id	sid	tid	token	lemma	pos
fsr-3230	1	1	financial	financial	PROPN
fsr-3230	1	2	services	service	NOUN
fsr-3230	1	3	review	review	PROPN
fsr-3230	1	4	,	,	PUNCT
fsr-3230	1	5	32(1	32(1	NUM
fsr-3230	1	6	)	)	PUNCT
fsr-3230	1	7	63	63	NUM
fsr-3230	1	8	performance	performance	NOUN
fsr-3230	1	9	evaluation	evaluation	NOUN
fsr-3230	1	10	disagreement	disagreement	NOUN
fsr-3230	1	11	:	:	PUNCT
fsr-3230	1	12	determinants	determinant	NOUN
fsr-3230	1	13	and	and	CCONJ
fsr-3230	1	14	impact	impact	NOUN
fsr-3230	1	15	on	on	ADP
fsr-3230	1	16	fund	fund	NOUN
fsr-3230	1	17	flows	flow	VERB
fsr-3230	1	18	stéphane	stéphane	PROPN
fsr-3230	1	19	chrétien1	chrétien1	PROPN
fsr-3230	1	20	and	and	CCONJ
fsr-3230	1	21	manel	manel	PROPN
fsr-3230	1	22	kammoun2	kammoun2	X
fsr-3230	2	1	abstract	abstract	ADJ
fsr-3230	2	2	this	this	DET
fsr-3230	2	3	paper	paper	NOUN
fsr-3230	2	4	studies	study	NOUN
fsr-3230	2	5	investor	investor	NOUN
fsr-3230	2	6	disagreement	disagreement	NOUN
fsr-3230	2	7	in	in	ADP
fsr-3230	2	8	the	the	DET
fsr-3230	2	9	performance	performance	NOUN
fsr-3230	2	10	evaluation	evaluation	NOUN
fsr-3230	2	11	of	of	ADP
fsr-3230	2	12	equity	equity	NOUN
fsr-3230	2	13	mutual	mutual	ADJ
fsr-3230	2	14	funds	fund	NOUN
fsr-3230	2	15	by	by	ADP
fsr-3230	2	16	comparing	compare	VERB
fsr-3230	2	17	two	two	NUM
fsr-3230	2	18	existing	exist	VERB
fsr-3230	2	19	approaches	approach	NOUN
fsr-3230	2	20	and	and	CCONJ
fsr-3230	2	21	estimating	estimate	VERB
fsr-3230	2	22	its	its	PRON
fsr-3230	2	23	relations	relation	NOUN
fsr-3230	2	24	with	with	ADP
fsr-3230	2	25	fund	fund	NOUN
fsr-3230	2	26	characteristics	characteristic	NOUN
fsr-3230	2	27	,	,	PUNCT
fsr-3230	2	28	active	active	ADJ
fsr-3230	2	29	management	management	NOUN
fsr-3230	2	30	level	level	NOUN
fsr-3230	2	31	and	and	CCONJ
fsr-3230	2	32	fund	fund	NOUN
fsr-3230	2	33	flows	flow	NOUN
fsr-3230	2	34	.	.	PUNCT
fsr-3230	3	1	we	we	PRON
fsr-3230	3	2	find	find	VERB
fsr-3230	3	3	that	that	SCONJ
fsr-3230	3	4	investors	investor	NOUN
fsr-3230	3	5	disagree	disagree	VERB
fsr-3230	3	6	more	more	ADJ
fsr-3230	3	7	about	about	ADP
fsr-3230	3	8	the	the	DET
fsr-3230	3	9	performance	performance	NOUN
fsr-3230	3	10	of	of	ADP
fsr-3230	3	11	funds	fund	NOUN
fsr-3230	3	12	that	that	PRON
fsr-3230	3	13	have	have	VERB
fsr-3230	3	14	higher	high	ADJ
fsr-3230	3	15	expense	expense	NOUN
fsr-3230	3	16	ratio	ratio	NOUN
fsr-3230	3	17	and	and	CCONJ
fsr-3230	3	18	turnover	turnover	NOUN
fsr-3230	3	19	,	,	PUNCT
fsr-3230	3	20	lower	low	ADJ
fsr-3230	3	21	manager	manager	NOUN
fsr-3230	3	22	tenure	tenure	NOUN
fsr-3230	3	23	and	and	CCONJ
fsr-3230	3	24	dividend	dividend	NOUN
fsr-3230	3	25	yield	yield	NOUN
fsr-3230	3	26	,	,	PUNCT
fsr-3230	3	27	and	and	CCONJ
fsr-3230	3	28	that	that	PRON
fsr-3230	3	29	are	be	AUX
fsr-3230	3	30	older	old	ADJ
fsr-3230	3	31	,	,	PUNCT
fsr-3230	3	32	smaller	small	ADJ
fsr-3230	3	33	and	and	CCONJ
fsr-3230	3	34	part	part	NOUN
fsr-3230	3	35	of	of	ADP
fsr-3230	3	36	a	a	DET
fsr-3230	3	37	larger	large	ADJ
fsr-3230	3	38	family	family	NOUN
fsr-3230	3	39	.	.	PUNCT
fsr-3230	4	1	disagreement	disagreement	NOUN
fsr-3230	4	2	is	be	AUX
fsr-3230	4	3	also	also	ADV
fsr-3230	4	4	higher	high	ADJ
fsr-3230	4	5	for	for	ADP
fsr-3230	4	6	funds	fund	NOUN
fsr-3230	4	7	that	that	PRON
fsr-3230	4	8	follow	follow	VERB
fsr-3230	4	9	riskier	risky	ADJ
fsr-3230	4	10	investment	investment	NOUN
fsr-3230	4	11	style	style	NOUN
fsr-3230	4	12	strategies	strategy	NOUN
fsr-3230	4	13	and	and	CCONJ
fsr-3230	4	14	deviate	deviate	VERB
fsr-3230	4	15	more	more	ADJ
fsr-3230	4	16	from	from	ADP
fsr-3230	4	17	their	their	PRON
fsr-3230	4	18	benchmarks	benchmark	NOUN
fsr-3230	4	19	.	.	PUNCT
fsr-3230	5	1	finally	finally	ADV
fsr-3230	5	2	,	,	PUNCT
fsr-3230	5	3	larger	large	ADJ
fsr-3230	5	4	disagreement	disagreement	NOUN
fsr-3230	5	5	leads	lead	VERB
fsr-3230	5	6	to	to	ADP
fsr-3230	5	7	more	more	ADJ
fsr-3230	5	8	net	net	ADJ
fsr-3230	5	9	fund	fund	NOUN
fsr-3230	5	10	flows	flow	VERB
fsr-3230	5	11	.	.	PUNCT
fsr-3230	6	1	these	these	DET
fsr-3230	6	2	findings	finding	NOUN
fsr-3230	6	3	suggest	suggest	VERB
fsr-3230	6	4	that	that	SCONJ
fsr-3230	6	5	heterogeneous	heterogeneous	ADJ
fsr-3230	6	6	investors	investor	NOUN
fsr-3230	6	7	do	do	AUX
fsr-3230	6	8	not	not	PART
fsr-3230	6	9	value	value	VERB
fsr-3230	6	10	funds	fund	NOUN
fsr-3230	6	11	with	with	ADP
fsr-3230	6	12	aggressive	aggressive	ADJ
fsr-3230	6	13	active	active	ADJ
fsr-3230	6	14	trading	trading	NOUN
fsr-3230	6	15	strategies	strategy	NOUN
fsr-3230	6	16	similarly	similarly	ADV
fsr-3230	6	17	,	,	PUNCT
fsr-3230	6	18	and	and	CCONJ
fsr-3230	6	19	that	that	SCONJ
fsr-3230	6	20	favorable	favorable	ADJ
fsr-3230	6	21	valuations	valuation	NOUN
fsr-3230	6	22	by	by	ADP
fsr-3230	6	23	some	some	DET
fsr-3230	6	24	clienteles	clientele	NOUN
fsr-3230	6	25	result	result	VERB
fsr-3230	6	26	in	in	ADP
fsr-3230	6	27	positive	positive	ADJ
fsr-3230	6	28	demands	demand	NOUN
fsr-3230	6	29	for	for	ADP
fsr-3230	6	30	this	this	DET
fsr-3230	6	31	type	type	NOUN
fsr-3230	6	32	of	of	ADP
fsr-3230	6	33	management	management	NOUN
fsr-3230	6	34	.	.	PUNCT
fsr-3230	7	1	creative	creative	ADJ
fsr-3230	7	2	commons	commons	PROPN
fsr-3230	7	3	license	license	NOUN
fsr-3230	7	4	this	this	DET
fsr-3230	7	5	work	work	NOUN
fsr-3230	7	6	is	be	AUX
fsr-3230	7	7	licensed	license	VERB
fsr-3230	7	8	under	under	ADP
fsr-3230	7	9	a	a	DET
fsr-3230	7	10	creative	creative	ADJ
fsr-3230	7	11	commons	common	NOUN
fsr-3230	7	12	attribution	attribution	NOUN
fsr-3230	7	13	-	-	PUNCT
fsr-3230	7	14	noncommercial	noncommercial	ADJ
fsr-3230	7	15	4.0	4.0	NUM
fsr-3230	7	16	license	license	NOUN
fsr-3230	7	17	recommended	recommend	VERB
fsr-3230	7	18	citation	citation	NOUN
fsr-3230	7	19	chrétien	chrétien	PROPN
fsr-3230	7	20	,	,	PUNCT
fsr-3230	7	21	s.	s.	PROPN
fsr-3230	7	22	,	,	PUNCT
fsr-3230	7	23	&	&	CCONJ
fsr-3230	7	24	kammoun	kammoun	PROPN
fsr-3230	7	25	,	,	PUNCT
fsr-3230	7	26	m.	m.	NOUN
fsr-3230	7	27	(	(	PUNCT
fsr-3230	7	28	2024	2024	NUM
fsr-3230	7	29	)	)	PUNCT
fsr-3230	7	30	.	.	PUNCT
fsr-3230	8	1	performance	performance	NOUN
fsr-3230	8	2	evaluation	evaluation	NOUN
fsr-3230	8	3	disagreement	disagreement	NOUN
fsr-3230	8	4	:	:	PUNCT
fsr-3230	8	5	determinants	determinant	NOUN
fsr-3230	8	6	and	and	CCONJ
fsr-3230	8	7	impact	impact	NOUN
fsr-3230	8	8	on	on	ADP
fsr-3230	8	9	fund	fund	NOUN
fsr-3230	8	10	flows	flow	NOUN
fsr-3230	8	11	.	.	PUNCT
fsr-3230	9	1	financial	financial	ADJ
fsr-3230	9	2	services	service	NOUN
fsr-3230	9	3	review	review	PROPN
fsr-3230	9	4	,	,	PUNCT
fsr-3230	9	5	32(1	32(1	NUM
fsr-3230	9	6	)	)	PUNCT
fsr-3230	9	7	,	,	PUNCT
fsr-3230	9	8	63	63	NUM
fsr-3230	9	9	-	-	SYM
fsr-3230	9	10	94	94	NUM
fsr-3230	9	11	.	.	PUNCT
fsr-3230	10	1	introduction	introduction	NOUN
fsr-3230	10	2	the	the	DET
fsr-3230	10	3	2021	2021	NUM
fsr-3230	10	4	investment	investment	NOUN
fsr-3230	10	5	company	company	NOUN
fsr-3230	10	6	fact	fact	NOUN
fsr-3230	10	7	book	book	NOUN
fsr-3230	10	8	reports	report	VERB
fsr-3230	10	9	that	that	PRON
fsr-3230	10	10	total	total	VERB
fsr-3230	10	11	worldwide	worldwide	ADJ
fsr-3230	10	12	assets	asset	NOUN
fsr-3230	10	13	invested	invest	VERB
fsr-3230	10	14	in	in	ADP
fsr-3230	10	15	regulated	regulated	ADJ
fsr-3230	10	16	open	open	ADJ
fsr-3230	10	17	-	-	PUNCT
fsr-3230	10	18	ended	end	VERB
fsr-3230	10	19	funds	fund	NOUN
fsr-3230	10	20	are	be	AUX
fsr-3230	10	21	greater	great	ADJ
fsr-3230	10	22	than	than	ADP
fsr-3230	10	23	$	$	SYM
fsr-3230	10	24	60	60	NUM
fsr-3230	10	25	trillion	trillion	NUM
fsr-3230	10	26	and	and	CCONJ
fsr-3230	10	27	demand	demand	NOUN
fsr-3230	10	28	by	by	ADP
fsr-3230	10	29	investors	investor	NOUN
fsr-3230	10	30	over	over	ADP
fsr-3230	10	31	the	the	DET
fsr-3230	10	32	past	past	ADJ
fsr-3230	10	33	decade	decade	NOUN
fsr-3230	10	34	has	have	AUX
fsr-3230	10	35	resulted	result	VERB
fsr-3230	10	36	in	in	ADP
fsr-3230	10	37	more	more	ADJ
fsr-3230	10	38	than	than	ADP
fsr-3230	10	39	$	$	SYM
fsr-3230	10	40	16	16	NUM
fsr-3230	10	41	trillion	trillion	NUM
fsr-3230	10	42	in	in	ADP
fsr-3230	10	43	net	net	ADJ
fsr-3230	10	44	fund	fund	NOUN
fsr-3230	10	45	flows	flow	VERB
fsr-3230	10	46	.	.	PUNCT
fsr-3230	11	1	in	in	ADP
fsr-3230	11	2	consequence	consequence	NOUN
fsr-3230	11	3	,	,	PUNCT
fsr-3230	11	4	“	"	PUNCT
fsr-3230	11	5	fund	fund	NOUN
fsr-3230	11	6	providers	provider	NOUN
fsr-3230	11	7	have	have	AUX
fsr-3230	11	8	responded	respond	VERB
fsr-3230	11	9	to	to	ADP
fsr-3230	11	10	the	the	DET
fsr-3230	11	11	increasing	increase	VERB
fsr-3230	11	12	interest	interest	NOUN
fsr-3230	11	13	in	in	ADP
fsr-3230	11	14	funds	fund	NOUN
fsr-3230	11	15	by	by	ADP
fsr-3230	11	16	offering	offer	VERB
fsr-3230	11	17	more	more	ADJ
fsr-3230	11	18	than	than	ADP
fsr-3230	11	19	125,000	125,000	NUM
fsr-3230	11	20	regulated	regulated	ADJ
fsr-3230	11	21	funds	fund	NOUN
fsr-3230	11	22	,	,	PUNCT
fsr-3230	11	23	which	which	PRON
fsr-3230	11	24	provide	provide	VERB
fsr-3230	11	25	a	a	DET
fsr-3230	11	26	vast	vast	ADJ
fsr-3230	11	27	array	array	NOUN
fsr-3230	11	28	of	of	ADP
fsr-3230	11	29	choices	choice	NOUN
fsr-3230	11	30	for	for	ADP
fsr-3230	11	31	investors	investor	NOUN
fsr-3230	11	32	.	.	PUNCT
fsr-3230	11	33	”	"	PUNCT
fsr-3230	12	1	(	(	PUNCT
fsr-3230	12	2	investment	investment	NOUN
fsr-3230	12	3	company	company	NOUN
fsr-3230	12	4	institute	institute	NOUN
fsr-3230	12	5	2021	2021	NUM
fsr-3230	12	6	,	,	PUNCT
fsr-3230	12	7	p.	p.	NOUN
fsr-3230	12	8	15	15	NUM
fsr-3230	12	9	)	)	PUNCT
fsr-3230	12	10	.	.	PUNCT
fsr-3230	13	1	one	one	NUM
fsr-3230	13	2	reason	reason	NOUN
fsr-3230	13	3	why	why	SCONJ
fsr-3230	13	4	the	the	DET
fsr-3230	13	5	fund	fund	NOUN
fsr-3230	13	6	industry	industry	NOUN
fsr-3230	13	7	offers	offer	VERB
fsr-3230	13	8	such	such	DET
fsr-3230	13	9	a	a	DET
fsr-3230	13	10	large	large	ADJ
fsr-3230	13	11	variety	variety	NOUN
fsr-3230	13	12	of	of	ADP
fsr-3230	13	13	products	product	NOUN
fsr-3230	13	14	is	be	AUX
fsr-3230	13	15	to	to	PART
fsr-3230	13	16	cater	cater	VERB
fsr-3230	13	17	to	to	ADP
fsr-3230	13	18	the	the	DET
fsr-3230	13	19	multiple	multiple	ADJ
fsr-3230	13	20	needs	need	NOUN
fsr-3230	13	21	of	of	ADP
fsr-3230	13	22	their	their	PRON
fsr-3230	13	23	various	various	ADJ
fsr-3230	13	24	clienteles	clientele	NOUN
fsr-3230	13	25	.	.	PUNCT
fsr-3230	14	1	in	in	ADP
fsr-3230	14	2	equity	equity	NOUN
fsr-3230	14	3	portfolios	portfolio	NOUN
fsr-3230	14	4	,	,	PUNCT
fsr-3230	14	5	differentiation	differentiation	NOUN
fsr-3230	14	6	strategies	strategy	NOUN
fsr-3230	14	7	have	have	VERB
fsr-3230	14	8	many	many	ADJ
fsr-3230	14	9	1	1	NUM
fsr-3230	14	10	laval	laval	PROPN
fsr-3230	14	11	university	university	PROPN
fsr-3230	14	12	,	,	PUNCT
fsr-3230	14	13	quebec	quebec	PROPN
fsr-3230	14	14	city	city	PROPN
fsr-3230	14	15	,	,	PUNCT
fsr-3230	14	16	canada	canada	PROPN
fsr-3230	14	17	2	2	NUM
fsr-3230	14	18	corresponding	correspond	VERB
fsr-3230	14	19	author	author	NOUN
fsr-3230	14	20	(	(	PUNCT
fsr-3230	14	21	manel.kammoun@uqo.ca	manel.kammoun@uqo.ca	NOUN
fsr-3230	14	22	)	)	PUNCT
fsr-3230	14	23	.	.	PUNCT
fsr-3230	15	1	université	université	PROPN
fsr-3230	15	2	du	du	PROPN
fsr-3230	15	3	québec	québec	PROPN
fsr-3230	15	4	en	en	PROPN
fsr-3230	15	5	outaouais	outaouais	PROPN
fsr-3230	15	6	,	,	PUNCT
fsr-3230	15	7	saint	saint	PROPN
fsr-3230	15	8	-	-	PUNCT
fsr-3230	15	9	jérôme	jérôme	PROPN
fsr-3230	15	10	,	,	PUNCT
fsr-3230	15	11	canada	canada	PROPN
fsr-3230	15	12	dimensions	dimensions	PROPN
fsr-3230	15	13	.	.	PUNCT
fsr-3230	16	1	for	for	ADP
fsr-3230	16	2	examples	example	NOUN
fsr-3230	16	3	,	,	PUNCT
fsr-3230	16	4	they	they	PRON
fsr-3230	16	5	include	include	VERB
fsr-3230	16	6	choices	choice	NOUN
fsr-3230	16	7	of	of	ADP
fsr-3230	16	8	investment	investment	NOUN
fsr-3230	16	9	style	style	NOUN
fsr-3230	16	10	(	(	PUNCT
fsr-3230	16	11	value	value	NOUN
fsr-3230	16	12	,	,	PUNCT
fsr-3230	16	13	growth	growth	NOUN
fsr-3230	16	14	,	,	PUNCT
fsr-3230	16	15	small	small	ADJ
fsr-3230	16	16	-	-	PUNCT
fsr-3230	16	17	cap	cap	NOUN
fsr-3230	16	18	,	,	PUNCT
fsr-3230	16	19	large	large	ADJ
fsr-3230	16	20	-	-	PUNCT
fsr-3230	16	21	cap	cap	NOUN
fsr-3230	16	22	,	,	PUNCT
fsr-3230	16	23	etc	etc	X
fsr-3230	16	24	.	.	X
fsr-3230	16	25	)	)	PUNCT
fsr-3230	16	26	,	,	PUNCT
fsr-3230	16	27	trading	trading	NOUN
fsr-3230	16	28	activity	activity	NOUN
fsr-3230	16	29	(	(	PUNCT
fsr-3230	16	30	turnover	turnover	NOUN
fsr-3230	16	31	,	,	PUNCT
fsr-3230	16	32	deviations	deviation	NOUN
fsr-3230	16	33	from	from	ADP
fsr-3230	16	34	benchmarks	benchmark	NOUN
fsr-3230	16	35	,	,	PUNCT
fsr-3230	16	36	etc	etc	X
fsr-3230	16	37	.	.	X
fsr-3230	16	38	)	)	PUNCT
fsr-3230	16	39	,	,	PUNCT
fsr-3230	16	40	risk	risk	NOUN
fsr-3230	16	41	level	level	NOUN
fsr-3230	16	42	(	(	PUNCT
fsr-3230	16	43	from	from	ADP
fsr-3230	16	44	defensive	defensive	ADJ
fsr-3230	16	45	to	to	ADP
fsr-3230	16	46	aggressive	aggressive	ADJ
fsr-3230	16	47	)	)	PUNCT
fsr-3230	16	48	,	,	PUNCT
fsr-3230	16	49	managerial	managerial	ADJ
fsr-3230	16	50	activity	activity	NOUN
fsr-3230	16	51	(	(	PUNCT
fsr-3230	16	52	stock	stock	NOUN
fsr-3230	16	53	picking	picking	NOUN
fsr-3230	16	54	,	,	PUNCT
fsr-3230	16	55	market	market	NOUN
fsr-3230	16	56	timing	timing	NOUN
fsr-3230	16	57	,	,	PUNCT
fsr-3230	16	58	etc	etc	X
fsr-3230	16	59	.	.	X
fsr-3230	16	60	)	)	PUNCT
fsr-3230	16	61	,	,	PUNCT
fsr-3230	16	62	clientele	clientele	NOUN
fsr-3230	16	63	-	-	PUNCT
fsr-3230	16	64	specific	specific	ADJ
fsr-3230	16	65	needs	need	NOUN
fsr-3230	16	66	(	(	PUNCT
fsr-3230	16	67	low	low	ADJ
fsr-3230	16	68	cost	cost	NOUN
fsr-3230	16	69	,	,	PUNCT
fsr-3230	16	70	high	high	ADJ
fsr-3230	16	71	dividend	dividend	NOUN
fsr-3230	16	72	,	,	PUNCT
fsr-3230	16	73	tax	tax	NOUN
fsr-3230	16	74	efficiency	efficiency	NOUN
fsr-3230	16	75	,	,	PUNCT
fsr-3230	16	76	individual	individual	NOUN
fsr-3230	16	77	versus	versus	ADP
fsr-3230	16	78	institutional	institutional	ADJ
fsr-3230	16	79	,	,	PUNCT
fsr-3230	16	80	etc	etc	X
fsr-3230	16	81	.	.	X
fsr-3230	16	82	)	)	PUNCT
fsr-3230	16	83	,	,	PUNCT
fsr-3230	16	84	and	and	CCONJ
fsr-3230	16	85	fund	fund	NOUN
fsr-3230	16	86	organization	organization	NOUN
fsr-3230	16	87	(	(	PUNCT
fsr-3230	16	88	small	small	ADJ
fsr-3230	16	89	versus	versus	ADP
fsr-3230	16	90	large	large	ADJ
fsr-3230	16	91	family	family	NOUN
fsr-3230	16	92	,	,	PUNCT
fsr-3230	16	93	etc	etc	X
fsr-3230	16	94	.	.	X
fsr-3230	16	95	)	)	PUNCT
fsr-3230	16	96	.	.	PUNCT
fsr-3230	17	1	in	in	ADP
fsr-3230	17	2	the	the	DET
fsr-3230	17	3	u.s	u.s	PROPN
fsr-3230	17	4	.	.	PROPN
fsr-3230	17	5	alone	alone	ADV
fsr-3230	17	6	,	,	PUNCT
fsr-3230	17	7	mutual	mutual	ADJ
fsr-3230	17	8	funds	fund	NOUN
fsr-3230	17	9	are	be	AUX
fsr-3230	17	10	owned	own	VERB
fsr-3230	17	11	by	by	ADP
fsr-3230	17	12	more	more	ADJ
fsr-3230	17	13	than	than	ADP
fsr-3230	17	14	100	100	NUM
fsr-3230	17	15	million	million	NUM
fsr-3230	17	16	individuals	individual	NOUN
fsr-3230	17	17	,	,	PUNCT
fsr-3230	17	18	who	who	PRON
fsr-3230	17	19	have	have	VERB
fsr-3230	17	20	different	different	ADJ
fsr-3230	17	21	beliefs	belief	NOUN
fsr-3230	17	22	,	,	PUNCT
fsr-3230	17	23	constraints	constraint	NOUN
fsr-3230	17	24	and	and	CCONJ
fsr-3230	17	25	preferences	preference	NOUN
fsr-3230	17	26	.	.	PUNCT
fsr-3230	18	1	these	these	DET
fsr-3230	18	2	differences	difference	NOUN
fsr-3230	18	3	,	,	PUNCT
fsr-3230	18	4	along	along	ADP
fsr-3230	18	5	with	with	ADP
fsr-3230	18	6	the	the	DET
fsr-3230	18	7	large	large	ADJ
fsr-3230	18	8	diversity	diversity	NOUN
fsr-3230	18	9	of	of	ADP
fsr-3230	18	10	funds	fund	NOUN
fsr-3230	18	11	,	,	PUNCT
fsr-3230	18	12	mean	mean	VERB
fsr-3230	18	13	that	that	SCONJ
fsr-3230	18	14	investors	investor	NOUN
fsr-3230	18	15	are	be	AUX
fsr-3230	18	16	likely	likely	ADJ
fsr-3230	18	17	to	to	PART
fsr-3230	18	18	disagree	disagree	VERB
fsr-3230	18	19	on	on	ADP
fsr-3230	18	20	what	what	PRON
fsr-3230	18	21	investments	investment	NOUN
fsr-3230	18	22	are	be	AUX
fsr-3230	18	23	worth	worth	ADJ
fsr-3230	18	24	the	the	DET
fsr-3230	18	25	most	most	ADJ
fsr-3230	18	26	to	to	ADP
fsr-3230	18	27	them	they	PRON
fsr-3230	18	28	,	,	PUNCT
fsr-3230	18	29	i.e.	i.e.	X
fsr-3230	18	30	,	,	PUNCT
fsr-3230	18	31	their	their	PRON
fsr-3230	18	32	“	"	PUNCT
fsr-3230	18	33	personal	personal	ADJ
fsr-3230	18	34	favorites	favorite	NOUN
fsr-3230	18	35	”	"	PUNCT
fsr-3230	18	36	or	or	CCONJ
fsr-3230	18	37	“	"	PUNCT
fsr-3230	18	38	best	good	ADJ
fsr-3230	18	39	https://creativecommons.org/licenses/by-nc/4.0/	https://creativecommons.org/licenses/by-nc/4.0/	PRON
fsr-3230	18	40	mailto:manel.kammoun@uqo.ca	mailto:manel.kammoun@uqo.ca	NOUN
fsr-3230	18	41	https://creativecommons.org/licenses/by-nc/4.0/	https://creativecommons.org/licenses/by-nc/4.0/	PRON
fsr-3230	18	42	financial	financial	ADJ
fsr-3230	18	43	services	service	NOUN
fsr-3230	18	44	review	review	VERB
fsr-3230	18	45	,	,	PUNCT
fsr-3230	18	46	32(1	32(1	NUM
fsr-3230	18	47	)	)	PUNCT
fsr-3230	18	48	64	64	NUM
fsr-3230	18	49	fits	fit	NOUN
fsr-3230	18	50	”	"	PUNCT
fsr-3230	18	51	.	.	PUNCT
fsr-3230	19	1	pioneered	pioneer	VERB
fsr-3230	19	2	by	by	ADP
fsr-3230	19	3	ferson	ferson	NOUN
fsr-3230	19	4	and	and	CCONJ
fsr-3230	19	5	lin	lin	PROPN
fsr-3230	19	6	(	(	PUNCT
fsr-3230	19	7	2014	2014	NUM
fsr-3230	19	8	)	)	PUNCT
fsr-3230	19	9	,	,	PUNCT
fsr-3230	19	10	the	the	DET
fsr-3230	19	11	investor	investor	NOUN
fsr-3230	19	12	disagreement	disagreement	NOUN
fsr-3230	19	13	approach	approach	NOUN
fsr-3230	19	14	assumes	assume	VERB
fsr-3230	19	15	that	that	SCONJ
fsr-3230	19	16	fund	fund	NOUN
fsr-3230	19	17	evaluation	evaluation	NOUN
fsr-3230	19	18	differs	differ	VERB
fsr-3230	19	19	by	by	ADP
fsr-3230	19	20	investors	investor	NOUN
fsr-3230	19	21	and	and	CCONJ
fsr-3230	19	22	develops	develop	VERB
fsr-3230	19	23	ways	way	NOUN
fsr-3230	19	24	to	to	PART
fsr-3230	19	25	measure	measure	VERB
fsr-3230	19	26	the	the	DET
fsr-3230	19	27	importance	importance	NOUN
fsr-3230	19	28	of	of	ADP
fsr-3230	19	29	disagreement	disagreement	NOUN
fsr-3230	19	30	on	on	ADP
fsr-3230	19	31	performance	performance	NOUN
fsr-3230	19	32	evaluation	evaluation	NOUN
fsr-3230	19	33	.	.	PUNCT
fsr-3230	20	1	its	its	PRON
fsr-3230	20	2	empirical	empirical	ADJ
fsr-3230	20	3	findings	finding	NOUN
fsr-3230	20	4	show	show	VERB
fsr-3230	20	5	a	a	DET
fsr-3230	20	6	large	large	ADJ
fsr-3230	20	7	disagreement	disagreement	ADJ
fsr-3230	20	8	effect	effect	NOUN
fsr-3230	20	9	for	for	ADP
fsr-3230	20	10	equity	equity	NOUN
fsr-3230	20	11	funds	fund	NOUN
fsr-3230	20	12	.	.	PUNCT
fsr-3230	21	1	in	in	ADP
fsr-3230	21	2	particular	particular	ADJ
fsr-3230	21	3	,	,	PUNCT
fsr-3230	21	4	ferson	ferson	NOUN
fsr-3230	21	5	and	and	CCONJ
fsr-3230	21	6	lin	lin	PROPN
fsr-3230	21	7	find	find	VERB
fsr-3230	21	8	that	that	SCONJ
fsr-3230	21	9	the	the	DET
fsr-3230	21	10	effect	effect	NOUN
fsr-3230	21	11	of	of	ADP
fsr-3230	21	12	investor	investor	NOUN
fsr-3230	21	13	heterogeneity	heterogeneity	NOUN
fsr-3230	21	14	on	on	ADP
fsr-3230	21	15	alpha	alpha	NOUN
fsr-3230	21	16	could	could	AUX
fsr-3230	21	17	be	be	AUX
fsr-3230	21	18	as	as	ADV
fsr-3230	21	19	important	important	ADJ
fsr-3230	21	20	as	as	ADP
fsr-3230	21	21	the	the	DET
fsr-3230	21	22	well	well	ADV
fsr-3230	21	23	documented	document	VERB
fsr-3230	21	24	effects	effect	NOUN
fsr-3230	21	25	of	of	ADP
fsr-3230	21	26	the	the	DET
fsr-3230	21	27	benchmark	benchmark	ADJ
fsr-3230	21	28	choice	choice	NOUN
fsr-3230	21	29	or	or	CCONJ
fsr-3230	21	30	statistical	statistical	ADJ
fsr-3230	21	31	imprecision	imprecision	NOUN
fsr-3230	21	32	of	of	ADP
fsr-3230	21	33	alpha	alpha	NOUN
fsr-3230	21	34	estimates	estimate	NOUN
fsr-3230	21	35	.	.	PUNCT
fsr-3230	22	1	using	use	VERB
fsr-3230	22	2	another	another	DET
fsr-3230	22	3	strategy	strategy	NOUN
fsr-3230	22	4	to	to	PART
fsr-3230	22	5	obtain	obtain	VERB
fsr-3230	22	6	performance	performance	NOUN
fsr-3230	22	7	bounds	bound	NOUN
fsr-3230	22	8	,	,	PUNCT
fsr-3230	22	9	chrétien	chrétien	NOUN
fsr-3230	22	10	and	and	CCONJ
fsr-3230	22	11	kammoun	kammoun	PROPN
fsr-3230	22	12	(	(	PUNCT
fsr-3230	22	13	2017	2017	NUM
fsr-3230	22	14	)	)	PUNCT
fsr-3230	22	15	find	find	VERB
fsr-3230	22	16	that	that	SCONJ
fsr-3230	22	17	a	a	DET
fsr-3230	22	18	positive	positive	ADJ
fsr-3230	22	19	alpha	alpha	NOUN
fsr-3230	22	20	exists	exist	VERB
fsr-3230	22	21	for	for	ADP
fsr-3230	22	22	some	some	DET
fsr-3230	22	23	clienteles	clientele	NOUN
fsr-3230	22	24	for	for	ADP
fsr-3230	22	25	most	most	ADJ
fsr-3230	22	26	funds	fund	NOUN
fsr-3230	22	27	and	and	CCONJ
fsr-3230	22	28	that	that	DET
fsr-3230	22	29	disagreement	disagreement	NOUN
fsr-3230	22	30	is	be	AUX
fsr-3230	22	31	large	large	ADJ
fsr-3230	22	32	enough	enough	ADV
fsr-3230	22	33	to	to	PART
fsr-3230	22	34	change	change	VERB
fsr-3230	22	35	the	the	DET
fsr-3230	22	36	average	average	ADJ
fsr-3230	22	37	alpha	alpha	NOUN
fsr-3230	22	38	of	of	ADP
fsr-3230	22	39	the	the	DET
fsr-3230	22	40	fund	fund	NOUN
fsr-3230	22	41	industry	industry	NOUN
fsr-3230	22	42	from	from	ADP
fsr-3230	22	43	negative	negative	ADJ
fsr-3230	22	44	to	to	ADP
fsr-3230	22	45	positive	positive	ADJ
fsr-3230	22	46	,	,	PUNCT
fsr-3230	22	47	depending	depend	VERB
fsr-3230	22	48	on	on	ADP
fsr-3230	22	49	the	the	DET
fsr-3230	22	50	clienteles	clientele	NOUN
fsr-3230	22	51	.	.	PUNCT
fsr-3230	23	1	given	give	VERB
fsr-3230	23	2	that	that	DET
fsr-3230	23	3	investor	investor	NOUN
fsr-3230	23	4	disagreement	disagreement	NOUN
fsr-3230	23	5	is	be	AUX
fsr-3230	23	6	one	one	NUM
fsr-3230	23	7	of	of	ADP
fsr-3230	23	8	the	the	DET
fsr-3230	23	9	current	current	ADJ
fsr-3230	23	10	important	important	ADJ
fsr-3230	23	11	challenges	challenge	NOUN
fsr-3230	23	12	in	in	ADP
fsr-3230	23	13	fund	fund	NOUN
fsr-3230	23	14	evaluation	evaluation	NOUN
fsr-3230	23	15	(	(	PUNCT
fsr-3230	23	16	ferson	ferson	NOUN
fsr-3230	23	17	,	,	PUNCT
fsr-3230	23	18	2010	2010	NUM
fsr-3230	23	19	)	)	PUNCT
fsr-3230	23	20	,	,	PUNCT
fsr-3230	23	21	this	this	DET
fsr-3230	23	22	paper	paper	NOUN
fsr-3230	23	23	aims	aim	VERB
fsr-3230	23	24	to	to	PART
fsr-3230	23	25	understand	understand	VERB
fsr-3230	23	26	better	well	ADJ
fsr-3230	23	27	the	the	DET
fsr-3230	23	28	reasons	reason	NOUN
fsr-3230	23	29	for	for	ADP
fsr-3230	23	30	disagreement	disagreement	NOUN
fsr-3230	23	31	and	and	CCONJ
fsr-3230	23	32	its	its	PRON
fsr-3230	23	33	effects	effect	NOUN
fsr-3230	23	34	on	on	ADP
fsr-3230	23	35	behavior	behavior	NOUN
fsr-3230	23	36	.	.	PUNCT
fsr-3230	24	1	specifically	specifically	ADV
fsr-3230	24	2	,	,	PUNCT
fsr-3230	24	3	we	we	PRON
fsr-3230	24	4	provide	provide	VERB
fsr-3230	24	5	an	an	DET
fsr-3230	24	6	in	in	ADP
fsr-3230	24	7	-	-	PUNCT
fsr-3230	24	8	depth	depth	NOUN
fsr-3230	24	9	characterization	characterization	NOUN
fsr-3230	24	10	of	of	ADP
fsr-3230	24	11	disagreement	disagreement	NOUN
fsr-3230	24	12	in	in	ADP
fsr-3230	24	13	equity	equity	NOUN
fsr-3230	24	14	mutual	mutual	ADJ
fsr-3230	24	15	funds	fund	NOUN
fsr-3230	24	16	by	by	ADP
fsr-3230	24	17	comparing	compare	VERB
fsr-3230	24	18	both	both	DET
fsr-3230	24	19	existing	exist	VERB
fsr-3230	24	20	measurement	measurement	NOUN
fsr-3230	24	21	strategies	strategy	NOUN
fsr-3230	24	22	and	and	CCONJ
fsr-3230	24	23	documenting	document	VERB
fsr-3230	24	24	the	the	DET
fsr-3230	24	25	relations	relation	NOUN
fsr-3230	24	26	between	between	ADP
fsr-3230	24	27	disagreement	disagreement	NOUN
fsr-3230	24	28	and	and	CCONJ
fsr-3230	24	29	fund	fund	NOUN
fsr-3230	24	30	characteristics	characteristic	NOUN
fsr-3230	24	31	,	,	PUNCT
fsr-3230	24	32	active	active	ADJ
fsr-3230	24	33	management	management	NOUN
fsr-3230	24	34	level	level	NOUN
fsr-3230	24	35	and	and	CCONJ
fsr-3230	24	36	fund	fund	NOUN
fsr-3230	24	37	flows	flow	NOUN
fsr-3230	24	38	.	.	PUNCT
fsr-3230	25	1	our	our	PRON
fsr-3230	25	2	analysis	analysis	NOUN
fsr-3230	25	3	has	have	VERB
fsr-3230	25	4	three	three	NUM
fsr-3230	25	5	steps	step	NOUN
fsr-3230	25	6	.	.	PUNCT
fsr-3230	26	1	first	first	ADV
fsr-3230	26	2	,	,	PUNCT
fsr-3230	26	3	we	we	PRON
fsr-3230	26	4	propose	propose	VERB
fsr-3230	26	5	a	a	DET
fsr-3230	26	6	unified	unified	ADJ
fsr-3230	26	7	framework	framework	NOUN
fsr-3230	26	8	that	that	PRON
fsr-3230	26	9	allows	allow	VERB
fsr-3230	26	10	for	for	ADP
fsr-3230	26	11	heterogeneity	heterogeneity	NOUN
fsr-3230	26	12	in	in	ADP
fsr-3230	26	13	beliefs	belief	NOUN
fsr-3230	26	14	and	and	CCONJ
fsr-3230	26	15	preferences	preference	NOUN
fsr-3230	26	16	,	,	PUNCT
fsr-3230	26	17	and	and	CCONJ
fsr-3230	26	18	in	in	ADP
fsr-3230	26	19	which	which	PRON
fsr-3230	26	20	existing	exist	VERB
fsr-3230	26	21	strategies	strategy	NOUN
fsr-3230	26	22	for	for	ADP
fsr-3230	26	23	measuring	measure	VERB
fsr-3230	26	24	disagreement	disagreement	NOUN
fsr-3230	26	25	can	can	AUX
fsr-3230	26	26	be	be	AUX
fsr-3230	26	27	reconciled	reconcile	VERB
fsr-3230	26	28	.	.	PUNCT
fsr-3230	27	1	although	although	SCONJ
fsr-3230	27	2	ferson	ferson	PROPN
fsr-3230	27	3	and	and	CCONJ
fsr-3230	27	4	lin	lin	PROPN
fsr-3230	27	5	(	(	PUNCT
fsr-3230	27	6	2014	2014	NUM
fsr-3230	27	7	)	)	PUNCT
fsr-3230	27	8	and	and	CCONJ
fsr-3230	27	9	chrétien	chrétien	NOUN
fsr-3230	27	10	and	and	CCONJ
fsr-3230	27	11	kammoun	kammoun	PROPN
fsr-3230	27	12	(	(	PUNCT
fsr-3230	27	13	2017	2017	NUM
fsr-3230	27	14	)	)	PUNCT
fsr-3230	27	15	provide	provide	VERB
fsr-3230	27	16	two	two	NUM
fsr-3230	27	17	different	different	ADJ
fsr-3230	27	18	bounds	bound	NOUN
fsr-3230	27	19	on	on	ADP
fsr-3230	27	20	investor	investor	NOUN
fsr-3230	27	21	disagreement	disagreement	NOUN
fsr-3230	27	22	because	because	SCONJ
fsr-3230	27	23	they	they	PRON
fsr-3230	27	24	rely	rely	VERB
fsr-3230	27	25	on	on	ADP
fsr-3230	27	26	different	different	ADJ
fsr-3230	27	27	restrictions	restriction	NOUN
fsr-3230	27	28	on	on	ADP
fsr-3230	27	29	stochastic	stochastic	ADJ
fsr-3230	27	30	discount	discount	NOUN
fsr-3230	27	31	factors	factor	NOUN
fsr-3230	27	32	,	,	PUNCT
fsr-3230	27	33	we	we	PRON
fsr-3230	27	34	derive	derive	VERB
fsr-3230	27	35	a	a	DET
fsr-3230	27	36	constraint	constraint	NOUN
fsr-3230	27	37	based	base	VERB
fsr-3230	27	38	on	on	ADP
fsr-3230	27	39	the	the	DET
fsr-3230	27	40	no	no	DET
fsr-3230	27	41	-	-	PUNCT
fsr-3230	27	42	good	good	ADJ
fsr-3230	27	43	-	-	PUNCT
fsr-3230	27	44	deal	deal	NOUN
fsr-3230	27	45	condition	condition	NOUN
fsr-3230	27	46	of	of	ADP
fsr-3230	27	47	cochrane	cochrane	NOUN
fsr-3230	27	48	and	and	CCONJ
fsr-3230	27	49	saá	saá	NOUN
fsr-3230	27	50	-	-	PUNCT
fsr-3230	27	51	requejo	requejo	NOUN
fsr-3230	27	52	(	(	PUNCT
fsr-3230	27	53	2000	2000	NUM
fsr-3230	27	54	)	)	PUNCT
fsr-3230	27	55	that	that	PRON
fsr-3230	27	56	implies	imply	VERB
fsr-3230	27	57	their	their	PRON
fsr-3230	27	58	equivalence	equivalence	NOUN
fsr-3230	27	59	.	.	PUNCT
fsr-3230	28	1	second	second	ADJ
fsr-3230	28	2	,	,	PUNCT
fsr-3230	28	3	we	we	PRON
fsr-3230	28	4	develop	develop	VERB
fsr-3230	28	5	testable	testable	ADJ
fsr-3230	28	6	hypotheses	hypothesis	NOUN
fsr-3230	28	7	on	on	ADP
fsr-3230	28	8	the	the	DET
fsr-3230	28	9	signs	sign	NOUN
fsr-3230	28	10	of	of	ADP
fsr-3230	28	11	the	the	DET
fsr-3230	28	12	relations	relation	NOUN
fsr-3230	28	13	between	between	ADP
fsr-3230	28	14	disagreement	disagreement	NOUN
fsr-3230	28	15	and	and	CCONJ
fsr-3230	28	16	variables	variable	NOUN
fsr-3230	28	17	capturing	capture	VERB
fsr-3230	28	18	fund	fund	NOUN
fsr-3230	28	19	characteristics	characteristic	NOUN
fsr-3230	28	20	,	,	PUNCT
fsr-3230	28	21	active	active	ADJ
fsr-3230	28	22	management	management	NOUN
fsr-3230	28	23	level	level	NOUN
fsr-3230	28	24	and	and	CCONJ
fsr-3230	28	25	fund	fund	NOUN
fsr-3230	28	26	flows	flow	NOUN
fsr-3230	28	27	.	.	PUNCT
fsr-3230	29	1	to	to	PART
fsr-3230	29	2	obtain	obtain	VERB
fsr-3230	29	3	economic	economic	ADJ
fsr-3230	29	4	predictions	prediction	NOUN
fsr-3230	29	5	,	,	PUNCT
fsr-3230	29	6	we	we	PRON
fsr-3230	29	7	exploit	exploit	VERB
fsr-3230	29	8	our	our	PRON
fsr-3230	29	9	theoretical	theoretical	ADJ
fsr-3230	29	10	results	result	NOUN
fsr-3230	29	11	on	on	ADP
fsr-3230	29	12	the	the	DET
fsr-3230	29	13	sources	source	NOUN
fsr-3230	29	14	of	of	ADP
fsr-3230	29	15	disagreement	disagreement	NOUN
fsr-3230	29	16	and	and	CCONJ
fsr-3230	29	17	the	the	DET
fsr-3230	29	18	findings	finding	NOUN
fsr-3230	29	19	from	from	ADP
fsr-3230	29	20	the	the	DET
fsr-3230	29	21	literature	literature	NOUN
fsr-3230	29	22	on	on	ADP
fsr-3230	29	23	the	the	DET
fsr-3230	29	24	link	link	NOUN
fsr-3230	29	25	between	between	ADP
fsr-3230	29	26	performance	performance	NOUN
fsr-3230	29	27	and	and	CCONJ
fsr-3230	29	28	these	these	DET
fsr-3230	29	29	variables	variable	NOUN
fsr-3230	29	30	.	.	PUNCT
fsr-3230	30	1	third	third	ADV
fsr-3230	30	2	,	,	PUNCT
fsr-3230	30	3	we	we	PRON
fsr-3230	30	4	empirically	empirically	ADV
fsr-3230	30	5	document	document	VERB
fsr-3230	30	6	the	the	DET
fsr-3230	30	7	sign	sign	NOUN
fsr-3230	30	8	and	and	CCONJ
fsr-3230	30	9	significance	significance	NOUN
fsr-3230	30	10	of	of	ADP
fsr-3230	30	11	the	the	DET
fsr-3230	30	12	relations	relation	NOUN
fsr-3230	30	13	and	and	CCONJ
fsr-3230	30	14	examine	examine	VERB
fsr-3230	30	15	if	if	SCONJ
fsr-3230	30	16	they	they	PRON
fsr-3230	30	17	are	be	AUX
fsr-3230	30	18	consistent	consistent	ADJ
fsr-3230	30	19	with	with	ADP
fsr-3230	30	20	our	our	PRON
fsr-3230	30	21	hypotheses	hypothesis	NOUN
fsr-3230	30	22	.	.	PUNCT
fsr-3230	31	1	our	our	PRON
fsr-3230	31	2	tests	test	NOUN
fsr-3230	31	3	rely	rely	VERB
fsr-3230	31	4	mainly	mainly	ADV
fsr-3230	31	5	on	on	ADP
fsr-3230	31	6	the	the	DET
fsr-3230	31	7	estimation	estimation	NOUN
fsr-3230	31	8	of	of	ADP
fsr-3230	31	9	standard	standard	ADJ
fsr-3230	31	10	panel	panel	NOUN
fsr-3230	31	11	regressions	regression	NOUN
fsr-3230	31	12	.	.	PUNCT
fsr-3230	32	1	we	we	PRON
fsr-3230	32	2	use	use	VERB
fsr-3230	32	3	a	a	DET
fsr-3230	32	4	sample	sample	NOUN
fsr-3230	32	5	of	of	ADP
fsr-3230	32	6	2791	2791	NUM
fsr-3230	32	7	actively	actively	ADV
fsr-3230	32	8	-	-	PUNCT
fsr-3230	32	9	managed	manage	VERB
fsr-3230	32	10	open	open	ADV
fsr-3230	32	11	-	-	PUNCT
fsr-3230	32	12	ended	end	VERB
fsr-3230	32	13	u.s	u.s	PROPN
fsr-3230	32	14	.	.	PROPN
fsr-3230	32	15	equity	equity	NOUN
fsr-3230	32	16	mutual	mutual	ADJ
fsr-3230	32	17	funds	fund	NOUN
fsr-3230	32	18	with	with	ADP
fsr-3230	32	19	returns	return	NOUN
fsr-3230	32	20	from	from	ADP
fsr-3230	32	21	1984	1984	NUM
fsr-3230	32	22	to	to	ADP
fsr-3230	32	23	2016	2016	NUM
fsr-3230	32	24	to	to	PART
fsr-3230	32	25	estimate	estimate	VERB
fsr-3230	32	26	disagreement	disagreement	NOUN
fsr-3230	32	27	with	with	ADP
fsr-3230	32	28	the	the	DET
fsr-3230	32	29	generalized	generalized	ADJ
fsr-3230	32	30	method	method	NOUN
fsr-3230	32	31	of	of	ADP
fsr-3230	32	32	moments	moment	NOUN
fsr-3230	32	33	.	.	PUNCT
fsr-3230	33	1	we	we	PRON
fsr-3230	33	2	show	show	VERB
fsr-3230	33	3	that	that	SCONJ
fsr-3230	33	4	our	our	PRON
fsr-3230	33	5	results	result	NOUN
fsr-3230	33	6	are	be	AUX
fsr-3230	33	7	similar	similar	ADJ
fsr-3230	33	8	for	for	ADP
fsr-3230	33	9	both	both	DET
fsr-3230	33	10	disagreement	disagreement	NOUN
fsr-3230	33	11	measures	measure	NOUN
fsr-3230	33	12	,	,	PUNCT
fsr-3230	33	13	and	and	CCONJ
fsr-3230	33	14	are	be	AUX
fsr-3230	33	15	robust	robust	ADJ
fsr-3230	33	16	to	to	ADP
fsr-3230	33	17	various	various	ADJ
fsr-3230	33	18	regression	regression	NOUN
fsr-3230	33	19	specifications	specification	NOUN
fsr-3230	33	20	and	and	CCONJ
fsr-3230	33	21	methodological	methodological	ADJ
fsr-3230	33	22	choices	choice	NOUN
fsr-3230	33	23	.	.	PUNCT
fsr-3230	34	1	what	what	PRON
fsr-3230	34	2	types	type	NOUN
fsr-3230	34	3	of	of	ADP
fsr-3230	34	4	funds	fund	NOUN
fsr-3230	34	5	are	be	AUX
fsr-3230	34	6	the	the	DET
fsr-3230	34	7	most	most	ADV
fsr-3230	34	8	subject	subject	ADJ
fsr-3230	34	9	to	to	ADP
fsr-3230	34	10	disagreement	disagreement	NOUN
fsr-3230	34	11	?	?	PUNCT
fsr-3230	35	1	our	our	PRON
fsr-3230	35	2	empirical	empirical	ADJ
fsr-3230	35	3	results	result	NOUN
fsr-3230	35	4	find	find	VERB
fsr-3230	35	5	significant	significant	ADJ
fsr-3230	35	6	relations	relation	NOUN
fsr-3230	35	7	between	between	ADP
fsr-3230	35	8	disagreement	disagreement	NOUN
fsr-3230	35	9	and	and	CCONJ
fsr-3230	35	10	numerous	numerous	ADJ
fsr-3230	35	11	fund	fund	NOUN
fsr-3230	35	12	characteristics	characteristic	NOUN
fsr-3230	35	13	.	.	PUNCT
fsr-3230	36	1	investors	investor	NOUN
fsr-3230	36	2	disagree	disagree	VERB
fsr-3230	36	3	more	more	ADV
fsr-3230	36	4	on	on	ADP
fsr-3230	36	5	their	their	PRON
fsr-3230	36	6	evaluation	evaluation	NOUN
fsr-3230	36	7	of	of	ADP
fsr-3230	36	8	funds	fund	NOUN
fsr-3230	36	9	with	with	ADP
fsr-3230	36	10	higher	high	ADJ
fsr-3230	36	11	expenses	expense	NOUN
fsr-3230	36	12	,	,	PUNCT
fsr-3230	36	13	turnover	turnover	NOUN
fsr-3230	36	14	,	,	PUNCT
fsr-3230	36	15	longevity	longevity	NOUN
fsr-3230	36	16	,	,	PUNCT
fsr-3230	36	17	management	management	NOUN
fsr-3230	36	18	fees	fee	NOUN
fsr-3230	36	19	and	and	CCONJ
fsr-3230	36	20	cost	cost	NOUN
fsr-3230	36	21	of	of	ADP
fsr-3230	36	22	bundled	bundled	ADJ
fsr-3230	36	23	services	service	NOUN
fsr-3230	36	24	,	,	PUNCT
fsr-3230	36	25	lower	low	ADJ
fsr-3230	36	26	manager	manager	NOUN
fsr-3230	36	27	tenure	tenure	NOUN
fsr-3230	36	28	,	,	PUNCT
fsr-3230	36	29	size	size	NOUN
fsr-3230	36	30	and	and	CCONJ
fsr-3230	36	31	dividend	dividend	NOUN
fsr-3230	36	32	yield	yield	NOUN
fsr-3230	36	33	,	,	PUNCT
fsr-3230	36	34	and	and	CCONJ
fsr-3230	36	35	that	that	PRON
fsr-3230	36	36	are	be	AUX
fsr-3230	36	37	part	part	NOUN
fsr-3230	36	38	of	of	ADP
fsr-3230	36	39	larger	large	ADJ
fsr-3230	36	40	fund	fund	NOUN
fsr-3230	36	41	complexes	complex	NOUN
fsr-3230	36	42	and	and	CCONJ
fsr-3230	36	43	follow	follow	VERB
fsr-3230	36	44	riskier	risky	ADJ
fsr-3230	36	45	investment	investment	NOUN
fsr-3230	36	46	style	style	NOUN
fsr-3230	36	47	strategies	strategy	NOUN
fsr-3230	36	48	.	.	PUNCT
fsr-3230	37	1	thus	thus	ADV
fsr-3230	37	2	,	,	PUNCT
fsr-3230	37	3	heterogeneous	heterogeneous	ADJ
fsr-3230	37	4	investors	investor	NOUN
fsr-3230	37	5	do	do	AUX
fsr-3230	37	6	not	not	PART
fsr-3230	37	7	value	value	VERB
fsr-3230	37	8	similarly	similarly	ADV
fsr-3230	37	9	funds	fund	NOUN
fsr-3230	37	10	that	that	PRON
fsr-3230	37	11	represent	represent	VERB
fsr-3230	37	12	somewhat	somewhat	ADV
fsr-3230	37	13	risky	risky	ADJ
fsr-3230	37	14	financial	financial	ADJ
fsr-3230	37	15	products	product	NOUN
fsr-3230	37	16	(	(	PUNCT
fsr-3230	37	17	i.e.	i.e.	X
fsr-3230	37	18	,	,	PUNCT
fsr-3230	37	19	funds	fund	NOUN
fsr-3230	37	20	that	that	PRON
fsr-3230	37	21	are	be	AUX
fsr-3230	37	22	small	small	ADJ
fsr-3230	37	23	,	,	PUNCT
fsr-3230	37	24	with	with	ADP
fsr-3230	37	25	young	young	ADJ
fsr-3230	37	26	managers	manager	NOUN
fsr-3230	37	27	and	and	CCONJ
fsr-3230	37	28	with	with	ADP
fsr-3230	37	29	an	an	DET
fsr-3230	37	30	aggressive	aggressive	ADJ
fsr-3230	37	31	and	and	CCONJ
fsr-3230	37	32	costly	costly	ADJ
fsr-3230	37	33	active	active	ADJ
fsr-3230	37	34	trading	trading	NOUN
fsr-3230	37	35	strategy	strategy	NOUN
fsr-3230	37	36	)	)	PUNCT
fsr-3230	37	37	that	that	PRON
fsr-3230	37	38	are	be	AUX
fsr-3230	37	39	well	well	ADV
fsr-3230	37	40	supported	support	VERB
fsr-3230	37	41	by	by	ADP
fsr-3230	37	42	their	their	PRON
fsr-3230	37	43	organization	organization	NOUN
fsr-3230	37	44	(	(	PUNCT
fsr-3230	37	45	i.e.	i.e.	X
fsr-3230	37	46	,	,	PUNCT
fsr-3230	37	47	funds	fund	NOUN
fsr-3230	37	48	with	with	ADP
fsr-3230	37	49	a	a	DET
fsr-3230	37	50	long	long	ADJ
fsr-3230	37	51	existence	existence	NOUN
fsr-3230	37	52	and	and	CCONJ
fsr-3230	37	53	within	within	ADP
fsr-3230	37	54	a	a	DET
fsr-3230	37	55	large	large	ADJ
fsr-3230	37	56	family	family	NOUN
fsr-3230	37	57	)	)	PUNCT
fsr-3230	37	58	.	.	PUNCT
fsr-3230	38	1	what	what	PRON
fsr-3230	38	2	is	be	AUX
fsr-3230	38	3	the	the	DET
fsr-3230	38	4	effect	effect	NOUN
fsr-3230	38	5	of	of	ADP
fsr-3230	38	6	the	the	DET
fsr-3230	38	7	level	level	NOUN
fsr-3230	38	8	of	of	ADP
fsr-3230	38	9	active	active	ADJ
fsr-3230	38	10	management	management	NOUN
fsr-3230	38	11	on	on	ADP
fsr-3230	38	12	disagreement	disagreement	NOUN
fsr-3230	38	13	?	?	PUNCT
fsr-3230	39	1	by	by	ADP
fsr-3230	39	2	taking	take	VERB
fsr-3230	39	3	active	active	ADJ
fsr-3230	39	4	risk	risk	NOUN
fsr-3230	39	5	,	,	PUNCT
fsr-3230	39	6	managers	manager	NOUN
fsr-3230	39	7	can	can	AUX
fsr-3230	39	8	construct	construct	VERB
fsr-3230	39	9	portfolios	portfolio	NOUN
fsr-3230	39	10	that	that	PRON
fsr-3230	39	11	differ	differ	VERB
fsr-3230	39	12	greatly	greatly	ADV
fsr-3230	39	13	for	for	ADP
fsr-3230	39	14	their	their	PRON
fsr-3230	39	15	benchmarks	benchmark	NOUN
fsr-3230	39	16	.	.	PUNCT
fsr-3230	40	1	such	such	ADJ
fsr-3230	40	2	relatively	relatively	ADV
fsr-3230	40	3	unique	unique	ADJ
fsr-3230	40	4	opportunities	opportunity	NOUN
fsr-3230	40	5	allow	allow	VERB
fsr-3230	40	6	for	for	ADP
fsr-3230	40	7	greater	great	ADJ
fsr-3230	40	8	disagreement	disagreement	NOUN
fsr-3230	40	9	by	by	ADP
fsr-3230	40	10	heterogeneous	heterogeneous	ADJ
fsr-3230	40	11	investors	investor	NOUN
fsr-3230	40	12	who	who	PRON
fsr-3230	40	13	price	price	VERB
fsr-3230	40	14	differently	differently	ADV
fsr-3230	40	15	the	the	DET
fsr-3230	40	16	part	part	NOUN
fsr-3230	40	17	of	of	ADP
fsr-3230	40	18	returns	return	NOUN
fsr-3230	40	19	not	not	PART
fsr-3230	40	20	easily	easily	ADV
fsr-3230	40	21	replicated	replicate	VERB
fsr-3230	40	22	by	by	ADP
fsr-3230	40	23	passive	passive	ADJ
fsr-3230	40	24	portfolios	portfolio	NOUN
fsr-3230	40	25	.	.	PUNCT
fsr-3230	41	1	our	our	PRON
fsr-3230	41	2	results	result	NOUN
fsr-3230	41	3	confirm	confirm	VERB
fsr-3230	41	4	that	that	SCONJ
fsr-3230	41	5	future	future	ADJ
fsr-3230	41	6	disagreement	disagreement	NOUN
fsr-3230	41	7	is	be	AUX
fsr-3230	41	8	positively	positively	ADV
fsr-3230	41	9	related	relate	VERB
fsr-3230	41	10	to	to	ADP
fsr-3230	41	11	two	two	NUM
fsr-3230	41	12	variables	variable	NOUN
fsr-3230	41	13	aimed	aim	VERB
fsr-3230	41	14	to	to	PART
fsr-3230	41	15	capture	capture	VERB
fsr-3230	41	16	relevant	relevant	ADJ
fsr-3230	41	17	departures	departure	NOUN
fsr-3230	41	18	from	from	ADP
fsr-3230	41	19	benchmarks	benchmark	NOUN
fsr-3230	41	20	by	by	ADP
fsr-3230	41	21	active	active	ADJ
fsr-3230	41	22	managers	manager	NOUN
fsr-3230	41	23	:	:	PUNCT
fsr-3230	41	24	active	active	ADJ
fsr-3230	41	25	share	share	NOUN
fsr-3230	41	26	(	(	PUNCT
fsr-3230	41	27	cremers	cremer	NOUN
fsr-3230	41	28	&	&	CCONJ
fsr-3230	41	29	petajisto	petajisto	PROPN
fsr-3230	41	30	,	,	PUNCT
fsr-3230	41	31	2009	2009	NUM
fsr-3230	41	32	)	)	PUNCT
fsr-3230	41	33	and	and	CCONJ
fsr-3230	41	34	asset	asset	NOUN
fsr-3230	41	35	selectivity	selectivity	NOUN
fsr-3230	41	36	(	(	PUNCT
fsr-3230	41	37	amihud	amihud	PROPN
fsr-3230	41	38	&	&	CCONJ
fsr-3230	41	39	goyenko	goyenko	PROPN
fsr-3230	41	40	,	,	PUNCT
fsr-3230	41	41	2013	2013	NUM
fsr-3230	41	42	)	)	PUNCT
fsr-3230	41	43	.	.	PUNCT
fsr-3230	42	1	average	average	ADJ
fsr-3230	42	2	disagreement	disagreement	NOUN
fsr-3230	42	3	is	be	AUX
fsr-3230	42	4	more	more	ADJ
fsr-3230	42	5	than	than	ADP
fsr-3230	42	6	twice	twice	ADV
fsr-3230	42	7	as	as	ADV
fsr-3230	42	8	large	large	ADJ
fsr-3230	42	9	for	for	ADP
fsr-3230	42	10	funds	fund	NOUN
fsr-3230	42	11	in	in	ADP
fsr-3230	42	12	the	the	DET
fsr-3230	42	13	top	top	NOUN
fsr-3230	42	14	versus	versus	ADP
fsr-3230	42	15	bottom	bottom	ADJ
fsr-3230	42	16	deciles	decile	NOUN
fsr-3230	42	17	of	of	ADP
fsr-3230	42	18	asset	asset	NOUN
fsr-3230	42	19	selectivity	selectivity	NOUN
fsr-3230	42	20	or	or	CCONJ
fsr-3230	42	21	active	active	ADJ
fsr-3230	42	22	share	share	NOUN
fsr-3230	42	23	.	.	PUNCT
fsr-3230	43	1	what	what	PRON
fsr-3230	43	2	is	be	AUX
fsr-3230	43	3	the	the	DET
fsr-3230	43	4	impact	impact	NOUN
fsr-3230	43	5	of	of	ADP
fsr-3230	43	6	disagreement	disagreement	NOUN
fsr-3230	43	7	on	on	ADP
fsr-3230	43	8	the	the	DET
fsr-3230	43	9	net	net	ADJ
fsr-3230	43	10	demands	demand	NOUN
fsr-3230	43	11	for	for	ADP
fsr-3230	43	12	funds	fund	NOUN
fsr-3230	43	13	?	?	PUNCT
fsr-3230	44	1	high	high	ADJ
fsr-3230	44	2	disagreement	disagreement	NOUN
fsr-3230	44	3	is	be	AUX
fsr-3230	44	4	associated	associate	VERB
fsr-3230	44	5	with	with	ADP
fsr-3230	44	6	large	large	ADJ
fsr-3230	44	7	valuation	valuation	NOUN
fsr-3230	44	8	discrepancies	discrepancy	NOUN
fsr-3230	44	9	.	.	PUNCT
fsr-3230	45	1	favorable	favorable	ADJ
fsr-3230	45	2	evaluations	evaluation	NOUN
fsr-3230	45	3	should	should	AUX
fsr-3230	45	4	lead	lead	VERB
fsr-3230	45	5	investors	investor	NOUN
fsr-3230	45	6	to	to	ADP
fsr-3230	45	7	large	large	ADJ
fsr-3230	45	8	demands	demand	NOUN
fsr-3230	45	9	for	for	ADP
fsr-3230	45	10	funds	fund	NOUN
fsr-3230	45	11	,	,	PUNCT
fsr-3230	45	12	but	but	CCONJ
fsr-3230	45	13	unfavorable	unfavorable	ADJ
fsr-3230	45	14	ones	one	NOUN
fsr-3230	45	15	should	should	AUX
fsr-3230	45	16	lead	lead	VERB
fsr-3230	45	17	to	to	ADP
fsr-3230	45	18	no	no	DET
fsr-3230	45	19	demand	demand	NOUN
fsr-3230	45	20	because	because	SCONJ
fsr-3230	45	21	investors	investor	NOUN
fsr-3230	45	22	can	can	AUX
fsr-3230	45	23	not	not	PART
fsr-3230	45	24	sell	sell	VERB
fsr-3230	45	25	the	the	DET
fsr-3230	45	26	funds	fund	NOUN
fsr-3230	45	27	short	short	ADJ
fsr-3230	45	28	(	(	PUNCT
fsr-3230	45	29	ferson	ferson	PROPN
fsr-3230	45	30	&	&	CCONJ
fsr-3230	45	31	lin	lin	PROPN
fsr-3230	45	32	,	,	PUNCT
fsr-3230	45	33	2014	2014	NUM
fsr-3230	45	34	)	)	PUNCT
fsr-3230	45	35	.	.	PUNCT
fsr-3230	46	1	our	our	PRON
fsr-3230	46	2	results	result	NOUN
fsr-3230	46	3	support	support	VERB
fsr-3230	46	4	this	this	DET
fsr-3230	46	5	intuition	intuition	NOUN
fsr-3230	46	6	by	by	ADP
fsr-3230	46	7	finding	find	VERB
fsr-3230	46	8	a	a	DET
fsr-3230	46	9	chrétien	chrétien	NOUN
fsr-3230	46	10	&	&	CCONJ
fsr-3230	46	11	kammoun	kammoun	PROPN
fsr-3230	46	12	65	65	NUM
fsr-3230	46	13	positive	positive	ADJ
fsr-3230	46	14	and	and	CCONJ
fsr-3230	46	15	statistically	statistically	ADV
fsr-3230	46	16	significant	significant	ADJ
fsr-3230	46	17	relation	relation	NOUN
fsr-3230	46	18	between	between	ADP
fsr-3230	46	19	future	future	ADJ
fsr-3230	46	20	net	net	ADJ
fsr-3230	46	21	fund	fund	NOUN
fsr-3230	46	22	flows	flow	NOUN
fsr-3230	46	23	and	and	CCONJ
fsr-3230	46	24	disagreement	disagreement	NOUN
fsr-3230	46	25	.	.	PUNCT
fsr-3230	47	1	a	a	DET
fsr-3230	47	2	one	one	NUM
fsr-3230	47	3	standard	standard	ADJ
fsr-3230	47	4	deviation	deviation	NOUN
fsr-3230	47	5	increase	increase	NOUN
fsr-3230	47	6	in	in	ADP
fsr-3230	47	7	disagreement	disagreement	NOUN
fsr-3230	47	8	leads	lead	VERB
fsr-3230	47	9	to	to	ADP
fsr-3230	47	10	an	an	DET
fsr-3230	47	11	approximate	approximate	ADJ
fsr-3230	47	12	rise	rise	NOUN
fsr-3230	47	13	in	in	ADP
fsr-3230	47	14	net	net	ADJ
fsr-3230	47	15	fund	fund	NOUN
fsr-3230	47	16	flows	flow	NOUN
fsr-3230	47	17	of	of	ADP
fsr-3230	47	18	0.80	0.80	NUM
fsr-3230	47	19	%	%	NOUN
fsr-3230	47	20	over	over	ADP
fsr-3230	47	21	the	the	DET
fsr-3230	47	22	next	next	ADJ
fsr-3230	47	23	quarter	quarter	NOUN
fsr-3230	47	24	.	.	PUNCT
fsr-3230	48	1	thus	thus	ADV
fsr-3230	48	2	,	,	PUNCT
fsr-3230	48	3	favorable	favorable	ADJ
fsr-3230	48	4	evaluations	evaluation	NOUN
fsr-3230	48	5	by	by	ADP
fsr-3230	48	6	some	some	DET
fsr-3230	48	7	clienteles	clientele	NOUN
fsr-3230	48	8	could	could	AUX
fsr-3230	48	9	explain	explain	VERB
fsr-3230	48	10	the	the	DET
fsr-3230	48	11	positive	positive	ADJ
fsr-3230	48	12	demands	demand	NOUN
fsr-3230	48	13	for	for	ADP
fsr-3230	48	14	funds	fund	NOUN
fsr-3230	48	15	with	with	ADP
fsr-3230	48	16	aggressive	aggressive	ADJ
fsr-3230	48	17	and	and	CCONJ
fsr-3230	48	18	costly	costly	ADJ
fsr-3230	48	19	active	active	ADJ
fsr-3230	48	20	trading	trading	NOUN
fsr-3230	48	21	strategies	strategy	NOUN
fsr-3230	48	22	.	.	PUNCT
fsr-3230	49	1	this	this	DET
fsr-3230	49	2	paper	paper	NOUN
fsr-3230	49	3	contributes	contribute	VERB
fsr-3230	49	4	to	to	ADP
fsr-3230	49	5	the	the	DET
fsr-3230	49	6	growing	grow	VERB
fsr-3230	49	7	evidence	evidence	NOUN
fsr-3230	49	8	on	on	ADP
fsr-3230	49	9	investor	investor	NOUN
fsr-3230	49	10	heterogeneity	heterogeneity	NOUN
fsr-3230	49	11	and	and	CCONJ
fsr-3230	49	12	clientele	clientele	NOUN
fsr-3230	49	13	effects	effect	NOUN
fsr-3230	49	14	in	in	ADP
fsr-3230	49	15	mutual	mutual	ADJ
fsr-3230	49	16	funds	fund	NOUN
fsr-3230	49	17	from	from	ADP
fsr-3230	49	18	studies	study	NOUN
fsr-3230	49	19	focusing	focus	VERB
fsr-3230	49	20	on	on	ADP
fsr-3230	49	21	specific	specific	ADJ
fsr-3230	49	22	kinds	kind	NOUN
fsr-3230	49	23	of	of	ADP
fsr-3230	49	24	clienteles	clientele	NOUN
fsr-3230	49	25	.	.	PUNCT
fsr-3230	50	1	for	for	ADP
fsr-3230	50	2	examples	example	NOUN
fsr-3230	50	3	,	,	PUNCT
fsr-3230	50	4	these	these	DET
fsr-3230	50	5	effects	effect	NOUN
fsr-3230	50	6	are	be	AUX
fsr-3230	50	7	related	relate	VERB
fsr-3230	50	8	to	to	ADP
fsr-3230	50	9	investor	investor	NOUN
fsr-3230	50	10	monitoring	monitoring	NOUN
fsr-3230	50	11	and	and	CCONJ
fsr-3230	50	12	investment	investment	NOUN
fsr-3230	50	13	advice	advice	NOUN
fsr-3230	50	14	(	(	PUNCT
fsr-3230	50	15	james	james	PROPN
fsr-3230	50	16	&	&	CCONJ
fsr-3230	50	17	karceski	karceski	PROPN
fsr-3230	50	18	,	,	PUNCT
fsr-3230	50	19	2006	2006	NUM
fsr-3230	50	20	,	,	PUNCT
fsr-3230	50	21	bergstresser	bergstresser	NOUN
fsr-3230	50	22	et	et	NOUN
fsr-3230	50	23	al	al	PROPN
fsr-3230	50	24	.	.	PROPN
fsr-3230	50	25	,	,	PUNCT
fsr-3230	50	26	2009	2009	NUM
fsr-3230	50	27	,	,	PUNCT
fsr-3230	50	28	evans	evans	PROPN
fsr-3230	50	29	&	&	CCONJ
fsr-3230	50	30	fahlenbrach	fahlenbrach	PROPN
fsr-3230	50	31	,	,	PUNCT
fsr-3230	50	32	2012	2012	NUM
fsr-3230	50	33	,	,	PUNCT
fsr-3230	50	34	del	del	PROPN
fsr-3230	50	35	guercio	guercio	PROPN
fsr-3230	50	36	and	and	CCONJ
fsr-3230	50	37	reuter	reuter	PROPN
fsr-3230	50	38	,	,	PUNCT
fsr-3230	50	39	2014	2014	NUM
fsr-3230	50	40	)	)	PUNCT
fsr-3230	50	41	,	,	PUNCT
fsr-3230	50	42	taxation	taxation	NOUN
fsr-3230	50	43	(	(	PUNCT
fsr-3230	50	44	ivković	ivković	NOUN
fsr-3230	50	45	and	and	CCONJ
fsr-3230	50	46	weisbenner	weisbenner	NOUN
fsr-3230	50	47	,	,	PUNCT
fsr-3230	50	48	2009	2009	NUM
fsr-3230	50	49	,	,	PUNCT
fsr-3230	50	50	sialm	sialm	NOUN
fsr-3230	50	51	and	and	CCONJ
fsr-3230	50	52	starks	stark	NOUN
fsr-3230	50	53	,	,	PUNCT
fsr-3230	50	54	2012	2012	NUM
fsr-3230	50	55	,	,	PUNCT
fsr-3230	50	56	sialm	sialm	NOUN
fsr-3230	50	57	and	and	CCONJ
fsr-3230	50	58	zhang	zhang	PROPN
fsr-3230	50	59	,	,	PUNCT
fsr-3230	50	60	2020	2020	NUM
fsr-3230	50	61	)	)	PUNCT
fsr-3230	50	62	,	,	PUNCT
fsr-3230	50	63	liquidity	liquidity	NOUN
fsr-3230	50	64	and	and	CCONJ
fsr-3230	50	65	dividend	dividend	NOUN
fsr-3230	50	66	demands	demand	NOUN
fsr-3230	50	67	(	(	PUNCT
fsr-3230	50	68	nanda	nanda	ADV
fsr-3230	50	69	et	et	PROPN
fsr-3230	50	70	al	al	PROPN
fsr-3230	50	71	.	.	PROPN
fsr-3230	50	72	,	,	PUNCT
fsr-3230	50	73	2000	2000	NUM
fsr-3230	50	74	,	,	PUNCT
fsr-3230	50	75	harris	harris	PROPN
fsr-3230	50	76	et	et	PROPN
fsr-3230	50	77	al	al	PROPN
fsr-3230	50	78	.	.	PROPN
fsr-3230	50	79	,	,	PUNCT
fsr-3230	50	80	2015	2015	NUM
fsr-3230	50	81	)	)	PUNCT
fsr-3230	50	82	,	,	PUNCT
fsr-3230	50	83	demographics	demographic	NOUN
fsr-3230	50	84	and	and	CCONJ
fsr-3230	50	85	investor	investor	NOUN
fsr-3230	50	86	sophistication	sophistication	NOUN
fsr-3230	50	87	(	(	PUNCT
fsr-3230	50	88	bailey	bailey	PROPN
fsr-3230	50	89	et	et	PROPN
fsr-3230	50	90	al	al	PROPN
fsr-3230	50	91	.	.	PROPN
fsr-3230	50	92	,	,	PUNCT
fsr-3230	50	93	2011	2011	NUM
fsr-3230	50	94	,	,	PUNCT
fsr-3230	50	95	evans	evan	NOUN
fsr-3230	50	96	and	and	CCONJ
fsr-3230	50	97	fahlenbrach	fahlenbrach	VERB
fsr-3230	50	98	,	,	PUNCT
fsr-3230	50	99	2012	2012	NUM
fsr-3230	50	100	)	)	PUNCT
fsr-3230	50	101	,	,	PUNCT
fsr-3230	50	102	and	and	CCONJ
fsr-3230	50	103	behavioral	behavioral	ADJ
fsr-3230	50	104	biases	bias	NOUN
fsr-3230	50	105	(	(	PUNCT
fsr-3230	50	106	barber	barber	PROPN
fsr-3230	50	107	et	et	PROPN
fsr-3230	50	108	al	al	PROPN
fsr-3230	50	109	.	.	PROPN
fsr-3230	50	110	,	,	PUNCT
fsr-3230	50	111	2005	2005	NUM
fsr-3230	50	112	,	,	PUNCT
fsr-3230	50	113	bailey	bailey	PROPN
fsr-3230	50	114	et	et	PROPN
fsr-3230	50	115	al	al	PROPN
fsr-3230	50	116	.	.	PROPN
fsr-3230	50	117	,	,	PUNCT
fsr-3230	50	118	2011	2011	NUM
fsr-3230	50	119	,	,	PUNCT
fsr-3230	50	120	massa	massa	NOUN
fsr-3230	50	121	and	and	CCONJ
fsr-3230	50	122	yadav	yadav	PROPN
fsr-3230	50	123	,	,	PUNCT
fsr-3230	50	124	2015	2015	NUM
fsr-3230	50	125	,	,	PUNCT
fsr-3230	50	126	kronlund	kronlund	NOUN
fsr-3230	50	127	et	et	PROPN
fsr-3230	50	128	al	al	PROPN
fsr-3230	50	129	.	.	PROPN
fsr-3230	50	130	,	,	PUNCT
fsr-3230	50	131	2021	2021	NUM
fsr-3230	50	132	)	)	PUNCT
fsr-3230	50	133	.	.	PUNCT
fsr-3230	51	1	many	many	ADJ
fsr-3230	51	2	of	of	ADP
fsr-3230	51	3	these	these	DET
fsr-3230	51	4	studies	study	NOUN
fsr-3230	51	5	can	can	AUX
fsr-3230	51	6	be	be	AUX
fsr-3230	51	7	categorized	categorize	VERB
fsr-3230	51	8	as	as	ADP
fsr-3230	51	9	using	use	VERB
fsr-3230	51	10	a	a	DET
fsr-3230	51	11	bottom	bottom	NOUN
fsr-3230	51	12	up	up	ADP
fsr-3230	51	13	analysis	analysis	NOUN
fsr-3230	51	14	,	,	PUNCT
fsr-3230	51	15	since	since	SCONJ
fsr-3230	51	16	they	they	PRON
fsr-3230	51	17	start	start	VERB
fsr-3230	51	18	from	from	ADP
fsr-3230	51	19	a	a	DET
fsr-3230	51	20	specific	specific	ADJ
fsr-3230	51	21	clientele	clientele	NOUN
fsr-3230	51	22	to	to	PART
fsr-3230	51	23	examine	examine	VERB
fsr-3230	51	24	its	its	PRON
fsr-3230	51	25	effects	effect	NOUN
fsr-3230	51	26	on	on	ADP
fsr-3230	51	27	funds	fund	NOUN
fsr-3230	51	28	.	.	PUNCT
fsr-3230	52	1	our	our	PRON
fsr-3230	52	2	paper	paper	NOUN
fsr-3230	52	3	follows	follow	VERB
fsr-3230	52	4	instead	instead	ADV
fsr-3230	52	5	a	a	DET
fsr-3230	52	6	distinctive	distinctive	ADJ
fsr-3230	52	7	top	top	NOUN
fsr-3230	52	8	down	down	ADP
fsr-3230	52	9	analysis	analysis	NOUN
fsr-3230	52	10	,	,	PUNCT
fsr-3230	52	11	as	as	SCONJ
fsr-3230	52	12	we	we	PRON
fsr-3230	52	13	use	use	VERB
fsr-3230	52	14	aggregate	aggregate	ADJ
fsr-3230	52	15	measures	measure	NOUN
fsr-3230	52	16	of	of	ADP
fsr-3230	52	17	disagreement	disagreement	NOUN
fsr-3230	52	18	that	that	PRON
fsr-3230	52	19	implicitly	implicitly	ADV
fsr-3230	52	20	consider	consider	VERB
fsr-3230	52	21	multiple	multiple	ADJ
fsr-3230	52	22	clienteles	clientele	NOUN
fsr-3230	52	23	.	.	PUNCT
fsr-3230	53	1	while	while	SCONJ
fsr-3230	53	2	the	the	DET
fsr-3230	53	3	focus	focus	NOUN
fsr-3230	53	4	of	of	ADP
fsr-3230	53	5	ferson	ferson	NOUN
fsr-3230	53	6	and	and	CCONJ
fsr-3230	53	7	lin	lin	PROPN
fsr-3230	53	8	(	(	PUNCT
fsr-3230	53	9	2014	2014	NUM
fsr-3230	53	10	)	)	PUNCT
fsr-3230	53	11	and	and	CCONJ
fsr-3230	53	12	chrétien	chrétien	NOUN
fsr-3230	53	13	and	and	CCONJ
fsr-3230	53	14	kammoun	kammoun	PROPN
fsr-3230	53	15	(	(	PUNCT
fsr-3230	53	16	2017	2017	NUM
fsr-3230	53	17	)	)	PUNCT
fsr-3230	53	18	is	be	AUX
fsr-3230	53	19	on	on	ADP
fsr-3230	53	20	developing	develop	VERB
fsr-3230	53	21	these	these	DET
fsr-3230	53	22	measures	measure	NOUN
fsr-3230	53	23	and	and	CCONJ
fsr-3230	53	24	finding	find	VERB
fsr-3230	53	25	their	their	PRON
fsr-3230	53	26	implications	implication	NOUN
fsr-3230	53	27	for	for	ADP
fsr-3230	53	28	performance	performance	NOUN
fsr-3230	53	29	evaluation	evaluation	NOUN
fsr-3230	53	30	,	,	PUNCT
fsr-3230	53	31	our	our	PRON
fsr-3230	53	32	paper	paper	NOUN
fsr-3230	53	33	is	be	AUX
fsr-3230	53	34	the	the	DET
fsr-3230	53	35	first	first	ADJ
fsr-3230	53	36	to	to	PART
fsr-3230	53	37	provide	provide	VERB
fsr-3230	53	38	a	a	DET
fsr-3230	53	39	comprehensive	comprehensive	ADJ
fsr-3230	53	40	examination	examination	NOUN
fsr-3230	53	41	of	of	ADP
fsr-3230	53	42	the	the	DET
fsr-3230	53	43	determinants	determinant	NOUN
fsr-3230	53	44	and	and	CCONJ
fsr-3230	53	45	impact	impact	NOUN
fsr-3230	53	46	on	on	ADP
fsr-3230	53	47	flows	flow	NOUN
fsr-3230	53	48	of	of	ADP
fsr-3230	53	49	aggregate	aggregate	ADJ
fsr-3230	53	50	disagreement	disagreement	NOUN
fsr-3230	53	51	.	.	PUNCT
fsr-3230	54	1	this	this	DET
fsr-3230	54	2	paper	paper	NOUN
fsr-3230	54	3	also	also	ADV
fsr-3230	54	4	adds	add	VERB
fsr-3230	54	5	to	to	ADP
fsr-3230	54	6	the	the	DET
fsr-3230	54	7	literature	literature	NOUN
fsr-3230	54	8	on	on	ADP
fsr-3230	54	9	understanding	understand	VERB
fsr-3230	54	10	the	the	DET
fsr-3230	54	11	effects	effect	NOUN
fsr-3230	54	12	of	of	ADP
fsr-3230	54	13	fund	fund	NOUN
fsr-3230	54	14	characteristics	characteristic	NOUN
fsr-3230	54	15	and	and	CCONJ
fsr-3230	54	16	investment	investment	NOUN
fsr-3230	54	17	strategies	strategy	NOUN
fsr-3230	54	18	,	,	PUNCT
fsr-3230	54	19	and	and	CCONJ
fsr-3230	54	20	the	the	DET
fsr-3230	54	21	reasons	reason	NOUN
fsr-3230	54	22	why	why	SCONJ
fsr-3230	54	23	money	money	NOUN
fsr-3230	54	24	flows	flow	VERB
fsr-3230	54	25	into	into	ADP
fsr-3230	54	26	and	and	CCONJ
fsr-3230	54	27	out	out	ADP
fsr-3230	54	28	of	of	ADP
fsr-3230	54	29	funds	fund	NOUN
fsr-3230	54	30	.	.	PUNCT
fsr-3230	55	1	ippolito	ippolito	PROPN
fsr-3230	55	2	(	(	PUNCT
fsr-3230	55	3	1989	1989	NUM
fsr-3230	55	4	,	,	PUNCT
fsr-3230	55	5	1992	1992	NUM
fsr-3230	55	6	)	)	PUNCT
fsr-3230	55	7	,	,	PUNCT
fsr-3230	55	8	elton	elton	PROPN
fsr-3230	55	9	et	et	PROPN
fsr-3230	55	10	al	al	PROPN
fsr-3230	55	11	.	.	PROPN
fsr-3230	55	12	(	(	PUNCT
fsr-3230	55	13	1993	1993	NUM
fsr-3230	55	14	)	)	PUNCT
fsr-3230	55	15	,	,	PUNCT
fsr-3230	55	16	gruber	gruber	NOUN
fsr-3230	55	17	(	(	PUNCT
fsr-3230	55	18	1996	1996	NUM
fsr-3230	55	19	)	)	PUNCT
fsr-3230	55	20	,	,	PUNCT
fsr-3230	55	21	carhart	carhart	NOUN
fsr-3230	55	22	(	(	PUNCT
fsr-3230	55	23	1997	1997	NUM
fsr-3230	55	24	)	)	PUNCT
fsr-3230	55	25	and	and	CCONJ
fsr-3230	55	26	sirri	sirri	NOUN
fsr-3230	55	27	and	and	CCONJ
fsr-3230	55	28	tufano	tufano	ADJ
fsr-3230	55	29	(	(	PUNCT
fsr-3230	55	30	1998	1998	NUM
fsr-3230	55	31	)	)	PUNCT
fsr-3230	55	32	are	be	AUX
fsr-3230	55	33	early	early	ADJ
fsr-3230	55	34	works	work	NOUN
fsr-3230	55	35	in	in	ADP
fsr-3230	55	36	this	this	DET
fsr-3230	55	37	literature	literature	NOUN
fsr-3230	55	38	.	.	PUNCT
fsr-3230	56	1	recent	recent	ADJ
fsr-3230	56	2	articles	article	NOUN
fsr-3230	56	3	include	include	VERB
fsr-3230	56	4	ferreira	ferreira	PROPN
fsr-3230	56	5	et	et	PROPN
fsr-3230	56	6	al	al	PROPN
fsr-3230	56	7	.	.	PROPN
fsr-3230	57	1	(	(	PUNCT
fsr-3230	57	2	2012	2012	NUM
fsr-3230	57	3	)	)	PUNCT
fsr-3230	58	1	,	,	PUNCT
fsr-3230	58	2	barber	barber	PROPN
fsr-3230	58	3	et	et	PROPN
fsr-3230	58	4	al	al	PROPN
fsr-3230	58	5	.	.	PUNCT
fsr-3230	59	1	(	(	PUNCT
fsr-3230	59	2	2016	2016	NUM
fsr-3230	59	3	)	)	PUNCT
fsr-3230	59	4	,	,	PUNCT
fsr-3230	59	5	3	3	NUM
fsr-3230	59	6	in	in	ADP
fsr-3230	59	7	this	this	DET
fsr-3230	59	8	setup	setup	NOUN
fsr-3230	59	9	,	,	PUNCT
fsr-3230	59	10	assuming	assume	VERB
fsr-3230	59	11	unbiased	unbiased	ADJ
fsr-3230	59	12	beliefs	belief	NOUN
fsr-3230	59	13	,	,	PUNCT
fsr-3230	59	14	𝑚𝑖	𝑚𝑖	NOUN
fsr-3230	59	15	corresponds	correspond	VERB
fsr-3230	59	16	to	to	ADP
fsr-3230	59	17	the	the	DET
fsr-3230	59	18	marginal	marginal	ADJ
fsr-3230	59	19	preference	preference	NOUN
fsr-3230	59	20	of	of	ADP
fsr-3230	59	21	the	the	DET
fsr-3230	59	22	investor	investor	NOUN
fsr-3230	59	23	.	.	PUNCT
fsr-3230	60	1	if	if	SCONJ
fsr-3230	60	2	beliefs	belief	NOUN
fsr-3230	60	3	are	be	AUX
fsr-3230	60	4	biased	bias	VERB
fsr-3230	60	5	,	,	PUNCT
fsr-3230	60	6	then	then	ADV
fsr-3230	60	7	𝑚𝑖	𝑚𝑖	PRON
fsr-3230	60	8	represents	represent	VERB
fsr-3230	60	9	a	a	DET
fsr-3230	60	10	modified	modify	VERB
fsr-3230	60	11	sdf	sdf	NOUN
fsr-3230	60	12	which	which	PRON
fsr-3230	60	13	contains	contain	VERB
fsr-3230	60	14	an	an	DET
fsr-3230	60	15	adjustment	adjustment	NOUN
fsr-3230	60	16	for	for	ADP
fsr-3230	60	17	biased	biased	ADJ
fsr-3230	60	18	beliefs	belief	NOUN
fsr-3230	60	19	.	.	PUNCT
fsr-3230	61	1	pastor	pastor	PROPN
fsr-3230	61	2	et	et	PROPN
fsr-3230	61	3	al	al	PROPN
fsr-3230	61	4	.	.	PROPN
fsr-3230	62	1	(	(	PUNCT
fsr-3230	62	2	2015	2015	NUM
fsr-3230	62	3	,	,	PUNCT
fsr-3230	62	4	2017	2017	NUM
fsr-3230	62	5	)	)	PUNCT
fsr-3230	62	6	,	,	PUNCT
fsr-3230	62	7	phillips	phillip	NOUN
fsr-3230	62	8	et	et	PROPN
fsr-3230	62	9	al	al	PROPN
fsr-3230	62	10	.	.	PROPN
fsr-3230	63	1	(	(	PUNCT
fsr-3230	63	2	2018	2018	NUM
fsr-3230	63	3	)	)	PUNCT
fsr-3230	63	4	,	,	PUNCT
fsr-3230	63	5	song	song	NOUN
fsr-3230	63	6	(	(	PUNCT
fsr-3230	63	7	2020	2020	NUM
fsr-3230	63	8	)	)	PUNCT
fsr-3230	63	9	,	,	PUNCT
fsr-3230	63	10	and	and	CCONJ
fsr-3230	63	11	ben	ben	PROPN
fsr-3230	63	12	-	-	PROPN
fsr-3230	63	13	david	david	PROPN
fsr-3230	63	14	et	et	PROPN
fsr-3230	63	15	al	al	PROPN
fsr-3230	63	16	.	.	PROPN
fsr-3230	64	1	(	(	PUNCT
fsr-3230	64	2	2022	2022	NUM
fsr-3230	64	3	)	)	PUNCT
fsr-3230	64	4	.	.	PUNCT
fsr-3230	65	1	our	our	PRON
fsr-3230	65	2	paper	paper	NOUN
fsr-3230	65	3	shows	show	VERB
fsr-3230	65	4	that	that	SCONJ
fsr-3230	65	5	investor	investor	NOUN
fsr-3230	65	6	disagreement	disagreement	NOUN
fsr-3230	65	7	is	be	AUX
fsr-3230	65	8	important	important	ADJ
fsr-3230	65	9	to	to	PART
fsr-3230	65	10	consider	consider	VERB
fsr-3230	65	11	for	for	ADP
fsr-3230	65	12	these	these	DET
fsr-3230	65	13	issues	issue	NOUN
fsr-3230	65	14	since	since	SCONJ
fsr-3230	65	15	it	it	PRON
fsr-3230	65	16	is	be	AUX
fsr-3230	65	17	influenced	influence	VERB
fsr-3230	65	18	by	by	ADP
fsr-3230	65	19	fund	fund	NOUN
fsr-3230	65	20	characteristics	characteristic	NOUN
fsr-3230	65	21	and	and	CCONJ
fsr-3230	65	22	investments	investment	NOUN
fsr-3230	65	23	strategies	strategy	NOUN
fsr-3230	65	24	,	,	PUNCT
fsr-3230	65	25	and	and	CCONJ
fsr-3230	65	26	it	it	PRON
fsr-3230	65	27	predicts	predict	VERB
fsr-3230	65	28	increased	increase	VERB
fsr-3230	65	29	net	net	ADJ
fsr-3230	65	30	fund	fund	NOUN
fsr-3230	65	31	flows	flow	VERB
fsr-3230	65	32	.	.	PUNCT
fsr-3230	66	1	we	we	PRON
fsr-3230	66	2	proceed	proceed	VERB
fsr-3230	66	3	as	as	SCONJ
fsr-3230	66	4	follows	follow	VERB
fsr-3230	66	5	.	.	PUNCT
fsr-3230	67	1	first	first	ADV
fsr-3230	67	2	,	,	PUNCT
fsr-3230	67	3	we	we	PRON
fsr-3230	67	4	develop	develop	VERB
fsr-3230	67	5	our	our	PRON
fsr-3230	67	6	theoretical	theoretical	ADJ
fsr-3230	67	7	framework	framework	NOUN
fsr-3230	67	8	for	for	ADP
fsr-3230	67	9	measuring	measure	VERB
fsr-3230	67	10	disagreement	disagreement	NOUN
fsr-3230	67	11	.	.	PUNCT
fsr-3230	68	1	second	second	ADJ
fsr-3230	68	2	,	,	PUNCT
fsr-3230	68	3	we	we	PRON
fsr-3230	68	4	discuss	discuss	VERB
fsr-3230	68	5	the	the	DET
fsr-3230	68	6	relevant	relevant	ADJ
fsr-3230	68	7	literature	literature	NOUN
fsr-3230	68	8	to	to	PART
fsr-3230	68	9	develop	develop	VERB
fsr-3230	68	10	hypotheses	hypothesis	NOUN
fsr-3230	68	11	on	on	ADP
fsr-3230	68	12	the	the	DET
fsr-3230	68	13	relations	relation	NOUN
fsr-3230	68	14	between	between	ADP
fsr-3230	68	15	disagreement	disagreement	NOUN
fsr-3230	68	16	and	and	CCONJ
fsr-3230	68	17	fund	fund	NOUN
fsr-3230	68	18	characteristics	characteristic	NOUN
fsr-3230	68	19	,	,	PUNCT
fsr-3230	68	20	active	active	ADJ
fsr-3230	68	21	management	management	NOUN
fsr-3230	68	22	level	level	NOUN
fsr-3230	68	23	and	and	CCONJ
fsr-3230	68	24	fund	fund	NOUN
fsr-3230	68	25	flows	flow	NOUN
fsr-3230	68	26	.	.	PUNCT
fsr-3230	69	1	third	third	ADV
fsr-3230	69	2	,	,	PUNCT
fsr-3230	69	3	we	we	PRON
fsr-3230	69	4	describe	describe	VERB
fsr-3230	69	5	the	the	DET
fsr-3230	69	6	methodology	methodology	NOUN
fsr-3230	69	7	and	and	CCONJ
fsr-3230	69	8	data	datum	NOUN
fsr-3230	69	9	for	for	ADP
fsr-3230	69	10	estimation	estimation	NOUN
fsr-3230	69	11	.	.	PUNCT
fsr-3230	70	1	fourth	fourth	ADJ
fsr-3230	70	2	,	,	PUNCT
fsr-3230	70	3	we	we	PRON
fsr-3230	70	4	present	present	VERB
fsr-3230	70	5	our	our	PRON
fsr-3230	70	6	empirical	empirical	ADJ
fsr-3230	70	7	results	result	NOUN
fsr-3230	70	8	and	and	CCONJ
fsr-3230	70	9	assess	assess	VERB
fsr-3230	70	10	their	their	PRON
fsr-3230	70	11	robustness	robustness	NOUN
fsr-3230	70	12	.	.	PUNCT
fsr-3230	71	1	fifth	fifth	ADJ
fsr-3230	71	2	,	,	PUNCT
fsr-3230	71	3	concluding	conclude	VERB
fsr-3230	71	4	remarks	remark	NOUN
fsr-3230	71	5	are	be	AUX
fsr-3230	71	6	provided	provide	VERB
fsr-3230	71	7	.	.	PUNCT
fsr-3230	72	1	a	a	DET
fsr-3230	72	2	framework	framework	NOUN
fsr-3230	72	3	for	for	ADP
fsr-3230	72	4	investor	investor	NOUN
fsr-3230	72	5	disagreement	disagreement	NOUN
fsr-3230	72	6	in	in	ADP
fsr-3230	72	7	performance	performance	NOUN
fsr-3230	72	8	evaluation	evaluation	NOUN
fsr-3230	72	9	this	this	DET
fsr-3230	72	10	section	section	NOUN
fsr-3230	72	11	develops	develop	VERB
fsr-3230	72	12	a	a	DET
fsr-3230	72	13	framework	framework	NOUN
fsr-3230	72	14	for	for	ADP
fsr-3230	72	15	measuring	measure	VERB
fsr-3230	72	16	maximum	maximum	ADJ
fsr-3230	72	17	disagreement	disagreement	NOUN
fsr-3230	72	18	that	that	PRON
fsr-3230	72	19	encompasses	encompass	VERB
fsr-3230	72	20	two	two	NUM
fsr-3230	72	21	strategies	strategy	NOUN
fsr-3230	72	22	available	available	ADJ
fsr-3230	72	23	in	in	ADP
fsr-3230	72	24	the	the	DET
fsr-3230	72	25	literature	literature	NOUN
fsr-3230	72	26	.	.	PUNCT
fsr-3230	73	1	first	first	ADV
fsr-3230	73	2	,	,	PUNCT
fsr-3230	73	3	we	we	PRON
fsr-3230	73	4	define	define	VERB
fsr-3230	73	5	generally	generally	ADV
fsr-3230	73	6	the	the	DET
fsr-3230	73	7	measurement	measurement	NOUN
fsr-3230	73	8	of	of	ADP
fsr-3230	73	9	investor	investor	NOUN
fsr-3230	73	10	disagreement	disagreement	NOUN
fsr-3230	73	11	in	in	ADP
fsr-3230	73	12	performance	performance	NOUN
fsr-3230	73	13	evaluation	evaluation	NOUN
fsr-3230	73	14	and	and	CCONJ
fsr-3230	73	15	present	present	VERB
fsr-3230	73	16	the	the	DET
fsr-3230	73	17	total	total	ADJ
fsr-3230	73	18	disagreement	disagreement	NOUN
fsr-3230	73	19	obtained	obtain	VERB
fsr-3230	73	20	from	from	ADP
fsr-3230	73	21	the	the	DET
fsr-3230	73	22	best	good	ADJ
fsr-3230	73	23	and	and	CCONJ
fsr-3230	73	24	worst	bad	ADJ
fsr-3230	73	25	clientele	clientele	PROPN
fsr-3230	73	26	alphas	alpha	NOUN
fsr-3230	73	27	of	of	ADP
fsr-3230	73	28	chrétien	chrétien	PROPN
fsr-3230	73	29	and	and	CCONJ
fsr-3230	73	30	kammoun	kammoun	PROPN
fsr-3230	73	31	(	(	PUNCT
fsr-3230	73	32	2017	2017	NUM
fsr-3230	73	33	)	)	PUNCT
fsr-3230	73	34	and	and	CCONJ
fsr-3230	73	35	from	from	ADP
fsr-3230	73	36	the	the	DET
fsr-3230	73	37	bound	bind	VERB
fsr-3230	73	38	on	on	ADP
fsr-3230	73	39	disagreement	disagreement	NOUN
fsr-3230	73	40	with	with	ADP
fsr-3230	73	41	a	a	DET
fsr-3230	73	42	traditional	traditional	ADJ
fsr-3230	73	43	alpha	alpha	NOUN
fsr-3230	73	44	proposed	propose	VERB
fsr-3230	73	45	by	by	ADP
fsr-3230	73	46	ferson	ferson	NOUN
fsr-3230	73	47	and	and	CCONJ
fsr-3230	73	48	lin	lin	PROPN
fsr-3230	73	49	(	(	PUNCT
fsr-3230	73	50	2014	2014	NUM
fsr-3230	73	51	)	)	PUNCT
fsr-3230	73	52	.	.	PUNCT
fsr-3230	74	1	second	second	ADJ
fsr-3230	74	2	,	,	PUNCT
fsr-3230	74	3	we	we	PRON
fsr-3230	74	4	relate	relate	VERB
fsr-3230	74	5	both	both	DET
fsr-3230	74	6	disagreement	disagreement	ADJ
fsr-3230	74	7	approaches	approach	NOUN
fsr-3230	74	8	to	to	PART
fsr-3230	74	9	highlight	highlight	VERB
fsr-3230	74	10	their	their	PRON
fsr-3230	74	11	differences	difference	NOUN
fsr-3230	74	12	and	and	CCONJ
fsr-3230	74	13	obtain	obtain	VERB
fsr-3230	74	14	a	a	DET
fsr-3230	74	15	condition	condition	NOUN
fsr-3230	74	16	for	for	ADP
fsr-3230	74	17	their	their	PRON
fsr-3230	74	18	equivalence	equivalence	NOUN
fsr-3230	74	19	.	.	PUNCT
fsr-3230	75	1	total	total	ADJ
fsr-3230	75	2	investor	investor	NOUN
fsr-3230	75	3	disagreement	disagreement	NOUN
fsr-3230	75	4	measures	measure	NOUN
fsr-3230	75	5	in	in	ADP
fsr-3230	75	6	performance	performance	NOUN
fsr-3230	75	7	evaluation	evaluation	NOUN
fsr-3230	75	8	our	our	PRON
fsr-3230	75	9	framework	framework	NOUN
fsr-3230	75	10	uses	use	VERB
fsr-3230	75	11	the	the	DET
fsr-3230	75	12	stochastic	stochastic	ADJ
fsr-3230	75	13	discount	discount	NOUN
fsr-3230	75	14	factor	factor	NOUN
fsr-3230	75	15	(	(	PUNCT
fsr-3230	75	16	sdf	sdf	NOUN
fsr-3230	75	17	)	)	PUNCT
fsr-3230	75	18	approach	approach	NOUN
fsr-3230	75	19	developed	develop	VERB
fsr-3230	75	20	by	by	ADP
fsr-3230	75	21	glosten	glosten	ADJ
fsr-3230	75	22	and	and	CCONJ
fsr-3230	75	23	jagannathan	jagannathan	PROPN
fsr-3230	75	24	(	(	PUNCT
fsr-3230	75	25	1994	1994	NUM
fsr-3230	75	26	)	)	PUNCT
fsr-3230	75	27	and	and	CCONJ
fsr-3230	75	28	chen	chen	PROPN
fsr-3230	75	29	and	and	CCONJ
fsr-3230	75	30	knez	knez	PROPN
fsr-3230	75	31	(	(	PUNCT
fsr-3230	75	32	1996	1996	NUM
fsr-3230	75	33	)	)	PUNCT
fsr-3230	75	34	,	,	PUNCT
fsr-3230	75	35	extended	extend	VERB
fsr-3230	75	36	to	to	PART
fsr-3230	75	37	consider	consider	VERB
fsr-3230	75	38	potentially	potentially	ADV
fsr-3230	75	39	biased	biased	ADJ
fsr-3230	75	40	investor	investor	NOUN
fsr-3230	75	41	beliefs	belief	NOUN
fsr-3230	75	42	,	,	PUNCT
fsr-3230	75	43	to	to	PART
fsr-3230	75	44	measure	measure	VERB
fsr-3230	75	45	the	the	DET
fsr-3230	75	46	performance	performance	NOUN
fsr-3230	75	47	,	,	PUNCT
fsr-3230	75	48	or	or	CCONJ
fsr-3230	75	49	(	(	PUNCT
fsr-3230	75	50	average	average	ADJ
fsr-3230	75	51	)	)	PUNCT
fsr-3230	75	52	alpha	alpha	NOUN
fsr-3230	75	53	,	,	PUNCT
fsr-3230	76	1	such	such	ADJ
fsr-3230	76	2	that	that	SCONJ
fsr-3230	76	3	:	:	PUNCT
fsr-3230	76	4	𝛼𝑀𝐹,𝑖	𝛼𝑀𝐹,𝑖	NUM
fsr-3230	76	5	=	=	SYM
fsr-3230	76	6	𝐸[𝑚𝑖	𝐸[𝑚𝑖	X
fsr-3230	76	7	𝑅𝑀𝐹	𝑅𝑀𝐹	PROPN
fsr-3230	76	8	]	]	X
fsr-3230	76	9	−	−	PROPN
fsr-3230	76	10	1	1	NUM
fsr-3230	76	11	,	,	PUNCT
fsr-3230	76	12	(	(	PUNCT
fsr-3230	76	13	1	1	X
fsr-3230	76	14	)	)	PUNCT
fsr-3230	76	15	where	where	SCONJ
fsr-3230	76	16	𝑚𝑖	𝑚𝑖	NOUN
fsr-3230	76	17	is	be	AUX
fsr-3230	76	18	the	the	DET
fsr-3230	76	19	sdf	sdf	NOUN
fsr-3230	76	20	of	of	ADP
fsr-3230	76	21	an	an	DET
fsr-3230	76	22	investor	investor	NOUN
fsr-3230	76	23	𝑖	𝑖	ADP
fsr-3230	76	24	interested	interested	ADJ
fsr-3230	76	25	in	in	ADP
fsr-3230	76	26	valuing	value	VERB
fsr-3230	76	27	the	the	DET
fsr-3230	76	28	mutual	mutual	ADJ
fsr-3230	76	29	fund	fund	NOUN
fsr-3230	76	30	with	with	ADP
fsr-3230	76	31	gross	gross	ADJ
fsr-3230	76	32	return	return	NOUN
fsr-3230	76	33	𝑅𝑀𝐹.3	𝑅𝑀𝐹.3	ADP
fsr-3230	76	34	bondarenko	bondarenko	PROPN
fsr-3230	76	35	(	(	PUNCT
fsr-3230	76	36	2003	2003	NUM
fsr-3230	76	37	)	)	PUNCT
fsr-3230	76	38	provides	provide	VERB
fsr-3230	76	39	an	an	DET
fsr-3230	76	40	analysis	analysis	NOUN
fsr-3230	76	41	of	of	ADP
fsr-3230	76	42	the	the	DET
fsr-3230	76	43	implications	implication	NOUN
fsr-3230	76	44	of	of	ADP
fsr-3230	76	45	biased	biased	ADJ
fsr-3230	76	46	beliefs	belief	NOUN
fsr-3230	76	47	for	for	ADP
fsr-3230	76	48	sdfs	sdfs	NOUN
fsr-3230	76	49	.	.	PUNCT
fsr-3230	77	1	he	he	PRON
fsr-3230	77	2	finds	find	VERB
fsr-3230	77	3	an	an	DET
fsr-3230	77	4	equivalence	equivalence	NOUN
fsr-3230	77	5	relationship	relationship	NOUN
fsr-3230	77	6	between	between	ADP
fsr-3230	77	7	preferences	preference	NOUN
fsr-3230	77	8	and	and	CCONJ
fsr-3230	77	9	beliefs	belief	NOUN
fsr-3230	77	10	,	,	PUNCT
fsr-3230	77	11	so	so	SCONJ
fsr-3230	77	12	that	that	SCONJ
fsr-3230	77	13	the	the	DET
fsr-3230	77	14	same	same	ADJ
fsr-3230	77	15	prices	price	NOUN
fsr-3230	77	16	(	(	PUNCT
fsr-3230	77	17	or	or	CCONJ
fsr-3230	77	18	alphas	alpha	NOUN
fsr-3230	77	19	in	in	ADP
fsr-3230	77	20	our	our	PRON
fsr-3230	77	21	setup	setup	NOUN
fsr-3230	77	22	)	)	PUNCT
fsr-3230	77	23	financial	financial	ADJ
fsr-3230	77	24	services	service	NOUN
fsr-3230	77	25	review	review	PROPN
fsr-3230	77	26	,	,	PUNCT
fsr-3230	77	27	32(1	32(1	NUM
fsr-3230	77	28	)	)	PUNCT
fsr-3230	77	29	66	66	NUM
fsr-3230	77	30	according	accord	VERB
fsr-3230	77	31	to	to	ADP
fsr-3230	77	32	ferson	ferson	PROPN
fsr-3230	77	33	(	(	PUNCT
fsr-3230	77	34	2010	2010	NUM
fsr-3230	77	35	)	)	PUNCT
fsr-3230	77	36	,	,	PUNCT
fsr-3230	77	37	the	the	DET
fsr-3230	77	38	sdf	sdf	PROPN
fsr-3230	77	39	approach	approach	NOUN
fsr-3230	77	40	is	be	AUX
fsr-3230	77	41	on	on	ADP
fsr-3230	77	42	the	the	DET
fsr-3230	77	43	most	most	ADV
fsr-3230	77	44	solid	solid	ADJ
fsr-3230	77	45	theoretical	theoretical	ADJ
fsr-3230	77	46	footing	footing	NOUN
fsr-3230	77	47	,	,	PUNCT
fsr-3230	77	48	as	as	SCONJ
fsr-3230	77	49	it	it	PRON
fsr-3230	77	50	does	do	AUX
fsr-3230	77	51	not	not	PART
fsr-3230	77	52	require	require	VERB
fsr-3230	77	53	assumptions	assumption	NOUN
fsr-3230	77	54	about	about	ADP
fsr-3230	77	55	utility	utility	NOUN
fsr-3230	77	56	functions	function	NOUN
fsr-3230	77	57	or	or	CCONJ
fsr-3230	77	58	complete	complete	ADJ
fsr-3230	77	59	markets	market	NOUN
fsr-3230	77	60	and	and	CCONJ
fsr-3230	77	61	can	can	AUX
fsr-3230	77	62	account	account	VERB
fsr-3230	77	63	for	for	ADP
fsr-3230	77	64	clientele	clientele	NOUN
fsr-3230	77	65	effects	effect	NOUN
fsr-3230	77	66	and	and	CCONJ
fsr-3230	77	67	informed	informed	ADJ
fsr-3230	77	68	managers	manager	NOUN
fsr-3230	77	69	.	.	PUNCT
fsr-3230	78	1	most	most	ADJ
fsr-3230	78	2	performance	performance	NOUN
fsr-3230	78	3	studies	study	NOUN
fsr-3230	78	4	assume	assume	VERB
fsr-3230	78	5	unbiased	unbiased	ADJ
fsr-3230	78	6	beliefs	belief	NOUN
fsr-3230	78	7	and	and	CCONJ
fsr-3230	78	8	a	a	DET
fsr-3230	78	9	parametric	parametric	ADJ
fsr-3230	78	10	asset	asset	NOUN
fsr-3230	78	11	pricing	pricing	NOUN
fsr-3230	78	12	model	model	NOUN
fsr-3230	78	13	with	with	ADP
fsr-3230	78	14	a	a	DET
fsr-3230	78	15	representative	representative	ADJ
fsr-3230	78	16	investor	investor	NOUN
fsr-3230	78	17	to	to	PART
fsr-3230	78	18	obtain	obtain	VERB
fsr-3230	78	19	a	a	DET
fsr-3230	78	20	unique	unique	ADJ
fsr-3230	78	21	sdf	sdf	NOUN
fsr-3230	78	22	for	for	ADP
fsr-3230	78	23	evaluation	evaluation	NOUN
fsr-3230	78	24	.	.	PUNCT
fsr-3230	79	1	the	the	DET
fsr-3230	79	2	investor	investor	NOUN
fsr-3230	79	3	disagreement	disagreement	NOUN
fsr-3230	79	4	approach	approach	NOUN
fsr-3230	79	5	assumes	assume	VERB
fsr-3230	79	6	incomplete	incomplete	ADJ
fsr-3230	79	7	markets	market	NOUN
fsr-3230	79	8	,	,	PUNCT
fsr-3230	79	9	resulting	result	VERB
fsr-3230	79	10	in	in	ADP
fsr-3230	79	11	a	a	DET
fsr-3230	79	12	multiplicity	multiplicity	NOUN
fsr-3230	79	13	of	of	ADP
fsr-3230	79	14	sdfs	sdfs	NOUN
fsr-3230	79	15	and	and	CCONJ
fsr-3230	79	16	alphas	alpha	NOUN
fsr-3230	79	17	.	.	PUNCT
fsr-3230	80	1	using	use	VERB
fsr-3230	80	2	the	the	DET
fsr-3230	80	3	terminology	terminology	NOUN
fsr-3230	80	4	of	of	ADP
fsr-3230	80	5	ferson	ferson	NOUN
fsr-3230	80	6	and	and	CCONJ
fsr-3230	80	7	lin	lin	PROPN
fsr-3230	80	8	(	(	PUNCT
fsr-3230	80	9	2014	2014	NUM
fsr-3230	80	10	)	)	PUNCT
fsr-3230	80	11	,	,	PUNCT
fsr-3230	80	12	𝑚𝑖	𝑚𝑖	NOUN
fsr-3230	80	13	is	be	AUX
fsr-3230	80	14	a	a	DET
fsr-3230	80	15	client	client	NOUN
fsr-3230	80	16	-	-	PUNCT
fsr-3230	80	17	specific	specific	NOUN
fsr-3230	80	18	sdf	sdf	NOUN
fsr-3230	80	19	and	and	CCONJ
fsr-3230	80	20	𝛼𝑀𝐹,𝑖	𝛼𝑀𝐹,𝑖	NOUN
fsr-3230	80	21	is	be	AUX
fsr-3230	80	22	the	the	DET
fsr-3230	80	23	corresponding	corresponding	ADJ
fsr-3230	80	24	client	client	NOUN
fsr-3230	80	25	-	-	PUNCT
fsr-3230	80	26	specific	specific	ADJ
fsr-3230	80	27	alpha.4	alpha.4	NOUN
fsr-3230	80	28	without	without	ADP
fsr-3230	80	29	further	further	ADJ
fsr-3230	80	30	assumptions	assumption	NOUN
fsr-3230	80	31	,	,	PUNCT
fsr-3230	80	32	chen	chen	PROPN
fsr-3230	80	33	and	and	CCONJ
fsr-3230	80	34	knez	knez	PROPN
fsr-3230	80	35	(	(	PUNCT
fsr-3230	80	36	1996	1996	NUM
fsr-3230	80	37	)	)	PUNCT
fsr-3230	80	38	demonstrate	demonstrate	VERB
fsr-3230	80	39	that	that	SCONJ
fsr-3230	80	40	there	there	PRON
fsr-3230	80	41	could	could	AUX
fsr-3230	80	42	be	be	AUX
fsr-3230	80	43	an	an	DET
fsr-3230	80	44	infinite	infinite	ADJ
fsr-3230	80	45	range	range	NOUN
fsr-3230	80	46	of	of	ADP
fsr-3230	80	47	alphas	alpha	NOUN
fsr-3230	80	48	in	in	ADP
fsr-3230	80	49	this	this	DET
fsr-3230	80	50	setup	setup	NOUN
fsr-3230	80	51	.	.	PUNCT
fsr-3230	81	1	the	the	DET
fsr-3230	81	2	investor	investor	NOUN
fsr-3230	81	3	disagreement	disagreement	NOUN
fsr-3230	81	4	approach	approach	NOUN
fsr-3230	81	5	imposes	impose	VERB
fsr-3230	81	6	economically	economically	ADV
fsr-3230	81	7	relevant	relevant	ADJ
fsr-3230	81	8	restrictions	restriction	NOUN
fsr-3230	81	9	on	on	ADP
fsr-3230	81	10	sdfs	sdfs	NOUN
fsr-3230	81	11	of	of	ADP
fsr-3230	81	12	all	all	DET
fsr-3230	81	13	investors	investor	NOUN
fsr-3230	81	14	to	to	PART
fsr-3230	81	15	obtain	obtain	VERB
fsr-3230	81	16	a	a	DET
fsr-3230	81	17	restricted	restricted	ADJ
fsr-3230	81	18	set	set	NOUN
fsr-3230	81	19	and	and	CCONJ
fsr-3230	81	20	identify	identify	VERB
fsr-3230	81	21	the	the	DET
fsr-3230	81	22	fund	fund	NOUN
fsr-3230	81	23	’s	’s	PART
fsr-3230	81	24	most	most	ADV
fsr-3230	81	25	favorable	favorable	ADJ
fsr-3230	81	26	alpha	alpha	NOUN
fsr-3230	81	27	,	,	PUNCT
fsr-3230	81	28	�	�	NOUN
fsr-3230	81	29	̅	̅	NOUN
fsr-3230	81	30	�	�	NOUN
fsr-3230	81	31	𝑀𝐹	𝑀𝐹	NOUN
fsr-3230	81	32	,	,	PUNCT
fsr-3230	81	33	and	and	CCONJ
fsr-3230	81	34	least	least	ADV
fsr-3230	81	35	favorable	favorable	ADJ
fsr-3230	81	36	alpha	alpha	NOUN
fsr-3230	81	37	,	,	PUNCT
fsr-3230	81	38	𝛼𝑀𝐹.	𝛼𝑀𝐹.	X
fsr-3230	81	39	from	from	ADP
fsr-3230	81	40	these	these	DET
fsr-3230	81	41	extreme	extreme	ADJ
fsr-3230	81	42	alphas	alpha	NOUN
fsr-3230	81	43	,	,	PUNCT
fsr-3230	81	44	this	this	DET
fsr-3230	81	45	paper	paper	NOUN
fsr-3230	81	46	defines	define	VERB
fsr-3230	81	47	straightforwardly	straightforwardly	ADV
fsr-3230	81	48	a	a	DET
fsr-3230	81	49	bound	bind	VERB
fsr-3230	81	50	on	on	ADP
fsr-3230	81	51	total	total	ADJ
fsr-3230	81	52	investor	investor	NOUN
fsr-3230	81	53	disagreement	disagreement	NOUN
fsr-3230	81	54	as	as	ADP
fsr-3230	81	55	:	:	PUNCT
fsr-3230	81	56	𝐷𝐼𝑆𝑀𝐹	𝐷𝐼𝑆𝑀𝐹	PROPN
fsr-3230	81	57	=	=	SYM
fsr-3230	81	58	�	�	PROPN
fsr-3230	81	59	̅	̅	NOUN
fsr-3230	81	60	�	�	NOUN
fsr-3230	81	61	𝑀𝐹	𝑀𝐹	NOUN
fsr-3230	81	62	−	−	PROPN
fsr-3230	81	63	𝛼𝑀𝐹.	𝛼𝑀𝐹.	X
fsr-3230	81	64	(	(	PUNCT
fsr-3230	81	65	2	2	X
fsr-3230	81	66	)	)	PUNCT
fsr-3230	81	67	our	our	PRON
fsr-3230	81	68	first	first	ADJ
fsr-3230	81	69	measure	measure	NOUN
fsr-3230	81	70	of	of	ADP
fsr-3230	81	71	investor	investor	NOUN
fsr-3230	81	72	disagreement	disagreement	NOUN
fsr-3230	81	73	,	,	PUNCT
fsr-3230	81	74	denoted	denote	VERB
fsr-3230	81	75	by	by	ADP
fsr-3230	81	76	disck	disck	ADJ
fsr-3230	81	77	,	,	PUNCT
fsr-3230	81	78	uses	use	VERB
fsr-3230	81	79	the	the	DET
fsr-3230	81	80	best	good	ADJ
fsr-3230	81	81	and	and	CCONJ
fsr-3230	81	82	worst	bad	ADJ
fsr-3230	81	83	clientele	clientele	PROPN
fsr-3230	81	84	alphas	alpha	NOUN
fsr-3230	81	85	proposed	propose	VERB
fsr-3230	81	86	by	by	ADP
fsr-3230	81	87	chrétien	chrétien	PROPN
fsr-3230	81	88	and	and	CCONJ
fsr-3230	81	89	kammoun	kammoun	PROPN
fsr-3230	81	90	(	(	PUNCT
fsr-3230	81	91	2017	2017	NUM
fsr-3230	81	92	,	,	PUNCT
fsr-3230	81	93	2020	2020	NUM
fsr-3230	81	94	)	)	PUNCT
fsr-3230	81	95	.	.	PUNCT
fsr-3230	82	1	their	their	PRON
fsr-3230	82	2	idea	idea	NOUN
fsr-3230	82	3	is	be	AUX
fsr-3230	82	4	to	to	PART
fsr-3230	82	5	restrict	restrict	VERB
fsr-3230	82	6	the	the	DET
fsr-3230	82	7	set	set	NOUN
fsr-3230	82	8	of	of	ADP
fsr-3230	82	9	all	all	DET
fsr-3230	82	10	investor	investor	NOUN
fsr-3230	82	11	sdfs	sdfs	NOUN
fsr-3230	82	12	by	by	ADP
fsr-3230	82	13	imposing	impose	VERB
fsr-3230	82	14	two	two	NUM
fsr-3230	82	15	economic	economic	ADJ
fsr-3230	82	16	restrictions	restriction	NOUN
fsr-3230	82	17	:	:	PUNCT
fsr-3230	82	18	the	the	DET
fsr-3230	82	19	law	law	NOUN
fsr-3230	82	20	-	-	PUNCT
fsr-3230	82	21	of	of	ADP
fsr-3230	82	22	-	-	PUNCT
fsr-3230	82	23	one	one	NUM
fsr-3230	82	24	-	-	PUNCT
fsr-3230	82	25	price	price	NOUN
fsr-3230	82	26	(	(	PUNCT
fsr-3230	82	27	lop	lop	NOUN
fsr-3230	82	28	)	)	PUNCT
fsr-3230	82	29	condition	condition	NOUN
fsr-3230	82	30	(	(	PUNCT
fsr-3230	82	31	hansen	hansen	PROPN
fsr-3230	82	32	&	&	CCONJ
fsr-3230	82	33	jagannathan	jagannathan	PROPN
fsr-3230	82	34	,	,	PUNCT
fsr-3230	82	35	1991	1991	NUM
fsr-3230	82	36	)	)	PUNCT
fsr-3230	82	37	,	,	PUNCT
fsr-3230	82	38	which	which	PRON
fsr-3230	82	39	assumes	assume	VERB
fsr-3230	82	40	that	that	SCONJ
fsr-3230	82	41	investors	investor	NOUN
fsr-3230	82	42	give	give	VERB
fsr-3230	82	43	zero	zero	NUM
fsr-3230	82	44	performance	performance	NOUN
fsr-3230	82	45	to	to	ADP
fsr-3230	82	46	passive	passive	ADJ
fsr-3230	82	47	portfolios	portfolio	NOUN
fsr-3230	82	48	,	,	PUNCT
fsr-3230	82	49	and	and	CCONJ
fsr-3230	82	50	the	the	DET
fsr-3230	82	51	nogood	nogood	ADJ
fsr-3230	82	52	-	-	PUNCT
fsr-3230	82	53	deal	deal	NOUN
fsr-3230	82	54	condition	condition	NOUN
fsr-3230	82	55	(	(	PUNCT
fsr-3230	82	56	cochrane	cochrane	NOUN
fsr-3230	82	57	&	&	CCONJ
fsr-3230	82	58	saá	saá	NOUN
fsr-3230	82	59	-	-	PUNCT
fsr-3230	82	60	requejo	requejo	NOUN
fsr-3230	82	61	,	,	PUNCT
fsr-3230	82	62	2000	2000	NUM
fsr-3230	82	63	)	)	PUNCT
fsr-3230	82	64	,	,	PUNCT
fsr-3230	82	65	which	which	PRON
fsr-3230	82	66	assumes	assume	VERB
fsr-3230	82	67	that	that	SCONJ
fsr-3230	82	68	investors	investor	NOUN
fsr-3230	82	69	eliminate	eliminate	VERB
fsr-3230	82	70	can	can	AUX
fsr-3230	82	71	result	result	VERB
fsr-3230	82	72	from	from	ADP
fsr-3230	82	73	either	either	PRON
fsr-3230	82	74	preference	preference	NOUN
fsr-3230	82	75	choices	choice	NOUN
fsr-3230	82	76	or	or	CCONJ
fsr-3230	82	77	biased	biased	ADJ
fsr-3230	82	78	beliefs	belief	NOUN
fsr-3230	82	79	(	(	PUNCT
fsr-3230	82	80	or	or	CCONJ
fsr-3230	82	81	some	some	DET
fsr-3230	82	82	combination	combination	NOUN
fsr-3230	82	83	of	of	ADP
fsr-3230	82	84	the	the	DET
fsr-3230	82	85	two	two	NUM
fsr-3230	82	86	)	)	PUNCT
fsr-3230	82	87	.	.	PUNCT
fsr-3230	83	1	an	an	DET
fsr-3230	83	2	econometrician	econometrician	NOUN
fsr-3230	83	3	can	can	AUX
fsr-3230	83	4	not	not	PART
fsr-3230	83	5	distinguish	distinguish	VERB
fsr-3230	83	6	between	between	ADP
fsr-3230	83	7	both	both	DET
fsr-3230	83	8	possibilities	possibility	NOUN
fsr-3230	83	9	unless	unless	SCONJ
fsr-3230	83	10	specific	specific	ADJ
fsr-3230	83	11	assumptions	assumption	NOUN
fsr-3230	83	12	on	on	ADP
fsr-3230	83	13	beliefs	belief	NOUN
fsr-3230	83	14	and	and	CCONJ
fsr-3230	83	15	preferences	preference	NOUN
fsr-3230	83	16	are	be	AUX
fsr-3230	83	17	made	make	VERB
fsr-3230	83	18	.	.	PUNCT
fsr-3230	83	19	4	4	NUM
fsr-3230	83	20	in	in	ADP
fsr-3230	83	21	their	their	PRON
fsr-3230	83	22	rational	rational	ADJ
fsr-3230	83	23	expectations	expectation	NOUN
fsr-3230	84	1	equilibrium	equilibrium	NOUN
fsr-3230	84	2	analysis	analysis	NOUN
fsr-3230	84	3	of	of	ADP
fsr-3230	84	4	mutual	mutual	ADJ
fsr-3230	84	5	funds	fund	NOUN
fsr-3230	84	6	,	,	PUNCT
fsr-3230	84	7	berk	berk	NOUN
fsr-3230	84	8	and	and	CCONJ
fsr-3230	84	9	green	green	ADJ
fsr-3230	84	10	(	(	PUNCT
fsr-3230	84	11	2004	2004	NUM
fsr-3230	84	12	)	)	PUNCT
fsr-3230	84	13	and	and	CCONJ
fsr-3230	84	14	berk	berk	PROPN
fsr-3230	84	15	and	and	CCONJ
fsr-3230	84	16	van	van	PROPN
fsr-3230	84	17	binsgergen	binsgergen	PROPN
fsr-3230	84	18	(	(	PUNCT
fsr-3230	84	19	2015	2015	NUM
fsr-3230	84	20	,	,	PUNCT
fsr-3230	84	21	2017	2017	NUM
fsr-3230	84	22	)	)	PUNCT
fsr-3230	84	23	argue	argue	VERB
fsr-3230	84	24	that	that	SCONJ
fsr-3230	84	25	alpha	alpha	NOUN
fsr-3230	84	26	is	be	AUX
fsr-3230	84	27	not	not	PART
fsr-3230	84	28	a	a	DET
fsr-3230	84	29	good	good	ADJ
fsr-3230	84	30	measure	measure	NOUN
fsr-3230	84	31	of	of	ADP
fsr-3230	84	32	ability	ability	NOUN
fsr-3230	84	33	as	as	ADP
fsr-3230	84	34	skilled	skilled	ADJ
fsr-3230	84	35	managers	manager	NOUN
fsr-3230	84	36	can	can	AUX
fsr-3230	84	37	extract	extract	VERB
fsr-3230	84	38	rents	rent	NOUN
fsr-3230	84	39	from	from	ADP
fsr-3230	84	40	investors	investor	NOUN
fsr-3230	84	41	(	(	PUNCT
fsr-3230	84	42	in	in	ADP
fsr-3230	84	43	the	the	DET
fsr-3230	84	44	form	form	NOUN
fsr-3230	84	45	of	of	ADP
fsr-3230	84	46	fees	fee	NOUN
fsr-3230	84	47	)	)	PUNCT
fsr-3230	84	48	to	to	PART
fsr-3230	84	49	bring	bring	VERB
fsr-3230	84	50	fund	fund	NOUN
fsr-3230	84	51	value	value	NOUN
fsr-3230	84	52	added	add	VERB
fsr-3230	84	53	to	to	ADP
fsr-3230	84	54	zero	zero	NUM
fsr-3230	84	55	.	.	PUNCT
fsr-3230	85	1	in	in	ADP
fsr-3230	85	2	this	this	DET
fsr-3230	85	3	paper	paper	NOUN
fsr-3230	85	4	,	,	PUNCT
fsr-3230	85	5	following	follow	VERB
fsr-3230	85	6	ferson	ferson	NOUN
fsr-3230	85	7	and	and	CCONJ
fsr-3230	85	8	lin	lin	PROPN
fsr-3230	85	9	(	(	PUNCT
fsr-3230	85	10	2014	2014	NUM
fsr-3230	85	11	)	)	PUNCT
fsr-3230	85	12	,	,	PUNCT
fsr-3230	85	13	alpha	alpha	NOUN
fsr-3230	85	14	represents	represent	VERB
fsr-3230	85	15	an	an	DET
fsr-3230	85	16	investorinvestment	investorinvestment	NOUN
fsr-3230	85	17	opportunities	opportunity	NOUN
fsr-3230	85	18	that	that	PRON
fsr-3230	85	19	have	have	VERB
fsr-3230	85	20	too	too	ADV
fsr-3230	85	21	high	high	ADJ
fsr-3230	85	22	sharpe	sharpe	NOUN
fsr-3230	85	23	ratios	ratio	NOUN
fsr-3230	85	24	(	(	PUNCT
fsr-3230	85	25	so	so	ADV
fsr-3230	85	26	called	call	VERB
fsr-3230	85	27	good	good	ADJ
fsr-3230	85	28	deals).5	deals).5	AUX
fsr-3230	85	29	let	let	VERB
fsr-3230	85	30	rk	rk	PRON
fsr-3230	85	31	be	be	AUX
fsr-3230	85	32	the	the	DET
fsr-3230	85	33	vector	vector	NOUN
fsr-3230	85	34	of	of	ADP
fsr-3230	85	35	(	(	PUNCT
fsr-3230	85	36	gross	gross	ADJ
fsr-3230	85	37	)	)	PUNCT
fsr-3230	85	38	passive	passive	ADJ
fsr-3230	85	39	portfolio	portfolio	NOUN
fsr-3230	85	40	returns	return	NOUN
fsr-3230	85	41	.	.	PUNCT
fsr-3230	86	1	without	without	ADP
fsr-3230	86	2	loss	loss	NOUN
fsr-3230	86	3	of	of	ADP
fsr-3230	86	4	generality	generality	NOUN
fsr-3230	86	5	,	,	PUNCT
fsr-3230	86	6	we	we	PRON
fsr-3230	86	7	assume	assume	VERB
fsr-3230	86	8	that	that	SCONJ
fsr-3230	86	9	passive	passive	ADJ
fsr-3230	86	10	portfolios	portfolio	NOUN
fsr-3230	86	11	include	include	VERB
fsr-3230	86	12	a	a	DET
fsr-3230	86	13	risk	risk	NOUN
fsr-3230	86	14	-	-	PUNCT
fsr-3230	86	15	free	free	ADJ
fsr-3230	86	16	asset	asset	NOUN
fsr-3230	86	17	with	with	ADP
fsr-3230	86	18	return	return	NOUN
fsr-3230	86	19	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	86	20	,	,	PUNCT
fsr-3230	86	21	which	which	PRON
fsr-3230	86	22	accounts	account	VERB
fsr-3230	86	23	for	for	ADP
fsr-3230	86	24	cash	cash	NOUN
fsr-3230	86	25	positions	position	NOUN
fsr-3230	86	26	and	and	CCONJ
fsr-3230	86	27	fixes	fix	VERB
fsr-3230	86	28	the	the	DET
fsr-3230	86	29	sdf	sdf	NOUN
fsr-3230	86	30	mean	mean	VERB
fsr-3230	86	31	to	to	ADP
fsr-3230	86	32	a	a	DET
fsr-3230	86	33	relevant	relevant	ADJ
fsr-3230	86	34	value	value	NOUN
fsr-3230	86	35	,	,	PUNCT
fsr-3230	86	36	𝐸[𝑚𝑖	𝐸[𝑚𝑖	PROPN
fsr-3230	86	37	]	]	PUNCT
fsr-3230	87	1	=	=	SYM
fsr-3230	87	2	1/𝑅𝐹	1/𝑅𝐹	PROPN
fsr-3230	87	3	(	(	PUNCT
fsr-3230	87	4	dahlquist	dahlquist	PROPN
fsr-3230	87	5	&	&	CCONJ
fsr-3230	87	6	söderland	söderland	NOUN
fsr-3230	87	7	,	,	PUNCT
fsr-3230	87	8	1999	1999	NUM
fsr-3230	87	9	)	)	PUNCT
fsr-3230	87	10	.	.	PUNCT
fsr-3230	88	1	let	let	VERB
fsr-3230	88	2	ℎ	ℎ	PART
fsr-3230	88	3	be	be	AUX
fsr-3230	88	4	the	the	DET
fsr-3230	88	5	maximum	maximum	ADJ
fsr-3230	88	6	allowable	allowable	ADJ
fsr-3230	88	7	sharpe	sharpe	NOUN
fsr-3230	88	8	ratio	ratio	NOUN
fsr-3230	88	9	.	.	PUNCT
fsr-3230	89	1	the	the	DET
fsr-3230	89	2	lop	lop	PROPN
fsr-3230	89	3	condition	condition	NOUN
fsr-3230	89	4	implies	imply	VERB
fsr-3230	89	5	that	that	SCONJ
fsr-3230	89	6	𝐸[𝑚𝑖	𝐸[𝑚𝑖	PROPN
fsr-3230	89	7	rk	rk	NOUN
fsr-3230	89	8	]	]	X
fsr-3230	89	9	=	=	SYM
fsr-3230	89	10	1	1	X
fsr-3230	89	11	.	.	PUNCT
fsr-3230	89	12	the	the	DET
fsr-3230	89	13	no	no	ADV
fsr-3230	89	14	-	-	PUNCT
fsr-3230	89	15	good	good	ADJ
fsr-3230	89	16	-	-	PUNCT
fsr-3230	89	17	deal	deal	NOUN
fsr-3230	89	18	condition	condition	NOUN
fsr-3230	89	19	implies	imply	VERB
fsr-3230	89	20	that	that	SCONJ
fsr-3230	89	21	𝐸[𝑚𝑖	𝐸[𝑚𝑖	PROPN
fsr-3230	89	22	2	2	NUM
fsr-3230	89	23	]	]	SYM
fsr-3230	89	24	≤	≤	NUM
fsr-3230	89	25	(	(	PUNCT
fsr-3230	89	26	1	1	NUM
fsr-3230	89	27	+	+	NUM
fsr-3230	89	28	ℎ	ℎ	X
fsr-3230	89	29	2	2	X
fsr-3230	89	30	)	)	PUNCT
fsr-3230	89	31	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	89	32	2⁄	2⁄	NUM
fsr-3230	89	33	,	,	PUNCT
fsr-3230	89	34	or	or	CCONJ
fsr-3230	89	35	equivalently	equivalently	ADV
fsr-3230	89	36	,	,	PUNCT
fsr-3230	89	37	𝜎(𝑚𝑖	𝜎(𝑚𝑖	NOUN
fsr-3230	89	38	)	)	PUNCT
fsr-3230	89	39	≤	≤	NUM
fsr-3230	89	40	ℎ	ℎ	ADP
fsr-3230	89	41	𝑅𝐹⁄	𝑅𝐹⁄	PUNCT
fsr-3230	89	42	.	.	PUNCT
fsr-3230	90	1	chrétien	chrétien	PROPN
fsr-3230	90	2	and	and	CCONJ
fsr-3230	90	3	kammoun	kammoun	PROPN
fsr-3230	90	4	(	(	PUNCT
fsr-3230	90	5	2017	2017	NUM
fsr-3230	90	6	)	)	PUNCT
fsr-3230	90	7	show	show	VERB
fsr-3230	90	8	that	that	SCONJ
fsr-3230	90	9	these	these	DET
fsr-3230	90	10	restrictions	restriction	NOUN
fsr-3230	90	11	allow	allow	VERB
fsr-3230	90	12	solutions	solution	NOUN
fsr-3230	90	13	for	for	ADP
fsr-3230	90	14	the	the	DET
fsr-3230	90	15	best	good	ADJ
fsr-3230	90	16	and	and	CCONJ
fsr-3230	90	17	worst	bad	ADJ
fsr-3230	90	18	clientele	clientele	NOUN
fsr-3230	90	19	alphas	alpha	NOUN
fsr-3230	90	20	.	.	PUNCT
fsr-3230	91	1	by	by	ADP
fsr-3230	91	2	taking	take	VERB
fsr-3230	91	3	the	the	DET
fsr-3230	91	4	difference	difference	NOUN
fsr-3230	91	5	between	between	ADP
fsr-3230	91	6	these	these	DET
fsr-3230	91	7	alphas	alpha	NOUN
fsr-3230	91	8	,	,	PUNCT
fsr-3230	91	9	we	we	PRON
fsr-3230	91	10	obtain	obtain	VERB
fsr-3230	91	11	the	the	DET
fsr-3230	91	12	disck	disck	ADJ
fsr-3230	91	13	measure	measure	NOUN
fsr-3230	91	14	:	:	PUNCT
fsr-3230	91	15	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	PROPN
fsr-3230	91	16	=	=	SYM
fsr-3230	91	17	2𝑣𝐸[𝑤𝑀𝐹	2𝑣𝐸[𝑤𝑀𝐹	NUM
fsr-3230	91	18	2	2	NUM
fsr-3230	91	19	]	]	PUNCT
fsr-3230	91	20	,	,	PUNCT
fsr-3230	91	21	(	(	PUNCT
fsr-3230	91	22	3	3	X
fsr-3230	91	23	)	)	PUNCT
fsr-3230	91	24	where	where	SCONJ
fsr-3230	91	25	𝑣	𝑣	X
fsr-3230	91	26	=	=	SYM
fsr-3230	91	27	√	√	PROPN
fsr-3230	91	28	(	(	PUNCT
fsr-3230	91	29	(	(	PUNCT
fsr-3230	91	30	1+ℎ̅2	1+ℎ̅2	NOUN
fsr-3230	91	31	)	)	PUNCT
fsr-3230	91	32	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	91	33	2	2	NUM
fsr-3230	91	34	−𝐸[𝑚𝐿𝑂𝑃	−𝐸[𝑚𝐿𝑂𝑃	NOUN
fsr-3230	91	35	2	2	NUM
fsr-3230	91	36	]	]	PUNCT
fsr-3230	91	37	)	)	PUNCT
fsr-3230	91	38	𝐸[𝑤𝑀𝐹	𝐸[𝑤𝑀𝐹	NOUN
fsr-3230	91	39	2	2	NUM
fsr-3230	91	40	]	]	PUNCT
fsr-3230	91	41	,	,	PUNCT
fsr-3230	91	42	(	(	PUNCT
fsr-3230	91	43	4	4	X
fsr-3230	91	44	)	)	PUNCT
fsr-3230	91	45	𝑤𝑀𝐹	𝑤𝑀𝐹	NOUN
fsr-3230	92	1	=	=	PUNCT
fsr-3230	93	1	𝑅𝑀𝐹	𝑅𝑀𝐹	NOUN
fsr-3230	94	1	−	−	NOUN
fsr-3230	95	1	c′rk	c′rk	NOUN
fsr-3230	95	2	,	,	PUNCT
fsr-3230	95	3	(	(	PUNCT
fsr-3230	95	4	5	5	X
fsr-3230	95	5	)	)	PUNCT
fsr-3230	95	6	𝑚𝐿𝑂𝑃	𝑚𝐿𝑂𝑃	NOUN
fsr-3230	95	7	=	=	PUNCT
fsr-3230	95	8	a′rk	a′rk	ADJ
fsr-3230	95	9	.	.	PUNCT
fsr-3230	96	1	(	(	PUNCT
fsr-3230	96	2	6	6	NUM
fsr-3230	96	3	)	)	PUNCT
fsr-3230	96	4	in	in	ADP
fsr-3230	96	5	these	these	DET
fsr-3230	96	6	equations	equation	NOUN
fsr-3230	96	7	,	,	PUNCT
fsr-3230	96	8	the	the	DET
fsr-3230	96	9	parameter	parameter	NOUN
fsr-3230	96	10	𝑣	𝑣	PROPN
fsr-3230	96	11	is	be	AUX
fsr-3230	96	12	an	an	DET
fsr-3230	96	13	increasing	increase	VERB
fsr-3230	96	14	function	function	NOUN
fsr-3230	96	15	of	of	ADP
fsr-3230	96	16	the	the	DET
fsr-3230	96	17	maximum	maximum	ADJ
fsr-3230	96	18	allowable	allowable	ADJ
fsr-3230	96	19	sharpe	sharpe	PROPN
fsr-3230	96	20	ratio	ratio	NOUN
fsr-3230	96	21	ℎ.	ℎ.	NOUN
fsr-3230	96	22	the	the	DET
fsr-3230	96	23	replication	replication	NOUN
fsr-3230	96	24	error	error	NOUN
fsr-3230	96	25	term	term	NOUN
fsr-3230	96	26	𝑤𝑀𝐹	𝑤𝑀𝐹	ADV
fsr-3230	96	27	is	be	AUX
fsr-3230	96	28	the	the	DET
fsr-3230	96	29	residual	residual	ADJ
fsr-3230	96	30	from	from	ADP
fsr-3230	96	31	a	a	DET
fsr-3230	96	32	linear	linear	ADJ
fsr-3230	96	33	projection	projection	NOUN
fsr-3230	96	34	of	of	ADP
fsr-3230	96	35	the	the	DET
fsr-3230	96	36	fund	fund	NOUN
fsr-3230	96	37	return	return	VERB
fsr-3230	96	38	onto	onto	ADP
fsr-3230	96	39	passive	passive	ADJ
fsr-3230	96	40	portfolio	portfolio	NOUN
fsr-3230	96	41	returns	return	NOUN
fsr-3230	96	42	.	.	PUNCT
fsr-3230	97	1	the	the	DET
fsr-3230	97	2	sdf	sdf	PROPN
fsr-3230	97	3	𝑚𝐿𝑂𝑃	𝑚𝐿𝑂𝑃	PROPN
fsr-3230	97	4	is	be	AUX
fsr-3230	97	5	the	the	DET
fsr-3230	97	6	minimum	minimum	ADJ
fsr-3230	97	7	volatility	volatility	NOUN
fsr-3230	97	8	sdf	sdf	NOUN
fsr-3230	97	9	under	under	ADP
fsr-3230	97	10	the	the	DET
fsr-3230	97	11	lop	lop	NOUN
fsr-3230	97	12	condition	condition	NOUN
fsr-3230	97	13	.	.	PUNCT
fsr-3230	98	1	it	it	PRON
fsr-3230	98	2	is	be	AUX
fsr-3230	98	3	a	a	DET
fsr-3230	98	4	linear	linear	ADJ
fsr-3230	98	5	function	function	NOUN
fsr-3230	98	6	of	of	ADP
fsr-3230	98	7	passive	passive	ADJ
fsr-3230	98	8	portfolio	portfolio	NOUN
fsr-3230	98	9	returns	return	VERB
fsr-3230	98	10	rk	rk	NOUN
fsr-3230	98	11	.	.	PUNCT
fsr-3230	98	12	hansen	hansen	PROPN
fsr-3230	98	13	and	and	CCONJ
fsr-3230	98	14	jagannathan	jagannathan	PROPN
fsr-3230	98	15	(	(	PUNCT
fsr-3230	98	16	1991	1991	NUM
fsr-3230	98	17	)	)	PUNCT
fsr-3230	98	18	show	show	VERB
fsr-3230	98	19	that	that	SCONJ
fsr-3230	98	20	𝐸[𝑚𝐿𝑂𝑃	𝐸[𝑚𝐿𝑂𝑃	PROPN
fsr-3230	98	21	2	2	NUM
fsr-3230	98	22	]	]	PUNCT
fsr-3230	98	23	=	=	SYM
fsr-3230	98	24	(	(	PUNCT
fsr-3230	98	25	1	1	NUM
fsr-3230	98	26	+	+	NUM
fsr-3230	98	27	ℎ∗2	ℎ∗2	NOUN
fsr-3230	98	28	)	)	PUNCT
fsr-3230	98	29	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	98	30	2⁄	2⁄	NUM
fsr-3230	98	31	,	,	PUNCT
fsr-3230	98	32	or	or	CCONJ
fsr-3230	98	33	specific	specific	ADJ
fsr-3230	98	34	evaluation	evaluation	NOUN
fsr-3230	98	35	or	or	CCONJ
fsr-3230	98	36	personal	personal	ADJ
fsr-3230	98	37	value	value	NOUN
fsr-3230	98	38	added	add	VERB
fsr-3230	98	39	,	,	PUNCT
fsr-3230	98	40	and	and	CCONJ
fsr-3230	98	41	is	be	AUX
fsr-3230	98	42	thus	thus	ADV
fsr-3230	98	43	not	not	PART
fsr-3230	98	44	a	a	DET
fsr-3230	98	45	general	general	ADJ
fsr-3230	98	46	measure	measure	NOUN
fsr-3230	98	47	of	of	ADP
fsr-3230	98	48	skill	skill	NOUN
fsr-3230	98	49	or	or	CCONJ
fsr-3230	98	50	value	value	NOUN
fsr-3230	98	51	added	add	VERB
fsr-3230	98	52	.	.	PUNCT
fsr-3230	99	1	5	5	NUM
fsr-3230	99	2	hansen	hansen	NOUN
fsr-3230	99	3	and	and	CCONJ
fsr-3230	99	4	jagannathan	jagannathan	PROPN
fsr-3230	99	5	(	(	PUNCT
fsr-3230	99	6	1991	1991	NUM
fsr-3230	99	7	)	)	PUNCT
fsr-3230	99	8	and	and	CCONJ
fsr-3230	99	9	cochrane	cochrane	NOUN
fsr-3230	99	10	and	and	CCONJ
fsr-3230	99	11	saá	saá	NOUN
fsr-3230	99	12	-	-	PUNCT
fsr-3230	99	13	requejo	requejo	NOUN
fsr-3230	99	14	(	(	PUNCT
fsr-3230	99	15	2000	2000	NUM
fsr-3230	99	16	)	)	PUNCT
fsr-3230	99	17	also	also	ADV
fsr-3230	99	18	consider	consider	VERB
fsr-3230	99	19	the	the	DET
fsr-3230	99	20	no	no	DET
fsr-3230	99	21	-	-	PUNCT
fsr-3230	99	22	arbitrage	arbitrage	NOUN
fsr-3230	99	23	(	(	PUNCT
fsr-3230	99	24	na	na	NOUN
fsr-3230	99	25	)	)	PUNCT
fsr-3230	99	26	condition	condition	NOUN
fsr-3230	99	27	that	that	PRON
fsr-3230	99	28	excludes	exclude	VERB
fsr-3230	99	29	negative	negative	ADJ
fsr-3230	99	30	sdfs	sdfs	NOUN
fsr-3230	99	31	by	by	ADP
fsr-3230	99	32	ruling	rule	VERB
fsr-3230	99	33	out	out	ADP
fsr-3230	99	34	arbitrage	arbitrage	NOUN
fsr-3230	99	35	opportunities	opportunity	NOUN
fsr-3230	99	36	.	.	PUNCT
fsr-3230	100	1	however	however	ADV
fsr-3230	100	2	,	,	PUNCT
fsr-3230	100	3	this	this	DET
fsr-3230	100	4	condition	condition	NOUN
fsr-3230	100	5	imposes	impose	VERB
fsr-3230	100	6	negligible	negligible	ADJ
fsr-3230	100	7	restrictions	restriction	NOUN
fsr-3230	100	8	on	on	ADP
fsr-3230	100	9	sdfs	sdfs	NOUN
fsr-3230	100	10	in	in	ADP
fsr-3230	100	11	the	the	DET
fsr-3230	100	12	evaluation	evaluation	NOUN
fsr-3230	100	13	of	of	ADP
fsr-3230	100	14	equity	equity	NOUN
fsr-3230	100	15	funds	fund	NOUN
fsr-3230	100	16	.	.	PUNCT
fsr-3230	101	1	ahn	ahn	PROPN
fsr-3230	101	2	et	et	PROPN
fsr-3230	101	3	al	al	PROPN
fsr-3230	101	4	.	.	PROPN
fsr-3230	101	5	(	(	PUNCT
fsr-3230	101	6	2009	2009	NUM
fsr-3230	101	7	)	)	PUNCT
fsr-3230	101	8	find	find	VERB
fsr-3230	101	9	that	that	SCONJ
fsr-3230	101	10	performance	performance	NOUN
fsr-3230	101	11	bounds	bound	NOUN
fsr-3230	101	12	under	under	ADP
fsr-3230	101	13	the	the	DET
fsr-3230	101	14	lop	lop	NOUN
fsr-3230	101	15	and	and	CCONJ
fsr-3230	101	16	na	na	ADP
fsr-3230	101	17	conditions	condition	NOUN
fsr-3230	101	18	are	be	AUX
fsr-3230	101	19	typically	typically	ADV
fsr-3230	101	20	wide	wide	ADJ
fsr-3230	101	21	.	.	PUNCT
fsr-3230	102	1	chrétien	chrétien	PROPN
fsr-3230	102	2	and	and	CCONJ
fsr-3230	102	3	kammoun	kammoun	PROPN
fsr-3230	102	4	(	(	PUNCT
fsr-3230	102	5	2017	2017	NUM
fsr-3230	102	6	)	)	PUNCT
fsr-3230	102	7	show	show	VERB
fsr-3230	102	8	that	that	SCONJ
fsr-3230	102	9	empirical	empirical	ADJ
fsr-3230	102	10	sdfs	sdfs	NOUN
fsr-3230	102	11	are	be	AUX
fsr-3230	102	12	almost	almost	ADV
fsr-3230	102	13	always	always	ADV
fsr-3230	102	14	positive	positive	ADJ
fsr-3230	102	15	under	under	ADP
fsr-3230	102	16	the	the	DET
fsr-3230	102	17	lop	lop	NOUN
fsr-3230	102	18	and	and	CCONJ
fsr-3230	102	19	no	no	DET
fsr-3230	102	20	-	-	PUNCT
fsr-3230	102	21	good	good	ADJ
fsr-3230	102	22	-	-	PUNCT
fsr-3230	102	23	deal	deal	NOUN
fsr-3230	102	24	conditions	condition	NOUN
fsr-3230	102	25	.	.	PUNCT
fsr-3230	103	1	chrétien	chrétien	PROPN
fsr-3230	103	2	&	&	CCONJ
fsr-3230	103	3	kammoun	kammoun	PROPN
fsr-3230	103	4	67	67	NUM
fsr-3230	103	5	equivalently	equivalently	ADV
fsr-3230	103	6	,	,	PUNCT
fsr-3230	103	7	𝜎(𝑚𝐿𝑂𝑃	𝜎(𝑚𝐿𝑂𝑃	NUM
fsr-3230	103	8	)	)	PUNCT
fsr-3230	104	1	=	=	VERB
fsr-3230	104	2	ℎ∗	ℎ∗	PROPN
fsr-3230	104	3	𝑅𝐹⁄	𝑅𝐹⁄	PUNCT
fsr-3230	104	4	,	,	PUNCT
fsr-3230	104	5	where	where	SCONJ
fsr-3230	104	6	ℎ∗	ℎ∗	PROPN
fsr-3230	104	7	is	be	AUX
fsr-3230	104	8	the	the	DET
fsr-3230	104	9	maximum	maximum	PROPN
fsr-3230	104	10	sharpe	sharpe	PROPN
fsr-3230	104	11	ratio	ratio	NOUN
fsr-3230	104	12	obtained	obtain	VERB
fsr-3230	104	13	from	from	ADP
fsr-3230	104	14	the	the	DET
fsr-3230	104	15	passive	passive	ADJ
fsr-3230	104	16	portfolios	portfolio	NOUN
fsr-3230	104	17	.	.	PUNCT
fsr-3230	105	1	thus	thus	ADV
fsr-3230	105	2	,	,	PUNCT
fsr-3230	105	3	in	in	ADP
fsr-3230	105	4	the	the	DET
fsr-3230	105	5	disck	disck	ADJ
fsr-3230	105	6	measure	measure	NOUN
fsr-3230	105	7	,	,	PUNCT
fsr-3230	105	8	disagreement	disagreement	NOUN
fsr-3230	105	9	is	be	AUX
fsr-3230	105	10	greater	great	ADJ
fsr-3230	105	11	if	if	SCONJ
fsr-3230	105	12	investors	investor	NOUN
fsr-3230	105	13	are	be	AUX
fsr-3230	105	14	willing	willing	ADJ
fsr-3230	105	15	to	to	PART
fsr-3230	105	16	allow	allow	VERB
fsr-3230	105	17	more	more	ADJ
fsr-3230	105	18	good	good	ADJ
fsr-3230	105	19	deals	deal	NOUN
fsr-3230	105	20	and	and	CCONJ
fsr-3230	105	21	if	if	SCONJ
fsr-3230	105	22	fund	fund	NOUN
fsr-3230	105	23	returns	return	NOUN
fsr-3230	105	24	are	be	AUX
fsr-3230	105	25	more	more	ADV
fsr-3230	105	26	difficult	difficult	ADJ
fsr-3230	105	27	to	to	PART
fsr-3230	105	28	span	span	VERB
fsr-3230	105	29	with	with	ADP
fsr-3230	105	30	passive	passive	ADJ
fsr-3230	105	31	portfolio	portfolio	NOUN
fsr-3230	105	32	returns	return	NOUN
fsr-3230	105	33	.	.	PUNCT
fsr-3230	106	1	our	our	PRON
fsr-3230	106	2	second	second	ADJ
fsr-3230	106	3	measure	measure	NOUN
fsr-3230	106	4	of	of	ADP
fsr-3230	106	5	investor	investor	NOUN
fsr-3230	106	6	disagreement	disagreement	NOUN
fsr-3230	106	7	,	,	PUNCT
fsr-3230	106	8	denoted	denote	VERB
fsr-3230	106	9	by	by	ADP
fsr-3230	106	10	disfl	disfl	PROPN
fsr-3230	106	11	,	,	PUNCT
fsr-3230	106	12	is	be	AUX
fsr-3230	106	13	derived	derive	VERB
fsr-3230	106	14	from	from	ADP
fsr-3230	106	15	the	the	DET
fsr-3230	106	16	bound	bind	VERB
fsr-3230	106	17	on	on	ADP
fsr-3230	106	18	disagreement	disagreement	NOUN
fsr-3230	106	19	with	with	ADP
fsr-3230	106	20	a	a	DET
fsr-3230	106	21	traditional	traditional	ADJ
fsr-3230	106	22	alpha	alpha	NOUN
fsr-3230	106	23	proposed	propose	VERB
fsr-3230	106	24	by	by	ADP
fsr-3230	106	25	ferson	ferson	NOUN
fsr-3230	106	26	and	and	CCONJ
fsr-3230	106	27	lin	lin	PROPN
fsr-3230	106	28	(	(	PUNCT
fsr-3230	106	29	2014	2014	NUM
fsr-3230	106	30	)	)	PUNCT
fsr-3230	106	31	.	.	PUNCT
fsr-3230	107	1	their	their	PRON
fsr-3230	107	2	approach	approach	NOUN
fsr-3230	107	3	also	also	ADV
fsr-3230	107	4	assumes	assume	VERB
fsr-3230	107	5	the	the	DET
fsr-3230	107	6	lop	lop	NOUN
fsr-3230	107	7	condition	condition	NOUN
fsr-3230	107	8	,	,	PUNCT
fsr-3230	107	9	but	but	CCONJ
fsr-3230	107	10	it	it	PRON
fsr-3230	107	11	does	do	AUX
fsr-3230	107	12	not	not	PART
fsr-3230	107	13	impose	impose	VERB
fsr-3230	107	14	the	the	DET
fsr-3230	107	15	no	no	DET
fsr-3230	107	16	-	-	PUNCT
fsr-3230	107	17	good	good	ADJ
fsr-3230	107	18	-	-	PUNCT
fsr-3230	107	19	deal	deal	NOUN
fsr-3230	107	20	condition	condition	NOUN
fsr-3230	107	21	.	.	PUNCT
fsr-3230	108	1	instead	instead	ADV
fsr-3230	108	2	,	,	PUNCT
fsr-3230	108	3	it	it	PRON
fsr-3230	108	4	assumes	assume	VERB
fsr-3230	108	5	a	a	DET
fsr-3230	108	6	restriction	restriction	NOUN
fsr-3230	108	7	on	on	ADP
fsr-3230	108	8	the	the	DET
fsr-3230	108	9	correlations	correlation	NOUN
fsr-3230	108	10	that	that	PRON
fsr-3230	108	11	sdfs	sdfs	NOUN
fsr-3230	108	12	can	can	AUX
fsr-3230	108	13	have	have	VERB
fsr-3230	108	14	,	,	PUNCT
fsr-3230	108	15	specifically	specifically	ADV
fsr-3230	108	16	,	,	PUNCT
fsr-3230	108	17	|𝜌𝑚𝑖,𝜀𝑀𝐹	|𝜌𝑚𝑖,𝜀𝑀𝐹	NOUN
fsr-3230	108	18	𝜌𝑚𝑖,𝑅∗⁄	𝜌𝑚𝑖,𝑅∗⁄	VERB
fsr-3230	108	19	|	|	ADV
fsr-3230	108	20	≤	≤	NUM
fsr-3230	108	21	1	1	NUM
fsr-3230	108	22	,	,	PUNCT
fsr-3230	108	23	where	where	SCONJ
fsr-3230	108	24	𝑅∗	𝑅∗	NUM
fsr-3230	108	25	is	be	AUX
fsr-3230	108	26	the	the	DET
fsr-3230	108	27	passive	passive	ADJ
fsr-3230	108	28	portfolio	portfolio	NOUN
fsr-3230	108	29	return	return	NOUN
fsr-3230	108	30	that	that	PRON
fsr-3230	108	31	achieves	achieve	VERB
fsr-3230	108	32	the	the	DET
fsr-3230	108	33	maximum	maximum	PROPN
fsr-3230	108	34	sharpe	sharpe	PROPN
fsr-3230	108	35	ratio	ratio	PROPN
fsr-3230	108	36	ℎ∗	ℎ∗	PROPN
fsr-3230	108	37	and	and	CCONJ
fsr-3230	108	38	𝜀𝑀𝐹	𝜀𝑀𝐹	PROPN
fsr-3230	108	39	is	be	AUX
fsr-3230	108	40	the	the	DET
fsr-3230	108	41	error	error	NOUN
fsr-3230	108	42	term	term	NOUN
fsr-3230	108	43	in	in	ADP
fsr-3230	108	44	a	a	DET
fsr-3230	108	45	linear	linear	ADJ
fsr-3230	108	46	regression	regression	NOUN
fsr-3230	108	47	of	of	ADP
fsr-3230	108	48	excess	excess	ADJ
fsr-3230	108	49	fund	fund	NOUN
fsr-3230	108	50	return	return	NOUN
fsr-3230	108	51	,	,	PUNCT
fsr-3230	108	52	𝑅𝑀𝐹	𝑅𝑀𝐹	PROPN
fsr-3230	108	53	−	−	PROPN
fsr-3230	108	54	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	108	55	,	,	PUNCT
fsr-3230	108	56	on	on	ADP
fsr-3230	108	57	excess	excess	ADJ
fsr-3230	108	58	passive	passive	ADJ
fsr-3230	108	59	portfolio	portfolio	NOUN
fsr-3230	108	60	returns	return	NOUN
fsr-3230	108	61	:	:	PUNCT
fsr-3230	108	62	𝑅𝑀𝐹	𝑅𝑀𝐹	VERB
fsr-3230	108	63	−	−	NOUN
fsr-3230	108	64	𝑅𝐹	𝑅𝐹	NOUN
fsr-3230	108	65	=	=	PUNCT
fsr-3230	109	1	𝑎𝑀𝐹	𝑎𝑀𝐹	NOUN
fsr-3230	109	2	+	+	CCONJ
fsr-3230	109	3	b′(rk−	b′(rk−	NOUN
fsr-3230	109	4	−	−	PROPN
fsr-3230	109	5	𝑅𝐹1	𝑅𝐹1	PROPN
fsr-3230	109	6	)	)	PUNCT
fsr-3230	110	1	+	+	CCONJ
fsr-3230	110	2	𝜀𝑀𝐹.	𝜀𝑀𝐹.	X
fsr-3230	110	3	(	(	PUNCT
fsr-3230	110	4	7	7	NUM
fsr-3230	110	5	)	)	PUNCT
fsr-3230	110	6	with	with	ADP
fsr-3230	110	7	rk−	rk−	PRON
fsr-3230	110	8	being	be	AUX
fsr-3230	110	9	the	the	DET
fsr-3230	110	10	vector	vector	NOUN
fsr-3230	110	11	of	of	ADP
fsr-3230	110	12	passive	passive	ADJ
fsr-3230	110	13	portfolio	portfolio	NOUN
fsr-3230	110	14	returns	return	NOUN
fsr-3230	110	15	excluding	exclude	VERB
fsr-3230	110	16	the	the	DET
fsr-3230	110	17	risk	risk	NOUN
fsr-3230	110	18	-	-	PUNCT
fsr-3230	110	19	free	free	ADJ
fsr-3230	110	20	return	return	NOUN
fsr-3230	110	21	,	,	PUNCT
fsr-3230	110	22	𝑎𝑀𝐹	𝑎𝑀𝐹	NOUN
fsr-3230	110	23	being	be	AUX
fsr-3230	110	24	the	the	DET
fsr-3230	110	25	traditional	traditional	ADJ
fsr-3230	110	26	(	(	PUNCT
fsr-3230	110	27	jensen	jensen	PROPN
fsr-3230	110	28	’s	’s	PART
fsr-3230	110	29	)	)	PUNCT
fsr-3230	110	30	alpha	alpha	NOUN
fsr-3230	110	31	that	that	PRON
fsr-3230	110	32	would	would	AUX
fsr-3230	110	33	be	be	AUX
fsr-3230	110	34	obtained	obtain	VERB
fsr-3230	110	35	if	if	SCONJ
fsr-3230	110	36	excess	excess	ADJ
fsr-3230	110	37	returns	return	NOUN
fsr-3230	110	38	on	on	ADP
fsr-3230	110	39	the	the	DET
fsr-3230	110	40	passive	passive	ADJ
fsr-3230	110	41	portfolios	portfolio	NOUN
fsr-3230	110	42	are	be	AUX
fsr-3230	110	43	the	the	DET
fsr-3230	110	44	benchmark	benchmark	ADJ
fsr-3230	110	45	returns	return	NOUN
fsr-3230	110	46	in	in	ADP
fsr-3230	110	47	a	a	DET
fsr-3230	110	48	factor	factor	NOUN
fsr-3230	110	49	model	model	NOUN
fsr-3230	110	50	,	,	PUNCT
fsr-3230	110	51	b	b	X
fsr-3230	110	52	being	be	AUX
fsr-3230	110	53	the	the	DET
fsr-3230	110	54	vector	vector	NOUN
fsr-3230	110	55	of	of	ADP
fsr-3230	110	56	factor	factor	NOUN
fsr-3230	110	57	loadings	loading	NOUN
fsr-3230	110	58	,	,	PUNCT
fsr-3230	110	59	and	and	CCONJ
fsr-3230	110	60	𝐸[𝜀𝑀𝐹	𝐸[𝜀𝑀𝐹	NOUN
fsr-3230	110	61	]	]	PUNCT
fsr-3230	110	62	=	=	SYM
fsr-3230	110	63	𝐸	𝐸	PROPN
fsr-3230	110	64	[	[	PUNCT
fsr-3230	110	65	𝜀𝑀𝐹	𝜀𝑀𝐹	NOUN
fsr-3230	110	66	rk−	rk−	NOUN
fsr-3230	110	67	]	]	X
fsr-3230	110	68	=	=	SYM
fsr-3230	110	69	0	0	X
fsr-3230	110	70	.	.	PUNCT
fsr-3230	111	1	this	this	DET
fsr-3230	111	2	restriction	restriction	NOUN
fsr-3230	111	3	means	mean	VERB
fsr-3230	111	4	that	that	SCONJ
fsr-3230	111	5	,	,	PUNCT
fsr-3230	111	6	for	for	ADP
fsr-3230	111	7	all	all	PRON
fsr-3230	111	8	sdfs	sdf	VERB
fsr-3230	111	9	,	,	PUNCT
fsr-3230	111	10	the	the	DET
fsr-3230	111	11	magnitude	magnitude	NOUN
fsr-3230	111	12	of	of	ADP
fsr-3230	111	13	their	their	PRON
fsr-3230	111	14	correlations	correlation	NOUN
fsr-3230	111	15	with	with	ADP
fsr-3230	111	16	the	the	DET
fsr-3230	111	17	part	part	NOUN
fsr-3230	111	18	of	of	ADP
fsr-3230	111	19	fund	fund	NOUN
fsr-3230	111	20	return	return	NOUN
fsr-3230	111	21	not	not	PART
fsr-3230	111	22	captured	capture	VERB
fsr-3230	111	23	by	by	ADP
fsr-3230	111	24	passive	passive	ADJ
fsr-3230	111	25	portfolio	portfolio	NOUN
fsr-3230	111	26	returns	return	NOUN
fsr-3230	111	27	is	be	AUX
fsr-3230	111	28	smaller	small	ADJ
fsr-3230	111	29	than	than	ADP
fsr-3230	111	30	the	the	DET
fsr-3230	111	31	magnitude	magnitude	NOUN
fsr-3230	111	32	of	of	ADP
fsr-3230	111	33	their	their	PRON
fsr-3230	111	34	correlations	correlation	NOUN
fsr-3230	111	35	with	with	ADP
fsr-3230	111	36	the	the	DET
fsr-3230	111	37	passive	passive	ADJ
fsr-3230	111	38	portfolio	portfolio	NOUN
fsr-3230	111	39	return	return	VERB
fsr-3230	111	40	with	with	ADP
fsr-3230	111	41	the	the	DET
fsr-3230	111	42	maximum	maximum	PROPN
fsr-3230	111	43	sharpe	sharpe	PROPN
fsr-3230	111	44	ratio	ratio	NOUN
fsr-3230	111	45	.	.	PUNCT
fsr-3230	112	1	using	use	VERB
fsr-3230	112	2	the	the	DET
fsr-3230	112	3	implications	implication	NOUN
fsr-3230	112	4	of	of	ADP
fsr-3230	112	5	the	the	DET
fsr-3230	112	6	bound	bind	VERB
fsr-3230	112	7	of	of	ADP
fsr-3230	112	8	ferson	ferson	NOUN
fsr-3230	112	9	and	and	CCONJ
fsr-3230	112	10	lin	lin	PROPN
fsr-3230	112	11	(	(	PUNCT
fsr-3230	112	12	2014	2014	NUM
fsr-3230	112	13	)	)	PUNCT
fsr-3230	112	14	for	for	ADP
fsr-3230	112	15	the	the	DET
fsr-3230	112	16	maximum	maximum	ADJ
fsr-3230	112	17	and	and	CCONJ
fsr-3230	112	18	minimum	minimum	NOUN
fsr-3230	112	19	sdf	sdf	PROPN
fsr-3230	112	20	alphas	alpha	NOUN
fsr-3230	112	21	,	,	PUNCT
fsr-3230	112	22	we	we	PRON
fsr-3230	112	23	obtain	obtain	VERB
fsr-3230	112	24	the	the	DET
fsr-3230	112	25	following	follow	VERB
fsr-3230	112	26	disfl	disfl	NOUN
fsr-3230	112	27	disagreement	disagreement	PROPN
fsr-3230	112	28	measure	measure	NOUN
fsr-3230	112	29	:	:	PUNCT
fsr-3230	112	30	𝐷𝐼𝑆𝐹𝐿𝑀𝐹	𝐷𝐼𝑆𝐹𝐿𝑀𝐹	NOUN
fsr-3230	112	31	=	=	SYM
fsr-3230	112	32	2ℎ∗	2ℎ∗	NUM
fsr-3230	112	33	𝑅𝐹	𝑅𝐹	NOUN
fsr-3230	112	34	𝜎(𝜀𝑀𝐹	𝜎(𝜀𝑀𝐹	NOUN
fsr-3230	112	35	)	)	PUNCT
fsr-3230	112	36	.	.	PUNCT
fsr-3230	113	1	(	(	PUNCT
fsr-3230	113	2	8)	8)	NUM
fsr-3230	113	3	this	this	DET
fsr-3230	113	4	measure	measure	NOUN
fsr-3230	113	5	indicates	indicate	VERB
fsr-3230	113	6	that	that	SCONJ
fsr-3230	113	7	maximum	maximum	ADJ
fsr-3230	113	8	disagreement	disagreement	NOUN
fsr-3230	113	9	depends	depend	VERB
fsr-3230	113	10	on	on	ADP
fsr-3230	113	11	the	the	DET
fsr-3230	113	12	maximum	maximum	PROPN
fsr-3230	113	13	sharpe	sharpe	PROPN
fsr-3230	113	14	ratio	ratio	NOUN
fsr-3230	113	15	obtained	obtain	VERB
fsr-3230	113	16	from	from	ADP
fsr-3230	113	17	the	the	DET
fsr-3230	113	18	passive	passive	ADJ
fsr-3230	113	19	portfolios	portfolio	NOUN
fsr-3230	113	20	,	,	PUNCT
fsr-3230	113	21	ℎ∗	ℎ∗	PROPN
fsr-3230	113	22	,	,	PUNCT
fsr-3230	113	23	and	and	CCONJ
fsr-3230	113	24	the	the	DET
fsr-3230	113	25	standard	standard	ADJ
fsr-3230	113	26	deviation	deviation	NOUN
fsr-3230	113	27	of	of	ADP
fsr-3230	113	28	the	the	DET
fsr-3230	113	29	regression	regression	NOUN
fsr-3230	113	30	error	error	NOUN
fsr-3230	113	31	term	term	NOUN
fsr-3230	113	32	,	,	PUNCT
fsr-3230	113	33	𝜎(𝜀𝑀𝐹	𝜎(𝜀𝑀𝐹	NOUN
fsr-3230	113	34	)	)	PUNCT
fsr-3230	113	35	.	.	PUNCT
fsr-3230	114	1	disagreement	disagreement	NOUN
fsr-3230	114	2	is	be	AUX
fsr-3230	114	3	thus	thus	ADV
fsr-3230	114	4	greater	great	ADJ
fsr-3230	114	5	if	if	SCONJ
fsr-3230	114	6	the	the	DET
fsr-3230	114	7	6	6	NUM
fsr-3230	114	8	the	the	DET
fsr-3230	114	9	only	only	ADJ
fsr-3230	114	10	other	other	ADJ
fsr-3230	114	11	constraint	constraint	NOUN
fsr-3230	114	12	on	on	ADP
fsr-3230	114	13	sdf	sdf	NOUN
fsr-3230	114	14	correlations	correlation	NOUN
fsr-3230	114	15	in	in	ADP
fsr-3230	114	16	the	the	DET
fsr-3230	114	17	literature	literature	NOUN
fsr-3230	114	18	is	be	AUX
fsr-3230	114	19	the	the	DET
fsr-3230	114	20	bound	bind	VERB
fsr-3230	114	21	on	on	ADP
fsr-3230	114	22	the	the	DET
fsr-3230	114	23	autocorrelation	autocorrelation	NOUN
fsr-3230	114	24	of	of	ADP
fsr-3230	114	25	sdfs	sdfs	ADJ
fsr-3230	114	26	minimum	minimum	ADJ
fsr-3230	114	27	volatility	volatility	NOUN
fsr-3230	114	28	sdf	sdf	NOUN
fsr-3230	114	29	is	be	AUX
fsr-3230	114	30	higher	high	ADJ
fsr-3230	114	31	and	and	CCONJ
fsr-3230	114	32	if	if	SCONJ
fsr-3230	114	33	fund	fund	NOUN
fsr-3230	114	34	return	return	NOUN
fsr-3230	114	35	is	be	AUX
fsr-3230	114	36	more	more	ADV
fsr-3230	114	37	difficult	difficult	ADJ
fsr-3230	114	38	to	to	PART
fsr-3230	114	39	explain	explain	VERB
fsr-3230	114	40	with	with	ADP
fsr-3230	114	41	passive	passive	ADJ
fsr-3230	114	42	portfolio	portfolio	NOUN
fsr-3230	114	43	returns	return	NOUN
fsr-3230	114	44	.	.	PUNCT
fsr-3230	115	1	relation	relation	NOUN
fsr-3230	115	2	between	between	ADP
fsr-3230	115	3	the	the	DET
fsr-3230	115	4	disagreement	disagreement	NOUN
fsr-3230	115	5	measures	measure	VERB
fsr-3230	115	6	the	the	DET
fsr-3230	115	7	disck	disck	ADJ
fsr-3230	115	8	and	and	CCONJ
fsr-3230	115	9	disfl	disfl	NOUN
fsr-3230	115	10	measures	measure	NOUN
fsr-3230	115	11	are	be	AUX
fsr-3230	115	12	general	general	ADJ
fsr-3230	115	13	as	as	SCONJ
fsr-3230	115	14	they	they	PRON
fsr-3230	115	15	do	do	AUX
fsr-3230	115	16	not	not	PART
fsr-3230	115	17	require	require	VERB
fsr-3230	115	18	complete	complete	ADJ
fsr-3230	115	19	markets	market	NOUN
fsr-3230	115	20	,	,	PUNCT
fsr-3230	115	21	parametric	parametric	ADJ
fsr-3230	115	22	assumptions	assumption	NOUN
fsr-3230	115	23	on	on	ADP
fsr-3230	115	24	beliefs	belief	NOUN
fsr-3230	115	25	,	,	PUNCT
fsr-3230	115	26	and	and	CCONJ
fsr-3230	115	27	preferences	preference	NOUN
fsr-3230	115	28	or	or	CCONJ
fsr-3230	115	29	representative	representative	ADJ
fsr-3230	115	30	investors	investor	NOUN
fsr-3230	115	31	.	.	PUNCT
fsr-3230	116	1	they	they	PRON
fsr-3230	116	2	have	have	VERB
fsr-3230	116	3	different	different	ADJ
fsr-3230	116	4	bounds	bound	NOUN
fsr-3230	116	5	on	on	ADP
fsr-3230	116	6	disagreement	disagreement	NOUN
fsr-3230	116	7	because	because	SCONJ
fsr-3230	116	8	they	they	PRON
fsr-3230	116	9	rely	rely	VERB
fsr-3230	116	10	on	on	ADP
fsr-3230	116	11	different	different	ADJ
fsr-3230	116	12	restrictions	restriction	NOUN
fsr-3230	116	13	on	on	ADP
fsr-3230	116	14	sdfs	sdfs	NOUN
fsr-3230	116	15	.	.	PUNCT
fsr-3230	117	1	the	the	DET
fsr-3230	117	2	disck	disck	ADJ
fsr-3230	117	3	measure	measure	NOUN
fsr-3230	117	4	uses	use	VERB
fsr-3230	117	5	an	an	DET
fsr-3230	117	6	exogenous	exogenous	ADJ
fsr-3230	117	7	maximum	maximum	ADJ
fsr-3230	117	8	allowable	allowable	ADJ
fsr-3230	117	9	sharpe	sharpe	NOUN
fsr-3230	117	10	ratio	ratio	NOUN
fsr-3230	117	11	ℎ.	ℎ.	NOUN
fsr-3230	117	12	as	as	SCONJ
fsr-3230	117	13	discussed	discuss	VERB
fsr-3230	117	14	by	by	ADP
fsr-3230	117	15	chrétien	chrétien	NOUN
fsr-3230	117	16	and	and	CCONJ
fsr-3230	117	17	kammoun	kammoun	PROPN
fsr-3230	117	18	(	(	PUNCT
fsr-3230	117	19	2017	2017	NUM
fsr-3230	117	20	)	)	PUNCT
fsr-3230	117	21	,	,	PUNCT
fsr-3230	117	22	sharpe	sharpe	PROPN
fsr-3230	117	23	ratios	ratio	NOUN
fsr-3230	117	24	have	have	VERB
fsr-3230	117	25	a	a	DET
fsr-3230	117	26	long	long	ADJ
fsr-3230	117	27	history	history	NOUN
fsr-3230	117	28	in	in	ADP
fsr-3230	117	29	performance	performance	NOUN
fsr-3230	117	30	studies	study	NOUN
fsr-3230	117	31	and	and	CCONJ
fsr-3230	117	32	there	there	PRON
fsr-3230	117	33	is	be	VERB
fsr-3230	117	34	guidance	guidance	NOUN
fsr-3230	117	35	on	on	ADP
fsr-3230	117	36	ℎ	ℎ	PROPN
fsr-3230	117	37	as	as	SCONJ
fsr-3230	117	38	the	the	DET
fsr-3230	117	39	no	no	ADV
fsr-3230	117	40	-	-	PUNCT
fsr-3230	117	41	good	good	ADJ
fsr-3230	117	42	-	-	PUNCT
fsr-3230	117	43	deal	deal	NOUN
fsr-3230	117	44	restriction	restriction	NOUN
fsr-3230	117	45	has	have	AUX
fsr-3230	117	46	been	be	AUX
fsr-3230	117	47	used	use	VERB
fsr-3230	117	48	in	in	ADP
fsr-3230	117	49	various	various	ADJ
fsr-3230	117	50	contexts	contexts	NOUN
fsr-3230	117	51	(	(	PUNCT
fsr-3230	117	52	e.g.	e.g.	ADV
fsr-3230	117	53	,	,	PUNCT
fsr-3230	117	54	ross	ross	PROPN
fsr-3230	117	55	,	,	PUNCT
fsr-3230	117	56	1976	1976	NUM
fsr-3230	117	57	;	;	PUNCT
fsr-3230	117	58	mackinlay	mackinlay	NOUN
fsr-3230	117	59	,	,	PUNCT
fsr-3230	117	60	1995	1995	NUM
fsr-3230	117	61	;	;	PUNCT
fsr-3230	117	62	cochrane	cochrane	PROPN
fsr-3230	117	63	&	&	CCONJ
fsr-3230	117	64	saá	saá	NOUN
fsr-3230	117	65	-	-	PUNCT
fsr-3230	117	66	requejo	requejo	NOUN
fsr-3230	117	67	,	,	PUNCT
fsr-3230	117	68	2000	2000	NUM
fsr-3230	117	69	;	;	PUNCT
fsr-3230	117	70	pettenuzzo	pettenuzzo	NOUN
fsr-3230	117	71	et	et	PROPN
fsr-3230	117	72	al	al	PROPN
fsr-3230	117	73	.	.	PROPN
fsr-3230	117	74	,	,	PUNCT
fsr-3230	117	75	2014	2014	NUM
fsr-3230	117	76	)	)	PUNCT
fsr-3230	117	77	.	.	PUNCT
fsr-3230	118	1	in	in	ADP
fsr-3230	118	2	contrast	contrast	NOUN
fsr-3230	118	3	,	,	PUNCT
fsr-3230	118	4	the	the	DET
fsr-3230	118	5	disfl	disfl	NOUN
fsr-3230	118	6	measure	measure	NOUN
fsr-3230	118	7	avoids	avoid	VERB
fsr-3230	118	8	the	the	DET
fsr-3230	118	9	specification	specification	NOUN
fsr-3230	118	10	of	of	ADP
fsr-3230	118	11	ℎ	ℎ	PROPN
fsr-3230	118	12	,	,	PUNCT
fsr-3230	118	13	but	but	CCONJ
fsr-3230	118	14	imposes	impose	VERB
fsr-3230	118	15	a	a	DET
fsr-3230	118	16	constraint	constraint	NOUN
fsr-3230	118	17	on	on	ADP
fsr-3230	118	18	the	the	DET
fsr-3230	118	19	correlations	correlation	NOUN
fsr-3230	118	20	that	that	PRON
fsr-3230	118	21	sdfs	sdfs	NOUN
fsr-3230	118	22	can	can	AUX
fsr-3230	118	23	have	have	VERB
fsr-3230	118	24	.	.	PUNCT
fsr-3230	119	1	this	this	DET
fsr-3230	119	2	restriction	restriction	NOUN
fsr-3230	119	3	is	be	AUX
fsr-3230	119	4	difficult	difficult	ADJ
fsr-3230	119	5	to	to	PART
fsr-3230	119	6	interpret	interpret	VERB
fsr-3230	119	7	economically	economically	ADV
fsr-3230	119	8	and	and	CCONJ
fsr-3230	119	9	is	be	AUX
fsr-3230	119	10	not	not	PART
fsr-3230	119	11	made	make	VERB
fsr-3230	119	12	elsewhere	elsewhere	ADV
fsr-3230	119	13	in	in	ADP
fsr-3230	119	14	the	the	DET
fsr-3230	119	15	literature.6	literature.6	NOUN
fsr-3230	119	16	to	to	PART
fsr-3230	119	17	understand	understand	VERB
fsr-3230	119	18	better	well	ADJ
fsr-3230	119	19	the	the	DET
fsr-3230	119	20	relation	relation	NOUN
fsr-3230	119	21	between	between	ADP
fsr-3230	119	22	the	the	DET
fsr-3230	119	23	measures	measure	NOUN
fsr-3230	119	24	,	,	PUNCT
fsr-3230	119	25	we	we	PRON
fsr-3230	119	26	can	can	AUX
fsr-3230	119	27	rewrite	rewrite	VERB
fsr-3230	119	28	the	the	DET
fsr-3230	119	29	disck	disck	ADJ
fsr-3230	119	30	measure	measure	NOUN
fsr-3230	119	31	in	in	ADP
fsr-3230	119	32	a	a	DET
fsr-3230	119	33	way	way	NOUN
fsr-3230	119	34	that	that	PRON
fsr-3230	119	35	is	be	AUX
fsr-3230	119	36	more	more	ADV
fsr-3230	119	37	comparable	comparable	ADJ
fsr-3230	119	38	to	to	ADP
fsr-3230	119	39	the	the	DET
fsr-3230	119	40	disfl	disfl	NOUN
fsr-3230	119	41	measure	measure	NOUN
fsr-3230	119	42	by	by	ADP
fsr-3230	119	43	making	make	VERB
fsr-3230	119	44	two	two	NUM
fsr-3230	119	45	changes	change	NOUN
fsr-3230	119	46	.	.	PUNCT
fsr-3230	120	1	first	first	ADV
fsr-3230	120	2	,	,	PUNCT
fsr-3230	120	3	the	the	DET
fsr-3230	120	4	projection	projection	NOUN
fsr-3230	120	5	error	error	NOUN
fsr-3230	120	6	term	term	NOUN
fsr-3230	120	7	𝑤𝑀𝐹	𝑤𝑀𝐹	PROPN
fsr-3230	120	8	and	and	CCONJ
fsr-3230	120	9	the	the	DET
fsr-3230	120	10	regression	regression	NOUN
fsr-3230	120	11	error	error	NOUN
fsr-3230	120	12	term	term	NOUN
fsr-3230	120	13	𝜀𝑀𝐹	𝜀𝑀𝐹	NOUN
fsr-3230	120	14	are	be	AUX
fsr-3230	120	15	similar	similar	ADJ
fsr-3230	120	16	since	since	SCONJ
fsr-3230	120	17	we	we	PRON
fsr-3230	120	18	include	include	VERB
fsr-3230	120	19	a	a	DET
fsr-3230	120	20	(	(	PUNCT
fsr-3230	120	21	constant	constant	ADJ
fsr-3230	120	22	)	)	PUNCT
fsr-3230	120	23	risk	risk	NOUN
fsr-3230	120	24	-	-	PUNCT
fsr-3230	120	25	free	free	ADJ
fsr-3230	120	26	return	return	NOUN
fsr-3230	120	27	in	in	ADP
fsr-3230	120	28	the	the	DET
fsr-3230	120	29	passive	passive	ADJ
fsr-3230	120	30	portfolio	portfolio	NOUN
fsr-3230	120	31	returns	return	NOUN
fsr-3230	120	32	used	use	VERB
fsr-3230	120	33	in	in	ADP
fsr-3230	120	34	the	the	DET
fsr-3230	120	35	projection	projection	NOUN
fsr-3230	120	36	.	.	PUNCT
fsr-3230	121	1	hence	hence	ADV
fsr-3230	121	2	,	,	PUNCT
fsr-3230	121	3	𝐸[𝑤𝑀𝐹	𝐸[𝑤𝑀𝐹	NOUN
fsr-3230	121	4	2	2	NUM
fsr-3230	121	5	]	]	PUNCT
fsr-3230	121	6	=	=	SYM
fsr-3230	121	7	𝐸[𝜀𝑀𝐹	𝐸[𝜀𝑀𝐹	NOUN
fsr-3230	121	8	2	2	NUM
fsr-3230	121	9	]	]	PUNCT
fsr-3230	121	10	=	=	SYM
fsr-3230	121	11	𝜎2(𝜀𝑀𝐹	𝜎2(𝜀𝑀𝐹	NOUN
fsr-3230	121	12	)	)	PUNCT
fsr-3230	121	13	.	.	PUNCT
fsr-3230	122	1	second	second	ADJ
fsr-3230	122	2	,	,	PUNCT
fsr-3230	122	3	since	since	SCONJ
fsr-3230	122	4	𝐸[𝑚𝐿𝑂𝑃	𝐸[𝑚𝐿𝑂𝑃	PROPN
fsr-3230	122	5	2	2	NUM
fsr-3230	122	6	]	]	PUNCT
fsr-3230	122	7	=	=	SYM
fsr-3230	122	8	(	(	PUNCT
fsr-3230	122	9	1	1	NUM
fsr-3230	122	10	+	+	NUM
fsr-3230	122	11	ℎ∗2	ℎ∗2	NOUN
fsr-3230	122	12	)	)	PUNCT
fsr-3230	122	13	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	122	14	2⁄	2⁄	NUM
fsr-3230	122	15	,	,	PUNCT
fsr-3230	122	16	the	the	DET
fsr-3230	122	17	parameter	parameter	NOUN
fsr-3230	122	18	𝑣	𝑣	PRON
fsr-3230	122	19	can	can	AUX
fsr-3230	122	20	be	be	AUX
fsr-3230	122	21	written	write	VERB
fsr-3230	122	22	as	as	ADP
fsr-3230	122	23	:	:	PUNCT
fsr-3230	122	24	𝑣	𝑣	X
fsr-3230	122	25	=	=	PUNCT
fsr-3230	122	26	√	√	PROPN
fsr-3230	122	27	(	(	PUNCT
fsr-3230	122	28	(	(	PUNCT
fsr-3230	122	29	1+ℎ̅2	1+ℎ̅2	NOUN
fsr-3230	122	30	)	)	PUNCT
fsr-3230	122	31	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	122	32	2	2	NUM
fsr-3230	122	33	−	−	PROPN
fsr-3230	122	34	(	(	PUNCT
fsr-3230	122	35	1+ℎ∗2	1+ℎ∗2	NUM
fsr-3230	122	36	)	)	PUNCT
fsr-3230	122	37	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	122	38	2	2	NUM
fsr-3230	122	39	)	)	PUNCT
fsr-3230	122	40	𝐸[𝑤𝑀𝐹	𝐸[𝑤𝑀𝐹	NOUN
fsr-3230	122	41	2	2	NUM
fsr-3230	122	42	]	]	PUNCT
fsr-3230	122	43	=	=	PUNCT
fsr-3230	122	44	√	√	PROPN
fsr-3230	122	45	(	(	PUNCT
fsr-3230	122	46	ℎ̅2−ℎ∗2	ℎ̅2−ℎ∗2	PROPN
fsr-3230	122	47	)	)	PUNCT
fsr-3230	122	48	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	122	49	2	2	NUM
fsr-3230	122	50	𝐸[𝑤𝑀𝐹	𝐸[𝑤𝑀𝐹	NOUN
fsr-3230	122	51	2	2	NUM
fsr-3230	122	52	]	]	PUNCT
fsr-3230	122	53	.	.	PUNCT
fsr-3230	123	1	(	(	PUNCT
fsr-3230	123	2	9	9	X
fsr-3230	123	3	)	)	PUNCT
fsr-3230	123	4	using	use	VERB
fsr-3230	123	5	these	these	DET
fsr-3230	123	6	results	result	NOUN
fsr-3230	123	7	,	,	PUNCT
fsr-3230	123	8	we	we	PRON
fsr-3230	123	9	can	can	AUX
fsr-3230	123	10	rewrite	rewrite	VERB
fsr-3230	123	11	the	the	DET
fsr-3230	123	12	disck	disck	ADJ
fsr-3230	123	13	measure	measure	NOUN
fsr-3230	123	14	as	as	SCONJ
fsr-3230	123	15	follows	follow	VERB
fsr-3230	123	16	:	:	PUNCT
fsr-3230	123	17	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	PROPN
fsr-3230	123	18	=	=	SYM
fsr-3230	123	19	2𝑣𝐸[𝑤𝑀𝐹	2𝑣𝐸[𝑤𝑀𝐹	NUM
fsr-3230	123	20	2	2	NUM
fsr-3230	123	21	]	]	PUNCT
fsr-3230	123	22	=	=	SYM
fsr-3230	123	23	2√(ℎ̅2−ℎ∗2	2√(ℎ̅2−ℎ∗2	X
fsr-3230	123	24	)	)	PUNCT
fsr-3230	123	25	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	123	26	𝜎(𝜀𝑀𝐹	𝜎(𝜀𝑀𝐹	NOUN
fsr-3230	123	27	)	)	PUNCT
fsr-3230	123	28	=	=	SYM
fsr-3230	123	29	√(ℎ̅2−ℎ∗2	√(ℎ̅2−ℎ∗2	PROPN
fsr-3230	123	30	)	)	PUNCT
fsr-3230	123	31	ℎ∗	ℎ∗	PROPN
fsr-3230	123	32	𝐷𝐼𝑆𝐹𝐿𝑀𝐹.	𝐷𝐼𝑆𝐹𝐿𝑀𝐹.	X
fsr-3230	123	33	(	(	PUNCT
fsr-3230	123	34	10	10	NUM
fsr-3230	123	35	)	)	PUNCT
fsr-3230	123	36	of	of	ADP
fsr-3230	123	37	chrétien	chrétien	PROPN
fsr-3230	123	38	(	(	PUNCT
fsr-3230	123	39	2012	2012	NUM
fsr-3230	123	40	)	)	PUNCT
fsr-3230	123	41	,	,	PUNCT
fsr-3230	123	42	which	which	PRON
fsr-3230	123	43	restricts	restrict	VERB
fsr-3230	123	44	the	the	DET
fsr-3230	123	45	admissible	admissible	ADJ
fsr-3230	123	46	economic	economic	ADJ
fsr-3230	123	47	time	time	NOUN
fsr-3230	123	48	variation	variation	NOUN
fsr-3230	123	49	across	across	ADP
fsr-3230	123	50	two	two	NUM
fsr-3230	123	51	periods	period	NOUN
fsr-3230	123	52	.	.	PUNCT
fsr-3230	124	1	financial	financial	ADJ
fsr-3230	124	2	services	service	NOUN
fsr-3230	124	3	review	review	PROPN
fsr-3230	124	4	,	,	PUNCT
fsr-3230	124	5	32(1	32(1	NUM
fsr-3230	124	6	)	)	PUNCT
fsr-3230	124	7	68	68	NUM
fsr-3230	124	8	this	this	DET
fsr-3230	124	9	expression	expression	NOUN
fsr-3230	124	10	clarifies	clarify	VERB
fsr-3230	124	11	the	the	DET
fsr-3230	124	12	relation	relation	NOUN
fsr-3230	124	13	between	between	ADP
fsr-3230	124	14	the	the	DET
fsr-3230	124	15	disck	disck	ADJ
fsr-3230	124	16	and	and	CCONJ
fsr-3230	124	17	disfl	disfl	NOUN
fsr-3230	124	18	measures	measure	NOUN
fsr-3230	124	19	.	.	PUNCT
fsr-3230	125	1	when	when	SCONJ
fsr-3230	125	2	ℎ	ℎ	X
fsr-3230	125	3	=	=	SYM
fsr-3230	125	4	√2	√2	PROPN
fsr-3230	125	5	ℎ∗	ℎ∗	PROPN
fsr-3230	125	6	,	,	PUNCT
fsr-3230	125	7	the	the	DET
fsr-3230	125	8	measures	measure	NOUN
fsr-3230	125	9	are	be	AUX
fsr-3230	125	10	equivalent	equivalent	ADJ
fsr-3230	125	11	.	.	PUNCT
fsr-3230	126	1	when	when	SCONJ
fsr-3230	126	2	ℎ	ℎ	X
fsr-3230	126	3	>	>	X
fsr-3230	126	4	√2	√2	PROPN
fsr-3230	126	5	ℎ∗	ℎ∗	PROPN
fsr-3230	126	6	(	(	PUNCT
fsr-3230	126	7	ℎ	ℎ	X
fsr-3230	126	8	<	<	X
fsr-3230	126	9	√2	√2	PROPN
fsr-3230	126	10	ℎ∗	ℎ∗	PROPN
fsr-3230	126	11	)	)	PUNCT
fsr-3230	126	12	,	,	PUNCT
fsr-3230	126	13	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	PROPN
fsr-3230	126	14	>	>	X
fsr-3230	126	15	𝐷𝐼𝑆𝐹𝐿𝑀𝐹	𝐷𝐼𝑆𝐹𝐿𝑀𝐹	PROPN
fsr-3230	126	16	(	(	PUNCT
fsr-3230	126	17	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	PROPN
fsr-3230	126	18	<	<	X
fsr-3230	126	19	𝐷𝐼𝑆𝐹𝐿𝑀𝐹	𝐷𝐼𝑆𝐹𝐿𝑀𝐹	PROPN
fsr-3230	126	20	)	)	PUNCT
fsr-3230	126	21	.	.	PUNCT
fsr-3230	127	1	thus	thus	ADV
fsr-3230	127	2	,	,	PUNCT
fsr-3230	127	3	the	the	DET
fsr-3230	127	4	restriction	restriction	NOUN
fsr-3230	127	5	on	on	ADP
fsr-3230	127	6	sdf	sdf	PROPN
fsr-3230	127	7	correlations	correlation	NOUN
fsr-3230	127	8	assumed	assume	VERB
fsr-3230	127	9	for	for	ADP
fsr-3230	127	10	the	the	DET
fsr-3230	127	11	disfl	disfl	NOUN
fsr-3230	127	12	measure	measure	NOUN
fsr-3230	127	13	has	have	VERB
fsr-3230	127	14	an	an	DET
fsr-3230	127	15	effect	effect	NOUN
fsr-3230	127	16	similar	similar	ADJ
fsr-3230	127	17	to	to	ADP
fsr-3230	127	18	assuming	assume	VERB
fsr-3230	127	19	that	that	SCONJ
fsr-3230	127	20	the	the	DET
fsr-3230	127	21	maximum	maximum	ADJ
fsr-3230	127	22	allowable	allowable	ADJ
fsr-3230	127	23	sharpe	sharpe	NOUN
fsr-3230	127	24	ratio	ratio	NOUN
fsr-3230	127	25	(	(	PUNCT
fsr-3230	127	26	or	or	CCONJ
fsr-3230	127	27	maximum	maximum	ADJ
fsr-3230	127	28	allowable	allowable	ADJ
fsr-3230	127	29	sdf	sdf	PROPN
fsr-3230	127	30	standard	standard	ADJ
fsr-3230	127	31	deviation	deviation	NOUN
fsr-3230	127	32	)	)	PUNCT
fsr-3230	127	33	is	be	AUX
fsr-3230	127	34	41.4	41.4	NUM
fsr-3230	127	35	%	%	NOUN
fsr-3230	127	36	higher	high	ADJ
fsr-3230	127	37	than	than	ADP
fsr-3230	127	38	the	the	DET
fsr-3230	127	39	maximum	maximum	PROPN
fsr-3230	127	40	sharpe	sharpe	PROPN
fsr-3230	127	41	ratio	ratio	NOUN
fsr-3230	127	42	obtained	obtain	VERB
fsr-3230	127	43	from	from	ADP
fsr-3230	127	44	the	the	DET
fsr-3230	127	45	passive	passive	ADJ
fsr-3230	127	46	portfolios	portfolio	NOUN
fsr-3230	127	47	(	(	PUNCT
fsr-3230	127	48	or	or	CCONJ
fsr-3230	127	49	the	the	DET
fsr-3230	127	50	minimum	minimum	PROPN
fsr-3230	127	51	sdf	sdf	PROPN
fsr-3230	127	52	standard	standard	PROPN
fsr-3230	127	53	deviation	deviation	NOUN
fsr-3230	127	54	)	)	PUNCT
fsr-3230	127	55	.	.	PUNCT
fsr-3230	128	1	empirically	empirically	ADV
fsr-3230	128	2	,	,	PUNCT
fsr-3230	128	3	given	give	VERB
fsr-3230	128	4	the	the	DET
fsr-3230	128	5	different	different	ADJ
fsr-3230	128	6	methodological	methodological	ADJ
fsr-3230	128	7	choices	choice	NOUN
fsr-3230	128	8	of	of	ADP
fsr-3230	128	9	chrétien	chrétien	NOUN
fsr-3230	128	10	and	and	CCONJ
fsr-3230	128	11	kammoun	kammoun	PROPN
fsr-3230	128	12	(	(	PUNCT
fsr-3230	128	13	2017	2017	NUM
fsr-3230	128	14	)	)	PUNCT
fsr-3230	128	15	and	and	CCONJ
fsr-3230	128	16	ferson	ferson	NOUN
fsr-3230	128	17	and	and	CCONJ
fsr-3230	128	18	lin	lin	PROPN
fsr-3230	128	19	(	(	PUNCT
fsr-3230	128	20	2014	2014	NUM
fsr-3230	128	21	)	)	PUNCT
fsr-3230	128	22	,	,	PUNCT
fsr-3230	128	23	the	the	DET
fsr-3230	128	24	results	result	NOUN
fsr-3230	128	25	will	will	AUX
fsr-3230	128	26	show	show	VERB
fsr-3230	128	27	that	that	SCONJ
fsr-3230	128	28	the	the	DET
fsr-3230	128	29	disck	disck	ADJ
fsr-3230	128	30	and	and	CCONJ
fsr-3230	128	31	disfl	disfl	NOUN
fsr-3230	128	32	measures	measure	NOUN
fsr-3230	128	33	are	be	AUX
fsr-3230	128	34	not	not	PART
fsr-3230	128	35	equivalent	equivalent	ADJ
fsr-3230	128	36	,	,	PUNCT
fsr-3230	128	37	but	but	CCONJ
fsr-3230	128	38	are	be	AUX
fsr-3230	128	39	closely	closely	ADV
fsr-3230	128	40	related	relate	VERB
fsr-3230	128	41	,	,	PUNCT
fsr-3230	128	42	although	although	SCONJ
fsr-3230	128	43	the	the	DET
fsr-3230	128	44	highest	high	ADJ
fsr-3230	128	45	estimates	estimate	NOUN
fsr-3230	128	46	can	can	AUX
fsr-3230	128	47	come	come	VERB
fsr-3230	128	48	from	from	ADP
fsr-3230	128	49	either	either	DET
fsr-3230	128	50	measure	measure	NOUN
fsr-3230	128	51	,	,	PUNCT
fsr-3230	128	52	depending	depend	VERB
fsr-3230	128	53	on	on	ADP
fsr-3230	128	54	the	the	DET
fsr-3230	128	55	set	set	NOUN
fsr-3230	128	56	of	of	ADP
fsr-3230	128	57	passive	passive	ADJ
fsr-3230	128	58	portfolios	portfolio	NOUN
fsr-3230	128	59	and	and	CCONJ
fsr-3230	128	60	period	period	NOUN
fsr-3230	128	61	used	use	VERB
fsr-3230	128	62	for	for	ADP
fsr-3230	128	63	estimation	estimation	NOUN
fsr-3230	128	64	.	.	PUNCT
fsr-3230	129	1	investor	investor	NOUN
fsr-3230	129	2	disagreement	disagreement	NOUN
fsr-3230	129	3	across	across	ADP
fsr-3230	129	4	funds	fund	NOUN
fsr-3230	129	5	:	:	PUNCT
fsr-3230	129	6	hypotheses	hypothese	VERB
fsr-3230	129	7	development	development	NOUN
fsr-3230	129	8	this	this	DET
fsr-3230	129	9	paper	paper	NOUN
fsr-3230	129	10	’s	’s	PART
fsr-3230	129	11	main	main	ADJ
fsr-3230	129	12	objective	objective	NOUN
fsr-3230	129	13	is	be	AUX
fsr-3230	129	14	to	to	PART
fsr-3230	129	15	investigate	investigate	VERB
fsr-3230	129	16	the	the	DET
fsr-3230	129	17	relations	relation	NOUN
fsr-3230	129	18	between	between	ADP
fsr-3230	129	19	investor	investor	NOUN
fsr-3230	129	20	disagreement	disagreement	NOUN
fsr-3230	129	21	and	and	CCONJ
fsr-3230	129	22	three	three	NUM
fsr-3230	129	23	types	type	NOUN
fsr-3230	129	24	of	of	ADP
fsr-3230	129	25	variables	variable	NOUN
fsr-3230	129	26	:	:	PUNCT
fsr-3230	129	27	fund	fund	NOUN
fsr-3230	129	28	characteristics	characteristic	NOUN
fsr-3230	129	29	,	,	PUNCT
fsr-3230	129	30	active	active	ADJ
fsr-3230	129	31	management	management	NOUN
fsr-3230	129	32	level	level	NOUN
fsr-3230	129	33	and	and	CCONJ
fsr-3230	129	34	fund	fund	NOUN
fsr-3230	129	35	flows	flow	NOUN
fsr-3230	129	36	.	.	PUNCT
fsr-3230	130	1	the	the	DET
fsr-3230	130	2	literature	literature	NOUN
fsr-3230	130	3	offers	offer	VERB
fsr-3230	130	4	relevant	relevant	ADJ
fsr-3230	130	5	empirical	empirical	ADJ
fsr-3230	130	6	findings	finding	NOUN
fsr-3230	130	7	to	to	PART
fsr-3230	130	8	develop	develop	VERB
fsr-3230	130	9	hypotheses	hypothesis	NOUN
fsr-3230	130	10	on	on	ADP
fsr-3230	130	11	these	these	DET
fsr-3230	130	12	relations	relation	NOUN
fsr-3230	130	13	in	in	ADP
fsr-3230	130	14	two	two	NUM
fsr-3230	130	15	ways	way	NOUN
fsr-3230	130	16	.	.	PUNCT
fsr-3230	131	1	first	first	ADV
fsr-3230	131	2	,	,	PUNCT
fsr-3230	131	3	we	we	PRON
fsr-3230	131	4	show	show	VERB
fsr-3230	131	5	disagreement	disagreement	NOUN
fsr-3230	131	6	as	as	ADP
fsr-3230	131	7	a	a	DET
fsr-3230	131	8	difference	difference	NOUN
fsr-3230	131	9	between	between	ADP
fsr-3230	131	10	upper	upper	ADJ
fsr-3230	131	11	and	and	CCONJ
fsr-3230	131	12	lower	low	ADJ
fsr-3230	131	13	performance	performance	NOUN
fsr-3230	131	14	values	value	NOUN
fsr-3230	131	15	.	.	PUNCT
fsr-3230	132	1	the	the	DET
fsr-3230	132	2	literature	literature	NOUN
fsr-3230	132	3	on	on	ADP
fsr-3230	132	4	the	the	DET
fsr-3230	132	5	links	link	NOUN
fsr-3230	132	6	between	between	ADP
fsr-3230	132	7	performance	performance	NOUN
fsr-3230	132	8	and	and	CCONJ
fsr-3230	132	9	the	the	DET
fsr-3230	132	10	variables	variable	NOUN
fsr-3230	132	11	investigated	investigate	VERB
fsr-3230	132	12	is	be	AUX
fsr-3230	132	13	thus	thus	ADV
fsr-3230	132	14	relevant	relevant	ADJ
fsr-3230	132	15	.	.	PUNCT
fsr-3230	133	1	second	second	ADJ
fsr-3230	133	2	,	,	PUNCT
fsr-3230	133	3	we	we	PRON
fsr-3230	133	4	show	show	VERB
fsr-3230	133	5	that	that	SCONJ
fsr-3230	133	6	disagreement	disagreement	NOUN
fsr-3230	133	7	is	be	AUX
fsr-3230	133	8	larger	large	ADJ
fsr-3230	133	9	for	for	ADP
fsr-3230	133	10	funds	fund	NOUN
fsr-3230	133	11	with	with	ADP
fsr-3230	133	12	returns	return	NOUN
fsr-3230	133	13	that	that	PRON
fsr-3230	133	14	are	be	AUX
fsr-3230	133	15	more	more	ADV
fsr-3230	133	16	difficult	difficult	ADJ
fsr-3230	133	17	to	to	PART
fsr-3230	133	18	replicate	replicate	VERB
fsr-3230	133	19	.	.	PUNCT
fsr-3230	134	1	because	because	SCONJ
fsr-3230	134	2	such	such	ADJ
fsr-3230	134	3	returns	return	NOUN
fsr-3230	134	4	belong	belong	VERB
fsr-3230	134	5	to	to	ADP
fsr-3230	134	6	managers	manager	NOUN
fsr-3230	134	7	who	who	PRON
fsr-3230	134	8	deviate	deviate	VERB
fsr-3230	134	9	more	more	ADJ
fsr-3230	134	10	from	from	ADP
fsr-3230	134	11	their	their	PRON
fsr-3230	134	12	benchmarks	benchmark	NOUN
fsr-3230	134	13	,	,	PUNCT
fsr-3230	134	14	the	the	DET
fsr-3230	134	15	literature	literature	NOUN
fsr-3230	134	16	studying	study	VERB
fsr-3230	134	17	active	active	ADJ
fsr-3230	134	18	trading	trading	NOUN
fsr-3230	134	19	and	and	CCONJ
fsr-3230	134	20	managerial	managerial	ADJ
fsr-3230	134	21	skills	skill	NOUN
fsr-3230	134	22	is	be	AUX
fsr-3230	134	23	also	also	ADV
fsr-3230	134	24	useful	useful	ADJ
fsr-3230	134	25	for	for	ADP
fsr-3230	134	26	hypotheses	hypothesis	NOUN
fsr-3230	134	27	development	development	NOUN
fsr-3230	134	28	.	.	PUNCT
fsr-3230	135	1	fund	fund	NOUN
fsr-3230	135	2	characteristics	characteristic	NOUN
fsr-3230	135	3	we	we	PRON
fsr-3230	135	4	consider	consider	VERB
fsr-3230	135	5	a	a	DET
fsr-3230	135	6	large	large	ADJ
fsr-3230	135	7	number	number	NOUN
fsr-3230	135	8	of	of	ADP
fsr-3230	135	9	relevant	relevant	ADJ
fsr-3230	135	10	fund	fund	NOUN
fsr-3230	135	11	characteristics	characteristic	NOUN
fsr-3230	135	12	.	.	PUNCT
fsr-3230	136	1	this	this	DET
fsr-3230	136	2	section	section	NOUN
fsr-3230	136	3	shortly	shortly	ADV
fsr-3230	136	4	reviews	review	VERB
fsr-3230	136	5	the	the	DET
fsr-3230	136	6	literature	literature	NOUN
fsr-3230	136	7	on	on	ADP
fsr-3230	136	8	these	these	DET
fsr-3230	136	9	variables	variable	NOUN
fsr-3230	136	10	to	to	PART
fsr-3230	136	11	formulate	formulate	VERB
fsr-3230	136	12	hypotheses	hypothesis	NOUN
fsr-3230	136	13	on	on	ADP
fsr-3230	136	14	their	their	PRON
fsr-3230	136	15	relations	relation	NOUN
fsr-3230	136	16	with	with	ADP
fsr-3230	136	17	disagreement	disagreement	NOUN
fsr-3230	136	18	.	.	PUNCT
fsr-3230	137	1	when	when	SCONJ
fsr-3230	137	2	the	the	DET
fsr-3230	137	3	literature	literature	NOUN
fsr-3230	137	4	yields	yield	VERB
fsr-3230	137	5	mixed	mixed	ADJ
fsr-3230	137	6	predictions	prediction	NOUN
fsr-3230	137	7	,	,	PUNCT
fsr-3230	137	8	we	we	PRON
fsr-3230	137	9	rely	rely	VERB
fsr-3230	137	10	on	on	ADP
fsr-3230	137	11	the	the	DET
fsr-3230	137	12	best	good	ADJ
fsr-3230	137	13	evidence	evidence	NOUN
fsr-3230	137	14	or	or	CCONJ
fsr-3230	137	15	economic	economic	ADJ
fsr-3230	137	16	intuition	intuition	NOUN
fsr-3230	137	17	to	to	PART
fsr-3230	137	18	determine	determine	VERB
fsr-3230	137	19	the	the	DET
fsr-3230	137	20	likely	likely	ADJ
fsr-3230	137	21	relations	relation	NOUN
fsr-3230	137	22	.	.	PUNCT
fsr-3230	138	1	we	we	PRON
fsr-3230	138	2	discuss	discuss	VERB
fsr-3230	138	3	the	the	DET
fsr-3230	138	4	most	most	ADV
fsr-3230	138	5	commonly	commonly	ADV
fsr-3230	138	6	used	use	VERB
fsr-3230	138	7	characteristics	characteristic	NOUN
fsr-3230	138	8	in	in	ADP
fsr-3230	138	9	the	the	DET
fsr-3230	138	10	first	first	ADJ
fsr-3230	138	11	subsection	subsection	NOUN
fsr-3230	138	12	and	and	CCONJ
fsr-3230	138	13	some	some	DET
fsr-3230	138	14	other	other	ADJ
fsr-3230	138	15	relevant	relevant	ADJ
fsr-3230	138	16	characteristics	characteristic	NOUN
fsr-3230	138	17	in	in	ADP
fsr-3230	138	18	second	second	ADJ
fsr-3230	138	19	subsection	subsection	NOUN
fsr-3230	138	20	.	.	PUNCT
fsr-3230	139	1	most	most	ADJ
fsr-3230	139	2	common	common	ADJ
fsr-3230	139	3	fund	fund	NOUN
fsr-3230	139	4	characteristics	characteristic	NOUN
fsr-3230	139	5	the	the	DET
fsr-3230	139	6	sign	sign	NOUN
fsr-3230	139	7	and	and	CCONJ
fsr-3230	139	8	significance	significance	NOUN
fsr-3230	139	9	of	of	ADP
fsr-3230	139	10	the	the	DET
fsr-3230	139	11	relations	relation	NOUN
fsr-3230	139	12	between	between	ADP
fsr-3230	139	13	the	the	DET
fsr-3230	139	14	most	most	ADV
fsr-3230	139	15	commonly	commonly	ADV
fsr-3230	139	16	used	use	VERB
fsr-3230	139	17	characteristics	characteristic	NOUN
fsr-3230	139	18	and	and	CCONJ
fsr-3230	139	19	performance	performance	NOUN
fsr-3230	139	20	are	be	AUX
fsr-3230	139	21	often	often	ADV
fsr-3230	139	22	not	not	PART
fsr-3230	139	23	robust	robust	ADJ
fsr-3230	139	24	across	across	ADP
fsr-3230	139	25	studies	study	NOUN
fsr-3230	139	26	.	.	PUNCT
fsr-3230	140	1	expenses	expense	NOUN
fsr-3230	140	2	.	.	PUNCT
fsr-3230	141	1	prather	prather	PROPN
fsr-3230	141	2	et	et	PROPN
fsr-3230	141	3	al	al	PROPN
fsr-3230	141	4	.	.	PROPN
fsr-3230	141	5	(	(	PUNCT
fsr-3230	141	6	2004	2004	NUM
fsr-3230	141	7	)	)	PUNCT
fsr-3230	141	8	find	find	VERB
fsr-3230	141	9	a	a	DET
fsr-3230	141	10	positive	positive	ADJ
fsr-3230	141	11	relation	relation	NOUN
fsr-3230	141	12	between	between	ADP
fsr-3230	141	13	expenses	expense	NOUN
fsr-3230	141	14	and	and	CCONJ
fsr-3230	141	15	abnormal	abnormal	ADJ
fsr-3230	141	16	fund	fund	NOUN
fsr-3230	141	17	returns	return	NOUN
fsr-3230	141	18	,	,	PUNCT
fsr-3230	141	19	while	while	SCONJ
fsr-3230	141	20	ippolito	ippolito	PROPN
fsr-3230	141	21	(	(	PUNCT
fsr-3230	141	22	1989	1989	NUM
fsr-3230	141	23	)	)	PUNCT
fsr-3230	141	24	and	and	CCONJ
fsr-3230	141	25	chen	chen	PROPN
fsr-3230	141	26	et	et	PROPN
fsr-3230	141	27	al	al	PROPN
fsr-3230	141	28	.	.	PROPN
fsr-3230	142	1	(	(	PUNCT
fsr-3230	142	2	2004	2004	NUM
fsr-3230	142	3	)	)	PUNCT
fsr-3230	142	4	show	show	VERB
fsr-3230	142	5	that	that	SCONJ
fsr-3230	142	6	there	there	PRON
fsr-3230	142	7	is	be	VERB
fsr-3230	142	8	no	no	DET
fsr-3230	142	9	relation	relation	NOUN
fsr-3230	142	10	between	between	ADP
fsr-3230	142	11	the	the	DET
fsr-3230	142	12	two	two	NUM
fsr-3230	142	13	variables	variable	NOUN
fsr-3230	142	14	.	.	PUNCT
fsr-3230	143	1	in	in	ADP
fsr-3230	143	2	contrast	contrast	NOUN
fsr-3230	143	3	,	,	PUNCT
fsr-3230	143	4	carhart	carhart	NOUN
fsr-3230	143	5	(	(	PUNCT
fsr-3230	143	6	1997	1997	NUM
fsr-3230	143	7	)	)	PUNCT
fsr-3230	143	8	and	and	CCONJ
fsr-3230	143	9	cremers	cremer	NOUN
fsr-3230	143	10	and	and	CCONJ
fsr-3230	143	11	petajisto	petajisto	NOUN
fsr-3230	143	12	(	(	PUNCT
fsr-3230	143	13	2009	2009	NUM
fsr-3230	143	14	)	)	PUNCT
fsr-3230	143	15	report	report	VERB
fsr-3230	143	16	a	a	DET
fsr-3230	143	17	negative	negative	ADJ
fsr-3230	143	18	effect	effect	NOUN
fsr-3230	143	19	of	of	ADP
fsr-3230	143	20	expenses	expense	NOUN
fsr-3230	143	21	on	on	ADP
fsr-3230	143	22	performance	performance	NOUN
fsr-3230	143	23	.	.	PUNCT
fsr-3230	144	1	turnover	turnover	NOUN
fsr-3230	144	2	.	.	PUNCT
fsr-3230	145	1	some	some	DET
fsr-3230	145	2	studies	study	NOUN
fsr-3230	145	3	(	(	PUNCT
fsr-3230	145	4	ippolito	ippolito	PROPN
fsr-3230	145	5	,	,	PUNCT
fsr-3230	145	6	1989	1989	NUM
fsr-3230	145	7	,	,	PUNCT
fsr-3230	145	8	prather	prather	PROPN
fsr-3230	145	9	et	et	PROPN
fsr-3230	145	10	al	al	PROPN
fsr-3230	145	11	.	.	PROPN
fsr-3230	145	12	,	,	PUNCT
fsr-3230	145	13	2004	2004	NUM
fsr-3230	145	14	,	,	PUNCT
fsr-3230	145	15	chen	chen	PROPN
fsr-3230	145	16	et	et	PROPN
fsr-3230	145	17	al	al	PROPN
fsr-3230	145	18	.	.	PROPN
fsr-3230	145	19	,	,	PUNCT
fsr-3230	145	20	2004	2004	NUM
fsr-3230	145	21	,	,	PUNCT
fsr-3230	145	22	huang	huang	PROPN
fsr-3230	145	23	et	et	PROPN
fsr-3230	145	24	al	al	PROPN
fsr-3230	145	25	.	.	PROPN
fsr-3230	145	26	,	,	PUNCT
fsr-3230	145	27	2011	2011	NUM
fsr-3230	145	28	)	)	PUNCT
fsr-3230	145	29	find	find	VERB
fsr-3230	145	30	no	no	DET
fsr-3230	145	31	link	link	NOUN
fsr-3230	145	32	between	between	ADP
fsr-3230	145	33	turnover	turnover	NOUN
fsr-3230	145	34	and	and	CCONJ
fsr-3230	145	35	performance	performance	NOUN
fsr-3230	145	36	.	.	PUNCT
fsr-3230	146	1	other	other	ADJ
fsr-3230	146	2	studies	study	NOUN
fsr-3230	146	3	report	report	VERB
fsr-3230	146	4	negative	negative	ADJ
fsr-3230	146	5	(	(	PUNCT
fsr-3230	146	6	carhart	carhart	NOUN
fsr-3230	146	7	,	,	PUNCT
fsr-3230	146	8	1997	1997	NUM
fsr-3230	146	9	,	,	PUNCT
fsr-3230	146	10	massa	massa	PROPN
fsr-3230	146	11	&	&	CCONJ
fsr-3230	146	12	patgiri	patgiri	PROPN
fsr-3230	146	13	,	,	PUNCT
fsr-3230	146	14	2009	2009	NUM
fsr-3230	146	15	)	)	PUNCT
fsr-3230	146	16	or	or	CCONJ
fsr-3230	146	17	positive	positive	ADJ
fsr-3230	146	18	(	(	PUNCT
fsr-3230	146	19	grinblatt	grinblatt	NOUN
fsr-3230	146	20	&	&	CCONJ
fsr-3230	146	21	titman	titman	PROPN
fsr-3230	146	22	,	,	PUNCT
fsr-3230	146	23	1994	1994	NUM
fsr-3230	146	24	,	,	PUNCT
fsr-3230	146	25	pastor	pastor	PROPN
fsr-3230	146	26	et	et	PROPN
fsr-3230	146	27	al	al	PROPN
fsr-3230	146	28	.	.	PROPN
fsr-3230	146	29	,	,	PUNCT
fsr-3230	146	30	2017	2017	NUM
fsr-3230	146	31	)	)	PUNCT
fsr-3230	146	32	relations	relation	NOUN
fsr-3230	146	33	.	.	PUNCT
fsr-3230	147	1	age	age	NOUN
fsr-3230	147	2	.	.	PUNCT
fsr-3230	148	1	according	accord	VERB
fsr-3230	148	2	to	to	ADP
fsr-3230	148	3	some	some	DET
fsr-3230	148	4	authors	author	NOUN
fsr-3230	148	5	(	(	PUNCT
fsr-3230	148	6	prather	prather	NOUN
fsr-3230	148	7	et	et	PROPN
fsr-3230	148	8	al	al	PROPN
fsr-3230	148	9	.	.	PROPN
fsr-3230	148	10	,	,	PUNCT
fsr-3230	148	11	2004	2004	NUM
fsr-3230	148	12	,	,	PUNCT
fsr-3230	148	13	chen	chen	PROPN
fsr-3230	148	14	et	et	PROPN
fsr-3230	148	15	al	al	PROPN
fsr-3230	148	16	.	.	PROPN
fsr-3230	148	17	,	,	PUNCT
fsr-3230	148	18	2004	2004	NUM
fsr-3230	148	19	,	,	PUNCT
fsr-3230	148	20	huang	huang	PROPN
fsr-3230	148	21	et	et	PROPN
fsr-3230	148	22	al	al	PROPN
fsr-3230	148	23	.	.	PROPN
fsr-3230	148	24	,	,	PUNCT
fsr-3230	148	25	2011	2011	NUM
fsr-3230	148	26	,	,	PUNCT
fsr-3230	148	27	ferreira	ferreira	PROPN
fsr-3230	148	28	et	et	PROPN
fsr-3230	148	29	al	al	PROPN
fsr-3230	148	30	.	.	PROPN
fsr-3230	148	31	,	,	PUNCT
fsr-3230	148	32	2012	2012	NUM
fsr-3230	148	33	,	,	PUNCT
fsr-3230	148	34	agnesens	agnesen	NOUN
fsr-3230	148	35	,	,	PUNCT
fsr-3230	148	36	2013	2013	NUM
fsr-3230	148	37	)	)	PUNCT
fsr-3230	148	38	,	,	PUNCT
fsr-3230	148	39	there	there	PRON
fsr-3230	148	40	is	be	VERB
fsr-3230	148	41	no	no	DET
fsr-3230	148	42	relation	relation	NOUN
fsr-3230	148	43	between	between	ADP
fsr-3230	148	44	fund	fund	NOUN
fsr-3230	148	45	age	age	NOUN
fsr-3230	148	46	and	and	CCONJ
fsr-3230	148	47	performance	performance	NOUN
fsr-3230	148	48	.	.	PUNCT
fsr-3230	149	1	however	however	ADV
fsr-3230	149	2	,	,	PUNCT
fsr-3230	149	3	cremers	cremer	NOUN
fsr-3230	149	4	and	and	CCONJ
fsr-3230	149	5	petajisto	petajisto	NOUN
fsr-3230	149	6	(	(	PUNCT
fsr-3230	149	7	2009	2009	NUM
fsr-3230	149	8	)	)	PUNCT
fsr-3230	149	9	and	and	CCONJ
fsr-3230	149	10	massa	massa	NOUN
fsr-3230	149	11	and	and	CCONJ
fsr-3230	149	12	patgiri	patgiri	PROPN
fsr-3230	149	13	(	(	PUNCT
fsr-3230	149	14	2009	2009	NUM
fsr-3230	149	15	)	)	PUNCT
fsr-3230	149	16	find	find	VERB
fsr-3230	149	17	that	that	SCONJ
fsr-3230	149	18	fund	fund	NOUN
fsr-3230	149	19	age	age	NOUN
fsr-3230	149	20	has	have	VERB
fsr-3230	149	21	a	a	DET
fsr-3230	149	22	positive	positive	ADJ
fsr-3230	149	23	and	and	CCONJ
fsr-3230	149	24	statistically	statistically	ADV
fsr-3230	149	25	significant	significant	ADJ
fsr-3230	149	26	effect	effect	NOUN
fsr-3230	149	27	on	on	ADP
fsr-3230	149	28	performance	performance	NOUN
fsr-3230	149	29	.	.	PUNCT
fsr-3230	150	1	manager	manager	NOUN
fsr-3230	150	2	tenure	tenure	NOUN
fsr-3230	150	3	.	.	PUNCT
fsr-3230	151	1	golec	golec	NOUN
fsr-3230	151	2	(	(	PUNCT
fsr-3230	151	3	1996	1996	NUM
fsr-3230	151	4	)	)	PUNCT
fsr-3230	151	5	suggests	suggest	VERB
fsr-3230	151	6	that	that	SCONJ
fsr-3230	151	7	manager	manager	NOUN
fsr-3230	151	8	tenure	tenure	NOUN
fsr-3230	151	9	is	be	AUX
fsr-3230	151	10	generally	generally	ADV
fsr-3230	151	11	associated	associate	VERB
fsr-3230	151	12	with	with	ADP
fsr-3230	151	13	positive	positive	ADJ
fsr-3230	151	14	excess	excess	ADJ
fsr-3230	151	15	returns	return	NOUN
fsr-3230	151	16	.	.	PUNCT
fsr-3230	152	1	prather	prather	PROPN
fsr-3230	152	2	et	et	PROPN
fsr-3230	152	3	al	al	PROPN
fsr-3230	152	4	.	.	PROPN
fsr-3230	152	5	(	(	PUNCT
fsr-3230	152	6	2004	2004	NUM
fsr-3230	152	7	)	)	PUNCT
fsr-3230	152	8	,	,	PUNCT
fsr-3230	152	9	however	however	ADV
fsr-3230	152	10	,	,	PUNCT
fsr-3230	152	11	find	find	VERB
fsr-3230	152	12	no	no	DET
fsr-3230	152	13	significant	significant	ADJ
fsr-3230	152	14	relationship	relationship	NOUN
fsr-3230	152	15	between	between	ADP
fsr-3230	152	16	performance	performance	NOUN
fsr-3230	152	17	and	and	CCONJ
fsr-3230	152	18	manager	manager	NOUN
fsr-3230	152	19	tenure	tenure	NOUN
fsr-3230	152	20	.	.	PUNCT
fsr-3230	153	1	size	size	NOUN
fsr-3230	153	2	.	.	PUNCT
fsr-3230	154	1	carhart	carhart	NOUN
fsr-3230	154	2	(	(	PUNCT
fsr-3230	154	3	1997	1997	NUM
fsr-3230	154	4	)	)	PUNCT
fsr-3230	154	5	,	,	PUNCT
fsr-3230	154	6	prather	prather	PROPN
fsr-3230	154	7	et	et	PROPN
fsr-3230	154	8	al	al	PROPN
fsr-3230	154	9	.	.	PROPN
fsr-3230	154	10	(	(	PUNCT
fsr-3230	154	11	2004	2004	NUM
fsr-3230	154	12	)	)	PUNCT
fsr-3230	154	13	and	and	CCONJ
fsr-3230	154	14	phillips	phillip	NOUN
fsr-3230	154	15	et	et	PROPN
fsr-3230	154	16	al	al	PROPN
fsr-3230	154	17	.	.	PROPN
fsr-3230	155	1	(	(	PUNCT
fsr-3230	155	2	2018	2018	NUM
fsr-3230	155	3	)	)	PUNCT
fsr-3230	155	4	argue	argue	VERB
fsr-3230	155	5	that	that	SCONJ
fsr-3230	155	6	there	there	PRON
fsr-3230	155	7	is	be	VERB
fsr-3230	155	8	no	no	DET
fsr-3230	155	9	relation	relation	NOUN
fsr-3230	155	10	between	between	ADP
fsr-3230	155	11	performance	performance	NOUN
fsr-3230	155	12	and	and	CCONJ
fsr-3230	155	13	size	size	NOUN
fsr-3230	155	14	,	,	PUNCT
fsr-3230	155	15	measured	measure	VERB
fsr-3230	155	16	by	by	ADP
fsr-3230	155	17	total	total	ADJ
fsr-3230	155	18	net	net	ADJ
fsr-3230	155	19	assets	asset	NOUN
fsr-3230	155	20	(	(	PUNCT
fsr-3230	155	21	tna	tna	PROPN
fsr-3230	155	22	)	)	PUNCT
fsr-3230	155	23	.	.	PUNCT
fsr-3230	156	1	chen	chen	PROPN
fsr-3230	156	2	et	et	PROPN
fsr-3230	156	3	al	al	PROPN
fsr-3230	156	4	.	.	PROPN
fsr-3230	156	5	(	(	PUNCT
fsr-3230	156	6	2004	2004	NUM
fsr-3230	156	7	)	)	PUNCT
fsr-3230	156	8	,	,	PUNCT
fsr-3230	156	9	ferreira	ferreira	PROPN
fsr-3230	156	10	et	et	PROPN
fsr-3230	156	11	al	al	PROPN
fsr-3230	156	12	.	.	PROPN
fsr-3230	156	13	(	(	PUNCT
fsr-3230	156	14	2012	2012	NUM
fsr-3230	156	15	)	)	PUNCT
fsr-3230	156	16	,	,	PUNCT
fsr-3230	156	17	pastor	pastor	PROPN
fsr-3230	156	18	et	et	PROPN
fsr-3230	156	19	al	al	PROPN
fsr-3230	156	20	.	.	PROPN
fsr-3230	156	21	(	(	PUNCT
fsr-3230	156	22	2015	2015	NUM
fsr-3230	156	23	)	)	PUNCT
fsr-3230	156	24	and	and	CCONJ
fsr-3230	156	25	song	song	NOUN
fsr-3230	156	26	(	(	PUNCT
fsr-3230	156	27	2020	2020	NUM
fsr-3230	156	28	)	)	PUNCT
fsr-3230	156	29	find	find	VERB
fsr-3230	156	30	instead	instead	ADV
fsr-3230	156	31	that	that	DET
fsr-3230	156	32	size	size	NOUN
fsr-3230	156	33	tends	tend	VERB
fsr-3230	156	34	to	to	PART
fsr-3230	156	35	have	have	VERB
fsr-3230	156	36	a	a	DET
fsr-3230	156	37	negative	negative	ADJ
fsr-3230	156	38	impact	impact	NOUN
fsr-3230	156	39	on	on	ADP
fsr-3230	156	40	fund	fund	NOUN
fsr-3230	156	41	returns	return	NOUN
fsr-3230	156	42	.	.	PUNCT
fsr-3230	157	1	given	give	VERB
fsr-3230	157	2	these	these	DET
fsr-3230	157	3	conflicting	conflicting	ADJ
fsr-3230	157	4	results	result	NOUN
fsr-3230	157	5	,	,	PUNCT
fsr-3230	157	6	it	it	PRON
fsr-3230	157	7	is	be	AUX
fsr-3230	157	8	difficult	difficult	ADJ
fsr-3230	157	9	to	to	PART
fsr-3230	157	10	formulate	formulate	VERB
fsr-3230	157	11	clear	clear	ADJ
fsr-3230	157	12	predictions	prediction	NOUN
fsr-3230	157	13	on	on	ADP
fsr-3230	157	14	the	the	DET
fsr-3230	157	15	relations	relation	NOUN
fsr-3230	157	16	between	between	ADP
fsr-3230	157	17	these	these	DET
fsr-3230	157	18	variables	variable	NOUN
fsr-3230	157	19	and	and	CCONJ
fsr-3230	157	20	investor	investor	NOUN
fsr-3230	157	21	disagreement	disagreement	NOUN
fsr-3230	157	22	.	.	PUNCT
fsr-3230	158	1	amihud	amihud	PROPN
fsr-3230	158	2	and	and	CCONJ
fsr-3230	158	3	goyenko	goyenko	ADJ
fsr-3230	158	4	(	(	PUNCT
fsr-3230	158	5	2013	2013	NUM
fsr-3230	158	6	)	)	PUNCT
fsr-3230	158	7	provide	provide	VERB
fsr-3230	158	8	an	an	DET
fsr-3230	158	9	helpful	helpful	ADJ
fsr-3230	158	10	analysis	analysis	NOUN
fsr-3230	158	11	to	to	PART
fsr-3230	158	12	clarify	clarify	VERB
fsr-3230	158	13	our	our	PRON
fsr-3230	158	14	predictions	prediction	NOUN
fsr-3230	158	15	.	.	PUNCT
fsr-3230	159	1	they	they	PRON
fsr-3230	159	2	study	study	VERB
fsr-3230	159	3	the	the	DET
fsr-3230	159	4	determinants	determinant	NOUN
fsr-3230	159	5	of	of	ADP
fsr-3230	159	6	the	the	DET
fsr-3230	159	7	𝑅2	𝑅2	NOUN
fsr-3230	159	8	obtained	obtain	VERB
fsr-3230	159	9	from	from	ADP
fsr-3230	159	10	a	a	DET
fsr-3230	159	11	regression	regression	NOUN
fsr-3230	159	12	of	of	ADP
fsr-3230	159	13	fund	fund	NOUN
fsr-3230	159	14	returns	return	NOUN
fsr-3230	159	15	on	on	ADP
fsr-3230	159	16	chrétien	chrétien	PROPN
fsr-3230	159	17	&	&	CCONJ
fsr-3230	159	18	kammoun	kammoun	PROPN
fsr-3230	159	19	69	69	NUM
fsr-3230	159	20	returns	return	NOUN
fsr-3230	159	21	of	of	ADP
fsr-3230	159	22	benchmarks	benchmark	NOUN
fsr-3230	159	23	from	from	ADP
fsr-3230	159	24	a	a	DET
fsr-3230	159	25	multifactor	multifactor	NOUN
fsr-3230	159	26	model	model	NOUN
fsr-3230	159	27	.	.	PUNCT
fsr-3230	160	1	lower	low	ADJ
fsr-3230	160	2	𝑅2	𝑅2	NOUN
fsr-3230	160	3	suggests	suggest	VERB
fsr-3230	160	4	that	that	SCONJ
fsr-3230	160	5	a	a	DET
fsr-3230	160	6	fund	fund	NOUN
fsr-3230	160	7	deviates	deviate	VERB
fsr-3230	160	8	more	more	ADJ
fsr-3230	160	9	from	from	ADP
fsr-3230	160	10	the	the	DET
fsr-3230	160	11	benchmarks	benchmark	NOUN
fsr-3230	160	12	and	and	CCONJ
fsr-3230	160	13	should	should	AUX
fsr-3230	160	14	correspond	correspond	VERB
fsr-3230	160	15	to	to	ADP
fsr-3230	160	16	higher	high	ADJ
fsr-3230	160	17	𝐸[𝑤𝑀𝐹	𝐸[𝑤𝑀𝐹	NOUN
fsr-3230	160	18	2	2	NUM
fsr-3230	160	19	]	]	PUNCT
fsr-3230	160	20	and	and	CCONJ
fsr-3230	160	21	𝜎2(𝜀𝑀𝐹	𝜎2(𝜀𝑀𝐹	NOUN
fsr-3230	160	22	)	)	PUNCT
fsr-3230	160	23	,	,	PUNCT
fsr-3230	160	24	and	and	CCONJ
fsr-3230	160	25	thus	thus	ADV
fsr-3230	160	26	larger	large	ADJ
fsr-3230	160	27	investor	investor	NOUN
fsr-3230	160	28	disagreement	disagreement	NOUN
fsr-3230	160	29	.	.	PUNCT
fsr-3230	161	1	amihud	amihud	PROPN
fsr-3230	161	2	and	and	CCONJ
fsr-3230	161	3	goyenko	goyenko	ADJ
fsr-3230	161	4	(	(	PUNCT
fsr-3230	161	5	2013	2013	NUM
fsr-3230	161	6	)	)	PUNCT
fsr-3230	161	7	find	find	VERB
fsr-3230	161	8	that	that	SCONJ
fsr-3230	161	9	funds	fund	NOUN
fsr-3230	161	10	with	with	ADP
fsr-3230	161	11	high	high	ADJ
fsr-3230	161	12	expense	expense	NOUN
fsr-3230	161	13	ratio	ratio	NOUN
fsr-3230	161	14	,	,	PUNCT
fsr-3230	161	15	high	high	ADJ
fsr-3230	161	16	turnover	turnover	NOUN
fsr-3230	161	17	,	,	PUNCT
fsr-3230	161	18	high	high	ADJ
fsr-3230	161	19	age	age	NOUN
fsr-3230	161	20	,	,	PUNCT
fsr-3230	161	21	high	high	ADJ
fsr-3230	161	22	manager	manager	NOUN
fsr-3230	161	23	tenure	tenure	NOUN
fsr-3230	161	24	and	and	CCONJ
fsr-3230	161	25	low	low	PROPN
fsr-3230	161	26	tna	tna	PROPN
fsr-3230	161	27	typically	typically	ADV
fsr-3230	161	28	deviate	deviate	VERB
fsr-3230	161	29	more	more	ADJ
fsr-3230	161	30	from	from	ADP
fsr-3230	161	31	their	their	PRON
fsr-3230	161	32	benchmarks	benchmark	NOUN
fsr-3230	161	33	.	.	PUNCT
fsr-3230	162	1	these	these	DET
fsr-3230	162	2	results	result	NOUN
fsr-3230	162	3	suggest	suggest	VERB
fsr-3230	162	4	the	the	DET
fsr-3230	162	5	following	follow	VERB
fsr-3230	162	6	relations	relation	NOUN
fsr-3230	162	7	across	across	ADP
fsr-3230	162	8	funds	fund	NOUN
fsr-3230	162	9	.	.	PUNCT
fsr-3230	163	1	h1a	h1a	NOUN
fsr-3230	163	2	:	:	PUNCT
fsr-3230	163	3	there	there	PRON
fsr-3230	163	4	is	be	VERB
fsr-3230	163	5	a	a	DET
fsr-3230	163	6	positive	positive	ADJ
fsr-3230	163	7	relation	relation	NOUN
fsr-3230	163	8	between	between	ADP
fsr-3230	163	9	future	future	ADJ
fsr-3230	163	10	disagreement	disagreement	NOUN
fsr-3230	163	11	and	and	CCONJ
fsr-3230	163	12	expenses	expense	NOUN
fsr-3230	163	13	.	.	PUNCT
fsr-3230	164	1	h1b	h1b	NOUN
fsr-3230	164	2	:	:	PUNCT
fsr-3230	164	3	there	there	PRON
fsr-3230	164	4	is	be	VERB
fsr-3230	164	5	a	a	DET
fsr-3230	164	6	positive	positive	ADJ
fsr-3230	164	7	relation	relation	NOUN
fsr-3230	164	8	between	between	ADP
fsr-3230	164	9	future	future	ADJ
fsr-3230	164	10	disagreement	disagreement	NOUN
fsr-3230	164	11	and	and	CCONJ
fsr-3230	164	12	turnover	turnover	NOUN
fsr-3230	164	13	.	.	PUNCT
fsr-3230	165	1	h1c	h1c	ADJ
fsr-3230	165	2	:	:	PUNCT
fsr-3230	165	3	there	there	PRON
fsr-3230	165	4	is	be	VERB
fsr-3230	165	5	a	a	DET
fsr-3230	165	6	positive	positive	ADJ
fsr-3230	165	7	relation	relation	NOUN
fsr-3230	165	8	between	between	ADP
fsr-3230	165	9	future	future	ADJ
fsr-3230	165	10	disagreement	disagreement	NOUN
fsr-3230	165	11	and	and	CCONJ
fsr-3230	165	12	age	age	NOUN
fsr-3230	165	13	.	.	PUNCT
fsr-3230	166	1	h1d	h1d	NOUN
fsr-3230	166	2	:	:	PUNCT
fsr-3230	166	3	there	there	PRON
fsr-3230	166	4	is	be	VERB
fsr-3230	166	5	a	a	DET
fsr-3230	166	6	positive	positive	ADJ
fsr-3230	166	7	relation	relation	NOUN
fsr-3230	166	8	between	between	ADP
fsr-3230	166	9	future	future	ADJ
fsr-3230	166	10	disagreement	disagreement	NOUN
fsr-3230	166	11	and	and	CCONJ
fsr-3230	166	12	manager	manager	NOUN
fsr-3230	166	13	tenure	tenure	NOUN
fsr-3230	166	14	.	.	PUNCT
fsr-3230	167	1	h1e	h1e	PROPN
fsr-3230	167	2	:	:	PUNCT
fsr-3230	167	3	there	there	PRON
fsr-3230	167	4	is	be	VERB
fsr-3230	167	5	a	a	DET
fsr-3230	167	6	negative	negative	ADJ
fsr-3230	167	7	relation	relation	NOUN
fsr-3230	167	8	between	between	ADP
fsr-3230	167	9	future	future	ADJ
fsr-3230	167	10	disagreement	disagreement	NOUN
fsr-3230	167	11	and	and	CCONJ
fsr-3230	167	12	size	size	NOUN
fsr-3230	167	13	.	.	PUNCT
fsr-3230	168	1	other	other	ADJ
fsr-3230	168	2	relevant	relevant	ADJ
fsr-3230	168	3	fund	fund	NOUN
fsr-3230	168	4	characteristics	characteristic	NOUN
fsr-3230	168	5	the	the	DET
fsr-3230	168	6	literature	literature	NOUN
fsr-3230	168	7	identifies	identify	VERB
fsr-3230	168	8	many	many	ADJ
fsr-3230	168	9	fund	fund	NOUN
fsr-3230	168	10	characteristics	characteristic	NOUN
fsr-3230	168	11	as	as	ADP
fsr-3230	168	12	cross	cross	ADJ
fsr-3230	168	13	-	-	ADJ
fsr-3230	168	14	sectional	sectional	ADJ
fsr-3230	168	15	determinants	determinant	NOUN
fsr-3230	168	16	of	of	ADP
fsr-3230	168	17	performance	performance	NOUN
fsr-3230	168	18	.	.	PUNCT
fsr-3230	169	1	we	we	PRON
fsr-3230	169	2	select	select	VERB
fsr-3230	169	3	additional	additional	ADJ
fsr-3230	169	4	variables	variable	NOUN
fsr-3230	169	5	that	that	PRON
fsr-3230	169	6	could	could	AUX
fsr-3230	169	7	be	be	AUX
fsr-3230	169	8	relevant	relevant	ADJ
fsr-3230	169	9	given	give	VERB
fsr-3230	169	10	the	the	DET
fsr-3230	169	11	evidence	evidence	NOUN
fsr-3230	169	12	on	on	ADP
fsr-3230	169	13	investor	investor	NOUN
fsr-3230	169	14	heterogeneity	heterogeneity	NOUN
fsr-3230	169	15	and	and	CCONJ
fsr-3230	169	16	clientele	clientele	PROPN
fsr-3230	169	17	effects	effect	NOUN
fsr-3230	169	18	discussed	discuss	VERB
fsr-3230	169	19	in	in	ADP
fsr-3230	169	20	the	the	DET
fsr-3230	169	21	introduction	introduction	NOUN
fsr-3230	169	22	.	.	PUNCT
fsr-3230	170	1	specifically	specifically	ADV
fsr-3230	170	2	,	,	PUNCT
fsr-3230	170	3	we	we	PRON
fsr-3230	170	4	consider	consider	VERB
fsr-3230	170	5	fund	fund	NOUN
fsr-3230	170	6	expense	expense	NOUN
fsr-3230	170	7	components	component	NOUN
fsr-3230	170	8	,	,	PUNCT
fsr-3230	170	9	tax	tax	NOUN
fsr-3230	170	10	burden	burden	NOUN
fsr-3230	170	11	,	,	PUNCT
fsr-3230	170	12	dividend	dividend	NOUN
fsr-3230	170	13	yield	yield	NOUN
fsr-3230	170	14	,	,	PUNCT
fsr-3230	170	15	family	family	NOUN
fsr-3230	170	16	size	size	NOUN
fsr-3230	170	17	,	,	PUNCT
fsr-3230	170	18	factor	factor	NOUN
fsr-3230	170	19	exposures	exposure	NOUN
fsr-3230	170	20	and	and	CCONJ
fsr-3230	170	21	style	style	NOUN
fsr-3230	170	22	as	as	ADP
fsr-3230	170	23	additional	additional	ADJ
fsr-3230	170	24	possible	possible	ADJ
fsr-3230	170	25	determinants	determinant	NOUN
fsr-3230	170	26	of	of	ADP
fsr-3230	170	27	investor	investor	NOUN
fsr-3230	170	28	disagreement	disagreement	NOUN
fsr-3230	170	29	.	.	PUNCT
fsr-3230	171	1	expense	expense	NOUN
fsr-3230	171	2	components	component	NOUN
fsr-3230	171	3	.	.	PUNCT
fsr-3230	172	1	expenses	expense	NOUN
fsr-3230	172	2	include	include	VERB
fsr-3230	172	3	management	management	NOUN
fsr-3230	172	4	fees	fee	NOUN
fsr-3230	172	5	,	,	PUNCT
fsr-3230	172	6	advertising	advertising	NOUN
fsr-3230	172	7	expenses	expense	NOUN
fsr-3230	172	8	(	(	PUNCT
fsr-3230	172	9	12b-1	12b-1	NUM
fsr-3230	172	10	)	)	PUNCT
fsr-3230	172	11	and	and	CCONJ
fsr-3230	172	12	the	the	DET
fsr-3230	172	13	costs	cost	NOUN
fsr-3230	172	14	of	of	ADP
fsr-3230	172	15	bundled	bundled	ADJ
fsr-3230	172	16	services	service	NOUN
fsr-3230	172	17	.	.	PUNCT
fsr-3230	173	1	golec	golec	NOUN
fsr-3230	173	2	(	(	PUNCT
fsr-3230	173	3	1996	1996	NUM
fsr-3230	173	4	)	)	PUNCT
fsr-3230	173	5	finds	find	VERB
fsr-3230	173	6	that	that	SCONJ
fsr-3230	173	7	management	management	NOUN
fsr-3230	173	8	fees	fee	NOUN
fsr-3230	173	9	do	do	AUX
fsr-3230	173	10	not	not	PART
fsr-3230	173	11	decrease	decrease	VERB
fsr-3230	173	12	performance	performance	NOUN
fsr-3230	173	13	,	,	PUNCT
fsr-3230	173	14	but	but	CCONJ
fsr-3230	173	15	wermers	wermer	NOUN
fsr-3230	173	16	(	(	PUNCT
fsr-3230	173	17	2000	2000	NUM
fsr-3230	173	18	)	)	PUNCT
fsr-3230	173	19	documents	document	NOUN
fsr-3230	173	20	that	that	PRON
fsr-3230	173	21	they	they	PRON
fsr-3230	173	22	have	have	VERB
fsr-3230	173	23	a	a	DET
fsr-3230	173	24	negative	negative	ADJ
fsr-3230	173	25	impact	impact	NOUN
fsr-3230	173	26	.	.	PUNCT
fsr-3230	174	1	ferris	ferris	PROPN
fsr-3230	174	2	and	and	CCONJ
fsr-3230	174	3	chance	chance	NOUN
fsr-3230	174	4	(	(	PUNCT
fsr-3230	174	5	1987	1987	NUM
fsr-3230	174	6	)	)	PUNCT
fsr-3230	174	7	report	report	VERB
fsr-3230	174	8	a	a	DET
fsr-3230	174	9	negative	negative	ADJ
fsr-3230	174	10	effect	effect	NOUN
fsr-3230	174	11	of	of	ADP
fsr-3230	174	12	12b-1	12b-1	NUM
fsr-3230	174	13	fees	fee	NOUN
fsr-3230	174	14	on	on	ADP
fsr-3230	174	15	performance	performance	NOUN
fsr-3230	174	16	.	.	PUNCT
fsr-3230	175	1	since	since	SCONJ
fsr-3230	175	2	h1a	h1a	NOUN
fsr-3230	175	3	predicts	predict	VERB
fsr-3230	175	4	a	a	DET
fsr-3230	175	5	positive	positive	ADJ
fsr-3230	175	6	relation	relation	NOUN
fsr-3230	175	7	between	between	ADP
fsr-3230	175	8	disagreement	disagreement	NOUN
fsr-3230	175	9	and	and	CCONJ
fsr-3230	175	10	expenses	expense	NOUN
fsr-3230	175	11	,	,	PUNCT
fsr-3230	175	12	we	we	PRON
fsr-3230	175	13	expect	expect	VERB
fsr-3230	175	14	a	a	DET
fsr-3230	175	15	similar	similar	ADJ
fsr-3230	175	16	result	result	NOUN
fsr-3230	175	17	between	between	ADP
fsr-3230	175	18	disagreement	disagreement	NOUN
fsr-3230	175	19	and	and	CCONJ
fsr-3230	175	20	management	management	NOUN
fsr-3230	175	21	fees	fee	NOUN
fsr-3230	175	22	or	or	CCONJ
fsr-3230	175	23	the	the	DET
fsr-3230	175	24	costs	cost	NOUN
fsr-3230	175	25	of	of	ADP
fsr-3230	175	26	bundled	bundle	VERB
fsr-3230	175	27	services	service	NOUN
fsr-3230	175	28	.	.	PUNCT
fsr-3230	176	1	however	however	ADV
fsr-3230	176	2	,	,	PUNCT
fsr-3230	176	3	by	by	ADP
fsr-3230	176	4	providing	provide	VERB
fsr-3230	176	5	information	information	NOUN
fsr-3230	176	6	that	that	PRON
fsr-3230	176	7	can	can	AUX
fsr-3230	176	8	help	help	VERB
fsr-3230	176	9	investors	investor	NOUN
fsr-3230	176	10	in	in	ADP
fsr-3230	176	11	their	their	PRON
fsr-3230	176	12	evaluation	evaluation	NOUN
fsr-3230	176	13	,	,	PUNCT
fsr-3230	176	14	advertising	advertising	NOUN
fsr-3230	176	15	expenses	expense	NOUN
fsr-3230	176	16	are	be	AUX
fsr-3230	176	17	expected	expect	VERB
fsr-3230	176	18	to	to	PART
fsr-3230	176	19	reduce	reduce	VERB
fsr-3230	176	20	disagreement	disagreement	NOUN
fsr-3230	176	21	.	.	PUNCT
fsr-3230	177	1	tax	tax	NOUN
fsr-3230	177	2	burden	burden	NOUN
fsr-3230	177	3	.	.	PUNCT
fsr-3230	178	1	some	some	DET
fsr-3230	178	2	authors	author	NOUN
fsr-3230	178	3	(	(	PUNCT
fsr-3230	178	4	barclay	barclay	PROPN
fsr-3230	178	5	et	et	PROPN
fsr-3230	178	6	al	al	PROPN
fsr-3230	178	7	.	.	PROPN
fsr-3230	178	8	,	,	PUNCT
fsr-3230	178	9	1998	1998	NUM
fsr-3230	178	10	,	,	PUNCT
fsr-3230	178	11	gibson	gibson	PROPN
fsr-3230	178	12	et	et	PROPN
fsr-3230	178	13	al	al	PROPN
fsr-3230	178	14	.	.	PROPN
fsr-3230	178	15	,	,	PUNCT
fsr-3230	178	16	2000	2000	NUM
fsr-3230	178	17	,	,	PUNCT
fsr-3230	178	18	bergstresser	bergstresser	NOUN
fsr-3230	178	19	and	and	CCONJ
fsr-3230	178	20	poterba	poterba	NOUN
fsr-3230	178	21	,	,	PUNCT
fsr-3230	178	22	2002	2002	NUM
fsr-3230	178	23	,	,	PUNCT
fsr-3230	178	24	ivković	ivković	NOUN
fsr-3230	178	25	and	and	CCONJ
fsr-3230	178	26	weisbenner	weisbenner	NOUN
fsr-3230	178	27	,	,	PUNCT
fsr-3230	178	28	2009	2009	NUM
fsr-3230	178	29	,	,	PUNCT
fsr-3230	178	30	sialm	sialm	NOUN
fsr-3230	178	31	and	and	CCONJ
fsr-3230	178	32	zhang	zhang	PROPN
fsr-3230	178	33	,	,	PUNCT
fsr-3230	178	34	2020	2020	NUM
fsr-3230	178	35	)	)	PUNCT
fsr-3230	178	36	report	report	VERB
fsr-3230	178	37	negative	negative	ADJ
fsr-3230	178	38	effects	effect	NOUN
fsr-3230	178	39	of	of	ADP
fsr-3230	178	40	taxes	taxis	NOUN
fsr-3230	178	41	on	on	ADP
fsr-3230	178	42	fund	fund	NOUN
fsr-3230	178	43	performance	performance	NOUN
fsr-3230	178	44	.	.	PUNCT
fsr-3230	179	1	sialm	sialm	NOUN
fsr-3230	179	2	and	and	CCONJ
fsr-3230	179	3	starks	stark	NOUN
fsr-3230	179	4	(	(	PUNCT
fsr-3230	179	5	2012	2012	NUM
fsr-3230	179	6	)	)	PUNCT
fsr-3230	179	7	,	,	PUNCT
fsr-3230	179	8	however	however	ADV
fsr-3230	179	9	,	,	PUNCT
fsr-3230	179	10	find	find	VERB
fsr-3230	179	11	no	no	DET
fsr-3230	179	12	significant	significant	ADJ
fsr-3230	179	13	relationship	relationship	NOUN
fsr-3230	179	14	between	between	ADP
fsr-3230	179	15	performance	performance	NOUN
fsr-3230	179	16	and	and	CCONJ
fsr-3230	179	17	taxes	taxis	NOUN
fsr-3230	179	18	.	.	PUNCT
fsr-3230	180	1	we	we	PRON
fsr-3230	180	2	predict	predict	VERB
fsr-3230	180	3	a	a	DET
fsr-3230	180	4	positive	positive	ADJ
fsr-3230	180	5	relation	relation	NOUN
fsr-3230	180	6	between	between	ADP
fsr-3230	180	7	disagreement	disagreement	NOUN
fsr-3230	180	8	and	and	CCONJ
fsr-3230	180	9	tax	tax	NOUN
fsr-3230	180	10	burden	burden	NOUN
fsr-3230	180	11	as	as	SCONJ
fsr-3230	180	12	there	there	PRON
fsr-3230	180	13	is	be	VERB
fsr-3230	180	14	heterogeneity	heterogeneity	NOUN
fsr-3230	180	15	on	on	ADP
fsr-3230	180	16	the	the	DET
fsr-3230	180	17	effect	effect	NOUN
fsr-3230	180	18	of	of	ADP
fsr-3230	180	19	taxation	taxation	NOUN
fsr-3230	180	20	on	on	ADP
fsr-3230	180	21	investors	investor	NOUN
fsr-3230	180	22	.	.	PUNCT
fsr-3230	181	1	this	this	PRON
fsr-3230	181	2	is	be	AUX
fsr-3230	181	3	consistent	consistent	ADJ
fsr-3230	181	4	with	with	ADP
fsr-3230	181	5	the	the	DET
fsr-3230	181	6	expected	expect	VERB
fsr-3230	181	7	positive	positive	ADJ
fsr-3230	181	8	relation	relation	NOUN
fsr-3230	181	9	between	between	ADP
fsr-3230	181	10	disagreement	disagreement	NOUN
fsr-3230	181	11	and	and	CCONJ
fsr-3230	181	12	turnover	turnover	NOUN
fsr-3230	181	13	(	(	PUNCT
fsr-3230	181	14	h1b	h1b	PROPN
fsr-3230	181	15	)	)	PUNCT
fsr-3230	181	16	.	.	PUNCT
fsr-3230	182	1	dividend	dividend	NOUN
fsr-3230	182	2	yield	yield	NOUN
fsr-3230	182	3	.	.	PUNCT
fsr-3230	183	1	harris	harris	PROPN
fsr-3230	183	2	et	et	PROPN
fsr-3230	183	3	al	al	PROPN
fsr-3230	183	4	.	.	PROPN
fsr-3230	184	1	(	(	PUNCT
fsr-3230	184	2	2015	2015	NUM
fsr-3230	184	3	)	)	PUNCT
fsr-3230	184	4	find	find	VERB
fsr-3230	184	5	that	that	SCONJ
fsr-3230	184	6	buying	buy	VERB
fsr-3230	184	7	stocks	stock	NOUN
fsr-3230	184	8	before	before	ADP
fsr-3230	184	9	dividend	dividend	NOUN
fsr-3230	184	10	payments	payment	NOUN
fsr-3230	184	11	,	,	PUNCT
fsr-3230	184	12	called	call	VERB
fsr-3230	184	13	juicing	juicing	NOUN
fsr-3230	184	14	,	,	PUNCT
fsr-3230	184	15	reduces	reduce	VERB
fsr-3230	184	16	fund	fund	NOUN
fsr-3230	184	17	performance	performance	NOUN
fsr-3230	184	18	.	.	PUNCT
fsr-3230	185	1	but	but	CCONJ
fsr-3230	185	2	jiang	jiang	PROPN
fsr-3230	185	3	and	and	CCONJ
fsr-3230	185	4	sun	sun	PROPN
fsr-3230	185	5	(	(	PUNCT
fsr-3230	185	6	2020	2020	NUM
fsr-3230	185	7	)	)	PUNCT
fsr-3230	185	8	report	report	VERB
fsr-3230	185	9	a	a	DET
fsr-3230	185	10	positive	positive	ADJ
fsr-3230	185	11	effect	effect	NOUN
fsr-3230	185	12	of	of	ADP
fsr-3230	185	13	dividend	dividend	NOUN
fsr-3230	185	14	yield	yield	NOUN
fsr-3230	185	15	on	on	ADP
fsr-3230	185	16	performance	performance	NOUN
fsr-3230	185	17	.	.	PUNCT
fsr-3230	186	1	nanda	nanda	ADV
fsr-3230	186	2	et	et	PROPN
fsr-3230	186	3	al	al	PROPN
fsr-3230	186	4	.	.	PROPN
fsr-3230	187	1	(	(	PUNCT
fsr-3230	187	2	2000	2000	NUM
fsr-3230	187	3	)	)	PUNCT
fsr-3230	187	4	show	show	VERB
fsr-3230	187	5	a	a	DET
fsr-3230	187	6	dividend	dividend	NOUN
fsr-3230	187	7	clientele	clientele	PROPN
fsr-3230	187	8	effect	effect	NOUN
fsr-3230	187	9	since	since	SCONJ
fsr-3230	187	10	liquidity	liquidity	NOUN
fsr-3230	187	11	demands	demand	NOUN
fsr-3230	187	12	differ	differ	VERB
fsr-3230	187	13	across	across	ADP
fsr-3230	187	14	fund	fund	NOUN
fsr-3230	187	15	investors	investor	NOUN
fsr-3230	187	16	.	.	PUNCT
fsr-3230	188	1	given	give	VERB
fsr-3230	188	2	that	that	SCONJ
fsr-3230	188	3	dividends	dividend	NOUN
fsr-3230	188	4	reduce	reduce	VERB
fsr-3230	188	5	uncertainty	uncertainty	NOUN
fsr-3230	188	6	in	in	ADP
fsr-3230	188	7	returns	return	NOUN
fsr-3230	188	8	,	,	PUNCT
fsr-3230	188	9	there	there	PRON
fsr-3230	188	10	should	should	AUX
fsr-3230	188	11	be	be	AUX
fsr-3230	188	12	less	less	ADV
fsr-3230	188	13	disagreement	disagreement	NOUN
fsr-3230	188	14	on	on	ADP
fsr-3230	188	15	funds	fund	NOUN
fsr-3230	188	16	with	with	ADP
fsr-3230	188	17	high	high	ADJ
fsr-3230	188	18	dividend	dividend	NOUN
fsr-3230	188	19	yield	yield	NOUN
fsr-3230	188	20	.	.	PUNCT
fsr-3230	189	1	family	family	NOUN
fsr-3230	189	2	size	size	NOUN
fsr-3230	189	3	.	.	PUNCT
fsr-3230	190	1	many	many	ADJ
fsr-3230	190	2	authors	author	NOUN
fsr-3230	190	3	(	(	PUNCT
fsr-3230	190	4	chen	chen	PROPN
fsr-3230	190	5	et	et	PROPN
fsr-3230	190	6	al	al	PROPN
fsr-3230	190	7	.	.	PROPN
fsr-3230	190	8	,	,	PUNCT
fsr-3230	190	9	2004	2004	NUM
fsr-3230	190	10	,	,	PUNCT
fsr-3230	190	11	pollet	pollet	NOUN
fsr-3230	190	12	and	and	CCONJ
fsr-3230	190	13	wilson	wilson	PROPN
fsr-3230	190	14	,	,	PUNCT
fsr-3230	190	15	2008	2008	NUM
fsr-3230	190	16	,	,	PUNCT
fsr-3230	190	17	ferreira	ferreira	PROPN
fsr-3230	190	18	et	et	PROPN
fsr-3230	190	19	al	al	PROPN
fsr-3230	190	20	.	.	PROPN
fsr-3230	190	21	,	,	PUNCT
fsr-3230	190	22	2012	2012	NUM
fsr-3230	190	23	,	,	PUNCT
fsr-3230	190	24	agnesens	agnesen	NOUN
fsr-3230	190	25	,	,	PUNCT
fsr-3230	190	26	2013	2013	NUM
fsr-3230	190	27	,	,	PUNCT
fsr-3230	190	28	jun	jun	PROPN
fsr-3230	190	29	et	et	PROPN
fsr-3230	190	30	al	al	PROPN
fsr-3230	190	31	.	.	PROPN
fsr-3230	190	32	,	,	PUNCT
fsr-3230	190	33	2014	2014	NUM
fsr-3230	190	34	)	)	PUNCT
fsr-3230	190	35	find	find	VERB
fsr-3230	190	36	a	a	DET
fsr-3230	190	37	positive	positive	ADJ
fsr-3230	190	38	relation	relation	NOUN
fsr-3230	190	39	between	between	ADP
fsr-3230	190	40	performance	performance	NOUN
fsr-3230	190	41	and	and	CCONJ
fsr-3230	190	42	the	the	DET
fsr-3230	190	43	size	size	NOUN
fsr-3230	190	44	of	of	ADP
fsr-3230	190	45	the	the	DET
fsr-3230	190	46	fund	fund	NOUN
fsr-3230	190	47	family	family	NOUN
fsr-3230	190	48	.	.	PUNCT
fsr-3230	191	1	but	but	CCONJ
fsr-3230	191	2	bhojraj	bhojraj	PROPN
fsr-3230	191	3	et	et	PROPN
fsr-3230	191	4	al	al	PROPN
fsr-3230	191	5	.	.	PROPN
fsr-3230	192	1	(	(	PUNCT
fsr-3230	192	2	2012	2012	NUM
fsr-3230	192	3	)	)	PUNCT
fsr-3230	192	4	show	show	VERB
fsr-3230	192	5	that	that	SCONJ
fsr-3230	192	6	this	this	DET
fsr-3230	192	7	result	result	NOUN
fsr-3230	192	8	disappears	disappear	VERB
fsr-3230	192	9	after	after	ADP
fsr-3230	192	10	regulatory	regulatory	ADJ
fsr-3230	192	11	changes	change	NOUN
fsr-3230	192	12	(	(	PUNCT
fsr-3230	192	13	i.e.	i.e.	X
fsr-3230	192	14	,	,	PUNCT
fsr-3230	192	15	regulation	regulation	NOUN
fsr-3230	192	16	fair	fair	ADJ
fsr-3230	192	17	disclosure	disclosure	NOUN
fsr-3230	192	18	and	and	CCONJ
fsr-3230	192	19	the	the	DET
fsr-3230	192	20	global	global	ADJ
fsr-3230	192	21	settlement	settlement	NOUN
fsr-3230	192	22	)	)	PUNCT
fsr-3230	192	23	and	and	CCONJ
fsr-3230	192	24	increased	increase	VERB
fsr-3230	192	25	scrutiny	scrutiny	NOUN
fsr-3230	192	26	because	because	SCONJ
fsr-3230	192	27	of	of	ADP
fsr-3230	192	28	scandals	scandal	NOUN
fsr-3230	192	29	.	.	PUNCT
fsr-3230	193	1	massa	massa	PROPN
fsr-3230	193	2	(	(	PUNCT
fsr-3230	193	3	2003	2003	NUM
fsr-3230	193	4	)	)	PUNCT
fsr-3230	193	5	finds	find	VERB
fsr-3230	193	6	evidence	evidence	NOUN
fsr-3230	193	7	of	of	ADP
fsr-3230	193	8	family	family	NOUN
fsr-3230	193	9	driven	drive	VERB
fsr-3230	193	10	heterogeneity	heterogeneity	NOUN
fsr-3230	193	11	among	among	ADP
fsr-3230	193	12	funds	fund	NOUN
fsr-3230	193	13	.	.	PUNCT
fsr-3230	194	1	in	in	ADP
fsr-3230	194	2	large	large	ADJ
fsr-3230	194	3	families	family	NOUN
fsr-3230	194	4	,	,	PUNCT
fsr-3230	194	5	product	product	NOUN
fsr-3230	194	6	differentiation	differentiation	NOUN
fsr-3230	194	7	for	for	ADP
fsr-3230	194	8	clienteles	clientele	NOUN
fsr-3230	194	9	can	can	AUX
fsr-3230	194	10	lead	lead	VERB
fsr-3230	194	11	to	to	ADP
fsr-3230	194	12	niche	niche	NOUN
fsr-3230	194	13	funds	fund	NOUN
fsr-3230	194	14	that	that	PRON
fsr-3230	194	15	please	please	INTJ
fsr-3230	194	16	or	or	CCONJ
fsr-3230	194	17	displease	displease	VERB
fsr-3230	194	18	investors	investor	NOUN
fsr-3230	194	19	.	.	PUNCT
fsr-3230	195	1	we	we	PRON
fsr-3230	195	2	thus	thus	ADV
fsr-3230	195	3	predict	predict	VERB
fsr-3230	195	4	a	a	DET
fsr-3230	195	5	positive	positive	ADJ
fsr-3230	195	6	relation	relation	NOUN
fsr-3230	195	7	between	between	ADP
fsr-3230	195	8	disagreement	disagreement	NOUN
fsr-3230	195	9	and	and	CCONJ
fsr-3230	195	10	family	family	NOUN
fsr-3230	195	11	size	size	NOUN
fsr-3230	195	12	.	.	PUNCT
fsr-3230	196	1	factor	factor	NOUN
fsr-3230	196	2	exposures	exposure	NOUN
fsr-3230	196	3	.	.	PUNCT
fsr-3230	197	1	factor	factor	NOUN
fsr-3230	197	2	exposures	exposure	NOUN
fsr-3230	197	3	consist	consist	VERB
fsr-3230	197	4	of	of	ADP
fsr-3230	197	5	loadings	loading	NOUN
fsr-3230	197	6	on	on	ADP
fsr-3230	197	7	size	size	NOUN
fsr-3230	197	8	(	(	PUNCT
fsr-3230	197	9	𝛽𝑆𝑀𝐵	𝛽𝑆𝑀𝐵	NOUN
fsr-3230	197	10	)	)	PUNCT
fsr-3230	197	11	,	,	PUNCT
fsr-3230	197	12	value	value	NOUN
fsr-3230	197	13	(	(	PUNCT
fsr-3230	197	14	𝛽𝐻𝑀𝐿	𝛽𝐻𝑀𝐿	NUM
fsr-3230	197	15	)	)	PUNCT
fsr-3230	197	16	and	and	CCONJ
fsr-3230	197	17	momentum	momentum	NOUN
fsr-3230	197	18	(	(	PUNCT
fsr-3230	197	19	𝛽𝑈𝑀𝐷	𝛽𝑈𝑀𝐷	PROPN
fsr-3230	197	20	)	)	PUNCT
fsr-3230	197	21	,	,	PUNCT
fsr-3230	197	22	and	and	CCONJ
fsr-3230	197	23	are	be	AUX
fsr-3230	197	24	helpful	helpful	ADJ
fsr-3230	197	25	to	to	PART
fsr-3230	197	26	understand	understand	VERB
fsr-3230	197	27	factor	factor	NOUN
fsr-3230	197	28	tilts	tilt	VERB
fsr-3230	197	29	.	.	PUNCT
fsr-3230	198	1	gruber	gruber	NOUN
fsr-3230	198	2	(	(	PUNCT
fsr-3230	198	3	1996	1996	NUM
fsr-3230	198	4	)	)	PUNCT
fsr-3230	198	5	and	and	CCONJ
fsr-3230	198	6	carhart	carhart	NOUN
fsr-3230	198	7	(	(	PUNCT
fsr-3230	198	8	1997	1997	NUM
fsr-3230	198	9	)	)	PUNCT
fsr-3230	198	10	,	,	PUNCT
fsr-3230	198	11	among	among	ADP
fsr-3230	198	12	others	other	NOUN
fsr-3230	198	13	,	,	PUNCT
fsr-3230	198	14	show	show	VERB
fsr-3230	198	15	that	that	SCONJ
fsr-3230	198	16	these	these	DET
fsr-3230	198	17	factors	factor	NOUN
fsr-3230	198	18	are	be	AUX
fsr-3230	198	19	relevant	relevant	ADJ
fsr-3230	198	20	in	in	ADP
fsr-3230	198	21	explaining	explain	VERB
fsr-3230	198	22	fund	fund	NOUN
fsr-3230	198	23	returns	return	NOUN
fsr-3230	198	24	.	.	PUNCT
fsr-3230	199	1	the	the	DET
fsr-3230	199	2	literature	literature	NOUN
fsr-3230	199	3	offers	offer	VERB
fsr-3230	199	4	conflicting	conflicting	ADJ
fsr-3230	199	5	explanations	explanation	NOUN
fsr-3230	199	6	on	on	ADP
fsr-3230	199	7	the	the	DET
fsr-3230	199	8	premium	premium	NOUN
fsr-3230	199	9	associated	associate	VERB
fsr-3230	199	10	with	with	ADP
fsr-3230	199	11	these	these	DET
fsr-3230	199	12	factors	factor	NOUN
fsr-3230	199	13	.	.	PUNCT
fsr-3230	200	1	value	value	NOUN
fsr-3230	200	2	,	,	PUNCT
fsr-3230	200	3	small	small	ADJ
fsr-3230	200	4	-	-	PUNCT
fsr-3230	200	5	cap	cap	NOUN
fsr-3230	200	6	and	and	CCONJ
fsr-3230	200	7	winner	winner	NOUN
fsr-3230	200	8	stocks	stock	NOUN
fsr-3230	200	9	could	could	AUX
fsr-3230	200	10	be	be	AUX
fsr-3230	200	11	either	either	CCONJ
fsr-3230	200	12	riskier	risky	ADJ
fsr-3230	200	13	or	or	CCONJ
fsr-3230	200	14	more	more	ADV
fsr-3230	200	15	neglected	neglect	VERB
fsr-3230	200	16	than	than	ADP
fsr-3230	200	17	growth	growth	NOUN
fsr-3230	200	18	,	,	PUNCT
fsr-3230	200	19	large	large	ADJ
fsr-3230	200	20	-	-	PUNCT
fsr-3230	200	21	cap	cap	NOUN
fsr-3230	200	22	and	and	CCONJ
fsr-3230	200	23	loser	loser	ADJ
fsr-3230	200	24	stocks	stock	NOUN
fsr-3230	200	25	.	.	PUNCT
fsr-3230	201	1	as	as	SCONJ
fsr-3230	201	2	there	there	PRON
fsr-3230	201	3	is	be	VERB
fsr-3230	201	4	arguably	arguably	ADV
fsr-3230	201	5	more	more	ADJ
fsr-3230	201	6	disagreement	disagreement	NOUN
fsr-3230	201	7	in	in	ADP
fsr-3230	201	8	riskier	risky	ADJ
fsr-3230	201	9	or	or	CCONJ
fsr-3230	201	10	neglected	neglect	VERB
fsr-3230	201	11	stocks	stock	NOUN
fsr-3230	201	12	than	than	ADP
fsr-3230	201	13	in	in	ADP
fsr-3230	201	14	safer	safe	ADJ
fsr-3230	201	15	or	or	CCONJ
fsr-3230	201	16	glamour	glamour	NOUN
fsr-3230	201	17	stocks	stock	NOUN
fsr-3230	201	18	,	,	PUNCT
fsr-3230	201	19	we	we	PRON
fsr-3230	201	20	expect	expect	VERB
fsr-3230	201	21	positive	positive	ADJ
fsr-3230	201	22	relations	relation	NOUN
fsr-3230	201	23	between	between	ADP
fsr-3230	201	24	disagreement	disagreement	NOUN
fsr-3230	201	25	and	and	CCONJ
fsr-3230	201	26	factor	factor	NOUN
fsr-3230	201	27	exposures	exposure	NOUN
fsr-3230	201	28	.	.	PUNCT
fsr-3230	202	1	financial	financial	ADJ
fsr-3230	202	2	services	service	NOUN
fsr-3230	202	3	review	review	PROPN
fsr-3230	202	4	,	,	PUNCT
fsr-3230	202	5	32(1	32(1	NUM
fsr-3230	202	6	)	)	PUNCT
fsr-3230	202	7	70	70	NUM
fsr-3230	202	8	styles	style	NOUN
fsr-3230	202	9	.	.	PUNCT
fsr-3230	203	1	styles	style	NOUN
fsr-3230	203	2	are	be	AUX
fsr-3230	203	3	important	important	ADJ
fsr-3230	203	4	and	and	CCONJ
fsr-3230	203	5	highly	highly	ADV
fsr-3230	203	6	publicized	publicize	VERB
fsr-3230	203	7	in	in	ADP
fsr-3230	203	8	the	the	DET
fsr-3230	203	9	fund	fund	NOUN
fsr-3230	203	10	industry	industry	NOUN
fsr-3230	203	11	.	.	PUNCT
fsr-3230	204	1	barberis	barberis	PROPN
fsr-3230	204	2	and	and	CCONJ
fsr-3230	204	3	shleifer	shleifer	PROPN
fsr-3230	204	4	(	(	PUNCT
fsr-3230	204	5	2003	2003	NUM
fsr-3230	204	6	)	)	PUNCT
fsr-3230	204	7	discuss	discuss	VERB
fsr-3230	204	8	the	the	DET
fsr-3230	204	9	interest	interest	NOUN
fsr-3230	204	10	of	of	ADP
fsr-3230	204	11	financial	financial	ADJ
fsr-3230	204	12	service	service	NOUN
fsr-3230	204	13	firms	firm	NOUN
fsr-3230	204	14	to	to	PART
fsr-3230	204	15	understand	understand	VERB
fsr-3230	204	16	style	style	NOUN
fsr-3230	204	17	preferences	preference	NOUN
fsr-3230	204	18	and	and	CCONJ
fsr-3230	204	19	there	there	PRON
fsr-3230	204	20	is	be	VERB
fsr-3230	204	21	a	a	DET
fsr-3230	204	22	literature	literature	NOUN
fsr-3230	204	23	that	that	PRON
fsr-3230	204	24	studies	study	VERB
fsr-3230	204	25	the	the	DET
fsr-3230	204	26	economic	economic	ADJ
fsr-3230	204	27	differences	difference	NOUN
fsr-3230	204	28	between	between	ADP
fsr-3230	204	29	style	style	NOUN
fsr-3230	204	30	clienteles	clientele	NOUN
fsr-3230	204	31	(	(	PUNCT
fsr-3230	204	32	bailey	bailey	PROPN
fsr-3230	204	33	et	et	PROPN
fsr-3230	204	34	al	al	PROPN
fsr-3230	204	35	.	.	PROPN
fsr-3230	204	36	2011	2011	NUM
fsr-3230	204	37	,	,	PUNCT
fsr-3230	204	38	cronqvist	cronqvist	PROPN
fsr-3230	204	39	et	et	PROPN
fsr-3230	204	40	al	al	PROPN
fsr-3230	204	41	.	.	PROPN
fsr-3230	204	42	,	,	PUNCT
fsr-3230	204	43	2015	2015	NUM
fsr-3230	204	44	,	,	PUNCT
fsr-3230	204	45	betermier	betermier	NOUN
fsr-3230	204	46	et	et	PROPN
fsr-3230	204	47	al	al	PROPN
fsr-3230	204	48	.	.	PROPN
fsr-3230	204	49	,	,	PUNCT
fsr-3230	204	50	2017	2017	NUM
fsr-3230	204	51	,	,	PUNCT
fsr-3230	204	52	chrétien	chrétien	PROPN
fsr-3230	204	53	&	&	CCONJ
fsr-3230	204	54	kammoun	kammoun	PROPN
fsr-3230	204	55	,	,	PUNCT
fsr-3230	204	56	2019	2019	NUM
fsr-3230	204	57	)	)	PUNCT
fsr-3230	204	58	.	.	PUNCT
fsr-3230	205	1	although	although	SCONJ
fsr-3230	205	2	different	different	ADJ
fsr-3230	205	3	styles	style	NOUN
fsr-3230	205	4	could	could	AUX
fsr-3230	205	5	please	please	VERB
fsr-3230	205	6	different	different	ADJ
fsr-3230	205	7	clienteles	clientele	NOUN
fsr-3230	205	8	,	,	PUNCT
fsr-3230	205	9	styles	style	NOUN
fsr-3230	205	10	associated	associate	VERB
fsr-3230	205	11	with	with	ADP
fsr-3230	205	12	more	more	ADV
fsr-3230	205	13	aggressive	aggressive	ADJ
fsr-3230	205	14	investing	investing	NOUN
fsr-3230	205	15	are	be	AUX
fsr-3230	205	16	more	more	ADV
fsr-3230	205	17	difficult	difficult	ADJ
fsr-3230	205	18	to	to	PART
fsr-3230	205	19	evaluate	evaluate	VERB
fsr-3230	205	20	.	.	PUNCT
fsr-3230	206	1	we	we	PRON
fsr-3230	206	2	thus	thus	ADV
fsr-3230	206	3	expect	expect	VERB
fsr-3230	206	4	disagreement	disagreement	NOUN
fsr-3230	206	5	to	to	PART
fsr-3230	206	6	differ	differ	VERB
fsr-3230	206	7	by	by	ADP
fsr-3230	206	8	style	style	NOUN
fsr-3230	206	9	,	,	PUNCT
fsr-3230	206	10	with	with	ADP
fsr-3230	206	11	more	more	ADJ
fsr-3230	206	12	disagreement	disagreement	NOUN
fsr-3230	206	13	for	for	ADP
fsr-3230	206	14	funds	fund	NOUN
fsr-3230	206	15	following	follow	VERB
fsr-3230	206	16	more	more	ADV
fsr-3230	206	17	aggressive	aggressive	ADJ
fsr-3230	206	18	styles	style	NOUN
fsr-3230	206	19	(	(	PUNCT
fsr-3230	206	20	like	like	ADP
fsr-3230	206	21	micro	micro	NOUN
fsr-3230	206	22	-	-	NOUN
fsr-3230	206	23	cap	cap	ADJ
fsr-3230	206	24	funds	fund	NOUN
fsr-3230	206	25	)	)	PUNCT
fsr-3230	206	26	and	and	CCONJ
fsr-3230	206	27	less	less	ADV
fsr-3230	206	28	disagreement	disagreement	NOUN
fsr-3230	206	29	for	for	ADP
fsr-3230	206	30	funds	fund	NOUN
fsr-3230	206	31	following	follow	VERB
fsr-3230	206	32	more	more	ADV
fsr-3230	206	33	defensive	defensive	ADJ
fsr-3230	206	34	styles	style	NOUN
fsr-3230	206	35	(	(	PUNCT
fsr-3230	206	36	like	like	ADP
fsr-3230	206	37	equity	equity	NOUN
fsr-3230	206	38	income	income	NOUN
fsr-3230	206	39	funds	fund	NOUN
fsr-3230	206	40	)	)	PUNCT
fsr-3230	206	41	.	.	PUNCT
fsr-3230	207	1	in	in	ADP
fsr-3230	207	2	summary	summary	NOUN
fsr-3230	207	3	,	,	PUNCT
fsr-3230	207	4	our	our	PRON
fsr-3230	207	5	hypotheses	hypothesis	NOUN
fsr-3230	207	6	for	for	ADP
fsr-3230	207	7	these	these	DET
fsr-3230	207	8	additional	additional	ADJ
fsr-3230	207	9	variables	variable	NOUN
fsr-3230	207	10	are	be	AUX
fsr-3230	207	11	as	as	SCONJ
fsr-3230	207	12	follows	follow	VERB
fsr-3230	207	13	.	.	PUNCT
fsr-3230	208	1	h1f	h1f	NOUN
fsr-3230	208	2	:	:	PUNCT
fsr-3230	208	3	there	there	PRON
fsr-3230	208	4	is	be	VERB
fsr-3230	208	5	a	a	DET
fsr-3230	208	6	positive	positive	ADJ
fsr-3230	208	7	relation	relation	NOUN
fsr-3230	208	8	between	between	ADP
fsr-3230	208	9	future	future	ADJ
fsr-3230	208	10	disagreement	disagreement	NOUN
fsr-3230	208	11	and	and	CCONJ
fsr-3230	208	12	management	management	NOUN
fsr-3230	208	13	fees	fee	NOUN
fsr-3230	208	14	or	or	CCONJ
fsr-3230	208	15	the	the	DET
fsr-3230	208	16	costs	cost	NOUN
fsr-3230	208	17	of	of	ADP
fsr-3230	208	18	bundled	bundled	ADJ
fsr-3230	208	19	services	service	NOUN
fsr-3230	208	20	.	.	PUNCT
fsr-3230	209	1	there	there	PRON
fsr-3230	209	2	is	be	VERB
fsr-3230	209	3	a	a	DET
fsr-3230	209	4	negative	negative	ADJ
fsr-3230	209	5	relation	relation	NOUN
fsr-3230	209	6	between	between	ADP
fsr-3230	209	7	future	future	ADJ
fsr-3230	209	8	disagreement	disagreement	NOUN
fsr-3230	209	9	and	and	CCONJ
fsr-3230	209	10	advertising	advertising	NOUN
fsr-3230	209	11	expenses	expense	NOUN
fsr-3230	209	12	.	.	PUNCT
fsr-3230	210	1	h1	h1	PROPN
fsr-3230	210	2	g	g	NOUN
fsr-3230	210	3	:	:	PUNCT
fsr-3230	210	4	there	there	PRON
fsr-3230	210	5	is	be	VERB
fsr-3230	210	6	a	a	DET
fsr-3230	210	7	positive	positive	ADJ
fsr-3230	210	8	relation	relation	NOUN
fsr-3230	210	9	between	between	ADP
fsr-3230	210	10	future	future	ADJ
fsr-3230	210	11	disagreement	disagreement	NOUN
fsr-3230	210	12	and	and	CCONJ
fsr-3230	210	13	tax	tax	NOUN
fsr-3230	210	14	burden	burden	NOUN
fsr-3230	210	15	.	.	PUNCT
fsr-3230	211	1	h1h	h1h	NOUN
fsr-3230	211	2	:	:	PUNCT
fsr-3230	211	3	there	there	PRON
fsr-3230	211	4	is	be	VERB
fsr-3230	211	5	a	a	DET
fsr-3230	211	6	negative	negative	ADJ
fsr-3230	211	7	relation	relation	NOUN
fsr-3230	211	8	between	between	ADP
fsr-3230	211	9	future	future	ADJ
fsr-3230	211	10	disagreement	disagreement	NOUN
fsr-3230	211	11	and	and	CCONJ
fsr-3230	211	12	dividend	dividend	NOUN
fsr-3230	211	13	yield	yield	NOUN
fsr-3230	211	14	.	.	PUNCT
fsr-3230	212	1	h1i	h1i	NOUN
fsr-3230	212	2	:	:	PUNCT
fsr-3230	212	3	there	there	PRON
fsr-3230	212	4	is	be	VERB
fsr-3230	212	5	a	a	DET
fsr-3230	212	6	positive	positive	ADJ
fsr-3230	212	7	relation	relation	NOUN
fsr-3230	212	8	between	between	ADP
fsr-3230	212	9	future	future	ADJ
fsr-3230	212	10	disagreement	disagreement	NOUN
fsr-3230	212	11	and	and	CCONJ
fsr-3230	212	12	family	family	NOUN
fsr-3230	212	13	size	size	NOUN
fsr-3230	212	14	.	.	PUNCT
fsr-3230	213	1	h1j	h1j	ADV
fsr-3230	213	2	:	:	PUNCT
fsr-3230	213	3	there	there	PRON
fsr-3230	213	4	are	be	VERB
fsr-3230	213	5	positive	positive	ADJ
fsr-3230	213	6	relations	relation	NOUN
fsr-3230	213	7	between	between	ADP
fsr-3230	213	8	future	future	ADJ
fsr-3230	213	9	disagreement	disagreement	NOUN
fsr-3230	213	10	and	and	CCONJ
fsr-3230	213	11	factor	factor	NOUN
fsr-3230	213	12	exposures	exposure	NOUN
fsr-3230	213	13	.	.	PUNCT
fsr-3230	214	1	h1k	h1k	NOUN
fsr-3230	214	2	:	:	PUNCT
fsr-3230	214	3	there	there	PRON
fsr-3230	214	4	is	be	VERB
fsr-3230	214	5	a	a	DET
fsr-3230	214	6	significant	significant	ADJ
fsr-3230	214	7	relation	relation	NOUN
fsr-3230	214	8	between	between	ADP
fsr-3230	214	9	future	future	ADJ
fsr-3230	214	10	disagreement	disagreement	NOUN
fsr-3230	214	11	and	and	CCONJ
fsr-3230	214	12	styles	style	NOUN
fsr-3230	214	13	,	,	PUNCT
fsr-3230	214	14	with	with	ADP
fsr-3230	214	15	larger	large	ADJ
fsr-3230	214	16	disagreement	disagreement	NOUN
fsr-3230	214	17	for	for	ADP
fsr-3230	214	18	funds	fund	NOUN
fsr-3230	214	19	following	follow	VERB
fsr-3230	214	20	aggressive	aggressive	ADJ
fsr-3230	214	21	styles	style	NOUN
fsr-3230	214	22	and	and	CCONJ
fsr-3230	214	23	smaller	small	ADJ
fsr-3230	214	24	disagreement	disagreement	NOUN
fsr-3230	214	25	for	for	ADP
fsr-3230	214	26	funds	fund	NOUN
fsr-3230	214	27	following	follow	VERB
fsr-3230	214	28	defensive	defensive	ADJ
fsr-3230	214	29	styles	style	NOUN
fsr-3230	214	30	.	.	PUNCT
fsr-3230	215	1	active	active	ADJ
fsr-3230	215	2	management	management	NOUN
fsr-3230	215	3	variables	variable	VERB
fsr-3230	215	4	many	many	ADJ
fsr-3230	215	5	studies	study	NOUN
fsr-3230	215	6	argue	argue	VERB
fsr-3230	215	7	that	that	SCONJ
fsr-3230	215	8	performance	performance	NOUN
fsr-3230	215	9	is	be	AUX
fsr-3230	215	10	significantly	significantly	ADV
fsr-3230	215	11	related	relate	VERB
fsr-3230	215	12	to	to	ADP
fsr-3230	215	13	numerous	numerous	ADJ
fsr-3230	215	14	active	active	ADJ
fsr-3230	215	15	management	management	NOUN
fsr-3230	215	16	skills	skill	NOUN
fsr-3230	215	17	(	(	PUNCT
fsr-3230	215	18	see	see	VERB
fsr-3230	215	19	cremers	cremer	NOUN
fsr-3230	215	20	et	et	PROPN
fsr-3230	215	21	al	al	PROPN
fsr-3230	215	22	.	.	PROPN
fsr-3230	216	1	(	(	PUNCT
fsr-3230	216	2	2019	2019	NUM
fsr-3230	216	3	)	)	PUNCT
fsr-3230	216	4	for	for	ADP
fsr-3230	216	5	a	a	DET
fsr-3230	216	6	recent	recent	ADJ
fsr-3230	216	7	review	review	NOUN
fsr-3230	216	8	)	)	PUNCT
fsr-3230	216	9	.	.	PUNCT
fsr-3230	217	1	a	a	DET
fsr-3230	217	2	manager	manager	NOUN
fsr-3230	217	3	with	with	ADP
fsr-3230	217	4	those	those	DET
fsr-3230	217	5	skills	skill	NOUN
fsr-3230	217	6	should	should	AUX
fsr-3230	217	7	exploit	exploit	VERB
fsr-3230	217	8	them	they	PRON
fsr-3230	217	9	to	to	PART
fsr-3230	217	10	take	take	VERB
fsr-3230	217	11	active	active	ADJ
fsr-3230	217	12	positions	position	NOUN
fsr-3230	217	13	in	in	ADP
fsr-3230	217	14	his	his	PRON
fsr-3230	217	15	portfolio	portfolio	NOUN
fsr-3230	217	16	.	.	PUNCT
fsr-3230	218	1	however	however	ADV
fsr-3230	218	2	,	,	PUNCT
fsr-3230	218	3	taking	take	VERB
fsr-3230	218	4	active	active	ADJ
fsr-3230	218	5	risk	risk	NOUN
fsr-3230	218	6	is	be	AUX
fsr-3230	218	7	not	not	PART
fsr-3230	218	8	rewarded	reward	VERB
fsr-3230	218	9	similarly	similarly	ADV
fsr-3230	218	10	by	by	ADP
fsr-3230	218	11	heterogeneous	heterogeneous	ADJ
fsr-3230	218	12	investors	investor	NOUN
fsr-3230	218	13	,	,	PUNCT
fsr-3230	218	14	leading	lead	VERB
fsr-3230	218	15	to	to	ADP
fsr-3230	218	16	investor	investor	NOUN
fsr-3230	218	17	disagreement	disagreement	NOUN
fsr-3230	218	18	.	.	PUNCT
fsr-3230	219	1	we	we	PRON
fsr-3230	219	2	can	can	AUX
fsr-3230	219	3	thus	thus	ADV
fsr-3230	219	4	conjecture	conjecture	VERB
fsr-3230	219	5	that	that	SCONJ
fsr-3230	219	6	disagreement	disagreement	NOUN
fsr-3230	219	7	should	should	AUX
fsr-3230	219	8	be	be	AUX
fsr-3230	219	9	positively	positively	ADV
fsr-3230	219	10	related	relate	VERB
fsr-3230	219	11	to	to	ADP
fsr-3230	219	12	active	active	ADJ
fsr-3230	219	13	management	management	NOUN
fsr-3230	219	14	skills	skill	NOUN
fsr-3230	219	15	.	.	PUNCT
fsr-3230	220	1	we	we	PRON
fsr-3230	220	2	consider	consider	VERB
fsr-3230	220	3	two	two	NUM
fsr-3230	220	4	measures	measure	NOUN
fsr-3230	220	5	of	of	ADP
fsr-3230	220	6	relevant	relevant	ADJ
fsr-3230	220	7	departures	departure	NOUN
fsr-3230	220	8	from	from	ADP
fsr-3230	220	9	benchmarks	benchmark	NOUN
fsr-3230	220	10	to	to	PART
fsr-3230	220	11	establish	establish	VERB
fsr-3230	220	12	this	this	DET
fsr-3230	220	13	relation	relation	NOUN
fsr-3230	220	14	.	.	PUNCT
fsr-3230	221	1	amihud	amihud	PROPN
fsr-3230	221	2	and	and	CCONJ
fsr-3230	221	3	goyenko	goyenko	ADJ
fsr-3230	221	4	(	(	PUNCT
fsr-3230	221	5	2013	2013	NUM
fsr-3230	221	6	)	)	PUNCT
fsr-3230	221	7	develop	develop	VERB
fsr-3230	221	8	asset	asset	NOUN
fsr-3230	221	9	selectivity	selectivity	NOUN
fsr-3230	221	10	,	,	PUNCT
fsr-3230	221	11	a	a	DET
fsr-3230	221	12	measure	measure	NOUN
fsr-3230	221	13	computed	compute	VERB
fsr-3230	221	14	as	as	ADP
fsr-3230	221	15	1	1	NUM
fsr-3230	221	16	−	−	NOUN
fsr-3230	221	17	𝑅2	𝑅2	ADP
fsr-3230	221	18	,	,	PUNCT
fsr-3230	221	19	with	with	ADP
fsr-3230	221	20	𝑅2	𝑅2	NOUN
fsr-3230	221	21	estimated	estimate	VERB
fsr-3230	221	22	by	by	ADP
fsr-3230	221	23	regressing	regress	VERB
fsr-3230	221	24	fund	fund	NOUN
fsr-3230	221	25	returns	return	NOUN
fsr-3230	221	26	on	on	ADP
fsr-3230	221	27	the	the	DET
fsr-3230	221	28	returns	return	NOUN
fsr-3230	221	29	of	of	ADP
fsr-3230	221	30	benchmarks	benchmark	NOUN
fsr-3230	221	31	.	.	PUNCT
fsr-3230	222	1	cremers	cremer	NOUN
fsr-3230	222	2	and	and	CCONJ
fsr-3230	222	3	petajisto	petajisto	NOUN
fsr-3230	222	4	(	(	PUNCT
fsr-3230	222	5	2009	2009	NUM
fsr-3230	222	6	)	)	PUNCT
fsr-3230	222	7	propose	propose	VERB
fsr-3230	222	8	active	active	ADJ
fsr-3230	222	9	share	share	NOUN
fsr-3230	222	10	,	,	PUNCT
fsr-3230	222	11	a	a	DET
fsr-3230	222	12	measure	measure	NOUN
fsr-3230	222	13	of	of	ADP
fsr-3230	222	14	the	the	DET
fsr-3230	222	15	importance	importance	NOUN
fsr-3230	222	16	of	of	ADP
fsr-3230	222	17	the	the	DET
fsr-3230	222	18	fund	fund	NOUN
fsr-3230	222	19	’s	’s	PART
fsr-3230	222	20	active	active	ADJ
fsr-3230	222	21	bets	bet	NOUN
fsr-3230	222	22	,	,	PUNCT
fsr-3230	222	23	which	which	PRON
fsr-3230	222	24	are	be	AUX
fsr-3230	222	25	deviations	deviation	NOUN
fsr-3230	222	26	of	of	ADP
fsr-3230	222	27	the	the	DET
fsr-3230	222	28	fund	fund	NOUN
fsr-3230	222	29	’s	’s	PART
fsr-3230	222	30	stock	stock	NOUN
fsr-3230	222	31	holdings	holding	NOUN
fsr-3230	222	32	from	from	ADP
fsr-3230	222	33	those	those	PRON
fsr-3230	222	34	of	of	ADP
fsr-3230	222	35	its	its	PRON
fsr-3230	222	36	benchmark	benchmark	NOUN
fsr-3230	222	37	.	.	PUNCT
fsr-3230	223	1	both	both	DET
fsr-3230	223	2	measures	measure	NOUN
fsr-3230	223	3	aim	aim	VERB
fsr-3230	223	4	to	to	PART
fsr-3230	223	5	capture	capture	VERB
fsr-3230	223	6	the	the	DET
fsr-3230	223	7	level	level	NOUN
fsr-3230	223	8	of	of	ADP
fsr-3230	223	9	active	active	ADJ
fsr-3230	223	10	management	management	NOUN
fsr-3230	223	11	as	as	SCONJ
fsr-3230	223	12	their	their	PRON
fsr-3230	223	13	values	value	NOUN
fsr-3230	223	14	increase	increase	VERB
fsr-3230	223	15	when	when	SCONJ
fsr-3230	223	16	the	the	DET
fsr-3230	223	17	managed	manage	VERB
fsr-3230	223	18	portfolio	portfolio	NOUN
fsr-3230	223	19	deviates	deviate	VERB
fsr-3230	223	20	more	more	ADJ
fsr-3230	223	21	from	from	ADP
fsr-3230	223	22	benchmarks	benchmark	NOUN
fsr-3230	223	23	.	.	PUNCT
fsr-3230	224	1	they	they	PRON
fsr-3230	224	2	aggregate	aggregate	VERB
fsr-3230	224	3	into	into	ADP
fsr-3230	224	4	one	one	NUM
fsr-3230	224	5	general	general	ADJ
fsr-3230	224	6	indicator	indicator	NOUN
fsr-3230	224	7	(	(	PUNCT
fsr-3230	224	8	all	all	DET
fsr-3230	224	9	possible	possible	ADJ
fsr-3230	224	10	managerial	managerial	ADJ
fsr-3230	224	11	skills	skill	NOUN
fsr-3230	224	12	)	)	PUNCT
fsr-3230	224	13	since	since	SCONJ
fsr-3230	224	14	any	any	DET
fsr-3230	224	15	ability	ability	NOUN
fsr-3230	224	16	should	should	AUX
fsr-3230	224	17	lead	lead	VERB
fsr-3230	224	18	the	the	DET
fsr-3230	224	19	manager	manager	NOUN
fsr-3230	224	20	to	to	PART
fsr-3230	224	21	deviate	deviate	VERB
fsr-3230	224	22	from	from	ADP
fsr-3230	224	23	the	the	DET
fsr-3230	224	24	benchmarks	benchmark	NOUN
fsr-3230	224	25	.	.	PUNCT
fsr-3230	225	1	we	we	PRON
fsr-3230	225	2	examine	examine	VERB
fsr-3230	225	3	the	the	DET
fsr-3230	225	4	following	follow	VERB
fsr-3230	225	5	hypotheses	hypothesis	NOUN
fsr-3230	225	6	for	for	ADP
fsr-3230	225	7	asset	asset	NOUN
fsr-3230	225	8	selectivity	selectivity	NOUN
fsr-3230	225	9	and	and	CCONJ
fsr-3230	225	10	active	active	ADJ
fsr-3230	225	11	share	share	NOUN
fsr-3230	225	12	.	.	PUNCT
fsr-3230	226	1	h2a	h2a	PRON
fsr-3230	226	2	:	:	PUNCT
fsr-3230	226	3	there	there	PRON
fsr-3230	226	4	is	be	VERB
fsr-3230	226	5	a	a	DET
fsr-3230	226	6	positive	positive	ADJ
fsr-3230	226	7	relation	relation	NOUN
fsr-3230	226	8	between	between	ADP
fsr-3230	226	9	future	future	ADJ
fsr-3230	226	10	disagreement	disagreement	NOUN
fsr-3230	226	11	and	and	CCONJ
fsr-3230	226	12	asset	asset	NOUN
fsr-3230	226	13	selectivity	selectivity	NOUN
fsr-3230	226	14	.	.	PUNCT
fsr-3230	227	1	h2b	h2b	PROPN
fsr-3230	227	2	:	:	PUNCT
fsr-3230	227	3	there	there	PRON
fsr-3230	227	4	is	be	VERB
fsr-3230	227	5	a	a	DET
fsr-3230	227	6	positive	positive	ADJ
fsr-3230	227	7	relation	relation	NOUN
fsr-3230	227	8	between	between	ADP
fsr-3230	227	9	future	future	ADJ
fsr-3230	227	10	disagreement	disagreement	NOUN
fsr-3230	227	11	and	and	CCONJ
fsr-3230	227	12	active	active	ADJ
fsr-3230	227	13	share	share	NOUN
fsr-3230	227	14	.	.	PUNCT
fsr-3230	228	1	fund	fund	NOUN
fsr-3230	228	2	flows	flow	VERB
fsr-3230	228	3	many	many	ADJ
fsr-3230	228	4	studies	study	NOUN
fsr-3230	228	5	(	(	PUNCT
fsr-3230	228	6	e.g.	e.g.	ADV
fsr-3230	228	7	,	,	PUNCT
fsr-3230	228	8	ippolito	ippolito	PROPN
fsr-3230	228	9	(	(	PUNCT
fsr-3230	228	10	1992	1992	NUM
fsr-3230	228	11	)	)	PUNCT
fsr-3230	228	12	,	,	PUNCT
fsr-3230	228	13	gruber	gruber	NOUN
fsr-3230	228	14	(	(	PUNCT
fsr-3230	228	15	1996	1996	NUM
fsr-3230	228	16	)	)	PUNCT
fsr-3230	228	17	,	,	PUNCT
fsr-3230	228	18	chevalier	chevalier	NOUN
fsr-3230	228	19	&	&	CCONJ
fsr-3230	228	20	ellison	ellison	PROPN
fsr-3230	228	21	(	(	PUNCT
fsr-3230	228	22	1997	1997	NUM
fsr-3230	228	23	)	)	PUNCT
fsr-3230	228	24	,	,	PUNCT
fsr-3230	228	25	and	and	CCONJ
fsr-3230	228	26	sirri	sirri	PROPN
fsr-3230	228	27	&	&	CCONJ
fsr-3230	228	28	tufano	tufano	PROPN
fsr-3230	228	29	(	(	PUNCT
fsr-3230	228	30	1998	1998	NUM
fsr-3230	228	31	)	)	PUNCT
fsr-3230	228	32	)	)	PUNCT
fsr-3230	228	33	find	find	VERB
fsr-3230	228	34	that	that	SCONJ
fsr-3230	228	35	investors	investor	NOUN
fsr-3230	228	36	chase	chase	VERB
fsr-3230	228	37	past	past	ADJ
fsr-3230	228	38	performance	performance	NOUN
fsr-3230	228	39	.	.	PUNCT
fsr-3230	229	1	there	there	PRON
fsr-3230	229	2	is	be	VERB
fsr-3230	229	3	also	also	ADV
fsr-3230	229	4	evidence	evidence	NOUN
fsr-3230	229	5	of	of	ADP
fsr-3230	229	6	clientele	clientele	NOUN
fsr-3230	229	7	effects	effect	NOUN
fsr-3230	229	8	in	in	ADP
fsr-3230	229	9	the	the	DET
fsr-3230	229	10	flow	flow	NOUN
fsr-3230	229	11	-	-	PUNCT
fsr-3230	229	12	performance	performance	NOUN
fsr-3230	229	13	relationship	relationship	NOUN
fsr-3230	229	14	(	(	PUNCT
fsr-3230	229	15	sawicki	sawicki	NOUN
fsr-3230	229	16	,	,	PUNCT
fsr-3230	229	17	2001	2001	NUM
fsr-3230	229	18	,	,	PUNCT
fsr-3230	229	19	del	del	PROPN
fsr-3230	229	20	guercio	guercio	PROPN
fsr-3230	229	21	&	&	CCONJ
fsr-3230	229	22	tkac	tkac	PROPN
fsr-3230	229	23	,	,	PUNCT
fsr-3230	229	24	2002	2002	NUM
fsr-3230	229	25	,	,	PUNCT
fsr-3230	229	26	huang	huang	PROPN
fsr-3230	229	27	et	et	PROPN
fsr-3230	229	28	al	al	PROPN
fsr-3230	229	29	.	.	PROPN
fsr-3230	229	30	,	,	PUNCT
fsr-3230	229	31	2007	2007	NUM
fsr-3230	229	32	,	,	PUNCT
fsr-3230	229	33	nanda	nanda	ADV
fsr-3230	229	34	et	et	PROPN
fsr-3230	229	35	al	al	PROPN
fsr-3230	229	36	.	.	PROPN
fsr-3230	229	37	,	,	PUNCT
fsr-3230	229	38	2009	2009	NUM
fsr-3230	229	39	,	,	PUNCT
fsr-3230	229	40	jun	jun	PROPN
fsr-3230	229	41	et	et	PROPN
fsr-3230	229	42	al	al	PROPN
fsr-3230	229	43	.	.	PROPN
fsr-3230	229	44	,	,	PUNCT
fsr-3230	229	45	2014	2014	NUM
fsr-3230	229	46	,	,	PUNCT
fsr-3230	229	47	barber	barber	PROPN
fsr-3230	229	48	et	et	PROPN
fsr-3230	229	49	al	al	PROPN
fsr-3230	229	50	.	.	PROPN
fsr-3230	229	51	,	,	PUNCT
fsr-3230	229	52	2016	2016	NUM
fsr-3230	229	53	,	,	PUNCT
fsr-3230	229	54	ben	ben	PROPN
fsr-3230	229	55	-	-	PUNCT
fsr-3230	229	56	david	david	PROPN
fsr-3230	229	57	et	et	PROPN
fsr-3230	229	58	al	al	PROPN
fsr-3230	229	59	.	.	PROPN
fsr-3230	229	60	,	,	PUNCT
fsr-3230	229	61	2022	2022	NUM
fsr-3230	229	62	)	)	PUNCT
fsr-3230	229	63	.	.	PUNCT
fsr-3230	230	1	this	this	DET
fsr-3230	230	2	literature	literature	NOUN
fsr-3230	230	3	does	do	AUX
fsr-3230	230	4	not	not	PART
fsr-3230	230	5	relate	relate	VERB
fsr-3230	230	6	flows	flow	NOUN
fsr-3230	230	7	to	to	ADP
fsr-3230	230	8	investor	investor	NOUN
fsr-3230	230	9	disagreement	disagreement	NOUN
fsr-3230	230	10	directly	directly	ADV
fsr-3230	230	11	,	,	PUNCT
fsr-3230	230	12	but	but	CCONJ
fsr-3230	230	13	ferson	ferson	NOUN
fsr-3230	230	14	and	and	CCONJ
fsr-3230	230	15	lin	lin	PROPN
fsr-3230	230	16	(	(	PUNCT
fsr-3230	230	17	2014	2014	NUM
fsr-3230	230	18	)	)	PUNCT
fsr-3230	230	19	suggest	suggest	VERB
fsr-3230	230	20	that	that	SCONJ
fsr-3230	230	21	the	the	DET
fsr-3230	230	22	effect	effect	NOUN
fsr-3230	230	23	of	of	ADP
fsr-3230	230	24	heterogeneity	heterogeneity	NOUN
fsr-3230	230	25	on	on	ADP
fsr-3230	230	26	flows	flow	NOUN
fsr-3230	230	27	is	be	AUX
fsr-3230	230	28	positive	positive	ADJ
fsr-3230	230	29	.	.	PUNCT
fsr-3230	231	1	in	in	ADP
fsr-3230	231	2	general	general	ADJ
fsr-3230	231	3	,	,	PUNCT
fsr-3230	231	4	high	high	ADJ
fsr-3230	231	5	disagreement	disagreement	NOUN
fsr-3230	231	6	means	mean	VERB
fsr-3230	231	7	that	that	SCONJ
fsr-3230	231	8	some	some	DET
fsr-3230	231	9	investors	investor	NOUN
fsr-3230	231	10	have	have	VERB
fsr-3230	231	11	high	high	ADJ
fsr-3230	231	12	alphas	alpha	NOUN
fsr-3230	231	13	while	while	SCONJ
fsr-3230	231	14	others	other	NOUN
fsr-3230	231	15	have	have	VERB
fsr-3230	231	16	low	low	ADJ
fsr-3230	231	17	alphas	alpha	NOUN
fsr-3230	231	18	,	,	PUNCT
fsr-3230	231	19	leaving	leave	VERB
fsr-3230	231	20	the	the	DET
fsr-3230	231	21	net	net	ADJ
fsr-3230	231	22	effect	effect	NOUN
fsr-3230	231	23	of	of	ADP
fsr-3230	231	24	their	their	PRON
fsr-3230	231	25	demands	demand	NOUN
fsr-3230	231	26	unclear	unclear	ADJ
fsr-3230	231	27	.	.	PUNCT
fsr-3230	232	1	however	however	ADV
fsr-3230	232	2	,	,	PUNCT
fsr-3230	232	3	this	this	DET
fsr-3230	232	4	ambiguity	ambiguity	NOUN
fsr-3230	232	5	is	be	AUX
fsr-3230	232	6	resolved	resolve	VERB
fsr-3230	232	7	when	when	SCONJ
fsr-3230	232	8	investors	investor	NOUN
fsr-3230	232	9	face	face	VERB
fsr-3230	232	10	trading	trading	NOUN
fsr-3230	232	11	constraints	constraint	NOUN
fsr-3230	232	12	.	.	PUNCT
fsr-3230	233	1	because	because	SCONJ
fsr-3230	233	2	they	they	PRON
fsr-3230	233	3	can	can	AUX
fsr-3230	233	4	not	not	PART
fsr-3230	233	5	sell	sell	VERB
fsr-3230	233	6	short	short	ADJ
fsr-3230	233	7	funds	fund	NOUN
fsr-3230	233	8	,	,	PUNCT
fsr-3230	233	9	those	those	PRON
fsr-3230	233	10	with	with	ADP
fsr-3230	233	11	negative	negative	ADJ
fsr-3230	233	12	alphas	alpha	NOUN
fsr-3230	233	13	can	can	AUX
fsr-3230	233	14	not	not	PART
fsr-3230	233	15	easily	easily	ADV
fsr-3230	233	16	act	act	VERB
fsr-3230	233	17	on	on	ADP
fsr-3230	233	18	their	their	PRON
fsr-3230	233	19	evaluation	evaluation	NOUN
fsr-3230	233	20	.	.	PUNCT
fsr-3230	234	1	the	the	DET
fsr-3230	234	2	demand	demand	NOUN
fsr-3230	234	3	by	by	ADP
fsr-3230	234	4	those	those	PRON
fsr-3230	234	5	with	with	ADP
fsr-3230	234	6	favorable	favorable	ADJ
fsr-3230	234	7	evaluations	evaluation	NOUN
fsr-3230	234	8	should	should	AUX
fsr-3230	234	9	then	then	ADV
fsr-3230	234	10	generate	generate	VERB
fsr-3230	234	11	a	a	DET
fsr-3230	234	12	positive	positive	ADJ
fsr-3230	234	13	relation	relation	NOUN
fsr-3230	234	14	between	between	ADP
fsr-3230	234	15	disagreement	disagreement	NOUN
fsr-3230	234	16	and	and	CCONJ
fsr-3230	234	17	net	net	ADJ
fsr-3230	234	18	flows	flow	NOUN
fsr-3230	234	19	.	.	PUNCT
fsr-3230	235	1	ferson	ferson	NOUN
fsr-3230	235	2	and	and	CCONJ
fsr-3230	235	3	lin	lin	PROPN
fsr-3230	235	4	(	(	PUNCT
fsr-3230	235	5	2014	2014	NUM
fsr-3230	235	6	)	)	PUNCT
fsr-3230	235	7	provide	provide	VERB
fsr-3230	235	8	evidence	evidence	NOUN
fsr-3230	235	9	that	that	SCONJ
fsr-3230	235	10	higher	high	ADJ
fsr-3230	235	11	heterogeneity	heterogeneity	NOUN
fsr-3230	235	12	results	result	VERB
fsr-3230	235	13	in	in	ADP
fsr-3230	235	14	higher	high	ADJ
fsr-3230	235	15	flows	flow	NOUN
fsr-3230	235	16	,	,	PUNCT
fsr-3230	235	17	but	but	CCONJ
fsr-3230	235	18	chrétien	chrétien	PROPN
fsr-3230	235	19	&	&	CCONJ
fsr-3230	235	20	kammoun	kammoun	PROPN
fsr-3230	235	21	71	71	NUM
fsr-3230	235	22	they	they	PRON
fsr-3230	235	23	rely	rely	VERB
fsr-3230	235	24	on	on	ADP
fsr-3230	235	25	heterogeneity	heterogeneity	NOUN
fsr-3230	235	26	in	in	ADP
fsr-3230	235	27	electricity	electricity	NOUN
fsr-3230	235	28	consumption	consumption	NOUN
fsr-3230	235	29	across	across	ADP
fsr-3230	235	30	u.s	u.s	PROPN
fsr-3230	235	31	.	.	PROPN
fsr-3230	235	32	states	state	NOUN
fsr-3230	235	33	to	to	PART
fsr-3230	235	34	compute	compute	VERB
fsr-3230	235	35	their	their	PRON
fsr-3230	235	36	admittedly	admittedly	ADV
fsr-3230	235	37	“	"	PUNCT
fsr-3230	235	38	crude	crude	ADJ
fsr-3230	235	39	”	"	PUNCT
fsr-3230	235	40	proxy	proxy	NOUN
fsr-3230	235	41	.	.	PUNCT
fsr-3230	236	1	this	this	DET
fsr-3230	236	2	paper	paper	NOUN
fsr-3230	236	3	uses	use	VERB
fsr-3230	236	4	disagreement	disagreement	NOUN
fsr-3230	236	5	estimates	estimate	NOUN
fsr-3230	236	6	to	to	PART
fsr-3230	236	7	test	test	VERB
fsr-3230	236	8	the	the	DET
fsr-3230	236	9	following	follow	VERB
fsr-3230	236	10	hypothesis	hypothesis	NOUN
fsr-3230	236	11	on	on	ADP
fsr-3230	236	12	the	the	DET
fsr-3230	236	13	relation	relation	NOUN
fsr-3230	236	14	between	between	ADP
fsr-3230	236	15	disagreement	disagreement	NOUN
fsr-3230	236	16	and	and	CCONJ
fsr-3230	236	17	net	net	ADJ
fsr-3230	236	18	flows	flow	NOUN
fsr-3230	236	19	.	.	PUNCT
fsr-3230	237	1	h3	h3	NOUN
fsr-3230	237	2	:	:	PUNCT
fsr-3230	237	3	there	there	PRON
fsr-3230	237	4	is	be	VERB
fsr-3230	237	5	a	a	DET
fsr-3230	237	6	positive	positive	ADJ
fsr-3230	237	7	relation	relation	NOUN
fsr-3230	237	8	between	between	ADP
fsr-3230	237	9	past	past	ADJ
fsr-3230	237	10	disagreement	disagreement	NOUN
fsr-3230	237	11	and	and	CCONJ
fsr-3230	237	12	net	net	ADJ
fsr-3230	237	13	fund	fund	NOUN
fsr-3230	237	14	flows	flow	VERB
fsr-3230	237	15	.	.	PUNCT
fsr-3230	238	1	methodology	methodology	NOUN
fsr-3230	238	2	and	and	CCONJ
fsr-3230	238	3	data	datum	NOUN
fsr-3230	238	4	this	this	DET
fsr-3230	238	5	section	section	NOUN
fsr-3230	238	6	first	first	ADV
fsr-3230	238	7	presents	present	VERB
fsr-3230	238	8	the	the	DET
fsr-3230	238	9	methodology	methodology	NOUN
fsr-3230	238	10	for	for	ADP
fsr-3230	238	11	estimating	estimate	VERB
fsr-3230	238	12	the	the	DET
fsr-3230	238	13	disagreement	disagreement	NOUN
fsr-3230	238	14	measures	measure	NOUN
fsr-3230	238	15	.	.	PUNCT
fsr-3230	239	1	then	then	ADV
fsr-3230	239	2	,	,	PUNCT
fsr-3230	239	3	it	it	PRON
fsr-3230	239	4	discusses	discuss	VERB
fsr-3230	239	5	the	the	DET
fsr-3230	239	6	panel	panel	NOUN
fsr-3230	239	7	regressions	regression	NOUN
fsr-3230	239	8	used	use	VERB
fsr-3230	239	9	to	to	PART
fsr-3230	239	10	estimate	estimate	VERB
fsr-3230	239	11	the	the	DET
fsr-3230	239	12	relations	relation	NOUN
fsr-3230	239	13	with	with	ADP
fsr-3230	239	14	fund	fund	NOUN
fsr-3230	239	15	characteristics	characteristic	NOUN
fsr-3230	239	16	,	,	PUNCT
fsr-3230	239	17	active	active	ADJ
fsr-3230	239	18	management	management	NOUN
fsr-3230	239	19	levels	level	NOUN
fsr-3230	239	20	and	and	CCONJ
fsr-3230	239	21	net	net	ADJ
fsr-3230	239	22	fund	fund	NOUN
fsr-3230	239	23	flows	flow	VERB
fsr-3230	239	24	.	.	PUNCT
fsr-3230	240	1	it	it	PRON
fsr-3230	240	2	also	also	ADV
fsr-3230	240	3	describes	describe	VERB
fsr-3230	240	4	the	the	DET
fsr-3230	240	5	data	datum	NOUN
fsr-3230	240	6	and	and	CCONJ
fsr-3230	240	7	provides	provide	VERB
fsr-3230	240	8	summary	summary	NOUN
fsr-3230	240	9	statistics	statistic	NOUN
fsr-3230	240	10	.	.	PUNCT
fsr-3230	241	1	estimation	estimation	NOUN
fsr-3230	241	2	of	of	ADP
fsr-3230	241	3	the	the	DET
fsr-3230	241	4	disagreement	disagreement	NOUN
fsr-3230	241	5	measures	measure	NOUN
fsr-3230	241	6	we	we	PRON
fsr-3230	241	7	estimate	estimate	VERB
fsr-3230	241	8	the	the	DET
fsr-3230	241	9	disck	disck	ADJ
fsr-3230	241	10	and	and	CCONJ
fsr-3230	241	11	disfl	disfl	NOUN
fsr-3230	241	12	measures	measure	NOUN
fsr-3230	241	13	by	by	ADP
fsr-3230	241	14	translating	translate	VERB
fsr-3230	241	15	their	their	PRON
fsr-3230	241	16	solutions	solution	NOUN
fsr-3230	241	17	into	into	ADP
fsr-3230	241	18	empirical	empirical	ADJ
fsr-3230	241	19	moments	moment	NOUN
fsr-3230	241	20	and	and	CCONJ
fsr-3230	241	21	applying	apply	VERB
fsr-3230	241	22	the	the	DET
fsr-3230	241	23	generalized	generalized	ADJ
fsr-3230	241	24	method	method	NOUN
fsr-3230	241	25	of	of	ADP
fsr-3230	241	26	moments	moment	NOUN
fsr-3230	241	27	(	(	PUNCT
fsr-3230	241	28	gmm	gmm	NOUN
fsr-3230	241	29	)	)	PUNCT
fsr-3230	241	30	of	of	ADP
fsr-3230	241	31	hansen	hansen	PROPN
fsr-3230	241	32	(	(	PUNCT
fsr-3230	241	33	1982	1982	NUM
fsr-3230	241	34	)	)	PUNCT
fsr-3230	241	35	.	.	PUNCT
fsr-3230	242	1	chen	chen	PROPN
fsr-3230	242	2	and	and	CCONJ
fsr-3230	242	3	knez	knez	PROPN
fsr-3230	242	4	(	(	PUNCT
fsr-3230	242	5	1996	1996	NUM
fsr-3230	242	6	)	)	PUNCT
fsr-3230	242	7	and	and	CCONJ
fsr-3230	242	8	dahlquist	dahlquist	VERB
fsr-3230	242	9	and	and	CCONJ
fsr-3230	242	10	söderland	söderland	NOUN
fsr-3230	242	11	(	(	PUNCT
fsr-3230	242	12	1999	1999	NUM
fsr-3230	242	13	)	)	PUNCT
fsr-3230	242	14	are	be	AUX
fsr-3230	242	15	the	the	DET
fsr-3230	242	16	first	first	ADJ
fsr-3230	242	17	to	to	PART
fsr-3230	242	18	use	use	VERB
fsr-3230	242	19	gmm	gmm	PROPN
fsr-3230	242	20	for	for	ADP
fsr-3230	242	21	sdf	sdf	PROPN
fsr-3230	242	22	performance	performance	NOUN
fsr-3230	242	23	evaluation	evaluation	NOUN
fsr-3230	242	24	.	.	PUNCT
fsr-3230	243	1	we	we	PRON
fsr-3230	243	2	follow	follow	VERB
fsr-3230	243	3	closely	closely	ADV
fsr-3230	243	4	chrétien	chrétien	NOUN
fsr-3230	243	5	and	and	CCONJ
fsr-3230	243	6	kammoun	kammoun	PROPN
fsr-3230	243	7	(	(	PUNCT
fsr-3230	243	8	2017	2017	NUM
fsr-3230	243	9	)	)	PUNCT
fsr-3230	243	10	and	and	CCONJ
fsr-3230	243	11	ferson	ferson	NOUN
fsr-3230	243	12	and	and	CCONJ
fsr-3230	243	13	lin	lin	PROPN
fsr-3230	243	14	(	(	PUNCT
fsr-3230	243	15	2014	2014	NUM
fsr-3230	243	16	)	)	PUNCT
fsr-3230	243	17	for	for	ADP
fsr-3230	243	18	the	the	DET
fsr-3230	243	19	implementation	implementation	NOUN
fsr-3230	243	20	of	of	ADP
fsr-3230	243	21	their	their	PRON
fsr-3230	243	22	respective	respective	ADJ
fsr-3230	243	23	measure	measure	NOUN
fsr-3230	243	24	.	.	PUNCT
fsr-3230	244	1	let	let	VERB
fsr-3230	244	2	𝑇	𝑇	PROPN
fsr-3230	244	3	be	be	AUX
fsr-3230	244	4	the	the	DET
fsr-3230	244	5	number	number	NOUN
fsr-3230	244	6	of	of	ADP
fsr-3230	244	7	monthly	monthly	ADJ
fsr-3230	244	8	observations	observation	NOUN
fsr-3230	244	9	.	.	PUNCT
fsr-3230	245	1	for	for	ADP
fsr-3230	245	2	the	the	DET
fsr-3230	245	3	disck	disck	ADJ
fsr-3230	245	4	measure	measure	NOUN
fsr-3230	245	5	,	,	PUNCT
fsr-3230	245	6	similar	similar	ADJ
fsr-3230	245	7	to	to	ADP
fsr-3230	245	8	chrétien	chrétien	NOUN
fsr-3230	245	9	and	and	CCONJ
fsr-3230	245	10	kammoun	kammoun	PROPN
fsr-3230	245	11	(	(	PUNCT
fsr-3230	245	12	2017	2017	NUM
fsr-3230	245	13	,	,	PUNCT
fsr-3230	245	14	2020	2020	NUM
fsr-3230	245	15	)	)	PUNCT
fsr-3230	245	16	,	,	PUNCT
fsr-3230	245	17	we	we	PRON
fsr-3230	245	18	use	use	VERB
fsr-3230	245	19	the	the	DET
fsr-3230	245	20	following	follow	VERB
fsr-3230	245	21	set	set	NOUN
fsr-3230	245	22	of	of	ADP
fsr-3230	245	23	moments	moment	NOUN
fsr-3230	245	24	.	.	PUNCT
fsr-3230	246	1	1	1	NUM
fsr-3230	246	2	𝑇	𝑇	NOUN
fsr-3230	246	3	∑	∑	PROPN
fsr-3230	246	4	[	[	X
fsr-3230	246	5	(	(	PUNCT
fsr-3230	246	6	a′rkt)rkt	a′rkt)rkt	NOUN
fsr-3230	246	7	]	]	X
fsr-3230	246	8	−	−	PROPN
fsr-3230	246	9	1	1	NUM
fsr-3230	246	10	=	=	SYM
fsr-3230	246	11	0𝑇	0𝑇	NOUN
fsr-3230	246	12	𝑡=1	𝑡=1	PROPN
fsr-3230	246	13	,	,	PUNCT
fsr-3230	246	14	(	(	PUNCT
fsr-3230	246	15	11	11	NUM
fsr-3230	246	16	)	)	SYM
fsr-3230	246	17	1	1	NUM
fsr-3230	246	18	𝑇	𝑇	NOUN
fsr-3230	246	19	∑	∑	PROPN
fsr-3230	246	20	[	[	X
fsr-3230	246	21	(	(	PUNCT
fsr-3230	246	22	𝑅𝑀𝐹𝑡	𝑅𝑀𝐹𝑡	X
fsr-3230	246	23	−	−	PROPN
fsr-3230	246	24	c′rkt)rkt	c′rkt)rkt	NOUN
fsr-3230	246	25	]	]	X
fsr-3230	246	26	=	=	SYM
fsr-3230	246	27	0𝑇	0𝑇	NOUN
fsr-3230	246	28	𝑡=1	𝑡=1	PROPN
fsr-3230	246	29	,	,	PUNCT
fsr-3230	246	30	(	(	PUNCT
fsr-3230	246	31	12	12	NUM
fsr-3230	246	32	)	)	SYM
fsr-3230	246	33	1	1	NUM
fsr-3230	246	34	𝑇	𝑇	NOUN
fsr-3230	246	35	∑	∑	PROPN
fsr-3230	246	36	[	[	X
fsr-3230	246	37	(	(	PUNCT
fsr-3230	246	38	a′rkt	a′rkt	ADJ
fsr-3230	246	39	)	)	PUNCT
fsr-3230	246	40	+	+	X
fsr-3230	247	1	𝑣(𝑅𝑀𝐹𝑡	𝑣(𝑅𝑀𝐹𝑡	PRON
fsr-3230	247	2	−	−	PROPN
fsr-3230	247	3	c′rkt)]2	c′rkt)]2	NOUN
fsr-3230	247	4	−𝑇	−𝑇	VERB
fsr-3230	247	5	𝑡=1	𝑡=1	PROPN
fsr-3230	247	6	(	(	PUNCT
fsr-3230	247	7	1+ℎ	1+ℎ	NUM
fsr-3230	247	8	2	2	NUM
fsr-3230	247	9	)	)	PUNCT
fsr-3230	247	10	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	247	11	2	2	NUM
fsr-3230	247	12	=	=	SYM
fsr-3230	247	13	0	0	NUM
fsr-3230	247	14	,	,	PUNCT
fsr-3230	247	15	(	(	PUNCT
fsr-3230	247	16	13	13	NUM
fsr-3230	247	17	)	)	SYM
fsr-3230	247	18	1	1	NUM
fsr-3230	247	19	𝑇	𝑇	NOUN
fsr-3230	247	20	∑	∑	PROPN
fsr-3230	248	1	[	[	X
fsr-3230	248	2	2𝑣	2𝑣	NUM
fsr-3230	248	3	×	×	NOUN
fsr-3230	248	4	(	(	PUNCT
fsr-3230	248	5	𝑅𝑀𝐹𝑡	𝑅𝑀𝐹𝑡	X
fsr-3230	248	6	−	−	PROPN
fsr-3230	248	7	c′rkt)2]𝑇	c′rkt)2]𝑇	NOUN
fsr-3230	248	8	𝑡=1	𝑡=1	PROPN
fsr-3230	248	9	−	−	NOUN
fsr-3230	248	10	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	PROPN
fsr-3230	248	11	=	=	SYM
fsr-3230	248	12	0	0	X
fsr-3230	248	13	.	.	PUNCT
fsr-3230	248	14	(	(	PUNCT
fsr-3230	248	15	14	14	NUM
fsr-3230	248	16	)	)	PUNCT
fsr-3230	248	17	equations	equation	NOUN
fsr-3230	248	18	(	(	PUNCT
fsr-3230	248	19	11	11	NUM
fsr-3230	248	20	)	)	PUNCT
fsr-3230	248	21	to	to	ADP
fsr-3230	248	22	(	(	PUNCT
fsr-3230	248	23	14	14	NUM
fsr-3230	248	24	)	)	PUNCT
fsr-3230	248	25	represent	represent	VERB
fsr-3230	248	26	a	a	DET
fsr-3230	248	27	system	system	NOUN
fsr-3230	248	28	of	of	ADP
fsr-3230	248	29	2𝐾	2𝐾	NOUN
fsr-3230	248	30	+	+	CCONJ
fsr-3230	248	31	2	2	NUM
fsr-3230	248	32	moments	moment	NOUN
fsr-3230	248	33	with	with	ADP
fsr-3230	248	34	2𝐾	2𝐾	PROPN
fsr-3230	248	35	+	+	CCONJ
fsr-3230	248	36	2	2	NUM
fsr-3230	248	37	parameters	parameter	NOUN
fsr-3230	248	38	,	,	PUNCT
fsr-3230	248	39	where	where	SCONJ
fsr-3230	248	40	𝐾	𝐾	PROPN
fsr-3230	248	41	is	be	AUX
fsr-3230	248	42	the	the	DET
fsr-3230	248	43	number	number	NOUN
fsr-3230	248	44	of	of	ADP
fsr-3230	248	45	passive	passive	ADJ
fsr-3230	248	46	portfolios	portfolio	NOUN
fsr-3230	248	47	.	.	PUNCT
fsr-3230	249	1	the	the	DET
fsr-3230	249	2	𝐾	𝐾	PROPN
fsr-3230	249	3	moments	moment	NOUN
fsr-3230	249	4	in	in	ADP
fsr-3230	249	5	equation	equation	NOUN
fsr-3230	249	6	(	(	PUNCT
fsr-3230	249	7	11	11	NUM
fsr-3230	249	8	)	)	PUNCT
fsr-3230	249	9	allow	allow	VERB
fsr-3230	249	10	for	for	ADP
fsr-3230	249	11	the	the	DET
fsr-3230	249	12	estimation	estimation	NOUN
fsr-3230	249	13	of	of	ADP
fsr-3230	249	14	the	the	DET
fsr-3230	249	15	parameters	parameter	NOUN
fsr-3230	249	16	a	a	PRON
fsr-3230	249	17	of	of	ADP
fsr-3230	249	18	the	the	DET
fsr-3230	249	19	minimum	minimum	ADJ
fsr-3230	249	20	volatility	volatility	NOUN
fsr-3230	249	21	sdf	sdf	NOUN
fsr-3230	249	22	under	under	ADP
fsr-3230	249	23	the	the	DET
fsr-3230	249	24	lop	lop	NOUN
fsr-3230	249	25	condition	condition	NOUN
fsr-3230	249	26	,	,	PUNCT
fsr-3230	249	27	𝑚𝐿𝑂𝑃𝑡	𝑚𝐿𝑂𝑃𝑡	NOUN
fsr-3230	249	28	=	=	SYM
fsr-3230	249	29	a′rkt	a′rkt	ADJ
fsr-3230	249	30	,	,	PUNCT
fsr-3230	249	31	by	by	ADP
fsr-3230	249	32	ensuring	ensure	VERB
fsr-3230	249	33	that	that	SCONJ
fsr-3230	249	34	it	it	PRON
fsr-3230	249	35	prices	price	VERB
fsr-3230	249	36	correctly	correctly	ADV
fsr-3230	249	37	the	the	DET
fsr-3230	249	38	passive	passive	ADJ
fsr-3230	249	39	portfolio	portfolio	NOUN
fsr-3230	249	40	returns	return	VERB
fsr-3230	249	41	rkt	rkt	PROPN
fsr-3230	249	42	.	.	PUNCT
fsr-3230	250	1	the	the	DET
fsr-3230	250	2	𝐾	𝐾	PROPN
fsr-3230	250	3	moments	moment	NOUN
fsr-3230	250	4	in	in	ADP
fsr-3230	250	5	equation	equation	NOUN
fsr-3230	250	6	(	(	PUNCT
fsr-3230	250	7	12	12	NUM
fsr-3230	250	8	)	)	PUNCT
fsr-3230	250	9	are	be	AUX
fsr-3230	250	10	the	the	DET
fsr-3230	250	11	orthogonality	orthogonality	NOUN
fsr-3230	250	12	conditions	condition	NOUN
fsr-3230	250	13	between	between	ADP
fsr-3230	250	14	the	the	DET
fsr-3230	250	15	replication	replication	NOUN
fsr-3230	250	16	error	error	NOUN
fsr-3230	250	17	term	term	NOUN
fsr-3230	250	18	,	,	PUNCT
fsr-3230	250	19	𝑤𝑀𝐹𝑡	𝑤𝑀𝐹𝑡	NOUN
fsr-3230	250	20	=	=	SYM
fsr-3230	250	21	𝑅𝑀𝐹𝑡	𝑅𝑀𝐹𝑡	VERB
fsr-3230	250	22	−	−	NOUN
fsr-3230	250	23	c′rkt	c′rkt	NOUN
fsr-3230	250	24	,	,	PUNCT
fsr-3230	250	25	and	and	CCONJ
fsr-3230	250	26	the	the	DET
fsr-3230	250	27	passive	passive	ADJ
fsr-3230	250	28	portfolio	portfolio	NOUN
fsr-3230	250	29	returns	return	NOUN
fsr-3230	250	30	,	,	PUNCT
fsr-3230	250	31	needed	need	VERB
fsr-3230	250	32	to	to	PART
fsr-3230	250	33	estimate	estimate	VERB
fsr-3230	250	34	the	the	DET
fsr-3230	250	35	projection	projection	NOUN
fsr-3230	250	36	parameters	parameter	NOUN
fsr-3230	250	37	c.	c.	NOUN
fsr-3230	250	38	the	the	DET
fsr-3230	250	39	moment	moment	NOUN
fsr-3230	250	40	in	in	ADP
fsr-3230	250	41	equation	equation	NOUN
fsr-3230	250	42	(	(	PUNCT
fsr-3230	250	43	13	13	NUM
fsr-3230	250	44	)	)	PUNCT
fsr-3230	250	45	imposes	impose	VERB
fsr-3230	250	46	the	the	DET
fsr-3230	250	47	no	no	ADV
fsr-3230	250	48	-	-	PUNCT
fsr-3230	250	49	good	good	ADJ
fsr-3230	250	50	-	-	PUNCT
fsr-3230	250	51	deal	deal	NOUN
fsr-3230	250	52	condition	condition	NOUN
fsr-3230	250	53	to	to	PART
fsr-3230	250	54	estimate	estimate	VERB
fsr-3230	250	55	𝑣	𝑣	ADP
fsr-3230	250	56	,	,	PUNCT
fsr-3230	250	57	which	which	PRON
fsr-3230	250	58	is	be	AUX
fsr-3230	250	59	restricted	restrict	VERB
fsr-3230	250	60	to	to	PART
fsr-3230	250	61	be	be	AUX
fsr-3230	250	62	positive	positive	ADJ
fsr-3230	250	63	.	.	PUNCT
fsr-3230	251	1	in	in	ADP
fsr-3230	251	2	this	this	DET
fsr-3230	251	3	moment	moment	NOUN
fsr-3230	251	4	,	,	PUNCT
fsr-3230	251	5	we	we	PRON
fsr-3230	251	6	set	set	VERB
fsr-3230	251	7	ℎ	ℎ	PROPN
fsr-3230	251	8	=	=	SYM
fsr-3230	251	9	ℎ∗	ℎ∗	PROPN
fsr-3230	251	10	+	+	CCONJ
fsr-3230	251	11	0.5	0.5	NUM
fsr-3230	251	12	,	,	PUNCT
fsr-3230	251	13	following	follow	VERB
fsr-3230	251	14	chrétien	chrétien	NOUN
fsr-3230	251	15	and	and	CCONJ
fsr-3230	251	16	kammoun	kammoun	PROPN
fsr-3230	251	17	(	(	PUNCT
fsr-3230	251	18	2017	2017	NUM
fsr-3230	251	19	)	)	PUNCT
fsr-3230	251	20	,	,	PUNCT
fsr-3230	251	21	who	who	PRON
fsr-3230	251	22	show	show	VERB
fsr-3230	251	23	the	the	DET
fsr-3230	251	24	relevancy	relevancy	NOUN
fsr-3230	251	25	of	of	ADP
fsr-3230	251	26	this	this	DET
fsr-3230	251	27	choice	choice	NOUN
fsr-3230	251	28	in	in	ADP
fsr-3230	251	29	the	the	DET
fsr-3230	251	30	literature	literature	NOUN
fsr-3230	251	31	and	and	CCONJ
fsr-3230	251	32	empirically	empirically	ADV
fsr-3230	251	33	.	.	PUNCT
fsr-3230	252	1	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	252	2	represents	represent	VERB
fsr-3230	252	3	a	a	DET
fsr-3230	252	4	risk	risk	NOUN
fsr-3230	252	5	-	-	PUNCT
fsr-3230	252	6	free	free	ADJ
fsr-3230	252	7	rate	rate	NOUN
fsr-3230	252	8	equivalent	equivalent	ADJ
fsr-3230	252	9	and	and	CCONJ
fsr-3230	252	10	is	be	AUX
fsr-3230	252	11	simply	simply	ADV
fsr-3230	252	12	set	set	VERB
fsr-3230	252	13	to	to	ADP
fsr-3230	252	14	one	one	NUM
fsr-3230	252	15	plus	plus	CCONJ
fsr-3230	252	16	the	the	DET
fsr-3230	252	17	average	average	ADJ
fsr-3230	252	18	one	one	NUM
fsr-3230	252	19	-	-	PUNCT
fsr-3230	252	20	month	month	NOUN
fsr-3230	252	21	treasury	treasury	NOUN
fsr-3230	252	22	bill	bill	NOUN
fsr-3230	252	23	return	return	VERB
fsr-3230	252	24	in	in	ADP
fsr-3230	252	25	our	our	PRON
fsr-3230	252	26	sample	sample	NOUN
fsr-3230	252	27	,	,	PUNCT
fsr-3230	252	28	which	which	PRON
fsr-3230	252	29	is	be	AUX
fsr-3230	252	30	0.2986	0.2986	NUM
fsr-3230	252	31	%	%	NOUN
fsr-3230	252	32	.	.	PUNCT
fsr-3230	253	1	finally	finally	ADV
fsr-3230	253	2	,	,	PUNCT
fsr-3230	253	3	using	use	VERB
fsr-3230	253	4	𝑤𝑀𝐹𝑡	𝑤𝑀𝐹𝑡	PROPN
fsr-3230	253	5	and	and	CCONJ
fsr-3230	253	6	𝑣	𝑣	ADP
fsr-3230	253	7	,	,	PUNCT
fsr-3230	253	8	we	we	PRON
fsr-3230	253	9	obtain	obtain	VERB
fsr-3230	253	10	the	the	DET
fsr-3230	253	11	disagreement	disagreement	NOUN
fsr-3230	253	12	estimate	estimate	NOUN
fsr-3230	253	13	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	𝐷𝐼𝑆𝐶𝐾𝑀𝐹	PROPN
fsr-3230	253	14	with	with	ADP
fsr-3230	253	15	the	the	DET
fsr-3230	253	16	moment	moment	NOUN
fsr-3230	253	17	specified	specify	VERB
fsr-3230	253	18	by	by	ADP
fsr-3230	253	19	equation	equation	NOUN
fsr-3230	253	20	(	(	PUNCT
fsr-3230	253	21	14	14	NUM
fsr-3230	253	22	)	)	PUNCT
fsr-3230	253	23	.	.	PUNCT
fsr-3230	254	1	for	for	ADP
fsr-3230	254	2	the	the	DET
fsr-3230	254	3	disfl	disfl	NOUN
fsr-3230	254	4	measure	measure	NOUN
fsr-3230	254	5	,	,	PUNCT
fsr-3230	254	6	we	we	PRON
fsr-3230	254	7	use	use	VERB
fsr-3230	254	8	the	the	DET
fsr-3230	254	9	following	follow	VERB
fsr-3230	254	10	set	set	NOUN
fsr-3230	254	11	of	of	ADP
fsr-3230	254	12	moments	moment	NOUN
fsr-3230	254	13	.	.	PUNCT
fsr-3230	255	1	1	1	NUM
fsr-3230	255	2	𝑇	𝑇	NOUN
fsr-3230	255	3	∑	∑	PROPN
fsr-3230	255	4	[	[	X
fsr-3230	255	5	(	(	PUNCT
fsr-3230	255	6	𝑅𝑀𝐹,𝑡	𝑅𝑀𝐹,𝑡	PROPN
fsr-3230	255	7	−	−	PROPN
fsr-3230	255	8	𝑅𝐹𝑡	𝑅𝐹𝑡	NOUN
fsr-3230	255	9	)	)	PUNCT
fsr-3230	255	10	−	−	PROPN
fsr-3230	255	11	(	(	PUNCT
fsr-3230	255	12	𝑎	𝑎	X
fsr-3230	255	13	+	+	X
fsr-3230	255	14	b′(rk−t	b′(rk−t	ADJ
fsr-3230	255	15	−𝑇	−𝑇	VERB
fsr-3230	255	16	𝑡=1	𝑡=1	PROPN
fsr-3230	255	17	𝑅𝐹𝑡	𝑅𝐹𝑡	NOUN
fsr-3230	255	18	)	)	PUNCT
fsr-3230	255	19	)	)	PUNCT
fsr-3230	255	20	]	]	PUNCT
fsr-3230	256	1	=	=	PUNCT
fsr-3230	256	2	0	0	NUM
fsr-3230	256	3	,	,	PUNCT
fsr-3230	256	4	(	(	PUNCT
fsr-3230	256	5	15	15	NUM
fsr-3230	256	6	)	)	SYM
fsr-3230	256	7	1	1	NUM
fsr-3230	256	8	𝑇	𝑇	NOUN
fsr-3230	256	9	∑	∑	PROPN
fsr-3230	256	10	[	[	X
fsr-3230	256	11	(	(	PUNCT
fsr-3230	256	12	(	(	PUNCT
fsr-3230	256	13	𝑅𝑀𝐹,𝑡	𝑅𝑀𝐹,𝑡	NOUN
fsr-3230	256	14	−	−	PROPN
fsr-3230	256	15	𝑅𝐹𝑡	𝑅𝐹𝑡	NOUN
fsr-3230	256	16	)	)	PUNCT
fsr-3230	257	1	−	−	PROPN
fsr-3230	258	1	(	(	PUNCT
fsr-3230	258	2	𝑎	𝑎	X
fsr-3230	258	3	+	+	X
fsr-3230	258	4	b′(rk−t	b′(rk−t	ADJ
fsr-3230	258	5	−𝑇	−𝑇	VERB
fsr-3230	258	6	𝑡=1	𝑡=1	PROPN
fsr-3230	258	7	𝑅𝐹𝑡	𝑅𝐹𝑡	NOUN
fsr-3230	258	8	)	)	PUNCT
fsr-3230	258	9	)	)	PUNCT
fsr-3230	258	10	)	)	PUNCT
fsr-3230	259	1	×	×	NOUN
fsr-3230	259	2	(	(	PUNCT
fsr-3230	259	3	rk−t	rk−t	NOUN
fsr-3230	259	4	−	−	PROPN
fsr-3230	259	5	𝑅𝐹𝑡	𝑅𝐹𝑡	NOUN
fsr-3230	259	6	)	)	PUNCT
fsr-3230	259	7	]	]	PUNCT
fsr-3230	260	1	=	=	PUNCT
fsr-3230	260	2	0	0	NUM
fsr-3230	260	3	,	,	PUNCT
fsr-3230	260	4	(	(	PUNCT
fsr-3230	260	5	16	16	NUM
fsr-3230	260	6	)	)	SYM
fsr-3230	260	7	1	1	NUM
fsr-3230	260	8	𝑇	𝑇	NOUN
fsr-3230	260	9	∑	∑	PROPN
fsr-3230	260	10	[	[	X
fsr-3230	260	11	(	(	PUNCT
fsr-3230	260	12	a′rkt)rkt	a′rkt)rkt	NOUN
fsr-3230	260	13	]	]	X
fsr-3230	260	14	−	−	PROPN
fsr-3230	260	15	1	1	NUM
fsr-3230	260	16	=	=	SYM
fsr-3230	260	17	0𝑇	0𝑇	NOUN
fsr-3230	260	18	𝑡=1	𝑡=1	PROPN
fsr-3230	260	19	,	,	PUNCT
fsr-3230	260	20	(	(	PUNCT
fsr-3230	260	21	17	17	NUM
fsr-3230	260	22	)	)	SYM
fsr-3230	260	23	1	1	NUM
fsr-3230	260	24	𝑇	𝑇	NOUN
fsr-3230	260	25	∑	∑	PROPN
fsr-3230	260	26	[	[	X
fsr-3230	260	27	(	(	PUNCT
fsr-3230	260	28	a′rkt)]2	a′rkt)]2	PROPN
fsr-3230	260	29	−	−	PROPN
fsr-3230	260	30	(	(	PUNCT
fsr-3230	260	31	1+ℎ∗2	1+ℎ∗2	NUM
fsr-3230	260	32	)	)	PUNCT
fsr-3230	260	33	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	260	34	2	2	NUM
fsr-3230	260	35	𝑇	𝑇	PROPN
fsr-3230	260	36	𝑡=1	𝑡=1	PROPN
fsr-3230	260	37	=	=	SYM
fsr-3230	260	38	0	0	NUM
fsr-3230	260	39	,	,	PUNCT
fsr-3230	260	40	(	(	PUNCT
fsr-3230	260	41	18	18	NUM
fsr-3230	260	42	)	)	SYM
fsr-3230	260	43	1	1	NUM
fsr-3230	260	44	𝑇	𝑇	NOUN
fsr-3230	260	45	∑	∑	PUNCT
fsr-3230	260	46	[	[	PUNCT
fsr-3230	260	47	2ℎ𝑎	2ℎ𝑎	ADJ
fsr-3230	260	48	∗	∗	X
fsr-3230	260	49	𝑅𝐹	𝑅𝐹	PROPN
fsr-3230	260	50	×	×	PROPN
fsr-3230	260	51	(	(	PUNCT
fsr-3230	260	52	(	(	PUNCT
fsr-3230	260	53	𝑅𝑀𝐹,𝑡	𝑅𝑀𝐹,𝑡	NOUN
fsr-3230	260	54	−	−	PROPN
fsr-3230	260	55	𝑅𝐹𝑡	𝑅𝐹𝑡	NOUN
fsr-3230	260	56	)	)	PUNCT
fsr-3230	261	1	−	−	PROPN
fsr-3230	262	1	(	(	PUNCT
fsr-3230	262	2	𝑎	𝑎	X
fsr-3230	262	3	+	+	X
fsr-3230	262	4	b′(rk−t	b′(rk−t	ADJ
fsr-3230	262	5	−𝑇	−𝑇	VERB
fsr-3230	262	6	𝑡=1	𝑡=1	PROPN
fsr-3230	262	7	𝑅𝐹𝑡	𝑅𝐹𝑡	NOUN
fsr-3230	262	8	)	)	PUNCT
fsr-3230	262	9	)	)	PUNCT
fsr-3230	262	10	)	)	PUNCT
fsr-3230	263	1	2	2	NUM
fsr-3230	263	2	]	]	PUNCT
fsr-3230	263	3	−	−	PRON
fsr-3230	263	4	𝐷𝐼𝑆𝐹𝐿𝑀𝐹	𝐷𝐼𝑆𝐹𝐿𝑀𝐹	NOUN
fsr-3230	263	5	=	=	NOUN
fsr-3230	263	6	0	0	NUM
fsr-3230	263	7	.	.	PUNCT
fsr-3230	264	1	(	(	PUNCT
fsr-3230	264	2	19	19	NUM
fsr-3230	264	3	)	)	PUNCT
fsr-3230	264	4	equations	equation	NOUN
fsr-3230	264	5	(	(	PUNCT
fsr-3230	264	6	15	15	NUM
fsr-3230	264	7	)	)	PUNCT
fsr-3230	264	8	to	to	ADP
fsr-3230	264	9	(	(	PUNCT
fsr-3230	264	10	19	19	NUM
fsr-3230	264	11	)	)	PUNCT
fsr-3230	264	12	also	also	ADV
fsr-3230	264	13	represent	represent	VERB
fsr-3230	264	14	a	a	DET
fsr-3230	264	15	system	system	NOUN
fsr-3230	264	16	of	of	ADP
fsr-3230	264	17	2𝐾	2𝐾	NOUN
fsr-3230	264	18	+	+	CCONJ
fsr-3230	264	19	2	2	NUM
fsr-3230	264	20	moments	moment	NOUN
fsr-3230	264	21	with	with	ADP
fsr-3230	264	22	2𝐾	2𝐾	PROPN
fsr-3230	264	23	+	+	CCONJ
fsr-3230	264	24	2	2	NUM
fsr-3230	264	25	parameters	parameter	NOUN
fsr-3230	264	26	.	.	PUNCT
fsr-3230	265	1	the	the	DET
fsr-3230	265	2	𝐾	𝐾	PROPN
fsr-3230	265	3	moments	moment	NOUN
fsr-3230	265	4	in	in	ADP
fsr-3230	265	5	equations	equation	NOUN
fsr-3230	265	6	(	(	PUNCT
fsr-3230	265	7	15	15	NUM
fsr-3230	265	8	)	)	PUNCT
fsr-3230	265	9	and	and	CCONJ
fsr-3230	265	10	(	(	PUNCT
fsr-3230	265	11	16	16	X
fsr-3230	265	12	)	)	PUNCT
fsr-3230	265	13	allow	allow	VERB
fsr-3230	265	14	for	for	ADP
fsr-3230	265	15	the	the	DET
fsr-3230	265	16	estimation	estimation	NOUN
fsr-3230	265	17	of	of	ADP
fsr-3230	265	18	the	the	DET
fsr-3230	265	19	linear	linear	ADJ
fsr-3230	265	20	regression	regression	NOUN
fsr-3230	265	21	in	in	ADP
fsr-3230	265	22	equation	equation	NOUN
fsr-3230	265	23	(	(	PUNCT
fsr-3230	265	24	7	7	NUM
fsr-3230	265	25	)	)	PUNCT
fsr-3230	265	26	.	.	PUNCT
fsr-3230	266	1	equation	equation	NOUN
fsr-3230	266	2	(	(	PUNCT
fsr-3230	266	3	17	17	NUM
fsr-3230	266	4	)	)	PUNCT
fsr-3230	266	5	is	be	AUX
fsr-3230	266	6	the	the	DET
fsr-3230	266	7	same	same	ADJ
fsr-3230	266	8	as	as	ADP
fsr-3230	266	9	equation	equation	NOUN
fsr-3230	266	10	(	(	PUNCT
fsr-3230	266	11	11	11	NUM
fsr-3230	266	12	)	)	PUNCT
fsr-3230	266	13	and	and	CCONJ
fsr-3230	266	14	estimates	estimate	VERB
fsr-3230	266	15	the	the	DET
fsr-3230	266	16	parameters	parameter	NOUN
fsr-3230	266	17	of	of	ADP
fsr-3230	266	18	𝑚𝐿𝑂𝑃𝑡	𝑚𝐿𝑂𝑃𝑡	NOUN
fsr-3230	266	19	=	=	SYM
fsr-3230	266	20	a′rkt	a′rkt	VERB
fsr-3230	266	21	by	by	ADP
fsr-3230	266	22	ensuring	ensure	VERB
fsr-3230	266	23	that	that	SCONJ
fsr-3230	266	24	it	it	PRON
fsr-3230	266	25	correctly	correctly	ADV
fsr-3230	266	26	prices	price	VERB
fsr-3230	266	27	the	the	DET
fsr-3230	266	28	passive	passive	ADJ
fsr-3230	266	29	portfolio	portfolio	NOUN
fsr-3230	266	30	returns	return	NOUN
fsr-3230	266	31	.	.	PUNCT
fsr-3230	267	1	the	the	DET
fsr-3230	267	2	moment	moment	NOUN
fsr-3230	267	3	in	in	ADP
fsr-3230	267	4	equation	equation	NOUN
fsr-3230	267	5	(	(	PUNCT
fsr-3230	267	6	18	18	NUM
fsr-3230	267	7	)	)	PUNCT
fsr-3230	267	8	allows	allow	VERB
fsr-3230	267	9	the	the	DET
fsr-3230	267	10	estimation	estimation	NOUN
fsr-3230	267	11	of	of	ADP
fsr-3230	267	12	the	the	DET
fsr-3230	267	13	maximum	maximum	PROPN
fsr-3230	267	14	sharpe	sharpe	PROPN
fsr-3230	267	15	ratio	ratio	NOUN
fsr-3230	267	16	obtained	obtain	VERB
fsr-3230	267	17	from	from	ADP
fsr-3230	267	18	the	the	DET
fsr-3230	267	19	passive	passive	ADJ
fsr-3230	267	20	portfolios	portfolio	NOUN
fsr-3230	267	21	ℎ∗.	ℎ∗.	NOUN
fsr-3230	267	22	following	follow	VERB
fsr-3230	267	23	ferson	ferson	NOUN
fsr-3230	267	24	and	and	CCONJ
fsr-3230	267	25	lin	lin	PROPN
fsr-3230	267	26	(	(	PUNCT
fsr-3230	267	27	2014	2014	NUM
fsr-3230	267	28	)	)	PUNCT
fsr-3230	267	29	,	,	PUNCT
fsr-3230	268	1	we	we	PRON
fsr-3230	268	2	the	the	DET
fsr-3230	268	3	compute	compute	NOUN
fsr-3230	268	4	ℎ𝑎	ℎ𝑎	NOUN
fsr-3230	268	5	∗	∗	NOUN
fsr-3230	268	6	to	to	PART
fsr-3230	268	7	adjust	adjust	VERB
fsr-3230	268	8	ℎ∗	ℎ∗	PROPN
fsr-3230	268	9	for	for	ADP
fsr-3230	268	10	the	the	DET
fsr-3230	268	11	bias	bias	NOUN
fsr-3230	268	12	investigated	investigate	VERB
fsr-3230	268	13	financial	financial	ADJ
fsr-3230	268	14	services	service	NOUN
fsr-3230	268	15	review	review	NOUN
fsr-3230	268	16	,	,	PUNCT
fsr-3230	268	17	32(1	32(1	NUM
fsr-3230	268	18	)	)	PUNCT
fsr-3230	268	19	72	72	NUM
fsr-3230	268	20	by	by	ADP
fsr-3230	268	21	ferson	ferson	NOUN
fsr-3230	268	22	and	and	CCONJ
fsr-3230	268	23	siegel	siegel	PROPN
fsr-3230	268	24	(	(	PUNCT
fsr-3230	268	25	2003).7	2003).7	NUM
fsr-3230	268	26	finally	finally	ADV
fsr-3230	268	27	,	,	PUNCT
fsr-3230	268	28	using	use	VERB
fsr-3230	268	29	the	the	DET
fsr-3230	268	30	regression	regression	NOUN
fsr-3230	268	31	error	error	NOUN
fsr-3230	268	32	term	term	NOUN
fsr-3230	268	33	𝜀𝑀𝐹𝑡	𝜀𝑀𝐹𝑡	PROPN
fsr-3230	268	34	=	=	SYM
fsr-3230	268	35	(	(	PUNCT
fsr-3230	268	36	𝑅𝑀𝐹,𝑡	𝑅𝑀𝐹,𝑡	NOUN
fsr-3230	268	37	−	−	PROPN
fsr-3230	268	38	𝑅𝐹𝑡	𝑅𝐹𝑡	NOUN
fsr-3230	268	39	)	)	PUNCT
fsr-3230	269	1	−	−	PROPN
fsr-3230	269	2	(	(	PUNCT
fsr-3230	269	3	𝑎	𝑎	X
fsr-3230	269	4	+	+	NUM
fsr-3230	269	5	b′(rk−t	b′(rk−t	NOUN
fsr-3230	269	6	−	−	NOUN
fsr-3230	269	7	𝑅𝐹𝑡	𝑅𝐹𝑡	NOUN
fsr-3230	269	8	)	)	PUNCT
fsr-3230	269	9	)	)	PUNCT
fsr-3230	270	1	and	and	CCONJ
fsr-3230	270	2	ℎ𝑎	ℎ𝑎	ADP
fsr-3230	270	3	∗	∗	NOUN
fsr-3230	270	4	,	,	PUNCT
fsr-3230	270	5	we	we	PRON
fsr-3230	270	6	obtain	obtain	VERB
fsr-3230	270	7	the	the	DET
fsr-3230	270	8	disagreement	disagreement	NOUN
fsr-3230	270	9	estimate	estimate	NOUN
fsr-3230	270	10	𝐷𝐼𝑆𝐹𝐿𝑀𝐹	𝐷𝐼𝑆𝐹𝐿𝑀𝐹	NOUN
fsr-3230	270	11	with	with	ADP
fsr-3230	270	12	the	the	DET
fsr-3230	270	13	moment	moment	NOUN
fsr-3230	270	14	specified	specify	VERB
fsr-3230	270	15	by	by	ADP
fsr-3230	270	16	equation	equation	NOUN
fsr-3230	270	17	(	(	PUNCT
fsr-3230	270	18	19	19	NUM
fsr-3230	270	19	)	)	PUNCT
fsr-3230	270	20	.	.	PUNCT
fsr-3230	271	1	to	to	PART
fsr-3230	271	2	construct	construct	VERB
fsr-3230	271	3	a	a	DET
fsr-3230	271	4	full	full	ADJ
fsr-3230	271	5	panel	panel	NOUN
fsr-3230	271	6	useful	useful	ADJ
fsr-3230	271	7	for	for	ADP
fsr-3230	271	8	the	the	DET
fsr-3230	271	9	panel	panel	NOUN
fsr-3230	271	10	regressions	regression	NOUN
fsr-3230	271	11	proposed	propose	VERB
fsr-3230	271	12	in	in	ADP
fsr-3230	271	13	the	the	DET
fsr-3230	271	14	next	next	ADJ
fsr-3230	271	15	section	section	NOUN
fsr-3230	271	16	,	,	PUNCT
fsr-3230	271	17	we	we	PRON
fsr-3230	271	18	estimate	estimate	VERB
fsr-3230	271	19	disagreement	disagreement	NOUN
fsr-3230	271	20	with	with	ADP
fsr-3230	271	21	the	the	DET
fsr-3230	271	22	previous	previous	ADJ
fsr-3230	271	23	systems	system	NOUN
fsr-3230	271	24	every	every	DET
fsr-3230	271	25	quarter	quarter	NOUN
fsr-3230	271	26	by	by	ADP
fsr-3230	271	27	using	use	VERB
fsr-3230	271	28	a	a	DET
fsr-3230	271	29	rolling	rolling	ADJ
fsr-3230	271	30	estimation	estimation	NOUN
fsr-3230	271	31	window	window	NOUN
fsr-3230	271	32	made	make	VERB
fsr-3230	271	33	of	of	ADP
fsr-3230	271	34	the	the	DET
fsr-3230	271	35	previous	previous	ADJ
fsr-3230	271	36	60	60	NUM
fsr-3230	271	37	monthly	monthly	ADJ
fsr-3230	271	38	observations	observation	NOUN
fsr-3230	271	39	.	.	PUNCT
fsr-3230	272	1	amihud	amihud	PROPN
fsr-3230	272	2	and	and	CCONJ
fsr-3230	272	3	goyenko	goyenko	ADJ
fsr-3230	272	4	(	(	PUNCT
fsr-3230	272	5	2013	2013	NUM
fsr-3230	272	6	)	)	PUNCT
fsr-3230	272	7	and	and	CCONJ
fsr-3230	272	8	others	other	NOUN
fsr-3230	272	9	follow	follow	VERB
fsr-3230	272	10	a	a	DET
fsr-3230	272	11	similar	similar	ADJ
fsr-3230	272	12	strategy	strategy	NOUN
fsr-3230	272	13	to	to	PART
fsr-3230	272	14	construct	construct	VERB
fsr-3230	272	15	their	their	PRON
fsr-3230	272	16	panel	panel	NOUN
fsr-3230	272	17	data	datum	NOUN
fsr-3230	272	18	.	.	PUNCT
fsr-3230	273	1	we	we	PRON
fsr-3230	273	2	check	check	VERB
fsr-3230	273	3	the	the	DET
fsr-3230	273	4	robustness	robustness	NOUN
fsr-3230	273	5	of	of	ADP
fsr-3230	273	6	the	the	DET
fsr-3230	273	7	results	result	NOUN
fsr-3230	273	8	to	to	ADP
fsr-3230	273	9	this	this	DET
fsr-3230	273	10	choice	choice	NOUN
fsr-3230	273	11	by	by	ADP
fsr-3230	273	12	also	also	ADV
fsr-3230	273	13	using	use	VERB
fsr-3230	273	14	a	a	DET
fsr-3230	273	15	36	36	NUM
fsr-3230	273	16	-	-	PUNCT
fsr-3230	273	17	month	month	NOUN
fsr-3230	273	18	rolling	rolling	NOUN
fsr-3230	273	19	estimation	estimation	NOUN
fsr-3230	273	20	window	window	NOUN
fsr-3230	273	21	.	.	PUNCT
fsr-3230	274	1	for	for	ADP
fsr-3230	274	2	inferences	inference	NOUN
fsr-3230	274	3	,	,	PUNCT
fsr-3230	274	4	we	we	PRON
fsr-3230	274	5	use	use	VERB
fsr-3230	274	6	newey	newey	PRON
fsr-3230	274	7	and	and	CCONJ
fsr-3230	274	8	west	west	PROPN
fsr-3230	274	9	(	(	PUNCT
fsr-3230	274	10	1987	1987	NUM
fsr-3230	274	11	)	)	PUNCT
fsr-3230	274	12	standard	standard	ADJ
fsr-3230	274	13	errors	error	NOUN
fsr-3230	274	14	to	to	PART
fsr-3230	274	15	account	account	VERB
fsr-3230	274	16	for	for	ADP
fsr-3230	274	17	the	the	DET
fsr-3230	274	18	autocorrelation	autocorrelation	NOUN
fsr-3230	274	19	and	and	CCONJ
fsr-3230	274	20	heteroskedasticity	heteroskedasticity	NOUN
fsr-3230	274	21	in	in	ADP
fsr-3230	274	22	residuals	residual	NOUN
fsr-3230	274	23	.	.	PUNCT
fsr-3230	275	1	estimation	estimation	NOUN
fsr-3230	275	2	of	of	ADP
fsr-3230	275	3	the	the	DET
fsr-3230	275	4	panel	panel	NOUN
fsr-3230	275	5	regressions	regression	NOUN
fsr-3230	275	6	to	to	PART
fsr-3230	275	7	examine	examine	VERB
fsr-3230	275	8	the	the	DET
fsr-3230	275	9	previously	previously	ADV
fsr-3230	275	10	stated	state	VERB
fsr-3230	275	11	hypotheses	hypothesis	NOUN
fsr-3230	275	12	,	,	PUNCT
fsr-3230	275	13	we	we	PRON
fsr-3230	275	14	run	run	VERB
fsr-3230	275	15	various	various	ADJ
fsr-3230	275	16	panel	panel	NOUN
fsr-3230	275	17	regressions	regression	NOUN
fsr-3230	275	18	and	and	CCONJ
fsr-3230	275	19	report	report	VERB
fsr-3230	275	20	the	the	DET
fsr-3230	275	21	coefficient	coefficient	NOUN
fsr-3230	275	22	estimates	estimate	NOUN
fsr-3230	275	23	and	and	CCONJ
fsr-3230	275	24	their	their	PRON
fsr-3230	275	25	corresponding	corresponding	ADJ
fsr-3230	275	26	tstatistics	tstatistic	NOUN
fsr-3230	275	27	,	,	PUNCT
fsr-3230	275	28	with	with	ADP
fsr-3230	275	29	standard	standard	ADJ
fsr-3230	275	30	errors	error	NOUN
fsr-3230	275	31	clustered	cluster	VERB
fsr-3230	275	32	by	by	ADP
fsr-3230	275	33	time	time	NOUN
fsr-3230	275	34	and	and	CCONJ
fsr-3230	275	35	by	by	ADP
fsr-3230	275	36	fund	fund	NOUN
fsr-3230	275	37	.	.	PUNCT
fsr-3230	276	1	amihud	amihud	PROPN
fsr-3230	276	2	and	and	CCONJ
fsr-3230	276	3	goyenko	goyenko	ADJ
fsr-3230	276	4	(	(	PUNCT
fsr-3230	276	5	2013	2013	NUM
fsr-3230	276	6	)	)	PUNCT
fsr-3230	276	7	,	,	PUNCT
fsr-3230	276	8	ferson	ferson	NOUN
fsr-3230	276	9	and	and	CCONJ
fsr-3230	276	10	lin	lin	PROPN
fsr-3230	276	11	(	(	PUNCT
fsr-3230	276	12	2014	2014	NUM
fsr-3230	276	13	)	)	PUNCT
fsr-3230	276	14	,	,	PUNCT
fsr-3230	276	15	doshi	doshi	PROPN
fsr-3230	276	16	et	et	PROPN
fsr-3230	276	17	al	al	PROPN
fsr-3230	276	18	.	.	PROPN
fsr-3230	277	1	(	(	PUNCT
fsr-3230	277	2	2015	2015	NUM
fsr-3230	277	3	)	)	PUNCT
fsr-3230	277	4	and	and	CCONJ
fsr-3230	277	5	many	many	ADJ
fsr-3230	277	6	others	other	NOUN
fsr-3230	277	7	use	use	VERB
fsr-3230	277	8	similar	similar	ADJ
fsr-3230	277	9	methodologies	methodology	NOUN
fsr-3230	277	10	.	.	PUNCT
fsr-3230	278	1	to	to	PART
fsr-3230	278	2	test	test	VERB
fsr-3230	278	3	the	the	DET
fsr-3230	278	4	hypotheses	hypothesis	NOUN
fsr-3230	278	5	h1	h1	VERB
fsr-3230	278	6	on	on	ADP
fsr-3230	278	7	the	the	DET
fsr-3230	278	8	relations	relation	NOUN
fsr-3230	278	9	between	between	ADP
fsr-3230	278	10	future	future	ADJ
fsr-3230	278	11	disagreement	disagreement	NOUN
fsr-3230	278	12	and	and	CCONJ
fsr-3230	278	13	fund	fund	NOUN
fsr-3230	278	14	characteristics	characteristic	NOUN
fsr-3230	278	15	,	,	PUNCT
fsr-3230	278	16	we	we	PRON
fsr-3230	278	17	regress	regress	VERB
fsr-3230	278	18	the	the	DET
fsr-3230	278	19	disagreement	disagreement	NOUN
fsr-3230	278	20	estimates	estimate	VERB
fsr-3230	278	21	on	on	ADP
fsr-3230	278	22	the	the	DET
fsr-3230	278	23	previously	previously	ADV
fsr-3230	278	24	identified	identify	VERB
fsr-3230	278	25	characteristics	characteristic	NOUN
fsr-3230	278	26	.	.	PUNCT
fsr-3230	279	1	to	to	PART
fsr-3230	279	2	test	test	VERB
fsr-3230	279	3	the	the	DET
fsr-3230	279	4	hypotheses	hypothesis	NOUN
fsr-3230	279	5	h2	h2	NOUN
fsr-3230	279	6	on	on	ADP
fsr-3230	279	7	the	the	DET
fsr-3230	279	8	relation	relation	NOUN
fsr-3230	279	9	between	between	ADP
fsr-3230	279	10	future	future	ADJ
fsr-3230	279	11	disagreement	disagreement	NOUN
fsr-3230	279	12	and	and	CCONJ
fsr-3230	279	13	active	active	ADJ
fsr-3230	279	14	management	management	NOUN
fsr-3230	279	15	variables	variable	NOUN
fsr-3230	279	16	,	,	PUNCT
fsr-3230	279	17	we	we	PRON
fsr-3230	279	18	add	add	VERB
fsr-3230	279	19	estimates	estimate	NOUN
fsr-3230	279	20	of	of	ADP
fsr-3230	279	21	asset	asset	NOUN
fsr-3230	279	22	selectivity	selectivity	NOUN
fsr-3230	279	23	or	or	CCONJ
fsr-3230	279	24	active	active	ADJ
fsr-3230	279	25	share	share	NOUN
fsr-3230	279	26	to	to	ADP
fsr-3230	279	27	some	some	PRON
fsr-3230	279	28	of	of	ADP
fsr-3230	279	29	the	the	DET
fsr-3230	279	30	previous	previous	ADJ
fsr-3230	279	31	regressions	regression	NOUN
fsr-3230	279	32	.	.	PUNCT
fsr-3230	280	1	because	because	SCONJ
fsr-3230	280	2	disagreement	disagreement	NOUN
fsr-3230	280	3	is	be	AUX
fsr-3230	280	4	estimated	estimate	VERB
fsr-3230	280	5	over	over	ADP
fsr-3230	280	6	60	60	NUM
fsr-3230	280	7	months	month	NOUN
fsr-3230	280	8	,	,	PUNCT
fsr-3230	280	9	we	we	PRON
fsr-3230	280	10	use	use	VERB
fsr-3230	280	11	non	non	ADJ
fsr-3230	280	12	-	-	ADJ
fsr-3230	280	13	overlapping	overlapping	ADJ
fsr-3230	280	14	periods	period	NOUN
fsr-3230	280	15	of	of	ADP
fsr-3230	280	16	60	60	NUM
fsr-3230	280	17	months	month	NOUN
fsr-3230	280	18	to	to	PART
fsr-3230	280	19	form	form	VERB
fsr-3230	280	20	a	a	DET
fsr-3230	280	21	partial	partial	ADJ
fsr-3230	280	22	panel	panel	NOUN
fsr-3230	280	23	for	for	ADP
fsr-3230	280	24	these	these	DET
fsr-3230	280	25	7	7	NUM
fsr-3230	280	26	they	they	PRON
fsr-3230	280	27	show	show	VERB
fsr-3230	280	28	that	that	SCONJ
fsr-3230	280	29	the	the	DET
fsr-3230	280	30	sample	sample	NOUN
fsr-3230	280	31	maximum	maximum	PROPN
fsr-3230	280	32	sharpe	sharpe	PROPN
fsr-3230	280	33	ratio	ratio	NOUN
fsr-3230	280	34	is	be	AUX
fsr-3230	280	35	biased	bias	VERB
fsr-3230	280	36	upward	upward	ADV
fsr-3230	280	37	when	when	SCONJ
fsr-3230	280	38	the	the	DET
fsr-3230	280	39	number	number	NOUN
fsr-3230	280	40	of	of	ADP
fsr-3230	280	41	basis	basis	NOUN
fsr-3230	280	42	assets	asset	NOUN
fsr-3230	280	43	(	(	PUNCT
fsr-3230	280	44	k	k	X
fsr-3230	280	45	)	)	PUNCT
fsr-3230	280	46	is	be	AUX
fsr-3230	280	47	large	large	ADJ
fsr-3230	280	48	relative	relative	ADJ
fsr-3230	280	49	to	to	ADP
fsr-3230	280	50	number	number	NOUN
fsr-3230	280	51	of	of	ADP
fsr-3230	280	52	observations	observation	NOUN
fsr-3230	280	53	(	(	PUNCT
fsr-3230	280	54	t	t	NOUN
fsr-3230	280	55	)	)	PUNCT
fsr-3230	280	56	.	.	PUNCT
fsr-3230	281	1	they	they	PRON
fsr-3230	281	2	propose	propose	VERB
fsr-3230	281	3	a	a	DET
fsr-3230	281	4	bias	bias	NOUN
fsr-3230	281	5	correction	correction	NOUN
fsr-3230	281	6	to	to	PART
fsr-3230	281	7	obtain	obtain	VERB
fsr-3230	281	8	an	an	DET
fsr-3230	281	9	adjusted	adjusted	ADJ
fsr-3230	281	10	maximum	maximum	ADJ
fsr-3230	281	11	sharpe	sharpe	PROPN
fsr-3230	281	12	ratio	ratio	NOUN
fsr-3230	281	13	given	give	VERB
fsr-3230	281	14	by	by	ADP
fsr-3230	281	15	ℎ𝑎	ℎ𝑎	ADP
fsr-3230	281	16	∗	∗	NOUN
fsr-3230	281	17	=	=	SYM
fsr-3230	282	1	√(ℎ∗)2	√(ℎ∗)2	PROPN
fsr-3230	282	2	(	(	PUNCT
fsr-3230	282	3	𝑇	𝑇	PROPN
fsr-3230	282	4	−	−	PROPN
fsr-3230	282	5	𝐾	𝐾	PROPN
fsr-3230	282	6	−	−	PROPN
fsr-3230	282	7	2	2	NUM
fsr-3230	282	8	)	)	PUNCT
fsr-3230	282	9	𝑇⁄	𝑇⁄	PROPN
fsr-3230	282	10	−	−	PROPN
fsr-3230	282	11	𝐾	𝐾	PROPN
fsr-3230	282	12	𝑇⁄	𝑇⁄	PROPN
fsr-3230	282	13	.	.	PUNCT
fsr-3230	283	1	8	8	NUM
fsr-3230	283	2	the	the	DET
fsr-3230	283	3	partial	partial	ADJ
fsr-3230	283	4	panel	panel	NOUN
fsr-3230	283	5	has	have	VERB
fsr-3230	283	6	six	six	NUM
fsr-3230	283	7	points	point	NOUN
fsr-3230	283	8	in	in	ADP
fsr-3230	283	9	time	time	NOUN
fsr-3230	283	10	,	,	PUNCT
fsr-3230	283	11	so	so	SCONJ
fsr-3230	283	12	that	that	SCONJ
fsr-3230	283	13	our	our	PRON
fsr-3230	283	14	results	result	NOUN
fsr-3230	283	15	are	be	AUX
fsr-3230	283	16	driven	drive	VERB
fsr-3230	283	17	mainly	mainly	ADV
fsr-3230	283	18	by	by	ADP
fsr-3230	283	19	the	the	DET
fsr-3230	283	20	cross	cross	NOUN
fsr-3230	283	21	section	section	NOUN
fsr-3230	283	22	of	of	ADP
fsr-3230	283	23	funds	fund	NOUN
fsr-3230	283	24	and	and	CCONJ
fsr-3230	283	25	not	not	PART
fsr-3230	283	26	the	the	DET
fsr-3230	283	27	time	time	NOUN
fsr-3230	283	28	series	series	NOUN
fsr-3230	283	29	.	.	PUNCT
fsr-3230	284	1	following	follow	VERB
fsr-3230	284	2	amihud	amihud	NOUN
fsr-3230	284	3	and	and	CCONJ
fsr-3230	284	4	regressions	regression	NOUN
fsr-3230	284	5	,	,	PUNCT
fsr-3230	284	6	similar	similar	ADJ
fsr-3230	284	7	to	to	ADP
fsr-3230	284	8	amihud	amihud	PROPN
fsr-3230	284	9	and	and	CCONJ
fsr-3230	284	10	goyenko	goyenko	ADJ
fsr-3230	284	11	(	(	PUNCT
fsr-3230	284	12	2013	2013	NUM
fsr-3230	284	13	)	)	PUNCT
fsr-3230	284	14	.	.	PUNCT
fsr-3230	285	1	specifically	specifically	ADV
fsr-3230	285	2	,	,	PUNCT
fsr-3230	285	3	we	we	PRON
fsr-3230	285	4	keep	keep	VERB
fsr-3230	285	5	observations	observation	NOUN
fsr-3230	285	6	from	from	ADP
fsr-3230	285	7	the	the	DET
fsr-3230	285	8	complete	complete	ADJ
fsr-3230	285	9	panel	panel	NOUN
fsr-3230	285	10	for	for	SCONJ
fsr-3230	285	11	which	which	DET
fsr-3230	285	12	disagreement	disagreement	NOUN
fsr-3230	285	13	is	be	AUX
fsr-3230	285	14	estimated	estimate	VERB
fsr-3230	285	15	independently	independently	ADV
fsr-3230	285	16	,	,	PUNCT
fsr-3230	285	17	starting	start	VERB
fsr-3230	285	18	with	with	ADP
fsr-3230	285	19	the	the	DET
fsr-3230	285	20	last	last	ADJ
fsr-3230	285	21	available	available	ADJ
fsr-3230	285	22	disagreement	disagreement	NOUN
fsr-3230	285	23	estimates	estimate	NOUN
fsr-3230	285	24	(	(	PUNCT
fsr-3230	285	25	december	december	PROPN
fsr-3230	285	26	2016	2016	NUM
fsr-3230	285	27	)	)	PUNCT
fsr-3230	285	28	and	and	CCONJ
fsr-3230	285	29	moving	move	VERB
fsr-3230	285	30	back	back	ADV
fsr-3230	285	31	in	in	ADP
fsr-3230	285	32	time	time	NOUN
fsr-3230	285	33	by	by	ADP
fsr-3230	285	34	leaps	leap	NOUN
fsr-3230	285	35	of	of	ADP
fsr-3230	285	36	five	five	NUM
fsr-3230	285	37	years	year	NOUN
fsr-3230	285	38	.	.	PUNCT
fsr-3230	286	1	characteristics	characteristic	NOUN
fsr-3230	286	2	and	and	CCONJ
fsr-3230	286	3	active	active	ADJ
fsr-3230	286	4	management	management	NOUN
fsr-3230	286	5	variables	variable	NOUN
fsr-3230	286	6	are	be	AUX
fsr-3230	286	7	as	as	ADP
fsr-3230	286	8	of	of	ADP
fsr-3230	286	9	the	the	DET
fsr-3230	286	10	end	end	NOUN
fsr-3230	286	11	of	of	ADP
fsr-3230	286	12	the	the	DET
fsr-3230	286	13	year	year	NOUN
fsr-3230	286	14	before	before	ADP
fsr-3230	286	15	the	the	DET
fsr-3230	286	16	beginning	beginning	NOUN
fsr-3230	286	17	of	of	ADP
fsr-3230	286	18	the	the	DET
fsr-3230	286	19	60	60	NUM
fsr-3230	286	20	-	-	PUNCT
fsr-3230	286	21	month	month	NOUN
fsr-3230	286	22	estimation	estimation	NOUN
fsr-3230	286	23	period	period	NOUN
fsr-3230	286	24	or	or	CCONJ
fsr-3230	286	25	the	the	DET
fsr-3230	286	26	last	last	ADJ
fsr-3230	286	27	available	available	ADJ
fsr-3230	286	28	observation	observation	NOUN
fsr-3230	286	29	.	.	PUNCT
fsr-3230	287	1	hence	hence	ADV
fsr-3230	287	2	,	,	PUNCT
fsr-3230	287	3	we	we	PRON
fsr-3230	287	4	match	match	VERB
fsr-3230	287	5	disagreement	disagreement	NOUN
fsr-3230	287	6	estimated	estimate	VERB
fsr-3230	287	7	for	for	ADP
fsr-3230	287	8	the	the	DET
fsr-3230	287	9	five	five	NUM
fsr-3230	287	10	-	-	PUNCT
fsr-3230	287	11	year	year	NOUN
fsr-3230	287	12	period	period	NOUN
fsr-3230	287	13	ending	end	VERB
fsr-3230	287	14	in	in	ADP
fsr-3230	287	15	december	december	PROPN
fsr-3230	287	16	2016	2016	NUM
fsr-3230	287	17	with	with	ADP
fsr-3230	287	18	data	datum	NOUN
fsr-3230	287	19	for	for	ADP
fsr-3230	287	20	the	the	DET
fsr-3230	287	21	explanatory	explanatory	ADJ
fsr-3230	287	22	variables	variable	NOUN
fsr-3230	287	23	in	in	ADP
fsr-3230	287	24	december	december	PROPN
fsr-3230	287	25	2011	2011	NUM
fsr-3230	287	26	.	.	PUNCT
fsr-3230	288	1	we	we	PRON
fsr-3230	288	2	repeat	repeat	VERB
fsr-3230	288	3	this	this	DET
fsr-3230	288	4	procedure	procedure	NOUN
fsr-3230	288	5	until	until	ADP
fsr-3230	288	6	the	the	DET
fsr-3230	288	7	sample	sample	NOUN
fsr-3230	288	8	beginning	beginning	NOUN
fsr-3230	288	9	,	,	PUNCT
fsr-3230	288	10	which	which	PRON
fsr-3230	288	11	yields	yield	VERB
fsr-3230	288	12	a	a	DET
fsr-3230	288	13	partial	partial	ADJ
fsr-3230	288	14	panel	panel	NOUN
fsr-3230	288	15	that	that	PRON
fsr-3230	288	16	starts	start	VERB
fsr-3230	288	17	with	with	ADP
fsr-3230	288	18	disagreement	disagreement	NOUN
fsr-3230	288	19	estimated	estimate	VERB
fsr-3230	288	20	with	with	ADP
fsr-3230	288	21	data	datum	NOUN
fsr-3230	288	22	up	up	ADP
fsr-3230	288	23	to	to	ADP
fsr-3230	288	24	december	december	PROPN
fsr-3230	288	25	1991	1991	NUM
fsr-3230	288	26	matched	match	VERB
fsr-3230	288	27	with	with	ADP
fsr-3230	288	28	december	december	PROPN
fsr-3230	288	29	1986	1986	NUM
fsr-3230	288	30	data	datum	NOUN
fsr-3230	288	31	for	for	ADP
fsr-3230	288	32	the	the	DET
fsr-3230	288	33	explanatory	explanatory	ADJ
fsr-3230	288	34	variables.8	variables.8	PROPN
fsr-3230	288	35	in	in	ADP
fsr-3230	288	36	addition	addition	NOUN
fsr-3230	288	37	to	to	ADP
fsr-3230	288	38	the	the	DET
fsr-3230	288	39	regression	regression	NOUN
fsr-3230	288	40	results	result	NOUN
fsr-3230	288	41	,	,	PUNCT
fsr-3230	288	42	we	we	PRON
fsr-3230	288	43	provide	provide	VERB
fsr-3230	288	44	visual	visual	ADJ
fsr-3230	288	45	representations	representation	NOUN
fsr-3230	288	46	of	of	ADP
fsr-3230	288	47	the	the	DET
fsr-3230	288	48	relations	relation	NOUN
fsr-3230	288	49	by	by	ADP
fsr-3230	288	50	using	use	VERB
fsr-3230	288	51	a	a	DET
fsr-3230	288	52	sorting	sort	VERB
fsr-3230	288	53	procedure	procedure	NOUN
fsr-3230	288	54	.	.	PUNCT
fsr-3230	289	1	specifically	specifically	ADV
fsr-3230	289	2	,	,	PUNCT
fsr-3230	289	3	to	to	PART
fsr-3230	289	4	obtain	obtain	VERB
fsr-3230	289	5	further	further	ADJ
fsr-3230	289	6	economic	economic	ADJ
fsr-3230	289	7	insights	insight	NOUN
fsr-3230	289	8	on	on	ADP
fsr-3230	289	9	our	our	PRON
fsr-3230	289	10	findings	finding	NOUN
fsr-3230	289	11	for	for	ADP
fsr-3230	289	12	h1	h1	NOUN
fsr-3230	289	13	and	and	CCONJ
fsr-3230	289	14	h2	h2	NOUN
fsr-3230	289	15	,	,	PUNCT
fsr-3230	289	16	we	we	PRON
fsr-3230	289	17	categorize	categorize	VERB
fsr-3230	289	18	funds	fund	NOUN
fsr-3230	289	19	into	into	ADP
fsr-3230	289	20	deciles	decile	NOUN
fsr-3230	289	21	based	base	VERB
fsr-3230	289	22	on	on	ADP
fsr-3230	289	23	the	the	DET
fsr-3230	289	24	average	average	ADJ
fsr-3230	289	25	value	value	NOUN
fsr-3230	289	26	of	of	ADP
fsr-3230	289	27	their	their	PRON
fsr-3230	289	28	characteristics	characteristic	NOUN
fsr-3230	289	29	or	or	CCONJ
fsr-3230	289	30	active	active	ADJ
fsr-3230	289	31	management	management	NOUN
fsr-3230	289	32	variables	variable	NOUN
fsr-3230	289	33	,	,	PUNCT
fsr-3230	289	34	and	and	CCONJ
fsr-3230	289	35	examine	examine	VERB
fsr-3230	289	36	graphically	graphically	ADV
fsr-3230	289	37	if	if	SCONJ
fsr-3230	289	38	average	average	ADJ
fsr-3230	289	39	disagreement	disagreement	NOUN
fsr-3230	289	40	varies	vary	VERB
fsr-3230	289	41	by	by	ADP
fsr-3230	289	42	groups	group	NOUN
fsr-3230	289	43	.	.	PUNCT
fsr-3230	290	1	finally	finally	ADV
fsr-3230	290	2	,	,	PUNCT
fsr-3230	290	3	we	we	PRON
fsr-3230	290	4	test	test	VERB
fsr-3230	290	5	hypothesis	hypothesis	NOUN
fsr-3230	290	6	h3	h3	NOUN
fsr-3230	290	7	by	by	ADP
fsr-3230	290	8	regressing	regress	VERB
fsr-3230	290	9	net	net	ADJ
fsr-3230	290	10	fund	fund	NOUN
fsr-3230	290	11	flows	flow	VERB
fsr-3230	290	12	on	on	ADP
fsr-3230	290	13	lagged	lag	VERB
fsr-3230	290	14	values	value	NOUN
fsr-3230	290	15	of	of	ADP
fsr-3230	290	16	disagreement	disagreement	NOUN
fsr-3230	290	17	estimates	estimate	NOUN
fsr-3230	290	18	and	and	CCONJ
fsr-3230	290	19	control	control	NOUN
fsr-3230	290	20	variables	variable	NOUN
fsr-3230	290	21	,	,	PUNCT
fsr-3230	290	22	using	use	VERB
fsr-3230	290	23	all	all	ADV
fsr-3230	290	24	available	available	ADJ
fsr-3230	290	25	quarterly	quarterly	ADJ
fsr-3230	290	26	observations	observation	NOUN
fsr-3230	290	27	in	in	ADP
fsr-3230	290	28	the	the	DET
fsr-3230	290	29	full	full	ADJ
fsr-3230	290	30	panel	panel	NOUN
fsr-3230	290	31	.	.	PUNCT
fsr-3230	291	1	the	the	DET
fsr-3230	291	2	net	net	ADJ
fsr-3230	291	3	flow	flow	NOUN
fsr-3230	291	4	for	for	ADP
fsr-3230	291	5	a	a	DET
fsr-3230	291	6	given	give	VERB
fsr-3230	291	7	quarter	quarter	NOUN
fsr-3230	291	8	is	be	AUX
fsr-3230	291	9	the	the	DET
fsr-3230	291	10	percentage	percentage	NOUN
fsr-3230	291	11	growth	growth	NOUN
fsr-3230	291	12	in	in	ADP
fsr-3230	291	13	tna	tna	PROPN
fsr-3230	291	14	under	under	ADP
fsr-3230	291	15	management	management	NOUN
fsr-3230	291	16	between	between	ADP
fsr-3230	291	17	the	the	DET
fsr-3230	291	18	beginning	beginning	NOUN
fsr-3230	291	19	and	and	CCONJ
fsr-3230	291	20	end	end	NOUN
fsr-3230	291	21	of	of	ADP
fsr-3230	291	22	the	the	DET
fsr-3230	291	23	quarter	quarter	NOUN
fsr-3230	291	24	,	,	PUNCT
fsr-3230	291	25	adjusted	adjust	VERB
fsr-3230	291	26	for	for	ADP
fsr-3230	291	27	fund	fund	NOUN
fsr-3230	291	28	return	return	NOUN
fsr-3230	291	29	.	.	PUNCT
fsr-3230	292	1	lagged	lag	VERB
fsr-3230	292	2	disagreement	disagreement	NOUN
fsr-3230	292	3	estimates	estimate	NOUN
fsr-3230	292	4	are	be	AUX
fsr-3230	292	5	the	the	DET
fsr-3230	292	6	estimates	estimate	NOUN
fsr-3230	292	7	for	for	ADP
fsr-3230	292	8	the	the	DET
fsr-3230	292	9	five	five	NUM
fsr-3230	292	10	-	-	PUNCT
fsr-3230	292	11	year	year	NOUN
fsr-3230	292	12	period	period	NOUN
fsr-3230	292	13	ending	end	VERB
fsr-3230	292	14	in	in	ADP
fsr-3230	292	15	the	the	DET
fsr-3230	292	16	previous	previous	ADJ
fsr-3230	292	17	quarter	quarter	NOUN
fsr-3230	292	18	.	.	PUNCT
fsr-3230	293	1	control	control	NOUN
fsr-3230	293	2	variables	variable	NOUN
fsr-3230	293	3	include	include	VERB
fsr-3230	293	4	three	three	NUM
fsr-3230	293	5	variables	variable	NOUN
fsr-3230	293	6	similar	similar	ADJ
fsr-3230	293	7	to	to	ADP
fsr-3230	293	8	those	those	PRON
fsr-3230	293	9	used	use	VERB
fsr-3230	293	10	by	by	ADP
fsr-3230	293	11	ferson	ferson	NOUN
fsr-3230	293	12	and	and	CCONJ
fsr-3230	293	13	lin	lin	PROPN
fsr-3230	293	14	(	(	PUNCT
fsr-3230	293	15	2014	2014	NUM
fsr-3230	293	16	)	)	PUNCT
fsr-3230	293	17	,	,	PUNCT
fsr-3230	293	18	namely	namely	ADV
fsr-3230	293	19	past	past	ADJ
fsr-3230	293	20	performance	performance	NOUN
fsr-3230	293	21	,	,	PUNCT
fsr-3230	293	22	measured	measure	VERB
fsr-3230	293	23	by	by	ADP
fsr-3230	293	24	the	the	DET
fsr-3230	293	25	lop	lop	NOUN
fsr-3230	293	26	alpha	alpha	NOUN
fsr-3230	293	27	(	(	PUNCT
fsr-3230	293	28	which	which	PRON
fsr-3230	293	29	uses	use	VERB
fsr-3230	293	30	𝑚𝐿𝑂𝑃𝑡	𝑚𝐿𝑂𝑃𝑡	PRON
fsr-3230	293	31	for	for	ADP
fsr-3230	293	32	evaluation	evaluation	NOUN
fsr-3230	293	33	)	)	PUNCT
fsr-3230	293	34	,	,	PUNCT
fsr-3230	293	35	fund	fund	NOUN
fsr-3230	293	36	return	return	NOUN
fsr-3230	293	37	volatility	volatility	NOUN
fsr-3230	293	38	and	and	CCONJ
fsr-3230	293	39	fund	fund	NOUN
fsr-3230	293	40	goyenko	goyenko	ADJ
fsr-3230	293	41	(	(	PUNCT
fsr-3230	293	42	2013	2013	NUM
fsr-3230	293	43	)	)	PUNCT
fsr-3230	293	44	,	,	PUNCT
fsr-3230	293	45	doshi	doshi	PROPN
fsr-3230	293	46	et	et	PROPN
fsr-3230	293	47	al	al	PROPN
fsr-3230	293	48	.	.	PROPN
fsr-3230	294	1	(	(	PUNCT
fsr-3230	294	2	2015	2015	NUM
fsr-3230	294	3	)	)	PUNCT
fsr-3230	294	4	and	and	CCONJ
fsr-3230	294	5	others	other	NOUN
fsr-3230	294	6	,	,	PUNCT
fsr-3230	294	7	we	we	PRON
fsr-3230	294	8	take	take	VERB
fsr-3230	294	9	characteristics	characteristic	NOUN
fsr-3230	294	10	and	and	CCONJ
fsr-3230	294	11	active	active	ADJ
fsr-3230	294	12	management	management	NOUN
fsr-3230	294	13	variables	variable	NOUN
fsr-3230	294	14	at	at	ADP
fsr-3230	294	15	the	the	DET
fsr-3230	294	16	start	start	NOUN
fsr-3230	294	17	of	of	ADP
fsr-3230	294	18	the	the	DET
fsr-3230	294	19	period	period	NOUN
fsr-3230	294	20	used	use	VERB
fsr-3230	294	21	for	for	ADP
fsr-3230	294	22	estimating	estimate	VERB
fsr-3230	294	23	disagreement	disagreement	NOUN
fsr-3230	294	24	to	to	PART
fsr-3230	294	25	check	check	VERB
fsr-3230	294	26	if	if	SCONJ
fsr-3230	294	27	observable	observable	ADJ
fsr-3230	294	28	variables	variable	NOUN
fsr-3230	294	29	are	be	AUX
fsr-3230	294	30	helpful	helpful	ADJ
fsr-3230	294	31	to	to	PART
fsr-3230	294	32	determine	determine	VERB
fsr-3230	294	33	the	the	DET
fsr-3230	294	34	types	type	NOUN
fsr-3230	294	35	of	of	ADP
fsr-3230	294	36	funds	fund	NOUN
fsr-3230	294	37	the	the	DET
fsr-3230	294	38	most	most	ADV
fsr-3230	294	39	subject	subject	ADJ
fsr-3230	294	40	to	to	ADP
fsr-3230	294	41	future	future	ADJ
fsr-3230	294	42	disagreement	disagreement	NOUN
fsr-3230	294	43	.	.	PUNCT
fsr-3230	295	1	our	our	PRON
fsr-3230	295	2	estimation	estimation	NOUN
fsr-3230	295	3	strategy	strategy	NOUN
fsr-3230	295	4	also	also	ADV
fsr-3230	295	5	follows	follow	VERB
fsr-3230	295	6	the	the	DET
fsr-3230	295	7	literature	literature	NOUN
fsr-3230	295	8	on	on	ADP
fsr-3230	295	9	the	the	DET
fsr-3230	295	10	relation	relation	NOUN
fsr-3230	295	11	between	between	ADP
fsr-3230	295	12	characteristics	characteristic	NOUN
fsr-3230	295	13	and	and	CCONJ
fsr-3230	295	14	performance	performance	NOUN
fsr-3230	295	15	by	by	ADP
fsr-3230	295	16	ignoring	ignore	VERB
fsr-3230	295	17	the	the	DET
fsr-3230	295	18	additional	additional	ADJ
fsr-3230	295	19	error	error	NOUN
fsr-3230	295	20	generated	generate	VERB
fsr-3230	295	21	from	from	ADP
fsr-3230	295	22	estimating	estimate	VERB
fsr-3230	295	23	the	the	DET
fsr-3230	295	24	disagreement	disagreement	NOUN
fsr-3230	295	25	measures	measure	NOUN
fsr-3230	295	26	.	.	PUNCT
fsr-3230	296	1	chrétien	chrétien	PROPN
fsr-3230	296	2	&	&	CCONJ
fsr-3230	296	3	kammoun	kammoun	PROPN
fsr-3230	296	4	73	73	NUM
fsr-3230	296	5	return	return	VERB
fsr-3230	296	6	first	first	ADJ
fsr-3230	296	7	-	-	PUNCT
fsr-3230	296	8	order	order	NOUN
fsr-3230	296	9	autocorrelation	autocorrelation	NOUN
fsr-3230	296	10	,	,	PUNCT
fsr-3230	296	11	plus	plus	CCONJ
fsr-3230	296	12	the	the	DET
fsr-3230	296	13	most	most	ADV
fsr-3230	296	14	common	common	ADJ
fsr-3230	296	15	fund	fund	NOUN
fsr-3230	296	16	characteristics	characteristic	NOUN
fsr-3230	296	17	identified	identify	VERB
fsr-3230	296	18	earlier	early	ADV
fsr-3230	296	19	and	and	CCONJ
fsr-3230	296	20	the	the	DET
fsr-3230	296	21	tax	tax	NOUN
fsr-3230	296	22	burden	burden	NOUN
fsr-3230	296	23	,	,	PUNCT
fsr-3230	296	24	dividend	dividend	NOUN
fsr-3230	296	25	yield	yield	NOUN
fsr-3230	296	26	and	and	CCONJ
fsr-3230	296	27	family	family	NOUN
fsr-3230	296	28	size	size	NOUN
fsr-3230	296	29	variables	variable	NOUN
fsr-3230	296	30	.	.	PUNCT
fsr-3230	297	1	data	datum	NOUN
fsr-3230	297	2	and	and	CCONJ
fsr-3230	297	3	summary	summary	NOUN
fsr-3230	297	4	statistics	statistic	NOUN
fsr-3230	297	5	mutual	mutual	ADJ
fsr-3230	297	6	funds	fund	NOUN
fsr-3230	297	7	this	this	DET
fsr-3230	297	8	paper	paper	NOUN
fsr-3230	297	9	uses	use	VERB
fsr-3230	297	10	monthly	monthly	ADJ
fsr-3230	297	11	data	datum	NOUN
fsr-3230	297	12	on	on	ADP
fsr-3230	297	13	actively	actively	ADV
fsr-3230	297	14	managed	manage	VERB
fsr-3230	297	15	open	open	ADV
fsr-3230	297	16	-	-	PUNCT
fsr-3230	297	17	ended	end	VERB
fsr-3230	297	18	u.s	u.s	PROPN
fsr-3230	297	19	.	.	PROPN
fsr-3230	297	20	equity	equity	NOUN
fsr-3230	297	21	mutual	mutual	ADJ
fsr-3230	297	22	funds	fund	NOUN
fsr-3230	297	23	from	from	ADP
fsr-3230	297	24	the	the	DET
fsr-3230	297	25	crsp	crsp	PROPN
fsr-3230	297	26	survivor	survivor	NOUN
fsr-3230	297	27	bias	bias	NOUN
fsr-3230	297	28	free	free	VERB
fsr-3230	297	29	us	us	PROPN
fsr-3230	297	30	mutual	mutual	ADJ
fsr-3230	297	31	fund	fund	NOUN
fsr-3230	297	32	database	database	NOUN
fsr-3230	297	33	,	,	PUNCT
fsr-3230	297	34	for	for	ADP
fsr-3230	297	35	the	the	DET
fsr-3230	297	36	period	period	NOUN
fsr-3230	297	37	from	from	ADP
fsr-3230	297	38	1984	1984	NUM
fsr-3230	297	39	to	to	ADP
fsr-3230	297	40	2016	2016	NUM
fsr-3230	297	41	.	.	PUNCT
fsr-3230	298	1	we	we	PRON
fsr-3230	298	2	account	account	VERB
fsr-3230	298	3	for	for	ADP
fsr-3230	298	4	known	know	VERB
fsr-3230	298	5	biases	bias	NOUN
fsr-3230	298	6	in	in	ADP
fsr-3230	298	7	the	the	DET
fsr-3230	298	8	crsp	crsp	PROPN
fsr-3230	298	9	fund	fund	PROPN
fsr-3230	298	10	database	database	NOUN
fsr-3230	298	11	.	.	PUNCT
fsr-3230	299	1	we	we	PRON
fsr-3230	299	2	start	start	VERB
fsr-3230	299	3	in	in	ADP
fsr-3230	299	4	1984	1984	NUM
fsr-3230	299	5	because	because	SCONJ
fsr-3230	299	6	elton	elton	PROPN
fsr-3230	299	7	et	et	PROPN
fsr-3230	299	8	al	al	PROPN
fsr-3230	299	9	.	.	PROPN
fsr-3230	300	1	(	(	PUNCT
fsr-3230	300	2	2001	2001	NUM
fsr-3230	300	3	)	)	PUNCT
fsr-3230	300	4	and	and	CCONJ
fsr-3230	300	5	fama	fama	PROPN
fsr-3230	300	6	and	and	CCONJ
fsr-3230	300	7	french	french	ADJ
fsr-3230	300	8	(	(	PUNCT
fsr-3230	300	9	2010	2010	NUM
fsr-3230	300	10	)	)	PUNCT
fsr-3230	300	11	show	show	VERB
fsr-3230	300	12	that	that	SCONJ
fsr-3230	300	13	survivorship	survivorship	NOUN
fsr-3230	300	14	bias	bias	NOUN
fsr-3230	300	15	is	be	AUX
fsr-3230	300	16	problematic	problematic	ADJ
fsr-3230	300	17	in	in	ADP
fsr-3230	300	18	prior	prior	ADJ
fsr-3230	300	19	years	year	NOUN
fsr-3230	300	20	.	.	PUNCT
fsr-3230	301	1	to	to	PART
fsr-3230	301	2	deal	deal	VERB
fsr-3230	301	3	with	with	ADP
fsr-3230	301	4	back	back	ADJ
fsr-3230	301	5	-	-	PUNCT
fsr-3230	301	6	fill	fill	NOUN
fsr-3230	301	7	and	and	CCONJ
fsr-3230	301	8	incubation	incubation	NOUN
fsr-3230	301	9	biases	bias	NOUN
fsr-3230	301	10	,	,	PUNCT
fsr-3230	301	11	we	we	PRON
fsr-3230	301	12	eliminate	eliminate	VERB
fsr-3230	301	13	observations	observation	NOUN
fsr-3230	301	14	before	before	ADP
fsr-3230	301	15	the	the	DET
fsr-3230	301	16	fund	fund	NOUN
fsr-3230	301	17	organization	organization	NOUN
fsr-3230	301	18	date	date	NOUN
fsr-3230	301	19	,	,	PUNCT
fsr-3230	301	20	or	or	CCONJ
fsr-3230	301	21	funds	fund	NOUN
fsr-3230	301	22	without	without	ADP
fsr-3230	301	23	a	a	DET
fsr-3230	301	24	name	name	NOUN
fsr-3230	301	25	,	,	PUNCT
fsr-3230	301	26	with	with	ADP
fsr-3230	301	27	no	no	DET
fsr-3230	301	28	reported	report	VERB
fsr-3230	301	29	organization	organization	NOUN
fsr-3230	301	30	date	date	NOUN
fsr-3230	301	31	or	or	CCONJ
fsr-3230	301	32	with	with	ADP
fsr-3230	301	33	tna	tna	PROPN
fsr-3230	301	34	inferior	inferior	ADJ
fsr-3230	301	35	to	to	ADP
fsr-3230	301	36	$	$	SYM
fsr-3230	301	37	15	15	NUM
fsr-3230	301	38	million	million	NUM
fsr-3230	301	39	in	in	ADP
fsr-3230	301	40	the	the	DET
fsr-3230	301	41	first	first	ADJ
fsr-3230	301	42	year	year	NOUN
fsr-3230	301	43	of	of	ADP
fsr-3230	301	44	entering	enter	VERB
fsr-3230	301	45	the	the	DET
fsr-3230	301	46	database	database	NOUN
fsr-3230	301	47	(	(	PUNCT
fsr-3230	301	48	elton	elton	PROPN
fsr-3230	301	49	et	et	PROPN
fsr-3230	301	50	al	al	PROPN
fsr-3230	301	51	.	.	PROPN
fsr-3230	301	52	,	,	PUNCT
fsr-3230	301	53	2001	2001	NUM
fsr-3230	301	54	,	,	PUNCT
fsr-3230	301	55	kacperczyk	kacperczyk	VERB
fsr-3230	301	56	et	et	PROPN
fsr-3230	301	57	al	al	PROPN
fsr-3230	301	58	.	.	PROPN
fsr-3230	301	59	,	,	PUNCT
fsr-3230	301	60	2008	2008	NUM
fsr-3230	301	61	,	,	PUNCT
fsr-3230	301	62	and	and	CCONJ
fsr-3230	301	63	evans	evan	NOUN
fsr-3230	301	64	,	,	PUNCT
fsr-3230	301	65	2010	2010	NUM
fsr-3230	301	66	)	)	PUNCT
fsr-3230	301	67	.	.	PUNCT
fsr-3230	302	1	to	to	PART
fsr-3230	302	2	ensure	ensure	VERB
fsr-3230	302	3	that	that	SCONJ
fsr-3230	302	4	only	only	ADV
fsr-3230	302	5	actively	actively	ADV
fsr-3230	302	6	managed	manage	VERB
fsr-3230	302	7	open	open	ADV
fsr-3230	302	8	-	-	PUNCT
fsr-3230	302	9	ended	end	VERB
fsr-3230	302	10	u.s	u.s	PROPN
fsr-3230	302	11	.	.	PROPN
fsr-3230	302	12	equity	equity	NOUN
fsr-3230	302	13	funds	fund	NOUN
fsr-3230	302	14	are	be	AUX
fsr-3230	302	15	in	in	ADP
fsr-3230	302	16	our	our	PRON
fsr-3230	302	17	sample	sample	NOUN
fsr-3230	302	18	,	,	PUNCT
fsr-3230	302	19	we	we	PRON
fsr-3230	302	20	follow	follow	VERB
fsr-3230	302	21	the	the	DET
fsr-3230	302	22	selection	selection	NOUN
fsr-3230	302	23	criteria	criterion	NOUN
fsr-3230	302	24	of	of	ADP
fsr-3230	302	25	kacperczyk	kacperczyk	NOUN
fsr-3230	302	26	et	et	PROPN
fsr-3230	302	27	al	al	PROPN
fsr-3230	302	28	.	.	PROPN
fsr-3230	303	1	(	(	PUNCT
fsr-3230	303	2	2008	2008	NUM
fsr-3230	303	3	)	)	PUNCT
fsr-3230	303	4	and	and	CCONJ
fsr-3230	303	5	chrétien	chrétien	NOUN
fsr-3230	303	6	and	and	CCONJ
fsr-3230	303	7	kammoun	kammoun	PROPN
fsr-3230	303	8	(	(	PUNCT
fsr-3230	303	9	2017).9	2017).9	NUM
fsr-3230	303	10	we	we	PRON
fsr-3230	303	11	obtain	obtain	VERB
fsr-3230	303	12	a	a	DET
fsr-3230	303	13	final	final	ADJ
fsr-3230	303	14	sample	sample	NOUN
fsr-3230	303	15	of	of	ADP
fsr-3230	303	16	2791	2791	NUM
fsr-3230	303	17	funds	fund	NOUN
fsr-3230	303	18	.	.	PUNCT
fsr-3230	304	1	table	table	NOUN
fsr-3230	304	2	1	1	NUM
fsr-3230	304	3	shows	show	VERB
fsr-3230	304	4	statistics	statistic	NOUN
fsr-3230	304	5	for	for	ADP
fsr-3230	304	6	net	net	ADJ
fsr-3230	304	7	-	-	PUNCT
fsr-3230	304	8	ofexpenses	ofexpense	NOUN
fsr-3230	304	9	monthly	monthly	ADJ
fsr-3230	304	10	fund	fund	NOUN
fsr-3230	304	11	returns	return	NOUN
fsr-3230	304	12	.	.	PUNCT
fsr-3230	305	1	on	on	ADP
fsr-3230	305	2	average	average	ADJ
fsr-3230	305	3	across	across	ADP
fsr-3230	305	4	funds	fund	NOUN
fsr-3230	305	5	,	,	PUNCT
fsr-3230	305	6	the	the	DET
fsr-3230	305	7	mean	mean	ADJ
fsr-3230	305	8	monthly	monthly	ADJ
fsr-3230	305	9	fund	fund	NOUN
fsr-3230	305	10	return	return	NOUN
fsr-3230	305	11	(	(	PUNCT
fsr-3230	305	12	net	net	NOUN
fsr-3230	305	13	of	of	ADP
fsr-3230	305	14	fees	fee	NOUN
fsr-3230	305	15	)	)	PUNCT
fsr-3230	305	16	is	be	AUX
fsr-3230	305	17	0.75	0.75	NUM
fsr-3230	305	18	%	%	NOUN
fsr-3230	305	19	and	and	CCONJ
fsr-3230	305	20	the	the	DET
fsr-3230	305	21	standard	standard	ADJ
fsr-3230	305	22	deviation	deviation	NOUN
fsr-3230	305	23	is	be	AUX
fsr-3230	305	24	5.24	5.24	NUM
fsr-3230	305	25	%	%	NOUN
fsr-3230	305	26	.	.	PUNCT
fsr-3230	306	1	overall	overall	ADV
fsr-3230	306	2	,	,	PUNCT
fsr-3230	306	3	the	the	DET
fsr-3230	306	4	sample	sample	NOUN
fsr-3230	306	5	of	of	ADP
fsr-3230	306	6	fund	fund	NOUN
fsr-3230	306	7	returns	return	NOUN
fsr-3230	306	8	is	be	AUX
fsr-3230	306	9	similar	similar	ADJ
fsr-3230	306	10	to	to	ADP
fsr-3230	306	11	those	those	PRON
fsr-3230	306	12	in	in	ADP
fsr-3230	306	13	the	the	DET
fsr-3230	306	14	literature	literature	NOUN
fsr-3230	306	15	(	(	PUNCT
fsr-3230	306	16	e.g.	e.g.	ADV
fsr-3230	306	17	,	,	PUNCT
fsr-3230	306	18	kacperczyk	kacperczyk	VERB
fsr-3230	306	19	et	et	PROPN
fsr-3230	306	20	al	al	PROPN
fsr-3230	306	21	.	.	PROPN
fsr-3230	306	22	,	,	PUNCT
fsr-3230	306	23	2008	2008	NUM
fsr-3230	306	24	and	and	CCONJ
fsr-3230	306	25	chrétien	chrétien	PROPN
fsr-3230	306	26	&	&	CCONJ
fsr-3230	306	27	kammoun	kammoun	PROPN
fsr-3230	306	28	,	,	PUNCT
fsr-3230	306	29	2017	2017	NUM
fsr-3230	306	30	)	)	PUNCT
fsr-3230	306	31	.	.	PUNCT
fsr-3230	307	1	passive	passive	ADJ
fsr-3230	307	2	portfolios	portfolio	NOUN
fsr-3230	307	3	to	to	PART
fsr-3230	307	4	estimate	estimate	VERB
fsr-3230	307	5	disagreement	disagreement	NOUN
fsr-3230	307	6	,	,	PUNCT
fsr-3230	307	7	we	we	PRON
fsr-3230	307	8	use	use	VERB
fsr-3230	307	9	three	three	NUM
fsr-3230	307	10	sets	set	NOUN
fsr-3230	307	11	of	of	ADP
fsr-3230	307	12	passive	passive	ADJ
fsr-3230	307	13	portfolios	portfolio	NOUN
fsr-3230	307	14	,	,	PUNCT
fsr-3230	307	15	which	which	PRON
fsr-3230	307	16	allow	allow	VERB
fsr-3230	307	17	an	an	DET
fsr-3230	307	18	examination	examination	NOUN
fsr-3230	307	19	of	of	ADP
fsr-3230	307	20	the	the	DET
fsr-3230	307	21	sensitivity	sensitivity	NOUN
fsr-3230	307	22	of	of	ADP
fsr-3230	307	23	our	our	PRON
fsr-3230	307	24	results	result	NOUN
fsr-3230	307	25	.	.	PUNCT
fsr-3230	308	1	the	the	DET
fsr-3230	308	2	three	three	NUM
fsr-3230	308	3	sets	set	NOUN
fsr-3230	308	4	include	include	VERB
fsr-3230	308	5	the	the	DET
fsr-3230	308	6	risk	risk	NOUN
fsr-3230	308	7	-	-	PUNCT
fsr-3230	308	8	free	free	ADJ
fsr-3230	308	9	return	return	NOUN
fsr-3230	308	10	(	(	PUNCT
fsr-3230	308	11	rf	rf	NOUN
fsr-3230	308	12	)	)	PUNCT
fsr-3230	308	13	from	from	ADP
fsr-3230	308	14	crsp	crsp	PROPN
fsr-3230	308	15	.	.	PUNCT
fsr-3230	309	1	our	our	PRON
fsr-3230	309	2	main	main	ADJ
fsr-3230	309	3	choice	choice	NOUN
fsr-3230	309	4	follows	follow	VERB
fsr-3230	309	5	chrétien	chrétien	NOUN
fsr-3230	309	6	and	and	CCONJ
fsr-3230	309	7	kammoun	kammoun	PROPN
fsr-3230	309	8	(	(	PUNCT
fsr-3230	309	9	2017	2017	NUM
fsr-3230	309	10	)	)	PUNCT
fsr-3230	309	11	by	by	ADP
fsr-3230	309	12	using	use	VERB
fsr-3230	309	13	ten	ten	NUM
fsr-3230	309	14	industry	industry	NOUN
fsr-3230	309	15	portfolios	portfolio	NOUN
fsr-3230	309	16	from	from	ADP
fsr-3230	309	17	kenneth	kenneth	PROPN
fsr-3230	309	18	r.	r.	PROPN
fsr-3230	309	19	french	french	PROPN
fsr-3230	309	20	’s	’s	PART
fsr-3230	309	21	website	website	NOUN
fsr-3230	309	22	.	.	PUNCT
fsr-3230	310	1	the	the	DET
fsr-3230	310	2	classifications	classification	NOUN
fsr-3230	310	3	are	be	AUX
fsr-3230	310	4	consumer	consumer	NOUN
fsr-3230	310	5	nondurables	nondurable	NOUN
fsr-3230	310	6	(	(	PUNCT
fsr-3230	310	7	nodur	nodur	NOUN
fsr-3230	310	8	)	)	PUNCT
fsr-3230	310	9	,	,	PUNCT
fsr-3230	310	10	consumer	consumer	NOUN
fsr-3230	310	11	durables	durable	NOUN
fsr-3230	310	12	(	(	PUNCT
fsr-3230	310	13	durbl	durbl	NOUN
fsr-3230	310	14	)	)	PUNCT
fsr-3230	310	15	,	,	PUNCT
fsr-3230	310	16	manufacturing	manufacturing	NOUN
fsr-3230	310	17	(	(	PUNCT
fsr-3230	310	18	manuf	manuf	PROPN
fsr-3230	310	19	)	)	PUNCT
fsr-3230	310	20	,	,	PUNCT
fsr-3230	310	21	energy	energy	NOUN
fsr-3230	310	22	(	(	PUNCT
fsr-3230	310	23	enrgy	enrgy	PROPN
fsr-3230	310	24	)	)	PUNCT
fsr-3230	310	25	,	,	PUNCT
fsr-3230	310	26	high	high	ADJ
fsr-3230	310	27	technology	technology	NOUN
fsr-3230	310	28	(	(	PUNCT
fsr-3230	310	29	hitec	hitec	NOUN
fsr-3230	310	30	)	)	PUNCT
fsr-3230	310	31	,	,	PUNCT
fsr-3230	310	32	telecommunication	telecommunication	NOUN
fsr-3230	310	33	(	(	PUNCT
fsr-3230	310	34	telcm	telcm	ADJ
fsr-3230	310	35	)	)	PUNCT
fsr-3230	310	36	,	,	PUNCT
fsr-3230	310	37	shops	shop	NOUN
fsr-3230	310	38	(	(	PUNCT
fsr-3230	310	39	shops	shop	NOUN
fsr-3230	310	40	)	)	PUNCT
fsr-3230	310	41	,	,	PUNCT
fsr-3230	310	42	healthcare	healthcare	NOUN
fsr-3230	310	43	(	(	PUNCT
fsr-3230	310	44	hlth	hlth	PROPN
fsr-3230	310	45	)	)	PUNCT
fsr-3230	310	46	,	,	PUNCT
fsr-3230	310	47	utilities	utility	NOUN
fsr-3230	310	48	(	(	PUNCT
fsr-3230	310	49	utils	util	NOUN
fsr-3230	310	50	)	)	PUNCT
fsr-3230	310	51	and	and	CCONJ
fsr-3230	310	52	other	other	ADJ
fsr-3230	310	53	sectors	sector	NOUN
fsr-3230	310	54	(	(	PUNCT
fsr-3230	310	55	others	other	NOUN
fsr-3230	310	56	)	)	PUNCT
fsr-3230	310	57	.	.	PUNCT
fsr-3230	311	1	our	our	PRON
fsr-3230	311	2	second	second	ADJ
fsr-3230	311	3	choice	choice	NOUN
fsr-3230	311	4	uses	use	VERB
fsr-3230	311	5	the	the	DET
fsr-3230	311	6	same	same	ADJ
fsr-3230	311	7	five	five	NUM
fsr-3230	311	8	passive	passive	ADJ
fsr-3230	311	9	etfs	etfs	NOUN
fsr-3230	311	10	as	as	ADP
fsr-3230	311	11	ferson	ferson	NOUN
fsr-3230	311	12	and	and	CCONJ
fsr-3230	311	13	lin	lin	PROPN
fsr-3230	311	14	(	(	PUNCT
fsr-3230	311	15	2014	2014	NUM
fsr-3230	311	16	)	)	PUNCT
fsr-3230	311	17	.	.	PUNCT
fsr-3230	312	1	their	their	PRON
fsr-3230	312	2	tickers	ticker	NOUN
fsr-3230	312	3	(	(	PUNCT
fsr-3230	312	4	underlying	underlying	ADJ
fsr-3230	312	5	indices	index	NOUN
fsr-3230	312	6	)	)	PUNCT
fsr-3230	312	7	are	be	AUX
fsr-3230	312	8	spy	spy	NOUN
fsr-3230	312	9	(	(	PUNCT
fsr-3230	312	10	s&p	s&p	PROPN
fsr-3230	312	11	500	500	NUM
fsr-3230	312	12	index	index	NOUN
fsr-3230	312	13	)	)	PUNCT
fsr-3230	312	14	,	,	PUNCT
fsr-3230	312	15	mdy	mdy	NOUN
fsr-3230	312	16	(	(	PUNCT
fsr-3230	312	17	s&p	s&p	PROPN
fsr-3230	312	18	mid	mid	ADJ
fsr-3230	312	19	cap	cap	NOUN
fsr-3230	312	20	400	400	NUM
fsr-3230	312	21	index	index	NOUN
fsr-3230	312	22	)	)	PUNCT
fsr-3230	312	23	,	,	PUNCT
fsr-3230	312	24	ijr	ijr	PROPN
fsr-3230	312	25	(	(	PUNCT
fsr-3230	312	26	s&p	s&p	PROPN
fsr-3230	312	27	small	small	ADJ
fsr-3230	312	28	cap	cap	NOUN
fsr-3230	312	29	600	600	NUM
fsr-3230	312	30	index	index	NOUN
fsr-3230	312	31	)	)	PUNCT
fsr-3230	312	32	,	,	PUNCT
fsr-3230	312	33	qqq	qqq	PROPN
fsr-3230	312	34	(	(	PUNCT
fsr-3230	312	35	nasdaq	nasdaq	PROPN
fsr-3230	312	36	100	100	NUM
fsr-3230	312	37	index	index	NOUN
fsr-3230	312	38	)	)	PUNCT
fsr-3230	312	39	and	and	CCONJ
fsr-3230	312	40	iyr	iyr	NOUN
fsr-3230	312	41	(	(	PUNCT
fsr-3230	312	42	dow	dow	PROPN
fsr-3230	312	43	jones	jones	PROPN
fsr-3230	312	44	u.s	u.s	PROPN
fsr-3230	312	45	.	.	PROPN
fsr-3230	312	46	real	real	ADJ
fsr-3230	312	47	estate	estate	NOUN
fsr-3230	312	48	index	index	NOUN
fsr-3230	312	49	)	)	PUNCT
fsr-3230	312	50	,	,	PUNCT
fsr-3230	312	51	and	and	CCONJ
fsr-3230	312	52	their	their	PRON
fsr-3230	312	53	returns	return	NOUN
fsr-3230	312	54	come	come	VERB
fsr-3230	312	55	from	from	ADP
fsr-3230	312	56	morningstar	morningstar	NOUN
fsr-3230	312	57	.	.	PUNCT
fsr-3230	313	1	our	our	PRON
fsr-3230	313	2	third	third	ADJ
fsr-3230	313	3	choice	choice	NOUN
fsr-3230	313	4	is	be	AUX
fsr-3230	313	5	the	the	DET
fsr-3230	313	6	11	11	NUM
fsr-3230	313	7	benchmark	benchmark	NOUN
fsr-3230	313	8	vanguard	vanguard	NOUN
fsr-3230	313	9	index	index	NOUN
fsr-3230	313	10	funds	fund	NOUN
fsr-3230	313	11	proposed	propose	VERB
fsr-3230	313	12	by	by	ADP
fsr-3230	313	13	berk	berk	PROPN
fsr-3230	313	14	and	and	CCONJ
fsr-3230	313	15	van	van	PROPN
fsr-3230	313	16	binsbergen	binsbergen	PROPN
fsr-3230	313	17	(	(	PUNCT
fsr-3230	313	18	2015	2015	NUM
fsr-3230	313	19	)	)	PUNCT
fsr-3230	313	20	.	.	PUNCT
fsr-3230	314	1	the	the	DET
fsr-3230	314	2	tickers	ticker	NOUN
fsr-3230	314	3	(	(	PUNCT
fsr-3230	314	4	vanguard	vanguard	NOUN
fsr-3230	314	5	names	name	NOUN
fsr-3230	314	6	)	)	PUNCT
fsr-3230	314	7	are	be	AUX
fsr-3230	314	8	vfinx	vfinx	ADJ
fsr-3230	314	9	(	(	PUNCT
fsr-3230	314	10	s&p	s&p	PROPN
fsr-3230	314	11	500	500	NUM
fsr-3230	314	12	index	index	NOUN
fsr-3230	314	13	)	)	PUNCT
fsr-3230	314	14	,	,	PUNCT
fsr-3230	314	15	vexmx	vexmx	X
fsr-3230	314	16	(	(	PUNCT
fsr-3230	314	17	extended	extended	ADJ
fsr-3230	314	18	market	market	NOUN
fsr-3230	314	19	index	index	NOUN
fsr-3230	314	20	)	)	PUNCT
fsr-3230	314	21	,	,	PUNCT
fsr-3230	314	22	naesx	naesx	NOUN
fsr-3230	314	23	(	(	PUNCT
fsr-3230	314	24	small	small	ADJ
fsr-3230	314	25	-	-	PUNCT
fsr-3230	314	26	cap	cap	NOUN
fsr-3230	314	27	index	index	NOUN
fsr-3230	314	28	)	)	PUNCT
fsr-3230	314	29	,	,	PUNCT
fsr-3230	314	30	veurx	veurx	PROPN
fsr-3230	314	31	(	(	PUNCT
fsr-3230	314	32	european	european	PROPN
fsr-3230	314	33	stock	stock	PROPN
fsr-3230	314	34	index	index	PROPN
fsr-3230	314	35	)	)	PUNCT
fsr-3230	314	36	,	,	PUNCT
fsr-3230	314	37	vpacx	vpacx	INTJ
fsr-3230	314	38	(	(	PUNCT
fsr-3230	314	39	pacific	pacific	PROPN
fsr-3230	314	40	stock	stock	PROPN
fsr-3230	314	41	index	index	PROPN
fsr-3230	314	42	)	)	PUNCT
fsr-3230	314	43	,	,	PUNCT
fsr-3230	314	44	vviax	vviax	NOUN
fsr-3230	314	45	(	(	PUNCT
fsr-3230	314	46	value	value	NOUN
fsr-3230	314	47	index	index	NOUN
fsr-3230	314	48	)	)	PUNCT
fsr-3230	314	49	,	,	PUNCT
fsr-3230	314	50	vbinx	vbinx	NOUN
fsr-3230	314	51	(	(	PUNCT
fsr-3230	314	52	balanced	balanced	ADJ
fsr-3230	314	53	index	index	NOUN
fsr-3230	314	54	)	)	PUNCT
fsr-3230	314	55	,	,	PUNCT
fsr-3230	314	56	veiex	veiex	NOUN
fsr-3230	314	57	(	(	PUNCT
fsr-3230	314	58	emerging	emerge	VERB
fsr-3230	314	59	markets	market	NOUN
fsr-3230	314	60	stock	stock	NOUN
fsr-3230	314	61	index	index	PROPN
fsr-3230	314	62	)	)	PUNCT
fsr-3230	314	63	,	,	PUNCT
fsr-3230	314	64	vimsx	vimsx	NOUN
fsr-3230	314	65	(	(	PUNCT
fsr-3230	314	66	midcap	midcap	NOUN
fsr-3230	314	67	index	index	NOUN
fsr-3230	314	68	)	)	PUNCT
fsr-3230	314	69	,	,	PUNCT
fsr-3230	314	70	visgx	visgx	NOUN
fsr-3230	314	71	(	(	PUNCT
fsr-3230	314	72	small	small	ADJ
fsr-3230	314	73	-	-	PUNCT
fsr-3230	314	74	cap	cap	NOUN
fsr-3230	314	75	growth	growth	NOUN
fsr-3230	314	76	index	index	NOUN
fsr-3230	314	77	)	)	PUNCT
fsr-3230	314	78	and	and	CCONJ
fsr-3230	314	79	visvx	visvx	NOUN
fsr-3230	314	80	(	(	PUNCT
fsr-3230	314	81	small	small	ADJ
fsr-3230	314	82	-	-	PUNCT
fsr-3230	314	83	cap	cap	NOUN
fsr-3230	314	84	value	value	NOUN
fsr-3230	314	85	index	index	NOUN
fsr-3230	314	86	)	)	PUNCT
fsr-3230	314	87	.	.	PUNCT
fsr-3230	315	1	9	9	NUM
fsr-3230	315	2	specifically	specifically	ADV
fsr-3230	315	3	,	,	PUNCT
fsr-3230	315	4	we	we	PRON
fsr-3230	315	5	identify	identify	VERB
fsr-3230	315	6	u.s	u.s	PROPN
fsr-3230	315	7	.	.	PROPN
fsr-3230	315	8	equity	equity	NOUN
fsr-3230	315	9	funds	fund	NOUN
fsr-3230	315	10	by	by	ADP
fsr-3230	315	11	policy	policy	NOUN
fsr-3230	315	12	codes	code	NOUN
fsr-3230	315	13	:	:	PUNCT
fsr-3230	315	14	cs	cs	ADJ
fsr-3230	315	15	;	;	PUNCT
fsr-3230	315	16	strategic	strategic	ADJ
fsr-3230	315	17	insight	insight	NOUN
fsr-3230	315	18	objective	objective	ADJ
fsr-3230	315	19	codes	code	NOUN
fsr-3230	315	20	:	:	PUNCT
fsr-3230	315	21	agc	agc	PROPN
fsr-3230	315	22	,	,	PUNCT
fsr-3230	315	23	gmc	gmc	PROPN
fsr-3230	315	24	,	,	PUNCT
fsr-3230	315	25	gri	gri	PROPN
fsr-3230	315	26	,	,	PUNCT
fsr-3230	315	27	gro	gro	PROPN
fsr-3230	315	28	,	,	PUNCT
fsr-3230	315	29	ing	ing	ADJ
fsr-3230	315	30	or	or	CCONJ
fsr-3230	315	31	scg	scg	NOUN
fsr-3230	315	32	;	;	PUNCT
fsr-3230	315	33	weisenberger	weisenberger	NOUN
fsr-3230	315	34	objective	objective	ADJ
fsr-3230	315	35	codes	code	NOUN
fsr-3230	315	36	:	:	PUNCT
fsr-3230	315	37	g	g	X
fsr-3230	315	38	,	,	PUNCT
fsr-3230	315	39	g	g	PROPN
fsr-3230	315	40	-	-	PUNCT
fsr-3230	315	41	i	i	PROPN
fsr-3230	315	42	,	,	PUNCT
fsr-3230	315	43	agg	agg	PROPN
fsr-3230	315	44	,	,	PUNCT
fsr-3230	315	45	gci	gci	PROPN
fsr-3230	315	46	,	,	PUNCT
fsr-3230	315	47	gro	gro	PROPN
fsr-3230	315	48	,	,	PUNCT
fsr-3230	315	49	ltg	ltg	PROPN
fsr-3230	315	50	,	,	PUNCT
fsr-3230	315	51	mcg	mcg	NOUN
fsr-3230	315	52	or	or	CCONJ
fsr-3230	315	53	scg	scg	PROPN
fsr-3230	315	54	and	and	CCONJ
fsr-3230	315	55	lipper	lipper	PROPN
fsr-3230	315	56	objective	objective	ADJ
fsr-3230	315	57	codes	code	NOUN
fsr-3230	315	58	:	:	PUNCT
fsr-3230	315	59	eiei	eiei	PROPN
fsr-3230	315	60	,	,	PUNCT
fsr-3230	315	61	emn	emn	PROPN
fsr-3230	315	62	,	,	PUNCT
fsr-3230	315	63	lcce	lcce	NOUN
fsr-3230	315	64	,	,	PUNCT
fsr-3230	315	65	lcge	lcge	PROPN
fsr-3230	315	66	,	,	PUNCT
fsr-3230	315	67	lcve	lcve	NOUN
fsr-3230	315	68	,	,	PUNCT
fsr-3230	315	69	matc	matc	PROPN
fsr-3230	315	70	,	,	PUNCT
fsr-3230	315	71	matd	matd	NOUN
fsr-3230	315	72	,	,	PUNCT
fsr-3230	315	73	math	math	NOUN
fsr-3230	315	74	,	,	PUNCT
fsr-3230	315	75	mcce	mcce	ADJ
fsr-3230	315	76	,	,	PUNCT
fsr-3230	315	77	mcge	mcge	INTJ
fsr-3230	315	78	,	,	PUNCT
fsr-3230	315	79	mcve	mcve	PROPN
fsr-3230	315	80	,	,	PUNCT
fsr-3230	315	81	mlce	mlce	ADJ
fsr-3230	315	82	,	,	PUNCT
fsr-3230	315	83	mlge	mlge	PROPN
fsr-3230	315	84	,	,	PUNCT
fsr-3230	315	85	mlve	mlve	ADJ
fsr-3230	315	86	,	,	PUNCT
fsr-3230	315	87	scce	scce	NOUN
fsr-3230	315	88	,	,	PUNCT
fsr-3230	315	89	scge	scge	ADJ
fsr-3230	315	90	or	or	CCONJ
fsr-3230	315	91	scve	scve	NOUN
fsr-3230	315	92	.	.	PUNCT
fsr-3230	316	1	then	then	ADV
fsr-3230	316	2	,	,	PUNCT
fsr-3230	316	3	we	we	PRON
fsr-3230	316	4	exclude	exclude	VERB
fsr-3230	316	5	index	index	NOUN
fsr-3230	316	6	funds	fund	NOUN
fsr-3230	316	7	identified	identify	VERB
fsr-3230	316	8	by	by	ADP
fsr-3230	316	9	the	the	DET
fsr-3230	316	10	lipper	lipper	NOUN
fsr-3230	316	11	objective	objective	ADJ
fsr-3230	316	12	codes	code	NOUN
fsr-3230	316	13	sp	sp	ADP
fsr-3230	316	14	and	and	CCONJ
fsr-3230	316	15	spsp	spsp	NOUN
fsr-3230	316	16	,	,	PUNCT
fsr-3230	316	17	and	and	CCONJ
fsr-3230	316	18	funds	fund	NOUN
fsr-3230	316	19	with	with	ADP
fsr-3230	316	20	a	a	DET
fsr-3230	316	21	name	name	NOUN
fsr-3230	316	22	that	that	PRON
fsr-3230	316	23	includes	include	VERB
fsr-3230	316	24	“	"	PUNCT
fsr-3230	316	25	index	index	NOUN
fsr-3230	316	26	”	"	PUNCT
fsr-3230	316	27	.	.	PUNCT
fsr-3230	317	1	we	we	PRON
fsr-3230	317	2	also	also	ADV
fsr-3230	317	3	use	use	VERB
fsr-3230	317	4	the	the	DET
fsr-3230	317	5	database	database	NOUN
fsr-3230	317	6	variable	variable	NOUN
fsr-3230	317	7	“	"	PUNCT
fsr-3230	317	8	open	open	ADJ
fsr-3230	317	9	to	to	ADP
fsr-3230	317	10	investors	investor	NOUN
fsr-3230	317	11	”	"	PUNCT
fsr-3230	317	12	to	to	PART
fsr-3230	317	13	exclude	exclude	VERB
fsr-3230	317	14	funds	fund	NOUN
fsr-3230	317	15	that	that	PRON
fsr-3230	317	16	are	be	AUX
fsr-3230	317	17	not	not	PART
fsr-3230	317	18	open	open	ADJ
fsr-3230	317	19	-	-	PUNCT
fsr-3230	317	20	ended	ended	ADJ
fsr-3230	317	21	.	.	PUNCT
fsr-3230	318	1	finally	finally	ADV
fsr-3230	318	2	,	,	PUNCT
fsr-3230	318	3	we	we	PRON
fsr-3230	318	4	keep	keep	VERB
fsr-3230	318	5	the	the	DET
fsr-3230	318	6	funds	fund	NOUN
fsr-3230	318	7	only	only	ADV
fsr-3230	318	8	if	if	SCONJ
fsr-3230	318	9	they	they	PRON
fsr-3230	318	10	hold	hold	VERB
fsr-3230	318	11	between	between	ADP
fsr-3230	318	12	80	80	NUM
fsr-3230	318	13	%	%	NOUN
fsr-3230	318	14	and	and	CCONJ
fsr-3230	318	15	105	105	NUM
fsr-3230	318	16	%	%	NOUN
fsr-3230	318	17	in	in	ADP
fsr-3230	318	18	common	common	ADJ
fsr-3230	318	19	stocks	stock	NOUN
fsr-3230	318	20	on	on	ADP
fsr-3230	318	21	average	average	ADJ
fsr-3230	318	22	.	.	PUNCT
fsr-3230	319	1	financial	financial	ADJ
fsr-3230	319	2	services	service	NOUN
fsr-3230	319	3	review	review	PROPN
fsr-3230	319	4	,	,	PUNCT
fsr-3230	319	5	32(1	32(1	NUM
fsr-3230	319	6	)	)	PUNCT
fsr-3230	319	7	74	74	NUM
fsr-3230	319	8	table	table	NOUN
fsr-3230	319	9	1	1	NUM
fsr-3230	319	10	.	.	PUNCT
fsr-3230	320	1	summary	summary	NOUN
fsr-3230	320	2	statistics	statistic	NOUN
fsr-3230	320	3	for	for	ADP
fsr-3230	320	4	the	the	DET
fsr-3230	320	5	mutual	mutual	ADJ
fsr-3230	320	6	fund	fund	NOUN
fsr-3230	320	7	returns	return	NOUN
fsr-3230	320	8	mean	mean	VERB
fsr-3230	320	9	stddev	stddev	PROPN
fsr-3230	320	10	min	min	PROPN
fsr-3230	320	11	max	max	PROPN
fsr-3230	320	12	mean	mean	VERB
fsr-3230	320	13	0.750	0.750	NUM
fsr-3230	320	14	5.237	5.237	NUM
fsr-3230	320	15	-19.963	-19.963	NUM
fsr-3230	320	16	16.388	16.388	NUM
fsr-3230	320	17	stddev	stddev	NOUN
fsr-3230	320	18	0.306	0.306	NUM
fsr-3230	320	19	1.551	1.551	NUM
fsr-3230	320	20	5.779	5.779	NUM
fsr-3230	320	21	7.766	7.766	NUM
fsr-3230	320	22	max	max	NOUN
fsr-3230	320	23	2.097	2.097	NUM
fsr-3230	320	24	16.921	16.921	NUM
fsr-3230	320	25	0.000	0.000	NUM
fsr-3230	320	26	89.667	89.667	NUM
fsr-3230	320	27	99	99	NUM
fsr-3230	320	28	%	%	NOUN
fsr-3230	320	29	1.442	1.442	NUM
fsr-3230	320	30	10.364	10.364	NUM
fsr-3230	320	31	-4.977	-4.977	NOUN
fsr-3230	320	32	41.579	41.579	NUM
fsr-3230	320	33	95	95	NUM
fsr-3230	320	34	%	%	NOUN
fsr-3230	320	35	1.146	1.146	NUM
fsr-3230	320	36	8.065	8.065	NUM
fsr-3230	320	37	-12.810	-12.810	NOUN
fsr-3230	321	1	32.585	32.585	NUM
fsr-3230	321	2	90	90	NUM
fsr-3230	321	3	%	%	NOUN
fsr-3230	321	4	1.050	1.050	NUM
fsr-3230	321	5	7.072	7.072	NUM
fsr-3230	321	6	-14.433	-14.433	NOUN
fsr-3230	321	7	27.063	27.063	NUM
fsr-3230	321	8	75	75	NUM
fsr-3230	321	9	%	%	NOUN
fsr-3230	321	10	0.913	0.913	NUM
fsr-3230	321	11	5.895	5.895	NUM
fsr-3230	321	12	-16.568	-16.568	NUM
fsr-3230	321	13	18.581	18.581	NUM
fsr-3230	321	14	median	median	NOUN
fsr-3230	321	15	0.768	0.768	NUM
fsr-3230	321	16	4.917	4.917	NUM
fsr-3230	321	17	-19.381	-19.381	PUNCT
fsr-3230	321	18	14.088	14.088	NUM
fsr-3230	321	19	25	25	NUM
fsr-3230	321	20	%	%	NOUN
fsr-3230	321	21	0.625	0.625	NUM
fsr-3230	321	22	4.314	4.314	NUM
fsr-3230	321	23	-22.874	-22.874	NUM
fsr-3230	321	24	11.453	11.453	NUM
fsr-3230	321	25	10	10	NUM
fsr-3230	321	26	%	%	NOUN
fsr-3230	321	27	0.434	0.434	NUM
fsr-3230	321	28	3.870	3.870	NUM
fsr-3230	321	29	-26.297	-26.297	NOUN
fsr-3230	321	30	9.970	9.970	NUM
fsr-3230	321	31	5	5	NUM
fsr-3230	321	32	%	%	NOUN
fsr-3230	321	33	0.287	0.287	NUM
fsr-3230	321	34	3.491	3.491	NUM
fsr-3230	321	35	-28.950	-28.950	NUM
fsr-3230	321	36	9.076	9.076	NUM
fsr-3230	321	37	1	1	NUM
fsr-3230	321	38	%	%	NOUN
fsr-3230	321	39	-0.114	-0.114	NOUN
fsr-3230	321	40	1.565	1.565	NUM
fsr-3230	321	41	-36.895	-36.895	NUM
fsr-3230	321	42	5.201	5.201	NUM
fsr-3230	321	43	min	min	NOUN
fsr-3230	321	44	-4.833	-4.833	PUNCT
fsr-3230	321	45	0.150	0.150	NUM
fsr-3230	321	46	-100.000	-100.000	NUM
fsr-3230	321	47	0.493	0.493	NUM
fsr-3230	321	48	table	table	NOUN
fsr-3230	321	49	1	1	NUM
fsr-3230	321	50	presents	present	NOUN
fsr-3230	321	51	summary	summary	NOUN
fsr-3230	321	52	statistics	statistic	NOUN
fsr-3230	321	53	for	for	ADP
fsr-3230	321	54	the	the	DET
fsr-3230	321	55	monthly	monthly	ADJ
fsr-3230	321	56	returns	return	NOUN
fsr-3230	321	57	on	on	ADP
fsr-3230	321	58	2791	2791	NUM
fsr-3230	321	59	actively	actively	ADV
fsr-3230	321	60	managed	manage	VERB
fsr-3230	321	61	open	open	ADV
fsr-3230	321	62	-	-	PUNCT
fsr-3230	321	63	ended	end	VERB
fsr-3230	321	64	u.s	u.s	PROPN
fsr-3230	321	65	.	.	PROPN
fsr-3230	321	66	equity	equity	NOUN
fsr-3230	321	67	mutual	mutual	ADJ
fsr-3230	321	68	funds	fund	NOUN
fsr-3230	321	69	from	from	ADP
fsr-3230	321	70	january	january	PROPN
fsr-3230	321	71	1984	1984	NUM
fsr-3230	321	72	to	to	ADP
fsr-3230	321	73	december	december	PROPN
fsr-3230	321	74	2016	2016	NUM
fsr-3230	321	75	.	.	PUNCT
fsr-3230	322	1	it	it	PRON
fsr-3230	322	2	shows	show	VERB
fsr-3230	322	3	cross	cross	ADJ
fsr-3230	322	4	-	-	ADJ
fsr-3230	322	5	sectional	sectional	ADJ
fsr-3230	322	6	summary	summary	NOUN
fsr-3230	322	7	statistics	statistic	NOUN
fsr-3230	322	8	(	(	PUNCT
fsr-3230	322	9	average	average	ADJ
fsr-3230	322	10	(	(	PUNCT
fsr-3230	322	11	mean	mean	ADJ
fsr-3230	322	12	)	)	PUNCT
fsr-3230	322	13	,	,	PUNCT
fsr-3230	322	14	standard	standard	ADJ
fsr-3230	322	15	deviation	deviation	NOUN
fsr-3230	322	16	(	(	PUNCT
fsr-3230	322	17	stddev	stddev	NOUN
fsr-3230	322	18	)	)	PUNCT
fsr-3230	322	19	and	and	CCONJ
fsr-3230	322	20	selected	select	VERB
fsr-3230	322	21	percentiles	percentile	NOUN
fsr-3230	322	22	)	)	PUNCT
fsr-3230	322	23	on	on	ADP
fsr-3230	322	24	the	the	DET
fsr-3230	322	25	distributions	distribution	NOUN
fsr-3230	322	26	of	of	ADP
fsr-3230	322	27	the	the	DET
fsr-3230	322	28	average	average	ADJ
fsr-3230	322	29	(	(	PUNCT
fsr-3230	322	30	mean	mean	ADJ
fsr-3230	322	31	)	)	PUNCT
fsr-3230	322	32	,	,	PUNCT
fsr-3230	322	33	standard	standard	ADJ
fsr-3230	322	34	deviation	deviation	NOUN
fsr-3230	322	35	(	(	PUNCT
fsr-3230	322	36	stddev	stddev	NOUN
fsr-3230	322	37	)	)	PUNCT
fsr-3230	322	38	,	,	PUNCT
fsr-3230	322	39	minimum	minimum	NOUN
fsr-3230	322	40	(	(	PUNCT
fsr-3230	322	41	min	min	NOUN
fsr-3230	322	42	)	)	PUNCT
fsr-3230	322	43	,	,	PUNCT
fsr-3230	322	44	and	and	CCONJ
fsr-3230	322	45	maximum	maximum	ADJ
fsr-3230	322	46	(	(	PUNCT
fsr-3230	322	47	max	max	PROPN
fsr-3230	322	48	)	)	PUNCT
fsr-3230	322	49	for	for	ADP
fsr-3230	322	50	the	the	DET
fsr-3230	322	51	fund	fund	NOUN
fsr-3230	322	52	returns	return	NOUN
fsr-3230	322	53	in	in	ADP
fsr-3230	322	54	percentage	percentage	NOUN
fsr-3230	322	55	.	.	PUNCT
fsr-3230	323	1	for	for	ADP
fsr-3230	323	2	each	each	DET
fsr-3230	323	3	fund	fund	NOUN
fsr-3230	323	4	,	,	PUNCT
fsr-3230	323	5	we	we	PRON
fsr-3230	323	6	first	first	ADV
fsr-3230	323	7	compute	compute	VERB
fsr-3230	323	8	the	the	DET
fsr-3230	323	9	average	average	ADJ
fsr-3230	323	10	,	,	PUNCT
fsr-3230	323	11	standard	standard	ADJ
fsr-3230	323	12	deviation	deviation	NOUN
fsr-3230	323	13	,	,	PUNCT
fsr-3230	323	14	minimum	minimum	NOUN
fsr-3230	323	15	and	and	CCONJ
fsr-3230	323	16	maximum	maximum	ADJ
fsr-3230	323	17	for	for	ADP
fsr-3230	323	18	its	its	PRON
fsr-3230	323	19	monthly	monthly	ADJ
fsr-3230	323	20	returns	return	NOUN
fsr-3230	323	21	.	.	PUNCT
fsr-3230	324	1	then	then	ADV
fsr-3230	324	2	,	,	PUNCT
fsr-3230	324	3	across	across	ADP
fsr-3230	324	4	the	the	DET
fsr-3230	324	5	2791	2791	NUM
fsr-3230	324	6	values	value	NOUN
fsr-3230	324	7	for	for	ADP
fsr-3230	324	8	each	each	PRON
fsr-3230	324	9	of	of	ADP
fsr-3230	324	10	these	these	DET
fsr-3230	324	11	statistics	statistic	NOUN
fsr-3230	324	12	,	,	PUNCT
fsr-3230	324	13	we	we	PRON
fsr-3230	324	14	compute	compute	VERB
fsr-3230	324	15	the	the	DET
fsr-3230	324	16	average	average	ADJ
fsr-3230	324	17	,	,	PUNCT
fsr-3230	324	18	standard	standard	ADJ
fsr-3230	324	19	deviation	deviation	NOUN
fsr-3230	324	20	and	and	CCONJ
fsr-3230	324	21	selected	select	VERB
fsr-3230	324	22	percentiles	percentile	NOUN
fsr-3230	324	23	.	.	PUNCT
fsr-3230	325	1	the	the	DET
fsr-3230	325	2	three	three	NUM
fsr-3230	325	3	sets	set	NOUN
fsr-3230	325	4	of	of	ADP
fsr-3230	325	5	passive	passive	ADJ
fsr-3230	325	6	portfolios	portfolio	NOUN
fsr-3230	325	7	are	be	AUX
fsr-3230	325	8	hereafter	hereafter	ADV
fsr-3230	325	9	identified	identify	VERB
fsr-3230	325	10	as	as	ADP
fsr-3230	325	11	10i	10i	NOUN
fsr-3230	325	12	,	,	PUNCT
fsr-3230	325	13	etfs	etfs	PROPN
fsr-3230	325	14	and	and	CCONJ
fsr-3230	325	15	vanguard	vanguard	NOUN
fsr-3230	325	16	.	.	PUNCT
fsr-3230	326	1	the	the	DET
fsr-3230	326	2	data	datum	NOUN
fsr-3230	326	3	for	for	ADP
fsr-3230	326	4	10i	10i	NOUN
fsr-3230	326	5	cover	cover	VERB
fsr-3230	326	6	the	the	DET
fsr-3230	326	7	same	same	ADJ
fsr-3230	326	8	period	period	NOUN
fsr-3230	326	9	as	as	ADP
fsr-3230	326	10	the	the	DET
fsr-3230	326	11	data	datum	NOUN
fsr-3230	326	12	for	for	ADP
fsr-3230	326	13	mutual	mutual	ADJ
fsr-3230	326	14	funds	fund	NOUN
fsr-3230	326	15	,	,	PUNCT
fsr-3230	326	16	but	but	CCONJ
fsr-3230	326	17	the	the	DET
fsr-3230	326	18	data	datum	NOUN
fsr-3230	326	19	for	for	ADP
fsr-3230	326	20	etfs	etfs	PROPN
fsr-3230	326	21	and	and	CCONJ
fsr-3230	326	22	vanguard	vanguard	NOUN
fsr-3230	326	23	start	start	VERB
fsr-3230	326	24	in	in	ADP
fsr-3230	326	25	2005	2005	NUM
fsr-3230	326	26	and	and	CCONJ
fsr-3230	326	27	2003	2003	NUM
fsr-3230	326	28	,	,	PUNCT
fsr-3230	326	29	respectively	respectively	ADV
fsr-3230	326	30	,	,	PUNCT
fsr-3230	326	31	instead	instead	ADV
fsr-3230	326	32	of	of	ADP
fsr-3230	326	33	1984	1984	NUM
fsr-3230	326	34	.	.	PUNCT
fsr-3230	327	1	table	table	NOUN
fsr-3230	327	2	2	2	NUM
fsr-3230	327	3	presents	present	VERB
fsr-3230	327	4	monthly	monthly	ADJ
fsr-3230	327	5	statistics	statistic	NOUN
fsr-3230	327	6	.	.	PUNCT
fsr-3230	328	1	the	the	DET
fsr-3230	328	2	10i	10i	NOUN
fsr-3230	328	3	portfolios	portfolio	NOUN
fsr-3230	328	4	have	have	AUX
fsr-3230	328	5	mean	mean	VERB
fsr-3230	328	6	returns	return	NOUN
fsr-3230	328	7	from	from	ADP
fsr-3230	328	8	0.87	0.87	NUM
fsr-3230	328	9	%	%	NOUN
fsr-3230	328	10	(	(	PUNCT
fsr-3230	328	11	for	for	ADP
fsr-3230	328	12	consumer	consumer	NOUN
fsr-3230	328	13	durables	durable	NOUN
fsr-3230	328	14	)	)	PUNCT
fsr-3230	328	15	to	to	ADP
fsr-3230	328	16	1.17	1.17	NUM
fsr-3230	328	17	%	%	NOUN
fsr-3230	328	18	(	(	PUNCT
fsr-3230	328	19	for	for	ADP
fsr-3230	328	20	consumer	consumer	NOUN
fsr-3230	328	21	nondurables	nondurable	NOUN
fsr-3230	328	22	)	)	PUNCT
fsr-3230	328	23	,	,	PUNCT
fsr-3230	328	24	with	with	ADP
fsr-3230	328	25	standard	standard	ADJ
fsr-3230	328	26	deviations	deviation	NOUN
fsr-3230	328	27	from	from	ADP
fsr-3230	328	28	3.94	3.94	NUM
fsr-3230	328	29	%	%	NOUN
fsr-3230	328	30	(	(	PUNCT
fsr-3230	328	31	for	for	ADP
fsr-3230	328	32	utilities	utility	NOUN
fsr-3230	328	33	)	)	PUNCT
fsr-3230	328	34	to	to	ADP
fsr-3230	328	35	6.89	6.89	NUM
fsr-3230	328	36	%	%	NOUN
fsr-3230	328	37	(	(	PUNCT
fsr-3230	328	38	for	for	ADP
fsr-3230	328	39	high	high	ADJ
fsr-3230	328	40	technology	technology	NOUN
fsr-3230	328	41	)	)	PUNCT
fsr-3230	328	42	.	.	PUNCT
fsr-3230	329	1	the	the	DET
fsr-3230	329	2	etfs	etfs	PROPN
fsr-3230	329	3	have	have	AUX
fsr-3230	329	4	mean	mean	VERB
fsr-3230	329	5	returns	return	NOUN
fsr-3230	329	6	from	from	ADP
fsr-3230	329	7	0.70	0.70	NUM
fsr-3230	329	8	%	%	NOUN
fsr-3230	329	9	(	(	PUNCT
fsr-3230	329	10	for	for	ADP
fsr-3230	329	11	the	the	DET
fsr-3230	329	12	nasdaq	nasdaq	PROPN
fsr-3230	329	13	100	100	NUM
fsr-3230	329	14	index	index	NOUN
fsr-3230	329	15	etf	etf	NOUN
fsr-3230	329	16	)	)	PUNCT
fsr-3230	329	17	to	to	ADP
fsr-3230	329	18	1.06	1.06	NUM
fsr-3230	329	19	%	%	NOUN
fsr-3230	329	20	(	(	PUNCT
fsr-3230	329	21	for	for	ADP
fsr-3230	329	22	the	the	DET
fsr-3230	329	23	s&p	s&p	PROPN
fsr-3230	329	24	mid	mid	ADJ
fsr-3230	329	25	cap	cap	NOUN
fsr-3230	329	26	400	400	NUM
fsr-3230	329	27	index	index	NOUN
fsr-3230	329	28	etf	etf	NOUN
fsr-3230	329	29	)	)	PUNCT
fsr-3230	329	30	,	,	PUNCT
fsr-3230	329	31	with	with	ADP
fsr-3230	329	32	standard	standard	ADJ
fsr-3230	329	33	deviations	deviation	NOUN
fsr-3230	329	34	from	from	ADP
fsr-3230	329	35	4.16	4.16	NUM
fsr-3230	329	36	%	%	NOUN
fsr-3230	329	37	(	(	PUNCT
fsr-3230	329	38	for	for	ADP
fsr-3230	329	39	the	the	DET
fsr-3230	329	40	s&p	s&p	PROPN
fsr-3230	329	41	500	500	NUM
fsr-3230	329	42	index	index	NOUN
fsr-3230	329	43	etf	etf	NOUN
fsr-3230	329	44	)	)	PUNCT
fsr-3230	329	45	to	to	ADP
fsr-3230	329	46	7.28	7.28	NUM
fsr-3230	329	47	%	%	NOUN
fsr-3230	329	48	(	(	PUNCT
fsr-3230	329	49	for	for	ADP
fsr-3230	329	50	the	the	DET
fsr-3230	329	51	nasdaq	nasdaq	PROPN
fsr-3230	329	52	100	100	NUM
fsr-3230	329	53	index	index	NOUN
fsr-3230	329	54	etf	etf	NOUN
fsr-3230	329	55	)	)	PUNCT
fsr-3230	329	56	.	.	PUNCT
fsr-3230	330	1	the	the	DET
fsr-3230	330	2	vanguard	vanguard	NOUN
fsr-3230	330	3	funds	fund	NOUN
fsr-3230	330	4	have	have	AUX
fsr-3230	330	5	mean	mean	VERB
fsr-3230	330	6	returns	return	NOUN
fsr-3230	330	7	from	from	ADP
fsr-3230	330	8	0.34	0.34	NUM
fsr-3230	330	9	%	%	NOUN
fsr-3230	330	10	(	(	PUNCT
fsr-3230	330	11	for	for	ADP
fsr-3230	330	12	the	the	DET
fsr-3230	330	13	value	value	NOUN
fsr-3230	330	14	index	index	NOUN
fsr-3230	330	15	)	)	PUNCT
fsr-3230	330	16	to	to	ADP
fsr-3230	330	17	0.99	0.99	NUM
fsr-3230	330	18	%	%	NOUN
fsr-3230	330	19	(	(	PUNCT
fsr-3230	330	20	for	for	ADP
fsr-3230	330	21	the	the	DET
fsr-3230	330	22	extended	extended	ADJ
fsr-3230	330	23	market	market	NOUN
fsr-3230	330	24	index	index	NOUN
fsr-3230	330	25	)	)	PUNCT
fsr-3230	330	26	,	,	PUNCT
fsr-3230	330	27	with	with	ADP
fsr-3230	330	28	standard	standard	ADJ
fsr-3230	330	29	deviations	deviation	NOUN
fsr-3230	330	30	from	from	ADP
fsr-3230	330	31	2.59	2.59	NUM
fsr-3230	330	32	%	%	NOUN
fsr-3230	330	33	(	(	PUNCT
fsr-3230	330	34	for	for	ADP
fsr-3230	330	35	the	the	DET
fsr-3230	330	36	balanced	balanced	ADJ
fsr-3230	330	37	index	index	NOUN
fsr-3230	330	38	)	)	PUNCT
fsr-3230	330	39	to	to	ADP
fsr-3230	330	40	6.78	6.78	NUM
fsr-3230	330	41	%	%	NOUN
fsr-3230	330	42	(	(	PUNCT
fsr-3230	330	43	for	for	ADP
fsr-3230	330	44	the	the	DET
fsr-3230	330	45	emerging	emerge	VERB
fsr-3230	330	46	markets	market	NOUN
fsr-3230	330	47	stock	stock	NOUN
fsr-3230	330	48	index	index	PROPN
fsr-3230	330	49	)	)	PUNCT
fsr-3230	330	50	.	.	PUNCT
fsr-3230	331	1	fund	fund	NOUN
fsr-3230	331	2	characteristics	characteristic	NOUN
fsr-3230	331	3	,	,	PUNCT
fsr-3230	331	4	active	active	ADJ
fsr-3230	331	5	management	management	NOUN
fsr-3230	331	6	variables	variable	NOUN
fsr-3230	331	7	,	,	PUNCT
fsr-3230	331	8	and	and	CCONJ
fsr-3230	331	9	net	net	NOUN
fsr-3230	331	10	flows	flow	VERB
fsr-3230	331	11	the	the	DET
fsr-3230	331	12	data	datum	NOUN
fsr-3230	331	13	for	for	ADP
fsr-3230	331	14	fund	fund	NOUN
fsr-3230	331	15	characteristics	characteristic	NOUN
fsr-3230	331	16	,	,	PUNCT
fsr-3230	331	17	active	active	ADJ
fsr-3230	331	18	management	management	NOUN
fsr-3230	331	19	variables	variable	NOUN
fsr-3230	331	20	,	,	PUNCT
fsr-3230	331	21	net	net	ADJ
fsr-3230	331	22	fund	fund	NOUN
fsr-3230	331	23	flows	flow	NOUN
fsr-3230	331	24	and	and	CCONJ
fsr-3230	331	25	other	other	ADJ
fsr-3230	331	26	control	control	NOUN
fsr-3230	331	27	variables	variable	NOUN
fsr-3230	331	28	generally	generally	ADV
fsr-3230	331	29	come	come	VERB
fsr-3230	331	30	from	from	ADP
fsr-3230	331	31	the	the	DET
fsr-3230	331	32	crsp	crsp	PROPN
fsr-3230	331	33	fund	fund	PROPN
fsr-3230	331	34	database	database	NOUN
fsr-3230	331	35	.	.	PUNCT
fsr-3230	332	1	cremers	cremer	NOUN
fsr-3230	332	2	and	and	CCONJ
fsr-3230	332	3	petajisto	petajisto	NOUN
fsr-3230	332	4	(	(	PUNCT
fsr-3230	332	5	2009	2009	NUM
fsr-3230	332	6	)	)	PUNCT
fsr-3230	332	7	,	,	PUNCT
fsr-3230	332	8	amihud	amihud	PROPN
fsr-3230	332	9	and	and	CCONJ
fsr-3230	332	10	goyenko	goyenko	ADJ
fsr-3230	332	11	(	(	PUNCT
fsr-3230	332	12	2013	2013	NUM
fsr-3230	332	13	)	)	PUNCT
fsr-3230	332	14	and	and	CCONJ
fsr-3230	332	15	ferson	ferson	NOUN
fsr-3230	332	16	and	and	CCONJ
fsr-3230	332	17	lin	lin	PROPN
fsr-3230	332	18	(	(	PUNCT
fsr-3230	332	19	2014	2014	NUM
fsr-3230	332	20	)	)	PUNCT
fsr-3230	332	21	provide	provide	VERB
fsr-3230	332	22	details	detail	NOUN
fsr-3230	332	23	on	on	ADP
fsr-3230	332	24	their	their	PRON
fsr-3230	332	25	computation	computation	NOUN
fsr-3230	332	26	.	.	PUNCT
fsr-3230	333	1	chrétien	chrétien	PROPN
fsr-3230	333	2	&	&	CCONJ
fsr-3230	333	3	kammoun	kammoun	PROPN
fsr-3230	333	4	75	75	NUM
fsr-3230	333	5	table	table	NOUN
fsr-3230	333	6	2	2	NUM
fsr-3230	333	7	.	.	PUNCT
fsr-3230	333	8	summary	summary	NOUN
fsr-3230	333	9	statistics	statistic	NOUN
fsr-3230	333	10	for	for	ADP
fsr-3230	333	11	the	the	DET
fsr-3230	333	12	passive	passive	ADJ
fsr-3230	333	13	portfolio	portfolio	NOUN
fsr-3230	333	14	returns	return	VERB
fsr-3230	333	15	passive	passive	ADJ
fsr-3230	333	16	portfolios	portfolio	NOUN
fsr-3230	333	17	mean	mean	VERB
fsr-3230	333	18	stddev	stddev	PROPN
fsr-3230	333	19	min	min	PROPN
fsr-3230	333	20	max	max	PROPN
fsr-3230	333	21	10i	10i	PROPN
fsr-3230	333	22	nodur	nodur	VERB
fsr-3230	333	23	1.166	1.166	NUM
fsr-3230	333	24	4.110	4.110	NUM
fsr-3230	333	25	-21.030	-21.030	NOUN
fsr-3230	334	1	14.630	14.630	NUM
fsr-3230	334	2	durbl	durbl	NOUN
fsr-3230	334	3	0.869	0.869	NUM
fsr-3230	334	4	6.815	6.815	NUM
fsr-3230	334	5	-32.630	-32.630	PROPN
fsr-3230	335	1	42.630	42.630	NUM
fsr-3230	335	2	manuf	manuf	NOUN
fsr-3230	335	3	1.069	1.069	NUM
fsr-3230	335	4	4.932	4.932	NUM
fsr-3230	335	5	-27.330	-27.330	PROPN
fsr-3230	335	6	17.510	17.510	NUM
fsr-3230	335	7	enrgy	enrgy	NOUN
fsr-3230	335	8	1.027	1.027	NUM
fsr-3230	335	9	5.380	5.380	NUM
fsr-3230	335	10	-18.330	-18.330	PRON
fsr-3230	335	11	19.030	19.030	NUM
fsr-3230	335	12	hitec	hitec	NOUN
fsr-3230	335	13	0.985	0.985	NUM
fsr-3230	335	14	6.892	6.892	NUM
fsr-3230	335	15	-26.010	-26.010	NOUN
fsr-3230	335	16	20.780	20.780	NUM
fsr-3230	335	17	telcm	telcm	NOUN
fsr-3230	335	18	0.997	0.997	NUM
fsr-3230	335	19	5.076	5.076	NUM
fsr-3230	335	20	-16.220	-16.220	NOUN
fsr-3230	335	21	21.340	21.340	NUM
fsr-3230	335	22	shpos	shpos	NOUN
fsr-3230	335	23	1.051	1.051	NUM
fsr-3230	335	24	4.902	4.902	NUM
fsr-3230	335	25	-28.250	-28.250	NUM
fsr-3230	336	1	13.280	13.280	NUM
fsr-3230	336	2	hlth	hlth	NOUN
fsr-3230	336	3	1.140	1.140	NUM
fsr-3230	336	4	4.659	4.659	NUM
fsr-3230	336	5	-20.460	-20.460	NUM
fsr-3230	336	6	16.470	16.470	NUM
fsr-3230	336	7	utils	util	VERB
fsr-3230	336	8	0.949	0.949	NUM
fsr-3230	336	9	3.942	3.942	NUM
fsr-3230	336	10	-12.650	-12.650	ADP
fsr-3230	336	11	11.720	11.720	NUM
fsr-3230	336	12	other	other	ADJ
fsr-3230	336	13	0.951	0.951	NUM
fsr-3230	336	14	5.165	5.165	NUM
fsr-3230	336	15	-23.600	-23.600	SYM
fsr-3230	336	16	16.420	16.420	NUM
fsr-3230	336	17	etfs	etfs	NOUN
fsr-3230	336	18	spy	spy	NOUN
fsr-3230	336	19	0.814	0.814	NUM
fsr-3230	336	20	4.164	4.164	NUM
fsr-3230	336	21	-16.790	-16.790	NUM
fsr-3230	336	22	10.890	10.890	NUM
fsr-3230	336	23	mdy	mdy	NOUN
fsr-3230	336	24	1.055	1.055	NUM
fsr-3230	336	25	5.021	5.021	NUM
fsr-3230	336	26	-21.740	-21.740	ADP
fsr-3230	336	27	14.820	14.820	NUM
fsr-3230	336	28	iyr	iyr	NOUN
fsr-3230	336	29	0.987	0.987	NUM
fsr-3230	336	30	6.137	6.137	NUM
fsr-3230	336	31	-31.200	-31.200	PROPN
fsr-3230	336	32	29.510	29.510	NUM
fsr-3230	336	33	qqq	qqq	NOUN
fsr-3230	336	34	0.699	0.699	NUM
fsr-3230	336	35	7.275	7.275	NUM
fsr-3230	336	36	-26.410	-26.410	PROPN
fsr-3230	337	1	24.980	24.980	NUM
fsr-3230	337	2	ijr	ijr	NOUN
fsr-3230	337	3	0.956	0.956	NUM
fsr-3230	337	4	5.403	5.403	NUM
fsr-3230	337	5	-20.190	-20.190	PROPN
fsr-3230	337	6	17.450	17.450	NUM
fsr-3230	337	7	vanguard	vanguard	NOUN
fsr-3230	337	8	vfinx	vfinx	NOUN
fsr-3230	337	9	0.941	0.941	NUM
fsr-3230	337	10	4.326	4.326	NUM
fsr-3230	337	11	-21.727	-21.727	NUM
fsr-3230	338	1	13.267	13.267	NUM
fsr-3230	338	2	vexmx	vexmx	NOUN
fsr-3230	338	3	0.985	0.985	NUM
fsr-3230	338	4	5.170	5.170	NUM
fsr-3230	338	5	-21.508	-21.508	NUM
fsr-3230	338	6	15.838	15.838	NUM
fsr-3230	338	7	naesx	naesx	NOUN
fsr-3230	338	8	0.874	0.874	NUM
fsr-3230	338	9	5.646	5.646	NUM
fsr-3230	338	10	-32.203	-32.203	NUM
fsr-3230	338	11	18.254	18.254	NUM
fsr-3230	338	12	veurx	veurx	ADJ
fsr-3230	338	13	0.643	0.643	NUM
fsr-3230	338	14	5.055	5.055	NUM
fsr-3230	338	15	-21.772	-21.772	NUM
fsr-3230	338	16	14.048	14.048	NUM
fsr-3230	338	17	vpacx	vpacx	NOUN
fsr-3230	338	18	0.842	0.842	NUM
fsr-3230	338	19	4.233	4.233	NUM
fsr-3230	338	20	-16.552	-16.552	NOUN
fsr-3230	338	21	10.393	10.393	NUM
fsr-3230	338	22	vviax	vviax	NOUN
fsr-3230	338	23	0.344	0.344	NUM
fsr-3230	338	24	5.491	5.491	NUM
fsr-3230	338	25	-18.397	-18.397	NUM
fsr-3230	338	26	20.735	20.735	NUM
fsr-3230	338	27	vbinx	vbinx	NOUN
fsr-3230	338	28	0.667	0.667	NUM
fsr-3230	338	29	2.587	2.587	NUM
fsr-3230	338	30	-11.593	-11.593	NUM
fsr-3230	338	31	6.978	6.978	NUM
fsr-3230	338	32	veiex	veiex	NOUN
fsr-3230	338	33	0.664	0.664	NUM
fsr-3230	338	34	6.781	6.781	NUM
fsr-3230	338	35	-27.667	-27.667	NOUN
fsr-3230	338	36	18.266	18.266	NUM
fsr-3230	338	37	vimsx	vimsx	NOUN
fsr-3230	338	38	0.896	0.896	NUM
fsr-3230	338	39	5.140	5.140	NUM
fsr-3230	338	40	-21.927	-21.927	NUM
fsr-3230	338	41	14.180	14.180	NUM
fsr-3230	338	42	visgx	visgx	NOUN
fsr-3230	338	43	0.846	0.846	NUM
fsr-3230	338	44	6.005	6.005	NUM
fsr-3230	338	45	-22.149	-22.149	NUM
fsr-3230	338	46	20.996	20.996	NUM
fsr-3230	338	47	visvx	visvx	NOUN
fsr-3230	338	48	0.856	0.856	NUM
fsr-3230	338	49	5.483	5.483	NUM
fsr-3230	338	50	-21.090	-21.090	PUNCT
fsr-3230	339	1	19.760	19.760	NUM
fsr-3230	339	2	rf	rf	VERB
fsr-3230	339	3	0.299	0.299	NUM
fsr-3230	339	4	0.231	0.231	NUM
fsr-3230	339	5	0.000	0.000	NUM
fsr-3230	339	6	1.000	1.000	NUM
fsr-3230	339	7	table	table	NOUN
fsr-3230	339	8	2	2	NUM
fsr-3230	339	9	presents	present	NOUN
fsr-3230	339	10	summary	summary	NOUN
fsr-3230	339	11	statistics	statistic	NOUN
fsr-3230	339	12	for	for	ADP
fsr-3230	339	13	the	the	DET
fsr-3230	339	14	monthly	monthly	ADJ
fsr-3230	339	15	returns	return	NOUN
fsr-3230	339	16	on	on	ADP
fsr-3230	339	17	three	three	NUM
fsr-3230	339	18	sets	set	NOUN
fsr-3230	339	19	of	of	ADP
fsr-3230	339	20	passive	passive	ADJ
fsr-3230	339	21	portfolios	portfolio	NOUN
fsr-3230	339	22	.	.	PUNCT
fsr-3230	340	1	it	it	PRON
fsr-3230	340	2	shows	show	VERB
fsr-3230	340	3	the	the	DET
fsr-3230	340	4	average	average	ADJ
fsr-3230	340	5	(	(	PUNCT
fsr-3230	340	6	mean	mean	ADJ
fsr-3230	340	7	)	)	PUNCT
fsr-3230	340	8	,	,	PUNCT
fsr-3230	340	9	standard	standard	ADJ
fsr-3230	340	10	deviation	deviation	NOUN
fsr-3230	340	11	(	(	PUNCT
fsr-3230	340	12	stddev	stddev	NOUN
fsr-3230	340	13	)	)	PUNCT
fsr-3230	340	14	,	,	PUNCT
fsr-3230	340	15	minimum	minimum	NOUN
fsr-3230	340	16	(	(	PUNCT
fsr-3230	340	17	min	min	NOUN
fsr-3230	340	18	)	)	PUNCT
fsr-3230	340	19	,	,	PUNCT
fsr-3230	340	20	and	and	CCONJ
fsr-3230	340	21	maximum	maximum	ADJ
fsr-3230	340	22	(	(	PUNCT
fsr-3230	340	23	max	max	PROPN
fsr-3230	340	24	)	)	PUNCT
fsr-3230	340	25	for	for	ADP
fsr-3230	340	26	each	each	DET
fsr-3230	340	27	passive	passive	ADJ
fsr-3230	340	28	portfolio	portfolio	NOUN
fsr-3230	340	29	.	.	PUNCT
fsr-3230	341	1	the	the	DET
fsr-3230	341	2	set	set	NOUN
fsr-3230	341	3	10i	10i	NOUN
fsr-3230	341	4	includes	include	VERB
fsr-3230	341	5	ten	ten	NUM
fsr-3230	341	6	industry	industry	NOUN
fsr-3230	341	7	portfolios	portfolio	NOUN
fsr-3230	341	8	(	(	PUNCT
fsr-3230	341	9	consumer	consumer	NOUN
fsr-3230	341	10	nondurables	nondurable	NOUN
fsr-3230	341	11	(	(	PUNCT
fsr-3230	341	12	nodur	nodur	NOUN
fsr-3230	341	13	)	)	PUNCT
fsr-3230	341	14	,	,	PUNCT
fsr-3230	341	15	consumer	consumer	NOUN
fsr-3230	341	16	durables	durable	NOUN
fsr-3230	341	17	(	(	PUNCT
fsr-3230	341	18	dur	dur	PROPN
fsr-3230	341	19	)	)	PUNCT
fsr-3230	341	20	,	,	PUNCT
fsr-3230	341	21	manufacturing	manufacturing	NOUN
fsr-3230	341	22	(	(	PUNCT
fsr-3230	341	23	manuf	manuf	PROPN
fsr-3230	341	24	)	)	PUNCT
fsr-3230	341	25	,	,	PUNCT
fsr-3230	341	26	energy	energy	NOUN
fsr-3230	341	27	(	(	PUNCT
fsr-3230	341	28	enrgy	enrgy	PROPN
fsr-3230	341	29	)	)	PUNCT
fsr-3230	341	30	,	,	PUNCT
fsr-3230	341	31	high	high	ADJ
fsr-3230	341	32	technology	technology	NOUN
fsr-3230	341	33	(	(	PUNCT
fsr-3230	341	34	hitec	hitec	NOUN
fsr-3230	341	35	)	)	PUNCT
fsr-3230	341	36	,	,	PUNCT
fsr-3230	341	37	telecommunication	telecommunication	NOUN
fsr-3230	341	38	(	(	PUNCT
fsr-3230	341	39	telcm	telcm	ADJ
fsr-3230	341	40	)	)	PUNCT
fsr-3230	341	41	,	,	PUNCT
fsr-3230	341	42	shops	shop	NOUN
fsr-3230	341	43	(	(	PUNCT
fsr-3230	341	44	shops	shop	NOUN
fsr-3230	341	45	)	)	PUNCT
fsr-3230	341	46	,	,	PUNCT
fsr-3230	341	47	healthcare	healthcare	NOUN
fsr-3230	341	48	(	(	PUNCT
fsr-3230	341	49	hlth	hlth	PROPN
fsr-3230	341	50	)	)	PUNCT
fsr-3230	341	51	,	,	PUNCT
fsr-3230	341	52	utilities	utility	NOUN
fsr-3230	341	53	(	(	PUNCT
fsr-3230	341	54	utils	util	NOUN
fsr-3230	341	55	)	)	PUNCT
fsr-3230	341	56	,	,	PUNCT
fsr-3230	341	57	and	and	CCONJ
fsr-3230	341	58	other	other	ADJ
fsr-3230	341	59	industries	industry	NOUN
fsr-3230	341	60	(	(	PUNCT
fsr-3230	341	61	other	other	ADJ
fsr-3230	341	62	)	)	PUNCT
fsr-3230	341	63	)	)	PUNCT
fsr-3230	341	64	,	,	PUNCT
fsr-3230	341	65	with	with	ADP
fsr-3230	341	66	data	datum	NOUN
fsr-3230	341	67	from	from	ADP
fsr-3230	341	68	january	january	PROPN
fsr-3230	341	69	1984	1984	NUM
fsr-3230	341	70	to	to	ADP
fsr-3230	341	71	december	december	PROPN
fsr-3230	341	72	2016	2016	NUM
fsr-3230	341	73	.	.	PUNCT
fsr-3230	342	1	the	the	DET
fsr-3230	342	2	set	set	ADJ
fsr-3230	342	3	etfs	etfs	NOUN
fsr-3230	342	4	includes	include	VERB
fsr-3230	342	5	five	five	NUM
fsr-3230	342	6	exchange	exchange	NOUN
fsr-3230	342	7	traded	trade	VERB
fsr-3230	342	8	funds	fund	NOUN
fsr-3230	342	9	(	(	PUNCT
fsr-3230	342	10	large	large	ADJ
fsr-3230	342	11	-	-	PUNCT
fsr-3230	342	12	cap	cap	NOUN
fsr-3230	342	13	(	(	PUNCT
fsr-3230	342	14	spy	spy	NOUN
fsr-3230	342	15	)	)	PUNCT
fsr-3230	342	16	,	,	PUNCT
fsr-3230	342	17	mid	mid	NOUN
fsr-3230	342	18	-	-	NOUN
fsr-3230	342	19	cap	cap	NOUN
fsr-3230	342	20	(	(	PUNCT
fsr-3230	342	21	mdy	mdy	NOUN
fsr-3230	342	22	)	)	PUNCT
fsr-3230	342	23	,	,	PUNCT
fsr-3230	342	24	small	small	ADJ
fsr-3230	342	25	-	-	PUNCT
fsr-3230	342	26	cap	cap	NOUN
fsr-3230	342	27	(	(	PUNCT
fsr-3230	342	28	ijr	ijr	PROPN
fsr-3230	342	29	)	)	PUNCT
fsr-3230	342	30	,	,	PUNCT
fsr-3230	342	31	nasdaq	nasdaq	PROPN
fsr-3230	342	32	100	100	NUM
fsr-3230	342	33	(	(	PUNCT
fsr-3230	342	34	qqq	qqq	NOUN
fsr-3230	342	35	)	)	PUNCT
fsr-3230	342	36	,	,	PUNCT
fsr-3230	342	37	and	and	CCONJ
fsr-3230	342	38	mortgage	mortgage	NOUN
fsr-3230	342	39	/	/	SYM
fsr-3230	342	40	real	real	ADJ
fsr-3230	342	41	estate	estate	NOUN
fsr-3230	342	42	(	(	PUNCT
fsr-3230	342	43	iyr	iyr	NOUN
fsr-3230	342	44	)	)	PUNCT
fsr-3230	342	45	)	)	PUNCT
fsr-3230	342	46	,	,	PUNCT
fsr-3230	342	47	with	with	ADP
fsr-3230	342	48	data	datum	NOUN
fsr-3230	342	49	from	from	ADP
fsr-3230	342	50	january	january	PROPN
fsr-3230	342	51	2005	2005	NUM
fsr-3230	342	52	to	to	ADP
fsr-3230	342	53	december	december	PROPN
fsr-3230	342	54	2016	2016	NUM
fsr-3230	342	55	.	.	PUNCT
fsr-3230	343	1	the	the	DET
fsr-3230	343	2	set	set	ADJ
fsr-3230	343	3	vanguard	vanguard	NOUN
fsr-3230	343	4	includes	include	VERB
fsr-3230	343	5	11	11	NUM
fsr-3230	343	6	vanguard	vanguard	NOUN
fsr-3230	343	7	index	index	NOUN
fsr-3230	343	8	funds	fund	NOUN
fsr-3230	343	9	(	(	PUNCT
fsr-3230	343	10	vfinx	vfinx	NOUN
fsr-3230	343	11	(	(	PUNCT
fsr-3230	343	12	s&p	s&p	PROPN
fsr-3230	343	13	500	500	NUM
fsr-3230	343	14	index	index	NOUN
fsr-3230	343	15	)	)	PUNCT
fsr-3230	343	16	,	,	PUNCT
fsr-3230	343	17	vexmx	vexmx	X
fsr-3230	343	18	(	(	PUNCT
fsr-3230	343	19	extended	extended	ADJ
fsr-3230	343	20	market	market	NOUN
fsr-3230	343	21	index	index	NOUN
fsr-3230	343	22	)	)	PUNCT
fsr-3230	343	23	,	,	PUNCT
fsr-3230	343	24	naesx	naesx	NOUN
fsr-3230	343	25	(	(	PUNCT
fsr-3230	343	26	small	small	ADJ
fsr-3230	343	27	-	-	PUNCT
fsr-3230	343	28	cap	cap	NOUN
fsr-3230	343	29	index	index	NOUN
fsr-3230	343	30	)	)	PUNCT
fsr-3230	343	31	,	,	PUNCT
fsr-3230	343	32	veurx	veurx	PROPN
fsr-3230	343	33	(	(	PUNCT
fsr-3230	343	34	european	european	PROPN
fsr-3230	343	35	stock	stock	PROPN
fsr-3230	343	36	index	index	PROPN
fsr-3230	343	37	)	)	PUNCT
fsr-3230	343	38	,	,	PUNCT
fsr-3230	343	39	vpacx	vpacx	INTJ
fsr-3230	343	40	(	(	PUNCT
fsr-3230	343	41	pacific	pacific	PROPN
fsr-3230	343	42	stock	stock	PROPN
fsr-3230	343	43	index	index	PROPN
fsr-3230	343	44	)	)	PUNCT
fsr-3230	343	45	,	,	PUNCT
fsr-3230	343	46	vviax	vviax	NOUN
fsr-3230	343	47	(	(	PUNCT
fsr-3230	343	48	value	value	NOUN
fsr-3230	343	49	index	index	NOUN
fsr-3230	343	50	)	)	PUNCT
fsr-3230	343	51	,	,	PUNCT
fsr-3230	343	52	vbinx	vbinx	NOUN
fsr-3230	343	53	(	(	PUNCT
fsr-3230	343	54	balanced	balanced	ADJ
fsr-3230	343	55	index	index	NOUN
fsr-3230	343	56	)	)	PUNCT
fsr-3230	343	57	,	,	PUNCT
fsr-3230	343	58	veiex	veiex	NOUN
fsr-3230	343	59	(	(	PUNCT
fsr-3230	343	60	emerging	emerge	VERB
fsr-3230	343	61	markets	market	NOUN
fsr-3230	343	62	stock	stock	NOUN
fsr-3230	343	63	index	index	PROPN
fsr-3230	343	64	)	)	PUNCT
fsr-3230	343	65	,	,	PUNCT
fsr-3230	343	66	vimsx	vimsx	NOUN
fsr-3230	343	67	(	(	PUNCT
fsr-3230	343	68	mid	mid	ADJ
fsr-3230	343	69	-	-	ADJ
fsr-3230	343	70	cap	cap	NOUN
fsr-3230	343	71	index	index	NOUN
fsr-3230	343	72	)	)	PUNCT
fsr-3230	343	73	,	,	PUNCT
fsr-3230	343	74	visgx	visgx	NOUN
fsr-3230	343	75	(	(	PUNCT
fsr-3230	343	76	small	small	ADJ
fsr-3230	343	77	-	-	PUNCT
fsr-3230	343	78	cap	cap	NOUN
fsr-3230	343	79	growth	growth	NOUN
fsr-3230	343	80	index	index	NOUN
fsr-3230	343	81	)	)	PUNCT
fsr-3230	343	82	and	and	CCONJ
fsr-3230	343	83	visvx	visvx	NOUN
fsr-3230	343	84	(	(	PUNCT
fsr-3230	343	85	small	small	ADJ
fsr-3230	343	86	-	-	PUNCT
fsr-3230	343	87	cap	cap	NOUN
fsr-3230	343	88	value	value	NOUN
fsr-3230	343	89	index	index	NOUN
fsr-3230	343	90	)	)	PUNCT
fsr-3230	343	91	)	)	PUNCT
fsr-3230	343	92	,	,	PUNCT
fsr-3230	343	93	with	with	ADP
fsr-3230	343	94	data	datum	NOUN
fsr-3230	343	95	from	from	ADP
fsr-3230	343	96	january	january	PROPN
fsr-3230	343	97	2003	2003	NUM
fsr-3230	343	98	to	to	ADP
fsr-3230	343	99	december	december	PROPN
fsr-3230	343	100	2016	2016	NUM
fsr-3230	343	101	.	.	PUNCT
fsr-3230	344	1	all	all	DET
fsr-3230	344	2	three	three	NUM
fsr-3230	344	3	sets	set	NOUN
fsr-3230	344	4	include	include	VERB
fsr-3230	344	5	the	the	DET
fsr-3230	344	6	risk	risk	NOUN
fsr-3230	344	7	-	-	PUNCT
fsr-3230	344	8	free	free	ADJ
fsr-3230	344	9	asset	asset	NOUN
fsr-3230	344	10	(	(	PUNCT
fsr-3230	344	11	rf	rf	NOUN
fsr-3230	344	12	)	)	PUNCT
fsr-3230	344	13	based	base	VERB
fsr-3230	344	14	on	on	ADP
fsr-3230	344	15	the	the	DET
fsr-3230	344	16	one	one	NUM
fsr-3230	344	17	-	-	PUNCT
fsr-3230	344	18	month	month	NOUN
fsr-3230	344	19	treasury	treasury	NOUN
fsr-3230	344	20	bill	bill	NOUN
fsr-3230	344	21	.	.	PUNCT
fsr-3230	345	1	fund	fund	NOUN
fsr-3230	345	2	characteristics	characteristic	NOUN
fsr-3230	345	3	are	be	AUX
fsr-3230	345	4	defined	define	VERB
fsr-3230	345	5	as	as	ADP
fsr-3230	345	6	follows	follow	VERB
fsr-3230	345	7	.	.	PUNCT
fsr-3230	346	1	expenses	expense	NOUN
fsr-3230	346	2	are	be	AUX
fsr-3230	346	3	measured	measure	VERB
fsr-3230	346	4	by	by	ADP
fsr-3230	346	5	the	the	DET
fsr-3230	346	6	expense	expense	NOUN
fsr-3230	346	7	ratio	ratio	NOUN
fsr-3230	346	8	,	,	PUNCT
fsr-3230	346	9	the	the	DET
fsr-3230	346	10	fraction	fraction	NOUN
fsr-3230	346	11	of	of	ADP
fsr-3230	346	12	total	total	ADJ
fsr-3230	346	13	investment	investment	NOUN
fsr-3230	346	14	that	that	PRON
fsr-3230	346	15	shareholders	shareholder	NOUN
fsr-3230	346	16	pay	pay	VERB
fsr-3230	346	17	for	for	ADP
fsr-3230	346	18	the	the	DET
fsr-3230	346	19	fund	fund	NOUN
fsr-3230	346	20	’s	’s	PART
fsr-3230	346	21	operating	operating	NOUN
fsr-3230	346	22	expenses	expense	NOUN
fsr-3230	346	23	.	.	PUNCT
fsr-3230	347	1	turnover	turnover	NOUN
fsr-3230	347	2	is	be	AUX
fsr-3230	347	3	the	the	DET
fsr-3230	347	4	minimum	minimum	NOUN
fsr-3230	347	5	of	of	ADP
fsr-3230	347	6	aggregate	aggregate	ADJ
fsr-3230	347	7	sales	sale	NOUN
fsr-3230	347	8	or	or	CCONJ
fsr-3230	347	9	aggregate	aggregate	ADJ
fsr-3230	347	10	purchases	purchase	NOUN
fsr-3230	347	11	of	of	ADP
fsr-3230	347	12	securities	security	NOUN
fsr-3230	347	13	divided	divide	VERB
fsr-3230	347	14	by	by	ADP
fsr-3230	347	15	the	the	DET
fsr-3230	347	16	average	average	ADJ
fsr-3230	347	17	twelve	twelve	NUM
fsr-3230	347	18	-	-	PUNCT
fsr-3230	347	19	month	month	NOUN
fsr-3230	347	20	tna	tna	NOUN
fsr-3230	347	21	of	of	ADP
fsr-3230	347	22	the	the	DET
fsr-3230	347	23	fund	fund	NOUN
fsr-3230	347	24	.	.	PUNCT
fsr-3230	348	1	age	age	NOUN
fsr-3230	348	2	is	be	AUX
fsr-3230	348	3	the	the	DET
fsr-3230	348	4	difference	difference	NOUN
fsr-3230	348	5	in	in	ADP
fsr-3230	348	6	years	year	NOUN
fsr-3230	348	7	between	between	ADP
fsr-3230	348	8	current	current	ADJ
fsr-3230	348	9	date	date	NOUN
fsr-3230	348	10	and	and	CCONJ
fsr-3230	348	11	the	the	DET
fsr-3230	348	12	financial	financial	ADJ
fsr-3230	348	13	services	service	NOUN
fsr-3230	348	14	review	review	VERB
fsr-3230	348	15	,	,	PUNCT
fsr-3230	348	16	32(1	32(1	NUM
fsr-3230	348	17	)	)	PUNCT
fsr-3230	348	18	76	76	NUM
fsr-3230	348	19	date	date	NOUN
fsr-3230	348	20	the	the	DET
fsr-3230	348	21	fund	fund	NOUN
fsr-3230	348	22	was	be	AUX
fsr-3230	348	23	first	first	ADV
fsr-3230	348	24	offered	offer	VERB
fsr-3230	348	25	.	.	PUNCT
fsr-3230	349	1	manager	manager	NOUN
fsr-3230	349	2	tenure	tenure	NOUN
fsr-3230	349	3	is	be	AUX
fsr-3230	349	4	the	the	DET
fsr-3230	349	5	difference	difference	NOUN
fsr-3230	349	6	in	in	ADP
fsr-3230	349	7	years	year	NOUN
fsr-3230	349	8	between	between	ADP
fsr-3230	349	9	the	the	DET
fsr-3230	349	10	current	current	ADJ
fsr-3230	349	11	date	date	NOUN
fsr-3230	349	12	and	and	CCONJ
fsr-3230	349	13	the	the	DET
fsr-3230	349	14	date	date	NOUN
fsr-3230	349	15	when	when	SCONJ
fsr-3230	349	16	the	the	DET
fsr-3230	349	17	current	current	ADJ
fsr-3230	349	18	manager	manager	NOUN
fsr-3230	349	19	took	take	VERB
fsr-3230	349	20	control	control	NOUN
fsr-3230	349	21	.	.	PUNCT
fsr-3230	350	1	size	size	NOUN
fsr-3230	350	2	is	be	AUX
fsr-3230	350	3	given	give	VERB
fsr-3230	350	4	by	by	ADP
fsr-3230	350	5	tnas	tna	NOUN
fsr-3230	350	6	.	.	PUNCT
fsr-3230	351	1	the	the	DET
fsr-3230	351	2	fund	fund	NOUN
fsr-3230	351	3	expenses	expense	VERB
fsr-3230	351	4	components	component	NOUN
fsr-3230	351	5	provided	provide	VERB
fsr-3230	351	6	by	by	ADP
fsr-3230	351	7	crsp	crsp	PROPN
fsr-3230	351	8	are	be	AUX
fsr-3230	351	9	management	management	NOUN
fsr-3230	351	10	fees	fee	NOUN
fsr-3230	351	11	,	,	PUNCT
fsr-3230	351	12	advertising	advertising	NOUN
fsr-3230	351	13	expenses	expense	NOUN
fsr-3230	351	14	(	(	PUNCT
fsr-3230	351	15	12b-1	12b-1	NUM
fsr-3230	351	16	)	)	PUNCT
fsr-3230	351	17	and	and	CCONJ
fsr-3230	351	18	the	the	DET
fsr-3230	351	19	costs	cost	NOUN
fsr-3230	351	20	of	of	ADP
fsr-3230	351	21	bundled	bundle	VERB
fsr-3230	351	22	services	service	NOUN
fsr-3230	351	23	(	(	PUNCT
fsr-3230	351	24	bundled	bundle	VERB
fsr-3230	351	25	)	)	PUNCT
fsr-3230	351	26	.	.	PUNCT
fsr-3230	352	1	tax	tax	NOUN
fsr-3230	352	2	burden	burden	NOUN
fsr-3230	352	3	is	be	AUX
fsr-3230	352	4	the	the	DET
fsr-3230	352	5	weighted	weighted	ADJ
fsr-3230	352	6	average	average	NOUN
fsr-3230	352	7	of	of	ADP
fsr-3230	352	8	the	the	DET
fsr-3230	352	9	tax	tax	NOUN
fsr-3230	352	10	rates	rate	NOUN
fsr-3230	352	11	of	of	ADP
fsr-3230	352	12	investors	investor	NOUN
fsr-3230	352	13	in	in	ADP
fsr-3230	352	14	different	different	ADJ
fsr-3230	352	15	income	income	NOUN
fsr-3230	352	16	brackets	bracket	NOUN
fsr-3230	352	17	,	,	PUNCT
fsr-3230	352	18	where	where	SCONJ
fsr-3230	352	19	the	the	DET
fsr-3230	352	20	weights	weight	NOUN
fsr-3230	352	21	correspond	correspond	VERB
fsr-3230	352	22	to	to	ADP
fsr-3230	352	23	the	the	DET
fsr-3230	352	24	declared	declare	VERB
fsr-3230	352	25	amounts	amount	NOUN
fsr-3230	352	26	of	of	ADP
fsr-3230	352	27	dividends	dividend	NOUN
fsr-3230	352	28	and	and	CCONJ
fsr-3230	352	29	capital	capital	NOUN
fsr-3230	352	30	gains.10	gains.10	PROPN
fsr-3230	352	31	dividend	dividend	NOUN
fsr-3230	352	32	yield	yield	NOUN
fsr-3230	352	33	is	be	AUX
fsr-3230	352	34	the	the	DET
fsr-3230	352	35	amount	amount	NOUN
fsr-3230	352	36	of	of	ADP
fsr-3230	352	37	annual	annual	ADJ
fsr-3230	352	38	dividends	dividend	NOUN
fsr-3230	352	39	per	per	ADP
fsr-3230	352	40	share	share	NOUN
fsr-3230	352	41	paid	pay	VERB
fsr-3230	352	42	by	by	ADP
fsr-3230	352	43	the	the	DET
fsr-3230	352	44	fund	fund	NOUN
fsr-3230	352	45	,	,	PUNCT
fsr-3230	352	46	divided	divide	VERB
fsr-3230	352	47	by	by	ADP
fsr-3230	352	48	the	the	DET
fsr-3230	352	49	end	end	NOUN
fsr-3230	352	50	-	-	PUNCT
fsr-3230	352	51	of	of	ADP
fsr-3230	352	52	-	-	PUNCT
fsr-3230	352	53	year	year	NOUN
fsr-3230	352	54	net	net	ADJ
fsr-3230	352	55	asset	asset	NOUN
fsr-3230	352	56	value	value	NOUN
fsr-3230	352	57	per	per	ADP
fsr-3230	352	58	share	share	NOUN
fsr-3230	352	59	(	(	PUNCT
fsr-3230	352	60	see	see	VERB
fsr-3230	352	61	harris	harris	PROPN
fsr-3230	352	62	et	et	PROPN
fsr-3230	352	63	al	al	PROPN
fsr-3230	352	64	.	.	PROPN
fsr-3230	353	1	(	(	PUNCT
fsr-3230	353	2	2015	2015	NUM
fsr-3230	353	3	)	)	PUNCT
fsr-3230	353	4	)	)	PUNCT
fsr-3230	353	5	.	.	PUNCT
fsr-3230	354	1	family	family	NOUN
fsr-3230	354	2	size	size	NOUN
fsr-3230	354	3	is	be	AUX
fsr-3230	354	4	the	the	DET
fsr-3230	354	5	number	number	NOUN
fsr-3230	354	6	of	of	ADP
fsr-3230	354	7	funds	fund	NOUN
fsr-3230	354	8	in	in	ADP
fsr-3230	354	9	the	the	DET
fsr-3230	354	10	family	family	NOUN
fsr-3230	354	11	to	to	PART
fsr-3230	354	12	which	which	PRON
fsr-3230	354	13	the	the	DET
fsr-3230	354	14	fund	fund	NOUN
fsr-3230	354	15	belongs	belong	VERB
fsr-3230	354	16	in	in	ADP
fsr-3230	354	17	each	each	DET
fsr-3230	354	18	quarter.11	quarter.11	ADJ
fsr-3230	354	19	factor	factor	NOUN
fsr-3230	354	20	exposures	exposure	NOUN
fsr-3230	354	21	are	be	AUX
fsr-3230	354	22	loadings	loading	NOUN
fsr-3230	354	23	on	on	ADP
fsr-3230	354	24	size	size	NOUN
fsr-3230	354	25	(	(	PUNCT
fsr-3230	354	26	𝛽𝑆𝑀𝐵	𝛽𝑆𝑀𝐵	NOUN
fsr-3230	354	27	)	)	PUNCT
fsr-3230	354	28	,	,	PUNCT
fsr-3230	354	29	value	value	NOUN
fsr-3230	354	30	(	(	PUNCT
fsr-3230	354	31	𝛽𝐻𝑀𝐿	𝛽𝐻𝑀𝐿	NUM
fsr-3230	354	32	)	)	PUNCT
fsr-3230	354	33	,	,	PUNCT
fsr-3230	354	34	and	and	CCONJ
fsr-3230	354	35	momentum	momentum	NOUN
fsr-3230	354	36	(	(	PUNCT
fsr-3230	354	37	𝛽𝑈𝑀𝐷	𝛽𝑈𝑀𝐷	PROPN
fsr-3230	354	38	)	)	PUNCT
fsr-3230	354	39	,	,	PUNCT
fsr-3230	354	40	estimated	estimate	VERB
fsr-3230	354	41	from	from	ADP
fsr-3230	354	42	regressions	regression	NOUN
fsr-3230	354	43	of	of	ADP
fsr-3230	354	44	the	the	DET
fsr-3230	354	45	fund	fund	NOUN
fsr-3230	354	46	excess	excess	ADJ
fsr-3230	354	47	returns	return	NOUN
fsr-3230	354	48	on	on	ADP
fsr-3230	354	49	the	the	DET
fsr-3230	354	50	factors	factor	NOUN
fsr-3230	354	51	over	over	ADP
fsr-3230	354	52	a	a	DET
fsr-3230	354	53	60	60	NUM
fsr-3230	354	54	-	-	PUNCT
fsr-3230	354	55	month	month	NOUN
fsr-3230	354	56	window	window	NOUN
fsr-3230	354	57	.	.	PUNCT
fsr-3230	355	1	fund	fund	NOUN
fsr-3230	355	2	styles	style	NOUN
fsr-3230	355	3	are	be	AUX
fsr-3230	355	4	determined	determine	VERB
fsr-3230	355	5	as	as	ADP
fsr-3230	355	6	in	in	ADP
fsr-3230	355	7	amihud	amihud	PROPN
fsr-3230	355	8	and	and	CCONJ
fsr-3230	355	9	goyienko	goyienko	PROPN
fsr-3230	355	10	(	(	PUNCT
fsr-3230	355	11	2013	2013	NUM
fsr-3230	355	12	)	)	PUNCT
fsr-3230	355	13	,	,	PUNCT
fsr-3230	355	14	who	who	PRON
fsr-3230	355	15	consider	consider	VERB
fsr-3230	355	16	nine	nine	NUM
fsr-3230	355	17	categories	category	NOUN
fsr-3230	355	18	:	:	PUNCT
fsr-3230	355	19	aggressive	aggressive	ADJ
fsr-3230	355	20	growth	growth	NOUN
fsr-3230	355	21	(	(	PUNCT
fsr-3230	355	22	ag	ag	PROPN
fsr-3230	355	23	)	)	PUNCT
fsr-3230	355	24	,	,	PUNCT
fsr-3230	355	25	equity	equity	NOUN
fsr-3230	355	26	income	income	NOUN
fsr-3230	355	27	(	(	PUNCT
fsr-3230	355	28	ei	ei	NOUN
fsr-3230	355	29	)	)	PUNCT
fsr-3230	355	30	,	,	PUNCT
fsr-3230	355	31	growth	growth	NOUN
fsr-3230	355	32	(	(	PUNCT
fsr-3230	355	33	g	g	NOUN
fsr-3230	355	34	)	)	PUNCT
fsr-3230	355	35	,	,	PUNCT
fsr-3230	355	36	long	long	ADJ
fsr-3230	355	37	-	-	PUNCT
fsr-3230	355	38	term	term	NOUN
fsr-3230	355	39	growth	growth	NOUN
fsr-3230	355	40	(	(	PUNCT
fsr-3230	355	41	ltg	ltg	PROPN
fsr-3230	355	42	)	)	PUNCT
fsr-3230	355	43	,	,	PUNCT
fsr-3230	355	44	growth	growth	NOUN
fsr-3230	355	45	and	and	CCONJ
fsr-3230	355	46	income	income	NOUN
fsr-3230	355	47	(	(	PUNCT
fsr-3230	355	48	gi	gi	NOUN
fsr-3230	355	49	)	)	PUNCT
fsr-3230	355	50	,	,	PUNCT
fsr-3230	355	51	mid	mid	NOUN
fsr-3230	355	52	-	-	NOUN
fsr-3230	355	53	cap	cap	NOUN
fsr-3230	355	54	(	(	PUNCT
fsr-3230	355	55	mc	mc	PROPN
fsr-3230	355	56	)	)	PUNCT
fsr-3230	355	57	,	,	PUNCT
fsr-3230	355	58	micro	micro	NOUN
fsr-3230	355	59	-	-	NOUN
fsr-3230	355	60	cap	cap	NOUN
fsr-3230	355	61	(	(	PUNCT
fsr-3230	355	62	mrc	mrc	NOUN
fsr-3230	355	63	)	)	PUNCT
fsr-3230	355	64	,	,	PUNCT
fsr-3230	355	65	small	small	ADJ
fsr-3230	355	66	cap	cap	NOUN
fsr-3230	355	67	(	(	PUNCT
fsr-3230	355	68	sc	sc	PROPN
fsr-3230	355	69	)	)	PUNCT
fsr-3230	355	70	and	and	CCONJ
fsr-3230	355	71	maximum	maximum	ADJ
fsr-3230	355	72	capital	capital	NOUN
fsr-3230	355	73	gains	gain	NOUN
fsr-3230	355	74	(	(	PUNCT
fsr-3230	355	75	mcg	mcg	PROPN
fsr-3230	355	76	)	)	PUNCT
fsr-3230	355	77	.	.	PUNCT
fsr-3230	356	1	the	the	DET
fsr-3230	356	2	crsp	crsp	PROPN
fsr-3230	356	3	fund	fund	PROPN
fsr-3230	356	4	database	database	NOUN
fsr-3230	356	5	provides	provide	VERB
fsr-3230	356	6	investment	investment	NOUN
fsr-3230	356	7	objective	objective	ADJ
fsr-3230	356	8	codes	code	NOUN
fsr-3230	356	9	from	from	ADP
fsr-3230	356	10	three	three	NUM
fsr-3230	356	11	sources	source	NOUN
fsr-3230	356	12	:	:	PUNCT
fsr-3230	356	13	wiesenberger	wiesenberger	NOUN
fsr-3230	356	14	(	(	PUNCT
fsr-3230	356	15	from	from	ADP
fsr-3230	356	16	1962	1962	NUM
fsr-3230	356	17	to	to	ADP
fsr-3230	356	18	1993	1993	NUM
fsr-3230	356	19	)	)	PUNCT
fsr-3230	356	20	,	,	PUNCT
fsr-3230	356	21	strategic	strategic	ADJ
fsr-3230	356	22	insight	insight	NOUN
fsr-3230	356	23	(	(	PUNCT
fsr-3230	356	24	from	from	ADP
fsr-3230	356	25	1993	1993	NUM
fsr-3230	356	26	to	to	ADP
fsr-3230	356	27	1998	1998	NUM
fsr-3230	356	28	)	)	PUNCT
fsr-3230	356	29	and	and	CCONJ
fsr-3230	356	30	lipper	lipper	NOUN
fsr-3230	356	31	(	(	PUNCT
fsr-3230	356	32	since	since	SCONJ
fsr-3230	356	33	1998	1998	NUM
fsr-3230	356	34	)	)	PUNCT
fsr-3230	356	35	.	.	PUNCT
fsr-3230	357	1	we	we	PRON
fsr-3230	357	2	assign	assign	VERB
fsr-3230	357	3	a	a	DET
fsr-3230	357	4	fund	fund	NOUN
fsr-3230	357	5	to	to	ADP
fsr-3230	357	6	one	one	NUM
fsr-3230	357	7	style	style	NOUN
fsr-3230	357	8	using	use	VERB
fsr-3230	357	9	the	the	DET
fsr-3230	357	10	three	three	NUM
fsr-3230	357	11	sources	source	NOUN
fsr-3230	357	12	.	.	PUNCT
fsr-3230	358	1	if	if	SCONJ
fsr-3230	358	2	no	no	DET
fsr-3230	358	3	code	code	NOUN
fsr-3230	358	4	is	be	AUX
fsr-3230	358	5	available	available	ADJ
fsr-3230	358	6	for	for	ADP
fsr-3230	358	7	a	a	DET
fsr-3230	358	8	period	period	NOUN
fsr-3230	358	9	,	,	PUNCT
fsr-3230	358	10	we	we	PRON
fsr-3230	358	11	assign	assign	VERB
fsr-3230	358	12	the	the	DET
fsr-3230	358	13	style	style	NOUN
fsr-3230	358	14	from	from	ADP
fsr-3230	358	15	the	the	DET
fsr-3230	358	16	previous	previous	ADJ
fsr-3230	358	17	period	period	NOUN
fsr-3230	358	18	.	.	PUNCT
fsr-3230	359	1	we	we	PRON
fsr-3230	359	2	exclude	exclude	VERB
fsr-3230	359	3	non	non	ADJ
fsr-3230	359	4	-	-	ADJ
fsr-3230	359	5	identified	identify	VERB
fsr-3230	359	6	funds	fund	NOUN
fsr-3230	359	7	from	from	ADP
fsr-3230	359	8	the	the	DET
fsr-3230	359	9	sample	sample	NOUN
fsr-3230	359	10	.	.	PUNCT
fsr-3230	360	1	the	the	DET
fsr-3230	360	2	active	active	ADJ
fsr-3230	360	3	management	management	NOUN
fsr-3230	360	4	variables	variable	NOUN
fsr-3230	360	5	are	be	AUX
fsr-3230	360	6	defined	define	VERB
fsr-3230	360	7	as	as	ADP
fsr-3230	360	8	follows	follow	VERB
fsr-3230	360	9	.	.	PUNCT
fsr-3230	361	1	asset	asset	NOUN
fsr-3230	361	2	selectivity	selectivity	NOUN
fsr-3230	361	3	is	be	AUX
fsr-3230	361	4	computed	compute	VERB
fsr-3230	361	5	as	as	ADP
fsr-3230	361	6	1	1	NUM
fsr-3230	361	7	−	−	NOUN
fsr-3230	361	8	𝑅2	𝑅2	ADP
fsr-3230	361	9	,	,	PUNCT
fsr-3230	361	10	with	with	ADP
fsr-3230	361	11	𝑅2	𝑅2	NOUN
fsr-3230	361	12	estimated	estimate	VERB
fsr-3230	361	13	by	by	ADP
fsr-3230	361	14	regressing	regress	VERB
fsr-3230	361	15	fund	fund	NOUN
fsr-3230	361	16	returns	return	NOUN
fsr-3230	361	17	on	on	ADP
fsr-3230	361	18	the	the	DET
fsr-3230	361	19	returns	return	NOUN
fsr-3230	361	20	of	of	ADP
fsr-3230	361	21	a	a	DET
fsr-3230	361	22	set	set	NOUN
fsr-3230	361	23	of	of	ADP
fsr-3230	361	24	benchmarks	benchmark	NOUN
fsr-3230	361	25	,	,	PUNCT
fsr-3230	361	26	which	which	PRON
fsr-3230	361	27	we	we	PRON
fsr-3230	361	28	assume	assume	VERB
fsr-3230	361	29	to	to	PART
fsr-3230	361	30	be	be	AUX
fsr-3230	361	31	the	the	DET
fsr-3230	361	32	10i	10i	NOUN
fsr-3230	361	33	passive	passive	ADJ
fsr-3230	361	34	portfolios	portfolio	NOUN
fsr-3230	361	35	in	in	ADP
fsr-3230	361	36	our	our	PRON
fsr-3230	361	37	base	base	NOUN
fsr-3230	361	38	case	case	NOUN
fsr-3230	361	39	.	.	PUNCT
fsr-3230	362	1	active	active	ADJ
fsr-3230	362	2	share	share	NOUN
fsr-3230	362	3	is	be	AUX
fsr-3230	362	4	obtained	obtain	VERB
fsr-3230	362	5	from	from	ADP
fsr-3230	362	6	morningstar	morningstar	NOUN
fsr-3230	362	7	and	and	CCONJ
fsr-3230	362	8	is	be	AUX
fsr-3230	362	9	equal	equal	ADJ
fsr-3230	362	10	to	to	ADP
fsr-3230	362	11	1	1	NUM
fsr-3230	362	12	2	2	NUM
fsr-3230	362	13	∑	∑	PUNCT
fsr-3230	362	14	|𝜔𝐹𝑢𝑛𝑑,𝑖	|𝜔𝐹𝑢𝑛𝑑,𝑖	PUNCT
fsr-3230	362	15	−	−	NOUN
fsr-3230	362	16	𝜔𝐼𝑛𝑑𝑒𝑥,𝑖|𝑁	𝜔𝐼𝑛𝑑𝑒𝑥,𝑖|𝑁	NUM
fsr-3230	362	17	𝑖=1	𝑖=1	PUNCT
fsr-3230	362	18	,	,	PUNCT
fsr-3230	362	19	where	where	SCONJ
fsr-3230	362	20	𝜔𝐹𝑢𝑛𝑑,𝑖	𝜔𝐹𝑢𝑛𝑑,𝑖	PROPN
fsr-3230	362	21	−	−	PROPN
fsr-3230	362	22	𝜔𝐼𝑛𝑑𝑒𝑥,𝑖	𝜔𝐼𝑛𝑑𝑒𝑥,𝑖	PROPN
fsr-3230	362	23	is	be	AUX
fsr-3230	362	24	the	the	DET
fsr-3230	362	25	deviation	deviation	NOUN
fsr-3230	362	26	of	of	ADP
fsr-3230	362	27	the	the	DET
fsr-3230	362	28	fund	fund	NOUN
fsr-3230	362	29	’s	’s	PART
fsr-3230	362	30	holdings	holding	NOUN
fsr-3230	362	31	in	in	ADP
fsr-3230	362	32	stock	stock	NOUN
fsr-3230	362	33	i	i	PRON
fsr-3230	362	34	from	from	ADP
fsr-3230	362	35	those	those	PRON
fsr-3230	362	36	of	of	ADP
fsr-3230	362	37	its	its	PRON
fsr-3230	362	38	main	main	ADJ
fsr-3230	362	39	benchmark	benchmark	NOUN
fsr-3230	362	40	index	index	NOUN
fsr-3230	362	41	.	.	PUNCT
fsr-3230	363	1	net	net	ADJ
fsr-3230	363	2	fund	fund	PROPN
fsr-3230	363	3	flows	flow	NOUN
fsr-3230	363	4	are	be	AUX
fsr-3230	363	5	equal	equal	ADJ
fsr-3230	363	6	to	to	ADP
fsr-3230	363	7	[	[	PUNCT
fsr-3230	363	8	𝑇𝑁𝐴𝑀𝐹,𝑡	𝑇𝑁𝐴𝑀𝐹,𝑡	NOUN
fsr-3230	363	9	−	−	PROPN
fsr-3230	364	1	𝑇𝑁𝐴𝑀𝐹,𝑡−1𝑅𝑀𝐹,𝑡	𝑇𝑁𝐴𝑀𝐹,𝑡−1𝑅𝑀𝐹,𝑡	PROPN
fsr-3230	364	2	]	]	X
fsr-3230	364	3	𝑇𝑁𝐴𝑀𝐹,𝑡−1⁄	𝑇𝑁𝐴𝑀𝐹,𝑡−1⁄	PROPN
fsr-3230	364	4	,	,	PUNCT
fsr-3230	364	5	where	where	SCONJ
fsr-3230	364	6	𝑇𝑁𝐴𝑀𝐹,𝑡	𝑇𝑁𝐴𝑀𝐹,𝑡	NOUN
fsr-3230	364	7	is	be	AUX
fsr-3230	364	8	the	the	DET
fsr-3230	364	9	fund	fund	NOUN
fsr-3230	364	10	tna	tna	NOUN
fsr-3230	364	11	at	at	ADP
fsr-3230	364	12	quarter	quarter	NOUN
fsr-3230	364	13	t	t	NOUN
fsr-3230	364	14	and	and	CCONJ
fsr-3230	364	15	𝑅𝑀𝐹,𝑡	𝑅𝑀𝐹,𝑡	PROPN
fsr-3230	364	16	is	be	AUX
fsr-3230	364	17	the	the	DET
fsr-3230	364	18	quarterly	quarterly	ADJ
fsr-3230	364	19	fund	fund	NOUN
fsr-3230	364	20	return	return	NOUN
fsr-3230	364	21	.	.	PUNCT
fsr-3230	365	1	other	other	ADJ
fsr-3230	365	2	control	control	NOUN
fsr-3230	365	3	variables	variable	NOUN
fsr-3230	365	4	in	in	ADP
fsr-3230	365	5	the	the	DET
fsr-3230	365	6	fund	fund	NOUN
fsr-3230	365	7	flow	flow	NOUN
fsr-3230	365	8	regressions	regression	NOUN
fsr-3230	365	9	include	include	VERB
fsr-3230	365	10	lagged	lag	VERB
fsr-3230	365	11	values	value	NOUN
fsr-3230	365	12	of	of	ADP
fsr-3230	365	13	lop	lop	PROPN
fsr-3230	365	14	alpha	alpha	PROPN
fsr-3230	365	15	,	,	PUNCT
fsr-3230	365	16	estimated	estimate	VERB
fsr-3230	365	17	using	use	VERB
fsr-3230	365	18	the	the	DET
fsr-3230	365	19	10i	10i	NOUN
fsr-3230	365	20	passive	passive	ADJ
fsr-3230	365	21	portfolios	portfolio	NOUN
fsr-3230	365	22	,	,	PUNCT
fsr-3230	365	23	fund	fund	NOUN
fsr-3230	365	24	return	return	NOUN
fsr-3230	365	25	volatility	volatility	NOUN
fsr-3230	365	26	vol	vol	NOUN
fsr-3230	365	27	,	,	PUNCT
fsr-3230	365	28	and	and	CCONJ
fsr-3230	365	29	fund	fund	NOUN
fsr-3230	365	30	return	return	VERB
fsr-3230	365	31	first	first	ADJ
fsr-3230	365	32	-	-	PUNCT
fsr-3230	365	33	order	order	NOUN
fsr-3230	365	34	autocorrelation	autocorrelation	NOUN
fsr-3230	365	35	ar	ar	NOUN
fsr-3230	365	36	.	.	PUNCT
fsr-3230	366	1	these	these	DET
fsr-3230	366	2	variables	variable	NOUN
fsr-3230	366	3	are	be	AUX
fsr-3230	366	4	computed	compute	VERB
fsr-3230	366	5	with	with	ADP
fsr-3230	366	6	a	a	DET
fsr-3230	366	7	60month	60month	NUM
fsr-3230	366	8	rolling	rolling	ADJ
fsr-3230	366	9	estimation	estimation	NOUN
fsr-3230	366	10	window	window	NOUN
fsr-3230	366	11	ending	end	VERB
fsr-3230	366	12	in	in	ADP
fsr-3230	366	13	the	the	DET
fsr-3230	366	14	previous	previous	ADJ
fsr-3230	366	15	quarter	quarter	NOUN
fsr-3230	366	16	.	.	PUNCT
fsr-3230	367	1	table	table	NOUN
fsr-3230	367	2	3	3	NUM
fsr-3230	367	3	gives	give	VERB
fsr-3230	367	4	quarterly	quarterly	ADJ
fsr-3230	367	5	summary	summary	NOUN
fsr-3230	367	6	statistics	statistic	NOUN
fsr-3230	367	7	for	for	ADP
fsr-3230	367	8	the	the	DET
fsr-3230	367	9	fund	fund	NOUN
fsr-3230	367	10	characteristics	characteristic	NOUN
fsr-3230	367	11	,	,	PUNCT
fsr-3230	367	12	active	active	ADJ
fsr-3230	367	13	management	management	NOUN
fsr-3230	367	14	variables	variable	NOUN
fsr-3230	367	15	,	,	PUNCT
fsr-3230	367	16	fund	fund	NOUN
fsr-3230	367	17	flows	flow	NOUN
fsr-3230	367	18	and	and	CCONJ
fsr-3230	367	19	other	other	ADJ
fsr-3230	367	20	control	control	NOUN
fsr-3230	367	21	variables	variable	NOUN
fsr-3230	367	22	.	.	PUNCT
fsr-3230	368	1	the	the	DET
fsr-3230	368	2	means	mean	NOUN
fsr-3230	368	3	(	(	PUNCT
fsr-3230	368	4	across	across	ADP
fsr-3230	368	5	funds	fund	NOUN
fsr-3230	368	6	and	and	CCONJ
fsr-3230	368	7	time	time	NOUN
fsr-3230	368	8	)	)	PUNCT
fsr-3230	368	9	for	for	ADP
fsr-3230	368	10	the	the	DET
fsr-3230	368	11	most	most	ADV
fsr-3230	368	12	common	common	ADJ
fsr-3230	368	13	fund	fund	NOUN
fsr-3230	368	14	characteristics	characteristic	NOUN
fsr-3230	368	15	are	be	AUX
fsr-3230	368	16	1.35	1.35	NUM
fsr-3230	368	17	%	%	NOUN
fsr-3230	368	18	for	for	ADP
fsr-3230	368	19	the	the	DET
fsr-3230	368	20	expense	expense	NOUN
fsr-3230	368	21	ratio	ratio	NOUN
fsr-3230	368	22	,	,	PUNCT
fsr-3230	368	23	87.22	87.22	NUM
fsr-3230	368	24	%	%	NOUN
fsr-3230	368	25	for	for	ADP
fsr-3230	368	26	the	the	DET
fsr-3230	368	27	turnover	turnover	NOUN
fsr-3230	368	28	,	,	PUNCT
fsr-3230	368	29	13.05	13.05	NUM
fsr-3230	368	30	years	year	NOUN
fsr-3230	368	31	for	for	ADP
fsr-3230	368	32	fund	fund	NOUN
fsr-3230	368	33	age	age	NOUN
fsr-3230	368	34	,	,	PUNCT
fsr-3230	368	35	4.83	4.83	NUM
fsr-3230	368	36	years	year	NOUN
fsr-3230	368	37	for	for	ADP
fsr-3230	368	38	manager	manager	NOUN
fsr-3230	368	39	tenure	tenure	NOUN
fsr-3230	368	40	and	and	CCONJ
fsr-3230	368	41	$	$	SYM
fsr-3230	368	42	1136.94	1136.94	NUM
fsr-3230	368	43	million	million	NUM
fsr-3230	368	44	for	for	ADP
fsr-3230	368	45	fund	fund	NOUN
fsr-3230	368	46	size	size	NOUN
fsr-3230	368	47	.	.	PUNCT
fsr-3230	369	1	fund	fund	NOUN
fsr-3230	369	2	expense	expense	NOUN
fsr-3230	369	3	components	component	NOUN
fsr-3230	369	4	have	have	VERB
fsr-3230	369	5	means	mean	NOUN
fsr-3230	369	6	of	of	ADP
fsr-3230	369	7	0.72	0.72	NUM
fsr-3230	369	8	%	%	NOUN
fsr-3230	369	9	for	for	ADP
fsr-3230	369	10	management	management	NOUN
fsr-3230	369	11	fees	fee	NOUN
fsr-3230	369	12	,	,	PUNCT
fsr-3230	369	13	0.43	0.43	NUM
fsr-3230	369	14	%	%	NOUN
fsr-3230	369	15	for	for	ADP
fsr-3230	369	16	advertising	advertising	NOUN
fsr-3230	369	17	expenses	expense	NOUN
fsr-3230	369	18	and	and	CCONJ
fsr-3230	369	19	0.64	0.64	NUM
fsr-3230	369	20	%	%	NOUN
fsr-3230	369	21	for	for	ADP
fsr-3230	369	22	the	the	DET
fsr-3230	369	23	costs	cost	NOUN
fsr-3230	369	24	of	of	ADP
fsr-3230	369	25	bundled	bundle	VERB
fsr-3230	369	26	services	service	NOUN
fsr-3230	369	27	.	.	PUNCT
fsr-3230	370	1	means	mean	VERB
fsr-3230	370	2	for	for	ADP
fsr-3230	370	3	tax	tax	NOUN
fsr-3230	370	4	burden	burden	NOUN
fsr-3230	370	5	,	,	PUNCT
fsr-3230	370	6	dividend	dividend	NOUN
fsr-3230	370	7	yield	yield	NOUN
fsr-3230	370	8	and	and	CCONJ
fsr-3230	370	9	family	family	NOUN
fsr-3230	370	10	size	size	NOUN
fsr-3230	370	11	are	be	AUX
fsr-3230	370	12	0.020	0.020	NUM
fsr-3230	370	13	%	%	NOUN
fsr-3230	370	14	,	,	PUNCT
fsr-3230	370	15	2.10	2.10	NUM
fsr-3230	370	16	%	%	NOUN
fsr-3230	370	17	and	and	CCONJ
fsr-3230	370	18	23.6	23.6	NUM
fsr-3230	370	19	funds	fund	NOUN
fsr-3230	370	20	,	,	PUNCT
fsr-3230	370	21	respectively	respectively	ADV
fsr-3230	370	22	.	.	PUNCT
fsr-3230	371	1	factor	factor	NOUN
fsr-3230	371	2	exposures	exposure	NOUN
fsr-3230	371	3	have	have	VERB
fsr-3230	371	4	means	mean	NOUN
fsr-3230	371	5	of	of	ADP
fsr-3230	371	6	0.38	0.38	NUM
fsr-3230	371	7	for	for	ADP
fsr-3230	371	8	size	size	NOUN
fsr-3230	371	9	,	,	PUNCT
fsr-3230	371	10	-0.36	-0.36	NOUN
fsr-3230	371	11	for	for	ADP
fsr-3230	371	12	value	value	NOUN
fsr-3230	371	13	and	and	CCONJ
fsr-3230	371	14	-0.12	-0.12	NUM
fsr-3230	371	15	for	for	ADP
fsr-3230	371	16	momentum	momentum	NOUN
fsr-3230	371	17	.	.	PUNCT
fsr-3230	372	1	means	mean	VERB
fsr-3230	372	2	for	for	ADP
fsr-3230	372	3	asset	asset	NOUN
fsr-3230	372	4	selectivity	selectivity	NOUN
fsr-3230	372	5	,	,	PUNCT
fsr-3230	372	6	active	active	ADJ
fsr-3230	372	7	share	share	NOUN
fsr-3230	372	8	and	and	CCONJ
fsr-3230	372	9	net	net	ADJ
fsr-3230	372	10	fund	fund	NOUN
fsr-3230	372	11	flows	flow	NOUN
fsr-3230	372	12	are	be	AUX
fsr-3230	372	13	14.44	14.44	NUM
fsr-3230	372	14	%	%	NOUN
fsr-3230	372	15	,	,	PUNCT
fsr-3230	372	16	78.23	78.23	NUM
fsr-3230	372	17	%	%	NOUN
fsr-3230	372	18	and	and	CCONJ
fsr-3230	372	19	-1.10	-1.10	NOUN
fsr-3230	372	20	%	%	NOUN
fsr-3230	372	21	,	,	PUNCT
fsr-3230	372	22	respectively.12	respectively.12	NOUN
fsr-3230	372	23	finally	finally	ADV
fsr-3230	372	24	,	,	PUNCT
fsr-3230	372	25	means	mean	VERB
fsr-3230	372	26	for	for	ADP
fsr-3230	372	27	lop	lop	PROPN
fsr-3230	372	28	alpha	alpha	PROPN
fsr-3230	372	29	,	,	PUNCT
fsr-3230	372	30	fund	fund	NOUN
fsr-3230	372	31	return	return	NOUN
fsr-3230	372	32	volatility	volatility	NOUN
fsr-3230	372	33	and	and	CCONJ
fsr-3230	372	34	fund	fund	NOUN
fsr-3230	372	35	return	return	NOUN
fsr-3230	372	36	autocorrelation	autocorrelation	NOUN
fsr-3230	372	37	are	be	AUX
fsr-3230	372	38	-0.14	-0.14	NUM
fsr-3230	372	39	%	%	NOUN
fsr-3230	372	40	,	,	PUNCT
fsr-3230	372	41	0.30	0.30	NUM
fsr-3230	372	42	%	%	NOUN
fsr-3230	372	43	and	and	CCONJ
fsr-3230	372	44	0.072	0.072	NUM
fsr-3230	372	45	,	,	PUNCT
fsr-3230	372	46	respectively	respectively	ADV
fsr-3230	372	47	.	.	PUNCT
fsr-3230	373	1	10	10	NUM
fsr-3230	373	2	we	we	PRON
fsr-3230	373	3	thank	thank	VERB
fsr-3230	373	4	clemens	clemen	NOUN
fsr-3230	373	5	sialm	sialm	NOUN
fsr-3230	373	6	for	for	ADP
fsr-3230	373	7	providing	provide	VERB
fsr-3230	373	8	time	time	NOUN
fsr-3230	373	9	series	series	NOUN
fsr-3230	373	10	of	of	ADP
fsr-3230	373	11	the	the	DET
fsr-3230	373	12	tax	tax	NOUN
fsr-3230	373	13	rates	rate	NOUN
fsr-3230	373	14	on	on	ADP
fsr-3230	373	15	dividends	dividend	NOUN
fsr-3230	373	16	(	(	PUNCT
fsr-3230	373	17	div	div	PROPN
fsr-3230	373	18	)	)	PUNCT
fsr-3230	373	19	,	,	PUNCT
fsr-3230	373	20	short	short	ADJ
fsr-3230	373	21	-	-	PUNCT
fsr-3230	373	22	term	term	NOUN
fsr-3230	373	23	capital	capital	NOUN
fsr-3230	373	24	gains	gain	NOUN
fsr-3230	373	25	(	(	PUNCT
fsr-3230	373	26	scg	scg	NOUN
fsr-3230	373	27	)	)	PUNCT
fsr-3230	373	28	,	,	PUNCT
fsr-3230	373	29	and	and	CCONJ
fsr-3230	373	30	long	long	ADJ
fsr-3230	373	31	-	-	PUNCT
fsr-3230	373	32	term	term	NOUN
fsr-3230	373	33	capital	capital	NOUN
fsr-3230	373	34	gains	gain	NOUN
fsr-3230	373	35	(	(	PUNCT
fsr-3230	373	36	lcg	lcg	PROPN
fsr-3230	373	37	)	)	PUNCT
fsr-3230	373	38	.	.	PUNCT
fsr-3230	374	1	we	we	PRON
fsr-3230	374	2	follow	follow	VERB
fsr-3230	374	3	sialm	sialm	PROPN
fsr-3230	374	4	and	and	CCONJ
fsr-3230	374	5	zhang	zhang	PROPN
fsr-3230	374	6	(	(	PUNCT
fsr-3230	374	7	2020	2020	NUM
fsr-3230	374	8	)	)	PUNCT
fsr-3230	374	9	to	to	PART
fsr-3230	374	10	compute	compute	VERB
fsr-3230	374	11	tax	tax	NOUN
fsr-3230	374	12	burden	burden	NOUN
fsr-3230	374	13	.	.	PUNCT
fsr-3230	375	1	11	11	NUM
fsr-3230	375	2	following	follow	VERB
fsr-3230	375	3	pollet	pollet	NOUN
fsr-3230	375	4	and	and	CCONJ
fsr-3230	375	5	wilson	wilson	PROPN
fsr-3230	375	6	(	(	PUNCT
fsr-3230	375	7	2008	2008	NUM
fsr-3230	375	8	)	)	PUNCT
fsr-3230	375	9	,	,	PUNCT
fsr-3230	375	10	we	we	PRON
fsr-3230	375	11	treat	treat	VERB
fsr-3230	375	12	funds	fund	NOUN
fsr-3230	375	13	with	with	ADP
fsr-3230	375	14	the	the	DET
fsr-3230	375	15	same	same	ADJ
fsr-3230	375	16	management	management	NOUN
fsr-3230	375	17	company	company	NOUN
fsr-3230	375	18	name	name	NOUN
fsr-3230	375	19	as	as	ADP
fsr-3230	375	20	belonging	belong	VERB
fsr-3230	375	21	to	to	ADP
fsr-3230	375	22	the	the	DET
fsr-3230	375	23	same	same	ADJ
fsr-3230	375	24	family	family	NOUN
fsr-3230	375	25	of	of	ADP
fsr-3230	375	26	funds	fund	NOUN
fsr-3230	375	27	.	.	PUNCT
fsr-3230	376	1	12	12	NUM
fsr-3230	376	2	active	active	ADJ
fsr-3230	376	3	share	share	NOUN
fsr-3230	376	4	has	have	VERB
fsr-3230	376	5	a	a	DET
fsr-3230	376	6	maximum	maximum	NOUN
fsr-3230	376	7	of	of	ADP
fsr-3230	376	8	211.90	211.90	NUM
fsr-3230	376	9	%	%	NOUN
fsr-3230	376	10	,	,	PUNCT
fsr-3230	376	11	which	which	PRON
fsr-3230	376	12	is	be	AUX
fsr-3230	376	13	unusually	unusually	ADV
fsr-3230	376	14	high	high	ADJ
fsr-3230	376	15	.	.	PUNCT
fsr-3230	377	1	it	it	PRON
fsr-3230	377	2	should	should	AUX
fsr-3230	377	3	be	be	AUX
fsr-3230	377	4	below	below	ADP
fsr-3230	377	5	100	100	NUM
fsr-3230	377	6	%	%	NOUN
fsr-3230	377	7	unless	unless	SCONJ
fsr-3230	377	8	a	a	DET
fsr-3230	377	9	fund	fund	NOUN
fsr-3230	377	10	has	have	VERB
fsr-3230	377	11	important	important	ADJ
fsr-3230	377	12	short	short	ADJ
fsr-3230	377	13	selling	selling	NOUN
fsr-3230	377	14	activities	activity	NOUN
fsr-3230	377	15	and	and	CCONJ
fsr-3230	377	16	extreme	extreme	ADJ
fsr-3230	377	17	equity	equity	NOUN
fsr-3230	377	18	portfolio	portfolio	NOUN
fsr-3230	378	1	weights	weight	NOUN
fsr-3230	378	2	(	(	PUNCT
fsr-3230	378	3	potentially	potentially	ADV
fsr-3230	378	4	a	a	DET
fsr-3230	378	5	sign	sign	NOUN
fsr-3230	378	6	of	of	ADP
fsr-3230	378	7	derivatives	derivative	NOUN
fsr-3230	378	8	positions	position	NOUN
fsr-3230	378	9	)	)	PUNCT
fsr-3230	378	10	.	.	PUNCT
fsr-3230	379	1	we	we	PRON
fsr-3230	379	2	investigate	investigate	VERB
fsr-3230	379	3	the	the	DET
fsr-3230	379	4	data	data	NOUN
fsr-3230	379	5	series	series	NOUN
fsr-3230	379	6	and	and	CCONJ
fsr-3230	379	7	find	find	VERB
fsr-3230	379	8	that	that	SCONJ
fsr-3230	379	9	less	less	ADJ
fsr-3230	379	10	than	than	ADP
fsr-3230	379	11	1	1	NUM
fsr-3230	379	12	%	%	NOUN
fsr-3230	379	13	of	of	ADP
fsr-3230	379	14	observations	observation	NOUN
fsr-3230	379	15	have	have	VERB
fsr-3230	379	16	active	active	ADJ
fsr-3230	379	17	share	share	NOUN
fsr-3230	379	18	values	value	NOUN
fsr-3230	379	19	above	above	ADP
fsr-3230	379	20	100	100	NUM
fsr-3230	379	21	%	%	NOUN
fsr-3230	379	22	.	.	PUNCT
fsr-3230	380	1	our	our	PRON
fsr-3230	380	2	results	result	NOUN
fsr-3230	380	3	are	be	AUX
fsr-3230	380	4	robust	robust	ADJ
fsr-3230	380	5	to	to	ADP
fsr-3230	380	6	the	the	DET
fsr-3230	380	7	exclusion	exclusion	NOUN
fsr-3230	380	8	of	of	ADP
fsr-3230	380	9	these	these	DET
fsr-3230	380	10	observations	observation	NOUN
fsr-3230	380	11	.	.	PUNCT
fsr-3230	381	1	chrétien	chrétien	PROPN
fsr-3230	381	2	&	&	CCONJ
fsr-3230	381	3	kammoun	kammoun	PROPN
fsr-3230	381	4	77	77	NUM
fsr-3230	381	5	table	table	NOUN
fsr-3230	381	6	3	3	NUM
fsr-3230	381	7	.	.	PUNCT
fsr-3230	382	1	summary	summary	NOUN
fsr-3230	382	2	statistics	statistic	NOUN
fsr-3230	382	3	for	for	ADP
fsr-3230	382	4	the	the	DET
fsr-3230	382	5	fund	fund	NOUN
fsr-3230	382	6	characteristics	characteristic	NOUN
fsr-3230	382	7	,	,	PUNCT
fsr-3230	382	8	active	active	ADJ
fsr-3230	382	9	management	management	NOUN
fsr-3230	382	10	variables	variable	NOUN
fsr-3230	382	11	,	,	PUNCT
fsr-3230	382	12	net	net	ADJ
fsr-3230	382	13	fund	fund	NOUN
fsr-3230	382	14	flows	flow	VERB
fsr-3230	382	15	,	,	PUNCT
fsr-3230	382	16	and	and	CCONJ
fsr-3230	382	17	other	other	ADJ
fsr-3230	382	18	control	control	NOUN
fsr-3230	382	19	variables	variable	NOUN
fsr-3230	382	20	mean	mean	VERB
fsr-3230	382	21	stddev	stddev	PROPN
fsr-3230	382	22	min	min	PROPN
fsr-3230	382	23	max	max	PROPN
fsr-3230	382	24	most	most	ADV
fsr-3230	382	25	common	common	ADJ
fsr-3230	382	26	fund	fund	NOUN
fsr-3230	382	27	characteristics	characteristic	NOUN
fsr-3230	382	28	expenses	expense	NOUN
fsr-3230	382	29	(	(	PUNCT
fsr-3230	382	30	%	%	INTJ
fsr-3230	382	31	)	)	PUNCT
fsr-3230	382	32	1.350	1.350	NUM
fsr-3230	382	33	0.970	0.970	NUM
fsr-3230	382	34	0.000	0.000	NUM
fsr-3230	382	35	102.440	102.440	NUM
fsr-3230	382	36	turnover	turnover	NOUN
fsr-3230	382	37	(	(	PUNCT
fsr-3230	382	38	%	%	NOUN
fsr-3230	382	39	)	)	PUNCT
fsr-3230	382	40	87.220	87.220	NUM
fsr-3230	382	41	111.330	111.330	NUM
fsr-3230	382	42	0.040	0.040	NUM
fsr-3230	382	43	9150.000	9150.000	NUM
fsr-3230	382	44	age	age	NOUN
fsr-3230	382	45	(	(	PUNCT
fsr-3230	382	46	years	year	NOUN
fsr-3230	382	47	)	)	PUNCT
fsr-3230	382	48	13.053	13.053	NUM
fsr-3230	382	49	13.263	13.263	NUM
fsr-3230	382	50	0.036	0.036	NUM
fsr-3230	382	51	87.460	87.460	NUM
fsr-3230	382	52	manager	manager	NOUN
fsr-3230	382	53	tenure	tenure	NOUN
fsr-3230	382	54	(	(	PUNCT
fsr-3230	382	55	years	year	NOUN
fsr-3230	382	56	)	)	PUNCT
fsr-3230	382	57	4.834	4.834	NUM
fsr-3230	382	58	5.280	5.280	NUM
fsr-3230	382	59	0.074	0.074	NUM
fsr-3230	382	60	61.910	61.910	NUM
fsr-3230	382	61	fund	fund	NOUN
fsr-3230	382	62	size	size	NOUN
fsr-3230	382	63	(	(	PUNCT
fsr-3230	382	64	in	in	ADP
fsr-3230	382	65	millions	million	NOUN
fsr-3230	382	66	$	$	SYM
fsr-3230	382	67	)	)	PUNCT
fsr-3230	383	1	1136.937	1136.937	NUM
fsr-3230	383	2	4191.458	4191.458	NUM
fsr-3230	383	3	0.001	0.001	NUM
fsr-3230	383	4	109073.000	109073.000	NUM
fsr-3230	383	5	other	other	ADJ
fsr-3230	383	6	relevant	relevant	ADJ
fsr-3230	383	7	fund	fund	NOUN
fsr-3230	383	8	characteristics	characteristics	PROPN
fsr-3230	383	9	management	management	NOUN
fsr-3230	383	10	fees	fee	NOUN
fsr-3230	383	11	(	(	PUNCT
fsr-3230	383	12	%	%	INTJ
fsr-3230	383	13	)	)	PUNCT
fsr-3230	383	14	0.720	0.720	NUM
fsr-3230	383	15	0.270	0.270	NUM
fsr-3230	383	16	0.000	0.000	NUM
fsr-3230	383	17	6.670	6.670	NUM
fsr-3230	383	18	advertising	advertising	NOUN
fsr-3230	383	19	expenses	expense	NOUN
fsr-3230	383	20	(	(	PUNCT
fsr-3230	383	21	%	%	INTJ
fsr-3230	383	22	)	)	PUNCT
fsr-3230	383	23	0.430	0.430	NUM
fsr-3230	383	24	0.400	0.400	NUM
fsr-3230	383	25	0.000	0.000	NUM
fsr-3230	383	26	1.600	1.600	NUM
fsr-3230	383	27	bundled	bundle	VERB
fsr-3230	383	28	(	(	PUNCT
fsr-3230	383	29	%	%	INTJ
fsr-3230	383	30	)	)	PUNCT
fsr-3230	383	31	0.640	0.640	NUM
fsr-3230	383	32	0.870	0.870	NUM
fsr-3230	383	33	0.000	0.000	NUM
fsr-3230	383	34	102.440	102.440	NUM
fsr-3230	383	35	tax	tax	NOUN
fsr-3230	383	36	burden	burden	NOUN
fsr-3230	383	37	(	(	PUNCT
fsr-3230	383	38	%	%	INTJ
fsr-3230	383	39	)	)	PUNCT
fsr-3230	383	40	0.020	0.020	NUM
fsr-3230	383	41	0.020	0.020	NUM
fsr-3230	383	42	0.000	0.000	NUM
fsr-3230	383	43	1.020	1.020	NUM
fsr-3230	383	44	dividend	dividend	NOUN
fsr-3230	383	45	yield	yield	NOUN
fsr-3230	383	46	(	(	PUNCT
fsr-3230	383	47	%	%	NOUN
fsr-3230	383	48	)	)	PUNCT
fsr-3230	383	49	2.100	2.100	NUM
fsr-3230	383	50	0.760	0.760	NUM
fsr-3230	383	51	1.110	1.110	NUM
fsr-3230	383	52	4.920	4.920	NUM
fsr-3230	383	53	family	family	NOUN
fsr-3230	383	54	size	size	NOUN
fsr-3230	383	55	(	(	PUNCT
fsr-3230	383	56	number	number	NOUN
fsr-3230	383	57	of	of	ADP
fsr-3230	383	58	funds	fund	NOUN
fsr-3230	383	59	)	)	PUNCT
fsr-3230	383	60	23.558	23.558	NUM
fsr-3230	383	61	25.309	25.309	NUM
fsr-3230	383	62	1.000	1.000	NUM
fsr-3230	383	63	112.000	112.000	NUM
fsr-3230	383	64	𝛽𝑆𝑀𝐵	𝛽𝑆𝑀𝐵	ADV
fsr-3230	383	65	0.378	0.378	NUM
fsr-3230	383	66	0.491	0.491	NUM
fsr-3230	383	67	-1.322	-1.322	NUM
fsr-3230	383	68	2.810	2.810	NUM
fsr-3230	383	69	𝛽𝐻𝑀𝐿	𝛽𝐻𝑀𝐿	NUM
fsr-3230	383	70	-0.360	-0.360	NUM
fsr-3230	383	71	0.585	0.585	NUM
fsr-3230	383	72	-4.169	-4.169	NUM
fsr-3230	383	73	2.624	2.624	NUM
fsr-3230	383	74	𝛽𝑈𝑀𝐷	𝛽𝑈𝑀𝐷	PROPN
fsr-3230	383	75	-0.124	-0.124	ADP
fsr-3230	383	76	0.282	0.282	NUM
fsr-3230	383	77	-1.963	-1.963	NUM
fsr-3230	383	78	1.403	1.403	NUM
fsr-3230	383	79	active	active	ADJ
fsr-3230	383	80	management	management	NOUN
fsr-3230	383	81	asset	asset	NOUN
fsr-3230	383	82	selectivity	selectivity	NOUN
fsr-3230	383	83	(	(	PUNCT
fsr-3230	383	84	%	%	NOUN
fsr-3230	383	85	)	)	PUNCT
fsr-3230	383	86	14.440	14.440	NUM
fsr-3230	383	87	13.560	13.560	NUM
fsr-3230	383	88	0.060	0.060	NUM
fsr-3230	383	89	94.500	94.500	NUM
fsr-3230	383	90	active	active	ADJ
fsr-3230	383	91	share	share	NOUN
fsr-3230	383	92	(	(	PUNCT
fsr-3230	383	93	%	%	INTJ
fsr-3230	383	94	)	)	PUNCT
fsr-3230	383	95	78.227	78.227	NUM
fsr-3230	383	96	13.586	13.586	NUM
fsr-3230	383	97	3.141	3.141	NUM
fsr-3230	383	98	211.898	211.898	NUM
fsr-3230	383	99	fund	fund	NOUN
fsr-3230	383	100	flows	flow	NOUN
fsr-3230	383	101	(	(	PUNCT
fsr-3230	383	102	%	%	INTJ
fsr-3230	383	103	)	)	PUNCT
fsr-3230	383	104	-1.100	-1.100	PUNCT
fsr-3230	383	105	21.320	21.320	NUM
fsr-3230	383	106	-101.940	-101.940	NUM
fsr-3230	383	107	3144.950	3144.950	NUM
fsr-3230	383	108	other	other	ADJ
fsr-3230	383	109	control	control	NOUN
fsr-3230	383	110	variables	variable	NOUN
fsr-3230	383	111	lop	lop	NOUN
fsr-3230	383	112	alpha	alpha	NOUN
fsr-3230	383	113	(	(	PUNCT
fsr-3230	383	114	%	%	INTJ
fsr-3230	383	115	)	)	PUNCT
fsr-3230	383	116	-0.140	-0.140	NOUN
fsr-3230	383	117	0.390	0.390	NUM
fsr-3230	383	118	-6.650	-6.650	SYM
fsr-3230	383	119	2.770	2.770	NUM
fsr-3230	383	120	vol	vol	NOUN
fsr-3230	383	121	(	(	PUNCT
fsr-3230	383	122	%	%	INTJ
fsr-3230	383	123	)	)	PUNCT
fsr-3230	383	124	0.300	0.300	NUM
fsr-3230	383	125	0.250	0.250	NUM
fsr-3230	383	126	0.000	0.000	NUM
fsr-3230	383	127	6.060	6.060	NUM
fsr-3230	383	128	ar	ar	NOUN
fsr-3230	383	129	0.072	0.072	NUM
fsr-3230	383	130	0.142	0.142	NUM
fsr-3230	383	131	-0.477	-0.477	NOUN
fsr-3230	383	132	0.896	0.896	PRON
fsr-3230	383	133	table	table	NOUN
fsr-3230	383	134	3	3	NUM
fsr-3230	383	135	presents	present	VERB
fsr-3230	383	136	quarterly	quarterly	ADJ
fsr-3230	383	137	summary	summary	NOUN
fsr-3230	383	138	statistics	statistic	NOUN
fsr-3230	383	139	for	for	ADP
fsr-3230	383	140	the	the	DET
fsr-3230	383	141	fund	fund	NOUN
fsr-3230	383	142	characteristics	characteristic	NOUN
fsr-3230	383	143	,	,	PUNCT
fsr-3230	383	144	active	active	ADJ
fsr-3230	383	145	management	management	NOUN
fsr-3230	383	146	variables	variable	NOUN
fsr-3230	383	147	,	,	PUNCT
fsr-3230	383	148	net	net	ADJ
fsr-3230	383	149	fund	fund	NOUN
fsr-3230	383	150	flows	flow	NOUN
fsr-3230	383	151	and	and	CCONJ
fsr-3230	383	152	other	other	ADJ
fsr-3230	383	153	control	control	NOUN
fsr-3230	383	154	variables	variable	NOUN
fsr-3230	383	155	,	,	PUNCT
fsr-3230	383	156	using	use	VERB
fsr-3230	383	157	data	datum	NOUN
fsr-3230	383	158	from	from	ADP
fsr-3230	383	159	january	january	PROPN
fsr-3230	383	160	1984	1984	NUM
fsr-3230	383	161	to	to	ADP
fsr-3230	383	162	december	december	PROPN
fsr-3230	383	163	2016	2016	NUM
fsr-3230	383	164	.	.	PUNCT
fsr-3230	384	1	it	it	PRON
fsr-3230	384	2	shows	show	VERB
fsr-3230	384	3	the	the	DET
fsr-3230	384	4	average	average	ADJ
fsr-3230	384	5	(	(	PUNCT
fsr-3230	384	6	mean	mean	ADJ
fsr-3230	384	7	)	)	PUNCT
fsr-3230	384	8	,	,	PUNCT
fsr-3230	384	9	standard	standard	ADJ
fsr-3230	384	10	deviation	deviation	NOUN
fsr-3230	384	11	(	(	PUNCT
fsr-3230	384	12	stddev	stddev	NOUN
fsr-3230	384	13	)	)	PUNCT
fsr-3230	384	14	,	,	PUNCT
fsr-3230	384	15	minimum	minimum	NOUN
fsr-3230	384	16	(	(	PUNCT
fsr-3230	384	17	min	min	NOUN
fsr-3230	384	18	)	)	PUNCT
fsr-3230	384	19	,	,	PUNCT
fsr-3230	384	20	and	and	CCONJ
fsr-3230	384	21	maximum	maximum	ADJ
fsr-3230	384	22	(	(	PUNCT
fsr-3230	384	23	max	max	PROPN
fsr-3230	384	24	)	)	PUNCT
fsr-3230	384	25	for	for	ADP
fsr-3230	384	26	each	each	DET
fsr-3230	384	27	variable	variable	NOUN
fsr-3230	384	28	.	.	PUNCT
fsr-3230	385	1	the	the	DET
fsr-3230	385	2	most	most	ADV
fsr-3230	385	3	common	common	ADJ
fsr-3230	385	4	characteristics	characteristic	NOUN
fsr-3230	385	5	variables	variable	NOUN
fsr-3230	385	6	include	include	VERB
fsr-3230	385	7	expenses	expense	NOUN
fsr-3230	385	8	(	(	PUNCT
fsr-3230	385	9	the	the	DET
fsr-3230	385	10	annual	annual	ADJ
fsr-3230	385	11	expense	expense	NOUN
fsr-3230	385	12	ratio	ratio	NOUN
fsr-3230	385	13	)	)	PUNCT
fsr-3230	385	14	,	,	PUNCT
fsr-3230	385	15	turnover	turnover	NOUN
fsr-3230	385	16	(	(	PUNCT
fsr-3230	385	17	the	the	DET
fsr-3230	385	18	minimum	minimum	NOUN
fsr-3230	385	19	of	of	ADP
fsr-3230	385	20	aggregated	aggregate	VERB
fsr-3230	385	21	sales	sale	NOUN
fsr-3230	385	22	or	or	CCONJ
fsr-3230	385	23	aggregated	aggregate	VERB
fsr-3230	385	24	purchases	purchase	NOUN
fsr-3230	385	25	of	of	ADP
fsr-3230	385	26	securities	security	NOUN
fsr-3230	385	27	divided	divide	VERB
fsr-3230	385	28	by	by	ADP
fsr-3230	385	29	the	the	DET
fsr-3230	385	30	average	average	ADJ
fsr-3230	385	31	twelve	twelve	NUM
fsr-3230	385	32	-	-	PUNCT
fsr-3230	385	33	month	month	NOUN
fsr-3230	385	34	tna	tna	NOUN
fsr-3230	385	35	of	of	ADP
fsr-3230	385	36	the	the	DET
fsr-3230	385	37	fund	fund	NOUN
fsr-3230	385	38	)	)	PUNCT
fsr-3230	385	39	,	,	PUNCT
fsr-3230	385	40	age	age	NOUN
fsr-3230	385	41	(	(	PUNCT
fsr-3230	385	42	the	the	DET
fsr-3230	385	43	number	number	NOUN
fsr-3230	385	44	of	of	ADP
fsr-3230	385	45	years	year	NOUN
fsr-3230	385	46	since	since	SCONJ
fsr-3230	385	47	the	the	DET
fsr-3230	385	48	fund	fund	NOUN
fsr-3230	385	49	was	be	AUX
fsr-3230	385	50	first	first	ADV
fsr-3230	385	51	offered	offer	VERB
fsr-3230	385	52	)	)	PUNCT
fsr-3230	385	53	,	,	PUNCT
fsr-3230	385	54	manager	manager	NOUN
fsr-3230	385	55	tenure	tenure	NOUN
fsr-3230	385	56	(	(	PUNCT
fsr-3230	385	57	the	the	DET
fsr-3230	385	58	number	number	NOUN
fsr-3230	385	59	of	of	ADP
fsr-3230	385	60	years	year	NOUN
fsr-3230	385	61	since	since	SCONJ
fsr-3230	385	62	the	the	DET
fsr-3230	385	63	current	current	ADJ
fsr-3230	385	64	manager	manager	NOUN
fsr-3230	385	65	took	take	VERB
fsr-3230	385	66	control	control	NOUN
fsr-3230	385	67	)	)	PUNCT
fsr-3230	385	68	and	and	CCONJ
fsr-3230	385	69	fund	fund	NOUN
fsr-3230	385	70	size	size	NOUN
fsr-3230	385	71	(	(	PUNCT
fsr-3230	385	72	the	the	DET
fsr-3230	385	73	tna	tna	PROPN
fsr-3230	385	74	in	in	ADP
fsr-3230	385	75	millions	million	NOUN
fsr-3230	385	76	$	$	SYM
fsr-3230	385	77	)	)	PUNCT
fsr-3230	385	78	.	.	PUNCT
fsr-3230	386	1	other	other	ADJ
fsr-3230	386	2	relevant	relevant	ADJ
fsr-3230	386	3	characteristics	characteristic	NOUN
fsr-3230	386	4	variables	variable	NOUN
fsr-3230	386	5	include	include	VERB
fsr-3230	386	6	management	management	NOUN
fsr-3230	386	7	fees	fee	NOUN
fsr-3230	386	8	,	,	PUNCT
fsr-3230	386	9	advertising	advertising	NOUN
fsr-3230	386	10	expenses	expense	NOUN
fsr-3230	386	11	(	(	PUNCT
fsr-3230	386	12	12b-1	12b-1	NUM
fsr-3230	386	13	fees	fee	NOUN
fsr-3230	386	14	)	)	PUNCT
fsr-3230	386	15	,	,	PUNCT
fsr-3230	386	16	bundled	bundle	VERB
fsr-3230	386	17	(	(	PUNCT
fsr-3230	386	18	the	the	DET
fsr-3230	386	19	cost	cost	NOUN
fsr-3230	386	20	of	of	ADP
fsr-3230	386	21	bundled	bundle	VERB
fsr-3230	386	22	services	service	NOUN
fsr-3230	386	23	)	)	PUNCT
fsr-3230	386	24	,	,	PUNCT
fsr-3230	386	25	tax	tax	NOUN
fsr-3230	386	26	burden	burden	NOUN
fsr-3230	386	27	(	(	PUNCT
fsr-3230	386	28	the	the	DET
fsr-3230	386	29	weighted	weighted	ADJ
fsr-3230	386	30	average	average	NOUN
fsr-3230	386	31	of	of	ADP
fsr-3230	386	32	the	the	DET
fsr-3230	386	33	tax	tax	NOUN
fsr-3230	386	34	rates	rate	NOUN
fsr-3230	386	35	of	of	ADP
fsr-3230	386	36	investors	investor	NOUN
fsr-3230	386	37	in	in	ADP
fsr-3230	386	38	different	different	ADJ
fsr-3230	386	39	income	income	NOUN
fsr-3230	386	40	brackets	bracket	NOUN
fsr-3230	386	41	,	,	PUNCT
fsr-3230	386	42	where	where	SCONJ
fsr-3230	386	43	the	the	DET
fsr-3230	386	44	weights	weight	NOUN
fsr-3230	386	45	correspond	correspond	VERB
fsr-3230	386	46	to	to	ADP
fsr-3230	386	47	the	the	DET
fsr-3230	386	48	declared	declare	VERB
fsr-3230	386	49	amounts	amount	NOUN
fsr-3230	386	50	of	of	ADP
fsr-3230	386	51	dividends	dividend	NOUN
fsr-3230	386	52	and	and	CCONJ
fsr-3230	386	53	capital	capital	NOUN
fsr-3230	386	54	gains	gain	NOUN
fsr-3230	386	55	)	)	PUNCT
fsr-3230	386	56	,	,	PUNCT
fsr-3230	386	57	dividend	dividend	NOUN
fsr-3230	386	58	yield	yield	NOUN
fsr-3230	386	59	(	(	PUNCT
fsr-3230	386	60	the	the	DET
fsr-3230	386	61	annual	annual	ADJ
fsr-3230	386	62	yield	yield	NOUN
fsr-3230	386	63	of	of	ADP
fsr-3230	386	64	dividend	dividend	NOUN
fsr-3230	386	65	payments	payment	NOUN
fsr-3230	386	66	by	by	ADP
fsr-3230	386	67	the	the	DET
fsr-3230	386	68	fund	fund	NOUN
fsr-3230	386	69	)	)	PUNCT
fsr-3230	386	70	,	,	PUNCT
fsr-3230	386	71	family	family	NOUN
fsr-3230	386	72	size	size	NOUN
fsr-3230	386	73	(	(	PUNCT
fsr-3230	386	74	the	the	DET
fsr-3230	386	75	number	number	NOUN
fsr-3230	386	76	of	of	ADP
fsr-3230	386	77	funds	fund	NOUN
fsr-3230	386	78	in	in	ADP
fsr-3230	386	79	the	the	DET
fsr-3230	386	80	family	family	NOUN
fsr-3230	386	81	to	to	PART
fsr-3230	386	82	which	which	PRON
fsr-3230	386	83	the	the	DET
fsr-3230	386	84	fund	fund	NOUN
fsr-3230	386	85	belongs	belong	VERB
fsr-3230	386	86	in	in	ADP
fsr-3230	386	87	each	each	DET
fsr-3230	386	88	quarter	quarter	NOUN
fsr-3230	386	89	)	)	PUNCT
fsr-3230	386	90	,	,	PUNCT
fsr-3230	386	91	and	and	CCONJ
fsr-3230	386	92	the	the	DET
fsr-3230	386	93	betas	beta	NOUN
fsr-3230	386	94	𝛽𝑆𝑀𝐵	𝛽𝑆𝑀𝐵	PROPN
fsr-3230	386	95	,	,	PUNCT
fsr-3230	386	96	𝛽𝐻𝑀𝐿	𝛽𝐻𝑀𝐿	NOUN
fsr-3230	386	97	and	and	CCONJ
fsr-3230	386	98	𝛽𝑈𝑀𝐷	𝛽𝑈𝑀𝐷	PROPN
fsr-3230	386	99	(	(	PUNCT
fsr-3230	386	100	the	the	DET
fsr-3230	386	101	factor	factor	NOUN
fsr-3230	386	102	exposures	exposure	VERB
fsr-3230	386	103	on	on	ADP
fsr-3230	386	104	size	size	NOUN
fsr-3230	386	105	,	,	PUNCT
fsr-3230	386	106	value	value	NOUN
fsr-3230	386	107	and	and	CCONJ
fsr-3230	386	108	momentum	momentum	NOUN
fsr-3230	386	109	from	from	ADP
fsr-3230	386	110	the	the	DET
fsr-3230	386	111	carhart	carhart	NOUN
fsr-3230	386	112	(	(	PUNCT
fsr-3230	386	113	1997	1997	NUM
fsr-3230	386	114	)	)	PUNCT
fsr-3230	386	115	model	model	NOUN
fsr-3230	386	116	)	)	PUNCT
fsr-3230	386	117	.	.	PUNCT
fsr-3230	387	1	the	the	DET
fsr-3230	387	2	active	active	ADJ
fsr-3230	387	3	management	management	NOUN
fsr-3230	387	4	variables	variable	NOUN
fsr-3230	387	5	are	be	AUX
fsr-3230	387	6	asset	asset	NOUN
fsr-3230	387	7	selectivity	selectivity	NOUN
fsr-3230	387	8	(	(	PUNCT
fsr-3230	387	9	computed	compute	VERB
fsr-3230	387	10	as	as	ADP
fsr-3230	387	11	1	1	NUM
fsr-3230	387	12	−	−	NOUN
fsr-3230	387	13	𝑅2	𝑅2	ADP
fsr-3230	387	14	,	,	PUNCT
fsr-3230	387	15	with	with	ADP
fsr-3230	387	16	𝑅2	𝑅2	NOUN
fsr-3230	387	17	estimated	estimate	VERB
fsr-3230	387	18	by	by	ADP
fsr-3230	387	19	regressing	regress	VERB
fsr-3230	387	20	fund	fund	NOUN
fsr-3230	387	21	returns	return	NOUN
fsr-3230	387	22	on	on	ADP
fsr-3230	387	23	the	the	DET
fsr-3230	387	24	returns	return	NOUN
fsr-3230	387	25	of	of	ADP
fsr-3230	387	26	a	a	DET
fsr-3230	387	27	set	set	NOUN
fsr-3230	387	28	of	of	ADP
fsr-3230	387	29	benchmarks	benchmark	NOUN
fsr-3230	387	30	)	)	PUNCT
fsr-3230	387	31	and	and	CCONJ
fsr-3230	387	32	active	active	ADJ
fsr-3230	387	33	share	share	NOUN
fsr-3230	387	34	(	(	PUNCT
fsr-3230	387	35	a	a	DET
fsr-3230	387	36	measure	measure	NOUN
fsr-3230	387	37	of	of	ADP
fsr-3230	387	38	the	the	DET
fsr-3230	387	39	deviations	deviation	NOUN
fsr-3230	387	40	of	of	ADP
fsr-3230	387	41	the	the	DET
fsr-3230	387	42	fund	fund	NOUN
fsr-3230	387	43	’	'	PUNCT
fsr-3230	387	44	stock	stock	NOUN
fsr-3230	387	45	holdings	holding	NOUN
fsr-3230	387	46	from	from	ADP
fsr-3230	387	47	those	those	PRON
fsr-3230	387	48	of	of	ADP
fsr-3230	387	49	its	its	PRON
fsr-3230	387	50	main	main	ADJ
fsr-3230	387	51	benchmark	benchmark	NOUN
fsr-3230	387	52	)	)	PUNCT
fsr-3230	387	53	.	.	PUNCT
fsr-3230	388	1	the	the	DET
fsr-3230	388	2	net	net	ADJ
fsr-3230	388	3	fund	fund	NOUN
fsr-3230	388	4	flow	flow	NOUN
fsr-3230	388	5	variable	variable	NOUN
fsr-3230	388	6	is	be	AUX
fsr-3230	388	7	fund	fund	NOUN
fsr-3230	388	8	flows	flow	NOUN
fsr-3230	388	9	(	(	PUNCT
fsr-3230	388	10	the	the	DET
fsr-3230	388	11	quarter	quarter	NOUN
fsr-3230	388	12	-	-	PUNCT
fsr-3230	388	13	to	to	ADP
fsr-3230	388	14	-	-	PUNCT
fsr-3230	388	15	quarter	quarter	NOUN
fsr-3230	388	16	growth	growth	NOUN
fsr-3230	388	17	in	in	ADP
fsr-3230	388	18	tna	tna	PROPN
fsr-3230	388	19	)	)	PUNCT
fsr-3230	388	20	.	.	PUNCT
fsr-3230	389	1	other	other	ADJ
fsr-3230	389	2	control	control	NOUN
fsr-3230	389	3	variables	variable	NOUN
fsr-3230	389	4	are	be	AUX
fsr-3230	389	5	lop	lop	NOUN
fsr-3230	389	6	alpha	alpha	NOUN
fsr-3230	389	7	(	(	PUNCT
fsr-3230	389	8	the	the	DET
fsr-3230	389	9	performance	performance	NOUN
fsr-3230	389	10	based	base	VERB
fsr-3230	389	11	on	on	ADP
fsr-3230	389	12	the	the	DET
fsr-3230	389	13	minimum	minimum	ADJ
fsr-3230	389	14	volatility	volatility	NOUN
fsr-3230	389	15	sdf	sdf	NOUN
fsr-3230	389	16	and	and	CCONJ
fsr-3230	389	17	estimated	estimate	VERB
fsr-3230	389	18	using	use	VERB
fsr-3230	389	19	ten	ten	NUM
fsr-3230	389	20	industry	industry	NOUN
fsr-3230	389	21	passive	passive	ADJ
fsr-3230	389	22	portfolios	portfolio	NOUN
fsr-3230	389	23	)	)	PUNCT
fsr-3230	389	24	,	,	PUNCT
fsr-3230	389	25	vol	vol	NOUN
fsr-3230	389	26	(	(	PUNCT
fsr-3230	389	27	the	the	DET
fsr-3230	389	28	fund	fund	NOUN
fsr-3230	389	29	return	return	VERB
fsr-3230	389	30	volatility	volatility	NOUN
fsr-3230	389	31	)	)	PUNCT
fsr-3230	389	32	and	and	CCONJ
fsr-3230	389	33	ar	ar	PROPN
fsr-3230	389	34	(	(	PUNCT
fsr-3230	389	35	the	the	DET
fsr-3230	389	36	first	first	ADJ
fsr-3230	389	37	-	-	PUNCT
fsr-3230	389	38	order	order	NOUN
fsr-3230	389	39	autocorrelation	autocorrelation	NOUN
fsr-3230	389	40	of	of	ADP
fsr-3230	389	41	fund	fund	NOUN
fsr-3230	389	42	returns	return	NOUN
fsr-3230	389	43	)	)	PUNCT
fsr-3230	389	44	.	.	PUNCT
fsr-3230	390	1	lop	lop	PROPN
fsr-3230	390	2	alpha	alpha	PROPN
fsr-3230	390	3	,	,	PUNCT
fsr-3230	390	4	vol	vol	NOUN
fsr-3230	390	5	and	and	CCONJ
fsr-3230	390	6	ar	ar	NOUN
fsr-3230	390	7	are	be	AUX
fsr-3230	390	8	estimated	estimate	VERB
fsr-3230	390	9	with	with	ADP
fsr-3230	390	10	a	a	DET
fsr-3230	390	11	rolling	rolling	ADJ
fsr-3230	390	12	estimation	estimation	NOUN
fsr-3230	390	13	window	window	NOUN
fsr-3230	390	14	made	make	VERB
fsr-3230	390	15	to	to	ADP
fsr-3230	390	16	the	the	DET
fsr-3230	390	17	previous	previous	ADJ
fsr-3230	390	18	60	60	NUM
fsr-3230	390	19	monthly	monthly	ADJ
fsr-3230	390	20	observations	observation	NOUN
fsr-3230	390	21	.	.	PUNCT
fsr-3230	391	1	the	the	DET
fsr-3230	391	2	unit	unit	NOUN
fsr-3230	391	3	of	of	ADP
fsr-3230	391	4	measure	measure	NOUN
fsr-3230	391	5	is	be	AUX
fsr-3230	391	6	given	give	VERB
fsr-3230	391	7	in	in	ADP
fsr-3230	391	8	parentheses	parenthesis	NOUN
fsr-3230	391	9	.	.	PUNCT
fsr-3230	392	1	financial	financial	ADJ
fsr-3230	392	2	services	service	NOUN
fsr-3230	392	3	review	review	PROPN
fsr-3230	392	4	,	,	PUNCT
fsr-3230	392	5	32(1	32(1	NUM
fsr-3230	392	6	)	)	PUNCT
fsr-3230	392	7	78	78	NUM
fsr-3230	392	8	empirical	empirical	ADJ
fsr-3230	392	9	results	result	NOUN
fsr-3230	392	10	this	this	DET
fsr-3230	392	11	section	section	NOUN
fsr-3230	392	12	presents	present	VERB
fsr-3230	392	13	the	the	DET
fsr-3230	392	14	empirical	empirical	ADJ
fsr-3230	392	15	results	result	NOUN
fsr-3230	392	16	.	.	PUNCT
fsr-3230	393	1	first	first	ADV
fsr-3230	393	2	,	,	PUNCT
fsr-3230	393	3	we	we	PRON
fsr-3230	393	4	compare	compare	VERB
fsr-3230	393	5	the	the	DET
fsr-3230	393	6	disck	disck	ADJ
fsr-3230	393	7	and	and	CCONJ
fsr-3230	393	8	disfl	disfl	NOUN
fsr-3230	393	9	disagreement	disagreement	NOUN
fsr-3230	393	10	estimates	estimate	NOUN
fsr-3230	393	11	.	.	PUNCT
fsr-3230	394	1	then	then	ADV
fsr-3230	394	2	,	,	PUNCT
fsr-3230	394	3	we	we	PRON
fsr-3230	394	4	examine	examine	VERB
fsr-3230	394	5	their	their	PRON
fsr-3230	394	6	relations	relation	NOUN
fsr-3230	394	7	with	with	ADP
fsr-3230	394	8	past	past	ADJ
fsr-3230	394	9	fund	fund	NOUN
fsr-3230	394	10	characteristics	characteristic	NOUN
fsr-3230	394	11	or	or	CCONJ
fsr-3230	394	12	active	active	ADJ
fsr-3230	394	13	management	management	NOUN
fsr-3230	394	14	variables	variable	NOUN
fsr-3230	394	15	.	.	PUNCT
fsr-3230	395	1	finally	finally	ADV
fsr-3230	395	2	,	,	PUNCT
fsr-3230	395	3	we	we	PRON
fsr-3230	395	4	document	document	VERB
fsr-3230	395	5	the	the	DET
fsr-3230	395	6	impact	impact	NOUN
fsr-3230	395	7	of	of	ADP
fsr-3230	395	8	investor	investor	NOUN
fsr-3230	395	9	disagreement	disagreement	NOUN
fsr-3230	395	10	on	on	ADP
fsr-3230	395	11	future	future	ADJ
fsr-3230	395	12	net	net	ADJ
fsr-3230	395	13	fund	fund	NOUN
fsr-3230	395	14	flows	flow	VERB
fsr-3230	395	15	.	.	PUNCT
fsr-3230	396	1	investor	investor	NOUN
fsr-3230	396	2	disagreement	disagreement	NOUN
fsr-3230	396	3	estimates	estimate	VERB
fsr-3230	396	4	table	table	VERB
fsr-3230	396	5	4	4	NUM
fsr-3230	396	6	reports	report	VERB
fsr-3230	396	7	cross	cross	ADJ
fsr-3230	396	8	-	-	ADJ
fsr-3230	396	9	sectional	sectional	ADJ
fsr-3230	396	10	statistics	statistic	NOUN
fsr-3230	396	11	on	on	ADP
fsr-3230	396	12	the	the	DET
fsr-3230	396	13	disagreement	disagreement	NOUN
fsr-3230	396	14	estimates	estimate	VERB
fsr-3230	396	15	.	.	PUNCT
fsr-3230	397	1	the	the	DET
fsr-3230	397	2	first	first	ADJ
fsr-3230	397	3	two	two	NUM
fsr-3230	397	4	columns	column	NOUN
fsr-3230	397	5	show	show	VERB
fsr-3230	397	6	results	result	NOUN
fsr-3230	397	7	for	for	ADP
fsr-3230	397	8	disagreement	disagreement	NOUN
fsr-3230	397	9	estimated	estimate	VERB
fsr-3230	397	10	every	every	DET
fsr-3230	397	11	quarter	quarter	NOUN
fsr-3230	397	12	using	use	VERB
fsr-3230	397	13	the	the	DET
fsr-3230	397	14	10i	10i	NOUN
fsr-3230	397	15	passive	passive	ADJ
fsr-3230	397	16	portfolios	portfolio	NOUN
fsr-3230	397	17	and	and	CCONJ
fsr-3230	397	18	a	a	DET
fsr-3230	397	19	rolling	rolling	ADJ
fsr-3230	397	20	estimation	estimation	NOUN
fsr-3230	397	21	window	window	NOUN
fsr-3230	397	22	made	make	VERB
fsr-3230	397	23	of	of	ADP
fsr-3230	397	24	the	the	DET
fsr-3230	397	25	previous	previous	ADJ
fsr-3230	397	26	60	60	NUM
fsr-3230	397	27	monthly	monthly	ADJ
fsr-3230	397	28	observations	observation	NOUN
fsr-3230	397	29	.	.	PUNCT
fsr-3230	398	1	the	the	DET
fsr-3230	398	2	disck	disck	ADJ
fsr-3230	398	3	estimates	estimate	NOUN
fsr-3230	398	4	have	have	VERB
fsr-3230	398	5	a	a	DET
fsr-3230	398	6	mean	mean	NOUN
fsr-3230	398	7	of	of	ADP
fsr-3230	398	8	0.881	0.881	NUM
fsr-3230	398	9	%	%	NOUN
fsr-3230	398	10	and	and	CCONJ
fsr-3230	398	11	a	a	DET
fsr-3230	398	12	standard	standard	ADJ
fsr-3230	398	13	deviation	deviation	NOUN
fsr-3230	398	14	of	of	ADP
fsr-3230	398	15	0.626	0.626	NUM
fsr-3230	398	16	%	%	NOUN
fsr-3230	398	17	,	,	PUNCT
fsr-3230	398	18	and	and	CCONJ
fsr-3230	398	19	the	the	DET
fsr-3230	398	20	disfl	disfl	NOUN
fsr-3230	398	21	estimates	estimate	NOUN
fsr-3230	398	22	have	have	VERB
fsr-3230	398	23	a	a	DET
fsr-3230	398	24	mean	mean	NOUN
fsr-3230	398	25	of	of	ADP
fsr-3230	398	26	0.889	0.889	NUM
fsr-3230	398	27	%	%	NOUN
fsr-3230	398	28	and	and	CCONJ
fsr-3230	398	29	a	a	DET
fsr-3230	398	30	standard	standard	ADJ
fsr-3230	398	31	deviation	deviation	NOUN
fsr-3230	398	32	of	of	ADP
fsr-3230	398	33	0.484	0.484	NUM
fsr-3230	398	34	%	%	NOUN
fsr-3230	398	35	.	.	PUNCT
fsr-3230	399	1	both	both	DET
fsr-3230	399	2	means	mean	VERB
fsr-3230	399	3	are	be	AUX
fsr-3230	399	4	statistically	statistically	ADV
fsr-3230	399	5	different	different	ADJ
fsr-3230	399	6	from	from	ADP
fsr-3230	399	7	zero	zero	NUM
fsr-3230	399	8	.	.	PUNCT
fsr-3230	400	1	these	these	DET
fsr-3230	400	2	values	value	NOUN
fsr-3230	400	3	are	be	AUX
fsr-3230	400	4	similar	similar	ADJ
fsr-3230	400	5	to	to	ADP
fsr-3230	400	6	the	the	DET
fsr-3230	400	7	total	total	ADJ
fsr-3230	400	8	disagreement	disagreement	NOUN
fsr-3230	400	9	implied	imply	VERB
fsr-3230	400	10	by	by	ADP
fsr-3230	400	11	the	the	DET
fsr-3230	400	12	results	result	NOUN
fsr-3230	400	13	of	of	ADP
fsr-3230	400	14	ferson	ferson	NOUN
fsr-3230	400	15	and	and	CCONJ
fsr-3230	400	16	lin	lin	PROPN
fsr-3230	400	17	(	(	PUNCT
fsr-3230	400	18	2014	2014	NUM
fsr-3230	400	19	)	)	PUNCT
fsr-3230	400	20	and	and	CCONJ
fsr-3230	400	21	chrétien	chrétien	NOUN
fsr-3230	400	22	and	and	CCONJ
fsr-3230	400	23	kammoun	kammoun	PROPN
fsr-3230	400	24	(	(	PUNCT
fsr-3230	400	25	2017	2017	NUM
fsr-3230	400	26	)	)	PUNCT
fsr-3230	400	27	,	,	PUNCT
fsr-3230	400	28	who	who	PRON
fsr-3230	400	29	use	use	VERB
fsr-3230	400	30	data	datum	NOUN
fsr-3230	400	31	from	from	ADP
fsr-3230	400	32	1984	1984	NUM
fsr-3230	400	33	to	to	ADP
fsr-3230	400	34	2012	2012	NUM
fsr-3230	400	35	.	.	PUNCT
fsr-3230	401	1	the	the	DET
fsr-3230	401	2	correlation	correlation	NOUN
fsr-3230	401	3	between	between	ADP
fsr-3230	401	4	both	both	DET
fsr-3230	401	5	measures	measure	NOUN
fsr-3230	401	6	is	be	AUX
fsr-3230	401	7	high	high	ADJ
fsr-3230	401	8	at	at	ADP
fsr-3230	401	9	0.936	0.936	NUM
fsr-3230	401	10	,	,	PUNCT
fsr-3230	401	11	which	which	PRON
fsr-3230	401	12	is	be	AUX
fsr-3230	401	13	expected	expect	VERB
fsr-3230	401	14	given	give	VERB
fsr-3230	401	15	that	that	SCONJ
fsr-3230	401	16	they	they	PRON
fsr-3230	401	17	are	be	AUX
fsr-3230	401	18	closely	closely	ADV
fsr-3230	401	19	related	relate	VERB
fsr-3230	401	20	,	,	PUNCT
fsr-3230	401	21	as	as	SCONJ
fsr-3230	401	22	demonstrated	demonstrate	VERB
fsr-3230	401	23	the	the	DET
fsr-3230	401	24	theoretical	theoretical	ADJ
fsr-3230	401	25	section.13	section.13	NOUN
fsr-3230	401	26	to	to	PART
fsr-3230	401	27	assess	assess	VERB
fsr-3230	401	28	robustness	robustness	NOUN
fsr-3230	401	29	to	to	ADP
fsr-3230	401	30	the	the	DET
fsr-3230	401	31	estimation	estimation	NOUN
fsr-3230	401	32	window	window	NOUN
fsr-3230	401	33	length	length	NOUN
fsr-3230	401	34	,	,	PUNCT
fsr-3230	401	35	the	the	DET
fsr-3230	401	36	third	third	ADJ
fsr-3230	401	37	and	and	CCONJ
fsr-3230	401	38	fourth	fourth	ADJ
fsr-3230	401	39	columns	column	NOUN
fsr-3230	401	40	report	report	NOUN
fsr-3230	401	41	results	result	NOUN
fsr-3230	401	42	for	for	ADP
fsr-3230	401	43	disagreement	disagreement	NOUN
fsr-3230	401	44	estimated	estimate	VERB
fsr-3230	401	45	with	with	ADP
fsr-3230	401	46	a	a	DET
fsr-3230	401	47	window	window	NOUN
fsr-3230	401	48	made	make	VERB
fsr-3230	401	49	of	of	ADP
fsr-3230	401	50	the	the	DET
fsr-3230	401	51	previous	previous	ADJ
fsr-3230	401	52	36	36	NUM
fsr-3230	401	53	monthly	monthly	ADJ
fsr-3230	401	54	observations	observation	NOUN
fsr-3230	401	55	.	.	PUNCT
fsr-3230	402	1	the	the	DET
fsr-3230	402	2	results	result	NOUN
fsr-3230	402	3	are	be	AUX
fsr-3230	402	4	qualitatively	qualitatively	ADV
fsr-3230	402	5	similar	similar	ADJ
fsr-3230	402	6	to	to	ADP
fsr-3230	402	7	those	those	PRON
fsr-3230	402	8	using	use	VERB
fsr-3230	402	9	the	the	DET
fsr-3230	402	10	60	60	NUM
fsr-3230	402	11	-	-	PUNCT
fsr-3230	402	12	month	month	NOUN
fsr-3230	402	13	window	window	NOUN
fsr-3230	402	14	.	.	PUNCT
fsr-3230	403	1	furthermore	furthermore	ADV
fsr-3230	403	2	,	,	PUNCT
fsr-3230	403	3	when	when	SCONJ
fsr-3230	403	4	we	we	PRON
fsr-3230	403	5	investigate	investigate	VERB
fsr-3230	403	6	the	the	DET
fsr-3230	403	7	relations	relation	NOUN
fsr-3230	403	8	between	between	ADP
fsr-3230	403	9	disagreement	disagreement	NOUN
fsr-3230	403	10	and	and	CCONJ
fsr-3230	403	11	fund	fund	NOUN
fsr-3230	403	12	characteristics	characteristic	NOUN
fsr-3230	403	13	,	,	PUNCT
fsr-3230	403	14	active	active	ADJ
fsr-3230	403	15	management	management	NOUN
fsr-3230	403	16	level	level	NOUN
fsr-3230	403	17	and	and	CCONJ
fsr-3230	403	18	fund	fund	NOUN
fsr-3230	403	19	flows	flow	NOUN
fsr-3230	403	20	,	,	PUNCT
fsr-3230	403	21	we	we	PRON
fsr-3230	403	22	find	find	VERB
fsr-3230	403	23	that	that	SCONJ
fsr-3230	403	24	the	the	DET
fsr-3230	403	25	results	result	NOUN
fsr-3230	403	26	are	be	AUX
fsr-3230	403	27	robust	robust	ADJ
fsr-3230	403	28	to	to	ADP
fsr-3230	403	29	this	this	DET
fsr-3230	403	30	variation	variation	NOUN
fsr-3230	403	31	in	in	ADP
fsr-3230	403	32	the	the	DET
fsr-3230	403	33	estimation	estimation	NOUN
fsr-3230	403	34	window	window	NOUN
fsr-3230	403	35	.	.	PUNCT
fsr-3230	404	1	finally	finally	ADV
fsr-3230	404	2	,	,	PUNCT
fsr-3230	404	3	to	to	PART
fsr-3230	404	4	check	check	VERB
fsr-3230	404	5	the	the	DET
fsr-3230	404	6	sensitivity	sensitivity	NOUN
fsr-3230	404	7	of	of	ADP
fsr-3230	404	8	our	our	PRON
fsr-3230	404	9	results	result	NOUN
fsr-3230	404	10	to	to	ADP
fsr-3230	404	11	the	the	DET
fsr-3230	404	12	choice	choice	NOUN
fsr-3230	404	13	of	of	ADP
fsr-3230	404	14	passive	passive	ADJ
fsr-3230	404	15	portfolios	portfolio	NOUN
fsr-3230	404	16	,	,	PUNCT
fsr-3230	404	17	the	the	DET
fsr-3230	404	18	last	last	ADJ
fsr-3230	404	19	four	four	NUM
fsr-3230	404	20	columns	column	NOUN
fsr-3230	404	21	of	of	ADP
fsr-3230	404	22	table	table	NOUN
fsr-3230	404	23	4	4	NUM
fsr-3230	404	24	give	give	VERB
fsr-3230	404	25	results	result	NOUN
fsr-3230	404	26	for	for	ADP
fsr-3230	404	27	disagreement	disagreement	NOUN
fsr-3230	404	28	estimated	estimate	VERB
fsr-3230	404	29	using	use	VERB
fsr-3230	404	30	either	either	CCONJ
fsr-3230	404	31	the	the	DET
fsr-3230	404	32	etfs	etfs	PROPN
fsr-3230	404	33	or	or	CCONJ
fsr-3230	404	34	vanguard	vanguard	NOUN
fsr-3230	404	35	passive	passive	ADJ
fsr-3230	404	36	portfolios	portfolio	NOUN
fsr-3230	404	37	(	(	PUNCT
fsr-3230	404	38	and	and	CCONJ
fsr-3230	404	39	a	a	DET
fsr-3230	404	40	rolling	rolling	ADJ
fsr-3230	404	41	estimation	estimation	NOUN
fsr-3230	404	42	window	window	NOUN
fsr-3230	404	43	of	of	ADP
fsr-3230	404	44	60	60	NUM
fsr-3230	404	45	observations	observation	NOUN
fsr-3230	404	46	)	)	PUNCT
fsr-3230	404	47	.	.	PUNCT
fsr-3230	405	1	the	the	DET
fsr-3230	405	2	estimates	estimate	NOUN
fsr-3230	405	3	have	have	VERB
fsr-3230	405	4	lower	low	ADJ
fsr-3230	405	5	means	mean	NOUN
fsr-3230	405	6	when	when	SCONJ
fsr-3230	405	7	using	use	VERB
fsr-3230	405	8	the	the	DET
fsr-3230	405	9	alternative	alternative	ADJ
fsr-3230	405	10	sets	set	NOUN
fsr-3230	405	11	of	of	ADP
fsr-3230	405	12	passive	passive	ADJ
fsr-3230	405	13	portfolios	portfolio	NOUN
fsr-3230	405	14	,	,	PUNCT
fsr-3230	405	15	especially	especially	ADV
fsr-3230	405	16	when	when	SCONJ
fsr-3230	405	17	using	use	VERB
fsr-3230	405	18	etfs	etfs	NOUN
fsr-3230	405	19	.	.	PUNCT
fsr-3230	406	1	this	this	DET
fsr-3230	406	2	finding	finding	NOUN
fsr-3230	406	3	suggests	suggest	VERB
fsr-3230	406	4	that	that	SCONJ
fsr-3230	406	5	fund	fund	NOUN
fsr-3230	406	6	returns	return	NOUN
fsr-3230	406	7	are	be	AUX
fsr-3230	406	8	easier	easy	ADJ
fsr-3230	406	9	to	to	PART
fsr-3230	406	10	span	span	VERB
fsr-3230	406	11	with	with	ADP
fsr-3230	406	12	etfs	etfs	PROPN
fsr-3230	406	13	or	or	CCONJ
fsr-3230	406	14	vanguard	vanguard	NOUN
fsr-3230	406	15	index	index	NOUN
fsr-3230	406	16	funds	fund	NOUN
fsr-3230	406	17	than	than	ADP
fsr-3230	406	18	with	with	ADP
fsr-3230	406	19	industry	industry	NOUN
fsr-3230	406	20	portfolios	portfolio	NOUN
fsr-3230	406	21	.	.	PUNCT
fsr-3230	407	1	one	one	NUM
fsr-3230	407	2	likely	likely	ADJ
fsr-3230	407	3	reason	reason	NOUN
fsr-3230	407	4	for	for	ADP
fsr-3230	407	5	this	this	DET
fsr-3230	407	6	difference	difference	NOUN
fsr-3230	407	7	is	be	AUX
fsr-3230	407	8	that	that	SCONJ
fsr-3230	407	9	data	datum	NOUN
fsr-3230	407	10	for	for	ADP
fsr-3230	407	11	etfs	etfs	PROPN
fsr-3230	407	12	and	and	CCONJ
fsr-3230	407	13	vanguard	vanguard	NOUN
fsr-3230	407	14	funds	fund	NOUN
fsr-3230	407	15	start	start	VERB
fsr-3230	407	16	in	in	ADP
fsr-3230	407	17	2005	2005	NUM
fsr-3230	407	18	and	and	CCONJ
fsr-3230	407	19	2003	2003	NUM
fsr-3230	407	20	,	,	PUNCT
fsr-3230	407	21	respectively	respectively	ADV
fsr-3230	407	22	,	,	PUNCT
fsr-3230	407	23	instead	instead	ADV
fsr-3230	407	24	of	of	ADP
fsr-3230	407	25	1984	1984	NUM
fsr-3230	407	26	for	for	ADP
fsr-3230	407	27	the	the	DET
fsr-3230	407	28	10i	10i	NOUN
fsr-3230	407	29	portfolios	portfolio	NOUN
fsr-3230	407	30	.	.	PUNCT
fsr-3230	408	1	to	to	PART
fsr-3230	408	2	nullify	nullify	VERB
fsr-3230	408	3	the	the	DET
fsr-3230	408	4	impact	impact	NOUN
fsr-3230	408	5	of	of	ADP
fsr-3230	408	6	the	the	DET
fsr-3230	408	7	starting	start	VERB
fsr-3230	408	8	dates	date	NOUN
fsr-3230	408	9	,	,	PUNCT
fsr-3230	408	10	we	we	PRON
fsr-3230	408	11	re	re	VERB
fsr-3230	408	12	-	-	NOUN
fsr-3230	408	13	estimate	estimate	NOUN
fsr-3230	408	14	disagreement	disagreement	NOUN
fsr-3230	408	15	using	use	VERB
fsr-3230	408	16	the	the	DET
fsr-3230	408	17	common	common	ADJ
fsr-3230	408	18	sample	sample	NOUN
fsr-3230	408	19	from	from	ADP
fsr-3230	408	20	2005	2005	NUM
fsr-3230	408	21	to	to	ADP
fsr-3230	408	22	2016	2016	NUM
fsr-3230	408	23	.	.	PUNCT
fsr-3230	409	1	for	for	ADP
fsr-3230	409	2	the	the	DET
fsr-3230	409	3	10i	10i	NOUN
fsr-3230	409	4	portfolios	portfolio	NOUN
fsr-3230	409	5	,	,	PUNCT
fsr-3230	409	6	we	we	PRON
fsr-3230	409	7	find	find	VERB
fsr-3230	409	8	that	that	SCONJ
fsr-3230	409	9	the	the	DET
fsr-3230	409	10	mean	mean	NOUN
fsr-3230	409	11	disck	disck	NOUN
fsr-3230	409	12	(	(	PUNCT
fsr-3230	409	13	disfl	disfl	PROPN
fsr-3230	409	14	)	)	PUNCT
fsr-3230	409	15	estimate	estimate	NOUN
fsr-3230	409	16	becomes	become	VERB
fsr-3230	409	17	equal	equal	ADJ
fsr-3230	409	18	to	to	ADP
fsr-3230	409	19	0.578	0.578	NUM
fsr-3230	409	20	%	%	NOUN
fsr-3230	409	21	(	(	PUNCT
fsr-3230	409	22	0.678	0.678	NUM
fsr-3230	409	23	%	%	NOUN
fsr-3230	409	24	)	)	PUNCT
fsr-3230	409	25	.	.	PUNCT
fsr-3230	410	1	the	the	DET
fsr-3230	410	2	correlations	correlation	NOUN
fsr-3230	410	3	between	between	ADP
fsr-3230	410	4	the	the	DET
fsr-3230	410	5	different	different	ADJ
fsr-3230	410	6	estimates	estimate	NOUN
fsr-3230	410	7	vary	vary	VERB
fsr-3230	410	8	from	from	ADP
fsr-3230	410	9	0.276	0.276	NUM
fsr-3230	410	10	to	to	ADP
fsr-3230	410	11	0.892	0.892	NUM
fsr-3230	410	12	.	.	PUNCT
fsr-3230	411	1	hence	hence	ADV
fsr-3230	411	2	,	,	PUNCT
fsr-3230	411	3	estimated	estimate	VERB
fsr-3230	411	4	in	in	ADP
fsr-3230	411	5	their	their	PRON
fsr-3230	411	6	common	common	ADJ
fsr-3230	411	7	sample	sample	NOUN
fsr-3230	411	8	,	,	PUNCT
fsr-3230	411	9	disagreement	disagreement	ADJ
fsr-3230	411	10	values	value	NOUN
fsr-3230	411	11	are	be	AUX
fsr-3230	411	12	closer	close	ADJ
fsr-3230	411	13	,	,	PUNCT
fsr-3230	411	14	but	but	CCONJ
fsr-3230	411	15	still	still	ADV
fsr-3230	411	16	show	show	VERB
fsr-3230	411	17	important	important	ADJ
fsr-3230	411	18	differences	difference	NOUN
fsr-3230	411	19	.	.	PUNCT
fsr-3230	412	1	13	13	NUM
fsr-3230	412	2	we	we	PRON
fsr-3230	412	3	show	show	VERB
fsr-3230	412	4	that	that	SCONJ
fsr-3230	412	5	when	when	SCONJ
fsr-3230	412	6	ℎ	ℎ	PROPN
fsr-3230	412	7	=	=	SYM
fsr-3230	412	8	√2	√2	PROPN
fsr-3230	412	9	ℎ∗	ℎ∗	PROPN
fsr-3230	412	10	,	,	PUNCT
fsr-3230	412	11	the	the	DET
fsr-3230	412	12	measures	measure	NOUN
fsr-3230	412	13	are	be	AUX
fsr-3230	412	14	equivalent	equivalent	ADJ
fsr-3230	412	15	.	.	PUNCT
fsr-3230	413	1	following	follow	VERB
fsr-3230	413	2	chrétien	chrétien	PROPN
fsr-3230	413	3	and	and	CCONJ
fsr-3230	413	4	kammoun	kammoun	PROPN
fsr-3230	413	5	(	(	PUNCT
fsr-3230	413	6	2017	2017	NUM
fsr-3230	413	7	)	)	PUNCT
fsr-3230	413	8	,	,	PUNCT
fsr-3230	413	9	our	our	PRON
fsr-3230	413	10	estimation	estimation	NOUN
fsr-3230	413	11	sets	set	VERB
fsr-3230	413	12	ℎ	ℎ	PROPN
fsr-3230	413	13	=	=	SYM
fsr-3230	413	14	ℎ∗	ℎ∗	PROPN
fsr-3230	413	15	+	+	CCONJ
fsr-3230	413	16	0.5	0.5	NUM
fsr-3230	413	17	for	for	ADP
fsr-3230	413	18	the	the	DET
fsr-3230	413	19	disck	disck	ADJ
fsr-3230	413	20	measure	measure	NOUN
fsr-3230	413	21	.	.	PUNCT
fsr-3230	414	1	hence	hence	ADV
fsr-3230	414	2	,	,	PUNCT
fsr-3230	414	3	the	the	DET
fsr-3230	414	4	disagreement	disagreement	NOUN
fsr-3230	414	5	estimates	estimate	NOUN
fsr-3230	414	6	should	should	AUX
fsr-3230	414	7	be	be	AUX
fsr-3230	414	8	similar	similar	ADJ
fsr-3230	414	9	when	when	SCONJ
fsr-3230	414	10	ℎ∗	ℎ∗	PROPN
fsr-3230	414	11	=	=	SYM
fsr-3230	414	12	1.21	1.21	NUM
fsr-3230	414	13	.	.	PUNCT
fsr-3230	415	1	however	however	ADV
fsr-3230	415	2	,	,	PUNCT
fsr-3230	415	3	following	follow	VERB
fsr-3230	415	4	ferson	ferson	NOUN
fsr-3230	415	5	and	and	CCONJ
fsr-3230	415	6	lin	lin	PROPN
fsr-3230	415	7	(	(	PUNCT
fsr-3230	415	8	2014	2014	NUM
fsr-3230	415	9	)	)	PUNCT
fsr-3230	415	10	,	,	PUNCT
fsr-3230	415	11	we	we	PRON
fsr-3230	415	12	use	use	VERB
fsr-3230	415	13	ℎ𝑎	ℎ𝑎	ADP
fsr-3230	415	14	∗	∗	NOUN
fsr-3230	415	15	instead	instead	ADV
fsr-3230	415	16	of	of	ADP
fsr-3230	415	17	ℎ∗	ℎ∗	PROPN
fsr-3230	415	18	for	for	ADP
fsr-3230	415	19	the	the	DET
fsr-3230	415	20	disfl	disfl	NOUN
fsr-3230	415	21	measure	measure	NOUN
fsr-3230	415	22	.	.	PUNCT
fsr-3230	416	1	the	the	DET
fsr-3230	416	2	bias	bias	NOUN
fsr-3230	416	3	correction	correction	NOUN
fsr-3230	416	4	in	in	ADP
fsr-3230	416	5	ℎ𝑎	ℎ𝑎	PROPN
fsr-3230	416	6	∗	∗	NOUN
fsr-3230	416	7	increases	increase	NOUN
fsr-3230	416	8	with	with	ADP
fsr-3230	416	9	𝐾	𝐾	PROPN
fsr-3230	416	10	and	and	CCONJ
fsr-3230	416	11	decreases	decrease	VERB
fsr-3230	416	12	with	with	ADP
fsr-3230	416	13	𝑇.	𝑇.	PROPN
fsr-3230	416	14	this	this	PRON
fsr-3230	416	15	implies	imply	VERB
fsr-3230	416	16	ℎ∗	ℎ∗	PROPN
fsr-3230	416	17	>	>	X
fsr-3230	416	18	1.21	1.21	NUM
fsr-3230	416	19	for	for	ADP
fsr-3230	416	20	equivalence	equivalence	NOUN
fsr-3230	416	21	,	,	PUNCT
fsr-3230	416	22	with	with	ADP
fsr-3230	416	23	a	a	DET
fsr-3230	416	24	value	value	NOUN
fsr-3230	416	25	closer	close	ADV
fsr-3230	416	26	to	to	ADP
fsr-3230	416	27	1.21	1.21	NUM
fsr-3230	416	28	when	when	SCONJ
fsr-3230	416	29	𝑇	𝑇	PROPN
fsr-3230	416	30	increases	increase	VERB
fsr-3230	416	31	or	or	CCONJ
fsr-3230	416	32	when	when	SCONJ
fsr-3230	416	33	𝐾	𝐾	PROPN
fsr-3230	416	34	decreases	decrease	VERB
fsr-3230	416	35	.	.	PUNCT
fsr-3230	417	1	in	in	ADP
fsr-3230	417	2	the	the	DET
fsr-3230	417	3	data	datum	NOUN
fsr-3230	417	4	,	,	PUNCT
fsr-3230	417	5	the	the	DET
fsr-3230	417	6	estimated	estimate	VERB
fsr-3230	417	7	ℎ∗	ℎ∗	PROPN
fsr-3230	417	8	varies	vary	VERB
fsr-3230	417	9	according	accord	VERB
fsr-3230	417	10	to	to	ADP
fsr-3230	417	11	the	the	DET
fsr-3230	417	12	set	set	NOUN
fsr-3230	417	13	of	of	ADP
fsr-3230	417	14	passive	passive	ADJ
fsr-3230	417	15	portfolios	portfolio	NOUN
fsr-3230	417	16	and	and	CCONJ
fsr-3230	417	17	period	period	NOUN
fsr-3230	417	18	used	use	VERB
fsr-3230	417	19	for	for	ADP
fsr-3230	417	20	estimation	estimation	NOUN
fsr-3230	417	21	.	.	PUNCT
fsr-3230	418	1	this	this	DET
fsr-3230	418	2	variation	variation	NOUN
fsr-3230	418	3	leads	lead	VERB
fsr-3230	418	4	to	to	ADP
fsr-3230	418	5	a	a	DET
fsr-3230	418	6	non	non	ADJ
fsr-3230	418	7	-	-	ADJ
fsr-3230	418	8	perfect	perfect	ADJ
fsr-3230	418	9	correlation	correlation	NOUN
fsr-3230	418	10	between	between	ADP
fsr-3230	418	11	the	the	DET
fsr-3230	418	12	disagreement	disagreement	NOUN
fsr-3230	418	13	estimates	estimate	NOUN
fsr-3230	418	14	,	,	PUNCT
fsr-3230	418	15	and	and	CCONJ
fsr-3230	418	16	empirical	empirical	ADJ
fsr-3230	418	17	results	result	NOUN
fsr-3230	418	18	in	in	ADP
fsr-3230	418	19	which	which	PRON
fsr-3230	418	20	the	the	DET
fsr-3230	418	21	highest	high	ADJ
fsr-3230	418	22	estimates	estimate	NOUN
fsr-3230	418	23	can	can	AUX
fsr-3230	418	24	come	come	VERB
fsr-3230	418	25	from	from	ADP
fsr-3230	418	26	either	either	CCONJ
fsr-3230	418	27	the	the	DET
fsr-3230	418	28	disck	disck	ADJ
fsr-3230	418	29	or	or	CCONJ
fsr-3230	418	30	the	the	DET
fsr-3230	418	31	disfl	disfl	NOUN
fsr-3230	418	32	measures	measure	NOUN
fsr-3230	418	33	.	.	PUNCT
fsr-3230	419	1	chrétien	chrétien	PROPN
fsr-3230	419	2	&	&	CCONJ
fsr-3230	419	3	kammoun	kammoun	PROPN
fsr-3230	419	4	79	79	NUM
fsr-3230	419	5	table	table	NOUN
fsr-3230	419	6	4	4	NUM
fsr-3230	419	7	.	.	PUNCT
fsr-3230	420	1	investor	investor	NOUN
fsr-3230	420	2	performance	performance	NOUN
fsr-3230	420	3	disagreement	disagreement	NOUN
fsr-3230	420	4	disck	disck	ADJ
fsr-3230	420	5	(	(	PUNCT
fsr-3230	420	6	10i	10i	NOUN
fsr-3230	420	7	)	)	PUNCT
fsr-3230	420	8	disfl	disfl	NOUN
fsr-3230	420	9	(	(	PUNCT
fsr-3230	420	10	10i	10i	NOUN
fsr-3230	420	11	)	)	PUNCT
fsr-3230	420	12	disck	disck	NOUN
fsr-3230	420	13	(	(	PUNCT
fsr-3230	420	14	10i	10i	NOUN
fsr-3230	420	15	,	,	PUNCT
fsr-3230	420	16	36	36	NUM
fsr-3230	420	17	m	m	NOUN
fsr-3230	420	18	)	)	PUNCT
fsr-3230	420	19	disfl	disfl	NOUN
fsr-3230	420	20	(	(	PUNCT
fsr-3230	420	21	10i	10i	NOUN
fsr-3230	420	22	,	,	PUNCT
fsr-3230	420	23	36	36	NUM
fsr-3230	420	24	m	m	NOUN
fsr-3230	420	25	)	)	PUNCT
fsr-3230	420	26	disck	disck	VERB
fsr-3230	420	27	(	(	PUNCT
fsr-3230	420	28	etfs	etfs	PROPN
fsr-3230	420	29	)	)	PUNCT
fsr-3230	420	30	disfl	disfl	PROPN
fsr-3230	420	31	(	(	PUNCT
fsr-3230	420	32	etfs	etfs	PROPN
fsr-3230	420	33	)	)	PUNCT
fsr-3230	420	34	disck	disck	NOUN
fsr-3230	420	35	(	(	PUNCT
fsr-3230	420	36	vanguard	vanguard	NOUN
fsr-3230	420	37	)	)	PUNCT
fsr-3230	420	38	disfl	disfl	PROPN
fsr-3230	420	39	(	(	PUNCT
fsr-3230	420	40	vanguard	vanguard	PROPN
fsr-3230	420	41	)	)	PUNCT
fsr-3230	420	42	(	(	PUNCT
fsr-3230	420	43	10i	10i	NUM
fsr-3230	420	44	)	)	PUNCT
fsr-3230	420	45	(	(	PUNCT
fsr-3230	420	46	10i	10i	NUM
fsr-3230	420	47	)	)	PUNCT
fsr-3230	420	48	(	(	PUNCT
fsr-3230	420	49	10i	10i	NOUN
fsr-3230	420	50	,	,	PUNCT
fsr-3230	420	51	36	36	NUM
fsr-3230	420	52	m	m	NOUN
fsr-3230	420	53	)	)	PUNCT
fsr-3230	420	54	(	(	PUNCT
fsr-3230	420	55	10i	10i	NOUN
fsr-3230	420	56	,	,	PUNCT
fsr-3230	420	57	36	36	NUM
fsr-3230	420	58	m	m	NOUN
fsr-3230	420	59	)	)	PUNCT
fsr-3230	420	60	(	(	PUNCT
fsr-3230	420	61	etfs	etfs	PROPN
fsr-3230	420	62	)	)	PUNCT
fsr-3230	420	63	(	(	PUNCT
fsr-3230	420	64	etfs	etfs	PROPN
fsr-3230	420	65	)	)	PUNCT
fsr-3230	420	66	(	(	PUNCT
fsr-3230	420	67	vanguard	vanguard	NOUN
fsr-3230	420	68	)	)	PUNCT
fsr-3230	420	69	(	(	PUNCT
fsr-3230	420	70	vanguard	vanguard	NOUN
fsr-3230	420	71	)	)	PUNCT
fsr-3230	420	72	mean	mean	VERB
fsr-3230	420	73	0.881	0.881	NUM
fsr-3230	420	74	0.889	0.889	NUM
fsr-3230	420	75	0.908	0.908	NUM
fsr-3230	420	76	0.918	0.918	NUM
fsr-3230	420	77	0.442	0.442	NUM
fsr-3230	420	78	0.461	0.461	NUM
fsr-3230	420	79	0.602	0.602	NUM
fsr-3230	420	80	0.792	0.792	NUM
fsr-3230	420	81	stddev	stddev	NOUN
fsr-3230	420	82	0.626	0.626	NUM
fsr-3230	420	83	0.484	0.484	NUM
fsr-3230	420	84	0.648	0.648	NUM
fsr-3230	420	85	0.543	0.543	NUM
fsr-3230	420	86	0.336	0.336	NUM
fsr-3230	420	87	0.392	0.392	NUM
fsr-3230	420	88	0.437	0.437	NUM
fsr-3230	420	89	0.631	0.631	NUM
fsr-3230	420	90	(	(	PUNCT
fsr-3230	420	91	t	t	NOUN
fsr-3230	420	92	-	-	PUNCT
fsr-3230	420	93	stat	stat	NOUN
fsr-3230	420	94	)	)	PUNCT
fsr-3230	420	95	(	(	PUNCT
fsr-3230	420	96	323.06	323.06	NUM
fsr-3230	420	97	)	)	PUNCT
fsr-3230	420	98	(	(	PUNCT
fsr-3230	420	99	356.33	356.33	NUM
fsr-3230	420	100	)	)	PUNCT
fsr-3230	420	101	(	(	PUNCT
fsr-3230	420	102	346.55	346.55	NUM
fsr-3230	420	103	)	)	PUNCT
fsr-3230	420	104	(	(	PUNCT
fsr-3230	420	105	428.57	428.57	NUM
fsr-3230	420	106	)	)	PUNCT
fsr-3230	420	107	(	(	PUNCT
fsr-3230	420	108	212.96	212.96	NUM
fsr-3230	420	109	)	)	PUNCT
fsr-3230	420	110	(	(	PUNCT
fsr-3230	420	111	203.58	203.58	NUM
fsr-3230	420	112	)	)	PUNCT
fsr-3230	420	113	(	(	PUNCT
fsr-3230	420	114	247.17	247.17	NUM
fsr-3230	420	115	)	)	PUNCT
fsr-3230	420	116	(	(	PUNCT
fsr-3230	420	117	237.12	237.12	NUM
fsr-3230	420	118	)	)	PUNCT
fsr-3230	420	119	max	max	PROPN
fsr-3230	420	120	8.554	8.554	NUM
fsr-3230	420	121	8.254	8.254	NUM
fsr-3230	420	122	9.264	9.264	NUM
fsr-3230	420	123	11.126	11.126	NUM
fsr-3230	420	124	7.194	7.194	NUM
fsr-3230	420	125	10.457	10.457	NUM
fsr-3230	420	126	9.108	9.108	NUM
fsr-3230	420	127	12.571	12.571	NUM
fsr-3230	420	128	99	99	NUM
fsr-3230	420	129	%	%	NOUN
fsr-3230	420	130	3.493	3.493	NUM
fsr-3230	420	131	2.380	2.380	NUM
fsr-3230	420	132	3.563	3.563	NUM
fsr-3230	420	133	3.155	3.155	NUM
fsr-3230	420	134	1.838	1.838	NUM
fsr-3230	420	135	1.805	1.805	NUM
fsr-3230	420	136	2.519	2.519	NUM
fsr-3230	420	137	3.008	3.008	NUM
fsr-3230	420	138	95	95	NUM
fsr-3230	420	139	%	%	NOUN
fsr-3230	420	140	2.028	2.028	NUM
fsr-3230	420	141	1.723	1.723	NUM
fsr-3230	420	142	2.117	2.117	NUM
fsr-3230	420	143	1.853	1.853	NUM
fsr-3230	420	144	0.901	0.901	NUM
fsr-3230	420	145	0.982	0.982	NUM
fsr-3230	420	146	1.281	1.281	NUM
fsr-3230	420	147	1.753	1.753	NUM
fsr-3230	420	148	90	90	NUM
fsr-3230	420	149	%	%	NOUN
fsr-3230	420	150	1.564	1.564	NUM
fsr-3230	420	151	1.504	1.504	NUM
fsr-3230	420	152	1.635	1.635	NUM
fsr-3230	420	153	1.571	1.571	NUM
fsr-3230	420	154	0.723	0.723	NUM
fsr-3230	420	155	0.789	0.789	NUM
fsr-3230	420	156	0.999	0.999	NUM
fsr-3230	420	157	1.356	1.356	NUM
fsr-3230	420	158	75	75	NUM
fsr-3230	420	159	%	%	NOUN
fsr-3230	420	160	1.070	1.070	NUM
fsr-3230	420	161	0.947	0.947	NUM
fsr-3230	420	162	1.105	1.105	NUM
fsr-3230	420	163	0.990	0.990	NUM
fsr-3230	420	164	0.512	0.512	NUM
fsr-3230	420	165	0.628	0.628	NUM
fsr-3230	420	166	0.701	0.701	NUM
fsr-3230	420	167	0.923	0.923	NUM
fsr-3230	420	168	median	median	NOUN
fsr-3230	420	169	0.708	0.708	NUM
fsr-3230	420	170	0.735	0.735	NUM
fsr-3230	420	171	0.727	0.727	NUM
fsr-3230	420	172	0.737	0.737	NUM
fsr-3230	420	173	0.365	0.365	NUM
fsr-3230	420	174	0.382	0.382	NUM
fsr-3230	420	175	0.499	0.499	NUM
fsr-3230	420	176	0.697	0.697	NUM
fsr-3230	420	177	25	25	NUM
fsr-3230	420	178	%	%	NOUN
fsr-3230	420	179	0.484	0.484	NUM
fsr-3230	420	180	0.637	0.637	NUM
fsr-3230	420	181	0.494	0.494	NUM
fsr-3230	420	182	0.637	0.637	NUM
fsr-3230	420	183	0.269	0.269	NUM
fsr-3230	420	184	0.198	0.198	NUM
fsr-3230	420	185	0.367	0.367	NUM
fsr-3230	420	186	0.452	0.452	NUM
fsr-3230	420	187	10	10	NUM
fsr-3230	420	188	%	%	NOUN
fsr-3230	420	189	0.365	0.365	NUM
fsr-3230	420	190	0.594	0.594	NUM
fsr-3230	420	191	0.372	0.372	NUM
fsr-3230	420	192	0.588	0.588	NUM
fsr-3230	420	193	0.205	0.205	NUM
fsr-3230	420	194	0.092	0.092	NUM
fsr-3230	420	195	0.270	0.270	NUM
fsr-3230	420	196	0.270	0.270	NUM
fsr-3230	420	197	5	5	NUM
fsr-3230	420	198	%	%	NOUN
fsr-3230	420	199	0.314	0.314	NUM
fsr-3230	420	200	0.344	0.344	NUM
fsr-3230	420	201	0.318	0.318	NUM
fsr-3230	420	202	0.343	0.343	NUM
fsr-3230	420	203	0.172	0.172	NUM
fsr-3230	420	204	0.071	0.071	NUM
fsr-3230	420	205	0.218	0.218	NUM
fsr-3230	420	206	0.203	0.203	NUM
fsr-3230	420	207	1	1	NUM
fsr-3230	420	208	%	%	NOUN
fsr-3230	420	209	0.236	0.236	NUM
fsr-3230	420	210	0.318	0.318	NUM
fsr-3230	420	211	0.239	0.239	NUM
fsr-3230	420	212	0.314	0.314	NUM
fsr-3230	420	213	0.08	0.08	NUM
fsr-3230	420	214	0.041	0.041	NUM
fsr-3230	420	215	0.114	0.114	NUM
fsr-3230	420	216	0.100	0.100	NUM
fsr-3230	420	217	min	min	NOUN
fsr-3230	420	218	0.014	0.014	NUM
fsr-3230	420	219	0.144	0.144	NUM
fsr-3230	420	220	0.012	0.012	NUM
fsr-3230	420	221	0.069	0.069	NUM
fsr-3230	420	222	0.005	0.005	NUM
fsr-3230	420	223	0.000	0.000	NUM
fsr-3230	420	224	0.006	0.006	NUM
fsr-3230	420	225	0.034	0.034	NUM
fsr-3230	420	226	table	table	NOUN
fsr-3230	420	227	4	4	NUM
fsr-3230	420	228	shows	show	VERB
fsr-3230	420	229	statistics	statistic	NOUN
fsr-3230	420	230	on	on	ADP
fsr-3230	420	231	the	the	DET
fsr-3230	420	232	cross	cross	ADJ
fsr-3230	420	233	-	-	ADJ
fsr-3230	420	234	sectional	sectional	ADJ
fsr-3230	420	235	distribution	distribution	NOUN
fsr-3230	420	236	of	of	ADP
fsr-3230	420	237	monthly	monthly	ADJ
fsr-3230	420	238	performance	performance	NOUN
fsr-3230	420	239	disagreement	disagreement	NOUN
fsr-3230	420	240	estimates	estimate	NOUN
fsr-3230	420	241	.	.	PUNCT
fsr-3230	421	1	disck	disck	ADJ
fsr-3230	421	2	is	be	AUX
fsr-3230	421	3	the	the	DET
fsr-3230	421	4	disagreement	disagreement	NOUN
fsr-3230	421	5	from	from	ADP
fsr-3230	421	6	the	the	DET
fsr-3230	421	7	best	good	ADJ
fsr-3230	421	8	and	and	CCONJ
fsr-3230	421	9	worst	bad	ADJ
fsr-3230	421	10	clientele	clientele	PROPN
fsr-3230	421	11	alphas	alpha	NOUN
fsr-3230	421	12	proposed	propose	VERB
fsr-3230	421	13	by	by	ADP
fsr-3230	421	14	chrétien	chrétien	PROPN
fsr-3230	421	15	and	and	CCONJ
fsr-3230	421	16	kammoun	kammoun	PROPN
fsr-3230	421	17	(	(	PUNCT
fsr-3230	421	18	2017	2017	NUM
fsr-3230	421	19	)	)	PUNCT
fsr-3230	421	20	.	.	PUNCT
fsr-3230	422	1	disfl	disfl	PROPN
fsr-3230	422	2	is	be	AUX
fsr-3230	422	3	the	the	DET
fsr-3230	422	4	disagreement	disagreement	NOUN
fsr-3230	422	5	from	from	ADP
fsr-3230	422	6	the	the	DET
fsr-3230	422	7	bound	bind	VERB
fsr-3230	422	8	with	with	ADP
fsr-3230	422	9	a	a	DET
fsr-3230	422	10	traditional	traditional	ADJ
fsr-3230	422	11	alpha	alpha	NOUN
fsr-3230	422	12	proposed	propose	VERB
fsr-3230	422	13	by	by	ADP
fsr-3230	422	14	ferson	ferson	NOUN
fsr-3230	422	15	and	and	CCONJ
fsr-3230	422	16	lin	lin	PROPN
fsr-3230	422	17	(	(	PUNCT
fsr-3230	422	18	2014	2014	NUM
fsr-3230	422	19	)	)	PUNCT
fsr-3230	422	20	.	.	PUNCT
fsr-3230	423	1	the	the	DET
fsr-3230	423	2	table	table	NOUN
fsr-3230	423	3	provides	provide	VERB
fsr-3230	423	4	the	the	DET
fsr-3230	423	5	mean	mean	ADJ
fsr-3230	423	6	,	,	PUNCT
fsr-3230	423	7	standard	standard	ADJ
fsr-3230	423	8	deviation	deviation	NOUN
fsr-3230	423	9	(	(	PUNCT
fsr-3230	423	10	stddev	stddev	NOUN
fsr-3230	423	11	)	)	PUNCT
fsr-3230	423	12	and	and	CCONJ
fsr-3230	423	13	selected	select	VERB
fsr-3230	423	14	percentiles	percentile	NOUN
fsr-3230	423	15	of	of	ADP
fsr-3230	423	16	the	the	DET
fsr-3230	423	17	distributions	distribution	NOUN
fsr-3230	423	18	of	of	ADP
fsr-3230	423	19	the	the	DET
fsr-3230	423	20	disagreement	disagreement	NOUN
fsr-3230	423	21	estimates	estimate	VERB
fsr-3230	423	22	.	.	PUNCT
fsr-3230	424	1	it	it	PRON
fsr-3230	424	2	also	also	ADV
fsr-3230	424	3	reports	report	VERB
fsr-3230	424	4	the	the	DET
fsr-3230	424	5	t	t	PROPN
fsr-3230	424	6	-	-	PUNCT
fsr-3230	424	7	statistics	statistic	NOUN
fsr-3230	424	8	(	(	PUNCT
fsr-3230	424	9	t	t	NOUN
fsr-3230	424	10	-	-	PUNCT
fsr-3230	424	11	stat	stat	NOUN
fsr-3230	424	12	)	)	PUNCT
fsr-3230	424	13	on	on	ADP
fsr-3230	424	14	the	the	DET
fsr-3230	424	15	significance	significance	NOUN
fsr-3230	424	16	of	of	ADP
fsr-3230	424	17	the	the	DET
fsr-3230	424	18	mean	mean	NOUN
fsr-3230	424	19	of	of	ADP
fsr-3230	424	20	the	the	DET
fsr-3230	424	21	disagreement	disagreement	NOUN
fsr-3230	424	22	estimates	estimate	VERB
fsr-3230	424	23	.	.	PUNCT
fsr-3230	425	1	in	in	ADP
fsr-3230	425	2	the	the	DET
fsr-3230	425	3	base	base	NOUN
fsr-3230	425	4	cases	case	NOUN
fsr-3230	425	5	(	(	PUNCT
fsr-3230	425	6	columns	column	NOUN
fsr-3230	425	7	‘	'	PUNCT
fsr-3230	425	8	disck	disck	ADJ
fsr-3230	425	9	(	(	PUNCT
fsr-3230	425	10	10i	10i	NOUN
fsr-3230	425	11	)	)	PUNCT
fsr-3230	425	12	’	'	PUNCT
fsr-3230	425	13	and	and	CCONJ
fsr-3230	425	14	‘	'	PUNCT
fsr-3230	425	15	disfl	disfl	PROPN
fsr-3230	425	16	(	(	PUNCT
fsr-3230	425	17	10i	10i	NUM
fsr-3230	425	18	)	)	PUNCT
fsr-3230	425	19	’	'	PUNCT
fsr-3230	425	20	)	)	PUNCT
fsr-3230	425	21	,	,	PUNCT
fsr-3230	425	22	we	we	PRON
fsr-3230	425	23	estimate	estimate	VERB
fsr-3230	425	24	disagreement	disagreement	NOUN
fsr-3230	425	25	every	every	DET
fsr-3230	425	26	quarter	quarter	NOUN
fsr-3230	425	27	using	use	VERB
fsr-3230	425	28	ten	ten	NUM
fsr-3230	425	29	industry	industry	NOUN
fsr-3230	425	30	passive	passive	ADJ
fsr-3230	425	31	portfolios	portfolio	NOUN
fsr-3230	425	32	(	(	PUNCT
fsr-3230	425	33	10i	10i	NOUN
fsr-3230	425	34	)	)	PUNCT
fsr-3230	425	35	and	and	CCONJ
fsr-3230	425	36	a	a	DET
fsr-3230	425	37	rolling	rolling	ADJ
fsr-3230	425	38	estimation	estimation	NOUN
fsr-3230	425	39	window	window	NOUN
fsr-3230	425	40	made	make	VERB
fsr-3230	425	41	to	to	ADP
fsr-3230	425	42	the	the	DET
fsr-3230	425	43	previous	previous	ADJ
fsr-3230	425	44	60	60	NUM
fsr-3230	425	45	monthly	monthly	ADJ
fsr-3230	425	46	observations	observation	NOUN
fsr-3230	425	47	.	.	PUNCT
fsr-3230	426	1	in	in	ADP
fsr-3230	426	2	columns	column	NOUN
fsr-3230	426	3	‘	'	PUNCT
fsr-3230	426	4	disck	disck	ADJ
fsr-3230	426	5	(	(	PUNCT
fsr-3230	426	6	10i	10i	NOUN
fsr-3230	426	7	,	,	PUNCT
fsr-3230	426	8	36	36	NUM
fsr-3230	426	9	m	m	NOUN
fsr-3230	426	10	)	)	PUNCT
fsr-3230	426	11	’	'	PUNCT
fsr-3230	426	12	and	and	CCONJ
fsr-3230	426	13	‘	'	PUNCT
fsr-3230	426	14	disfl	disfl	PROPN
fsr-3230	426	15	(	(	PUNCT
fsr-3230	426	16	10i	10i	NOUN
fsr-3230	426	17	,	,	PUNCT
fsr-3230	426	18	36	36	NUM
fsr-3230	426	19	m	m	NOUN
fsr-3230	426	20	)	)	PUNCT
fsr-3230	426	21	’	'	PUNCT
fsr-3230	426	22	,	,	PUNCT
fsr-3230	426	23	the	the	DET
fsr-3230	426	24	rolling	rolling	ADJ
fsr-3230	426	25	estimation	estimation	NOUN
fsr-3230	426	26	window	window	NOUN
fsr-3230	426	27	is	be	AUX
fsr-3230	426	28	the	the	DET
fsr-3230	426	29	previous	previous	ADJ
fsr-3230	426	30	36	36	NUM
fsr-3230	426	31	monthly	monthly	ADJ
fsr-3230	426	32	observations	observation	NOUN
fsr-3230	426	33	.	.	PUNCT
fsr-3230	427	1	in	in	ADP
fsr-3230	427	2	columns	column	NOUN
fsr-3230	427	3	‘	'	PUNCT
fsr-3230	427	4	disck	disck	ADJ
fsr-3230	427	5	(	(	PUNCT
fsr-3230	427	6	etfs	etfs	NOUN
fsr-3230	427	7	)	)	PUNCT
fsr-3230	427	8	’	'	PUNCT
fsr-3230	427	9	,	,	PUNCT
fsr-3230	427	10	‘	'	PUNCT
fsr-3230	427	11	disfl	disfl	NOUN
fsr-3230	427	12	(	(	PUNCT
fsr-3230	427	13	etfs	etfs	PROPN
fsr-3230	427	14	)	)	PUNCT
fsr-3230	427	15	’	'	PUNCT
fsr-3230	427	16	,	,	PUNCT
fsr-3230	427	17	‘	'	PUNCT
fsr-3230	427	18	disck	disck	ADJ
fsr-3230	427	19	(	(	PUNCT
fsr-3230	427	20	vanguard	vanguard	NOUN
fsr-3230	427	21	)	)	PUNCT
fsr-3230	427	22	’	'	PUNCT
fsr-3230	427	23	and	and	CCONJ
fsr-3230	427	24	‘	'	PUNCT
fsr-3230	427	25	disfl	disfl	PROPN
fsr-3230	427	26	(	(	PUNCT
fsr-3230	427	27	vanguard	vanguard	NOUN
fsr-3230	427	28	)	)	PUNCT
fsr-3230	427	29	’	'	PUNCT
fsr-3230	427	30	,	,	PUNCT
fsr-3230	427	31	the	the	DET
fsr-3230	427	32	estimates	estimate	NOUN
fsr-3230	427	33	use	use	VERB
fsr-3230	427	34	either	either	CCONJ
fsr-3230	427	35	the	the	DET
fsr-3230	427	36	etf	etf	NOUN
fsr-3230	427	37	passive	passive	ADJ
fsr-3230	427	38	portfolios	portfolio	NOUN
fsr-3230	427	39	(	(	PUNCT
fsr-3230	427	40	etfs	etfs	NOUN
fsr-3230	427	41	)	)	PUNCT
fsr-3230	427	42	or	or	CCONJ
fsr-3230	427	43	the	the	DET
fsr-3230	427	44	vanguard	vanguard	PROPN
fsr-3230	427	45	index	index	PROPN
fsr-3230	427	46	fund	fund	NOUN
fsr-3230	427	47	passive	passive	ADJ
fsr-3230	427	48	portfolios	portfolio	NOUN
fsr-3230	427	49	(	(	PUNCT
fsr-3230	427	50	vanguard	vanguard	NOUN
fsr-3230	427	51	)	)	PUNCT
fsr-3230	427	52	(	(	PUNCT
fsr-3230	427	53	and	and	CCONJ
fsr-3230	427	54	a	a	DET
fsr-3230	427	55	rolling	rolling	ADJ
fsr-3230	427	56	estimation	estimation	NOUN
fsr-3230	427	57	window	window	NOUN
fsr-3230	427	58	made	make	VERB
fsr-3230	427	59	to	to	ADP
fsr-3230	427	60	the	the	DET
fsr-3230	427	61	previous	previous	ADJ
fsr-3230	427	62	60	60	NUM
fsr-3230	427	63	monthly	monthly	ADJ
fsr-3230	427	64	observations	observation	NOUN
fsr-3230	427	65	)	)	PUNCT
fsr-3230	427	66	.	.	PUNCT
fsr-3230	428	1	the	the	DET
fsr-3230	428	2	data	datum	NOUN
fsr-3230	428	3	(	(	PUNCT
fsr-3230	428	4	see	see	VERB
fsr-3230	428	5	description	description	NOUN
fsr-3230	428	6	in	in	ADP
fsr-3230	428	7	tables	table	NOUN
fsr-3230	428	8	1	1	NUM
fsr-3230	428	9	and	and	CCONJ
fsr-3230	428	10	2	2	NUM
fsr-3230	428	11	)	)	PUNCT
fsr-3230	428	12	cover	cover	VERB
fsr-3230	428	13	the	the	DET
fsr-3230	428	14	period	period	NOUN
fsr-3230	428	15	january	january	PROPN
fsr-3230	428	16	1984	1984	NUM
fsr-3230	428	17	-	-	PUNCT
fsr-3230	428	18	december	december	PROPN
fsr-3230	428	19	2016	2016	NUM
fsr-3230	428	20	when	when	SCONJ
fsr-3230	428	21	using	use	VERB
fsr-3230	428	22	the	the	DET
fsr-3230	428	23	10i	10i	NOUN
fsr-3230	428	24	passive	passive	ADJ
fsr-3230	428	25	portfolios	portfolio	NOUN
fsr-3230	428	26	,	,	PUNCT
fsr-3230	428	27	january	january	PROPN
fsr-3230	428	28	2005	2005	NUM
fsr-3230	428	29	-	-	SYM
fsr-3230	428	30	december	december	PROPN
fsr-3230	428	31	2016	2016	NUM
fsr-3230	428	32	when	when	SCONJ
fsr-3230	428	33	using	use	VERB
fsr-3230	428	34	the	the	DET
fsr-3230	428	35	etfs	etfs	NOUN
fsr-3230	428	36	passive	passive	ADJ
fsr-3230	428	37	portfolios	portfolio	NOUN
fsr-3230	428	38	and	and	CCONJ
fsr-3230	428	39	january	january	PROPN
fsr-3230	428	40	2003	2003	NUM
fsr-3230	428	41	-	-	SYM
fsr-3230	428	42	december	december	PROPN
fsr-3230	428	43	2016	2016	NUM
fsr-3230	428	44	when	when	SCONJ
fsr-3230	428	45	using	use	VERB
fsr-3230	428	46	the	the	DET
fsr-3230	428	47	vanguard	vanguard	NOUN
fsr-3230	428	48	passive	passive	ADJ
fsr-3230	428	49	portfolios	portfolio	NOUN
fsr-3230	428	50	.	.	PUNCT
fsr-3230	429	1	all	all	DET
fsr-3230	429	2	statistics	statistic	NOUN
fsr-3230	429	3	are	be	AUX
fsr-3230	429	4	in	in	ADP
fsr-3230	429	5	percentage	percentage	NOUN
fsr-3230	429	6	except	except	SCONJ
fsr-3230	429	7	the	the	DET
fsr-3230	429	8	t	t	PROPN
fsr-3230	429	9	-	-	PUNCT
fsr-3230	429	10	statistics	statistic	NOUN
fsr-3230	429	11	.	.	PUNCT
fsr-3230	430	1	financial	financial	ADJ
fsr-3230	430	2	services	service	NOUN
fsr-3230	430	3	review	review	PROPN
fsr-3230	430	4	,	,	PUNCT
fsr-3230	430	5	32(1	32(1	NUM
fsr-3230	430	6	)	)	PUNCT
fsr-3230	430	7	80	80	NUM
fsr-3230	430	8	in	in	ADP
fsr-3230	430	9	the	the	DET
fsr-3230	430	10	rest	rest	NOUN
fsr-3230	430	11	of	of	ADP
fsr-3230	430	12	the	the	DET
fsr-3230	430	13	analysis	analysis	NOUN
fsr-3230	430	14	,	,	PUNCT
fsr-3230	430	15	we	we	PRON
fsr-3230	430	16	rely	rely	VERB
fsr-3230	430	17	mainly	mainly	ADV
fsr-3230	430	18	on	on	ADP
fsr-3230	430	19	disagreement	disagreement	NOUN
fsr-3230	430	20	estimated	estimate	VERB
fsr-3230	430	21	using	use	VERB
fsr-3230	430	22	the	the	DET
fsr-3230	430	23	10i	10i	NOUN
fsr-3230	430	24	portfolios	portfolio	NOUN
fsr-3230	430	25	and	and	CCONJ
fsr-3230	430	26	an	an	DET
fsr-3230	430	27	estimation	estimation	NOUN
fsr-3230	430	28	window	window	NOUN
fsr-3230	430	29	of	of	ADP
fsr-3230	430	30	60	60	NUM
fsr-3230	430	31	months	month	NOUN
fsr-3230	430	32	.	.	PUNCT
fsr-3230	431	1	however	however	ADV
fsr-3230	431	2	,	,	PUNCT
fsr-3230	431	3	given	give	VERB
fsr-3230	431	4	the	the	DET
fsr-3230	431	5	differences	difference	NOUN
fsr-3230	431	6	between	between	ADP
fsr-3230	431	7	estimates	estimate	NOUN
fsr-3230	431	8	obtained	obtain	VERB
fsr-3230	431	9	from	from	ADP
fsr-3230	431	10	different	different	ADJ
fsr-3230	431	11	sets	set	NOUN
fsr-3230	431	12	of	of	ADP
fsr-3230	431	13	passive	passive	ADJ
fsr-3230	431	14	portfolios	portfolio	NOUN
fsr-3230	431	15	,	,	PUNCT
fsr-3230	431	16	we	we	PRON
fsr-3230	431	17	also	also	ADV
fsr-3230	431	18	discuss	discuss	VERB
fsr-3230	431	19	our	our	PRON
fsr-3230	431	20	findings	finding	NOUN
fsr-3230	431	21	when	when	SCONJ
fsr-3230	431	22	using	use	VERB
fsr-3230	431	23	etfs	etfs	PROPN
fsr-3230	431	24	or	or	CCONJ
fsr-3230	431	25	vanguard	vanguard	NOUN
fsr-3230	431	26	funds	fund	NOUN
fsr-3230	431	27	.	.	PUNCT
fsr-3230	432	1	in	in	ADP
fsr-3230	432	2	general	general	ADJ
fsr-3230	432	3	,	,	PUNCT
fsr-3230	432	4	the	the	DET
fsr-3230	432	5	results	result	NOUN
fsr-3230	432	6	are	be	AUX
fsr-3230	432	7	robust	robust	ADJ
fsr-3230	432	8	to	to	ADP
fsr-3230	432	9	the	the	DET
fsr-3230	432	10	choice	choice	NOUN
fsr-3230	432	11	of	of	ADP
fsr-3230	432	12	passive	passive	ADJ
fsr-3230	432	13	portfolios	portfolio	NOUN
fsr-3230	432	14	.	.	PUNCT
fsr-3230	433	1	investor	investor	NOUN
fsr-3230	433	2	disagreement	disagreement	NOUN
fsr-3230	433	3	and	and	CCONJ
fsr-3230	433	4	fund	fund	NOUN
fsr-3230	433	5	characteristics	characteristic	NOUN
fsr-3230	433	6	table	table	NOUN
fsr-3230	433	7	5	5	NUM
fsr-3230	433	8	study	study	VERB
fsr-3230	433	9	the	the	DET
fsr-3230	433	10	relations	relation	NOUN
fsr-3230	433	11	between	between	ADP
fsr-3230	433	12	investor	investor	NOUN
fsr-3230	433	13	disagreement	disagreement	NOUN
fsr-3230	433	14	and	and	CCONJ
fsr-3230	433	15	past	past	ADJ
fsr-3230	433	16	fund	fund	NOUN
fsr-3230	433	17	characteristics	characteristic	NOUN
fsr-3230	433	18	,	,	PUNCT
fsr-3230	433	19	with	with	ADP
fsr-3230	433	20	panels	panel	NOUN
fsr-3230	433	21	a	a	PRON
fsr-3230	433	22	and	and	CCONJ
fsr-3230	433	23	b	b	NOUN
fsr-3230	433	24	focusing	focus	VERB
fsr-3230	433	25	on	on	ADP
fsr-3230	433	26	the	the	DET
fsr-3230	433	27	disck	disck	ADJ
fsr-3230	433	28	and	and	CCONJ
fsr-3230	433	29	disfl	disfl	NOUN
fsr-3230	433	30	measures	measure	NOUN
fsr-3230	433	31	,	,	PUNCT
fsr-3230	433	32	respectively	respectively	ADV
fsr-3230	433	33	.	.	PUNCT
fsr-3230	434	1	we	we	PRON
fsr-3230	434	2	consider	consider	VERB
fsr-3230	434	3	six	six	NUM
fsr-3230	434	4	models	model	NOUN
fsr-3230	434	5	to	to	PART
fsr-3230	434	6	investigate	investigate	VERB
fsr-3230	434	7	the	the	DET
fsr-3230	434	8	impact	impact	NOUN
fsr-3230	434	9	of	of	ADP
fsr-3230	434	10	characteristics	characteristic	NOUN
fsr-3230	434	11	.	.	PUNCT
fsr-3230	435	1	for	for	ADP
fsr-3230	435	2	each	each	DET
fsr-3230	435	3	model	model	NOUN
fsr-3230	435	4	,	,	PUNCT
fsr-3230	435	5	we	we	PRON
fsr-3230	435	6	report	report	VERB
fsr-3230	435	7	the	the	DET
fsr-3230	435	8	coefficient	coefficient	NOUN
fsr-3230	435	9	estimate	estimate	NOUN
fsr-3230	435	10	and	and	CCONJ
fsr-3230	435	11	t	t	PROPN
fsr-3230	435	12	-	-	PUNCT
fsr-3230	435	13	statistic	statistic	NOUN
fsr-3230	435	14	associated	associate	VERB
fsr-3230	435	15	with	with	ADP
fsr-3230	435	16	each	each	DET
fsr-3230	435	17	included	include	VERB
fsr-3230	435	18	variable	variable	NOUN
fsr-3230	435	19	,	,	PUNCT
fsr-3230	435	20	along	along	ADP
fsr-3230	435	21	with	with	ADP
fsr-3230	435	22	the	the	DET
fsr-3230	435	23	number	number	NOUN
fsr-3230	435	24	of	of	ADP
fsr-3230	435	25	observations	observation	NOUN
fsr-3230	435	26	and	and	CCONJ
fsr-3230	435	27	r²	r²	NOUN
fsr-3230	435	28	of	of	ADP
fsr-3230	435	29	the	the	DET
fsr-3230	435	30	regression	regression	NOUN
fsr-3230	435	31	.	.	PUNCT
fsr-3230	436	1	in	in	ADP
fsr-3230	436	2	all	all	DET
fsr-3230	436	3	models	model	NOUN
fsr-3230	436	4	,	,	PUNCT
fsr-3230	436	5	we	we	PRON
fsr-3230	436	6	find	find	VERB
fsr-3230	436	7	that	that	SCONJ
fsr-3230	436	8	the	the	DET
fsr-3230	436	9	results	result	NOUN
fsr-3230	436	10	are	be	AUX
fsr-3230	436	11	similar	similar	ADJ
fsr-3230	436	12	for	for	ADP
fsr-3230	436	13	both	both	DET
fsr-3230	436	14	disagreement	disagreement	ADJ
fsr-3230	436	15	measures	measure	NOUN
fsr-3230	436	16	.	.	PUNCT
fsr-3230	437	1	our	our	PRON
fsr-3230	437	2	first	first	ADJ
fsr-3230	437	3	model	model	NOUN
fsr-3230	437	4	considers	consider	VERB
fsr-3230	437	5	the	the	DET
fsr-3230	437	6	most	most	ADV
fsr-3230	437	7	commonly	commonly	ADV
fsr-3230	437	8	studied	study	VERB
fsr-3230	437	9	determinants	determinant	NOUN
fsr-3230	437	10	of	of	ADP
fsr-3230	437	11	performance	performance	NOUN
fsr-3230	437	12	,	,	PUNCT
fsr-3230	437	13	namely	namely	ADV
fsr-3230	437	14	expenses	expense	NOUN
fsr-3230	437	15	,	,	PUNCT
fsr-3230	437	16	turnover	turnover	NOUN
fsr-3230	437	17	,	,	PUNCT
fsr-3230	437	18	age	age	NOUN
fsr-3230	437	19	,	,	PUNCT
fsr-3230	437	20	manager	manager	NOUN
fsr-3230	437	21	tenure	tenure	NOUN
fsr-3230	437	22	and	and	CCONJ
fsr-3230	437	23	size	size	NOUN
fsr-3230	437	24	.	.	PUNCT
fsr-3230	438	1	the	the	DET
fsr-3230	438	2	second	second	ADJ
fsr-3230	438	3	model	model	NOUN
fsr-3230	438	4	replaces	replace	VERB
fsr-3230	438	5	expenses	expense	NOUN
fsr-3230	438	6	with	with	ADP
fsr-3230	438	7	their	their	PRON
fsr-3230	438	8	components	component	NOUN
fsr-3230	438	9	(	(	PUNCT
fsr-3230	438	10	management	management	NOUN
fsr-3230	438	11	fees	fee	NOUN
fsr-3230	438	12	,	,	PUNCT
fsr-3230	438	13	advertising	advertising	NOUN
fsr-3230	438	14	expenses	expense	NOUN
fsr-3230	438	15	(	(	PUNCT
fsr-3230	438	16	12b-1	12b-1	NUM
fsr-3230	438	17	)	)	PUNCT
fsr-3230	438	18	and	and	CCONJ
fsr-3230	438	19	the	the	DET
fsr-3230	438	20	costs	cost	NOUN
fsr-3230	438	21	of	of	ADP
fsr-3230	438	22	bundled	bundled	ADJ
fsr-3230	438	23	services	service	NOUN
fsr-3230	438	24	)	)	PUNCT
fsr-3230	438	25	.	.	PUNCT
fsr-3230	439	1	the	the	DET
fsr-3230	439	2	third	third	ADJ
fsr-3230	439	3	model	model	NOUN
fsr-3230	439	4	replaces	replace	VERB
fsr-3230	439	5	turnover	turnover	NOUN
fsr-3230	439	6	with	with	ADP
fsr-3230	439	7	tax	tax	NOUN
fsr-3230	439	8	burden	burden	NOUN
fsr-3230	439	9	as	as	SCONJ
fsr-3230	439	10	suggested	suggest	VERB
fsr-3230	439	11	by	by	ADP
fsr-3230	439	12	sialm	sialm	PROPN
fsr-3230	439	13	and	and	CCONJ
fsr-3230	439	14	zhang	zhang	PROPN
fsr-3230	439	15	(	(	PUNCT
fsr-3230	439	16	2020	2020	NUM
fsr-3230	439	17	)	)	PUNCT
fsr-3230	439	18	.	.	PUNCT
fsr-3230	440	1	the	the	DET
fsr-3230	440	2	fourth	fourth	ADJ
fsr-3230	440	3	model	model	NOUN
fsr-3230	440	4	considers	consider	VERB
fsr-3230	440	5	dividend	dividend	NOUN
fsr-3230	440	6	yield	yield	NOUN
fsr-3230	440	7	,	,	PUNCT
fsr-3230	440	8	family	family	NOUN
fsr-3230	440	9	size	size	NOUN
fsr-3230	440	10	and	and	CCONJ
fsr-3230	440	11	factor	factor	NOUN
fsr-3230	440	12	exposures	exposure	NOUN
fsr-3230	440	13	.	.	PUNCT
fsr-3230	441	1	the	the	DET
fsr-3230	441	2	fifth	fifth	ADJ
fsr-3230	441	3	model	model	NOUN
fsr-3230	441	4	examines	examine	VERB
fsr-3230	441	5	fund	fund	NOUN
fsr-3230	441	6	styles	style	NOUN
fsr-3230	441	7	.	.	PUNCT
fsr-3230	442	1	the	the	DET
fsr-3230	442	2	last	last	ADJ
fsr-3230	442	3	model	model	NOUN
fsr-3230	442	4	includes	include	VERB
fsr-3230	442	5	all	all	DET
fsr-3230	442	6	characteristics	characteristic	NOUN
fsr-3230	442	7	except	except	SCONJ
fsr-3230	442	8	expenses	expense	NOUN
fsr-3230	442	9	and	and	CCONJ
fsr-3230	442	10	turnover	turnover	NOUN
fsr-3230	442	11	.	.	PUNCT
fsr-3230	443	1	table	table	NOUN
fsr-3230	443	2	5	5	NUM
fsr-3230	443	3	shows	show	VERB
fsr-3230	443	4	that	that	SCONJ
fsr-3230	443	5	performance	performance	NOUN
fsr-3230	443	6	disagreement	disagreement	NOUN
fsr-3230	443	7	is	be	AUX
fsr-3230	443	8	higher	high	ADJ
fsr-3230	443	9	for	for	ADP
fsr-3230	443	10	funds	fund	NOUN
fsr-3230	443	11	with	with	ADP
fsr-3230	443	12	higher	high	ADJ
fsr-3230	443	13	expenses	expense	NOUN
fsr-3230	443	14	,	,	PUNCT
fsr-3230	443	15	turnover	turnover	NOUN
fsr-3230	443	16	and	and	CCONJ
fsr-3230	443	17	age	age	NOUN
fsr-3230	443	18	.	.	PUNCT
fsr-3230	444	1	it	it	PRON
fsr-3230	444	2	is	be	AUX
fsr-3230	444	3	also	also	ADV
fsr-3230	444	4	generally	generally	ADV
fsr-3230	444	5	higher	high	ADJ
fsr-3230	444	6	for	for	ADP
fsr-3230	444	7	funds	fund	NOUN
fsr-3230	444	8	with	with	ADP
fsr-3230	444	9	younger	young	ADJ
fsr-3230	444	10	managers	manager	NOUN
fsr-3230	444	11	,	,	PUNCT
fsr-3230	444	12	although	although	SCONJ
fsr-3230	444	13	this	this	DET
fsr-3230	444	14	relation	relation	NOUN
fsr-3230	444	15	is	be	AUX
fsr-3230	444	16	not	not	PART
fsr-3230	444	17	robust	robust	ADJ
fsr-3230	444	18	across	across	ADP
fsr-3230	444	19	models	model	NOUN
fsr-3230	444	20	.	.	PUNCT
fsr-3230	445	1	positive	positive	ADJ
fsr-3230	445	2	and	and	CCONJ
fsr-3230	445	3	negative	negative	ADJ
fsr-3230	445	4	coefficients	coefficient	NOUN
fsr-3230	445	5	on	on	ADP
fsr-3230	445	6	log(fund	log(fund	ADJ
fsr-3230	445	7	size	size	NOUN
fsr-3230	445	8	)	)	PUNCT
fsr-3230	445	9	and	and	CCONJ
fsr-3230	445	10	log(fund	log(fund	PROPN
fsr-3230	445	11	size2	size2	CCONJ
fsr-3230	445	12	)	)	PUNCT
fsr-3230	445	13	indicate	indicate	VERB
fsr-3230	445	14	that	that	SCONJ
fsr-3230	445	15	investor	investor	NOUN
fsr-3230	445	16	disagreement	disagreement	NOUN
fsr-3230	445	17	is	be	AUX
fsr-3230	445	18	a	a	DET
fsr-3230	445	19	concave	concave	ADJ
fsr-3230	445	20	function	function	NOUN
fsr-3230	445	21	of	of	ADP
fsr-3230	445	22	fund	fund	NOUN
fsr-3230	445	23	size	size	NOUN
fsr-3230	445	24	(	(	PUNCT
fsr-3230	445	25	in	in	ADP
fsr-3230	445	26	logarithm	logarithm	NOUN
fsr-3230	445	27	)	)	PUNCT
fsr-3230	445	28	.	.	PUNCT
fsr-3230	446	1	the	the	DET
fsr-3230	446	2	coefficient	coefficient	NOUN
fsr-3230	446	3	values	value	NOUN
fsr-3230	446	4	suggest	suggest	VERB
fsr-3230	446	5	that	that	SCONJ
fsr-3230	446	6	there	there	PRON
fsr-3230	446	7	is	be	VERB
fsr-3230	446	8	a	a	DET
fsr-3230	446	9	negative	negative	ADJ
fsr-3230	446	10	relation	relation	NOUN
fsr-3230	446	11	between	between	ADP
fsr-3230	446	12	disagreement	disagreement	NOUN
fsr-3230	446	13	and	and	CCONJ
fsr-3230	446	14	size	size	NOUN
fsr-3230	446	15	for	for	ADP
fsr-3230	446	16	most	most	ADJ
fsr-3230	446	17	funds	fund	NOUN
fsr-3230	446	18	,	,	PUNCT
fsr-3230	446	19	except	except	SCONJ
fsr-3230	446	20	the	the	DET
fsr-3230	446	21	smallest	small	ADJ
fsr-3230	446	22	ones	one	NOUN
fsr-3230	446	23	.	.	PUNCT
fsr-3230	447	1	disagreement	disagreement	NOUN
fsr-3230	447	2	is	be	AUX
fsr-3230	447	3	higher	high	ADJ
fsr-3230	447	4	for	for	ADP
fsr-3230	447	5	funds	fund	NOUN
fsr-3230	447	6	with	with	ADP
fsr-3230	447	7	higher	high	ADJ
fsr-3230	447	8	management	management	NOUN
fsr-3230	447	9	fees	fee	NOUN
fsr-3230	447	10	and	and	CCONJ
fsr-3230	447	11	costs	cost	NOUN
fsr-3230	447	12	of	of	ADP
fsr-3230	447	13	bundled	bundled	ADJ
fsr-3230	447	14	services	service	NOUN
fsr-3230	447	15	.	.	PUNCT
fsr-3230	448	1	there	there	PRON
fsr-3230	448	2	is	be	VERB
fsr-3230	448	3	some	some	DET
fsr-3230	448	4	evidence	evidence	NOUN
fsr-3230	448	5	that	that	SCONJ
fsr-3230	448	6	advertising	advertising	NOUN
fsr-3230	448	7	reduces	reduce	VERB
fsr-3230	448	8	disagreement	disagreement	NOUN
fsr-3230	448	9	,	,	PUNCT
fsr-3230	448	10	although	although	SCONJ
fsr-3230	448	11	the	the	DET
fsr-3230	448	12	negative	negative	ADJ
fsr-3230	448	13	relation	relation	NOUN
fsr-3230	448	14	is	be	AUX
fsr-3230	448	15	oftentimes	oftentime	NOUN
fsr-3230	448	16	not	not	PART
fsr-3230	448	17	statistically	statistically	ADV
fsr-3230	448	18	significant	significant	ADJ
fsr-3230	448	19	.	.	PUNCT
fsr-3230	449	1	there	there	PRON
fsr-3230	449	2	is	be	VERB
fsr-3230	449	3	also	also	ADV
fsr-3230	449	4	evidence	evidence	NOUN
fsr-3230	449	5	of	of	ADP
fsr-3230	449	6	a	a	DET
fsr-3230	449	7	positive	positive	ADJ
fsr-3230	449	8	relation	relation	NOUN
fsr-3230	449	9	between	between	ADP
fsr-3230	449	10	disagreement	disagreement	NOUN
fsr-3230	449	11	and	and	CCONJ
fsr-3230	449	12	tax	tax	NOUN
fsr-3230	449	13	burden	burden	NOUN
fsr-3230	449	14	,	,	PUNCT
fsr-3230	449	15	although	although	SCONJ
fsr-3230	449	16	the	the	DET
fsr-3230	449	17	relation	relation	NOUN
fsr-3230	449	18	loses	lose	VERB
fsr-3230	449	19	its	its	PRON
fsr-3230	449	20	statistical	statistical	ADJ
fsr-3230	449	21	significance	significance	NOUN
fsr-3230	449	22	once	once	ADV
fsr-3230	449	23	dividend	dividend	NOUN
fsr-3230	449	24	yield	yield	NOUN
fsr-3230	449	25	,	,	PUNCT
fsr-3230	449	26	family	family	NOUN
fsr-3230	449	27	size	size	NOUN
fsr-3230	449	28	and	and	CCONJ
fsr-3230	449	29	factor	factor	NOUN
fsr-3230	449	30	exposures	exposure	NOUN
fsr-3230	449	31	are	be	AUX
fsr-3230	449	32	included	include	VERB
fsr-3230	449	33	.	.	PUNCT
fsr-3230	450	1	funds	fund	NOUN
fsr-3230	450	2	with	with	ADP
fsr-3230	450	3	higher	high	ADJ
fsr-3230	450	4	dividend	dividend	NOUN
fsr-3230	450	5	yields	yield	NOUN
fsr-3230	450	6	have	have	VERB
fsr-3230	450	7	significantly	significantly	ADV
fsr-3230	450	8	lower	low	ADJ
fsr-3230	450	9	disagreement	disagreement	NOUN
fsr-3230	450	10	,	,	PUNCT
fsr-3230	450	11	supporting	support	VERB
fsr-3230	450	12	the	the	DET
fsr-3230	450	13	idea	idea	NOUN
fsr-3230	450	14	that	that	SCONJ
fsr-3230	450	15	dividends	dividend	NOUN
fsr-3230	450	16	reduce	reduce	VERB
fsr-3230	450	17	uncertainty	uncertainty	NOUN
fsr-3230	450	18	in	in	ADP
fsr-3230	450	19	returns	return	NOUN
fsr-3230	450	20	.	.	PUNCT
fsr-3230	451	1	we	we	PRON
fsr-3230	451	2	find	find	VERB
fsr-3230	451	3	a	a	DET
fsr-3230	451	4	positive	positive	ADJ
fsr-3230	451	5	relation	relation	NOUN
fsr-3230	451	6	between	between	ADP
fsr-3230	451	7	disagreement	disagreement	NOUN
fsr-3230	451	8	and	and	CCONJ
fsr-3230	451	9	family	family	NOUN
fsr-3230	451	10	size	size	NOUN
fsr-3230	451	11	,	,	PUNCT
fsr-3230	451	12	suggesting	suggest	VERB
fsr-3230	451	13	that	that	SCONJ
fsr-3230	451	14	there	there	PRON
fsr-3230	451	15	is	be	VERB
fsr-3230	451	16	family	family	NOUN
fsr-3230	451	17	driven	drive	VERB
fsr-3230	451	18	heterogeneity	heterogeneity	NOUN
fsr-3230	451	19	among	among	ADP
fsr-3230	451	20	funds	fund	NOUN
fsr-3230	451	21	that	that	PRON
fsr-3230	451	22	are	be	AUX
fsr-3230	451	23	part	part	NOUN
fsr-3230	451	24	of	of	ADP
fsr-3230	451	25	a	a	DET
fsr-3230	451	26	large	large	ADJ
fsr-3230	451	27	family	family	NOUN
fsr-3230	451	28	.	.	PUNCT
fsr-3230	452	1	however	however	ADV
fsr-3230	452	2	,	,	PUNCT
fsr-3230	452	3	this	this	DET
fsr-3230	452	4	relation	relation	NOUN
fsr-3230	452	5	becomes	become	VERB
fsr-3230	452	6	insignificant	insignificant	ADJ
fsr-3230	452	7	once	once	SCONJ
fsr-3230	452	8	style	style	NOUN
fsr-3230	452	9	dummies	dummy	NOUN
fsr-3230	452	10	are	be	AUX
fsr-3230	452	11	considered	consider	VERB
fsr-3230	452	12	.	.	PUNCT
fsr-3230	453	1	there	there	PRON
fsr-3230	453	2	is	be	VERB
fsr-3230	453	3	a	a	DET
fsr-3230	453	4	positive	positive	ADJ
fsr-3230	453	5	relation	relation	NOUN
fsr-3230	453	6	between	between	ADP
fsr-3230	453	7	disagreement	disagreement	NOUN
fsr-3230	453	8	and	and	CCONJ
fsr-3230	453	9	exposure	exposure	NOUN
fsr-3230	453	10	to	to	ADP
fsr-3230	453	11	the	the	DET
fsr-3230	453	12	size	size	NOUN
fsr-3230	453	13	factor	factor	NOUN
fsr-3230	453	14	,	,	PUNCT
fsr-3230	453	15	but	but	CCONJ
fsr-3230	453	16	the	the	DET
fsr-3230	453	17	evidence	evidence	NOUN
fsr-3230	453	18	is	be	AUX
fsr-3230	453	19	mixed	mix	VERB
fsr-3230	453	20	for	for	ADP
fsr-3230	453	21	exposures	exposure	NOUN
fsr-3230	453	22	to	to	ADP
fsr-3230	453	23	value	value	NOUN
fsr-3230	453	24	and	and	CCONJ
fsr-3230	453	25	momentum	momentum	NOUN
fsr-3230	453	26	factors	factor	NOUN
fsr-3230	453	27	.	.	PUNCT
fsr-3230	454	1	finally	finally	ADV
fsr-3230	454	2	,	,	PUNCT
fsr-3230	454	3	as	as	SCONJ
fsr-3230	454	4	expected	expect	VERB
fsr-3230	454	5	,	,	PUNCT
fsr-3230	454	6	disagreement	disagreement	NOUN
fsr-3230	454	7	is	be	AUX
fsr-3230	454	8	larger	large	ADJ
fsr-3230	454	9	for	for	ADP
fsr-3230	454	10	funds	fund	NOUN
fsr-3230	454	11	following	follow	VERB
fsr-3230	454	12	aggressive	aggressive	ADJ
fsr-3230	454	13	styles	style	NOUN
fsr-3230	454	14	(	(	PUNCT
fsr-3230	454	15	micro	micro	NOUN
fsr-3230	454	16	-	-	NOUN
fsr-3230	454	17	cap	cap	ADJ
fsr-3230	454	18	funds	fund	NOUN
fsr-3230	454	19	,	,	PUNCT
fsr-3230	454	20	maximum	maximum	ADJ
fsr-3230	454	21	capital	capital	NOUN
fsr-3230	454	22	gain	gain	NOUN
fsr-3230	454	23	funds	fund	NOUN
fsr-3230	454	24	and	and	CCONJ
fsr-3230	454	25	small	small	ADJ
fsr-3230	454	26	-	-	PUNCT
fsr-3230	454	27	cap	cap	NOUN
fsr-3230	454	28	funds	fund	NOUN
fsr-3230	454	29	,	,	PUNCT
fsr-3230	454	30	growth	growth	NOUN
fsr-3230	454	31	funds	fund	NOUN
fsr-3230	454	32	and	and	CCONJ
fsr-3230	454	33	mid	mid	ADJ
fsr-3230	454	34	-	-	ADJ
fsr-3230	454	35	cap	cap	ADJ
fsr-3230	454	36	funds	fund	NOUN
fsr-3230	454	37	)	)	PUNCT
fsr-3230	454	38	and	and	CCONJ
fsr-3230	454	39	smaller	small	ADJ
fsr-3230	454	40	for	for	ADP
fsr-3230	454	41	funds	fund	NOUN
fsr-3230	454	42	following	follow	VERB
fsr-3230	454	43	defensive	defensive	ADJ
fsr-3230	454	44	styles	style	NOUN
fsr-3230	454	45	(	(	PUNCT
fsr-3230	454	46	equity	equity	NOUN
fsr-3230	454	47	income	income	NOUN
fsr-3230	454	48	funds	fund	NOUN
fsr-3230	454	49	and	and	CCONJ
fsr-3230	454	50	growth	growth	NOUN
fsr-3230	454	51	and	and	CCONJ
fsr-3230	454	52	income	income	NOUN
fsr-3230	454	53	funds	fund	NOUN
fsr-3230	454	54	)	)	PUNCT
fsr-3230	454	55	.	.	PUNCT
fsr-3230	455	1	to	to	PART
fsr-3230	455	2	ensure	ensure	VERB
fsr-3230	455	3	that	that	SCONJ
fsr-3230	455	4	these	these	DET
fsr-3230	455	5	results	result	NOUN
fsr-3230	455	6	are	be	AUX
fsr-3230	455	7	not	not	PART
fsr-3230	455	8	specific	specific	ADJ
fsr-3230	455	9	to	to	PART
fsr-3230	455	10	disagreement	disagreement	VERB
fsr-3230	455	11	estimated	estimate	VERB
fsr-3230	455	12	with	with	ADP
fsr-3230	455	13	the	the	DET
fsr-3230	455	14	10i	10i	NOUN
fsr-3230	455	15	passive	passive	ADJ
fsr-3230	455	16	portfolios	portfolio	NOUN
fsr-3230	455	17	,	,	PUNCT
fsr-3230	455	18	we	we	PRON
fsr-3230	455	19	examine	examine	VERB
fsr-3230	455	20	the	the	DET
fsr-3230	455	21	relations	relation	NOUN
fsr-3230	455	22	with	with	ADP
fsr-3230	455	23	estimates	estimate	NOUN
fsr-3230	455	24	using	use	VERB
fsr-3230	455	25	either	either	CCONJ
fsr-3230	455	26	etfs	etfs	PROPN
fsr-3230	455	27	or	or	CCONJ
fsr-3230	455	28	vanguard	vanguard	NOUN
fsr-3230	455	29	funds	fund	NOUN
fsr-3230	455	30	.	.	PUNCT
fsr-3230	456	1	in	in	ADP
fsr-3230	456	2	results	result	NOUN
fsr-3230	456	3	not	not	PART
fsr-3230	456	4	included	include	VERB
fsr-3230	456	5	,	,	PUNCT
fsr-3230	456	6	we	we	PRON
fsr-3230	456	7	find	find	VERB
fsr-3230	456	8	that	that	SCONJ
fsr-3230	456	9	the	the	DET
fsr-3230	456	10	sign	sign	NOUN
fsr-3230	456	11	and	and	CCONJ
fsr-3230	456	12	significance	significance	NOUN
fsr-3230	456	13	of	of	ADP
fsr-3230	456	14	the	the	DET
fsr-3230	456	15	relations	relation	NOUN
fsr-3230	456	16	are	be	AUX
fsr-3230	456	17	mostly	mostly	ADV
fsr-3230	456	18	the	the	DET
fsr-3230	456	19	same	same	ADJ
fsr-3230	456	20	.	.	PUNCT
fsr-3230	457	1	we	we	PRON
fsr-3230	457	2	can	can	AUX
fsr-3230	457	3	report	report	VERB
fsr-3230	457	4	only	only	ADV
fsr-3230	457	5	two	two	NUM
fsr-3230	457	6	notable	notable	ADJ
fsr-3230	457	7	differences	difference	NOUN
fsr-3230	457	8	.	.	PUNCT
fsr-3230	458	1	first	first	ADV
fsr-3230	458	2	,	,	PUNCT
fsr-3230	458	3	tax	tax	NOUN
fsr-3230	458	4	burden	burden	NOUN
fsr-3230	458	5	is	be	AUX
fsr-3230	458	6	never	never	ADV
fsr-3230	458	7	statistically	statistically	ADV
fsr-3230	458	8	significant	significant	ADJ
fsr-3230	458	9	.	.	PUNCT
fsr-3230	459	1	second	second	ADV
fsr-3230	459	2	,	,	PUNCT
fsr-3230	459	3	the	the	DET
fsr-3230	459	4	positive	positive	ADJ
fsr-3230	459	5	relation	relation	NOUN
fsr-3230	459	6	between	between	ADP
fsr-3230	459	7	disagreement	disagreement	NOUN
fsr-3230	459	8	and	and	CCONJ
fsr-3230	459	9	family	family	NOUN
fsr-3230	459	10	size	size	NOUN
fsr-3230	459	11	always	always	ADV
fsr-3230	459	12	stays	stay	VERB
fsr-3230	459	13	statistically	statistically	ADV
fsr-3230	459	14	significant	significant	ADJ
fsr-3230	459	15	.	.	PUNCT
fsr-3230	460	1	chrétien	chrétien	PROPN
fsr-3230	460	2	&	&	CCONJ
fsr-3230	460	3	kammoun	kammoun	PROPN
fsr-3230	460	4	81	81	NUM
fsr-3230	460	5	table	table	NOUN
fsr-3230	460	6	5	5	NUM
fsr-3230	460	7	.	.	PUNCT
fsr-3230	461	1	relations	relation	NOUN
fsr-3230	461	2	between	between	ADP
fsr-3230	461	3	future	future	ADJ
fsr-3230	461	4	disagreement	disagreement	NOUN
fsr-3230	461	5	and	and	CCONJ
fsr-3230	461	6	fund	fund	NOUN
fsr-3230	461	7	characteristics	characteristics	PROPN
fsr-3230	461	8	panel	panel	NOUN
fsr-3230	461	9	a.	a.	PROPN
fsr-3230	461	10	disck	disck	PROPN
fsr-3230	461	11	model	model	NOUN
fsr-3230	461	12	(	(	PUNCT
fsr-3230	461	13	1	1	NUM
fsr-3230	461	14	)	)	PUNCT
fsr-3230	461	15	model	model	NOUN
fsr-3230	461	16	(	(	PUNCT
fsr-3230	461	17	2	2	NUM
fsr-3230	461	18	)	)	PUNCT
fsr-3230	461	19	model	model	NOUN
fsr-3230	461	20	(	(	PUNCT
fsr-3230	461	21	3	3	NUM
fsr-3230	461	22	)	)	PUNCT
fsr-3230	461	23	model	model	NOUN
fsr-3230	461	24	(	(	PUNCT
fsr-3230	461	25	4	4	NUM
fsr-3230	461	26	)	)	PUNCT
fsr-3230	461	27	model	model	NOUN
fsr-3230	461	28	(	(	PUNCT
fsr-3230	461	29	5	5	NUM
fsr-3230	461	30	)	)	PUNCT
fsr-3230	461	31	model	model	NOUN
fsr-3230	461	32	(	(	PUNCT
fsr-3230	461	33	6	6	NUM
fsr-3230	461	34	)	)	PUNCT
fsr-3230	461	35	expenses	expense	VERB
fsr-3230	461	36	0.2883	0.2883	NUM
fsr-3230	461	37	(	(	PUNCT
fsr-3230	461	38	7.41	7.41	NUM
fsr-3230	461	39	)	)	PUNCT
fsr-3230	461	40	0.3875	0.3875	NUM
fsr-3230	461	41	(	(	PUNCT
fsr-3230	461	42	14.80	14.80	NUM
fsr-3230	461	43	)	)	PUNCT
fsr-3230	461	44	0.1679	0.1679	NUM
fsr-3230	461	45	(	(	PUNCT
fsr-3230	461	46	5.38	5.38	NUM
fsr-3230	461	47	)	)	PUNCT
fsr-3230	461	48	turnover	turnover	NOUN
fsr-3230	461	49	0.0005	0.0005	NUM
fsr-3230	461	50	(	(	PUNCT
fsr-3230	461	51	3.54	3.54	NUM
fsr-3230	461	52	)	)	PUNCT
fsr-3230	461	53	0.0003	0.0003	NUM
fsr-3230	461	54	(	(	PUNCT
fsr-3230	461	55	1.72	1.72	NUM
fsr-3230	461	56	)	)	PUNCT
fsr-3230	461	57	0.0002	0.0002	NUM
fsr-3230	461	58	(	(	PUNCT
fsr-3230	461	59	2.42	2.42	NUM
fsr-3230	461	60	)	)	PUNCT
fsr-3230	461	61	log(age	log(age	NOUN
fsr-3230	461	62	)	)	PUNCT
fsr-3230	461	63	0.0007	0.0007	NUM
fsr-3230	461	64	(	(	PUNCT
fsr-3230	461	65	2.02	2.02	NUM
fsr-3230	461	66	)	)	PUNCT
fsr-3230	461	67	0.0019	0.0019	NUM
fsr-3230	461	68	(	(	PUNCT
fsr-3230	461	69	3.59	3.59	NUM
fsr-3230	461	70	)	)	PUNCT
fsr-3230	461	71	0.0002	0.0002	NUM
fsr-3230	461	72	(	(	PUNCT
fsr-3230	461	73	0.50	0.50	NUM
fsr-3230	461	74	)	)	PUNCT
fsr-3230	461	75	0.0033	0.0033	NUM
fsr-3230	461	76	(	(	PUNCT
fsr-3230	461	77	5.54	5.54	NUM
fsr-3230	461	78	)	)	PUNCT
fsr-3230	461	79	-0.0006	-0.0006	NOUN
fsr-3230	461	80	(	(	PUNCT
fsr-3230	461	81	-1.53	-1.53	X
fsr-3230	461	82	)	)	PUNCT
fsr-3230	461	83	0.0037	0.0037	NUM
fsr-3230	461	84	(	(	PUNCT
fsr-3230	461	85	5.47	5.47	NUM
fsr-3230	461	86	)	)	PUNCT
fsr-3230	461	87	log(manager	log(manag	ADJ
fsr-3230	461	88	tenure	tenure	NOUN
fsr-3230	461	89	)	)	PUNCT
fsr-3230	461	90	-0.0008	-0.0008	NOUN
fsr-3230	461	91	(	(	PUNCT
fsr-3230	461	92	-3.93	-3.93	NOUN
fsr-3230	461	93	)	)	PUNCT
fsr-3230	461	94	-0.0006	-0.0006	NOUN
fsr-3230	461	95	(	(	PUNCT
fsr-3230	461	96	-2.54	-2.54	NOUN
fsr-3230	461	97	)	)	PUNCT
fsr-3230	461	98	-0.0012	-0.0012	NOUN
fsr-3230	461	99	(	(	PUNCT
fsr-3230	461	100	-4.96	-4.96	NUM
fsr-3230	461	101	)	)	PUNCT
fsr-3230	461	102	0.0000	0.0000	NUM
fsr-3230	461	103	(	(	PUNCT
fsr-3230	461	104	0.22	0.22	NUM
fsr-3230	461	105	)	)	PUNCT
fsr-3230	461	106	-0.0012	-0.0012	NOUN
fsr-3230	461	107	(	(	PUNCT
fsr-3230	461	108	-6.32	-6.32	NUM
fsr-3230	461	109	)	)	PUNCT
fsr-3230	461	110	-0.0002	-0.0002	NOUN
fsr-3230	461	111	(	(	PUNCT
fsr-3230	461	112	-0.99	-0.99	NOUN
fsr-3230	461	113	)	)	PUNCT
fsr-3230	461	114	log(fund	log(fund	NOUN
fsr-3230	461	115	size	size	NOUN
fsr-3230	461	116	)	)	PUNCT
fsr-3230	461	117	0.0034	0.0034	NUM
fsr-3230	461	118	(	(	PUNCT
fsr-3230	461	119	6.80	6.80	NUM
fsr-3230	461	120	)	)	PUNCT
fsr-3230	461	121	0.0018	0.0018	NUM
fsr-3230	461	122	(	(	PUNCT
fsr-3230	461	123	6.54	6.54	NUM
fsr-3230	461	124	)	)	PUNCT
fsr-3230	461	125	0.0026	0.0026	NUM
fsr-3230	461	126	(	(	PUNCT
fsr-3230	461	127	6.50	6.50	NUM
fsr-3230	461	128	)	)	PUNCT
fsr-3230	461	129	0.0031	0.0031	NUM
fsr-3230	461	130	(	(	PUNCT
fsr-3230	461	131	7.59	7.59	NUM
fsr-3230	461	132	)	)	PUNCT
fsr-3230	461	133	0.0000	0.0000	NUM
fsr-3230	461	134	(	(	PUNCT
fsr-3230	461	135	0.16	0.16	NUM
fsr-3230	461	136	)	)	PUNCT
fsr-3230	461	137	0.0010	0.0010	NUM
fsr-3230	461	138	(	(	PUNCT
fsr-3230	461	139	3.22	3.22	NUM
fsr-3230	461	140	)	)	PUNCT
fsr-3230	461	141	log(fund	log(fund	PROPN
fsr-3230	461	142	size2	size2	NOUN
fsr-3230	461	143	)	)	PUNCT
fsr-3230	461	144	-0.0007	-0.0007	NOUN
fsr-3230	461	145	(	(	PUNCT
fsr-3230	461	146	-5.64	-5.64	NUM
fsr-3230	461	147	)	)	PUNCT
fsr-3230	461	148	-0.0004	-0.0004	NOUN
fsr-3230	461	149	(	(	PUNCT
fsr-3230	461	150	-5.07	-5.07	NOUN
fsr-3230	461	151	)	)	PUNCT
fsr-3230	461	152	-0.0004	-0.0004	NOUN
fsr-3230	461	153	(	(	PUNCT
fsr-3230	461	154	-4.81	-4.81	NUM
fsr-3230	461	155	)	)	PUNCT
fsr-3230	461	156	-0.0006	-0.0006	NOUN
fsr-3230	461	157	(	(	PUNCT
fsr-3230	461	158	-6.85	-6.85	NOUN
fsr-3230	461	159	)	)	PUNCT
fsr-3230	461	160	0.0000	0.0000	NUM
fsr-3230	461	161	(	(	PUNCT
fsr-3230	461	162	-0.54	-0.54	NUM
fsr-3230	461	163	)	)	PUNCT
fsr-3230	461	164	-0.0002	-0.0002	NOUN
fsr-3230	461	165	(	(	PUNCT
fsr-3230	461	166	-2.78	-2.78	NOUN
fsr-3230	461	167	)	)	PUNCT
fsr-3230	461	168	management	management	NOUN
fsr-3230	461	169	fees	fee	NOUN
fsr-3230	461	170	0.3966	0.3966	NUM
fsr-3230	461	171	(	(	PUNCT
fsr-3230	461	172	7.87	7.87	NUM
fsr-3230	461	173	)	)	PUNCT
fsr-3230	461	174	0.5189	0.5189	NUM
fsr-3230	461	175	(	(	PUNCT
fsr-3230	461	176	10.66	10.66	NUM
fsr-3230	461	177	)	)	PUNCT
fsr-3230	461	178	0.2934	0.2934	NUM
fsr-3230	461	179	(	(	PUNCT
fsr-3230	461	180	5.53	5.53	NUM
fsr-3230	461	181	)	)	PUNCT
fsr-3230	461	182	advertising	advertising	NOUN
fsr-3230	461	183	expenses	expense	NOUN
fsr-3230	461	184	-0.0500	-0.0500	NOUN
fsr-3230	461	185	(	(	PUNCT
fsr-3230	461	186	-2.02	-2.02	NUM
fsr-3230	461	187	)	)	PUNCT
fsr-3230	461	188	-0.0173	-0.0173	NOUN
fsr-3230	461	189	(	(	PUNCT
fsr-3230	461	190	-0.63	-0.63	NOUN
fsr-3230	461	191	)	)	PUNCT
fsr-3230	461	192	-0.0210	-0.0210	NOUN
fsr-3230	461	193	(	(	PUNCT
fsr-3230	461	194	-0.83	-0.83	X
fsr-3230	461	195	)	)	PUNCT
fsr-3230	461	196	bundled	bundle	VERB
fsr-3230	461	197	0.2518	0.2518	NUM
fsr-3230	461	198	(	(	PUNCT
fsr-3230	461	199	2.56	2.56	NUM
fsr-3230	461	200	)	)	PUNCT
fsr-3230	461	201	0.4439	0.4439	NUM
fsr-3230	461	202	(	(	PUNCT
fsr-3230	461	203	7.59	7.59	NUM
fsr-3230	461	204	)	)	PUNCT
fsr-3230	461	205	0.3404	0.3404	NUM
fsr-3230	461	206	(	(	PUNCT
fsr-3230	461	207	5.55	5.55	NUM
fsr-3230	461	208	)	)	PUNCT
fsr-3230	461	209	tax	tax	NOUN
fsr-3230	461	210	burden	burden	NOUN
fsr-3230	461	211	1.5639	1.5639	NUM
fsr-3230	461	212	(	(	PUNCT
fsr-3230	461	213	2.20	2.20	NUM
fsr-3230	461	214	)	)	PUNCT
fsr-3230	461	215	0.4100	0.4100	NUM
fsr-3230	461	216	(	(	PUNCT
fsr-3230	461	217	1.08	1.08	NUM
fsr-3230	461	218	)	)	PUNCT
fsr-3230	461	219	0.2311	0.2311	NUM
fsr-3230	461	220	(	(	PUNCT
fsr-3230	461	221	0.93	0.93	NUM
fsr-3230	461	222	)	)	PUNCT
fsr-3230	461	223	dividend	dividend	NOUN
fsr-3230	461	224	yield	yield	NOUN
fsr-3230	461	225	-0.5014	-0.5014	PROPN
fsr-3230	462	1	(	(	PUNCT
fsr-3230	462	2	-9.59	-9.59	NOUN
fsr-3230	462	3	)	)	PUNCT
fsr-3230	462	4	-1.0102	-1.0102	PROPN
fsr-3230	462	5	(	(	PUNCT
fsr-3230	462	6	-12.61	-12.61	NOUN
fsr-3230	462	7	)	)	PUNCT
fsr-3230	462	8	log(family	log(family	ADJ
fsr-3230	462	9	size	size	NOUN
fsr-3230	462	10	)	)	PUNCT
fsr-3230	462	11	0.0011	0.0011	NUM
fsr-3230	462	12	(	(	PUNCT
fsr-3230	462	13	4.72	4.72	NUM
fsr-3230	462	14	)	)	PUNCT
fsr-3230	462	15	0.0003	0.0003	NUM
fsr-3230	462	16	(	(	PUNCT
fsr-3230	462	17	1.28	1.28	NUM
fsr-3230	462	18	)	)	PUNCT
fsr-3230	462	19	𝛽𝑆𝑀𝐵	𝛽𝑆𝑀𝐵	PROPN
fsr-3230	462	20	0.0044	0.0044	NUM
fsr-3230	462	21	(	(	PUNCT
fsr-3230	462	22	26.35	26.35	NUM
fsr-3230	462	23	)	)	PUNCT
fsr-3230	462	24	0.0060	0.0060	NUM
fsr-3230	462	25	(	(	PUNCT
fsr-3230	462	26	16.38	16.38	NUM
fsr-3230	462	27	)	)	PUNCT
fsr-3230	463	1	𝛽𝐻𝑀𝐿	𝛽𝐻𝑀𝐿	NUM
fsr-3230	463	2	-0.0005	-0.0005	NOUN
fsr-3230	463	3	(	(	PUNCT
fsr-3230	463	4	-0.98	-0.98	X
fsr-3230	463	5	)	)	PUNCT
fsr-3230	463	6	0.0011	0.0011	NUM
fsr-3230	463	7	(	(	PUNCT
fsr-3230	463	8	2.38	2.38	NUM
fsr-3230	463	9	)	)	PUNCT
fsr-3230	463	10	𝛽𝑈𝑀𝐷	𝛽𝑈𝑀𝐷	PROPN
fsr-3230	463	11	0.0009	0.0009	NUM
fsr-3230	463	12	(	(	PUNCT
fsr-3230	463	13	0.96	0.96	NUM
fsr-3230	463	14	)	)	PUNCT
fsr-3230	463	15	0.0022	0.0022	NUM
fsr-3230	463	16	(	(	PUNCT
fsr-3230	463	17	2.48	2.48	NUM
fsr-3230	463	18	)	)	PUNCT
fsr-3230	463	19	style	style	NOUN
fsr-3230	463	20	dummies	dummy	NOUN
fsr-3230	463	21	ag	ag	PROPN
fsr-3230	463	22	0.0064	0.0064	NUM
fsr-3230	463	23	(	(	PUNCT
fsr-3230	463	24	7.53	7.53	NUM
fsr-3230	463	25	)	)	PUNCT
fsr-3230	463	26	0.0139	0.0139	NUM
fsr-3230	463	27	(	(	PUNCT
fsr-3230	463	28	12.20	12.20	NUM
fsr-3230	463	29	)	)	PUNCT
fsr-3230	463	30	ei	ei	NOUN
fsr-3230	463	31	0.0043	0.0043	NUM
fsr-3230	463	32	(	(	PUNCT
fsr-3230	463	33	5.35	5.35	NUM
fsr-3230	463	34	)	)	PUNCT
fsr-3230	463	35	0.0127	0.0127	NUM
fsr-3230	463	36	(	(	PUNCT
fsr-3230	463	37	12.10	12.10	NUM
fsr-3230	463	38	)	)	PUNCT
fsr-3230	463	39	g	g	PROPN
fsr-3230	463	40	0.0087	0.0087	NUM
fsr-3230	463	41	(	(	PUNCT
fsr-3230	463	42	12.18	12.18	NUM
fsr-3230	463	43	)	)	PUNCT
fsr-3230	463	44	0.0157	0.0157	NUM
fsr-3230	463	45	(	(	PUNCT
fsr-3230	463	46	13.17	13.17	NUM
fsr-3230	463	47	)	)	PUNCT
fsr-3230	463	48	ltg	ltg	PROPN
fsr-3230	463	49	0.0071	0.0071	PROPN
fsr-3230	463	50	(	(	PUNCT
fsr-3230	463	51	8.48	8.48	NUM
fsr-3230	463	52	)	)	PUNCT
fsr-3230	463	53	0.0124	0.0124	NUM
fsr-3230	463	54	(	(	PUNCT
fsr-3230	463	55	11.92	11.92	NUM
fsr-3230	463	56	)	)	PUNCT
fsr-3230	463	57	gi	gi	NOUN
fsr-3230	463	58	0.0048	0.0048	NUM
fsr-3230	463	59	(	(	PUNCT
fsr-3230	463	60	6.13	6.13	NUM
fsr-3230	463	61	)	)	PUNCT
fsr-3230	463	62	0.0128	0.0128	NUM
fsr-3230	463	63	(	(	PUNCT
fsr-3230	463	64	12.34	12.34	NUM
fsr-3230	463	65	)	)	PUNCT
fsr-3230	463	66	mc	mc	PROPN
fsr-3230	463	67	0.0080	0.0080	NUM
fsr-3230	463	68	(	(	PUNCT
fsr-3230	463	69	9.80	9.80	NUM
fsr-3230	463	70	)	)	PUNCT
fsr-3230	463	71	0.0140	0.0140	NUM
fsr-3230	463	72	(	(	PUNCT
fsr-3230	463	73	13.60	13.60	NUM
fsr-3230	463	74	)	)	PUNCT
fsr-3230	463	75	mrc	mrc	NOUN
fsr-3230	463	76	0.0113	0.0113	NUM
fsr-3230	463	77	(	(	PUNCT
fsr-3230	463	78	11.45	11.45	NUM
fsr-3230	463	79	)	)	PUNCT
fsr-3230	463	80	0.0141	0.0141	NUM
fsr-3230	463	81	(	(	PUNCT
fsr-3230	463	82	12.04	12.04	NUM
fsr-3230	463	83	)	)	PUNCT
fsr-3230	463	84	sc	sc	PROPN
fsr-3230	463	85	0.0093	0.0093	NUM
fsr-3230	463	86	(	(	PUNCT
fsr-3230	463	87	11.70	11.70	NUM
fsr-3230	463	88	)	)	PUNCT
fsr-3230	463	89	0.0132	0.0132	NUM
fsr-3230	463	90	(	(	PUNCT
fsr-3230	463	91	14.13	14.13	NUM
fsr-3230	463	92	)	)	PUNCT
fsr-3230	463	93	mcg	mcg	NOUN
fsr-3230	463	94	0.0096	0.0096	NUM
fsr-3230	463	95	(	(	PUNCT
fsr-3230	463	96	11.52	11.52	NUM
fsr-3230	463	97	)	)	PUNCT
fsr-3230	463	98	0.0128	0.0128	NUM
fsr-3230	463	99	(	(	PUNCT
fsr-3230	463	100	12.33	12.33	NUM
fsr-3230	463	101	)	)	PUNCT
fsr-3230	463	102	n	n	CCONJ
fsr-3230	463	103	6681	6681	NUM
fsr-3230	463	104	4492	4492	NUM
fsr-3230	463	105	5230	5230	NUM
fsr-3230	463	106	3492	3492	NUM
fsr-3230	463	107	6681	6681	NUM
fsr-3230	463	108	3492	3492	NUM
fsr-3230	463	109	r2	r2	NOUN
fsr-3230	463	110	0.6755	0.6755	NUM
fsr-3230	463	111	0.7227	0.7227	NUM
fsr-3230	463	112	0.6706	0.6706	NUM
fsr-3230	463	113	0.7626	0.7626	NUM
fsr-3230	463	114	0.7205	0.7205	NUM
fsr-3230	463	115	0.7929	0.7929	NUM
fsr-3230	463	116	financial	financial	ADJ
fsr-3230	463	117	services	service	NOUN
fsr-3230	463	118	review	review	NOUN
fsr-3230	463	119	,	,	PUNCT
fsr-3230	463	120	32(1	32(1	NUM
fsr-3230	463	121	)	)	PUNCT
fsr-3230	463	122	82	82	NUM
fsr-3230	463	123	table	table	NOUN
fsr-3230	463	124	5	5	NUM
fsr-3230	463	125	.	.	PUNCT
fsr-3230	464	1	relations	relation	NOUN
fsr-3230	464	2	between	between	ADP
fsr-3230	464	3	future	future	ADJ
fsr-3230	464	4	disagreement	disagreement	NOUN
fsr-3230	464	5	and	and	CCONJ
fsr-3230	464	6	fund	fund	NOUN
fsr-3230	464	7	characteristics	characteristic	NOUN
fsr-3230	464	8	(	(	PUNCT
fsr-3230	464	9	continued	continued	ADJ
fsr-3230	464	10	)	)	PUNCT
fsr-3230	464	11	panel	panel	PROPN
fsr-3230	464	12	b.	b.	PROPN
fsr-3230	464	13	disfl	disfl	PROPN
fsr-3230	464	14	model	model	PROPN
fsr-3230	464	15	(	(	PUNCT
fsr-3230	464	16	1	1	NUM
fsr-3230	464	17	)	)	PUNCT
fsr-3230	464	18	model	model	NOUN
fsr-3230	464	19	(	(	PUNCT
fsr-3230	464	20	2	2	NUM
fsr-3230	464	21	)	)	PUNCT
fsr-3230	464	22	model	model	NOUN
fsr-3230	464	23	(	(	PUNCT
fsr-3230	464	24	3	3	NUM
fsr-3230	464	25	)	)	PUNCT
fsr-3230	464	26	model	model	NOUN
fsr-3230	464	27	(	(	PUNCT
fsr-3230	464	28	4	4	NUM
fsr-3230	464	29	)	)	PUNCT
fsr-3230	464	30	model	model	NOUN
fsr-3230	464	31	(	(	PUNCT
fsr-3230	464	32	5	5	NUM
fsr-3230	464	33	)	)	PUNCT
fsr-3230	464	34	model	model	NOUN
fsr-3230	464	35	(	(	PUNCT
fsr-3230	464	36	6	6	NUM
fsr-3230	464	37	)	)	PUNCT
fsr-3230	464	38	expenses	expense	VERB
fsr-3230	464	39	0.2406	0.2406	NUM
fsr-3230	464	40	(	(	PUNCT
fsr-3230	464	41	7.11	7.11	NUM
fsr-3230	464	42	)	)	PUNCT
fsr-3230	464	43	0.3332	0.3332	NUM
fsr-3230	464	44	(	(	PUNCT
fsr-3230	464	45	17.64	17.64	NUM
fsr-3230	464	46	)	)	PUNCT
fsr-3230	464	47	0.1280	0.1280	NUM
fsr-3230	464	48	(	(	PUNCT
fsr-3230	464	49	5.74	5.74	NUM
fsr-3230	464	50	)	)	PUNCT
fsr-3230	464	51	turnover	turnover	NOUN
fsr-3230	464	52	0.0004	0.0004	NUM
fsr-3230	464	53	(	(	PUNCT
fsr-3230	464	54	3.45	3.45	NUM
fsr-3230	464	55	)	)	PUNCT
fsr-3230	464	56	0.0002	0.0002	NUM
fsr-3230	464	57	(	(	PUNCT
fsr-3230	464	58	1.52	1.52	NUM
fsr-3230	464	59	)	)	PUNCT
fsr-3230	464	60	0.0001	0.0001	NUM
fsr-3230	464	61	(	(	PUNCT
fsr-3230	464	62	1.93	1.93	NUM
fsr-3230	464	63	)	)	PUNCT
fsr-3230	464	64	log(age	log(age	NOUN
fsr-3230	464	65	)	)	PUNCT
fsr-3230	464	66	0.0016	0.0016	NUM
fsr-3230	464	67	(	(	PUNCT
fsr-3230	464	68	5.62	5.62	NUM
fsr-3230	464	69	)	)	PUNCT
fsr-3230	464	70	0.0032	0.0032	NUM
fsr-3230	464	71	(	(	PUNCT
fsr-3230	464	72	7.25	7.25	NUM
fsr-3230	464	73	)	)	PUNCT
fsr-3230	464	74	0.0012	0.0012	NUM
fsr-3230	464	75	(	(	PUNCT
fsr-3230	464	76	4.23	4.23	NUM
fsr-3230	464	77	)	)	PUNCT
fsr-3230	464	78	0.0032	0.0032	NUM
fsr-3230	464	79	(	(	PUNCT
fsr-3230	464	80	5.64	5.64	NUM
fsr-3230	464	81	)	)	PUNCT
fsr-3230	464	82	0.0006	0.0006	NUM
fsr-3230	464	83	(	(	PUNCT
fsr-3230	464	84	1.87	1.87	NUM
fsr-3230	464	85	)	)	PUNCT
fsr-3230	464	86	0.0033	0.0033	NUM
fsr-3230	464	87	(	(	PUNCT
fsr-3230	464	88	5.46	5.46	NUM
fsr-3230	464	89	)	)	PUNCT
fsr-3230	464	90	log(manager	log(manag	ADJ
fsr-3230	464	91	tenure	tenure	NOUN
fsr-3230	464	92	)	)	PUNCT
fsr-3230	464	93	-0.0005	-0.0005	NOUN
fsr-3230	464	94	(	(	PUNCT
fsr-3230	464	95	-2.65	-2.65	NOUN
fsr-3230	464	96	)	)	PUNCT
fsr-3230	464	97	-0.0003	-0.0003	NOUN
fsr-3230	464	98	(	(	PUNCT
fsr-3230	464	99	-1.26	-1.26	NUM
fsr-3230	464	100	)	)	PUNCT
fsr-3230	464	101	-0.0008	-0.0008	NOUN
fsr-3230	464	102	(	(	PUNCT
fsr-3230	464	103	-4.10	-4.10	NOUN
fsr-3230	464	104	)	)	PUNCT
fsr-3230	464	105	0.0000	0.0000	NUM
fsr-3230	464	106	(	(	PUNCT
fsr-3230	464	107	-0.19	-0.19	NOUN
fsr-3230	464	108	)	)	PUNCT
fsr-3230	464	109	-0.0008	-0.0008	NOUN
fsr-3230	464	110	(	(	PUNCT
fsr-3230	464	111	-5.30	-5.30	PROPN
fsr-3230	464	112	)	)	PUNCT
fsr-3230	464	113	-0.0003	-0.0003	NOUN
fsr-3230	464	114	(	(	PUNCT
fsr-3230	464	115	-1.49	-1.49	NOUN
fsr-3230	464	116	)	)	PUNCT
fsr-3230	464	117	log(fund	log(fund	NOUN
fsr-3230	464	118	size	size	NOUN
fsr-3230	464	119	)	)	PUNCT
fsr-3230	465	1	0.0032	0.0032	NUM
fsr-3230	465	2	(	(	PUNCT
fsr-3230	465	3	7.51	7.51	NUM
fsr-3230	465	4	)	)	PUNCT
fsr-3230	465	5	0.0016	0.0016	NUM
fsr-3230	465	6	(	(	PUNCT
fsr-3230	465	7	6.68	6.68	NUM
fsr-3230	465	8	)	)	PUNCT
fsr-3230	465	9	0.0025	0.0025	NUM
fsr-3230	465	10	(	(	PUNCT
fsr-3230	465	11	7.64	7.64	NUM
fsr-3230	465	12	)	)	PUNCT
fsr-3230	465	13	0.0029	0.0029	NUM
fsr-3230	465	14	(	(	PUNCT
fsr-3230	465	15	7.03	7.03	NUM
fsr-3230	465	16	)	)	PUNCT
fsr-3230	465	17	0.0001	0.0001	NUM
fsr-3230	465	18	(	(	PUNCT
fsr-3230	465	19	0.26	0.26	NUM
fsr-3230	465	20	)	)	PUNCT
fsr-3230	465	21	0.0008	0.0008	NUM
fsr-3230	465	22	(	(	PUNCT
fsr-3230	465	23	2.81	2.81	NUM
fsr-3230	465	24	)	)	PUNCT
fsr-3230	465	25	log(fund	log(fund	PROPN
fsr-3230	465	26	size2	size2	NOUN
fsr-3230	465	27	)	)	PUNCT
fsr-3230	465	28	-0.0006	-0.0006	NOUN
fsr-3230	465	29	(	(	PUNCT
fsr-3230	465	30	-6.05	-6.05	NOUN
fsr-3230	465	31	)	)	PUNCT
fsr-3230	465	32	-0.0004	-0.0004	NOUN
fsr-3230	465	33	(	(	PUNCT
fsr-3230	465	34	-5.68	-5.68	ADJ
fsr-3230	465	35	)	)	PUNCT
fsr-3230	465	36	-0.0004	-0.0004	NOUN
fsr-3230	465	37	(	(	PUNCT
fsr-3230	465	38	-5.51	-5.51	NOUN
fsr-3230	465	39	)	)	PUNCT
fsr-3230	465	40	-0.0005	-0.0005	NOUN
fsr-3230	465	41	(	(	PUNCT
fsr-3230	465	42	-6.59	-6.59	NUM
fsr-3230	465	43	)	)	PUNCT
fsr-3230	465	44	0.0000	0.0000	NUM
fsr-3230	465	45	(	(	PUNCT
fsr-3230	465	46	-0.59	-0.59	NUM
fsr-3230	465	47	)	)	PUNCT
fsr-3230	465	48	-0.0001	-0.0001	NOUN
fsr-3230	465	49	(	(	PUNCT
fsr-3230	465	50	-2.33	-2.33	NOUN
fsr-3230	465	51	)	)	PUNCT
fsr-3230	465	52	management	management	NOUN
fsr-3230	465	53	fees	fee	NOUN
fsr-3230	465	54	0.3459	0.3459	NUM
fsr-3230	465	55	(	(	PUNCT
fsr-3230	465	56	8.17	8.17	NUM
fsr-3230	465	57	)	)	PUNCT
fsr-3230	465	58	0.4732	0.4732	NUM
fsr-3230	465	59	(	(	PUNCT
fsr-3230	465	60	10.18	10.18	NUM
fsr-3230	465	61	)	)	PUNCT
fsr-3230	465	62	0.2517	0.2517	NUM
fsr-3230	465	63	(	(	PUNCT
fsr-3230	465	64	5.46	5.46	NUM
fsr-3230	465	65	)	)	PUNCT
fsr-3230	465	66	advertising	advertising	NOUN
fsr-3230	465	67	expenses	expense	NOUN
fsr-3230	465	68	-0.0301	-0.0301	NOUN
fsr-3230	465	69	(	(	PUNCT
fsr-3230	465	70	-1.38	-1.38	NOUN
fsr-3230	465	71	)	)	PUNCT
fsr-3230	465	72	-0.0052	-0.0052	PUNCT
fsr-3230	465	73	(	(	PUNCT
fsr-3230	465	74	-0.20	-0.20	NOUN
fsr-3230	465	75	)	)	PUNCT
fsr-3230	465	76	-0.0084	-0.0084	NOUN
fsr-3230	465	77	(	(	PUNCT
fsr-3230	465	78	-0.35	-0.35	NOUN
fsr-3230	465	79	)	)	PUNCT
fsr-3230	465	80	bundled	bundle	VERB
fsr-3230	465	81	0.1789	0.1789	NUM
fsr-3230	465	82	(	(	PUNCT
fsr-3230	465	83	2.42	2.42	NUM
fsr-3230	465	84	)	)	PUNCT
fsr-3230	465	85	0.3341	0.3341	NUM
fsr-3230	465	86	(	(	PUNCT
fsr-3230	465	87	6.83	6.83	NUM
fsr-3230	465	88	)	)	PUNCT
fsr-3230	465	89	0.2299	0.2299	NUM
fsr-3230	465	90	(	(	PUNCT
fsr-3230	465	91	5.51	5.51	NUM
fsr-3230	465	92	)	)	PUNCT
fsr-3230	465	93	tax	tax	NOUN
fsr-3230	465	94	burden	burden	NOUN
fsr-3230	465	95	1.3342	1.3342	NUM
fsr-3230	465	96	(	(	PUNCT
fsr-3230	465	97	2.23	2.23	NUM
fsr-3230	465	98	)	)	PUNCT
fsr-3230	465	99	0.4386	0.4386	NUM
fsr-3230	465	100	(	(	PUNCT
fsr-3230	465	101	1.35	1.35	NUM
fsr-3230	465	102	)	)	PUNCT
fsr-3230	465	103	0.2690	0.2690	NUM
fsr-3230	465	104	(	(	PUNCT
fsr-3230	465	105	1.13	1.13	NUM
fsr-3230	465	106	)	)	PUNCT
fsr-3230	465	107	dividend	dividend	NOUN
fsr-3230	465	108	yield	yield	NOUN
fsr-3230	465	109	-0.4164	-0.4164	NOUN
fsr-3230	465	110	(	(	PUNCT
fsr-3230	465	111	-8.16	-8.16	NOUN
fsr-3230	465	112	)	)	PUNCT
fsr-3230	465	113	-0.9502	-0.9502	NOUN
fsr-3230	466	1	(	(	PUNCT
fsr-3230	466	2	-10.97	-10.97	NOUN
fsr-3230	466	3	)	)	PUNCT
fsr-3230	466	4	log(family	log(family	ADJ
fsr-3230	466	5	size	size	NOUN
fsr-3230	466	6	)	)	PUNCT
fsr-3230	467	1	0.0010	0.0010	NUM
fsr-3230	467	2	(	(	PUNCT
fsr-3230	467	3	4.39	4.39	NUM
fsr-3230	467	4	)	)	PUNCT
fsr-3230	467	5	0.0001	0.0001	NUM
fsr-3230	467	6	(	(	PUNCT
fsr-3230	467	7	0.71	0.71	NUM
fsr-3230	467	8	)	)	PUNCT
fsr-3230	467	9	𝛽𝑆𝑀𝐵	𝛽𝑆𝑀𝐵	PROPN
fsr-3230	467	10	0.0041	0.0041	NUM
fsr-3230	467	11	(	(	PUNCT
fsr-3230	467	12	24.23	24.23	NUM
fsr-3230	467	13	)	)	PUNCT
fsr-3230	467	14	0.0060	0.0060	NUM
fsr-3230	467	15	(	(	PUNCT
fsr-3230	467	16	14.96	14.96	NUM
fsr-3230	467	17	)	)	PUNCT
fsr-3230	467	18	𝛽𝐻𝑀𝐿	𝛽𝐻𝑀𝐿	NOUN
fsr-3230	468	1	0.0003	0.0003	NUM
fsr-3230	468	2	(	(	PUNCT
fsr-3230	468	3	0.56	0.56	NUM
fsr-3230	468	4	)	)	PUNCT
fsr-3230	468	5	0.0019	0.0019	NUM
fsr-3230	468	6	(	(	PUNCT
fsr-3230	468	7	3.63	3.63	NUM
fsr-3230	468	8	)	)	PUNCT
fsr-3230	468	9	𝛽𝑈𝑀𝐷	𝛽𝑈𝑀𝐷	PROPN
fsr-3230	468	10	-0.0024	-0.0024	NOUN
fsr-3230	468	11	(	(	PUNCT
fsr-3230	468	12	-2.34	-2.34	NUM
fsr-3230	468	13	)	)	PUNCT
fsr-3230	468	14	-0.0009	-0.0009	PROPN
fsr-3230	468	15	(	(	PUNCT
fsr-3230	468	16	-0.88	-0.88	NOUN
fsr-3230	468	17	)	)	PUNCT
fsr-3230	468	18	style	style	NOUN
fsr-3230	468	19	dummies	dummy	NOUN
fsr-3230	468	20	ag	ag	PROPN
fsr-3230	468	21	0.0064	0.0064	NUM
fsr-3230	468	22	(	(	PUNCT
fsr-3230	468	23	9.63	9.63	NUM
fsr-3230	468	24	)	)	PUNCT
fsr-3230	468	25	0.0146	0.0146	NUM
fsr-3230	468	26	(	(	PUNCT
fsr-3230	468	27	12.05	12.05	NUM
fsr-3230	468	28	)	)	PUNCT
fsr-3230	468	29	ei	ei	NOUN
fsr-3230	468	30	0.0043	0.0043	NUM
fsr-3230	468	31	(	(	PUNCT
fsr-3230	468	32	6.89	6.89	NUM
fsr-3230	468	33	)	)	PUNCT
fsr-3230	468	34	0.0132	0.0132	NUM
fsr-3230	468	35	(	(	PUNCT
fsr-3230	468	36	11.96	11.96	NUM
fsr-3230	468	37	)	)	PUNCT
fsr-3230	468	38	g	g	ADP
fsr-3230	468	39	0.0079	0.0079	NUM
fsr-3230	468	40	(	(	PUNCT
fsr-3230	468	41	14.87	14.87	NUM
fsr-3230	468	42	)	)	PUNCT
fsr-3230	468	43	0.0163	0.0163	NUM
fsr-3230	468	44	(	(	PUNCT
fsr-3230	468	45	12.61	12.61	NUM
fsr-3230	468	46	)	)	PUNCT
fsr-3230	468	47	ltg	ltg	PROPN
fsr-3230	468	48	0.0062	0.0062	NUM
fsr-3230	468	49	(	(	PUNCT
fsr-3230	468	50	9.48	9.48	NUM
fsr-3230	468	51	)	)	PUNCT
fsr-3230	468	52	0.0132	0.0132	NUM
fsr-3230	468	53	(	(	PUNCT
fsr-3230	468	54	12.36	12.36	NUM
fsr-3230	468	55	)	)	PUNCT
fsr-3230	468	56	gi	gi	VERB
fsr-3230	468	57	0.0046	0.0046	NUM
fsr-3230	468	58	(	(	PUNCT
fsr-3230	468	59	7.62	7.62	NUM
fsr-3230	468	60	)	)	PUNCT
fsr-3230	468	61	0.0134	0.0134	NUM
fsr-3230	468	62	(	(	PUNCT
fsr-3230	468	63	12.06	12.06	NUM
fsr-3230	468	64	)	)	PUNCT
fsr-3230	468	65	mc	mc	PROPN
fsr-3230	468	66	0.0075	0.0075	NUM
fsr-3230	468	67	(	(	PUNCT
fsr-3230	468	68	12.10	12.10	NUM
fsr-3230	468	69	)	)	PUNCT
fsr-3230	468	70	0.0145	0.0145	NUM
fsr-3230	468	71	(	(	PUNCT
fsr-3230	468	72	13.38	13.38	NUM
fsr-3230	468	73	)	)	PUNCT
fsr-3230	468	74	mrc	mrc	NOUN
fsr-3230	468	75	0.0103	0.0103	NUM
fsr-3230	468	76	(	(	PUNCT
fsr-3230	468	77	12.90	12.90	NUM
fsr-3230	468	78	)	)	PUNCT
fsr-3230	468	79	0.0142	0.0142	NUM
fsr-3230	468	80	(	(	PUNCT
fsr-3230	468	81	12.47	12.47	NUM
fsr-3230	468	82	)	)	PUNCT
fsr-3230	468	83	sc	sc	PROPN
fsr-3230	468	84	0.0085	0.0085	NUM
fsr-3230	468	85	(	(	PUNCT
fsr-3230	468	86	13.81	13.81	NUM
fsr-3230	468	87	)	)	PUNCT
fsr-3230	468	88	0.0134	0.0134	NUM
fsr-3230	468	89	(	(	PUNCT
fsr-3230	468	90	14.62	14.62	NUM
fsr-3230	468	91	)	)	PUNCT
fsr-3230	468	92	mcg	mcg	NOUN
fsr-3230	468	93	0.0079	0.0079	NUM
fsr-3230	468	94	(	(	PUNCT
fsr-3230	468	95	11.73	11.73	NUM
fsr-3230	468	96	)	)	PUNCT
fsr-3230	468	97	0.0135	0.0135	NUM
fsr-3230	468	98	(	(	PUNCT
fsr-3230	468	99	12.64	12.64	NUM
fsr-3230	468	100	)	)	PUNCT
fsr-3230	468	101	n	n	CCONJ
fsr-3230	468	102	6681	6681	NUM
fsr-3230	468	103	4492	4492	NUM
fsr-3230	468	104	5230	5230	NUM
fsr-3230	468	105	3492	3492	NUM
fsr-3230	468	106	6681	6681	NUM
fsr-3230	468	107	3492	3492	NUM
fsr-3230	468	108	r2	r2	NOUN
fsr-3230	468	109	0.7458	0.7458	NUM
fsr-3230	468	110	0.7603	0.7603	NUM
fsr-3230	468	111	0.7371	0.7371	NUM
fsr-3230	468	112	0.7960	0.7960	NUM
fsr-3230	468	113	0.7814	0.7814	NUM
fsr-3230	468	114	0.8227	0.8227	NUM
fsr-3230	468	115	table	table	NOUN
fsr-3230	468	116	5	5	NUM
fsr-3230	468	117	shows	show	VERB
fsr-3230	468	118	the	the	DET
fsr-3230	468	119	results	result	NOUN
fsr-3230	468	120	from	from	ADP
fsr-3230	468	121	the	the	DET
fsr-3230	468	122	panel	panel	NOUN
fsr-3230	468	123	regressions	regression	NOUN
fsr-3230	468	124	of	of	ADP
fsr-3230	468	125	the	the	DET
fsr-3230	468	126	disagreement	disagreement	NOUN
fsr-3230	468	127	estimates	estimate	NOUN
fsr-3230	468	128	disck	disck	VERB
fsr-3230	468	129	(	(	PUNCT
fsr-3230	468	130	panel	panel	NOUN
fsr-3230	468	131	a	a	NOUN
fsr-3230	468	132	)	)	PUNCT
fsr-3230	468	133	and	and	CCONJ
fsr-3230	468	134	disfl	disfl	PROPN
fsr-3230	468	135	(	(	PUNCT
fsr-3230	468	136	panel	panel	NOUN
fsr-3230	468	137	b	b	NOUN
fsr-3230	468	138	)	)	PUNCT
fsr-3230	468	139	on	on	ADP
fsr-3230	468	140	lagged	lag	VERB
fsr-3230	468	141	fund	fund	NOUN
fsr-3230	468	142	characteristics	characteristic	NOUN
fsr-3230	468	143	.	.	PUNCT
fsr-3230	469	1	we	we	PRON
fsr-3230	469	2	estimate	estimate	VERB
fsr-3230	469	3	disck	disck	ADJ
fsr-3230	469	4	and	and	CCONJ
fsr-3230	469	5	disfl	disfl	NOUN
fsr-3230	469	6	every	every	DET
fsr-3230	469	7	quarter	quarter	NOUN
fsr-3230	469	8	using	use	VERB
fsr-3230	469	9	ten	ten	NUM
fsr-3230	469	10	industry	industry	NOUN
fsr-3230	469	11	passive	passive	ADJ
fsr-3230	469	12	portfolios	portfolio	NOUN
fsr-3230	469	13	and	and	CCONJ
fsr-3230	469	14	a	a	DET
fsr-3230	469	15	rolling	rolling	ADJ
fsr-3230	469	16	estimation	estimation	NOUN
fsr-3230	469	17	window	window	NOUN
fsr-3230	469	18	made	make	VERB
fsr-3230	469	19	of	of	ADP
fsr-3230	469	20	the	the	DET
fsr-3230	469	21	previous	previous	ADJ
fsr-3230	469	22	60	60	NUM
fsr-3230	469	23	monthly	monthly	ADJ
fsr-3230	469	24	observations	observation	NOUN
fsr-3230	469	25	.	.	PUNCT
fsr-3230	470	1	we	we	PRON
fsr-3230	470	2	then	then	ADV
fsr-3230	470	3	use	use	VERB
fsr-3230	470	4	non	non	ADJ
fsr-3230	470	5	-	-	ADJ
fsr-3230	470	6	overlapping	overlapping	ADJ
fsr-3230	470	7	periods	period	NOUN
fsr-3230	470	8	of	of	ADP
fsr-3230	470	9	60	60	NUM
fsr-3230	470	10	months	month	NOUN
fsr-3230	470	11	to	to	PART
fsr-3230	470	12	form	form	VERB
fsr-3230	470	13	partial	partial	ADJ
fsr-3230	470	14	panels	panel	NOUN
fsr-3230	470	15	for	for	ADP
fsr-3230	470	16	the	the	DET
fsr-3230	470	17	regressions	regression	NOUN
fsr-3230	470	18	.	.	PUNCT
fsr-3230	471	1	the	the	DET
fsr-3230	471	2	fund	fund	NOUN
fsr-3230	471	3	characteristics	characteristic	NOUN
fsr-3230	471	4	are	be	AUX
fsr-3230	471	5	as	as	ADP
fsr-3230	471	6	the	the	DET
fsr-3230	471	7	end	end	NOUN
fsr-3230	471	8	of	of	ADP
fsr-3230	471	9	the	the	DET
fsr-3230	471	10	year	year	NOUN
fsr-3230	471	11	before	before	ADP
fsr-3230	471	12	the	the	DET
fsr-3230	471	13	beginning	beginning	NOUN
fsr-3230	471	14	of	of	ADP
fsr-3230	471	15	the	the	DET
fsr-3230	471	16	60	60	NUM
fsr-3230	471	17	-	-	PUNCT
fsr-3230	471	18	month	month	NOUN
fsr-3230	471	19	estimation	estimation	NOUN
fsr-3230	471	20	period	period	NOUN
fsr-3230	471	21	or	or	CCONJ
fsr-3230	471	22	the	the	DET
fsr-3230	471	23	last	last	ADJ
fsr-3230	471	24	available	available	ADJ
fsr-3230	471	25	observation	observation	NOUN
fsr-3230	471	26	if	if	SCONJ
fsr-3230	471	27	missing	miss	VERB
fsr-3230	471	28	.	.	PUNCT
fsr-3230	472	1	the	the	DET
fsr-3230	472	2	fund	fund	NOUN
fsr-3230	472	3	characteristic	characteristic	ADJ
fsr-3230	472	4	variables	variable	NOUN
fsr-3230	472	5	are	be	AUX
fsr-3230	472	6	defined	define	VERB
fsr-3230	472	7	in	in	ADP
fsr-3230	472	8	table	table	NOUN
fsr-3230	472	9	3	3	NUM
fsr-3230	472	10	,	,	PUNCT
fsr-3230	472	11	except	except	SCONJ
fsr-3230	472	12	for	for	ADP
fsr-3230	472	13	the	the	DET
fsr-3230	472	14	nine	nine	NUM
fsr-3230	472	15	style	style	NOUN
fsr-3230	472	16	dummy	dummy	ADJ
fsr-3230	472	17	variables	variable	NOUN
fsr-3230	472	18	,	,	PUNCT
fsr-3230	472	19	which	which	PRON
fsr-3230	472	20	are	be	AUX
fsr-3230	472	21	ag	ag	PROPN
fsr-3230	472	22	(	(	PUNCT
fsr-3230	472	23	aggressive	aggressive	ADJ
fsr-3230	472	24	growth	growth	NOUN
fsr-3230	472	25	)	)	PUNCT
fsr-3230	472	26	,	,	PUNCT
fsr-3230	472	27	ei	ei	X
fsr-3230	472	28	(	(	PUNCT
fsr-3230	472	29	equity	equity	NOUN
fsr-3230	472	30	income	income	NOUN
fsr-3230	472	31	)	)	PUNCT
fsr-3230	472	32	,	,	PUNCT
fsr-3230	472	33	g	g	PROPN
fsr-3230	472	34	(	(	PUNCT
fsr-3230	472	35	growth	growth	NOUN
fsr-3230	472	36	)	)	PUNCT
fsr-3230	472	37	,	,	PUNCT
fsr-3230	472	38	ltg	ltg	PROPN
fsr-3230	472	39	(	(	PUNCT
fsr-3230	472	40	long	long	ADJ
fsr-3230	472	41	-	-	PUNCT
fsr-3230	472	42	term	term	NOUN
fsr-3230	472	43	growth	growth	NOUN
fsr-3230	472	44	)	)	PUNCT
fsr-3230	472	45	,	,	PUNCT
fsr-3230	472	46	gi	gi	INTJ
fsr-3230	472	47	(	(	PUNCT
fsr-3230	472	48	growth	growth	NOUN
fsr-3230	472	49	and	and	CCONJ
fsr-3230	472	50	income	income	NOUN
fsr-3230	472	51	)	)	PUNCT
fsr-3230	472	52	,	,	PUNCT
fsr-3230	472	53	mc	mc	PROPN
fsr-3230	472	54	(	(	PUNCT
fsr-3230	472	55	midcap	midcap	PROPN
fsr-3230	472	56	)	)	PUNCT
fsr-3230	472	57	,	,	PUNCT
fsr-3230	472	58	mrc	mrc	NOUN
fsr-3230	472	59	(	(	PUNCT
fsr-3230	472	60	micro	micro	NOUN
fsr-3230	472	61	-	-	NOUN
fsr-3230	472	62	cap	cap	NOUN
fsr-3230	472	63	)	)	PUNCT
fsr-3230	472	64	,	,	PUNCT
fsr-3230	472	65	sc	sc	PROPN
fsr-3230	472	66	(	(	PUNCT
fsr-3230	472	67	small	small	ADJ
fsr-3230	472	68	cap	cap	NOUN
fsr-3230	472	69	)	)	PUNCT
fsr-3230	472	70	and	and	CCONJ
fsr-3230	472	71	mcg	mcg	PROPN
fsr-3230	472	72	(	(	PUNCT
fsr-3230	472	73	maximum	maximum	ADJ
fsr-3230	472	74	capital	capital	NOUN
fsr-3230	472	75	gains	gain	NOUN
fsr-3230	472	76	)	)	PUNCT
fsr-3230	472	77	.	.	PUNCT
fsr-3230	473	1	the	the	DET
fsr-3230	473	2	data	datum	NOUN
fsr-3230	473	3	cover	cover	VERB
fsr-3230	473	4	the	the	DET
fsr-3230	473	5	period	period	NOUN
fsr-3230	473	6	from	from	ADP
fsr-3230	473	7	january	january	PROPN
fsr-3230	473	8	1984	1984	NUM
fsr-3230	473	9	to	to	ADP
fsr-3230	473	10	december	december	PROPN
fsr-3230	473	11	2016	2016	NUM
fsr-3230	473	12	.	.	PUNCT
fsr-3230	474	1	we	we	PRON
fsr-3230	474	2	present	present	VERB
fsr-3230	474	3	the	the	DET
fsr-3230	474	4	estimated	estimate	VERB
fsr-3230	474	5	coefficients	coefficient	NOUN
fsr-3230	474	6	with	with	ADP
fsr-3230	474	7	their	their	PRON
fsr-3230	474	8	t	t	NOUN
fsr-3230	474	9	-	-	PUNCT
fsr-3230	474	10	statistics	statistic	NOUN
fsr-3230	474	11	in	in	ADP
fsr-3230	474	12	parentheses	parenthesis	NOUN
fsr-3230	474	13	,	,	PUNCT
fsr-3230	474	14	and	and	CCONJ
fsr-3230	474	15	the	the	DET
fsr-3230	474	16	number	number	NOUN
fsr-3230	474	17	of	of	ADP
fsr-3230	474	18	observations	observation	NOUN
fsr-3230	474	19	(	(	PUNCT
fsr-3230	474	20	n	n	CCONJ
fsr-3230	474	21	)	)	PUNCT
fsr-3230	474	22	and	and	CCONJ
fsr-3230	474	23	r²	r²	NOUN
fsr-3230	474	24	of	of	ADP
fsr-3230	474	25	the	the	DET
fsr-3230	474	26	regressions	regression	NOUN
fsr-3230	474	27	.	.	PUNCT
fsr-3230	475	1	chrétien	chrétien	PROPN
fsr-3230	475	2	&	&	CCONJ
fsr-3230	475	3	kammoun	kammoun	PROPN
fsr-3230	475	4	83	83	NUM
fsr-3230	475	5	figure	figure	NOUN
fsr-3230	475	6	1	1	NUM
fsr-3230	475	7	illustrates	illustrate	VERB
fsr-3230	475	8	if	if	SCONJ
fsr-3230	475	9	average	average	ADJ
fsr-3230	475	10	disagreement	disagreement	NOUN
fsr-3230	475	11	varies	vary	VERB
fsr-3230	475	12	by	by	ADP
fsr-3230	475	13	groups	group	NOUN
fsr-3230	475	14	by	by	ADP
fsr-3230	475	15	categorizing	categorize	VERB
fsr-3230	475	16	all	all	DET
fsr-3230	475	17	funds	fund	NOUN
fsr-3230	475	18	into	into	ADP
fsr-3230	475	19	deciles	decile	NOUN
fsr-3230	475	20	based	base	VERB
fsr-3230	475	21	on	on	ADP
fsr-3230	475	22	average	average	ADJ
fsr-3230	475	23	values	value	NOUN
fsr-3230	475	24	of	of	ADP
fsr-3230	475	25	selected	select	VERB
fsr-3230	475	26	characteristics	characteristic	NOUN
fsr-3230	475	27	.	.	PUNCT
fsr-3230	476	1	positive	positive	ADJ
fsr-3230	476	2	slopes	slope	NOUN
fsr-3230	476	3	for	for	ADP
fsr-3230	476	4	expenses	expense	NOUN
fsr-3230	476	5	and	and	CCONJ
fsr-3230	476	6	turnover	turnover	NOUN
fsr-3230	476	7	(	(	PUNCT
fsr-3230	476	8	see	see	VERB
fsr-3230	476	9	figures	figure	NOUN
fsr-3230	476	10	1a	1a	NOUN
fsr-3230	476	11	and	and	CCONJ
fsr-3230	476	12	1b	1b	NUM
fsr-3230	476	13	)	)	PUNCT
fsr-3230	476	14	and	and	CCONJ
fsr-3230	476	15	negative	negative	ADJ
fsr-3230	476	16	slopes	slope	NOUN
fsr-3230	476	17	for	for	ADP
fsr-3230	476	18	manager	manager	NOUN
fsr-3230	476	19	tenure	tenure	NOUN
fsr-3230	476	20	and	and	CCONJ
fsr-3230	476	21	fund	fund	NOUN
fsr-3230	476	22	size	size	NOUN
fsr-3230	476	23	(	(	PUNCT
fsr-3230	476	24	see	see	VERB
fsr-3230	476	25	figures	figure	NOUN
fsr-3230	476	26	1d	1d	NUM
fsr-3230	476	27	and	and	CCONJ
fsr-3230	476	28	1e	1e	NUM
fsr-3230	476	29	)	)	PUNCT
fsr-3230	476	30	reinforce	reinforce	VERB
fsr-3230	476	31	the	the	DET
fsr-3230	476	32	results	result	NOUN
fsr-3230	476	33	in	in	ADP
fsr-3230	476	34	table	table	NOUN
fsr-3230	476	35	4	4	NUM
fsr-3230	476	36	and	and	CCONJ
fsr-3230	476	37	show	show	VERB
fsr-3230	476	38	that	that	SCONJ
fsr-3230	476	39	the	the	DET
fsr-3230	476	40	impact	impact	NOUN
fsr-3230	476	41	of	of	ADP
fsr-3230	476	42	these	these	DET
fsr-3230	476	43	characteristics	characteristic	NOUN
fsr-3230	476	44	can	can	AUX
fsr-3230	476	45	be	be	AUX
fsr-3230	476	46	economically	economically	ADV
fsr-3230	476	47	large	large	ADJ
fsr-3230	476	48	.	.	PUNCT
fsr-3230	477	1	average	average	ADJ
fsr-3230	477	2	disagreement	disagreement	NOUN
fsr-3230	477	3	is	be	AUX
fsr-3230	477	4	at	at	ADV
fsr-3230	477	5	least	least	ADV
fsr-3230	477	6	45	45	NUM
fsr-3230	477	7	%	%	NOUN
fsr-3230	477	8	higher	high	ADJ
fsr-3230	477	9	for	for	ADP
fsr-3230	477	10	funds	fund	NOUN
fsr-3230	477	11	in	in	ADP
fsr-3230	477	12	the	the	DET
fsr-3230	477	13	top	top	NOUN
fsr-3230	477	14	versus	versus	ADP
fsr-3230	477	15	bottom	bottom	ADJ
fsr-3230	477	16	deciles	decile	NOUN
fsr-3230	477	17	of	of	ADP
fsr-3230	477	18	expenses	expense	NOUN
fsr-3230	477	19	(	(	PUNCT
fsr-3230	477	20	1.23	1.23	NUM
fsr-3230	477	21	%	%	NOUN
fsr-3230	477	22	versus	versus	ADP
fsr-3230	477	23	0.66	0.66	NUM
fsr-3230	477	24	%	%	NOUN
fsr-3230	477	25	)	)	PUNCT
fsr-3230	477	26	or	or	CCONJ
fsr-3230	477	27	turnover	turnover	NOUN
fsr-3230	477	28	(	(	PUNCT
fsr-3230	477	29	1.17	1.17	NUM
fsr-3230	477	30	%	%	NOUN
fsr-3230	477	31	versus	versus	ADP
fsr-3230	477	32	0.71	0.71	NUM
fsr-3230	477	33	%	%	NOUN
fsr-3230	477	34	)	)	PUNCT
fsr-3230	477	35	,	,	PUNCT
fsr-3230	477	36	or	or	CCONJ
fsr-3230	477	37	for	for	ADP
fsr-3230	477	38	funds	fund	NOUN
fsr-3230	477	39	in	in	ADP
fsr-3230	477	40	the	the	DET
fsr-3230	477	41	bottom	bottom	NOUN
fsr-3230	477	42	versus	versus	ADP
fsr-3230	477	43	top	top	ADJ
fsr-3230	477	44	deciles	decile	NOUN
fsr-3230	477	45	of	of	ADP
fsr-3230	477	46	manager	manager	NOUN
fsr-3230	477	47	tenure	tenure	NOUN
fsr-3230	477	48	(	(	PUNCT
fsr-3230	477	49	1.16	1.16	NUM
fsr-3230	477	50	%	%	NOUN
fsr-3230	477	51	versus	versus	ADP
fsr-3230	477	52	0.79	0.79	NUM
fsr-3230	477	53	%	%	NOUN
fsr-3230	477	54	)	)	PUNCT
fsr-3230	477	55	or	or	CCONJ
fsr-3230	477	56	size	size	NOUN
fsr-3230	477	57	(	(	PUNCT
fsr-3230	477	58	1.08	1.08	NUM
fsr-3230	477	59	%	%	NOUN
fsr-3230	477	60	versus	versus	ADP
fsr-3230	477	61	0.72	0.72	NUM
fsr-3230	477	62	%	%	NOUN
fsr-3230	477	63	)	)	PUNCT
fsr-3230	477	64	.	.	PUNCT
fsr-3230	478	1	while	while	SCONJ
fsr-3230	478	2	table	table	NOUN
fsr-3230	478	3	4	4	NUM
fsr-3230	478	4	documents	document	NOUN
fsr-3230	478	5	positive	positive	ADJ
fsr-3230	478	6	relations	relation	NOUN
fsr-3230	478	7	between	between	ADP
fsr-3230	478	8	disagreement	disagreement	NOUN
fsr-3230	478	9	and	and	CCONJ
fsr-3230	478	10	fund	fund	NOUN
fsr-3230	478	11	age	age	NOUN
fsr-3230	478	12	,	,	PUNCT
fsr-3230	478	13	figure	figure	NOUN
fsr-3230	478	14	1c	1c	NOUN
fsr-3230	478	15	shows	show	VERB
fsr-3230	478	16	u	u	NOUN
fsr-3230	478	17	-	-	NOUN
fsr-3230	478	18	shape	shape	NOUN
fsr-3230	478	19	relations	relation	NOUN
fsr-3230	478	20	in	in	ADP
fsr-3230	478	21	which	which	PRON
fsr-3230	478	22	younger	young	ADJ
fsr-3230	478	23	and	and	CCONJ
fsr-3230	478	24	older	old	ADJ
fsr-3230	478	25	funds	fund	NOUN
fsr-3230	478	26	face	face	VERB
fsr-3230	478	27	more	more	ADJ
fsr-3230	478	28	disagreement	disagreement	NOUN
fsr-3230	478	29	than	than	ADP
fsr-3230	478	30	middle	middle	ADJ
fsr-3230	478	31	-	-	PUNCT
fsr-3230	478	32	aged	aged	ADJ
fsr-3230	478	33	funds	fund	NOUN
fsr-3230	478	34	.	.	PUNCT
fsr-3230	479	1	flat	flat	ADJ
fsr-3230	479	2	slopes	slope	NOUN
fsr-3230	479	3	for	for	ADP
fsr-3230	479	4	tax	tax	NOUN
fsr-3230	479	5	burden	burden	NOUN
fsr-3230	479	6	(	(	PUNCT
fsr-3230	479	7	figure	figure	NOUN
fsr-3230	479	8	1f	1f	NUM
fsr-3230	479	9	)	)	PUNCT
fsr-3230	479	10	and	and	CCONJ
fsr-3230	479	11	family	family	NOUN
fsr-3230	479	12	size	size	NOUN
fsr-3230	479	13	(	(	PUNCT
fsr-3230	479	14	figure	figure	NOUN
fsr-3230	479	15	1h	1h	NUM
fsr-3230	479	16	)	)	PUNCT
fsr-3230	479	17	are	be	AUX
fsr-3230	479	18	consistent	consistent	ADJ
fsr-3230	479	19	with	with	ADP
fsr-3230	479	20	the	the	DET
fsr-3230	479	21	unreliable	unreliable	ADJ
fsr-3230	479	22	significance	significance	NOUN
fsr-3230	479	23	of	of	ADP
fsr-3230	479	24	these	these	DET
fsr-3230	479	25	variables	variable	NOUN
fsr-3230	479	26	in	in	ADP
fsr-3230	479	27	table	table	NOUN
fsr-3230	479	28	4	4	NUM
fsr-3230	479	29	,	,	PUNCT
fsr-3230	479	30	and	and	CCONJ
fsr-3230	479	31	the	the	DET
fsr-3230	479	32	ones	one	NOUN
fsr-3230	479	33	for	for	ADP
fsr-3230	479	34	dividend	dividend	NOUN
fsr-3230	479	35	yield	yield	NOUN
fsr-3230	479	36	(	(	PUNCT
fsr-3230	479	37	figure	figure	NOUN
fsr-3230	479	38	1	1	NUM
fsr-3230	479	39	g	g	NOUN
fsr-3230	479	40	)	)	PUNCT
fsr-3230	479	41	suggest	suggest	VERB
fsr-3230	479	42	that	that	SCONJ
fsr-3230	479	43	its	its	PRON
fsr-3230	479	44	negative	negative	ADJ
fsr-3230	479	45	relation	relation	NOUN
fsr-3230	479	46	is	be	AUX
fsr-3230	479	47	significant	significant	ADJ
fsr-3230	479	48	because	because	SCONJ
fsr-3230	479	49	other	other	ADJ
fsr-3230	479	50	variables	variable	NOUN
fsr-3230	479	51	are	be	AUX
fsr-3230	479	52	in	in	ADP
fsr-3230	479	53	the	the	DET
fsr-3230	479	54	regressions	regression	NOUN
fsr-3230	479	55	.	.	PUNCT
fsr-3230	480	1	figure	figure	NOUN
fsr-3230	480	2	1	1	NUM
fsr-3230	480	3	.	.	PUNCT
fsr-3230	481	1	disagreement	disagreement	NOUN
fsr-3230	481	2	for	for	ADP
fsr-3230	481	3	funds	fund	NOUN
fsr-3230	481	4	grouped	group	VERB
fsr-3230	481	5	by	by	ADP
fsr-3230	481	6	characteristics14	characteristics14	NOUN
fsr-3230	481	7	graph	graph	NOUN
fsr-3230	481	8	a.	a.	NOUN
fsr-3230	481	9	expenses	expense	NOUN
fsr-3230	481	10	graph	graph	NOUN
fsr-3230	481	11	b.	b.	PROPN
fsr-3230	481	12	turnover	turnover	NOUN
fsr-3230	481	13	graph	graph	NOUN
fsr-3230	481	14	c.	c.	PROPN
fsr-3230	481	15	age	age	NOUN
fsr-3230	481	16	graph	graph	NOUN
fsr-3230	481	17	d.	d.	PROPN
fsr-3230	481	18	manager	manager	NOUN
fsr-3230	481	19	tenure	tenure	NOUN
fsr-3230	481	20	14	14	NUM
fsr-3230	481	21	figure	figure	NOUN
fsr-3230	481	22	1	1	NUM
fsr-3230	481	23	displays	display	NOUN
fsr-3230	481	24	the	the	DET
fsr-3230	481	25	mean	mean	ADJ
fsr-3230	481	26	monthly	monthly	ADJ
fsr-3230	481	27	disck	disck	NOUN
fsr-3230	481	28	and	and	CCONJ
fsr-3230	481	29	disfl	disfl	NOUN
fsr-3230	481	30	disagreement	disagreement	NOUN
fsr-3230	481	31	estimates	estimate	NOUN
fsr-3230	481	32	for	for	ADP
fsr-3230	481	33	mutual	mutual	ADJ
fsr-3230	481	34	funds	fund	NOUN
fsr-3230	481	35	grouped	group	VERB
fsr-3230	481	36	into	into	ADP
fsr-3230	481	37	decile	decile	NOUN
fsr-3230	481	38	portfolios	portfolio	NOUN
fsr-3230	481	39	according	accord	VERB
fsr-3230	481	40	to	to	ADP
fsr-3230	481	41	the	the	DET
fsr-3230	481	42	average	average	ADJ
fsr-3230	481	43	value	value	NOUN
fsr-3230	481	44	of	of	ADP
fsr-3230	481	45	selected	select	VERB
fsr-3230	481	46	fund	fund	NOUN
fsr-3230	481	47	characteristics	characteristic	NOUN
fsr-3230	481	48	.	.	PUNCT
fsr-3230	482	1	in	in	ADP
fsr-3230	482	2	graph	graph	NOUN
fsr-3230	482	3	a	a	PRON
fsr-3230	482	4	,	,	PUNCT
fsr-3230	482	5	funds	fund	NOUN
fsr-3230	482	6	are	be	AUX
fsr-3230	482	7	sorted	sort	VERB
fsr-3230	482	8	in	in	ADP
fsr-3230	482	9	increasing	increase	VERB
fsr-3230	482	10	order	order	NOUN
fsr-3230	482	11	of	of	ADP
fsr-3230	482	12	their	their	PRON
fsr-3230	482	13	average	average	ADJ
fsr-3230	482	14	expenses	expense	NOUN
fsr-3230	482	15	.	.	PUNCT
fsr-3230	483	1	in	in	ADP
fsr-3230	483	2	graph	graph	NOUN
fsr-3230	483	3	b	b	PROPN
fsr-3230	483	4	,	,	PUNCT
fsr-3230	483	5	funds	fund	NOUN
fsr-3230	483	6	are	be	AUX
fsr-3230	483	7	sorted	sort	VERB
fsr-3230	483	8	in	in	ADP
fsr-3230	483	9	increasing	increase	VERB
fsr-3230	483	10	order	order	NOUN
fsr-3230	483	11	of	of	ADP
fsr-3230	483	12	their	their	PRON
fsr-3230	483	13	average	average	ADJ
fsr-3230	483	14	turnover	turnover	NOUN
fsr-3230	483	15	.	.	PUNCT
fsr-3230	484	1	in	in	ADP
fsr-3230	484	2	graph	graph	NOUN
fsr-3230	484	3	c	c	NOUN
fsr-3230	484	4	,	,	PUNCT
fsr-3230	484	5	funds	fund	NOUN
fsr-3230	484	6	are	be	AUX
fsr-3230	484	7	sorted	sort	VERB
fsr-3230	484	8	in	in	ADP
fsr-3230	484	9	increasing	increase	VERB
fsr-3230	484	10	order	order	NOUN
fsr-3230	484	11	of	of	ADP
fsr-3230	484	12	their	their	PRON
fsr-3230	484	13	average	average	ADJ
fsr-3230	484	14	age	age	NOUN
fsr-3230	484	15	.	.	PUNCT
fsr-3230	485	1	in	in	ADP
fsr-3230	485	2	graph	graph	NOUN
fsr-3230	485	3	d	d	PROPN
fsr-3230	485	4	,	,	PUNCT
fsr-3230	485	5	funds	fund	NOUN
fsr-3230	485	6	are	be	AUX
fsr-3230	485	7	sorted	sort	VERB
fsr-3230	485	8	in	in	ADP
fsr-3230	485	9	increasing	increase	VERB
fsr-3230	485	10	order	order	NOUN
fsr-3230	485	11	of	of	ADP
fsr-3230	485	12	their	their	PRON
fsr-3230	485	13	average	average	ADJ
fsr-3230	485	14	manager	manager	NOUN
fsr-3230	485	15	tenure	tenure	NOUN
fsr-3230	485	16	.	.	PUNCT
fsr-3230	486	1	in	in	ADP
fsr-3230	486	2	graph	graph	NOUN
fsr-3230	486	3	e	e	NOUN
fsr-3230	486	4	,	,	PUNCT
fsr-3230	486	5	funds	fund	NOUN
fsr-3230	486	6	are	be	AUX
fsr-3230	486	7	sorted	sort	VERB
fsr-3230	486	8	in	in	ADP
fsr-3230	486	9	increasing	increase	VERB
fsr-3230	486	10	order	order	NOUN
fsr-3230	486	11	of	of	ADP
fsr-3230	486	12	their	their	PRON
fsr-3230	486	13	size	size	NOUN
fsr-3230	486	14	.	.	PUNCT
fsr-3230	487	1	in	in	ADP
fsr-3230	487	2	graph	graph	NOUN
fsr-3230	487	3	f	f	PROPN
fsr-3230	487	4	,	,	PUNCT
fsr-3230	487	5	funds	fund	NOUN
fsr-3230	487	6	are	be	AUX
fsr-3230	487	7	sorted	sort	VERB
fsr-3230	487	8	in	in	ADP
fsr-3230	487	9	increasing	increase	VERB
fsr-3230	487	10	order	order	NOUN
fsr-3230	487	11	of	of	ADP
fsr-3230	487	12	their	their	PRON
fsr-3230	487	13	average	average	ADJ
fsr-3230	487	14	tax	tax	NOUN
fsr-3230	487	15	burden	burden	NOUN
fsr-3230	487	16	.	.	PUNCT
fsr-3230	488	1	in	in	ADP
fsr-3230	488	2	graph	graph	NOUN
fsr-3230	488	3	g	g	PROPN
fsr-3230	488	4	,	,	PUNCT
fsr-3230	488	5	funds	fund	NOUN
fsr-3230	488	6	are	be	AUX
fsr-3230	488	7	sorted	sort	VERB
fsr-3230	488	8	in	in	ADP
fsr-3230	488	9	increasing	increase	VERB
fsr-3230	488	10	order	order	NOUN
fsr-3230	488	11	of	of	ADP
fsr-3230	488	12	their	their	PRON
fsr-3230	488	13	average	average	ADJ
fsr-3230	488	14	dividend	dividend	NOUN
fsr-3230	488	15	yield	yield	NOUN
fsr-3230	488	16	.	.	PUNCT
fsr-3230	489	1	in	in	ADP
fsr-3230	489	2	graph	graph	NOUN
fsr-3230	489	3	h	h	PROPN
fsr-3230	489	4	,	,	PUNCT
fsr-3230	489	5	funds	fund	NOUN
fsr-3230	489	6	are	be	AUX
fsr-3230	489	7	sorted	sort	VERB
fsr-3230	489	8	in	in	ADP
fsr-3230	489	9	increasing	increase	VERB
fsr-3230	489	10	order	order	NOUN
fsr-3230	489	11	of	of	ADP
fsr-3230	489	12	their	their	PRON
fsr-3230	489	13	average	average	ADJ
fsr-3230	489	14	family	family	NOUN
fsr-3230	489	15	size	size	NOUN
fsr-3230	489	16	.	.	PUNCT
fsr-3230	490	1	financial	financial	ADJ
fsr-3230	490	2	services	service	NOUN
fsr-3230	490	3	review	review	PROPN
fsr-3230	490	4	,	,	PUNCT
fsr-3230	490	5	32(1	32(1	NUM
fsr-3230	490	6	)	)	PUNCT
fsr-3230	490	7	84	84	NUM
fsr-3230	490	8	figure	figure	NOUN
fsr-3230	490	9	1	1	NUM
fsr-3230	490	10	.	.	PUNCT
fsr-3230	490	11	disagreement	disagreement	NOUN
fsr-3230	490	12	for	for	ADP
fsr-3230	490	13	funds	fund	NOUN
fsr-3230	490	14	grouped	group	VERB
fsr-3230	490	15	by	by	ADP
fsr-3230	490	16	characteristics	characteristic	NOUN
fsr-3230	490	17	(	(	PUNCT
fsr-3230	490	18	continued	continued	ADJ
fsr-3230	490	19	)	)	PUNCT
fsr-3230	490	20	graph	graph	NOUN
fsr-3230	490	21	e.	e.	PROPN
fsr-3230	490	22	fund	fund	PROPN
fsr-3230	490	23	size	size	NOUN
fsr-3230	490	24	graph	graph	NOUN
fsr-3230	490	25	f.	f.	PROPN
fsr-3230	490	26	tax	tax	NOUN
fsr-3230	490	27	burden	burden	NOUN
fsr-3230	490	28	graph	graph	NOUN
fsr-3230	490	29	g.	g.	PROPN
fsr-3230	490	30	dividend	dividend	NOUN
fsr-3230	490	31	yield	yield	NOUN
fsr-3230	490	32	graph	graph	NOUN
fsr-3230	490	33	h.	h.	PROPN
fsr-3230	490	34	family	family	PROPN
fsr-3230	490	35	size	size	NOUN
fsr-3230	490	36	in	in	ADP
fsr-3230	490	37	summary	summary	NOUN
fsr-3230	490	38	,	,	PUNCT
fsr-3230	490	39	except	except	SCONJ
fsr-3230	490	40	for	for	ADP
fsr-3230	490	41	manager	manager	NOUN
fsr-3230	490	42	tenure	tenure	NOUN
fsr-3230	490	43	,	,	PUNCT
fsr-3230	490	44	results	result	NOUN
fsr-3230	490	45	are	be	AUX
fsr-3230	490	46	consistent	consistent	ADJ
fsr-3230	490	47	with	with	ADP
fsr-3230	490	48	the	the	DET
fsr-3230	490	49	hypotheses	hypothesis	NOUN
fsr-3230	490	50	developed	develop	VERB
fsr-3230	490	51	previously	previously	ADV
fsr-3230	490	52	and	and	CCONJ
fsr-3230	490	53	are	be	AUX
fsr-3230	490	54	robust	robust	ADJ
fsr-3230	490	55	to	to	ADP
fsr-3230	490	56	different	different	ADJ
fsr-3230	490	57	model	model	NOUN
fsr-3230	490	58	specifications	specification	NOUN
fsr-3230	490	59	and	and	CCONJ
fsr-3230	490	60	sets	set	NOUN
fsr-3230	490	61	of	of	ADP
fsr-3230	490	62	passive	passive	ADJ
fsr-3230	490	63	portfolios	portfolio	NOUN
fsr-3230	490	64	.	.	PUNCT
fsr-3230	491	1	investor	investor	NOUN
fsr-3230	491	2	disagreement	disagreement	NOUN
fsr-3230	491	3	is	be	AUX
fsr-3230	491	4	significantly	significantly	ADV
fsr-3230	491	5	related	relate	VERB
fsr-3230	491	6	to	to	ADP
fsr-3230	491	7	numerous	numerous	ADJ
fsr-3230	491	8	fund	fund	NOUN
fsr-3230	491	9	characteristics	characteristic	NOUN
fsr-3230	491	10	,	,	PUNCT
fsr-3230	491	11	which	which	PRON
fsr-3230	491	12	can	can	AUX
fsr-3230	491	13	be	be	AUX
fsr-3230	491	14	used	use	VERB
fsr-3230	491	15	to	to	PART
fsr-3230	491	16	identify	identify	VERB
fsr-3230	491	17	the	the	DET
fsr-3230	491	18	types	type	NOUN
fsr-3230	491	19	of	of	ADP
fsr-3230	491	20	funds	fund	NOUN
fsr-3230	491	21	that	that	PRON
fsr-3230	491	22	can	can	AUX
fsr-3230	491	23	be	be	AUX
fsr-3230	491	24	subject	subject	ADJ
fsr-3230	491	25	to	to	ADP
fsr-3230	491	26	large	large	ADJ
fsr-3230	491	27	discrepancies	discrepancy	NOUN
fsr-3230	491	28	in	in	ADP
fsr-3230	491	29	evaluation	evaluation	NOUN
fsr-3230	491	30	.	.	PUNCT
fsr-3230	492	1	investor	investor	NOUN
fsr-3230	492	2	disagreement	disagreement	NOUN
fsr-3230	492	3	and	and	CCONJ
fsr-3230	492	4	active	active	ADJ
fsr-3230	492	5	management	management	NOUN
fsr-3230	492	6	variables	variable	NOUN
fsr-3230	492	7	table	table	VERB
fsr-3230	492	8	6	6	NUM
fsr-3230	492	9	documents	document	NOUN
fsr-3230	492	10	the	the	DET
fsr-3230	492	11	relations	relation	NOUN
fsr-3230	492	12	between	between	ADP
fsr-3230	492	13	future	future	ADJ
fsr-3230	492	14	investor	investor	NOUN
fsr-3230	492	15	disagreement	disagreement	NOUN
fsr-3230	492	16	and	and	CCONJ
fsr-3230	492	17	active	active	ADJ
fsr-3230	492	18	management	management	NOUN
fsr-3230	492	19	variables	variable	NOUN
fsr-3230	492	20	,	,	PUNCT
fsr-3230	492	21	controlling	control	VERB
fsr-3230	492	22	for	for	ADP
fsr-3230	492	23	fund	fund	NOUN
fsr-3230	492	24	characteristics	characteristic	NOUN
fsr-3230	492	25	,	,	PUNCT
fsr-3230	492	26	with	with	ADP
fsr-3230	492	27	panels	panel	NOUN
fsr-3230	492	28	a	a	PRON
fsr-3230	492	29	and	and	CCONJ
fsr-3230	492	30	b	b	NOUN
fsr-3230	492	31	focusing	focus	VERB
fsr-3230	492	32	on	on	ADP
fsr-3230	492	33	the	the	DET
fsr-3230	492	34	disck	disck	ADJ
fsr-3230	492	35	and	and	CCONJ
fsr-3230	492	36	disfl	disfl	NOUN
fsr-3230	492	37	measures	measure	NOUN
fsr-3230	492	38	,	,	PUNCT
fsr-3230	492	39	respectively	respectively	ADV
fsr-3230	492	40	.	.	PUNCT
fsr-3230	493	1	we	we	PRON
fsr-3230	493	2	consider	consider	VERB
fsr-3230	493	3	six	six	NUM
fsr-3230	493	4	regression	regression	NOUN
fsr-3230	493	5	models	model	NOUN
fsr-3230	493	6	.	.	PUNCT
fsr-3230	494	1	the	the	DET
fsr-3230	494	2	first	first	ADJ
fsr-3230	494	3	three	three	NUM
fsr-3230	494	4	models	model	NOUN
fsr-3230	494	5	consider	consider	VERB
fsr-3230	494	6	the	the	DET
fsr-3230	494	7	most	most	ADV
fsr-3230	494	8	commonly	commonly	ADV
fsr-3230	494	9	studied	study	VERB
fsr-3230	494	10	determinants	determinant	NOUN
fsr-3230	494	11	of	of	ADP
fsr-3230	494	12	performance	performance	NOUN
fsr-3230	494	13	(	(	PUNCT
fsr-3230	494	14	as	as	ADP
fsr-3230	494	15	in	in	ADP
fsr-3230	494	16	model	model	NOUN
fsr-3230	494	17	1	1	NUM
fsr-3230	494	18	of	of	ADP
fsr-3230	494	19	table	table	NOUN
fsr-3230	494	20	5	5	NUM
fsr-3230	494	21	)	)	PUNCT
fsr-3230	494	22	and	and	CCONJ
fsr-3230	494	23	add	add	VERB
fsr-3230	494	24	asset	asset	NOUN
fsr-3230	494	25	selectivity	selectivity	NOUN
fsr-3230	494	26	,	,	PUNCT
fsr-3230	494	27	active	active	ADJ
fsr-3230	494	28	share	share	NOUN
fsr-3230	494	29	or	or	CCONJ
fsr-3230	494	30	both	both	PRON
fsr-3230	494	31	.	.	PUNCT
fsr-3230	495	1	the	the	DET
fsr-3230	495	2	last	last	ADJ
fsr-3230	495	3	three	three	NUM
fsr-3230	495	4	models	model	NOUN
fsr-3230	495	5	replace	replace	VERB
fsr-3230	495	6	expenses	expense	NOUN
fsr-3230	495	7	with	with	ADP
fsr-3230	495	8	their	their	PRON
fsr-3230	495	9	components	component	NOUN
fsr-3230	495	10	(	(	PUNCT
fsr-3230	495	11	management	management	NOUN
fsr-3230	495	12	fees	fee	NOUN
fsr-3230	495	13	,	,	PUNCT
fsr-3230	495	14	advertising	advertising	NOUN
fsr-3230	495	15	expenses	expense	NOUN
fsr-3230	495	16	(	(	PUNCT
fsr-3230	495	17	12b-1	12b-1	NUM
fsr-3230	495	18	)	)	PUNCT
fsr-3230	495	19	and	and	CCONJ
fsr-3230	495	20	the	the	DET
fsr-3230	495	21	costs	cost	NOUN
fsr-3230	495	22	of	of	ADP
fsr-3230	495	23	bundled	bundle	VERB
fsr-3230	495	24	services	service	NOUN
fsr-3230	495	25	)	)	PUNCT
fsr-3230	495	26	,	,	PUNCT
fsr-3230	495	27	turnover	turnover	NOUN
fsr-3230	495	28	with	with	ADP
fsr-3230	495	29	tax	tax	NOUN
fsr-3230	495	30	burden	burden	NOUN
fsr-3230	495	31	,	,	PUNCT
fsr-3230	495	32	and	and	CCONJ
fsr-3230	495	33	include	include	VERB
fsr-3230	495	34	dividend	dividend	NOUN
fsr-3230	495	35	yield	yield	NOUN
fsr-3230	495	36	,	,	PUNCT
fsr-3230	495	37	family	family	NOUN
fsr-3230	495	38	size	size	NOUN
fsr-3230	495	39	and	and	CCONJ
fsr-3230	495	40	factor	factor	NOUN
fsr-3230	495	41	exposures	exposure	NOUN
fsr-3230	495	42	(	(	PUNCT
fsr-3230	495	43	as	as	ADP
fsr-3230	495	44	in	in	ADP
fsr-3230	495	45	model	model	NOUN
fsr-3230	495	46	4	4	NUM
fsr-3230	495	47	of	of	ADP
fsr-3230	495	48	table	table	NOUN
fsr-3230	495	49	5	5	NUM
fsr-3230	495	50	)	)	PUNCT
fsr-3230	495	51	.	.	PUNCT
fsr-3230	496	1	chrétien	chrétien	PROPN
fsr-3230	496	2	&	&	CCONJ
fsr-3230	496	3	kammoun	kammoun	PROPN
fsr-3230	496	4	85	85	NUM
fsr-3230	496	5	table	table	NOUN
fsr-3230	496	6	6	6	NUM
fsr-3230	496	7	.	.	PUNCT
fsr-3230	497	1	relations	relation	NOUN
fsr-3230	497	2	between	between	ADP
fsr-3230	497	3	future	future	ADJ
fsr-3230	497	4	disagreement	disagreement	NOUN
fsr-3230	497	5	and	and	CCONJ
fsr-3230	497	6	active	active	ADJ
fsr-3230	497	7	management	management	NOUN
fsr-3230	497	8	variables	variable	NOUN
fsr-3230	497	9	panel	panel	NOUN
fsr-3230	497	10	a.	a.	NOUN
fsr-3230	497	11	disck	disck	PROPN
fsr-3230	497	12	model	model	NOUN
fsr-3230	497	13	(	(	PUNCT
fsr-3230	497	14	1	1	NUM
fsr-3230	497	15	)	)	PUNCT
fsr-3230	497	16	model	model	NOUN
fsr-3230	497	17	(	(	PUNCT
fsr-3230	497	18	2	2	NUM
fsr-3230	497	19	)	)	PUNCT
fsr-3230	497	20	model	model	NOUN
fsr-3230	497	21	(	(	PUNCT
fsr-3230	497	22	3	3	NUM
fsr-3230	497	23	)	)	PUNCT
fsr-3230	497	24	model	model	NOUN
fsr-3230	497	25	(	(	PUNCT
fsr-3230	497	26	4	4	NUM
fsr-3230	497	27	)	)	PUNCT
fsr-3230	497	28	model	model	NOUN
fsr-3230	497	29	(	(	PUNCT
fsr-3230	497	30	5	5	NUM
fsr-3230	497	31	)	)	PUNCT
fsr-3230	497	32	model	model	NOUN
fsr-3230	497	33	(	(	PUNCT
fsr-3230	497	34	6	6	NUM
fsr-3230	497	35	)	)	PUNCT
fsr-3230	497	36	expenses	expense	VERB
fsr-3230	497	37	0.1214	0.1214	NUM
fsr-3230	497	38	(	(	PUNCT
fsr-3230	497	39	4.62	4.62	NUM
fsr-3230	497	40	)	)	PUNCT
fsr-3230	497	41	0.0544	0.0544	NUM
fsr-3230	497	42	(	(	PUNCT
fsr-3230	497	43	2.40	2.40	NUM
fsr-3230	497	44	)	)	PUNCT
fsr-3230	497	45	0.0503	0.0503	NUM
fsr-3230	497	46	(	(	PUNCT
fsr-3230	497	47	2.89	2.89	NUM
fsr-3230	497	48	)	)	PUNCT
fsr-3230	497	49	turnover	turnover	NOUN
fsr-3230	497	50	-0.0003	-0.0003	NOUN
fsr-3230	497	51	(	(	PUNCT
fsr-3230	497	52	-1.50	-1.50	PROPN
fsr-3230	497	53	)	)	PUNCT
fsr-3230	497	54	0.0007	0.0007	NUM
fsr-3230	497	55	(	(	PUNCT
fsr-3230	497	56	6.23	6.23	NUM
fsr-3230	497	57	)	)	PUNCT
fsr-3230	497	58	0.0003	0.0003	NUM
fsr-3230	497	59	(	(	PUNCT
fsr-3230	497	60	2.66	2.66	NUM
fsr-3230	497	61	)	)	PUNCT
fsr-3230	497	62	log(age	log(age	NOUN
fsr-3230	497	63	)	)	PUNCT
fsr-3230	497	64	0.0022	0.0022	NUM
fsr-3230	497	65	(	(	PUNCT
fsr-3230	497	66	8.31	8.31	NUM
fsr-3230	497	67	)	)	PUNCT
fsr-3230	497	68	-0.0012	-0.0012	NOUN
fsr-3230	497	69	(	(	PUNCT
fsr-3230	497	70	-5.20	-5.20	X
fsr-3230	497	71	)	)	PUNCT
fsr-3230	497	72	0.0002	0.0002	NUM
fsr-3230	497	73	(	(	PUNCT
fsr-3230	497	74	0.62	0.62	NUM
fsr-3230	497	75	)	)	PUNCT
fsr-3230	497	76	0.0010	0.0010	NUM
fsr-3230	497	77	(	(	PUNCT
fsr-3230	497	78	3.40	3.40	NUM
fsr-3230	497	79	)	)	PUNCT
fsr-3230	497	80	0.0011	0.0011	NUM
fsr-3230	497	81	(	(	PUNCT
fsr-3230	497	82	3.19	3.19	NUM
fsr-3230	497	83	)	)	PUNCT
fsr-3230	497	84	0.0006	0.0006	NUM
fsr-3230	497	85	(	(	PUNCT
fsr-3230	497	86	2.71	2.71	NUM
fsr-3230	497	87	)	)	PUNCT
fsr-3230	497	88	log(manager	log(manager	ADJ
fsr-3230	497	89	tenure	tenure	NOUN
fsr-3230	497	90	)	)	PUNCT
fsr-3230	497	91	-0.0002	-0.0002	NOUN
fsr-3230	497	92	(	(	PUNCT
fsr-3230	497	93	-1.35	-1.35	NOUN
fsr-3230	497	94	)	)	PUNCT
fsr-3230	497	95	-0.0006	-0.0006	NOUN
fsr-3230	497	96	(	(	PUNCT
fsr-3230	497	97	-4.26	-4.26	ADJ
fsr-3230	497	98	)	)	PUNCT
fsr-3230	497	99	-0.0002	-0.0002	NOUN
fsr-3230	497	100	(	(	PUNCT
fsr-3230	497	101	-1.57	-1.57	X
fsr-3230	497	102	)	)	PUNCT
fsr-3230	497	103	0.0000	0.0000	NUM
fsr-3230	497	104	(	(	PUNCT
fsr-3230	497	105	0.05	0.05	NUM
fsr-3230	497	106	)	)	PUNCT
fsr-3230	497	107	-0.0001	-0.0001	NOUN
fsr-3230	498	1	(	(	PUNCT
fsr-3230	498	2	-0.65	-0.65	NOUN
fsr-3230	498	3	)	)	PUNCT
fsr-3230	498	4	-0.0000	-0.0000	NOUN
fsr-3230	498	5	(	(	PUNCT
fsr-3230	498	6	-0.20	-0.20	NOUN
fsr-3230	498	7	)	)	PUNCT
fsr-3230	498	8	log(fund	log(fund	NOUN
fsr-3230	498	9	size	size	NOUN
fsr-3230	498	10	)	)	PUNCT
fsr-3230	498	11	0.0006	0.0006	NUM
fsr-3230	498	12	(	(	PUNCT
fsr-3230	498	13	1.29	1.29	NUM
fsr-3230	498	14	)	)	PUNCT
fsr-3230	498	15	-0.0014	-0.0014	NOUN
fsr-3230	498	16	(	(	PUNCT
fsr-3230	498	17	-5.58	-5.58	NOUN
fsr-3230	498	18	)	)	PUNCT
fsr-3230	498	19	-0.0010	-0.0010	NOUN
fsr-3230	498	20	(	(	PUNCT
fsr-3230	498	21	-4.65	-4.65	X
fsr-3230	498	22	)	)	PUNCT
fsr-3230	498	23	0.0001	0.0001	NUM
fsr-3230	498	24	(	(	PUNCT
fsr-3230	498	25	0.46	0.46	NUM
fsr-3230	498	26	)	)	PUNCT
fsr-3230	498	27	0.0008	0.0008	NUM
fsr-3230	498	28	(	(	PUNCT
fsr-3230	498	29	2.91	2.91	NUM
fsr-3230	498	30	)	)	PUNCT
fsr-3230	498	31	-0.0000	-0.0000	NOUN
fsr-3230	498	32	(	(	PUNCT
fsr-3230	498	33	-0.02	-0.02	NOUN
fsr-3230	498	34	)	)	PUNCT
fsr-3230	498	35	log(fund	log(fund	PROPN
fsr-3230	498	36	size2	size2	NOUN
fsr-3230	498	37	)	)	PUNCT
fsr-3230	498	38	-0.0001	-0.0001	NOUN
fsr-3230	498	39	(	(	PUNCT
fsr-3230	498	40	-1.58	-1.58	NOUN
fsr-3230	498	41	)	)	PUNCT
fsr-3230	498	42	0.0003	0.0003	NUM
fsr-3230	498	43	(	(	PUNCT
fsr-3230	498	44	5.08	5.08	NUM
fsr-3230	498	45	)	)	PUNCT
fsr-3230	498	46	0.0002	0.0002	NUM
fsr-3230	498	47	(	(	PUNCT
fsr-3230	498	48	4.03	4.03	NUM
fsr-3230	498	49	)	)	PUNCT
fsr-3230	498	50	0.0000	0.0000	NUM
fsr-3230	498	51	(	(	PUNCT
fsr-3230	498	52	-0.16	-0.16	NUM
fsr-3230	498	53	)	)	PUNCT
fsr-3230	498	54	-0.0001	-0.0001	NOUN
fsr-3230	498	55	(	(	PUNCT
fsr-3230	498	56	-2.49	-2.49	NOUN
fsr-3230	498	57	)	)	PUNCT
fsr-3230	498	58	-0.0000	-0.0000	NOUN
fsr-3230	498	59	(	(	PUNCT
fsr-3230	498	60	-0.13	-0.13	NOUN
fsr-3230	498	61	)	)	PUNCT
fsr-3230	498	62	management	management	NOUN
fsr-3230	498	63	fees	fee	NOUN
fsr-3230	498	64	0.0740	0.0740	NUM
fsr-3230	498	65	(	(	PUNCT
fsr-3230	498	66	1.66	1.66	NUM
fsr-3230	498	67	)	)	PUNCT
fsr-3230	498	68	0.1986	0.1986	NUM
fsr-3230	498	69	(	(	PUNCT
fsr-3230	498	70	5.21	5.21	NUM
fsr-3230	498	71	)	)	PUNCT
fsr-3230	498	72	0.0641	0.0641	NUM
fsr-3230	498	73	(	(	PUNCT
fsr-3230	498	74	2.77	2.77	NUM
fsr-3230	498	75	)	)	PUNCT
fsr-3230	498	76	advertising	advertising	NOUN
fsr-3230	498	77	expenses	expense	NOUN
fsr-3230	498	78	-0.0215	-0.0215	VERB
fsr-3230	498	79	(	(	PUNCT
fsr-3230	498	80	-1.18	-1.18	ADJ
fsr-3230	498	81	)	)	PUNCT
fsr-3230	498	82	0.0025	0.0025	NUM
fsr-3230	498	83	(	(	PUNCT
fsr-3230	498	84	0.17	0.17	NUM
fsr-3230	498	85	)	)	PUNCT
fsr-3230	498	86	0.0025	0.0025	NUM
fsr-3230	498	87	(	(	PUNCT
fsr-3230	498	88	0.20	0.20	NUM
fsr-3230	498	89	)	)	PUNCT
fsr-3230	498	90	bundled	bundle	VERB
fsr-3230	498	91	0.2310	0.2310	NUM
fsr-3230	498	92	(	(	PUNCT
fsr-3230	498	93	4.27	4.27	NUM
fsr-3230	498	94	)	)	PUNCT
fsr-3230	498	95	0.1485	0.1485	NUM
fsr-3230	498	96	(	(	PUNCT
fsr-3230	498	97	3.90	3.90	NUM
fsr-3230	498	98	)	)	PUNCT
fsr-3230	498	99	0.0452	0.0452	NUM
fsr-3230	498	100	(	(	PUNCT
fsr-3230	498	101	1.78	1.78	NUM
fsr-3230	498	102	)	)	PUNCT
fsr-3230	498	103	tax	tax	NOUN
fsr-3230	498	104	burden	burden	NOUN
fsr-3230	498	105	0.2637	0.2637	NUM
fsr-3230	498	106	(	(	PUNCT
fsr-3230	498	107	1.48	1.48	NUM
fsr-3230	498	108	)	)	PUNCT
fsr-3230	498	109	0.0106	0.0106	NUM
fsr-3230	498	110	(	(	PUNCT
fsr-3230	498	111	0.09	0.09	NUM
fsr-3230	498	112	)	)	PUNCT
fsr-3230	498	113	0.0464	0.0464	NUM
fsr-3230	498	114	(	(	PUNCT
fsr-3230	498	115	0.60	0.60	NUM
fsr-3230	498	116	)	)	PUNCT
fsr-3230	498	117	dividend	dividend	NOUN
fsr-3230	498	118	yield	yield	NOUN
fsr-3230	498	119	-0.0817	-0.0817	NOUN
fsr-3230	498	120	(	(	PUNCT
fsr-3230	498	121	-2.04	-2.04	NOUN
fsr-3230	498	122	)	)	PUNCT
fsr-3230	498	123	-0.4310	-0.4310	NOUN
fsr-3230	499	1	(	(	PUNCT
fsr-3230	499	2	-13.36	-13.36	NOUN
fsr-3230	499	3	)	)	PUNCT
fsr-3230	499	4	-0.1430	-0.1430	NOUN
fsr-3230	499	5	(	(	PUNCT
fsr-3230	499	6	-5.44	-5.44	NOUN
fsr-3230	499	7	)	)	PUNCT
fsr-3230	499	8	log(family	log(family	ADJ
fsr-3230	499	9	size	size	NOUN
fsr-3230	499	10	)	)	PUNCT
fsr-3230	499	11	0.0004	0.0004	NUM
fsr-3230	499	12	(	(	PUNCT
fsr-3230	499	13	2.50	2.50	NUM
fsr-3230	499	14	)	)	PUNCT
fsr-3230	499	15	0.0002	0.0002	NUM
fsr-3230	499	16	(	(	PUNCT
fsr-3230	499	17	1.82	1.82	NUM
fsr-3230	499	18	)	)	PUNCT
fsr-3230	499	19	-0.0000	-0.0000	NOUN
fsr-3230	499	20	(	(	PUNCT
fsr-3230	499	21	-0.32	-0.32	VERB
fsr-3230	499	22	)	)	PUNCT
fsr-3230	499	23	𝛽𝑆𝑀𝐵	𝛽𝑆𝑀𝐵	PROPN
fsr-3230	499	24	0.0027	0.0027	NUM
fsr-3230	499	25	(	(	PUNCT
fsr-3230	499	26	10.65	10.65	NUM
fsr-3230	499	27	)	)	PUNCT
fsr-3230	499	28	0.0040	0.0040	NUM
fsr-3230	499	29	(	(	PUNCT
fsr-3230	499	30	33.15	33.15	NUM
fsr-3230	499	31	)	)	PUNCT
fsr-3230	499	32	0.0031	0.0031	NUM
fsr-3230	499	33	(	(	PUNCT
fsr-3230	499	34	24.12	24.12	NUM
fsr-3230	499	35	)	)	PUNCT
fsr-3230	499	36	𝛽𝐻𝑀𝐿	𝛽𝐻𝑀𝐿	NUM
fsr-3230	499	37	-0.0006	-0.0006	NOUN
fsr-3230	499	38	(	(	PUNCT
fsr-3230	499	39	-1.82	-1.82	NOUN
fsr-3230	499	40	)	)	PUNCT
fsr-3230	499	41	-0.0016	-0.0016	NOUN
fsr-3230	500	1	(	(	PUNCT
fsr-3230	500	2	-7.68	-7.68	NOUN
fsr-3230	500	3	)	)	PUNCT
fsr-3230	500	4	-0.0018	-0.0018	NOUN
fsr-3230	500	5	(	(	PUNCT
fsr-3230	500	6	-11.45	-11.45	NOUN
fsr-3230	500	7	)	)	PUNCT
fsr-3230	500	8	𝛽𝑈𝑀𝐷	𝛽𝑈𝑀𝐷	PROPN
fsr-3230	500	9	-0.0029	-0.0029	PROPN
fsr-3230	500	10	(	(	PUNCT
fsr-3230	500	11	-7.05	-7.05	NUM
fsr-3230	500	12	)	)	PUNCT
fsr-3230	500	13	-0.0022	-0.0022	NOUN
fsr-3230	500	14	(	(	PUNCT
fsr-3230	500	15	-6.33	-6.33	NUM
fsr-3230	500	16	)	)	PUNCT
fsr-3230	500	17	-0.0037	-0.0037	NOUN
fsr-3230	501	1	(	(	PUNCT
fsr-3230	501	2	-13.98	-13.98	NOUN
fsr-3230	501	3	)	)	PUNCT
fsr-3230	501	4	asset	asset	NOUN
fsr-3230	501	5	selectivity	selectivity	NOUN
fsr-3230	501	6	0.0279	0.0279	NUM
fsr-3230	501	7	(	(	PUNCT
fsr-3230	501	8	13.42	13.42	NUM
fsr-3230	501	9	)	)	PUNCT
fsr-3230	501	10	0.0157	0.0157	NUM
fsr-3230	501	11	(	(	PUNCT
fsr-3230	501	12	12.37	12.37	NUM
fsr-3230	501	13	)	)	PUNCT
fsr-3230	501	14	0.0278	0.0278	NUM
fsr-3230	501	15	(	(	PUNCT
fsr-3230	501	16	9.14	9.14	NUM
fsr-3230	501	17	)	)	PUNCT
fsr-3230	501	18	0.0159	0.0159	NUM
fsr-3230	501	19	(	(	PUNCT
fsr-3230	501	20	9.03	9.03	NUM
fsr-3230	501	21	)	)	PUNCT
fsr-3230	501	22	active	active	ADJ
fsr-3230	501	23	share	share	NOUN
fsr-3230	501	24	0.0113	0.0113	NUM
fsr-3230	501	25	(	(	PUNCT
fsr-3230	501	26	22.34	22.34	NUM
fsr-3230	501	27	)	)	PUNCT
fsr-3230	501	28	0.0069	0.0069	NUM
fsr-3230	501	29	(	(	PUNCT
fsr-3230	501	30	11.49	11.49	NUM
fsr-3230	501	31	)	)	PUNCT
fsr-3230	501	32	0.0091	0.0091	NUM
fsr-3230	501	33	(	(	PUNCT
fsr-3230	501	34	15.52	15.52	NUM
fsr-3230	501	35	)	)	PUNCT
fsr-3230	501	36	0.0044	0.0044	NUM
fsr-3230	501	37	(	(	PUNCT
fsr-3230	501	38	5.87	5.87	NUM
fsr-3230	501	39	)	)	PUNCT
fsr-3230	501	40	n	n	CCONJ
fsr-3230	501	41	5360	5360	NUM
fsr-3230	501	42	3412	3412	NUM
fsr-3230	501	43	3216	3216	NUM
fsr-3230	501	44	3492	3492	NUM
fsr-3230	501	45	2661	2661	NUM
fsr-3230	501	46	2661	2661	NUM
fsr-3230	501	47	r2	r2	PROPN
fsr-3230	501	48	0.8115	0.8115	NUM
fsr-3230	501	49	0.8730	0.8730	NUM
fsr-3230	501	50	0.8981	0.8981	NUM
fsr-3230	501	51	0.8582	0.8582	NUM
fsr-3230	501	52	0.9115	0.9115	NUM
fsr-3230	501	53	0.9307	0.9307	NUM
fsr-3230	501	54	financial	financial	ADJ
fsr-3230	501	55	services	service	NOUN
fsr-3230	501	56	review	review	NOUN
fsr-3230	501	57	,	,	PUNCT
fsr-3230	501	58	32(1	32(1	NUM
fsr-3230	501	59	)	)	PUNCT
fsr-3230	501	60	86	86	NUM
fsr-3230	501	61	table	table	NOUN
fsr-3230	501	62	6	6	NUM
fsr-3230	501	63	.	.	PUNCT
fsr-3230	502	1	relations	relation	NOUN
fsr-3230	502	2	between	between	ADP
fsr-3230	502	3	future	future	ADJ
fsr-3230	502	4	disagreement	disagreement	NOUN
fsr-3230	502	5	and	and	CCONJ
fsr-3230	502	6	active	active	ADJ
fsr-3230	502	7	management	management	NOUN
fsr-3230	502	8	variables	variable	NOUN
fsr-3230	502	9	(	(	PUNCT
fsr-3230	502	10	continued	continued	ADJ
fsr-3230	502	11	)	)	PUNCT
fsr-3230	502	12	panel	panel	PROPN
fsr-3230	502	13	b.	b.	PROPN
fsr-3230	502	14	disfl	disfl	PROPN
fsr-3230	502	15	model	model	PROPN
fsr-3230	502	16	(	(	PUNCT
fsr-3230	502	17	1	1	NUM
fsr-3230	502	18	)	)	PUNCT
fsr-3230	502	19	model	model	NOUN
fsr-3230	502	20	(	(	PUNCT
fsr-3230	502	21	2	2	NUM
fsr-3230	502	22	)	)	PUNCT
fsr-3230	502	23	model	model	NOUN
fsr-3230	502	24	(	(	PUNCT
fsr-3230	502	25	3	3	NUM
fsr-3230	502	26	)	)	PUNCT
fsr-3230	502	27	model	model	NOUN
fsr-3230	502	28	(	(	PUNCT
fsr-3230	502	29	4	4	NUM
fsr-3230	502	30	)	)	PUNCT
fsr-3230	502	31	model	model	NOUN
fsr-3230	502	32	(	(	PUNCT
fsr-3230	502	33	5	5	NUM
fsr-3230	502	34	)	)	PUNCT
fsr-3230	502	35	model	model	NOUN
fsr-3230	502	36	(	(	PUNCT
fsr-3230	502	37	6	6	NUM
fsr-3230	502	38	)	)	PUNCT
fsr-3230	502	39	expenses	expense	VERB
fsr-3230	502	40	0.1032	0.1032	NUM
fsr-3230	502	41	(	(	PUNCT
fsr-3230	502	42	4.93	4.93	NUM
fsr-3230	502	43	)	)	PUNCT
fsr-3230	502	44	0.0417	0.0417	NUM
fsr-3230	502	45	(	(	PUNCT
fsr-3230	502	46	2.87	2.87	NUM
fsr-3230	502	47	)	)	PUNCT
fsr-3230	502	48	0.0402	0.0402	NUM
fsr-3230	502	49	(	(	PUNCT
fsr-3230	502	50	3.84	3.84	NUM
fsr-3230	502	51	)	)	PUNCT
fsr-3230	502	52	turnover	turnover	NOUN
fsr-3230	502	53	-0.0002	-0.0002	NOUN
fsr-3230	502	54	(	(	PUNCT
fsr-3230	502	55	-1.42	-1.42	X
fsr-3230	502	56	)	)	PUNCT
fsr-3230	502	57	0.0005	0.0005	NUM
fsr-3230	502	58	(	(	PUNCT
fsr-3230	502	59	4.44	4.44	NUM
fsr-3230	502	60	)	)	PUNCT
fsr-3230	502	61	0.0002	0.0002	NUM
fsr-3230	502	62	(	(	PUNCT
fsr-3230	502	63	1.86	1.86	NUM
fsr-3230	502	64	)	)	PUNCT
fsr-3230	502	65	log(age	log(age	NOUN
fsr-3230	502	66	)	)	PUNCT
fsr-3230	502	67	0.0029	0.0029	NUM
fsr-3230	502	68	(	(	PUNCT
fsr-3230	502	69	11.66	11.66	NUM
fsr-3230	502	70	)	)	PUNCT
fsr-3230	502	71	0.0004	0.0004	NUM
fsr-3230	502	72	(	(	PUNCT
fsr-3230	502	73	2.02	2.02	NUM
fsr-3230	502	74	)	)	PUNCT
fsr-3230	502	75	0.0010	0.0010	NUM
fsr-3230	502	76	(	(	PUNCT
fsr-3230	502	77	3.65	3.65	NUM
fsr-3230	502	78	)	)	PUNCT
fsr-3230	502	79	0.0011	0.0011	NUM
fsr-3230	502	80	(	(	PUNCT
fsr-3230	502	81	3.74	3.74	NUM
fsr-3230	502	82	)	)	PUNCT
fsr-3230	502	83	0.0012	0.0012	NUM
fsr-3230	502	84	(	(	PUNCT
fsr-3230	502	85	3.45	3.45	NUM
fsr-3230	502	86	)	)	PUNCT
fsr-3230	502	87	0.0008	0.0008	NUM
fsr-3230	502	88	(	(	PUNCT
fsr-3230	502	89	3.05	3.05	NUM
fsr-3230	502	90	)	)	PUNCT
fsr-3230	502	91	log(manager	log(manag	ADJ
fsr-3230	502	92	tenure	tenure	NOUN
fsr-3230	502	93	)	)	PUNCT
fsr-3230	502	94	0.0000	0.0000	NUM
fsr-3230	502	95	(	(	PUNCT
fsr-3230	502	96	0.23	0.23	NUM
fsr-3230	502	97	)	)	PUNCT
fsr-3230	502	98	-0.0003	-0.0003	NOUN
fsr-3230	502	99	(	(	PUNCT
fsr-3230	502	100	-2.26	-2.26	NUM
fsr-3230	502	101	)	)	PUNCT
fsr-3230	502	102	-0.0001	-0.0001	NOUN
fsr-3230	502	103	(	(	PUNCT
fsr-3230	502	104	-0.75	-0.75	NOUN
fsr-3230	502	105	)	)	PUNCT
fsr-3230	502	106	-0.0001	-0.0001	NOUN
fsr-3230	502	107	(	(	PUNCT
fsr-3230	502	108	-0.44	-0.44	PROPN
fsr-3230	502	109	)	)	PUNCT
fsr-3230	502	110	-0.0001	-0.0001	NOUN
fsr-3230	502	111	(	(	PUNCT
fsr-3230	502	112	-0.400	-0.400	NOUN
fsr-3230	502	113	)	)	PUNCT
fsr-3230	502	114	-0.0000	-0.0000	X
fsr-3230	503	1	(	(	PUNCT
fsr-3230	503	2	-0.03	-0.03	NOUN
fsr-3230	503	3	)	)	PUNCT
fsr-3230	503	4	log(fund	log(fund	NOUN
fsr-3230	503	5	size	size	NOUN
fsr-3230	503	6	)	)	PUNCT
fsr-3230	503	7	0.0011	0.0011	NUM
fsr-3230	503	8	(	(	PUNCT
fsr-3230	503	9	3.14	3.14	NUM
fsr-3230	503	10	)	)	PUNCT
fsr-3230	503	11	-0.0008	-0.0008	NOUN
fsr-3230	503	12	(	(	PUNCT
fsr-3230	503	13	-3.75	-3.75	PROPN
fsr-3230	503	14	)	)	PUNCT
fsr-3230	503	15	-0.0006	-0.0006	NOUN
fsr-3230	503	16	(	(	PUNCT
fsr-3230	503	17	-2.76	-2.76	NUM
fsr-3230	503	18	)	)	PUNCT
fsr-3230	503	19	0.0003	0.0003	NUM
fsr-3230	503	20	(	(	PUNCT
fsr-3230	503	21	1.11	1.11	NUM
fsr-3230	503	22	)	)	PUNCT
fsr-3230	503	23	0.0009	0.0009	NUM
fsr-3230	503	24	(	(	PUNCT
fsr-3230	503	25	3.22	3.22	NUM
fsr-3230	503	26	)	)	PUNCT
fsr-3230	503	27	0.0003	0.0003	NUM
fsr-3230	503	28	(	(	PUNCT
fsr-3230	503	29	1.28	1.28	NUM
fsr-3230	503	30	)	)	PUNCT
fsr-3230	504	1	log(fund	log(fund	PROPN
fsr-3230	504	2	size2	size2	PROPN
fsr-3230	504	3	)	)	PUNCT
fsr-3230	504	4	-0.0002	-0.0002	NOUN
fsr-3230	504	5	(	(	PUNCT
fsr-3230	504	6	-3.43	-3.43	NOUN
fsr-3230	504	7	)	)	PUNCT
fsr-3230	504	8	0.0002	0.0002	NUM
fsr-3230	504	9	(	(	PUNCT
fsr-3230	504	10	3.09	3.09	NUM
fsr-3230	504	11	)	)	PUNCT
fsr-3230	504	12	0.0001	0.0001	NUM
fsr-3230	504	13	(	(	PUNCT
fsr-3230	504	14	2.08	2.08	NUM
fsr-3230	504	15	)	)	PUNCT
fsr-3230	504	16	0.0000	0.0000	NUM
fsr-3230	504	17	(	(	PUNCT
fsr-3230	504	18	-0.81	-0.81	ADJ
fsr-3230	504	19	)	)	PUNCT
fsr-3230	504	20	-0.0002	-0.0002	NOUN
fsr-3230	504	21	(	(	PUNCT
fsr-3230	504	22	-2.84	-2.84	NOUN
fsr-3230	504	23	)	)	PUNCT
fsr-3230	504	24	-0.0001	-0.0001	NOUN
fsr-3230	504	25	(	(	PUNCT
fsr-3230	504	26	-1.30	-1.30	NOUN
fsr-3230	504	27	)	)	PUNCT
fsr-3230	504	28	management	management	NOUN
fsr-3230	504	29	fees	fee	NOUN
fsr-3230	504	30	0.0790	0.0790	NUM
fsr-3230	504	31	(	(	PUNCT
fsr-3230	504	32	1.97	1.97	NUM
fsr-3230	504	33	)	)	PUNCT
fsr-3230	504	34	0.1837	0.1837	NUM
fsr-3230	504	35	(	(	PUNCT
fsr-3230	504	36	4.83	4.83	NUM
fsr-3230	504	37	)	)	PUNCT
fsr-3230	504	38	0.0726	0.0726	NUM
fsr-3230	504	39	(	(	PUNCT
fsr-3230	504	40	2.56	2.56	NUM
fsr-3230	504	41	)	)	PUNCT
fsr-3230	504	42	advertising	advertising	NOUN
fsr-3230	504	43	expenses	expense	NOUN
fsr-3230	504	44	-0.0090	-0.0090	NOUN
fsr-3230	504	45	(	(	PUNCT
fsr-3230	504	46	-0.49	-0.49	NOUN
fsr-3230	504	47	)	)	PUNCT
fsr-3230	504	48	0.0016	0.0016	NUM
fsr-3230	504	49	(	(	PUNCT
fsr-3230	504	50	0.11	0.11	NUM
fsr-3230	504	51	)	)	PUNCT
fsr-3230	504	52	0.0017	0.0017	NUM
fsr-3230	504	53	(	(	PUNCT
fsr-3230	504	54	0.12	0.12	NUM
fsr-3230	504	55	)	)	PUNCT
fsr-3230	504	56	bundled	bundle	VERB
fsr-3230	504	57	0.1456	0.1456	NOUN
fsr-3230	504	58	(	(	PUNCT
fsr-3230	504	59	4.48	4.48	NUM
fsr-3230	504	60	)	)	PUNCT
fsr-3230	504	61	0.1364	0.1364	NUM
fsr-3230	504	62	(	(	PUNCT
fsr-3230	504	63	4.14	4.14	NUM
fsr-3230	504	64	)	)	PUNCT
fsr-3230	504	65	0.0510	0.0510	NUM
fsr-3230	504	66	(	(	PUNCT
fsr-3230	504	67	2.15	2.15	NUM
fsr-3230	504	68	)	)	PUNCT
fsr-3230	504	69	tax	tax	NOUN
fsr-3230	504	70	burden	burden	NOUN
fsr-3230	504	71	0.3090	0.3090	NUM
fsr-3230	504	72	(	(	PUNCT
fsr-3230	504	73	1.78	1.78	NUM
fsr-3230	504	74	)	)	PUNCT
fsr-3230	504	75	0.0891	0.0891	NUM
fsr-3230	504	76	(	(	PUNCT
fsr-3230	504	77	0.74	0.74	NUM
fsr-3230	504	78	)	)	PUNCT
fsr-3230	504	79	0.1187	0.1187	NUM
fsr-3230	504	80	(	(	PUNCT
fsr-3230	504	81	1.23	1.23	NUM
fsr-3230	504	82	)	)	PUNCT
fsr-3230	504	83	dividend	dividend	NOUN
fsr-3230	504	84	yield	yield	NOUN
fsr-3230	504	85	-0.0445	-0.0445	NOUN
fsr-3230	504	86	(	(	PUNCT
fsr-3230	504	87	-1.37	-1.37	NOUN
fsr-3230	504	88	)	)	PUNCT
fsr-3230	504	89	-0.3600	-0.3600	NOUN
fsr-3230	504	90	(	(	PUNCT
fsr-3230	504	91	-11.02	-11.02	SYM
fsr-3230	504	92	)	)	PUNCT
fsr-3230	504	93	-0.1220	-0.1220	NOUN
fsr-3230	504	94	(	(	PUNCT
fsr-3230	504	95	-4.06	-4.06	X
fsr-3230	504	96	)	)	PUNCT
fsr-3230	504	97	log(family	log(family	ADJ
fsr-3230	504	98	size	size	NOUN
fsr-3230	504	99	)	)	PUNCT
fsr-3230	504	100	0.0003	0.0003	NUM
fsr-3230	504	101	(	(	PUNCT
fsr-3230	504	102	2.26	2.26	NUM
fsr-3230	504	103	)	)	PUNCT
fsr-3230	504	104	0.0002	0.0002	NUM
fsr-3230	504	105	(	(	PUNCT
fsr-3230	504	106	1.56	1.56	NUM
fsr-3230	504	107	)	)	PUNCT
fsr-3230	504	108	-0.0000	-0.0000	NOUN
fsr-3230	504	109	(	(	PUNCT
fsr-3230	504	110	-0.12	-0.12	X
fsr-3230	504	111	)	)	PUNCT
fsr-3230	504	112	𝛽𝑆𝑀𝐵	𝛽𝑆𝑀𝐵	PROPN
fsr-3230	504	113	0.0026	0.0026	NUM
fsr-3230	504	114	(	(	PUNCT
fsr-3230	504	115	11.63	11.63	NUM
fsr-3230	504	116	)	)	PUNCT
fsr-3230	504	117	0.0039	0.0039	NUM
fsr-3230	504	118	(	(	PUNCT
fsr-3230	504	119	29.07	29.07	NUM
fsr-3230	504	120	)	)	PUNCT
fsr-3230	504	121	0.0031	0.0031	NUM
fsr-3230	504	122	(	(	PUNCT
fsr-3230	504	123	21.20	21.20	NUM
fsr-3230	504	124	)	)	PUNCT
fsr-3230	504	125	𝛽𝐻𝑀𝐿	𝛽𝐻𝑀𝐿	NOUN
fsr-3230	504	126	0.0001	0.0001	NUM
fsr-3230	504	127	(	(	PUNCT
fsr-3230	504	128	0.35	0.35	NUM
fsr-3230	504	129	)	)	PUNCT
fsr-3230	504	130	-0.0011	-0.0011	NOUN
fsr-3230	504	131	(	(	PUNCT
fsr-3230	504	132	-4.92	-4.92	ADJ
fsr-3230	504	133	)	)	PUNCT
fsr-3230	504	134	-0.0013	-0.0013	PUNCT
fsr-3230	505	1	(	(	PUNCT
fsr-3230	505	2	-7.05	-7.05	NUM
fsr-3230	505	3	)	)	PUNCT
fsr-3230	505	4	𝛽𝑈𝑀𝐷	𝛽𝑈𝑀𝐷	PROPN
fsr-3230	505	5	-0.0057	-0.0057	VERB
fsr-3230	505	6	(	(	PUNCT
fsr-3230	505	7	-11.26	-11.26	ADJ
fsr-3230	505	8	)	)	PUNCT
fsr-3230	505	9	-0.0057	-0.0057	NOUN
fsr-3230	505	10	(	(	PUNCT
fsr-3230	505	11	-14.88	-14.88	PROPN
fsr-3230	505	12	)	)	PUNCT
fsr-3230	505	13	-0.0070	-0.0070	NOUN
fsr-3230	506	1	(	(	PUNCT
fsr-3230	506	2	-22.28	-22.28	NOUN
fsr-3230	506	3	)	)	PUNCT
fsr-3230	506	4	asset	asset	NOUN
fsr-3230	506	5	selectivity	selectivity	NOUN
fsr-3230	506	6	0.0216	0.0216	NUM
fsr-3230	506	7	(	(	PUNCT
fsr-3230	506	8	11.77	11.77	NUM
fsr-3230	506	9	)	)	PUNCT
fsr-3230	506	10	0.0100	0.0100	NUM
fsr-3230	506	11	(	(	PUNCT
fsr-3230	506	12	7.40	7.40	NUM
fsr-3230	506	13	)	)	PUNCT
fsr-3230	506	14	0.0246	0.0246	NUM
fsr-3230	506	15	(	(	PUNCT
fsr-3230	506	16	8.80	8.80	NUM
fsr-3230	506	17	)	)	PUNCT
fsr-3230	506	18	0.0131	0.0131	NUM
fsr-3230	506	19	(	(	PUNCT
fsr-3230	506	20	7.31	7.31	NUM
fsr-3230	506	21	)	)	PUNCT
fsr-3230	506	22	active	active	ADJ
fsr-3230	506	23	share	share	NOUN
fsr-3230	506	24	0.0097	0.0097	NUM
fsr-3230	506	25	(	(	PUNCT
fsr-3230	506	26	22.40	22.40	NUM
fsr-3230	506	27	)	)	PUNCT
fsr-3230	506	28	0.0074	0.0074	NUM
fsr-3230	506	29	(	(	PUNCT
fsr-3230	506	30	11.75	11.75	NUM
fsr-3230	506	31	)	)	PUNCT
fsr-3230	506	32	0.0076	0.0076	NUM
fsr-3230	506	33	(	(	PUNCT
fsr-3230	506	34	13.37	13.37	NUM
fsr-3230	506	35	)	)	PUNCT
fsr-3230	506	36	0.0037	0.0037	NUM
fsr-3230	506	37	(	(	PUNCT
fsr-3230	506	38	5.09	5.09	NUM
fsr-3230	506	39	)	)	PUNCT
fsr-3230	506	40	n	n	CCONJ
fsr-3230	506	41	5360	5360	NUM
fsr-3230	506	42	3412	3412	NUM
fsr-3230	506	43	3216	3216	NUM
fsr-3230	506	44	3492	3492	NUM
fsr-3230	506	45	2661	2661	NUM
fsr-3230	506	46	2661	2661	NUM
fsr-3230	506	47	r2	r2	NOUN
fsr-3230	506	48	0.8261	0.8261	NUM
fsr-3230	506	49	0.8713	0.8713	NUM
fsr-3230	506	50	0.8787	0.8787	NUM
fsr-3230	506	51	0.8606	0.8606	NUM
fsr-3230	506	52	0.9154	0.9154	NUM
fsr-3230	506	53	0.9257	0.9257	NUM
fsr-3230	506	54	table	table	NOUN
fsr-3230	506	55	6	6	NUM
fsr-3230	506	56	shows	show	VERB
fsr-3230	506	57	the	the	DET
fsr-3230	506	58	results	result	NOUN
fsr-3230	506	59	from	from	ADP
fsr-3230	506	60	the	the	DET
fsr-3230	506	61	panel	panel	NOUN
fsr-3230	506	62	regressions	regression	NOUN
fsr-3230	506	63	of	of	ADP
fsr-3230	506	64	the	the	DET
fsr-3230	506	65	disagreement	disagreement	NOUN
fsr-3230	506	66	estimates	estimate	NOUN
fsr-3230	506	67	disck	disck	VERB
fsr-3230	506	68	(	(	PUNCT
fsr-3230	506	69	panel	panel	NOUN
fsr-3230	506	70	a	a	NOUN
fsr-3230	506	71	)	)	PUNCT
fsr-3230	506	72	and	and	CCONJ
fsr-3230	506	73	disfl	disfl	PROPN
fsr-3230	506	74	(	(	PUNCT
fsr-3230	506	75	panel	panel	NOUN
fsr-3230	506	76	b	b	NOUN
fsr-3230	506	77	)	)	PUNCT
fsr-3230	506	78	on	on	ADP
fsr-3230	506	79	lagged	lag	VERB
fsr-3230	506	80	active	active	ADJ
fsr-3230	506	81	management	management	NOUN
fsr-3230	506	82	variables	variable	NOUN
fsr-3230	506	83	(	(	PUNCT
fsr-3230	506	84	asset	asset	NOUN
fsr-3230	506	85	selectivity	selectivity	NOUN
fsr-3230	506	86	and	and	CCONJ
fsr-3230	506	87	active	active	ADJ
fsr-3230	506	88	share	share	NOUN
fsr-3230	506	89	,	,	PUNCT
fsr-3230	506	90	in	in	ADP
fsr-3230	506	91	bold	bold	ADJ
fsr-3230	506	92	)	)	PUNCT
fsr-3230	506	93	and	and	CCONJ
fsr-3230	506	94	fund	fund	NOUN
fsr-3230	506	95	characteristics	characteristic	NOUN
fsr-3230	506	96	.	.	PUNCT
fsr-3230	507	1	we	we	PRON
fsr-3230	507	2	estimate	estimate	VERB
fsr-3230	507	3	disck	disck	ADJ
fsr-3230	507	4	and	and	CCONJ
fsr-3230	507	5	disfl	disfl	NOUN
fsr-3230	507	6	every	every	DET
fsr-3230	507	7	quarter	quarter	NOUN
fsr-3230	507	8	using	use	VERB
fsr-3230	507	9	ten	ten	NUM
fsr-3230	507	10	industry	industry	NOUN
fsr-3230	507	11	passive	passive	ADJ
fsr-3230	507	12	portfolios	portfolio	NOUN
fsr-3230	507	13	and	and	CCONJ
fsr-3230	507	14	a	a	DET
fsr-3230	507	15	rolling	rolling	ADJ
fsr-3230	507	16	estimation	estimation	NOUN
fsr-3230	507	17	window	window	NOUN
fsr-3230	507	18	made	make	VERB
fsr-3230	507	19	of	of	ADP
fsr-3230	507	20	the	the	DET
fsr-3230	507	21	previous	previous	ADJ
fsr-3230	507	22	60	60	NUM
fsr-3230	507	23	monthly	monthly	ADJ
fsr-3230	507	24	observations	observation	NOUN
fsr-3230	507	25	.	.	PUNCT
fsr-3230	508	1	we	we	PRON
fsr-3230	508	2	then	then	ADV
fsr-3230	508	3	use	use	VERB
fsr-3230	508	4	non	non	ADJ
fsr-3230	508	5	-	-	ADJ
fsr-3230	508	6	overlapping	overlapping	ADJ
fsr-3230	508	7	periods	period	NOUN
fsr-3230	508	8	of	of	ADP
fsr-3230	508	9	60	60	NUM
fsr-3230	508	10	months	month	NOUN
fsr-3230	508	11	to	to	PART
fsr-3230	508	12	form	form	VERB
fsr-3230	508	13	partial	partial	ADJ
fsr-3230	508	14	panels	panel	NOUN
fsr-3230	508	15	for	for	ADP
fsr-3230	508	16	the	the	DET
fsr-3230	508	17	regressions	regression	NOUN
fsr-3230	508	18	.	.	PUNCT
fsr-3230	509	1	the	the	DET
fsr-3230	509	2	active	active	ADJ
fsr-3230	509	3	management	management	NOUN
fsr-3230	509	4	variables	variable	NOUN
fsr-3230	509	5	and	and	CCONJ
fsr-3230	509	6	fund	fund	NOUN
fsr-3230	509	7	characteristics	characteristic	NOUN
fsr-3230	509	8	are	be	AUX
fsr-3230	509	9	as	as	ADP
fsr-3230	509	10	the	the	DET
fsr-3230	509	11	end	end	NOUN
fsr-3230	509	12	of	of	ADP
fsr-3230	509	13	the	the	DET
fsr-3230	509	14	year	year	NOUN
fsr-3230	509	15	before	before	ADP
fsr-3230	509	16	the	the	DET
fsr-3230	509	17	beginning	beginning	NOUN
fsr-3230	509	18	of	of	ADP
fsr-3230	509	19	the	the	DET
fsr-3230	509	20	60	60	NUM
fsr-3230	509	21	-	-	PUNCT
fsr-3230	509	22	month	month	NOUN
fsr-3230	509	23	estimation	estimation	NOUN
fsr-3230	509	24	period	period	NOUN
fsr-3230	509	25	or	or	CCONJ
fsr-3230	509	26	the	the	DET
fsr-3230	509	27	last	last	ADJ
fsr-3230	509	28	available	available	ADJ
fsr-3230	509	29	observation	observation	NOUN
fsr-3230	509	30	if	if	SCONJ
fsr-3230	509	31	missing	miss	VERB
fsr-3230	509	32	.	.	PUNCT
fsr-3230	510	1	the	the	DET
fsr-3230	510	2	active	active	ADJ
fsr-3230	510	3	management	management	NOUN
fsr-3230	510	4	variables	variable	NOUN
fsr-3230	510	5	and	and	CCONJ
fsr-3230	510	6	fund	fund	NOUN
fsr-3230	510	7	characteristics	characteristic	NOUN
fsr-3230	510	8	are	be	AUX
fsr-3230	510	9	defined	define	VERB
fsr-3230	510	10	in	in	ADP
fsr-3230	510	11	table	table	NOUN
fsr-3230	510	12	3	3	NUM
fsr-3230	510	13	.	.	PUNCT
fsr-3230	511	1	the	the	DET
fsr-3230	511	2	data	datum	NOUN
fsr-3230	511	3	cover	cover	VERB
fsr-3230	511	4	the	the	DET
fsr-3230	511	5	period	period	NOUN
fsr-3230	511	6	from	from	ADP
fsr-3230	511	7	january	january	PROPN
fsr-3230	511	8	1984	1984	NUM
fsr-3230	511	9	to	to	ADP
fsr-3230	511	10	december	december	PROPN
fsr-3230	511	11	2016	2016	NUM
fsr-3230	511	12	.	.	PUNCT
fsr-3230	512	1	we	we	PRON
fsr-3230	512	2	present	present	VERB
fsr-3230	512	3	the	the	DET
fsr-3230	512	4	estimated	estimate	VERB
fsr-3230	512	5	coefficients	coefficient	NOUN
fsr-3230	512	6	with	with	ADP
fsr-3230	512	7	their	their	PRON
fsr-3230	512	8	t	t	NOUN
fsr-3230	512	9	-	-	PUNCT
fsr-3230	512	10	statistics	statistic	NOUN
fsr-3230	512	11	in	in	ADP
fsr-3230	512	12	parentheses	parenthesis	NOUN
fsr-3230	512	13	,	,	PUNCT
fsr-3230	512	14	and	and	CCONJ
fsr-3230	512	15	the	the	DET
fsr-3230	512	16	number	number	NOUN
fsr-3230	512	17	of	of	ADP
fsr-3230	512	18	observations	observation	NOUN
fsr-3230	512	19	(	(	PUNCT
fsr-3230	512	20	n	n	CCONJ
fsr-3230	512	21	)	)	PUNCT
fsr-3230	512	22	and	and	CCONJ
fsr-3230	512	23	r²	r²	NOUN
fsr-3230	512	24	of	of	ADP
fsr-3230	512	25	the	the	DET
fsr-3230	512	26	regressions	regression	NOUN
fsr-3230	512	27	.	.	PUNCT
fsr-3230	513	1	chrétien	chrétien	PROPN
fsr-3230	513	2	&	&	CCONJ
fsr-3230	513	3	kammoun	kammoun	PROPN
fsr-3230	513	4	87	87	NUM
fsr-3230	514	1	we	we	PRON
fsr-3230	514	2	expect	expect	VERB
fsr-3230	514	3	a	a	DET
fsr-3230	514	4	positive	positive	ADJ
fsr-3230	514	5	relation	relation	NOUN
fsr-3230	514	6	between	between	ADP
fsr-3230	514	7	future	future	ADJ
fsr-3230	514	8	disagreement	disagreement	NOUN
fsr-3230	514	9	and	and	CCONJ
fsr-3230	514	10	the	the	DET
fsr-3230	514	11	level	level	NOUN
fsr-3230	514	12	of	of	ADP
fsr-3230	514	13	active	active	ADJ
fsr-3230	514	14	management	management	NOUN
fsr-3230	514	15	,	,	PUNCT
fsr-3230	514	16	since	since	SCONJ
fsr-3230	514	17	taking	take	VERB
fsr-3230	514	18	active	active	ADJ
fsr-3230	514	19	risk	risk	NOUN
fsr-3230	514	20	should	should	AUX
fsr-3230	514	21	not	not	PART
fsr-3230	514	22	be	be	AUX
fsr-3230	514	23	rewarded	reward	VERB
fsr-3230	514	24	similarly	similarly	ADV
fsr-3230	514	25	by	by	ADP
fsr-3230	514	26	heterogeneous	heterogeneous	ADJ
fsr-3230	514	27	investors	investor	NOUN
fsr-3230	514	28	.	.	PUNCT
fsr-3230	515	1	funds	fund	NOUN
fsr-3230	515	2	with	with	ADP
fsr-3230	515	3	a	a	DET
fsr-3230	515	4	higher	high	ADJ
fsr-3230	515	5	level	level	NOUN
fsr-3230	515	6	of	of	ADP
fsr-3230	515	7	active	active	ADJ
fsr-3230	515	8	management	management	NOUN
fsr-3230	515	9	differ	differ	VERB
fsr-3230	515	10	more	more	ADV
fsr-3230	515	11	from	from	ADP
fsr-3230	515	12	benchmarks	benchmark	NOUN
fsr-3230	515	13	.	.	PUNCT
fsr-3230	516	1	hence	hence	ADV
fsr-3230	516	2	,	,	PUNCT
fsr-3230	516	3	their	their	PRON
fsr-3230	516	4	returns	return	NOUN
fsr-3230	516	5	represent	represent	VERB
fsr-3230	516	6	relatively	relatively	ADV
fsr-3230	516	7	“	"	PUNCT
fsr-3230	516	8	unique	unique	ADJ
fsr-3230	516	9	”	"	PUNCT
fsr-3230	516	10	opportunities	opportunity	NOUN
fsr-3230	516	11	to	to	ADP
fsr-3230	516	12	investors	investor	NOUN
fsr-3230	516	13	because	because	SCONJ
fsr-3230	516	14	they	they	PRON
fsr-3230	516	15	can	can	AUX
fsr-3230	516	16	not	not	PART
fsr-3230	516	17	be	be	AUX
fsr-3230	516	18	spanned	span	VERB
fsr-3230	516	19	easily	easily	ADV
fsr-3230	516	20	by	by	ADP
fsr-3230	516	21	passive	passive	ADJ
fsr-3230	516	22	portfolio	portfolio	NOUN
fsr-3230	516	23	returns	return	NOUN
fsr-3230	516	24	.	.	PUNCT
fsr-3230	517	1	this	this	DET
fsr-3230	517	2	uniqueness	uniqueness	NOUN
fsr-3230	517	3	allows	allow	VERB
fsr-3230	517	4	for	for	ADP
fsr-3230	517	5	greater	great	ADJ
fsr-3230	517	6	disagreement	disagreement	NOUN
fsr-3230	517	7	.	.	PUNCT
fsr-3230	518	1	table	table	NOUN
fsr-3230	518	2	6	6	NUM
fsr-3230	518	3	confirms	confirm	VERB
fsr-3230	518	4	positive	positive	ADJ
fsr-3230	518	5	and	and	CCONJ
fsr-3230	518	6	statistically	statistically	ADV
fsr-3230	518	7	significant	significant	ADJ
fsr-3230	518	8	relations	relation	NOUN
fsr-3230	518	9	for	for	ADP
fsr-3230	518	10	both	both	DET
fsr-3230	518	11	asset	asset	NOUN
fsr-3230	518	12	selectivity	selectivity	NOUN
fsr-3230	518	13	and	and	CCONJ
fsr-3230	518	14	active	active	ADJ
fsr-3230	518	15	share	share	NOUN
fsr-3230	518	16	across	across	ADP
fsr-3230	518	17	all	all	DET
fsr-3230	518	18	models	model	NOUN
fsr-3230	518	19	and	and	CCONJ
fsr-3230	518	20	for	for	SCONJ
fsr-3230	518	21	both	both	CCONJ
fsr-3230	518	22	disagreement	disagreement	ADJ
fsr-3230	518	23	measures.15	measures.15	NOUN
fsr-3230	518	24	in	in	ADP
fsr-3230	518	25	results	result	NOUN
fsr-3230	518	26	not	not	PART
fsr-3230	518	27	included	include	VERB
fsr-3230	518	28	,	,	PUNCT
fsr-3230	518	29	we	we	PRON
fsr-3230	518	30	also	also	ADV
fsr-3230	518	31	find	find	VERB
fsr-3230	518	32	that	that	SCONJ
fsr-3230	518	33	the	the	DET
fsr-3230	518	34	relations	relation	NOUN
fsr-3230	518	35	are	be	AUX
fsr-3230	518	36	robust	robust	ADJ
fsr-3230	518	37	to	to	ADP
fsr-3230	518	38	the	the	DET
fsr-3230	518	39	choice	choice	NOUN
fsr-3230	518	40	of	of	ADP
fsr-3230	518	41	passive	passive	ADJ
fsr-3230	518	42	portfolios	portfolio	NOUN
fsr-3230	518	43	.	.	PUNCT
fsr-3230	519	1	figure	figure	NOUN
fsr-3230	519	2	2	2	NUM
fsr-3230	519	3	illustrates	illustrate	VERB
fsr-3230	519	4	this	this	DET
fsr-3230	519	5	positive	positive	ADJ
fsr-3230	519	6	relation	relation	NOUN
fsr-3230	519	7	by	by	ADP
fsr-3230	519	8	looking	look	VERB
fsr-3230	519	9	at	at	ADP
fsr-3230	519	10	average	average	ADJ
fsr-3230	519	11	disagreement	disagreement	NOUN
fsr-3230	519	12	for	for	ADP
fsr-3230	519	13	decile	decile	NOUN
fsr-3230	519	14	portfolios	portfolio	NOUN
fsr-3230	519	15	of	of	ADP
fsr-3230	519	16	funds	fund	NOUN
fsr-3230	519	17	sorted	sort	VERB
fsr-3230	519	18	by	by	ADP
fsr-3230	519	19	asset	asset	NOUN
fsr-3230	519	20	selectivity	selectivity	NOUN
fsr-3230	519	21	(	(	PUNCT
fsr-3230	519	22	figure	figure	NOUN
fsr-3230	519	23	2a	2a	NUM
fsr-3230	519	24	)	)	PUNCT
fsr-3230	519	25	and	and	CCONJ
fsr-3230	519	26	active	active	ADJ
fsr-3230	519	27	share	share	NOUN
fsr-3230	519	28	(	(	PUNCT
fsr-3230	519	29	figure	figure	NOUN
fsr-3230	519	30	2b	2b	NOUN
fsr-3230	519	31	)	)	PUNCT
fsr-3230	519	32	.	.	PUNCT
fsr-3230	520	1	average	average	ADJ
fsr-3230	520	2	disagreement	disagreement	NOUN
fsr-3230	520	3	is	be	AUX
fsr-3230	520	4	more	more	ADJ
fsr-3230	520	5	than	than	ADP
fsr-3230	520	6	twice	twice	ADV
fsr-3230	520	7	as	as	ADV
fsr-3230	520	8	large	large	ADJ
fsr-3230	520	9	for	for	ADP
fsr-3230	520	10	funds	fund	NOUN
fsr-3230	520	11	in	in	ADP
fsr-3230	520	12	the	the	DET
fsr-3230	520	13	top	top	NOUN
fsr-3230	520	14	versus	versus	ADP
fsr-3230	520	15	bottom	bottom	ADJ
fsr-3230	520	16	deciles	decile	NOUN
fsr-3230	520	17	of	of	ADP
fsr-3230	520	18	asset	asset	NOUN
fsr-3230	520	19	selectivity	selectivity	NOUN
fsr-3230	520	20	(	(	PUNCT
fsr-3230	520	21	1.69	1.69	NUM
fsr-3230	520	22	%	%	NOUN
fsr-3230	520	23	versus	versus	ADP
fsr-3230	520	24	0.39	0.39	NUM
fsr-3230	520	25	%	%	NOUN
fsr-3230	520	26	for	for	ADP
fsr-3230	520	27	disck	disck	ADJ
fsr-3230	520	28	;	;	PUNCT
fsr-3230	520	29	1.50	1.50	NUM
fsr-3230	520	30	%	%	NOUN
fsr-3230	520	31	versus	versus	ADP
fsr-3230	520	32	0.51	0.51	NUM
fsr-3230	520	33	%	%	NOUN
fsr-3230	520	34	for	for	ADP
fsr-3230	520	35	disfl	disfl	PROPN
fsr-3230	520	36	)	)	PUNCT
fsr-3230	520	37	or	or	CCONJ
fsr-3230	520	38	active	active	ADJ
fsr-3230	520	39	share	share	NOUN
fsr-3230	520	40	(	(	PUNCT
fsr-3230	520	41	1.35	1.35	NUM
fsr-3230	520	42	%	%	NOUN
fsr-3230	520	43	versus	versus	ADP
fsr-3230	520	44	0.57	0.57	NUM
fsr-3230	520	45	%	%	NOUN
fsr-3230	520	46	for	for	ADP
fsr-3230	520	47	disck	disck	ADJ
fsr-3230	520	48	;	;	PUNCT
fsr-3230	520	49	1.28	1.28	NUM
fsr-3230	520	50	%	%	NOUN
fsr-3230	520	51	versus	versus	ADP
fsr-3230	520	52	0.65	0.65	NUM
fsr-3230	520	53	%	%	NOUN
fsr-3230	520	54	for	for	ADP
fsr-3230	520	55	disfl	disfl	PROPN
fsr-3230	520	56	)	)	PUNCT
fsr-3230	520	57	.	.	PUNCT
fsr-3230	521	1	figure	figure	NOUN
fsr-3230	521	2	2	2	NUM
fsr-3230	521	3	.	.	PUNCT
fsr-3230	522	1	disagreement	disagreement	NOUN
fsr-3230	522	2	for	for	ADP
fsr-3230	522	3	funds	fund	NOUN
fsr-3230	522	4	grouped	group	VERB
fsr-3230	522	5	by	by	ADP
fsr-3230	522	6	active	active	ADJ
fsr-3230	522	7	management	management	NOUN
fsr-3230	522	8	variables16	variables16	NOUN
fsr-3230	522	9	graph	graph	NOUN
fsr-3230	522	10	a.	a.	NOUN
fsr-3230	522	11	asset	asset	NOUN
fsr-3230	522	12	selectivity	selectivity	NOUN
fsr-3230	522	13	graph	graph	NOUN
fsr-3230	522	14	b.	b.	PROPN
fsr-3230	522	15	active	active	ADJ
fsr-3230	522	16	share	share	NOUN
fsr-3230	522	17	investor	investor	NOUN
fsr-3230	522	18	disagreement	disagreement	NOUN
fsr-3230	522	19	and	and	CCONJ
fsr-3230	522	20	net	net	ADJ
fsr-3230	522	21	fund	fund	NOUN
fsr-3230	522	22	flows	flow	VERB
fsr-3230	522	23	table	table	VERB
fsr-3230	522	24	7	7	NUM
fsr-3230	522	25	examines	examine	VERB
fsr-3230	522	26	the	the	DET
fsr-3230	522	27	relation	relation	NOUN
fsr-3230	522	28	between	between	ADP
fsr-3230	522	29	investor	investor	NOUN
fsr-3230	522	30	disagreement	disagreement	NOUN
fsr-3230	522	31	and	and	CCONJ
fsr-3230	522	32	future	future	ADJ
fsr-3230	522	33	net	net	ADJ
fsr-3230	522	34	fund	fund	NOUN
fsr-3230	522	35	flows	flow	VERB
fsr-3230	522	36	to	to	PART
fsr-3230	522	37	understand	understand	VERB
fsr-3230	522	38	the	the	DET
fsr-3230	522	39	effect	effect	NOUN
fsr-3230	522	40	of	of	ADP
fsr-3230	522	41	differences	difference	NOUN
fsr-3230	522	42	in	in	ADP
fsr-3230	522	43	evaluation	evaluation	NOUN
fsr-3230	522	44	on	on	ADP
fsr-3230	522	45	the	the	DET
fsr-3230	522	46	net	net	ADJ
fsr-3230	522	47	demands	demand	NOUN
fsr-3230	522	48	for	for	ADP
fsr-3230	522	49	funds	fund	NOUN
fsr-3230	522	50	.	.	PUNCT
fsr-3230	523	1	the	the	DET
fsr-3230	523	2	regressions	regression	NOUN
fsr-3230	523	3	include	include	VERB
fsr-3230	523	4	controls	control	NOUN
fsr-3230	523	5	for	for	ADP
fsr-3230	523	6	three	three	NUM
fsr-3230	523	7	variables	variable	NOUN
fsr-3230	523	8	used	use	VERB
fsr-3230	523	9	by	by	ADP
fsr-3230	523	10	ferson	ferson	NOUN
fsr-3230	523	11	and	and	CCONJ
fsr-3230	523	12	lin	lin	PROPN
fsr-3230	523	13	(	(	PUNCT
fsr-3230	523	14	2014	2014	NUM
fsr-3230	523	15	)	)	PUNCT
fsr-3230	523	16	as	as	ADP
fsr-3230	523	17	potentially	potentially	ADV
fsr-3230	523	18	relevant	relevant	ADJ
fsr-3230	523	19	to	to	PART
fsr-3230	523	20	predict	predict	VERB
fsr-3230	523	21	fund	fund	NOUN
fsr-3230	523	22	flows	flow	NOUN
fsr-3230	523	23	,	,	PUNCT
fsr-3230	523	24	namely	namely	ADV
fsr-3230	523	25	past	past	ADP
fsr-3230	523	26	performance	performance	NOUN
fsr-3230	523	27	(	(	PUNCT
fsr-3230	523	28	captured	capture	VERB
fsr-3230	523	29	by	by	ADP
fsr-3230	523	30	the	the	DET
fsr-3230	523	31	lop	lop	PROPN
fsr-3230	523	32	alpha	alpha	NOUN
fsr-3230	523	33	)	)	PUNCT
fsr-3230	523	34	,	,	PUNCT
fsr-3230	523	35	fund	fund	NOUN
fsr-3230	523	36	return	return	NOUN
fsr-3230	523	37	volatility	volatility	NOUN
fsr-3230	523	38	and	and	CCONJ
fsr-3230	523	39	fund	fund	NOUN
fsr-3230	523	40	return	return	VERB
fsr-3230	523	41	first	first	ADJ
fsr-3230	523	42	-	-	PUNCT
fsr-3230	523	43	order	order	NOUN
fsr-3230	523	44	autocorrelation	autocorrelation	NOUN
fsr-3230	523	45	.	.	PUNCT
fsr-3230	524	1	models	model	NOUN
fsr-3230	524	2	1	1	NUM
fsr-3230	524	3	,	,	PUNCT
fsr-3230	524	4	2	2	NUM
fsr-3230	524	5	,	,	PUNCT
fsr-3230	524	6	and	and	CCONJ
fsr-3230	524	7	3	3	NUM
fsr-3230	524	8	also	also	ADV
fsr-3230	524	9	consider	consider	VERB
fsr-3230	524	10	the	the	DET
fsr-3230	524	11	most	most	ADV
fsr-3230	524	12	common	common	ADJ
fsr-3230	524	13	fund	fund	NOUN
fsr-3230	524	14	characteristics	characteristic	NOUN
fsr-3230	524	15	(	(	PUNCT
fsr-3230	524	16	as	as	ADP
fsr-3230	524	17	in	in	ADP
fsr-3230	524	18	model	model	NOUN
fsr-3230	524	19	1	1	NUM
fsr-3230	524	20	of	of	ADP
fsr-3230	524	21	table	table	NOUN
fsr-3230	524	22	5	5	NUM
fsr-3230	524	23	)	)	PUNCT
fsr-3230	524	24	and	and	CCONJ
fsr-3230	524	25	add	add	VERB
fsr-3230	524	26	the	the	DET
fsr-3230	524	27	disck	disck	ADJ
fsr-3230	524	28	estimates	estimate	NOUN
fsr-3230	524	29	,	,	PUNCT
fsr-3230	524	30	the	the	DET
fsr-3230	524	31	disfl	disfl	NOUN
fsr-3230	524	32	estimates	estimate	NOUN
fsr-3230	524	33	or	or	CCONJ
fsr-3230	524	34	both	both	PRON
fsr-3230	524	35	.	.	PUNCT
fsr-3230	525	1	models	model	NOUN
fsr-3230	525	2	4	4	NUM
fsr-3230	525	3	,	,	PUNCT
fsr-3230	525	4	5	5	NUM
fsr-3230	525	5	and	and	CCONJ
fsr-3230	525	6	6	6	NUM
fsr-3230	525	7	remove	remove	VERB
fsr-3230	525	8	turnover	turnover	NOUN
fsr-3230	525	9	and	and	CCONJ
fsr-3230	525	10	include	include	VERB
fsr-3230	525	11	tax	tax	NOUN
fsr-3230	525	12	burden	burden	NOUN
fsr-3230	525	13	,	,	PUNCT
fsr-3230	525	14	dividend	dividend	NOUN
fsr-3230	525	15	yield	yield	NOUN
fsr-3230	525	16	and	and	CCONJ
fsr-3230	525	17	family	family	NOUN
fsr-3230	525	18	size	size	NOUN
fsr-3230	525	19	.	.	PUNCT
fsr-3230	526	1	15	15	NUM
fsr-3230	526	2	table	table	NOUN
fsr-3230	526	3	6	6	NUM
fsr-3230	526	4	also	also	ADV
fsr-3230	526	5	shows	show	VERB
fsr-3230	526	6	that	that	SCONJ
fsr-3230	526	7	results	result	NOUN
fsr-3230	526	8	for	for	ADP
fsr-3230	526	9	most	most	ADJ
fsr-3230	526	10	characteristics	characteristic	NOUN
fsr-3230	526	11	are	be	AUX
fsr-3230	526	12	robust	robust	ADJ
fsr-3230	526	13	to	to	ADP
fsr-3230	526	14	the	the	DET
fsr-3230	526	15	inclusion	inclusion	NOUN
fsr-3230	526	16	of	of	ADP
fsr-3230	526	17	active	active	ADJ
fsr-3230	526	18	management	management	NOUN
fsr-3230	526	19	variables	variable	NOUN
fsr-3230	526	20	,	,	PUNCT
fsr-3230	526	21	as	as	SCONJ
fsr-3230	526	22	they	they	PRON
fsr-3230	526	23	are	be	AUX
fsr-3230	526	24	similar	similar	ADJ
fsr-3230	526	25	to	to	ADP
fsr-3230	526	26	those	those	PRON
fsr-3230	526	27	documented	document	VERB
fsr-3230	526	28	in	in	ADP
fsr-3230	526	29	table	table	NOUN
fsr-3230	526	30	5	5	NUM
fsr-3230	526	31	.	.	PUNCT
fsr-3230	527	1	exceptions	exception	NOUN
fsr-3230	527	2	are	be	AUX
fsr-3230	527	3	turnover	turnover	NOUN
fsr-3230	527	4	(	(	PUNCT
fsr-3230	527	5	insignificant	insignificant	ADJ
fsr-3230	527	6	coefficient	coefficient	NOUN
fsr-3230	527	7	in	in	ADP
fsr-3230	527	8	model	model	NOUN
fsr-3230	527	9	1	1	NUM
fsr-3230	527	10	)	)	PUNCT
fsr-3230	527	11	,	,	PUNCT
fsr-3230	527	12	fund	fund	NOUN
fsr-3230	527	13	size	size	NOUN
fsr-3230	527	14	(	(	PUNCT
fsr-3230	527	15	disagreement	disagreement	NOUN
fsr-3230	527	16	is	be	AUX
fsr-3230	527	17	a	a	DET
fsr-3230	527	18	convex	convex	ADJ
fsr-3230	527	19	function	function	NOUN
fsr-3230	527	20	of	of	ADP
fsr-3230	527	21	size	size	NOUN
fsr-3230	527	22	in	in	ADP
fsr-3230	527	23	models	model	NOUN
fsr-3230	527	24	2	2	NUM
fsr-3230	527	25	and	and	CCONJ
fsr-3230	527	26	3	3	NUM
fsr-3230	527	27	)	)	PUNCT
fsr-3230	527	28	and	and	CCONJ
fsr-3230	527	29	the	the	DET
fsr-3230	527	30	value	value	NOUN
fsr-3230	527	31	and	and	CCONJ
fsr-3230	527	32	momentum	momentum	NOUN
fsr-3230	527	33	factor	factor	NOUN
fsr-3230	527	34	exposures	exposure	NOUN
fsr-3230	527	35	(	(	PUNCT
fsr-3230	527	36	significantly	significantly	ADV
fsr-3230	527	37	negative	negative	ADJ
fsr-3230	527	38	coefficients	coefficient	NOUN
fsr-3230	527	39	in	in	ADP
fsr-3230	527	40	models	model	NOUN
fsr-3230	527	41	4	4	NUM
fsr-3230	527	42	,	,	PUNCT
fsr-3230	527	43	5	5	NUM
fsr-3230	527	44	and	and	CCONJ
fsr-3230	527	45	6	6	NUM
fsr-3230	527	46	)	)	PUNCT
fsr-3230	527	47	.	.	PUNCT
fsr-3230	528	1	16	16	NUM
fsr-3230	528	2	figure	figure	NOUN
fsr-3230	528	3	2	2	NUM
fsr-3230	528	4	displays	display	NOUN
fsr-3230	528	5	the	the	DET
fsr-3230	528	6	mean	mean	ADJ
fsr-3230	528	7	monthly	monthly	ADJ
fsr-3230	528	8	disck	disck	NOUN
fsr-3230	528	9	and	and	CCONJ
fsr-3230	528	10	disfl	disfl	NOUN
fsr-3230	528	11	disagreement	disagreement	NOUN
fsr-3230	528	12	estimates	estimate	NOUN
fsr-3230	528	13	for	for	ADP
fsr-3230	528	14	mutual	mutual	ADJ
fsr-3230	528	15	funds	fund	NOUN
fsr-3230	528	16	grouped	group	VERB
fsr-3230	528	17	into	into	ADP
fsr-3230	528	18	decile	decile	NOUN
fsr-3230	528	19	portfolios	portfolio	NOUN
fsr-3230	528	20	according	accord	VERB
fsr-3230	528	21	to	to	ADP
fsr-3230	528	22	the	the	DET
fsr-3230	528	23	average	average	ADJ
fsr-3230	528	24	value	value	NOUN
fsr-3230	528	25	of	of	ADP
fsr-3230	528	26	their	their	PRON
fsr-3230	528	27	active	active	ADJ
fsr-3230	528	28	management	management	NOUN
fsr-3230	528	29	variables	variable	NOUN
fsr-3230	528	30	.	.	PUNCT
fsr-3230	529	1	funds	fund	NOUN
fsr-3230	529	2	are	be	AUX
fsr-3230	529	3	sorted	sort	VERB
fsr-3230	529	4	in	in	ADP
fsr-3230	529	5	increasing	increase	VERB
fsr-3230	529	6	order	order	NOUN
fsr-3230	529	7	of	of	ADP
fsr-3230	529	8	their	their	PRON
fsr-3230	529	9	average	average	ADJ
fsr-3230	529	10	asset	asset	NOUN
fsr-3230	529	11	selectivity	selectivity	NOUN
fsr-3230	529	12	(	(	PUNCT
fsr-3230	529	13	graph	graph	NOUN
fsr-3230	529	14	a	a	NOUN
fsr-3230	529	15	)	)	PUNCT
fsr-3230	529	16	or	or	CCONJ
fsr-3230	529	17	their	their	PRON
fsr-3230	529	18	average	average	ADJ
fsr-3230	529	19	active	active	ADJ
fsr-3230	529	20	share	share	NOUN
fsr-3230	529	21	(	(	PUNCT
fsr-3230	529	22	graph	graph	NOUN
fsr-3230	529	23	b	b	NOUN
fsr-3230	529	24	)	)	PUNCT
fsr-3230	529	25	.	.	PUNCT
fsr-3230	530	1	financial	financial	ADJ
fsr-3230	530	2	services	services	PROPN
fsr-3230	530	3	review	review	PROPN
fsr-3230	530	4	,	,	PUNCT
fsr-3230	530	5	32(1	32(1	NUM
fsr-3230	530	6	)	)	PUNCT
fsr-3230	530	7	88	88	NUM
fsr-3230	530	8	table	table	NOUN
fsr-3230	530	9	7	7	NUM
fsr-3230	530	10	.	.	PUNCT
fsr-3230	531	1	relations	relation	NOUN
fsr-3230	531	2	between	between	ADP
fsr-3230	531	3	future	future	ADJ
fsr-3230	531	4	net	net	ADJ
fsr-3230	531	5	fund	fund	NOUN
fsr-3230	531	6	flows	flow	NOUN
fsr-3230	531	7	and	and	CCONJ
fsr-3230	531	8	disagreement	disagreement	ADJ
fsr-3230	531	9	model	model	NOUN
fsr-3230	531	10	(	(	PUNCT
fsr-3230	531	11	1	1	X
fsr-3230	531	12	)	)	PUNCT
fsr-3230	531	13	model	model	NOUN
fsr-3230	531	14	(	(	PUNCT
fsr-3230	531	15	2	2	NUM
fsr-3230	531	16	)	)	PUNCT
fsr-3230	531	17	model	model	NOUN
fsr-3230	531	18	(	(	PUNCT
fsr-3230	531	19	3	3	NUM
fsr-3230	531	20	)	)	PUNCT
fsr-3230	531	21	model	model	NOUN
fsr-3230	531	22	(	(	PUNCT
fsr-3230	531	23	4	4	NUM
fsr-3230	531	24	)	)	PUNCT
fsr-3230	531	25	model	model	NOUN
fsr-3230	531	26	(	(	PUNCT
fsr-3230	531	27	5	5	NUM
fsr-3230	531	28	)	)	PUNCT
fsr-3230	531	29	model	model	NOUN
fsr-3230	531	30	(	(	PUNCT
fsr-3230	531	31	6	6	NUM
fsr-3230	531	32	)	)	PUNCT
fsr-3230	531	33	lop	lop	NOUN
fsr-3230	531	34	alpha	alpha	NOUN
fsr-3230	531	35	4.371	4.371	NUM
fsr-3230	531	36	(	(	PUNCT
fsr-3230	531	37	16.11	16.11	NUM
fsr-3230	531	38	)	)	PUNCT
fsr-3230	531	39	4.3845	4.3845	NUM
fsr-3230	531	40	(	(	PUNCT
fsr-3230	531	41	16.18	16.18	NUM
fsr-3230	531	42	)	)	PUNCT
fsr-3230	531	43	4.382	4.382	NUM
fsr-3230	531	44	(	(	PUNCT
fsr-3230	531	45	16.29	16.29	NUM
fsr-3230	531	46	)	)	PUNCT
fsr-3230	531	47	4.790	4.790	NUM
fsr-3230	531	48	(	(	PUNCT
fsr-3230	531	49	15.01	15.01	NUM
fsr-3230	531	50	)	)	PUNCT
fsr-3230	531	51	4.813	4.813	NUM
fsr-3230	531	52	(	(	PUNCT
fsr-3230	531	53	15.02	15.02	NUM
fsr-3230	531	54	)	)	PUNCT
fsr-3230	531	55	4.791	4.791	NUM
fsr-3230	531	56	(	(	PUNCT
fsr-3230	531	57	15.02	15.02	NUM
fsr-3230	531	58	)	)	PUNCT
fsr-3230	531	59	disck	disck	VERB
fsr-3230	531	60	1.362	1.362	NUM
fsr-3230	531	61	(	(	PUNCT
fsr-3230	531	62	6.80	6.80	NUM
fsr-3230	531	63	)	)	PUNCT
fsr-3230	531	64	0.075	0.075	NUM
fsr-3230	531	65	(	(	PUNCT
fsr-3230	531	66	0.20	0.20	NUM
fsr-3230	531	67	)	)	PUNCT
fsr-3230	531	68	1.032	1.032	NUM
fsr-3230	531	69	(	(	PUNCT
fsr-3230	531	70	4.70	4.70	NUM
fsr-3230	531	71	)	)	PUNCT
fsr-3230	531	72	0.841	0.841	NUM
fsr-3230	531	73	(	(	PUNCT
fsr-3230	531	74	2.13	2.13	NUM
fsr-3230	531	75	)	)	PUNCT
fsr-3230	531	76	disfl	disfl	NOUN
fsr-3230	531	77	1.6479	1.6479	NUM
fsr-3230	531	78	(	(	PUNCT
fsr-3230	531	79	7.65	7.65	NUM
fsr-3230	531	80	)	)	PUNCT
fsr-3230	531	81	1.577	1.577	NUM
fsr-3230	531	82	(	(	PUNCT
fsr-3230	531	83	4.11	4.11	NUM
fsr-3230	531	84	)	)	PUNCT
fsr-3230	531	85	1.036	1.036	NUM
fsr-3230	531	86	(	(	PUNCT
fsr-3230	531	87	4.87	4.87	NUM
fsr-3230	531	88	)	)	PUNCT
fsr-3230	531	89	0.233	0.233	NUM
fsr-3230	531	90	(	(	PUNCT
fsr-3230	531	91	0.62	0.62	NUM
fsr-3230	531	92	)	)	PUNCT
fsr-3230	531	93	expenses	expense	NOUN
fsr-3230	531	94	-0.432	-0.432	NOUN
fsr-3230	531	95	(	(	PUNCT
fsr-3230	531	96	-2.86	-2.86	NOUN
fsr-3230	531	97	)	)	PUNCT
fsr-3230	531	98	-0.5142	-0.5142	PROPN
fsr-3230	532	1	(	(	PUNCT
fsr-3230	532	2	-3.39	-3.39	PROPN
fsr-3230	532	3	)	)	PUNCT
fsr-3230	532	4	-0.514	-0.514	NOUN
fsr-3230	532	5	(	(	PUNCT
fsr-3230	532	6	-3.39	-3.39	PROPN
fsr-3230	532	7	)	)	PUNCT
fsr-3230	532	8	-1.480	-1.480	PUNCT
fsr-3230	532	9	(	(	PUNCT
fsr-3230	532	10	-7.71	-7.71	PROPN
fsr-3230	532	11	)	)	PUNCT
fsr-3230	532	12	-1.471	-1.471	PROPN
fsr-3230	532	13	(	(	PUNCT
fsr-3230	532	14	-7.66	-7.66	NUM
fsr-3230	532	15	)	)	PUNCT
fsr-3230	532	16	-1.485	-1.485	NOUN
fsr-3230	532	17	(	(	PUNCT
fsr-3230	532	18	-7.72	-7.72	NOUN
fsr-3230	532	19	)	)	PUNCT
fsr-3230	532	20	turnover	turnover	NOUN
fsr-3230	532	21	0.002	0.002	NUM
fsr-3230	532	22	(	(	PUNCT
fsr-3230	532	23	2.35	2.35	NUM
fsr-3230	532	24	)	)	PUNCT
fsr-3230	532	25	0.0019	0.0019	NUM
fsr-3230	532	26	(	(	PUNCT
fsr-3230	532	27	2.23	2.23	NUM
fsr-3230	532	28	)	)	PUNCT
fsr-3230	532	29	0.002	0.002	NUM
fsr-3230	532	30	(	(	PUNCT
fsr-3230	532	31	2.23	2.23	NUM
fsr-3230	532	32	)	)	PUNCT
fsr-3230	532	33	log(age	log(age	NOUN
fsr-3230	532	34	)	)	PUNCT
fsr-3230	532	35	0.023	0.023	NUM
fsr-3230	532	36	(	(	PUNCT
fsr-3230	532	37	9.09	9.09	NUM
fsr-3230	532	38	)	)	PUNCT
fsr-3230	532	39	0.0216	0.0216	NUM
fsr-3230	532	40	(	(	PUNCT
fsr-3230	532	41	8.57	8.57	NUM
fsr-3230	532	42	)	)	PUNCT
fsr-3230	532	43	0.022	0.022	NUM
fsr-3230	532	44	(	(	PUNCT
fsr-3230	532	45	8.69	8.69	NUM
fsr-3230	532	46	)	)	PUNCT
fsr-3230	532	47	0.004	0.004	NUM
fsr-3230	532	48	(	(	PUNCT
fsr-3230	532	49	1.58	1.58	NUM
fsr-3230	532	50	)	)	PUNCT
fsr-3230	532	51	0.004	0.004	NUM
fsr-3230	532	52	(	(	PUNCT
fsr-3230	532	53	1.43	1.43	NUM
fsr-3230	532	54	)	)	PUNCT
fsr-3230	532	55	0.004	0.004	NUM
fsr-3230	532	56	(	(	PUNCT
fsr-3230	532	57	1.54	1.54	NUM
fsr-3230	532	58	)	)	PUNCT
fsr-3230	532	59	log(manager	log(manag	ADJ
fsr-3230	532	60	tenure	tenure	NOUN
fsr-3230	532	61	)	)	PUNCT
fsr-3230	532	62	-0.003	-0.003	PROPN
fsr-3230	532	63	(	(	PUNCT
fsr-3230	532	64	-1.17	-1.17	NUM
fsr-3230	532	65	)	)	PUNCT
fsr-3230	533	1	-0.0033	-0.0033	NOUN
fsr-3230	533	2	(	(	PUNCT
fsr-3230	533	3	-1.25	-1.25	NUM
fsr-3230	533	4	)	)	PUNCT
fsr-3230	533	5	-0.003	-0.003	NOUN
fsr-3230	533	6	(	(	PUNCT
fsr-3230	533	7	-1.25	-1.25	NOUN
fsr-3230	533	8	)	)	PUNCT
fsr-3230	533	9	-0.004	-0.004	PUNCT
fsr-3230	533	10	(	(	PUNCT
fsr-3230	533	11	-1.40	-1.40	NOUN
fsr-3230	533	12	)	)	PUNCT
fsr-3230	533	13	-0.004	-0.004	PUNCT
fsr-3230	533	14	(	(	PUNCT
fsr-3230	533	15	-1.47	-1.47	X
fsr-3230	533	16	)	)	PUNCT
fsr-3230	533	17	-0.004	-0.004	PUNCT
fsr-3230	533	18	(	(	PUNCT
fsr-3230	533	19	-1.41	-1.41	NOUN
fsr-3230	533	20	)	)	PUNCT
fsr-3230	533	21	log(fund	log(fund	NOUN
fsr-3230	533	22	size	size	NOUN
fsr-3230	533	23	)	)	PUNCT
fsr-3230	533	24	-0.015	-0.015	X
fsr-3230	533	25	(	(	PUNCT
fsr-3230	533	26	-13.93	-13.93	PROPN
fsr-3230	533	27	)	)	PUNCT
fsr-3230	533	28	-0.0157	-0.0157	NOUN
fsr-3230	533	29	(	(	PUNCT
fsr-3230	533	30	-14.21	-14.21	PROPN
fsr-3230	533	31	)	)	PUNCT
fsr-3230	533	32	-0.016	-0.016	PROPN
fsr-3230	533	33	(	(	PUNCT
fsr-3230	533	34	-14.09	-14.09	PROPN
fsr-3230	533	35	)	)	PUNCT
fsr-3230	533	36	-0.020	-0.020	PUNCT
fsr-3230	533	37	(	(	PUNCT
fsr-3230	533	38	-14.43	-14.43	PROPN
fsr-3230	533	39	)	)	PUNCT
fsr-3230	533	40	-0.020	-0.020	PUNCT
fsr-3230	533	41	(	(	PUNCT
fsr-3230	533	42	-14.48	-14.48	PROPN
fsr-3230	533	43	)	)	PUNCT
fsr-3230	533	44	-0.020	-0.020	PUNCT
fsr-3230	533	45	(	(	PUNCT
fsr-3230	533	46	-14.43	-14.43	PROPN
fsr-3230	533	47	)	)	PUNCT
fsr-3230	533	48	vol	vol	NOUN
fsr-3230	533	49	-1.429	-1.429	NOUN
fsr-3230	533	50	(	(	PUNCT
fsr-3230	533	51	-3.28	-3.28	NOUN
fsr-3230	533	52	)	)	PUNCT
fsr-3230	533	53	-1.3328	-1.3328	NOUN
fsr-3230	534	1	(	(	PUNCT
fsr-3230	534	2	-3.28	-3.28	X
fsr-3230	534	3	)	)	PUNCT
fsr-3230	534	4	-1.365	-1.365	PRON
fsr-3230	534	5	(	(	PUNCT
fsr-3230	534	6	-3.15	-3.15	NOUN
fsr-3230	534	7	)	)	PUNCT
fsr-3230	534	8	-1.156	-1.156	NOUN
fsr-3230	534	9	(	(	PUNCT
fsr-3230	534	10	-2.20	-2.20	NUM
fsr-3230	534	11	)	)	PUNCT
fsr-3230	534	12	-0.790	-0.790	NUM
fsr-3230	534	13	(	(	PUNCT
fsr-3230	534	14	-1.77	-1.77	ADJ
fsr-3230	534	15	)	)	PUNCT
fsr-3230	534	16	-1.143	-1.143	NOUN
fsr-3230	535	1	(	(	PUNCT
fsr-3230	535	2	-2.18	-2.18	NUM
fsr-3230	535	3	)	)	PUNCT
fsr-3230	535	4	ar	ar	NOUN
fsr-3230	535	5	0.009	0.009	NUM
fsr-3230	535	6	(	(	PUNCT
fsr-3230	535	7	1.64	1.64	NUM
fsr-3230	535	8	)	)	PUNCT
fsr-3230	535	9	0.0118	0.0118	NUM
fsr-3230	535	10	(	(	PUNCT
fsr-3230	535	11	2.06	2.06	NUM
fsr-3230	535	12	)	)	PUNCT
fsr-3230	535	13	0.012	0.012	NUM
fsr-3230	535	14	(	(	PUNCT
fsr-3230	535	15	2.04	2.04	NUM
fsr-3230	535	16	)	)	PUNCT
fsr-3230	535	17	0.016	0.016	NUM
fsr-3230	535	18	(	(	PUNCT
fsr-3230	535	19	2.56	2.56	NUM
fsr-3230	535	20	)	)	PUNCT
fsr-3230	535	21	0.017	0.017	NUM
fsr-3230	535	22	(	(	PUNCT
fsr-3230	535	23	2.70	2.70	NUM
fsr-3230	535	24	)	)	PUNCT
fsr-3230	535	25	0.017	0.017	NUM
fsr-3230	535	26	(	(	PUNCT
fsr-3230	535	27	2.59	2.59	NUM
fsr-3230	535	28	)	)	PUNCT
fsr-3230	535	29	tax	tax	NOUN
fsr-3230	535	30	burden	burden	NOUN
fsr-3230	535	31	4.135	4.135	NUM
fsr-3230	535	32	(	(	PUNCT
fsr-3230	535	33	1.20	1.20	NUM
fsr-3230	535	34	)	)	PUNCT
fsr-3230	535	35	4.236	4.236	NUM
fsr-3230	535	36	(	(	PUNCT
fsr-3230	535	37	1.22	1.22	NUM
fsr-3230	535	38	)	)	PUNCT
fsr-3230	535	39	4.147	4.147	NUM
fsr-3230	535	40	(	(	PUNCT
fsr-3230	535	41	1.21	1.21	NUM
fsr-3230	535	42	)	)	PUNCT
fsr-3230	535	43	dividend	dividend	NOUN
fsr-3230	535	44	yield	yield	VERB
fsr-3230	535	45	2.195	2.195	NUM
fsr-3230	535	46	(	(	PUNCT
fsr-3230	535	47	10.73	10.73	NUM
fsr-3230	535	48	)	)	PUNCT
fsr-3230	535	49	2.149	2.149	NUM
fsr-3230	535	50	(	(	PUNCT
fsr-3230	535	51	10.49	10.49	NUM
fsr-3230	535	52	)	)	PUNCT
fsr-3230	535	53	2.182	2.182	NUM
fsr-3230	535	54	(	(	PUNCT
fsr-3230	535	55	10.69	10.69	NUM
fsr-3230	535	56	)	)	PUNCT
fsr-3230	535	57	log	log	NOUN
fsr-3230	535	58	(	(	PUNCT
fsr-3230	535	59	family	family	NOUN
fsr-3230	535	60	size	size	NOUN
fsr-3230	535	61	)	)	PUNCT
fsr-3230	535	62	0.009	0.009	NUM
fsr-3230	535	63	(	(	PUNCT
fsr-3230	535	64	5.55	5.55	NUM
fsr-3230	535	65	)	)	PUNCT
fsr-3230	535	66	0.009	0.009	NUM
fsr-3230	535	67	(	(	PUNCT
fsr-3230	535	68	5.37	5.37	NUM
fsr-3230	535	69	)	)	PUNCT
fsr-3230	535	70	0.009	0.009	NUM
fsr-3230	535	71	(	(	PUNCT
fsr-3230	535	72	5.51	5.51	NUM
fsr-3230	535	73	)	)	PUNCT
fsr-3230	535	74	n	n	CCONJ
fsr-3230	535	75	94255	94255	NUM
fsr-3230	535	76	94255	94255	NUM
fsr-3230	535	77	94255	94255	NUM
fsr-3230	535	78	76719	76719	NUM
fsr-3230	535	79	76719	76719	NUM
fsr-3230	535	80	76719	76719	NUM
fsr-3230	535	81	r2	r2	NOUN
fsr-3230	535	82	0.0157	0.0157	NUM
fsr-3230	535	83	0.0159	0.0159	NUM
fsr-3230	535	84	0.0159	0.0159	NUM
fsr-3230	535	85	0.0180	0.0180	NUM
fsr-3230	535	86	0.0180	0.0180	NUM
fsr-3230	535	87	0.0180	0.0180	NUM
fsr-3230	535	88	table	table	NOUN
fsr-3230	535	89	7	7	NUM
fsr-3230	535	90	shows	show	VERB
fsr-3230	535	91	the	the	DET
fsr-3230	535	92	results	result	NOUN
fsr-3230	535	93	from	from	ADP
fsr-3230	535	94	the	the	DET
fsr-3230	535	95	panel	panel	NOUN
fsr-3230	535	96	regressions	regression	NOUN
fsr-3230	535	97	of	of	ADP
fsr-3230	535	98	net	net	ADJ
fsr-3230	535	99	fund	fund	NOUN
fsr-3230	535	100	flows	flow	VERB
fsr-3230	535	101	on	on	ADP
fsr-3230	535	102	lagged	lag	VERB
fsr-3230	535	103	disagreement	disagreement	NOUN
fsr-3230	535	104	estimates	estimate	NOUN
fsr-3230	535	105	(	(	PUNCT
fsr-3230	535	106	disck	disck	VERB
fsr-3230	535	107	and	and	CCONJ
fsr-3230	535	108	disfl	disfl	PROPN
fsr-3230	535	109	,	,	PUNCT
fsr-3230	535	110	in	in	ADP
fsr-3230	535	111	bold	bold	ADJ
fsr-3230	535	112	)	)	PUNCT
fsr-3230	535	113	and	and	CCONJ
fsr-3230	535	114	control	control	NOUN
fsr-3230	535	115	variables	variable	NOUN
fsr-3230	535	116	.	.	PUNCT
fsr-3230	536	1	net	net	ADJ
fsr-3230	536	2	fund	fund	PROPN
fsr-3230	536	3	flows	flow	NOUN
fsr-3230	536	4	are	be	AUX
fsr-3230	536	5	defined	define	VERB
fsr-3230	536	6	as	as	ADP
fsr-3230	536	7	the	the	DET
fsr-3230	536	8	quarter	quarter	NOUN
fsr-3230	536	9	-	-	PUNCT
fsr-3230	536	10	to	to	ADP
fsr-3230	536	11	-	-	PUNCT
fsr-3230	536	12	quarter	quarter	NOUN
fsr-3230	536	13	growth	growth	NOUN
fsr-3230	536	14	in	in	ADP
fsr-3230	536	15	tna	tna	PROPN
fsr-3230	536	16	in	in	ADP
fsr-3230	536	17	excess	excess	NOUN
fsr-3230	536	18	of	of	ADP
fsr-3230	536	19	fund	fund	NOUN
fsr-3230	536	20	returns	return	NOUN
fsr-3230	536	21	.	.	PUNCT
fsr-3230	537	1	every	every	DET
fsr-3230	537	2	quarter	quarter	NOUN
fsr-3230	537	3	,	,	PUNCT
fsr-3230	537	4	we	we	PRON
fsr-3230	537	5	compute	compute	VERB
fsr-3230	537	6	net	net	ADJ
fsr-3230	537	7	fund	fund	NOUN
fsr-3230	537	8	flows	flow	VERB
fsr-3230	537	9	,	,	PUNCT
fsr-3230	537	10	estimate	estimate	VERB
fsr-3230	537	11	disck	disck	ADJ
fsr-3230	537	12	and	and	CCONJ
fsr-3230	537	13	disfl	disfl	NOUN
fsr-3230	537	14	using	use	VERB
fsr-3230	537	15	ten	ten	NUM
fsr-3230	537	16	industry	industry	NOUN
fsr-3230	537	17	passive	passive	ADJ
fsr-3230	537	18	portfolios	portfolio	NOUN
fsr-3230	537	19	and	and	CCONJ
fsr-3230	537	20	a	a	DET
fsr-3230	537	21	rolling	rolling	ADJ
fsr-3230	537	22	estimation	estimation	NOUN
fsr-3230	537	23	window	window	NOUN
fsr-3230	537	24	made	make	VERB
fsr-3230	537	25	of	of	ADP
fsr-3230	537	26	the	the	DET
fsr-3230	537	27	previous	previous	ADJ
fsr-3230	537	28	60	60	NUM
fsr-3230	537	29	monthly	monthly	ADJ
fsr-3230	537	30	observations	observation	NOUN
fsr-3230	537	31	,	,	PUNCT
fsr-3230	537	32	and	and	CCONJ
fsr-3230	537	33	obtain	obtain	VERB
fsr-3230	537	34	the	the	DET
fsr-3230	537	35	control	control	NOUN
fsr-3230	537	36	variables	variable	NOUN
fsr-3230	537	37	.	.	PUNCT
fsr-3230	538	1	we	we	PRON
fsr-3230	538	2	then	then	ADV
fsr-3230	538	3	form	form	VERB
fsr-3230	538	4	the	the	DET
fsr-3230	538	5	panels	panel	NOUN
fsr-3230	538	6	for	for	ADP
fsr-3230	538	7	the	the	DET
fsr-3230	538	8	regressions	regression	NOUN
fsr-3230	538	9	by	by	ADP
fsr-3230	538	10	matching	match	VERB
fsr-3230	538	11	fund	fund	NOUN
fsr-3230	538	12	flows	flow	NOUN
fsr-3230	538	13	in	in	ADP
fsr-3230	538	14	a	a	DET
fsr-3230	538	15	quarter	quarter	NOUN
fsr-3230	538	16	with	with	ADP
fsr-3230	538	17	the	the	DET
fsr-3230	538	18	values	value	NOUN
fsr-3230	538	19	for	for	ADP
fsr-3230	538	20	the	the	DET
fsr-3230	538	21	disagreement	disagreement	NOUN
fsr-3230	538	22	estimates	estimate	NOUN
fsr-3230	538	23	and	and	CCONJ
fsr-3230	538	24	the	the	DET
fsr-3230	538	25	control	control	NOUN
fsr-3230	538	26	variables	variable	VERB
fsr-3230	538	27	in	in	ADP
fsr-3230	538	28	the	the	DET
fsr-3230	538	29	previous	previous	ADJ
fsr-3230	538	30	quarter	quarter	NOUN
fsr-3230	538	31	.	.	PUNCT
fsr-3230	539	1	control	control	NOUN
fsr-3230	539	2	variables	variable	NOUN
fsr-3230	539	3	include	include	VERB
fsr-3230	539	4	fund	fund	NOUN
fsr-3230	539	5	characteristics	characteristic	NOUN
fsr-3230	539	6	(	(	PUNCT
fsr-3230	539	7	expenses	expense	NOUN
fsr-3230	539	8	,	,	PUNCT
fsr-3230	539	9	turnover	turnover	NOUN
fsr-3230	539	10	,	,	PUNCT
fsr-3230	539	11	age	age	NOUN
fsr-3230	539	12	,	,	PUNCT
fsr-3230	539	13	fund	fund	NOUN
fsr-3230	539	14	size	size	NOUN
fsr-3230	539	15	,	,	PUNCT
fsr-3230	539	16	tax	tax	NOUN
fsr-3230	539	17	burden	burden	NOUN
fsr-3230	539	18	,	,	PUNCT
fsr-3230	539	19	dividend	dividend	NOUN
fsr-3230	539	20	yield	yield	NOUN
fsr-3230	539	21	and	and	CCONJ
fsr-3230	539	22	family	family	NOUN
fsr-3230	539	23	size	size	NOUN
fsr-3230	539	24	)	)	PUNCT
fsr-3230	539	25	and	and	CCONJ
fsr-3230	539	26	other	other	ADJ
fsr-3230	539	27	control	control	NOUN
fsr-3230	539	28	variables	variable	NOUN
fsr-3230	539	29	(	(	PUNCT
fsr-3230	539	30	lop	lop	PROPN
fsr-3230	539	31	alpha	alpha	NOUN
fsr-3230	539	32	,	,	PUNCT
fsr-3230	539	33	vol	vol	NOUN
fsr-3230	539	34	and	and	CCONJ
fsr-3230	539	35	ar	ar	NOUN
fsr-3230	539	36	)	)	PUNCT
fsr-3230	539	37	defined	define	VERB
fsr-3230	539	38	in	in	ADP
fsr-3230	539	39	table	table	NOUN
fsr-3230	539	40	3	3	NUM
fsr-3230	539	41	.	.	PUNCT
fsr-3230	540	1	the	the	DET
fsr-3230	540	2	data	datum	NOUN
fsr-3230	540	3	cover	cover	VERB
fsr-3230	540	4	the	the	DET
fsr-3230	540	5	period	period	NOUN
fsr-3230	540	6	from	from	ADP
fsr-3230	540	7	january	january	PROPN
fsr-3230	540	8	1984	1984	NUM
fsr-3230	540	9	to	to	ADP
fsr-3230	540	10	december	december	PROPN
fsr-3230	540	11	2016	2016	NUM
fsr-3230	540	12	.	.	PUNCT
fsr-3230	541	1	we	we	PRON
fsr-3230	541	2	present	present	VERB
fsr-3230	541	3	the	the	DET
fsr-3230	541	4	estimated	estimate	VERB
fsr-3230	541	5	coefficients	coefficient	NOUN
fsr-3230	541	6	with	with	ADP
fsr-3230	541	7	their	their	PRON
fsr-3230	541	8	t	t	NOUN
fsr-3230	541	9	-	-	PUNCT
fsr-3230	541	10	statistics	statistic	NOUN
fsr-3230	541	11	in	in	ADP
fsr-3230	541	12	parentheses	parenthesis	NOUN
fsr-3230	541	13	,	,	PUNCT
fsr-3230	541	14	and	and	CCONJ
fsr-3230	541	15	the	the	DET
fsr-3230	541	16	number	number	NOUN
fsr-3230	541	17	of	of	ADP
fsr-3230	541	18	observations	observation	NOUN
fsr-3230	541	19	(	(	PUNCT
fsr-3230	541	20	n	n	CCONJ
fsr-3230	541	21	)	)	PUNCT
fsr-3230	541	22	and	and	CCONJ
fsr-3230	541	23	r²	r²	NOUN
fsr-3230	541	24	of	of	ADP
fsr-3230	541	25	the	the	DET
fsr-3230	541	26	regressions	regression	NOUN
fsr-3230	541	27	.	.	PUNCT
fsr-3230	542	1	chrétien	chrétien	PROPN
fsr-3230	542	2	&	&	CCONJ
fsr-3230	542	3	kammoun	kammoun	PROPN
fsr-3230	542	4	89	89	NUM
fsr-3230	542	5	as	as	SCONJ
fsr-3230	542	6	discussed	discuss	VERB
fsr-3230	542	7	previously	previously	ADV
fsr-3230	542	8	,	,	PUNCT
fsr-3230	542	9	we	we	PRON
fsr-3230	542	10	predict	predict	VERB
fsr-3230	542	11	a	a	DET
fsr-3230	542	12	positive	positive	ADJ
fsr-3230	542	13	relation	relation	NOUN
fsr-3230	542	14	between	between	ADP
fsr-3230	542	15	future	future	ADJ
fsr-3230	542	16	net	net	ADJ
fsr-3230	542	17	fund	fund	NOUN
fsr-3230	542	18	flows	flow	NOUN
fsr-3230	542	19	and	and	CCONJ
fsr-3230	542	20	disagreement	disagreement	NOUN
fsr-3230	542	21	.	.	PUNCT
fsr-3230	543	1	high	high	ADJ
fsr-3230	543	2	disagreement	disagreement	NOUN
fsr-3230	543	3	is	be	AUX
fsr-3230	543	4	associated	associate	VERB
fsr-3230	543	5	with	with	ADP
fsr-3230	543	6	extreme	extreme	ADJ
fsr-3230	543	7	valuations	valuation	NOUN
fsr-3230	543	8	for	for	ADP
fsr-3230	543	9	a	a	DET
fsr-3230	543	10	fund	fund	NOUN
fsr-3230	543	11	.	.	PUNCT
fsr-3230	544	1	investors	investor	NOUN
fsr-3230	544	2	with	with	ADP
fsr-3230	544	3	highly	highly	ADV
fsr-3230	544	4	positive	positive	ADJ
fsr-3230	544	5	alphas	alpha	NOUN
fsr-3230	544	6	should	should	AUX
fsr-3230	544	7	have	have	VERB
fsr-3230	544	8	high	high	ADJ
fsr-3230	544	9	demands	demand	NOUN
fsr-3230	544	10	for	for	ADP
fsr-3230	544	11	the	the	DET
fsr-3230	544	12	fund	fund	NOUN
fsr-3230	544	13	,	,	PUNCT
fsr-3230	544	14	but	but	CCONJ
fsr-3230	544	15	those	those	PRON
fsr-3230	544	16	with	with	ADP
fsr-3230	544	17	negative	negative	ADJ
fsr-3230	544	18	alphas	alpha	NOUN
fsr-3230	544	19	can	can	AUX
fsr-3230	544	20	not	not	PART
fsr-3230	544	21	sell	sell	VERB
fsr-3230	544	22	the	the	DET
fsr-3230	544	23	fund	fund	NOUN
fsr-3230	544	24	short	short	ADJ
fsr-3230	544	25	and	and	CCONJ
fsr-3230	544	26	so	so	ADV
fsr-3230	544	27	should	should	AUX
fsr-3230	544	28	have	have	VERB
fsr-3230	544	29	no	no	DET
fsr-3230	544	30	demand	demand	NOUN
fsr-3230	544	31	,	,	PUNCT
fsr-3230	544	32	leading	lead	VERB
fsr-3230	544	33	to	to	ADP
fsr-3230	544	34	a	a	DET
fsr-3230	544	35	positive	positive	ADJ
fsr-3230	544	36	relation	relation	NOUN
fsr-3230	544	37	between	between	ADP
fsr-3230	544	38	net	net	ADJ
fsr-3230	544	39	fund	fund	NOUN
fsr-3230	544	40	flows	flow	NOUN
fsr-3230	544	41	and	and	CCONJ
fsr-3230	544	42	disagreement	disagreement	NOUN
fsr-3230	544	43	.	.	PUNCT
fsr-3230	545	1	as	as	SCONJ
fsr-3230	545	2	expected	expect	VERB
fsr-3230	545	3	,	,	PUNCT
fsr-3230	545	4	and	and	CCONJ
fsr-3230	545	5	consistent	consistent	ADJ
fsr-3230	545	6	with	with	ADP
fsr-3230	545	7	the	the	DET
fsr-3230	545	8	findings	finding	NOUN
fsr-3230	545	9	of	of	ADP
fsr-3230	545	10	ferson	ferson	NOUN
fsr-3230	545	11	and	and	CCONJ
fsr-3230	545	12	lin	lin	PROPN
fsr-3230	545	13	(	(	PUNCT
fsr-3230	545	14	2014	2014	NUM
fsr-3230	545	15	)	)	PUNCT
fsr-3230	545	16	,	,	PUNCT
fsr-3230	545	17	table	table	NOUN
fsr-3230	545	18	7	7	NUM
fsr-3230	545	19	documents	document	NOUN
fsr-3230	545	20	positive	positive	ADJ
fsr-3230	545	21	and	and	CCONJ
fsr-3230	545	22	statistically	statistically	ADV
fsr-3230	545	23	significant	significant	ADJ
fsr-3230	545	24	relations	relation	NOUN
fsr-3230	545	25	for	for	ADP
fsr-3230	545	26	both	both	DET
fsr-3230	545	27	disagreement	disagreement	NOUN
fsr-3230	545	28	measures	measure	NOUN
fsr-3230	545	29	,	,	PUNCT
fsr-3230	545	30	when	when	SCONJ
fsr-3230	545	31	included	include	VERB
fsr-3230	545	32	individually.17	individually.17	NOUN
fsr-3230	545	33	the	the	DET
fsr-3230	545	34	coefficients	coefficient	NOUN
fsr-3230	545	35	imply	imply	VERB
fsr-3230	545	36	economically	economically	ADV
fsr-3230	545	37	important	important	ADJ
fsr-3230	545	38	relations	relation	NOUN
fsr-3230	545	39	.	.	PUNCT
fsr-3230	546	1	when	when	SCONJ
fsr-3230	546	2	disagreement	disagreement	NOUN
fsr-3230	546	3	rises	rise	VERB
fsr-3230	546	4	by	by	ADP
fsr-3230	546	5	one	one	NUM
fsr-3230	546	6	standard	standard	ADJ
fsr-3230	546	7	deviation	deviation	NOUN
fsr-3230	546	8	,	,	PUNCT
fsr-3230	546	9	net	net	ADJ
fsr-3230	546	10	fund	fund	NOUN
fsr-3230	546	11	flows	flow	VERB
fsr-3230	546	12	increase	increase	VERB
fsr-3230	546	13	by	by	ADP
fsr-3230	546	14	0.85	0.85	NUM
fsr-3230	546	15	%	%	NOUN
fsr-3230	546	16	(	(	PUNCT
fsr-3230	546	17	for	for	ADP
fsr-3230	546	18	disck	disck	ADJ
fsr-3230	546	19	)	)	PUNCT
fsr-3230	546	20	or	or	CCONJ
fsr-3230	546	21	0.80	0.80	NUM
fsr-3230	546	22	%	%	NOUN
fsr-3230	546	23	(	(	PUNCT
fsr-3230	546	24	for	for	ADP
fsr-3230	546	25	disfl	disfl	PROPN
fsr-3230	546	26	)	)	PUNCT
fsr-3230	546	27	over	over	ADP
fsr-3230	546	28	the	the	DET
fsr-3230	546	29	next	next	ADJ
fsr-3230	546	30	quarter	quarter	NOUN
fsr-3230	546	31	.	.	PUNCT
fsr-3230	547	1	however	however	ADV
fsr-3230	547	2	,	,	PUNCT
fsr-3230	547	3	when	when	SCONJ
fsr-3230	547	4	we	we	PRON
fsr-3230	547	5	consider	consider	VERB
fsr-3230	547	6	both	both	DET
fsr-3230	547	7	measures	measure	NOUN
fsr-3230	547	8	jointly	jointly	ADV
fsr-3230	547	9	,	,	PUNCT
fsr-3230	547	10	their	their	PRON
fsr-3230	547	11	significance	significance	NOUN
fsr-3230	547	12	decreases	decrease	VERB
fsr-3230	547	13	as	as	SCONJ
fsr-3230	547	14	they	they	PRON
fsr-3230	547	15	are	be	AUX
fsr-3230	547	16	strongly	strongly	ADV
fsr-3230	547	17	correlated	correlate	VERB
fsr-3230	547	18	.	.	PUNCT
fsr-3230	548	1	in	in	ADP
fsr-3230	548	2	results	result	NOUN
fsr-3230	548	3	not	not	PART
fsr-3230	548	4	included	include	VERB
fsr-3230	548	5	,	,	PUNCT
fsr-3230	548	6	we	we	PRON
fsr-3230	548	7	find	find	VERB
fsr-3230	548	8	that	that	SCONJ
fsr-3230	548	9	these	these	DET
fsr-3230	548	10	relations	relation	NOUN
fsr-3230	548	11	are	be	AUX
fsr-3230	548	12	robust	robust	ADJ
fsr-3230	548	13	to	to	ADP
fsr-3230	548	14	the	the	DET
fsr-3230	548	15	set	set	NOUN
fsr-3230	548	16	of	of	ADP
fsr-3230	548	17	passive	passive	ADJ
fsr-3230	548	18	portfolios	portfolio	NOUN
fsr-3230	548	19	.	.	PUNCT
fsr-3230	549	1	conclusion	conclusion	NOUN
fsr-3230	549	2	the	the	DET
fsr-3230	549	3	vast	vast	ADJ
fsr-3230	549	4	array	array	NOUN
fsr-3230	549	5	of	of	ADP
fsr-3230	549	6	choices	choice	NOUN
fsr-3230	549	7	in	in	ADP
fsr-3230	549	8	the	the	DET
fsr-3230	549	9	mutual	mutual	ADJ
fsr-3230	549	10	fund	fund	NOUN
fsr-3230	549	11	industry	industry	NOUN
fsr-3230	549	12	is	be	AUX
fsr-3230	549	13	a	a	DET
fsr-3230	549	14	strong	strong	ADJ
fsr-3230	549	15	indication	indication	NOUN
fsr-3230	549	16	that	that	SCONJ
fsr-3230	549	17	fund	fund	NOUN
fsr-3230	549	18	providers	provider	NOUN
fsr-3230	549	19	consider	consider	VERB
fsr-3230	549	20	the	the	DET
fsr-3230	549	21	multiple	multiple	ADJ
fsr-3230	549	22	needs	need	NOUN
fsr-3230	549	23	of	of	ADP
fsr-3230	549	24	investors	investor	NOUN
fsr-3230	549	25	who	who	PRON
fsr-3230	549	26	have	have	VERB
fsr-3230	549	27	different	different	ADJ
fsr-3230	549	28	beliefs	belief	NOUN
fsr-3230	549	29	,	,	PUNCT
fsr-3230	549	30	constraints	constraint	NOUN
fsr-3230	549	31	and	and	CCONJ
fsr-3230	549	32	preferences	preference	NOUN
fsr-3230	549	33	.	.	PUNCT
fsr-3230	550	1	because	because	SCONJ
fsr-3230	550	2	some	some	DET
fsr-3230	550	3	funds	fund	NOUN
fsr-3230	550	4	are	be	AUX
fsr-3230	550	5	better	well	ADJ
fsr-3230	550	6	“	"	PUNCT
fsr-3230	550	7	fits	fit	NOUN
fsr-3230	550	8	”	"	PUNCT
fsr-3230	550	9	for	for	ADP
fsr-3230	550	10	them	they	PRON
fsr-3230	550	11	,	,	PUNCT
fsr-3230	550	12	investors	investor	NOUN
fsr-3230	550	13	are	be	AUX
fsr-3230	550	14	likely	likely	ADJ
fsr-3230	550	15	to	to	PART
fsr-3230	550	16	disagree	disagree	VERB
fsr-3230	550	17	with	with	ADP
fsr-3230	550	18	each	each	DET
fsr-3230	550	19	other	other	ADJ
fsr-3230	550	20	on	on	ADP
fsr-3230	550	21	their	their	PRON
fsr-3230	550	22	evaluation	evaluation	NOUN
fsr-3230	550	23	.	.	PUNCT
fsr-3230	551	1	this	this	DET
fsr-3230	551	2	paper	paper	NOUN
fsr-3230	551	3	provides	provide	VERB
fsr-3230	551	4	new	new	ADJ
fsr-3230	551	5	insights	insight	NOUN
fsr-3230	551	6	on	on	ADP
fsr-3230	551	7	investor	investor	NOUN
fsr-3230	551	8	disagreement	disagreement	NOUN
fsr-3230	551	9	in	in	ADP
fsr-3230	551	10	equity	equity	NOUN
fsr-3230	551	11	mutual	mutual	ADJ
fsr-3230	551	12	funds	fund	NOUN
fsr-3230	551	13	.	.	PUNCT
fsr-3230	552	1	we	we	PRON
fsr-3230	552	2	develop	develop	VERB
fsr-3230	552	3	a	a	DET
fsr-3230	552	4	theoretical	theoretical	ADJ
fsr-3230	552	5	framework	framework	NOUN
fsr-3230	552	6	that	that	PRON
fsr-3230	552	7	allows	allow	VERB
fsr-3230	552	8	for	for	ADP
fsr-3230	552	9	heterogeneity	heterogeneity	NOUN
fsr-3230	552	10	in	in	ADP
fsr-3230	552	11	beliefs	belief	NOUN
fsr-3230	552	12	and	and	CCONJ
fsr-3230	552	13	preferences	preference	NOUN
fsr-3230	552	14	,	,	PUNCT
fsr-3230	552	15	and	and	CCONJ
fsr-3230	552	16	use	use	VERB
fsr-3230	552	17	it	it	PRON
fsr-3230	552	18	to	to	PART
fsr-3230	552	19	highlight	highlight	VERB
fsr-3230	552	20	the	the	DET
fsr-3230	552	21	similarities	similarity	NOUN
fsr-3230	552	22	and	and	CCONJ
fsr-3230	552	23	differences	difference	NOUN
fsr-3230	552	24	between	between	ADP
fsr-3230	552	25	the	the	DET
fsr-3230	552	26	strategies	strategy	NOUN
fsr-3230	552	27	of	of	ADP
fsr-3230	552	28	ferson	ferson	NOUN
fsr-3230	552	29	and	and	CCONJ
fsr-3230	552	30	lin	lin	PROPN
fsr-3230	552	31	(	(	PUNCT
fsr-3230	552	32	2014	2014	NUM
fsr-3230	552	33	)	)	PUNCT
fsr-3230	552	34	and	and	CCONJ
fsr-3230	552	35	chrétien	chrétien	NOUN
fsr-3230	552	36	and	and	CCONJ
fsr-3230	552	37	kammoun	kammoun	PROPN
fsr-3230	552	38	(	(	PUNCT
fsr-3230	552	39	2017	2017	NUM
fsr-3230	552	40	)	)	PUNCT
fsr-3230	552	41	for	for	ADP
fsr-3230	552	42	measuring	measure	VERB
fsr-3230	552	43	disagreement	disagreement	NOUN
fsr-3230	552	44	.	.	PUNCT
fsr-3230	553	1	we	we	PRON
fsr-3230	553	2	then	then	ADV
fsr-3230	553	3	study	study	VERB
fsr-3230	553	4	the	the	DET
fsr-3230	553	5	relations	relation	NOUN
fsr-3230	553	6	between	between	ADP
fsr-3230	553	7	disagreement	disagreement	NOUN
fsr-3230	553	8	and	and	CCONJ
fsr-3230	553	9	fund	fund	NOUN
fsr-3230	553	10	characteristics	characteristic	NOUN
fsr-3230	553	11	,	,	PUNCT
fsr-3230	553	12	active	active	ADJ
fsr-3230	553	13	management	management	NOUN
fsr-3230	553	14	level	level	NOUN
fsr-3230	553	15	and	and	CCONJ
fsr-3230	553	16	fund	fund	NOUN
fsr-3230	553	17	flows	flow	NOUN
fsr-3230	553	18	.	.	PUNCT
fsr-3230	554	1	empirically	empirically	ADV
fsr-3230	554	2	,	,	PUNCT
fsr-3230	554	3	we	we	PRON
fsr-3230	554	4	find	find	VERB
fsr-3230	554	5	that	that	SCONJ
fsr-3230	554	6	funds	fund	NOUN
fsr-3230	554	7	that	that	PRON
fsr-3230	554	8	are	be	AUX
fsr-3230	554	9	the	the	DET
fsr-3230	554	10	most	most	ADJ
fsr-3230	554	11	subject	subject	ADJ
fsr-3230	554	12	to	to	ADP
fsr-3230	554	13	disagreement	disagreement	NOUN
fsr-3230	554	14	are	be	AUX
fsr-3230	554	15	risky	risky	ADJ
fsr-3230	554	16	financial	financial	ADJ
fsr-3230	554	17	products	product	NOUN
fsr-3230	554	18	that	that	PRON
fsr-3230	554	19	appear	appear	VERB
fsr-3230	554	20	well	well	ADV
fsr-3230	554	21	supported	support	VERB
fsr-3230	554	22	by	by	ADP
fsr-3230	554	23	their	their	PRON
fsr-3230	554	24	organizations	organization	NOUN
fsr-3230	554	25	.	.	PUNCT
fsr-3230	555	1	these	these	DET
fsr-3230	555	2	funds	fund	NOUN
fsr-3230	555	3	are	be	AUX
fsr-3230	555	4	small	small	ADJ
fsr-3230	555	5	with	with	ADP
fsr-3230	555	6	young	young	ADJ
fsr-3230	555	7	17	17	NUM
fsr-3230	555	8	table	table	NOUN
fsr-3230	555	9	7	7	NUM
fsr-3230	555	10	also	also	ADV
fsr-3230	555	11	finds	find	VERB
fsr-3230	555	12	that	that	SCONJ
fsr-3230	555	13	future	future	ADJ
fsr-3230	555	14	net	net	ADJ
fsr-3230	555	15	flows	flow	NOUN
fsr-3230	555	16	are	be	AUX
fsr-3230	555	17	positively	positively	ADV
fsr-3230	555	18	related	relate	VERB
fsr-3230	555	19	to	to	ADP
fsr-3230	555	20	past	past	ADJ
fsr-3230	555	21	performance	performance	NOUN
fsr-3230	555	22	,	,	PUNCT
fsr-3230	555	23	turnover	turnover	NOUN
fsr-3230	555	24	,	,	PUNCT
fsr-3230	555	25	age	age	NOUN
fsr-3230	555	26	,	,	PUNCT
fsr-3230	555	27	fund	fund	NOUN
fsr-3230	555	28	return	return	NOUN
fsr-3230	555	29	autocorrelation	autocorrelation	NOUN
fsr-3230	555	30	,	,	PUNCT
fsr-3230	555	31	dividend	dividend	NOUN
fsr-3230	555	32	yield	yield	NOUN
fsr-3230	555	33	and	and	CCONJ
fsr-3230	555	34	family	family	NOUN
fsr-3230	555	35	size	size	NOUN
fsr-3230	555	36	,	,	PUNCT
fsr-3230	555	37	and	and	CCONJ
fsr-3230	555	38	negatively	negatively	ADV
fsr-3230	555	39	related	relate	VERB
fsr-3230	555	40	to	to	ADP
fsr-3230	555	41	expenses	expense	NOUN
fsr-3230	555	42	,	,	PUNCT
fsr-3230	555	43	fund	fund	NOUN
fsr-3230	555	44	size	size	NOUN
fsr-3230	555	45	and	and	CCONJ
fsr-3230	555	46	fund	fund	NOUN
fsr-3230	555	47	return	return	NOUN
fsr-3230	555	48	volatility	volatility	NOUN
fsr-3230	555	49	.	.	PUNCT
fsr-3230	556	1	hence	hence	ADV
fsr-3230	556	2	,	,	PUNCT
fsr-3230	556	3	money	money	NOUN
fsr-3230	556	4	tends	tend	VERB
fsr-3230	556	5	to	to	PART
fsr-3230	556	6	flow	flow	VERB
fsr-3230	556	7	into	into	ADP
fsr-3230	556	8	managers	manager	NOUN
fsr-3230	556	9	.	.	PUNCT
fsr-3230	557	1	they	they	PRON
fsr-3230	557	2	tend	tend	VERB
fsr-3230	557	3	to	to	PART
fsr-3230	557	4	follow	follow	VERB
fsr-3230	557	5	aggressive	aggressive	ADJ
fsr-3230	557	6	and	and	CCONJ
fsr-3230	557	7	costly	costly	ADJ
fsr-3230	557	8	active	active	ADJ
fsr-3230	557	9	trading	trading	NOUN
fsr-3230	557	10	strategies	strategy	NOUN
fsr-3230	557	11	,	,	PUNCT
fsr-3230	557	12	with	with	ADP
fsr-3230	557	13	large	large	ADJ
fsr-3230	557	14	deviations	deviation	NOUN
fsr-3230	557	15	from	from	ADP
fsr-3230	557	16	their	their	PRON
fsr-3230	557	17	benchmarks	benchmark	NOUN
fsr-3230	557	18	.	.	PUNCT
fsr-3230	558	1	however	however	ADV
fsr-3230	558	2	,	,	PUNCT
fsr-3230	558	3	they	they	PRON
fsr-3230	558	4	have	have	VERB
fsr-3230	558	5	a	a	DET
fsr-3230	558	6	long	long	ADJ
fsr-3230	558	7	existence	existence	NOUN
fsr-3230	558	8	and	and	CCONJ
fsr-3230	558	9	are	be	AUX
fsr-3230	558	10	part	part	NOUN
fsr-3230	558	11	of	of	ADP
fsr-3230	558	12	large	large	ADJ
fsr-3230	558	13	fund	fund	NOUN
fsr-3230	558	14	families	family	NOUN
fsr-3230	558	15	.	.	PUNCT
fsr-3230	559	1	we	we	PRON
fsr-3230	559	2	also	also	ADV
fsr-3230	559	3	find	find	VERB
fsr-3230	559	4	that	that	SCONJ
fsr-3230	559	5	higher	high	ADJ
fsr-3230	559	6	disagreement	disagreement	NOUN
fsr-3230	559	7	is	be	AUX
fsr-3230	559	8	associated	associate	VERB
fsr-3230	559	9	with	with	ADP
fsr-3230	559	10	higher	high	ADJ
fsr-3230	559	11	future	future	ADJ
fsr-3230	559	12	net	net	ADJ
fsr-3230	559	13	fund	fund	NOUN
fsr-3230	559	14	flows	flow	VERB
fsr-3230	559	15	.	.	PUNCT
fsr-3230	560	1	high	high	ADJ
fsr-3230	560	2	disagreement	disagreement	NOUN
fsr-3230	560	3	means	mean	VERB
fsr-3230	560	4	that	that	SCONJ
fsr-3230	560	5	some	some	DET
fsr-3230	560	6	investors	investor	NOUN
fsr-3230	560	7	have	have	VERB
fsr-3230	560	8	favorable	favorable	ADJ
fsr-3230	560	9	evaluations	evaluation	NOUN
fsr-3230	560	10	,	,	PUNCT
fsr-3230	560	11	and	and	CCONJ
fsr-3230	560	12	our	our	PRON
fsr-3230	560	13	results	result	NOUN
fsr-3230	560	14	are	be	AUX
fsr-3230	560	15	consistent	consistent	ADJ
fsr-3230	560	16	with	with	ADP
fsr-3230	560	17	such	such	ADJ
fsr-3230	560	18	evaluations	evaluation	NOUN
fsr-3230	560	19	leading	lead	VERB
fsr-3230	560	20	to	to	ADP
fsr-3230	560	21	positive	positive	ADJ
fsr-3230	560	22	demands	demand	NOUN
fsr-3230	560	23	.	.	PUNCT
fsr-3230	561	1	overall	overall	ADV
fsr-3230	561	2	,	,	PUNCT
fsr-3230	561	3	our	our	PRON
fsr-3230	561	4	empirical	empirical	ADJ
fsr-3230	561	5	findings	finding	NOUN
fsr-3230	561	6	thus	thus	ADV
fsr-3230	561	7	suggest	suggest	VERB
fsr-3230	561	8	that	that	SCONJ
fsr-3230	561	9	these	these	DET
fsr-3230	561	10	somewhat	somewhat	ADV
fsr-3230	561	11	risky	risky	ADJ
fsr-3230	561	12	financial	financial	ADJ
fsr-3230	561	13	products	product	NOUN
fsr-3230	561	14	could	could	AUX
fsr-3230	561	15	have	have	VERB
fsr-3230	561	16	their	their	PRON
fsr-3230	561	17	dedicated	dedicated	ADJ
fsr-3230	561	18	clienteles	clientele	NOUN
fsr-3230	561	19	.	.	PUNCT
fsr-3230	562	1	ferson	ferson	PROPN
fsr-3230	562	2	(	(	PUNCT
fsr-3230	562	3	2010	2010	NUM
fsr-3230	562	4	)	)	PUNCT
fsr-3230	562	5	and	and	CCONJ
fsr-3230	562	6	ferson	ferson	NOUN
fsr-3230	562	7	and	and	CCONJ
fsr-3230	562	8	lin	lin	PROPN
fsr-3230	562	9	(	(	PUNCT
fsr-3230	562	10	2014	2014	NUM
fsr-3230	562	11	)	)	PUNCT
fsr-3230	562	12	call	call	VERB
fsr-3230	562	13	for	for	ADP
fsr-3230	562	14	more	more	ADJ
fsr-3230	562	15	research	research	NOUN
fsr-3230	562	16	on	on	ADP
fsr-3230	562	17	investor	investor	NOUN
fsr-3230	562	18	disagreement	disagreement	NOUN
fsr-3230	562	19	and	and	CCONJ
fsr-3230	562	20	clientele	clientele	NOUN
fsr-3230	562	21	effects	effect	NOUN
fsr-3230	562	22	in	in	ADP
fsr-3230	562	23	performance	performance	NOUN
fsr-3230	562	24	evaluation	evaluation	NOUN
fsr-3230	562	25	.	.	PUNCT
fsr-3230	563	1	this	this	DET
fsr-3230	563	2	paper	paper	NOUN
fsr-3230	563	3	contributes	contribute	VERB
fsr-3230	563	4	to	to	ADP
fsr-3230	563	5	the	the	DET
fsr-3230	563	6	growing	grow	VERB
fsr-3230	563	7	evidence	evidence	NOUN
fsr-3230	563	8	on	on	ADP
fsr-3230	563	9	investor	investor	NOUN
fsr-3230	563	10	heterogeneity	heterogeneity	NOUN
fsr-3230	563	11	and	and	CCONJ
fsr-3230	563	12	clientele	clientele	NOUN
fsr-3230	563	13	effects	effect	NOUN
fsr-3230	563	14	in	in	ADP
fsr-3230	563	15	mutual	mutual	ADJ
fsr-3230	563	16	funds	fund	NOUN
fsr-3230	563	17	by	by	ADP
fsr-3230	563	18	using	use	VERB
fsr-3230	563	19	aggregate	aggregate	ADJ
fsr-3230	563	20	measures	measure	NOUN
fsr-3230	563	21	of	of	ADP
fsr-3230	563	22	disagreement	disagreement	NOUN
fsr-3230	563	23	,	,	PUNCT
fsr-3230	563	24	instead	instead	ADV
fsr-3230	563	25	of	of	ADP
fsr-3230	563	26	focusing	focus	VERB
fsr-3230	563	27	on	on	ADP
fsr-3230	563	28	specific	specific	ADJ
fsr-3230	563	29	kinds	kind	NOUN
fsr-3230	563	30	of	of	ADP
fsr-3230	563	31	clienteles	clientele	NOUN
fsr-3230	563	32	(	(	PUNCT
fsr-3230	563	33	like	like	ADP
fsr-3230	563	34	individual	individual	ADJ
fsr-3230	563	35	versus	versus	ADP
fsr-3230	563	36	institutional	institutional	ADJ
fsr-3230	563	37	investors	investor	NOUN
fsr-3230	563	38	,	,	PUNCT
fsr-3230	563	39	value	value	NOUN
fsr-3230	563	40	versus	versus	ADP
fsr-3230	563	41	growth	growth	NOUN
fsr-3230	563	42	investors	investor	NOUN
fsr-3230	563	43	,	,	PUNCT
fsr-3230	563	44	taxable	taxable	ADJ
fsr-3230	563	45	versus	versus	ADP
fsr-3230	563	46	tax	tax	NOUN
fsr-3230	563	47	-	-	PUNCT
fsr-3230	563	48	free	free	ADJ
fsr-3230	563	49	investors	investor	NOUN
fsr-3230	563	50	,	,	PUNCT
fsr-3230	563	51	etc	etc	X
fsr-3230	563	52	.	.	X
fsr-3230	563	53	)	)	PUNCT
fsr-3230	563	54	.	.	PUNCT
fsr-3230	564	1	it	it	PRON
fsr-3230	564	2	also	also	ADV
fsr-3230	564	3	shows	show	VERB
fsr-3230	564	4	that	that	SCONJ
fsr-3230	564	5	disagreement	disagreement	NOUN
fsr-3230	564	6	is	be	AUX
fsr-3230	564	7	important	important	ADJ
fsr-3230	564	8	for	for	ADP
fsr-3230	564	9	understanding	understand	VERB
fsr-3230	564	10	the	the	DET
fsr-3230	564	11	effects	effect	NOUN
fsr-3230	564	12	of	of	ADP
fsr-3230	564	13	fund	fund	NOUN
fsr-3230	564	14	characteristics	characteristic	NOUN
fsr-3230	564	15	and	and	CCONJ
fsr-3230	564	16	investment	investment	NOUN
fsr-3230	564	17	strategies	strategy	NOUN
fsr-3230	564	18	,	,	PUNCT
fsr-3230	564	19	and	and	CCONJ
fsr-3230	564	20	the	the	DET
fsr-3230	564	21	reasons	reason	NOUN
fsr-3230	564	22	why	why	SCONJ
fsr-3230	564	23	money	money	NOUN
fsr-3230	564	24	flows	flow	VERB
fsr-3230	564	25	into	into	ADP
fsr-3230	564	26	and	and	CCONJ
fsr-3230	564	27	out	out	ADP
fsr-3230	564	28	of	of	ADP
fsr-3230	564	29	funds	fund	NOUN
fsr-3230	564	30	.	.	PUNCT
fsr-3230	565	1	there	there	PRON
fsr-3230	565	2	are	be	VERB
fsr-3230	565	3	many	many	ADJ
fsr-3230	565	4	avenues	avenue	NOUN
fsr-3230	565	5	for	for	ADP
fsr-3230	565	6	future	future	ADJ
fsr-3230	565	7	research	research	NOUN
fsr-3230	565	8	.	.	PUNCT
fsr-3230	566	1	for	for	ADP
fsr-3230	566	2	examples	example	NOUN
fsr-3230	566	3	,	,	PUNCT
fsr-3230	566	4	it	it	PRON
fsr-3230	566	5	would	would	AUX
fsr-3230	566	6	be	be	AUX
fsr-3230	566	7	insightful	insightful	ADJ
fsr-3230	566	8	to	to	PART
fsr-3230	566	9	develop	develop	VERB
fsr-3230	566	10	new	new	ADJ
fsr-3230	566	11	disagreement	disagreement	NOUN
fsr-3230	566	12	measures	measure	NOUN
fsr-3230	566	13	by	by	ADP
fsr-3230	566	14	using	use	VERB
fsr-3230	566	15	restrictions	restriction	NOUN
fsr-3230	566	16	on	on	ADP
fsr-3230	566	17	heterogeneity	heterogeneity	NOUN
fsr-3230	566	18	based	base	VERB
fsr-3230	566	19	on	on	ADP
fsr-3230	566	20	our	our	PRON
fsr-3230	566	21	understanding	understanding	NOUN
fsr-3230	566	22	of	of	ADP
fsr-3230	566	23	specific	specific	ADJ
fsr-3230	566	24	kinds	kind	NOUN
fsr-3230	566	25	of	of	ADP
fsr-3230	566	26	clienteles	clientele	NOUN
fsr-3230	566	27	.	.	PUNCT
fsr-3230	567	1	also	also	ADV
fsr-3230	567	2	it	it	PRON
fsr-3230	567	3	would	would	AUX
fsr-3230	567	4	be	be	AUX
fsr-3230	567	5	important	important	ADJ
fsr-3230	567	6	to	to	PART
fsr-3230	567	7	investigate	investigate	VERB
fsr-3230	567	8	the	the	DET
fsr-3230	567	9	particular	particular	ADJ
fsr-3230	567	10	roles	role	NOUN
fsr-3230	567	11	of	of	ADP
fsr-3230	567	12	heterogeneity	heterogeneity	NOUN
fsr-3230	567	13	in	in	ADP
fsr-3230	567	14	beliefs	belief	NOUN
fsr-3230	567	15	,	,	PUNCT
fsr-3230	567	16	preferences	preference	NOUN
fsr-3230	567	17	and	and	CCONJ
fsr-3230	567	18	constraints	constraint	NOUN
fsr-3230	567	19	in	in	ADP
fsr-3230	567	20	generating	generate	VERB
fsr-3230	567	21	aggregate	aggregate	ADJ
fsr-3230	567	22	disagreement	disagreement	NOUN
fsr-3230	567	23	.	.	PUNCT
fsr-3230	568	1	finally	finally	ADV
fsr-3230	568	2	,	,	PUNCT
fsr-3230	568	3	it	it	PRON
fsr-3230	568	4	would	would	AUX
fsr-3230	568	5	be	be	AUX
fsr-3230	568	6	interesting	interesting	ADJ
fsr-3230	568	7	to	to	PART
fsr-3230	568	8	adapt	adapt	VERB
fsr-3230	568	9	existing	exist	VERB
fsr-3230	568	10	fund	fund	NOUN
fsr-3230	568	11	performance	performance	NOUN
fsr-3230	568	12	analyses	analysis	NOUN
fsr-3230	568	13	to	to	PART
fsr-3230	568	14	study	study	VERB
fsr-3230	568	15	disagreement	disagreement	NOUN
fsr-3230	568	16	,	,	PUNCT
fsr-3230	568	17	like	like	ADP
fsr-3230	568	18	whether	whether	SCONJ
fsr-3230	568	19	disagreement	disagreement	NOUN
fsr-3230	568	20	is	be	AUX
fsr-3230	568	21	persistent	persistent	ADJ
fsr-3230	568	22	and	and	CCONJ
fsr-3230	568	23	exploitable	exploitable	ADJ
fsr-3230	568	24	in	in	ADP
fsr-3230	568	25	an	an	DET
fsr-3230	568	26	investment	investment	NOUN
fsr-3230	568	27	strategy	strategy	NOUN
fsr-3230	568	28	.	.	PUNCT
fsr-3230	569	1	references	reference	NOUN
fsr-3230	569	2	ahn	ahn	PROPN
fsr-3230	569	3	,	,	PUNCT
fsr-3230	569	4	d	d	PROPN
fsr-3230	569	5	-	-	PUNCT
fsr-3230	569	6	h.	h.	PROPN
fsr-3230	569	7	,	,	PUNCT
fsr-3230	569	8	cao	cao	PROPN
fsr-3230	569	9	,	,	PUNCT
fsr-3230	569	10	h.	h.	PROPN
fsr-3230	569	11	h.	h.	PROPN
fsr-3230	569	12	,	,	PUNCT
fsr-3230	569	13	&	&	CCONJ
fsr-3230	569	14	chrétien	chrétien	PROPN
fsr-3230	569	15	,	,	PUNCT
fsr-3230	569	16	s.	s.	PROPN
fsr-3230	569	17	(	(	PUNCT
fsr-3230	569	18	2009	2009	NUM
fsr-3230	569	19	)	)	PUNCT
fsr-3230	569	20	.	.	PUNCT
fsr-3230	570	1	portfolio	portfolio	NOUN
fsr-3230	570	2	performance	performance	NOUN
fsr-3230	570	3	measurement	measurement	NOUN
fsr-3230	570	4	:	:	PUNCT
fsr-3230	570	5	a	a	DET
fsr-3230	570	6	no	no	DET
fsr-3230	570	7	arbitrage	arbitrage	NOUN
fsr-3230	570	8	bounds	bound	NOUN
fsr-3230	570	9	approach	approach	NOUN
fsr-3230	570	10	.	.	PUNCT
fsr-3230	571	1	european	european	ADJ
fsr-3230	571	2	financial	financial	ADJ
fsr-3230	571	3	management	management	NOUN
fsr-3230	571	4	,	,	PUNCT
fsr-3230	571	5	15	15	NUM
fsr-3230	571	6	,	,	PUNCT
fsr-3230	571	7	298−339	298−339	NUM
fsr-3230	571	8	.	.	PUNCT
fsr-3230	571	9	funds	fund	NOUN
fsr-3230	571	10	for	for	ADP
fsr-3230	571	11	which	which	PRON
fsr-3230	571	12	there	there	PRON
fsr-3230	571	13	is	be	VERB
fsr-3230	571	14	a	a	DET
fsr-3230	571	15	large	large	ADJ
fsr-3230	571	16	disagreement	disagreement	NOUN
fsr-3230	571	17	and	and	CCONJ
fsr-3230	571	18	that	that	PRON
fsr-3230	571	19	have	have	VERB
fsr-3230	571	20	high	high	ADJ
fsr-3230	571	21	past	past	ADJ
fsr-3230	571	22	performance	performance	NOUN
fsr-3230	571	23	,	,	PUNCT
fsr-3230	571	24	low	low	ADJ
fsr-3230	571	25	expenses	expense	NOUN
fsr-3230	571	26	,	,	PUNCT
fsr-3230	571	27	high	high	ADJ
fsr-3230	571	28	turnover	turnover	NOUN
fsr-3230	571	29	,	,	PUNCT
fsr-3230	571	30	low	low	ADJ
fsr-3230	571	31	volatility	volatility	NOUN
fsr-3230	571	32	,	,	PUNCT
fsr-3230	571	33	high	high	ADJ
fsr-3230	571	34	autocorrelation	autocorrelation	NOUN
fsr-3230	571	35	and	and	CCONJ
fsr-3230	571	36	high	high	ADJ
fsr-3230	571	37	dividend	dividend	NOUN
fsr-3230	571	38	yield	yield	NOUN
fsr-3230	571	39	,	,	PUNCT
fsr-3230	571	40	that	that	PRON
fsr-3230	571	41	are	be	AUX
fsr-3230	571	42	older	old	ADJ
fsr-3230	571	43	and	and	CCONJ
fsr-3230	571	44	smaller	small	ADJ
fsr-3230	571	45	,	,	PUNCT
fsr-3230	571	46	and	and	CCONJ
fsr-3230	571	47	that	that	PRON
fsr-3230	571	48	belong	belong	VERB
fsr-3230	571	49	to	to	ADP
fsr-3230	571	50	a	a	DET
fsr-3230	571	51	large	large	ADJ
fsr-3230	571	52	family	family	NOUN
fsr-3230	571	53	.	.	PUNCT
fsr-3230	572	1	financial	financial	ADJ
fsr-3230	572	2	services	services	PROPN
fsr-3230	572	3	review	review	PROPN
fsr-3230	572	4	,	,	PUNCT
fsr-3230	572	5	32(1	32(1	NUM
fsr-3230	572	6	)	)	PUNCT
fsr-3230	573	1	90	90	NUM
fsr-3230	573	2	https://doi.org/10.1111/j.1468036x.2009.00480.x	https://doi.org/10.1111/j.1468036x.2009.00480.x	NUM
fsr-3230	573	3	agnesens	agnesens	PROPN
fsr-3230	573	4	,	,	PUNCT
fsr-3230	573	5	j.	j.	PROPN
fsr-3230	573	6	(	(	PUNCT
fsr-3230	573	7	2013	2013	NUM
fsr-3230	573	8	)	)	PUNCT
fsr-3230	573	9	.	.	PUNCT
fsr-3230	574	1	a	a	DET
fsr-3230	574	2	statistically	statistically	ADV
fsr-3230	574	3	robust	robust	ADJ
fsr-3230	574	4	decomposition	decomposition	NOUN
fsr-3230	574	5	of	of	ADP
fsr-3230	574	6	mutual	mutual	ADJ
fsr-3230	574	7	fund	fund	NOUN
fsr-3230	574	8	performance	performance	NOUN
fsr-3230	574	9	.	.	PUNCT
fsr-3230	575	1	journal	journal	NOUN
fsr-3230	575	2	of	of	ADP
fsr-3230	575	3	banking	banking	NOUN
fsr-3230	575	4	and	and	CCONJ
fsr-3230	575	5	finance	finance	NOUN
fsr-3230	575	6	,	,	PUNCT
fsr-3230	575	7	37	37	NUM
fsr-3230	575	8	,	,	PUNCT
fsr-3230	575	9	3867−3877	3867−3877	NUM
fsr-3230	575	10	.	.	PUNCT
fsr-3230	576	1	https://doi.org/10.1016/j.jbankfin.2013.07.02	https://doi.org/10.1016/j.jbankfin.2013.07.02	ADJ
fsr-3230	576	2	0	0	PUNCT
fsr-3230	576	3	amihud	amihud	ADJ
fsr-3230	576	4	,	,	PUNCT
fsr-3230	576	5	y.	y.	PROPN
fsr-3230	576	6	,	,	PUNCT
fsr-3230	576	7	&	&	CCONJ
fsr-3230	576	8	goyenko	goyenko	PROPN
fsr-3230	576	9	,	,	PUNCT
fsr-3230	576	10	r.	r.	PROPN
fsr-3230	576	11	(	(	PUNCT
fsr-3230	576	12	2013	2013	NUM
fsr-3230	576	13	)	)	PUNCT
fsr-3230	576	14	.	.	PUNCT
fsr-3230	577	1	mutual	mutual	ADJ
fsr-3230	577	2	fund	fund	PROPN
fsr-3230	577	3	’s	’s	PART
fsr-3230	577	4	r2	r2	NOUN
fsr-3230	577	5	as	as	ADP
fsr-3230	577	6	predictor	predictor	NOUN
fsr-3230	577	7	of	of	ADP
fsr-3230	577	8	performance	performance	NOUN
fsr-3230	577	9	.	.	PUNCT
fsr-3230	578	1	review	review	NOUN
fsr-3230	578	2	of	of	ADP
fsr-3230	578	3	financial	financial	ADJ
fsr-3230	578	4	studies	study	NOUN
fsr-3230	578	5	,	,	PUNCT
fsr-3230	578	6	26	26	NUM
fsr-3230	578	7	,	,	PUNCT
fsr-3230	578	8	667−694	667−694	PROPN
fsr-3230	578	9	.	.	PUNCT
fsr-3230	578	10	https://doi.org/10.1093/rfs/hhs182	https://doi.org/10.1093/rfs/hhs182	PROPN
fsr-3230	578	11	bailey	bailey	PROPN
fsr-3230	578	12	,	,	PUNCT
fsr-3230	578	13	w.	w.	PROPN
fsr-3230	578	14	,	,	PUNCT
fsr-3230	578	15	kumar	kumar	PROPN
fsr-3230	578	16	,	,	PUNCT
fsr-3230	578	17	a.	a.	PROPN
fsr-3230	578	18	,	,	PUNCT
fsr-3230	578	19	&	&	CCONJ
fsr-3230	578	20	ng	ng	PROPN
fsr-3230	578	21	,	,	PUNCT
fsr-3230	578	22	d.	d.	PROPN
fsr-3230	578	23	(	(	PUNCT
fsr-3230	578	24	2011	2011	NUM
fsr-3230	578	25	)	)	PUNCT
fsr-3230	578	26	.	.	PUNCT
fsr-3230	579	1	behavioral	behavioral	ADJ
fsr-3230	579	2	biases	bias	NOUN
fsr-3230	579	3	and	and	CCONJ
fsr-3230	579	4	mutual	mutual	ADJ
fsr-3230	579	5	fund	fund	NOUN
fsr-3230	579	6	investors	investor	NOUN
fsr-3230	579	7	.	.	PUNCT
fsr-3230	580	1	journal	journal	PROPN
fsr-3230	580	2	of	of	ADP
fsr-3230	580	3	financial	financial	ADJ
fsr-3230	580	4	economics	economic	NOUN
fsr-3230	580	5	,	,	PUNCT
fsr-3230	580	6	102	102	NUM
fsr-3230	580	7	,	,	PUNCT
fsr-3230	580	8	1−27	1−27	NUM
fsr-3230	580	9	.	.	PUNCT
fsr-3230	581	1	https://doi.org/10.1016/j.jfineco.2011.05.002	https://doi.org/10.1016/j.jfineco.2011.05.002	NUM
fsr-3230	581	2	barber	barber	PROPN
fsr-3230	581	3	,	,	PUNCT
fsr-3230	581	4	b.	b.	PROPN
fsr-3230	581	5	m.	m.	PROPN
fsr-3230	581	6	,	,	PUNCT
fsr-3230	581	7	odean	odean	ADJ
fsr-3230	581	8	,	,	PUNCT
fsr-3230	581	9	t.	t.	PROPN
fsr-3230	581	10	,	,	PUNCT
fsr-3230	581	11	&	&	CCONJ
fsr-3230	581	12	zheng	zheng	PROPN
fsr-3230	581	13	,	,	PUNCT
fsr-3230	581	14	l.	l.	PROPN
fsr-3230	581	15	(	(	PUNCT
fsr-3230	581	16	2005	2005	NUM
fsr-3230	581	17	)	)	PUNCT
fsr-3230	581	18	.	.	PUNCT
fsr-3230	582	1	out	out	ADP
fsr-3230	582	2	of	of	ADP
fsr-3230	582	3	sight	sight	NOUN
fsr-3230	582	4	,	,	PUNCT
fsr-3230	582	5	out	out	ADP
fsr-3230	582	6	of	of	ADP
fsr-3230	582	7	mind	mind	NOUN
fsr-3230	582	8	:	:	PUNCT
fsr-3230	582	9	the	the	DET
fsr-3230	582	10	effects	effect	NOUN
fsr-3230	582	11	of	of	ADP
fsr-3230	582	12	expenses	expense	NOUN
fsr-3230	582	13	on	on	ADP
fsr-3230	582	14	mutual	mutual	ADJ
fsr-3230	582	15	fund	fund	NOUN
fsr-3230	582	16	flows	flow	NOUN
fsr-3230	582	17	.	.	PUNCT
fsr-3230	583	1	journal	journal	NOUN
fsr-3230	583	2	of	of	ADP
fsr-3230	583	3	business	business	NOUN
fsr-3230	583	4	,	,	PUNCT
fsr-3230	583	5	78	78	NUM
fsr-3230	583	6	,	,	PUNCT
fsr-3230	583	7	2095−2119	2095−2119	NUM
fsr-3230	583	8	.	.	PUNCT
fsr-3230	584	1	https://doi.org/10.1016/j.iref.2014.11.019	https://doi.org/10.1016/j.iref.2014.11.019	PROPN
fsr-3230	584	2	barber	barber	PROPN
fsr-3230	584	3	,	,	PUNCT
fsr-3230	584	4	b.	b.	PROPN
fsr-3230	584	5	m.	m.	PROPN
fsr-3230	584	6	,	,	PUNCT
fsr-3230	584	7	huang	huang	PROPN
fsr-3230	584	8	,	,	PUNCT
fsr-3230	584	9	x.	x.	PROPN
fsr-3230	584	10	,	,	PUNCT
fsr-3230	584	11	&	&	CCONJ
fsr-3230	584	12	odean	odean	ADJ
fsr-3230	584	13	,	,	PUNCT
fsr-3230	584	14	t.	t.	PROPN
fsr-3230	584	15	(	(	PUNCT
fsr-3230	584	16	2016	2016	NUM
fsr-3230	584	17	)	)	PUNCT
fsr-3230	584	18	.	.	PUNCT
fsr-3230	585	1	which	which	PRON
fsr-3230	585	2	factors	factor	VERB
fsr-3230	585	3	matter	matter	VERB
fsr-3230	585	4	to	to	ADP
fsr-3230	585	5	investors	investor	NOUN
fsr-3230	585	6	?	?	PUNCT
fsr-3230	586	1	evidence	evidence	NOUN
fsr-3230	586	2	from	from	ADP
fsr-3230	586	3	mutual	mutual	ADJ
fsr-3230	586	4	fund	fund	NOUN
fsr-3230	586	5	flows	flow	NOUN
fsr-3230	586	6	.	.	PUNCT
fsr-3230	587	1	review	review	NOUN
fsr-3230	587	2	of	of	ADP
fsr-3230	587	3	financial	financial	ADJ
fsr-3230	587	4	studies	study	NOUN
fsr-3230	587	5	,	,	PUNCT
fsr-3230	587	6	29	29	NUM
fsr-3230	587	7	,	,	PUNCT
fsr-3230	587	8	2600−2642	2600−2642	NUM
fsr-3230	587	9	.	.	PUNCT
fsr-3230	588	1	https://doi.org/10.1093/rfs/hhw054	https://doi.org/10.1093/rfs/hhw054	PROPN
fsr-3230	588	2	barberis	barberis	PROPN
fsr-3230	588	3	,	,	PUNCT
fsr-3230	588	4	n.	n.	NOUN
fsr-3230	588	5	,	,	PUNCT
fsr-3230	588	6	&	&	CCONJ
fsr-3230	588	7	shleifer	shleifer	PROPN
fsr-3230	588	8	,	,	PUNCT
fsr-3230	588	9	a.	a.	NOUN
fsr-3230	588	10	(	(	PUNCT
fsr-3230	588	11	2003	2003	NUM
fsr-3230	588	12	)	)	PUNCT
fsr-3230	588	13	.	.	PUNCT
fsr-3230	589	1	style	style	NOUN
fsr-3230	589	2	investing	investing	PROPN
fsr-3230	589	3	.	.	PUNCT
fsr-3230	590	1	journal	journal	PROPN
fsr-3230	590	2	of	of	ADP
fsr-3230	590	3	financial	financial	ADJ
fsr-3230	590	4	economics	economic	NOUN
fsr-3230	590	5	,	,	PUNCT
fsr-3230	590	6	68	68	NUM
fsr-3230	590	7	,	,	PUNCT
fsr-3230	590	8	161−199	161−199	NUM
fsr-3230	590	9	.	.	PUNCT
fsr-3230	591	1	https://10.1016	https://10.1016	X
fsr-3230	591	2	/	/	SYM
fsr-3230	591	3	s0304	s0304	ADJ
fsr-3230	591	4	-	-	PUNCT
fsr-3230	591	5	405x(03)00064	405x(03)00064	ADJ
fsr-3230	591	6	-	-	PUNCT
fsr-3230	591	7	3	3	NUM
fsr-3230	591	8	barclay	barclay	NOUN
fsr-3230	591	9	,	,	PUNCT
fsr-3230	591	10	m.	m.	NOUN
fsr-3230	591	11	j.	j.	PROPN
fsr-3230	591	12	,	,	PUNCT
fsr-3230	591	13	pearson	pearson	PROPN
fsr-3230	591	14	,	,	PUNCT
fsr-3230	591	15	n.	n.	PROPN
fsr-3230	591	16	d.	d.	PROPN
fsr-3230	591	17	,	,	PUNCT
fsr-3230	591	18	&	&	CCONJ
fsr-3230	591	19	weisbach	weisbach	PROPN
fsr-3230	591	20	,	,	PUNCT
fsr-3230	591	21	m.s	m.s	PROPN
fsr-3230	591	22	.	.	PROPN
fsr-3230	591	23	(	(	PUNCT
fsr-3230	591	24	1998	1998	NUM
fsr-3230	591	25	)	)	PUNCT
fsr-3230	591	26	.	.	PUNCT
fsr-3230	592	1	open	open	ADJ
fsr-3230	592	2	-	-	PUNCT
fsr-3230	592	3	end	end	NOUN
fsr-3230	592	4	mutual	mutual	ADJ
fsr-3230	592	5	funds	fund	NOUN
fsr-3230	592	6	and	and	CCONJ
fsr-3230	592	7	capitalgains	capitalgain	VERB
fsr-3230	592	8	taxes	taxis	NOUN
fsr-3230	592	9	.	.	PUNCT
fsr-3230	593	1	journal	journal	NOUN
fsr-3230	593	2	of	of	ADP
fsr-3230	593	3	financial	financial	ADJ
fsr-3230	593	4	economics	economic	NOUN
fsr-3230	593	5	,	,	PUNCT
fsr-3230	593	6	1998	1998	NUM
fsr-3230	593	7	,	,	PUNCT
fsr-3230	593	8	49	49	NUM
fsr-3230	593	9	,	,	PUNCT
fsr-3230	593	10	3−43	3−43	PROPN
fsr-3230	593	11	.	.	PUNCT
fsr-3230	594	1	https://doi.org/10.1016/s0304405x(98)00016-6	https://doi.org/10.1016/s0304405x(98)00016-6	PROPN
fsr-3230	594	2	ben	ben	PROPN
fsr-3230	594	3	-	-	PUNCT
fsr-3230	594	4	david	david	PROPN
fsr-3230	594	5	,	,	PUNCT
fsr-3230	594	6	i.	i.	PROPN
fsr-3230	594	7	,	,	PUNCT
fsr-3230	594	8	li	li	PROPN
fsr-3230	594	9	,	,	PUNCT
fsr-3230	594	10	j.	j.	PROPN
fsr-3230	594	11	,	,	PUNCT
fsr-3230	594	12	rossi	rossi	PROPN
fsr-3230	594	13	,	,	PUNCT
fsr-3230	594	14	a.	a.	PROPN
fsr-3230	594	15	,	,	PUNCT
fsr-3230	594	16	&	&	CCONJ
fsr-3230	594	17	song	song	PROPN
fsr-3230	594	18	,	,	PUNCT
fsr-3230	594	19	y.	y.	PROPN
fsr-3230	594	20	(	(	PUNCT
fsr-3230	594	21	2022	2022	NUM
fsr-3230	594	22	)	)	PUNCT
fsr-3230	594	23	.	.	PUNCT
fsr-3230	595	1	what	what	PRON
fsr-3230	595	2	do	do	AUX
fsr-3230	595	3	mutual	mutual	ADJ
fsr-3230	595	4	fund	fund	NOUN
fsr-3230	595	5	investors	investor	NOUN
fsr-3230	595	6	really	really	ADV
fsr-3230	595	7	care	care	VERB
fsr-3230	595	8	about	about	ADP
fsr-3230	595	9	?	?	PUNCT
fsr-3230	596	1	review	review	NOUN
fsr-3230	596	2	of	of	ADP
fsr-3230	596	3	financial	financial	ADJ
fsr-3230	596	4	studies	study	NOUN
fsr-3230	596	5	,	,	PUNCT
fsr-3230	596	6	35(4	35(4	NUM
fsr-3230	596	7	)	)	PUNCT
fsr-3230	596	8	,	,	PUNCT
fsr-3230	596	9	1723	1723	NUM
fsr-3230	596	10	-	-	SYM
fsr-3230	596	11	1774	1774	NUM
fsr-3230	596	12	.	.	PUNCT
fsr-3230	597	1	https://doi.org/10.1093/rfs/hhab081	https://doi.org/10.1093/rfs/hhab081	PROPN
fsr-3230	597	2	bergstresser	bergstresser	PROPN
fsr-3230	597	3	,	,	PUNCT
fsr-3230	597	4	d.	d.	PROPN
fsr-3230	597	5	,	,	PUNCT
fsr-3230	597	6	chalmers	chalmers	PROPN
fsr-3230	597	7	,	,	PUNCT
fsr-3230	597	8	j.	j.	PROPN
fsr-3230	597	9	,	,	PUNCT
fsr-3230	597	10	&	&	CCONJ
fsr-3230	597	11	tufano	tufano	ADJ
fsr-3230	597	12	,	,	PUNCT
fsr-3230	597	13	p.	p.	NOUN
fsr-3230	597	14	(	(	PUNCT
fsr-3230	597	15	2009	2009	NUM
fsr-3230	597	16	)	)	PUNCT
fsr-3230	597	17	.	.	PUNCT
fsr-3230	598	1	assessing	assess	VERB
fsr-3230	598	2	the	the	DET
fsr-3230	598	3	costs	cost	NOUN
fsr-3230	598	4	and	and	CCONJ
fsr-3230	598	5	benefits	benefit	NOUN
fsr-3230	598	6	of	of	ADP
fsr-3230	598	7	brokers	broker	NOUN
fsr-3230	598	8	in	in	ADP
fsr-3230	598	9	the	the	DET
fsr-3230	598	10	mutual	mutual	ADJ
fsr-3230	598	11	fund	fund	NOUN
fsr-3230	598	12	industry	industry	NOUN
fsr-3230	598	13	.	.	PUNCT
fsr-3230	599	1	review	review	NOUN
fsr-3230	599	2	of	of	ADP
fsr-3230	599	3	financial	financial	ADJ
fsr-3230	599	4	studies	study	NOUN
fsr-3230	599	5	,	,	PUNCT
fsr-3230	599	6	22	22	NUM
fsr-3230	599	7	,	,	PUNCT
fsr-3230	599	8	4129−4156	4129−4156	NUM
fsr-3230	599	9	.	.	PUNCT
fsr-3230	600	1	https://doi.org/10.1093/rfs/hhp022	https://doi.org/10.1093/rfs/hhp022	NOUN
fsr-3230	600	2	bergstresser	bergstresser	NOUN
fsr-3230	600	3	,	,	PUNCT
fsr-3230	600	4	d.	d.	PROPN
fsr-3230	600	5	,	,	PUNCT
fsr-3230	600	6	&	&	CCONJ
fsr-3230	600	7	poterba	poterba	PROPN
fsr-3230	600	8	,	,	PUNCT
fsr-3230	600	9	j.	j.	PROPN
fsr-3230	600	10	(	(	PUNCT
fsr-3230	600	11	2002	2002	NUM
fsr-3230	600	12	)	)	PUNCT
fsr-3230	600	13	.	.	PUNCT
fsr-3230	601	1	do	do	AUX
fsr-3230	601	2	after	after	ADP
fsr-3230	601	3	-	-	PUNCT
fsr-3230	601	4	tax	tax	NOUN
fsr-3230	601	5	returns	return	NOUN
fsr-3230	601	6	affect	affect	VERB
fsr-3230	601	7	mutual	mutual	ADJ
fsr-3230	601	8	fund	fund	NOUN
fsr-3230	601	9	inflows	inflow	NOUN
fsr-3230	601	10	?	?	PUNCT
fsr-3230	602	1	journal	journal	NOUN
fsr-3230	602	2	of	of	ADP
fsr-3230	602	3	financial	financial	ADJ
fsr-3230	602	4	economics	economic	NOUN
fsr-3230	602	5	,	,	PUNCT
fsr-3230	602	6	63	63	NUM
fsr-3230	602	7	,	,	PUNCT
fsr-3230	602	8	381−414	381−414	NUM
fsr-3230	602	9	.	.	PUNCT
fsr-3230	602	10	https://doi.org/10.1016/s0304405x(02)00066-1	https://doi.org/10.1016/s0304405x(02)00066-1	PROPN
fsr-3230	602	11	berk	berk	PROPN
fsr-3230	602	12	,	,	PUNCT
fsr-3230	602	13	j.	j.	PROPN
fsr-3230	602	14	b.	b.	PROPN
fsr-3230	602	15	,	,	PUNCT
fsr-3230	602	16	&	&	CCONJ
fsr-3230	602	17	green	green	PROPN
fsr-3230	602	18	,	,	PUNCT
fsr-3230	602	19	r.	r.	PROPN
fsr-3230	602	20	c.	c.	PROPN
fsr-3230	602	21	(	(	PUNCT
fsr-3230	602	22	2004	2004	NUM
fsr-3230	602	23	)	)	PUNCT
fsr-3230	602	24	.	.	PUNCT
fsr-3230	603	1	mutual	mutual	ADJ
fsr-3230	603	2	fund	fund	NOUN
fsr-3230	603	3	flows	flow	NOUN
fsr-3230	603	4	and	and	CCONJ
fsr-3230	603	5	performance	performance	NOUN
fsr-3230	603	6	in	in	ADP
fsr-3230	603	7	rational	rational	ADJ
fsr-3230	603	8	markets	market	NOUN
fsr-3230	603	9	.	.	PUNCT
fsr-3230	604	1	journal	journal	NOUN
fsr-3230	604	2	of	of	ADP
fsr-3230	604	3	political	political	ADJ
fsr-3230	604	4	economy	economy	NOUN
fsr-3230	604	5	,	,	PUNCT
fsr-3230	604	6	112	112	NUM
fsr-3230	604	7	,	,	PUNCT
fsr-3230	604	8	1269−1295	1269−1295	NUM
fsr-3230	604	9	.	.	PUNCT
fsr-3230	605	1	https://doi.org/10.1086/424739	https://doi.org/10.1086/424739	PROPN
fsr-3230	605	2	berk	berk	PROPN
fsr-3230	605	3	,	,	PUNCT
fsr-3230	605	4	j.	j.	PROPN
fsr-3230	605	5	b.	b.	PROPN
fsr-3230	605	6	,	,	PUNCT
fsr-3230	605	7	&	&	CCONJ
fsr-3230	605	8	van	van	PROPN
fsr-3230	605	9	binsbergen	binsbergen	PROPN
fsr-3230	605	10	,	,	PUNCT
fsr-3230	605	11	j.	j.	PROPN
fsr-3230	605	12	h.	h.	PROPN
fsr-3230	605	13	(	(	PUNCT
fsr-3230	605	14	2015	2015	NUM
fsr-3230	605	15	)	)	PUNCT
fsr-3230	605	16	.	.	PUNCT
fsr-3230	606	1	measuring	measure	VERB
fsr-3230	606	2	skill	skill	NOUN
fsr-3230	606	3	in	in	ADP
fsr-3230	606	4	the	the	DET
fsr-3230	606	5	mutual	mutual	ADJ
fsr-3230	606	6	fund	fund	NOUN
fsr-3230	606	7	industry	industry	NOUN
fsr-3230	606	8	.	.	PUNCT
fsr-3230	607	1	journal	journal	PROPN
fsr-3230	607	2	of	of	ADP
fsr-3230	607	3	financial	financial	ADJ
fsr-3230	607	4	economics	economic	NOUN
fsr-3230	607	5	,	,	PUNCT
fsr-3230	607	6	118	118	NUM
fsr-3230	607	7	,	,	PUNCT
fsr-3230	607	8	1−20	1−20	NUM
fsr-3230	607	9	.	.	PUNCT
fsr-3230	608	1	https://doi.org/10.1016/j.jfineco.2015.05.002	https://doi.org/10.1016/j.jfineco.2015.05.002	NUM
fsr-3230	608	2	berk	berk	PROPN
fsr-3230	608	3	,	,	PUNCT
fsr-3230	608	4	j.	j.	PROPN
fsr-3230	608	5	b.	b.	PROPN
fsr-3230	608	6	,	,	PUNCT
fsr-3230	608	7	&	&	CCONJ
fsr-3230	608	8	van	van	PROPN
fsr-3230	608	9	binsbergen	binsbergen	PROPN
fsr-3230	608	10	,	,	PUNCT
fsr-3230	608	11	j.	j.	PROPN
fsr-3230	608	12	h.	h.	PROPN
fsr-3230	608	13	(	(	PUNCT
fsr-3230	608	14	2017	2017	NUM
fsr-3230	608	15	)	)	PUNCT
fsr-3230	608	16	.	.	PUNCT
fsr-3230	609	1	mutual	mutual	ADJ
fsr-3230	609	2	funds	fund	NOUN
fsr-3230	609	3	in	in	ADP
fsr-3230	609	4	equilibrium	equilibrium	NOUN
fsr-3230	609	5	.	.	PUNCT
fsr-3230	610	1	annual	annual	ADJ
fsr-3230	610	2	review	review	NOUN
fsr-3230	610	3	of	of	ADP
fsr-3230	610	4	financial	financial	ADJ
fsr-3230	610	5	economics	economic	NOUN
fsr-3230	610	6	,	,	PUNCT
fsr-3230	610	7	9	9	NUM
fsr-3230	610	8	,	,	PUNCT
fsr-3230	610	9	147−167	147−167	NUM
fsr-3230	610	10	.	.	PUNCT
fsr-3230	611	1	https://doi.org/10.1146/annurev-financial110716-032454	https://doi.org/10.1146/annurev-financial110716-032454	PROPN
fsr-3230	611	2	betermier	betermier	NOUN
fsr-3230	611	3	,	,	PUNCT
fsr-3230	611	4	s.	s.	PROPN
fsr-3230	611	5	,	,	PUNCT
fsr-3230	611	6	calvet	calvet	PROPN
fsr-3230	611	7	,	,	PUNCT
fsr-3230	611	8	l.	l.	PROPN
fsr-3230	611	9	e.	e.	PROPN
fsr-3230	611	10	,	,	PUNCT
fsr-3230	611	11	&	&	CCONJ
fsr-3230	611	12	sodini	sodini	PROPN
fsr-3230	611	13	,	,	PUNCT
fsr-3230	611	14	p.	p.	NOUN
fsr-3230	611	15	(	(	PUNCT
fsr-3230	611	16	2017	2017	NUM
fsr-3230	611	17	)	)	PUNCT
fsr-3230	611	18	.	.	PUNCT
fsr-3230	612	1	who	who	PRON
fsr-3230	612	2	are	be	AUX
fsr-3230	612	3	value	value	NOUN
fsr-3230	612	4	and	and	CCONJ
fsr-3230	612	5	growth	growth	NOUN
fsr-3230	612	6	investors	investor	NOUN
fsr-3230	612	7	?	?	PUNCT
fsr-3230	613	1	journal	journal	NOUN
fsr-3230	613	2	of	of	ADP
fsr-3230	613	3	finance	finance	NOUN
fsr-3230	613	4	,	,	PUNCT
fsr-3230	613	5	72	72	NUM
fsr-3230	613	6	,	,	PUNCT
fsr-3230	613	7	5−46	5−46	PROPN
fsr-3230	613	8	.	.	PUNCT
fsr-3230	613	9	https://doi.org/10.1111/jofi.12473	https://doi.org/10.1111/jofi.12473	PROPN
fsr-3230	613	10	bhojraj	bhojraj	PROPN
fsr-3230	613	11	,	,	PUNCT
fsr-3230	613	12	s.	s.	PROPN
fsr-3230	613	13	,	,	PUNCT
fsr-3230	613	14	cho	cho	PROPN
fsr-3230	613	15	,	,	PUNCT
fsr-3230	613	16	y.	y.	PROPN
fsr-3230	613	17	j.	j.	PROPN
fsr-3230	613	18	,	,	PUNCT
fsr-3230	613	19	&	&	CCONJ
fsr-3230	613	20	yehuda	yehuda	NOUN
fsr-3230	613	21	,	,	PUNCT
fsr-3230	613	22	n.	n.	NOUN
fsr-3230	613	23	(	(	PUNCT
fsr-3230	613	24	2012	2012	NUM
fsr-3230	613	25	)	)	PUNCT
fsr-3230	613	26	.	.	PUNCT
fsr-3230	614	1	mutual	mutual	ADJ
fsr-3230	614	2	fund	fund	NOUN
fsr-3230	614	3	family	family	NOUN
fsr-3230	614	4	size	size	NOUN
fsr-3230	614	5	and	and	CCONJ
fsr-3230	614	6	mutual	mutual	ADJ
fsr-3230	614	7	fund	fund	NOUN
fsr-3230	614	8	performance	performance	NOUN
fsr-3230	614	9	:	:	PUNCT
fsr-3230	614	10	the	the	DET
fsr-3230	614	11	role	role	NOUN
fsr-3230	614	12	of	of	ADP
fsr-3230	614	13	regulatory	regulatory	ADJ
fsr-3230	614	14	changes	change	NOUN
fsr-3230	614	15	,	,	PUNCT
fsr-3230	614	16	journal	journal	NOUN
fsr-3230	614	17	of	of	ADP
fsr-3230	614	18	accounting	accounting	NOUN
fsr-3230	614	19	research	research	NOUN
fsr-3230	614	20	,	,	PUNCT
fsr-3230	614	21	50	50	NUM
fsr-3230	614	22	,	,	PUNCT
fsr-3230	614	23	647−684	647−684	NOUN
fsr-3230	614	24	.	.	PUNCT
fsr-3230	615	1	https://10.1111	https://10.1111	X
fsr-3230	615	2	/	/	SYM
fsr-3230	615	3	j.1475679x.2011.00436.x	j.1475679x.2011.00436.x	PRON
fsr-3230	615	4	bondarenko	bondarenko	NOUN
fsr-3230	615	5	,	,	PUNCT
fsr-3230	615	6	o.	o.	PROPN
fsr-3230	615	7	(	(	PUNCT
fsr-3230	615	8	2003	2003	NUM
fsr-3230	615	9	)	)	PUNCT
fsr-3230	615	10	.	.	PUNCT
fsr-3230	616	1	statistical	statistical	ADJ
fsr-3230	616	2	arbitrage	arbitrage	NOUN
fsr-3230	616	3	and	and	CCONJ
fsr-3230	616	4	security	security	NOUN
fsr-3230	616	5	prices	price	NOUN
fsr-3230	616	6	,	,	PUNCT
fsr-3230	616	7	review	review	NOUN
fsr-3230	616	8	of	of	ADP
fsr-3230	616	9	financial	financial	ADJ
fsr-3230	616	10	studies	study	NOUN
fsr-3230	616	11	,	,	PUNCT
fsr-3230	616	12	16	16	NUM
fsr-3230	616	13	,	,	PUNCT
fsr-3230	616	14	875−919	875−919	NOUN
fsr-3230	616	15	.	.	PUNCT
fsr-3230	616	16	https://10.1093	https://10.1093	AUX
fsr-3230	616	17	/	/	SYM
fsr-3230	616	18	rfs	rfs	PROPN
fsr-3230	616	19	/	/	SYM
fsr-3230	616	20	hhg016	hhg016	PROPN
fsr-3230	616	21	carhart	carhart	NOUN
fsr-3230	616	22	,	,	PUNCT
fsr-3230	616	23	m.	m.	NOUN
fsr-3230	616	24	(	(	PUNCT
fsr-3230	616	25	1997	1997	NUM
fsr-3230	616	26	)	)	PUNCT
fsr-3230	616	27	.	.	PUNCT
fsr-3230	617	1	on	on	ADP
fsr-3230	617	2	persistence	persistence	NOUN
fsr-3230	617	3	in	in	ADP
fsr-3230	617	4	mutual	mutual	ADJ
fsr-3230	617	5	fund	fund	NOUN
fsr-3230	617	6	performance	performance	NOUN
fsr-3230	617	7	.	.	PUNCT
fsr-3230	618	1	journal	journal	PROPN
fsr-3230	618	2	of	of	ADP
fsr-3230	618	3	finance	finance	NOUN
fsr-3230	618	4	,	,	PUNCT
fsr-3230	618	5	52	52	NUM
fsr-3230	618	6	,	,	PUNCT
fsr-3230	618	7	57−82	57−82	NOUN
fsr-3230	618	8	.	.	PUNCT
fsr-3230	619	1	https://doi.org/10.1111/j.15406261.1997.tb03808.x	https://doi.org/10.1111/j.15406261.1997.tb03808.x	PROPN
fsr-3230	619	2	chen	chen	PROPN
fsr-3230	619	3	,	,	PUNCT
fsr-3230	619	4	j.	j.	PROPN
fsr-3230	619	5	,	,	PUNCT
fsr-3230	619	6	hong	hong	PROPN
fsr-3230	619	7	,	,	PUNCT
fsr-3230	619	8	h.	h.	PROPN
fsr-3230	619	9	,	,	PUNCT
fsr-3230	619	10	huang	huang	PROPN
fsr-3230	619	11	,	,	PUNCT
fsr-3230	619	12	m.	m.	NOUN
fsr-3230	619	13	,	,	PUNCT
fsr-3230	619	14	&	&	CCONJ
fsr-3230	619	15	kubik	kubik	PROPN
fsr-3230	619	16	,	,	PUNCT
fsr-3230	619	17	j.	j.	PROPN
fsr-3230	619	18	(	(	PUNCT
fsr-3230	619	19	2004	2004	NUM
fsr-3230	619	20	)	)	PUNCT
fsr-3230	619	21	.	.	PUNCT
fsr-3230	620	1	does	do	AUX
fsr-3230	620	2	fund	fund	VERB
fsr-3230	620	3	size	size	NOUN
fsr-3230	620	4	erode	erode	VERB
fsr-3230	620	5	mutual	mutual	ADJ
fsr-3230	620	6	fund	fund	NOUN
fsr-3230	620	7	performance	performance	NOUN
fsr-3230	620	8	?	?	PUNCT
fsr-3230	621	1	the	the	DET
fsr-3230	621	2	role	role	NOUN
fsr-3230	621	3	of	of	ADP
fsr-3230	621	4	liquidity	liquidity	NOUN
fsr-3230	621	5	and	and	CCONJ
fsr-3230	621	6	organization	organization	NOUN
fsr-3230	621	7	.	.	PUNCT
fsr-3230	622	1	american	american	PROPN
fsr-3230	622	2	economic	economic	PROPN
fsr-3230	622	3	review	review	PROPN
fsr-3230	622	4	,	,	PUNCT
fsr-3230	622	5	94	94	NUM
fsr-3230	622	6	,	,	PUNCT
fsr-3230	622	7	1276−1302	1276−1302	NUM
fsr-3230	622	8	.	.	PUNCT
fsr-3230	623	1	https://10.1257/0002828043052277	https://10.1257/0002828043052277	PROPN
fsr-3230	623	2	chen	chen	PROPN
fsr-3230	623	3	,	,	PUNCT
fsr-3230	623	4	z.	z.	PROPN
fsr-3230	623	5	,	,	PUNCT
fsr-3230	623	6	&	&	CCONJ
fsr-3230	623	7	knez	knez	PROPN
fsr-3230	623	8	,	,	PUNCT
fsr-3230	623	9	p.	p.	PROPN
fsr-3230	623	10	j.	j.	PROPN
fsr-3230	623	11	(	(	PUNCT
fsr-3230	623	12	1996	1996	NUM
fsr-3230	623	13	)	)	PUNCT
fsr-3230	623	14	.	.	PUNCT
fsr-3230	624	1	portfolio	portfolio	NOUN
fsr-3230	624	2	performance	performance	NOUN
fsr-3230	624	3	measurement	measurement	NOUN
fsr-3230	624	4	:	:	PUNCT
fsr-3230	624	5	theory	theory	NOUN
fsr-3230	624	6	and	and	CCONJ
fsr-3230	624	7	applications	application	NOUN
fsr-3230	624	8	.	.	PUNCT
fsr-3230	625	1	review	review	NOUN
fsr-3230	625	2	of	of	ADP
fsr-3230	625	3	financial	financial	ADJ
fsr-3230	625	4	studies	study	NOUN
fsr-3230	625	5	,	,	PUNCT
fsr-3230	625	6	9	9	NUM
fsr-3230	625	7	,	,	PUNCT
fsr-3230	625	8	511−555	511−555	NUM
fsr-3230	625	9	.	.	PUNCT
fsr-3230	625	10	https://doi.org/10.1093/rfs/9.2.511	https://doi.org/10.1093/rfs/9.2.511	PROPN
fsr-3230	625	11	https://doi.org/10.1111/j.1468-036x.2009.00480.x	https://doi.org/10.1111/j.1468-036x.2009.00480.x	PROPN
fsr-3230	625	12	https://doi.org/10.1111/j.1468-036x.2009.00480.x	https://doi.org/10.1111/j.1468-036x.2009.00480.x	PROPN
fsr-3230	625	13	https://doi.org/10.1016/j.jbankfin.2013.07.020	https://doi.org/10.1016/j.jbankfin.2013.07.020	VERB
fsr-3230	625	14	https://doi.org/10.1016/j.jbankfin.2013.07.020	https://doi.org/10.1016/j.jbankfin.2013.07.020	PROPN
fsr-3230	625	15	https://doi.org/10.1093/rfs/hhs182	https://doi.org/10.1093/rfs/hhs182	NOUN
fsr-3230	625	16	https://doi.org/10.1016/j.jfineco.2011.05.002	https://doi.org/10.1016/j.jfineco.2011.05.002	NOUN
fsr-3230	625	17	https://doi.org/10.1016/j.iref.2014.11.019	https://doi.org/10.1016/j.iref.2014.11.019	ADV
fsr-3230	625	18	https://doi.org/10.1093/rfs/hhw054	https://doi.org/10.1093/rfs/hhw054	PROPN
fsr-3230	625	19	https://10.0.3.248	https://10.0.3.248	NOUN
fsr-3230	625	20	/	/	SYM
fsr-3230	625	21	s0304	s0304	ADJ
fsr-3230	625	22	-	-	PUNCT
fsr-3230	625	23	405x(03)00064	405x(03)00064	NOUN
fsr-3230	625	24	-	-	SYM
fsr-3230	625	25	3	3	NUM
fsr-3230	625	26	https://doi.org/10.1016/s0304-405x(98)00016-6	https://doi.org/10.1016/s0304-405x(98)00016-6	NOUN
fsr-3230	625	27	https://doi.org/10.1016/s0304-405x(98)00016-6	https://doi.org/10.1016/s0304-405x(98)00016-6	VERB
fsr-3230	625	28	https://doi.org/10.1093/rfs/hhab081	https://doi.org/10.1093/rfs/hhab081	PROPN
fsr-3230	625	29	https://doi.org/10.1093/rfs/hhp022	https://doi.org/10.1093/rfs/hhp022	PROPN
fsr-3230	625	30	https://doi.org/10.1016/s0304-405x(02)00066-1	https://doi.org/10.1016/s0304-405x(02)00066-1	PROPN
fsr-3230	625	31	https://doi.org/10.1016/s0304-405x(02)00066-1	https://doi.org/10.1016/s0304-405x(02)00066-1	PROPN
fsr-3230	625	32	https://doi.org/10.1086/424739	https://doi.org/10.1086/424739	NOUN
fsr-3230	625	33	https://doi.org/10.1016/j.jfineco.2015.05.002	https://doi.org/10.1016/j.jfineco.2015.05.002	PRON
fsr-3230	625	34	https://doi.org/10.1146/annurev-financial-110716-032454	https://doi.org/10.1146/annurev-financial-110716-032454	PROPN
fsr-3230	625	35	https://doi.org/10.1146/annurev-financial-110716-032454	https://doi.org/10.1146/annurev-financial-110716-032454	PROPN
fsr-3230	625	36	https://doi.org/10.1111/jofi.12473	https://doi.org/10.1111/jofi.12473	VERB
fsr-3230	625	37	https://10.0.4.87	https://10.0.4.87	PROPN
fsr-3230	625	38	/	/	SYM
fsr-3230	625	39	j.1475	j.1475	PROPN
fsr-3230	625	40	-	-	PUNCT
fsr-3230	625	41	679x.2011.00436.x	679x.2011.00436.x	NUM
fsr-3230	625	42	https://10.0.4.87	https://10.0.4.87	NOUN
fsr-3230	625	43	/	/	SYM
fsr-3230	625	44	j.1475	j.1475	PROPN
fsr-3230	625	45	-	-	PUNCT
fsr-3230	625	46	679x.2011.00436.x	679x.2011.00436.x	NUM
fsr-3230	625	47	https://10.0.4.69	https://10.0.4.69	NOUN
fsr-3230	625	48	/	/	SYM
fsr-3230	625	49	rfs	rfs	PROPN
fsr-3230	625	50	/	/	SYM
fsr-3230	625	51	hhg016	hhg016	PROPN
fsr-3230	626	1	https://doi.org/10.1111/j.1540-6261.1997.tb03808.x	https://doi.org/10.1111/j.1540-6261.1997.tb03808.x	PROPN
fsr-3230	626	2	https://doi.org/10.1111/j.1540-6261.1997.tb03808.x	https://doi.org/10.1111/j.1540-6261.1997.tb03808.x	PROPN
fsr-3230	626	3	https://10.0.4.233/0002828043052277	https://10.0.4.233/0002828043052277	PROPN
fsr-3230	626	4	https://doi.org/10.1093/rfs/9.2.511	https://doi.org/10.1093/rfs/9.2.511	PROPN
fsr-3230	626	5	chrétien	chrétien	PROPN
fsr-3230	626	6	&	&	CCONJ
fsr-3230	626	7	kammoun	kammoun	PROPN
fsr-3230	626	8	91	91	NUM
fsr-3230	626	9	chevalier	chevalier	NOUN
fsr-3230	626	10	,	,	PUNCT
fsr-3230	626	11	j.	j.	PROPN
fsr-3230	626	12	,	,	PUNCT
fsr-3230	626	13	&	&	CCONJ
fsr-3230	626	14	ellison	ellison	PROPN
fsr-3230	626	15	,	,	PUNCT
fsr-3230	626	16	g.	g.	PROPN
fsr-3230	626	17	(	(	PUNCT
fsr-3230	626	18	1997	1997	NUM
fsr-3230	626	19	)	)	PUNCT
fsr-3230	626	20	.	.	PUNCT
fsr-3230	627	1	risk	risk	NOUN
fsr-3230	627	2	taking	take	VERB
fsr-3230	627	3	by	by	ADP
fsr-3230	627	4	mutual	mutual	ADJ
fsr-3230	627	5	funds	fund	NOUN
fsr-3230	627	6	as	as	ADP
fsr-3230	627	7	a	a	DET
fsr-3230	627	8	response	response	NOUN
fsr-3230	627	9	to	to	ADP
fsr-3230	627	10	incentives	incentive	NOUN
fsr-3230	627	11	.	.	PUNCT
fsr-3230	628	1	journal	journal	NOUN
fsr-3230	628	2	of	of	ADP
fsr-3230	628	3	political	political	ADJ
fsr-3230	628	4	economy	economy	NOUN
fsr-3230	628	5	,	,	PUNCT
fsr-3230	628	6	105	105	NUM
fsr-3230	628	7	,	,	PUNCT
fsr-3230	628	8	1167−1200	1167−1200	NUM
fsr-3230	628	9	.	.	PUNCT
fsr-3230	628	10	https://doi.org/10.1086/516389	https://doi.org/10.1086/516389	PROPN
fsr-3230	628	11	chrétien	chrétien	PROPN
fsr-3230	628	12	,	,	PUNCT
fsr-3230	628	13	s.	s.	PROPN
fsr-3230	628	14	(	(	PUNCT
fsr-3230	628	15	2012	2012	NUM
fsr-3230	628	16	)	)	PUNCT
fsr-3230	628	17	.	.	PUNCT
fsr-3230	629	1	bounds	bound	VERB
fsr-3230	629	2	on	on	ADP
fsr-3230	629	3	the	the	DET
fsr-3230	629	4	autocorrelation	autocorrelation	NOUN
fsr-3230	629	5	of	of	ADP
fsr-3230	629	6	admissible	admissible	ADJ
fsr-3230	629	7	stochastic	stochastic	ADJ
fsr-3230	629	8	discount	discount	NOUN
fsr-3230	629	9	factors	factor	NOUN
fsr-3230	629	10	,	,	PUNCT
fsr-3230	629	11	journal	journal	NOUN
fsr-3230	629	12	of	of	ADP
fsr-3230	629	13	banking	banking	NOUN
fsr-3230	629	14	and	and	CCONJ
fsr-3230	629	15	finance	finance	NOUN
fsr-3230	629	16	,	,	PUNCT
fsr-3230	629	17	36	36	NUM
fsr-3230	629	18	,	,	PUNCT
fsr-3230	629	19	1167−1200	1167−1200	NUM
fsr-3230	629	20	.	.	PUNCT
fsr-3230	630	1	https://doi.org/10.1016/j.jbankfin.2012.03.00	https://doi.org/10.1016/j.jbankfin.2012.03.00	PROPN
fsr-3230	630	2	2	2	NUM
fsr-3230	630	3	chrétien	chrétien	PROPN
fsr-3230	630	4	,	,	PUNCT
fsr-3230	630	5	s.	s.	PROPN
fsr-3230	630	6	,	,	PUNCT
fsr-3230	630	7	&	&	CCONJ
fsr-3230	630	8	kammoun	kammoun	PROPN
fsr-3230	630	9	,	,	PUNCT
fsr-3230	630	10	m.	m.	NOUN
fsr-3230	630	11	(	(	PUNCT
fsr-3230	630	12	2017	2017	NUM
fsr-3230	630	13	)	)	PUNCT
fsr-3230	630	14	.	.	PUNCT
fsr-3230	631	1	mutual	mutual	ADJ
fsr-3230	631	2	fund	fund	NOUN
fsr-3230	631	3	performance	performance	NOUN
fsr-3230	631	4	evaluation	evaluation	NOUN
fsr-3230	631	5	and	and	CCONJ
fsr-3230	631	6	best	good	ADJ
fsr-3230	631	7	clienteles	clientele	NOUN
fsr-3230	631	8	.	.	PUNCT
fsr-3230	632	1	journal	journal	NOUN
fsr-3230	632	2	of	of	ADP
fsr-3230	632	3	financial	financial	ADJ
fsr-3230	632	4	and	and	CCONJ
fsr-3230	632	5	quantitative	quantitative	ADJ
fsr-3230	632	6	analysis	analysis	NOUN
fsr-3230	632	7	,	,	PUNCT
fsr-3230	632	8	52	52	NUM
fsr-3230	632	9	,	,	PUNCT
fsr-3230	632	10	1577−1604	1577−1604	NUM
fsr-3230	632	11	.	.	PUNCT
fsr-3230	633	1	https://doi.org/10.1017/s002210901700045	https://doi.org/10.1017/s002210901700045	ADV
fsr-3230	633	2	x	x	SYM
fsr-3230	633	3	chrétien	chrétien	PROPN
fsr-3230	633	4	,	,	PUNCT
fsr-3230	633	5	s.	s.	PROPN
fsr-3230	633	6	,	,	PUNCT
fsr-3230	633	7	&	&	CCONJ
fsr-3230	633	8	kammoun	kammoun	PROPN
fsr-3230	633	9	,	,	PUNCT
fsr-3230	633	10	m.	m.	NOUN
fsr-3230	633	11	(	(	PUNCT
fsr-3230	633	12	2019	2019	NUM
fsr-3230	633	13	)	)	PUNCT
fsr-3230	633	14	.	.	PUNCT
fsr-3230	634	1	mutual	mutual	ADJ
fsr-3230	634	2	fund	fund	NOUN
fsr-3230	634	3	styles	style	NOUN
fsr-3230	634	4	and	and	CCONJ
fsr-3230	634	5	clientele	clientele	NOUN
fsr-3230	634	6	-	-	PUNCT
fsr-3230	634	7	specific	specific	ADJ
fsr-3230	634	8	performance	performance	NOUN
fsr-3230	634	9	evaluation	evaluation	NOUN
fsr-3230	634	10	.	.	PUNCT
fsr-3230	635	1	international	international	ADJ
fsr-3230	635	2	journal	journal	PROPN
fsr-3230	635	3	of	of	ADP
fsr-3230	635	4	economics	economic	NOUN
fsr-3230	635	5	and	and	CCONJ
fsr-3230	635	6	finance	finance	NOUN
fsr-3230	635	7	,	,	PUNCT
fsr-3230	635	8	11	11	NUM
fsr-3230	635	9	,	,	PUNCT
fsr-3230	635	10	89−116	89−116	NUM
fsr-3230	635	11	.	.	PUNCT
fsr-3230	636	1	https://10.5539	https://10.5539	X
fsr-3230	636	2	/	/	SYM
fsr-3230	636	3	ijef.v11n12p89	ijef.v11n12p89	PROPN
fsr-3230	636	4	chrétien	chrétien	PROPN
fsr-3230	636	5	,	,	PUNCT
fsr-3230	636	6	s.	s.	PROPN
fsr-3230	636	7	,	,	PUNCT
fsr-3230	636	8	&	&	CCONJ
fsr-3230	636	9	kammoun	kammoun	PROPN
fsr-3230	636	10	,	,	PUNCT
fsr-3230	636	11	m.	m.	NOUN
fsr-3230	636	12	(	(	PUNCT
fsr-3230	636	13	2020	2020	NUM
fsr-3230	636	14	)	)	PUNCT
fsr-3230	636	15	.	.	PUNCT
fsr-3230	637	1	representative	representative	ADJ
fsr-3230	637	2	investors	investor	NOUN
fsr-3230	637	3	versus	versus	ADP
fsr-3230	637	4	best	good	ADJ
fsr-3230	637	5	clienteles	clientele	NOUN
fsr-3230	637	6	:	:	PUNCT
fsr-3230	637	7	performance	performance	NOUN
fsr-3230	637	8	evaluation	evaluation	NOUN
fsr-3230	637	9	disagreement	disagreement	NOUN
fsr-3230	637	10	in	in	ADP
fsr-3230	637	11	mutual	mutual	ADJ
fsr-3230	637	12	funds	fund	NOUN
fsr-3230	637	13	.	.	PUNCT
fsr-3230	638	1	ssrn	ssrn	PROPN
fsr-3230	638	2	working	work	VERB
fsr-3230	638	3	paper	paper	NOUN
fsr-3230	638	4	.	.	PUNCT
fsr-3230	639	1	https://papers.ssrn.com/sol3/papers.cfm?abst	https://papers.ssrn.com/sol3/papers.cfm?abst	PROPN
fsr-3230	640	1	ract_id=2977656	ract_id=2977656	PROPN
fsr-3230	640	2	cochrane	cochrane	PROPN
fsr-3230	640	3	,	,	PUNCT
fsr-3230	640	4	j.	j.	PROPN
fsr-3230	640	5	,	,	PUNCT
fsr-3230	640	6	&	&	CCONJ
fsr-3230	640	7	saá	saá	NOUN
fsr-3230	640	8	-	-	PUNCT
fsr-3230	640	9	requejo	requejo	NOUN
fsr-3230	640	10	,	,	PUNCT
fsr-3230	640	11	j.	j.	PROPN
fsr-3230	640	12	(	(	PUNCT
fsr-3230	640	13	2000	2000	NUM
fsr-3230	640	14	)	)	PUNCT
fsr-3230	640	15	.	.	PUNCT
fsr-3230	641	1	beyond	beyond	ADP
fsr-3230	641	2	arbitrage	arbitrage	NOUN
fsr-3230	641	3	:	:	PUNCT
fsr-3230	641	4	good	good	ADJ
fsr-3230	641	5	-	-	PUNCT
fsr-3230	641	6	deal	deal	NOUN
fsr-3230	641	7	asset	asset	NOUN
fsr-3230	641	8	price	price	NOUN
fsr-3230	641	9	bounds	bound	NOUN
fsr-3230	641	10	in	in	ADP
fsr-3230	641	11	incomplete	incomplete	ADJ
fsr-3230	641	12	markets	market	NOUN
fsr-3230	641	13	.	.	PUNCT
fsr-3230	642	1	journal	journal	NOUN
fsr-3230	642	2	of	of	ADP
fsr-3230	642	3	political	political	ADJ
fsr-3230	642	4	economy	economy	NOUN
fsr-3230	642	5	,	,	PUNCT
fsr-3230	642	6	108	108	NUM
fsr-3230	642	7	,	,	PUNCT
fsr-3230	642	8	79−119	79−119	X
fsr-3230	642	9	.	.	PUNCT
fsr-3230	643	1	https://doi.org/10.1086/262112	https://doi.org/10.1086/262112	PROPN
fsr-3230	643	2	cremers	cremer	NOUN
fsr-3230	643	3	,	,	PUNCT
fsr-3230	643	4	m.	m.	NOUN
fsr-3230	643	5	,	,	PUNCT
fsr-3230	643	6	fulkerson	fulkerson	PROPN
fsr-3230	643	7	,	,	PUNCT
fsr-3230	643	8	j.	j.	PROPN
fsr-3230	643	9	,	,	PUNCT
fsr-3230	643	10	&	&	CCONJ
fsr-3230	643	11	riley	riley	PROPN
fsr-3230	643	12	,	,	PUNCT
fsr-3230	643	13	t.	t.	PROPN
fsr-3230	643	14	(	(	PUNCT
fsr-3230	643	15	2019	2019	NUM
fsr-3230	643	16	)	)	PUNCT
fsr-3230	643	17	.	.	PUNCT
fsr-3230	644	1	challenging	challenge	VERB
fsr-3230	644	2	the	the	DET
fsr-3230	644	3	conventional	conventional	ADJ
fsr-3230	644	4	wisdom	wisdom	NOUN
fsr-3230	644	5	on	on	ADP
fsr-3230	644	6	active	active	ADJ
fsr-3230	644	7	management	management	NOUN
fsr-3230	644	8	:	:	PUNCT
fsr-3230	644	9	a	a	DET
fsr-3230	644	10	review	review	NOUN
fsr-3230	644	11	of	of	ADP
fsr-3230	644	12	the	the	DET
fsr-3230	644	13	past	past	ADJ
fsr-3230	644	14	20	20	NUM
fsr-3230	644	15	years	year	NOUN
fsr-3230	644	16	of	of	ADP
fsr-3230	644	17	academic	academic	ADJ
fsr-3230	644	18	literature	literature	NOUN
fsr-3230	644	19	on	on	ADP
fsr-3230	644	20	actively	actively	ADV
fsr-3230	644	21	managed	manage	VERB
fsr-3230	644	22	mutual	mutual	ADJ
fsr-3230	644	23	funds	fund	NOUN
fsr-3230	644	24	.	.	PUNCT
fsr-3230	645	1	financial	financial	ADJ
fsr-3230	645	2	analysts	analyst	NOUN
fsr-3230	645	3	journal	journal	NOUN
fsr-3230	645	4	,	,	PUNCT
fsr-3230	645	5	75	75	NUM
fsr-3230	645	6	,	,	PUNCT
fsr-3230	645	7	8−35	8−35	NUM
fsr-3230	645	8	.	.	PUNCT
fsr-3230	646	1	https://doi.org/10.1080/0015198x.2019.1628	https://doi.org/10.1080/0015198x.2019.1628	PROPN
fsr-3230	646	2	555	555	NUM
fsr-3230	646	3	cremers	cremer	NOUN
fsr-3230	646	4	,	,	PUNCT
fsr-3230	646	5	m.	m.	NOUN
fsr-3230	646	6	,	,	PUNCT
fsr-3230	646	7	&	&	CCONJ
fsr-3230	646	8	petajisto	petajisto	PROPN
fsr-3230	646	9	,	,	PUNCT
fsr-3230	646	10	a.	a.	NOUN
fsr-3230	646	11	(	(	PUNCT
fsr-3230	646	12	2009	2009	NUM
fsr-3230	646	13	)	)	PUNCT
fsr-3230	646	14	.	.	PUNCT
fsr-3230	647	1	how	how	SCONJ
fsr-3230	647	2	active	active	ADJ
fsr-3230	647	3	is	be	AUX
fsr-3230	647	4	your	your	PRON
fsr-3230	647	5	fund	fund	NOUN
fsr-3230	647	6	manager	manager	NOUN
fsr-3230	647	7	?	?	PUNCT
fsr-3230	648	1	a	a	DET
fsr-3230	648	2	new	new	ADJ
fsr-3230	648	3	measure	measure	NOUN
fsr-3230	648	4	that	that	PRON
fsr-3230	648	5	predicts	predict	VERB
fsr-3230	648	6	performance	performance	NOUN
fsr-3230	648	7	.	.	PUNCT
fsr-3230	649	1	review	review	NOUN
fsr-3230	649	2	of	of	ADP
fsr-3230	649	3	financial	financial	ADJ
fsr-3230	649	4	studies	study	NOUN
fsr-3230	649	5	,	,	PUNCT
fsr-3230	649	6	22	22	NUM
fsr-3230	649	7	,	,	PUNCT
fsr-3230	649	8	3329−3365	3329−3365	NUM
fsr-3230	649	9	.	.	PUNCT
fsr-3230	650	1	https://doi.org/10.1093/rfs/hhp057	https://doi.org/10.1093/rfs/hhp057	NOUN
fsr-3230	650	2	cronqvist	cronqvist	NOUN
fsr-3230	650	3	,	,	PUNCT
fsr-3230	650	4	h.	h.	PROPN
fsr-3230	650	5	,	,	PUNCT
fsr-3230	650	6	siegel	siegel	PROPN
fsr-3230	650	7	,	,	PUNCT
fsr-3230	650	8	s.	s.	PROPN
fsr-3230	650	9	,	,	PUNCT
fsr-3230	650	10	&	&	CCONJ
fsr-3230	650	11	yu	yu	PROPN
fsr-3230	650	12	,	,	PUNCT
fsr-3230	650	13	f.	f.	PROPN
fsr-3230	650	14	(	(	PUNCT
fsr-3230	650	15	2015	2015	NUM
fsr-3230	650	16	)	)	PUNCT
fsr-3230	650	17	.	.	PUNCT
fsr-3230	651	1	value	value	NOUN
fsr-3230	651	2	versus	versus	ADP
fsr-3230	651	3	growth	growth	NOUN
fsr-3230	651	4	investing	investing	NOUN
fsr-3230	651	5	:	:	PUNCT
fsr-3230	651	6	why	why	SCONJ
fsr-3230	651	7	do	do	AUX
fsr-3230	651	8	different	different	ADJ
fsr-3230	651	9	investors	investor	NOUN
fsr-3230	651	10	have	have	VERB
fsr-3230	651	11	different	different	ADJ
fsr-3230	651	12	styles	style	NOUN
fsr-3230	651	13	?	?	PUNCT
fsr-3230	652	1	journal	journal	NOUN
fsr-3230	652	2	of	of	ADP
fsr-3230	652	3	financial	financial	ADJ
fsr-3230	652	4	economics	economic	NOUN
fsr-3230	652	5	,	,	PUNCT
fsr-3230	652	6	117	117	NUM
fsr-3230	652	7	,	,	PUNCT
fsr-3230	652	8	333−349	333−349	NUM
fsr-3230	652	9	.	.	NOUN
fsr-3230	652	10	https://doi.org/10.1016/j.jfineco.2015.04.006	https://doi.org/10.1016/j.jfineco.2015.04.006	VERB
fsr-3230	652	11	dahlquist	dahlquist	NOUN
fsr-3230	652	12	,	,	PUNCT
fsr-3230	652	13	m.	m.	NOUN
fsr-3230	652	14	,	,	PUNCT
fsr-3230	652	15	&	&	CCONJ
fsr-3230	652	16	söderlind	söderlind	PROPN
fsr-3230	652	17	,	,	PUNCT
fsr-3230	652	18	p.	p.	NOUN
fsr-3230	652	19	(	(	PUNCT
fsr-3230	652	20	1999	1999	NUM
fsr-3230	652	21	)	)	PUNCT
fsr-3230	652	22	.	.	PUNCT
fsr-3230	653	1	evaluating	evaluate	VERB
fsr-3230	653	2	portfolio	portfolio	NOUN
fsr-3230	653	3	performance	performance	NOUN
fsr-3230	653	4	with	with	ADP
fsr-3230	653	5	stochastic	stochastic	ADJ
fsr-3230	653	6	discount	discount	NOUN
fsr-3230	653	7	factors	factor	NOUN
fsr-3230	653	8	,	,	PUNCT
fsr-3230	653	9	journal	journal	NOUN
fsr-3230	653	10	of	of	ADP
fsr-3230	653	11	business	business	NOUN
fsr-3230	653	12	,	,	PUNCT
fsr-3230	653	13	72	72	NUM
fsr-3230	653	14	,	,	PUNCT
fsr-3230	653	15	347−383	347−383	NUM
fsr-3230	653	16	.	.	PUNCT
fsr-3230	653	17	https://doi.org/10.1086/209618	https://doi.org/10.1086/209618	PROPN
fsr-3230	653	18	del	del	PROPN
fsr-3230	653	19	guercio	guercio	PROPN
fsr-3230	653	20	,	,	PUNCT
fsr-3230	653	21	d.	d.	PROPN
fsr-3230	653	22	,	,	PUNCT
fsr-3230	653	23	&	&	CCONJ
fsr-3230	653	24	reuter	reuter	PROPN
fsr-3230	653	25	,	,	PUNCT
fsr-3230	653	26	j.	j.	PROPN
fsr-3230	653	27	(	(	PUNCT
fsr-3230	653	28	2014	2014	NUM
fsr-3230	653	29	)	)	PUNCT
fsr-3230	653	30	.	.	PUNCT
fsr-3230	654	1	mutual	mutual	ADJ
fsr-3230	654	2	fund	fund	NOUN
fsr-3230	654	3	performance	performance	NOUN
fsr-3230	654	4	and	and	CCONJ
fsr-3230	654	5	the	the	DET
fsr-3230	654	6	incentive	incentive	NOUN
fsr-3230	654	7	to	to	PART
fsr-3230	654	8	generate	generate	VERB
fsr-3230	654	9	alpha	alpha	PROPN
fsr-3230	654	10	.	.	PUNCT
fsr-3230	655	1	journal	journal	PROPN
fsr-3230	655	2	of	of	ADP
fsr-3230	655	3	finance	finance	NOUN
fsr-3230	655	4	,	,	PUNCT
fsr-3230	655	5	69	69	NUM
fsr-3230	655	6	,	,	PUNCT
fsr-3230	655	7	1673−1704	1673−1704	NUM
fsr-3230	655	8	.	.	PUNCT
fsr-3230	655	9	https://doi.org/10.1111/jofi.12048	https://doi.org/10.1111/jofi.12048	PROPN
fsr-3230	655	10	del	del	PROPN
fsr-3230	655	11	guercio	guercio	PROPN
fsr-3230	655	12	,	,	PUNCT
fsr-3230	655	13	d.	d.	PROPN
fsr-3230	655	14	,	,	PUNCT
fsr-3230	655	15	&	&	CCONJ
fsr-3230	655	16	tkac	tkac	PROPN
fsr-3230	655	17	,	,	PUNCT
fsr-3230	655	18	p.	p.	NOUN
fsr-3230	655	19	a.	a.	NOUN
fsr-3230	656	1	(	(	PUNCT
fsr-3230	656	2	2002	2002	NUM
fsr-3230	656	3	)	)	PUNCT
fsr-3230	656	4	.	.	PUNCT
fsr-3230	657	1	the	the	DET
fsr-3230	657	2	determinants	determinant	NOUN
fsr-3230	657	3	of	of	ADP
fsr-3230	657	4	the	the	DET
fsr-3230	657	5	flow	flow	NOUN
fsr-3230	657	6	of	of	ADP
fsr-3230	657	7	funds	fund	NOUN
fsr-3230	657	8	of	of	ADP
fsr-3230	657	9	managed	manage	VERB
fsr-3230	657	10	portfolios	portfolio	NOUN
fsr-3230	657	11	:	:	PUNCT
fsr-3230	657	12	mutual	mutual	ADJ
fsr-3230	657	13	funds	fund	NOUN
fsr-3230	657	14	vs.	vs.	ADP
fsr-3230	657	15	pension	pension	NOUN
fsr-3230	657	16	funds	fund	NOUN
fsr-3230	657	17	.	.	PUNCT
fsr-3230	658	1	journal	journal	NOUN
fsr-3230	658	2	of	of	ADP
fsr-3230	658	3	financial	financial	ADJ
fsr-3230	658	4	and	and	CCONJ
fsr-3230	658	5	quantitative	quantitative	ADJ
fsr-3230	658	6	analysis	analysis	NOUN
fsr-3230	658	7	,	,	PUNCT
fsr-3230	658	8	37	37	NUM
fsr-3230	658	9	,	,	PUNCT
fsr-3230	658	10	523−557	523−557	NUM
fsr-3230	658	11	.	.	PUNCT
fsr-3230	658	12	https://doi.org/10.2307/3595011	https://doi.org/10.2307/3595011	PROPN
fsr-3230	659	1	doshi	doshi	PROPN
fsr-3230	659	2	,	,	PUNCT
fsr-3230	659	3	h.	h.	PROPN
fsr-3230	659	4	,	,	PUNCT
fsr-3230	659	5	elkamhi	elkamhi	PROPN
fsr-3230	659	6	,	,	PUNCT
fsr-3230	659	7	r.	r.	PROPN
fsr-3230	659	8	,	,	PUNCT
fsr-3230	659	9	&	&	CCONJ
fsr-3230	659	10	simutin	simutin	PROPN
fsr-3230	659	11	,	,	PUNCT
fsr-3230	659	12	m.	m.	NOUN
fsr-3230	659	13	(	(	PUNCT
fsr-3230	659	14	2015	2015	NUM
fsr-3230	659	15	)	)	PUNCT
fsr-3230	659	16	.	.	PUNCT
fsr-3230	660	1	managerial	managerial	ADJ
fsr-3230	660	2	activeness	activeness	NOUN
fsr-3230	660	3	and	and	CCONJ
fsr-3230	660	4	mutual	mutual	ADJ
fsr-3230	660	5	fund	fund	NOUN
fsr-3230	660	6	performance	performance	NOUN
fsr-3230	660	7	,	,	PUNCT
fsr-3230	660	8	review	review	NOUN
fsr-3230	660	9	of	of	ADP
fsr-3230	660	10	asset	asset	NOUN
fsr-3230	660	11	pricing	pricing	NOUN
fsr-3230	660	12	studies	study	NOUN
fsr-3230	660	13	,	,	PUNCT
fsr-3230	660	14	5	5	NUM
fsr-3230	660	15	(	(	PUNCT
fsr-3230	660	16	2	2	NUM
fsr-3230	660	17	)	)	PUNCT
fsr-3230	660	18	,	,	PUNCT
fsr-3230	660	19	156	156	NUM
fsr-3230	660	20	-	-	SYM
fsr-3230	660	21	184	184	NUM
fsr-3230	660	22	.	.	PUNCT
fsr-3230	661	1	https://doi.org/10.1093/rapstu/rav005	https://doi.org/10.1093/rapstu/rav005	PROPN
fsr-3230	661	2	elton	elton	PROPN
fsr-3230	661	3	,	,	PUNCT
fsr-3230	661	4	e.	e.	PROPN
fsr-3230	661	5	j.	j.	PROPN
fsr-3230	661	6	,	,	PUNCT
fsr-3230	661	7	gruber	gruber	PROPN
fsr-3230	661	8	,	,	PUNCT
fsr-3230	661	9	m.	m.	NOUN
fsr-3230	661	10	j.	j.	PROPN
fsr-3230	661	11	,	,	PUNCT
fsr-3230	661	12	&	&	CCONJ
fsr-3230	661	13	blake	blake	PROPN
fsr-3230	661	14	,	,	PUNCT
fsr-3230	661	15	c.	c.	PROPN
fsr-3230	661	16	r.	r.	PROPN
fsr-3230	661	17	(	(	PUNCT
fsr-3230	661	18	2001	2001	NUM
fsr-3230	661	19	)	)	PUNCT
fsr-3230	661	20	.	.	PUNCT
fsr-3230	662	1	a	a	DET
fsr-3230	662	2	first	first	ADJ
fsr-3230	662	3	look	look	NOUN
fsr-3230	662	4	at	at	ADP
fsr-3230	662	5	the	the	DET
fsr-3230	662	6	accuracy	accuracy	NOUN
fsr-3230	662	7	of	of	ADP
fsr-3230	662	8	the	the	DET
fsr-3230	662	9	crsp	crsp	PROPN
fsr-3230	662	10	mutual	mutual	ADJ
fsr-3230	662	11	fund	fund	NOUN
fsr-3230	662	12	database	database	NOUN
fsr-3230	662	13	and	and	CCONJ
fsr-3230	662	14	a	a	DET
fsr-3230	662	15	comparison	comparison	NOUN
fsr-3230	662	16	of	of	ADP
fsr-3230	662	17	the	the	DET
fsr-3230	662	18	crsp	crsp	PROPN
fsr-3230	662	19	and	and	CCONJ
fsr-3230	662	20	morningstar	morningstar	PROPN
fsr-3230	662	21	mutual	mutual	ADJ
fsr-3230	662	22	fund	fund	NOUN
fsr-3230	662	23	databases	database	NOUN
fsr-3230	662	24	.	.	PUNCT
fsr-3230	663	1	journal	journal	NOUN
fsr-3230	663	2	of	of	ADP
fsr-3230	663	3	finance	finance	NOUN
fsr-3230	663	4	,	,	PUNCT
fsr-3230	663	5	56	56	NUM
fsr-3230	663	6	,	,	PUNCT
fsr-3230	663	7	2415−2430	2415−2430	NUM
fsr-3230	663	8	.	.	PUNCT
fsr-3230	664	1	https://doi.org/10.1142/9789814335409_000	https://doi.org/10.1142/9789814335409_000	PROPN
fsr-3230	664	2	6	6	NUM
fsr-3230	664	3	elton	elton	NOUN
fsr-3230	664	4	,	,	PUNCT
fsr-3230	664	5	e.	e.	PROPN
fsr-3230	664	6	j.	j.	PROPN
fsr-3230	664	7	,	,	PUNCT
fsr-3230	664	8	gruber	gruber	PROPN
fsr-3230	664	9	,	,	PUNCT
fsr-3230	664	10	m.	m.	PROPN
fsr-3230	664	11	j.	j.	PROPN
fsr-3230	664	12	,	,	PUNCT
fsr-3230	664	13	das	das	PROPN
fsr-3230	664	14	,	,	PUNCT
fsr-3230	664	15	s.	s.	PROPN
fsr-3230	664	16	,	,	PUNCT
fsr-3230	664	17	&	&	CCONJ
fsr-3230	664	18	hlavka	hlavka	PROPN
fsr-3230	664	19	,	,	PUNCT
fsr-3230	664	20	m.	m.	NOUN
fsr-3230	664	21	(	(	PUNCT
fsr-3230	664	22	1993	1993	NUM
fsr-3230	664	23	)	)	PUNCT
fsr-3230	664	24	.	.	PUNCT
fsr-3230	665	1	efficiency	efficiency	NOUN
fsr-3230	665	2	with	with	ADP
fsr-3230	665	3	costly	costly	ADJ
fsr-3230	665	4	information	information	NOUN
fsr-3230	665	5	:	:	PUNCT
fsr-3230	665	6	a	a	DET
fsr-3230	665	7	reinterpretation	reinterpretation	NOUN
fsr-3230	665	8	of	of	ADP
fsr-3230	665	9	evidence	evidence	NOUN
fsr-3230	665	10	from	from	ADP
fsr-3230	665	11	manager	manager	NOUN
fsr-3230	665	12	portfolios	portfolio	NOUN
fsr-3230	665	13	,	,	PUNCT
fsr-3230	665	14	review	review	NOUN
fsr-3230	665	15	of	of	ADP
fsr-3230	665	16	financial	financial	ADJ
fsr-3230	665	17	studies	study	NOUN
fsr-3230	665	18	,	,	PUNCT
fsr-3230	665	19	6	6	NUM
fsr-3230	665	20	,	,	PUNCT
fsr-3230	665	21	1−23	1−23	NUM
fsr-3230	665	22	.	.	PUNCT
fsr-3230	665	23	https://doi.org/10.1093/rfs/6.1.1	https://doi.org/10.1093/rfs/6.1.1	PROPN
fsr-3230	665	24	evans	evans	PROPN
fsr-3230	665	25	,	,	PUNCT
fsr-3230	665	26	r.	r.	PROPN
fsr-3230	665	27	b.	b.	PROPN
fsr-3230	665	28	(	(	PUNCT
fsr-3230	665	29	2010	2010	NUM
fsr-3230	665	30	)	)	PUNCT
fsr-3230	665	31	.	.	PUNCT
fsr-3230	666	1	mutual	mutual	ADJ
fsr-3230	666	2	fund	fund	NOUN
fsr-3230	666	3	incubation	incubation	NOUN
fsr-3230	666	4	.	.	PUNCT
fsr-3230	667	1	journal	journal	PROPN
fsr-3230	667	2	of	of	ADP
fsr-3230	667	3	finance	finance	NOUN
fsr-3230	667	4	,	,	PUNCT
fsr-3230	667	5	65	65	NUM
fsr-3230	667	6	,	,	PUNCT
fsr-3230	667	7	1581−1611	1581−1611	NUM
fsr-3230	667	8	.	.	PUNCT
fsr-3230	668	1	https://doi.org/10.1111/j.15406261.2010.01579.x	https://doi.org/10.1111/j.15406261.2010.01579.x	PRON
fsr-3230	669	1	evans	evans	PROPN
fsr-3230	669	2	,	,	PUNCT
fsr-3230	669	3	r.	r.	PROPN
fsr-3230	669	4	b.	b.	PROPN
fsr-3230	669	5	,	,	PUNCT
fsr-3230	669	6	&	&	CCONJ
fsr-3230	669	7	fahlenbrach	fahlenbrach	PROPN
fsr-3230	669	8	,	,	PUNCT
fsr-3230	669	9	r.	r.	PROPN
fsr-3230	669	10	(	(	PUNCT
fsr-3230	669	11	2012	2012	NUM
fsr-3230	669	12	)	)	PUNCT
fsr-3230	669	13	.	.	PUNCT
fsr-3230	670	1	institutional	institutional	ADJ
fsr-3230	670	2	investors	investor	NOUN
fsr-3230	670	3	and	and	CCONJ
fsr-3230	670	4	mutual	mutual	ADJ
fsr-3230	670	5	fund	fund	NOUN
fsr-3230	670	6	governance	governance	NOUN
fsr-3230	670	7	:	:	PUNCT
fsr-3230	670	8	evidence	evidence	NOUN
fsr-3230	670	9	from	from	ADP
fsr-3230	670	10	retail	retail	ADJ
fsr-3230	670	11	-	-	PUNCT
fsr-3230	670	12	institutional	institutional	ADJ
fsr-3230	670	13	fund	fund	NOUN
fsr-3230	670	14	twins	twin	NOUN
fsr-3230	670	15	.	.	PUNCT
fsr-3230	671	1	review	review	NOUN
fsr-3230	671	2	of	of	ADP
fsr-3230	671	3	financial	financial	ADJ
fsr-3230	671	4	studies	study	NOUN
fsr-3230	671	5	,	,	PUNCT
fsr-3230	671	6	25	25	NUM
fsr-3230	671	7	,	,	PUNCT
fsr-3230	671	8	3530−3571	3530−3571	NUM
fsr-3230	671	9	.	.	PUNCT
fsr-3230	672	1	https://doi.org/10.1093/rfs/hhs105	https://doi.org/10.1093/rfs/hhs105	PROPN
fsr-3230	672	2	fama	fama	PROPN
fsr-3230	672	3	,	,	PUNCT
fsr-3230	672	4	e.	e.	PROPN
fsr-3230	672	5	f.	f.	PROPN
fsr-3230	672	6	,	,	PUNCT
fsr-3230	672	7	&	&	CCONJ
fsr-3230	672	8	french	french	PROPN
fsr-3230	672	9	,	,	PUNCT
fsr-3230	672	10	k.	k.	PROPN
fsr-3230	672	11	r.	r.	PROPN
fsr-3230	672	12	(	(	PUNCT
fsr-3230	672	13	2010	2010	NUM
fsr-3230	672	14	)	)	PUNCT
fsr-3230	672	15	.	.	PUNCT
fsr-3230	673	1	luck	luck	NOUN
fsr-3230	673	2	versus	versus	ADP
fsr-3230	673	3	skill	skill	NOUN
fsr-3230	673	4	in	in	ADP
fsr-3230	673	5	the	the	DET
fsr-3230	673	6	cross	cross	NOUN
fsr-3230	673	7	-	-	NOUN
fsr-3230	673	8	section	section	NOUN
fsr-3230	673	9	of	of	ADP
fsr-3230	673	10	mutual	mutual	ADJ
fsr-3230	673	11	fund	fund	NOUN
fsr-3230	673	12	returns	return	NOUN
fsr-3230	673	13	.	.	PUNCT
fsr-3230	674	1	journal	journal	NOUN
fsr-3230	674	2	of	of	ADP
fsr-3230	674	3	finance	finance	NOUN
fsr-3230	674	4	,	,	PUNCT
fsr-3230	674	5	65	65	NUM
fsr-3230	674	6	,	,	PUNCT
fsr-3230	674	7	1915−1948	1915−1948	NUM
fsr-3230	674	8	.	.	PUNCT
fsr-3230	675	1	https://doi.org/10.1086/516389	https://doi.org/10.1086/516389	NOUN
fsr-3230	675	2	https://doi.org/10.1016/j.jbankfin.2012.03.002	https://doi.org/10.1016/j.jbankfin.2012.03.002	ADJ
fsr-3230	675	3	https://doi.org/10.1016/j.jbankfin.2012.03.002	https://doi.org/10.1016/j.jbankfin.2012.03.002	NOUN
fsr-3230	675	4	https://doi.org/10.1017/s002210901700045x	https://doi.org/10.1017/s002210901700045x	VERB
fsr-3230	675	5	https://doi.org/10.1017/s002210901700045x	https://doi.org/10.1017/s002210901700045x	ADJ
fsr-3230	675	6	https://10.0.21.163	https://10.0.21.163	NOUN
fsr-3230	675	7	/	/	SYM
fsr-3230	675	8	ijef.v11n12p89	ijef.v11n12p89	NOUN
fsr-3230	675	9	https://doi.org/10.1086/262112	https://doi.org/10.1086/262112	VERB
fsr-3230	675	10	https://doi.org/10.1080/0015198x.2019.1628555	https://doi.org/10.1080/0015198x.2019.1628555	PROPN
fsr-3230	675	11	https://doi.org/10.1080/0015198x.2019.1628555	https://doi.org/10.1080/0015198x.2019.1628555	PROPN
fsr-3230	675	12	https://doi.org/10.1093/rfs/hhp057	https://doi.org/10.1093/rfs/hhp057	PROPN
fsr-3230	675	13	https://doi.org/10.1016/j.jfineco.2015.04.006	https://doi.org/10.1016/j.jfineco.2015.04.006	VERB
fsr-3230	675	14	https://doi.org/10.1086/209618	https://doi.org/10.1086/209618	PRON
fsr-3230	675	15	https://doi.org/10.1111/jofi.12048	https://doi.org/10.1111/jofi.12048	VERB
fsr-3230	675	16	https://doi.org/10.2307/3595011	https://doi.org/10.2307/3595011	ADV
fsr-3230	675	17	https://doi.org/10.1093/rapstu/rav005	https://doi.org/10.1093/rapstu/rav005	ADJ
fsr-3230	675	18	https://doi.org/10.1142/9789814335409_0006	https://doi.org/10.1142/9789814335409_0006	ADJ
fsr-3230	675	19	https://doi.org/10.1142/9789814335409_0006	https://doi.org/10.1142/9789814335409_0006	NOUN
fsr-3230	675	20	https://doi.org/10.1093/rfs/6.1.1	https://doi.org/10.1093/rfs/6.1.1	X
fsr-3230	675	21	https://doi.org/10.1111/j.1540-6261.2010.01579.x	https://doi.org/10.1111/j.1540-6261.2010.01579.x	PROPN
fsr-3230	675	22	https://doi.org/10.1111/j.1540-6261.2010.01579.x	https://doi.org/10.1111/j.1540-6261.2010.01579.x	PROPN
fsr-3230	675	23	https://doi.org/10.1093/rfs/hhs105	https://doi.org/10.1093/rfs/hhs105	PROPN
fsr-3230	675	24	financial	financial	ADJ
fsr-3230	675	25	services	service	NOUN
fsr-3230	675	26	review	review	PROPN
fsr-3230	675	27	,	,	PUNCT
fsr-3230	675	28	32(1	32(1	NUM
fsr-3230	675	29	)	)	PUNCT
fsr-3230	675	30	92	92	NUM
fsr-3230	676	1	https://doi.org/10.1111/j.15406261.2010.01598.x	https://doi.org/10.1111/j.15406261.2010.01598.x	NUM
fsr-3230	676	2	ferreira	ferreira	PROPN
fsr-3230	676	3	,	,	PUNCT
fsr-3230	676	4	m.	m.	NOUN
fsr-3230	676	5	a.	a.	PROPN
fsr-3230	676	6	,	,	PUNCT
fsr-3230	676	7	keswani	keswani	PROPN
fsr-3230	676	8	,	,	PUNCT
fsr-3230	676	9	a.	a.	PROPN
fsr-3230	676	10	,	,	PUNCT
fsr-3230	676	11	miguel	miguel	PROPN
fsr-3230	676	12	,	,	PUNCT
fsr-3230	676	13	a.	a.	PROPN
fsr-3230	676	14	f.	f.	PROPN
fsr-3230	676	15	,	,	PUNCT
fsr-3230	676	16	&	&	CCONJ
fsr-3230	676	17	ramos	ramos	PROPN
fsr-3230	676	18	,	,	PUNCT
fsr-3230	676	19	s.	s.	PROPN
fsr-3230	676	20	b.	b.	PROPN
fsr-3230	676	21	(	(	PUNCT
fsr-3230	676	22	2012	2012	NUM
fsr-3230	676	23	)	)	PUNCT
fsr-3230	676	24	.	.	PUNCT
fsr-3230	677	1	the	the	DET
fsr-3230	677	2	determinants	determinant	NOUN
fsr-3230	677	3	of	of	ADP
fsr-3230	677	4	mutual	mutual	ADJ
fsr-3230	677	5	fund	fund	NOUN
fsr-3230	677	6	performance	performance	NOUN
fsr-3230	677	7	:	:	PUNCT
fsr-3230	677	8	a	a	DET
fsr-3230	677	9	cross	cross	ADJ
fsr-3230	677	10	-	-	ADJ
fsr-3230	677	11	country	country	ADJ
fsr-3230	677	12	study	study	NOUN
fsr-3230	677	13	.	.	PUNCT
fsr-3230	678	1	review	review	NOUN
fsr-3230	678	2	of	of	ADP
fsr-3230	678	3	finance	finance	NOUN
fsr-3230	678	4	,	,	PUNCT
fsr-3230	678	5	17	17	NUM
fsr-3230	678	6	,	,	PUNCT
fsr-3230	678	7	483−525	483−525	PRON
fsr-3230	678	8	.	.	PUNCT
fsr-3230	679	1	https://doi.org/10.1093/rof/rfs013	https://doi.org/10.1093/rof/rfs013	PROPN
fsr-3230	679	2	ferris	ferris	PROPN
fsr-3230	679	3	,	,	PUNCT
fsr-3230	679	4	s.	s.	PROPN
fsr-3230	679	5	p.	p.	PROPN
fsr-3230	679	6	,	,	PUNCT
fsr-3230	679	7	&	&	CCONJ
fsr-3230	679	8	chance	chance	PROPN
fsr-3230	679	9	,	,	PUNCT
fsr-3230	679	10	d.	d.	PROPN
fsr-3230	679	11	m.	m.	PROPN
fsr-3230	679	12	(	(	PUNCT
fsr-3230	679	13	1987	1987	NUM
fsr-3230	679	14	)	)	PUNCT
fsr-3230	679	15	.	.	PUNCT
fsr-3230	680	1	the	the	DET
fsr-3230	680	2	effect	effect	NOUN
fsr-3230	680	3	of	of	ADP
fsr-3230	680	4	12b-1	12b-1	NUM
fsr-3230	680	5	plans	plan	NOUN
fsr-3230	680	6	on	on	ADP
fsr-3230	680	7	mutual	mutual	ADJ
fsr-3230	680	8	fund	fund	NOUN
fsr-3230	680	9	expense	expense	NOUN
fsr-3230	680	10	ratios	ratio	NOUN
fsr-3230	680	11	:	:	PUNCT
fsr-3230	680	12	a	a	DET
fsr-3230	680	13	note	note	NOUN
fsr-3230	680	14	.	.	PUNCT
fsr-3230	681	1	journal	journal	NOUN
fsr-3230	681	2	of	of	ADP
fsr-3230	681	3	finance	finance	NOUN
fsr-3230	681	4	,	,	PUNCT
fsr-3230	681	5	42	42	NUM
fsr-3230	681	6	,	,	PUNCT
fsr-3230	681	7	1077−1082	1077−1082	NUM
fsr-3230	681	8	.	.	PUNCT
fsr-3230	682	1	https://doi.org/10.2307/2328308	https://doi.org/10.2307/2328308	NOUN
fsr-3230	682	2	ferson	ferson	PROPN
fsr-3230	682	3	,	,	PUNCT
fsr-3230	682	4	w.	w.	PROPN
fsr-3230	682	5	e.	e.	PROPN
fsr-3230	682	6	(	(	PUNCT
fsr-3230	682	7	2010	2010	NUM
fsr-3230	682	8	)	)	PUNCT
fsr-3230	682	9	.	.	PUNCT
fsr-3230	683	1	investment	investment	NOUN
fsr-3230	683	2	performance	performance	NOUN
fsr-3230	683	3	evaluation	evaluation	NOUN
fsr-3230	683	4	,	,	PUNCT
fsr-3230	683	5	annual	annual	ADJ
fsr-3230	683	6	review	review	NOUN
fsr-3230	683	7	of	of	ADP
fsr-3230	683	8	financial	financial	ADJ
fsr-3230	683	9	economics	economic	NOUN
fsr-3230	683	10	,	,	PUNCT
fsr-3230	683	11	2	2	NUM
fsr-3230	683	12	,	,	PUNCT
fsr-3230	683	13	207−234	207−234	X
fsr-3230	683	14	.	.	PUNCT
fsr-3230	683	15	https://doi.org/10.1146/annurev-financial120209-134007	https://doi.org/10.1146/annurev-financial120209-134007	PROPN
fsr-3230	683	16	ferson	ferson	PROPN
fsr-3230	683	17	,	,	PUNCT
fsr-3230	683	18	w.	w.	PROPN
fsr-3230	683	19	e.	e.	PROPN
fsr-3230	683	20	,	,	PUNCT
fsr-3230	683	21	&	&	CCONJ
fsr-3230	683	22	lin	lin	PROPN
fsr-3230	683	23	,	,	PUNCT
fsr-3230	683	24	j.	j.	PROPN
fsr-3230	683	25	(	(	PUNCT
fsr-3230	683	26	2014	2014	NUM
fsr-3230	683	27	)	)	PUNCT
fsr-3230	683	28	.	.	PUNCT
fsr-3230	684	1	alpha	alpha	NOUN
fsr-3230	684	2	and	and	CCONJ
fsr-3230	684	3	performance	performance	NOUN
fsr-3230	684	4	measurement	measurement	NOUN
fsr-3230	684	5	:	:	PUNCT
fsr-3230	684	6	the	the	DET
fsr-3230	684	7	effect	effect	NOUN
fsr-3230	684	8	of	of	ADP
fsr-3230	684	9	investor	investor	NOUN
fsr-3230	684	10	heterogeneity	heterogeneity	NOUN
fsr-3230	684	11	.	.	PUNCT
fsr-3230	685	1	journal	journal	PROPN
fsr-3230	685	2	of	of	ADP
fsr-3230	685	3	finance	finance	NOUN
fsr-3230	685	4	,	,	PUNCT
fsr-3230	685	5	69	69	NUM
fsr-3230	685	6	,	,	PUNCT
fsr-3230	685	7	1565−1596	1565−1596	NUM
fsr-3230	685	8	.	.	PUNCT
fsr-3230	686	1	https://doi.org/10.1111/jofi.12165	https://doi.org/10.1111/jofi.12165	PROPN
fsr-3230	686	2	ferson	ferson	NOUN
fsr-3230	686	3	,	,	PUNCT
fsr-3230	686	4	w.	w.	PROPN
fsr-3230	686	5	e.	e.	PROPN
fsr-3230	686	6	,	,	PUNCT
fsr-3230	686	7	&	&	CCONJ
fsr-3230	686	8	siegel	siegel	PROPN
fsr-3230	686	9	,	,	PUNCT
fsr-3230	686	10	a.f	a.f	PROPN
fsr-3230	686	11	.	.	PROPN
fsr-3230	686	12	(	(	PUNCT
fsr-3230	686	13	2003	2003	NUM
fsr-3230	686	14	)	)	PUNCT
fsr-3230	686	15	.	.	PUNCT
fsr-3230	687	1	stochastic	stochastic	ADJ
fsr-3230	687	2	discount	discount	NOUN
fsr-3230	687	3	factor	factor	NOUN
fsr-3230	687	4	bounds	bound	VERB
fsr-3230	687	5	with	with	ADP
fsr-3230	687	6	conditioning	conditioning	NOUN
fsr-3230	687	7	information	information	NOUN
fsr-3230	687	8	.	.	PUNCT
fsr-3230	688	1	review	review	NOUN
fsr-3230	688	2	of	of	ADP
fsr-3230	688	3	financial	financial	ADJ
fsr-3230	688	4	studies	study	NOUN
fsr-3230	688	5	,	,	PUNCT
fsr-3230	688	6	16	16	NUM
fsr-3230	688	7	,	,	PUNCT
fsr-3230	688	8	567−595	567−595	NUM
fsr-3230	688	9	.	.	PUNCT
fsr-3230	688	10	https://doi.org/10.1093/rfs/hhg004	https://doi.org/10.1093/rfs/hhg004	PROPN
fsr-3230	688	11	gibson	gibson	PROPN
fsr-3230	688	12	,	,	PUNCT
fsr-3230	688	13	s.	s.	PROPN
fsr-3230	688	14	,	,	PUNCT
fsr-3230	688	15	safieddine	safieddine	NOUN
fsr-3230	688	16	,	,	PUNCT
fsr-3230	688	17	a.	a.	NOUN
fsr-3230	688	18	,	,	PUNCT
fsr-3230	688	19	&	&	CCONJ
fsr-3230	688	20	titman	titman	PROPN
fsr-3230	688	21	,	,	PUNCT
fsr-3230	688	22	s.	s.	PROPN
fsr-3230	688	23	(	(	PUNCT
fsr-3230	688	24	2000	2000	NUM
fsr-3230	688	25	)	)	PUNCT
fsr-3230	688	26	.	.	PUNCT
fsr-3230	689	1	taxmotivated	taxmotivate	VERB
fsr-3230	689	2	trading	trading	NOUN
fsr-3230	689	3	and	and	CCONJ
fsr-3230	689	4	price	price	NOUN
fsr-3230	689	5	pressure	pressure	NOUN
fsr-3230	689	6	:	:	PUNCT
fsr-3230	689	7	an	an	DET
fsr-3230	689	8	analysis	analysis	NOUN
fsr-3230	689	9	of	of	ADP
fsr-3230	689	10	mutual	mutual	ADJ
fsr-3230	689	11	fund	fund	NOUN
fsr-3230	689	12	holdings	holding	NOUN
fsr-3230	689	13	.	.	PUNCT
fsr-3230	690	1	journal	journal	PROPN
fsr-3230	690	2	of	of	ADP
fsr-3230	690	3	financial	financial	ADJ
fsr-3230	690	4	and	and	CCONJ
fsr-3230	690	5	quantitative	quantitative	ADJ
fsr-3230	690	6	analysis	analysis	NOUN
fsr-3230	690	7	,	,	PUNCT
fsr-3230	690	8	35	35	NUM
fsr-3230	690	9	,	,	PUNCT
fsr-3230	690	10	369−386	369−386	X
fsr-3230	690	11	.	.	PUNCT
fsr-3230	691	1	https://doi.org/10.2307/2676209	https://doi.org/10.2307/2676209	X
fsr-3230	691	2	glosten	glosten	ADJ
fsr-3230	691	3	,	,	PUNCT
fsr-3230	691	4	l.	l.	PROPN
fsr-3230	691	5	,	,	PUNCT
fsr-3230	691	6	&	&	CCONJ
fsr-3230	691	7	jagannathan	jagannathan	PROPN
fsr-3230	691	8	,	,	PUNCT
fsr-3230	691	9	r.	r.	PROPN
fsr-3230	691	10	(	(	PUNCT
fsr-3230	691	11	1994	1994	NUM
fsr-3230	691	12	)	)	PUNCT
fsr-3230	691	13	.	.	PUNCT
fsr-3230	692	1	a	a	DET
fsr-3230	692	2	contingent	contingent	NOUN
fsr-3230	692	3	claims	claim	NOUN
fsr-3230	692	4	approach	approach	VERB
fsr-3230	692	5	to	to	ADP
fsr-3230	692	6	performance	performance	NOUN
fsr-3230	692	7	evaluation	evaluation	NOUN
fsr-3230	692	8	.	.	PUNCT
fsr-3230	693	1	journal	journal	NOUN
fsr-3230	693	2	of	of	ADP
fsr-3230	693	3	empirical	empirical	ADJ
fsr-3230	693	4	finance	finance	NOUN
fsr-3230	693	5	,	,	PUNCT
fsr-3230	693	6	1	1	NUM
fsr-3230	693	7	,	,	PUNCT
fsr-3230	693	8	133−66	133−66	NUM
fsr-3230	693	9	.	.	PUNCT
fsr-3230	694	1	https://doi.org/10.1016/09275398(94)90001-9	https://doi.org/10.1016/09275398(94)90001-9	X
fsr-3230	694	2	golec	golec	NOUN
fsr-3230	694	3	,	,	PUNCT
fsr-3230	694	4	j.	j.	PROPN
fsr-3230	694	5	h.	h.	PROPN
fsr-3230	694	6	(	(	PUNCT
fsr-3230	694	7	1996	1996	NUM
fsr-3230	694	8	)	)	PUNCT
fsr-3230	694	9	.	.	PUNCT
fsr-3230	695	1	the	the	DET
fsr-3230	695	2	effects	effect	NOUN
fsr-3230	695	3	of	of	ADP
fsr-3230	695	4	mutual	mutual	ADJ
fsr-3230	695	5	fund	fund	NOUN
fsr-3230	695	6	managers	manager	NOUN
fsr-3230	695	7	’	’	PART
fsr-3230	695	8	characteristics	characteristic	NOUN
fsr-3230	695	9	on	on	ADP
fsr-3230	695	10	their	their	PRON
fsr-3230	695	11	portfolio	portfolio	NOUN
fsr-3230	695	12	performance	performance	NOUN
fsr-3230	695	13	,	,	PUNCT
fsr-3230	695	14	risk	risk	NOUN
fsr-3230	695	15	,	,	PUNCT
fsr-3230	695	16	and	and	CCONJ
fsr-3230	695	17	fees	fee	NOUN
fsr-3230	695	18	.	.	PUNCT
fsr-3230	696	1	financial	financial	ADJ
fsr-3230	696	2	services	service	NOUN
fsr-3230	696	3	review	review	PROPN
fsr-3230	696	4	,	,	PUNCT
fsr-3230	696	5	5	5	NUM
fsr-3230	696	6	,	,	PUNCT
fsr-3230	696	7	133−148	133−148	NOUN
fsr-3230	696	8	.	.	PUNCT
fsr-3230	696	9	https://doi.org/10.1016/s10570810(96)90006-2	https://doi.org/10.1016/s10570810(96)90006-2	NOUN
fsr-3230	696	10	grinblatt	grinblatt	PROPN
fsr-3230	696	11	,	,	PUNCT
fsr-3230	696	12	m.	m.	NOUN
fsr-3230	696	13	,	,	PUNCT
fsr-3230	696	14	&	&	CCONJ
fsr-3230	696	15	titman	titman	PROPN
fsr-3230	696	16	,	,	PUNCT
fsr-3230	696	17	s.	s.	PROPN
fsr-3230	696	18	(	(	PUNCT
fsr-3230	696	19	1994	1994	NUM
fsr-3230	696	20	)	)	PUNCT
fsr-3230	696	21	.	.	PUNCT
fsr-3230	697	1	a	a	DET
fsr-3230	697	2	study	study	NOUN
fsr-3230	697	3	of	of	ADP
fsr-3230	697	4	monthly	monthly	ADJ
fsr-3230	697	5	fund	fund	NOUN
fsr-3230	697	6	returns	return	NOUN
fsr-3230	697	7	and	and	CCONJ
fsr-3230	697	8	performance	performance	NOUN
fsr-3230	697	9	evaluation	evaluation	NOUN
fsr-3230	697	10	techniques	technique	NOUN
fsr-3230	697	11	.	.	PUNCT
fsr-3230	698	1	journal	journal	NOUN
fsr-3230	698	2	of	of	ADP
fsr-3230	698	3	financial	financial	ADJ
fsr-3230	698	4	and	and	CCONJ
fsr-3230	698	5	quantitative	quantitative	ADJ
fsr-3230	698	6	analysis	analysis	NOUN
fsr-3230	698	7	,	,	PUNCT
fsr-3230	698	8	29	29	NUM
fsr-3230	698	9	,	,	PUNCT
fsr-3230	698	10	419−444	419−444	NOUN
fsr-3230	698	11	.	.	PUNCT
fsr-3230	698	12	https://doi.org/10.2307/2331338	https://doi.org/10.2307/2331338	NOUN
fsr-3230	698	13	gruber	gruber	NOUN
fsr-3230	698	14	,	,	PUNCT
fsr-3230	698	15	m.	m.	NOUN
fsr-3230	698	16	j.	j.	PROPN
fsr-3230	698	17	(	(	PUNCT
fsr-3230	698	18	1996	1996	NUM
fsr-3230	698	19	)	)	PUNCT
fsr-3230	698	20	.	.	PUNCT
fsr-3230	699	1	another	another	DET
fsr-3230	699	2	puzzle	puzzle	NOUN
fsr-3230	699	3	:	:	PUNCT
fsr-3230	699	4	the	the	DET
fsr-3230	699	5	growth	growth	NOUN
fsr-3230	699	6	in	in	ADP
fsr-3230	699	7	actively	actively	ADV
fsr-3230	699	8	managed	manage	VERB
fsr-3230	699	9	mutual	mutual	ADJ
fsr-3230	699	10	funds	fund	NOUN
fsr-3230	699	11	.	.	PUNCT
fsr-3230	700	1	journal	journal	PROPN
fsr-3230	700	2	of	of	ADP
fsr-3230	700	3	finance	finance	NOUN
fsr-3230	700	4	,	,	PUNCT
fsr-3230	700	5	51	51	NUM
fsr-3230	700	6	,	,	PUNCT
fsr-3230	700	7	783−810	783−810	NUM
fsr-3230	700	8	.	.	PUNCT
fsr-3230	701	1	https://doi.org/10.1111/j.15406261.1996.tb02707.x	https://doi.org/10.1111/j.15406261.1996.tb02707.x	PROPN
fsr-3230	701	2	hansen	hansen	PROPN
fsr-3230	701	3	,	,	PUNCT
fsr-3230	701	4	l.	l.	PROPN
fsr-3230	701	5	p.	p.	PROPN
fsr-3230	701	6	(	(	PUNCT
fsr-3230	701	7	1982	1982	NUM
fsr-3230	701	8	)	)	PUNCT
fsr-3230	701	9	.	.	PUNCT
fsr-3230	702	1	large	large	ADJ
fsr-3230	702	2	sample	sample	NOUN
fsr-3230	702	3	properties	property	NOUN
fsr-3230	702	4	of	of	ADP
fsr-3230	702	5	generalized	generalized	ADJ
fsr-3230	702	6	method	method	NOUN
fsr-3230	702	7	of	of	ADP
fsr-3230	702	8	moments	moment	NOUN
fsr-3230	702	9	estimators	estimator	NOUN
fsr-3230	702	10	.	.	PUNCT
fsr-3230	703	1	econometrica	econometrica	PROPN
fsr-3230	703	2	,	,	PUNCT
fsr-3230	703	3	50	50	NUM
fsr-3230	703	4	,	,	PUNCT
fsr-3230	703	5	1029−1054	1029−1054	NUM
fsr-3230	703	6	.	.	PUNCT
fsr-3230	704	1	https://doi.org/10.2307/1912775	https://doi.org/10.2307/1912775	PROPN
fsr-3230	704	2	hansen	hansen	PROPN
fsr-3230	704	3	,	,	PUNCT
fsr-3230	704	4	l.	l.	PROPN
fsr-3230	704	5	p.	p.	PROPN
fsr-3230	704	6	,	,	PUNCT
fsr-3230	704	7	&	&	CCONJ
fsr-3230	704	8	jagannathan	jagannathan	PROPN
fsr-3230	704	9	,	,	PUNCT
fsr-3230	704	10	r.	r.	PROPN
fsr-3230	704	11	(	(	PUNCT
fsr-3230	704	12	1991	1991	NUM
fsr-3230	704	13	)	)	PUNCT
fsr-3230	704	14	.	.	PUNCT
fsr-3230	705	1	implication	implication	NOUN
fsr-3230	705	2	of	of	ADP
fsr-3230	705	3	security	security	NOUN
fsr-3230	705	4	market	market	NOUN
fsr-3230	705	5	data	datum	NOUN
fsr-3230	705	6	for	for	ADP
fsr-3230	705	7	models	model	NOUN
fsr-3230	705	8	of	of	ADP
fsr-3230	705	9	dynamic	dynamic	ADJ
fsr-3230	705	10	economies	economy	NOUN
fsr-3230	705	11	.	.	PUNCT
fsr-3230	706	1	journal	journal	NOUN
fsr-3230	706	2	of	of	ADP
fsr-3230	706	3	political	political	ADJ
fsr-3230	706	4	economy	economy	NOUN
fsr-3230	706	5	,	,	PUNCT
fsr-3230	706	6	99	99	NUM
fsr-3230	706	7	,	,	PUNCT
fsr-3230	706	8	225−262	225−262	NUM
fsr-3230	706	9	.	.	PUNCT
fsr-3230	706	10	http://dx.doi.org/10.1086/261749	http://dx.doi.org/10.1086/261749	PROPN
fsr-3230	706	11	harris	harris	PROPN
fsr-3230	706	12	,	,	PUNCT
fsr-3230	706	13	l.e	l.e	PROPN
fsr-3230	706	14	.	.	PROPN
fsr-3230	706	15	,	,	PUNCT
fsr-3230	706	16	hartzmark	hartzmark	PROPN
fsr-3230	706	17	,	,	PUNCT
fsr-3230	706	18	s.	s.	PROPN
fsr-3230	706	19	m.	m.	PROPN
fsr-3230	706	20	,	,	PUNCT
fsr-3230	706	21	&	&	CCONJ
fsr-3230	706	22	solomon	solomon	PROPN
fsr-3230	706	23	,	,	PUNCT
fsr-3230	706	24	d.	d.	PROPN
fsr-3230	706	25	h.	h.	PROPN
fsr-3230	706	26	(	(	PUNCT
fsr-3230	706	27	2015	2015	NUM
fsr-3230	706	28	)	)	PUNCT
fsr-3230	706	29	.	.	PUNCT
fsr-3230	707	1	juicing	juice	VERB
fsr-3230	707	2	the	the	DET
fsr-3230	707	3	dividend	dividend	NOUN
fsr-3230	707	4	yield	yield	NOUN
fsr-3230	707	5	:	:	PUNCT
fsr-3230	707	6	mutual	mutual	ADJ
fsr-3230	707	7	funds	fund	NOUN
fsr-3230	707	8	and	and	CCONJ
fsr-3230	707	9	the	the	DET
fsr-3230	707	10	demand	demand	NOUN
fsr-3230	707	11	for	for	ADP
fsr-3230	707	12	dividends	dividend	NOUN
fsr-3230	707	13	.	.	PUNCT
fsr-3230	708	1	journal	journal	NOUN
fsr-3230	708	2	of	of	ADP
fsr-3230	708	3	financial	financial	ADJ
fsr-3230	708	4	economics	economic	NOUN
fsr-3230	708	5	,	,	PUNCT
fsr-3230	708	6	116	116	NUM
fsr-3230	708	7	,	,	PUNCT
fsr-3230	708	8	433−451	433−451	PROPN
fsr-3230	708	9	.	.	PUNCT
fsr-3230	708	10	https://doi.org/10.1016/j.jfineco.2015.04.001	https://doi.org/10.1016/j.jfineco.2015.04.001	PROPN
fsr-3230	708	11	huang	huang	PROPN
fsr-3230	708	12	,	,	PUNCT
fsr-3230	708	13	j.	j.	PROPN
fsr-3230	708	14	,	,	PUNCT
fsr-3230	708	15	sialm	sialm	PROPN
fsr-3230	708	16	,	,	PUNCT
fsr-3230	708	17	c.	c.	PROPN
fsr-3230	708	18	,	,	PUNCT
fsr-3230	708	19	&	&	CCONJ
fsr-3230	708	20	zhang	zhang	PROPN
fsr-3230	708	21	,	,	PUNCT
fsr-3230	708	22	h.	h.	PROPN
fsr-3230	708	23	(	(	PUNCT
fsr-3230	708	24	2011	2011	NUM
fsr-3230	708	25	)	)	PUNCT
fsr-3230	708	26	.	.	PUNCT
fsr-3230	709	1	risk	risk	NOUN
fsr-3230	709	2	shifting	shift	VERB
fsr-3230	709	3	and	and	CCONJ
fsr-3230	709	4	mutual	mutual	ADJ
fsr-3230	709	5	fund	fund	NOUN
fsr-3230	709	6	performance	performance	NOUN
fsr-3230	709	7	.	.	PUNCT
fsr-3230	710	1	review	review	NOUN
fsr-3230	710	2	of	of	ADP
fsr-3230	710	3	financial	financial	ADJ
fsr-3230	710	4	studies	study	NOUN
fsr-3230	710	5	,	,	PUNCT
fsr-3230	710	6	24	24	NUM
fsr-3230	710	7	,	,	PUNCT
fsr-3230	710	8	2575−2616	2575−2616	NUM
fsr-3230	710	9	.	.	PUNCT
fsr-3230	711	1	https://doi.org/10.1093/rfs/hhr001	https://doi.org/10.1093/rfs/hhr001	PROPN
fsr-3230	711	2	huang	huang	PROPN
fsr-3230	711	3	,	,	PUNCT
fsr-3230	711	4	j.	j.	PROPN
fsr-3230	711	5	,	,	PUNCT
fsr-3230	711	6	wei	wei	PROPN
fsr-3230	711	7	,	,	PUNCT
fsr-3230	711	8	k.	k.	PROPN
fsr-3230	711	9	d.	d.	PROPN
fsr-3230	711	10	,	,	PUNCT
fsr-3230	711	11	&	&	CCONJ
fsr-3230	711	12	yan	yan	PROPN
fsr-3230	711	13	,	,	PUNCT
fsr-3230	711	14	h.	h.	PROPN
fsr-3230	711	15	(	(	PUNCT
fsr-3230	711	16	2007	2007	NUM
fsr-3230	711	17	)	)	PUNCT
fsr-3230	711	18	.	.	PUNCT
fsr-3230	712	1	participation	participation	NOUN
fsr-3230	712	2	costs	cost	NOUN
fsr-3230	712	3	and	and	CCONJ
fsr-3230	712	4	the	the	DET
fsr-3230	712	5	sensitivity	sensitivity	NOUN
fsr-3230	712	6	of	of	ADP
fsr-3230	712	7	fund	fund	NOUN
fsr-3230	712	8	flows	flow	NOUN
fsr-3230	712	9	to	to	ADP
fsr-3230	712	10	past	past	ADJ
fsr-3230	712	11	performance	performance	NOUN
fsr-3230	712	12	.	.	PUNCT
fsr-3230	713	1	journal	journal	PROPN
fsr-3230	713	2	of	of	ADP
fsr-3230	713	3	finance	finance	NOUN
fsr-3230	713	4	,	,	PUNCT
fsr-3230	713	5	62	62	NUM
fsr-3230	713	6	,	,	PUNCT
fsr-3230	713	7	1273−1311	1273−1311	NUM
fsr-3230	713	8	.	.	PUNCT
fsr-3230	713	9	https://doi.org/10.1111/j.15406261.2007.01236.x	https://doi.org/10.1111/j.15406261.2007.01236.x	X
fsr-3230	713	10	investment	investment	NOUN
fsr-3230	713	11	company	company	NOUN
fsr-3230	713	12	institute	institute	NOUN
fsr-3230	713	13	.	.	PUNCT
fsr-3230	714	1	(	(	PUNCT
fsr-3230	714	2	2021	2021	NUM
fsr-3230	714	3	)	)	PUNCT
fsr-3230	714	4	.	.	PUNCT
fsr-3230	715	1	2021	2021	NUM
fsr-3230	715	2	investment	investment	NOUN
fsr-3230	715	3	company	company	NOUN
fsr-3230	715	4	fact	fact	NOUN
fsr-3230	715	5	book	book	NOUN
fsr-3230	715	6	,	,	PUNCT
fsr-3230	715	7	61st	61st	ADJ
fsr-3230	715	8	edition	edition	NOUN
fsr-3230	715	9	.	.	PUNCT
fsr-3230	716	1	www.icifactbook.org	www.icifactbook.org	PROPN
fsr-3230	716	2	,	,	PUNCT
fsr-3230	716	3	ippolito	ippolito	PROPN
fsr-3230	716	4	.	.	PROPN
fsr-3230	716	5	r.	r.	PROPN
fsr-3230	716	6	(	(	PUNCT
fsr-3230	716	7	1989	1989	NUM
fsr-3230	716	8	)	)	PUNCT
fsr-3230	716	9	.	.	PUNCT
fsr-3230	717	1	efficiency	efficiency	NOUN
fsr-3230	717	2	with	with	ADP
fsr-3230	717	3	costly	costly	ADJ
fsr-3230	717	4	information	information	NOUN
fsr-3230	717	5	:	:	PUNCT
fsr-3230	717	6	a	a	DET
fsr-3230	717	7	study	study	NOUN
fsr-3230	717	8	of	of	ADP
fsr-3230	717	9	mutual	mutual	ADJ
fsr-3230	717	10	fund	fund	NOUN
fsr-3230	717	11	performance	performance	NOUN
fsr-3230	717	12	.	.	PUNCT
fsr-3230	718	1	quarterly	quarterly	ADJ
fsr-3230	718	2	journal	journal	NOUN
fsr-3230	718	3	of	of	ADP
fsr-3230	718	4	economics	economic	NOUN
fsr-3230	718	5	,	,	PUNCT
fsr-3230	718	6	104	104	NUM
fsr-3230	718	7	,	,	PUNCT
fsr-3230	718	8	1−23	1−23	NUM
fsr-3230	718	9	.	.	NOUN
fsr-3230	718	10	https://doi.org/10.2307/2937832	https://doi.org/10.2307/2937832	PROPN
fsr-3230	718	11	ippolito	ippolito	PROPN
fsr-3230	718	12	,	,	PUNCT
fsr-3230	718	13	r.	r.	PROPN
fsr-3230	718	14	(	(	PUNCT
fsr-3230	718	15	1992	1992	NUM
fsr-3230	718	16	)	)	PUNCT
fsr-3230	718	17	.	.	PUNCT
fsr-3230	719	1	consumer	consumer	NOUN
fsr-3230	719	2	reaction	reaction	NOUN
fsr-3230	719	3	to	to	ADP
fsr-3230	719	4	measures	measure	NOUN
fsr-3230	719	5	of	of	ADP
fsr-3230	719	6	poor	poor	ADJ
fsr-3230	719	7	quality	quality	NOUN
fsr-3230	719	8	:	:	PUNCT
fsr-3230	719	9	evidence	evidence	NOUN
fsr-3230	719	10	from	from	ADP
fsr-3230	719	11	the	the	DET
fsr-3230	719	12	mutual	mutual	ADJ
fsr-3230	719	13	fund	fund	NOUN
fsr-3230	719	14	industry	industry	NOUN
fsr-3230	719	15	.	.	PUNCT
fsr-3230	720	1	journal	journal	PROPN
fsr-3230	720	2	of	of	ADP
fsr-3230	720	3	law	law	NOUN
fsr-3230	720	4	and	and	CCONJ
fsr-3230	720	5	economics	economic	NOUN
fsr-3230	720	6	,	,	PUNCT
fsr-3230	720	7	35	35	NUM
fsr-3230	720	8	,	,	PUNCT
fsr-3230	720	9	45−70	45−70	NOUN
fsr-3230	720	10	.	.	PUNCT
fsr-3230	721	1	http://dx.doi.org/10.1086/467244	http://dx.doi.org/10.1086/467244	PROPN
fsr-3230	721	2	ivković	ivković	PROPN
fsr-3230	721	3	,	,	PUNCT
fsr-3230	721	4	z.	z.	PROPN
fsr-3230	721	5	,	,	PUNCT
fsr-3230	721	6	&	&	CCONJ
fsr-3230	721	7	weisbenner	weisbenner	PROPN
fsr-3230	721	8	,	,	PUNCT
fsr-3230	721	9	s.	s.	PROPN
fsr-3230	721	10	(	(	PUNCT
fsr-3230	721	11	2009	2009	NUM
fsr-3230	721	12	)	)	PUNCT
fsr-3230	721	13	.	.	PUNCT
fsr-3230	722	1	individual	individual	ADJ
fsr-3230	722	2	investors	investor	NOUN
fsr-3230	722	3	mutual	mutual	ADJ
fsr-3230	722	4	fund	fund	NOUN
fsr-3230	722	5	flows	flow	VERB
fsr-3230	722	6	.	.	PUNCT
fsr-3230	723	1	journal	journal	NOUN
fsr-3230	723	2	of	of	ADP
fsr-3230	723	3	financial	financial	ADJ
fsr-3230	723	4	economics	economic	NOUN
fsr-3230	723	5	,	,	PUNCT
fsr-3230	723	6	92	92	NUM
fsr-3230	723	7	,	,	PUNCT
fsr-3230	723	8	223−237	223−237	NUM
fsr-3230	723	9	.	.	PUNCT
fsr-3230	724	1	https://doi.org/10.3386/w14583	https://doi.org/10.3386/w14583	PROPN
fsr-3230	724	2	james	james	PROPN
fsr-3230	724	3	,	,	PUNCT
fsr-3230	724	4	c.	c.	PROPN
fsr-3230	724	5	,	,	PUNCT
fsr-3230	724	6	&	&	CCONJ
fsr-3230	724	7	karceski	karceski	PROPN
fsr-3230	724	8	,	,	PUNCT
fsr-3230	724	9	j.	j.	PROPN
fsr-3230	724	10	(	(	PUNCT
fsr-3230	724	11	2006	2006	NUM
fsr-3230	724	12	)	)	PUNCT
fsr-3230	724	13	.	.	PUNCT
fsr-3230	725	1	investor	investor	NOUN
fsr-3230	725	2	monitoring	monitoring	NOUN
fsr-3230	725	3	and	and	CCONJ
fsr-3230	725	4	differences	difference	NOUN
fsr-3230	725	5	in	in	ADP
fsr-3230	725	6	mutual	mutual	ADJ
fsr-3230	725	7	fund	fund	NOUN
fsr-3230	725	8	performance	performance	NOUN
fsr-3230	725	9	.	.	PUNCT
fsr-3230	726	1	journal	journal	NOUN
fsr-3230	726	2	of	of	ADP
fsr-3230	726	3	banking	banking	NOUN
fsr-3230	726	4	and	and	CCONJ
fsr-3230	726	5	finance	finance	NOUN
fsr-3230	726	6	,	,	PUNCT
fsr-3230	726	7	30	30	NUM
fsr-3230	726	8	,	,	PUNCT
fsr-3230	726	9	https://doi.org/10.1111/j.1540-6261.2010.01598.x	https://doi.org/10.1111/j.1540-6261.2010.01598.x	NOUN
fsr-3230	726	10	https://doi.org/10.1111/j.1540-6261.2010.01598.x	https://doi.org/10.1111/j.1540-6261.2010.01598.x	NOUN
fsr-3230	726	11	https://doi.org/10.1093/rof/rfs013	https://doi.org/10.1093/rof/rfs013	PROPN
fsr-3230	726	12	https://doi.org/10.2307/2328308	https://doi.org/10.2307/2328308	NOUN
fsr-3230	726	13	https://doi.org/10.1146/annurev-financial-120209-134007	https://doi.org/10.1146/annurev-financial-120209-134007	PROPN
fsr-3230	726	14	https://doi.org/10.1146/annurev-financial-120209-134007	https://doi.org/10.1146/annurev-financial-120209-134007	PROPN
fsr-3230	726	15	https://doi.org/10.1111/jofi.12165	https://doi.org/10.1111/jofi.12165	X
fsr-3230	726	16	https://doi.org/10.1093/rfs/hhg004	https://doi.org/10.1093/rfs/hhg004	PROPN
fsr-3230	726	17	https://doi.org/10.2307/2676209	https://doi.org/10.2307/2676209	VERB
fsr-3230	726	18	https://doi.org/10.1016/0927-5398(94)90001-9	https://doi.org/10.1016/0927-5398(94)90001-9	PROPN
fsr-3230	726	19	https://doi.org/10.1016/0927-5398(94)90001-9	https://doi.org/10.1016/0927-5398(94)90001-9	PROPN
fsr-3230	726	20	https://doi.org/10.1016/s1057-0810(96)90006-2	https://doi.org/10.1016/s1057-0810(96)90006-2	AUX
fsr-3230	726	21	https://doi.org/10.1016/s1057-0810(96)90006-2	https://doi.org/10.1016/s1057-0810(96)90006-2	VERB
fsr-3230	726	22	https://doi.org/10.2307/2331338	https://doi.org/10.2307/2331338	NOUN
fsr-3230	727	1	https://doi.org/10.1111/j.1540-6261.1996.tb02707.x	https://doi.org/10.1111/j.1540-6261.1996.tb02707.x	PROPN
fsr-3230	727	2	https://doi.org/10.1111/j.1540-6261.1996.tb02707.x	https://doi.org/10.1111/j.1540-6261.1996.tb02707.x	PROPN
fsr-3230	727	3	https://doi.org/10.2307/1912775	https://doi.org/10.2307/1912775	ADJ
fsr-3230	727	4	http://dx.doi.org/10.1086/261749	http://dx.doi.org/10.1086/261749	NOUN
fsr-3230	727	5	https://doi.org/10.1016/j.jfineco.2015.04.001	https://doi.org/10.1016/j.jfineco.2015.04.001	PROPN
fsr-3230	727	6	https://doi.org/10.1093/rfs/hhr001	https://doi.org/10.1093/rfs/hhr001	PROPN
fsr-3230	727	7	https://doi.org/10.1111/j.1540-6261.2007.01236.x	https://doi.org/10.1111/j.1540-6261.2007.01236.x	ADJ
fsr-3230	727	8	https://doi.org/10.1111/j.1540-6261.2007.01236.x	https://doi.org/10.1111/j.1540-6261.2007.01236.x	ADJ
fsr-3230	727	9	http://www.icifactbook.org/	http://www.icifactbook.org/	NOUN
fsr-3230	727	10	https://doi.org/10.2307/2937832	https://doi.org/10.2307/2937832	VERB
fsr-3230	727	11	http://dx.doi.org/10.1086/467244	http://dx.doi.org/10.1086/467244	PROPN
fsr-3230	727	12	https://doi.org/10.3386/w14583	https://doi.org/10.3386/w14583	PROPN
fsr-3230	727	13	chrétien	chrétien	PROPN
fsr-3230	727	14	&	&	CCONJ
fsr-3230	727	15	kammoun	kammoun	PROPN
fsr-3230	727	16	93	93	NUM
fsr-3230	727	17	2787−2808	2787−2808	NUM
fsr-3230	727	18	.	.	PUNCT
fsr-3230	728	1	https://doi.org/10.1016/j.jbankfin.2005.11.00	https://doi.org/10.1016/j.jbankfin.2005.11.00	PROPN
fsr-3230	728	2	3	3	NUM
fsr-3230	728	3	jiang	jiang	PROPN
fsr-3230	728	4	h.	h.	PROPN
fsr-3230	728	5	,	,	PUNCT
fsr-3230	728	6	&	&	CCONJ
fsr-3230	728	7	sun	sun	PROPN
fsr-3230	728	8	,	,	PUNCT
fsr-3230	728	9	z.	z.	PROPN
fsr-3230	728	10	(	(	PUNCT
fsr-3230	728	11	2020	2020	NUM
fsr-3230	728	12	)	)	PUNCT
fsr-3230	728	13	.	.	PUNCT
fsr-3230	729	1	reaching	reach	VERB
fsr-3230	729	2	for	for	ADP
fsr-3230	729	3	dividends	dividend	NOUN
fsr-3230	729	4	.	.	PUNCT
fsr-3230	730	1	journal	journal	NOUN
fsr-3230	730	2	of	of	ADP
fsr-3230	730	3	monetary	monetary	ADJ
fsr-3230	730	4	economics	economic	NOUN
fsr-3230	730	5	,	,	PUNCT
fsr-3230	730	6	115	115	NUM
fsr-3230	730	7	,	,	PUNCT
fsr-3230	730	8	321−338	321−338	X
fsr-3230	730	9	.	.	PUNCT
fsr-3230	730	10	https://doi.org/10.1016/j.jmoneco.2019.08.00	https://doi.org/10.1016/j.jmoneco.2019.08.00	PROPN
fsr-3230	730	11	3	3	NUM
fsr-3230	730	12	jun	jun	PROPN
fsr-3230	730	13	,	,	PUNCT
fsr-3230	730	14	x.	x.	PROPN
fsr-3230	730	15	,	,	PUNCT
fsr-3230	730	16	li	li	PROPN
fsr-3230	730	17	,	,	PUNCT
fsr-3230	730	18	m.	m.	NOUN
fsr-3230	730	19	,	,	PUNCT
fsr-3230	730	20	&	&	CCONJ
fsr-3230	730	21	shi	shi	PROPN
fsr-3230	730	22	,	,	PUNCT
fsr-3230	730	23	j.	j.	PROPN
fsr-3230	730	24	(	(	PUNCT
fsr-3230	730	25	2014	2014	NUM
fsr-3230	730	26	)	)	PUNCT
fsr-3230	730	27	.	.	PUNCT
fsr-3230	731	1	volatile	volatile	ADJ
fsr-3230	731	2	market	market	NOUN
fsr-3230	731	3	condition	condition	NOUN
fsr-3230	731	4	and	and	CCONJ
fsr-3230	731	5	investor	investor	NOUN
fsr-3230	731	6	clientele	clientele	NOUN
fsr-3230	731	7	effects	effect	NOUN
fsr-3230	731	8	on	on	ADP
fsr-3230	731	9	mutual	mutual	ADJ
fsr-3230	731	10	fund	fund	NOUN
fsr-3230	731	11	flow	flow	NOUN
fsr-3230	731	12	performance	performance	NOUN
fsr-3230	731	13	relationship	relationship	NOUN
fsr-3230	731	14	.	.	PUNCT
fsr-3230	732	1	pacific	pacific	ADJ
fsr-3230	732	2	-	-	PUNCT
fsr-3230	732	3	basin	basin	NOUN
fsr-3230	732	4	finance	finance	NOUN
fsr-3230	732	5	journal	journal	NOUN
fsr-3230	732	6	,	,	PUNCT
fsr-3230	732	7	29	29	NUM
fsr-3230	732	8	,	,	PUNCT
fsr-3230	732	9	310−334	310−334	NUM
fsr-3230	732	10	.	.	PUNCT
fsr-3230	732	11	https://doi.org/10.1016/j.pacfin.2014.05.002	https://doi.org/10.1016/j.pacfin.2014.05.002	PROPN
fsr-3230	732	12	kacperczyk	kacperczyk	PROPN
fsr-3230	732	13	,	,	PUNCT
fsr-3230	732	14	m.	m.	NOUN
fsr-3230	732	15	,	,	PUNCT
fsr-3230	732	16	sialm	sialm	PROPN
fsr-3230	732	17	,	,	PUNCT
fsr-3230	732	18	c.	c.	PROPN
fsr-3230	732	19	,	,	PUNCT
fsr-3230	732	20	&	&	CCONJ
fsr-3230	732	21	zheng	zheng	PROPN
fsr-3230	732	22	,	,	PUNCT
fsr-3230	732	23	l.	l.	PROPN
fsr-3230	732	24	(	(	PUNCT
fsr-3230	732	25	2008	2008	NUM
fsr-3230	732	26	)	)	PUNCT
fsr-3230	732	27	.	.	PUNCT
fsr-3230	733	1	unobserved	unobserved	ADJ
fsr-3230	733	2	actions	action	NOUN
fsr-3230	733	3	of	of	ADP
fsr-3230	733	4	mutual	mutual	ADJ
fsr-3230	733	5	funds	fund	NOUN
fsr-3230	733	6	.	.	PUNCT
fsr-3230	734	1	review	review	NOUN
fsr-3230	734	2	of	of	ADP
fsr-3230	734	3	financial	financial	ADJ
fsr-3230	734	4	studies	study	NOUN
fsr-3230	734	5	,	,	PUNCT
fsr-3230	734	6	21	21	NUM
fsr-3230	734	7	,	,	PUNCT
fsr-3230	734	8	2379−2416	2379−2416	NUM
fsr-3230	734	9	.	.	PUNCT
fsr-3230	735	1	https://doi.org/10.1093/rfs/hhl041	https://doi.org/10.1093/rfs/hhl041	PROPN
fsr-3230	735	2	kronlund	kronlund	NOUN
fsr-3230	735	3	,	,	PUNCT
fsr-3230	735	4	m.	m.	NOUN
fsr-3230	735	5	,	,	PUNCT
fsr-3230	735	6	pool	pool	NOUN
fsr-3230	735	7	,	,	PUNCT
fsr-3230	735	8	v.	v.	PROPN
fsr-3230	735	9	k.	k.	PROPN
fsr-3230	735	10	,	,	PUNCT
fsr-3230	735	11	sialm	sialm	PROPN
fsr-3230	735	12	,	,	PUNCT
fsr-3230	735	13	c.	c.	PROPN
fsr-3230	735	14	,	,	PUNCT
fsr-3230	735	15	&	&	CCONJ
fsr-3230	735	16	stefanescu	stefanescu	PROPN
fsr-3230	735	17	,	,	PUNCT
fsr-3230	735	18	i.	i.	NOUN
fsr-3230	735	19	(	(	PUNCT
fsr-3230	735	20	2021	2021	NUM
fsr-3230	735	21	)	)	PUNCT
fsr-3230	735	22	.	.	PUNCT
fsr-3230	736	1	out	out	ADP
fsr-3230	736	2	of	of	ADP
fsr-3230	736	3	sight	sight	NOUN
fsr-3230	736	4	no	no	ADV
fsr-3230	736	5	more	more	ADV
fsr-3230	736	6	?	?	PUNCT
fsr-3230	737	1	the	the	DET
fsr-3230	737	2	effect	effect	NOUN
fsr-3230	737	3	of	of	ADP
fsr-3230	737	4	fee	fee	NOUN
fsr-3230	737	5	disclosures	disclosure	NOUN
fsr-3230	737	6	on	on	ADP
fsr-3230	737	7	401(k	401(k	NOUN
fsr-3230	737	8	)	)	PUNCT
fsr-3230	737	9	investment	investment	NOUN
fsr-3230	737	10	allocations	allocation	NOUN
fsr-3230	737	11	.	.	PUNCT
fsr-3230	738	1	journal	journal	NOUN
fsr-3230	738	2	of	of	ADP
fsr-3230	738	3	financial	financial	ADJ
fsr-3230	738	4	economics	economic	NOUN
fsr-3230	738	5	,	,	PUNCT
fsr-3230	738	6	141	141	NUM
fsr-3230	738	7	,	,	PUNCT
fsr-3230	738	8	644−668	644−668	NOUN
fsr-3230	738	9	.	.	PUNCT
fsr-3230	738	10	https://doi.org/10.1016/j.jfineco.2021.04.008	https://doi.org/10.1016/j.jfineco.2021.04.008	NOUN
fsr-3230	738	11	mackinlay	mackinlay	NOUN
fsr-3230	738	12	,	,	PUNCT
fsr-3230	738	13	a.	a.	PROPN
fsr-3230	738	14	c.	c.	PROPN
fsr-3230	738	15	(	(	PUNCT
fsr-3230	738	16	1995	1995	NUM
fsr-3230	738	17	)	)	PUNCT
fsr-3230	738	18	.	.	PUNCT
fsr-3230	739	1	multifactor	multifactor	NOUN
fsr-3230	739	2	models	model	NOUN
fsr-3230	739	3	do	do	AUX
fsr-3230	739	4	not	not	PART
fsr-3230	739	5	explain	explain	VERB
fsr-3230	739	6	deviations	deviation	NOUN
fsr-3230	739	7	from	from	ADP
fsr-3230	739	8	the	the	DET
fsr-3230	739	9	capm	capm	PROPN
fsr-3230	739	10	.	.	PUNCT
fsr-3230	740	1	journal	journal	PROPN
fsr-3230	740	2	of	of	ADP
fsr-3230	740	3	financial	financial	ADJ
fsr-3230	740	4	economics	economic	NOUN
fsr-3230	740	5	,	,	PUNCT
fsr-3230	740	6	38	38	NUM
fsr-3230	740	7	,	,	PUNCT
fsr-3230	740	8	3−28	3−28	PROPN
fsr-3230	740	9	.	.	PUNCT
fsr-3230	741	1	https://doi.org/10.1016/0304405x(94)00808-e	https://doi.org/10.1016/0304405x(94)00808-e	PROPN
fsr-3230	741	2	massa	massa	PROPN
fsr-3230	741	3	,	,	PUNCT
fsr-3230	741	4	m.	m.	NOUN
fsr-3230	741	5	(	(	PUNCT
fsr-3230	741	6	2003	2003	NUM
fsr-3230	741	7	)	)	PUNCT
fsr-3230	741	8	.	.	PUNCT
fsr-3230	742	1	how	how	SCONJ
fsr-3230	742	2	do	do	AUX
fsr-3230	742	3	families	family	NOUN
fsr-3230	742	4	affect	affect	VERB
fsr-3230	742	5	fund	fund	NOUN
fsr-3230	742	6	performance	performance	NOUN
fsr-3230	742	7	?	?	PUNCT
fsr-3230	743	1	when	when	SCONJ
fsr-3230	743	2	performance	performance	NOUN
fsr-3230	743	3	maximization	maximization	NOUN
fsr-3230	743	4	is	be	AUX
fsr-3230	743	5	not	not	PART
fsr-3230	743	6	the	the	DET
fsr-3230	743	7	only	only	ADJ
fsr-3230	743	8	game	game	NOUN
fsr-3230	743	9	in	in	ADP
fsr-3230	743	10	town	town	NOUN
fsr-3230	743	11	.	.	PUNCT
fsr-3230	744	1	journal	journal	PROPN
fsr-3230	744	2	of	of	ADP
fsr-3230	744	3	financial	financial	ADJ
fsr-3230	744	4	economics	economic	NOUN
fsr-3230	744	5	,	,	PUNCT
fsr-3230	744	6	67	67	NUM
fsr-3230	744	7	,	,	PUNCT
fsr-3230	744	8	249−304	249−304	PROPN
fsr-3230	744	9	.	.	PROPN
fsr-3230	744	10	https://doi.org/10.1016/s0304405x(02)00253-2	https://doi.org/10.1016/s0304405x(02)00253-2	PROPN
fsr-3230	744	11	massa	massa	NOUN
fsr-3230	744	12	,	,	PUNCT
fsr-3230	744	13	m.	m.	NOUN
fsr-3230	744	14	,	,	PUNCT
fsr-3230	744	15	&	&	CCONJ
fsr-3230	744	16	patgiri	patgiri	PROPN
fsr-3230	744	17	,	,	PUNCT
fsr-3230	744	18	r.	r.	PROPN
fsr-3230	744	19	(	(	PUNCT
fsr-3230	744	20	2009	2009	NUM
fsr-3230	744	21	)	)	PUNCT
fsr-3230	744	22	.	.	PUNCT
fsr-3230	745	1	incentives	incentive	NOUN
fsr-3230	745	2	and	and	CCONJ
fsr-3230	745	3	mutual	mutual	ADJ
fsr-3230	745	4	fund	fund	NOUN
fsr-3230	745	5	performance	performance	NOUN
fsr-3230	745	6	:	:	PUNCT
fsr-3230	745	7	higher	high	ADJ
fsr-3230	745	8	performance	performance	NOUN
fsr-3230	745	9	or	or	CCONJ
fsr-3230	745	10	just	just	ADV
fsr-3230	745	11	higher	high	ADJ
fsr-3230	745	12	risk	risk	NOUN
fsr-3230	745	13	taking	taking	NOUN
fsr-3230	745	14	?	?	PUNCT
fsr-3230	745	15	,	,	PUNCT
fsr-3230	745	16	review	review	NOUN
fsr-3230	745	17	of	of	ADP
fsr-3230	745	18	financial	financial	ADJ
fsr-3230	745	19	studies	study	NOUN
fsr-3230	745	20	,	,	PUNCT
fsr-3230	745	21	22	22	NUM
fsr-3230	745	22	,	,	PUNCT
fsr-3230	745	23	1777−1815	1777−1815	NOUN
fsr-3230	745	24	.	.	PUNCT
fsr-3230	746	1	https://doi.org/10.1093/rfs/hhn023	https://doi.org/10.1093/rfs/hhn023	PROPN
fsr-3230	746	2	massa	massa	PROPN
fsr-3230	746	3	,	,	PUNCT
fsr-3230	746	4	m.	m.	NOUN
fsr-3230	746	5	,	,	PUNCT
fsr-3230	746	6	&	&	CCONJ
fsr-3230	746	7	yadav	yadav	PROPN
fsr-3230	746	8	,	,	PUNCT
fsr-3230	746	9	v.	v.	PROPN
fsr-3230	746	10	(	(	PUNCT
fsr-3230	746	11	2015	2015	NUM
fsr-3230	746	12	)	)	PUNCT
fsr-3230	746	13	.	.	PUNCT
fsr-3230	747	1	investor	investor	NOUN
fsr-3230	747	2	sentiment	sentiment	NOUN
fsr-3230	747	3	and	and	CCONJ
fsr-3230	747	4	mutual	mutual	ADJ
fsr-3230	747	5	fund	fund	NOUN
fsr-3230	747	6	strategies	strategy	NOUN
fsr-3230	747	7	.	.	PUNCT
fsr-3230	748	1	journal	journal	NOUN
fsr-3230	748	2	of	of	ADP
fsr-3230	748	3	financial	financial	ADJ
fsr-3230	748	4	and	and	CCONJ
fsr-3230	748	5	quantitative	quantitative	ADJ
fsr-3230	748	6	analysis	analysis	NOUN
fsr-3230	748	7	,	,	PUNCT
fsr-3230	748	8	50	50	NUM
fsr-3230	748	9	,	,	PUNCT
fsr-3230	748	10	699−727	699−727	PRON
fsr-3230	748	11	.	.	PUNCT
fsr-3230	749	1	https://doi.org/10.1017/s0022109015000253	https://doi.org/10.1017/s0022109015000253	NUM
fsr-3230	749	2	nanda	nanda	ADV
fsr-3230	749	3	,	,	PUNCT
fsr-3230	749	4	v.	v.	PROPN
fsr-3230	749	5	,	,	PUNCT
fsr-3230	749	6	narayanan	narayanan	PROPN
fsr-3230	749	7	,	,	PUNCT
fsr-3230	749	8	m.	m.	NOUN
fsr-3230	749	9	p.	p.	PROPN
fsr-3230	749	10	,	,	PUNCT
fsr-3230	749	11	&	&	CCONJ
fsr-3230	749	12	warther	warther	PROPN
fsr-3230	749	13	,	,	PUNCT
fsr-3230	749	14	v.	v.	PROPN
fsr-3230	749	15	(	(	PUNCT
fsr-3230	749	16	2000	2000	NUM
fsr-3230	749	17	)	)	PUNCT
fsr-3230	749	18	.	.	PUNCT
fsr-3230	750	1	liquidity	liquidity	NOUN
fsr-3230	750	2	,	,	PUNCT
fsr-3230	750	3	investment	investment	NOUN
fsr-3230	750	4	ability	ability	NOUN
fsr-3230	750	5	,	,	PUNCT
fsr-3230	750	6	and	and	CCONJ
fsr-3230	750	7	mutual	mutual	ADJ
fsr-3230	750	8	fund	fund	NOUN
fsr-3230	750	9	structure	structure	NOUN
fsr-3230	750	10	.	.	PUNCT
fsr-3230	751	1	journal	journal	NOUN
fsr-3230	751	2	of	of	ADP
fsr-3230	751	3	financial	financial	ADJ
fsr-3230	751	4	economics	economic	NOUN
fsr-3230	751	5	,	,	PUNCT
fsr-3230	751	6	57	57	NUM
fsr-3230	751	7	,	,	PUNCT
fsr-3230	751	8	417−443	417−443	NUM
fsr-3230	751	9	.	.	PUNCT
fsr-3230	752	1	https://doi.org/10.1016/s0304405x(00)00063-5	https://doi.org/10.1016/s0304405x(00)00063-5	PROPN
fsr-3230	752	2	nanda	nanda	ADV
fsr-3230	752	3	,	,	PUNCT
fsr-3230	752	4	v.	v.	ADV
fsr-3230	752	5	,	,	PUNCT
fsr-3230	752	6	wang	wang	PROPN
fsr-3230	752	7	,	,	PUNCT
fsr-3230	752	8	z.	z.	PROPN
fsr-3230	752	9	j.	j.	PROPN
fsr-3230	752	10	,	,	PUNCT
fsr-3230	752	11	&	&	CCONJ
fsr-3230	752	12	zheng	zheng	PROPN
fsr-3230	752	13	,	,	PUNCT
fsr-3230	752	14	l.	l.	PROPN
fsr-3230	752	15	(	(	PUNCT
fsr-3230	752	16	2009	2009	NUM
fsr-3230	752	17	)	)	PUNCT
fsr-3230	752	18	.	.	PUNCT
fsr-3230	753	1	the	the	DET
fsr-3230	753	2	abcs	abc	NOUN
fsr-3230	753	3	of	of	ADP
fsr-3230	753	4	mutual	mutual	ADJ
fsr-3230	753	5	funds	fund	NOUN
fsr-3230	753	6	:	:	PUNCT
fsr-3230	753	7	on	on	ADP
fsr-3230	753	8	the	the	DET
fsr-3230	753	9	introduction	introduction	NOUN
fsr-3230	753	10	of	of	ADP
fsr-3230	753	11	multiple	multiple	ADJ
fsr-3230	753	12	share	share	NOUN
fsr-3230	753	13	classes	class	NOUN
fsr-3230	753	14	.	.	PUNCT
fsr-3230	754	1	journal	journal	PROPN
fsr-3230	754	2	of	of	ADP
fsr-3230	754	3	financial	financial	ADJ
fsr-3230	754	4	intermediation	intermediation	NOUN
fsr-3230	754	5	,	,	PUNCT
fsr-3230	754	6	18	18	NUM
fsr-3230	754	7	,	,	PUNCT
fsr-3230	754	8	329−361	329−361	PROPN
fsr-3230	754	9	.	.	PUNCT
fsr-3230	755	1	https://doi.org/10.1016/j.jfi.2008.12.003	https://doi.org/10.1016/j.jfi.2008.12.003	NOUN
fsr-3230	755	2	newey	newey	PROPN
fsr-3230	755	3	,	,	PUNCT
fsr-3230	755	4	w.	w.	PROPN
fsr-3230	755	5	k.	k.	PROPN
fsr-3230	755	6	,	,	PUNCT
fsr-3230	755	7	&	&	CCONJ
fsr-3230	755	8	west	west	PROPN
fsr-3230	755	9	,	,	PUNCT
fsr-3230	755	10	k.	k.	PROPN
fsr-3230	755	11	d.	d.	PROPN
fsr-3230	755	12	(	(	PUNCT
fsr-3230	755	13	1987	1987	NUM
fsr-3230	755	14	)	)	PUNCT
fsr-3230	755	15	.	.	PUNCT
fsr-3230	756	1	a	a	DET
fsr-3230	756	2	simple	simple	ADJ
fsr-3230	756	3	,	,	PUNCT
fsr-3230	756	4	positive	positive	ADJ
fsr-3230	756	5	semi	semi	ADJ
fsr-3230	756	6	-	-	ADJ
fsr-3230	756	7	definite	definite	ADJ
fsr-3230	756	8	,	,	PUNCT
fsr-3230	756	9	heteroskedasticity	heteroskedasticity	NOUN
fsr-3230	756	10	and	and	CCONJ
fsr-3230	756	11	autocorrelation	autocorrelation	NOUN
fsr-3230	756	12	consistent	consistent	ADJ
fsr-3230	756	13	covariance	covariance	NOUN
fsr-3230	756	14	matrix	matrix	NOUN
fsr-3230	756	15	.	.	PUNCT
fsr-3230	757	1	econometrica	econometrica	PROPN
fsr-3230	757	2	,	,	PUNCT
fsr-3230	757	3	55	55	NUM
fsr-3230	757	4	,	,	PUNCT
fsr-3230	757	5	703−708	703−708	NOUN
fsr-3230	757	6	.	.	PUNCT
fsr-3230	758	1	https://doi.org/10.2307/1913610	https://doi.org/10.2307/1913610	PROPN
fsr-3230	758	2	pastor	pastor	PROPN
fsr-3230	758	3	,	,	PUNCT
fsr-3230	758	4	l.	l.	PROPN
fsr-3230	758	5	,	,	PUNCT
fsr-3230	758	6	stambaugh	stambaugh	PROPN
fsr-3230	758	7	,	,	PUNCT
fsr-3230	758	8	r.	r.	PROPN
fsr-3230	758	9	,	,	PUNCT
fsr-3230	758	10	&	&	CCONJ
fsr-3230	758	11	taylor	taylor	PROPN
fsr-3230	758	12	,	,	PUNCT
fsr-3230	758	13	l.	l.	PROPN
fsr-3230	758	14	(	(	PUNCT
fsr-3230	758	15	2015	2015	NUM
fsr-3230	758	16	)	)	PUNCT
fsr-3230	758	17	.	.	PUNCT
fsr-3230	759	1	scale	scale	NOUN
fsr-3230	759	2	and	and	CCONJ
fsr-3230	759	3	skill	skill	NOUN
fsr-3230	759	4	in	in	ADP
fsr-3230	759	5	active	active	ADJ
fsr-3230	759	6	management	management	NOUN
fsr-3230	759	7	,	,	PUNCT
fsr-3230	759	8	journal	journal	NOUN
fsr-3230	759	9	of	of	ADP
fsr-3230	759	10	financial	financial	ADJ
fsr-3230	759	11	economics	economic	NOUN
fsr-3230	759	12	,	,	PUNCT
fsr-3230	759	13	116	116	NUM
fsr-3230	759	14	,	,	PUNCT
fsr-3230	759	15	23−45	23−45	NUM
fsr-3230	759	16	.	.	PUNCT
fsr-3230	760	1	https://doi.org/10.1016/j.jfineco.2014.11.008	https://doi.org/10.1016/j.jfineco.2014.11.008	NOUN
fsr-3230	760	2	pastor	pastor	NOUN
fsr-3230	760	3	,	,	PUNCT
fsr-3230	760	4	l.	l.	PROPN
fsr-3230	760	5	,	,	PUNCT
fsr-3230	760	6	stambaugh	stambaugh	PROPN
fsr-3230	760	7	,	,	PUNCT
fsr-3230	760	8	r.	r.	PROPN
fsr-3230	760	9	,	,	PUNCT
fsr-3230	760	10	&	&	CCONJ
fsr-3230	760	11	taylor	taylor	PROPN
fsr-3230	760	12	,	,	PUNCT
fsr-3230	760	13	l.	l.	PROPN
fsr-3230	760	14	(	(	PUNCT
fsr-3230	760	15	2017	2017	NUM
fsr-3230	760	16	)	)	PUNCT
fsr-3230	760	17	.	.	PUNCT
fsr-3230	761	1	do	do	AUX
fsr-3230	761	2	funds	fund	NOUN
fsr-3230	761	3	make	make	VERB
fsr-3230	761	4	more	more	ADJ
fsr-3230	761	5	when	when	SCONJ
fsr-3230	761	6	they	they	PRON
fsr-3230	761	7	trade	trade	VERB
fsr-3230	761	8	more	more	ADJ
fsr-3230	761	9	?	?	PUNCT
fsr-3230	762	1	journal	journal	NOUN
fsr-3230	762	2	of	of	ADP
fsr-3230	762	3	finance	finance	NOUN
fsr-3230	762	4	,	,	PUNCT
fsr-3230	762	5	72	72	NUM
fsr-3230	762	6	,	,	PUNCT
fsr-3230	762	7	1483−1528	1483−1528	NUM
fsr-3230	762	8	.	.	PUNCT
fsr-3230	762	9	https://doi.org/10.1111/jofi.12509	https://doi.org/10.1111/jofi.12509	ADJ
fsr-3230	762	10	pettenuzzo	pettenuzzo	PROPN
fsr-3230	762	11	,	,	PUNCT
fsr-3230	762	12	d.	d.	PROPN
fsr-3230	762	13	,	,	PUNCT
fsr-3230	762	14	timmermann	timmermann	PROPN
fsr-3230	762	15	,	,	PUNCT
fsr-3230	762	16	a.	a.	NOUN
fsr-3230	762	17	,	,	PUNCT
fsr-3230	762	18	&	&	CCONJ
fsr-3230	762	19	valkanov	valkanov	PROPN
fsr-3230	762	20	,	,	PUNCT
fsr-3230	762	21	r.	r.	PROPN
fsr-3230	762	22	(	(	PUNCT
fsr-3230	762	23	2014	2014	NUM
fsr-3230	762	24	)	)	PUNCT
fsr-3230	762	25	.	.	PUNCT
fsr-3230	763	1	forecasting	forecast	VERB
fsr-3230	763	2	stock	stock	NOUN
fsr-3230	763	3	returns	return	NOUN
fsr-3230	763	4	under	under	ADP
fsr-3230	763	5	economic	economic	ADJ
fsr-3230	763	6	constraints	constraint	NOUN
fsr-3230	763	7	,	,	PUNCT
fsr-3230	763	8	journal	journal	NOUN
fsr-3230	763	9	of	of	ADP
fsr-3230	763	10	financial	financial	ADJ
fsr-3230	763	11	economics	economic	NOUN
fsr-3230	763	12	,	,	PUNCT
fsr-3230	763	13	114	114	NUM
fsr-3230	763	14	,	,	PUNCT
fsr-3230	763	15	517−553	517−553	NOUN
fsr-3230	763	16	.	.	PROPN
fsr-3230	763	17	https://doi.org/10.1016/j.jfineco.2014.07.015	https://doi.org/10.1016/j.jfineco.2014.07.015	PROPN
fsr-3230	763	18	phillips	phillips	PROPN
fsr-3230	763	19	,	,	PUNCT
fsr-3230	763	20	b.	b.	PROPN
fsr-3230	763	21	,	,	PUNCT
fsr-3230	763	22	pukthuanthong	pukthuanthong	NOUN
fsr-3230	763	23	,	,	PUNCT
fsr-3230	763	24	k.	k.	PROPN
fsr-3230	763	25	,	,	PUNCT
fsr-3230	763	26	&	&	CCONJ
fsr-3230	763	27	rau	rau	PROPN
fsr-3230	763	28	,	,	PUNCT
fsr-3230	763	29	p.	p.	PROPN
fsr-3230	763	30	r.	r.	PROPN
fsr-3230	763	31	(	(	PUNCT
fsr-3230	763	32	2018	2018	NUM
fsr-3230	763	33	)	)	PUNCT
fsr-3230	763	34	.	.	PUNCT
fsr-3230	764	1	size	size	NOUN
fsr-3230	764	2	does	do	AUX
fsr-3230	764	3	not	not	PART
fsr-3230	764	4	matter	matter	VERB
fsr-3230	764	5	:	:	PUNCT
fsr-3230	764	6	diseconomies	diseconomie	NOUN
fsr-3230	764	7	of	of	ADP
fsr-3230	764	8	scale	scale	NOUN
fsr-3230	764	9	in	in	ADP
fsr-3230	764	10	the	the	DET
fsr-3230	764	11	mutual	mutual	ADJ
fsr-3230	764	12	fund	fund	NOUN
fsr-3230	764	13	industry	industry	NOUN
fsr-3230	764	14	revisited	revisit	VERB
fsr-3230	764	15	.	.	PUNCT
fsr-3230	765	1	journal	journal	NOUN
fsr-3230	765	2	of	of	ADP
fsr-3230	765	3	banking	banking	NOUN
fsr-3230	765	4	and	and	CCONJ
fsr-3230	765	5	finance	finance	NOUN
fsr-3230	765	6	,	,	PUNCT
fsr-3230	765	7	88	88	NUM
fsr-3230	765	8	,	,	PUNCT
fsr-3230	765	9	357−365	357−365	X
fsr-3230	765	10	.	.	PUNCT
fsr-3230	766	1	https://doi.org/10.1016/j.jbankfin.2017.12.00	https://doi.org/10.1016/j.jbankfin.2017.12.00	PROPN
fsr-3230	766	2	5	5	NUM
fsr-3230	766	3	pollet	pollet	NOUN
fsr-3230	766	4	,	,	PUNCT
fsr-3230	766	5	j.	j.	PROPN
fsr-3230	766	6	m.	m.	PROPN
fsr-3230	766	7	,	,	PUNCT
fsr-3230	766	8	&	&	CCONJ
fsr-3230	766	9	wilson	wilson	PROPN
fsr-3230	766	10	,	,	PUNCT
fsr-3230	766	11	m.	m.	NOUN
fsr-3230	766	12	(	(	PUNCT
fsr-3230	766	13	2008	2008	NUM
fsr-3230	766	14	)	)	PUNCT
fsr-3230	766	15	.	.	PUNCT
fsr-3230	767	1	how	how	SCONJ
fsr-3230	767	2	does	do	AUX
fsr-3230	767	3	size	size	NOUN
fsr-3230	767	4	affect	affect	VERB
fsr-3230	767	5	mutual	mutual	ADJ
fsr-3230	767	6	fund	fund	NOUN
fsr-3230	767	7	behavior	behavior	NOUN
fsr-3230	767	8	?	?	PUNCT
fsr-3230	768	1	journal	journal	PROPN
fsr-3230	768	2	of	of	ADP
fsr-3230	768	3	finance	finance	NOUN
fsr-3230	768	4	,	,	PUNCT
fsr-3230	768	5	63	63	NUM
fsr-3230	768	6	,	,	PUNCT
fsr-3230	768	7	2941−2969	2941−2969	NUM
fsr-3230	768	8	.	.	PUNCT
fsr-3230	769	1	https://doi.org/10.1111/j.15406261.2008.01417.x	https://doi.org/10.1111/j.15406261.2008.01417.x	PROPN
fsr-3230	769	2	prather	prather	PROPN
fsr-3230	769	3	,	,	PUNCT
fsr-3230	769	4	l.	l.	PROPN
fsr-3230	769	5	,	,	PUNCT
fsr-3230	769	6	bertin	bertin	PROPN
fsr-3230	769	7	,	,	PUNCT
fsr-3230	769	8	w.	w.	PROPN
fsr-3230	769	9	j.	j.	PROPN
fsr-3230	769	10	,	,	PUNCT
fsr-3230	769	11	&	&	CCONJ
fsr-3230	769	12	henker	henker	PROPN
fsr-3230	769	13	,	,	PUNCT
fsr-3230	769	14	t.	t.	PROPN
fsr-3230	769	15	(	(	PUNCT
fsr-3230	769	16	2004	2004	NUM
fsr-3230	769	17	)	)	PUNCT
fsr-3230	769	18	.	.	PUNCT
fsr-3230	770	1	mutual	mutual	ADJ
fsr-3230	770	2	fund	fund	NOUN
fsr-3230	770	3	characteristics	characteristic	NOUN
fsr-3230	770	4	,	,	PUNCT
fsr-3230	770	5	managerial	managerial	ADJ
fsr-3230	770	6	attributes	attribute	NOUN
fsr-3230	770	7	,	,	PUNCT
fsr-3230	770	8	and	and	CCONJ
fsr-3230	770	9	fund	fund	NOUN
fsr-3230	770	10	performance	performance	NOUN
fsr-3230	770	11	.	.	PUNCT
fsr-3230	771	1	review	review	NOUN
fsr-3230	771	2	of	of	ADP
fsr-3230	771	3	financial	financial	ADJ
fsr-3230	771	4	economics	economic	NOUN
fsr-3230	771	5	,	,	PUNCT
fsr-3230	771	6	13	13	NUM
fsr-3230	771	7	,	,	PUNCT
fsr-3230	771	8	305−326	305−326	NUM
fsr-3230	771	9	.	.	PUNCT
fsr-3230	772	1	https://doi.org/10.1016/j.rfe.2003.11.002	https://doi.org/10.1016/j.rfe.2003.11.002	PROPN
fsr-3230	772	2	ross	ross	PROPN
fsr-3230	772	3	,	,	PUNCT
fsr-3230	772	4	s.	s.	PROPN
fsr-3230	772	5	a.	a.	PROPN
fsr-3230	772	6	(	(	PUNCT
fsr-3230	772	7	1976	1976	NUM
fsr-3230	772	8	)	)	PUNCT
fsr-3230	772	9	.	.	PUNCT
fsr-3230	773	1	the	the	DET
fsr-3230	773	2	arbitrage	arbitrage	NOUN
fsr-3230	773	3	theory	theory	NOUN
fsr-3230	773	4	of	of	ADP
fsr-3230	773	5	capital	capital	NOUN
fsr-3230	773	6	asset	asset	NOUN
fsr-3230	773	7	pricing	pricing	NOUN
fsr-3230	773	8	.	.	PUNCT
fsr-3230	774	1	journal	journal	PROPN
fsr-3230	774	2	of	of	ADP
fsr-3230	774	3	economics	economic	NOUN
fsr-3230	774	4	theory	theory	NOUN
fsr-3230	774	5	,	,	PUNCT
fsr-3230	774	6	13	13	NUM
fsr-3230	774	7	,	,	PUNCT
fsr-3230	774	8	341−360	341−360	NUM
fsr-3230	774	9	.	.	PUNCT
fsr-3230	774	10	https://doi.org/10.1016/00220531(76)90046-6	https://doi.org/10.1016/00220531(76)90046-6	PROPN
fsr-3230	774	11	https://doi.org/10.1016/j.jbankfin.2005.11.003	https://doi.org/10.1016/j.jbankfin.2005.11.003	PROPN
fsr-3230	774	12	https://doi.org/10.1016/j.jbankfin.2005.11.003	https://doi.org/10.1016/j.jbankfin.2005.11.003	PROPN
fsr-3230	774	13	https://doi.org/10.1016/j.jmoneco.2019.08.003	https://doi.org/10.1016/j.jmoneco.2019.08.003	PROPN
fsr-3230	774	14	https://doi.org/10.1016/j.jmoneco.2019.08.003	https://doi.org/10.1016/j.jmoneco.2019.08.003	PROPN
fsr-3230	774	15	https://doi.org/10.1016/j.pacfin.2014.05.002	https://doi.org/10.1016/j.pacfin.2014.05.002	NOUN
fsr-3230	774	16	https://doi.org/10.1093/rfs/hhl041	https://doi.org/10.1093/rfs/hhl041	PROPN
fsr-3230	774	17	https://doi.org/10.1016/j.jfineco.2021.04.008	https://doi.org/10.1016/j.jfineco.2021.04.008	NOUN
fsr-3230	774	18	https://doi.org/10.1016/0304-405x(94)00808-e	https://doi.org/10.1016/0304-405x(94)00808-e	NOUN
fsr-3230	774	19	https://doi.org/10.1016/0304-405x(94)00808-e	https://doi.org/10.1016/0304-405x(94)00808-e	PROPN
fsr-3230	774	20	https://doi.org/10.1016/s0304-405x(02)00253-2	https://doi.org/10.1016/s0304-405x(02)00253-2	VERB
fsr-3230	774	21	https://doi.org/10.1016/s0304-405x(02)00253-2	https://doi.org/10.1016/s0304-405x(02)00253-2	ADP
fsr-3230	774	22	https://doi.org/10.1093/rfs/hhn023	https://doi.org/10.1093/rfs/hhn023	PROPN
fsr-3230	774	23	https://doi.org/10.1017/s0022109015000253	https://doi.org/10.1017/s0022109015000253	NUM
fsr-3230	774	24	https://doi.org/10.1016/s0304-405x(00)00063-5	https://doi.org/10.1016/s0304-405x(00)00063-5	PROPN
fsr-3230	774	25	https://doi.org/10.1016/s0304-405x(00)00063-5	https://doi.org/10.1016/s0304-405x(00)00063-5	PROPN
fsr-3230	774	26	https://doi.org/10.1016/j.jfi.2008.12.003	https://doi.org/10.1016/j.jfi.2008.12.003	NOUN
fsr-3230	774	27	https://doi.org/10.2307/1913610	https://doi.org/10.2307/1913610	PRON
fsr-3230	774	28	https://doi.org/10.1016/j.jfineco.2014.11.008	https://doi.org/10.1016/j.jfineco.2014.11.008	VERB
fsr-3230	774	29	https://doi.org/10.1111/jofi.12509	https://doi.org/10.1111/jofi.12509	ADJ
fsr-3230	774	30	https://doi.org/10.1016/j.jfineco.2014.07.015	https://doi.org/10.1016/j.jfineco.2014.07.015	NOUN
fsr-3230	774	31	https://doi.org/10.1016/j.jbankfin.2017.12.005	https://doi.org/10.1016/j.jbankfin.2017.12.005	PROPN
fsr-3230	774	32	https://doi.org/10.1016/j.jbankfin.2017.12.005	https://doi.org/10.1016/j.jbankfin.2017.12.005	VERB
fsr-3230	774	33	https://doi.org/10.1111/j.1540-6261.2008.01417.x	https://doi.org/10.1111/j.1540-6261.2008.01417.x	NOUN
fsr-3230	774	34	https://doi.org/10.1111/j.1540-6261.2008.01417.x	https://doi.org/10.1111/j.1540-6261.2008.01417.x	NOUN
fsr-3230	774	35	https://doi.org/10.1016/j.rfe.2003.11.002	https://doi.org/10.1016/j.rfe.2003.11.002	NOUN
fsr-3230	774	36	https://doi.org/10.1016/0022-0531(76)90046-6	https://doi.org/10.1016/0022-0531(76)90046-6	PROPN
fsr-3230	774	37	https://doi.org/10.1016/0022-0531(76)90046-6	https://doi.org/10.1016/0022-0531(76)90046-6	PROPN
fsr-3230	774	38	financial	financial	ADJ
fsr-3230	774	39	services	service	NOUN
fsr-3230	774	40	review	review	NOUN
fsr-3230	774	41	,	,	PUNCT
fsr-3230	774	42	32(1	32(1	NUM
fsr-3230	774	43	)	)	PUNCT
fsr-3230	774	44	94	94	NUM
fsr-3230	774	45	sawicki	sawicki	NOUN
fsr-3230	774	46	,	,	PUNCT
fsr-3230	774	47	j.	j.	PROPN
fsr-3230	774	48	(	(	PUNCT
fsr-3230	774	49	2001	2001	NUM
fsr-3230	774	50	)	)	PUNCT
fsr-3230	774	51	.	.	PUNCT
fsr-3230	775	1	investors	investor	NOUN
fsr-3230	775	2	'	'	PART
fsr-3230	775	3	differential	differential	ADJ
fsr-3230	775	4	response	response	NOUN
fsr-3230	775	5	to	to	ADP
fsr-3230	775	6	managed	manage	VERB
fsr-3230	775	7	fund	fund	NOUN
fsr-3230	775	8	performance	performance	NOUN
fsr-3230	775	9	.	.	PUNCT
fsr-3230	776	1	journal	journal	NOUN
fsr-3230	776	2	of	of	ADP
fsr-3230	776	3	financial	financial	ADJ
fsr-3230	776	4	research	research	NOUN
fsr-3230	776	5	,	,	PUNCT
fsr-3230	776	6	24	24	NUM
fsr-3230	776	7	,	,	PUNCT
fsr-3230	776	8	367−384	367−384	PROPN
fsr-3230	776	9	.	.	PUNCT
fsr-3230	776	10	https://doi.org/10.1111/j.14756803.2001.tb00775.x	https://doi.org/10.1111/j.14756803.2001.tb00775.x	PROPN
fsr-3230	776	11	sialm	sialm	PROPN
fsr-3230	776	12	,	,	PUNCT
fsr-3230	776	13	c.	c.	PROPN
fsr-3230	776	14	,	,	PUNCT
fsr-3230	776	15	&	&	CCONJ
fsr-3230	776	16	starks	starks	PROPN
fsr-3230	776	17	,	,	PUNCT
fsr-3230	776	18	l.	l.	PROPN
fsr-3230	776	19	(	(	PUNCT
fsr-3230	776	20	2012	2012	NUM
fsr-3230	776	21	)	)	PUNCT
fsr-3230	776	22	.	.	PUNCT
fsr-3230	777	1	mutual	mutual	ADJ
fsr-3230	777	2	fund	fund	NOUN
fsr-3230	777	3	tax	tax	NOUN
fsr-3230	777	4	clienteles	clientele	NOUN
fsr-3230	777	5	,	,	PUNCT
fsr-3230	777	6	journal	journal	NOUN
fsr-3230	777	7	of	of	ADP
fsr-3230	777	8	finance	finance	NOUN
fsr-3230	777	9	,	,	PUNCT
fsr-3230	777	10	67	67	NUM
fsr-3230	777	11	,	,	PUNCT
fsr-3230	777	12	1397−1422	1397−1422	NUM
fsr-3230	777	13	.	.	PUNCT
fsr-3230	778	1	https://doi.org/j.15406261.2012.01751.x	https://doi.org/j.15406261.2012.01751.x	NOUN
fsr-3230	778	2	sialm	sialm	PROPN
fsr-3230	778	3	,	,	PUNCT
fsr-3230	778	4	c.	c.	PROPN
fsr-3230	778	5	,	,	PUNCT
fsr-3230	778	6	&	&	CCONJ
fsr-3230	778	7	zhang	zhang	PROPN
fsr-3230	778	8	,	,	PUNCT
fsr-3230	778	9	h.	h.	PROPN
fsr-3230	778	10	(	(	PUNCT
fsr-3230	778	11	2020	2020	NUM
fsr-3230	778	12	)	)	PUNCT
fsr-3230	778	13	.	.	PUNCT
fsr-3230	779	1	tax‐efficient	tax‐efficient	NOUN
fsr-3230	779	2	asset	asset	NOUN
fsr-3230	779	3	management	management	NOUN
fsr-3230	779	4	:	:	PUNCT
fsr-3230	779	5	evidence	evidence	NOUN
fsr-3230	779	6	from	from	ADP
fsr-3230	779	7	equity	equity	NOUN
fsr-3230	779	8	mutual	mutual	ADJ
fsr-3230	779	9	funds	fund	NOUN
fsr-3230	779	10	.	.	PUNCT
fsr-3230	780	1	journal	journal	PROPN
fsr-3230	780	2	of	of	ADP
fsr-3230	780	3	finance	finance	NOUN
fsr-3230	780	4	,	,	PUNCT
fsr-3230	780	5	75	75	NUM
fsr-3230	780	6	,	,	PUNCT
fsr-3230	780	7	735−777	735−777	PROPN
fsr-3230	780	8	.	.	PROPN
fsr-3230	780	9	https://doi.org/10.1111/jofi.12843	https://doi.org/10.1111/jofi.12843	PROPN
fsr-3230	780	10	sirri	sirri	PROPN
fsr-3230	780	11	,	,	PUNCT
fsr-3230	780	12	e.	e.	PROPN
fsr-3230	780	13	r.	r.	PROPN
fsr-3230	780	14	,	,	PUNCT
fsr-3230	780	15	&	&	CCONJ
fsr-3230	780	16	tufano	tufano	ADJ
fsr-3230	780	17	,	,	PUNCT
fsr-3230	780	18	p.	p.	NOUN
fsr-3230	780	19	(	(	PUNCT
fsr-3230	780	20	1998	1998	NUM
fsr-3230	780	21	)	)	PUNCT
fsr-3230	780	22	.	.	PUNCT
fsr-3230	781	1	costly	costly	ADJ
fsr-3230	781	2	search	search	NOUN
fsr-3230	781	3	and	and	CCONJ
fsr-3230	781	4	mutual	mutual	ADJ
fsr-3230	781	5	fund	fund	NOUN
fsr-3230	781	6	flows	flow	NOUN
fsr-3230	781	7	.	.	PUNCT
fsr-3230	782	1	journal	journal	PROPN
fsr-3230	782	2	of	of	ADP
fsr-3230	782	3	finance	finance	NOUN
fsr-3230	782	4	,	,	PUNCT
fsr-3230	782	5	53	53	NUM
fsr-3230	782	6	,	,	PUNCT
fsr-3230	782	7	1589−1622	1589−1622	NUM
fsr-3230	782	8	.	.	PUNCT
fsr-3230	782	9	https://doi.org/10.1111/00221082.00066	https://doi.org/10.1111/00221082.00066	NOUN
fsr-3230	782	10	song	song	PROPN
fsr-3230	782	11	,	,	PUNCT
fsr-3230	782	12	y.	y.	PROPN
fsr-3230	782	13	(	(	PUNCT
fsr-3230	782	14	2020	2020	NUM
fsr-3230	782	15	)	)	PUNCT
fsr-3230	782	16	.	.	PUNCT
fsr-3230	783	1	the	the	DET
fsr-3230	783	2	mismatch	mismatch	NOUN
fsr-3230	783	3	between	between	ADP
fsr-3230	783	4	mutual	mutual	ADJ
fsr-3230	783	5	fund	fund	NOUN
fsr-3230	783	6	scale	scale	NOUN
fsr-3230	783	7	and	and	CCONJ
fsr-3230	783	8	skill	skill	NOUN
fsr-3230	783	9	.	.	PUNCT
fsr-3230	784	1	journal	journal	NOUN
fsr-3230	784	2	of	of	ADP
fsr-3230	784	3	finance	finance	NOUN
fsr-3230	784	4	,	,	PUNCT
fsr-3230	784	5	75	75	NUM
fsr-3230	784	6	,	,	PUNCT
fsr-3230	784	7	2555−2589	2555−2589	NUM
fsr-3230	784	8	.	.	PUNCT
fsr-3230	784	9	https://doi.org/10.1111/jofi.12950	https://doi.org/10.1111/jofi.12950	NOUN
fsr-3230	784	10	wermers	wermer	NOUN
fsr-3230	784	11	,	,	PUNCT
fsr-3230	784	12	r.	r.	PROPN
fsr-3230	784	13	(	(	PUNCT
fsr-3230	784	14	2000	2000	NUM
fsr-3230	784	15	)	)	PUNCT
fsr-3230	784	16	.	.	PUNCT
fsr-3230	785	1	mutual	mutual	ADJ
fsr-3230	785	2	fund	fund	NOUN
fsr-3230	785	3	performance	performance	NOUN
fsr-3230	785	4	:	:	PUNCT
fsr-3230	785	5	an	an	DET
fsr-3230	785	6	empirical	empirical	ADJ
fsr-3230	785	7	decomposition	decomposition	NOUN
fsr-3230	785	8	into	into	ADP
fsr-3230	785	9	stock‐picking	stock‐picke	VERB
fsr-3230	785	10	talent	talent	NOUN
fsr-3230	785	11	,	,	PUNCT
fsr-3230	785	12	style	style	NOUN
fsr-3230	785	13	,	,	PUNCT
fsr-3230	785	14	transaction	transaction	NOUN
fsr-3230	785	15	costs	cost	NOUN
fsr-3230	785	16	,	,	PUNCT
fsr-3230	785	17	and	and	CCONJ
fsr-3230	785	18	expenses	expense	NOUN
fsr-3230	785	19	.	.	PUNCT
fsr-3230	786	1	journal	journal	PROPN
fsr-3230	786	2	of	of	ADP
fsr-3230	786	3	finance	finance	NOUN
fsr-3230	786	4	,	,	PUNCT
fsr-3230	786	5	55	55	NUM
fsr-3230	786	6	,	,	PUNCT
fsr-3230	786	7	1655−1695	1655−1695	NUM
fsr-3230	786	8	.	.	PUNCT
fsr-3230	787	1	https://doi.org/10.2469/dig.v31.n1.836	https://doi.org/10.2469/dig.v31.n1.836	VERB
fsr-3230	788	1	https://doi.org/10.1111/j.1475-6803.2001.tb00775.x	https://doi.org/10.1111/j.1475-6803.2001.tb00775.x	PROPN
fsr-3230	788	2	https://doi.org/10.1111/j.1475-6803.2001.tb00775.x	https://doi.org/10.1111/j.1475-6803.2001.tb00775.x	NOUN
fsr-3230	789	1	https://doi.org/j.1540-6261.2012.01751.x	https://doi.org/j.1540-6261.2012.01751.x	INTJ
fsr-3230	790	1	https://doi.org/j.1540-6261.2012.01751.x	https://doi.org/j.1540-6261.2012.01751.x	PROPN
fsr-3230	790	2	https://doi.org/10.1111/jofi.12843	https://doi.org/10.1111/jofi.12843	PROPN
fsr-3230	790	3	https://doi.org/10.1111/0022-1082.00066	https://doi.org/10.1111/0022-1082.00066	PROPN
fsr-3230	790	4	https://doi.org/10.1111/0022-1082.00066	https://doi.org/10.1111/0022-1082.00066	PROPN
fsr-3230	790	5	https://doi.org/10.1111/jofi.12950	https://doi.org/10.1111/jofi.12950	NOUN
fsr-3230	790	6	https://doi.org/10.2469/dig.v31.n1.836	https://doi.org/10.2469/dig.v31.n1.836	VERB