id	sid	tid	token	lemma	pos
fsr-3206	1	1	choosing	choose	VERB
fsr-3206	1	2	between	between	ADP
fsr-3206	1	3	value	value	NOUN
fsr-3206	1	4	and	and	CCONJ
fsr-3206	1	5	growth	growth	NOUN
fsr-3206	1	6	in	in	ADP
fsr-3206	1	7	mutual	mutual	ADJ
fsr-3206	1	8	fund	fund	NOUN
fsr-3206	1	9	investing	investing	PROPN
fsr-3206	1	10	glenn	glenn	PROPN
fsr-3206	1	11	pettengilla	pettengilla	PROPN
fsr-3206	1	12	,	,	PUNCT
fsr-3206	1	13	*	*	PRON
fsr-3206	1	14	,	,	PUNCT
fsr-3206	1	15	george	george	PROPN
fsr-3206	1	16	changa	changa	PROPN
fsr-3206	1	17	,	,	PUNCT
fsr-3206	1	18	c.	c.	PROPN
fsr-3206	1	19	james	james	PROPN
fsr-3206	1	20	huengb	huengb	PROPN
fsr-3206	1	21	adepartment	adepartment	NOUN
fsr-3206	1	22	of	of	ADP
fsr-3206	1	23	finance	finance	NOUN
fsr-3206	1	24	,	,	PUNCT
fsr-3206	1	25	grand	grand	ADJ
fsr-3206	1	26	valley	valley	PROPN
fsr-3206	1	27	state	state	PROPN
fsr-3206	1	28	university	university	PROPN
fsr-3206	1	29	,	,	PUNCT
fsr-3206	1	30	1	1	NUM
fsr-3206	1	31	campus	campus	NOUN
fsr-3206	1	32	drive	drive	NOUN
fsr-3206	1	33	,	,	PUNCT
fsr-3206	1	34	allendale	allendale	PROPN
fsr-3206	1	35	,	,	PUNCT
fsr-3206	1	36	mi	mi	PROPN
fsr-3206	1	37	49401	49401	NUM
fsr-3206	1	38	-	-	SYM
fsr-3206	1	39	9403	9403	NUM
fsr-3206	1	40	,	,	PUNCT
fsr-3206	1	41	usa	usa	PROPN
fsr-3206	1	42	bdepartment	bdepartment	NOUN
fsr-3206	1	43	of	of	ADP
fsr-3206	1	44	economics	economic	NOUN
fsr-3206	1	45	,	,	PUNCT
fsr-3206	1	46	western	western	PROPN
fsr-3206	1	47	michigan	michigan	PROPN
fsr-3206	1	48	university	university	PROPN
fsr-3206	1	49	,	,	PUNCT
fsr-3206	1	50	1903	1903	NUM
fsr-3206	1	51	w.	w.	PROPN
fsr-3206	1	52	michigan	michigan	PROPN
fsr-3206	1	53	avenue	avenue	PROPN
fsr-3206	1	54	,	,	PUNCT
fsr-3206	1	55	kalamazoo	kalamazoo	PROPN
fsr-3206	1	56	,	,	PUNCT
fsr-3206	1	57	mi	mi	PROPN
fsr-3206	1	58	49008	49008	PROPN
fsr-3206	1	59	-	-	SYM
fsr-3206	1	60	5330	5330	NUM
fsr-3206	1	61	,	,	PUNCT
fsr-3206	1	62	usa	usa	PROPN
fsr-3206	1	63	abstract	abstract	PROPN
fsr-3206	1	64	this	this	DET
fsr-3206	1	65	article	article	NOUN
fsr-3206	1	66	informs	inform	VERB
fsr-3206	1	67	investors	investor	NOUN
fsr-3206	1	68	on	on	ADP
fsr-3206	1	69	the	the	DET
fsr-3206	1	70	choice	choice	NOUN
fsr-3206	1	71	between	between	ADP
fsr-3206	1	72	value	value	NOUN
fsr-3206	1	73	and	and	CCONJ
fsr-3206	1	74	growth	growth	NOUN
fsr-3206	1	75	mutual	mutual	ADJ
fsr-3206	1	76	funds	fund	NOUN
fsr-3206	1	77	.	.	PUNCT
fsr-3206	2	1	the	the	DET
fsr-3206	2	2	wellestablished	wellestablished	ADJ
fsr-3206	2	3	value	value	NOUN
fsr-3206	2	4	premium	premium	NOUN
fsr-3206	2	5	demonstrates	demonstrate	VERB
fsr-3206	2	6	that	that	SCONJ
fsr-3206	2	7	,	,	PUNCT
fsr-3206	2	8	on	on	ADP
fsr-3206	2	9	average	average	ADJ
fsr-3206	2	10	,	,	PUNCT
fsr-3206	2	11	value	value	NOUN
fsr-3206	2	12	securities	security	NOUN
fsr-3206	2	13	outperform	outperform	VERB
fsr-3206	2	14	growth	growth	NOUN
fsr-3206	2	15	securities	security	NOUN
fsr-3206	2	16	,	,	PUNCT
fsr-3206	2	17	suggesting	suggest	VERB
fsr-3206	2	18	that	that	SCONJ
fsr-3206	2	19	an	an	DET
fsr-3206	2	20	investor	investor	NOUN
fsr-3206	2	21	may	may	AUX
fsr-3206	2	22	be	be	AUX
fsr-3206	2	23	wise	wise	ADJ
fsr-3206	2	24	to	to	PART
fsr-3206	2	25	choose	choose	VERB
fsr-3206	2	26	value	value	NOUN
fsr-3206	2	27	funds	fund	NOUN
fsr-3206	2	28	.	.	PUNCT
fsr-3206	3	1	extant	extant	ADJ
fsr-3206	3	2	studies	study	NOUN
fsr-3206	3	3	,	,	PUNCT
fsr-3206	3	4	however	however	ADV
fsr-3206	3	5	,	,	PUNCT
fsr-3206	3	6	suggest	suggest	VERB
fsr-3206	3	7	that	that	SCONJ
fsr-3206	3	8	growth	growth	NOUN
fsr-3206	3	9	funds	fund	NOUN
fsr-3206	3	10	outperform	outperform	ADJ
fsr-3206	3	11	value	value	NOUN
fsr-3206	3	12	funds	fund	NOUN
fsr-3206	3	13	.	.	PUNCT
fsr-3206	4	1	we	we	PRON
fsr-3206	4	2	show	show	VERB
fsr-3206	4	3	that	that	SCONJ
fsr-3206	4	4	value	value	NOUN
fsr-3206	4	5	funds	fund	NOUN
fsr-3206	4	6	indeed	indeed	ADV
fsr-3206	4	7	outperform	outperform	VERB
fsr-3206	4	8	growth	growth	NOUN
fsr-3206	4	9	funds	fund	NOUN
fsr-3206	4	10	especially	especially	ADV
fsr-3206	4	11	in	in	ADP
fsr-3206	4	12	terms	term	NOUN
fsr-3206	4	13	of	of	ADP
fsr-3206	4	14	lower	low	ADJ
fsr-3206	4	15	realized	realize	VERB
fsr-3206	4	16	risk	risk	NOUN
fsr-3206	4	17	and	and	CCONJ
fsr-3206	4	18	higher	high	ADJ
fsr-3206	4	19	realized	realize	VERB
fsr-3206	4	20	terminal	terminal	ADJ
fsr-3206	4	21	wealth	wealth	NOUN
fsr-3206	4	22	,	,	PUNCT
fsr-3206	4	23	leading	lead	VERB
fsr-3206	4	24	us	we	PRON
fsr-3206	4	25	to	to	PART
fsr-3206	4	26	recommend	recommend	VERB
fsr-3206	4	27	value	value	NOUN
fsr-3206	4	28	funds	fund	NOUN
fsr-3206	4	29	over	over	ADP
fsr-3206	4	30	growth	growth	NOUN
fsr-3206	4	31	funds	fund	NOUN
fsr-3206	4	32	.	.	PUNCT
fsr-3206	5	1	we	we	PRON
fsr-3206	5	2	argue	argue	VERB
fsr-3206	5	3	that	that	SCONJ
fsr-3206	5	4	previous	previous	ADJ
fsr-3206	5	5	findings	finding	NOUN
fsr-3206	5	6	result	result	VERB
fsr-3206	5	7	from	from	ADP
fsr-3206	5	8	a	a	DET
fsr-3206	5	9	bias	bias	NOUN
fsr-3206	5	10	against	against	ADP
fsr-3206	5	11	value	value	NOUN
fsr-3206	5	12	in	in	ADP
fsr-3206	5	13	some	some	DET
fsr-3206	5	14	multifactor	multifactor	NOUN
fsr-3206	5	15	models	model	NOUN
fsr-3206	5	16	.	.	PUNCT
fsr-3206	6	1	©	©	PROPN
fsr-3206	6	2	2014	2014	NUM
fsr-3206	6	3	academy	academy	NOUN
fsr-3206	6	4	of	of	ADP
fsr-3206	6	5	financial	financial	ADJ
fsr-3206	6	6	services	service	NOUN
fsr-3206	6	7	.	.	PUNCT
fsr-3206	7	1	all	all	DET
fsr-3206	7	2	rights	right	NOUN
fsr-3206	7	3	reserved	reserve	VERB
fsr-3206	7	4	.	.	PUNCT
fsr-3206	8	1	jel	jel	PROPN
fsr-3206	8	2	classification	classification	NOUN
fsr-3206	8	3	:	:	PUNCT
fsr-3206	8	4	g00	g00	PROPN
fsr-3206	8	5	;	;	PUNCT
fsr-3206	8	6	g10	g10	PROPN
fsr-3206	8	7	;	;	PUNCT
fsr-3206	8	8	g12	g12	PROPN
fsr-3206	8	9	;	;	PUNCT
fsr-3206	8	10	g19	g19	PROPN
fsr-3206	8	11	keywords	keyword	NOUN
fsr-3206	8	12	:	:	PUNCT
fsr-3206	8	13	value	value	NOUN
fsr-3206	8	14	premium	premium	NOUN
fsr-3206	8	15	;	;	PUNCT
fsr-3206	8	16	mutual	mutual	ADJ
fsr-3206	8	17	fund	fund	NOUN
fsr-3206	8	18	performance	performance	NOUN
fsr-3206	8	19	;	;	PUNCT
fsr-3206	8	20	value	value	NOUN
fsr-3206	8	21	funds	fund	NOUN
fsr-3206	8	22	;	;	PUNCT
fsr-3206	8	23	growth	growth	NOUN
fsr-3206	8	24	funds	fund	NOUN
fsr-3206	8	25	;	;	PUNCT
fsr-3206	8	26	mutual	mutual	ADJ
fsr-3206	8	27	fund	fund	NOUN
fsr-3206	8	28	�	�	PROPN
fsr-3206	8	29	s	s	PART
fsr-3206	8	30	1	1	NUM
fsr-3206	8	31	.	.	PUNCT
fsr-3206	8	32	introduction	introduction	NOUN
fsr-3206	8	33	the	the	DET
fsr-3206	8	34	well	well	ADV
fsr-3206	8	35	-	-	PUNCT
fsr-3206	8	36	known	know	VERB
fsr-3206	8	37	value	value	NOUN
fsr-3206	8	38	premium	premium	NOUN
fsr-3206	8	39	argues	argue	VERB
fsr-3206	8	40	that	that	SCONJ
fsr-3206	8	41	value	value	NOUN
fsr-3206	8	42	securities	security	NOUN
fsr-3206	8	43	,	,	PUNCT
fsr-3206	8	44	securities	security	NOUN
fsr-3206	8	45	with	with	ADP
fsr-3206	8	46	high	high	ADJ
fsr-3206	8	47	bookto	bookto	NOUN
fsr-3206	8	48	-	-	PUNCT
fsr-3206	8	49	market	market	NOUN
fsr-3206	8	50	ratios	ratio	NOUN
fsr-3206	8	51	or	or	CCONJ
fsr-3206	8	52	low	low	ADJ
fsr-3206	8	53	price	price	NOUN
fsr-3206	8	54	-	-	PUNCT
fsr-3206	8	55	to	to	ADP
fsr-3206	8	56	-	-	PUNCT
fsr-3206	8	57	earnings	earning	NOUN
fsr-3206	8	58	ratios	ratio	NOUN
fsr-3206	8	59	,	,	PUNCT
fsr-3206	8	60	outperform	outperform	VERB
fsr-3206	8	61	other	other	ADJ
fsr-3206	8	62	securities	security	NOUN
fsr-3206	8	63	when	when	SCONJ
fsr-3206	8	64	raw	raw	ADJ
fsr-3206	8	65	returns	return	NOUN
fsr-3206	8	66	or	or	CCONJ
fsr-3206	8	67	returns	return	NOUN
fsr-3206	8	68	adjusted	adjust	VERB
fsr-3206	8	69	only	only	ADV
fsr-3206	8	70	for	for	ADP
fsr-3206	8	71	market	market	NOUN
fsr-3206	8	72	risk	risk	NOUN
fsr-3206	8	73	are	be	AUX
fsr-3206	8	74	considered	consider	VERB
fsr-3206	8	75	.	.	PUNCT
fsr-3206	9	1	there	there	PRON
fsr-3206	9	2	is	be	VERB
fsr-3206	9	3	a	a	DET
fsr-3206	9	4	substantial	substantial	ADJ
fsr-3206	9	5	literature	literature	NOUN
fsr-3206	9	6	to	to	PART
fsr-3206	9	7	support	support	VERB
fsr-3206	9	8	this	this	DET
fsr-3206	9	9	finding	finding	NOUN
fsr-3206	9	10	,	,	PUNCT
fsr-3206	9	11	beginning	begin	VERB
fsr-3206	9	12	with	with	ADP
fsr-3206	9	13	basu	basu	PROPN
fsr-3206	9	14	(	(	PUNCT
fsr-3206	9	15	1983	1983	NUM
fsr-3206	9	16	)	)	PUNCT
fsr-3206	9	17	studying	study	VERB
fsr-3206	9	18	the	the	DET
fsr-3206	9	19	relationship	relationship	NOUN
fsr-3206	9	20	between	between	ADP
fsr-3206	9	21	priceto	priceto	NOUN
fsr-3206	9	22	-	-	PUNCT
fsr-3206	9	23	earnings	earning	NOUN
fsr-3206	9	24	ratios	ratio	NOUN
fsr-3206	9	25	and	and	CCONJ
fsr-3206	9	26	returns	return	NOUN
fsr-3206	9	27	,	,	PUNCT
fsr-3206	9	28	and	and	CCONJ
fsr-3206	9	29	with	with	ADP
fsr-3206	9	30	rosenburg	rosenburg	PROPN
fsr-3206	9	31	,	,	PUNCT
fsr-3206	9	32	reid	reid	PROPN
fsr-3206	9	33	,	,	PUNCT
fsr-3206	9	34	and	and	CCONJ
fsr-3206	9	35	lanstein	lanstein	ADJ
fsr-3206	9	36	(	(	PUNCT
fsr-3206	9	37	1985	1985	NUM
fsr-3206	9	38	)	)	PUNCT
fsr-3206	9	39	studying	study	VERB
fsr-3206	9	40	the	the	DET
fsr-3206	9	41	relationship	relationship	NOUN
fsr-3206	9	42	between	between	ADP
fsr-3206	9	43	book	book	NOUN
fsr-3206	9	44	-	-	PUNCT
fsr-3206	9	45	to	to	ADP
fsr-3206	9	46	-	-	PUNCT
fsr-3206	9	47	market	market	NOUN
fsr-3206	9	48	ratios	ratio	NOUN
fsr-3206	9	49	and	and	CCONJ
fsr-3206	9	50	returns	return	NOUN
fsr-3206	9	51	.	.	PUNCT
fsr-3206	10	1	these	these	DET
fsr-3206	10	2	results	result	NOUN
fsr-3206	10	3	have	have	AUX
fsr-3206	10	4	been	be	AUX
fsr-3206	10	5	confirmed	confirm	VERB
fsr-3206	10	6	*	*	PUNCT
fsr-3206	10	7	corresponding	correspond	VERB
fsr-3206	10	8	author	author	NOUN
fsr-3206	10	9	.	.	PUNCT
fsr-3206	11	1	tel	tel	PROPN
fsr-3206	11	2	.	.	PUNCT
fsr-3206	11	3	:	:	PUNCT
fsr-3206	12	1	�	�	PROPN
fsr-3206	12	2	1	1	NUM
fsr-3206	12	3	-	-	SYM
fsr-3206	12	4	616	616	NUM
fsr-3206	12	5	-	-	PUNCT
fsr-3206	12	6	331	331	NUM
fsr-3206	12	7	-	-	PUNCT
fsr-3206	12	8	7430	7430	NUM
fsr-3206	12	9	;	;	PUNCT
fsr-3206	12	10	fax	fax	NOUN
fsr-3206	12	11	:	:	PUNCT
fsr-3206	12	12	�	�	PROPN
fsr-3206	12	13	1	1	NUM
fsr-3206	12	14	-	-	SYM
fsr-3206	12	15	616	616	NUM
fsr-3206	12	16	-	-	PUNCT
fsr-3206	12	17	331	331	NUM
fsr-3206	12	18	-	-	PUNCT
fsr-3206	12	19	7445	7445	NUM
fsr-3206	12	20	.	.	PUNCT
fsr-3206	13	1	e	e	X
fsr-3206	13	2	-	-	NOUN
fsr-3206	13	3	mail	mail	NOUN
fsr-3206	13	4	address	address	NOUN
fsr-3206	13	5	:	:	PUNCT
fsr-3206	13	6	pettengg@gvsu.edu	pettengg@gvsu.edu	PROPN
fsr-3206	13	7	(	(	PUNCT
fsr-3206	13	8	g.	g.	PROPN
fsr-3206	13	9	pettengill	pettengill	PROPN
fsr-3206	13	10	)	)	PUNCT
fsr-3206	13	11	pettengill	pettengill	NOUN
fsr-3206	13	12	gratefully	gratefully	ADV
fsr-3206	13	13	acknowledges	acknowledge	VERB
fsr-3206	13	14	support	support	NOUN
fsr-3206	13	15	from	from	ADP
fsr-3206	13	16	the	the	DET
fsr-3206	13	17	e.	e.	PROPN
fsr-3206	13	18	seidman	seidman	PROPN
fsr-3206	13	19	chair	chair	PROPN
fsr-3206	13	20	.	.	PUNCT
fsr-3206	14	1	financial	financial	ADJ
fsr-3206	14	2	services	service	NOUN
fsr-3206	14	3	review	review	VERB
fsr-3206	14	4	23	23	NUM
fsr-3206	14	5	(	(	PUNCT
fsr-3206	14	6	2014	2014	NUM
fsr-3206	14	7	)	)	PUNCT
fsr-3206	15	1	341–359	341–359	NUM
fsr-3206	15	2	1057	1057	NUM
fsr-3206	15	3	-	-	SYM
fsr-3206	15	4	0810/14/$	0810/14/$	NUM
fsr-3206	15	5	–	–	PUNCT
fsr-3206	15	6	see	see	VERB
fsr-3206	15	7	front	front	ADJ
fsr-3206	15	8	matter	matter	NOUN
fsr-3206	15	9	©	©	PROPN
fsr-3206	15	10	2014	2014	NUM
fsr-3206	15	11	academy	academy	NOUN
fsr-3206	15	12	of	of	ADP
fsr-3206	15	13	financial	financial	ADJ
fsr-3206	15	14	services	service	NOUN
fsr-3206	15	15	.	.	PUNCT
fsr-3206	16	1	all	all	DET
fsr-3206	16	2	rights	right	NOUN
fsr-3206	16	3	reserved	reserve	VERB
fsr-3206	16	4	.	.	PUNCT
fsr-3206	17	1	in	in	ADP
fsr-3206	17	2	numerous	numerous	ADJ
fsr-3206	17	3	other	other	ADJ
fsr-3206	17	4	studies	study	NOUN
fsr-3206	17	5	including	include	VERB
fsr-3206	17	6	the	the	DET
fsr-3206	17	7	discipline	discipline	NOUN
fsr-3206	17	8	-	-	PUNCT
fsr-3206	17	9	altering	alter	VERB
fsr-3206	17	10	study	study	NOUN
fsr-3206	17	11	of	of	ADP
fsr-3206	17	12	fama	fama	PROPN
fsr-3206	17	13	and	and	CCONJ
fsr-3206	17	14	french	french	ADJ
fsr-3206	17	15	(	(	PUNCT
fsr-3206	17	16	1992	1992	NUM
fsr-3206	17	17	)	)	PUNCT
fsr-3206	17	18	.	.	PUNCT
fsr-3206	18	1	not	not	PART
fsr-3206	18	2	only	only	ADV
fsr-3206	18	3	has	have	AUX
fsr-3206	18	4	the	the	DET
fsr-3206	18	5	value	value	NOUN
fsr-3206	18	6	premium	premium	NOUN
fsr-3206	18	7	been	be	AUX
fsr-3206	18	8	persistently	persistently	ADV
fsr-3206	18	9	reported	report	VERB
fsr-3206	18	10	,	,	PUNCT
fsr-3206	18	11	it	it	PRON
fsr-3206	18	12	is	be	AUX
fsr-3206	18	13	also	also	ADV
fsr-3206	18	14	large	large	ADJ
fsr-3206	18	15	.	.	PUNCT
fsr-3206	19	1	from	from	ADP
fsr-3206	19	2	july	july	PROPN
fsr-3206	19	3	1926	1926	NUM
fsr-3206	19	4	through	through	ADP
fsr-3206	19	5	december	december	PROPN
fsr-3206	19	6	2012	2012	NUM
fsr-3206	19	7	this	this	DET
fsr-3206	19	8	premium	premium	NOUN
fsr-3206	19	9	has	have	AUX
fsr-3206	19	10	averaged	average	VERB
fsr-3206	19	11	an	an	DET
fsr-3206	19	12	annualized	annualize	VERB
fsr-3206	19	13	value	value	NOUN
fsr-3206	19	14	of	of	ADP
fsr-3206	19	15	6	6	NUM
fsr-3206	19	16	%	%	NOUN
fsr-3206	19	17	based	base	VERB
fsr-3206	19	18	on	on	ADP
fsr-3206	19	19	data	datum	NOUN
fsr-3206	19	20	from	from	ADP
fsr-3206	19	21	kenneth	kenneth	PROPN
fsr-3206	19	22	french	french	PROPN
fsr-3206	19	23	’s	’s	PART
fsr-3206	19	24	web	web	NOUN
fsr-3206	19	25	site	site	NOUN
fsr-3206	19	26	.	.	PUNCT
fsr-3206	20	1	because	because	SCONJ
fsr-3206	20	2	of	of	ADP
fsr-3206	20	3	the	the	DET
fsr-3206	20	4	strong	strong	ADJ
fsr-3206	20	5	evidence	evidence	NOUN
fsr-3206	20	6	of	of	ADP
fsr-3206	20	7	outperformance	outperformance	NOUN
fsr-3206	20	8	by	by	ADP
fsr-3206	20	9	value	value	NOUN
fsr-3206	20	10	securities	security	NOUN
fsr-3206	20	11	,	,	PUNCT
fsr-3206	20	12	individual	individual	ADJ
fsr-3206	20	13	investors	investor	NOUN
fsr-3206	20	14	and	and	CCONJ
fsr-3206	20	15	financial	financial	ADJ
fsr-3206	20	16	planners	planner	NOUN
fsr-3206	20	17	may	may	AUX
fsr-3206	20	18	wish	wish	VERB
fsr-3206	20	19	to	to	PART
fsr-3206	20	20	consider	consider	VERB
fsr-3206	20	21	a	a	DET
fsr-3206	20	22	preference	preference	NOUN
fsr-3206	20	23	for	for	ADP
fsr-3206	20	24	value	value	NOUN
fsr-3206	20	25	mutual	mutual	ADJ
fsr-3206	20	26	funds	fund	NOUN
fsr-3206	20	27	relative	relative	ADJ
fsr-3206	20	28	to	to	ADP
fsr-3206	20	29	growth	growth	NOUN
fsr-3206	20	30	mutual	mutual	ADJ
fsr-3206	20	31	funds	fund	NOUN
fsr-3206	20	32	.	.	PUNCT
fsr-3206	21	1	indeed	indeed	ADV
fsr-3206	21	2	,	,	PUNCT
fsr-3206	21	3	writing	write	VERB
fsr-3206	21	4	in	in	ADP
fsr-3206	21	5	forbes	forbes	PROPN
fsr-3206	21	6	,	,	PUNCT
fsr-3206	21	7	clash	clash	PROPN
fsr-3206	21	8	(	(	PUNCT
fsr-3206	21	9	1998	1998	NUM
fsr-3206	21	10	)	)	PUNCT
fsr-3206	21	11	argues	argue	VERB
fsr-3206	21	12	that	that	SCONJ
fsr-3206	21	13	investors	investor	NOUN
fsr-3206	21	14	interested	interested	ADJ
fsr-3206	21	15	in	in	ADP
fsr-3206	21	16	small	small	ADJ
fsr-3206	21	17	-	-	PUNCT
fsr-3206	21	18	company	company	NOUN
fsr-3206	21	19	stocks	stock	NOUN
fsr-3206	21	20	should	should	AUX
fsr-3206	21	21	invest	invest	VERB
fsr-3206	21	22	in	in	ADP
fsr-3206	21	23	small	small	ADJ
fsr-3206	21	24	-	-	PUNCT
fsr-3206	21	25	company	company	NOUN
fsr-3206	21	26	value	value	NOUN
fsr-3206	21	27	mutual	mutual	ADJ
fsr-3206	21	28	funds	fund	NOUN
fsr-3206	21	29	on	on	ADP
fsr-3206	21	30	the	the	DET
fsr-3206	21	31	basis	basis	NOUN
fsr-3206	21	32	of	of	ADP
fsr-3206	21	33	the	the	DET
fsr-3206	21	34	superior	superior	ADJ
fsr-3206	21	35	performance	performance	NOUN
fsr-3206	21	36	of	of	ADP
fsr-3206	21	37	the	the	DET
fsr-3206	21	38	russell	russell	PROPN
fsr-3206	21	39	2000	2000	NUM
fsr-3206	21	40	value	value	NOUN
fsr-3206	21	41	index	index	NOUN
fsr-3206	21	42	versus	versus	ADP
fsr-3206	21	43	the	the	DET
fsr-3206	21	44	russell	russell	PROPN
fsr-3206	21	45	2000	2000	NUM
fsr-3206	21	46	growth	growth	NOUN
fsr-3206	21	47	index	index	NOUN
fsr-3206	21	48	.	.	PUNCT
fsr-3206	22	1	clash	clash	PROPN
fsr-3206	22	2	suggests	suggest	VERB
fsr-3206	22	3	that	that	SCONJ
fsr-3206	22	4	small	small	ADJ
fsr-3206	22	5	-	-	PUNCT
fsr-3206	22	6	firm	firm	NOUN
fsr-3206	22	7	investors	investor	NOUN
fsr-3206	22	8	might	might	AUX
fsr-3206	22	9	use	use	VERB
fsr-3206	22	10	index	index	NOUN
fsr-3206	22	11	funds	fund	NOUN
fsr-3206	22	12	to	to	PART
fsr-3206	22	13	operationalize	operationalize	VERB
fsr-3206	22	14	his	his	PRON
fsr-3206	22	15	recommendation	recommendation	NOUN
fsr-3206	22	16	.	.	PUNCT
fsr-3206	23	1	two	two	NUM
fsr-3206	23	2	cautions	caution	NOUN
fsr-3206	23	3	may	may	AUX
fsr-3206	23	4	be	be	AUX
fsr-3206	23	5	appropriate	appropriate	ADJ
fsr-3206	23	6	for	for	ADP
fsr-3206	23	7	financial	financial	ADJ
fsr-3206	23	8	planners	planner	NOUN
fsr-3206	23	9	and	and	CCONJ
fsr-3206	23	10	individual	individual	ADJ
fsr-3206	23	11	investors	investor	NOUN
fsr-3206	23	12	considering	consider	VERB
fsr-3206	23	13	clash	clash	VERB
fsr-3206	23	14	’s	’s	PART
fsr-3206	23	15	recommendations	recommendation	NOUN
fsr-3206	23	16	.	.	PUNCT
fsr-3206	24	1	first	first	ADV
fsr-3206	24	2	,	,	PUNCT
fsr-3206	24	3	the	the	DET
fsr-3206	24	4	component	component	NOUN
fsr-3206	24	5	stocks	stock	NOUN
fsr-3206	24	6	in	in	ADP
fsr-3206	24	7	the	the	DET
fsr-3206	24	8	index	index	NOUN
fsr-3206	24	9	funds	fund	NOUN
fsr-3206	24	10	do	do	AUX
fsr-3206	24	11	not	not	PART
fsr-3206	24	12	perfectly	perfectly	ADV
fsr-3206	24	13	match	match	VERB
fsr-3206	24	14	the	the	DET
fsr-3206	24	15	component	component	NOUN
fsr-3206	24	16	stocks	stock	NOUN
fsr-3206	24	17	of	of	ADP
fsr-3206	24	18	the	the	DET
fsr-3206	24	19	portfolios	portfolio	NOUN
fsr-3206	24	20	formed	form	VERB
fsr-3206	24	21	in	in	ADP
fsr-3206	24	22	empirical	empirical	ADJ
fsr-3206	24	23	studies	study	NOUN
fsr-3206	24	24	that	that	PRON
fsr-3206	24	25	provide	provide	VERB
fsr-3206	24	26	evidence	evidence	NOUN
fsr-3206	24	27	of	of	ADP
fsr-3206	24	28	a	a	DET
fsr-3206	24	29	value	value	NOUN
fsr-3206	24	30	premium	premium	NOUN
fsr-3206	24	31	.	.	PUNCT
fsr-3206	25	1	second	second	ADJ
fsr-3206	25	2	,	,	PUNCT
fsr-3206	25	3	superior	superior	ADJ
fsr-3206	25	4	performance	performance	NOUN
fsr-3206	25	5	by	by	ADP
fsr-3206	25	6	an	an	DET
fsr-3206	25	7	index	index	NOUN
fsr-3206	25	8	of	of	ADP
fsr-3206	25	9	value	value	NOUN
fsr-3206	25	10	stocks	stock	NOUN
fsr-3206	25	11	relative	relative	ADJ
fsr-3206	25	12	to	to	ADP
fsr-3206	25	13	an	an	DET
fsr-3206	25	14	index	index	NOUN
fsr-3206	25	15	of	of	ADP
fsr-3206	25	16	growth	growth	NOUN
fsr-3206	25	17	stocks	stock	NOUN
fsr-3206	25	18	does	do	AUX
fsr-3206	25	19	not	not	PART
fsr-3206	25	20	necessarily	necessarily	ADV
fsr-3206	25	21	indicate	indicate	VERB
fsr-3206	25	22	superior	superior	ADJ
fsr-3206	25	23	performance	performance	NOUN
fsr-3206	25	24	by	by	ADP
fsr-3206	25	25	managed	manage	VERB
fsr-3206	25	26	value	value	NOUN
fsr-3206	25	27	funds	fund	NOUN
fsr-3206	25	28	relative	relative	ADJ
fsr-3206	25	29	to	to	ADP
fsr-3206	25	30	managed	manage	VERB
fsr-3206	25	31	growth	growth	NOUN
fsr-3206	25	32	funds	fund	NOUN
fsr-3206	25	33	,	,	PUNCT
fsr-3206	25	34	and	and	CCONJ
fsr-3206	25	35	many	many	ADJ
fsr-3206	25	36	individual	individual	ADJ
fsr-3206	25	37	investors	investor	NOUN
fsr-3206	25	38	and	and	CCONJ
fsr-3206	25	39	planners	planner	NOUN
fsr-3206	25	40	prefer	prefer	VERB
fsr-3206	25	41	to	to	PART
fsr-3206	25	42	invest	invest	VERB
fsr-3206	25	43	in	in	ADP
fsr-3206	25	44	managed	manage	VERB
fsr-3206	25	45	funds	fund	NOUN
fsr-3206	25	46	.	.	PUNCT
fsr-3206	26	1	empirical	empirical	ADJ
fsr-3206	26	2	studies	study	NOUN
fsr-3206	26	3	heighten	heighten	VERB
fsr-3206	26	4	the	the	DET
fsr-3206	26	5	concern	concern	NOUN
fsr-3206	26	6	that	that	PRON
fsr-3206	26	7	managed	manage	VERB
fsr-3206	26	8	value	value	NOUN
fsr-3206	26	9	funds	fund	NOUN
fsr-3206	26	10	might	might	AUX
fsr-3206	26	11	not	not	PART
fsr-3206	26	12	display	display	VERB
fsr-3206	26	13	the	the	DET
fsr-3206	26	14	superior	superior	ADJ
fsr-3206	26	15	performance	performance	NOUN
fsr-3206	26	16	suggested	suggest	VERB
fsr-3206	26	17	by	by	ADP
fsr-3206	26	18	the	the	DET
fsr-3206	26	19	value	value	NOUN
fsr-3206	26	20	premium	premium	NOUN
fsr-3206	26	21	.	.	PUNCT
fsr-3206	27	1	piotroski	piotroski	PROPN
fsr-3206	27	2	(	(	PUNCT
fsr-3206	27	3	2000	2000	NUM
fsr-3206	27	4	)	)	PUNCT
fsr-3206	27	5	reports	report	VERB
fsr-3206	27	6	that	that	SCONJ
fsr-3206	27	7	the	the	DET
fsr-3206	27	8	value	value	NOUN
fsr-3206	27	9	premium	premium	NOUN
fsr-3206	27	10	results	result	VERB
fsr-3206	27	11	from	from	ADP
fsr-3206	27	12	a	a	DET
fsr-3206	27	13	subset	subset	NOUN
fsr-3206	27	14	of	of	ADP
fsr-3206	27	15	value	value	NOUN
fsr-3206	27	16	securities	security	NOUN
fsr-3206	27	17	and	and	CCONJ
fsr-3206	27	18	that	that	SCONJ
fsr-3206	27	19	most	most	ADJ
fsr-3206	27	20	value	value	NOUN
fsr-3206	27	21	securities	security	NOUN
fsr-3206	27	22	underperform	underperform	VERB
fsr-3206	27	23	the	the	DET
fsr-3206	27	24	market	market	NOUN
fsr-3206	27	25	.	.	PUNCT
fsr-3206	28	1	piotroski	piotroski	ADJ
fsr-3206	28	2	suggests	suggest	VERB
fsr-3206	28	3	that	that	SCONJ
fsr-3206	28	4	with	with	ADP
fsr-3206	28	5	the	the	DET
fsr-3206	28	6	use	use	NOUN
fsr-3206	28	7	of	of	ADP
fsr-3206	28	8	readily	readily	ADV
fsr-3206	28	9	available	available	ADJ
fsr-3206	28	10	accounting	accounting	NOUN
fsr-3206	28	11	information	information	NOUN
fsr-3206	28	12	one	one	PRON
fsr-3206	28	13	can	can	AUX
fsr-3206	28	14	identify	identify	VERB
fsr-3206	28	15	those	those	DET
fsr-3206	28	16	value	value	NOUN
fsr-3206	28	17	securities	security	NOUN
fsr-3206	28	18	that	that	PRON
fsr-3206	28	19	will	will	AUX
fsr-3206	28	20	outperform.1	outperform.1	PROPN
fsr-3206	28	21	however	however	ADV
fsr-3206	28	22	,	,	PUNCT
fsr-3206	28	23	are	be	AUX
fsr-3206	28	24	managers	manager	NOUN
fsr-3206	28	25	of	of	ADP
fsr-3206	28	26	value	value	NOUN
fsr-3206	28	27	funds	fund	NOUN
fsr-3206	28	28	successful	successful	ADJ
fsr-3206	28	29	in	in	ADP
fsr-3206	28	30	identifying	identify	VERB
fsr-3206	28	31	those	those	DET
fsr-3206	28	32	value	value	NOUN
fsr-3206	28	33	securities	security	NOUN
fsr-3206	28	34	that	that	PRON
fsr-3206	28	35	will	will	AUX
fsr-3206	28	36	outperform	outperform	VERB
fsr-3206	28	37	?	?	PUNCT
fsr-3206	29	1	extant	extant	ADJ
fsr-3206	29	2	studies	study	NOUN
fsr-3206	29	3	comparing	compare	VERB
fsr-3206	29	4	the	the	DET
fsr-3206	29	5	performance	performance	NOUN
fsr-3206	29	6	of	of	ADP
fsr-3206	29	7	value	value	NOUN
fsr-3206	29	8	and	and	CCONJ
fsr-3206	29	9	growth	growth	NOUN
fsr-3206	29	10	mutual	mutual	ADJ
fsr-3206	29	11	funds	fund	NOUN
fsr-3206	29	12	estimate	estimate	VERB
fsr-3206	29	13	�	�	PROPN
fsr-3206	29	14	using	use	VERB
fsr-3206	29	15	the	the	DET
fsr-3206	29	16	fama	fama	NOUN
fsr-3206	29	17	-	-	PUNCT
fsr-3206	29	18	french	french	ADJ
fsr-3206	29	19	three	three	NUM
fsr-3206	29	20	-	-	PUNCT
fsr-3206	29	21	factor	factor	NOUN
fsr-3206	29	22	model	model	NOUN
fsr-3206	29	23	and	and	CCONJ
fsr-3206	29	24	conclude	conclude	VERB
fsr-3206	29	25	that	that	SCONJ
fsr-3206	29	26	growth	growth	NOUN
fsr-3206	29	27	funds	fund	VERB
fsr-3206	29	28	outperform	outperform	ADJ
fsr-3206	29	29	value	value	NOUN
fsr-3206	29	30	funds	fund	NOUN
fsr-3206	29	31	.	.	PUNCT
fsr-3206	30	1	this	this	DET
fsr-3206	30	2	finding	finding	NOUN
fsr-3206	30	3	suggests	suggest	VERB
fsr-3206	30	4	the	the	DET
fsr-3206	30	5	inability	inability	NOUN
fsr-3206	30	6	of	of	ADP
fsr-3206	30	7	value	value	NOUN
fsr-3206	30	8	fund	fund	NOUN
fsr-3206	30	9	managers	manager	NOUN
fsr-3206	30	10	to	to	PART
fsr-3206	30	11	identify	identify	VERB
fsr-3206	30	12	those	those	DET
fsr-3206	30	13	value	value	NOUN
fsr-3206	30	14	securities	security	NOUN
fsr-3206	30	15	that	that	PRON
fsr-3206	30	16	will	will	AUX
fsr-3206	30	17	outperform	outperform	VERB
fsr-3206	30	18	.	.	PUNCT
fsr-3206	31	1	in	in	ADP
fsr-3206	31	2	this	this	DET
fsr-3206	31	3	article	article	NOUN
fsr-3206	31	4	,	,	PUNCT
fsr-3206	31	5	however	however	ADV
fsr-3206	31	6	,	,	PUNCT
fsr-3206	31	7	we	we	PRON
fsr-3206	31	8	present	present	VERB
fsr-3206	31	9	new	new	ADJ
fsr-3206	31	10	empirical	empirical	ADJ
fsr-3206	31	11	evidence	evidence	NOUN
fsr-3206	31	12	supporting	support	VERB
fsr-3206	31	13	the	the	DET
fsr-3206	31	14	presumption	presumption	NOUN
fsr-3206	31	15	that	that	SCONJ
fsr-3206	31	16	investors	investor	NOUN
fsr-3206	31	17	may	may	AUX
fsr-3206	31	18	exploit	exploit	VERB
fsr-3206	31	19	the	the	DET
fsr-3206	31	20	value	value	NOUN
fsr-3206	31	21	premium	premium	NOUN
fsr-3206	31	22	through	through	ADP
fsr-3206	31	23	mutual	mutual	ADJ
fsr-3206	31	24	fund	fund	NOUN
fsr-3206	31	25	purchases	purchase	NOUN
fsr-3206	31	26	especially	especially	ADV
fsr-3206	31	27	for	for	ADP
fsr-3206	31	28	small	small	ADJ
fsr-3206	31	29	-	-	PUNCT
fsr-3206	31	30	firm	firm	NOUN
fsr-3206	31	31	funds	fund	NOUN
fsr-3206	31	32	and	and	CCONJ
fsr-3206	31	33	index	index	NOUN
fsr-3206	31	34	funds	fund	NOUN
fsr-3206	31	35	.	.	PUNCT
fsr-3206	32	1	our	our	PRON
fsr-3206	32	2	conclusion	conclusion	NOUN
fsr-3206	32	3	is	be	AUX
fsr-3206	32	4	,	,	PUNCT
fsr-3206	32	5	in	in	ADP
fsr-3206	32	6	large	large	ADJ
fsr-3206	32	7	part	part	NOUN
fsr-3206	32	8	,	,	PUNCT
fsr-3206	32	9	driven	drive	VERB
fsr-3206	32	10	by	by	ADP
fsr-3206	32	11	the	the	DET
fsr-3206	32	12	lower	low	ADJ
fsr-3206	32	13	realized	realize	VERB
fsr-3206	32	14	risk	risk	NOUN
fsr-3206	32	15	of	of	ADP
fsr-3206	32	16	value	value	NOUN
fsr-3206	32	17	fund	fund	NOUN
fsr-3206	32	18	portfolios	portfolio	NOUN
fsr-3206	32	19	.	.	PUNCT
fsr-3206	33	1	we	we	PRON
fsr-3206	33	2	argue	argue	VERB
fsr-3206	33	3	that	that	SCONJ
fsr-3206	33	4	previous	previous	ADJ
fsr-3206	33	5	finding	finding	NOUN
fsr-3206	33	6	of	of	ADP
fsr-3206	33	7	superior	superior	ADJ
fsr-3206	33	8	performance	performance	NOUN
fsr-3206	33	9	of	of	ADP
fsr-3206	33	10	growth	growth	NOUN
fsr-3206	33	11	funds	fund	NOUN
fsr-3206	33	12	results	result	VERB
fsr-3206	33	13	from	from	ADP
fsr-3206	33	14	a	a	DET
fsr-3206	33	15	bias	bias	NOUN
fsr-3206	33	16	in	in	ADP
fsr-3206	33	17	estimating	estimate	VERB
fsr-3206	33	18	mutual	mutual	ADJ
fsr-3206	33	19	fund	fund	NOUN
fsr-3206	33	20	�	�	PROPN
fsr-3206	33	21	s	s	PART
fsr-3206	33	22	using	use	VERB
fsr-3206	33	23	the	the	DET
fsr-3206	33	24	three	three	NUM
fsr-3206	33	25	-	-	PUNCT
fsr-3206	33	26	factor	factor	NOUN
fsr-3206	33	27	model	model	NOUN
fsr-3206	33	28	.	.	PUNCT
fsr-3206	34	1	in	in	ADP
fsr-3206	34	2	the	the	DET
fsr-3206	34	3	next	next	ADJ
fsr-3206	34	4	section	section	NOUN
fsr-3206	34	5	we	we	PRON
fsr-3206	34	6	discuss	discuss	VERB
fsr-3206	34	7	the	the	DET
fsr-3206	34	8	findings	finding	NOUN
fsr-3206	34	9	of	of	ADP
fsr-3206	34	10	previous	previous	ADJ
fsr-3206	34	11	studies	study	NOUN
fsr-3206	34	12	on	on	ADP
fsr-3206	34	13	the	the	DET
fsr-3206	34	14	relative	relative	ADJ
fsr-3206	34	15	performance	performance	NOUN
fsr-3206	34	16	of	of	ADP
fsr-3206	34	17	value	value	NOUN
fsr-3206	34	18	and	and	CCONJ
fsr-3206	34	19	growth	growth	NOUN
fsr-3206	34	20	mutual	mutual	ADJ
fsr-3206	34	21	funds	fund	NOUN
fsr-3206	34	22	.	.	PUNCT
fsr-3206	35	1	in	in	ADP
fsr-3206	35	2	section	section	NOUN
fsr-3206	35	3	3	3	NUM
fsr-3206	35	4	,	,	PUNCT
fsr-3206	35	5	we	we	PRON
fsr-3206	35	6	describe	describe	VERB
fsr-3206	35	7	our	our	PRON
fsr-3206	35	8	sample	sample	NOUN
fsr-3206	35	9	and	and	CCONJ
fsr-3206	35	10	methodology	methodology	NOUN
fsr-3206	35	11	.	.	PUNCT
fsr-3206	36	1	we	we	PRON
fsr-3206	36	2	present	present	VERB
fsr-3206	36	3	empirical	empirical	ADJ
fsr-3206	36	4	results	result	NOUN
fsr-3206	36	5	in	in	ADP
fsr-3206	36	6	section	section	NOUN
fsr-3206	36	7	4	4	NUM
fsr-3206	36	8	in	in	ADP
fsr-3206	36	9	three	three	NUM
fsr-3206	36	10	parts	part	NOUN
fsr-3206	36	11	:	:	PUNCT
fsr-3206	36	12	first	first	ADV
fsr-3206	36	13	,	,	PUNCT
fsr-3206	36	14	we	we	PRON
fsr-3206	36	15	compare	compare	VERB
fsr-3206	36	16	traditional	traditional	ADJ
fsr-3206	36	17	risk	risk	NOUN
fsr-3206	36	18	and	and	CCONJ
fsr-3206	36	19	return	return	VERB
fsr-3206	36	20	measures	measure	NOUN
fsr-3206	36	21	;	;	PUNCT
fsr-3206	36	22	second	second	X
fsr-3206	36	23	,	,	PUNCT
fsr-3206	36	24	we	we	PRON
fsr-3206	36	25	examine	examine	VERB
fsr-3206	36	26	the	the	DET
fsr-3206	36	27	implications	implication	NOUN
fsr-3206	36	28	of	of	ADP
fsr-3206	36	29	these	these	DET
fsr-3206	36	30	results	result	NOUN
fsr-3206	36	31	for	for	ADP
fsr-3206	36	32	an	an	DET
fsr-3206	36	33	investor	investor	NOUN
fsr-3206	36	34	’s	’s	PART
fsr-3206	36	35	end	end	NOUN
fsr-3206	36	36	wealth	wealth	NOUN
fsr-3206	36	37	,	,	PUNCT
fsr-3206	36	38	finally	finally	ADV
fsr-3206	36	39	,	,	PUNCT
fsr-3206	36	40	we	we	PRON
fsr-3206	36	41	reconcile	reconcile	VERB
fsr-3206	36	42	our	our	PRON
fsr-3206	36	43	results	result	NOUN
fsr-3206	36	44	with	with	ADP
fsr-3206	36	45	previous	previous	ADJ
fsr-3206	36	46	studies	study	NOUN
fsr-3206	36	47	.	.	PUNCT
fsr-3206	37	1	in	in	ADP
fsr-3206	37	2	the	the	DET
fsr-3206	37	3	final	final	ADJ
fsr-3206	37	4	section	section	NOUN
fsr-3206	37	5	,	,	PUNCT
fsr-3206	37	6	we	we	PRON
fsr-3206	37	7	offer	offer	VERB
fsr-3206	37	8	our	our	PRON
fsr-3206	37	9	conclusion	conclusion	NOUN
fsr-3206	37	10	.	.	PUNCT
fsr-3206	38	1	2	2	X
fsr-3206	38	2	.	.	X
fsr-3206	38	3	previous	previous	ADJ
fsr-3206	38	4	studies	study	NOUN
fsr-3206	38	5	a	a	DET
fsr-3206	38	6	considerable	considerable	ADJ
fsr-3206	38	7	literature	literature	NOUN
fsr-3206	38	8	seeks	seek	VERB
fsr-3206	38	9	to	to	PART
fsr-3206	38	10	inform	inform	VERB
fsr-3206	38	11	investors	investor	NOUN
fsr-3206	38	12	on	on	ADP
fsr-3206	38	13	choices	choice	NOUN
fsr-3206	38	14	relative	relative	ADJ
fsr-3206	38	15	to	to	ADP
fsr-3206	38	16	the	the	DET
fsr-3206	38	17	wide	wide	ADJ
fsr-3206	38	18	array	array	NOUN
fsr-3206	38	19	of	of	ADP
fsr-3206	38	20	mutual	mutual	ADJ
fsr-3206	38	21	fund	fund	NOUN
fsr-3206	38	22	investment	investment	NOUN
fsr-3206	38	23	opportunities	opportunity	NOUN
fsr-3206	38	24	.	.	PUNCT
fsr-3206	39	1	most	most	ADJ
fsr-3206	39	2	of	of	ADP
fsr-3206	39	3	the	the	DET
fsr-3206	39	4	literature	literature	NOUN
fsr-3206	39	5	concentrates	concentrate	VERB
fsr-3206	39	6	on	on	ADP
fsr-3206	39	7	measuring	measure	VERB
fsr-3206	39	8	the	the	DET
fsr-3206	39	9	342	342	NUM
fsr-3206	39	10	g.	g.	NOUN
fsr-3206	39	11	pettengill	pettengill	PROPN
fsr-3206	39	12	et	et	PROPN
fsr-3206	39	13	al	al	PROPN
fsr-3206	39	14	.	.	PUNCT
fsr-3206	39	15	/	/	SYM
fsr-3206	39	16	financial	financial	ADJ
fsr-3206	39	17	services	service	NOUN
fsr-3206	39	18	review	review	VERB
fsr-3206	39	19	23	23	NUM
fsr-3206	39	20	(	(	PUNCT
fsr-3206	39	21	2014	2014	NUM
fsr-3206	39	22	)	)	PUNCT
fsr-3206	40	1	341–359	341–359	NUM
fsr-3206	40	2	ability	ability	NOUN
fsr-3206	40	3	of	of	ADP
fsr-3206	40	4	mutual	mutual	ADJ
fsr-3206	40	5	fund	fund	NOUN
fsr-3206	40	6	managers	manager	NOUN
fsr-3206	40	7	to	to	PART
fsr-3206	40	8	“	"	PUNCT
fsr-3206	40	9	beat	beat	VERB
fsr-3206	40	10	the	the	DET
fsr-3206	40	11	market	market	NOUN
fsr-3206	40	12	,	,	PUNCT
fsr-3206	40	13	”	"	PUNCT
fsr-3206	40	14	to	to	PART
fsr-3206	40	15	earn	earn	VERB
fsr-3206	40	16	a	a	DET
fsr-3206	40	17	return	return	NOUN
fsr-3206	40	18	greater	great	ADJ
fsr-3206	40	19	than	than	SCONJ
fsr-3206	40	20	justified	justify	VERB
fsr-3206	40	21	by	by	ADP
fsr-3206	40	22	the	the	DET
fsr-3206	40	23	mutual	mutual	ADJ
fsr-3206	40	24	fund	fund	NOUN
fsr-3206	40	25	’s	’s	PART
fsr-3206	40	26	risk	risk	NOUN
fsr-3206	40	27	.	.	PUNCT
fsr-3206	41	1	from	from	ADP
fsr-3206	41	2	jensen	jensen	PROPN
fsr-3206	41	3	(	(	PUNCT
fsr-3206	41	4	1968	1968	NUM
fsr-3206	41	5	)	)	PUNCT
fsr-3206	41	6	to	to	ADP
fsr-3206	41	7	fama	fama	PROPN
fsr-3206	41	8	and	and	CCONJ
fsr-3206	41	9	french	french	ADJ
fsr-3206	41	10	(	(	PUNCT
fsr-3206	41	11	2010	2010	NUM
fsr-3206	41	12	)	)	PUNCT
fsr-3206	41	13	these	these	DET
fsr-3206	41	14	studies	study	NOUN
fsr-3206	41	15	have	have	AUX
fsr-3206	41	16	generally	generally	ADV
fsr-3206	41	17	concluded	conclude	VERB
fsr-3206	41	18	that	that	SCONJ
fsr-3206	41	19	fund	fund	NOUN
fsr-3206	41	20	managers	manager	NOUN
fsr-3206	41	21	do	do	AUX
fsr-3206	41	22	not	not	PART
fsr-3206	41	23	possess	possess	VERB
fsr-3206	41	24	market	market	NOUN
fsr-3206	41	25	-	-	PUNCT
fsr-3206	41	26	beating	beat	VERB
fsr-3206	41	27	stock	stock	NOUN
fsr-3206	41	28	selection	selection	NOUN
fsr-3206	41	29	ability	ability	NOUN
fsr-3206	41	30	.	.	PUNCT
fsr-3206	42	1	these	these	DET
fsr-3206	42	2	conclusions	conclusion	NOUN
fsr-3206	42	3	are	be	AUX
fsr-3206	42	4	generally	generally	ADV
fsr-3206	42	5	based	base	VERB
fsr-3206	42	6	on	on	ADP
fsr-3206	42	7	asset	asset	NOUN
fsr-3206	42	8	pricing	pricing	NOUN
fsr-3206	42	9	models	model	NOUN
fsr-3206	42	10	that	that	PRON
fsr-3206	42	11	find	find	VERB
fsr-3206	42	12	,	,	PUNCT
fsr-3206	42	13	on	on	ADP
fsr-3206	42	14	average	average	ADJ
fsr-3206	42	15	,	,	PUNCT
fsr-3206	42	16	negative	negative	ADJ
fsr-3206	42	17	�	�	PROPN
fsr-3206	42	18	s	s	PART
fsr-3206	42	19	for	for	ADP
fsr-3206	42	20	mutual	mutual	ADJ
fsr-3206	42	21	fund	fund	NOUN
fsr-3206	42	22	portfolios	portfolio	NOUN
fsr-3206	42	23	using	use	VERB
fsr-3206	42	24	the	the	DET
fsr-3206	42	25	single	single	ADJ
fsr-3206	42	26	-	-	PUNCT
fsr-3206	42	27	factor	factor	NOUN
fsr-3206	42	28	capital	capital	NOUN
fsr-3206	42	29	asset	asset	NOUN
fsr-3206	42	30	pricing	pricing	NOUN
fsr-3206	42	31	model	model	NOUN
fsr-3206	42	32	in	in	ADP
fsr-3206	42	33	earlier	early	ADJ
fsr-3206	42	34	studies	study	NOUN
fsr-3206	42	35	and	and	CCONJ
fsr-3206	42	36	a	a	DET
fsr-3206	42	37	multifactor	multifactor	NOUN
fsr-3206	42	38	model	model	NOUN
fsr-3206	42	39	such	such	ADJ
fsr-3206	42	40	as	as	ADP
fsr-3206	42	41	the	the	DET
fsr-3206	42	42	fama	fama	NOUN
fsr-3206	42	43	-	-	PUNCT
fsr-3206	42	44	french	french	ADJ
fsr-3206	42	45	three	three	NUM
fsr-3206	42	46	-	-	PUNCT
fsr-3206	42	47	factor	factor	NOUN
fsr-3206	42	48	model	model	NOUN
fsr-3206	42	49	in	in	ADP
fsr-3206	42	50	later	late	ADJ
fsr-3206	42	51	studies	study	NOUN
fsr-3206	42	52	.	.	PUNCT
fsr-3206	43	1	writing	write	VERB
fsr-3206	43	2	in	in	ADP
fsr-3206	43	3	this	this	DET
fsr-3206	43	4	journal	journal	NOUN
fsr-3206	43	5	,	,	PUNCT
fsr-3206	43	6	betker	betker	NOUN
fsr-3206	43	7	and	and	CCONJ
fsr-3206	43	8	sheehan	sheehan	PROPN
fsr-3206	43	9	(	(	PUNCT
fsr-3206	43	10	2013	2013	NUM
fsr-3206	43	11	)	)	PUNCT
fsr-3206	43	12	suggest	suggest	VERB
fsr-3206	43	13	that	that	SCONJ
fsr-3206	43	14	practitioners	practitioner	NOUN
fsr-3206	43	15	still	still	ADV
fsr-3206	43	16	tend	tend	VERB
fsr-3206	43	17	to	to	PART
fsr-3206	43	18	use	use	VERB
fsr-3206	43	19	single	single	ADJ
fsr-3206	43	20	factor	factor	NOUN
fsr-3206	43	21	models	model	NOUN
fsr-3206	43	22	despite	despite	SCONJ
fsr-3206	43	23	the	the	DET
fsr-3206	43	24	dominant	dominant	ADJ
fsr-3206	43	25	use	use	NOUN
fsr-3206	43	26	of	of	ADP
fsr-3206	43	27	multifactor	multifactor	NOUN
fsr-3206	43	28	models	model	NOUN
fsr-3206	43	29	in	in	ADP
fsr-3206	43	30	academic	academic	ADJ
fsr-3206	43	31	studies	study	NOUN
fsr-3206	43	32	.	.	PUNCT
fsr-3206	44	1	in	in	ADP
fsr-3206	44	2	this	this	DET
fsr-3206	44	3	article	article	NOUN
fsr-3206	44	4	we	we	PRON
fsr-3206	44	5	compare	compare	VERB
fsr-3206	44	6	the	the	DET
fsr-3206	44	7	performance	performance	NOUN
fsr-3206	44	8	of	of	ADP
fsr-3206	44	9	value	value	NOUN
fsr-3206	44	10	and	and	CCONJ
fsr-3206	44	11	growth	growth	NOUN
fsr-3206	44	12	mutual	mutual	ADJ
fsr-3206	44	13	funds	fund	NOUN
fsr-3206	44	14	rather	rather	ADV
fsr-3206	44	15	than	than	ADP
fsr-3206	44	16	examine	examine	VERB
fsr-3206	44	17	the	the	DET
fsr-3206	44	18	overall	overall	ADJ
fsr-3206	44	19	market	market	NOUN
fsr-3206	44	20	performance	performance	NOUN
fsr-3206	44	21	of	of	ADP
fsr-3206	44	22	mutual	mutual	ADJ
fsr-3206	44	23	funds	fund	NOUN
fsr-3206	44	24	.	.	PUNCT
fsr-3206	45	1	our	our	PRON
fsr-3206	45	2	contribution	contribution	NOUN
fsr-3206	45	3	is	be	AUX
fsr-3206	45	4	to	to	PART
fsr-3206	45	5	suggest	suggest	VERB
fsr-3206	45	6	that	that	SCONJ
fsr-3206	45	7	investors	investor	NOUN
fsr-3206	45	8	and	and	CCONJ
fsr-3206	45	9	financial	financial	ADJ
fsr-3206	45	10	planners	planner	NOUN
fsr-3206	45	11	can	can	AUX
fsr-3206	45	12	benefit	benefit	VERB
fsr-3206	45	13	from	from	ADP
fsr-3206	45	14	the	the	DET
fsr-3206	45	15	use	use	NOUN
fsr-3206	45	16	of	of	ADP
fsr-3206	45	17	value	value	NOUN
fsr-3206	45	18	funds	fund	NOUN
fsr-3206	45	19	relative	relative	ADJ
fsr-3206	45	20	to	to	ADP
fsr-3206	45	21	growth	growth	NOUN
fsr-3206	45	22	funds	fund	NOUN
fsr-3206	45	23	even	even	ADV
fsr-3206	45	24	though	though	SCONJ
fsr-3206	45	25	recent	recent	ADJ
fsr-3206	45	26	studies	study	NOUN
fsr-3206	45	27	,	,	PUNCT
fsr-3206	45	28	calculating	calculate	VERB
fsr-3206	45	29	�	�	PROPN
fsr-3206	45	30	s	s	PART
fsr-3206	45	31	using	use	VERB
fsr-3206	45	32	multifactor	multifactor	NOUN
fsr-3206	45	33	models	model	NOUN
fsr-3206	45	34	,	,	PUNCT
fsr-3206	45	35	suggest	suggest	VERB
fsr-3206	45	36	the	the	DET
fsr-3206	45	37	opposite	opposite	NOUN
fsr-3206	45	38	.	.	PUNCT
fsr-3206	46	1	before	before	ADP
fsr-3206	46	2	presenting	present	VERB
fsr-3206	46	3	our	our	PRON
fsr-3206	46	4	results	result	NOUN
fsr-3206	46	5	we	we	PRON
fsr-3206	46	6	summarize	summarize	VERB
fsr-3206	46	7	the	the	DET
fsr-3206	46	8	relatively	relatively	ADV
fsr-3206	46	9	few	few	ADJ
fsr-3206	46	10	previous	previous	ADJ
fsr-3206	46	11	studies	study	NOUN
fsr-3206	46	12	that	that	PRON
fsr-3206	46	13	have	have	AUX
fsr-3206	46	14	specifically	specifically	ADV
fsr-3206	46	15	compared	compare	VERB
fsr-3206	46	16	the	the	DET
fsr-3206	46	17	performance	performance	NOUN
fsr-3206	46	18	of	of	ADP
fsr-3206	46	19	value	value	NOUN
fsr-3206	46	20	and	and	CCONJ
fsr-3206	46	21	growth	growth	NOUN
fsr-3206	46	22	mutual	mutual	ADJ
fsr-3206	46	23	funds.2	funds.2	VERB
fsr-3206	46	24	shi	shi	PROPN
fsr-3206	46	25	and	and	CCONJ
fsr-3206	46	26	seiler	seiler	PROPN
fsr-3206	46	27	(	(	PUNCT
fsr-3206	46	28	2002	2002	NUM
fsr-3206	46	29	)	)	PUNCT
fsr-3206	46	30	,	,	PUNCT
fsr-3206	46	31	using	use	VERB
fsr-3206	46	32	the	the	DET
fsr-3206	46	33	morningstar	morningstar	NOUN
fsr-3206	46	34	classification	classification	NOUN
fsr-3206	46	35	matrix	matrix	NOUN
fsr-3206	46	36	,	,	PUNCT
fsr-3206	46	37	build	build	VERB
fsr-3206	46	38	portfolios	portfolio	NOUN
fsr-3206	46	39	of	of	ADP
fsr-3206	46	40	value	value	NOUN
fsr-3206	46	41	or	or	CCONJ
fsr-3206	46	42	growth	growth	NOUN
fsr-3206	46	43	funds	fund	NOUN
fsr-3206	46	44	that	that	PRON
fsr-3206	46	45	are	be	AUX
fsr-3206	46	46	subdivided	subdivide	VERB
fsr-3206	46	47	into	into	ADP
fsr-3206	46	48	size	size	NOUN
fsr-3206	46	49	classification	classification	NOUN
fsr-3206	46	50	of	of	ADP
fsr-3206	46	51	large	large	ADJ
fsr-3206	46	52	,	,	PUNCT
fsr-3206	46	53	medium	medium	ADJ
fsr-3206	46	54	,	,	PUNCT
fsr-3206	46	55	and	and	CCONJ
fsr-3206	46	56	small	small	ADJ
fsr-3206	46	57	firms	firm	NOUN
fsr-3206	46	58	for	for	ADP
fsr-3206	46	59	a	a	DET
fsr-3206	46	60	total	total	NOUN
fsr-3206	46	61	of	of	ADP
fsr-3206	46	62	six	six	NUM
fsr-3206	46	63	portfolios	portfolio	NOUN
fsr-3206	46	64	each	each	PRON
fsr-3206	46	65	containing	contain	VERB
fsr-3206	46	66	30	30	NUM
fsr-3206	46	67	randomly	randomly	ADV
fsr-3206	46	68	selected	select	VERB
fsr-3206	46	69	mutual	mutual	ADJ
fsr-3206	46	70	funds	fund	NOUN
fsr-3206	46	71	.	.	PUNCT
fsr-3206	47	1	returns	return	NOUN
fsr-3206	47	2	are	be	AUX
fsr-3206	47	3	calculated	calculate	VERB
fsr-3206	47	4	for	for	ADP
fsr-3206	47	5	each	each	DET
fsr-3206	47	6	portfolio	portfolio	NOUN
fsr-3206	47	7	by	by	ADP
fsr-3206	47	8	equally	equally	ADV
fsr-3206	47	9	weighting	weight	VERB
fsr-3206	47	10	the	the	DET
fsr-3206	47	11	returns	return	NOUN
fsr-3206	47	12	of	of	ADP
fsr-3206	47	13	the	the	DET
fsr-3206	47	14	funds	fund	NOUN
fsr-3206	47	15	over	over	ADP
fsr-3206	47	16	the	the	DET
fsr-3206	47	17	10	10	NUM
fsr-3206	47	18	-	-	PUNCT
fsr-3206	47	19	year	year	NOUN
fsr-3206	47	20	period	period	NOUN
fsr-3206	47	21	,	,	PUNCT
fsr-3206	47	22	august	august	PROPN
fsr-3206	47	23	31	31	NUM
fsr-3206	47	24	,	,	PUNCT
fsr-3206	47	25	1989	1989	NUM
fsr-3206	47	26	to	to	ADP
fsr-3206	47	27	august	august	PROPN
fsr-3206	47	28	31	31	NUM
fsr-3206	47	29	,	,	PUNCT
fsr-3206	47	30	1999	1999	NUM
fsr-3206	47	31	.	.	PUNCT
fsr-3206	48	1	shi	shi	PROPN
fsr-3206	48	2	and	and	CCONJ
fsr-3206	48	3	seiler	seiler	PROPN
fsr-3206	48	4	find	find	VERB
fsr-3206	48	5	that	that	SCONJ
fsr-3206	48	6	the	the	DET
fsr-3206	48	7	average	average	ADJ
fsr-3206	48	8	return	return	NOUN
fsr-3206	48	9	is	be	AUX
fsr-3206	48	10	higher	high	ADJ
fsr-3206	48	11	for	for	ADP
fsr-3206	48	12	the	the	DET
fsr-3206	48	13	growth	growth	NOUN
fsr-3206	48	14	mutual	mutual	ADJ
fsr-3206	48	15	fund	fund	NOUN
fsr-3206	48	16	in	in	ADP
fsr-3206	48	17	each	each	PRON
fsr-3206	48	18	of	of	ADP
fsr-3206	48	19	the	the	DET
fsr-3206	48	20	three	three	NUM
fsr-3206	48	21	categories	category	NOUN
fsr-3206	48	22	and	and	CCONJ
fsr-3206	48	23	is	be	AUX
fsr-3206	48	24	significantly	significantly	ADV
fsr-3206	48	25	higher	high	ADJ
fsr-3206	48	26	for	for	ADP
fsr-3206	48	27	the	the	DET
fsr-3206	48	28	large	large	ADJ
fsr-3206	48	29	-	-	PUNCT
fsr-3206	48	30	firm	firm	NOUN
fsr-3206	48	31	classification	classification	NOUN
fsr-3206	48	32	.	.	PUNCT
fsr-3206	49	1	they	they	PRON
fsr-3206	49	2	find	find	VERB
fsr-3206	49	3	that	that	SCONJ
fsr-3206	49	4	in	in	ADP
fsr-3206	49	5	all	all	DET
fsr-3206	49	6	three	three	NUM
fsr-3206	49	7	size	size	NOUN
fsr-3206	49	8	categories	category	NOUN
fsr-3206	49	9	,	,	PUNCT
fsr-3206	49	10	risk	risk	NOUN
fsr-3206	49	11	is	be	AUX
fsr-3206	49	12	significantly	significantly	ADV
fsr-3206	49	13	higher	high	ADJ
fsr-3206	49	14	for	for	ADP
fsr-3206	49	15	the	the	DET
fsr-3206	49	16	growth	growth	NOUN
fsr-3206	49	17	mutual	mutual	ADJ
fsr-3206	49	18	fund	fund	NOUN
fsr-3206	49	19	sample	sample	NOUN
fsr-3206	49	20	relative	relative	ADJ
fsr-3206	49	21	to	to	ADP
fsr-3206	49	22	the	the	DET
fsr-3206	49	23	value	value	NOUN
fsr-3206	49	24	mutual	mutual	ADJ
fsr-3206	49	25	fund	fund	NOUN
fsr-3206	49	26	sample	sample	NOUN
fsr-3206	49	27	.	.	PUNCT
fsr-3206	50	1	they	they	PRON
fsr-3206	50	2	calculate	calculate	VERB
fsr-3206	50	3	the	the	DET
fsr-3206	50	4	sharpe	sharpe	PROPN
fsr-3206	50	5	ratio	ratio	NOUN
fsr-3206	50	6	(	(	PUNCT
fsr-3206	50	7	using	use	VERB
fsr-3206	50	8	semivariance	semivariance	NOUN
fsr-3206	50	9	)	)	PUNCT
fsr-3206	50	10	for	for	ADP
fsr-3206	50	11	each	each	PRON
fsr-3206	50	12	of	of	ADP
fsr-3206	50	13	the	the	DET
fsr-3206	50	14	size	size	NOUN
fsr-3206	50	15	categories.3	categories.3	NOUN
fsr-3206	50	16	they	they	PRON
fsr-3206	50	17	find	find	VERB
fsr-3206	50	18	that	that	SCONJ
fsr-3206	50	19	the	the	DET
fsr-3206	50	20	reward	reward	NOUN
fsr-3206	50	21	-	-	PUNCT
fsr-3206	50	22	to	to	ADP
fsr-3206	50	23	-	-	PUNCT
fsr-3206	50	24	risk	risk	NOUN
fsr-3206	50	25	ratio	ratio	NOUN
fsr-3206	50	26	is	be	AUX
fsr-3206	50	27	higher	high	ADJ
fsr-3206	50	28	for	for	ADP
fsr-3206	50	29	the	the	DET
fsr-3206	50	30	growth	growth	NOUN
fsr-3206	50	31	firms	firm	NOUN
fsr-3206	50	32	in	in	ADP
fsr-3206	50	33	the	the	DET
fsr-3206	50	34	large	large	ADJ
fsr-3206	50	35	funds	fund	NOUN
fsr-3206	50	36	,	,	PUNCT
fsr-3206	50	37	but	but	CCONJ
fsr-3206	50	38	is	be	AUX
fsr-3206	50	39	higher	high	ADJ
fsr-3206	50	40	for	for	ADP
fsr-3206	50	41	the	the	DET
fsr-3206	50	42	value	value	NOUN
fsr-3206	50	43	funds	fund	NOUN
fsr-3206	50	44	in	in	ADP
fsr-3206	50	45	the	the	DET
fsr-3206	50	46	mid	mid	ADJ
fsr-3206	50	47	and	and	CCONJ
fsr-3206	50	48	small	small	ADJ
fsr-3206	50	49	cap	cap	NOUN
fsr-3206	50	50	firms	firm	NOUN
fsr-3206	50	51	.	.	PUNCT
fsr-3206	51	1	they	they	PRON
fsr-3206	51	2	conclude	conclude	VERB
fsr-3206	51	3	that	that	SCONJ
fsr-3206	51	4	their	their	PRON
fsr-3206	51	5	evidence	evidence	NOUN
fsr-3206	51	6	allows	allow	VERB
fsr-3206	51	7	no	no	DET
fsr-3206	51	8	definitive	definitive	ADJ
fsr-3206	51	9	recommendation	recommendation	NOUN
fsr-3206	51	10	for	for	ADP
fsr-3206	51	11	investing	invest	VERB
fsr-3206	51	12	in	in	ADP
fsr-3206	51	13	growth	growth	NOUN
fsr-3206	51	14	versus	versus	ADP
fsr-3206	51	15	value	value	NOUN
fsr-3206	51	16	mutual	mutual	ADJ
fsr-3206	51	17	funds	fund	NOUN
fsr-3206	51	18	,	,	PUNCT
fsr-3206	51	19	and	and	CCONJ
fsr-3206	51	20	indicate	indicate	VERB
fsr-3206	51	21	that	that	SCONJ
fsr-3206	51	22	results	result	NOUN
fsr-3206	51	23	may	may	AUX
fsr-3206	51	24	vary	vary	VERB
fsr-3206	51	25	over	over	ADP
fsr-3206	51	26	other	other	ADJ
fsr-3206	51	27	time	time	NOUN
fsr-3206	51	28	periods	period	NOUN
fsr-3206	51	29	.	.	PUNCT
fsr-3206	52	1	it	it	PRON
fsr-3206	52	2	is	be	AUX
fsr-3206	52	3	worthwhile	worthwhile	ADJ
fsr-3206	52	4	to	to	PART
fsr-3206	52	5	note	note	VERB
fsr-3206	52	6	that	that	SCONJ
fsr-3206	52	7	their	their	PRON
fsr-3206	52	8	sample	sample	NOUN
fsr-3206	52	9	covers	cover	VERB
fsr-3206	52	10	a	a	DET
fsr-3206	52	11	significant	significant	ADJ
fsr-3206	52	12	portion	portion	NOUN
fsr-3206	52	13	of	of	ADP
fsr-3206	52	14	the	the	DET
fsr-3206	52	15	dot.com	dot.com	NUM
fsr-3206	52	16	bubble	bubble	NOUN
fsr-3206	52	17	,	,	PUNCT
fsr-3206	52	18	where	where	SCONJ
fsr-3206	52	19	one	one	PRON
fsr-3206	52	20	might	might	AUX
fsr-3206	52	21	expect	expect	VERB
fsr-3206	52	22	growth	growth	NOUN
fsr-3206	52	23	mutual	mutual	ADJ
fsr-3206	52	24	funds	fund	NOUN
fsr-3206	52	25	to	to	PART
fsr-3206	52	26	do	do	VERB
fsr-3206	52	27	particularly	particularly	ADV
fsr-3206	52	28	well	well	ADV
fsr-3206	52	29	.	.	PUNCT
fsr-3206	53	1	davis	davis	PROPN
fsr-3206	53	2	(	(	PUNCT
fsr-3206	53	3	2001	2001	NUM
fsr-3206	53	4	)	)	PUNCT
fsr-3206	53	5	compares	compare	VERB
fsr-3206	53	6	the	the	DET
fsr-3206	53	7	performance	performance	NOUN
fsr-3206	53	8	of	of	ADP
fsr-3206	53	9	growth	growth	NOUN
fsr-3206	53	10	and	and	CCONJ
fsr-3206	53	11	value	value	NOUN
fsr-3206	53	12	mutual	mutual	ADJ
fsr-3206	53	13	funds	fund	NOUN
fsr-3206	53	14	using	use	VERB
fsr-3206	53	15	data	datum	NOUN
fsr-3206	53	16	from	from	ADP
fsr-3206	53	17	the	the	DET
fsr-3206	53	18	crsp	crsp	PROPN
fsr-3206	53	19	file	file	NOUN
fsr-3206	53	20	for	for	ADP
fsr-3206	53	21	the	the	DET
fsr-3206	53	22	period	period	NOUN
fsr-3206	53	23	1962	1962	NUM
fsr-3206	53	24	through	through	ADP
fsr-3206	53	25	1998	1998	NUM
fsr-3206	53	26	.	.	PUNCT
fsr-3206	54	1	applying	apply	VERB
fsr-3206	54	2	the	the	DET
fsr-3206	54	3	fama	fama	NOUN
fsr-3206	54	4	-	-	PUNCT
fsr-3206	54	5	french	french	ADJ
fsr-3206	54	6	three	three	NUM
fsr-3206	54	7	-	-	PUNCT
fsr-3206	54	8	factor	factor	NOUN
fsr-3206	54	9	model	model	NOUN
fsr-3206	54	10	he	he	PRON
fsr-3206	54	11	identifies	identify	VERB
fsr-3206	54	12	funds	fund	NOUN
fsr-3206	54	13	as	as	ADP
fsr-3206	54	14	value	value	NOUN
fsr-3206	54	15	(	(	PUNCT
fsr-3206	54	16	small	small	ADJ
fsr-3206	54	17	)	)	PUNCT
fsr-3206	54	18	or	or	CCONJ
fsr-3206	54	19	growth	growth	NOUN
fsr-3206	54	20	(	(	PUNCT
fsr-3206	54	21	large	large	ADJ
fsr-3206	54	22	)	)	PUNCT
fsr-3206	54	23	funds	fund	NOUN
fsr-3206	54	24	by	by	ADP
fsr-3206	54	25	their	their	PRON
fsr-3206	54	26	respective	respective	ADJ
fsr-3206	54	27	factor	factor	NOUN
fsr-3206	54	28	loading	loading	NOUN
fsr-3206	54	29	on	on	ADP
fsr-3206	54	30	the	the	DET
fsr-3206	54	31	hml	hml	PROPN
fsr-3206	54	32	(	(	PUNCT
fsr-3206	54	33	smb	smb	NOUN
fsr-3206	54	34	)	)	PUNCT
fsr-3206	54	35	factor	factor	NOUN
fsr-3206	54	36	.	.	PUNCT
fsr-3206	55	1	ten	ten	NUM
fsr-3206	55	2	mutual	mutual	ADJ
fsr-3206	55	3	fund	fund	NOUN
fsr-3206	55	4	portfolios	portfolio	NOUN
fsr-3206	55	5	are	be	AUX
fsr-3206	55	6	created	create	VERB
fsr-3206	55	7	from	from	ADP
fsr-3206	55	8	the	the	DET
fsr-3206	55	9	crsp	crsp	PROPN
fsr-3206	55	10	data	datum	NOUN
fsr-3206	55	11	set	set	VERB
fsr-3206	55	12	with	with	ADP
fsr-3206	55	13	a	a	DET
fsr-3206	55	14	univariate	univariate	ADJ
fsr-3206	55	15	sort	sort	NOUN
fsr-3206	55	16	on	on	ADP
fsr-3206	55	17	the	the	DET
fsr-3206	55	18	loadings	loading	NOUN
fsr-3206	55	19	on	on	ADP
fsr-3206	55	20	the	the	DET
fsr-3206	55	21	hml	hml	PROPN
fsr-3206	55	22	factor	factor	NOUN
fsr-3206	55	23	.	.	PUNCT
fsr-3206	56	1	performance	performance	NOUN
fsr-3206	56	2	is	be	AUX
fsr-3206	56	3	measured	measure	VERB
fsr-3206	56	4	for	for	ADP
fsr-3206	56	5	each	each	DET
fsr-3206	56	6	portfolio	portfolio	NOUN
fsr-3206	56	7	by	by	ADP
fsr-3206	56	8	finding	find	VERB
fsr-3206	56	9	the	the	DET
fsr-3206	56	10	equally	equally	ADV
fsr-3206	56	11	weighted	weight	VERB
fsr-3206	56	12	average	average	NOUN
fsr-3206	56	13	of	of	ADP
fsr-3206	56	14	the	the	DET
fsr-3206	56	15	�	�	PROPN
fsr-3206	56	16	s	s	PART
fsr-3206	56	17	of	of	ADP
fsr-3206	56	18	each	each	DET
fsr-3206	56	19	fund	fund	NOUN
fsr-3206	56	20	within	within	ADP
fsr-3206	56	21	the	the	DET
fsr-3206	56	22	portfolio	portfolio	NOUN
fsr-3206	56	23	across	across	ADP
fsr-3206	56	24	the	the	DET
fsr-3206	56	25	sample	sample	NOUN
fsr-3206	56	26	period	period	NOUN
fsr-3206	56	27	.	.	PUNCT
fsr-3206	57	1	portfolios	portfolio	NOUN
fsr-3206	57	2	formed	form	VERB
fsr-3206	57	3	from	from	ADP
fsr-3206	57	4	funds	fund	NOUN
fsr-3206	57	5	with	with	ADP
fsr-3206	57	6	a	a	DET
fsr-3206	57	7	low	low	ADJ
fsr-3206	57	8	loading	loading	NOUN
fsr-3206	57	9	on	on	ADP
fsr-3206	57	10	the	the	DET
fsr-3206	57	11	hml	hml	PROPN
fsr-3206	57	12	factor	factor	NOUN
fsr-3206	57	13	are	be	AUX
fsr-3206	57	14	considered	consider	VERB
fsr-3206	57	15	growth	growth	NOUN
fsr-3206	57	16	portfolios	portfolio	NOUN
fsr-3206	57	17	whereas	whereas	SCONJ
fsr-3206	57	18	portfolios	portfolio	NOUN
fsr-3206	57	19	formed	form	VERB
fsr-3206	57	20	from	from	ADP
fsr-3206	57	21	funds	fund	NOUN
fsr-3206	57	22	with	with	ADP
fsr-3206	57	23	a	a	DET
fsr-3206	57	24	high	high	ADJ
fsr-3206	57	25	loading	loading	NOUN
fsr-3206	57	26	on	on	ADP
fsr-3206	57	27	the	the	DET
fsr-3206	57	28	hml	hml	PROPN
fsr-3206	57	29	factor	factor	NOUN
fsr-3206	57	30	are	be	AUX
fsr-3206	57	31	considered	consider	VERB
fsr-3206	57	32	value	value	NOUN
fsr-3206	57	33	portfolios	portfolio	NOUN
fsr-3206	57	34	.	.	PUNCT
fsr-3206	58	1	in	in	ADP
fsr-3206	58	2	general	general	ADJ
fsr-3206	58	3	,	,	PUNCT
fsr-3206	58	4	�	�	PROPN
fsr-3206	58	5	s	s	PART
fsr-3206	58	6	are	be	AUX
fsr-3206	58	7	positive	positive	ADJ
fsr-3206	58	8	for	for	ADP
fsr-3206	58	9	the	the	DET
fsr-3206	58	10	portfolios	portfolio	NOUN
fsr-3206	58	11	of	of	ADP
fsr-3206	58	12	growth	growth	NOUN
fsr-3206	58	13	mutual	mutual	ADJ
fsr-3206	58	14	funds	fund	NOUN
fsr-3206	58	15	and	and	CCONJ
fsr-3206	58	16	negative	negative	ADJ
fsr-3206	58	17	for	for	ADP
fsr-3206	58	18	the	the	DET
fsr-3206	58	19	portfolios	portfolio	NOUN
fsr-3206	58	20	containing	contain	VERB
fsr-3206	58	21	value	value	NOUN
fsr-3206	58	22	mutual	mutual	ADJ
fsr-3206	58	23	funds	fund	NOUN
fsr-3206	58	24	.	.	PUNCT
fsr-3206	59	1	the	the	DET
fsr-3206	59	2	portfolio	portfolio	NOUN
fsr-3206	59	3	containing	contain	VERB
fsr-3206	59	4	the	the	DET
fsr-3206	59	5	mutual	mutual	ADJ
fsr-3206	59	6	funds	fund	NOUN
fsr-3206	59	7	with	with	ADP
fsr-3206	59	8	the	the	DET
fsr-3206	59	9	highest	high	ADJ
fsr-3206	59	10	loading	loading	NOUN
fsr-3206	59	11	on	on	ADP
fsr-3206	59	12	the	the	DET
fsr-3206	59	13	hml	hml	PROPN
fsr-3206	59	14	factor	factor	NOUN
fsr-3206	59	15	has	have	VERB
fsr-3206	59	16	a	a	DET
fsr-3206	59	17	significantly	significantly	ADV
fsr-3206	59	18	negative	negative	ADJ
fsr-3206	59	19	�	�	PROPN
fsr-3206	59	20	.	.	PUNCT
fsr-3206	60	1	in	in	ADP
fsr-3206	60	2	a	a	DET
fsr-3206	60	3	bivariate	bivariate	ADJ
fsr-3206	60	4	sort	sort	NOUN
fsr-3206	60	5	,	,	PUNCT
fsr-3206	60	6	davis	davis	PROPN
fsr-3206	60	7	creates	create	VERB
fsr-3206	60	8	nine	nine	NUM
fsr-3206	60	9	portfolios	portfolio	NOUN
fsr-3206	60	10	based	base	VERB
fsr-3206	60	11	on	on	ADP
fsr-3206	60	12	the	the	DET
fsr-3206	60	13	value	value	NOUN
fsr-3206	60	14	and	and	CCONJ
fsr-3206	60	15	growth	growth	NOUN
fsr-3206	60	16	classification	classification	NOUN
fsr-3206	60	17	,	,	PUNCT
fsr-3206	60	18	and	and	CCONJ
fsr-3206	60	19	based	base	VERB
fsr-3206	60	20	on	on	ADP
fsr-3206	60	21	the	the	DET
fsr-3206	60	22	size	size	NOUN
fsr-3206	60	23	classification	classification	NOUN
fsr-3206	60	24	of	of	ADP
fsr-3206	60	25	large	large	ADJ
fsr-3206	60	26	,	,	PUNCT
fsr-3206	60	27	medium	medium	ADJ
fsr-3206	60	28	,	,	PUNCT
fsr-3206	60	29	and	and	CCONJ
fsr-3206	60	30	small	small	ADJ
fsr-3206	60	31	firms	firm	NOUN
fsr-3206	60	32	.	.	PUNCT
fsr-3206	61	1	each	each	PRON
fsr-3206	61	2	of	of	ADP
fsr-3206	61	3	the	the	DET
fsr-3206	61	4	343	343	NUM
fsr-3206	61	5	g.	g.	PROPN
fsr-3206	61	6	pettengill	pettengill	PROPN
fsr-3206	61	7	et	et	PROPN
fsr-3206	61	8	al	al	PROPN
fsr-3206	61	9	.	.	PUNCT
fsr-3206	61	10	/	/	SYM
fsr-3206	61	11	financial	financial	ADJ
fsr-3206	61	12	services	service	NOUN
fsr-3206	61	13	review	review	VERB
fsr-3206	61	14	23	23	NUM
fsr-3206	61	15	(	(	PUNCT
fsr-3206	61	16	2014	2014	NUM
fsr-3206	61	17	)	)	PUNCT
fsr-3206	62	1	341–359	341–359	NUM
fsr-3206	62	2	classifications	classification	NOUN
fsr-3206	62	3	is	be	AUX
fsr-3206	62	4	based	base	VERB
fsr-3206	62	5	on	on	ADP
fsr-3206	62	6	the	the	DET
fsr-3206	62	7	factor	factor	NOUN
fsr-3206	62	8	loadings	loading	NOUN
fsr-3206	62	9	on	on	ADP
fsr-3206	62	10	the	the	DET
fsr-3206	62	11	hml	hml	PROPN
fsr-3206	62	12	and	and	CCONJ
fsr-3206	62	13	smb	smb	PROPN
fsr-3206	62	14	factors	factor	NOUN
fsr-3206	62	15	.	.	PUNCT
fsr-3206	63	1	as	as	ADP
fsr-3206	63	2	in	in	ADP
fsr-3206	63	3	the	the	DET
fsr-3206	63	4	univariate	univariate	ADJ
fsr-3206	63	5	sort	sort	NOUN
fsr-3206	63	6	,	,	PUNCT
fsr-3206	63	7	�	�	PROPN
fsr-3206	63	8	s	s	PART
fsr-3206	63	9	are	be	AUX
fsr-3206	63	10	determined	determine	VERB
fsr-3206	63	11	for	for	ADP
fsr-3206	63	12	each	each	PRON
fsr-3206	63	13	of	of	ADP
fsr-3206	63	14	the	the	DET
fsr-3206	63	15	nine	nine	NUM
fsr-3206	63	16	portfolios	portfolio	NOUN
fsr-3206	63	17	.	.	PUNCT
fsr-3206	64	1	for	for	ADP
fsr-3206	64	2	all	all	DET
fsr-3206	64	3	size	size	NOUN
fsr-3206	64	4	classifications	classification	NOUN
fsr-3206	64	5	the	the	DET
fsr-3206	64	6	value	value	NOUN
fsr-3206	64	7	portfolio	portfolio	NOUN
fsr-3206	64	8	has	have	VERB
fsr-3206	64	9	a	a	DET
fsr-3206	64	10	negative	negative	ADJ
fsr-3206	64	11	�	�	NOUN
fsr-3206	64	12	and	and	CCONJ
fsr-3206	64	13	the	the	DET
fsr-3206	64	14	growth	growth	NOUN
fsr-3206	64	15	portfolio	portfolio	NOUN
fsr-3206	64	16	has	have	VERB
fsr-3206	64	17	a	a	DET
fsr-3206	64	18	positive	positive	ADJ
fsr-3206	64	19	�	�	PROPN
fsr-3206	64	20	.	.	PUNCT
fsr-3206	65	1	davis	davis	PROPN
fsr-3206	65	2	(	(	PUNCT
fsr-3206	65	3	2001	2001	NUM
fsr-3206	65	4	,	,	PUNCT
fsr-3206	65	5	p.	p.	NOUN
fsr-3206	65	6	25	25	NUM
fsr-3206	65	7	)	)	PUNCT
fsr-3206	65	8	concludes	conclude	VERB
fsr-3206	65	9	that	that	SCONJ
fsr-3206	65	10	:	:	PUNCT
fsr-3206	65	11	“	"	PUNCT
fsr-3206	65	12	perhaps	perhaps	ADV
fsr-3206	65	13	the	the	DET
fsr-3206	65	14	biggest	big	ADJ
fsr-3206	65	15	disappointment	disappointment	NOUN
fsr-3206	65	16	in	in	ADP
fsr-3206	65	17	the	the	DET
fsr-3206	65	18	past	past	ADJ
fsr-3206	65	19	three	three	NUM
fsr-3206	65	20	decades	decade	NOUN
fsr-3206	65	21	is	be	AUX
fsr-3206	65	22	the	the	DET
fsr-3206	65	23	inability	inability	NOUN
fsr-3206	65	24	(	(	PUNCT
fsr-3206	65	25	or	or	CCONJ
fsr-3206	65	26	unwillingness	unwillingness	NOUN
fsr-3206	65	27	)	)	PUNCT
fsr-3206	65	28	of	of	ADP
fsr-3206	65	29	funds	fund	NOUN
fsr-3206	65	30	to	to	PART
fsr-3206	65	31	capture	capture	VERB
fsr-3206	65	32	the	the	DET
fsr-3206	65	33	value	value	NOUN
fsr-3206	65	34	premium	premium	NOUN
fsr-3206	65	35	that	that	PRON
fsr-3206	65	36	has	have	AUX
fsr-3206	65	37	been	be	AUX
fsr-3206	65	38	observed	observe	VERB
fsr-3206	65	39	in	in	ADP
fsr-3206	65	40	common	common	ADJ
fsr-3206	65	41	stock	stock	NOUN
fsr-3206	65	42	returns	return	NOUN
fsr-3206	65	43	during	during	ADP
fsr-3206	65	44	the	the	DET
fsr-3206	65	45	period	period	NOUN
fsr-3206	65	46	.	.	PUNCT
fsr-3206	65	47	”	"	PUNCT
fsr-3206	66	1	we	we	PRON
fsr-3206	66	2	suggest	suggest	VERB
fsr-3206	66	3	and	and	CCONJ
fsr-3206	66	4	argue	argue	VERB
fsr-3206	66	5	more	more	ADV
fsr-3206	66	6	fully	fully	ADV
fsr-3206	66	7	below	below	ADP
fsr-3206	66	8	that	that	SCONJ
fsr-3206	66	9	the	the	DET
fsr-3206	66	10	value	value	NOUN
fsr-3206	66	11	premium	premium	NOUN
fsr-3206	66	12	may	may	AUX
fsr-3206	66	13	exist	exist	VERB
fsr-3206	66	14	but	but	CCONJ
fsr-3206	66	15	is	be	AUX
fsr-3206	66	16	obscured	obscure	VERB
fsr-3206	66	17	by	by	ADP
fsr-3206	66	18	a	a	DET
fsr-3206	66	19	bias	bias	NOUN
fsr-3206	66	20	against	against	ADP
fsr-3206	66	21	value	value	NOUN
fsr-3206	66	22	inherent	inherent	ADJ
fsr-3206	66	23	in	in	ADP
fsr-3206	66	24	the	the	DET
fsr-3206	66	25	fama	fama	NOUN
fsr-3206	66	26	-	-	PUNCT
fsr-3206	66	27	french	french	ADJ
fsr-3206	66	28	three	three	NUM
fsr-3206	66	29	-	-	PUNCT
fsr-3206	66	30	factor	factor	NOUN
fsr-3206	66	31	model	model	NOUN
fsr-3206	66	32	.	.	PUNCT
fsr-3206	67	1	chan	chan	PROPN
fsr-3206	67	2	,	,	PUNCT
fsr-3206	67	3	chen	chen	PROPN
fsr-3206	67	4	,	,	PUNCT
fsr-3206	67	5	and	and	CCONJ
fsr-3206	67	6	lakonishok	lakonishok	NOUN
fsr-3206	67	7	(	(	PUNCT
fsr-3206	67	8	2002	2002	NUM
fsr-3206	67	9	)	)	PUNCT
fsr-3206	67	10	calculate	calculate	VERB
fsr-3206	67	11	average	average	ADJ
fsr-3206	67	12	returns	return	NOUN
fsr-3206	67	13	for	for	ADP
fsr-3206	67	14	a	a	DET
fsr-3206	67	15	sample	sample	NOUN
fsr-3206	67	16	of	of	ADP
fsr-3206	67	17	mutual	mutual	ADJ
fsr-3206	67	18	funds	fund	NOUN
fsr-3206	67	19	using	use	VERB
fsr-3206	67	20	morningstar	morningstar	NOUN
fsr-3206	67	21	data	datum	NOUN
fsr-3206	67	22	from	from	ADP
fsr-3206	67	23	january	january	PROPN
fsr-3206	67	24	1979	1979	NUM
fsr-3206	67	25	to	to	ADP
fsr-3206	67	26	december	december	PROPN
fsr-3206	67	27	1997	1997	NUM
fsr-3206	67	28	.	.	PUNCT
fsr-3206	68	1	although	although	SCONJ
fsr-3206	68	2	their	their	PRON
fsr-3206	68	3	article	article	NOUN
fsr-3206	68	4	explores	explore	VERB
fsr-3206	68	5	a	a	DET
fsr-3206	68	6	wide	wide	ADJ
fsr-3206	68	7	variety	variety	NOUN
fsr-3206	68	8	of	of	ADP
fsr-3206	68	9	issues	issue	NOUN
fsr-3206	68	10	,	,	PUNCT
fsr-3206	68	11	they	they	PRON
fsr-3206	68	12	do	do	AUX
fsr-3206	68	13	compare	compare	VERB
fsr-3206	68	14	the	the	DET
fsr-3206	68	15	performance	performance	NOUN
fsr-3206	68	16	of	of	ADP
fsr-3206	68	17	value	value	NOUN
fsr-3206	68	18	and	and	CCONJ
fsr-3206	68	19	growth	growth	NOUN
fsr-3206	68	20	mutual	mutual	ADJ
fsr-3206	68	21	funds	fund	NOUN
fsr-3206	68	22	.	.	PUNCT
fsr-3206	69	1	consistent	consistent	ADJ
fsr-3206	69	2	with	with	ADP
fsr-3206	69	3	davis	davis	PROPN
fsr-3206	69	4	they	they	PRON
fsr-3206	69	5	identify	identify	VERB
fsr-3206	69	6	value	value	NOUN
fsr-3206	69	7	and	and	CCONJ
fsr-3206	69	8	growth	growth	NOUN
fsr-3206	69	9	funds	fund	NOUN
fsr-3206	69	10	on	on	ADP
fsr-3206	69	11	the	the	DET
fsr-3206	69	12	basis	basis	NOUN
fsr-3206	69	13	of	of	ADP
fsr-3206	69	14	the	the	DET
fsr-3206	69	15	funds	fund	NOUN
fsr-3206	69	16	loading	load	VERB
fsr-3206	69	17	on	on	ADP
fsr-3206	69	18	the	the	DET
fsr-3206	69	19	hml	hml	PROPN
fsr-3206	69	20	factor	factor	NOUN
fsr-3206	69	21	.	.	PUNCT
fsr-3206	70	1	they	they	PRON
fsr-3206	70	2	also	also	ADV
fsr-3206	70	3	compare	compare	VERB
fsr-3206	70	4	value	value	NOUN
fsr-3206	70	5	and	and	CCONJ
fsr-3206	70	6	growth	growth	NOUN
fsr-3206	70	7	funds	fund	NOUN
fsr-3206	70	8	for	for	ADP
fsr-3206	70	9	three	three	NUM
fsr-3206	70	10	classifications	classification	NOUN
fsr-3206	70	11	of	of	ADP
fsr-3206	70	12	size	size	NOUN
fsr-3206	70	13	:	:	PUNCT
fsr-3206	70	14	large	large	ADJ
fsr-3206	70	15	cap	cap	NOUN
fsr-3206	70	16	,	,	PUNCT
fsr-3206	70	17	mid	mid	ADJ
fsr-3206	70	18	cap	cap	NOUN
fsr-3206	70	19	,	,	PUNCT
fsr-3206	70	20	and	and	CCONJ
fsr-3206	70	21	small	small	ADJ
fsr-3206	70	22	cap	cap	NOUN
fsr-3206	70	23	.	.	PUNCT
fsr-3206	71	1	they	they	PRON
fsr-3206	71	2	calculate	calculate	VERB
fsr-3206	71	3	�	�	PROPN
fsr-3206	71	4	by	by	ADP
fsr-3206	71	5	regressing	regress	VERB
fsr-3206	71	6	mutual	mutual	ADJ
fsr-3206	71	7	fund	fund	NOUN
fsr-3206	71	8	returns	return	NOUN
fsr-3206	71	9	against	against	ADP
fsr-3206	71	10	the	the	DET
fsr-3206	71	11	three	three	NUM
fsr-3206	71	12	-	-	PUNCT
fsr-3206	71	13	factor	factor	NOUN
fsr-3206	71	14	model	model	NOUN
fsr-3206	71	15	and	and	CCONJ
fsr-3206	71	16	find	find	VERB
fsr-3206	71	17	the	the	DET
fsr-3206	71	18	average	average	ADJ
fsr-3206	71	19	�	�	PROPN
fsr-3206	71	20	across	across	ADP
fsr-3206	71	21	fund	fund	NOUN
fsr-3206	71	22	classifications	classification	NOUN
fsr-3206	71	23	.	.	PUNCT
fsr-3206	72	1	consistent	consistent	ADJ
fsr-3206	72	2	with	with	ADP
fsr-3206	72	3	davis	davis	PROPN
fsr-3206	72	4	’	'	PUNCT
fsr-3206	72	5	findings	finding	NOUN
fsr-3206	72	6	,	,	PUNCT
fsr-3206	72	7	for	for	ADP
fsr-3206	72	8	each	each	PRON
fsr-3206	72	9	of	of	ADP
fsr-3206	72	10	the	the	DET
fsr-3206	72	11	size	size	NOUN
fsr-3206	72	12	categories	category	NOUN
fsr-3206	72	13	the	the	DET
fsr-3206	72	14	�	�	PROPN
fsr-3206	72	15	for	for	ADP
fsr-3206	72	16	the	the	DET
fsr-3206	72	17	growth	growth	NOUN
fsr-3206	72	18	funds	fund	NOUN
fsr-3206	72	19	is	be	AUX
fsr-3206	72	20	greater	great	ADJ
fsr-3206	72	21	than	than	ADP
fsr-3206	72	22	the	the	DET
fsr-3206	72	23	�	�	PROPN
fsr-3206	72	24	for	for	ADP
fsr-3206	72	25	the	the	DET
fsr-3206	72	26	value	value	NOUN
fsr-3206	72	27	funds	fund	NOUN
fsr-3206	72	28	.	.	PUNCT
fsr-3206	73	1	thus	thus	ADV
fsr-3206	73	2	,	,	PUNCT
fsr-3206	73	3	in	in	ADP
fsr-3206	73	4	contrast	contrast	NOUN
fsr-3206	73	5	to	to	ADP
fsr-3206	73	6	the	the	DET
fsr-3206	73	7	expectations	expectation	NOUN
fsr-3206	73	8	that	that	SCONJ
fsr-3206	73	9	an	an	DET
fsr-3206	73	10	investor	investor	NOUN
fsr-3206	73	11	might	might	AUX
fsr-3206	73	12	hold	hold	VERB
fsr-3206	73	13	given	give	VERB
fsr-3206	73	14	the	the	DET
fsr-3206	73	15	existence	existence	NOUN
fsr-3206	73	16	of	of	ADP
fsr-3206	73	17	the	the	DET
fsr-3206	73	18	value	value	NOUN
fsr-3206	73	19	premium	premium	NOUN
fsr-3206	73	20	,	,	PUNCT
fsr-3206	73	21	chan	chan	PROPN
fsr-3206	73	22	et	et	PROPN
fsr-3206	73	23	al	al	PROPN
fsr-3206	73	24	.	.	PROPN
fsr-3206	73	25	find	find	VERB
fsr-3206	73	26	that	that	SCONJ
fsr-3206	73	27	growth	growth	NOUN
fsr-3206	73	28	mutual	mutual	ADJ
fsr-3206	73	29	funds	fund	NOUN
fsr-3206	73	30	outperform	outperform	ADJ
fsr-3206	73	31	value	value	NOUN
fsr-3206	73	32	mutual	mutual	ADJ
fsr-3206	73	33	funds	fund	NOUN
fsr-3206	73	34	.	.	PUNCT
fsr-3206	74	1	in	in	ADP
fsr-3206	74	2	this	this	DET
fsr-3206	74	3	study	study	NOUN
fsr-3206	74	4	,	,	PUNCT
fsr-3206	74	5	in	in	ADP
fsr-3206	74	6	contrast	contrast	NOUN
fsr-3206	74	7	to	to	ADP
fsr-3206	74	8	previous	previous	ADJ
fsr-3206	74	9	findings	finding	NOUN
fsr-3206	74	10	,	,	PUNCT
fsr-3206	74	11	we	we	PRON
fsr-3206	74	12	provide	provide	VERB
fsr-3206	74	13	new	new	ADJ
fsr-3206	74	14	evidence	evidence	NOUN
fsr-3206	74	15	that	that	PRON
fsr-3206	74	16	supports	support	VERB
fsr-3206	74	17	the	the	DET
fsr-3206	74	18	proposition	proposition	NOUN
fsr-3206	74	19	that	that	SCONJ
fsr-3206	74	20	investors	investor	NOUN
fsr-3206	74	21	may	may	AUX
fsr-3206	74	22	benefit	benefit	VERB
fsr-3206	74	23	from	from	ADP
fsr-3206	74	24	selecting	select	VERB
fsr-3206	74	25	value	value	NOUN
fsr-3206	74	26	mutual	mutual	ADJ
fsr-3206	74	27	funds	fund	NOUN
fsr-3206	74	28	over	over	ADP
fsr-3206	74	29	growth	growth	NOUN
fsr-3206	74	30	mutual	mutual	ADJ
fsr-3206	74	31	funds	fund	NOUN
fsr-3206	74	32	.	.	PUNCT
fsr-3206	75	1	as	as	SCONJ
fsr-3206	75	2	described	describe	VERB
fsr-3206	75	3	in	in	ADP
fsr-3206	75	4	the	the	DET
fsr-3206	75	5	next	next	ADJ
fsr-3206	75	6	section	section	NOUN
fsr-3206	75	7	,	,	PUNCT
fsr-3206	75	8	our	our	PRON
fsr-3206	75	9	results	result	NOUN
fsr-3206	75	10	are	be	AUX
fsr-3206	75	11	based	base	VERB
fsr-3206	75	12	on	on	ADP
fsr-3206	75	13	a	a	DET
fsr-3206	75	14	larger	large	ADJ
fsr-3206	75	15	sample	sample	NOUN
fsr-3206	75	16	size	size	NOUN
fsr-3206	75	17	and	and	CCONJ
fsr-3206	75	18	a	a	DET
fsr-3206	75	19	longer	long	ADJ
fsr-3206	75	20	sample	sample	NOUN
fsr-3206	75	21	period	period	NOUN
fsr-3206	75	22	than	than	ADP
fsr-3206	75	23	those	those	PRON
fsr-3206	75	24	used	use	VERB
fsr-3206	75	25	in	in	ADP
fsr-3206	75	26	previous	previous	ADJ
fsr-3206	75	27	studies	study	NOUN
fsr-3206	75	28	.	.	PUNCT
fsr-3206	76	1	3	3	X
fsr-3206	76	2	.	.	X
fsr-3206	76	3	sample	sample	NOUN
fsr-3206	76	4	and	and	CCONJ
fsr-3206	76	5	methodology	methodology	NOUN
fsr-3206	76	6	the	the	DET
fsr-3206	76	7	purpose	purpose	NOUN
fsr-3206	76	8	of	of	ADP
fsr-3206	76	9	our	our	PRON
fsr-3206	76	10	article	article	NOUN
fsr-3206	76	11	is	be	AUX
fsr-3206	76	12	to	to	PART
fsr-3206	76	13	provide	provide	VERB
fsr-3206	76	14	new	new	ADJ
fsr-3206	76	15	information	information	NOUN
fsr-3206	76	16	for	for	ADP
fsr-3206	76	17	investors	investor	NOUN
fsr-3206	76	18	choosing	choose	VERB
fsr-3206	76	19	between	between	ADP
fsr-3206	76	20	value	value	NOUN
fsr-3206	76	21	and	and	CCONJ
fsr-3206	76	22	growth	growth	NOUN
fsr-3206	76	23	mutual	mutual	ADJ
fsr-3206	76	24	funds	fund	NOUN
fsr-3206	76	25	.	.	PUNCT
fsr-3206	77	1	to	to	PART
fsr-3206	77	2	do	do	VERB
fsr-3206	77	3	so	so	ADV
fsr-3206	77	4	we	we	PRON
fsr-3206	77	5	make	make	VERB
fsr-3206	77	6	empirical	empirical	ADJ
fsr-3206	77	7	comparisons	comparison	NOUN
fsr-3206	77	8	between	between	ADP
fsr-3206	77	9	the	the	DET
fsr-3206	77	10	performance	performance	NOUN
fsr-3206	77	11	of	of	ADP
fsr-3206	77	12	growth	growth	NOUN
fsr-3206	77	13	and	and	CCONJ
fsr-3206	77	14	value	value	NOUN
fsr-3206	77	15	funds	fund	NOUN
fsr-3206	77	16	for	for	ADP
fsr-3206	77	17	five	five	NUM
fsr-3206	77	18	separate	separate	ADJ
fsr-3206	77	19	classifications	classification	NOUN
fsr-3206	77	20	.	.	PUNCT
fsr-3206	78	1	first	first	ADV
fsr-3206	78	2	,	,	PUNCT
fsr-3206	78	3	we	we	PRON
fsr-3206	78	4	gather	gather	VERB
fsr-3206	78	5	total	total	ADJ
fsr-3206	78	6	index	index	NOUN
fsr-3206	78	7	values	value	NOUN
fsr-3206	78	8	for	for	ADP
fsr-3206	78	9	the	the	DET
fsr-3206	78	10	russell	russell	PROPN
fsr-3206	78	11	2000	2000	NUM
fsr-3206	78	12	value	value	NOUN
fsr-3206	78	13	and	and	CCONJ
fsr-3206	78	14	growth	growth	NOUN
fsr-3206	78	15	indexes	index	NOUN
fsr-3206	78	16	,	,	PUNCT
fsr-3206	78	17	and	and	CCONJ
fsr-3206	78	18	for	for	ADP
fsr-3206	78	19	the	the	DET
fsr-3206	78	20	russell	russell	PROPN
fsr-3206	78	21	1000	1000	NUM
fsr-3206	78	22	growth	growth	NOUN
fsr-3206	78	23	and	and	CCONJ
fsr-3206	78	24	value	value	NOUN
fsr-3206	78	25	indexes	index	NOUN
fsr-3206	78	26	,	,	PUNCT
fsr-3206	78	27	directly	directly	ADV
fsr-3206	78	28	from	from	ADP
fsr-3206	78	29	russell	russell	PROPN
fsr-3206	78	30	investments	investment	NOUN
fsr-3206	78	31	.	.	PUNCT
fsr-3206	79	1	data	datum	NOUN
fsr-3206	79	2	are	be	AUX
fsr-3206	79	3	collected	collect	VERB
fsr-3206	79	4	over	over	ADP
fsr-3206	79	5	the	the	DET
fsr-3206	79	6	period	period	NOUN
fsr-3206	79	7	january	january	PROPN
fsr-3206	79	8	1979	1979	NUM
fsr-3206	79	9	(	(	PUNCT
fsr-3206	79	10	the	the	DET
fsr-3206	79	11	inception	inception	NOUN
fsr-3206	79	12	of	of	ADP
fsr-3206	79	13	the	the	DET
fsr-3206	79	14	russell	russell	PROPN
fsr-3206	79	15	indices	index	NOUN
fsr-3206	79	16	)	)	PUNCT
fsr-3206	79	17	through	through	ADP
fsr-3206	79	18	december	december	PROPN
fsr-3206	79	19	2012	2012	NUM
fsr-3206	79	20	.	.	PUNCT
fsr-3206	80	1	we	we	PRON
fsr-3206	80	2	use	use	VERB
fsr-3206	80	3	the	the	DET
fsr-3206	80	4	total	total	ADJ
fsr-3206	80	5	index	index	NOUN
fsr-3206	80	6	values	value	NOUN
fsr-3206	80	7	,	,	PUNCT
fsr-3206	80	8	which	which	PRON
fsr-3206	80	9	include	include	VERB
fsr-3206	80	10	dividend	dividend	NOUN
fsr-3206	80	11	payments	payment	NOUN
fsr-3206	80	12	to	to	PART
fsr-3206	80	13	calculate	calculate	VERB
fsr-3206	80	14	monthly	monthly	ADJ
fsr-3206	80	15	returns	return	NOUN
fsr-3206	80	16	.	.	PUNCT
fsr-3206	81	1	on	on	ADP
fsr-3206	81	2	the	the	DET
fsr-3206	81	3	basis	basis	NOUN
fsr-3206	81	4	that	that	SCONJ
fsr-3206	81	5	value	value	NOUN
fsr-3206	81	6	and	and	CCONJ
fsr-3206	81	7	growth	growth	NOUN
fsr-3206	81	8	index	index	NOUN
fsr-3206	81	9	funds	fund	NOUN
fsr-3206	81	10	,	,	PUNCT
fsr-3206	81	11	including	include	VERB
fsr-3206	81	12	etfs	etfs	NOUN
fsr-3206	81	13	,	,	PUNCT
fsr-3206	81	14	are	be	AUX
fsr-3206	81	15	widely	widely	ADV
fsr-3206	81	16	available	available	ADJ
fsr-3206	81	17	and	and	CCONJ
fsr-3206	81	18	are	be	AUX
fsr-3206	81	19	able	able	ADJ
fsr-3206	81	20	to	to	PART
fsr-3206	81	21	reasonably	reasonably	ADV
fsr-3206	81	22	track	track	VERB
fsr-3206	81	23	index	index	NOUN
fsr-3206	81	24	returns	return	NOUN
fsr-3206	81	25	,	,	PUNCT
fsr-3206	81	26	we	we	PRON
fsr-3206	81	27	treat	treat	VERB
fsr-3206	81	28	the	the	DET
fsr-3206	81	29	returns	return	NOUN
fsr-3206	81	30	to	to	ADP
fsr-3206	81	31	the	the	DET
fsr-3206	81	32	russell	russell	PROPN
fsr-3206	81	33	indices	index	NOUN
fsr-3206	81	34	as	as	ADP
fsr-3206	81	35	proxies	proxy	NOUN
fsr-3206	81	36	for	for	ADP
fsr-3206	81	37	returns	return	NOUN
fsr-3206	81	38	to	to	ADP
fsr-3206	81	39	index	index	NOUN
fsr-3206	81	40	funds	fund	NOUN
fsr-3206	81	41	.	.	PUNCT
fsr-3206	82	1	we	we	PRON
fsr-3206	82	2	recognize	recognize	VERB
fsr-3206	82	3	that	that	SCONJ
fsr-3206	82	4	such	such	ADJ
fsr-3206	82	5	funds	fund	NOUN
fsr-3206	82	6	were	be	AUX
fsr-3206	82	7	not	not	PART
fsr-3206	82	8	available	available	ADJ
fsr-3206	82	9	from	from	ADP
fsr-3206	82	10	the	the	DET
fsr-3206	82	11	start	start	NOUN
fsr-3206	82	12	of	of	ADP
fsr-3206	82	13	the	the	DET
fsr-3206	82	14	index	index	NOUN
fsr-3206	82	15	data	datum	NOUN
fsr-3206	82	16	,	,	PUNCT
fsr-3206	82	17	but	but	CCONJ
fsr-3206	82	18	such	such	ADJ
fsr-3206	82	19	funds	fund	NOUN
fsr-3206	82	20	are	be	AUX
fsr-3206	82	21	surely	surely	ADV
fsr-3206	82	22	available	available	ADJ
fsr-3206	82	23	to	to	ADP
fsr-3206	82	24	current	current	ADJ
fsr-3206	82	25	investors.4	investors.4	NOUN
fsr-3206	82	26	to	to	PART
fsr-3206	82	27	compare	compare	VERB
fsr-3206	82	28	the	the	DET
fsr-3206	82	29	performance	performance	NOUN
fsr-3206	82	30	of	of	ADP
fsr-3206	82	31	managed	manage	VERB
fsr-3206	82	32	growth	growth	NOUN
fsr-3206	82	33	and	and	CCONJ
fsr-3206	82	34	value	value	NOUN
fsr-3206	82	35	funds	fund	NOUN
fsr-3206	82	36	,	,	PUNCT
fsr-3206	82	37	we	we	PRON
fsr-3206	82	38	acquire	acquire	VERB
fsr-3206	82	39	monthly	monthly	ADJ
fsr-3206	82	40	returns	return	NOUN
fsr-3206	82	41	for	for	ADP
fsr-3206	82	42	value	value	NOUN
fsr-3206	82	43	and	and	CCONJ
fsr-3206	82	44	growth	growth	NOUN
fsr-3206	82	45	mutual	mutual	ADJ
fsr-3206	82	46	funds	fund	NOUN
fsr-3206	82	47	from	from	ADP
fsr-3206	82	48	the	the	DET
fsr-3206	82	49	morningstar	morningstar	PROPN
fsr-3206	82	50	database	database	NOUN
fsr-3206	82	51	.	.	PUNCT
fsr-3206	83	1	we	we	PRON
fsr-3206	83	2	obtain	obtain	VERB
fsr-3206	83	3	data	datum	NOUN
fsr-3206	83	4	from	from	ADP
fsr-3206	83	5	the	the	DET
fsr-3206	83	6	inception	inception	NOUN
fsr-3206	83	7	of	of	ADP
fsr-3206	83	8	this	this	DET
fsr-3206	83	9	database	database	NOUN
fsr-3206	83	10	through	through	ADP
fsr-3206	83	11	december	december	PROPN
fsr-3206	83	12	2012	2012	NUM
fsr-3206	83	13	.	.	PUNCT
fsr-3206	84	1	morningstar	morningstar	PROPN
fsr-3206	84	2	classifies	classify	VERB
fsr-3206	84	3	general	general	ADJ
fsr-3206	84	4	purpose	purpose	NOUN
fsr-3206	84	5	equity	equity	NOUN
fsr-3206	84	6	funds	fund	NOUN
fsr-3206	84	7	as	as	ADP
fsr-3206	84	8	value	value	NOUN
fsr-3206	84	9	(	(	PUNCT
fsr-3206	84	10	growth	growth	NOUN
fsr-3206	84	11	)	)	PUNCT
fsr-3206	84	12	if	if	SCONJ
fsr-3206	84	13	the	the	DET
fsr-3206	84	14	fund	fund	NOUN
fsr-3206	84	15	has	have	VERB
fsr-3206	84	16	low	low	ADJ
fsr-3206	84	17	(	(	PUNCT
fsr-3206	84	18	high	high	ADJ
fsr-3206	84	19	)	)	PUNCT
fsr-3206	84	20	valuations	valuation	NOUN
fsr-3206	84	21	(	(	PUNCT
fsr-3206	84	22	i.e.	i.e.	X
fsr-3206	84	23	,	,	PUNCT
fsr-3206	84	24	low	low	ADJ
fsr-3206	84	25	[	[	X
fsr-3206	84	26	high	high	ADJ
fsr-3206	84	27	]	]	PUNCT
fsr-3206	84	28	price	price	NOUN
fsr-3206	84	29	to	to	ADP
fsr-3206	84	30	earnings	earning	NOUN
fsr-3206	84	31	ratios	ratio	NOUN
fsr-3206	84	32	and	and	CCONJ
fsr-3206	84	33	high	high	ADJ
fsr-3206	84	34	[	[	X
fsr-3206	84	35	low	low	ADJ
fsr-3206	84	36	]	]	PUNCT
fsr-3206	84	37	dividend	dividend	NOUN
fsr-3206	84	38	yields	yield	NOUN
fsr-3206	84	39	)	)	PUNCT
fsr-3206	84	40	and	and	CCONJ
fsr-3206	84	41	slow	slow	ADJ
fsr-3206	84	42	(	(	PUNCT
fsr-3206	84	43	fast	fast	ADJ
fsr-3206	84	44	)	)	PUNCT
fsr-3206	84	45	growth	growth	NOUN
fsr-3206	84	46	(	(	PUNCT
fsr-3206	84	47	i.e.	i.e.	X
fsr-3206	84	48	,	,	PUNCT
fsr-3206	84	49	low	low	ADJ
fsr-3206	84	50	[	[	X
fsr-3206	84	51	high	high	ADJ
fsr-3206	84	52	]	]	PUNCT
fsr-3206	84	53	growth	growth	NOUN
fsr-3206	84	54	rates	rate	NOUN
fsr-3206	84	55	for	for	ADP
fsr-3206	84	56	earnings	earning	NOUN
fsr-3206	84	57	,	,	PUNCT
fsr-3206	84	58	sales	sale	NOUN
fsr-3206	84	59	,	,	PUNCT
fsr-3206	84	60	book	book	NOUN
fsr-3206	84	61	value	value	NOUN
fsr-3206	84	62	,	,	PUNCT
fsr-3206	84	63	and	and	CCONJ
fsr-3206	84	64	cash	cash	NOUN
fsr-3206	84	65	flow	flow	NOUN
fsr-3206	84	66	)	)	PUNCT
fsr-3206	84	67	.	.	PUNCT
fsr-3206	85	1	general	general	ADJ
fsr-3206	85	2	purpose	purpose	NOUN
fsr-3206	85	3	funds	fund	NOUN
fsr-3206	85	4	not	not	PART
fsr-3206	85	5	344	344	NUM
fsr-3206	85	6	g.	g.	NOUN
fsr-3206	85	7	pettengill	pettengill	PROPN
fsr-3206	85	8	et	et	PROPN
fsr-3206	85	9	al	al	PROPN
fsr-3206	85	10	.	.	PUNCT
fsr-3206	85	11	/	/	SYM
fsr-3206	85	12	financial	financial	ADJ
fsr-3206	85	13	services	service	NOUN
fsr-3206	85	14	review	review	VERB
fsr-3206	85	15	23	23	NUM
fsr-3206	85	16	(	(	PUNCT
fsr-3206	85	17	2014	2014	NUM
fsr-3206	85	18	)	)	PUNCT
fsr-3206	86	1	341–359	341–359	NUM
fsr-3206	86	2	meeting	meet	VERB
fsr-3206	86	3	these	these	DET
fsr-3206	86	4	categories	category	NOUN
fsr-3206	86	5	are	be	AUX
fsr-3206	86	6	classified	classify	VERB
fsr-3206	86	7	as	as	ADP
fsr-3206	86	8	blended	blend	VERB
fsr-3206	86	9	funds	fund	NOUN
fsr-3206	86	10	.	.	PUNCT
fsr-3206	87	1	morningstar	morningstar	PROPN
fsr-3206	87	2	also	also	ADV
fsr-3206	87	3	characterizes	characterize	VERB
fsr-3206	87	4	funds	fund	NOUN
fsr-3206	87	5	by	by	ADP
fsr-3206	87	6	size	size	NOUN
fsr-3206	87	7	as	as	ADP
fsr-3206	87	8	small	small	ADJ
fsr-3206	87	9	,	,	PUNCT
fsr-3206	87	10	mid	mid	ADJ
fsr-3206	87	11	,	,	PUNCT
fsr-3206	87	12	and	and	CCONJ
fsr-3206	87	13	large	large	ADJ
fsr-3206	87	14	-	-	PUNCT
fsr-3206	87	15	firm	firm	NOUN
fsr-3206	87	16	funds	fund	NOUN
fsr-3206	87	17	.	.	PUNCT
fsr-3206	88	1	we	we	PRON
fsr-3206	88	2	compare	compare	VERB
fsr-3206	88	3	value	value	NOUN
fsr-3206	88	4	and	and	CCONJ
fsr-3206	88	5	growth	growth	NOUN
fsr-3206	88	6	funds	fund	NOUN
fsr-3206	88	7	within	within	ADP
fsr-3206	88	8	each	each	PRON
fsr-3206	88	9	of	of	ADP
fsr-3206	88	10	these	these	DET
fsr-3206	88	11	three	three	NUM
fsr-3206	88	12	size	size	NOUN
fsr-3206	88	13	categories	category	NOUN
fsr-3206	88	14	.	.	PUNCT
fsr-3206	89	1	to	to	PART
fsr-3206	89	2	provide	provide	VERB
fsr-3206	89	3	consistency	consistency	NOUN
fsr-3206	89	4	over	over	ADP
fsr-3206	89	5	time	time	NOUN
fsr-3206	89	6	,	,	PUNCT
fsr-3206	89	7	we	we	PRON
fsr-3206	89	8	include	include	VERB
fsr-3206	89	9	in	in	ADP
fsr-3206	89	10	our	our	PRON
fsr-3206	89	11	sample	sample	NOUN
fsr-3206	89	12	only	only	ADV
fsr-3206	89	13	those	those	DET
fsr-3206	89	14	funds	fund	NOUN
fsr-3206	89	15	that	that	PRON
fsr-3206	89	16	have	have	VERB
fsr-3206	89	17	the	the	DET
fsr-3206	89	18	same	same	ADJ
fsr-3206	89	19	morningstar	morningstar	NOUN
fsr-3206	89	20	classification	classification	NOUN
fsr-3206	89	21	throughout	throughout	ADP
fsr-3206	89	22	the	the	DET
fsr-3206	89	23	sample	sample	NOUN
fsr-3206	89	24	period	period	NOUN
fsr-3206	89	25	.	.	PUNCT
fsr-3206	90	1	for	for	ADP
fsr-3206	90	2	each	each	PRON
fsr-3206	90	3	of	of	ADP
fsr-3206	90	4	the	the	DET
fsr-3206	90	5	three	three	NUM
fsr-3206	90	6	size	size	NOUN
fsr-3206	90	7	classifications	classification	NOUN
fsr-3206	90	8	,	,	PUNCT
fsr-3206	90	9	we	we	PRON
fsr-3206	90	10	create	create	VERB
fsr-3206	90	11	a	a	DET
fsr-3206	90	12	value	value	NOUN
fsr-3206	90	13	superfund	superfund	NOUN
fsr-3206	90	14	containing	contain	VERB
fsr-3206	90	15	all	all	PRON
fsr-3206	90	16	of	of	ADP
fsr-3206	90	17	the	the	DET
fsr-3206	90	18	value	value	NOUN
fsr-3206	90	19	mutual	mutual	ADJ
fsr-3206	90	20	funds	fund	NOUN
fsr-3206	90	21	available	available	ADJ
fsr-3206	90	22	in	in	ADP
fsr-3206	90	23	a	a	DET
fsr-3206	90	24	given	give	VERB
fsr-3206	90	25	month	month	NOUN
fsr-3206	90	26	and	and	CCONJ
fsr-3206	90	27	a	a	DET
fsr-3206	90	28	growth	growth	NOUN
fsr-3206	90	29	superfund	superfund	NOUN
fsr-3206	90	30	containing	contain	VERB
fsr-3206	90	31	all	all	PRON
fsr-3206	90	32	of	of	ADP
fsr-3206	90	33	the	the	DET
fsr-3206	90	34	growth	growth	NOUN
fsr-3206	90	35	mutual	mutual	ADJ
fsr-3206	90	36	funds	fund	NOUN
fsr-3206	90	37	available	available	ADJ
fsr-3206	90	38	in	in	ADP
fsr-3206	90	39	a	a	DET
fsr-3206	90	40	given	give	VERB
fsr-3206	90	41	month	month	NOUN
fsr-3206	90	42	.	.	PUNCT
fsr-3206	91	1	we	we	PRON
fsr-3206	91	2	determine	determine	VERB
fsr-3206	91	3	the	the	DET
fsr-3206	91	4	return	return	NOUN
fsr-3206	91	5	to	to	ADP
fsr-3206	91	6	each	each	DET
fsr-3206	91	7	superfund	superfund	PROPN
fsr-3206	91	8	as	as	ADP
fsr-3206	91	9	the	the	DET
fsr-3206	91	10	equally	equally	ADV
fsr-3206	91	11	weighted	weighted	ADJ
fsr-3206	91	12	return	return	NOUN
fsr-3206	91	13	of	of	ADP
fsr-3206	91	14	all	all	DET
fsr-3206	91	15	funds	fund	NOUN
fsr-3206	91	16	within	within	ADP
fsr-3206	91	17	the	the	DET
fsr-3206	91	18	superfund	superfund	NOUN
fsr-3206	91	19	.	.	PUNCT
fsr-3206	92	1	to	to	PART
fsr-3206	92	2	ensure	ensure	VERB
fsr-3206	92	3	statistical	statistical	ADJ
fsr-3206	92	4	accuracy	accuracy	NOUN
fsr-3206	92	5	,	,	PUNCT
fsr-3206	92	6	we	we	PRON
fsr-3206	92	7	require	require	VERB
fsr-3206	92	8	that	that	SCONJ
fsr-3206	92	9	there	there	PRON
fsr-3206	92	10	are	be	VERB
fsr-3206	92	11	at	at	ADV
fsr-3206	92	12	least	least	ADV
fsr-3206	92	13	30	30	NUM
fsr-3206	92	14	individual	individual	ADJ
fsr-3206	92	15	mutual	mutual	ADJ
fsr-3206	92	16	funds	fund	NOUN
fsr-3206	92	17	for	for	ADP
fsr-3206	92	18	both	both	PRON
fsr-3206	92	19	value	value	NOUN
fsr-3206	92	20	and	and	CCONJ
fsr-3206	92	21	growth	growth	NOUN
fsr-3206	92	22	funds	fund	NOUN
fsr-3206	92	23	before	before	SCONJ
fsr-3206	92	24	we	we	PRON
fsr-3206	92	25	include	include	VERB
fsr-3206	92	26	either	either	CCONJ
fsr-3206	92	27	superfund	superfund	PROPN
fsr-3206	92	28	return	return	NOUN
fsr-3206	92	29	in	in	ADP
fsr-3206	92	30	our	our	PRON
fsr-3206	92	31	sample	sample	NOUN
fsr-3206	92	32	.	.	PUNCT
fsr-3206	93	1	across	across	ADP
fsr-3206	93	2	all	all	DET
fsr-3206	93	3	three	three	NUM
fsr-3206	93	4	size	size	NOUN
fsr-3206	93	5	groups	group	NOUN
fsr-3206	93	6	there	there	PRON
fsr-3206	93	7	are	be	VERB
fsr-3206	93	8	more	more	ADJ
fsr-3206	93	9	growth	growth	NOUN
fsr-3206	93	10	funds	fund	NOUN
fsr-3206	93	11	than	than	ADP
fsr-3206	93	12	value	value	NOUN
fsr-3206	93	13	funds	fund	NOUN
fsr-3206	93	14	.	.	PUNCT
fsr-3206	94	1	thus	thus	ADV
fsr-3206	94	2	,	,	PUNCT
fsr-3206	94	3	for	for	ADP
fsr-3206	94	4	each	each	DET
fsr-3206	94	5	size	size	NOUN
fsr-3206	94	6	grouping	group	VERB
fsr-3206	94	7	our	our	PRON
fsr-3206	94	8	sample	sample	NOUN
fsr-3206	94	9	begins	begin	VERB
fsr-3206	94	10	when	when	SCONJ
fsr-3206	94	11	there	there	PRON
fsr-3206	94	12	are	be	VERB
fsr-3206	94	13	a	a	DET
fsr-3206	94	14	sufficient	sufficient	ADJ
fsr-3206	94	15	number	number	NOUN
fsr-3206	94	16	of	of	ADP
fsr-3206	94	17	value	value	NOUN
fsr-3206	94	18	funds	fund	NOUN
fsr-3206	94	19	and	and	CCONJ
fsr-3206	94	20	continues	continue	VERB
fsr-3206	94	21	through	through	ADP
fsr-3206	94	22	december	december	PROPN
fsr-3206	94	23	2012	2012	NUM
fsr-3206	94	24	.	.	PUNCT
fsr-3206	95	1	subject	subject	ADJ
fsr-3206	95	2	to	to	ADP
fsr-3206	95	3	this	this	DET
fsr-3206	95	4	restriction	restriction	NOUN
fsr-3206	95	5	,	,	PUNCT
fsr-3206	95	6	the	the	DET
fsr-3206	95	7	small	small	ADJ
fsr-3206	95	8	-	-	PUNCT
fsr-3206	95	9	firm	firm	NOUN
fsr-3206	95	10	sample	sample	NOUN
fsr-3206	95	11	begins	begin	VERB
fsr-3206	95	12	in	in	ADP
fsr-3206	95	13	january	january	PROPN
fsr-3206	95	14	1993	1993	NUM
fsr-3206	95	15	;	;	PUNCT
fsr-3206	95	16	the	the	DET
fsr-3206	95	17	mid	mid	ADJ
fsr-3206	95	18	-	-	ADJ
fsr-3206	95	19	firm	firm	ADJ
fsr-3206	95	20	sample	sample	NOUN
fsr-3206	95	21	begins	begin	VERB
fsr-3206	95	22	in	in	ADP
fsr-3206	95	23	july	july	PROPN
fsr-3206	95	24	1993	1993	NUM
fsr-3206	95	25	;	;	PUNCT
fsr-3206	95	26	and	and	CCONJ
fsr-3206	95	27	the	the	DET
fsr-3206	95	28	large	large	ADJ
fsr-3206	95	29	-	-	PUNCT
fsr-3206	95	30	firm	firm	NOUN
fsr-3206	95	31	sample	sample	NOUN
fsr-3206	95	32	begins	begin	VERB
fsr-3206	95	33	in	in	ADP
fsr-3206	95	34	august	august	PROPN
fsr-3206	95	35	1984	1984	NUM
fsr-3206	95	36	.	.	PUNCT
fsr-3206	96	1	there	there	PRON
fsr-3206	96	2	are	be	VERB
fsr-3206	96	3	118,539	118,539	NUM
fsr-3206	96	4	(	(	PUNCT
fsr-3206	96	5	120,375	120,375	NUM
fsr-3206	96	6	)	)	PUNCT
fsr-3206	96	7	monthly	monthly	ADJ
fsr-3206	96	8	observations	observation	NOUN
fsr-3206	96	9	for	for	ADP
fsr-3206	96	10	small	small	ADJ
fsr-3206	96	11	-	-	PUNCT
fsr-3206	96	12	firm	firm	NOUN
fsr-3206	96	13	(	(	PUNCT
fsr-3206	96	14	midsize	midsize	NOUN
fsr-3206	96	15	)	)	PUNCT
fsr-3206	96	16	growth	growth	NOUN
fsr-3206	96	17	funds	fund	NOUN
fsr-3206	96	18	and	and	CCONJ
fsr-3206	96	19	44,673	44,673	NUM
fsr-3206	96	20	(	(	PUNCT
fsr-3206	96	21	47,921	47,921	NUM
fsr-3206	96	22	)	)	PUNCT
fsr-3206	96	23	monthly	monthly	ADJ
fsr-3206	96	24	observations	observation	NOUN
fsr-3206	96	25	for	for	ADP
fsr-3206	96	26	small	small	ADJ
fsr-3206	96	27	-	-	PUNCT
fsr-3206	96	28	firm	firm	NOUN
fsr-3206	96	29	(	(	PUNCT
fsr-3206	96	30	midsize	midsize	NOUN
fsr-3206	96	31	)	)	PUNCT
fsr-3206	96	32	value	value	NOUN
fsr-3206	96	33	funds	fund	NOUN
fsr-3206	96	34	.	.	PUNCT
fsr-3206	97	1	the	the	DET
fsr-3206	97	2	sample	sample	NOUN
fsr-3206	97	3	size	size	NOUN
fsr-3206	97	4	is	be	AUX
fsr-3206	97	5	much	much	ADV
fsr-3206	97	6	higher	high	ADJ
fsr-3206	97	7	for	for	ADP
fsr-3206	97	8	the	the	DET
fsr-3206	97	9	large	large	ADJ
fsr-3206	97	10	firm	firm	ADJ
fsr-3206	97	11	funds	fund	NOUN
fsr-3206	97	12	both	both	CCONJ
fsr-3206	97	13	because	because	SCONJ
fsr-3206	97	14	of	of	ADP
fsr-3206	97	15	the	the	DET
fsr-3206	97	16	larger	large	ADJ
fsr-3206	97	17	sample	sample	NOUN
fsr-3206	97	18	period	period	NOUN
fsr-3206	97	19	and	and	CCONJ
fsr-3206	97	20	the	the	DET
fsr-3206	97	21	larger	large	ADJ
fsr-3206	97	22	number	number	NOUN
fsr-3206	97	23	of	of	ADP
fsr-3206	97	24	observations	observation	NOUN
fsr-3206	97	25	each	each	DET
fsr-3206	97	26	month	month	NOUN
fsr-3206	97	27	.	.	PUNCT
fsr-3206	98	1	there	there	PRON
fsr-3206	98	2	are	be	VERB
fsr-3206	98	3	185,026	185,026	NUM
fsr-3206	98	4	monthly	monthly	ADJ
fsr-3206	98	5	observations	observation	NOUN
fsr-3206	98	6	for	for	ADP
fsr-3206	98	7	the	the	DET
fsr-3206	98	8	large	large	ADJ
fsr-3206	98	9	-	-	PUNCT
fsr-3206	98	10	firm	firm	NOUN
fsr-3206	98	11	value	value	NOUN
fsr-3206	98	12	funds	fund	NOUN
fsr-3206	98	13	;	;	PUNCT
fsr-3206	98	14	and	and	CCONJ
fsr-3206	98	15	245,994	245,994	NUM
fsr-3206	98	16	monthly	monthly	ADJ
fsr-3206	98	17	observations	observation	NOUN
fsr-3206	98	18	for	for	ADP
fsr-3206	98	19	the	the	DET
fsr-3206	98	20	large	large	ADJ
fsr-3206	98	21	-	-	PUNCT
fsr-3206	98	22	firm	firm	NOUN
fsr-3206	98	23	growth	growth	NOUN
fsr-3206	98	24	funds	fund	NOUN
fsr-3206	98	25	.	.	PUNCT
fsr-3206	99	1	to	to	PART
fsr-3206	99	2	summarize	summarize	VERB
fsr-3206	99	3	,	,	PUNCT
fsr-3206	99	4	our	our	PRON
fsr-3206	99	5	sample	sample	NOUN
fsr-3206	99	6	data	datum	NOUN
fsr-3206	99	7	allow	allow	VERB
fsr-3206	99	8	comparisons	comparison	NOUN
fsr-3206	99	9	between	between	ADP
fsr-3206	99	10	value	value	NOUN
fsr-3206	99	11	and	and	CCONJ
fsr-3206	99	12	growth	growth	NOUN
fsr-3206	99	13	index	index	NOUN
fsr-3206	99	14	funds	fund	NOUN
fsr-3206	99	15	using	use	VERB
fsr-3206	99	16	the	the	DET
fsr-3206	99	17	russell	russell	PROPN
fsr-3206	99	18	2000	2000	NUM
fsr-3206	99	19	for	for	ADP
fsr-3206	99	20	small	small	ADJ
fsr-3206	99	21	firms	firm	NOUN
fsr-3206	99	22	and	and	CCONJ
fsr-3206	99	23	russell	russell	PROPN
fsr-3206	99	24	1000	1000	NUM
fsr-3206	99	25	for	for	ADP
fsr-3206	99	26	large	large	ADJ
fsr-3206	99	27	firms	firm	NOUN
fsr-3206	99	28	as	as	ADP
fsr-3206	99	29	proxies	proxy	NOUN
fsr-3206	99	30	for	for	ADP
fsr-3206	99	31	index	index	NOUN
fsr-3206	99	32	funds	fund	NOUN
fsr-3206	99	33	.	.	PUNCT
fsr-3206	100	1	for	for	ADP
fsr-3206	100	2	these	these	DET
fsr-3206	100	3	comparisons	comparison	NOUN
fsr-3206	100	4	we	we	PRON
fsr-3206	100	5	have	have	VERB
fsr-3206	100	6	data	datum	NOUN
fsr-3206	100	7	from	from	ADP
fsr-3206	100	8	january	january	PROPN
fsr-3206	100	9	1979	1979	NUM
fsr-3206	100	10	through	through	ADP
fsr-3206	100	11	2012	2012	NUM
fsr-3206	100	12	.	.	PUNCT
fsr-3206	101	1	to	to	PART
fsr-3206	101	2	compare	compare	VERB
fsr-3206	101	3	the	the	DET
fsr-3206	101	4	performance	performance	NOUN
fsr-3206	101	5	of	of	ADP
fsr-3206	101	6	managed	manage	VERB
fsr-3206	101	7	value	value	NOUN
fsr-3206	101	8	and	and	CCONJ
fsr-3206	101	9	growth	growth	NOUN
fsr-3206	101	10	funds	fund	NOUN
fsr-3206	101	11	we	we	PRON
fsr-3206	101	12	collect	collect	VERB
fsr-3206	101	13	data	datum	NOUN
fsr-3206	101	14	from	from	ADP
fsr-3206	101	15	the	the	DET
fsr-3206	101	16	morningstar	morningstar	PROPN
fsr-3206	101	17	data	data	PROPN
fsr-3206	101	18	base	base	NOUN
fsr-3206	101	19	to	to	PART
fsr-3206	101	20	build	build	VERB
fsr-3206	101	21	portfolios	portfolio	NOUN
fsr-3206	101	22	of	of	ADP
fsr-3206	101	23	value	value	NOUN
fsr-3206	101	24	and	and	CCONJ
fsr-3206	101	25	growth	growth	NOUN
fsr-3206	101	26	mutual	mutual	ADJ
fsr-3206	101	27	funds	fund	NOUN
fsr-3206	101	28	.	.	PUNCT
fsr-3206	102	1	these	these	DET
fsr-3206	102	2	portfolios	portfolio	NOUN
fsr-3206	102	3	are	be	AUX
fsr-3206	102	4	subdivided	subdivide	VERB
fsr-3206	102	5	into	into	ADP
fsr-3206	102	6	small	small	ADJ
fsr-3206	102	7	-	-	PUNCT
fsr-3206	102	8	firm	firm	ADJ
fsr-3206	102	9	,	,	PUNCT
fsr-3206	102	10	midsized	midsized	ADJ
fsr-3206	102	11	firm	firm	NOUN
fsr-3206	102	12	,	,	PUNCT
fsr-3206	102	13	and	and	CCONJ
fsr-3206	102	14	large	large	ADJ
fsr-3206	102	15	-	-	PUNCT
fsr-3206	102	16	firm	firm	NOUN
fsr-3206	102	17	portfolios	portfolio	NOUN
fsr-3206	102	18	.	.	PUNCT
fsr-3206	103	1	our	our	PRON
fsr-3206	103	2	sample	sample	NOUN
fsr-3206	103	3	period	period	NOUN
fsr-3206	103	4	for	for	ADP
fsr-3206	103	5	these	these	DET
fsr-3206	103	6	comparisons	comparison	NOUN
fsr-3206	103	7	all	all	PRON
fsr-3206	103	8	begin	begin	VERB
fsr-3206	103	9	later	later	ADV
fsr-3206	103	10	than	than	ADP
fsr-3206	103	11	the	the	DET
fsr-3206	103	12	beginning	beginning	NOUN
fsr-3206	103	13	of	of	ADP
fsr-3206	103	14	the	the	DET
fsr-3206	103	15	sample	sample	NOUN
fsr-3206	103	16	period	period	NOUN
fsr-3206	103	17	for	for	ADP
fsr-3206	103	18	the	the	DET
fsr-3206	103	19	index	index	NOUN
fsr-3206	103	20	fund	fund	NOUN
fsr-3206	103	21	portfolios	portfolio	NOUN
fsr-3206	103	22	.	.	PUNCT
fsr-3206	104	1	all	all	DET
fsr-3206	104	2	sample	sample	NOUN
fsr-3206	104	3	periods	period	NOUN
fsr-3206	104	4	end	end	VERB
fsr-3206	104	5	at	at	ADP
fsr-3206	104	6	december	december	PROPN
fsr-3206	104	7	2012	2012	NUM
fsr-3206	104	8	.	.	PUNCT
fsr-3206	105	1	as	as	SCONJ
fsr-3206	105	2	shown	show	VERB
fsr-3206	105	3	in	in	ADP
fsr-3206	105	4	the	the	DET
fsr-3206	105	5	next	next	ADJ
fsr-3206	105	6	section	section	NOUN
fsr-3206	105	7	these	these	DET
fsr-3206	105	8	comparisons	comparison	NOUN
fsr-3206	105	9	strongly	strongly	ADV
fsr-3206	105	10	favor	favor	VERB
fsr-3206	105	11	the	the	DET
fsr-3206	105	12	selection	selection	NOUN
fsr-3206	105	13	of	of	ADP
fsr-3206	105	14	value	value	NOUN
fsr-3206	105	15	funds	fund	NOUN
fsr-3206	105	16	.	.	PUNCT
fsr-3206	106	1	4	4	X
fsr-3206	106	2	.	.	X
fsr-3206	106	3	empirical	empirical	ADJ
fsr-3206	106	4	results	result	NOUN
fsr-3206	106	5	in	in	ADP
fsr-3206	106	6	this	this	DET
fsr-3206	106	7	section	section	NOUN
fsr-3206	106	8	we	we	PRON
fsr-3206	106	9	report	report	VERB
fsr-3206	106	10	on	on	ADP
fsr-3206	106	11	the	the	DET
fsr-3206	106	12	relative	relative	ADJ
fsr-3206	106	13	performance	performance	NOUN
fsr-3206	106	14	of	of	ADP
fsr-3206	106	15	value	value	NOUN
fsr-3206	106	16	and	and	CCONJ
fsr-3206	106	17	growth	growth	NOUN
fsr-3206	106	18	mutual	mutual	ADJ
fsr-3206	106	19	funds	fund	NOUN
fsr-3206	106	20	across	across	ADP
fsr-3206	106	21	five	five	NUM
fsr-3206	106	22	matching	matching	NOUN
fsr-3206	106	23	data	data	NOUN
fsr-3206	106	24	sets	set	NOUN
fsr-3206	106	25	.	.	PUNCT
fsr-3206	107	1	in	in	ADP
fsr-3206	107	2	the	the	DET
fsr-3206	107	3	first	first	ADJ
fsr-3206	107	4	set	set	NOUN
fsr-3206	107	5	of	of	ADP
fsr-3206	107	6	comparisons	comparison	NOUN
fsr-3206	107	7	,	,	PUNCT
fsr-3206	107	8	we	we	PRON
fsr-3206	107	9	examine	examine	VERB
fsr-3206	107	10	risk	risk	NOUN
fsr-3206	107	11	and	and	CCONJ
fsr-3206	107	12	return	return	VERB
fsr-3206	107	13	summary	summary	NOUN
fsr-3206	107	14	measures	measure	NOUN
fsr-3206	107	15	.	.	PUNCT
fsr-3206	108	1	we	we	PRON
fsr-3206	108	2	compare	compare	VERB
fsr-3206	108	3	average	average	ADJ
fsr-3206	108	4	monthly	monthly	ADJ
fsr-3206	108	5	returns	return	NOUN
fsr-3206	108	6	,	,	PUNCT
fsr-3206	108	7	total	total	ADJ
fsr-3206	108	8	risk	risk	NOUN
fsr-3206	108	9	based	base	VERB
fsr-3206	108	10	on	on	ADP
fsr-3206	108	11	realized	realize	VERB
fsr-3206	108	12	monthly	monthly	ADJ
fsr-3206	108	13	return	return	NOUN
fsr-3206	108	14	variations	variation	NOUN
fsr-3206	108	15	,	,	PUNCT
fsr-3206	108	16	and	and	CCONJ
fsr-3206	108	17	the	the	DET
fsr-3206	108	18	risk	risk	NOUN
fsr-3206	108	19	-	-	PUNCT
fsr-3206	108	20	return	return	NOUN
fsr-3206	108	21	tradeoff	tradeoff	NOUN
fsr-3206	108	22	using	use	VERB
fsr-3206	108	23	the	the	DET
fsr-3206	108	24	sharpe	sharpe	NOUN
fsr-3206	108	25	ratio	ratio	NOUN
fsr-3206	108	26	.	.	PUNCT
fsr-3206	109	1	because	because	SCONJ
fsr-3206	109	2	mutual	mutual	ADJ
fsr-3206	109	3	fund	fund	NOUN
fsr-3206	109	4	investors	investor	NOUN
fsr-3206	109	5	are	be	AUX
fsr-3206	109	6	ultimately	ultimately	ADV
fsr-3206	109	7	interested	interested	ADJ
fsr-3206	109	8	in	in	ADP
fsr-3206	109	9	wealth	wealth	NOUN
fsr-3206	109	10	creation	creation	NOUN
fsr-3206	109	11	,	,	PUNCT
fsr-3206	109	12	and	and	CCONJ
fsr-3206	109	13	because	because	SCONJ
fsr-3206	109	14	of	of	ADP
fsr-3206	109	15	potential	potential	ADJ
fsr-3206	109	16	bias	bias	NOUN
fsr-3206	109	17	with	with	ADP
fsr-3206	109	18	the	the	DET
fsr-3206	109	19	arithmetic	arithmetic	ADJ
fsr-3206	109	20	mean	mean	NOUN
fsr-3206	109	21	in	in	ADP
fsr-3206	109	22	estimating	estimate	VERB
fsr-3206	109	23	end	end	NOUN
fsr-3206	109	24	wealth	wealth	NOUN
fsr-3206	109	25	,	,	PUNCT
fsr-3206	109	26	for	for	ADP
fsr-3206	109	27	each	each	PRON
fsr-3206	109	28	of	of	ADP
fsr-3206	109	29	the	the	DET
fsr-3206	109	30	10	10	NUM
fsr-3206	109	31	portfolios	portfolio	NOUN
fsr-3206	109	32	we	we	PRON
fsr-3206	109	33	calculate	calculate	VERB
fsr-3206	109	34	end	end	NOUN
fsr-3206	109	35	wealth	wealth	NOUN
fsr-3206	109	36	from	from	ADP
fsr-3206	109	37	an	an	DET
fsr-3206	109	38	initial	initial	ADJ
fsr-3206	109	39	investment	investment	NOUN
fsr-3206	109	40	of	of	ADP
fsr-3206	109	41	$	$	SYM
fsr-3206	109	42	10,000	10,000	NUM
fsr-3206	109	43	at	at	ADP
fsr-3206	109	44	the	the	DET
fsr-3206	109	45	start	start	NOUN
fsr-3206	109	46	of	of	ADP
fsr-3206	109	47	the	the	DET
fsr-3206	109	48	sample	sample	NOUN
fsr-3206	109	49	period	period	NOUN
fsr-3206	109	50	.	.	PUNCT
fsr-3206	110	1	based	base	VERB
fsr-3206	110	2	on	on	ADP
fsr-3206	110	3	the	the	DET
fsr-3206	110	4	calculated	calculated	ADJ
fsr-3206	110	5	end	end	NOUN
fsr-3206	110	6	wealth	wealth	NOUN
fsr-3206	110	7	,	,	PUNCT
fsr-3206	110	8	we	we	PRON
fsr-3206	110	9	determine	determine	VERB
fsr-3206	110	10	the	the	DET
fsr-3206	110	11	geometric	geometric	ADJ
fsr-3206	110	12	mean	mean	NOUN
fsr-3206	110	13	return	return	NOUN
fsr-3206	110	14	for	for	ADP
fsr-3206	110	15	all	all	DET
fsr-3206	110	16	10	10	NUM
fsr-3206	110	17	portfolios	portfolio	NOUN
fsr-3206	110	18	.	.	PUNCT
fsr-3206	111	1	results	result	NOUN
fsr-3206	111	2	from	from	ADP
fsr-3206	111	3	these	these	DET
fsr-3206	111	4	tests	test	NOUN
fsr-3206	111	5	support	support	VERB
fsr-3206	111	6	the	the	DET
fsr-3206	111	7	supposition	supposition	NOUN
fsr-3206	111	8	that	that	SCONJ
fsr-3206	111	9	investors	investor	NOUN
fsr-3206	111	10	can	can	AUX
fsr-3206	111	11	benefit	benefit	VERB
fsr-3206	111	12	from	from	ADP
fsr-3206	111	13	the	the	DET
fsr-3206	111	14	selection	selection	NOUN
fsr-3206	111	15	of	of	ADP
fsr-3206	111	16	value	value	NOUN
fsr-3206	111	17	funds	fund	NOUN
fsr-3206	111	18	relative	relative	ADJ
fsr-3206	111	19	to	to	ADP
fsr-3206	111	20	growth	growth	NOUN
fsr-3206	111	21	funds	fund	NOUN
fsr-3206	111	22	.	.	PUNCT
fsr-3206	112	1	because	because	SCONJ
fsr-3206	112	2	these	these	DET
fsr-3206	112	3	results	result	NOUN
fsr-3206	112	4	are	be	AUX
fsr-3206	112	5	at	at	ADP
fsr-3206	112	6	variance	variance	NOUN
fsr-3206	112	7	with	with	ADP
fsr-3206	112	8	previous	previous	ADJ
fsr-3206	112	9	studies	study	NOUN
fsr-3206	112	10	,	,	PUNCT
fsr-3206	112	11	in	in	ADP
fsr-3206	112	12	the	the	DET
fsr-3206	112	13	final	final	ADJ
fsr-3206	112	14	segment	segment	NOUN
fsr-3206	112	15	of	of	ADP
fsr-3206	112	16	this	this	DET
fsr-3206	112	17	section	section	NOUN
fsr-3206	112	18	we	we	PRON
fsr-3206	112	19	rationalize	rationalize	VERB
fsr-3206	112	20	the	the	DET
fsr-3206	112	21	difference	difference	NOUN
fsr-3206	112	22	between	between	ADP
fsr-3206	112	23	our	our	PRON
fsr-3206	112	24	findings	finding	NOUN
fsr-3206	112	25	and	and	CCONJ
fsr-3206	112	26	previous	previous	ADJ
fsr-3206	112	27	findings	finding	NOUN
fsr-3206	112	28	.	.	PUNCT
fsr-3206	113	1	345	345	NUM
fsr-3206	113	2	g.	g.	NOUN
fsr-3206	113	3	pettengill	pettengill	PROPN
fsr-3206	113	4	et	et	PROPN
fsr-3206	113	5	al	al	PROPN
fsr-3206	113	6	.	.	PUNCT
fsr-3206	113	7	/	/	SYM
fsr-3206	113	8	financial	financial	ADJ
fsr-3206	113	9	services	service	NOUN
fsr-3206	113	10	review	review	VERB
fsr-3206	113	11	23	23	NUM
fsr-3206	113	12	(	(	PUNCT
fsr-3206	113	13	2014	2014	NUM
fsr-3206	113	14	)	)	PUNCT
fsr-3206	114	1	341–359	341–359	NUM
fsr-3206	114	2	4.1	4.1	NUM
fsr-3206	114	3	.	.	PUNCT
fsr-3206	115	1	comparisons	comparison	NOUN
fsr-3206	115	2	of	of	ADP
fsr-3206	115	3	monthly	monthly	ADJ
fsr-3206	115	4	returns	return	NOUN
fsr-3206	115	5	:	:	PUNCT
fsr-3206	115	6	arithmetic	arithmetic	ADJ
fsr-3206	115	7	mean	mean	NOUN
fsr-3206	115	8	,	,	PUNCT
fsr-3206	115	9	return	return	NOUN
fsr-3206	115	10	variance	variance	NOUN
fsr-3206	115	11	,	,	PUNCT
fsr-3206	115	12	sharpe	sharpe	PROPN
fsr-3206	115	13	ratio	ratio	NOUN
fsr-3206	115	14	comparisons	comparison	NOUN
fsr-3206	115	15	of	of	ADP
fsr-3206	115	16	monthly	monthly	ADJ
fsr-3206	115	17	mean	mean	NOUN
fsr-3206	115	18	returns	return	NOUN
fsr-3206	115	19	,	,	PUNCT
fsr-3206	115	20	variance	variance	NOUN
fsr-3206	115	21	of	of	ADP
fsr-3206	115	22	monthly	monthly	ADJ
fsr-3206	115	23	mean	mean	NOUN
fsr-3206	115	24	returns	return	NOUN
fsr-3206	115	25	and	and	CCONJ
fsr-3206	115	26	sharpe	sharpe	NOUN
fsr-3206	115	27	ratios	ratio	NOUN
fsr-3206	115	28	across	across	ADP
fsr-3206	115	29	the	the	DET
fsr-3206	115	30	five	five	NUM
fsr-3206	115	31	matched	match	VERB
fsr-3206	115	32	portfolios	portfolio	NOUN
fsr-3206	115	33	are	be	AUX
fsr-3206	115	34	shown	show	VERB
fsr-3206	115	35	in	in	ADP
fsr-3206	115	36	table	table	NOUN
fsr-3206	115	37	1	1	NUM
fsr-3206	115	38	.	.	PUNCT
fsr-3206	116	1	in	in	ADP
fsr-3206	116	2	four	four	NUM
fsr-3206	116	3	of	of	ADP
fsr-3206	116	4	the	the	DET
fsr-3206	116	5	five	five	NUM
fsr-3206	116	6	comparisons	comparison	NOUN
fsr-3206	116	7	the	the	DET
fsr-3206	116	8	average	average	ADJ
fsr-3206	116	9	return	return	NOUN
fsr-3206	116	10	is	be	AUX
fsr-3206	116	11	greater	great	ADJ
fsr-3206	116	12	for	for	ADP
fsr-3206	116	13	the	the	DET
fsr-3206	116	14	value	value	NOUN
fsr-3206	116	15	portfolio	portfolio	NOUN
fsr-3206	116	16	.	.	PUNCT
fsr-3206	117	1	none	none	NOUN
fsr-3206	117	2	of	of	ADP
fsr-3206	117	3	the	the	DET
fsr-3206	117	4	comparisons	comparison	NOUN
fsr-3206	117	5	,	,	PUNCT
fsr-3206	117	6	however	however	ADV
fsr-3206	117	7	,	,	PUNCT
fsr-3206	117	8	provide	provide	VERB
fsr-3206	117	9	a	a	DET
fsr-3206	117	10	statistically	statistically	ADV
fsr-3206	117	11	significant	significant	ADJ
fsr-3206	117	12	difference	difference	NOUN
fsr-3206	117	13	in	in	ADP
fsr-3206	117	14	mean	mean	ADJ
fsr-3206	117	15	returns	return	NOUN
fsr-3206	117	16	between	between	ADP
fsr-3206	117	17	the	the	DET
fsr-3206	117	18	value	value	NOUN
fsr-3206	117	19	and	and	CCONJ
fsr-3206	117	20	growth	growth	NOUN
fsr-3206	117	21	mutual	mutual	ADJ
fsr-3206	117	22	fund	fund	NOUN
fsr-3206	117	23	portfolio	portfolio	NOUN
fsr-3206	117	24	.	.	PUNCT
fsr-3206	118	1	consistent	consistent	ADJ
fsr-3206	118	2	with	with	ADP
fsr-3206	118	3	clash	clash	PROPN
fsr-3206	118	4	’s	’s	PART
fsr-3206	118	5	(	(	PUNCT
fsr-3206	118	6	1998	1998	NUM
fsr-3206	118	7	)	)	PUNCT
fsr-3206	118	8	recommendation	recommendation	NOUN
fsr-3206	118	9	,	,	PUNCT
fsr-3206	118	10	the	the	DET
fsr-3206	118	11	largest	large	ADJ
fsr-3206	118	12	return	return	NOUN
fsr-3206	118	13	difference	difference	NOUN
fsr-3206	118	14	between	between	ADP
fsr-3206	118	15	value	value	NOUN
fsr-3206	118	16	and	and	CCONJ
fsr-3206	118	17	growth	growth	NOUN
fsr-3206	118	18	is	be	AUX
fsr-3206	118	19	found	find	VERB
fsr-3206	118	20	in	in	ADP
fsr-3206	118	21	the	the	DET
fsr-3206	118	22	small	small	ADJ
fsr-3206	118	23	-	-	PUNCT
fsr-3206	118	24	firm	firm	NOUN
fsr-3206	118	25	index	index	NOUN
fsr-3206	118	26	funds	fund	NOUN
fsr-3206	118	27	as	as	SCONJ
fsr-3206	118	28	proxied	proxie	VERB
fsr-3206	118	29	by	by	ADP
fsr-3206	118	30	the	the	DET
fsr-3206	118	31	russell	russell	PROPN
fsr-3206	118	32	2000	2000	NUM
fsr-3206	118	33	index	index	NOUN
fsr-3206	118	34	returns	return	NOUN
fsr-3206	118	35	.	.	PUNCT
fsr-3206	119	1	the	the	DET
fsr-3206	119	2	small	small	ADJ
fsr-3206	119	3	-	-	PUNCT
fsr-3206	119	4	firm	firm	NOUN
fsr-3206	119	5	annualized	annualize	VERB
fsr-3206	119	6	fund	fund	NOUN
fsr-3206	119	7	provides	provide	VERB
fsr-3206	119	8	a	a	DET
fsr-3206	119	9	difference	difference	NOUN
fsr-3206	119	10	in	in	ADP
fsr-3206	119	11	monthly	monthly	ADJ
fsr-3206	119	12	return	return	NOUN
fsr-3206	119	13	that	that	PRON
fsr-3206	119	14	annualizes	annualize	VERB
fsr-3206	119	15	to	to	PART
fsr-3206	119	16	�	�	VERB
fsr-3206	119	17	2.5	2.5	NUM
fsr-3206	119	18	%	%	NOUN
fsr-3206	119	19	over	over	ADP
fsr-3206	119	20	the	the	DET
fsr-3206	119	21	period	period	NOUN
fsr-3206	119	22	january	january	PROPN
fsr-3206	119	23	1979	1979	NUM
fsr-3206	119	24	through	through	ADP
fsr-3206	119	25	december	december	PROPN
fsr-3206	119	26	2012	2012	NUM
fsr-3206	119	27	.	.	PUNCT
fsr-3206	120	1	this	this	DET
fsr-3206	120	2	annualized	annualize	VERB
fsr-3206	120	3	difference	difference	NOUN
fsr-3206	120	4	is	be	AUX
fsr-3206	120	5	certainly	certainly	ADV
fsr-3206	120	6	a	a	DET
fsr-3206	120	7	considerable	considerable	ADJ
fsr-3206	120	8	amount	amount	NOUN
fsr-3206	120	9	if	if	SCONJ
fsr-3206	120	10	compounded	compound	VERB
fsr-3206	120	11	over	over	ADP
fsr-3206	120	12	a	a	DET
fsr-3206	120	13	long	long	ADJ
fsr-3206	120	14	-	-	PUNCT
fsr-3206	120	15	term	term	NOUN
fsr-3206	120	16	investment	investment	NOUN
fsr-3206	120	17	period	period	NOUN
fsr-3206	120	18	.	.	PUNCT
fsr-3206	121	1	however	however	ADV
fsr-3206	121	2	,	,	PUNCT
fsr-3206	121	3	this	this	DET
fsr-3206	121	4	difference	difference	NOUN
fsr-3206	121	5	is	be	AUX
fsr-3206	121	6	less	less	ADJ
fsr-3206	121	7	than	than	ADP
fsr-3206	121	8	the	the	DET
fsr-3206	121	9	amount	amount	NOUN
fsr-3206	121	10	of	of	ADP
fsr-3206	121	11	the	the	DET
fsr-3206	121	12	value	value	NOUN
fsr-3206	121	13	premium	premium	NOUN
fsr-3206	121	14	reported	report	VERB
fsr-3206	121	15	on	on	ADP
fsr-3206	121	16	the	the	DET
fsr-3206	121	17	ken	ken	PROPN
fsr-3206	121	18	french	french	PROPN
fsr-3206	121	19	web	web	NOUN
fsr-3206	121	20	site,5	site,5	NOUN
fsr-3206	121	21	suggesting	suggest	VERB
fsr-3206	121	22	that	that	SCONJ
fsr-3206	121	23	the	the	DET
fsr-3206	121	24	composition	composition	NOUN
fsr-3206	121	25	of	of	ADP
fsr-3206	121	26	value	value	NOUN
fsr-3206	121	27	and	and	CCONJ
fsr-3206	121	28	growth	growth	NOUN
fsr-3206	121	29	index	index	NOUN
fsr-3206	121	30	funds	fund	NOUN
fsr-3206	121	31	do	do	AUX
fsr-3206	121	32	not	not	PART
fsr-3206	121	33	match	match	VERB
fsr-3206	121	34	the	the	DET
fsr-3206	121	35	composition	composition	NOUN
fsr-3206	121	36	of	of	ADP
fsr-3206	121	37	portfolios	portfolio	NOUN
fsr-3206	121	38	used	use	VERB
fsr-3206	121	39	to	to	PART
fsr-3206	121	40	measure	measure	VERB
fsr-3206	121	41	the	the	DET
fsr-3206	121	42	value	value	NOUN
fsr-3206	121	43	premium	premium	NOUN
fsr-3206	121	44	in	in	ADP
fsr-3206	121	45	academic	academic	ADJ
fsr-3206	121	46	studies	study	NOUN
fsr-3206	121	47	.	.	PUNCT
fsr-3206	122	1	thus	thus	ADV
fsr-3206	122	2	,	,	PUNCT
fsr-3206	122	3	although	although	SCONJ
fsr-3206	122	4	it	it	PRON
fsr-3206	122	5	appears	appear	VERB
fsr-3206	122	6	that	that	SCONJ
fsr-3206	122	7	investors	investor	NOUN
fsr-3206	122	8	are	be	AUX
fsr-3206	122	9	able	able	ADJ
fsr-3206	122	10	to	to	PART
fsr-3206	122	11	benefit	benefit	VERB
fsr-3206	122	12	from	from	ADP
fsr-3206	122	13	the	the	DET
fsr-3206	122	14	value	value	NOUN
fsr-3206	122	15	premium	premium	NOUN
fsr-3206	122	16	by	by	ADP
fsr-3206	122	17	choosing	choose	VERB
fsr-3206	122	18	value	value	NOUN
fsr-3206	122	19	index	index	NOUN
fsr-3206	122	20	funds	fund	NOUN
fsr-3206	122	21	over	over	ADP
fsr-3206	122	22	growth	growth	NOUN
fsr-3206	122	23	index	index	NOUN
fsr-3206	122	24	funds	fund	NOUN
fsr-3206	122	25	,	,	PUNCT
fsr-3206	122	26	the	the	DET
fsr-3206	122	27	difference	difference	NOUN
fsr-3206	122	28	in	in	ADP
fsr-3206	122	29	the	the	DET
fsr-3206	122	30	returns	return	NOUN
fsr-3206	122	31	from	from	ADP
fsr-3206	122	32	these	these	DET
fsr-3206	122	33	funds	fund	NOUN
fsr-3206	122	34	is	be	AUX
fsr-3206	122	35	not	not	PART
fsr-3206	122	36	as	as	ADV
fsr-3206	122	37	great	great	ADJ
fsr-3206	122	38	as	as	SCONJ
fsr-3206	122	39	suggested	suggest	VERB
fsr-3206	122	40	by	by	ADP
fsr-3206	122	41	the	the	DET
fsr-3206	122	42	value	value	NOUN
fsr-3206	122	43	premium	premium	NOUN
fsr-3206	122	44	reported	report	VERB
fsr-3206	122	45	in	in	ADP
fsr-3206	122	46	academic	academic	ADJ
fsr-3206	122	47	studies	study	NOUN
fsr-3206	122	48	.	.	PUNCT
fsr-3206	123	1	the	the	DET
fsr-3206	123	2	difference	difference	NOUN
fsr-3206	123	3	between	between	ADP
fsr-3206	123	4	value	value	NOUN
fsr-3206	123	5	and	and	CCONJ
fsr-3206	123	6	growth	growth	NOUN
fsr-3206	123	7	in	in	ADP
fsr-3206	123	8	the	the	DET
fsr-3206	123	9	russell	russell	PROPN
fsr-3206	123	10	1000	1000	NUM
fsr-3206	123	11	(	(	PUNCT
fsr-3206	123	12	large	large	ADJ
fsr-3206	123	13	-	-	PUNCT
fsr-3206	123	14	firm	firm	NOUN
fsr-3206	123	15	)	)	PUNCT
fsr-3206	123	16	index	index	NOUN
fsr-3206	123	17	is	be	AUX
fsr-3206	123	18	less	less	ADJ
fsr-3206	123	19	table	table	NOUN
fsr-3206	123	20	1	1	NUM
fsr-3206	123	21	monthly	monthly	ADJ
fsr-3206	123	22	percentage	percentage	NOUN
fsr-3206	123	23	returns	return	NOUN
fsr-3206	123	24	:	:	PUNCT
fsr-3206	123	25	value	value	NOUN
fsr-3206	123	26	vs.	vs.	ADP
fsr-3206	123	27	growth	growth	NOUN
fsr-3206	123	28	mean	mean	NOUN
fsr-3206	123	29	variance	variance	NOUN
fsr-3206	123	30	sharpe	sharpe	PROPN
fsr-3206	123	31	ratio	ratio	PROPN
fsr-3206	123	32	(	(	PUNCT
fsr-3206	123	33	a	a	DET
fsr-3206	123	34	)	)	PUNCT
fsr-3206	123	35	index	index	NOUN
fsr-3206	123	36	funds	fund	NOUN
fsr-3206	123	37	russell	russell	PROPN
fsr-3206	123	38	2000	2000	NUM
fsr-3206	123	39	value	value	NOUN
fsr-3206	123	40	1.169	1.169	NUM
fsr-3206	123	41	25.99	25.99	NUM
fsr-3206	123	42	22.93	22.93	NUM
fsr-3206	123	43	%	%	NOUN
fsr-3206	123	44	russell	russell	NOUN
fsr-3206	123	45	2000	2000	NUM
fsr-3206	123	46	growth	growth	NOUN
fsr-3206	123	47	0.966	0.966	NUM
fsr-3206	123	48	45.09	45.09	NUM
fsr-3206	123	49	14.39	14.39	NUM
fsr-3206	123	50	%	%	NOUN
fsr-3206	123	51	test	test	NOUN
fsr-3206	123	52	-	-	PUNCT
fsr-3206	123	53	statistic	statistic	NOUN
fsr-3206	124	1	1.245†	1.245†	NUM
fsr-3206	124	2	1.729‡	1.729‡	NUM
fsr-3206	124	3	3.153§	3.153§	NUM
fsr-3206	124	4	(	(	PUNCT
fsr-3206	124	5	p	p	NOUN
fsr-3206	124	6	-	-	PUNCT
fsr-3206	124	7	value	value	NOUN
fsr-3206	124	8	)	)	PUNCT
fsr-3206	124	9	(	(	PUNCT
fsr-3206	124	10	0.106	0.106	NUM
fsr-3206	124	11	)	)	PUNCT
fsr-3206	124	12	(	(	PUNCT
fsr-3206	124	13	0.000	0.000	NUM
fsr-3206	124	14	)	)	PUNCT
fsr-3206	124	15	*	*	PUNCT
fsr-3206	124	16	(	(	PUNCT
fsr-3206	124	17	0.002	0.002	NUM
fsr-3206	124	18	)	)	PUNCT
fsr-3206	124	19	russell	russell	NOUN
fsr-3206	124	20	1000	1000	NUM
fsr-3206	124	21	value	value	NOUN
fsr-3206	124	22	1.040	1.040	NUM
fsr-3206	124	23	18.61	18.61	NUM
fsr-3206	124	24	24.11	24.11	NUM
fsr-3206	124	25	%	%	NOUN
fsr-3206	124	26	russell	russell	NOUN
fsr-3206	124	27	1000	1000	NUM
fsr-3206	124	28	growth	growth	NOUN
fsr-3206	124	29	0.970	0.970	NUM
fsr-3206	124	30	25.85	25.85	NUM
fsr-3206	124	31	19.08	19.08	NUM
fsr-3206	124	32	%	%	NOUN
fsr-3206	124	33	test	test	NOUN
fsr-3206	124	34	-	-	PUNCT
fsr-3206	124	35	statistic	statistic	NOUN
fsr-3206	124	36	0.511†	0.511†	NUM
fsr-3206	124	37	1.388‡	1.388‡	NUM
fsr-3206	124	38	1.654§	1.654§	NUM
fsr-3206	124	39	(	(	PUNCT
fsr-3206	124	40	p	p	NOUN
fsr-3206	124	41	-	-	PUNCT
fsr-3206	124	42	value	value	NOUN
fsr-3206	124	43	)	)	PUNCT
fsr-3206	124	44	(	(	PUNCT
fsr-3206	124	45	0.305	0.305	NUM
fsr-3206	124	46	)	)	PUNCT
fsr-3206	124	47	(	(	PUNCT
fsr-3206	124	48	0.000	0.000	NUM
fsr-3206	124	49	)	)	PUNCT
fsr-3206	124	50	(	(	PUNCT
fsr-3206	124	51	0.098	0.098	NUM
fsr-3206	124	52	)	)	PUNCT
fsr-3206	124	53	(	(	PUNCT
fsr-3206	124	54	b	b	X
fsr-3206	124	55	)	)	PUNCT
fsr-3206	124	56	morningstar	morningstar	NOUN
fsr-3206	124	57	funds	fund	NOUN
fsr-3206	124	58	managed	manage	VERB
fsr-3206	124	59	small	small	ADJ
fsr-3206	124	60	value	value	NOUN
fsr-3206	124	61	0.899	0.899	NUM
fsr-3206	124	62	23.649	23.649	NUM
fsr-3206	124	63	18.09	18.09	NUM
fsr-3206	124	64	%	%	NOUN
fsr-3206	124	65	managed	manage	VERB
fsr-3206	124	66	small	small	ADJ
fsr-3206	124	67	growth	growth	NOUN
fsr-3206	124	68	0.834	0.834	NUM
fsr-3206	124	69	41.552	41.552	NUM
fsr-3206	124	70	12.54	12.54	NUM
fsr-3206	124	71	%	%	NOUN
fsr-3206	124	72	test	test	NOUN
fsr-3206	124	73	-	-	PUNCT
fsr-3206	124	74	statistic	statistic	NOUN
fsr-3206	124	75	0.276†	0.276†	X
fsr-3206	125	1	1.757‡	1.757‡	NUM
fsr-3206	125	2	1.438§	1.438§	NUM
fsr-3206	125	3	(	(	PUNCT
fsr-3206	125	4	p	p	NOUN
fsr-3206	125	5	-	-	PUNCT
fsr-3206	125	6	value	value	NOUN
fsr-3206	125	7	)	)	PUNCT
fsr-3206	125	8	(	(	PUNCT
fsr-3206	125	9	0.391	0.391	NUM
fsr-3206	125	10	)	)	PUNCT
fsr-3206	125	11	(	(	PUNCT
fsr-3206	125	12	0.000	0.000	NUM
fsr-3206	125	13	)	)	PUNCT
fsr-3206	125	14	(	(	PUNCT
fsr-3206	125	15	0.075	0.075	NUM
fsr-3206	125	16	)	)	PUNCT
fsr-3206	125	17	managed	manage	VERB
fsr-3206	125	18	mid	mid	ADJ
fsr-3206	125	19	value	value	NOUN
fsr-3206	125	20	0.815	0.815	NUM
fsr-3206	125	21	20.541	20.541	NUM
fsr-3206	125	22	17.58	17.58	NUM
fsr-3206	125	23	%	%	NOUN
fsr-3206	125	24	managed	manage	VERB
fsr-3206	125	25	mid	mid	ADJ
fsr-3206	125	26	growth	growth	NOUN
fsr-3206	126	1	0.814	0.814	NUM
fsr-3206	126	2	36.001	36.001	NUM
fsr-3206	126	3	13.16	13.16	NUM
fsr-3206	126	4	%	%	NOUN
fsr-3206	126	5	test	test	NOUN
fsr-3206	126	6	-	-	PUNCT
fsr-3206	126	7	statistic	statistic	NOUN
fsr-3206	126	8	0.005†	0.005†	X
fsr-3206	126	9	1.753‡	1.753‡	NUM
fsr-3206	126	10	1.157§	1.157§	ADJ
fsr-3206	126	11	(	(	PUNCT
fsr-3206	126	12	p	p	NOUN
fsr-3206	126	13	-	-	PUNCT
fsr-3206	126	14	value	value	NOUN
fsr-3206	126	15	)	)	PUNCT
fsr-3206	126	16	(	(	PUNCT
fsr-3206	126	17	0.498	0.498	NUM
fsr-3206	126	18	)	)	PUNCT
fsr-3206	126	19	(	(	PUNCT
fsr-3206	126	20	0.000	0.000	NUM
fsr-3206	126	21	)	)	PUNCT
fsr-3206	126	22	(	(	PUNCT
fsr-3206	126	23	0.161	0.161	NUM
fsr-3206	126	24	)	)	PUNCT
fsr-3206	126	25	managed	manage	VERB
fsr-3206	126	26	large	large	ADJ
fsr-3206	126	27	value	value	NOUN
fsr-3206	126	28	0.811	0.811	NUM
fsr-3206	126	29	16.122	16.122	NUM
fsr-3206	126	30	20.19	20.19	NUM
fsr-3206	126	31	%	%	NOUN
fsr-3206	126	32	managed	manage	VERB
fsr-3206	126	33	large	large	ADJ
fsr-3206	126	34	growth	growth	NOUN
fsr-3206	126	35	0.838	0.838	NUM
fsr-3206	126	36	24.894	24.894	NUM
fsr-3206	126	37	16.80	16.80	NUM
fsr-3206	126	38	%	%	NOUN
fsr-3206	126	39	test	test	NOUN
fsr-3206	126	40	-	-	PUNCT
fsr-3206	126	41	statistic	statistic	NOUN
fsr-3206	126	42	�	�	NOUN
fsr-3206	126	43	0.204†	0.204†	NOUN
fsr-3206	126	44	1.544‡	1.544‡	NUM
fsr-3206	126	45	1.157§	1.157§	NOUN
fsr-3206	126	46	(	(	PUNCT
fsr-3206	126	47	p	p	NOUN
fsr-3206	126	48	-	-	PUNCT
fsr-3206	126	49	value	value	NOUN
fsr-3206	126	50	)	)	PUNCT
fsr-3206	126	51	(	(	PUNCT
fsr-3206	126	52	�	�	PROPN
fsr-3206	126	53	0.5	0.5	NUM
fsr-3206	126	54	)	)	PUNCT
fsr-3206	126	55	(	(	PUNCT
fsr-3206	126	56	0.000	0.000	NUM
fsr-3206	126	57	)	)	PUNCT
fsr-3206	126	58	(	(	PUNCT
fsr-3206	126	59	0.124	0.124	NUM
fsr-3206	126	60	)	)	PUNCT
fsr-3206	126	61	*	*	PUNCT
fsr-3206	127	1	a	a	DET
fsr-3206	127	2	p	p	NOUN
fsr-3206	127	3	-	-	PUNCT
fsr-3206	127	4	value	value	NOUN
fsr-3206	127	5	of	of	ADP
fsr-3206	127	6	0.000	0.000	NUM
fsr-3206	127	7	indicates	indicate	VERB
fsr-3206	127	8	that	that	SCONJ
fsr-3206	127	9	the	the	DET
fsr-3206	127	10	p	p	NOUN
fsr-3206	127	11	-	-	PUNCT
fsr-3206	127	12	value	value	NOUN
fsr-3206	127	13	is	be	AUX
fsr-3206	127	14	nonzero	nonzero	ADJ
fsr-3206	127	15	,	,	PUNCT
fsr-3206	127	16	but	but	CCONJ
fsr-3206	127	17	smaller	small	ADJ
fsr-3206	127	18	than	than	ADP
fsr-3206	127	19	0.0005	0.0005	NUM
fsr-3206	127	20	.	.	PUNCT
fsr-3206	128	1	†	†	PROPN
fsr-3206	128	2	h0	h0	PROPN
fsr-3206	128	3	:	:	PUNCT
fsr-3206	128	4	�	�	PROPN
fsr-3206	128	5	value	value	NOUN
fsr-3206	128	6	�	�	PROPN
fsr-3206	128	7	�	�	PROPN
fsr-3206	128	8	growth	growth	NOUN
fsr-3206	128	9	;	;	PUNCT
fsr-3206	128	10	ha	ha	INTJ
fsr-3206	128	11	:	:	PUNCT
fsr-3206	128	12	�	�	PROPN
fsr-3206	128	13	value	value	NOUN
fsr-3206	128	14	�	�	PROPN
fsr-3206	128	15	�	�	PROPN
fsr-3206	128	16	growth	growth	NOUN
fsr-3206	128	17	.	.	PUNCT
fsr-3206	129	1	‡	‡	X
fsr-3206	130	1	h0	h0	NOUN
fsr-3206	130	2	:	:	PUNCT
fsr-3206	130	3	�	�	PROPN
fsr-3206	130	4	value	value	NOUN
fsr-3206	130	5	2	2	NUM
fsr-3206	130	6	�	�	PROPN
fsr-3206	130	7	�	�	PROPN
fsr-3206	130	8	growth	growth	NOUN
fsr-3206	130	9	2	2	NUM
fsr-3206	130	10	;	;	PUNCT
fsr-3206	130	11	ha	ha	INTJ
fsr-3206	130	12	:	:	PUNCT
fsr-3206	130	13	�	�	NOUN
fsr-3206	130	14	value	value	NOUN
fsr-3206	130	15	2	2	NUM
fsr-3206	130	16	�	�	PROPN
fsr-3206	130	17	�	�	PROPN
fsr-3206	130	18	growth	growth	NOUN
fsr-3206	130	19	2	2	NUM
fsr-3206	130	20	.	.	PUNCT
fsr-3206	131	1	§	§	PROPN
fsr-3206	131	2	h0	h0	PROPN
fsr-3206	131	3	:	:	PUNCT
fsr-3206	131	4	srvalue	srvalue	PROPN
fsr-3206	131	5	�	�	PROPN
fsr-3206	131	6	srgrowth	srgrowth	NOUN
fsr-3206	131	7	;	;	PUNCT
fsr-3206	131	8	ha	ha	X
fsr-3206	131	9	:	:	PUNCT
fsr-3206	131	10	srvalue	srvalue	ADJ
fsr-3206	131	11	�	�	PROPN
fsr-3206	131	12	srgrowth	srgrowth	NOUN
fsr-3206	131	13	.	.	PUNCT
fsr-3206	132	1	the	the	DET
fsr-3206	132	2	statistical	statistical	ADJ
fsr-3206	132	3	test	test	NOUN
fsr-3206	132	4	is	be	AUX
fsr-3206	132	5	based	base	VERB
fsr-3206	132	6	on	on	ADP
fsr-3206	132	7	opdyke	opdyke	NOUN
fsr-3206	132	8	(	(	PUNCT
fsr-3206	132	9	2007	2007	NUM
fsr-3206	132	10	)	)	PUNCT
fsr-3206	132	11	.	.	PUNCT
fsr-3206	133	1	346	346	NUM
fsr-3206	133	2	g.	g.	NOUN
fsr-3206	133	3	pettengill	pettengill	PROPN
fsr-3206	133	4	et	et	PROPN
fsr-3206	133	5	al	al	PROPN
fsr-3206	133	6	.	.	PUNCT
fsr-3206	133	7	/	/	SYM
fsr-3206	133	8	financial	financial	ADJ
fsr-3206	133	9	services	service	NOUN
fsr-3206	133	10	review	review	VERB
fsr-3206	133	11	23	23	NUM
fsr-3206	133	12	(	(	PUNCT
fsr-3206	133	13	2014	2014	NUM
fsr-3206	133	14	)	)	PUNCT
fsr-3206	134	1	341–359	341–359	NUM
fsr-3206	134	2	than	than	ADP
fsr-3206	134	3	the	the	DET
fsr-3206	134	4	difference	difference	NOUN
fsr-3206	134	5	found	find	VERB
fsr-3206	134	6	in	in	ADP
fsr-3206	134	7	the	the	DET
fsr-3206	134	8	russell	russell	PROPN
fsr-3206	134	9	2000	2000	NUM
fsr-3206	134	10	(	(	PUNCT
fsr-3206	134	11	small	small	ADJ
fsr-3206	134	12	-	-	PUNCT
fsr-3206	134	13	firm	firm	NOUN
fsr-3206	134	14	)	)	PUNCT
fsr-3206	134	15	index	index	NOUN
fsr-3206	134	16	,	,	PUNCT
fsr-3206	134	17	suggesting	suggest	VERB
fsr-3206	134	18	that	that	SCONJ
fsr-3206	134	19	an	an	DET
fsr-3206	134	20	investor	investor	NOUN
fsr-3206	134	21	seeking	seek	VERB
fsr-3206	134	22	to	to	PART
fsr-3206	134	23	exploit	exploit	VERB
fsr-3206	134	24	the	the	DET
fsr-3206	134	25	value	value	NOUN
fsr-3206	134	26	premium	premium	NOUN
fsr-3206	134	27	may	may	AUX
fsr-3206	134	28	wish	wish	VERB
fsr-3206	134	29	to	to	PART
fsr-3206	134	30	do	do	VERB
fsr-3206	134	31	so	so	ADV
fsr-3206	134	32	by	by	ADP
fsr-3206	134	33	investing	invest	VERB
fsr-3206	134	34	in	in	ADP
fsr-3206	134	35	small	small	ADJ
fsr-3206	134	36	firm	firm	ADJ
fsr-3206	134	37	securities	security	NOUN
fsr-3206	134	38	.	.	PUNCT
fsr-3206	135	1	this	this	DET
fsr-3206	135	2	difference	difference	NOUN
fsr-3206	135	3	across	across	ADP
fsr-3206	135	4	firm	firm	ADJ
fsr-3206	135	5	size	size	NOUN
fsr-3206	135	6	is	be	AUX
fsr-3206	135	7	also	also	ADV
fsr-3206	135	8	evident	evident	ADJ
fsr-3206	135	9	in	in	ADP
fsr-3206	135	10	the	the	DET
fsr-3206	135	11	managed	manage	VERB
fsr-3206	135	12	mutual	mutual	ADJ
fsr-3206	135	13	funds	fund	NOUN
fsr-3206	135	14	.	.	PUNCT
fsr-3206	136	1	the	the	DET
fsr-3206	136	2	excess	excess	ADJ
fsr-3206	136	3	return	return	NOUN
fsr-3206	136	4	of	of	ADP
fsr-3206	136	5	value	value	NOUN
fsr-3206	136	6	versus	versus	ADP
fsr-3206	136	7	growth	growth	NOUN
fsr-3206	136	8	is	be	AUX
fsr-3206	136	9	greatest	great	ADJ
fsr-3206	136	10	for	for	ADP
fsr-3206	136	11	the	the	DET
fsr-3206	136	12	small	small	ADJ
fsr-3206	136	13	-	-	PUNCT
fsr-3206	136	14	firm	firm	NOUN
fsr-3206	136	15	managed	manage	VERB
fsr-3206	136	16	mutual	mutual	ADJ
fsr-3206	136	17	funds	fund	NOUN
fsr-3206	136	18	.	.	PUNCT
fsr-3206	137	1	for	for	ADP
fsr-3206	137	2	midsize	midsize	NOUN
fsr-3206	137	3	managed	manage	VERB
fsr-3206	137	4	funds	fund	NOUN
fsr-3206	137	5	the	the	DET
fsr-3206	137	6	returns	return	NOUN
fsr-3206	137	7	are	be	AUX
fsr-3206	137	8	almost	almost	ADV
fsr-3206	137	9	identical	identical	ADJ
fsr-3206	137	10	for	for	ADP
fsr-3206	137	11	value	value	NOUN
fsr-3206	137	12	and	and	CCONJ
fsr-3206	137	13	growth	growth	NOUN
fsr-3206	137	14	;	;	PUNCT
fsr-3206	137	15	and	and	CCONJ
fsr-3206	137	16	for	for	ADP
fsr-3206	137	17	the	the	DET
fsr-3206	137	18	large	large	ADJ
fsr-3206	137	19	-	-	PUNCT
fsr-3206	137	20	firm	firm	NOUN
fsr-3206	137	21	managed	manage	VERB
fsr-3206	137	22	funds	fund	NOUN
fsr-3206	137	23	the	the	DET
fsr-3206	137	24	mean	mean	ADJ
fsr-3206	137	25	return	return	NOUN
fsr-3206	137	26	is	be	AUX
fsr-3206	137	27	actually	actually	ADV
fsr-3206	137	28	larger	large	ADJ
fsr-3206	137	29	for	for	ADP
fsr-3206	137	30	growth	growth	NOUN
fsr-3206	137	31	rather	rather	ADV
fsr-3206	137	32	than	than	ADP
fsr-3206	137	33	value	value	NOUN
fsr-3206	137	34	.	.	PUNCT
fsr-3206	138	1	the	the	DET
fsr-3206	138	2	value	value	NOUN
fsr-3206	138	3	investor	investor	NOUN
fsr-3206	138	4	does	do	AUX
fsr-3206	138	5	better	well	ADV
fsr-3206	138	6	concentrating	concentrate	VERB
fsr-3206	138	7	on	on	ADP
fsr-3206	138	8	small	small	ADJ
fsr-3206	138	9	firms	firm	NOUN
fsr-3206	138	10	.	.	PUNCT
fsr-3206	139	1	in	in	ADP
fsr-3206	139	2	addition	addition	NOUN
fsr-3206	139	3	to	to	ADP
fsr-3206	139	4	the	the	DET
fsr-3206	139	5	difference	difference	NOUN
fsr-3206	139	6	in	in	ADP
fsr-3206	139	7	performance	performance	NOUN
fsr-3206	139	8	of	of	ADP
fsr-3206	139	9	value	value	NOUN
fsr-3206	139	10	and	and	CCONJ
fsr-3206	139	11	growth	growth	NOUN
fsr-3206	139	12	across	across	ADP
fsr-3206	139	13	firm	firm	ADJ
fsr-3206	139	14	size	size	NOUN
fsr-3206	139	15	,	,	PUNCT
fsr-3206	139	16	the	the	DET
fsr-3206	139	17	advantage	advantage	NOUN
fsr-3206	139	18	of	of	ADP
fsr-3206	139	19	value	value	NOUN
fsr-3206	139	20	over	over	ADP
fsr-3206	139	21	growth	growth	NOUN
fsr-3206	139	22	varies	vary	VERB
fsr-3206	139	23	greatly	greatly	ADV
fsr-3206	139	24	between	between	ADP
fsr-3206	139	25	index	index	NOUN
fsr-3206	139	26	funds	fund	NOUN
fsr-3206	139	27	and	and	CCONJ
fsr-3206	139	28	managed	manage	VERB
fsr-3206	139	29	funds	fund	NOUN
fsr-3206	139	30	.	.	PUNCT
fsr-3206	140	1	for	for	ADP
fsr-3206	140	2	small	small	ADJ
fsr-3206	140	3	-	-	PUNCT
fsr-3206	140	4	firm	firm	NOUN
fsr-3206	140	5	index	index	NOUN
fsr-3206	140	6	funds	fund	VERB
fsr-3206	140	7	the	the	DET
fsr-3206	140	8	annualized	annualize	VERB
fsr-3206	140	9	value	value	NOUN
fsr-3206	140	10	premium	premium	NOUN
fsr-3206	140	11	is	be	AUX
fsr-3206	140	12	2.46	2.46	NUM
fsr-3206	140	13	%	%	NOUN
fsr-3206	140	14	whereas	whereas	SCONJ
fsr-3206	140	15	that	that	PRON
fsr-3206	140	16	for	for	ADP
fsr-3206	140	17	the	the	DET
fsr-3206	140	18	managed	manage	VERB
fsr-3206	140	19	funds	fund	NOUN
fsr-3206	140	20	is	be	AUX
fsr-3206	140	21	less	less	ADJ
fsr-3206	140	22	than	than	ADP
fsr-3206	140	23	0.78	0.78	NUM
fsr-3206	140	24	%	%	NOUN
fsr-3206	140	25	.	.	PUNCT
fsr-3206	141	1	the	the	DET
fsr-3206	141	2	annualized	annualize	VERB
fsr-3206	141	3	difference	difference	NOUN
fsr-3206	141	4	for	for	ADP
fsr-3206	141	5	the	the	DET
fsr-3206	141	6	large	large	ADJ
fsr-3206	141	7	-	-	PUNCT
fsr-3206	141	8	firm	firm	NOUN
fsr-3206	141	9	index	index	NOUN
fsr-3206	141	10	funds	fund	NOUN
fsr-3206	141	11	is	be	AUX
fsr-3206	141	12	0.84	0.84	NUM
fsr-3206	141	13	%	%	NOUN
fsr-3206	141	14	in	in	ADP
fsr-3206	141	15	favor	favor	NOUN
fsr-3206	141	16	of	of	ADP
fsr-3206	141	17	value	value	NOUN
fsr-3206	141	18	while	while	SCONJ
fsr-3206	141	19	the	the	DET
fsr-3206	141	20	large	large	ADJ
fsr-3206	141	21	-	-	PUNCT
fsr-3206	141	22	firm	firm	NOUN
fsr-3206	141	23	managed	manage	VERB
fsr-3206	141	24	growth	growth	NOUN
fsr-3206	141	25	actually	actually	ADV
fsr-3206	141	26	has	have	VERB
fsr-3206	141	27	a	a	DET
fsr-3206	141	28	slightly	slightly	ADV
fsr-3206	141	29	higher	high	ADJ
fsr-3206	141	30	average	average	ADJ
fsr-3206	141	31	return	return	NOUN
fsr-3206	141	32	than	than	SCONJ
fsr-3206	141	33	does	do	VERB
fsr-3206	141	34	the	the	DET
fsr-3206	141	35	large	large	ADJ
fsr-3206	141	36	-	-	PUNCT
fsr-3206	141	37	firm	firm	NOUN
fsr-3206	141	38	managed	manage	VERB
fsr-3206	141	39	value	value	NOUN
fsr-3206	141	40	funds.6	funds.6	PROPN
fsr-3206	141	41	thus	thus	ADV
fsr-3206	141	42	,	,	PUNCT
fsr-3206	141	43	our	our	PRON
fsr-3206	141	44	earlier	early	ADJ
fsr-3206	141	45	warning	warning	NOUN
fsr-3206	141	46	concerning	concern	VERB
fsr-3206	141	47	piotroski	piotroski	NOUN
fsr-3206	141	48	’s	’s	PART
fsr-3206	141	49	finding	finding	NOUN
fsr-3206	141	50	that	that	SCONJ
fsr-3206	141	51	most	most	ADJ
fsr-3206	141	52	value	value	NOUN
fsr-3206	141	53	securities	security	NOUN
fsr-3206	141	54	underperform	underperform	NOUN
fsr-3206	141	55	the	the	DET
fsr-3206	141	56	market	market	NOUN
fsr-3206	141	57	seems	seem	VERB
fsr-3206	141	58	to	to	PART
fsr-3206	141	59	have	have	VERB
fsr-3206	141	60	merit	merit	NOUN
fsr-3206	141	61	.	.	PUNCT
fsr-3206	142	1	value	value	NOUN
fsr-3206	142	2	fund	fund	NOUN
fsr-3206	142	3	managers	manager	NOUN
fsr-3206	142	4	are	be	AUX
fsr-3206	142	5	not	not	PART
fsr-3206	142	6	able	able	ADJ
fsr-3206	142	7	to	to	PART
fsr-3206	142	8	outperform	outperform	VERB
fsr-3206	142	9	growth	growth	NOUN
fsr-3206	142	10	funds	fund	NOUN
fsr-3206	142	11	by	by	ADP
fsr-3206	142	12	the	the	DET
fsr-3206	142	13	same	same	ADJ
fsr-3206	142	14	margin	margin	NOUN
fsr-3206	142	15	as	as	SCONJ
fsr-3206	142	16	do	do	VERB
fsr-3206	142	17	the	the	DET
fsr-3206	142	18	index	index	NOUN
fsr-3206	142	19	funds.7	funds.7	PROPN
fsr-3206	142	20	of	of	ADP
fsr-3206	142	21	course	course	NOUN
fsr-3206	142	22	,	,	PUNCT
fsr-3206	142	23	this	this	DET
fsr-3206	142	24	finding	finding	NOUN
fsr-3206	142	25	could	could	AUX
fsr-3206	142	26	result	result	VERB
fsr-3206	142	27	from	from	ADP
fsr-3206	142	28	the	the	DET
fsr-3206	142	29	relative	relative	ADJ
fsr-3206	142	30	skills	skill	NOUN
fsr-3206	142	31	of	of	ADP
fsr-3206	142	32	growth	growth	NOUN
fsr-3206	142	33	fund	fund	NOUN
fsr-3206	142	34	managers	manager	NOUN
fsr-3206	142	35	.	.	PUNCT
fsr-3206	143	1	still	still	ADV
fsr-3206	143	2	,	,	PUNCT
fsr-3206	143	3	overall	overall	ADJ
fsr-3206	143	4	value	value	NOUN
fsr-3206	143	5	funds	fund	NOUN
fsr-3206	143	6	on	on	ADP
fsr-3206	143	7	the	the	DET
fsr-3206	143	8	whole	whole	NOUN
fsr-3206	143	9	have	have	VERB
fsr-3206	143	10	higher	higher	ADV
fsr-3206	143	11	reported	report	VERB
fsr-3206	143	12	mean	mean	ADJ
fsr-3206	143	13	returns	return	NOUN
fsr-3206	143	14	than	than	ADP
fsr-3206	143	15	growth	growth	NOUN
fsr-3206	143	16	funds	fund	NOUN
fsr-3206	143	17	.	.	PUNCT
fsr-3206	144	1	investors	investor	NOUN
fsr-3206	144	2	are	be	AUX
fsr-3206	144	3	concerned	concerned	ADJ
fsr-3206	144	4	about	about	ADP
fsr-3206	144	5	both	both	CCONJ
fsr-3206	144	6	risk	risk	NOUN
fsr-3206	144	7	and	and	CCONJ
fsr-3206	144	8	return	return	VERB
fsr-3206	144	9	.	.	PUNCT
fsr-3206	145	1	the	the	DET
fsr-3206	145	2	value	value	NOUN
fsr-3206	145	3	premium	premium	NOUN
fsr-3206	145	4	emphasizes	emphasize	VERB
fsr-3206	145	5	the	the	DET
fsr-3206	145	6	benefit	benefit	NOUN
fsr-3206	145	7	of	of	ADP
fsr-3206	145	8	higher	high	ADJ
fsr-3206	145	9	average	average	ADJ
fsr-3206	145	10	return	return	NOUN
fsr-3206	145	11	from	from	ADP
fsr-3206	145	12	investing	invest	VERB
fsr-3206	145	13	in	in	ADP
fsr-3206	145	14	value	value	NOUN
fsr-3206	145	15	,	,	PUNCT
fsr-3206	145	16	but	but	CCONJ
fsr-3206	145	17	value	value	NOUN
fsr-3206	145	18	has	have	VERB
fsr-3206	145	19	a	a	DET
fsr-3206	145	20	much	much	ADV
fsr-3206	145	21	stronger	strong	ADJ
fsr-3206	145	22	advantage	advantage	NOUN
fsr-3206	145	23	relative	relative	ADJ
fsr-3206	145	24	to	to	ADP
fsr-3206	145	25	growth	growth	NOUN
fsr-3206	145	26	in	in	ADP
fsr-3206	145	27	terms	term	NOUN
fsr-3206	145	28	of	of	ADP
fsr-3206	145	29	lower	low	ADJ
fsr-3206	145	30	risk	risk	NOUN
fsr-3206	145	31	within	within	ADP
fsr-3206	145	32	our	our	PRON
fsr-3206	145	33	sample	sample	NOUN
fsr-3206	145	34	.	.	PUNCT
fsr-3206	146	1	as	as	SCONJ
fsr-3206	146	2	shown	show	VERB
fsr-3206	146	3	in	in	ADP
fsr-3206	146	4	table	table	NOUN
fsr-3206	146	5	1	1	NUM
fsr-3206	146	6	,	,	PUNCT
fsr-3206	146	7	in	in	ADP
fsr-3206	146	8	every	every	DET
fsr-3206	146	9	comparison	comparison	NOUN
fsr-3206	146	10	the	the	DET
fsr-3206	146	11	risk	risk	NOUN
fsr-3206	146	12	,	,	PUNCT
fsr-3206	146	13	as	as	SCONJ
fsr-3206	146	14	measured	measure	VERB
fsr-3206	146	15	by	by	ADP
fsr-3206	146	16	variance	variance	NOUN
fsr-3206	146	17	in	in	ADP
fsr-3206	146	18	monthly	monthly	ADJ
fsr-3206	146	19	returns	return	NOUN
fsr-3206	146	20	,	,	PUNCT
fsr-3206	146	21	is	be	AUX
fsr-3206	146	22	higher	high	ADJ
fsr-3206	146	23	for	for	ADP
fsr-3206	146	24	the	the	DET
fsr-3206	146	25	growth	growth	NOUN
fsr-3206	146	26	portfolios	portfolio	NOUN
fsr-3206	146	27	.	.	PUNCT
fsr-3206	147	1	as	as	ADP
fsr-3206	147	2	with	with	ADP
fsr-3206	147	3	returns	return	NOUN
fsr-3206	147	4	,	,	PUNCT
fsr-3206	147	5	the	the	DET
fsr-3206	147	6	advantage	advantage	NOUN
fsr-3206	147	7	with	with	ADP
fsr-3206	147	8	regard	regard	NOUN
fsr-3206	147	9	to	to	ADP
fsr-3206	147	10	risk	risk	NOUN
fsr-3206	147	11	for	for	ADP
fsr-3206	147	12	value	value	NOUN
fsr-3206	147	13	investing	investing	NOUN
fsr-3206	147	14	is	be	AUX
fsr-3206	147	15	strongest	strong	ADJ
fsr-3206	147	16	for	for	ADP
fsr-3206	147	17	small	small	ADJ
fsr-3206	147	18	-	-	PUNCT
fsr-3206	147	19	firm	firm	NOUN
fsr-3206	147	20	securities	security	NOUN
fsr-3206	147	21	.	.	PUNCT
fsr-3206	148	1	for	for	ADP
fsr-3206	148	2	both	both	CCONJ
fsr-3206	148	3	the	the	DET
fsr-3206	148	4	managed	manage	VERB
fsr-3206	148	5	portfolios	portfolio	NOUN
fsr-3206	148	6	and	and	CCONJ
fsr-3206	148	7	the	the	DET
fsr-3206	148	8	index	index	NOUN
fsr-3206	148	9	portfolios	portfolio	NOUN
fsr-3206	148	10	the	the	DET
fsr-3206	148	11	variance	variance	NOUN
fsr-3206	148	12	in	in	ADP
fsr-3206	148	13	monthly	monthly	ADJ
fsr-3206	148	14	returns	return	NOUN
fsr-3206	148	15	in	in	ADP
fsr-3206	148	16	the	the	DET
fsr-3206	148	17	small	small	ADJ
fsr-3206	148	18	-	-	PUNCT
fsr-3206	148	19	firm	firm	NOUN
fsr-3206	148	20	growth	growth	NOUN
fsr-3206	148	21	portfolio	portfolio	NOUN
fsr-3206	148	22	is	be	AUX
fsr-3206	148	23	almost	almost	ADV
fsr-3206	148	24	twice	twice	DET
fsr-3206	148	25	the	the	DET
fsr-3206	148	26	variance	variance	NOUN
fsr-3206	148	27	for	for	ADP
fsr-3206	148	28	the	the	DET
fsr-3206	148	29	value	value	NOUN
fsr-3206	148	30	portfolio	portfolio	NOUN
fsr-3206	148	31	.	.	PUNCT
fsr-3206	149	1	for	for	ADP
fsr-3206	149	2	the	the	DET
fsr-3206	149	3	other	other	ADJ
fsr-3206	149	4	managed	manage	VERB
fsr-3206	149	5	portfolios	portfolio	NOUN
fsr-3206	149	6	the	the	DET
fsr-3206	149	7	monthly	monthly	ADJ
fsr-3206	149	8	return	return	NOUN
fsr-3206	149	9	variance	variance	NOUN
fsr-3206	149	10	is	be	AUX
fsr-3206	149	11	more	more	ADJ
fsr-3206	149	12	than	than	ADP
fsr-3206	149	13	50	50	NUM
fsr-3206	149	14	%	%	NOUN
fsr-3206	149	15	higher	high	ADJ
fsr-3206	149	16	than	than	ADP
fsr-3206	149	17	that	that	PRON
fsr-3206	149	18	for	for	ADP
fsr-3206	149	19	the	the	DET
fsr-3206	149	20	growth	growth	NOUN
fsr-3206	149	21	portfolios	portfolio	NOUN
fsr-3206	149	22	.	.	PUNCT
fsr-3206	150	1	in	in	ADP
fsr-3206	150	2	all	all	DET
fsr-3206	150	3	cases	case	NOUN
fsr-3206	150	4	,	,	PUNCT
fsr-3206	150	5	the	the	DET
fsr-3206	150	6	monthly	monthly	ADJ
fsr-3206	150	7	return	return	NOUN
fsr-3206	150	8	variance	variance	NOUN
fsr-3206	150	9	is	be	AUX
fsr-3206	150	10	significantly	significantly	ADV
fsr-3206	150	11	lower	low	ADJ
fsr-3206	150	12	for	for	ADP
fsr-3206	150	13	the	the	DET
fsr-3206	150	14	value	value	NOUN
fsr-3206	150	15	portfolio	portfolio	NOUN
fsr-3206	150	16	with	with	ADP
fsr-3206	150	17	a	a	DET
fsr-3206	150	18	p	p	ADJ
fsr-3206	150	19	-	-	PUNCT
fsr-3206	150	20	value	value	NOUN
fsr-3206	150	21	�	�	PROPN
fsr-3206	150	22	0.000	0.000	NUM
fsr-3206	150	23	.	.	PUNCT
fsr-3206	151	1	because	because	SCONJ
fsr-3206	151	2	risk	risk	NOUN
fsr-3206	151	3	is	be	AUX
fsr-3206	151	4	always	always	ADV
fsr-3206	151	5	significantly	significantly	ADV
fsr-3206	151	6	lower	low	ADJ
fsr-3206	151	7	for	for	ADP
fsr-3206	151	8	value	value	NOUN
fsr-3206	151	9	and	and	CCONJ
fsr-3206	151	10	because	because	SCONJ
fsr-3206	151	11	return	return	NOUN
fsr-3206	151	12	is	be	AUX
fsr-3206	151	13	generally	generally	ADV
fsr-3206	151	14	higher	high	ADJ
fsr-3206	151	15	,	,	PUNCT
fsr-3206	151	16	in	in	SCONJ
fsr-3206	151	17	meanvariance	meanvariance	NOUN
fsr-3206	151	18	criterion	criterion	NOUN
fsr-3206	151	19	value	value	NOUN
fsr-3206	151	20	beats	beat	VERB
fsr-3206	151	21	growth	growth	NOUN
fsr-3206	151	22	!	!	PUNCT
fsr-3206	152	1	consistent	consistent	ADJ
fsr-3206	152	2	with	with	ADP
fsr-3206	152	3	this	this	DET
fsr-3206	152	4	observation	observation	NOUN
fsr-3206	152	5	,	,	PUNCT
fsr-3206	152	6	as	as	SCONJ
fsr-3206	152	7	shown	show	VERB
fsr-3206	152	8	in	in	ADP
fsr-3206	152	9	table	table	NOUN
fsr-3206	152	10	1	1	NUM
fsr-3206	152	11	,	,	PUNCT
fsr-3206	152	12	the	the	DET
fsr-3206	152	13	sharpe	sharpe	PROPN
fsr-3206	152	14	ratio	ratio	NOUN
fsr-3206	152	15	measuring	measure	VERB
fsr-3206	152	16	the	the	DET
fsr-3206	152	17	risk	risk	NOUN
fsr-3206	152	18	-	-	PUNCT
fsr-3206	152	19	reward	reward	NOUN
fsr-3206	152	20	tradeoff	tradeoff	NOUN
fsr-3206	152	21	is	be	AUX
fsr-3206	152	22	always	always	ADV
fsr-3206	152	23	higher	high	ADJ
fsr-3206	152	24	for	for	ADP
fsr-3206	152	25	the	the	DET
fsr-3206	152	26	value	value	NOUN
fsr-3206	152	27	portfolio	portfolio	NOUN
fsr-3206	152	28	.	.	PUNCT
fsr-3206	153	1	the	the	DET
fsr-3206	153	2	advantage	advantage	NOUN
fsr-3206	153	3	of	of	ADP
fsr-3206	153	4	value	value	NOUN
fsr-3206	153	5	over	over	ADP
fsr-3206	153	6	growth	growth	NOUN
fsr-3206	153	7	is	be	AUX
fsr-3206	153	8	primarily	primarily	ADV
fsr-3206	153	9	because	because	SCONJ
fsr-3206	153	10	of	of	ADP
fsr-3206	153	11	lower	low	ADJ
fsr-3206	153	12	risk	risk	NOUN
fsr-3206	153	13	.	.	PUNCT
fsr-3206	154	1	therefore	therefore	ADV
fsr-3206	154	2	,	,	PUNCT
fsr-3206	154	3	one	one	PRON
fsr-3206	154	4	might	might	AUX
fsr-3206	154	5	argue	argue	VERB
fsr-3206	154	6	that	that	SCONJ
fsr-3206	154	7	investors	investor	NOUN
fsr-3206	154	8	tend	tend	VERB
fsr-3206	154	9	to	to	PART
fsr-3206	154	10	be	be	AUX
fsr-3206	154	11	more	more	ADV
fsr-3206	154	12	concerned	concerned	ADJ
fsr-3206	154	13	with	with	ADP
fsr-3206	154	14	return	return	NOUN
fsr-3206	154	15	than	than	ADP
fsr-3206	154	16	risk	risk	NOUN
fsr-3206	154	17	as	as	SCONJ
fsr-3206	154	18	measured	measure	VERB
fsr-3206	154	19	by	by	ADP
fsr-3206	154	20	variance	variance	NOUN
fsr-3206	154	21	in	in	ADP
fsr-3206	154	22	return	return	NOUN
fsr-3206	154	23	.	.	PUNCT
fsr-3206	155	1	however	however	ADV
fsr-3206	155	2	,	,	PUNCT
fsr-3206	155	3	we	we	PRON
fsr-3206	155	4	assert	assert	VERB
fsr-3206	155	5	that	that	SCONJ
fsr-3206	155	6	financial	financial	ADJ
fsr-3206	155	7	planners	planner	NOUN
fsr-3206	155	8	guiding	guide	VERB
fsr-3206	155	9	investors	investor	NOUN
fsr-3206	155	10	are	be	AUX
fsr-3206	155	11	not	not	PART
fsr-3206	155	12	as	as	ADV
fsr-3206	155	13	concerned	concern	VERB
fsr-3206	155	14	with	with	ADP
fsr-3206	155	15	monthly	monthly	ADJ
fsr-3206	155	16	average	average	ADJ
fsr-3206	155	17	returns	return	NOUN
fsr-3206	155	18	as	as	SCONJ
fsr-3206	155	19	they	they	PRON
fsr-3206	155	20	are	be	AUX
fsr-3206	155	21	concerned	concern	VERB
fsr-3206	155	22	with	with	ADP
fsr-3206	155	23	the	the	DET
fsr-3206	155	24	end	end	NOUN
fsr-3206	155	25	wealth	wealth	NOUN
fsr-3206	155	26	of	of	ADP
fsr-3206	155	27	the	the	DET
fsr-3206	155	28	investors	investor	NOUN
fsr-3206	155	29	.	.	PUNCT
fsr-3206	156	1	in	in	ADP
fsr-3206	156	2	that	that	DET
fsr-3206	156	3	regard	regard	NOUN
fsr-3206	156	4	,	,	PUNCT
fsr-3206	156	5	as	as	SCONJ
fsr-3206	156	6	we	we	PRON
fsr-3206	156	7	show	show	VERB
fsr-3206	156	8	in	in	ADP
fsr-3206	156	9	the	the	DET
fsr-3206	156	10	next	next	ADJ
fsr-3206	156	11	section	section	NOUN
fsr-3206	156	12	,	,	PUNCT
fsr-3206	156	13	the	the	DET
fsr-3206	156	14	lower	low	ADJ
fsr-3206	156	15	variance	variance	NOUN
fsr-3206	156	16	of	of	ADP
fsr-3206	156	17	value	value	NOUN
fsr-3206	156	18	portfolios	portfolio	NOUN
fsr-3206	156	19	provides	provide	VERB
fsr-3206	156	20	a	a	DET
fsr-3206	156	21	significant	significant	ADJ
fsr-3206	156	22	advantage	advantage	NOUN
fsr-3206	156	23	in	in	ADP
fsr-3206	156	24	terms	term	NOUN
fsr-3206	156	25	of	of	ADP
fsr-3206	156	26	achieving	achieve	VERB
fsr-3206	156	27	end	end	VERB
fsr-3206	156	28	wealth	wealth	NOUN
fsr-3206	156	29	goals	goal	NOUN
fsr-3206	156	30	.	.	PUNCT
fsr-3206	157	1	4.2	4.2	NUM
fsr-3206	157	2	.	.	PUNCT
fsr-3206	157	3	end	end	VERB
fsr-3206	157	4	wealth	wealth	NOUN
fsr-3206	157	5	comparisons	comparison	NOUN
fsr-3206	157	6	in	in	ADP
fsr-3206	157	7	the	the	DET
fsr-3206	157	8	previous	previous	ADJ
fsr-3206	157	9	section	section	NOUN
fsr-3206	157	10	we	we	PRON
fsr-3206	157	11	have	have	AUX
fsr-3206	157	12	made	make	VERB
fsr-3206	157	13	five	five	NUM
fsr-3206	157	14	sets	set	NOUN
fsr-3206	157	15	of	of	ADP
fsr-3206	157	16	comparison	comparison	NOUN
fsr-3206	157	17	between	between	ADP
fsr-3206	157	18	value	value	NOUN
fsr-3206	157	19	and	and	CCONJ
fsr-3206	157	20	growth	growth	NOUN
fsr-3206	157	21	mutual	mutual	ADJ
fsr-3206	157	22	funds	fund	NOUN
fsr-3206	157	23	finding	find	VERB
fsr-3206	157	24	generally	generally	ADV
fsr-3206	157	25	higher	high	ADJ
fsr-3206	157	26	means	mean	NOUN
fsr-3206	157	27	and	and	CCONJ
fsr-3206	157	28	significantly	significantly	ADV
fsr-3206	157	29	lower	low	ADJ
fsr-3206	157	30	variance	variance	NOUN
fsr-3206	157	31	in	in	ADP
fsr-3206	157	32	returns	return	NOUN
fsr-3206	157	33	for	for	ADP
fsr-3206	157	34	the	the	DET
fsr-3206	157	35	value	value	NOUN
fsr-3206	157	36	funds	fund	NOUN
fsr-3206	157	37	.	.	PUNCT
fsr-3206	158	1	these	these	DET
fsr-3206	158	2	results	result	NOUN
fsr-3206	158	3	lead	lead	VERB
fsr-3206	158	4	us	we	PRON
fsr-3206	158	5	to	to	PART
fsr-3206	158	6	argue	argue	VERB
fsr-3206	158	7	that	that	SCONJ
fsr-3206	158	8	investors	investor	NOUN
fsr-3206	158	9	ought	ought	AUX
fsr-3206	158	10	to	to	PART
fsr-3206	158	11	prefer	prefer	VERB
fsr-3206	158	12	value	value	NOUN
fsr-3206	158	13	funds	fund	NOUN
fsr-3206	158	14	relative	relative	ADJ
fsr-3206	158	15	to	to	ADP
fsr-3206	158	16	growth	growth	NOUN
fsr-3206	158	17	funds	fund	NOUN
fsr-3206	158	18	.	.	PUNCT
fsr-3206	159	1	we	we	PRON
fsr-3206	159	2	recognize	recognize	VERB
fsr-3206	159	3	,	,	PUNCT
fsr-3206	159	4	however	however	ADV
fsr-3206	159	5	,	,	PUNCT
fsr-3206	159	6	that	that	SCONJ
fsr-3206	159	7	investors	investor	NOUN
fsr-3206	159	8	may	may	AUX
fsr-3206	159	9	be	be	AUX
fsr-3206	159	10	more	more	ADV
fsr-3206	159	11	concerned	concerned	ADJ
fsr-3206	159	12	with	with	ADP
fsr-3206	159	13	347	347	NUM
fsr-3206	159	14	g.	g.	NOUN
fsr-3206	159	15	pettengill	pettengill	PROPN
fsr-3206	159	16	et	et	PROPN
fsr-3206	159	17	al	al	PROPN
fsr-3206	159	18	.	.	PUNCT
fsr-3206	159	19	/	/	SYM
fsr-3206	159	20	financial	financial	ADJ
fsr-3206	159	21	services	service	NOUN
fsr-3206	159	22	review	review	VERB
fsr-3206	159	23	23	23	NUM
fsr-3206	159	24	(	(	PUNCT
fsr-3206	159	25	2014	2014	NUM
fsr-3206	159	26	)	)	PUNCT
fsr-3206	160	1	341–359	341–359	NUM
fsr-3206	160	2	return	return	NOUN
fsr-3206	160	3	than	than	ADP
fsr-3206	160	4	risk	risk	NOUN
fsr-3206	160	5	.	.	PUNCT
fsr-3206	161	1	we	we	PRON
fsr-3206	161	2	further	far	ADV
fsr-3206	161	3	argue	argue	VERB
fsr-3206	161	4	that	that	SCONJ
fsr-3206	161	5	the	the	DET
fsr-3206	161	6	ultimate	ultimate	ADJ
fsr-3206	161	7	concern	concern	NOUN
fsr-3206	161	8	for	for	ADP
fsr-3206	161	9	investors	investor	NOUN
fsr-3206	161	10	and	and	CCONJ
fsr-3206	161	11	financial	financial	ADJ
fsr-3206	161	12	planners	planner	NOUN
fsr-3206	161	13	is	be	AUX
fsr-3206	161	14	end	end	VERB
fsr-3206	161	15	wealth	wealth	NOUN
fsr-3206	161	16	.	.	PUNCT
fsr-3206	162	1	investors	investor	NOUN
fsr-3206	162	2	are	be	AUX
fsr-3206	162	3	concerned	concerned	ADJ
fsr-3206	162	4	about	about	ADP
fsr-3206	162	5	the	the	DET
fsr-3206	162	6	amount	amount	NOUN
fsr-3206	162	7	that	that	PRON
fsr-3206	162	8	they	they	PRON
fsr-3206	162	9	will	will	AUX
fsr-3206	162	10	have	have	VERB
fsr-3206	162	11	in	in	ADP
fsr-3206	162	12	their	their	PRON
fsr-3206	162	13	retirement	retirement	NOUN
fsr-3206	162	14	account	account	NOUN
fsr-3206	162	15	or	or	CCONJ
fsr-3206	162	16	any	any	DET
fsr-3206	162	17	other	other	ADJ
fsr-3206	162	18	account	account	NOUN
fsr-3206	162	19	when	when	SCONJ
fsr-3206	162	20	they	they	PRON
fsr-3206	162	21	plan	plan	VERB
fsr-3206	162	22	to	to	PART
fsr-3206	162	23	use	use	VERB
fsr-3206	162	24	it	it	PRON
fsr-3206	162	25	.	.	PUNCT
fsr-3206	163	1	financial	financial	ADJ
fsr-3206	163	2	planners	planner	NOUN
fsr-3206	163	3	know	know	VERB
fsr-3206	163	4	that	that	SCONJ
fsr-3206	163	5	determination	determination	NOUN
fsr-3206	163	6	of	of	ADP
fsr-3206	163	7	this	this	DET
fsr-3206	163	8	amount	amount	NOUN
fsr-3206	163	9	relies	rely	VERB
fsr-3206	163	10	on	on	ADP
fsr-3206	163	11	calculation	calculation	NOUN
fsr-3206	163	12	with	with	ADP
fsr-3206	163	13	geometric	geometric	ADJ
fsr-3206	163	14	means	mean	NOUN
fsr-3206	163	15	rather	rather	ADV
fsr-3206	163	16	than	than	ADP
fsr-3206	163	17	arithmetic	arithmetic	ADJ
fsr-3206	163	18	means	mean	NOUN
fsr-3206	163	19	.	.	PUNCT
fsr-3206	164	1	financial	financial	ADJ
fsr-3206	164	2	calculators	calculator	NOUN
fsr-3206	164	3	use	use	VERB
fsr-3206	164	4	the	the	DET
fsr-3206	164	5	geometric	geometric	ADJ
fsr-3206	164	6	mean	mean	NOUN
fsr-3206	164	7	to	to	PART
fsr-3206	164	8	calculate	calculate	VERB
fsr-3206	164	9	end	end	NOUN
fsr-3206	164	10	wealth	wealth	NOUN
fsr-3206	164	11	of	of	ADP
fsr-3206	164	12	a	a	DET
fsr-3206	164	13	lump	lump	NOUN
fsr-3206	164	14	sum	sum	NOUN
fsr-3206	164	15	investment	investment	NOUN
fsr-3206	164	16	or	or	CCONJ
fsr-3206	164	17	periodic	periodic	ADJ
fsr-3206	164	18	investments	investment	NOUN
fsr-3206	164	19	as	as	ADP
fsr-3206	164	20	in	in	ADP
fsr-3206	164	21	an	an	DET
fsr-3206	164	22	annuity	annuity	NOUN
fsr-3206	164	23	.	.	PUNCT
fsr-3206	165	1	therefore	therefore	ADV
fsr-3206	165	2	,	,	PUNCT
fsr-3206	165	3	the	the	DET
fsr-3206	165	4	crucial	crucial	ADJ
fsr-3206	165	5	consideration	consideration	NOUN
fsr-3206	165	6	should	should	AUX
fsr-3206	165	7	not	not	PART
fsr-3206	165	8	be	be	AUX
fsr-3206	165	9	the	the	DET
fsr-3206	165	10	arithmetic	arithmetic	ADJ
fsr-3206	165	11	mean	mean	NOUN
fsr-3206	165	12	as	as	SCONJ
fsr-3206	165	13	is	be	AUX
fsr-3206	165	14	generally	generally	ADV
fsr-3206	165	15	reported	report	VERB
fsr-3206	165	16	by	by	ADP
fsr-3206	165	17	mutual	mutual	ADJ
fsr-3206	165	18	funds	fund	NOUN
fsr-3206	165	19	and	and	CCONJ
fsr-3206	165	20	as	as	SCONJ
fsr-3206	165	21	reported	report	VERB
fsr-3206	165	22	in	in	ADP
fsr-3206	165	23	table	table	NOUN
fsr-3206	165	24	1	1	NUM
fsr-3206	165	25	.	.	PUNCT
fsr-3206	166	1	because	because	SCONJ
fsr-3206	166	2	end	end	NOUN
fsr-3206	166	3	wealth	wealth	NOUN
fsr-3206	166	4	is	be	AUX
fsr-3206	166	5	the	the	DET
fsr-3206	166	6	ultimate	ultimate	ADJ
fsr-3206	166	7	concern	concern	NOUN
fsr-3206	166	8	for	for	ADP
fsr-3206	166	9	an	an	DET
fsr-3206	166	10	investor	investor	NOUN
fsr-3206	166	11	,	,	PUNCT
fsr-3206	166	12	the	the	DET
fsr-3206	166	13	geometric	geometric	ADJ
fsr-3206	166	14	mean	mean	NOUN
fsr-3206	166	15	is	be	AUX
fsr-3206	166	16	more	more	ADV
fsr-3206	166	17	relevant	relevant	ADJ
fsr-3206	166	18	in	in	ADP
fsr-3206	166	19	comparing	compare	VERB
fsr-3206	166	20	the	the	DET
fsr-3206	166	21	times	time	NOUN
fsr-3206	166	22	series	series	NOUN
fsr-3206	166	23	returns	return	NOUN
fsr-3206	166	24	of	of	ADP
fsr-3206	166	25	two	two	NUM
fsr-3206	166	26	investment	investment	NOUN
fsr-3206	166	27	alternatives	alternative	NOUN
fsr-3206	166	28	than	than	ADP
fsr-3206	166	29	the	the	DET
fsr-3206	166	30	arithmetic	arithmetic	ADJ
fsr-3206	166	31	mean	mean	NOUN
fsr-3206	166	32	.	.	PUNCT
fsr-3206	167	1	the	the	DET
fsr-3206	167	2	difference	difference	NOUN
fsr-3206	167	3	between	between	ADP
fsr-3206	167	4	the	the	DET
fsr-3206	167	5	spread	spread	NOUN
fsr-3206	167	6	of	of	ADP
fsr-3206	167	7	the	the	DET
fsr-3206	167	8	arithmetic	arithmetic	ADJ
fsr-3206	167	9	means	mean	NOUN
fsr-3206	167	10	and	and	CCONJ
fsr-3206	167	11	the	the	DET
fsr-3206	167	12	spread	spread	NOUN
fsr-3206	167	13	of	of	ADP
fsr-3206	167	14	the	the	DET
fsr-3206	167	15	geometric	geometric	ADJ
fsr-3206	167	16	means	mean	NOUN
fsr-3206	167	17	between	between	ADP
fsr-3206	167	18	two	two	NUM
fsr-3206	167	19	return	return	NOUN
fsr-3206	167	20	time	time	NOUN
fsr-3206	167	21	series	series	NOUN
fsr-3206	167	22	provides	provide	VERB
fsr-3206	167	23	important	important	ADJ
fsr-3206	167	24	implications	implication	NOUN
fsr-3206	167	25	for	for	ADP
fsr-3206	167	26	an	an	DET
fsr-3206	167	27	investor	investor	NOUN
fsr-3206	167	28	.	.	PUNCT
fsr-3206	168	1	as	as	SCONJ
fsr-3206	168	2	shown	show	VERB
fsr-3206	168	3	below	below	ADP
fsr-3206	168	4	,	,	PUNCT
fsr-3206	168	5	there	there	PRON
fsr-3206	168	6	is	be	VERB
fsr-3206	168	7	a	a	DET
fsr-3206	168	8	direct	direct	ADJ
fsr-3206	168	9	connection	connection	NOUN
fsr-3206	168	10	between	between	ADP
fsr-3206	168	11	return	return	NOUN
fsr-3206	168	12	variability	variability	NOUN
fsr-3206	168	13	and	and	CCONJ
fsr-3206	168	14	the	the	DET
fsr-3206	168	15	difference	difference	NOUN
fsr-3206	168	16	in	in	ADP
fsr-3206	168	17	the	the	DET
fsr-3206	168	18	spreads	spread	NOUN
fsr-3206	168	19	of	of	ADP
fsr-3206	168	20	arithmetic	arithmetic	ADJ
fsr-3206	168	21	and	and	CCONJ
fsr-3206	168	22	geometric	geometric	ADJ
fsr-3206	168	23	means	mean	NOUN
fsr-3206	168	24	of	of	ADP
fsr-3206	168	25	return	return	NOUN
fsr-3206	168	26	time	time	NOUN
fsr-3206	168	27	series	series	NOUN
fsr-3206	168	28	.	.	PUNCT
fsr-3206	169	1	a	a	DET
fsr-3206	169	2	lower	low	ADJ
fsr-3206	169	3	variability	variability	NOUN
fsr-3206	169	4	in	in	ADP
fsr-3206	169	5	returns	return	NOUN
fsr-3206	169	6	results	result	VERB
fsr-3206	169	7	in	in	ADP
fsr-3206	169	8	less	less	ADJ
fsr-3206	169	9	variability	variability	NOUN
fsr-3206	169	10	in	in	ADP
fsr-3206	169	11	the	the	DET
fsr-3206	169	12	base	base	NOUN
fsr-3206	169	13	that	that	PRON
fsr-3206	169	14	determines	determine	VERB
fsr-3206	169	15	returns	return	NOUN
fsr-3206	169	16	used	use	VERB
fsr-3206	169	17	to	to	PART
fsr-3206	169	18	calculate	calculate	VERB
fsr-3206	169	19	arithmetic	arithmetic	ADJ
fsr-3206	169	20	mean	mean	NOUN
fsr-3206	169	21	returns	return	NOUN
fsr-3206	169	22	.	.	PUNCT
fsr-3206	170	1	thus	thus	ADV
fsr-3206	170	2	,	,	PUNCT
fsr-3206	170	3	a	a	DET
fsr-3206	170	4	time	time	NOUN
fsr-3206	170	5	series	series	NOUN
fsr-3206	170	6	return	return	VERB
fsr-3206	170	7	with	with	ADP
fsr-3206	170	8	low	low	ADJ
fsr-3206	170	9	variability	variability	NOUN
fsr-3206	170	10	will	will	AUX
fsr-3206	170	11	have	have	VERB
fsr-3206	170	12	a	a	DET
fsr-3206	170	13	smaller	small	ADJ
fsr-3206	170	14	difference	difference	NOUN
fsr-3206	170	15	between	between	ADP
fsr-3206	170	16	arithmetic	arithmetic	ADJ
fsr-3206	170	17	mean	mean	NOUN
fsr-3206	170	18	and	and	CCONJ
fsr-3206	170	19	geometric	geometric	ADJ
fsr-3206	170	20	mean	mean	NOUN
fsr-3206	170	21	than	than	SCONJ
fsr-3206	170	22	will	will	AUX
fsr-3206	170	23	a	a	DET
fsr-3206	170	24	series	series	NOUN
fsr-3206	170	25	with	with	ADP
fsr-3206	170	26	a	a	DET
fsr-3206	170	27	higher	high	ADJ
fsr-3206	170	28	variability	variability	NOUN
fsr-3206	170	29	in	in	ADP
fsr-3206	170	30	returns	return	NOUN
fsr-3206	170	31	.	.	PUNCT
fsr-3206	171	1	given	give	VERB
fsr-3206	171	2	the	the	DET
fsr-3206	171	3	direct	direct	ADJ
fsr-3206	171	4	association	association	NOUN
fsr-3206	171	5	between	between	ADP
fsr-3206	171	6	the	the	DET
fsr-3206	171	7	geometric	geometric	ADJ
fsr-3206	171	8	mean	mean	NOUN
fsr-3206	171	9	and	and	CCONJ
fsr-3206	171	10	end	end	VERB
fsr-3206	171	11	wealth	wealth	NOUN
fsr-3206	171	12	,	,	PUNCT
fsr-3206	171	13	we	we	PRON
fsr-3206	171	14	assert	assert	VERB
fsr-3206	171	15	that	that	SCONJ
fsr-3206	171	16	the	the	DET
fsr-3206	171	17	lower	low	ADJ
fsr-3206	171	18	variation	variation	NOUN
fsr-3206	171	19	in	in	ADP
fsr-3206	171	20	returns	return	NOUN
fsr-3206	171	21	of	of	ADP
fsr-3206	171	22	the	the	DET
fsr-3206	171	23	value	value	NOUN
fsr-3206	171	24	funds	fund	NOUN
fsr-3206	171	25	provide	provide	VERB
fsr-3206	171	26	these	these	DET
fsr-3206	171	27	funds	fund	NOUN
fsr-3206	171	28	with	with	ADP
fsr-3206	171	29	a	a	DET
fsr-3206	171	30	critical	critical	ADJ
fsr-3206	171	31	advantage	advantage	NOUN
fsr-3206	171	32	in	in	ADP
fsr-3206	171	33	providing	provide	VERB
fsr-3206	171	34	higher	high	ADJ
fsr-3206	171	35	end	end	NOUN
fsr-3206	171	36	wealth	wealth	NOUN
fsr-3206	171	37	to	to	ADP
fsr-3206	171	38	the	the	DET
fsr-3206	171	39	investor	investor	NOUN
fsr-3206	171	40	.	.	PUNCT
fsr-3206	172	1	the	the	DET
fsr-3206	172	2	advantage	advantage	NOUN
fsr-3206	172	3	in	in	ADP
fsr-3206	172	4	end	end	NOUN
fsr-3206	172	5	wealth	wealth	NOUN
fsr-3206	172	6	for	for	ADP
fsr-3206	172	7	the	the	DET
fsr-3206	172	8	value	value	NOUN
fsr-3206	172	9	funds	fund	NOUN
fsr-3206	172	10	is	be	AUX
fsr-3206	172	11	greater	great	ADJ
fsr-3206	172	12	than	than	SCONJ
fsr-3206	172	13	one	one	PRON
fsr-3206	172	14	would	would	AUX
fsr-3206	172	15	predict	predict	VERB
fsr-3206	172	16	using	use	VERB
fsr-3206	172	17	the	the	DET
fsr-3206	172	18	arithmetic	arithmetic	ADJ
fsr-3206	172	19	means	mean	NOUN
fsr-3206	172	20	.	.	PUNCT
fsr-3206	173	1	to	to	PART
fsr-3206	173	2	illustrate	illustrate	VERB
fsr-3206	173	3	the	the	DET
fsr-3206	173	4	impact	impact	NOUN
fsr-3206	173	5	of	of	ADP
fsr-3206	173	6	return	return	NOUN
fsr-3206	173	7	variation	variation	NOUN
fsr-3206	173	8	on	on	ADP
fsr-3206	173	9	end	end	NOUN
fsr-3206	173	10	wealth	wealth	NOUN
fsr-3206	173	11	,	,	PUNCT
fsr-3206	173	12	in	in	ADP
fsr-3206	173	13	table	table	NOUN
fsr-3206	173	14	2	2	NUM
fsr-3206	173	15	we	we	PRON
fsr-3206	173	16	present	present	VERB
fsr-3206	173	17	a	a	DET
fsr-3206	173	18	hypothetical	hypothetical	ADJ
fsr-3206	173	19	example	example	NOUN
fsr-3206	173	20	of	of	ADP
fsr-3206	173	21	return	return	NOUN
fsr-3206	173	22	streams	stream	NOUN
fsr-3206	173	23	for	for	ADP
fsr-3206	173	24	investment	investment	NOUN
fsr-3206	173	25	a	a	PRON
fsr-3206	173	26	and	and	CCONJ
fsr-3206	173	27	investment	investment	NOUN
fsr-3206	173	28	b.	b.	PROPN
fsr-3206	173	29	assume	assume	VERB
fsr-3206	173	30	that	that	SCONJ
fsr-3206	173	31	investment	investment	NOUN
fsr-3206	173	32	a	a	PRON
fsr-3206	173	33	has	have	VERB
fsr-3206	173	34	a	a	DET
fsr-3206	173	35	return	return	NOUN
fsr-3206	173	36	series	series	NOUN
fsr-3206	173	37	that	that	PRON
fsr-3206	173	38	consists	consist	VERB
fsr-3206	173	39	of	of	ADP
fsr-3206	173	40	returns	return	NOUN
fsr-3206	173	41	of	of	ADP
fsr-3206	173	42	�	�	NOUN
fsr-3206	173	43	10	10	NUM
fsr-3206	173	44	%	%	NOUN
fsr-3206	173	45	,	,	PUNCT
fsr-3206	173	46	10	10	NUM
fsr-3206	173	47	%	%	NOUN
fsr-3206	173	48	,	,	PUNCT
fsr-3206	173	49	and	and	CCONJ
fsr-3206	173	50	3	3	NUM
fsr-3206	173	51	%	%	NOUN
fsr-3206	173	52	;	;	PUNCT
fsr-3206	173	53	and	and	CCONJ
fsr-3206	173	54	investment	investment	NOUN
fsr-3206	173	55	b	b	PROPN
fsr-3206	173	56	has	have	VERB
fsr-3206	173	57	a	a	DET
fsr-3206	173	58	return	return	NOUN
fsr-3206	173	59	series	series	NOUN
fsr-3206	173	60	that	that	PRON
fsr-3206	173	61	consists	consist	VERB
fsr-3206	173	62	of	of	ADP
fsr-3206	173	63	returns	return	NOUN
fsr-3206	173	64	of	of	ADP
fsr-3206	173	65	�	�	NOUN
fsr-3206	173	66	50	50	NUM
fsr-3206	173	67	%	%	NOUN
fsr-3206	173	68	,	,	PUNCT
fsr-3206	173	69	50	50	NUM
fsr-3206	173	70	%	%	NOUN
fsr-3206	173	71	,	,	PUNCT
fsr-3206	173	72	and	and	CCONJ
fsr-3206	173	73	21	21	NUM
fsr-3206	173	74	%	%	NOUN
fsr-3206	173	75	.	.	PUNCT
fsr-3206	174	1	the	the	DET
fsr-3206	174	2	return	return	NOUN
fsr-3206	174	3	series	series	NOUN
fsr-3206	174	4	for	for	ADP
fsr-3206	174	5	a	a	DET
fsr-3206	174	6	has	have	AUX
fsr-3206	174	7	an	an	DET
fsr-3206	174	8	arithmetic	arithmetic	ADJ
fsr-3206	174	9	mean	mean	NOUN
fsr-3206	174	10	return	return	NOUN
fsr-3206	174	11	of	of	ADP
fsr-3206	174	12	1	1	NUM
fsr-3206	174	13	%	%	NOUN
fsr-3206	174	14	and	and	CCONJ
fsr-3206	174	15	a	a	DET
fsr-3206	174	16	variance	variance	NOUN
fsr-3206	174	17	of	of	ADP
fsr-3206	174	18	0.69	0.69	NUM
fsr-3206	174	19	%	%	NOUN
fsr-3206	174	20	squared	square	VERB
fsr-3206	174	21	.	.	PUNCT
fsr-3206	175	1	the	the	DET
fsr-3206	175	2	return	return	NOUN
fsr-3206	175	3	series	series	NOUN
fsr-3206	175	4	for	for	ADP
fsr-3206	175	5	b	b	PROPN
fsr-3206	175	6	has	have	VERB
fsr-3206	175	7	an	an	DET
fsr-3206	175	8	arithmetic	arithmetic	ADJ
fsr-3206	175	9	mean	mean	NOUN
fsr-3206	175	10	return	return	NOUN
fsr-3206	175	11	of	of	ADP
fsr-3206	175	12	7	7	NUM
fsr-3206	175	13	%	%	NOUN
fsr-3206	175	14	and	and	CCONJ
fsr-3206	175	15	a	a	DET
fsr-3206	175	16	sd	sd	NOUN
fsr-3206	175	17	of	of	ADP
fsr-3206	175	18	17.65	17.65	NUM
fsr-3206	175	19	%	%	NOUN
fsr-3206	175	20	squared	square	VERB
fsr-3206	175	21	.	.	PUNCT
fsr-3206	176	1	the	the	DET
fsr-3206	176	2	higher	high	ADJ
fsr-3206	176	3	arithmetic	arithmetic	ADJ
fsr-3206	176	4	mean	mean	NOUN
fsr-3206	176	5	return	return	NOUN
fsr-3206	176	6	for	for	ADP
fsr-3206	176	7	series	series	PROPN
fsr-3206	176	8	b	b	PROPN
fsr-3206	176	9	inaccurately	inaccurately	ADV
fsr-3206	176	10	suggests	suggest	VERB
fsr-3206	176	11	a	a	DET
fsr-3206	176	12	greater	great	ADJ
fsr-3206	176	13	return	return	NOUN
fsr-3206	176	14	for	for	ADP
fsr-3206	176	15	investing	invest	VERB
fsr-3206	176	16	in	in	ADP
fsr-3206	176	17	b	b	NOUN
fsr-3206	176	18	at	at	ADP
fsr-3206	176	19	the	the	DET
fsr-3206	176	20	cost	cost	NOUN
fsr-3206	176	21	of	of	ADP
fsr-3206	176	22	a	a	DET
fsr-3206	176	23	greater	great	ADJ
fsr-3206	176	24	risk	risk	NOUN
fsr-3206	176	25	.	.	PUNCT
fsr-3206	177	1	in	in	ADP
fsr-3206	177	2	fact	fact	NOUN
fsr-3206	177	3	,	,	PUNCT
fsr-3206	177	4	if	if	SCONJ
fsr-3206	177	5	$	$	SYM
fsr-3206	177	6	10,000	10,000	NUM
fsr-3206	177	7	was	be	AUX
fsr-3206	177	8	invested	invest	VERB
fsr-3206	177	9	in	in	ADP
fsr-3206	177	10	asset	asset	NOUN
fsr-3206	177	11	a	a	PRON
fsr-3206	177	12	,	,	PUNCT
fsr-3206	177	13	the	the	DET
fsr-3206	177	14	end	end	NOUN
fsr-3206	177	15	wealth	wealth	NOUN
fsr-3206	177	16	would	would	AUX
fsr-3206	177	17	be	be	AUX
fsr-3206	177	18	$	$	SYM
fsr-3206	177	19	10,197	10,197	NUM
fsr-3206	177	20	.	.	PUNCT
fsr-3206	178	1	a	a	DET
fsr-3206	178	2	similar	similar	ADJ
fsr-3206	178	3	investment	investment	NOUN
fsr-3206	178	4	in	in	ADP
fsr-3206	178	5	asset	asset	NOUN
fsr-3206	178	6	b	b	PROPN
fsr-3206	178	7	would	would	AUX
fsr-3206	178	8	result	result	VERB
fsr-3206	178	9	in	in	ADP
fsr-3206	178	10	an	an	DET
fsr-3206	178	11	end	end	NOUN
fsr-3206	178	12	wealth	wealth	NOUN
fsr-3206	178	13	of	of	ADP
fsr-3206	178	14	$	$	SYM
fsr-3206	178	15	9,075	9,075	NUM
fsr-3206	178	16	.	.	PUNCT
fsr-3206	179	1	the	the	DET
fsr-3206	179	2	comparative	comparative	ADJ
fsr-3206	179	3	geometric	geometric	ADJ
fsr-3206	179	4	means	mean	NOUN
fsr-3206	179	5	of	of	ADP
fsr-3206	179	6	0.65	0.65	NUM
fsr-3206	179	7	%	%	NOUN
fsr-3206	179	8	for	for	ADP
fsr-3206	179	9	asset	asset	NOUN
fsr-3206	179	10	a	a	DET
fsr-3206	179	11	and	and	CCONJ
fsr-3206	179	12	�	�	PROPN
fsr-3206	179	13	3.18	3.18	NUM
fsr-3206	179	14	%	%	NOUN
fsr-3206	179	15	for	for	ADP
fsr-3206	179	16	asset	asset	NOUN
fsr-3206	179	17	b	b	PROPN
fsr-3206	179	18	more	more	ADV
fsr-3206	179	19	correctly	correctly	ADV
fsr-3206	179	20	reflect	reflect	VERB
fsr-3206	179	21	the	the	DET
fsr-3206	179	22	wealth	wealth	NOUN
fsr-3206	179	23	creation	creation	NOUN
fsr-3206	179	24	experienced	experience	VERB
fsr-3206	179	25	by	by	ADP
fsr-3206	179	26	the	the	DET
fsr-3206	179	27	investor	investor	NOUN
fsr-3206	179	28	.	.	PUNCT
fsr-3206	180	1	note	note	NOUN
fsr-3206	180	2	,	,	PUNCT
fsr-3206	180	3	the	the	DET
fsr-3206	180	4	end	end	NOUN
fsr-3206	180	5	wealth	wealth	NOUN
fsr-3206	180	6	is	be	AUX
fsr-3206	180	7	not	not	PART
fsr-3206	180	8	affected	affect	VERB
fsr-3206	180	9	by	by	ADP
fsr-3206	180	10	the	the	DET
fsr-3206	180	11	ordering	ordering	NOUN
fsr-3206	180	12	of	of	ADP
fsr-3206	180	13	the	the	DET
fsr-3206	180	14	return	return	NOUN
fsr-3206	180	15	series	series	NOUN
fsr-3206	180	16	.	.	PUNCT
fsr-3206	181	1	the	the	DET
fsr-3206	181	2	reason	reason	NOUN
fsr-3206	181	3	investment	investment	NOUN
fsr-3206	181	4	b	b	PROPN
fsr-3206	181	5	has	have	VERB
fsr-3206	181	6	a	a	DET
fsr-3206	181	7	lower	low	ADJ
fsr-3206	181	8	end	end	NOUN
fsr-3206	181	9	wealth	wealth	NOUN
fsr-3206	181	10	despite	despite	SCONJ
fsr-3206	181	11	table	table	NOUN
fsr-3206	181	12	2	2	NUM
fsr-3206	181	13	bias	bias	NOUN
fsr-3206	181	14	in	in	ADP
fsr-3206	181	15	comparative	comparative	ADJ
fsr-3206	181	16	arithmetic	arithmetic	ADJ
fsr-3206	181	17	mean	mean	NOUN
fsr-3206	181	18	from	from	ADP
fsr-3206	181	19	differences	difference	NOUN
fsr-3206	181	20	in	in	ADP
fsr-3206	181	21	return	return	NOUN
fsr-3206	181	22	variation	variation	NOUN
fsr-3206	181	23	year	year	NOUN
fsr-3206	181	24	investment	investment	NOUN
fsr-3206	181	25	a	a	DET
fsr-3206	181	26	investment	investment	NOUN
fsr-3206	181	27	b	b	NOUN
fsr-3206	181	28	return	return	NOUN
fsr-3206	181	29	end	end	VERB
fsr-3206	181	30	wealth	wealth	NOUN
fsr-3206	181	31	return	return	NOUN
fsr-3206	181	32	end	end	VERB
fsr-3206	181	33	wealth	wealth	NOUN
fsr-3206	181	34	0	0	NUM
fsr-3206	181	35	na	na	NOUN
fsr-3206	181	36	$	$	SYM
fsr-3206	181	37	10,000	10,000	NUM
fsr-3206	181	38	na	na	PART
fsr-3206	181	39	$	$	SYM
fsr-3206	181	40	10,000	10,000	NUM
fsr-3206	181	41	1	1	NUM
fsr-3206	181	42	�	�	NOUN
fsr-3206	181	43	10	10	NUM
fsr-3206	181	44	%	%	NOUN
fsr-3206	181	45	$	$	SYM
fsr-3206	181	46	9000	9000	NUM
fsr-3206	181	47	�	�	NOUN
fsr-3206	181	48	50	50	NUM
fsr-3206	181	49	%	%	NOUN
fsr-3206	181	50	$	$	SYM
fsr-3206	181	51	5,000	5,000	NUM
fsr-3206	181	52	2	2	NUM
fsr-3206	181	53	10	10	NUM
fsr-3206	181	54	%	%	NOUN
fsr-3206	181	55	$	$	SYM
fsr-3206	181	56	9,900	9,900	NUM
fsr-3206	181	57	50	50	NUM
fsr-3206	181	58	%	%	NOUN
fsr-3206	181	59	$	$	SYM
fsr-3206	181	60	7,500	7,500	NUM
fsr-3206	181	61	3	3	NUM
fsr-3206	181	62	3	3	NUM
fsr-3206	181	63	%	%	NOUN
fsr-3206	181	64	$	$	SYM
fsr-3206	181	65	10,197	10,197	NUM
fsr-3206	181	66	21	21	NUM
fsr-3206	181	67	%	%	NOUN
fsr-3206	181	68	$	$	SYM
fsr-3206	181	69	9,075	9,075	NUM
fsr-3206	181	70	arithmetic	arithmetic	ADJ
fsr-3206	181	71	mean	mean	NOUN
fsr-3206	181	72	1	1	NUM
fsr-3206	181	73	%	%	NOUN
fsr-3206	181	74	7	7	NUM
fsr-3206	181	75	%	%	NOUN
fsr-3206	181	76	variance	variance	NOUN
fsr-3206	181	77	0.69	0.69	NUM
fsr-3206	181	78	%	%	NOUN
fsr-3206	181	79	sq	sq	NOUN
fsr-3206	181	80	.	.	PROPN
fsr-3206	181	81	17.65	17.65	NUM
fsr-3206	181	82	%	%	NOUN
fsr-3206	181	83	sq	sq	ADJ
fsr-3206	181	84	.	.	PUNCT
fsr-3206	181	85	geometric	geometric	ADJ
fsr-3206	181	86	mean	mean	NOUN
fsr-3206	181	87	0.65	0.65	NUM
fsr-3206	181	88	%	%	NOUN
fsr-3206	181	89	�	�	PROPN
fsr-3206	181	90	3.18	3.18	NUM
fsr-3206	181	91	%	%	NOUN
fsr-3206	181	92	348	348	NUM
fsr-3206	181	93	g.	g.	NOUN
fsr-3206	181	94	pettengill	pettengill	PROPN
fsr-3206	181	95	et	et	PROPN
fsr-3206	181	96	al	al	PROPN
fsr-3206	181	97	.	.	PUNCT
fsr-3206	181	98	/	/	SYM
fsr-3206	181	99	financial	financial	ADJ
fsr-3206	181	100	services	service	NOUN
fsr-3206	181	101	review	review	VERB
fsr-3206	181	102	23	23	NUM
fsr-3206	181	103	(	(	PUNCT
fsr-3206	181	104	2014	2014	NUM
fsr-3206	181	105	)	)	PUNCT
fsr-3206	182	1	341–359	341–359	NUM
fsr-3206	182	2	having	have	VERB
fsr-3206	182	3	a	a	DET
fsr-3206	182	4	greater	great	ADJ
fsr-3206	182	5	arithmetic	arithmetic	ADJ
fsr-3206	182	6	mean	mean	NOUN
fsr-3206	182	7	is	be	AUX
fsr-3206	182	8	because	because	SCONJ
fsr-3206	182	9	of	of	ADP
fsr-3206	182	10	the	the	DET
fsr-3206	182	11	larger	large	ADJ
fsr-3206	182	12	return	return	NOUN
fsr-3206	182	13	variation	variation	NOUN
fsr-3206	182	14	in	in	ADP
fsr-3206	182	15	investment	investment	NOUN
fsr-3206	182	16	b.	b.	PROPN
fsr-3206	183	1	the	the	DET
fsr-3206	183	2	greater	great	ADJ
fsr-3206	183	3	variation	variation	NOUN
fsr-3206	183	4	in	in	ADP
fsr-3206	183	5	the	the	DET
fsr-3206	183	6	returns	return	NOUN
fsr-3206	183	7	for	for	ADP
fsr-3206	183	8	investment	investment	NOUN
fsr-3206	183	9	b	b	NOUN
fsr-3206	183	10	causes	cause	VERB
fsr-3206	183	11	greater	great	ADJ
fsr-3206	183	12	fluctuations	fluctuation	NOUN
fsr-3206	183	13	in	in	ADP
fsr-3206	183	14	the	the	DET
fsr-3206	183	15	base	base	NOUN
fsr-3206	183	16	used	use	VERB
fsr-3206	183	17	to	to	PART
fsr-3206	183	18	calculate	calculate	VERB
fsr-3206	183	19	returns	return	NOUN
fsr-3206	183	20	.	.	PUNCT
fsr-3206	184	1	as	as	ADP
fsr-3206	184	2	a	a	DET
fsr-3206	184	3	result	result	NOUN
fsr-3206	184	4	,	,	PUNCT
fsr-3206	184	5	the	the	DET
fsr-3206	184	6	calculated	calculated	ADJ
fsr-3206	184	7	arithmetic	arithmetic	ADJ
fsr-3206	184	8	mean	mean	NOUN
fsr-3206	184	9	return	return	NOUN
fsr-3206	184	10	for	for	ADP
fsr-3206	184	11	investment	investment	NOUN
fsr-3206	184	12	b	b	NOUN
fsr-3206	184	13	will	will	AUX
fsr-3206	184	14	be	be	AUX
fsr-3206	184	15	upwardly	upwardly	ADV
fsr-3206	184	16	biased	bias	VERB
fsr-3206	184	17	,	,	PUNCT
fsr-3206	184	18	which	which	PRON
fsr-3206	184	19	results	result	VERB
fsr-3206	184	20	in	in	ADP
fsr-3206	184	21	a	a	DET
fsr-3206	184	22	misleading	misleading	ADJ
fsr-3206	184	23	indication	indication	NOUN
fsr-3206	184	24	concerning	concern	VERB
fsr-3206	184	25	the	the	DET
fsr-3206	184	26	relative	relative	ADJ
fsr-3206	184	27	wealth	wealth	NOUN
fsr-3206	184	28	creation	creation	NOUN
fsr-3206	184	29	between	between	ADP
fsr-3206	184	30	investment	investment	NOUN
fsr-3206	184	31	a	a	PRON
fsr-3206	184	32	and	and	CCONJ
fsr-3206	184	33	investment	investment	NOUN
fsr-3206	184	34	b.	b.	PROPN
fsr-3206	185	1	the	the	DET
fsr-3206	185	2	comparative	comparative	ADJ
fsr-3206	185	3	geometric	geometric	ADJ
fsr-3206	185	4	means	mean	NOUN
fsr-3206	185	5	correctly	correctly	ADV
fsr-3206	185	6	predict	predict	VERB
fsr-3206	185	7	the	the	DET
fsr-3206	185	8	difference	difference	NOUN
fsr-3206	185	9	in	in	ADP
fsr-3206	185	10	end	end	NOUN
fsr-3206	185	11	wealth.8	wealth.8	NOUN
fsr-3206	185	12	the	the	DET
fsr-3206	185	13	same	same	ADJ
fsr-3206	185	14	relationship	relationship	NOUN
fsr-3206	185	15	illustrated	illustrate	VERB
fsr-3206	185	16	by	by	ADP
fsr-3206	185	17	the	the	DET
fsr-3206	185	18	hypothetical	hypothetical	ADJ
fsr-3206	185	19	investment	investment	NOUN
fsr-3206	185	20	a	a	PRON
fsr-3206	185	21	and	and	CCONJ
fsr-3206	185	22	investment	investment	NOUN
fsr-3206	185	23	b	b	PROPN
fsr-3206	185	24	exists	exist	VERB
fsr-3206	185	25	in	in	ADP
fsr-3206	185	26	the	the	DET
fsr-3206	185	27	very	very	ADV
fsr-3206	185	28	real	real	ADJ
fsr-3206	185	29	comparisons	comparison	NOUN
fsr-3206	185	30	between	between	ADP
fsr-3206	185	31	value	value	NOUN
fsr-3206	185	32	and	and	CCONJ
fsr-3206	185	33	growth	growth	NOUN
fsr-3206	185	34	mutual	mutual	ADJ
fsr-3206	185	35	funds	fund	NOUN
fsr-3206	185	36	.	.	PUNCT
fsr-3206	186	1	the	the	DET
fsr-3206	186	2	higher	high	ADJ
fsr-3206	186	3	variation	variation	NOUN
fsr-3206	186	4	in	in	ADP
fsr-3206	186	5	returns	return	NOUN
fsr-3206	186	6	for	for	ADP
fsr-3206	186	7	the	the	DET
fsr-3206	186	8	growth	growth	NOUN
fsr-3206	186	9	funds	fund	NOUN
fsr-3206	186	10	causes	cause	VERB
fsr-3206	186	11	a	a	DET
fsr-3206	186	12	greater	great	ADJ
fsr-3206	186	13	fluctuation	fluctuation	NOUN
fsr-3206	186	14	in	in	ADP
fsr-3206	186	15	the	the	DET
fsr-3206	186	16	base	base	NOUN
fsr-3206	186	17	value	value	NOUN
fsr-3206	186	18	used	use	VERB
fsr-3206	186	19	to	to	PART
fsr-3206	186	20	calculate	calculate	VERB
fsr-3206	186	21	returns	return	NOUN
fsr-3206	186	22	for	for	ADP
fsr-3206	186	23	the	the	DET
fsr-3206	186	24	growth	growth	NOUN
fsr-3206	186	25	funds	fund	NOUN
fsr-3206	186	26	.	.	PUNCT
fsr-3206	187	1	this	this	DET
fsr-3206	187	2	results	result	VERB
fsr-3206	187	3	in	in	ADP
fsr-3206	187	4	an	an	DET
fsr-3206	187	5	upward	upward	ADJ
fsr-3206	187	6	bias	bias	NOUN
fsr-3206	187	7	in	in	ADP
fsr-3206	187	8	any	any	DET
fsr-3206	187	9	end	end	NOUN
fsr-3206	187	10	wealth	wealth	NOUN
fsr-3206	187	11	prediction	prediction	NOUN
fsr-3206	187	12	for	for	ADP
fsr-3206	187	13	growth	growth	NOUN
fsr-3206	187	14	funds	fund	NOUN
fsr-3206	187	15	versus	versus	ADP
fsr-3206	187	16	value	value	NOUN
fsr-3206	187	17	funds	fund	NOUN
fsr-3206	187	18	using	use	VERB
fsr-3206	187	19	the	the	DET
fsr-3206	187	20	arithmetic	arithmetic	ADJ
fsr-3206	187	21	mean	mean	NOUN
fsr-3206	187	22	.	.	PUNCT
fsr-3206	188	1	thus	thus	ADV
fsr-3206	188	2	,	,	PUNCT
fsr-3206	188	3	we	we	PRON
fsr-3206	188	4	calculate	calculate	VERB
fsr-3206	188	5	end	end	NOUN
fsr-3206	188	6	wealth	wealth	NOUN
fsr-3206	188	7	for	for	ADP
fsr-3206	188	8	each	each	PRON
fsr-3206	188	9	of	of	ADP
fsr-3206	188	10	the	the	DET
fsr-3206	188	11	10	10	NUM
fsr-3206	188	12	funds	fund	NOUN
fsr-3206	188	13	in	in	ADP
fsr-3206	188	14	our	our	PRON
fsr-3206	188	15	sample	sample	NOUN
fsr-3206	188	16	and	and	CCONJ
fsr-3206	188	17	then	then	ADV
fsr-3206	188	18	calculate	calculate	VERB
fsr-3206	188	19	geometric	geometric	ADJ
fsr-3206	188	20	means	mean	NOUN
fsr-3206	188	21	to	to	PART
fsr-3206	188	22	provide	provide	VERB
fsr-3206	188	23	comparisons	comparison	NOUN
fsr-3206	188	24	between	between	ADP
fsr-3206	188	25	value	value	NOUN
fsr-3206	188	26	and	and	CCONJ
fsr-3206	188	27	growth	growth	NOUN
fsr-3206	188	28	investing	investing	NOUN
fsr-3206	188	29	.	.	PUNCT
fsr-3206	189	1	for	for	ADP
fsr-3206	189	2	each	each	PRON
fsr-3206	189	3	of	of	ADP
fsr-3206	189	4	the	the	DET
fsr-3206	189	5	five	five	NUM
fsr-3206	189	6	value	value	NOUN
fsr-3206	189	7	funds	fund	NOUN
fsr-3206	189	8	and	and	CCONJ
fsr-3206	189	9	each	each	PRON
fsr-3206	189	10	of	of	ADP
fsr-3206	189	11	the	the	DET
fsr-3206	189	12	five	five	NUM
fsr-3206	189	13	growth	growth	NOUN
fsr-3206	189	14	funds	fund	NOUN
fsr-3206	189	15	we	we	PRON
fsr-3206	189	16	invest	invest	VERB
fsr-3206	189	17	$	$	SYM
fsr-3206	189	18	10,000	10,000	NUM
fsr-3206	189	19	at	at	ADP
fsr-3206	189	20	the	the	DET
fsr-3206	189	21	first	first	ADJ
fsr-3206	189	22	of	of	ADP
fsr-3206	189	23	the	the	DET
fsr-3206	189	24	month	month	NOUN
fsr-3206	189	25	for	for	ADP
fsr-3206	189	26	which	which	PRON
fsr-3206	189	27	data	datum	NOUN
fsr-3206	189	28	becomes	become	VERB
fsr-3206	189	29	available	available	ADJ
fsr-3206	189	30	.	.	PUNCT
fsr-3206	190	1	thus	thus	ADV
fsr-3206	190	2	,	,	PUNCT
fsr-3206	190	3	for	for	ADP
fsr-3206	190	4	the	the	DET
fsr-3206	190	5	index	index	NOUN
fsr-3206	190	6	funds	fund	NOUN
fsr-3206	190	7	the	the	DET
fsr-3206	190	8	investment	investment	NOUN
fsr-3206	190	9	begins	begin	VERB
fsr-3206	190	10	january	january	PROPN
fsr-3206	190	11	1979	1979	NUM
fsr-3206	190	12	,	,	PUNCT
fsr-3206	190	13	and	and	CCONJ
fsr-3206	190	14	for	for	ADP
fsr-3206	190	15	the	the	DET
fsr-3206	190	16	managed	manage	VERB
fsr-3206	190	17	funds	fund	NOUN
fsr-3206	190	18	the	the	DET
fsr-3206	190	19	investment	investment	NOUN
fsr-3206	190	20	begins	begin	VERB
fsr-3206	190	21	august	august	PROPN
fsr-3206	190	22	1984	1984	NUM
fsr-3206	190	23	for	for	ADP
fsr-3206	190	24	the	the	DET
fsr-3206	190	25	large	large	ADJ
fsr-3206	190	26	-	-	PUNCT
fsr-3206	190	27	firm	firm	NOUN
fsr-3206	190	28	funds	fund	NOUN
fsr-3206	190	29	,	,	PUNCT
fsr-3206	190	30	january	january	PROPN
fsr-3206	190	31	1993	1993	NUM
fsr-3206	190	32	for	for	ADP
fsr-3206	190	33	the	the	DET
fsr-3206	190	34	small	small	ADJ
fsr-3206	190	35	-	-	PUNCT
fsr-3206	190	36	firm	firm	NOUN
fsr-3206	190	37	funds	fund	NOUN
fsr-3206	190	38	,	,	PUNCT
fsr-3206	190	39	and	and	CCONJ
fsr-3206	190	40	july	july	PROPN
fsr-3206	190	41	1993	1993	NUM
fsr-3206	190	42	for	for	ADP
fsr-3206	190	43	the	the	DET
fsr-3206	190	44	midsize	midsize	ADJ
fsr-3206	190	45	firm	firm	ADJ
fsr-3206	190	46	funds	fund	NOUN
fsr-3206	190	47	.	.	PUNCT
fsr-3206	191	1	in	in	ADP
fsr-3206	191	2	each	each	DET
fsr-3206	191	3	case	case	NOUN
fsr-3206	191	4	we	we	PRON
fsr-3206	191	5	keep	keep	VERB
fsr-3206	191	6	the	the	DET
fsr-3206	191	7	proceeds	proceed	NOUN
fsr-3206	191	8	fully	fully	ADV
fsr-3206	191	9	invested	invest	VERB
fsr-3206	191	10	through	through	ADP
fsr-3206	191	11	december	december	PROPN
fsr-3206	191	12	2012	2012	NUM
fsr-3206	191	13	.	.	PUNCT
fsr-3206	192	1	for	for	ADP
fsr-3206	192	2	all	all	DET
fsr-3206	192	3	five	five	NUM
fsr-3206	192	4	comparisons	comparison	NOUN
fsr-3206	192	5	the	the	DET
fsr-3206	192	6	end	end	NOUN
fsr-3206	192	7	wealth	wealth	NOUN
fsr-3206	192	8	in	in	ADP
fsr-3206	192	9	the	the	DET
fsr-3206	192	10	value	value	NOUN
fsr-3206	192	11	fund	fund	NOUN
fsr-3206	192	12	is	be	AUX
fsr-3206	192	13	greater	great	ADJ
fsr-3206	192	14	than	than	ADP
fsr-3206	192	15	the	the	DET
fsr-3206	192	16	end	end	NOUN
fsr-3206	192	17	wealth	wealth	NOUN
fsr-3206	192	18	in	in	ADP
fsr-3206	192	19	the	the	DET
fsr-3206	192	20	growth	growth	NOUN
fsr-3206	192	21	fund	fund	NOUN
fsr-3206	192	22	.	.	PUNCT
fsr-3206	193	1	not	not	PART
fsr-3206	193	2	surprisingly	surprisingly	ADV
fsr-3206	193	3	the	the	DET
fsr-3206	193	4	biggest	big	ADJ
fsr-3206	193	5	difference	difference	NOUN
fsr-3206	193	6	in	in	ADP
fsr-3206	193	7	end	end	NOUN
fsr-3206	193	8	wealth	wealth	NOUN
fsr-3206	193	9	occurs	occur	VERB
fsr-3206	193	10	for	for	ADP
fsr-3206	193	11	the	the	DET
fsr-3206	193	12	small	small	ADJ
fsr-3206	193	13	-	-	PUNCT
fsr-3206	193	14	firm	firm	NOUN
fsr-3206	193	15	funds	fund	NOUN
fsr-3206	193	16	and	and	CCONJ
fsr-3206	193	17	the	the	DET
fsr-3206	193	18	index	index	NOUN
fsr-3206	193	19	funds	fund	NOUN
fsr-3206	193	20	.	.	PUNCT
fsr-3206	194	1	as	as	SCONJ
fsr-3206	194	2	shown	show	VERB
fsr-3206	194	3	in	in	ADP
fsr-3206	194	4	table	table	NOUN
fsr-3206	194	5	3	3	NUM
fsr-3206	194	6	,	,	PUNCT
fsr-3206	194	7	the	the	DET
fsr-3206	194	8	investment	investment	NOUN
fsr-3206	194	9	of	of	ADP
fsr-3206	194	10	$	$	SYM
fsr-3206	194	11	10,000	10,000	NUM
fsr-3206	194	12	in	in	ADP
fsr-3206	194	13	the	the	DET
fsr-3206	194	14	russell	russell	PROPN
fsr-3206	194	15	2000	2000	NUM
fsr-3206	194	16	value	value	NOUN
fsr-3206	194	17	fund	fund	NOUN
fsr-3206	194	18	accrues	accrue	VERB
fsr-3206	194	19	to	to	ADP
fsr-3206	194	20	$	$	SYM
fsr-3206	194	21	668,991	668,991	NUM
fsr-3206	194	22	as	as	ADP
fsr-3206	194	23	compared	compare	VERB
fsr-3206	194	24	with	with	ADP
fsr-3206	194	25	an	an	DET
fsr-3206	194	26	end	end	NOUN
fsr-3206	194	27	wealth	wealth	NOUN
fsr-3206	194	28	of	of	ADP
fsr-3206	194	29	$	$	SYM
fsr-3206	194	30	198,328	198,328	NUM
fsr-3206	194	31	for	for	ADP
fsr-3206	194	32	the	the	DET
fsr-3206	194	33	same	same	ADJ
fsr-3206	194	34	investment	investment	NOUN
fsr-3206	194	35	in	in	ADP
fsr-3206	194	36	the	the	DET
fsr-3206	194	37	russell	russell	PROPN
fsr-3206	194	38	2000	2000	NUM
fsr-3206	194	39	growth	growth	NOUN
fsr-3206	194	40	fund	fund	NOUN
fsr-3206	194	41	.	.	PUNCT
fsr-3206	195	1	any	any	DET
fsr-3206	195	2	investor	investor	NOUN
fsr-3206	195	3	who	who	PRON
fsr-3206	195	4	heeded	heed	VERB
fsr-3206	195	5	clash	clash	PROPN
fsr-3206	195	6	’s	’s	PART
fsr-3206	195	7	advice	advice	NOUN
fsr-3206	195	8	to	to	PART
fsr-3206	195	9	invest	invest	VERB
fsr-3206	195	10	in	in	ADP
fsr-3206	195	11	a	a	DET
fsr-3206	195	12	small	small	ADJ
fsr-3206	195	13	-	-	PUNCT
fsr-3206	195	14	firm	firm	NOUN
fsr-3206	195	15	value	value	NOUN
fsr-3206	195	16	index	index	NOUN
fsr-3206	195	17	fund	fund	NOUN
fsr-3206	195	18	at	at	ADP
fsr-3206	195	19	the	the	DET
fsr-3206	195	20	beginning	beginning	NOUN
fsr-3206	195	21	of	of	ADP
fsr-3206	195	22	our	our	PRON
fsr-3206	195	23	sample	sample	NOUN
fsr-3206	195	24	period	period	NOUN
fsr-3206	195	25	would	would	AUX
fsr-3206	195	26	have	have	AUX
fsr-3206	195	27	surely	surely	ADV
fsr-3206	195	28	have	have	AUX
fsr-3206	195	29	been	be	AUX
fsr-3206	195	30	pleased	pleased	ADJ
fsr-3206	195	31	with	with	ADP
fsr-3206	195	32	the	the	DET
fsr-3206	195	33	choice	choice	NOUN
fsr-3206	195	34	of	of	ADP
fsr-3206	195	35	value	value	NOUN
fsr-3206	195	36	over	over	ADP
fsr-3206	195	37	growth	growth	NOUN
fsr-3206	195	38	.	.	PUNCT
fsr-3206	196	1	the	the	DET
fsr-3206	196	2	value	value	NOUN
fsr-3206	196	3	investor	investor	NOUN
fsr-3206	196	4	has	have	VERB
fsr-3206	196	5	3.37	3.37	NUM
fsr-3206	196	6	times	time	NOUN
fsr-3206	196	7	as	as	ADV
fsr-3206	196	8	much	much	ADJ
fsr-3206	196	9	end	end	VERB
fsr-3206	196	10	wealth	wealth	NOUN
fsr-3206	196	11	as	as	ADP
fsr-3206	196	12	the	the	DET
fsr-3206	196	13	growth	growth	NOUN
fsr-3206	196	14	investor	investor	NOUN
fsr-3206	196	15	.	.	PUNCT
fsr-3206	197	1	surely	surely	ADV
fsr-3206	197	2	,	,	PUNCT
fsr-3206	197	3	any	any	DET
fsr-3206	197	4	investor	investor	NOUN
fsr-3206	197	5	would	would	AUX
fsr-3206	197	6	consider	consider	VERB
fsr-3206	197	7	this	this	DET
fsr-3206	197	8	difference	difference	NOUN
fsr-3206	197	9	significant	significant	ADJ
fsr-3206	197	10	.	.	PUNCT
fsr-3206	198	1	unfortunately	unfortunately	ADV
fsr-3206	198	2	,	,	PUNCT
fsr-3206	198	3	we	we	PRON
fsr-3206	198	4	know	know	VERB
fsr-3206	198	5	of	of	ADP
fsr-3206	198	6	no	no	DET
fsr-3206	198	7	statistical	statistical	ADJ
fsr-3206	198	8	test	test	NOUN
fsr-3206	198	9	to	to	PART
fsr-3206	198	10	confirm	confirm	VERB
fsr-3206	198	11	a	a	DET
fsr-3206	198	12	significant	significant	ADJ
fsr-3206	198	13	difference	difference	NOUN
fsr-3206	198	14	in	in	ADP
fsr-3206	198	15	end	end	NOUN
fsr-3206	198	16	wealth	wealth	NOUN
fsr-3206	198	17	or	or	CCONJ
fsr-3206	198	18	corresponding	correspond	VERB
fsr-3206	198	19	geometric	geometric	ADJ
fsr-3206	198	20	means	mean	NOUN
fsr-3206	198	21	.	.	PUNCT
fsr-3206	199	1	the	the	DET
fsr-3206	199	2	end	end	NOUN
fsr-3206	199	3	wealth	wealth	NOUN
fsr-3206	199	4	for	for	ADP
fsr-3206	199	5	the	the	DET
fsr-3206	199	6	russell	russell	PROPN
fsr-3206	199	7	1000	1000	NUM
fsr-3206	199	8	value	value	NOUN
fsr-3206	199	9	fund	fund	NOUN
fsr-3206	199	10	is	be	AUX
fsr-3206	199	11	more	more	ADJ
fsr-3206	199	12	than	than	ADP
fsr-3206	199	13	50	50	NUM
fsr-3206	199	14	%	%	NOUN
fsr-3206	199	15	larger	large	ADJ
fsr-3206	199	16	than	than	ADP
fsr-3206	199	17	for	for	ADP
fsr-3206	199	18	the	the	DET
fsr-3206	199	19	russell	russell	PROPN
fsr-3206	199	20	1000	1000	NUM
fsr-3206	199	21	growth	growth	NOUN
fsr-3206	199	22	fund	fund	NOUN
fsr-3206	199	23	.	.	PUNCT
fsr-3206	200	1	furthermore	furthermore	ADV
fsr-3206	200	2	,	,	PUNCT
fsr-3206	200	3	the	the	DET
fsr-3206	200	4	end	end	NOUN
fsr-3206	200	5	wealth	wealth	NOUN
fsr-3206	200	6	for	for	ADP
fsr-3206	200	7	the	the	DET
fsr-3206	200	8	table	table	NOUN
fsr-3206	200	9	3	3	NUM
fsr-3206	200	10	end	end	NOUN
fsr-3206	200	11	wealth	wealth	NOUN
fsr-3206	200	12	,	,	PUNCT
fsr-3206	200	13	geometric	geometric	ADJ
fsr-3206	200	14	means	mean	NOUN
fsr-3206	200	15	,	,	PUNCT
fsr-3206	200	16	and	and	CCONJ
fsr-3206	200	17	arithmetic	arithmetic	ADJ
fsr-3206	200	18	means	mean	NOUN
fsr-3206	200	19	:	:	PUNCT
fsr-3206	200	20	value	value	NOUN
fsr-3206	200	21	vs.	vs.	ADP
fsr-3206	200	22	growth	growth	NOUN
fsr-3206	200	23	fund	fund	NOUN
fsr-3206	200	24	type	type	NOUN
fsr-3206	200	25	end	end	VERB
fsr-3206	200	26	wealth	wealth	NOUN
fsr-3206	200	27	value	value	NOUN
fsr-3206	200	28	end	end	VERB
fsr-3206	200	29	wealth	wealth	NOUN
fsr-3206	200	30	growth	growth	NOUN
fsr-3206	200	31	geometric	geometric	ADJ
fsr-3206	200	32	value	value	NOUN
fsr-3206	200	33	geometric	geometric	ADJ
fsr-3206	200	34	growth	growth	NOUN
fsr-3206	200	35	arithmetic	arithmetic	ADJ
fsr-3206	200	36	value	value	NOUN
fsr-3206	200	37	arithmetic	arithmetic	ADJ
fsr-3206	200	38	growth	growth	NOUN
fsr-3206	200	39	russell	russell	PROPN
fsr-3206	200	40	2000	2000	NUM
fsr-3206	200	41	$	$	SYM
fsr-3206	200	42	668,991	668,991	NUM
fsr-3206	200	43	$	$	SYM
fsr-3206	200	44	198,328	198,328	NUM
fsr-3206	200	45	1.04	1.04	NUM
fsr-3206	200	46	%	%	NOUN
fsr-3206	200	47	0.73	0.73	NUM
fsr-3206	200	48	%	%	NOUN
fsr-3206	200	49	1.17	1.17	NUM
fsr-3206	200	50	%	%	NOUN
fsr-3206	200	51	0.92	0.92	NUM
fsr-3206	200	52	%	%	NOUN
fsr-3206	200	53	russell	russell	NOUN
fsr-3206	200	54	1000	1000	NUM
fsr-3206	200	55	$	$	SYM
fsr-3206	200	56	464,694	464,694	NUM
fsr-3206	200	57	$	$	SYM
fsr-3206	200	58	302,601	302,601	NUM
fsr-3206	200	59	0.95	0.95	NUM
fsr-3206	200	60	%	%	NOUN
fsr-3206	200	61	0.84	0.84	NUM
fsr-3206	200	62	%	%	NOUN
fsr-3206	200	63	1.04	1.04	NUM
fsr-3206	200	64	%	%	NOUN
fsr-3206	200	65	0.97	0.97	NUM
fsr-3206	200	66	%	%	NOUN
fsr-3206	200	67	small	small	ADJ
fsr-3206	200	68	managed	manage	VERB
fsr-3206	200	69	$	$	SYM
fsr-3206	200	70	61,772	61,772	NUM
fsr-3206	200	71	$	$	SYM
fsr-3206	200	72	42,073	42,073	NUM
fsr-3206	200	73	0.76	0.76	NUM
fsr-3206	200	74	%	%	NOUN
fsr-3206	200	75	0.60	0.60	NUM
fsr-3206	200	76	%	%	NOUN
fsr-3206	200	77	0.90	0.90	NUM
fsr-3206	200	78	%	%	NOUN
fsr-3206	200	79	0.83	0.83	NUM
fsr-3206	200	80	%	%	NOUN
fsr-3206	200	81	mid	mid	NOUN
fsr-3206	200	82	managed	manage	VERB
fsr-3206	200	83	$	$	SYM
fsr-3206	200	84	50,965	50,965	NUM
fsr-3206	200	85	$	$	SYM
fsr-3206	200	86	41,381	41,381	NUM
fsr-3206	200	87	0.69	0.69	NUM
fsr-3206	200	88	%	%	NOUN
fsr-3206	200	89	0.61	0.61	NUM
fsr-3206	200	90	%	%	NOUN
fsr-3206	200	91	0.82	0.82	NUM
fsr-3206	200	92	%	%	NOUN
fsr-3206	200	93	0.81	0.81	NUM
fsr-3206	200	94	%	%	NOUN
fsr-3206	200	95	large	large	ADJ
fsr-3206	200	96	managed	manage	VERB
fsr-3206	200	97	$	$	SYM
fsr-3206	200	98	118,992	118,992	NUM
fsr-3206	200	99	$	$	SYM
fsr-3206	200	100	112,095	112,095	NUM
fsr-3206	200	101	0.73	0.73	NUM
fsr-3206	200	102	%	%	NOUN
fsr-3206	200	103	0.71	0.71	NUM
fsr-3206	200	104	%	%	NOUN
fsr-3206	200	105	0.81	0.81	NUM
fsr-3206	200	106	%	%	NOUN
fsr-3206	200	107	0.84	0.84	NUM
fsr-3206	200	108	%	%	NOUN
fsr-3206	200	109	the	the	DET
fsr-3206	200	110	geometric	geometric	ADJ
fsr-3206	200	111	and	and	CCONJ
fsr-3206	200	112	arithmetic	arithmetic	ADJ
fsr-3206	200	113	means	mean	NOUN
fsr-3206	200	114	are	be	AUX
fsr-3206	200	115	calculated	calculate	VERB
fsr-3206	200	116	on	on	ADP
fsr-3206	200	117	a	a	DET
fsr-3206	200	118	monthly	monthly	ADJ
fsr-3206	200	119	basis	basis	NOUN
fsr-3206	200	120	.	.	PUNCT
fsr-3206	201	1	end	end	VERB
fsr-3206	201	2	wealth	wealth	NOUN
fsr-3206	201	3	results	result	VERB
fsr-3206	201	4	from	from	ADP
fsr-3206	201	5	the	the	DET
fsr-3206	201	6	investment	investment	NOUN
fsr-3206	201	7	of	of	ADP
fsr-3206	201	8	$	$	SYM
fsr-3206	201	9	10,000	10,000	NUM
fsr-3206	201	10	in	in	ADP
fsr-3206	201	11	each	each	DET
fsr-3206	201	12	fund	fund	NOUN
fsr-3206	201	13	beginning	begin	VERB
fsr-3206	201	14	with	with	ADP
fsr-3206	201	15	the	the	DET
fsr-3206	201	16	first	first	ADJ
fsr-3206	201	17	month	month	NOUN
fsr-3206	201	18	of	of	ADP
fsr-3206	201	19	data	datum	NOUN
fsr-3206	201	20	availability	availability	NOUN
fsr-3206	201	21	and	and	CCONJ
fsr-3206	201	22	ending	end	VERB
fsr-3206	201	23	december	december	PROPN
fsr-3206	201	24	2012	2012	NUM
fsr-3206	201	25	.	.	PUNCT
fsr-3206	202	1	for	for	ADP
fsr-3206	202	2	the	the	DET
fsr-3206	202	3	russell	russell	PROPN
fsr-3206	202	4	funds	fund	NOUN
fsr-3206	202	5	the	the	DET
fsr-3206	202	6	sample	sample	NOUN
fsr-3206	202	7	period	period	NOUN
fsr-3206	202	8	begins	begin	VERB
fsr-3206	202	9	january	january	PROPN
fsr-3206	202	10	1979	1979	NUM
fsr-3206	202	11	.	.	PUNCT
fsr-3206	203	1	the	the	DET
fsr-3206	203	2	beginning	beginning	NOUN
fsr-3206	203	3	of	of	ADP
fsr-3206	203	4	the	the	DET
fsr-3206	203	5	data	datum	NOUN
fsr-3206	203	6	for	for	ADP
fsr-3206	203	7	the	the	DET
fsr-3206	203	8	managed	manage	VERB
fsr-3206	203	9	firms	firm	NOUN
fsr-3206	203	10	is	be	AUX
fsr-3206	203	11	:	:	PUNCT
fsr-3206	203	12	august	august	PROPN
fsr-3206	203	13	1984	1984	NUM
fsr-3206	203	14	for	for	ADP
fsr-3206	203	15	the	the	DET
fsr-3206	203	16	large	large	ADJ
fsr-3206	203	17	-	-	PUNCT
fsr-3206	203	18	firm	firm	NOUN
fsr-3206	203	19	portfolio	portfolio	NOUN
fsr-3206	203	20	,	,	PUNCT
fsr-3206	203	21	january	january	PROPN
fsr-3206	203	22	1993	1993	NUM
fsr-3206	203	23	for	for	ADP
fsr-3206	203	24	the	the	DET
fsr-3206	203	25	small	small	ADJ
fsr-3206	203	26	-	-	PUNCT
fsr-3206	203	27	firm	firm	NOUN
fsr-3206	203	28	portfolio	portfolio	NOUN
fsr-3206	203	29	and	and	CCONJ
fsr-3206	203	30	july	july	PROPN
fsr-3206	203	31	1993	1993	NUM
fsr-3206	203	32	for	for	ADP
fsr-3206	203	33	the	the	DET
fsr-3206	203	34	mid	mid	ADJ
fsr-3206	203	35	-	-	ADJ
fsr-3206	203	36	sized	sized	ADJ
fsr-3206	203	37	portfolio	portfolio	NOUN
fsr-3206	203	38	.	.	PUNCT
fsr-3206	204	1	349	349	NUM
fsr-3206	204	2	g.	g.	PROPN
fsr-3206	204	3	pettengill	pettengill	PROPN
fsr-3206	204	4	et	et	PROPN
fsr-3206	204	5	al	al	PROPN
fsr-3206	204	6	.	.	PUNCT
fsr-3206	204	7	/	/	SYM
fsr-3206	204	8	financial	financial	ADJ
fsr-3206	204	9	services	service	NOUN
fsr-3206	204	10	review	review	VERB
fsr-3206	204	11	23	23	NUM
fsr-3206	204	12	(	(	PUNCT
fsr-3206	204	13	2014	2014	NUM
fsr-3206	204	14	)	)	PUNCT
fsr-3206	205	1	341–359	341–359	NUM
fsr-3206	205	2	small	small	ADJ
fsr-3206	205	3	-	-	PUNCT
fsr-3206	205	4	firm	firm	ADJ
fsr-3206	205	5	managed	manage	VERB
fsr-3206	205	6	value	value	NOUN
fsr-3206	205	7	fund	fund	NOUN
fsr-3206	205	8	is	be	AUX
fsr-3206	205	9	nearly	nearly	ADV
fsr-3206	205	10	50	50	NUM
fsr-3206	205	11	%	%	NOUN
fsr-3206	205	12	higher	high	ADJ
fsr-3206	205	13	than	than	ADP
fsr-3206	205	14	the	the	DET
fsr-3206	205	15	end	end	NOUN
fsr-3206	205	16	wealth	wealth	NOUN
fsr-3206	205	17	for	for	ADP
fsr-3206	205	18	the	the	DET
fsr-3206	205	19	small	small	ADJ
fsr-3206	205	20	-	-	PUNCT
fsr-3206	205	21	firm	firm	NOUN
fsr-3206	205	22	managed	manage	VERB
fsr-3206	205	23	growth	growth	NOUN
fsr-3206	205	24	fund	fund	NOUN
fsr-3206	205	25	.	.	PUNCT
fsr-3206	206	1	figs	fig	NOUN
fsr-3206	206	2	.	.	PUNCT
fsr-3206	207	1	1	1	NUM
fsr-3206	207	2	and	and	CCONJ
fsr-3206	207	3	2	2	NUM
fsr-3206	207	4	show	show	VERB
fsr-3206	207	5	the	the	DET
fsr-3206	207	6	growth	growth	NOUN
fsr-3206	207	7	in	in	ADP
fsr-3206	207	8	wealth	wealth	NOUN
fsr-3206	207	9	for	for	ADP
fsr-3206	207	10	value	value	NOUN
fsr-3206	207	11	funds	fund	NOUN
fsr-3206	207	12	relative	relative	ADJ
fsr-3206	207	13	to	to	ADP
fsr-3206	207	14	growth	growth	NOUN
fsr-3206	207	15	funds	fund	NOUN
fsr-3206	207	16	for	for	ADP
fsr-3206	207	17	the	the	DET
fsr-3206	207	18	small	small	ADJ
fsr-3206	207	19	-	-	PUNCT
fsr-3206	207	20	firm	firm	NOUN
fsr-3206	207	21	index	index	NOUN
fsr-3206	207	22	funds	fund	NOUN
fsr-3206	207	23	and	and	CCONJ
fsr-3206	207	24	the	the	DET
fsr-3206	207	25	small	small	ADJ
fsr-3206	207	26	-	-	PUNCT
fsr-3206	207	27	firm	firm	ADJ
fsr-3206	207	28	managed	manage	VERB
fsr-3206	207	29	funds	fund	NOUN
fsr-3206	207	30	,	,	PUNCT
fsr-3206	207	31	respectively	respectively	ADV
fsr-3206	207	32	.	.	PUNCT
fsr-3206	208	1	the	the	DET
fsr-3206	208	2	relative	relative	ADJ
fsr-3206	208	3	growth	growth	NOUN
fsr-3206	208	4	$	$	SYM
fsr-3206	208	5	10,000	10,000	NUM
fsr-3206	208	6	$	$	SYM
fsr-3206	208	7	110,000	110,000	NUM
fsr-3206	208	8	$	$	SYM
fsr-3206	208	9	210,000	210,000	NUM
fsr-3206	208	10	$	$	SYM
fsr-3206	208	11	310,000	310,000	NUM
fsr-3206	208	12	$	$	SYM
fsr-3206	208	13	410,000	410,000	NUM
fsr-3206	208	14	$	$	SYM
fsr-3206	208	15	510,000	510,000	NUM
fsr-3206	208	16	$	$	SYM
fsr-3206	208	17	610,000	610,000	NUM
fsr-3206	208	18	$	$	SYM
fsr-3206	208	19	710,000	710,000	NUM
fsr-3206	208	20	ja	ja	PROPN
fsr-3206	208	21	n79	n79	PROPN
fsr-3206	208	22	ja	ja	PROPN
fsr-3206	208	23	n81	n81	PROPN
fsr-3206	208	24	ja	ja	PROPN
fsr-3206	208	25	n83	n83	PROPN
fsr-3206	208	26	ja	ja	PROPN
fsr-3206	208	27	n85	n85	PROPN
fsr-3206	208	28	ja	ja	PROPN
fsr-3206	208	29	n87	n87	PROPN
fsr-3206	208	30	ja	ja	PROPN
fsr-3206	208	31	n89	n89	PROPN
fsr-3206	208	32	ja	ja	PROPN
fsr-3206	208	33	n91	n91	PROPN
fsr-3206	208	34	ja	ja	PROPN
fsr-3206	208	35	n93	n93	PROPN
fsr-3206	208	36	ja	ja	PROPN
fsr-3206	208	37	n95	n95	PROPN
fsr-3206	208	38	ja	ja	PROPN
fsr-3206	208	39	n97	n97	PROPN
fsr-3206	208	40	ja	ja	PROPN
fsr-3206	208	41	n99	n99	PROPN
fsr-3206	208	42	ja	ja	PROPN
fsr-3206	208	43	n01	n01	PROPN
fsr-3206	208	44	ja	ja	PROPN
fsr-3206	208	45	n03	n03	PROPN
fsr-3206	209	1	ja	ja	PROPN
fsr-3206	209	2	n05	n05	PROPN
fsr-3206	209	3	ja	ja	PROPN
fsr-3206	209	4	n07	n07	PROPN
fsr-3206	209	5	ja	ja	PROPN
fsr-3206	209	6	n09	n09	PROPN
fsr-3206	210	1	ja	ja	PROPN
fsr-3206	210	2	n11	n11	PROPN
fsr-3206	210	3	ja	ja	PROPN
fsr-3206	210	4	n13	n13	PROPN
fsr-3206	210	5	growth	growth	PROPN
fsr-3206	210	6	value	value	NOUN
fsr-3206	210	7	fig	fig	NOUN
fsr-3206	210	8	.	.	PUNCT
fsr-3206	211	1	1	1	X
fsr-3206	211	2	.	.	X
fsr-3206	211	3	increase	increase	VERB
fsr-3206	211	4	in	in	ADP
fsr-3206	211	5	invested	invest	VERB
fsr-3206	211	6	wealth	wealth	NOUN
fsr-3206	211	7	:	:	PUNCT
fsr-3206	211	8	russell	russell	PROPN
fsr-3206	211	9	2000	2000	NUM
fsr-3206	211	10	growth	growth	NOUN
fsr-3206	211	11	index	index	NOUN
fsr-3206	211	12	versus	versus	ADP
fsr-3206	211	13	russell	russell	PROPN
fsr-3206	211	14	2000	2000	NUM
fsr-3206	211	15	value	value	NOUN
fsr-3206	211	16	index	index	NOUN
fsr-3206	211	17	(	(	PUNCT
fsr-3206	211	18	january	january	PROPN
fsr-3206	211	19	1979	1979	NUM
fsr-3206	211	20	through	through	ADP
fsr-3206	211	21	december	december	PROPN
fsr-3206	211	22	2012	2012	NUM
fsr-3206	211	23	)	)	PUNCT
fsr-3206	211	24	.	.	PUNCT
fsr-3206	212	1	$	$	SYM
fsr-3206	212	2	10,000	10,000	NUM
fsr-3206	212	3	$	$	SYM
fsr-3206	212	4	20,000	20,000	NUM
fsr-3206	212	5	$	$	SYM
fsr-3206	212	6	30,000	30,000	NUM
fsr-3206	212	7	$	$	SYM
fsr-3206	212	8	40,000	40,000	NUM
fsr-3206	212	9	$	$	SYM
fsr-3206	212	10	50,000	50,000	NUM
fsr-3206	212	11	$	$	SYM
fsr-3206	212	12	60,000	60,000	NUM
fsr-3206	212	13	$	$	SYM
fsr-3206	212	14	70,000	70,000	NUM
fsr-3206	212	15	d	d	NOUN
fsr-3206	212	16	ec	ec	PROPN
fsr-3206	212	17	-9	-9	PROPN
fsr-3206	212	18	2	2	NUM
fsr-3206	212	19	d	d	SYM
fsr-3206	212	20	ec	ec	PROPN
fsr-3206	212	21	-9	-9	PROPN
fsr-3206	212	22	3	3	NUM
fsr-3206	212	23	d	d	SYM
fsr-3206	212	24	ec	ec	PROPN
fsr-3206	212	25	-9	-9	PROPN
fsr-3206	212	26	4	4	NUM
fsr-3206	212	27	d	d	SYM
fsr-3206	212	28	ec	ec	PROPN
fsr-3206	212	29	-9	-9	PROPN
fsr-3206	212	30	5	5	NUM
fsr-3206	212	31	d	d	SYM
fsr-3206	212	32	ec	ec	PROPN
fsr-3206	212	33	-9	-9	PROPN
fsr-3206	212	34	6	6	NUM
fsr-3206	212	35	d	d	SYM
fsr-3206	212	36	ec	ec	PROPN
fsr-3206	212	37	-9	-9	PROPN
fsr-3206	212	38	7	7	NUM
fsr-3206	212	39	d	d	SYM
fsr-3206	212	40	ec	ec	PROPN
fsr-3206	212	41	-9	-9	PROPN
fsr-3206	212	42	8	8	NUM
fsr-3206	212	43	d	d	SYM
fsr-3206	212	44	ec	ec	PROPN
fsr-3206	212	45	-9	-9	PROPN
fsr-3206	212	46	9	9	NUM
fsr-3206	212	47	d	d	SYM
fsr-3206	212	48	ec	ec	PROPN
fsr-3206	212	49	-0	-0	PUNCT
fsr-3206	212	50	0	0	PUNCT
fsr-3206	213	1	d	d	X
fsr-3206	213	2	ec	ec	PROPN
fsr-3206	213	3	-0	-0	PUNCT
fsr-3206	213	4	1	1	NUM
fsr-3206	213	5	d	d	PROPN
fsr-3206	213	6	ec	ec	PROPN
fsr-3206	213	7	-0	-0	PUNCT
fsr-3206	213	8	2	2	PROPN
fsr-3206	213	9	d	d	SYM
fsr-3206	213	10	ec	ec	PROPN
fsr-3206	213	11	-0	-0	PUNCT
fsr-3206	213	12	3	3	NUM
fsr-3206	213	13	d	d	PROPN
fsr-3206	213	14	ec	ec	PROPN
fsr-3206	213	15	-0	-0	PUNCT
fsr-3206	213	16	4	4	NUM
fsr-3206	213	17	d	d	SYM
fsr-3206	213	18	ec	ec	PROPN
fsr-3206	213	19	-0	-0	PUNCT
fsr-3206	213	20	5	5	NUM
fsr-3206	213	21	d	d	PROPN
fsr-3206	213	22	ec	ec	PROPN
fsr-3206	213	23	-0	-0	PUNCT
fsr-3206	213	24	6	6	NUM
fsr-3206	213	25	d	d	PROPN
fsr-3206	213	26	ec	ec	PROPN
fsr-3206	213	27	-0	-0	PUNCT
fsr-3206	213	28	7	7	NUM
fsr-3206	213	29	d	d	PROPN
fsr-3206	213	30	ec	ec	PROPN
fsr-3206	213	31	-0	-0	PROPN
fsr-3206	213	32	8	8	PROPN
fsr-3206	213	33	d	d	PROPN
fsr-3206	213	34	ec	ec	PROPN
fsr-3206	213	35	-0	-0	PROPN
fsr-3206	213	36	9	9	NUM
fsr-3206	213	37	d	d	SYM
fsr-3206	213	38	ec	ec	PROPN
fsr-3206	213	39	-1	-1	PUNCT
fsr-3206	213	40	0	0	PUNCT
fsr-3206	214	1	d	d	X
fsr-3206	214	2	ec	ec	PROPN
fsr-3206	214	3	-1	-1	ADP
fsr-3206	215	1	1	1	NUM
fsr-3206	215	2	d	d	NOUN
fsr-3206	215	3	ec	ec	PROPN
fsr-3206	215	4	-1	-1	PUNCT
fsr-3206	215	5	2	2	NUM
fsr-3206	215	6	growth	growth	NOUN
fsr-3206	215	7	value	value	NOUN
fsr-3206	215	8	fig	fig	NOUN
fsr-3206	215	9	.	.	PUNCT
fsr-3206	216	1	2	2	X
fsr-3206	216	2	.	.	X
fsr-3206	216	3	increase	increase	NOUN
fsr-3206	216	4	in	in	ADP
fsr-3206	216	5	invested	invest	VERB
fsr-3206	216	6	wealth	wealth	NOUN
fsr-3206	216	7	:	:	PUNCT
fsr-3206	216	8	portfolio	portfolio	NOUN
fsr-3206	216	9	of	of	ADP
fsr-3206	216	10	small	small	ADJ
fsr-3206	216	11	-	-	PUNCT
fsr-3206	216	12	firm	firm	ADJ
fsr-3206	216	13	managed	manage	VERB
fsr-3206	216	14	growth	growth	NOUN
fsr-3206	216	15	funds	fund	NOUN
fsr-3206	216	16	versus	versus	ADP
fsr-3206	216	17	portfolio	portfolio	NOUN
fsr-3206	216	18	of	of	ADP
fsr-3206	216	19	small	small	ADJ
fsr-3206	216	20	-	-	PUNCT
fsr-3206	216	21	firm	firm	ADJ
fsr-3206	216	22	managed	manage	VERB
fsr-3206	216	23	value	value	NOUN
fsr-3206	216	24	funds	fund	NOUN
fsr-3206	216	25	(	(	PUNCT
fsr-3206	216	26	january	january	PROPN
fsr-3206	216	27	1993	1993	NUM
fsr-3206	216	28	through	through	ADP
fsr-3206	216	29	december	december	PROPN
fsr-3206	216	30	2012	2012	NUM
fsr-3206	216	31	)	)	PUNCT
fsr-3206	216	32	350	350	NUM
fsr-3206	216	33	g.	g.	NOUN
fsr-3206	216	34	pettengill	pettengill	PROPN
fsr-3206	216	35	et	et	PROPN
fsr-3206	216	36	al	al	PROPN
fsr-3206	216	37	.	.	PUNCT
fsr-3206	216	38	/	/	SYM
fsr-3206	216	39	financial	financial	ADJ
fsr-3206	216	40	services	service	NOUN
fsr-3206	216	41	review	review	VERB
fsr-3206	216	42	23	23	NUM
fsr-3206	216	43	(	(	PUNCT
fsr-3206	216	44	2014	2014	NUM
fsr-3206	216	45	)	)	PUNCT
fsr-3206	217	1	341–359	341–359	NUM
fsr-3206	217	2	in	in	ADP
fsr-3206	217	3	wealth	wealth	NOUN
fsr-3206	217	4	varies	vary	VERB
fsr-3206	217	5	over	over	ADP
fsr-3206	217	6	time	time	NOUN
fsr-3206	217	7	.	.	PUNCT
fsr-3206	218	1	for	for	ADP
fsr-3206	218	2	example	example	NOUN
fsr-3206	218	3	,	,	PUNCT
fsr-3206	218	4	growth	growth	NOUN
fsr-3206	218	5	funds	fund	NOUN
fsr-3206	218	6	did	do	VERB
fsr-3206	218	7	very	very	ADV
fsr-3206	218	8	well	well	ADV
fsr-3206	218	9	in	in	ADP
fsr-3206	218	10	the	the	DET
fsr-3206	218	11	1990s	1990s	NUM
fsr-3206	218	12	during	during	ADP
fsr-3206	218	13	the	the	DET
fsr-3206	218	14	dot.com	dot.com	NUM
fsr-3206	218	15	bubble	bubble	NOUN
fsr-3206	218	16	.	.	PUNCT
fsr-3206	219	1	indeed	indeed	ADV
fsr-3206	219	2	,	,	PUNCT
fsr-3206	219	3	the	the	DET
fsr-3206	219	4	invested	invest	VERB
fsr-3206	219	5	wealth	wealth	NOUN
fsr-3206	219	6	for	for	ADP
fsr-3206	219	7	the	the	DET
fsr-3206	219	8	small	small	ADJ
fsr-3206	219	9	-	-	PUNCT
fsr-3206	219	10	firm	firm	NOUN
fsr-3206	219	11	managed	manage	VERB
fsr-3206	219	12	growth	growth	NOUN
fsr-3206	219	13	funds	fund	NOUN
fsr-3206	219	14	exceeds	exceed	VERB
fsr-3206	219	15	the	the	DET
fsr-3206	219	16	invested	invest	VERB
fsr-3206	219	17	wealth	wealth	NOUN
fsr-3206	219	18	of	of	ADP
fsr-3206	219	19	the	the	DET
fsr-3206	219	20	small	small	ADJ
fsr-3206	219	21	-	-	PUNCT
fsr-3206	219	22	firm	firm	ADJ
fsr-3206	219	23	managed	manage	VERB
fsr-3206	219	24	value	value	NOUN
fsr-3206	219	25	funds	fund	NOUN
fsr-3206	219	26	throughout	throughout	ADP
fsr-3206	219	27	the	the	DET
fsr-3206	219	28	1990s	1990s	NUM
fsr-3206	219	29	.	.	PUNCT
fsr-3206	220	1	however	however	ADV
fsr-3206	220	2	,	,	PUNCT
fsr-3206	220	3	that	that	DET
fsr-3206	220	4	advantage	advantage	NOUN
fsr-3206	220	5	was	be	AUX
fsr-3206	220	6	more	more	ADV
fsr-3206	220	7	than	than	ADP
fsr-3206	220	8	offset	offset	VERB
fsr-3206	220	9	during	during	ADP
fsr-3206	220	10	the	the	DET
fsr-3206	220	11	following	following	ADJ
fsr-3206	220	12	decade	decade	NOUN
fsr-3206	220	13	.	.	PUNCT
fsr-3206	221	1	the	the	DET
fsr-3206	221	2	small	small	ADJ
fsr-3206	221	3	-	-	PUNCT
fsr-3206	221	4	firm	firm	NOUN
fsr-3206	221	5	index	index	NOUN
fsr-3206	221	6	fund	fund	NOUN
fsr-3206	221	7	comparison	comparison	NOUN
fsr-3206	221	8	experiences	experience	VERB
fsr-3206	221	9	a	a	DET
fsr-3206	221	10	similar	similar	ADJ
fsr-3206	221	11	pattern	pattern	NOUN
fsr-3206	221	12	,	,	PUNCT
fsr-3206	221	13	but	but	CCONJ
fsr-3206	221	14	the	the	DET
fsr-3206	221	15	longer	long	ADJ
fsr-3206	221	16	investment	investment	NOUN
fsr-3206	221	17	history	history	NOUN
fsr-3206	221	18	for	for	ADP
fsr-3206	221	19	this	this	DET
fsr-3206	221	20	comparison	comparison	NOUN
fsr-3206	221	21	results	result	VERB
fsr-3206	221	22	in	in	ADP
fsr-3206	221	23	the	the	DET
fsr-3206	221	24	invested	invest	VERB
fsr-3206	221	25	amount	amount	NOUN
fsr-3206	221	26	for	for	SCONJ
fsr-3206	221	27	the	the	DET
fsr-3206	221	28	value	value	NOUN
fsr-3206	221	29	fund	fund	NOUN
fsr-3206	221	30	always	always	ADV
fsr-3206	221	31	being	be	AUX
fsr-3206	221	32	greater	great	ADJ
fsr-3206	221	33	than	than	ADP
fsr-3206	221	34	the	the	DET
fsr-3206	221	35	invested	invest	VERB
fsr-3206	221	36	amount	amount	NOUN
fsr-3206	221	37	held	hold	VERB
fsr-3206	221	38	in	in	ADP
fsr-3206	221	39	the	the	DET
fsr-3206	221	40	growth	growth	NOUN
fsr-3206	221	41	fund	fund	NOUN
fsr-3206	221	42	.	.	PUNCT
fsr-3206	222	1	in	in	ADP
fsr-3206	222	2	both	both	DET
fsr-3206	222	3	comparisons	comparison	NOUN
fsr-3206	222	4	we	we	PRON
fsr-3206	222	5	include	include	VERB
fsr-3206	222	6	a	a	DET
fsr-3206	222	7	decade	decade	NOUN
fsr-3206	222	8	where	where	SCONJ
fsr-3206	222	9	growth	growth	NOUN
fsr-3206	222	10	funds	fund	NOUN
fsr-3206	222	11	experienced	experience	VERB
fsr-3206	222	12	unusually	unusually	ADV
fsr-3206	222	13	high	high	ADJ
fsr-3206	222	14	returns	return	NOUN
fsr-3206	222	15	and	and	CCONJ
fsr-3206	222	16	value	value	NOUN
fsr-3206	222	17	funds	fund	NOUN
fsr-3206	222	18	continue	continue	VERB
fsr-3206	222	19	to	to	PART
fsr-3206	222	20	outperform	outperform	VERB
fsr-3206	222	21	growth	growth	NOUN
fsr-3206	222	22	funds	fund	NOUN
fsr-3206	222	23	in	in	ADP
fsr-3206	222	24	terms	term	NOUN
fsr-3206	222	25	of	of	ADP
fsr-3206	222	26	accumulated	accumulate	VERB
fsr-3206	222	27	wealth	wealth	NOUN
fsr-3206	222	28	.	.	PUNCT
fsr-3206	223	1	for	for	ADP
fsr-3206	223	2	all	all	DET
fsr-3206	223	3	five	five	NUM
fsr-3206	223	4	comparisons	comparison	NOUN
fsr-3206	223	5	,	,	PUNCT
fsr-3206	223	6	the	the	DET
fsr-3206	223	7	higher	high	ADJ
fsr-3206	223	8	end	end	NOUN
fsr-3206	223	9	wealth	wealth	NOUN
fsr-3206	223	10	in	in	ADP
fsr-3206	223	11	the	the	DET
fsr-3206	223	12	value	value	NOUN
fsr-3206	223	13	funds	fund	NOUN
fsr-3206	223	14	corresponds	correspond	VERB
fsr-3206	223	15	to	to	ADP
fsr-3206	223	16	a	a	DET
fsr-3206	223	17	higher	high	ADJ
fsr-3206	223	18	geometric	geometric	ADJ
fsr-3206	223	19	mean	mean	NOUN
fsr-3206	223	20	.	.	PUNCT
fsr-3206	224	1	the	the	DET
fsr-3206	224	2	difference	difference	NOUN
fsr-3206	224	3	in	in	ADP
fsr-3206	224	4	the	the	DET
fsr-3206	224	5	geometric	geometric	ADJ
fsr-3206	224	6	mean	mean	NOUN
fsr-3206	224	7	,	,	PUNCT
fsr-3206	224	8	which	which	PRON
fsr-3206	224	9	accurately	accurately	ADV
fsr-3206	224	10	measures	measure	VERB
fsr-3206	224	11	end	end	VERB
fsr-3206	224	12	wealth	wealth	NOUN
fsr-3206	224	13	considerations	consideration	NOUN
fsr-3206	224	14	,	,	PUNCT
fsr-3206	224	15	between	between	SCONJ
fsr-3206	224	16	value	value	NOUN
fsr-3206	224	17	and	and	CCONJ
fsr-3206	224	18	growth	growth	NOUN
fsr-3206	224	19	funds	fund	NOUN
fsr-3206	224	20	is	be	AUX
fsr-3206	224	21	always	always	ADV
fsr-3206	224	22	larger	large	ADJ
fsr-3206	224	23	than	than	ADP
fsr-3206	224	24	the	the	DET
fsr-3206	224	25	difference	difference	NOUN
fsr-3206	224	26	found	find	VERB
fsr-3206	224	27	in	in	ADP
fsr-3206	224	28	the	the	DET
fsr-3206	224	29	arithmetic	arithmetic	ADJ
fsr-3206	224	30	means	mean	NOUN
fsr-3206	224	31	.	.	PUNCT
fsr-3206	225	1	the	the	DET
fsr-3206	225	2	geometric	geometric	ADJ
fsr-3206	225	3	mean	mean	NOUN
fsr-3206	225	4	reflects	reflect	VERB
fsr-3206	225	5	the	the	DET
fsr-3206	225	6	lower	low	ADJ
fsr-3206	225	7	return	return	NOUN
fsr-3206	225	8	variance	variance	NOUN
fsr-3206	225	9	for	for	ADP
fsr-3206	225	10	the	the	DET
fsr-3206	225	11	value	value	NOUN
fsr-3206	225	12	fund	fund	NOUN
fsr-3206	225	13	and	and	CCONJ
fsr-3206	225	14	the	the	DET
fsr-3206	225	15	arithmetic	arithmetic	ADJ
fsr-3206	225	16	mean	mean	NOUN
fsr-3206	225	17	does	do	VERB
fsr-3206	225	18	not	not	PART
fsr-3206	225	19	.	.	PUNCT
fsr-3206	226	1	we	we	PRON
fsr-3206	226	2	make	make	VERB
fsr-3206	226	3	two	two	NUM
fsr-3206	226	4	observations	observation	NOUN
fsr-3206	226	5	with	with	ADP
fsr-3206	226	6	regard	regard	NOUN
fsr-3206	226	7	to	to	ADP
fsr-3206	226	8	this	this	DET
fsr-3206	226	9	difference	difference	NOUN
fsr-3206	226	10	.	.	PUNCT
fsr-3206	227	1	for	for	ADP
fsr-3206	227	2	the	the	DET
fsr-3206	227	3	small	small	ADJ
fsr-3206	227	4	-	-	PUNCT
fsr-3206	227	5	firm	firm	NOUN
fsr-3206	227	6	index	index	NOUN
fsr-3206	227	7	funds	fund	NOUN
fsr-3206	227	8	,	,	PUNCT
fsr-3206	227	9	using	use	VERB
fsr-3206	227	10	actual	actual	ADJ
fsr-3206	227	11	returns	return	NOUN
fsr-3206	227	12	shows	show	VERB
fsr-3206	227	13	the	the	DET
fsr-3206	227	14	end	end	NOUN
fsr-3206	227	15	wealth	wealth	NOUN
fsr-3206	227	16	of	of	ADP
fsr-3206	227	17	the	the	DET
fsr-3206	227	18	value	value	NOUN
fsr-3206	227	19	portfolio	portfolio	NOUN
fsr-3206	227	20	to	to	PART
fsr-3206	227	21	be	be	AUX
fsr-3206	227	22	3.37	3.37	NUM
fsr-3206	227	23	times	time	NOUN
fsr-3206	227	24	the	the	DET
fsr-3206	227	25	end	end	NOUN
fsr-3206	227	26	wealth	wealth	NOUN
fsr-3206	227	27	of	of	ADP
fsr-3206	227	28	the	the	DET
fsr-3206	227	29	growth	growth	NOUN
fsr-3206	227	30	portfolio	portfolio	NOUN
fsr-3206	227	31	.	.	PUNCT
fsr-3206	228	1	applying	apply	VERB
fsr-3206	228	2	the	the	DET
fsr-3206	228	3	geometric	geometric	ADJ
fsr-3206	228	4	mean	mean	NOUN
fsr-3206	228	5	duplicates	duplicate	VERB
fsr-3206	228	6	this	this	DET
fsr-3206	228	7	difference	difference	NOUN
fsr-3206	228	8	.	.	PUNCT
fsr-3206	229	1	if	if	SCONJ
fsr-3206	229	2	,	,	PUNCT
fsr-3206	229	3	however	however	ADV
fsr-3206	229	4	,	,	PUNCT
fsr-3206	229	5	one	one	PRON
fsr-3206	229	6	would	would	AUX
fsr-3206	229	7	use	use	VERB
fsr-3206	229	8	the	the	DET
fsr-3206	229	9	monthly	monthly	ADJ
fsr-3206	229	10	arithmetic	arithmetic	ADJ
fsr-3206	229	11	mean	mean	NOUN
fsr-3206	229	12	to	to	PART
fsr-3206	229	13	compound	compound	VERB
fsr-3206	229	14	wealth	wealth	NOUN
fsr-3206	229	15	,	,	PUNCT
fsr-3206	229	16	the	the	DET
fsr-3206	229	17	resulting	result	VERB
fsr-3206	229	18	end	end	NOUN
fsr-3206	229	19	wealth	wealth	NOUN
fsr-3206	229	20	of	of	ADP
fsr-3206	229	21	the	the	DET
fsr-3206	229	22	value	value	NOUN
fsr-3206	229	23	portfolio	portfolio	NOUN
fsr-3206	229	24	is	be	AUX
fsr-3206	229	25	only	only	ADV
fsr-3206	229	26	2.26	2.26	NUM
fsr-3206	229	27	times	time	NOUN
fsr-3206	229	28	that	that	PRON
fsr-3206	229	29	of	of	ADP
fsr-3206	229	30	the	the	DET
fsr-3206	229	31	growth	growth	NOUN
fsr-3206	229	32	portfolio	portfolio	NOUN
fsr-3206	229	33	.	.	PUNCT
fsr-3206	230	1	comparisons	comparison	NOUN
fsr-3206	230	2	of	of	ADP
fsr-3206	230	3	arithmetic	arithmetic	ADJ
fsr-3206	230	4	mean	mean	NOUN
fsr-3206	230	5	returns	return	NOUN
fsr-3206	230	6	do	do	AUX
fsr-3206	230	7	not	not	PART
fsr-3206	230	8	fully	fully	ADV
fsr-3206	230	9	represent	represent	VERB
fsr-3206	230	10	the	the	DET
fsr-3206	230	11	difference	difference	NOUN
fsr-3206	230	12	in	in	ADP
fsr-3206	230	13	end	end	NOUN
fsr-3206	230	14	wealth	wealth	NOUN
fsr-3206	230	15	,	,	PUNCT
fsr-3206	230	16	which	which	PRON
fsr-3206	230	17	should	should	AUX
fsr-3206	230	18	be	be	AUX
fsr-3206	230	19	the	the	DET
fsr-3206	230	20	main	main	ADJ
fsr-3206	230	21	concern	concern	NOUN
fsr-3206	230	22	for	for	ADP
fsr-3206	230	23	the	the	DET
fsr-3206	230	24	mutual	mutual	ADJ
fsr-3206	230	25	fund	fund	NOUN
fsr-3206	230	26	investor	investor	NOUN
fsr-3206	230	27	.	.	PUNCT
fsr-3206	231	1	a	a	DET
fsr-3206	231	2	second	second	ADJ
fsr-3206	231	3	observation	observation	NOUN
fsr-3206	231	4	underlying	underlie	VERB
fsr-3206	231	5	the	the	DET
fsr-3206	231	6	bias	bias	NOUN
fsr-3206	231	7	found	find	VERB
fsr-3206	231	8	in	in	ADP
fsr-3206	231	9	comparisons	comparison	NOUN
fsr-3206	231	10	of	of	ADP
fsr-3206	231	11	arithmetic	arithmetic	ADJ
fsr-3206	231	12	means	mean	NOUN
fsr-3206	231	13	is	be	AUX
fsr-3206	231	14	provided	provide	VERB
fsr-3206	231	15	by	by	ADP
fsr-3206	231	16	the	the	DET
fsr-3206	231	17	large	large	ADJ
fsr-3206	231	18	-	-	PUNCT
fsr-3206	231	19	firm	firm	ADJ
fsr-3206	231	20	managed	manage	VERB
fsr-3206	231	21	funds	fund	NOUN
fsr-3206	231	22	.	.	PUNCT
fsr-3206	232	1	the	the	DET
fsr-3206	232	2	monthly	monthly	ADJ
fsr-3206	232	3	arithmetic	arithmetic	ADJ
fsr-3206	232	4	mean	mean	NOUN
fsr-3206	232	5	is	be	AUX
fsr-3206	232	6	larger	large	ADJ
fsr-3206	232	7	for	for	ADP
fsr-3206	232	8	the	the	DET
fsr-3206	232	9	managed	manage	VERB
fsr-3206	232	10	large	large	ADJ
fsr-3206	232	11	-	-	PUNCT
fsr-3206	232	12	firm	firm	NOUN
fsr-3206	232	13	growth	growth	NOUN
fsr-3206	232	14	fund	fund	NOUN
fsr-3206	232	15	than	than	ADP
fsr-3206	232	16	for	for	ADP
fsr-3206	232	17	the	the	DET
fsr-3206	232	18	managed	manage	VERB
fsr-3206	232	19	large	large	ADJ
fsr-3206	232	20	-	-	PUNCT
fsr-3206	232	21	firm	firm	NOUN
fsr-3206	232	22	value	value	NOUN
fsr-3206	232	23	fund	fund	NOUN
fsr-3206	232	24	.	.	PUNCT
fsr-3206	233	1	consequently	consequently	ADV
fsr-3206	233	2	,	,	PUNCT
fsr-3206	233	3	one	one	PRON
fsr-3206	233	4	might	might	AUX
fsr-3206	233	5	expect	expect	VERB
fsr-3206	233	6	end	end	VERB
fsr-3206	233	7	wealth	wealth	NOUN
fsr-3206	233	8	for	for	ADP
fsr-3206	233	9	an	an	DET
fsr-3206	233	10	investment	investment	NOUN
fsr-3206	233	11	in	in	ADP
fsr-3206	233	12	managed	manage	VERB
fsr-3206	233	13	large	large	ADJ
fsr-3206	233	14	-	-	PUNCT
fsr-3206	233	15	firm	firm	NOUN
fsr-3206	233	16	growth	growth	NOUN
fsr-3206	233	17	funds	fund	NOUN
fsr-3206	233	18	to	to	PART
fsr-3206	233	19	be	be	AUX
fsr-3206	233	20	greater	great	ADJ
fsr-3206	233	21	than	than	ADP
fsr-3206	233	22	for	for	ADP
fsr-3206	233	23	a	a	DET
fsr-3206	233	24	similar	similar	ADJ
fsr-3206	233	25	investment	investment	NOUN
fsr-3206	233	26	in	in	ADP
fsr-3206	233	27	managed	manage	VERB
fsr-3206	233	28	large	large	ADJ
fsr-3206	233	29	-	-	PUNCT
fsr-3206	233	30	firm	firm	NOUN
fsr-3206	233	31	value	value	NOUN
fsr-3206	233	32	funds	fund	NOUN
fsr-3206	233	33	.	.	PUNCT
fsr-3206	234	1	as	as	SCONJ
fsr-3206	234	2	shown	show	VERB
fsr-3206	234	3	in	in	ADP
fsr-3206	234	4	table	table	NOUN
fsr-3206	234	5	3	3	NUM
fsr-3206	234	6	,	,	PUNCT
fsr-3206	234	7	this	this	PRON
fsr-3206	234	8	is	be	AUX
fsr-3206	234	9	not	not	PART
fsr-3206	234	10	the	the	DET
fsr-3206	234	11	case	case	NOUN
fsr-3206	234	12	.	.	PUNCT
fsr-3206	235	1	the	the	DET
fsr-3206	235	2	end	end	NOUN
fsr-3206	235	3	wealth	wealth	NOUN
fsr-3206	235	4	for	for	ADP
fsr-3206	235	5	the	the	DET
fsr-3206	235	6	value	value	NOUN
fsr-3206	235	7	fund	fund	NOUN
fsr-3206	235	8	is	be	AUX
fsr-3206	235	9	greater	great	ADJ
fsr-3206	235	10	than	than	ADP
fsr-3206	235	11	the	the	DET
fsr-3206	235	12	end	end	NOUN
fsr-3206	235	13	wealth	wealth	NOUN
fsr-3206	235	14	for	for	ADP
fsr-3206	235	15	the	the	DET
fsr-3206	235	16	growth	growth	NOUN
fsr-3206	235	17	fund	fund	NOUN
fsr-3206	235	18	,	,	PUNCT
fsr-3206	235	19	albeit	albeit	SCONJ
fsr-3206	235	20	by	by	ADP
fsr-3206	235	21	a	a	DET
fsr-3206	235	22	modest	modest	ADJ
fsr-3206	235	23	amount	amount	NOUN
fsr-3206	235	24	.	.	PUNCT
fsr-3206	236	1	because	because	SCONJ
fsr-3206	236	2	the	the	DET
fsr-3206	236	3	arithmetic	arithmetic	ADJ
fsr-3206	236	4	mean	mean	NOUN
fsr-3206	236	5	is	be	AUX
fsr-3206	236	6	higher	high	ADJ
fsr-3206	236	7	for	for	ADP
fsr-3206	236	8	the	the	DET
fsr-3206	236	9	growth	growth	NOUN
fsr-3206	236	10	fund	fund	NOUN
fsr-3206	236	11	,	,	PUNCT
fsr-3206	236	12	predictions	prediction	NOUN
fsr-3206	236	13	of	of	ADP
fsr-3206	236	14	end	end	NOUN
fsr-3206	236	15	wealth	wealth	NOUN
fsr-3206	236	16	using	use	VERB
fsr-3206	236	17	the	the	DET
fsr-3206	236	18	arithmetic	arithmetic	ADJ
fsr-3206	236	19	mean	mean	NOUN
fsr-3206	236	20	would	would	AUX
fsr-3206	236	21	suggest	suggest	VERB
fsr-3206	236	22	a	a	DET
fsr-3206	236	23	greater	great	ADJ
fsr-3206	236	24	end	end	NOUN
fsr-3206	236	25	wealth	wealth	NOUN
fsr-3206	236	26	for	for	ADP
fsr-3206	236	27	the	the	DET
fsr-3206	236	28	growth	growth	NOUN
fsr-3206	236	29	fund	fund	NOUN
fsr-3206	236	30	.	.	PUNCT
fsr-3206	237	1	however	however	ADV
fsr-3206	237	2	,	,	PUNCT
fsr-3206	237	3	forecasts	forecast	NOUN
fsr-3206	237	4	using	use	VERB
fsr-3206	237	5	the	the	DET
fsr-3206	237	6	geometric	geometric	ADJ
fsr-3206	237	7	mean	mean	NOUN
fsr-3206	237	8	would	would	AUX
fsr-3206	237	9	correctly	correctly	ADV
fsr-3206	237	10	predict	predict	VERB
fsr-3206	237	11	a	a	DET
fsr-3206	237	12	higher	high	ADJ
fsr-3206	237	13	end	end	NOUN
fsr-3206	237	14	wealth	wealth	NOUN
fsr-3206	237	15	for	for	ADP
fsr-3206	237	16	the	the	DET
fsr-3206	237	17	value	value	NOUN
fsr-3206	237	18	fund	fund	NOUN
fsr-3206	237	19	as	as	SCONJ
fsr-3206	237	20	the	the	DET
fsr-3206	237	21	geometric	geometric	ADJ
fsr-3206	237	22	mean	mean	NOUN
fsr-3206	237	23	of	of	ADP
fsr-3206	237	24	the	the	DET
fsr-3206	237	25	managed	manage	VERB
fsr-3206	237	26	large	large	ADJ
fsr-3206	237	27	-	-	PUNCT
fsr-3206	237	28	firm	firm	NOUN
fsr-3206	237	29	fund	fund	NOUN
fsr-3206	237	30	portfolio	portfolio	NOUN
fsr-3206	237	31	is	be	AUX
fsr-3206	237	32	greater	great	ADJ
fsr-3206	237	33	for	for	ADP
fsr-3206	237	34	the	the	DET
fsr-3206	237	35	value	value	NOUN
fsr-3206	237	36	fund	fund	NOUN
fsr-3206	237	37	than	than	ADP
fsr-3206	237	38	for	for	ADP
fsr-3206	237	39	the	the	DET
fsr-3206	237	40	growth	growth	NOUN
fsr-3206	237	41	fund	fund	NOUN
fsr-3206	237	42	.	.	PUNCT
fsr-3206	238	1	crucially	crucially	ADV
fsr-3206	238	2	,	,	PUNCT
fsr-3206	238	3	end	end	VERB
fsr-3206	238	4	wealth	wealth	NOUN
fsr-3206	238	5	comparisons	comparison	NOUN
fsr-3206	238	6	suggest	suggest	VERB
fsr-3206	238	7	that	that	SCONJ
fsr-3206	238	8	investors	investor	NOUN
fsr-3206	238	9	ought	ought	AUX
fsr-3206	238	10	to	to	PART
fsr-3206	238	11	choose	choose	VERB
fsr-3206	238	12	value	value	NOUN
fsr-3206	238	13	over	over	ADP
fsr-3206	238	14	growth	growth	NOUN
fsr-3206	238	15	.	.	PUNCT
fsr-3206	239	1	this	this	DET
fsr-3206	239	2	conclusion	conclusion	NOUN
fsr-3206	239	3	is	be	AUX
fsr-3206	239	4	at	at	ADP
fsr-3206	239	5	variance	variance	NOUN
fsr-3206	239	6	with	with	ADP
fsr-3206	239	7	studies	study	NOUN
fsr-3206	239	8	reviewed	review	VERB
fsr-3206	239	9	earlier	early	ADV
fsr-3206	239	10	in	in	ADP
fsr-3206	239	11	the	the	DET
fsr-3206	239	12	article	article	NOUN
fsr-3206	239	13	and	and	CCONJ
fsr-3206	239	14	in	in	ADP
fsr-3206	239	15	the	the	DET
fsr-3206	239	16	next	next	ADJ
fsr-3206	239	17	section	section	NOUN
fsr-3206	239	18	we	we	PRON
fsr-3206	239	19	rationalize	rationalize	VERB
fsr-3206	239	20	this	this	DET
fsr-3206	239	21	difference	difference	NOUN
fsr-3206	239	22	.	.	PUNCT
fsr-3206	240	1	4.3	4.3	NUM
fsr-3206	240	2	.	.	PUNCT
fsr-3206	241	1	reconciling	reconcile	VERB
fsr-3206	241	2	current	current	ADJ
fsr-3206	241	3	and	and	CCONJ
fsr-3206	241	4	previous	previous	ADJ
fsr-3206	241	5	results	result	NOUN
fsr-3206	241	6	we	we	PRON
fsr-3206	241	7	have	have	AUX
fsr-3206	241	8	made	make	VERB
fsr-3206	241	9	five	five	NUM
fsr-3206	241	10	sets	set	NOUN
fsr-3206	241	11	of	of	ADP
fsr-3206	241	12	comparisons	comparison	NOUN
fsr-3206	241	13	between	between	ADP
fsr-3206	241	14	value	value	NOUN
fsr-3206	241	15	and	and	CCONJ
fsr-3206	241	16	growth	growth	NOUN
fsr-3206	241	17	funds	fund	NOUN
fsr-3206	241	18	with	with	ADP
fsr-3206	241	19	comparisons	comparison	NOUN
fsr-3206	241	20	divided	divide	VERB
fsr-3206	241	21	between	between	ADP
fsr-3206	241	22	index	index	NOUN
fsr-3206	241	23	and	and	CCONJ
fsr-3206	241	24	managed	manage	VERB
fsr-3206	241	25	funds	fund	NOUN
fsr-3206	241	26	and	and	CCONJ
fsr-3206	241	27	by	by	ADP
fsr-3206	241	28	firm	firm	ADJ
fsr-3206	241	29	size	size	NOUN
fsr-3206	241	30	.	.	PUNCT
fsr-3206	242	1	in	in	ADP
fsr-3206	242	2	four	four	NUM
fsr-3206	242	3	of	of	ADP
fsr-3206	242	4	the	the	DET
fsr-3206	242	5	five	five	NUM
fsr-3206	242	6	comparisons	comparison	NOUN
fsr-3206	242	7	the	the	DET
fsr-3206	242	8	average	average	ADJ
fsr-3206	242	9	return	return	NOUN
fsr-3206	242	10	is	be	AUX
fsr-3206	242	11	greater	great	ADJ
fsr-3206	242	12	for	for	ADP
fsr-3206	242	13	value	value	NOUN
fsr-3206	242	14	,	,	PUNCT
fsr-3206	242	15	but	but	CCONJ
fsr-3206	242	16	in	in	ADP
fsr-3206	242	17	none	none	NOUN
fsr-3206	242	18	of	of	ADP
fsr-3206	242	19	the	the	DET
fsr-3206	242	20	five	five	NUM
fsr-3206	242	21	comparisons	comparison	NOUN
fsr-3206	242	22	is	be	AUX
fsr-3206	242	23	the	the	DET
fsr-3206	242	24	difference	difference	NOUN
fsr-3206	242	25	statistically	statistically	ADV
fsr-3206	242	26	significant	significant	ADJ
fsr-3206	242	27	.	.	PUNCT
fsr-3206	243	1	in	in	ADP
fsr-3206	243	2	all	all	DET
fsr-3206	243	3	cases	case	NOUN
fsr-3206	243	4	value	value	NOUN
fsr-3206	243	5	funds	fund	NOUN
fsr-3206	243	6	have	have	VERB
fsr-3206	243	7	significantly	significantly	ADV
fsr-3206	243	8	lower	low	ADJ
fsr-3206	243	9	variance	variance	NOUN
fsr-3206	243	10	in	in	ADP
fsr-3206	243	11	monthly	monthly	ADJ
fsr-3206	243	12	returns	return	NOUN
fsr-3206	243	13	.	.	PUNCT
fsr-3206	244	1	thus	thus	ADV
fsr-3206	244	2	,	,	PUNCT
fsr-3206	244	3	on	on	ADP
fsr-3206	244	4	the	the	DET
fsr-3206	244	5	basis	basis	NOUN
fsr-3206	244	6	of	of	ADP
fsr-3206	244	7	mean	mean	ADJ
fsr-3206	244	8	-	-	PUNCT
fsr-3206	244	9	variance	variance	NOUN
fsr-3206	244	10	comparisons	comparison	NOUN
fsr-3206	244	11	value	value	NOUN
fsr-3206	244	12	funds	fund	NOUN
fsr-3206	244	13	must	must	AUX
fsr-3206	244	14	be	be	AUX
fsr-3206	244	15	judged	judge	VERB
fsr-3206	244	16	superior	superior	ADJ
fsr-3206	244	17	to	to	ADP
fsr-3206	244	18	growth	growth	NOUN
fsr-3206	244	19	funds	fund	NOUN
fsr-3206	244	20	.	.	PUNCT
fsr-3206	245	1	we	we	PRON
fsr-3206	245	2	also	also	ADV
fsr-3206	245	3	show	show	VERB
fsr-3206	245	4	that	that	SCONJ
fsr-3206	245	5	the	the	DET
fsr-3206	245	6	lower	low	ADJ
fsr-3206	245	7	variance	variance	NOUN
fsr-3206	245	8	is	be	AUX
fsr-3206	245	9	associated	associate	VERB
fsr-3206	245	10	with	with	ADP
fsr-3206	245	11	higher	high	ADJ
fsr-3206	245	12	end	end	NOUN
fsr-3206	245	13	wealth	wealth	NOUN
fsr-3206	245	14	for	for	ADP
fsr-3206	245	15	value	value	NOUN
fsr-3206	245	16	funds	fund	NOUN
fsr-3206	245	17	relative	relative	ADJ
fsr-3206	245	18	to	to	ADP
fsr-3206	245	19	growth	growth	NOUN
fsr-3206	245	20	funds	fund	NOUN
fsr-3206	245	21	.	.	PUNCT
fsr-3206	246	1	thus	thus	ADV
fsr-3206	246	2	,	,	PUNCT
fsr-3206	246	3	the	the	DET
fsr-3206	246	4	superior	superior	ADJ
fsr-3206	246	5	performance	performance	NOUN
fsr-3206	246	6	351	351	NUM
fsr-3206	246	7	g.	g.	PROPN
fsr-3206	246	8	pettengill	pettengill	PROPN
fsr-3206	246	9	et	et	PROPN
fsr-3206	246	10	al	al	PROPN
fsr-3206	246	11	.	.	PUNCT
fsr-3206	246	12	/	/	SYM
fsr-3206	246	13	financial	financial	ADJ
fsr-3206	246	14	services	service	NOUN
fsr-3206	246	15	review	review	VERB
fsr-3206	246	16	23	23	NUM
fsr-3206	246	17	(	(	PUNCT
fsr-3206	246	18	2014	2014	NUM
fsr-3206	246	19	)	)	PUNCT
fsr-3206	247	1	341–359	341–359	NUM
fsr-3206	247	2	for	for	ADP
fsr-3206	247	3	value	value	NOUN
fsr-3206	247	4	funds	fund	NOUN
fsr-3206	247	5	is	be	AUX
fsr-3206	247	6	driven	drive	VERB
fsr-3206	247	7	in	in	ADP
fsr-3206	247	8	large	large	ADJ
fsr-3206	247	9	part	part	NOUN
fsr-3206	247	10	by	by	ADP
fsr-3206	247	11	the	the	DET
fsr-3206	247	12	significantly	significantly	ADV
fsr-3206	247	13	lower	low	ADJ
fsr-3206	247	14	variation	variation	NOUN
fsr-3206	247	15	in	in	ADP
fsr-3206	247	16	returns	return	NOUN
fsr-3206	247	17	,	,	PUNCT
fsr-3206	247	18	that	that	ADV
fsr-3206	247	19	is	is	ADV
fsr-3206	247	20	,	,	PUNCT
fsr-3206	247	21	lower	low	ADJ
fsr-3206	247	22	total	total	ADJ
fsr-3206	247	23	realized	realize	VERB
fsr-3206	247	24	risk	risk	NOUN
fsr-3206	247	25	.	.	PUNCT
fsr-3206	248	1	as	as	SCONJ
fsr-3206	248	2	cited	cite	VERB
fsr-3206	248	3	above	above	ADV
fsr-3206	248	4	,	,	PUNCT
fsr-3206	248	5	chan	chan	PROPN
fsr-3206	248	6	et	et	PROPN
fsr-3206	248	7	al	al	PROPN
fsr-3206	248	8	.	.	PROPN
fsr-3206	249	1	(	(	PUNCT
fsr-3206	249	2	2002	2002	NUM
fsr-3206	249	3	)	)	PUNCT
fsr-3206	249	4	and	and	CCONJ
fsr-3206	249	5	davis	davis	PROPN
fsr-3206	249	6	(	(	PUNCT
fsr-3206	249	7	2001	2001	NUM
fsr-3206	249	8	)	)	PUNCT
fsr-3206	249	9	reach	reach	VERB
fsr-3206	249	10	the	the	DET
fsr-3206	249	11	conclusion	conclusion	NOUN
fsr-3206	249	12	that	that	SCONJ
fsr-3206	249	13	growth	growth	NOUN
fsr-3206	249	14	beats	beat	VERB
fsr-3206	249	15	value	value	NOUN
fsr-3206	249	16	by	by	ADP
fsr-3206	249	17	examining	examine	VERB
fsr-3206	249	18	risk	risk	NOUN
fsr-3206	249	19	-	-	PUNCT
fsr-3206	249	20	adjusted	adjust	VERB
fsr-3206	249	21	returns	return	NOUN
fsr-3206	249	22	(	(	PUNCT
fsr-3206	249	23	�	�	NOUN
fsr-3206	249	24	s	s	PART
fsr-3206	249	25	)	)	PUNCT
fsr-3206	249	26	calculated	calculate	VERB
fsr-3206	249	27	using	use	VERB
fsr-3206	249	28	the	the	DET
fsr-3206	249	29	fama	fama	NOUN
fsr-3206	249	30	-	-	PUNCT
fsr-3206	249	31	french	french	ADJ
fsr-3206	249	32	three	three	NUM
fsr-3206	249	33	-	-	PUNCT
fsr-3206	249	34	factor	factor	NOUN
fsr-3206	249	35	model	model	NOUN
fsr-3206	249	36	.	.	PUNCT
fsr-3206	250	1	their	their	PRON
fsr-3206	250	2	conclusions	conclusion	NOUN
fsr-3206	250	3	depend	depend	VERB
fsr-3206	250	4	on	on	ADP
fsr-3206	250	5	the	the	DET
fsr-3206	250	6	three	three	NUM
fsr-3206	250	7	-	-	PUNCT
fsr-3206	250	8	factor	factor	NOUN
fsr-3206	250	9	model	model	NOUN
fsr-3206	250	10	’s	’s	PART
fsr-3206	250	11	measurement	measurement	NOUN
fsr-3206	250	12	of	of	ADP
fsr-3206	250	13	systematic	systematic	ADJ
fsr-3206	250	14	risk	risk	NOUN
fsr-3206	250	15	.	.	PUNCT
fsr-3206	251	1	this	this	DET
fsr-3206	251	2	places	place	VERB
fsr-3206	251	3	our	our	PRON
fsr-3206	251	4	argument	argument	NOUN
fsr-3206	251	5	in	in	ADP
fsr-3206	251	6	the	the	DET
fsr-3206	251	7	seemingly	seemingly	ADV
fsr-3206	251	8	dubious	dubious	ADJ
fsr-3206	251	9	position	position	NOUN
fsr-3206	251	10	of	of	ADP
fsr-3206	251	11	preferring	prefer	VERB
fsr-3206	251	12	measures	measure	NOUN
fsr-3206	251	13	of	of	ADP
fsr-3206	251	14	total	total	ADJ
fsr-3206	251	15	risk	risk	NOUN
fsr-3206	251	16	rather	rather	ADV
fsr-3206	251	17	than	than	ADP
fsr-3206	251	18	systematic	systematic	ADJ
fsr-3206	251	19	risk	risk	NOUN
fsr-3206	251	20	.	.	PUNCT
fsr-3206	252	1	we	we	PRON
fsr-3206	252	2	defend	defend	VERB
fsr-3206	252	3	this	this	DET
fsr-3206	252	4	position	position	NOUN
fsr-3206	252	5	with	with	ADP
fsr-3206	252	6	two	two	NUM
fsr-3206	252	7	arguments	argument	NOUN
fsr-3206	252	8	.	.	PUNCT
fsr-3206	253	1	first	first	ADV
fsr-3206	253	2	,	,	PUNCT
fsr-3206	253	3	we	we	PRON
fsr-3206	253	4	argue	argue	VERB
fsr-3206	253	5	that	that	SCONJ
fsr-3206	253	6	on	on	ADP
fsr-3206	253	7	a	a	DET
fsr-3206	253	8	realized	realize	VERB
fsr-3206	253	9	basis	basis	NOUN
fsr-3206	253	10	,	,	PUNCT
fsr-3206	253	11	total	total	ADJ
fsr-3206	253	12	risk	risk	NOUN
fsr-3206	253	13	rather	rather	ADV
fsr-3206	253	14	than	than	ADP
fsr-3206	253	15	systematic	systematic	ADJ
fsr-3206	253	16	risk	risk	NOUN
fsr-3206	253	17	is	be	AUX
fsr-3206	253	18	the	the	DET
fsr-3206	253	19	appropriate	appropriate	ADJ
fsr-3206	253	20	measure	measure	NOUN
fsr-3206	253	21	of	of	ADP
fsr-3206	253	22	risk	risk	NOUN
fsr-3206	253	23	for	for	ADP
fsr-3206	253	24	any	any	DET
fsr-3206	253	25	investor.9	investor.9	ADP
fsr-3206	253	26	second	second	ADJ
fsr-3206	253	27	,	,	PUNCT
fsr-3206	253	28	we	we	PRON
fsr-3206	253	29	argue	argue	VERB
fsr-3206	253	30	that	that	SCONJ
fsr-3206	253	31	risk	risk	NOUN
fsr-3206	253	32	-	-	PUNCT
fsr-3206	253	33	adjusted	adjust	VERB
fsr-3206	253	34	returns	return	NOUN
fsr-3206	253	35	calculated	calculate	VERB
fsr-3206	253	36	using	use	VERB
fsr-3206	253	37	the	the	DET
fsr-3206	253	38	fama	fama	NOUN
fsr-3206	253	39	-	-	PUNCT
fsr-3206	253	40	french	french	ADJ
fsr-3206	253	41	three	three	NUM
fsr-3206	253	42	-	-	PUNCT
fsr-3206	253	43	factor	factor	NOUN
fsr-3206	253	44	model	model	NOUN
fsr-3206	253	45	are	be	AUX
fsr-3206	253	46	biased	bias	VERB
fsr-3206	253	47	against	against	ADP
fsr-3206	253	48	value	value	NOUN
fsr-3206	253	49	portfolios	portfolio	NOUN
fsr-3206	253	50	and	and	CCONJ
fsr-3206	253	51	biased	bias	VERB
fsr-3206	253	52	in	in	ADP
fsr-3206	253	53	favor	favor	NOUN
fsr-3206	253	54	of	of	ADP
fsr-3206	253	55	growth	growth	NOUN
fsr-3206	253	56	portfolios	portfolio	NOUN
fsr-3206	253	57	.	.	PUNCT
fsr-3206	254	1	our	our	PRON
fsr-3206	254	2	position	position	NOUN
fsr-3206	254	3	preferring	prefer	VERB
fsr-3206	254	4	total	total	ADJ
fsr-3206	254	5	risk	risk	NOUN
fsr-3206	254	6	versus	versus	ADP
fsr-3206	254	7	systematic	systematic	ADJ
fsr-3206	254	8	risk	risk	NOUN
fsr-3206	254	9	seems	seem	VERB
fsr-3206	254	10	at	at	ADP
fsr-3206	254	11	odds	odd	NOUN
fsr-3206	254	12	with	with	ADP
fsr-3206	254	13	modern	modern	ADJ
fsr-3206	254	14	portfolio	portfolio	NOUN
fsr-3206	254	15	theory	theory	NOUN
fsr-3206	254	16	.	.	PUNCT
fsr-3206	255	1	a	a	DET
fsr-3206	255	2	basic	basic	ADJ
fsr-3206	255	3	insight	insight	NOUN
fsr-3206	255	4	of	of	ADP
fsr-3206	255	5	this	this	DET
fsr-3206	255	6	theory	theory	NOUN
fsr-3206	255	7	is	be	AUX
fsr-3206	255	8	that	that	SCONJ
fsr-3206	255	9	only	only	ADV
fsr-3206	255	10	systematic	systematic	ADJ
fsr-3206	255	11	risk	risk	NOUN
fsr-3206	255	12	,	,	PUNCT
fsr-3206	255	13	measured	measure	VERB
fsr-3206	255	14	by	by	ADP
fsr-3206	255	15	factor	factor	NOUN
fsr-3206	255	16	loadings	loading	NOUN
fsr-3206	255	17	on	on	ADP
fsr-3206	255	18	systematic	systematic	ADJ
fsr-3206	255	19	risk	risk	NOUN
fsr-3206	255	20	factors	factor	NOUN
fsr-3206	255	21	,	,	PUNCT
fsr-3206	255	22	should	should	AUX
fsr-3206	255	23	be	be	AUX
fsr-3206	255	24	considered	consider	VERB
fsr-3206	255	25	in	in	ADP
fsr-3206	255	26	measuring	measure	VERB
fsr-3206	255	27	risk	risk	NOUN
fsr-3206	255	28	of	of	ADP
fsr-3206	255	29	securities	security	NOUN
fsr-3206	255	30	considered	consider	VERB
fsr-3206	255	31	for	for	ADP
fsr-3206	255	32	inclusion	inclusion	NOUN
fsr-3206	255	33	into	into	ADP
fsr-3206	255	34	a	a	DET
fsr-3206	255	35	well	well	ADV
fsr-3206	255	36	-	-	PUNCT
fsr-3206	255	37	diversified	diversify	VERB
fsr-3206	255	38	portfolio	portfolio	NOUN
fsr-3206	255	39	.	.	PUNCT
fsr-3206	256	1	total	total	ADJ
fsr-3206	256	2	risk	risk	NOUN
fsr-3206	256	3	is	be	AUX
fsr-3206	256	4	deemed	deem	VERB
fsr-3206	256	5	an	an	DET
fsr-3206	256	6	inappropriate	inappropriate	ADJ
fsr-3206	256	7	measure	measure	NOUN
fsr-3206	256	8	because	because	SCONJ
fsr-3206	256	9	the	the	DET
fsr-3206	256	10	idiosyncratic	idiosyncratic	ADJ
fsr-3206	256	11	portion	portion	NOUN
fsr-3206	256	12	of	of	ADP
fsr-3206	256	13	total	total	ADJ
fsr-3206	256	14	risk	risk	NOUN
fsr-3206	256	15	will	will	AUX
fsr-3206	256	16	be	be	AUX
fsr-3206	256	17	eliminated	eliminate	VERB
fsr-3206	256	18	in	in	ADP
fsr-3206	256	19	a	a	DET
fsr-3206	256	20	well	well	ADV
fsr-3206	256	21	-	-	PUNCT
fsr-3206	256	22	diversified	diversify	VERB
fsr-3206	256	23	portfolio	portfolio	NOUN
fsr-3206	256	24	.	.	PUNCT
fsr-3206	257	1	however	however	ADV
fsr-3206	257	2	,	,	PUNCT
fsr-3206	257	3	how	how	SCONJ
fsr-3206	257	4	do	do	AUX
fsr-3206	257	5	investors	investor	NOUN
fsr-3206	257	6	judge	judge	VERB
fsr-3206	257	7	the	the	DET
fsr-3206	257	8	performance	performance	NOUN
fsr-3206	257	9	of	of	ADP
fsr-3206	257	10	a	a	DET
fsr-3206	257	11	portfolio	portfolio	NOUN
fsr-3206	257	12	held	hold	VERB
fsr-3206	257	13	over	over	ADP
fsr-3206	257	14	time	time	NOUN
fsr-3206	257	15	?	?	PUNCT
fsr-3206	258	1	are	be	AUX
fsr-3206	258	2	investors	investor	NOUN
fsr-3206	258	3	concerned	concerned	ADJ
fsr-3206	258	4	about	about	ADP
fsr-3206	258	5	the	the	DET
fsr-3206	258	6	systematic	systematic	ADJ
fsr-3206	258	7	risk	risk	NOUN
fsr-3206	258	8	in	in	ADP
fsr-3206	258	9	a	a	DET
fsr-3206	258	10	portfolio	portfolio	NOUN
fsr-3206	258	11	as	as	SCONJ
fsr-3206	258	12	measured	measure	VERB
fsr-3206	258	13	by	by	ADP
fsr-3206	258	14	its	its	PRON
fsr-3206	258	15	factor	factor	NOUN
fsr-3206	258	16	loadings	loading	NOUN
fsr-3206	258	17	?	?	PUNCT
fsr-3206	259	1	or	or	CCONJ
fsr-3206	259	2	,	,	PUNCT
fsr-3206	259	3	are	be	AUX
fsr-3206	259	4	investors	investor	NOUN
fsr-3206	259	5	concerned	concerned	ADJ
fsr-3206	259	6	about	about	ADP
fsr-3206	259	7	the	the	DET
fsr-3206	259	8	amount	amount	NOUN
fsr-3206	259	9	of	of	ADP
fsr-3206	259	10	return	return	NOUN
fsr-3206	259	11	variation	variation	NOUN
fsr-3206	259	12	realized	realize	VERB
fsr-3206	259	13	?	?	PUNCT
fsr-3206	260	1	this	this	DET
fsr-3206	260	2	question	question	NOUN
fsr-3206	260	3	is	be	AUX
fsr-3206	260	4	paramount	paramount	ADJ
fsr-3206	260	5	to	to	ADP
fsr-3206	260	6	asking	ask	VERB
fsr-3206	260	7	whether	whether	SCONJ
fsr-3206	260	8	investors	investor	NOUN
fsr-3206	260	9	are	be	AUX
fsr-3206	260	10	concerned	concerned	ADJ
fsr-3206	260	11	about	about	ADP
fsr-3206	260	12	returns	return	NOUN
fsr-3206	260	13	predicted	predict	VERB
fsr-3206	260	14	by	by	ADP
fsr-3206	260	15	a	a	DET
fsr-3206	260	16	model	model	NOUN
fsr-3206	260	17	or	or	CCONJ
fsr-3206	260	18	realized	realize	VERB
fsr-3206	260	19	returns	return	NOUN
fsr-3206	260	20	.	.	PUNCT
fsr-3206	261	1	obviously	obviously	ADV
fsr-3206	261	2	,	,	PUNCT
fsr-3206	261	3	investors	investor	NOUN
fsr-3206	261	4	care	care	VERB
fsr-3206	261	5	about	about	ADP
fsr-3206	261	6	realized	realize	VERB
fsr-3206	261	7	returns	return	NOUN
fsr-3206	261	8	.	.	PUNCT
fsr-3206	262	1	we	we	PRON
fsr-3206	262	2	submit	submit	VERB
fsr-3206	262	3	that	that	SCONJ
fsr-3206	262	4	likewise	likewise	ADV
fsr-3206	262	5	investors	investor	NOUN
fsr-3206	262	6	are	be	AUX
fsr-3206	262	7	concerned	concerned	ADJ
fsr-3206	262	8	about	about	ADP
fsr-3206	262	9	realized	realize	VERB
fsr-3206	262	10	risk	risk	NOUN
fsr-3206	262	11	rather	rather	ADV
fsr-3206	262	12	than	than	ADP
fsr-3206	262	13	expected	expect	VERB
fsr-3206	262	14	risk	risk	NOUN
fsr-3206	262	15	.	.	PUNCT
fsr-3206	263	1	realized	realize	VERB
fsr-3206	263	2	risk	risk	NOUN
fsr-3206	263	3	is	be	AUX
fsr-3206	263	4	appropriately	appropriately	ADV
fsr-3206	263	5	measured	measure	VERB
fsr-3206	263	6	by	by	ADP
fsr-3206	263	7	variation	variation	NOUN
fsr-3206	263	8	in	in	ADP
fsr-3206	263	9	returns	return	NOUN
fsr-3206	263	10	.	.	PUNCT
fsr-3206	264	1	because	because	SCONJ
fsr-3206	264	2	realized	realize	VERB
fsr-3206	264	3	risk	risk	NOUN
fsr-3206	264	4	is	be	AUX
fsr-3206	264	5	the	the	DET
fsr-3206	264	6	ultimate	ultimate	ADJ
fsr-3206	264	7	concern	concern	NOUN
fsr-3206	264	8	of	of	ADP
fsr-3206	264	9	investors	investor	NOUN
fsr-3206	264	10	,	,	PUNCT
fsr-3206	264	11	portfolio	portfolio	NOUN
fsr-3206	264	12	systematic	systematic	ADJ
fsr-3206	264	13	risk	risk	NOUN
fsr-3206	264	14	measurements	measurement	NOUN
fsr-3206	264	15	are	be	AUX
fsr-3206	264	16	useful	useful	ADJ
fsr-3206	264	17	in	in	ADP
fsr-3206	264	18	determining	determine	VERB
fsr-3206	264	19	expected	expect	VERB
fsr-3206	264	20	returns	return	NOUN
fsr-3206	264	21	and	and	CCONJ
fsr-3206	264	22	risk	risk	NOUN
fsr-3206	264	23	-	-	PUNCT
fsr-3206	264	24	adjusted	adjust	VERB
fsr-3206	264	25	returns	return	NOUN
fsr-3206	264	26	(	(	PUNCT
fsr-3206	264	27	�	�	NOUN
fsr-3206	264	28	)	)	PUNCT
fsr-3206	264	29	only	only	ADV
fsr-3206	264	30	if	if	SCONJ
fsr-3206	264	31	these	these	DET
fsr-3206	264	32	measures	measure	NOUN
fsr-3206	264	33	correlate	correlate	VERB
fsr-3206	264	34	with	with	ADP
fsr-3206	264	35	variations	variation	NOUN
fsr-3206	264	36	in	in	ADP
fsr-3206	264	37	return.10	return.10	NOUN
fsr-3206	264	38	a	a	DET
fsr-3206	264	39	corollary	corollary	NOUN
fsr-3206	264	40	to	to	ADP
fsr-3206	264	41	this	this	DET
fsr-3206	264	42	relationship	relationship	NOUN
fsr-3206	264	43	is	be	AUX
fsr-3206	264	44	that	that	SCONJ
fsr-3206	264	45	an	an	DET
fsr-3206	264	46	estimate	estimate	NOUN
fsr-3206	264	47	of	of	ADP
fsr-3206	264	48	risk	risk	NOUN
fsr-3206	264	49	-	-	PUNCT
fsr-3206	264	50	adjusted	adjust	VERB
fsr-3206	264	51	return	return	NOUN
fsr-3206	264	52	must	must	AUX
fsr-3206	264	53	be	be	AUX
fsr-3206	264	54	based	base	VERB
fsr-3206	264	55	on	on	ADP
fsr-3206	264	56	the	the	DET
fsr-3206	264	57	absolute	absolute	ADJ
fsr-3206	264	58	value	value	NOUN
fsr-3206	264	59	of	of	ADP
fsr-3206	264	60	a	a	DET
fsr-3206	264	61	factor	factor	NOUN
fsr-3206	264	62	loading	loading	NOUN
fsr-3206	264	63	because	because	SCONJ
fsr-3206	264	64	it	it	PRON
fsr-3206	264	65	is	be	AUX
fsr-3206	264	66	the	the	DET
fsr-3206	264	67	absolute	absolute	ADJ
fsr-3206	264	68	value	value	NOUN
fsr-3206	264	69	of	of	ADP
fsr-3206	264	70	the	the	DET
fsr-3206	264	71	factor	factor	NOUN
fsr-3206	264	72	loading	loading	NOUN
fsr-3206	264	73	that	that	PRON
fsr-3206	264	74	determines	determine	VERB
fsr-3206	264	75	variation	variation	NOUN
fsr-3206	264	76	in	in	ADP
fsr-3206	264	77	return	return	NOUN
fsr-3206	264	78	in	in	ADP
fsr-3206	264	79	response	response	NOUN
fsr-3206	264	80	to	to	ADP
fsr-3206	264	81	a	a	DET
fsr-3206	264	82	systematic	systematic	ADJ
fsr-3206	264	83	factor	factor	NOUN
fsr-3206	264	84	.	.	PUNCT
fsr-3206	265	1	for	for	ADP
fsr-3206	265	2	ease	ease	NOUN
fsr-3206	265	3	of	of	ADP
fsr-3206	265	4	illustration	illustration	NOUN
fsr-3206	265	5	we	we	PRON
fsr-3206	265	6	provide	provide	VERB
fsr-3206	265	7	an	an	DET
fsr-3206	265	8	example	example	NOUN
fsr-3206	265	9	using	use	VERB
fsr-3206	265	10	the	the	DET
fsr-3206	265	11	well	well	ADV
fsr-3206	265	12	-	-	PUNCT
fsr-3206	265	13	known	know	VERB
fsr-3206	265	14	capital	capital	NOUN
fsr-3206	265	15	asset	asset	NOUN
fsr-3206	265	16	pricing	pricing	NOUN
fsr-3206	265	17	model	model	NOUN
fsr-3206	265	18	(	(	PUNCT
fsr-3206	265	19	capm	capm	PROPN
fsr-3206	265	20	)	)	PUNCT
fsr-3206	265	21	,	,	PUNCT
fsr-3206	265	22	a	a	DET
fsr-3206	265	23	single	single	ADJ
fsr-3206	265	24	factor	factor	NOUN
fsr-3206	265	25	asset	asset	NOUN
fsr-3206	265	26	-	-	PUNCT
fsr-3206	265	27	pricing	pricing	NOUN
fsr-3206	265	28	model	model	NOUN
fsr-3206	265	29	where	where	SCONJ
fsr-3206	265	30	the	the	DET
fsr-3206	265	31	only	only	ADJ
fsr-3206	265	32	systematic	systematic	ADJ
fsr-3206	265	33	risk	risk	NOUN
fsr-3206	265	34	is	be	AUX
fsr-3206	265	35	the	the	DET
fsr-3206	265	36	market	market	NOUN
fsr-3206	265	37	risk	risk	NOUN
fsr-3206	265	38	.	.	PUNCT
fsr-3206	266	1	consider	consider	VERB
fsr-3206	266	2	a	a	DET
fsr-3206	266	3	portfolio	portfolio	NOUN
fsr-3206	266	4	long	long	ADV
fsr-3206	266	5	in	in	ADP
fsr-3206	266	6	the	the	DET
fsr-3206	266	7	market	market	NOUN
fsr-3206	266	8	index	index	NOUN
fsr-3206	266	9	.	.	PUNCT
fsr-3206	267	1	this	this	DET
fsr-3206	267	2	portfolio	portfolio	NOUN
fsr-3206	267	3	would	would	AUX
fsr-3206	267	4	have	have	VERB
fsr-3206	267	5	a	a	DET
fsr-3206	267	6	�	�	NOUN
fsr-3206	267	7	of	of	ADP
fsr-3206	267	8	1	1	NUM
fsr-3206	267	9	.	.	PUNCT
fsr-3206	268	1	now	now	ADV
fsr-3206	268	2	,	,	PUNCT
fsr-3206	268	3	consider	consider	VERB
fsr-3206	268	4	a	a	DET
fsr-3206	268	5	portfolio	portfolio	NOUN
fsr-3206	268	6	short	short	ADJ
fsr-3206	268	7	in	in	ADP
fsr-3206	268	8	the	the	DET
fsr-3206	268	9	market	market	NOUN
fsr-3206	268	10	index	index	NOUN
fsr-3206	268	11	.	.	PUNCT
fsr-3206	269	1	this	this	DET
fsr-3206	269	2	portfolio	portfolio	NOUN
fsr-3206	269	3	would	would	AUX
fsr-3206	269	4	have	have	VERB
fsr-3206	269	5	a	a	DET
fsr-3206	269	6	�	�	PROPN
fsr-3206	269	7	of	of	ADP
fsr-3206	269	8	�	�	PROPN
fsr-3206	269	9	1	1	NUM
fsr-3206	269	10	.	.	PUNCT
fsr-3206	270	1	these	these	DET
fsr-3206	270	2	two	two	NUM
fsr-3206	270	3	portfolios	portfolio	NOUN
fsr-3206	270	4	would	would	AUX
fsr-3206	270	5	have	have	VERB
fsr-3206	270	6	exactly	exactly	ADV
fsr-3206	270	7	the	the	DET
fsr-3206	270	8	same	same	ADJ
fsr-3206	270	9	realized	realize	VERB
fsr-3206	270	10	risk	risk	NOUN
fsr-3206	270	11	.	.	PUNCT
fsr-3206	271	1	the	the	DET
fsr-3206	271	2	variation	variation	NOUN
fsr-3206	271	3	in	in	ADP
fsr-3206	271	4	returns	return	NOUN
fsr-3206	271	5	,	,	PUNCT
fsr-3206	271	6	thus	thus	ADV
fsr-3206	271	7	the	the	DET
fsr-3206	271	8	risk	risk	NOUN
fsr-3206	271	9	,	,	PUNCT
fsr-3206	271	10	would	would	AUX
fsr-3206	271	11	be	be	AUX
fsr-3206	271	12	the	the	DET
fsr-3206	271	13	same	same	ADJ
fsr-3206	271	14	for	for	ADP
fsr-3206	271	15	these	these	DET
fsr-3206	271	16	two	two	NUM
fsr-3206	271	17	portfolios	portfolio	NOUN
fsr-3206	271	18	.	.	PUNCT
fsr-3206	272	1	only	only	ADV
fsr-3206	272	2	the	the	DET
fsr-3206	272	3	sign	sign	NOUN
fsr-3206	272	4	of	of	ADP
fsr-3206	272	5	the	the	DET
fsr-3206	272	6	returns	return	NOUN
fsr-3206	272	7	would	would	AUX
fsr-3206	272	8	be	be	AUX
fsr-3206	272	9	different	different	ADJ
fsr-3206	272	10	between	between	ADP
fsr-3206	272	11	the	the	DET
fsr-3206	272	12	two	two	NUM
fsr-3206	272	13	portfolios	portfolio	NOUN
fsr-3206	272	14	.	.	PUNCT
fsr-3206	273	1	the	the	DET
fsr-3206	273	2	relative	relative	ADJ
fsr-3206	273	3	realized	realize	VERB
fsr-3206	273	4	returns	return	NOUN
fsr-3206	273	5	between	between	ADP
fsr-3206	273	6	the	the	DET
fsr-3206	273	7	two	two	NUM
fsr-3206	273	8	portfolios	portfolio	NOUN
fsr-3206	273	9	would	would	AUX
fsr-3206	273	10	depend	depend	VERB
fsr-3206	273	11	on	on	ADP
fsr-3206	273	12	whether	whether	SCONJ
fsr-3206	273	13	market	market	NOUN
fsr-3206	273	14	return	return	NOUN
fsr-3206	273	15	is	be	AUX
fsr-3206	273	16	on	on	ADP
fsr-3206	273	17	average	average	ADJ
fsr-3206	273	18	positive	positive	ADJ
fsr-3206	273	19	or	or	CCONJ
fsr-3206	273	20	negative	negative	ADJ
fsr-3206	273	21	.	.	PUNCT
fsr-3206	274	1	although	although	SCONJ
fsr-3206	274	2	a	a	DET
fsr-3206	274	3	short	short	ADJ
fsr-3206	274	4	position	position	NOUN
fsr-3206	274	5	is	be	AUX
fsr-3206	274	6	generally	generally	ADV
fsr-3206	274	7	required	require	VERB
fsr-3206	274	8	to	to	PART
fsr-3206	274	9	have	have	VERB
fsr-3206	274	10	a	a	DET
fsr-3206	274	11	negative	negative	ADJ
fsr-3206	274	12	market	market	NOUN
fsr-3206	274	13	�	�	PROPN
fsr-3206	274	14	,	,	PUNCT
fsr-3206	274	15	assets	asset	NOUN
fsr-3206	274	16	may	may	AUX
fsr-3206	274	17	have	have	VERB
fsr-3206	274	18	positive	positive	ADJ
fsr-3206	274	19	or	or	CCONJ
fsr-3206	274	20	negative	negative	ADJ
fsr-3206	274	21	�	�	NOUN
fsr-3206	274	22	s	s	PART
fsr-3206	274	23	for	for	ADP
fsr-3206	274	24	their	their	PRON
fsr-3206	274	25	loading	loading	NOUN
fsr-3206	274	26	on	on	ADP
fsr-3206	274	27	the	the	DET
fsr-3206	274	28	hml	hml	PROPN
fsr-3206	274	29	factor	factor	NOUN
fsr-3206	274	30	of	of	ADP
fsr-3206	274	31	the	the	DET
fsr-3206	274	32	three	three	NUM
fsr-3206	274	33	-	-	PUNCT
fsr-3206	274	34	factor	factor	NOUN
fsr-3206	274	35	model	model	NOUN
fsr-3206	274	36	.	.	PUNCT
fsr-3206	275	1	in	in	ADP
fsr-3206	275	2	fact	fact	NOUN
fsr-3206	275	3	,	,	PUNCT
fsr-3206	275	4	value	value	NOUN
fsr-3206	275	5	portfolios	portfolio	NOUN
fsr-3206	275	6	load	load	VERB
fsr-3206	275	7	positively	positively	ADV
fsr-3206	275	8	and	and	CCONJ
fsr-3206	275	9	growth	growth	NOUN
fsr-3206	275	10	portfolios	portfolio	NOUN
fsr-3206	275	11	load	load	VERB
fsr-3206	275	12	negatively	negatively	ADV
fsr-3206	275	13	on	on	ADP
fsr-3206	275	14	the	the	DET
fsr-3206	275	15	hml	hml	PROPN
fsr-3206	275	16	factor	factor	NOUN
fsr-3206	275	17	.	.	PUNCT
fsr-3206	276	1	the	the	DET
fsr-3206	276	2	positive	positive	ADJ
fsr-3206	276	3	loading	loading	NOUN
fsr-3206	276	4	by	by	ADP
fsr-3206	276	5	value	value	NOUN
fsr-3206	276	6	portfolios	portfolio	NOUN
fsr-3206	276	7	on	on	ADP
fsr-3206	276	8	the	the	DET
fsr-3206	276	9	hml	hml	PROPN
fsr-3206	276	10	factor	factor	NOUN
fsr-3206	276	11	will	will	AUX
fsr-3206	276	12	increase	increase	VERB
fsr-3206	276	13	expected	expect	VERB
fsr-3206	276	14	return	return	NOUN
fsr-3206	276	15	for	for	ADP
fsr-3206	276	16	these	these	DET
fsr-3206	276	17	portfolios	portfolio	NOUN
fsr-3206	276	18	and	and	CCONJ
fsr-3206	276	19	consequently	consequently	ADV
fsr-3206	276	20	decrease	decrease	VERB
fsr-3206	276	21	the	the	DET
fsr-3206	276	22	estimated	estimate	VERB
fsr-3206	276	23	�	�	PROPN
fsr-3206	276	24	s.	s.	PROPN
fsr-3206	276	25	in	in	ADP
fsr-3206	276	26	contrast	contrast	NOUN
fsr-3206	276	27	,	,	PUNCT
fsr-3206	276	28	the	the	DET
fsr-3206	276	29	negative	negative	ADJ
fsr-3206	276	30	loading	loading	NOUN
fsr-3206	276	31	by	by	ADP
fsr-3206	276	32	growth	growth	NOUN
fsr-3206	276	33	portfolios	portfolio	NOUN
fsr-3206	276	34	on	on	ADP
fsr-3206	276	35	the	the	DET
fsr-3206	276	36	hml	hml	PROPN
fsr-3206	276	37	factor	factor	NOUN
fsr-3206	276	38	will	will	AUX
fsr-3206	276	39	decrease	decrease	VERB
fsr-3206	276	40	expected	expect	VERB
fsr-3206	276	41	return	return	NOUN
fsr-3206	276	42	for	for	ADP
fsr-3206	276	43	these	these	DET
fsr-3206	276	44	portfolios	portfolio	NOUN
fsr-3206	276	45	and	and	CCONJ
fsr-3206	276	46	consequently	consequently	ADV
fsr-3206	276	47	increase	increase	VERB
fsr-3206	276	48	the	the	DET
fsr-3206	276	49	estimated	estimate	VERB
fsr-3206	276	50	�	�	PROPN
fsr-3206	276	51	s.	s.	PROPN
fsr-3206	276	52	indeed	indeed	ADV
fsr-3206	276	53	this	this	DET
fsr-3206	276	54	relationship	relationship	NOUN
fsr-3206	276	55	is	be	AUX
fsr-3206	276	56	why	why	SCONJ
fsr-3206	276	57	previous	previous	ADJ
fsr-3206	276	58	studies	study	NOUN
fsr-3206	276	59	measuring	measure	VERB
fsr-3206	276	60	�	�	NOUN
fsr-3206	276	61	s	s	VERB
fsr-3206	276	62	using	use	VERB
fsr-3206	276	63	the	the	DET
fsr-3206	276	64	fama	fama	NOUN
fsr-3206	276	65	-	-	PUNCT
fsr-3206	276	66	french	french	ADJ
fsr-3206	276	67	three	three	NUM
fsr-3206	276	68	-	-	PUNCT
fsr-3206	276	69	factor	factor	NOUN
fsr-3206	276	70	model	model	NOUN
fsr-3206	276	71	find	find	VERB
fsr-3206	276	72	growth	growth	NOUN
fsr-3206	276	73	funds	fund	NOUN
fsr-3206	276	74	352	352	NUM
fsr-3206	276	75	g.	g.	PROPN
fsr-3206	276	76	pettengill	pettengill	PROPN
fsr-3206	276	77	et	et	PROPN
fsr-3206	276	78	al	al	PROPN
fsr-3206	276	79	.	.	PUNCT
fsr-3206	276	80	/	/	SYM
fsr-3206	276	81	financial	financial	ADJ
fsr-3206	276	82	services	service	NOUN
fsr-3206	276	83	review	review	VERB
fsr-3206	276	84	23	23	NUM
fsr-3206	276	85	(	(	PUNCT
fsr-3206	276	86	2014	2014	NUM
fsr-3206	276	87	)	)	PUNCT
fsr-3206	277	1	341–359	341–359	NUM
fsr-3206	277	2	outperforming	outperforming	NOUN
fsr-3206	277	3	value	value	NOUN
fsr-3206	277	4	funds	fund	NOUN
fsr-3206	277	5	while	while	SCONJ
fsr-3206	277	6	our	our	PRON
fsr-3206	277	7	results	result	NOUN
fsr-3206	277	8	clearly	clearly	ADV
fsr-3206	277	9	show	show	VERB
fsr-3206	277	10	that	that	SCONJ
fsr-3206	277	11	the	the	DET
fsr-3206	277	12	opposite	opposite	NOUN
fsr-3206	277	13	is	be	AUX
fsr-3206	277	14	true	true	ADJ
fsr-3206	277	15	.	.	PUNCT
fsr-3206	278	1	in	in	ADP
fsr-3206	278	2	the	the	DET
fsr-3206	278	3	appendix	appendix	NOUN
fsr-3206	278	4	we	we	PRON
fsr-3206	278	5	discuss	discuss	VERB
fsr-3206	278	6	in	in	ADP
fsr-3206	278	7	detail	detail	NOUN
fsr-3206	278	8	this	this	DET
fsr-3206	278	9	bias	bias	NOUN
fsr-3206	278	10	against	against	ADP
fsr-3206	278	11	value	value	NOUN
fsr-3206	278	12	that	that	PRON
fsr-3206	278	13	creates	create	VERB
fsr-3206	278	14	the	the	DET
fsr-3206	278	15	erroneous	erroneous	ADJ
fsr-3206	278	16	conclusion	conclusion	NOUN
fsr-3206	278	17	that	that	SCONJ
fsr-3206	278	18	growth	growth	NOUN
fsr-3206	278	19	beats	beat	VERB
fsr-3206	278	20	value	value	NOUN
fsr-3206	278	21	.	.	PUNCT
fsr-3206	279	1	5	5	X
fsr-3206	279	2	.	.	X
fsr-3206	279	3	conclusion	conclusion	NOUN
fsr-3206	279	4	in	in	ADP
fsr-3206	279	5	this	this	DET
fsr-3206	279	6	article	article	NOUN
fsr-3206	279	7	we	we	PRON
fsr-3206	279	8	provide	provide	VERB
fsr-3206	279	9	investors	investor	NOUN
fsr-3206	279	10	with	with	ADP
fsr-3206	279	11	information	information	NOUN
fsr-3206	279	12	concerning	concern	VERB
fsr-3206	279	13	the	the	DET
fsr-3206	279	14	relative	relative	ADJ
fsr-3206	279	15	performance	performance	NOUN
fsr-3206	279	16	of	of	ADP
fsr-3206	279	17	value	value	NOUN
fsr-3206	279	18	and	and	CCONJ
fsr-3206	279	19	growth	growth	NOUN
fsr-3206	279	20	funds	fund	NOUN
fsr-3206	279	21	.	.	PUNCT
fsr-3206	280	1	the	the	DET
fsr-3206	280	2	well	well	ADV
fsr-3206	280	3	-	-	PUNCT
fsr-3206	280	4	known	know	VERB
fsr-3206	280	5	value	value	NOUN
fsr-3206	280	6	premium	premium	NOUN
fsr-3206	280	7	suggests	suggest	VERB
fsr-3206	280	8	that	that	SCONJ
fsr-3206	280	9	fund	fund	NOUN
fsr-3206	280	10	investors	investor	NOUN
fsr-3206	280	11	ought	ought	AUX
fsr-3206	280	12	to	to	PART
fsr-3206	280	13	favor	favor	VERB
fsr-3206	280	14	value	value	NOUN
fsr-3206	280	15	over	over	ADP
fsr-3206	280	16	growth	growth	NOUN
fsr-3206	280	17	.	.	PUNCT
fsr-3206	281	1	we	we	PRON
fsr-3206	281	2	make	make	VERB
fsr-3206	281	3	five	five	NUM
fsr-3206	281	4	sets	set	NOUN
fsr-3206	281	5	of	of	ADP
fsr-3206	281	6	comparisons	comparison	NOUN
fsr-3206	281	7	.	.	PUNCT
fsr-3206	282	1	we	we	PRON
fsr-3206	282	2	use	use	VERB
fsr-3206	282	3	data	datum	NOUN
fsr-3206	282	4	from	from	ADP
fsr-3206	282	5	the	the	DET
fsr-3206	282	6	russell	russell	PROPN
fsr-3206	282	7	2000	2000	NUM
fsr-3206	282	8	and	and	CCONJ
fsr-3206	282	9	russell	russell	PROPN
fsr-3206	282	10	1000	1000	NUM
fsr-3206	282	11	indexes	index	NOUN
fsr-3206	282	12	to	to	PART
fsr-3206	282	13	proxy	proxy	VERB
fsr-3206	282	14	the	the	DET
fsr-3206	282	15	performance	performance	NOUN
fsr-3206	282	16	of	of	ADP
fsr-3206	282	17	value	value	NOUN
fsr-3206	282	18	and	and	CCONJ
fsr-3206	282	19	growth	growth	NOUN
fsr-3206	282	20	index	index	NOUN
fsr-3206	282	21	funds	fund	NOUN
fsr-3206	282	22	.	.	PUNCT
fsr-3206	283	1	additionally	additionally	ADV
fsr-3206	283	2	,	,	PUNCT
fsr-3206	283	3	we	we	PRON
fsr-3206	283	4	gather	gather	VERB
fsr-3206	283	5	data	datum	NOUN
fsr-3206	283	6	from	from	ADP
fsr-3206	283	7	the	the	DET
fsr-3206	283	8	morningstar	morningstar	PROPN
fsr-3206	283	9	database	database	NOUN
fsr-3206	283	10	to	to	PART
fsr-3206	283	11	compare	compare	VERB
fsr-3206	283	12	the	the	DET
fsr-3206	283	13	performance	performance	NOUN
fsr-3206	283	14	of	of	ADP
fsr-3206	283	15	managed	manage	VERB
fsr-3206	283	16	mutual	mutual	ADJ
fsr-3206	283	17	funds	fund	NOUN
fsr-3206	283	18	across	across	ADP
fsr-3206	283	19	three	three	NUM
fsr-3206	283	20	size	size	NOUN
fsr-3206	283	21	classification	classification	NOUN
fsr-3206	283	22	.	.	PUNCT
fsr-3206	284	1	in	in	ADP
fsr-3206	284	2	four	four	NUM
fsr-3206	284	3	of	of	ADP
fsr-3206	284	4	the	the	DET
fsr-3206	284	5	five	five	NUM
fsr-3206	284	6	comparisons	comparison	NOUN
fsr-3206	284	7	,	,	PUNCT
fsr-3206	284	8	value	value	NOUN
fsr-3206	284	9	funds	fund	NOUN
fsr-3206	284	10	have	have	VERB
fsr-3206	284	11	higher	high	ADJ
fsr-3206	284	12	average	average	ADJ
fsr-3206	284	13	returns	return	NOUN
fsr-3206	284	14	,	,	PUNCT
fsr-3206	284	15	but	but	CCONJ
fsr-3206	284	16	in	in	ADP
fsr-3206	284	17	none	none	NOUN
fsr-3206	284	18	of	of	ADP
fsr-3206	284	19	the	the	DET
fsr-3206	284	20	comparisons	comparison	NOUN
fsr-3206	284	21	is	be	AUX
fsr-3206	284	22	the	the	DET
fsr-3206	284	23	difference	difference	NOUN
fsr-3206	284	24	statistically	statistically	ADV
fsr-3206	284	25	significant	significant	ADJ
fsr-3206	284	26	.	.	PUNCT
fsr-3206	285	1	comparisons	comparison	NOUN
fsr-3206	285	2	of	of	ADP
fsr-3206	285	3	realized	realize	VERB
fsr-3206	285	4	risk	risk	NOUN
fsr-3206	285	5	,	,	PUNCT
fsr-3206	285	6	however	however	ADV
fsr-3206	285	7	,	,	PUNCT
fsr-3206	285	8	are	be	AUX
fsr-3206	285	9	always	always	ADV
fsr-3206	285	10	statistically	statistically	ADV
fsr-3206	285	11	significant	significant	ADJ
fsr-3206	285	12	and	and	CCONJ
fsr-3206	285	13	always	always	ADV
fsr-3206	285	14	favor	favor	VERB
fsr-3206	285	15	value	value	NOUN
fsr-3206	285	16	fund	fund	NOUN
fsr-3206	285	17	.	.	PUNCT
fsr-3206	286	1	thus	thus	ADV
fsr-3206	286	2	,	,	PUNCT
fsr-3206	286	3	on	on	ADP
fsr-3206	286	4	the	the	DET
fsr-3206	286	5	basis	basis	NOUN
fsr-3206	286	6	of	of	ADP
fsr-3206	286	7	superior	superior	ADJ
fsr-3206	286	8	performance	performance	NOUN
fsr-3206	286	9	in	in	ADP
fsr-3206	286	10	terms	term	NOUN
fsr-3206	286	11	of	of	ADP
fsr-3206	286	12	mean	mean	ADJ
fsr-3206	286	13	-	-	PUNCT
fsr-3206	286	14	variance	variance	NOUN
fsr-3206	286	15	analysis	analysis	NOUN
fsr-3206	286	16	,	,	PUNCT
fsr-3206	286	17	our	our	PRON
fsr-3206	286	18	study	study	NOUN
fsr-3206	286	19	suggests	suggest	VERB
fsr-3206	286	20	that	that	SCONJ
fsr-3206	286	21	fund	fund	NOUN
fsr-3206	286	22	investors	investor	NOUN
fsr-3206	286	23	ought	ought	AUX
fsr-3206	286	24	to	to	PART
fsr-3206	286	25	indeed	indeed	ADV
fsr-3206	286	26	favor	favor	VERB
fsr-3206	286	27	value	value	NOUN
fsr-3206	286	28	.	.	PUNCT
fsr-3206	287	1	in	in	ADP
fsr-3206	287	2	addition	addition	NOUN
fsr-3206	287	3	,	,	PUNCT
fsr-3206	287	4	we	we	PRON
fsr-3206	287	5	show	show	VERB
fsr-3206	287	6	that	that	SCONJ
fsr-3206	287	7	the	the	DET
fsr-3206	287	8	end	end	NOUN
fsr-3206	287	9	wealth	wealth	NOUN
fsr-3206	287	10	for	for	ADP
fsr-3206	287	11	investing	invest	VERB
fsr-3206	287	12	using	use	VERB
fsr-3206	287	13	historic	historic	ADJ
fsr-3206	287	14	returns	return	NOUN
fsr-3206	287	15	is	be	AUX
fsr-3206	287	16	always	always	ADV
fsr-3206	287	17	higher	high	ADJ
fsr-3206	287	18	for	for	ADP
fsr-3206	287	19	value	value	NOUN
fsr-3206	287	20	funds	fund	NOUN
fsr-3206	287	21	than	than	ADP
fsr-3206	287	22	for	for	ADP
fsr-3206	287	23	growth	growth	NOUN
fsr-3206	287	24	funds	fund	NOUN
fsr-3206	287	25	and	and	CCONJ
fsr-3206	287	26	that	that	SCONJ
fsr-3206	287	27	this	this	DET
fsr-3206	287	28	difference	difference	NOUN
fsr-3206	287	29	is	be	AUX
fsr-3206	287	30	greater	great	ADJ
fsr-3206	287	31	than	than	SCONJ
fsr-3206	287	32	which	which	PRON
fsr-3206	287	33	would	would	AUX
fsr-3206	287	34	be	be	AUX
fsr-3206	287	35	computed	compute	VERB
fsr-3206	287	36	using	use	VERB
fsr-3206	287	37	arithmetic	arithmetic	ADJ
fsr-3206	287	38	means	mean	NOUN
fsr-3206	287	39	.	.	PUNCT
fsr-3206	288	1	these	these	DET
fsr-3206	288	2	results	result	NOUN
fsr-3206	288	3	are	be	AUX
fsr-3206	288	4	because	because	SCONJ
fsr-3206	288	5	of	of	ADP
fsr-3206	288	6	the	the	DET
fsr-3206	288	7	significantly	significantly	ADV
fsr-3206	288	8	lower	low	ADJ
fsr-3206	288	9	variance	variance	NOUN
fsr-3206	288	10	in	in	ADP
fsr-3206	288	11	returns	return	NOUN
fsr-3206	288	12	of	of	ADP
fsr-3206	288	13	the	the	DET
fsr-3206	288	14	value	value	NOUN
fsr-3206	288	15	funds	fund	NOUN
fsr-3206	288	16	relative	relative	ADJ
fsr-3206	288	17	to	to	ADP
fsr-3206	288	18	growth	growth	NOUN
fsr-3206	288	19	funds	fund	NOUN
fsr-3206	288	20	.	.	PUNCT
fsr-3206	289	1	although	although	SCONJ
fsr-3206	289	2	we	we	PRON
fsr-3206	289	3	argue	argue	VERB
fsr-3206	289	4	that	that	SCONJ
fsr-3206	289	5	mutual	mutual	ADJ
fsr-3206	289	6	fund	fund	NOUN
fsr-3206	289	7	investors	investor	NOUN
fsr-3206	289	8	ought	ought	AUX
fsr-3206	289	9	to	to	PART
fsr-3206	289	10	favor	favor	VERB
fsr-3206	289	11	value	value	NOUN
fsr-3206	289	12	funds	fund	NOUN
fsr-3206	289	13	,	,	PUNCT
fsr-3206	289	14	consistent	consistent	ADJ
fsr-3206	289	15	with	with	ADP
fsr-3206	289	16	the	the	DET
fsr-3206	289	17	well	well	ADV
fsr-3206	289	18	-	-	PUNCT
fsr-3206	289	19	documented	document	VERB
fsr-3206	289	20	value	value	NOUN
fsr-3206	289	21	premium	premium	NOUN
fsr-3206	289	22	,	,	PUNCT
fsr-3206	289	23	we	we	PRON
fsr-3206	289	24	find	find	VERB
fsr-3206	289	25	that	that	SCONJ
fsr-3206	289	26	the	the	DET
fsr-3206	289	27	benefit	benefit	NOUN
fsr-3206	289	28	to	to	ADP
fsr-3206	289	29	investing	invest	VERB
fsr-3206	289	30	in	in	ADP
fsr-3206	289	31	value	value	NOUN
fsr-3206	289	32	funds	fund	NOUN
fsr-3206	289	33	is	be	AUX
fsr-3206	289	34	less	less	ADJ
fsr-3206	289	35	than	than	SCONJ
fsr-3206	289	36	would	would	AUX
fsr-3206	289	37	be	be	AUX
fsr-3206	289	38	expected	expect	VERB
fsr-3206	289	39	by	by	ADP
fsr-3206	289	40	the	the	DET
fsr-3206	289	41	size	size	NOUN
fsr-3206	289	42	of	of	ADP
fsr-3206	289	43	the	the	DET
fsr-3206	289	44	value	value	NOUN
fsr-3206	289	45	premium	premium	NOUN
fsr-3206	289	46	reported	report	VERB
fsr-3206	289	47	in	in	ADP
fsr-3206	289	48	empirical	empirical	ADJ
fsr-3206	289	49	studies	study	NOUN
fsr-3206	289	50	.	.	PUNCT
fsr-3206	290	1	further	far	ADV
fsr-3206	290	2	,	,	PUNCT
fsr-3206	290	3	we	we	PRON
fsr-3206	290	4	find	find	VERB
fsr-3206	290	5	that	that	SCONJ
fsr-3206	290	6	the	the	DET
fsr-3206	290	7	benefit	benefit	NOUN
fsr-3206	290	8	of	of	ADP
fsr-3206	290	9	value	value	NOUN
fsr-3206	290	10	investing	investing	NOUN
fsr-3206	290	11	is	be	AUX
fsr-3206	290	12	greater	great	ADJ
fsr-3206	290	13	for	for	ADP
fsr-3206	290	14	index	index	NOUN
fsr-3206	290	15	funds	fund	NOUN
fsr-3206	290	16	than	than	ADP
fsr-3206	290	17	for	for	ADP
fsr-3206	290	18	managed	manage	VERB
fsr-3206	290	19	funds	fund	NOUN
fsr-3206	290	20	and	and	CCONJ
fsr-3206	290	21	that	that	SCONJ
fsr-3206	290	22	the	the	DET
fsr-3206	290	23	benefit	benefit	NOUN
fsr-3206	290	24	of	of	ADP
fsr-3206	290	25	value	value	NOUN
fsr-3206	290	26	investing	investing	NOUN
fsr-3206	290	27	is	be	AUX
fsr-3206	290	28	greater	great	ADJ
fsr-3206	290	29	for	for	ADP
fsr-3206	290	30	small	small	ADJ
fsr-3206	290	31	-	-	PUNCT
fsr-3206	290	32	firm	firm	NOUN
fsr-3206	290	33	funds	fund	NOUN
fsr-3206	290	34	than	than	ADP
fsr-3206	290	35	for	for	ADP
fsr-3206	290	36	large	large	ADJ
fsr-3206	290	37	-	-	PUNCT
fsr-3206	290	38	firm	firm	NOUN
fsr-3206	290	39	funds	fund	NOUN
fsr-3206	290	40	.	.	PUNCT
fsr-3206	291	1	indeed	indeed	ADV
fsr-3206	291	2	,	,	PUNCT
fsr-3206	291	3	there	there	PRON
fsr-3206	291	4	is	be	VERB
fsr-3206	291	5	very	very	ADV
fsr-3206	291	6	little	little	ADJ
fsr-3206	291	7	difference	difference	NOUN
fsr-3206	291	8	observed	observe	VERB
fsr-3206	291	9	in	in	ADP
fsr-3206	291	10	our	our	PRON
fsr-3206	291	11	sample	sample	NOUN
fsr-3206	291	12	between	between	ADP
fsr-3206	291	13	the	the	DET
fsr-3206	291	14	end	end	NOUN
fsr-3206	291	15	wealth	wealth	NOUN
fsr-3206	291	16	of	of	ADP
fsr-3206	291	17	managed	manage	VERB
fsr-3206	291	18	large	large	ADJ
fsr-3206	291	19	-	-	PUNCT
fsr-3206	291	20	firm	firm	NOUN
fsr-3206	291	21	value	value	NOUN
fsr-3206	291	22	funds	fund	NOUN
fsr-3206	291	23	and	and	CCONJ
fsr-3206	291	24	managed	manage	VERB
fsr-3206	291	25	large	large	ADJ
fsr-3206	291	26	-	-	PUNCT
fsr-3206	291	27	firm	firm	NOUN
fsr-3206	291	28	growth	growth	NOUN
fsr-3206	291	29	funds	fund	NOUN
fsr-3206	291	30	.	.	PUNCT
fsr-3206	292	1	finally	finally	ADV
fsr-3206	292	2	,	,	PUNCT
fsr-3206	292	3	we	we	PRON
fsr-3206	292	4	show	show	VERB
fsr-3206	292	5	that	that	SCONJ
fsr-3206	292	6	the	the	DET
fsr-3206	292	7	findings	finding	NOUN
fsr-3206	292	8	of	of	ADP
fsr-3206	292	9	previous	previous	ADJ
fsr-3206	292	10	studies	study	NOUN
fsr-3206	292	11	that	that	PRON
fsr-3206	292	12	suggest	suggest	VERB
fsr-3206	292	13	investors	investor	NOUN
fsr-3206	292	14	would	would	AUX
fsr-3206	292	15	find	find	VERB
fsr-3206	292	16	better	well	ADJ
fsr-3206	292	17	performance	performance	NOUN
fsr-3206	292	18	in	in	ADP
fsr-3206	292	19	growth	growth	NOUN
fsr-3206	292	20	funds	fund	NOUN
fsr-3206	292	21	results	result	VERB
fsr-3206	292	22	from	from	ADP
fsr-3206	292	23	an	an	DET
fsr-3206	292	24	intrinsic	intrinsic	ADJ
fsr-3206	292	25	bias	bias	NOUN
fsr-3206	292	26	in	in	ADP
fsr-3206	292	27	multifactor	multifactor	NOUN
fsr-3206	292	28	models	model	NOUN
fsr-3206	292	29	against	against	ADP
fsr-3206	292	30	value	value	NOUN
fsr-3206	292	31	portfolios	portfolio	NOUN
fsr-3206	292	32	.	.	PUNCT
fsr-3206	293	1	notes	note	NOUN
fsr-3206	293	2	1	1	NUM
fsr-3206	293	3	piotroski	piotroski	NOUN
fsr-3206	293	4	finds	find	VERB
fsr-3206	293	5	that	that	SCONJ
fsr-3206	293	6	the	the	DET
fsr-3206	293	7	use	use	NOUN
fsr-3206	293	8	of	of	ADP
fsr-3206	293	9	nine	nine	NUM
fsr-3206	293	10	accounting	accounting	NOUN
fsr-3206	293	11	data	datum	NOUN
fsr-3206	293	12	points	point	NOUN
fsr-3206	293	13	allows	allow	VERB
fsr-3206	293	14	the	the	DET
fsr-3206	293	15	selection	selection	NOUN
fsr-3206	293	16	of	of	ADP
fsr-3206	293	17	outperforming	outperforming	NOUN
fsr-3206	293	18	value	value	NOUN
fsr-3206	293	19	securities	security	NOUN
fsr-3206	293	20	over	over	ADP
fsr-3206	293	21	the	the	DET
fsr-3206	293	22	period	period	NOUN
fsr-3206	293	23	1976	1976	NUM
fsr-3206	293	24	through	through	ADP
fsr-3206	293	25	1996	1996	NUM
fsr-3206	293	26	.	.	PUNCT
fsr-3206	294	1	woodley	woodley	NOUN
fsr-3206	294	2	,	,	PUNCT
fsr-3206	294	3	jones	jones	PROPN
fsr-3206	294	4	,	,	PUNCT
fsr-3206	294	5	and	and	CCONJ
fsr-3206	294	6	reburn	reburn	NOUN
fsr-3206	294	7	(	(	PUNCT
fsr-3206	294	8	2011	2011	NUM
fsr-3206	294	9	)	)	PUNCT
fsr-3206	294	10	,	,	PUNCT
fsr-3206	294	11	however	however	ADV
fsr-3206	294	12	,	,	PUNCT
fsr-3206	294	13	find	find	VERB
fsr-3206	294	14	that	that	SCONJ
fsr-3206	294	15	piotroski	piotroski	NOUN
fsr-3206	294	16	’s	’s	PART
fsr-3206	294	17	methodology	methodology	NOUN
fsr-3206	294	18	is	be	AUX
fsr-3206	294	19	not	not	PART
fsr-3206	294	20	successful	successful	ADJ
fsr-3206	294	21	over	over	ADP
fsr-3206	294	22	the	the	DET
fsr-3206	294	23	period	period	NOUN
fsr-3206	294	24	1997	1997	NUM
fsr-3206	294	25	through	through	ADP
fsr-3206	294	26	2008	2008	NUM
fsr-3206	294	27	.	.	PUNCT
fsr-3206	295	1	2	2	NUM
fsr-3206	295	2	classification	classification	NOUN
fsr-3206	295	3	of	of	ADP
fsr-3206	295	4	funds	fund	NOUN
fsr-3206	295	5	between	between	ADP
fsr-3206	295	6	value	value	NOUN
fsr-3206	295	7	and	and	CCONJ
fsr-3206	295	8	growth	growth	NOUN
fsr-3206	295	9	funds	fund	NOUN
fsr-3206	295	10	is	be	AUX
fsr-3206	295	11	a	a	DET
fsr-3206	295	12	relatively	relatively	ADV
fsr-3206	295	13	new	new	ADJ
fsr-3206	295	14	phenomenon	phenomenon	NOUN
fsr-3206	295	15	.	.	PUNCT
fsr-3206	296	1	early	early	ADJ
fsr-3206	296	2	studies	study	NOUN
fsr-3206	296	3	such	such	ADJ
fsr-3206	296	4	as	as	ADP
fsr-3206	296	5	carhart	carhart	NOUN
fsr-3206	296	6	(	(	PUNCT
fsr-3206	296	7	1997	1997	NUM
fsr-3206	296	8	)	)	PUNCT
fsr-3206	296	9	and	and	CCONJ
fsr-3206	296	10	gruber	gruber	PROPN
fsr-3206	296	11	(	(	PUNCT
fsr-3206	296	12	1996	1996	NUM
fsr-3206	296	13	)	)	PUNCT
fsr-3206	296	14	,	,	PUNCT
fsr-3206	296	15	when	when	SCONJ
fsr-3206	296	16	comparing	compare	VERB
fsr-3206	296	17	across	across	ADP
fsr-3206	296	18	types	type	NOUN
fsr-3206	296	19	of	of	ADP
fsr-3206	296	20	mutual	mutual	ADJ
fsr-3206	296	21	funds	fund	NOUN
fsr-3206	296	22	,	,	PUNCT
fsr-3206	296	23	use	use	VERB
fsr-3206	296	24	various	various	ADJ
fsr-3206	296	25	categories	category	NOUN
fsr-3206	296	26	of	of	ADP
fsr-3206	296	27	growth	growth	NOUN
fsr-3206	296	28	funds	fund	NOUN
fsr-3206	296	29	.	.	PUNCT
fsr-3206	297	1	for	for	ADP
fsr-3206	297	2	example	example	NOUN
fsr-3206	297	3	,	,	PUNCT
fsr-3206	297	4	carhart	carhart	NOUN
fsr-3206	297	5	compares	compare	VERB
fsr-3206	297	6	aggressive	aggressive	ADJ
fsr-3206	297	7	growth	growth	NOUN
fsr-3206	297	8	,	,	PUNCT
fsr-3206	297	9	long	long	ADJ
fsr-3206	297	10	-	-	PUNCT
fsr-3206	297	11	term	term	NOUN
fsr-3206	297	12	growth	growth	NOUN
fsr-3206	297	13	,	,	PUNCT
fsr-3206	297	14	and	and	CCONJ
fsr-3206	297	15	growth	growth	NOUN
fsr-3206	297	16	and	and	CCONJ
fsr-3206	297	17	income	income	NOUN
fsr-3206	297	18	funds	fund	NOUN
fsr-3206	297	19	.	.	PUNCT
fsr-3206	298	1	3	3	NUM
fsr-3206	298	2	shi	shi	PROPN
fsr-3206	298	3	and	and	CCONJ
fsr-3206	298	4	seiler	seiler	PROPN
fsr-3206	298	5	indicate	indicate	VERB
fsr-3206	298	6	that	that	SCONJ
fsr-3206	298	7	,	,	PUNCT
fsr-3206	298	8	unfortunately	unfortunately	ADV
fsr-3206	298	9	,	,	PUNCT
fsr-3206	298	10	the	the	DET
fsr-3206	298	11	sharpe	sharpe	PROPN
fsr-3206	298	12	ratio	ratio	NOUN
fsr-3206	298	13	allows	allow	VERB
fsr-3206	298	14	no	no	DET
fsr-3206	298	15	statistical	statistical	ADJ
fsr-3206	298	16	comparison	comparison	NOUN
fsr-3206	298	17	.	.	PUNCT
fsr-3206	299	1	since	since	SCONJ
fsr-3206	299	2	the	the	DET
fsr-3206	299	3	publication	publication	NOUN
fsr-3206	299	4	of	of	ADP
fsr-3206	299	5	their	their	PRON
fsr-3206	299	6	article	article	NOUN
fsr-3206	299	7	,	,	PUNCT
fsr-3206	299	8	opdyke	opdyke	NOUN
fsr-3206	299	9	(	(	PUNCT
fsr-3206	299	10	2007	2007	NUM
fsr-3206	299	11	)	)	PUNCT
fsr-3206	299	12	has	have	AUX
fsr-3206	299	13	developed	develop	VERB
fsr-3206	299	14	a	a	DET
fsr-3206	299	15	test	test	NOUN
fsr-3206	299	16	for	for	ADP
fsr-3206	299	17	comparing	compare	VERB
fsr-3206	299	18	sharpe	sharpe	NOUN
fsr-3206	299	19	ratios	ratio	NOUN
fsr-3206	299	20	,	,	PUNCT
fsr-3206	299	21	which	which	PRON
fsr-3206	299	22	we	we	PRON
fsr-3206	299	23	use	use	VERB
fsr-3206	299	24	in	in	ADP
fsr-3206	299	25	this	this	DET
fsr-3206	299	26	article	article	NOUN
fsr-3206	299	27	.	.	PUNCT
fsr-3206	300	1	353	353	NUM
fsr-3206	300	2	g.	g.	PROPN
fsr-3206	300	3	pettengill	pettengill	PROPN
fsr-3206	300	4	et	et	PROPN
fsr-3206	300	5	al	al	PROPN
fsr-3206	300	6	.	.	PUNCT
fsr-3206	300	7	/	/	SYM
fsr-3206	300	8	financial	financial	ADJ
fsr-3206	300	9	services	service	NOUN
fsr-3206	300	10	review	review	VERB
fsr-3206	300	11	23	23	NUM
fsr-3206	300	12	(	(	PUNCT
fsr-3206	300	13	2014	2014	NUM
fsr-3206	300	14	)	)	PUNCT
fsr-3206	301	1	341–359	341–359	NUM
fsr-3206	301	2	4	4	NUM
fsr-3206	301	3	for	for	ADP
fsr-3206	301	4	example	example	NOUN
fsr-3206	301	5	vanguard	vanguard	NOUN
fsr-3206	301	6	offers	offer	VERB
fsr-3206	301	7	index	index	NOUN
fsr-3206	301	8	mutual	mutual	ADJ
fsr-3206	301	9	funds	fund	NOUN
fsr-3206	301	10	tracking	track	VERB
fsr-3206	301	11	the	the	DET
fsr-3206	301	12	russell	russell	PROPN
fsr-3206	301	13	1000	1000	NUM
fsr-3206	301	14	and	and	CCONJ
fsr-3206	301	15	2000	2000	NUM
fsr-3206	301	16	value	value	NOUN
fsr-3206	301	17	and	and	CCONJ
fsr-3206	301	18	growth	growth	NOUN
fsr-3206	301	19	indices	index	NOUN
fsr-3206	301	20	.	.	PUNCT
fsr-3206	302	1	among	among	ADP
fsr-3206	302	2	the	the	DET
fsr-3206	302	3	etf	etf	NOUN
fsr-3206	302	4	funds	fund	NOUN
fsr-3206	302	5	tracking	track	VERB
fsr-3206	302	6	the	the	DET
fsr-3206	302	7	russell	russell	PROPN
fsr-3206	302	8	indices	index	NOUN
fsr-3206	302	9	are	be	AUX
fsr-3206	302	10	the	the	DET
fsr-3206	302	11	ishares	ishares	PROPN
fsr-3206	302	12	russell	russell	PROPN
fsr-3206	302	13	2000	2000	NUM
fsr-3206	302	14	value	value	NOUN
fsr-3206	302	15	etf	etf	NOUN
fsr-3206	302	16	and	and	CCONJ
fsr-3206	302	17	the	the	DET
fsr-3206	302	18	ishares	ishares	PROPN
fsr-3206	302	19	russell	russell	PROPN
fsr-3206	302	20	2000	2000	NUM
fsr-3206	302	21	growth	growth	NOUN
fsr-3206	302	22	etf	etf	NOUN
fsr-3206	302	23	.	.	PROPN
fsr-3206	302	24	5	5	NUM
fsr-3206	302	25	for	for	ADP
fsr-3206	302	26	the	the	DET
fsr-3206	302	27	period	period	NOUN
fsr-3206	302	28	january	january	PROPN
fsr-3206	302	29	1979	1979	NUM
fsr-3206	302	30	through	through	ADP
fsr-3206	302	31	december	december	PROPN
fsr-3206	302	32	2012	2012	NUM
fsr-3206	302	33	,	,	PUNCT
fsr-3206	302	34	the	the	DET
fsr-3206	302	35	value	value	NOUN
fsr-3206	302	36	premium	premium	NOUN
fsr-3206	302	37	is	be	AUX
fsr-3206	302	38	an	an	DET
fsr-3206	302	39	annualized	annualize	VERB
fsr-3206	302	40	5.25	5.25	NUM
fsr-3206	302	41	%	%	NOUN
fsr-3206	302	42	according	accord	VERB
fsr-3206	302	43	to	to	ADP
fsr-3206	302	44	the	the	DET
fsr-3206	302	45	ken	ken	PROPN
fsr-3206	302	46	french	french	PROPN
fsr-3206	302	47	web	web	NOUN
fsr-3206	302	48	site	site	NOUN
fsr-3206	302	49	.	.	PUNCT
fsr-3206	303	1	6	6	NUM
fsr-3206	303	2	as	as	SCONJ
fsr-3206	303	3	noted	note	VERB
fsr-3206	303	4	in	in	ADP
fsr-3206	303	5	our	our	PRON
fsr-3206	303	6	sample	sample	NOUN
fsr-3206	303	7	description	description	NOUN
fsr-3206	303	8	the	the	DET
fsr-3206	303	9	sample	sample	NOUN
fsr-3206	303	10	time	time	NOUN
fsr-3206	303	11	period	period	NOUN
fsr-3206	303	12	differs	differ	VERB
fsr-3206	303	13	for	for	ADP
fsr-3206	303	14	the	the	DET
fsr-3206	303	15	index	index	NOUN
fsr-3206	303	16	funds	fund	NOUN
fsr-3206	303	17	and	and	CCONJ
fsr-3206	303	18	managed	manage	VERB
fsr-3206	303	19	funds	fund	NOUN
fsr-3206	303	20	.	.	PUNCT
fsr-3206	304	1	7	7	NUM
fsr-3206	304	2	our	our	PRON
fsr-3206	304	3	results	result	NOUN
fsr-3206	304	4	suggest	suggest	VERB
fsr-3206	304	5	that	that	SCONJ
fsr-3206	304	6	value	value	NOUN
fsr-3206	304	7	fund	fund	NOUN
fsr-3206	304	8	managers	manager	NOUN
fsr-3206	304	9	are	be	AUX
fsr-3206	304	10	inefficient	inefficient	ADJ
fsr-3206	304	11	in	in	ADP
fsr-3206	304	12	selecting	select	VERB
fsr-3206	304	13	stocks	stock	NOUN
fsr-3206	304	14	within	within	ADP
fsr-3206	304	15	the	the	DET
fsr-3206	304	16	value	value	NOUN
fsr-3206	304	17	sector	sector	NOUN
fsr-3206	304	18	.	.	PUNCT
fsr-3206	305	1	these	these	DET
fsr-3206	305	2	results	result	NOUN
fsr-3206	305	3	are	be	AUX
fsr-3206	305	4	consistent	consistent	ADJ
fsr-3206	305	5	with	with	ADP
fsr-3206	305	6	the	the	DET
fsr-3206	305	7	finding	finding	NOUN
fsr-3206	305	8	of	of	ADP
fsr-3206	305	9	brooks	brooks	NOUN
fsr-3206	305	10	and	and	CCONJ
fsr-3206	305	11	porter	porter	NOUN
fsr-3206	305	12	(	(	PUNCT
fsr-3206	305	13	2012	2012	NUM
fsr-3206	305	14	)	)	PUNCT
fsr-3206	305	15	that	that	SCONJ
fsr-3206	305	16	from	from	ADP
fsr-3206	305	17	1994	1994	NUM
fsr-3206	305	18	through	through	ADP
fsr-3206	305	19	2005	2005	NUM
fsr-3206	305	20	,	,	PUNCT
fsr-3206	305	21	mutual	mutual	ADJ
fsr-3206	305	22	fund	fund	NOUN
fsr-3206	305	23	managers	manager	NOUN
fsr-3206	305	24	lost	lose	VERB
fsr-3206	305	25	potential	potential	ADJ
fsr-3206	305	26	gain	gain	NOUN
fsr-3206	305	27	from	from	ADP
fsr-3206	305	28	sector	sector	NOUN
fsr-3206	305	29	selection	selection	NOUN
fsr-3206	305	30	because	because	SCONJ
fsr-3206	305	31	of	of	ADP
fsr-3206	305	32	poor	poor	ADJ
fsr-3206	305	33	stock	stock	NOUN
fsr-3206	305	34	selection	selection	NOUN
fsr-3206	305	35	.	.	PUNCT
fsr-3206	306	1	8	8	NUM
fsr-3206	306	2	this	this	DET
fsr-3206	306	3	relationship	relationship	NOUN
fsr-3206	306	4	is	be	AUX
fsr-3206	306	5	also	also	ADV
fsr-3206	306	6	illustrated	illustrate	VERB
fsr-3206	306	7	by	by	ADP
fsr-3206	306	8	the	the	DET
fsr-3206	306	9	historic	historic	ADJ
fsr-3206	306	10	comparisons	comparison	NOUN
fsr-3206	306	11	between	between	ADP
fsr-3206	306	12	large	large	ADJ
fsr-3206	306	13	-	-	PUNCT
fsr-3206	306	14	firm	firm	NOUN
fsr-3206	306	15	equity	equity	NOUN
fsr-3206	306	16	returns	return	NOUN
fsr-3206	306	17	and	and	CCONJ
fsr-3206	306	18	small	small	ADJ
fsr-3206	306	19	-	-	PUNCT
fsr-3206	306	20	firm	firm	NOUN
fsr-3206	306	21	equity	equity	NOUN
fsr-3206	306	22	returns	return	NOUN
fsr-3206	306	23	as	as	SCONJ
fsr-3206	306	24	reported	report	VERB
fsr-3206	306	25	in	in	ADP
fsr-3206	306	26	the	the	DET
fsr-3206	306	27	ibbotson	ibbotson	PROPN
fsr-3206	306	28	ssbi	ssbi	PROPN
fsr-3206	306	29	classic	classic	ADJ
fsr-3206	306	30	yearbook	yearbook	NOUN
fsr-3206	306	31	(	(	PUNCT
fsr-3206	306	32	2013	2013	NUM
fsr-3206	306	33	)	)	PUNCT
fsr-3206	306	34	.	.	PUNCT
fsr-3206	307	1	ibbotson	ibbotson	PROPN
fsr-3206	307	2	reports	report	VERB
fsr-3206	307	3	that	that	SCONJ
fsr-3206	307	4	the	the	DET
fsr-3206	307	5	annual	annual	ADJ
fsr-3206	307	6	arithmetic	arithmetic	ADJ
fsr-3206	307	7	mean	mean	NOUN
fsr-3206	307	8	is	be	AUX
fsr-3206	307	9	16.5	16.5	NUM
fsr-3206	307	10	%	%	NOUN
fsr-3206	307	11	for	for	ADP
fsr-3206	307	12	smallfirm	smallfirm	ADJ
fsr-3206	307	13	equities	equity	NOUN
fsr-3206	307	14	and	and	CCONJ
fsr-3206	307	15	11.8	11.8	NUM
fsr-3206	307	16	%	%	NOUN
fsr-3206	307	17	for	for	ADP
fsr-3206	307	18	large	large	ADJ
fsr-3206	307	19	firm	firm	ADJ
fsr-3206	307	20	equities	equity	NOUN
fsr-3206	307	21	.	.	PUNCT
fsr-3206	308	1	the	the	DET
fsr-3206	308	2	higher	high	ADJ
fsr-3206	308	3	return	return	NOUN
fsr-3206	308	4	for	for	ADP
fsr-3206	308	5	the	the	DET
fsr-3206	308	6	small	small	ADJ
fsr-3206	308	7	-	-	PUNCT
fsr-3206	308	8	firm	firm	NOUN
fsr-3206	308	9	equities	equity	NOUN
fsr-3206	308	10	is	be	AUX
fsr-3206	308	11	associated	associate	VERB
fsr-3206	308	12	with	with	ADP
fsr-3206	308	13	a	a	DET
fsr-3206	308	14	much	much	ADV
fsr-3206	308	15	higher	high	ADJ
fsr-3206	308	16	sd	sd	NOUN
fsr-3206	308	17	in	in	ADP
fsr-3206	308	18	annual	annual	ADJ
fsr-3206	308	19	returns	return	NOUN
fsr-3206	308	20	:	:	PUNCT
fsr-3206	308	21	32.3	32.3	NUM
fsr-3206	308	22	%	%	NOUN
fsr-3206	308	23	for	for	ADP
fsr-3206	308	24	small	small	ADJ
fsr-3206	308	25	-	-	PUNCT
fsr-3206	308	26	firm	firm	NOUN
fsr-3206	308	27	equities	equity	NOUN
fsr-3206	308	28	and	and	CCONJ
fsr-3206	308	29	20.2	20.2	NUM
fsr-3206	308	30	%	%	NOUN
fsr-3206	308	31	for	for	ADP
fsr-3206	308	32	large	large	ADJ
fsr-3206	308	33	-	-	PUNCT
fsr-3206	308	34	firm	firm	NOUN
fsr-3206	308	35	equities	equity	NOUN
fsr-3206	308	36	.	.	PUNCT
fsr-3206	309	1	because	because	SCONJ
fsr-3206	309	2	of	of	ADP
fsr-3206	309	3	this	this	DET
fsr-3206	309	4	disparity	disparity	NOUN
fsr-3206	309	5	in	in	ADP
fsr-3206	309	6	variability	variability	NOUN
fsr-3206	309	7	of	of	ADP
fsr-3206	309	8	returns	return	NOUN
fsr-3206	309	9	,	,	PUNCT
fsr-3206	309	10	the	the	DET
fsr-3206	309	11	difference	difference	NOUN
fsr-3206	309	12	in	in	ADP
fsr-3206	309	13	arithmetic	arithmetic	ADJ
fsr-3206	309	14	means	mean	NOUN
fsr-3206	309	15	provides	provide	VERB
fsr-3206	309	16	a	a	DET
fsr-3206	309	17	poor	poor	ADJ
fsr-3206	309	18	gauge	gauge	NOUN
fsr-3206	309	19	for	for	ADP
fsr-3206	309	20	the	the	DET
fsr-3206	309	21	difference	difference	NOUN
fsr-3206	309	22	in	in	ADP
fsr-3206	309	23	wealth	wealth	NOUN
fsr-3206	309	24	creation	creation	NOUN
fsr-3206	309	25	from	from	ADP
fsr-3206	309	26	investing	invest	VERB
fsr-3206	309	27	in	in	ADP
fsr-3206	309	28	the	the	DET
fsr-3206	309	29	two	two	NUM
fsr-3206	309	30	assets	asset	NOUN
fsr-3206	309	31	.	.	PUNCT
fsr-3206	310	1	this	this	DET
fsr-3206	310	2	difference	difference	NOUN
fsr-3206	310	3	is	be	AUX
fsr-3206	310	4	appropriately	appropriately	ADV
fsr-3206	310	5	measured	measure	VERB
fsr-3206	310	6	by	by	ADP
fsr-3206	310	7	the	the	DET
fsr-3206	310	8	geometric	geometric	ADJ
fsr-3206	310	9	means	mean	NOUN
fsr-3206	310	10	that	that	PRON
fsr-3206	310	11	are	be	AUX
fsr-3206	310	12	reported	report	VERB
fsr-3206	310	13	to	to	PART
fsr-3206	310	14	be	be	AUX
fsr-3206	310	15	much	much	ADV
fsr-3206	310	16	closer	close	ADJ
fsr-3206	310	17	by	by	ADP
fsr-3206	310	18	ibbotson	ibbotson	PROPN
fsr-3206	310	19	.	.	PUNCT
fsr-3206	311	1	the	the	DET
fsr-3206	311	2	geometric	geometric	ADJ
fsr-3206	311	3	mean	mean	NOUN
fsr-3206	311	4	for	for	ADP
fsr-3206	311	5	small	small	ADJ
fsr-3206	311	6	-	-	PUNCT
fsr-3206	311	7	firm	firm	NOUN
fsr-3206	311	8	equities	equity	NOUN
fsr-3206	311	9	is	be	AUX
fsr-3206	311	10	11.9	11.9	NUM
fsr-3206	311	11	%	%	NOUN
fsr-3206	311	12	and	and	CCONJ
fsr-3206	311	13	the	the	DET
fsr-3206	311	14	geometric	geometric	ADJ
fsr-3206	311	15	mean	mean	NOUN
fsr-3206	311	16	for	for	ADP
fsr-3206	311	17	large	large	ADJ
fsr-3206	311	18	-	-	PUNCT
fsr-3206	311	19	firm	firm	NOUN
fsr-3206	311	20	equities	equity	NOUN
fsr-3206	311	21	is	be	AUX
fsr-3206	311	22	9.8	9.8	NUM
fsr-3206	311	23	%	%	NOUN
fsr-3206	311	24	.	.	PUNCT
fsr-3206	312	1	9	9	NUM
fsr-3206	312	2	in	in	ADP
fsr-3206	312	3	support	support	NOUN
fsr-3206	312	4	of	of	ADP
fsr-3206	312	5	this	this	DET
fsr-3206	312	6	position	position	NOUN
fsr-3206	312	7	,	,	PUNCT
fsr-3206	312	8	we	we	PRON
fsr-3206	312	9	note	note	VERB
fsr-3206	312	10	that	that	SCONJ
fsr-3206	312	11	reports	report	NOUN
fsr-3206	312	12	of	of	ADP
fsr-3206	312	13	historic	historic	ADJ
fsr-3206	312	14	risk	risk	NOUN
fsr-3206	312	15	-	-	PUNCT
fsr-3206	312	16	return	return	NOUN
fsr-3206	312	17	tradeoffs	tradeoff	NOUN
fsr-3206	312	18	by	by	ADP
fsr-3206	312	19	assets	asset	NOUN
fsr-3206	312	20	classes	class	NOUN
fsr-3206	312	21	,	,	PUNCT
fsr-3206	312	22	such	such	ADJ
fsr-3206	312	23	as	as	SCONJ
fsr-3206	312	24	found	find	VERB
fsr-3206	312	25	in	in	ADP
fsr-3206	312	26	ibbotson	ibbotson	PROPN
fsr-3206	312	27	’s	’s	PART
fsr-3206	312	28	yearbooks	yearbooks	PROPN
fsr-3206	312	29	,	,	PUNCT
fsr-3206	312	30	use	use	VERB
fsr-3206	312	31	measure	measure	NOUN
fsr-3206	312	32	of	of	ADP
fsr-3206	312	33	realized	realize	VERB
fsr-3206	312	34	risk	risk	NOUN
fsr-3206	312	35	such	such	ADJ
fsr-3206	312	36	as	as	ADP
fsr-3206	312	37	sd	sd	NOUN
fsr-3206	312	38	of	of	ADP
fsr-3206	312	39	annual	annual	ADJ
fsr-3206	312	40	returns	return	NOUN
fsr-3206	312	41	.	.	PUNCT
fsr-3206	313	1	10	10	NUM
fsr-3206	313	2	we	we	PRON
fsr-3206	313	3	conclude	conclude	VERB
fsr-3206	313	4	that	that	SCONJ
fsr-3206	313	5	value	value	NOUN
fsr-3206	313	6	portfolios	portfolio	NOUN
fsr-3206	313	7	are	be	AUX
fsr-3206	313	8	less	less	ADV
fsr-3206	313	9	risky	risky	ADJ
fsr-3206	313	10	than	than	ADP
fsr-3206	313	11	growth	growth	NOUN
fsr-3206	313	12	portfolios	portfolio	NOUN
fsr-3206	313	13	based	base	VERB
fsr-3206	313	14	on	on	ADP
fsr-3206	313	15	realized	realize	VERB
fsr-3206	313	16	risk	risk	NOUN
fsr-3206	313	17	.	.	PUNCT
fsr-3206	314	1	although	although	SCONJ
fsr-3206	314	2	the	the	DET
fsr-3206	314	3	portfolios	portfolio	NOUN
fsr-3206	314	4	used	use	VERB
fsr-3206	314	5	in	in	ADP
fsr-3206	314	6	our	our	PRON
fsr-3206	314	7	sample	sample	NOUN
fsr-3206	314	8	are	be	AUX
fsr-3206	314	9	sufficiently	sufficiently	ADV
fsr-3206	314	10	large	large	ADJ
fsr-3206	314	11	to	to	PART
fsr-3206	314	12	eliminate	eliminate	VERB
fsr-3206	314	13	firm	firm	ADJ
fsr-3206	314	14	specific	specific	ADJ
fsr-3206	314	15	risk	risk	NOUN
fsr-3206	314	16	the	the	DET
fsr-3206	314	17	question	question	NOUN
fsr-3206	314	18	may	may	AUX
fsr-3206	314	19	arise	arise	VERB
fsr-3206	314	20	as	as	ADP
fsr-3206	314	21	to	to	ADP
fsr-3206	314	22	how	how	SCONJ
fsr-3206	314	23	value	value	NOUN
fsr-3206	314	24	or	or	CCONJ
fsr-3206	314	25	growth	growth	NOUN
fsr-3206	314	26	would	would	AUX
fsr-3206	314	27	covary	covary	VERB
fsr-3206	314	28	with	with	ADP
fsr-3206	314	29	more	more	ADJ
fsr-3206	314	30	general	general	ADJ
fsr-3206	314	31	portfolios	portfolio	NOUN
fsr-3206	314	32	.	.	PUNCT
fsr-3206	315	1	however	however	ADV
fsr-3206	315	2	,	,	PUNCT
fsr-3206	315	3	to	to	PART
fsr-3206	315	4	measure	measure	VERB
fsr-3206	315	5	the	the	DET
fsr-3206	315	6	general	general	ADJ
fsr-3206	315	7	impact	impact	NOUN
fsr-3206	315	8	of	of	ADP
fsr-3206	315	9	covariance	covariance	NOUN
fsr-3206	315	10	with	with	ADP
fsr-3206	315	11	other	other	ADJ
fsr-3206	315	12	securities	security	NOUN
fsr-3206	315	13	,	,	PUNCT
fsr-3206	315	14	surely	surely	ADV
fsr-3206	315	15	the	the	DET
fsr-3206	315	16	most	most	ADV
fsr-3206	315	17	appropriate	appropriate	ADJ
fsr-3206	315	18	measure	measure	NOUN
fsr-3206	315	19	is	be	AUX
fsr-3206	315	20	covariance	covariance	NOUN
fsr-3206	315	21	with	with	ADP
fsr-3206	315	22	the	the	DET
fsr-3206	315	23	market	market	NOUN
fsr-3206	315	24	measured	measure	VERB
fsr-3206	315	25	by	by	ADP
fsr-3206	315	26	market	market	NOUN
fsr-3206	315	27	�	�	PROPN
fsr-3206	315	28	.	.	PUNCT
fsr-3206	316	1	as	as	SCONJ
fsr-3206	316	2	reported	report	VERB
fsr-3206	316	3	in	in	ADP
fsr-3206	316	4	the	the	DET
fsr-3206	316	5	appendix	appendix	NOUN
fsr-3206	316	6	,	,	PUNCT
fsr-3206	316	7	in	in	ADP
fsr-3206	316	8	all	all	DET
fsr-3206	316	9	five	five	NUM
fsr-3206	316	10	comparisons	comparison	NOUN
fsr-3206	316	11	that	that	PRON
fsr-3206	316	12	we	we	PRON
fsr-3206	316	13	make	make	VERB
fsr-3206	316	14	between	between	ADP
fsr-3206	316	15	value	value	NOUN
fsr-3206	316	16	and	and	CCONJ
fsr-3206	316	17	growth	growth	NOUN
fsr-3206	316	18	portfolios	portfolio	NOUN
fsr-3206	316	19	,	,	PUNCT
fsr-3206	316	20	the	the	DET
fsr-3206	316	21	loading	loading	NOUN
fsr-3206	316	22	on	on	ADP
fsr-3206	316	23	the	the	DET
fsr-3206	316	24	market	market	NOUN
fsr-3206	316	25	factor	factor	NOUN
fsr-3206	316	26	is	be	AUX
fsr-3206	316	27	higher	high	ADJ
fsr-3206	316	28	for	for	ADP
fsr-3206	316	29	growth	growth	NOUN
fsr-3206	316	30	than	than	ADP
fsr-3206	316	31	for	for	ADP
fsr-3206	316	32	value	value	NOUN
fsr-3206	316	33	.	.	PUNCT
fsr-3206	317	1	on	on	ADP
fsr-3206	317	2	this	this	DET
fsr-3206	317	3	basis	basis	NOUN
fsr-3206	317	4	,	,	PUNCT
fsr-3206	317	5	covariance	covariance	NOUN
fsr-3206	317	6	considerations	consideration	NOUN
fsr-3206	317	7	would	would	AUX
fsr-3206	317	8	reinforce	reinforce	VERB
fsr-3206	317	9	the	the	DET
fsr-3206	317	10	conclusion	conclusion	NOUN
fsr-3206	317	11	that	that	SCONJ
fsr-3206	317	12	value	value	NOUN
fsr-3206	317	13	is	be	AUX
fsr-3206	317	14	less	less	ADV
fsr-3206	317	15	risky	risky	ADJ
fsr-3206	317	16	than	than	ADP
fsr-3206	317	17	growth	growth	NOUN
fsr-3206	317	18	.	.	PUNCT
fsr-3206	318	1	11	11	NUM
fsr-3206	318	2	we	we	PRON
fsr-3206	318	3	do	do	AUX
fsr-3206	318	4	not	not	PART
fsr-3206	318	5	assert	assert	VERB
fsr-3206	318	6	that	that	SCONJ
fsr-3206	318	7	this	this	DET
fsr-3206	318	8	bias	bias	NOUN
fsr-3206	318	9	is	be	AUX
fsr-3206	318	10	the	the	DET
fsr-3206	318	11	sole	sole	ADJ
fsr-3206	318	12	reason	reason	NOUN
fsr-3206	318	13	for	for	ADP
fsr-3206	318	14	the	the	DET
fsr-3206	318	15	difference	difference	NOUN
fsr-3206	318	16	in	in	ADP
fsr-3206	318	17	relative	relative	ADJ
fsr-3206	318	18	total	total	ADJ
fsr-3206	318	19	risk	risk	NOUN
fsr-3206	318	20	and	and	CCONJ
fsr-3206	318	21	�	�	NOUN
fsr-3206	318	22	s	s	PART
fsr-3206	318	23	between	between	ADP
fsr-3206	318	24	the	the	DET
fsr-3206	318	25	value	value	NOUN
fsr-3206	318	26	and	and	CCONJ
fsr-3206	318	27	growth	growth	NOUN
fsr-3206	318	28	portfolios	portfolio	NOUN
fsr-3206	318	29	.	.	PUNCT
fsr-3206	319	1	we	we	PRON
fsr-3206	319	2	note	note	VERB
fsr-3206	319	3	that	that	SCONJ
fsr-3206	319	4	in	in	ADP
fsr-3206	319	5	all	all	DET
fsr-3206	319	6	five	five	NUM
fsr-3206	319	7	comparisons	comparison	NOUN
fsr-3206	319	8	,	,	PUNCT
fsr-3206	319	9	the	the	DET
fsr-3206	319	10	growth	growth	NOUN
fsr-3206	319	11	portfolios	portfolio	NOUN
fsr-3206	319	12	have	have	VERB
fsr-3206	319	13	a	a	DET
fsr-3206	319	14	higher	high	ADJ
fsr-3206	319	15	market	market	NOUN
fsr-3206	319	16	risk	risk	NOUN
fsr-3206	319	17	,	,	PUNCT
fsr-3206	319	18	but	but	CCONJ
fsr-3206	319	19	this	this	PRON
fsr-3206	319	20	should	should	AUX
fsr-3206	319	21	be	be	AUX
fsr-3206	319	22	reflected	reflect	VERB
fsr-3206	319	23	in	in	ADP
fsr-3206	319	24	both	both	DET
fsr-3206	319	25	total	total	ADJ
fsr-3206	319	26	risk	risk	NOUN
fsr-3206	319	27	and	and	CCONJ
fsr-3206	319	28	�	�	PROPN
fsr-3206	319	29	s.	s.	PROPN
fsr-3206	319	30	part	part	NOUN
fsr-3206	319	31	of	of	ADP
fsr-3206	319	32	the	the	DET
fsr-3206	319	33	difference	difference	NOUN
fsr-3206	319	34	in	in	ADP
fsr-3206	319	35	total	total	ADJ
fsr-3206	319	36	risk	risk	NOUN
fsr-3206	319	37	may	may	AUX
fsr-3206	319	38	be	be	AUX
fsr-3206	319	39	because	because	SCONJ
fsr-3206	319	40	of	of	ADP
fsr-3206	319	41	a	a	DET
fsr-3206	319	42	systematic	systematic	ADJ
fsr-3206	319	43	risk	risk	NOUN
fsr-3206	319	44	factor	factor	NOUN
fsr-3206	319	45	not	not	PART
fsr-3206	319	46	captured	capture	VERB
fsr-3206	319	47	by	by	ADP
fsr-3206	319	48	the	the	DET
fsr-3206	319	49	three	three	NUM
fsr-3206	319	50	-	-	PUNCT
fsr-3206	319	51	factor	factor	NOUN
fsr-3206	319	52	model	model	NOUN
fsr-3206	319	53	that	that	PRON
fsr-3206	319	54	affects	affect	VERB
fsr-3206	319	55	growth	growth	NOUN
fsr-3206	319	56	portfolios	portfolio	NOUN
fsr-3206	319	57	more	more	ADJ
fsr-3206	319	58	than	than	ADP
fsr-3206	319	59	value	value	NOUN
fsr-3206	319	60	portfolios	portfolio	NOUN
fsr-3206	319	61	.	.	PUNCT
fsr-3206	320	1	of	of	ADP
fsr-3206	320	2	course	course	NOUN
fsr-3206	320	3	,	,	PUNCT
fsr-3206	320	4	there	there	PRON
fsr-3206	320	5	are	be	VERB
fsr-3206	320	6	a	a	DET
fsr-3206	320	7	number	number	NOUN
fsr-3206	320	8	of	of	ADP
fsr-3206	320	9	extensions	extension	NOUN
fsr-3206	320	10	of	of	ADP
fsr-3206	320	11	the	the	DET
fsr-3206	320	12	three	three	NUM
fsr-3206	320	13	-	-	PUNCT
fsr-3206	320	14	factor	factor	NOUN
fsr-3206	320	15	model	model	NOUN
fsr-3206	320	16	that	that	PRON
fsr-3206	320	17	seek	seek	VERB
fsr-3206	320	18	to	to	PART
fsr-3206	320	19	include	include	VERB
fsr-3206	320	20	other	other	ADJ
fsr-3206	320	21	risk	risk	NOUN
fsr-3206	320	22	factors	factor	NOUN
fsr-3206	320	23	.	.	PUNCT
fsr-3206	321	1	one	one	PRON
fsr-3206	321	2	should	should	AUX
fsr-3206	321	3	also	also	ADV
fsr-3206	321	4	consider	consider	VERB
fsr-3206	321	5	the	the	DET
fsr-3206	321	6	possibility	possibility	NOUN
fsr-3206	321	7	that	that	SCONJ
fsr-3206	321	8	growth	growth	NOUN
fsr-3206	321	9	securities	security	NOUN
fsr-3206	321	10	include	include	VERB
fsr-3206	321	11	more	more	ADJ
fsr-3206	321	12	idiosyncratic	idiosyncratic	ADJ
fsr-3206	321	13	risk	risk	NOUN
fsr-3206	321	14	.	.	PUNCT
fsr-3206	322	1	consistent	consistent	ADJ
fsr-3206	322	2	with	with	ADP
fsr-3206	322	3	recent	recent	ADJ
fsr-3206	322	4	studies	study	NOUN
fsr-3206	322	5	(	(	PUNCT
fsr-3206	322	6	see	see	VERB
fsr-3206	322	7	,	,	PUNCT
fsr-3206	322	8	e.g.	e.g.	ADV
fsr-3206	322	9	,	,	PUNCT
fsr-3206	322	10	fu	fu	NOUN
fsr-3206	323	1	[	[	X
fsr-3206	323	2	2009	2009	NUM
fsr-3206	323	3	]	]	SYM
fsr-3206	323	4	)	)	PUNCT
fsr-3206	323	5	,	,	PUNCT
fsr-3206	323	6	idiosyncratic	idiosyncratic	ADJ
fsr-3206	323	7	risk	risk	NOUN
fsr-3206	323	8	may	may	AUX
fsr-3206	323	9	not	not	PART
fsr-3206	323	10	be	be	AUX
fsr-3206	323	11	completely	completely	ADV
fsr-3206	323	12	eliminated	eliminate	VERB
fsr-3206	323	13	in	in	ADP
fsr-3206	323	14	the	the	DET
fsr-3206	323	15	portfolios	portfolio	NOUN
fsr-3206	323	16	that	that	PRON
fsr-3206	323	17	we	we	PRON
fsr-3206	323	18	investigate	investigate	VERB
fsr-3206	323	19	.	.	PUNCT
fsr-3206	324	1	354	354	NUM
fsr-3206	324	2	g.	g.	PROPN
fsr-3206	324	3	pettengill	pettengill	PROPN
fsr-3206	324	4	et	et	PROPN
fsr-3206	324	5	al	al	PROPN
fsr-3206	324	6	.	.	PUNCT
fsr-3206	324	7	/	/	SYM
fsr-3206	324	8	financial	financial	ADJ
fsr-3206	324	9	services	service	NOUN
fsr-3206	324	10	review	review	VERB
fsr-3206	324	11	23	23	NUM
fsr-3206	324	12	(	(	PUNCT
fsr-3206	324	13	2014	2014	NUM
fsr-3206	324	14	)	)	PUNCT
fsr-3206	325	1	341–359	341–359	NUM
fsr-3206	325	2	12	12	NUM
fsr-3206	325	3	a	a	DET
fsr-3206	325	4	similar	similar	ADJ
fsr-3206	325	5	bias	bias	NOUN
fsr-3206	325	6	exists	exist	VERB
fsr-3206	325	7	against	against	ADP
fsr-3206	325	8	small	small	ADJ
fsr-3206	325	9	-	-	PUNCT
fsr-3206	325	10	firm	firm	NOUN
fsr-3206	325	11	portfolios	portfolio	NOUN
fsr-3206	325	12	,	,	PUNCT
fsr-3206	325	13	but	but	CCONJ
fsr-3206	325	14	small	small	ADJ
fsr-3206	325	15	-	-	PUNCT
fsr-3206	325	16	firms	firm	NOUN
fsr-3206	325	17	securities	security	NOUN
fsr-3206	325	18	have	have	VERB
fsr-3206	325	19	more	more	ADJ
fsr-3206	325	20	total	total	ADJ
fsr-3206	325	21	risk	risk	NOUN
fsr-3206	325	22	than	than	ADP
fsr-3206	325	23	large	large	ADJ
fsr-3206	325	24	-	-	PUNCT
fsr-3206	325	25	firm	firm	NOUN
fsr-3206	325	26	securities	security	NOUN
fsr-3206	325	27	.	.	PUNCT
fsr-3206	326	1	indeed	indeed	ADV
fsr-3206	326	2	,	,	PUNCT
fsr-3206	326	3	betkar	betkar	NOUN
fsr-3206	326	4	and	and	CCONJ
fsr-3206	326	5	sheehan	sheehan	PROPN
fsr-3206	326	6	(	(	PUNCT
fsr-3206	326	7	2013	2013	NUM
fsr-3206	326	8	)	)	PUNCT
fsr-3206	326	9	find	find	VERB
fsr-3206	326	10	the	the	DET
fsr-3206	326	11	largest	large	ADJ
fsr-3206	326	12	difference	difference	NOUN
fsr-3206	326	13	between	between	ADP
fsr-3206	326	14	the	the	DET
fsr-3206	326	15	�	�	PROPN
fsr-3206	326	16	s	s	PART
fsr-3206	326	17	computed	compute	VERB
fsr-3206	326	18	by	by	ADP
fsr-3206	326	19	single	single	ADJ
fsr-3206	326	20	factor	factor	NOUN
fsr-3206	326	21	and	and	CCONJ
fsr-3206	326	22	multi	multi	ADJ
fsr-3206	326	23	-	-	ADJ
fsr-3206	326	24	factor	factor	NOUN
fsr-3206	326	25	models	model	NOUN
fsr-3206	326	26	to	to	PART
fsr-3206	326	27	occur	occur	VERB
fsr-3206	326	28	for	for	ADP
fsr-3206	326	29	small	small	ADJ
fsr-3206	326	30	-	-	PUNCT
fsr-3206	326	31	firm	firm	NOUN
fsr-3206	326	32	value	value	NOUN
fsr-3206	326	33	portfolios	portfolio	NOUN
fsr-3206	326	34	.	.	PUNCT
fsr-3206	327	1	13	13	NUM
fsr-3206	327	2	complete	complete	ADJ
fsr-3206	327	3	results	result	NOUN
fsr-3206	327	4	for	for	ADP
fsr-3206	327	5	all	all	DET
fsr-3206	327	6	regressions	regression	NOUN
fsr-3206	327	7	are	be	AUX
fsr-3206	327	8	available	available	ADJ
fsr-3206	327	9	from	from	ADP
fsr-3206	327	10	the	the	DET
fsr-3206	327	11	authors	author	NOUN
fsr-3206	327	12	upon	upon	SCONJ
fsr-3206	327	13	request	request	NOUN
fsr-3206	327	14	.	.	PUNCT
fsr-3206	328	1	appendix	appendix	VERB
fsr-3206	328	2	fama	fama	NOUN
fsr-3206	328	3	and	and	CCONJ
fsr-3206	328	4	french	french	ADJ
fsr-3206	328	5	(	(	PUNCT
fsr-3206	328	6	1992	1992	NUM
fsr-3206	328	7	)	)	PUNCT
fsr-3206	328	8	observe	observe	VERB
fsr-3206	328	9	the	the	DET
fsr-3206	328	10	value	value	NOUN
fsr-3206	328	11	premium	premium	NOUN
fsr-3206	328	12	and	and	CCONJ
fsr-3206	328	13	assume	assume	VERB
fsr-3206	328	14	that	that	SCONJ
fsr-3206	328	15	value	value	NOUN
fsr-3206	328	16	firms	firm	NOUN
fsr-3206	328	17	have	have	VERB
fsr-3206	328	18	higher	high	ADJ
fsr-3206	328	19	returns	return	NOUN
fsr-3206	328	20	as	as	ADP
fsr-3206	328	21	compensation	compensation	NOUN
fsr-3206	328	22	for	for	ADP
fsr-3206	328	23	higher	high	ADJ
fsr-3206	328	24	risk	risk	NOUN
fsr-3206	328	25	.	.	PUNCT
fsr-3206	329	1	subsequently	subsequently	ADV
fsr-3206	329	2	,	,	PUNCT
fsr-3206	329	3	fama	fama	PROPN
fsr-3206	329	4	and	and	CCONJ
fsr-3206	329	5	french	french	ADJ
fsr-3206	329	6	(	(	PUNCT
fsr-3206	329	7	1993	1993	NUM
fsr-3206	329	8	,	,	PUNCT
fsr-3206	329	9	1996	1996	NUM
fsr-3206	329	10	)	)	PUNCT
fsr-3206	329	11	develop	develop	VERB
fsr-3206	329	12	the	the	DET
fsr-3206	329	13	widely	widely	ADV
fsr-3206	329	14	used	use	VERB
fsr-3206	329	15	fama	fama	NOUN
fsr-3206	329	16	-	-	PUNCT
fsr-3206	329	17	french	french	ADJ
fsr-3206	329	18	three	three	NUM
fsr-3206	329	19	-	-	PUNCT
fsr-3206	329	20	factor	factor	NOUN
fsr-3206	329	21	model	model	NOUN
fsr-3206	329	22	,	,	PUNCT
fsr-3206	329	23	shown	show	VERB
fsr-3206	329	24	below	below	ADP
fsr-3206	329	25	in	in	ADP
fsr-3206	329	26	eq	eq	ADP
fsr-3206	329	27	.	.	PUNCT
fsr-3206	330	1	(	(	PUNCT
fsr-3206	330	2	1	1	NUM
fsr-3206	330	3	)	)	PUNCT
fsr-3206	330	4	,	,	PUNCT
fsr-3206	330	5	which	which	PRON
fsr-3206	330	6	adjusts	adjust	VERB
fsr-3206	330	7	returns	return	NOUN
fsr-3206	330	8	for	for	ADP
fsr-3206	330	9	this	this	DET
fsr-3206	330	10	presumed	presume	VERB
fsr-3206	330	11	risk	risk	NOUN
fsr-3206	330	12	.	.	PUNCT
fsr-3206	331	1	applying	apply	VERB
fsr-3206	331	2	this	this	DET
fsr-3206	331	3	model	model	NOUN
fsr-3206	331	4	,	,	PUNCT
fsr-3206	331	5	chan	chan	PROPN
fsr-3206	331	6	et	et	PROPN
fsr-3206	331	7	al	al	PROPN
fsr-3206	331	8	.	.	PROPN
fsr-3206	331	9	,	,	PUNCT
fsr-3206	331	10	(	(	PUNCT
fsr-3206	331	11	2002	2002	NUM
fsr-3206	331	12	)	)	PUNCT
fsr-3206	331	13	and	and	CCONJ
fsr-3206	331	14	davis	davis	PROPN
fsr-3206	331	15	(	(	PUNCT
fsr-3206	331	16	2001	2001	NUM
fsr-3206	331	17	)	)	PUNCT
fsr-3206	331	18	conclude	conclude	VERB
fsr-3206	331	19	that	that	SCONJ
fsr-3206	331	20	growth	growth	NOUN
fsr-3206	331	21	outperforms	outperform	NOUN
fsr-3206	331	22	value	value	NOUN
fsr-3206	331	23	.	.	PUNCT
fsr-3206	332	1	our	our	PRON
fsr-3206	332	2	findings	finding	NOUN
fsr-3206	332	3	,	,	PUNCT
fsr-3206	332	4	however	however	ADV
fsr-3206	332	5	,	,	PUNCT
fsr-3206	332	6	dispute	dispute	VERB
fsr-3206	332	7	the	the	DET
fsr-3206	332	8	assumption	assumption	NOUN
fsr-3206	332	9	within	within	ADP
fsr-3206	332	10	the	the	DET
fsr-3206	332	11	three	three	NUM
fsr-3206	332	12	-	-	PUNCT
fsr-3206	332	13	factor	factor	NOUN
fsr-3206	332	14	model	model	NOUN
fsr-3206	332	15	that	that	DET
fsr-3206	332	16	value	value	NOUN
fsr-3206	332	17	is	be	AUX
fsr-3206	332	18	riskier	risky	ADJ
fsr-3206	332	19	than	than	ADP
fsr-3206	332	20	growth	growth	NOUN
fsr-3206	332	21	and	and	CCONJ
fsr-3206	332	22	hence	hence	ADV
fsr-3206	332	23	dispute	dispute	VERB
fsr-3206	332	24	the	the	DET
fsr-3206	332	25	conclusion	conclusion	NOUN
fsr-3206	332	26	reached	reach	VERB
fsr-3206	332	27	by	by	ADP
fsr-3206	332	28	these	these	DET
fsr-3206	332	29	studies	study	NOUN
fsr-3206	332	30	.	.	PUNCT
fsr-3206	333	1	we	we	PRON
fsr-3206	333	2	will	will	AUX
fsr-3206	333	3	show	show	VERB
fsr-3206	333	4	that	that	SCONJ
fsr-3206	333	5	this	this	DET
fsr-3206	333	6	bias	bias	NOUN
fsr-3206	333	7	against	against	ADP
fsr-3206	333	8	value	value	NOUN
fsr-3206	333	9	when	when	SCONJ
fsr-3206	333	10	using	use	VERB
fsr-3206	333	11	the	the	DET
fsr-3206	333	12	three	three	NUM
fsr-3206	333	13	-	-	PUNCT
fsr-3206	333	14	factor	factor	NOUN
fsr-3206	333	15	model	model	NOUN
fsr-3206	333	16	creates	create	VERB
fsr-3206	333	17	the	the	DET
fsr-3206	333	18	erroneous	erroneous	ADJ
fsr-3206	333	19	conclusion	conclusion	NOUN
fsr-3206	333	20	that	that	SCONJ
fsr-3206	333	21	growth	growth	NOUN
fsr-3206	333	22	beats	beat	VERB
fsr-3206	333	23	value.11	value.11	ADJ
fsr-3206	333	24	according	accord	VERB
fsr-3206	333	25	to	to	ADP
fsr-3206	333	26	the	the	DET
fsr-3206	333	27	fama	fama	NOUN
fsr-3206	333	28	-	-	PUNCT
fsr-3206	333	29	french	french	ADJ
fsr-3206	333	30	three	three	NUM
fsr-3206	333	31	-	-	PUNCT
fsr-3206	333	32	factor	factor	NOUN
fsr-3206	333	33	model	model	NOUN
fsr-3206	333	34	,	,	PUNCT
fsr-3206	333	35	the	the	DET
fsr-3206	333	36	exposure	exposure	NOUN
fsr-3206	333	37	of	of	ADP
fsr-3206	333	38	security	security	NOUN
fsr-3206	333	39	i	i	PRON
fsr-3206	333	40	to	to	ADP
fsr-3206	333	41	systematic	systematic	ADJ
fsr-3206	333	42	risk	risk	NOUN
fsr-3206	333	43	is	be	AUX
fsr-3206	333	44	measured	measure	VERB
fsr-3206	333	45	by	by	ADP
fsr-3206	333	46	the	the	DET
fsr-3206	333	47	security	security	NOUN
fsr-3206	333	48	’s	’s	PART
fsr-3206	333	49	loadings	loading	NOUN
fsr-3206	333	50	on	on	ADP
fsr-3206	333	51	:	:	PUNCT
fsr-3206	333	52	market	market	NOUN
fsr-3206	333	53	excess	excess	ADJ
fsr-3206	333	54	return	return	NOUN
fsr-3206	333	55	(	(	PUNCT
fsr-3206	333	56	rm	rm	PROPN
fsr-3206	333	57	�	�	PROPN
fsr-3206	333	58	rf	rf	PROPN
fsr-3206	333	59	)	)	PUNCT
fsr-3206	333	60	;	;	PUNCT
fsr-3206	333	61	a	a	DET
fsr-3206	333	62	portfolio	portfolio	NOUN
fsr-3206	333	63	long	long	ADV
fsr-3206	333	64	in	in	ADP
fsr-3206	333	65	value	value	NOUN
fsr-3206	333	66	securities	security	NOUN
fsr-3206	333	67	and	and	CCONJ
fsr-3206	333	68	short	short	ADJ
fsr-3206	333	69	in	in	ADP
fsr-3206	333	70	growth	growth	NOUN
fsr-3206	333	71	securities	security	NOUN
fsr-3206	333	72	(	(	PUNCT
fsr-3206	333	73	hml	hml	PROPN
fsr-3206	333	74	)	)	PUNCT
fsr-3206	333	75	;	;	PUNCT
fsr-3206	333	76	and	and	CCONJ
fsr-3206	333	77	a	a	DET
fsr-3206	333	78	portfolio	portfolio	NOUN
fsr-3206	333	79	long	long	ADV
fsr-3206	333	80	in	in	ADP
fsr-3206	333	81	smallfirm	smallfirm	ADJ
fsr-3206	333	82	securities	security	NOUN
fsr-3206	333	83	and	and	CCONJ
fsr-3206	333	84	short	short	ADJ
fsr-3206	333	85	in	in	ADP
fsr-3206	333	86	large	large	ADJ
fsr-3206	333	87	-	-	PUNCT
fsr-3206	333	88	firm	firm	NOUN
fsr-3206	333	89	securities	security	NOUN
fsr-3206	333	90	(	(	PUNCT
fsr-3206	333	91	smb	smb	PROPN
fsr-3206	333	92	):	):	PUNCT
fsr-3206	333	93	�	�	PROPN
fsr-3206	333	94	ri	ri	PROPN
fsr-3206	333	95	�	�	PROPN
fsr-3206	333	96	rf	rf	NOUN
fsr-3206	333	97	�	�	PROPN
fsr-3206	333	98	t	t	PROPN
fsr-3206	333	99	�	�	PROPN
fsr-3206	333	100	�	�	PROPN
fsr-3206	333	101	i	i	PROPN
fsr-3206	333	102	�	�	PROPN
fsr-3206	333	103	�	�	PROPN
fsr-3206	333	104	mi	mi	PROPN
fsr-3206	333	105	�	�	PROPN
fsr-3206	333	106	rm	rm	PROPN
fsr-3206	333	107	�	�	PROPN
fsr-3206	333	108	rf	rf	NOUN
fsr-3206	333	109	�	�	PROPN
fsr-3206	333	110	t	t	PROPN
fsr-3206	333	111	�	�	PROPN
fsr-3206	333	112	�	�	PROPN
fsr-3206	333	113	hi	hi	PROPN
fsr-3206	333	114	�	�	PROPN
fsr-3206	333	115	hml	hml	PROPN
fsr-3206	333	116	�	�	PROPN
fsr-3206	333	117	t	t	PROPN
fsr-3206	333	118	�	�	PROPN
fsr-3206	333	119	�	�	PROPN
fsr-3206	333	120	si	si	PROPN
fsr-3206	333	121	�	�	PROPN
fsr-3206	333	122	smb	smb	PROPN
fsr-3206	333	123	�	�	PROPN
fsr-3206	333	124	t	t	PROPN
fsr-3206	333	125	�	�	PROPN
fsr-3206	333	126	�	�	PROPN
fsr-3206	333	127	t	t	PROPN
fsr-3206	333	128	.	.	PUNCT
fsr-3206	334	1	(	(	PUNCT
fsr-3206	334	2	1	1	X
fsr-3206	334	3	)	)	PUNCT
fsr-3206	334	4	by	by	ADP
fsr-3206	334	5	construction	construction	NOUN
fsr-3206	334	6	,	,	PUNCT
fsr-3206	334	7	this	this	DET
fsr-3206	334	8	model	model	NOUN
fsr-3206	334	9	assigns	assign	VERB
fsr-3206	334	10	greater	great	ADJ
fsr-3206	334	11	systematic	systematic	ADJ
fsr-3206	334	12	risk	risk	NOUN
fsr-3206	334	13	to	to	PART
fsr-3206	334	14	value	value	VERB
fsr-3206	334	15	portfolios	portfolio	NOUN
fsr-3206	334	16	because	because	SCONJ
fsr-3206	334	17	value	value	NOUN
fsr-3206	334	18	portfolios	portfolio	NOUN
fsr-3206	334	19	tend	tend	VERB
fsr-3206	334	20	to	to	PART
fsr-3206	334	21	load	load	VERB
fsr-3206	334	22	positively	positively	ADV
fsr-3206	334	23	on	on	ADP
fsr-3206	334	24	the	the	DET
fsr-3206	334	25	hml	hml	PROPN
fsr-3206	334	26	factor	factor	NOUN
fsr-3206	334	27	.	.	PUNCT
fsr-3206	335	1	therefore	therefore	ADV
fsr-3206	335	2	,	,	PUNCT
fsr-3206	335	3	despite	despite	SCONJ
fsr-3206	335	4	the	the	DET
fsr-3206	335	5	lower	lower	ADV
fsr-3206	335	6	realized	realize	VERB
fsr-3206	335	7	risk	risk	NOUN
fsr-3206	335	8	that	that	SCONJ
fsr-3206	335	9	we	we	PRON
fsr-3206	335	10	document	document	VERB
fsr-3206	335	11	for	for	ADP
fsr-3206	335	12	value	value	NOUN
fsr-3206	335	13	funds	fund	NOUN
fsr-3206	335	14	,	,	PUNCT
fsr-3206	335	15	when	when	SCONJ
fsr-3206	335	16	�	�	PROPN
fsr-3206	335	17	is	be	AUX
fsr-3206	335	18	calculated	calculate	VERB
fsr-3206	335	19	for	for	ADP
fsr-3206	335	20	value	value	NOUN
fsr-3206	335	21	funds	fund	NOUN
fsr-3206	335	22	using	use	VERB
fsr-3206	335	23	the	the	DET
fsr-3206	335	24	three	three	NUM
fsr-3206	335	25	-	-	PUNCT
fsr-3206	335	26	factor	factor	NOUN
fsr-3206	335	27	model	model	NOUN
fsr-3206	335	28	,	,	PUNCT
fsr-3206	335	29	value	value	NOUN
fsr-3206	335	30	funds	fund	NOUN
fsr-3206	335	31	are	be	AUX
fsr-3206	335	32	penalized	penalize	VERB
fsr-3206	335	33	for	for	ADP
fsr-3206	335	34	presumed	presume	VERB
fsr-3206	335	35	greater	great	ADJ
fsr-3206	335	36	risk	risk	NOUN
fsr-3206	335	37	by	by	ADP
fsr-3206	335	38	the	the	DET
fsr-3206	335	39	model	model	NOUN
fsr-3206	335	40	’s	’s	PART
fsr-3206	335	41	construction	construction	NOUN
fsr-3206	335	42	.	.	PUNCT
fsr-3206	336	1	we	we	PRON
fsr-3206	336	2	do	do	AUX
fsr-3206	336	3	not	not	PART
fsr-3206	336	4	deny	deny	VERB
fsr-3206	336	5	that	that	SCONJ
fsr-3206	336	6	a	a	DET
fsr-3206	336	7	security	security	NOUN
fsr-3206	336	8	’s	’s	PART
fsr-3206	336	9	responsiveness	responsiveness	NOUN
fsr-3206	336	10	to	to	ADP
fsr-3206	336	11	the	the	DET
fsr-3206	336	12	hml	hml	PROPN
fsr-3206	336	13	factor	factor	NOUN
fsr-3206	336	14	creates	create	VERB
fsr-3206	336	15	return	return	NOUN
fsr-3206	336	16	variation	variation	NOUN
fsr-3206	336	17	.	.	PUNCT
fsr-3206	337	1	however	however	ADV
fsr-3206	337	2	,	,	PUNCT
fsr-3206	337	3	this	this	DET
fsr-3206	337	4	responsiveness	responsiveness	NOUN
fsr-3206	337	5	should	should	AUX
fsr-3206	337	6	be	be	AUX
fsr-3206	337	7	,	,	PUNCT
fsr-3206	337	8	as	as	SCONJ
fsr-3206	337	9	argued	argue	VERB
fsr-3206	337	10	in	in	ADP
fsr-3206	337	11	the	the	DET
fsr-3206	337	12	body	body	NOUN
fsr-3206	337	13	of	of	ADP
fsr-3206	337	14	this	this	DET
fsr-3206	337	15	article	article	NOUN
fsr-3206	337	16	,	,	PUNCT
fsr-3206	337	17	measured	measure	VERB
fsr-3206	337	18	by	by	ADP
fsr-3206	337	19	the	the	DET
fsr-3206	337	20	absolute	absolute	ADJ
fsr-3206	337	21	value	value	NOUN
fsr-3206	337	22	of	of	ADP
fsr-3206	337	23	the	the	DET
fsr-3206	337	24	factor	factor	NOUN
fsr-3206	337	25	loading	loading	NOUN
fsr-3206	337	26	.	.	PUNCT
fsr-3206	338	1	posit	posit	VERB
fsr-3206	338	2	a	a	DET
fsr-3206	338	3	growth	growth	NOUN
fsr-3206	338	4	portfolio	portfolio	NOUN
fsr-3206	338	5	with	with	ADP
fsr-3206	338	6	a	a	DET
fsr-3206	338	7	negative	negative	ADJ
fsr-3206	338	8	loading	loading	NOUN
fsr-3206	338	9	that	that	PRON
fsr-3206	338	10	has	have	VERB
fsr-3206	338	11	the	the	DET
fsr-3206	338	12	same	same	ADJ
fsr-3206	338	13	absolute	absolute	ADJ
fsr-3206	338	14	value	value	NOUN
fsr-3206	338	15	as	as	ADP
fsr-3206	338	16	a	a	DET
fsr-3206	338	17	positive	positive	ADJ
fsr-3206	338	18	loading	loading	NOUN
fsr-3206	338	19	of	of	ADP
fsr-3206	338	20	a	a	DET
fsr-3206	338	21	value	value	NOUN
fsr-3206	338	22	portfolio	portfolio	NOUN
fsr-3206	338	23	.	.	PUNCT
fsr-3206	339	1	these	these	DET
fsr-3206	339	2	two	two	NUM
fsr-3206	339	3	portfolios	portfolio	NOUN
fsr-3206	339	4	have	have	VERB
fsr-3206	339	5	exactly	exactly	ADV
fsr-3206	339	6	the	the	DET
fsr-3206	339	7	same	same	ADJ
fsr-3206	339	8	measured	measured	ADJ
fsr-3206	339	9	absolute	absolute	ADJ
fsr-3206	339	10	responsiveness	responsiveness	NOUN
fsr-3206	339	11	to	to	ADP
fsr-3206	339	12	the	the	DET
fsr-3206	339	13	hml	hml	PROPN
fsr-3206	339	14	factor	factor	NOUN
fsr-3206	339	15	.	.	PUNCT
fsr-3206	340	1	thus	thus	ADV
fsr-3206	340	2	,	,	PUNCT
fsr-3206	340	3	these	these	DET
fsr-3206	340	4	two	two	NUM
fsr-3206	340	5	portfolios	portfolio	NOUN
fsr-3206	340	6	will	will	AUX
fsr-3206	340	7	experience	experience	VERB
fsr-3206	340	8	exactly	exactly	ADV
fsr-3206	340	9	the	the	DET
fsr-3206	340	10	same	same	ADJ
fsr-3206	340	11	impact	impact	NOUN
fsr-3206	340	12	on	on	ADP
fsr-3206	340	13	return	return	NOUN
fsr-3206	340	14	variation	variation	NOUN
fsr-3206	340	15	resulting	result	VERB
fsr-3206	340	16	from	from	ADP
fsr-3206	340	17	the	the	DET
fsr-3206	340	18	hml	hml	PROPN
fsr-3206	340	19	factor	factor	NOUN
fsr-3206	340	20	.	.	PUNCT
fsr-3206	341	1	however	however	ADV
fsr-3206	341	2	,	,	PUNCT
fsr-3206	341	3	the	the	DET
fsr-3206	341	4	impact	impact	NOUN
fsr-3206	341	5	from	from	ADP
fsr-3206	341	6	the	the	DET
fsr-3206	341	7	hml	hml	PROPN
fsr-3206	341	8	factor	factor	NOUN
fsr-3206	341	9	on	on	ADP
fsr-3206	341	10	expected	expect	VERB
fsr-3206	341	11	(	(	PUNCT
fsr-3206	341	12	required	require	VERB
fsr-3206	341	13	)	)	PUNCT
fsr-3206	341	14	return	return	NOUN
fsr-3206	341	15	will	will	AUX
fsr-3206	341	16	be	be	AUX
fsr-3206	341	17	positive	positive	ADJ
fsr-3206	341	18	for	for	ADP
fsr-3206	341	19	the	the	DET
fsr-3206	341	20	value	value	NOUN
fsr-3206	341	21	portfolio	portfolio	NOUN
fsr-3206	341	22	and	and	CCONJ
fsr-3206	341	23	negative	negative	ADJ
fsr-3206	341	24	for	for	ADP
fsr-3206	341	25	the	the	DET
fsr-3206	341	26	growth	growth	NOUN
fsr-3206	341	27	portfolio	portfolio	NOUN
fsr-3206	341	28	.	.	PUNCT
fsr-3206	342	1	thus	thus	ADV
fsr-3206	342	2	,	,	PUNCT
fsr-3206	342	3	the	the	DET
fsr-3206	342	4	impact	impact	NOUN
fsr-3206	342	5	from	from	ADP
fsr-3206	342	6	the	the	DET
fsr-3206	342	7	hml	hml	PROPN
fsr-3206	342	8	factor	factor	NOUN
fsr-3206	342	9	on	on	ADP
fsr-3206	342	10	risk	risk	NOUN
fsr-3206	342	11	-	-	PUNCT
fsr-3206	342	12	adjusted	adjust	VERB
fsr-3206	342	13	return	return	NOUN
fsr-3206	342	14	(	(	PUNCT
fsr-3206	342	15	�	�	NOUN
fsr-3206	342	16	)	)	PUNCT
fsr-3206	342	17	will	will	AUX
fsr-3206	342	18	be	be	AUX
fsr-3206	342	19	positive	positive	ADJ
fsr-3206	342	20	for	for	ADP
fsr-3206	342	21	the	the	DET
fsr-3206	342	22	growth	growth	NOUN
fsr-3206	342	23	portfolio	portfolio	NOUN
fsr-3206	342	24	and	and	CCONJ
fsr-3206	342	25	negative	negative	ADJ
fsr-3206	342	26	for	for	ADP
fsr-3206	342	27	the	the	DET
fsr-3206	342	28	value	value	NOUN
fsr-3206	342	29	portfolio	portfolio	NOUN
fsr-3206	342	30	.	.	PUNCT
fsr-3206	343	1	this	this	DET
fsr-3206	343	2	differential	differential	ADJ
fsr-3206	343	3	impact	impact	NOUN
fsr-3206	343	4	provides	provide	VERB
fsr-3206	343	5	a	a	DET
fsr-3206	343	6	strong	strong	ADJ
fsr-3206	343	7	bias	bias	NOUN
fsr-3206	343	8	toward	toward	ADP
fsr-3206	343	9	assigning	assign	VERB
fsr-3206	343	10	superior	superior	ADJ
fsr-3206	343	11	performance	performance	NOUN
fsr-3206	343	12	to	to	ADP
fsr-3206	343	13	the	the	DET
fsr-3206	343	14	growth	growth	NOUN
fsr-3206	343	15	portfolio	portfolio	NOUN
fsr-3206	343	16	.	.	PUNCT
fsr-3206	344	1	we	we	PRON
fsr-3206	344	2	illustrate	illustrate	VERB
fsr-3206	344	3	this	this	DET
fsr-3206	344	4	bias	bias	NOUN
fsr-3206	344	5	by	by	ADP
fsr-3206	344	6	calculating	calculate	VERB
fsr-3206	344	7	�	�	PROPN
fsr-3206	344	8	s	s	PART
fsr-3206	344	9	for	for	ADP
fsr-3206	344	10	our	our	PRON
fsr-3206	344	11	10	10	NUM
fsr-3206	344	12	sample	sample	NOUN
fsr-3206	344	13	portfolios	portfolio	NOUN
fsr-3206	344	14	using	use	VERB
fsr-3206	344	15	the	the	DET
fsr-3206	344	16	systematic	systematic	ADJ
fsr-3206	344	17	risk	risk	NOUN
fsr-3206	344	18	factors	factor	NOUN
fsr-3206	344	19	included	include	VERB
fsr-3206	344	20	in	in	ADP
fsr-3206	344	21	the	the	DET
fsr-3206	344	22	three	three	NUM
fsr-3206	344	23	-	-	PUNCT
fsr-3206	344	24	factor	factor	NOUN
fsr-3206	344	25	model	model	NOUN
fsr-3206	344	26	.	.	PUNCT
fsr-3206	345	1	we	we	PRON
fsr-3206	345	2	first	first	ADV
fsr-3206	345	3	use	use	VERB
fsr-3206	345	4	only	only	ADV
fsr-3206	345	5	the	the	DET
fsr-3206	345	6	market	market	NOUN
fsr-3206	345	7	and	and	CCONJ
fsr-3206	345	8	smb	smb	NOUN
fsr-3206	345	9	factors	factor	NOUN
fsr-3206	345	10	to	to	PART
fsr-3206	345	11	calculate	calculate	VERB
fsr-3206	345	12	�	�	PROPN
fsr-3206	345	13	s	s	PART
fsr-3206	345	14	for	for	ADP
fsr-3206	345	15	the	the	DET
fsr-3206	345	16	growth	growth	NOUN
fsr-3206	345	17	and	and	CCONJ
fsr-3206	345	18	value	value	NOUN
fsr-3206	345	19	portfolios	portfolio	NOUN
fsr-3206	345	20	.	.	PUNCT
fsr-3206	346	1	we	we	PRON
fsr-3206	346	2	then	then	ADV
fsr-3206	346	3	recalculate	recalculate	VERB
fsr-3206	346	4	�	�	PROPN
fsr-3206	346	5	s	s	PART
fsr-3206	346	6	using	use	VERB
fsr-3206	346	7	the	the	DET
fsr-3206	346	8	hml	hml	PROPN
fsr-3206	346	9	factor	factor	NOUN
fsr-3206	346	10	as	as	ADV
fsr-3206	346	11	well	well	ADV
fsr-3206	346	12	.	.	PUNCT
fsr-3206	347	1	in	in	ADP
fsr-3206	347	2	table	table	NOUN
fsr-3206	347	3	4	4	NUM
fsr-3206	347	4	we	we	PRON
fsr-3206	347	5	report	report	VERB
fsr-3206	347	6	the	the	DET
fsr-3206	347	7	results	result	NOUN
fsr-3206	347	8	using	use	VERB
fsr-3206	347	9	the	the	DET
fsr-3206	347	10	russell	russell	PROPN
fsr-3206	347	11	1000	1000	NUM
fsr-3206	347	12	value	value	NOUN
fsr-3206	347	13	and	and	CCONJ
fsr-3206	347	14	growth	growth	NOUN
fsr-3206	347	15	index	index	NOUN
fsr-3206	347	16	portfolios	portfolio	NOUN
fsr-3206	347	17	.	.	PUNCT
fsr-3206	348	1	355	355	NUM
fsr-3206	348	2	g.	g.	NOUN
fsr-3206	348	3	pettengill	pettengill	PROPN
fsr-3206	348	4	et	et	PROPN
fsr-3206	348	5	al	al	PROPN
fsr-3206	348	6	.	.	PUNCT
fsr-3206	348	7	/	/	SYM
fsr-3206	348	8	financial	financial	ADJ
fsr-3206	348	9	services	service	NOUN
fsr-3206	348	10	review	review	VERB
fsr-3206	348	11	23	23	NUM
fsr-3206	348	12	(	(	PUNCT
fsr-3206	348	13	2014	2014	NUM
fsr-3206	348	14	)	)	PUNCT
fsr-3206	349	1	341–359	341–359	NUM
fsr-3206	349	2	as	as	SCONJ
fsr-3206	349	3	shown	show	VERB
fsr-3206	349	4	in	in	ADP
fsr-3206	349	5	panel	panel	NOUN
fsr-3206	349	6	a	a	PRON
fsr-3206	349	7	of	of	ADP
fsr-3206	349	8	table	table	NOUN
fsr-3206	349	9	4	4	NUM
fsr-3206	349	10	,	,	PUNCT
fsr-3206	349	11	if	if	SCONJ
fsr-3206	349	12	�	�	PROPN
fsr-3206	349	13	is	be	AUX
fsr-3206	349	14	calculated	calculate	VERB
fsr-3206	349	15	using	use	VERB
fsr-3206	349	16	the	the	DET
fsr-3206	349	17	market	market	NOUN
fsr-3206	349	18	and	and	CCONJ
fsr-3206	349	19	smb	smb	NOUN
fsr-3206	349	20	factors	factor	NOUN
fsr-3206	349	21	alone	alone	ADV
fsr-3206	349	22	,	,	PUNCT
fsr-3206	349	23	the	the	DET
fsr-3206	349	24	estimated	estimate	VERB
fsr-3206	349	25	�	�	PROPN
fsr-3206	349	26	is	be	AUX
fsr-3206	349	27	positive	positive	ADJ
fsr-3206	349	28	for	for	ADP
fsr-3206	349	29	the	the	DET
fsr-3206	349	30	value	value	NOUN
fsr-3206	349	31	index	index	NOUN
fsr-3206	349	32	,	,	PUNCT
fsr-3206	349	33	albeit	albeit	SCONJ
fsr-3206	349	34	insignificantly	insignificantly	ADV
fsr-3206	349	35	different	different	ADJ
fsr-3206	349	36	from	from	ADP
fsr-3206	349	37	zero	zero	NUM
fsr-3206	349	38	.	.	PUNCT
fsr-3206	350	1	the	the	DET
fsr-3206	350	2	�	�	PROPN
fsr-3206	350	3	for	for	ADP
fsr-3206	350	4	the	the	DET
fsr-3206	350	5	growth	growth	NOUN
fsr-3206	350	6	index	index	NOUN
fsr-3206	350	7	is	be	AUX
fsr-3206	350	8	negative	negative	ADJ
fsr-3206	350	9	with	with	ADP
fsr-3206	350	10	p	p	NOUN
fsr-3206	350	11	-	-	PUNCT
fsr-3206	350	12	value	value	NOUN
fsr-3206	350	13	�	�	PROPN
fsr-3206	350	14	0.096	0.096	NUM
fsr-3206	350	15	.	.	PUNCT
fsr-3206	351	1	thus	thus	ADV
fsr-3206	351	2	,	,	PUNCT
fsr-3206	351	3	based	base	VERB
fsr-3206	351	4	upon	upon	SCONJ
fsr-3206	351	5	the	the	DET
fsr-3206	351	6	results	result	NOUN
fsr-3206	351	7	from	from	ADP
fsr-3206	351	8	applying	apply	VERB
fsr-3206	351	9	the	the	DET
fsr-3206	351	10	market	market	NOUN
fsr-3206	351	11	and	and	CCONJ
fsr-3206	351	12	the	the	DET
fsr-3206	351	13	smb	smb	PROPN
fsr-3206	351	14	factors	factor	NOUN
fsr-3206	351	15	,	,	PUNCT
fsr-3206	351	16	the	the	DET
fsr-3206	351	17	comparative	comparative	ADJ
fsr-3206	351	18	measures	measure	NOUN
fsr-3206	351	19	are	be	AUX
fsr-3206	351	20	consistent	consistent	ADJ
fsr-3206	351	21	with	with	ADP
fsr-3206	351	22	the	the	DET
fsr-3206	351	23	very	very	ADV
fsr-3206	351	24	real	real	ADJ
fsr-3206	351	25	advantage	advantage	NOUN
fsr-3206	351	26	of	of	ADP
fsr-3206	351	27	the	the	DET
fsr-3206	351	28	value	value	NOUN
fsr-3206	351	29	index	index	NOUN
fsr-3206	351	30	.	.	PUNCT
fsr-3206	352	1	panel	panel	NOUN
fsr-3206	352	2	b	b	PROPN
fsr-3206	352	3	of	of	ADP
fsr-3206	352	4	table	table	NOUN
fsr-3206	352	5	4	4	NUM
fsr-3206	352	6	shows	show	VERB
fsr-3206	352	7	the	the	DET
fsr-3206	352	8	impact	impact	NOUN
fsr-3206	352	9	of	of	ADP
fsr-3206	352	10	including	include	VERB
fsr-3206	352	11	the	the	DET
fsr-3206	352	12	hml	hml	PROPN
fsr-3206	352	13	factor	factor	NOUN
fsr-3206	352	14	.	.	PUNCT
fsr-3206	353	1	there	there	PRON
fsr-3206	353	2	is	be	VERB
fsr-3206	353	3	little	little	ADJ
fsr-3206	353	4	change	change	NOUN
fsr-3206	353	5	in	in	ADP
fsr-3206	353	6	the	the	DET
fsr-3206	353	7	factor	factor	NOUN
fsr-3206	353	8	loadings	loading	NOUN
fsr-3206	353	9	on	on	ADP
fsr-3206	353	10	the	the	DET
fsr-3206	353	11	market	market	NOUN
fsr-3206	353	12	and	and	CCONJ
fsr-3206	353	13	smb	smb	NOUN
fsr-3206	353	14	factors	factor	NOUN
fsr-3206	353	15	,	,	PUNCT
fsr-3206	353	16	but	but	CCONJ
fsr-3206	353	17	there	there	PRON
fsr-3206	353	18	is	be	VERB
fsr-3206	353	19	a	a	DET
fsr-3206	353	20	dramatic	dramatic	ADJ
fsr-3206	353	21	change	change	NOUN
fsr-3206	353	22	in	in	ADP
fsr-3206	353	23	the	the	DET
fsr-3206	353	24	�	�	PROPN
fsr-3206	353	25	for	for	ADP
fsr-3206	353	26	the	the	DET
fsr-3206	353	27	value	value	NOUN
fsr-3206	353	28	portfolio	portfolio	NOUN
fsr-3206	353	29	.	.	PUNCT
fsr-3206	354	1	as	as	SCONJ
fsr-3206	354	2	expected	expect	VERB
fsr-3206	354	3	,	,	PUNCT
fsr-3206	354	4	the	the	DET
fsr-3206	354	5	growth	growth	NOUN
fsr-3206	354	6	and	and	CCONJ
fsr-3206	354	7	value	value	NOUN
fsr-3206	354	8	portfolios	portfolio	NOUN
fsr-3206	354	9	have	have	VERB
fsr-3206	354	10	opposite	opposite	ADJ
fsr-3206	354	11	signs	sign	NOUN
fsr-3206	354	12	for	for	ADP
fsr-3206	354	13	the	the	DET
fsr-3206	354	14	factor	factor	NOUN
fsr-3206	354	15	loadings	loading	NOUN
fsr-3206	354	16	on	on	ADP
fsr-3206	354	17	the	the	DET
fsr-3206	354	18	hml	hml	PROPN
fsr-3206	354	19	factor	factor	NOUN
fsr-3206	354	20	.	.	PUNCT
fsr-3206	355	1	value	value	NOUN
fsr-3206	355	2	loads	load	VERB
fsr-3206	355	3	positively	positively	ADV
fsr-3206	355	4	on	on	ADP
fsr-3206	355	5	hml	hml	PROPN
fsr-3206	355	6	and	and	CCONJ
fsr-3206	355	7	growth	growth	NOUN
fsr-3206	355	8	loads	load	VERB
fsr-3206	355	9	negatively	negatively	ADV
fsr-3206	355	10	on	on	ADP
fsr-3206	355	11	hml	hml	PROPN
fsr-3206	355	12	.	.	PUNCT
fsr-3206	356	1	thus	thus	ADV
fsr-3206	356	2	,	,	PUNCT
fsr-3206	356	3	the	the	DET
fsr-3206	356	4	value	value	NOUN
fsr-3206	356	5	portfolio	portfolio	NOUN
fsr-3206	356	6	,	,	PUNCT
fsr-3206	356	7	which	which	PRON
fsr-3206	356	8	had	have	VERB
fsr-3206	356	9	a	a	DET
fsr-3206	356	10	positive	positive	ADJ
fsr-3206	356	11	�	�	NOUN
fsr-3206	356	12	without	without	ADP
fsr-3206	356	13	the	the	DET
fsr-3206	356	14	hml	hml	PROPN
fsr-3206	356	15	factor	factor	NOUN
fsr-3206	356	16	,	,	PUNCT
fsr-3206	356	17	now	now	ADV
fsr-3206	356	18	has	have	VERB
fsr-3206	356	19	a	a	DET
fsr-3206	356	20	negative	negative	ADJ
fsr-3206	356	21	�	�	NOUN
fsr-3206	356	22	.	.	PUNCT
fsr-3206	357	1	the	the	DET
fsr-3206	357	2	growth	growth	NOUN
fsr-3206	357	3	portfolio	portfolio	NOUN
fsr-3206	357	4	,	,	PUNCT
fsr-3206	357	5	which	which	PRON
fsr-3206	357	6	had	have	VERB
fsr-3206	357	7	a	a	DET
fsr-3206	357	8	negative	negative	ADJ
fsr-3206	357	9	�	�	NOUN
fsr-3206	357	10	without	without	ADP
fsr-3206	357	11	the	the	DET
fsr-3206	357	12	hml	hml	PROPN
fsr-3206	357	13	factor	factor	NOUN
fsr-3206	357	14	,	,	PUNCT
fsr-3206	357	15	now	now	ADV
fsr-3206	357	16	has	have	VERB
fsr-3206	357	17	a	a	DET
fsr-3206	357	18	positive	positive	ADJ
fsr-3206	357	19	�	�	NOUN
fsr-3206	357	20	with	with	ADP
fsr-3206	357	21	a	a	DET
fsr-3206	357	22	p	p	ADJ
fsr-3206	357	23	-	-	PUNCT
fsr-3206	357	24	value	value	NOUN
fsr-3206	357	25	�	�	PROPN
fsr-3206	357	26	0.059	0.059	NUM
fsr-3206	357	27	.	.	PUNCT
fsr-3206	358	1	the	the	DET
fsr-3206	358	2	switch	switch	NOUN
fsr-3206	358	3	from	from	ADP
fsr-3206	358	4	a	a	DET
fsr-3206	358	5	positive	positive	ADJ
fsr-3206	358	6	�	�	NOUN
fsr-3206	358	7	to	to	ADP
fsr-3206	358	8	a	a	DET
fsr-3206	358	9	negative	negative	ADJ
fsr-3206	358	10	�	�	NOUN
fsr-3206	358	11	for	for	ADP
fsr-3206	358	12	the	the	DET
fsr-3206	358	13	value	value	NOUN
fsr-3206	358	14	portfolio	portfolio	NOUN
fsr-3206	358	15	is	be	AUX
fsr-3206	358	16	directly	directly	ADV
fsr-3206	358	17	related	relate	VERB
fsr-3206	358	18	to	to	ADP
fsr-3206	358	19	the	the	DET
fsr-3206	358	20	loading	loading	NOUN
fsr-3206	358	21	on	on	ADP
fsr-3206	358	22	the	the	DET
fsr-3206	358	23	hml	hml	PROPN
fsr-3206	358	24	factor	factor	NOUN
fsr-3206	358	25	.	.	PUNCT
fsr-3206	359	1	the	the	DET
fsr-3206	359	2	positive	positive	ADJ
fsr-3206	359	3	loading	loading	NOUN
fsr-3206	359	4	on	on	ADP
fsr-3206	359	5	the	the	DET
fsr-3206	359	6	hml	hml	PROPN
fsr-3206	359	7	factor	factor	NOUN
fsr-3206	359	8	causes	cause	VERB
fsr-3206	359	9	an	an	DET
fsr-3206	359	10	increase	increase	NOUN
fsr-3206	359	11	in	in	ADP
fsr-3206	359	12	the	the	DET
fsr-3206	359	13	expected	expect	VERB
fsr-3206	359	14	return	return	NOUN
fsr-3206	359	15	for	for	ADP
fsr-3206	359	16	the	the	DET
fsr-3206	359	17	value	value	NOUN
fsr-3206	359	18	portfolio	portfolio	NOUN
fsr-3206	359	19	,	,	PUNCT
fsr-3206	359	20	which	which	PRON
fsr-3206	359	21	decreases	decrease	VERB
fsr-3206	359	22	the	the	DET
fsr-3206	359	23	risk	risk	NOUN
fsr-3206	359	24	-	-	PUNCT
fsr-3206	359	25	adjusted	adjust	VERB
fsr-3206	359	26	return	return	NOUN
fsr-3206	359	27	(	(	PUNCT
fsr-3206	359	28	�	�	PROPN
fsr-3206	359	29	)	)	PUNCT
fsr-3206	359	30	.	.	PUNCT
fsr-3206	360	1	the	the	DET
fsr-3206	360	2	switch	switch	NOUN
fsr-3206	360	3	from	from	ADP
fsr-3206	360	4	a	a	DET
fsr-3206	360	5	negative	negative	ADJ
fsr-3206	360	6	�	�	NOUN
fsr-3206	360	7	to	to	ADP
fsr-3206	360	8	a	a	DET
fsr-3206	360	9	positive	positive	ADJ
fsr-3206	360	10	�	�	NOUN
fsr-3206	360	11	for	for	ADP
fsr-3206	360	12	the	the	DET
fsr-3206	360	13	growth	growth	NOUN
fsr-3206	360	14	portfolio	portfolio	NOUN
fsr-3206	360	15	is	be	AUX
fsr-3206	360	16	also	also	ADV
fsr-3206	360	17	directly	directly	ADV
fsr-3206	360	18	related	relate	VERB
fsr-3206	360	19	to	to	ADP
fsr-3206	360	20	the	the	DET
fsr-3206	360	21	loading	loading	NOUN
fsr-3206	360	22	on	on	ADP
fsr-3206	360	23	the	the	DET
fsr-3206	360	24	hml	hml	PROPN
fsr-3206	360	25	factor	factor	NOUN
fsr-3206	360	26	.	.	PUNCT
fsr-3206	361	1	the	the	DET
fsr-3206	361	2	negative	negative	ADJ
fsr-3206	361	3	loading	loading	NOUN
fsr-3206	361	4	on	on	ADP
fsr-3206	361	5	the	the	DET
fsr-3206	361	6	hml	hml	PROPN
fsr-3206	361	7	factor	factor	NOUN
fsr-3206	361	8	causes	cause	VERB
fsr-3206	361	9	a	a	DET
fsr-3206	361	10	decrease	decrease	NOUN
fsr-3206	361	11	in	in	ADP
fsr-3206	361	12	the	the	DET
fsr-3206	361	13	expected	expect	VERB
fsr-3206	361	14	return	return	NOUN
fsr-3206	361	15	for	for	ADP
fsr-3206	361	16	the	the	DET
fsr-3206	361	17	growth	growth	NOUN
fsr-3206	361	18	portfolio	portfolio	NOUN
fsr-3206	361	19	,	,	PUNCT
fsr-3206	361	20	which	which	PRON
fsr-3206	361	21	increases	increase	VERB
fsr-3206	361	22	the	the	DET
fsr-3206	361	23	risk	risk	NOUN
fsr-3206	361	24	-	-	PUNCT
fsr-3206	361	25	adjusted	adjust	VERB
fsr-3206	361	26	return	return	NOUN
fsr-3206	361	27	(	(	PUNCT
fsr-3206	361	28	�	�	NOUN
fsr-3206	361	29	)	)	PUNCT
fsr-3206	361	30	.	.	PUNCT
fsr-3206	362	1	in	in	ADP
fsr-3206	362	2	the	the	DET
fsr-3206	362	3	case	case	NOUN
fsr-3206	362	4	of	of	ADP
fsr-3206	362	5	the	the	DET
fsr-3206	362	6	russell	russell	PROPN
fsr-3206	362	7	1000	1000	NUM
fsr-3206	362	8	,	,	PUNCT
fsr-3206	362	9	the	the	DET
fsr-3206	362	10	loadings	loading	NOUN
fsr-3206	362	11	on	on	ADP
fsr-3206	362	12	the	the	DET
fsr-3206	362	13	hml	hml	PROPN
fsr-3206	362	14	factor	factor	NOUN
fsr-3206	362	15	for	for	ADP
fsr-3206	362	16	the	the	DET
fsr-3206	362	17	value	value	NOUN
fsr-3206	362	18	and	and	CCONJ
fsr-3206	362	19	growth	growth	NOUN
fsr-3206	362	20	portfolios	portfolio	NOUN
fsr-3206	362	21	have	have	VERB
fsr-3206	362	22	approximately	approximately	ADV
fsr-3206	362	23	the	the	DET
fsr-3206	362	24	same	same	ADJ
fsr-3206	362	25	absolute	absolute	ADJ
fsr-3206	362	26	values	value	NOUN
fsr-3206	362	27	but	but	CCONJ
fsr-3206	362	28	with	with	ADP
fsr-3206	362	29	different	different	ADJ
fsr-3206	362	30	signs	sign	NOUN
fsr-3206	362	31	.	.	PUNCT
fsr-3206	363	1	because	because	SCONJ
fsr-3206	363	2	of	of	ADP
fsr-3206	363	3	the	the	DET
fsr-3206	363	4	difference	difference	NOUN
fsr-3206	363	5	in	in	ADP
fsr-3206	363	6	sign	sign	NOUN
fsr-3206	363	7	,	,	PUNCT
fsr-3206	363	8	risk	risk	NOUN
fsr-3206	363	9	-	-	PUNCT
fsr-3206	363	10	adjusted	adjust	VERB
fsr-3206	363	11	return	return	NOUN
fsr-3206	363	12	is	be	AUX
fsr-3206	363	13	increased	increase	VERB
fsr-3206	363	14	for	for	ADP
fsr-3206	363	15	growth	growth	NOUN
fsr-3206	363	16	but	but	CCONJ
fsr-3206	363	17	decreased	decrease	VERB
fsr-3206	363	18	for	for	ADP
fsr-3206	363	19	value	value	NOUN
fsr-3206	363	20	.	.	PUNCT
fsr-3206	364	1	thus	thus	ADV
fsr-3206	364	2	,	,	PUNCT
fsr-3206	364	3	the	the	DET
fsr-3206	364	4	exposure	exposure	NOUN
fsr-3206	364	5	to	to	ADP
fsr-3206	364	6	the	the	DET
fsr-3206	364	7	hml	hml	PROPN
fsr-3206	364	8	factor	factor	NOUN
fsr-3206	364	9	would	would	AUX
fsr-3206	364	10	have	have	VERB
fsr-3206	364	11	the	the	DET
fsr-3206	364	12	same	same	ADJ
fsr-3206	364	13	impact	impact	NOUN
fsr-3206	364	14	on	on	ADP
fsr-3206	364	15	total	total	ADJ
fsr-3206	364	16	risk	risk	NOUN
fsr-3206	364	17	for	for	ADP
fsr-3206	364	18	both	both	DET
fsr-3206	364	19	portfolios	portfolio	NOUN
fsr-3206	364	20	,	,	PUNCT
fsr-3206	364	21	but	but	CCONJ
fsr-3206	364	22	would	would	AUX
fsr-3206	364	23	reduce	reduce	VERB
fsr-3206	364	24	the	the	DET
fsr-3206	364	25	�	�	PROPN
fsr-3206	364	26	for	for	ADP
fsr-3206	364	27	the	the	DET
fsr-3206	364	28	value	value	NOUN
fsr-3206	364	29	portfolio	portfolio	NOUN
fsr-3206	364	30	relative	relative	ADJ
fsr-3206	364	31	to	to	ADP
fsr-3206	364	32	the	the	DET
fsr-3206	364	33	growth	growth	NOUN
fsr-3206	364	34	portfolio	portfolio	NOUN
fsr-3206	364	35	.	.	PUNCT
fsr-3206	365	1	application	application	NOUN
fsr-3206	365	2	of	of	ADP
fsr-3206	365	3	the	the	DET
fsr-3206	365	4	three	three	NUM
fsr-3206	365	5	-	-	PUNCT
fsr-3206	365	6	factor	factor	NOUN
fsr-3206	365	7	model	model	NOUN
fsr-3206	365	8	biases	bias	NOUN
fsr-3206	365	9	results	result	VERB
fsr-3206	365	10	against	against	ADP
fsr-3206	365	11	value	value	NOUN
fsr-3206	365	12	and	and	CCONJ
fsr-3206	365	13	in	in	ADP
fsr-3206	365	14	favor	favor	NOUN
fsr-3206	365	15	of	of	ADP
fsr-3206	365	16	growth.12	growth.12	PROPN
fsr-3206	365	17	table	table	NOUN
fsr-3206	365	18	4	4	NUM
fsr-3206	365	19	factor	factor	NOUN
fsr-3206	365	20	loadings	loading	NOUN
fsr-3206	365	21	and	and	CCONJ
fsr-3206	365	22	risk	risk	NOUN
fsr-3206	365	23	-	-	PUNCT
fsr-3206	365	24	adjusted	adjust	VERB
fsr-3206	365	25	returns	return	NOUN
fsr-3206	365	26	:	:	PUNCT
fsr-3206	365	27	russell	russell	NOUN
fsr-3206	365	28	1000	1000	NUM
fsr-3206	365	29	value	value	NOUN
fsr-3206	365	30	and	and	CCONJ
fsr-3206	365	31	growth	growth	NOUN
fsr-3206	365	32	indices	index	NOUN
fsr-3206	365	33	(	(	PUNCT
fsr-3206	365	34	january	january	PROPN
fsr-3206	365	35	1979	1979	NUM
fsr-3206	365	36	through	through	ADP
fsr-3206	365	37	december	december	PROPN
fsr-3206	365	38	2012	2012	NUM
fsr-3206	365	39	)	)	PUNCT
fsr-3206	365	40	portfolio	portfolio	NOUN
fsr-3206	365	41	risk	risk	NOUN
fsr-3206	365	42	-	-	PUNCT
fsr-3206	365	43	adjusted	adjust	VERB
fsr-3206	365	44	return—	return—	PROPN
fsr-3206	365	45	�	�	NOUN
fsr-3206	365	46	s	s	PART
fsr-3206	365	47	(	(	PUNCT
fsr-3206	365	48	p	p	NOUN
fsr-3206	365	49	-	-	PUNCT
fsr-3206	365	50	value	value	NOUN
fsr-3206	365	51	)	)	PUNCT
fsr-3206	365	52	market	market	NOUN
fsr-3206	365	53	�	�	PROPN
fsr-3206	365	54	(	(	PUNCT
fsr-3206	365	55	p	p	NOUN
fsr-3206	365	56	-	-	PUNCT
fsr-3206	365	57	value	value	NOUN
fsr-3206	365	58	)	)	PUNCT
fsr-3206	365	59	smb	smb	NOUN
fsr-3206	365	60	�	�	PROPN
fsr-3206	365	61	(	(	PUNCT
fsr-3206	365	62	p	p	NOUN
fsr-3206	365	63	-	-	PUNCT
fsr-3206	365	64	value	value	NOUN
fsr-3206	365	65	)	)	PUNCT
fsr-3206	365	66	hml	hml	PROPN
fsr-3206	365	67	�	�	PROPN
fsr-3206	365	68	(	(	PUNCT
fsr-3206	365	69	p	p	NOUN
fsr-3206	365	70	-	-	PUNCT
fsr-3206	365	71	value	value	NOUN
fsr-3206	365	72	)	)	PUNCT
fsr-3206	365	73	(	(	PUNCT
fsr-3206	365	74	a	a	X
fsr-3206	365	75	)	)	PUNCT
fsr-3206	365	76	excess	excess	ADJ
fsr-3206	365	77	market	market	NOUN
fsr-3206	365	78	and	and	CCONJ
fsr-3206	365	79	smb	smb	NOUN
fsr-3206	365	80	loadings	loading	NOUN
fsr-3206	365	81	growth	growth	NOUN
fsr-3206	365	82	�	�	PROPN
fsr-3206	365	83	0.099	0.099	NUM
fsr-3206	365	84	%	%	NOUN
fsr-3206	365	85	1.193	1.193	NUM
fsr-3206	365	86	�	�	NOUN
fsr-3206	365	87	0.090	0.090	NUM
fsr-3206	365	88	—	—	PUNCT
fsr-3206	365	89	(	(	PUNCT
fsr-3206	365	90	0.096	0.096	NUM
fsr-3206	365	91	)	)	PUNCT
fsr-3206	365	92	(	(	PUNCT
fsr-3206	365	93	0.000	0.000	NUM
fsr-3206	365	94	)	)	PUNCT
fsr-3206	365	95	*	*	PUNCT
fsr-3206	366	1	(	(	PUNCT
fsr-3206	366	2	0.000	0.000	NUM
fsr-3206	366	3	)	)	PUNCT
fsr-3206	366	4	value	value	NOUN
fsr-3206	366	5	0.092	0.092	NUM
fsr-3206	366	6	%	%	NOUN
fsr-3206	366	7	0.888	0.888	NUM
fsr-3206	366	8	�	�	NOUN
fsr-3206	366	9	0.053	0.053	NUM
fsr-3206	366	10	—	—	PUNCT
fsr-3206	366	11	(	(	PUNCT
fsr-3206	366	12	0.235	0.235	NUM
fsr-3206	366	13	)	)	PUNCT
fsr-3206	366	14	(	(	PUNCT
fsr-3206	366	15	0.000	0.000	NUM
fsr-3206	366	16	)	)	PUNCT
fsr-3206	366	17	(	(	PUNCT
fsr-3206	366	18	0.037	0.037	NUM
fsr-3206	366	19	)	)	PUNCT
fsr-3206	366	20	(	(	PUNCT
fsr-3206	366	21	b	b	X
fsr-3206	366	22	)	)	PUNCT
fsr-3206	366	23	excess	excess	ADJ
fsr-3206	366	24	market	market	NOUN
fsr-3206	366	25	,	,	PUNCT
fsr-3206	366	26	smb	smb	NOUN
fsr-3206	366	27	,	,	PUNCT
fsr-3206	366	28	and	and	CCONJ
fsr-3206	366	29	hml	hml	PROPN
fsr-3206	366	30	loadings	loading	NOUN
fsr-3206	366	31	growth	growth	NOUN
fsr-3206	366	32	0.074	0.074	NUM
fsr-3206	366	33	%	%	NOUN
fsr-3206	366	34	1.036	1.036	NUM
fsr-3206	366	35	�	�	PROPN
fsr-3206	366	36	0.171	0.171	NUM
fsr-3206	366	37	�	�	PROPN
fsr-3206	366	38	0.325	0.325	NUM
fsr-3206	366	39	(	(	PUNCT
fsr-3206	366	40	0.059	0.059	NUM
fsr-3206	366	41	)	)	PUNCT
fsr-3206	366	42	(	(	PUNCT
fsr-3206	366	43	0.000	0.000	NUM
fsr-3206	366	44	)	)	PUNCT
fsr-3206	366	45	(	(	PUNCT
fsr-3206	366	46	0.000	0.000	NUM
fsr-3206	366	47	)	)	PUNCT
fsr-3206	366	48	(	(	PUNCT
fsr-3206	366	49	0.000	0.000	X
fsr-3206	366	50	)	)	PUNCT
fsr-3206	366	51	value	value	NOUN
fsr-3206	366	52	�	�	PROPN
fsr-3206	366	53	0.079	0.079	NUM
fsr-3206	366	54	%	%	NOUN
fsr-3206	366	55	0.925	0.925	NUM
fsr-3206	366	56	0.027	0.027	NUM
fsr-3206	366	57	0.320	0.320	NUM
fsr-3206	366	58	(	(	PUNCT
fsr-3206	366	59	0.215	0.215	NUM
fsr-3206	366	60	)	)	PUNCT
fsr-3206	366	61	(	(	PUNCT
fsr-3206	366	62	0.000	0.000	NUM
fsr-3206	366	63	)	)	PUNCT
fsr-3206	366	64	(	(	PUNCT
fsr-3206	366	65	0.209	0.209	NUM
fsr-3206	366	66	)	)	PUNCT
fsr-3206	366	67	(	(	PUNCT
fsr-3206	366	68	0.000	0.000	NUM
fsr-3206	366	69	)	)	PUNCT
fsr-3206	366	70	factor	factor	NOUN
fsr-3206	366	71	loadings	loading	NOUN
fsr-3206	366	72	result	result	VERB
fsr-3206	366	73	from	from	ADP
fsr-3206	366	74	regressing	regress	VERB
fsr-3206	366	75	portfolio	portfolio	NOUN
fsr-3206	366	76	returns	return	NOUN
fsr-3206	366	77	on	on	ADP
fsr-3206	366	78	the	the	DET
fsr-3206	366	79	fama	fama	NOUN
fsr-3206	366	80	-	-	PUNCT
fsr-3206	366	81	french	french	ADJ
fsr-3206	366	82	three	three	NUM
fsr-3206	366	83	-	-	PUNCT
fsr-3206	366	84	factor	factor	NOUN
fsr-3206	366	85	model	model	NOUN
fsr-3206	366	86	,	,	PUNCT
fsr-3206	366	87	as	as	SCONJ
fsr-3206	366	88	shown	show	VERB
fsr-3206	366	89	below	below	ADV
fsr-3206	366	90	.	.	PUNCT
fsr-3206	367	1	the	the	DET
fsr-3206	367	2	coefficients	coefficient	NOUN
fsr-3206	367	3	and	and	CCONJ
fsr-3206	367	4	p	p	NOUN
fsr-3206	367	5	-	-	PUNCT
fsr-3206	367	6	values	value	NOUN
fsr-3206	367	7	reported	report	VERB
fsr-3206	367	8	in	in	ADP
fsr-3206	367	9	panel	panel	NOUN
fsr-3206	367	10	a	a	DET
fsr-3206	367	11	result	result	NOUN
fsr-3206	367	12	from	from	ADP
fsr-3206	367	13	regressing	regress	VERB
fsr-3206	367	14	returns	return	NOUN
fsr-3206	367	15	only	only	ADV
fsr-3206	367	16	against	against	ADP
fsr-3206	367	17	the	the	DET
fsr-3206	367	18	market	market	NOUN
fsr-3206	367	19	and	and	CCONJ
fsr-3206	367	20	smb	smb	NOUN
fsr-3206	367	21	factor	factor	NOUN
fsr-3206	367	22	.	.	PUNCT
fsr-3206	368	1	the	the	DET
fsr-3206	368	2	coefficients	coefficient	NOUN
fsr-3206	368	3	and	and	CCONJ
fsr-3206	368	4	p	p	NOUN
fsr-3206	368	5	-	-	PUNCT
fsr-3206	368	6	values	value	NOUN
fsr-3206	368	7	reported	report	VERB
fsr-3206	368	8	in	in	ADP
fsr-3206	368	9	panel	panel	NOUN
fsr-3206	368	10	b	b	PROPN
fsr-3206	368	11	result	result	NOUN
fsr-3206	368	12	from	from	ADP
fsr-3206	368	13	regressing	regress	VERB
fsr-3206	368	14	returns	return	NOUN
fsr-3206	368	15	against	against	ADP
fsr-3206	368	16	all	all	DET
fsr-3206	368	17	three	three	NUM
fsr-3206	368	18	factors	factor	NOUN
fsr-3206	368	19	.	.	PUNCT
fsr-3206	369	1	�	�	PROPN
fsr-3206	369	2	ri	ri	PROPN
fsr-3206	369	3	�	�	PROPN
fsr-3206	369	4	rf	rf	NOUN
fsr-3206	369	5	�	�	PROPN
fsr-3206	369	6	t	t	PROPN
fsr-3206	369	7	�	�	PROPN
fsr-3206	369	8	�	�	PROPN
fsr-3206	369	9	i	i	PROPN
fsr-3206	369	10	�	�	PROPN
fsr-3206	369	11	�	�	PROPN
fsr-3206	369	12	mi	mi	PROPN
fsr-3206	369	13	�	�	PROPN
fsr-3206	369	14	rm	rm	PROPN
fsr-3206	369	15	�	�	PROPN
fsr-3206	369	16	rf	rf	NOUN
fsr-3206	369	17	�	�	PROPN
fsr-3206	369	18	t	t	PROPN
fsr-3206	369	19	�	�	PROPN
fsr-3206	369	20	�	�	PROPN
fsr-3206	369	21	hi	hi	PROPN
fsr-3206	369	22	�	�	PROPN
fsr-3206	369	23	hml	hml	PROPN
fsr-3206	369	24	�	�	PROPN
fsr-3206	369	25	t	t	PROPN
fsr-3206	369	26	�	�	PROPN
fsr-3206	369	27	�	�	PROPN
fsr-3206	369	28	si	si	PROPN
fsr-3206	369	29	�	�	PROPN
fsr-3206	369	30	smb	smb	PROPN
fsr-3206	369	31	�	�	PROPN
fsr-3206	369	32	t	t	PROPN
fsr-3206	369	33	�	�	PROPN
fsr-3206	369	34	�	�	PROPN
fsr-3206	369	35	t	t	PROPN
fsr-3206	369	36	.	.	PUNCT
fsr-3206	370	1	*	*	PUNCT
fsr-3206	370	2	a	a	DET
fsr-3206	370	3	p	p	NOUN
fsr-3206	370	4	-	-	PUNCT
fsr-3206	370	5	value	value	NOUN
fsr-3206	370	6	of	of	ADP
fsr-3206	370	7	0.000	0.000	NUM
fsr-3206	370	8	indicates	indicate	VERB
fsr-3206	370	9	that	that	SCONJ
fsr-3206	370	10	the	the	DET
fsr-3206	370	11	p	p	NOUN
fsr-3206	370	12	-	-	PUNCT
fsr-3206	370	13	value	value	NOUN
fsr-3206	370	14	is	be	AUX
fsr-3206	370	15	nonzero	nonzero	ADJ
fsr-3206	370	16	,	,	PUNCT
fsr-3206	370	17	but	but	CCONJ
fsr-3206	370	18	smaller	small	ADJ
fsr-3206	370	19	than	than	ADP
fsr-3206	370	20	0.0005	0.0005	NUM
fsr-3206	370	21	.	.	PUNCT
fsr-3206	371	1	356	356	NUM
fsr-3206	371	2	g.	g.	NOUN
fsr-3206	371	3	pettengill	pettengill	PROPN
fsr-3206	371	4	et	et	PROPN
fsr-3206	371	5	al	al	PROPN
fsr-3206	371	6	.	.	PUNCT
fsr-3206	371	7	/	/	SYM
fsr-3206	371	8	financial	financial	ADJ
fsr-3206	371	9	services	service	NOUN
fsr-3206	371	10	review	review	VERB
fsr-3206	371	11	23	23	NUM
fsr-3206	371	12	(	(	PUNCT
fsr-3206	371	13	2014	2014	NUM
fsr-3206	371	14	)	)	PUNCT
fsr-3206	372	1	341–359	341–359	NUM
fsr-3206	372	2	because	because	SCONJ
fsr-3206	372	3	our	our	PRON
fsr-3206	372	4	focus	focus	NOUN
fsr-3206	372	5	is	be	AUX
fsr-3206	372	6	on	on	ADP
fsr-3206	372	7	the	the	DET
fsr-3206	372	8	impact	impact	NOUN
fsr-3206	372	9	of	of	ADP
fsr-3206	372	10	the	the	DET
fsr-3206	372	11	hml	hml	PROPN
fsr-3206	372	12	factor	factor	NOUN
fsr-3206	372	13	,	,	PUNCT
fsr-3206	372	14	and	and	CCONJ
fsr-3206	372	15	in	in	ADP
fsr-3206	372	16	the	the	DET
fsr-3206	372	17	interest	interest	NOUN
fsr-3206	372	18	of	of	ADP
fsr-3206	372	19	space	space	NOUN
fsr-3206	372	20	,	,	PUNCT
fsr-3206	372	21	we	we	PRON
fsr-3206	372	22	limit	limit	VERB
fsr-3206	372	23	our	our	PRON
fsr-3206	372	24	discussion	discussion	NOUN
fsr-3206	372	25	on	on	ADP
fsr-3206	372	26	the	the	DET
fsr-3206	372	27	other	other	ADJ
fsr-3206	372	28	four	four	NUM
fsr-3206	372	29	groupings	grouping	NOUN
fsr-3206	372	30	of	of	ADP
fsr-3206	372	31	funds	fund	NOUN
fsr-3206	372	32	to	to	ADP
fsr-3206	372	33	a	a	DET
fsr-3206	372	34	summary	summary	NOUN
fsr-3206	372	35	of	of	ADP
fsr-3206	372	36	the	the	DET
fsr-3206	372	37	changes	change	NOUN
fsr-3206	372	38	in	in	ADP
fsr-3206	372	39	risk	risk	NOUN
fsr-3206	372	40	-	-	PUNCT
fsr-3206	372	41	adjusted	adjust	VERB
fsr-3206	372	42	returns	return	NOUN
fsr-3206	372	43	from	from	ADP
fsr-3206	372	44	adding	add	VERB
fsr-3206	372	45	the	the	DET
fsr-3206	372	46	hml	hml	PROPN
fsr-3206	372	47	factor	factor	NOUN
fsr-3206	372	48	to	to	ADP
fsr-3206	372	49	the	the	DET
fsr-3206	372	50	market	market	NOUN
fsr-3206	372	51	and	and	CCONJ
fsr-3206	372	52	the	the	DET
fsr-3206	372	53	smb	smb	PROPN
fsr-3206	372	54	factors	factor	NOUN
fsr-3206	372	55	.	.	PUNCT
fsr-3206	373	1	table	table	NOUN
fsr-3206	373	2	5	5	NUM
fsr-3206	373	3	reports	report	VERB
fsr-3206	373	4	these	these	DET
fsr-3206	373	5	changes	change	NOUN
fsr-3206	373	6	in	in	ADP
fsr-3206	373	7	�	�	NOUN
fsr-3206	373	8	s	s	PART
fsr-3206	373	9	and	and	CCONJ
fsr-3206	373	10	shows	show	VERB
fsr-3206	373	11	the	the	DET
fsr-3206	373	12	loadings	loading	NOUN
fsr-3206	373	13	of	of	ADP
fsr-3206	373	14	the	the	DET
fsr-3206	373	15	portfolios	portfolio	NOUN
fsr-3206	373	16	on	on	ADP
fsr-3206	373	17	the	the	DET
fsr-3206	373	18	hml	hml	PROPN
fsr-3206	373	19	factor.13	factor.13	PROPN
fsr-3206	373	20	as	as	SCONJ
fsr-3206	373	21	reported	report	VERB
fsr-3206	373	22	in	in	ADP
fsr-3206	373	23	table	table	NOUN
fsr-3206	373	24	5	5	NUM
fsr-3206	373	25	,	,	PUNCT
fsr-3206	373	26	when	when	SCONJ
fsr-3206	373	27	using	use	VERB
fsr-3206	373	28	only	only	ADV
fsr-3206	373	29	the	the	DET
fsr-3206	373	30	market	market	NOUN
fsr-3206	373	31	and	and	CCONJ
fsr-3206	373	32	the	the	DET
fsr-3206	373	33	smb	smb	PROPN
fsr-3206	373	34	factors	factor	NOUN
fsr-3206	373	35	,	,	PUNCT
fsr-3206	373	36	�	�	PROPN
fsr-3206	373	37	is	be	AUX
fsr-3206	373	38	negative	negative	ADJ
fsr-3206	373	39	for	for	ADP
fsr-3206	373	40	the	the	DET
fsr-3206	373	41	growth	growth	NOUN
fsr-3206	373	42	portfolios	portfolio	NOUN
fsr-3206	373	43	in	in	ADP
fsr-3206	373	44	all	all	DET
fsr-3206	373	45	five	five	NUM
fsr-3206	373	46	cases	case	NOUN
fsr-3206	373	47	and	and	CCONJ
fsr-3206	373	48	is	be	AUX
fsr-3206	373	49	significantly	significantly	ADV
fsr-3206	373	50	negative	negative	ADJ
fsr-3206	373	51	at	at	ADP
fsr-3206	373	52	the	the	DET
fsr-3206	373	53	1	1	NUM
fsr-3206	373	54	%	%	NOUN
fsr-3206	373	55	level	level	NOUN
fsr-3206	373	56	for	for	ADP
fsr-3206	373	57	the	the	DET
fsr-3206	373	58	large	large	ADJ
fsr-3206	373	59	-	-	PUNCT
fsr-3206	373	60	firm	firm	NOUN
fsr-3206	373	61	morningstar	morningstar	NOUN
fsr-3206	373	62	sample	sample	NOUN
fsr-3206	373	63	.	.	PUNCT
fsr-3206	374	1	when	when	SCONJ
fsr-3206	374	2	the	the	DET
fsr-3206	374	3	three	three	NUM
fsr-3206	374	4	-	-	PUNCT
fsr-3206	374	5	factor	factor	NOUN
fsr-3206	374	6	model	model	NOUN
fsr-3206	374	7	is	be	AUX
fsr-3206	374	8	applied	apply	VERB
fsr-3206	374	9	,	,	PUNCT
fsr-3206	374	10	the	the	DET
fsr-3206	374	11	loading	loading	NOUN
fsr-3206	374	12	on	on	ADP
fsr-3206	374	13	the	the	DET
fsr-3206	374	14	hml	hml	PROPN
fsr-3206	374	15	factor	factor	NOUN
fsr-3206	374	16	is	be	AUX
fsr-3206	374	17	negative	negative	ADJ
fsr-3206	374	18	in	in	ADP
fsr-3206	374	19	all	all	PRON
fsr-3206	374	20	but	but	SCONJ
fsr-3206	374	21	one	one	NUM
fsr-3206	374	22	case	case	NOUN
fsr-3206	374	23	for	for	ADP
fsr-3206	374	24	the	the	DET
fsr-3206	374	25	growth	growth	NOUN
fsr-3206	374	26	portfolio	portfolio	NOUN
fsr-3206	374	27	.	.	PUNCT
fsr-3206	375	1	in	in	ADP
fsr-3206	375	2	the	the	DET
fsr-3206	375	3	cases	case	NOUN
fsr-3206	375	4	where	where	SCONJ
fsr-3206	375	5	the	the	DET
fsr-3206	375	6	loading	loading	NOUN
fsr-3206	375	7	on	on	ADP
fsr-3206	375	8	the	the	DET
fsr-3206	375	9	hml	hml	PROPN
fsr-3206	375	10	factor	factor	NOUN
fsr-3206	375	11	is	be	AUX
fsr-3206	375	12	negative	negative	ADJ
fsr-3206	375	13	for	for	ADP
fsr-3206	375	14	the	the	DET
fsr-3206	375	15	growth	growth	NOUN
fsr-3206	375	16	portfolios	portfolio	NOUN
fsr-3206	375	17	,	,	PUNCT
fsr-3206	375	18	the	the	DET
fsr-3206	375	19	estimated	estimate	VERB
fsr-3206	375	20	�	�	NOUN
fsr-3206	375	21	increases	increase	NOUN
fsr-3206	375	22	and	and	CCONJ
fsr-3206	375	23	becomes	become	VERB
fsr-3206	375	24	positive	positive	ADJ
fsr-3206	375	25	in	in	ADP
fsr-3206	375	26	two	two	NUM
fsr-3206	375	27	cases	case	NOUN
fsr-3206	375	28	.	.	PUNCT
fsr-3206	376	1	the	the	DET
fsr-3206	376	2	inclusion	inclusion	NOUN
fsr-3206	376	3	of	of	ADP
fsr-3206	376	4	the	the	DET
fsr-3206	376	5	hml	hml	PROPN
fsr-3206	376	6	factors	factor	NOUN
fsr-3206	376	7	biases	bias	NOUN
fsr-3206	376	8	results	result	VERB
fsr-3206	376	9	in	in	ADP
fsr-3206	376	10	favor	favor	NOUN
fsr-3206	376	11	of	of	ADP
fsr-3206	376	12	growth	growth	NOUN
fsr-3206	376	13	portfolios	portfolio	NOUN
fsr-3206	376	14	.	.	PUNCT
fsr-3206	377	1	in	in	ADP
fsr-3206	377	2	all	all	DET
fsr-3206	377	3	cases	case	NOUN
fsr-3206	377	4	,	,	PUNCT
fsr-3206	377	5	when	when	SCONJ
fsr-3206	377	6	only	only	ADV
fsr-3206	377	7	the	the	DET
fsr-3206	377	8	market	market	NOUN
fsr-3206	377	9	and	and	CCONJ
fsr-3206	377	10	the	the	DET
fsr-3206	377	11	smb	smb	PROPN
fsr-3206	377	12	factors	factor	NOUN
fsr-3206	377	13	are	be	AUX
fsr-3206	377	14	applied	apply	VERB
fsr-3206	377	15	,	,	PUNCT
fsr-3206	377	16	the	the	DET
fsr-3206	377	17	value	value	NOUN
fsr-3206	377	18	portfolios	portfolio	NOUN
fsr-3206	377	19	have	have	VERB
fsr-3206	377	20	higher	high	ADJ
fsr-3206	377	21	estimated	estimate	VERB
fsr-3206	377	22	�	�	PROPN
fsr-3206	377	23	s	s	PART
fsr-3206	377	24	than	than	ADP
fsr-3206	377	25	the	the	DET
fsr-3206	377	26	growth	growth	NOUN
fsr-3206	377	27	portfolios	portfolio	NOUN
fsr-3206	377	28	.	.	PUNCT
fsr-3206	378	1	in	in	ADP
fsr-3206	378	2	four	four	NUM
fsr-3206	378	3	of	of	ADP
fsr-3206	378	4	the	the	DET
fsr-3206	378	5	five	five	NUM
fsr-3206	378	6	cases	case	NOUN
fsr-3206	378	7	,	,	PUNCT
fsr-3206	378	8	the	the	DET
fsr-3206	378	9	estimated	estimate	VERB
fsr-3206	378	10	�	�	PROPN
fsr-3206	378	11	for	for	ADP
fsr-3206	378	12	the	the	DET
fsr-3206	378	13	value	value	NOUN
fsr-3206	378	14	portfolios	portfolio	NOUN
fsr-3206	378	15	is	be	AUX
fsr-3206	378	16	positive	positive	ADJ
fsr-3206	378	17	,	,	PUNCT
fsr-3206	378	18	albeit	albeit	SCONJ
fsr-3206	378	19	in	in	ADP
fsr-3206	378	20	only	only	ADV
fsr-3206	378	21	one	one	NUM
fsr-3206	378	22	of	of	ADP
fsr-3206	378	23	the	the	DET
fsr-3206	378	24	cases	case	NOUN
fsr-3206	378	25	is	be	AUX
fsr-3206	378	26	�	�	PROPN
fsr-3206	378	27	significantly	significantly	ADV
fsr-3206	378	28	positive	positive	ADJ
fsr-3206	378	29	.	.	PUNCT
fsr-3206	379	1	inclusion	inclusion	NOUN
fsr-3206	379	2	of	of	ADP
fsr-3206	379	3	the	the	DET
fsr-3206	379	4	hml	hml	PROPN
fsr-3206	379	5	factor	factor	NOUN
fsr-3206	379	6	causes	cause	VERB
fsr-3206	379	7	a	a	DET
fsr-3206	379	8	radical	radical	ADJ
fsr-3206	379	9	shift	shift	NOUN
fsr-3206	379	10	in	in	ADP
fsr-3206	379	11	these	these	DET
fsr-3206	379	12	comparisons	comparison	NOUN
fsr-3206	379	13	.	.	PUNCT
fsr-3206	380	1	in	in	ADP
fsr-3206	380	2	all	all	DET
fsr-3206	380	3	five	five	NUM
fsr-3206	380	4	cases	case	NOUN
fsr-3206	380	5	the	the	DET
fsr-3206	380	6	loading	loading	NOUN
fsr-3206	380	7	of	of	ADP
fsr-3206	380	8	the	the	DET
fsr-3206	380	9	value	value	NOUN
fsr-3206	380	10	portfolio	portfolio	NOUN
fsr-3206	380	11	on	on	ADP
fsr-3206	380	12	the	the	DET
fsr-3206	380	13	hml	hml	PROPN
fsr-3206	380	14	factor	factor	NOUN
fsr-3206	380	15	is	be	AUX
fsr-3206	380	16	positive	positive	ADJ
fsr-3206	380	17	,	,	PUNCT
fsr-3206	380	18	reducing	reduce	VERB
fsr-3206	380	19	the	the	DET
fsr-3206	380	20	�	�	PROPN
fsr-3206	380	21	for	for	ADP
fsr-3206	380	22	the	the	DET
fsr-3206	380	23	value	value	NOUN
fsr-3206	380	24	portfolio	portfolio	NOUN
fsr-3206	380	25	.	.	PUNCT
fsr-3206	381	1	when	when	SCONJ
fsr-3206	381	2	the	the	DET
fsr-3206	381	3	three	three	NUM
fsr-3206	381	4	-	-	PUNCT
fsr-3206	381	5	factor	factor	NOUN
fsr-3206	381	6	model	model	NOUN
fsr-3206	381	7	is	be	AUX
fsr-3206	381	8	applied	apply	VERB
fsr-3206	381	9	,	,	PUNCT
fsr-3206	381	10	in	in	ADP
fsr-3206	381	11	all	all	DET
fsr-3206	381	12	five	five	NUM
fsr-3206	381	13	cases	case	NOUN
fsr-3206	381	14	the	the	DET
fsr-3206	381	15	estimated	estimate	VERB
fsr-3206	381	16	�	�	PROPN
fsr-3206	381	17	for	for	ADP
fsr-3206	381	18	the	the	DET
fsr-3206	381	19	table	table	NOUN
fsr-3206	381	20	5	5	NUM
fsr-3206	381	21	influence	influence	NOUN
fsr-3206	381	22	of	of	ADP
fsr-3206	381	23	hml	hml	PROPN
fsr-3206	381	24	factor	factor	NOUN
fsr-3206	381	25	on	on	ADP
fsr-3206	381	26	comparative	comparative	ADJ
fsr-3206	381	27	risk	risk	NOUN
fsr-3206	381	28	-	-	PUNCT
fsr-3206	381	29	adjusted	adjust	VERB
fsr-3206	381	30	returns	return	NOUN
fsr-3206	381	31	:	:	PUNCT
fsr-3206	381	32	value	value	NOUN
fsr-3206	381	33	and	and	CCONJ
fsr-3206	381	34	growth	growth	NOUN
fsr-3206	381	35	portfolios	portfolio	NOUN
fsr-3206	381	36	portfolio	portfolio	NOUN
fsr-3206	381	37	two	two	NUM
fsr-3206	381	38	-	-	PUNCT
fsr-3206	381	39	factor	factor	NOUN
fsr-3206	381	40	model	model	NOUN
fsr-3206	381	41	three	three	NUM
fsr-3206	381	42	-	-	PUNCT
fsr-3206	381	43	factor	factor	NOUN
fsr-3206	381	44	model	model	NOUN
fsr-3206	381	45	risk	risk	NOUN
fsr-3206	381	46	-	-	PUNCT
fsr-3206	381	47	adjusted	adjust	VERB
fsr-3206	381	48	return—	return—	PROPN
fsr-3206	381	49	�	�	NOUN
fsr-3206	381	50	s	s	PART
fsr-3206	381	51	(	(	PUNCT
fsr-3206	381	52	p	p	NOUN
fsr-3206	381	53	-	-	PUNCT
fsr-3206	381	54	value	value	NOUN
fsr-3206	381	55	)	)	PUNCT
fsr-3206	381	56	risk	risk	NOUN
fsr-3206	381	57	-	-	PUNCT
fsr-3206	381	58	adjusted	adjust	VERB
fsr-3206	381	59	return—	return—	PROPN
fsr-3206	381	60	�	�	NOUN
fsr-3206	381	61	s	s	PART
fsr-3206	381	62	(	(	PUNCT
fsr-3206	381	63	p	p	NOUN
fsr-3206	381	64	-	-	PUNCT
fsr-3206	381	65	value	value	NOUN
fsr-3206	381	66	)	)	PUNCT
fsr-3206	381	67	hml	hml	PROPN
fsr-3206	381	68	�	�	PROPN
fsr-3206	381	69	(	(	PUNCT
fsr-3206	381	70	p	p	NOUN
fsr-3206	381	71	-	-	PUNCT
fsr-3206	381	72	value	value	NOUN
fsr-3206	381	73	)	)	PUNCT
fsr-3206	381	74	(	(	PUNCT
fsr-3206	381	75	a	a	X
fsr-3206	381	76	)	)	PUNCT
fsr-3206	381	77	russell	russell	NOUN
fsr-3206	381	78	1000	1000	NUM
fsr-3206	381	79	growth	growth	NOUN
fsr-3206	381	80	�	�	PROPN
fsr-3206	381	81	0.099	0.099	NUM
fsr-3206	381	82	%	%	NOUN
fsr-3206	381	83	0.074	0.074	NUM
fsr-3206	381	84	%	%	NOUN
fsr-3206	381	85	�	�	PROPN
fsr-3206	381	86	0.325	0.325	NUM
fsr-3206	381	87	(	(	PUNCT
fsr-3206	381	88	0.096	0.096	NUM
fsr-3206	381	89	)	)	PUNCT
fsr-3206	381	90	(	(	PUNCT
fsr-3206	381	91	0.059	0.059	NUM
fsr-3206	381	92	)	)	PUNCT
fsr-3206	381	93	(	(	PUNCT
fsr-3206	381	94	0.000	0.000	X
fsr-3206	381	95	)	)	PUNCT
fsr-3206	381	96	value	value	NOUN
fsr-3206	381	97	0.092	0.092	NUM
fsr-3206	381	98	%	%	NOUN
fsr-3206	381	99	�	�	NOUN
fsr-3206	381	100	0.079	0.079	NUM
fsr-3206	381	101	%	%	NOUN
fsr-3206	381	102	0.320	0.320	NUM
fsr-3206	381	103	(	(	PUNCT
fsr-3206	381	104	0.235	0.235	NUM
fsr-3206	381	105	)	)	PUNCT
fsr-3206	381	106	(	(	PUNCT
fsr-3206	381	107	0.215	0.215	NUM
fsr-3206	381	108	)	)	PUNCT
fsr-3206	381	109	(	(	PUNCT
fsr-3206	381	110	0.000	0.000	NUM
fsr-3206	381	111	)	)	PUNCT
fsr-3206	381	112	(	(	PUNCT
fsr-3206	381	113	b	b	X
fsr-3206	381	114	)	)	PUNCT
fsr-3206	381	115	russell	russell	NOUN
fsr-3206	381	116	2000	2000	NUM
fsr-3206	381	117	growth	growth	NOUN
fsr-3206	381	118	�	�	NOUN
fsr-3206	381	119	0.179	0.179	NUM
fsr-3206	381	120	%	%	NOUN
fsr-3206	381	121	�	�	NOUN
fsr-3206	381	122	0.138	0.138	NUM
fsr-3206	381	123	%	%	NOUN
fsr-3206	381	124	�	�	PROPN
fsr-3206	381	125	0.078	0.078	NUM
fsr-3206	381	126	(	(	PUNCT
fsr-3206	381	127	0.140	0.140	NUM
fsr-3206	381	128	)	)	PUNCT
fsr-3206	381	129	(	(	PUNCT
fsr-3206	381	130	0.264	0.264	NOUN
fsr-3206	381	131	)	)	PUNCT
fsr-3206	381	132	(	(	PUNCT
fsr-3206	381	133	0.071	0.071	NUM
fsr-3206	381	134	)	)	PUNCT
fsr-3206	381	135	value	value	NOUN
fsr-3206	381	136	0.022	0.022	NUM
fsr-3206	381	137	%	%	NOUN
fsr-3206	381	138	�	�	PROPN
fsr-3206	381	139	0.099	0.099	NUM
fsr-3206	381	140	%	%	NOUN
fsr-3206	381	141	0.598	0.598	NUM
fsr-3206	381	142	(	(	PUNCT
fsr-3206	381	143	0.039	0.039	NUM
fsr-3206	381	144	)	)	PUNCT
fsr-3206	381	145	(	(	PUNCT
fsr-3206	381	146	0.140	0.140	NUM
fsr-3206	381	147	)	)	PUNCT
fsr-3206	381	148	(	(	PUNCT
fsr-3206	381	149	0.000	0.000	NUM
fsr-3206	381	150	)	)	PUNCT
fsr-3206	381	151	(	(	PUNCT
fsr-3206	381	152	c	c	X
fsr-3206	381	153	)	)	PUNCT
fsr-3206	381	154	managed	manage	VERB
fsr-3206	381	155	small	small	ADJ
fsr-3206	381	156	firms	firm	NOUN
fsr-3206	381	157	growth	growth	VERB
fsr-3206	381	158	�	�	PROPN
fsr-3206	381	159	0.020	0.020	NUM
fsr-3206	381	160	%	%	NOUN
fsr-3206	381	161	�	�	NOUN
fsr-3206	381	162	0.030	0.030	NUM
fsr-3206	381	163	%	%	NOUN
fsr-3206	381	164	0.004	0.004	NUM
fsr-3206	381	165	(	(	PUNCT
fsr-3206	381	166	0.903	0.903	NUM
fsr-3206	381	167	)	)	PUNCT
fsr-3206	381	168	(	(	PUNCT
fsr-3206	381	169	0.895	0.895	NUM
fsr-3206	381	170	)	)	PUNCT
fsr-3206	381	171	(	(	PUNCT
fsr-3206	381	172	0.944	0.944	NUM
fsr-3206	381	173	)	)	PUNCT
fsr-3206	381	174	value	value	NOUN
fsr-3206	381	175	0.210	0.210	NUM
fsr-3206	381	176	%	%	NOUN
fsr-3206	381	177	�	�	NOUN
fsr-3206	381	178	0.090	0.090	NUM
fsr-3206	381	179	%	%	NOUN
fsr-3206	381	180	0.581	0.581	NUM
fsr-3206	381	181	(	(	PUNCT
fsr-3206	381	182	0.129	0.129	NUM
fsr-3206	381	183	)	)	PUNCT
fsr-3206	381	184	(	(	PUNCT
fsr-3206	381	185	0.258	0.258	NUM
fsr-3206	381	186	)	)	PUNCT
fsr-3206	381	187	(	(	PUNCT
fsr-3206	381	188	0.000	0.000	NUM
fsr-3206	381	189	)	)	PUNCT
fsr-3206	381	190	(	(	PUNCT
fsr-3206	381	191	d	d	X
fsr-3206	381	192	)	)	PUNCT
fsr-3206	381	193	managed	manage	VERB
fsr-3206	381	194	mid	mid	ADJ
fsr-3206	381	195	firms	firm	NOUN
fsr-3206	381	196	growth	growth	NOUN
fsr-3206	381	197	�	�	PROPN
fsr-3206	381	198	0.060	0.060	NUM
fsr-3206	381	199	%	%	NOUN
fsr-3206	381	200	0.010	0.010	NUM
fsr-3206	381	201	%	%	NOUN
fsr-3206	381	202	�	�	NOUN
fsr-3206	381	203	0.151	0.151	NUM
fsr-3206	381	204	(	(	PUNCT
fsr-3206	381	205	0.722	0.722	NUM
fsr-3206	381	206	)	)	PUNCT
fsr-3206	381	207	(	(	PUNCT
fsr-3206	381	208	0.942	0.942	NUM
fsr-3206	381	209	)	)	PUNCT
fsr-3206	381	210	(	(	PUNCT
fsr-3206	381	211	0.005	0.005	NUM
fsr-3206	381	212	)	)	PUNCT
fsr-3206	381	213	value	value	NOUN
fsr-3206	381	214	0.110	0.110	NUM
fsr-3206	381	215	%	%	NOUN
fsr-3206	381	216	�	�	NOUN
fsr-3206	381	217	0.090	0.090	NUM
fsr-3206	381	218	%	%	NOUN
fsr-3206	381	219	0.434	0.434	NUM
fsr-3206	381	220	(	(	PUNCT
fsr-3206	381	221	0.382	0.382	NUM
fsr-3206	381	222	)	)	PUNCT
fsr-3206	381	223	(	(	PUNCT
fsr-3206	381	224	0.346	0.346	NUM
fsr-3206	381	225	)	)	PUNCT
fsr-3206	381	226	(	(	PUNCT
fsr-3206	381	227	0.000	0.000	NUM
fsr-3206	381	228	)	)	PUNCT
fsr-3206	381	229	(	(	PUNCT
fsr-3206	381	230	e	e	NOUN
fsr-3206	381	231	)	)	PUNCT
fsr-3206	381	232	managed	manage	VERB
fsr-3206	381	233	large	large	ADJ
fsr-3206	381	234	firms	firm	NOUN
fsr-3206	381	235	growth	growth	VERB
fsr-3206	381	236	�	�	PROPN
fsr-3206	381	237	0.160	0.160	NUM
fsr-3206	381	238	%	%	NOUN
fsr-3206	381	239	�	�	NOUN
fsr-3206	381	240	0.060	0.060	NUM
fsr-3206	381	241	%	%	NOUN
fsr-3206	381	242	�	�	PROPN
fsr-3206	381	243	0.215	0.215	NUM
fsr-3206	381	244	(	(	PUNCT
fsr-3206	381	245	0.009	0.009	NUM
fsr-3206	381	246	)	)	PUNCT
fsr-3206	381	247	(	(	PUNCT
fsr-3206	381	248	0.228	0.228	NUM
fsr-3206	381	249	)	)	PUNCT
fsr-3206	381	250	(	(	PUNCT
fsr-3206	381	251	0.000	0.000	X
fsr-3206	381	252	)	)	PUNCT
fsr-3206	381	253	value	value	NOUN
fsr-3206	381	254	�	�	NOUN
fsr-3206	381	255	0.040	0.040	NUM
fsr-3206	381	256	%	%	NOUN
fsr-3206	381	257	�	�	PROPN
fsr-3206	381	258	0.150	0.150	NUM
fsr-3206	381	259	%	%	NOUN
fsr-3206	381	260	0.243	0.243	NUM
fsr-3206	381	261	(	(	PUNCT
fsr-3206	381	262	0.573	0.573	NUM
fsr-3206	381	263	)	)	PUNCT
fsr-3206	381	264	(	(	PUNCT
fsr-3206	381	265	0.020	0.020	NUM
fsr-3206	381	266	)	)	PUNCT
fsr-3206	381	267	(	(	PUNCT
fsr-3206	381	268	0.000	0.000	X
fsr-3206	381	269	)	)	PUNCT
fsr-3206	381	270	see	see	VERB
fsr-3206	381	271	notes	note	NOUN
fsr-3206	381	272	on	on	ADP
fsr-3206	381	273	table	table	NOUN
fsr-3206	381	274	4	4	NUM
fsr-3206	381	275	.	.	PUNCT
fsr-3206	381	276	357	357	NUM
fsr-3206	381	277	g.	g.	PROPN
fsr-3206	381	278	pettengill	pettengill	PROPN
fsr-3206	381	279	et	et	PROPN
fsr-3206	381	280	al	al	PROPN
fsr-3206	381	281	.	.	PUNCT
fsr-3206	381	282	/	/	SYM
fsr-3206	381	283	financial	financial	ADJ
fsr-3206	381	284	services	service	NOUN
fsr-3206	381	285	review	review	VERB
fsr-3206	381	286	23	23	NUM
fsr-3206	381	287	(	(	PUNCT
fsr-3206	381	288	2014	2014	NUM
fsr-3206	381	289	)	)	PUNCT
fsr-3206	382	1	341–359	341–359	NUM
fsr-3206	382	2	value	value	NOUN
fsr-3206	382	3	portfolio	portfolio	NOUN
fsr-3206	382	4	is	be	AUX
fsr-3206	382	5	negative	negative	ADJ
fsr-3206	382	6	and	and	CCONJ
fsr-3206	382	7	less	less	ADJ
fsr-3206	382	8	than	than	ADP
fsr-3206	382	9	the	the	DET
fsr-3206	382	10	estimated	estimate	VERB
fsr-3206	382	11	�	�	PROPN
fsr-3206	382	12	for	for	ADP
fsr-3206	382	13	the	the	DET
fsr-3206	382	14	growth	growth	NOUN
fsr-3206	382	15	portfolio	portfolio	NOUN
fsr-3206	382	16	.	.	PUNCT
fsr-3206	383	1	the	the	DET
fsr-3206	383	2	inclusion	inclusion	NOUN
fsr-3206	383	3	of	of	ADP
fsr-3206	383	4	the	the	DET
fsr-3206	383	5	hml	hml	PROPN
fsr-3206	383	6	factors	factor	NOUN
fsr-3206	383	7	biases	bias	NOUN
fsr-3206	383	8	results	result	VERB
fsr-3206	383	9	against	against	ADP
fsr-3206	383	10	value	value	NOUN
fsr-3206	383	11	portfolios	portfolio	NOUN
fsr-3206	383	12	.	.	PUNCT
fsr-3206	384	1	to	to	ADP
fsr-3206	384	2	the	the	DET
fsr-3206	384	3	extent	extent	NOUN
fsr-3206	384	4	that	that	SCONJ
fsr-3206	384	5	systematic	systematic	ADJ
fsr-3206	384	6	risk	risk	NOUN
fsr-3206	384	7	associates	associate	NOUN
fsr-3206	384	8	with	with	ADP
fsr-3206	384	9	variability	variability	NOUN
fsr-3206	384	10	in	in	ADP
fsr-3206	384	11	any	any	DET
fsr-3206	384	12	factor	factor	NOUN
fsr-3206	384	13	,	,	PUNCT
fsr-3206	384	14	measurement	measurement	NOUN
fsr-3206	384	15	of	of	ADP
fsr-3206	384	16	that	that	DET
fsr-3206	384	17	factor	factor	NOUN
fsr-3206	384	18	risk	risk	NOUN
fsr-3206	384	19	ought	ought	AUX
fsr-3206	384	20	to	to	PART
fsr-3206	384	21	accurately	accurately	ADV
fsr-3206	384	22	predict	predict	VERB
fsr-3206	384	23	that	that	DET
fsr-3206	384	24	factor	factor	NOUN
fsr-3206	384	25	’s	’s	PART
fsr-3206	384	26	impact	impact	NOUN
fsr-3206	384	27	on	on	ADP
fsr-3206	384	28	realized	realize	VERB
fsr-3206	384	29	risk	risk	NOUN
fsr-3206	384	30	.	.	PUNCT
fsr-3206	385	1	thus	thus	ADV
fsr-3206	385	2	,	,	PUNCT
fsr-3206	385	3	if	if	SCONJ
fsr-3206	385	4	variability	variability	NOUN
fsr-3206	385	5	in	in	ADP
fsr-3206	385	6	a	a	DET
fsr-3206	385	7	portfolio	portfolio	NOUN
fsr-3206	385	8	long	long	ADV
fsr-3206	385	9	in	in	ADP
fsr-3206	385	10	value	value	NOUN
fsr-3206	385	11	stocks	stock	NOUN
fsr-3206	385	12	and	and	CCONJ
fsr-3206	385	13	short	short	ADJ
fsr-3206	385	14	in	in	ADP
fsr-3206	385	15	growth	growth	NOUN
fsr-3206	385	16	stocks	stock	NOUN
fsr-3206	385	17	(	(	PUNCT
fsr-3206	385	18	hml	hml	PROPN
fsr-3206	385	19	portfolio	portfolio	NOUN
fsr-3206	385	20	)	)	PUNCT
fsr-3206	385	21	impacts	impact	VERB
fsr-3206	385	22	portfolio	portfolio	NOUN
fsr-3206	385	23	risk	risk	NOUN
fsr-3206	385	24	,	,	PUNCT
fsr-3206	385	25	measurement	measurement	NOUN
fsr-3206	385	26	of	of	ADP
fsr-3206	385	27	this	this	DET
fsr-3206	385	28	impact	impact	NOUN
fsr-3206	385	29	ought	ought	AUX
fsr-3206	385	30	to	to	PART
fsr-3206	385	31	correctly	correctly	ADV
fsr-3206	385	32	predict	predict	VERB
fsr-3206	385	33	the	the	DET
fsr-3206	385	34	impact	impact	NOUN
fsr-3206	385	35	on	on	ADP
fsr-3206	385	36	realized	realize	VERB
fsr-3206	385	37	risk	risk	NOUN
fsr-3206	385	38	.	.	PUNCT
fsr-3206	386	1	the	the	DET
fsr-3206	386	2	construction	construction	NOUN
fsr-3206	386	3	of	of	ADP
fsr-3206	386	4	the	the	DET
fsr-3206	386	5	three	three	NUM
fsr-3206	386	6	-	-	PUNCT
fsr-3206	386	7	factor	factor	NOUN
fsr-3206	386	8	model	model	NOUN
fsr-3206	386	9	implies	imply	VERB
fsr-3206	386	10	that	that	DET
fsr-3206	386	11	exposure	exposure	NOUN
fsr-3206	386	12	to	to	ADP
fsr-3206	386	13	the	the	DET
fsr-3206	386	14	hml	hml	PROPN
fsr-3206	386	15	factor	factor	NOUN
fsr-3206	386	16	increases	increase	VERB
fsr-3206	386	17	risk	risk	NOUN
fsr-3206	386	18	for	for	ADP
fsr-3206	386	19	portfolios	portfolio	NOUN
fsr-3206	386	20	with	with	ADP
fsr-3206	386	21	value	value	NOUN
fsr-3206	386	22	securities	security	NOUN
fsr-3206	386	23	and	and	CCONJ
fsr-3206	386	24	decreases	decrease	VERB
fsr-3206	386	25	risk	risk	NOUN
fsr-3206	386	26	for	for	ADP
fsr-3206	386	27	growth	growth	NOUN
fsr-3206	386	28	securities	security	NOUN
fsr-3206	386	29	.	.	PUNCT
fsr-3206	387	1	however	however	ADV
fsr-3206	387	2	,	,	PUNCT
fsr-3206	387	3	we	we	PRON
fsr-3206	387	4	have	have	AUX
fsr-3206	387	5	shown	show	VERB
fsr-3206	387	6	that	that	SCONJ
fsr-3206	387	7	value	value	NOUN
fsr-3206	387	8	portfolios	portfolio	NOUN
fsr-3206	387	9	whether	whether	SCONJ
fsr-3206	387	10	indexed	index	VERB
fsr-3206	387	11	or	or	CCONJ
fsr-3206	387	12	managed	manage	VERB
fsr-3206	387	13	have	have	VERB
fsr-3206	387	14	significantly	significantly	ADV
fsr-3206	387	15	less	less	ADV
fsr-3206	387	16	realized	realize	VERB
fsr-3206	387	17	risk	risk	NOUN
fsr-3206	387	18	than	than	ADP
fsr-3206	387	19	growth	growth	NOUN
fsr-3206	387	20	portfolios	portfolio	NOUN
fsr-3206	387	21	.	.	PUNCT
fsr-3206	388	1	the	the	DET
fsr-3206	388	2	application	application	NOUN
fsr-3206	388	3	of	of	ADP
fsr-3206	388	4	the	the	DET
fsr-3206	388	5	three	three	NUM
fsr-3206	388	6	-	-	PUNCT
fsr-3206	388	7	factor	factor	NOUN
fsr-3206	388	8	model	model	NOUN
fsr-3206	388	9	produces	produce	VERB
fsr-3206	388	10	this	this	DET
fsr-3206	388	11	result	result	NOUN
fsr-3206	388	12	because	because	SCONJ
fsr-3206	388	13	in	in	ADP
fsr-3206	388	14	this	this	DET
fsr-3206	388	15	model	model	NOUN
fsr-3206	388	16	the	the	DET
fsr-3206	388	17	sign	sign	NOUN
fsr-3206	388	18	of	of	ADP
fsr-3206	388	19	the	the	DET
fsr-3206	388	20	factor	factor	NOUN
fsr-3206	388	21	loading	loading	NOUN
fsr-3206	388	22	matters	matter	NOUN
fsr-3206	388	23	and	and	CCONJ
fsr-3206	388	24	it	it	PRON
fsr-3206	388	25	should	should	AUX
fsr-3206	388	26	not	not	PART
fsr-3206	388	27	.	.	PUNCT
fsr-3206	389	1	it	it	PRON
fsr-3206	389	2	is	be	AUX
fsr-3206	389	3	the	the	DET
fsr-3206	389	4	absolute	absolute	ADJ
fsr-3206	389	5	value	value	NOUN
fsr-3206	389	6	of	of	ADP
fsr-3206	389	7	the	the	DET
fsr-3206	389	8	factor	factor	NOUN
fsr-3206	389	9	loading	loading	NOUN
fsr-3206	389	10	that	that	PRON
fsr-3206	389	11	impacts	impact	VERB
fsr-3206	389	12	risk	risk	NOUN
fsr-3206	389	13	regardless	regardless	ADV
fsr-3206	389	14	of	of	ADP
fsr-3206	389	15	the	the	DET
fsr-3206	389	16	sign	sign	NOUN
fsr-3206	389	17	.	.	PUNCT
fsr-3206	390	1	one	one	PRON
fsr-3206	390	2	should	should	AUX
fsr-3206	390	3	not	not	PART
fsr-3206	390	4	use	use	VERB
fsr-3206	390	5	the	the	DET
fsr-3206	390	6	three	three	NUM
fsr-3206	390	7	-	-	PUNCT
fsr-3206	390	8	factor	factor	NOUN
fsr-3206	390	9	model	model	NOUN
fsr-3206	390	10	to	to	PART
fsr-3206	390	11	make	make	VERB
fsr-3206	390	12	comparisons	comparison	NOUN
fsr-3206	390	13	between	between	ADP
fsr-3206	390	14	value	value	NOUN
fsr-3206	390	15	and	and	CCONJ
fsr-3206	390	16	growth	growth	NOUN
fsr-3206	390	17	portfolios	portfolio	NOUN
fsr-3206	390	18	because	because	SCONJ
fsr-3206	390	19	of	of	ADP
fsr-3206	390	20	the	the	DET
fsr-3206	390	21	inherent	inherent	ADJ
fsr-3206	390	22	bias	bias	NOUN
fsr-3206	390	23	against	against	ADP
fsr-3206	390	24	value	value	NOUN
fsr-3206	390	25	.	.	PUNCT
fsr-3206	391	1	references	reference	NOUN
fsr-3206	391	2	basu	basu	PROPN
fsr-3206	391	3	,	,	PUNCT
fsr-3206	391	4	s.	s.	PROPN
fsr-3206	391	5	(	(	PUNCT
fsr-3206	391	6	1983	1983	NUM
fsr-3206	391	7	)	)	PUNCT
fsr-3206	391	8	.	.	PUNCT
fsr-3206	392	1	the	the	DET
fsr-3206	392	2	relationship	relationship	NOUN
fsr-3206	392	3	between	between	ADP
fsr-3206	392	4	earnings	earning	NOUN
fsr-3206	392	5	yield	yield	NOUN
fsr-3206	392	6	,	,	PUNCT
fsr-3206	392	7	market	market	NOUN
fsr-3206	392	8	value	value	NOUN
fsr-3206	392	9	and	and	CCONJ
fsr-3206	392	10	return	return	VERB
fsr-3206	392	11	for	for	ADP
fsr-3206	392	12	nyse	nyse	PROPN
fsr-3206	392	13	common	common	ADJ
fsr-3206	392	14	stocks	stock	NOUN
fsr-3206	392	15	:	:	PUNCT
fsr-3206	392	16	further	further	ADJ
fsr-3206	392	17	evidence	evidence	NOUN
fsr-3206	392	18	.	.	PUNCT
fsr-3206	393	1	journal	journal	NOUN
fsr-3206	393	2	of	of	ADP
fsr-3206	393	3	financial	financial	ADJ
fsr-3206	393	4	economics	economic	NOUN
fsr-3206	393	5	,	,	PUNCT
fsr-3206	393	6	12	12	NUM
fsr-3206	393	7	,	,	PUNCT
fsr-3206	393	8	129–156	129–156	NUM
fsr-3206	393	9	.	.	PUNCT
fsr-3206	394	1	betker	betker	PROPN
fsr-3206	394	2	,	,	PUNCT
fsr-3206	394	3	b.	b.	PROPN
fsr-3206	394	4	,	,	PUNCT
fsr-3206	394	5	&	&	CCONJ
fsr-3206	394	6	sheehan	sheehan	PROPN
fsr-3206	394	7	,	,	PUNCT
fsr-3206	394	8	j.	j.	PROPN
fsr-3206	394	9	(	(	PUNCT
fsr-3206	394	10	2013	2013	NUM
fsr-3206	394	11	)	)	PUNCT
fsr-3206	394	12	.	.	PUNCT
fsr-3206	395	1	a	a	DET
fsr-3206	395	2	comparison	comparison	NOUN
fsr-3206	395	3	of	of	ADP
fsr-3206	395	4	single	single	ADJ
fsr-3206	395	5	factor	factor	NOUN
fsr-3206	395	6	and	and	CCONJ
fsr-3206	395	7	multiple	multiple	ADJ
fsr-3206	395	8	factor	factor	NOUN
fsr-3206	395	9	alphas	alpha	NOUN
fsr-3206	395	10	used	use	VERB
fsr-3206	395	11	in	in	ADP
fsr-3206	395	12	measuring	measure	VERB
fsr-3206	395	13	mutual	mutual	ADJ
fsr-3206	395	14	fund	fund	NOUN
fsr-3206	395	15	performance	performance	NOUN
fsr-3206	395	16	.	.	PUNCT
fsr-3206	396	1	financial	financial	ADJ
fsr-3206	396	2	services	service	NOUN
fsr-3206	396	3	review	review	PROPN
fsr-3206	396	4	,	,	PUNCT
fsr-3206	396	5	22	22	NUM
fsr-3206	396	6	,	,	PUNCT
fsr-3206	396	7	349–365	349–365	NUM
fsr-3206	396	8	.	.	PUNCT
fsr-3206	397	1	brooks	brooks	PROPN
fsr-3206	397	2	,	,	PUNCT
fsr-3206	397	3	l.	l.	PROPN
fsr-3206	397	4	,	,	PUNCT
fsr-3206	397	5	&	&	CCONJ
fsr-3206	397	6	porter	porter	PROPN
fsr-3206	397	7	,	,	PUNCT
fsr-3206	397	8	g.	g.	PROPN
fsr-3206	397	9	(	(	PUNCT
fsr-3206	397	10	2012	2012	NUM
fsr-3206	397	11	)	)	PUNCT
fsr-3206	397	12	.	.	PUNCT
fsr-3206	398	1	mutual	mutual	ADJ
fsr-3206	398	2	fund	fund	NOUN
fsr-3206	398	3	performance	performance	NOUN
fsr-3206	398	4	attribution	attribution	NOUN
fsr-3206	398	5	1994–2005	1994–2005	NUM
fsr-3206	398	6	.	.	PUNCT
fsr-3206	399	1	financial	financial	ADJ
fsr-3206	399	2	services	service	NOUN
fsr-3206	399	3	review	review	PROPN
fsr-3206	399	4	,	,	PUNCT
fsr-3206	399	5	21	21	NUM
fsr-3206	399	6	,	,	PUNCT
fsr-3206	399	7	259–273	259–273	NUM
fsr-3206	399	8	.	.	PUNCT
fsr-3206	400	1	carhart	carhart	NOUN
fsr-3206	400	2	,	,	PUNCT
fsr-3206	400	3	m.	m.	NOUN
fsr-3206	400	4	(	(	PUNCT
fsr-3206	400	5	1997	1997	NUM
fsr-3206	400	6	)	)	PUNCT
fsr-3206	400	7	.	.	PUNCT
fsr-3206	401	1	on	on	ADP
fsr-3206	401	2	persistence	persistence	NOUN
fsr-3206	401	3	in	in	ADP
fsr-3206	401	4	mutual	mutual	ADJ
fsr-3206	401	5	fund	fund	NOUN
fsr-3206	401	6	performance	performance	NOUN
fsr-3206	401	7	.	.	PUNCT
fsr-3206	402	1	journal	journal	PROPN
fsr-3206	402	2	of	of	ADP
fsr-3206	402	3	finance	finance	NOUN
fsr-3206	402	4	,	,	PUNCT
fsr-3206	402	5	52	52	NUM
fsr-3206	402	6	,	,	PUNCT
fsr-3206	402	7	57–82	57–82	NUM
fsr-3206	402	8	.	.	PUNCT
fsr-3206	403	1	chan	chan	PROPN
fsr-3206	403	2	,	,	PUNCT
fsr-3206	403	3	k.	k.	PROPN
fsr-3206	403	4	,	,	PUNCT
fsr-3206	403	5	chen	chen	PROPN
fsr-3206	403	6	,	,	PUNCT
fsr-3206	403	7	h.	h.	PROPN
fsr-3206	403	8	,	,	PUNCT
fsr-3206	403	9	&	&	CCONJ
fsr-3206	403	10	lakonishok	lakonishok	PROPN
fsr-3206	403	11	,	,	PUNCT
fsr-3206	403	12	j.	j.	PROPN
fsr-3206	403	13	(	(	PUNCT
fsr-3206	403	14	2002	2002	NUM
fsr-3206	403	15	)	)	PUNCT
fsr-3206	403	16	.	.	PUNCT
fsr-3206	404	1	on	on	ADP
fsr-3206	404	2	mutual	mutual	ADJ
fsr-3206	404	3	fund	fund	NOUN
fsr-3206	404	4	investment	investment	NOUN
fsr-3206	404	5	styles	style	NOUN
fsr-3206	404	6	.	.	PUNCT
fsr-3206	405	1	review	review	NOUN
fsr-3206	405	2	of	of	ADP
fsr-3206	405	3	financial	financial	ADJ
fsr-3206	405	4	studies	study	NOUN
fsr-3206	405	5	,	,	PUNCT
fsr-3206	405	6	15	15	NUM
fsr-3206	405	7	,	,	PUNCT
fsr-3206	405	8	1407–1437	1407–1437	NUM
fsr-3206	405	9	.	.	PUNCT
fsr-3206	406	1	clash	clash	PROPN
fsr-3206	406	2	,	,	PUNCT
fsr-3206	406	3	j.	j.	PROPN
fsr-3206	406	4	(	(	PUNCT
fsr-3206	406	5	1998	1998	NUM
fsr-3206	406	6	)	)	PUNCT
fsr-3206	406	7	.	.	PUNCT
fsr-3206	407	1	the	the	DET
fsr-3206	407	2	wallflower	wallflower	NOUN
fsr-3206	407	3	strategy	strategy	NOUN
fsr-3206	407	4	.	.	PUNCT
fsr-3206	408	1	forbes	forbes	PROPN
fsr-3206	408	2	,	,	PUNCT
fsr-3206	408	3	february	february	PROPN
fsr-3206	408	4	9	9	NUM
fsr-3206	408	5	,	,	PUNCT
fsr-3206	408	6	113–117	113–117	NUM
fsr-3206	408	7	.	.	PUNCT
fsr-3206	409	1	davis	davis	PROPN
fsr-3206	409	2	,	,	PUNCT
fsr-3206	409	3	j.	j.	PROPN
fsr-3206	409	4	(	(	PUNCT
fsr-3206	409	5	2001	2001	NUM
fsr-3206	409	6	)	)	PUNCT
fsr-3206	409	7	.	.	PUNCT
fsr-3206	410	1	mutual	mutual	ADJ
fsr-3206	410	2	fund	fund	NOUN
fsr-3206	410	3	performance	performance	NOUN
fsr-3206	410	4	and	and	CCONJ
fsr-3206	410	5	manager	manager	NOUN
fsr-3206	410	6	style	style	NOUN
fsr-3206	410	7	.	.	PUNCT
fsr-3206	411	1	financial	financial	ADJ
fsr-3206	411	2	analysts	analyst	NOUN
fsr-3206	411	3	journal	journal	NOUN
fsr-3206	411	4	,	,	PUNCT
fsr-3206	411	5	57	57	NUM
fsr-3206	411	6	,	,	PUNCT
fsr-3206	411	7	19–27	19–27	NUM
fsr-3206	411	8	.	.	PUNCT
fsr-3206	412	1	fama	fama	PROPN
fsr-3206	412	2	,	,	PUNCT
fsr-3206	412	3	e.	e.	PROPN
fsr-3206	412	4	,	,	PUNCT
fsr-3206	412	5	&	&	CCONJ
fsr-3206	412	6	french	french	PROPN
fsr-3206	412	7	,	,	PUNCT
fsr-3206	412	8	k.	k.	PROPN
fsr-3206	412	9	(	(	PUNCT
fsr-3206	412	10	1992	1992	NUM
fsr-3206	412	11	)	)	PUNCT
fsr-3206	412	12	.	.	PUNCT
fsr-3206	413	1	the	the	DET
fsr-3206	413	2	cross	cross	NOUN
fsr-3206	413	3	section	section	NOUN
fsr-3206	413	4	of	of	ADP
fsr-3206	413	5	expected	expect	VERB
fsr-3206	413	6	stock	stock	NOUN
fsr-3206	413	7	returns	return	NOUN
fsr-3206	413	8	.	.	PUNCT
fsr-3206	414	1	the	the	DET
fsr-3206	414	2	journal	journal	PROPN
fsr-3206	414	3	of	of	ADP
fsr-3206	414	4	finance	finance	NOUN
fsr-3206	414	5	,	,	PUNCT
fsr-3206	414	6	47	47	NUM
fsr-3206	414	7	,	,	PUNCT
fsr-3206	414	8	427–465	427–465	NUM
fsr-3206	414	9	.	.	PUNCT
fsr-3206	415	1	fama	fama	PROPN
fsr-3206	415	2	,	,	PUNCT
fsr-3206	415	3	e.	e.	PROPN
fsr-3206	415	4	,	,	PUNCT
fsr-3206	415	5	&	&	CCONJ
fsr-3206	415	6	french	french	PROPN
fsr-3206	415	7	,	,	PUNCT
fsr-3206	415	8	k.	k.	PROPN
fsr-3206	415	9	(	(	PUNCT
fsr-3206	415	10	1993	1993	NUM
fsr-3206	415	11	)	)	PUNCT
fsr-3206	415	12	.	.	PUNCT
fsr-3206	416	1	common	common	ADJ
fsr-3206	416	2	risk	risk	NOUN
fsr-3206	416	3	factors	factor	NOUN
fsr-3206	416	4	in	in	ADP
fsr-3206	416	5	the	the	DET
fsr-3206	416	6	returns	return	NOUN
fsr-3206	416	7	on	on	ADP
fsr-3206	416	8	stocks	stock	NOUN
fsr-3206	416	9	and	and	CCONJ
fsr-3206	416	10	bonds	bond	NOUN
fsr-3206	416	11	.	.	PUNCT
fsr-3206	417	1	journal	journal	NOUN
fsr-3206	417	2	of	of	ADP
fsr-3206	417	3	financial	financial	ADJ
fsr-3206	417	4	economics	economic	NOUN
fsr-3206	417	5	,	,	PUNCT
fsr-3206	417	6	33	33	NUM
fsr-3206	417	7	,	,	PUNCT
fsr-3206	417	8	3–56	3–56	NUM
fsr-3206	417	9	.	.	PUNCT
fsr-3206	418	1	fama	fama	PROPN
fsr-3206	418	2	,	,	PUNCT
fsr-3206	418	3	e.	e.	PROPN
fsr-3206	418	4	,	,	PUNCT
fsr-3206	418	5	&	&	CCONJ
fsr-3206	418	6	french	french	PROPN
fsr-3206	418	7	,	,	PUNCT
fsr-3206	418	8	k.	k.	PROPN
fsr-3206	418	9	(	(	PUNCT
fsr-3206	418	10	1996	1996	NUM
fsr-3206	418	11	)	)	PUNCT
fsr-3206	418	12	.	.	PUNCT
fsr-3206	419	1	multifactor	multifactor	NOUN
fsr-3206	419	2	explanations	explanation	NOUN
fsr-3206	419	3	for	for	ADP
fsr-3206	419	4	asset	asset	NOUN
fsr-3206	419	5	pricing	pricing	NOUN
fsr-3206	419	6	anomalies	anomaly	NOUN
fsr-3206	419	7	.	.	PUNCT
fsr-3206	420	1	the	the	DET
fsr-3206	420	2	journal	journal	PROPN
fsr-3206	420	3	of	of	ADP
fsr-3206	420	4	finance	finance	NOUN
fsr-3206	420	5	,	,	PUNCT
fsr-3206	420	6	51	51	NUM
fsr-3206	420	7	,	,	PUNCT
fsr-3206	420	8	55–84	55–84	NOUN
fsr-3206	420	9	.	.	PUNCT
fsr-3206	421	1	fama	fama	PROPN
fsr-3206	421	2	,	,	PUNCT
fsr-3206	421	3	e.	e.	PROPN
fsr-3206	421	4	,	,	PUNCT
fsr-3206	421	5	&	&	CCONJ
fsr-3206	421	6	french	french	PROPN
fsr-3206	421	7	,	,	PUNCT
fsr-3206	421	8	k.	k.	PROPN
fsr-3206	421	9	(	(	PUNCT
fsr-3206	421	10	2010	2010	NUM
fsr-3206	421	11	)	)	PUNCT
fsr-3206	421	12	.	.	PUNCT
fsr-3206	422	1	luck	luck	NOUN
fsr-3206	422	2	versus	versus	ADP
fsr-3206	422	3	skill	skill	NOUN
fsr-3206	422	4	in	in	ADP
fsr-3206	422	5	the	the	DET
fsr-3206	422	6	cross	cross	NOUN
fsr-3206	422	7	-	-	NOUN
fsr-3206	422	8	section	section	NOUN
fsr-3206	422	9	of	of	ADP
fsr-3206	422	10	mutual	mutual	ADJ
fsr-3206	422	11	fund	fund	NOUN
fsr-3206	422	12	returns	return	NOUN
fsr-3206	422	13	.	.	PUNCT
fsr-3206	423	1	the	the	DET
fsr-3206	423	2	journal	journal	PROPN
fsr-3206	423	3	of	of	ADP
fsr-3206	423	4	finance	finance	NOUN
fsr-3206	423	5	,	,	PUNCT
fsr-3206	423	6	65	65	NUM
fsr-3206	423	7	,	,	PUNCT
fsr-3206	423	8	1915–1947	1915–1947	NUM
fsr-3206	423	9	.	.	PUNCT
fsr-3206	424	1	fu	fu	PROPN
fsr-3206	424	2	,	,	PUNCT
fsr-3206	424	3	f.	f.	PROPN
fsr-3206	424	4	(	(	PUNCT
fsr-3206	424	5	2009	2009	NUM
fsr-3206	424	6	)	)	PUNCT
fsr-3206	424	7	.	.	PUNCT
fsr-3206	425	1	idiosyncratic	idiosyncratic	ADJ
fsr-3206	425	2	risk	risk	NOUN
fsr-3206	425	3	and	and	CCONJ
fsr-3206	425	4	the	the	DET
fsr-3206	425	5	cross	cross	NOUN
fsr-3206	425	6	-	-	NOUN
fsr-3206	425	7	section	section	NOUN
fsr-3206	425	8	of	of	ADP
fsr-3206	425	9	expected	expect	VERB
fsr-3206	425	10	stock	stock	NOUN
fsr-3206	425	11	returns	return	NOUN
fsr-3206	425	12	.	.	PUNCT
fsr-3206	426	1	journal	journal	NOUN
fsr-3206	426	2	of	of	ADP
fsr-3206	426	3	financial	financial	ADJ
fsr-3206	426	4	economics	economic	NOUN
fsr-3206	426	5	,	,	PUNCT
fsr-3206	426	6	91	91	NUM
fsr-3206	426	7	,	,	PUNCT
fsr-3206	426	8	24–37	24–37	PROPN
fsr-3206	426	9	.	.	PUNCT
fsr-3206	427	1	gruber	gruber	PROPN
fsr-3206	427	2	,	,	PUNCT
fsr-3206	427	3	m.	m.	NOUN
fsr-3206	427	4	(	(	PUNCT
fsr-3206	427	5	1996	1996	NUM
fsr-3206	427	6	)	)	PUNCT
fsr-3206	427	7	.	.	PUNCT
fsr-3206	428	1	another	another	DET
fsr-3206	428	2	puzzle	puzzle	NOUN
fsr-3206	428	3	:	:	PUNCT
fsr-3206	428	4	the	the	DET
fsr-3206	428	5	growth	growth	NOUN
fsr-3206	428	6	of	of	ADP
fsr-3206	428	7	actively	actively	ADV
fsr-3206	428	8	managed	manage	VERB
fsr-3206	428	9	mutual	mutual	ADJ
fsr-3206	428	10	funds	fund	NOUN
fsr-3206	428	11	.	.	PUNCT
fsr-3206	429	1	journal	journal	PROPN
fsr-3206	429	2	of	of	ADP
fsr-3206	429	3	finance	finance	NOUN
fsr-3206	429	4	,	,	PUNCT
fsr-3206	429	5	51	51	NUM
fsr-3206	429	6	,	,	PUNCT
fsr-3206	429	7	783–810	783–810	PROPN
fsr-3206	429	8	.	.	PUNCT
fsr-3206	430	1	haslem	haslem	PROPN
fsr-3206	430	2	,	,	PUNCT
fsr-3206	430	3	j.	j.	PROPN
fsr-3206	430	4	,	,	PUNCT
fsr-3206	430	5	baker	baker	PROPN
fsr-3206	430	6	,	,	PUNCT
fsr-3206	430	7	k.	k.	PROPN
fsr-3206	430	8	,	,	PUNCT
fsr-3206	430	9	&	&	CCONJ
fsr-3206	430	10	smith	smith	PROPN
fsr-3206	430	11	,	,	PUNCT
fsr-3206	430	12	d.	d.	PROPN
fsr-3206	430	13	(	(	PUNCT
fsr-3206	430	14	2008	2008	NUM
fsr-3206	430	15	)	)	PUNCT
fsr-3206	430	16	.	.	PUNCT
fsr-3206	431	1	performance	performance	NOUN
fsr-3206	431	2	and	and	CCONJ
fsr-3206	431	3	characteristics	characteristic	NOUN
fsr-3206	431	4	of	of	ADP
fsr-3206	431	5	actively	actively	ADV
fsr-3206	431	6	managed	manage	VERB
fsr-3206	431	7	retail	retail	ADJ
fsr-3206	431	8	equity	equity	NOUN
fsr-3206	431	9	mutual	mutual	ADJ
fsr-3206	431	10	funds	fund	NOUN
fsr-3206	431	11	with	with	ADP
fsr-3206	431	12	diverse	diverse	ADJ
fsr-3206	431	13	expense	expense	NOUN
fsr-3206	431	14	ratios	ratio	NOUN
fsr-3206	431	15	.	.	PUNCT
fsr-3206	432	1	financial	financial	ADJ
fsr-3206	432	2	services	service	NOUN
fsr-3206	432	3	review	review	PROPN
fsr-3206	432	4	,	,	PUNCT
fsr-3206	432	5	17	17	NUM
fsr-3206	432	6	,	,	PUNCT
fsr-3206	432	7	49–68	49–68	PROPN
fsr-3206	432	8	.	.	PUNCT
fsr-3206	432	9	ibbotson	ibbotson	PROPN
fsr-3206	432	10	sbbi	sbbi	ADJ
fsr-3206	432	11	classic	classic	ADJ
fsr-3206	432	12	yearbook	yearbook	NOUN
fsr-3206	432	13	.	.	PUNCT
fsr-3206	433	1	(	(	PUNCT
fsr-3206	433	2	2013	2013	NUM
fsr-3206	433	3	)	)	PUNCT
fsr-3206	433	4	.	.	PUNCT
fsr-3206	434	1	market	market	NOUN
fsr-3206	434	2	results	result	NOUN
fsr-3206	434	3	for	for	ADP
fsr-3206	434	4	stocks	stock	NOUN
fsr-3206	434	5	,	,	PUNCT
fsr-3206	434	6	bonds	bond	NOUN
fsr-3206	434	7	,	,	PUNCT
fsr-3206	434	8	bills	bill	NOUN
fsr-3206	434	9	,	,	PUNCT
fsr-3206	434	10	and	and	CCONJ
fsr-3206	434	11	inflation	inflation	NOUN
fsr-3206	434	12	1926–2012	1926–2012	NUM
fsr-3206	434	13	.	.	PUNCT
fsr-3206	435	1	chicago	chicago	PROPN
fsr-3206	435	2	,	,	PUNCT
fsr-3206	435	3	il	il	PROPN
fsr-3206	435	4	:	:	SYM
fsr-3206	435	5	morningstar	morningstar	PROPN
fsr-3206	435	6	,	,	PUNCT
fsr-3206	435	7	inc	inc	PROPN
fsr-3206	435	8	.	.	PROPN
fsr-3206	435	9	jensen	jensen	PROPN
fsr-3206	435	10	,	,	PUNCT
fsr-3206	435	11	m.	m.	NOUN
fsr-3206	435	12	(	(	PUNCT
fsr-3206	435	13	1968	1968	NUM
fsr-3206	435	14	)	)	PUNCT
fsr-3206	435	15	.	.	PUNCT
fsr-3206	436	1	the	the	DET
fsr-3206	436	2	performance	performance	NOUN
fsr-3206	436	3	of	of	ADP
fsr-3206	436	4	mutual	mutual	ADJ
fsr-3206	436	5	funds	fund	NOUN
fsr-3206	436	6	in	in	ADP
fsr-3206	436	7	the	the	DET
fsr-3206	436	8	period	period	NOUN
fsr-3206	436	9	1945–1964	1945–1964	NUM
fsr-3206	436	10	.	.	PUNCT
fsr-3206	437	1	the	the	DET
fsr-3206	437	2	journal	journal	PROPN
fsr-3206	437	3	of	of	ADP
fsr-3206	437	4	finance	finance	NOUN
fsr-3206	437	5	,	,	PUNCT
fsr-3206	437	6	23	23	NUM
fsr-3206	437	7	,	,	PUNCT
fsr-3206	437	8	389–416	389–416	NUM
fsr-3206	437	9	.	.	PUNCT
fsr-3206	438	1	opdyke	opdyke	PROPN
fsr-3206	438	2	,	,	PUNCT
fsr-3206	438	3	j.	j.	PROPN
fsr-3206	438	4	(	(	PUNCT
fsr-3206	438	5	2007	2007	NUM
fsr-3206	438	6	)	)	PUNCT
fsr-3206	438	7	.	.	PUNCT
fsr-3206	439	1	comparing	compare	VERB
fsr-3206	439	2	sharpe	sharpe	NOUN
fsr-3206	439	3	ratios	ratio	NOUN
fsr-3206	439	4	:	:	PUNCT
fsr-3206	439	5	so	so	CCONJ
fsr-3206	439	6	where	where	SCONJ
fsr-3206	439	7	are	be	AUX
fsr-3206	439	8	the	the	DET
fsr-3206	439	9	p	p	NOUN
fsr-3206	439	10	-	-	PUNCT
fsr-3206	439	11	values	value	NOUN
fsr-3206	439	12	?	?	PUNCT
fsr-3206	440	1	journal	journal	NOUN
fsr-3206	440	2	of	of	ADP
fsr-3206	440	3	asset	asset	NOUN
fsr-3206	440	4	management	management	NOUN
fsr-3206	440	5	,	,	PUNCT
fsr-3206	440	6	8	8	NUM
fsr-3206	440	7	,	,	PUNCT
fsr-3206	440	8	308–336	308–336	NUM
fsr-3206	440	9	.	.	PUNCT
fsr-3206	441	1	358	358	NUM
fsr-3206	441	2	g.	g.	PROPN
fsr-3206	441	3	pettengill	pettengill	PROPN
fsr-3206	441	4	et	et	PROPN
fsr-3206	441	5	al	al	PROPN
fsr-3206	441	6	.	.	PUNCT
fsr-3206	441	7	/	/	SYM
fsr-3206	441	8	financial	financial	ADJ
fsr-3206	441	9	services	service	NOUN
fsr-3206	441	10	review	review	VERB
fsr-3206	441	11	23	23	NUM
fsr-3206	441	12	(	(	PUNCT
fsr-3206	441	13	2014	2014	NUM
fsr-3206	441	14	)	)	PUNCT
fsr-3206	442	1	341–359	341–359	NUM
fsr-3206	442	2	piotroski	piotroski	ADJ
fsr-3206	442	3	,	,	PUNCT
fsr-3206	442	4	j.	j.	PROPN
fsr-3206	442	5	(	(	PUNCT
fsr-3206	442	6	2000	2000	NUM
fsr-3206	442	7	)	)	PUNCT
fsr-3206	442	8	.	.	PUNCT
fsr-3206	443	1	value	value	NOUN
fsr-3206	443	2	investing	investing	NOUN
fsr-3206	443	3	:	:	PUNCT
fsr-3206	443	4	the	the	DET
fsr-3206	443	5	use	use	NOUN
fsr-3206	443	6	of	of	ADP
fsr-3206	443	7	historical	historical	ADJ
fsr-3206	443	8	financial	financial	ADJ
fsr-3206	443	9	statement	statement	NOUN
fsr-3206	443	10	information	information	NOUN
fsr-3206	443	11	to	to	ADP
fsr-3206	443	12	separate	separate	VERB
fsr-3206	443	13	winners	winner	NOUN
fsr-3206	443	14	from	from	ADP
fsr-3206	443	15	losers	loser	NOUN
fsr-3206	443	16	.	.	PUNCT
fsr-3206	444	1	journal	journal	NOUN
fsr-3206	444	2	of	of	ADP
fsr-3206	444	3	accounting	accounting	NOUN
fsr-3206	444	4	research	research	NOUN
fsr-3206	444	5	,	,	PUNCT
fsr-3206	444	6	38	38	NUM
fsr-3206	444	7	,	,	PUNCT
fsr-3206	444	8	1–41	1–41	NOUN
fsr-3206	444	9	.	.	PUNCT
fsr-3206	445	1	rosenberg	rosenberg	PROPN
fsr-3206	445	2	,	,	PUNCT
fsr-3206	445	3	b.	b.	PROPN
fsr-3206	445	4	,	,	PUNCT
fsr-3206	445	5	reid	reid	PROPN
fsr-3206	445	6	,	,	PUNCT
fsr-3206	445	7	k.	k.	PROPN
fsr-3206	445	8	,	,	PUNCT
fsr-3206	445	9	&	&	CCONJ
fsr-3206	445	10	lanstein	lanstein	PROPN
fsr-3206	445	11	r.	r.	PROPN
fsr-3206	445	12	(	(	PUNCT
fsr-3206	445	13	1985	1985	NUM
fsr-3206	445	14	)	)	PUNCT
fsr-3206	445	15	.	.	PUNCT
fsr-3206	446	1	persuasive	persuasive	ADJ
fsr-3206	446	2	evidence	evidence	NOUN
fsr-3206	446	3	of	of	ADP
fsr-3206	446	4	market	market	NOUN
fsr-3206	446	5	inefficiency	inefficiency	NOUN
fsr-3206	446	6	.	.	PUNCT
fsr-3206	447	1	journal	journal	NOUN
fsr-3206	447	2	of	of	ADP
fsr-3206	447	3	portfolio	portfolio	NOUN
fsr-3206	447	4	management	management	NOUN
fsr-3206	447	5	,	,	PUNCT
fsr-3206	447	6	11	11	NUM
fsr-3206	447	7	,	,	PUNCT
fsr-3206	447	8	9–17	9–17	PROPN
fsr-3206	447	9	.	.	PUNCT
fsr-3206	448	1	shi	shi	PROPN
fsr-3206	448	2	,	,	PUNCT
fsr-3206	448	3	w.	w.	PROPN
fsr-3206	448	4	,	,	PUNCT
fsr-3206	448	5	&	&	CCONJ
fsr-3206	448	6	seiler	seiler	PROPN
fsr-3206	448	7	,	,	PUNCT
fsr-3206	448	8	m.	m.	NOUN
fsr-3206	448	9	(	(	PUNCT
fsr-3206	448	10	2002	2002	NUM
fsr-3206	448	11	)	)	PUNCT
fsr-3206	448	12	.	.	PUNCT
fsr-3206	449	1	growth	growth	NOUN
fsr-3206	449	2	and	and	CCONJ
fsr-3206	449	3	value	value	NOUN
fsr-3206	449	4	style	style	NOUN
fsr-3206	449	5	comparison	comparison	NOUN
fsr-3206	449	6	of	of	ADP
fsr-3206	449	7	u.s	u.s	PROPN
fsr-3206	449	8	.	.	PROPN
fsr-3206	449	9	stock	stock	NOUN
fsr-3206	449	10	mutual	mutual	ADJ
fsr-3206	449	11	funds	fund	NOUN
fsr-3206	449	12	.	.	PUNCT
fsr-3206	450	1	american	american	PROPN
fsr-3206	450	2	business	business	PROPN
fsr-3206	450	3	review	review	PROPN
fsr-3206	450	4	,	,	PUNCT
fsr-3206	450	5	20	20	NUM
fsr-3206	450	6	,	,	PUNCT
fsr-3206	450	7	25–32	25–32	NUM
fsr-3206	450	8	.	.	PUNCT
fsr-3206	450	9	woodley	woodley	PROPN
fsr-3206	450	10	,	,	PUNCT
fsr-3206	450	11	m.	m.	NOUN
fsr-3206	450	12	,	,	PUNCT
fsr-3206	450	13	jones	jones	PROPN
fsr-3206	450	14	,	,	PUNCT
fsr-3206	450	15	s.	s.	PROPN
fsr-3206	450	16	,	,	PUNCT
fsr-3206	450	17	&	&	CCONJ
fsr-3206	450	18	reburn	reburn	NOUN
fsr-3206	450	19	,	,	PUNCT
fsr-3206	450	20	t.	t.	PROPN
fsr-3206	450	21	(	(	PUNCT
fsr-3206	450	22	2011	2011	NUM
fsr-3206	450	23	)	)	PUNCT
fsr-3206	450	24	.	.	PUNCT
fsr-3206	451	1	value	value	NOUN
fsr-3206	451	2	stocks	stock	NOUN
fsr-3206	451	3	and	and	CCONJ
fsr-3206	451	4	accounting	accounting	NOUN
fsr-3206	451	5	screens	screen	NOUN
fsr-3206	451	6	:	:	PUNCT
fsr-3206	451	7	has	have	VERB
fsr-3206	451	8	a	a	DET
fsr-3206	451	9	good	good	ADJ
fsr-3206	451	10	rule	rule	NOUN
fsr-3206	451	11	gone	go	VERB
fsr-3206	451	12	bad	bad	ADJ
fsr-3206	451	13	?	?	PUNCT
fsr-3206	452	1	journal	journal	NOUN
fsr-3206	452	2	of	of	ADP
fsr-3206	452	3	accounting	accounting	NOUN
fsr-3206	452	4	and	and	CCONJ
fsr-3206	452	5	finance	finance	NOUN
fsr-3206	452	6	,	,	PUNCT
fsr-3206	452	7	11	11	NUM
fsr-3206	452	8	,	,	PUNCT
fsr-3206	452	9	87–104	87–104	PROPN
fsr-3206	452	10	.	.	PUNCT
fsr-3206	453	1	359	359	NUM
fsr-3206	453	2	g.	g.	PROPN
fsr-3206	453	3	pettengill	pettengill	PROPN
fsr-3206	453	4	et	et	PROPN
fsr-3206	453	5	al	al	PROPN
fsr-3206	453	6	.	.	PUNCT
fsr-3206	453	7	/	/	SYM
fsr-3206	453	8	financial	financial	ADJ
fsr-3206	453	9	services	service	NOUN
fsr-3206	453	10	review	review	VERB
fsr-3206	453	11	23	23	NUM
fsr-3206	453	12	(	(	PUNCT
fsr-3206	453	13	2014	2014	NUM
fsr-3206	453	14	)	)	PUNCT
fsr-3206	454	1	341–359	341–359	NUM