id	sid	tid	token	lemma	pos
emaj-83	1	1	mutual	mutual	ADJ
emaj-83	1	2	fund	fund	NOUN
emaj-83	1	3	performance	performance	NOUN
emaj-83	1	4	:	:	PUNCT
emaj-83	1	5	evidence	evidence	NOUN
emaj-83	1	6	from	from	ADP
emaj-83	1	7	south	south	PROPN
emaj-83	1	8	africa	africa	PROPN
emaj-83	1	9	ömer	ömer	PROPN
emaj-83	1	10	faruk	faruk	PROPN
emaj-83	1	11	tan	tan	PROPN
emaj-83	1	12	research	research	PROPN
emaj-83	1	13	assistant	assistant	PROPN
emaj-83	1	14	,	,	PUNCT
emaj-83	1	15	mef	mef	NOUN
emaj-83	1	16	university	university	PROPN
emaj-83	1	17	faculty	faculty	NOUN
emaj-83	1	18	of	of	ADP
emaj-83	1	19	economics	economic	NOUN
emaj-83	1	20	,	,	PUNCT
emaj-83	1	21	administrative	administrative	ADJ
emaj-83	1	22	and	and	CCONJ
emaj-83	1	23	social	social	ADJ
emaj-83	1	24	sciences	science	NOUN
emaj-83	1	25	,	,	PUNCT
emaj-83	1	26	department	department	NOUN
emaj-83	1	27	of	of	ADP
emaj-83	1	28	economics	economic	NOUN
emaj-83	1	29	,	,	PUNCT
emaj-83	1	30	turkey	turkey	NOUN
emaj-83	1	31	|	|	ADV
emaj-83	1	32	e	e	NOUN
emaj-83	1	33	-	-	NOUN
emaj-83	1	34	mail	mail	NOUN
emaj-83	1	35	:	:	PUNCT
emaj-83	1	36	omerfaruk.tan@mef.edu.tr	omerfaruk.tan@mef.edu.tr	PROPN
emaj-83	1	37	/	/	SYM
emaj-83	1	38	omerfaruktan34@gmail.com	omerfaruktan34@gmail.com	X
emaj-83	1	39	volume	volume	NOUN
emaj-83	1	40	5	5	NUM
emaj-83	1	41	no	no	DET
emaj-83	1	42	2	2	NUM
emaj-83	1	43	(	(	PUNCT
emaj-83	1	44	2015	2015	NUM
emaj-83	1	45	)	)	PUNCT
emaj-83	1	46	|	|	ADV
emaj-83	1	47	issn	issn	VERB
emaj-83	1	48	2158	2158	NUM
emaj-83	1	49	-	-	SYM
emaj-83	1	50	8708	8708	NUM
emaj-83	1	51	(	(	PUNCT
emaj-83	1	52	online	online	NOUN
emaj-83	1	53	)	)	PUNCT
emaj-83	1	54	|	|	ADV
emaj-83	1	55	doi	doi	X
emaj-83	1	56	10.5195	10.5195	NUM
emaj-83	1	57	/	/	SYM
emaj-83	1	58	emaj.2015.83	emaj.2015.83	NOUN
emaj-83	2	1	|	|	NOUN
emaj-83	2	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-83	2	3	abstract	abstract	ADV
emaj-83	2	4	this	this	DET
emaj-83	2	5	paper	paper	NOUN
emaj-83	2	6	aims	aim	VERB
emaj-83	2	7	to	to	PART
emaj-83	2	8	evaluate	evaluate	VERB
emaj-83	2	9	the	the	DET
emaj-83	2	10	performance	performance	NOUN
emaj-83	2	11	of	of	ADP
emaj-83	2	12	south	south	ADJ
emaj-83	2	13	african	african	ADJ
emaj-83	2	14	equity	equity	NOUN
emaj-83	2	15	funds	fund	NOUN
emaj-83	2	16	between	between	ADP
emaj-83	2	17	january	january	PROPN
emaj-83	2	18	2009	2009	NUM
emaj-83	2	19	and	and	CCONJ
emaj-83	2	20	november	november	PROPN
emaj-83	2	21	2014	2014	NUM
emaj-83	2	22	.	.	PUNCT
emaj-83	3	1	this	this	DET
emaj-83	3	2	study	study	NOUN
emaj-83	3	3	period	period	NOUN
emaj-83	3	4	overlaps	overlap	VERB
emaj-83	3	5	with	with	ADP
emaj-83	3	6	the	the	DET
emaj-83	3	7	period	period	NOUN
emaj-83	3	8	of	of	ADP
emaj-83	3	9	quantitative	quantitative	ADJ
emaj-83	3	10	easing	easing	NOUN
emaj-83	3	11	during	during	ADP
emaj-83	3	12	which	which	PRON
emaj-83	3	13	developing	develop	VERB
emaj-83	3	14	economies	economy	NOUN
emaj-83	3	15	in	in	ADP
emaj-83	3	16	financial	financial	ADJ
emaj-83	3	17	markets	market	NOUN
emaj-83	3	18	have	have	AUX
emaj-83	3	19	been	be	AUX
emaj-83	3	20	influenced	influence	VERB
emaj-83	3	21	severely	severely	ADV
emaj-83	3	22	.	.	PUNCT
emaj-83	4	1	thanks	thank	NOUN
emaj-83	4	2	to	to	ADP
emaj-83	4	3	the	the	DET
emaj-83	4	4	increase	increase	NOUN
emaj-83	4	5	in	in	ADP
emaj-83	4	6	the	the	DET
emaj-83	4	7	money	money	NOUN
emaj-83	4	8	supply	supply	NOUN
emaj-83	4	9	directed	direct	VERB
emaj-83	4	10	towards	towards	ADP
emaj-83	4	11	the	the	DET
emaj-83	4	12	capital	capital	NOUN
emaj-83	4	13	markets	market	NOUN
emaj-83	4	14	,	,	PUNCT
emaj-83	4	15	a	a	DET
emaj-83	4	16	relief	relief	NOUN
emaj-83	4	17	was	be	AUX
emaj-83	4	18	experienced	experience	VERB
emaj-83	4	19	in	in	ADP
emaj-83	4	20	related	related	ADJ
emaj-83	4	21	markets	market	NOUN
emaj-83	4	22	following	follow	VERB
emaj-83	4	23	the	the	DET
emaj-83	4	24	crisis	crisis	NOUN
emaj-83	4	25	period	period	NOUN
emaj-83	4	26	.	.	PUNCT
emaj-83	5	1	during	during	ADP
emaj-83	5	2	this	this	DET
emaj-83	5	3	5	5	NUM
emaj-83	5	4	-	-	PUNCT
emaj-83	5	5	year	year	NOUN
emaj-83	5	6	10	10	NUM
emaj-83	5	7	-	-	PUNCT
emaj-83	5	8	month	month	NOUN
emaj-83	5	9	period	period	NOUN
emaj-83	5	10	,	,	PUNCT
emaj-83	5	11	in	in	ADP
emaj-83	5	12	which	which	PRON
emaj-83	5	13	the	the	DET
emaj-83	5	14	relevant	relevant	ADJ
emaj-83	5	15	quantitative	quantitative	ADJ
emaj-83	5	16	easing	easing	NOUN
emaj-83	5	17	continued	continue	VERB
emaj-83	5	18	,	,	PUNCT
emaj-83	5	19	johannesburg	johannesburg	PROPN
emaj-83	5	20	stock	stock	PROPN
emaj-83	5	21	exchange	exchange	PROPN
emaj-83	5	22	(	(	PUNCT
emaj-83	5	23	jse	jse	PROPN
emaj-83	5	24	)	)	PUNCT
emaj-83	5	25	yielded	yield	VERB
emaj-83	5	26	approximately	approximately	ADV
emaj-83	5	27	16	16	NUM
emaj-83	5	28	%	%	NOUN
emaj-83	5	29	compounded	compound	VERB
emaj-83	5	30	on	on	ADP
emaj-83	5	31	average	average	ADJ
emaj-83	5	32	,	,	PUNCT
emaj-83	5	33	per	per	ADP
emaj-83	5	34	year	year	NOUN
emaj-83	5	35	.	.	PUNCT
emaj-83	6	1	in	in	ADP
emaj-83	6	2	this	this	DET
emaj-83	6	3	study	study	NOUN
emaj-83	6	4	,	,	PUNCT
emaj-83	6	5	south	south	ADJ
emaj-83	6	6	african	african	ADJ
emaj-83	6	7	equity	equity	NOUN
emaj-83	6	8	funds	fund	NOUN
emaj-83	6	9	are	be	AUX
emaj-83	6	10	examined	examine	VERB
emaj-83	6	11	in	in	ADP
emaj-83	6	12	order	order	NOUN
emaj-83	6	13	to	to	PART
emaj-83	6	14	compare	compare	VERB
emaj-83	6	15	these	these	DET
emaj-83	6	16	funds	fund	NOUN
emaj-83	6	17	’	'	PUNCT
emaj-83	6	18	performance	performance	NOUN
emaj-83	6	19	within	within	ADP
emaj-83	6	20	this	this	DET
emaj-83	6	21	period	period	NOUN
emaj-83	6	22	.	.	PUNCT
emaj-83	7	1	within	within	ADP
emaj-83	7	2	this	this	DET
emaj-83	7	3	scope	scope	NOUN
emaj-83	7	4	,	,	PUNCT
emaj-83	7	5	10	10	NUM
emaj-83	7	6	south	south	ADJ
emaj-83	7	7	african	african	ADJ
emaj-83	7	8	equity	equity	NOUN
emaj-83	7	9	funds	fund	NOUN
emaj-83	7	10	are	be	AUX
emaj-83	7	11	selected	select	VERB
emaj-83	7	12	.	.	PUNCT
emaj-83	8	1	in	in	ADP
emaj-83	8	2	order	order	NOUN
emaj-83	8	3	to	to	PART
emaj-83	8	4	measure	measure	VERB
emaj-83	8	5	these	these	DET
emaj-83	8	6	funds	fund	NOUN
emaj-83	8	7	’	'	PUNCT
emaj-83	8	8	performances	performance	NOUN
emaj-83	8	9	,	,	PUNCT
emaj-83	8	10	the	the	DET
emaj-83	8	11	sharpe	sharpe	PROPN
emaj-83	8	12	ratio	ratio	NOUN
emaj-83	8	13	(	(	PUNCT
emaj-83	8	14	1966	1966	NUM
emaj-83	8	15	)	)	PUNCT
emaj-83	8	16	,	,	PUNCT
emaj-83	8	17	treynor	treynor	NOUN
emaj-83	8	18	ratio	ratio	NOUN
emaj-83	8	19	(	(	PUNCT
emaj-83	8	20	1965	1965	NUM
emaj-83	8	21	)	)	PUNCT
emaj-83	8	22	,	,	PUNCT
emaj-83	8	23	jensen	jensen	PROPN
emaj-83	8	24	’s	’s	PART
emaj-83	8	25	alpha	alpha	NOUN
emaj-83	8	26	(	(	PUNCT
emaj-83	8	27	1968	1968	NUM
emaj-83	8	28	)	)	PUNCT
emaj-83	8	29	methods	method	NOUN
emaj-83	8	30	are	be	AUX
emaj-83	8	31	used	use	VERB
emaj-83	8	32	.	.	PUNCT
emaj-83	9	1	jensen	jensen	PROPN
emaj-83	9	2	’s	’s	PART
emaj-83	9	3	alpha	alpha	NOUN
emaj-83	9	4	is	be	AUX
emaj-83	9	5	also	also	ADV
emaj-83	9	6	used	use	VERB
emaj-83	9	7	in	in	ADP
emaj-83	9	8	identifying	identify	VERB
emaj-83	9	9	selectivity	selectivity	NOUN
emaj-83	9	10	skills	skill	NOUN
emaj-83	9	11	of	of	ADP
emaj-83	9	12	fund	fund	NOUN
emaj-83	9	13	managers	manager	NOUN
emaj-83	9	14	.	.	PUNCT
emaj-83	10	1	furthermore	furthermore	ADV
emaj-83	10	2	,	,	PUNCT
emaj-83	10	3	the	the	DET
emaj-83	10	4	treynor	treynor	NOUN
emaj-83	10	5	&	&	CCONJ
emaj-83	10	6	mazuy	mazuy	PROPN
emaj-83	10	7	(	(	PUNCT
emaj-83	10	8	1966	1966	NUM
emaj-83	10	9	)	)	PUNCT
emaj-83	10	10	and	and	CCONJ
emaj-83	10	11	henriksson	henriksson	PROPN
emaj-83	10	12	&	&	CCONJ
emaj-83	10	13	merton	merton	PROPN
emaj-83	10	14	(	(	PUNCT
emaj-83	10	15	1981	1981	NUM
emaj-83	10	16	)	)	PUNCT
emaj-83	10	17	regression	regression	NOUN
emaj-83	10	18	analysis	analysis	NOUN
emaj-83	10	19	methods	method	NOUN
emaj-83	10	20	are	be	AUX
emaj-83	10	21	applied	apply	VERB
emaj-83	10	22	to	to	PART
emaj-83	10	23	ascertain	ascertain	VERB
emaj-83	10	24	the	the	DET
emaj-83	10	25	market	market	NOUN
emaj-83	10	26	timing	timing	NOUN
emaj-83	10	27	ability	ability	NOUN
emaj-83	10	28	of	of	ADP
emaj-83	10	29	fund	fund	NOUN
emaj-83	10	30	managers	manager	NOUN
emaj-83	10	31	.	.	PUNCT
emaj-83	11	1	furthermore	furthermore	ADV
emaj-83	11	2	,	,	PUNCT
emaj-83	11	3	treynor&mazuy	treynor&mazuy	PROPN
emaj-83	11	4	(	(	PUNCT
emaj-83	11	5	1966	1966	NUM
emaj-83	11	6	)	)	PUNCT
emaj-83	11	7	regression	regression	NOUN
emaj-83	11	8	analysis	analysis	NOUN
emaj-83	11	9	method	method	NOUN
emaj-83	11	10	is	be	AUX
emaj-83	11	11	applied	apply	VERB
emaj-83	11	12	for	for	ADP
emaj-83	11	13	market	market	NOUN
emaj-83	11	14	timing	timing	NOUN
emaj-83	11	15	ability	ability	NOUN
emaj-83	11	16	of	of	ADP
emaj-83	11	17	fund	fund	NOUN
emaj-83	11	18	managers	manager	NOUN
emaj-83	11	19	.	.	PUNCT
emaj-83	12	1	keywords	keyword	NOUN
emaj-83	12	2	:	:	PUNCT
emaj-83	12	3	mutual	mutual	ADJ
emaj-83	12	4	fund	fund	NOUN
emaj-83	12	5	,	,	PUNCT
emaj-83	12	6	south	south	PROPN
emaj-83	12	7	africa	africa	PROPN
emaj-83	12	8	,	,	PUNCT
emaj-83	12	9	performance	performance	NOUN
emaj-83	12	10	evaluation	evaluation	NOUN
emaj-83	12	11	,	,	PUNCT
emaj-83	12	12	equity	equity	NOUN
emaj-83	12	13	funds	fund	NOUN
emaj-83	12	14	new	new	ADJ
emaj-83	12	15	articles	article	NOUN
emaj-83	12	16	in	in	ADP
emaj-83	12	17	this	this	DET
emaj-83	12	18	journal	journal	NOUN
emaj-83	12	19	are	be	AUX
emaj-83	12	20	licensed	license	VERB
emaj-83	12	21	under	under	ADP
emaj-83	12	22	a	a	DET
emaj-83	12	23	creative	creative	ADJ
emaj-83	12	24	commons	common	NOUN
emaj-83	12	25	attribution	attribution	NOUN
emaj-83	12	26	3.0	3.0	NUM
emaj-83	12	27	united	unite	VERB
emaj-83	12	28	states	states	PROPN
emaj-83	12	29	license	license	NOUN
emaj-83	12	30	.	.	PUNCT
emaj-83	13	1	this	this	DET
emaj-83	13	2	journal	journal	NOUN
emaj-83	13	3	is	be	AUX
emaj-83	13	4	published	publish	VERB
emaj-83	13	5	by	by	ADP
emaj-83	13	6	the	the	DET
emaj-83	13	7	university	university	NOUN
emaj-83	13	8	library	library	NOUN
emaj-83	13	9	system	system	NOUN
emaj-83	13	10	of	of	ADP
emaj-83	13	11	the	the	DET
emaj-83	13	12	university	university	PROPN
emaj-83	13	13	of	of	ADP
emaj-83	13	14	pittsburgh	pittsburgh	PROPN
emaj-83	13	15	as	as	ADP
emaj-83	13	16	part	part	NOUN
emaj-83	13	17	of	of	ADP
emaj-83	13	18	its	its	PRON
emaj-83	13	19	d	d	NOUN
emaj-83	13	20	-	-	PUNCT
emaj-83	13	21	scribe	scribe	VERB
emaj-83	13	22	digital	digital	ADJ
emaj-83	13	23	publishing	publishing	NOUN
emaj-83	13	24	program	program	NOUN
emaj-83	13	25	,	,	PUNCT
emaj-83	13	26	and	and	CCONJ
emaj-83	13	27	is	be	AUX
emaj-83	13	28	cosponsored	cosponsor	VERB
emaj-83	13	29	by	by	ADP
emaj-83	13	30	the	the	DET
emaj-83	13	31	university	university	PROPN
emaj-83	13	32	of	of	ADP
emaj-83	13	33	pittsburgh	pittsburgh	PROPN
emaj-83	13	34	press	press	NOUN
emaj-83	13	35	.	.	PUNCT
emaj-83	14	1	mailto:omerfaruk.tan@mef.edu.tr	mailto:omerfaruk.tan@mef.edu.tr	PROPN
emaj-83	14	2	mailto:omerfaruktan34@gmail.com	mailto:omerfaruktan34@gmail.com	PROPN
emaj-83	14	3	http://www.library.pitt.edu/	http://www.library.pitt.edu/	PROPN
emaj-83	14	4	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-83	14	5	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	X
emaj-83	15	1	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NUM
emaj-83	15	2	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-83	15	3	volume	volume	NOUN
emaj-83	15	4	5	5	NUM
emaj-83	15	5	no	no	DET
emaj-83	15	6	2	2	NUM
emaj-83	15	7	(	(	PUNCT
emaj-83	15	8	2015	2015	NUM
emaj-83	15	9	)	)	PUNCT
emaj-83	15	10	|	|	ADV
emaj-83	15	11	issn	issn	VERB
emaj-83	15	12	2158	2158	NUM
emaj-83	15	13	-	-	SYM
emaj-83	15	14	8708	8708	NUM
emaj-83	15	15	(	(	PUNCT
emaj-83	15	16	online	online	NOUN
emaj-83	15	17	)	)	PUNCT
emaj-83	15	18	|	|	ADV
emaj-83	15	19	doi	doi	X
emaj-83	15	20	10.5195	10.5195	NUM
emaj-83	15	21	/	/	SYM
emaj-83	15	22	emaj.2015.83	emaj.2015.83	NOUN
emaj-83	15	23	|	|	NOUN
emaj-83	15	24	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-83	15	25	omer	omer	PROPN
emaj-83	15	26	faruk	faruk	PROPN
emaj-83	15	27	tan	tan	PROPN
emaj-83	15	28	emerging	emerge	VERB
emaj-83	15	29	markets	market	NOUN
emaj-83	15	30	journal	journal	NOUN
emaj-83	15	31	|	|	ADV
emaj-83	15	32	p	p	NOUN
emaj-83	15	33	a	a	DET
emaj-83	15	34	g	g	NOUN
emaj-83	15	35	e	e	NOUN
emaj-83	15	36	|49	|49	VERB
emaj-83	15	37	mutual	mutual	ADJ
emaj-83	15	38	fund	fund	NOUN
emaj-83	15	39	performance	performance	NOUN
emaj-83	15	40	:	:	PUNCT
emaj-83	15	41	evidence	evidence	NOUN
emaj-83	15	42	from	from	ADP
emaj-83	15	43	south	south	PROPN
emaj-83	15	44	africa	africa	PROPN
emaj-83	15	45	ömer	ömer	PROPN
emaj-83	15	46	faruk	faruk	PROPN
emaj-83	15	47	tan	tan	PROPN
emaj-83	15	48	1	1	NUM
emaj-83	15	49	.	.	PUNCT
emaj-83	16	1	introduction	introduction	NOUN
emaj-83	16	2	mutual	mutual	ADJ
emaj-83	16	3	fund	fund	NOUN
emaj-83	16	4	performance	performance	NOUN
emaj-83	16	5	has	have	AUX
emaj-83	16	6	always	always	ADV
emaj-83	16	7	been	be	AUX
emaj-83	16	8	one	one	NUM
emaj-83	16	9	of	of	ADP
emaj-83	16	10	the	the	DET
emaj-83	16	11	most	most	ADV
emaj-83	16	12	researched	research	VERB
emaj-83	16	13	areas	area	NOUN
emaj-83	16	14	of	of	ADP
emaj-83	16	15	finance	finance	NOUN
emaj-83	16	16	studies	study	NOUN
emaj-83	16	17	.	.	PUNCT
emaj-83	17	1	using	use	VERB
emaj-83	17	2	diverse	diverse	ADJ
emaj-83	17	3	technical	technical	ADJ
emaj-83	17	4	measurement	measurement	NOUN
emaj-83	17	5	methods	method	NOUN
emaj-83	17	6	,	,	PUNCT
emaj-83	17	7	these	these	DET
emaj-83	17	8	types	type	NOUN
emaj-83	17	9	of	of	ADP
emaj-83	17	10	studies	study	NOUN
emaj-83	17	11	analyze	analyze	VERB
emaj-83	17	12	fund	fund	NOUN
emaj-83	17	13	performances	performance	NOUN
emaj-83	17	14	of	of	ADP
emaj-83	17	15	various	various	ADJ
emaj-83	17	16	markets	market	NOUN
emaj-83	17	17	from	from	ADP
emaj-83	17	18	different	different	ADJ
emaj-83	17	19	perspectives	perspective	NOUN
emaj-83	17	20	.	.	PUNCT
emaj-83	18	1	especially	especially	ADV
emaj-83	18	2	,	,	PUNCT
emaj-83	18	3	following	follow	VERB
emaj-83	18	4	the	the	DET
emaj-83	18	5	period	period	NOUN
emaj-83	18	6	of	of	ADP
emaj-83	18	7	liberalization	liberalization	NOUN
emaj-83	18	8	of	of	ADP
emaj-83	18	9	the	the	DET
emaj-83	18	10	financial	financial	ADJ
emaj-83	18	11	markets	market	NOUN
emaj-83	18	12	,	,	PUNCT
emaj-83	18	13	mutual	mutual	ADJ
emaj-83	18	14	funds	fund	NOUN
emaj-83	18	15	have	have	AUX
emaj-83	18	16	gained	gain	VERB
emaj-83	18	17	much	much	ADV
emaj-83	18	18	more	more	ADJ
emaj-83	18	19	significance	significance	NOUN
emaj-83	18	20	in	in	ADP
emaj-83	18	21	the	the	DET
emaj-83	18	22	eyes	eye	NOUN
emaj-83	18	23	of	of	ADP
emaj-83	18	24	investors	investor	NOUN
emaj-83	18	25	,	,	PUNCT
emaj-83	18	26	resulting	result	VERB
emaj-83	18	27	in	in	ADP
emaj-83	18	28	numerous	numerous	ADJ
emaj-83	18	29	studies	study	NOUN
emaj-83	18	30	that	that	PRON
emaj-83	18	31	have	have	AUX
emaj-83	18	32	been	be	AUX
emaj-83	18	33	carried	carry	VERB
emaj-83	18	34	out	out	ADP
emaj-83	18	35	on	on	ADP
emaj-83	18	36	performance	performance	NOUN
emaj-83	18	37	evaluations	evaluation	NOUN
emaj-83	18	38	.	.	PUNCT
emaj-83	19	1	mutual	mutual	ADJ
emaj-83	19	2	funds	fund	NOUN
emaj-83	19	3	bring	bring	VERB
emaj-83	19	4	investors	investor	NOUN
emaj-83	19	5	who	who	PRON
emaj-83	19	6	share	share	VERB
emaj-83	19	7	a	a	DET
emaj-83	19	8	common	common	ADJ
emaj-83	19	9	goal	goal	NOUN
emaj-83	19	10	together	together	ADV
emaj-83	19	11	.	.	PUNCT
emaj-83	20	1	according	accord	VERB
emaj-83	20	2	to	to	ADP
emaj-83	20	3	deepak	deepak	PROPN
emaj-83	20	4	(	(	PUNCT
emaj-83	20	5	2011	2011	NUM
emaj-83	20	6	)	)	PUNCT
emaj-83	20	7	,	,	PUNCT
emaj-83	20	8	investors	investor	NOUN
emaj-83	20	9	invest	invest	VERB
emaj-83	20	10	the	the	DET
emaj-83	20	11	money	money	NOUN
emaj-83	20	12	they	they	PRON
emaj-83	20	13	collect	collect	VERB
emaj-83	20	14	into	into	ADP
emaj-83	20	15	capital	capital	NOUN
emaj-83	20	16	market	market	NOUN
emaj-83	20	17	instruments	instrument	NOUN
emaj-83	20	18	such	such	ADJ
emaj-83	20	19	as	as	ADP
emaj-83	20	20	shares	share	NOUN
emaj-83	20	21	,	,	PUNCT
emaj-83	20	22	debentures	debenture	NOUN
emaj-83	20	23	and	and	CCONJ
emaj-83	20	24	other	other	ADJ
emaj-83	20	25	investment	investment	NOUN
emaj-83	20	26	securities	security	NOUN
emaj-83	20	27	.	.	PUNCT
emaj-83	21	1	the	the	DET
emaj-83	21	2	total	total	ADJ
emaj-83	21	3	income	income	NOUN
emaj-83	21	4	acquired	acquire	VERB
emaj-83	21	5	from	from	ADP
emaj-83	21	6	investments	investment	NOUN
emaj-83	21	7	and	and	CCONJ
emaj-83	21	8	the	the	DET
emaj-83	21	9	capital	capital	NOUN
emaj-83	21	10	appreciation	appreciation	NOUN
emaj-83	21	11	is	be	AUX
emaj-83	21	12	equally	equally	ADV
emaj-83	21	13	shared	share	VERB
emaj-83	21	14	among	among	ADP
emaj-83	21	15	unit	unit	NOUN
emaj-83	21	16	holders	holder	NOUN
emaj-83	21	17	by	by	ADP
emaj-83	21	18	taking	take	VERB
emaj-83	21	19	into	into	ADP
emaj-83	21	20	account	account	NOUN
emaj-83	21	21	the	the	DET
emaj-83	21	22	units	unit	NOUN
emaj-83	21	23	owned	own	VERB
emaj-83	21	24	by	by	ADP
emaj-83	21	25	them	they	PRON
emaj-83	21	26	.	.	PUNCT
emaj-83	22	1	as	as	ADP
emaj-83	22	2	a	a	DET
emaj-83	22	3	consequence	consequence	NOUN
emaj-83	22	4	,	,	PUNCT
emaj-83	22	5	mutual	mutual	ADJ
emaj-83	22	6	funds	fund	NOUN
emaj-83	22	7	are	be	AUX
emaj-83	22	8	a	a	DET
emaj-83	22	9	suitable	suitable	ADJ
emaj-83	22	10	investment	investment	NOUN
emaj-83	22	11	for	for	ADP
emaj-83	22	12	the	the	DET
emaj-83	22	13	common	common	ADJ
emaj-83	22	14	man	man	NOUN
emaj-83	22	15	,	,	PUNCT
emaj-83	22	16	as	as	SCONJ
emaj-83	22	17	they	they	PRON
emaj-83	22	18	provide	provide	VERB
emaj-83	22	19	the	the	DET
emaj-83	22	20	opportunity	opportunity	NOUN
emaj-83	22	21	to	to	PART
emaj-83	22	22	invest	invest	VERB
emaj-83	22	23	various	various	ADJ
emaj-83	22	24	professionally	professionally	ADV
emaj-83	22	25	managed	manage	VERB
emaj-83	22	26	securities	security	NOUN
emaj-83	22	27	at	at	ADP
emaj-83	22	28	a	a	DET
emaj-83	22	29	relatively	relatively	ADV
emaj-83	22	30	low	low	ADJ
emaj-83	22	31	cost	cost	NOUN
emaj-83	22	32	.	.	PUNCT
emaj-83	23	1	the	the	DET
emaj-83	23	2	main	main	ADJ
emaj-83	23	3	objective	objective	NOUN
emaj-83	23	4	of	of	ADP
emaj-83	23	5	investing	invest	VERB
emaj-83	23	6	in	in	ADP
emaj-83	23	7	a	a	DET
emaj-83	23	8	mutual	mutual	ADJ
emaj-83	23	9	fund	fund	NOUN
emaj-83	23	10	scheme	scheme	NOUN
emaj-83	23	11	is	be	AUX
emaj-83	23	12	to	to	PART
emaj-83	23	13	diversify	diversify	VERB
emaj-83	23	14	risk	risk	NOUN
emaj-83	23	15	.	.	PUNCT
emaj-83	24	1	the	the	DET
emaj-83	24	2	mutual	mutual	ADJ
emaj-83	24	3	funds	fund	NOUN
emaj-83	24	4	invest	invest	VERB
emaj-83	24	5	in	in	ADP
emaj-83	24	6	diversified	diversified	ADJ
emaj-83	24	7	portfolio	portfolio	NOUN
emaj-83	24	8	and	and	CCONJ
emaj-83	24	9	the	the	DET
emaj-83	24	10	fund	fund	NOUN
emaj-83	24	11	managers	manager	NOUN
emaj-83	24	12	take	take	VERB
emaj-83	24	13	different	different	ADJ
emaj-83	24	14	levels	level	NOUN
emaj-83	24	15	of	of	ADP
emaj-83	24	16	risk	risk	NOUN
emaj-83	24	17	so	so	SCONJ
emaj-83	24	18	as	as	SCONJ
emaj-83	24	19	to	to	PART
emaj-83	24	20	achieve	achieve	VERB
emaj-83	24	21	the	the	DET
emaj-83	24	22	scheme	scheme	NOUN
emaj-83	24	23	’s	’s	PART
emaj-83	24	24	objectives	objective	NOUN
emaj-83	24	25	.	.	PUNCT
emaj-83	25	1	hence	hence	ADV
emaj-83	25	2	,	,	PUNCT
emaj-83	25	3	while	while	SCONJ
emaj-83	25	4	evaluating	evaluate	VERB
emaj-83	25	5	and	and	CCONJ
emaj-83	25	6	comparing	compare	VERB
emaj-83	25	7	the	the	DET
emaj-83	25	8	schemes	scheme	NOUN
emaj-83	25	9	,	,	PUNCT
emaj-83	25	10	the	the	DET
emaj-83	25	11	returns	return	NOUN
emaj-83	25	12	should	should	AUX
emaj-83	25	13	be	be	AUX
emaj-83	25	14	measured	measure	VERB
emaj-83	25	15	by	by	ADP
emaj-83	25	16	taking	take	VERB
emaj-83	25	17	into	into	ADP
emaj-83	25	18	account	account	NOUN
emaj-83	25	19	the	the	DET
emaj-83	25	20	risks	risk	NOUN
emaj-83	25	21	involved	involve	VERB
emaj-83	25	22	in	in	ADP
emaj-83	25	23	achieving	achieve	VERB
emaj-83	25	24	the	the	DET
emaj-83	25	25	returns	return	NOUN
emaj-83	25	26	.	.	PUNCT
emaj-83	26	1	(	(	PUNCT
emaj-83	26	2	rao	rao	NOUN
emaj-83	26	3	,	,	PUNCT
emaj-83	26	4	2006	2006	NUM
emaj-83	26	5	)	)	PUNCT
emaj-83	26	6	.	.	PUNCT
emaj-83	27	1	the	the	DET
emaj-83	27	2	global	global	ADJ
emaj-83	27	3	crises	crisis	NOUN
emaj-83	27	4	emerged	emerge	VERB
emaj-83	27	5	in	in	ADP
emaj-83	27	6	america	america	PROPN
emaj-83	27	7	in	in	ADP
emaj-83	27	8	2008	2008	NUM
emaj-83	27	9	and	and	CCONJ
emaj-83	27	10	later	later	ADV
emaj-83	27	11	spread	spread	VERB
emaj-83	27	12	to	to	ADP
emaj-83	27	13	other	other	ADJ
emaj-83	27	14	countries	country	NOUN
emaj-83	27	15	,	,	PUNCT
emaj-83	27	16	affecting	affect	VERB
emaj-83	27	17	especially	especially	ADV
emaj-83	27	18	the	the	DET
emaj-83	27	19	economies	economy	NOUN
emaj-83	27	20	of	of	ADP
emaj-83	27	21	europe	europe	PROPN
emaj-83	27	22	and	and	CCONJ
emaj-83	27	23	america	america	PROPN
emaj-83	27	24	and	and	CCONJ
emaj-83	27	25	their	their	PRON
emaj-83	27	26	financial	financial	ADJ
emaj-83	27	27	markets	market	NOUN
emaj-83	27	28	a	a	DET
emaj-83	27	29	great	great	ADJ
emaj-83	27	30	deal	deal	NOUN
emaj-83	27	31	.	.	PUNCT
emaj-83	28	1	the	the	DET
emaj-83	28	2	american	american	ADJ
emaj-83	28	3	and	and	CCONJ
emaj-83	28	4	european	european	ADJ
emaj-83	28	5	economies	economy	NOUN
emaj-83	28	6	went	go	VERB
emaj-83	28	7	into	into	ADP
emaj-83	28	8	recession	recession	NOUN
emaj-83	28	9	and	and	CCONJ
emaj-83	28	10	some	some	DET
emaj-83	28	11	significant	significant	ADJ
emaj-83	28	12	financial	financial	ADJ
emaj-83	28	13	investment	investment	NOUN
emaj-83	28	14	banks	bank	NOUN
emaj-83	28	15	collapsed	collapse	VERB
emaj-83	28	16	,	,	PUNCT
emaj-83	28	17	such	such	ADJ
emaj-83	28	18	as	as	ADP
emaj-83	28	19	lehman	lehman	PROPN
emaj-83	28	20	brothers	brother	NOUN
emaj-83	28	21	.	.	PUNCT
emaj-83	29	1	also	also	ADV
emaj-83	29	2	,	,	PUNCT
emaj-83	29	3	in	in	ADP
emaj-83	29	4	europe	europe	PROPN
emaj-83	29	5	,	,	PUNCT
emaj-83	29	6	banking	banking	NOUN
emaj-83	29	7	crises	crisis	NOUN
emaj-83	29	8	occurred	occur	VERB
emaj-83	29	9	in	in	ADP
emaj-83	29	10	various	various	ADJ
emaj-83	29	11	countries	country	NOUN
emaj-83	29	12	led	lead	VERB
emaj-83	29	13	by	by	ADP
emaj-83	29	14	portugal	portugal	PROPN
emaj-83	29	15	,	,	PUNCT
emaj-83	29	16	ireland	ireland	PROPN
emaj-83	29	17	,	,	PUNCT
emaj-83	29	18	spain	spain	PROPN
emaj-83	29	19	,	,	PUNCT
emaj-83	29	20	greece	greece	PROPN
emaj-83	29	21	,	,	PUNCT
emaj-83	29	22	and	and	CCONJ
emaj-83	29	23	italy	italy	PROPN
emaj-83	29	24	.	.	PUNCT
emaj-83	30	1	this	this	DET
emaj-83	30	2	situation	situation	NOUN
emaj-83	30	3	,	,	PUNCT
emaj-83	30	4	in	in	ADP
emaj-83	30	5	the	the	DET
emaj-83	30	6	eyes	eye	NOUN
emaj-83	30	7	of	of	ADP
emaj-83	30	8	investors	investor	NOUN
emaj-83	30	9	,	,	PUNCT
emaj-83	30	10	made	make	VERB
emaj-83	30	11	america	america	PROPN
emaj-83	30	12	and	and	CCONJ
emaj-83	30	13	europe	europe	PROPN
emaj-83	30	14	lose	lose	VERB
emaj-83	30	15	their	their	PRON
emaj-83	30	16	reputation	reputation	NOUN
emaj-83	30	17	of	of	ADP
emaj-83	30	18	being	be	AUX
emaj-83	30	19	the	the	DET
emaj-83	30	20	“	"	PUNCT
emaj-83	30	21	safe	safe	ADJ
emaj-83	30	22	port	port	NOUN
emaj-83	30	23	”	"	PUNCT
emaj-83	30	24	and	and	CCONJ
emaj-83	30	25	making	make	VERB
emaj-83	30	26	investors	investor	NOUN
emaj-83	30	27	turn	turn	VERB
emaj-83	30	28	towards	towards	ADP
emaj-83	30	29	other	other	ADJ
emaj-83	30	30	stock	stock	NOUN
emaj-83	30	31	markets	market	NOUN
emaj-83	30	32	for	for	ADP
emaj-83	30	33	investment	investment	NOUN
emaj-83	30	34	purposes	purpose	NOUN
emaj-83	30	35	.	.	PUNCT
emaj-83	31	1	to	to	PART
emaj-83	31	2	ease	ease	VERB
emaj-83	31	3	the	the	DET
emaj-83	31	4	recession	recession	NOUN
emaj-83	31	5	,	,	PUNCT
emaj-83	31	6	the	the	DET
emaj-83	31	7	fed	fed	PROPN
emaj-83	31	8	applied	apply	VERB
emaj-83	31	9	a	a	DET
emaj-83	31	10	policy	policy	NOUN
emaj-83	31	11	of	of	ADP
emaj-83	31	12	quantitative	quantitative	ADJ
emaj-83	31	13	easing	easing	NOUN
emaj-83	31	14	.	.	PUNCT
emaj-83	32	1	between	between	ADP
emaj-83	32	2	december	december	PROPN
emaj-83	32	3	2008	2008	NUM
emaj-83	32	4	and	and	CCONJ
emaj-83	32	5	october	october	PROPN
emaj-83	32	6	2014	2014	NUM
emaj-83	32	7	,	,	PUNCT
emaj-83	32	8	the	the	DET
emaj-83	32	9	fed	fed	PROPN
emaj-83	32	10	bought	buy	VERB
emaj-83	32	11	huge	huge	ADJ
emaj-83	32	12	quantities	quantity	NOUN
emaj-83	32	13	of	of	ADP
emaj-83	32	14	government	government	NOUN
emaj-83	32	15	bonds	bond	NOUN
emaj-83	32	16	and	and	CCONJ
emaj-83	32	17	bills	bill	NOUN
emaj-83	32	18	from	from	ADP
emaj-83	32	19	the	the	DET
emaj-83	32	20	markets	market	NOUN
emaj-83	32	21	to	to	PART
emaj-83	32	22	enhance	enhance	VERB
emaj-83	32	23	the	the	DET
emaj-83	32	24	money	money	NOUN
emaj-83	32	25	supply	supply	NOUN
emaj-83	32	26	for	for	ADP
emaj-83	32	27	the	the	DET
emaj-83	32	28	sake	sake	NOUN
emaj-83	32	29	of	of	ADP
emaj-83	32	30	encouraging	encourage	VERB
emaj-83	32	31	the	the	DET
emaj-83	32	32	revival	revival	NOUN
emaj-83	32	33	of	of	ADP
emaj-83	32	34	the	the	DET
emaj-83	32	35	economy	economy	NOUN
emaj-83	32	36	.	.	PUNCT
emaj-83	33	1	quantitative	quantitative	ADJ
emaj-83	33	2	easing	ease	VERB
emaj-83	33	3	policy	policy	NOUN
emaj-83	33	4	started	start	VERB
emaj-83	33	5	in	in	ADP
emaj-83	33	6	december	december	PROPN
emaj-83	33	7	2008	2008	NUM
emaj-83	33	8	and	and	CCONJ
emaj-83	33	9	finished	finish	VERB
emaj-83	33	10	in	in	ADP
emaj-83	33	11	october	october	PROPN
emaj-83	33	12	2014	2014	NUM
emaj-83	33	13	.	.	PUNCT
emaj-83	34	1	quantitative	quantitative	ADJ
emaj-83	34	2	easing	ease	VERB
emaj-83	34	3	policy	policy	NOUN
emaj-83	34	4	separates	separate	VERB
emaj-83	34	5	four	four	NUM
emaj-83	34	6	terms	term	NOUN
emaj-83	34	7	qe1	qe1	ADJ
emaj-83	34	8	(	(	PUNCT
emaj-83	34	9	december	december	PROPN
emaj-83	34	10	2008june	2008june	NUM
emaj-83	34	11	2010	2010	NUM
emaj-83	34	12	)	)	PUNCT
emaj-83	34	13	,	,	PUNCT
emaj-83	34	14	qe2	qe2	PROPN
emaj-83	34	15	(	(	PUNCT
emaj-83	34	16	november	november	PROPN
emaj-83	34	17	2010june	2010june	NUM
emaj-83	34	18	2011	2011	NUM
emaj-83	34	19	)	)	PUNCT
emaj-83	34	20	,	,	PUNCT
emaj-83	34	21	qe3	qe3	PROPN
emaj-83	34	22	(	(	PUNCT
emaj-83	34	23	september	september	PROPN
emaj-83	34	24	2012october	2012october	PROPN
emaj-83	34	25	2014	2014	NUM
emaj-83	34	26	)	)	PUNCT
emaj-83	34	27	and	and	CCONJ
emaj-83	34	28	finally	finally	ADV
emaj-83	34	29	qe4	qe4	VERB
emaj-83	34	30	(	(	PUNCT
emaj-83	34	31	january	january	PROPN
emaj-83	34	32	2013october	2013october	NUM
emaj-83	34	33	2014	2014	NUM
emaj-83	34	34	)	)	PUNCT
emaj-83	34	35	.	.	PUNCT
emaj-83	35	1	(	(	PUNCT
emaj-83	35	2	useconomy	useconomy	NOUN
emaj-83	35	3	)	)	PUNCT
emaj-83	35	4	.	.	PUNCT
emaj-83	36	1	during	during	ADP
emaj-83	36	2	the	the	DET
emaj-83	36	3	period	period	NOUN
emaj-83	36	4	,	,	PUNCT
emaj-83	36	5	huge	huge	ADJ
emaj-83	36	6	amount	amount	NOUN
emaj-83	36	7	of	of	ADP
emaj-83	36	8	money	money	NOUN
emaj-83	36	9	influx	influx	VERB
emaj-83	36	10	from	from	ADP
emaj-83	36	11	developed	develop	VERB
emaj-83	36	12	countries	country	NOUN
emaj-83	36	13	to	to	ADP
emaj-83	36	14	developing	develop	VERB
emaj-83	36	15	countries	country	NOUN
emaj-83	36	16	experienced	experience	VERB
emaj-83	36	17	.	.	PUNCT
emaj-83	37	1	hence	hence	ADV
emaj-83	37	2	,	,	PUNCT
emaj-83	37	3	in	in	ADP
emaj-83	37	4	this	this	DET
emaj-83	37	5	paper	paper	NOUN
emaj-83	37	6	,	,	PUNCT
emaj-83	37	7	it	it	PRON
emaj-83	37	8	is	be	AUX
emaj-83	37	9	tried	try	VERB
emaj-83	37	10	to	to	PART
emaj-83	37	11	analyze	analyze	VERB
emaj-83	37	12	fund	fund	NOUN
emaj-83	37	13	performances	performance	NOUN
emaj-83	37	14	of	of	ADP
emaj-83	37	15	south	south	ADJ
emaj-83	37	16	african	african	ADJ
emaj-83	37	17	equity	equity	NOUN
emaj-83	37	18	funds	fund	NOUN
emaj-83	37	19	between	between	ADP
emaj-83	37	20	09	09	NUM
emaj-83	37	21	january	january	NOUN
emaj-83	37	22	2009	2009	NUM
emaj-83	37	23	31	31	NUM
emaj-83	37	24	0ctober	0ctober	NUM
emaj-83	37	25	2014	2014	NUM
emaj-83	37	26	in	in	ADP
emaj-83	37	27	the	the	DET
emaj-83	37	28	era	era	NOUN
emaj-83	37	29	of	of	ADP
emaj-83	37	30	quantitative	quantitative	ADJ
emaj-83	37	31	easing	easing	NOUN
emaj-83	37	32	.	.	PUNCT
emaj-83	38	1	south	south	PROPN
emaj-83	38	2	africa	africa	PROPN
emaj-83	38	3	is	be	AUX
emaj-83	38	4	considered	consider	VERB
emaj-83	38	5	as	as	ADP
emaj-83	38	6	one	one	NUM
emaj-83	38	7	of	of	ADP
emaj-83	38	8	the	the	DET
emaj-83	38	9	emerging	emerge	VERB
emaj-83	38	10	markets	market	NOUN
emaj-83	38	11	and	and	CCONJ
emaj-83	38	12	over	over	ADP
emaj-83	38	13	the	the	DET
emaj-83	38	14	study	study	NOUN
emaj-83	38	15	period	period	NOUN
emaj-83	38	16	of	of	ADP
emaj-83	38	17	5	5	NUM
emaj-83	38	18	years	year	NOUN
emaj-83	38	19	10	10	NUM
emaj-83	38	20	months	month	NOUN
emaj-83	38	21	,	,	PUNCT
emaj-83	38	22	johannesburg	johannesburg	PROPN
emaj-83	38	23	stock	stock	PROPN
emaj-83	38	24	exchange	exchange	PROPN
emaj-83	38	25	(	(	PUNCT
emaj-83	38	26	jse	jse	PROPN
emaj-83	38	27	)	)	PUNCT
emaj-83	38	28	grew	grow	VERB
emaj-83	38	29	by	by	ADP
emaj-83	38	30	15.9	15.9	NUM
emaj-83	38	31	%	%	NOUN
emaj-83	38	32	compounded	compound	VERB
emaj-83	38	33	annually	annually	ADV
emaj-83	38	34	on	on	ADP
emaj-83	38	35	average	average	ADJ
emaj-83	38	36	.	.	PUNCT
emaj-83	39	1	johannesburg	johannesburg	PROPN
emaj-83	39	2	stock	stock	PROPN
emaj-83	39	3	exchange	exchange	PROPN
emaj-83	39	4	performed	perform	VERB
emaj-83	39	5	better	well	ADV
emaj-83	39	6	than	than	ADP
emaj-83	39	7	major	major	ADJ
emaj-83	39	8	developed	develop	VERB
emaj-83	39	9	european	european	ADJ
emaj-83	39	10	markets	market	NOUN
emaj-83	39	11	.	.	PUNCT
emaj-83	40	1	in	in	ADP
emaj-83	40	2	the	the	DET
emaj-83	40	3	sample	sample	NOUN
emaj-83	40	4	period	period	NOUN
emaj-83	40	5	,	,	PUNCT
emaj-83	40	6	developed	develop	VERB
emaj-83	40	7	market	market	NOUN
emaj-83	40	8	indices	index	NOUN
emaj-83	40	9	dax	dax	PROPN
emaj-83	40	10	,	,	PUNCT
emaj-83	40	11	ftse	ftse	PROPN
emaj-83	40	12	100	100	NUM
emaj-83	40	13	,	,	PUNCT
emaj-83	40	14	cac	cac	PROPN
emaj-83	40	15	40	40	NUM
emaj-83	40	16	yielded	yield	VERB
emaj-83	40	17	12.1	12.1	NUM
emaj-83	40	18	%	%	NOUN
emaj-83	40	19	,	,	PUNCT
emaj-83	40	20	6.8	6.8	NUM
emaj-83	40	21	%	%	NOUN
emaj-83	40	22	and	and	CCONJ
emaj-83	40	23	4.1	4.1	NUM
emaj-83	40	24	%	%	NOUN
emaj-83	40	25	,	,	PUNCT
emaj-83	40	26	respectively	respectively	ADV
emaj-83	40	27	.	.	PUNCT
emaj-83	41	1	2	2	X
emaj-83	41	2	.	.	X
emaj-83	41	3	literature	literature	NOUN
emaj-83	41	4	review	review	PROPN
emaj-83	41	5	beginning	begin	VERB
emaj-83	41	6	from	from	ADP
emaj-83	41	7	the	the	DET
emaj-83	41	8	1960s	1960	NOUN
emaj-83	41	9	,	,	PUNCT
emaj-83	41	10	there	there	PRON
emaj-83	41	11	have	have	AUX
emaj-83	41	12	been	be	AUX
emaj-83	41	13	several	several	ADJ
emaj-83	41	14	studies	study	NOUN
emaj-83	41	15	carried	carry	VERB
emaj-83	41	16	out	out	ADP
emaj-83	41	17	on	on	ADP
emaj-83	41	18	mutual	mutual	ADJ
emaj-83	41	19	fund	fund	NOUN
emaj-83	41	20	performance	performance	NOUN
emaj-83	41	21	.	.	PUNCT
emaj-83	42	1	treynor	treynor	NOUN
emaj-83	42	2	(	(	PUNCT
emaj-83	42	3	1965	1965	NUM
emaj-83	42	4	)	)	PUNCT
emaj-83	42	5	,	,	PUNCT
emaj-83	42	6	sharpe	sharpe	NOUN
emaj-83	42	7	(	(	PUNCT
emaj-83	42	8	1966	1966	NUM
emaj-83	42	9	)	)	PUNCT
emaj-83	42	10	and	and	CCONJ
emaj-83	42	11	jensen	jensen	PROPN
emaj-83	42	12	(	(	PUNCT
emaj-83	42	13	1968	1968	NUM
emaj-83	42	14	)	)	PUNCT
emaj-83	42	15	are	be	AUX
emaj-83	42	16	among	among	ADP
emaj-83	42	17	those	those	PRON
emaj-83	42	18	who	who	PRON
emaj-83	42	19	measure	measure	VERB
emaj-83	42	20	fund	fund	NOUN
emaj-83	42	21	performance	performance	NOUN
emaj-83	42	22	related	relate	VERB
emaj-83	42	23	to	to	PART
emaj-83	42	24	risk	risk	VERB
emaj-83	42	25	and	and	CCONJ
emaj-83	42	26	return	return	VERB
emaj-83	42	27	measurements	measurement	NOUN
emaj-83	42	28	.	.	PUNCT
emaj-83	43	1	sharpe	sharpe	PROPN
emaj-83	43	2	(	(	PUNCT
emaj-83	43	3	1966	1966	NUM
emaj-83	43	4	)	)	PUNCT
emaj-83	43	5	measured	measure	VERB
emaj-83	43	6	34	34	NUM
emaj-83	43	7	open	open	ADV
emaj-83	43	8	-	-	PUNCT
emaj-83	43	9	ended	end	VERB
emaj-83	43	10	mutual	mutual	ADJ
emaj-83	43	11	funds	fund	NOUN
emaj-83	43	12	between	between	ADP
emaj-83	43	13	1954	1954	NUM
emaj-83	43	14	-	-	SYM
emaj-83	43	15	1963	1963	NUM
emaj-83	43	16	using	use	VERB
emaj-83	43	17	the	the	DET
emaj-83	43	18	sharpe	sharpe	PROPN
emaj-83	43	19	ratio	ratio	NOUN
emaj-83	43	20	and	and	CCONJ
emaj-83	43	21	treynor	treynor	NOUN
emaj-83	43	22	ratio	ratio	NOUN
emaj-83	43	23	.	.	PUNCT
emaj-83	44	1	as	as	ADP
emaj-83	44	2	the	the	DET
emaj-83	44	3	result	result	NOUN
emaj-83	44	4	of	of	ADP
emaj-83	44	5	the	the	DET
emaj-83	44	6	study	study	NOUN
emaj-83	44	7	,	,	PUNCT
emaj-83	44	8	it	it	PRON
emaj-83	44	9	has	have	AUX
emaj-83	44	10	been	be	AUX
emaj-83	44	11	found	find	VERB
emaj-83	44	12	out	out	ADP
emaj-83	44	13	that	that	SCONJ
emaj-83	44	14	while	while	SCONJ
emaj-83	44	15	11	11	NUM
emaj-83	44	16	funds	fund	NOUN
emaj-83	44	17	out	out	ADP
emaj-83	44	18	of	of	ADP
emaj-83	44	19	34	34	NUM
emaj-83	44	20	show	show	VERB
emaj-83	44	21	a	a	DET
emaj-83	44	22	better	well	ADJ
emaj-83	44	23	performance	performance	NOUN
emaj-83	44	24	than	than	ADP
emaj-83	44	25	the	the	DET
emaj-83	44	26	index	index	NOUN
emaj-83	44	27	,	,	PUNCT
emaj-83	44	28	23	23	NUM
emaj-83	44	29	funds	fund	NOUN
emaj-83	44	30	underperform	underperform	VERB
emaj-83	44	31	their	their	PRON
emaj-83	44	32	benchmarks	benchmark	NOUN
emaj-83	44	33	.	.	PUNCT
emaj-83	45	1	jensen	jensen	PROPN
emaj-83	45	2	(	(	PUNCT
emaj-83	45	3	1968	1968	NUM
emaj-83	45	4	)	)	PUNCT
emaj-83	45	5	examined	examine	VERB
emaj-83	45	6	115	115	NUM
emaj-83	45	7	mutual	mutual	ADJ
emaj-83	45	8	funds	fund	NOUN
emaj-83	45	9	which	which	PRON
emaj-83	45	10	were	be	AUX
emaj-83	45	11	active	active	ADJ
emaj-83	45	12	between	between	ADP
emaj-83	45	13	1945	1945	NUM
emaj-83	45	14	-	-	SYM
emaj-83	45	15	1964	1964	NUM
emaj-83	45	16	–	–	PUNCT
emaj-83	45	17	by	by	ADP
emaj-83	45	18	using	use	VERB
emaj-83	45	19	an	an	DET
emaj-83	45	20	alpha	alpha	ADJ
emaj-83	45	21	indicator	indicator	NOUN
emaj-83	45	22	that	that	PRON
emaj-83	45	23	he	he	PRON
emaj-83	45	24	generated	generate	VERB
emaj-83	45	25	.	.	PUNCT
emaj-83	46	1	his	his	PRON
emaj-83	46	2	alpha	alpha	PROPN
emaj-83	46	3	indicator	indicator	NOUN
emaj-83	46	4	shows	show	VERB
emaj-83	46	5	the	the	DET
emaj-83	46	6	selectivity	selectivity	NOUN
emaj-83	46	7	skills	skill	NOUN
emaj-83	46	8	of	of	ADP
emaj-83	46	9	fund	fund	NOUN
emaj-83	46	10	managers	manager	NOUN
emaj-83	46	11	.	.	PUNCT
emaj-83	47	1	based	base	VERB
emaj-83	47	2	on	on	ADP
emaj-83	47	3	his	his	PRON
emaj-83	47	4	results	result	NOUN
emaj-83	47	5	,	,	PUNCT
emaj-83	47	6	funds	fund	NOUN
emaj-83	47	7	could	could	AUX
emaj-83	47	8	not	not	PART
emaj-83	47	9	outperform	outperform	VERB
emaj-83	47	10	the	the	DET
emaj-83	47	11	market	market	NOUN
emaj-83	47	12	performance	performance	NOUN
emaj-83	47	13	,	,	PUNCT
emaj-83	47	14	revealing	reveal	VERB
emaj-83	47	15	that	that	SCONJ
emaj-83	47	16	mutual	mutual	ADJ
emaj-83	47	17	fund	fund	NOUN
emaj-83	47	18	managers	manager	NOUN
emaj-83	47	19	,	,	PUNCT
emaj-83	47	20	in	in	ADP
emaj-83	47	21	general	general	ADJ
emaj-83	47	22	,	,	PUNCT
emaj-83	47	23	did	do	AUX
emaj-83	47	24	not	not	PART
emaj-83	47	25	have	have	VERB
emaj-83	47	26	selective	selective	ADJ
emaj-83	47	27	ability	ability	NOUN
emaj-83	47	28	.	.	PUNCT
emaj-83	48	1	malkiel	malkiel	VERB
emaj-83	48	2	(	(	PUNCT
emaj-83	48	3	1995	1995	NUM
emaj-83	48	4	)	)	PUNCT
emaj-83	48	5	used	use	VERB
emaj-83	48	6	the	the	DET
emaj-83	48	7	jensen	jensen	PROPN
emaj-83	48	8	method	method	NOUN
emaj-83	48	9	to	to	PART
emaj-83	48	10	calculate	calculate	VERB
emaj-83	48	11	the	the	DET
emaj-83	48	12	performance	performance	NOUN
emaj-83	48	13	of	of	ADP
emaj-83	48	14	american	american	ADJ
emaj-83	48	15	funds	fund	NOUN
emaj-83	48	16	between	between	ADP
emaj-83	48	17	the	the	DET
emaj-83	48	18	years	year	NOUN
emaj-83	48	19	1972	1972	NUM
emaj-83	48	20	and	and	CCONJ
emaj-83	48	21	1990	1990	NUM
emaj-83	48	22	.	.	PUNCT
emaj-83	49	1	he	he	PRON
emaj-83	49	2	revealed	reveal	VERB
emaj-83	49	3	that	that	SCONJ
emaj-83	49	4	mutual	mutual	ADJ
emaj-83	49	5	funds	fund	NOUN
emaj-83	49	6	could	could	AUX
emaj-83	49	7	not	not	PART
emaj-83	49	8	show	show	VERB
emaj-83	49	9	positive	positive	ADJ
emaj-83	49	10	excess	excess	ADJ
emaj-83	49	11	return	return	NOUN
emaj-83	49	12	.	.	PUNCT
emaj-83	50	1	detzler	detzler	NOUN
emaj-83	50	2	(	(	PUNCT
emaj-83	50	3	1999	1999	NUM
emaj-83	50	4	)	)	PUNCT
emaj-83	50	5	searched	search	VERB
emaj-83	50	6	19	19	NUM
emaj-83	50	7	global	global	ADJ
emaj-83	50	8	bond	bond	NOUN
emaj-83	50	9	funds	fund	NOUN
emaj-83	50	10	by	by	ADP
emaj-83	50	11	using	use	VERB
emaj-83	50	12	monthly	monthly	ADJ
emaj-83	50	13	returns	return	NOUN
emaj-83	50	14	between	between	ADP
emaj-83	50	15	the	the	DET
emaj-83	50	16	years	year	NOUN
emaj-83	50	17	1985	1985	NUM
emaj-83	50	18	and	and	CCONJ
emaj-83	50	19	1995	1995	NUM
emaj-83	50	20	.	.	PUNCT
emaj-83	51	1	in	in	ADP
emaj-83	51	2	the	the	DET
emaj-83	51	3	study	study	NOUN
emaj-83	51	4	,	,	PUNCT
emaj-83	51	5	a	a	DET
emaj-83	51	6	multiple	multiple	ADJ
emaj-83	51	7	regression	regression	NOUN
emaj-83	51	8	analysis	analysis	NOUN
emaj-83	51	9	was	be	AUX
emaj-83	51	10	used	use	VERB
emaj-83	51	11	and	and	CCONJ
emaj-83	51	12	it	it	PRON
emaj-83	51	13	was	be	AUX
emaj-83	51	14	found	find	VERB
emaj-83	51	15	out	out	ADP
emaj-83	51	16	that	that	SCONJ
emaj-83	51	17	funds	fund	NOUN
emaj-83	51	18	could	could	AUX
emaj-83	51	19	not	not	PART
emaj-83	51	20	show	show	VERB
emaj-83	51	21	better	well	ADJ
emaj-83	51	22	performance	performance	NOUN
emaj-83	51	23	than	than	ADP
emaj-83	51	24	indexes	index	NOUN
emaj-83	51	25	.	.	PUNCT
emaj-83	52	1	dahlquist	dahlquist	NOUN
emaj-83	52	2	,	,	PUNCT
emaj-83	52	3	engström	engström	NOUN
emaj-83	52	4	and	and	CCONJ
emaj-83	52	5	söderlind	söderlind	PROPN
emaj-83	52	6	(	(	PUNCT
emaj-83	52	7	2000	2000	NUM
emaj-83	52	8	)	)	PUNCT
emaj-83	52	9	evaluated	evaluate	VERB
emaj-83	52	10	201	201	NUM
emaj-83	52	11	swedish	swedish	ADJ
emaj-83	52	12	mutual	mutual	ADJ
emaj-83	52	13	funds	fund	NOUN
emaj-83	52	14	–	–	PUNCT
emaj-83	52	15	including	include	VERB
emaj-83	52	16	only	only	ADJ
emaj-83	52	17	domestic	domestic	ADJ
emaj-83	52	18	funds	fund	NOUN
emaj-83	52	19	from	from	ADP
emaj-83	52	20	the	the	DET
emaj-83	52	21	period	period	NOUN
emaj-83	52	22	between	between	ADP
emaj-83	52	23	1993	1993	NUM
emaj-83	52	24	and	and	CCONJ
emaj-83	52	25	1997	1997	NUM
emaj-83	52	26	.	.	PUNCT
emaj-83	53	1	they	they	PRON
emaj-83	53	2	found	find	VERB
emaj-83	53	3	that	that	SCONJ
emaj-83	53	4	regular	regular	ADJ
emaj-83	53	5	equity	equity	NOUN
emaj-83	53	6	funds	fund	NOUN
emaj-83	53	7	seemed	seem	VERB
emaj-83	53	8	to	to	PART
emaj-83	53	9	over	over	ADP
emaj-83	53	10	perform	perform	NOUN
emaj-83	53	11	while	while	SCONJ
emaj-83	53	12	bond	bond	NOUN
emaj-83	53	13	and	and	CCONJ
emaj-83	53	14	money	money	NOUN
emaj-83	53	15	market	market	NOUN
emaj-83	53	16	funds	fund	NOUN
emaj-83	53	17	performed	perform	VERB
emaj-83	53	18	less	less	ADJ
emaj-83	53	19	.	.	PUNCT
emaj-83	54	1	furthermore	furthermore	ADV
emaj-83	54	2	,	,	PUNCT
emaj-83	54	3	actively	actively	ADV
emaj-83	54	4	managed	manage	VERB
emaj-83	54	5	funds	fund	NOUN
emaj-83	54	6	demonstrated	demonstrate	VERB
emaj-83	54	7	better	well	ADJ
emaj-83	54	8	performance	performance	NOUN
emaj-83	54	9	than	than	ADP
emaj-83	54	10	passively	passively	ADV
emaj-83	54	11	managed	manage	VERB
emaj-83	54	12	funds	fund	NOUN
emaj-83	54	13	.	.	PUNCT
emaj-83	55	1	mutual	mutual	ADJ
emaj-83	55	2	fund	fund	NOUN
emaj-83	55	3	performance	performance	NOUN
emaj-83	55	4	:	:	PUNCT
emaj-83	55	5	evidence	evidence	NOUN
emaj-83	55	6	from	from	ADP
emaj-83	55	7	south	south	PROPN
emaj-83	55	8	africa	africa	PROPN
emaj-83	55	9	page	page	NOUN
emaj-83	55	10	|50|	|50|	NOUN
emaj-83	55	11	emerging	emerge	VERB
emaj-83	55	12	markets	market	NOUN
emaj-83	55	13	journal	journal	NOUN
emaj-83	55	14	volume	volume	NOUN
emaj-83	55	15	5	5	NUM
emaj-83	55	16	no	no	DET
emaj-83	55	17	2	2	NUM
emaj-83	55	18	(	(	PUNCT
emaj-83	55	19	2015	2015	NUM
emaj-83	55	20	)	)	PUNCT
emaj-83	55	21	|	|	ADV
emaj-83	55	22	issn	issn	VERB
emaj-83	55	23	2158	2158	NUM
emaj-83	55	24	-	-	SYM
emaj-83	55	25	8708	8708	NUM
emaj-83	55	26	(	(	PUNCT
emaj-83	55	27	online	online	NOUN
emaj-83	55	28	)	)	PUNCT
emaj-83	55	29	|	|	ADV
emaj-83	55	30	doi	doi	X
emaj-83	55	31	10.5195	10.5195	NUM
emaj-83	55	32	/	/	SYM
emaj-83	55	33	emaj.2015.83	emaj.2015.83	NOUN
emaj-83	56	1	|	|	NOUN
emaj-83	56	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-83	56	3	with	with	ADP
emaj-83	56	4	the	the	DET
emaj-83	56	5	aim	aim	NOUN
emaj-83	56	6	of	of	ADP
emaj-83	56	7	detecting	detect	VERB
emaj-83	56	8	the	the	DET
emaj-83	56	9	market	market	NOUN
emaj-83	56	10	timing	timing	NOUN
emaj-83	56	11	ability	ability	NOUN
emaj-83	56	12	of	of	ADP
emaj-83	56	13	the	the	DET
emaj-83	56	14	fund	fund	NOUN
emaj-83	56	15	managers	manager	NOUN
emaj-83	56	16	,	,	PUNCT
emaj-83	56	17	treynor	treynor	NOUN
emaj-83	56	18	and	and	CCONJ
emaj-83	56	19	mazuy	mazuy	PROPN
emaj-83	56	20	(	(	PUNCT
emaj-83	56	21	1966	1966	NUM
emaj-83	56	22	)	)	PUNCT
emaj-83	56	23	established	establish	VERB
emaj-83	56	24	the	the	DET
emaj-83	56	25	quadratic	quadratic	ADJ
emaj-83	56	26	regression	regression	NOUN
emaj-83	56	27	analysis	analysis	NOUN
emaj-83	56	28	method	method	NOUN
emaj-83	56	29	.	.	PUNCT
emaj-83	57	1	they	they	PRON
emaj-83	57	2	applied	apply	VERB
emaj-83	57	3	this	this	DET
emaj-83	57	4	method	method	NOUN
emaj-83	57	5	to	to	ADP
emaj-83	57	6	57	57	NUM
emaj-83	57	7	open	open	ADJ
emaj-83	57	8	-	-	PUNCT
emaj-83	57	9	end	end	NOUN
emaj-83	57	10	mutual	mutual	ADJ
emaj-83	57	11	funds	fund	NOUN
emaj-83	57	12	(	(	PUNCT
emaj-83	57	13	25	25	NUM
emaj-83	57	14	growth	growth	NOUN
emaj-83	57	15	funds	fund	NOUN
emaj-83	57	16	and	and	CCONJ
emaj-83	57	17	32	32	NUM
emaj-83	57	18	balanced	balanced	ADJ
emaj-83	57	19	funds	fund	NOUN
emaj-83	57	20	)	)	PUNCT
emaj-83	57	21	.	.	PUNCT
emaj-83	58	1	they	they	PRON
emaj-83	58	2	revealed	reveal	VERB
emaj-83	58	3	only	only	ADV
emaj-83	58	4	a	a	DET
emaj-83	58	5	single	single	ADJ
emaj-83	58	6	fund	fund	NOUN
emaj-83	58	7	as	as	ADP
emaj-83	58	8	having	have	VERB
emaj-83	58	9	statistically	statistically	ADV
emaj-83	58	10	significant	significant	ADJ
emaj-83	58	11	market	market	NOUN
emaj-83	58	12	timing	timing	NOUN
emaj-83	58	13	ability	ability	NOUN
emaj-83	58	14	.	.	PUNCT
emaj-83	59	1	henriksson	henriksson	NOUN
emaj-83	59	2	and	and	CCONJ
emaj-83	59	3	merton	merton	PROPN
emaj-83	59	4	(	(	PUNCT
emaj-83	59	5	1981	1981	NUM
emaj-83	59	6	)	)	PUNCT
emaj-83	59	7	and	and	CCONJ
emaj-83	59	8	henriksson	henriksson	NOUN
emaj-83	59	9	(	(	PUNCT
emaj-83	59	10	1984	1984	NUM
emaj-83	59	11	)	)	PUNCT
emaj-83	59	12	developed	develop	VERB
emaj-83	59	13	both	both	CCONJ
emaj-83	59	14	parametric	parametric	ADJ
emaj-83	59	15	and	and	CCONJ
emaj-83	59	16	nonparametric	nonparametric	ADJ
emaj-83	59	17	statistical	statistical	ADJ
emaj-83	59	18	models	model	NOUN
emaj-83	59	19	to	to	ADP
emaj-83	59	20	the	the	DET
emaj-83	59	21	test	test	NOUN
emaj-83	59	22	market	market	NOUN
emaj-83	59	23	timing	timing	NOUN
emaj-83	59	24	ability	ability	NOUN
emaj-83	59	25	of	of	ADP
emaj-83	59	26	portfolios	portfolio	NOUN
emaj-83	59	27	.	.	PUNCT
emaj-83	60	1	having	having	AUX
emaj-83	60	2	been	be	AUX
emaj-83	60	3	introduced	introduce	VERB
emaj-83	60	4	by	by	ADP
emaj-83	60	5	henriksson	henriksson	NOUN
emaj-83	60	6	and	and	CCONJ
emaj-83	60	7	merton	merton	PROPN
emaj-83	60	8	(	(	PUNCT
emaj-83	60	9	1981	1981	NUM
emaj-83	60	10	)	)	PUNCT
emaj-83	60	11	,	,	PUNCT
emaj-83	60	12	the	the	DET
emaj-83	60	13	parametric	parametric	ADJ
emaj-83	60	14	and	and	CCONJ
emaj-83	60	15	non	non	ADJ
emaj-83	60	16	-	-	ADJ
emaj-83	60	17	parametric	parametric	ADJ
emaj-83	60	18	tests	test	NOUN
emaj-83	60	19	in	in	ADP
emaj-83	60	20	question	question	NOUN
emaj-83	60	21	were	be	AUX
emaj-83	60	22	applied	apply	VERB
emaj-83	60	23	by	by	ADP
emaj-83	60	24	henriksson	henriksson	NOUN
emaj-83	60	25	(	(	PUNCT
emaj-83	60	26	1984	1984	NUM
emaj-83	60	27	)	)	PUNCT
emaj-83	60	28	to	to	PART
emaj-83	60	29	evaluate	evaluate	VERB
emaj-83	60	30	the	the	DET
emaj-83	60	31	market	market	NOUN
emaj-83	60	32	timing	timing	NOUN
emaj-83	60	33	ability	ability	NOUN
emaj-83	60	34	of	of	ADP
emaj-83	60	35	116	116	NUM
emaj-83	60	36	open	open	ADJ
emaj-83	60	37	-	-	PUNCT
emaj-83	60	38	end	end	NOUN
emaj-83	60	39	funds	fund	NOUN
emaj-83	60	40	between	between	ADP
emaj-83	60	41	1968	1968	NUM
emaj-83	60	42	and	and	CCONJ
emaj-83	60	43	1980	1980	NUM
emaj-83	60	44	in	in	ADP
emaj-83	60	45	the	the	DET
emaj-83	60	46	u.s	u.s	PROPN
emaj-83	60	47	.	.	PROPN
emaj-83	60	48	market	market	NOUN
emaj-83	60	49	.	.	PUNCT
emaj-83	61	1	the	the	DET
emaj-83	61	2	results	result	NOUN
emaj-83	61	3	revealed	reveal	VERB
emaj-83	61	4	that	that	SCONJ
emaj-83	61	5	there	there	PRON
emaj-83	61	6	was	be	VERB
emaj-83	61	7	n’t	not	PART
emaj-83	61	8	any	any	DET
emaj-83	61	9	support	support	NOUN
emaj-83	61	10	for	for	ADP
emaj-83	61	11	market	market	NOUN
emaj-83	61	12	timing	timing	NOUN
emaj-83	61	13	ability	ability	NOUN
emaj-83	61	14	.	.	PUNCT
emaj-83	62	1	moreover	moreover	ADV
emaj-83	62	2	,	,	PUNCT
emaj-83	62	3	henriksson	henriksson	PROPN
emaj-83	62	4	found	find	VERB
emaj-83	62	5	an	an	DET
emaj-83	62	6	inverse	inverse	NOUN
emaj-83	62	7	relationship	relationship	NOUN
emaj-83	62	8	between	between	ADP
emaj-83	62	9	selection	selection	NOUN
emaj-83	62	10	ability	ability	NOUN
emaj-83	62	11	and	and	CCONJ
emaj-83	62	12	market	market	NOUN
emaj-83	62	13	timing	timing	NOUN
emaj-83	62	14	ability	ability	NOUN
emaj-83	62	15	.	.	PUNCT
emaj-83	63	1	chang	chang	PROPN
emaj-83	63	2	and	and	CCONJ
emaj-83	63	3	lewellen	lewellen	PROPN
emaj-83	63	4	(	(	PUNCT
emaj-83	63	5	1984	1984	NUM
emaj-83	63	6	)	)	PUNCT
emaj-83	63	7	tested	test	VERB
emaj-83	63	8	the	the	DET
emaj-83	63	9	market	market	NOUN
emaj-83	63	10	timing	timing	NOUN
emaj-83	63	11	ability	ability	NOUN
emaj-83	63	12	of	of	ADP
emaj-83	63	13	67	67	NUM
emaj-83	63	14	u.s	u.s	PROPN
emaj-83	63	15	.	.	PROPN
emaj-83	63	16	funds	fund	NOUN
emaj-83	63	17	covering	cover	VERB
emaj-83	63	18	the	the	DET
emaj-83	63	19	period	period	NOUN
emaj-83	63	20	from	from	ADP
emaj-83	63	21	1971	1971	NUM
emaj-83	63	22	to	to	ADP
emaj-83	63	23	1979	1979	NUM
emaj-83	63	24	by	by	ADP
emaj-83	63	25	using	use	VERB
emaj-83	63	26	the	the	DET
emaj-83	63	27	henriksson	henriksson	NOUN
emaj-83	63	28	&	&	CCONJ
emaj-83	63	29	merton	merton	PROPN
emaj-83	63	30	(	(	PUNCT
emaj-83	63	31	1981	1981	NUM
emaj-83	63	32	)	)	PUNCT
emaj-83	63	33	method	method	NOUN
emaj-83	63	34	.	.	PUNCT
emaj-83	64	1	it	it	PRON
emaj-83	64	2	was	be	AUX
emaj-83	64	3	found	find	VERB
emaj-83	64	4	that	that	SCONJ
emaj-83	64	5	there	there	PRON
emaj-83	64	6	were	be	VERB
emaj-83	64	7	weak	weak	ADJ
emaj-83	64	8	indications	indication	NOUN
emaj-83	64	9	of	of	ADP
emaj-83	64	10	fund	fund	NOUN
emaj-83	64	11	manager	manager	NOUN
emaj-83	64	12	market	market	NOUN
emaj-83	64	13	timing	timing	NOUN
emaj-83	64	14	ability	ability	NOUN
emaj-83	64	15	.	.	PUNCT
emaj-83	65	1	gallo	gallo	PROPN
emaj-83	65	2	and	and	CCONJ
emaj-83	65	3	swanson	swanson	PROPN
emaj-83	65	4	(	(	PUNCT
emaj-83	65	5	1996	1996	NUM
emaj-83	65	6	)	)	PUNCT
emaj-83	65	7	tested	test	VERB
emaj-83	65	8	37	37	NUM
emaj-83	65	9	u.s	u.s	PROPN
emaj-83	65	10	.	.	PROPN
emaj-83	65	11	mutual	mutual	ADJ
emaj-83	65	12	funds	fund	NOUN
emaj-83	65	13	by	by	ADP
emaj-83	65	14	using	use	VERB
emaj-83	65	15	the	the	DET
emaj-83	65	16	treynor	treynor	NOUN
emaj-83	65	17	&	&	CCONJ
emaj-83	65	18	mazuy	mazuy	PROPN
emaj-83	65	19	model	model	NOUN
emaj-83	65	20	for	for	ADP
emaj-83	65	21	market	market	NOUN
emaj-83	65	22	timing	timing	NOUN
emaj-83	65	23	,	,	PUNCT
emaj-83	65	24	yet	yet	ADV
emaj-83	65	25	found	find	VERB
emaj-83	65	26	no	no	DET
emaj-83	65	27	evidence	evidence	NOUN
emaj-83	65	28	of	of	ADP
emaj-83	65	29	market	market	NOUN
emaj-83	65	30	timing	timing	NOUN
emaj-83	65	31	of	of	ADP
emaj-83	65	32	funds	fund	NOUN
emaj-83	65	33	.	.	PUNCT
emaj-83	66	1	christensen	christensen	PROPN
emaj-83	66	2	(	(	PUNCT
emaj-83	66	3	2005	2005	NUM
emaj-83	66	4	)	)	PUNCT
emaj-83	66	5	evaluated	evaluate	VERB
emaj-83	66	6	47	47	NUM
emaj-83	66	7	danish	danish	ADJ
emaj-83	66	8	funds	fund	NOUN
emaj-83	66	9	between	between	ADP
emaj-83	66	10	january	january	PROPN
emaj-83	66	11	1996	1996	NUM
emaj-83	66	12	and	and	CCONJ
emaj-83	66	13	june	june	PROPN
emaj-83	66	14	2003	2003	NUM
emaj-83	66	15	.	.	PUNCT
emaj-83	67	1	he	he	PRON
emaj-83	67	2	found	find	VERB
emaj-83	67	3	that	that	SCONJ
emaj-83	67	4	fund	fund	NOUN
emaj-83	67	5	managers	manager	NOUN
emaj-83	67	6	did	do	AUX
emaj-83	67	7	not	not	PART
emaj-83	67	8	have	have	VERB
emaj-83	67	9	selectivity	selectivity	NOUN
emaj-83	67	10	skills	skill	NOUN
emaj-83	67	11	in	in	ADP
emaj-83	67	12	general	general	ADJ
emaj-83	67	13	and	and	CCONJ
emaj-83	67	14	,	,	PUNCT
emaj-83	67	15	in	in	ADP
emaj-83	67	16	terms	term	NOUN
emaj-83	67	17	of	of	ADP
emaj-83	67	18	timing	timing	NOUN
emaj-83	67	19	ability	ability	NOUN
emaj-83	67	20	,	,	PUNCT
emaj-83	67	21	the	the	DET
emaj-83	67	22	results	result	NOUN
emaj-83	67	23	were	be	AUX
emaj-83	67	24	also	also	ADV
emaj-83	67	25	negative	negative	ADJ
emaj-83	67	26	,	,	PUNCT
emaj-83	67	27	due	due	ADP
emaj-83	67	28	to	to	ADP
emaj-83	67	29	the	the	DET
emaj-83	67	30	fact	fact	NOUN
emaj-83	67	31	that	that	SCONJ
emaj-83	67	32	only	only	ADV
emaj-83	67	33	two	two	NUM
emaj-83	67	34	funds	fund	NOUN
emaj-83	67	35	had	have	AUX
emaj-83	67	36	significant	significant	ADJ
emaj-83	67	37	timing	timing	NOUN
emaj-83	67	38	ability	ability	NOUN
emaj-83	67	39	.	.	PUNCT
emaj-83	68	1	gilbertson	gilbertson	NOUN
emaj-83	68	2	and	and	CCONJ
emaj-83	68	3	vermaak	vermaak	NOUN
emaj-83	68	4	(	(	PUNCT
emaj-83	68	5	1982	1982	NUM
emaj-83	68	6	)	)	PUNCT
emaj-83	68	7	evaluated	evaluate	VERB
emaj-83	68	8	seven	seven	NUM
emaj-83	68	9	south	south	ADJ
emaj-83	68	10	african	african	ADJ
emaj-83	68	11	mutual	mutual	ADJ
emaj-83	68	12	funds	fund	NOUN
emaj-83	68	13	over	over	ADP
emaj-83	68	14	the	the	DET
emaj-83	68	15	period	period	NOUN
emaj-83	68	16	1974	1974	NUM
emaj-83	68	17	to	to	ADP
emaj-83	68	18	1981	1981	NUM
emaj-83	68	19	.	.	PUNCT
emaj-83	69	1	according	accord	VERB
emaj-83	69	2	to	to	ADP
emaj-83	69	3	results	result	NOUN
emaj-83	69	4	,	,	PUNCT
emaj-83	69	5	in	in	ADP
emaj-83	69	6	general	general	ADJ
emaj-83	69	7	,	,	PUNCT
emaj-83	69	8	returns	return	NOUN
emaj-83	69	9	of	of	ADP
emaj-83	69	10	funds	fund	NOUN
emaj-83	69	11	were	be	AUX
emaj-83	69	12	lower	low	ADJ
emaj-83	69	13	than	than	ADP
emaj-83	69	14	market	market	NOUN
emaj-83	69	15	indexes	index	NOUN
emaj-83	69	16	.	.	PUNCT
emaj-83	70	1	only	only	ADV
emaj-83	70	2	one	one	NUM
emaj-83	70	3	fund	fund	NOUN
emaj-83	70	4	guardbank	guardbank	NOUN
emaj-83	70	5	–	–	PUNCT
emaj-83	70	6	showed	show	VERB
emaj-83	70	7	significantly	significantly	ADV
emaj-83	70	8	outperformed	outperform	VERB
emaj-83	70	9	than	than	ADP
emaj-83	70	10	indexes	index	NOUN
emaj-83	70	11	.	.	PUNCT
emaj-83	71	1	manjezi	manjezi	PROPN
emaj-83	71	2	(	(	PUNCT
emaj-83	71	3	2008	2008	NUM
emaj-83	71	4	)	)	PUNCT
emaj-83	71	5	investigated	investigate	VERB
emaj-83	71	6	15	15	NUM
emaj-83	71	7	south	south	ADJ
emaj-83	71	8	african	african	ADJ
emaj-83	71	9	funds	fund	NOUN
emaj-83	71	10	during	during	ADP
emaj-83	71	11	the	the	DET
emaj-83	71	12	period	period	NOUN
emaj-83	71	13	between	between	ADP
emaj-83	71	14	2001	2001	NUM
emaj-83	71	15	and	and	CCONJ
emaj-83	71	16	2006	2006	NUM
emaj-83	71	17	.	.	PUNCT
emaj-83	72	1	according	accord	VERB
emaj-83	72	2	to	to	ADP
emaj-83	72	3	his	his	PRON
emaj-83	72	4	results	result	NOUN
emaj-83	72	5	,	,	PUNCT
emaj-83	72	6	the	the	DET
emaj-83	72	7	index	index	NOUN
emaj-83	72	8	showed	show	VERB
emaj-83	72	9	a	a	DET
emaj-83	72	10	better	well	ADJ
emaj-83	72	11	performance	performance	NOUN
emaj-83	72	12	than	than	ADP
emaj-83	72	13	funds	fund	NOUN
emaj-83	72	14	.	.	PUNCT
emaj-83	73	1	in	in	ADP
emaj-83	73	2	addition	addition	NOUN
emaj-83	73	3	,	,	PUNCT
emaj-83	73	4	only	only	ADV
emaj-83	73	5	one	one	NUM
emaj-83	73	6	fund	fund	NOUN
emaj-83	73	7	displayed	display	VERB
emaj-83	73	8	both	both	CCONJ
emaj-83	73	9	selective	selective	ADJ
emaj-83	73	10	and	and	CCONJ
emaj-83	73	11	market	market	NOUN
emaj-83	73	12	timing	timing	NOUN
emaj-83	73	13	ability	ability	NOUN
emaj-83	73	14	during	during	ADP
emaj-83	73	15	the	the	DET
emaj-83	73	16	study	study	NOUN
emaj-83	73	17	period	period	NOUN
emaj-83	73	18	.	.	PUNCT
emaj-83	74	1	mbiola	mbiola	PROPN
emaj-83	74	2	(	(	PUNCT
emaj-83	74	3	2013	2013	NUM
emaj-83	74	4	)	)	PUNCT
emaj-83	74	5	examines	examine	VERB
emaj-83	74	6	64	64	NUM
emaj-83	74	7	south	south	ADJ
emaj-83	74	8	african	african	ADJ
emaj-83	74	9	domestic	domestic	ADJ
emaj-83	74	10	general	general	ADJ
emaj-83	74	11	equity	equity	NOUN
emaj-83	74	12	unit	unit	NOUN
emaj-83	74	13	trusts	trust	VERB
emaj-83	74	14	over	over	ADP
emaj-83	74	15	the	the	DET
emaj-83	74	16	period	period	NOUN
emaj-83	74	17	from	from	ADP
emaj-83	74	18	1992	1992	NUM
emaj-83	74	19	to	to	ADP
emaj-83	74	20	december	december	PROPN
emaj-83	74	21	2011	2011	NUM
emaj-83	74	22	.	.	PUNCT
emaj-83	75	1	according	accord	VERB
emaj-83	75	2	to	to	ADP
emaj-83	75	3	his	his	PRON
emaj-83	75	4	result	result	NOUN
emaj-83	75	5	,	,	PUNCT
emaj-83	75	6	funds	fund	NOUN
emaj-83	75	7	could	could	AUX
emaj-83	75	8	not	not	PART
emaj-83	75	9	show	show	VERB
emaj-83	75	10	strong	strong	ADJ
emaj-83	75	11	evidence	evidence	NOUN
emaj-83	75	12	of	of	ADP
emaj-83	75	13	superior	superior	ADJ
emaj-83	75	14	performance	performance	NOUN
emaj-83	75	15	than	than	ADP
emaj-83	75	16	market	market	NOUN
emaj-83	75	17	.	.	PUNCT
emaj-83	76	1	3	3	X
emaj-83	76	2	.	.	X
emaj-83	76	3	methodology	methodology	NOUN
emaj-83	76	4	and	and	CCONJ
emaj-83	76	5	data	datum	NOUN
emaj-83	76	6	3.1	3.1	NUM
emaj-83	76	7	.	.	PUNCT
emaj-83	76	8	methodology	methodology	NOUN
emaj-83	76	9	in	in	ADP
emaj-83	76	10	this	this	DET
emaj-83	76	11	study	study	NOUN
emaj-83	76	12	,	,	PUNCT
emaj-83	76	13	it	it	PRON
emaj-83	76	14	is	be	AUX
emaj-83	76	15	tried	try	VERB
emaj-83	76	16	to	to	PART
emaj-83	76	17	evaluate	evaluate	VERB
emaj-83	76	18	both	both	DET
emaj-83	76	19	funds	fund	NOUN
emaj-83	76	20	and	and	CCONJ
emaj-83	76	21	funds	fund	NOUN
emaj-83	76	22	managers	manager	NOUN
emaj-83	76	23	’	'	PUNCT
emaj-83	76	24	performance	performance	NOUN
emaj-83	76	25	of	of	ADP
emaj-83	76	26	south	south	ADJ
emaj-83	76	27	african	african	ADJ
emaj-83	76	28	equity	equity	NOUN
emaj-83	76	29	funds	fund	NOUN
emaj-83	76	30	.	.	PUNCT
emaj-83	77	1	a	a	DET
emaj-83	77	2	total	total	NOUN
emaj-83	77	3	of	of	ADP
emaj-83	77	4	10	10	NUM
emaj-83	77	5	equity	equity	NOUN
emaj-83	77	6	funds	fund	NOUN
emaj-83	77	7	performances	performance	NOUN
emaj-83	77	8	’	'	PUNCT
emaj-83	77	9	are	be	AUX
emaj-83	77	10	analyzed	analyze	VERB
emaj-83	77	11	.	.	PUNCT
emaj-83	78	1	in	in	ADP
emaj-83	78	2	order	order	NOUN
emaj-83	78	3	to	to	PART
emaj-83	78	4	evaluate	evaluate	VERB
emaj-83	78	5	fund	fund	NOUN
emaj-83	78	6	performance	performance	NOUN
emaj-83	78	7	,	,	PUNCT
emaj-83	78	8	sharpe	sharpe	NOUN
emaj-83	78	9	(	(	PUNCT
emaj-83	78	10	1966	1966	NUM
emaj-83	78	11	)	)	PUNCT
emaj-83	78	12	,	,	PUNCT
emaj-83	78	13	treynor	treynor	NOUN
emaj-83	78	14	(	(	PUNCT
emaj-83	78	15	1965	1965	NUM
emaj-83	78	16	)	)	PUNCT
emaj-83	78	17	and	and	CCONJ
emaj-83	78	18	jensen	jensen	PROPN
emaj-83	78	19	’s	’s	PART
emaj-83	78	20	alpha	alpha	NOUN
emaj-83	78	21	(	(	PUNCT
emaj-83	78	22	1968	1968	NUM
emaj-83	78	23	)	)	PUNCT
emaj-83	78	24	ratios	ratio	NOUN
emaj-83	78	25	are	be	AUX
emaj-83	78	26	computed	compute	VERB
emaj-83	78	27	.	.	PUNCT
emaj-83	79	1	jensen	jensen	PROPN
emaj-83	79	2	’s	’s	PART
emaj-83	79	3	alpha	alpha	PROPN
emaj-83	79	4	method	method	NOUN
emaj-83	79	5	also	also	ADV
emaj-83	79	6	shows	show	VERB
emaj-83	79	7	the	the	DET
emaj-83	79	8	selectivity	selectivity	NOUN
emaj-83	79	9	skills	skill	NOUN
emaj-83	79	10	of	of	ADP
emaj-83	79	11	fund	fund	NOUN
emaj-83	79	12	managers	manager	NOUN
emaj-83	79	13	.	.	PUNCT
emaj-83	80	1	in	in	ADP
emaj-83	80	2	order	order	NOUN
emaj-83	80	3	to	to	PART
emaj-83	80	4	test	test	VERB
emaj-83	80	5	mutual	mutual	ADJ
emaj-83	80	6	fund	fund	NOUN
emaj-83	80	7	managers	manager	NOUN
emaj-83	80	8	’	’	PART
emaj-83	80	9	market	market	NOUN
emaj-83	80	10	timing	timing	NOUN
emaj-83	80	11	ability	ability	NOUN
emaj-83	80	12	,	,	PUNCT
emaj-83	80	13	the	the	DET
emaj-83	80	14	treynor	treynor	NOUN
emaj-83	80	15	&	&	CCONJ
emaj-83	80	16	mazuy	mazuy	PROPN
emaj-83	80	17	(	(	PUNCT
emaj-83	80	18	1966	1966	NUM
emaj-83	80	19	)	)	PUNCT
emaj-83	80	20	and	and	CCONJ
emaj-83	80	21	henriksson	henriksson	PROPN
emaj-83	80	22	&	&	CCONJ
emaj-83	80	23	merton	merton	PROPN
emaj-83	80	24	(	(	PUNCT
emaj-83	80	25	1981	1981	NUM
emaj-83	80	26	)	)	PUNCT
emaj-83	80	27	methods	method	NOUN
emaj-83	80	28	are	be	AUX
emaj-83	80	29	applied	apply	VERB
emaj-83	80	30	.	.	PUNCT
emaj-83	81	1	3.1.1	3.1.1	X
emaj-83	81	2	.	.	PUNCT
emaj-83	81	3	treynor	treynor	NOUN
emaj-83	81	4	ratio	ratio	NOUN
emaj-83	81	5	according	accord	VERB
emaj-83	81	6	to	to	ADP
emaj-83	81	7	kouris	kouris	PROPN
emaj-83	81	8	,	,	PUNCT
emaj-83	81	9	adam	adam	PROPN
emaj-83	81	10	,	,	PUNCT
emaj-83	81	11	&	&	CCONJ
emaj-83	81	12	botsaris	botsaris	PROPN
emaj-83	81	13	(	(	PUNCT
emaj-83	81	14	2011	2011	NUM
emaj-83	81	15	)	)	PUNCT
emaj-83	81	16	the	the	DET
emaj-83	81	17	treynor	treynor	NOUN
emaj-83	81	18	ratio	ratio	NOUN
emaj-83	81	19	is	be	AUX
emaj-83	81	20	the	the	DET
emaj-83	81	21	first	first	ADJ
emaj-83	81	22	risk	risk	NOUN
emaj-83	81	23	-	-	PUNCT
emaj-83	81	24	adjusted	adjust	VERB
emaj-83	81	25	performance	performance	NOUN
emaj-83	81	26	measure	measure	NOUN
emaj-83	81	27	of	of	ADP
emaj-83	81	28	mutual	mutual	ADJ
emaj-83	81	29	funds	fund	NOUN
emaj-83	81	30	that	that	PRON
emaj-83	81	31	was	be	AUX
emaj-83	81	32	put	put	VERB
emaj-83	81	33	forward	forward	ADV
emaj-83	81	34	by	by	ADP
emaj-83	81	35	treynor	treynor	NOUN
emaj-83	81	36	in	in	ADP
emaj-83	81	37	1965	1965	NUM
emaj-83	81	38	.	.	PUNCT
emaj-83	82	1	it	it	PRON
emaj-83	82	2	is	be	AUX
emaj-83	82	3	calculated	calculate	VERB
emaj-83	82	4	as	as	ADP
emaj-83	82	5	the	the	DET
emaj-83	82	6	ratio	ratio	NOUN
emaj-83	82	7	of	of	ADP
emaj-83	82	8	the	the	DET
emaj-83	82	9	excess	excess	ADJ
emaj-83	82	10	return	return	NOUN
emaj-83	82	11	of	of	ADP
emaj-83	82	12	the	the	DET
emaj-83	82	13	mutual	mutual	ADJ
emaj-83	82	14	fund	fund	NOUN
emaj-83	82	15	divided	divide	VERB
emaj-83	82	16	by	by	ADP
emaj-83	82	17	its	its	PRON
emaj-83	82	18	beta	beta	NOUN
emaj-83	82	19	(	(	PUNCT
emaj-83	82	20	systematic	systematic	ADJ
emaj-83	82	21	risk	risk	NOUN
emaj-83	82	22	)	)	PUNCT
emaj-83	82	23	and	and	CCONJ
emaj-83	82	24	is	be	AUX
emaj-83	82	25	defined	define	VERB
emaj-83	82	26	as	as	ADP
emaj-83	82	27	:	:	PUNCT
emaj-83	82	28	ti	ti	X
emaj-83	82	29	=	=	SYM
emaj-83	82	30	(	(	PUNCT
emaj-83	82	31	rp	rp	NOUN
emaj-83	82	32	-	-	PUNCT
emaj-83	82	33	rf	rf	NOUN
emaj-83	82	34	)	)	PUNCT
emaj-83	82	35	/	/	SYM
emaj-83	82	36	p	p	X
emaj-83	82	37	(	(	PUNCT
emaj-83	82	38	1	1	NUM
emaj-83	82	39	)	)	PUNCT
emaj-83	82	40	where	where	SCONJ
emaj-83	82	41	ti	ti	NOUN
emaj-83	82	42	=	=	SYM
emaj-83	82	43	treynor	treynor	NOUN
emaj-83	82	44	’s	’s	PART
emaj-83	82	45	performance	performance	NOUN
emaj-83	82	46	index	index	NOUN
emaj-83	82	47	rp	rp	NOUN
emaj-83	82	48	=	=	PROPN
emaj-83	82	49	portfolio	portfolio	NOUN
emaj-83	82	50	’s	’s	PART
emaj-83	82	51	actual	actual	ADJ
emaj-83	82	52	return	return	NOUN
emaj-83	82	53	during	during	ADP
emaj-83	82	54	a	a	DET
emaj-83	82	55	specified	specified	ADJ
emaj-83	82	56	time	time	NOUN
emaj-83	82	57	period	period	NOUN
emaj-83	82	58	rf	rf	NOUN
emaj-83	82	59	=	=	NOUN
emaj-83	82	60	risk	risk	NOUN
emaj-83	82	61	-	-	PUNCT
emaj-83	82	62	free	free	ADJ
emaj-83	82	63	rate	rate	NOUN
emaj-83	82	64	of	of	ADP
emaj-83	82	65	return	return	NOUN
emaj-83	82	66	during	during	ADP
emaj-83	82	67	the	the	DET
emaj-83	82	68	same	same	ADJ
emaj-83	82	69	period	period	NOUN
emaj-83	82	70	p	p	NOUN
emaj-83	82	71	=	=	NOUN
emaj-83	82	72	beta	beta	NOUN
emaj-83	82	73	of	of	ADP
emaj-83	82	74	the	the	DET
emaj-83	82	75	portfolio	portfolio	NOUN
emaj-83	82	76	according	accord	VERB
emaj-83	82	77	to	to	ADP
emaj-83	82	78	reilly	reilly	PROPN
emaj-83	82	79	(	(	PUNCT
emaj-83	82	80	1992	1992	NUM
emaj-83	82	81	)	)	PUNCT
emaj-83	82	82	,	,	PUNCT
emaj-83	82	83	whenever	whenever	SCONJ
emaj-83	82	84	rp	rp	NOUN
emaj-83	82	85	>	>	X
emaj-83	82	86	rf	rf	PROPN
emaj-83	82	87	and	and	CCONJ
emaj-83	82	88	p	p	X
emaj-83	82	89	>	>	X
emaj-83	82	90	0	0	PROPN
emaj-83	82	91	,	,	PUNCT
emaj-83	82	92	a	a	DET
emaj-83	82	93	larger	large	ADJ
emaj-83	82	94	t	t	NOUN
emaj-83	82	95	value	value	NOUN
emaj-83	82	96	means	mean	VERB
emaj-83	82	97	a	a	DET
emaj-83	82	98	better	well	ADJ
emaj-83	82	99	portfolio	portfolio	NOUN
emaj-83	82	100	for	for	ADP
emaj-83	82	101	all	all	DET
emaj-83	82	102	investors	investor	NOUN
emaj-83	82	103	regardless	regardless	ADV
emaj-83	82	104	of	of	ADP
emaj-83	82	105	their	their	PRON
emaj-83	82	106	individual	individual	ADJ
emaj-83	82	107	risk	risk	NOUN
emaj-83	82	108	preferences	preference	NOUN
emaj-83	82	109	.	.	PUNCT
emaj-83	83	1	in	in	ADP
emaj-83	83	2	two	two	NUM
emaj-83	83	3	cases	case	NOUN
emaj-83	83	4	,	,	PUNCT
emaj-83	83	5	a	a	DET
emaj-83	83	6	negative	negative	ADJ
emaj-83	83	7	t	t	NOUN
emaj-83	83	8	value	value	NOUN
emaj-83	83	9	may	may	AUX
emaj-83	83	10	result	result	VERB
emaj-83	83	11	:	:	PUNCT
emaj-83	83	12	when	when	SCONJ
emaj-83	83	13	rp	rp	NOUN
emaj-83	83	14	<	<	X
emaj-83	83	15	rf	rf	ADJ
emaj-83	83	16	or	or	CCONJ
emaj-83	83	17	when	when	SCONJ
emaj-83	83	18	p	p	X
emaj-83	83	19	<	<	X
emaj-83	83	20	0	0	X
emaj-83	83	21	.	.	PUNCT
emaj-83	84	1	if	if	SCONJ
emaj-83	84	2	t	t	PROPN
emaj-83	84	3	is	be	AUX
emaj-83	84	4	negative	negative	ADJ
emaj-83	84	5	because	because	SCONJ
emaj-83	84	6	rp	rp	NOUN
emaj-83	84	7	<	<	X
emaj-83	84	8	rf	rf	NOUN
emaj-83	84	9	,	,	PUNCT
emaj-83	84	10	then	then	ADV
emaj-83	84	11	we	we	PRON
emaj-83	84	12	deduce	deduce	VERB
emaj-83	84	13	that	that	SCONJ
emaj-83	84	14	the	the	DET
emaj-83	84	15	portfolio	portfolio	NOUN
emaj-83	84	16	performance	performance	NOUN
emaj-83	84	17	is	be	AUX
emaj-83	84	18	very	very	ADV
emaj-83	84	19	poor	poor	ADJ
emaj-83	84	20	,	,	PUNCT
emaj-83	84	21	whereas	whereas	SCONJ
emaj-83	84	22	if	if	SCONJ
emaj-83	84	23	the	the	DET
emaj-83	84	24	negativity	negativity	NOUN
emaj-83	84	25	of	of	ADP
emaj-83	84	26	t	t	PROPN
emaj-83	84	27	comes	come	VERB
emaj-83	84	28	from	from	ADP
emaj-83	84	29	a	a	DET
emaj-83	84	30	negative	negative	ADJ
emaj-83	84	31	beta	beta	NOUN
emaj-83	84	32	,	,	PUNCT
emaj-83	84	33	the	the	DET
emaj-83	84	34	fund	fund	NOUN
emaj-83	84	35	’s	’s	PART
emaj-83	84	36	performance	performance	NOUN
emaj-83	84	37	is	be	AUX
emaj-83	84	38	excellent	excellent	ADJ
emaj-83	84	39	.	.	PUNCT
emaj-83	85	1	3.1.2	3.1.2	X
emaj-83	85	2	.	.	PUNCT
emaj-83	85	3	sharpe	sharpe	PROPN
emaj-83	85	4	ratio	ratio	PROPN
emaj-83	85	5	according	accord	VERB
emaj-83	85	6	to	to	ADP
emaj-83	85	7	noulas	noulas	PROPN
emaj-83	85	8	&	&	CCONJ
emaj-83	85	9	lazaridis	lazaridi	NOUN
emaj-83	85	10	(	(	PUNCT
emaj-83	85	11	2005	2005	NUM
emaj-83	85	12	)	)	PUNCT
emaj-83	85	13	,	,	PUNCT
emaj-83	85	14	the	the	DET
emaj-83	85	15	sharpe	sharpe	NOUN
emaj-83	85	16	technique	technique	NOUN
emaj-83	85	17	was	be	AUX
emaj-83	85	18	developed	develop	VERB
emaj-83	85	19	in	in	ADP
emaj-83	85	20	1966	1966	NUM
emaj-83	85	21	and	and	CCONJ
emaj-83	85	22	is	be	AUX
emaj-83	85	23	fairly	fairly	ADV
emaj-83	85	24	similar	similar	ADJ
emaj-83	85	25	to	to	ADP
emaj-83	85	26	the	the	DET
emaj-83	85	27	treynor	treynor	NOUN
emaj-83	85	28	technique	technique	NOUN
emaj-83	85	29	,	,	PUNCT
emaj-83	85	30	but	but	CCONJ
emaj-83	85	31	the	the	DET
emaj-83	85	32	sharpe	sharpe	PROPN
emaj-83	85	33	technique	technique	NOUN
emaj-83	85	34	uses	use	VERB
emaj-83	85	35	the	the	DET
emaj-83	85	36	total	total	ADJ
emaj-83	85	37	risk	risk	NOUN
emaj-83	85	38	of	of	ADP
emaj-83	85	39	the	the	DET
emaj-83	85	40	portfolio	portfolio	NOUN
emaj-83	85	41	rather	rather	ADV
emaj-83	85	42	than	than	ADP
emaj-83	85	43	systematic	systematic	ADJ
emaj-83	85	44	risk	risk	NOUN
emaj-83	85	45	.	.	PUNCT
emaj-83	86	1	this	this	DET
emaj-83	86	2	technique	technique	NOUN
emaj-83	86	3	computes	compute	VERB
emaj-83	86	4	the	the	DET
emaj-83	86	5	risk	risk	NOUN
emaj-83	86	6	premium	premium	NOUN
emaj-83	86	7	earned	earn	VERB
emaj-83	86	8	per	per	ADP
emaj-83	86	9	unit	unit	NOUN
emaj-83	86	10	of	of	ADP
emaj-83	86	11	the	the	DET
emaj-83	86	12	total	total	ADJ
emaj-83	86	13	risk	risk	NOUN
emaj-83	86	14	.	.	PUNCT
emaj-83	87	1	the	the	DET
emaj-83	87	2	sharpe	sharpe	PROPN
emaj-83	87	3	value	value	NOUN
emaj-83	87	4	can	can	AUX
emaj-83	87	5	be	be	AUX
emaj-83	87	6	calculated	calculate	VERB
emaj-83	87	7	as	as	SCONJ
emaj-83	87	8	follows	follow	VERB
emaj-83	87	9	:	:	PUNCT
emaj-83	87	10	sp	sp	ADP
emaj-83	87	11	=(	=(	NOUN
emaj-83	87	12	rp	rp	NOUN
emaj-83	87	13	–	–	PUNCT
emaj-83	87	14	rf	rf	NOUN
emaj-83	87	15	/	/	SYM
emaj-83	87	16	)	)	PUNCT
emaj-83	87	17	p	p	NOUN
emaj-83	87	18	(	(	PUNCT
emaj-83	87	19	2	2	NUM
emaj-83	87	20	)	)	PUNCT
emaj-83	87	21	where	where	SCONJ
emaj-83	87	22	sp	sp	ADP
emaj-83	87	23	=	=	NOUN
emaj-83	87	24	sharpe	sharpe	PROPN
emaj-83	87	25	ratio	ratio	NOUN
emaj-83	87	26	rp	rp	NOUN
emaj-83	87	27	=	=	PUNCT
emaj-83	88	1	the	the	DET
emaj-83	88	2	average	average	ADJ
emaj-83	88	3	rate	rate	NOUN
emaj-83	88	4	of	of	ADP
emaj-83	88	5	return	return	NOUN
emaj-83	88	6	for	for	ADP
emaj-83	88	7	a	a	DET
emaj-83	88	8	fund	fund	NOUN
emaj-83	88	9	rf	rf	NOUN
emaj-83	88	10	=	=	PUNCT
emaj-83	88	11	the	the	DET
emaj-83	88	12	average	average	ADJ
emaj-83	88	13	risk	risk	NOUN
emaj-83	88	14	-	-	PUNCT
emaj-83	88	15	free	free	ADJ
emaj-83	88	16	return	return	NOUN
emaj-83	88	17	p	p	NOUN
emaj-83	88	18	=	=	PUNCT
emaj-83	88	19	the	the	DET
emaj-83	88	20	standard	standard	ADJ
emaj-83	88	21	deviation	deviation	NOUN
emaj-83	88	22	of	of	ADP
emaj-83	88	23	the	the	DET
emaj-83	88	24	fund	fund	NOUN
emaj-83	88	25	.	.	PUNCT
emaj-83	89	1	the	the	DET
emaj-83	89	2	sharpe	sharpe	PROPN
emaj-83	89	3	ratio	ratio	PROPN
emaj-83	89	4	(	(	PUNCT
emaj-83	89	5	sp	sp	NOUN
emaj-83	89	6	)	)	PUNCT
emaj-83	89	7	evaluates	evaluate	VERB
emaj-83	89	8	the	the	DET
emaj-83	89	9	performance	performance	NOUN
emaj-83	89	10	of	of	ADP
emaj-83	89	11	its	its	PRON
emaj-83	89	12	level	level	NOUN
emaj-83	89	13	of	of	ADP
emaj-83	89	14	total	total	ADJ
emaj-83	89	15	risk	risk	NOUN
emaj-83	89	16	.	.	PUNCT
emaj-83	90	1	a	a	DET
emaj-83	90	2	higher	high	ADJ
emaj-83	90	3	value	value	NOUN
emaj-83	90	4	of	of	ADP
emaj-83	90	5	this	this	DET
emaj-83	90	6	ratio	ratio	NOUN
emaj-83	90	7	indicates	indicate	VERB
emaj-83	90	8	volume	volume	NOUN
emaj-83	90	9	5	5	NUM
emaj-83	90	10	no	no	DET
emaj-83	90	11	2	2	NUM
emaj-83	90	12	(	(	PUNCT
emaj-83	90	13	2015	2015	NUM
emaj-83	90	14	)	)	PUNCT
emaj-83	90	15	|	|	ADV
emaj-83	90	16	issn	issn	VERB
emaj-83	90	17	2158	2158	NUM
emaj-83	90	18	-	-	SYM
emaj-83	90	19	8708	8708	NUM
emaj-83	90	20	(	(	PUNCT
emaj-83	90	21	online	online	NOUN
emaj-83	90	22	)	)	PUNCT
emaj-83	90	23	|	|	ADV
emaj-83	90	24	doi	doi	X
emaj-83	90	25	10.5195	10.5195	NUM
emaj-83	90	26	/	/	SYM
emaj-83	90	27	emaj.2015.83	emaj.2015.83	NOUN
emaj-83	90	28	|	|	NOUN
emaj-83	90	29	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-83	90	30	omer	omer	PROPN
emaj-83	90	31	faruk	faruk	PROPN
emaj-83	90	32	tan	tan	PROPN
emaj-83	90	33	emerging	emerge	VERB
emaj-83	90	34	markets	market	NOUN
emaj-83	90	35	journal	journal	NOUN
emaj-83	90	36	|	|	ADV
emaj-83	90	37	p	p	NOUN
emaj-83	90	38	a	a	DET
emaj-83	90	39	g	g	NOUN
emaj-83	90	40	e	e	NOUN
emaj-83	90	41	|51	|51	NOUN
emaj-83	90	42	that	that	SCONJ
emaj-83	90	43	the	the	DET
emaj-83	90	44	fund	fund	NOUN
emaj-83	90	45	delivers	deliver	VERB
emaj-83	90	46	a	a	DET
emaj-83	90	47	higher	high	ADJ
emaj-83	90	48	performance	performance	NOUN
emaj-83	90	49	by	by	ADP
emaj-83	90	50	using	use	VERB
emaj-83	90	51	standard	standard	ADJ
emaj-83	90	52	deviation	deviation	NOUN
emaj-83	90	53	(	(	PUNCT
emaj-83	90	54	p	p	NOUN
emaj-83	90	55	)	)	PUNCT
emaj-83	90	56	.	.	PUNCT
emaj-83	91	1	(	(	PUNCT
emaj-83	91	2	duggimpudi	duggimpudi	PROPN
emaj-83	91	3	,	,	PUNCT
emaj-83	91	4	abdou	abdou	PROPN
emaj-83	91	5	,	,	PUNCT
emaj-83	91	6	&	&	CCONJ
emaj-83	91	7	zaki	zaki	PROPN
emaj-83	91	8	,	,	PUNCT
emaj-83	91	9	2010	2010	NUM
emaj-83	91	10	,	,	PUNCT
emaj-83	91	11	p.	p.	NOUN
emaj-83	91	12	79	79	NUM
emaj-83	91	13	)	)	PUNCT
emaj-83	91	14	.	.	PUNCT
emaj-83	92	1	3.1.3	3.1.3	X
emaj-83	92	2	.	.	PUNCT
emaj-83	93	1	jensen	jensen	PROPN
emaj-83	93	2	’s	’s	PART
emaj-83	93	3	alpha	alpha	NOUN
emaj-83	93	4	as	as	ADP
emaj-83	93	5	jensen	jensen	PROPN
emaj-83	93	6	(	(	PUNCT
emaj-83	93	7	1968	1968	NUM
emaj-83	93	8	)	)	PUNCT
emaj-83	93	9	explained	explain	VERB
emaj-83	93	10	,	,	PUNCT
emaj-83	93	11	“	"	PUNCT
emaj-83	93	12	a	a	DET
emaj-83	93	13	portfolio	portfolio	NOUN
emaj-83	93	14	manager	manager	NOUN
emaj-83	93	15	’s	’s	PART
emaj-83	93	16	predictive	predictive	ADJ
emaj-83	93	17	ability	ability	NOUN
emaj-83	93	18	–	–	PUNCT
emaj-83	93	19	that	that	ADV
emaj-83	93	20	is	is	ADV
emaj-83	93	21	,	,	PUNCT
emaj-83	93	22	his	his	PRON
emaj-83	93	23	ability	ability	NOUN
emaj-83	93	24	to	to	PART
emaj-83	93	25	earn	earn	VERB
emaj-83	93	26	returns	return	NOUN
emaj-83	93	27	through	through	ADP
emaj-83	93	28	the	the	DET
emaj-83	93	29	successful	successful	ADJ
emaj-83	93	30	forecast	forecast	NOUN
emaj-83	93	31	of	of	ADP
emaj-83	93	32	security	security	NOUN
emaj-83	93	33	prices	price	NOUN
emaj-83	93	34	that	that	PRON
emaj-83	93	35	are	be	AUX
emaj-83	93	36	higher	high	ADJ
emaj-83	93	37	than	than	ADP
emaj-83	93	38	those	those	PRON
emaj-83	93	39	which	which	PRON
emaj-83	93	40	we	we	PRON
emaj-83	93	41	could	could	AUX
emaj-83	93	42	presume	presume	VERB
emaj-83	93	43	given	give	VERB
emaj-83	93	44	the	the	DET
emaj-83	93	45	level	level	NOUN
emaj-83	93	46	of	of	ADP
emaj-83	93	47	his	his	PRON
emaj-83	93	48	riskiness	riskiness	NOUN
emaj-83	93	49	of	of	ADP
emaj-83	93	50	his	his	PRON
emaj-83	93	51	portfolio	portfolio	NOUN
emaj-83	93	52	”	"	PUNCT
emaj-83	93	53	(	(	PUNCT
emaj-83	93	54	p.	p.	NOUN
emaj-83	93	55	389	389	NUM
emaj-83	93	56	)	)	PUNCT
emaj-83	93	57	.	.	PUNCT
emaj-83	94	1	jensen	jensen	PROPN
emaj-83	94	2	’s	’s	PART
emaj-83	94	3	model	model	NOUN
emaj-83	94	4	can	can	AUX
emaj-83	94	5	be	be	AUX
emaj-83	94	6	written	write	VERB
emaj-83	94	7	as	as	ADP
emaj-83	94	8	:	:	PUNCT
emaj-83	94	9	rpt	rpt	PROPN
emaj-83	94	10	–	–	PUNCT
emaj-83	94	11	rft	rft	NOUN
emaj-83	95	1	=	=	PUNCT
emaj-83	95	2	p	p	NOUN
emaj-83	96	1	+	+	X
emaj-83	96	2	p	p	NOUN
emaj-83	96	3	(	(	PUNCT
emaj-83	96	4	rmt	rmt	NOUN
emaj-83	96	5	–	–	PUNCT
emaj-83	96	6	rft	rft	NOUN
emaj-83	96	7	)	)	PUNCT
emaj-83	97	1	+	+	CCONJ
emaj-83	97	2	ept	ept	NOUN
emaj-83	97	3	(	(	PUNCT
emaj-83	97	4	3	3	NUM
emaj-83	97	5	)	)	PUNCT
emaj-83	97	6	p	p	NOUN
emaj-83	98	1	=	=	PUNCT
emaj-83	98	2	the	the	DET
emaj-83	98	3	excess	excess	ADJ
emaj-83	98	4	return	return	NOUN
emaj-83	98	5	on	on	ADP
emaj-83	98	6	the	the	DET
emaj-83	98	7	portfolio	portfolio	NOUN
emaj-83	98	8	after	after	ADP
emaj-83	98	9	adjusting	adjust	VERB
emaj-83	98	10	for	for	ADP
emaj-83	98	11	the	the	DET
emaj-83	98	12	market	market	NOUN
emaj-83	98	13	rpt	rpt	NOUN
emaj-83	98	14	=	=	PUNCT
emaj-83	98	15	the	the	DET
emaj-83	98	16	return	return	NOUN
emaj-83	98	17	on	on	ADP
emaj-83	98	18	the	the	DET
emaj-83	98	19	portfolio	portfolio	NOUN
emaj-83	98	20	p	p	NOUN
emaj-83	98	21	at	at	ADP
emaj-83	98	22	time	time	NOUN
emaj-83	98	23	t	t	PROPN
emaj-83	98	24	rft	rft	NOUN
emaj-83	98	25	=	=	PUNCT
emaj-83	99	1	the	the	DET
emaj-83	99	2	return	return	NOUN
emaj-83	99	3	on	on	ADP
emaj-83	99	4	a	a	DET
emaj-83	99	5	riskless	riskless	NOUN
emaj-83	99	6	asset	asset	NOUN
emaj-83	99	7	at	at	ADP
emaj-83	99	8	time	time	NOUN
emaj-83	99	9	t	t	NOUN
emaj-83	99	10	rmt	rmt	NOUN
emaj-83	99	11	=	=	PUNCT
emaj-83	99	12	the	the	DET
emaj-83	99	13	return	return	NOUN
emaj-83	99	14	on	on	ADP
emaj-83	99	15	the	the	DET
emaj-83	99	16	market	market	NOUN
emaj-83	99	17	portfolio	portfolio	NOUN
emaj-83	99	18	at	at	ADP
emaj-83	99	19	time	time	NOUN
emaj-83	99	20	t	t	PROPN
emaj-83	99	21	p	p	NOUN
emaj-83	99	22	=	=	PUNCT
emaj-83	99	23	the	the	DET
emaj-83	99	24	sensitivity	sensitivity	NOUN
emaj-83	99	25	of	of	ADP
emaj-83	99	26	the	the	DET
emaj-83	99	27	excess	excess	ADJ
emaj-83	99	28	return	return	NOUN
emaj-83	99	29	on	on	ADP
emaj-83	99	30	the	the	DET
emaj-83	99	31	portfolio	portfolio	NOUN
emaj-83	99	32	t	t	PROPN
emaj-83	99	33	with	with	ADP
emaj-83	99	34	the	the	DET
emaj-83	99	35	excess	excess	ADJ
emaj-83	99	36	return	return	NOUN
emaj-83	99	37	on	on	ADP
emaj-83	99	38	the	the	DET
emaj-83	99	39	market	market	NOUN
emaj-83	99	40	.	.	PUNCT
emaj-83	100	1	the	the	DET
emaj-83	100	2	sign	sign	NOUN
emaj-83	100	3	of	of	ADP
emaj-83	100	4	the	the	DET
emaj-83	100	5	alpha	alpha	NOUN
emaj-83	100	6	displays	display	VERB
emaj-83	100	7	whether	whether	SCONJ
emaj-83	100	8	the	the	DET
emaj-83	100	9	portfolio	portfolio	NOUN
emaj-83	100	10	manager	manager	NOUN
emaj-83	100	11	are	be	AUX
emaj-83	100	12	superior	superior	ADJ
emaj-83	100	13	to	to	ADP
emaj-83	100	14	the	the	DET
emaj-83	100	15	market	market	NOUN
emaj-83	100	16	after	after	ADP
emaj-83	100	17	adjusting	adjust	VERB
emaj-83	100	18	for	for	ADP
emaj-83	100	19	risk	risk	NOUN
emaj-83	100	20	.	.	PUNCT
emaj-83	101	1	a	a	DET
emaj-83	101	2	positive	positive	ADJ
emaj-83	101	3	alpha	alpha	NOUN
emaj-83	101	4	denotes	denote	NOUN
emaj-83	101	5	better	well	ADJ
emaj-83	101	6	performance	performance	NOUN
emaj-83	101	7	relative	relative	ADJ
emaj-83	101	8	to	to	ADP
emaj-83	101	9	the	the	DET
emaj-83	101	10	market	market	NOUN
emaj-83	101	11	,	,	PUNCT
emaj-83	101	12	and	and	CCONJ
emaj-83	101	13	a	a	DET
emaj-83	101	14	negative	negative	ADJ
emaj-83	101	15	alpha	alpha	NOUN
emaj-83	101	16	designates	designate	VERB
emaj-83	101	17	poorer	poor	ADJ
emaj-83	101	18	performance	performance	NOUN
emaj-83	101	19	.	.	PUNCT
emaj-83	102	1	(	(	PUNCT
emaj-83	102	2	mayo	mayo	NOUN
emaj-83	102	3	,	,	PUNCT
emaj-83	102	4	2011	2011	NUM
emaj-83	102	5	)	)	PUNCT
emaj-83	102	6	.	.	PUNCT
emaj-83	103	1	3.1.4	3.1.4	NUM
emaj-83	103	2	.	.	PUNCT
emaj-83	104	1	treynor&mazuy	treynor&mazuy	X
emaj-83	104	2	regression	regression	NOUN
emaj-83	104	3	analysis	analysis	NOUN
emaj-83	104	4	investment	investment	NOUN
emaj-83	104	5	managers	manager	NOUN
emaj-83	104	6	may	may	AUX
emaj-83	104	7	well	well	ADV
emaj-83	104	8	beat	beat	VERB
emaj-83	104	9	the	the	DET
emaj-83	104	10	market	market	NOUN
emaj-83	104	11	,	,	PUNCT
emaj-83	104	12	if	if	SCONJ
emaj-83	104	13	they	they	PRON
emaj-83	104	14	are	be	AUX
emaj-83	104	15	able	able	ADJ
emaj-83	104	16	to	to	PART
emaj-83	104	17	adjust	adjust	VERB
emaj-83	104	18	the	the	DET
emaj-83	104	19	composition	composition	NOUN
emaj-83	104	20	of	of	ADP
emaj-83	104	21	their	their	PRON
emaj-83	104	22	portfolios	portfolio	NOUN
emaj-83	104	23	in	in	ADP
emaj-83	104	24	time	time	NOUN
emaj-83	104	25	when	when	SCONJ
emaj-83	104	26	the	the	DET
emaj-83	104	27	general	general	ADJ
emaj-83	104	28	stock	stock	NOUN
emaj-83	104	29	market	market	NOUN
emaj-83	104	30	is	be	AUX
emaj-83	104	31	going	go	VERB
emaj-83	104	32	up	up	ADV
emaj-83	104	33	or	or	CCONJ
emaj-83	104	34	down	down	ADV
emaj-83	104	35	.	.	PUNCT
emaj-83	105	1	that	that	PRON
emaj-83	105	2	is	be	AUX
emaj-83	105	3	,	,	PUNCT
emaj-83	105	4	if	if	SCONJ
emaj-83	105	5	fund	fund	NOUN
emaj-83	105	6	managers	manager	NOUN
emaj-83	105	7	believe	believe	VERB
emaj-83	105	8	the	the	DET
emaj-83	105	9	market	market	NOUN
emaj-83	105	10	is	be	AUX
emaj-83	105	11	going	go	VERB
emaj-83	105	12	to	to	PART
emaj-83	105	13	drop	drop	VERB
emaj-83	105	14	,	,	PUNCT
emaj-83	105	15	they	they	PRON
emaj-83	105	16	alter	alter	VERB
emaj-83	105	17	the	the	DET
emaj-83	105	18	composition	composition	NOUN
emaj-83	105	19	of	of	ADP
emaj-83	105	20	the	the	DET
emaj-83	105	21	portfolios	portfolio	NOUN
emaj-83	105	22	they	they	PRON
emaj-83	105	23	manage	manage	VERB
emaj-83	105	24	from	from	ADP
emaj-83	105	25	more	more	ADJ
emaj-83	105	26	to	to	ADP
emaj-83	105	27	less	less	ADV
emaj-83	105	28	volatile	volatile	ADJ
emaj-83	105	29	securities	security	NOUN
emaj-83	105	30	.	.	PUNCT
emaj-83	106	1	if	if	SCONJ
emaj-83	106	2	they	they	PRON
emaj-83	106	3	think	think	VERB
emaj-83	106	4	the	the	DET
emaj-83	106	5	market	market	NOUN
emaj-83	106	6	is	be	AUX
emaj-83	106	7	going	go	VERB
emaj-83	106	8	to	to	PART
emaj-83	106	9	climb	climb	VERB
emaj-83	106	10	,	,	PUNCT
emaj-83	106	11	they	they	PRON
emaj-83	106	12	shift	shift	VERB
emaj-83	106	13	in	in	ADP
emaj-83	106	14	the	the	DET
emaj-83	106	15	opposite	opposite	ADJ
emaj-83	106	16	direction	direction	NOUN
emaj-83	106	17	.	.	PUNCT
emaj-83	107	1	(	(	PUNCT
emaj-83	107	2	treynor&mazuy	treynor&mazuy	PROPN
emaj-83	107	3	,	,	PUNCT
emaj-83	107	4	1966	1966	NUM
emaj-83	107	5	)	)	PUNCT
emaj-83	107	6	.	.	PUNCT
emaj-83	108	1	mutual	mutual	ADJ
emaj-83	108	2	fund	fund	NOUN
emaj-83	108	3	managers	manager	NOUN
emaj-83	108	4	may	may	AUX
emaj-83	108	5	hold	hold	VERB
emaj-83	108	6	a	a	DET
emaj-83	108	7	higher	high	ADJ
emaj-83	108	8	proportion	proportion	NOUN
emaj-83	108	9	of	of	ADP
emaj-83	108	10	the	the	DET
emaj-83	108	11	market	market	NOUN
emaj-83	108	12	portfolio	portfolio	NOUN
emaj-83	108	13	if	if	SCONJ
emaj-83	108	14	they	they	PRON
emaj-83	108	15	are	be	AUX
emaj-83	108	16	qualified	qualified	ADJ
emaj-83	108	17	to	to	PART
emaj-83	108	18	predict	predict	VERB
emaj-83	108	19	future	future	ADJ
emaj-83	108	20	market	market	NOUN
emaj-83	108	21	conditions	condition	NOUN
emaj-83	108	22	and	and	CCONJ
emaj-83	108	23	envisage	envisage	VERB
emaj-83	108	24	the	the	DET
emaj-83	108	25	stock	stock	NOUN
emaj-83	108	26	market	market	NOUN
emaj-83	108	27	as	as	ADP
emaj-83	108	28	a	a	DET
emaj-83	108	29	bull	bull	NOUN
emaj-83	108	30	market	market	NOUN
emaj-83	108	31	.	.	PUNCT
emaj-83	109	1	on	on	ADP
emaj-83	109	2	the	the	DET
emaj-83	109	3	other	other	ADJ
emaj-83	109	4	hand	hand	NOUN
emaj-83	109	5	,	,	PUNCT
emaj-83	109	6	mutual	mutual	ADJ
emaj-83	109	7	fund	fund	NOUN
emaj-83	109	8	managers	manager	NOUN
emaj-83	109	9	may	may	AUX
emaj-83	109	10	hold	hold	VERB
emaj-83	109	11	a	a	DET
emaj-83	109	12	lower	low	ADJ
emaj-83	109	13	proportion	proportion	NOUN
emaj-83	109	14	of	of	ADP
emaj-83	109	15	the	the	DET
emaj-83	109	16	market	market	NOUN
emaj-83	109	17	portfolio	portfolio	NOUN
emaj-83	109	18	if	if	SCONJ
emaj-83	109	19	they	they	PRON
emaj-83	109	20	expect	expect	VERB
emaj-83	109	21	the	the	DET
emaj-83	109	22	market	market	NOUN
emaj-83	109	23	to	to	PART
emaj-83	109	24	underperform	underperform	VERB
emaj-83	109	25	in	in	ADP
emaj-83	109	26	the	the	DET
emaj-83	109	27	future	future	NOUN
emaj-83	109	28	.	.	PUNCT
emaj-83	110	1	treynor	treynor	NOUN
emaj-83	110	2	and	and	CCONJ
emaj-83	110	3	mazuy	mazuy	PROPN
emaj-83	110	4	(	(	PUNCT
emaj-83	110	5	1966	1966	NUM
emaj-83	110	6	)	)	PUNCT
emaj-83	110	7	developed	develop	VERB
emaj-83	110	8	the	the	DET
emaj-83	110	9	following	following	ADJ
emaj-83	110	10	model	model	NOUN
emaj-83	110	11	to	to	PART
emaj-83	110	12	evaluate	evaluate	VERB
emaj-83	110	13	market	market	NOUN
emaj-83	110	14	-	-	PUNCT
emaj-83	110	15	timing	timing	NOUN
emaj-83	110	16	performance	performance	NOUN
emaj-83	110	17	:	:	PUNCT
emaj-83	110	18	(	(	PUNCT
emaj-83	110	19	4	4	X
emaj-83	110	20	)	)	PUNCT
emaj-83	110	21	where	where	SCONJ
emaj-83	110	22	i	i	PRON
emaj-83	110	23	is	be	AUX
emaj-83	110	24	the	the	DET
emaj-83	110	25	timing	timing	NOUN
emaj-83	110	26	-	-	PUNCT
emaj-83	110	27	adjusted	adjust	VERB
emaj-83	110	28	alpha	alpha	NOUN
emaj-83	110	29	,	,	PUNCT
emaj-83	110	30	which	which	PRON
emaj-83	110	31	represents	represent	VERB
emaj-83	110	32	the	the	DET
emaj-83	110	33	timing	timing	NOUN
emaj-83	110	34	-	-	PUNCT
emaj-83	110	35	adjusted	adjust	VERB
emaj-83	110	36	selective	selective	ADJ
emaj-83	110	37	ability	ability	NOUN
emaj-83	110	38	of	of	ADP
emaj-83	110	39	mutual	mutual	ADJ
emaj-83	110	40	fund	fund	NOUN
emaj-83	110	41	managers	manager	NOUN
emaj-83	110	42	.	.	PUNCT
emaj-83	111	1	the	the	DET
emaj-83	111	2	quadratic	quadratic	ADJ
emaj-83	111	3	term	term	NOUN
emaj-83	111	4	in	in	ADP
emaj-83	111	5	equation	equation	NOUN
emaj-83	111	6	(	(	PUNCT
emaj-83	111	7	4	4	NUM
emaj-83	111	8	)	)	PUNCT
emaj-83	111	9	is	be	AUX
emaj-83	111	10	the	the	DET
emaj-83	111	11	market	market	NOUN
emaj-83	111	12	timing	timing	NOUN
emaj-83	111	13	factor	factor	NOUN
emaj-83	111	14	and	and	CCONJ
emaj-83	111	15	the	the	DET
emaj-83	111	16	coefficient	coefficient	NOUN
emaj-83	111	17	of	of	ADP
emaj-83	111	18	the	the	DET
emaj-83	111	19	market	market	NOUN
emaj-83	111	20	timing	timing	NOUN
emaj-83	111	21	factor	factor	NOUN
emaj-83	111	22	,	,	PUNCT
emaj-83	111	23	,	,	PUNCT
emaj-83	111	24	represents	represent	VERB
emaj-83	111	25	mutual	mutual	ADJ
emaj-83	111	26	fund	fund	NOUN
emaj-83	111	27	managers	manager	NOUN
emaj-83	111	28	’	’	PART
emaj-83	111	29	market	market	NOUN
emaj-83	111	30	timing	timing	NOUN
emaj-83	111	31	ability	ability	NOUN
emaj-83	111	32	.	.	PUNCT
emaj-83	112	1	if	if	SCONJ
emaj-83	112	2	is	be	AUX
emaj-83	112	3	positive	positive	ADJ
emaj-83	112	4	,	,	PUNCT
emaj-83	112	5	mutual	mutual	ADJ
emaj-83	112	6	fund	fund	NOUN
emaj-83	112	7	managers	manager	NOUN
emaj-83	112	8	have	have	VERB
emaj-83	112	9	superior	superior	ADJ
emaj-83	112	10	market	market	NOUN
emaj-83	112	11	timing	timing	NOUN
emaj-83	112	12	ability	ability	NOUN
emaj-83	112	13	i.e.	i.e.	ADV
emaj-83	112	14	,	,	PUNCT
emaj-83	112	15	the	the	DET
emaj-83	112	16	investment	investment	NOUN
emaj-83	112	17	portfolios	portfolio	NOUN
emaj-83	112	18	of	of	ADP
emaj-83	112	19	mutual	mutual	ADJ
emaj-83	112	20	funds	fund	NOUN
emaj-83	112	21	are	be	AUX
emaj-83	112	22	adjusted	adjust	VERB
emaj-83	112	23	actively	actively	ADV
emaj-83	112	24	to	to	PART
emaj-83	112	25	well	well	ADV
emaj-83	112	26	-	-	PUNCT
emaj-83	112	27	anticipated	anticipate	VERB
emaj-83	112	28	changes	change	NOUN
emaj-83	112	29	in	in	ADP
emaj-83	112	30	market	market	NOUN
emaj-83	112	31	conditions	condition	NOUN
emaj-83	112	32	.	.	PUNCT
emaj-83	113	1	a	a	DET
emaj-83	113	2	negative	negative	ADJ
emaj-83	113	3	implies	imply	VERB
emaj-83	113	4	that	that	SCONJ
emaj-83	113	5	mutual	mutual	ADJ
emaj-83	113	6	fund	fund	NOUN
emaj-83	113	7	managers	manager	NOUN
emaj-83	113	8	do	do	AUX
emaj-83	113	9	not	not	PART
emaj-83	113	10	exhibit	exhibit	VERB
emaj-83	113	11	market	market	NOUN
emaj-83	113	12	timing	timing	NOUN
emaj-83	113	13	ability	ability	NOUN
emaj-83	113	14	.	.	PUNCT
emaj-83	114	1	(	(	PUNCT
emaj-83	114	2	chen	chen	PROPN
emaj-83	114	3	et	et	PROPN
emaj-83	114	4	al	al	PROPN
emaj-83	114	5	.	.	PROPN
emaj-83	114	6	,	,	PUNCT
emaj-83	114	7	2013	2013	NUM
emaj-83	114	8	)	)	PUNCT
emaj-83	114	9	.	.	PUNCT
emaj-83	115	1	3.1.5	3.1.5	X
emaj-83	115	2	.	.	PUNCT
emaj-83	115	3	henriksson&merton	henriksson&merton	PROPN
emaj-83	115	4	regression	regression	NOUN
emaj-83	115	5	analysis	analysis	NOUN
emaj-83	115	6	another	another	DET
emaj-83	115	7	return	return	NOUN
emaj-83	115	8	-	-	PUNCT
emaj-83	115	9	based	base	VERB
emaj-83	115	10	approach	approach	NOUN
emaj-83	115	11	for	for	ADP
emaj-83	115	12	estimating	estimate	VERB
emaj-83	115	13	performance	performance	NOUN
emaj-83	115	14	is	be	AUX
emaj-83	115	15	the	the	DET
emaj-83	115	16	option	option	NOUN
emaj-83	115	17	approach	approach	NOUN
emaj-83	115	18	developed	develop	VERB
emaj-83	115	19	by	by	ADP
emaj-83	115	20	merton	merton	NOUN
emaj-83	115	21	and	and	CCONJ
emaj-83	115	22	henriksson	henriksson	NOUN
emaj-83	115	23	.	.	PUNCT
emaj-83	116	1	the	the	DET
emaj-83	116	2	regression	regression	NOUN
emaj-83	116	3	used	use	VERB
emaj-83	116	4	is	be	AUX
emaj-83	116	5	similar	similar	ADJ
emaj-83	116	6	to	to	ADP
emaj-83	116	7	the	the	DET
emaj-83	116	8	treynor	treynor	NOUN
emaj-83	116	9	&	&	CCONJ
emaj-83	116	10	mazuy	mazuy	PROPN
emaj-83	116	11	regression	regression	PROPN
emaj-83	116	12	.	.	PUNCT
emaj-83	117	1	in	in	ADP
emaj-83	117	2	contrast	contrast	NOUN
emaj-83	117	3	to	to	ADP
emaj-83	117	4	the	the	DET
emaj-83	117	5	linear	linear	ADJ
emaj-83	117	6	beta	beta	NOUN
emaj-83	117	7	adjustment	adjustment	NOUN
emaj-83	117	8	of	of	ADP
emaj-83	117	9	the	the	DET
emaj-83	117	10	treynor	treynor	NOUN
emaj-83	117	11	and	and	CCONJ
emaj-83	117	12	mazuy	mazuy	PROPN
emaj-83	117	13	framework	framework	NOUN
emaj-83	117	14	,	,	PUNCT
emaj-83	117	15	the	the	DET
emaj-83	117	16	portfolio	portfolio	NOUN
emaj-83	117	17	beta	beta	NOUN
emaj-83	117	18	in	in	ADP
emaj-83	117	19	the	the	DET
emaj-83	117	20	henriksson	henriksson	NOUN
emaj-83	117	21	and	and	CCONJ
emaj-83	117	22	merton	merton	PROPN
emaj-83	117	23	study	study	NOUN
emaj-83	117	24	is	be	AUX
emaj-83	117	25	assumed	assume	VERB
emaj-83	117	26	to	to	PART
emaj-83	117	27	switch	switch	VERB
emaj-83	117	28	between	between	ADP
emaj-83	117	29	two	two	NUM
emaj-83	117	30	betas	beta	NOUN
emaj-83	117	31	.	.	PUNCT
emaj-83	118	1	a	a	DET
emaj-83	118	2	large	large	ADJ
emaj-83	118	3	value	value	NOUN
emaj-83	118	4	if	if	SCONJ
emaj-83	118	5	the	the	DET
emaj-83	118	6	market	market	NOUN
emaj-83	118	7	is	be	AUX
emaj-83	118	8	expected	expect	VERB
emaj-83	118	9	to	to	PART
emaj-83	118	10	do	do	VERB
emaj-83	118	11	well	well	ADV
emaj-83	118	12	,	,	PUNCT
emaj-83	118	13	i.e.	i.e.	X
emaj-83	118	14	,	,	PUNCT
emaj-83	118	15	when	when	SCONJ
emaj-83	118	16	rm	rm	PROPN
emaj-83	118	17	>	>	X
emaj-83	118	18	rf	rf	NOUN
emaj-83	118	19	up	up	ADP
emaj-83	118	20	market	market	NOUN
emaj-83	118	21	and	and	CCONJ
emaj-83	118	22	a	a	DET
emaj-83	118	23	small	small	ADJ
emaj-83	118	24	value	value	NOUN
emaj-83	118	25	otherwise	otherwise	ADV
emaj-83	118	26	i.e.	i.e.	X
emaj-83	118	27	,	,	PUNCT
emaj-83	118	28	when	when	SCONJ
emaj-83	118	29	rm	rm	PROPN
emaj-83	118	30	<	<	X
emaj-83	118	31	rf	rf	PRON
emaj-83	118	32	(	(	PUNCT
emaj-83	118	33	down	down	ADP
emaj-83	118	34	market	market	NOUN
emaj-83	118	35	)	)	PUNCT
emaj-83	118	36	.	.	PUNCT
emaj-83	119	1	therefore	therefore	ADV
emaj-83	119	2	,	,	PUNCT
emaj-83	119	3	it	it	PRON
emaj-83	119	4	is	be	AUX
emaj-83	119	5	argued	argue	VERB
emaj-83	119	6	that	that	SCONJ
emaj-83	119	7	a	a	DET
emaj-83	119	8	successful	successful	ADJ
emaj-83	119	9	market	market	NOUN
emaj-83	119	10	timer	timer	NOUN
emaj-83	119	11	would	would	AUX
emaj-83	119	12	select	select	VERB
emaj-83	119	13	a	a	DET
emaj-83	119	14	high	high	ADJ
emaj-83	119	15	up	up	NOUN
emaj-83	119	16	market	market	NOUN
emaj-83	119	17	beta	beta	NOUN
emaj-83	119	18	and	and	CCONJ
emaj-83	119	19	a	a	DET
emaj-83	119	20	low	low	ADJ
emaj-83	119	21	market	market	NOUN
emaj-83	119	22	beta	beta	NOUN
emaj-83	119	23	.	.	PUNCT
emaj-83	120	1	thus	thus	ADV
emaj-83	120	2	,	,	PUNCT
emaj-83	120	3	such	such	DET
emaj-83	120	4	a	a	DET
emaj-83	120	5	relationship	relationship	NOUN
emaj-83	120	6	can	can	AUX
emaj-83	120	7	be	be	AUX
emaj-83	120	8	estimated	estimate	VERB
emaj-83	120	9	by	by	ADP
emaj-83	120	10	equation	equation	NOUN
emaj-83	120	11	using	use	VERB
emaj-83	120	12	a	a	DET
emaj-83	120	13	dummy	dummy	ADJ
emaj-83	120	14	variable	variable	NOUN
emaj-83	120	15	(	(	PUNCT
emaj-83	120	16	tripathy	tripathy	ADJ
emaj-83	120	17	,	,	PUNCT
emaj-83	120	18	2005	2005	NUM
emaj-83	120	19	)	)	PUNCT
emaj-83	120	20	.	.	PUNCT
emaj-83	121	1	the	the	DET
emaj-83	121	2	formula	formula	NOUN
emaj-83	121	3	is	be	AUX
emaj-83	121	4	:	:	PUNCT
emaj-83	121	5	rit	rit	NOUN
emaj-83	121	6	-	-	PUNCT
emaj-83	121	7	rft	rft	NOUN
emaj-83	121	8	=	=	NOUN
emaj-83	122	1	i	i	PRON
emaj-83	122	2	+	+	CCONJ
emaj-83	122	3	i0	i0	PROPN
emaj-83	122	4	(	(	PUNCT
emaj-83	122	5	rmt	rmt	NOUN
emaj-83	122	6	–	–	PUNCT
emaj-83	122	7	rft	rft	NOUN
emaj-83	122	8	)	)	PUNCT
emaj-83	123	1	+	+	CCONJ
emaj-83	124	1	i	i	PRON
emaj-83	125	1	[	[	X
emaj-83	125	2	d	d	X
emaj-83	125	3	(	(	PUNCT
emaj-83	125	4	rmt	rmt	NOUN
emaj-83	125	5	–	–	PUNCT
emaj-83	125	6	rft	rft	NOUN
emaj-83	125	7	)	)	PUNCT
emaj-83	125	8	]	]	PUNCT
emaj-83	126	1	+	+	CCONJ
emaj-83	126	2	(	(	PUNCT
emaj-83	126	3	5	5	NUM
emaj-83	126	4	)	)	PUNCT
emaj-83	126	5	when	when	SCONJ
emaj-83	126	6	rmt	rmt	NOUN
emaj-83	126	7	>	>	X
emaj-83	126	8	rft	rft	NOUN
emaj-83	126	9	(	(	PUNCT
emaj-83	126	10	up	up	ADP
emaj-83	126	11	market	market	NOUN
emaj-83	126	12	)	)	PUNCT
emaj-83	126	13	,	,	PUNCT
emaj-83	126	14	d	d	X
emaj-83	126	15	is	be	AUX
emaj-83	126	16	equal	equal	ADJ
emaj-83	126	17	to	to	ADP
emaj-83	126	18	1	1	NUM
emaj-83	126	19	and	and	CCONJ
emaj-83	126	20	when	when	SCONJ
emaj-83	126	21	rmt	rmt	NOUN
emaj-83	126	22	<	<	X
emaj-83	126	23	rft	rft	NOUN
emaj-83	126	24	,	,	PUNCT
emaj-83	126	25	d	d	PROPN
emaj-83	126	26	is	be	AUX
emaj-83	126	27	equal	equal	ADJ
emaj-83	126	28	to	to	ADP
emaj-83	126	29	0	0	NUM
emaj-83	126	30	.	.	PUNCT
emaj-83	127	1	we	we	PRON
emaj-83	127	2	can	can	AUX
emaj-83	127	3	rewrite	rewrite	VERB
emaj-83	127	4	to	to	ADP
emaj-83	127	5	formula	formula	NOUN
emaj-83	127	6	as	as	ADP
emaj-83	127	7	:	:	PUNCT
emaj-83	127	8	rmt	rmt	NOUN
emaj-83	127	9	>	>	X
emaj-83	127	10	rft	rft	PROPN
emaj-83	127	11	rit	rit	PROPN
emaj-83	127	12	-	-	PUNCT
emaj-83	127	13	rft	rft	NOUN
emaj-83	128	1	=	=	NOUN
emaj-83	129	1	i	i	PRON
emaj-83	130	1	+	+	NUM
emaj-83	131	1	i	i	PRON
emaj-83	131	2	(	(	PUNCT
emaj-83	131	3	rmt	rmt	NOUN
emaj-83	131	4	–	–	PUNCT
emaj-83	131	5	rft	rft	NOUN
emaj-83	131	6	)	)	PUNCT
emaj-83	131	7	+	+	CCONJ
emaj-83	131	8	i1	i1	NOUN
emaj-83	131	9	+	+	CCONJ
emaj-83	131	10	rmt	rmt	NOUN
emaj-83	131	11	<	<	NOUN
emaj-83	131	12	rft	rft	NOUN
emaj-83	131	13	rit	rit	PROPN
emaj-83	131	14	-	-	PUNCT
emaj-83	131	15	rft	rft	NOUN
emaj-83	131	16	=	=	NOUN
emaj-83	132	1	i	i	PRON
emaj-83	133	1	+	+	NUM
emaj-83	133	2	i	i	PRON
emaj-83	133	3	(	(	PUNCT
emaj-83	133	4	rmt	rmt	NOUN
emaj-83	133	5	–	–	PUNCT
emaj-83	133	6	rft	rft	NOUN
emaj-83	133	7	)	)	PUNCT
emaj-83	133	8	+	+	NUM
emaj-83	134	1	3.2	3.2	NUM
emaj-83	134	2	.	.	PUNCT
emaj-83	134	3	data	datum	NOUN
emaj-83	134	4	in	in	ADP
emaj-83	134	5	this	this	DET
emaj-83	134	6	study	study	NOUN
emaj-83	134	7	,	,	PUNCT
emaj-83	134	8	the	the	DET
emaj-83	134	9	mutual	mutual	ADJ
emaj-83	134	10	fund	fund	NOUN
emaj-83	134	11	performances	performance	NOUN
emaj-83	134	12	of	of	ADP
emaj-83	134	13	10	10	NUM
emaj-83	134	14	south	south	ADJ
emaj-83	134	15	african	african	ADJ
emaj-83	134	16	equity	equity	NOUN
emaj-83	134	17	funds	fund	NOUN
emaj-83	134	18	are	be	AUX
emaj-83	134	19	analyzed	analyze	VERB
emaj-83	134	20	using	use	VERB
emaj-83	134	21	the	the	DET
emaj-83	134	22	sharpe	sharpe	NOUN
emaj-83	134	23	(	(	PUNCT
emaj-83	134	24	1966	1966	NUM
emaj-83	134	25	)	)	PUNCT
emaj-83	134	26	,	,	PUNCT
emaj-83	134	27	treynor	treynor	NOUN
emaj-83	134	28	(	(	PUNCT
emaj-83	134	29	1965	1965	NUM
emaj-83	134	30	)	)	PUNCT
emaj-83	134	31	and	and	CCONJ
emaj-83	134	32	jensen	jensen	PROPN
emaj-83	134	33	’s	’s	PART
emaj-83	134	34	alpha	alpha	NOUN
emaj-83	134	35	(	(	PUNCT
emaj-83	134	36	1968	1968	NUM
emaj-83	134	37	)	)	PUNCT
emaj-83	134	38	ratios	ratio	NOUN
emaj-83	134	39	.	.	PUNCT
emaj-83	135	1	jensen	jensen	PROPN
emaj-83	135	2	’s	’s	PART
emaj-83	135	3	alpha	alpha	NOUN
emaj-83	135	4	also	also	ADV
emaj-83	135	5	shows	show	VERB
emaj-83	135	6	the	the	DET
emaj-83	135	7	selectivity	selectivity	NOUN
emaj-83	135	8	skills	skill	NOUN
emaj-83	135	9	of	of	ADP
emaj-83	135	10	fund	fund	NOUN
emaj-83	135	11	managers	manager	NOUN
emaj-83	135	12	.	.	PUNCT
emaj-83	136	1	in	in	ADP
emaj-83	136	2	order	order	NOUN
emaj-83	136	3	to	to	PART
emaj-83	136	4	test	test	VERB
emaj-83	136	5	mutual	mutual	ADJ
emaj-83	136	6	fund	fund	NOUN
emaj-83	136	7	managers	manager	NOUN
emaj-83	136	8	’	’	PART
emaj-83	136	9	market	market	NOUN
emaj-83	136	10	timing	timing	NOUN
emaj-83	136	11	ability	ability	NOUN
emaj-83	136	12	,	,	PUNCT
emaj-83	136	13	the	the	DET
emaj-83	136	14	treynor	treynor	NOUN
emaj-83	136	15	&	&	CCONJ
emaj-83	136	16	mazuy	mazuy	PROPN
emaj-83	136	17	(	(	PUNCT
emaj-83	136	18	1966	1966	NUM
emaj-83	136	19	)	)	PUNCT
emaj-83	136	20	and	and	CCONJ
emaj-83	136	21	henriksson	henriksson	PROPN
emaj-83	136	22	&	&	CCONJ
emaj-83	136	23	merton	merton	PROPN
emaj-83	136	24	(	(	PUNCT
emaj-83	136	25	1981	1981	NUM
emaj-83	136	26	)	)	PUNCT
emaj-83	136	27	methods	method	NOUN
emaj-83	136	28	are	be	AUX
emaj-83	136	29	applied	apply	VERB
emaj-83	136	30	.	.	PUNCT
emaj-83	137	1	the	the	DET
emaj-83	137	2	time	time	NOUN
emaj-83	137	3	period	period	NOUN
emaj-83	137	4	between	between	ADP
emaj-83	137	5	january	january	PROPN
emaj-83	137	6	2009	2009	NUM
emaj-83	137	7	and	and	CCONJ
emaj-83	137	8	october	october	PROPN
emaj-83	137	9	2014	2014	NUM
emaj-83	137	10	,	,	PUNCT
emaj-83	137	11	during	during	ADP
emaj-83	137	12	which	which	PRON
emaj-83	137	13	quantitative	quantitative	ADJ
emaj-83	137	14	easing	ease	VERB
emaj-83	137	15	(	(	PUNCT
emaj-83	137	16	qe	qe	PROPN
emaj-83	137	17	)	)	PUNCT
emaj-83	137	18	took	take	VERB
emaj-83	137	19	place	place	NOUN
emaj-83	137	20	is	be	AUX
emaj-83	137	21	chosen	choose	VERB
emaj-83	137	22	.	.	PUNCT
emaj-83	138	1	weekly	weekly	ADJ
emaj-83	138	2	returns	return	NOUN
emaj-83	138	3	of	of	ADP
emaj-83	138	4	funds	fund	NOUN
emaj-83	138	5	are	be	AUX
emaj-83	138	6	used	use	VERB
emaj-83	138	7	and	and	CCONJ
emaj-83	138	8	304	304	NUM
emaj-83	138	9	weeks	week	NOUN
emaj-83	138	10	are	be	AUX
emaj-83	138	11	observed	observe	VERB
emaj-83	138	12	for	for	ADP
emaj-83	138	13	this	this	DET
emaj-83	138	14	study	study	NOUN
emaj-83	138	15	.	.	PUNCT
emaj-83	139	1	all	all	DET
emaj-83	139	2	data	datum	NOUN
emaj-83	139	3	are	be	AUX
emaj-83	139	4	taken	take	VERB
emaj-83	139	5	from	from	ADP
emaj-83	139	6	the	the	DET
emaj-83	139	7	thomson	thomson	NOUN
emaj-83	139	8	reuters	reuters	PROPN
emaj-83	139	9	datastream	datastream	NOUN
emaj-83	139	10	.	.	PUNCT
emaj-83	140	1	3.2.1	3.2.1	NUM
emaj-83	140	2	.	.	PUNCT
emaj-83	140	3	selection	selection	NOUN
emaj-83	140	4	of	of	ADP
emaj-83	140	5	equity	equity	NOUN
emaj-83	140	6	funds	fund	NOUN
emaj-83	140	7	according	accord	VERB
emaj-83	140	8	to	to	ADP
emaj-83	140	9	the	the	DET
emaj-83	140	10	investment	investment	NOUN
emaj-83	140	11	institute	institute	NOUN
emaj-83	140	12	database	database	NOUN
emaj-83	140	13	(	(	PUNCT
emaj-83	140	14	2014	2014	NUM
emaj-83	140	15	:	:	PUNCT
emaj-83	140	16	q3	q3	PROPN
emaj-83	140	17	)	)	PUNCT
emaj-83	140	18	,	,	PUNCT
emaj-83	140	19	there	there	PRON
emaj-83	140	20	are	be	VERB
emaj-83	140	21	1,200	1,200	NUM
emaj-83	140	22	mutual	mutual	ADJ
emaj-83	140	23	funds	fund	NOUN
emaj-83	140	24	in	in	ADP
emaj-83	140	25	south	south	PROPN
emaj-83	140	26	africa	africa	PROPN
emaj-83	140	27	.	.	PUNCT
emaj-83	141	1	there	there	PRON
emaj-83	141	2	are	be	VERB
emaj-83	141	3	two	two	NUM
emaj-83	141	4	main	main	ADJ
emaj-83	141	5	funds	fund	NOUN
emaj-83	141	6	in	in	ADP
emaj-83	141	7	south	south	PROPN
emaj-83	141	8	africa	africa	PROPN
emaj-83	141	9	:	:	PUNCT
emaj-83	141	10	a	a	DET
emaj-83	141	11	class	class	NOUN
emaj-83	141	12	and	and	CCONJ
emaj-83	141	13	r	r	NOUN
emaj-83	141	14	class	class	NOUN
emaj-83	141	15	funds	fund	NOUN
emaj-83	141	16	.	.	PUNCT
emaj-83	142	1	a	a	DET
emaj-83	142	2	class	class	NOUN
emaj-83	142	3	funds	fund	NOUN
emaj-83	142	4	are	be	AUX
emaj-83	142	5	open	open	ADJ
emaj-83	142	6	-	-	PUNCT
emaj-83	142	7	end	end	NOUN
emaj-83	142	8	while	while	SCONJ
emaj-83	142	9	r	r	NOUN
emaj-83	142	10	class	class	NOUN
emaj-83	142	11	funds	fund	NOUN
emaj-83	142	12	are	be	AUX
emaj-83	142	13	close	close	ADJ
emaj-83	142	14	-	-	PUNCT
emaj-83	142	15	end	end	NOUN
emaj-83	142	16	.	.	PUNCT
emaj-83	143	1	in	in	ADP
emaj-83	143	2	this	this	DET
emaj-83	143	3	study	study	NOUN
emaj-83	143	4	,	,	PUNCT
emaj-83	143	5	r	r	NOUN
emaj-83	143	6	class	class	NOUN
emaj-83	143	7	funds	fund	NOUN
emaj-83	143	8	are	be	AUX
emaj-83	143	9	ignored	ignore	VERB
emaj-83	143	10	.	.	PUNCT
emaj-83	144	1	there	there	PRON
emaj-83	144	2	are	be	VERB
emaj-83	144	3	different	different	ADJ
emaj-83	144	4	fund	fund	NOUN
emaj-83	144	5	types	type	NOUN
emaj-83	144	6	in	in	ADP
emaj-83	144	7	south	south	PROPN
emaj-83	144	8	africa	africa	PROPN
emaj-83	144	9	such	such	ADJ
emaj-83	144	10	as	as	ADP
emaj-83	144	11	equity	equity	NOUN
emaj-83	144	12	,	,	PUNCT
emaj-83	144	13	bond	bond	NOUN
emaj-83	144	14	,	,	PUNCT
emaj-83	144	15	balanced	balanced	ADJ
emaj-83	144	16	,	,	PUNCT
emaj-83	144	17	financial	financial	ADJ
emaj-83	144	18	,	,	PUNCT
emaj-83	144	19	industrial	industrial	ADJ
emaj-83	144	20	,	,	PUNCT
emaj-83	144	21	money	money	NOUN
emaj-83	144	22	markets	market	NOUN
emaj-83	144	23	and	and	CCONJ
emaj-83	144	24	real	real	ADJ
emaj-83	144	25	estate	estate	NOUN
emaj-83	144	26	funds	fund	NOUN
emaj-83	144	27	.	.	PUNCT
emaj-83	145	1	among	among	ADP
emaj-83	145	2	these	these	DET
emaj-83	145	3	types	type	NOUN
emaj-83	145	4	of	of	ADP
emaj-83	145	5	mutual	mutual	ADJ
emaj-83	145	6	funds	fund	NOUN
emaj-83	145	7	,	,	PUNCT
emaj-83	145	8	equity	equity	NOUN
emaj-83	145	9	funds	fund	NOUN
emaj-83	145	10	are	be	AUX
emaj-83	145	11	chosen	choose	VERB
emaj-83	145	12	since	since	SCONJ
emaj-83	145	13	they	they	PRON
emaj-83	145	14	carry	carry	VERB
emaj-83	145	15	company	company	NOUN
emaj-83	145	16	stocks	stock	NOUN
emaj-83	146	1	that	that	SCONJ
emaj-83	146	2	mutual	mutual	ADJ
emaj-83	146	3	fund	fund	NOUN
emaj-83	146	4	performance	performance	NOUN
emaj-83	146	5	:	:	PUNCT
emaj-83	146	6	evidence	evidence	NOUN
emaj-83	146	7	from	from	ADP
emaj-83	146	8	south	south	PROPN
emaj-83	146	9	africa	africa	PROPN
emaj-83	146	10	page	page	NOUN
emaj-83	146	11	|52|	|52|	NOUN
emaj-83	146	12	emerging	emerge	VERB
emaj-83	146	13	markets	market	NOUN
emaj-83	146	14	journal	journal	NOUN
emaj-83	146	15	volume	volume	NOUN
emaj-83	146	16	5	5	NUM
emaj-83	146	17	no	no	DET
emaj-83	146	18	2	2	NUM
emaj-83	146	19	(	(	PUNCT
emaj-83	146	20	2015	2015	NUM
emaj-83	146	21	)	)	PUNCT
emaj-83	146	22	|	|	ADV
emaj-83	146	23	issn	issn	VERB
emaj-83	146	24	2158	2158	NUM
emaj-83	146	25	-	-	SYM
emaj-83	146	26	8708	8708	NUM
emaj-83	146	27	(	(	PUNCT
emaj-83	146	28	online	online	NOUN
emaj-83	146	29	)	)	PUNCT
emaj-83	146	30	|	|	ADV
emaj-83	146	31	doi	doi	X
emaj-83	146	32	10.5195	10.5195	NUM
emaj-83	146	33	/	/	SYM
emaj-83	146	34	emaj.2015.83	emaj.2015.83	NOUN
emaj-83	146	35	|	|	NOUN
emaj-83	146	36	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-83	146	37	are	be	AUX
emaj-83	146	38	riskier	risky	ADJ
emaj-83	146	39	and	and	CCONJ
emaj-83	146	40	more	more	ADV
emaj-83	146	41	vulnerable	vulnerable	ADJ
emaj-83	146	42	to	to	ADP
emaj-83	146	43	volatility	volatility	NOUN
emaj-83	146	44	in	in	ADP
emaj-83	146	45	price	price	NOUN
emaj-83	146	46	.	.	PUNCT
emaj-83	147	1	in	in	ADP
emaj-83	147	2	the	the	DET
emaj-83	147	3	study	study	NOUN
emaj-83	147	4	period	period	NOUN
emaj-83	147	5	,	,	PUNCT
emaj-83	147	6	funds	fund	NOUN
emaj-83	147	7	were	be	AUX
emaj-83	147	8	disregarded	disregard	VERB
emaj-83	147	9	if	if	SCONJ
emaj-83	147	10	they	they	PRON
emaj-83	147	11	were	be	AUX
emaj-83	147	12	closed	close	VERB
emaj-83	147	13	,	,	PUNCT
emaj-83	147	14	newly	newly	ADV
emaj-83	147	15	established	establish	VERB
emaj-83	147	16	or	or	CCONJ
emaj-83	147	17	had	have	AUX
emaj-83	147	18	merged	merge	VERB
emaj-83	147	19	with	with	ADP
emaj-83	147	20	another	another	DET
emaj-83	147	21	fund	fund	NOUN
emaj-83	147	22	.	.	PUNCT
emaj-83	148	1	funds	fund	NOUN
emaj-83	148	2	that	that	PRON
emaj-83	148	3	had	have	VERB
emaj-83	148	4	less	less	ADJ
emaj-83	148	5	than	than	ADP
emaj-83	148	6	50	50	NUM
emaj-83	148	7	%	%	NOUN
emaj-83	148	8	equity	equity	NOUN
emaj-83	148	9	shares	share	NOUN
emaj-83	148	10	in	in	ADP
emaj-83	148	11	their	their	PRON
emaj-83	148	12	portfolio	portfolio	NOUN
emaj-83	148	13	were	be	AUX
emaj-83	148	14	also	also	ADV
emaj-83	148	15	not	not	PART
emaj-83	148	16	considered	consider	VERB
emaj-83	148	17	.	.	PUNCT
emaj-83	149	1	in	in	ADP
emaj-83	149	2	the	the	DET
emaj-83	149	3	end	end	NOUN
emaj-83	149	4	,	,	PUNCT
emaj-83	149	5	10	10	NUM
emaj-83	149	6	equity	equity	NOUN
emaj-83	149	7	funds	fund	NOUN
emaj-83	149	8	were	be	AUX
emaj-83	149	9	chosen	choose	VERB
emaj-83	149	10	for	for	ADP
emaj-83	149	11	this	this	DET
emaj-83	149	12	study	study	NOUN
emaj-83	149	13	;	;	PUNCT
emaj-83	149	14	they	they	PRON
emaj-83	149	15	are	be	AUX
emaj-83	149	16	shown	show	VERB
emaj-83	149	17	on	on	ADP
emaj-83	149	18	table	table	NOUN
emaj-83	149	19	1	1	NUM
emaj-83	149	20	.	.	PUNCT
emaj-83	149	21	table	table	NOUN
emaj-83	149	22	1	1	NUM
emaj-83	149	23	.	.	PUNCT
emaj-83	149	24	south	south	ADJ
emaj-83	149	25	african	african	PROPN
emaj-83	149	26	equity	equity	NOUN
emaj-83	149	27	funds	funds	PROPN
emaj-83	149	28	fund	fund	PROPN
emaj-83	149	29	name	name	NOUN
emaj-83	149	30	old	old	ADJ
emaj-83	149	31	mutual	mutual	ADJ
emaj-83	149	32	investors	investor	NOUN
emaj-83	149	33	fund	fund	VERB
emaj-83	149	34	a	a	DET
emaj-83	149	35	allan	allan	PROPN
emaj-83	149	36	gray	gray	PROPN
emaj-83	149	37	equity	equity	PROPN
emaj-83	149	38	fund	fund	PROPN
emaj-83	149	39	class	class	NOUN
emaj-83	149	40	a	a	DET
emaj-83	149	41	sanlam	sanlam	NOUN
emaj-83	149	42	general	general	ADJ
emaj-83	149	43	equity	equity	NOUN
emaj-83	149	44	fund	fund	PROPN
emaj-83	149	45	coronation	coronation	PROPN
emaj-83	149	46	equity	equity	PROPN
emaj-83	149	47	fund	fund	PROPN
emaj-83	149	48	a	a	DET
emaj-83	149	49	nedgroup	nedgroup	ADJ
emaj-83	149	50	investments	investment	NOUN
emaj-83	149	51	rainmaker	rainmaker	NOUN
emaj-83	149	52	fund	fund	VERB
emaj-83	149	53	a	a	DET
emaj-83	149	54	foord	foord	PROPN
emaj-83	149	55	equity	equity	NOUN
emaj-83	149	56	fund	fund	PROPN
emaj-83	149	57	investec	investec	ADJ
emaj-83	149	58	equity	equity	NOUN
emaj-83	149	59	a	a	DET
emaj-83	149	60	aylett	aylett	PROPN
emaj-83	149	61	equity	equity	PROPN
emaj-83	149	62	fund	fund	PROPN
emaj-83	149	63	huysamer	huysamer	PROPN
emaj-83	149	64	equity	equity	PROPN
emaj-83	149	65	fund	fund	PROPN
emaj-83	149	66	a	a	DET
emaj-83	149	67	prudential	prudential	PROPN
emaj-83	149	68	equity	equity	NOUN
emaj-83	149	69	fund	fund	PROPN
emaj-83	149	70	3.2.2	3.2.2	NUM
emaj-83	149	71	.	.	PUNCT
emaj-83	150	1	returns	return	NOUN
emaj-83	150	2	on	on	ADP
emaj-83	150	3	funds	fund	NOUN
emaj-83	150	4	when	when	SCONJ
emaj-83	150	5	calculating	calculate	VERB
emaj-83	150	6	returns	return	NOUN
emaj-83	150	7	of	of	ADP
emaj-83	150	8	south	south	ADJ
emaj-83	150	9	african	african	ADJ
emaj-83	150	10	funds	fund	NOUN
emaj-83	150	11	,	,	PUNCT
emaj-83	150	12	weekly	weekly	ADJ
emaj-83	150	13	returns	return	NOUN
emaj-83	150	14	of	of	ADP
emaj-83	150	15	the	the	DET
emaj-83	150	16	price	price	NOUN
emaj-83	150	17	index	index	NOUN
emaj-83	150	18	of	of	ADP
emaj-83	150	19	funds	fund	NOUN
emaj-83	150	20	are	be	AUX
emaj-83	150	21	logarithmically	logarithmically	ADV
emaj-83	150	22	computed	compute	VERB
emaj-83	150	23	.	.	PUNCT
emaj-83	151	1	for	for	ADP
emaj-83	151	2	the	the	DET
emaj-83	151	3	study	study	NOUN
emaj-83	151	4	,	,	PUNCT
emaj-83	151	5	304	304	NUM
emaj-83	151	6	weeks	week	NOUN
emaj-83	151	7	(	(	PUNCT
emaj-83	151	8	january	january	PROPN
emaj-83	151	9	9	9	NUM
emaj-83	151	10	,	,	PUNCT
emaj-83	151	11	2009october	2009october	NUM
emaj-83	151	12	31	31	NUM
emaj-83	151	13	,	,	PUNCT
emaj-83	151	14	2014	2014	NUM
emaj-83	151	15	)	)	PUNCT
emaj-83	151	16	are	be	AUX
emaj-83	151	17	observed	observe	VERB
emaj-83	151	18	.	.	PUNCT
emaj-83	152	1	rp	rp	NOUN
emaj-83	152	2	=	=	NOUN
emaj-83	152	3	ln	ln	ADJ
emaj-83	152	4	(	(	PUNCT
emaj-83	152	5	pt	pt	X
emaj-83	152	6	/pt-1	/pt-1	PROPN
emaj-83	152	7	)	)	PUNCT
emaj-83	152	8	where	where	SCONJ
emaj-83	152	9	rp	rp	NOUN
emaj-83	152	10	=	=	SYM
emaj-83	152	11	return	return	NOUN
emaj-83	152	12	on	on	ADP
emaj-83	152	13	the	the	DET
emaj-83	152	14	fund	fund	NOUN
emaj-83	152	15	pt	pt	NOUN
emaj-83	152	16	=	=	PUNCT
emaj-83	152	17	price	price	NOUN
emaj-83	152	18	of	of	ADP
emaj-83	152	19	the	the	DET
emaj-83	152	20	fund	fund	NOUN
emaj-83	152	21	at	at	ADP
emaj-83	152	22	week	week	NOUN
emaj-83	152	23	t	t	PROPN
emaj-83	152	24	pt-1	pt-1	PUNCT
emaj-83	153	1	=	=	NOUN
emaj-83	153	2	price	price	NOUN
emaj-83	153	3	of	of	ADP
emaj-83	153	4	the	the	DET
emaj-83	153	5	fund	fund	NOUN
emaj-83	153	6	at	at	ADP
emaj-83	153	7	week	week	NOUN
emaj-83	153	8	t-1	t-1	PROPN
emaj-83	153	9	3.2.3	3.2.3	PROPN
emaj-83	153	10	.	.	PUNCT
emaj-83	154	1	benchmark	benchmark	NOUN
emaj-83	154	2	in	in	ADP
emaj-83	154	3	this	this	DET
emaj-83	154	4	study	study	NOUN
emaj-83	154	5	,	,	PUNCT
emaj-83	154	6	the	the	DET
emaj-83	154	7	johannesburg	johannesburg	PROPN
emaj-83	154	8	stock	stock	PROPN
emaj-83	154	9	exchange	exchange	PROPN
emaj-83	154	10	(	(	PUNCT
emaj-83	154	11	jse	jse	PROPN
emaj-83	154	12	)	)	PUNCT
emaj-83	154	13	price	price	NOUN
emaj-83	154	14	index	index	NOUN
emaj-83	154	15	is	be	AUX
emaj-83	154	16	used	use	VERB
emaj-83	154	17	to	to	PART
emaj-83	154	18	find	find	VERB
emaj-83	154	19	whether	whether	SCONJ
emaj-83	154	20	or	or	CCONJ
emaj-83	154	21	not	not	PART
emaj-83	154	22	mutual	mutual	ADJ
emaj-83	154	23	funds	fund	NOUN
emaj-83	154	24	beat	beat	VERB
emaj-83	154	25	the	the	DET
emaj-83	154	26	market	market	NOUN
emaj-83	154	27	.	.	PUNCT
emaj-83	155	1	rm=	rm=	ADV
emaj-83	155	2	ln	ln	ADV
emaj-83	155	3	(	(	PUNCT
emaj-83	155	4	pmt	pmt	PROPN
emaj-83	155	5	/	/	SYM
emaj-83	155	6	pmt-1	pmt-1	NOUN
emaj-83	155	7	)	)	PUNCT
emaj-83	155	8	where	where	SCONJ
emaj-83	155	9	rm	rm	NOUN
emaj-83	155	10	=	=	NOUN
emaj-83	155	11	returns	return	VERB
emaj-83	155	12	on	on	ADP
emaj-83	155	13	the	the	DET
emaj-83	155	14	jse	jse	PROPN
emaj-83	155	15	pmt	pmt	PROPN
emaj-83	155	16	=	=	PUNCT
emaj-83	155	17	value	value	NOUN
emaj-83	155	18	of	of	ADP
emaj-83	155	19	the	the	DET
emaj-83	155	20	jse	jse	PROPN
emaj-83	155	21	price	price	NOUN
emaj-83	155	22	index	index	NOUN
emaj-83	155	23	on	on	ADP
emaj-83	155	24	week	week	NOUN
emaj-83	155	25	t	t	PROPN
emaj-83	155	26	pmt-1	pmt-1	NOUN
emaj-83	155	27	=	=	NOUN
emaj-83	155	28	value	value	NOUN
emaj-83	155	29	of	of	ADP
emaj-83	155	30	the	the	DET
emaj-83	155	31	jse	jse	PROPN
emaj-83	155	32	price	price	NOUN
emaj-83	155	33	index	index	NOUN
emaj-83	155	34	on	on	ADP
emaj-83	155	35	week	week	NOUN
emaj-83	155	36	t-1	t-1	PROPN
emaj-83	155	37	3.2.4	3.2.4	NUM
emaj-83	155	38	.	.	PUNCT
emaj-83	155	39	risk	risk	NOUN
emaj-83	155	40	-	-	PUNCT
emaj-83	155	41	free	free	ADJ
emaj-83	155	42	rate	rate	NOUN
emaj-83	155	43	in	in	ADP
emaj-83	155	44	this	this	DET
emaj-83	155	45	study	study	NOUN
emaj-83	155	46	,	,	PUNCT
emaj-83	155	47	south	south	ADJ
emaj-83	155	48	african	african	ADJ
emaj-83	155	49	91	91	NUM
emaj-83	155	50	-	-	PUNCT
emaj-83	155	51	day	day	NOUN
emaj-83	155	52	t	t	NOUN
emaj-83	155	53	-	-	PUNCT
emaj-83	155	54	bills	bill	NOUN
emaj-83	155	55	are	be	AUX
emaj-83	155	56	selected	select	VERB
emaj-83	155	57	as	as	ADP
emaj-83	155	58	the	the	DET
emaj-83	155	59	appropriate	appropriate	ADJ
emaj-83	155	60	risk	risk	NOUN
emaj-83	155	61	-	-	PUNCT
emaj-83	155	62	free	free	ADJ
emaj-83	155	63	rate	rate	NOUN
emaj-83	155	64	and	and	CCONJ
emaj-83	155	65	are	be	AUX
emaj-83	155	66	sourced	source	VERB
emaj-83	155	67	from	from	ADP
emaj-83	155	68	the	the	DET
emaj-83	155	69	thomson	thomson	PROPN
emaj-83	155	70	reuters	reuters	PROPN
emaj-83	155	71	datastream	datastream	PROPN
emaj-83	155	72	.	.	PUNCT
emaj-83	156	1	manjezi	manjezi	PROPN
emaj-83	156	2	(	(	PUNCT
emaj-83	156	3	2008	2008	NUM
emaj-83	156	4	)	)	PUNCT
emaj-83	156	5	previously	previously	ADV
emaj-83	156	6	used	use	VERB
emaj-83	156	7	this	this	DET
emaj-83	156	8	risk	risk	NOUN
emaj-83	156	9	-	-	PUNCT
emaj-83	156	10	free	free	ADJ
emaj-83	156	11	rate	rate	NOUN
emaj-83	156	12	in	in	ADP
emaj-83	156	13	his	his	PRON
emaj-83	156	14	study	study	NOUN
emaj-83	156	15	.	.	PUNCT
emaj-83	157	1	4	4	X
emaj-83	157	2	.	.	X
emaj-83	157	3	empirical	empirical	ADJ
emaj-83	157	4	results	result	NOUN
emaj-83	157	5	descriptive	descriptive	ADJ
emaj-83	157	6	statistics	statistic	NOUN
emaj-83	157	7	of	of	ADP
emaj-83	157	8	south	south	ADJ
emaj-83	157	9	african	african	ADJ
emaj-83	157	10	equity	equity	NOUN
emaj-83	157	11	funds	fund	NOUN
emaj-83	157	12	,	,	PUNCT
emaj-83	157	13	benchmarks	benchmark	NOUN
emaj-83	157	14	and	and	CCONJ
emaj-83	157	15	risk	risk	NOUN
emaj-83	157	16	-	-	PUNCT
emaj-83	157	17	free	free	ADJ
emaj-83	157	18	rates	rate	NOUN
emaj-83	157	19	are	be	AUX
emaj-83	157	20	given	give	VERB
emaj-83	157	21	in	in	ADP
emaj-83	157	22	table	table	NOUN
emaj-83	157	23	2	2	NUM
emaj-83	157	24	.	.	PUNCT
emaj-83	158	1	the	the	DET
emaj-83	158	2	average	average	ADJ
emaj-83	158	3	column	column	NOUN
emaj-83	158	4	indicates	indicate	VERB
emaj-83	158	5	returns	return	NOUN
emaj-83	158	6	of	of	ADP
emaj-83	158	7	funds	fund	NOUN
emaj-83	158	8	,	,	PUNCT
emaj-83	158	9	benchmarks	benchmark	NOUN
emaj-83	158	10	and	and	CCONJ
emaj-83	158	11	risk	risk	NOUN
emaj-83	158	12	-	-	PUNCT
emaj-83	158	13	free	free	ADJ
emaj-83	158	14	rates	rate	NOUN
emaj-83	158	15	.	.	PUNCT
emaj-83	159	1	the	the	DET
emaj-83	159	2	average	average	ADJ
emaj-83	159	3	returns	return	NOUN
emaj-83	159	4	of	of	ADP
emaj-83	159	5	the	the	DET
emaj-83	159	6	foord	foord	PROPN
emaj-83	159	7	equity	equity	NOUN
emaj-83	159	8	fund	fund	PROPN
emaj-83	159	9	,	,	PUNCT
emaj-83	159	10	the	the	DET
emaj-83	159	11	coronation	coronation	NOUN
emaj-83	159	12	equity	equity	NOUN
emaj-83	159	13	fund	fund	PROPN
emaj-83	159	14	,	,	PUNCT
emaj-83	159	15	the	the	DET
emaj-83	159	16	sanlam	sanlam	NOUN
emaj-83	159	17	equity	equity	NOUN
emaj-83	159	18	fund	fund	NOUN
emaj-83	159	19	,	,	PUNCT
emaj-83	159	20	the	the	DET
emaj-83	159	21	prudential	prudential	PROPN
emaj-83	159	22	equity	equity	PROPN
emaj-83	159	23	fund	fund	PROPN
emaj-83	159	24	,	,	PUNCT
emaj-83	159	25	the	the	DET
emaj-83	159	26	allan	allan	PROPN
emaj-83	159	27	gray	gray	PROPN
emaj-83	159	28	equity	equity	PROPN
emaj-83	159	29	fund	fund	PROPN
emaj-83	159	30	,	,	PUNCT
emaj-83	159	31	and	and	CCONJ
emaj-83	159	32	the	the	DET
emaj-83	159	33	aylett	aylett	PROPN
emaj-83	159	34	equity	equity	PROPN
emaj-83	159	35	fund	fund	PROPN
emaj-83	159	36	are	be	AUX
emaj-83	159	37	higher	high	ADJ
emaj-83	159	38	than	than	ADP
emaj-83	159	39	the	the	DET
emaj-83	159	40	johannesburg	johannesburg	PROPN
emaj-83	159	41	stock	stock	PROPN
emaj-83	159	42	exchange	exchange	PROPN
emaj-83	159	43	(	(	PUNCT
emaj-83	159	44	jse	jse	PROPN
emaj-83	159	45	)	)	PUNCT
emaj-83	159	46	.	.	PUNCT
emaj-83	160	1	the	the	DET
emaj-83	160	2	skew	skew	ADJ
emaj-83	160	3	column	column	NOUN
emaj-83	160	4	displays	display	VERB
emaj-83	160	5	the	the	DET
emaj-83	160	6	skew	skew	NOUN
emaj-83	160	7	of	of	ADP
emaj-83	160	8	equity	equity	NOUN
emaj-83	160	9	funds	fund	NOUN
emaj-83	160	10	and	and	CCONJ
emaj-83	160	11	the	the	DET
emaj-83	160	12	corresponding	corresponding	ADJ
emaj-83	160	13	value	value	NOUN
emaj-83	160	14	of	of	ADP
emaj-83	160	15	their	their	PRON
emaj-83	160	16	benchmarks	benchmark	NOUN
emaj-83	160	17	.	.	PUNCT
emaj-83	161	1	all	all	DET
emaj-83	161	2	funds	fund	NOUN
emaj-83	161	3	and	and	CCONJ
emaj-83	161	4	benchmarks	benchmark	NOUN
emaj-83	161	5	are	be	AUX
emaj-83	161	6	skewed	skew	VERB
emaj-83	161	7	negatively	negatively	ADV
emaj-83	161	8	,	,	PUNCT
emaj-83	161	9	denoting	denote	VERB
emaj-83	161	10	a	a	DET
emaj-83	161	11	distribution	distribution	NOUN
emaj-83	161	12	with	with	ADP
emaj-83	161	13	an	an	DET
emaj-83	161	14	asymmetric	asymmetric	ADJ
emaj-83	161	15	tail	tail	NOUN
emaj-83	161	16	extending	extend	VERB
emaj-83	161	17	toward	toward	ADP
emaj-83	161	18	more	more	ADV
emaj-83	161	19	negative	negative	ADJ
emaj-83	161	20	values	value	NOUN
emaj-83	161	21	.	.	PUNCT
emaj-83	162	1	only	only	ADV
emaj-83	162	2	91	91	NUM
emaj-83	162	3	-	-	PUNCT
emaj-83	162	4	day	day	NOUN
emaj-83	162	5	t	t	PROPN
emaj-83	162	6	-	-	PUNCT
emaj-83	162	7	bills	bill	NOUN
emaj-83	162	8	have	have	AUX
emaj-83	162	9	are	be	AUX
emaj-83	162	10	skewed	skew	VERB
emaj-83	162	11	positively	positively	ADV
emaj-83	162	12	,	,	PUNCT
emaj-83	162	13	which	which	PRON
emaj-83	162	14	indicates	indicate	VERB
emaj-83	162	15	a	a	DET
emaj-83	162	16	distribution	distribution	NOUN
emaj-83	162	17	with	with	ADP
emaj-83	162	18	an	an	DET
emaj-83	162	19	asymmetric	asymmetric	ADJ
emaj-83	162	20	tail	tail	NOUN
emaj-83	162	21	extending	extend	VERB
emaj-83	162	22	toward	toward	ADP
emaj-83	162	23	more	more	ADV
emaj-83	162	24	positive	positive	ADJ
emaj-83	162	25	values	value	NOUN
emaj-83	162	26	.	.	PUNCT
emaj-83	163	1	all	all	DET
emaj-83	163	2	funds	fund	NOUN
emaj-83	163	3	,	,	PUNCT
emaj-83	163	4	benchmarks	benchmark	NOUN
emaj-83	163	5	and	and	CCONJ
emaj-83	163	6	riskfree	riskfree	NOUN
emaj-83	163	7	rates	rate	NOUN
emaj-83	163	8	have	have	VERB
emaj-83	163	9	positive	positive	ADJ
emaj-83	163	10	kurtosis	kurtosis	NOUN
emaj-83	163	11	,	,	PUNCT
emaj-83	163	12	which	which	PRON
emaj-83	163	13	implies	imply	VERB
emaj-83	163	14	typical	typical	ADJ
emaj-83	163	15	heavy	heavy	ADJ
emaj-83	163	16	tailed	tail	VERB
emaj-83	163	17	financial	financial	ADJ
emaj-83	163	18	distributions	distribution	NOUN
emaj-83	163	19	.	.	PUNCT
emaj-83	164	1	the	the	DET
emaj-83	164	2	r	r	NOUN
emaj-83	164	3	column	column	NOUN
emaj-83	164	4	depicts	depict	VERB
emaj-83	164	5	correlation	correlation	NOUN
emaj-83	164	6	between	between	ADP
emaj-83	164	7	funds	fund	NOUN
emaj-83	164	8	and	and	CCONJ
emaj-83	164	9	benchmarks	benchmark	NOUN
emaj-83	164	10	.	.	PUNCT
emaj-83	165	1	the	the	DET
emaj-83	165	2	average	average	ADJ
emaj-83	165	3	correlation	correlation	NOUN
emaj-83	165	4	of	of	ADP
emaj-83	165	5	funds	fund	NOUN
emaj-83	165	6	and	and	CCONJ
emaj-83	165	7	their	their	PRON
emaj-83	165	8	benchmarks	benchmark	NOUN
emaj-83	165	9	is	be	AUX
emaj-83	165	10	0.88835	0.88835	NUM
emaj-83	165	11	,	,	PUNCT
emaj-83	165	12	which	which	PRON
emaj-83	165	13	means	mean	VERB
emaj-83	165	14	that	that	SCONJ
emaj-83	165	15	there	there	PRON
emaj-83	165	16	is	be	VERB
emaj-83	165	17	a	a	DET
emaj-83	165	18	strong	strong	ADJ
emaj-83	165	19	positive	positive	ADJ
emaj-83	165	20	correlation	correlation	NOUN
emaj-83	165	21	.	.	PUNCT
emaj-83	166	1	the	the	DET
emaj-83	166	2	investec	investec	ADJ
emaj-83	166	3	equity	equity	NOUN
emaj-83	166	4	fund	fund	NOUN
emaj-83	166	5	has	have	VERB
emaj-83	166	6	the	the	DET
emaj-83	166	7	highest	high	ADJ
emaj-83	166	8	correlation	correlation	NOUN
emaj-83	166	9	(	(	PUNCT
emaj-83	166	10	0.91912	0.91912	NUM
emaj-83	166	11	)	)	PUNCT
emaj-83	166	12	and	and	CCONJ
emaj-83	166	13	the	the	DET
emaj-83	166	14	aylett	aylett	PROPN
emaj-83	166	15	equity	equity	PROPN
emaj-83	166	16	fund	fund	PROPN
emaj-83	166	17	has	have	VERB
emaj-83	166	18	the	the	DET
emaj-83	166	19	lowest	low	ADJ
emaj-83	166	20	correlation	correlation	NOUN
emaj-83	166	21	(	(	PUNCT
emaj-83	166	22	0.81560	0.81560	NUM
emaj-83	166	23	)	)	PUNCT
emaj-83	166	24	.	.	PUNCT
emaj-83	167	1	the	the	DET
emaj-83	167	2	standard	standard	ADJ
emaj-83	167	3	deviation	deviation	NOUN
emaj-83	167	4	column	column	NOUN
emaj-83	167	5	shows	show	VERB
emaj-83	167	6	the	the	DET
emaj-83	167	7	volatility	volatility	NOUN
emaj-83	167	8	of	of	ADP
emaj-83	167	9	equity	equity	NOUN
emaj-83	167	10	funds	fund	NOUN
emaj-83	167	11	,	,	PUNCT
emaj-83	167	12	benchmarks	benchmark	NOUN
emaj-83	167	13	and	and	CCONJ
emaj-83	167	14	risk	risk	NOUN
emaj-83	167	15	-	-	PUNCT
emaj-83	167	16	free	free	ADJ
emaj-83	167	17	rates	rate	NOUN
emaj-83	167	18	.	.	PUNCT
emaj-83	168	1	the	the	DET
emaj-83	168	2	jse	jse	PROPN
emaj-83	168	3	has	have	VERB
emaj-83	168	4	the	the	DET
emaj-83	168	5	highest	high	ADJ
emaj-83	168	6	standard	standard	ADJ
emaj-83	168	7	deviation	deviation	NOUN
emaj-83	168	8	and	and	CCONJ
emaj-83	168	9	the	the	DET
emaj-83	168	10	huysamer	huysamer	PROPN
emaj-83	168	11	equity	equity	PROPN
emaj-83	168	12	fund	fund	PROPN
emaj-83	168	13	,	,	PUNCT
emaj-83	168	14	the	the	DET
emaj-83	168	15	old	old	ADJ
emaj-83	168	16	mutual	mutual	ADJ
emaj-83	168	17	fund	fund	NOUN
emaj-83	168	18	investors	investor	NOUN
emaj-83	168	19	fund	fund	VERB
emaj-83	168	20	a	a	PRON
emaj-83	168	21	and	and	CCONJ
emaj-83	168	22	the	the	DET
emaj-83	168	23	coronation	coronation	NOUN
emaj-83	168	24	equity	equity	NOUN
emaj-83	168	25	fund	fund	NOUN
emaj-83	168	26	follows	follow	VERB
emaj-83	168	27	the	the	DET
emaj-83	168	28	jse	jse	PROPN
emaj-83	168	29	,	,	PUNCT
emaj-83	168	30	in	in	ADP
emaj-83	168	31	that	that	DET
emaj-83	168	32	order	order	NOUN
emaj-83	168	33	.	.	PUNCT
emaj-83	169	1	the	the	DET
emaj-83	169	2	last	last	ADJ
emaj-83	169	3	column	column	NOUN
emaj-83	169	4	exhibits	exhibit	VERB
emaj-83	169	5	the	the	DET
emaj-83	169	6	betas	beta	NOUN
emaj-83	169	7	of	of	ADP
emaj-83	169	8	equity	equity	NOUN
emaj-83	169	9	funds	fund	NOUN
emaj-83	169	10	,	,	PUNCT
emaj-83	169	11	which	which	PRON
emaj-83	169	12	measure	measure	VERB
emaj-83	169	13	the	the	DET
emaj-83	169	14	systematic	systematic	ADJ
emaj-83	169	15	risks	risk	NOUN
emaj-83	169	16	of	of	ADP
emaj-83	169	17	the	the	DET
emaj-83	169	18	funds	fund	NOUN
emaj-83	169	19	.	.	PUNCT
emaj-83	170	1	all	all	DET
emaj-83	170	2	funds	fund	NOUN
emaj-83	170	3	’	'	PUNCT
emaj-83	170	4	betas	beta	NOUN
emaj-83	170	5	are	be	AUX
emaj-83	170	6	less	less	ADJ
emaj-83	170	7	than	than	ADP
emaj-83	170	8	1	1	NUM
emaj-83	170	9	,	,	PUNCT
emaj-83	170	10	thereby	thereby	ADV
emaj-83	170	11	implying	imply	VERB
emaj-83	170	12	all	all	DET
emaj-83	170	13	ten	ten	NUM
emaj-83	170	14	funds	fund	NOUN
emaj-83	170	15	carry	carry	VERB
emaj-83	170	16	less	less	ADJ
emaj-83	170	17	risk	risk	NOUN
emaj-83	170	18	compared	compare	VERB
emaj-83	170	19	to	to	ADP
emaj-83	170	20	the	the	DET
emaj-83	170	21	benchmark	benchmark	PROPN
emaj-83	170	22	jse	jse	PROPN
emaj-83	170	23	index	index	PROPN
emaj-83	170	24	.	.	PUNCT
emaj-83	171	1	volume	volume	NOUN
emaj-83	171	2	5	5	NUM
emaj-83	171	3	no	no	DET
emaj-83	171	4	2	2	NUM
emaj-83	171	5	(	(	PUNCT
emaj-83	171	6	2015	2015	NUM
emaj-83	171	7	)	)	PUNCT
emaj-83	171	8	|	|	ADV
emaj-83	171	9	issn	issn	VERB
emaj-83	171	10	2158	2158	NUM
emaj-83	171	11	-	-	SYM
emaj-83	171	12	8708	8708	NUM
emaj-83	171	13	(	(	PUNCT
emaj-83	171	14	online	online	NOUN
emaj-83	171	15	)	)	PUNCT
emaj-83	171	16	|	|	ADV
emaj-83	171	17	doi	doi	X
emaj-83	171	18	10.5195	10.5195	NUM
emaj-83	171	19	/	/	SYM
emaj-83	171	20	emaj.2015.83	emaj.2015.83	NOUN
emaj-83	172	1	|	|	NOUN
emaj-83	172	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-83	172	3	omer	omer	PROPN
emaj-83	172	4	faruk	faruk	PROPN
emaj-83	172	5	tan	tan	PROPN
emaj-83	172	6	emerging	emerge	VERB
emaj-83	172	7	markets	market	NOUN
emaj-83	172	8	journal	journal	NOUN
emaj-83	172	9	|	|	ADV
emaj-83	172	10	p	p	NOUN
emaj-83	172	11	a	a	DET
emaj-83	172	12	g	g	NOUN
emaj-83	172	13	e	e	NOUN
emaj-83	172	14	|53	|53	NOUN
emaj-83	172	15	table	table	NOUN
emaj-83	172	16	2	2	NUM
emaj-83	172	17	.	.	PUNCT
emaj-83	172	18	descriptive	descriptive	ADJ
emaj-83	172	19	statistics	statistic	NOUN
emaj-83	172	20	of	of	ADP
emaj-83	172	21	south	south	ADJ
emaj-83	172	22	african	african	ADJ
emaj-83	172	23	mutual	mutual	ADJ
emaj-83	172	24	funds	fund	NOUN
emaj-83	172	25	fund	fund	NOUN
emaj-83	172	26	name	name	NOUN
emaj-83	172	27	aver	aver	PROPN
emaj-83	172	28	age	age	NOUN
emaj-83	172	29	ske	ske	PROPN
emaj-83	172	30	w	w	PROPN
emaj-83	172	31	kurt	kurt	PROPN
emaj-83	172	32	osis	osis	PROPN
emaj-83	172	33	r	r	PROPN
emaj-83	172	34	std	std	PROPN
emaj-83	172	35	.	.	PUNCT
emaj-83	173	1	dev	dev	PROPN
emaj-83	173	2	.	.	PUNCT
emaj-83	173	3	bet	bet	VERB
emaj-83	173	4	a	a	DET
emaj-83	173	5	allan	allan	PROPN
emaj-83	173	6	gray	gray	PROPN
emaj-83	173	7	equity	equity	PROPN
emaj-83	173	8	fund	fund	PROPN
emaj-83	173	9	a	a	DET
emaj-83	173	10	0.00	0.00	NUM
emaj-83	173	11	294	294	NUM
emaj-83	173	12	0.14	0.14	NUM
emaj-83	173	13	658	658	NUM
emaj-83	173	14	0.47	0.47	NUM
emaj-83	173	15	853	853	NUM
emaj-83	173	16	0.88	0.88	NUM
emaj-83	173	17	851	851	NUM
emaj-83	173	18	0.01	0.01	NUM
emaj-83	173	19	671	671	NUM
emaj-83	173	20	0.7	0.7	NUM
emaj-83	173	21	008	008	NUM
emaj-83	173	22	2	2	NUM
emaj-83	173	23	aylett	aylett	PROPN
emaj-83	173	24	equity	equity	NOUN
emaj-83	173	25	fund	fund	PROPN
emaj-83	173	26	a	a	DET
emaj-83	173	27	0.00	0.00	NUM
emaj-83	173	28	274	274	NUM
emaj-83	173	29	0.60	0.60	NUM
emaj-83	173	30	731	731	NUM
emaj-83	173	31	2.23	2.23	NUM
emaj-83	173	32	169	169	NUM
emaj-83	173	33	0.81	0.81	NUM
emaj-83	173	34	560	560	NUM
emaj-83	173	35	0.01	0.01	NUM
emaj-83	173	36	491	491	NUM
emaj-83	173	37	0.5	0.5	NUM
emaj-83	173	38	742	742	NUM
emaj-83	173	39	0	0	NUM
emaj-83	173	40	coronation	coronation	NOUN
emaj-83	173	41	equity	equity	NOUN
emaj-83	173	42	fund	fund	NOUN
emaj-83	173	43	a	a	DET
emaj-83	173	44	0.00	0.00	NUM
emaj-83	173	45	311	311	NUM
emaj-83	173	46	0.40	0.40	NUM
emaj-83	173	47	631	631	NUM
emaj-83	173	48	1.60	1.60	NUM
emaj-83	173	49	011	011	NUM
emaj-83	173	50	0.90	0.90	NUM
emaj-83	173	51	683	683	NUM
emaj-83	173	52	0.01	0.01	NUM
emaj-83	173	53	959	959	NUM
emaj-83	173	54	0.8	0.8	NUM
emaj-83	173	55	387	387	NUM
emaj-83	173	56	0	0	NUM
emaj-83	173	57	foord	foord	PROPN
emaj-83	173	58	equity	equity	NOUN
emaj-83	173	59	fund	fund	NOUN
emaj-83	173	60	0.00	0.00	NUM
emaj-83	173	61	341	341	NUM
emaj-83	173	62	1.16	1.16	NUM
emaj-83	173	63	657	657	NUM
emaj-83	173	64	4.79	4.79	NUM
emaj-83	173	65	512	512	NUM
emaj-83	173	66	0.84	0.84	NUM
emaj-83	173	67	114	114	NUM
emaj-83	173	68	0.01	0.01	NUM
emaj-83	173	69	908	908	NUM
emaj-83	173	70	0.7	0.7	NUM
emaj-83	173	71	577	577	NUM
emaj-83	173	72	5	5	NUM
emaj-83	173	73	huysamer	huysamer	NOUN
emaj-83	173	74	equity	equity	NOUN
emaj-83	173	75	fund	fund	PROPN
emaj-83	173	76	a	a	DET
emaj-83	173	77	0.00	0.00	NUM
emaj-83	173	78	196	196	NUM
emaj-83	173	79	0.36	0.36	NUM
emaj-83	173	80	986	986	NUM
emaj-83	173	81	0.73	0.73	NUM
emaj-83	173	82	769	769	NUM
emaj-83	173	83	0.91	0.91	NUM
emaj-83	173	84	590	590	NUM
emaj-83	173	85	0.02	0.02	NUM
emaj-83	173	86	101	101	NUM
emaj-83	173	87	0.9	0.9	NUM
emaj-83	173	88	086	086	NUM
emaj-83	173	89	6	6	NUM
emaj-83	173	90	investec	investec	ADJ
emaj-83	173	91	equity	equity	NOUN
emaj-83	173	92	fund	fund	NOUN
emaj-83	173	93	a	a	DET
emaj-83	173	94	0.00	0.00	NUM
emaj-83	173	95	249	249	NUM
emaj-83	173	96	0.45	0.45	NUM
emaj-83	173	97	212	212	NUM
emaj-83	173	98	0.87	0.87	NUM
emaj-83	173	99	945	945	NUM
emaj-83	173	100	0.91	0.91	NUM
emaj-83	173	101	912	912	NUM
emaj-83	173	102	0.01	0.01	NUM
emaj-83	173	103	942	942	NUM
emaj-83	173	104	0.8	0.8	NUM
emaj-83	173	105	427	427	NUM
emaj-83	173	106	5	5	NUM
emaj-83	173	107	nedgroup	nedgroup	ADJ
emaj-83	173	108	invs.rain	invs.rain	NOUN
emaj-83	173	109	maker	maker	NOUN
emaj-83	173	110	fund	fund	NOUN
emaj-83	173	111	a	a	DET
emaj-83	173	112	0.00	0.00	NUM
emaj-83	173	113	296	296	NUM
emaj-83	173	114	0.43	0.43	NUM
emaj-83	173	115	856	856	NUM
emaj-83	173	116	0.94	0.94	NUM
emaj-83	173	117	558	558	NUM
emaj-83	173	118	0.86	0.86	NUM
emaj-83	173	119	200	200	NUM
emaj-83	173	120	0.01	0.01	NUM
emaj-83	173	121	791	791	NUM
emaj-83	173	122	0.7	0.7	NUM
emaj-83	173	123	287	287	NUM
emaj-83	173	124	8	8	NUM
emaj-83	173	125	old	old	ADJ
emaj-83	173	126	mutual	mutual	ADJ
emaj-83	173	127	investors	investor	NOUN
emaj-83	173	128	fund	fund	VERB
emaj-83	173	129	a	a	DET
emaj-83	173	130	0.00	0.00	NUM
emaj-83	173	131	266	266	NUM
emaj-83	173	132	0.39	0.39	NUM
emaj-83	173	133	145	145	NUM
emaj-83	173	134	1.51	1.51	NUM
emaj-83	173	135	906	906	NUM
emaj-83	173	136	0.91	0.91	NUM
emaj-83	173	137	580	580	NUM
emaj-83	173	138	0.02	0.02	NUM
emaj-83	173	139	002	002	NUM
emaj-83	173	140	0.6	0.6	NUM
emaj-83	173	141	758	758	NUM
emaj-83	173	142	6	6	NUM
emaj-83	173	143	prudential	prudential	PROPN
emaj-83	173	144	equity	equity	PROPN
emaj-83	173	145	fund	fund	PROPN
emaj-83	173	146	a	a	DET
emaj-83	173	147	0.00	0.00	NUM
emaj-83	173	148	303	303	NUM
emaj-83	173	149	0.42	0.42	NUM
emaj-83	173	150	926	926	NUM
emaj-83	173	151	0.75	0.75	NUM
emaj-83	173	152	831	831	NUM
emaj-83	173	153	0.89	0.89	NUM
emaj-83	173	154	968	968	NUM
emaj-83	173	155	0.01	0.01	NUM
emaj-83	173	156	807	807	NUM
emaj-83	173	157	0.7	0.7	NUM
emaj-83	173	158	673	673	NUM
emaj-83	173	159	3	3	NUM
emaj-83	173	160	sanlam	sanlam	NOUN
emaj-83	173	161	general	general	ADJ
emaj-83	173	162	equity	equity	NOUN
emaj-83	173	163	fund	fund	PROPN
emaj-83	173	164	a	a	DET
emaj-83	173	165	0.00	0.00	NUM
emaj-83	173	166	309	309	NUM
emaj-83	173	167	0.34	0.34	NUM
emaj-83	173	168	637	637	NUM
emaj-83	173	169	1.96	1.96	NUM
emaj-83	173	170	319	319	NUM
emaj-83	173	171	0.91	0.91	NUM
emaj-83	173	172	900	900	NUM
emaj-83	173	173	0.01	0.01	NUM
emaj-83	173	174	844	844	NUM
emaj-83	173	175	0.8	0.8	NUM
emaj-83	173	176	000	000	NUM
emaj-83	173	177	7	7	NUM
emaj-83	173	178	johannesb	johannesb	PROPN
emaj-83	173	179	urg	urg	PROPN
emaj-83	173	180	stock	stock	PROPN
emaj-83	173	181	exchange	exchange	PROPN
emaj-83	173	182	(	(	PUNCT
emaj-83	173	183	jse	jse	PROPN
emaj-83	173	184	)	)	PUNCT
emaj-83	173	185	0.00	0.00	NUM
emaj-83	173	186	272	272	NUM
emaj-83	173	187	0.37	0.37	NUM
emaj-83	173	188	635	635	NUM
emaj-83	173	189	1.08	1.08	NUM
emaj-83	173	190	352	352	NUM
emaj-83	173	191	0.02	0.02	NUM
emaj-83	173	192	119	119	NUM
emaj-83	173	193	91	91	NUM
emaj-83	173	194	days	day	NOUN
emaj-83	173	195	tbills	tbill	NOUN
emaj-83	173	196	0.00	0.00	NUM
emaj-83	173	197	111	111	NUM
emaj-83	173	198	1.81	1.81	NUM
emaj-83	173	199	350	350	NUM
emaj-83	173	200	4.05	4.05	NUM
emaj-83	173	201	245	245	NUM
emaj-83	173	202	0.00	0.00	NUM
emaj-83	173	203	019	019	NUM
emaj-83	173	204	table	table	NOUN
emaj-83	173	205	3	3	NUM
emaj-83	173	206	shows	show	VERB
emaj-83	173	207	the	the	DET
emaj-83	173	208	performance	performance	NOUN
emaj-83	173	209	of	of	ADP
emaj-83	173	210	the	the	DET
emaj-83	173	211	sharpe	sharpe	PROPN
emaj-83	173	212	ratio	ratio	NOUN
emaj-83	173	213	.	.	PUNCT
emaj-83	174	1	the	the	PRON
emaj-83	174	2	higher	high	ADJ
emaj-83	174	3	the	the	DET
emaj-83	174	4	sharpe	sharpe	PROPN
emaj-83	174	5	ratio	ratio	NOUN
emaj-83	174	6	the	the	DET
emaj-83	174	7	more	more	ADJ
emaj-83	174	8	return	return	NOUN
emaj-83	174	9	the	the	DET
emaj-83	174	10	investor	investor	NOUN
emaj-83	174	11	is	be	AUX
emaj-83	174	12	getting	get	VERB
emaj-83	174	13	per	per	ADP
emaj-83	174	14	unit	unit	NOUN
emaj-83	174	15	of	of	ADP
emaj-83	174	16	risk	risk	NOUN
emaj-83	174	17	.	.	PUNCT
emaj-83	175	1	the	the	PRON
emaj-83	175	2	lower	low	ADJ
emaj-83	175	3	the	the	DET
emaj-83	175	4	sharpe	sharpe	PROPN
emaj-83	175	5	ratio	ratio	NOUN
emaj-83	175	6	,	,	PUNCT
emaj-83	175	7	the	the	DET
emaj-83	175	8	more	more	ADJ
emaj-83	175	9	risk	risk	NOUN
emaj-83	175	10	the	the	DET
emaj-83	175	11	investor	investor	NOUN
emaj-83	175	12	is	be	AUX
emaj-83	175	13	carrying	carry	VERB
emaj-83	175	14	to	to	PART
emaj-83	175	15	earn	earn	VERB
emaj-83	175	16	additional	additional	ADJ
emaj-83	175	17	returns	return	NOUN
emaj-83	175	18	.	.	PUNCT
emaj-83	176	1	a	a	DET
emaj-83	176	2	higher	high	ADJ
emaj-83	176	3	sharpe	sharpe	PROPN
emaj-83	176	4	ratio	ratio	NOUN
emaj-83	176	5	implies	imply	VERB
emaj-83	176	6	that	that	SCONJ
emaj-83	176	7	funds	fund	NOUN
emaj-83	176	8	have	have	VERB
emaj-83	176	9	a	a	DET
emaj-83	176	10	better	well	ADJ
emaj-83	176	11	performance	performance	NOUN
emaj-83	176	12	.	.	PUNCT
emaj-83	177	1	the	the	DET
emaj-83	177	2	foord	foord	PROPN
emaj-83	177	3	equity	equity	PROPN
emaj-83	177	4	fund	fund	PROPN
emaj-83	177	5	,	,	PUNCT
emaj-83	177	6	the	the	DET
emaj-83	177	7	allan	allan	PROPN
emaj-83	177	8	gray	gray	PROPN
emaj-83	177	9	equity	equity	PROPN
emaj-83	177	10	fund	fund	PROPN
emaj-83	177	11	and	and	CCONJ
emaj-83	177	12	the	the	DET
emaj-83	177	13	aylett	aylett	PROPN
emaj-83	177	14	equity	equity	PROPN
emaj-83	177	15	fund	fund	PROPN
emaj-83	177	16	have	have	VERB
emaj-83	177	17	the	the	DET
emaj-83	177	18	highest	high	ADJ
emaj-83	177	19	the	the	DET
emaj-83	177	20	sharpe	sharpe	PROPN
emaj-83	177	21	ratios	ratio	NOUN
emaj-83	177	22	.	.	PUNCT
emaj-83	178	1	on	on	ADP
emaj-83	178	2	the	the	DET
emaj-83	178	3	other	other	ADJ
emaj-83	178	4	end	end	NOUN
emaj-83	178	5	,	,	PUNCT
emaj-83	178	6	the	the	DET
emaj-83	178	7	huysamer	huysamer	PROPN
emaj-83	178	8	equity	equity	PROPN
emaj-83	178	9	fund	fund	PROPN
emaj-83	178	10	and	and	CCONJ
emaj-83	178	11	the	the	DET
emaj-83	178	12	investec	investec	ADJ
emaj-83	178	13	equity	equity	NOUN
emaj-83	178	14	fund	fund	NOUN
emaj-83	178	15	have	have	VERB
emaj-83	178	16	the	the	DET
emaj-83	178	17	lowest	low	ADJ
emaj-83	178	18	sharpe	sharpe	NOUN
emaj-83	178	19	ratios	ratio	NOUN
emaj-83	178	20	.	.	PUNCT
emaj-83	179	1	table	table	NOUN
emaj-83	179	2	3	3	NUM
emaj-83	179	3	.	.	PUNCT
emaj-83	179	4	results	result	NOUN
emaj-83	179	5	of	of	ADP
emaj-83	179	6	the	the	DET
emaj-83	179	7	sharpe	sharpe	PROPN
emaj-83	179	8	ratio	ratio	PROPN
emaj-83	179	9	for	for	ADP
emaj-83	179	10	south	south	PROPN
emaj-83	179	11	africa	africa	PROPN
emaj-83	179	12	fund	fund	PROPN
emaj-83	179	13	name	name	PROPN
emaj-83	179	14	sharpe	sharpe	PROPN
emaj-83	179	15	rank	rank	PROPN
emaj-83	179	16	foord	foord	PROPN
emaj-83	179	17	equity	equity	PROPN
emaj-83	179	18	fund	fund	PROPN
emaj-83	179	19	a	a	DET
emaj-83	179	20	0.12015	0.12015	NUM
emaj-83	179	21	1	1	NUM
emaj-83	179	22	allan	allan	PROPN
emaj-83	179	23	gray	gray	PROPN
emaj-83	179	24	equity	equity	PROPN
emaj-83	179	25	fund	fund	PROPN
emaj-83	179	26	a	a	DET
emaj-83	179	27	0.10911	0.10911	NUM
emaj-83	179	28	2	2	NUM
emaj-83	179	29	aylett	aylett	PROPN
emaj-83	179	30	equity	equity	NOUN
emaj-83	179	31	fund	fund	PROPN
emaj-83	180	1	a	a	DET
emaj-83	180	2	0.1091	0.1091	NUM
emaj-83	180	3	3	3	NUM
emaj-83	180	4	sanlam	sanlam	NOUN
emaj-83	180	5	general	general	ADJ
emaj-83	180	6	equity	equity	NOUN
emaj-83	180	7	fund	fund	PROPN
emaj-83	180	8	a	a	DET
emaj-83	180	9	0.10723	0.10723	NUM
emaj-83	180	10	4	4	NUM
emaj-83	180	11	prudential	prudential	PROPN
emaj-83	180	12	equity	equity	PROPN
emaj-83	180	13	fund	fund	PROPN
emaj-83	180	14	a	a	DET
emaj-83	180	15	0.10592	0.10592	NUM
emaj-83	180	16	5	5	NUM
emaj-83	180	17	coronation	coronation	NOUN
emaj-83	180	18	equity	equity	NOUN
emaj-83	180	19	fund	fund	NOUN
emaj-83	180	20	a	a	DET
emaj-83	180	21	0.10194	0.10194	NUM
emaj-83	180	22	6	6	NUM
emaj-83	180	23	old	old	ADJ
emaj-83	180	24	mutual	mutual	ADJ
emaj-83	180	25	investors	investor	NOUN
emaj-83	180	26	fund	fund	VERB
emaj-83	180	27	a	a	DET
emaj-83	180	28	0.09250	0.09250	NUM
emaj-83	180	29	7	7	NUM
emaj-83	180	30	nedgroup	nedgroup	ADV
emaj-83	180	31	invs.rainmaker	invs.rainmak	ADJ
emaj-83	180	32	fund	fund	NOUN
emaj-83	180	33	a	a	DET
emaj-83	180	34	0.08622	0.08622	NUM
emaj-83	180	35	8	8	NUM
emaj-83	180	36	investec	investec	ADJ
emaj-83	180	37	equity	equity	NOUN
emaj-83	180	38	fund	fund	NOUN
emaj-83	180	39	a	a	DET
emaj-83	180	40	0.07065	0.07065	NUM
emaj-83	180	41	9	9	NUM
emaj-83	180	42	huysamer	huysamer	NOUN
emaj-83	180	43	equity	equity	NOUN
emaj-83	180	44	fund	fund	PROPN
emaj-83	180	45	a	a	DET
emaj-83	180	46	0.04016	0.04016	NUM
emaj-83	180	47	10	10	NUM
emaj-83	180	48	table	table	NOUN
emaj-83	180	49	4	4	NUM
emaj-83	180	50	shows	show	VERB
emaj-83	180	51	the	the	DET
emaj-83	180	52	performance	performance	NOUN
emaj-83	180	53	of	of	ADP
emaj-83	180	54	the	the	DET
emaj-83	180	55	treynor	treynor	NOUN
emaj-83	180	56	ratio	ratio	NOUN
emaj-83	180	57	.	.	PUNCT
emaj-83	181	1	a	a	DET
emaj-83	181	2	fund	fund	NOUN
emaj-83	181	3	with	with	ADP
emaj-83	181	4	a	a	DET
emaj-83	181	5	higher	high	ADJ
emaj-83	181	6	treynor	treynor	NOUN
emaj-83	181	7	ratio	ratio	NOUN
emaj-83	181	8	indicates	indicate	VERB
emaj-83	181	9	that	that	SCONJ
emaj-83	181	10	the	the	DET
emaj-83	181	11	fund	fund	NOUN
emaj-83	181	12	has	have	VERB
emaj-83	181	13	a	a	DET
emaj-83	181	14	better	well	ADJ
emaj-83	181	15	risk	risk	NOUN
emaj-83	181	16	-	-	PUNCT
emaj-83	181	17	adjusted	adjust	VERB
emaj-83	181	18	return	return	NOUN
emaj-83	181	19	compared	compare	VERB
emaj-83	181	20	to	to	ADP
emaj-83	181	21	a	a	DET
emaj-83	181	22	fund	fund	NOUN
emaj-83	181	23	with	with	ADP
emaj-83	181	24	a	a	DET
emaj-83	181	25	lower	low	ADJ
emaj-83	181	26	treynor	treynor	NOUN
emaj-83	181	27	ratio	ratio	NOUN
emaj-83	181	28	.	.	PUNCT
emaj-83	182	1	a	a	DET
emaj-83	182	2	higher	high	ADJ
emaj-83	182	3	treynor	treynor	NOUN
emaj-83	182	4	ratio	ratio	NOUN
emaj-83	182	5	implies	imply	VERB
emaj-83	182	6	that	that	SCONJ
emaj-83	182	7	funds	fund	NOUN
emaj-83	182	8	have	have	VERB
emaj-83	182	9	better	well	ADJ
emaj-83	182	10	performances	performance	NOUN
emaj-83	182	11	.	.	PUNCT
emaj-83	183	1	the	the	DET
emaj-83	183	2	foord	foord	PROPN
emaj-83	183	3	equity	equity	NOUN
emaj-83	183	4	fund	fund	PROPN
emaj-83	183	5	,	,	PUNCT
emaj-83	183	6	the	the	DET
emaj-83	183	7	allan	allan	PROPN
emaj-83	183	8	gray	gray	PROPN
emaj-83	183	9	equity	equity	PROPN
emaj-83	183	10	fund	fund	PROPN
emaj-83	183	11	and	and	CCONJ
emaj-83	183	12	the	the	DET
emaj-83	183	13	aylett	aylett	PROPN
emaj-83	183	14	equity	equity	PROPN
emaj-83	183	15	fund	fund	PROPN
emaj-83	183	16	have	have	VERB
emaj-83	183	17	the	the	DET
emaj-83	183	18	highest	high	ADJ
emaj-83	183	19	the	the	DET
emaj-83	183	20	treynor	treynor	NOUN
emaj-83	183	21	ratios	ratio	NOUN
emaj-83	183	22	.	.	PUNCT
emaj-83	184	1	the	the	DET
emaj-83	184	2	huysamer	huysamer	PROPN
emaj-83	184	3	equity	equity	PROPN
emaj-83	184	4	fund	fund	PROPN
emaj-83	184	5	and	and	CCONJ
emaj-83	184	6	the	the	DET
emaj-83	184	7	investec	investec	ADJ
emaj-83	184	8	equity	equity	NOUN
emaj-83	184	9	fund	fund	NOUN
emaj-83	184	10	have	have	VERB
emaj-83	184	11	the	the	DET
emaj-83	184	12	lowest	low	ADJ
emaj-83	184	13	treynor	treynor	NOUN
emaj-83	184	14	ratios	ratio	NOUN
emaj-83	184	15	.	.	PUNCT
emaj-83	185	1	table	table	NOUN
emaj-83	185	2	4	4	NUM
emaj-83	185	3	.	.	PUNCT
emaj-83	185	4	results	result	NOUN
emaj-83	185	5	of	of	ADP
emaj-83	185	6	the	the	DET
emaj-83	185	7	treynor	treynor	NOUN
emaj-83	185	8	ratio	ratio	NOUN
emaj-83	185	9	for	for	ADP
emaj-83	185	10	south	south	PROPN
emaj-83	185	11	africa	africa	PROPN
emaj-83	185	12	fund	fund	PROPN
emaj-83	185	13	name	name	PROPN
emaj-83	185	14	treynor	treynor	PROPN
emaj-83	185	15	rank	rank	PROPN
emaj-83	185	16	foord	foord	PROPN
emaj-83	185	17	equity	equity	PROPN
emaj-83	185	18	fund	fund	PROPN
emaj-83	185	19	a	a	DET
emaj-83	185	20	0.00302	0.00302	NUM
emaj-83	185	21	1	1	NUM
emaj-83	185	22	aylett	aylett	PROPN
emaj-83	185	23	equity	equity	NOUN
emaj-83	185	24	fund	fund	PROPN
emaj-83	186	1	a	a	DET
emaj-83	186	2	0.00283	0.00283	NUM
emaj-83	186	3	2	2	NUM
emaj-83	186	4	allan	allan	PROPN
emaj-83	186	5	gray	gray	PROPN
emaj-83	186	6	equity	equity	PROPN
emaj-83	186	7	fund	fund	PROPN
emaj-83	186	8	a	a	DET
emaj-83	186	9	0.00260	0.00260	NUM
emaj-83	186	10	3	3	NUM
emaj-83	186	11	prudential	prudential	PROPN
emaj-83	186	12	equity	equity	PROPN
emaj-83	186	13	fund	fund	PROPN
emaj-83	186	14	a	a	DET
emaj-83	186	15	0.00249	0.00249	NUM
emaj-83	186	16	4	4	NUM
emaj-83	186	17	sanlam	sanlam	NOUN
emaj-83	186	18	general	general	ADJ
emaj-83	186	19	equity	equity	NOUN
emaj-83	186	20	fund	fund	PROPN
emaj-83	186	21	a	a	DET
emaj-83	186	22	0.00247	0.00247	NUM
emaj-83	186	23	5	5	NUM
emaj-83	186	24	coronation	coronation	NOUN
emaj-83	186	25	equity	equity	NOUN
emaj-83	186	26	fund	fund	NOUN
emaj-83	186	27	a	a	DET
emaj-83	186	28	0.00238	0.00238	NUM
emaj-83	186	29	6	6	NUM
emaj-83	186	30	old	old	ADJ
emaj-83	186	31	mutual	mutual	ADJ
emaj-83	186	32	investors	investor	NOUN
emaj-83	186	33	fund	fund	VERB
emaj-83	186	34	a	a	DET
emaj-83	186	35	0.00214	0.00214	NUM
emaj-83	186	36	7	7	NUM
emaj-83	186	37	nedgroup	nedgroup	ADV
emaj-83	186	38	invs.rainmaker	invs.rainmak	ADJ
emaj-83	186	39	fund	fund	NOUN
emaj-83	186	40	a	a	DET
emaj-83	186	41	0.00212	0.00212	NUM
emaj-83	186	42	8	8	NUM
emaj-83	186	43	investec	investec	ADJ
emaj-83	186	44	equity	equity	NOUN
emaj-83	186	45	fund	fund	NOUN
emaj-83	186	46	a	a	DET
emaj-83	186	47	0.00163	0.00163	NUM
emaj-83	186	48	9	9	NUM
emaj-83	186	49	huysamer	huysamer	NOUN
emaj-83	186	50	equity	equity	NOUN
emaj-83	186	51	fund	fund	PROPN
emaj-83	186	52	a	a	DET
emaj-83	186	53	0.00093	0.00093	NUM
emaj-83	186	54	10	10	NUM
emaj-83	186	55	table	table	NOUN
emaj-83	186	56	5	5	NUM
emaj-83	186	57	displays	display	VERB
emaj-83	186	58	us	we	PRON
emaj-83	186	59	the	the	DET
emaj-83	186	60	results	result	NOUN
emaj-83	186	61	of	of	ADP
emaj-83	186	62	jensen	jensen	PROPN
emaj-83	186	63	’s	’s	PART
emaj-83	186	64	alpha	alpha	ADJ
emaj-83	186	65	measure	measure	NOUN
emaj-83	186	66	that	that	PRON
emaj-83	186	67	indicates	indicate	VERB
emaj-83	186	68	the	the	DET
emaj-83	186	69	selectivity	selectivity	NOUN
emaj-83	186	70	skills	skill	NOUN
emaj-83	186	71	of	of	ADP
emaj-83	186	72	fund	fund	NOUN
emaj-83	186	73	managers	manager	NOUN
emaj-83	186	74	.	.	PUNCT
emaj-83	187	1	fund	fund	NOUN
emaj-83	187	2	managers	manager	NOUN
emaj-83	187	3	have	have	VERB
emaj-83	187	4	either	either	CCONJ
emaj-83	187	5	a	a	DET
emaj-83	187	6	higher	high	ADJ
emaj-83	187	7	performance	performance	NOUN
emaj-83	187	8	or	or	CCONJ
emaj-83	187	9	a	a	DET
emaj-83	187	10	lower	low	ADJ
emaj-83	187	11	performance	performance	NOUN
emaj-83	187	12	relative	relative	ADJ
emaj-83	187	13	to	to	ADP
emaj-83	187	14	the	the	DET
emaj-83	187	15	market	market	NOUN
emaj-83	187	16	.	.	PUNCT
emaj-83	188	1	nine	nine	NUM
emaj-83	188	2	out	out	ADP
emaj-83	188	3	of	of	ADP
emaj-83	188	4	the	the	DET
emaj-83	188	5	10	10	NUM
emaj-83	188	6	funds	fund	NOUN
emaj-83	188	7	have	have	VERB
emaj-83	188	8	positive	positive	ADJ
emaj-83	188	9	alphas	alpha	NOUN
emaj-83	188	10	,	,	PUNCT
emaj-83	188	11	but	but	CCONJ
emaj-83	188	12	only	only	ADV
emaj-83	188	13	the	the	DET
emaj-83	188	14	foord	foord	PROPN
emaj-83	188	15	equity	equity	NOUN
emaj-83	188	16	fund	fund	NOUN
emaj-83	188	17	is	be	AUX
emaj-83	188	18	both	both	PRON
emaj-83	188	19	positive	positive	ADJ
emaj-83	188	20	and	and	CCONJ
emaj-83	188	21	statistically	statistically	ADV
emaj-83	188	22	significant	significant	ADJ
emaj-83	188	23	at	at	ADP
emaj-83	188	24	the	the	DET
emaj-83	188	25	10	10	NUM
emaj-83	188	26	%	%	NOUN
emaj-83	188	27	level	level	NOUN
emaj-83	188	28	.	.	PUNCT
emaj-83	189	1	on	on	ADP
emaj-83	189	2	the	the	DET
emaj-83	189	3	other	other	ADJ
emaj-83	189	4	hand	hand	NOUN
emaj-83	189	5	,	,	PUNCT
emaj-83	189	6	the	the	DET
emaj-83	189	7	huysamer	huysamer	PROPN
emaj-83	189	8	equity	equity	PROPN
emaj-83	189	9	fund	fund	PROPN
emaj-83	189	10	a	a	PRON
emaj-83	189	11	has	have	VERB
emaj-83	189	12	only	only	ADV
emaj-83	189	13	negative	negative	ADJ
emaj-83	189	14	alpha	alpha	NOUN
emaj-83	189	15	.	.	PUNCT
emaj-83	190	1	mutual	mutual	ADJ
emaj-83	190	2	fund	fund	NOUN
emaj-83	190	3	performance	performance	NOUN
emaj-83	190	4	:	:	PUNCT
emaj-83	190	5	evidence	evidence	NOUN
emaj-83	190	6	from	from	ADP
emaj-83	190	7	south	south	PROPN
emaj-83	190	8	africa	africa	PROPN
emaj-83	190	9	page	page	NOUN
emaj-83	190	10	|54|	|54|	AUX
emaj-83	190	11	emerging	emerge	VERB
emaj-83	190	12	markets	market	NOUN
emaj-83	190	13	journal	journal	NOUN
emaj-83	190	14	volume	volume	NOUN
emaj-83	190	15	5	5	NUM
emaj-83	190	16	no	no	DET
emaj-83	190	17	2	2	NUM
emaj-83	190	18	(	(	PUNCT
emaj-83	190	19	2015	2015	NUM
emaj-83	190	20	)	)	PUNCT
emaj-83	190	21	|	|	ADV
emaj-83	190	22	issn	issn	VERB
emaj-83	190	23	2158	2158	NUM
emaj-83	190	24	-	-	SYM
emaj-83	190	25	8708	8708	NUM
emaj-83	190	26	(	(	PUNCT
emaj-83	190	27	online	online	NOUN
emaj-83	190	28	)	)	PUNCT
emaj-83	190	29	|	|	ADV
emaj-83	190	30	doi	doi	X
emaj-83	190	31	10.5195	10.5195	NUM
emaj-83	190	32	/	/	SYM
emaj-83	190	33	emaj.2015.83	emaj.2015.83	NOUN
emaj-83	190	34	|	|	NOUN
emaj-83	190	35	http://emaj.pitt.edu	http://emaj.pitt.edu	NOUN
emaj-83	190	36	table	table	NOUN
emaj-83	190	37	5	5	NUM
emaj-83	190	38	.	.	PUNCT
emaj-83	190	39	results	result	NOUN
emaj-83	190	40	of	of	ADP
emaj-83	190	41	jensen	jensen	PROPN
emaj-83	190	42	's	's	PART
emaj-83	190	43	alpha	alpha	NOUN
emaj-83	190	44	for	for	ADP
emaj-83	190	45	south	south	PROPN
emaj-83	190	46	africa	africa	PROPN
emaj-83	190	47	fund	fund	PROPN
emaj-83	190	48	name	name	PROPN
emaj-83	190	49	jensen	jensen	PROPN
emaj-83	190	50	's	's	PART
emaj-83	190	51	alpha	alpha	PROPN
emaj-83	190	52	t	t	PROPN
emaj-83	190	53	stat	stat	PROPN
emaj-83	190	54	pvalue	pvalue	NOUN
emaj-83	190	55	foord	foord	PROPN
emaj-83	190	56	equity	equity	NOUN
emaj-83	190	57	fund	fund	PROPN
emaj-83	190	58	*	*	PROPN
emaj-83	190	59	0.00108	0.00108	NUM
emaj-83	190	60	1.8112	1.8112	NUM
emaj-83	190	61	5	5	NUM
emaj-83	190	62	0.071	0.071	NUM
emaj-83	190	63	10	10	NUM
emaj-83	190	64	aylett	aylett	PROPN
emaj-83	190	65	equity	equity	NOUN
emaj-83	190	66	fund	fund	PROPN
emaj-83	190	67	a	a	DET
emaj-83	190	68	0.00071	0.00071	NUM
emaj-83	190	69	1.4202	1.4202	NUM
emaj-83	190	70	7	7	NUM
emaj-83	190	71	0.156	0.156	NUM
emaj-83	190	72	56	56	NUM
emaj-83	190	73	allan	allan	PROPN
emaj-83	190	74	gray	gray	PROPN
emaj-83	190	75	equity	equity	PROPN
emaj-83	190	76	fund	fund	PROPN
emaj-83	190	77	a	a	DET
emaj-83	190	78	0.00070	0.00070	NUM
emaj-83	190	79	1.5836	1.5836	NUM
emaj-83	190	80	4	4	NUM
emaj-83	190	81	0.114	0.114	NUM
emaj-83	190	82	32	32	NUM
emaj-83	190	83	sanlam	sanlam	NOUN
emaj-83	190	84	general	general	ADJ
emaj-83	190	85	equity	equity	NOUN
emaj-83	190	86	fund	fund	PROPN
emaj-83	190	87	a	a	DET
emaj-83	190	88	0.00070	0.00070	NUM
emaj-83	190	89	1.6587	1.6587	NUM
emaj-83	190	90	7	7	NUM
emaj-83	190	91	0.098	0.098	NUM
emaj-83	190	92	20	20	NUM
emaj-83	190	93	prudential	prudential	PROPN
emaj-83	190	94	equity	equity	PROPN
emaj-83	190	95	fund	fund	PROPN
emaj-83	190	96	a	a	DET
emaj-83	190	97	0.00068	0.00068	NUM
emaj-83	190	98	1.5036	1.5036	NUM
emaj-83	190	99	1	1	NUM
emaj-83	190	100	0.133	0.133	NUM
emaj-83	190	101	73	73	NUM
emaj-83	190	102	coronation	coronation	NOUN
emaj-83	190	103	equity	equity	NOUN
emaj-83	190	104	fund	fund	NOUN
emaj-83	190	105	a	a	DET
emaj-83	190	106	0.00065	0.00065	NUM
emaj-83	190	107	1.3715	1.3715	NUM
emaj-83	190	108	6	6	NUM
emaj-83	190	109	0.171	0.171	NUM
emaj-83	190	110	22	22	NUM
emaj-83	190	111	old	old	ADJ
emaj-83	190	112	mutual	mutual	ADJ
emaj-83	190	113	investors	investor	NOUN
emaj-83	190	114	fund	fund	VERB
emaj-83	190	115	a	a	DET
emaj-83	190	116	0.00046	0.00046	NUM
emaj-83	190	117	1.0024	1.0024	NUM
emaj-83	190	118	1	1	NUM
emaj-83	190	119	0.316	0.316	NUM
emaj-83	190	120	95	95	NUM
emaj-83	190	121	nedgroup	nedgroup	ADV
emaj-83	190	122	invs.rainmaker	invs.rainmaker	NOUN
emaj-83	190	123	fund	fund	NOUN
emaj-83	190	124	a	a	DET
emaj-83	190	125	0.00038	0.00038	NUM
emaj-83	190	126	0.7188	0.7188	NUM
emaj-83	190	127	8	8	NUM
emaj-83	190	128	0.472	0.472	NUM
emaj-83	190	129	77	77	NUM
emaj-83	190	130	investec	investec	ADJ
emaj-83	190	131	equity	equity	NOUN
emaj-83	190	132	fund	fund	NOUN
emaj-83	190	133	a	a	DET
emaj-83	190	134	0.00002	0.00002	NUM
emaj-83	190	135	0.0480	0.0480	NUM
emaj-83	190	136	5	5	NUM
emaj-83	190	137	0.961	0.961	NUM
emaj-83	190	138	71	71	NUM
emaj-83	190	139	huysamer	huysamer	NOUN
emaj-83	190	140	equity	equity	NOUN
emaj-83	190	141	fund	fund	PROPN
emaj-83	190	142	a	a	DET
emaj-83	190	143	-0.00061	-0.00061	X
emaj-83	191	1	1.2611	1.2611	NUM
emaj-83	191	2	1	1	NUM
emaj-83	191	3	0.208	0.208	NUM
emaj-83	191	4	24	24	NUM
emaj-83	191	5	significance	significance	NOUN
emaj-83	191	6	levels	level	NOUN
emaj-83	191	7	:	:	PUNCT
emaj-83	191	8	*	*	PUNCT
emaj-83	191	9	indicates	indicate	VERB
emaj-83	191	10	10	10	NUM
emaj-83	191	11	%	%	NOUN
emaj-83	191	12	,	,	PUNCT
emaj-83	191	13	*	*	PUNCT
emaj-83	191	14	*	*	PUNCT
emaj-83	191	15	indicates	indicate	VERB
emaj-83	191	16	5	5	NUM
emaj-83	191	17	%	%	NOUN
emaj-83	191	18	,	,	PUNCT
emaj-83	191	19	*	*	PUNCT
emaj-83	191	20	*	*	PUNCT
emaj-83	191	21	*	*	PUNCT
emaj-83	191	22	indicates	indicate	VERB
emaj-83	191	23	1	1	NUM
emaj-83	191	24	%	%	NOUN
emaj-83	191	25	the	the	DET
emaj-83	191	26	treynor	treynor	NOUN
emaj-83	191	27	&	&	CCONJ
emaj-83	191	28	mazuy	mazuy	PROPN
emaj-83	191	29	(	(	PUNCT
emaj-83	191	30	1966	1966	NUM
emaj-83	191	31	)	)	PUNCT
emaj-83	191	32	analysis	analysis	NOUN
emaj-83	191	33	analyzes	analyze	VERB
emaj-83	191	34	the	the	DET
emaj-83	191	35	market	market	NOUN
emaj-83	191	36	timing	timing	NOUN
emaj-83	191	37	ability	ability	NOUN
emaj-83	191	38	of	of	ADP
emaj-83	191	39	fund	fund	NOUN
emaj-83	191	40	managers	manager	NOUN
emaj-83	191	41	.	.	PUNCT
emaj-83	192	1	if	if	SCONJ
emaj-83	192	2	fund	fund	NOUN
emaj-83	192	3	managers	manager	NOUN
emaj-83	192	4	believe	believe	VERB
emaj-83	192	5	that	that	SCONJ
emaj-83	192	6	the	the	DET
emaj-83	192	7	market	market	NOUN
emaj-83	192	8	is	be	AUX
emaj-83	192	9	going	go	VERB
emaj-83	192	10	up	up	ADP
emaj-83	192	11	,	,	PUNCT
emaj-83	192	12	they	they	PRON
emaj-83	192	13	change	change	VERB
emaj-83	192	14	their	their	PRON
emaj-83	192	15	portfolio	portfolio	NOUN
emaj-83	192	16	composition	composition	NOUN
emaj-83	192	17	from	from	ADP
emaj-83	192	18	less	less	ADV
emaj-83	192	19	volatile	volatile	ADJ
emaj-83	192	20	to	to	ADP
emaj-83	192	21	high	high	ADJ
emaj-83	192	22	volatile	volatile	ADJ
emaj-83	192	23	securities	security	NOUN
emaj-83	192	24	.	.	PUNCT
emaj-83	193	1	when	when	SCONJ
emaj-83	193	2	the	the	DET
emaj-83	193	3	market	market	NOUN
emaj-83	193	4	is	be	AUX
emaj-83	193	5	going	go	VERB
emaj-83	193	6	down	down	ADP
emaj-83	193	7	,	,	PUNCT
emaj-83	193	8	they	they	PRON
emaj-83	193	9	shift	shift	VERB
emaj-83	193	10	their	their	PRON
emaj-83	193	11	portfolio	portfolio	NOUN
emaj-83	193	12	composition	composition	NOUN
emaj-83	193	13	from	from	ADP
emaj-83	193	14	high	high	ADJ
emaj-83	193	15	volatile	volatile	NOUN
emaj-83	193	16	to	to	ADP
emaj-83	193	17	less	less	ADV
emaj-83	193	18	volatile	volatile	ADJ
emaj-83	193	19	securities	security	NOUN
emaj-83	193	20	.	.	PUNCT
emaj-83	194	1	if	if	SCONJ
emaj-83	194	2	fund	fund	NOUN
emaj-83	194	3	managers	manager	NOUN
emaj-83	194	4	have	have	VERB
emaj-83	194	5	market	market	NOUN
emaj-83	194	6	timing	timing	NOUN
emaj-83	194	7	ability	ability	NOUN
emaj-83	194	8	,	,	PUNCT
emaj-83	194	9	they	they	PRON
emaj-83	194	10	create	create	VERB
emaj-83	194	11	their	their	PRON
emaj-83	194	12	portfolios	portfolio	NOUN
emaj-83	194	13	according	accord	VERB
emaj-83	194	14	to	to	ADP
emaj-83	194	15	their	their	PRON
emaj-83	194	16	estimates	estimate	NOUN
emaj-83	194	17	of	of	ADP
emaj-83	194	18	the	the	DET
emaj-83	194	19	tendency	tendency	NOUN
emaj-83	194	20	of	of	ADP
emaj-83	194	21	the	the	DET
emaj-83	194	22	markets	market	NOUN
emaj-83	194	23	.	.	PUNCT
emaj-83	195	1	table	table	NOUN
emaj-83	195	2	6	6	NUM
emaj-83	195	3	shows	show	VERB
emaj-83	195	4	the	the	DET
emaj-83	195	5	results	result	NOUN
emaj-83	195	6	of	of	ADP
emaj-83	195	7	the	the	DET
emaj-83	195	8	treynor	treynor	NOUN
emaj-83	195	9	&	&	CCONJ
emaj-83	195	10	mazuy	mazuy	PROPN
emaj-83	195	11	(	(	PUNCT
emaj-83	195	12	1966	1966	NUM
emaj-83	195	13	)	)	PUNCT
emaj-83	195	14	method	method	NOUN
emaj-83	195	15	.	.	PUNCT
emaj-83	196	1	only	only	ADV
emaj-83	196	2	the	the	DET
emaj-83	196	3	allan	allan	PROPN
emaj-83	196	4	gray	gray	PROPN
emaj-83	196	5	equity	equity	PROPN
emaj-83	196	6	fund	fund	PROPN
emaj-83	196	7	a	a	PRON
emaj-83	196	8	has	have	VERB
emaj-83	196	9	a	a	DET
emaj-83	196	10	positive	positive	ADJ
emaj-83	196	11	result	result	NOUN
emaj-83	196	12	,	,	PUNCT
emaj-83	196	13	but	but	CCONJ
emaj-83	196	14	is	be	AUX
emaj-83	196	15	statistically	statistically	ADV
emaj-83	196	16	insignificant	insignificant	ADJ
emaj-83	196	17	.	.	PUNCT
emaj-83	197	1	the	the	DET
emaj-83	197	2	other	other	ADJ
emaj-83	197	3	nine	nine	NUM
emaj-83	197	4	funds	fund	NOUN
emaj-83	197	5	have	have	VERB
emaj-83	197	6	negative	negative	ADJ
emaj-83	197	7	market	market	NOUN
emaj-83	197	8	timing	timing	NOUN
emaj-83	197	9	ability	ability	NOUN
emaj-83	197	10	and	and	CCONJ
emaj-83	197	11	only	only	ADV
emaj-83	197	12	the	the	DET
emaj-83	197	13	old	old	ADJ
emaj-83	197	14	mutual	mutual	ADJ
emaj-83	197	15	investors	investor	NOUN
emaj-83	197	16	fund	fund	VERB
emaj-83	197	17	a	a	PRON
emaj-83	197	18	is	be	AUX
emaj-83	197	19	statistically	statistically	ADV
emaj-83	197	20	significant	significant	ADJ
emaj-83	197	21	at	at	ADP
emaj-83	197	22	the	the	DET
emaj-83	197	23	10	10	NUM
emaj-83	197	24	%	%	NOUN
emaj-83	197	25	level	level	NOUN
emaj-83	197	26	.	.	PUNCT
emaj-83	198	1	it	it	PRON
emaj-83	198	2	is	be	AUX
emaj-83	198	3	concluded	conclude	VERB
emaj-83	198	4	that	that	SCONJ
emaj-83	198	5	fund	fund	NOUN
emaj-83	198	6	managers	manager	NOUN
emaj-83	198	7	did	do	AUX
emaj-83	198	8	not	not	PART
emaj-83	198	9	have	have	VERB
emaj-83	198	10	market	market	NOUN
emaj-83	198	11	timing	timing	NOUN
emaj-83	198	12	ability	ability	NOUN
emaj-83	198	13	during	during	ADP
emaj-83	198	14	the	the	DET
emaj-83	198	15	quantitative	quantitative	ADJ
emaj-83	198	16	easing	ease	VERB
emaj-83	198	17	policy	policy	NOUN
emaj-83	198	18	era	era	NOUN
emaj-83	198	19	.	.	PUNCT
emaj-83	199	1	table	table	NOUN
emaj-83	199	2	6	6	NUM
emaj-83	199	3	.	.	PUNCT
emaj-83	200	1	results	result	NOUN
emaj-83	200	2	of	of	ADP
emaj-83	200	3	the	the	DET
emaj-83	200	4	treynor	treynor	NOUN
emaj-83	200	5	&	&	CCONJ
emaj-83	200	6	mazuy	mazuy	PROPN
emaj-83	200	7	regression	regression	NOUN
emaj-83	200	8	analysis	analysis	NOUN
emaj-83	200	9	for	for	ADP
emaj-83	200	10	south	south	PROPN
emaj-83	200	11	africa	africa	PROPN
emaj-83	200	12	fund	fund	PROPN
emaj-83	200	13	name	name	PROPN
emaj-83	200	14	t	t	PROPN
emaj-83	200	15	&	&	CCONJ
emaj-83	200	16	m	m	PROPN
emaj-83	200	17	t	t	PROPN
emaj-83	200	18	-	-	PUNCT
emaj-83	200	19	stat	stat	NOUN
emaj-83	200	20	pvalue	pvalue	NOUN
emaj-83	200	21	allan	allan	PROPN
emaj-83	200	22	gray	gray	PROPN
emaj-83	200	23	equity	equity	PROPN
emaj-83	200	24	fund	fund	PROPN
emaj-83	200	25	a	a	DET
emaj-83	200	26	0.50666	0.50666	NUM
emaj-83	200	27	0.88948	0.88948	NUM
emaj-83	200	28	0.374	0.374	NUM
emaj-83	200	29	45	45	NUM
emaj-83	200	30	aylett	aylett	PROPN
emaj-83	200	31	equity	equity	NOUN
emaj-83	200	32	fund	fund	PROPN
emaj-83	200	33	a	a	DET
emaj-83	200	34	0.93854	0.93854	NUM
emaj-83	200	35	1.46723	1.46723	NUM
emaj-83	200	36	0.143	0.143	NUM
emaj-83	200	37	36	36	NUM
emaj-83	200	38	coronation	coronation	NOUN
emaj-83	200	39	equity	equity	NOUN
emaj-83	200	40	fund	fund	NOUN
emaj-83	200	41	a	a	DET
emaj-83	200	42	0.59628	0.59628	NUM
emaj-83	200	43	0.97207	0.97207	NUM
emaj-83	200	44	0.331	0.331	NUM
emaj-83	200	45	79	79	NUM
emaj-83	200	46	foord	foord	PROPN
emaj-83	200	47	equity	equity	NOUN
emaj-83	200	48	fund	fund	NOUN
emaj-83	200	49	1.19570	1.19570	NUM
emaj-83	200	50	1.56380	1.56380	NUM
emaj-83	200	51	0.118	0.118	NUM
emaj-83	200	52	91	91	NUM
emaj-83	200	53	huysamer	huysamer	NOUN
emaj-83	200	54	equity	equity	NOUN
emaj-83	200	55	fund	fund	PROPN
emaj-83	200	56	a	a	DET
emaj-83	200	57	0.22466	0.22466	NUM
emaj-83	200	58	0.35809	0.35809	NUM
emaj-83	200	59	0.720	0.720	NUM
emaj-83	200	60	53	53	NUM
emaj-83	200	61	investec	investec	ADJ
emaj-83	200	62	equity	equity	NOUN
emaj-83	200	63	fund	fund	NOUN
emaj-83	200	64	a	a	DET
emaj-83	200	65	0.29696	0.29696	NUM
emaj-83	200	66	0.52182	0.52182	NUM
emaj-83	200	67	0.602	0.602	NUM
emaj-83	200	68	18	18	NUM
emaj-83	200	69	nedgroup	nedgroup	ADV
emaj-83	200	70	invs.rainmaker	invs.rainmak	ADJ
emaj-83	200	71	fund	fund	NOUN
emaj-83	200	72	a	a	DET
emaj-83	200	73	0.31096	0.31096	NUM
emaj-83	200	74	0.46058	0.46058	NUM
emaj-83	200	75	0.645	0.645	NUM
emaj-83	200	76	43	43	NUM
emaj-83	200	77	old	old	ADJ
emaj-83	200	78	mutual	mutual	ADJ
emaj-83	200	79	investors	investor	NOUN
emaj-83	200	80	fund	fund	VERB
emaj-83	200	81	a	a	DET
emaj-83	200	82	*	*	NUM
emaj-83	200	83	1.46072	1.46072	NUM
emaj-83	200	84	2.48106	2.48106	NUM
emaj-83	200	85	0.013	0.013	NUM
emaj-83	200	86	64	64	NUM
emaj-83	200	87	prudential	prudential	PROPN
emaj-83	200	88	equity	equity	PROPN
emaj-83	200	89	fund	fund	PROPN
emaj-83	200	90	a	a	DET
emaj-83	200	91	0.59436	0.59436	NUM
emaj-83	200	92	1.01461	1.01461	NUM
emaj-83	200	93	0.311	0.311	NUM
emaj-83	200	94	11	11	NUM
emaj-83	200	95	sanlam	sanlam	NOUN
emaj-83	200	96	general	general	ADJ
emaj-83	200	97	equity	equity	NOUN
emaj-83	200	98	fund	fund	PROPN
emaj-83	200	99	a	a	DET
emaj-83	200	100	0.35064	0.35064	NUM
emaj-83	200	101	0.64866	0.64866	NUM
emaj-83	200	102	0.517	0.517	NUM
emaj-83	200	103	05	05	NUM
emaj-83	200	104	significance	significance	NOUN
emaj-83	200	105	levels	level	NOUN
emaj-83	200	106	:	:	PUNCT
emaj-83	200	107	*	*	PUNCT
emaj-83	200	108	indicates	indicate	VERB
emaj-83	200	109	10	10	NUM
emaj-83	200	110	%	%	NOUN
emaj-83	200	111	,	,	PUNCT
emaj-83	200	112	*	*	PUNCT
emaj-83	200	113	*	*	PUNCT
emaj-83	200	114	indicates	indicate	VERB
emaj-83	200	115	5	5	NUM
emaj-83	200	116	%	%	NOUN
emaj-83	200	117	,	,	PUNCT
emaj-83	200	118	*	*	PUNCT
emaj-83	200	119	*	*	PUNCT
emaj-83	200	120	*	*	PUNCT
emaj-83	200	121	indicates	indicate	VERB
emaj-83	200	122	1	1	NUM
emaj-83	200	123	%	%	NOUN
emaj-83	200	124	another	another	DET
emaj-83	200	125	approach	approach	NOUN
emaj-83	200	126	for	for	ADP
emaj-83	200	127	market	market	NOUN
emaj-83	200	128	timing	timing	NOUN
emaj-83	200	129	ability	ability	NOUN
emaj-83	200	130	is	be	AUX
emaj-83	200	131	the	the	DET
emaj-83	200	132	henriksson	henriksson	PROPN
emaj-83	200	133	&	&	CCONJ
emaj-83	200	134	merton	merton	PROPN
emaj-83	200	135	(	(	PUNCT
emaj-83	200	136	1984	1984	NUM
emaj-83	200	137	)	)	PUNCT
emaj-83	200	138	regression	regression	VERB
emaj-83	200	139	analysis	analysis	NOUN
emaj-83	200	140	method	method	NOUN
emaj-83	200	141	.	.	PUNCT
emaj-83	201	1	market	market	NOUN
emaj-83	201	2	timing	timing	NOUN
emaj-83	201	3	ability	ability	NOUN
emaj-83	201	4	allows	allow	VERB
emaj-83	201	5	fund	fund	NOUN
emaj-83	201	6	managers	manager	NOUN
emaj-83	201	7	to	to	PART
emaj-83	201	8	forecast	forecast	VERB
emaj-83	201	9	whether	whether	SCONJ
emaj-83	201	10	returns	return	NOUN
emaj-83	201	11	of	of	ADP
emaj-83	201	12	funds	fund	NOUN
emaj-83	201	13	will	will	AUX
emaj-83	201	14	be	be	AUX
emaj-83	201	15	higher	high	ADJ
emaj-83	201	16	than	than	ADP
emaj-83	201	17	the	the	DET
emaj-83	201	18	risk	risk	NOUN
emaj-83	201	19	-	-	PUNCT
emaj-83	201	20	free	free	ADJ
emaj-83	201	21	rate	rate	NOUN
emaj-83	201	22	or	or	CCONJ
emaj-83	201	23	vice	vice	NOUN
emaj-83	201	24	versa	versa	ADV
emaj-83	201	25	.	.	PUNCT
emaj-83	202	1	table	table	NOUN
emaj-83	202	2	7	7	NUM
emaj-83	202	3	shows	show	VERB
emaj-83	202	4	the	the	DET
emaj-83	202	5	results	result	NOUN
emaj-83	202	6	of	of	ADP
emaj-83	202	7	the	the	DET
emaj-83	202	8	henriksson	henriksson	PROPN
emaj-83	202	9	&	&	CCONJ
emaj-83	202	10	merton	merton	PROPN
emaj-83	202	11	(	(	PUNCT
emaj-83	202	12	1981	1981	NUM
emaj-83	202	13	)	)	PUNCT
emaj-83	202	14	method	method	NOUN
emaj-83	202	15	.	.	PUNCT
emaj-83	203	1	the	the	DET
emaj-83	203	2	allan	allan	PROPN
emaj-83	203	3	gray	gray	PROPN
emaj-83	203	4	equity	equity	PROPN
emaj-83	203	5	fund	fund	PROPN
emaj-83	203	6	has	have	VERB
emaj-83	203	7	positive	positive	ADJ
emaj-83	203	8	results	result	NOUN
emaj-83	203	9	,	,	PUNCT
emaj-83	203	10	but	but	CCONJ
emaj-83	203	11	is	be	AUX
emaj-83	203	12	statistically	statistically	ADV
emaj-83	203	13	insignificant	insignificant	ADJ
emaj-83	203	14	.	.	PUNCT
emaj-83	204	1	nine	nine	NUM
emaj-83	204	2	funds	fund	NOUN
emaj-83	204	3	have	have	VERB
emaj-83	204	4	negative	negative	ADJ
emaj-83	204	5	market	market	NOUN
emaj-83	204	6	timing	timing	NOUN
emaj-83	204	7	ability	ability	NOUN
emaj-83	204	8	and	and	CCONJ
emaj-83	204	9	are	be	AUX
emaj-83	204	10	not	not	PART
emaj-83	204	11	statistically	statistically	ADV
emaj-83	204	12	significant	significant	ADJ
emaj-83	204	13	.	.	PUNCT
emaj-83	205	1	table	table	NOUN
emaj-83	205	2	7	7	NUM
emaj-83	205	3	.	.	PUNCT
emaj-83	205	4	results	result	NOUN
emaj-83	205	5	of	of	ADP
emaj-83	205	6	the	the	DET
emaj-83	205	7	henriksson	henriksson	PROPN
emaj-83	205	8	&	&	CCONJ
emaj-83	205	9	merton	merton	PROPN
emaj-83	205	10	regression	regression	NOUN
emaj-83	205	11	analysis	analysis	NOUN
emaj-83	205	12	for	for	ADP
emaj-83	205	13	south	south	PROPN
emaj-83	205	14	africa	africa	PROPN
emaj-83	205	15	fund	fund	PROPN
emaj-83	205	16	name	name	PROPN
emaj-83	205	17	h	h	PROPN
emaj-83	205	18	&	&	CCONJ
emaj-83	205	19	m	m	PROPN
emaj-83	205	20	t	t	PROPN
emaj-83	205	21	-	-	PUNCT
emaj-83	205	22	stat	stat	NOUN
emaj-83	205	23	p	p	NOUN
emaj-83	205	24	-	-	PUNCT
emaj-83	205	25	value	value	NOUN
emaj-83	205	26	allan	allan	PROPN
emaj-83	205	27	gray	gray	PROPN
emaj-83	205	28	equity	equity	PROPN
emaj-83	205	29	fund	fund	PROPN
emaj-83	205	30	a	a	DET
emaj-83	205	31	0.00463	0.00463	NUM
emaj-83	205	32	0.1298	0.1298	NUM
emaj-83	205	33	0.8968	0.8968	NUM
emaj-83	205	34	1	1	NUM
emaj-83	205	35	aylett	aylett	PROPN
emaj-83	205	36	equity	equity	NOUN
emaj-83	205	37	fund	fund	PROPN
emaj-83	205	38	a	a	DET
emaj-83	205	39	0.03272	0.03272	NUM
emaj-83	205	40	0.81571	0.81571	NUM
emaj-83	205	41	0.4153	0.4153	NUM
emaj-83	205	42	1	1	NUM
emaj-83	205	43	coronation	coronation	NOUN
emaj-83	205	44	equity	equity	NOUN
emaj-83	205	45	fund	fund	NOUN
emaj-83	205	46	a	a	DET
emaj-83	205	47	0.03503	0.03503	NUM
emaj-83	205	48	0.91272	0.91272	NUM
emaj-83	205	49	0.3621	0.3621	NUM
emaj-83	205	50	2	2	NUM
emaj-83	205	51	foord	foord	NOUN
emaj-83	205	52	equity	equity	NOUN
emaj-83	205	53	fund	fund	NOUN
emaj-83	205	54	0.04335	0.04335	NUM
emaj-83	205	55	0.90395	0.90395	NUM
emaj-83	205	56	0.3667	0.3667	NUM
emaj-83	205	57	4	4	NUM
emaj-83	205	58	huysamer	huysamer	NOUN
emaj-83	205	59	equity	equity	NOUN
emaj-83	205	60	fund	fund	NOUN
emaj-83	205	61	a	a	DET
emaj-83	205	62	0.00686	0.00686	NUM
emaj-83	205	63	0.17483	0.17483	NUM
emaj-83	205	64	0.7221	0.7221	NUM
emaj-83	205	65	5	5	NUM
emaj-83	205	66	investec	investec	ADJ
emaj-83	205	67	equity	equity	NOUN
emaj-83	205	68	fund	fund	NOUN
emaj-83	205	69	a	a	DET
emaj-83	205	70	0.02862	0.02862	NUM
emaj-83	205	71	0.80443	0.80443	NUM
emaj-83	205	72	0.4217	0.4217	NUM
emaj-83	205	73	8	8	NUM
emaj-83	205	74	nedgroup	nedgroup	ADV
emaj-83	205	75	invs.rainmaker	invs.rainmaker	NOUN
emaj-83	205	76	fund	fund	NOUN
emaj-83	205	77	a	a	DET
emaj-83	205	78	0.00348	0.00348	NUM
emaj-83	205	79	0.08243	0.08243	NUM
emaj-83	205	80	0.9343	0.9343	NUM
emaj-83	205	81	6	6	NUM
emaj-83	205	82	old	old	ADJ
emaj-83	205	83	mutual	mutual	ADJ
emaj-83	205	84	investors	investor	NOUN
emaj-83	205	85	fund	fund	VERB
emaj-83	205	86	a	a	DET
emaj-83	205	87	0.03807	0.03807	NUM
emaj-83	205	88	1.02526	1.02526	NUM
emaj-83	205	89	0.3060	0.3060	NUM
emaj-83	205	90	6	6	NUM
emaj-83	205	91	prudential	prudential	PROPN
emaj-83	205	92	equity	equity	PROPN
emaj-83	205	93	fund	fund	PROPN
emaj-83	205	94	a	a	DET
emaj-83	205	95	0.03166	0.03166	NUM
emaj-83	205	96	0.86363	0.86363	NUM
emaj-83	205	97	0.3884	0.3884	NUM
emaj-83	205	98	8	8	NUM
emaj-83	205	99	sanlam	sanlam	NOUN
emaj-83	205	100	general	general	ADJ
emaj-83	205	101	equity	equity	NOUN
emaj-83	205	102	fund	fund	PROPN
emaj-83	205	103	a	a	DET
emaj-83	205	104	0.02094	0.02094	NUM
emaj-83	205	105	0.61917	0.61917	NUM
emaj-83	205	106	0.5362	0.5362	NUM
emaj-83	205	107	7	7	NUM
emaj-83	205	108	volume	volume	NOUN
emaj-83	205	109	5	5	NUM
emaj-83	205	110	no	no	DET
emaj-83	205	111	2	2	NUM
emaj-83	205	112	(	(	PUNCT
emaj-83	205	113	2015	2015	NUM
emaj-83	205	114	)	)	PUNCT
emaj-83	205	115	|	|	ADV
emaj-83	205	116	issn	issn	VERB
emaj-83	205	117	2158	2158	NUM
emaj-83	205	118	-	-	SYM
emaj-83	205	119	8708	8708	NUM
emaj-83	205	120	(	(	PUNCT
emaj-83	205	121	online	online	NOUN
emaj-83	205	122	)	)	PUNCT
emaj-83	205	123	|	|	ADV
emaj-83	205	124	doi	doi	X
emaj-83	205	125	10.5195	10.5195	NUM
emaj-83	205	126	/	/	SYM
emaj-83	205	127	emaj.2015.83	emaj.2015.83	NOUN
emaj-83	205	128	|	|	NOUN
emaj-83	205	129	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-83	205	130	omer	omer	PROPN
emaj-83	205	131	faruk	faruk	PROPN
emaj-83	205	132	tan	tan	PROPN
emaj-83	205	133	emerging	emerge	VERB
emaj-83	205	134	markets	market	NOUN
emaj-83	205	135	journal	journal	NOUN
emaj-83	206	1	|	|	ADV
emaj-83	206	2	p	p	NOUN
emaj-83	206	3	a	a	DET
emaj-83	206	4	g	g	NOUN
emaj-83	206	5	e	e	NOUN
emaj-83	206	6	|55	|55	NOUN
emaj-83	206	7	5	5	NUM
emaj-83	206	8	.	.	PUNCT
emaj-83	206	9	conclusion	conclusion	NOUN
emaj-83	206	10	in	in	ADP
emaj-83	206	11	this	this	DET
emaj-83	206	12	study	study	NOUN
emaj-83	206	13	,	,	PUNCT
emaj-83	206	14	south	south	ADJ
emaj-83	206	15	african	african	ADJ
emaj-83	206	16	equity	equity	NOUN
emaj-83	206	17	funds	fund	NOUN
emaj-83	206	18	performances	performance	NOUN
emaj-83	206	19	’	'	PUNCT
emaj-83	206	20	are	be	AUX
emaj-83	206	21	analyzed	analyze	VERB
emaj-83	206	22	over	over	ADP
emaj-83	206	23	the	the	DET
emaj-83	206	24	period	period	NOUN
emaj-83	206	25	from	from	ADP
emaj-83	206	26	09	09	NUM
emaj-83	206	27	january	january	NOUN
emaj-83	206	28	2009	2009	NUM
emaj-83	206	29	to	to	ADP
emaj-83	206	30	31	31	NUM
emaj-83	206	31	october	october	PROPN
emaj-83	206	32	2014	2014	NUM
emaj-83	206	33	.	.	PUNCT
emaj-83	207	1	during	during	ADP
emaj-83	207	2	this	this	DET
emaj-83	207	3	quantitative	quantitative	ADJ
emaj-83	207	4	easing	ease	VERB
emaj-83	207	5	policy	policy	NOUN
emaj-83	207	6	term	term	NOUN
emaj-83	207	7	,	,	PUNCT
emaj-83	207	8	fed	fed	PROPN
emaj-83	207	9	increased	increase	VERB
emaj-83	207	10	money	money	NOUN
emaj-83	207	11	supply	supply	NOUN
emaj-83	207	12	in	in	ADP
emaj-83	207	13	order	order	NOUN
emaj-83	207	14	to	to	PART
emaj-83	207	15	lower	lower	VERB
emaj-83	207	16	the	the	DET
emaj-83	207	17	interest	interest	NOUN
emaj-83	207	18	rates	rate	NOUN
emaj-83	207	19	and	and	CCONJ
emaj-83	207	20	this	this	DET
emaj-83	207	21	excess	excess	NOUN
emaj-83	207	22	of	of	ADP
emaj-83	207	23	money	money	NOUN
emaj-83	207	24	in	in	ADP
emaj-83	207	25	financial	financial	ADJ
emaj-83	207	26	markets	market	NOUN
emaj-83	207	27	made	make	VERB
emaj-83	207	28	a	a	DET
emaj-83	207	29	significant	significant	ADJ
emaj-83	207	30	contribution	contribution	NOUN
emaj-83	207	31	to	to	ADP
emaj-83	207	32	capital	capital	NOUN
emaj-83	207	33	influx	influx	NOUN
emaj-83	207	34	from	from	ADP
emaj-83	207	35	developed	develop	VERB
emaj-83	207	36	countries	country	NOUN
emaj-83	207	37	to	to	ADP
emaj-83	207	38	developing	develop	VERB
emaj-83	207	39	countries	country	NOUN
emaj-83	207	40	.	.	PUNCT
emaj-83	208	1	the	the	DET
emaj-83	208	2	study	study	NOUN
emaj-83	208	3	period	period	NOUN
emaj-83	208	4	coincides	coincide	VERB
emaj-83	208	5	with	with	ADP
emaj-83	208	6	the	the	DET
emaj-83	208	7	qe	qe	PROPN
emaj-83	208	8	era	era	NOUN
emaj-83	208	9	when	when	SCONJ
emaj-83	208	10	stock	stock	NOUN
emaj-83	208	11	market	market	NOUN
emaj-83	208	12	sizes	size	NOUN
emaj-83	208	13	have	have	AUX
emaj-83	208	14	improved	improve	VERB
emaj-83	208	15	remarkably	remarkably	ADV
emaj-83	208	16	.	.	PUNCT
emaj-83	209	1	south	south	PROPN
emaj-83	209	2	africa	africa	PROPN
emaj-83	209	3	is	be	AUX
emaj-83	209	4	accepted	accept	VERB
emaj-83	209	5	as	as	ADP
emaj-83	209	6	one	one	NUM
emaj-83	209	7	of	of	ADP
emaj-83	209	8	the	the	DET
emaj-83	209	9	developing	develop	VERB
emaj-83	209	10	markets	market	NOUN
emaj-83	209	11	and	and	CCONJ
emaj-83	209	12	during	during	ADP
emaj-83	209	13	the	the	DET
emaj-83	209	14	study	study	NOUN
emaj-83	209	15	period	period	NOUN
emaj-83	209	16	5	5	NUM
emaj-83	209	17	years-10	years-10	PROPN
emaj-83	209	18	months	month	NOUN
emaj-83	209	19	,	,	PUNCT
emaj-83	209	20	south	south	ADJ
emaj-83	209	21	african	african	ADJ
emaj-83	209	22	stock	stock	NOUN
emaj-83	209	23	market	market	NOUN
emaj-83	209	24	surpassed	surpass	VERB
emaj-83	209	25	developed	develop	VERB
emaj-83	209	26	stock	stock	NOUN
emaj-83	209	27	market	market	NOUN
emaj-83	209	28	indices	index	NOUN
emaj-83	209	29	.	.	PUNCT
emaj-83	210	1	johannesburg	johannesburg	PROPN
emaj-83	210	2	stock	stock	PROPN
emaj-83	210	3	exchange	exchange	PROPN
emaj-83	210	4	yielded	yield	VERB
emaj-83	210	5	15.9	15.9	NUM
emaj-83	210	6	%	%	NOUN
emaj-83	210	7	compounded	compound	VERB
emaj-83	210	8	on	on	ADP
emaj-83	210	9	average	average	ADJ
emaj-83	210	10	,	,	PUNCT
emaj-83	210	11	per	per	ADP
emaj-83	210	12	annum	annum	NOUN
emaj-83	210	13	.	.	PUNCT
emaj-83	211	1	in	in	ADP
emaj-83	211	2	the	the	DET
emaj-83	211	3	sample	sample	NOUN
emaj-83	211	4	period	period	NOUN
emaj-83	211	5	,	,	PUNCT
emaj-83	211	6	the	the	DET
emaj-83	211	7	developed	develop	VERB
emaj-83	211	8	market	market	NOUN
emaj-83	211	9	indices	index	NOUN
emaj-83	211	10	like	like	ADP
emaj-83	211	11	s&p	s&p	PROPN
emaj-83	211	12	500	500	NUM
emaj-83	211	13	,	,	PUNCT
emaj-83	211	14	dax	dax	PROPN
emaj-83	211	15	,	,	PUNCT
emaj-83	211	16	ftse	ftse	VERB
emaj-83	211	17	100	100	NUM
emaj-83	211	18	and	and	CCONJ
emaj-83	211	19	cac	cac	PROPN
emaj-83	211	20	40	40	NUM
emaj-83	211	21	yielded	yield	VERB
emaj-83	211	22	15.1	15.1	NUM
emaj-83	211	23	%	%	NOUN
emaj-83	211	24	,	,	PUNCT
emaj-83	211	25	12.1	12.1	NUM
emaj-83	211	26	%	%	NOUN
emaj-83	211	27	,	,	PUNCT
emaj-83	211	28	6.8	6.8	NUM
emaj-83	211	29	%	%	NOUN
emaj-83	211	30	and	and	CCONJ
emaj-83	211	31	4.1	4.1	NUM
emaj-83	211	32	%	%	NOUN
emaj-83	211	33	,	,	PUNCT
emaj-83	211	34	respectively	respectively	ADV
emaj-83	211	35	.	.	PUNCT
emaj-83	212	1	south	south	ADJ
emaj-83	212	2	african	african	PROPN
emaj-83	212	3	equity	equity	PROPN
emaj-83	212	4	fund	fund	PROPN
emaj-83	212	5	performances	performance	NOUN
emaj-83	212	6	and	and	CCONJ
emaj-83	212	7	funds	fund	NOUN
emaj-83	212	8	managers	manager	NOUN
emaj-83	212	9	’	'	PUNCT
emaj-83	212	10	performances	performance	NOUN
emaj-83	212	11	were	be	AUX
emaj-83	212	12	analyzed	analyze	VERB
emaj-83	212	13	in	in	ADP
emaj-83	212	14	this	this	DET
emaj-83	212	15	study	study	NOUN
emaj-83	212	16	by	by	ADP
emaj-83	212	17	using	use	VERB
emaj-83	212	18	sharpe	sharpe	PROPN
emaj-83	212	19	ratio	ratio	NOUN
emaj-83	212	20	(	(	PUNCT
emaj-83	212	21	1966	1966	NUM
emaj-83	212	22	)	)	PUNCT
emaj-83	212	23	,	,	PUNCT
emaj-83	212	24	treynor	treynor	NOUN
emaj-83	212	25	ratio	ratio	NOUN
emaj-83	212	26	(	(	PUNCT
emaj-83	212	27	1965	1965	NUM
emaj-83	212	28	)	)	PUNCT
emaj-83	212	29	,	,	PUNCT
emaj-83	212	30	jensen	jensen	PROPN
emaj-83	212	31	alpha	alpha	NOUN
emaj-83	212	32	(	(	PUNCT
emaj-83	212	33	1968	1968	NUM
emaj-83	212	34	)	)	PUNCT
emaj-83	212	35	,	,	PUNCT
emaj-83	212	36	treynor	treynor	NOUN
emaj-83	212	37	&	&	CCONJ
emaj-83	212	38	mazuy	mazuy	PROPN
emaj-83	212	39	(	(	PUNCT
emaj-83	212	40	1966	1966	NUM
emaj-83	212	41	)	)	PUNCT
emaj-83	212	42	and	and	CCONJ
emaj-83	212	43	henriksson&merton	henriksson&merton	PROPN
emaj-83	212	44	(	(	PUNCT
emaj-83	212	45	1981	1981	NUM
emaj-83	212	46	)	)	PUNCT
emaj-83	212	47	regression	regression	VERB
emaj-83	212	48	analysis	analysis	NOUN
emaj-83	212	49	method	method	NOUN
emaj-83	212	50	.	.	PUNCT
emaj-83	213	1	to	to	ADP
emaj-83	213	2	the	the	DET
emaj-83	213	3	best	good	ADJ
emaj-83	213	4	of	of	ADP
emaj-83	213	5	knowledge	knowledge	NOUN
emaj-83	213	6	,	,	PUNCT
emaj-83	213	7	this	this	PRON
emaj-83	213	8	is	be	AUX
emaj-83	213	9	the	the	DET
emaj-83	213	10	first	first	ADJ
emaj-83	213	11	study	study	NOUN
emaj-83	213	12	that	that	PRON
emaj-83	213	13	considers	consider	VERB
emaj-83	213	14	how	how	SCONJ
emaj-83	213	15	south	south	ADJ
emaj-83	213	16	african	african	ADJ
emaj-83	213	17	funds	fund	NOUN
emaj-83	213	18	performed	perform	VERB
emaj-83	213	19	in	in	ADP
emaj-83	213	20	the	the	DET
emaj-83	213	21	recent	recent	ADJ
emaj-83	213	22	quantitative	quantitative	ADJ
emaj-83	213	23	easing	ease	VERB
emaj-83	213	24	era	era	NOUN
emaj-83	213	25	.	.	PUNCT
emaj-83	214	1	in	in	ADP
emaj-83	214	2	order	order	NOUN
emaj-83	214	3	to	to	PART
emaj-83	214	4	find	find	VERB
emaj-83	214	5	fund	fund	NOUN
emaj-83	214	6	performances	performance	NOUN
emaj-83	214	7	,	,	PUNCT
emaj-83	214	8	it	it	PRON
emaj-83	214	9	has	have	AUX
emaj-83	214	10	been	be	AUX
emaj-83	214	11	utilized	utilize	VERB
emaj-83	214	12	sharpe	sharpe	NOUN
emaj-83	214	13	(	(	PUNCT
emaj-83	214	14	1966	1966	NUM
emaj-83	214	15	)	)	PUNCT
emaj-83	214	16	and	and	CCONJ
emaj-83	214	17	treynor	treynor	NOUN
emaj-83	214	18	(	(	PUNCT
emaj-83	214	19	1965	1965	NUM
emaj-83	214	20	)	)	PUNCT
emaj-83	214	21	ratio	ratio	NOUN
emaj-83	214	22	.	.	PUNCT
emaj-83	215	1	higher	high	ADJ
emaj-83	215	2	sharpe	sharpe	PROPN
emaj-83	215	3	and	and	CCONJ
emaj-83	215	4	treynor	treynor	NOUN
emaj-83	215	5	ratio	ratio	NOUN
emaj-83	215	6	implies	imply	VERB
emaj-83	215	7	funds	fund	NOUN
emaj-83	215	8	have	have	VERB
emaj-83	215	9	better	well	ADJ
emaj-83	215	10	performances	performance	NOUN
emaj-83	215	11	.	.	PUNCT
emaj-83	216	1	in	in	ADP
emaj-83	216	2	general	general	ADJ
emaj-83	216	3	,	,	PUNCT
emaj-83	216	4	these	these	DET
emaj-83	216	5	risk	risk	NOUN
emaj-83	216	6	-	-	PUNCT
emaj-83	216	7	adjusted	adjust	VERB
emaj-83	216	8	performance	performance	NOUN
emaj-83	216	9	ratios	ratio	NOUN
emaj-83	216	10	give	give	VERB
emaj-83	216	11	similar	similar	ADJ
emaj-83	216	12	rankings	ranking	NOUN
emaj-83	216	13	of	of	ADP
emaj-83	216	14	mutual	mutual	ADJ
emaj-83	216	15	funds	fund	NOUN
emaj-83	216	16	.	.	PUNCT
emaj-83	217	1	the	the	DET
emaj-83	217	2	foord	foord	PROPN
emaj-83	217	3	equity	equity	NOUN
emaj-83	217	4	fund	fund	PROPN
emaj-83	217	5	,	,	PUNCT
emaj-83	217	6	the	the	DET
emaj-83	217	7	allan	allan	PROPN
emaj-83	217	8	gray	gray	PROPN
emaj-83	217	9	equity	equity	PROPN
emaj-83	217	10	fund	fund	PROPN
emaj-83	217	11	and	and	CCONJ
emaj-83	217	12	the	the	DET
emaj-83	217	13	aylett	aylett	PROPN
emaj-83	217	14	equity	equity	PROPN
emaj-83	217	15	fund	fund	PROPN
emaj-83	217	16	have	have	VERB
emaj-83	217	17	the	the	DET
emaj-83	217	18	highest	high	ADJ
emaj-83	217	19	the	the	DET
emaj-83	217	20	treynor	treynor	NOUN
emaj-83	217	21	and	and	CCONJ
emaj-83	217	22	sharpe	sharpe	PROPN
emaj-83	217	23	ratio	ratio	PROPN
emaj-83	217	24	.	.	PUNCT
emaj-83	218	1	jensen	jensen	PROPN
emaj-83	218	2	’s	’s	PART
emaj-83	218	3	alpha	alpha	NOUN
emaj-83	218	4	(	(	PUNCT
emaj-83	218	5	1968	1968	NUM
emaj-83	218	6	)	)	PUNCT
emaj-83	218	7	,	,	PUNCT
emaj-83	218	8	treynor&mazuy	treynor&mazuy	PROPN
emaj-83	218	9	(	(	PUNCT
emaj-83	218	10	1966	1966	NUM
emaj-83	218	11	)	)	PUNCT
emaj-83	218	12	and	and	CCONJ
emaj-83	218	13	henriksson&merton	henriksson&merton	PROPN
emaj-83	218	14	(	(	PUNCT
emaj-83	218	15	1981	1981	NUM
emaj-83	218	16	)	)	PUNCT
emaj-83	218	17	regression	regression	NOUN
emaj-83	218	18	analysis	analysis	NOUN
emaj-83	218	19	methods	method	NOUN
emaj-83	218	20	are	be	AUX
emaj-83	218	21	used	use	VERB
emaj-83	218	22	for	for	ADP
emaj-83	218	23	determining	determine	VERB
emaj-83	218	24	selectivity	selectivity	NOUN
emaj-83	218	25	skills	skill	NOUN
emaj-83	218	26	and	and	CCONJ
emaj-83	218	27	market	market	NOUN
emaj-83	218	28	timing	timing	NOUN
emaj-83	218	29	ability	ability	NOUN
emaj-83	218	30	of	of	ADP
emaj-83	218	31	fund	fund	NOUN
emaj-83	218	32	managers	manager	NOUN
emaj-83	218	33	,	,	PUNCT
emaj-83	218	34	respectively	respectively	ADV
emaj-83	218	35	.	.	PUNCT
emaj-83	219	1	in	in	ADP
emaj-83	219	2	this	this	DET
emaj-83	219	3	study	study	NOUN
emaj-83	219	4	,	,	PUNCT
emaj-83	219	5	it	it	PRON
emaj-83	219	6	is	be	AUX
emaj-83	219	7	revealed	reveal	VERB
emaj-83	219	8	that	that	SCONJ
emaj-83	219	9	in	in	ADP
emaj-83	219	10	the	the	DET
emaj-83	219	11	era	era	NOUN
emaj-83	219	12	of	of	ADP
emaj-83	219	13	quantitative	quantitative	ADJ
emaj-83	219	14	easing	easing	NOUN
emaj-83	219	15	,	,	PUNCT
emaj-83	219	16	although	although	SCONJ
emaj-83	219	17	the	the	DET
emaj-83	219	18	financial	financial	ADJ
emaj-83	219	19	market	market	NOUN
emaj-83	219	20	in	in	ADP
emaj-83	219	21	south	south	PROPN
emaj-83	219	22	africa	africa	PROPN
emaj-83	219	23	made	make	VERB
emaj-83	219	24	an	an	DET
emaj-83	219	25	incredible	incredible	ADJ
emaj-83	219	26	progress	progress	NOUN
emaj-83	219	27	,	,	PUNCT
emaj-83	219	28	south	south	ADJ
emaj-83	219	29	african	african	ADJ
emaj-83	219	30	fund	fund	NOUN
emaj-83	219	31	managers	manager	NOUN
emaj-83	219	32	could	could	AUX
emaj-83	219	33	not	not	PART
emaj-83	219	34	display	display	VERB
emaj-83	219	35	a	a	DET
emaj-83	219	36	good	good	ADJ
emaj-83	219	37	performance	performance	NOUN
emaj-83	219	38	both	both	CCONJ
emaj-83	219	39	in	in	ADP
emaj-83	219	40	selectivity	selectivity	NOUN
emaj-83	219	41	skills	skill	NOUN
emaj-83	219	42	and	and	CCONJ
emaj-83	219	43	market	market	NOUN
emaj-83	219	44	timing	timing	NOUN
emaj-83	219	45	abilities	ability	NOUN
emaj-83	219	46	.	.	PUNCT
emaj-83	220	1	jensen	jensen	PROPN
emaj-83	220	2	(	(	PUNCT
emaj-83	220	3	1968	1968	NUM
emaj-83	220	4	)	)	PUNCT
emaj-83	220	5	alphas	alpha	NOUN
emaj-83	220	6	indicate	indicate	VERB
emaj-83	220	7	that	that	SCONJ
emaj-83	220	8	over	over	ADP
emaj-83	220	9	this	this	DET
emaj-83	220	10	period	period	NOUN
emaj-83	220	11	fund	fund	NOUN
emaj-83	220	12	managers	manager	NOUN
emaj-83	220	13	did	do	AUX
emaj-83	220	14	not	not	PART
emaj-83	220	15	have	have	VERB
emaj-83	220	16	selective	selective	ADJ
emaj-83	220	17	ability	ability	NOUN
emaj-83	220	18	,	,	PUNCT
emaj-83	220	19	only	only	ADV
emaj-83	220	20	1	1	NUM
emaj-83	220	21	of	of	ADP
emaj-83	220	22	the	the	DET
emaj-83	220	23	14	14	NUM
emaj-83	220	24	funds	fund	NOUN
emaj-83	220	25	had	have	VERB
emaj-83	220	26	statistically	statistically	ADV
emaj-83	220	27	significant	significant	ADJ
emaj-83	220	28	positive	positive	ADJ
emaj-83	220	29	alpha	alpha	NOUN
emaj-83	220	30	.	.	PUNCT
emaj-83	221	1	furthermore	furthermore	ADV
emaj-83	221	2	,	,	PUNCT
emaj-83	221	3	treynor&mazuy	treynor&mazuy	PROPN
emaj-83	221	4	(	(	PUNCT
emaj-83	221	5	1966	1966	NUM
emaj-83	221	6	)	)	PUNCT
emaj-83	221	7	regression	regression	NOUN
emaj-83	221	8	analysis	analysis	NOUN
emaj-83	221	9	shows	show	VERB
emaj-83	221	10	that	that	SCONJ
emaj-83	221	11	over	over	ADP
emaj-83	221	12	the	the	DET
emaj-83	221	13	same	same	ADJ
emaj-83	221	14	period	period	NOUN
emaj-83	221	15	fund	fund	NOUN
emaj-83	221	16	managers	manager	NOUN
emaj-83	221	17	did	do	AUX
emaj-83	221	18	not	not	PART
emaj-83	221	19	also	also	ADV
emaj-83	221	20	have	have	VERB
emaj-83	221	21	market	market	NOUN
emaj-83	221	22	timing	timing	NOUN
emaj-83	221	23	ability	ability	NOUN
emaj-83	221	24	,	,	PUNCT
emaj-83	221	25	as	as	SCONJ
emaj-83	221	26	none	none	NOUN
emaj-83	221	27	of	of	ADP
emaj-83	221	28	the	the	DET
emaj-83	221	29	14	14	NUM
emaj-83	221	30	funds	fund	NOUN
emaj-83	221	31	had	have	VERB
emaj-83	221	32	statistically	statistically	ADV
emaj-83	221	33	significant	significant	ADJ
emaj-83	221	34	positive	positive	ADJ
emaj-83	221	35	coefficients	coefficient	NOUN
emaj-83	221	36	.	.	PUNCT
emaj-83	222	1	it	it	PRON
emaj-83	222	2	can	can	AUX
emaj-83	222	3	be	be	AUX
emaj-83	222	4	deduced	deduce	VERB
emaj-83	222	5	that	that	SCONJ
emaj-83	222	6	south	south	ADJ
emaj-83	222	7	african	african	ADJ
emaj-83	222	8	fund	fund	NOUN
emaj-83	222	9	managers	manager	NOUN
emaj-83	222	10	had	have	VERB
emaj-83	222	11	neither	neither	CCONJ
emaj-83	222	12	selective	selective	ADJ
emaj-83	222	13	ability	ability	NOUN
emaj-83	222	14	nor	nor	CCONJ
emaj-83	222	15	market	market	NOUN
emaj-83	222	16	timing	timing	NOUN
emaj-83	222	17	ability	ability	NOUN
emaj-83	222	18	during	during	ADP
emaj-83	222	19	the	the	DET
emaj-83	222	20	quantitative	quantitative	ADJ
emaj-83	222	21	easing	ease	VERB
emaj-83	222	22	era	era	NOUN
emaj-83	222	23	.	.	PUNCT
emaj-83	223	1	at	at	ADP
emaj-83	223	2	the	the	DET
emaj-83	223	3	end	end	NOUN
emaj-83	223	4	of	of	ADP
emaj-83	223	5	this	this	DET
emaj-83	223	6	research	research	NOUN
emaj-83	223	7	,	,	PUNCT
emaj-83	223	8	along	along	ADP
emaj-83	223	9	with	with	ADP
emaj-83	223	10	the	the	DET
emaj-83	223	11	outcomes	outcome	NOUN
emaj-83	223	12	,	,	PUNCT
emaj-83	223	13	it	it	PRON
emaj-83	223	14	is	be	AUX
emaj-83	223	15	observed	observe	VERB
emaj-83	223	16	similarities	similarity	NOUN
emaj-83	223	17	with	with	ADP
emaj-83	223	18	the	the	DET
emaj-83	223	19	results	result	NOUN
emaj-83	223	20	of	of	ADP
emaj-83	223	21	earlier	early	ADJ
emaj-83	223	22	studies	study	NOUN
emaj-83	223	23	in	in	ADP
emaj-83	223	24	literature	literature	NOUN
emaj-83	223	25	.	.	PUNCT
emaj-83	224	1	in	in	ADP
emaj-83	224	2	future	future	NOUN
emaj-83	224	3	,	,	PUNCT
emaj-83	224	4	this	this	DET
emaj-83	224	5	study	study	NOUN
emaj-83	224	6	can	can	AUX
emaj-83	224	7	be	be	AUX
emaj-83	224	8	developed	develop	VERB
emaj-83	224	9	using	use	VERB
emaj-83	224	10	persistence	persistence	NOUN
emaj-83	224	11	analysis	analysis	NOUN
emaj-83	224	12	.	.	PUNCT
emaj-83	225	1	to	to	ADP
emaj-83	225	2	the	the	DET
emaj-83	225	3	best	good	ADJ
emaj-83	225	4	of	of	ADP
emaj-83	225	5	knowledge	knowledge	NOUN
emaj-83	225	6	,	,	PUNCT
emaj-83	225	7	this	this	PRON
emaj-83	225	8	is	be	AUX
emaj-83	225	9	the	the	DET
emaj-83	225	10	first	first	ADJ
emaj-83	225	11	study	study	NOUN
emaj-83	225	12	that	that	PRON
emaj-83	225	13	considers	consider	VERB
emaj-83	225	14	how	how	SCONJ
emaj-83	225	15	south	south	ADJ
emaj-83	225	16	african	african	ADJ
emaj-83	225	17	funds	fund	NOUN
emaj-83	225	18	performed	perform	VERB
emaj-83	225	19	in	in	ADP
emaj-83	225	20	the	the	DET
emaj-83	225	21	recent	recent	ADJ
emaj-83	225	22	quantitative	quantitative	ADJ
emaj-83	225	23	easing	ease	VERB
emaj-83	225	24	era	era	NOUN
emaj-83	225	25	.	.	PUNCT
emaj-83	226	1	references	reference	NOUN
emaj-83	226	2	chang	chang	PROPN
emaj-83	226	3	,	,	PUNCT
emaj-83	226	4	e.	e.	PROPN
emaj-83	226	5	,	,	PUNCT
emaj-83	226	6	&	&	CCONJ
emaj-83	226	7	lewellen	lewellen	PROPN
emaj-83	226	8	,	,	PUNCT
emaj-83	226	9	w.	w.	PROPN
emaj-83	226	10	(	(	PUNCT
emaj-83	226	11	1984	1984	NUM
emaj-83	226	12	)	)	PUNCT
emaj-83	226	13	.	.	PUNCT
emaj-83	227	1	market	market	NOUN
emaj-83	227	2	timing	timing	NOUN
emaj-83	227	3	and	and	CCONJ
emaj-83	227	4	mutual	mutual	ADJ
emaj-83	227	5	funds	fund	NOUN
emaj-83	227	6	investment	investment	NOUN
emaj-83	227	7	performance	performance	NOUN
emaj-83	227	8	.	.	PUNCT
emaj-83	228	1	journal	journal	NOUN
emaj-83	228	2	of	of	ADP
emaj-83	228	3	business	business	NOUN
emaj-83	228	4	,	,	PUNCT
emaj-83	228	5	57	57	NUM
emaj-83	228	6	,	,	PUNCT
emaj-83	228	7	57	57	NUM
emaj-83	228	8	-	-	SYM
emaj-83	228	9	72	72	NUM
emaj-83	228	10	.	.	PUNCT
emaj-83	229	1	chen	chen	PROPN
emaj-83	229	2	,	,	PUNCT
emaj-83	229	3	d.	d.	PROPN
emaj-83	229	4	,	,	PUNCT
emaj-83	229	5	gan	gan	PROPN
emaj-83	229	6	.	.	PUNCT
emaj-83	230	1	c.	c.	PROPN
emaj-83	230	2	,	,	PUNCT
emaj-83	230	3	&	&	CCONJ
emaj-83	230	4	hu	hu	PROPN
emaj-83	230	5	,	,	PUNCT
emaj-83	230	6	b.	b.	PROPN
emaj-83	230	7	(	(	PUNCT
emaj-83	230	8	2013	2013	NUM
emaj-83	230	9	)	)	PUNCT
emaj-83	230	10	.	.	PUNCT
emaj-83	231	1	an	an	DET
emaj-83	231	2	empirical	empirical	ADJ
emaj-83	231	3	study	study	NOUN
emaj-83	231	4	of	of	ADP
emaj-83	231	5	mutual	mutual	ADJ
emaj-83	231	6	funds	fund	NOUN
emaj-83	231	7	performance	performance	NOUN
emaj-83	231	8	in	in	ADP
emaj-83	231	9	china	china	PROPN
emaj-83	231	10	.	.	PUNCT
emaj-83	232	1	social	social	ADJ
emaj-83	232	2	science	science	PROPN
emaj-83	232	3	research	research	NOUN
emaj-83	232	4	network	network	NOUN
emaj-83	232	5	.	.	PUNCT
emaj-83	233	1	retrieved	retrieve	VERB
emaj-83	233	2	january	january	PROPN
emaj-83	233	3	10	10	NUM
emaj-83	233	4	,	,	PUNCT
emaj-83	233	5	2015	2015	NUM
emaj-83	233	6	from	from	ADP
emaj-83	233	7	ssrn	ssrn	NOUN
emaj-83	233	8	:	:	PUNCT
emaj-83	234	1	http://ssrn.com/abstrat=2220323	http://ssrn.com/abstrat=2220323	PROPN
emaj-83	234	2	.	.	PUNCT
emaj-83	234	3	christensen	christensen	PROPN
emaj-83	234	4	,	,	PUNCT
emaj-83	234	5	m.	m.	NOUN
emaj-83	234	6	(	(	PUNCT
emaj-83	234	7	20059	20059	NUM
emaj-83	234	8	.	.	PUNCT
emaj-83	235	1	danish	danish	PROPN
emaj-83	235	2	mutual	mutual	ADJ
emaj-83	235	3	fund	fund	NOUN
emaj-83	235	4	performance	performance	NOUN
emaj-83	235	5	;	;	PUNCT
emaj-83	235	6	selectivity	selectivity	NOUN
emaj-83	235	7	,	,	PUNCT
emaj-83	235	8	market	market	NOUN
emaj-83	235	9	timing	timing	NOUN
emaj-83	235	10	and	and	CCONJ
emaj-83	235	11	persistence	persistence	NOUN
emaj-83	235	12	.	.	PUNCT
emaj-83	236	1	working	work	VERB
emaj-83	236	2	paper	paper	NOUN
emaj-83	236	3	,	,	PUNCT
emaj-83	236	4	department	department	NOUN
emaj-83	236	5	of	of	ADP
emaj-83	236	6	accounting	accounting	NOUN
emaj-83	236	7	,	,	PUNCT
emaj-83	236	8	finance	finance	NOUN
emaj-83	236	9	and	and	CCONJ
emaj-83	236	10	logistics	logistic	NOUN
emaj-83	236	11	,	,	PUNCT
emaj-83	236	12	aarhus	aarhus	PROPN
emaj-83	236	13	school	school	NOUN
emaj-83	236	14	of	of	ADP
emaj-83	236	15	business	business	NOUN
emaj-83	236	16	,	,	PUNCT
emaj-83	236	17	1	1	NUM
emaj-83	236	18	-	-	SYM
emaj-83	236	19	37	37	NUM
emaj-83	236	20	.	.	PUNCT
emaj-83	237	1	dahlquist	dahlquist	NOUN
emaj-83	237	2	,	,	PUNCT
emaj-83	237	3	m.	m.	NOUN
emaj-83	237	4	,	,	PUNCT
emaj-83	237	5	engström	engström	NOUN
emaj-83	237	6	,	,	PUNCT
emaj-83	237	7	s.	s.	PROPN
emaj-83	237	8	,	,	PUNCT
emaj-83	237	9	&	&	CCONJ
emaj-83	237	10	söderlind	söderlind	PROPN
emaj-83	237	11	,	,	PUNCT
emaj-83	237	12	p.	p.	NOUN
emaj-83	237	13	(	(	PUNCT
emaj-83	237	14	2000	2000	NUM
emaj-83	237	15	)	)	PUNCT
emaj-83	237	16	.	.	PUNCT
emaj-83	238	1	performance	performance	NOUN
emaj-83	238	2	and	and	CCONJ
emaj-83	238	3	characteristics	characteristic	NOUN
emaj-83	238	4	of	of	ADP
emaj-83	238	5	swedish	swedish	ADJ
emaj-83	238	6	mutual	mutual	ADJ
emaj-83	238	7	funds	fund	NOUN
emaj-83	238	8	.	.	PUNCT
emaj-83	239	1	journal	journal	NOUN
emaj-83	239	2	of	of	ADP
emaj-83	239	3	financial	financial	ADJ
emaj-83	239	4	and	and	CCONJ
emaj-83	239	5	quantitative	quantitative	ADJ
emaj-83	239	6	analysis	analysis	NOUN
emaj-83	239	7	,	,	PUNCT
emaj-83	239	8	35	35	NUM
emaj-83	239	9	,	,	PUNCT
emaj-83	239	10	409	409	NUM
emaj-83	239	11	-	-	SYM
emaj-83	239	12	423	423	NUM
emaj-83	239	13	.	.	PUNCT
emaj-83	240	1	deepak	deepak	PROPN
emaj-83	240	2	,	,	PUNCT
emaj-83	240	3	a.	a.	PROPN
emaj-83	240	4	(	(	PUNCT
emaj-83	240	5	2011	2011	NUM
emaj-83	240	6	)	)	PUNCT
emaj-83	240	7	.	.	PUNCT
emaj-83	241	1	measuring	measure	VERB
emaj-83	241	2	performance	performance	NOUN
emaj-83	241	3	of	of	ADP
emaj-83	241	4	indian	indian	ADJ
emaj-83	241	5	mutual	mutual	ADJ
emaj-83	241	6	funds	fund	NOUN
emaj-83	241	7	.	.	PUNCT
emaj-83	242	1	social	social	ADJ
emaj-83	242	2	science	science	PROPN
emaj-83	242	3	research	research	NOUN
emaj-83	242	4	network	network	NOUN
emaj-83	242	5	.	.	PUNCT
emaj-83	243	1	retrieved	retrieve	VERB
emaj-83	243	2	november	november	PROPN
emaj-83	243	3	15	15	NUM
emaj-83	243	4	,	,	PUNCT
emaj-83	243	5	2014	2014	NUM
emaj-83	243	6	from	from	ADP
emaj-83	243	7	ssrn	ssrn	NOUN
emaj-83	243	8	:	:	PUNCT
emaj-83	243	9	http://papers.ssrn.com/sol3/papers.cf	http://papers.ssrn.com/sol3/papers.cf	PROPN
emaj-83	243	10	m?abstract_id=1311761	m?abstract_id=1311761	PROPN
emaj-83	243	11	.	.	PROPN
emaj-83	243	12	http://ssrn.com/abstrat=2220323	http://ssrn.com/abstrat=2220323	PROPN
emaj-83	244	1	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1311761	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1311761	CCONJ
emaj-83	244	2	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1311761	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1311761	CCONJ
emaj-83	244	3	mutual	mutual	ADJ
emaj-83	244	4	fund	fund	NOUN
emaj-83	244	5	performance	performance	NOUN
emaj-83	244	6	:	:	PUNCT
emaj-83	244	7	evidence	evidence	NOUN
emaj-83	244	8	from	from	ADP
emaj-83	244	9	south	south	PROPN
emaj-83	244	10	africa	africa	PROPN
emaj-83	244	11	page	page	NOUN
emaj-83	244	12	|56|	|56|	NOUN
emaj-83	244	13	emerging	emerge	VERB
emaj-83	244	14	markets	market	NOUN
emaj-83	244	15	journal	journal	NOUN
emaj-83	244	16	volume	volume	NOUN
emaj-83	244	17	5	5	NUM
emaj-83	244	18	no	no	DET
emaj-83	244	19	2	2	NUM
emaj-83	244	20	(	(	PUNCT
emaj-83	244	21	2015	2015	NUM
emaj-83	244	22	)	)	PUNCT
emaj-83	244	23	|	|	ADV
emaj-83	244	24	issn	issn	VERB
emaj-83	244	25	2158	2158	NUM
emaj-83	244	26	-	-	SYM
emaj-83	244	27	8708	8708	NUM
emaj-83	244	28	(	(	PUNCT
emaj-83	244	29	online	online	NOUN
emaj-83	244	30	)	)	PUNCT
emaj-83	245	1	|	|	ADV
emaj-83	245	2	doi	doi	X
emaj-83	245	3	10.5195	10.5195	NUM
emaj-83	245	4	/	/	SYM
emaj-83	245	5	emaj.2015.83	emaj.2015.83	NOUN
emaj-83	245	6	|	|	NOUN
emaj-83	245	7	http://emaj.pitt.edu	http://emaj.pitt.edu	NOUN
emaj-83	245	8	detzler	detzler	NOUN
emaj-83	245	9	,	,	PUNCT
emaj-83	245	10	m.	m.	NOUN
emaj-83	245	11	l.	l.	PROPN
emaj-83	245	12	(	(	PUNCT
emaj-83	245	13	1999	1999	NUM
emaj-83	245	14	)	)	PUNCT
emaj-83	245	15	.	.	PUNCT
emaj-83	246	1	performance	performance	NOUN
emaj-83	246	2	of	of	ADP
emaj-83	246	3	global	global	ADJ
emaj-83	246	4	bond	bond	NOUN
emaj-83	246	5	mutual	mutual	ADJ
emaj-83	246	6	funds	fund	NOUN
emaj-83	246	7	.	.	PUNCT
emaj-83	247	1	journal	journal	NOUN
emaj-83	247	2	of	of	ADP
emaj-83	247	3	banking	banking	NOUN
emaj-83	247	4	&	&	CCONJ
emaj-83	247	5	finance	finance	PROPN
emaj-83	247	6	,	,	PUNCT
emaj-83	247	7	23	23	NUM
emaj-83	247	8	,	,	PUNCT
emaj-83	247	9	1195	1195	NUM
emaj-83	247	10	-	-	SYM
emaj-83	247	11	1217	1217	NUM
emaj-83	247	12	.	.	PUNCT
emaj-83	248	1	duggimpudi	duggimpudi	PROPN
emaj-83	248	2	r.	r.	PROPN
emaj-83	248	3	r.	r.	PROPN
emaj-83	248	4	,	,	PUNCT
emaj-83	248	5	abdou	abdou	PROPN
emaj-83	248	6	,	,	PUNCT
emaj-83	248	7	h.	h.	PROPN
emaj-83	248	8	a.	a.	PROPN
emaj-83	248	9	,	,	PUNCT
emaj-83	248	10	&	&	CCONJ
emaj-83	248	11	zaki	zaki	PROPN
emaj-83	248	12	,	,	PUNCT
emaj-83	248	13	m.	m.	NOUN
emaj-83	248	14	(	(	PUNCT
emaj-83	248	15	2010	2010	NUM
emaj-83	248	16	)	)	PUNCT
emaj-83	248	17	.	.	PUNCT
emaj-83	249	1	an	an	DET
emaj-83	249	2	investigation	investigation	NOUN
emaj-83	249	3	of	of	ADP
emaj-83	249	4	equity	equity	NOUN
emaj-83	249	5	diversified	diversify	VERB
emaj-83	249	6	mutual	mutual	ADJ
emaj-83	249	7	funds	fund	NOUN
emaj-83	249	8	:	:	PUNCT
emaj-83	249	9	the	the	DET
emaj-83	249	10	case	case	NOUN
emaj-83	249	11	of	of	ADP
emaj-83	249	12	indian	indian	ADJ
emaj-83	249	13	market	market	NOUN
emaj-83	249	14	.	.	PUNCT
emaj-83	250	1	investment	investment	NOUN
emaj-83	250	2	management	management	NOUN
emaj-83	250	3	and	and	CCONJ
emaj-83	250	4	financial	financial	ADJ
emaj-83	250	5	innovations	innovation	NOUN
emaj-83	250	6	,	,	PUNCT
emaj-83	250	7	7(4	7(4	NUM
emaj-83	250	8	)	)	PUNCT
emaj-83	250	9	,	,	PUNCT
emaj-83	250	10	77	77	NUM
emaj-83	250	11	-	-	SYM
emaj-83	250	12	84	84	NUM
emaj-83	250	13	.	.	PUNCT
emaj-83	251	1	gallo	gallo	PROPN
emaj-83	251	2	,	,	PUNCT
emaj-83	251	3	j	j	PROPN
emaj-83	251	4	,	,	PUNCT
emaj-83	251	5	g.	g.	PROPN
emaj-83	251	6	,	,	PUNCT
emaj-83	251	7	&	&	CCONJ
emaj-83	251	8	swanson	swanson	PROPN
emaj-83	251	9	,	,	PUNCT
emaj-83	251	10	p.	p.	PROPN
emaj-83	251	11	e.	e.	PROPN
emaj-83	251	12	(	(	PUNCT
emaj-83	251	13	1996	1996	NUM
emaj-83	251	14	)	)	PUNCT
emaj-83	251	15	.	.	PUNCT
emaj-83	252	1	comparative	comparative	ADJ
emaj-83	252	2	measures	measure	NOUN
emaj-83	252	3	of	of	ADP
emaj-83	252	4	performance	performance	NOUN
emaj-83	252	5	for	for	ADP
emaj-83	252	6	u.s	u.s	PROPN
emaj-83	252	7	.	.	PROPN
emaj-83	252	8	–	–	PUNCT
emaj-83	252	9	based	base	VERB
emaj-83	252	10	international	international	ADJ
emaj-83	252	11	equity	equity	NOUN
emaj-83	252	12	mutual	mutual	ADJ
emaj-83	252	13	funds	fund	NOUN
emaj-83	252	14	.	.	PUNCT
emaj-83	253	1	journal	journal	NOUN
emaj-83	253	2	of	of	ADP
emaj-83	253	3	banking	banking	NOUN
emaj-83	253	4	&	&	CCONJ
emaj-83	253	5	finance	finance	PROPN
emaj-83	253	6	,	,	PUNCT
emaj-83	253	7	20	20	NUM
emaj-83	253	8	,	,	PUNCT
emaj-83	253	9	1636	1636	NUM
emaj-83	253	10	-	-	SYM
emaj-83	253	11	1650	1650	NUM
emaj-83	253	12	.	.	PUNCT
emaj-83	254	1	gilbertson	gilbertson	NOUN
emaj-83	254	2	,	,	PUNCT
emaj-83	254	3	b.	b.	PROPN
emaj-83	254	4	p.	p.	PROPN
emaj-83	254	5	,	,	PUNCT
emaj-83	254	6	&	&	CCONJ
emaj-83	254	7	vermaak	vermaak	PROPN
emaj-83	254	8	,	,	PUNCT
emaj-83	254	9	m.	m.	NOUN
emaj-83	254	10	n.	n.	PROPN
emaj-83	254	11	(	(	PUNCT
emaj-83	254	12	1982	1982	NUM
emaj-83	254	13	)	)	PUNCT
emaj-83	254	14	.	.	PUNCT
emaj-83	255	1	the	the	DET
emaj-83	255	2	performance	performance	NOUN
emaj-83	255	3	of	of	ADP
emaj-83	255	4	south	south	ADJ
emaj-83	255	5	african	african	ADJ
emaj-83	255	6	mutual	mutual	ADJ
emaj-83	255	7	funds	fund	NOUN
emaj-83	255	8	:	:	PUNCT
emaj-83	255	9	1974	1974	NUM
emaj-83	255	10	-	-	SYM
emaj-83	255	11	1981	1981	NUM
emaj-83	255	12	.	.	PUNCT
emaj-83	256	1	investment	investment	NOUN
emaj-83	256	2	analysts	analyst	NOUN
emaj-83	256	3	journal	journal	NOUN
emaj-83	256	4	,	,	PUNCT
emaj-83	256	5	11(20	11(20	NUM
emaj-83	256	6	)	)	PUNCT
emaj-83	256	7	,	,	PUNCT
emaj-83	256	8	35	35	NUM
emaj-83	256	9	-	-	SYM
emaj-83	256	10	45	45	NUM
emaj-83	256	11	.	.	PUNCT
emaj-83	257	1	henriksson	henriksson	PROPN
emaj-83	257	2	,	,	PUNCT
emaj-83	257	3	r.	r.	PROPN
emaj-83	257	4	d.	d.	PROPN
emaj-83	257	5	(	(	PUNCT
emaj-83	257	6	1984	1984	NUM
emaj-83	257	7	)	)	PUNCT
emaj-83	257	8	.	.	PUNCT
emaj-83	258	1	market	market	NOUN
emaj-83	258	2	timing	timing	NOUN
emaj-83	258	3	and	and	CCONJ
emaj-83	258	4	mutual	mutual	ADJ
emaj-83	258	5	fund	fund	NOUN
emaj-83	258	6	performance	performance	NOUN
emaj-83	258	7	:	:	PUNCT
emaj-83	258	8	an	an	DET
emaj-83	258	9	empirical	empirical	ADJ
emaj-83	258	10	investigation	investigation	NOUN
emaj-83	258	11	.	.	PUNCT
emaj-83	259	1	the	the	DET
emaj-83	259	2	journal	journal	NOUN
emaj-83	259	3	of	of	ADP
emaj-83	259	4	business	business	NOUN
emaj-83	259	5	,	,	PUNCT
emaj-83	259	6	57(1	57(1	NUM
emaj-83	259	7	)	)	PUNCT
emaj-83	259	8	,	,	PUNCT
emaj-83	259	9	73	73	NUM
emaj-83	259	10	-	-	SYM
emaj-83	259	11	96	96	NUM
emaj-83	259	12	.	.	PUNCT
emaj-83	260	1	henriksson	henriksson	PROPN
emaj-83	260	2	,	,	PUNCT
emaj-83	260	3	r.	r.	PROPN
emaj-83	260	4	d.	d.	PROPN
emaj-83	260	5	,	,	PUNCT
emaj-83	260	6	&	&	CCONJ
emaj-83	260	7	merton	merton	PROPN
emaj-83	260	8	,	,	PUNCT
emaj-83	260	9	r.	r.	PROPN
emaj-83	260	10	c.	c.	PROPN
emaj-83	260	11	(	(	PUNCT
emaj-83	260	12	1981	1981	NUM
emaj-83	260	13	)	)	PUNCT
emaj-83	260	14	.	.	PUNCT
emaj-83	261	1	on	on	ADP
emaj-83	261	2	market	market	NOUN
emaj-83	261	3	timing	timing	NOUN
emaj-83	261	4	and	and	CCONJ
emaj-83	261	5	investment	investment	NOUN
emaj-83	261	6	performance	performance	NOUN
emaj-83	261	7	.	.	PUNCT
emaj-83	262	1	ii	ii	X
emaj-83	262	2	.	.	PUNCT
emaj-83	263	1	statistical	statistical	ADJ
emaj-83	263	2	procedures	procedure	NOUN
emaj-83	263	3	for	for	ADP
emaj-83	263	4	evaluating	evaluate	VERB
emaj-83	263	5	forecasting	forecasting	NOUN
emaj-83	263	6	skills	skill	NOUN
emaj-83	263	7	.	.	PUNCT
emaj-83	264	1	the	the	DET
emaj-83	264	2	journal	journal	NOUN
emaj-83	264	3	of	of	ADP
emaj-83	264	4	business	business	NOUN
emaj-83	264	5	,	,	PUNCT
emaj-83	264	6	54(4	54(4	NUM
emaj-83	264	7	)	)	PUNCT
emaj-83	264	8	,	,	PUNCT
emaj-83	264	9	513	513	NUM
emaj-83	264	10	-	-	SYM
emaj-83	264	11	533	533	NUM
emaj-83	264	12	.	.	PUNCT
emaj-83	264	13	investment	investment	NOUN
emaj-83	264	14	company	company	PROPN
emaj-83	264	15	institute	institute	PROPN
emaj-83	264	16	(	(	PUNCT
emaj-83	264	17	ici	ici	PROPN
emaj-83	264	18	)	)	PUNCT
emaj-83	264	19	-unit	-unit	ADJ
emaj-83	264	20	investments	investment	NOUN
emaj-83	264	21	trust	trust	NOUN
emaj-83	264	22	data	datum	NOUN
emaj-83	264	23	.	.	PUNCT
emaj-83	265	1	retrieved	retrieve	VERB
emaj-83	265	2	from	from	ADP
emaj-83	265	3	february	february	PROPN
emaj-83	265	4	,	,	PUNCT
emaj-83	265	5	15	15	NUM
emaj-83	265	6	,	,	PUNCT
emaj-83	265	7	2015	2015	NUM
emaj-83	265	8	from	from	ADP
emaj-83	265	9	http://www.ici.org/research/stats	http://www.ici.org/research/stats	PROPN
emaj-83	265	10	.	.	PUNCT
emaj-83	266	1	jensen	jensen	PROPN
emaj-83	266	2	,	,	PUNCT
emaj-83	266	3	m.c	m.c	PROPN
emaj-83	266	4	.	.	PROPN
emaj-83	266	5	(	(	PUNCT
emaj-83	266	6	1968	1968	NUM
emaj-83	266	7	)	)	PUNCT
emaj-83	266	8	.	.	PUNCT
emaj-83	267	1	the	the	DET
emaj-83	267	2	performance	performance	NOUN
emaj-83	267	3	of	of	ADP
emaj-83	267	4	mutual	mutual	ADJ
emaj-83	267	5	funds	fund	NOUN
emaj-83	267	6	in	in	ADP
emaj-83	267	7	the	the	DET
emaj-83	267	8	period	period	NOUN
emaj-83	267	9	19451964	19451964	NUM
emaj-83	267	10	.	.	PUNCT
emaj-83	268	1	the	the	DET
emaj-83	268	2	journal	journal	NOUN
emaj-83	268	3	of	of	ADP
emaj-83	268	4	finance	finance	NOUN
emaj-83	268	5	,	,	PUNCT
emaj-83	268	6	23(2	23(2	NUM
emaj-83	268	7	)	)	PUNCT
emaj-83	268	8	,	,	PUNCT
emaj-83	268	9	389	389	NUM
emaj-83	268	10	-	-	SYM
emaj-83	268	11	416	416	NUM
emaj-83	268	12	.	.	PUNCT
emaj-83	269	1	kouris	kouris	PROPN
emaj-83	269	2	,	,	PUNCT
emaj-83	269	3	a.	a.	NOUN
emaj-83	269	4	,	,	PUNCT
emaj-83	269	5	beneki	beneki	NOUN
emaj-83	269	6	,	,	PUNCT
emaj-83	269	7	c.	c.	PROPN
emaj-83	269	8	,	,	PUNCT
emaj-83	269	9	adam	adam	PROPN
emaj-83	269	10	,	,	PUNCT
emaj-83	269	11	m.	m.	NOUN
emaj-83	269	12	,	,	PUNCT
emaj-83	269	13	&	&	CCONJ
emaj-83	269	14	botsaris	botsaris	PROPN
emaj-83	269	15	,	,	PUNCT
emaj-83	269	16	c.	c.	PROPN
emaj-83	269	17	(	(	PUNCT
emaj-83	269	18	2011	2011	NUM
emaj-83	269	19	)	)	PUNCT
emaj-83	269	20	.	.	PUNCT
emaj-83	270	1	an	an	DET
emaj-83	270	2	assessment	assessment	NOUN
emaj-83	270	3	of	of	ADP
emaj-83	270	4	the	the	DET
emaj-83	270	5	performance	performance	NOUN
emaj-83	270	6	of	of	ADP
emaj-83	270	7	greek	greek	ADJ
emaj-83	270	8	mutual	mutual	ADJ
emaj-83	270	9	equity	equity	NOUN
emaj-83	270	10	funds	fund	NOUN
emaj-83	270	11	selectivity	selectivity	NOUN
emaj-83	270	12	and	and	CCONJ
emaj-83	270	13	market	market	NOUN
emaj-83	270	14	timing	timing	NOUN
emaj-83	270	15	.	.	PUNCT
emaj-83	271	1	applied	apply	VERB
emaj-83	271	2	mathematics	mathematics	PROPN
emaj-83	271	3	sciences	science	NOUN
emaj-83	271	4	,	,	PUNCT
emaj-83	271	5	5(4	5(4	NUM
emaj-83	271	6	)	)	PUNCT
emaj-83	271	7	,	,	PUNCT
emaj-83	271	8	159	159	NUM
emaj-83	271	9	-	-	SYM
emaj-83	271	10	171	171	NUM
emaj-83	271	11	.	.	PUNCT
emaj-83	272	1	malkiel	malkiel	PROPN
emaj-83	272	2	,	,	PUNCT
emaj-83	272	3	b	b	NOUN
emaj-83	272	4	,	,	PUNCT
emaj-83	272	5	g.	g.	PROPN
emaj-83	272	6	(	(	PUNCT
emaj-83	272	7	1995	1995	NUM
emaj-83	272	8	)	)	PUNCT
emaj-83	272	9	.	.	PUNCT
emaj-83	273	1	returns	return	NOUN
emaj-83	273	2	from	from	ADP
emaj-83	273	3	investing	invest	VERB
emaj-83	273	4	in	in	ADP
emaj-83	273	5	equity	equity	NOUN
emaj-83	273	6	funds	fund	NOUN
emaj-83	273	7	:	:	PUNCT
emaj-83	273	8	1971	1971	NUM
emaj-83	273	9	-	-	SYM
emaj-83	273	10	1991	1991	NUM
emaj-83	273	11	.	.	PUNCT
emaj-83	274	1	journal	journal	NOUN
emaj-83	274	2	of	of	ADP
emaj-83	274	3	finance	finance	NOUN
emaj-83	274	4	,	,	PUNCT
emaj-83	274	5	50	50	NUM
emaj-83	274	6	,	,	PUNCT
emaj-83	274	7	549	549	NUM
emaj-83	274	8	-	-	SYM
emaj-83	274	9	572	572	NUM
emaj-83	274	10	.	.	PUNCT
emaj-83	274	11	manjezi	manjezi	PROPN
emaj-83	274	12	,	,	PUNCT
emaj-83	274	13	l.	l.	PROPN
emaj-83	274	14	(	(	PUNCT
emaj-83	274	15	2012	2012	NUM
emaj-83	274	16	)	)	PUNCT
emaj-83	274	17	.	.	PUNCT
emaj-83	275	1	portfolio	portfolio	NOUN
emaj-83	275	2	performance	performance	NOUN
emaj-83	275	3	evaluation	evaluation	NOUN
emaj-83	275	4	of	of	ADP
emaj-83	275	5	south	south	ADJ
emaj-83	275	6	african	african	ADJ
emaj-83	275	7	mutual	mutual	ADJ
emaj-83	275	8	funds	fund	NOUN
emaj-83	275	9	2001	2001	NUM
emaj-83	275	10	-	-	SYM
emaj-83	275	11	2006	2006	NUM
emaj-83	275	12	.	.	PUNCT
emaj-83	276	1	unpublished	unpublished	ADJ
emaj-83	276	2	master	master	NOUN
emaj-83	276	3	’s	’s	PART
emaj-83	276	4	thesis	thesis	NOUN
emaj-83	276	5	.	.	PUNCT
emaj-83	277	1	university	university	NOUN
emaj-83	277	2	of	of	ADP
emaj-83	277	3	agder	agder	PROPN
emaj-83	277	4	,	,	PUNCT
emaj-83	277	5	kristiansand	kristiansand	PROPN
emaj-83	277	6	,	,	PUNCT
emaj-83	277	7	norway	norway	PROPN
emaj-83	277	8	.	.	PUNCT
emaj-83	278	1	mayo	mayo	PROPN
emaj-83	278	2	,	,	PUNCT
emaj-83	278	3	h.	h.	PROPN
emaj-83	278	4	b.	b.	PROPN
emaj-83	278	5	(	(	PUNCT
emaj-83	278	6	2011	2011	NUM
emaj-83	278	7	)	)	PUNCT
emaj-83	278	8	.	.	PUNCT
emaj-83	279	1	introduction	introduction	NOUN
emaj-83	279	2	to	to	ADP
emaj-83	279	3	investments	investment	NOUN
emaj-83	279	4	(	(	PUNCT
emaj-83	279	5	10th	10th	ADJ
emaj-83	279	6	.	.	PUNCT
emaj-83	279	7	edition	edition	PROPN
emaj-83	279	8	)	)	PUNCT
emaj-83	279	9	.	.	PUNCT
emaj-83	280	1	southwestern	southwestern	PROPN
emaj-83	280	2	cengage	cengage	PROPN
emaj-83	280	3	learning	learning	PROPN
emaj-83	280	4	,	,	PUNCT
emaj-83	280	5	mason	mason	PROPN
emaj-83	280	6	,	,	PUNCT
emaj-83	280	7	usa	usa	PROPN
emaj-83	280	8	.	.	PROPN
emaj-83	280	9	volume	volume	NOUN
emaj-83	280	10	5	5	NUM
emaj-83	280	11	no	no	DET
emaj-83	280	12	2	2	NUM
emaj-83	280	13	(	(	PUNCT
emaj-83	280	14	2015	2015	NUM
emaj-83	280	15	)	)	PUNCT
emaj-83	280	16	|	|	ADV
emaj-83	280	17	issn	issn	VERB
emaj-83	280	18	2158	2158	NUM
emaj-83	280	19	-	-	SYM
emaj-83	280	20	8708	8708	NUM
emaj-83	280	21	(	(	PUNCT
emaj-83	280	22	online	online	NOUN
emaj-83	280	23	)	)	PUNCT
emaj-83	280	24	|	|	ADV
emaj-83	280	25	doi	doi	X
emaj-83	280	26	10.5195	10.5195	NUM
emaj-83	280	27	/	/	SYM
emaj-83	280	28	emaj.2015.83	emaj.2015.83	NOUN
emaj-83	280	29	|	|	NOUN
emaj-83	280	30	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-83	280	31	omer	omer	PROPN
emaj-83	280	32	faruk	faruk	PROPN
emaj-83	280	33	tan	tan	PROPN
emaj-83	280	34	emerging	emerge	VERB
emaj-83	280	35	markets	market	NOUN
emaj-83	280	36	journal	journal	NOUN
emaj-83	280	37	|	|	ADV
emaj-83	280	38	p	p	NOUN
emaj-83	280	39	a	a	DET
emaj-83	280	40	g	g	PROPN
emaj-83	280	41	e	e	PROPN
emaj-83	280	42	|57	|57	VERB
emaj-83	280	43	mbiola	mbiola	NOUN
emaj-83	280	44	,	,	PUNCT
emaj-83	280	45	o.	o.	PROPN
emaj-83	280	46	j.	j.	PROPN
emaj-83	280	47	(	(	PUNCT
emaj-83	280	48	2013	2013	NUM
emaj-83	280	49	)	)	PUNCT
emaj-83	280	50	.	.	PUNCT
emaj-83	281	1	performance	performance	NOUN
emaj-83	281	2	evaluation	evaluation	NOUN
emaj-83	281	3	of	of	ADP
emaj-83	281	4	unit	unit	NOUN
emaj-83	281	5	trusts	trust	VERB
emaj-83	281	6	in	in	ADP
emaj-83	281	7	south	south	PROPN
emaj-83	281	8	africa	africa	PROPN
emaj-83	281	9	over	over	ADP
emaj-83	281	10	the	the	DET
emaj-83	281	11	last	last	ADJ
emaj-83	281	12	two	two	NUM
emaj-83	281	13	decades	decade	NOUN
emaj-83	281	14	.	.	PUNCT
emaj-83	282	1	unpublished	unpublished	ADJ
emaj-83	282	2	master	master	NOUN
emaj-83	282	3	’s	’s	PART
emaj-83	282	4	thesis	thesis	NOUN
emaj-83	282	5	.	.	PUNCT
emaj-83	283	1	university	university	NOUN
emaj-83	283	2	of	of	ADP
emaj-83	283	3	witwatersrand	witwatersrand	PROPN
emaj-83	283	4	,	,	PUNCT
emaj-83	283	5	johannesburg	johannesburg	PROPN
emaj-83	283	6	,	,	PUNCT
emaj-83	283	7	south	south	PROPN
emaj-83	283	8	africa	africa	PROPN
emaj-83	283	9	.	.	PUNCT
emaj-83	284	1	noulas	noulas	PROPN
emaj-83	284	2	,	,	PUNCT
emaj-83	284	3	g.	g.	PROPN
emaj-83	284	4	,	,	PUNCT
emaj-83	284	5	papanastation	papanastation	PROPN
emaj-83	284	6	,	,	PUNCT
emaj-83	284	7	j.	j.	PROPN
emaj-83	284	8	a.	a.	PROPN
emaj-83	284	9	,	,	PUNCT
emaj-83	284	10	&	&	CCONJ
emaj-83	284	11	lazaridis	lazaridis	PROPN
emaj-83	284	12	,	,	PUNCT
emaj-83	284	13	j.	j.	PROPN
emaj-83	284	14	(	(	PUNCT
emaj-83	284	15	2005	2005	NUM
emaj-83	284	16	)	)	PUNCT
emaj-83	284	17	.	.	PUNCT
emaj-83	285	1	performance	performance	NOUN
emaj-83	285	2	of	of	ADP
emaj-83	285	3	mutual	mutual	ADJ
emaj-83	285	4	funds	fund	NOUN
emaj-83	285	5	.	.	PUNCT
emaj-83	286	1	managerial	managerial	ADJ
emaj-83	286	2	finance	finance	NOUN
emaj-83	286	3	,	,	PUNCT
emaj-83	286	4	31(2	31(2	NUM
emaj-83	286	5	)	)	PUNCT
emaj-83	286	6	,	,	PUNCT
emaj-83	286	7	101	101	NUM
emaj-83	286	8	-	-	SYM
emaj-83	286	9	112	112	NUM
emaj-83	286	10	.	.	PUNCT
emaj-83	287	1	rao	rao	PROPN
emaj-83	287	2	,	,	PUNCT
emaj-83	287	3	d.	d.	PROPN
emaj-83	287	4	n.	n.	PROPN
emaj-83	287	5	(	(	PUNCT
emaj-83	287	6	2006	2006	NUM
emaj-83	287	7	)	)	PUNCT
emaj-83	287	8	.	.	PUNCT
emaj-83	288	1	investment	investment	NOUN
emaj-83	288	2	styles	style	NOUN
emaj-83	288	3	and	and	CCONJ
emaj-83	288	4	performance	performance	NOUN
emaj-83	288	5	of	of	ADP
emaj-83	288	6	equity	equity	NOUN
emaj-83	288	7	mutual	mutual	ADJ
emaj-83	288	8	funds	fund	NOUN
emaj-83	288	9	in	in	ADP
emaj-83	288	10	india	india	PROPN
emaj-83	288	11	.	.	PUNCT
emaj-83	289	1	social	social	PROPN
emaj-83	289	2	sciences	sciences	PROPN
emaj-83	289	3	research	research	NOUN
emaj-83	289	4	network	network	NOUN
emaj-83	289	5	.	.	PUNCT
emaj-83	290	1	retrieved	retrieve	VERB
emaj-83	290	2	november	november	PROPN
emaj-83	290	3	15	15	NUM
emaj-83	290	4	,	,	PUNCT
emaj-83	290	5	2014	2014	NUM
emaj-83	290	6	from	from	ADP
emaj-83	290	7	ssrn	ssrn	NOUN
emaj-83	290	8	:	:	PUNCT
emaj-83	290	9	http://ssrn.com/abstract=922595	http://ssrn.com/abstract=922595	NOUN
emaj-83	290	10	or	or	CCONJ
emaj-83	290	11	http://dx.doi.org/10.2139/ssrn.922595	http://dx.doi.org/10.2139/ssrn.922595	PUNCT
emaj-83	290	12	reilly	reilly	ADV
emaj-83	290	13	,	,	PUNCT
emaj-83	290	14	f	f	PROPN
emaj-83	290	15	,	,	PUNCT
emaj-83	290	16	r.	r.	PROPN
emaj-83	290	17	(	(	PUNCT
emaj-83	290	18	1992	1992	NUM
emaj-83	290	19	)	)	PUNCT
emaj-83	290	20	.	.	PUNCT
emaj-83	291	1	investments	investment	NOUN
emaj-83	291	2	(	(	PUNCT
emaj-83	291	3	3rd	3rd	NOUN
emaj-83	291	4	.	.	PUNCT
emaj-83	292	1	edition	edition	PROPN
emaj-83	292	2	)	)	PUNCT
emaj-83	292	3	.	.	PUNCT
emaj-83	293	1	orlando	orlando	PROPN
emaj-83	293	2	,	,	PUNCT
emaj-83	293	3	florida	florida	PROPN
emaj-83	293	4	:	:	PUNCT
emaj-83	293	5	the	the	DET
emaj-83	293	6	dryden	dryden	PROPN
emaj-83	293	7	press	press	PROPN
emaj-83	293	8	.	.	PUNCT
emaj-83	294	1	sharpe	sharpe	PROPN
emaj-83	294	2	,	,	PUNCT
emaj-83	294	3	w.	w.	PROPN
emaj-83	294	4	f.	f.	PROPN
emaj-83	294	5	(	(	PUNCT
emaj-83	294	6	1996	1996	NUM
emaj-83	294	7	)	)	PUNCT
emaj-83	294	8	.	.	PUNCT
emaj-83	295	1	mutual	mutual	ADJ
emaj-83	295	2	fund	fund	NOUN
emaj-83	295	3	performance	performance	NOUN
emaj-83	295	4	.	.	PUNCT
emaj-83	296	1	journal	journal	NOUN
emaj-83	296	2	of	of	ADP
emaj-83	296	3	business	business	NOUN
emaj-83	296	4	,	,	PUNCT
emaj-83	296	5	34	34	NUM
emaj-83	296	6	,	,	PUNCT
emaj-83	296	7	119	119	NUM
emaj-83	296	8	-	-	SYM
emaj-83	296	9	138	138	NUM
emaj-83	296	10	.	.	PUNCT
emaj-83	297	1	treynor	treynor	NOUN
emaj-83	297	2	,	,	PUNCT
emaj-83	297	3	j.	j.	PROPN
emaj-83	297	4	l.	l.	PROPN
emaj-83	297	5	(	(	PUNCT
emaj-83	297	6	1965	1965	NUM
emaj-83	297	7	)	)	PUNCT
emaj-83	297	8	.	.	PUNCT
emaj-83	298	1	how	how	SCONJ
emaj-83	298	2	to	to	PART
emaj-83	298	3	rate	rate	VERB
emaj-83	298	4	management	management	NOUN
emaj-83	298	5	of	of	ADP
emaj-83	298	6	investment	investment	NOUN
emaj-83	298	7	funds	fund	NOUN
emaj-83	298	8	.	.	PUNCT
emaj-83	299	1	harvard	harvard	PROPN
emaj-83	299	2	business	business	PROPN
emaj-83	299	3	review	review	PROPN
emaj-83	299	4	.	.	PUNCT
emaj-83	300	1	43(1	43(1	X
emaj-83	300	2	)	)	PUNCT
emaj-83	300	3	,	,	PUNCT
emaj-83	300	4	131	131	NUM
emaj-83	300	5	-	-	SYM
emaj-83	300	6	136	136	NUM
emaj-83	300	7	.	.	PUNCT
emaj-83	301	1	treynor	treynor	NOUN
emaj-83	301	2	,	,	PUNCT
emaj-83	301	3	j.	j.	PROPN
emaj-83	301	4	l.	l.	PROPN
emaj-83	301	5	,	,	PUNCT
emaj-83	301	6	&	&	CCONJ
emaj-83	301	7	mazuy	mazuy	PROPN
emaj-83	301	8	,	,	PUNCT
emaj-83	301	9	k.k	k.k	PROPN
emaj-83	301	10	.	.	PROPN
emaj-83	301	11	(	(	PUNCT
emaj-83	301	12	1966	1966	NUM
emaj-83	301	13	)	)	PUNCT
emaj-83	301	14	.	.	PUNCT
emaj-83	302	1	can	can	AUX
emaj-83	302	2	mutual	mutual	ADJ
emaj-83	302	3	funds	fund	NOUN
emaj-83	302	4	outguess	outguess	VERB
emaj-83	302	5	the	the	DET
emaj-83	302	6	market	market	NOUN
emaj-83	302	7	?	?	PUNCT
emaj-83	303	1	harvard	harvard	PROPN
emaj-83	303	2	business	business	PROPN
emaj-83	303	3	review	review	PROPN
emaj-83	303	4	,	,	PUNCT
emaj-83	303	5	44	44	NUM
emaj-83	303	6	,	,	PUNCT
emaj-83	303	7	131136	131136	NUM
emaj-83	303	8	.	.	PUNCT
emaj-83	304	1	tripathy	tripathy	ADJ
emaj-83	304	2	,	,	PUNCT
emaj-83	304	3	n.	n.	PROPN
emaj-83	304	4	p.	p.	PROPN
emaj-83	304	5	(	(	PUNCT
emaj-83	304	6	2005	2005	NUM
emaj-83	304	7	)	)	PUNCT
emaj-83	304	8	.	.	PUNCT
emaj-83	305	1	an	an	DET
emaj-83	305	2	empirical	empirical	ADJ
emaj-83	305	3	evaluation	evaluation	NOUN
emaj-83	305	4	of	of	ADP
emaj-83	305	5	market	market	NOUN
emaj-83	305	6	timing	timing	NOUN
emaj-83	305	7	abilities	ability	NOUN
emaj-83	305	8	of	of	ADP
emaj-83	305	9	indian	indian	ADJ
emaj-83	305	10	fund	fund	NOUN
emaj-83	305	11	managers	manager	NOUN
emaj-83	305	12	on	on	ADP
emaj-83	305	13	equity	equity	NOUN
emaj-83	305	14	linked	link	VERB
emaj-83	305	15	savings	saving	NOUN
emaj-83	305	16	scheme	scheme	NOUN
emaj-83	305	17	.	.	PUNCT
emaj-83	306	1	delhi	delhi	PROPN
emaj-83	306	2	business	business	PROPN
emaj-83	306	3	review	review	PROPN
emaj-83	306	4	,	,	PUNCT
emaj-83	306	5	6(2	6(2	NUM
emaj-83	306	6	)	)	PUNCT
emaj-83	306	7	,	,	PUNCT
emaj-83	306	8	19	19	NUM
emaj-83	306	9	-	-	SYM
emaj-83	306	10	27	27	NUM
emaj-83	306	11	.	.	PUNCT
emaj-83	307	1	what	what	PRON
emaj-83	307	2	is	be	AUX
emaj-83	307	3	quantitative	quantitative	ADJ
emaj-83	307	4	easing	easing	NOUN
emaj-83	307	5	?	?	PUNCT
emaj-83	308	1	definition	definition	NOUN
emaj-83	308	2	and	and	CCONJ
emaj-83	308	3	explanation	explanation	NOUN
emaj-83	308	4	.	.	PUNCT
emaj-83	309	1	retrieved	retrieve	VERB
emaj-83	309	2	january	january	PROPN
emaj-83	309	3	23	23	NUM
emaj-83	309	4	,	,	PUNCT
emaj-83	309	5	2015	2015	NUM
emaj-83	309	6	from	from	ADP
emaj-83	309	7	http://useconomy.about.com/od/gloss	http://useconomy.about.com/od/gloss	PROPN
emaj-83	309	8	ary	ary	PROPN
emaj-83	309	9	/	/	SYM
emaj-83	309	10	g	g	PROPN
emaj-83	309	11	/	/	SYM
emaj-83	309	12	quantitative	quantitative	ADJ
emaj-83	309	13	-	-	PUNCT
emaj-83	309	14	eaing.htm	eaing.htm	X
emaj-83	309	15	.	.	PUNCT
emaj-83	310	1	http://ssrn.com/abstract=922595	http://ssrn.com/abstract=922595	NOUN
emaj-83	310	2	http://dx.doi.org/10.2139/ssrn.922595	http://dx.doi.org/10.2139/ssrn.922595	PUNCT
emaj-83	310	3	http://useconomy.about.com/od/glossary/g/quantitative-eaing.htm	http://useconomy.about.com/od/glossary/g/quantitative-eaing.htm	PUNCT
emaj-83	310	4	http://useconomy.about.com/od/glossary/g/quantitative-eaing.htm	http://useconomy.about.com/od/glossary/g/quantitative-eaing.htm	PRON