id	sid	tid	token	lemma	pos
ejge-4307	1	1	european	european	PROPN
ejge-4307	1	2	journal	journal	PROPN
ejge-4307	1	3	of	of	ADP
ejge-4307	1	4	government	government	NOUN
ejge-4307	1	5	and	and	CCONJ
ejge-4307	1	6	economics	economic	NOUN
ejge-4307	1	7	volume	volume	NOUN
ejge-4307	1	8	4	4	NUM
ejge-4307	1	9	,	,	PUNCT
ejge-4307	1	10	number	number	NOUN
ejge-4307	1	11	1	1	NUM
ejge-4307	1	12	(	(	PUNCT
ejge-4307	1	13	june	june	PROPN
ejge-4307	1	14	2015	2015	NUM
ejge-4307	1	15	)	)	PUNCT
ejge-4307	1	16	issn	issn	PROPN
ejge-4307	1	17	:	:	PUNCT
ejge-4307	1	18	2254	2254	NUM
ejge-4307	1	19	-	-	SYM
ejge-4307	1	20	7088	7088	NUM
ejge-4307	1	21	a	a	DET
ejge-4307	1	22	sharpe	sharpe	NOUN
ejge-4307	1	23	-	-	PUNCT
ejge-4307	1	24	ratio	ratio	NOUN
ejge-4307	1	25	-	-	PUNCT
ejge-4307	1	26	based	base	VERB
ejge-4307	1	27	measure	measure	NOUN
ejge-4307	1	28	for	for	ADP
ejge-4307	1	29	currencies	currency	NOUN
ejge-4307	1	30	javier	javier	NOUN
ejge-4307	1	31	prado	prado	PROPN
ejge-4307	1	32	-	-	PUNCT
ejge-4307	1	33	dominguez	dominguez	PROPN
ejge-4307	1	34	,	,	PUNCT
ejge-4307	1	35	universidade	universidade	PROPN
ejge-4307	1	36	da	da	PROPN
ejge-4307	1	37	coruña	coruña	PROPN
ejge-4307	1	38	,	,	PUNCT
ejge-4307	1	39	spain	spain	PROPN
ejge-4307	1	40	carlos	carlos	PROPN
ejge-4307	1	41	fernández	fernández	PROPN
ejge-4307	1	42	-	-	PUNCT
ejge-4307	1	43	herráiz	herráiz	PROPN
ejge-4307	1	44	,	,	PUNCT
ejge-4307	1	45	caia	caia	PROPN
ejge-4307	1	46	,	,	PUNCT
ejge-4307	1	47	spain	spain	PROPN
ejge-4307	1	48	abstract	abstract	PROPN
ejge-4307	1	49	the	the	DET
ejge-4307	1	50	sharpe	sharpe	PROPN
ejge-4307	1	51	ratio	ratio	NOUN
ejge-4307	1	52	offers	offer	VERB
ejge-4307	1	53	an	an	DET
ejge-4307	1	54	excellent	excellent	ADJ
ejge-4307	1	55	summary	summary	NOUN
ejge-4307	1	56	of	of	ADP
ejge-4307	1	57	the	the	DET
ejge-4307	1	58	excess	excess	ADJ
ejge-4307	1	59	return	return	NOUN
ejge-4307	1	60	required	require	VERB
ejge-4307	1	61	per	per	ADP
ejge-4307	1	62	unit	unit	NOUN
ejge-4307	1	63	of	of	ADP
ejge-4307	1	64	risk	risk	NOUN
ejge-4307	1	65	invested	invest	VERB
ejge-4307	1	66	.	.	PUNCT
ejge-4307	2	1	this	this	DET
ejge-4307	2	2	work	work	NOUN
ejge-4307	2	3	presents	present	VERB
ejge-4307	2	4	an	an	DET
ejge-4307	2	5	adaptation	adaptation	NOUN
ejge-4307	2	6	of	of	ADP
ejge-4307	2	7	the	the	DET
ejge-4307	2	8	ex	ex	PROPN
ejge-4307	2	9	-	-	PROPN
ejge-4307	2	10	ante	ante	NOUN
ejge-4307	2	11	sharpe	sharpe	PROPN
ejge-4307	2	12	ratio	ratio	NOUN
ejge-4307	2	13	for	for	ADP
ejge-4307	2	14	currencies	currency	NOUN
ejge-4307	2	15	where	where	SCONJ
ejge-4307	2	16	we	we	PRON
ejge-4307	2	17	consider	consider	VERB
ejge-4307	2	18	a	a	DET
ejge-4307	2	19	random	random	ADJ
ejge-4307	2	20	walk	walk	NOUN
ejge-4307	2	21	approach	approach	NOUN
ejge-4307	2	22	for	for	ADP
ejge-4307	2	23	the	the	DET
ejge-4307	2	24	currency	currency	NOUN
ejge-4307	2	25	behavior	behavior	NOUN
ejge-4307	2	26	and	and	CCONJ
ejge-4307	2	27	implied	imply	VERB
ejge-4307	2	28	volatility	volatility	NOUN
ejge-4307	2	29	as	as	ADP
ejge-4307	2	30	a	a	DET
ejge-4307	2	31	proxy	proxy	NOUN
ejge-4307	2	32	for	for	ADP
ejge-4307	2	33	market	market	NOUN
ejge-4307	2	34	expectations	expectation	NOUN
ejge-4307	2	35	of	of	ADP
ejge-4307	2	36	future	future	ADJ
ejge-4307	2	37	realized	realize	VERB
ejge-4307	2	38	volatility	volatility	NOUN
ejge-4307	2	39	.	.	PUNCT
ejge-4307	3	1	the	the	DET
ejge-4307	3	2	outcome	outcome	NOUN
ejge-4307	3	3	of	of	ADP
ejge-4307	3	4	the	the	DET
ejge-4307	3	5	proposed	propose	VERB
ejge-4307	3	6	measure	measure	NOUN
ejge-4307	3	7	seems	seem	VERB
ejge-4307	3	8	to	to	PART
ejge-4307	3	9	gauge	gauge	VERB
ejge-4307	3	10	some	some	DET
ejge-4307	3	11	information	information	NOUN
ejge-4307	3	12	on	on	ADP
ejge-4307	3	13	the	the	DET
ejge-4307	3	14	expected	expect	VERB
ejge-4307	3	15	required	require	VERB
ejge-4307	3	16	return	return	NOUN
ejge-4307	3	17	attached	attach	VERB
ejge-4307	3	18	to	to	ADP
ejge-4307	3	19	the	the	DET
ejge-4307	3	20	“	"	PUNCT
ejge-4307	3	21	peso	peso	NOUN
ejge-4307	3	22	problem	problem	NOUN
ejge-4307	3	23	”	"	PUNCT
ejge-4307	3	24	.	.	PUNCT
ejge-4307	4	1	keywords	keyword	VERB
ejge-4307	4	2	sharpe	sharpe	PROPN
ejge-4307	4	3	ratio	ratio	NOUN
ejge-4307	4	4	;	;	PUNCT
ejge-4307	4	5	peso	peso	NOUN
ejge-4307	4	6	problem	problem	NOUN
ejge-4307	4	7	;	;	PUNCT
ejge-4307	4	8	carry	carry	VERB
ejge-4307	4	9	trade	trade	NOUN
ejge-4307	4	10	;	;	PUNCT
ejge-4307	4	11	currency	currency	NOUN
ejge-4307	4	12	strategies	strategy	NOUN
ejge-4307	4	13	.	.	PUNCT
ejge-4307	5	1	jel	jel	PROPN
ejge-4307	5	2	codes	codes	PROPN
ejge-4307	5	3	g11	g11	PROPN
ejge-4307	5	4	;	;	PUNCT
ejge-4307	5	5	g13	g13	PROPN
ejge-4307	5	6	;	;	PUNCT
ejge-4307	5	7	g15	g15	PROPN
ejge-4307	5	8	;	;	PUNCT
ejge-4307	5	9	g17	g17	NOUN
ejge-4307	5	10	.	.	PUNCT
ejge-4307	6	1	67	67	NUM
ejge-4307	6	2	pere	pere	PROPN
ejge-4307	6	3	●	●	PUNCT
ejge-4307	6	4	governance	governance	NOUN
ejge-4307	6	5	and	and	CCONJ
ejge-4307	6	6	economic	economic	ADJ
ejge-4307	6	7	development	development	NOUN
ejge-4307	6	8	of	of	ADP
ejge-4307	6	9	western	western	ADJ
ejge-4307	6	10	balkan	balkan	ADJ
ejge-4307	6	11	countries	country	NOUN
ejge-4307	6	12	introduction	introduction	VERB
ejge-4307	6	13	the	the	DET
ejge-4307	6	14	reward	reward	NOUN
ejge-4307	6	15	to	to	ADP
ejge-4307	6	16	variability	variability	NOUN
ejge-4307	6	17	ratio	ratio	NOUN
ejge-4307	6	18	has	have	AUX
ejge-4307	6	19	been	be	AUX
ejge-4307	6	20	around	around	ADV
ejge-4307	6	21	for	for	ADP
ejge-4307	6	22	nearly	nearly	ADV
ejge-4307	6	23	40	40	NUM
ejge-4307	6	24	years	year	NOUN
ejge-4307	6	25	since	since	SCONJ
ejge-4307	6	26	the	the	DET
ejge-4307	6	27	seminal	seminal	ADJ
ejge-4307	6	28	work	work	NOUN
ejge-4307	6	29	by	by	ADP
ejge-4307	6	30	sharpe	sharpe	PROPN
ejge-4307	6	31	(	(	PUNCT
ejge-4307	6	32	1966	1966	NUM
ejge-4307	6	33	)	)	PUNCT
ejge-4307	6	34	.	.	PUNCT
ejge-4307	7	1	since	since	SCONJ
ejge-4307	7	2	his	his	PRON
ejge-4307	7	3	paper	paper	NOUN
ejge-4307	7	4	,	,	PUNCT
ejge-4307	7	5	the	the	DET
ejge-4307	7	6	so	so	ADV
ejge-4307	7	7	called	call	VERB
ejge-4307	7	8	sharpe	sharpe	PROPN
ejge-4307	7	9	ratio	ratio	PROPN
ejge-4307	7	10	spawned	spawn	VERB
ejge-4307	7	11	various	various	ADJ
ejge-4307	7	12	performance	performance	NOUN
ejge-4307	7	13	measures	measure	NOUN
ejge-4307	7	14	,	,	PUNCT
ejge-4307	7	15	including	include	VERB
ejge-4307	7	16	several	several	ADJ
ejge-4307	7	17	adaptations	adaptation	NOUN
ejge-4307	7	18	of	of	ADP
ejge-4307	7	19	the	the	DET
ejge-4307	7	20	ratio	ratio	NOUN
ejge-4307	7	21	,	,	PUNCT
ejge-4307	7	22	which	which	PRON
ejge-4307	7	23	offer	offer	VERB
ejge-4307	7	24	different	different	ADJ
ejge-4307	7	25	flavors	flavor	NOUN
ejge-4307	7	26	of	of	ADP
ejge-4307	7	27	the	the	DET
ejge-4307	7	28	risk	risk	NOUN
ejge-4307	7	29	reward	reward	NOUN
ejge-4307	7	30	relationship	relationship	NOUN
ejge-4307	7	31	.	.	PUNCT
ejge-4307	8	1	the	the	DET
ejge-4307	8	2	success	success	NOUN
ejge-4307	8	3	of	of	ADP
ejge-4307	8	4	the	the	DET
ejge-4307	8	5	ratio	ratio	NOUN
ejge-4307	8	6	is	be	AUX
ejge-4307	8	7	rooted	root	VERB
ejge-4307	8	8	in	in	ADP
ejge-4307	8	9	the	the	DET
ejge-4307	8	10	combination	combination	NOUN
ejge-4307	8	11	of	of	ADP
ejge-4307	8	12	two	two	NUM
ejge-4307	8	13	opposing	opposing	ADJ
ejge-4307	8	14	but	but	CCONJ
ejge-4307	8	15	complementary	complementary	ADJ
ejge-4307	8	16	concepts	concept	NOUN
ejge-4307	8	17	:	:	PUNCT
ejge-4307	8	18	risk	risk	NOUN
ejge-4307	8	19	and	and	CCONJ
ejge-4307	8	20	return	return	VERB
ejge-4307	8	21	.	.	PUNCT
ejge-4307	9	1	the	the	DET
ejge-4307	9	2	ratio	ratio	NOUN
ejge-4307	9	3	is	be	AUX
ejge-4307	9	4	always	always	ADV
ejge-4307	9	5	stated	state	VERB
ejge-4307	9	6	as	as	SCONJ
ejge-4307	9	7	the	the	DET
ejge-4307	9	8	excess	excess	ADJ
ejge-4307	9	9	return	return	NOUN
ejge-4307	9	10	of	of	ADP
ejge-4307	9	11	a	a	DET
ejge-4307	9	12	portfolio	portfolio	NOUN
ejge-4307	9	13	or	or	CCONJ
ejge-4307	9	14	strategy	strategy	NOUN
ejge-4307	9	15	per	per	ADP
ejge-4307	9	16	unit	unit	NOUN
ejge-4307	9	17	of	of	ADP
ejge-4307	9	18	risk	risk	NOUN
ejge-4307	9	19	handled	handle	VERB
ejge-4307	9	20	.	.	PUNCT
ejge-4307	10	1	it	it	PRON
ejge-4307	10	2	is	be	AUX
ejge-4307	10	3	a	a	DET
ejge-4307	10	4	simple	simple	ADJ
ejge-4307	10	5	but	but	CCONJ
ejge-4307	10	6	effective	effective	ADJ
ejge-4307	10	7	measure	measure	NOUN
ejge-4307	10	8	of	of	ADP
ejge-4307	10	9	how	how	SCONJ
ejge-4307	10	10	well	well	ADV
ejge-4307	10	11	rewarded	reward	VERB
ejge-4307	10	12	are	be	AUX
ejge-4307	10	13	the	the	DET
ejge-4307	10	14	risks	risk	NOUN
ejge-4307	10	15	taken	take	VERB
ejge-4307	10	16	if	if	SCONJ
ejge-4307	10	17	some	some	DET
ejge-4307	10	18	assumptions	assumption	NOUN
ejge-4307	10	19	about	about	ADP
ejge-4307	10	20	markets	market	NOUN
ejge-4307	10	21	and	and	CCONJ
ejge-4307	10	22	investors	investor	NOUN
ejge-4307	10	23	are	be	AUX
ejge-4307	10	24	made	make	VERB
ejge-4307	10	25	.	.	PUNCT
ejge-4307	11	1	the	the	DET
ejge-4307	11	2	ratio	ratio	NOUN
ejge-4307	11	3	could	could	AUX
ejge-4307	11	4	help	help	VERB
ejge-4307	11	5	selecting	select	VERB
ejge-4307	11	6	among	among	ADP
ejge-4307	11	7	strategies	strategy	NOUN
ejge-4307	11	8	or	or	CCONJ
ejge-4307	11	9	portfolios	portfolio	NOUN
ejge-4307	11	10	.	.	PUNCT
ejge-4307	12	1	when	when	SCONJ
ejge-4307	12	2	an	an	DET
ejge-4307	12	3	investor	investor	NOUN
ejge-4307	12	4	makes	make	VERB
ejge-4307	12	5	use	use	NOUN
ejge-4307	12	6	of	of	ADP
ejge-4307	12	7	the	the	DET
ejge-4307	12	8	sharpe	sharpe	PROPN
ejge-4307	12	9	ratio	ratio	NOUN
ejge-4307	12	10	,	,	PUNCT
ejge-4307	12	11	she	she	PRON
ejge-4307	12	12	must	must	AUX
ejge-4307	12	13	pay	pay	VERB
ejge-4307	12	14	attention	attention	NOUN
ejge-4307	12	15	to	to	ADP
ejge-4307	12	16	the	the	DET
ejge-4307	12	17	various	various	ADJ
ejge-4307	12	18	assumptions	assumption	NOUN
ejge-4307	12	19	involved	involve	VERB
ejge-4307	12	20	in	in	ADP
ejge-4307	12	21	the	the	DET
ejge-4307	12	22	measure	measure	NOUN
ejge-4307	12	23	.	.	PUNCT
ejge-4307	13	1	the	the	DET
ejge-4307	13	2	ratio	ratio	NOUN
ejge-4307	13	3	implies	imply	VERB
ejge-4307	13	4	that	that	SCONJ
ejge-4307	13	5	mean	mean	VERB
ejge-4307	13	6	and	and	CCONJ
ejge-4307	13	7	standard	standard	ADJ
ejge-4307	13	8	deviation	deviation	NOUN
ejge-4307	13	9	for	for	ADP
ejge-4307	13	10	one	one	NUM
ejge-4307	13	11	period	period	NOUN
ejge-4307	13	12	are	be	AUX
ejge-4307	13	13	sufficient	sufficient	ADJ
ejge-4307	13	14	statistics	statistic	NOUN
ejge-4307	13	15	for	for	ADP
ejge-4307	13	16	evaluating	evaluate	VERB
ejge-4307	13	17	the	the	DET
ejge-4307	13	18	attractiveness	attractiveness	NOUN
ejge-4307	13	19	of	of	ADP
ejge-4307	13	20	a	a	DET
ejge-4307	13	21	portfolio	portfolio	NOUN
ejge-4307	13	22	.	.	PUNCT
ejge-4307	14	1	but	but	CCONJ
ejge-4307	14	2	comparisons	comparison	NOUN
ejge-4307	14	3	based	base	VERB
ejge-4307	14	4	on	on	ADP
ejge-4307	14	5	the	the	DET
ejge-4307	14	6	first	first	ADJ
ejge-4307	14	7	two	two	NUM
ejge-4307	14	8	moments	moment	NOUN
ejge-4307	14	9	of	of	ADP
ejge-4307	14	10	the	the	DET
ejge-4307	14	11	distribution	distribution	NOUN
ejge-4307	14	12	do	do	AUX
ejge-4307	14	13	not	not	PART
ejge-4307	14	14	take	take	VERB
ejge-4307	14	15	into	into	ADP
ejge-4307	14	16	account	account	NOUN
ejge-4307	14	17	possible	possible	ADJ
ejge-4307	14	18	differences	difference	NOUN
ejge-4307	14	19	among	among	ADP
ejge-4307	14	20	portfolios	portfolio	NOUN
ejge-4307	14	21	in	in	ADP
ejge-4307	14	22	other	other	ADJ
ejge-4307	14	23	moments	moment	NOUN
ejge-4307	14	24	.	.	PUNCT
ejge-4307	15	1	in	in	ADP
ejge-4307	15	2	fact	fact	NOUN
ejge-4307	15	3	,	,	PUNCT
ejge-4307	15	4	goetzmann	goetzmann	PROPN
ejge-4307	15	5	et	et	PROPN
ejge-4307	15	6	al	al	PROPN
ejge-4307	15	7	(	(	PUNCT
ejge-4307	15	8	2002	2002	NUM
ejge-4307	15	9	)	)	PUNCT
ejge-4307	15	10	,	,	PUNCT
ejge-4307	15	11	offer	offer	VERB
ejge-4307	15	12	a	a	DET
ejge-4307	15	13	“	"	PUNCT
ejge-4307	15	14	sharp	sharp	ADJ
ejge-4307	15	15	”	"	PUNCT
ejge-4307	15	16	analysis	analysis	NOUN
ejge-4307	15	17	of	of	ADP
ejge-4307	15	18	the	the	DET
ejge-4307	15	19	issue	issue	NOUN
ejge-4307	15	20	,	,	PUNCT
ejge-4307	15	21	proving	prove	VERB
ejge-4307	15	22	that	that	SCONJ
ejge-4307	15	23	the	the	DET
ejge-4307	15	24	distribution	distribution	NOUN
ejge-4307	15	25	of	of	ADP
ejge-4307	15	26	returns	return	NOUN
ejge-4307	15	27	that	that	PRON
ejge-4307	15	28	maximizes	maximize	VERB
ejge-4307	15	29	the	the	DET
ejge-4307	15	30	ratio	ratio	NOUN
ejge-4307	15	31	is	be	AUX
ejge-4307	15	32	the	the	DET
ejge-4307	15	33	one	one	NOUN
ejge-4307	15	34	with	with	ADP
ejge-4307	15	35	significant	significant	ADJ
ejge-4307	15	36	third	third	ADJ
ejge-4307	15	37	and	and	CCONJ
ejge-4307	15	38	fourth	fourth	ADJ
ejge-4307	15	39	moments	moment	NOUN
ejge-4307	15	40	.	.	PUNCT
ejge-4307	16	1	those	those	DET
ejge-4307	16	2	moments	moment	NOUN
ejge-4307	16	3	imply	imply	VERB
ejge-4307	16	4	fat	fat	ADJ
ejge-4307	16	5	left	leave	VERB
ejge-4307	16	6	tails	tail	NOUN
ejge-4307	16	7	(	(	PUNCT
ejge-4307	16	8	big	big	ADJ
ejge-4307	16	9	unexpected	unexpected	ADJ
ejge-4307	16	10	losses	loss	NOUN
ejge-4307	16	11	more	more	ADV
ejge-4307	16	12	frequent	frequent	ADJ
ejge-4307	16	13	than	than	SCONJ
ejge-4307	16	14	expected	expect	VERB
ejge-4307	16	15	if	if	SCONJ
ejge-4307	16	16	the	the	DET
ejge-4307	16	17	returns	return	NOUN
ejge-4307	16	18	followed	follow	VERB
ejge-4307	16	19	a	a	DET
ejge-4307	16	20	normal	normal	ADJ
ejge-4307	16	21	distribution	distribution	NOUN
ejge-4307	16	22	)	)	PUNCT
ejge-4307	16	23	,	,	PUNCT
ejge-4307	16	24	and	and	CCONJ
ejge-4307	16	25	also	also	ADV
ejge-4307	16	26	a	a	DET
ejge-4307	16	27	higher	high	ADJ
ejge-4307	16	28	concentration	concentration	NOUN
ejge-4307	16	29	of	of	ADP
ejge-4307	16	30	returns	return	NOUN
ejge-4307	16	31	around	around	ADP
ejge-4307	16	32	the	the	DET
ejge-4307	16	33	expected	expect	VERB
ejge-4307	16	34	return	return	NOUN
ejge-4307	16	35	of	of	ADP
ejge-4307	16	36	the	the	DET
ejge-4307	16	37	distribution	distribution	NOUN
ejge-4307	16	38	(	(	PUNCT
ejge-4307	16	39	offering	offer	VERB
ejge-4307	16	40	a	a	DET
ejge-4307	16	41	false	false	ADJ
ejge-4307	16	42	sensation	sensation	NOUN
ejge-4307	16	43	of	of	ADP
ejge-4307	16	44	security	security	NOUN
ejge-4307	16	45	to	to	ADP
ejge-4307	16	46	investors	investor	NOUN
ejge-4307	16	47	)	)	PUNCT
ejge-4307	16	48	.	.	PUNCT
ejge-4307	17	1	the	the	DET
ejge-4307	17	2	field	field	NOUN
ejge-4307	17	3	of	of	ADP
ejge-4307	17	4	currency	currency	NOUN
ejge-4307	17	5	trading	trading	NOUN
ejge-4307	17	6	is	be	AUX
ejge-4307	17	7	well	well	ADV
ejge-4307	17	8	aware	aware	ADJ
ejge-4307	17	9	of	of	ADP
ejge-4307	17	10	this	this	DET
ejge-4307	17	11	kind	kind	NOUN
ejge-4307	17	12	of	of	ADP
ejge-4307	17	13	phenomenon	phenomenon	NOUN
ejge-4307	17	14	.	.	PUNCT
ejge-4307	18	1	it	it	PRON
ejge-4307	18	2	is	be	AUX
ejge-4307	18	3	one	one	NUM
ejge-4307	18	4	of	of	ADP
ejge-4307	18	5	the	the	DET
ejge-4307	18	6	main	main	ADJ
ejge-4307	18	7	explanations	explanation	NOUN
ejge-4307	18	8	adduced	adduce	VERB
ejge-4307	18	9	to	to	PART
ejge-4307	18	10	justify	justify	VERB
ejge-4307	18	11	the	the	DET
ejge-4307	18	12	conundrum	conundrum	NOUN
ejge-4307	18	13	of	of	ADP
ejge-4307	18	14	the	the	DET
ejge-4307	18	15	forward	forward	ADJ
ejge-4307	18	16	puzzle	puzzle	NOUN
ejge-4307	18	17	.	.	PUNCT
ejge-4307	19	1	other	other	ADJ
ejge-4307	19	2	common	common	ADJ
ejge-4307	19	3	explanation	explanation	NOUN
ejge-4307	19	4	for	for	ADP
ejge-4307	19	5	the	the	DET
ejge-4307	19	6	forward	forward	ADJ
ejge-4307	19	7	puzzle	puzzle	NOUN
ejge-4307	19	8	is	be	AUX
ejge-4307	19	9	the	the	DET
ejge-4307	19	10	“	"	PUNCT
ejge-4307	19	11	peso	peso	NOUN
ejge-4307	19	12	problem	problem	NOUN
ejge-4307	19	13	”	"	PUNCT
ejge-4307	19	14	,	,	PUNCT
ejge-4307	19	15	see	see	VERB
ejge-4307	19	16	fama	fama	PROPN
ejge-4307	19	17	(	(	PUNCT
ejge-4307	19	18	1984	1984	NUM
ejge-4307	19	19	)	)	PUNCT
ejge-4307	19	20	.	.	PUNCT
ejge-4307	20	1	the	the	DET
ejge-4307	20	2	“	"	PUNCT
ejge-4307	20	3	peso	peso	NOUN
ejge-4307	20	4	problem	problem	NOUN
ejge-4307	20	5	”	"	PUNCT
ejge-4307	20	6	is	be	AUX
ejge-4307	20	7	another	another	DET
ejge-4307	20	8	conundrum	conundrum	NOUN
ejge-4307	20	9	on	on	ADP
ejge-4307	20	10	its	its	PRON
ejge-4307	20	11	own	own	ADJ
ejge-4307	20	12	.	.	PUNCT
ejge-4307	21	1	it	it	PRON
ejge-4307	21	2	states	state	VERB
ejge-4307	21	3	that	that	SCONJ
ejge-4307	21	4	if	if	SCONJ
ejge-4307	21	5	an	an	DET
ejge-4307	21	6	investor	investor	NOUN
ejge-4307	21	7	finds	find	VERB
ejge-4307	21	8	an	an	DET
ejge-4307	21	9	asset	asset	NOUN
ejge-4307	21	10	with	with	ADP
ejge-4307	21	11	a	a	DET
ejge-4307	21	12	potential	potential	ADJ
ejge-4307	21	13	excess	excess	ADJ
ejge-4307	21	14	return	return	NOUN
ejge-4307	21	15	,	,	PUNCT
ejge-4307	21	16	she	she	PRON
ejge-4307	21	17	may	may	AUX
ejge-4307	21	18	suspect	suspect	VERB
ejge-4307	21	19	there	there	PRON
ejge-4307	21	20	is	be	VERB
ejge-4307	21	21	a	a	DET
ejge-4307	21	22	risk	risk	NOUN
ejge-4307	21	23	behind	behind	ADP
ejge-4307	21	24	a	a	DET
ejge-4307	21	25	classic	classic	ADJ
ejge-4307	21	26	assumption	assumption	NOUN
ejge-4307	21	27	of	of	ADP
ejge-4307	21	28	the	the	DET
ejge-4307	21	29	modern	modern	ADJ
ejge-4307	21	30	portfolio	portfolio	NOUN
ejge-4307	21	31	theory	theory	NOUN
ejge-4307	21	32	.	.	PUNCT
ejge-4307	22	1	and	and	CCONJ
ejge-4307	22	2	if	if	SCONJ
ejge-4307	22	3	she	she	PRON
ejge-4307	22	4	is	be	AUX
ejge-4307	22	5	not	not	PART
ejge-4307	22	6	able	able	ADJ
ejge-4307	22	7	to	to	PART
ejge-4307	22	8	find	find	VERB
ejge-4307	22	9	where	where	SCONJ
ejge-4307	22	10	the	the	DET
ejge-4307	22	11	potential	potential	ADJ
ejge-4307	22	12	risk	risk	NOUN
ejge-4307	22	13	is	be	AUX
ejge-4307	22	14	hidden	hide	VERB
ejge-4307	22	15	,	,	PUNCT
ejge-4307	22	16	then	then	ADV
ejge-4307	22	17	it	it	PRON
ejge-4307	22	18	is	be	AUX
ejge-4307	22	19	probable	probable	ADJ
ejge-4307	22	20	that	that	SCONJ
ejge-4307	22	21	the	the	DET
ejge-4307	22	22	market	market	NOUN
ejge-4307	22	23	is	be	AUX
ejge-4307	22	24	pricing	price	VERB
ejge-4307	22	25	a	a	DET
ejge-4307	22	26	“	"	PUNCT
ejge-4307	22	27	peso	peso	NOUN
ejge-4307	22	28	problem	problem	NOUN
ejge-4307	22	29	”	"	PUNCT
ejge-4307	22	30	:	:	PUNCT
ejge-4307	22	31	a	a	DET
ejge-4307	22	32	low	low	ADJ
ejge-4307	22	33	frequency	frequency	NOUN
ejge-4307	22	34	but	but	CCONJ
ejge-4307	22	35	massive	massive	ADJ
ejge-4307	22	36	negative	negative	ADJ
ejge-4307	22	37	result	result	NOUN
ejge-4307	22	38	.	.	PUNCT
ejge-4307	23	1	the	the	DET
ejge-4307	23	2	original	original	ADJ
ejge-4307	23	3	example	example	NOUN
ejge-4307	23	4	was	be	AUX
ejge-4307	23	5	apparently	apparently	ADV
ejge-4307	23	6	named	name	VERB
ejge-4307	23	7	in	in	ADP
ejge-4307	23	8	this	this	DET
ejge-4307	23	9	way	way	NOUN
ejge-4307	23	10	by	by	ADP
ejge-4307	23	11	milton	milton	PROPN
ejge-4307	23	12	friedman	friedman	PROPN
ejge-4307	23	13	in	in	ADP
ejge-4307	23	14	the	the	DET
ejge-4307	23	15	seventies	seventy	NOUN
ejge-4307	23	16	,	,	PUNCT
ejge-4307	23	17	see	see	VERB
ejge-4307	23	18	sill	sill	ADJ
ejge-4307	23	19	(	(	PUNCT
ejge-4307	23	20	2000	2000	NUM
ejge-4307	23	21	)	)	PUNCT
ejge-4307	23	22	.	.	PUNCT
ejge-4307	24	1	the	the	DET
ejge-4307	24	2	mexican	mexican	ADJ
ejge-4307	24	3	peso	peso	NOUN
ejge-4307	24	4	was	be	AUX
ejge-4307	24	5	offering	offer	VERB
ejge-4307	24	6	a	a	DET
ejge-4307	24	7	spread	spread	ADJ
ejge-4307	24	8	return	return	NOUN
ejge-4307	24	9	versus	versus	ADP
ejge-4307	24	10	the	the	DET
ejge-4307	24	11	dollar	dollar	NOUN
ejge-4307	24	12	risk	risk	NOUN
ejge-4307	24	13	free	free	ADJ
ejge-4307	24	14	rate	rate	NOUN
ejge-4307	24	15	even	even	ADV
ejge-4307	24	16	though	though	SCONJ
ejge-4307	24	17	a	a	DET
ejge-4307	24	18	policy	policy	NOUN
ejge-4307	24	19	of	of	ADP
ejge-4307	24	20	fixed	fix	VERB
ejge-4307	24	21	exchange	exchange	NOUN
ejge-4307	24	22	rates	rate	NOUN
ejge-4307	24	23	was	be	AUX
ejge-4307	24	24	in	in	ADP
ejge-4307	24	25	place	place	NOUN
ejge-4307	24	26	since	since	SCONJ
ejge-4307	24	27	a	a	DET
ejge-4307	24	28	long	long	ADJ
ejge-4307	24	29	time	time	NOUN
ejge-4307	24	30	ago	ago	ADV
ejge-4307	24	31	between	between	ADP
ejge-4307	24	32	the	the	DET
ejge-4307	24	33	us	us	PROPN
ejge-4307	24	34	dollar	dollar	NOUN
ejge-4307	24	35	and	and	CCONJ
ejge-4307	24	36	mexican	mexican	ADJ
ejge-4307	24	37	peso	peso	NOUN
ejge-4307	24	38	.	.	PUNCT
ejge-4307	25	1	after	after	ADP
ejge-4307	25	2	the	the	DET
ejge-4307	25	3	late	late	ADJ
ejge-4307	25	4	seventies	seventy	NOUN
ejge-4307	25	5	peso	peso	NOUN
ejge-4307	25	6	devaluation	devaluation	NOUN
ejge-4307	25	7	,	,	PUNCT
ejge-4307	25	8	the	the	DET
ejge-4307	25	9	saying	saying	NOUN
ejge-4307	25	10	was	be	AUX
ejge-4307	25	11	that	that	SCONJ
ejge-4307	25	12	the	the	DET
ejge-4307	25	13	spread	spread	NOUN
ejge-4307	25	14	between	between	ADP
ejge-4307	25	15	the	the	DET
ejge-4307	25	16	currencies	currency	NOUN
ejge-4307	25	17	interest	interest	NOUN
ejge-4307	25	18	rate	rate	NOUN
ejge-4307	25	19	returns	return	NOUN
ejge-4307	25	20	was	be	AUX
ejge-4307	25	21	the	the	DET
ejge-4307	25	22	market	market	NOUN
ejge-4307	25	23	price	price	NOUN
ejge-4307	25	24	for	for	ADP
ejge-4307	25	25	the	the	DET
ejge-4307	25	26	potential	potential	ADJ
ejge-4307	25	27	disruptive	disruptive	ADJ
ejge-4307	25	28	but	but	CCONJ
ejge-4307	25	29	unexpected	unexpected	ADJ
ejge-4307	25	30	devaluation	devaluation	NOUN
ejge-4307	25	31	event	event	NOUN
ejge-4307	25	32	.	.	PUNCT
ejge-4307	26	1	again	again	ADV
ejge-4307	26	2	,	,	PUNCT
ejge-4307	26	3	the	the	DET
ejge-4307	26	4	“	"	PUNCT
ejge-4307	26	5	peso	peso	NOUN
ejge-4307	26	6	problem	problem	NOUN
ejge-4307	26	7	”	"	PUNCT
ejge-4307	26	8	advances	advance	VERB
ejge-4307	26	9	a	a	DET
ejge-4307	26	10	distribution	distribution	NOUN
ejge-4307	26	11	of	of	ADP
ejge-4307	26	12	returns	return	NOUN
ejge-4307	26	13	with	with	ADP
ejge-4307	26	14	fat	fat	ADJ
ejge-4307	26	15	tails	tail	NOUN
ejge-4307	26	16	and	and	CCONJ
ejge-4307	26	17	a	a	DET
ejge-4307	26	18	high	high	ADJ
ejge-4307	26	19	concentration	concentration	NOUN
ejge-4307	26	20	of	of	ADP
ejge-4307	26	21	returns	return	NOUN
ejge-4307	26	22	around	around	ADP
ejge-4307	26	23	the	the	DET
ejge-4307	26	24	average	average	ADJ
ejge-4307	26	25	.	.	PUNCT
ejge-4307	27	1	currency	currency	NOUN
ejge-4307	27	2	crashes	crash	NOUN
ejge-4307	27	3	,	,	PUNCT
ejge-4307	27	4	the	the	DET
ejge-4307	27	5	peso	peso	NOUN
ejge-4307	27	6	problem	problem	NOUN
ejge-4307	27	7	and	and	CCONJ
ejge-4307	27	8	potential	potential	ADJ
ejge-4307	27	9	investor	investor	NOUN
ejge-4307	27	10	biases	bias	NOUN
ejge-4307	27	11	are	be	AUX
ejge-4307	27	12	the	the	DET
ejge-4307	27	13	more	more	ADV
ejge-4307	27	14	accepted	accepted	ADJ
ejge-4307	27	15	explanations	explanation	NOUN
ejge-4307	27	16	of	of	ADP
ejge-4307	27	17	the	the	DET
ejge-4307	27	18	failure	failure	NOUN
ejge-4307	27	19	of	of	ADP
ejge-4307	27	20	the	the	DET
ejge-4307	27	21	uncovered	uncovered	ADJ
ejge-4307	27	22	interest	interest	NOUN
ejge-4307	27	23	rate	rate	NOUN
ejge-4307	27	24	parity	parity	NOUN
ejge-4307	27	25	.	.	PUNCT
ejge-4307	28	1	even	even	ADV
ejge-4307	28	2	though	though	SCONJ
ejge-4307	28	3	it	it	PRON
ejge-4307	28	4	is	be	AUX
ejge-4307	28	5	not	not	PART
ejge-4307	28	6	still	still	ADV
ejge-4307	28	7	possible	possible	ADJ
ejge-4307	28	8	to	to	PART
ejge-4307	28	9	find	find	VERB
ejge-4307	28	10	a	a	DET
ejge-4307	28	11	consensus	consensus	NOUN
ejge-4307	28	12	among	among	ADP
ejge-4307	28	13	researchers	researcher	NOUN
ejge-4307	28	14	regarding	regard	VERB
ejge-4307	28	15	the	the	DET
ejge-4307	28	16	origin	origin	NOUN
ejge-4307	28	17	of	of	ADP
ejge-4307	28	18	the	the	DET
ejge-4307	28	19	currency	currency	NOUN
ejge-4307	28	20	risk	risk	NOUN
ejge-4307	28	21	premium	premium	NOUN
ejge-4307	28	22	,	,	PUNCT
ejge-4307	28	23	it	it	PRON
ejge-4307	28	24	is	be	AUX
ejge-4307	28	25	difficult	difficult	ADJ
ejge-4307	28	26	to	to	PART
ejge-4307	28	27	simply	simply	ADV
ejge-4307	28	28	deny	deny	VERB
ejge-4307	28	29	the	the	DET
ejge-4307	28	30	existence	existence	NOUN
ejge-4307	28	31	of	of	ADP
ejge-4307	28	32	such	such	DET
ejge-4307	28	33	a	a	DET
ejge-4307	28	34	premium	premium	NOUN
ejge-4307	28	35	.	.	PUNCT
ejge-4307	29	1	the	the	DET
ejge-4307	29	2	analysis	analysis	NOUN
ejge-4307	29	3	of	of	ADP
ejge-4307	29	4	naïve	naïve	ADJ
ejge-4307	29	5	carry	carry	NOUN
ejge-4307	29	6	trade	trade	NOUN
ejge-4307	29	7	strategy	strategy	NOUN
ejge-4307	29	8	returns	return	NOUN
ejge-4307	29	9	over	over	ADP
ejge-4307	29	10	the	the	DET
ejge-4307	29	11	last	last	ADJ
ejge-4307	29	12	thirty	thirty	NUM
ejge-4307	29	13	years	year	NOUN
ejge-4307	29	14	shows	show	VERB
ejge-4307	29	15	the	the	DET
ejge-4307	29	16	existence	existence	NOUN
ejge-4307	29	17	of	of	ADP
ejge-4307	29	18	a	a	DET
ejge-4307	29	19	persistent	persistent	ADJ
ejge-4307	29	20	differential	differential	NOUN
ejge-4307	29	21	return	return	NOUN
ejge-4307	29	22	.	.	PUNCT
ejge-4307	30	1	more	more	ADJ
ejge-4307	30	2	refined	refined	ADJ
ejge-4307	30	3	strategies	strategy	NOUN
ejge-4307	30	4	offer	offer	VERB
ejge-4307	30	5	even	even	ADV
ejge-4307	30	6	better	well	ADV
ejge-4307	30	7	and	and	CCONJ
ejge-4307	30	8	more	more	ADV
ejge-4307	30	9	difficult	difficult	ADJ
ejge-4307	30	10	to	to	PART
ejge-4307	30	11	explain	explain	VERB
ejge-4307	30	12	spread	spread	ADJ
ejge-4307	30	13	returns	return	NOUN
ejge-4307	30	14	.	.	PUNCT
ejge-4307	31	1	see	see	VERB
ejge-4307	31	2	jordá	jordá	NOUN
ejge-4307	31	3	and	and	CCONJ
ejge-4307	31	4	taylor	taylor	PROPN
ejge-4307	31	5	(	(	PUNCT
ejge-4307	31	6	2009	2009	NUM
ejge-4307	31	7	)	)	PUNCT
ejge-4307	31	8	,	,	PUNCT
ejge-4307	31	9	clarida	clarida	NOUN
ejge-4307	31	10	et	et	PROPN
ejge-4307	31	11	al	al	PROPN
ejge-4307	31	12	(	(	PUNCT
ejge-4307	31	13	2009	2009	NUM
ejge-4307	31	14	)	)	PUNCT
ejge-4307	31	15	,	,	PUNCT
ejge-4307	31	16	menkhoff	menkhoff	PROPN
ejge-4307	31	17	et	et	PROPN
ejge-4307	31	18	al	al	PROPN
ejge-4307	31	19	(	(	PUNCT
ejge-4307	31	20	2014	2014	NUM
ejge-4307	31	21	)	)	PUNCT
ejge-4307	31	22	,	,	PUNCT
ejge-4307	31	23	ilmanen	ilmanen	PROPN
ejge-4307	31	24	(	(	PUNCT
ejge-4307	31	25	2014	2014	NUM
ejge-4307	31	26	)	)	PUNCT
ejge-4307	31	27	,	,	PUNCT
ejge-4307	31	28	to	to	PART
ejge-4307	31	29	name	name	VERB
ejge-4307	31	30	a	a	DET
ejge-4307	31	31	just	just	ADV
ejge-4307	31	32	a	a	DET
ejge-4307	31	33	few	few	ADJ
ejge-4307	31	34	.	.	PUNCT
ejge-4307	32	1	as	as	ADP
ejge-4307	32	2	a	a	DET
ejge-4307	32	3	final	final	ADJ
ejge-4307	32	4	comment	comment	NOUN
ejge-4307	32	5	,	,	PUNCT
ejge-4307	32	6	john	john	PROPN
ejge-4307	32	7	maynard	maynard	PROPN
ejge-4307	32	8	keynes	keynes	PROPN
ejge-4307	32	9	(	(	PUNCT
ejge-4307	32	10	1924	1924	NUM
ejge-4307	32	11	)	)	PUNCT
ejge-4307	32	12	noted	note	VERB
ejge-4307	32	13	a	a	DET
ejge-4307	32	14	long	long	ADJ
ejge-4307	32	15	time	time	NOUN
ejge-4307	32	16	ago	ago	ADV
ejge-4307	32	17	that	that	SCONJ
ejge-4307	32	18	the	the	DET
ejge-4307	32	19	interest	interest	NOUN
ejge-4307	32	20	rate	rate	NOUN
ejge-4307	32	21	parities	parity	NOUN
ejge-4307	32	22	may	may	AUX
ejge-4307	32	23	only	only	ADV
ejge-4307	32	24	hold	hold	VERB
ejge-4307	32	25	,	,	PUNCT
ejge-4307	32	26	and	and	CCONJ
ejge-4307	32	27	it	it	PRON
ejge-4307	32	28	is	be	AUX
ejge-4307	32	29	even	even	ADV
ejge-4307	32	30	uncertain	uncertain	ADJ
ejge-4307	32	31	,	,	PUNCT
ejge-4307	32	32	if	if	SCONJ
ejge-4307	32	33	we	we	PRON
ejge-4307	32	34	expect	expect	VERB
ejge-4307	32	35	no	no	DET
ejge-4307	32	36	capital	capital	NOUN
ejge-4307	32	37	controls	control	NOUN
ejge-4307	32	38	,	,	PUNCT
ejge-4307	32	39	perfect	perfect	ADJ
ejge-4307	32	40	convertibility	convertibility	NOUN
ejge-4307	32	41	,	,	PUNCT
ejge-4307	32	42	neither	neither	CCONJ
ejge-4307	32	43	sovereign	sovereign	ADJ
ejge-4307	32	44	risk	risk	NOUN
ejge-4307	32	45	nor	nor	CCONJ
ejge-4307	32	46	country	country	NOUN
ejge-4307	32	47	risk	risk	NOUN
ejge-4307	32	48	,	,	PUNCT
ejge-4307	32	49	and	and	CCONJ
ejge-4307	32	50	other	other	ADJ
ejge-4307	32	51	different	different	ADJ
ejge-4307	32	52	assumptions	assumption	NOUN
ejge-4307	32	53	.	.	PUNCT
ejge-4307	33	1	but	but	CCONJ
ejge-4307	33	2	if	if	SCONJ
ejge-4307	33	3	the	the	DET
ejge-4307	33	4	investor	investor	NOUN
ejge-4307	33	5	finds	find	VERB
ejge-4307	33	6	riskier	risky	ADJ
ejge-4307	33	7	countries	country	NOUN
ejge-4307	33	8	or	or	CCONJ
ejge-4307	33	9	riskier	risky	ADJ
ejge-4307	33	10	currencies	currency	NOUN
ejge-4307	33	11	,	,	PUNCT
ejge-4307	33	12	whatever	whatever	PRON
ejge-4307	33	13	the	the	DET
ejge-4307	33	14	definition	definition	NOUN
ejge-4307	33	15	of	of	ADP
ejge-4307	33	16	riskier	risky	ADJ
ejge-4307	33	17	we	we	PRON
ejge-4307	33	18	employ	employ	VERB
ejge-4307	33	19	,	,	PUNCT
ejge-4307	33	20	we	we	PRON
ejge-4307	33	21	should	should	AUX
ejge-4307	33	22	expect	expect	VERB
ejge-4307	33	23	excess	excess	ADJ
ejge-4307	33	24	expected	expect	VERB
ejge-4307	33	25	returns	return	NOUN
ejge-4307	33	26	for	for	ADP
ejge-4307	33	27	a	a	DET
ejge-4307	33	28	currency	currency	NOUN
ejge-4307	33	29	strategy	strategy	NOUN
ejge-4307	33	30	and	and	CCONJ
ejge-4307	33	31	positive	positive	ADJ
ejge-4307	33	32	risk	risk	NOUN
ejge-4307	33	33	premiums	premium	NOUN
ejge-4307	33	34	for	for	ADP
ejge-4307	33	35	the	the	DET
ejge-4307	33	36	risky	risky	ADJ
ejge-4307	33	37	currency	currency	NOUN
ejge-4307	33	38	investments	investment	NOUN
ejge-4307	33	39	.	.	PUNCT
ejge-4307	34	1	so	so	ADV
ejge-4307	34	2	the	the	DET
ejge-4307	34	3	assumption	assumption	NOUN
ejge-4307	34	4	of	of	ADP
ejge-4307	34	5	zero	zero	NUM
ejge-4307	34	6	excess	excess	ADJ
ejge-4307	34	7	return	return	NOUN
ejge-4307	34	8	should	should	AUX
ejge-4307	34	9	not	not	PART
ejge-4307	34	10	hold	hold	VERB
ejge-4307	34	11	,	,	PUNCT
ejge-4307	34	12	and	and	CCONJ
ejge-4307	34	13	there	there	PRON
ejge-4307	34	14	is	be	VERB
ejge-4307	34	15	little	little	ADJ
ejge-4307	34	16	sense	sense	NOUN
ejge-4307	34	17	in	in	ADP
ejge-4307	34	18	looking	look	VERB
ejge-4307	34	19	for	for	ADP
ejge-4307	34	20	the	the	DET
ejge-4307	34	21	accomplishing	accomplishing	NOUN
ejge-4307	34	22	of	of	ADP
ejge-4307	34	23	the	the	DET
ejge-4307	34	24	uncovered	uncovered	ADJ
ejge-4307	34	25	interest	interest	NOUN
ejge-4307	34	26	rate	rate	NOUN
ejge-4307	34	27	parity	parity	NOUN
ejge-4307	34	28	in	in	ADP
ejge-4307	34	29	every	every	DET
ejge-4307	34	30	possible	possible	ADJ
ejge-4307	34	31	currency	currency	NOUN
ejge-4307	34	32	pair	pair	NOUN
ejge-4307	34	33	.	.	PUNCT
ejge-4307	35	1	that	that	PRON
ejge-4307	35	2	is	be	AUX
ejge-4307	35	3	why	why	SCONJ
ejge-4307	35	4	a	a	DET
ejge-4307	35	5	reflection	reflection	NOUN
ejge-4307	35	6	regarding	regard	VERB
ejge-4307	35	7	the	the	DET
ejge-4307	35	8	use	use	NOUN
ejge-4307	35	9	and	and	CCONJ
ejge-4307	35	10	68	68	NUM
ejge-4307	35	11	prado	prado	PROPN
ejge-4307	35	12	-	-	PUNCT
ejge-4307	35	13	dominguez	dominguez	PROPN
ejge-4307	35	14	and	and	CCONJ
ejge-4307	35	15	fernández	fernández	PROPN
ejge-4307	35	16	-	-	PUNCT
ejge-4307	35	17	herráiz	herráiz	PROPN
ejge-4307	35	18	●	●	PROPN
ejge-4307	35	19	a	a	DET
ejge-4307	35	20	sharpe	sharpe	NOUN
ejge-4307	35	21	-	-	PUNCT
ejge-4307	35	22	ratio	ratio	NOUN
ejge-4307	35	23	-	-	PUNCT
ejge-4307	35	24	based	base	VERB
ejge-4307	35	25	measure	measure	NOUN
ejge-4307	35	26	adaptation	adaptation	NOUN
ejge-4307	35	27	of	of	ADP
ejge-4307	35	28	the	the	DET
ejge-4307	35	29	sharpe´s	sharpe´s	NOUN
ejge-4307	35	30	reward	reward	NOUN
ejge-4307	35	31	to	to	ADP
ejge-4307	35	32	variability	variability	NOUN
ejge-4307	35	33	ratio	ratio	NOUN
ejge-4307	35	34	to	to	ADP
ejge-4307	35	35	currency	currency	NOUN
ejge-4307	35	36	strategies	strategy	NOUN
ejge-4307	35	37	could	could	AUX
ejge-4307	35	38	lead	lead	VERB
ejge-4307	35	39	to	to	ADP
ejge-4307	35	40	a	a	DET
ejge-4307	35	41	further	further	ADJ
ejge-4307	35	42	understanding	understanding	NOUN
ejge-4307	35	43	of	of	ADP
ejge-4307	35	44	the	the	DET
ejge-4307	35	45	matter	matter	NOUN
ejge-4307	35	46	.	.	PUNCT
ejge-4307	36	1	in	in	ADP
ejge-4307	36	2	section	section	NOUN
ejge-4307	36	3	2	2	NUM
ejge-4307	36	4	we	we	PRON
ejge-4307	36	5	define	define	VERB
ejge-4307	36	6	our	our	PRON
ejge-4307	36	7	sharpe	sharpe	NOUN
ejge-4307	36	8	ratio	ratio	NOUN
ejge-4307	36	9	adaptation	adaptation	NOUN
ejge-4307	36	10	for	for	ADP
ejge-4307	36	11	evaluating	evaluate	VERB
ejge-4307	36	12	currency	currency	NOUN
ejge-4307	36	13	expected	expect	VERB
ejge-4307	36	14	returns	return	NOUN
ejge-4307	36	15	and	and	CCONJ
ejge-4307	36	16	risks	risk	NOUN
ejge-4307	36	17	.	.	PUNCT
ejge-4307	37	1	section	section	NOUN
ejge-4307	37	2	3	3	NUM
ejge-4307	37	3	shows	show	VERB
ejge-4307	37	4	two	two	NUM
ejge-4307	37	5	examples	example	NOUN
ejge-4307	37	6	of	of	ADP
ejge-4307	37	7	potential	potential	ADJ
ejge-4307	37	8	latin	latin	ADJ
ejge-4307	37	9	american	american	ADJ
ejge-4307	37	10	currencies	currency	NOUN
ejge-4307	37	11	with	with	ADP
ejge-4307	37	12	“	"	PUNCT
ejge-4307	37	13	peso	peso	NOUN
ejge-4307	37	14	problems	problem	NOUN
ejge-4307	37	15	”	"	PUNCT
ejge-4307	37	16	embedded	embed	VERB
ejge-4307	37	17	and	and	CCONJ
ejge-4307	37	18	the	the	DET
ejge-4307	37	19	information	information	NOUN
ejge-4307	37	20	offered	offer	VERB
ejge-4307	37	21	by	by	ADP
ejge-4307	37	22	our	our	PRON
ejge-4307	37	23	adaptation	adaptation	NOUN
ejge-4307	37	24	of	of	ADP
ejge-4307	37	25	the	the	DET
ejge-4307	37	26	sharpe	sharpe	PROPN
ejge-4307	37	27	ratio	ratio	NOUN
ejge-4307	37	28	.	.	PUNCT
ejge-4307	38	1	the	the	DET
ejge-4307	38	2	paper	paper	NOUN
ejge-4307	38	3	ends	end	VERB
ejge-4307	38	4	with	with	ADP
ejge-4307	38	5	some	some	DET
ejge-4307	38	6	conclusions	conclusion	NOUN
ejge-4307	38	7	and	and	CCONJ
ejge-4307	38	8	suggested	suggest	VERB
ejge-4307	38	9	paths	path	NOUN
ejge-4307	38	10	for	for	ADP
ejge-4307	38	11	related	related	ADJ
ejge-4307	38	12	research	research	NOUN
ejge-4307	38	13	.	.	PUNCT
ejge-4307	39	1	a	a	DET
ejge-4307	39	2	sharpe	sharpe	NOUN
ejge-4307	39	3	-	-	PUNCT
ejge-4307	39	4	ratio	ratio	NOUN
ejge-4307	39	5	-	-	PUNCT
ejge-4307	39	6	based	base	VERB
ejge-4307	39	7	measure	measure	NOUN
ejge-4307	39	8	for	for	ADP
ejge-4307	39	9	currencies	currency	NOUN
ejge-4307	39	10	the	the	DET
ejge-4307	39	11	raison	raison	NOUN
ejge-4307	39	12	d´être	d´être	NOUN
ejge-4307	39	13	of	of	ADP
ejge-4307	39	14	the	the	DET
ejge-4307	39	15	ratio	ratio	NOUN
ejge-4307	39	16	,	,	PUNCT
ejge-4307	39	17	as	as	SCONJ
ejge-4307	39	18	stated	state	VERB
ejge-4307	39	19	with	with	ADP
ejge-4307	39	20	the	the	DET
ejge-4307	39	21	very	very	ADV
ejge-4307	39	22	same	same	ADJ
ejge-4307	39	23	words	word	NOUN
ejge-4307	39	24	by	by	ADP
ejge-4307	39	25	sharpe	sharpe	PROPN
ejge-4307	39	26	(	(	PUNCT
ejge-4307	39	27	1994	1994	NUM
ejge-4307	39	28	)	)	PUNCT
ejge-4307	39	29	,	,	PUNCT
ejge-4307	39	30	is	be	AUX
ejge-4307	39	31	the	the	DET
ejge-4307	39	32	analysis	analysis	NOUN
ejge-4307	39	33	of	of	ADP
ejge-4307	39	34	zero	zero	NUM
ejge-4307	39	35	investment	investment	NOUN
ejge-4307	39	36	strategies	strategy	NOUN
ejge-4307	39	37	.	.	PUNCT
ejge-4307	40	1	in	in	ADP
ejge-4307	40	2	our	our	PRON
ejge-4307	40	3	view	view	NOUN
ejge-4307	40	4	,	,	PUNCT
ejge-4307	40	5	strategies	strategy	NOUN
ejge-4307	40	6	involving	involve	VERB
ejge-4307	40	7	currencies	currency	NOUN
ejge-4307	40	8	,	,	PUNCT
ejge-4307	40	9	and	and	CCONJ
ejge-4307	40	10	particularly	particularly	ADV
ejge-4307	40	11	that	that	PRON
ejge-4307	40	12	carry	carry	VERB
ejge-4307	40	13	trade	trade	NOUN
ejge-4307	40	14	,	,	PUNCT
ejge-4307	40	15	are	be	AUX
ejge-4307	40	16	appropriate	appropriate	ADJ
ejge-4307	40	17	examples	example	NOUN
ejge-4307	40	18	of	of	ADP
ejge-4307	40	19	that	that	DET
ejge-4307	40	20	way	way	NOUN
ejge-4307	40	21	of	of	ADP
ejge-4307	40	22	thinking	think	VERB
ejge-4307	40	23	about	about	ADP
ejge-4307	40	24	differential	differential	ADJ
ejge-4307	40	25	returns	return	NOUN
ejge-4307	40	26	.	.	PUNCT
ejge-4307	41	1	a	a	DET
ejge-4307	41	2	currency	currency	NOUN
ejge-4307	41	3	is	be	AUX
ejge-4307	41	4	always	always	ADV
ejge-4307	41	5	quoted	quote	VERB
ejge-4307	41	6	in	in	ADP
ejge-4307	41	7	relation	relation	NOUN
ejge-4307	41	8	to	to	ADP
ejge-4307	41	9	other	other	ADJ
ejge-4307	41	10	currency	currency	NOUN
ejge-4307	41	11	.	.	PUNCT
ejge-4307	42	1	and	and	CCONJ
ejge-4307	42	2	the	the	DET
ejge-4307	42	3	strategy	strategy	NOUN
ejge-4307	42	4	of	of	ADP
ejge-4307	42	5	running	run	VERB
ejge-4307	42	6	short	short	ADJ
ejge-4307	42	7	currencies	currency	NOUN
ejge-4307	42	8	with	with	ADP
ejge-4307	42	9	the	the	DET
ejge-4307	42	10	lower	low	ADJ
ejge-4307	42	11	rate	rate	NOUN
ejge-4307	42	12	and	and	CCONJ
ejge-4307	42	13	long	long	ADJ
ejge-4307	42	14	currencies	currency	NOUN
ejge-4307	42	15	with	with	ADP
ejge-4307	42	16	the	the	DET
ejge-4307	42	17	higher	high	ADJ
ejge-4307	42	18	rate	rate	NOUN
ejge-4307	42	19	is	be	AUX
ejge-4307	42	20	a	a	DET
ejge-4307	42	21	perfect	perfect	ADJ
ejge-4307	42	22	zero	zero	NUM
ejge-4307	42	23	investment	investment	NOUN
ejge-4307	42	24	one	one	NUM
ejge-4307	42	25	.	.	PUNCT
ejge-4307	43	1	the	the	DET
ejge-4307	43	2	traditional	traditional	ADJ
ejge-4307	43	3	building	building	NOUN
ejge-4307	43	4	blocks	block	NOUN
ejge-4307	43	5	of	of	ADP
ejge-4307	43	6	this	this	DET
ejge-4307	43	7	strategy	strategy	NOUN
ejge-4307	43	8	would	would	AUX
ejge-4307	43	9	be	be	AUX
ejge-4307	43	10	a	a	DET
ejge-4307	43	11	short	short	ADJ
ejge-4307	43	12	leg	leg	NOUN
ejge-4307	43	13	,	,	PUNCT
ejge-4307	43	14	borrowing	borrow	VERB
ejge-4307	43	15	money	money	NOUN
ejge-4307	43	16	in	in	ADP
ejge-4307	43	17	the	the	DET
ejge-4307	43	18	currency	currency	NOUN
ejge-4307	43	19	with	with	ADP
ejge-4307	43	20	the	the	DET
ejge-4307	43	21	lower	low	ADJ
ejge-4307	43	22	rate	rate	NOUN
ejge-4307	43	23	and	and	CCONJ
ejge-4307	43	24	a	a	DET
ejge-4307	43	25	long	long	ADJ
ejge-4307	43	26	leg	leg	NOUN
ejge-4307	43	27	,	,	PUNCT
ejge-4307	43	28	converting	convert	VERB
ejge-4307	43	29	the	the	DET
ejge-4307	43	30	proceeds	proceed	NOUN
ejge-4307	43	31	into	into	ADP
ejge-4307	43	32	the	the	DET
ejge-4307	43	33	investment	investment	NOUN
ejge-4307	43	34	currency	currency	NOUN
ejge-4307	43	35	and	and	CCONJ
ejge-4307	43	36	investing	invest	VERB
ejge-4307	43	37	them	they	PRON
ejge-4307	43	38	at	at	ADP
ejge-4307	43	39	the	the	DET
ejge-4307	43	40	higher	high	ADJ
ejge-4307	43	41	rate	rate	NOUN
ejge-4307	43	42	.	.	PUNCT
ejge-4307	44	1	we	we	PRON
ejge-4307	44	2	will	will	AUX
ejge-4307	44	3	try	try	VERB
ejge-4307	44	4	to	to	PART
ejge-4307	44	5	express	express	VERB
ejge-4307	44	6	a	a	DET
ejge-4307	44	7	natural	natural	ADJ
ejge-4307	44	8	way	way	NOUN
ejge-4307	44	9	of	of	ADP
ejge-4307	44	10	transposing	transpose	VERB
ejge-4307	44	11	the	the	DET
ejge-4307	44	12	risk	risk	NOUN
ejge-4307	44	13	to	to	ADP
ejge-4307	44	14	variability	variability	NOUN
ejge-4307	44	15	ratio	ratio	NOUN
ejge-4307	44	16	into	into	ADP
ejge-4307	44	17	the	the	DET
ejge-4307	44	18	field	field	NOUN
ejge-4307	44	19	of	of	ADP
ejge-4307	44	20	a	a	DET
ejge-4307	44	21	simple	simple	ADJ
ejge-4307	44	22	currency	currency	NOUN
ejge-4307	44	23	strategy	strategy	NOUN
ejge-4307	44	24	.	.	PUNCT
ejge-4307	45	1	first	first	ADV
ejge-4307	45	2	we	we	PRON
ejge-4307	45	3	will	will	AUX
ejge-4307	45	4	define	define	VERB
ejge-4307	45	5	the	the	DET
ejge-4307	45	6	numerator	numerator	NOUN
ejge-4307	45	7	of	of	ADP
ejge-4307	45	8	the	the	DET
ejge-4307	45	9	ratio	ratio	NOUN
ejge-4307	45	10	,	,	PUNCT
ejge-4307	45	11	the	the	DET
ejge-4307	45	12	differential	differential	ADJ
ejge-4307	45	13	return	return	NOUN
ejge-4307	45	14	,	,	PUNCT
ejge-4307	45	15	which	which	PRON
ejge-4307	45	16	will	will	AUX
ejge-4307	45	17	be	be	AUX
ejge-4307	45	18	called	call	VERB
ejge-4307	45	19	from	from	ADP
ejge-4307	45	20	now	now	ADV
ejge-4307	45	21	on	on	ADV
ejge-4307	45	22	indistinctly	indistinctly	ADV
ejge-4307	45	23	as	as	ADP
ejge-4307	45	24	excess	excess	ADJ
ejge-4307	45	25	return	return	NOUN
ejge-4307	45	26	or	or	CCONJ
ejge-4307	45	27	time	time	NOUN
ejge-4307	45	28	varying	vary	VERB
ejge-4307	45	29	risk	risk	NOUN
ejge-4307	45	30	premium	premium	NOUN
ejge-4307	45	31	;	;	PUNCT
ejge-4307	45	32	or	or	CCONJ
ejge-4307	45	33	just	just	ADV
ejge-4307	45	34	the	the	DET
ejge-4307	45	35	risk	risk	NOUN
ejge-4307	45	36	premium	premium	NOUN
ejge-4307	45	37	.	.	PUNCT
ejge-4307	46	1	the	the	DET
ejge-4307	46	2	excess	excess	ADJ
ejge-4307	46	3	returns	return	NOUN
ejge-4307	46	4	for	for	ADP
ejge-4307	46	5	the	the	DET
ejge-4307	46	6	period	period	NOUN
ejge-4307	46	7	𝑡𝑡	𝑡𝑡	ADP
ejge-4307	46	8	to	to	ADP
ejge-4307	46	9	𝑡𝑡	𝑡𝑡	PROPN
ejge-4307	46	10	+	+	CCONJ
ejge-4307	46	11	1	1	NUM
ejge-4307	46	12	,	,	PUNCT
ejge-4307	46	13	𝑥𝑥𝑟𝑟𝑡𝑡+1	𝑥𝑥𝑟𝑟𝑡𝑡+1	PROPN
ejge-4307	46	14	,	,	PUNCT
ejge-4307	46	15	are	be	AUX
ejge-4307	46	16	defined	define	VERB
ejge-4307	46	17	as	as	SCONJ
ejge-4307	46	18	follows	follow	VERB
ejge-4307	46	19	:	:	PUNCT
ejge-4307	46	20	𝑥𝑥𝑟𝑟𝑡𝑡+1	𝑥𝑥𝑟𝑟𝑡𝑡+1	PROPN
ejge-4307	46	21	=	=	SYM
ejge-4307	46	22	(	(	PUNCT
ejge-4307	46	23	𝑖𝑖𝑡𝑡∗	𝑖𝑖𝑡𝑡∗	NOUN
ejge-4307	46	24	−	−	PROPN
ejge-4307	46	25	𝑖𝑖𝑡𝑡	𝑖𝑖𝑡𝑡	PROPN
ejge-4307	46	26	)	)	PUNCT
ejge-4307	47	1	+	+	CCONJ
ejge-4307	47	2	𝑟𝑟𝑡𝑡+1	𝑟𝑟𝑡𝑡+1	NOUN
ejge-4307	47	3	−	−	NOUN
ejge-4307	47	4	𝑟𝑟𝑡𝑡	𝑟𝑟𝑡𝑡	NOUN
ejge-4307	47	5	where	where	SCONJ
ejge-4307	47	6	𝑖𝑖𝑡𝑡∗	𝑖𝑖𝑡𝑡∗	PROPN
ejge-4307	47	7	is	be	AUX
ejge-4307	47	8	the	the	DET
ejge-4307	47	9	one	one	NUM
ejge-4307	47	10	period	period	NOUN
ejge-4307	47	11	interest	interest	NOUN
ejge-4307	47	12	rate	rate	NOUN
ejge-4307	47	13	return	return	NOUN
ejge-4307	47	14	for	for	ADP
ejge-4307	47	15	the	the	DET
ejge-4307	47	16	investment	investment	NOUN
ejge-4307	47	17	currency	currency	NOUN
ejge-4307	47	18	and	and	CCONJ
ejge-4307	47	19	𝑖𝑖𝑡𝑡	𝑖𝑖𝑡𝑡	NOUN
ejge-4307	47	20	is	be	AUX
ejge-4307	47	21	the	the	DET
ejge-4307	47	22	investor	investor	NOUN
ejge-4307	47	23	currency	currency	NOUN
ejge-4307	47	24	or	or	CCONJ
ejge-4307	47	25	risk	risk	NOUN
ejge-4307	47	26	free	free	ADJ
ejge-4307	47	27	currency	currency	NOUN
ejge-4307	47	28	–	–	PUNCT
ejge-4307	47	29	we	we	PRON
ejge-4307	47	30	may	may	AUX
ejge-4307	47	31	consider	consider	VERB
ejge-4307	47	32	these	these	DET
ejge-4307	47	33	two	two	NUM
ejge-4307	47	34	definitions	definition	NOUN
ejge-4307	47	35	as	as	ADP
ejge-4307	47	36	equivalent	equivalent	ADJ
ejge-4307	47	37	for	for	ADP
ejge-4307	47	38	this	this	DET
ejge-4307	47	39	exercise	exercise	NOUN
ejge-4307	47	40	.	.	PUNCT
ejge-4307	48	1	and	and	CCONJ
ejge-4307	48	2	where	where	SCONJ
ejge-4307	48	3	𝑟𝑟𝑡𝑡+1and	𝑟𝑟𝑡𝑡+1and	PRON
ejge-4307	48	4	𝑟𝑟𝑡𝑡	𝑟𝑟𝑡𝑡	NOUN
ejge-4307	48	5	are	be	AUX
ejge-4307	48	6	both	both	CCONJ
ejge-4307	48	7	the	the	DET
ejge-4307	48	8	log	log	NOUN
ejge-4307	48	9	of	of	ADP
ejge-4307	48	10	the	the	DET
ejge-4307	48	11	exchange	exchange	NOUN
ejge-4307	48	12	rate	rate	NOUN
ejge-4307	48	13	at	at	ADP
ejge-4307	48	14	those	those	DET
ejge-4307	48	15	periods	period	NOUN
ejge-4307	48	16	,	,	PUNCT
ejge-4307	48	17	expressed	express	VERB
ejge-4307	48	18	as	as	ADP
ejge-4307	48	19	units	unit	NOUN
ejge-4307	48	20	of	of	ADP
ejge-4307	48	21	investor	investor	NOUN
ejge-4307	48	22	currency	currency	NOUN
ejge-4307	48	23	(	(	PUNCT
ejge-4307	48	24	the	the	DET
ejge-4307	48	25	risk	risk	NOUN
ejge-4307	48	26	free	free	ADJ
ejge-4307	48	27	currency	currency	NOUN
ejge-4307	48	28	)	)	PUNCT
ejge-4307	48	29	per	per	ADP
ejge-4307	48	30	investment	investment	NOUN
ejge-4307	48	31	currency	currency	NOUN
ejge-4307	48	32	.	.	PUNCT
ejge-4307	49	1	when	when	SCONJ
ejge-4307	49	2	we	we	PRON
ejge-4307	49	3	represent	represent	VERB
ejge-4307	49	4	the	the	DET
ejge-4307	49	5	exchange	exchange	NOUN
ejge-4307	49	6	rate	rate	NOUN
ejge-4307	49	7	in	in	ADP
ejge-4307	49	8	this	this	DET
ejge-4307	49	9	manner	manner	NOUN
ejge-4307	49	10	,	,	PUNCT
ejge-4307	49	11	it	it	PRON
ejge-4307	49	12	is	be	AUX
ejge-4307	49	13	quite	quite	ADV
ejge-4307	49	14	clear	clear	ADJ
ejge-4307	49	15	for	for	ADP
ejge-4307	49	16	the	the	DET
ejge-4307	49	17	reader	reader	NOUN
ejge-4307	49	18	that	that	SCONJ
ejge-4307	49	19	an	an	DET
ejge-4307	49	20	increase	increase	NOUN
ejge-4307	49	21	in	in	ADP
ejge-4307	49	22	the	the	DET
ejge-4307	49	23	exchange	exchange	NOUN
ejge-4307	49	24	rate	rate	NOUN
ejge-4307	49	25	implies	imply	VERB
ejge-4307	49	26	an	an	DET
ejge-4307	49	27	appreciation	appreciation	NOUN
ejge-4307	49	28	of	of	ADP
ejge-4307	49	29	the	the	DET
ejge-4307	49	30	investment	investment	NOUN
ejge-4307	49	31	currency	currency	NOUN
ejge-4307	49	32	,	,	PUNCT
ejge-4307	49	33	also	also	ADV
ejge-4307	49	34	implying	imply	VERB
ejge-4307	49	35	good	good	ADJ
ejge-4307	49	36	news	news	NOUN
ejge-4307	49	37	for	for	ADP
ejge-4307	49	38	a	a	DET
ejge-4307	49	39	potential	potential	ADJ
ejge-4307	49	40	investor	investor	NOUN
ejge-4307	49	41	.	.	PUNCT
ejge-4307	50	1	it	it	PRON
ejge-4307	50	2	is	be	AUX
ejge-4307	50	3	equally	equally	ADV
ejge-4307	50	4	possible	possible	ADJ
ejge-4307	50	5	to	to	PART
ejge-4307	50	6	think	think	VERB
ejge-4307	50	7	about	about	ADP
ejge-4307	50	8	exchange	exchange	NOUN
ejge-4307	50	9	rate	rate	NOUN
ejge-4307	50	10	the	the	DET
ejge-4307	50	11	other	other	ADJ
ejge-4307	50	12	way	way	NOUN
ejge-4307	50	13	around	around	ADV
ejge-4307	50	14	,	,	PUNCT
ejge-4307	50	15	but	but	CCONJ
ejge-4307	50	16	we	we	PRON
ejge-4307	50	17	favored	favor	VERB
ejge-4307	50	18	that	that	SCONJ
ejge-4307	50	19	representation	representation	NOUN
ejge-4307	50	20	for	for	ADP
ejge-4307	50	21	the	the	DET
ejge-4307	50	22	sake	sake	NOUN
ejge-4307	50	23	of	of	ADP
ejge-4307	50	24	clarity	clarity	NOUN
ejge-4307	50	25	.	.	PUNCT
ejge-4307	51	1	if	if	SCONJ
ejge-4307	51	2	there	there	PRON
ejge-4307	51	3	is	be	VERB
ejge-4307	51	4	an	an	DET
ejge-4307	51	5	appreciation	appreciation	NOUN
ejge-4307	51	6	of	of	ADP
ejge-4307	51	7	the	the	DET
ejge-4307	51	8	investment	investment	NOUN
ejge-4307	51	9	currency	currency	NOUN
ejge-4307	51	10	,	,	PUNCT
ejge-4307	51	11	the	the	DET
ejge-4307	51	12	investor	investor	NOUN
ejge-4307	51	13	receives	receive	VERB
ejge-4307	51	14	the	the	DET
ejge-4307	51	15	interest	interest	NOUN
ejge-4307	51	16	rate	rate	NOUN
ejge-4307	51	17	spread	spread	VERB
ejge-4307	51	18	for	for	ADP
ejge-4307	51	19	the	the	DET
ejge-4307	51	20	period	period	NOUN
ejge-4307	51	21	,	,	PUNCT
ejge-4307	51	22	but	but	CCONJ
ejge-4307	51	23	also	also	ADV
ejge-4307	51	24	the	the	DET
ejge-4307	51	25	appreciation	appreciation	NOUN
ejge-4307	51	26	of	of	ADP
ejge-4307	51	27	the	the	DET
ejge-4307	51	28	currency	currency	NOUN
ejge-4307	51	29	.	.	PUNCT
ejge-4307	52	1	both	both	DET
ejge-4307	52	2	things	thing	NOUN
ejge-4307	52	3	sum	sum	VERB
ejge-4307	52	4	up	up	ADP
ejge-4307	52	5	to	to	ADP
ejge-4307	52	6	the	the	DET
ejge-4307	52	7	left	left	ADJ
ejge-4307	52	8	hand	hand	NOUN
ejge-4307	52	9	side	side	NOUN
ejge-4307	52	10	of	of	ADP
ejge-4307	52	11	the	the	DET
ejge-4307	52	12	equation	equation	NOUN
ejge-4307	52	13	,	,	PUNCT
ejge-4307	52	14	𝑥𝑥𝑟𝑟𝑡𝑡+1	𝑥𝑥𝑟𝑟𝑡𝑡+1	PROPN
ejge-4307	52	15	,	,	PUNCT
ejge-4307	52	16	the	the	DET
ejge-4307	52	17	excess	excess	ADJ
ejge-4307	52	18	returns	return	NOUN
ejge-4307	52	19	.	.	PUNCT
ejge-4307	53	1	as	as	SCONJ
ejge-4307	53	2	stated	state	VERB
ejge-4307	53	3	,	,	PUNCT
ejge-4307	53	4	when	when	SCONJ
ejge-4307	53	5	the	the	DET
ejge-4307	53	6	investment	investment	NOUN
ejge-4307	53	7	period	period	NOUN
ejge-4307	53	8	comes	come	VERB
ejge-4307	53	9	to	to	ADP
ejge-4307	53	10	an	an	DET
ejge-4307	53	11	end	end	NOUN
ejge-4307	53	12	,	,	PUNCT
ejge-4307	53	13	the	the	DET
ejge-4307	53	14	realized	realize	VERB
ejge-4307	53	15	return	return	NOUN
ejge-4307	53	16	for	for	ADP
ejge-4307	53	17	the	the	DET
ejge-4307	53	18	investor	investor	NOUN
ejge-4307	53	19	is	be	AUX
ejge-4307	53	20	the	the	DET
ejge-4307	53	21	sum	sum	NOUN
ejge-4307	53	22	of	of	ADP
ejge-4307	53	23	both	both	CCONJ
ejge-4307	53	24	the	the	DET
ejge-4307	53	25	interest	interest	NOUN
ejge-4307	53	26	rate	rate	NOUN
ejge-4307	53	27	spread	spread	VERB
ejge-4307	53	28	and	and	CCONJ
ejge-4307	53	29	the	the	DET
ejge-4307	53	30	variation	variation	NOUN
ejge-4307	53	31	in	in	ADP
ejge-4307	53	32	the	the	DET
ejge-4307	53	33	exchange	exchange	NOUN
ejge-4307	53	34	rate	rate	NOUN
ejge-4307	53	35	.	.	PUNCT
ejge-4307	54	1	nowadays	nowadays	ADV
ejge-4307	54	2	,	,	PUNCT
ejge-4307	54	3	it	it	PRON
ejge-4307	54	4	is	be	AUX
ejge-4307	54	5	convenient	convenient	ADJ
ejge-4307	54	6	to	to	PART
ejge-4307	54	7	realize	realize	VERB
ejge-4307	54	8	that	that	SCONJ
ejge-4307	54	9	the	the	DET
ejge-4307	54	10	effect	effect	NOUN
ejge-4307	54	11	of	of	ADP
ejge-4307	54	12	the	the	DET
ejge-4307	54	13	exchange	exchange	NOUN
ejge-4307	54	14	rate	rate	NOUN
ejge-4307	54	15	could	could	AUX
ejge-4307	54	16	be	be	AUX
ejge-4307	54	17	positive	positive	ADJ
ejge-4307	54	18	,	,	PUNCT
ejge-4307	54	19	negative	negative	ADJ
ejge-4307	54	20	,	,	PUNCT
ejge-4307	54	21	or	or	CCONJ
ejge-4307	54	22	even	even	ADV
ejge-4307	54	23	zero	zero	NUM
ejge-4307	54	24	.	.	PUNCT
ejge-4307	55	1	if	if	SCONJ
ejge-4307	55	2	we	we	PRON
ejge-4307	55	3	were	be	AUX
ejge-4307	55	4	to	to	PART
ejge-4307	55	5	follow	follow	VERB
ejge-4307	55	6	sharpe	sharpe	NOUN
ejge-4307	55	7	in	in	ADP
ejge-4307	55	8	the	the	DET
ejge-4307	55	9	definition	definition	NOUN
ejge-4307	55	10	of	of	ADP
ejge-4307	55	11	the	the	DET
ejge-4307	55	12	ex	ex	X
ejge-4307	55	13	post	post	NOUN
ejge-4307	55	14	or	or	CCONJ
ejge-4307	55	15	historical	historical	ADJ
ejge-4307	55	16	ratio	ratio	NOUN
ejge-4307	55	17	,	,	PUNCT
ejge-4307	55	18	we	we	PRON
ejge-4307	55	19	would	would	AUX
ejge-4307	55	20	think	think	VERB
ejge-4307	55	21	about	about	ADP
ejge-4307	55	22	averaging	average	VERB
ejge-4307	55	23	the	the	DET
ejge-4307	55	24	𝑥𝑥𝑟𝑟𝑡𝑡+1observations	𝑥𝑥𝑟𝑟𝑡𝑡+1observation	NOUN
ejge-4307	55	25	for	for	ADP
ejge-4307	55	26	the	the	DET
ejge-4307	55	27	t	t	NOUN
ejge-4307	55	28	period	period	NOUN
ejge-4307	55	29	so	so	ADV
ejge-4307	55	30	:	:	PUNCT
ejge-4307	55	31	𝑥𝑥𝑟𝑟	𝑥𝑥𝑟𝑟	PROPN
ejge-4307	55	32	�	�	PROPN
ejge-4307	55	33	�	�	PROPN
ejge-4307	55	34	�	�	PROPN
ejge-4307	55	35	=	=	SYM
ejge-4307	55	36	𝑇𝑇−1	𝑇𝑇−1	PROPN
ejge-4307	55	37	�	�	PROPN
ejge-4307	55	38	𝑥𝑥𝑟𝑟𝑡𝑡+1	𝑥𝑥𝑟𝑟𝑡𝑡+1	VERB
ejge-4307	55	39	𝑇𝑇	𝑇𝑇	PROPN
ejge-4307	55	40	𝑡𝑡=𝑡𝑡+1	𝑡𝑡=𝑡𝑡+1	NOUN
ejge-4307	55	41	we	we	PRON
ejge-4307	55	42	would	would	AUX
ejge-4307	55	43	then	then	ADV
ejge-4307	55	44	compute	compute	VERB
ejge-4307	55	45	the	the	DET
ejge-4307	55	46	standard	standard	ADJ
ejge-4307	55	47	deviation	deviation	NOUN
ejge-4307	55	48	of	of	ADP
ejge-4307	55	49	the	the	DET
ejge-4307	55	50	excess	excess	ADJ
ejge-4307	55	51	returns	return	NOUN
ejge-4307	55	52	,	,	PUNCT
ejge-4307	55	53	𝜎𝜎𝑥𝑥𝑥𝑥	𝜎𝜎𝑥𝑥𝑥𝑥	ADJ
ejge-4307	55	54	,	,	PUNCT
ejge-4307	55	55	and	and	CCONJ
ejge-4307	55	56	define	define	VERB
ejge-4307	55	57	the	the	DET
ejge-4307	55	58	ratio	ratio	NOUN
ejge-4307	55	59	as	as	ADP
ejge-4307	55	60	:	:	PUNCT
ejge-4307	55	61	𝑆𝑆ℎ∗	𝑆𝑆ℎ∗	PROPN
ejge-4307	55	62	=	=	PUNCT
ejge-4307	55	63	𝑥𝑥𝑟𝑟	𝑥𝑥𝑟𝑟	PROPN
ejge-4307	55	64	�	�	PROPN
ejge-4307	55	65	�	�	PROPN
ejge-4307	55	66	�	�	PROPN
ejge-4307	55	67	𝜎𝜎𝑥𝑥𝑥𝑥	𝜎𝜎𝑥𝑥𝑥𝑥	PROPN
ejge-4307	55	68	and	and	CCONJ
ejge-4307	55	69	finally	finally	ADV
ejge-4307	55	70	,	,	PUNCT
ejge-4307	55	71	for	for	ADP
ejge-4307	55	72	purposes	purpose	NOUN
ejge-4307	55	73	of	of	ADP
ejge-4307	55	74	standardization	standardization	NOUN
ejge-4307	55	75	,	,	PUNCT
ejge-4307	55	76	take	take	VERB
ejge-4307	55	77	the	the	DET
ejge-4307	55	78	annualized	annualize	VERB
ejge-4307	55	79	version	version	NOUN
ejge-4307	55	80	of	of	ADP
ejge-4307	55	81	the	the	DET
ejge-4307	55	82	ratio	ratio	NOUN
ejge-4307	55	83	multiplying	multiply	VERB
ejge-4307	55	84	by	by	ADP
ejge-4307	55	85	the	the	DET
ejge-4307	55	86	square	square	ADJ
ejge-4307	55	87	root	root	NOUN
ejge-4307	55	88	of	of	ADP
ejge-4307	55	89	the	the	DET
ejge-4307	55	90	number	number	NOUN
ejge-4307	55	91	of	of	ADP
ejge-4307	55	92	periods	period	NOUN
ejge-4307	55	93	in	in	ADP
ejge-4307	55	94	a	a	DET
ejge-4307	55	95	year	year	NOUN
ejge-4307	55	96	.	.	PUNCT
ejge-4307	56	1	69	69	NUM
ejge-4307	56	2	pere	pere	PROPN
ejge-4307	56	3	●	●	PUNCT
ejge-4307	56	4	governance	governance	NOUN
ejge-4307	56	5	and	and	CCONJ
ejge-4307	56	6	economic	economic	ADJ
ejge-4307	56	7	development	development	NOUN
ejge-4307	56	8	of	of	ADP
ejge-4307	56	9	western	western	ADJ
ejge-4307	56	10	balkan	balkan	ADJ
ejge-4307	56	11	countries	country	NOUN
ejge-4307	56	12	𝑆𝑆ℎ	𝑆𝑆ℎ	NOUN
ejge-4307	56	13	=	=	SYM
ejge-4307	56	14	𝑥𝑥𝑟𝑟	𝑥𝑥𝑟𝑟	PROPN
ejge-4307	56	15	�	�	PROPN
ejge-4307	56	16	�	�	PROPN
ejge-4307	56	17	�	�	PROPN
ejge-4307	56	18	𝜎𝜎𝑥𝑥𝑥𝑥	𝜎𝜎𝑥𝑥𝑥𝑥	PROPN
ejge-4307	56	19	�	�	PROPN
ejge-4307	56	20	𝑡𝑡𝑦𝑦	𝑡𝑡𝑦𝑦	NOUN
ejge-4307	56	21	where	where	SCONJ
ejge-4307	56	22	𝑡𝑡𝑦𝑦	𝑡𝑡𝑦𝑦	NOUN
ejge-4307	56	23	is	be	AUX
ejge-4307	56	24	the	the	DET
ejge-4307	56	25	number	number	NOUN
ejge-4307	56	26	of	of	ADP
ejge-4307	56	27	periods	period	NOUN
ejge-4307	56	28	in	in	ADP
ejge-4307	56	29	the	the	DET
ejge-4307	56	30	year	year	NOUN
ejge-4307	56	31	,	,	PUNCT
ejge-4307	56	32	being	be	AUX
ejge-4307	56	33	12	12	NUM
ejge-4307	56	34	for	for	ADP
ejge-4307	56	35	monthly	monthly	ADJ
ejge-4307	56	36	excess	excess	ADJ
ejge-4307	56	37	returns	return	NOUN
ejge-4307	56	38	,	,	PUNCT
ejge-4307	56	39	52	52	NUM
ejge-4307	56	40	for	for	ADP
ejge-4307	56	41	weekly	weekly	ADJ
ejge-4307	56	42	excess	excess	ADJ
ejge-4307	56	43	returns	return	NOUN
ejge-4307	56	44	,	,	PUNCT
ejge-4307	56	45	and	and	CCONJ
ejge-4307	56	46	so	so	ADV
ejge-4307	56	47	on	on	ADV
ejge-4307	56	48	and	and	CCONJ
ejge-4307	56	49	so	so	ADV
ejge-4307	56	50	forth	forth	ADV
ejge-4307	56	51	.	.	PUNCT
ejge-4307	57	1	that	that	PRON
ejge-4307	57	2	would	would	AUX
ejge-4307	57	3	be	be	AUX
ejge-4307	57	4	a	a	DET
ejge-4307	57	5	correct	correct	ADJ
ejge-4307	57	6	transposition	transposition	NOUN
ejge-4307	57	7	of	of	ADP
ejge-4307	57	8	the	the	DET
ejge-4307	57	9	historic	historic	ADJ
ejge-4307	57	10	sharpe	sharpe	PROPN
ejge-4307	57	11	ratio	ratio	PROPN
ejge-4307	57	12	for	for	ADP
ejge-4307	57	13	currency	currency	NOUN
ejge-4307	57	14	investing	invest	VERB
ejge-4307	57	15	ex	ex	PRON
ejge-4307	57	16	post	post	NOUN
ejge-4307	57	17	analysis	analysis	NOUN
ejge-4307	57	18	.	.	PUNCT
ejge-4307	58	1	unfortunately	unfortunately	ADV
ejge-4307	58	2	,	,	PUNCT
ejge-4307	58	3	this	this	PRON
ejge-4307	58	4	may	may	AUX
ejge-4307	58	5	be	be	AUX
ejge-4307	58	6	a	a	DET
ejge-4307	58	7	worthless	worthless	ADJ
ejge-4307	58	8	exercise	exercise	NOUN
ejge-4307	58	9	if	if	SCONJ
ejge-4307	58	10	we	we	PRON
ejge-4307	58	11	do	do	AUX
ejge-4307	58	12	not	not	PART
ejge-4307	58	13	offer	offer	VERB
ejge-4307	58	14	an	an	DET
ejge-4307	58	15	answer	answer	NOUN
ejge-4307	58	16	to	to	ADP
ejge-4307	58	17	the	the	DET
ejge-4307	58	18	definition	definition	NOUN
ejge-4307	58	19	of	of	ADP
ejge-4307	58	20	the	the	DET
ejge-4307	58	21	ex	ex	NOUN
ejge-4307	58	22	-	-	NOUN
ejge-4307	58	23	ante	ante	ADJ
ejge-4307	58	24	risk	risk	NOUN
ejge-4307	58	25	to	to	ADP
ejge-4307	58	26	variability	variability	NOUN
ejge-4307	58	27	ratio	ratio	NOUN
ejge-4307	58	28	.	.	PUNCT
ejge-4307	59	1	the	the	DET
ejge-4307	59	2	ex	ex	PROPN
ejge-4307	59	3	-	-	PROPN
ejge-4307	59	4	ante	ante	NOUN
ejge-4307	59	5	sharpe	sharpe	PROPN
ejge-4307	59	6	ratio	ratio	NOUN
ejge-4307	59	7	would	would	AUX
ejge-4307	59	8	be	be	AUX
ejge-4307	59	9	helpful	helpful	ADJ
ejge-4307	59	10	for	for	ADP
ejge-4307	59	11	making	make	VERB
ejge-4307	59	12	investment	investment	NOUN
ejge-4307	59	13	decisions	decision	NOUN
ejge-4307	59	14	if	if	SCONJ
ejge-4307	59	15	the	the	DET
ejge-4307	59	16	proper	proper	ADJ
ejge-4307	59	17	assumptions	assumption	NOUN
ejge-4307	59	18	are	be	AUX
ejge-4307	59	19	respected	respect	VERB
ejge-4307	59	20	,	,	PUNCT
ejge-4307	59	21	but	but	CCONJ
ejge-4307	59	22	is	be	AUX
ejge-4307	59	23	also	also	ADV
ejge-4307	59	24	the	the	DET
ejge-4307	59	25	key	key	NOUN
ejge-4307	59	26	to	to	PART
ejge-4307	59	27	move	move	VERB
ejge-4307	59	28	the	the	DET
ejge-4307	59	29	discussion	discussion	NOUN
ejge-4307	59	30	towards	towards	ADP
ejge-4307	59	31	a	a	DET
ejge-4307	59	32	theoretical	theoretical	ADJ
ejge-4307	59	33	approach	approach	NOUN
ejge-4307	59	34	.	.	PUNCT
ejge-4307	60	1	so	so	ADV
ejge-4307	60	2	,	,	PUNCT
ejge-4307	60	3	what	what	PRON
ejge-4307	60	4	should	should	AUX
ejge-4307	60	5	be	be	AUX
ejge-4307	60	6	the	the	DET
ejge-4307	60	7	definition	definition	NOUN
ejge-4307	60	8	of	of	ADP
ejge-4307	60	9	the	the	DET
ejge-4307	60	10	ex	ex	NOUN
ejge-4307	60	11	-	-	NOUN
ejge-4307	60	12	ante	ante	ADJ
ejge-4307	60	13	risk	risk	NOUN
ejge-4307	60	14	to	to	ADP
ejge-4307	60	15	variability	variability	NOUN
ejge-4307	60	16	ratio	ratio	NOUN
ejge-4307	60	17	in	in	ADP
ejge-4307	60	18	a	a	DET
ejge-4307	60	19	context	context	NOUN
ejge-4307	60	20	of	of	ADP
ejge-4307	60	21	currency	currency	NOUN
ejge-4307	60	22	investing	investing	NOUN
ejge-4307	60	23	?	?	PUNCT
ejge-4307	61	1	let	let	VERB
ejge-4307	61	2	us	we	PRON
ejge-4307	61	3	begin	begin	VERB
ejge-4307	61	4	with	with	ADP
ejge-4307	61	5	the	the	DET
ejge-4307	61	6	more	more	ADV
ejge-4307	61	7	general	general	ADJ
ejge-4307	61	8	formulation	formulation	NOUN
ejge-4307	61	9	:	:	PUNCT
ejge-4307	61	10	𝑆𝑆𝑡𝑡	𝑆𝑆𝑡𝑡	PROPN
ejge-4307	61	11	=	=	SYM
ejge-4307	61	12	𝐸𝐸𝑡𝑡(𝑥𝑥𝑟𝑟𝑡𝑡+1	𝐸𝐸𝑡𝑡(𝑥𝑥𝑟𝑟𝑡𝑡+1	NOUN
ejge-4307	61	13	)	)	PUNCT
ejge-4307	61	14	𝐸𝐸𝑡𝑡(𝜎𝜎𝑥𝑥𝑥𝑥	𝐸𝐸𝑡𝑡(𝜎𝜎𝑥𝑥𝑥𝑥	NOUN
ejge-4307	61	15	)	)	PUNCT
ejge-4307	61	16	�	�	NOUN
ejge-4307	61	17	𝑡𝑡𝑦𝑦	𝑡𝑡𝑦𝑦	NOUN
ejge-4307	61	18	where	where	SCONJ
ejge-4307	61	19	the	the	DET
ejge-4307	61	20	ratio	ratio	NOUN
ejge-4307	61	21	is	be	AUX
ejge-4307	61	22	built	build	VERB
ejge-4307	61	23	including	include	VERB
ejge-4307	61	24	the	the	DET
ejge-4307	61	25	expected	expect	VERB
ejge-4307	61	26	excess	excess	ADJ
ejge-4307	61	27	return	return	NOUN
ejge-4307	61	28	in	in	ADP
ejge-4307	61	29	t+1	t+1	PRON
ejge-4307	61	30	conditioned	condition	VERB
ejge-4307	61	31	on	on	ADP
ejge-4307	61	32	the	the	DET
ejge-4307	61	33	information	information	NOUN
ejge-4307	61	34	known	know	VERB
ejge-4307	61	35	at	at	ADP
ejge-4307	61	36	t	t	PROPN
ejge-4307	61	37	in	in	ADP
ejge-4307	61	38	the	the	DET
ejge-4307	61	39	numerator	numerator	NOUN
ejge-4307	61	40	.	.	PUNCT
ejge-4307	62	1	the	the	DET
ejge-4307	62	2	denominator	denominator	NOUN
ejge-4307	62	3	will	will	AUX
ejge-4307	62	4	be	be	AUX
ejge-4307	62	5	the	the	DET
ejge-4307	62	6	expected	expect	VERB
ejge-4307	62	7	volatility	volatility	NOUN
ejge-4307	62	8	of	of	ADP
ejge-4307	62	9	the	the	DET
ejge-4307	62	10	excess	excess	ADJ
ejge-4307	62	11	return	return	NOUN
ejge-4307	62	12	again	again	ADV
ejge-4307	62	13	conditioned	condition	VERB
ejge-4307	62	14	on	on	ADP
ejge-4307	62	15	the	the	DET
ejge-4307	62	16	information	information	NOUN
ejge-4307	62	17	known	know	VERB
ejge-4307	62	18	at	at	ADP
ejge-4307	62	19	t.	t.	NOUN
ejge-4307	62	20	we	we	PRON
ejge-4307	62	21	invoke	invoke	VERB
ejge-4307	62	22	the	the	DET
ejge-4307	62	23	former	former	ADJ
ejge-4307	62	24	definition	definition	NOUN
ejge-4307	62	25	of	of	ADP
ejge-4307	62	26	excess	excess	ADJ
ejge-4307	62	27	returns	return	NOUN
ejge-4307	62	28	for	for	ADP
ejge-4307	62	29	the	the	DET
ejge-4307	62	30	period	period	NOUN
ejge-4307	62	31	t+1	t+1	PRON
ejge-4307	62	32	.	.	PUNCT
ejge-4307	63	1	but	but	CCONJ
ejge-4307	63	2	now	now	ADV
ejge-4307	63	3	we	we	PRON
ejge-4307	63	4	will	will	AUX
ejge-4307	63	5	express	express	VERB
ejge-4307	63	6	the	the	DET
ejge-4307	63	7	expected	expect	VERB
ejge-4307	63	8	return	return	NOUN
ejge-4307	63	9	based	base	VERB
ejge-4307	63	10	on	on	ADP
ejge-4307	63	11	the	the	DET
ejge-4307	63	12	information	information	NOUN
ejge-4307	63	13	known	know	VERB
ejge-4307	63	14	in	in	ADP
ejge-4307	63	15	t.	t.	PROPN
ejge-4307	63	16	so	so	SCONJ
ejge-4307	63	17	the	the	DET
ejge-4307	63	18	expected	expected	ADJ
ejge-4307	63	19	excess	excess	ADJ
ejge-4307	63	20	return	return	NOUN
ejge-4307	63	21	will	will	AUX
ejge-4307	63	22	be	be	AUX
ejge-4307	63	23	:	:	PUNCT
ejge-4307	63	24	𝐸𝐸𝑡𝑡(𝑥𝑥𝑟𝑟𝑡𝑡+1	𝐸𝐸𝑡𝑡(𝑥𝑥𝑟𝑟𝑡𝑡+1	NOUN
ejge-4307	63	25	)	)	PUNCT
ejge-4307	63	26	=	=	SYM
ejge-4307	63	27	(	(	PUNCT
ejge-4307	63	28	𝑖𝑖𝑡𝑡∗	𝑖𝑖𝑡𝑡∗	NOUN
ejge-4307	63	29	−	−	PROPN
ejge-4307	63	30	𝑖𝑖𝑡𝑡	𝑖𝑖𝑡𝑡	NOUN
ejge-4307	63	31	)	)	PUNCT
ejge-4307	64	1	+	+	CCONJ
ejge-4307	64	2	𝐸𝐸𝑡𝑡(𝑟𝑟𝑡𝑡+1	𝐸𝐸𝑡𝑡(𝑟𝑟𝑡𝑡+1	NOUN
ejge-4307	64	3	)	)	PUNCT
ejge-4307	64	4	−	−	NOUN
ejge-4307	64	5	𝑟𝑟𝑡𝑡	𝑟𝑟𝑡𝑡	NOUN
ejge-4307	64	6	as	as	ADP
ejge-4307	64	7	a	a	DET
ejge-4307	64	8	matter	matter	NOUN
ejge-4307	64	9	of	of	ADP
ejge-4307	64	10	fact	fact	NOUN
ejge-4307	64	11	,	,	PUNCT
ejge-4307	64	12	interest	interest	NOUN
ejge-4307	64	13	rates	rate	NOUN
ejge-4307	64	14	for	for	ADP
ejge-4307	64	15	both	both	DET
ejge-4307	64	16	currencies	currency	NOUN
ejge-4307	64	17	are	be	AUX
ejge-4307	64	18	known	know	VERB
ejge-4307	64	19	at	at	ADP
ejge-4307	64	20	t	t	PROPN
ejge-4307	64	21	,	,	PUNCT
ejge-4307	64	22	and	and	CCONJ
ejge-4307	64	23	the	the	DET
ejge-4307	64	24	currency	currency	NOUN
ejge-4307	64	25	spot	spot	NOUN
ejge-4307	64	26	rate	rate	NOUN
ejge-4307	64	27	at	at	ADP
ejge-4307	64	28	t	t	PROPN
ejge-4307	64	29	is	be	AUX
ejge-4307	64	30	also	also	ADV
ejge-4307	64	31	known	know	VERB
ejge-4307	64	32	.	.	PUNCT
ejge-4307	65	1	but	but	CCONJ
ejge-4307	65	2	an	an	DET
ejge-4307	65	3	expression	expression	NOUN
ejge-4307	65	4	of	of	ADP
ejge-4307	65	5	the	the	DET
ejge-4307	65	6	expected	expect	VERB
ejge-4307	65	7	nominal	nominal	ADJ
ejge-4307	65	8	exchange	exchange	NOUN
ejge-4307	65	9	rate	rate	NOUN
ejge-4307	65	10	in	in	ADP
ejge-4307	65	11	t+1	t+1	PROPN
ejge-4307	65	12	is	be	AUX
ejge-4307	65	13	needed	need	VERB
ejge-4307	65	14	if	if	SCONJ
ejge-4307	65	15	we	we	PRON
ejge-4307	65	16	want	want	VERB
ejge-4307	65	17	to	to	PART
ejge-4307	65	18	draw	draw	VERB
ejge-4307	65	19	an	an	DET
ejge-4307	65	20	informed	informed	ADJ
ejge-4307	65	21	decision	decision	NOUN
ejge-4307	65	22	.	.	PUNCT
ejge-4307	66	1	there	there	PRON
ejge-4307	66	2	are	be	VERB
ejge-4307	66	3	different	different	ADJ
ejge-4307	66	4	ways	way	NOUN
ejge-4307	66	5	of	of	ADP
ejge-4307	66	6	coping	cope	VERB
ejge-4307	66	7	with	with	ADP
ejge-4307	66	8	this	this	DET
ejge-4307	66	9	issue	issue	NOUN
ejge-4307	66	10	,	,	PUNCT
ejge-4307	66	11	and	and	CCONJ
ejge-4307	66	12	the	the	DET
ejge-4307	66	13	literature	literature	NOUN
ejge-4307	66	14	has	have	AUX
ejge-4307	66	15	developed	develop	VERB
ejge-4307	66	16	appealing	appealing	ADJ
ejge-4307	66	17	alternatives	alternative	NOUN
ejge-4307	66	18	.	.	PUNCT
ejge-4307	67	1	for	for	ADP
ejge-4307	67	2	a	a	DET
ejge-4307	67	3	promising	promising	ADJ
ejge-4307	67	4	proposition	proposition	NOUN
ejge-4307	67	5	on	on	ADP
ejge-4307	67	6	currency	currency	NOUN
ejge-4307	67	7	valuation	valuation	NOUN
ejge-4307	67	8	and	and	CCONJ
ejge-4307	67	9	predictability	predictability	NOUN
ejge-4307	67	10	see	see	VERB
ejge-4307	67	11	menkhoff	menkhoff	PROPN
ejge-4307	67	12	et	et	PROPN
ejge-4307	67	13	al	al	PROPN
ejge-4307	67	14	(	(	PUNCT
ejge-4307	67	15	2014	2014	NUM
ejge-4307	67	16	)	)	PUNCT
ejge-4307	67	17	.	.	PUNCT
ejge-4307	68	1	as	as	SCONJ
ejge-4307	68	2	noted	note	VERB
ejge-4307	68	3	by	by	ADP
ejge-4307	68	4	meese	meese	PROPN
ejge-4307	68	5	and	and	CCONJ
ejge-4307	68	6	rogoff	rogoff	NOUN
ejge-4307	68	7	(	(	PUNCT
ejge-4307	68	8	1983	1983	NUM
ejge-4307	68	9	)	)	PUNCT
ejge-4307	68	10	,	,	PUNCT
ejge-4307	68	11	nominal	nominal	ADJ
ejge-4307	68	12	exchange	exchange	NOUN
ejge-4307	68	13	rates	rate	NOUN
ejge-4307	68	14	are	be	AUX
ejge-4307	68	15	difficult	difficult	ADJ
ejge-4307	68	16	to	to	PART
ejge-4307	68	17	predict	predict	VERB
ejge-4307	68	18	.	.	PUNCT
ejge-4307	69	1	they	they	PRON
ejge-4307	69	2	are	be	AUX
ejge-4307	69	3	so	so	ADV
ejge-4307	69	4	difficult	difficult	ADJ
ejge-4307	69	5	to	to	PART
ejge-4307	69	6	predict	predict	VERB
ejge-4307	69	7	that	that	SCONJ
ejge-4307	69	8	even	even	ADV
ejge-4307	69	9	a	a	DET
ejge-4307	69	10	random	random	ADJ
ejge-4307	69	11	walk	walk	NOUN
ejge-4307	69	12	does	do	VERB
ejge-4307	69	13	a	a	DET
ejge-4307	69	14	decent	decent	ADJ
ejge-4307	69	15	job	job	NOUN
ejge-4307	69	16	compared	compare	VERB
ejge-4307	69	17	to	to	ADP
ejge-4307	69	18	some	some	DET
ejge-4307	69	19	structural	structural	ADJ
ejge-4307	69	20	models	model	NOUN
ejge-4307	69	21	of	of	ADP
ejge-4307	69	22	exchange	exchange	NOUN
ejge-4307	69	23	rates	rate	NOUN
ejge-4307	69	24	.	.	PUNCT
ejge-4307	70	1	since	since	SCONJ
ejge-4307	70	2	their	their	PRON
ejge-4307	70	3	seminal	seminal	ADJ
ejge-4307	70	4	but	but	CCONJ
ejge-4307	70	5	discouraging	discourage	VERB
ejge-4307	70	6	paper	paper	NOUN
ejge-4307	70	7	,	,	PUNCT
ejge-4307	70	8	a	a	DET
ejge-4307	70	9	lot	lot	NOUN
ejge-4307	70	10	of	of	ADP
ejge-4307	70	11	work	work	NOUN
ejge-4307	70	12	and	and	CCONJ
ejge-4307	70	13	some	some	DET
ejge-4307	70	14	progress	progress	NOUN
ejge-4307	70	15	have	have	AUX
ejge-4307	70	16	been	be	AUX
ejge-4307	70	17	made	make	VERB
ejge-4307	70	18	on	on	ADP
ejge-4307	70	19	the	the	DET
ejge-4307	70	20	predictability	predictability	NOUN
ejge-4307	70	21	of	of	ADP
ejge-4307	70	22	currencies	currency	NOUN
ejge-4307	70	23	.	.	PUNCT
ejge-4307	71	1	sarno	sarno	PROPN
ejge-4307	71	2	and	and	CCONJ
ejge-4307	71	3	taylor	taylor	PROPN
ejge-4307	71	4	(	(	PUNCT
ejge-4307	71	5	2003	2003	NUM
ejge-4307	71	6	)	)	PUNCT
ejge-4307	71	7	offer	offer	VERB
ejge-4307	71	8	an	an	DET
ejge-4307	71	9	extensive	extensive	ADJ
ejge-4307	71	10	review	review	NOUN
ejge-4307	71	11	and	and	CCONJ
ejge-4307	71	12	cover	cover	VERB
ejge-4307	71	13	these	these	DET
ejge-4307	71	14	and	and	CCONJ
ejge-4307	71	15	other	other	ADJ
ejge-4307	71	16	topics	topic	NOUN
ejge-4307	71	17	on	on	ADP
ejge-4307	71	18	currencies	currency	NOUN
ejge-4307	71	19	.	.	PUNCT
ejge-4307	72	1	that	that	PRON
ejge-4307	72	2	said	say	VERB
ejge-4307	72	3	,	,	PUNCT
ejge-4307	72	4	even	even	ADV
ejge-4307	72	5	today	today	NOUN
ejge-4307	72	6	,	,	PUNCT
ejge-4307	72	7	the	the	DET
ejge-4307	72	8	random	random	ADJ
ejge-4307	72	9	walk	walk	NOUN
ejge-4307	72	10	seems	seem	VERB
ejge-4307	72	11	the	the	DET
ejge-4307	72	12	hardest	hard	ADJ
ejge-4307	72	13	benchmark	benchmark	NOUN
ejge-4307	72	14	for	for	ADP
ejge-4307	72	15	every	every	DET
ejge-4307	72	16	new	new	ADJ
ejge-4307	72	17	potential	potential	ADJ
ejge-4307	72	18	currency	currency	NOUN
ejge-4307	72	19	model	model	NOUN
ejge-4307	72	20	.	.	PUNCT
ejge-4307	73	1	see	see	VERB
ejge-4307	73	2	rossi	rossi	ADJ
ejge-4307	73	3	(	(	PUNCT
ejge-4307	73	4	2013	2013	NUM
ejge-4307	73	5	)	)	PUNCT
ejge-4307	73	6	for	for	ADP
ejge-4307	73	7	a	a	DET
ejge-4307	73	8	review	review	NOUN
ejge-4307	73	9	of	of	ADP
ejge-4307	73	10	factors	factor	NOUN
ejge-4307	73	11	,	,	PUNCT
ejge-4307	73	12	models	model	NOUN
ejge-4307	73	13	and	and	CCONJ
ejge-4307	73	14	results	result	NOUN
ejge-4307	73	15	.	.	PUNCT
ejge-4307	74	1	we	we	PRON
ejge-4307	74	2	could	could	AUX
ejge-4307	74	3	assume	assume	VERB
ejge-4307	74	4	that	that	SCONJ
ejge-4307	74	5	the	the	DET
ejge-4307	74	6	nominal	nominal	ADJ
ejge-4307	74	7	exchange	exchange	NOUN
ejge-4307	74	8	rate	rate	NOUN
ejge-4307	74	9	in	in	ADP
ejge-4307	74	10	our	our	PRON
ejge-4307	74	11	model	model	NOUN
ejge-4307	74	12	is	be	AUX
ejge-4307	74	13	well	well	ADV
ejge-4307	74	14	represented	represent	VERB
ejge-4307	74	15	by	by	ADP
ejge-4307	74	16	a	a	DET
ejge-4307	74	17	random	random	ADJ
ejge-4307	74	18	walk	walk	NOUN
ejge-4307	74	19	.	.	PUNCT
ejge-4307	75	1	then	then	ADV
ejge-4307	75	2	,	,	PUNCT
ejge-4307	75	3	we	we	PRON
ejge-4307	75	4	could	could	AUX
ejge-4307	75	5	write	write	VERB
ejge-4307	75	6	that	that	PRON
ejge-4307	75	7	:	:	PUNCT
ejge-4307	75	8	𝑟𝑟𝑡𝑡+1	𝑟𝑟𝑡𝑡+1	NOUN
ejge-4307	75	9	=	=	SYM
ejge-4307	76	1	𝑟𝑟𝑡𝑡	𝑟𝑟𝑡𝑡	NOUN
ejge-4307	76	2	+	+	X
ejge-4307	76	3	𝑟𝑟𝑡𝑡	𝑟𝑟𝑡𝑡	NOUN
ejge-4307	76	4	where	where	SCONJ
ejge-4307	76	5	𝑟𝑟𝑡𝑡	𝑟𝑟𝑡𝑡	NOUN
ejge-4307	76	6	is	be	AUX
ejge-4307	76	7	white	white	ADJ
ejge-4307	76	8	noise	noise	NOUN
ejge-4307	76	9	.	.	PUNCT
ejge-4307	77	1	if	if	SCONJ
ejge-4307	77	2	we	we	PRON
ejge-4307	77	3	take	take	VERB
ejge-4307	77	4	expectations	expectation	NOUN
ejge-4307	77	5	on	on	ADP
ejge-4307	77	6	t	t	PROPN
ejge-4307	77	7	,	,	PUNCT
ejge-4307	77	8	note	note	VERB
ejge-4307	77	9	that	that	SCONJ
ejge-4307	77	10	:	:	PUNCT
ejge-4307	77	11	𝐸𝐸(𝑟𝑟𝑡𝑡+1	𝐸𝐸(𝑟𝑟𝑡𝑡+1	NOUN
ejge-4307	77	12	)	)	PUNCT
ejge-4307	78	1	=	=	SYM
ejge-4307	78	2	𝑟𝑟𝑡𝑡	𝑟𝑟𝑡𝑡	NOUN
ejge-4307	78	3	assuming	assume	VERB
ejge-4307	78	4	that	that	SCONJ
ejge-4307	78	5	the	the	DET
ejge-4307	78	6	spot	spot	ADJ
ejge-4307	78	7	nominal	nominal	ADJ
ejge-4307	78	8	rate	rate	NOUN
ejge-4307	78	9	follows	follow	VERB
ejge-4307	78	10	a	a	DET
ejge-4307	78	11	random	random	ADJ
ejge-4307	78	12	walk	walk	NOUN
ejge-4307	78	13	,	,	PUNCT
ejge-4307	78	14	the	the	DET
ejge-4307	78	15	expected	expect	VERB
ejge-4307	78	16	currency	currency	NOUN
ejge-4307	78	17	excess	excess	ADJ
ejge-4307	78	18	returns	return	NOUN
ejge-4307	78	19	simplify	simplify	VERB
ejge-4307	78	20	to	to	ADP
ejge-4307	78	21	:	:	PUNCT
ejge-4307	78	22	𝐸𝐸(𝑥𝑥𝑟𝑟𝑡𝑡+1	𝐸𝐸(𝑥𝑥𝑟𝑟𝑡𝑡+1	NOUN
ejge-4307	78	23	)	)	PUNCT
ejge-4307	78	24	=	=	SYM
ejge-4307	78	25	(	(	PUNCT
ejge-4307	78	26	𝑖𝑖𝑡𝑡∗	𝑖𝑖𝑡𝑡∗	NOUN
ejge-4307	78	27	−	−	PROPN
ejge-4307	78	28	𝑖𝑖𝑡𝑡	𝑖𝑖𝑡𝑡	NOUN
ejge-4307	78	29	)	)	PUNCT
ejge-4307	78	30	the	the	DET
ejge-4307	78	31	random	random	ADJ
ejge-4307	78	32	walk	walk	NOUN
ejge-4307	78	33	simplification	simplification	NOUN
ejge-4307	78	34	is	be	AUX
ejge-4307	78	35	used	use	VERB
ejge-4307	78	36	sometimes	sometimes	ADV
ejge-4307	78	37	in	in	ADP
ejge-4307	78	38	the	the	DET
ejge-4307	78	39	currency	currency	NOUN
ejge-4307	78	40	trading	trading	NOUN
ejge-4307	78	41	models	model	NOUN
ejge-4307	78	42	of	of	ADP
ejge-4307	78	43	the	the	DET
ejge-4307	78	44	industry	industry	NOUN
ejge-4307	78	45	,	,	PUNCT
ejge-4307	78	46	as	as	SCONJ
ejge-4307	78	47	ilmanen	ilmanen	PROPN
ejge-4307	78	48	(	(	PUNCT
ejge-4307	78	49	2014	2014	NUM
ejge-4307	78	50	)	)	PUNCT
ejge-4307	78	51	briefly	briefly	NOUN
ejge-4307	78	52	notes	note	VERB
ejge-4307	78	53	.	.	PUNCT
ejge-4307	79	1	interestingly	interestingly	ADV
ejge-4307	79	2	,	,	PUNCT
ejge-4307	79	3	the	the	DET
ejge-4307	79	4	expected	expect	VERB
ejge-4307	79	5	excess	excess	ADJ
ejge-4307	79	6	return	return	NOUN
ejge-4307	79	7	ends	end	VERB
ejge-4307	79	8	up	up	ADP
ejge-4307	79	9	as	as	ADP
ejge-4307	79	10	the	the	DET
ejge-4307	79	11	spread	spread	NOUN
ejge-4307	79	12	between	between	ADP
ejge-4307	79	13	the	the	DET
ejge-4307	79	14	fixed	fix	VERB
ejge-4307	79	15	return	return	NOUN
ejge-4307	79	16	offered	offer	VERB
ejge-4307	79	17	by	by	ADP
ejge-4307	79	18	the	the	DET
ejge-4307	79	19	investment	investment	NOUN
ejge-4307	79	20	currency	currency	NOUN
ejge-4307	79	21	and	and	CCONJ
ejge-4307	79	22	the	the	DET
ejge-4307	79	23	fixed	fixed	ADJ
ejge-4307	79	24	return	return	NOUN
ejge-4307	79	25	offered	offer	VERB
ejge-4307	79	26	by	by	ADP
ejge-4307	79	27	the	the	DET
ejge-4307	79	28	risk	risk	NOUN
ejge-4307	79	29	free	free	ADJ
ejge-4307	79	30	currency	currency	NOUN
ejge-4307	79	31	.	.	PUNCT
ejge-4307	80	1	this	this	DET
ejge-4307	80	2	naïve	naïve	ADJ
ejge-4307	80	3	model	model	NOUN
ejge-4307	80	4	of	of	ADP
ejge-4307	80	5	expected	expect	VERB
ejge-4307	80	6	returns	return	NOUN
ejge-4307	80	7	would	would	AUX
ejge-4307	80	8	suggest	suggest	VERB
ejge-4307	80	9	selecting	select	VERB
ejge-4307	80	10	the	the	DET
ejge-4307	80	11	investing	investing	NOUN
ejge-4307	80	12	currency	currency	NOUN
ejge-4307	80	13	with	with	ADP
ejge-4307	80	14	the	the	DET
ejge-4307	80	15	highest	high	ADJ
ejge-4307	80	16	70	70	NUM
ejge-4307	80	17	prado	prado	PROPN
ejge-4307	80	18	-	-	PUNCT
ejge-4307	80	19	dominguez	dominguez	PROPN
ejge-4307	80	20	and	and	CCONJ
ejge-4307	80	21	fernández	fernández	PROPN
ejge-4307	80	22	-	-	PUNCT
ejge-4307	80	23	herráiz	herráiz	PROPN
ejge-4307	80	24	●	●	PROPN
ejge-4307	80	25	a	a	DET
ejge-4307	80	26	sharpe	sharpe	NOUN
ejge-4307	80	27	-	-	PUNCT
ejge-4307	80	28	ratio	ratio	NOUN
ejge-4307	80	29	-	-	PUNCT
ejge-4307	80	30	based	base	VERB
ejge-4307	80	31	measure	measure	NOUN
ejge-4307	80	32	interest	interest	NOUN
ejge-4307	80	33	rate	rate	NOUN
ejge-4307	80	34	spread	spread	VERB
ejge-4307	80	35	in	in	ADP
ejge-4307	80	36	order	order	NOUN
ejge-4307	80	37	to	to	PART
ejge-4307	80	38	gain	gain	VERB
ejge-4307	80	39	access	access	NOUN
ejge-4307	80	40	to	to	ADP
ejge-4307	80	41	the	the	DET
ejge-4307	80	42	highest	high	ADJ
ejge-4307	80	43	expected	expect	VERB
ejge-4307	80	44	return	return	NOUN
ejge-4307	80	45	.	.	PUNCT
ejge-4307	81	1	unfortunately	unfortunately	ADV
ejge-4307	81	2	,	,	PUNCT
ejge-4307	81	3	it	it	PRON
ejge-4307	81	4	is	be	AUX
ejge-4307	81	5	well	well	ADV
ejge-4307	81	6	known	know	VERB
ejge-4307	81	7	that	that	PRON
ejge-4307	81	8	spreads	spread	VERB
ejge-4307	81	9	entail	entail	ADJ
ejge-4307	81	10	risks	risk	NOUN
ejge-4307	81	11	,	,	PUNCT
ejge-4307	81	12	and	and	CCONJ
ejge-4307	81	13	high	high	ADJ
ejge-4307	81	14	spreads	spread	NOUN
ejge-4307	81	15	may	may	AUX
ejge-4307	81	16	imply	imply	VERB
ejge-4307	81	17	high	high	ADJ
ejge-4307	81	18	expected	expect	VERB
ejge-4307	81	19	risks	risk	NOUN
ejge-4307	81	20	.	.	PUNCT
ejge-4307	82	1	in	in	ADP
ejge-4307	82	2	a	a	DET
ejge-4307	82	3	freely	freely	ADV
ejge-4307	82	4	convertible	convertible	ADJ
ejge-4307	82	5	currency	currency	NOUN
ejge-4307	82	6	,	,	PUNCT
ejge-4307	82	7	and	and	CCONJ
ejge-4307	82	8	imposing	impose	VERB
ejge-4307	82	9	a	a	DET
ejge-4307	82	10	no	no	DET
ejge-4307	82	11	arbitrage	arbitrage	NOUN
ejge-4307	82	12	framework	framework	NOUN
ejge-4307	82	13	,	,	PUNCT
ejge-4307	82	14	expected	expect	VERB
ejge-4307	82	15	currency	currency	NOUN
ejge-4307	82	16	volatility	volatility	NOUN
ejge-4307	82	17	should	should	AUX
ejge-4307	82	18	also	also	ADV
ejge-4307	82	19	give	give	VERB
ejge-4307	82	20	the	the	DET
ejge-4307	82	21	investor	investor	NOUN
ejge-4307	82	22	some	some	DET
ejge-4307	82	23	ex	ex	NOUN
ejge-4307	82	24	-	-	NOUN
ejge-4307	82	25	ante	ante	ADJ
ejge-4307	82	26	information	information	NOUN
ejge-4307	82	27	about	about	ADP
ejge-4307	82	28	the	the	DET
ejge-4307	82	29	potential	potential	ADJ
ejge-4307	82	30	risks	risk	NOUN
ejge-4307	82	31	of	of	ADP
ejge-4307	82	32	the	the	DET
ejge-4307	82	33	carry	carry	NOUN
ejge-4307	82	34	trade	trade	NOUN
ejge-4307	82	35	strategy	strategy	NOUN
ejge-4307	82	36	.	.	PUNCT
ejge-4307	83	1	it	it	PRON
ejge-4307	83	2	is	be	AUX
ejge-4307	83	3	sometimes	sometimes	ADV
ejge-4307	83	4	possible	possible	ADJ
ejge-4307	83	5	to	to	AUX
ejge-4307	83	6	model	model	VERB
ejge-4307	83	7	volatility	volatility	NOUN
ejge-4307	83	8	,	,	PUNCT
ejge-4307	83	9	and	and	CCONJ
ejge-4307	83	10	even	even	ADV
ejge-4307	83	11	to	to	PART
ejge-4307	83	12	obtain	obtain	VERB
ejge-4307	83	13	an	an	DET
ejge-4307	83	14	outlook	outlook	NOUN
ejge-4307	83	15	of	of	ADP
ejge-4307	83	16	its	its	PRON
ejge-4307	83	17	next	next	ADJ
ejge-4307	83	18	developments	development	NOUN
ejge-4307	83	19	.	.	PUNCT
ejge-4307	84	1	there	there	PRON
ejge-4307	84	2	is	be	VERB
ejge-4307	84	3	a	a	DET
ejge-4307	84	4	huge	huge	ADJ
ejge-4307	84	5	literature	literature	NOUN
ejge-4307	84	6	on	on	ADP
ejge-4307	84	7	this	this	DET
ejge-4307	84	8	issue	issue	NOUN
ejge-4307	84	9	,	,	PUNCT
ejge-4307	84	10	but	but	CCONJ
ejge-4307	84	11	the	the	DET
ejge-4307	84	12	reading	reading	NOUN
ejge-4307	84	13	of	of	ADP
ejge-4307	84	14	poon	poon	NOUN
ejge-4307	84	15	and	and	CCONJ
ejge-4307	84	16	granger	granger	PROPN
ejge-4307	84	17	(	(	PUNCT
ejge-4307	84	18	2003	2003	NUM
ejge-4307	84	19	)	)	PUNCT
ejge-4307	84	20	may	may	AUX
ejge-4307	84	21	offer	offer	VERB
ejge-4307	84	22	an	an	DET
ejge-4307	84	23	extended	extended	ADJ
ejge-4307	84	24	critical	critical	ADJ
ejge-4307	84	25	survey	survey	NOUN
ejge-4307	84	26	on	on	ADP
ejge-4307	84	27	the	the	DET
ejge-4307	84	28	matter	matter	NOUN
ejge-4307	84	29	.	.	PUNCT
ejge-4307	85	1	drawing	draw	VERB
ejge-4307	85	2	on	on	ADP
ejge-4307	85	3	their	their	PRON
ejge-4307	85	4	conclusions	conclusion	NOUN
ejge-4307	85	5	,	,	PUNCT
ejge-4307	85	6	it	it	PRON
ejge-4307	85	7	seems	seem	VERB
ejge-4307	85	8	that	that	SCONJ
ejge-4307	85	9	implied	imply	VERB
ejge-4307	85	10	volatility	volatility	NOUN
ejge-4307	85	11	extracted	extract	VERB
ejge-4307	85	12	from	from	ADP
ejge-4307	85	13	quoted	quote	VERB
ejge-4307	85	14	options	option	NOUN
ejge-4307	85	15	on	on	ADP
ejge-4307	85	16	exchange	exchange	NOUN
ejge-4307	85	17	rates	rate	NOUN
ejge-4307	85	18	does	do	VERB
ejge-4307	85	19	a	a	DET
ejge-4307	85	20	decent	decent	ADJ
ejge-4307	85	21	job	job	NOUN
ejge-4307	85	22	in	in	ADP
ejge-4307	85	23	predicting	predict	VERB
ejge-4307	85	24	expected	expect	VERB
ejge-4307	85	25	volatility	volatility	NOUN
ejge-4307	85	26	.	.	PUNCT
ejge-4307	86	1	it	it	PRON
ejge-4307	86	2	usually	usually	ADV
ejge-4307	86	3	beats	beat	VERB
ejge-4307	86	4	even	even	ADV
ejge-4307	86	5	complex	complex	ADJ
ejge-4307	86	6	arch	arch	ADJ
ejge-4307	86	7	family	family	NOUN
ejge-4307	86	8	models	model	NOUN
ejge-4307	86	9	and	and	CCONJ
ejge-4307	86	10	other	other	ADJ
ejge-4307	86	11	suggested	suggest	VERB
ejge-4307	86	12	procedures	procedure	NOUN
ejge-4307	86	13	.	.	PUNCT
ejge-4307	87	1	a	a	DET
ejge-4307	87	2	potential	potential	ADJ
ejge-4307	87	3	proxy	proxy	NOUN
ejge-4307	87	4	for	for	ADP
ejge-4307	87	5	the	the	DET
ejge-4307	87	6	expected	expect	VERB
ejge-4307	87	7	excess	excess	ADJ
ejge-4307	87	8	returns	return	NOUN
ejge-4307	87	9	volatility	volatility	NOUN
ejge-4307	87	10	could	could	AUX
ejge-4307	87	11	be	be	AUX
ejge-4307	87	12	the	the	DET
ejge-4307	87	13	implied	imply	VERB
ejge-4307	87	14	at	at	ADP
ejge-4307	87	15	the	the	DET
ejge-4307	87	16	money	money	NOUN
ejge-4307	87	17	volatility	volatility	NOUN
ejge-4307	87	18	.	.	PUNCT
ejge-4307	88	1	the	the	DET
ejge-4307	88	2	implied	imply	VERB
ejge-4307	88	3	volatility	volatility	NOUN
ejge-4307	88	4	is	be	AUX
ejge-4307	88	5	available	available	ADJ
ejge-4307	88	6	as	as	SCONJ
ejge-4307	88	7	the	the	DET
ejge-4307	88	8	volatility	volatility	NOUN
ejge-4307	88	9	expected	expect	VERB
ejge-4307	88	10	for	for	ADP
ejge-4307	88	11	an	an	DET
ejge-4307	88	12	asset	asset	NOUN
ejge-4307	88	13	which	which	PRON
ejge-4307	88	14	is	be	AUX
ejge-4307	88	15	“	"	PUNCT
ejge-4307	88	16	implied	imply	VERB
ejge-4307	88	17	”	"	PUNCT
ejge-4307	88	18	in	in	ADP
ejge-4307	88	19	the	the	DET
ejge-4307	88	20	quotations	quotation	NOUN
ejge-4307	88	21	of	of	ADP
ejge-4307	88	22	the	the	DET
ejge-4307	88	23	“	"	PUNCT
ejge-4307	88	24	at	at	ADP
ejge-4307	88	25	the	the	DET
ejge-4307	88	26	money	money	NOUN
ejge-4307	88	27	”	"	PUNCT
ejge-4307	88	28	options	option	NOUN
ejge-4307	88	29	on	on	ADP
ejge-4307	88	30	the	the	DET
ejge-4307	88	31	asset	asset	NOUN
ejge-4307	88	32	.	.	PUNCT
ejge-4307	89	1	taking	take	VERB
ejge-4307	89	2	the	the	DET
ejge-4307	89	3	implied	imply	VERB
ejge-4307	89	4	volatility	volatility	NOUN
ejge-4307	89	5	,	,	PUNCT
ejge-4307	89	6	𝑣𝑣𝑡𝑡	𝑣𝑣𝑡𝑡	NOUN
ejge-4307	89	7	as	as	ADP
ejge-4307	89	8	the	the	DET
ejge-4307	89	9	representation	representation	NOUN
ejge-4307	89	10	of	of	ADP
ejge-4307	89	11	the	the	DET
ejge-4307	89	12	expected	expect	VERB
ejge-4307	89	13	volatility	volatility	NOUN
ejge-4307	89	14	,	,	PUNCT
ejge-4307	89	15	we	we	PRON
ejge-4307	89	16	will	will	AUX
ejge-4307	89	17	say	say	VERB
ejge-4307	89	18	that	that	PRON
ejge-4307	89	19	:	:	PUNCT
ejge-4307	89	20	𝐸𝐸(𝜎𝜎𝑥𝑥𝑥𝑥	𝐸𝐸(𝜎𝜎𝑥𝑥𝑥𝑥	X
ejge-4307	89	21	)	)	PUNCT
ejge-4307	89	22	=	=	SYM
ejge-4307	89	23	𝑣𝑣𝑡𝑡	𝑣𝑣𝑡𝑡	NOUN
ejge-4307	89	24	finally	finally	ADV
ejge-4307	89	25	we	we	PRON
ejge-4307	89	26	are	be	AUX
ejge-4307	89	27	able	able	ADJ
ejge-4307	89	28	to	to	PART
ejge-4307	89	29	construct	construct	VERB
ejge-4307	89	30	the	the	DET
ejge-4307	89	31	proposed	propose	VERB
ejge-4307	89	32	ratio	ratio	NOUN
ejge-4307	89	33	for	for	ADP
ejge-4307	89	34	our	our	PRON
ejge-4307	89	35	model	model	NOUN
ejge-4307	89	36	of	of	ADP
ejge-4307	89	37	currency	currency	NOUN
ejge-4307	89	38	investing	investing	NOUN
ejge-4307	89	39	,	,	PUNCT
ejge-4307	89	40	so	so	ADV
ejge-4307	89	41	the	the	DET
ejge-4307	89	42	ex	ex	NOUN
ejge-4307	89	43	-	-	NOUN
ejge-4307	89	44	ante	ante	NOUN
ejge-4307	89	45	return	return	NOUN
ejge-4307	89	46	to	to	ADP
ejge-4307	89	47	variability	variability	NOUN
ejge-4307	89	48	ratio	ratio	NOUN
ejge-4307	89	49	may	may	AUX
ejge-4307	89	50	be	be	AUX
ejge-4307	89	51	:	:	PUNCT
ejge-4307	89	52	𝑆𝑆𝑡𝑡	𝑆𝑆𝑡𝑡	ADJ
ejge-4307	89	53	=	=	PUNCT
ejge-4307	89	54	(	(	PUNCT
ejge-4307	89	55	𝑖𝑖𝑡𝑡∗	𝑖𝑖𝑡𝑡∗	NOUN
ejge-4307	89	56	−	−	PROPN
ejge-4307	89	57	𝑖𝑖𝑡𝑡	𝑖𝑖𝑡𝑡	NOUN
ejge-4307	89	58	)	)	PUNCT
ejge-4307	89	59	𝑣𝑣𝑡𝑡	𝑣𝑣𝑡𝑡	NOUN
ejge-4307	89	60	�	�	PROPN
ejge-4307	89	61	𝑡𝑡𝑦𝑦	𝑡𝑡𝑦𝑦	NOUN
ejge-4307	89	62	all	all	DET
ejge-4307	89	63	variables	variable	NOUN
ejge-4307	89	64	were	be	AUX
ejge-4307	89	65	previously	previously	ADV
ejge-4307	89	66	defined	define	VERB
ejge-4307	89	67	,	,	PUNCT
ejge-4307	89	68	and	and	CCONJ
ejge-4307	89	69	we	we	PRON
ejge-4307	89	70	prefer	prefer	VERB
ejge-4307	89	71	to	to	PART
ejge-4307	89	72	keep	keep	VERB
ejge-4307	89	73	the	the	DET
ejge-4307	89	74	annualized	annualize	VERB
ejge-4307	89	75	formulation	formulation	NOUN
ejge-4307	89	76	following	follow	VERB
ejge-4307	89	77	sharpe	sharpe	PROPN
ejge-4307	89	78	(	(	PUNCT
ejge-4307	89	79	1994	1994	NUM
ejge-4307	89	80	)	)	PUNCT
ejge-4307	89	81	once	once	ADV
ejge-4307	89	82	more	more	ADJ
ejge-4307	89	83	.	.	PUNCT
ejge-4307	90	1	if	if	SCONJ
ejge-4307	90	2	we	we	PRON
ejge-4307	90	3	decide	decide	VERB
ejge-4307	90	4	to	to	PART
ejge-4307	90	5	use	use	VERB
ejge-4307	90	6	nominal	nominal	ADJ
ejge-4307	90	7	year	year	NOUN
ejge-4307	90	8	interest	interest	NOUN
ejge-4307	90	9	rates	rate	NOUN
ejge-4307	90	10	and	and	CCONJ
ejge-4307	90	11	annualized	annualize	VERB
ejge-4307	90	12	implied	imply	VERB
ejge-4307	90	13	volatility	volatility	NOUN
ejge-4307	90	14	,	,	PUNCT
ejge-4307	90	15	the	the	DET
ejge-4307	90	16	ratio	ratio	NOUN
ejge-4307	90	17	simplifies	simplifie	NOUN
ejge-4307	90	18	to	to	PART
ejge-4307	90	19	:	:	PUNCT
ejge-4307	90	20	𝑆𝑆𝑡𝑡	𝑆𝑆𝑡𝑡	PROPN
ejge-4307	90	21	=	=	PUNCT
ejge-4307	90	22	(	(	PUNCT
ejge-4307	90	23	𝑖𝑖𝑡𝑡∗	𝑖𝑖𝑡𝑡∗	NOUN
ejge-4307	90	24	−	−	PROPN
ejge-4307	90	25	𝑖𝑖𝑡𝑡	𝑖𝑖𝑡𝑡	NOUN
ejge-4307	90	26	)	)	PUNCT
ejge-4307	90	27	𝑣𝑣𝑡𝑡	𝑣𝑣𝑡𝑡	NOUN
ejge-4307	90	28	the	the	DET
ejge-4307	90	29	proposed	propose	VERB
ejge-4307	90	30	sharpe	sharpe	PROPN
ejge-4307	90	31	ratio	ratio	PROPN
ejge-4307	90	32	shows	show	VERB
ejge-4307	90	33	the	the	DET
ejge-4307	90	34	interest	interest	NOUN
ejge-4307	90	35	rate	rate	NOUN
ejge-4307	90	36	differential	differential	NOUN
ejge-4307	90	37	return	return	NOUN
ejge-4307	90	38	per	per	ADP
ejge-4307	90	39	unit	unit	NOUN
ejge-4307	90	40	of	of	ADP
ejge-4307	90	41	implied	imply	VERB
ejge-4307	90	42	volatility	volatility	NOUN
ejge-4307	90	43	,	,	PUNCT
ejge-4307	90	44	and	and	CCONJ
ejge-4307	90	45	do	do	AUX
ejge-4307	90	46	not	not	PART
ejge-4307	90	47	try	try	VERB
ejge-4307	90	48	to	to	PART
ejge-4307	90	49	make	make	VERB
ejge-4307	90	50	a	a	DET
ejge-4307	90	51	judgement	judgement	NOUN
ejge-4307	90	52	regarding	regard	VERB
ejge-4307	90	53	the	the	DET
ejge-4307	90	54	future	future	ADJ
ejge-4307	90	55	path	path	NOUN
ejge-4307	90	56	of	of	ADP
ejge-4307	90	57	the	the	DET
ejge-4307	90	58	investment	investment	NOUN
ejge-4307	90	59	currency	currency	NOUN
ejge-4307	90	60	.	.	PUNCT
ejge-4307	91	1	in	in	ADP
ejge-4307	91	2	fact	fact	NOUN
ejge-4307	91	3	,	,	PUNCT
ejge-4307	91	4	the	the	DET
ejge-4307	91	5	ratio	ratio	NOUN
ejge-4307	91	6	assumes	assume	VERB
ejge-4307	91	7	that	that	SCONJ
ejge-4307	91	8	the	the	DET
ejge-4307	91	9	currency	currency	NOUN
ejge-4307	91	10	follows	follow	VERB
ejge-4307	91	11	a	a	DET
ejge-4307	91	12	random	random	ADJ
ejge-4307	91	13	walk	walk	NOUN
ejge-4307	91	14	with	with	ADP
ejge-4307	91	15	no	no	DET
ejge-4307	91	16	drift	drift	NOUN
ejge-4307	91	17	.	.	PUNCT
ejge-4307	92	1	actually	actually	ADV
ejge-4307	92	2	,	,	PUNCT
ejge-4307	92	3	ex	ex	PROPN
ejge-4307	92	4	-	-	NOUN
ejge-4307	92	5	ante	ante	ADJ
ejge-4307	92	6	judgements	judgement	NOUN
ejge-4307	92	7	about	about	ADP
ejge-4307	92	8	future	future	ADJ
ejge-4307	92	9	currency	currency	NOUN
ejge-4307	92	10	outcomes	outcome	NOUN
ejge-4307	92	11	are	be	AUX
ejge-4307	92	12	embedded	embed	VERB
ejge-4307	92	13	into	into	ADP
ejge-4307	92	14	the	the	DET
ejge-4307	92	15	implied	imply	VERB
ejge-4307	92	16	volatility	volatility	NOUN
ejge-4307	92	17	data	datum	NOUN
ejge-4307	92	18	.	.	PUNCT
ejge-4307	93	1	due	due	ADP
ejge-4307	93	2	to	to	ADP
ejge-4307	93	3	the	the	DET
ejge-4307	93	4	potential	potential	ADJ
ejge-4307	93	5	predictability	predictability	NOUN
ejge-4307	93	6	of	of	ADP
ejge-4307	93	7	future	future	ADJ
ejge-4307	93	8	currency	currency	NOUN
ejge-4307	93	9	volatility	volatility	NOUN
ejge-4307	93	10	patterns	pattern	NOUN
ejge-4307	93	11	,	,	PUNCT
ejge-4307	93	12	the	the	DET
ejge-4307	93	13	implied	imply	VERB
ejge-4307	93	14	volatility	volatility	NOUN
ejge-4307	93	15	data	datum	NOUN
ejge-4307	93	16	introduces	introduce	VERB
ejge-4307	93	17	the	the	DET
ejge-4307	93	18	market	market	NOUN
ejge-4307	93	19	view	view	NOUN
ejge-4307	93	20	on	on	ADP
ejge-4307	93	21	potential	potential	ADJ
ejge-4307	93	22	future	future	ADJ
ejge-4307	93	23	risks	risk	NOUN
ejge-4307	93	24	.	.	PUNCT
ejge-4307	94	1	but	but	CCONJ
ejge-4307	94	2	sometimes	sometimes	ADV
ejge-4307	94	3	,	,	PUNCT
ejge-4307	94	4	for	for	ADP
ejge-4307	94	5	reasons	reason	NOUN
ejge-4307	94	6	that	that	PRON
ejge-4307	94	7	could	could	AUX
ejge-4307	94	8	be	be	AUX
ejge-4307	94	9	rooted	root	VERB
ejge-4307	94	10	in	in	ADP
ejge-4307	94	11	the	the	DET
ejge-4307	94	12	ideas	idea	NOUN
ejge-4307	94	13	presented	present	VERB
ejge-4307	94	14	on	on	ADP
ejge-4307	94	15	the	the	DET
ejge-4307	94	16	next	next	ADJ
ejge-4307	94	17	paragraphs	paragraph	NOUN
ejge-4307	94	18	,	,	PUNCT
ejge-4307	94	19	a	a	DET
ejge-4307	94	20	disconnection	disconnection	NOUN
ejge-4307	94	21	between	between	ADP
ejge-4307	94	22	risk	risk	NOUN
ejge-4307	94	23	expectations	expectation	NOUN
ejge-4307	94	24	based	base	VERB
ejge-4307	94	25	on	on	ADP
ejge-4307	94	26	volatility	volatility	NOUN
ejge-4307	94	27	and	and	CCONJ
ejge-4307	94	28	interest	interest	NOUN
ejge-4307	94	29	rate	rate	NOUN
ejge-4307	94	30	differentials	differential	NOUN
ejge-4307	94	31	between	between	ADP
ejge-4307	94	32	currencies	currency	NOUN
ejge-4307	94	33	may	may	AUX
ejge-4307	94	34	arise	arise	VERB
ejge-4307	94	35	.	.	PUNCT
ejge-4307	95	1	this	this	PRON
ejge-4307	95	2	is	be	AUX
ejge-4307	95	3	a	a	DET
ejge-4307	95	4	key	key	ADJ
ejge-4307	95	5	question	question	NOUN
ejge-4307	95	6	to	to	PART
ejge-4307	95	7	consider	consider	VERB
ejge-4307	95	8	because	because	SCONJ
ejge-4307	95	9	,	,	PUNCT
ejge-4307	95	10	at	at	ADP
ejge-4307	95	11	the	the	DET
ejge-4307	95	12	end	end	NOUN
ejge-4307	95	13	of	of	ADP
ejge-4307	95	14	the	the	DET
ejge-4307	95	15	day	day	NOUN
ejge-4307	95	16	,	,	PUNCT
ejge-4307	95	17	the	the	DET
ejge-4307	95	18	interest	interest	NOUN
ejge-4307	95	19	rate	rate	NOUN
ejge-4307	95	20	spread	spread	NOUN
ejge-4307	95	21	is	be	AUX
ejge-4307	95	22	another	another	DET
ejge-4307	95	23	way	way	NOUN
ejge-4307	95	24	of	of	ADP
ejge-4307	95	25	looking	look	VERB
ejge-4307	95	26	at	at	ADP
ejge-4307	95	27	currency	currency	NOUN
ejge-4307	95	28	risks	risk	NOUN
ejge-4307	95	29	.	.	PUNCT
ejge-4307	96	1	in	in	ADP
ejge-4307	96	2	fact	fact	NOUN
ejge-4307	96	3	,	,	PUNCT
ejge-4307	96	4	interest	interest	NOUN
ejge-4307	96	5	rate	rate	NOUN
ejge-4307	96	6	spread	spread	NOUN
ejge-4307	96	7	is	be	AUX
ejge-4307	96	8	the	the	DET
ejge-4307	96	9	risk	risk	NOUN
ejge-4307	96	10	premium	premium	NOUN
ejge-4307	96	11	of	of	ADP
ejge-4307	96	12	the	the	DET
ejge-4307	96	13	asset	asset	NOUN
ejge-4307	96	14	:	:	PUNCT
ejge-4307	96	15	the	the	DET
ejge-4307	96	16	investment	investment	NOUN
ejge-4307	96	17	currency	currency	NOUN
ejge-4307	96	18	for	for	ADP
ejge-4307	96	19	our	our	PRON
ejge-4307	96	20	purposes	purpose	NOUN
ejge-4307	96	21	.	.	PUNCT
ejge-4307	97	1	we	we	PRON
ejge-4307	97	2	will	will	AUX
ejge-4307	97	3	make	make	VERB
ejge-4307	97	4	a	a	DET
ejge-4307	97	5	first	first	ADJ
ejge-4307	97	6	empirical	empirical	ADJ
ejge-4307	97	7	approach	approach	NOUN
ejge-4307	97	8	coming	come	VERB
ejge-4307	97	9	back	back	ADV
ejge-4307	97	10	to	to	ADP
ejge-4307	97	11	the	the	DET
ejge-4307	97	12	currencies	currency	NOUN
ejge-4307	97	13	where	where	SCONJ
ejge-4307	97	14	the	the	DET
ejge-4307	97	15	“	"	PUNCT
ejge-4307	97	16	peso	peso	NOUN
ejge-4307	97	17	problem	problem	NOUN
ejge-4307	97	18	”	"	PUNCT
ejge-4307	97	19	was	be	AUX
ejge-4307	97	20	first	first	ADV
ejge-4307	97	21	noticed	notice	VERB
ejge-4307	97	22	:	:	PUNCT
ejge-4307	97	23	the	the	DET
ejge-4307	97	24	latin	latin	ADJ
ejge-4307	97	25	american	american	ADJ
ejge-4307	97	26	currencies	currency	NOUN
ejge-4307	97	27	.	.	PUNCT
ejge-4307	98	1	ex	ex	ADJ
ejge-4307	98	2	-	-	ADJ
ejge-4307	98	3	ante	ante	ADJ
ejge-4307	98	4	currency	currency	NOUN
ejge-4307	98	5	sharpe	sharpe	PROPN
ejge-4307	98	6	ratio	ratio	PROPN
ejge-4307	98	7	and	and	CCONJ
ejge-4307	98	8	selected	select	VERB
ejge-4307	98	9	latin	latin	ADJ
ejge-4307	98	10	american	american	ADJ
ejge-4307	98	11	currencies	currency	NOUN
ejge-4307	98	12	:	:	PUNCT
ejge-4307	98	13	seeking	seek	VERB
ejge-4307	98	14	potential	potential	ADJ
ejge-4307	98	15	peso	peso	NOUN
ejge-4307	98	16	problems	problem	NOUN
ejge-4307	98	17	as	as	ADP
ejge-4307	98	18	a	a	DET
ejge-4307	98	19	first	first	ADJ
ejge-4307	98	20	approach	approach	NOUN
ejge-4307	98	21	towards	towards	ADP
ejge-4307	98	22	the	the	DET
ejge-4307	98	23	use	use	NOUN
ejge-4307	98	24	of	of	ADP
ejge-4307	98	25	the	the	DET
ejge-4307	98	26	proposed	propose	VERB
ejge-4307	98	27	currency	currency	NOUN
ejge-4307	98	28	sharpe	sharpe	PROPN
ejge-4307	98	29	ratio	ratio	NOUN
ejge-4307	98	30	for	for	ADP
ejge-4307	98	31	detecting	detect	VERB
ejge-4307	98	32	peso	peso	NOUN
ejge-4307	98	33	problems	problem	NOUN
ejge-4307	98	34	,	,	PUNCT
ejge-4307	98	35	we	we	PRON
ejge-4307	98	36	will	will	AUX
ejge-4307	98	37	look	look	VERB
ejge-4307	98	38	at	at	ADP
ejge-4307	98	39	two	two	NUM
ejge-4307	98	40	of	of	ADP
ejge-4307	98	41	the	the	DET
ejge-4307	98	42	latin	latin	ADJ
ejge-4307	98	43	american	american	PROPN
ejge-4307	98	44	(	(	PUNCT
ejge-4307	98	45	latam	latam	NOUN
ejge-4307	98	46	)	)	PUNCT
ejge-4307	98	47	currencies	currency	NOUN
ejge-4307	98	48	with	with	ADP
ejge-4307	98	49	the	the	DET
ejge-4307	98	50	highest	high	ADJ
ejge-4307	98	51	interest	interest	NOUN
ejge-4307	98	52	rate	rate	NOUN
ejge-4307	98	53	spreads	spread	NOUN
ejge-4307	98	54	versus	versus	ADP
ejge-4307	98	55	the	the	DET
ejge-4307	98	56	dollar	dollar	NOUN
ejge-4307	98	57	during	during	ADP
ejge-4307	98	58	the	the	DET
ejge-4307	98	59	period	period	NOUN
ejge-4307	98	60	of	of	ADP
ejge-4307	98	61	study	study	NOUN
ejge-4307	98	62	.	.	PUNCT
ejge-4307	99	1	the	the	DET
ejge-4307	99	2	currencies	currency	NOUN
ejge-4307	99	3	are	be	AUX
ejge-4307	99	4	the	the	DET
ejge-4307	99	5	brazilian	brazilian	ADJ
ejge-4307	99	6	real	real	ADJ
ejge-4307	99	7	(	(	PUNCT
ejge-4307	99	8	brlusd	brlusd	NOUN
ejge-4307	99	9	)	)	PUNCT
ejge-4307	99	10	and	and	CCONJ
ejge-4307	99	11	the	the	DET
ejge-4307	99	12	argentinean	argentinean	ADJ
ejge-4307	99	13	peso	peso	NOUN
ejge-4307	99	14	(	(	PUNCT
ejge-4307	99	15	arsusd	arsusd	NOUN
ejge-4307	99	16	)	)	PUNCT
ejge-4307	99	17	.	.	PUNCT
ejge-4307	100	1	we	we	PRON
ejge-4307	100	2	collected	collect	VERB
ejge-4307	100	3	daily	daily	ADJ
ejge-4307	100	4	data	datum	NOUN
ejge-4307	100	5	for	for	ADP
ejge-4307	100	6	both	both	DET
ejge-4307	100	7	currencies	currency	NOUN
ejge-4307	100	8	since	since	SCONJ
ejge-4307	100	9	january	january	PROPN
ejge-4307	100	10	2007	2007	NUM
ejge-4307	100	11	until	until	ADP
ejge-4307	100	12	march	march	PROPN
ejge-4307	100	13	2015	2015	NUM
ejge-4307	100	14	from	from	ADP
ejge-4307	100	15	the	the	DET
ejge-4307	100	16	bloomberg	bloomberg	PROPN
ejge-4307	100	17	professional	professional	PROPN
ejge-4307	100	18	lp	lp	PROPN
ejge-4307	100	19	database	database	NOUN
ejge-4307	100	20	.	.	PUNCT
ejge-4307	101	1	the	the	DET
ejge-4307	101	2	data	data	NOUN
ejge-4307	101	3	starts	start	VERB
ejge-4307	101	4	well	well	ADV
ejge-4307	101	5	before	before	ADP
ejge-4307	101	6	the	the	DET
ejge-4307	101	7	71	71	NUM
ejge-4307	101	8	pere	pere	NOUN
ejge-4307	101	9	●	●	X
ejge-4307	101	10	governance	governance	NOUN
ejge-4307	101	11	and	and	CCONJ
ejge-4307	101	12	economic	economic	ADJ
ejge-4307	101	13	development	development	NOUN
ejge-4307	101	14	of	of	ADP
ejge-4307	101	15	western	western	ADJ
ejge-4307	101	16	balkan	balkan	ADJ
ejge-4307	101	17	countries	country	NOUN
ejge-4307	101	18	beginning	begin	VERB
ejge-4307	101	19	of	of	ADP
ejge-4307	101	20	the	the	DET
ejge-4307	101	21	last	last	ADJ
ejge-4307	101	22	bear	bear	NOUN
ejge-4307	101	23	market	market	NOUN
ejge-4307	101	24	in	in	ADP
ejge-4307	101	25	risky	risky	ADJ
ejge-4307	101	26	assets	asset	NOUN
ejge-4307	101	27	.	.	PUNCT
ejge-4307	102	1	in	in	ADP
ejge-4307	102	2	particular	particular	ADJ
ejge-4307	102	3	,	,	PUNCT
ejge-4307	102	4	naïve	naïve	ADJ
ejge-4307	102	5	carry	carry	VERB
ejge-4307	102	6	trade	trade	NOUN
ejge-4307	102	7	strategies	strategy	NOUN
ejge-4307	102	8	suffered	suffer	VERB
ejge-4307	102	9	severe	severe	ADJ
ejge-4307	102	10	losses	loss	NOUN
ejge-4307	102	11	during	during	ADP
ejge-4307	102	12	the	the	DET
ejge-4307	102	13	period	period	NOUN
ejge-4307	102	14	,	,	PUNCT
ejge-4307	102	15	concentrated	concentrate	VERB
ejge-4307	102	16	in	in	ADP
ejge-4307	102	17	the	the	DET
ejge-4307	102	18	second	second	ADJ
ejge-4307	102	19	half	half	NOUN
ejge-4307	102	20	of	of	ADP
ejge-4307	102	21	2008	2008	NUM
ejge-4307	102	22	.	.	PUNCT
ejge-4307	103	1	the	the	DET
ejge-4307	103	2	currencies	currency	NOUN
ejge-4307	103	3	evaluated	evaluate	VERB
ejge-4307	103	4	are	be	AUX
ejge-4307	103	5	the	the	DET
ejge-4307	103	6	brazilian	brazilian	ADJ
ejge-4307	103	7	real	real	ADJ
ejge-4307	103	8	(	(	PUNCT
ejge-4307	103	9	brlusd	brlusd	NOUN
ejge-4307	103	10	)	)	PUNCT
ejge-4307	103	11	and	and	CCONJ
ejge-4307	103	12	the	the	DET
ejge-4307	103	13	argentinean	argentinean	ADJ
ejge-4307	103	14	peso	peso	NOUN
ejge-4307	103	15	(	(	PUNCT
ejge-4307	103	16	arsusd	arsusd	NOUN
ejge-4307	103	17	)	)	PUNCT
ejge-4307	103	18	versus	versus	ADP
ejge-4307	103	19	the	the	DET
ejge-4307	103	20	us	us	PROPN
ejge-4307	103	21	dollar	dollar	NOUN
ejge-4307	103	22	.	.	PUNCT
ejge-4307	104	1	the	the	DET
ejge-4307	104	2	series	series	NOUN
ejge-4307	104	3	include	include	VERB
ejge-4307	104	4	the	the	DET
ejge-4307	104	5	one	one	NUM
ejge-4307	104	6	-	-	PUNCT
ejge-4307	104	7	month	month	NOUN
ejge-4307	104	8	-	-	PUNCT
ejge-4307	104	9	deposit	deposit	NOUN
ejge-4307	104	10	interest	interest	NOUN
ejge-4307	104	11	rate	rate	NOUN
ejge-4307	104	12	for	for	ADP
ejge-4307	104	13	each	each	DET
ejge-4307	104	14	currency	currency	NOUN
ejge-4307	104	15	including	include	VERB
ejge-4307	104	16	the	the	DET
ejge-4307	104	17	us	us	PROPN
ejge-4307	104	18	dollar	dollar	NOUN
ejge-4307	104	19	;	;	PUNCT
ejge-4307	104	20	the	the	DET
ejge-4307	104	21	implied	imply	VERB
ejge-4307	104	22	at	at	ADP
ejge-4307	104	23	-	-	PUNCT
ejge-4307	104	24	the	the	DET
ejge-4307	104	25	-	-	PUNCT
ejge-4307	104	26	money	money	NOUN
ejge-4307	104	27	onemonth	onemonth	NOUN
ejge-4307	104	28	volatility	volatility	NOUN
ejge-4307	104	29	for	for	ADP
ejge-4307	104	30	each	each	DET
ejge-4307	104	31	currency	currency	NOUN
ejge-4307	104	32	,	,	PUNCT
ejge-4307	104	33	and	and	CCONJ
ejge-4307	104	34	the	the	DET
ejge-4307	104	35	currency	currency	NOUN
ejge-4307	104	36	spot	spot	NOUN
ejge-4307	104	37	return	return	NOUN
ejge-4307	104	38	for	for	ADP
ejge-4307	104	39	each	each	DET
ejge-4307	104	40	month	month	NOUN
ejge-4307	104	41	.	.	PUNCT
ejge-4307	105	1	we	we	PRON
ejge-4307	105	2	built	build	VERB
ejge-4307	105	3	the	the	DET
ejge-4307	105	4	monthly	monthly	ADJ
ejge-4307	105	5	ex	ex	NOUN
ejge-4307	105	6	-	-	NOUN
ejge-4307	105	7	ante	ante	ADJ
ejge-4307	105	8	reward	reward	NOUN
ejge-4307	105	9	to	to	ADP
ejge-4307	105	10	variability	variability	NOUN
ejge-4307	105	11	ratios	ratio	NOUN
ejge-4307	105	12	for	for	ADP
ejge-4307	105	13	each	each	DET
ejge-4307	105	14	currency	currency	NOUN
ejge-4307	105	15	(	(	PUNCT
ejge-4307	105	16	arsusd_sr	arsusd_sr	VERB
ejge-4307	105	17	and	and	CCONJ
ejge-4307	105	18	brlusd_sr	brlusd_sr	NOUN
ejge-4307	105	19	)	)	PUNCT
ejge-4307	105	20	using	use	VERB
ejge-4307	105	21	the	the	DET
ejge-4307	105	22	proposed	propose	VERB
ejge-4307	105	23	measure	measure	NOUN
ejge-4307	105	24	in	in	ADP
ejge-4307	105	25	section	section	NOUN
ejge-4307	105	26	2	2	NUM
ejge-4307	105	27	.	.	PUNCT
ejge-4307	106	1	the	the	DET
ejge-4307	106	2	main	main	ADJ
ejge-4307	106	3	descriptive	descriptive	ADJ
ejge-4307	106	4	statistics	statistic	NOUN
ejge-4307	106	5	for	for	ADP
ejge-4307	106	6	the	the	DET
ejge-4307	106	7	series	series	NOUN
ejge-4307	106	8	of	of	ADP
ejge-4307	106	9	sharpe	sharpe	PROPN
ejge-4307	106	10	ratios	ratio	NOUN
ejge-4307	106	11	are	be	AUX
ejge-4307	106	12	shown	show	VERB
ejge-4307	106	13	in	in	ADP
ejge-4307	106	14	table	table	NOUN
ejge-4307	106	15	1	1	NUM
ejge-4307	106	16	,	,	PUNCT
ejge-4307	106	17	and	and	CCONJ
ejge-4307	106	18	the	the	DET
ejge-4307	106	19	evolution	evolution	NOUN
ejge-4307	106	20	of	of	ADP
ejge-4307	106	21	the	the	DET
ejge-4307	106	22	ratios	ratio	NOUN
ejge-4307	106	23	during	during	ADP
ejge-4307	106	24	the	the	DET
ejge-4307	106	25	period	period	NOUN
ejge-4307	106	26	are	be	AUX
ejge-4307	106	27	shown	show	VERB
ejge-4307	106	28	in	in	ADP
ejge-4307	106	29	graphs	graph	NOUN
ejge-4307	106	30	1	1	NUM
ejge-4307	106	31	and	and	CCONJ
ejge-4307	106	32	2	2	NUM
ejge-4307	106	33	.	.	NOUN
ejge-4307	106	34	table	table	NOUN
ejge-4307	106	35	1	1	NUM
ejge-4307	106	36	.	.	PUNCT
ejge-4307	106	37	descriptive	descriptive	ADJ
ejge-4307	106	38	statistics	statistic	NOUN
ejge-4307	106	39	for	for	ADP
ejge-4307	106	40	the	the	DET
ejge-4307	106	41	ex	ex	PROPN
ejge-4307	106	42	-	-	PROPN
ejge-4307	106	43	ante	ante	PROPN
ejge-4307	106	44	sharpe	sharpe	PROPN
ejge-4307	106	45	ratio	ratio	PROPN
ejge-4307	106	46	series	series	PROPN
ejge-4307	106	47	(	(	PUNCT
ejge-4307	106	48	january	january	PROPN
ejge-4307	106	49	2007	2007	NUM
ejge-4307	106	50	to	to	ADP
ejge-4307	106	51	march	march	PROPN
ejge-4307	106	52	2015	2015	NUM
ejge-4307	106	53	)	)	PUNCT
ejge-4307	106	54	arsusd_sr	arsusd_sr	VERB
ejge-4307	106	55	brlusd_sr	brlusd_sr	ADJ
ejge-4307	106	56	mean	mean	NOUN
ejge-4307	106	57	1.97	1.97	NUM
ejge-4307	106	58	0.7	0.7	NUM
ejge-4307	106	59	median	median	NOUN
ejge-4307	106	60	1.74	1.74	NUM
ejge-4307	106	61	0.69	0.69	NUM
ejge-4307	106	62	maximum	maximum	ADJ
ejge-4307	106	63	7.12	7.12	NUM
ejge-4307	106	64	1.31	1.31	NUM
ejge-4307	107	1	minimum	minimum	NOUN
ejge-4307	107	2	0.23	0.23	NUM
ejge-4307	107	3	0.26	0.26	NUM
ejge-4307	107	4	std	std	NOUN
ejge-4307	107	5	.	.	PUNCT
ejge-4307	107	6	dev	dev	PROPN
ejge-4307	107	7	.	.	PUNCT
ejge-4307	108	1	1.14	1.14	NUM
ejge-4307	108	2	0.24	0.24	NUM
ejge-4307	108	3	skewness	skewness	NOUN
ejge-4307	108	4	1.26	1.26	NUM
ejge-4307	108	5	0.49	0.49	NUM
ejge-4307	108	6	kurtosis	kurtosis	VERB
ejge-4307	108	7	5.89	5.89	NUM
ejge-4307	108	8	2.49	2.49	NUM
ejge-4307	108	9	jarque	jarque	NOUN
ejge-4307	108	10	-	-	PUNCT
ejge-4307	108	11	bera	bera	NOUN
ejge-4307	108	12	60.84	60.84	NUM
ejge-4307	108	13	5.17	5.17	NUM
ejge-4307	108	14	probability	probability	NOUN
ejge-4307	108	15	0.000000	0.000000	NUM
ejge-4307	108	16	0.075446	0.075446	NUM
ejge-4307	108	17	sum	sum	NOUN
ejge-4307	108	18	195.3151	195.3151	NUM
ejge-4307	108	19	69.5206	69.5206	NUM
ejge-4307	108	20	sum	sum	NOUN
ejge-4307	108	21	sq.dev	sq.dev	PROPN
ejge-4307	108	22	.	.	PUNCT
ejge-4307	109	1	128.3374	128.3374	NUM
ejge-4307	109	2	5.727	5.727	NUM
ejge-4307	109	3	observations	observation	NOUN
ejge-4307	109	4	99	99	NUM
ejge-4307	109	5	99	99	NUM
ejge-4307	109	6	a	a	DET
ejge-4307	109	7	quick	quick	ADJ
ejge-4307	109	8	look	look	NOUN
ejge-4307	109	9	at	at	ADP
ejge-4307	109	10	the	the	DET
ejge-4307	109	11	data	data	NOUN
ejge-4307	109	12	shows	show	VERB
ejge-4307	109	13	an	an	DET
ejge-4307	109	14	unusually	unusually	ADV
ejge-4307	109	15	high	high	ADJ
ejge-4307	109	16	ex	ex	ADJ
ejge-4307	109	17	-	-	NOUN
ejge-4307	109	18	ante	ante	ADJ
ejge-4307	109	19	risk	risk	NOUN
ejge-4307	109	20	to	to	ADP
ejge-4307	109	21	variability	variability	NOUN
ejge-4307	109	22	ratio	ratio	NOUN
ejge-4307	109	23	for	for	ADP
ejge-4307	109	24	the	the	DET
ejge-4307	109	25	argentinean	argentinean	ADJ
ejge-4307	109	26	peso	peso	NOUN
ejge-4307	109	27	(	(	PUNCT
ejge-4307	109	28	arsusd_sr	arsusd_sr	NUM
ejge-4307	109	29	)	)	PUNCT
ejge-4307	109	30	.	.	PUNCT
ejge-4307	110	1	average	average	ADJ
ejge-4307	110	2	levels	level	NOUN
ejge-4307	110	3	around	around	ADP
ejge-4307	110	4	2	2	NUM
ejge-4307	110	5	imply	imply	VERB
ejge-4307	110	6	an	an	DET
ejge-4307	110	7	expected	expected	ADJ
ejge-4307	110	8	2	2	NUM
ejge-4307	110	9	percent	percent	NOUN
ejge-4307	110	10	return	return	NOUN
ejge-4307	110	11	per	per	ADP
ejge-4307	110	12	unit	unit	NOUN
ejge-4307	110	13	of	of	ADP
ejge-4307	110	14	implied	imply	VERB
ejge-4307	110	15	volatility	volatility	NOUN
ejge-4307	110	16	.	.	PUNCT
ejge-4307	111	1	clearly	clearly	ADV
ejge-4307	111	2	investors	investor	NOUN
ejge-4307	111	3	demand	demand	VERB
ejge-4307	111	4	a	a	DET
ejge-4307	111	5	high	high	ADJ
ejge-4307	111	6	interest	interest	NOUN
ejge-4307	111	7	rate	rate	NOUN
ejge-4307	111	8	return	return	NOUN
ejge-4307	111	9	differential	differential	NOUN
ejge-4307	111	10	for	for	ADP
ejge-4307	111	11	investing	invest	VERB
ejge-4307	111	12	in	in	ADP
ejge-4307	111	13	pesos	pesos	NOUN
ejge-4307	111	14	.	.	PUNCT
ejge-4307	112	1	the	the	DET
ejge-4307	112	2	spread	spread	NOUN
ejge-4307	112	3	is	be	AUX
ejge-4307	112	4	so	so	ADV
ejge-4307	112	5	high	high	ADJ
ejge-4307	112	6	that	that	SCONJ
ejge-4307	112	7	it	it	PRON
ejge-4307	112	8	obscures	obscure	VERB
ejge-4307	112	9	the	the	DET
ejge-4307	112	10	level	level	NOUN
ejge-4307	112	11	of	of	ADP
ejge-4307	112	12	volatility	volatility	NOUN
ejge-4307	112	13	of	of	ADP
ejge-4307	112	14	the	the	DET
ejge-4307	112	15	currency	currency	NOUN
ejge-4307	112	16	by	by	ADP
ejge-4307	112	17	2	2	NUM
ejge-4307	112	18	to	to	PART
ejge-4307	112	19	1	1	NUM
ejge-4307	112	20	.	.	PUNCT
ejge-4307	113	1	these	these	DET
ejge-4307	113	2	results	result	NOUN
ejge-4307	113	3	were	be	AUX
ejge-4307	113	4	expected	expect	VERB
ejge-4307	113	5	,	,	PUNCT
ejge-4307	113	6	because	because	SCONJ
ejge-4307	113	7	the	the	DET
ejge-4307	113	8	argentinean	argentinean	ADJ
ejge-4307	113	9	peso	peso	NOUN
ejge-4307	113	10	has	have	AUX
ejge-4307	113	11	been	be	AUX
ejge-4307	113	12	seen	see	VERB
ejge-4307	113	13	as	as	ADP
ejge-4307	113	14	one	one	NUM
ejge-4307	113	15	of	of	ADP
ejge-4307	113	16	the	the	DET
ejge-4307	113	17	toughest	tough	ADJ
ejge-4307	113	18	currencies	currency	NOUN
ejge-4307	113	19	to	to	PART
ejge-4307	113	20	invest	invest	VERB
ejge-4307	113	21	in	in	ADP
ejge-4307	113	22	the	the	DET
ejge-4307	113	23	last	last	ADJ
ejge-4307	113	24	fifteen	fifteen	NUM
ejge-4307	113	25	years	year	NOUN
ejge-4307	113	26	.	.	PUNCT
ejge-4307	114	1	the	the	DET
ejge-4307	114	2	market	market	NOUN
ejge-4307	114	3	is	be	AUX
ejge-4307	114	4	clearly	clearly	ADV
ejge-4307	114	5	pricing	price	VERB
ejge-4307	114	6	the	the	DET
ejge-4307	114	7	ugly	ugly	ADJ
ejge-4307	114	8	reputation	reputation	NOUN
ejge-4307	114	9	of	of	ADP
ejge-4307	114	10	the	the	DET
ejge-4307	114	11	arsusd	arsusd	NOUN
ejge-4307	114	12	as	as	ADP
ejge-4307	114	13	an	an	DET
ejge-4307	114	14	investment	investment	NOUN
ejge-4307	114	15	.	.	PUNCT
ejge-4307	115	1	ex	ex	PROPN
ejge-4307	115	2	-	-	PROPN
ejge-4307	115	3	ante	ante	NOUN
ejge-4307	115	4	sharpe	sharpe	NOUN
ejge-4307	115	5	levels	level	NOUN
ejge-4307	115	6	for	for	ADP
ejge-4307	115	7	the	the	DET
ejge-4307	115	8	brazilian	brazilian	ADJ
ejge-4307	115	9	real	real	NOUN
ejge-4307	115	10	(	(	PUNCT
ejge-4307	115	11	brlusd_sr	brlusd_sr	NOUN
ejge-4307	115	12	)	)	PUNCT
ejge-4307	115	13	are	be	AUX
ejge-4307	115	14	clearly	clearly	ADV
ejge-4307	115	15	lower	low	ADJ
ejge-4307	115	16	than	than	ADP
ejge-4307	115	17	the	the	DET
ejge-4307	115	18	levels	level	NOUN
ejge-4307	115	19	registered	register	VERB
ejge-4307	115	20	for	for	ADP
ejge-4307	115	21	ars	ar	NOUN
ejge-4307	115	22	,	,	PUNCT
ejge-4307	115	23	but	but	CCONJ
ejge-4307	115	24	still	still	ADV
ejge-4307	115	25	high	high	ADJ
ejge-4307	115	26	compared	compare	VERB
ejge-4307	115	27	to	to	ADP
ejge-4307	115	28	sharpe	sharpe	NOUN
ejge-4307	115	29	ratios	ratio	NOUN
ejge-4307	115	30	offered	offer	VERB
ejge-4307	115	31	by	by	ADP
ejge-4307	115	32	passive	passive	ADJ
ejge-4307	115	33	strategies	strategy	NOUN
ejge-4307	115	34	.	.	PUNCT
ejge-4307	116	1	72	72	NUM
ejge-4307	116	2	prado	prado	PROPN
ejge-4307	116	3	-	-	PUNCT
ejge-4307	116	4	dominguez	dominguez	PROPN
ejge-4307	116	5	and	and	CCONJ
ejge-4307	116	6	fernández	fernández	PROPN
ejge-4307	116	7	-	-	PUNCT
ejge-4307	116	8	herráiz	herráiz	PROPN
ejge-4307	116	9	●	●	PROPN
ejge-4307	116	10	a	a	DET
ejge-4307	116	11	sharpe	sharpe	NOUN
ejge-4307	116	12	-	-	PUNCT
ejge-4307	116	13	ratio	ratio	NOUN
ejge-4307	116	14	-	-	PUNCT
ejge-4307	116	15	based	base	VERB
ejge-4307	116	16	measure	measure	NOUN
ejge-4307	116	17	graph	graph	NOUN
ejge-4307	116	18	1	1	NUM
ejge-4307	116	19	.	.	PUNCT
ejge-4307	117	1	ex	ex	NOUN
ejge-4307	117	2	-	-	NOUN
ejge-4307	117	3	ante	ante	NOUN
ejge-4307	117	4	sharpe	sharpe	PROPN
ejge-4307	117	5	ratio	ratio	NOUN
ejge-4307	117	6	for	for	ADP
ejge-4307	117	7	argentinean	argentinean	ADJ
ejge-4307	117	8	peso	peso	NOUN
ejge-4307	117	9	(	(	PUNCT
ejge-4307	117	10	arsusd_sr	arsusd_sr	NUM
ejge-4307	117	11	)	)	PUNCT
ejge-4307	117	12	(	(	PUNCT
ejge-4307	117	13	january	january	PROPN
ejge-4307	117	14	2007	2007	NUM
ejge-4307	117	15	to	to	ADP
ejge-4307	117	16	march	march	PROPN
ejge-4307	117	17	2015	2015	NUM
ejge-4307	117	18	)	)	PUNCT
ejge-4307	117	19	graph	graph	NOUN
ejge-4307	117	20	1	1	NUM
ejge-4307	117	21	uncovers	uncover	NOUN
ejge-4307	117	22	a	a	DET
ejge-4307	117	23	demanding	demand	VERB
ejge-4307	117	24	sharpe	sharpe	NOUN
ejge-4307	117	25	ratio	ratio	NOUN
ejge-4307	117	26	for	for	ADP
ejge-4307	117	27	the	the	DET
ejge-4307	117	28	argentinean	argentinean	ADJ
ejge-4307	117	29	peso	peso	NOUN
ejge-4307	117	30	during	during	ADP
ejge-4307	117	31	the	the	DET
ejge-4307	117	32	period	period	NOUN
ejge-4307	117	33	.	.	PUNCT
ejge-4307	118	1	for	for	ADP
ejge-4307	118	2	illustrative	illustrative	ADJ
ejge-4307	118	3	purposes	purpose	NOUN
ejge-4307	118	4	,	,	PUNCT
ejge-4307	118	5	we	we	PRON
ejge-4307	118	6	drew	draw	VERB
ejge-4307	118	7	a	a	DET
ejge-4307	118	8	line	line	NOUN
ejge-4307	118	9	at	at	ADP
ejge-4307	118	10	the	the	DET
ejge-4307	118	11	0.5	0.5	NUM
ejge-4307	118	12	sharpe	sharpe	PROPN
ejge-4307	118	13	ratio	ratio	NOUN
ejge-4307	118	14	level	level	NOUN
ejge-4307	118	15	.	.	PUNCT
ejge-4307	119	1	sharpe	sharpe	PROPN
ejge-4307	119	2	ratios	ratio	NOUN
ejge-4307	119	3	of	of	ADP
ejge-4307	119	4	0.5	0.5	NUM
ejge-4307	119	5	or	or	CCONJ
ejge-4307	119	6	between	between	ADP
ejge-4307	119	7	0.3	0.3	NUM
ejge-4307	119	8	and	and	CCONJ
ejge-4307	119	9	0.5	0.5	NUM
ejge-4307	119	10	are	be	AUX
ejge-4307	119	11	typical	typical	ADJ
ejge-4307	119	12	levels	level	NOUN
ejge-4307	119	13	for	for	ADP
ejge-4307	119	14	bechmarking	bechmarke	VERB
ejge-4307	119	15	passive	passive	ADJ
ejge-4307	119	16	strategies	strategy	NOUN
ejge-4307	119	17	.	.	PUNCT
ejge-4307	120	1	we	we	PRON
ejge-4307	120	2	would	would	AUX
ejge-4307	120	3	say	say	VERB
ejge-4307	120	4	that	that	SCONJ
ejge-4307	120	5	an	an	DET
ejge-4307	120	6	asset	asset	NOUN
ejge-4307	120	7	with	with	ADP
ejge-4307	120	8	an	an	DET
ejge-4307	120	9	sr	sr	PROPN
ejge-4307	120	10	of	of	ADP
ejge-4307	120	11	0.5	0.5	NUM
ejge-4307	120	12	will	will	AUX
ejge-4307	120	13	offer	offer	VERB
ejge-4307	120	14	five	five	NUM
ejge-4307	120	15	points	point	NOUN
ejge-4307	120	16	of	of	ADP
ejge-4307	120	17	return	return	NOUN
ejge-4307	120	18	per	per	ADP
ejge-4307	120	19	each	each	DET
ejge-4307	120	20	ten	ten	NUM
ejge-4307	120	21	points	point	NOUN
ejge-4307	120	22	of	of	ADP
ejge-4307	120	23	volatility	volatility	NOUN
ejge-4307	120	24	.	.	PUNCT
ejge-4307	121	1	the	the	DET
ejge-4307	121	2	average	average	ADJ
ejge-4307	121	3	level	level	NOUN
ejge-4307	121	4	of	of	ADP
ejge-4307	121	5	the	the	DET
ejge-4307	121	6	ex	ex	NOUN
ejge-4307	121	7	-	-	PROPN
ejge-4307	121	8	ante	ante	NOUN
ejge-4307	121	9	sharpe	sharpe	PROPN
ejge-4307	121	10	ratio	ratio	NOUN
ejge-4307	121	11	for	for	ADP
ejge-4307	121	12	the	the	DET
ejge-4307	121	13	sample	sample	NOUN
ejge-4307	121	14	period	period	NOUN
ejge-4307	121	15	is	be	AUX
ejge-4307	121	16	around	around	ADP
ejge-4307	121	17	1.97	1.97	NUM
ejge-4307	121	18	.	.	PUNCT
ejge-4307	122	1	levels	level	NOUN
ejge-4307	122	2	of	of	ADP
ejge-4307	122	3	around	around	ADP
ejge-4307	122	4	0.5	0.5	NUM
ejge-4307	122	5	of	of	ADP
ejge-4307	122	6	ex	ex	NOUN
ejge-4307	122	7	-	-	NOUN
ejge-4307	122	8	ante	ante	NOUN
ejge-4307	122	9	sr	sr	PROPN
ejge-4307	122	10	for	for	ADP
ejge-4307	122	11	ars	ar	NOUN
ejge-4307	122	12	are	be	AUX
ejge-4307	122	13	only	only	ADV
ejge-4307	122	14	attained	attain	VERB
ejge-4307	122	15	during	during	ADP
ejge-4307	122	16	stress	stress	NOUN
ejge-4307	122	17	periods	period	NOUN
ejge-4307	122	18	and	and	CCONJ
ejge-4307	122	19	reverse	reverse	VERB
ejge-4307	122	20	quickly	quickly	ADV
ejge-4307	122	21	towards	towards	ADP
ejge-4307	122	22	higher	high	ADJ
ejge-4307	122	23	levels	level	NOUN
ejge-4307	122	24	.	.	PUNCT
ejge-4307	123	1	see	see	VERB
ejge-4307	123	2	,	,	PUNCT
ejge-4307	123	3	for	for	ADP
ejge-4307	123	4	example	example	NOUN
ejge-4307	123	5	,	,	PUNCT
ejge-4307	123	6	the	the	DET
ejge-4307	123	7	valleys	valley	NOUN
ejge-4307	123	8	in	in	ADP
ejge-4307	123	9	the	the	DET
ejge-4307	123	10	graph	graph	NOUN
ejge-4307	123	11	during	during	ADP
ejge-4307	123	12	the	the	DET
ejge-4307	123	13	summer	summer	NOUN
ejge-4307	123	14	of	of	ADP
ejge-4307	123	15	2007	2007	NUM
ejge-4307	123	16	,	,	PUNCT
ejge-4307	123	17	the	the	DET
ejge-4307	123	18	last	last	ADJ
ejge-4307	123	19	quarter	quarter	NOUN
ejge-4307	123	20	of	of	ADP
ejge-4307	123	21	2008	2008	NUM
ejge-4307	123	22	,	,	PUNCT
ejge-4307	123	23	or	or	CCONJ
ejge-4307	123	24	the	the	DET
ejge-4307	123	25	recent	recent	ADJ
ejge-4307	123	26	“	"	PUNCT
ejge-4307	123	27	tapering	taper	VERB
ejge-4307	123	28	sell	sell	VERB
ejge-4307	123	29	off	off	ADP
ejge-4307	123	30	”	"	PUNCT
ejge-4307	123	31	during	during	ADP
ejge-4307	123	32	may	may	PROPN
ejge-4307	123	33	of	of	ADP
ejge-4307	123	34	2013	2013	NUM
ejge-4307	123	35	.	.	PUNCT
ejge-4307	124	1	paradoxically	paradoxically	ADV
ejge-4307	124	2	,	,	PUNCT
ejge-4307	124	3	local	local	ADJ
ejge-4307	124	4	events	event	NOUN
ejge-4307	124	5	like	like	ADP
ejge-4307	124	6	the	the	DET
ejge-4307	124	7	big	big	ADJ
ejge-4307	124	8	depreciation	depreciation	NOUN
ejge-4307	124	9	of	of	ADP
ejge-4307	124	10	january	january	PROPN
ejge-4307	124	11	2014	2014	NUM
ejge-4307	124	12	appear	appear	VERB
ejge-4307	124	13	more	more	ADV
ejge-4307	124	14	like	like	ADP
ejge-4307	124	15	volatile	volatile	ADJ
ejge-4307	124	16	periods	period	NOUN
ejge-4307	124	17	for	for	ADP
ejge-4307	124	18	the	the	DET
ejge-4307	124	19	ratio	ratio	NOUN
ejge-4307	124	20	,	,	PUNCT
ejge-4307	124	21	but	but	CCONJ
ejge-4307	124	22	also	also	ADV
ejge-4307	124	23	potentially	potentially	ADV
ejge-4307	124	24	well	well	ADV
ejge-4307	124	25	rewarded	reward	VERB
ejge-4307	124	26	by	by	ADP
ejge-4307	124	27	interest	interest	NOUN
ejge-4307	124	28	rate	rate	NOUN
ejge-4307	124	29	differentials	differential	NOUN
ejge-4307	124	30	,	,	PUNCT
ejge-4307	124	31	offering	offer	VERB
ejge-4307	124	32	the	the	DET
ejge-4307	124	33	investor	investor	NOUN
ejge-4307	124	34	willing	willing	ADJ
ejge-4307	124	35	to	to	PART
ejge-4307	124	36	ride	ride	VERB
ejge-4307	124	37	the	the	DET
ejge-4307	124	38	potential	potential	ADJ
ejge-4307	124	39	“	"	PUNCT
ejge-4307	124	40	peso	peso	NOUN
ejge-4307	124	41	problem	problem	NOUN
ejge-4307	124	42	”	"	PUNCT
ejge-4307	124	43	a	a	DET
ejge-4307	124	44	reward	reward	NOUN
ejge-4307	124	45	for	for	ADP
ejge-4307	124	46	the	the	DET
ejge-4307	124	47	high	high	ADJ
ejge-4307	124	48	risk	risk	NOUN
ejge-4307	124	49	involved	involve	VERB
ejge-4307	124	50	in	in	ADP
ejge-4307	124	51	the	the	DET
ejge-4307	124	52	trade	trade	NOUN
ejge-4307	124	53	.	.	PUNCT
ejge-4307	125	1	0	0	NUM
ejge-4307	125	2	1	1	NUM
ejge-4307	125	3	2	2	NUM
ejge-4307	125	4	3	3	NUM
ejge-4307	125	5	4	4	NUM
ejge-4307	125	6	5	5	NUM
ejge-4307	125	7	6	6	NUM
ejge-4307	125	8	7	7	NUM
ejge-4307	125	9	8	8	NUM
ejge-4307	125	10	2007	2007	NUM
ejge-4307	125	11	2008	2008	NUM
ejge-4307	125	12	2009	2009	NUM
ejge-4307	125	13	2010	2010	NUM
ejge-4307	125	14	2011	2011	NUM
ejge-4307	125	15	2012	2012	NUM
ejge-4307	125	16	2013	2013	NUM
ejge-4307	125	17	2014	2014	NUM
ejge-4307	125	18	2015	2015	NUM
ejge-4307	125	19	arsusd_sr	arsusd_sr	VERB
ejge-4307	125	20	73	73	NUM
ejge-4307	125	21	pere	pere	NOUN
ejge-4307	125	22	●	●	X
ejge-4307	125	23	governance	governance	NOUN
ejge-4307	125	24	and	and	CCONJ
ejge-4307	125	25	economic	economic	ADJ
ejge-4307	125	26	development	development	NOUN
ejge-4307	125	27	of	of	ADP
ejge-4307	125	28	western	western	ADJ
ejge-4307	125	29	balkan	balkan	ADJ
ejge-4307	125	30	countries	country	NOUN
ejge-4307	125	31	graph	graph	VERB
ejge-4307	125	32	2	2	NUM
ejge-4307	125	33	.	.	X
ejge-4307	126	1	ex	ex	NOUN
ejge-4307	126	2	-	-	NOUN
ejge-4307	126	3	ante	ante	NOUN
ejge-4307	126	4	sharpe	sharpe	NOUN
ejge-4307	126	5	ratios	ratio	NOUN
ejge-4307	126	6	for	for	ADP
ejge-4307	126	7	brazilian	brazilian	ADJ
ejge-4307	126	8	real	real	ADJ
ejge-4307	126	9	(	(	PUNCT
ejge-4307	126	10	brlusd_sr	brlusd_sr	NOUN
ejge-4307	126	11	)	)	PUNCT
ejge-4307	126	12	(	(	PUNCT
ejge-4307	126	13	jan-2007	jan-2007	NOUN
ejge-4307	126	14	to	to	ADP
ejge-4307	126	15	mar-2015	mar-2015	NOUN
ejge-4307	126	16	)	)	PUNCT
ejge-4307	126	17	although	although	SCONJ
ejge-4307	126	18	brl	brl	NOUN
ejge-4307	126	19	investors	investor	NOUN
ejge-4307	126	20	require	require	VERB
ejge-4307	126	21	a	a	DET
ejge-4307	126	22	less	less	ADV
ejge-4307	126	23	demanding	demanding	ADJ
ejge-4307	126	24	sharpe	sharpe	NOUN
ejge-4307	126	25	ratio	ratio	NOUN
ejge-4307	126	26	for	for	ADP
ejge-4307	126	27	investing	invest	VERB
ejge-4307	126	28	in	in	ADP
ejge-4307	126	29	the	the	DET
ejge-4307	126	30	currency	currency	NOUN
ejge-4307	126	31	during	during	ADP
ejge-4307	126	32	the	the	DET
ejge-4307	126	33	period	period	NOUN
ejge-4307	126	34	of	of	ADP
ejge-4307	126	35	study	study	NOUN
ejge-4307	126	36	,	,	PUNCT
ejge-4307	126	37	graph	graph	NOUN
ejge-4307	126	38	2	2	NUM
ejge-4307	126	39	shows	show	VERB
ejge-4307	126	40	that	that	SCONJ
ejge-4307	126	41	it	it	PRON
ejge-4307	126	42	is	be	AUX
ejge-4307	126	43	still	still	ADV
ejge-4307	126	44	well	well	ADV
ejge-4307	126	45	beyond	beyond	ADP
ejge-4307	126	46	the	the	DET
ejge-4307	126	47	levels	level	NOUN
ejge-4307	126	48	suggested	suggest	VERB
ejge-4307	126	49	for	for	ADP
ejge-4307	126	50	pure	pure	ADJ
ejge-4307	126	51	passive	passive	ADJ
ejge-4307	126	52	buy	buy	NOUN
ejge-4307	126	53	and	and	CCONJ
ejge-4307	126	54	hold	hold	VERB
ejge-4307	126	55	strategies	strategy	NOUN
ejge-4307	126	56	.	.	PUNCT
ejge-4307	127	1	the	the	DET
ejge-4307	127	2	average	average	ADJ
ejge-4307	127	3	value	value	NOUN
ejge-4307	127	4	of	of	ADP
ejge-4307	127	5	the	the	DET
ejge-4307	127	6	ex	ex	PROPN
ejge-4307	127	7	-	-	PROPN
ejge-4307	127	8	ante	ante	NOUN
ejge-4307	127	9	sharpe	sharpe	PROPN
ejge-4307	127	10	ratio	ratio	NOUN
ejge-4307	127	11	for	for	ADP
ejge-4307	127	12	the	the	DET
ejge-4307	127	13	sample	sample	NOUN
ejge-4307	127	14	period	period	NOUN
ejge-4307	127	15	is	be	AUX
ejge-4307	127	16	around	around	ADP
ejge-4307	127	17	0,7	0,7	NUM
ejge-4307	127	18	.	.	PUNCT
ejge-4307	128	1	once	once	ADV
ejge-4307	128	2	more	more	ADV
ejge-4307	128	3	,	,	PUNCT
ejge-4307	128	4	the	the	DET
ejge-4307	128	5	ratio	ratio	NOUN
ejge-4307	128	6	may	may	AUX
ejge-4307	128	7	respond	respond	VERB
ejge-4307	128	8	to	to	ADP
ejge-4307	128	9	potential	potential	ADJ
ejge-4307	128	10	peso	peso	NOUN
ejge-4307	128	11	problems	problem	NOUN
ejge-4307	128	12	embedded	embed	VERB
ejge-4307	128	13	in	in	ADP
ejge-4307	128	14	the	the	DET
ejge-4307	128	15	brl	brl	NOUN
ejge-4307	128	16	investing	investing	NOUN
ejge-4307	128	17	strategy	strategy	NOUN
ejge-4307	128	18	.	.	PUNCT
ejge-4307	129	1	stressed	stress	VERB
ejge-4307	129	2	markets	market	NOUN
ejge-4307	129	3	constitute	constitute	VERB
ejge-4307	129	4	inflection	inflection	NOUN
ejge-4307	129	5	points	point	NOUN
ejge-4307	129	6	,	,	PUNCT
ejge-4307	129	7	as	as	SCONJ
ejge-4307	129	8	we	we	PRON
ejge-4307	129	9	saw	see	VERB
ejge-4307	129	10	in	in	ADP
ejge-4307	129	11	the	the	DET
ejge-4307	129	12	ars	ar	NOUN
ejge-4307	129	13	case	case	NOUN
ejge-4307	129	14	.	.	PUNCT
ejge-4307	130	1	the	the	DET
ejge-4307	130	2	explosive	explosive	ADJ
ejge-4307	130	3	volatility	volatility	NOUN
ejge-4307	130	4	developments	development	NOUN
ejge-4307	130	5	send	send	VERB
ejge-4307	130	6	the	the	DET
ejge-4307	130	7	ratio	ratio	NOUN
ejge-4307	130	8	down	down	ADP
ejge-4307	130	9	the	the	DET
ejge-4307	130	10	elevator	elevator	NOUN
ejge-4307	130	11	offering	offer	VERB
ejge-4307	130	12	potential	potential	ADJ
ejge-4307	130	13	opportunities	opportunity	NOUN
ejge-4307	130	14	when	when	SCONJ
ejge-4307	130	15	the	the	DET
ejge-4307	130	16	realized	realize	VERB
ejge-4307	130	17	return	return	NOUN
ejge-4307	130	18	is	be	AUX
ejge-4307	130	19	diluted	dilute	VERB
ejge-4307	130	20	due	due	ADP
ejge-4307	130	21	to	to	ADP
ejge-4307	130	22	exchange	exchange	NOUN
ejge-4307	130	23	rate	rate	NOUN
ejge-4307	130	24	depreciation	depreciation	NOUN
ejge-4307	130	25	.	.	PUNCT
ejge-4307	131	1	conclusion	conclusion	NOUN
ejge-4307	131	2	the	the	DET
ejge-4307	131	3	reward	reward	NOUN
ejge-4307	131	4	to	to	ADP
ejge-4307	131	5	variability	variability	NOUN
ejge-4307	131	6	ratio	ratio	NOUN
ejge-4307	131	7	is	be	AUX
ejge-4307	131	8	a	a	DET
ejge-4307	131	9	commonly	commonly	ADV
ejge-4307	131	10	used	use	VERB
ejge-4307	131	11	measure	measure	NOUN
ejge-4307	131	12	of	of	ADP
ejge-4307	131	13	investment	investment	NOUN
ejge-4307	131	14	efficiency	efficiency	NOUN
ejge-4307	131	15	.	.	PUNCT
ejge-4307	132	1	the	the	DET
ejge-4307	132	2	ex	ex	NOUN
ejge-4307	132	3	-	-	ADJ
ejge-4307	132	4	ante	ante	ADJ
ejge-4307	132	5	version	version	NOUN
ejge-4307	132	6	helps	help	VERB
ejge-4307	132	7	in	in	ADP
ejge-4307	132	8	debating	debate	VERB
ejge-4307	132	9	theoretical	theoretical	ADJ
ejge-4307	132	10	questions	question	NOUN
ejge-4307	132	11	.	.	PUNCT
ejge-4307	133	1	our	our	PRON
ejge-4307	133	2	proposed	propose	VERB
ejge-4307	133	3	adaptation	adaptation	NOUN
ejge-4307	133	4	to	to	ADP
ejge-4307	133	5	the	the	DET
ejge-4307	133	6	ex	ex	NOUN
ejge-4307	133	7	-	-	NOUN
ejge-4307	133	8	ante	ante	NOUN
ejge-4307	133	9	ratio	ratio	NOUN
ejge-4307	133	10	for	for	ADP
ejge-4307	133	11	currencies	currency	NOUN
ejge-4307	133	12	leaves	leave	VERB
ejge-4307	133	13	the	the	DET
ejge-4307	133	14	potentially	potentially	ADV
ejge-4307	133	15	unpredictable	unpredictable	ADJ
ejge-4307	133	16	currency	currency	NOUN
ejge-4307	133	17	movement	movement	NOUN
ejge-4307	133	18	apart	apart	ADV
ejge-4307	133	19	,	,	PUNCT
ejge-4307	133	20	making	make	VERB
ejge-4307	133	21	use	use	NOUN
ejge-4307	133	22	of	of	ADP
ejge-4307	133	23	the	the	DET
ejge-4307	133	24	random	random	ADJ
ejge-4307	133	25	walk	walk	NOUN
ejge-4307	133	26	hypothesis	hypothesis	NOUN
ejge-4307	133	27	.	.	PUNCT
ejge-4307	134	1	we	we	PRON
ejge-4307	134	2	also	also	ADV
ejge-4307	134	3	consider	consider	VERB
ejge-4307	134	4	implied	imply	VERB
ejge-4307	134	5	volatility	volatility	NOUN
ejge-4307	134	6	as	as	ADP
ejge-4307	134	7	a	a	DET
ejge-4307	134	8	proxy	proxy	NOUN
ejge-4307	134	9	for	for	ADP
ejge-4307	134	10	market	market	NOUN
ejge-4307	134	11	expected	expect	VERB
ejge-4307	134	12	volatility	volatility	NOUN
ejge-4307	134	13	.	.	PUNCT
ejge-4307	135	1	following	follow	VERB
ejge-4307	135	2	that	that	DET
ejge-4307	135	3	path	path	NOUN
ejge-4307	135	4	,	,	PUNCT
ejge-4307	135	5	we	we	PRON
ejge-4307	135	6	are	be	AUX
ejge-4307	135	7	able	able	ADJ
ejge-4307	135	8	to	to	PART
ejge-4307	135	9	construct	construct	VERB
ejge-4307	135	10	an	an	DET
ejge-4307	135	11	ex	ex	NOUN
ejge-4307	135	12	-	-	NOUN
ejge-4307	135	13	ante	ante	NOUN
ejge-4307	135	14	sharpe	sharpe	PROPN
ejge-4307	135	15	ratio	ratio	NOUN
ejge-4307	135	16	including	include	VERB
ejge-4307	135	17	only	only	ADV
ejge-4307	135	18	known	know	VERB
ejge-4307	135	19	variables	variable	NOUN
ejge-4307	135	20	at	at	ADP
ejge-4307	135	21	time	time	NOUN
ejge-4307	135	22	t.	t.	NOUN
ejge-4307	135	23	it	it	PRON
ejge-4307	135	24	that	that	DET
ejge-4307	135	25	sense	sense	NOUN
ejge-4307	135	26	we	we	PRON
ejge-4307	135	27	do	do	AUX
ejge-4307	135	28	not	not	PART
ejge-4307	135	29	introduce	introduce	VERB
ejge-4307	135	30	any	any	DET
ejge-4307	135	31	expectation	expectation	NOUN
ejge-4307	135	32	on	on	ADP
ejge-4307	135	33	the	the	DET
ejge-4307	135	34	potential	potential	ADJ
ejge-4307	135	35	return	return	NOUN
ejge-4307	135	36	of	of	ADP
ejge-4307	135	37	the	the	DET
ejge-4307	135	38	spot	spot	NOUN
ejge-4307	135	39	currency	currency	NOUN
ejge-4307	135	40	,	,	PUNCT
ejge-4307	135	41	so	so	SCONJ
ejge-4307	135	42	we	we	PRON
ejge-4307	135	43	are	be	AUX
ejge-4307	135	44	explicitly	explicitly	ADV
ejge-4307	135	45	not	not	PART
ejge-4307	135	46	considering	consider	VERB
ejge-4307	135	47	the	the	DET
ejge-4307	135	48	uncovered	uncovered	ADJ
ejge-4307	135	49	interest	interest	NOUN
ejge-4307	135	50	rate	rate	NOUN
ejge-4307	135	51	parity	parity	NOUN
ejge-4307	135	52	projected	project	VERB
ejge-4307	135	53	return	return	NOUN
ejge-4307	135	54	.	.	PUNCT
ejge-4307	136	1	this	this	DET
ejge-4307	136	2	way	way	NOUN
ejge-4307	136	3	of	of	ADP
ejge-4307	136	4	presenting	present	VERB
ejge-4307	136	5	the	the	DET
ejge-4307	136	6	ratio	ratio	NOUN
ejge-4307	136	7	introduces	introduce	NOUN
ejge-4307	136	8	a	a	DET
ejge-4307	136	9	substantial	substantial	ADJ
ejge-4307	136	10	bias	bias	NOUN
ejge-4307	136	11	towards	towards	ADP
ejge-4307	136	12	selecting	select	VERB
ejge-4307	136	13	currencies	currency	NOUN
ejge-4307	136	14	with	with	ADP
ejge-4307	136	15	high	high	ADJ
ejge-4307	136	16	interest	interest	NOUN
ejge-4307	136	17	spreads	spread	NOUN
ejge-4307	136	18	and	and	CCONJ
ejge-4307	136	19	low	low	ADJ
ejge-4307	136	20	expected	expect	VERB
ejge-4307	136	21	volatility	volatility	NOUN
ejge-4307	136	22	,	,	PUNCT
ejge-4307	136	23	if	if	SCONJ
ejge-4307	136	24	we	we	PRON
ejge-4307	136	25	were	be	AUX
ejge-4307	136	26	to	to	PART
ejge-4307	136	27	follow	follow	VERB
ejge-4307	136	28	the	the	DET
ejge-4307	136	29	classic	classic	ADJ
ejge-4307	136	30	approach	approach	NOUN
ejge-4307	136	31	of	of	ADP
ejge-4307	136	32	selecting	select	VERB
ejge-4307	136	33	strategies	strategy	NOUN
ejge-4307	136	34	with	with	ADP
ejge-4307	136	35	the	the	DET
ejge-4307	136	36	highest	high	ADJ
ejge-4307	136	37	sharpe	sharpe	NOUN
ejge-4307	136	38	ratio	ratio	NOUN
ejge-4307	136	39	.	.	PUNCT
ejge-4307	137	1	perhaps	perhaps	ADV
ejge-4307	137	2	this	this	DET
ejge-4307	137	3	proposal	proposal	NOUN
ejge-4307	137	4	of	of	ADP
ejge-4307	137	5	a	a	DET
ejge-4307	137	6	sharpe	sharpe	NOUN
ejge-4307	137	7	ratio	ratio	NOUN
ejge-4307	137	8	for	for	ADP
ejge-4307	137	9	currencies	currency	NOUN
ejge-4307	137	10	may	may	AUX
ejge-4307	137	11	also	also	ADV
ejge-4307	137	12	serve	serve	VERB
ejge-4307	137	13	investors	investor	NOUN
ejge-4307	137	14	in	in	ADP
ejge-4307	137	15	a	a	DET
ejge-4307	137	16	different	different	ADJ
ejge-4307	137	17	way	way	NOUN
ejge-4307	137	18	.	.	PUNCT
ejge-4307	138	1	the	the	DET
ejge-4307	138	2	ratio	ratio	NOUN
ejge-4307	138	3	may	may	AUX
ejge-4307	138	4	uncover	uncover	VERB
ejge-4307	138	5	potential	potential	ADJ
ejge-4307	138	6	risks	risk	NOUN
ejge-4307	138	7	hidden	hide	VERB
ejge-4307	138	8	in	in	ADP
ejge-4307	138	9	the	the	DET
ejge-4307	138	10	structural	structural	ADJ
ejge-4307	138	11	relationship	relationship	NOUN
ejge-4307	138	12	between	between	ADP
ejge-4307	138	13	expected	expect	VERB
ejge-4307	138	14	volatility	volatility	NOUN
ejge-4307	138	15	and	and	CCONJ
ejge-4307	138	16	expected	expect	VERB
ejge-4307	138	17	interest	interest	NOUN
ejge-4307	138	18	rate	rate	NOUN
ejge-4307	138	19	spreads	spread	NOUN
ejge-4307	138	20	(	(	PUNCT
ejge-4307	138	21	the	the	DET
ejge-4307	138	22	risk	risk	NOUN
ejge-4307	138	23	premium	premium	NOUN
ejge-4307	138	24	)	)	PUNCT
ejge-4307	138	25	.	.	PUNCT
ejge-4307	139	1	once	once	SCONJ
ejge-4307	139	2	the	the	DET
ejge-4307	139	3	ratio	ratio	NOUN
ejge-4307	139	4	is	be	AUX
ejge-4307	139	5	built	build	VERB
ejge-4307	139	6	following	follow	VERB
ejge-4307	139	7	those	those	DET
ejge-4307	139	8	premises	premise	NOUN
ejge-4307	139	9	,	,	PUNCT
ejge-4307	139	10	a	a	DET
ejge-4307	139	11	new	new	ADJ
ejge-4307	139	12	and	and	CCONJ
ejge-4307	139	13	potentially	potentially	ADV
ejge-4307	139	14	interesting	interesting	ADJ
ejge-4307	139	15	interpretation	interpretation	NOUN
ejge-4307	139	16	of	of	ADP
ejge-4307	139	17	the	the	DET
ejge-4307	139	18	ratio	ratio	NOUN
ejge-4307	139	19	arises	arise	VERB
ejge-4307	139	20	.	.	PUNCT
ejge-4307	140	1	as	as	SCONJ
ejge-4307	140	2	we	we	PRON
ejge-4307	140	3	see	see	VERB
ejge-4307	140	4	it	it	PRON
ejge-4307	140	5	,	,	PUNCT
ejge-4307	140	6	a	a	DET
ejge-4307	140	7	high	high	ADJ
ejge-4307	140	8	risk	risk	NOUN
ejge-4307	140	9	premium	premium	NOUN
ejge-4307	140	10	per	per	ADP
ejge-4307	140	11	unit	unit	NOUN
ejge-4307	140	12	of	of	ADP
ejge-4307	140	13	implied	imply	VERB
ejge-4307	140	14	volatility	volatility	NOUN
ejge-4307	140	15	may	may	AUX
ejge-4307	140	16	signal	signal	VERB
ejge-4307	140	17	a	a	DET
ejge-4307	140	18	potential	potential	ADJ
ejge-4307	140	19	peso	peso	NOUN
ejge-4307	140	20	problem	problem	NOUN
ejge-4307	140	21	perception	perception	NOUN
ejge-4307	140	22	from	from	ADP
ejge-4307	140	23	market	market	NOUN
ejge-4307	140	24	participants	participant	NOUN
ejge-4307	140	25	.	.	PUNCT
ejge-4307	141	1	0.2	0.2	NUM
ejge-4307	141	2	0.4	0.4	NUM
ejge-4307	141	3	0.6	0.6	NUM
ejge-4307	141	4	0.8	0.8	NUM
ejge-4307	141	5	1.0	1.0	NUM
ejge-4307	141	6	1.2	1.2	NUM
ejge-4307	141	7	1.4	1.4	NUM
ejge-4307	141	8	2007	2007	NUM
ejge-4307	141	9	2008	2008	NUM
ejge-4307	141	10	2009	2009	NUM
ejge-4307	141	11	2010	2010	NUM
ejge-4307	141	12	2011	2011	NUM
ejge-4307	141	13	2012	2012	NUM
ejge-4307	141	14	2013	2013	NUM
ejge-4307	141	15	2014	2014	NUM
ejge-4307	141	16	2015	2015	NUM
ejge-4307	141	17	brlusd_sr	brlusd_sr	VERB
ejge-4307	141	18	74	74	NUM
ejge-4307	141	19	prado	prado	PROPN
ejge-4307	141	20	-	-	PUNCT
ejge-4307	141	21	dominguez	dominguez	PROPN
ejge-4307	141	22	and	and	CCONJ
ejge-4307	141	23	fernández	fernández	PROPN
ejge-4307	141	24	-	-	PUNCT
ejge-4307	141	25	herráiz	herráiz	PROPN
ejge-4307	141	26	●	●	PROPN
ejge-4307	141	27	a	a	DET
ejge-4307	141	28	sharpe	sharpe	NOUN
ejge-4307	141	29	-	-	PUNCT
ejge-4307	141	30	ratio	ratio	NOUN
ejge-4307	141	31	-	-	PUNCT
ejge-4307	141	32	based	base	VERB
ejge-4307	141	33	measure	measure	NOUN
ejge-4307	141	34	this	this	PRON
ejge-4307	141	35	could	could	AUX
ejge-4307	141	36	open	open	VERB
ejge-4307	141	37	a	a	DET
ejge-4307	141	38	new	new	ADJ
ejge-4307	141	39	line	line	NOUN
ejge-4307	141	40	of	of	ADP
ejge-4307	141	41	financial	financial	ADJ
ejge-4307	141	42	research	research	NOUN
ejge-4307	141	43	that	that	PRON
ejge-4307	141	44	could	could	AUX
ejge-4307	141	45	assess	assess	VERB
ejge-4307	141	46	the	the	DET
ejge-4307	141	47	investment	investment	NOUN
ejge-4307	141	48	currency	currency	NOUN
ejge-4307	141	49	required	require	VERB
ejge-4307	141	50	return	return	NOUN
ejge-4307	141	51	due	due	ADP
ejge-4307	141	52	to	to	ADP
ejge-4307	141	53	“	"	PUNCT
ejge-4307	141	54	peso	peso	NOUN
ejge-4307	141	55	problems	problem	NOUN
ejge-4307	141	56	”	"	PUNCT
ejge-4307	141	57	,	,	PUNCT
ejge-4307	141	58	and	and	CCONJ
ejge-4307	141	59	even	even	ADV
ejge-4307	141	60	isolate	isolate	VERB
ejge-4307	141	61	it	it	PRON
ejge-4307	141	62	from	from	ADP
ejge-4307	141	63	other	other	ADJ
ejge-4307	141	64	potential	potential	ADJ
ejge-4307	141	65	risk	risk	NOUN
ejge-4307	141	66	factors	factor	NOUN
ejge-4307	141	67	involved	involve	VERB
ejge-4307	141	68	in	in	ADP
ejge-4307	141	69	currency	currency	NOUN
ejge-4307	141	70	investment	investment	NOUN
ejge-4307	141	71	strategies	strategy	NOUN
ejge-4307	141	72	.	.	PUNCT
ejge-4307	142	1	but	but	CCONJ
ejge-4307	142	2	,	,	PUNCT
ejge-4307	142	3	is	be	AUX
ejge-4307	142	4	it	it	PRON
ejge-4307	142	5	a	a	DET
ejge-4307	142	6	behavioral	behavioral	ADJ
ejge-4307	142	7	problem	problem	NOUN
ejge-4307	142	8	or	or	CCONJ
ejge-4307	142	9	a	a	DET
ejge-4307	142	10	rational	rational	ADJ
ejge-4307	142	11	response	response	NOUN
ejge-4307	142	12	to	to	ADP
ejge-4307	142	13	future	future	ADJ
ejge-4307	142	14	potential	potential	ADJ
ejge-4307	142	15	very	very	ADV
ejge-4307	142	16	negative	negative	ADJ
ejge-4307	142	17	outcomes	outcome	NOUN
ejge-4307	142	18	?	?	PUNCT
ejge-4307	143	1	both	both	DET
ejge-4307	143	2	explanations	explanation	NOUN
ejge-4307	143	3	may	may	AUX
ejge-4307	143	4	offer	offer	VERB
ejge-4307	143	5	compelling	compelling	ADJ
ejge-4307	143	6	arguments	argument	NOUN
ejge-4307	143	7	.	.	PUNCT
ejge-4307	144	1	we	we	PRON
ejge-4307	144	2	could	could	AUX
ejge-4307	144	3	conclude	conclude	VERB
ejge-4307	144	4	that	that	PRON
ejge-4307	144	5	high	high	ADJ
ejge-4307	144	6	sharpe	sharpe	PROPN
ejge-4307	144	7	ratios	ratio	NOUN
ejge-4307	144	8	signal	signal	VERB
ejge-4307	144	9	a	a	DET
ejge-4307	144	10	behavioral	behavioral	ADJ
ejge-4307	144	11	bias	bias	NOUN
ejge-4307	144	12	response	response	NOUN
ejge-4307	144	13	for	for	ADP
ejge-4307	144	14	very	very	ADV
ejge-4307	144	15	negative	negative	ADJ
ejge-4307	144	16	past	past	ADJ
ejge-4307	144	17	outcomes	outcome	NOUN
ejge-4307	144	18	.	.	PUNCT
ejge-4307	145	1	it	it	PRON
ejge-4307	145	2	is	be	AUX
ejge-4307	145	3	easy	easy	ADJ
ejge-4307	145	4	to	to	PART
ejge-4307	145	5	build	build	VERB
ejge-4307	145	6	the	the	DET
ejge-4307	145	7	story	story	NOUN
ejge-4307	145	8	for	for	ADP
ejge-4307	145	9	the	the	DET
ejge-4307	145	10	currencies	currency	NOUN
ejge-4307	145	11	studied	study	VERB
ejge-4307	145	12	in	in	ADP
ejge-4307	145	13	the	the	DET
ejge-4307	145	14	article	article	NOUN
ejge-4307	145	15	.	.	PUNCT
ejge-4307	146	1	it	it	PRON
ejge-4307	146	2	could	could	AUX
ejge-4307	146	3	also	also	ADV
ejge-4307	146	4	be	be	AUX
ejge-4307	146	5	argued	argue	VERB
ejge-4307	146	6	that	that	SCONJ
ejge-4307	146	7	these	these	DET
ejge-4307	146	8	currencies	currency	NOUN
ejge-4307	146	9	require	require	VERB
ejge-4307	146	10	a	a	DET
ejge-4307	146	11	high	high	ADJ
ejge-4307	146	12	risk	risk	NOUN
ejge-4307	146	13	premium	premium	NOUN
ejge-4307	146	14	going	go	VERB
ejge-4307	146	15	forward	forward	ADV
ejge-4307	146	16	due	due	ADP
ejge-4307	146	17	to	to	ADP
ejge-4307	146	18	a	a	DET
ejge-4307	146	19	combination	combination	NOUN
ejge-4307	146	20	of	of	ADP
ejge-4307	146	21	political	political	ADJ
ejge-4307	146	22	,	,	PUNCT
ejge-4307	146	23	macroeconomic	macroeconomic	ADJ
ejge-4307	146	24	and	and	CCONJ
ejge-4307	146	25	other	other	ADJ
ejge-4307	146	26	risks	risk	NOUN
ejge-4307	146	27	.	.	PUNCT
ejge-4307	147	1	references	reference	NOUN
ejge-4307	147	2	clarida	clarida	PROPN
ejge-4307	147	3	,	,	PUNCT
ejge-4307	147	4	richard	richard	PROPN
ejge-4307	147	5	,	,	PUNCT
ejge-4307	147	6	josh	josh	PROPN
ejge-4307	147	7	davis	davis	PROPN
ejge-4307	147	8	and	and	CCONJ
ejge-4307	147	9	niels	niels	PROPN
ejge-4307	147	10	pedersen	pedersen	PROPN
ejge-4307	147	11	(	(	PUNCT
ejge-4307	147	12	2009	2009	NUM
ejge-4307	147	13	)	)	PUNCT
ejge-4307	147	14	‘	'	PUNCT
ejge-4307	147	15	currency	currency	NOUN
ejge-4307	147	16	carry	carry	VERB
ejge-4307	147	17	trade	trade	NOUN
ejge-4307	147	18	regimes	regime	NOUN
ejge-4307	147	19	:	:	PUNCT
ejge-4307	147	20	beyond	beyond	ADP
ejge-4307	147	21	the	the	DET
ejge-4307	147	22	fama	fama	NOUN
ejge-4307	147	23	regression	regression	NOUN
ejge-4307	147	24	’	'	PUNCT
ejge-4307	147	25	,	,	PUNCT
ejge-4307	147	26	nber	nber	PROPN
ejge-4307	147	27	working	working	PROPN
ejge-4307	147	28	paper	paper	PROPN
ejge-4307	147	29	no	no	INTJ
ejge-4307	147	30	.	.	PROPN
ejge-4307	147	31	15523	15523	NUM
ejge-4307	147	32	.	.	PUNCT
ejge-4307	148	1	fama	fama	PROPN
ejge-4307	148	2	,	,	PUNCT
ejge-4307	148	3	eugene	eugene	NOUN
ejge-4307	148	4	(	(	PUNCT
ejge-4307	148	5	1984	1984	NUM
ejge-4307	148	6	)	)	PUNCT
ejge-4307	148	7	‘	'	PUNCT
ejge-4307	148	8	forward	forward	ADJ
ejge-4307	148	9	and	and	CCONJ
ejge-4307	148	10	spot	spot	NOUN
ejge-4307	148	11	exchange	exchange	NOUN
ejge-4307	148	12	rates	rate	NOUN
ejge-4307	148	13	’	'	PUNCT
ejge-4307	148	14	,	,	PUNCT
ejge-4307	148	15	journal	journal	NOUN
ejge-4307	148	16	of	of	ADP
ejge-4307	148	17	monetary	monetary	ADJ
ejge-4307	148	18	economics	economic	NOUN
ejge-4307	148	19	14(3	14(3	NUM
ejge-4307	148	20	):	):	PUNCT
ejge-4307	148	21	319	319	NUM
ejge-4307	148	22	-	-	SYM
ejge-4307	148	23	338	338	NUM
ejge-4307	148	24	.	.	PUNCT
ejge-4307	149	1	goetzmann	goetzmann	PROPN
ejge-4307	149	2	,	,	PUNCT
ejge-4307	149	3	william	william	PROPN
ejge-4307	149	4	,	,	PUNCT
ejge-4307	149	5	jonathan	jonathan	PROPN
ejge-4307	149	6	ingersoll	ingersoll	PROPN
ejge-4307	149	7	,	,	PUNCT
ejge-4307	149	8	mattew	mattew	PROPN
ejge-4307	149	9	i.	i.	PROPN
ejge-4307	149	10	spiege	spiege	PROPN
ejge-4307	149	11	and	and	CCONJ
ejge-4307	149	12	ivo	ivo	PROPN
ejge-4307	149	13	welch	welch	PROPN
ejge-4307	149	14	(	(	PUNCT
ejge-4307	149	15	2002	2002	NUM
ejge-4307	149	16	)	)	PUNCT
ejge-4307	149	17	‘	'	PUNCT
ejge-4307	149	18	sharpening	sharpen	VERB
ejge-4307	149	19	sharpe	sharpe	NOUN
ejge-4307	149	20	ratios	ratio	NOUN
ejge-4307	149	21	’	'	PUNCT
ejge-4307	149	22	,	,	PUNCT
ejge-4307	149	23	nber	nber	PROPN
ejge-4307	149	24	working	working	PROPN
ejge-4307	149	25	paper	paper	PROPN
ejge-4307	149	26	no	no	INTJ
ejge-4307	149	27	.	.	PROPN
ejge-4307	149	28	9116	9116	NUM
ejge-4307	149	29	.	.	PUNCT
ejge-4307	150	1	ilmanen	ilmanen	PROPN
ejge-4307	150	2	,	,	PUNCT
ejge-4307	150	3	antti	antti	PROPN
ejge-4307	150	4	(	(	PUNCT
ejge-4307	150	5	2014	2014	NUM
ejge-4307	150	6	)	)	PUNCT
ejge-4307	150	7	expected	expect	VERB
ejge-4307	150	8	returns	return	NOUN
ejge-4307	150	9	.	.	PUNCT
ejge-4307	151	1	west	west	PROPN
ejge-4307	151	2	sussex	sussex	PROPN
ejge-4307	151	3	:	:	PUNCT
ejge-4307	151	4	john	john	PROPN
ejge-4307	151	5	wiley	wiley	PROPN
ejge-4307	151	6	&	&	CCONJ
ejge-4307	151	7	sons	sons	PROPN
ejge-4307	151	8	.	.	PUNCT
ejge-4307	152	1	jordà	jordà	PROPN
ejge-4307	152	2	,	,	PUNCT
ejge-4307	152	3	oscar	oscar	PROPN
ejge-4307	152	4	and	and	CCONJ
ejge-4307	152	5	alan	alan	PROPN
ejge-4307	152	6	m.	m.	PROPN
ejge-4307	152	7	taylor	taylor	PROPN
ejge-4307	152	8	(	(	PUNCT
ejge-4307	152	9	2009	2009	NUM
ejge-4307	152	10	)	)	PUNCT
ejge-4307	152	11	‘	'	PUNCT
ejge-4307	152	12	the	the	DET
ejge-4307	152	13	carry	carry	NOUN
ejge-4307	152	14	trade	trade	NOUN
ejge-4307	152	15	and	and	CCONJ
ejge-4307	152	16	fundamentals	fundamental	NOUN
ejge-4307	152	17	:	:	PUNCT
ejge-4307	152	18	nothing	nothing	PRON
ejge-4307	152	19	to	to	PART
ejge-4307	152	20	fear	fear	VERB
ejge-4307	152	21	but	but	CCONJ
ejge-4307	152	22	feer	feer	VERB
ejge-4307	152	23	itself	itself	PRON
ejge-4307	152	24	’	'	PUNCT
ejge-4307	152	25	,	,	PUNCT
ejge-4307	152	26	nber	nber	PROPN
ejge-4307	152	27	working	working	PROPN
ejge-4307	152	28	paper	paper	PROPN
ejge-4307	152	29	no	no	INTJ
ejge-4307	152	30	.	.	PROPN
ejge-4307	152	31	15518	15518	NUM
ejge-4307	152	32	.	.	PUNCT
ejge-4307	153	1	keynes	keynes	PROPN
ejge-4307	153	2	,	,	PUNCT
ejge-4307	153	3	john	john	PROPN
ejge-4307	153	4	m.	m.	PROPN
ejge-4307	153	5	(	(	PUNCT
ejge-4307	153	6	1924	1924	NUM
ejge-4307	153	7	)	)	PUNCT
ejge-4307	153	8	a	a	DET
ejge-4307	153	9	tract	tract	NOUN
ejge-4307	153	10	on	on	ADP
ejge-4307	153	11	monetary	monetary	ADJ
ejge-4307	153	12	reform	reform	NOUN
ejge-4307	153	13	.	.	PUNCT
ejge-4307	154	1	london	london	PROPN
ejge-4307	154	2	:	:	PUNCT
ejge-4307	154	3	macmillan	macmillan	PROPN
ejge-4307	154	4	and	and	CCONJ
ejge-4307	154	5	co.	co.	PROPN
ejge-4307	154	6	meese	meese	PROPN
ejge-4307	154	7	,	,	PUNCT
ejge-4307	154	8	richard	richard	PROPN
ejge-4307	154	9	and	and	CCONJ
ejge-4307	154	10	kenneth	kenneth	PROPN
ejge-4307	154	11	rogoff	rogoff	PROPN
ejge-4307	154	12	(	(	PUNCT
ejge-4307	154	13	1983	1983	NUM
ejge-4307	154	14	)	)	PUNCT
ejge-4307	154	15	‘	'	PUNCT
ejge-4307	154	16	empirical	empirical	ADJ
ejge-4307	154	17	exchange	exchange	NOUN
ejge-4307	154	18	rate	rate	NOUN
ejge-4307	154	19	models	model	NOUN
ejge-4307	154	20	of	of	ADP
ejge-4307	154	21	the	the	DET
ejge-4307	154	22	seventies	seventy	NOUN
ejge-4307	154	23	.	.	PUNCT
ejge-4307	155	1	do	do	AUX
ejge-4307	155	2	they	they	PRON
ejge-4307	155	3	fit	fit	VERB
ejge-4307	155	4	out	out	ADP
ejge-4307	155	5	of	of	ADP
ejge-4307	155	6	sample	sample	NOUN
ejge-4307	155	7	?	?	PUNCT
ejge-4307	155	8	’	'	PUNCT
ejge-4307	155	9	,	,	PUNCT
ejge-4307	155	10	the	the	DET
ejge-4307	155	11	journal	journal	NOUN
ejge-4307	155	12	of	of	ADP
ejge-4307	155	13	international	international	ADJ
ejge-4307	155	14	economics	economic	NOUN
ejge-4307	155	15	14	14	NUM
ejge-4307	155	16	:	:	PUNCT
ejge-4307	155	17	3	3	NUM
ejge-4307	155	18	-	-	SYM
ejge-4307	155	19	24	24	NUM
ejge-4307	155	20	.	.	PUNCT
ejge-4307	155	21	menkhoff	menkhoff	PROPN
ejge-4307	155	22	,	,	PUNCT
ejge-4307	155	23	lukas	lukas	PROPN
ejge-4307	155	24	,	,	PUNCT
ejge-4307	155	25	lucio	lucio	PROPN
ejge-4307	155	26	sarno	sarno	PROPN
ejge-4307	155	27	,	,	PUNCT
ejge-4307	155	28	maik	maik	PROPN
ejge-4307	155	29	schmeling	schmeling	NOUN
ejge-4307	155	30	and	and	CCONJ
ejge-4307	155	31	andreas	andreas	NOUN
ejge-4307	155	32	schrimpf	schrimpf	NOUN
ejge-4307	155	33	(	(	PUNCT
ejge-4307	155	34	2014	2014	NUM
ejge-4307	155	35	)	)	PUNCT
ejge-4307	155	36	‘	'	PUNCT
ejge-4307	155	37	currency	currency	NOUN
ejge-4307	155	38	value	value	NOUN
ejge-4307	155	39	’	'	PUNCT
ejge-4307	155	40	,	,	PUNCT
ejge-4307	155	41	kiel	kiel	PROPN
ejge-4307	155	42	institute	institute	PROPN
ejge-4307	155	43	for	for	ADP
ejge-4307	155	44	the	the	DET
ejge-4307	155	45	world	world	NOUN
ejge-4307	155	46	economy	economy	NOUN
ejge-4307	155	47	,	,	PUNCT
ejge-4307	155	48	university	university	PROPN
ejge-4307	155	49	of	of	ADP
ejge-4307	155	50	kiel	kiel	PROPN
ejge-4307	155	51	.	.	PUNCT
ejge-4307	156	1	poon	poon	NOUN
ejge-4307	156	2	,	,	PUNCT
ejge-4307	156	3	ser	ser	PROPN
ejge-4307	156	4	-	-	PUNCT
ejge-4307	156	5	huang	huang	PROPN
ejge-4307	156	6	and	and	CCONJ
ejge-4307	156	7	clive	clive	PROPN
ejge-4307	156	8	granger	granger	PROPN
ejge-4307	156	9	(	(	PUNCT
ejge-4307	156	10	2003	2003	NUM
ejge-4307	156	11	)	)	PUNCT
ejge-4307	156	12	‘	'	PUNCT
ejge-4307	156	13	forecasting	forecast	VERB
ejge-4307	156	14	volatility	volatility	NOUN
ejge-4307	156	15	in	in	ADP
ejge-4307	156	16	financial	financial	ADJ
ejge-4307	156	17	markets	market	NOUN
ejge-4307	156	18	:	:	PUNCT
ejge-4307	156	19	a	a	DET
ejge-4307	156	20	review	review	NOUN
ejge-4307	156	21	’	'	PUNCT
ejge-4307	156	22	,	,	PUNCT
ejge-4307	156	23	journal	journal	NOUN
ejge-4307	156	24	of	of	ADP
ejge-4307	156	25	economic	economic	PROPN
ejge-4307	156	26	literature	literature	PROPN
ejge-4307	156	27	41(2	41(2	PROPN
ejge-4307	156	28	):	):	PUNCT
ejge-4307	156	29	478	478	NUM
ejge-4307	156	30	-	-	SYM
ejge-4307	156	31	539	539	NUM
ejge-4307	156	32	.	.	PUNCT
ejge-4307	157	1	rossi	rossi	PROPN
ejge-4307	157	2	,	,	PUNCT
ejge-4307	157	3	barbara	barbara	PROPN
ejge-4307	157	4	(	(	PUNCT
ejge-4307	157	5	2013	2013	NUM
ejge-4307	157	6	)	)	PUNCT
ejge-4307	157	7	‘	'	PUNCT
ejge-4307	157	8	exchange	exchange	NOUN
ejge-4307	157	9	rate	rate	NOUN
ejge-4307	157	10	predictability	predictability	NOUN
ejge-4307	157	11	’	'	PUNCT
ejge-4307	157	12	,	,	PUNCT
ejge-4307	157	13	cepr	cepr	VERB
ejge-4307	157	14	discussion	discussion	NOUN
ejge-4307	157	15	paper	paper	NOUN
ejge-4307	157	16	no	no	INTJ
ejge-4307	157	17	.	.	PUNCT
ejge-4307	158	1	dp9575	dp9575	PROPN
ejge-4307	158	2	.	.	PUNCT
ejge-4307	159	1	sarno	sarno	PROPN
ejge-4307	159	2	,	,	PUNCT
ejge-4307	159	3	lucio	lucio	PROPN
ejge-4307	159	4	and	and	CCONJ
ejge-4307	159	5	mark	mark	PROPN
ejge-4307	159	6	p.	p.	PROPN
ejge-4307	159	7	taylor	taylor	PROPN
ejge-4307	159	8	(	(	PUNCT
ejge-4307	159	9	2003	2003	NUM
ejge-4307	159	10	)	)	PUNCT
ejge-4307	159	11	the	the	DET
ejge-4307	159	12	economics	economic	NOUN
ejge-4307	159	13	of	of	ADP
ejge-4307	159	14	exchange	exchange	NOUN
ejge-4307	159	15	rates	rate	NOUN
ejge-4307	159	16	.	.	PUNCT
ejge-4307	160	1	cambridge	cambridge	PROPN
ejge-4307	160	2	:	:	PUNCT
ejge-4307	160	3	cambridge	cambridge	PROPN
ejge-4307	160	4	university	university	PROPN
ejge-4307	160	5	press	press	NOUN
ejge-4307	160	6	.	.	PUNCT
ejge-4307	161	1	sharpe	sharpe	PROPN
ejge-4307	161	2	,	,	PUNCT
ejge-4307	161	3	william	william	PROPN
ejge-4307	161	4	f.	f.	PROPN
ejge-4307	161	5	(	(	PUNCT
ejge-4307	161	6	1966	1966	NUM
ejge-4307	161	7	)	)	PUNCT
ejge-4307	161	8	‘	'	PUNCT
ejge-4307	161	9	mutual	mutual	ADJ
ejge-4307	161	10	fund	fund	NOUN
ejge-4307	161	11	performance	performance	NOUN
ejge-4307	161	12	’	'	PUNCT
ejge-4307	161	13	,	,	PUNCT
ejge-4307	161	14	journal	journal	NOUN
ejge-4307	161	15	of	of	ADP
ejge-4307	161	16	business	business	NOUN
ejge-4307	161	17	39(1	39(1	NUM
ejge-4307	161	18	):	):	PUNCT
ejge-4307	161	19	119	119	NUM
ejge-4307	161	20	-	-	SYM
ejge-4307	161	21	138	138	NUM
ejge-4307	161	22	.	.	PUNCT
ejge-4307	162	1	sharpe	sharpe	PROPN
ejge-4307	162	2	,	,	PUNCT
ejge-4307	162	3	william	william	PROPN
ejge-4307	162	4	f.	f.	PROPN
ejge-4307	162	5	(	(	PUNCT
ejge-4307	162	6	1994	1994	NUM
ejge-4307	162	7	)	)	PUNCT
ejge-4307	162	8	‘	'	PUNCT
ejge-4307	162	9	the	the	DET
ejge-4307	162	10	sharpe	sharpe	PROPN
ejge-4307	162	11	ratio	ratio	NOUN
ejge-4307	162	12	’	'	PUNCT
ejge-4307	162	13	,	,	PUNCT
ejge-4307	162	14	the	the	DET
ejge-4307	162	15	journal	journal	NOUN
ejge-4307	162	16	of	of	ADP
ejge-4307	162	17	portfolio	portfolio	NOUN
ejge-4307	162	18	management	management	NOUN
ejge-4307	162	19	21(1	21(1	NUM
ejge-4307	162	20	):	):	PUNCT
ejge-4307	162	21	49	49	NUM
ejge-4307	162	22	-	-	SYM
ejge-4307	162	23	58	58	NUM
ejge-4307	162	24	.	.	PUNCT
ejge-4307	163	1	sill	sill	ADJ
ejge-4307	163	2	,	,	PUNCT
ejge-4307	163	3	keith	keith	PROPN
ejge-4307	163	4	.	.	PUNCT
ejge-4307	164	1	(	(	PUNCT
ejge-4307	164	2	2000	2000	NUM
ejge-4307	164	3	)	)	PUNCT
ejge-4307	164	4	‘	'	PUNCT
ejge-4307	164	5	understanding	understand	VERB
ejge-4307	164	6	asset	asset	NOUN
ejge-4307	164	7	values	value	NOUN
ejge-4307	164	8	:	:	PUNCT
ejge-4307	164	9	stock	stock	NOUN
ejge-4307	164	10	prices	price	NOUN
ejge-4307	164	11	,	,	PUNCT
ejge-4307	164	12	exchange	exchange	NOUN
ejge-4307	164	13	rates	rate	NOUN
ejge-4307	164	14	,	,	PUNCT
ejge-4307	164	15	and	and	CCONJ
ejge-4307	164	16	the	the	DET
ejge-4307	164	17	“	"	PUNCT
ejge-4307	164	18	peso	peso	NOUN
ejge-4307	164	19	problem	problem	NOUN
ejge-4307	164	20	”	"	PUNCT
ejge-4307	164	21	’	'	PUNCT
ejge-4307	164	22	,	,	PUNCT
ejge-4307	164	23	federal	federal	PROPN
ejge-4307	164	24	reserve	reserve	PROPN
ejge-4307	164	25	bank	bank	PROPN
ejge-4307	164	26	of	of	ADP
ejge-4307	164	27	philadelphia	philadelphia	PROPN
ejge-4307	164	28	business	business	NOUN
ejge-4307	164	29	review	review	NOUN
ejge-4307	164	30	september	september	PROPN
ejge-4307	164	31	/	/	SYM
ejge-4307	164	32	october	october	PROPN
ejge-4307	164	33	:	:	PUNCT
ejge-4307	164	34	3	3	NUM
ejge-4307	164	35	-	-	SYM
ejge-4307	164	36	13	13	NUM
ejge-4307	164	37	.	.	PUNCT
ejge-4307	164	38	75	75	NUM