76	19	achieved	achieve	VERB
emaj-120	76	20	return	return	NOUN
emaj-120	76	21	.	.	PUNCT
emaj-120	77	1	in	in	ADP
emaj-120	77	2	investments	investment	NOUN
emaj-120	77	3	facing	face	VERB
emaj-120	77	4	losses	loss	NOUN
emaj-120	77	5	,	,	PUNCT
emaj-120	77	6	investors	investor	NOUN
emaj-120	77	7	tend	tend	VERB
emaj-120	77	8	to	to	PART
emaj-120	77	9	take	take	VERB
emaj-120	77	10	greater	great	ADJ
emaj-120	77	11	risks	risk	NOUN
emaj-120	77	12	because	because	SCONJ
emaj-120	77	13	they	they	PRON
emaj-120	77	14	believe	believe	VERB
emaj-120	77	15	they	they	PRON
emaj-120	77	16	can	can	AUX
emaj-120	77	17	recover	recover	VERB
emaj-120	77	18	past	past	ADJ
emaj-120	77	19	losses	loss	NOUN
emaj-120	77	20	by	by	ADP
emaj-120	77	21	relocating	relocate	VERB
emaj-120	77	22	in	in	ADP
emaj-120	77	23	riskier	risky	ADJ
emaj-120	77	24	assets	asset	NOUN
emaj-120	77	25	(	(	PUNCT
emaj-120	77	26	köbberling	köbberling	NOUN
emaj-120	77	27	and	and	CCONJ
emaj-120	77	28	walker	walker	NOUN
emaj-120	77	29	,	,	PUNCT
emaj-120	77	30	2005	2005	NUM
emaj-120	77	31	)	)	PUNCT
emaj-120	77	32	.	.	PUNCT
emaj-120	78	1	psychological	psychological	ADJ
emaj-120	78	2	biases	bias	NOUN
emaj-120	78	3	can	can	AUX
emaj-120	78	4	affect	affect	VERB
emaj-120	78	5	self	self	NOUN
emaj-120	78	6	-	-	PUNCT
emaj-120	78	7	control	control	NOUN
emaj-120	78	8	,	,	PUNCT
emaj-120	78	9	misleading	mislead	VERB
emaj-120	78	10	their	their	PRON
emaj-120	78	11	comprehension	comprehension	NOUN
emaj-120	78	12	about	about	ADP
emaj-120	78	13	their	their	PRON
emaj-120	78	14	actions	action	NOUN
emaj-120	78	15	.	.	PUNCT
emaj-120	79	1	anchoring	anchoring	NOUN
emaj-120	79	2	is	be	AUX
emaj-120	79	3	a	a	DET
emaj-120	79	4	behavioral	behavioral	ADJ
emaj-120	79	5	bias	bias	NOUN
emaj-120	79	6	that	that	PRON
emaj-120	79	7	biases	bias	VERB
emaj-120	79	8	decisions	decision	NOUN
emaj-120	79	9	toward	toward	ADP
emaj-120	79	10	initial	initial	ADJ
emaj-120	79	11	values	value	NOUN
emaj-120	79	12	,	,	PUNCT
emaj-120	79	13	i.e.	i.e.	X
emaj-120	79	14	,	,	PUNCT
emaj-120	79	15	a	a	DET
emaj-120	79	16	limitation	limitation	NOUN
emaj-120	79	17	in	in	ADP
emaj-120	79	18	the	the	DET
emaj-120	79	19	decision	decision	NOUN
emaj-120	79	20	-	-	PUNCT
emaj-120	79	21	making	make	VERB
emaj-120	79	22	process	process	NOUN
emaj-120	79	23	,	,	PUNCT
emaj-120	79	24	leaving	leave	VERB
emaj-120	79	25	the	the	DET
emaj-120	79	26	investor	investor	NOUN
emaj-120	79	27	tied	tie	VERB
emaj-120	79	28	to	to	ADP
emaj-120	79	29	a	a	DET
emaj-120	79	30	past	past	ADJ
emaj-120	79	31	target	target	NOUN
emaj-120	79	32	return	return	NOUN
emaj-120	79	33	,	,	PUNCT
emaj-120	79	34	the	the	DET
emaj-120	79	35	result	result	NOUN
emaj-120	79	36	of	of	ADP
emaj-120	79	37	a	a	DET
emaj-120	79	38	payoff	payoff	NOUN
emaj-120	79	39	from	from	ADP
emaj-120	79	40	a	a	DET
emaj-120	79	41	past	past	ADJ
emaj-120	79	42	time	time	NOUN
emaj-120	79	43	(	(	PUNCT
emaj-120	79	44	jacowitz	jacowitz	PROPN
emaj-120	79	45	and	and	CCONJ
emaj-120	79	46	kahneman	kahneman	NOUN
emaj-120	79	47	,	,	PUNCT
emaj-120	79	48	1995	1995	NUM
emaj-120	79	49	)	)	PUNCT
emaj-120	79	50	.	.	PUNCT
emaj-120	80	1	furthermore	furthermore	ADV
emaj-120	80	2	,	,	PUNCT
emaj-120	80	3	the	the	DET
emaj-120	80	4	individual	individual	NOUN
emaj-120	80	5	may	may	AUX
emaj-120	80	6	invest	invest	VERB
emaj-120	80	7	based	base	VERB
emaj-120	80	8	on	on	ADP
emaj-120	80	9	available	available	ADJ
emaj-120	80	10	information	information	NOUN
emaj-120	80	11	,	,	PUNCT
emaj-120	80	12	called	call	VERB
emaj-120	80	13	availability	availability	NOUN
emaj-120	80	14	bias	bias	NOUN
emaj-120	80	15	,	,	PUNCT
emaj-120	80	16	whereas	whereas	SCONJ
emaj-120	80	17	investors	investor	NOUN
emaj-120	80	18	do	do	AUX
emaj-120	80	19	not	not	PART
emaj-120	80	20	examine	examine	VERB
emaj-120	80	21	other	other	ADJ
emaj-120	80	22	alternatives	alternative	NOUN
emaj-120	80	23	or	or	CCONJ
emaj-120	80	24	additional	additional	ADJ
emaj-120	80	25	information	information	NOUN
emaj-120	80	26	to	to	PART
emaj-120	80	27	allocate	allocate	VERB
emaj-120	80	28	financial	financial	ADJ
emaj-120	80	29	resources	resource	NOUN
emaj-120	80	30	.	.	PUNCT
emaj-120	81	1	individuals	individual	NOUN
emaj-120	81	2	evaluate	evaluate	VERB
emaj-120	81	3	the	the	DET
emaj-120	81	4	chance	chance	NOUN
emaj-120	81	5	that	that	SCONJ
emaj-120	81	6	some	some	DET
emaj-120	81	7	event	event	NOUN
emaj-120	81	8	will	will	AUX
emaj-120	81	9	happen	happen	VERB
emaj-120	81	10	from	from	ADP
emaj-120	81	11	the	the	DET
emaj-120	81	12	comparable	comparable	ADJ
emaj-120	81	13	events	event	NOUN
emaj-120	81	14	that	that	PRON
emaj-120	81	15	have	have	AUX
emaj-120	81	16	occurred	occur	VERB
emaj-120	81	17	previously	previously	ADV
emaj-120	81	18	(	(	PUNCT
emaj-120	81	19	barberis	barberis	NOUN
emaj-120	81	20	and	and	CCONJ
emaj-120	81	21	thaler	thaler	NOUN
emaj-120	81	22	,	,	PUNCT
emaj-120	81	23	2003	2003	NUM
emaj-120	81	24	)	)	PUNCT
emaj-120	81	25	.	.	PUNCT
emaj-120	82	1	herd	herd	NOUN
emaj-120	82	2	behavior	behavior	NOUN
emaj-120	82	3	drives	drive	VERB
emaj-120	82	4	investors	investor	NOUN
emaj-120	82	5	to	to	PART
emaj-120	82	6	replicate	replicate	VERB
emaj-120	82	7	the	the	DET
emaj-120	82	8	decisions	decision	NOUN
emaj-120	82	9	made	make	VERB
emaj-120	82	10	by	by	ADP
emaj-120	82	11	other	other	ADJ
emaj-120	82	12	investors	investor	NOUN
emaj-120	82	13	.	.	PUNCT
emaj-120	83	1	the	the	DET
emaj-120	83	2	belief	belief	NOUN
emaj-120	83	3	is	be	AUX
emaj-120	83	4	that	that	SCONJ
emaj-120	83	5	other	other	ADJ
emaj-120	83	6	investors	investor	NOUN
emaj-120	83	7	invest	invest	VERB
emaj-120	83	8	with	with	ADP
emaj-120	83	9	more	more	ADJ
emaj-120	83	10	information	information	NOUN
emaj-120	83	11	;	;	PUNCT
emaj-120	83	12	thus	thus	ADV
emaj-120	83	13	,	,	PUNCT
emaj-120	83	14	when	when	SCONJ
emaj-120	83	15	an	an	DET
emaj-120	83	16	individual	individual	NOUN
emaj-120	83	17	makes	make	VERB
emaj-120	83	18	a	a	DET
emaj-120	83	19	decision	decision	NOUN
emaj-120	83	20	based	base	VERB
emaj-120	83	21	on	on	ADP
emaj-120	83	22	what	what	PRON
emaj-120	83	23	the	the	DET
emaj-120	83	24	other	other	ADJ
emaj-120	83	25	investor	investor	NOUN
emaj-120	83	26	did	do	AUX
emaj-120	83	27	,	,	PUNCT
emaj-120	83	28	he	he	PRON
emaj-120	83	29	undervalues	undervalue	VERB
emaj-120	83	30	the	the	DET
emaj-120	83	31	information	information	NOUN
emaj-120	83	32	available	available	ADJ
emaj-120	83	33	in	in	ADP
emaj-120	83	34	the	the	DET
emaj-120	83	35	market	market	NOUN
emaj-120	83	36	(	(	PUNCT
emaj-120	83	37	bikhchandani	bikhchandani	ADJ
emaj-120	83	38	and	and	CCONJ
emaj-120	83	39	sharma	sharma	NOUN
emaj-120	83	40	,	,	PUNCT
emaj-120	83	41	2000	2000	NUM
emaj-120	83	42	)	)	PUNCT
emaj-120	83	43	.	.	PUNCT
emaj-120	84	1	local	local	ADJ
emaj-120	84	2	knowledge	knowledge	NOUN
emaj-120	84	3	can	can	AUX
emaj-120	84	4	also	also	ADV
emaj-120	84	5	be	be	AUX
emaj-120	84	6	present	present	ADJ
emaj-120	84	7	as	as	ADP
emaj-120	84	8	an	an	DET
emaj-120	84	9	investment	investment	NOUN
emaj-120	84	10	decision	decision	NOUN
emaj-120	84	11	bias	bias	NOUN
emaj-120	84	12	if	if	SCONJ
emaj-120	84	13	the	the	DET
emaj-120	84	14	investor	investor	NOUN
emaj-120	84	15	chooses	choose	VERB
emaj-120	84	16	to	to	PART
emaj-120	84	17	allocate	allocate	VERB
emaj-120	84	18	its	its	PRON
emaj-120	84	19	resources	resource	NOUN
emaj-120	84	20	only	only	ADV
emaj-120	84	21	in	in	ADP
emaj-120	84	22	markets	market	NOUN
emaj-120	84	23	in	in	ADP
emaj-120	84	24	which	which	PRON
emaj-120	84	25	it	it	PRON
emaj-120	84	26	already	already	ADV
emaj-120	84	27	has	have	VERB
emaj-120	84	28	a	a	DET
emaj-120	84	29	level	level	NOUN
emaj-120	84	30	of	of	ADP
emaj-120	84	31	information	information	NOUN
emaj-120	84	32	and	and	CCONJ
emaj-120	84	33	greater	great	ADJ
emaj-120	84	34	familiarity	familiarity	NOUN
emaj-120	84	35	(	(	PUNCT
emaj-120	84	36	coval	coval	NOUN
emaj-120	84	37	and	and	CCONJ
emaj-120	84	38	moskowitz	moskowitz	PROPN
emaj-120	84	39	,	,	PUNCT
emaj-120	84	40	1999	1999	NUM
emaj-120	84	41	)	)	PUNCT
emaj-120	84	42	.	.	PUNCT
emaj-120	85	1	the	the	DET
emaj-120	85	2	overconfidence	overconfidence	NOUN
emaj-120	85	3	bias	bias	NOUN
emaj-120	85	4	could	could	AUX
emaj-120	85	5	lead	lead	VERB
emaj-120	85	6	investors	investor	NOUN
emaj-120	85	7	to	to	PART
emaj-120	85	8	believe	believe	VERB
emaj-120	85	9	that	that	SCONJ
emaj-120	85	10	they	they	PRON
emaj-120	85	11	have	have	VERB
emaj-120	85	12	a	a	DET
emaj-120	85	13	comparative	comparative	ADJ
emaj-120	85	14	advantage	advantage	NOUN
emaj-120	85	15	in	in	ADP
emaj-120	85	16	the	the	DET
emaj-120	85	17	analysis	analysis	NOUN
emaj-120	85	18	and	and	CCONJ
emaj-120	85	19	valuation	valuation	NOUN
emaj-120	85	20	of	of	ADP
emaj-120	85	21	assets	asset	NOUN
emaj-120	85	22	relative	relative	ADJ
emaj-120	85	23	to	to	ADP
emaj-120	85	24	the	the	DET
emaj-120	85	25	market	market	NOUN
emaj-120	85	26	,	,	PUNCT
emaj-120	85	27	holding	hold	VERB
emaj-120	85	28	losing	lose	VERB
emaj-120	85	29	positions	position	NOUN
emaj-120	85	30	(	(	PUNCT
emaj-120	85	31	plous	plous	ADJ
emaj-120	85	32	,	,	PUNCT
emaj-120	85	33	1993	1993	NUM
emaj-120	85	34	)	)	PUNCT
emaj-120	85	35	.	.	PUNCT
emaj-120	86	1	few	few	ADJ
emaj-120	86	2	empirical	empirical	ADJ
emaj-120	86	3	studies	study	NOUN
emaj-120	86	4	seek	seek	VERB
emaj-120	86	5	to	to	PART
emaj-120	86	6	understand	understand	VERB
emaj-120	86	7	the	the	DET
emaj-120	86	8	behavior	behavior	NOUN
emaj-120	86	9	of	of	ADP
emaj-120	86	10	brazilian	brazilian	ADJ
emaj-120	86	11	investors	investor	NOUN
emaj-120	86	12	in	in	ADP
emaj-120	86	13	light	light	NOUN
emaj-120	86	14	of	of	ADP
emaj-120	86	15	behavioral	behavioral	ADJ
emaj-120	86	16	finance	finance	NOUN
emaj-120	86	17	.	.	PUNCT
emaj-120	87	1	the	the	DET
emaj-120	87	2	discussion	discussion	NOUN
emaj-120	87	3	in	in	ADP
emaj-120	87	4	the	the	DET
emaj-120	87	5	literature	literature	NOUN
emaj-120	87	6	is	be	AUX
emaj-120	87	7	intriguing	intriguing	ADJ
emaj-120	87	8	and	and	CCONJ
emaj-120	87	9	stimulates	stimulate	VERB
emaj-120	87	10	research	research	NOUN
emaj-120	87	11	to	to	PART
emaj-120	87	12	understand	understand	VERB
emaj-120	87	13	whether	whether	SCONJ
emaj-120	87	14	brazilian	brazilian	ADJ
emaj-120	87	15	investors	investor	NOUN
emaj-120	87	16	allocate	allocate	VERB
emaj-120	87	17	their	their	PRON
emaj-120	87	18	financial	financial	ADJ
emaj-120	87	19	resources	resource	NOUN
emaj-120	87	20	following	follow	VERB
emaj-120	87	21	the	the	DET
emaj-120	87	22	model	model	NOUN
emaj-120	87	23	of	of	ADP
emaj-120	87	24	rationality	rationality	NOUN
emaj-120	87	25	or	or	CCONJ
emaj-120	87	26	whether	whether	SCONJ
emaj-120	87	27	they	they	PRON
emaj-120	87	28	decide	decide	VERB
emaj-120	87	29	by	by	ADP
emaj-120	87	30	psychological	psychological	ADJ
emaj-120	87	31	factors	factor	NOUN
emaj-120	87	32	.	.	PUNCT
emaj-120	88	1	in	in	ADP
emaj-120	88	2	the	the	DET
emaj-120	88	3	united	united	PROPN
emaj-120	88	4	states	states	PROPN
emaj-120	88	5	,	,	PUNCT
emaj-120	88	6	several	several	ADJ
emaj-120	88	7	studies	study	NOUN
emaj-120	88	8	have	have	AUX
emaj-120	88	9	analyzed	analyze	VERB
emaj-120	88	10	the	the	DET
emaj-120	88	11	portfolio	portfolio	NOUN
emaj-120	88	12	diversification	diversification	NOUN
emaj-120	88	13	and	and	CCONJ
emaj-120	88	14	investments	investment	NOUN
emaj-120	88	15	in	in	ADP
emaj-120	88	16	risky	risky	ADJ
emaj-120	88	17	assets	asset	NOUN
emaj-120	88	18	of	of	ADP
emaj-120	88	19	individual	individual	ADJ
emaj-120	88	20	investors	investor	NOUN
emaj-120	88	21	.	.	PUNCT
emaj-120	89	1	the	the	DET
emaj-120	89	2	theories	theory	NOUN
emaj-120	89	3	of	of	ADP
emaj-120	89	4	diversification	diversification	NOUN
emaj-120	89	5	do	do	AUX
emaj-120	89	6	not	not	PART
emaj-120	89	7	appear	appear	VERB
emaj-120	89	8	to	to	PART
emaj-120	89	9	describe	describe	VERB
emaj-120	89	10	investors	investor	NOUN
emaj-120	89	11	’	'	PUNCT
emaj-120	89	12	decisions	decision	NOUN
emaj-120	89	13	properly	properly	ADV
emaj-120	89	14	,	,	PUNCT
emaj-120	89	15	given	give	VERB
emaj-120	89	16	that	that	SCONJ
emaj-120	89	17	u.s	u.s	PROPN
emaj-120	89	18	.	.	PROPN
emaj-120	89	19	investors	investor	NOUN
emaj-120	89	20	,	,	PUNCT
emaj-120	89	21	analyzed	analyze	VERB
emaj-120	89	22	based	base	VERB
emaj-120	89	23	on	on	ADP
emaj-120	89	24	the	the	DET
emaj-120	89	25	survey	survey	NOUN
emaj-120	89	26	of	of	ADP
emaj-120	89	27	consumer	consumer	NOUN
emaj-120	89	28	finances	finance	NOUN
emaj-120	89	29	1983	1983	NUM
emaj-120	89	30	,	,	PUNCT
emaj-120	89	31	have	have	AUX
emaj-120	89	32	under	under	ADV
emaj-120	89	33	-	-	PUNCT
emaj-120	89	34	diversified	diversify	VERB
emaj-120	89	35	portfolios	portfolio	NOUN
emaj-120	89	36	(	(	PUNCT
emaj-120	89	37	kelly	kelly	ADV
emaj-120	89	38	,	,	PUNCT
emaj-120	89	39	1995	1995	NUM
emaj-120	89	40	)	)	PUNCT
emaj-120	89	41	.	.	PUNCT
emaj-120	90	1	as	as	ADP
emaj-120	90	2	a	a	DET
emaj-120	90	3	possible	possible	ADJ
emaj-120	90	4	explanation	explanation	NOUN
emaj-120	90	5	for	for	ADP
emaj-120	90	6	investor	investor	NOUN
emaj-120	90	7	behavior	behavior	NOUN
emaj-120	90	8	,	,	PUNCT
emaj-120	90	9	the	the	DET
emaj-120	90	10	overconfidence	overconfidence	NOUN
emaj-120	90	11	bias	bias	NOUN
emaj-120	90	12	can	can	AUX
emaj-120	90	13	affect	affect	VERB
emaj-120	90	14	investment	investment	NOUN
emaj-120	90	15	decisions	decision	NOUN
emaj-120	90	16	and	and	CCONJ
emaj-120	90	17	lead	lead	VERB
emaj-120	90	18	investors	investor	NOUN
emaj-120	90	19	to	to	ADP
emaj-120	90	20	less	less	ADV
emaj-120	90	21	-	-	PUNCT
emaj-120	90	22	diversified	diversify	VERB
emaj-120	90	23	portfolios	portfolio	NOUN
emaj-120	90	24	and	and	CCONJ
emaj-120	90	25	a	a	DET
emaj-120	90	26	greater	great	ADJ
emaj-120	90	27	exposure	exposure	NOUN
emaj-120	90	28	to	to	ADP
emaj-120	90	29	risky	risky	ADJ
emaj-120	90	30	assets	asset	NOUN
emaj-120	90	31	.	.	PUNCT
emaj-120	91	1	kelly	kelly	PROPN
emaj-120	91	2	(	(	PUNCT
emaj-120	91	3	1985	1985	NUM
emaj-120	91	4	)	)	PUNCT
emaj-120	91	5	tests	test	VERB
emaj-120	91	6	the	the	DET
emaj-120	91	7	effect	effect	NOUN
emaj-120	91	8	of	of	ADP
emaj-120	91	9	various	various	ADJ
emaj-120	91	10	investors	investor	NOUN
emaj-120	91	11	’	'	PUNCT
emaj-120	91	12	characteristics	characteristic	NOUN
emaj-120	91	13	in	in	ADP
emaj-120	91	14	the	the	DET
emaj-120	91	15	level	level	NOUN
emaj-120	91	16	of	of	ADP
emaj-120	91	17	portfolio	portfolio	NOUN
emaj-120	91	18	diversification	diversification	NOUN
emaj-120	91	19	,	,	PUNCT
emaj-120	91	20	among	among	ADP
emaj-120	91	21	them	they	PRON
emaj-120	91	22	:	:	PUNCT
emaj-120	91	23	age	age	NOUN
emaj-120	91	24	,	,	PUNCT
emaj-120	91	25	education	education	NOUN
emaj-120	91	26	level	level	NOUN
emaj-120	91	27	,	,	PUNCT
emaj-120	91	28	occupation	occupation	NOUN
emaj-120	91	29	,	,	PUNCT
emaj-120	91	30	and	and	CCONJ
emaj-120	91	31	risk	risk	NOUN
emaj-120	91	32	profiles	profile	NOUN
emaj-120	91	33	.	.	PUNCT
emaj-120	92	1	however	however	ADV
emaj-120	92	2	,	,	PUNCT
emaj-120	92	3	none	none	NOUN
emaj-120	92	4	of	of	ADP
emaj-120	92	5	the	the	DET
emaj-120	92	6	personal	personal	ADJ
emaj-120	92	7	characteristics	characteristic	NOUN
emaj-120	92	8	is	be	AUX
emaj-120	92	9	significant	significant	ADJ
emaj-120	92	10	to	to	PART
emaj-120	92	11	improve	improve	VERB
emaj-120	92	12	the	the	DET
emaj-120	92	13	understanding	understanding	NOUN
emaj-120	92	14	of	of	ADP
emaj-120	92	15	investors	investor	NOUN
emaj-120	92	16	’	'	PUNCT
emaj-120	92	17	decisions	decision	NOUN
emaj-120	92	18	.	.	PUNCT
emaj-120	93	1	a	a	DET
emaj-120	93	2	complementary	complementary	ADJ
emaj-120	93	3	study	study	NOUN
emaj-120	93	4	using	use	VERB
emaj-120	93	5	data	datum	NOUN
emaj-120	93	6	from	from	ADP
emaj-120	93	7	the	the	DET
emaj-120	93	8	survey	survey	NOUN
emaj-120	93	9	of	of	ADP
emaj-120	93	10	consumer	consumer	NOUN
emaj-120	93	11	finances	finance	NOUN
emaj-120	93	12	between	between	ADP
emaj-120	93	13	1992	1992	NUM
emaj-120	93	14	and	and	CCONJ
emaj-120	93	15	2001	2001	NUM
emaj-120	93	16	seeks	seek	VERB
emaj-120	93	17	to	to	PART
emaj-120	93	18	find	find	VERB
emaj-120	93	19	the	the	DET
emaj-120	93	20	determinants	determinant	NOUN
emaj-120	93	21	of	of	ADP
emaj-120	93	22	equity	equity	NOUN
emaj-120	93	23	investment	investment	NOUN
emaj-120	93	24	in	in	ADP
emaj-120	93	25	the	the	DET
emaj-120	93	26	u.s	u.s	PROPN
emaj-120	93	27	.	.	PROPN
emaj-120	93	28	market	market	NOUN
emaj-120	93	29	(	(	PUNCT
emaj-120	93	30	shum	shum	NOUN
emaj-120	93	31	and	and	CCONJ
emaj-120	93	32	faig	faig	PROPN
emaj-120	93	33	,	,	PUNCT
emaj-120	93	34	2006	2006	NUM
emaj-120	93	35	)	)	PUNCT
emaj-120	93	36	.	.	PUNCT
emaj-120	94	1	shum	shum	PROPN
emaj-120	94	2	and	and	CCONJ
emaj-120	94	3	faig	faig	PROPN
emaj-120	94	4	(	(	PUNCT
emaj-120	94	5	2006	2006	NUM
emaj-120	94	6	)	)	PUNCT
emaj-120	94	7	include	include	VERB
emaj-120	94	8	investors	investor	NOUN
emaj-120	94	9	’	’	PART
emaj-120	94	10	characteristics	characteristic	NOUN
emaj-120	94	11	to	to	PART
emaj-120	94	12	understand	understand	VERB
emaj-120	94	13	their	their	PRON
emaj-120	94	14	financial	financial	ADJ
emaj-120	94	15	allocation	allocation	NOUN
emaj-120	94	16	.	.	PUNCT
emaj-120	95	1	authors	author	NOUN
emaj-120	95	2	note	note	VERB
emaj-120	95	3	a	a	DET
emaj-120	95	4	great	great	ADJ
emaj-120	95	5	heterogeneity	heterogeneity	NOUN
emaj-120	95	6	in	in	ADP
emaj-120	95	7	the	the	DET
emaj-120	95	8	financial	financial	ADJ
emaj-120	95	9	allocation	allocation	NOUN
emaj-120	95	10	,	,	PUNCT
emaj-120	95	11	identifying	identify	VERB
emaj-120	95	12	that	that	SCONJ
emaj-120	95	13	the	the	DET
emaj-120	95	14	decision	decision	NOUN
emaj-120	95	15	to	to	PART
emaj-120	95	16	hold	hold	VERB
emaj-120	95	17	equities	equity	NOUN
emaj-120	95	18	in	in	ADP
emaj-120	95	19	investors	investor	NOUN
emaj-120	95	20	’	’	PART
emaj-120	95	21	portfolios	portfolio	NOUN
emaj-120	95	22	positively	positively	ADV
emaj-120	95	23	correlated	correlate	VERB
emaj-120	95	24	with	with	ADP
emaj-120	95	25	an	an	DET
emaj-120	95	26	investor	investor	NOUN
emaj-120	95	27	’s	’s	PART
emaj-120	95	28	total	total	ADJ
emaj-120	95	29	investment	investment	NOUN
emaj-120	95	30	,	,	PUNCT
emaj-120	95	31	age	age	NOUN
emaj-120	95	32	,	,	PUNCT
emaj-120	95	33	risk	risk	NOUN
emaj-120	95	34	attitude	attitude	NOUN
emaj-120	95	35	and	and	CCONJ
emaj-120	95	36	reasons	reason	NOUN
emaj-120	95	37	for	for	ADP
emaj-120	95	38	saving	save	VERB
emaj-120	95	39	,	,	PUNCT
emaj-120	95	40	such	such	ADJ
emaj-120	95	41	as	as	ADP
emaj-120	95	42	retirement	retirement	NOUN
emaj-120	95	43	.	.	PUNCT
emaj-120	96	1	investors	investor	NOUN
emaj-120	96	2	aged	age	VERB
emaj-120	96	3	up	up	ADP
emaj-120	96	4	to	to	PART
emaj-120	96	5	50	50	NUM
emaj-120	96	6	years	year	NOUN
emaj-120	96	7	old	old	ADJ
emaj-120	96	8	tend	tend	VERB
emaj-120	96	9	to	to	PART
emaj-120	96	10	have	have	VERB
emaj-120	96	11	more	more	ADJ
emaj-120	96	12	equities	equity	NOUN
emaj-120	96	13	in	in	ADP
emaj-120	96	14	their	their	PRON
emaj-120	96	15	portfolios	portfolio	NOUN
emaj-120	96	16	.	.	PUNCT
emaj-120	97	1	as	as	SCONJ
emaj-120	97	2	investors	investor	NOUN
emaj-120	97	3	surpass	surpass	VERB
emaj-120	97	4	the	the	DET
emaj-120	97	5	age	age	NOUN
emaj-120	97	6	of	of	ADP
emaj-120	97	7	50	50	NUM
emaj-120	97	8	,	,	PUNCT
emaj-120	97	9	they	they	PRON
emaj-120	97	10	reverse	reverse	VERB
emaj-120	97	11	this	this	DET
emaj-120	97	12	tendency	tendency	NOUN
emaj-120	97	13	,	,	PUNCT
emaj-120	97	14	leading	lead	VERB
emaj-120	97	15	to	to	ADP
emaj-120	97	16	a	a	DET
emaj-120	97	17	reduction	reduction	NOUN
emaj-120	97	18	in	in	ADP
emaj-120	97	19	the	the	DET
emaj-120	97	20	number	number	NOUN
emaj-120	97	21	of	of	ADP
emaj-120	97	22	equities	equity	NOUN
emaj-120	97	23	.	.	PUNCT
emaj-120	98	1	in	in	ADP
emaj-120	98	2	addition	addition	NOUN
emaj-120	98	3	,	,	PUNCT
emaj-120	98	4	the	the	DET
emaj-120	98	5	total	total	ADJ
emaj-120	98	6	investments	investment	NOUN
emaj-120	98	7	and	and	CCONJ
emaj-120	98	8	savings	saving	NOUN
emaj-120	98	9	have	have	VERB
emaj-120	98	10	positive	positive	ADJ
emaj-120	98	11	effects	effect	NOUN
emaj-120	98	12	on	on	ADP
emaj-120	98	13	equities	equity	NOUN
emaj-120	98	14	held	hold	VERB
emaj-120	98	15	in	in	ADP
emaj-120	98	16	a	a	DET
emaj-120	98	17	portfolio	portfolio	NOUN
emaj-120	98	18	.	.	PUNCT
emaj-120	99	1	a	a	DET
emaj-120	99	2	study	study	NOUN
emaj-120	99	3	conducted	conduct	VERB
emaj-120	99	4	in	in	ADP
emaj-120	99	5	2008	2008	NUM
emaj-120	99	6	analyzes	analyze	VERB
emaj-120	99	7	american	american	ADJ
emaj-120	99	8	investor	investor	NOUN
emaj-120	99	9	behavior	behavior	NOUN
emaj-120	99	10	and	and	CCONJ
emaj-120	99	11	observes	observe	VERB
emaj-120	99	12	poorly	poorly	ADV
emaj-120	99	13	diversified	diversify	VERB
emaj-120	99	14	investment	investment	NOUN
emaj-120	99	15	portfolios	portfolio	NOUN
emaj-120	99	16	(	(	PUNCT
emaj-120	99	17	goetzmann	goetzmann	PROPN
emaj-120	99	18	and	and	CCONJ
emaj-120	99	19	kumar	kumar	PROPN
emaj-120	99	20	,	,	PUNCT
emaj-120	99	21	2008	2008	NUM
emaj-120	99	22	)	)	PUNCT
emaj-120	99	23	.	.	PUNCT
emaj-120	100	1	the	the	DET
emaj-120	100	2	authors	author	NOUN
emaj-120	100	3	note	note	VERB
emaj-120	100	4	that	that	SCONJ
emaj-120	100	5	a	a	DET
emaj-120	100	6	low	low	ADJ
emaj-120	100	7	level	level	NOUN
emaj-120	100	8	of	of	ADP
emaj-120	100	9	diversification	diversification	NOUN
emaj-120	100	10	is	be	AUX
emaj-120	100	11	associated	associate	VERB
emaj-120	100	12	with	with	ADP
emaj-120	100	13	young	young	ADJ
emaj-120	100	14	investors	investor	NOUN
emaj-120	100	15	with	with	ADP
emaj-120	100	16	lower	low	ADJ
emaj-120	100	17	income	income	NOUN
emaj-120	100	18	,	,	PUNCT
emaj-120	100	19	less	less	ADJ
emaj-120	100	20	education	education	NOUN
emaj-120	100	21	and	and	CCONJ
emaj-120	100	22	less	less	ADJ
emaj-120	100	23	sophistication	sophistication	NOUN
emaj-120	100	24	.	.	PUNCT
emaj-120	101	1	from	from	ADP
emaj-120	101	2	the	the	DET
emaj-120	101	3	perspective	perspective	NOUN
emaj-120	101	4	of	of	ADP
emaj-120	101	5	behavioral	behavioral	ADJ
emaj-120	101	6	finance	finance	NOUN
emaj-120	101	7	,	,	PUNCT
emaj-120	101	8	goetzmann	goetzmann	PROPN
emaj-120	101	9	and	and	CCONJ
emaj-120	101	10	kumar	kumar	PROPN
emaj-120	101	11	(	(	PUNCT
emaj-120	101	12	2008	2008	NUM
emaj-120	101	13	)	)	PUNCT
emaj-120	101	14	state	state	NOUN
emaj-120	101	15	that	that	SCONJ
emaj-120	101	16	investment	investment	NOUN
emaj-120	101	17	decisions	decision	NOUN
emaj-120	101	18	are	be	AUX
emaj-120	101	19	consistent	consistent	ADJ
emaj-120	101	20	with	with	ADP
emaj-120	101	21	overconfidence	overconfidence	NOUN
emaj-120	101	22	bias	bias	NOUN
emaj-120	101	23	,	,	PUNCT
emaj-120	101	24	trend	trend	NOUN
emaj-120	101	25	behavior	behavior	NOUN
emaj-120	101	26	and	and	CCONJ
emaj-120	101	27	local	local	ADJ
emaj-120	101	28	bias	bias	NOUN
emaj-120	101	29	.	.	PUNCT
emaj-120	102	1	following	follow	VERB
emaj-120	102	2	,	,	PUNCT
emaj-120	102	3	grable	grable	PROPN
emaj-120	102	4	et	et	PROPN
emaj-120	102	5	.	.	PUNCT
emaj-120	103	1	al	al	PROPN
emaj-120	103	2	.	.	PROPN
emaj-120	104	1	(	(	PUNCT
emaj-120	104	2	2004	2004	NUM
emaj-120	104	3	)	)	PUNCT
emaj-120	104	4	attempt	attempt	VERB
emaj-120	104	5	to	to	PART
emaj-120	104	6	explain	explain	VERB
emaj-120	104	7	why	why	SCONJ
emaj-120	104	8	individuals	individual	NOUN
emaj-120	104	9	exhibit	exhibit	VERB
emaj-120	104	10	behaviors	behavior	NOUN
emaj-120	104	11	that	that	PRON
emaj-120	104	12	do	do	AUX
emaj-120	104	13	not	not	PART
emaj-120	104	14	maximize	maximize	VERB
emaj-120	104	15	the	the	DET
emaj-120	104	16	expected	expect	VERB
emaj-120	104	17	utility	utility	NOUN
emaj-120	104	18	.	.	PUNCT
emaj-120	105	1	the	the	DET
emaj-120	105	2	study	study	NOUN
emaj-120	105	3	explores	explore	VERB
emaj-120	105	4	how	how	SCONJ
emaj-120	105	5	the	the	DET
emaj-120	105	6	projection	projection	ADJ
emaj-120	105	7	behavioral	behavioral	ADJ
emaj-120	105	8	bias	bias	NOUN
emaj-120	105	9	can	can	AUX
emaj-120	105	10	shape	shape	VERB
emaj-120	105	11	financial	financial	ADJ
emaj-120	105	12	risk	risk	NOUN
emaj-120	105	13	tolerance	tolerance	NOUN
emaj-120	105	14	attitudes	attitude	NOUN
emaj-120	105	15	.	.	PUNCT
emaj-120	106	1	the	the	DET
emaj-120	106	2	results	result	NOUN
emaj-120	106	3	suggest	suggest	VERB
emaj-120	106	4	that	that	SCONJ
emaj-120	106	5	changes	change	NOUN
emaj-120	106	6	of	of	ADP
emaj-120	106	7	gender	gender	NOUN
emaj-120	106	8	,	,	PUNCT
emaj-120	106	9	income	income	NOUN
emaj-120	106	10	,	,	PUNCT
emaj-120	106	11	and	and	CCONJ
emaj-120	106	12	stock	stock	NOUN
emaj-120	106	13	market	market	NOUN
emaj-120	106	14	prices	price	NOUN
emaj-120	106	15	,	,	PUNCT
emaj-120	106	16	analyzed	analyze	VERB
emaj-120	106	17	by	by	ADP
emaj-120	106	18	market	market	NOUN
emaj-120	106	19	indices	index	NOUN
emaj-120	106	20	,	,	PUNCT
emaj-120	106	21	help	help	VERB
emaj-120	106	22	to	to	PART
emaj-120	106	23	explain	explain	VERB
emaj-120	106	24	the	the	DET
emaj-120	106	25	risk	risk	NOUN
emaj-120	106	26	attitudes	attitude	NOUN
emaj-120	106	27	.	.	PUNCT
emaj-120	107	1	tolerance	tolerance	NOUN
emaj-120	107	2	appears	appear	VERB
emaj-120	107	3	to	to	PART
emaj-120	107	4	be	be	AUX
emaj-120	107	5	risk	risk	NOUN
emaj-120	107	6	elastic	elastic	ADJ
emaj-120	107	7	and	and	CCONJ
emaj-120	107	8	attitude	attitude	NOUN
emaj-120	107	9	changing	change	VERB
emaj-120	107	10	over	over	ADP
emaj-120	107	11	time	time	NOUN
emaj-120	107	12	.	.	PUNCT
emaj-120	108	1	international	international	ADJ
emaj-120	108	2	studies	study	NOUN
emaj-120	108	3	provide	provide	VERB
emaj-120	108	4	a	a	DET
emaj-120	108	5	strong	strong	ADJ
emaj-120	108	6	base	base	NOUN
emaj-120	108	7	of	of	ADP
emaj-120	108	8	empirical	empirical	ADJ
emaj-120	108	9	support	support	NOUN
emaj-120	108	10	for	for	ADP
emaj-120	108	11	our	our	PRON
emaj-120	108	12	testing	testing	NOUN
emaj-120	108	13	and	and	CCONJ
emaj-120	108	14	allow	allow	VERB
emaj-120	108	15	us	we	PRON
emaj-120	108	16	to	to	PART
emaj-120	108	17	compare	compare	VERB
emaj-120	108	18	the	the	DET
emaj-120	108	19	investment	investment	NOUN
emaj-120	108	20	portfolios	portfolio	NOUN
emaj-120	108	21	of	of	ADP
emaj-120	108	22	brazilians	brazilian	NOUN
emaj-120	108	23	,	,	PUNCT
emaj-120	108	24	their	their	PRON
emaj-120	108	25	level	level	NOUN
emaj-120	108	26	of	of	ADP
emaj-120	108	27	diversification	diversification	NOUN
emaj-120	108	28	and	and	CCONJ
emaj-120	108	29	investment	investment	NOUN
emaj-120	108	30	in	in	ADP
emaj-120	108	31	risky	risky	ADJ
emaj-120	108	32	assets	asset	NOUN
emaj-120	108	33	.	.	PUNCT
emaj-120	109	1	3	3	X
emaj-120	109	2	.	.	X
emaj-120	109	3	data	datum	NOUN
emaj-120	109	4	and	and	CCONJ
emaj-120	109	5	methods	method	NOUN
emaj-120	109	6	we	we	PRON
emaj-120	109	7	use	use	VERB
emaj-120	109	8	a	a	DET
emaj-120	109	9	novel	novel	ADJ
emaj-120	109	10	and	and	CCONJ
emaj-120	109	11	heterogeneous	heterogeneous	ADJ
emaj-120	109	12	database	database	NOUN
emaj-120	109	13	composed	compose	VERB
emaj-120	109	14	of	of	ADP
emaj-120	109	15	500	500	NUM
emaj-120	109	16	brazilian	brazilian	ADJ
emaj-120	109	17	investors	investor	NOUN
emaj-120	109	18	and	and	CCONJ
emaj-120	109	19	2,224	2,224	NUM
emaj-120	109	20	investment	investment	NOUN
emaj-120	109	21	observations	observation	NOUN
emaj-120	109	22	to	to	PART
emaj-120	109	23	attend	attend	VERB
emaj-120	109	24	our	our	PRON
emaj-120	109	25	empirical	empirical	ADJ
emaj-120	109	26	investigation	investigation	NOUN
emaj-120	109	27	.	.	PUNCT
emaj-120	110	1	our	our	PRON
emaj-120	110	2	database	database	NOUN
emaj-120	110	3	provides	provide	VERB
emaj-120	110	4	sufficient	sufficient	ADJ
emaj-120	110	5	details	detail	NOUN
emaj-120	110	6	to	to	PART
emaj-120	110	7	deepen	deepen	VERB
emaj-120	110	8	the	the	DET
emaj-120	110	9	discussion	discussion	NOUN
emaj-120	110	10	of	of	ADP
emaj-120	110	11	the	the	DET
emaj-120	110	12	investment	investment	NOUN
emaj-120	110	13	decisions	decision	NOUN
emaj-120	110	14	of	of	ADP
emaj-120	110	15	brazilians	brazilians	PROPN
emaj-120	110	16	.	.	PUNCT
emaj-120	111	1	we	we	PRON
emaj-120	111	2	construct	construct	VERB
emaj-120	111	3	our	our	PRON
emaj-120	111	4	database	database	NOUN
emaj-120	111	5	based	base	VERB
emaj-120	111	6	on	on	ADP
emaj-120	111	7	the	the	DET
emaj-120	111	8	brazilian	brazilian	ADJ
emaj-120	111	9	supreme	supreme	PROPN
emaj-120	111	10	electoral	electoral	PROPN
emaj-120	111	11	court	court	PROPN
emaj-120	111	12	(	(	PUNCT
emaj-120	111	13	tse	tse	NOUN
emaj-120	111	14	-	-	PUNCT
emaj-120	111	15	tribunal	tribunal	NOUN
emaj-120	111	16	superior	superior	ADJ
emaj-120	111	17	eleitoral	eleitoral	ADJ
emaj-120	111	18	)	)	PUNCT
emaj-120	111	19	website	website	NOUN
emaj-120	111	20	.	.	PUNCT
emaj-120	112	1	the	the	DET
emaj-120	112	2	tse	tse	PROPN
emaj-120	112	3	website	website	NOUN
emaj-120	112	4	maintains	maintain	VERB
emaj-120	112	5	volume	volume	NOUN
emaj-120	112	6	7	7	NUM
emaj-120	112	7	no	no	DET
emaj-120	112	8	1	1	NUM
emaj-120	112	9	(	(	PUNCT
emaj-120	112	10	2017	2017	NUM
emaj-120	112	11	)	)	PUNCT
emaj-120	112	12	|	|	ADV
emaj-120	112	13	issn	issn	VERB
emaj-120	112	14	2158	2158	NUM
emaj-120	112	15	-	-	SYM
emaj-120	112	16	8708	8708	NUM
emaj-120	112	17	(	(	PUNCT
emaj-120	112	18	online	online	NOUN
emaj-120	112	19	)	)	PUNCT
emaj-120	112	20	|	|	ADV
emaj-120	112	21	doi	doi	X
emaj-120	112	22	10.5195	10.5195	NUM
emaj-120	112	23	/	/	SYM
emaj-120	112	24	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	112	25	|	|	NOUN
emaj-120	112	26	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-120	112	27	pedro	pedro	PROPN
emaj-120	112	28	luiz	luiz	PROPN
emaj-120	112	29	albertin	albertin	PROPN
emaj-120	112	30	,	,	PUNCT
emaj-120	112	31	bono	bono	PROPN
emaj-120	112	32	milan	milan	PROPN
emaj-120	112	33	,	,	PUNCT
emaj-120	112	34	william	william	PROPN
emaj-120	112	35	eid	eid	PROPN
emaj-120	112	36	jr	jr	PROPN
emaj-120	112	37	.	.	PUNCT
emaj-120	113	1	emerging	emerge	VERB
emaj-120	113	2	markets	market	NOUN
emaj-120	113	3	journal	journal	NOUN
emaj-120	113	4	|	|	ADV
emaj-120	113	5	p	p	NOUN
emaj-120	113	6	a	a	DET
emaj-120	113	7	g	g	NOUN
emaj-120	113	8	e	e	NOUN
emaj-120	113	9	|4	|4	NUM
emaj-120	113	10	the	the	DET
emaj-120	113	11	investment	investment	NOUN
emaj-120	113	12	portfolios	portfolio	NOUN
emaj-120	113	13	of	of	ADP
emaj-120	113	14	candidates	candidate	NOUN
emaj-120	113	15	for	for	ADP
emaj-120	113	16	the	the	DET
emaj-120	113	17	political	political	ADJ
emaj-120	113	18	positions	position	NOUN
emaj-120	113	19	of	of	ADP
emaj-120	113	20	mayors	mayor	NOUN
emaj-120	113	21	and	and	CCONJ
emaj-120	113	22	councilors	councilor	NOUN
emaj-120	113	23	in	in	ADP
emaj-120	113	24	the	the	DET
emaj-120	113	25	year	year	NOUN
emaj-120	113	26	2012	2012	NUM
emaj-120	113	27	for	for	ADP
emaj-120	113	28	all	all	DET
emaj-120	113	29	brazilian	brazilian	ADJ
emaj-120	113	30	states	state	NOUN
emaj-120	113	31	.	.	PUNCT
emaj-120	114	1	investors	investor	NOUN
emaj-120	114	2	are	be	AUX
emaj-120	114	3	brazilians	brazilians	PROPN
emaj-120	114	4	with	with	ADP
emaj-120	114	5	heterogeneous	heterogeneous	ADJ
emaj-120	114	6	occupations	occupation	NOUN
emaj-120	114	7	not	not	PART
emaj-120	114	8	based	base	VERB
emaj-120	114	9	on	on	ADP
emaj-120	114	10	political	political	ADJ
emaj-120	114	11	occupation	occupation	NOUN
emaj-120	114	12	.	.	PUNCT
emaj-120	115	1	by	by	ADP
emaj-120	115	2	opting	opt	VERB
emaj-120	115	3	for	for	ADP
emaj-120	115	4	the	the	DET
emaj-120	115	5	candidacy	candidacy	NOUN
emaj-120	115	6	for	for	ADP
emaj-120	115	7	a	a	DET
emaj-120	115	8	political	political	ADJ
emaj-120	115	9	position	position	NOUN
emaj-120	115	10	in	in	ADP
emaj-120	115	11	brazil	brazil	PROPN
emaj-120	115	12	,	,	PUNCT
emaj-120	115	13	the	the	DET
emaj-120	115	14	candidate	candidate	NOUN
emaj-120	115	15	must	must	AUX
emaj-120	115	16	release	release	VERB
emaj-120	115	17	all	all	PRON
emaj-120	115	18	of	of	ADP
emaj-120	115	19	its	its	PRON
emaj-120	115	20	assets	asset	NOUN
emaj-120	115	21	and	and	CCONJ
emaj-120	115	22	investments	investment	NOUN
emaj-120	115	23	in	in	ADP
emaj-120	115	24	the	the	DET
emaj-120	115	25	supreme	supreme	PROPN
emaj-120	115	26	electoral	electoral	PROPN
emaj-120	115	27	tribunal	tribunal	PROPN
emaj-120	115	28	website	website	NOUN
emaj-120	115	29	.	.	PUNCT
emaj-120	116	1	while	while	SCONJ
emaj-120	116	2	we	we	PRON
emaj-120	116	3	understand	understand	VERB
emaj-120	116	4	that	that	SCONJ
emaj-120	116	5	there	there	PRON
emaj-120	116	6	may	may	AUX
emaj-120	116	7	be	be	AUX
emaj-120	116	8	a	a	DET
emaj-120	116	9	selection	selection	NOUN
emaj-120	116	10	bias	bias	NOUN
emaj-120	116	11	in	in	ADP
emaj-120	116	12	the	the	DET
emaj-120	116	13	study	study	NOUN
emaj-120	116	14	sample	sample	NOUN
emaj-120	116	15	,	,	PUNCT
emaj-120	116	16	to	to	ADP
emaj-120	116	17	our	our	PRON
emaj-120	116	18	knowledge	knowledge	NOUN
emaj-120	116	19	,	,	PUNCT
emaj-120	116	20	it	it	PRON
emaj-120	116	21	is	be	AUX
emaj-120	116	22	the	the	DET
emaj-120	116	23	only	only	ADJ
emaj-120	116	24	database	database	NOUN
emaj-120	116	25	publicly	publicly	ADV
emaj-120	116	26	available	available	ADJ
emaj-120	116	27	.	.	PUNCT
emaj-120	117	1	moreover	moreover	ADV
emaj-120	117	2	,	,	PUNCT
emaj-120	117	3	we	we	PRON
emaj-120	117	4	believe	believe	VERB
emaj-120	117	5	that	that	SCONJ
emaj-120	117	6	the	the	DET
emaj-120	117	7	impact	impact	NOUN
emaj-120	117	8	is	be	AUX
emaj-120	117	9	minimum	minimum	ADJ
emaj-120	117	10	by	by	ADP
emaj-120	117	11	the	the	DET
emaj-120	117	12	sample	sample	NOUN
emaj-120	117	13	size	size	NOUN
emaj-120	117	14	,	,	PUNCT
emaj-120	117	15	the	the	DET
emaj-120	117	16	heterogeneity	heterogeneity	NOUN
emaj-120	117	17	in	in	ADP
emaj-120	117	18	the	the	DET
emaj-120	117	19	occupations	occupation	NOUN
emaj-120	117	20	of	of	ADP
emaj-120	117	21	these	these	DET
emaj-120	117	22	people	people	NOUN
emaj-120	117	23	and	and	CCONJ
emaj-120	117	24	the	the	DET
emaj-120	117	25	differences	difference	NOUN
emaj-120	117	26	in	in	ADP
emaj-120	117	27	their	their	PRON
emaj-120	117	28	investment	investment	NOUN
emaj-120	117	29	portfolios	portfolio	NOUN
emaj-120	117	30	,	,	PUNCT
emaj-120	117	31	serving	serve	VERB
emaj-120	117	32	as	as	ADP
emaj-120	117	33	a	a	DET
emaj-120	117	34	good	good	ADJ
emaj-120	117	35	proxy	proxy	NOUN
emaj-120	117	36	for	for	ADP
emaj-120	117	37	the	the	DET
emaj-120	117	38	investment	investment	NOUN
emaj-120	117	39	portfolios	portfolio	NOUN
emaj-120	117	40	of	of	ADP
emaj-120	117	41	brazilians	brazilians	PROPN
emaj-120	117	42	.	.	PUNCT
emaj-120	118	1	our	our	PRON
emaj-120	118	2	database	database	NOUN
emaj-120	118	3	reports	report	VERB
emaj-120	118	4	detailed	detailed	ADJ
emaj-120	118	5	allocations	allocation	NOUN
emaj-120	118	6	in	in	ADP
emaj-120	118	7	different	different	ADJ
emaj-120	118	8	assets	asset	NOUN
emaj-120	118	9	with	with	ADP
emaj-120	118	10	at	at	ADV
emaj-120	118	11	least	least	ADV
emaj-120	118	12	17,000	17,000	NUM
emaj-120	118	13	reais	reais	NOUN
emaj-120	118	14	and	and	CCONJ
emaj-120	118	15	at	at	ADP
emaj-120	118	16	most	most	ADJ
emaj-120	118	17	of	of	ADP
emaj-120	118	18	11	11	NUM
emaj-120	118	19	million	million	NUM
emaj-120	118	20	reais	reais	NOUN
emaj-120	118	21	of	of	ADP
emaj-120	118	22	investments	investment	NOUN
emaj-120	118	23	,	,	PUNCT
emaj-120	118	24	and	and	CCONJ
emaj-120	118	25	we	we	PRON
emaj-120	118	26	account	account	VERB
emaj-120	118	27	for	for	ADP
emaj-120	118	28	personal	personal	ADJ
emaj-120	118	29	characteristics	characteristic	NOUN
emaj-120	118	30	such	such	ADJ
emaj-120	118	31	as	as	ADP
emaj-120	118	32	age	age	NOUN
emaj-120	118	33	,	,	PUNCT
emaj-120	118	34	gender	gender	NOUN
emaj-120	118	35	,	,	PUNCT
emaj-120	118	36	marital	marital	ADJ
emaj-120	118	37	status	status	NOUN
emaj-120	118	38	,	,	PUNCT
emaj-120	118	39	education	education	NOUN
emaj-120	118	40	level	level	NOUN
emaj-120	118	41	,	,	PUNCT
emaj-120	118	42	residence	residence	NOUN
emaj-120	118	43	in	in	ADP
emaj-120	118	44	the	the	DET
emaj-120	118	45	capital	capital	NOUN
emaj-120	118	46	city	city	NOUN
emaj-120	118	47	or	or	CCONJ
emaj-120	118	48	countryside	countryside	NOUN
emaj-120	118	49	and	and	CCONJ
emaj-120	118	50	total	total	ADJ
emaj-120	118	51	investment	investment	NOUN
emaj-120	118	52	.	.	PUNCT
emaj-120	119	1	the	the	DET
emaj-120	119	2	total	total	ADJ
emaj-120	119	3	investment	investment	NOUN
emaj-120	119	4	of	of	ADP
emaj-120	119	5	each	each	DET
emaj-120	119	6	investor	investor	NOUN
emaj-120	119	7	is	be	AUX
emaj-120	119	8	in	in	ADP
emaj-120	119	9	natural	natural	ADJ
emaj-120	119	10	logarithm	logarithm	NOUN
emaj-120	119	11	to	to	PART
emaj-120	119	12	capture	capture	VERB
emaj-120	119	13	the	the	DET
emaj-120	119	14	variation	variation	NOUN
emaj-120	119	15	between	between	ADP
emaj-120	119	16	investment	investment	NOUN
emaj-120	119	17	portfolios	portfolio	NOUN
emaj-120	119	18	without	without	ADP
emaj-120	119	19	distorting	distort	VERB
emaj-120	119	20	the	the	DET
emaj-120	119	21	results	result	NOUN
emaj-120	119	22	.	.	PUNCT
emaj-120	120	1	the	the	DET
emaj-120	120	2	average	average	ADJ
emaj-120	120	3	age	age	NOUN
emaj-120	120	4	of	of	ADP
emaj-120	120	5	investors	investor	NOUN
emaj-120	120	6	,	,	PUNCT
emaj-120	120	7	presented	present	VERB
emaj-120	120	8	in	in	ADP
emaj-120	120	9	table	table	NOUN
emaj-120	120	10	1	1	NUM
emaj-120	120	11	,	,	PUNCT
emaj-120	120	12	is	be	AUX
emaj-120	120	13	53	53	NUM
emaj-120	120	14	years	year	NOUN
emaj-120	120	15	old	old	ADJ
emaj-120	120	16	,	,	PUNCT
emaj-120	120	17	with	with	ADP
emaj-120	120	18	a	a	DET
emaj-120	120	19	minimum	minimum	NOUN
emaj-120	120	20	of	of	ADP
emaj-120	120	21	30	30	NUM
emaj-120	120	22	years	year	NOUN
emaj-120	120	23	and	and	CCONJ
emaj-120	120	24	a	a	DET
emaj-120	120	25	maximum	maximum	NOUN
emaj-120	120	26	of	of	ADP
emaj-120	120	27	87	87	NUM
emaj-120	120	28	years	year	NOUN
emaj-120	120	29	old	old	ADJ
emaj-120	120	30	.	.	PUNCT
emaj-120	121	1	these	these	DET
emaj-120	121	2	investors	investor	NOUN
emaj-120	121	3	allocate	allocate	VERB
emaj-120	121	4	their	their	PRON
emaj-120	121	5	resources	resource	NOUN
emaj-120	121	6	in	in	ADP
emaj-120	121	7	four	four	NUM
emaj-120	121	8	different	different	ADJ
emaj-120	121	9	types	type	NOUN
emaj-120	121	10	of	of	ADP
emaj-120	121	11	assets	asset	NOUN
emaj-120	121	12	on	on	ADP
emaj-120	121	13	average	average	ADJ
emaj-120	121	14	,	,	PUNCT
emaj-120	121	15	with	with	ADP
emaj-120	121	16	a	a	DET
emaj-120	121	17	minimum	minimum	ADJ
emaj-120	121	18	investment	investment	NOUN
emaj-120	121	19	of	of	ADP
emaj-120	121	20	1	1	NUM
emaj-120	121	21	and	and	CCONJ
emaj-120	121	22	a	a	DET
emaj-120	121	23	maximum	maximum	NOUN
emaj-120	121	24	of	of	ADP
emaj-120	121	25	13	13	NUM
emaj-120	121	26	different	different	ADJ
emaj-120	121	27	assets	asset	NOUN
emaj-120	121	28	.	.	PUNCT
emaj-120	122	1	observing	observe	VERB
emaj-120	122	2	the	the	DET
emaj-120	122	3	number	number	NOUN
emaj-120	122	4	of	of	ADP
emaj-120	122	5	investments	investment	NOUN
emaj-120	122	6	,	,	PUNCT
emaj-120	122	7	we	we	PRON
emaj-120	122	8	can	can	AUX
emaj-120	122	9	determine	determine	VERB
emaj-120	122	10	that	that	SCONJ
emaj-120	122	11	the	the	DET
emaj-120	122	12	average	average	ADJ
emaj-120	122	13	brazilian	brazilian	ADJ
emaj-120	122	14	investor	investor	NOUN
emaj-120	122	15	is	be	AUX
emaj-120	122	16	under	under	ADV
emaj-120	122	17	-	-	PUNCT
emaj-120	122	18	diversified	diversified	ADJ
emaj-120	122	19	.	.	PUNCT
emaj-120	123	1	among	among	ADP
emaj-120	123	2	all	all	DET
emaj-120	123	3	investors	investor	NOUN
emaj-120	123	4	,	,	PUNCT
emaj-120	123	5	435	435	NUM
emaj-120	123	6	are	be	AUX
emaj-120	123	7	men	man	NOUN
emaj-120	123	8	and	and	CCONJ
emaj-120	123	9	75	75	NUM
emaj-120	123	10	are	be	AUX
emaj-120	123	11	women	woman	NOUN
emaj-120	123	12	,	,	PUNCT
emaj-120	123	13	344	344	NUM
emaj-120	123	14	are	be	AUX
emaj-120	123	15	married	married	ADJ
emaj-120	123	16	,	,	PUNCT
emaj-120	123	17	391	391	NUM
emaj-120	123	18	have	have	VERB
emaj-120	123	19	higher	high	ADJ
emaj-120	123	20	education	education	NOUN
emaj-120	123	21	,	,	PUNCT
emaj-120	123	22	and	and	CCONJ
emaj-120	123	23	56	56	NUM
emaj-120	123	24	%	%	NOUN
emaj-120	123	25	of	of	ADP
emaj-120	123	26	them	they	PRON
emaj-120	123	27	reside	reside	VERB
emaj-120	123	28	in	in	ADP
emaj-120	123	29	capital	capital	NOUN
emaj-120	123	30	cities	city	NOUN
emaj-120	123	31	.	.	PUNCT
emaj-120	124	1	table	table	NOUN
emaj-120	124	2	1	1	NUM
emaj-120	124	3	:	:	PUNCT
emaj-120	124	4	summary	summary	NOUN
emaj-120	124	5	statistics	statistic	NOUN
emaj-120	124	6	of	of	ADP
emaj-120	124	7	investors	investor	NOUN
emaj-120	124	8	’	’	PART
emaj-120	124	9	characteristics	characteristic	NOUN
emaj-120	124	10	age	age	NOUN
emaj-120	124	11	(	(	PUNCT
emaj-120	124	12	years	year	NOUN
emaj-120	124	13	)	)	PUNCT
emaj-120	124	14	total	total	ADJ
emaj-120	124	15	investment	investment	NOUN
emaj-120	124	16	(	(	PUNCT
emaj-120	124	17	r$	r$	NOUN
emaj-120	124	18	)	)	PUNCT
emaj-120	124	19	number	number	NOUN
emaj-120	124	20	of	of	ADP
emaj-120	124	21	investments	investment	NOUN
emaj-120	124	22	mean	mean	VERB
emaj-120	124	23	53	53	NUM
emaj-120	124	24	731,669.55	731,669.55	NUM
emaj-120	124	25	4.45	4.45	NUM
emaj-120	124	26	median	median	NOUN
emaj-120	124	27	54	54	NUM
emaj-120	124	28	462,067.64	462,067.64	NUM
emaj-120	124	29	4	4	NUM
emaj-120	124	30	std	std	NOUN
emaj-120	124	31	.	.	PUNCT
emaj-120	125	1	dev	dev	PROPN
emaj-120	125	2	.	.	PROPN
emaj-120	126	1	11	11	NUM
emaj-120	126	2	988,523.13	988,523.13	NUM
emaj-120	126	3	1.76	1.76	NUM
emaj-120	126	4	min	min	NOUN
emaj-120	126	5	30	30	NUM
emaj-120	126	6	17,577.52	17,577.52	NUM
emaj-120	126	7	1	1	NUM
emaj-120	126	8	max	max	PROPN
emaj-120	126	9	87	87	NUM
emaj-120	126	10	11,186,074.14	11,186,074.14	NUM
emaj-120	126	11	13	13	NUM
emaj-120	126	12	n	n	NUM
emaj-120	126	13	500	500	NUM
emaj-120	126	14	500	500	NUM
emaj-120	126	15	500	500	NUM
emaj-120	126	16	n	n	NUM
emaj-120	126	17	%	%	NOUN
emaj-120	126	18	man	man	NOUN
emaj-120	126	19	425	425	NUM
emaj-120	126	20	85	85	NUM
emaj-120	126	21	%	%	NOUN
emaj-120	126	22	woman	woman	NOUN
emaj-120	126	23	75	75	NUM
emaj-120	126	24	15	15	NUM
emaj-120	126	25	%	%	NOUN
emaj-120	126	26	married	marry	VERB
emaj-120	126	27	344	344	NUM
emaj-120	126	28	69	69	NUM
emaj-120	126	29	%	%	NOUN
emaj-120	126	30	not	not	PART
emaj-120	126	31	married	marry	VERB
emaj-120	126	32	156	156	NUM
emaj-120	126	33	31	31	NUM
emaj-120	126	34	%	%	NOUN
emaj-120	126	35	higher	high	ADJ
emaj-120	126	36	education	education	NOUN
emaj-120	126	37	391	391	NUM
emaj-120	126	38	78	78	NUM
emaj-120	126	39	%	%	NOUN
emaj-120	126	40	no	no	PRON
emaj-120	126	41	higher	high	ADJ
emaj-120	126	42	educ	educ	NOUN
emaj-120	126	43	.	.	PUNCT
emaj-120	127	1	109	109	NUM
emaj-120	127	2	22	22	NUM
emaj-120	127	3	%	%	NOUN
emaj-120	127	4	residence	residence	NOUN
emaj-120	127	5	in	in	ADP
emaj-120	127	6	capital	capital	NOUN
emaj-120	127	7	282	282	NUM
emaj-120	127	8	56	56	NUM
emaj-120	127	9	%	%	NOUN
emaj-120	127	10	residence	residence	NOUN
emaj-120	127	11	in	in	ADP
emaj-120	127	12	countryside	countryside	NOUN
emaj-120	127	13	218	218	NUM
emaj-120	127	14	44	44	NUM
emaj-120	127	15	%	%	NOUN
emaj-120	127	16	source	source	NOUN
emaj-120	127	17	:	:	PUNCT
emaj-120	127	18	tse	tse	PROPN
emaj-120	127	19	–	–	PUNCT
emaj-120	127	20	tribunal	tribunal	NOUN
emaj-120	127	21	superior	superior	ADJ
emaj-120	127	22	eleitoral	eleitoral	PROPN
emaj-120	127	23	2012	2012	NUM
emaj-120	127	24	.	.	PUNCT
emaj-120	128	1	prepared	prepare	VERB
emaj-120	128	2	by	by	ADP
emaj-120	128	3	the	the	DET
emaj-120	128	4	authors	author	NOUN
emaj-120	128	5	.	.	PUNCT
emaj-120	129	1	table	table	NOUN
emaj-120	129	2	2	2	NUM
emaj-120	129	3	shows	show	VERB
emaj-120	129	4	the	the	DET
emaj-120	129	5	allocation	allocation	NOUN
emaj-120	129	6	of	of	ADP
emaj-120	129	7	brazilian	brazilian	ADJ
emaj-120	129	8	investors	investor	NOUN
emaj-120	129	9	in	in	ADP
emaj-120	129	10	different	different	ADJ
emaj-120	129	11	assets	asset	NOUN
emaj-120	129	12	.	.	PUNCT
emaj-120	130	1	investors	investor	NOUN
emaj-120	130	2	allocate	allocate	VERB
emaj-120	130	3	most	most	ADJ
emaj-120	130	4	of	of	ADP
emaj-120	130	5	their	their	PRON
emaj-120	130	6	investments	investment	NOUN
emaj-120	130	7	in	in	ADP
emaj-120	130	8	residential	residential	ADJ
emaj-120	130	9	real	real	ADJ
emaj-120	130	10	estate	estate	NOUN
emaj-120	130	11	,	,	PUNCT
emaj-120	130	12	followed	follow	VERB
emaj-120	130	13	by	by	ADP
emaj-120	130	14	vehicles	vehicle	NOUN
emaj-120	130	15	and	and	CCONJ
emaj-120	130	16	urban	urban	ADJ
emaj-120	130	17	land	land	NOUN
emaj-120	130	18	.	.	PUNCT
emaj-120	131	1	table	table	NOUN
emaj-120	131	2	2	2	NUM
emaj-120	131	3	shows	show	VERB
emaj-120	131	4	the	the	DET
emaj-120	131	5	underdiversified	underdiversified	ADJ
emaj-120	131	6	portfolios	portfolio	NOUN
emaj-120	131	7	and	and	CCONJ
emaj-120	131	8	a	a	DET
emaj-120	131	9	conservative	conservative	ADJ
emaj-120	131	10	allocation	allocation	NOUN
emaj-120	131	11	with	with	ADP
emaj-120	131	12	approximately	approximately	ADV
emaj-120	131	13	70	70	NUM
emaj-120	131	14	%	%	NOUN
emaj-120	131	15	allocated	allocate	VERB
emaj-120	131	16	to	to	ADP
emaj-120	131	17	traditional	traditional	ADJ
emaj-120	131	18	and	and	CCONJ
emaj-120	131	19	low	low	ADJ
emaj-120	131	20	-	-	PUNCT
emaj-120	131	21	risk	risk	NOUN
emaj-120	131	22	assets	asset	NOUN
emaj-120	131	23	.	.	PUNCT
emaj-120	132	1	it	it	PRON
emaj-120	132	2	is	be	AUX
emaj-120	132	3	important	important	ADJ
emaj-120	132	4	to	to	PART
emaj-120	132	5	highlight	highlight	VERB
emaj-120	132	6	the	the	DET
emaj-120	132	7	resources	resource	NOUN
emaj-120	132	8	allocated	allocate	VERB
emaj-120	132	9	in	in	ADP
emaj-120	132	10	vehicles	vehicle	NOUN
emaj-120	132	11	,	,	PUNCT
emaj-120	132	12	durables	durable	NOUN
emaj-120	132	13	that	that	PRON
emaj-120	132	14	traditionally	traditionally	ADV
emaj-120	132	15	do	do	AUX
emaj-120	132	16	not	not	PART
emaj-120	132	17	generate	generate	VERB
emaj-120	132	18	positive	positive	ADJ
emaj-120	132	19	financial	financial	ADJ
emaj-120	132	20	returns	return	NOUN
emaj-120	132	21	.	.	PUNCT
emaj-120	133	1	financial	financial	ADJ
emaj-120	133	2	investments	investment	NOUN
emaj-120	133	3	represent	represent	VERB
emaj-120	133	4	approximately	approximately	ADV
emaj-120	133	5	15	15	NUM
emaj-120	133	6	%	%	NOUN
emaj-120	133	7	of	of	ADP
emaj-120	133	8	the	the	DET
emaj-120	133	9	total	total	NOUN
emaj-120	133	10	polarized	polarize	VERB
emaj-120	133	11	in	in	ADP
emaj-120	133	12	fixed	fix	VERB
emaj-120	133	13	income	income	NOUN
emaj-120	133	14	assets	asset	NOUN
emaj-120	133	15	,	,	PUNCT
emaj-120	133	16	reinforcing	reinforce	VERB
emaj-120	133	17	the	the	DET
emaj-120	133	18	evidence	evidence	NOUN
emaj-120	133	19	of	of	ADP
emaj-120	133	20	conservative	conservative	ADJ
emaj-120	133	21	investor	investor	NOUN
emaj-120	133	22	profiles	profile	NOUN
emaj-120	133	23	.	.	PUNCT
emaj-120	134	1	table	table	NOUN
emaj-120	134	2	2	2	NUM
emaj-120	134	3	:	:	PUNCT
emaj-120	134	4	asset	asset	NOUN
emaj-120	134	5	allocation	allocation	NOUN
emaj-120	134	6	(	(	PUNCT
emaj-120	134	7	%	%	NOUN
emaj-120	134	8	participation	participation	NOUN
emaj-120	134	9	)	)	PUNCT
emaj-120	134	10	source	source	NOUN
emaj-120	134	11	:	:	PUNCT
emaj-120	134	12	tse	tse	PROPN
emaj-120	134	13	–	–	PUNCT
emaj-120	134	14	tribunal	tribunal	NOUN
emaj-120	134	15	superior	superior	ADJ
emaj-120	134	16	eleitoral	eleitoral	PROPN
emaj-120	134	17	2012	2012	NUM
emaj-120	134	18	.	.	PUNCT
emaj-120	135	1	prepared	prepare	VERB
emaj-120	135	2	by	by	ADP
emaj-120	135	3	the	the	DET
emaj-120	135	4	authors	author	NOUN
emaj-120	135	5	.	.	PUNCT
emaj-120	136	1	figure	figure	VERB
emaj-120	136	2	3	3	NUM
emaj-120	136	3	graphically	graphically	ADV
emaj-120	136	4	presents	present	VERB
emaj-120	136	5	the	the	DET
emaj-120	136	6	main	main	ADJ
emaj-120	136	7	investments	investment	NOUN
emaj-120	136	8	made	make	VERB
emaj-120	136	9	by	by	ADP
emaj-120	136	10	investors	investor	NOUN
emaj-120	136	11	.	.	PUNCT
emaj-120	137	1	figure	figure	VERB
emaj-120	137	2	3	3	NUM
emaj-120	137	3	.	.	PUNCT
emaj-120	137	4	asset	asset	NOUN
emaj-120	137	5	allocation	allocation	NOUN
emaj-120	137	6	(	(	PUNCT
emaj-120	137	7	%	%	NOUN
emaj-120	137	8	participation	participation	NOUN
emaj-120	137	9	)	)	PUNCT
emaj-120	137	10	source	source	NOUN
emaj-120	137	11	:	:	PUNCT
emaj-120	137	12	tse	tse	PROPN
emaj-120	137	13	–	–	PUNCT
emaj-120	137	14	tribunal	tribunal	NOUN
emaj-120	137	15	superior	superior	ADJ
emaj-120	137	16	eleitoral	eleitoral	PROPN
emaj-120	137	17	2012	2012	NUM
emaj-120	137	18	.	.	PUNCT
emaj-120	138	1	prepared	prepare	VERB
emaj-120	138	2	by	by	ADP
emaj-120	138	3	the	the	DET
emaj-120	138	4	authors	author	NOUN
emaj-120	138	5	.	.	PUNCT
emaj-120	139	1	the	the	DET
emaj-120	139	2	black	black	ADJ
emaj-120	139	3	vertical	vertical	ADJ
emaj-120	139	4	bars	bar	NOUN
emaj-120	139	5	represent	represent	VERB
emaj-120	139	6	non	non	ADJ
emaj-120	139	7	-	-	ADJ
emaj-120	139	8	financial	financial	ADJ
emaj-120	139	9	investments	investment	NOUN
emaj-120	139	10	;	;	PUNCT
emaj-120	139	11	the	the	DET
emaj-120	139	12	gray	gray	ADJ
emaj-120	139	13	vertical	vertical	ADJ
emaj-120	139	14	bars	bar	NOUN
emaj-120	139	15	represent	represent	VERB
emaj-120	139	16	financial	financial	ADJ
emaj-120	139	17	investments	investment	NOUN
emaj-120	139	18	.	.	PUNCT
emaj-120	140	1	stratifying	stratify	VERB
emaj-120	140	2	the	the	DET
emaj-120	140	3	sample	sample	NOUN
emaj-120	140	4	by	by	ADP
emaj-120	140	5	total	total	ADJ
emaj-120	140	6	investments	investment	NOUN
emaj-120	140	7	,	,	PUNCT
emaj-120	140	8	we	we	PRON
emaj-120	140	9	observe	observe	VERB
emaj-120	140	10	that	that	SCONJ
emaj-120	140	11	there	there	PRON
emaj-120	140	12	is	be	VERB
emaj-120	140	13	a	a	DET
emaj-120	140	14	thin	thin	ADJ
emaj-120	140	15	shift	shift	NOUN
emaj-120	140	16	in	in	ADP
emaj-120	140	17	asset	asset	NOUN
emaj-120	140	18	allocation	allocation	NOUN
emaj-120	140	19	.	.	PUNCT
emaj-120	141	1	as	as	ADP
emaj-120	141	2	total	total	ADJ
emaj-120	141	3	investments	investment	NOUN
emaj-120	141	4	increase	increase	NOUN
emaj-120	141	5	,	,	PUNCT
emaj-120	141	6	allocations	allocation	NOUN
emaj-120	141	7	in	in	ADP
emaj-120	141	8	residential	residential	ADJ
emaj-120	141	9	real	real	ADJ
emaj-120	141	10	estate	estate	NOUN
emaj-120	141	11	and	and	CCONJ
emaj-120	141	12	vehicles	vehicle	NOUN
emaj-120	141	13	decline	decline	VERB
emaj-120	141	14	,	,	PUNCT
emaj-120	141	15	and	and	CCONJ
emaj-120	141	16	allocations	allocation	NOUN
emaj-120	141	17	in	in	ADP
emaj-120	141	18	rural	rural	ADJ
emaj-120	141	19	properties	property	NOUN
emaj-120	141	20	and	and	CCONJ
emaj-120	141	21	entrepreneurial	entrepreneurial	ADJ
emaj-120	141	22	and	and	CCONJ
emaj-120	141	23	financial	financial	ADJ
emaj-120	141	24	allocations	allocation	NOUN
emaj-120	141	25	increase	increase	NOUN
emaj-120	141	26	.	.	PUNCT
emaj-120	142	1	however	however	ADV
emaj-120	142	2	,	,	PUNCT
emaj-120	142	3	investor	investor	NOUN
emaj-120	142	4	portfolios	portfolio	NOUN
emaj-120	142	5	remain	remain	VERB
emaj-120	142	6	underdiversified	underdiversified	ADJ
emaj-120	142	7	.	.	PUNCT
emaj-120	143	1	volume	volume	NOUN
emaj-120	143	2	7	7	NUM
emaj-120	143	3	no	no	DET
emaj-120	143	4	1	1	NUM
emaj-120	143	5	(	(	PUNCT
emaj-120	143	6	2017	2017	NUM
emaj-120	143	7	)	)	PUNCT
emaj-120	143	8	|	|	ADV
emaj-120	143	9	issn	issn	VERB
emaj-120	143	10	2158	2158	NUM
emaj-120	143	11	-	-	SYM
emaj-120	143	12	8708	8708	NUM
emaj-120	143	13	(	(	PUNCT
emaj-120	143	14	online	online	NOUN
emaj-120	143	15	)	)	PUNCT
emaj-120	143	16	|	|	ADV
emaj-120	143	17	doi	doi	X
emaj-120	143	18	10.5195	10.5195	NUM
emaj-120	143	19	/	/	SYM
emaj-120	143	20	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	143	21	|	|	NOUN
emaj-120	143	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-120	143	23	investment	investment	NOUN
emaj-120	143	24	portfolios	portfolio	NOUN
emaj-120	143	25	in	in	ADP
emaj-120	143	26	an	an	DET
emaj-120	143	27	emerging	emerge	VERB
emaj-120	143	28	economy	economy	NOUN
emaj-120	143	29	:	:	PUNCT
emaj-120	143	30	what	what	PRON
emaj-120	143	31	drives	drive	VERB
emaj-120	143	32	portfolio	portfolio	NOUN
emaj-120	143	33	’s	’s	PART
emaj-120	143	34	diversification	diversification	NOUN
emaj-120	143	35	?	?	PUNCT
emaj-120	144	1	page	page	NOUN
emaj-120	144	2	|5|	|5|	PRON
emaj-120	144	3	emerging	emerge	VERB
emaj-120	144	4	markets	market	NOUN
emaj-120	144	5	journal	journal	NOUN
emaj-120	144	6	table	table	NOUN
emaj-120	144	7	3	3	NUM
emaj-120	144	8	:	:	PUNCT
emaj-120	144	9	allocation	allocation	NOUN
emaj-120	144	10	of	of	ADP
emaj-120	144	11	the	the	DET
emaj-120	144	12	main	main	ADJ
emaj-120	144	13	investments	investment	NOUN
emaj-120	144	14	by	by	ADP
emaj-120	144	15	total	total	ADJ
emaj-120	144	16	investment	investment	NOUN
emaj-120	144	17	(	(	PUNCT
emaj-120	144	18	in	in	ADP
emaj-120	144	19	r$	r$	NOUN
emaj-120	144	20	)	)	PUNCT
emaj-120	144	21	source	source	NOUN
emaj-120	144	22	:	:	PUNCT
emaj-120	144	23	tse	tse	PROPN
emaj-120	144	24	–	–	PUNCT
emaj-120	144	25	tribunal	tribunal	NOUN
emaj-120	144	26	superior	superior	ADJ
emaj-120	144	27	eleitoral	eleitoral	PROPN
emaj-120	144	28	2012	2012	NUM
emaj-120	144	29	.	.	PUNCT
emaj-120	145	1	prepared	prepare	VERB
emaj-120	145	2	by	by	ADP
emaj-120	145	3	the	the	DET
emaj-120	145	4	authors	author	NOUN
emaj-120	145	5	.	.	PUNCT
emaj-120	146	1	figure	figure	VERB
emaj-120	146	2	4	4	NUM
emaj-120	146	3	graphically	graphically	ADV
emaj-120	146	4	presents	present	VERB
emaj-120	146	5	the	the	DET
emaj-120	146	6	changes	change	NOUN
emaj-120	146	7	in	in	ADP
emaj-120	146	8	asset	asset	NOUN
emaj-120	146	9	allocations	allocation	NOUN
emaj-120	146	10	as	as	ADP
emaj-120	146	11	total	total	ADJ
emaj-120	146	12	investments	investment	NOUN
emaj-120	146	13	increase	increase	NOUN
emaj-120	146	14	.	.	PUNCT
emaj-120	147	1	figure	figure	NOUN
emaj-120	147	2	4	4	NUM
emaj-120	147	3	.	.	PUNCT
emaj-120	148	1	changes	change	NOUN
emaj-120	148	2	in	in	ADP
emaj-120	148	3	asset	asset	NOUN
emaj-120	148	4	allocations	allocation	NOUN
emaj-120	148	5	as	as	ADP
emaj-120	148	6	total	total	ADJ
emaj-120	148	7	investments	investment	NOUN
emaj-120	148	8	increase	increase	VERB
emaj-120	148	9	source	source	NOUN
emaj-120	148	10	:	:	PUNCT
emaj-120	148	11	tse	tse	PROPN
emaj-120	148	12	–	–	PUNCT
emaj-120	148	13	tribunal	tribunal	NOUN
emaj-120	148	14	superior	superior	ADJ
emaj-120	148	15	eleitoral	eleitoral	PROPN
emaj-120	148	16	2012	2012	NUM
emaj-120	148	17	.	.	PUNCT
emaj-120	149	1	prepared	prepare	VERB
emaj-120	149	2	by	by	ADP
emaj-120	149	3	the	the	DET
emaj-120	149	4	authors	author	NOUN
emaj-120	149	5	.	.	PUNCT
emaj-120	150	1	3.1	3.1	NUM
emaj-120	150	2	.	.	PUNCT
emaj-120	150	3	diversification	diversification	NOUN
emaj-120	150	4	metrics	metric	NOUN
emaj-120	150	5	to	to	PART
emaj-120	150	6	estimate	estimate	VERB
emaj-120	150	7	the	the	DET
emaj-120	150	8	level	level	NOUN
emaj-120	150	9	of	of	ADP
emaj-120	150	10	portfolio	portfolio	NOUN
emaj-120	150	11	diversification	diversification	NOUN
emaj-120	150	12	,	,	PUNCT
emaj-120	150	13	we	we	PRON
emaj-120	150	14	follow	follow	VERB
emaj-120	150	15	the	the	DET
emaj-120	150	16	diversification	diversification	NOUN
emaj-120	150	17	metric	metric	NOUN
emaj-120	150	18	presented	present	VERB
emaj-120	150	19	by	by	ADP
emaj-120	150	20	blume	blume	PROPN
emaj-120	150	21	and	and	CCONJ
emaj-120	150	22	friend	friend	NOUN
emaj-120	150	23	,	,	PUNCT
emaj-120	150	24	1978	1978	NUM
emaj-120	150	25	.	.	PUNCT
emaj-120	151	1	the	the	DET
emaj-120	151	2	metric	metric	ADJ
emaj-120	151	3	analyzes	analyze	VERB
emaj-120	151	4	investor	investor	NOUN
emaj-120	151	5	allocations	allocation	NOUN
emaj-120	151	6	compared	compare	VERB
emaj-120	151	7	to	to	ADP
emaj-120	151	8	a	a	DET
emaj-120	151	9	market	market	NOUN
emaj-120	151	10	portfolio	portfolio	NOUN
emaj-120	151	11	.	.	PUNCT
emaj-120	152	1	blume	blume	PROPN
emaj-120	152	2	and	and	CCONJ
emaj-120	152	3	friend	friend	NOUN
emaj-120	152	4	,	,	PUNCT
emaj-120	152	5	1978	1978	NUM
emaj-120	152	6	analyze	analyze	VERB
emaj-120	152	7	the	the	DET
emaj-120	152	8	stock	stock	NOUN
emaj-120	152	9	portfolios	portfolio	NOUN
emaj-120	152	10	of	of	ADP
emaj-120	152	11	u.s	u.s	PROPN
emaj-120	152	12	.	.	PROPN
emaj-120	152	13	investors	investor	NOUN
emaj-120	152	14	using	use	VERB
emaj-120	152	15	the	the	DET
emaj-120	152	16	capital	capital	NOUN
emaj-120	152	17	market	market	NOUN
emaj-120	152	18	index	index	NOUN
emaj-120	152	19	as	as	ADP
emaj-120	152	20	a	a	DET
emaj-120	152	21	benchmark	benchmark	NOUN
emaj-120	152	22	to	to	PART
emaj-120	152	23	measure	measure	VERB
emaj-120	152	24	the	the	DET
emaj-120	152	25	diversification	diversification	NOUN
emaj-120	152	26	index	index	NOUN
emaj-120	152	27	.	.	PUNCT
emaj-120	153	1	whereas	whereas	SCONJ
emaj-120	153	2	brazilian	brazilian	ADJ
emaj-120	153	3	investors	investor	NOUN
emaj-120	153	4	allocate	allocate	VERB
emaj-120	153	5	little	little	ADJ
emaj-120	153	6	financial	financial	ADJ
emaj-120	153	7	resources	resource	NOUN
emaj-120	153	8	in	in	ADP
emaj-120	153	9	stocks	stock	NOUN
emaj-120	153	10	and	and	CCONJ
emaj-120	153	11	the	the	DET
emaj-120	153	12	absence	absence	NOUN
emaj-120	153	13	of	of	ADP
emaj-120	153	14	a	a	DET
emaj-120	153	15	market	market	NOUN
emaj-120	153	16	benchmark	benchmark	NOUN
emaj-120	153	17	for	for	ADP
emaj-120	153	18	these	these	DET
emaj-120	153	19	investors	investor	NOUN
emaj-120	153	20	,	,	PUNCT
emaj-120	153	21	we	we	PRON
emaj-120	153	22	adjust	adjust	VERB
emaj-120	153	23	the	the	DET
emaj-120	153	24	metric	metric	NOUN
emaj-120	153	25	creating	create	VERB
emaj-120	153	26	a	a	DET
emaj-120	153	27	market	market	NOUN
emaj-120	153	28	portfolio	portfolio	NOUN
emaj-120	153	29	based	base	VERB
emaj-120	153	30	on	on	ADP
emaj-120	153	31	the	the	DET
emaj-120	153	32	mean	mean	ADJ
emaj-120	153	33	and	and	CCONJ
emaj-120	153	34	median	median	ADJ
emaj-120	153	35	allocations	allocation	NOUN
emaj-120	153	36	of	of	ADP
emaj-120	153	37	all	all	DET
emaj-120	153	38	investors	investor	NOUN
emaj-120	153	39	in	in	ADP
emaj-120	153	40	our	our	PRON
emaj-120	153	41	database	database	NOUN
emaj-120	153	42	.	.	PUNCT
emaj-120	154	1	our	our	PRON
emaj-120	154	2	adaptation	adaptation	NOUN
emaj-120	154	3	analyzes	analyze	VERB
emaj-120	154	4	the	the	DET
emaj-120	154	5	deviation	deviation	NOUN
emaj-120	154	6	of	of	ADP
emaj-120	154	7	the	the	DET
emaj-120	154	8	individual	individual	ADJ
emaj-120	154	9	allocation	allocation	NOUN
emaj-120	154	10	of	of	ADP
emaj-120	154	11	each	each	DET
emaj-120	154	12	asset	asset	NOUN
emaj-120	154	13	compared	compare	VERB
emaj-120	154	14	to	to	ADP
emaj-120	154	15	the	the	DET
emaj-120	154	16	mean	mean	ADJ
emaj-120	154	17	and	and	CCONJ
emaj-120	154	18	median	median	ADJ
emaj-120	154	19	allocations	allocation	NOUN
emaj-120	154	20	of	of	ADP
emaj-120	154	21	each	each	DET
emaj-120	154	22	asset	asset	NOUN
emaj-120	154	23	among	among	ADP
emaj-120	154	24	all	all	DET
emaj-120	154	25	investors	investor	NOUN
emaj-120	154	26	in	in	ADP
emaj-120	154	27	the	the	DET
emaj-120	154	28	sample	sample	NOUN
emaj-120	154	29	.	.	PUNCT
emaj-120	155	1	thus	thus	ADV
emaj-120	155	2	,	,	PUNCT
emaj-120	155	3	assuming	assume	VERB
emaj-120	155	4	that	that	SCONJ
emaj-120	155	5	the	the	DET
emaj-120	155	6	mean	mean	ADJ
emaj-120	155	7	and	and	CCONJ
emaj-120	155	8	median	median	ADJ
emaj-120	155	9	portfolios	portfolio	NOUN
emaj-120	155	10	are	be	AUX
emaj-120	155	11	a	a	DET
emaj-120	155	12	good	good	ADJ
emaj-120	155	13	representation	representation	NOUN
emaj-120	155	14	of	of	ADP
emaj-120	155	15	the	the	DET
emaj-120	155	16	portfolio	portfolio	NOUN
emaj-120	155	17	allocation	allocation	NOUN
emaj-120	155	18	of	of	ADP
emaj-120	155	19	brazilians	brazilians	PROPN
emaj-120	155	20	,	,	PUNCT
emaj-120	155	21	the	the	DET
emaj-120	155	22	mean	mean	NOUN
emaj-120	155	23	and	and	CCONJ
emaj-120	155	24	median	median	NOUN
emaj-120	155	25	of	of	ADP
emaj-120	155	26	all	all	DET
emaj-120	155	27	investments	investment	NOUN
emaj-120	155	28	in	in	ADP
emaj-120	155	29	each	each	DET
emaj-120	155	30	asset	asset	NOUN
emaj-120	155	31	are	be	AUX
emaj-120	155	32	the	the	DET
emaj-120	155	33	benchmark	benchmark	NOUN
emaj-120	155	34	in	in	ADP
emaj-120	155	35	our	our	PRON
emaj-120	155	36	study	study	NOUN
emaj-120	155	37	.	.	PUNCT
emaj-120	156	1	we	we	PRON
emaj-120	156	2	understand	understand	VERB
emaj-120	156	3	that	that	SCONJ
emaj-120	156	4	our	our	PRON
emaj-120	156	5	adaptation	adaptation	NOUN
emaj-120	156	6	can	can	AUX
emaj-120	156	7	indicate	indicate	VERB
emaj-120	156	8	a	a	DET
emaj-120	156	9	specification	specification	NOUN
emaj-120	156	10	error	error	NOUN
emaj-120	156	11	because	because	SCONJ
emaj-120	156	12	there	there	PRON
emaj-120	156	13	is	be	VERB
emaj-120	156	14	not	not	PART
emaj-120	156	15	a	a	DET
emaj-120	156	16	benchmark	benchmark	NOUN
emaj-120	156	17	publicly	publicly	ADV
emaj-120	156	18	available	available	ADJ
emaj-120	156	19	;	;	PUNCT
emaj-120	156	20	however	however	ADV
emaj-120	156	21	,	,	PUNCT
emaj-120	156	22	examining	examine	VERB
emaj-120	156	23	how	how	SCONJ
emaj-120	156	24	individual	individual	ADJ
emaj-120	156	25	investors	investor	NOUN
emaj-120	156	26	differ	differ	VERB
emaj-120	156	27	from	from	ADP
emaj-120	156	28	the	the	DET
emaj-120	156	29	mean	mean	ADJ
emaj-120	156	30	and	and	CCONJ
emaj-120	156	31	median	median	ADJ
emaj-120	156	32	allocation	allocation	NOUN
emaj-120	156	33	of	of	ADP
emaj-120	156	34	all	all	DET
emaj-120	156	35	investors	investor	NOUN
emaj-120	156	36	can	can	AUX
emaj-120	156	37	be	be	AUX
emaj-120	156	38	a	a	DET
emaj-120	156	39	good	good	ADJ
emaj-120	156	40	starting	starting	NOUN
emaj-120	156	41	point	point	NOUN
emaj-120	156	42	to	to	PART
emaj-120	156	43	understand	understand	VERB
emaj-120	156	44	the	the	DET
emaj-120	156	45	factors	factor	NOUN
emaj-120	156	46	leading	lead	VERB
emaj-120	156	47	brazilian	brazilian	ADJ
emaj-120	156	48	investors	investor	NOUN
emaj-120	156	49	to	to	PART
emaj-120	156	50	diversify	diversify	VERB
emaj-120	156	51	their	their	PRON
emaj-120	156	52	portfolios	portfolio	NOUN
emaj-120	156	53	.	.	PUNCT
emaj-120	157	1	according	accord	VERB
emaj-120	157	2	to	to	ADP
emaj-120	157	3	the	the	DET
emaj-120	157	4	metric	metric	NOUN
emaj-120	157	5	,	,	PUNCT
emaj-120	157	6	the	the	PRON
emaj-120	157	7	lower	low	ADJ
emaj-120	157	8	the	the	DET
emaj-120	157	9	index	index	NOUN
emaj-120	157	10	measured	measure	VERB
emaj-120	157	11	by	by	ADP
emaj-120	157	12	equations	equation	NOUN
emaj-120	157	13	1	1	NUM
emaj-120	157	14	and	and	CCONJ
emaj-120	157	15	2	2	NUM
emaj-120	157	16	,	,	PUNCT
emaj-120	157	17	the	the	PRON
emaj-120	157	18	greater	great	ADJ
emaj-120	157	19	the	the	DET
emaj-120	157	20	portfolio	portfolio	NOUN
emaj-120	157	21	diversification	diversification	NOUN
emaj-120	157	22	.	.	PUNCT
emaj-120	158	1	thus	thus	ADV
emaj-120	158	2	,	,	PUNCT
emaj-120	158	3	the	the	DET
emaj-120	158	4	level	level	NOUN
emaj-120	158	5	of	of	ADP
emaj-120	158	6	portfolio	portfolio	NOUN
emaj-120	158	7	diversification	diversification	NOUN
emaj-120	158	8	follows	follow	VERB
emaj-120	158	9	equation	equation	NOUN
emaj-120	158	10	(	(	PUNCT
emaj-120	158	11	1	1	NUM
emaj-120	158	12	)	)	PUNCT
emaj-120	158	13	and	and	CCONJ
emaj-120	158	14	equation	equation	NOUN
emaj-120	158	15	(	(	PUNCT
emaj-120	158	16	2	2	NUM
emaj-120	158	17	):	):	PUNCT
emaj-120	158	18	where	where	SCONJ
emaj-120	158	19	:	:	PUNCT
emaj-120	158	20	dimeani	dimeani	PROPN
emaj-120	158	21	is	be	AUX
emaj-120	158	22	the	the	DET
emaj-120	158	23	diversification	diversification	NOUN
emaj-120	158	24	index	index	NOUN
emaj-120	158	25	using	use	VERB
emaj-120	158	26	the	the	DET
emaj-120	158	27	mean	mean	NOUN
emaj-120	158	28	of	of	ADP
emaj-120	158	29	investor	investor	NOUN
emaj-120	158	30	i	i	PRON
emaj-120	158	31	dimediani	dimediani	VERB
emaj-120	158	32	is	be	AUX
emaj-120	158	33	the	the	DET
emaj-120	158	34	diversification	diversification	NOUN
emaj-120	158	35	index	index	NOUN
emaj-120	158	36	using	use	VERB
emaj-120	158	37	the	the	DET
emaj-120	158	38	median	median	NOUN
emaj-120	158	39	of	of	ADP
emaj-120	158	40	investor	investor	NOUN
emaj-120	159	1	i	i	PRON
emaj-120	159	2	n	n	VERB
emaj-120	159	3	is	be	AUX
emaj-120	159	4	the	the	DET
emaj-120	159	5	number	number	NOUN
emaj-120	159	6	of	of	ADP
emaj-120	159	7	securities	security	NOUN
emaj-120	159	8	held	hold	VERB
emaj-120	159	9	by	by	ADP
emaj-120	159	10	the	the	DET
emaj-120	159	11	investor	investor	NOUN
emaj-120	159	12	wi	wi	PROPN
emaj-120	159	13	is	be	AUX
emaj-120	159	14	the	the	DET
emaj-120	159	15	portfolio	portfolio	NOUN
emaj-120	159	16	weight	weight	NOUN
emaj-120	159	17	assigned	assign	VERB
emaj-120	159	18	to	to	ADP
emaj-120	159	19	investment	investment	NOUN
emaj-120	159	20	type	type	NOUN
emaj-120	160	1	i	i	PRON
emaj-120	160	2	in	in	ADP
emaj-120	160	3	the	the	DET
emaj-120	160	4	investor	investor	NOUN
emaj-120	160	5	portfolio	portfolio	NOUN
emaj-120	160	6	wbenchmeani	wbenchmeani	PROPN
emaj-120	160	7	is	be	AUX
emaj-120	160	8	the	the	DET
emaj-120	160	9	mean	mean	ADJ
emaj-120	160	10	weight	weight	NOUN
emaj-120	160	11	assigned	assign	VERB
emaj-120	160	12	to	to	ADP
emaj-120	160	13	an	an	DET
emaj-120	160	14	investment	investment	NOUN
emaj-120	160	15	type	type	NOUN
emaj-120	160	16	i	i	PRON
emaj-120	160	17	in	in	ADP
emaj-120	160	18	the	the	DET
emaj-120	160	19	benchmark	benchmark	NOUN
emaj-120	160	20	portfolio	portfolio	NOUN
emaj-120	160	21	wbenchmediani	wbenchmediani	VERB
emaj-120	160	22	is	be	AUX
emaj-120	160	23	the	the	DET
emaj-120	160	24	median	median	ADJ
emaj-120	160	25	weight	weight	NOUN
emaj-120	160	26	assigned	assign	VERB
emaj-120	160	27	to	to	ADP
emaj-120	160	28	an	an	DET
emaj-120	160	29	investment	investment	NOUN
emaj-120	160	30	type	type	NOUN
emaj-120	160	31	i	i	PRON
emaj-120	160	32	in	in	ADP
emaj-120	160	33	the	the	DET
emaj-120	160	34	benchmark	benchmark	NOUN
emaj-120	160	35	portfolio	portfolio	NOUN
emaj-120	160	36	3.2	3.2	NUM
emaj-120	160	37	.	.	PUNCT
emaj-120	161	1	metrics	metric	NOUN
emaj-120	161	2	of	of	ADP
emaj-120	161	3	investment	investment	NOUN
emaj-120	161	4	in	in	ADP
emaj-120	161	5	risky	risky	ADJ
emaj-120	161	6	assets	asset	NOUN
emaj-120	161	7	whereas	whereas	SCONJ
emaj-120	161	8	brazilian	brazilian	ADJ
emaj-120	161	9	investors	investor	NOUN
emaj-120	161	10	have	have	VERB
emaj-120	161	11	concentrated	concentrate	VERB
emaj-120	161	12	portfolios	portfolio	NOUN
emaj-120	161	13	in	in	ADP
emaj-120	161	14	low	low	ADJ
emaj-120	161	15	-	-	PUNCT
emaj-120	161	16	risk	risk	NOUN
emaj-120	161	17	assets	asset	NOUN
emaj-120	161	18	,	,	PUNCT
emaj-120	161	19	we	we	PRON
emaj-120	161	20	seek	seek	VERB
emaj-120	161	21	to	to	PART
emaj-120	161	22	understand	understand	VERB
emaj-120	161	23	what	what	PRON
emaj-120	161	24	drives	drive	VERB
emaj-120	161	25	investors	investor	NOUN
emaj-120	161	26	to	to	PART
emaj-120	161	27	take	take	VERB
emaj-120	161	28	a	a	DET
emaj-120	161	29	divergent	divergent	ADJ
emaj-120	161	30	allocation	allocation	NOUN
emaj-120	161	31	.	.	PUNCT
emaj-120	162	1	we	we	PRON
emaj-120	162	2	use	use	VERB
emaj-120	162	3	higher	high	ADJ
emaj-120	162	4	-	-	PUNCT
emaj-120	162	5	risk	risk	NOUN
emaj-120	162	6	investments	investment	NOUN
emaj-120	162	7	and	and	CCONJ
emaj-120	162	8	p	p	DET
emaj-120	162	9	personal	personal	ADJ
emaj-120	162	10	characteristics	characteristic	NOUN
emaj-120	162	11	to	to	PART
emaj-120	162	12	pursue	pursue	VERB
emaj-120	162	13	factors	factor	NOUN
emaj-120	162	14	that	that	PRON
emaj-120	162	15	can	can	AUX
emaj-120	162	16	lead	lead	VERB
emaj-120	162	17	investors	investor	NOUN
emaj-120	162	18	to	to	PART
emaj-120	162	19	allocate	allocate	VERB
emaj-120	162	20	financial	financial	ADJ
emaj-120	162	21	resources	resource	NOUN
emaj-120	162	22	in	in	ADP
emaj-120	162	23	different	different	ADJ
emaj-120	162	24	assets	asset	NOUN
emaj-120	162	25	.	.	PUNCT
emaj-120	163	1	stocks	stock	NOUN
emaj-120	163	2	,	,	PUNCT
emaj-120	163	3	equity	equity	NOUN
emaj-120	163	4	mutual	mutual	ADJ
emaj-120	163	5	funds	fund	NOUN
emaj-120	163	6	and	and	CCONJ
emaj-120	163	7	entrepreneurial	entrepreneurial	ADJ
emaj-120	163	8	investments	investment	NOUN
emaj-120	163	9	are	be	AUX
emaj-120	163	10	risky	risky	ADJ
emaj-120	163	11	investments	investment	NOUN
emaj-120	163	12	in	in	ADP
emaj-120	163	13	our	our	PRON
emaj-120	163	14	study	study	NOUN
emaj-120	163	15	.	.	PUNCT
emaj-120	164	1	we	we	PRON
emaj-120	164	2	measure	measure	VERB
emaj-120	164	3	the	the	DET
emaj-120	164	4	level	level	NOUN
emaj-120	164	5	of	of	ADP
emaj-120	164	6	allocation	allocation	NOUN
emaj-120	164	7	in	in	ADP
emaj-120	164	8	risky	risky	ADJ
emaj-120	164	9	assets	asset	NOUN
emaj-120	164	10	via	via	ADP
emaj-120	164	11	two	two	NUM
emaj-120	164	12	procedures	procedure	NOUN
emaj-120	164	13	:	:	PUNCT
emaj-120	164	14	the	the	DET
emaj-120	164	15	first	first	ADJ
emaj-120	164	16	procedure	procedure	NOUN
emaj-120	164	17	considers	consider	VERB
emaj-120	164	18	the	the	DET
emaj-120	164	19	weighted	weighted	ADJ
emaj-120	164	20	sum	sum	NOUN
emaj-120	164	21	of	of	ADP
emaj-120	164	22	risky	risky	ADJ
emaj-120	164	23	assets	asset	NOUN
emaj-120	164	24	contained	contain	VERB
emaj-120	164	25	in	in	ADP
emaj-120	164	26	each	each	DET
emaj-120	164	27	individual	individual	ADJ
emaj-120	164	28	portfolio	portfolio	NOUN
emaj-120	164	29	.	.	PUNCT
emaj-120	165	1	the	the	DET
emaj-120	165	2	(	(	PUNCT
emaj-120	165	3	1	1	NUM
emaj-120	165	4	)	)	PUNCT
emaj-120	165	5	(	(	PUNCT
emaj-120	165	6	2	2	X
emaj-120	165	7	)	)	PUNCT
emaj-120	165	8	volume	volume	NOUN
emaj-120	165	9	7	7	NUM
emaj-120	165	10	no	no	DET
emaj-120	165	11	1	1	NUM
emaj-120	165	12	(	(	PUNCT
emaj-120	165	13	2017	2017	NUM
emaj-120	165	14	)	)	PUNCT
emaj-120	165	15	|	|	ADV
emaj-120	165	16	issn	issn	VERB
emaj-120	165	17	2158	2158	NUM
emaj-120	165	18	-	-	SYM
emaj-120	165	19	8708	8708	NUM
emaj-120	165	20	(	(	PUNCT
emaj-120	165	21	online	online	NOUN
emaj-120	165	22	)	)	PUNCT
emaj-120	165	23	|	|	ADV
emaj-120	165	24	doi	doi	X
emaj-120	165	25	10.5195	10.5195	NUM
emaj-120	165	26	/	/	SYM
emaj-120	165	27	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	165	28	|	|	NOUN
emaj-120	165	29	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-120	165	30	pedro	pedro	PROPN
emaj-120	165	31	luiz	luiz	PROPN
emaj-120	165	32	albertin	albertin	PROPN
emaj-120	165	33	,	,	PUNCT
emaj-120	165	34	bono	bono	PROPN
emaj-120	165	35	milan	milan	PROPN
emaj-120	165	36	,	,	PUNCT
emaj-120	165	37	william	william	PROPN
emaj-120	165	38	eid	eid	PROPN
emaj-120	165	39	jr	jr	PROPN
emaj-120	165	40	.	.	PUNCT
emaj-120	166	1	emerging	emerge	VERB
emaj-120	166	2	markets	market	NOUN
emaj-120	166	3	journal	journal	NOUN
emaj-120	166	4	|	|	ADV
emaj-120	166	5	p	p	NOUN
emaj-120	166	6	a	a	DET
emaj-120	166	7	g	g	NOUN
emaj-120	166	8	e	e	NOUN
emaj-120	166	9	|6	|6	PRON
emaj-120	166	10	formula	formula	NOUN
emaj-120	166	11	allows	allow	VERB
emaj-120	166	12	us	we	PRON
emaj-120	166	13	to	to	PART
emaj-120	166	14	observe	observe	VERB
emaj-120	166	15	the	the	DET
emaj-120	166	16	relative	relative	ADJ
emaj-120	166	17	percentage	percentage	NOUN
emaj-120	166	18	of	of	ADP
emaj-120	166	19	total	total	ADJ
emaj-120	166	20	investments	investment	NOUN
emaj-120	166	21	allocated	allocate	VERB
emaj-120	166	22	in	in	ADP
emaj-120	166	23	risky	risky	ADJ
emaj-120	166	24	assets	asset	NOUN
emaj-120	166	25	.	.	PUNCT
emaj-120	167	1	equation	equation	NOUN
emaj-120	167	2	(	(	PUNCT
emaj-120	167	3	3	3	X
emaj-120	167	4	)	)	PUNCT
emaj-120	167	5	presents	present	VERB
emaj-120	167	6	the	the	DET
emaj-120	167	7	formula	formula	NOUN
emaj-120	167	8	for	for	ADP
emaj-120	167	9	measuring	measure	VERB
emaj-120	167	10	the	the	DET
emaj-120	167	11	level	level	NOUN
emaj-120	167	12	of	of	ADP
emaj-120	167	13	risk	risk	NOUN
emaj-120	167	14	allocation	allocation	NOUN
emaj-120	167	15	:	:	PUNCT
emaj-120	167	16	where	where	SCONJ
emaj-120	167	17	,	,	PUNCT
emaj-120	167	18	iriski	iriski	VERB
emaj-120	167	19	is	be	AUX
emaj-120	167	20	the	the	DET
emaj-120	167	21	risk	risk	NOUN
emaj-120	167	22	-	-	PUNCT
emaj-120	167	23	taking	take	VERB
emaj-120	167	24	index	index	NOUN
emaj-120	167	25	of	of	ADP
emaj-120	167	26	investor	investor	NOUN
emaj-120	167	27	i	i	PRON
emaj-120	167	28	wriski	wriski	VERB
emaj-120	167	29	is	be	AUX
emaj-120	167	30	the	the	DET
emaj-120	167	31	sum	sum	NOUN
emaj-120	167	32	of	of	ADP
emaj-120	167	33	all	all	DET
emaj-120	167	34	risk	risk	NOUN
emaj-120	167	35	investments	investment	NOUN
emaj-120	167	36	of	of	ADP
emaj-120	167	37	investor	investor	NOUN
emaj-120	168	1	i	i	PRON
emaj-120	168	2	totali	totali	VERB
emaj-120	168	3	is	be	AUX
emaj-120	168	4	the	the	DET
emaj-120	168	5	sum	sum	NOUN
emaj-120	168	6	of	of	ADP
emaj-120	168	7	all	all	DET
emaj-120	168	8	investments	investment	NOUN
emaj-120	168	9	of	of	ADP
emaj-120	168	10	investor	investor	NOUN
emaj-120	169	1	i	i	PRON
emaj-120	169	2	the	the	DET
emaj-120	169	3	second	second	ADJ
emaj-120	169	4	procedure	procedure	NOUN
emaj-120	169	5	to	to	PART
emaj-120	169	6	measure	measure	VERB
emaj-120	169	7	the	the	DET
emaj-120	169	8	allocation	allocation	NOUN
emaj-120	169	9	in	in	ADP
emaj-120	169	10	risky	risky	ADJ
emaj-120	169	11	assets	asset	NOUN
emaj-120	169	12	follows	follow	VERB
emaj-120	169	13	shum	shum	ADJ
emaj-120	169	14	and	and	CCONJ
emaj-120	169	15	faig	faig	PROPN
emaj-120	169	16	(	(	PUNCT
emaj-120	169	17	2006	2006	NUM
emaj-120	169	18	)	)	PUNCT
emaj-120	169	19	,	,	PUNCT
emaj-120	169	20	adding	add	VERB
emaj-120	169	21	a	a	DET
emaj-120	169	22	dichotomous	dichotomous	ADJ
emaj-120	169	23	variable	variable	NOUN
emaj-120	169	24	that	that	PRON
emaj-120	169	25	takes	take	VERB
emaj-120	169	26	the	the	DET
emaj-120	169	27	value	value	NOUN
emaj-120	169	28	of	of	ADP
emaj-120	169	29	1	1	NUM
emaj-120	169	30	if	if	SCONJ
emaj-120	169	31	investors	investor	NOUN
emaj-120	169	32	invest	invest	VERB
emaj-120	169	33	in	in	ADP
emaj-120	169	34	risky	risky	ADJ
emaj-120	169	35	assets	asset	NOUN
emaj-120	169	36	or	or	CCONJ
emaj-120	169	37	0	0	NUM
emaj-120	169	38	if	if	SCONJ
emaj-120	169	39	the	the	DET
emaj-120	169	40	investor	investor	NOUN
emaj-120	169	41	has	have	VERB
emaj-120	169	42	no	no	DET
emaj-120	169	43	risky	risky	ADJ
emaj-120	169	44	assets	asset	NOUN
emaj-120	169	45	in	in	ADP
emaj-120	169	46	its	its	PRON
emaj-120	169	47	investment	investment	NOUN
emaj-120	169	48	portfolio	portfolio	NOUN
emaj-120	169	49	.	.	PUNCT
emaj-120	170	1	finally	finally	ADV
emaj-120	170	2	,	,	PUNCT
emaj-120	170	3	to	to	PART
emaj-120	170	4	find	find	VERB
emaj-120	170	5	the	the	DET
emaj-120	170	6	factors	factor	NOUN
emaj-120	170	7	that	that	PRON
emaj-120	170	8	influence	influence	VERB
emaj-120	170	9	investors	investor	NOUN
emaj-120	170	10	to	to	PART
emaj-120	170	11	adopt	adopt	VERB
emaj-120	170	12	a	a	DET
emaj-120	170	13	more	more	ADV
emaj-120	170	14	diversified	diversified	ADJ
emaj-120	170	15	portfolio	portfolio	NOUN
emaj-120	170	16	,	,	PUNCT
emaj-120	170	17	we	we	PRON
emaj-120	170	18	developed	develop	VERB
emaj-120	170	19	an	an	DET
emaj-120	170	20	ols	ol	NOUN
emaj-120	170	21	regression	regression	NOUN
emaj-120	170	22	model	model	NOUN
emaj-120	170	23	using	use	VERB
emaj-120	170	24	the	the	DET
emaj-120	170	25	diversification	diversification	NOUN
emaj-120	170	26	index	index	NOUN
emaj-120	170	27	measured	measure	VERB
emaj-120	170	28	by	by	ADP
emaj-120	170	29	equation	equation	NOUN
emaj-120	170	30	(	(	PUNCT
emaj-120	170	31	1	1	NUM
emaj-120	170	32	)	)	PUNCT
emaj-120	170	33	and	and	CCONJ
emaj-120	170	34	equation	equation	NOUN
emaj-120	170	35	(	(	PUNCT
emaj-120	170	36	2	2	NUM
emaj-120	170	37	)	)	PUNCT
emaj-120	170	38	as	as	ADP
emaj-120	170	39	explained	explain	VERB
emaj-120	170	40	variables	variable	NOUN
emaj-120	170	41	.	.	PUNCT
emaj-120	171	1	as	as	ADP
emaj-120	171	2	explanatory	explanatory	ADJ
emaj-120	171	3	variables	variable	NOUN
emaj-120	171	4	,	,	PUNCT
emaj-120	171	5	we	we	PRON
emaj-120	171	6	use	use	VERB
emaj-120	171	7	the	the	DET
emaj-120	171	8	investors	investor	NOUN
emaj-120	171	9	’	’	PART
emaj-120	171	10	characteristics	characteristic	NOUN
emaj-120	171	11	:	:	PUNCT
emaj-120	171	12	age	age	NOUN
emaj-120	171	13	(	(	PUNCT
emaj-120	171	14	ω	ω	NOUN
emaj-120	171	15	)	)	PUNCT
emaj-120	171	16	,	,	PUNCT
emaj-120	171	17	gender	gender	NOUN
emaj-120	171	18	(	(	PUNCT
emaj-120	171	19	λ	λ	NOUN
emaj-120	171	20	)	)	PUNCT
emaj-120	171	21	,	,	PUNCT
emaj-120	171	22	level	level	NOUN
emaj-120	171	23	of	of	ADP
emaj-120	171	24	education	education	NOUN
emaj-120	171	25	(	(	PUNCT
emaj-120	171	26	δ	δ	NOUN
emaj-120	171	27	)	)	PUNCT
emaj-120	171	28	,	,	PUNCT
emaj-120	171	29	residence	residence	NOUN
emaj-120	171	30	(	(	PUNCT
emaj-120	171	31	θ	θ	NOUN
emaj-120	171	32	)	)	PUNCT
emaj-120	171	33	(	(	PUNCT
emaj-120	171	34	capital	capital	NOUN
emaj-120	171	35	city	city	NOUN
emaj-120	171	36	or	or	CCONJ
emaj-120	171	37	countryside	countryside	NOUN
emaj-120	171	38	)	)	PUNCT
emaj-120	171	39	,	,	PUNCT
emaj-120	171	40	marital	marital	ADJ
emaj-120	171	41	status	status	NOUN
emaj-120	171	42	(	(	PUNCT
emaj-120	171	43	ξ	ξ	NOUN
emaj-120	171	44	)	)	PUNCT
emaj-120	171	45	and	and	CCONJ
emaj-120	171	46	total	total	ADJ
emaj-120	171	47	investment	investment	NOUN
emaj-120	171	48	(	(	PUNCT
emaj-120	171	49	ψ	ψ	NOUN
emaj-120	171	50	)	)	PUNCT
emaj-120	171	51	.	.	PUNCT
emaj-120	172	1	the	the	DET
emaj-120	172	2	objective	objective	NOUN
emaj-120	172	3	of	of	ADP
emaj-120	172	4	this	this	DET
emaj-120	172	5	regression	regression	NOUN
emaj-120	172	6	model	model	NOUN
emaj-120	172	7	is	be	AUX
emaj-120	172	8	to	to	PART
emaj-120	172	9	capture	capture	VERB
emaj-120	172	10	the	the	DET
emaj-120	172	11	intrinsic	intrinsic	ADJ
emaj-120	172	12	characteristics	characteristic	NOUN
emaj-120	172	13	that	that	PRON
emaj-120	172	14	lead	lead	VERB
emaj-120	172	15	to	to	ADP
emaj-120	172	16	diversified	diversified	ADJ
emaj-120	172	17	allocations	allocation	NOUN
emaj-120	172	18	.	.	PUNCT
emaj-120	173	1	the	the	DET
emaj-120	173	2	regressions	regression	NOUN
emaj-120	173	3	relied	rely	VERB
emaj-120	173	4	on	on	ADP
emaj-120	173	5	the	the	DET
emaj-120	173	6	application	application	NOUN
emaj-120	173	7	of	of	ADP
emaj-120	173	8	a	a	DET
emaj-120	173	9	robust	robust	ADJ
emaj-120	173	10	white	white	ADJ
emaj-120	173	11	matrix	matrix	NOUN
emaj-120	173	12	.	.	PUNCT
emaj-120	174	1	equation	equation	NOUN
emaj-120	174	2	(	(	PUNCT
emaj-120	174	3	1	1	NUM
emaj-120	174	4	)	)	PUNCT
emaj-120	174	5	as	as	ADP
emaj-120	174	6	an	an	DET
emaj-120	174	7	explained	explain	VERB
emaj-120	174	8	variable	variable	NOUN
emaj-120	174	9	follow	follow	VERB
emaj-120	174	10	the	the	DET
emaj-120	174	11	ols	ol	NOUN
emaj-120	174	12	equation	equation	NOUN
emaj-120	174	13	4	4	NUM
emaj-120	174	14	:	:	PUNCT
emaj-120	174	15	equation	equation	NOUN
emaj-120	174	16	(	(	PUNCT
emaj-120	174	17	2	2	NUM
emaj-120	174	18	)	)	PUNCT
emaj-120	174	19	as	as	SCONJ
emaj-120	174	20	an	an	DET
emaj-120	174	21	explained	explain	VERB
emaj-120	174	22	variable	variable	NOUN
emaj-120	174	23	follow	follow	VERB
emaj-120	174	24	the	the	DET
emaj-120	174	25	ols	ol	NOUN
emaj-120	174	26	equation	equation	NOUN
emaj-120	174	27	5	5	NUM
emaj-120	174	28	:	:	PUNCT
emaj-120	174	29	similar	similar	ADJ
emaj-120	174	30	to	to	ADP
emaj-120	174	31	equations	equation	NOUN
emaj-120	174	32	4	4	NUM
emaj-120	174	33	and	and	CCONJ
emaj-120	174	34	5	5	NUM
emaj-120	174	35	,	,	PUNCT
emaj-120	174	36	to	to	PART
emaj-120	174	37	find	find	VERB
emaj-120	174	38	the	the	DET
emaj-120	174	39	factors	factor	NOUN
emaj-120	174	40	that	that	PRON
emaj-120	174	41	influence	influence	VERB
emaj-120	174	42	investors	investor	NOUN
emaj-120	174	43	to	to	PART
emaj-120	174	44	allocate	allocate	VERB
emaj-120	174	45	resources	resource	NOUN
emaj-120	174	46	in	in	ADP
emaj-120	174	47	risky	risky	ADJ
emaj-120	174	48	assets	asset	NOUN
emaj-120	174	49	,	,	PUNCT
emaj-120	174	50	we	we	PRON
emaj-120	174	51	developed	develop	VERB
emaj-120	174	52	two	two	NUM
emaj-120	174	53	regression	regression	NOUN
emaj-120	174	54	models	model	NOUN
emaj-120	174	55	to	to	PART
emaj-120	174	56	verify	verify	VERB
emaj-120	174	57	the	the	DET
emaj-120	174	58	impact	impact	NOUN
emaj-120	174	59	of	of	ADP
emaj-120	174	60	age	age	NOUN
emaj-120	174	61	(	(	PUNCT
emaj-120	174	62	ω	ω	NOUN
emaj-120	174	63	)	)	PUNCT
emaj-120	174	64	,	,	PUNCT
emaj-120	174	65	gender	gender	NOUN
emaj-120	174	66	(	(	PUNCT
emaj-120	174	67	λ	λ	NOUN
emaj-120	174	68	)	)	PUNCT
emaj-120	174	69	,	,	PUNCT
emaj-120	174	70	level	level	NOUN
emaj-120	174	71	of	of	ADP
emaj-120	174	72	education	education	NOUN
emaj-120	174	73	(	(	PUNCT
emaj-120	174	74	δ	δ	NOUN
emaj-120	174	75	)	)	PUNCT
emaj-120	174	76	,	,	PUNCT
emaj-120	174	77	residence	residence	NOUN
emaj-120	174	78	(	(	PUNCT
emaj-120	174	79	θ	θ	NOUN
emaj-120	174	80	)	)	PUNCT
emaj-120	174	81	(	(	PUNCT
emaj-120	174	82	capital	capital	NOUN
emaj-120	174	83	city	city	NOUN
emaj-120	174	84	or	or	CCONJ
emaj-120	174	85	countryside	countryside	NOUN
emaj-120	174	86	)	)	PUNCT
emaj-120	174	87	,	,	PUNCT
emaj-120	174	88	marital	marital	ADJ
emaj-120	174	89	status	status	NOUN
emaj-120	174	90	(	(	PUNCT
emaj-120	174	91	ξ	ξ	NOUN
emaj-120	174	92	)	)	PUNCT
emaj-120	174	93	and	and	CCONJ
emaj-120	174	94	total	total	ADJ
emaj-120	174	95	investment	investment	NOUN
emaj-120	174	96	(	(	PUNCT
emaj-120	174	97	ψ	ψ	NOUN
emaj-120	174	98	)	)	PUNCT
emaj-120	174	99	on	on	ADP
emaj-120	174	100	the	the	DET
emaj-120	174	101	decision	decision	NOUN
emaj-120	174	102	to	to	PART
emaj-120	174	103	allocate	allocate	VERB
emaj-120	174	104	financial	financial	ADJ
emaj-120	174	105	resources	resource	NOUN
emaj-120	174	106	in	in	ADP
emaj-120	174	107	risky	risky	ADJ
emaj-120	174	108	assets	asset	NOUN
emaj-120	174	109	.	.	PUNCT
emaj-120	175	1	the	the	DET
emaj-120	175	2	first	first	ADJ
emaj-120	175	3	regression	regression	NOUN
emaj-120	175	4	is	be	AUX
emaj-120	175	5	an	an	DET
emaj-120	175	6	ols	ol	NOUN
emaj-120	175	7	regression	regression	NOUN
emaj-120	175	8	and	and	CCONJ
emaj-120	175	9	has	have	VERB
emaj-120	175	10	the	the	DET
emaj-120	175	11	explanatory	explanatory	ADJ
emaj-120	175	12	variable	variable	NOUN
emaj-120	175	13	measured	measure	VERB
emaj-120	175	14	by	by	ADP
emaj-120	175	15	the	the	DET
emaj-120	175	16	first	first	ADJ
emaj-120	175	17	risk	risk	NOUN
emaj-120	175	18	metric	metric	ADJ
emaj-120	175	19	procedure	procedure	NOUN
emaj-120	175	20	,	,	PUNCT
emaj-120	175	21	equation	equation	NOUN
emaj-120	175	22	3	3	NUM
emaj-120	175	23	.	.	PUNCT
emaj-120	176	1	the	the	DET
emaj-120	176	2	second	second	ADJ
emaj-120	176	3	regression	regression	NOUN
emaj-120	176	4	,	,	PUNCT
emaj-120	176	5	conducted	conduct	VERB
emaj-120	176	6	under	under	ADP
emaj-120	176	7	the	the	DET
emaj-120	176	8	second	second	ADJ
emaj-120	176	9	risk	risk	NOUN
emaj-120	176	10	metric	metric	ADJ
emaj-120	176	11	procedure	procedure	NOUN
emaj-120	176	12	,	,	PUNCT
emaj-120	176	13	has	have	VERB
emaj-120	176	14	dichotomous	dichotomous	ADJ
emaj-120	176	15	explained	explain	VERB
emaj-120	176	16	variables	variable	NOUN
emaj-120	176	17	;	;	PUNCT
emaj-120	176	18	therefore	therefore	ADV
emaj-120	176	19	,	,	PUNCT
emaj-120	176	20	we	we	PRON
emaj-120	176	21	adopted	adopt	VERB
emaj-120	176	22	a	a	DET
emaj-120	176	23	probit	probit	NOUN
emaj-120	176	24	model	model	NOUN
emaj-120	176	25	.	.	PUNCT
emaj-120	177	1	the	the	DET
emaj-120	177	2	regressions	regression	NOUN
emaj-120	177	3	relied	rely	VERB
emaj-120	177	4	on	on	ADP
emaj-120	177	5	the	the	DET
emaj-120	177	6	application	application	NOUN
emaj-120	177	7	of	of	ADP
emaj-120	177	8	a	a	DET
emaj-120	177	9	robust	robust	ADJ
emaj-120	177	10	white	white	ADJ
emaj-120	177	11	matrix	matrix	NOUN
emaj-120	177	12	.	.	PUNCT
emaj-120	178	1	equation	equation	NOUN
emaj-120	178	2	(	(	PUNCT
emaj-120	178	3	3	3	NUM
emaj-120	178	4	)	)	PUNCT
emaj-120	178	5	as	as	ADP
emaj-120	178	6	an	an	DET
emaj-120	178	7	explained	explain	VERB
emaj-120	178	8	variable	variable	NOUN
emaj-120	178	9	follow	follow	VERB
emaj-120	178	10	the	the	DET
emaj-120	178	11	ols	ol	NOUN
emaj-120	178	12	equation	equation	NOUN
emaj-120	178	13	(	(	PUNCT
emaj-120	178	14	6	6	NUM
emaj-120	178	15	):	):	PUNCT
emaj-120	178	16	procedure	procedure	NOUN
emaj-120	178	17	(	(	PUNCT
emaj-120	178	18	2	2	NUM
emaj-120	178	19	)	)	PUNCT
emaj-120	178	20	as	as	ADP
emaj-120	178	21	a	a	DET
emaj-120	178	22	dichotomous	dichotomous	ADJ
emaj-120	178	23	explained	explain	VERB
emaj-120	178	24	variable	variable	NOUN
emaj-120	178	25	follow	follow	VERB
emaj-120	178	26	the	the	DET
emaj-120	178	27	probit	probit	NOUN
emaj-120	178	28	equation	equation	NOUN
emaj-120	178	29	(	(	PUNCT
emaj-120	178	30	7	7	NUM
emaj-120	178	31	):	):	PUNCT
emaj-120	178	32	4	4	NUM
emaj-120	178	33	.	.	X
emaj-120	178	34	results	result	VERB
emaj-120	178	35	our	our	PRON
emaj-120	178	36	results	result	NOUN
emaj-120	178	37	provide	provide	VERB
emaj-120	178	38	new	new	ADJ
emaj-120	178	39	insights	insight	NOUN
emaj-120	178	40	about	about	ADP
emaj-120	178	41	how	how	SCONJ
emaj-120	178	42	brazilian	brazilian	ADJ
emaj-120	178	43	investors	investor	NOUN
emaj-120	178	44	allocate	allocate	VERB
emaj-120	178	45	their	their	PRON
emaj-120	178	46	financial	financial	ADJ
emaj-120	178	47	resources	resource	NOUN
emaj-120	178	48	.	.	PUNCT
emaj-120	179	1	the	the	DET
emaj-120	179	2	results	result	NOUN
emaj-120	179	3	indicate	indicate	VERB
emaj-120	179	4	that	that	SCONJ
emaj-120	179	5	investors	investor	NOUN
emaj-120	179	6	have	have	VERB
emaj-120	179	7	under	under	ADV
emaj-120	179	8	-	-	PUNCT
emaj-120	179	9	diversified	diversify	VERB
emaj-120	179	10	portfolios	portfolio	NOUN
emaj-120	179	11	concentrated	concentrate	VERB
emaj-120	179	12	mainly	mainly	ADV
emaj-120	179	13	in	in	ADP
emaj-120	179	14	traditional	traditional	ADJ
emaj-120	179	15	and	and	CCONJ
emaj-120	179	16	low	low	ADJ
emaj-120	179	17	-	-	PUNCT
emaj-120	179	18	risk	risk	NOUN
emaj-120	179	19	assets	asset	NOUN
emaj-120	179	20	.	.	PUNCT
emaj-120	180	1	the	the	DET
emaj-120	180	2	average	average	ADJ
emaj-120	180	3	rate	rate	NOUN
emaj-120	180	4	of	of	ADP
emaj-120	180	5	diversification	diversification	NOUN
emaj-120	180	6	estimated	estimate	VERB
emaj-120	180	7	by	by	ADP
emaj-120	180	8	equation	equation	NOUN
emaj-120	180	9	1	1	NUM
emaj-120	180	10	is	be	AUX
emaj-120	180	11	0.2153	0.2153	NUM
emaj-120	180	12	.	.	PUNCT
emaj-120	181	1	the	the	DET
emaj-120	181	2	diversification	diversification	NOUN
emaj-120	181	3	index	index	NOUN
emaj-120	181	4	using	use	VERB
emaj-120	181	5	the	the	DET
emaj-120	181	6	benchmark	benchmark	NOUN
emaj-120	181	7	portfolio	portfolio	NOUN
emaj-120	181	8	composed	compose	VERB
emaj-120	181	9	by	by	ADP
emaj-120	181	10	the	the	DET
emaj-120	181	11	median	median	PROPN
emaj-120	181	12	allocations	allocation	NOUN
emaj-120	181	13	,	,	PUNCT
emaj-120	181	14	equation	equation	NOUN
emaj-120	181	15	(	(	PUNCT
emaj-120	181	16	2	2	NUM
emaj-120	181	17	)	)	PUNCT
emaj-120	181	18	presents	present	VERB
emaj-120	181	19	an	an	DET
emaj-120	181	20	average	average	ADJ
emaj-120	181	21	diversification	diversification	NOUN
emaj-120	181	22	rate	rate	NOUN
emaj-120	181	23	of	of	ADP
emaj-120	181	24	approximately	approximately	ADV
emaj-120	181	25	0.5023	0.5023	NUM
emaj-120	181	26	.	.	PUNCT
emaj-120	182	1	despite	despite	SCONJ
emaj-120	182	2	the	the	DET
emaj-120	182	3	difference	difference	NOUN
emaj-120	182	4	between	between	ADP
emaj-120	182	5	the	the	DET
emaj-120	182	6	two	two	NUM
emaj-120	182	7	models	model	NOUN
emaj-120	182	8	,	,	PUNCT
emaj-120	182	9	we	we	PRON
emaj-120	182	10	observe	observe	VERB
emaj-120	182	11	that	that	SCONJ
emaj-120	182	12	the	the	DET
emaj-120	182	13	difference	difference	NOUN
emaj-120	182	14	extends	extend	VERB
emaj-120	182	15	to	to	ADP
emaj-120	182	16	all	all	DET
emaj-120	182	17	individual	individual	ADJ
emaj-120	182	18	portfolios	portfolio	NOUN
emaj-120	182	19	in	in	ADP
emaj-120	182	20	proportional	proportional	ADJ
emaj-120	182	21	magnitude	magnitude	NOUN
emaj-120	182	22	,	,	PUNCT
emaj-120	182	23	preserving	preserve	VERB
emaj-120	182	24	the	the	DET
emaj-120	182	25	comparative	comparative	ADJ
emaj-120	182	26	power	power	NOUN
emaj-120	182	27	between	between	ADP
emaj-120	182	28	the	the	DET
emaj-120	182	29	models	model	NOUN
emaj-120	182	30	.	.	PUNCT
emaj-120	183	1	table	table	NOUN
emaj-120	183	2	4	4	NUM
emaj-120	183	3	shows	show	VERB
emaj-120	183	4	diversification	diversification	NOUN
emaj-120	183	5	rates	rate	NOUN
emaj-120	183	6	in	in	ADP
emaj-120	183	7	quartiles	quartile	NOUN
emaj-120	183	8	,	,	PUNCT
emaj-120	183	9	and	and	CCONJ
emaj-120	183	10	quartile	quartile	NOUN
emaj-120	183	11	1	1	NUM
emaj-120	183	12	(	(	PUNCT
emaj-120	183	13	q1	q1	PROPN
emaj-120	183	14	)	)	PUNCT
emaj-120	183	15	indicates	indicate	VERB
emaj-120	183	16	investors	investor	NOUN
emaj-120	183	17	with	with	ADP
emaj-120	183	18	higher	high	ADJ
emaj-120	183	19	levels	level	NOUN
emaj-120	183	20	of	of	ADP
emaj-120	183	21	diversification	diversification	NOUN
emaj-120	183	22	.	.	PUNCT
emaj-120	184	1	the	the	DET
emaj-120	184	2	diversification	diversification	NOUN
emaj-120	184	3	index	index	NOUN
emaj-120	184	4	becomes	become	VERB
emaj-120	184	5	smaller	small	ADJ
emaj-120	184	6	as	as	SCONJ
emaj-120	184	7	we	we	PRON
emaj-120	184	8	move	move	VERB
emaj-120	184	9	from	from	ADP
emaj-120	184	10	the	the	DET
emaj-120	184	11	second	second	ADJ
emaj-120	184	12	quartile	quartile	NOUN
emaj-120	184	13	to	to	ADP
emaj-120	184	14	the	the	DET
emaj-120	184	15	fourth	fourth	ADJ
emaj-120	184	16	quartile	quartile	NOUN
emaj-120	184	17	.	.	PUNCT
emaj-120	185	1	there	there	PRON
emaj-120	185	2	is	be	VERB
emaj-120	185	3	a	a	DET
emaj-120	185	4	significant	significant	ADJ
emaj-120	185	5	difference	difference	NOUN
emaj-120	185	6	between	between	ADP
emaj-120	185	7	investors	investor	NOUN
emaj-120	185	8	with	with	ADP
emaj-120	185	9	high	high	ADJ
emaj-120	185	10	diversification	diversification	NOUN
emaj-120	185	11	index	index	NOUN
emaj-120	185	12	,	,	PUNCT
emaj-120	185	13	first	first	ADV
emaj-120	185	14	quartile	quartile	NOUN
emaj-120	185	15	,	,	PUNCT
emaj-120	185	16	and	and	CCONJ
emaj-120	185	17	investors	investor	NOUN
emaj-120	185	18	located	locate	VERB
emaj-120	185	19	in	in	ADP
emaj-120	185	20	the	the	DET
emaj-120	185	21	fourth	fourth	ADJ
emaj-120	185	22	quartile	quartile	NOUN
emaj-120	185	23	for	for	ADP
emaj-120	185	24	both	both	DET
emaj-120	185	25	metrics	metric	NOUN
emaj-120	185	26	diversification	diversification	NOUN
emaj-120	185	27	.	.	PUNCT
emaj-120	186	1	however	however	ADV
emaj-120	186	2	,	,	PUNCT
emaj-120	186	3	the	the	DET
emaj-120	186	4	differences	difference	NOUN
emaj-120	186	5	must	must	AUX
emaj-120	186	6	to	to	PART
emaj-120	186	7	be	be	AUX
emaj-120	186	8	statistically	statistically	ADV
emaj-120	186	9	significant	significant	ADJ
emaj-120	186	10	to	to	PART
emaj-120	186	11	give	give	VERB
emaj-120	186	12	consistency	consistency	NOUN
emaj-120	186	13	to	to	ADP
emaj-120	186	14	the	the	DET
emaj-120	186	15	inferences	inference	NOUN
emaj-120	186	16	.	.	PUNCT
emaj-120	187	1	to	to	PART
emaj-120	187	2	test	test	VERB
emaj-120	187	3	for	for	ADP
emaj-120	187	4	significant	significant	ADJ
emaj-120	187	5	differences	difference	NOUN
emaj-120	187	6	between	between	ADP
emaj-120	187	7	the	the	DET
emaj-120	187	8	investors	investor	NOUN
emaj-120	187	9	with	with	ADP
emaj-120	187	10	greater	great	ADJ
emaj-120	187	11	diversification	diversification	NOUN
emaj-120	187	12	rates	rate	NOUN
emaj-120	187	13	and	and	CCONJ
emaj-120	187	14	investors	investor	NOUN
emaj-120	187	15	with	with	ADP
emaj-120	187	16	smaller	small	ADJ
emaj-120	187	17	diversification	diversification	NOUN
emaj-120	187	18	rates	rate	NOUN
emaj-120	187	19	,	,	PUNCT
emaj-120	187	20	we	we	PRON
emaj-120	187	21	conducted	conduct	VERB
emaj-120	187	22	a	a	DET
emaj-120	187	23	t	t	NOUN
emaj-120	187	24	-	-	PUNCT
emaj-120	187	25	test	test	NOUN
emaj-120	187	26	of	of	ADP
emaj-120	187	27	means	mean	NOUN
emaj-120	187	28	between	between	ADP
emaj-120	187	29	the	the	DET
emaj-120	187	30	q1	q1	PROPN
emaj-120	187	31	and	and	CCONJ
emaj-120	187	32	q4	q4	PROPN
emaj-120	187	33	groups	group	NOUN
emaj-120	187	34	.	.	PUNCT
emaj-120	188	1	risk	risk	NOUN
emaj-120	188	2	investment	investment	NOUN
emaj-120	188	3	index	index	NOUN
emaj-120	188	4	if	if	SCONJ
emaj-120	188	5	risky	risky	ADJ
emaj-120	188	6	assets	asset	NOUN
emaj-120	188	7	≠	≠	NOUN
emaj-120	188	8	0	0	NUM
emaj-120	188	9	variable	variable	ADJ
emaj-120	188	10	value	value	NOUN
emaj-120	188	11	=	=	SYM
emaj-120	188	12	1	1	NUM
emaj-120	188	13	if	if	SCONJ
emaj-120	188	14	risky	risky	ADJ
emaj-120	188	15	assets	asset	NOUN
emaj-120	188	16	=	=	SYM
emaj-120	188	17	0	0	NUM
emaj-120	188	18	variable	variable	ADJ
emaj-120	188	19	value	value	NOUN
emaj-120	188	20	=	=	SYM
emaj-120	188	21	0	0	NUM
emaj-120	188	22	(	(	PUNCT
emaj-120	188	23	3	3	NUM
emaj-120	188	24	)	)	PUNCT
emaj-120	188	25	(	(	PUNCT
emaj-120	188	26	4	4	NUM
emaj-120	188	27	)	)	PUNCT
emaj-120	188	28	(	(	PUNCT
emaj-120	188	29	5	5	NUM
emaj-120	188	30	)	)	PUNCT
emaj-120	188	31	(	(	PUNCT
emaj-120	188	32	6	6	NUM
emaj-120	188	33	)	)	PUNCT
emaj-120	188	34	(	(	PUNCT
emaj-120	188	35	7	7	X
emaj-120	188	36	)	)	PUNCT
emaj-120	188	37	volume	volume	NOUN
emaj-120	188	38	7	7	NUM
emaj-120	188	39	no	no	DET
emaj-120	188	40	1	1	NUM
emaj-120	188	41	(	(	PUNCT
emaj-120	188	42	2017	2017	NUM
emaj-120	188	43	)	)	PUNCT
emaj-120	188	44	|	|	ADV
emaj-120	188	45	issn	issn	VERB
emaj-120	188	46	2158	2158	NUM
emaj-120	188	47	-	-	SYM
emaj-120	188	48	8708	8708	NUM
emaj-120	188	49	(	(	PUNCT
emaj-120	188	50	online	online	NOUN
emaj-120	188	51	)	)	PUNCT
emaj-120	188	52	|	|	ADV
emaj-120	188	53	doi	doi	X
emaj-120	188	54	10.5195	10.5195	NUM
emaj-120	188	55	/	/	SYM
emaj-120	188	56	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	188	57	|	|	NOUN
emaj-120	188	58	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-120	188	59	investment	investment	NOUN
emaj-120	188	60	portfolios	portfolio	NOUN
emaj-120	188	61	in	in	ADP
emaj-120	188	62	an	an	DET
emaj-120	188	63	emerging	emerge	VERB
emaj-120	188	64	economy	economy	NOUN
emaj-120	188	65	:	:	PUNCT
emaj-120	188	66	what	what	PRON
emaj-120	188	67	drives	drive	VERB
emaj-120	188	68	portfolio	portfolio	NOUN
emaj-120	188	69	’s	’s	PART
emaj-120	188	70	diversification	diversification	NOUN
emaj-120	188	71	?	?	PUNCT
emaj-120	189	1	page	page	NOUN
emaj-120	189	2	|7|	|7|	PRON
emaj-120	189	3	emerging	emerge	VERB
emaj-120	189	4	markets	market	NOUN
emaj-120	189	5	journal	journal	NOUN
emaj-120	189	6	table	table	NOUN
emaj-120	189	7	4	4	NUM
emaj-120	189	8	:	:	PUNCT
emaj-120	189	9	descriptive	descriptive	ADJ
emaj-120	189	10	statistics	statistic	NOUN
emaj-120	189	11	of	of	ADP
emaj-120	189	12	diversification	diversification	NOUN
emaj-120	189	13	rates	rate	NOUN
emaj-120	189	14	dimean	dimean	PROPN
emaj-120	189	15	q1	q1	PROPN
emaj-120	189	16	q2	q2	PROPN
emaj-120	189	17	q3	q3	PROPN
emaj-120	189	18	q4	q4	PROPN
emaj-120	189	19	mean	mean	VERB
emaj-120	189	20	0.2153	0.2153	NUM
emaj-120	190	1	0.0560	0.0560	NUM
emaj-120	190	2	0.1103	0.1103	NUM
emaj-120	190	3	0.2037	0.2037	NUM
emaj-120	190	4	0.4911	0.4911	NUM
emaj-120	190	5	median	median	NOUN
emaj-120	190	6	0.1536	0.1536	NUM
emaj-120	190	7	0.0582	0.0582	NUM
emaj-120	190	8	0.1070	0.1070	NUM
emaj-120	190	9	0.2019	0.2019	NUM
emaj-120	190	10	0.4385	0.4385	NUM
emaj-120	190	11	std	std	NOUN
emaj-120	190	12	.	.	PUNCT
emaj-120	190	13	dev	dev	PROPN
emaj-120	190	14	.	.	PUNCT
emaj-120	191	1	0.1926	0.1926	NUM
emaj-120	191	2	0.0157	0.0157	NUM
emaj-120	191	3	0.0204	0.0204	NUM
emaj-120	191	4	0.0315	0.0315	NUM
emaj-120	191	5	0.1849	0.1849	NUM
emaj-120	191	6	min	min	NOUN
emaj-120	191	7	0.0192	0.0192	NUM
emaj-120	191	8	0.0807	0.0807	NUM
emaj-120	191	9	0.0807	0.0807	NUM
emaj-120	191	10	0.1537	0.1537	NUM
emaj-120	191	11	0.2719	0.2719	NUM
emaj-120	191	12	max	max	PROPN
emaj-120	191	13	0.9124	0.9124	NUM
emaj-120	191	14	0.1534	0.1534	NUM
emaj-120	191	15	0.1534	0.1534	NUM
emaj-120	191	16	0.2709	0.2709	NUM
emaj-120	191	17	0.9124	0.9124	NUM
emaj-120	191	18	n	n	CCONJ
emaj-120	191	19	500	500	NUM
emaj-120	191	20	125	125	NUM
emaj-120	191	21	125	125	NUM
emaj-120	191	22	125	125	NUM
emaj-120	191	23	125	125	NUM
emaj-120	191	24	dimedian	dimedian	PROPN
emaj-120	191	25	q1	q1	PROPN
emaj-120	191	26	q2	q2	PROPN
emaj-120	191	27	q3	q3	PROPN
emaj-120	191	28	q4	q4	PROPN
emaj-120	191	29	mean	mean	VERB
emaj-120	191	30	0.5023	0.5023	NUM
emaj-120	191	31	0.2934	0.2934	NUM
emaj-120	191	32	0.4193	0.4193	NUM
emaj-120	191	33	0.5270	0.5270	NUM
emaj-120	191	34	0.7697	0.7697	NUM
emaj-120	191	35	median	median	NOUN
emaj-120	191	36	0.4673	0.4673	NUM
emaj-120	191	37	0.2992	0.2992	NUM
emaj-120	191	38	0.4172	0.4172	NUM
emaj-120	191	39	0.5227	0.5227	NUM
emaj-120	191	40	0.7796	0.7796	NUM
emaj-120	191	41	std	std	NOUN
emaj-120	191	42	.	.	PUNCT
emaj-120	192	1	dev	dev	PROPN
emaj-120	192	2	.	.	PUNCT
emaj-120	193	1	0.1865	0.1865	NUM
emaj-120	193	2	0.0531	0.0531	NUM
emaj-120	193	3	0.0286	0.0286	NUM
emaj-120	193	4	0.0370	0.0370	NUM
emaj-120	193	5	0.1062	0.1062	NUM
emaj-120	193	6	min	min	NOUN
emaj-120	193	7	0.1584	0.1584	NUM
emaj-120	193	8	0.1584	0.1584	NUM
emaj-120	193	9	0.3695	0.3695	NUM
emaj-120	193	10	0.4673	0.4673	NUM
emaj-120	193	11	0.6113	0.6113	NUM
emaj-120	193	12	max	max	PROPN
emaj-120	193	13	10.000	10.000	NUM
emaj-120	193	14	0.3694	0.3694	NUM
emaj-120	193	15	0.4672	0.4672	NUM
emaj-120	193	16	0.6094	0.6094	NUM
emaj-120	193	17	10.000	10.000	NUM
emaj-120	193	18	n	n	PRON
emaj-120	193	19	500	500	NUM
emaj-120	193	20	125	125	NUM
emaj-120	193	21	125	125	NUM
emaj-120	193	22	125	125	NUM
emaj-120	193	23	125	125	NUM
emaj-120	193	24	source	source	NOUN
emaj-120	193	25	:	:	PUNCT
emaj-120	193	26	prepared	prepare	VERB
emaj-120	193	27	by	by	ADP
emaj-120	193	28	the	the	DET
emaj-120	193	29	authors	author	NOUN
emaj-120	193	30	the	the	DET
emaj-120	193	31	t	t	PROPN
emaj-120	193	32	-	-	PUNCT
emaj-120	193	33	test	test	NOUN
emaj-120	193	34	compares	compare	VERB
emaj-120	193	35	the	the	DET
emaj-120	193	36	rates	rate	NOUN
emaj-120	193	37	of	of	ADP
emaj-120	193	38	portfolio	portfolio	NOUN
emaj-120	193	39	diversification	diversification	NOUN
emaj-120	193	40	in	in	ADP
emaj-120	193	41	the	the	DET
emaj-120	193	42	first	first	ADJ
emaj-120	193	43	quartile	quartile	NOUN
emaj-120	193	44	,	,	PUNCT
emaj-120	193	45	which	which	PRON
emaj-120	193	46	has	have	VERB
emaj-120	193	47	higher	high	ADJ
emaj-120	193	48	diversification	diversification	NOUN
emaj-120	193	49	rates	rate	NOUN
emaj-120	193	50	,	,	PUNCT
emaj-120	193	51	with	with	ADP
emaj-120	193	52	the	the	DET
emaj-120	193	53	lower	low	ADJ
emaj-120	193	54	diversification	diversification	NOUN
emaj-120	193	55	rates	rate	NOUN
emaj-120	193	56	located	locate	VERB
emaj-120	193	57	in	in	ADP
emaj-120	193	58	the	the	DET
emaj-120	193	59	fourth	fourth	ADJ
emaj-120	193	60	quartile	quartile	NOUN
emaj-120	193	61	.	.	PUNCT
emaj-120	194	1	the	the	DET
emaj-120	194	2	test	test	NOUN
emaj-120	194	3	revealed	reveal	VERB
emaj-120	194	4	a	a	DET
emaj-120	194	5	statistically	statistically	ADV
emaj-120	194	6	significant	significant	ADJ
emaj-120	194	7	difference	difference	NOUN
emaj-120	194	8	at	at	ADP
emaj-120	194	9	1	1	NUM
emaj-120	194	10	%	%	NOUN
emaj-120	194	11	with	with	ADP
emaj-120	194	12	t	t	NOUN
emaj-120	194	13	-	-	PUNCT
emaj-120	194	14	stat	stat	NOUN
emaj-120	194	15	<	<	X
emaj-120	194	16	0.000	0.000	NUM
emaj-120	194	17	for	for	ADP
emaj-120	194	18	both	both	DET
emaj-120	194	19	models	model	NOUN
emaj-120	194	20	,	,	PUNCT
emaj-120	194	21	ensuring	ensure	VERB
emaj-120	194	22	that	that	SCONJ
emaj-120	194	23	investors	investor	NOUN
emaj-120	194	24	distributed	distribute	VERB
emaj-120	194	25	in	in	ADP
emaj-120	194	26	the	the	DET
emaj-120	194	27	first	first	ADJ
emaj-120	194	28	quartile	quartile	NOUN
emaj-120	194	29	had	have	VERB
emaj-120	194	30	significantly	significantly	ADV
emaj-120	194	31	different	different	ADJ
emaj-120	194	32	portfolios	portfolio	NOUN
emaj-120	194	33	than	than	ADP
emaj-120	194	34	investors	investor	NOUN
emaj-120	194	35	located	locate	VERB
emaj-120	194	36	in	in	ADP
emaj-120	194	37	the	the	DET
emaj-120	194	38	fourth	fourth	ADJ
emaj-120	194	39	quartile	quartile	NOUN
emaj-120	194	40	.	.	PUNCT
emaj-120	195	1	this	this	DET
emaj-120	195	2	t	t	NOUN
emaj-120	195	3	-	-	PUNCT
emaj-120	195	4	test	test	NOUN
emaj-120	195	5	validates	validate	VERB
emaj-120	195	6	the	the	DET
emaj-120	195	7	inferences	inference	NOUN
emaj-120	195	8	for	for	ADP
emaj-120	195	9	each	each	DET
emaj-120	195	10	group	group	NOUN
emaj-120	195	11	in	in	ADP
emaj-120	195	12	the	the	DET
emaj-120	195	13	regression	regression	NOUN
emaj-120	195	14	models	model	NOUN
emaj-120	195	15	.	.	PUNCT
emaj-120	196	1	the	the	DET
emaj-120	196	2	regression	regression	NOUN
emaj-120	196	3	models	model	NOUN
emaj-120	196	4	intend	intend	VERB
emaj-120	196	5	to	to	PART
emaj-120	196	6	identify	identify	VERB
emaj-120	196	7	aspects	aspect	NOUN
emaj-120	196	8	that	that	PRON
emaj-120	196	9	can	can	AUX
emaj-120	196	10	lead	lead	VERB
emaj-120	196	11	investors	investor	NOUN
emaj-120	196	12	to	to	PART
emaj-120	196	13	increase	increase	VERB
emaj-120	196	14	their	their	PRON
emaj-120	196	15	diversification	diversification	NOUN
emaj-120	196	16	levels	level	NOUN
emaj-120	196	17	and	and	CCONJ
emaj-120	196	18	characteristics	characteristic	NOUN
emaj-120	196	19	that	that	PRON
emaj-120	196	20	can	can	AUX
emaj-120	196	21	drive	drive	VERB
emaj-120	196	22	investors	investor	NOUN
emaj-120	196	23	to	to	PART
emaj-120	196	24	increase	increase	VERB
emaj-120	196	25	investments	investment	NOUN
emaj-120	196	26	in	in	ADP
emaj-120	196	27	risky	risky	ADJ
emaj-120	196	28	assets	asset	NOUN
emaj-120	196	29	in	in	ADP
emaj-120	196	30	their	their	PRON
emaj-120	196	31	portfolios	portfolio	NOUN
emaj-120	196	32	.	.	PUNCT
emaj-120	197	1	table	table	NOUN
emaj-120	197	2	5	5	NUM
emaj-120	197	3	presents	present	VERB
emaj-120	197	4	the	the	DET
emaj-120	197	5	results	result	NOUN
emaj-120	197	6	of	of	ADP
emaj-120	197	7	the	the	DET
emaj-120	197	8	four	four	NUM
emaj-120	197	9	regression	regression	NOUN
emaj-120	197	10	models	model	NOUN
emaj-120	197	11	.	.	PUNCT
emaj-120	198	1	columns	column	NOUN
emaj-120	198	2	(	(	PUNCT
emaj-120	198	3	1	1	NUM
emaj-120	198	4	)	)	PUNCT
emaj-120	198	5	and	and	CCONJ
emaj-120	198	6	(	(	PUNCT
emaj-120	198	7	2	2	X
emaj-120	198	8	)	)	PUNCT
emaj-120	198	9	identify	identify	VERB
emaj-120	198	10	the	the	DET
emaj-120	198	11	characteristics	characteristic	NOUN
emaj-120	198	12	of	of	ADP
emaj-120	198	13	investors	investor	NOUN
emaj-120	198	14	that	that	PRON
emaj-120	198	15	can	can	AUX
emaj-120	198	16	lead	lead	VERB
emaj-120	198	17	to	to	ADP
emaj-120	198	18	a	a	DET
emaj-120	198	19	more	more	ADV
emaj-120	198	20	diversified	diversified	ADJ
emaj-120	198	21	portfolio	portfolio	NOUN
emaj-120	198	22	.	.	PUNCT
emaj-120	199	1	columns	column	NOUN
emaj-120	199	2	(	(	PUNCT
emaj-120	199	3	3	3	NUM
emaj-120	199	4	)	)	PUNCT
emaj-120	199	5	and	and	CCONJ
emaj-120	199	6	(	(	PUNCT
emaj-120	199	7	4	4	X
emaj-120	199	8	)	)	PUNCT
emaj-120	199	9	present	present	VERB
emaj-120	199	10	the	the	DET
emaj-120	199	11	characteristics	characteristic	NOUN
emaj-120	199	12	that	that	PRON
emaj-120	199	13	lead	lead	VERB
emaj-120	199	14	investors	investor	NOUN
emaj-120	199	15	to	to	PART
emaj-120	199	16	invest	invest	VERB
emaj-120	199	17	greater	great	ADJ
emaj-120	199	18	financial	financial	ADJ
emaj-120	199	19	resources	resource	NOUN
emaj-120	199	20	in	in	ADP
emaj-120	199	21	risky	risky	ADJ
emaj-120	199	22	assets	asset	NOUN
emaj-120	199	23	.	.	PUNCT
emaj-120	200	1	table	table	NOUN
emaj-120	200	2	5	5	NUM
emaj-120	200	3	:	:	PUNCT
emaj-120	200	4	results	result	NOUN
emaj-120	200	5	of	of	ADP
emaj-120	200	6	the	the	DET
emaj-120	200	7	four	four	NUM
emaj-120	200	8	regression	regression	NOUN
emaj-120	200	9	models	model	NOUN
emaj-120	200	10	source	source	NOUN
emaj-120	200	11	:	:	PUNCT
emaj-120	200	12	prepared	prepare	VERB
emaj-120	200	13	by	by	ADP
emaj-120	200	14	the	the	DET
emaj-120	200	15	authors	author	NOUN
emaj-120	200	16	notes	note	VERB
emaj-120	200	17	for	for	ADP
emaj-120	200	18	table	table	NOUN
emaj-120	200	19	6	6	NUM
emaj-120	200	20	:	:	PUNCT
emaj-120	200	21	regression	regression	NOUN
emaj-120	200	22	table	table	NOUN
emaj-120	200	23	for	for	ADP
emaj-120	200	24	models	model	NOUN
emaj-120	200	25	of	of	ADP
emaj-120	200	26	diversification	diversification	NOUN
emaj-120	200	27	and	and	CCONJ
emaj-120	200	28	investment	investment	NOUN
emaj-120	200	29	in	in	ADP
emaj-120	200	30	risky	risky	ADJ
emaj-120	200	31	assets	asset	NOUN
emaj-120	200	32	.	.	PUNCT
emaj-120	201	1	(	(	PUNCT
emaj-120	201	2	1)(2	1)(2	NUM
emaj-120	201	3	)	)	PUNCT
emaj-120	201	4	ols	ol	NOUN
emaj-120	201	5	regression	regression	NOUN
emaj-120	201	6	model	model	NOUN
emaj-120	201	7	with	with	ADP
emaj-120	201	8	a	a	DET
emaj-120	201	9	diversification	diversification	NOUN
emaj-120	201	10	index	index	NOUN
emaj-120	201	11	measured	measure	VERB
emaj-120	201	12	by	by	ADP
emaj-120	201	13	equation	equation	NOUN
emaj-120	201	14	1	1	NUM
emaj-120	201	15	and	and	CCONJ
emaj-120	201	16	equation	equation	NOUN
emaj-120	201	17	2	2	NUM
emaj-120	201	18	as	as	ADP
emaj-120	201	19	an	an	DET
emaj-120	201	20	explained	explain	VERB
emaj-120	201	21	variable	variable	NOUN
emaj-120	201	22	and	and	CCONJ
emaj-120	201	23	the	the	DET
emaj-120	201	24	variables	variable	NOUN
emaj-120	201	25	age	age	NOUN
emaj-120	201	26	(	(	PUNCT
emaj-120	201	27	ω	ω	NOUN
emaj-120	201	28	)	)	PUNCT
emaj-120	201	29	,	,	PUNCT
emaj-120	201	30	gender	gender	NOUN
emaj-120	201	31	(	(	PUNCT
emaj-120	201	32	λ	λ	NOUN
emaj-120	201	33	)	)	PUNCT
emaj-120	201	34	,	,	PUNCT
emaj-120	201	35	education	education	NOUN
emaj-120	201	36	level	level	NOUN
emaj-120	201	37	(	(	PUNCT
emaj-120	201	38	δ	δ	NOUN
emaj-120	201	39	)	)	PUNCT
emaj-120	201	40	,	,	PUNCT
emaj-120	201	41	residence	residence	NOUN
emaj-120	201	42	(	(	PUNCT
emaj-120	201	43	θ	θ	NOUN
emaj-120	201	44	)	)	PUNCT
emaj-120	201	45	(	(	PUNCT
emaj-120	201	46	capital	capital	NOUN
emaj-120	201	47	city	city	NOUN
emaj-120	201	48	or	or	CCONJ
emaj-120	201	49	countryside	countryside	NOUN
emaj-120	201	50	)	)	PUNCT
emaj-120	201	51	,	,	PUNCT
emaj-120	201	52	marital	marital	ADJ
emaj-120	201	53	status	status	NOUN
emaj-120	201	54	(	(	PUNCT
emaj-120	201	55	ξ	ξ	NOUN
emaj-120	201	56	)	)	PUNCT
emaj-120	201	57	and	and	CCONJ
emaj-120	201	58	total	total	ADJ
emaj-120	201	59	investment	investment	NOUN
emaj-120	201	60	(	(	PUNCT
emaj-120	201	61	ψ	ψ	NOUN
emaj-120	201	62	)	)	PUNCT
emaj-120	201	63	as	as	ADP
emaj-120	201	64	explanatory	explanatory	ADJ
emaj-120	201	65	variables	variable	NOUN
emaj-120	201	66	.	.	PUNCT
emaj-120	202	1	(	(	PUNCT
emaj-120	202	2	3)(4	3)(4	NUM
emaj-120	202	3	)	)	PUNCT
emaj-120	202	4	regression	regression	NOUN
emaj-120	202	5	models	model	NOUN
emaj-120	202	6	to	to	PART
emaj-120	202	7	verify	verify	VERB
emaj-120	202	8	the	the	DET
emaj-120	202	9	impact	impact	NOUN
emaj-120	202	10	of	of	ADP
emaj-120	202	11	age	age	NOUN
emaj-120	202	12	(	(	PUNCT
emaj-120	202	13	ω	ω	NOUN
emaj-120	202	14	)	)	PUNCT
emaj-120	202	15	,	,	PUNCT
emaj-120	202	16	gender	gender	NOUN
emaj-120	202	17	(	(	PUNCT
emaj-120	202	18	λ	λ	NOUN
emaj-120	202	19	)	)	PUNCT
emaj-120	202	20	,	,	PUNCT
emaj-120	202	21	education	education	NOUN
emaj-120	202	22	level	level	NOUN
emaj-120	202	23	(	(	PUNCT
emaj-120	202	24	δ	δ	NOUN
emaj-120	202	25	)	)	PUNCT
emaj-120	202	26	,	,	PUNCT
emaj-120	202	27	residence	residence	NOUN
emaj-120	202	28	(	(	PUNCT
emaj-120	202	29	θ	θ	NOUN
emaj-120	202	30	)	)	PUNCT
emaj-120	202	31	(	(	PUNCT
emaj-120	202	32	capital	capital	NOUN
emaj-120	202	33	city	city	NOUN
emaj-120	202	34	or	or	CCONJ
emaj-120	202	35	countryside	countryside	NOUN
emaj-120	202	36	)	)	PUNCT
emaj-120	202	37	,	,	PUNCT
emaj-120	202	38	marital	marital	ADJ
emaj-120	202	39	status	status	NOUN
emaj-120	202	40	(	(	PUNCT
emaj-120	202	41	ξ	ξ	NOUN
emaj-120	202	42	)	)	PUNCT
emaj-120	202	43	and	and	CCONJ
emaj-120	202	44	total	total	ADJ
emaj-120	202	45	investment	investment	NOUN
emaj-120	202	46	(	(	PUNCT
emaj-120	202	47	ψ	ψ	NOUN
emaj-120	202	48	)	)	PUNCT
emaj-120	202	49	in	in	ADP
emaj-120	202	50	risky	risky	ADJ
emaj-120	202	51	assets	asset	NOUN
emaj-120	202	52	.	.	PUNCT
emaj-120	203	1	regression	regression	NOUN
emaj-120	203	2	(	(	PUNCT
emaj-120	203	3	3	3	X
emaj-120	203	4	)	)	PUNCT
emaj-120	203	5	is	be	AUX
emaj-120	203	6	an	an	DET
emaj-120	203	7	ols	ols	NOUN
emaj-120	203	8	regression	regression	NOUN
emaj-120	203	9	has	have	AUX
emaj-120	203	10	explained	explain	VERB
emaj-120	203	11	the	the	DET
emaj-120	203	12	variable	variable	NOUN
emaj-120	203	13	measured	measure	VERB
emaj-120	203	14	by	by	ADP
emaj-120	203	15	equation	equation	NOUN
emaj-120	203	16	3	3	NUM
emaj-120	203	17	.	.	PUNCT
emaj-120	204	1	regression	regression	NOUN
emaj-120	204	2	(	(	PUNCT
emaj-120	204	3	4	4	NUM
emaj-120	204	4	)	)	PUNCT
emaj-120	204	5	is	be	AUX
emaj-120	204	6	a	a	DET
emaj-120	204	7	probit	probit	NOUN
emaj-120	204	8	model	model	NOUN
emaj-120	204	9	that	that	PRON
emaj-120	204	10	analyzes	analyze	VERB
emaj-120	204	11	the	the	DET
emaj-120	204	12	impact	impact	NOUN
emaj-120	204	13	of	of	ADP
emaj-120	204	14	the	the	DET
emaj-120	204	15	explanatory	explanatory	ADJ
emaj-120	204	16	variables	variable	NOUN
emaj-120	204	17	on	on	ADP
emaj-120	204	18	the	the	DET
emaj-120	204	19	level	level	NOUN
emaj-120	204	20	of	of	ADP
emaj-120	204	21	investment	investment	NOUN
emaj-120	204	22	in	in	ADP
emaj-120	204	23	risky	risky	ADJ
emaj-120	204	24	assets	asset	NOUN
emaj-120	204	25	.	.	PUNCT
emaj-120	205	1	the	the	DET
emaj-120	205	2	regressions	regression	NOUN
emaj-120	205	3	relied	rely	VERB
emaj-120	205	4	on	on	ADP
emaj-120	205	5	the	the	DET
emaj-120	205	6	application	application	NOUN
emaj-120	205	7	of	of	ADP
emaj-120	205	8	a	a	DET
emaj-120	205	9	robust	robust	ADJ
emaj-120	205	10	white	white	ADJ
emaj-120	205	11	matrix	matrix	NOUN
emaj-120	205	12	the	the	DET
emaj-120	205	13	results	result	NOUN
emaj-120	205	14	displayed	display	VERB
emaj-120	205	15	in	in	ADP
emaj-120	205	16	table	table	NOUN
emaj-120	205	17	5	5	NUM
emaj-120	205	18	indicate	indicate	VERB
emaj-120	205	19	the	the	DET
emaj-120	205	20	effects	effect	NOUN
emaj-120	205	21	of	of	ADP
emaj-120	205	22	investor	investor	NOUN
emaj-120	205	23	characteristics	characteristic	NOUN
emaj-120	205	24	on	on	ADP
emaj-120	205	25	the	the	DET
emaj-120	205	26	level	level	NOUN
emaj-120	205	27	of	of	ADP
emaj-120	205	28	portfolio	portfolio	NOUN
emaj-120	205	29	diversification	diversification	NOUN
emaj-120	205	30	as	as	ADV
emaj-120	205	31	well	well	ADV
emaj-120	205	32	as	as	ADP
emaj-120	205	33	the	the	DET
emaj-120	205	34	propensity	propensity	NOUN
emaj-120	205	35	to	to	PART
emaj-120	205	36	invest	invest	VERB
emaj-120	205	37	in	in	ADP
emaj-120	205	38	risky	risky	ADJ
emaj-120	205	39	assets	asset	NOUN
emaj-120	205	40	.	.	PUNCT
emaj-120	206	1	the	the	DET
emaj-120	206	2	characteristics	characteristic	NOUN
emaj-120	206	3	of	of	ADP
emaj-120	206	4	brazilian	brazilian	ADJ
emaj-120	206	5	investors	investor	NOUN
emaj-120	206	6	play	play	VERB
emaj-120	206	7	an	an	DET
emaj-120	206	8	important	important	ADJ
emaj-120	206	9	role	role	NOUN
emaj-120	206	10	in	in	ADP
emaj-120	206	11	investment	investment	NOUN
emaj-120	206	12	decisions	decision	NOUN
emaj-120	206	13	,	,	PUNCT
emaj-120	206	14	and	and	CCONJ
emaj-120	206	15	the	the	DET
emaj-120	206	16	results	result	NOUN
emaj-120	206	17	support	support	VERB
emaj-120	206	18	the	the	DET
emaj-120	206	19	findings	finding	NOUN
emaj-120	206	20	in	in	ADP
emaj-120	206	21	international	international	ADJ
emaj-120	206	22	studies	study	NOUN
emaj-120	206	23	.	.	PUNCT
emaj-120	207	1	higher	high	ADJ
emaj-120	207	2	education	education	NOUN
emaj-120	207	3	influences	influence	VERB
emaj-120	207	4	investors	investor	NOUN
emaj-120	207	5	to	to	ADP
emaj-120	207	6	higher	high	ADJ
emaj-120	207	7	levels	level	NOUN
emaj-120	207	8	of	of	ADP
emaj-120	207	9	portfolio	portfolio	NOUN
emaj-120	207	10	diversification	diversification	NOUN
emaj-120	207	11	.	.	PUNCT
emaj-120	208	1	the	the	DET
emaj-120	208	2	result	result	NOUN
emaj-120	208	3	has	have	VERB
emaj-120	208	4	statistical	statistical	ADJ
emaj-120	208	5	significance	significance	NOUN
emaj-120	208	6	and	and	CCONJ
emaj-120	208	7	follows	follow	VERB
emaj-120	208	8	evidence	evidence	NOUN
emaj-120	208	9	found	find	VERB
emaj-120	208	10	by	by	ADP
emaj-120	208	11	goetzmann	goetzmann	PROPN
emaj-120	208	12	and	and	CCONJ
emaj-120	208	13	kumar	kumar	PROPN
emaj-120	208	14	(	(	PUNCT
emaj-120	208	15	2008	2008	NUM
emaj-120	208	16	)	)	PUNCT
emaj-120	208	17	for	for	ADP
emaj-120	208	18	american	american	ADJ
emaj-120	208	19	investors	investor	NOUN
emaj-120	208	20	.	.	PUNCT
emaj-120	209	1	marital	marital	ADJ
emaj-120	209	2	status	status	NOUN
emaj-120	209	3	also	also	ADV
emaj-120	209	4	positively	positively	ADV
emaj-120	209	5	affects	affect	VERB
emaj-120	209	6	the	the	DET
emaj-120	209	7	level	level	NOUN
emaj-120	209	8	of	of	ADP
emaj-120	209	9	portfolio	portfolio	NOUN
emaj-120	209	10	diversification	diversification	NOUN
emaj-120	209	11	.	.	PUNCT
emaj-120	210	1	married	married	ADJ
emaj-120	210	2	investors	investor	NOUN
emaj-120	210	3	tend	tend	VERB
emaj-120	210	4	to	to	PART
emaj-120	210	5	have	have	VERB
emaj-120	210	6	more	more	ADV
emaj-120	210	7	diversified	diversified	ADJ
emaj-120	210	8	portfolios	portfolio	NOUN
emaj-120	210	9	than	than	SCONJ
emaj-120	210	10	single	single	ADJ
emaj-120	210	11	investors	investor	NOUN
emaj-120	210	12	do	do	VERB
emaj-120	210	13	.	.	PUNCT
emaj-120	211	1	goetzmann	goetzmann	PROPN
emaj-120	211	2	and	and	CCONJ
emaj-120	211	3	kumar	kumar	PROPN
emaj-120	211	4	(	(	PUNCT
emaj-120	211	5	2008	2008	NUM
emaj-120	211	6	)	)	PUNCT
emaj-120	211	7	observe	observe	VERB
emaj-120	211	8	more	more	ADV
emaj-120	211	9	diversified	diversified	ADJ
emaj-120	211	10	portfolios	portfolio	NOUN
emaj-120	211	11	in	in	ADP
emaj-120	211	12	the	the	DET
emaj-120	211	13	united	united	PROPN
emaj-120	211	14	states	states	PROPN
emaj-120	211	15	as	as	ADP
emaj-120	211	16	total	total	ADJ
emaj-120	211	17	investment	investment	NOUN
emaj-120	211	18	increases	increase	NOUN
emaj-120	211	19	,	,	PUNCT
emaj-120	211	20	contrary	contrary	ADV
emaj-120	211	21	to	to	ADP
emaj-120	211	22	our	our	PRON
emaj-120	211	23	finding	finding	NOUN
emaj-120	211	24	for	for	ADP
emaj-120	211	25	brazil	brazil	PROPN
emaj-120	211	26	.	.	PUNCT
emaj-120	212	1	in	in	ADP
emaj-120	212	2	brazil	brazil	PROPN
emaj-120	212	3	,	,	PUNCT
emaj-120	212	4	higher	high	ADJ
emaj-120	212	5	financial	financial	ADJ
emaj-120	212	6	resources	resource	NOUN
emaj-120	212	7	do	do	AUX
emaj-120	212	8	not	not	PART
emaj-120	212	9	necessarily	necessarily	ADV
emaj-120	212	10	lead	lead	VERB
emaj-120	212	11	to	to	ADP
emaj-120	212	12	more	more	ADV
emaj-120	212	13	diversified	diversified	ADJ
emaj-120	212	14	portfolios	portfolio	NOUN
emaj-120	212	15	.	.	PUNCT
emaj-120	213	1	in	in	ADP
emaj-120	213	2	the	the	DET
emaj-120	213	3	presence	presence	NOUN
emaj-120	213	4	of	of	ADP
emaj-120	213	5	new	new	ADJ
emaj-120	213	6	financial	financial	ADJ
emaj-120	213	7	resources	resource	NOUN
emaj-120	213	8	,	,	PUNCT
emaj-120	213	9	the	the	DET
emaj-120	213	10	brazilian	brazilian	ADJ
emaj-120	213	11	investors	investor	NOUN
emaj-120	213	12	maintain	maintain	VERB
emaj-120	213	13	volume	volume	NOUN
emaj-120	213	14	7	7	NUM
emaj-120	213	15	no	no	DET
emaj-120	213	16	1	1	NUM
emaj-120	213	17	(	(	PUNCT
emaj-120	213	18	2017	2017	NUM
emaj-120	213	19	)	)	PUNCT
emaj-120	213	20	|	|	ADV
emaj-120	213	21	issn	issn	VERB
emaj-120	213	22	2158	2158	NUM
emaj-120	213	23	-	-	SYM
emaj-120	213	24	8708	8708	NUM
emaj-120	213	25	(	(	PUNCT
emaj-120	213	26	online	online	NOUN
emaj-120	213	27	)	)	PUNCT
emaj-120	213	28	|	|	ADV
emaj-120	213	29	doi	doi	X
emaj-120	213	30	10.5195	10.5195	NUM
emaj-120	213	31	/	/	SYM
emaj-120	213	32	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	213	33	|	|	NOUN
emaj-120	213	34	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-120	213	35	pedro	pedro	PROPN
emaj-120	213	36	luiz	luiz	PROPN
emaj-120	213	37	albertin	albertin	PROPN
emaj-120	213	38	,	,	PUNCT
emaj-120	213	39	bono	bono	PROPN
emaj-120	213	40	milan	milan	PROPN
emaj-120	213	41	,	,	PUNCT
emaj-120	213	42	william	william	PROPN
emaj-120	213	43	eid	eid	PROPN
emaj-120	213	44	jr	jr	PROPN
emaj-120	213	45	.	.	PUNCT
emaj-120	214	1	emerging	emerge	VERB
emaj-120	214	2	markets	market	NOUN
emaj-120	214	3	journal	journal	NOUN
emaj-120	214	4	|	|	ADV
emaj-120	214	5	p	p	NOUN
emaj-120	214	6	a	a	DET
emaj-120	214	7	g	g	NOUN
emaj-120	214	8	e	e	X
emaj-120	214	9	|8	|8	X
emaj-120	214	10	their	their	PRON
emaj-120	214	11	resources	resource	NOUN
emaj-120	214	12	in	in	ADP
emaj-120	214	13	the	the	DET
emaj-120	214	14	same	same	ADJ
emaj-120	214	15	types	type	NOUN
emaj-120	214	16	of	of	ADP
emaj-120	214	17	investments	investment	NOUN
emaj-120	214	18	.	.	PUNCT
emaj-120	215	1	if	if	SCONJ
emaj-120	215	2	the	the	DET
emaj-120	215	3	investor	investor	NOUN
emaj-120	215	4	allocates	allocate	VERB
emaj-120	215	5	its	its	PRON
emaj-120	215	6	resources	resource	NOUN
emaj-120	215	7	in	in	ADP
emaj-120	215	8	residential	residential	ADJ
emaj-120	215	9	real	real	ADJ
emaj-120	215	10	estate	estate	NOUN
emaj-120	215	11	,	,	PUNCT
emaj-120	215	12	land	land	NOUN
emaj-120	215	13	and	and	CCONJ
emaj-120	215	14	savings	saving	NOUN
emaj-120	215	15	,	,	PUNCT
emaj-120	215	16	he	he	PRON
emaj-120	215	17	will	will	AUX
emaj-120	215	18	not	not	PART
emaj-120	215	19	necessarily	necessarily	ADV
emaj-120	215	20	allocate	allocate	VERB
emaj-120	215	21	its	its	PRON
emaj-120	215	22	resources	resource	NOUN
emaj-120	215	23	in	in	ADP
emaj-120	215	24	other	other	ADJ
emaj-120	215	25	assets	asset	NOUN
emaj-120	215	26	,	,	PUNCT
emaj-120	215	27	and	and	CCONJ
emaj-120	215	28	in	in	ADP
emaj-120	215	29	the	the	DET
emaj-120	215	30	presence	presence	NOUN
emaj-120	215	31	of	of	ADP
emaj-120	215	32	new	new	ADJ
emaj-120	215	33	financial	financial	ADJ
emaj-120	215	34	resources	resource	NOUN
emaj-120	215	35	,	,	PUNCT
emaj-120	215	36	an	an	DET
emaj-120	215	37	investor	investor	NOUN
emaj-120	215	38	will	will	AUX
emaj-120	215	39	allocate	allocate	VERB
emaj-120	215	40	more	more	ADJ
emaj-120	215	41	resources	resource	NOUN
emaj-120	215	42	in	in	ADP
emaj-120	215	43	the	the	DET
emaj-120	215	44	same	same	ADJ
emaj-120	215	45	types	type	NOUN
emaj-120	215	46	of	of	ADP
emaj-120	215	47	assets	asset	NOUN
emaj-120	215	48	.	.	PUNCT
emaj-120	216	1	comparing	compare	VERB
emaj-120	216	2	the	the	DET
emaj-120	216	3	results	result	NOUN
emaj-120	216	4	concerning	concern	VERB
emaj-120	216	5	investment	investment	NOUN
emaj-120	216	6	in	in	ADP
emaj-120	216	7	risky	risky	ADJ
emaj-120	216	8	assets	asset	NOUN
emaj-120	216	9	,	,	PUNCT
emaj-120	216	10	we	we	PRON
emaj-120	216	11	observe	observe	VERB
emaj-120	216	12	that	that	SCONJ
emaj-120	216	13	a	a	DET
emaj-120	216	14	greater	great	ADJ
emaj-120	216	15	number	number	NOUN
emaj-120	216	16	of	of	ADP
emaj-120	216	17	personal	personal	ADJ
emaj-120	216	18	characteristics	characteristic	NOUN
emaj-120	216	19	affect	affect	VERB
emaj-120	216	20	the	the	DET
emaj-120	216	21	investment	investment	NOUN
emaj-120	216	22	decisions	decision	NOUN
emaj-120	216	23	of	of	ADP
emaj-120	216	24	brazilian	brazilian	ADJ
emaj-120	216	25	investors	investor	NOUN
emaj-120	216	26	.	.	PUNCT
emaj-120	217	1	the	the	DET
emaj-120	217	2	equations	equation	NOUN
emaj-120	217	3	in	in	ADP
emaj-120	217	4	models	model	NOUN
emaj-120	217	5	6	6	NUM
emaj-120	217	6	and	and	CCONJ
emaj-120	217	7	7	7	NUM
emaj-120	217	8	seek	seek	VERB
emaj-120	217	9	the	the	DET
emaj-120	217	10	characteristics	characteristic	NOUN
emaj-120	217	11	of	of	ADP
emaj-120	217	12	investors	investor	NOUN
emaj-120	217	13	that	that	PRON
emaj-120	217	14	lead	lead	VERB
emaj-120	217	15	them	they	PRON
emaj-120	217	16	to	to	PART
emaj-120	217	17	invest	invest	VERB
emaj-120	217	18	in	in	ADP
emaj-120	217	19	risky	risky	ADJ
emaj-120	217	20	assets	asset	NOUN
emaj-120	217	21	.	.	PUNCT
emaj-120	218	1	for	for	ADP
emaj-120	218	2	both	both	DET
emaj-120	218	3	models	model	NOUN
emaj-120	218	4	,	,	PUNCT
emaj-120	218	5	shown	show	VERB
emaj-120	218	6	in	in	ADP
emaj-120	218	7	columns	column	NOUN
emaj-120	218	8	(	(	PUNCT
emaj-120	218	9	3	3	NUM
emaj-120	218	10	)	)	PUNCT
emaj-120	218	11	and	and	CCONJ
emaj-120	218	12	(	(	PUNCT
emaj-120	218	13	4	4	X
emaj-120	218	14	)	)	PUNCT
emaj-120	218	15	of	of	ADP
emaj-120	218	16	table	table	NOUN
emaj-120	218	17	6	6	NUM
emaj-120	218	18	,	,	PUNCT
emaj-120	218	19	age	age	NOUN
emaj-120	218	20	may	may	AUX
emaj-120	218	21	indicate	indicate	VERB
emaj-120	218	22	higher	high	ADJ
emaj-120	218	23	risk	risk	NOUN
emaj-120	218	24	exposure	exposure	NOUN
emaj-120	218	25	.	.	PUNCT
emaj-120	219	1	the	the	DET
emaj-120	219	2	evidence	evidence	NOUN
emaj-120	219	3	accompanying	accompany	VERB
emaj-120	219	4	the	the	DET
emaj-120	219	5	results	result	NOUN
emaj-120	219	6	found	find	VERB
emaj-120	219	7	in	in	ADP
emaj-120	219	8	the	the	DET
emaj-120	219	9	study	study	NOUN
emaj-120	219	10	of	of	ADP
emaj-120	219	11	shum	shum	NOUN
emaj-120	219	12	and	and	CCONJ
emaj-120	219	13	faig	faig	PROPN
emaj-120	219	14	(	(	PUNCT
emaj-120	219	15	2006	2006	NUM
emaj-120	219	16	)	)	PUNCT
emaj-120	219	17	in	in	ADP
emaj-120	219	18	the	the	DET
emaj-120	219	19	united	united	PROPN
emaj-120	219	20	states	states	PROPN
emaj-120	219	21	shows	show	VERB
emaj-120	219	22	that	that	SCONJ
emaj-120	219	23	younger	young	ADJ
emaj-120	219	24	investors	investor	NOUN
emaj-120	219	25	tend	tend	VERB
emaj-120	219	26	to	to	PART
emaj-120	219	27	invest	invest	VERB
emaj-120	219	28	more	more	ADJ
emaj-120	219	29	in	in	ADP
emaj-120	219	30	risky	risky	ADJ
emaj-120	219	31	assets	asset	NOUN
emaj-120	219	32	.	.	PUNCT
emaj-120	220	1	the	the	DET
emaj-120	220	2	model	model	NOUN
emaj-120	220	3	also	also	ADV
emaj-120	220	4	shows	show	VERB
emaj-120	220	5	that	that	SCONJ
emaj-120	220	6	male	male	ADJ
emaj-120	220	7	investors	investor	NOUN
emaj-120	220	8	have	have	VERB
emaj-120	220	9	a	a	DET
emaj-120	220	10	43	43	NUM
emaj-120	220	11	%	%	NOUN
emaj-120	220	12	greater	great	ADJ
emaj-120	220	13	likelihood	likelihood	NOUN
emaj-120	220	14	of	of	ADP
emaj-120	220	15	investing	invest	VERB
emaj-120	220	16	in	in	ADP
emaj-120	220	17	risky	risky	ADJ
emaj-120	220	18	assets	asset	NOUN
emaj-120	220	19	than	than	ADP
emaj-120	220	20	female	female	ADJ
emaj-120	220	21	investors	investor	NOUN
emaj-120	220	22	,	,	PUNCT
emaj-120	220	23	highlighting	highlight	VERB
emaj-120	220	24	the	the	DET
emaj-120	220	25	discussion	discussion	NOUN
emaj-120	220	26	on	on	ADP
emaj-120	220	27	gender	gender	NOUN
emaj-120	220	28	and	and	CCONJ
emaj-120	220	29	investment	investment	NOUN
emaj-120	220	30	decisions	decision	NOUN
emaj-120	220	31	.	.	PUNCT
emaj-120	221	1	married	married	ADJ
emaj-120	221	2	investors	investor	NOUN
emaj-120	221	3	tend	tend	VERB
emaj-120	221	4	to	to	PART
emaj-120	221	5	exhibit	exhibit	VERB
emaj-120	221	6	less	less	ADJ
emaj-120	221	7	risk	risk	NOUN
emaj-120	221	8	and	and	CCONJ
emaj-120	221	9	maintain	maintain	VERB
emaj-120	221	10	conservative	conservative	ADJ
emaj-120	221	11	portfolios	portfolio	NOUN
emaj-120	221	12	.	.	PUNCT
emaj-120	222	1	as	as	SCONJ
emaj-120	222	2	expected	expect	VERB
emaj-120	222	3	,	,	PUNCT
emaj-120	222	4	as	as	ADP
emaj-120	222	5	total	total	ADJ
emaj-120	222	6	investments	investment	NOUN
emaj-120	222	7	increase	increase	NOUN
emaj-120	222	8	,	,	PUNCT
emaj-120	222	9	the	the	PRON
emaj-120	222	10	greater	great	ADJ
emaj-120	222	11	the	the	DET
emaj-120	222	12	investment	investment	NOUN
emaj-120	222	13	in	in	ADP
emaj-120	222	14	risky	risky	ADJ
emaj-120	222	15	assets	asset	NOUN
emaj-120	222	16	will	will	AUX
emaj-120	222	17	be	be	AUX
emaj-120	222	18	,	,	PUNCT
emaj-120	222	19	once	once	ADV
emaj-120	222	20	more	more	ADV
emaj-120	222	21	in	in	ADP
emaj-120	222	22	line	line	NOUN
emaj-120	222	23	with	with	ADP
emaj-120	222	24	the	the	DET
emaj-120	222	25	results	result	NOUN
emaj-120	222	26	of	of	ADP
emaj-120	222	27	shum	shum	NOUN
emaj-120	222	28	and	and	CCONJ
emaj-120	222	29	faig	faig	PROPN
emaj-120	222	30	(	(	PUNCT
emaj-120	222	31	2006	2006	NUM
emaj-120	222	32	)	)	PUNCT
emaj-120	222	33	.	.	PUNCT
emaj-120	223	1	following	follow	VERB
emaj-120	223	2	international	international	ADJ
emaj-120	223	3	studies	study	NOUN
emaj-120	223	4	,	,	PUNCT
emaj-120	223	5	our	our	PRON
emaj-120	223	6	results	result	NOUN
emaj-120	223	7	suggest	suggest	VERB
emaj-120	223	8	that	that	SCONJ
emaj-120	223	9	brazilian	brazilian	ADJ
emaj-120	223	10	investors	investor	NOUN
emaj-120	223	11	in	in	ADP
emaj-120	223	12	our	our	PRON
emaj-120	223	13	dataset	dataset	NOUN
emaj-120	223	14	can	can	AUX
emaj-120	223	15	not	not	PART
emaj-120	223	16	follow	follow	VERB
emaj-120	223	17	the	the	DET
emaj-120	223	18	complete	complete	ADJ
emaj-120	223	19	model	model	NOUN
emaj-120	223	20	of	of	ADP
emaj-120	223	21	rationality	rationality	NOUN
emaj-120	223	22	assumed	assume	VERB
emaj-120	223	23	by	by	ADP
emaj-120	223	24	the	the	DET
emaj-120	223	25	modern	modern	ADJ
emaj-120	223	26	finance	finance	NOUN
emaj-120	223	27	theory	theory	NOUN
emaj-120	223	28	.	.	PUNCT
emaj-120	224	1	evidence	evidence	NOUN
emaj-120	224	2	suggests	suggest	VERB
emaj-120	224	3	that	that	SCONJ
emaj-120	224	4	their	their	PRON
emaj-120	224	5	investment	investment	NOUN
emaj-120	224	6	decisions	decision	NOUN
emaj-120	224	7	are	be	AUX
emaj-120	224	8	subject	subject	ADJ
emaj-120	224	9	the	the	DET
emaj-120	224	10	psychological	psychological	ADJ
emaj-120	224	11	interference	interference	NOUN
emaj-120	224	12	defined	define	VERB
emaj-120	224	13	in	in	ADP
emaj-120	224	14	behavioral	behavioral	ADJ
emaj-120	224	15	finance	finance	NOUN
emaj-120	224	16	theory	theory	NOUN
emaj-120	224	17	,	,	PUNCT
emaj-120	224	18	leading	lead	VERB
emaj-120	224	19	to	to	ADP
emaj-120	224	20	poorly	poorly	ADV
emaj-120	224	21	diversified	diversify	VERB
emaj-120	224	22	portfolios	portfolio	NOUN
emaj-120	224	23	.	.	PUNCT
emaj-120	225	1	in	in	ADP
emaj-120	225	2	addition	addition	NOUN
emaj-120	225	3	,	,	PUNCT
emaj-120	225	4	behavioral	behavioral	ADJ
emaj-120	225	5	biases	bias	NOUN
emaj-120	225	6	can	can	AUX
emaj-120	225	7	lead	lead	VERB
emaj-120	225	8	the	the	DET
emaj-120	225	9	investor	investor	NOUN
emaj-120	225	10	to	to	PART
emaj-120	225	11	allocate	allocate	VERB
emaj-120	225	12	resources	resource	NOUN
emaj-120	225	13	in	in	ADP
emaj-120	225	14	risky	risky	ADJ
emaj-120	225	15	assets	asset	NOUN
emaj-120	225	16	regardless	regardless	ADV
emaj-120	225	17	of	of	ADP
emaj-120	225	18	the	the	DET
emaj-120	225	19	risk	risk	NOUN
emaj-120	225	20	factors	factor	NOUN
emaj-120	225	21	.	.	PUNCT
emaj-120	226	1	analyzing	analyze	VERB
emaj-120	226	2	the	the	DET
emaj-120	226	3	study	study	NOUN
emaj-120	226	4	by	by	ADP
emaj-120	226	5	shefrin	shefrin	NOUN
emaj-120	226	6	and	and	CCONJ
emaj-120	226	7	statman	statman	NOUN
emaj-120	226	8	(	(	PUNCT
emaj-120	226	9	2000	2000	NUM
emaj-120	226	10	)	)	PUNCT
emaj-120	226	11	,	,	PUNCT
emaj-120	226	12	our	our	PRON
emaj-120	226	13	results	result	NOUN
emaj-120	226	14	suggest	suggest	VERB
emaj-120	226	15	that	that	SCONJ
emaj-120	226	16	brazilian	brazilian	ADJ
emaj-120	226	17	investors	investor	NOUN
emaj-120	226	18	make	make	VERB
emaj-120	226	19	financial	financial	ADJ
emaj-120	226	20	decisions	decision	NOUN
emaj-120	226	21	that	that	PRON
emaj-120	226	22	are	be	AUX
emaj-120	226	23	consistent	consistent	ADJ
emaj-120	226	24	with	with	ADP
emaj-120	226	25	the	the	DET
emaj-120	226	26	bpt	bpt	NOUN
emaj-120	226	27	-	-	PUNCT
emaj-120	226	28	as	as	ADP
emaj-120	226	29	theory	theory	NOUN
emaj-120	226	30	approach	approach	NOUN
emaj-120	226	31	(	(	PUNCT
emaj-120	226	32	theory	theory	NOUN
emaj-120	226	33	,	,	PUNCT
emaj-120	226	34	security	security	NOUN
emaj-120	226	35	,	,	PUNCT
emaj-120	226	36	potential	potential	ADJ
emaj-120	226	37	and	and	CCONJ
emaj-120	226	38	aspiration	aspiration	NOUN
emaj-120	226	39	theory	theory	NOUN
emaj-120	226	40	+	+	CCONJ
emaj-120	226	41	prospect	prospect	NOUN
emaj-120	226	42	theory	theory	NOUN
emaj-120	226	43	)	)	PUNCT
emaj-120	226	44	.	.	PUNCT
emaj-120	227	1	investors	investor	NOUN
emaj-120	227	2	can	can	AUX
emaj-120	227	3	move	move	VERB
emaj-120	227	4	essentially	essentially	ADV
emaj-120	227	5	by	by	ADP
emaj-120	227	6	security	security	NOUN
emaj-120	227	7	instinct	instinct	NOUN
emaj-120	227	8	,	,	PUNCT
emaj-120	227	9	but	but	CCONJ
emaj-120	227	10	a	a	DET
emaj-120	227	11	potential	potential	ADJ
emaj-120	227	12	aspiration	aspiration	NOUN
emaj-120	227	13	to	to	ADP
emaj-120	227	14	higher	high	ADJ
emaj-120	227	15	levels	level	NOUN
emaj-120	227	16	of	of	ADP
emaj-120	227	17	wealth	wealth	NOUN
emaj-120	227	18	can	can	AUX
emaj-120	227	19	lead	lead	VERB
emaj-120	227	20	the	the	DET
emaj-120	227	21	investor	investor	NOUN
emaj-120	227	22	to	to	PART
emaj-120	227	23	invest	invest	VERB
emaj-120	227	24	a	a	DET
emaj-120	227	25	portion	portion	NOUN
emaj-120	227	26	of	of	ADP
emaj-120	227	27	its	its	PRON
emaj-120	227	28	assets	asset	NOUN
emaj-120	227	29	in	in	ADP
emaj-120	227	30	risky	risky	ADJ
emaj-120	227	31	assets	asset	NOUN
emaj-120	227	32	,	,	PUNCT
emaj-120	227	33	seeking	seek	VERB
emaj-120	227	34	higher	high	ADJ
emaj-120	227	35	rates	rate	NOUN
emaj-120	227	36	of	of	ADP
emaj-120	227	37	return	return	NOUN
emaj-120	227	38	.	.	PUNCT
emaj-120	228	1	the	the	DET
emaj-120	228	2	results	result	NOUN
emaj-120	228	3	that	that	PRON
emaj-120	228	4	present	present	ADJ
emaj-120	228	5	brazilian	brazilian	ADJ
emaj-120	228	6	investors	investor	NOUN
emaj-120	228	7	as	as	ADP
emaj-120	228	8	less	less	ADV
emaj-120	228	9	diversified	diversified	ADJ
emaj-120	228	10	with	with	ADP
emaj-120	228	11	a	a	DET
emaj-120	228	12	high	high	ADJ
emaj-120	228	13	concentration	concentration	NOUN
emaj-120	228	14	of	of	ADP
emaj-120	228	15	traditional	traditional	ADJ
emaj-120	228	16	and	and	CCONJ
emaj-120	228	17	low	low	ADJ
emaj-120	228	18	-	-	PUNCT
emaj-120	228	19	risk	risk	NOUN
emaj-120	228	20	assets	asset	NOUN
emaj-120	228	21	in	in	ADP
emaj-120	228	22	their	their	PRON
emaj-120	228	23	portfolios	portfolio	NOUN
emaj-120	228	24	and	and	CCONJ
emaj-120	228	25	a	a	DET
emaj-120	228	26	fraction	fraction	NOUN
emaj-120	228	27	of	of	ADP
emaj-120	228	28	their	their	PRON
emaj-120	228	29	resources	resource	NOUN
emaj-120	228	30	in	in	ADP
emaj-120	228	31	risky	risky	ADJ
emaj-120	228	32	assets	asset	NOUN
emaj-120	228	33	support	support	VERB
emaj-120	228	34	the	the	DET
emaj-120	228	35	possibility	possibility	NOUN
emaj-120	228	36	that	that	SCONJ
emaj-120	228	37	these	these	DET
emaj-120	228	38	investors	investor	NOUN
emaj-120	228	39	may	may	AUX
emaj-120	228	40	be	be	AUX
emaj-120	228	41	subject	subject	ADJ
emaj-120	228	42	to	to	ADP
emaj-120	228	43	psychological	psychological	ADJ
emaj-120	228	44	biases	bias	NOUN
emaj-120	228	45	in	in	ADP
emaj-120	228	46	financial	financial	ADJ
emaj-120	228	47	decisions	decision	NOUN
emaj-120	228	48	.	.	PUNCT
emaj-120	229	1	personal	personal	ADJ
emaj-120	229	2	characteristics	characteristic	NOUN
emaj-120	229	3	that	that	PRON
emaj-120	229	4	lead	lead	VERB
emaj-120	229	5	investors	investor	NOUN
emaj-120	229	6	to	to	PART
emaj-120	229	7	take	take	VERB
emaj-120	229	8	greater	great	ADJ
emaj-120	229	9	risk	risk	NOUN
emaj-120	229	10	suggest	suggest	VERB
emaj-120	229	11	individual	individual	ADJ
emaj-120	229	12	overconfidence	overconfidence	NOUN
emaj-120	229	13	,	,	PUNCT
emaj-120	229	14	a	a	DET
emaj-120	229	15	behavioral	behavioral	ADJ
emaj-120	229	16	bias	bias	NOUN
emaj-120	229	17	that	that	PRON
emaj-120	229	18	leads	lead	VERB
emaj-120	229	19	investors	investor	NOUN
emaj-120	229	20	to	to	PART
emaj-120	229	21	believe	believe	VERB
emaj-120	229	22	that	that	SCONJ
emaj-120	229	23	their	their	PRON
emaj-120	229	24	ability	ability	NOUN
emaj-120	229	25	to	to	PART
emaj-120	229	26	process	process	VERB
emaj-120	229	27	information	information	NOUN
emaj-120	229	28	is	be	AUX
emaj-120	229	29	better	well	ADJ
emaj-120	229	30	than	than	ADP
emaj-120	229	31	that	that	PRON
emaj-120	229	32	of	of	ADP
emaj-120	229	33	other	other	ADJ
emaj-120	229	34	investors	investor	NOUN
emaj-120	229	35	,	,	PUNCT
emaj-120	229	36	leading	lead	VERB
emaj-120	229	37	to	to	ADP
emaj-120	229	38	greater	great	ADJ
emaj-120	229	39	exposure	exposure	NOUN
emaj-120	229	40	to	to	ADP
emaj-120	229	41	risk	risk	NOUN
emaj-120	229	42	.	.	PUNCT
emaj-120	230	1	age	age	NOUN
emaj-120	230	2	can	can	AUX
emaj-120	230	3	play	play	VERB
emaj-120	230	4	a	a	DET
emaj-120	230	5	strong	strong	ADJ
emaj-120	230	6	role	role	NOUN
emaj-120	230	7	to	to	ADP
emaj-120	230	8	overconfidence	overconfidence	NOUN
emaj-120	230	9	,	,	PUNCT
emaj-120	230	10	given	give	VERB
emaj-120	230	11	that	that	SCONJ
emaj-120	230	12	younger	young	ADJ
emaj-120	230	13	investors	investor	NOUN
emaj-120	230	14	tend	tend	VERB
emaj-120	230	15	to	to	PART
emaj-120	230	16	take	take	VERB
emaj-120	230	17	greater	great	ADJ
emaj-120	230	18	risks	risk	NOUN
emaj-120	230	19	.	.	PUNCT
emaj-120	231	1	goetzmann	goetzmann	PROPN
emaj-120	231	2	and	and	CCONJ
emaj-120	231	3	kumar	kumar	PROPN
emaj-120	231	4	(	(	PUNCT
emaj-120	231	5	2008	2008	NUM
emaj-120	231	6	)	)	PUNCT
emaj-120	231	7	and	and	CCONJ
emaj-120	231	8	kelly	kelly	PROPN
emaj-120	231	9	(	(	PUNCT
emaj-120	231	10	1985	1985	NUM
emaj-120	231	11	)	)	PUNCT
emaj-120	231	12	indicate	indicate	VERB
emaj-120	231	13	overconfidence	overconfidence	NOUN
emaj-120	231	14	bias	bias	NOUN
emaj-120	231	15	as	as	ADP
emaj-120	231	16	an	an	DET
emaj-120	231	17	important	important	ADJ
emaj-120	231	18	factor	factor	NOUN
emaj-120	231	19	that	that	PRON
emaj-120	231	20	affects	affect	VERB
emaj-120	231	21	financial	financial	ADJ
emaj-120	231	22	decisions	decision	NOUN
emaj-120	231	23	.	.	PUNCT
emaj-120	232	1	married	married	ADJ
emaj-120	232	2	and	and	CCONJ
emaj-120	232	3	high	high	ADV
emaj-120	232	4	-	-	PUNCT
emaj-120	232	5	educated	educate	VERB
emaj-120	232	6	investors	investor	NOUN
emaj-120	232	7	are	be	AUX
emaj-120	232	8	more	more	ADV
emaj-120	232	9	conservative	conservative	ADJ
emaj-120	232	10	and	and	CCONJ
emaj-120	232	11	invest	invest	VERB
emaj-120	232	12	less	less	ADJ
emaj-120	232	13	in	in	ADP
emaj-120	232	14	risky	risky	ADJ
emaj-120	232	15	assets	asset	NOUN
emaj-120	232	16	.	.	PUNCT
emaj-120	233	1	the	the	DET
emaj-120	233	2	results	result	NOUN
emaj-120	233	3	reinforce	reinforce	VERB
emaj-120	233	4	the	the	DET
emaj-120	233	5	theory	theory	NOUN
emaj-120	233	6	of	of	ADP
emaj-120	233	7	safety	safety	NOUN
emaj-120	233	8	first	first	ADV
emaj-120	233	9	.	.	PUNCT
emaj-120	234	1	in	in	ADP
emaj-120	234	2	addition	addition	NOUN
emaj-120	234	3	,	,	PUNCT
emaj-120	234	4	underdiversified	underdiversified	ADJ
emaj-120	234	5	portfolios	portfolio	NOUN
emaj-120	234	6	that	that	PRON
emaj-120	234	7	are	be	AUX
emaj-120	234	8	concentrated	concentrate	VERB
emaj-120	234	9	in	in	ADP
emaj-120	234	10	traditional	traditional	ADJ
emaj-120	234	11	assets	asset	NOUN
emaj-120	234	12	may	may	AUX
emaj-120	234	13	follow	follow	VERB
emaj-120	234	14	the	the	DET
emaj-120	234	15	herd	herd	NOUN
emaj-120	234	16	effect	effect	NOUN
emaj-120	234	17	,	,	PUNCT
emaj-120	234	18	a	a	DET
emaj-120	234	19	psychological	psychological	ADJ
emaj-120	234	20	bias	bias	NOUN
emaj-120	234	21	that	that	PRON
emaj-120	234	22	leads	lead	VERB
emaj-120	234	23	investor	investor	NOUN
emaj-120	234	24	to	to	PART
emaj-120	234	25	invest	invest	VERB
emaj-120	234	26	only	only	ADV
emaj-120	234	27	in	in	ADP
emaj-120	234	28	well	well	ADV
emaj-120	234	29	-	-	PUNCT
emaj-120	234	30	known	know	VERB
emaj-120	234	31	assets	asset	NOUN
emaj-120	234	32	and	and	CCONJ
emaj-120	234	33	local	local	ADJ
emaj-120	234	34	assets	asset	NOUN
emaj-120	234	35	.	.	PUNCT
emaj-120	235	1	although	although	SCONJ
emaj-120	235	2	our	our	PRON
emaj-120	235	3	results	result	NOUN
emaj-120	235	4	are	be	AUX
emaj-120	235	5	in	in	ADP
emaj-120	235	6	line	line	NOUN
emaj-120	235	7	with	with	ADP
emaj-120	235	8	the	the	DET
emaj-120	235	9	results	result	NOUN
emaj-120	235	10	of	of	ADP
emaj-120	235	11	international	international	ADJ
emaj-120	235	12	studies	study	NOUN
emaj-120	235	13	that	that	PRON
emaj-120	235	14	examine	examine	VERB
emaj-120	235	15	investors	investor	NOUN
emaj-120	235	16	in	in	ADP
emaj-120	235	17	the	the	DET
emaj-120	235	18	united	united	PROPN
emaj-120	235	19	states	states	PROPN
emaj-120	235	20	,	,	PUNCT
emaj-120	235	21	there	there	PRON
emaj-120	235	22	is	be	VERB
emaj-120	235	23	a	a	DET
emaj-120	235	24	significant	significant	ADJ
emaj-120	235	25	difference	difference	NOUN
emaj-120	235	26	between	between	ADP
emaj-120	235	27	brazilian	brazilian	ADJ
emaj-120	235	28	and	and	CCONJ
emaj-120	235	29	american	american	ADJ
emaj-120	235	30	investors	investor	NOUN
emaj-120	235	31	in	in	ADP
emaj-120	235	32	terms	term	NOUN
emaj-120	235	33	of	of	ADP
emaj-120	235	34	the	the	DET
emaj-120	235	35	allocation	allocation	NOUN
emaj-120	235	36	of	of	ADP
emaj-120	235	37	resources	resource	NOUN
emaj-120	235	38	.	.	PUNCT
emaj-120	236	1	most	most	ADJ
emaj-120	236	2	american	american	ADJ
emaj-120	236	3	investments	investment	NOUN
emaj-120	236	4	are	be	AUX
emaj-120	236	5	concentrated	concentrate	VERB
emaj-120	236	6	in	in	ADP
emaj-120	236	7	financial	financial	ADJ
emaj-120	236	8	assets	asset	NOUN
emaj-120	236	9	,	,	PUNCT
emaj-120	236	10	while	while	SCONJ
emaj-120	236	11	most	most	ADJ
emaj-120	236	12	brazilians	brazilians	PROPN
emaj-120	236	13	investments	investment	NOUN
emaj-120	236	14	are	be	AUX
emaj-120	236	15	concentrated	concentrate	VERB
emaj-120	236	16	in	in	ADP
emaj-120	236	17	non	non	ADJ
emaj-120	236	18	-	-	ADJ
emaj-120	236	19	financial	financial	ADJ
emaj-120	236	20	assets	asset	NOUN
emaj-120	236	21	.	.	PUNCT
emaj-120	237	1	the	the	DET
emaj-120	237	2	federal	federal	PROPN
emaj-120	237	3	reserve	reserve	PROPN
emaj-120	237	4	bulletin	bulletin	PROPN
emaj-120	237	5	2012	2012	NUM
emaj-120	237	6	reveals	reveal	VERB
emaj-120	237	7	that	that	SCONJ
emaj-120	237	8	american	american	ADJ
emaj-120	237	9	investors	investor	NOUN
emaj-120	237	10	mainly	mainly	ADV
emaj-120	237	11	focused	focus	VERB
emaj-120	237	12	on	on	ADP
emaj-120	237	13	financial	financial	ADJ
emaj-120	237	14	investments	investment	NOUN
emaj-120	237	15	.	.	PUNCT
emaj-120	238	1	table	table	NOUN
emaj-120	238	2	6	6	NUM
emaj-120	238	3	and	and	CCONJ
emaj-120	238	4	figure	figure	VERB
emaj-120	238	5	5	5	NUM
emaj-120	238	6	present	present	ADJ
emaj-120	238	7	investor	investor	NOUN
emaj-120	238	8	allocation	allocation	NOUN
emaj-120	238	9	in	in	ADP
emaj-120	238	10	the	the	DET
emaj-120	238	11	united	united	PROPN
emaj-120	238	12	states	states	PROPN
emaj-120	238	13	.	.	PUNCT
emaj-120	239	1	table	table	NOUN
emaj-120	239	2	6	6	NUM
emaj-120	239	3	:	:	PUNCT
emaj-120	240	1	asset	asset	NOUN
emaj-120	240	2	allocation	allocation	NOUN
emaj-120	240	3	held	hold	VERB
emaj-120	240	4	by	by	ADP
emaj-120	240	5	investors	investor	NOUN
emaj-120	240	6	in	in	ADP
emaj-120	240	7	the	the	DET
emaj-120	240	8	united	united	PROPN
emaj-120	240	9	states	states	PROPN
emaj-120	240	10	(	(	PUNCT
emaj-120	240	11	%	%	NOUN
emaj-120	240	12	of	of	ADP
emaj-120	240	13	portfolio	portfolio	NOUN
emaj-120	240	14	)	)	PUNCT
emaj-120	240	15	source	source	NOUN
emaj-120	240	16	:	:	PUNCT
emaj-120	240	17	federal	federal	PROPN
emaj-120	240	18	reserve	reserve	PROPN
emaj-120	240	19	bulletin	bulletin	PROPN
emaj-120	240	20	2012	2012	NUM
emaj-120	240	21	.	.	PUNCT
emaj-120	241	1	prepared	prepare	VERB
emaj-120	241	2	by	by	ADP
emaj-120	241	3	the	the	DET
emaj-120	241	4	authors	author	NOUN
emaj-120	241	5	.	.	PUNCT
emaj-120	242	1	figure	figure	VERB
emaj-120	242	2	5	5	NUM
emaj-120	242	3	.	.	PUNCT
emaj-120	242	4	percentage	percentage	NOUN
emaj-120	242	5	allocation	allocation	NOUN
emaj-120	242	6	of	of	ADP
emaj-120	242	7	the	the	DET
emaj-120	242	8	major	major	ADJ
emaj-120	242	9	investments	investment	NOUN
emaj-120	242	10	held	hold	VERB
emaj-120	242	11	by	by	ADP
emaj-120	242	12	us	us	PROPN
emaj-120	242	13	investors	investor	NOUN
emaj-120	242	14	source	source	NOUN
emaj-120	242	15	:	:	PUNCT
emaj-120	242	16	federal	federal	PROPN
emaj-120	242	17	reserve	reserve	PROPN
emaj-120	242	18	bulletin	bulletin	PROPN
emaj-120	242	19	2012	2012	NUM
emaj-120	242	20	.	.	PUNCT
emaj-120	243	1	prepared	prepare	VERB
emaj-120	243	2	by	by	ADP
emaj-120	243	3	the	the	DET
emaj-120	243	4	authors	author	NOUN
emaj-120	243	5	.	.	PUNCT
emaj-120	244	1	volume	volume	NOUN
emaj-120	244	2	7	7	NUM
emaj-120	244	3	no	no	DET
emaj-120	244	4	1	1	NUM
emaj-120	244	5	(	(	PUNCT
emaj-120	244	6	2017	2017	NUM
emaj-120	244	7	)	)	PUNCT
emaj-120	244	8	|	|	ADV
emaj-120	244	9	issn	issn	VERB
emaj-120	244	10	2158	2158	NUM
emaj-120	244	11	-	-	SYM
emaj-120	244	12	8708	8708	NUM
emaj-120	244	13	(	(	PUNCT
emaj-120	244	14	online	online	NOUN
emaj-120	244	15	)	)	PUNCT
emaj-120	244	16	|	|	ADV
emaj-120	244	17	doi	doi	X
emaj-120	244	18	10.5195	10.5195	NUM
emaj-120	244	19	/	/	SYM
emaj-120	244	20	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	244	21	|	|	NOUN
emaj-120	244	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-120	244	23	investment	investment	NOUN
emaj-120	244	24	portfolios	portfolio	NOUN
emaj-120	244	25	in	in	ADP
emaj-120	244	26	an	an	DET
emaj-120	244	27	emerging	emerge	VERB
emaj-120	244	28	economy	economy	NOUN
emaj-120	244	29	:	:	PUNCT
emaj-120	244	30	what	what	PRON
emaj-120	244	31	drives	drive	VERB
emaj-120	244	32	portfolio	portfolio	NOUN
emaj-120	244	33	’s	’s	PART
emaj-120	244	34	diversification	diversification	NOUN
emaj-120	244	35	?	?	PUNCT
emaj-120	245	1	page	page	NOUN
emaj-120	245	2	|9|	|9|	NOUN
emaj-120	245	3	emerging	emerge	VERB
emaj-120	245	4	markets	market	NOUN
emaj-120	245	5	journal	journal	VERB
emaj-120	245	6	the	the	DET
emaj-120	245	7	black	black	ADJ
emaj-120	245	8	vertical	vertical	ADJ
emaj-120	245	9	bars	bar	NOUN
emaj-120	245	10	represent	represent	VERB
emaj-120	245	11	non	non	ADJ
emaj-120	245	12	-	-	ADJ
emaj-120	245	13	financial	financial	ADJ
emaj-120	245	14	investments	investment	NOUN
emaj-120	245	15	and	and	CCONJ
emaj-120	245	16	the	the	DET
emaj-120	245	17	gray	gray	ADJ
emaj-120	245	18	vertical	vertical	ADJ
emaj-120	245	19	bars	bar	NOUN
emaj-120	245	20	represent	represent	VERB
emaj-120	245	21	financial	financial	ADJ
emaj-120	245	22	investments	investment	NOUN
emaj-120	245	23	.	.	PUNCT
emaj-120	246	1	5	5	X
emaj-120	246	2	.	.	X
emaj-120	246	3	conclusion	conclusion	NOUN
emaj-120	246	4	this	this	DET
emaj-120	246	5	empirical	empirical	ADJ
emaj-120	246	6	study	study	NOUN
emaj-120	246	7	examines	examine	VERB
emaj-120	246	8	the	the	DET
emaj-120	246	9	level	level	NOUN
emaj-120	246	10	of	of	ADP
emaj-120	246	11	portfolio	portfolio	NOUN
emaj-120	246	12	diversification	diversification	NOUN
emaj-120	246	13	of	of	ADP
emaj-120	246	14	brazilian	brazilian	ADJ
emaj-120	246	15	investors	investor	NOUN
emaj-120	246	16	,	,	PUNCT
emaj-120	246	17	focused	focus	VERB
emaj-120	246	18	on	on	ADP
emaj-120	246	19	aspects	aspect	NOUN
emaj-120	246	20	that	that	PRON
emaj-120	246	21	can	can	AUX
emaj-120	246	22	influence	influence	VERB
emaj-120	246	23	portfolio	portfolio	NOUN
emaj-120	246	24	diversification	diversification	NOUN
emaj-120	246	25	and	and	CCONJ
emaj-120	246	26	the	the	DET
emaj-120	246	27	intrinsic	intrinsic	ADJ
emaj-120	246	28	characteristics	characteristic	NOUN
emaj-120	246	29	that	that	PRON
emaj-120	246	30	can	can	AUX
emaj-120	246	31	lead	lead	VERB
emaj-120	246	32	investors	investor	NOUN
emaj-120	246	33	to	to	PART
emaj-120	246	34	allocate	allocate	VERB
emaj-120	246	35	financial	financial	ADJ
emaj-120	246	36	resources	resource	NOUN
emaj-120	246	37	in	in	ADP
emaj-120	246	38	risky	risky	ADJ
emaj-120	246	39	assets	asset	NOUN
emaj-120	246	40	,	,	PUNCT
emaj-120	246	41	furthering	further	VERB
emaj-120	246	42	the	the	DET
emaj-120	246	43	discussion	discussion	NOUN
emaj-120	246	44	on	on	ADP
emaj-120	246	45	the	the	DET
emaj-120	246	46	investment	investment	NOUN
emaj-120	246	47	decisions	decision	NOUN
emaj-120	246	48	within	within	ADP
emaj-120	246	49	an	an	DET
emaj-120	246	50	emerging	emerge	VERB
emaj-120	246	51	economic	economic	ADJ
emaj-120	246	52	context	context	NOUN
emaj-120	246	53	.	.	PUNCT
emaj-120	247	1	moreover	moreover	ADV
emaj-120	247	2	,	,	PUNCT
emaj-120	247	3	the	the	DET
emaj-120	247	4	study	study	NOUN
emaj-120	247	5	sheds	shed	VERB
emaj-120	247	6	light	light	NOUN
emaj-120	247	7	on	on	ADP
emaj-120	247	8	the	the	DET
emaj-120	247	9	possible	possible	ADJ
emaj-120	247	10	cognitive	cognitive	ADJ
emaj-120	247	11	influences	influence	NOUN
emaj-120	247	12	built	build	VERB
emaj-120	247	13	by	by	ADP
emaj-120	247	14	behavioral	behavioral	ADJ
emaj-120	247	15	economic	economic	ADJ
emaj-120	247	16	theory	theory	NOUN
emaj-120	247	17	.	.	PUNCT
emaj-120	248	1	from	from	ADP
emaj-120	248	2	a	a	DET
emaj-120	248	3	new	new	ADJ
emaj-120	248	4	and	and	CCONJ
emaj-120	248	5	heterogeneous	heterogeneous	ADJ
emaj-120	248	6	database	database	NOUN
emaj-120	248	7	composed	compose	VERB
emaj-120	248	8	of	of	ADP
emaj-120	248	9	500	500	NUM
emaj-120	248	10	brazilian	brazilian	ADJ
emaj-120	248	11	investors	investor	NOUN
emaj-120	248	12	and	and	CCONJ
emaj-120	248	13	2,224	2,224	NUM
emaj-120	248	14	observations	observation	NOUN
emaj-120	248	15	of	of	ADP
emaj-120	248	16	investments	investment	NOUN
emaj-120	248	17	,	,	PUNCT
emaj-120	248	18	it	it	PRON
emaj-120	248	19	became	become	VERB
emaj-120	248	20	clear	clear	ADJ
emaj-120	248	21	that	that	SCONJ
emaj-120	248	22	brazilian	brazilian	ADJ
emaj-120	248	23	investors	investor	NOUN
emaj-120	248	24	allocate	allocate	VERB
emaj-120	248	25	their	their	PRON
emaj-120	248	26	resources	resource	NOUN
emaj-120	248	27	in	in	ADP
emaj-120	248	28	underdiversified	underdiversified	ADJ
emaj-120	248	29	portfolios	portfolio	NOUN
emaj-120	248	30	concentrated	concentrate	VERB
emaj-120	248	31	in	in	ADP
emaj-120	248	32	only	only	ADV
emaj-120	248	33	four	four	NUM
emaj-120	248	34	different	different	ADJ
emaj-120	248	35	types	type	NOUN
emaj-120	248	36	of	of	ADP
emaj-120	248	37	investments	investment	NOUN
emaj-120	248	38	on	on	ADP
emaj-120	248	39	average	average	ADJ
emaj-120	248	40	.	.	PUNCT
emaj-120	249	1	in	in	ADP
emaj-120	249	2	addition	addition	NOUN
emaj-120	249	3	,	,	PUNCT
emaj-120	249	4	investors	investor	NOUN
emaj-120	249	5	allocate	allocate	VERB
emaj-120	249	6	approximately	approximately	ADV
emaj-120	249	7	92	92	NUM
emaj-120	249	8	%	%	NOUN
emaj-120	249	9	of	of	ADP
emaj-120	249	10	their	their	PRON
emaj-120	249	11	resources	resource	NOUN
emaj-120	249	12	in	in	ADP
emaj-120	249	13	low	low	ADJ
emaj-120	249	14	-	-	PUNCT
emaj-120	249	15	risk	risk	NOUN
emaj-120	249	16	assets	asset	NOUN
emaj-120	249	17	.	.	PUNCT
emaj-120	250	1	brazilians	brazilian	NOUN
emaj-120	250	2	investments	investment	NOUN
emaj-120	250	3	concentrate	concentrate	VERB
emaj-120	250	4	investments	investment	NOUN
emaj-120	250	5	in	in	ADP
emaj-120	250	6	fixed	fix	VERB
emaj-120	250	7	-	-	PUNCT
emaj-120	250	8	income	income	NOUN
emaj-120	250	9	assets	asset	NOUN
emaj-120	250	10	,	,	PUNCT
emaj-120	250	11	reinforcing	reinforce	VERB
emaj-120	250	12	the	the	DET
emaj-120	250	13	conservative	conservative	ADJ
emaj-120	250	14	investor	investor	NOUN
emaj-120	250	15	profile	profile	NOUN
emaj-120	250	16	.	.	PUNCT
emaj-120	251	1	the	the	DET
emaj-120	251	2	results	result	NOUN
emaj-120	251	3	suggest	suggest	VERB
emaj-120	251	4	that	that	SCONJ
emaj-120	251	5	the	the	DET
emaj-120	251	6	characteristics	characteristic	NOUN
emaj-120	251	7	of	of	ADP
emaj-120	251	8	investors	investor	NOUN
emaj-120	251	9	studied	study	VERB
emaj-120	251	10	can	can	AUX
emaj-120	251	11	play	play	VERB
emaj-120	251	12	an	an	DET
emaj-120	251	13	important	important	ADJ
emaj-120	251	14	role	role	NOUN
emaj-120	251	15	in	in	ADP
emaj-120	251	16	brazilian	brazilian	ADJ
emaj-120	251	17	investment	investment	NOUN
emaj-120	251	18	decisions	decision	NOUN
emaj-120	251	19	.	.	PUNCT
emaj-120	252	1	the	the	DET
emaj-120	252	2	results	result	NOUN
emaj-120	252	3	indicate	indicate	VERB
emaj-120	252	4	that	that	SCONJ
emaj-120	252	5	investors	investor	NOUN
emaj-120	252	6	endowed	endow	VERB
emaj-120	252	7	with	with	ADP
emaj-120	252	8	higher	high	ADJ
emaj-120	252	9	education	education	NOUN
emaj-120	252	10	tend	tend	VERB
emaj-120	252	11	to	to	PART
emaj-120	252	12	have	have	VERB
emaj-120	252	13	a	a	DET
emaj-120	252	14	higher	high	ADJ
emaj-120	252	15	rate	rate	NOUN
emaj-120	252	16	of	of	ADP
emaj-120	252	17	portfolio	portfolio	NOUN
emaj-120	252	18	diversification	diversification	NOUN
emaj-120	252	19	.	.	PUNCT
emaj-120	253	1	in	in	ADP
emaj-120	253	2	addition	addition	NOUN
emaj-120	253	3	,	,	PUNCT
emaj-120	253	4	married	married	ADJ
emaj-120	253	5	investors	investor	NOUN
emaj-120	253	6	tend	tend	VERB
emaj-120	253	7	to	to	PART
emaj-120	253	8	have	have	VERB
emaj-120	253	9	more	more	ADV
emaj-120	253	10	diversified	diversified	ADJ
emaj-120	253	11	portfolios	portfolio	NOUN
emaj-120	253	12	,	,	PUNCT
emaj-120	253	13	distributing	distribute	VERB
emaj-120	253	14	their	their	PRON
emaj-120	253	15	resources	resource	NOUN
emaj-120	253	16	in	in	ADP
emaj-120	253	17	different	different	ADJ
emaj-120	253	18	assets	asset	NOUN
emaj-120	253	19	.	.	PUNCT
emaj-120	254	1	the	the	DET
emaj-120	254	2	investment	investment	NOUN
emaj-120	254	3	decisions	decision	NOUN
emaj-120	254	4	of	of	ADP
emaj-120	254	5	brazilians	brazilians	PROPN
emaj-120	254	6	lead	lead	VERB
emaj-120	254	7	to	to	ADP
emaj-120	254	8	low	low	ADJ
emaj-120	254	9	portfolio	portfolio	NOUN
emaj-120	254	10	diversification	diversification	NOUN
emaj-120	254	11	allocated	allocate	VERB
emaj-120	254	12	primarily	primarily	ADV
emaj-120	254	13	in	in	ADP
emaj-120	254	14	lowrisk	lowrisk	PROPN
emaj-120	254	15	assets	asset	NOUN
emaj-120	254	16	,	,	PUNCT
emaj-120	254	17	and	and	CCONJ
emaj-120	254	18	they	they	PRON
emaj-120	254	19	suggest	suggest	VERB
emaj-120	254	20	the	the	DET
emaj-120	254	21	limitations	limitation	NOUN
emaj-120	254	22	of	of	ADP
emaj-120	254	23	investor	investor	NOUN
emaj-120	254	24	rationality	rationality	NOUN
emaj-120	254	25	theory	theory	NOUN
emaj-120	254	26	advocated	advocate	VERB
emaj-120	254	27	by	by	ADP
emaj-120	254	28	the	the	DET
emaj-120	254	29	modern	modern	ADJ
emaj-120	254	30	theory	theory	NOUN
emaj-120	254	31	of	of	ADP
emaj-120	254	32	finance	finance	NOUN
emaj-120	254	33	.	.	PUNCT
emaj-120	255	1	economic	economic	ADJ
emaj-120	255	2	,	,	PUNCT
emaj-120	255	3	sociological	sociological	ADJ
emaj-120	255	4	and	and	CCONJ
emaj-120	255	5	psychological	psychological	ADJ
emaj-120	255	6	concepts	concept	NOUN
emaj-120	255	7	may	may	AUX
emaj-120	255	8	play	play	VERB
emaj-120	255	9	an	an	DET
emaj-120	255	10	important	important	ADJ
emaj-120	255	11	role	role	NOUN
emaj-120	255	12	in	in	ADP
emaj-120	255	13	explaining	explain	VERB
emaj-120	255	14	the	the	DET
emaj-120	255	15	economic	economic	ADJ
emaj-120	255	16	decisions	decision	NOUN
emaj-120	255	17	in	in	ADP
emaj-120	255	18	real	real	ADJ
emaj-120	255	19	life	life	NOUN
emaj-120	255	20	.	.	PUNCT
emaj-120	256	1	thus	thus	ADV
emaj-120	256	2	,	,	PUNCT
emaj-120	256	3	investment	investment	NOUN
emaj-120	256	4	decisions	decision	NOUN
emaj-120	256	5	may	may	AUX
emaj-120	256	6	be	be	AUX
emaj-120	256	7	subject	subject	ADJ
emaj-120	256	8	to	to	ADP
emaj-120	256	9	behavioral	behavioral	ADJ
emaj-120	256	10	influence	influence	NOUN
emaj-120	256	11	as	as	SCONJ
emaj-120	256	12	defined	define	VERB
emaj-120	256	13	in	in	ADP
emaj-120	256	14	the	the	DET
emaj-120	256	15	behavioral	behavioral	ADJ
emaj-120	256	16	finance	finance	NOUN
emaj-120	256	17	literature	literature	NOUN
emaj-120	256	18	.	.	PUNCT
emaj-120	257	1	among	among	ADP
emaj-120	257	2	the	the	DET
emaj-120	257	3	characteristics	characteristic	NOUN
emaj-120	257	4	that	that	PRON
emaj-120	257	5	lead	lead	VERB
emaj-120	257	6	investors	investor	NOUN
emaj-120	257	7	to	to	PART
emaj-120	257	8	allocate	allocate	VERB
emaj-120	257	9	resources	resource	NOUN
emaj-120	257	10	in	in	ADP
emaj-120	257	11	risky	risky	ADJ
emaj-120	257	12	assets	asset	NOUN
emaj-120	257	13	are	be	AUX
emaj-120	257	14	age	age	NOUN
emaj-120	257	15	,	,	PUNCT
emaj-120	257	16	gender	gender	NOUN
emaj-120	257	17	,	,	PUNCT
emaj-120	257	18	marital	marital	ADJ
emaj-120	257	19	status	status	NOUN
emaj-120	257	20	and	and	CCONJ
emaj-120	257	21	education	education	NOUN
emaj-120	257	22	level	level	NOUN
emaj-120	257	23	.	.	PUNCT
emaj-120	258	1	although	although	SCONJ
emaj-120	258	2	this	this	DET
emaj-120	258	3	study	study	NOUN
emaj-120	258	4	achieves	achieve	VERB
emaj-120	258	5	the	the	DET
emaj-120	258	6	proposed	propose	VERB
emaj-120	258	7	objectives	objective	NOUN
emaj-120	258	8	,	,	PUNCT
emaj-120	258	9	there	there	PRON
emaj-120	258	10	are	be	VERB
emaj-120	258	11	caveats	caveat	NOUN
emaj-120	258	12	that	that	PRON
emaj-120	258	13	need	need	VERB
emaj-120	258	14	to	to	PART
emaj-120	258	15	be	be	AUX
emaj-120	258	16	identified	identify	VERB
emaj-120	258	17	,	,	PUNCT
emaj-120	258	18	such	such	ADJ
emaj-120	258	19	as	as	ADP
emaj-120	258	20	the	the	DET
emaj-120	258	21	possible	possible	ADJ
emaj-120	258	22	bias	bias	NOUN
emaj-120	258	23	generated	generate	VERB
emaj-120	258	24	by	by	ADP
emaj-120	258	25	the	the	DET
emaj-120	258	26	investment	investment	NOUN
emaj-120	258	27	database	database	NOUN
emaj-120	258	28	and	and	CCONJ
emaj-120	258	29	the	the	DET
emaj-120	258	30	benchmarks	benchmark	NOUN
emaj-120	258	31	adopted	adopt	VERB
emaj-120	258	32	.	.	PUNCT
emaj-120	259	1	these	these	DET
emaj-120	259	2	issues	issue	NOUN
emaj-120	259	3	do	do	AUX
emaj-120	259	4	not	not	PART
emaj-120	259	5	invalidate	invalidate	VERB
emaj-120	259	6	the	the	DET
emaj-120	259	7	evidence	evidence	NOUN
emaj-120	259	8	obtained	obtain	VERB
emaj-120	259	9	during	during	ADP
emaj-120	259	10	this	this	DET
emaj-120	259	11	study	study	NOUN
emaj-120	259	12	,	,	PUNCT
emaj-120	259	13	but	but	CCONJ
emaj-120	259	14	they	they	PRON
emaj-120	259	15	serve	serve	VERB
emaj-120	259	16	as	as	ADP
emaj-120	259	17	a	a	DET
emaj-120	259	18	warning	warning	NOUN
emaj-120	259	19	to	to	ADP
emaj-120	259	20	the	the	DET
emaj-120	259	21	possibility	possibility	NOUN
emaj-120	259	22	of	of	ADP
emaj-120	259	23	new	new	ADJ
emaj-120	259	24	evidence	evidence	NOUN
emaj-120	259	25	by	by	ADP
emaj-120	259	26	the	the	DET
emaj-120	259	27	improvement	improvement	NOUN
emaj-120	259	28	in	in	ADP
emaj-120	259	29	the	the	DET
emaj-120	259	30	dataset	dataset	NOUN
emaj-120	259	31	.	.	PUNCT
emaj-120	260	1	future	future	ADJ
emaj-120	260	2	studies	study	NOUN
emaj-120	260	3	should	should	AUX
emaj-120	260	4	apply	apply	VERB
emaj-120	260	5	or	or	CCONJ
emaj-120	260	6	develop	develop	VERB
emaj-120	260	7	models	model	NOUN
emaj-120	260	8	that	that	PRON
emaj-120	260	9	best	good	ADJ
emaj-120	260	10	explain	explain	VERB
emaj-120	260	11	the	the	DET
emaj-120	260	12	relationship	relationship	NOUN
emaj-120	260	13	between	between	ADP
emaj-120	260	14	investment	investment	NOUN
emaj-120	260	15	decisions	decision	NOUN
emaj-120	260	16	and	and	CCONJ
emaj-120	260	17	the	the	DET
emaj-120	260	18	effects	effect	NOUN
emaj-120	260	19	of	of	ADP
emaj-120	260	20	psychological	psychological	ADJ
emaj-120	260	21	biases	bias	NOUN
emaj-120	260	22	defined	define	VERB
emaj-120	260	23	by	by	ADP
emaj-120	260	24	behavioral	behavioral	ADJ
emaj-120	260	25	finance	finance	NOUN
emaj-120	260	26	theory	theory	NOUN
emaj-120	260	27	.	.	PUNCT
emaj-120	261	1	new	new	ADJ
emaj-120	261	2	studies	study	NOUN
emaj-120	261	3	can	can	AUX
emaj-120	261	4	contribute	contribute	VERB
emaj-120	261	5	significantly	significantly	ADV
emaj-120	261	6	to	to	PART
emaj-120	261	7	understand	understand	VERB
emaj-120	261	8	the	the	DET
emaj-120	261	9	purpose	purpose	NOUN
emaj-120	261	10	of	of	ADP
emaj-120	261	11	this	this	DET
emaj-120	261	12	study	study	NOUN
emaj-120	261	13	,	,	PUNCT
emaj-120	261	14	and	and	CCONJ
emaj-120	261	15	we	we	PRON
emaj-120	261	16	recommend	recommend	VERB
emaj-120	261	17	a	a	DET
emaj-120	261	18	replication	replication	NOUN
emaj-120	261	19	of	of	ADP
emaj-120	261	20	the	the	DET
emaj-120	261	21	study	study	NOUN
emaj-120	261	22	with	with	ADP
emaj-120	261	23	the	the	DET
emaj-120	261	24	inclusion	inclusion	NOUN
emaj-120	261	25	of	of	ADP
emaj-120	261	26	a	a	DET
emaj-120	261	27	larger	large	ADJ
emaj-120	261	28	number	number	NOUN
emaj-120	261	29	of	of	ADP
emaj-120	261	30	investor	investor	NOUN
emaj-120	261	31	portfolios	portfolio	NOUN
emaj-120	261	32	.	.	PUNCT
emaj-120	262	1	references	reference	NOUN
emaj-120	262	2	arzac	arzac	NOUN
emaj-120	262	3	,	,	PUNCT
emaj-120	262	4	e.	e.	PROPN
emaj-120	262	5	r.	r.	PROPN
emaj-120	262	6	,	,	PUNCT
emaj-120	262	7	&	&	CCONJ
emaj-120	262	8	bawa	bawa	PROPN
emaj-120	262	9	,	,	PUNCT
emaj-120	262	10	v.	v.	ADP
emaj-120	262	11	s.	s.	PROPN
emaj-120	262	12	(	(	PUNCT
emaj-120	262	13	1977	1977	NUM
emaj-120	262	14	)	)	PUNCT
emaj-120	262	15	.	.	PUNCT
emaj-120	263	1	portfolio	portfolio	NOUN
emaj-120	263	2	choice	choice	NOUN
emaj-120	263	3	and	and	CCONJ
emaj-120	263	4	equilibrium	equilibrium	NOUN
emaj-120	263	5	in	in	ADP
emaj-120	263	6	capital	capital	NOUN
emaj-120	263	7	markets	market	NOUN
emaj-120	263	8	with	with	ADP
emaj-120	263	9	safety	safety	NOUN
emaj-120	263	10	-	-	PUNCT
emaj-120	263	11	first	first	ADJ
emaj-120	263	12	investors	investor	NOUN
emaj-120	263	13	.	.	PUNCT
emaj-120	264	1	journal	journal	PROPN
emaj-120	264	2	of	of	ADP
emaj-120	264	3	financial	financial	ADJ
emaj-120	264	4	economics	economic	NOUN
emaj-120	264	5	,	,	PUNCT
emaj-120	264	6	4(3	4(3	NUM
emaj-120	264	7	)	)	PUNCT
emaj-120	264	8	,	,	PUNCT
emaj-120	264	9	277	277	NUM
emaj-120	264	10	-	-	SYM
emaj-120	264	11	288	288	NUM
emaj-120	264	12	.	.	PUNCT
emaj-120	265	1	barber	barber	PROPN
emaj-120	265	2	,	,	PUNCT
emaj-120	265	3	b.	b.	PROPN
emaj-120	265	4	m.	m.	PROPN
emaj-120	265	5	,	,	PUNCT
emaj-120	265	6	&	&	CCONJ
emaj-120	265	7	odean	odean	ADJ
emaj-120	265	8	,	,	PUNCT
emaj-120	265	9	t	t	PROPN
emaj-120	265	10	..	..	PUNCT
emaj-120	265	11	trading	trading	NOUN
emaj-120	265	12	is	be	AUX
emaj-120	265	13	hazardous	hazardous	ADJ
emaj-120	265	14	to	to	ADP
emaj-120	265	15	your	your	PRON
emaj-120	265	16	wealth	wealth	NOUN
emaj-120	265	17	:	:	PUNCT
emaj-120	265	18	the	the	DET
emaj-120	265	19	common	common	ADJ
emaj-120	265	20	stock	stock	NOUN
emaj-120	265	21	investment	investment	NOUN
emaj-120	265	22	performance	performance	NOUN
emaj-120	265	23	of	of	ADP
emaj-120	265	24	individual	individual	ADJ
emaj-120	265	25	investors	investor	NOUN
emaj-120	265	26	.	.	PUNCT
emaj-120	266	1	the	the	DET
emaj-120	266	2	journal	journal	PROPN
emaj-120	266	3	of	of	ADP
emaj-120	266	4	finance	finance	NOUN
emaj-120	266	5	,	,	PUNCT
emaj-120	266	6	55(2	55(2	NUM
emaj-120	266	7	)	)	PUNCT
emaj-120	266	8	,	,	PUNCT
emaj-120	266	9	773	773	NUM
emaj-120	266	10	-	-	SYM
emaj-120	266	11	806	806	NUM
emaj-120	266	12	.	.	PUNCT
emaj-120	266	13	barberis	barberis	PROPN
emaj-120	266	14	,	,	PUNCT
emaj-120	266	15	n.	n.	NOUN
emaj-120	266	16	,	,	PUNCT
emaj-120	266	17	&	&	CCONJ
emaj-120	266	18	thaler	thaler	PROPN
emaj-120	266	19	,	,	PUNCT
emaj-120	266	20	r.	r.	PROPN
emaj-120	266	21	(	(	PUNCT
emaj-120	266	22	2003	2003	NUM
emaj-120	266	23	)	)	PUNCT
emaj-120	266	24	.	.	PUNCT
emaj-120	267	1	a	a	DET
emaj-120	267	2	survey	survey	NOUN
emaj-120	267	3	of	of	ADP
emaj-120	267	4	behavioral	behavioral	ADJ
emaj-120	267	5	finance	finance	NOUN
emaj-120	267	6	.	.	PUNCT
emaj-120	268	1	handbook	handbook	NOUN
emaj-120	268	2	of	of	ADP
emaj-120	268	3	the	the	DET
emaj-120	268	4	economics	economic	NOUN
emaj-120	268	5	of	of	ADP
emaj-120	268	6	finance	finance	NOUN
emaj-120	268	7	,	,	PUNCT
emaj-120	268	8	1	1	NUM
emaj-120	268	9	,	,	PUNCT
emaj-120	268	10	1053	1053	NUM
emaj-120	268	11	-	-	SYM
emaj-120	268	12	1128	1128	NUM
emaj-120	268	13	.	.	PUNCT
emaj-120	269	1	bikhchandani	bikhchandani	PROPN
emaj-120	269	2	,	,	PUNCT
emaj-120	269	3	s.	s.	PROPN
emaj-120	269	4	,	,	PUNCT
emaj-120	269	5	&	&	CCONJ
emaj-120	269	6	sharma	sharma	PROPN
emaj-120	269	7	,	,	PUNCT
emaj-120	269	8	s.	s.	PROPN
emaj-120	269	9	(	(	PUNCT
emaj-120	269	10	2000	2000	NUM
emaj-120	269	11	)	)	PUNCT
emaj-120	269	12	.	.	PUNCT
emaj-120	270	1	herd	herd	NOUN
emaj-120	270	2	behavior	behavior	NOUN
emaj-120	270	3	in	in	ADP
emaj-120	270	4	financial	financial	ADJ
emaj-120	270	5	markets	market	NOUN
emaj-120	270	6	.	.	PUNCT
emaj-120	271	1	imf	imf	PROPN
emaj-120	271	2	staff	staff	NOUN
emaj-120	271	3	papers	paper	NOUN
emaj-120	271	4	,	,	PUNCT
emaj-120	271	5	279	279	NUM
emaj-120	271	6	-	-	SYM
emaj-120	271	7	310	310	NUM
emaj-120	271	8	.	.	PUNCT
emaj-120	272	1	blume	blume	PROPN
emaj-120	272	2	,	,	PUNCT
emaj-120	272	3	m.	m.	NOUN
emaj-120	272	4	,	,	PUNCT
emaj-120	272	5	&	&	CCONJ
emaj-120	272	6	friend	friend	PROPN
emaj-120	272	7	,	,	PUNCT
emaj-120	272	8	i.	i.	PROPN
emaj-120	272	9	(	(	PUNCT
emaj-120	272	10	1978	1978	NUM
emaj-120	272	11	)	)	PUNCT
emaj-120	272	12	.	.	PUNCT
emaj-120	273	1	the	the	DET
emaj-120	273	2	changing	change	VERB
emaj-120	273	3	role	role	NOUN
emaj-120	273	4	of	of	ADP
emaj-120	273	5	the	the	DET
emaj-120	273	6	individual	individual	ADJ
emaj-120	273	7	investor	investor	NOUN
emaj-120	273	8	:	:	PUNCT
emaj-120	273	9	wiley	wiley	PROPN
emaj-120	273	10	new	new	PROPN
emaj-120	273	11	york	york	PROPN
emaj-120	273	12	.	.	PUNCT
emaj-120	274	1	coval	coval	PROPN
emaj-120	274	2	,	,	PUNCT
emaj-120	274	3	j.	j.	PROPN
emaj-120	274	4	d.	d.	PROPN
emaj-120	274	5	,	,	PUNCT
emaj-120	274	6	&	&	CCONJ
emaj-120	274	7	moskowitz	moskowitz	PROPN
emaj-120	274	8	,	,	PUNCT
emaj-120	274	9	t.	t.	PROPN
emaj-120	274	10	j.	j.	PROPN
emaj-120	274	11	(	(	PUNCT
emaj-120	274	12	1999	1999	NUM
emaj-120	274	13	)	)	PUNCT
emaj-120	274	14	.	.	PUNCT
emaj-120	275	1	home	home	NOUN
emaj-120	275	2	bias	bias	NOUN
emaj-120	275	3	at	at	ADP
emaj-120	275	4	home	home	NOUN
emaj-120	275	5	:	:	PUNCT
emaj-120	275	6	local	local	ADJ
emaj-120	275	7	equity	equity	NOUN
emaj-120	275	8	preference	preference	NOUN
emaj-120	275	9	in	in	ADP
emaj-120	275	10	domestic	domestic	ADJ
emaj-120	275	11	portfolios	portfolio	NOUN
emaj-120	275	12	.	.	PUNCT
emaj-120	276	1	the	the	DET
emaj-120	276	2	journal	journal	NOUN
emaj-120	276	3	of	of	ADP
emaj-120	276	4	finance	finance	NOUN
emaj-120	276	5	,	,	PUNCT
emaj-120	276	6	54(6	54(6	NOUN
emaj-120	276	7	)	)	PUNCT
emaj-120	276	8	,	,	PUNCT
emaj-120	276	9	2045	2045	NUM
emaj-120	276	10	-	-	SYM
emaj-120	276	11	2073	2073	NUM
emaj-120	276	12	.	.	PUNCT
emaj-120	277	1	de	de	PROPN
emaj-120	277	2	bondt	bondt	PROPN
emaj-120	277	3	,	,	PUNCT
emaj-120	277	4	w.	w.	PROPN
emaj-120	277	5	f.	f.	PROPN
emaj-120	277	6	,	,	PUNCT
emaj-120	277	7	&	&	CCONJ
emaj-120	277	8	thaler	thaler	PROPN
emaj-120	277	9	,	,	PUNCT
emaj-120	277	10	r.	r.	PROPN
emaj-120	277	11	h.	h.	PROPN
emaj-120	277	12	(	(	PUNCT
emaj-120	277	13	1994	1994	NUM
emaj-120	277	14	)	)	PUNCT
emaj-120	277	15	.	.	PUNCT
emaj-120	278	1	financial	financial	ADJ
emaj-120	278	2	decision	decision	NOUN
emaj-120	278	3	-	-	PUNCT
emaj-120	278	4	making	making	NOUN
emaj-120	278	5	in	in	ADP
emaj-120	278	6	markets	market	NOUN
emaj-120	278	7	and	and	CCONJ
emaj-120	278	8	firms	firm	NOUN
emaj-120	278	9	:	:	PUNCT
emaj-120	278	10	a	a	DET
emaj-120	278	11	behavioral	behavioral	ADJ
emaj-120	278	12	perspective	perspective	NOUN
emaj-120	278	13	:	:	PUNCT
emaj-120	278	14	national	national	ADJ
emaj-120	278	15	bureau	bureau	PROPN
emaj-120	278	16	of	of	ADP
emaj-120	278	17	economic	economic	ADJ
emaj-120	278	18	research	research	NOUN
emaj-120	278	19	.	.	PUNCT
emaj-120	279	1	de	de	X
emaj-120	279	2	brouwer	brouwer	X
emaj-120	279	3	,	,	PUNCT
emaj-120	279	4	p.	p.	NOUN
emaj-120	279	5	j.	j.	PROPN
emaj-120	280	1	(	(	PUNCT
emaj-120	280	2	2009	2009	NUM
emaj-120	280	3	)	)	PUNCT
emaj-120	280	4	.	.	PUNCT
emaj-120	281	1	maslowian	maslowian	PROPN
emaj-120	281	2	portfolio	portfolio	NOUN
emaj-120	281	3	theory	theory	PROPN
emaj-120	281	4	:	:	PUNCT
emaj-120	281	5	an	an	DET
emaj-120	281	6	alternative	alternative	ADJ
emaj-120	281	7	formulation	formulation	NOUN
emaj-120	281	8	of	of	ADP
emaj-120	281	9	the	the	DET
emaj-120	281	10	behavioural	behavioural	ADJ
emaj-120	281	11	portfolio	portfolio	NOUN
emaj-120	281	12	theory	theory	NOUN
emaj-120	281	13	.	.	PUNCT
emaj-120	282	1	journal	journal	PROPN
emaj-120	282	2	of	of	ADP
emaj-120	282	3	asset	asset	NOUN
emaj-120	282	4	management	management	NOUN
emaj-120	282	5	,	,	PUNCT
emaj-120	282	6	9(6	9(6	NUM
emaj-120	282	7	)	)	PUNCT
emaj-120	282	8	,	,	PUNCT
emaj-120	282	9	359	359	NUM
emaj-120	282	10	-	-	SYM
emaj-120	282	11	365	365	NUM
emaj-120	282	12	.	.	PUNCT
emaj-120	283	1	fama	fama	PROPN
emaj-120	283	2	,	,	PUNCT
emaj-120	283	3	e.	e.	PROPN
emaj-120	283	4	f.	f.	PROPN
emaj-120	283	5	(	(	PUNCT
emaj-120	283	6	1970	1970	NUM
emaj-120	283	7	)	)	PUNCT
emaj-120	283	8	.	.	PUNCT
emaj-120	284	1	efficient	efficient	ADJ
emaj-120	284	2	capital	capital	NOUN
emaj-120	284	3	markets	market	NOUN
emaj-120	284	4	:	:	PUNCT
emaj-120	284	5	a	a	DET
emaj-120	284	6	review	review	NOUN
emaj-120	284	7	of	of	ADP
emaj-120	284	8	theory	theory	NOUN
emaj-120	284	9	and	and	CCONJ
emaj-120	284	10	empirical	empirical	ADJ
emaj-120	284	11	work	work	NOUN
emaj-120	284	12	*	*	PUNCT
emaj-120	284	13	.	.	PUNCT
emaj-120	285	1	the	the	DET
emaj-120	285	2	journal	journal	PROPN
emaj-120	285	3	of	of	ADP
emaj-120	285	4	finance	finance	NOUN
emaj-120	285	5	,	,	PUNCT
emaj-120	285	6	25(2	25(2	NUM
emaj-120	285	7	)	)	PUNCT
emaj-120	285	8	,	,	PUNCT
emaj-120	285	9	383	383	NUM
emaj-120	285	10	-	-	SYM
emaj-120	285	11	417	417	NUM
emaj-120	285	12	.	.	PUNCT
emaj-120	286	1	goetzmann	goetzmann	PROPN
emaj-120	286	2	,	,	PUNCT
emaj-120	286	3	w.	w.	PROPN
emaj-120	286	4	n.	n.	PROPN
emaj-120	286	5	,	,	PUNCT
emaj-120	286	6	&	&	CCONJ
emaj-120	286	7	kumar	kumar	PROPN
emaj-120	286	8	,	,	PUNCT
emaj-120	286	9	a.	a.	PROPN
emaj-120	286	10	(	(	PUNCT
emaj-120	286	11	2008	2008	NUM
emaj-120	286	12	)	)	PUNCT
emaj-120	286	13	.	.	PUNCT
emaj-120	287	1	equity	equity	NOUN
emaj-120	287	2	portfolio	portfolio	NOUN
emaj-120	287	3	diversification	diversification	PROPN
emaj-120	287	4	*	*	PUNCT
emaj-120	287	5	.	.	PUNCT
emaj-120	288	1	review	review	NOUN
emaj-120	288	2	of	of	ADP
emaj-120	288	3	finance	finance	NOUN
emaj-120	288	4	,	,	PUNCT
emaj-120	288	5	12(3	12(3	NUM
emaj-120	288	6	)	)	PUNCT
emaj-120	288	7	,	,	PUNCT
emaj-120	288	8	433	433	NUM
emaj-120	288	9	-	-	SYM
emaj-120	288	10	463	463	NUM
emaj-120	288	11	.	.	PUNCT
emaj-120	289	1	volume	volume	NOUN
emaj-120	289	2	7	7	NUM
emaj-120	289	3	no	no	DET
emaj-120	289	4	1	1	NUM
emaj-120	289	5	(	(	PUNCT
emaj-120	289	6	2017	2017	NUM
emaj-120	289	7	)	)	PUNCT
emaj-120	289	8	|	|	ADV
emaj-120	289	9	issn	issn	VERB
emaj-120	289	10	2158	2158	NUM
emaj-120	289	11	-	-	SYM
emaj-120	289	12	8708	8708	NUM
emaj-120	289	13	(	(	PUNCT
emaj-120	289	14	online	online	NOUN
emaj-120	289	15	)	)	PUNCT
emaj-120	289	16	|	|	ADV
emaj-120	289	17	doi	doi	X
emaj-120	289	18	10.5195	10.5195	NUM
emaj-120	289	19	/	/	SYM
emaj-120	289	20	emaj.2017.120	emaj.2017.120	NOUN
emaj-120	289	21	|	|	NOUN
emaj-120	289	22	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-120	289	23	pedro	pedro	PROPN
emaj-120	289	24	luiz	luiz	PROPN
emaj-120	289	25	albertin	albertin	PROPN
emaj-120	289	26	,	,	PUNCT
emaj-120	289	27	bono	bono	PROPN
emaj-120	289	28	milan	milan	PROPN
emaj-120	289	29	,	,	PUNCT
emaj-120	289	30	william	william	PROPN
emaj-120	289	31	eid	eid	PROPN
emaj-120	289	32	jr	jr	PROPN
emaj-120	289	33	.	.	PUNCT
emaj-120	290	1	emerging	emerge	VERB
emaj-120	290	2	markets	market	NOUN
emaj-120	290	3	journal	journal	NOUN
emaj-120	290	4	|	|	ADV
emaj-120	290	5	p	p	NOUN
emaj-120	290	6	a	a	DET
emaj-120	290	7	g	g	NOUN
emaj-120	290	8	e	e	NOUN
emaj-120	290	9	|10	|10	NOUN
emaj-120	290	10	grable	grable	ADJ
emaj-120	290	11	,	,	PUNCT
emaj-120	290	12	j.	j.	PROPN
emaj-120	290	13	,	,	PUNCT
emaj-120	290	14	lytton	lytton	PROPN
emaj-120	290	15	,	,	PUNCT
emaj-120	290	16	r.	r.	PROPN
emaj-120	290	17	,	,	PUNCT
emaj-120	290	18	&	&	CCONJ
emaj-120	290	19	o'neill	o'neill	PROPN
emaj-120	290	20	,	,	PUNCT
emaj-120	290	21	b.	b.	PROPN
emaj-120	290	22	(	(	PUNCT
emaj-120	290	23	2004	2004	NUM
emaj-120	290	24	)	)	PUNCT
emaj-120	290	25	.	.	PUNCT
emaj-120	291	1	projection	projection	NOUN
emaj-120	291	2	bias	bias	NOUN
emaj-120	291	3	and	and	CCONJ
emaj-120	291	4	financial	financial	ADJ
emaj-120	291	5	risk	risk	NOUN
emaj-120	291	6	tolerance	tolerance	NOUN
emaj-120	291	7	.	.	PUNCT
emaj-120	292	1	the	the	DET
emaj-120	292	2	journal	journal	NOUN
emaj-120	292	3	of	of	ADP
emaj-120	292	4	behavioral	behavioral	ADJ
emaj-120	292	5	finance	finance	NOUN
emaj-120	292	6	,	,	PUNCT
emaj-120	292	7	5(3	5(3	NUM
emaj-120	292	8	)	)	PUNCT
emaj-120	292	9	,	,	PUNCT
emaj-120	292	10	142	142	NUM
emaj-120	292	11	-	-	SYM
emaj-120	292	12	147	147	NUM
emaj-120	292	13	jacowitz	jacowitz	PROPN
emaj-120	292	14	,	,	PUNCT
emaj-120	292	15	k.	k.	PROPN
emaj-120	292	16	e.	e.	PROPN
emaj-120	292	17	,	,	PUNCT
emaj-120	292	18	&	&	CCONJ
emaj-120	292	19	kahneman	kahneman	PROPN
emaj-120	292	20	,	,	PUNCT
emaj-120	292	21	d.	d.	PROPN
emaj-120	292	22	(	(	PUNCT
emaj-120	292	23	1995	1995	NUM
emaj-120	292	24	)	)	PUNCT
emaj-120	292	25	.	.	PUNCT
emaj-120	293	1	measures	measure	NOUN
emaj-120	293	2	of	of	ADP
emaj-120	293	3	anchoring	anchor	VERB
emaj-120	293	4	in	in	ADP
emaj-120	293	5	estimation	estimation	NOUN
emaj-120	293	6	tasks	task	NOUN
emaj-120	293	7	.	.	PUNCT
emaj-120	294	1	personality	personality	NOUN
emaj-120	294	2	and	and	CCONJ
emaj-120	294	3	social	social	ADJ
emaj-120	294	4	psychology	psychology	NOUN
emaj-120	294	5	bulletin	bulletin	NOUN
emaj-120	294	6	,	,	PUNCT
emaj-120	294	7	21	21	NUM
emaj-120	294	8	,	,	PUNCT
emaj-120	294	9	1161	1161	NUM
emaj-120	294	10	-	-	SYM
emaj-120	294	11	1166	1166	NUM
emaj-120	294	12	.	.	PUNCT
emaj-120	295	1	kahneman	kahneman	PROPN
emaj-120	295	2	,	,	PUNCT
emaj-120	295	3	d.	d.	PROPN
emaj-120	295	4	,	,	PUNCT
emaj-120	295	5	&	&	CCONJ
emaj-120	295	6	tversky	tversky	PROPN
emaj-120	295	7	,	,	PUNCT
emaj-120	295	8	a.	a.	NOUN
emaj-120	295	9	(	(	PUNCT
emaj-120	295	10	1979	1979	NUM
emaj-120	295	11	)	)	PUNCT
emaj-120	295	12	.	.	PUNCT
emaj-120	296	1	prospect	prospect	PROPN
emaj-120	296	2	theory	theory	NOUN
emaj-120	296	3	:	:	PUNCT
emaj-120	296	4	an	an	DET
emaj-120	296	5	analysis	analysis	NOUN
emaj-120	296	6	of	of	ADP
emaj-120	296	7	decision	decision	NOUN
emaj-120	296	8	under	under	ADP
emaj-120	296	9	risk	risk	NOUN
emaj-120	296	10	.	.	PUNCT
emaj-120	297	1	econometrica	econometrica	PROPN
emaj-120	297	2	:	:	PUNCT
emaj-120	297	3	journal	journal	NOUN
emaj-120	297	4	of	of	ADP
emaj-120	297	5	the	the	DET
emaj-120	297	6	econometric	econometric	ADJ
emaj-120	297	7	society	society	NOUN
emaj-120	297	8	,	,	PUNCT
emaj-120	297	9	263	263	NUM
emaj-120	297	10	-	-	SYM
emaj-120	297	11	291	291	NUM
emaj-120	297	12	.	.	PUNCT
emaj-120	298	1	kelly	kelly	PROPN
emaj-120	298	2	,	,	PUNCT
emaj-120	298	3	m.	m.	NOUN
emaj-120	298	4	(	(	PUNCT
emaj-120	298	5	1995	1995	NUM
emaj-120	298	6	)	)	PUNCT
emaj-120	298	7	.	.	PUNCT
emaj-120	299	1	all	all	DET
emaj-120	299	2	their	their	PRON
emaj-120	299	3	eggs	egg	NOUN
emaj-120	299	4	in	in	ADP
emaj-120	299	5	one	one	NUM
emaj-120	299	6	basket	basket	NOUN
emaj-120	299	7	:	:	PUNCT
emaj-120	299	8	portfolio	portfolio	NOUN
emaj-120	299	9	diversification	diversification	NOUN
emaj-120	299	10	of	of	ADP
emaj-120	299	11	us	us	PROPN
emaj-120	299	12	households	household	NOUN
emaj-120	299	13	.	.	PUNCT
emaj-120	300	1	journal	journal	NOUN
emaj-120	300	2	of	of	ADP
emaj-120	300	3	economic	economic	ADJ
emaj-120	300	4	behavior	behavior	NOUN
emaj-120	300	5	&	&	CCONJ
emaj-120	300	6	organization	organization	PROPN
emaj-120	300	7	,	,	PUNCT
emaj-120	300	8	27(1	27(1	NUM
emaj-120	300	9	)	)	PUNCT
emaj-120	300	10	,	,	PUNCT
emaj-120	300	11	87	87	NUM
emaj-120	300	12	-	-	SYM
emaj-120	300	13	96	96	NUM
emaj-120	300	14	.	.	PUNCT
emaj-120	301	1	kimura	kimura	NOUN
emaj-120	301	2	,	,	PUNCT
emaj-120	301	3	h.	h.	PROPN
emaj-120	301	4	,	,	PUNCT
emaj-120	301	5	basso	basso	PROPN
emaj-120	301	6	,	,	PUNCT
emaj-120	301	7	l.	l.	PROPN
emaj-120	301	8	f.	f.	PROPN
emaj-120	301	9	c.	c.	PROPN
emaj-120	301	10	,	,	PUNCT
emaj-120	301	11	&	&	CCONJ
emaj-120	301	12	krauter	krauter	PROPN
emaj-120	301	13	,	,	PUNCT
emaj-120	301	14	e.	e.	PROPN
emaj-120	301	15	(	(	PUNCT
emaj-120	301	16	2006	2006	NUM
emaj-120	301	17	)	)	PUNCT
emaj-120	301	18	.	.	PUNCT
emaj-120	302	1	paradoxos	paradoxos	NOUN
emaj-120	302	2	em	em	PRON
emaj-120	302	3	finanças	finanças	NOUN
emaj-120	302	4	:	:	PUNCT
emaj-120	302	5	teoria	teoria	PROPN
emaj-120	302	6	moderna	moderna	PROPN
emaj-120	302	7	versus	versus	ADP
emaj-120	302	8	finanças	finanças	PROPN
emaj-120	302	9	comportamentais	comportamentais	PROPN
emaj-120	302	10	.	.	PUNCT
emaj-120	303	1	revista	revista	PROPN
emaj-120	303	2	de	de	PROPN
emaj-120	303	3	administração	administração	PROPN
emaj-120	303	4	de	de	PROPN
emaj-120	303	5	empresas	empresas	PROPN
emaj-120	303	6	,	,	PUNCT
emaj-120	303	7	46(1	46(1	PROPN
emaj-120	303	8	)	)	PUNCT
emaj-120	303	9	,	,	PUNCT
emaj-120	303	10	4158	4158	NUM
emaj-120	303	11	.	.	PUNCT
emaj-120	304	1	köbberling	köbberle	VERB
emaj-120	304	2	,	,	PUNCT
emaj-120	304	3	v.	v.	ADV
emaj-120	304	4	,	,	PUNCT
emaj-120	304	5	&	&	CCONJ
emaj-120	304	6	wakker	wakker	NOUN
emaj-120	304	7	,	,	PUNCT
emaj-120	304	8	p.	p.	NOUN
emaj-120	304	9	p.	p.	NOUN
emaj-120	304	10	(	(	PUNCT
emaj-120	304	11	2005	2005	NUM
emaj-120	304	12	)	)	PUNCT
emaj-120	304	13	.	.	PUNCT
emaj-120	305	1	an	an	DET
emaj-120	305	2	index	index	NOUN
emaj-120	305	3	of	of	ADP
emaj-120	305	4	loss	loss	NOUN
emaj-120	305	5	aversion	aversion	NOUN
emaj-120	305	6	.	.	PUNCT
emaj-120	306	1	journal	journal	NOUN
emaj-120	306	2	of	of	ADP
emaj-120	306	3	economic	economic	ADJ
emaj-120	306	4	theory	theory	NOUN
emaj-120	306	5	,	,	PUNCT
emaj-120	306	6	122(1	122(1	NUM
emaj-120	306	7	)	)	PUNCT
emaj-120	306	8	,	,	PUNCT
emaj-120	306	9	119	119	NUM
emaj-120	306	10	-	-	SYM
emaj-120	306	11	131	131	NUM
emaj-120	306	12	.	.	PUNCT
emaj-120	307	1	levinson	levinson	PROPN
emaj-120	307	2	,	,	PUNCT
emaj-120	307	3	j.	j.	PROPN
emaj-120	307	4	d.	d.	PROPN
emaj-120	307	5	,	,	PUNCT
emaj-120	307	6	&	&	CCONJ
emaj-120	307	7	peng	peng	PROPN
emaj-120	307	8	,	,	PUNCT
emaj-120	307	9	k.	k.	PROPN
emaj-120	307	10	(	(	PUNCT
emaj-120	307	11	2007	2007	NUM
emaj-120	307	12	)	)	PUNCT
emaj-120	307	13	.	.	PUNCT
emaj-120	308	1	valuing	value	VERB
emaj-120	308	2	cultural	cultural	ADJ
emaj-120	308	3	differences	difference	NOUN
emaj-120	308	4	in	in	ADP
emaj-120	308	5	behavioral	behavioral	ADJ
emaj-120	308	6	economics	economic	NOUN
emaj-120	308	7	.	.	PUNCT
emaj-120	309	1	icfai	icfai	NOUN
emaj-120	309	2	journal	journal	NOUN
emaj-120	309	3	of	of	ADP
emaj-120	309	4	behavioral	behavioral	ADJ
emaj-120	309	5	finance	finance	NOUN
emaj-120	309	6	,	,	PUNCT
emaj-120	309	7	4	4	NUM
emaj-120	309	8	,	,	PUNCT
emaj-120	309	9	32	32	NUM
emaj-120	309	10	-	-	SYM
emaj-120	309	11	47	47	NUM
emaj-120	309	12	.	.	PUNCT
emaj-120	310	1	lintner	lintner	PROPN
emaj-120	310	2	,	,	PUNCT
emaj-120	310	3	g.	g.	PROPN
emaj-120	310	4	(	(	PUNCT
emaj-120	310	5	1998	1998	NUM
emaj-120	310	6	)	)	PUNCT
emaj-120	310	7	.	.	PUNCT
emaj-120	311	1	behavioral	behavioral	ADJ
emaj-120	311	2	finance	finance	NOUN
emaj-120	311	3	:	:	PUNCT
emaj-120	311	4	why	why	SCONJ
emaj-120	311	5	investors	investor	NOUN
emaj-120	311	6	make	make	VERB
emaj-120	311	7	bad	bad	ADJ
emaj-120	311	8	decisions.the	decisions.the	DET
emaj-120	311	9	planner	planner	NOUN
emaj-120	311	10	,	,	PUNCT
emaj-120	311	11	13(1)7	13(1)7	PROPN
emaj-120	311	12	-	-	SYM
emaj-120	311	13	8	8	NUM
emaj-120	311	14	.	.	PUNCT
emaj-120	312	1	markowitz	markowitz	PROPN
emaj-120	312	2	,	,	PUNCT
emaj-120	312	3	h.	h.	PROPN
emaj-120	312	4	(	(	PUNCT
emaj-120	312	5	1952	1952	NUM
emaj-120	312	6	)	)	PUNCT
emaj-120	312	7	.	.	PUNCT
emaj-120	313	1	portfolio	portfolio	NOUN
emaj-120	313	2	selection	selection	PROPN
emaj-120	313	3	*	*	PUNCT
emaj-120	313	4	.	.	PUNCT
emaj-120	314	1	the	the	DET
emaj-120	314	2	journal	journal	PROPN
emaj-120	314	3	of	of	ADP
emaj-120	314	4	finance	finance	NOUN
emaj-120	314	5	,	,	PUNCT
emaj-120	314	6	7(1	7(1	NUM
emaj-120	314	7	)	)	PUNCT
emaj-120	314	8	,	,	PUNCT
emaj-120	314	9	77	77	NUM
emaj-120	314	10	-	-	SYM
emaj-120	314	11	91	91	NUM
emaj-120	314	12	.	.	PUNCT
emaj-120	315	1	maslow	maslow	NOUN
emaj-120	315	2	,	,	PUNCT
emaj-120	315	3	a.	a.	PROPN
emaj-120	315	4	h.	h.	PROPN
emaj-120	315	5	(	(	PUNCT
emaj-120	315	6	1943	1943	NUM
emaj-120	315	7	)	)	PUNCT
emaj-120	315	8	.	.	PUNCT
emaj-120	316	1	a	a	DET
emaj-120	316	2	theory	theory	NOUN
emaj-120	316	3	of	of	ADP
emaj-120	316	4	human	human	ADJ
emaj-120	316	5	motivation	motivation	NOUN
emaj-120	316	6	.	.	PUNCT
emaj-120	317	1	psychological	psychological	ADJ
emaj-120	317	2	review	review	NOUN
emaj-120	317	3	,	,	PUNCT
emaj-120	317	4	50(4	50(4	NUM
emaj-120	317	5	)	)	PUNCT
emaj-120	317	6	,	,	PUNCT
emaj-120	317	7	370	370	NUM
emaj-120	317	8	.	.	PUNCT
emaj-120	318	1	plous	plous	ADJ
emaj-120	318	2	,	,	PUNCT
emaj-120	318	3	s.	s.	PROPN
emaj-120	318	4	(	(	PUNCT
emaj-120	318	5	1993	1993	NUM
emaj-120	318	6	)	)	PUNCT
emaj-120	318	7	.	.	PUNCT
emaj-120	319	1	the	the	DET
emaj-120	319	2	psychology	psychology	NOUN
emaj-120	319	3	of	of	ADP
emaj-120	319	4	judgment	judgment	NOUN
emaj-120	319	5	and	and	CCONJ
emaj-120	319	6	decision	decision	NOUN
emaj-120	319	7	making	making	NOUN
emaj-120	319	8	:	:	PUNCT
emaj-120	319	9	mcgraw	mcgraw	PROPN
emaj-120	319	10	-	-	PUNCT
emaj-120	319	11	hill	hill	NOUN
emaj-120	319	12	book	book	NOUN
emaj-120	319	13	company	company	NOUN
emaj-120	319	14	.	.	PUNCT
emaj-120	320	1	polkovnichenko	polkovnichenko	PROPN
emaj-120	320	2	,	,	PUNCT
emaj-120	320	3	v.	v.	PROPN
emaj-120	320	4	(	(	PUNCT
emaj-120	320	5	2005	2005	NUM
emaj-120	320	6	)	)	PUNCT
emaj-120	320	7	.	.	PUNCT
emaj-120	321	1	household	household	NOUN
emaj-120	321	2	portfolio	portfolio	NOUN
emaj-120	321	3	diversification	diversification	NOUN
emaj-120	321	4	:	:	PUNCT
emaj-120	321	5	a	a	DET
emaj-120	321	6	case	case	NOUN
emaj-120	321	7	for	for	ADP
emaj-120	321	8	rank	rank	NOUN
emaj-120	321	9	-	-	PUNCT
emaj-120	321	10	dependent	dependent	ADJ
emaj-120	321	11	preferences	preference	NOUN
emaj-120	321	12	.	.	PUNCT
emaj-120	322	1	review	review	NOUN
emaj-120	322	2	of	of	ADP
emaj-120	322	3	financial	financial	ADJ
emaj-120	322	4	studies	study	NOUN
emaj-120	322	5	,	,	PUNCT
emaj-120	322	6	18(4	18(4	NUM
emaj-120	322	7	)	)	PUNCT
emaj-120	322	8	,	,	PUNCT
emaj-120	322	9	1467	1467	NUM
emaj-120	322	10	-	-	SYM
emaj-120	322	11	1502	1502	NUM
emaj-120	322	12	.	.	PUNCT
emaj-120	323	1	shefrin	shefrin	NOUN
emaj-120	323	2	,	,	PUNCT
emaj-120	323	3	h.	h.	PROPN
emaj-120	323	4	,	,	PUNCT
emaj-120	323	5	&	&	CCONJ
emaj-120	323	6	statman	statman	PROPN
emaj-120	323	7	,	,	PUNCT
emaj-120	323	8	m.	m.	NOUN
emaj-120	323	9	(	(	PUNCT
emaj-120	323	10	2000	2000	NUM
emaj-120	323	11	)	)	PUNCT
emaj-120	323	12	.	.	PUNCT
emaj-120	324	1	behavioral	behavioral	ADJ
emaj-120	324	2	portfolio	portfolio	NOUN
emaj-120	324	3	theory	theory	PROPN
emaj-120	324	4	.	.	PUNCT
emaj-120	325	1	journal	journal	PROPN
emaj-120	325	2	of	of	ADP
emaj-120	325	3	financial	financial	ADJ
emaj-120	325	4	and	and	CCONJ
emaj-120	325	5	quantitative	quantitative	ADJ
emaj-120	325	6	analysis	analysis	NOUN
emaj-120	325	7	,	,	PUNCT
emaj-120	325	8	35(02	35(02	NUM
emaj-120	325	9	)	)	PUNCT
emaj-120	325	10	,	,	PUNCT
emaj-120	325	11	127151	127151	NUM
emaj-120	325	12	.	.	PUNCT
emaj-120	326	1	shiller	shiller	PROPN
emaj-120	326	2	,	,	PUNCT
emaj-120	326	3	r.	r.	PROPN
emaj-120	326	4	j.	j.	PROPN
emaj-120	326	5	(	(	PUNCT
emaj-120	326	6	1999	1999	NUM
emaj-120	326	7	)	)	PUNCT
emaj-120	326	8	.	.	PUNCT
emaj-120	327	1	human	human	ADJ
emaj-120	327	2	behavior	behavior	NOUN
emaj-120	327	3	and	and	CCONJ
emaj-120	327	4	the	the	DET
emaj-120	327	5	efficiency	efficiency	NOUN
emaj-120	327	6	of	of	ADP
emaj-120	327	7	the	the	DET
emaj-120	327	8	financial	financial	ADJ
emaj-120	327	9	system	system	NOUN
emaj-120	327	10	.	.	PUNCT
emaj-120	328	1	handbook	handbook	NOUN
emaj-120	328	2	of	of	ADP
emaj-120	328	3	macroeconomics	macroeconomic	NOUN
emaj-120	328	4	,	,	PUNCT
emaj-120	328	5	1	1	NUM
emaj-120	328	6	,	,	PUNCT
emaj-120	328	7	1305	1305	NUM
emaj-120	328	8	-	-	SYM
emaj-120	328	9	1340	1340	NUM
emaj-120	328	10	.	.	PUNCT
emaj-120	329	1	shum	shum	ADJ
emaj-120	329	2	,	,	PUNCT
emaj-120	329	3	p.	p.	NOUN
emaj-120	329	4	,	,	PUNCT
emaj-120	329	5	&	&	CCONJ
emaj-120	329	6	faig	faig	PROPN
emaj-120	329	7	,	,	PUNCT
emaj-120	329	8	m.	m.	NOUN
emaj-120	329	9	(	(	PUNCT
emaj-120	329	10	2006	2006	NUM
emaj-120	329	11	)	)	PUNCT
emaj-120	329	12	.	.	PUNCT
emaj-120	330	1	what	what	PRON
emaj-120	330	2	explains	explain	VERB
emaj-120	330	3	household	household	NOUN
emaj-120	330	4	stock	stock	NOUN
emaj-120	330	5	holdings	holding	NOUN
emaj-120	330	6	?	?	PUNCT
emaj-120	331	1	journal	journal	NOUN
emaj-120	331	2	of	of	ADP
emaj-120	331	3	banking	banking	NOUN
emaj-120	331	4	&	&	CCONJ
emaj-120	331	5	finance	finance	NOUN
emaj-120	331	6	,	,	PUNCT
emaj-120	331	7	30(9	30(9	NUM
emaj-120	331	8	)	)	PUNCT
emaj-120	331	9	,	,	PUNCT
emaj-120	331	10	2579	2579	NUM
emaj-120	331	11	-	-	SYM
emaj-120	331	12	2597	2597	NUM
emaj-120	331	13	.	.	PUNCT
emaj-120	332	1	von	von	PROPN
emaj-120	332	2	neumann	neumann	PROPN
emaj-120	332	3	,	,	PUNCT
emaj-120	332	4	j.	j.	PROPN
emaj-120	332	5	(	(	PUNCT
emaj-120	332	6	1947	1947	NUM
emaj-120	332	7	)	)	PUNCT
emaj-120	332	8	.	.	PUNCT
emaj-120	333	1	morgenstern	morgenstern	PROPN
emaj-120	333	2	,	,	PUNCT
emaj-120	333	3	0.(1944	0.(1944	NUM
emaj-120	333	4	)	)	PUNCT
emaj-120	333	5	theory	theory	NOUN
emaj-120	333	6	of	of	ADP
emaj-120	333	7	games	game	NOUN
emaj-120	333	8	and	and	CCONJ
emaj-120	333	9	economic	economic	ADJ
emaj-120	333	10	behavior	behavior	NOUN
emaj-120	333	11	.	.	PUNCT
emaj-120	334	1	princeton	princeton	PROPN
emaj-120	334	2	:	:	PUNCT
emaj-120	334	3	princeton	princeton	VERB
emaj-120	334	4	up	up	ADP
emaj-120	334	5	.	.	PUNCT
emaj-120	335	1	yoshinaga	yoshinaga	PROPN
emaj-120	335	2	,	,	PUNCT
emaj-120	335	3	c.	c.	PROPN
emaj-120	335	4	e.	e.	PROPN
emaj-120	335	5	,	,	PUNCT
emaj-120	335	6	de	de	PROPN
emaj-120	335	7	oliveira	oliveira	PROPN
emaj-120	335	8	,	,	PUNCT
emaj-120	335	9	r.	r.	PROPN
emaj-120	335	10	f.	f.	PROPN
emaj-120	335	11	,	,	PUNCT
emaj-120	335	12	da	da	PROPN
emaj-120	335	13	silveira	silveira	PROPN
emaj-120	335	14	,	,	PUNCT
emaj-120	335	15	a.	a.	PROPN
emaj-120	335	16	d.	d.	PROPN
emaj-120	335	17	m.	m.	PROPN
emaj-120	335	18	,	,	PUNCT
emaj-120	335	19	&	&	CCONJ
emaj-120	335	20	barros	barros	PROPN
emaj-120	335	21	,	,	PUNCT
emaj-120	335	22	l.	l.	PROPN
emaj-120	335	23	a.	a.	PROPN
emaj-120	335	24	b.	b.	PROPN
emaj-120	335	25	d.	d.	PROPN
emaj-120	335	26	c.	c.	PROPN
emaj-120	335	27	(	(	PUNCT
emaj-120	335	28	2008	2008	NUM
emaj-120	335	29	)	)	PUNCT
emaj-120	335	30	.	.	PUNCT
emaj-120	336	1	finanças	finanças	PROPN
emaj-120	336	2	comportamentais	comportamentais	PROPN
emaj-120	336	3	:	:	PUNCT
emaj-120	336	4	uma	uma	PROPN
emaj-120	336	5	introdução	introdução	PROPN
emaj-120	336	6	.	.	PROPN
emaj-120	336	7	rege	rege	PROPN
emaj-120	336	8	revista	revista	PROPN
emaj-120	336	9	de	de	PROPN
emaj-120	336	10	gestão	gestão	PROPN
emaj-120	336	11	,	,	PUNCT
emaj-120	336	12	15(3	15(3	NUM
emaj-120	336	13	)	)	PUNCT
emaj-120	336	14	,	,	PUNCT
emaj-120	336	15	25	25	NUM
emaj-120	336	16	-	-	SYM
emaj-120	336	17	35	35	NUM
emaj-120	336	18	.	.	PUNCT