id	sid	tid	token	lemma	pos
fsr-3260	1	1	the	the	DET
fsr-3260	1	2	overlooked	overlook	VERB
fsr-3260	1	3	momentum	momentum	NOUN
fsr-3260	1	4	traders	trader	NOUN
fsr-3260	1	5	in	in	ADP
fsr-3260	1	6	401(k	401(k	PROPN
fsr-3260	1	7	)	)	PUNCT
fsr-3260	1	8	plans	plan	VERB
fsr-3260	1	9	ning	ne	VERB
fsr-3260	1	10	tanga	tanga	PROPN
fsr-3260	1	11	,	,	PUNCT
fsr-3260	1	12	*	*	PUNCT
fsr-3260	1	13	adepartment	adepartment	NOUN
fsr-3260	1	14	of	of	ADP
fsr-3260	1	15	finance	finance	NOUN
fsr-3260	1	16	,	,	PUNCT
fsr-3260	1	17	college	college	NOUN
fsr-3260	1	18	of	of	ADP
fsr-3260	1	19	business	business	PROPN
fsr-3260	1	20	administration	administration	PROPN
fsr-3260	1	21	,	,	PUNCT
fsr-3260	1	22	san	san	PROPN
fsr-3260	1	23	diego	diego	PROPN
fsr-3260	1	24	state	state	PROPN
fsr-3260	1	25	university	university	PROPN
fsr-3260	1	26	,	,	PUNCT
fsr-3260	1	27	5500	5500	NUM
fsr-3260	1	28	campanile	campanile	PROPN
fsr-3260	1	29	drive	drive	NOUN
fsr-3260	1	30	,	,	PUNCT
fsr-3260	1	31	sse	sse	NOUN
fsr-3260	1	32	3306	3306	NUM
fsr-3260	1	33	,	,	PUNCT
fsr-3260	1	34	san	san	PROPN
fsr-3260	1	35	diego	diego	PROPN
fsr-3260	1	36	,	,	PUNCT
fsr-3260	1	37	ca	ca	PROPN
fsr-3260	1	38	92182	92182	NUM
fsr-3260	1	39	-	-	PUNCT
fsr-3260	1	40	8236	8236	NUM
fsr-3260	1	41	,	,	PUNCT
fsr-3260	1	42	usa	usa	PROPN
fsr-3260	1	43	abstract	abstract	PROPN
fsr-3260	1	44	using	use	VERB
fsr-3260	1	45	a	a	DET
fsr-3260	1	46	unique	unique	ADJ
fsr-3260	1	47	dataset	dataset	NOUN
fsr-3260	1	48	on	on	ADP
fsr-3260	1	49	over	over	ADP
fsr-3260	1	50	one	one	NUM
fsr-3260	1	51	million	million	NUM
fsr-3260	1	52	401(k	401(k	NOUN
fsr-3260	1	53	)	)	PUNCT
fsr-3260	1	54	traders	trader	NOUN
fsr-3260	1	55	,	,	PUNCT
fsr-3260	1	56	we	we	PRON
fsr-3260	1	57	investigate	investigate	VERB
fsr-3260	1	58	momentum	momentum	NOUN
fsr-3260	1	59	trading	trading	NOUN
fsr-3260	1	60	in	in	ADP
fsr-3260	1	61	401(k	401(k	NOUN
fsr-3260	1	62	)	)	PUNCT
fsr-3260	1	63	plans	plan	NOUN
fsr-3260	1	64	.	.	PUNCT
fsr-3260	2	1	we	we	PRON
fsr-3260	2	2	identify	identify	VERB
fsr-3260	2	3	momentum	momentum	NOUN
fsr-3260	2	4	traders	trader	NOUN
fsr-3260	2	5	in	in	ADP
fsr-3260	2	6	each	each	DET
fsr-3260	2	7	quarter	quarter	NOUN
fsr-3260	2	8	and	and	CCONJ
fsr-3260	2	9	evaluate	evaluate	VERB
fsr-3260	2	10	how	how	SCONJ
fsr-3260	2	11	these	these	DET
fsr-3260	2	12	traders	trader	NOUN
fsr-3260	2	13	perform	perform	VERB
fsr-3260	2	14	.	.	PUNCT
fsr-3260	3	1	results	result	NOUN
fsr-3260	3	2	indicate	indicate	VERB
fsr-3260	3	3	the	the	DET
fsr-3260	3	4	existence	existence	NOUN
fsr-3260	3	5	of	of	ADP
fsr-3260	3	6	momentum	momentum	NOUN
fsr-3260	3	7	traders	trader	NOUN
fsr-3260	3	8	.	.	PUNCT
fsr-3260	4	1	however	however	ADV
fsr-3260	4	2	,	,	PUNCT
fsr-3260	4	3	there	there	PRON
fsr-3260	4	4	is	be	VERB
fsr-3260	4	5	no	no	DET
fsr-3260	4	6	evidence	evidence	NOUN
fsr-3260	4	7	that	that	SCONJ
fsr-3260	4	8	they	they	PRON
fsr-3260	4	9	successfully	successfully	ADV
fsr-3260	4	10	improve	improve	VERB
fsr-3260	4	11	their	their	PRON
fsr-3260	4	12	portfolio	portfolio	NOUN
fsr-3260	4	13	performance	performance	NOUN
fsr-3260	4	14	.	.	PUNCT
fsr-3260	5	1	instead	instead	ADV
fsr-3260	5	2	,	,	PUNCT
fsr-3260	5	3	momentum	momentum	NOUN
fsr-3260	5	4	sellers	seller	NOUN
fsr-3260	5	5	sell	sell	VERB
fsr-3260	5	6	the	the	DET
fsr-3260	5	7	outperformed	outperform	VERB
fsr-3260	5	8	funds	fund	NOUN
fsr-3260	5	9	.	.	PUNCT
fsr-3260	6	1	overall	overall	ADJ
fsr-3260	6	2	,	,	PUNCT
fsr-3260	6	3	momentum	momentum	NOUN
fsr-3260	6	4	traders	trader	NOUN
fsr-3260	6	5	could	could	AUX
fsr-3260	6	6	lose	lose	VERB
fsr-3260	6	7	up	up	ADP
fsr-3260	6	8	to	to	PART
fsr-3260	6	9	2.14	2.14	NUM
fsr-3260	6	10	%	%	NOUN
fsr-3260	6	11	per	per	ADP
fsr-3260	6	12	year	year	NOUN
fsr-3260	6	13	.	.	PUNCT
fsr-3260	7	1	in	in	ADP
fsr-3260	7	2	seeking	seek	VERB
fsr-3260	7	3	to	to	PART
fsr-3260	7	4	explain	explain	VERB
fsr-3260	7	5	such	such	ADJ
fsr-3260	7	6	losses	loss	NOUN
fsr-3260	7	7	,	,	PUNCT
fsr-3260	7	8	we	we	PRON
fsr-3260	7	9	observe	observe	VERB
fsr-3260	7	10	that	that	SCONJ
fsr-3260	7	11	401(k	401(k	NOUN
fsr-3260	7	12	)	)	PUNCT
fsr-3260	7	13	momentum	momentum	NOUN
fsr-3260	7	14	traders	trader	NOUN
fsr-3260	7	15	follow	follow	VERB
fsr-3260	7	16	a	a	DET
fsr-3260	7	17	naïve	naïve	ADJ
fsr-3260	7	18	momentum	momentum	NOUN
fsr-3260	7	19	strategy	strategy	NOUN
fsr-3260	7	20	.	.	PUNCT
fsr-3260	8	1	they	they	PRON
fsr-3260	8	2	do	do	AUX
fsr-3260	8	3	not	not	PART
fsr-3260	8	4	have	have	VERB
fsr-3260	8	5	the	the	DET
fsr-3260	8	6	ability	ability	NOUN
fsr-3260	8	7	to	to	PART
fsr-3260	8	8	select	select	VERB
fsr-3260	8	9	funds	fund	NOUN
fsr-3260	8	10	with	with	ADP
fsr-3260	8	11	momentum	momentum	NOUN
fsr-3260	8	12	investing	invest	VERB
fsr-3260	8	13	styles	style	NOUN
fsr-3260	8	14	but	but	CCONJ
fsr-3260	8	15	,	,	PUNCT
fsr-3260	8	16	instead	instead	ADV
fsr-3260	8	17	,	,	PUNCT
fsr-3260	8	18	simply	simply	ADV
fsr-3260	8	19	chase	chase	VERB
fsr-3260	8	20	past	past	ADJ
fsr-3260	8	21	returns	return	NOUN
fsr-3260	8	22	.	.	PUNCT
fsr-3260	9	1	©	©	PROPN
fsr-3260	9	2	2016	2016	NUM
fsr-3260	9	3	academy	academy	NOUN
fsr-3260	9	4	of	of	ADP
fsr-3260	9	5	financial	financial	ADJ
fsr-3260	9	6	services	service	NOUN
fsr-3260	9	7	.	.	PUNCT
fsr-3260	10	1	all	all	DET
fsr-3260	10	2	rights	right	NOUN
fsr-3260	10	3	reserved	reserve	VERB
fsr-3260	10	4	.	.	PUNCT
fsr-3260	11	1	jel	jel	PROPN
fsr-3260	11	2	classification	classification	NOUN
fsr-3260	11	3	:	:	PUNCT
fsr-3260	11	4	g11	g11	PROPN
fsr-3260	11	5	;	;	PUNCT
fsr-3260	11	6	g12	g12	NOUN
fsr-3260	11	7	;	;	PUNCT
fsr-3260	11	8	g23	g23	NOUN
fsr-3260	11	9	keywords	keyword	NOUN
fsr-3260	11	10	:	:	PUNCT
fsr-3260	11	11	pension	pension	NOUN
fsr-3260	11	12	fund	fund	NOUN
fsr-3260	11	13	management	management	NOUN
fsr-3260	11	14	;	;	PUNCT
fsr-3260	11	15	momentum	momentum	NOUN
fsr-3260	11	16	;	;	PUNCT
fsr-3260	11	17	trading	trading	NOUN
fsr-3260	11	18	;	;	PUNCT
fsr-3260	11	19	portfolio	portfolio	NOUN
fsr-3260	11	20	performance	performance	NOUN
fsr-3260	11	21	;	;	PUNCT
fsr-3260	11	22	401(k	401(k	NOUN
fsr-3260	11	23	)	)	PUNCT
fsr-3260	11	24	plan	plan	NOUN
fsr-3260	11	25	1	1	NUM
fsr-3260	11	26	.	.	PUNCT
fsr-3260	12	1	introduction	introduction	NOUN
fsr-3260	12	2	momentum	momentum	NOUN
fsr-3260	12	3	trading	trading	NOUN
fsr-3260	12	4	is	be	AUX
fsr-3260	12	5	a	a	DET
fsr-3260	12	6	trading	trading	NOUN
fsr-3260	12	7	strategy	strategy	NOUN
fsr-3260	12	8	whereby	whereby	SCONJ
fsr-3260	12	9	investors	investor	NOUN
fsr-3260	12	10	buy	buy	VERB
fsr-3260	12	11	past	past	ADJ
fsr-3260	12	12	winners	winner	NOUN
fsr-3260	12	13	and	and	CCONJ
fsr-3260	12	14	sell	sell	VERB
fsr-3260	12	15	past	past	ADJ
fsr-3260	12	16	losers	loser	NOUN
fsr-3260	12	17	.	.	PUNCT
fsr-3260	13	1	numerous	numerous	ADJ
fsr-3260	13	2	studies	study	NOUN
fsr-3260	13	3	point	point	VERB
fsr-3260	13	4	out	out	ADP
fsr-3260	13	5	that	that	SCONJ
fsr-3260	13	6	a	a	DET
fsr-3260	13	7	hypothetical	hypothetical	ADJ
fsr-3260	13	8	investor	investor	NOUN
fsr-3260	13	9	who	who	PRON
fsr-3260	13	10	follows	follow	VERB
fsr-3260	13	11	momentum	momentum	NOUN
fsr-3260	13	12	trading	trading	NOUN
fsr-3260	13	13	strategy	strategy	NOUN
fsr-3260	13	14	can	can	AUX
fsr-3260	13	15	generate	generate	VERB
fsr-3260	13	16	significant	significant	ADJ
fsr-3260	13	17	positive	positive	ADJ
fsr-3260	13	18	returns	return	NOUN
fsr-3260	13	19	in	in	ADP
fsr-3260	13	20	the	the	DET
fsr-3260	13	21	short	short	ADJ
fsr-3260	13	22	term	term	NOUN
fsr-3260	13	23	(	(	PUNCT
fsr-3260	13	24	see	see	VERB
fsr-3260	13	25	,	,	PUNCT
fsr-3260	13	26	e.g.	e.g.	ADV
fsr-3260	13	27	,	,	PUNCT
fsr-3260	13	28	jegadeesh	jegadeesh	NOUN
fsr-3260	13	29	and	and	CCONJ
fsr-3260	13	30	tittman	tittman	NOUN
fsr-3260	13	31	,	,	PUNCT
fsr-3260	13	32	1993	1993	NUM
fsr-3260	13	33	,	,	PUNCT
fsr-3260	13	34	2001	2001	NUM
fsr-3260	13	35	;	;	PUNCT
fsr-3260	13	36	rouwenhorst	rouwenhorst	ADJ
fsr-3260	13	37	,	,	PUNCT
fsr-3260	13	38	1998	1998	NUM
fsr-3260	13	39	)	)	PUNCT
fsr-3260	13	40	.	.	PUNCT
fsr-3260	14	1	performance	performance	NOUN
fsr-3260	14	2	persistence	persistence	NOUN
fsr-3260	14	3	in	in	ADP
fsr-3260	14	4	mutual	mutual	ADJ
fsr-3260	14	5	funds	fund	NOUN
fsr-3260	14	6	further	far	ADV
fsr-3260	14	7	confirms	confirm	VERB
fsr-3260	14	8	the	the	DET
fsr-3260	14	9	possibility	possibility	NOUN
fsr-3260	14	10	of	of	ADP
fsr-3260	14	11	realizing	realize	VERB
fsr-3260	14	12	abnormal	abnormal	ADJ
fsr-3260	14	13	return	return	NOUN
fsr-3260	14	14	by	by	ADP
fsr-3260	14	15	chasing	chase	VERB
fsr-3260	14	16	past	past	ADJ
fsr-3260	14	17	winner	winner	NOUN
fsr-3260	14	18	funds	fund	NOUN
fsr-3260	14	19	(	(	PUNCT
fsr-3260	14	20	goetzmann	goetzmann	PROPN
fsr-3260	14	21	and	and	CCONJ
fsr-3260	14	22	ibbotson	ibbotson	PROPN
fsr-3260	14	23	,	,	PUNCT
fsr-3260	14	24	1994	1994	NUM
fsr-3260	14	25	;	;	PUNCT
fsr-3260	14	26	grinblatt	grinblatt	NOUN
fsr-3260	14	27	and	and	CCONJ
fsr-3260	14	28	titman	titman	NOUN
fsr-3260	14	29	,	,	PUNCT
fsr-3260	14	30	1992	1992	NUM
fsr-3260	14	31	;	;	PUNCT
fsr-3260	14	32	hendricks	hendrick	NOUN
fsr-3260	14	33	et	et	PROPN
fsr-3260	14	34	al	al	PROPN
fsr-3260	14	35	.	.	PROPN
fsr-3260	14	36	,	,	PUNCT
fsr-3260	14	37	1993	1993	NUM
fsr-3260	14	38	)	)	PUNCT
fsr-3260	14	39	.	.	PUNCT
fsr-3260	15	1	acknowledgement	acknowledgement	NOUN
fsr-3260	15	2	:	:	PUNCT
fsr-3260	15	3	this	this	DET
fsr-3260	15	4	research	research	NOUN
fsr-3260	15	5	is	be	AUX
fsr-3260	15	6	supported	support	VERB
fsr-3260	15	7	by	by	ADP
fsr-3260	15	8	the	the	DET
fsr-3260	15	9	university	university	NOUN
fsr-3260	15	10	grants	grant	NOUN
fsr-3260	15	11	program	program	NOUN
fsr-3260	15	12	at	at	ADP
fsr-3260	15	13	san	san	PROPN
fsr-3260	15	14	diego	diego	PROPN
fsr-3260	15	15	state	state	PROPN
fsr-3260	15	16	university	university	PROPN
fsr-3260	15	17	.	.	PUNCT
fsr-3260	16	1	the	the	DET
fsr-3260	16	2	author	author	NOUN
fsr-3260	16	3	also	also	ADV
fsr-3260	16	4	acknowledges	acknowledge	VERB
fsr-3260	16	5	vanguard	vanguard	NOUN
fsr-3260	16	6	for	for	ADP
fsr-3260	16	7	providing	provide	VERB
fsr-3260	16	8	recordkeeping	recordkeeping	NOUN
fsr-3260	16	9	data	datum	NOUN
fsr-3260	16	10	under	under	ADP
fsr-3260	16	11	restricted	restricted	ADJ
fsr-3260	16	12	access	access	NOUN
fsr-3260	16	13	conditions	condition	NOUN
fsr-3260	16	14	and	and	CCONJ
fsr-3260	16	15	support	support	NOUN
fsr-3260	16	16	from	from	ADP
fsr-3260	16	17	the	the	DET
fsr-3260	16	18	pension	pension	NOUN
fsr-3260	16	19	research	research	NOUN
fsr-3260	16	20	council	council	NOUN
fsr-3260	16	21	at	at	ADP
fsr-3260	16	22	the	the	DET
fsr-3260	16	23	wharton	wharton	PROPN
fsr-3260	16	24	school	school	NOUN
fsr-3260	16	25	.	.	PUNCT
fsr-3260	17	1	the	the	DET
fsr-3260	17	2	author	author	NOUN
fsr-3260	17	3	thanks	thanks	PROPN
fsr-3260	17	4	olivia	olivia	PROPN
fsr-3260	17	5	s.	s.	PROPN
fsr-3260	17	6	mitchell	mitchell	PROPN
fsr-3260	17	7	,	,	PUNCT
fsr-3260	17	8	stephen	stephen	PROPN
fsr-3260	17	9	p.	p.	PROPN
fsr-3260	17	10	utkus	utkus	PROPN
fsr-3260	17	11	,	,	PUNCT
fsr-3260	17	12	marie	marie	PROPN
fsr-3260	17	13	-	-	PUNCT
fsr-3260	17	14	eve	eve	PROPN
fsr-3260	17	15	lachance	lachance	NOUN
fsr-3260	17	16	,	,	PUNCT
fsr-3260	17	17	and	and	CCONJ
fsr-3260	17	18	s.	s.	PROPN
fsr-3260	17	19	g.	g.	PROPN
fsr-3260	17	20	badrinath	badrinath	PROPN
fsr-3260	17	21	for	for	ADP
fsr-3260	17	22	helpful	helpful	ADJ
fsr-3260	17	23	comments	comment	NOUN
fsr-3260	17	24	.	.	PUNCT
fsr-3260	18	1	*	*	PUNCT
fsr-3260	18	2	corresponding	correspond	VERB
fsr-3260	18	3	author	author	NOUN
fsr-3260	18	4	.	.	PUNCT
fsr-3260	19	1	tel	tel	PROPN
fsr-3260	19	2	.	.	PUNCT
fsr-3260	19	3	:	:	PUNCT
fsr-3260	20	1	�	�	PROPN
fsr-3260	20	2	1	1	NUM
fsr-3260	20	3	-	-	SYM
fsr-3260	20	4	619	619	NUM
fsr-3260	20	5	-	-	PUNCT
fsr-3260	20	6	594	594	NUM
fsr-3260	20	7	-	-	PUNCT
fsr-3260	20	8	2082	2082	NUM
fsr-3260	20	9	;	;	PUNCT
fsr-3260	20	10	fax	fax	NOUN
fsr-3260	20	11	:	:	PUNCT
fsr-3260	20	12	�	�	PROPN
fsr-3260	20	13	1	1	NUM
fsr-3260	20	14	-	-	SYM
fsr-3260	20	15	619	619	NUM
fsr-3260	20	16	-	-	PUNCT
fsr-3260	20	17	594	594	NUM
fsr-3260	20	18	-	-	SYM
fsr-3260	20	19	3272	3272	NUM
fsr-3260	20	20	.	.	PUNCT
fsr-3260	21	1	e	e	X
fsr-3260	21	2	-	-	NOUN
fsr-3260	21	3	mail	mail	NOUN
fsr-3260	21	4	address	address	NOUN
fsr-3260	21	5	:	:	PUNCT
fsr-3260	21	6	ntang@mail.sdsu.edu	ntang@mail.sdsu.edu	NUM
fsr-3260	21	7	financial	financial	ADJ
fsr-3260	21	8	services	service	NOUN
fsr-3260	21	9	review	review	VERB
fsr-3260	21	10	25	25	NUM
fsr-3260	21	11	(	(	PUNCT
fsr-3260	21	12	2016	2016	NUM
fsr-3260	21	13	)	)	PUNCT
fsr-3260	21	14	51–72	51–72	NUM
fsr-3260	21	15	1057	1057	NUM
fsr-3260	21	16	-	-	PUNCT
fsr-3260	21	17	0810/16/$	0810/16/$	ADV
fsr-3260	21	18	–	–	PUNCT
fsr-3260	21	19	see	see	VERB
fsr-3260	21	20	front	front	ADJ
fsr-3260	21	21	matter	matter	NOUN
fsr-3260	21	22	©	©	PROPN
fsr-3260	21	23	2016	2016	NUM
fsr-3260	21	24	academy	academy	NOUN
fsr-3260	21	25	of	of	ADP
fsr-3260	21	26	financial	financial	ADJ
fsr-3260	21	27	services	service	NOUN
fsr-3260	21	28	.	.	PUNCT
fsr-3260	22	1	all	all	DET
fsr-3260	22	2	rights	right	NOUN
fsr-3260	22	3	reserved	reserve	VERB
fsr-3260	22	4	.	.	PUNCT
fsr-3260	23	1	consequently	consequently	ADV
fsr-3260	23	2	,	,	PUNCT
fsr-3260	23	3	many	many	ADJ
fsr-3260	23	4	portfolio	portfolio	NOUN
fsr-3260	23	5	managers	manager	NOUN
fsr-3260	23	6	,	,	PUNCT
fsr-3260	23	7	institutional	institutional	ADJ
fsr-3260	23	8	and	and	CCONJ
fsr-3260	23	9	individual	individual	ADJ
fsr-3260	23	10	stock	stock	NOUN
fsr-3260	23	11	investors	investor	NOUN
fsr-3260	23	12	,	,	PUNCT
fsr-3260	23	13	and	and	CCONJ
fsr-3260	23	14	mutual	mutual	ADJ
fsr-3260	23	15	fund	fund	NOUN
fsr-3260	23	16	traders	trader	NOUN
fsr-3260	23	17	subscribe	subscribe	VERB
fsr-3260	23	18	to	to	ADP
fsr-3260	23	19	the	the	DET
fsr-3260	23	20	view	view	NOUN
fsr-3260	23	21	that	that	SCONJ
fsr-3260	23	22	momentum	momentum	NOUN
fsr-3260	23	23	strategies	strategy	NOUN
fsr-3260	23	24	yield	yield	VERB
fsr-3260	23	25	significant	significant	ADJ
fsr-3260	23	26	profits	profit	NOUN
fsr-3260	23	27	and	and	CCONJ
fsr-3260	23	28	follow	follow	VERB
fsr-3260	23	29	such	such	ADJ
fsr-3260	23	30	strategies	strategy	NOUN
fsr-3260	23	31	(	(	PUNCT
fsr-3260	23	32	jegadeesh	jegadeesh	NOUN
fsr-3260	23	33	and	and	CCONJ
fsr-3260	23	34	titman	titman	NOUN
fsr-3260	23	35	,	,	PUNCT
fsr-3260	23	36	2001	2001	NUM
fsr-3260	23	37	;	;	PUNCT
fsr-3260	23	38	grinblatt	grinblatt	NOUN
fsr-3260	23	39	and	and	CCONJ
fsr-3260	23	40	keloharju	keloharju	NOUN
fsr-3260	23	41	,	,	PUNCT
fsr-3260	23	42	2000	2000	NUM
fsr-3260	23	43	;	;	PUNCT
fsr-3260	23	44	grinblatt	grinblatt	NOUN
fsr-3260	23	45	,	,	PUNCT
fsr-3260	23	46	titman	titman	NOUN
fsr-3260	23	47	,	,	PUNCT
fsr-3260	23	48	and	and	CCONJ
fsr-3260	23	49	wermers	wermer	NOUN
fsr-3260	23	50	,	,	PUNCT
fsr-3260	23	51	1995	1995	NUM
fsr-3260	23	52	;	;	PUNCT
fsr-3260	23	53	solomon	solomon	PROPN
fsr-3260	23	54	,	,	PUNCT
fsr-3260	23	55	solges	solge	NOUN
fsr-3260	23	56	,	,	PUNCT
fsr-3260	23	57	and	and	CCONJ
fsr-3260	23	58	sosyura	sosyura	NOUN
fsr-3260	23	59	,	,	PUNCT
fsr-3260	23	60	2014	2014	NUM
fsr-3260	23	61	)	)	PUNCT
fsr-3260	23	62	.	.	PUNCT
fsr-3260	24	1	in	in	ADP
fsr-3260	24	2	particular	particular	ADJ
fsr-3260	24	3	,	,	PUNCT
fsr-3260	24	4	a	a	DET
fsr-3260	24	5	series	series	NOUN
fsr-3260	24	6	of	of	ADP
fsr-3260	24	7	articles	article	NOUN
fsr-3260	24	8	have	have	AUX
fsr-3260	24	9	documented	document	VERB
fsr-3260	24	10	a	a	DET
fsr-3260	24	11	strong	strong	ADJ
fsr-3260	24	12	positive	positive	ADJ
fsr-3260	24	13	relation	relation	NOUN
fsr-3260	24	14	between	between	ADP
fsr-3260	24	15	mutual	mutual	ADJ
fsr-3260	24	16	fund	fund	NOUN
fsr-3260	24	17	past	past	NOUN
fsr-3260	24	18	performance	performance	NOUN
fsr-3260	24	19	and	and	CCONJ
fsr-3260	24	20	subsequent	subsequent	ADJ
fsr-3260	24	21	fund	fund	NOUN
fsr-3260	24	22	inflows	inflow	NOUN
fsr-3260	24	23	(	(	PUNCT
fsr-3260	24	24	see	see	VERB
fsr-3260	24	25	,	,	PUNCT
fsr-3260	24	26	e.g.	e.g.	ADV
fsr-3260	24	27	,	,	PUNCT
fsr-3260	24	28	goetzmann	goetzmann	PROPN
fsr-3260	24	29	and	and	CCONJ
fsr-3260	24	30	massa	massa	NOUN
fsr-3260	24	31	,	,	PUNCT
fsr-3260	24	32	2002	2002	NUM
fsr-3260	24	33	;	;	PUNCT
fsr-3260	24	34	sirri	sirri	NOUN
fsr-3260	24	35	and	and	CCONJ
fsr-3260	24	36	tufano	tufano	ADJ
fsr-3260	24	37	,	,	PUNCT
fsr-3260	24	38	1998	1998	NUM
fsr-3260	24	39	)	)	PUNCT
fsr-3260	24	40	.	.	PUNCT
fsr-3260	25	1	however	however	ADV
fsr-3260	25	2	,	,	PUNCT
fsr-3260	25	3	most	most	ADJ
fsr-3260	25	4	of	of	ADP
fsr-3260	25	5	previous	previous	ADJ
fsr-3260	25	6	studies	study	NOUN
fsr-3260	25	7	are	be	AUX
fsr-3260	25	8	based	base	VERB
fsr-3260	25	9	on	on	ADP
fsr-3260	25	10	fund	fund	NOUN
fsr-3260	25	11	level	level	NOUN
fsr-3260	25	12	data	datum	NOUN
fsr-3260	25	13	with	with	ADP
fsr-3260	25	14	all	all	DET
fsr-3260	25	15	individual	individual	ADJ
fsr-3260	25	16	traders	trader	NOUN
fsr-3260	25	17	aggregated	aggregate	VERB
fsr-3260	25	18	.	.	PUNCT
fsr-3260	26	1	individual	individual	ADJ
fsr-3260	26	2	momentum	momentum	NOUN
fsr-3260	26	3	traders	trader	NOUN
fsr-3260	26	4	were	be	AUX
fsr-3260	26	5	not	not	PART
fsr-3260	26	6	identified	identify	VERB
fsr-3260	26	7	and	and	CCONJ
fsr-3260	26	8	their	their	PRON
fsr-3260	26	9	performances	performance	NOUN
fsr-3260	26	10	were	be	AUX
fsr-3260	26	11	not	not	PART
fsr-3260	26	12	evaluated	evaluate	VERB
fsr-3260	26	13	.	.	PUNCT
fsr-3260	27	1	little	little	ADJ
fsr-3260	27	2	is	be	AUX
fsr-3260	27	3	known	know	VERB
fsr-3260	27	4	whether	whether	SCONJ
fsr-3260	27	5	individual	individual	ADJ
fsr-3260	27	6	traders	trader	NOUN
fsr-3260	27	7	could	could	AUX
fsr-3260	27	8	successfully	successfully	ADV
fsr-3260	27	9	implement	implement	VERB
fsr-3260	27	10	momentum	momentum	NOUN
fsr-3260	27	11	strategy	strategy	NOUN
fsr-3260	27	12	to	to	PART
fsr-3260	27	13	yield	yield	VERB
fsr-3260	27	14	profit	profit	NOUN
fsr-3260	27	15	in	in	ADP
fsr-3260	27	16	real	real	ADJ
fsr-3260	27	17	life	life	NOUN
fsr-3260	27	18	.	.	PUNCT
fsr-3260	28	1	here	here	ADV
fsr-3260	28	2	we	we	PRON
fsr-3260	28	3	ask	ask	VERB
fsr-3260	28	4	whether	whether	SCONJ
fsr-3260	28	5	there	there	PRON
fsr-3260	28	6	exist	exist	VERB
fsr-3260	28	7	momentum	momentum	NOUN
fsr-3260	28	8	traders	trader	NOUN
fsr-3260	28	9	in	in	ADP
fsr-3260	28	10	401(k	401(k	PROPN
fsr-3260	28	11	)	)	PUNCT
fsr-3260	28	12	plans	plan	NOUN
fsr-3260	28	13	and	and	CCONJ
fsr-3260	28	14	whether	whether	SCONJ
fsr-3260	28	15	they	they	PRON
fsr-3260	28	16	could	could	AUX
fsr-3260	28	17	achieve	achieve	VERB
fsr-3260	28	18	portfolio	portfolio	NOUN
fsr-3260	28	19	performance	performance	NOUN
fsr-3260	28	20	improvements	improvement	NOUN
fsr-3260	28	21	.	.	PUNCT
fsr-3260	29	1	this	this	DET
fsr-3260	29	2	question	question	NOUN
fsr-3260	29	3	fits	fit	VERB
fsr-3260	29	4	into	into	ADP
fsr-3260	29	5	the	the	DET
fsr-3260	29	6	larger	large	ADJ
fsr-3260	29	7	question	question	NOUN
fsr-3260	29	8	of	of	ADP
fsr-3260	29	9	whether	whether	SCONJ
fsr-3260	29	10	401(k	401(k	NOUN
fsr-3260	29	11	)	)	PUNCT
fsr-3260	29	12	traders	trader	NOUN
fsr-3260	29	13	can	can	AUX
fsr-3260	29	14	improve	improve	VERB
fsr-3260	29	15	their	their	PRON
fsr-3260	29	16	401(k	401(k	NOUN
fsr-3260	29	17	)	)	PUNCT
fsr-3260	29	18	portfolios	portfolio	NOUN
fsr-3260	29	19	by	by	ADP
fsr-3260	29	20	implementing	implement	VERB
fsr-3260	29	21	a	a	DET
fsr-3260	29	22	trading	trading	NOUN
fsr-3260	29	23	strategy	strategy	NOUN
fsr-3260	29	24	—	—	PUNCT
fsr-3260	29	25	a	a	DET
fsr-3260	29	26	question	question	NOUN
fsr-3260	29	27	of	of	ADP
fsr-3260	29	28	particular	particular	ADJ
fsr-3260	29	29	interest	interest	NOUN
fsr-3260	29	30	to	to	ADP
fsr-3260	29	31	policymakers	policymaker	NOUN
fsr-3260	29	32	and	and	CCONJ
fsr-3260	29	33	plan	plan	VERB
fsr-3260	29	34	sponsors	sponsor	NOUN
fsr-3260	29	35	who	who	PRON
fsr-3260	29	36	oversee	oversee	VERB
fsr-3260	29	37	the	the	DET
fsr-3260	29	38	plans	plan	NOUN
fsr-3260	29	39	,	,	PUNCT
fsr-3260	29	40	and	and	CCONJ
fsr-3260	29	41	to	to	PART
fsr-3260	29	42	plan	plan	VERB
fsr-3260	29	43	participants	participant	NOUN
fsr-3260	29	44	who	who	PRON
fsr-3260	29	45	will	will	AUX
fsr-3260	29	46	rely	rely	VERB
fsr-3260	29	47	on	on	ADP
fsr-3260	29	48	their	their	PRON
fsr-3260	29	49	401(k	401(k	NOUN
fsr-3260	29	50	)	)	PUNCT
fsr-3260	29	51	accruals	accrual	NOUN
fsr-3260	29	52	to	to	PART
fsr-3260	29	53	finance	finance	VERB
fsr-3260	29	54	their	their	PRON
fsr-3260	29	55	retirements	retirement	NOUN
fsr-3260	29	56	.	.	PUNCT
fsr-3260	30	1	if	if	SCONJ
fsr-3260	30	2	401(k	401(k	NOUN
fsr-3260	30	3	)	)	PUNCT
fsr-3260	30	4	participants	participant	NOUN
fsr-3260	30	5	were	be	AUX
fsr-3260	30	6	able	able	ADJ
fsr-3260	30	7	to	to	PART
fsr-3260	30	8	successfully	successfully	ADV
fsr-3260	30	9	adopt	adopt	VERB
fsr-3260	30	10	a	a	DET
fsr-3260	30	11	trading	trading	NOUN
fsr-3260	30	12	strategy	strategy	NOUN
fsr-3260	30	13	,	,	PUNCT
fsr-3260	30	14	such	such	ADJ
fsr-3260	30	15	as	as	ADP
fsr-3260	30	16	momentum	momentum	NOUN
fsr-3260	30	17	trading	trading	NOUN
fsr-3260	30	18	,	,	PUNCT
fsr-3260	30	19	that	that	PRON
fsr-3260	30	20	would	would	AUX
fsr-3260	30	21	boost	boost	VERB
fsr-3260	30	22	their	their	PRON
fsr-3260	30	23	401(k	401(k	NOUN
fsr-3260	30	24	)	)	PUNCT
fsr-3260	30	25	balance	balance	NOUN
fsr-3260	30	26	by	by	ADP
fsr-3260	30	27	the	the	DET
fsr-3260	30	28	time	time	NOUN
fsr-3260	30	29	of	of	ADP
fsr-3260	30	30	retirement	retirement	NOUN
fsr-3260	30	31	,	,	PUNCT
fsr-3260	30	32	this	this	PRON
fsr-3260	30	33	would	would	AUX
fsr-3260	30	34	not	not	PART
fsr-3260	30	35	only	only	ADV
fsr-3260	30	36	benefit	benefit	VERB
fsr-3260	30	37	the	the	DET
fsr-3260	30	38	economic	economic	ADJ
fsr-3260	30	39	welfare	welfare	NOUN
fsr-3260	30	40	of	of	ADP
fsr-3260	30	41	individual	individual	ADJ
fsr-3260	30	42	participants	participant	NOUN
fsr-3260	30	43	but	but	CCONJ
fsr-3260	30	44	would	would	AUX
fsr-3260	30	45	also	also	ADV
fsr-3260	30	46	increase	increase	VERB
fsr-3260	30	47	soundness	soundness	NOUN
fsr-3260	30	48	and	and	CCONJ
fsr-3260	30	49	stability	stability	NOUN
fsr-3260	30	50	of	of	ADP
fsr-3260	30	51	the	the	DET
fsr-3260	30	52	entire	entire	ADJ
fsr-3260	30	53	retirement	retirement	NOUN
fsr-3260	30	54	system	system	NOUN
fsr-3260	30	55	.	.	PUNCT
fsr-3260	31	1	however	however	ADV
fsr-3260	31	2	,	,	PUNCT
fsr-3260	31	3	if	if	SCONJ
fsr-3260	31	4	momentum	momentum	NOUN
fsr-3260	31	5	trading	trading	NOUN
fsr-3260	31	6	and	and	CCONJ
fsr-3260	31	7	other	other	ADJ
fsr-3260	31	8	strategies	strategy	NOUN
fsr-3260	31	9	used	use	VERB
fsr-3260	31	10	to	to	PART
fsr-3260	31	11	improve	improve	VERB
fsr-3260	31	12	401(k	401(k	NOUN
fsr-3260	31	13	)	)	PUNCT
fsr-3260	31	14	performance	performance	NOUN
fsr-3260	31	15	do	do	AUX
fsr-3260	31	16	not	not	PART
fsr-3260	31	17	actually	actually	ADV
fsr-3260	31	18	generate	generate	VERB
fsr-3260	31	19	gains	gain	NOUN
fsr-3260	31	20	or	or	CCONJ
fsr-3260	31	21	even	even	ADV
fsr-3260	31	22	lead	lead	VERB
fsr-3260	31	23	to	to	ADP
fsr-3260	31	24	losses	loss	NOUN
fsr-3260	31	25	,	,	PUNCT
fsr-3260	31	26	participants	participant	NOUN
fsr-3260	31	27	need	need	VERB
fsr-3260	31	28	to	to	PART
fsr-3260	31	29	know	know	VERB
fsr-3260	31	30	this	this	PRON
fsr-3260	31	31	and	and	CCONJ
fsr-3260	31	32	refrain	refrain	VERB
fsr-3260	31	33	from	from	ADP
fsr-3260	31	34	adopting	adopt	VERB
fsr-3260	31	35	such	such	ADJ
fsr-3260	31	36	strategies	strategy	NOUN
fsr-3260	31	37	.	.	PUNCT
fsr-3260	32	1	without	without	ADP
fsr-3260	32	2	information	information	NOUN
fsr-3260	32	3	on	on	ADP
fsr-3260	32	4	how	how	SCONJ
fsr-3260	32	5	such	such	ADJ
fsr-3260	32	6	strategies	strategy	NOUN
fsr-3260	32	7	perform	perform	VERB
fsr-3260	32	8	,	,	PUNCT
fsr-3260	32	9	individuals	individual	NOUN
fsr-3260	32	10	could	could	AUX
fsr-3260	32	11	end	end	VERB
fsr-3260	32	12	up	up	ADP
fsr-3260	32	13	siphoning	siphon	VERB
fsr-3260	32	14	off	off	ADP
fsr-3260	32	15	their	their	PRON
fsr-3260	32	16	retirement	retirement	NOUN
fsr-3260	32	17	wealth	wealth	NOUN
fsr-3260	32	18	with	with	ADP
fsr-3260	32	19	inappropriate	inappropriate	ADJ
fsr-3260	32	20	behavior	behavior	NOUN
fsr-3260	32	21	,	,	PUNCT
fsr-3260	32	22	while	while	SCONJ
fsr-3260	32	23	the	the	DET
fsr-3260	32	24	plans	plan	NOUN
fsr-3260	32	25	themselves	themselves	PRON
fsr-3260	32	26	also	also	ADV
fsr-3260	32	27	experience	experience	VERB
fsr-3260	32	28	management	management	NOUN
fsr-3260	32	29	costs	cost	NOUN
fsr-3260	32	30	.	.	PUNCT
fsr-3260	33	1	unfortunately	unfortunately	ADV
fsr-3260	33	2	,	,	PUNCT
fsr-3260	33	3	compared	compare	VERB
fsr-3260	33	4	with	with	ADP
fsr-3260	33	5	the	the	DET
fsr-3260	33	6	extensive	extensive	ADJ
fsr-3260	33	7	literature	literature	NOUN
fsr-3260	33	8	on	on	ADP
fsr-3260	33	9	momentum	momentum	NOUN
fsr-3260	33	10	trading	trading	NOUN
fsr-3260	33	11	outside	outside	ADP
fsr-3260	33	12	retirement	retirement	NOUN
fsr-3260	33	13	accounts	account	NOUN
fsr-3260	33	14	(	(	PUNCT
fsr-3260	33	15	e.g.	e.g.	ADV
fsr-3260	33	16	,	,	PUNCT
fsr-3260	33	17	pettengill	pettengill	NOUN
fsr-3260	33	18	,	,	PUNCT
fsr-3260	33	19	edwards	edwards	PROPN
fsr-3260	33	20	,	,	PUNCT
fsr-3260	33	21	and	and	CCONJ
fsr-3260	33	22	schmitt	schmitt	NOUN
fsr-3260	33	23	,	,	PUNCT
fsr-3260	33	24	2006	2006	NUM
fsr-3260	33	25	;	;	PUNCT
fsr-3260	33	26	pettengill	pettengill	NOUN
fsr-3260	33	27	,	,	PUNCT
fsr-3260	33	28	edeards	edeard	NOUN
fsr-3260	33	29	,	,	PUNCT
fsr-3260	33	30	and	and	CCONJ
fsr-3260	33	31	griggs	griggs	PROPN
fsr-3260	33	32	,	,	PUNCT
fsr-3260	33	33	2009	2009	NUM
fsr-3260	33	34	)	)	PUNCT
fsr-3260	33	35	,	,	PUNCT
fsr-3260	33	36	momentum	momentum	NOUN
fsr-3260	33	37	traders	trader	NOUN
fsr-3260	33	38	in	in	ADP
fsr-3260	33	39	401(k	401(k	PROPN
fsr-3260	33	40	)	)	PUNCT
fsr-3260	33	41	plans	plan	NOUN
fsr-3260	33	42	have	have	AUX
fsr-3260	33	43	been	be	AUX
fsr-3260	33	44	largely	largely	ADV
fsr-3260	33	45	overlooked	overlook	VERB
fsr-3260	33	46	.	.	PUNCT
fsr-3260	34	1	the	the	DET
fsr-3260	34	2	literature	literature	NOUN
fsr-3260	34	3	contains	contain	VERB
fsr-3260	34	4	little	little	ADJ
fsr-3260	34	5	on	on	ADP
fsr-3260	34	6	whether	whether	SCONJ
fsr-3260	34	7	401(k	401(k	NOUN
fsr-3260	34	8	)	)	PUNCT
fsr-3260	34	9	traders	trader	NOUN
fsr-3260	34	10	adopt	adopt	VERB
fsr-3260	34	11	momentum	momentum	NOUN
fsr-3260	34	12	strategies	strategy	NOUN
fsr-3260	34	13	and	and	CCONJ
fsr-3260	34	14	how	how	SCONJ
fsr-3260	34	15	these	these	DET
fsr-3260	34	16	momentum	momentum	NOUN
fsr-3260	34	17	traders	trader	NOUN
fsr-3260	34	18	perform	perform	VERB
fsr-3260	34	19	.	.	PUNCT
fsr-3260	35	1	in	in	ADP
fsr-3260	35	2	fact	fact	NOUN
fsr-3260	35	3	,	,	PUNCT
fsr-3260	35	4	there	there	PRON
fsr-3260	35	5	are	be	VERB
fsr-3260	35	6	many	many	ADJ
fsr-3260	35	7	reasons	reason	NOUN
fsr-3260	35	8	to	to	PART
fsr-3260	35	9	suspect	suspect	VERB
fsr-3260	35	10	that	that	SCONJ
fsr-3260	35	11	investors	investor	NOUN
fsr-3260	35	12	may	may	AUX
fsr-3260	35	13	exhibit	exhibit	VERB
fsr-3260	35	14	different	different	ADJ
fsr-3260	35	15	behavior	behavior	NOUN
fsr-3260	35	16	when	when	SCONJ
fsr-3260	35	17	trading	trade	VERB
fsr-3260	35	18	with	with	ADP
fsr-3260	35	19	retirement	retirement	NOUN
fsr-3260	35	20	and	and	CCONJ
fsr-3260	35	21	nonretirement	nonretirement	ADJ
fsr-3260	35	22	accounts	account	NOUN
fsr-3260	35	23	.	.	PUNCT
fsr-3260	36	1	studies	study	NOUN
fsr-3260	36	2	on	on	ADP
fsr-3260	36	3	mental	mental	ADJ
fsr-3260	36	4	accounting	accounting	NOUN
fsr-3260	36	5	observe	observe	VERB
fsr-3260	36	6	that	that	SCONJ
fsr-3260	36	7	investors	investor	NOUN
fsr-3260	36	8	tend	tend	VERB
fsr-3260	36	9	to	to	PART
fsr-3260	36	10	split	split	VERB
fsr-3260	36	11	their	their	PRON
fsr-3260	36	12	investment	investment	NOUN
fsr-3260	36	13	into	into	ADP
fsr-3260	36	14	a	a	DET
fsr-3260	36	15	safe	safe	ADJ
fsr-3260	36	16	account	account	NOUN
fsr-3260	36	17	,	,	PUNCT
fsr-3260	36	18	which	which	PRON
fsr-3260	36	19	is	be	AUX
fsr-3260	36	20	designed	design	VERB
fsr-3260	36	21	to	to	PART
fsr-3260	36	22	maintain	maintain	VERB
fsr-3260	36	23	wealth	wealth	NOUN
fsr-3260	36	24	level	level	NOUN
fsr-3260	36	25	,	,	PUNCT
fsr-3260	36	26	and	and	CCONJ
fsr-3260	36	27	a	a	DET
fsr-3260	36	28	risky	risky	ADJ
fsr-3260	36	29	account	account	NOUN
fsr-3260	36	30	,	,	PUNCT
fsr-3260	36	31	used	use	VERB
fsr-3260	36	32	for	for	ADP
fsr-3260	36	33	speculation	speculation	NOUN
fsr-3260	36	34	;	;	PUNCT
fsr-3260	36	35	their	their	PRON
fsr-3260	36	36	choices	choice	NOUN
fsr-3260	36	37	in	in	ADP
fsr-3260	36	38	separate	separate	ADJ
fsr-3260	36	39	accounts	account	NOUN
fsr-3260	36	40	vary	vary	VERB
fsr-3260	36	41	(	(	PUNCT
fsr-3260	36	42	choi	choi	NOUN
fsr-3260	36	43	,	,	PUNCT
fsr-3260	36	44	laibson	laibson	PROPN
fsr-3260	36	45	,	,	PUNCT
fsr-3260	36	46	and	and	CCONJ
fsr-3260	36	47	madrian	madrian	ADJ
fsr-3260	36	48	,	,	PUNCT
fsr-3260	36	49	2007	2007	NUM
fsr-3260	36	50	;	;	PUNCT
fsr-3260	36	51	rockenbach	rockenbach	NOUN
fsr-3260	36	52	,	,	PUNCT
fsr-3260	36	53	2004	2004	NUM
fsr-3260	36	54	)	)	PUNCT
fsr-3260	36	55	.	.	PUNCT
fsr-3260	37	1	a	a	DET
fsr-3260	37	2	401(k	401(k	PROPN
fsr-3260	37	3	)	)	PUNCT
fsr-3260	37	4	account	account	NOUN
fsr-3260	37	5	would	would	AUX
fsr-3260	37	6	be	be	AUX
fsr-3260	37	7	considered	consider	VERB
fsr-3260	37	8	a	a	DET
fsr-3260	37	9	safe	safe	ADJ
fsr-3260	37	10	account	account	NOUN
fsr-3260	37	11	,	,	PUNCT
fsr-3260	37	12	meant	mean	VERB
fsr-3260	37	13	for	for	ADP
fsr-3260	37	14	securing	secure	VERB
fsr-3260	37	15	retirement	retirement	NOUN
fsr-3260	37	16	wealth	wealth	NOUN
fsr-3260	37	17	,	,	PUNCT
fsr-3260	37	18	whereas	whereas	SCONJ
fsr-3260	37	19	active	active	ADJ
fsr-3260	37	20	nonretirement	nonretirement	ADJ
fsr-3260	37	21	trading	trading	NOUN
fsr-3260	37	22	accounts	account	NOUN
fsr-3260	37	23	would	would	AUX
fsr-3260	37	24	be	be	AUX
fsr-3260	37	25	considered	consider	VERB
fsr-3260	37	26	risky	risky	ADJ
fsr-3260	37	27	accounts	account	NOUN
fsr-3260	37	28	and	and	CCONJ
fsr-3260	37	29	meant	mean	VERB
fsr-3260	37	30	for	for	ADP
fsr-3260	37	31	speculation	speculation	NOUN
fsr-3260	37	32	.	.	PUNCT
fsr-3260	38	1	because	because	SCONJ
fsr-3260	38	2	active	active	ADJ
fsr-3260	38	3	trading	trading	NOUN
fsr-3260	38	4	accounts	account	NOUN
fsr-3260	38	5	and	and	CCONJ
fsr-3260	38	6	401(k	401(k	NOUN
fsr-3260	38	7	)	)	PUNCT
fsr-3260	38	8	plans	plan	NOUN
fsr-3260	38	9	serve	serve	VERB
fsr-3260	38	10	completely	completely	ADV
fsr-3260	38	11	different	different	ADJ
fsr-3260	38	12	functions	function	NOUN
fsr-3260	38	13	,	,	PUNCT
fsr-3260	38	14	investors	investor	NOUN
fsr-3260	38	15	may	may	AUX
fsr-3260	38	16	exhibit	exhibit	VERB
fsr-3260	38	17	different	different	ADJ
fsr-3260	38	18	behavior	behavior	NOUN
fsr-3260	38	19	when	when	SCONJ
fsr-3260	38	20	trading	trade	VERB
fsr-3260	38	21	with	with	ADP
fsr-3260	38	22	retirement	retirement	NOUN
fsr-3260	38	23	and	and	CCONJ
fsr-3260	38	24	nonretirement	nonretirement	ADJ
fsr-3260	38	25	accounts	account	NOUN
fsr-3260	38	26	.	.	PUNCT
fsr-3260	39	1	in	in	ADP
fsr-3260	39	2	fact	fact	NOUN
fsr-3260	39	3	,	,	PUNCT
fsr-3260	39	4	literature	literature	NOUN
fsr-3260	39	5	has	have	AUX
fsr-3260	39	6	shown	show	VERB
fsr-3260	39	7	that	that	SCONJ
fsr-3260	39	8	401(k	401(k	NOUN
fsr-3260	39	9	)	)	PUNCT
fsr-3260	39	10	participants	participant	NOUN
fsr-3260	39	11	engage	engage	VERB
fsr-3260	39	12	in	in	ADP
fsr-3260	39	13	trading	trading	NOUN
fsr-3260	39	14	infrequently	infrequently	ADV
fsr-3260	39	15	because	because	SCONJ
fsr-3260	39	16	of	of	ADP
fsr-3260	39	17	inertia	inertia	NOUN
fsr-3260	39	18	,	,	PUNCT
fsr-3260	39	19	which	which	PRON
fsr-3260	39	20	is	be	AUX
fsr-3260	39	21	sharply	sharply	ADV
fsr-3260	39	22	different	different	ADJ
fsr-3260	39	23	from	from	ADP
fsr-3260	39	24	the	the	DET
fsr-3260	39	25	excessive	excessive	ADJ
fsr-3260	39	26	trading	trading	NOUN
fsr-3260	39	27	in	in	ADP
fsr-3260	39	28	discount	discount	NOUN
fsr-3260	39	29	brokerage	brokerage	NOUN
fsr-3260	39	30	accounts	account	NOUN
fsr-3260	39	31	(	(	PUNCT
fsr-3260	39	32	agnew	agnew	PROPN
fsr-3260	39	33	,	,	PUNCT
fsr-3260	39	34	balduzzi	balduzzi	NOUN
fsr-3260	39	35	,	,	PUNCT
fsr-3260	39	36	and	and	CCONJ
fsr-3260	39	37	sunden	sunden	ADJ
fsr-3260	39	38	,	,	PUNCT
fsr-3260	39	39	2003	2003	NUM
fsr-3260	39	40	;	;	PUNCT
fsr-3260	39	41	tang	tang	PROPN
fsr-3260	39	42	,	,	PUNCT
fsr-3260	39	43	mitchell	mitchell	PROPN
fsr-3260	39	44	,	,	PUNCT
fsr-3260	39	45	and	and	CCONJ
fsr-3260	39	46	utkus	utku	NOUN
fsr-3260	39	47	,	,	PUNCT
fsr-3260	39	48	2012	2012	NUM
fsr-3260	39	49	)	)	PUNCT
fsr-3260	39	50	;	;	PUNCT
fsr-3260	39	51	plan	plan	NOUN
fsr-3260	39	52	sponsors	sponsor	NOUN
fsr-3260	39	53	seem	seem	VERB
fsr-3260	39	54	not	not	PART
fsr-3260	39	55	to	to	PART
fsr-3260	39	56	expect	expect	VERB
fsr-3260	39	57	401(k	401(k	NOUN
fsr-3260	39	58	)	)	PUNCT
fsr-3260	39	59	plan	plan	VERB
fsr-3260	39	60	participants	participant	NOUN
fsr-3260	39	61	to	to	PART
fsr-3260	39	62	excel	excel	VERB
fsr-3260	39	63	in	in	ADP
fsr-3260	39	64	profitable	profitable	ADJ
fsr-3260	39	65	trading	trading	NOUN
fsr-3260	39	66	.	.	PUNCT
fsr-3260	40	1	several	several	ADJ
fsr-3260	40	2	studies	study	NOUN
fsr-3260	40	3	have	have	AUX
fsr-3260	40	4	also	also	ADV
fsr-3260	40	5	highlighted	highlight	VERB
fsr-3260	40	6	the	the	DET
fsr-3260	40	7	behavioral	behavioral	ADJ
fsr-3260	40	8	biases	bias	NOUN
fsr-3260	40	9	and	and	CCONJ
fsr-3260	40	10	financial	financial	ADJ
fsr-3260	40	11	literacy	literacy	NOUN
fsr-3260	40	12	constraints	constraint	NOUN
fsr-3260	40	13	that	that	PRON
fsr-3260	40	14	appear	appear	VERB
fsr-3260	40	15	to	to	PART
fsr-3260	40	16	hinder	hinder	VERB
fsr-3260	40	17	401(k	401(k	PROPN
fsr-3260	40	18	)	)	PUNCT
fsr-3260	40	19	plan	plan	NOUN
fsr-3260	40	20	participant	participant	ADJ
fsr-3260	40	21	decision	decision	NOUN
fsr-3260	40	22	-	-	PUNCT
fsr-3260	40	23	making	making	NOUN
fsr-3260	40	24	.	.	PUNCT
fsr-3260	41	1	for	for	ADP
fsr-3260	41	2	example	example	NOUN
fsr-3260	41	3	,	,	PUNCT
fsr-3260	41	4	plan	plan	VERB
fsr-3260	41	5	participants	participant	NOUN
fsr-3260	41	6	use	use	VERB
fsr-3260	41	7	naive	naive	ADJ
fsr-3260	41	8	allocation	allocation	NOUN
fsr-3260	41	9	strategies	strategy	NOUN
fsr-3260	41	10	(	(	PUNCT
fsr-3260	41	11	agnew	agnew	PROPN
fsr-3260	41	12	,	,	PUNCT
fsr-3260	41	13	2002	2002	NUM
fsr-3260	41	14	;	;	PUNCT
fsr-3260	41	15	benartzi	benartzi	NOUN
fsr-3260	41	16	and	and	CCONJ
fsr-3260	41	17	thaler	thaler	NOUN
fsr-3260	41	18	,	,	PUNCT
fsr-3260	41	19	2001	2001	NUM
fsr-3260	41	20	)	)	PUNCT
fsr-3260	41	21	;	;	PUNCT
fsr-3260	41	22	exhibit	exhibit	VERB
fsr-3260	41	23	inertia	inertia	NOUN
fsr-3260	41	24	in	in	ADP
fsr-3260	41	25	asset	asset	NOUN
fsr-3260	41	26	allocation	allocation	NOUN
fsr-3260	41	27	and	and	CCONJ
fsr-3260	41	28	rebalancing	rebalancing	NOUN
fsr-3260	41	29	(	(	PUNCT
fsr-3260	41	30	agnew	agnew	PROPN
fsr-3260	41	31	et	et	PROPN
fsr-3260	41	32	al	al	PROPN
fsr-3260	41	33	.	.	PROPN
fsr-3260	41	34	,	,	PUNCT
fsr-3260	41	35	2003	2003	NUM
fsr-3260	41	36	;	;	PUNCT
fsr-3260	41	37	ameriks	amerik	NOUN
fsr-3260	41	38	and	and	CCONJ
fsr-3260	41	39	zeldes	zelde	NOUN
fsr-3260	41	40	,	,	PUNCT
fsr-3260	41	41	52	52	NUM
fsr-3260	41	42	n.	n.	NOUN
fsr-3260	41	43	tang	tang	PROPN
fsr-3260	41	44	/	/	SYM
fsr-3260	41	45	financial	financial	ADJ
fsr-3260	41	46	services	service	NOUN
fsr-3260	41	47	review	review	VERB
fsr-3260	41	48	25	25	NUM
fsr-3260	41	49	(	(	PUNCT
fsr-3260	41	50	2016	2016	NUM
fsr-3260	41	51	)	)	PUNCT
fsr-3260	41	52	51–72	51–72	NUM
fsr-3260	41	53	2004	2004	NUM
fsr-3260	41	54	)	)	PUNCT
fsr-3260	41	55	;	;	PUNCT
fsr-3260	41	56	display	display	NOUN
fsr-3260	41	57	inconsistence	inconsistence	NOUN
fsr-3260	41	58	between	between	ADP
fsr-3260	41	59	objective	objective	ADJ
fsr-3260	41	60	and	and	CCONJ
fsr-3260	41	61	subjective	subjective	ADJ
fsr-3260	41	62	assessment	assessment	NOUN
fsr-3260	41	63	of	of	ADP
fsr-3260	41	64	retirement	retirement	NOUN
fsr-3260	41	65	adequacy	adequacy	NOUN
fsr-3260	41	66	(	(	PUNCT
fsr-3260	41	67	kim	kim	PROPN
fsr-3260	41	68	and	and	CCONJ
fsr-3260	41	69	hanna	hanna	PROPN
fsr-3260	41	70	,	,	PUNCT
fsr-3260	41	71	2015	2015	NUM
fsr-3260	41	72	)	)	PUNCT
fsr-3260	41	73	,	,	PUNCT
fsr-3260	41	74	and	and	CCONJ
fsr-3260	41	75	overinvest	overinv	ADJ
fsr-3260	41	76	in	in	ADP
fsr-3260	41	77	employer	employer	NOUN
fsr-3260	41	78	stock	stock	NOUN
fsr-3260	41	79	(	(	PUNCT
fsr-3260	41	80	benartzi	benartzi	X
fsr-3260	41	81	et	et	PROPN
fsr-3260	41	82	al	al	PROPN
fsr-3260	41	83	.	.	PROPN
fsr-3260	41	84	,	,	PUNCT
fsr-3260	41	85	2007	2007	NUM
fsr-3260	41	86	;	;	PUNCT
fsr-3260	41	87	even	even	ADV
fsr-3260	41	88	and	and	CCONJ
fsr-3260	41	89	macpherson	macpherson	PROPN
fsr-3260	41	90	,	,	PUNCT
fsr-3260	41	91	2007	2007	NUM
fsr-3260	41	92	;	;	PUNCT
fsr-3260	41	93	huberman	huberman	NOUN
fsr-3260	41	94	and	and	CCONJ
fsr-3260	41	95	sengmueller	sengmueller	NOUN
fsr-3260	41	96	,	,	PUNCT
fsr-3260	41	97	2004	2004	NUM
fsr-3260	41	98	;	;	PUNCT
fsr-3260	41	99	liang	liang	PROPN
fsr-3260	41	100	and	and	CCONJ
fsr-3260	41	101	weisbenner	weisbenner	NOUN
fsr-3260	41	102	,	,	PUNCT
fsr-3260	41	103	2002	2002	NUM
fsr-3260	41	104	)	)	PUNCT
fsr-3260	41	105	.	.	PUNCT
fsr-3260	42	1	the	the	DET
fsr-3260	42	2	presence	presence	NOUN
fsr-3260	42	3	of	of	ADP
fsr-3260	42	4	these	these	DET
fsr-3260	42	5	factors	factor	NOUN
fsr-3260	42	6	could	could	AUX
fsr-3260	42	7	contribute	contribute	VERB
fsr-3260	42	8	to	to	ADP
fsr-3260	42	9	the	the	DET
fsr-3260	42	10	difference	difference	NOUN
fsr-3260	42	11	in	in	ADP
fsr-3260	42	12	trading	trading	NOUN
fsr-3260	42	13	outcomes	outcome	NOUN
fsr-3260	42	14	in	in	ADP
fsr-3260	42	15	and	and	CCONJ
fsr-3260	42	16	outside	outside	ADP
fsr-3260	42	17	retirement	retirement	NOUN
fsr-3260	42	18	accounts	account	NOUN
fsr-3260	42	19	.	.	PUNCT
fsr-3260	43	1	hence	hence	ADV
fsr-3260	43	2	,	,	PUNCT
fsr-3260	43	3	it	it	PRON
fsr-3260	43	4	is	be	AUX
fsr-3260	43	5	necessary	necessary	ADJ
fsr-3260	43	6	to	to	PART
fsr-3260	43	7	study	study	VERB
fsr-3260	43	8	momentum	momentum	NOUN
fsr-3260	43	9	traders	trader	NOUN
fsr-3260	43	10	in	in	ADP
fsr-3260	43	11	401(k	401(k	PROPN
fsr-3260	43	12	)	)	PUNCT
fsr-3260	43	13	plans	plan	NOUN
fsr-3260	43	14	and	and	CCONJ
fsr-3260	43	15	examine	examine	VERB
fsr-3260	43	16	their	their	PRON
fsr-3260	43	17	performance	performance	NOUN
fsr-3260	43	18	.	.	PUNCT
fsr-3260	44	1	this	this	DET
fsr-3260	44	2	article	article	NOUN
fsr-3260	44	3	adds	add	VERB
fsr-3260	44	4	to	to	ADP
fsr-3260	44	5	the	the	DET
fsr-3260	44	6	literature	literature	NOUN
fsr-3260	44	7	by	by	ADP
fsr-3260	44	8	investigating	investigate	VERB
fsr-3260	44	9	momentum	momentum	NOUN
fsr-3260	44	10	traders	trader	NOUN
fsr-3260	44	11	and	and	CCONJ
fsr-3260	44	12	their	their	PRON
fsr-3260	44	13	performance	performance	NOUN
fsr-3260	44	14	in	in	ADP
fsr-3260	44	15	401(k	401(k	NOUN
fsr-3260	44	16	)	)	PUNCT
fsr-3260	44	17	plans	plan	NOUN
fsr-3260	44	18	.	.	PUNCT
fsr-3260	45	1	it	it	PRON
fsr-3260	45	2	also	also	ADV
fsr-3260	45	3	explores	explore	VERB
fsr-3260	45	4	the	the	DET
fsr-3260	45	5	causes	cause	NOUN
fsr-3260	45	6	of	of	ADP
fsr-3260	45	7	inefficiency	inefficiency	NOUN
fsr-3260	45	8	among	among	ADP
fsr-3260	45	9	401(k	401(k	NOUN
fsr-3260	45	10	)	)	PUNCT
fsr-3260	45	11	momentum	momentum	NOUN
fsr-3260	45	12	traders	trader	NOUN
fsr-3260	45	13	.	.	PUNCT
fsr-3260	46	1	the	the	DET
fsr-3260	46	2	unique	unique	ADJ
fsr-3260	46	3	vanguard	vanguard	NOUN
fsr-3260	46	4	record	record	NOUN
fsr-3260	46	5	-	-	PUNCT
fsr-3260	46	6	keeping	keeping	NOUN
fsr-3260	46	7	dataset	dataset	NOUN
fsr-3260	46	8	on	on	ADP
fsr-3260	46	9	over	over	ADP
fsr-3260	46	10	one	one	NUM
fsr-3260	46	11	million	million	NUM
fsr-3260	46	12	individual	individual	ADJ
fsr-3260	46	13	traders	trader	NOUN
fsr-3260	46	14	allows	allow	VERB
fsr-3260	46	15	us	we	PRON
fsr-3260	46	16	to	to	PART
fsr-3260	46	17	study	study	VERB
fsr-3260	46	18	the	the	DET
fsr-3260	46	19	trading	trading	NOUN
fsr-3260	46	20	behavior	behavior	NOUN
fsr-3260	46	21	in	in	ADP
fsr-3260	46	22	401(k	401(k	PROPN
fsr-3260	46	23	)	)	PUNCT
fsr-3260	46	24	plans	plan	NOUN
fsr-3260	46	25	at	at	ADP
fsr-3260	46	26	the	the	DET
fsr-3260	46	27	individual	individual	ADJ
fsr-3260	46	28	account	account	NOUN
fsr-3260	46	29	level	level	NOUN
fsr-3260	46	30	.	.	PUNCT
fsr-3260	47	1	we	we	PRON
fsr-3260	47	2	follow	follow	VERB
fsr-3260	47	3	the	the	DET
fsr-3260	47	4	literature	literature	NOUN
fsr-3260	47	5	to	to	PART
fsr-3260	47	6	identify	identify	VERB
fsr-3260	47	7	momentum	momentum	NOUN
fsr-3260	47	8	traders	trader	NOUN
fsr-3260	47	9	in	in	ADP
fsr-3260	47	10	each	each	DET
fsr-3260	47	11	quarter	quarter	NOUN
fsr-3260	47	12	by	by	ADP
fsr-3260	47	13	binomial	binomial	ADJ
fsr-3260	47	14	test	test	NOUN
fsr-3260	47	15	.	.	PUNCT
fsr-3260	48	1	our	our	PRON
fsr-3260	48	2	results	result	NOUN
fsr-3260	48	3	indicate	indicate	VERB
fsr-3260	48	4	the	the	DET
fsr-3260	48	5	existence	existence	NOUN
fsr-3260	48	6	of	of	ADP
fsr-3260	48	7	a	a	DET
fsr-3260	48	8	group	group	NOUN
fsr-3260	48	9	of	of	ADP
fsr-3260	48	10	traders	trader	NOUN
fsr-3260	48	11	who	who	PRON
fsr-3260	48	12	follow	follow	VERB
fsr-3260	48	13	momentum	momentum	NOUN
fsr-3260	48	14	strategies	strategy	NOUN
fsr-3260	48	15	.	.	PUNCT
fsr-3260	49	1	however	however	ADV
fsr-3260	49	2	,	,	PUNCT
fsr-3260	49	3	we	we	PRON
fsr-3260	49	4	find	find	VERB
fsr-3260	49	5	no	no	DET
fsr-3260	49	6	evidence	evidence	NOUN
fsr-3260	49	7	of	of	ADP
fsr-3260	49	8	performance	performance	NOUN
fsr-3260	49	9	improvements	improvement	NOUN
fsr-3260	49	10	.	.	PUNCT
fsr-3260	50	1	on	on	ADP
fsr-3260	50	2	the	the	DET
fsr-3260	50	3	contrary	contrary	NOUN
fsr-3260	50	4	,	,	PUNCT
fsr-3260	50	5	momentum	momentum	NOUN
fsr-3260	50	6	sellers	seller	NOUN
fsr-3260	50	7	lose	lose	VERB
fsr-3260	50	8	significantly	significantly	ADV
fsr-3260	50	9	by	by	ADP
fsr-3260	50	10	selling	sell	VERB
fsr-3260	50	11	outperformed	outperform	VERB
fsr-3260	50	12	funds	fund	NOUN
fsr-3260	50	13	in	in	ADP
fsr-3260	50	14	certain	certain	ADJ
fsr-3260	50	15	cases	case	NOUN
fsr-3260	50	16	;	;	PUNCT
fsr-3260	50	17	overall	overall	ADJ
fsr-3260	50	18	,	,	PUNCT
fsr-3260	50	19	momentum	momentum	NOUN
fsr-3260	50	20	traders	trader	NOUN
fsr-3260	50	21	could	could	AUX
fsr-3260	50	22	lose	lose	VERB
fsr-3260	50	23	up	up	ADP
fsr-3260	50	24	to	to	PART
fsr-3260	50	25	2.14	2.14	NUM
fsr-3260	50	26	%	%	NOUN
fsr-3260	50	27	per	per	ADP
fsr-3260	50	28	year	year	NOUN
fsr-3260	50	29	.	.	PUNCT
fsr-3260	51	1	in	in	ADP
fsr-3260	51	2	investigating	investigate	VERB
fsr-3260	51	3	why	why	SCONJ
fsr-3260	51	4	momentum	momentum	NOUN
fsr-3260	51	5	traders	trader	NOUN
fsr-3260	51	6	in	in	ADP
fsr-3260	51	7	401(k	401(k	PROPN
fsr-3260	51	8	)	)	PUNCT
fsr-3260	51	9	plans	plan	NOUN
fsr-3260	51	10	do	do	AUX
fsr-3260	51	11	not	not	PART
fsr-3260	51	12	produce	produce	VERB
fsr-3260	51	13	gains	gain	NOUN
fsr-3260	51	14	,	,	PUNCT
fsr-3260	51	15	we	we	PRON
fsr-3260	51	16	find	find	VERB
fsr-3260	51	17	that	that	SCONJ
fsr-3260	51	18	these	these	DET
fsr-3260	51	19	momentum	momentum	NOUN
fsr-3260	51	20	traders	trader	NOUN
fsr-3260	51	21	are	be	AUX
fsr-3260	51	22	n’t	not	PART
fsr-3260	51	23	able	able	ADJ
fsr-3260	51	24	to	to	PART
fsr-3260	51	25	identify	identify	VERB
fsr-3260	51	26	funds	fund	NOUN
fsr-3260	51	27	with	with	ADP
fsr-3260	51	28	momentum	momentum	NOUN
fsr-3260	51	29	investing	investing	NOUN
fsr-3260	51	30	styles	style	NOUN
fsr-3260	51	31	,	,	PUNCT
fsr-3260	51	32	and	and	CCONJ
fsr-3260	51	33	thus	thus	ADV
fsr-3260	51	34	do	do	AUX
fsr-3260	51	35	n’t	not	PART
fsr-3260	51	36	actually	actually	ADV
fsr-3260	51	37	benefit	benefit	VERB
fsr-3260	51	38	from	from	ADP
fsr-3260	51	39	the	the	DET
fsr-3260	51	40	momentum	momentum	NOUN
fsr-3260	51	41	effect	effect	NOUN
fsr-3260	51	42	.	.	PUNCT
fsr-3260	52	1	instead	instead	ADV
fsr-3260	52	2	,	,	PUNCT
fsr-3260	52	3	they	they	PRON
fsr-3260	52	4	naively	naively	ADV
fsr-3260	52	5	follow	follow	VERB
fsr-3260	52	6	past	past	ADJ
fsr-3260	52	7	fund	fund	NOUN
fsr-3260	52	8	performances	performance	NOUN
fsr-3260	52	9	.	.	PUNCT
fsr-3260	53	1	the	the	DET
fsr-3260	53	2	remainder	remainder	NOUN
fsr-3260	53	3	of	of	ADP
fsr-3260	53	4	the	the	DET
fsr-3260	53	5	article	article	NOUN
fsr-3260	53	6	is	be	AUX
fsr-3260	53	7	organized	organize	VERB
fsr-3260	53	8	as	as	SCONJ
fsr-3260	53	9	follows	follow	VERB
fsr-3260	53	10	.	.	PUNCT
fsr-3260	54	1	section	section	NOUN
fsr-3260	54	2	2	2	NUM
fsr-3260	54	3	describes	describe	VERB
fsr-3260	54	4	our	our	PRON
fsr-3260	54	5	data	datum	NOUN
fsr-3260	54	6	and	and	CCONJ
fsr-3260	54	7	provides	provide	VERB
fsr-3260	54	8	descriptive	descriptive	ADJ
fsr-3260	54	9	statistics	statistic	NOUN
fsr-3260	54	10	.	.	PUNCT
fsr-3260	55	1	section	section	NOUN
fsr-3260	55	2	3	3	NUM
fsr-3260	55	3	introduces	introduce	VERB
fsr-3260	55	4	our	our	PRON
fsr-3260	55	5	method	method	NOUN
fsr-3260	55	6	of	of	ADP
fsr-3260	55	7	identifying	identify	VERB
fsr-3260	55	8	momentum	momentum	NOUN
fsr-3260	55	9	traders	trader	NOUN
fsr-3260	55	10	.	.	PUNCT
fsr-3260	56	1	section	section	NOUN
fsr-3260	56	2	4	4	NUM
fsr-3260	56	3	shows	show	VERB
fsr-3260	56	4	the	the	DET
fsr-3260	56	5	performance	performance	NOUN
fsr-3260	56	6	of	of	ADP
fsr-3260	56	7	momentum	momentum	NOUN
fsr-3260	56	8	traders	trader	NOUN
fsr-3260	56	9	.	.	PUNCT
fsr-3260	57	1	section	section	NOUN
fsr-3260	57	2	5	5	NUM
fsr-3260	57	3	explains	explain	VERB
fsr-3260	57	4	the	the	DET
fsr-3260	57	5	inefficiency	inefficiency	NOUN
fsr-3260	57	6	of	of	ADP
fsr-3260	57	7	momentum	momentum	NOUN
fsr-3260	57	8	trading	trading	NOUN
fsr-3260	57	9	.	.	PUNCT
fsr-3260	58	1	section	section	NOUN
fsr-3260	58	2	6	6	NUM
fsr-3260	58	3	offers	offer	VERB
fsr-3260	58	4	discussions	discussion	NOUN
fsr-3260	58	5	on	on	ADP
fsr-3260	58	6	how	how	SCONJ
fsr-3260	58	7	our	our	PRON
fsr-3260	58	8	findings	finding	NOUN
fsr-3260	58	9	differ	differ	VERB
fsr-3260	58	10	from	from	ADP
fsr-3260	58	11	prior	prior	ADJ
fsr-3260	58	12	studies	study	NOUN
fsr-3260	58	13	and	and	CCONJ
fsr-3260	58	14	section	section	NOUN
fsr-3260	58	15	7	7	NUM
fsr-3260	58	16	concludes	conclude	VERB
fsr-3260	58	17	.	.	PUNCT
fsr-3260	59	1	2	2	X
fsr-3260	59	2	.	.	X
fsr-3260	59	3	data	data	VERB
fsr-3260	59	4	the	the	DET
fsr-3260	59	5	data	datum	NOUN
fsr-3260	59	6	underlying	underlie	VERB
fsr-3260	59	7	this	this	DET
fsr-3260	59	8	study	study	NOUN
fsr-3260	59	9	,	,	PUNCT
fsr-3260	59	10	provided	provide	VERB
fsr-3260	59	11	by	by	ADP
fsr-3260	59	12	the	the	DET
fsr-3260	59	13	vanguard	vanguard	PROPN
fsr-3260	59	14	group	group	NOUN
fsr-3260	59	15	,	,	PUNCT
fsr-3260	59	16	is	be	AUX
fsr-3260	59	17	a	a	DET
fsr-3260	59	18	record	record	NOUN
fsr-3260	59	19	-	-	PUNCT
fsr-3260	59	20	keeping	keep	VERB
fsr-3260	59	21	dataset	dataset	NOUN
fsr-3260	59	22	of	of	ADP
fsr-3260	59	23	5,647,728	5,647,728	NUM
fsr-3260	59	24	eligible	eligible	ADJ
fsr-3260	59	25	employees	employee	NOUN
fsr-3260	59	26	in	in	ADP
fsr-3260	59	27	dc	dc	PROPN
fsr-3260	59	28	pension	pension	NOUN
fsr-3260	59	29	plans	plan	NOUN
fsr-3260	59	30	,	,	PUNCT
fsr-3260	59	31	mostly	mostly	ADV
fsr-3260	59	32	401(k	401(k	NOUN
fsr-3260	59	33	)	)	PUNCT
fsr-3260	59	34	plans	plan	NOUN
fsr-3260	59	35	,	,	PUNCT
fsr-3260	59	36	from	from	ADP
fsr-3260	59	37	january	january	PROPN
fsr-3260	59	38	2005	2005	NUM
fsr-3260	59	39	to	to	ADP
fsr-3260	59	40	december	december	PROPN
fsr-3260	59	41	2010	2010	NUM
fsr-3260	59	42	.	.	PUNCT
fsr-3260	60	1	to	to	PART
fsr-3260	60	2	demonstrate	demonstrate	VERB
fsr-3260	60	3	the	the	DET
fsr-3260	60	4	representativeness	representativeness	NOUN
fsr-3260	60	5	of	of	ADP
fsr-3260	60	6	vanguard	vanguard	NOUN
fsr-3260	60	7	sample	sample	NOUN
fsr-3260	60	8	,	,	PUNCT
fsr-3260	60	9	table	table	NOUN
fsr-3260	60	10	1	1	NUM
fsr-3260	60	11	panel	panel	NOUN
fsr-3260	60	12	a	a	DET
fsr-3260	60	13	shows	show	VERB
fsr-3260	60	14	the	the	DET
fsr-3260	60	15	plan	plan	NOUN
fsr-3260	60	16	level	level	NOUN
fsr-3260	60	17	summary	summary	NOUN
fsr-3260	60	18	statistics	statistic	NOUN
fsr-3260	60	19	as	as	ADP
fsr-3260	60	20	of	of	ADP
fsr-3260	60	21	december	december	PROPN
fsr-3260	60	22	2010	2010	NUM
fsr-3260	60	23	.	.	PUNCT
fsr-3260	61	1	as	as	ADP
fsr-3260	61	2	of	of	ADP
fsr-3260	61	3	december	december	PROPN
fsr-3260	61	4	2010	2010	NUM
fsr-3260	61	5	,	,	PUNCT
fsr-3260	61	6	the	the	DET
fsr-3260	61	7	whole	whole	ADJ
fsr-3260	61	8	dataset	dataset	NOUN
fsr-3260	61	9	contained	contain	VERB
fsr-3260	61	10	records	record	NOUN
fsr-3260	61	11	on	on	ADP
fsr-3260	61	12	over	over	ADP
fsr-3260	61	13	three	three	NUM
fsr-3260	61	14	million	million	NUM
fsr-3260	61	15	employees	employee	NOUN
fsr-3260	61	16	participating	participate	VERB
fsr-3260	61	17	in	in	ADP
fsr-3260	61	18	2,144	2,144	NUM
fsr-3260	61	19	dc	dc	PROPN
fsr-3260	61	20	plans	plan	NOUN
fsr-3260	61	21	with	with	ADP
fsr-3260	61	22	a	a	DET
fsr-3260	61	23	total	total	NOUN
fsr-3260	61	24	of	of	ADP
fsr-3260	61	25	$	$	SYM
fsr-3260	61	26	259	259	NUM
fsr-3260	61	27	billion	billion	NUM
fsr-3260	61	28	of	of	ADP
fsr-3260	61	29	assets	asset	NOUN
fsr-3260	61	30	under	under	ADP
fsr-3260	61	31	management	management	NOUN
fsr-3260	61	32	.	.	PUNCT
fsr-3260	62	1	the	the	DET
fsr-3260	62	2	data	data	NOUN
fsr-3260	62	3	spans	span	VERB
fsr-3260	62	4	236	236	NUM
fsr-3260	62	5	four	four	NUM
fsr-3260	62	6	-	-	PUNCT
fsr-3260	62	7	digit	digit	NOUN
fsr-3260	62	8	naics	naic	NOUN
fsr-3260	62	9	industries	industry	NOUN
fsr-3260	62	10	.	.	PUNCT
fsr-3260	63	1	it	it	PRON
fsr-3260	63	2	is	be	AUX
fsr-3260	63	3	noted	note	VERB
fsr-3260	63	4	that	that	SCONJ
fsr-3260	63	5	the	the	DET
fsr-3260	63	6	sample	sample	NOUN
fsr-3260	63	7	is	be	AUX
fsr-3260	63	8	not	not	PART
fsr-3260	63	9	a	a	DET
fsr-3260	63	10	balanced	balanced	ADJ
fsr-3260	63	11	panel	panel	NOUN
fsr-3260	63	12	since	since	SCONJ
fsr-3260	63	13	not	not	PART
fsr-3260	63	14	every	every	DET
fsr-3260	63	15	participant	participant	NOUN
fsr-3260	63	16	stayed	stay	VERB
fsr-3260	63	17	in	in	ADP
fsr-3260	63	18	the	the	DET
fsr-3260	63	19	plan	plan	NOUN
fsr-3260	63	20	during	during	ADP
fsr-3260	63	21	the	the	DET
fsr-3260	63	22	sample	sample	NOUN
fsr-3260	63	23	period	period	NOUN
fsr-3260	63	24	.	.	PUNCT
fsr-3260	64	1	therefore	therefore	ADV
fsr-3260	64	2	,	,	PUNCT
fsr-3260	64	3	we	we	PRON
fsr-3260	64	4	observe	observe	VERB
fsr-3260	64	5	fewer	few	ADJ
fsr-3260	64	6	participants	participant	NOUN
fsr-3260	64	7	as	as	ADP
fsr-3260	64	8	of	of	ADP
fsr-3260	64	9	december	december	PROPN
fsr-3260	64	10	2010	2010	NUM
fsr-3260	64	11	(	(	PUNCT
fsr-3260	64	12	3,281,505	3,281,505	NUM
fsr-3260	64	13	)	)	PUNCT
fsr-3260	64	14	than	than	ADP
fsr-3260	64	15	during	during	ADP
fsr-3260	64	16	the	the	DET
fsr-3260	64	17	whole	whole	ADJ
fsr-3260	64	18	sample	sample	NOUN
fsr-3260	64	19	period	period	NOUN
fsr-3260	64	20	(	(	PUNCT
fsr-3260	64	21	5,647,728	5,647,728	NUM
fsr-3260	64	22	)	)	PUNCT
fsr-3260	64	23	.	.	PUNCT
fsr-3260	65	1	vanderhei	vanderhei	PROPN
fsr-3260	65	2	et	et	PROPN
fsr-3260	65	3	al	al	PROPN
fsr-3260	65	4	.	.	PROPN
fsr-3260	65	5	,	,	PUNCT
fsr-3260	65	6	(	(	PUNCT
fsr-3260	65	7	2011	2011	NUM
fsr-3260	65	8	)	)	PUNCT
fsr-3260	65	9	report	report	NOUN
fsr-3260	65	10	that	that	SCONJ
fsr-3260	65	11	in	in	ADP
fsr-3260	65	12	2010	2010	NUM
fsr-3260	65	13	,	,	PUNCT
fsr-3260	65	14	there	there	PRON
fsr-3260	65	15	were	be	VERB
fsr-3260	65	16	23.4	23.4	NUM
fsr-3260	65	17	million	million	NUM
fsr-3260	65	18	401(k	401(k	NOUN
fsr-3260	65	19	)	)	PUNCT
fsr-3260	65	20	plan	plan	VERB
fsr-3260	65	21	participants	participant	NOUN
fsr-3260	65	22	with	with	ADP
fsr-3260	65	23	a	a	DET
fsr-3260	65	24	total	total	ADJ
fsr-3260	65	25	asset	asset	NOUN
fsr-3260	65	26	value	value	NOUN
fsr-3260	65	27	of	of	ADP
fsr-3260	65	28	$	$	SYM
fsr-3260	65	29	1.4	1.4	NUM
fsr-3260	65	30	trillion	trillion	NUM
fsr-3260	65	31	in	in	ADP
fsr-3260	65	32	the	the	DET
fsr-3260	65	33	u.s	u.s	PROPN
fsr-3260	65	34	.	.	PROPN
fsr-3260	65	35	market	market	NOUN
fsr-3260	65	36	.	.	PUNCT
fsr-3260	66	1	these	these	DET
fsr-3260	66	2	figures	figure	NOUN
fsr-3260	66	3	are	be	AUX
fsr-3260	66	4	from	from	ADP
fsr-3260	66	5	the	the	DET
fsr-3260	66	6	ebri	ebri	NOUN
fsr-3260	66	7	/	/	SYM
fsr-3260	66	8	ici	ici	NOUN
fsr-3260	66	9	dataset	dataset	NOUN
fsr-3260	66	10	,	,	PUNCT
fsr-3260	66	11	which	which	PRON
fsr-3260	66	12	is	be	AUX
fsr-3260	66	13	a	a	DET
fsr-3260	66	14	representative	representative	ADJ
fsr-3260	66	15	sample	sample	NOUN
fsr-3260	66	16	of	of	ADP
fsr-3260	66	17	the	the	DET
fsr-3260	66	18	estimated	estimate	VERB
fsr-3260	66	19	universe	universe	NOUN
fsr-3260	66	20	of	of	ADP
fsr-3260	66	21	401(k	401(k	PROPN
fsr-3260	66	22	)	)	PUNCT
fsr-3260	66	23	plans	plan	NOUN
fsr-3260	66	24	.	.	PUNCT
fsr-3260	67	1	it	it	PRON
fsr-3260	67	2	implies	imply	VERB
fsr-3260	67	3	that	that	SCONJ
fsr-3260	67	4	vanguard	vanguard	NOUN
fsr-3260	67	5	dataset	dataset	NOUN
fsr-3260	67	6	represents	represent	VERB
fsr-3260	67	7	18	18	NUM
fsr-3260	67	8	%	%	NOUN
fsr-3260	67	9	of	of	ADP
fsr-3260	67	10	the	the	DET
fsr-3260	67	11	asset	asset	NOUN
fsr-3260	67	12	value	value	NOUN
fsr-3260	67	13	and	and	CCONJ
fsr-3260	67	14	14	14	NUM
fsr-3260	67	15	%	%	NOUN
fsr-3260	67	16	of	of	ADP
fsr-3260	67	17	the	the	DET
fsr-3260	67	18	participants	participant	NOUN
fsr-3260	67	19	of	of	ADP
fsr-3260	67	20	the	the	DET
fsr-3260	67	21	extensive	extensive	ADJ
fsr-3260	67	22	ebri	ebri	NOUN
fsr-3260	67	23	/	/	SYM
fsr-3260	67	24	ici	ici	NOUN
fsr-3260	67	25	dataset	dataset	PROPN
fsr-3260	67	26	.	.	PUNCT
fsr-3260	68	1	table	table	NOUN
fsr-3260	68	2	1	1	NUM
fsr-3260	68	3	panel	panel	NOUN
fsr-3260	68	4	b	b	PROPN
fsr-3260	68	5	summarizes	summarize	NOUN
fsr-3260	68	6	participants	participant	NOUN
fsr-3260	68	7	’	'	PUNCT
fsr-3260	68	8	characteristics	characteristic	NOUN
fsr-3260	68	9	in	in	ADP
fsr-3260	68	10	the	the	DET
fsr-3260	68	11	whole	whole	ADJ
fsr-3260	68	12	sample	sample	NOUN
fsr-3260	68	13	in	in	ADP
fsr-3260	68	14	2010	2010	NUM
fsr-3260	68	15	.	.	PUNCT
fsr-3260	69	1	the	the	DET
fsr-3260	69	2	median	median	ADJ
fsr-3260	69	3	age	age	NOUN
fsr-3260	69	4	of	of	ADP
fsr-3260	69	5	participants	participant	NOUN
fsr-3260	69	6	in	in	ADP
fsr-3260	69	7	2010	2010	NUM
fsr-3260	69	8	is	be	AUX
fsr-3260	69	9	46	46	NUM
fsr-3260	69	10	—	—	PUNCT
fsr-3260	69	11	very	very	ADV
fsr-3260	69	12	close	close	ADJ
fsr-3260	69	13	to	to	ADP
fsr-3260	69	14	the	the	DET
fsr-3260	69	15	national	national	ADJ
fsr-3260	69	16	median	median	PROPN
fsr-3260	69	17	participant	participant	NOUN
fsr-3260	69	18	age	age	NOUN
fsr-3260	69	19	of	of	ADP
fsr-3260	69	20	45	45	NUM
fsr-3260	69	21	(	(	PUNCT
fsr-3260	69	22	vanderhei	vanderhei	PROPN
fsr-3260	69	23	et	et	PROPN
fsr-3260	69	24	al	al	PROPN
fsr-3260	69	25	.	.	PROPN
fsr-3260	69	26	,	,	PUNCT
fsr-3260	69	27	2011	2011	NUM
fsr-3260	69	28	)	)	PUNCT
fsr-3260	69	29	.	.	PUNCT
fsr-3260	70	1	the	the	DET
fsr-3260	70	2	average	average	ADJ
fsr-3260	70	3	and	and	CCONJ
fsr-3260	70	4	median	median	ADJ
fsr-3260	70	5	individual	individual	ADJ
fsr-3260	70	6	account	account	NOUN
fsr-3260	70	7	balances	balance	NOUN
fsr-3260	70	8	are	be	AUX
fsr-3260	70	9	$	$	SYM
fsr-3260	70	10	67,360	67,360	NUM
fsr-3260	70	11	and	and	CCONJ
fsr-3260	70	12	53n	53n	NUM
fsr-3260	70	13	.	.	PUNCT
fsr-3260	71	1	tang	tang	PROPN
fsr-3260	71	2	/	/	SYM
fsr-3260	71	3	financial	financial	ADJ
fsr-3260	71	4	services	service	NOUN
fsr-3260	71	5	review	review	VERB
fsr-3260	71	6	25	25	NUM
fsr-3260	71	7	(	(	PUNCT
fsr-3260	71	8	2016	2016	NUM
fsr-3260	71	9	)	)	PUNCT
fsr-3260	71	10	51–72	51–72	NUM
fsr-3260	71	11	$	$	SYM
fsr-3260	71	12	20,998	20,998	NUM
fsr-3260	71	13	,	,	PUNCT
fsr-3260	71	14	compared	compare	VERB
fsr-3260	71	15	with	with	ADP
fsr-3260	71	16	the	the	DET
fsr-3260	71	17	national	national	ADJ
fsr-3260	71	18	average	average	ADJ
fsr-3260	71	19	and	and	CCONJ
fsr-3260	71	20	median	median	ADJ
fsr-3260	71	21	account	account	NOUN
fsr-3260	71	22	balances	balance	NOUN
fsr-3260	71	23	of	of	ADP
fsr-3260	71	24	$	$	SYM
fsr-3260	71	25	60,329	60,329	NUM
fsr-3260	71	26	and	and	CCONJ
fsr-3260	71	27	$	$	SYM
fsr-3260	71	28	17,686	17,686	NUM
fsr-3260	71	29	.	.	PUNCT
fsr-3260	72	1	the	the	DET
fsr-3260	72	2	average	average	ADJ
fsr-3260	72	3	individual	individual	ADJ
fsr-3260	72	4	account	account	NOUN
fsr-3260	72	5	risk	risk	NOUN
fsr-3260	72	6	exposure	exposure	NOUN
fsr-3260	72	7	is	be	AUX
fsr-3260	72	8	59.6	59.6	NUM
fsr-3260	72	9	%	%	NOUN
fsr-3260	72	10	,	,	PUNCT
fsr-3260	72	11	close	close	ADJ
fsr-3260	72	12	to	to	ADP
fsr-3260	72	13	the	the	DET
fsr-3260	72	14	national	national	ADJ
fsr-3260	72	15	average	average	NOUN
fsr-3260	72	16	of	of	ADP
fsr-3260	72	17	62	62	NUM
fsr-3260	72	18	%	%	NOUN
fsr-3260	72	19	(	(	PUNCT
fsr-3260	72	20	vanderhei	vanderhei	PROPN
fsr-3260	72	21	et	et	PROPN
fsr-3260	72	22	al	al	PROPN
fsr-3260	72	23	.	.	PROPN
fsr-3260	72	24	,	,	PUNCT
fsr-3260	72	25	2011	2011	NUM
fsr-3260	72	26	)	)	PUNCT
fsr-3260	72	27	.	.	PUNCT
fsr-3260	73	1	these	these	DET
fsr-3260	73	2	similarities	similarity	NOUN
fsr-3260	73	3	lead	lead	VERB
fsr-3260	73	4	us	we	PRON
fsr-3260	73	5	to	to	PART
fsr-3260	73	6	believe	believe	VERB
fsr-3260	73	7	that	that	SCONJ
fsr-3260	73	8	the	the	DET
fsr-3260	73	9	vanguard	vanguard	NOUN
fsr-3260	73	10	data	datum	NOUN
fsr-3260	73	11	we	we	PRON
fsr-3260	73	12	use	use	VERB
fsr-3260	73	13	here	here	ADV
fsr-3260	73	14	is	be	AUX
fsr-3260	73	15	representative	representative	NOUN
fsr-3260	73	16	of	of	ADP
fsr-3260	73	17	the	the	DET
fsr-3260	73	18	overall	overall	ADJ
fsr-3260	73	19	population	population	NOUN
fsr-3260	73	20	of	of	ADP
fsr-3260	73	21	401(k	401(k	PROPN
fsr-3260	73	22	)	)	PUNCT
fsr-3260	73	23	participants	participant	NOUN
fsr-3260	73	24	.	.	PUNCT
fsr-3260	74	1	table	table	NOUN
fsr-3260	74	2	1	1	NUM
fsr-3260	74	3	panel	panel	NOUN
fsr-3260	74	4	c	c	PROPN
fsr-3260	74	5	shows	show	VERB
fsr-3260	74	6	trading	trading	NOUN
fsr-3260	74	7	statistics	statistic	NOUN
fsr-3260	74	8	during	during	ADP
fsr-3260	74	9	sample	sample	NOUN
fsr-3260	74	10	period	period	NOUN
fsr-3260	74	11	january	january	PROPN
fsr-3260	74	12	2005	2005	NUM
fsr-3260	74	13	through	through	ADP
fsr-3260	74	14	december	december	PROPN
fsr-3260	74	15	2010	2010	NUM
fsr-3260	74	16	.	.	PUNCT
fsr-3260	75	1	out	out	ADP
fsr-3260	75	2	of	of	ADP
fsr-3260	75	3	5,647,728	5,647,728	NUM
fsr-3260	75	4	participants	participant	NOUN
fsr-3260	75	5	in	in	ADP
fsr-3260	75	6	the	the	DET
fsr-3260	75	7	whole	whole	ADJ
fsr-3260	75	8	sample	sample	NOUN
fsr-3260	75	9	,	,	PUNCT
fsr-3260	75	10	around	around	ADV
fsr-3260	75	11	1.5	1.5	NUM
fsr-3260	75	12	million	million	NUM
fsr-3260	75	13	(	(	PUNCT
fsr-3260	75	14	26	26	NUM
fsr-3260	75	15	%	%	NOUN
fsr-3260	75	16	of	of	ADP
fsr-3260	75	17	participants	participant	NOUN
fsr-3260	75	18	)	)	PUNCT
fsr-3260	75	19	traded	trade	VERB
fsr-3260	75	20	during	during	ADP
fsr-3260	75	21	the	the	DET
fsr-3260	75	22	six	six	NUM
fsr-3260	75	23	year	year	NOUN
fsr-3260	75	24	sample	sample	NOUN
fsr-3260	75	25	period	period	NOUN
fsr-3260	75	26	.	.	PUNCT
fsr-3260	76	1	participants	participant	NOUN
fsr-3260	76	2	in	in	ADP
fsr-3260	76	3	our	our	PRON
fsr-3260	76	4	sample	sample	NOUN
fsr-3260	76	5	traded	trade	VERB
fsr-3260	76	6	0.78	0.78	NUM
fsr-3260	76	7	times	time	NOUN
fsr-3260	76	8	per	per	ADP
fsr-3260	76	9	year	year	NOUN
fsr-3260	76	10	with	with	ADP
fsr-3260	76	11	an	an	DET
fsr-3260	76	12	average	average	ADJ
fsr-3260	76	13	annual	annual	ADJ
fsr-3260	76	14	turnover	turnover	NOUN
fsr-3260	76	15	rate	rate	NOUN
fsr-3260	76	16	of	of	ADP
fsr-3260	76	17	36.24%.1	36.24%.1	NUM
fsr-3260	76	18	this	this	PRON
fsr-3260	76	19	contrasts	contrast	VERB
fsr-3260	76	20	sharply	sharply	ADV
fsr-3260	76	21	with	with	ADP
fsr-3260	76	22	the	the	DET
fsr-3260	76	23	excessive	excessive	ADJ
fsr-3260	76	24	trading	trading	NOUN
fsr-3260	76	25	in	in	ADP
fsr-3260	76	26	discount	discount	NOUN
fsr-3260	76	27	brokerage	brokerage	NOUN
fsr-3260	76	28	accounts	account	NOUN
fsr-3260	76	29	.	.	PUNCT
fsr-3260	77	1	for	for	ADP
fsr-3260	77	2	example	example	NOUN
fsr-3260	77	3	,	,	PUNCT
fsr-3260	77	4	barber	barber	NOUN
fsr-3260	77	5	and	and	CCONJ
fsr-3260	77	6	odean	odean	ADJ
fsr-3260	77	7	(	(	PUNCT
fsr-3260	77	8	2000	2000	NUM
fsr-3260	77	9	)	)	PUNCT
fsr-3260	77	10	report	report	VERB
fsr-3260	77	11	a	a	DET
fsr-3260	77	12	monthly	monthly	ADJ
fsr-3260	77	13	turnover	turnover	NOUN
fsr-3260	77	14	rate	rate	NOUN
fsr-3260	77	15	of	of	ADP
fsr-3260	77	16	6	6	NUM
fsr-3260	77	17	%	%	NOUN
fsr-3260	77	18	to	to	PART
fsr-3260	77	19	7	7	NUM
fsr-3260	77	20	%	%	NOUN
fsr-3260	77	21	in	in	ADP
fsr-3260	77	22	their	their	PRON
fsr-3260	77	23	discount	discount	NOUN
fsr-3260	77	24	brokerage	brokerage	NOUN
fsr-3260	77	25	account	account	NOUN
fsr-3260	77	26	sample	sample	NOUN
fsr-3260	77	27	.	.	PUNCT
fsr-3260	78	1	it	it	PRON
fsr-3260	78	2	is	be	AUX
fsr-3260	78	3	also	also	ADV
fsr-3260	78	4	important	important	ADJ
fsr-3260	78	5	to	to	PART
fsr-3260	78	6	note	note	VERB
fsr-3260	78	7	that	that	SCONJ
fsr-3260	78	8	,	,	PUNCT
fsr-3260	78	9	although	although	SCONJ
fsr-3260	78	10	overall	overall	ADJ
fsr-3260	78	11	401(k	401(k	NOUN
fsr-3260	78	12	)	)	PUNCT
fsr-3260	78	13	trading	trading	NOUN
fsr-3260	78	14	is	be	AUX
fsr-3260	78	15	limited	limited	ADJ
fsr-3260	78	16	,	,	PUNCT
fsr-3260	78	17	investors	investor	NOUN
fsr-3260	78	18	who	who	PRON
fsr-3260	78	19	do	do	VERB
fsr-3260	78	20	trade	trade	NOUN
fsr-3260	78	21	,	,	PUNCT
fsr-3260	78	22	trade	trade	VERB
fsr-3260	78	23	a	a	DET
fsr-3260	78	24	substantial	substantial	ADJ
fsr-3260	78	25	amount	amount	NOUN
fsr-3260	78	26	.	.	PUNCT
fsr-3260	79	1	the	the	DET
fsr-3260	79	2	average	average	ADJ
fsr-3260	79	3	number	number	NOUN
fsr-3260	79	4	of	of	ADP
fsr-3260	79	5	trades	trade	NOUN
fsr-3260	79	6	is	be	AUX
fsr-3260	79	7	6.16	6.16	NUM
fsr-3260	79	8	per	per	ADP
fsr-3260	79	9	year	year	NOUN
fsr-3260	79	10	and	and	CCONJ
fsr-3260	79	11	the	the	DET
fsr-3260	79	12	average	average	ADJ
fsr-3260	79	13	annual	annual	ADJ
fsr-3260	79	14	turnover	turnover	NOUN
fsr-3260	79	15	rate	rate	NOUN
fsr-3260	79	16	is	be	AUX
fsr-3260	79	17	239.51	239.51	NUM
fsr-3260	79	18	%	%	NOUN
fsr-3260	79	19	among	among	ADP
fsr-3260	79	20	traders	trader	NOUN
fsr-3260	79	21	.	.	PUNCT
fsr-3260	80	1	that	that	PRON
fsr-3260	80	2	is	be	AUX
fsr-3260	80	3	to	to	PART
fsr-3260	80	4	say	say	VERB
fsr-3260	80	5	that	that	DET
fsr-3260	80	6	infrequent	infrequent	ADJ
fsr-3260	80	7	trading	trading	NOUN
fsr-3260	80	8	is	be	AUX
fsr-3260	80	9	an	an	DET
fsr-3260	80	10	unsound	unsound	ADJ
fsr-3260	80	11	argument	argument	NOUN
fsr-3260	80	12	for	for	ADP
fsr-3260	80	13	disregarding	disregard	VERB
fsr-3260	80	14	401(k	401(k	NOUN
fsr-3260	80	15	)	)	PUNCT
fsr-3260	80	16	participants	participant	NOUN
fsr-3260	80	17	’	'	PUNCT
fsr-3260	80	18	trading	trading	NOUN
fsr-3260	80	19	behaviors	behavior	NOUN
fsr-3260	80	20	.	.	PUNCT
fsr-3260	81	1	among	among	ADP
fsr-3260	81	2	those	those	PRON
fsr-3260	81	3	who	who	PRON
fsr-3260	81	4	trade	trade	VERB
fsr-3260	81	5	,	,	PUNCT
fsr-3260	81	6	their	their	PRON
fsr-3260	81	7	choices	choice	NOUN
fsr-3260	81	8	significantly	significantly	ADV
fsr-3260	81	9	impact	impact	VERB
fsr-3260	81	10	their	their	PRON
fsr-3260	81	11	portfolios	portfolio	NOUN
fsr-3260	81	12	.	.	PUNCT
fsr-3260	82	1	to	to	PART
fsr-3260	82	2	study	study	VERB
fsr-3260	82	3	how	how	SCONJ
fsr-3260	82	4	401(k	401(k	NOUN
fsr-3260	82	5	)	)	PUNCT
fsr-3260	82	6	participants	participant	NOUN
fsr-3260	82	7	reacted	react	VERB
fsr-3260	82	8	to	to	ADP
fsr-3260	82	9	past	past	ADJ
fsr-3260	82	10	returns	return	NOUN
fsr-3260	82	11	,	,	PUNCT
fsr-3260	82	12	we	we	PRON
fsr-3260	82	13	select	select	VERB
fsr-3260	82	14	those	those	PRON
fsr-3260	82	15	who	who	PRON
fsr-3260	82	16	traded	trade	VERB
fsr-3260	82	17	in	in	ADP
fsr-3260	82	18	equity	equity	NOUN
fsr-3260	82	19	assets	asset	NOUN
fsr-3260	82	20	,	,	PUNCT
fsr-3260	82	21	including	include	VERB
fsr-3260	82	22	equity	equity	NOUN
fsr-3260	82	23	and	and	CCONJ
fsr-3260	82	24	balanced	balanced	ADJ
fsr-3260	82	25	funds	fund	NOUN
fsr-3260	82	26	,	,	PUNCT
fsr-3260	82	27	between	between	ADP
fsr-3260	82	28	january	january	PROPN
fsr-3260	82	29	2005	2005	NUM
fsr-3260	82	30	and	and	CCONJ
fsr-3260	82	31	december	december	PROPN
fsr-3260	82	32	table	table	NOUN
fsr-3260	82	33	1	1	NUM
fsr-3260	82	34	descriptive	descriptive	ADJ
fsr-3260	82	35	plan	plan	NOUN
fsr-3260	82	36	,	,	PUNCT
fsr-3260	82	37	participant	participant	ADJ
fsr-3260	82	38	,	,	PUNCT
fsr-3260	82	39	and	and	CCONJ
fsr-3260	82	40	traders	trader	NOUN
fsr-3260	82	41	statistics	statistic	NOUN
fsr-3260	82	42	a.	a.	NOUN
fsr-3260	82	43	plan	plan	PROPN
fsr-3260	82	44	characteristics	characteristic	NOUN
fsr-3260	82	45	(	(	PUNCT
fsr-3260	82	46	as	as	ADP
fsr-3260	82	47	of	of	ADP
fsr-3260	82	48	december	december	PROPN
fsr-3260	82	49	2010	2010	NUM
fsr-3260	82	50	)	)	PUNCT
fsr-3260	82	51	number	number	NOUN
fsr-3260	82	52	of	of	ADP
fsr-3260	82	53	participants	participant	NOUN
fsr-3260	82	54	3,281,505	3,281,505	NUM
fsr-3260	82	55	number	number	NOUN
fsr-3260	82	56	of	of	ADP
fsr-3260	82	57	plans	plan	NOUN
fsr-3260	82	58	2,144	2,144	NUM
fsr-3260	82	59	total	total	ADJ
fsr-3260	82	60	assets	asset	NOUN
fsr-3260	82	61	under	under	ADP
fsr-3260	82	62	management	management	NOUN
fsr-3260	82	63	$	$	SYM
fsr-3260	82	64	259,090,794,149	259,090,794,149	NUM
fsr-3260	82	65	number	number	NOUN
fsr-3260	82	66	of	of	ADP
fsr-3260	82	67	industries	industry	NOUN
fsr-3260	82	68	236	236	NUM
fsr-3260	82	69	mean	mean	NOUN
fsr-3260	82	70	median	median	PROPN
fsr-3260	82	71	b.	b.	PROPN
fsr-3260	82	72	participants	participants	PROPN
fsr-3260	82	73	characteristics	characteristic	NOUN
fsr-3260	82	74	(	(	PUNCT
fsr-3260	82	75	in	in	ADP
fsr-3260	82	76	2010	2010	NUM
fsr-3260	82	77	)	)	PUNCT
fsr-3260	82	78	male	male	NOUN
fsr-3260	82	79	(	(	PUNCT
fsr-3260	82	80	yes	yes	INTJ
fsr-3260	82	81	�	�	PROPN
fsr-3260	82	82	1	1	NUM
fsr-3260	82	83	)	)	PUNCT
fsr-3260	82	84	58.72	58.72	NUM
fsr-3260	82	85	%	%	NOUN
fsr-3260	82	86	1	1	NUM
fsr-3260	82	87	age	age	NOUN
fsr-3260	82	88	45.57	45.57	NUM
fsr-3260	82	89	46	46	NUM
fsr-3260	82	90	online	online	ADJ
fsr-3260	82	91	401(k	401(k	PROPN
fsr-3260	82	92	)	)	PUNCT
fsr-3260	82	93	account	account	NOUN
fsr-3260	82	94	registration	registration	NOUN
fsr-3260	82	95	64.15	64.15	NUM
fsr-3260	82	96	%	%	NOUN
fsr-3260	82	97	1	1	NUM
fsr-3260	82	98	average	average	ADJ
fsr-3260	82	99	individual	individual	ADJ
fsr-3260	82	100	account	account	NOUN
fsr-3260	82	101	balance	balance	NOUN
fsr-3260	82	102	$	$	SYM
fsr-3260	82	103	67,360	67,360	NUM
fsr-3260	82	104	$	$	SYM
fsr-3260	82	105	20,998	20,998	NUM
fsr-3260	82	106	average	average	ADJ
fsr-3260	82	107	individual	individual	ADJ
fsr-3260	82	108	risk	risk	NOUN
fsr-3260	82	109	exposure	exposure	NOUN
fsr-3260	82	110	59.60	59.60	NUM
fsr-3260	82	111	%	%	NOUN
fsr-3260	82	112	60.00	60.00	NUM
fsr-3260	82	113	%	%	NOUN
fsr-3260	82	114	c.	c.	NOUN
fsr-3260	82	115	trading	trading	NOUN
fsr-3260	82	116	statistics	statistic	NOUN
fsr-3260	82	117	(	(	PUNCT
fsr-3260	82	118	january	january	PROPN
fsr-3260	82	119	2005	2005	NUM
fsr-3260	82	120	through	through	ADP
fsr-3260	82	121	december	december	PROPN
fsr-3260	82	122	2010	2010	NUM
fsr-3260	82	123	)	)	PUNCT
fsr-3260	83	1	no	no	INTJ
fsr-3260	83	2	.	.	PUNCT
fsr-3260	84	1	of	of	ADP
fsr-3260	84	2	participants	participant	NOUN
fsr-3260	84	3	5,647,728	5,647,728	NUM
fsr-3260	84	4	no	no	NOUN
fsr-3260	84	5	.	.	PUNCT
fsr-3260	85	1	of	of	ADP
fsr-3260	85	2	traders	trader	NOUN
fsr-3260	85	3	1,458,037	1,458,037	NUM
fsr-3260	85	4	no	no	NOUN
fsr-3260	85	5	.	.	PUNCT
fsr-3260	86	1	of	of	ADP
fsr-3260	86	2	equity	equity	NOUN
fsr-3260	86	3	traders	trader	NOUN
fsr-3260	86	4	1,390,392	1,390,392	NUM
fsr-3260	86	5	average	average	ADJ
fsr-3260	86	6	number	number	NOUN
fsr-3260	86	7	of	of	ADP
fsr-3260	86	8	trades	trade	NOUN
fsr-3260	86	9	per	per	ADP
fsr-3260	86	10	year	year	NOUN
fsr-3260	86	11	(	(	PUNCT
fsr-3260	86	12	among	among	ADP
fsr-3260	86	13	all	all	DET
fsr-3260	86	14	participants	participant	NOUN
fsr-3260	86	15	)	)	PUNCT
fsr-3260	86	16	0.78	0.78	NUM
fsr-3260	86	17	average	average	ADJ
fsr-3260	86	18	number	number	NOUN
fsr-3260	86	19	of	of	ADP
fsr-3260	86	20	trades	trade	NOUN
fsr-3260	86	21	per	per	ADP
fsr-3260	86	22	year	year	NOUN
fsr-3260	86	23	(	(	PUNCT
fsr-3260	86	24	among	among	ADP
fsr-3260	86	25	traders	trader	NOUN
fsr-3260	86	26	)	)	PUNCT
fsr-3260	86	27	6.16	6.16	NUM
fsr-3260	86	28	average	average	ADJ
fsr-3260	86	29	annual	annual	ADJ
fsr-3260	86	30	turnover	turnover	NOUN
fsr-3260	86	31	rate	rate	NOUN
fsr-3260	86	32	(	(	PUNCT
fsr-3260	86	33	among	among	ADP
fsr-3260	86	34	all	all	DET
fsr-3260	86	35	participants	participant	NOUN
fsr-3260	86	36	)	)	PUNCT
fsr-3260	86	37	36.24	36.24	NUM
fsr-3260	86	38	%	%	NOUN
fsr-3260	86	39	average	average	ADJ
fsr-3260	86	40	annual	annual	ADJ
fsr-3260	86	41	turnover	turnover	NOUN
fsr-3260	86	42	rate	rate	NOUN
fsr-3260	86	43	(	(	PUNCT
fsr-3260	86	44	among	among	ADP
fsr-3260	86	45	traders	trader	NOUN
fsr-3260	86	46	)	)	PUNCT
fsr-3260	86	47	239.51	239.51	NUM
fsr-3260	86	48	%	%	NOUN
fsr-3260	86	49	d.	d.	PROPN
fsr-3260	86	50	equity	equity	PROPN
fsr-3260	86	51	traders	traders	PROPN
fsr-3260	86	52	characteristics	characteristic	NOUN
fsr-3260	86	53	(	(	PUNCT
fsr-3260	86	54	in	in	ADP
fsr-3260	86	55	2010	2010	NUM
fsr-3260	86	56	)	)	PUNCT
fsr-3260	86	57	male	male	NOUN
fsr-3260	86	58	(	(	PUNCT
fsr-3260	86	59	yes	yes	INTJ
fsr-3260	86	60	�	�	PROPN
fsr-3260	86	61	1	1	NUM
fsr-3260	86	62	)	)	PUNCT
fsr-3260	86	63	63.75	63.75	NUM
fsr-3260	86	64	%	%	NOUN
fsr-3260	86	65	1	1	NUM
fsr-3260	86	66	age	age	NOUN
fsr-3260	86	67	48.55	48.55	NUM
fsr-3260	86	68	49	49	NUM
fsr-3260	86	69	online	online	ADJ
fsr-3260	86	70	401(k	401(k	PROPN
fsr-3260	86	71	)	)	PUNCT
fsr-3260	86	72	account	account	NOUN
fsr-3260	86	73	registration	registration	NOUN
fsr-3260	86	74	90.41	90.41	NUM
fsr-3260	86	75	%	%	NOUN
fsr-3260	86	76	1	1	NUM
fsr-3260	86	77	average	average	ADJ
fsr-3260	86	78	individual	individual	ADJ
fsr-3260	86	79	account	account	NOUN
fsr-3260	86	80	balance	balance	NOUN
fsr-3260	86	81	$	$	SYM
fsr-3260	86	82	127,778	127,778	NUM
fsr-3260	86	83	$	$	SYM
fsr-3260	86	84	64,111	64,111	NUM
fsr-3260	86	85	average	average	ADJ
fsr-3260	86	86	individual	individual	ADJ
fsr-3260	86	87	risk	risk	NOUN
fsr-3260	86	88	exposure	exposure	NOUN
fsr-3260	86	89	62.51	62.51	NUM
fsr-3260	86	90	%	%	NOUN
fsr-3260	86	91	66.97	66.97	NUM
fsr-3260	86	92	%	%	NOUN
fsr-3260	86	93	note	note	NOUN
fsr-3260	86	94	:	:	PUNCT
fsr-3260	86	95	the	the	DET
fsr-3260	86	96	table	table	NOUN
fsr-3260	86	97	shows	show	VERB
fsr-3260	86	98	the	the	DET
fsr-3260	86	99	plan	plan	NOUN
fsr-3260	86	100	-	-	PUNCT
fsr-3260	86	101	level	level	NOUN
fsr-3260	86	102	summary	summary	NOUN
fsr-3260	86	103	statistics	statistic	NOUN
fsr-3260	86	104	as	as	ADP
fsr-3260	86	105	of	of	ADP
fsr-3260	86	106	december	december	PROPN
fsr-3260	86	107	2010	2010	NUM
fsr-3260	86	108	in	in	ADP
fsr-3260	86	109	panel	panel	NOUN
fsr-3260	86	110	a	a	DET
fsr-3260	86	111	,	,	PUNCT
fsr-3260	86	112	individual	individual	ADJ
fsr-3260	86	113	participant	participant	ADJ
fsr-3260	86	114	characteristics	characteristic	NOUN
fsr-3260	86	115	in	in	ADP
fsr-3260	86	116	2010	2010	NUM
fsr-3260	86	117	in	in	ADP
fsr-3260	86	118	panel	panel	PROPN
fsr-3260	86	119	b	b	PROPN
fsr-3260	86	120	,	,	PUNCT
fsr-3260	86	121	the	the	DET
fsr-3260	86	122	trading	trading	NOUN
fsr-3260	86	123	statistics	statistic	NOUN
fsr-3260	86	124	during	during	ADP
fsr-3260	86	125	the	the	DET
fsr-3260	86	126	sample	sample	NOUN
fsr-3260	86	127	period	period	NOUN
fsr-3260	86	128	january	january	PROPN
fsr-3260	86	129	2005	2005	NUM
fsr-3260	86	130	through	through	ADP
fsr-3260	86	131	december	december	PROPN
fsr-3260	86	132	2010	2010	NUM
fsr-3260	86	133	in	in	ADP
fsr-3260	86	134	panel	panel	NOUN
fsr-3260	86	135	c	c	NOUN
fsr-3260	86	136	,	,	PUNCT
fsr-3260	86	137	and	and	CCONJ
fsr-3260	86	138	individual	individual	ADJ
fsr-3260	86	139	characteristics	characteristic	NOUN
fsr-3260	86	140	in	in	ADP
fsr-3260	86	141	2010	2010	NUM
fsr-3260	86	142	of	of	ADP
fsr-3260	86	143	those	those	PRON
fsr-3260	86	144	who	who	PRON
fsr-3260	86	145	traded	trade	VERB
fsr-3260	86	146	equity	equity	NOUN
fsr-3260	86	147	assets	asset	NOUN
fsr-3260	86	148	in	in	ADP
fsr-3260	86	149	panel	panel	NOUN
fsr-3260	86	150	d.	d.	PROPN
fsr-3260	86	151	a	a	DET
fsr-3260	86	152	participant	participant	NOUN
fsr-3260	86	153	is	be	AUX
fsr-3260	86	154	considered	consider	VERB
fsr-3260	86	155	as	as	ADP
fsr-3260	86	156	a	a	DET
fsr-3260	86	157	trader	trader	NOUN
fsr-3260	86	158	if	if	SCONJ
fsr-3260	86	159	he	he	PRON
fsr-3260	86	160	traded	trade	VERB
fsr-3260	86	161	at	at	ADP
fsr-3260	86	162	least	least	ADJ
fsr-3260	86	163	once	once	ADV
fsr-3260	86	164	during	during	ADP
fsr-3260	86	165	the	the	DET
fsr-3260	86	166	sample	sample	NOUN
fsr-3260	86	167	period	period	NOUN
fsr-3260	86	168	;	;	PUNCT
fsr-3260	86	169	a	a	DET
fsr-3260	86	170	participant	participant	NOUN
fsr-3260	86	171	is	be	AUX
fsr-3260	86	172	considered	consider	VERB
fsr-3260	86	173	as	as	ADP
fsr-3260	86	174	an	an	DET
fsr-3260	86	175	equity	equity	NOUN
fsr-3260	86	176	trader	trader	NOUN
fsr-3260	86	177	if	if	SCONJ
fsr-3260	86	178	he	he	PRON
fsr-3260	86	179	traded	trade	VERB
fsr-3260	86	180	equity	equity	NOUN
fsr-3260	86	181	assets	asset	NOUN
fsr-3260	86	182	including	include	VERB
fsr-3260	86	183	equity	equity	NOUN
fsr-3260	86	184	and	and	CCONJ
fsr-3260	86	185	balanced	balanced	ADJ
fsr-3260	86	186	funds	fund	NOUN
fsr-3260	86	187	at	at	ADP
fsr-3260	86	188	least	least	ADJ
fsr-3260	86	189	once	once	ADV
fsr-3260	86	190	during	during	ADP
fsr-3260	86	191	the	the	DET
fsr-3260	86	192	sample	sample	NOUN
fsr-3260	86	193	period	period	NOUN
fsr-3260	86	194	.	.	PUNCT
fsr-3260	87	1	we	we	PRON
fsr-3260	87	2	count	count	VERB
fsr-3260	87	3	a	a	DET
fsr-3260	87	4	buy	buy	NOUN
fsr-3260	87	5	or	or	CCONJ
fsr-3260	87	6	sell	sell	VERB
fsr-3260	87	7	transaction	transaction	NOUN
fsr-3260	87	8	on	on	ADP
fsr-3260	87	9	a	a	DET
fsr-3260	87	10	daily	daily	ADJ
fsr-3260	87	11	basis	basis	NOUN
fsr-3260	87	12	as	as	ADP
fsr-3260	87	13	one	one	NUM
fsr-3260	87	14	trade	trade	NOUN
fsr-3260	87	15	.	.	PUNCT
fsr-3260	88	1	to	to	PART
fsr-3260	88	2	calculate	calculate	VERB
fsr-3260	88	3	individual	individual	ADJ
fsr-3260	88	4	annual	annual	ADJ
fsr-3260	88	5	turnover	turnover	NOUN
fsr-3260	88	6	rate	rate	NOUN
fsr-3260	88	7	,	,	PUNCT
fsr-3260	88	8	we	we	PRON
fsr-3260	88	9	sum	sum	VERB
fsr-3260	88	10	the	the	DET
fsr-3260	88	11	absolute	absolute	ADJ
fsr-3260	88	12	values	value	NOUN
fsr-3260	88	13	of	of	ADP
fsr-3260	88	14	trading	trading	NOUN
fsr-3260	88	15	amount	amount	NOUN
fsr-3260	88	16	(	(	PUNCT
fsr-3260	88	17	both	both	PRON
fsr-3260	88	18	buy	buy	VERB
fsr-3260	88	19	and	and	CCONJ
fsr-3260	88	20	sell	sell	VERB
fsr-3260	88	21	)	)	PUNCT
fsr-3260	88	22	in	in	ADP
fsr-3260	88	23	one	one	NUM
fsr-3260	88	24	year	year	NOUN
fsr-3260	88	25	and	and	CCONJ
fsr-3260	88	26	divide	divide	VERB
fsr-3260	88	27	this	this	DET
fsr-3260	88	28	sum	sum	NOUN
fsr-3260	88	29	by	by	ADP
fsr-3260	88	30	two	two	NUM
fsr-3260	88	31	.	.	PUNCT
fsr-3260	89	1	we	we	PRON
fsr-3260	89	2	then	then	ADV
fsr-3260	89	3	divide	divide	VERB
fsr-3260	89	4	the	the	DET
fsr-3260	89	5	annual	annual	ADJ
fsr-3260	89	6	trading	trading	NOUN
fsr-3260	89	7	amount	amount	NOUN
fsr-3260	89	8	by	by	ADP
fsr-3260	89	9	the	the	DET
fsr-3260	89	10	account	account	NOUN
fsr-3260	89	11	balance	balance	NOUN
fsr-3260	89	12	at	at	ADP
fsr-3260	89	13	the	the	DET
fsr-3260	89	14	beginning	beginning	NOUN
fsr-3260	89	15	of	of	ADP
fsr-3260	89	16	the	the	DET
fsr-3260	89	17	year	year	NOUN
fsr-3260	89	18	.	.	PUNCT
fsr-3260	90	1	54	54	NUM
fsr-3260	90	2	n.	n.	PROPN
fsr-3260	90	3	tang	tang	PROPN
fsr-3260	90	4	/	/	SYM
fsr-3260	90	5	financial	financial	ADJ
fsr-3260	90	6	services	service	NOUN
fsr-3260	90	7	review	review	VERB
fsr-3260	90	8	25	25	NUM
fsr-3260	90	9	(	(	PUNCT
fsr-3260	90	10	2016	2016	NUM
fsr-3260	90	11	)	)	PUNCT
fsr-3260	90	12	51–72	51–72	NUM
fsr-3260	90	13	2010.2	2010.2	NUM
fsr-3260	90	14	in	in	ADP
fsr-3260	90	15	total	total	ADJ
fsr-3260	90	16	,	,	PUNCT
fsr-3260	90	17	1,390,392	1,390,392	NUM
fsr-3260	90	18	participants	participant	NOUN
fsr-3260	90	19	traded	trade	VERB
fsr-3260	90	20	equity	equity	NOUN
fsr-3260	90	21	assets	asset	NOUN
fsr-3260	90	22	and	and	CCONJ
fsr-3260	90	23	they	they	PRON
fsr-3260	90	24	are	be	AUX
fsr-3260	90	25	included	include	VERB
fsr-3260	90	26	in	in	ADP
fsr-3260	90	27	our	our	PRON
fsr-3260	90	28	final	final	ADJ
fsr-3260	90	29	trading	trading	NOUN
fsr-3260	90	30	sample	sample	NOUN
fsr-3260	90	31	.	.	PUNCT
fsr-3260	91	1	for	for	ADP
fsr-3260	91	2	each	each	DET
fsr-3260	91	3	trader	trader	NOUN
fsr-3260	91	4	,	,	PUNCT
fsr-3260	91	5	we	we	PRON
fsr-3260	91	6	record	record	VERB
fsr-3260	91	7	the	the	DET
fsr-3260	91	8	name	name	NOUN
fsr-3260	91	9	and	and	CCONJ
fsr-3260	91	10	amount	amount	NOUN
fsr-3260	91	11	of	of	ADP
fsr-3260	91	12	individual	individual	ADJ
fsr-3260	91	13	funds	fund	NOUN
fsr-3260	91	14	purchased	purchase	VERB
fsr-3260	91	15	or	or	CCONJ
fsr-3260	91	16	sold	sell	VERB
fsr-3260	91	17	every	every	DET
fsr-3260	91	18	month	month	NOUN
fsr-3260	91	19	together	together	ADV
fsr-3260	91	20	with	with	ADP
fsr-3260	91	21	the	the	DET
fsr-3260	91	22	historical	historical	ADJ
fsr-3260	91	23	monthly	monthly	ADJ
fsr-3260	91	24	fund	fund	NOUN
fsr-3260	91	25	returns	return	NOUN
fsr-3260	91	26	.	.	PUNCT
fsr-3260	92	1	the	the	DET
fsr-3260	92	2	data	datum	NOUN
fsr-3260	92	3	also	also	ADV
fsr-3260	92	4	reflects	reflect	VERB
fsr-3260	92	5	the	the	DET
fsr-3260	92	6	funds	fund	NOUN
fsr-3260	92	7	each	each	DET
fsr-3260	92	8	plan	plan	NOUN
fsr-3260	92	9	offered	offer	VERB
fsr-3260	92	10	to	to	ADP
fsr-3260	92	11	its	its	PRON
fsr-3260	92	12	participants	participant	NOUN
fsr-3260	92	13	each	each	DET
fsr-3260	92	14	month	month	NOUN
fsr-3260	92	15	.	.	PUNCT
fsr-3260	93	1	we	we	PRON
fsr-3260	93	2	also	also	ADV
fsr-3260	93	3	incorporate	incorporate	VERB
fsr-3260	93	4	individual	individual	ADJ
fsr-3260	93	5	month	month	NOUN
fsr-3260	93	6	-	-	PUNCT
fsr-3260	93	7	end	end	NOUN
fsr-3260	93	8	portfolio	portfolio	NOUN
fsr-3260	93	9	holdings	holding	NOUN
fsr-3260	93	10	,	,	PUNCT
fsr-3260	93	11	which	which	PRON
fsr-3260	93	12	we	we	PRON
fsr-3260	93	13	can	can	AUX
fsr-3260	93	14	use	use	VERB
fsr-3260	93	15	to	to	PART
fsr-3260	93	16	calculate	calculate	VERB
fsr-3260	93	17	individual	individual	ADJ
fsr-3260	93	18	account	account	NOUN
fsr-3260	93	19	balances	balance	NOUN
fsr-3260	93	20	each	each	DET
fsr-3260	93	21	month	month	NOUN
fsr-3260	93	22	.	.	PUNCT
fsr-3260	94	1	table	table	NOUN
fsr-3260	94	2	1	1	NUM
fsr-3260	94	3	panel	panel	NOUN
fsr-3260	94	4	d	d	PROPN
fsr-3260	94	5	reports	report	VERB
fsr-3260	94	6	the	the	DET
fsr-3260	94	7	individual	individual	ADJ
fsr-3260	94	8	attributes	attribute	NOUN
fsr-3260	94	9	of	of	ADP
fsr-3260	94	10	our	our	PRON
fsr-3260	94	11	selected	select	VERB
fsr-3260	94	12	trading	trading	NOUN
fsr-3260	94	13	sample	sample	NOUN
fsr-3260	94	14	on	on	ADP
fsr-3260	94	15	equity	equity	NOUN
fsr-3260	94	16	traders	trader	NOUN
fsr-3260	94	17	in	in	ADP
fsr-3260	94	18	2010	2010	NUM
fsr-3260	94	19	.	.	PUNCT
fsr-3260	95	1	compared	compare	VERB
fsr-3260	95	2	with	with	ADP
fsr-3260	95	3	the	the	DET
fsr-3260	95	4	results	result	NOUN
fsr-3260	95	5	in	in	ADP
fsr-3260	95	6	panel	panel	NOUN
fsr-3260	95	7	b	b	NOUN
fsr-3260	95	8	,	,	PUNCT
fsr-3260	95	9	we	we	PRON
fsr-3260	95	10	see	see	VERB
fsr-3260	95	11	that	that	SCONJ
fsr-3260	95	12	the	the	DET
fsr-3260	95	13	subsection	subsection	NOUN
fsr-3260	95	14	of	of	ADP
fsr-3260	95	15	participants	participant	NOUN
fsr-3260	95	16	who	who	PRON
fsr-3260	95	17	trade	trade	VERB
fsr-3260	95	18	in	in	ADP
fsr-3260	95	19	their	their	PRON
fsr-3260	95	20	401(k	401(k	NOUN
fsr-3260	95	21	)	)	PUNCT
fsr-3260	95	22	plans	plan	NOUN
fsr-3260	95	23	tend	tend	VERB
fsr-3260	95	24	to	to	PART
fsr-3260	95	25	be	be	AUX
fsr-3260	95	26	affluent	affluent	ADJ
fsr-3260	95	27	older	old	ADJ
fsr-3260	95	28	men	man	NOUN
fsr-3260	95	29	who	who	PRON
fsr-3260	95	30	use	use	VERB
fsr-3260	95	31	the	the	DET
fsr-3260	95	32	internet	internet	NOUN
fsr-3260	95	33	to	to	PART
fsr-3260	95	34	access	access	VERB
fsr-3260	95	35	their	their	PRON
fsr-3260	95	36	401(k	401(k	NOUN
fsr-3260	95	37	)	)	PUNCT
fsr-3260	95	38	accounts	account	NOUN
fsr-3260	95	39	and	and	CCONJ
fsr-3260	95	40	who	who	PRON
fsr-3260	95	41	tend	tend	VERB
fsr-3260	95	42	to	to	PART
fsr-3260	95	43	be	be	AUX
fsr-3260	95	44	more	more	ADJ
fsr-3260	95	45	risk	risk	NOUN
fsr-3260	95	46	-	-	PUNCT
fsr-3260	95	47	seeking	seeking	NOUN
fsr-3260	95	48	in	in	ADP
fsr-3260	95	49	their	their	PRON
fsr-3260	95	50	investments	investment	NOUN
fsr-3260	95	51	than	than	ADP
fsr-3260	95	52	their	their	PRON
fsr-3260	95	53	non	non	ADJ
fsr-3260	95	54	-	-	ADJ
fsr-3260	95	55	trader	trader	ADJ
fsr-3260	95	56	counterparts	counterpart	NOUN
fsr-3260	95	57	.	.	PUNCT
fsr-3260	96	1	this	this	PRON
fsr-3260	96	2	confirms	confirm	VERB
fsr-3260	96	3	previous	previous	ADJ
fsr-3260	96	4	findings	finding	NOUN
fsr-3260	96	5	(	(	PUNCT
fsr-3260	96	6	agnew	agnew	PROPN
fsr-3260	96	7	et	et	PROPN
fsr-3260	96	8	al	al	PROPN
fsr-3260	96	9	.	.	PROPN
fsr-3260	96	10	,	,	PUNCT
fsr-3260	96	11	2003	2003	NUM
fsr-3260	96	12	;	;	PUNCT
fsr-3260	96	13	tang	tang	PROPN
fsr-3260	96	14	et	et	PROPN
fsr-3260	96	15	al	al	PROPN
fsr-3260	96	16	.	.	PROPN
fsr-3260	96	17	,	,	PUNCT
fsr-3260	96	18	2012	2012	NUM
fsr-3260	96	19	)	)	PUNCT
fsr-3260	96	20	.	.	PUNCT
fsr-3260	97	1	3	3	X
fsr-3260	97	2	.	.	X
fsr-3260	97	3	momentum	momentum	NOUN
fsr-3260	97	4	traders	trader	NOUN
fsr-3260	97	5	in	in	ADP
fsr-3260	97	6	401(k	401(k	PROPN
fsr-3260	97	7	)	)	PUNCT
fsr-3260	97	8	plans	plan	VERB
fsr-3260	97	9	we	we	PRON
fsr-3260	97	10	follow	follow	VERB
fsr-3260	97	11	goetzmann	goetzmann	PROPN
fsr-3260	97	12	and	and	CCONJ
fsr-3260	97	13	massa	massa	PROPN
fsr-3260	97	14	(	(	PUNCT
fsr-3260	97	15	2002	2002	NUM
fsr-3260	97	16	)	)	PUNCT
fsr-3260	97	17	and	and	CCONJ
fsr-3260	97	18	agnew	agnew	PROPN
fsr-3260	97	19	et	et	PROPN
fsr-3260	97	20	al	al	PROPN
fsr-3260	97	21	.	.	PROPN
fsr-3260	97	22	,	,	PUNCT
fsr-3260	97	23	(	(	PUNCT
fsr-3260	97	24	2003	2003	NUM
fsr-3260	97	25	)	)	PUNCT
fsr-3260	97	26	to	to	PART
fsr-3260	97	27	use	use	VERB
fsr-3260	97	28	individual	individual	ADJ
fsr-3260	97	29	account	account	NOUN
fsr-3260	97	30	activity	activity	NOUN
fsr-3260	97	31	to	to	PART
fsr-3260	97	32	classify	classify	VERB
fsr-3260	97	33	investors	investor	NOUN
fsr-3260	97	34	according	accord	VERB
fsr-3260	97	35	to	to	ADP
fsr-3260	97	36	their	their	PRON
fsr-3260	97	37	conditional	conditional	ADJ
fsr-3260	97	38	pattern	pattern	NOUN
fsr-3260	97	39	of	of	ADP
fsr-3260	97	40	fund	fund	NOUN
fsr-3260	97	41	purchases	purchase	NOUN
fsr-3260	97	42	and	and	CCONJ
fsr-3260	97	43	sells	sell	NOUN
fsr-3260	97	44	.	.	PUNCT
fsr-3260	98	1	momentum	momentum	NOUN
fsr-3260	98	2	buyers	buyer	NOUN
fsr-3260	98	3	(	(	PUNCT
fsr-3260	98	4	sellers	seller	NOUN
fsr-3260	98	5	)	)	PUNCT
fsr-3260	98	6	are	be	AUX
fsr-3260	98	7	defined	define	VERB
fsr-3260	98	8	as	as	ADP
fsr-3260	98	9	those	those	DET
fsr-3260	98	10	traders	trader	NOUN
fsr-3260	98	11	who	who	PRON
fsr-3260	98	12	are	be	AUX
fsr-3260	98	13	more	more	ADV
fsr-3260	98	14	likely	likely	ADJ
fsr-3260	98	15	to	to	PART
fsr-3260	98	16	buy	buy	VERB
fsr-3260	98	17	(	(	PUNCT
fsr-3260	98	18	sell	sell	NOUN
fsr-3260	98	19	)	)	PUNCT
fsr-3260	98	20	funds	fund	NOUN
fsr-3260	98	21	with	with	ADP
fsr-3260	98	22	past	past	ADJ
fsr-3260	98	23	positive	positive	ADJ
fsr-3260	98	24	(	(	PUNCT
fsr-3260	98	25	negative	negative	ADJ
fsr-3260	98	26	)	)	PUNCT
fsr-3260	98	27	returns	return	NOUN
fsr-3260	98	28	(	(	PUNCT
fsr-3260	98	29	goetzmann	goetzmann	PROPN
fsr-3260	98	30	and	and	CCONJ
fsr-3260	98	31	massa	massa	NOUN
fsr-3260	98	32	,	,	PUNCT
fsr-3260	98	33	2002	2002	NUM
fsr-3260	98	34	)	)	PUNCT
fsr-3260	98	35	.	.	PUNCT
fsr-3260	99	1	after	after	ADP
fsr-3260	99	2	identifying	identify	VERB
fsr-3260	99	3	momentum	momentum	NOUN
fsr-3260	99	4	buyers	buyer	NOUN
fsr-3260	99	5	and	and	CCONJ
fsr-3260	99	6	sellers	seller	NOUN
fsr-3260	99	7	,	,	PUNCT
fsr-3260	99	8	we	we	PRON
fsr-3260	99	9	then	then	ADV
fsr-3260	99	10	study	study	VERB
fsr-3260	99	11	the	the	DET
fsr-3260	99	12	performance	performance	NOUN
fsr-3260	99	13	of	of	ADP
fsr-3260	99	14	momentum	momentum	NOUN
fsr-3260	99	15	traders	trader	NOUN
fsr-3260	99	16	.	.	PUNCT
fsr-3260	100	1	this	this	PRON
fsr-3260	100	2	implies	imply	VERB
fsr-3260	100	3	that	that	SCONJ
fsr-3260	100	4	our	our	PRON
fsr-3260	100	5	definition	definition	NOUN
fsr-3260	100	6	of	of	ADP
fsr-3260	100	7	momentum	momentum	NOUN
fsr-3260	100	8	investing	investing	NOUN
fsr-3260	100	9	is	be	AUX
fsr-3260	100	10	different	different	ADJ
fsr-3260	100	11	from	from	ADP
fsr-3260	100	12	the	the	DET
fsr-3260	100	13	way	way	NOUN
fsr-3260	100	14	jegadeesh	jegadeesh	NOUN
fsr-3260	100	15	and	and	CCONJ
fsr-3260	100	16	tittman	tittman	NOUN
fsr-3260	100	17	(	(	PUNCT
fsr-3260	100	18	1993	1993	NUM
fsr-3260	100	19	)	)	PUNCT
fsr-3260	100	20	apply	apply	VERB
fsr-3260	100	21	the	the	DET
fsr-3260	100	22	term	term	NOUN
fsr-3260	100	23	in	in	ADP
fsr-3260	100	24	their	their	PRON
fsr-3260	100	25	profitable	profitable	ADJ
fsr-3260	100	26	momentum	momentum	NOUN
fsr-3260	100	27	strategies	strategy	NOUN
fsr-3260	100	28	.	.	PUNCT
fsr-3260	101	1	the	the	DET
fsr-3260	101	2	reason	reason	NOUN
fsr-3260	101	3	is	be	AUX
fsr-3260	101	4	that	that	SCONJ
fsr-3260	101	5	the	the	DET
fsr-3260	101	6	focus	focus	NOUN
fsr-3260	101	7	of	of	ADP
fsr-3260	101	8	the	the	DET
fsr-3260	101	9	article	article	NOUN
fsr-3260	101	10	is	be	AUX
fsr-3260	101	11	to	to	PART
fsr-3260	101	12	study	study	VERB
fsr-3260	101	13	the	the	DET
fsr-3260	101	14	performance	performance	NOUN
fsr-3260	101	15	of	of	ADP
fsr-3260	101	16	individual	individual	ADJ
fsr-3260	101	17	momentum	momentum	NOUN
fsr-3260	101	18	traders	trader	NOUN
fsr-3260	101	19	,	,	PUNCT
fsr-3260	101	20	instead	instead	ADV
fsr-3260	101	21	of	of	ADP
fsr-3260	101	22	the	the	DET
fsr-3260	101	23	outcome	outcome	NOUN
fsr-3260	101	24	of	of	ADP
fsr-3260	101	25	a	a	DET
fsr-3260	101	26	hypothetical	hypothetical	ADJ
fsr-3260	101	27	investing	investing	NOUN
fsr-3260	101	28	strategy	strategy	NOUN
fsr-3260	101	29	.	.	PUNCT
fsr-3260	102	1	specifically	specifically	ADV
fsr-3260	102	2	,	,	PUNCT
fsr-3260	102	3	we	we	PRON
fsr-3260	102	4	follow	follow	VERB
fsr-3260	102	5	the	the	DET
fsr-3260	102	6	literature	literature	NOUN
fsr-3260	102	7	(	(	PUNCT
fsr-3260	102	8	agnew	agnew	PROPN
fsr-3260	102	9	et	et	PROPN
fsr-3260	102	10	al	al	PROPN
fsr-3260	102	11	.	.	PROPN
fsr-3260	102	12	,	,	PUNCT
fsr-3260	102	13	2003	2003	NUM
fsr-3260	102	14	;	;	PUNCT
fsr-3260	102	15	goetzmann	goetzmann	PROPN
fsr-3260	102	16	and	and	CCONJ
fsr-3260	102	17	massa	massa	NOUN
fsr-3260	102	18	,	,	PUNCT
fsr-3260	102	19	2002	2002	NUM
fsr-3260	102	20	)	)	PUNCT
fsr-3260	102	21	and	and	CCONJ
fsr-3260	102	22	adopt	adopt	VERB
fsr-3260	102	23	binomial	binomial	ADJ
fsr-3260	102	24	test	test	NOUN
fsr-3260	102	25	to	to	PART
fsr-3260	102	26	identify	identify	VERB
fsr-3260	102	27	momentum	momentum	NOUN
fsr-3260	102	28	traders	trader	NOUN
fsr-3260	102	29	.	.	PUNCT
fsr-3260	103	1	the	the	DET
fsr-3260	103	2	null	null	ADJ
fsr-3260	103	3	hypothesis	hypothesis	NOUN
fsr-3260	103	4	for	for	ADP
fsr-3260	103	5	an	an	DET
fsr-3260	103	6	investor	investor	NOUN
fsr-3260	103	7	to	to	PART
fsr-3260	103	8	follow	follow	VERB
fsr-3260	103	9	momentum	momentum	NOUN
fsr-3260	103	10	buying	buying	NOUN
fsr-3260	103	11	strategy	strategy	NOUN
fsr-3260	103	12	in	in	ADP
fsr-3260	103	13	a	a	DET
fsr-3260	103	14	quarter	quarter	NOUN
fsr-3260	103	15	is	be	AUX
fsr-3260	103	16	that	that	SCONJ
fsr-3260	103	17	the	the	DET
fsr-3260	103	18	ratio	ratio	NOUN
fsr-3260	103	19	of	of	ADP
fsr-3260	103	20	his	his	PRON
fsr-3260	103	21	purchases	purchase	NOUN
fsr-3260	103	22	with	with	ADP
fsr-3260	103	23	positive	positive	ADJ
fsr-3260	103	24	returns	return	NOUN
fsr-3260	103	25	to	to	ADP
fsr-3260	103	26	total	total	ADJ
fsr-3260	103	27	purchases	purchase	NOUN
fsr-3260	103	28	is	be	AUX
fsr-3260	103	29	equal	equal	ADJ
fsr-3260	103	30	to	to	ADP
fsr-3260	103	31	the	the	DET
fsr-3260	103	32	percentage	percentage	NOUN
fsr-3260	103	33	of	of	ADP
fsr-3260	103	34	funds	fund	NOUN
fsr-3260	103	35	with	with	ADP
fsr-3260	103	36	positive	positive	ADJ
fsr-3260	103	37	returns	return	NOUN
fsr-3260	103	38	of	of	ADP
fsr-3260	103	39	all	all	DET
fsr-3260	103	40	funds	fund	NOUN
fsr-3260	103	41	available	available	ADJ
fsr-3260	103	42	to	to	PART
fsr-3260	103	43	trade	trade	VERB
fsr-3260	103	44	in	in	ADP
fsr-3260	103	45	that	that	DET
fsr-3260	103	46	quarter	quarter	NOUN
fsr-3260	103	47	.	.	PUNCT
fsr-3260	104	1	using	use	VERB
fsr-3260	104	2	a	a	DET
fsr-3260	104	3	one	one	NUM
fsr-3260	104	4	-	-	PUNCT
fsr-3260	104	5	tailed	tail	VERB
fsr-3260	104	6	binomial	binomial	ADJ
fsr-3260	104	7	test	test	NOUN
fsr-3260	104	8	,	,	PUNCT
fsr-3260	104	9	if	if	SCONJ
fsr-3260	104	10	the	the	DET
fsr-3260	104	11	null	null	ADJ
fsr-3260	104	12	hypothesis	hypothesis	NOUN
fsr-3260	104	13	is	be	AUX
fsr-3260	104	14	rejected	reject	VERB
fsr-3260	104	15	—	—	PUNCT
fsr-3260	104	16	that	that	ADV
fsr-3260	104	17	is	is	ADV
fsr-3260	104	18	,	,	PUNCT
fsr-3260	104	19	if	if	SCONJ
fsr-3260	104	20	the	the	DET
fsr-3260	104	21	frequency	frequency	NOUN
fsr-3260	104	22	of	of	ADP
fsr-3260	104	23	positive	positive	ADJ
fsr-3260	104	24	-	-	PUNCT
fsr-3260	104	25	return	return	NOUN
fsr-3260	104	26	fund	fund	NOUN
fsr-3260	104	27	purchases	purchase	NOUN
fsr-3260	104	28	is	be	AUX
fsr-3260	104	29	significantly	significantly	ADV
fsr-3260	104	30	higher	high	ADJ
fsr-3260	104	31	than	than	SCONJ
fsr-3260	104	32	expected	expect	VERB
fsr-3260	104	33	from	from	ADP
fsr-3260	104	34	a	a	DET
fsr-3260	104	35	random	random	ADJ
fsr-3260	104	36	distribution	distribution	NOUN
fsr-3260	104	37	—	—	PUNCT
fsr-3260	104	38	the	the	DET
fsr-3260	104	39	investor	investor	NOUN
fsr-3260	104	40	is	be	AUX
fsr-3260	104	41	classified	classify	VERB
fsr-3260	104	42	as	as	ADP
fsr-3260	104	43	a	a	DET
fsr-3260	104	44	momentum	momentum	NOUN
fsr-3260	104	45	buyer	buyer	NOUN
fsr-3260	104	46	.	.	PUNCT
fsr-3260	105	1	in	in	ADP
fsr-3260	105	2	a	a	DET
fsr-3260	105	3	similar	similar	ADJ
fsr-3260	105	4	manner	manner	NOUN
fsr-3260	105	5	,	,	PUNCT
fsr-3260	105	6	the	the	DET
fsr-3260	105	7	null	null	ADJ
fsr-3260	105	8	hypothesis	hypothesis	NOUN
fsr-3260	105	9	for	for	ADP
fsr-3260	105	10	momentum	momentum	NOUN
fsr-3260	105	11	seller	seller	NOUN
fsr-3260	105	12	is	be	AUX
fsr-3260	105	13	defined	define	VERB
fsr-3260	105	14	as	as	SCONJ
fsr-3260	105	15	follows	follow	VERB
fsr-3260	105	16	:	:	PUNCT
fsr-3260	105	17	buy	buy	VERB
fsr-3260	105	18	h0	h0	PROPN
fsr-3260	105	19	:	:	PUNCT
fsr-3260	105	20	bp	bp	PROPN
fsr-3260	105	21	˜	˜	PROPN
fsr-3260	105	22	binomial	binomial	PROPN
fsr-3260	105	23	�	�	PROPN
fsr-3260	105	24	b	b	PROPN
fsr-3260	105	25	,	,	PUNCT
fsr-3260	105	26	np	np	CCONJ
fsr-3260	105	27	n	n	PRON
fsr-3260	105	28	�	�	PROPN
fsr-3260	105	29	sell	sell	PROPN
fsr-3260	105	30	h0	h0	PROPN
fsr-3260	105	31	:	:	PUNCT
fsr-3260	105	32	sn	sn	PROPN
fsr-3260	105	33	˜	˜	PROPN
fsr-3260	105	34	binomial	binomial	PROPN
fsr-3260	105	35	�	�	PROPN
fsr-3260	105	36	s	s	PART
fsr-3260	105	37	,	,	PUNCT
fsr-3260	105	38	nn	nn	PROPN
fsr-3260	105	39	n	n	PRON
fsr-3260	105	40	�	�	PROPN
fsr-3260	105	41	where	where	SCONJ
fsr-3260	105	42	each	each	DET
fsr-3260	105	43	individual	individual	NOUN
fsr-3260	105	44	in	in	ADP
fsr-3260	105	45	each	each	DET
fsr-3260	105	46	quarter	quarter	NOUN
fsr-3260	105	47	has	have	VERB
fsr-3260	105	48	n	n	NUM
fsr-3260	105	49	funds	fund	NOUN
fsr-3260	105	50	to	to	PART
fsr-3260	105	51	trade	trade	NOUN
fsr-3260	105	52	,	,	PUNCT
fsr-3260	105	53	of	of	ADP
fsr-3260	105	54	which	which	PRON
fsr-3260	105	55	np	np	PRON
fsr-3260	105	56	funds	fund	NOUN
fsr-3260	105	57	have	have	VERB
fsr-3260	105	58	positive	positive	ADJ
fsr-3260	105	59	returns	return	NOUN
fsr-3260	105	60	and	and	CCONJ
fsr-3260	105	61	nn	nn	NUM
fsr-3260	105	62	funds	fund	NOUN
fsr-3260	105	63	have	have	VERB
fsr-3260	105	64	negative	negative	ADJ
fsr-3260	105	65	returns	return	NOUN
fsr-3260	105	66	.	.	PUNCT
fsr-3260	106	1	in	in	ADP
fsr-3260	106	2	all	all	PRON
fsr-3260	106	3	,	,	PUNCT
fsr-3260	106	4	he	he	PRON
fsr-3260	106	5	buys	buy	VERB
fsr-3260	106	6	b	b	PROPN
fsr-3260	106	7	funds	fund	NOUN
fsr-3260	106	8	,	,	PUNCT
fsr-3260	106	9	of	of	ADP
fsr-3260	106	10	which	which	PRON
fsr-3260	106	11	bp	bp	PROPN
fsr-3260	106	12	have	have	VERB
fsr-3260	106	13	positive	positive	ADJ
fsr-3260	106	14	returns	return	NOUN
fsr-3260	106	15	.	.	PUNCT
fsr-3260	107	1	he	he	PRON
fsr-3260	107	2	also	also	ADV
fsr-3260	107	3	sells	sell	VERB
fsr-3260	107	4	s	s	PART
fsr-3260	107	5	funds	fund	NOUN
fsr-3260	107	6	,	,	PUNCT
fsr-3260	107	7	of	of	ADP
fsr-3260	107	8	which	which	PRON
fsr-3260	107	9	sn	sn	PROPN
fsr-3260	107	10	have	have	VERB
fsr-3260	107	11	negative	negative	ADJ
fsr-3260	107	12	returns	return	NOUN
fsr-3260	107	13	.	.	PUNCT
fsr-3260	108	1	test	test	NOUN
fsr-3260	108	2	results	result	NOUN
fsr-3260	108	3	are	be	AUX
fsr-3260	108	4	based	base	VERB
fsr-3260	108	5	on	on	ADP
fsr-3260	108	6	the	the	DET
fsr-3260	108	7	1	1	NUM
fsr-3260	108	8	%	%	NOUN
fsr-3260	108	9	significance	significance	NOUN
fsr-3260	108	10	level	level	NOUN
fsr-3260	108	11	.	.	PUNCT
fsr-3260	109	1	this	this	DET
fsr-3260	109	2	methodology	methodology	NOUN
fsr-3260	109	3	distinguishes	distinguish	VERB
fsr-3260	109	4	investors	investor	NOUN
fsr-3260	109	5	who	who	PRON
fsr-3260	109	6	follow	follow	VERB
fsr-3260	109	7	certain	certain	ADJ
fsr-3260	109	8	trading	trading	NOUN
fsr-3260	109	9	strategies	strategy	NOUN
fsr-3260	109	10	from	from	ADP
fsr-3260	109	11	those	those	PRON
fsr-3260	109	12	who	who	PRON
fsr-3260	109	13	trade	trade	VERB
fsr-3260	109	14	randomly	randomly	ADV
fsr-3260	109	15	.	.	PUNCT
fsr-3260	110	1	because	because	SCONJ
fsr-3260	110	2	the	the	DET
fsr-3260	110	3	methodology	methodology	NOUN
fsr-3260	110	4	requires	require	VERB
fsr-3260	110	5	information	information	NOUN
fsr-3260	110	6	on	on	ADP
fsr-3260	110	7	the	the	DET
fsr-3260	110	8	investment	investment	NOUN
fsr-3260	110	9	55n	55n	NUM
fsr-3260	110	10	.	.	PUNCT
fsr-3260	110	11	tang	tang	PROPN
fsr-3260	110	12	/	/	SYM
fsr-3260	110	13	financial	financial	ADJ
fsr-3260	110	14	services	service	NOUN
fsr-3260	110	15	review	review	VERB
fsr-3260	110	16	25	25	NUM
fsr-3260	110	17	(	(	PUNCT
fsr-3260	110	18	2016	2016	NUM
fsr-3260	110	19	)	)	PUNCT
fsr-3260	110	20	51–72	51–72	NUM
fsr-3260	110	21	opportunities	opportunity	NOUN
fsr-3260	110	22	available	available	ADJ
fsr-3260	110	23	to	to	ADP
fsr-3260	110	24	each	each	DET
fsr-3260	110	25	investor	investor	NOUN
fsr-3260	110	26	,	,	PUNCT
fsr-3260	110	27	few	few	ADJ
fsr-3260	110	28	studies	study	NOUN
fsr-3260	110	29	have	have	AUX
fsr-3260	110	30	used	use	VERB
fsr-3260	110	31	it	it	PRON
fsr-3260	110	32	because	because	SCONJ
fsr-3260	110	33	of	of	ADP
fsr-3260	110	34	limitation	limitation	NOUN
fsr-3260	110	35	of	of	ADP
fsr-3260	110	36	the	the	DET
fsr-3260	110	37	data	datum	NOUN
fsr-3260	110	38	.	.	PUNCT
fsr-3260	111	1	instead	instead	ADV
fsr-3260	111	2	,	,	PUNCT
fsr-3260	111	3	most	most	ADJ
fsr-3260	111	4	articles	article	NOUN
fsr-3260	111	5	have	have	AUX
fsr-3260	111	6	explored	explore	VERB
fsr-3260	111	7	correlations	correlation	NOUN
fsr-3260	111	8	between	between	ADP
fsr-3260	111	9	security	security	NOUN
fsr-3260	111	10	flows	flow	NOUN
fsr-3260	111	11	and	and	CCONJ
fsr-3260	111	12	their	their	PRON
fsr-3260	111	13	returns	return	NOUN
fsr-3260	111	14	or	or	CCONJ
fsr-3260	111	15	have	have	AUX
fsr-3260	111	16	regressed	regress	VERB
fsr-3260	111	17	trades	trade	NOUN
fsr-3260	111	18	on	on	ADP
fsr-3260	111	19	past	past	ADJ
fsr-3260	111	20	asset	asset	NOUN
fsr-3260	111	21	returns	return	NOUN
fsr-3260	111	22	(	(	PUNCT
fsr-3260	111	23	see	see	VERB
fsr-3260	111	24	,	,	PUNCT
fsr-3260	111	25	e.g.	e.g.	ADV
fsr-3260	111	26	,	,	PUNCT
fsr-3260	111	27	grinblatt	grinblatt	NOUN
fsr-3260	111	28	and	and	CCONJ
fsr-3260	111	29	keloharju	keloharju	NOUN
fsr-3260	111	30	,	,	PUNCT
fsr-3260	111	31	2001	2001	NUM
fsr-3260	111	32	;	;	PUNCT
fsr-3260	111	33	grinblatt	grinblatt	PROPN
fsr-3260	111	34	et	et	PROPN
fsr-3260	111	35	al	al	PROPN
fsr-3260	111	36	.	.	PROPN
fsr-3260	111	37	,	,	PUNCT
fsr-3260	111	38	1995	1995	NUM
fsr-3260	111	39	)	)	PUNCT
fsr-3260	111	40	.	.	PUNCT
fsr-3260	112	1	the	the	DET
fsr-3260	112	2	problem	problem	NOUN
fsr-3260	112	3	with	with	ADP
fsr-3260	112	4	such	such	ADJ
fsr-3260	112	5	methodologies	methodology	NOUN
fsr-3260	112	6	is	be	AUX
fsr-3260	112	7	that	that	SCONJ
fsr-3260	112	8	they	they	PRON
fsr-3260	112	9	can	can	AUX
fsr-3260	112	10	not	not	PART
fsr-3260	112	11	truly	truly	ADV
fsr-3260	112	12	distinguish	distinguish	VERB
fsr-3260	112	13	between	between	ADP
fsr-3260	112	14	feedback	feedback	NOUN
fsr-3260	112	15	and	and	CCONJ
fsr-3260	112	16	random	random	ADJ
fsr-3260	112	17	trading	trading	NOUN
fsr-3260	112	18	strategies	strategy	NOUN
fsr-3260	112	19	,	,	PUNCT
fsr-3260	112	20	because	because	SCONJ
fsr-3260	112	21	positive	positive	ADJ
fsr-3260	112	22	or	or	CCONJ
fsr-3260	112	23	negative	negative	ADJ
fsr-3260	112	24	feedback	feedback	NOUN
fsr-3260	112	25	trading	trading	NOUN
fsr-3260	112	26	can	can	AUX
fsr-3260	112	27	result	result	VERB
fsr-3260	112	28	from	from	ADP
fsr-3260	112	29	market	market	NOUN
fsr-3260	112	30	conditions	condition	NOUN
fsr-3260	112	31	rather	rather	ADV
fsr-3260	112	32	than	than	ADP
fsr-3260	112	33	from	from	ADP
fsr-3260	112	34	any	any	DET
fsr-3260	112	35	conscious	conscious	ADJ
fsr-3260	112	36	strategic	strategic	ADJ
fsr-3260	112	37	trading	trading	NOUN
fsr-3260	112	38	.	.	PUNCT
fsr-3260	113	1	we	we	PRON
fsr-3260	113	2	analyze	analyze	VERB
fsr-3260	113	3	investors	investor	NOUN
fsr-3260	113	4	’	’	PART
fsr-3260	113	5	trading	trading	NOUN
fsr-3260	113	6	strategies	strategy	NOUN
fsr-3260	113	7	in	in	ADP
fsr-3260	113	8	buy	buy	VERB
fsr-3260	113	9	decisions	decision	NOUN
fsr-3260	113	10	separately	separately	ADV
fsr-3260	113	11	from	from	ADP
fsr-3260	113	12	sell	sell	NOUN
fsr-3260	113	13	decisions	decision	NOUN
fsr-3260	113	14	,	,	PUNCT
fsr-3260	113	15	as	as	SCONJ
fsr-3260	113	16	people	people	NOUN
fsr-3260	113	17	may	may	AUX
fsr-3260	113	18	follow	follow	VERB
fsr-3260	113	19	different	different	ADJ
fsr-3260	113	20	strategies	strategy	NOUN
fsr-3260	113	21	when	when	SCONJ
fsr-3260	113	22	they	they	PRON
fsr-3260	113	23	buy	buy	VERB
fsr-3260	113	24	versus	versus	ADP
fsr-3260	113	25	when	when	SCONJ
fsr-3260	113	26	they	they	PRON
fsr-3260	113	27	sell	sell	VERB
fsr-3260	113	28	(	(	PUNCT
fsr-3260	113	29	grinblatt	grinblatt	PROPN
fsr-3260	113	30	et	et	PROPN
fsr-3260	113	31	al	al	PROPN
fsr-3260	113	32	.	.	PROPN
fsr-3260	113	33	,	,	PUNCT
fsr-3260	113	34	1995	1995	NUM
fsr-3260	113	35	;	;	PUNCT
fsr-3260	113	36	sirri	sirri	NOUN
fsr-3260	113	37	and	and	CCONJ
fsr-3260	113	38	tufano	tufano	ADJ
fsr-3260	113	39	,	,	PUNCT
fsr-3260	113	40	1998	1998	NUM
fsr-3260	113	41	)	)	PUNCT
fsr-3260	113	42	.	.	PUNCT
fsr-3260	114	1	we	we	PRON
fsr-3260	114	2	identify	identify	VERB
fsr-3260	114	3	momentum	momentum	NOUN
fsr-3260	114	4	traders	trader	NOUN
fsr-3260	114	5	quarterly	quarterly	ADV
fsr-3260	114	6	.	.	PUNCT
fsr-3260	115	1	it	it	PRON
fsr-3260	115	2	is	be	AUX
fsr-3260	115	3	because	because	SCONJ
fsr-3260	115	4	we	we	PRON
fsr-3260	115	5	found	find	VERB
fsr-3260	115	6	401(k	401(k	NOUN
fsr-3260	115	7	)	)	PUNCT
fsr-3260	115	8	traders	trader	NOUN
fsr-3260	115	9	tend	tend	VERB
fsr-3260	115	10	to	to	PART
fsr-3260	115	11	change	change	VERB
fsr-3260	115	12	their	their	PRON
fsr-3260	115	13	trading	trading	NOUN
fsr-3260	115	14	strategies	strategy	NOUN
fsr-3260	115	15	through	through	ADP
fsr-3260	115	16	time	time	NOUN
fsr-3260	115	17	in	in	ADP
fsr-3260	115	18	our	our	PRON
fsr-3260	115	19	preliminary	preliminary	ADJ
fsr-3260	115	20	results	result	NOUN
fsr-3260	115	21	;	;	PUNCT
fsr-3260	115	22	hence	hence	ADV
fsr-3260	115	23	it	it	PRON
fsr-3260	115	24	is	be	AUX
fsr-3260	115	25	inappropriate	inappropriate	ADJ
fsr-3260	115	26	to	to	PART
fsr-3260	115	27	assume	assume	VERB
fsr-3260	115	28	they	they	PRON
fsr-3260	115	29	follow	follow	VERB
fsr-3260	115	30	the	the	DET
fsr-3260	115	31	same	same	ADJ
fsr-3260	115	32	strategy	strategy	NOUN
fsr-3260	115	33	in	in	ADP
fsr-3260	115	34	a	a	DET
fsr-3260	115	35	year	year	NOUN
fsr-3260	115	36	or	or	CCONJ
fsr-3260	115	37	over	over	ADP
fsr-3260	115	38	a	a	DET
fsr-3260	115	39	longer	long	ADJ
fsr-3260	115	40	period	period	NOUN
fsr-3260	115	41	and	and	CCONJ
fsr-3260	115	42	investigate	investigate	VERB
fsr-3260	115	43	their	their	PRON
fsr-3260	115	44	momentum	momentum	NOUN
fsr-3260	115	45	trading	trading	NOUN
fsr-3260	115	46	performance	performance	NOUN
fsr-3260	115	47	during	during	ADP
fsr-3260	115	48	that	that	DET
fsr-3260	115	49	long	long	ADJ
fsr-3260	115	50	period	period	NOUN
fsr-3260	115	51	.	.	PUNCT
fsr-3260	116	1	we	we	PRON
fsr-3260	116	2	do	do	AUX
fsr-3260	116	3	not	not	PART
fsr-3260	116	4	choose	choose	VERB
fsr-3260	116	5	monthly	monthly	ADJ
fsr-3260	116	6	level	level	NOUN
fsr-3260	116	7	,	,	PUNCT
fsr-3260	116	8	as	as	SCONJ
fsr-3260	116	9	401(k	401(k	NOUN
fsr-3260	116	10	)	)	PUNCT
fsr-3260	116	11	plan	plan	NOUN
fsr-3260	116	12	participants	participant	NOUN
fsr-3260	116	13	are	be	AUX
fsr-3260	116	14	prone	prone	ADJ
fsr-3260	116	15	to	to	ADP
fsr-3260	116	16	inertia	inertia	NOUN
fsr-3260	116	17	when	when	SCONJ
fsr-3260	116	18	rebalancing	rebalancing	NOUN
fsr-3260	116	19	(	(	PUNCT
fsr-3260	116	20	agnew	agnew	PROPN
fsr-3260	116	21	et	et	PROPN
fsr-3260	116	22	al	al	PROPN
fsr-3260	116	23	.	.	PROPN
fsr-3260	116	24	,	,	PUNCT
fsr-3260	116	25	2003	2003	NUM
fsr-3260	116	26	)	)	PUNCT
fsr-3260	116	27	.	.	PUNCT
fsr-3260	117	1	therefore	therefore	ADV
fsr-3260	117	2	,	,	PUNCT
fsr-3260	117	3	we	we	PRON
fsr-3260	117	4	identify	identify	VERB
fsr-3260	117	5	momentum	momentum	NOUN
fsr-3260	117	6	traders	trader	NOUN
fsr-3260	117	7	quarterly	quarterly	ADV
fsr-3260	117	8	so	so	SCONJ
fsr-3260	117	9	that	that	SCONJ
fsr-3260	117	10	we	we	PRON
fsr-3260	117	11	will	will	AUX
fsr-3260	117	12	have	have	VERB
fsr-3260	117	13	sufficient	sufficient	ADJ
fsr-3260	117	14	trading	trading	NOUN
fsr-3260	117	15	data	datum	NOUN
fsr-3260	117	16	from	from	ADP
fsr-3260	117	17	each	each	DET
fsr-3260	117	18	individual	individual	NOUN
fsr-3260	117	19	.	.	PUNCT
fsr-3260	118	1	momentum	momentum	NOUN
fsr-3260	118	2	trading	trading	NOUN
fsr-3260	118	3	is	be	AUX
fsr-3260	118	4	considered	consider	VERB
fsr-3260	118	5	as	as	ADP
fsr-3260	118	6	a	a	DET
fsr-3260	118	7	short	short	ADJ
fsr-3260	118	8	-	-	PUNCT
fsr-3260	118	9	term	term	NOUN
fsr-3260	118	10	(	(	PUNCT
fsr-3260	118	11	less	less	ADJ
fsr-3260	118	12	than	than	ADP
fsr-3260	118	13	one	one	NUM
fsr-3260	118	14	year	year	NOUN
fsr-3260	118	15	)	)	PUNCT
fsr-3260	118	16	strategy	strategy	NOUN
fsr-3260	118	17	.	.	PUNCT
fsr-3260	119	1	the	the	DET
fsr-3260	119	2	time	time	NOUN
fsr-3260	119	3	interval	interval	NOUN
fsr-3260	119	4	commonly	commonly	ADV
fsr-3260	119	5	selected	select	VERB
fsr-3260	119	6	to	to	PART
fsr-3260	119	7	study	study	VERB
fsr-3260	119	8	momentum	momentum	NOUN
fsr-3260	119	9	strategy	strategy	NOUN
fsr-3260	119	10	ranges	range	VERB
fsr-3260	119	11	from	from	ADP
fsr-3260	119	12	one	one	NUM
fsr-3260	119	13	month	month	NOUN
fsr-3260	119	14	to	to	ADP
fsr-3260	119	15	one	one	NUM
fsr-3260	119	16	year	year	NOUN
fsr-3260	119	17	(	(	PUNCT
fsr-3260	119	18	gruber	gruber	PROPN
fsr-3260	119	19	,	,	PUNCT
fsr-3260	119	20	1996	1996	NUM
fsr-3260	119	21	;	;	PUNCT
fsr-3260	119	22	jegadeesh	jegadeesh	NOUN
fsr-3260	119	23	and	and	CCONJ
fsr-3260	119	24	tittman	tittman	NOUN
fsr-3260	119	25	,	,	PUNCT
fsr-3260	119	26	1993	1993	NUM
fsr-3260	119	27	,	,	PUNCT
fsr-3260	119	28	2001	2001	NUM
fsr-3260	119	29	;	;	PUNCT
fsr-3260	119	30	warther	warther	PROPN
fsr-3260	119	31	,	,	PUNCT
fsr-3260	119	32	1995	1995	NUM
fsr-3260	119	33	;	;	PUNCT
fsr-3260	119	34	zheng	zheng	PROPN
fsr-3260	119	35	,	,	PUNCT
fsr-3260	119	36	1999	1999	NUM
fsr-3260	119	37	)	)	PUNCT
fsr-3260	119	38	.	.	PUNCT
fsr-3260	120	1	in	in	ADP
fsr-3260	120	2	the	the	DET
fsr-3260	120	3	baseline	baseline	NOUN
fsr-3260	120	4	analysis	analysis	NOUN
fsr-3260	120	5	,	,	PUNCT
fsr-3260	120	6	we	we	PRON
fsr-3260	120	7	focus	focus	VERB
fsr-3260	120	8	on	on	ADP
fsr-3260	120	9	investors	investor	NOUN
fsr-3260	120	10	’	’	PART
fsr-3260	120	11	reactions	reaction	NOUN
fsr-3260	120	12	to	to	ADP
fsr-3260	120	13	the	the	DET
fsr-3260	120	14	past	past	ADJ
fsr-3260	120	15	month	month	NOUN
fsr-3260	120	16	’s	’s	PART
fsr-3260	120	17	return	return	NOUN
fsr-3260	120	18	.	.	PUNCT
fsr-3260	121	1	we	we	PRON
fsr-3260	121	2	assume	assume	VERB
fsr-3260	121	3	investors	investor	NOUN
fsr-3260	121	4	react	react	VERB
fsr-3260	121	5	to	to	ADP
fsr-3260	121	6	past	past	ADJ
fsr-3260	121	7	returns	return	NOUN
fsr-3260	121	8	without	without	ADP
fsr-3260	121	9	delay	delay	NOUN
fsr-3260	121	10	,	,	PUNCT
fsr-3260	121	11	as	as	SCONJ
fsr-3260	121	12	the	the	DET
fsr-3260	121	13	momentum	momentum	NOUN
fsr-3260	121	14	effect	effect	NOUN
fsr-3260	121	15	only	only	ADV
fsr-3260	121	16	exists	exist	VERB
fsr-3260	121	17	in	in	ADP
fsr-3260	121	18	the	the	DET
fsr-3260	121	19	short	short	ADJ
fsr-3260	121	20	-	-	PUNCT
fsr-3260	121	21	term	term	NOUN
fsr-3260	121	22	.	.	PUNCT
fsr-3260	122	1	specifically	specifically	ADV
fsr-3260	122	2	,	,	PUNCT
fsr-3260	122	3	each	each	DET
fsr-3260	122	4	quarter	quarter	NOUN
fsr-3260	122	5	,	,	PUNCT
fsr-3260	122	6	we	we	PRON
fsr-3260	122	7	first	first	ADV
fsr-3260	122	8	calculate	calculate	VERB
fsr-3260	122	9	the	the	DET
fsr-3260	122	10	number	number	NOUN
fsr-3260	122	11	of	of	ADP
fsr-3260	122	12	funds	fund	NOUN
fsr-3260	122	13	with	with	ADP
fsr-3260	122	14	positive	positive	ADJ
fsr-3260	122	15	or	or	CCONJ
fsr-3260	122	16	negative	negative	ADJ
fsr-3260	122	17	returns	return	NOUN
fsr-3260	122	18	one	one	NUM
fsr-3260	122	19	month	month	NOUN
fsr-3260	122	20	ago	ago	ADV
fsr-3260	122	21	.	.	PUNCT
fsr-3260	123	1	we	we	PRON
fsr-3260	123	2	then	then	ADV
fsr-3260	123	3	determine	determine	VERB
fsr-3260	123	4	if	if	SCONJ
fsr-3260	123	5	a	a	DET
fsr-3260	123	6	buyer	buyer	NOUN
fsr-3260	123	7	or	or	CCONJ
fsr-3260	123	8	a	a	DET
fsr-3260	123	9	seller	seller	NOUN
fsr-3260	123	10	follows	follow	VERB
fsr-3260	123	11	momentum	momentum	NOUN
fsr-3260	123	12	strategy	strategy	NOUN
fsr-3260	123	13	in	in	ADP
fsr-3260	123	14	response	response	NOUN
fsr-3260	123	15	to	to	ADP
fsr-3260	123	16	last	last	ADJ
fsr-3260	123	17	month	month	NOUN
fsr-3260	123	18	fund	fund	NOUN
fsr-3260	123	19	return	return	NOUN
fsr-3260	123	20	in	in	ADP
fsr-3260	123	21	that	that	DET
fsr-3260	123	22	quarter	quarter	NOUN
fsr-3260	123	23	using	use	VERB
fsr-3260	123	24	the	the	DET
fsr-3260	123	25	binomial	binomial	ADJ
fsr-3260	123	26	test	test	NOUN
fsr-3260	123	27	.	.	PUNCT
fsr-3260	124	1	the	the	DET
fsr-3260	124	2	fund	fund	NOUN
fsr-3260	124	3	cash	cash	NOUN
fsr-3260	124	4	flows	flow	NOUN
fsr-3260	124	5	by	by	ADP
fsr-3260	124	6	momentum	momentum	NOUN
fsr-3260	124	7	traders	trader	NOUN
fsr-3260	124	8	identified	identify	VERB
fsr-3260	124	9	here	here	ADV
fsr-3260	124	10	will	will	AUX
fsr-3260	124	11	be	be	AUX
fsr-3260	124	12	used	use	VERB
fsr-3260	124	13	to	to	PART
fsr-3260	124	14	construct	construct	VERB
fsr-3260	124	15	testing	testing	NOUN
fsr-3260	124	16	portfolios	portfolio	NOUN
fsr-3260	124	17	in	in	ADP
fsr-3260	124	18	the	the	DET
fsr-3260	124	19	following	follow	VERB
fsr-3260	124	20	sections	section	NOUN
fsr-3260	124	21	.	.	PUNCT
fsr-3260	125	1	in	in	ADP
fsr-3260	125	2	the	the	DET
fsr-3260	125	3	robustness	robustness	NOUN
fsr-3260	125	4	test	test	NOUN
fsr-3260	125	5	,	,	PUNCT
fsr-3260	125	6	we	we	PRON
fsr-3260	125	7	rerun	rerun	VERB
fsr-3260	125	8	the	the	DET
fsr-3260	125	9	analysis	analysis	NOUN
fsr-3260	125	10	based	base	VERB
fsr-3260	125	11	on	on	ADP
fsr-3260	125	12	investors	investor	NOUN
fsr-3260	125	13	’	'	PUNCT
fsr-3260	125	14	reaction	reaction	NOUN
fsr-3260	125	15	to	to	ADP
fsr-3260	125	16	funds	fund	NOUN
fsr-3260	125	17	’	'	PUNCT
fsr-3260	125	18	returns	return	NOUN
fsr-3260	125	19	over	over	ADP
fsr-3260	125	20	the	the	DET
fsr-3260	125	21	past	past	ADJ
fsr-3260	125	22	quarter	quarter	NOUN
fsr-3260	125	23	and	and	CCONJ
fsr-3260	125	24	year	year	NOUN
fsr-3260	125	25	(	(	PUNCT
fsr-3260	125	26	time	time	NOUN
fsr-3260	125	27	lag	lag	PROPN
fsr-3260	125	28	j	j	PROPN
fsr-3260	125	29	�	�	PROPN
fsr-3260	125	30	3	3	NUM
fsr-3260	125	31	and	and	CCONJ
fsr-3260	125	32	12	12	NUM
fsr-3260	125	33	months	month	NOUN
fsr-3260	125	34	)	)	PUNCT
fsr-3260	125	35	.	.	PUNCT
fsr-3260	126	1	fig	fig	NOUN
fsr-3260	126	2	.	.	PUNCT
fsr-3260	127	1	1	1	NUM
fsr-3260	127	2	panel	panel	NOUN
fsr-3260	127	3	a	a	DET
fsr-3260	127	4	shows	show	VERB
fsr-3260	127	5	the	the	DET
fsr-3260	127	6	cumulative	cumulative	ADJ
fsr-3260	127	7	number	number	NOUN
fsr-3260	127	8	and	and	CCONJ
fsr-3260	127	9	percentage	percentage	NOUN
fsr-3260	127	10	of	of	ADP
fsr-3260	127	11	traders	trader	NOUN
fsr-3260	127	12	who	who	PRON
fsr-3260	127	13	follow	follow	VERB
fsr-3260	127	14	momentum	momentum	NOUN
fsr-3260	127	15	strategies	strategy	NOUN
fsr-3260	127	16	with	with	ADP
fsr-3260	127	17	various	various	ADJ
fsr-3260	127	18	return	return	NOUN
fsr-3260	127	19	lags	lag	NOUN
fsr-3260	127	20	.	.	PUNCT
fsr-3260	128	1	specifically	specifically	ADV
fsr-3260	128	2	,	,	PUNCT
fsr-3260	128	3	we	we	PRON
fsr-3260	128	4	calculate	calculate	VERB
fsr-3260	128	5	the	the	DET
fsr-3260	128	6	total	total	ADJ
fsr-3260	128	7	number	number	NOUN
fsr-3260	128	8	of	of	ADP
fsr-3260	128	9	momentum	momentum	NOUN
fsr-3260	128	10	buyers	buyer	NOUN
fsr-3260	128	11	and	and	CCONJ
fsr-3260	128	12	sellers	seller	NOUN
fsr-3260	128	13	,	,	PUNCT
fsr-3260	128	14	and	and	CCONJ
fsr-3260	128	15	the	the	DET
fsr-3260	128	16	percentage	percentage	NOUN
fsr-3260	128	17	of	of	ADP
fsr-3260	128	18	momentum	momentum	NOUN
fsr-3260	128	19	traders	trader	NOUN
fsr-3260	128	20	out	out	ADP
fsr-3260	128	21	of	of	ADP
fsr-3260	128	22	all	all	DET
fsr-3260	128	23	buyers	buyer	NOUN
fsr-3260	128	24	and	and	CCONJ
fsr-3260	128	25	sellers	seller	NOUN
fsr-3260	128	26	throughout	throughout	ADP
fsr-3260	128	27	the	the	DET
fsr-3260	128	28	testing	testing	NOUN
fsr-3260	128	29	period	period	NOUN
fsr-3260	128	30	(	(	PUNCT
fsr-3260	128	31	january	january	PROPN
fsr-3260	128	32	2005	2005	NUM
fsr-3260	128	33	through	through	ADP
fsr-3260	128	34	december	december	PROPN
fsr-3260	128	35	2010	2010	NUM
fsr-3260	128	36	)	)	PUNCT
fsr-3260	128	37	.	.	PUNCT
fsr-3260	129	1	fig	fig	NOUN
fsr-3260	129	2	.	.	PUNCT
fsr-3260	130	1	1	1	NUM
fsr-3260	130	2	panel	panel	NOUN
fsr-3260	130	3	b	b	PROPN
fsr-3260	130	4	reports	report	VERB
fsr-3260	130	5	quarterly	quarterly	ADJ
fsr-3260	130	6	momentum	momentum	NOUN
fsr-3260	130	7	trading	trading	NOUN
fsr-3260	130	8	statistics	statistic	NOUN
fsr-3260	130	9	.	.	PUNCT
fsr-3260	131	1	first	first	ADV
fsr-3260	131	2	,	,	PUNCT
fsr-3260	131	3	we	we	PRON
fsr-3260	131	4	establish	establish	VERB
fsr-3260	131	5	that	that	SCONJ
fsr-3260	131	6	each	each	DET
fsr-3260	131	7	quarter	quarter	NOUN
fsr-3260	131	8	,	,	PUNCT
fsr-3260	131	9	there	there	PRON
fsr-3260	131	10	does	do	AUX
fsr-3260	131	11	exist	exist	VERB
fsr-3260	131	12	a	a	DET
fsr-3260	131	13	group	group	NOUN
fsr-3260	131	14	of	of	ADP
fsr-3260	131	15	alert	alert	ADJ
fsr-3260	131	16	traders	trader	NOUN
fsr-3260	131	17	who	who	PRON
fsr-3260	131	18	follow	follow	VERB
fsr-3260	131	19	momentum	momentum	NOUN
fsr-3260	131	20	trading	trading	NOUN
fsr-3260	131	21	in	in	ADP
fsr-3260	131	22	401(k	401(k	NOUN
fsr-3260	131	23	)	)	PUNCT
fsr-3260	131	24	plans	plan	NOUN
fsr-3260	131	25	.	.	PUNCT
fsr-3260	132	1	for	for	ADP
fsr-3260	132	2	example	example	NOUN
fsr-3260	132	3	,	,	PUNCT
fsr-3260	132	4	as	as	SCONJ
fsr-3260	132	5	depicted	depict	VERB
fsr-3260	132	6	in	in	ADP
fsr-3260	132	7	fig	fig	NOUN
fsr-3260	132	8	.	.	PUNCT
fsr-3260	133	1	1	1	NUM
fsr-3260	133	2	panel	panel	NOUN
fsr-3260	133	3	a	a	X
fsr-3260	133	4	,	,	PUNCT
fsr-3260	133	5	in	in	ADP
fsr-3260	133	6	reaction	reaction	NOUN
fsr-3260	133	7	to	to	ADP
fsr-3260	133	8	the	the	DET
fsr-3260	133	9	past	past	ADJ
fsr-3260	133	10	month	month	NOUN
fsr-3260	133	11	’s	’s	PART
fsr-3260	133	12	return	return	NOUN
fsr-3260	133	13	,	,	PUNCT
fsr-3260	133	14	a	a	DET
fsr-3260	133	15	total	total	NOUN
fsr-3260	133	16	of	of	ADP
fsr-3260	133	17	76	76	NUM
fsr-3260	133	18	%	%	NOUN
fsr-3260	133	19	of	of	ADP
fsr-3260	133	20	the	the	DET
fsr-3260	133	21	1.15	1.15	NUM
fsr-3260	133	22	million	million	NUM
fsr-3260	133	23	buyers	buyer	NOUN
fsr-3260	133	24	adopted	adopt	VERB
fsr-3260	133	25	momentum	momentum	NOUN
fsr-3260	133	26	strategies	strategy	NOUN
fsr-3260	133	27	at	at	ADP
fsr-3260	133	28	least	least	ADJ
fsr-3260	133	29	once	once	ADV
fsr-3260	133	30	during	during	ADP
fsr-3260	133	31	the	the	DET
fsr-3260	133	32	sample	sample	NOUN
fsr-3260	133	33	period	period	NOUN
fsr-3260	133	34	;	;	PUNCT
fsr-3260	133	35	sixty	sixty	NUM
fsr-3260	133	36	percentage	percentage	NOUN
fsr-3260	133	37	of	of	ADP
fsr-3260	133	38	the	the	DET
fsr-3260	133	39	1.04	1.04	NUM
fsr-3260	133	40	million	million	NUM
fsr-3260	133	41	sellers	seller	NOUN
fsr-3260	133	42	sell	sell	VERB
fsr-3260	133	43	the	the	DET
fsr-3260	133	44	previous	previous	ADJ
fsr-3260	133	45	month	month	NOUN
fsr-3260	133	46	’s	’s	PART
fsr-3260	133	47	losers	loser	NOUN
fsr-3260	133	48	,	,	PUNCT
fsr-3260	133	49	making	make	VERB
fsr-3260	133	50	them	they	PRON
fsr-3260	133	51	momentum	momentum	NOUN
fsr-3260	133	52	sellers	seller	NOUN
fsr-3260	133	53	at	at	ADP
fsr-3260	133	54	least	least	ADJ
fsr-3260	133	55	in	in	ADP
fsr-3260	133	56	one	one	NUM
fsr-3260	133	57	quarter	quarter	NOUN
fsr-3260	133	58	during	during	ADP
fsr-3260	133	59	sample	sample	NOUN
fsr-3260	133	60	period.3	period.3	NOUN
fsr-3260	133	61	quarterly	quarterly	ADJ
fsr-3260	133	62	average	average	ADJ
fsr-3260	133	63	statistics	statistic	NOUN
fsr-3260	133	64	in	in	ADP
fsr-3260	133	65	fig	fig	NOUN
fsr-3260	133	66	.	.	PUNCT
fsr-3260	134	1	1	1	NUM
fsr-3260	134	2	pane	pane	NOUN
fsr-3260	134	3	b	b	PROPN
fsr-3260	134	4	show	show	VERB
fsr-3260	134	5	that	that	SCONJ
fsr-3260	134	6	each	each	DET
fsr-3260	134	7	quarter	quarter	NOUN
fsr-3260	134	8	,	,	PUNCT
fsr-3260	134	9	a	a	DET
fsr-3260	134	10	portion	portion	NOUN
fsr-3260	134	11	of	of	ADP
fsr-3260	134	12	58	58	NUM
fsr-3260	134	13	%	%	NOUN
fsr-3260	134	14	of	of	ADP
fsr-3260	134	15	buyers	buyer	NOUN
fsr-3260	134	16	followed	follow	VERB
fsr-3260	134	17	momentum	momentum	NOUN
fsr-3260	134	18	strategies	strategy	NOUN
fsr-3260	134	19	when	when	SCONJ
fsr-3260	134	20	evaluated	evaluate	VERB
fsr-3260	134	21	with	with	ADP
fsr-3260	134	22	past	past	ADJ
fsr-3260	134	23	month	month	NOUN
fsr-3260	134	24	’s	’s	PART
fsr-3260	134	25	return	return	NOUN
fsr-3260	134	26	;	;	PUNCT
fsr-3260	134	27	forty	forty	NUM
fsr-3260	134	28	percentage	percentage	NOUN
fsr-3260	134	29	of	of	ADP
fsr-3260	134	30	sellers	seller	NOUN
fsr-3260	134	31	are	be	AUX
fsr-3260	134	32	momentum	momentum	NOUN
fsr-3260	134	33	traders	trader	NOUN
fsr-3260	134	34	.	.	PUNCT
fsr-3260	135	1	in	in	ADP
fsr-3260	135	2	addition	addition	NOUN
fsr-3260	135	3	,	,	PUNCT
fsr-3260	135	4	we	we	PRON
fsr-3260	135	5	confirm	confirm	VERB
fsr-3260	135	6	that	that	SCONJ
fsr-3260	135	7	patterns	pattern	NOUN
fsr-3260	135	8	in	in	ADP
fsr-3260	135	9	buy	buy	VERB
fsr-3260	135	10	and	and	CCONJ
fsr-3260	135	11	sell	sell	VERB
fsr-3260	135	12	decisions	decision	NOUN
fsr-3260	135	13	vary	vary	VERB
fsr-3260	135	14	.	.	PUNCT
fsr-3260	136	1	the	the	DET
fsr-3260	136	2	momentum	momentum	NOUN
fsr-3260	136	3	strategy	strategy	NOUN
fsr-3260	136	4	is	be	AUX
fsr-3260	136	5	more	more	ADV
fsr-3260	136	6	popular	popular	ADJ
fsr-3260	136	7	in	in	ADP
fsr-3260	136	8	buy	buy	NOUN
fsr-3260	136	9	decisions	decision	NOUN
fsr-3260	136	10	than	than	ADP
fsr-3260	136	11	in	in	ADP
fsr-3260	136	12	sell	sell	NOUN
fsr-3260	136	13	decisions	decision	NOUN
fsr-3260	136	14	.	.	PUNCT
fsr-3260	137	1	56	56	NUM
fsr-3260	137	2	n.	n.	PROPN
fsr-3260	137	3	tang	tang	PROPN
fsr-3260	137	4	/	/	SYM
fsr-3260	137	5	financial	financial	ADJ
fsr-3260	137	6	services	service	NOUN
fsr-3260	137	7	review	review	VERB
fsr-3260	137	8	25	25	NUM
fsr-3260	137	9	(	(	PUNCT
fsr-3260	137	10	2016	2016	NUM
fsr-3260	137	11	)	)	PUNCT
fsr-3260	137	12	51–72	51–72	NUM
fsr-3260	137	13	4	4	NUM
fsr-3260	137	14	.	.	PUNCT
fsr-3260	137	15	performance	performance	NOUN
fsr-3260	137	16	of	of	ADP
fsr-3260	137	17	momentum	momentum	NOUN
fsr-3260	137	18	traders	trader	NOUN
fsr-3260	137	19	4.1	4.1	NUM
fsr-3260	137	20	.	.	PUNCT
fsr-3260	138	1	performance	performance	NOUN
fsr-3260	138	2	measures	measure	NOUN
fsr-3260	138	3	in	in	ADP
fsr-3260	138	4	this	this	DET
fsr-3260	138	5	section	section	NOUN
fsr-3260	138	6	,	,	PUNCT
fsr-3260	138	7	we	we	PRON
fsr-3260	138	8	ask	ask	VERB
fsr-3260	138	9	whether	whether	SCONJ
fsr-3260	138	10	momentum	momentum	NOUN
fsr-3260	138	11	traders	trader	NOUN
fsr-3260	138	12	,	,	PUNCT
fsr-3260	138	13	as	as	SCONJ
fsr-3260	138	14	identified	identify	VERB
fsr-3260	138	15	in	in	ADP
fsr-3260	138	16	the	the	DET
fsr-3260	138	17	previous	previous	ADJ
fsr-3260	138	18	section	section	NOUN
fsr-3260	138	19	,	,	PUNCT
fsr-3260	138	20	improve	improve	VERB
fsr-3260	138	21	their	their	PRON
fsr-3260	138	22	portfolio	portfolio	NOUN
fsr-3260	138	23	performance	performance	NOUN
fsr-3260	138	24	.	.	PUNCT
fsr-3260	139	1	to	to	PART
fsr-3260	139	2	address	address	VERB
fsr-3260	139	3	this	this	DET
fsr-3260	139	4	point	point	NOUN
fsr-3260	139	5	,	,	PUNCT
fsr-3260	139	6	we	we	PRON
fsr-3260	139	7	follow	follow	VERB
fsr-3260	139	8	zheng	zheng	PROPN
fsr-3260	139	9	(	(	PUNCT
fsr-3260	139	10	1999	1999	NUM
fsr-3260	139	11	)	)	PUNCT
fsr-3260	139	12	to	to	PART
fsr-3260	139	13	evaluate	evaluate	VERB
fsr-3260	139	14	trading	trading	NOUN
fsr-3260	139	15	performances	performance	NOUN
fsr-3260	139	16	.	.	PUNCT
fsr-3260	140	1	we	we	PRON
fsr-3260	140	2	first	first	ADV
fsr-3260	140	3	construct	construct	VERB
fsr-3260	140	4	three	three	NUM
fsr-3260	140	5	portfolios	portfolio	NOUN
fsr-3260	140	6	based	base	VERB
fsr-3260	140	7	on	on	ADP
fsr-3260	140	8	the	the	DET
fsr-3260	140	9	quarterly	quarterly	ADJ
fsr-3260	140	10	momentum	momentum	NOUN
fsr-3260	140	11	identifiers	identifier	NOUN
fsr-3260	140	12	(	(	PUNCT
fsr-3260	140	13	876,941	876,941	NUM
fsr-3260	140	14	momentum	momentum	NOUN
fsr-3260	140	15	buyers	buyer	NOUN
fsr-3260	140	16	and	and	CCONJ
fsr-3260	140	17	624,307	624,307	NUM
fsr-3260	140	18	momentum	momentum	NOUN
fsr-3260	140	19	sellers	seller	NOUN
fsr-3260	140	20	)	)	PUNCT
fsr-3260	140	21	in	in	ADP
fsr-3260	140	22	response	response	NOUN
fsr-3260	140	23	to	to	ADP
fsr-3260	140	24	past	past	ADJ
fsr-3260	140	25	month	month	NOUN
fsr-3260	140	26	fund	fund	NOUN
fsr-3260	140	27	return	return	NOUN
fsr-3260	140	28	obtained	obtain	VERB
fsr-3260	140	29	in	in	ADP
fsr-3260	140	30	the	the	DET
fsr-3260	140	31	previous	previous	ADJ
fsr-3260	140	32	section	section	NOUN
fsr-3260	140	33	:	:	PUNCT
fsr-3260	140	34	fig	fig	NOUN
fsr-3260	140	35	.	.	PUNCT
fsr-3260	141	1	1	1	X
fsr-3260	141	2	.	.	X
fsr-3260	141	3	momentum	momentum	NOUN
fsr-3260	141	4	traders	trader	NOUN
fsr-3260	141	5	statistics	statistic	NOUN
fsr-3260	141	6	.	.	PUNCT
fsr-3260	142	1	(	(	PUNCT
fsr-3260	142	2	a	a	X
fsr-3260	142	3	)	)	PUNCT
fsr-3260	142	4	cumulative	cumulative	ADJ
fsr-3260	142	5	statistics	statistic	NOUN
fsr-3260	142	6	during	during	ADP
fsr-3260	142	7	january	january	PROPN
fsr-3260	142	8	2005	2005	NUM
fsr-3260	142	9	through	through	ADP
fsr-3260	142	10	december	december	PROPN
fsr-3260	142	11	2010	2010	NUM
fsr-3260	142	12	,	,	PUNCT
fsr-3260	142	13	(	(	PUNCT
fsr-3260	142	14	b	b	X
fsr-3260	142	15	)	)	PUNCT
fsr-3260	142	16	quarterly	quarterly	ADJ
fsr-3260	142	17	statistics	statistic	NOUN
fsr-3260	142	18	.	.	PUNCT
fsr-3260	143	1	note	note	NOUN
fsr-3260	143	2	:	:	PUNCT
fsr-3260	143	3	panel	panel	NOUN
fsr-3260	143	4	a	a	PRON
fsr-3260	143	5	in	in	ADP
fsr-3260	143	6	this	this	DET
fsr-3260	143	7	figure	figure	NOUN
fsr-3260	143	8	shows	show	VERB
fsr-3260	143	9	the	the	DET
fsr-3260	143	10	cumulative	cumulative	ADJ
fsr-3260	143	11	number	number	NOUN
fsr-3260	143	12	and	and	CCONJ
fsr-3260	143	13	percentage	percentage	NOUN
fsr-3260	143	14	of	of	ADP
fsr-3260	143	15	buyers	buyer	NOUN
fsr-3260	143	16	and	and	CCONJ
fsr-3260	143	17	sellers	seller	NOUN
fsr-3260	143	18	who	who	PRON
fsr-3260	143	19	followed	follow	VERB
fsr-3260	143	20	momentum	momentum	NOUN
fsr-3260	143	21	strategies	strategy	NOUN
fsr-3260	143	22	in	in	ADP
fsr-3260	143	23	response	response	NOUN
fsr-3260	143	24	to	to	ADP
fsr-3260	143	25	returns	return	NOUN
fsr-3260	143	26	over	over	ADP
fsr-3260	143	27	past	past	ADJ
fsr-3260	143	28	1	1	NUM
fsr-3260	143	29	,	,	PUNCT
fsr-3260	143	30	3	3	NUM
fsr-3260	143	31	,	,	PUNCT
fsr-3260	143	32	and	and	CCONJ
fsr-3260	143	33	12	12	NUM
fsr-3260	143	34	months	month	NOUN
fsr-3260	143	35	during	during	ADP
fsr-3260	143	36	the	the	DET
fsr-3260	143	37	sample	sample	NOUN
fsr-3260	143	38	period	period	NOUN
fsr-3260	143	39	(	(	PUNCT
fsr-3260	143	40	january	january	PROPN
fsr-3260	143	41	2005	2005	NUM
fsr-3260	143	42	through	through	ADP
fsr-3260	143	43	december	december	PROPN
fsr-3260	143	44	2010	2010	NUM
fsr-3260	143	45	)	)	PUNCT
fsr-3260	143	46	.	.	PUNCT
fsr-3260	144	1	percentage	percentage	NOUN
fsr-3260	144	2	of	of	ADP
fsr-3260	144	3	momentum	momentum	NOUN
fsr-3260	144	4	buyers	buyer	NOUN
fsr-3260	144	5	(	(	PUNCT
fsr-3260	144	6	sellers	seller	NOUN
fsr-3260	144	7	)	)	PUNCT
fsr-3260	144	8	is	be	AUX
fsr-3260	144	9	calculated	calculate	VERB
fsr-3260	144	10	by	by	ADP
fsr-3260	144	11	dividing	divide	VERB
fsr-3260	144	12	the	the	DET
fsr-3260	144	13	total	total	ADJ
fsr-3260	144	14	number	number	NOUN
fsr-3260	144	15	of	of	ADP
fsr-3260	144	16	momentum	momentum	NOUN
fsr-3260	144	17	buyers	buyer	NOUN
fsr-3260	144	18	(	(	PUNCT
fsr-3260	144	19	sellers	seller	NOUN
fsr-3260	144	20	)	)	PUNCT
fsr-3260	144	21	by	by	ADP
fsr-3260	144	22	the	the	DET
fsr-3260	144	23	total	total	ADJ
fsr-3260	144	24	number	number	NOUN
fsr-3260	144	25	of	of	ADP
fsr-3260	144	26	buyers	buyer	NOUN
fsr-3260	144	27	(	(	PUNCT
fsr-3260	144	28	sellers	seller	NOUN
fsr-3260	144	29	)	)	PUNCT
fsr-3260	144	30	throughout	throughout	ADP
fsr-3260	144	31	the	the	DET
fsr-3260	144	32	sample	sample	NOUN
fsr-3260	144	33	period	period	NOUN
fsr-3260	144	34	.	.	PUNCT
fsr-3260	145	1	panel	panel	NOUN
fsr-3260	145	2	b	b	PROPN
fsr-3260	145	3	in	in	ADP
fsr-3260	145	4	this	this	DET
fsr-3260	145	5	figure	figure	NOUN
fsr-3260	145	6	reports	report	VERB
fsr-3260	145	7	the	the	DET
fsr-3260	145	8	quarterly	quarterly	ADJ
fsr-3260	145	9	momentum	momentum	NOUN
fsr-3260	145	10	trading	trading	NOUN
fsr-3260	145	11	strategy	strategy	NOUN
fsr-3260	145	12	.	.	PUNCT
fsr-3260	146	1	number	number	NOUN
fsr-3260	146	2	of	of	ADP
fsr-3260	146	3	momentum	momentum	NOUN
fsr-3260	146	4	buyers	buyer	NOUN
fsr-3260	146	5	(	(	PUNCT
fsr-3260	146	6	sellers	seller	NOUN
fsr-3260	146	7	)	)	PUNCT
fsr-3260	146	8	and	and	CCONJ
fsr-3260	146	9	total	total	ADJ
fsr-3260	146	10	number	number	NOUN
fsr-3260	146	11	of	of	ADP
fsr-3260	146	12	buyers	buyer	NOUN
fsr-3260	146	13	(	(	PUNCT
fsr-3260	146	14	sellers	seller	NOUN
fsr-3260	146	15	)	)	PUNCT
fsr-3260	146	16	in	in	ADP
fsr-3260	146	17	each	each	DET
fsr-3260	146	18	quarter	quarter	NOUN
fsr-3260	146	19	are	be	AUX
fsr-3260	146	20	first	first	ADV
fsr-3260	146	21	calculated	calculate	VERB
fsr-3260	146	22	;	;	PUNCT
fsr-3260	146	23	then	then	ADV
fsr-3260	146	24	the	the	DET
fsr-3260	146	25	average	average	ADJ
fsr-3260	146	26	number	number	NOUN
fsr-3260	146	27	and	and	CCONJ
fsr-3260	146	28	percentage	percentage	NOUN
fsr-3260	146	29	of	of	ADP
fsr-3260	146	30	momentum	momentum	NOUN
fsr-3260	146	31	buyers	buyer	NOUN
fsr-3260	146	32	and	and	CCONJ
fsr-3260	146	33	sellers	seller	NOUN
fsr-3260	146	34	are	be	AUX
fsr-3260	146	35	shown	show	VERB
fsr-3260	146	36	in	in	ADP
fsr-3260	146	37	panel	panel	NOUN
fsr-3260	146	38	b.	b.	PROPN
fsr-3260	146	39	57n	57n	NUM
fsr-3260	146	40	.	.	PUNCT
fsr-3260	146	41	tang	tang	PROPN
fsr-3260	146	42	/	/	SYM
fsr-3260	146	43	financial	financial	ADJ
fsr-3260	146	44	services	service	NOUN
fsr-3260	146	45	review	review	VERB
fsr-3260	146	46	25	25	NUM
fsr-3260	146	47	(	(	PUNCT
fsr-3260	146	48	2016	2016	NUM
fsr-3260	146	49	)	)	PUNCT
fsr-3260	146	50	51–72	51–72	NUM
fsr-3260	146	51	1	1	NUM
fsr-3260	146	52	.	.	PUNCT
fsr-3260	146	53	momentum	momentum	NOUN
fsr-3260	146	54	buyer	buyer	NOUN
fsr-3260	146	55	portfolio	portfolio	NOUN
fsr-3260	146	56	:	:	PUNCT
fsr-3260	146	57	long	long	ADJ
fsr-3260	146	58	funds	fund	NOUN
fsr-3260	146	59	bought	buy	VERB
fsr-3260	146	60	by	by	ADP
fsr-3260	146	61	a	a	DET
fsr-3260	146	62	momentum	momentum	NOUN
fsr-3260	146	63	buyer	buyer	NOUN
fsr-3260	146	64	each	each	DET
fsr-3260	146	65	month	month	NOUN
fsr-3260	146	66	and	and	CCONJ
fsr-3260	146	67	weighted	weight	VERB
fsr-3260	146	68	by	by	ADP
fsr-3260	146	69	fund	fund	PROPN
fsr-3260	146	70	’s	’s	PART
fsr-3260	146	71	trading	trading	NOUN
fsr-3260	146	72	amount	amount	NOUN
fsr-3260	146	73	.	.	PUNCT
fsr-3260	147	1	2	2	X
fsr-3260	147	2	.	.	X
fsr-3260	147	3	momentum	momentum	NOUN
fsr-3260	147	4	seller	seller	NOUN
fsr-3260	147	5	portfolio	portfolio	NOUN
fsr-3260	147	6	:	:	PUNCT
fsr-3260	147	7	long	long	ADJ
fsr-3260	147	8	funds	fund	NOUN
fsr-3260	147	9	sold	sell	VERB
fsr-3260	147	10	by	by	ADP
fsr-3260	147	11	a	a	DET
fsr-3260	147	12	momentum	momentum	NOUN
fsr-3260	147	13	seller	seller	NOUN
fsr-3260	147	14	each	each	DET
fsr-3260	147	15	month	month	NOUN
fsr-3260	147	16	and	and	CCONJ
fsr-3260	147	17	weighted	weight	VERB
fsr-3260	147	18	by	by	ADP
fsr-3260	147	19	fund	fund	PROPN
fsr-3260	147	20	’s	’s	PART
fsr-3260	147	21	trading	trading	NOUN
fsr-3260	147	22	amount	amount	NOUN
fsr-3260	147	23	.	.	PUNCT
fsr-3260	148	1	3	3	X
fsr-3260	148	2	.	.	X
fsr-3260	148	3	long	long	ADJ
fsr-3260	148	4	-	-	PUNCT
fsr-3260	148	5	short	short	ADJ
fsr-3260	148	6	portfolio	portfolio	NOUN
fsr-3260	148	7	:	:	PUNCT
fsr-3260	148	8	long	long	ADV
fsr-3260	148	9	the	the	DET
fsr-3260	148	10	momentum	momentum	NOUN
fsr-3260	148	11	buyer	buyer	NOUN
fsr-3260	148	12	portfolio	portfolio	NOUN
fsr-3260	148	13	and	and	CCONJ
fsr-3260	148	14	short	short	ADJ
fsr-3260	148	15	the	the	DET
fsr-3260	148	16	momentum	momentum	NOUN
fsr-3260	148	17	seller	seller	NOUN
fsr-3260	148	18	portfolio	portfolio	NOUN
fsr-3260	148	19	.	.	PUNCT
fsr-3260	149	1	portfolio	portfolio	NOUN
fsr-3260	149	2	1	1	NUM
fsr-3260	149	3	and	and	CCONJ
fsr-3260	149	4	2	2	NUM
fsr-3260	149	5	track	track	NOUN
fsr-3260	149	6	what	what	PRON
fsr-3260	149	7	a	a	DET
fsr-3260	149	8	trader	trader	NOUN
fsr-3260	149	9	purchases	purchase	VERB
fsr-3260	149	10	or	or	CCONJ
fsr-3260	149	11	sells	sell	VERB
fsr-3260	149	12	each	each	DET
fsr-3260	149	13	month	month	NOUN
fsr-3260	149	14	in	in	ADP
fsr-3260	149	15	the	the	DET
fsr-3260	149	16	quarter	quarter	NOUN
fsr-3260	149	17	when	when	SCONJ
fsr-3260	149	18	he	he	PRON
fsr-3260	149	19	is	be	AUX
fsr-3260	149	20	identified	identify	VERB
fsr-3260	149	21	as	as	ADP
fsr-3260	149	22	a	a	DET
fsr-3260	149	23	momentum	momentum	NOUN
fsr-3260	149	24	trader	trader	NOUN
fsr-3260	149	25	.	.	PUNCT
fsr-3260	150	1	for	for	ADP
fsr-3260	150	2	example	example	NOUN
fsr-3260	150	3	,	,	PUNCT
fsr-3260	150	4	in	in	ADP
fsr-3260	150	5	the	the	DET
fsr-3260	150	6	first	first	ADJ
fsr-3260	150	7	quarter	quarter	NOUN
fsr-3260	150	8	of	of	ADP
fsr-3260	150	9	2008	2008	NUM
fsr-3260	150	10	,	,	PUNCT
fsr-3260	150	11	if	if	SCONJ
fsr-3260	150	12	an	an	DET
fsr-3260	150	13	individual	individual	NOUN
fsr-3260	150	14	is	be	AUX
fsr-3260	150	15	identified	identify	VERB
fsr-3260	150	16	as	as	ADP
fsr-3260	150	17	a	a	DET
fsr-3260	150	18	momentum	momentum	NOUN
fsr-3260	150	19	buyer	buyer	NOUN
fsr-3260	150	20	in	in	ADP
fsr-3260	150	21	response	response	NOUN
fsr-3260	150	22	to	to	ADP
fsr-3260	150	23	past	past	ADJ
fsr-3260	150	24	month	month	NOUN
fsr-3260	150	25	return	return	NOUN
fsr-3260	150	26	,	,	PUNCT
fsr-3260	150	27	a	a	DET
fsr-3260	150	28	momentum	momentum	NOUN
fsr-3260	150	29	buyer	buyer	NOUN
fsr-3260	150	30	portfolio	portfolio	NOUN
fsr-3260	150	31	is	be	AUX
fsr-3260	150	32	constructed	construct	VERB
fsr-3260	150	33	based	base	VERB
fsr-3260	150	34	on	on	ADP
fsr-3260	150	35	what	what	PRON
fsr-3260	150	36	he	he	PRON
fsr-3260	150	37	purchased	purchase	VERB
fsr-3260	150	38	each	each	DET
fsr-3260	150	39	month	month	NOUN
fsr-3260	150	40	in	in	ADP
fsr-3260	150	41	that	that	DET
fsr-3260	150	42	quarter	quarter	NOUN
fsr-3260	150	43	.	.	PUNCT
fsr-3260	151	1	however	however	ADV
fsr-3260	151	2	,	,	PUNCT
fsr-3260	151	3	if	if	SCONJ
fsr-3260	151	4	the	the	DET
fsr-3260	151	5	individual	individual	NOUN
fsr-3260	151	6	stopped	stop	VERB
fsr-3260	151	7	following	follow	VERB
fsr-3260	151	8	momentum	momentum	NOUN
fsr-3260	151	9	trading	trading	NOUN
fsr-3260	151	10	in	in	ADP
fsr-3260	151	11	the	the	DET
fsr-3260	151	12	next	next	ADJ
fsr-3260	151	13	quarter	quarter	NOUN
fsr-3260	151	14	,	,	PUNCT
fsr-3260	151	15	his	his	PRON
fsr-3260	151	16	portfolio	portfolio	NOUN
fsr-3260	151	17	will	will	AUX
fsr-3260	151	18	not	not	PART
fsr-3260	151	19	continue	continue	VERB
fsr-3260	151	20	to	to	PART
fsr-3260	151	21	be	be	AUX
fsr-3260	151	22	included	include	VERB
fsr-3260	151	23	in	in	ADP
fsr-3260	151	24	the	the	DET
fsr-3260	151	25	momentum	momentum	NOUN
fsr-3260	151	26	buyer	buyer	NOUN
fsr-3260	151	27	portfolio	portfolio	NOUN
fsr-3260	151	28	next	next	ADJ
fsr-3260	151	29	quarter	quarter	NOUN
fsr-3260	151	30	.	.	PUNCT
fsr-3260	152	1	portfolio	portfolio	NOUN
fsr-3260	152	2	3	3	NUM
fsr-3260	152	3	takes	take	VERB
fsr-3260	152	4	a	a	DET
fsr-3260	152	5	long	long	ADJ
fsr-3260	152	6	position	position	NOUN
fsr-3260	152	7	in	in	ADP
fsr-3260	152	8	portfolio	portfolio	NOUN
fsr-3260	152	9	1	1	NUM
fsr-3260	152	10	and	and	CCONJ
fsr-3260	152	11	a	a	DET
fsr-3260	152	12	short	short	ADJ
fsr-3260	152	13	position	position	NOUN
fsr-3260	152	14	in	in	ADP
fsr-3260	152	15	portfolio	portfolio	NOUN
fsr-3260	152	16	2	2	NUM
fsr-3260	152	17	.	.	PUNCT
fsr-3260	152	18	that	that	PRON
fsr-3260	152	19	is	is	ADV
fsr-3260	152	20	,	,	PUNCT
fsr-3260	152	21	portfolio	portfolio	NOUN
fsr-3260	152	22	3	3	NUM
fsr-3260	152	23	evaluates	evaluate	VERB
fsr-3260	152	24	the	the	DET
fsr-3260	152	25	overall	overall	ADJ
fsr-3260	152	26	performance	performance	NOUN
fsr-3260	152	27	of	of	ADP
fsr-3260	152	28	momentum	momentum	NOUN
fsr-3260	152	29	traders	trader	NOUN
fsr-3260	152	30	by	by	ADP
fsr-3260	152	31	buying	buy	VERB
fsr-3260	152	32	what	what	PRON
fsr-3260	152	33	momentum	momentum	NOUN
fsr-3260	152	34	buyers	buyer	NOUN
fsr-3260	152	35	purchased	purchase	VERB
fsr-3260	152	36	and	and	CCONJ
fsr-3260	152	37	selling	sell	VERB
fsr-3260	152	38	what	what	PRON
fsr-3260	152	39	momentum	momentum	NOUN
fsr-3260	152	40	sellers	seller	NOUN
fsr-3260	152	41	sold	sell	VERB
fsr-3260	152	42	.	.	PUNCT
fsr-3260	153	1	we	we	PRON
fsr-3260	153	2	also	also	ADV
fsr-3260	153	3	assume	assume	VERB
fsr-3260	153	4	that	that	SCONJ
fsr-3260	153	5	investors	investor	NOUN
fsr-3260	153	6	hold	hold	VERB
fsr-3260	153	7	the	the	DET
fsr-3260	153	8	portfolio	portfolio	NOUN
fsr-3260	153	9	for	for	ADP
fsr-3260	153	10	six	six	NUM
fsr-3260	153	11	months	month	NOUN
fsr-3260	153	12	in	in	ADP
fsr-3260	153	13	the	the	DET
fsr-3260	153	14	baseline	baseline	NOUN
fsr-3260	153	15	analysis	analysis	NOUN
fsr-3260	153	16	.	.	PUNCT
fsr-3260	154	1	therefore	therefore	ADV
fsr-3260	154	2	,	,	PUNCT
fsr-3260	154	3	once	once	SCONJ
fsr-3260	154	4	the	the	DET
fsr-3260	154	5	portfolio	portfolio	NOUN
fsr-3260	154	6	is	be	AUX
fsr-3260	154	7	constructed	construct	VERB
fsr-3260	154	8	,	,	PUNCT
fsr-3260	154	9	we	we	PRON
fsr-3260	154	10	calculate	calculate	VERB
fsr-3260	154	11	the	the	DET
fsr-3260	154	12	average	average	ADJ
fsr-3260	154	13	monthly	monthly	ADJ
fsr-3260	154	14	return	return	NOUN
fsr-3260	154	15	for	for	ADP
fsr-3260	154	16	the	the	DET
fsr-3260	154	17	six	six	NUM
fsr-3260	154	18	months	month	NOUN
fsr-3260	154	19	after	after	ADP
fsr-3260	154	20	the	the	DET
fsr-3260	154	21	formation	formation	NOUN
fsr-3260	154	22	of	of	ADP
fsr-3260	154	23	portfolios	portfolio	NOUN
fsr-3260	154	24	.	.	PUNCT
fsr-3260	155	1	we	we	PRON
fsr-3260	155	2	follow	follow	VERB
fsr-3260	155	3	zheng	zheng	PROPN
fsr-3260	155	4	(	(	PUNCT
fsr-3260	155	5	1999	1999	NUM
fsr-3260	155	6	)	)	PUNCT
fsr-3260	155	7	in	in	ADP
fsr-3260	155	8	using	use	VERB
fsr-3260	155	9	both	both	PRON
fsr-3260	155	10	excess	excess	ADJ
fsr-3260	155	11	returns	return	NOUN
fsr-3260	155	12	and	and	CCONJ
fsr-3260	155	13	risk	risk	NOUN
fsr-3260	155	14	-	-	PUNCT
fsr-3260	155	15	adjusted	adjust	VERB
fsr-3260	155	16	returns	return	NOUN
fsr-3260	155	17	to	to	PART
fsr-3260	155	18	measure	measure	VERB
fsr-3260	155	19	portfolio	portfolio	NOUN
fsr-3260	155	20	performance	performance	NOUN
fsr-3260	155	21	.	.	PUNCT
fsr-3260	156	1	the	the	DET
fsr-3260	156	2	excess	excess	ADJ
fsr-3260	156	3	return	return	NOUN
fsr-3260	156	4	is	be	AUX
fsr-3260	156	5	calculated	calculate	VERB
fsr-3260	156	6	as	as	ADP
fsr-3260	156	7	rp	rp	NOUN
fsr-3260	156	8	,	,	PUNCT
fsr-3260	156	9	t	t	PROPN
fsr-3260	156	10	e	e	PROPN
fsr-3260	156	11	�	�	PROPN
fsr-3260	156	12	rp	rp	PROPN
fsr-3260	156	13	,	,	PUNCT
fsr-3260	156	14	t	t	PROPN
fsr-3260	156	15	�	�	PROPN
fsr-3260	156	16	rm	rm	PROPN
fsr-3260	156	17	,	,	PUNCT
fsr-3260	156	18	t	t	PROPN
fsr-3260	156	19	(	(	PUNCT
fsr-3260	156	20	1	1	NUM
fsr-3260	156	21	)	)	PUNCT
fsr-3260	156	22	where	where	SCONJ
fsr-3260	156	23	rp	rp	NOUN
fsr-3260	156	24	,	,	PUNCT
fsr-3260	156	25	t	t	PROPN
fsr-3260	156	26	e	e	NOUN
fsr-3260	156	27	is	be	AUX
fsr-3260	156	28	the	the	DET
fsr-3260	156	29	excess	excess	ADJ
fsr-3260	156	30	return	return	NOUN
fsr-3260	156	31	of	of	ADP
fsr-3260	156	32	portfolio	portfolio	NOUN
fsr-3260	156	33	p	p	NOUN
fsr-3260	156	34	in	in	ADP
fsr-3260	156	35	month	month	NOUN
fsr-3260	156	36	t	t	PROPN
fsr-3260	156	37	;	;	PUNCT
fsr-3260	156	38	rp	rp	NOUN
fsr-3260	156	39	,	,	PUNCT
fsr-3260	156	40	t	t	PROPN
fsr-3260	156	41	indicates	indicate	VERB
fsr-3260	156	42	the	the	DET
fsr-3260	156	43	value	value	NOUN
fsr-3260	156	44	-	-	PUNCT
fsr-3260	156	45	weighted	weight	VERB
fsr-3260	156	46	portfolio	portfolio	NOUN
fsr-3260	156	47	’s	’s	PART
fsr-3260	156	48	monthly	monthly	ADJ
fsr-3260	156	49	raw	raw	ADJ
fsr-3260	156	50	return	return	NOUN
fsr-3260	156	51	;	;	PUNCT
fsr-3260	156	52	and	and	CCONJ
fsr-3260	156	53	rm	rm	PROPN
fsr-3260	156	54	,	,	PUNCT
fsr-3260	156	55	t	t	PROPN
fsr-3260	156	56	is	be	AUX
fsr-3260	156	57	the	the	DET
fsr-3260	156	58	market	market	NOUN
fsr-3260	156	59	return	return	NOUN
fsr-3260	156	60	in	in	ADP
fsr-3260	156	61	month	month	NOUN
fsr-3260	156	62	t.	t.	PROPN
fsr-3260	156	63	note	note	NOUN
fsr-3260	156	64	that	that	SCONJ
fsr-3260	156	65	more	more	ADJ
fsr-3260	156	66	than	than	ADP
fsr-3260	156	67	one	one	NUM
fsr-3260	156	68	trader	trader	NOUN
fsr-3260	156	69	can	can	AUX
fsr-3260	156	70	follow	follow	VERB
fsr-3260	156	71	the	the	DET
fsr-3260	156	72	same	same	ADJ
fsr-3260	156	73	strategy	strategy	NOUN
fsr-3260	156	74	each	each	DET
fsr-3260	156	75	month	month	NOUN
fsr-3260	156	76	.	.	PUNCT
fsr-3260	157	1	thus	thus	ADV
fsr-3260	157	2	,	,	PUNCT
fsr-3260	157	3	each	each	DET
fsr-3260	157	4	month	month	NOUN
fsr-3260	157	5	we	we	PRON
fsr-3260	157	6	calculate	calculate	VERB
fsr-3260	157	7	the	the	DET
fsr-3260	157	8	cross	cross	ADJ
fsr-3260	157	9	-	-	ADJ
fsr-3260	157	10	sectional	sectional	ADJ
fsr-3260	157	11	average	average	NOUN
fsr-3260	157	12	of	of	ADP
fsr-3260	157	13	portfolio	portfolio	NOUN
fsr-3260	157	14	excess	excess	ADJ
fsr-3260	157	15	returns	return	NOUN
fsr-3260	157	16	realized	realize	VERB
fsr-3260	157	17	by	by	ADP
fsr-3260	157	18	all	all	DET
fsr-3260	157	19	traders	trader	NOUN
fsr-3260	157	20	following	follow	VERB
fsr-3260	157	21	the	the	DET
fsr-3260	157	22	same	same	ADJ
fsr-3260	157	23	strategy	strategy	NOUN
fsr-3260	157	24	.	.	PUNCT
fsr-3260	158	1	the	the	DET
fsr-3260	158	2	time	time	NOUN
fsr-3260	158	3	-	-	PUNCT
fsr-3260	158	4	series	series	NOUN
fsr-3260	158	5	mean	mean	NOUN
fsr-3260	158	6	is	be	AUX
fsr-3260	158	7	presented	present	VERB
fsr-3260	158	8	and	and	CCONJ
fsr-3260	158	9	t	t	PROPN
fsr-3260	158	10	-	-	PUNCT
fsr-3260	158	11	statistics	statistic	NOUN
fsr-3260	158	12	indicate	indicate	VERB
fsr-3260	158	13	if	if	SCONJ
fsr-3260	158	14	the	the	DET
fsr-3260	158	15	average	average	ADJ
fsr-3260	158	16	return	return	NOUN
fsr-3260	158	17	is	be	AUX
fsr-3260	158	18	statistically	statistically	ADV
fsr-3260	158	19	different	different	ADJ
fsr-3260	158	20	from	from	ADP
fsr-3260	158	21	zero	zero	NUM
fsr-3260	158	22	.	.	PUNCT
fsr-3260	159	1	we	we	PRON
fsr-3260	159	2	use	use	VERB
fsr-3260	159	3	two	two	NUM
fsr-3260	159	4	methods	method	NOUN
fsr-3260	159	5	to	to	PART
fsr-3260	159	6	calculate	calculate	VERB
fsr-3260	159	7	risk	risk	NOUN
fsr-3260	159	8	-	-	PUNCT
fsr-3260	159	9	adjusted	adjust	VERB
fsr-3260	159	10	returns	return	NOUN
fsr-3260	159	11	.	.	PUNCT
fsr-3260	160	1	the	the	DET
fsr-3260	160	2	first	first	ADJ
fsr-3260	160	3	is	be	AUX
fsr-3260	160	4	the	the	DET
fsr-3260	160	5	“	"	PUNCT
fsr-3260	160	6	portfolio	portfolio	NOUN
fsr-3260	160	7	regression	regression	NOUN
fsr-3260	160	8	”	"	PUNCT
fsr-3260	160	9	approach	approach	NOUN
fsr-3260	160	10	,	,	PUNCT
fsr-3260	160	11	which	which	PRON
fsr-3260	160	12	estimates	estimate	VERB
fsr-3260	160	13	time	time	NOUN
fsr-3260	160	14	-	-	PUNCT
fsr-3260	160	15	series	series	NOUN
fsr-3260	160	16	regressions	regression	NOUN
fsr-3260	160	17	for	for	ADP
fsr-3260	160	18	returns	return	NOUN
fsr-3260	160	19	of	of	ADP
fsr-3260	160	20	the	the	DET
fsr-3260	160	21	portfolios	portfolio	NOUN
fsr-3260	160	22	.	.	PUNCT
fsr-3260	161	1	both	both	PRON
fsr-3260	161	2	capm	capm	PROPN
fsr-3260	161	3	model	model	NOUN
fsr-3260	161	4	and	and	CCONJ
fsr-3260	161	5	fama	fama	PROPN
fsr-3260	161	6	-	-	PUNCT
fsr-3260	161	7	french	french	ADJ
fsr-3260	161	8	three	three	NUM
fsr-3260	161	9	-	-	PUNCT
fsr-3260	161	10	factor	factor	NOUN
fsr-3260	161	11	model	model	NOUN
fsr-3260	161	12	are	be	AUX
fsr-3260	161	13	used	use	VERB
fsr-3260	161	14	to	to	PART
fsr-3260	161	15	adjust	adjust	VERB
fsr-3260	161	16	for	for	ADP
fsr-3260	161	17	risk	risk	NOUN
fsr-3260	161	18	.	.	PUNCT
fsr-3260	162	1	the	the	DET
fsr-3260	162	2	second	second	ADJ
fsr-3260	162	3	method	method	NOUN
fsr-3260	162	4	is	be	AUX
fsr-3260	162	5	the	the	DET
fsr-3260	162	6	“	"	PUNCT
fsr-3260	162	7	fund	fund	NOUN
fsr-3260	162	8	regression	regression	NOUN
fsr-3260	162	9	”	"	PUNCT
fsr-3260	162	10	approach	approach	NOUN
fsr-3260	162	11	,	,	PUNCT
fsr-3260	162	12	which	which	PRON
fsr-3260	162	13	estimates	estimate	VERB
fsr-3260	162	14	capm	capm	PROPN
fsr-3260	162	15	and	and	CCONJ
fsr-3260	162	16	fama	fama	PROPN
fsr-3260	162	17	-	-	PUNCT
fsr-3260	162	18	french	french	ADJ
fsr-3260	162	19	threefactor	threefactor	NOUN
fsr-3260	162	20	time	time	NOUN
fsr-3260	162	21	-	-	PUNCT
fsr-3260	162	22	series	series	NOUN
fsr-3260	162	23	regression	regression	NOUN
fsr-3260	162	24	for	for	ADP
fsr-3260	162	25	each	each	DET
fsr-3260	162	26	fund	fund	NOUN
fsr-3260	162	27	and	and	CCONJ
fsr-3260	162	28	averages	average	NOUN
fsr-3260	162	29	the	the	DET
fsr-3260	162	30	�	�	PROPN
fsr-3260	162	31	estimates	estimate	NOUN
fsr-3260	162	32	across	across	ADP
fsr-3260	162	33	individual	individual	ADJ
fsr-3260	162	34	funds	fund	NOUN
fsr-3260	162	35	in	in	ADP
fsr-3260	162	36	the	the	DET
fsr-3260	162	37	portfolio	portfolio	NOUN
fsr-3260	162	38	(	(	PUNCT
fsr-3260	162	39	zheng	zheng	PROPN
fsr-3260	162	40	,	,	PUNCT
fsr-3260	162	41	1999	1999	NUM
fsr-3260	162	42	)	)	PUNCT
fsr-3260	162	43	.	.	PUNCT
fsr-3260	163	1	in	in	ADP
fsr-3260	163	2	the	the	DET
fsr-3260	163	3	first	first	ADJ
fsr-3260	163	4	“	"	PUNCT
fsr-3260	163	5	portfolio	portfolio	NOUN
fsr-3260	163	6	regression	regression	NOUN
fsr-3260	163	7	”	"	PUNCT
fsr-3260	163	8	approach	approach	NOUN
fsr-3260	163	9	,	,	PUNCT
fsr-3260	163	10	we	we	PRON
fsr-3260	163	11	run	run	VERB
fsr-3260	163	12	the	the	DET
fsr-3260	163	13	following	follow	VERB
fsr-3260	163	14	ols	ol	NOUN
fsr-3260	163	15	regressions	regression	NOUN
fsr-3260	163	16	:	:	PUNCT
fsr-3260	163	17	rp	rp	NOUN
fsr-3260	163	18	,	,	PUNCT
fsr-3260	163	19	t	t	PROPN
fsr-3260	163	20	�	�	PROPN
fsr-3260	163	21	�	�	PROPN
fsr-3260	163	22	rf	rf	PROPN
fsr-3260	163	23	,	,	PUNCT
fsr-3260	163	24	t	t	PROPN
fsr-3260	163	25	�	�	PROPN
fsr-3260	163	26	�	�	PROPN
fsr-3260	163	27	p	p	PROPN
fsr-3260	163	28	1	1	NUM
fsr-3260	163	29	�	�	PROPN
fsr-3260	163	30	�	�	PROPN
fsr-3260	163	31	p	p	NOUN
fsr-3260	163	32	1	1	NUM
fsr-3260	163	33	�	�	PROPN
fsr-3260	163	34	rm	rm	PROPN
fsr-3260	163	35	,	,	PUNCT
fsr-3260	163	36	t	t	PROPN
fsr-3260	163	37	�	�	PROPN
fsr-3260	163	38	rf	rf	PROPN
fsr-3260	163	39	,	,	PUNCT
fsr-3260	163	40	t	t	PROPN
fsr-3260	163	41	�	�	PROPN
fsr-3260	163	42	�	�	PROPN
fsr-3260	163	43	�	�	PROPN
fsr-3260	163	44	p	p	PROPN
fsr-3260	163	45	,	,	PUNCT
fsr-3260	163	46	t	t	PROPN
fsr-3260	163	47	(	(	PUNCT
fsr-3260	163	48	2	2	NUM
fsr-3260	163	49	)	)	PUNCT
fsr-3260	163	50	rp	rp	NOUN
fsr-3260	163	51	,	,	PUNCT
fsr-3260	163	52	t	t	PROPN
fsr-3260	163	53	�	�	PROPN
fsr-3260	163	54	�	�	PROPN
fsr-3260	163	55	rf	rf	PROPN
fsr-3260	163	56	,	,	PUNCT
fsr-3260	163	57	t	t	PROPN
fsr-3260	163	58	�	�	PROPN
fsr-3260	163	59	�	�	PROPN
fsr-3260	163	60	p	p	PROPN
fsr-3260	163	61	3	3	NUM
fsr-3260	163	62	�	�	PROPN
fsr-3260	163	63	�	�	PROPN
fsr-3260	163	64	p	p	PROPN
fsr-3260	163	65	,	,	PUNCT
fsr-3260	163	66	rm	rm	PROPN
fsr-3260	163	67	3	3	NUM
fsr-3260	163	68	�	�	PROPN
fsr-3260	163	69	rm	rm	PROPN
fsr-3260	163	70	,	,	PUNCT
fsr-3260	163	71	t	t	PROPN
fsr-3260	163	72	�	�	PROPN
fsr-3260	163	73	rf	rf	PROPN
fsr-3260	163	74	,	,	PUNCT
fsr-3260	163	75	t	t	PROPN
fsr-3260	163	76	�	�	PROPN
fsr-3260	163	77	�	�	PROPN
fsr-3260	163	78	�	�	PROPN
fsr-3260	163	79	p	p	PROPN
fsr-3260	163	80	,	,	PUNCT
fsr-3260	163	81	smb	smb	NOUN
fsr-3260	163	82	3	3	NUM
fsr-3260	163	83	smbt	smbt	NOUN
fsr-3260	163	84	�	�	PROPN
fsr-3260	163	85	�	�	PROPN
fsr-3260	163	86	p	p	PROPN
fsr-3260	163	87	,	,	PUNCT
fsr-3260	163	88	hml	hml	PROPN
fsr-3260	163	89	3	3	NUM
fsr-3260	163	90	hmlt	hmlt	PROPN
fsr-3260	163	91	�	�	PROPN
fsr-3260	163	92	�	�	PROPN
fsr-3260	163	93	p	p	PROPN
fsr-3260	163	94	,	,	PUNCT
fsr-3260	163	95	t	t	PROPN
fsr-3260	163	96	(	(	PUNCT
fsr-3260	163	97	3	3	NUM
fsr-3260	163	98	)	)	PUNCT
fsr-3260	163	99	where	where	SCONJ
fsr-3260	163	100	rp	rp	NOUN
fsr-3260	163	101	,	,	PUNCT
fsr-3260	163	102	t	t	PROPN
fsr-3260	163	103	�	�	PROPN
fsr-3260	163	104	is	be	AUX
fsr-3260	163	105	the	the	DET
fsr-3260	163	106	cross	cross	ADJ
fsr-3260	163	107	-	-	ADJ
fsr-3260	163	108	sectional	sectional	ADJ
fsr-3260	163	109	average	average	NOUN
fsr-3260	163	110	of	of	ADP
fsr-3260	163	111	raw	raw	ADJ
fsr-3260	163	112	returns	return	NOUN
fsr-3260	163	113	realized	realize	VERB
fsr-3260	163	114	by	by	ADP
fsr-3260	163	115	individual	individual	ADJ
fsr-3260	163	116	portfolios	portfolio	NOUN
fsr-3260	163	117	following	follow	VERB
fsr-3260	163	118	the	the	DET
fsr-3260	163	119	same	same	ADJ
fsr-3260	163	120	strategy	strategy	NOUN
fsr-3260	163	121	in	in	ADP
fsr-3260	163	122	month	month	NOUN
fsr-3260	163	123	t	t	PROPN
fsr-3260	163	124	;	;	PUNCT
fsr-3260	163	125	rf	rf	VERB
fsr-3260	163	126	,	,	PUNCT
fsr-3260	163	127	t	t	PROPN
fsr-3260	163	128	is	be	AUX
fsr-3260	163	129	the	the	DET
fsr-3260	163	130	risk	risk	NOUN
fsr-3260	163	131	-	-	PUNCT
fsr-3260	163	132	free	free	ADJ
fsr-3260	163	133	rate	rate	NOUN
fsr-3260	163	134	in	in	ADP
fsr-3260	163	135	month	month	NOUN
fsr-3260	163	136	t	t	PROPN
fsr-3260	163	137	;	;	PUNCT
fsr-3260	163	138	rm	rm	PROPN
fsr-3260	163	139	,	,	PUNCT
fsr-3260	163	140	t	t	PROPN
fsr-3260	163	141	is	be	AUX
fsr-3260	163	142	the	the	DET
fsr-3260	163	143	market	market	NOUN
fsr-3260	163	144	return	return	NOUN
fsr-3260	163	145	in	in	ADP
fsr-3260	163	146	month	month	NOUN
fsr-3260	163	147	t	t	PROPN
fsr-3260	163	148	;	;	PUNCT
fsr-3260	163	149	smbt	smbt	NOUN
fsr-3260	163	150	is	be	AUX
fsr-3260	163	151	the	the	DET
fsr-3260	163	152	return	return	NOUN
fsr-3260	163	153	on	on	ADP
fsr-3260	163	154	the	the	DET
fsr-3260	163	155	mimicking	mimic	VERB
fsr-3260	163	156	portfolio	portfolio	NOUN
fsr-3260	163	157	for	for	ADP
fsr-3260	163	158	the	the	DET
fsr-3260	163	159	common	common	ADJ
fsr-3260	163	160	size	size	NOUN
fsr-3260	163	161	factor	factor	NOUN
fsr-3260	163	162	in	in	ADP
fsr-3260	163	163	stock	stock	NOUN
fsr-3260	163	164	returns	return	NOUN
fsr-3260	163	165	in	in	ADP
fsr-3260	163	166	month	month	NOUN
fsr-3260	163	167	t	t	NOUN
fsr-3260	163	168	;	;	PUNCT
fsr-3260	163	169	and	and	CCONJ
fsr-3260	163	170	hmlt	hmlt	PROPN
fsr-3260	163	171	is	be	AUX
fsr-3260	163	172	the	the	DET
fsr-3260	163	173	return	return	NOUN
fsr-3260	163	174	on	on	ADP
fsr-3260	163	175	the	the	DET
fsr-3260	163	176	mimicking	mimic	VERB
fsr-3260	163	177	portfolio	portfolio	NOUN
fsr-3260	163	178	for	for	SCONJ
fsr-3260	163	179	the	the	DET
fsr-3260	163	180	58	58	NUM
fsr-3260	163	181	n.	n.	NOUN
fsr-3260	163	182	tang	tang	PROPN
fsr-3260	163	183	/	/	SYM
fsr-3260	163	184	financial	financial	ADJ
fsr-3260	163	185	services	service	NOUN
fsr-3260	163	186	review	review	VERB
fsr-3260	163	187	25	25	NUM
fsr-3260	163	188	(	(	PUNCT
fsr-3260	163	189	2016	2016	NUM
fsr-3260	163	190	)	)	PUNCT
fsr-3260	163	191	51–72	51–72	NUM
fsr-3260	163	192	common	common	ADJ
fsr-3260	163	193	book	book	NOUN
fsr-3260	163	194	-	-	PUNCT
fsr-3260	163	195	to	to	ADP
fsr-3260	163	196	-	-	PUNCT
fsr-3260	163	197	market	market	NOUN
fsr-3260	163	198	equity	equity	NOUN
fsr-3260	163	199	factor	factor	NOUN
fsr-3260	163	200	in	in	ADP
fsr-3260	163	201	stock	stock	NOUN
fsr-3260	163	202	returns	return	NOUN
fsr-3260	163	203	in	in	ADP
fsr-3260	163	204	month	month	NOUN
fsr-3260	163	205	t.	t.	PROPN
fsr-3260	163	206	in	in	ADP
fsr-3260	163	207	each	each	DET
fsr-3260	163	208	regression	regression	NOUN
fsr-3260	163	209	,	,	PUNCT
fsr-3260	164	1	�	�	PROPN
fsr-3260	164	2	p	p	PROPN
fsr-3260	164	3	is	be	AUX
fsr-3260	164	4	the	the	DET
fsr-3260	164	5	risk	risk	NOUN
fsr-3260	164	6	-	-	PUNCT
fsr-3260	164	7	adjusted	adjust	VERB
fsr-3260	164	8	excess	excess	ADJ
fsr-3260	164	9	return	return	NOUN
fsr-3260	164	10	.	.	PUNCT
fsr-3260	165	1	as	as	SCONJ
fsr-3260	165	2	zheng	zheng	PROPN
fsr-3260	165	3	(	(	PUNCT
fsr-3260	165	4	1999	1999	NUM
fsr-3260	165	5	)	)	PUNCT
fsr-3260	165	6	points	point	VERB
fsr-3260	165	7	out	out	ADP
fsr-3260	165	8	,	,	PUNCT
fsr-3260	165	9	the	the	DET
fsr-3260	165	10	“	"	PUNCT
fsr-3260	165	11	portfolio	portfolio	NOUN
fsr-3260	165	12	regression	regression	NOUN
fsr-3260	165	13	”	"	PUNCT
fsr-3260	165	14	approach	approach	NOUN
fsr-3260	165	15	does	do	AUX
fsr-3260	165	16	not	not	PART
fsr-3260	165	17	require	require	VERB
fsr-3260	165	18	each	each	DET
fsr-3260	165	19	fund	fund	NOUN
fsr-3260	165	20	to	to	PART
fsr-3260	165	21	survive	survive	VERB
fsr-3260	165	22	for	for	ADP
fsr-3260	165	23	a	a	DET
fsr-3260	165	24	long	long	ADJ
fsr-3260	165	25	period	period	NOUN
fsr-3260	165	26	of	of	ADP
fsr-3260	165	27	time	time	NOUN
fsr-3260	165	28	;	;	PUNCT
fsr-3260	165	29	however	however	ADV
fsr-3260	165	30	,	,	PUNCT
fsr-3260	165	31	it	it	PRON
fsr-3260	165	32	does	do	AUX
fsr-3260	165	33	not	not	PART
fsr-3260	165	34	take	take	VERB
fsr-3260	165	35	into	into	ADP
fsr-3260	165	36	account	account	NOUN
fsr-3260	165	37	time	time	NOUN
fsr-3260	165	38	-	-	PUNCT
fsr-3260	165	39	varying	vary	VERB
fsr-3260	165	40	portfolio	portfolio	NOUN
fsr-3260	165	41	compositions	composition	NOUN
fsr-3260	165	42	and	and	CCONJ
fsr-3260	165	43	risk	risk	NOUN
fsr-3260	165	44	characteristics	characteristic	NOUN
fsr-3260	165	45	.	.	PUNCT
fsr-3260	166	1	by	by	ADP
fsr-3260	166	2	contrast	contrast	NOUN
fsr-3260	166	3	,	,	PUNCT
fsr-3260	166	4	the	the	DET
fsr-3260	166	5	“	"	PUNCT
fsr-3260	166	6	fund	fund	NOUN
fsr-3260	166	7	regression	regression	NOUN
fsr-3260	166	8	”	"	PUNCT
fsr-3260	166	9	approach	approach	NOUN
fsr-3260	166	10	considers	consider	VERB
fsr-3260	166	11	portfolio	portfolio	NOUN
fsr-3260	166	12	variation	variation	NOUN
fsr-3260	166	13	over	over	ADP
fsr-3260	166	14	time	time	NOUN
fsr-3260	166	15	,	,	PUNCT
fsr-3260	166	16	but	but	CCONJ
fsr-3260	166	17	it	it	PRON
fsr-3260	166	18	requires	require	VERB
fsr-3260	166	19	each	each	DET
fsr-3260	166	20	fund	fund	NOUN
fsr-3260	166	21	to	to	PART
fsr-3260	166	22	have	have	VERB
fsr-3260	166	23	sufficient	sufficient	ADJ
fsr-3260	166	24	past	past	ADJ
fsr-3260	166	25	return	return	NOUN
fsr-3260	166	26	observations	observation	NOUN
fsr-3260	166	27	(	(	PUNCT
fsr-3260	166	28	30	30	NUM
fsr-3260	166	29	monthly	monthly	ADJ
fsr-3260	166	30	past	past	ADJ
fsr-3260	166	31	returns	return	NOUN
fsr-3260	166	32	in	in	ADP
fsr-3260	166	33	this	this	DET
fsr-3260	166	34	study).4	study).4	NOUN
fsr-3260	166	35	the	the	DET
fsr-3260	166	36	�	�	PROPN
fsr-3260	166	37	in	in	ADP
fsr-3260	166	38	the	the	DET
fsr-3260	166	39	second	second	ADJ
fsr-3260	166	40	approach	approach	NOUN
fsr-3260	166	41	are	be	AUX
fsr-3260	166	42	obtained	obtain	VERB
fsr-3260	166	43	by	by	ADP
fsr-3260	166	44	averaging	average	VERB
fsr-3260	166	45	the	the	DET
fsr-3260	166	46	�	�	PROPN
fsr-3260	166	47	estimates	estimate	NOUN
fsr-3260	166	48	across	across	ADP
fsr-3260	166	49	individual	individual	ADJ
fsr-3260	166	50	funds	fund	NOUN
fsr-3260	166	51	in	in	ADP
fsr-3260	166	52	the	the	DET
fsr-3260	166	53	portfolio	portfolio	NOUN
fsr-3260	166	54	:	:	PUNCT
fsr-3260	166	55	ri	ri	PROPN
fsr-3260	166	56	,	,	PUNCT
fsr-3260	166	57	t	t	PROPN
fsr-3260	166	58	�	�	PROPN
fsr-3260	166	59	rf	rf	PROPN
fsr-3260	166	60	,	,	PUNCT
fsr-3260	166	61	t	t	PROPN
fsr-3260	166	62	�	�	PROPN
fsr-3260	166	63	�	�	PROPN
fsr-3260	166	64	i	i	PROPN
fsr-3260	166	65	1	1	NUM
fsr-3260	166	66	�	�	PROPN
fsr-3260	166	67	�	�	PROPN
fsr-3260	166	68	i	i	PROPN
fsr-3260	166	69	1	1	NUM
fsr-3260	166	70	�	�	PROPN
fsr-3260	166	71	rm	rm	PROPN
fsr-3260	166	72	,	,	PUNCT
fsr-3260	166	73	t	t	PROPN
fsr-3260	166	74	�	�	PROPN
fsr-3260	166	75	rf	rf	PROPN
fsr-3260	166	76	,	,	PUNCT
fsr-3260	166	77	t	t	PROPN
fsr-3260	166	78	�	�	PROPN
fsr-3260	166	79	�	�	PROPN
fsr-3260	166	80	�	�	PROPN
fsr-3260	166	81	i	i	PROPN
fsr-3260	166	82	,	,	PUNCT
fsr-3260	166	83	t	t	PROPN
fsr-3260	166	84	(	(	PUNCT
fsr-3260	166	85	4	4	NUM
fsr-3260	166	86	)	)	PUNCT
fsr-3260	166	87	ri	ri	PROPN
fsr-3260	166	88	,	,	PUNCT
fsr-3260	166	89	t	t	PROPN
fsr-3260	166	90	�	�	PROPN
fsr-3260	166	91	rf	rf	PROPN
fsr-3260	166	92	,	,	PUNCT
fsr-3260	166	93	t	t	PROPN
fsr-3260	166	94	�	�	PROPN
fsr-3260	166	95	�	�	PROPN
fsr-3260	166	96	i	i	PROPN
fsr-3260	166	97	3	3	NUM
fsr-3260	166	98	�	�	PROPN
fsr-3260	166	99	�	�	PROPN
fsr-3260	166	100	i	i	PROPN
fsr-3260	166	101	,	,	PUNCT
fsr-3260	166	102	rm	rm	PROPN
fsr-3260	166	103	3	3	NUM
fsr-3260	166	104	�	�	PROPN
fsr-3260	166	105	rm	rm	PROPN
fsr-3260	166	106	,	,	PUNCT
fsr-3260	166	107	t	t	PROPN
fsr-3260	166	108	�	�	PROPN
fsr-3260	166	109	rf	rf	PROPN
fsr-3260	166	110	,	,	PUNCT
fsr-3260	166	111	t	t	PROPN
fsr-3260	166	112	�	�	PROPN
fsr-3260	166	113	�	�	PROPN
fsr-3260	166	114	�	�	PROPN
fsr-3260	166	115	i	i	PROPN
fsr-3260	166	116	,	,	PUNCT
fsr-3260	166	117	smb	smb	PROPN
fsr-3260	166	118	3	3	NUM
fsr-3260	166	119	smbt	smbt	NOUN
fsr-3260	166	120	�	�	PROPN
fsr-3260	166	121	�	�	PROPN
fsr-3260	166	122	i	i	PROPN
fsr-3260	166	123	,	,	PUNCT
fsr-3260	166	124	hml	hml	PROPN
fsr-3260	166	125	3	3	NUM
fsr-3260	166	126	hmlt	hmlt	PROPN
fsr-3260	166	127	�	�	PROPN
fsr-3260	166	128	�	�	PROPN
fsr-3260	166	129	i	i	PROPN
fsr-3260	166	130	,	,	PUNCT
fsr-3260	166	131	t	t	PROPN
fsr-3260	166	132	(	(	PUNCT
fsr-3260	166	133	5	5	NUM
fsr-3260	166	134	)	)	PUNCT
fsr-3260	166	135	�	�	PROPN
fsr-3260	166	136	p	p	NOUN
fsr-3260	166	137	,	,	PUNCT
fsr-3260	166	138	t	t	PROPN
fsr-3260	166	139	�	�	PROPN
fsr-3260	166	140	�	�	PROPN
fsr-3260	166	141	�	�	PROPN
fsr-3260	166	142	�	�	PROPN
fsr-3260	166	143	i	i	PROPN
fsr-3260	166	144	�	�	PROPN
fsr-3260	166	145	�	�	PROPN
fsr-3260	166	146	i	i	PROPN
fsr-3260	166	147	,	,	PUNCT
fsr-3260	166	148	t	t	PROPN
fsr-3260	166	149	�	�	PROPN
fsr-3260	166	150	*	*	PUNCT
fsr-3260	166	151	�	�	PROPN
fsr-3260	166	152	i	i	PROPN
fsr-3260	166	153	,	,	PUNCT
fsr-3260	166	154	t	t	PROPN
fsr-3260	166	155	�	�	PROPN
fsr-3260	166	156	�	�	PROPN
fsr-3260	166	157	i	i	PROPN
fsr-3260	166	158	,	,	PUNCT
fsr-3260	166	159	t	t	PROPN
fsr-3260	166	160	(	(	PUNCT
fsr-3260	166	161	6	6	NUM
fsr-3260	166	162	)	)	PUNCT
fsr-3260	166	163	where	where	SCONJ
fsr-3260	166	164	ri	ri	PROPN
fsr-3260	166	165	,	,	PUNCT
fsr-3260	166	166	t	t	PROPN
fsr-3260	166	167	indicates	indicate	VERB
fsr-3260	166	168	the	the	DET
fsr-3260	166	169	rate	rate	NOUN
fsr-3260	166	170	of	of	ADP
fsr-3260	166	171	return	return	NOUN
fsr-3260	166	172	of	of	ADP
fsr-3260	166	173	fund	fund	NOUN
fsr-3260	166	174	i	i	PRON
fsr-3260	166	175	in	in	ADP
fsr-3260	166	176	month	month	PROPN
fsr-3260	166	177	t	t	PROPN
fsr-3260	166	178	;	;	PUNCT
fsr-3260	166	179	�	�	PROPN
fsr-3260	166	180	p	p	PROPN
fsr-3260	166	181	,	,	PUNCT
fsr-3260	166	182	t	t	PROPN
fsr-3260	166	183	is	be	AUX
fsr-3260	166	184	the	the	DET
fsr-3260	166	185	excess	excess	ADJ
fsr-3260	166	186	return	return	NOUN
fsr-3260	166	187	of	of	ADP
fsr-3260	166	188	individual	individual	ADJ
fsr-3260	166	189	portfolio	portfolio	NOUN
fsr-3260	166	190	in	in	ADP
fsr-3260	166	191	month	month	PROPN
fsr-3260	166	192	t	t	PROPN
fsr-3260	166	193	;	;	PUNCT
fsr-3260	166	194	�	�	PROPN
fsr-3260	166	195	i	i	PROPN
fsr-3260	166	196	and	and	CCONJ
fsr-3260	166	197	�	�	PROPN
fsr-3260	166	198	i	i	PROPN
fsr-3260	166	199	,	,	PUNCT
fsr-3260	166	200	t	t	PROPN
fsr-3260	166	201	,	,	PUNCT
fsr-3260	166	202	which	which	PRON
fsr-3260	166	203	are	be	AUX
fsr-3260	166	204	used	use	VERB
fsr-3260	166	205	to	to	PART
fsr-3260	166	206	calculate	calculate	VERB
fsr-3260	166	207	�	�	PROPN
fsr-3260	166	208	p	p	PROPN
fsr-3260	166	209	,	,	PUNCT
fsr-3260	166	210	t	t	PROPN
fsr-3260	166	211	,	,	PUNCT
fsr-3260	166	212	are	be	AUX
fsr-3260	166	213	from	from	ADP
fsr-3260	166	214	eqs	eqs	PROPN
fsr-3260	166	215	.	.	PUNCT
fsr-3260	167	1	(	(	PUNCT
fsr-3260	167	2	4	4	NUM
fsr-3260	167	3	)	)	PUNCT
fsr-3260	167	4	and	and	CCONJ
fsr-3260	167	5	(	(	PUNCT
fsr-3260	167	6	5	5	NUM
fsr-3260	167	7	)	)	PUNCT
fsr-3260	167	8	;	;	PUNCT
fsr-3260	167	9	and	and	CCONJ
fsr-3260	167	10	�	�	PROPN
fsr-3260	167	11	i	i	PRON
fsr-3260	167	12	,	,	PUNCT
fsr-3260	167	13	t	t	PROPN
fsr-3260	167	14	is	be	AUX
fsr-3260	167	15	the	the	DET
fsr-3260	167	16	portfolio	portfolio	NOUN
fsr-3260	167	17	weight	weight	NOUN
fsr-3260	167	18	of	of	ADP
fsr-3260	167	19	fund	fund	NOUN
fsr-3260	167	20	i	i	PRON
fsr-3260	167	21	in	in	ADP
fsr-3260	167	22	month	month	NOUN
fsr-3260	167	23	t.	t.	PROPN
fsr-3260	167	24	after	after	ADP
fsr-3260	167	25	obtaining	obtain	VERB
fsr-3260	167	26	�	�	PROPN
fsr-3260	167	27	p	p	PROPN
fsr-3260	167	28	,	,	PUNCT
fsr-3260	167	29	t	t	PROPN
fsr-3260	167	30	of	of	ADP
fsr-3260	167	31	each	each	DET
fsr-3260	167	32	individual	individual	ADJ
fsr-3260	167	33	portfolio	portfolio	NOUN
fsr-3260	167	34	,	,	PUNCT
fsr-3260	167	35	we	we	PRON
fsr-3260	167	36	take	take	VERB
fsr-3260	167	37	the	the	DET
fsr-3260	167	38	average	average	NOUN
fsr-3260	167	39	across	across	ADP
fsr-3260	167	40	all	all	DET
fsr-3260	167	41	traders	trader	NOUN
fsr-3260	167	42	following	follow	VERB
fsr-3260	167	43	the	the	DET
fsr-3260	167	44	same	same	ADJ
fsr-3260	167	45	strategy	strategy	NOUN
fsr-3260	167	46	in	in	ADP
fsr-3260	167	47	each	each	DET
fsr-3260	167	48	month	month	NOUN
fsr-3260	167	49	and	and	CCONJ
fsr-3260	167	50	show	show	VERB
fsr-3260	167	51	the	the	DET
fsr-3260	167	52	time	time	NOUN
fsr-3260	167	53	-	-	PUNCT
fsr-3260	167	54	series	series	NOUN
fsr-3260	167	55	means	mean	NOUN
fsr-3260	167	56	and	and	CCONJ
fsr-3260	167	57	t	t	PROPN
fsr-3260	167	58	-	-	PUNCT
fsr-3260	167	59	statistics	statistic	NOUN
fsr-3260	167	60	on	on	ADP
fsr-3260	167	61	these	these	DET
fsr-3260	167	62	averages	average	NOUN
fsr-3260	167	63	.	.	PUNCT
fsr-3260	168	1	4.2	4.2	NUM
fsr-3260	168	2	.	.	PUNCT
fsr-3260	168	3	results	result	NOUN
fsr-3260	168	4	table	table	NOUN
fsr-3260	168	5	2	2	NUM
fsr-3260	168	6	panel	panel	NOUN
fsr-3260	168	7	a	a	DET
fsr-3260	168	8	shows	show	NOUN
fsr-3260	168	9	performance	performance	NOUN
fsr-3260	168	10	of	of	ADP
fsr-3260	168	11	the	the	DET
fsr-3260	168	12	three	three	NUM
fsr-3260	168	13	portfolios	portfolio	NOUN
fsr-3260	168	14	.	.	PUNCT
fsr-3260	169	1	column	column	NOUN
fsr-3260	169	2	(	(	PUNCT
fsr-3260	169	3	a	a	X
fsr-3260	169	4	)	)	PUNCT
fsr-3260	169	5	shows	show	VERB
fsr-3260	169	6	monthly	monthly	ADJ
fsr-3260	169	7	excess	excess	ADJ
fsr-3260	169	8	return	return	NOUN
fsr-3260	169	9	over	over	ADP
fsr-3260	169	10	market	market	NOUN
fsr-3260	169	11	return	return	NOUN
fsr-3260	169	12	as	as	SCONJ
fsr-3260	169	13	calculated	calculate	VERB
fsr-3260	169	14	by	by	ADP
fsr-3260	169	15	eq	eq	PROPN
fsr-3260	169	16	.	.	PUNCT
fsr-3260	170	1	(	(	PUNCT
fsr-3260	170	2	1	1	NUM
fsr-3260	170	3	)	)	PUNCT
fsr-3260	170	4	.	.	PUNCT
fsr-3260	171	1	alphas	alpha	NOUN
fsr-3260	171	2	in	in	ADP
fsr-3260	171	3	columns	column	NOUN
fsr-3260	171	4	(	(	PUNCT
fsr-3260	171	5	b	b	NOUN
fsr-3260	171	6	)	)	PUNCT
fsr-3260	171	7	and	and	CCONJ
fsr-3260	171	8	(	(	PUNCT
fsr-3260	171	9	c	c	X
fsr-3260	171	10	)	)	PUNCT
fsr-3260	171	11	are	be	AUX
fsr-3260	171	12	risk	risk	NOUN
fsr-3260	171	13	-	-	PUNCT
fsr-3260	171	14	adjusted	adjust	VERB
fsr-3260	171	15	returns	return	NOUN
fsr-3260	171	16	under	under	ADP
fsr-3260	171	17	the	the	DET
fsr-3260	171	18	“	"	PUNCT
fsr-3260	171	19	portfolio	portfolio	NOUN
fsr-3260	171	20	regression	regression	NOUN
fsr-3260	171	21	”	"	PUNCT
fsr-3260	171	22	approach	approach	NOUN
fsr-3260	171	23	estimated	estimate	VERB
fsr-3260	171	24	by	by	ADP
fsr-3260	171	25	eqs	eqs	PROPN
fsr-3260	171	26	.	.	PUNCT
fsr-3260	172	1	(	(	PUNCT
fsr-3260	172	2	2	2	NUM
fsr-3260	172	3	)	)	PUNCT
fsr-3260	172	4	and	and	CCONJ
fsr-3260	172	5	(	(	PUNCT
fsr-3260	172	6	3	3	NUM
fsr-3260	172	7	)	)	PUNCT
fsr-3260	172	8	.	.	PUNCT
fsr-3260	173	1	alphas	alpha	NOUN
fsr-3260	173	2	in	in	ADP
fsr-3260	173	3	columns	column	NOUN
fsr-3260	173	4	(	(	PUNCT
fsr-3260	173	5	d	d	NOUN
fsr-3260	173	6	)	)	PUNCT
fsr-3260	173	7	and	and	CCONJ
fsr-3260	173	8	(	(	PUNCT
fsr-3260	173	9	e	e	NOUN
fsr-3260	173	10	)	)	PUNCT
fsr-3260	173	11	report	report	VERB
fsr-3260	173	12	risk	risk	NOUN
fsr-3260	173	13	-	-	PUNCT
fsr-3260	173	14	adjusted	adjust	VERB
fsr-3260	173	15	returns	return	NOUN
fsr-3260	173	16	under	under	ADP
fsr-3260	173	17	the	the	DET
fsr-3260	173	18	“	"	PUNCT
fsr-3260	173	19	fund	fund	NOUN
fsr-3260	173	20	regression	regression	NOUN
fsr-3260	173	21	”	"	PUNCT
fsr-3260	173	22	approach	approach	NOUN
fsr-3260	173	23	estimated	estimate	VERB
fsr-3260	173	24	by	by	ADP
fsr-3260	173	25	eqs	eqs	PROPN
fsr-3260	173	26	.	.	PUNCT
fsr-3260	174	1	(	(	PUNCT
fsr-3260	174	2	4	4	X
fsr-3260	174	3	)	)	PUNCT
fsr-3260	174	4	through	through	ADP
fsr-3260	174	5	(	(	PUNCT
fsr-3260	174	6	6	6	NUM
fsr-3260	174	7	)	)	PUNCT
fsr-3260	174	8	,	,	PUNCT
fsr-3260	174	9	which	which	PRON
fsr-3260	174	10	consider	consider	VERB
fsr-3260	174	11	time	time	NOUN
fsr-3260	174	12	-	-	PUNCT
fsr-3260	174	13	varying	vary	VERB
fsr-3260	174	14	risk	risk	NOUN
fsr-3260	174	15	characteristics	characteristic	NOUN
fsr-3260	174	16	and	and	CCONJ
fsr-3260	174	17	portfolio	portfolio	NOUN
fsr-3260	174	18	compositions	composition	NOUN
fsr-3260	174	19	.	.	PUNCT
fsr-3260	175	1	alpha1	alpha1	NOUN
fsr-3260	175	2	in	in	ADP
fsr-3260	175	3	columns	column	NOUN
fsr-3260	175	4	(	(	PUNCT
fsr-3260	175	5	b	b	NOUN
fsr-3260	175	6	)	)	PUNCT
fsr-3260	175	7	and	and	CCONJ
fsr-3260	175	8	(	(	PUNCT
fsr-3260	175	9	d	d	X
fsr-3260	175	10	)	)	PUNCT
fsr-3260	175	11	are	be	AUX
fsr-3260	175	12	risk	risk	NOUN
fsr-3260	175	13	-	-	PUNCT
fsr-3260	175	14	adjusted	adjust	VERB
fsr-3260	175	15	returns	return	NOUN
fsr-3260	175	16	estimated	estimate	VERB
fsr-3260	175	17	by	by	ADP
fsr-3260	175	18	capm	capm	PROPN
fsr-3260	175	19	model	model	NOUN
fsr-3260	175	20	,	,	PUNCT
fsr-3260	175	21	and	and	CCONJ
fsr-3260	175	22	alpha3	alpha3	NOUN
fsr-3260	175	23	in	in	ADP
fsr-3260	175	24	columns	column	NOUN
fsr-3260	175	25	(	(	PUNCT
fsr-3260	175	26	c	c	NOUN
fsr-3260	175	27	)	)	PUNCT
fsr-3260	175	28	and	and	CCONJ
fsr-3260	175	29	(	(	PUNCT
fsr-3260	175	30	e	e	NOUN
fsr-3260	175	31	)	)	PUNCT
fsr-3260	175	32	are	be	AUX
fsr-3260	175	33	risk	risk	NOUN
fsr-3260	175	34	-	-	PUNCT
fsr-3260	175	35	adjusted	adjust	VERB
fsr-3260	175	36	returns	return	NOUN
fsr-3260	175	37	estimated	estimate	VERB
fsr-3260	175	38	by	by	ADP
fsr-3260	175	39	the	the	DET
fsr-3260	175	40	fama	fama	PROPN
fsr-3260	175	41	-	-	PUNCT
fsr-3260	175	42	french	french	ADJ
fsr-3260	175	43	three	three	NUM
fsr-3260	175	44	-	-	PUNCT
fsr-3260	175	45	factor	factor	NOUN
fsr-3260	175	46	model	model	NOUN
fsr-3260	175	47	.	.	PUNCT
fsr-3260	176	1	results	result	NOUN
fsr-3260	176	2	on	on	ADP
fsr-3260	176	3	momentum	momentum	NOUN
fsr-3260	176	4	buyer	buyer	NOUN
fsr-3260	176	5	portfolio	portfolio	NOUN
fsr-3260	176	6	(	(	PUNCT
fsr-3260	176	7	portfolio	portfolio	NOUN
fsr-3260	176	8	1	1	NUM
fsr-3260	176	9	)	)	PUNCT
fsr-3260	176	10	are	be	AUX
fsr-3260	176	11	mixed	mixed	ADJ
fsr-3260	176	12	and	and	CCONJ
fsr-3260	176	13	none	none	NOUN
fsr-3260	176	14	of	of	ADP
fsr-3260	176	15	the	the	DET
fsr-3260	176	16	results	result	NOUN
fsr-3260	176	17	is	be	AUX
fsr-3260	176	18	significantly	significantly	ADV
fsr-3260	176	19	different	different	ADJ
fsr-3260	176	20	from	from	ADP
fsr-3260	176	21	zero	zero	NUM
fsr-3260	176	22	.	.	PUNCT
fsr-3260	177	1	on	on	ADP
fsr-3260	177	2	the	the	DET
fsr-3260	177	3	other	other	ADJ
fsr-3260	177	4	hand	hand	NOUN
fsr-3260	177	5	,	,	PUNCT
fsr-3260	177	6	the	the	DET
fsr-3260	177	7	significantly	significantly	ADV
fsr-3260	177	8	positive	positive	ADJ
fsr-3260	177	9	excess	excess	ADJ
fsr-3260	177	10	and	and	CCONJ
fsr-3260	177	11	risk	risk	NOUN
fsr-3260	177	12	-	-	PUNCT
fsr-3260	177	13	adjusted	adjust	VERB
fsr-3260	177	14	returns	return	NOUN
fsr-3260	177	15	achieved	achieve	VERB
fsr-3260	177	16	by	by	ADP
fsr-3260	177	17	momentum	momentum	NOUN
fsr-3260	177	18	seller	seller	NOUN
fsr-3260	177	19	portfolio	portfolio	NOUN
fsr-3260	177	20	(	(	PUNCT
fsr-3260	177	21	portfolio	portfolio	NOUN
fsr-3260	177	22	2	2	NUM
fsr-3260	177	23	)	)	PUNCT
fsr-3260	177	24	indicate	indicate	VERB
fsr-3260	177	25	that	that	SCONJ
fsr-3260	177	26	momentum	momentum	NOUN
fsr-3260	177	27	sellers	seller	NOUN
fsr-3260	177	28	are	be	AUX
fsr-3260	177	29	following	follow	VERB
fsr-3260	177	30	a	a	DET
fsr-3260	177	31	losing	losing	NOUN
fsr-3260	177	32	strategy	strategy	NOUN
fsr-3260	177	33	.	.	PUNCT
fsr-3260	178	1	they	they	PRON
fsr-3260	178	2	sell	sell	VERB
fsr-3260	178	3	funds	fund	NOUN
fsr-3260	178	4	that	that	PRON
fsr-3260	178	5	significantly	significantly	ADV
fsr-3260	178	6	outperform	outperform	VERB
fsr-3260	178	7	the	the	DET
fsr-3260	178	8	market	market	NOUN
fsr-3260	178	9	in	in	ADP
fsr-3260	178	10	the	the	DET
fsr-3260	178	11	following	follow	VERB
fsr-3260	178	12	six	six	NUM
fsr-3260	178	13	months	month	NOUN
fsr-3260	178	14	.	.	PUNCT
fsr-3260	179	1	for	for	ADP
fsr-3260	179	2	example	example	NOUN
fsr-3260	179	3	,	,	PUNCT
fsr-3260	179	4	as	as	SCONJ
fsr-3260	179	5	estimated	estimate	VERB
fsr-3260	179	6	by	by	ADP
fsr-3260	179	7	fama	fama	PROPN
fsr-3260	179	8	-	-	PUNCT
fsr-3260	179	9	french	french	ADJ
fsr-3260	179	10	model	model	NOUN
fsr-3260	179	11	under	under	ADP
fsr-3260	179	12	fund	fund	NOUN
fsr-3260	179	13	regression	regression	NOUN
fsr-3260	179	14	approach	approach	NOUN
fsr-3260	179	15	,	,	PUNCT
fsr-3260	179	16	momentum	momentum	NOUN
fsr-3260	179	17	sellers	seller	NOUN
fsr-3260	179	18	lose	lose	VERB
fsr-3260	179	19	0.18	0.18	NUM
fsr-3260	179	20	%	%	NOUN
fsr-3260	179	21	per	per	ADP
fsr-3260	179	22	month	month	NOUN
fsr-3260	179	23	,	,	PUNCT
fsr-3260	179	24	which	which	PRON
fsr-3260	179	25	is	be	AUX
fsr-3260	179	26	equivalent	equivalent	ADJ
fsr-3260	179	27	to	to	ADP
fsr-3260	179	28	2.14	2.14	NUM
fsr-3260	179	29	%	%	NOUN
fsr-3260	179	30	per	per	ADP
fsr-3260	179	31	year	year	NOUN
fsr-3260	179	32	.	.	PUNCT
fsr-3260	180	1	overall	overall	ADJ
fsr-3260	180	2	,	,	PUNCT
fsr-3260	180	3	performance	performance	NOUN
fsr-3260	180	4	of	of	ADP
fsr-3260	180	5	portfolio	portfolio	NOUN
fsr-3260	180	6	3	3	NUM
fsr-3260	180	7	shows	show	VERB
fsr-3260	180	8	that	that	SCONJ
fsr-3260	180	9	it	it	PRON
fsr-3260	180	10	is	be	AUX
fsr-3260	180	11	a	a	DET
fsr-3260	180	12	losing	lose	VERB
fsr-3260	180	13	strategy	strategy	NOUN
fsr-3260	180	14	to	to	PART
fsr-3260	180	15	buy	buy	VERB
fsr-3260	180	16	what	what	PRON
fsr-3260	180	17	momentum	momentum	NOUN
fsr-3260	180	18	buyers	buyer	NOUN
fsr-3260	180	19	purchased	purchase	VERB
fsr-3260	180	20	and	and	CCONJ
fsr-3260	180	21	sell	sell	VERB
fsr-3260	180	22	what	what	PRON
fsr-3260	180	23	momentum	momentum	NOUN
fsr-3260	180	24	sellers	seller	NOUN
fsr-3260	180	25	sold	sell	VERB
fsr-3260	180	26	in	in	ADP
fsr-3260	180	27	certain	certain	ADJ
fsr-3260	180	28	cases	case	NOUN
fsr-3260	180	29	.	.	PUNCT
fsr-3260	181	1	the	the	DET
fsr-3260	181	2	loss	loss	NOUN
fsr-3260	181	3	can	can	AUX
fsr-3260	181	4	be	be	AUX
fsr-3260	181	5	as	as	ADV
fsr-3260	181	6	high	high	ADJ
fsr-3260	181	7	as	as	ADP
fsr-3260	181	8	0.17	0.17	NUM
fsr-3260	181	9	%	%	NOUN
fsr-3260	181	10	each	each	DET
fsr-3260	181	11	month	month	NOUN
fsr-3260	181	12	,	,	PUNCT
fsr-3260	181	13	which	which	PRON
fsr-3260	181	14	is	be	AUX
fsr-3260	181	15	equivalent	equivalent	ADJ
fsr-3260	181	16	to	to	ADP
fsr-3260	181	17	a	a	DET
fsr-3260	181	18	2.02	2.02	NUM
fsr-3260	181	19	%	%	NOUN
fsr-3260	181	20	annual	annual	ADJ
fsr-3260	181	21	loss	loss	NOUN
fsr-3260	181	22	,	,	PUNCT
fsr-3260	181	23	when	when	SCONJ
fsr-3260	181	24	measured	measure	VERB
fsr-3260	181	25	by	by	ADP
fsr-3260	181	26	capm	capm	PROPN
fsr-3260	181	27	model	model	PROPN
fsr-3260	181	28	under	under	ADP
fsr-3260	181	29	fund	fund	NOUN
fsr-3260	181	30	regression	regression	NOUN
fsr-3260	181	31	approach	approach	NOUN
fsr-3260	181	32	.	.	PUNCT
fsr-3260	182	1	59n	59n	NOUN
fsr-3260	182	2	.	.	PUNCT
fsr-3260	182	3	tang	tang	PROPN
fsr-3260	182	4	/	/	SYM
fsr-3260	182	5	financial	financial	ADJ
fsr-3260	182	6	services	service	NOUN
fsr-3260	182	7	review	review	VERB
fsr-3260	182	8	25	25	NUM
fsr-3260	182	9	(	(	PUNCT
fsr-3260	182	10	2016	2016	NUM
fsr-3260	182	11	)	)	PUNCT
fsr-3260	182	12	51–72	51–72	NUM
fsr-3260	182	13	table	table	NOUN
fsr-3260	182	14	2	2	NUM
fsr-3260	182	15	performances	performance	NOUN
fsr-3260	182	16	of	of	ADP
fsr-3260	182	17	momentum	momentum	NOUN
fsr-3260	182	18	traders	trader	NOUN
fsr-3260	182	19	(	(	PUNCT
fsr-3260	182	20	value	value	NOUN
fsr-3260	182	21	-	-	PUNCT
fsr-3260	182	22	weighted	weight	VERB
fsr-3260	182	23	)	)	PUNCT
fsr-3260	182	24	portfolios	portfolio	NOUN
fsr-3260	182	25	(	(	PUNCT
fsr-3260	182	26	a	a	X
fsr-3260	182	27	)	)	PUNCT
fsr-3260	182	28	excess	excess	ADJ
fsr-3260	182	29	return	return	NOUN
fsr-3260	182	30	(	(	PUNCT
fsr-3260	182	31	b	b	NOUN
fsr-3260	182	32	)	)	PUNCT
fsr-3260	182	33	alpha1	alpha1	NOUN
fsr-3260	182	34	-	-	PUNCT
fsr-3260	182	35	portfolio	portfolio	NOUN
fsr-3260	182	36	regression	regression	NOUN
fsr-3260	182	37	approach	approach	NOUN
fsr-3260	182	38	(	(	PUNCT
fsr-3260	182	39	c	c	NOUN
fsr-3260	182	40	)	)	PUNCT
fsr-3260	182	41	alpha3	alpha3	NOUN
fsr-3260	182	42	-	-	PUNCT
fsr-3260	182	43	portfolio	portfolio	NOUN
fsr-3260	182	44	regression	regression	NOUN
fsr-3260	182	45	approach	approach	NOUN
fsr-3260	182	46	(	(	PUNCT
fsr-3260	182	47	d	d	NOUN
fsr-3260	182	48	)	)	PUNCT
fsr-3260	182	49	alpha1	alpha1	NOUN
fsr-3260	182	50	-	-	PUNCT
fsr-3260	182	51	fund	fund	NOUN
fsr-3260	182	52	regression	regression	NOUN
fsr-3260	182	53	approach	approach	NOUN
fsr-3260	182	54	(	(	PUNCT
fsr-3260	182	55	e	e	NOUN
fsr-3260	182	56	)	)	PUNCT
fsr-3260	182	57	alpha3	alpha3	ADJ
fsr-3260	182	58	-	-	PUNCT
fsr-3260	182	59	fund	fund	NOUN
fsr-3260	182	60	regression	regression	NOUN
fsr-3260	182	61	approach	approach	NOUN
fsr-3260	182	62	a.	a.	NOUN
fsr-3260	182	63	six	six	NUM
fsr-3260	182	64	-	-	PUNCT
fsr-3260	182	65	month	month	NOUN
fsr-3260	182	66	holding	holding	NOUN
fsr-3260	182	67	period	period	NOUN
fsr-3260	182	68	1	1	NUM
fsr-3260	182	69	.	.	PUNCT
fsr-3260	182	70	momentum	momentum	NOUN
fsr-3260	182	71	buyer	buyer	NOUN
fsr-3260	182	72	0.02	0.02	NUM
fsr-3260	182	73	%	%	NOUN
fsr-3260	182	74	0.01	0.01	NUM
fsr-3260	182	75	%	%	NOUN
fsr-3260	182	76	0.07	0.07	NUM
fsr-3260	182	77	%	%	NOUN
fsr-3260	182	78	�	�	NOUN
fsr-3260	182	79	0.02	0.02	NUM
fsr-3260	182	80	%	%	NOUN
fsr-3260	182	81	0.05	0.05	NUM
fsr-3260	182	82	%	%	NOUN
fsr-3260	182	83	(	(	PUNCT
fsr-3260	182	84	0.22	0.22	NUM
fsr-3260	182	85	)	)	PUNCT
fsr-3260	182	86	(	(	PUNCT
fsr-3260	182	87	0.20	0.20	NUM
fsr-3260	182	88	)	)	PUNCT
fsr-3260	182	89	(	(	PUNCT
fsr-3260	182	90	1.14	1.14	NUM
fsr-3260	182	91	)	)	PUNCT
fsr-3260	182	92	(	(	PUNCT
fsr-3260	182	93	�	�	NOUN
fsr-3260	182	94	0.27	0.27	NUM
fsr-3260	182	95	)	)	PUNCT
fsr-3260	182	96	(	(	PUNCT
fsr-3260	182	97	0.62	0.62	NUM
fsr-3260	182	98	)	)	PUNCT
fsr-3260	182	99	2	2	NUM
fsr-3260	182	100	.	.	PUNCT
fsr-3260	182	101	momentum	momentum	NOUN
fsr-3260	182	102	seller	seller	NOUN
fsr-3260	182	103	0.13	0.13	NUM
fsr-3260	182	104	%	%	NOUN
fsr-3260	182	105	*	*	PUNCT
fsr-3260	182	106	*	*	NOUN
fsr-3260	182	107	0.13	0.13	NUM
fsr-3260	182	108	%	%	NOUN
fsr-3260	182	109	*	*	PUNCT
fsr-3260	182	110	*	*	PUNCT
fsr-3260	182	111	0.11	0.11	NUM
fsr-3260	182	112	%	%	NOUN
fsr-3260	182	113	*	*	PUNCT
fsr-3260	182	114	*	*	PUNCT
fsr-3260	183	1	0.15	0.15	NUM
fsr-3260	183	2	%	%	NOUN
fsr-3260	183	3	*	*	PUNCT
fsr-3260	183	4	*	*	NOUN
fsr-3260	183	5	0.18	0.18	NUM
fsr-3260	183	6	%	%	NOUN
fsr-3260	183	7	*	*	PUNCT
fsr-3260	183	8	*	*	PUNCT
fsr-3260	183	9	*	*	PUNCT
fsr-3260	183	10	(	(	PUNCT
fsr-3260	183	11	2.62	2.62	NUM
fsr-3260	183	12	)	)	PUNCT
fsr-3260	183	13	(	(	PUNCT
fsr-3260	183	14	2.60	2.60	NUM
fsr-3260	183	15	)	)	PUNCT
fsr-3260	183	16	(	(	PUNCT
fsr-3260	183	17	2.00	2.00	NUM
fsr-3260	183	18	)	)	PUNCT
fsr-3260	183	19	(	(	PUNCT
fsr-3260	183	20	2.59	2.59	NUM
fsr-3260	183	21	)	)	PUNCT
fsr-3260	183	22	(	(	PUNCT
fsr-3260	183	23	3.38	3.38	NUM
fsr-3260	183	24	)	)	PUNCT
fsr-3260	183	25	3	3	NUM
fsr-3260	183	26	.	.	X
fsr-3260	184	1	portfolio	portfolio	NOUN
fsr-3260	184	2	1	1	NUM
fsr-3260	184	3	portfolio	portfolio	NOUN
fsr-3260	184	4	2	2	NUM
fsr-3260	184	5	�	�	NOUN
fsr-3260	184	6	0.11	0.11	NUM
fsr-3260	184	7	%	%	NOUN
fsr-3260	184	8	�	�	NOUN
fsr-3260	184	9	0.11	0.11	NUM
fsr-3260	184	10	%	%	NOUN
fsr-3260	184	11	�	�	NOUN
fsr-3260	184	12	0.04	0.04	NUM
fsr-3260	184	13	%	%	NOUN
fsr-3260	184	14	�	�	PROPN
fsr-3260	184	15	0.17	0.17	NUM
fsr-3260	184	16	%	%	NOUN
fsr-3260	184	17	*	*	PUNCT
fsr-3260	184	18	*	*	NOUN
fsr-3260	184	19	�	�	PROPN
fsr-3260	184	20	0.13	0.13	NUM
fsr-3260	184	21	%	%	NOUN
fsr-3260	184	22	*	*	PUNCT
fsr-3260	184	23	*	*	PUNCT
fsr-3260	184	24	(	(	PUNCT
fsr-3260	184	25	�	�	NOUN
fsr-3260	184	26	1.39	1.39	NUM
fsr-3260	184	27	)	)	PUNCT
fsr-3260	184	28	(	(	PUNCT
fsr-3260	184	29	�	�	NOUN
fsr-3260	184	30	1.40	1.40	NUM
fsr-3260	184	31	)	)	PUNCT
fsr-3260	184	32	(	(	PUNCT
fsr-3260	184	33	�	�	PROPN
fsr-3260	184	34	0.53	0.53	NUM
fsr-3260	184	35	)	)	PUNCT
fsr-3260	184	36	(	(	PUNCT
fsr-3260	184	37	�	�	PROPN
fsr-3260	184	38	2.13	2.13	NUM
fsr-3260	184	39	)	)	PUNCT
fsr-3260	184	40	(	(	PUNCT
fsr-3260	184	41	�	�	PROPN
fsr-3260	184	42	2.08	2.08	NUM
fsr-3260	184	43	)	)	PUNCT
fsr-3260	184	44	b.	b.	PROPN
fsr-3260	184	45	one	one	NUM
fsr-3260	184	46	-	-	PUNCT
fsr-3260	184	47	month	month	NOUN
fsr-3260	184	48	holding	holding	NOUN
fsr-3260	184	49	period	period	NOUN
fsr-3260	184	50	1	1	NUM
fsr-3260	184	51	.	.	PUNCT
fsr-3260	184	52	momentum	momentum	NOUN
fsr-3260	184	53	buyer	buyer	NOUN
fsr-3260	184	54	0.06	0.06	NUM
fsr-3260	184	55	%	%	NOUN
fsr-3260	184	56	0.07	0.07	NUM
fsr-3260	184	57	%	%	NOUN
fsr-3260	184	58	0.08	0.08	NUM
fsr-3260	184	59	%	%	NOUN
fsr-3260	184	60	�	�	NOUN
fsr-3260	184	61	0.03	0.03	NUM
fsr-3260	184	62	%	%	NOUN
fsr-3260	184	63	0.03	0.03	NUM
fsr-3260	184	64	%	%	NOUN
fsr-3260	184	65	(	(	PUNCT
fsr-3260	184	66	0.35	0.35	NUM
fsr-3260	184	67	)	)	PUNCT
fsr-3260	184	68	(	(	PUNCT
fsr-3260	184	69	0.41	0.41	NUM
fsr-3260	184	70	)	)	PUNCT
fsr-3260	184	71	(	(	PUNCT
fsr-3260	184	72	0.44	0.44	NUM
fsr-3260	184	73	)	)	PUNCT
fsr-3260	184	74	(	(	PUNCT
fsr-3260	184	75	�	�	PROPN
fsr-3260	184	76	0.16	0.16	NUM
fsr-3260	184	77	)	)	PUNCT
fsr-3260	184	78	(	(	PUNCT
fsr-3260	184	79	0.23	0.23	NUM
fsr-3260	184	80	)	)	PUNCT
fsr-3260	184	81	2	2	NUM
fsr-3260	184	82	.	.	PUNCT
fsr-3260	184	83	momentum	momentum	NOUN
fsr-3260	184	84	seller	seller	NOUN
fsr-3260	184	85	0.01	0.01	NUM
fsr-3260	184	86	%	%	NOUN
fsr-3260	184	87	0.003	0.003	NUM
fsr-3260	184	88	%	%	NOUN
fsr-3260	184	89	0.02	0.02	NUM
fsr-3260	184	90	%	%	NOUN
fsr-3260	184	91	0.08	0.08	NUM
fsr-3260	184	92	%	%	NOUN
fsr-3260	184	93	0.12	0.12	NUM
fsr-3260	184	94	%	%	NOUN
fsr-3260	184	95	(	(	PUNCT
fsr-3260	184	96	0.05	0.05	NUM
fsr-3260	184	97	)	)	PUNCT
fsr-3260	184	98	(	(	PUNCT
fsr-3260	184	99	0.02	0.02	NUM
fsr-3260	184	100	)	)	PUNCT
fsr-3260	184	101	(	(	PUNCT
fsr-3260	184	102	0.13	0.13	NUM
fsr-3260	184	103	)	)	PUNCT
fsr-3260	184	104	(	(	PUNCT
fsr-3260	184	105	0.52	0.52	NUM
fsr-3260	184	106	)	)	PUNCT
fsr-3260	184	107	(	(	PUNCT
fsr-3260	184	108	0.81	0.81	NUM
fsr-3260	184	109	)	)	PUNCT
fsr-3260	184	110	3	3	NUM
fsr-3260	184	111	.	.	X
fsr-3260	184	112	portfolio	portfolio	NOUN
fsr-3260	184	113	1	1	NUM
fsr-3260	184	114	portfolio	portfolio	NOUN
fsr-3260	184	115	2	2	NUM
fsr-3260	184	116	0.05	0.05	NUM
fsr-3260	184	117	%	%	NOUN
fsr-3260	184	118	0.07	0.07	NUM
fsr-3260	184	119	%	%	NOUN
fsr-3260	184	120	0.06	0.06	NUM
fsr-3260	184	121	%	%	NOUN
fsr-3260	184	122	�	�	NOUN
fsr-3260	184	123	0.11	0.11	NUM
fsr-3260	184	124	%	%	NOUN
fsr-3260	184	125	�	�	PROPN
fsr-3260	184	126	0.09	0.09	NUM
fsr-3260	184	127	%	%	NOUN
fsr-3260	184	128	(	(	PUNCT
fsr-3260	184	129	0.24	0.24	NUM
fsr-3260	184	130	)	)	PUNCT
fsr-3260	184	131	(	(	PUNCT
fsr-3260	184	132	0.30	0.30	NUM
fsr-3260	184	133	)	)	PUNCT
fsr-3260	184	134	(	(	PUNCT
fsr-3260	184	135	0.25	0.25	NUM
fsr-3260	184	136	)	)	PUNCT
fsr-3260	184	137	(	(	PUNCT
fsr-3260	184	138	�	�	PROPN
fsr-3260	184	139	0.56	0.56	NUM
fsr-3260	184	140	)	)	PUNCT
fsr-3260	184	141	(	(	PUNCT
fsr-3260	184	142	�	�	NOUN
fsr-3260	184	143	0.56	0.56	NUM
fsr-3260	184	144	)	)	PUNCT
fsr-3260	184	145	c.	c.	NOUN
fsr-3260	184	146	one	one	NUM
fsr-3260	184	147	-	-	PUNCT
fsr-3260	184	148	year	year	NOUN
fsr-3260	184	149	holding	holding	NOUN
fsr-3260	184	150	period	period	NOUN
fsr-3260	184	151	1	1	NUM
fsr-3260	184	152	.	.	PUNCT
fsr-3260	184	153	momentum	momentum	NOUN
fsr-3260	184	154	buyer	buyer	NOUN
fsr-3260	184	155	0.03	0.03	NUM
fsr-3260	184	156	%	%	NOUN
fsr-3260	184	157	0.03	0.03	NUM
fsr-3260	184	158	%	%	NOUN
fsr-3260	184	159	0.07	0.07	NUM
fsr-3260	184	160	%	%	NOUN
fsr-3260	184	161	0.02	0.02	NUM
fsr-3260	184	162	%	%	NOUN
fsr-3260	184	163	0.04	0.04	NUM
fsr-3260	184	164	%	%	NOUN
fsr-3260	184	165	(	(	PUNCT
fsr-3260	184	166	0.71	0.71	NUM
fsr-3260	184	167	)	)	PUNCT
fsr-3260	184	168	(	(	PUNCT
fsr-3260	184	169	0.78	0.78	NUM
fsr-3260	184	170	)	)	PUNCT
fsr-3260	184	171	(	(	PUNCT
fsr-3260	184	172	1.92	1.92	NUM
fsr-3260	184	173	)	)	PUNCT
fsr-3260	184	174	(	(	PUNCT
fsr-3260	184	175	0.33	0.33	NUM
fsr-3260	184	176	)	)	PUNCT
fsr-3260	184	177	(	(	PUNCT
fsr-3260	184	178	1.00	1.00	NUM
fsr-3260	184	179	)	)	PUNCT
fsr-3260	184	180	2	2	NUM
fsr-3260	184	181	.	.	PUNCT
fsr-3260	184	182	momentum	momentum	NOUN
fsr-3260	184	183	seller	seller	NOUN
fsr-3260	184	184	0.14	0.14	NUM
fsr-3260	184	185	%	%	NOUN
fsr-3260	184	186	*	*	PUNCT
fsr-3260	184	187	*	*	PUNCT
fsr-3260	184	188	*	*	PUNCT
fsr-3260	184	189	0.14	0.14	NUM
fsr-3260	184	190	%	%	NOUN
fsr-3260	184	191	*	*	PUNCT
fsr-3260	184	192	*	*	PUNCT
fsr-3260	184	193	*	*	PUNCT
fsr-3260	184	194	0.17	0.17	NUM
fsr-3260	184	195	%	%	NOUN
fsr-3260	184	196	*	*	PUNCT
fsr-3260	184	197	*	*	PUNCT
fsr-3260	184	198	*	*	PUNCT
fsr-3260	184	199	0.16	0.16	NUM
fsr-3260	184	200	%	%	NOUN
fsr-3260	184	201	*	*	PUNCT
fsr-3260	184	202	*	*	PUNCT
fsr-3260	184	203	*	*	PUNCT
fsr-3260	184	204	0.17	0.17	NUM
fsr-3260	184	205	%	%	NOUN
fsr-3260	184	206	*	*	PUNCT
fsr-3260	184	207	*	*	PUNCT
fsr-3260	184	208	*	*	PUNCT
fsr-3260	184	209	(	(	PUNCT
fsr-3260	184	210	2.95	2.95	NUM
fsr-3260	184	211	)	)	PUNCT
fsr-3260	184	212	(	(	PUNCT
fsr-3260	184	213	2.93	2.93	NUM
fsr-3260	184	214	)	)	PUNCT
fsr-3260	184	215	(	(	PUNCT
fsr-3260	184	216	3.25	3.25	NUM
fsr-3260	184	217	)	)	PUNCT
fsr-3260	184	218	(	(	PUNCT
fsr-3260	184	219	3.14	3.14	NUM
fsr-3260	184	220	)	)	PUNCT
fsr-3260	184	221	(	(	PUNCT
fsr-3260	184	222	3.27	3.27	NUM
fsr-3260	184	223	)	)	PUNCT
fsr-3260	184	224	3	3	NUM
fsr-3260	184	225	.	.	PUNCT
fsr-3260	185	1	portfolio	portfolio	NOUN
fsr-3260	185	2	1	1	NUM
fsr-3260	185	3	portfolio	portfolio	NOUN
fsr-3260	185	4	2	2	NUM
fsr-3260	185	5	�	�	NOUN
fsr-3260	185	6	0.11	0.11	NUM
fsr-3260	185	7	%	%	NOUN
fsr-3260	185	8	�	�	NOUN
fsr-3260	185	9	0.11	0.11	NUM
fsr-3260	185	10	%	%	NOUN
fsr-3260	185	11	�	�	NOUN
fsr-3260	185	12	0.10	0.10	NUM
fsr-3260	185	13	%	%	NOUN
fsr-3260	185	14	�	�	NOUN
fsr-3260	185	15	0.14	0.14	NUM
fsr-3260	185	16	%	%	NOUN
fsr-3260	185	17	*	*	PUNCT
fsr-3260	185	18	*	*	NOUN
fsr-3260	185	19	�	�	PROPN
fsr-3260	185	20	0.13	0.13	NUM
fsr-3260	185	21	%	%	NOUN
fsr-3260	185	22	*	*	PUNCT
fsr-3260	185	23	*	*	PUNCT
fsr-3260	185	24	*	*	PUNCT
fsr-3260	185	25	(	(	PUNCT
fsr-3260	185	26	�	�	NOUN
fsr-3260	185	27	1.85	1.85	NUM
fsr-3260	185	28	)	)	PUNCT
fsr-3260	185	29	(	(	PUNCT
fsr-3260	185	30	�	�	PROPN
fsr-3260	185	31	1.84	1.84	NUM
fsr-3260	185	32	)	)	PUNCT
fsr-3260	185	33	(	(	PUNCT
fsr-3260	185	34	�	�	NOUN
fsr-3260	185	35	1.72	1.72	NUM
fsr-3260	185	36	)	)	PUNCT
fsr-3260	185	37	(	(	PUNCT
fsr-3260	185	38	�	�	NOUN
fsr-3260	185	39	2.53	2.53	NUM
fsr-3260	185	40	)	)	PUNCT
fsr-3260	185	41	(	(	PUNCT
fsr-3260	185	42	�	�	PROPN
fsr-3260	185	43	2.75	2.75	NUM
fsr-3260	185	44	)	)	PUNCT
fsr-3260	185	45	d.	d.	PROPN
fsr-3260	185	46	financial	financial	ADJ
fsr-3260	185	47	turmoil	turmoil	NOUN
fsr-3260	185	48	period	period	NOUN
fsr-3260	185	49	excluded	exclude	VERB
fsr-3260	185	50	,	,	PUNCT
fsr-3260	185	51	six	six	NUM
fsr-3260	185	52	-	-	PUNCT
fsr-3260	185	53	month	month	NOUN
fsr-3260	185	54	holding	holding	NOUN
fsr-3260	185	55	period	period	NOUN
fsr-3260	185	56	1	1	NUM
fsr-3260	185	57	.	.	PUNCT
fsr-3260	185	58	momentum	momentum	NOUN
fsr-3260	185	59	buyer	buyer	NOUN
fsr-3260	185	60	0.04	0.04	NUM
fsr-3260	185	61	%	%	NOUN
fsr-3260	185	62	0.05	0.05	NUM
fsr-3260	185	63	%	%	NOUN
fsr-3260	185	64	0.09	0.09	NUM
fsr-3260	185	65	%	%	NOUN
fsr-3260	185	66	�	�	NOUN
fsr-3260	185	67	0.01	0.01	NUM
fsr-3260	185	68	%	%	NOUN
fsr-3260	185	69	0.003	0.003	NUM
fsr-3260	185	70	%	%	NOUN
fsr-3260	185	71	(	(	PUNCT
fsr-3260	185	72	0.48	0.48	NUM
fsr-3260	185	73	)	)	PUNCT
fsr-3260	185	74	(	(	PUNCT
fsr-3260	185	75	0.71	0.71	NUM
fsr-3260	185	76	)	)	PUNCT
fsr-3260	185	77	(	(	PUNCT
fsr-3260	185	78	1.43	1.43	NUM
fsr-3260	185	79	)	)	PUNCT
fsr-3260	185	80	(	(	PUNCT
fsr-3260	185	81	�	�	NOUN
fsr-3260	185	82	0.13	0.13	NUM
fsr-3260	185	83	)	)	PUNCT
fsr-3260	185	84	(	(	PUNCT
fsr-3260	185	85	0.04	0.04	NUM
fsr-3260	185	86	)	)	PUNCT
fsr-3260	185	87	2	2	NUM
fsr-3260	185	88	.	.	PUNCT
fsr-3260	185	89	momentum	momentum	NOUN
fsr-3260	185	90	seller	seller	NOUN
fsr-3260	185	91	0.10	0.10	NUM
fsr-3260	185	92	%	%	NOUN
fsr-3260	185	93	0.10	0.10	NUM
fsr-3260	185	94	%	%	NOUN
fsr-3260	185	95	0.10	0.10	NUM
fsr-3260	185	96	%	%	NOUN
fsr-3260	185	97	0.10	0.10	NUM
fsr-3260	185	98	%	%	NOUN
fsr-3260	185	99	0.14	0.14	NUM
fsr-3260	185	100	%	%	NOUN
fsr-3260	185	101	*	*	PUNCT
fsr-3260	185	102	*	*	PUNCT
fsr-3260	185	103	(	(	PUNCT
fsr-3260	185	104	1.95	1.95	NUM
fsr-3260	185	105	)	)	PUNCT
fsr-3260	185	106	(	(	PUNCT
fsr-3260	185	107	1.93	1.93	NUM
fsr-3260	185	108	)	)	PUNCT
fsr-3260	185	109	(	(	PUNCT
fsr-3260	185	110	1.72	1.72	NUM
fsr-3260	185	111	)	)	PUNCT
fsr-3260	185	112	(	(	PUNCT
fsr-3260	185	113	1.70	1.70	NUM
fsr-3260	185	114	)	)	PUNCT
fsr-3260	185	115	(	(	PUNCT
fsr-3260	185	116	2.55	2.55	NUM
fsr-3260	185	117	)	)	PUNCT
fsr-3260	185	118	3	3	NUM
fsr-3260	185	119	.	.	X
fsr-3260	186	1	portfolio	portfolio	NOUN
fsr-3260	186	2	1	1	NUM
fsr-3260	186	3	portfolio	portfolio	NOUN
fsr-3260	186	4	2	2	NUM
fsr-3260	186	5	�	�	NOUN
fsr-3260	186	6	0.06	0.06	NUM
fsr-3260	186	7	%	%	NOUN
fsr-3260	186	8	�	�	NOUN
fsr-3260	186	9	0.05	0.05	NUM
fsr-3260	186	10	%	%	NOUN
fsr-3260	186	11	�	�	NOUN
fsr-3260	186	12	0.01	0.01	NUM
fsr-3260	186	13	%	%	NOUN
fsr-3260	186	14	�	�	NOUN
fsr-3260	186	15	0.11	0.11	NUM
fsr-3260	186	16	%	%	NOUN
fsr-3260	186	17	�	�	NOUN
fsr-3260	186	18	0.14	0.14	NUM
fsr-3260	186	19	%	%	NOUN
fsr-3260	186	20	*	*	PUNCT
fsr-3260	186	21	*	*	PUNCT
fsr-3260	186	22	(	(	PUNCT
fsr-3260	186	23	�	�	NOUN
fsr-3260	186	24	0.76	0.76	NUM
fsr-3260	186	25	)	)	PUNCT
fsr-3260	186	26	(	(	PUNCT
fsr-3260	186	27	�	�	PROPN
fsr-3260	186	28	0.67	0.67	NUM
fsr-3260	186	29	)	)	PUNCT
fsr-3260	186	30	(	(	PUNCT
fsr-3260	186	31	�	�	PROPN
fsr-3260	186	32	0.17	0.17	NUM
fsr-3260	186	33	)	)	PUNCT
fsr-3260	186	34	(	(	PUNCT
fsr-3260	186	35	�	�	NOUN
fsr-3260	186	36	1.39	1.39	NUM
fsr-3260	186	37	)	)	PUNCT
fsr-3260	186	38	(	(	PUNCT
fsr-3260	186	39	�	�	NOUN
fsr-3260	186	40	2.01	2.01	NUM
fsr-3260	186	41	)	)	PUNCT
fsr-3260	186	42	e.	e.	PROPN
fsr-3260	186	43	consistent	consistent	ADJ
fsr-3260	186	44	momentum	momentum	NOUN
fsr-3260	186	45	traders	trader	NOUN
fsr-3260	186	46	(	(	PUNCT
fsr-3260	186	47	six	six	NUM
fsr-3260	186	48	-	-	PUNCT
fsr-3260	186	49	month	month	NOUN
fsr-3260	186	50	holding	holding	NOUN
fsr-3260	186	51	period	period	NOUN
fsr-3260	186	52	)	)	PUNCT
fsr-3260	186	53	1	1	NUM
fsr-3260	186	54	.	.	X
fsr-3260	186	55	momentum	momentum	NOUN
fsr-3260	186	56	buyer	buyer	NOUN
fsr-3260	186	57	0.03	0.03	NUM
fsr-3260	186	58	%	%	NOUN
fsr-3260	186	59	0.03	0.03	NUM
fsr-3260	186	60	%	%	NOUN
fsr-3260	186	61	0.08	0.08	NUM
fsr-3260	186	62	%	%	NOUN
fsr-3260	186	63	�	�	NOUN
fsr-3260	186	64	0.01	0.01	NUM
fsr-3260	186	65	%	%	NOUN
fsr-3260	186	66	0.06	0.06	NUM
fsr-3260	186	67	%	%	NOUN
fsr-3260	186	68	(	(	PUNCT
fsr-3260	186	69	0.33	0.33	NUM
fsr-3260	186	70	)	)	PUNCT
fsr-3260	186	71	(	(	PUNCT
fsr-3260	186	72	0.35	0.35	NUM
fsr-3260	186	73	)	)	PUNCT
fsr-3260	186	74	(	(	PUNCT
fsr-3260	186	75	1.17	1.17	NUM
fsr-3260	186	76	)	)	PUNCT
fsr-3260	186	77	(	(	PUNCT
fsr-3260	186	78	�	�	PROPN
fsr-3260	186	79	0.06	0.06	NUM
fsr-3260	186	80	)	)	PUNCT
fsr-3260	186	81	(	(	PUNCT
fsr-3260	186	82	0.72	0.72	NUM
fsr-3260	186	83	)	)	PUNCT
fsr-3260	186	84	2	2	NUM
fsr-3260	186	85	.	.	PUNCT
fsr-3260	186	86	momentum	momentum	NOUN
fsr-3260	186	87	seller	seller	NOUN
fsr-3260	186	88	0.10	0.10	NUM
fsr-3260	186	89	%	%	NOUN
fsr-3260	186	90	0.11	0.11	NUM
fsr-3260	186	91	%	%	NOUN
fsr-3260	186	92	0.09	0.09	NUM
fsr-3260	186	93	%	%	NOUN
fsr-3260	186	94	0.12	0.12	NUM
fsr-3260	186	95	%	%	NOUN
fsr-3260	186	96	0.15	0.15	NUM
fsr-3260	186	97	%	%	NOUN
fsr-3260	186	98	*	*	PUNCT
fsr-3260	186	99	*	*	PUNCT
fsr-3260	186	100	*	*	PUNCT
fsr-3260	186	101	(	(	PUNCT
fsr-3260	186	102	1.93	1.93	NUM
fsr-3260	186	103	)	)	PUNCT
fsr-3260	186	104	(	(	PUNCT
fsr-3260	186	105	1.91	1.91	NUM
fsr-3260	186	106	)	)	PUNCT
fsr-3260	186	107	(	(	PUNCT
fsr-3260	186	108	1.50	1.50	NUM
fsr-3260	186	109	)	)	PUNCT
fsr-3260	186	110	(	(	PUNCT
fsr-3260	186	111	1.98	1.98	NUM
fsr-3260	186	112	)	)	PUNCT
fsr-3260	186	113	(	(	PUNCT
fsr-3260	186	114	2.71	2.71	NUM
fsr-3260	186	115	)	)	PUNCT
fsr-3260	186	116	3	3	NUM
fsr-3260	186	117	.	.	X
fsr-3260	186	118	portfolio	portfolio	NOUN
fsr-3260	186	119	1	1	NUM
fsr-3260	186	120	portfolio	portfolio	NOUN
fsr-3260	186	121	2	2	NUM
fsr-3260	186	122	�	�	NOUN
fsr-3260	186	123	0.08	0.08	NUM
fsr-3260	186	124	%	%	NOUN
fsr-3260	186	125	�	�	NOUN
fsr-3260	186	126	0.08	0.08	NUM
fsr-3260	186	127	%	%	NOUN
fsr-3260	186	128	�	�	NOUN
fsr-3260	186	129	0.01	0.01	NUM
fsr-3260	186	130	%	%	NOUN
fsr-3260	186	131	�	�	NOUN
fsr-3260	186	132	0.12	0.12	NUM
fsr-3260	186	133	%	%	NOUN
fsr-3260	186	134	�	�	PROPN
fsr-3260	186	135	0.09	0.09	NUM
fsr-3260	186	136	%	%	NOUN
fsr-3260	186	137	(	(	PUNCT
fsr-3260	186	138	�	�	NOUN
fsr-3260	186	139	0.86	0.86	NUM
fsr-3260	186	140	)	)	PUNCT
fsr-3260	186	141	(	(	PUNCT
fsr-3260	186	142	�	�	NOUN
fsr-3260	186	143	0.86	0.86	NUM
fsr-3260	186	144	)	)	PUNCT
fsr-3260	186	145	(	(	PUNCT
fsr-3260	186	146	�	�	NOUN
fsr-3260	186	147	0.13	0.13	NUM
fsr-3260	186	148	)	)	PUNCT
fsr-3260	186	149	(	(	PUNCT
fsr-3260	186	150	�	�	NOUN
fsr-3260	186	151	1.44	1.44	NUM
fsr-3260	186	152	)	)	PUNCT
fsr-3260	186	153	(	(	PUNCT
fsr-3260	186	154	�	�	NOUN
fsr-3260	186	155	1.36	1.36	NUM
fsr-3260	186	156	)	)	PUNCT
fsr-3260	186	157	note	note	NOUN
fsr-3260	186	158	:	:	PUNCT
fsr-3260	186	159	three	three	NUM
fsr-3260	186	160	portfolios	portfolio	NOUN
fsr-3260	186	161	are	be	AUX
fsr-3260	186	162	constructed	construct	VERB
fsr-3260	186	163	based	base	VERB
fsr-3260	186	164	on	on	ADP
fsr-3260	186	165	876,941	876,941	NUM
fsr-3260	186	166	momentum	momentum	NOUN
fsr-3260	186	167	buyers	buyer	NOUN
fsr-3260	186	168	and	and	CCONJ
fsr-3260	186	169	624,307	624,307	NUM
fsr-3260	186	170	momentum	momentum	NOUN
fsr-3260	186	171	sellers	seller	NOUN
fsr-3260	186	172	identified	identify	VERB
fsr-3260	186	173	in	in	ADP
fsr-3260	186	174	response	response	NOUN
fsr-3260	186	175	to	to	ADP
fsr-3260	186	176	past	past	ADJ
fsr-3260	186	177	month	month	NOUN
fsr-3260	186	178	fund	fund	NOUN
fsr-3260	186	179	return	return	NOUN
fsr-3260	186	180	:	:	PUNCT
fsr-3260	186	181	(	(	PUNCT
fsr-3260	186	182	1	1	X
fsr-3260	186	183	)	)	PUNCT
fsr-3260	186	184	momentum	momentum	NOUN
fsr-3260	186	185	buyer	buyer	NOUN
fsr-3260	186	186	portfolio	portfolio	NOUN
fsr-3260	186	187	:	:	PUNCT
fsr-3260	186	188	purchase	purchase	NOUN
fsr-3260	186	189	funds	fund	NOUN
fsr-3260	186	190	bought	buy	VERB
fsr-3260	186	191	by	by	ADP
fsr-3260	186	192	a	a	DET
fsr-3260	186	193	momentum	momentum	NOUN
fsr-3260	186	194	buyer	buyer	NOUN
fsr-3260	186	195	in	in	ADP
fsr-3260	186	196	the	the	DET
fsr-3260	186	197	quarter	quarter	NOUN
fsr-3260	186	198	he	he	PRON
fsr-3260	186	199	is	be	AUX
fsr-3260	186	200	identified	identify	VERB
fsr-3260	186	201	as	as	ADP
fsr-3260	186	202	a	a	DET
fsr-3260	186	203	momentum	momentum	NOUN
fsr-3260	186	204	buyer	buyer	NOUN
fsr-3260	186	205	,	,	PUNCT
fsr-3260	186	206	weighted	weight	VERB
fsr-3260	186	207	by	by	ADP
fsr-3260	186	208	funds	fund	NOUN
fsr-3260	186	209	’	'	PUNCT
fsr-3260	186	210	trading	trading	NOUN
fsr-3260	186	211	amount	amount	NOUN
fsr-3260	186	212	;	;	PUNCT
fsr-3260	186	213	(	(	PUNCT
fsr-3260	186	214	2	2	X
fsr-3260	186	215	)	)	PUNCT
fsr-3260	186	216	momentum	momentum	NOUN
fsr-3260	186	217	seller	seller	NOUN
fsr-3260	186	218	portfolio	portfolio	NOUN
fsr-3260	186	219	:	:	PUNCT
fsr-3260	186	220	purchase	purchase	NOUN
fsr-3260	186	221	funds	fund	NOUN
fsr-3260	186	222	sold	sell	VERB
fsr-3260	186	223	by	by	ADP
fsr-3260	186	224	a	a	DET
fsr-3260	186	225	momentum	momentum	NOUN
fsr-3260	186	226	seller	seller	NOUN
fsr-3260	186	227	in	in	ADP
fsr-3260	186	228	the	the	DET
fsr-3260	186	229	quarter	quarter	NOUN
fsr-3260	186	230	he	he	PRON
fsr-3260	186	231	is	be	AUX
fsr-3260	186	232	identified	identify	VERB
fsr-3260	186	233	as	as	ADP
fsr-3260	186	234	a	a	DET
fsr-3260	186	235	momentum	momentum	NOUN
fsr-3260	186	236	seller	seller	NOUN
fsr-3260	186	237	,	,	PUNCT
fsr-3260	186	238	weighted	weight	VERB
fsr-3260	186	239	by	by	ADP
fsr-3260	186	240	funds	fund	NOUN
fsr-3260	186	241	’	'	PUNCT
fsr-3260	186	242	trading	trading	NOUN
fsr-3260	186	243	amount	amount	NOUN
fsr-3260	186	244	;	;	PUNCT
fsr-3260	186	245	(	(	PUNCT
fsr-3260	186	246	3	3	X
fsr-3260	186	247	)	)	PUNCT
fsr-3260	186	248	portfolio	portfolio	NOUN
fsr-3260	187	1	1portfolio	1portfolio	NUM
fsr-3260	187	2	2	2	NUM
fsr-3260	187	3	:	:	PUNCT
fsr-3260	187	4	long	long	ADJ
fsr-3260	187	5	momentum	momentum	NOUN
fsr-3260	187	6	buyer	buyer	NOUN
fsr-3260	187	7	portfolio	portfolio	NOUN
fsr-3260	187	8	and	and	CCONJ
fsr-3260	187	9	short	short	ADJ
fsr-3260	187	10	momentum	momentum	NOUN
fsr-3260	187	11	seller	seller	NOUN
fsr-3260	187	12	portfolio	portfolio	NOUN
fsr-3260	187	13	.	.	PUNCT
fsr-3260	188	1	excess	excess	ADJ
fsr-3260	188	2	return	return	NOUN
fsr-3260	188	3	is	be	AUX
fsr-3260	188	4	calculated	calculate	VERB
fsr-3260	188	5	as	as	ADP
fsr-3260	188	6	the	the	DET
fsr-3260	188	7	different	different	ADJ
fsr-3260	188	8	between	between	ADP
fsr-3260	188	9	portfolio	portfolio	NOUN
fsr-3260	188	10	raw	raw	ADJ
fsr-3260	188	11	return	return	NOUN
fsr-3260	188	12	and	and	CCONJ
fsr-3260	188	13	market	market	NOUN
fsr-3260	188	14	return	return	NOUN
fsr-3260	188	15	;	;	PUNCT
fsr-3260	188	16	cross	cross	ADJ
fsr-3260	188	17	-	-	ADJ
fsr-3260	188	18	sectional	sectional	ADJ
fsr-3260	188	19	average	average	NOUN
fsr-3260	188	20	of	of	ADP
fsr-3260	188	21	excess	excess	ADJ
fsr-3260	188	22	returns	return	NOUN
fsr-3260	188	23	among	among	ADP
fsr-3260	188	24	all	all	DET
fsr-3260	188	25	momentum	momentum	NOUN
fsr-3260	188	26	buyers	buyer	NOUN
fsr-3260	188	27	(	(	PUNCT
fsr-3260	188	28	sellers	seller	NOUN
fsr-3260	188	29	)	)	PUNCT
fsr-3260	188	30	are	be	AUX
fsr-3260	188	31	first	first	ADV
fsr-3260	188	32	calculated	calculate	VERB
fsr-3260	188	33	each	each	DET
fsr-3260	188	34	month	month	NOUN
fsr-3260	188	35	and	and	CCONJ
fsr-3260	188	36	time	time	NOUN
fsr-3260	188	37	-	-	PUNCT
fsr-3260	188	38	series	series	NOUN
fsr-3260	188	39	mean	mean	NOUN
fsr-3260	188	40	and	and	CCONJ
fsr-3260	188	41	t	t	PROPN
fsr-3260	188	42	-	-	PUNCT
fsr-3260	188	43	statistics	statistic	NOUN
fsr-3260	188	44	are	be	AUX
fsr-3260	188	45	shown	show	VERB
fsr-3260	188	46	in	in	ADP
fsr-3260	188	47	column	column	NOUN
fsr-3260	188	48	(	(	PUNCT
fsr-3260	188	49	a	a	X
fsr-3260	188	50	)	)	PUNCT
fsr-3260	188	51	;	;	PUNCT
fsr-3260	188	52	to	to	PART
fsr-3260	188	53	calculate	calculate	VERB
fsr-3260	188	54	alpha1	alpha1	NOUN
fsr-3260	188	55	and	and	CCONJ
fsr-3260	188	56	alpha3	alpha3	NOUN
fsr-3260	188	57	under	under	ADP
fsr-3260	188	58	portfolio	portfolio	NOUN
fsr-3260	188	59	regression	regression	NOUN
fsr-3260	188	60	approach	approach	NOUN
fsr-3260	188	61	,	,	PUNCT
fsr-3260	188	62	we	we	PRON
fsr-3260	188	63	first	first	ADV
fsr-3260	188	64	obtain	obtain	VERB
fsr-3260	188	65	time	time	NOUN
fsr-3260	188	66	-	-	PUNCT
fsr-3260	188	67	series	series	NOUN
fsr-3260	188	68	raw	raw	ADJ
fsr-3260	188	69	returns	return	NOUN
fsr-3260	188	70	by	by	ADP
fsr-3260	188	71	averaging	average	VERB
fsr-3260	188	72	portfolio	portfolio	NOUN
fsr-3260	188	73	raw	raw	ADJ
fsr-3260	188	74	returns	return	NOUN
fsr-3260	188	75	across	across	ADP
fsr-3260	188	76	all	all	DET
fsr-3260	188	77	momentum	momentum	NOUN
fsr-3260	188	78	buyers	buyer	NOUN
fsr-3260	188	79	(	(	PUNCT
fsr-3260	188	80	sellers	seller	NOUN
fsr-3260	188	81	)	)	PUNCT
fsr-3260	188	82	each	each	DET
fsr-3260	188	83	month	month	NOUN
fsr-3260	188	84	and	and	CCONJ
fsr-3260	188	85	risk	risk	NOUN
fsr-3260	188	86	-	-	PUNCT
fsr-3260	188	87	adjusted	adjust	VERB
fsr-3260	188	88	returns	return	NOUN
fsr-3260	188	89	from	from	ADP
fsr-3260	188	90	capm	capm	PROPN
fsr-3260	188	91	and	and	CCONJ
fsr-3260	188	92	fama	fama	PROPN
fsr-3260	188	93	-	-	PUNCT
fsr-3260	188	94	french	french	ADJ
fsr-3260	188	95	three	three	NUM
fsr-3260	188	96	-	-	PUNCT
fsr-3260	188	97	factor	factor	NOUN
fsr-3260	188	98	models	model	NOUN
fsr-3260	188	99	are	be	AUX
fsr-3260	188	100	shown	show	VERB
fsr-3260	188	101	in	in	ADP
fsr-3260	188	102	column	column	NOUN
fsr-3260	188	103	(	(	PUNCT
fsr-3260	188	104	b	b	NOUN
fsr-3260	188	105	)	)	PUNCT
fsr-3260	188	106	and	and	CCONJ
fsr-3260	188	107	(	(	PUNCT
fsr-3260	188	108	c	c	NOUN
fsr-3260	188	109	)	)	PUNCT
fsr-3260	188	110	,	,	PUNCT
fsr-3260	188	111	respectively	respectively	ADV
fsr-3260	188	112	;	;	PUNCT
fsr-3260	189	1	column	column	NOUN
fsr-3260	189	2	(	(	PUNCT
fsr-3260	189	3	d	d	NOUN
fsr-3260	189	4	)	)	PUNCT
fsr-3260	189	5	and	and	CCONJ
fsr-3260	189	6	(	(	PUNCT
fsr-3260	189	7	e	e	NOUN
fsr-3260	189	8	)	)	PUNCT
fsr-3260	189	9	show	show	VERB
fsr-3260	189	10	the	the	DET
fsr-3260	189	11	risk	risk	NOUN
fsr-3260	189	12	-	-	PUNCT
fsr-3260	189	13	adjusted	adjust	VERB
fsr-3260	189	14	returns	return	NOUN
fsr-3260	189	15	under	under	ADP
fsr-3260	189	16	fund	fund	NOUN
fsr-3260	189	17	regression	regression	NOUN
fsr-3260	189	18	approach	approach	NOUN
fsr-3260	189	19	;	;	PUNCT
fsr-3260	189	20	alphas	alpha	NOUN
fsr-3260	189	21	for	for	ADP
fsr-3260	189	22	individual	individual	ADJ
fsr-3260	189	23	momentum	momentum	NOUN
fsr-3260	189	24	buyers	buyer	NOUN
fsr-3260	189	25	(	(	PUNCT
fsr-3260	189	26	sellers	seller	NOUN
fsr-3260	189	27	)	)	PUNCT
fsr-3260	189	28	portfolios	portfolio	NOUN
fsr-3260	189	29	are	be	AUX
fsr-3260	189	30	first	first	ADV
fsr-3260	189	31	calculated	calculate	VERB
fsr-3260	189	32	using	use	VERB
fsr-3260	189	33	capm	capm	PROPN
fsr-3260	189	34	and	and	CCONJ
fsr-3260	189	35	fama	fama	PROPN
fsr-3260	189	36	-	-	PUNCT
fsr-3260	189	37	french	french	ADJ
fsr-3260	189	38	three	three	NUM
fsr-3260	189	39	-	-	PUNCT
fsr-3260	189	40	factor	factor	NOUN
fsr-3260	189	41	models	model	NOUN
fsr-3260	189	42	and	and	CCONJ
fsr-3260	189	43	we	we	PRON
fsr-3260	189	44	take	take	VERB
fsr-3260	189	45	the	the	DET
fsr-3260	189	46	average	average	NOUN
fsr-3260	189	47	of	of	ADP
fsr-3260	189	48	alphas	alpha	NOUN
fsr-3260	189	49	across	across	ADP
fsr-3260	189	50	all	all	DET
fsr-3260	189	51	momentum	momentum	NOUN
fsr-3260	189	52	buyers	buyer	NOUN
fsr-3260	189	53	(	(	PUNCT
fsr-3260	189	54	sellers	seller	NOUN
fsr-3260	189	55	)	)	PUNCT
fsr-3260	189	56	each	each	DET
fsr-3260	189	57	month	month	NOUN
fsr-3260	189	58	and	and	CCONJ
fsr-3260	189	59	show	show	VERB
fsr-3260	189	60	the	the	DET
fsr-3260	189	61	time	time	NOUN
fsr-3260	189	62	-	-	PUNCT
fsr-3260	189	63	series	series	NOUN
fsr-3260	189	64	means	mean	NOUN
fsr-3260	189	65	and	and	CCONJ
fsr-3260	189	66	t	t	PROPN
fsr-3260	189	67	-	-	PUNCT
fsr-3260	189	68	statistics	statistic	NOUN
fsr-3260	189	69	.	.	PUNCT
fsr-3260	190	1	panel	panel	NOUN
fsr-3260	190	2	a	a	PRON
fsr-3260	190	3	includes	include	VERB
fsr-3260	190	4	the	the	DET
fsr-3260	190	5	whole	whole	ADJ
fsr-3260	190	6	sample	sample	NOUN
fsr-3260	190	7	period	period	NOUN
fsr-3260	190	8	(	(	PUNCT
fsr-3260	190	9	january	january	PROPN
fsr-3260	190	10	2005	2005	NUM
fsr-3260	190	11	through	through	ADP
fsr-3260	190	12	december	december	PROPN
fsr-3260	190	13	2010	2010	NUM
fsr-3260	190	14	)	)	PUNCT
fsr-3260	190	15	and	and	CCONJ
fsr-3260	190	16	assumes	assume	VERB
fsr-3260	190	17	holding	hold	VERB
fsr-3260	190	18	period	period	NOUN
fsr-3260	190	19	to	to	PART
fsr-3260	190	20	be	be	AUX
fsr-3260	190	21	six	six	NUM
fsr-3260	190	22	months	month	NOUN
fsr-3260	190	23	;	;	PUNCT
fsr-3260	190	24	panel	panel	NOUN
fsr-3260	190	25	b	b	PROPN
fsr-3260	190	26	and	and	CCONJ
fsr-3260	190	27	c	c	PROPN
fsr-3260	190	28	assume	assume	VERB
fsr-3260	190	29	holding	holding	NOUN
fsr-3260	190	30	periods	period	NOUN
fsr-3260	190	31	are	be	AUX
fsr-3260	190	32	one	one	NUM
fsr-3260	190	33	month	month	NOUN
fsr-3260	190	34	and	and	CCONJ
fsr-3260	190	35	one	one	NUM
fsr-3260	190	36	year	year	NOUN
fsr-3260	190	37	,	,	PUNCT
fsr-3260	190	38	respectively	respectively	ADV
fsr-3260	190	39	;	;	PUNCT
fsr-3260	190	40	panel	panel	NOUN
fsr-3260	190	41	d	d	PROPN
fsr-3260	190	42	excludes	exclude	VERB
fsr-3260	190	43	the	the	DET
fsr-3260	190	44	financial	financial	ADJ
fsr-3260	190	45	turmoil	turmoil	NOUN
fsr-3260	190	46	period	period	NOUN
fsr-3260	190	47	(	(	PUNCT
fsr-3260	190	48	october	october	PROPN
fsr-3260	190	49	2008	2008	NUM
fsr-3260	190	50	through	through	ADP
fsr-3260	190	51	march	march	PROPN
fsr-3260	190	52	2010	2010	NUM
fsr-3260	190	53	)	)	PUNCT
fsr-3260	190	54	from	from	ADP
fsr-3260	190	55	the	the	DET
fsr-3260	190	56	whole	whole	ADJ
fsr-3260	190	57	sample	sample	NOUN
fsr-3260	190	58	period	period	NOUN
fsr-3260	190	59	and	and	CCONJ
fsr-3260	190	60	shows	show	VERB
fsr-3260	190	61	average	average	ADJ
fsr-3260	190	62	six	six	NUM
fsr-3260	190	63	-	-	PUNCT
fsr-3260	190	64	month	month	NOUN
fsr-3260	190	65	performance	performance	NOUN
fsr-3260	190	66	;	;	PUNCT
fsr-3260	190	67	panel	panel	NOUN
fsr-3260	190	68	e	e	NOUN
fsr-3260	190	69	includes	include	VERB
fsr-3260	190	70	only	only	ADV
fsr-3260	190	71	consistent	consistent	ADJ
fsr-3260	190	72	momentum	momentum	NOUN
fsr-3260	190	73	traders	trader	NOUN
fsr-3260	190	74	(	(	PUNCT
fsr-3260	190	75	111,082	111,082	NUM
fsr-3260	190	76	momentum	momentum	NOUN
fsr-3260	190	77	buyers	buyer	NOUN
fsr-3260	190	78	and	and	CCONJ
fsr-3260	190	79	42,574	42,574	NUM
fsr-3260	190	80	momentum	momentum	NOUN
fsr-3260	190	81	sellers	seller	NOUN
fsr-3260	190	82	)	)	PUNCT
fsr-3260	190	83	and	and	CCONJ
fsr-3260	190	84	assumes	assume	VERB
fsr-3260	190	85	holding	hold	VERB
fsr-3260	190	86	periods	period	NOUN
fsr-3260	190	87	to	to	PART
fsr-3260	190	88	be	be	AUX
fsr-3260	190	89	six	six	NUM
fsr-3260	190	90	months	month	NOUN
fsr-3260	190	91	.	.	PUNCT
fsr-3260	191	1	t	t	PROPN
fsr-3260	191	2	-	-	PUNCT
fsr-3260	191	3	statistics	statistic	NOUN
fsr-3260	191	4	are	be	AUX
fsr-3260	191	5	reported	report	VERB
fsr-3260	191	6	in	in	ADP
fsr-3260	191	7	parenthesis	parenthesis	NOUN
fsr-3260	191	8	.	.	PUNCT
fsr-3260	192	1	*	*	PUNCT
fsr-3260	192	2	*	*	PUNCT
fsr-3260	192	3	*	*	PUNCT
fsr-3260	192	4	and	and	CCONJ
fsr-3260	192	5	*	*	PUNCT
fsr-3260	192	6	*	*	NOUN
fsr-3260	192	7	indicate	indicate	VERB
fsr-3260	192	8	statistical	statistical	ADJ
fsr-3260	192	9	significance	significance	NOUN
fsr-3260	192	10	at	at	ADP
fsr-3260	192	11	the	the	DET
fsr-3260	192	12	1	1	NUM
fsr-3260	192	13	%	%	NOUN
fsr-3260	192	14	and	and	CCONJ
fsr-3260	192	15	5	5	NUM
fsr-3260	192	16	%	%	NOUN
fsr-3260	192	17	levels	level	NOUN
fsr-3260	192	18	,	,	PUNCT
fsr-3260	192	19	respectively	respectively	ADV
fsr-3260	192	20	.	.	PUNCT
fsr-3260	193	1	60	60	NUM
fsr-3260	193	2	n.	n.	PROPN
fsr-3260	193	3	tang	tang	PROPN
fsr-3260	193	4	/	/	SYM
fsr-3260	193	5	financial	financial	ADJ
fsr-3260	193	6	services	service	NOUN
fsr-3260	193	7	review	review	VERB
fsr-3260	193	8	25	25	NUM
fsr-3260	193	9	(	(	PUNCT
fsr-3260	193	10	2016	2016	NUM
fsr-3260	193	11	)	)	PUNCT
fsr-3260	193	12	51–72	51–72	NUM
fsr-3260	193	13	4.3	4.3	NUM
fsr-3260	193	14	.	.	PUNCT
fsr-3260	194	1	performance	performance	NOUN
fsr-3260	194	2	with	with	ADP
fsr-3260	194	3	various	various	ADJ
fsr-3260	194	4	holding	hold	VERB
fsr-3260	194	5	periods	period	NOUN
fsr-3260	194	6	thus	thus	ADV
fsr-3260	194	7	far	far	ADV
fsr-3260	194	8	,	,	PUNCT
fsr-3260	194	9	we	we	PRON
fsr-3260	194	10	have	have	AUX
fsr-3260	194	11	assumed	assume	VERB
fsr-3260	194	12	that	that	SCONJ
fsr-3260	194	13	traders	trader	NOUN
fsr-3260	194	14	hold	hold	VERB
fsr-3260	194	15	the	the	DET
fsr-3260	194	16	portfolio	portfolio	NOUN
fsr-3260	194	17	for	for	ADP
fsr-3260	194	18	six	six	NUM
fsr-3260	194	19	months	month	NOUN
fsr-3260	194	20	.	.	PUNCT
fsr-3260	195	1	however	however	ADV
fsr-3260	195	2	,	,	PUNCT
fsr-3260	195	3	they	they	PRON
fsr-3260	195	4	may	may	AUX
fsr-3260	195	5	hold	hold	VERB
fsr-3260	195	6	the	the	DET
fsr-3260	195	7	portfolio	portfolio	NOUN
fsr-3260	195	8	for	for	ADP
fsr-3260	195	9	different	different	ADJ
fsr-3260	195	10	periods	period	NOUN
fsr-3260	195	11	.	.	PUNCT
fsr-3260	196	1	accordingly	accordingly	ADV
fsr-3260	196	2	,	,	PUNCT
fsr-3260	196	3	we	we	PRON
fsr-3260	196	4	next	next	ADV
fsr-3260	196	5	explore	explore	VERB
fsr-3260	196	6	whether	whether	SCONJ
fsr-3260	196	7	portfolio	portfolio	NOUN
fsr-3260	196	8	performance	performance	NOUN
fsr-3260	196	9	changes	change	NOUN
fsr-3260	196	10	with	with	ADP
fsr-3260	196	11	various	various	ADJ
fsr-3260	196	12	holding	hold	VERB
fsr-3260	196	13	periods	period	NOUN
fsr-3260	196	14	.	.	PUNCT
fsr-3260	197	1	table	table	NOUN
fsr-3260	197	2	2	2	NUM
fsr-3260	197	3	panel	panel	NOUN
fsr-3260	197	4	b	b	PROPN
fsr-3260	197	5	shows	show	VERB
fsr-3260	197	6	the	the	DET
fsr-3260	197	7	monthly	monthly	ADJ
fsr-3260	197	8	excess	excess	ADJ
fsr-3260	197	9	returns	return	NOUN
fsr-3260	197	10	and	and	CCONJ
fsr-3260	197	11	risk	risk	NOUN
fsr-3260	197	12	-	-	PUNCT
fsr-3260	197	13	adjusted	adjust	VERB
fsr-3260	197	14	returns	return	NOUN
fsr-3260	197	15	for	for	ADP
fsr-3260	197	16	a	a	DET
fsr-3260	197	17	holding	hold	VERB
fsr-3260	197	18	period	period	NOUN
fsr-3260	197	19	of	of	ADP
fsr-3260	197	20	one	one	NUM
fsr-3260	197	21	month	month	NOUN
fsr-3260	197	22	,	,	PUNCT
fsr-3260	197	23	and	and	CCONJ
fsr-3260	197	24	panel	panel	NOUN
fsr-3260	197	25	c	c	PROPN
fsr-3260	197	26	shows	show	VERB
fsr-3260	197	27	the	the	DET
fsr-3260	197	28	results	result	NOUN
fsr-3260	197	29	for	for	ADP
fsr-3260	197	30	a	a	DET
fsr-3260	197	31	one	one	NUM
fsr-3260	197	32	-	-	PUNCT
fsr-3260	197	33	year	year	NOUN
fsr-3260	197	34	holding	holding	NOUN
fsr-3260	197	35	period	period	NOUN
fsr-3260	197	36	.	.	PUNCT
fsr-3260	198	1	we	we	PRON
fsr-3260	198	2	find	find	VERB
fsr-3260	198	3	that	that	SCONJ
fsr-3260	198	4	even	even	ADV
fsr-3260	198	5	as	as	ADP
fsr-3260	198	6	the	the	DET
fsr-3260	198	7	holding	hold	VERB
fsr-3260	198	8	period	period	NOUN
fsr-3260	198	9	changes	change	NOUN
fsr-3260	198	10	,	,	PUNCT
fsr-3260	198	11	portfolio	portfolio	NOUN
fsr-3260	198	12	performance	performance	NOUN
fsr-3260	198	13	does	do	AUX
fsr-3260	198	14	not	not	PART
fsr-3260	198	15	improve	improve	VERB
fsr-3260	198	16	significantly	significantly	ADV
fsr-3260	198	17	.	.	PUNCT
fsr-3260	199	1	none	none	NOUN
fsr-3260	199	2	of	of	ADP
fsr-3260	199	3	the	the	DET
fsr-3260	199	4	portfolio	portfolio	NOUN
fsr-3260	199	5	performances	performance	NOUN
fsr-3260	199	6	is	be	AUX
fsr-3260	199	7	statistically	statistically	ADV
fsr-3260	199	8	significant	significant	ADJ
fsr-3260	199	9	when	when	SCONJ
fsr-3260	199	10	holding	hold	VERB
fsr-3260	199	11	period	period	NOUN
fsr-3260	199	12	is	be	AUX
fsr-3260	199	13	one	one	NUM
fsr-3260	199	14	month	month	NOUN
fsr-3260	199	15	in	in	ADP
fsr-3260	199	16	panel	panel	PROPN
fsr-3260	199	17	b.	b.	PROPN
fsr-3260	199	18	with	with	ADP
fsr-3260	199	19	a	a	DET
fsr-3260	199	20	holding	hold	VERB
fsr-3260	199	21	period	period	NOUN
fsr-3260	199	22	of	of	ADP
fsr-3260	199	23	one	one	NUM
fsr-3260	199	24	year	year	NOUN
fsr-3260	199	25	,	,	PUNCT
fsr-3260	199	26	momentum	momentum	NOUN
fsr-3260	199	27	sellers	seller	NOUN
fsr-3260	199	28	lose	lose	VERB
fsr-3260	199	29	significantly	significantly	ADV
fsr-3260	199	30	under	under	ADP
fsr-3260	199	31	all	all	DET
fsr-3260	199	32	estimation	estimation	NOUN
fsr-3260	199	33	models	model	NOUN
fsr-3260	199	34	.	.	PUNCT
fsr-3260	200	1	the	the	DET
fsr-3260	200	2	loss	loss	NOUN
fsr-3260	200	3	can	can	AUX
fsr-3260	200	4	be	be	AUX
fsr-3260	200	5	as	as	ADV
fsr-3260	200	6	high	high	ADJ
fsr-3260	200	7	as	as	ADP
fsr-3260	200	8	0.17	0.17	NUM
fsr-3260	200	9	%	%	NOUN
fsr-3260	200	10	or	or	CCONJ
fsr-3260	200	11	2.02	2.02	NUM
fsr-3260	200	12	%	%	NOUN
fsr-3260	200	13	per	per	ADP
fsr-3260	200	14	year	year	NOUN
fsr-3260	200	15	.	.	PUNCT
fsr-3260	201	1	the	the	DET
fsr-3260	201	2	overall	overall	ADJ
fsr-3260	201	3	performance	performance	NOUN
fsr-3260	201	4	of	of	ADP
fsr-3260	201	5	momentum	momentum	NOUN
fsr-3260	201	6	traders	trader	NOUN
fsr-3260	201	7	still	still	ADV
fsr-3260	201	8	yields	yield	VERB
fsr-3260	201	9	significantly	significantly	ADV
fsr-3260	201	10	negative	negative	ADJ
fsr-3260	201	11	returns	return	NOUN
fsr-3260	201	12	in	in	ADP
fsr-3260	201	13	certain	certain	ADJ
fsr-3260	201	14	cases	case	NOUN
fsr-3260	201	15	.	.	PUNCT
fsr-3260	202	1	for	for	ADP
fsr-3260	202	2	example	example	NOUN
fsr-3260	202	3	,	,	PUNCT
fsr-3260	202	4	monthly	monthly	ADJ
fsr-3260	202	5	return	return	NOUN
fsr-3260	202	6	of	of	ADP
fsr-3260	202	7	portfolio	portfolio	NOUN
fsr-3260	202	8	3	3	NUM
fsr-3260	202	9	is	be	AUX
fsr-3260	202	10	0.14	0.14	NUM
fsr-3260	202	11	%	%	NOUN
fsr-3260	202	12	,	,	PUNCT
fsr-3260	202	13	or	or	CCONJ
fsr-3260	202	14	1.67	1.67	NUM
fsr-3260	202	15	%	%	NOUN
fsr-3260	202	16	annually	annually	ADV
fsr-3260	202	17	under	under	ADP
fsr-3260	202	18	capm	capm	PROPN
fsr-3260	202	19	model	model	NOUN
fsr-3260	202	20	(	(	PUNCT
fsr-3260	202	21	fund	fund	NOUN
fsr-3260	202	22	regression	regression	NOUN
fsr-3260	202	23	approach	approach	NOUN
fsr-3260	202	24	)	)	PUNCT
fsr-3260	202	25	.	.	PUNCT
fsr-3260	203	1	4.4	4.4	NUM
fsr-3260	203	2	.	.	PUNCT
fsr-3260	203	3	effect	effect	NOUN
fsr-3260	203	4	of	of	ADP
fsr-3260	203	5	the	the	DET
fsr-3260	203	6	financial	financial	ADJ
fsr-3260	203	7	crisis	crisis	NOUN
fsr-3260	203	8	since	since	SCONJ
fsr-3260	203	9	the	the	DET
fsr-3260	203	10	sample	sample	NOUN
fsr-3260	203	11	period	period	NOUN
fsr-3260	203	12	includes	include	VERB
fsr-3260	203	13	the	the	DET
fsr-3260	203	14	2008–2009	2008–2009	NUM
fsr-3260	203	15	financial	financial	ADJ
fsr-3260	203	16	crisis	crisis	NOUN
fsr-3260	203	17	,	,	PUNCT
fsr-3260	203	18	it	it	PRON
fsr-3260	203	19	is	be	AUX
fsr-3260	203	20	necessary	necessary	ADJ
fsr-3260	203	21	to	to	PART
fsr-3260	203	22	test	test	VERB
fsr-3260	203	23	whether	whether	SCONJ
fsr-3260	203	24	the	the	DET
fsr-3260	203	25	performance	performance	NOUN
fsr-3260	203	26	results	result	NOUN
fsr-3260	203	27	discussed	discuss	VERB
fsr-3260	203	28	above	above	ADP
fsr-3260	203	29	change	change	NOUN
fsr-3260	203	30	when	when	SCONJ
fsr-3260	203	31	we	we	PRON
fsr-3260	203	32	exclude	exclude	VERB
fsr-3260	203	33	the	the	DET
fsr-3260	203	34	turmoil	turmoil	NOUN
fsr-3260	203	35	period	period	NOUN
fsr-3260	203	36	.	.	PUNCT
fsr-3260	204	1	we	we	PRON
fsr-3260	204	2	define	define	VERB
fsr-3260	204	3	the	the	DET
fsr-3260	204	4	period	period	NOUN
fsr-3260	204	5	of	of	ADP
fsr-3260	204	6	financial	financial	ADJ
fsr-3260	204	7	turmoil	turmoil	NOUN
fsr-3260	204	8	to	to	PART
fsr-3260	204	9	be	be	AUX
fsr-3260	204	10	from	from	ADP
fsr-3260	204	11	october	october	PROPN
fsr-3260	204	12	2008	2008	NUM
fsr-3260	204	13	to	to	ADP
fsr-3260	204	14	march	march	PROPN
fsr-3260	204	15	2009	2009	NUM
fsr-3260	204	16	.	.	PUNCT
fsr-3260	205	1	after	after	ADP
fsr-3260	205	2	excluding	exclude	VERB
fsr-3260	205	3	this	this	DET
fsr-3260	205	4	period	period	NOUN
fsr-3260	205	5	,	,	PUNCT
fsr-3260	205	6	we	we	PRON
fsr-3260	205	7	repeat	repeat	VERB
fsr-3260	205	8	the	the	DET
fsr-3260	205	9	above	above	ADJ
fsr-3260	205	10	analysis	analysis	NOUN
fsr-3260	205	11	assuming	assume	VERB
fsr-3260	205	12	holding	hold	VERB
fsr-3260	205	13	periods	period	NOUN
fsr-3260	205	14	being	be	AUX
fsr-3260	205	15	six	six	NUM
fsr-3260	205	16	months	month	NOUN
fsr-3260	205	17	.	.	PUNCT
fsr-3260	206	1	the	the	DET
fsr-3260	206	2	results	result	NOUN
fsr-3260	206	3	,	,	PUNCT
fsr-3260	206	4	shown	show	VERB
fsr-3260	206	5	in	in	ADP
fsr-3260	206	6	table	table	NOUN
fsr-3260	206	7	2	2	NUM
fsr-3260	206	8	panel	panel	NOUN
fsr-3260	206	9	d	d	NOUN
fsr-3260	206	10	,	,	PUNCT
fsr-3260	206	11	are	be	AUX
fsr-3260	206	12	consistent	consistent	ADJ
fsr-3260	206	13	with	with	ADP
fsr-3260	206	14	those	those	PRON
fsr-3260	206	15	reported	report	VERB
fsr-3260	206	16	earlier	early	ADV
fsr-3260	206	17	.	.	PUNCT
fsr-3260	207	1	momentum	momentum	NOUN
fsr-3260	207	2	traders	trader	NOUN
fsr-3260	207	3	do	do	AUX
fsr-3260	207	4	not	not	PART
fsr-3260	207	5	benefit	benefit	VERB
fsr-3260	207	6	from	from	ADP
fsr-3260	207	7	momentum	momentum	NOUN
fsr-3260	207	8	trading	trading	NOUN
fsr-3260	207	9	;	;	PUNCT
fsr-3260	207	10	they	they	PRON
fsr-3260	207	11	may	may	AUX
fsr-3260	207	12	even	even	ADV
fsr-3260	207	13	lose	lose	VERB
fsr-3260	207	14	significantly	significantly	ADV
fsr-3260	207	15	with	with	ADP
fsr-3260	207	16	certain	certain	ADJ
fsr-3260	207	17	specifications	specification	NOUN
fsr-3260	207	18	.	.	PUNCT
fsr-3260	208	1	for	for	ADP
fsr-3260	208	2	example	example	NOUN
fsr-3260	208	3	,	,	PUNCT
fsr-3260	208	4	as	as	SCONJ
fsr-3260	208	5	measured	measure	VERB
fsr-3260	208	6	by	by	ADP
fsr-3260	208	7	fama	fama	PROPN
fsr-3260	208	8	-	-	PUNCT
fsr-3260	208	9	french	french	ADJ
fsr-3260	208	10	model	model	NOUN
fsr-3260	208	11	under	under	ADP
fsr-3260	208	12	fund	fund	NOUN
fsr-3260	208	13	regression	regression	NOUN
fsr-3260	208	14	approach	approach	NOUN
fsr-3260	208	15	,	,	PUNCT
fsr-3260	208	16	momentum	momentum	NOUN
fsr-3260	208	17	sellers	seller	NOUN
fsr-3260	208	18	lose	lose	VERB
fsr-3260	208	19	0.14	0.14	NUM
fsr-3260	208	20	%	%	NOUN
fsr-3260	208	21	every	every	DET
fsr-3260	208	22	month	month	NOUN
fsr-3260	208	23	by	by	ADP
fsr-3260	208	24	selling	sell	VERB
fsr-3260	208	25	the	the	DET
fsr-3260	208	26	outperformed	outperform	VERB
fsr-3260	208	27	funds	fund	NOUN
fsr-3260	208	28	;	;	PUNCT
fsr-3260	208	29	overall	overall	ADJ
fsr-3260	208	30	,	,	PUNCT
fsr-3260	208	31	momentum	momentum	NOUN
fsr-3260	208	32	traders	trader	NOUN
fsr-3260	208	33	lose	lose	VERB
fsr-3260	208	34	0.14	0.14	NUM
fsr-3260	208	35	%	%	NOUN
fsr-3260	208	36	each	each	DET
fsr-3260	208	37	month	month	NOUN
fsr-3260	208	38	,	,	PUNCT
fsr-3260	208	39	which	which	PRON
fsr-3260	208	40	is	be	AUX
fsr-3260	208	41	equivalent	equivalent	ADJ
fsr-3260	208	42	to	to	ADP
fsr-3260	208	43	an	an	DET
fsr-3260	208	44	annual	annual	ADJ
fsr-3260	208	45	loss	loss	NOUN
fsr-3260	208	46	of	of	ADP
fsr-3260	208	47	1.67	1.67	NUM
fsr-3260	208	48	%	%	NOUN
fsr-3260	208	49	.	.	PUNCT
fsr-3260	209	1	4.5	4.5	NUM
fsr-3260	209	2	.	.	PUNCT
fsr-3260	210	1	equally	equally	ADV
fsr-3260	210	2	weighted	weight	VERB
fsr-3260	210	3	portfolio	portfolio	NOUN
fsr-3260	210	4	the	the	DET
fsr-3260	210	5	performance	performance	NOUN
fsr-3260	210	6	of	of	ADP
fsr-3260	210	7	a	a	DET
fsr-3260	210	8	portfolio	portfolio	NOUN
fsr-3260	210	9	is	be	AUX
fsr-3260	210	10	determined	determine	VERB
fsr-3260	210	11	by	by	ADP
fsr-3260	210	12	two	two	NUM
fsr-3260	210	13	decisions	decision	NOUN
fsr-3260	210	14	:	:	PUNCT
fsr-3260	210	15	what	what	DET
fsr-3260	210	16	funds	fund	NOUN
fsr-3260	210	17	are	be	AUX
fsr-3260	210	18	selected	select	VERB
fsr-3260	210	19	and	and	CCONJ
fsr-3260	210	20	how	how	SCONJ
fsr-3260	210	21	much	much	ADJ
fsr-3260	210	22	is	be	AUX
fsr-3260	210	23	allocated	allocate	VERB
fsr-3260	210	24	to	to	ADP
fsr-3260	210	25	each	each	DET
fsr-3260	210	26	selected	select	VERB
fsr-3260	210	27	fund	fund	NOUN
fsr-3260	210	28	.	.	PUNCT
fsr-3260	211	1	the	the	DET
fsr-3260	211	2	above	above	ADJ
fsr-3260	211	3	results	result	NOUN
fsr-3260	211	4	based	base	VERB
fsr-3260	211	5	on	on	ADP
fsr-3260	211	6	value	value	NOUN
fsr-3260	211	7	-	-	PUNCT
fsr-3260	211	8	weighted	weight	VERB
fsr-3260	211	9	portfolios	portfolio	NOUN
fsr-3260	211	10	reflect	reflect	VERB
fsr-3260	211	11	the	the	DET
fsr-3260	211	12	outcomes	outcome	NOUN
fsr-3260	211	13	of	of	ADP
fsr-3260	211	14	both	both	DET
fsr-3260	211	15	decisions	decision	NOUN
fsr-3260	211	16	.	.	PUNCT
fsr-3260	212	1	is	be	AUX
fsr-3260	212	2	it	it	PRON
fsr-3260	212	3	possible	possible	ADJ
fsr-3260	212	4	that	that	SCONJ
fsr-3260	212	5	momentum	momentum	NOUN
fsr-3260	212	6	traders	trader	NOUN
fsr-3260	212	7	in	in	ADP
fsr-3260	212	8	401(k	401(k	PROPN
fsr-3260	212	9	)	)	PUNCT
fsr-3260	212	10	plans	plan	NOUN
fsr-3260	212	11	still	still	ADV
fsr-3260	212	12	have	have	VERB
fsr-3260	212	13	the	the	DET
fsr-3260	212	14	ability	ability	NOUN
fsr-3260	212	15	to	to	PART
fsr-3260	212	16	select	select	VERB
fsr-3260	212	17	the	the	DET
fsr-3260	212	18	right	right	ADJ
fsr-3260	212	19	funds	fund	NOUN
fsr-3260	212	20	,	,	PUNCT
fsr-3260	212	21	but	but	CCONJ
fsr-3260	212	22	just	just	ADV
fsr-3260	212	23	fail	fail	VERB
fsr-3260	212	24	to	to	PART
fsr-3260	212	25	allocate	allocate	VERB
fsr-3260	212	26	the	the	DET
fsr-3260	212	27	money	money	NOUN
fsr-3260	212	28	wisely	wisely	ADV
fsr-3260	212	29	among	among	ADP
fsr-3260	212	30	these	these	DET
fsr-3260	212	31	funds	fund	NOUN
fsr-3260	212	32	?	?	PUNCT
fsr-3260	213	1	to	to	PART
fsr-3260	213	2	answer	answer	VERB
fsr-3260	213	3	this	this	DET
fsr-3260	213	4	question	question	NOUN
fsr-3260	213	5	,	,	PUNCT
fsr-3260	213	6	we	we	PRON
fsr-3260	213	7	examine	examine	VERB
fsr-3260	213	8	the	the	DET
fsr-3260	213	9	performance	performance	NOUN
fsr-3260	213	10	of	of	ADP
fsr-3260	213	11	equally	equally	ADV
fsr-3260	213	12	weighted	weight	VERB
fsr-3260	213	13	portfolios	portfolio	NOUN
fsr-3260	213	14	.	.	PUNCT
fsr-3260	214	1	the	the	DET
fsr-3260	214	2	three	three	NUM
fsr-3260	214	3	portfolios	portfolio	NOUN
fsr-3260	214	4	under	under	ADP
fsr-3260	214	5	analysis	analysis	NOUN
fsr-3260	214	6	are	be	AUX
fsr-3260	214	7	the	the	DET
fsr-3260	214	8	same	same	ADJ
fsr-3260	214	9	as	as	ADP
fsr-3260	214	10	in	in	ADP
fsr-3260	214	11	table	table	NOUN
fsr-3260	214	12	2	2	NUM
fsr-3260	214	13	,	,	PUNCT
fsr-3260	214	14	except	except	SCONJ
fsr-3260	214	15	that	that	SCONJ
fsr-3260	214	16	they	they	PRON
fsr-3260	214	17	are	be	AUX
fsr-3260	214	18	constructed	construct	VERB
fsr-3260	214	19	equally	equally	ADV
fsr-3260	214	20	weighted	weight	VERB
fsr-3260	214	21	.	.	PUNCT
fsr-3260	215	1	for	for	ADP
fsr-3260	215	2	example	example	NOUN
fsr-3260	215	3	,	,	PUNCT
fsr-3260	215	4	when	when	SCONJ
fsr-3260	215	5	a	a	DET
fsr-3260	215	6	trader	trader	NOUN
fsr-3260	215	7	was	be	AUX
fsr-3260	215	8	identified	identify	VERB
fsr-3260	215	9	as	as	ADP
fsr-3260	215	10	a	a	DET
fsr-3260	215	11	momentum	momentum	NOUN
fsr-3260	215	12	buyer	buyer	NOUN
fsr-3260	215	13	in	in	ADP
fsr-3260	215	14	the	the	DET
fsr-3260	215	15	first	first	ADJ
fsr-3260	215	16	quarter	quarter	NOUN
fsr-3260	215	17	of	of	ADP
fsr-3260	215	18	2009	2009	NUM
fsr-3260	215	19	,	,	PUNCT
fsr-3260	215	20	we	we	PRON
fsr-3260	215	21	track	track	VERB
fsr-3260	215	22	what	what	PRON
fsr-3260	215	23	he	he	PRON
fsr-3260	215	24	purchased	purchase	VERB
fsr-3260	215	25	each	each	DET
fsr-3260	215	26	month	month	NOUN
fsr-3260	215	27	in	in	ADP
fsr-3260	215	28	that	that	DET
fsr-3260	215	29	quarter	quarter	NOUN
fsr-3260	215	30	and	and	CCONJ
fsr-3260	215	31	equally	equally	ADV
fsr-3260	215	32	allocate	allocate	VERB
fsr-3260	215	33	money	money	NOUN
fsr-3260	215	34	to	to	ADP
fsr-3260	215	35	these	these	DET
fsr-3260	215	36	purchased	purchase	VERB
fsr-3260	215	37	funds	fund	NOUN
fsr-3260	215	38	to	to	PART
fsr-3260	215	39	construct	construct	VERB
fsr-3260	215	40	a	a	DET
fsr-3260	215	41	momentum	momentum	NOUN
fsr-3260	215	42	buyer	buyer	NOUN
fsr-3260	215	43	portfolio	portfolio	NOUN
fsr-3260	215	44	(	(	PUNCT
fsr-3260	215	45	portfolio	portfolio	NOUN
fsr-3260	215	46	1	1	NUM
fsr-3260	215	47	)	)	PUNCT
fsr-3260	215	48	.	.	PUNCT
fsr-3260	216	1	then	then	ADV
fsr-3260	216	2	we	we	PRON
fsr-3260	216	3	calculate	calculate	VERB
fsr-3260	216	4	the	the	DET
fsr-3260	216	5	average	average	ADJ
fsr-3260	216	6	monthly	monthly	ADJ
fsr-3260	216	7	return	return	NOUN
fsr-3260	216	8	for	for	ADP
fsr-3260	216	9	various	various	ADJ
fsr-3260	216	10	holding	hold	VERB
fsr-3260	216	11	periods	period	NOUN
fsr-3260	216	12	after	after	SCONJ
fsr-3260	216	13	portfolio	portfolio	NOUN
fsr-3260	216	14	was	be	AUX
fsr-3260	216	15	established	establish	VERB
fsr-3260	216	16	.	.	PUNCT
fsr-3260	217	1	table	table	NOUN
fsr-3260	217	2	3	3	NUM
fsr-3260	217	3	shows	show	VERB
fsr-3260	217	4	the	the	DET
fsr-3260	217	5	performance	performance	NOUN
fsr-3260	217	6	of	of	ADP
fsr-3260	217	7	equally	equally	ADV
fsr-3260	217	8	weighted	weight	VERB
fsr-3260	217	9	portfolios	portfolio	NOUN
fsr-3260	217	10	.	.	PUNCT
fsr-3260	218	1	the	the	DET
fsr-3260	218	2	results	result	NOUN
fsr-3260	218	3	are	be	AUX
fsr-3260	218	4	consistent	consistent	ADJ
fsr-3260	218	5	with	with	ADP
fsr-3260	218	6	previous	previous	ADJ
fsr-3260	218	7	findings	finding	NOUN
fsr-3260	218	8	.	.	PUNCT
fsr-3260	219	1	momentum	momentum	NOUN
fsr-3260	219	2	buyer	buyer	NOUN
fsr-3260	219	3	portfolio	portfolio	NOUN
fsr-3260	219	4	(	(	PUNCT
fsr-3260	219	5	portfolio	portfolio	NOUN
fsr-3260	219	6	1	1	NUM
fsr-3260	219	7	)	)	PUNCT
fsr-3260	219	8	may	may	AUX
fsr-3260	219	9	be	be	AUX
fsr-3260	219	10	able	able	ADJ
fsr-3260	219	11	to	to	PART
fsr-3260	219	12	outperform	outperform	VERB
fsr-3260	219	13	61n	61n	NOUN
fsr-3260	219	14	.	.	PUNCT
fsr-3260	220	1	tang	tang	PROPN
fsr-3260	220	2	/	/	SYM
fsr-3260	220	3	financial	financial	ADJ
fsr-3260	220	4	services	service	NOUN
fsr-3260	220	5	review	review	VERB
fsr-3260	220	6	25	25	NUM
fsr-3260	220	7	(	(	PUNCT
fsr-3260	220	8	2016	2016	NUM
fsr-3260	220	9	)	)	PUNCT
fsr-3260	220	10	51–72	51–72	NUM
fsr-3260	220	11	table	table	NOUN
fsr-3260	220	12	3	3	NUM
fsr-3260	220	13	performances	performance	NOUN
fsr-3260	220	14	of	of	ADP
fsr-3260	220	15	momentum	momentum	NOUN
fsr-3260	220	16	traders	trader	NOUN
fsr-3260	220	17	(	(	PUNCT
fsr-3260	220	18	equally	equally	ADV
fsr-3260	220	19	-	-	PUNCT
fsr-3260	220	20	weighted	weight	VERB
fsr-3260	220	21	)	)	PUNCT
fsr-3260	220	22	portfolios	portfolio	NOUN
fsr-3260	220	23	(	(	PUNCT
fsr-3260	220	24	a	a	X
fsr-3260	220	25	)	)	PUNCT
fsr-3260	220	26	excess	excess	ADJ
fsr-3260	220	27	return	return	NOUN
fsr-3260	220	28	(	(	PUNCT
fsr-3260	220	29	b	b	NOUN
fsr-3260	220	30	)	)	PUNCT
fsr-3260	220	31	alpha1	alpha1	NOUN
fsr-3260	220	32	-	-	PUNCT
fsr-3260	220	33	portfolio	portfolio	NOUN
fsr-3260	220	34	regression	regression	NOUN
fsr-3260	220	35	approach	approach	NOUN
fsr-3260	220	36	(	(	PUNCT
fsr-3260	220	37	c	c	NOUN
fsr-3260	220	38	)	)	PUNCT
fsr-3260	220	39	alpha3	alpha3	NOUN
fsr-3260	220	40	-	-	PUNCT
fsr-3260	220	41	portfolio	portfolio	NOUN
fsr-3260	220	42	regression	regression	NOUN
fsr-3260	220	43	approach	approach	NOUN
fsr-3260	220	44	(	(	PUNCT
fsr-3260	220	45	d	d	NOUN
fsr-3260	220	46	)	)	PUNCT
fsr-3260	220	47	alpha1	alpha1	NOUN
fsr-3260	220	48	-	-	PUNCT
fsr-3260	220	49	fund	fund	NOUN
fsr-3260	220	50	regression	regression	NOUN
fsr-3260	220	51	approach	approach	NOUN
fsr-3260	220	52	(	(	PUNCT
fsr-3260	220	53	e	e	NOUN
fsr-3260	220	54	)	)	PUNCT
fsr-3260	220	55	alpha3	alpha3	ADJ
fsr-3260	220	56	-	-	PUNCT
fsr-3260	220	57	fund	fund	NOUN
fsr-3260	220	58	regression	regression	NOUN
fsr-3260	220	59	approach	approach	NOUN
fsr-3260	220	60	a.	a.	NOUN
fsr-3260	220	61	six	six	NUM
fsr-3260	220	62	-	-	PUNCT
fsr-3260	220	63	month	month	NOUN
fsr-3260	220	64	holding	holding	NOUN
fsr-3260	220	65	period	period	NOUN
fsr-3260	220	66	1	1	NUM
fsr-3260	220	67	.	.	PUNCT
fsr-3260	220	68	momentum	momentum	NOUN
fsr-3260	220	69	buyer	buyer	NOUN
fsr-3260	220	70	0.02	0.02	NUM
fsr-3260	220	71	%	%	NOUN
fsr-3260	220	72	0.02	0.02	NUM
fsr-3260	220	73	%	%	NOUN
fsr-3260	220	74	0.07	0.07	NUM
fsr-3260	220	75	%	%	NOUN
fsr-3260	220	76	�	�	NOUN
fsr-3260	220	77	0.01	0.01	NUM
fsr-3260	220	78	%	%	NOUN
fsr-3260	220	79	0.05	0.05	NUM
fsr-3260	220	80	%	%	NOUN
fsr-3260	220	81	(	(	PUNCT
fsr-3260	220	82	0.30	0.30	NUM
fsr-3260	220	83	)	)	PUNCT
fsr-3260	220	84	(	(	PUNCT
fsr-3260	220	85	0.28	0.28	NUM
fsr-3260	220	86	)	)	PUNCT
fsr-3260	220	87	(	(	PUNCT
fsr-3260	220	88	1.23	1.23	NUM
fsr-3260	220	89	)	)	PUNCT
fsr-3260	220	90	(	(	PUNCT
fsr-3260	220	91	�	�	NOUN
fsr-3260	220	92	0.19	0.19	NUM
fsr-3260	220	93	)	)	PUNCT
fsr-3260	220	94	(	(	PUNCT
fsr-3260	220	95	0.67	0.67	NUM
fsr-3260	220	96	)	)	PUNCT
fsr-3260	220	97	2	2	NUM
fsr-3260	220	98	.	.	PUNCT
fsr-3260	220	99	momentum	momentum	NOUN
fsr-3260	220	100	seller	seller	NOUN
fsr-3260	220	101	0.13	0.13	NUM
fsr-3260	220	102	%	%	NOUN
fsr-3260	220	103	*	*	PUNCT
fsr-3260	220	104	*	*	PUNCT
fsr-3260	220	105	*	*	PUNCT
fsr-3260	220	106	0.13	0.13	NUM
fsr-3260	220	107	%	%	NOUN
fsr-3260	220	108	*	*	PUNCT
fsr-3260	220	109	*	*	PUNCT
fsr-3260	220	110	*	*	PUNCT
fsr-3260	220	111	0.12	0.12	NUM
fsr-3260	220	112	%	%	NOUN
fsr-3260	220	113	*	*	PUNCT
fsr-3260	220	114	*	*	PUNCT
fsr-3260	221	1	0.15	0.15	NUM
fsr-3260	221	2	%	%	NOUN
fsr-3260	221	3	*	*	PUNCT
fsr-3260	221	4	*	*	NOUN
fsr-3260	221	5	0.18	0.18	NUM
fsr-3260	221	6	%	%	NOUN
fsr-3260	221	7	*	*	PUNCT
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fsr-3260	221	9	*	*	PUNCT
fsr-3260	221	10	(	(	PUNCT
fsr-3260	221	11	2.77	2.77	NUM
fsr-3260	221	12	)	)	PUNCT
fsr-3260	221	13	(	(	PUNCT
fsr-3260	221	14	2.75	2.75	NUM
fsr-3260	221	15	)	)	PUNCT
fsr-3260	221	16	(	(	PUNCT
fsr-3260	221	17	2.15	2.15	NUM
fsr-3260	221	18	)	)	PUNCT
fsr-3260	221	19	(	(	PUNCT
fsr-3260	221	20	2.64	2.64	NUM
fsr-3260	221	21	)	)	PUNCT
fsr-3260	221	22	(	(	PUNCT
fsr-3260	221	23	3.38	3.38	NUM
fsr-3260	221	24	)	)	PUNCT
fsr-3260	221	25	3	3	NUM
fsr-3260	221	26	.	.	X
fsr-3260	222	1	portfolio	portfolio	NOUN
fsr-3260	222	2	1	1	NUM
fsr-3260	222	3	portfolio	portfolio	NOUN
fsr-3260	222	4	2	2	NUM
fsr-3260	222	5	�	�	NOUN
fsr-3260	222	6	0.11	0.11	NUM
fsr-3260	222	7	%	%	NOUN
fsr-3260	222	8	�	�	NOUN
fsr-3260	222	9	0.11	0.11	NUM
fsr-3260	222	10	%	%	NOUN
fsr-3260	222	11	�	�	NOUN
fsr-3260	222	12	0.04	0.04	NUM
fsr-3260	222	13	%	%	NOUN
fsr-3260	222	14	�	�	NOUN
fsr-3260	222	15	0.16	0.16	NUM
fsr-3260	222	16	%	%	NOUN
fsr-3260	222	17	*	*	PUNCT
fsr-3260	222	18	*	*	NOUN
fsr-3260	222	19	�	�	PROPN
fsr-3260	222	20	0.13	0.13	NUM
fsr-3260	222	21	%	%	NOUN
fsr-3260	222	22	*	*	PUNCT
fsr-3260	222	23	*	*	PUNCT
fsr-3260	222	24	(	(	PUNCT
fsr-3260	222	25	�	�	NOUN
fsr-3260	222	26	1.41	1.41	NUM
fsr-3260	222	27	)	)	PUNCT
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fsr-3260	222	29	�	�	PROPN
fsr-3260	222	30	1.41	1.41	NUM
fsr-3260	222	31	)	)	PUNCT
fsr-3260	222	32	(	(	PUNCT
fsr-3260	222	33	�	�	NOUN
fsr-3260	222	34	0.55	0.55	NUM
fsr-3260	222	35	)	)	PUNCT
fsr-3260	222	36	(	(	PUNCT
fsr-3260	222	37	�	�	NOUN
fsr-3260	222	38	2.10	2.10	NUM
fsr-3260	222	39	)	)	PUNCT
fsr-3260	222	40	(	(	PUNCT
fsr-3260	222	41	�	�	NOUN
fsr-3260	222	42	2.07	2.07	NUM
fsr-3260	222	43	)	)	PUNCT
fsr-3260	222	44	b.	b.	PROPN
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fsr-3260	222	46	-	-	PUNCT
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fsr-3260	222	50	1	1	NUM
fsr-3260	222	51	.	.	PUNCT
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fsr-3260	222	54	0.06	0.06	NUM
fsr-3260	222	55	%	%	NOUN
fsr-3260	222	56	0.08	0.08	NUM
fsr-3260	222	57	%	%	NOUN
fsr-3260	222	58	0.09	0.09	NUM
fsr-3260	222	59	%	%	NOUN
fsr-3260	222	60	�	�	NOUN
fsr-3260	222	61	0.01	0.01	NUM
fsr-3260	222	62	%	%	NOUN
fsr-3260	222	63	0.04	0.04	NUM
fsr-3260	222	64	%	%	NOUN
fsr-3260	222	65	(	(	PUNCT
fsr-3260	222	66	0.39	0.39	NUM
fsr-3260	222	67	)	)	PUNCT
fsr-3260	222	68	(	(	PUNCT
fsr-3260	222	69	0.44	0.44	NUM
fsr-3260	222	70	)	)	PUNCT
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fsr-3260	222	72	0.47	0.47	NUM
fsr-3260	222	73	)	)	PUNCT
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fsr-3260	222	75	�	�	PROPN
fsr-3260	222	76	0.09	0.09	NUM
fsr-3260	222	77	)	)	PUNCT
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fsr-3260	222	79	0.28	0.28	NUM
fsr-3260	222	80	)	)	PUNCT
fsr-3260	222	81	2	2	NUM
fsr-3260	222	82	.	.	PUNCT
fsr-3260	222	83	momentum	momentum	NOUN
fsr-3260	222	84	seller	seller	NOUN
fsr-3260	222	85	�	�	NOUN
fsr-3260	222	86	0.02	0.02	NUM
fsr-3260	222	87	%	%	NOUN
fsr-3260	222	88	�	�	NOUN
fsr-3260	222	89	0.03	0.03	NUM
fsr-3260	222	90	%	%	NOUN
fsr-3260	222	91	�	�	NOUN
fsr-3260	222	92	0.01	0.01	NUM
fsr-3260	222	93	%	%	NOUN
fsr-3260	222	94	0.05	0.05	NUM
fsr-3260	222	95	%	%	NOUN
fsr-3260	222	96	0.09	0.09	NUM
fsr-3260	222	97	%	%	NOUN
fsr-3260	222	98	(	(	PUNCT
fsr-3260	222	99	�	�	NOUN
fsr-3260	222	100	0.13	0.13	NUM
fsr-3260	222	101	)	)	PUNCT
fsr-3260	222	102	(	(	PUNCT
fsr-3260	222	103	�	�	PROPN
fsr-3260	222	104	0.15	0.15	NUM
fsr-3260	222	105	)	)	PUNCT
fsr-3260	222	106	(	(	PUNCT
fsr-3260	222	107	�	�	NOUN
fsr-3260	222	108	0.03	0.03	NUM
fsr-3260	222	109	)	)	PUNCT
fsr-3260	222	110	(	(	PUNCT
fsr-3260	222	111	0.34	0.34	NUM
fsr-3260	222	112	)	)	PUNCT
fsr-3260	222	113	(	(	PUNCT
fsr-3260	222	114	0.59	0.59	NUM
fsr-3260	222	115	)	)	PUNCT
fsr-3260	222	116	3	3	NUM
fsr-3260	222	117	.	.	X
fsr-3260	222	118	portfolio	portfolio	NOUN
fsr-3260	222	119	1	1	NUM
fsr-3260	222	120	portfolio	portfolio	NOUN
fsr-3260	222	121	2	2	NUM
fsr-3260	222	122	0.09	0.09	NUM
fsr-3260	222	123	%	%	NOUN
fsr-3260	222	124	0.10	0.10	NUM
fsr-3260	222	125	%	%	NOUN
fsr-3260	222	126	0.09	0.09	NUM
fsr-3260	222	127	%	%	NOUN
fsr-3260	222	128	�	�	NOUN
fsr-3260	222	129	0.07	0.07	NUM
fsr-3260	222	130	%	%	NOUN
fsr-3260	222	131	�	�	NOUN
fsr-3260	222	132	0.05	0.05	NUM
fsr-3260	222	133	%	%	NOUN
fsr-3260	222	134	(	(	PUNCT
fsr-3260	222	135	0.40	0.40	NUM
fsr-3260	222	136	)	)	PUNCT
fsr-3260	222	137	(	(	PUNCT
fsr-3260	222	138	0.46	0.46	NUM
fsr-3260	222	139	)	)	PUNCT
fsr-3260	222	140	(	(	PUNCT
fsr-3260	222	141	0.39	0.39	NUM
fsr-3260	222	142	)	)	PUNCT
fsr-3260	222	143	(	(	PUNCT
fsr-3260	222	144	�	�	NOUN
fsr-3260	222	145	0.36	0.36	NUM
fsr-3260	222	146	)	)	PUNCT
fsr-3260	222	147	(	(	PUNCT
fsr-3260	222	148	�	�	NOUN
fsr-3260	222	149	0.32	0.32	NUM
fsr-3260	222	150	)	)	PUNCT
fsr-3260	222	151	c.	c.	NOUN
fsr-3260	222	152	one	one	NUM
fsr-3260	222	153	-	-	PUNCT
fsr-3260	222	154	year	year	NOUN
fsr-3260	222	155	holding	holding	NOUN
fsr-3260	222	156	period	period	NOUN
fsr-3260	222	157	1	1	NUM
fsr-3260	222	158	.	.	PUNCT
fsr-3260	222	159	momentum	momentum	NOUN
fsr-3260	222	160	buyer	buyer	NOUN
fsr-3260	222	161	0.03	0.03	NUM
fsr-3260	222	162	%	%	NOUN
fsr-3260	222	163	0.04	0.04	NUM
fsr-3260	222	164	%	%	NOUN
fsr-3260	222	165	0.07	0.07	NUM
fsr-3260	222	166	%	%	NOUN
fsr-3260	222	167	*	*	PUNCT
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fsr-3260	222	169	0.02	0.02	NUM
fsr-3260	222	170	%	%	NOUN
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fsr-3260	222	172	%	%	NOUN
fsr-3260	222	173	(	(	PUNCT
fsr-3260	222	174	0.79	0.79	NUM
fsr-3260	222	175	)	)	PUNCT
fsr-3260	222	176	(	(	PUNCT
fsr-3260	222	177	0.85	0.85	NUM
fsr-3260	222	178	)	)	PUNCT
fsr-3260	222	179	(	(	PUNCT
fsr-3260	222	180	2.03	2.03	NUM
fsr-3260	222	181	)	)	PUNCT
fsr-3260	222	182	(	(	PUNCT
fsr-3260	222	183	0.05	0.05	NUM
fsr-3260	222	184	)	)	PUNCT
fsr-3260	222	185	(	(	PUNCT
fsr-3260	222	186	0.14	0.14	NUM
fsr-3260	222	187	)	)	PUNCT
fsr-3260	222	188	2	2	NUM
fsr-3260	222	189	.	.	PUNCT
fsr-3260	222	190	momentum	momentum	NOUN
fsr-3260	222	191	seller	seller	NOUN
fsr-3260	222	192	0.15	0.15	NUM
fsr-3260	222	193	%	%	NOUN
fsr-3260	222	194	*	*	PUNCT
fsr-3260	222	195	*	*	PUNCT
fsr-3260	222	196	*	*	PUNCT
fsr-3260	222	197	0.15	0.15	NUM
fsr-3260	222	198	%	%	NOUN
fsr-3260	222	199	*	*	PUNCT
fsr-3260	222	200	*	*	PUNCT
fsr-3260	222	201	*	*	PUNCT
fsr-3260	222	202	0.17	0.17	NUM
fsr-3260	222	203	%	%	NOUN
fsr-3260	222	204	*	*	PUNCT
fsr-3260	222	205	*	*	PUNCT
fsr-3260	222	206	*	*	PUNCT
fsr-3260	222	207	0.16	0.16	NUM
fsr-3260	222	208	%	%	NOUN
fsr-3260	222	209	*	*	PUNCT
fsr-3260	222	210	*	*	PUNCT
fsr-3260	222	211	*	*	PUNCT
fsr-3260	222	212	0.18	0.18	NUM
fsr-3260	222	213	%	%	NOUN
fsr-3260	222	214	*	*	PUNCT
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fsr-3260	222	216	*	*	PUNCT
fsr-3260	222	217	(	(	PUNCT
fsr-3260	222	218	3.07	3.07	NUM
fsr-3260	222	219	)	)	PUNCT
fsr-3260	222	220	(	(	PUNCT
fsr-3260	222	221	3.05	3.05	NUM
fsr-3260	222	222	)	)	PUNCT
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fsr-3260	222	224	3.33	3.33	NUM
fsr-3260	222	225	)	)	PUNCT
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fsr-3260	222	228	)	)	PUNCT
fsr-3260	222	229	(	(	PUNCT
fsr-3260	222	230	3.32	3.32	NUM
fsr-3260	222	231	)	)	PUNCT
fsr-3260	222	232	3	3	NUM
fsr-3260	222	233	.	.	PUNCT
fsr-3260	223	1	portfolio	portfolio	NOUN
fsr-3260	223	2	1	1	NUM
fsr-3260	223	3	portfolio	portfolio	NOUN
fsr-3260	223	4	2	2	NUM
fsr-3260	223	5	�	�	NOUN
fsr-3260	223	6	0.11	0.11	NUM
fsr-3260	223	7	%	%	NOUN
fsr-3260	223	8	�	�	NOUN
fsr-3260	223	9	0.11	0.11	NUM
fsr-3260	223	10	%	%	NOUN
fsr-3260	223	11	�	�	NOUN
fsr-3260	223	12	0.10	0.10	NUM
fsr-3260	223	13	%	%	NOUN
fsr-3260	223	14	�	�	NOUN
fsr-3260	223	15	0.14	0.14	NUM
fsr-3260	223	16	%	%	NOUN
fsr-3260	223	17	*	*	PUNCT
fsr-3260	223	18	*	*	NOUN
fsr-3260	223	19	�	�	PROPN
fsr-3260	223	20	0.13	0.13	NUM
fsr-3260	223	21	%	%	NOUN
fsr-3260	223	22	*	*	PUNCT
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fsr-3260	223	24	*	*	PUNCT
fsr-3260	223	25	(	(	PUNCT
fsr-3260	223	26	�	�	NOUN
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fsr-3260	223	28	)	)	PUNCT
fsr-3260	223	29	(	(	PUNCT
fsr-3260	223	30	�	�	NOUN
fsr-3260	223	31	1.88	1.88	NUM
fsr-3260	223	32	)	)	PUNCT
fsr-3260	223	33	(	(	PUNCT
fsr-3260	223	34	�	�	NOUN
fsr-3260	223	35	1.72	1.72	NUM
fsr-3260	223	36	)	)	PUNCT
fsr-3260	223	37	(	(	PUNCT
fsr-3260	223	38	�	�	NOUN
fsr-3260	223	39	2.51	2.51	NUM
fsr-3260	223	40	)	)	PUNCT
fsr-3260	223	41	(	(	PUNCT
fsr-3260	223	42	�	�	PROPN
fsr-3260	223	43	2.75	2.75	NUM
fsr-3260	223	44	)	)	PUNCT
fsr-3260	223	45	d.	d.	PROPN
fsr-3260	223	46	financial	financial	ADJ
fsr-3260	223	47	turmoil	turmoil	NOUN
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fsr-3260	223	49	excluded	exclude	VERB
fsr-3260	223	50	,	,	PUNCT
fsr-3260	223	51	six	six	NUM
fsr-3260	223	52	-	-	PUNCT
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fsr-3260	223	56	1	1	NUM
fsr-3260	223	57	.	.	PUNCT
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fsr-3260	223	60	0.04	0.04	NUM
fsr-3260	223	61	%	%	NOUN
fsr-3260	223	62	0.05	0.05	NUM
fsr-3260	223	63	%	%	NOUN
fsr-3260	223	64	0.09	0.09	NUM
fsr-3260	223	65	%	%	NOUN
fsr-3260	223	66	�	�	NOUN
fsr-3260	223	67	0.01	0.01	NUM
fsr-3260	223	68	%	%	NOUN
fsr-3260	223	69	0.01	0.01	NUM
fsr-3260	223	70	%	%	NOUN
fsr-3260	223	71	(	(	PUNCT
fsr-3260	223	72	0.54	0.54	NUM
fsr-3260	223	73	)	)	PUNCT
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fsr-3260	223	76	)	)	PUNCT
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fsr-3260	223	79	)	)	PUNCT
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fsr-3260	223	83	)	)	PUNCT
fsr-3260	223	84	(	(	PUNCT
fsr-3260	223	85	0.07	0.07	NUM
fsr-3260	223	86	)	)	PUNCT
fsr-3260	223	87	2	2	NUM
fsr-3260	223	88	.	.	X
fsr-3260	223	89	momentum	momentum	NOUN
fsr-3260	223	90	seller	seller	NOUN
fsr-3260	223	91	0.11	0.11	NUM
fsr-3260	223	92	%	%	NOUN
fsr-3260	223	93	*	*	PUNCT
fsr-3260	223	94	*	*	PUNCT
fsr-3260	223	95	0.11	0.11	NUM
fsr-3260	223	96	%	%	NOUN
fsr-3260	223	97	*	*	PUNCT
fsr-3260	223	98	*	*	PUNCT
fsr-3260	223	99	0.10	0.10	NUM
fsr-3260	223	100	%	%	NOUN
fsr-3260	223	101	0.10	0.10	NUM
fsr-3260	223	102	%	%	NOUN
fsr-3260	223	103	0.14	0.14	NUM
fsr-3260	223	104	%	%	NOUN
fsr-3260	223	105	*	*	PUNCT
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fsr-3260	223	107	(	(	PUNCT
fsr-3260	223	108	2.07	2.07	NUM
fsr-3260	223	109	)	)	PUNCT
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fsr-3260	223	111	2.06	2.06	NUM
fsr-3260	223	112	)	)	PUNCT
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fsr-3260	223	118	)	)	PUNCT
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fsr-3260	223	120	2.55	2.55	NUM
fsr-3260	223	121	)	)	PUNCT
fsr-3260	223	122	3	3	NUM
fsr-3260	223	123	.	.	X
fsr-3260	224	1	portfolio	portfolio	NOUN
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fsr-3260	224	3	portfolio	portfolio	NOUN
fsr-3260	224	4	2	2	NUM
fsr-3260	224	5	�	�	NOUN
fsr-3260	224	6	0.07	0.07	NUM
fsr-3260	224	7	%	%	NOUN
fsr-3260	224	8	�	�	NOUN
fsr-3260	224	9	0.05	0.05	NUM
fsr-3260	224	10	%	%	NOUN
fsr-3260	224	11	�	�	NOUN
fsr-3260	224	12	0.01	0.01	NUM
fsr-3260	224	13	%	%	NOUN
fsr-3260	224	14	�	�	NOUN
fsr-3260	224	15	0.11	0.11	NUM
fsr-3260	224	16	%	%	NOUN
fsr-3260	224	17	�	�	NOUN
fsr-3260	224	18	0.13	0.13	NUM
fsr-3260	224	19	%	%	NOUN
fsr-3260	224	20	*	*	PUNCT
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fsr-3260	224	22	(	(	PUNCT
fsr-3260	224	23	�	�	NOUN
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fsr-3260	224	25	)	)	PUNCT
fsr-3260	224	26	(	(	PUNCT
fsr-3260	224	27	�	�	NOUN
fsr-3260	224	28	0.69	0.69	NUM
fsr-3260	224	29	)	)	PUNCT
fsr-3260	224	30	(	(	PUNCT
fsr-3260	224	31	�	�	NOUN
fsr-3260	224	32	0.19	0.19	NUM
fsr-3260	224	33	)	)	PUNCT
fsr-3260	224	34	(	(	PUNCT
fsr-3260	224	35	�	�	NOUN
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fsr-3260	224	37	)	)	PUNCT
fsr-3260	224	38	(	(	PUNCT
fsr-3260	224	39	�	�	PROPN
fsr-3260	224	40	1.99	1.99	NUM
fsr-3260	224	41	)	)	PUNCT
fsr-3260	225	1	e.	e.	PROPN
fsr-3260	225	2	consistent	consistent	ADJ
fsr-3260	225	3	momentum	momentum	NOUN
fsr-3260	225	4	traders	trader	NOUN
fsr-3260	225	5	(	(	PUNCT
fsr-3260	225	6	six	six	NUM
fsr-3260	225	7	-	-	PUNCT
fsr-3260	225	8	month	month	NOUN
fsr-3260	225	9	holding	holding	NOUN
fsr-3260	225	10	period	period	NOUN
fsr-3260	225	11	)	)	PUNCT
fsr-3260	225	12	1	1	NUM
fsr-3260	225	13	.	.	X
fsr-3260	225	14	momentum	momentum	NOUN
fsr-3260	225	15	buyer	buyer	NOUN
fsr-3260	225	16	0.03	0.03	NUM
fsr-3260	225	17	%	%	NOUN
fsr-3260	225	18	0.03	0.03	NUM
fsr-3260	225	19	%	%	NOUN
fsr-3260	225	20	0.08	0.08	NUM
fsr-3260	225	21	%	%	NOUN
fsr-3260	225	22	�	�	NOUN
fsr-3260	225	23	0.001	0.001	NUM
fsr-3260	225	24	%	%	NOUN
fsr-3260	225	25	0.06	0.06	NUM
fsr-3260	225	26	%	%	NOUN
fsr-3260	225	27	(	(	PUNCT
fsr-3260	225	28	0.39	0.39	NUM
fsr-3260	225	29	)	)	PUNCT
fsr-3260	225	30	(	(	PUNCT
fsr-3260	225	31	0.40	0.40	NUM
fsr-3260	225	32	)	)	PUNCT
fsr-3260	225	33	(	(	PUNCT
fsr-3260	225	34	1.23	1.23	NUM
fsr-3260	225	35	)	)	PUNCT
fsr-3260	225	36	(	(	PUNCT
fsr-3260	225	37	�	�	NOUN
fsr-3260	225	38	0.01	0.01	NUM
fsr-3260	225	39	)	)	PUNCT
fsr-3260	225	40	(	(	PUNCT
fsr-3260	225	41	0.73	0.73	NUM
fsr-3260	225	42	)	)	PUNCT
fsr-3260	225	43	2	2	NUM
fsr-3260	225	44	.	.	X
fsr-3260	225	45	momentum	momentum	NOUN
fsr-3260	225	46	seller	seller	NOUN
fsr-3260	225	47	0.11	0.11	NUM
fsr-3260	225	48	%	%	NOUN
fsr-3260	225	49	*	*	PUNCT
fsr-3260	225	50	*	*	PUNCT
fsr-3260	225	51	0.11	0.11	NUM
fsr-3260	225	52	%	%	NOUN
fsr-3260	225	53	0.09	0.09	NUM
fsr-3260	225	54	%	%	NOUN
fsr-3260	225	55	0.12	0.12	NUM
fsr-3260	225	56	%	%	NOUN
fsr-3260	225	57	*	*	PUNCT
fsr-3260	225	58	*	*	PUNCT
fsr-3260	226	1	0.15	0.15	NUM
fsr-3260	226	2	%	%	NOUN
fsr-3260	226	3	*	*	PUNCT
fsr-3260	226	4	*	*	PUNCT
fsr-3260	226	5	*	*	PUNCT
fsr-3260	226	6	(	(	PUNCT
fsr-3260	226	7	2.00	2.00	NUM
fsr-3260	226	8	)	)	PUNCT
fsr-3260	226	9	(	(	PUNCT
fsr-3260	226	10	1.99	1.99	NUM
fsr-3260	226	11	)	)	PUNCT
fsr-3260	226	12	(	(	PUNCT
fsr-3260	226	13	1.55	1.55	NUM
fsr-3260	226	14	)	)	PUNCT
fsr-3260	226	15	(	(	PUNCT
fsr-3260	226	16	2.05	2.05	NUM
fsr-3260	226	17	)	)	PUNCT
fsr-3260	226	18	(	(	PUNCT
fsr-3260	226	19	2.69	2.69	NUM
fsr-3260	226	20	)	)	PUNCT
fsr-3260	226	21	3	3	NUM
fsr-3260	226	22	.	.	X
fsr-3260	227	1	portfolio	portfolio	NOUN
fsr-3260	227	2	1	1	NUM
fsr-3260	227	3	portfolio	portfolio	NOUN
fsr-3260	227	4	2	2	NUM
fsr-3260	227	5	�	�	NOUN
fsr-3260	227	6	0.08	0.08	NUM
fsr-3260	227	7	%	%	NOUN
fsr-3260	227	8	�	�	NOUN
fsr-3260	227	9	0.08	0.08	NUM
fsr-3260	227	10	%	%	NOUN
fsr-3260	227	11	�	�	NOUN
fsr-3260	227	12	0.01	0.01	NUM
fsr-3260	227	13	%	%	NOUN
fsr-3260	227	14	�	�	NOUN
fsr-3260	227	15	0.12	0.12	NUM
fsr-3260	227	16	%	%	NOUN
fsr-3260	227	17	�	�	PROPN
fsr-3260	227	18	0.09	0.09	NUM
fsr-3260	227	19	%	%	NOUN
fsr-3260	227	20	(	(	PUNCT
fsr-3260	227	21	�	�	PROPN
fsr-3260	227	22	0.87	0.87	NUM
fsr-3260	227	23	)	)	PUNCT
fsr-3260	227	24	(	(	PUNCT
fsr-3260	227	25	�	�	PROPN
fsr-3260	227	26	0.87	0.87	NUM
fsr-3260	227	27	)	)	PUNCT
fsr-3260	227	28	(	(	PUNCT
fsr-3260	227	29	�	�	NOUN
fsr-3260	227	30	0.14	0.14	NUM
fsr-3260	227	31	)	)	PUNCT
fsr-3260	227	32	(	(	PUNCT
fsr-3260	227	33	�	�	NOUN
fsr-3260	227	34	1.45	1.45	NUM
fsr-3260	227	35	)	)	PUNCT
fsr-3260	227	36	(	(	PUNCT
fsr-3260	227	37	�	�	NOUN
fsr-3260	227	38	1.36	1.36	NUM
fsr-3260	227	39	)	)	PUNCT
fsr-3260	227	40	note	note	NOUN
fsr-3260	227	41	:	:	PUNCT
fsr-3260	227	42	three	three	NUM
fsr-3260	227	43	portfolios	portfolio	NOUN
fsr-3260	227	44	are	be	AUX
fsr-3260	227	45	constructed	construct	VERB
fsr-3260	227	46	based	base	VERB
fsr-3260	227	47	on	on	ADP
fsr-3260	227	48	876,941	876,941	NUM
fsr-3260	227	49	momentum	momentum	NOUN
fsr-3260	227	50	buyers	buyer	NOUN
fsr-3260	227	51	and	and	CCONJ
fsr-3260	227	52	624,307	624,307	NUM
fsr-3260	227	53	momentum	momentum	NOUN
fsr-3260	227	54	sellers	seller	NOUN
fsr-3260	227	55	identified	identify	VERB
fsr-3260	227	56	in	in	ADP
fsr-3260	227	57	response	response	NOUN
fsr-3260	227	58	to	to	ADP
fsr-3260	227	59	past	past	ADJ
fsr-3260	227	60	month	month	NOUN
fsr-3260	227	61	fund	fund	NOUN
fsr-3260	227	62	return	return	NOUN
fsr-3260	227	63	:	:	PUNCT
fsr-3260	227	64	(	(	PUNCT
fsr-3260	227	65	1	1	X
fsr-3260	227	66	)	)	PUNCT
fsr-3260	227	67	momentum	momentum	NOUN
fsr-3260	227	68	buyer	buyer	NOUN
fsr-3260	227	69	portfolio	portfolio	NOUN
fsr-3260	227	70	:	:	PUNCT
fsr-3260	227	71	purchase	purchase	NOUN
fsr-3260	227	72	funds	fund	NOUN
fsr-3260	227	73	bought	buy	VERB
fsr-3260	227	74	by	by	ADP
fsr-3260	227	75	a	a	DET
fsr-3260	227	76	momentum	momentum	NOUN
fsr-3260	227	77	buyer	buyer	NOUN
fsr-3260	227	78	in	in	ADP
fsr-3260	227	79	the	the	DET
fsr-3260	227	80	quarter	quarter	NOUN
fsr-3260	227	81	he	he	PRON
fsr-3260	227	82	is	be	AUX
fsr-3260	227	83	identified	identify	VERB
fsr-3260	227	84	as	as	ADP
fsr-3260	227	85	a	a	DET
fsr-3260	227	86	momentum	momentum	NOUN
fsr-3260	227	87	buyer	buyer	NOUN
fsr-3260	227	88	,	,	PUNCT
fsr-3260	227	89	each	each	DET
fsr-3260	227	90	fund	fund	NOUN
fsr-3260	227	91	is	be	AUX
fsr-3260	227	92	equally	equally	ADV
fsr-3260	227	93	-	-	PUNCT
fsr-3260	227	94	weighted	weight	VERB
fsr-3260	227	95	;	;	PUNCT
fsr-3260	227	96	(	(	PUNCT
fsr-3260	227	97	2	2	X
fsr-3260	227	98	)	)	PUNCT
fsr-3260	227	99	momentum	momentum	NOUN
fsr-3260	227	100	seller	seller	NOUN
fsr-3260	227	101	portfolio	portfolio	NOUN
fsr-3260	227	102	:	:	PUNCT
fsr-3260	227	103	purchase	purchase	NOUN
fsr-3260	227	104	funds	fund	NOUN
fsr-3260	227	105	sold	sell	VERB
fsr-3260	227	106	by	by	ADP
fsr-3260	227	107	a	a	DET
fsr-3260	227	108	momentum	momentum	NOUN
fsr-3260	227	109	seller	seller	NOUN
fsr-3260	227	110	in	in	ADP
fsr-3260	227	111	the	the	DET
fsr-3260	227	112	quarter	quarter	NOUN
fsr-3260	227	113	he	he	PRON
fsr-3260	227	114	is	be	AUX
fsr-3260	227	115	identified	identify	VERB
fsr-3260	227	116	as	as	ADP
fsr-3260	227	117	a	a	DET
fsr-3260	227	118	momentum	momentum	NOUN
fsr-3260	227	119	seller	seller	NOUN
fsr-3260	227	120	,	,	PUNCT
fsr-3260	227	121	each	each	DET
fsr-3260	227	122	fund	fund	NOUN
fsr-3260	227	123	is	be	AUX
fsr-3260	227	124	equally	equally	ADV
fsr-3260	227	125	weighted	weight	VERB
fsr-3260	227	126	;	;	PUNCT
fsr-3260	227	127	(	(	PUNCT
fsr-3260	227	128	3	3	X
fsr-3260	227	129	)	)	PUNCT
fsr-3260	227	130	portfolio	portfolio	NOUN
fsr-3260	228	1	1portfolio	1portfolio	NUM
fsr-3260	228	2	2	2	NUM
fsr-3260	228	3	:	:	PUNCT
fsr-3260	228	4	long	long	ADJ
fsr-3260	228	5	momentum	momentum	NOUN
fsr-3260	228	6	buyer	buyer	NOUN
fsr-3260	228	7	portfolio	portfolio	NOUN
fsr-3260	228	8	and	and	CCONJ
fsr-3260	228	9	short	short	ADJ
fsr-3260	228	10	momentum	momentum	NOUN
fsr-3260	228	11	seller	seller	NOUN
fsr-3260	228	12	portfolio	portfolio	NOUN
fsr-3260	228	13	.	.	PUNCT
fsr-3260	229	1	excess	excess	ADJ
fsr-3260	229	2	return	return	NOUN
fsr-3260	229	3	is	be	AUX
fsr-3260	229	4	calculated	calculate	VERB
fsr-3260	229	5	as	as	ADP
fsr-3260	229	6	the	the	DET
fsr-3260	229	7	different	different	ADJ
fsr-3260	229	8	between	between	ADP
fsr-3260	229	9	portfolio	portfolio	NOUN
fsr-3260	229	10	raw	raw	ADJ
fsr-3260	229	11	return	return	NOUN
fsr-3260	229	12	and	and	CCONJ
fsr-3260	229	13	market	market	NOUN
fsr-3260	229	14	return	return	NOUN
fsr-3260	229	15	;	;	PUNCT
fsr-3260	229	16	cross	cross	ADJ
fsr-3260	229	17	-	-	ADJ
fsr-3260	229	18	sectional	sectional	ADJ
fsr-3260	229	19	average	average	NOUN
fsr-3260	229	20	of	of	ADP
fsr-3260	229	21	excess	excess	ADJ
fsr-3260	229	22	returns	return	NOUN
fsr-3260	229	23	among	among	ADP
fsr-3260	229	24	all	all	DET
fsr-3260	229	25	momentum	momentum	NOUN
fsr-3260	229	26	buyers	buyer	NOUN
fsr-3260	229	27	(	(	PUNCT
fsr-3260	229	28	sellers	seller	NOUN
fsr-3260	229	29	)	)	PUNCT
fsr-3260	229	30	are	be	AUX
fsr-3260	229	31	first	first	ADV
fsr-3260	229	32	calculated	calculate	VERB
fsr-3260	229	33	each	each	DET
fsr-3260	229	34	month	month	NOUN
fsr-3260	229	35	and	and	CCONJ
fsr-3260	229	36	time	time	NOUN
fsr-3260	229	37	-	-	PUNCT
fsr-3260	229	38	series	series	NOUN
fsr-3260	229	39	mean	mean	NOUN
fsr-3260	229	40	and	and	CCONJ
fsr-3260	229	41	t	t	PROPN
fsr-3260	229	42	-	-	PUNCT
fsr-3260	229	43	statistics	statistic	NOUN
fsr-3260	229	44	are	be	AUX
fsr-3260	229	45	shown	show	VERB
fsr-3260	229	46	in	in	ADP
fsr-3260	229	47	column	column	NOUN
fsr-3260	229	48	(	(	PUNCT
fsr-3260	229	49	a	a	X
fsr-3260	229	50	)	)	PUNCT
fsr-3260	229	51	;	;	PUNCT
fsr-3260	229	52	to	to	PART
fsr-3260	229	53	calculate	calculate	VERB
fsr-3260	229	54	alpha1	alpha1	NOUN
fsr-3260	229	55	and	and	CCONJ
fsr-3260	229	56	alpha3	alpha3	NOUN
fsr-3260	229	57	under	under	ADP
fsr-3260	229	58	portfolio	portfolio	NOUN
fsr-3260	229	59	regression	regression	NOUN
fsr-3260	229	60	approach	approach	NOUN
fsr-3260	229	61	,	,	PUNCT
fsr-3260	229	62	we	we	PRON
fsr-3260	229	63	first	first	ADV
fsr-3260	229	64	obtain	obtain	VERB
fsr-3260	229	65	time	time	NOUN
fsr-3260	229	66	-	-	PUNCT
fsr-3260	229	67	series	series	NOUN
fsr-3260	229	68	raw	raw	ADJ
fsr-3260	229	69	returns	return	NOUN
fsr-3260	229	70	by	by	ADP
fsr-3260	229	71	averaging	average	VERB
fsr-3260	229	72	portfolio	portfolio	NOUN
fsr-3260	229	73	raw	raw	ADJ
fsr-3260	229	74	returns	return	NOUN
fsr-3260	229	75	across	across	ADP
fsr-3260	229	76	all	all	DET
fsr-3260	229	77	momentum	momentum	NOUN
fsr-3260	229	78	buyers	buyer	NOUN
fsr-3260	229	79	(	(	PUNCT
fsr-3260	229	80	sellers	seller	NOUN
fsr-3260	229	81	)	)	PUNCT
fsr-3260	229	82	each	each	DET
fsr-3260	229	83	month	month	NOUN
fsr-3260	229	84	and	and	CCONJ
fsr-3260	229	85	risk	risk	NOUN
fsr-3260	229	86	-	-	PUNCT
fsr-3260	229	87	adjusted	adjust	VERB
fsr-3260	229	88	returns	return	NOUN
fsr-3260	229	89	from	from	ADP
fsr-3260	229	90	capm	capm	PROPN
fsr-3260	229	91	and	and	CCONJ
fsr-3260	229	92	fama	fama	PROPN
fsr-3260	229	93	-	-	PUNCT
fsr-3260	229	94	french	french	ADJ
fsr-3260	229	95	three	three	NUM
fsr-3260	229	96	-	-	PUNCT
fsr-3260	229	97	factor	factor	NOUN
fsr-3260	229	98	models	model	NOUN
fsr-3260	229	99	are	be	AUX
fsr-3260	229	100	shown	show	VERB
fsr-3260	229	101	in	in	ADP
fsr-3260	229	102	column	column	NOUN
fsr-3260	229	103	(	(	PUNCT
fsr-3260	229	104	b	b	NOUN
fsr-3260	229	105	)	)	PUNCT
fsr-3260	229	106	and	and	CCONJ
fsr-3260	229	107	(	(	PUNCT
fsr-3260	229	108	c	c	NOUN
fsr-3260	229	109	)	)	PUNCT
fsr-3260	229	110	,	,	PUNCT
fsr-3260	229	111	respectively	respectively	ADV
fsr-3260	229	112	;	;	PUNCT
fsr-3260	230	1	column	column	NOUN
fsr-3260	230	2	(	(	PUNCT
fsr-3260	230	3	d	d	NOUN
fsr-3260	230	4	)	)	PUNCT
fsr-3260	230	5	and	and	CCONJ
fsr-3260	230	6	(	(	PUNCT
fsr-3260	230	7	e	e	NOUN
fsr-3260	230	8	)	)	PUNCT
fsr-3260	230	9	show	show	VERB
fsr-3260	230	10	the	the	DET
fsr-3260	230	11	risk	risk	NOUN
fsr-3260	230	12	-	-	PUNCT
fsr-3260	230	13	adjusted	adjust	VERB
fsr-3260	230	14	returns	return	NOUN
fsr-3260	230	15	under	under	ADP
fsr-3260	230	16	fund	fund	NOUN
fsr-3260	230	17	regression	regression	NOUN
fsr-3260	230	18	approach	approach	NOUN
fsr-3260	230	19	;	;	PUNCT
fsr-3260	230	20	alphas	alpha	NOUN
fsr-3260	230	21	for	for	ADP
fsr-3260	230	22	individual	individual	ADJ
fsr-3260	230	23	momentum	momentum	NOUN
fsr-3260	230	24	buyers	buyer	NOUN
fsr-3260	230	25	(	(	PUNCT
fsr-3260	230	26	sellers	seller	NOUN
fsr-3260	230	27	)	)	PUNCT
fsr-3260	230	28	portfolios	portfolio	NOUN
fsr-3260	230	29	are	be	AUX
fsr-3260	230	30	first	first	ADV
fsr-3260	230	31	calculated	calculate	VERB
fsr-3260	230	32	using	use	VERB
fsr-3260	230	33	capm	capm	PROPN
fsr-3260	230	34	and	and	CCONJ
fsr-3260	230	35	fama	fama	PROPN
fsr-3260	230	36	-	-	PUNCT
fsr-3260	230	37	french	french	ADJ
fsr-3260	230	38	three	three	NUM
fsr-3260	230	39	-	-	PUNCT
fsr-3260	230	40	factor	factor	NOUN
fsr-3260	230	41	models	model	NOUN
fsr-3260	230	42	and	and	CCONJ
fsr-3260	230	43	we	we	PRON
fsr-3260	230	44	take	take	VERB
fsr-3260	230	45	the	the	DET
fsr-3260	230	46	average	average	NOUN
fsr-3260	230	47	of	of	ADP
fsr-3260	230	48	alphas	alpha	NOUN
fsr-3260	230	49	across	across	ADP
fsr-3260	230	50	all	all	DET
fsr-3260	230	51	momentum	momentum	NOUN
fsr-3260	230	52	buyers	buyer	NOUN
fsr-3260	230	53	(	(	PUNCT
fsr-3260	230	54	sellers	seller	NOUN
fsr-3260	230	55	)	)	PUNCT
fsr-3260	230	56	each	each	DET
fsr-3260	230	57	month	month	NOUN
fsr-3260	230	58	and	and	CCONJ
fsr-3260	230	59	show	show	VERB
fsr-3260	230	60	the	the	DET
fsr-3260	230	61	time	time	NOUN
fsr-3260	230	62	-	-	PUNCT
fsr-3260	230	63	series	series	NOUN
fsr-3260	230	64	means	mean	NOUN
fsr-3260	230	65	and	and	CCONJ
fsr-3260	230	66	t	t	PROPN
fsr-3260	230	67	-	-	PUNCT
fsr-3260	230	68	statistics	statistic	NOUN
fsr-3260	230	69	.	.	PUNCT
fsr-3260	231	1	panel	panel	NOUN
fsr-3260	231	2	a	a	PRON
fsr-3260	231	3	includes	include	VERB
fsr-3260	231	4	the	the	DET
fsr-3260	231	5	whole	whole	ADJ
fsr-3260	231	6	sample	sample	NOUN
fsr-3260	231	7	period	period	NOUN
fsr-3260	231	8	(	(	PUNCT
fsr-3260	231	9	january	january	PROPN
fsr-3260	231	10	2005	2005	NUM
fsr-3260	231	11	through	through	ADP
fsr-3260	231	12	december	december	PROPN
fsr-3260	231	13	2010	2010	NUM
fsr-3260	231	14	)	)	PUNCT
fsr-3260	231	15	and	and	CCONJ
fsr-3260	231	16	assumes	assume	VERB
fsr-3260	231	17	holding	hold	VERB
fsr-3260	231	18	period	period	NOUN
fsr-3260	231	19	to	to	PART
fsr-3260	231	20	be	be	AUX
fsr-3260	231	21	six	six	NUM
fsr-3260	231	22	months	month	NOUN
fsr-3260	231	23	;	;	PUNCT
fsr-3260	231	24	panel	panel	NOUN
fsr-3260	231	25	b	b	PROPN
fsr-3260	231	26	and	and	CCONJ
fsr-3260	231	27	c	c	PROPN
fsr-3260	231	28	assume	assume	VERB
fsr-3260	231	29	holding	holding	NOUN
fsr-3260	231	30	periods	period	NOUN
fsr-3260	231	31	are	be	AUX
fsr-3260	231	32	one	one	NUM
fsr-3260	231	33	month	month	NOUN
fsr-3260	231	34	and	and	CCONJ
fsr-3260	231	35	one	one	NUM
fsr-3260	231	36	year	year	NOUN
fsr-3260	231	37	,	,	PUNCT
fsr-3260	231	38	respectively	respectively	ADV
fsr-3260	231	39	;	;	PUNCT
fsr-3260	231	40	panel	panel	NOUN
fsr-3260	231	41	d	d	PROPN
fsr-3260	231	42	excludes	exclude	VERB
fsr-3260	231	43	the	the	DET
fsr-3260	231	44	financial	financial	ADJ
fsr-3260	231	45	turmoil	turmoil	NOUN
fsr-3260	231	46	period	period	NOUN
fsr-3260	231	47	(	(	PUNCT
fsr-3260	231	48	october	october	PROPN
fsr-3260	231	49	2008	2008	NUM
fsr-3260	231	50	through	through	ADP
fsr-3260	231	51	march	march	PROPN
fsr-3260	231	52	2010	2010	NUM
fsr-3260	231	53	)	)	PUNCT
fsr-3260	231	54	from	from	ADP
fsr-3260	231	55	the	the	DET
fsr-3260	231	56	whole	whole	ADJ
fsr-3260	231	57	sample	sample	NOUN
fsr-3260	231	58	period	period	NOUN
fsr-3260	231	59	and	and	CCONJ
fsr-3260	231	60	shows	show	VERB
fsr-3260	231	61	average	average	ADJ
fsr-3260	231	62	six	six	NUM
fsr-3260	231	63	-	-	PUNCT
fsr-3260	231	64	month	month	NOUN
fsr-3260	231	65	performance	performance	NOUN
fsr-3260	231	66	;	;	PUNCT
fsr-3260	231	67	panel	panel	NOUN
fsr-3260	231	68	e	e	NOUN
fsr-3260	231	69	includes	include	VERB
fsr-3260	231	70	only	only	ADV
fsr-3260	231	71	consistent	consistent	ADJ
fsr-3260	231	72	momentum	momentum	NOUN
fsr-3260	231	73	traders	trader	NOUN
fsr-3260	231	74	(	(	PUNCT
fsr-3260	231	75	111,082	111,082	NUM
fsr-3260	231	76	momentum	momentum	NOUN
fsr-3260	231	77	buyers	buyer	NOUN
fsr-3260	231	78	and	and	CCONJ
fsr-3260	231	79	42,574	42,574	NUM
fsr-3260	231	80	momentum	momentum	NOUN
fsr-3260	231	81	sellers	seller	NOUN
fsr-3260	231	82	)	)	PUNCT
fsr-3260	231	83	and	and	CCONJ
fsr-3260	231	84	assumes	assume	VERB
fsr-3260	231	85	holding	hold	VERB
fsr-3260	231	86	periods	period	NOUN
fsr-3260	231	87	to	to	PART
fsr-3260	231	88	be	be	AUX
fsr-3260	231	89	six	six	NUM
fsr-3260	231	90	months	month	NOUN
fsr-3260	231	91	.	.	PUNCT
fsr-3260	232	1	t	t	PROPN
fsr-3260	232	2	-	-	PUNCT
fsr-3260	232	3	statistics	statistic	NOUN
fsr-3260	232	4	are	be	AUX
fsr-3260	232	5	reported	report	VERB
fsr-3260	232	6	in	in	ADP
fsr-3260	232	7	parenthesis	parenthesis	NOUN
fsr-3260	232	8	.	.	PUNCT
fsr-3260	233	1	*	*	PUNCT
fsr-3260	233	2	*	*	PUNCT
fsr-3260	233	3	*	*	PUNCT
fsr-3260	233	4	and	and	CCONJ
fsr-3260	233	5	*	*	PUNCT
fsr-3260	233	6	*	*	NOUN
fsr-3260	233	7	indicate	indicate	VERB
fsr-3260	233	8	statistical	statistical	ADJ
fsr-3260	233	9	significance	significance	NOUN
fsr-3260	233	10	at	at	ADP
fsr-3260	233	11	the	the	DET
fsr-3260	233	12	1	1	NUM
fsr-3260	233	13	%	%	NOUN
fsr-3260	233	14	and	and	CCONJ
fsr-3260	233	15	5	5	NUM
fsr-3260	233	16	%	%	NOUN
fsr-3260	233	17	levels	level	NOUN
fsr-3260	233	18	,	,	PUNCT
fsr-3260	233	19	respectively	respectively	ADV
fsr-3260	233	20	.	.	PUNCT
fsr-3260	234	1	62	62	NUM
fsr-3260	234	2	n.	n.	NOUN
fsr-3260	234	3	tang	tang	PROPN
fsr-3260	234	4	/	/	SYM
fsr-3260	234	5	financial	financial	ADJ
fsr-3260	234	6	services	service	NOUN
fsr-3260	234	7	review	review	VERB
fsr-3260	234	8	25	25	NUM
fsr-3260	234	9	(	(	PUNCT
fsr-3260	234	10	2016	2016	NUM
fsr-3260	234	11	)	)	PUNCT
fsr-3260	234	12	51–72	51–72	NUM
fsr-3260	235	1	the	the	DET
fsr-3260	235	2	market	market	NOUN
fsr-3260	235	3	in	in	ADP
fsr-3260	235	4	certain	certain	ADJ
fsr-3260	235	5	cases	case	NOUN
fsr-3260	235	6	.	.	PUNCT
fsr-3260	236	1	however	however	ADV
fsr-3260	236	2	,	,	PUNCT
fsr-3260	236	3	momentum	momentum	NOUN
fsr-3260	236	4	sellers	seller	NOUN
fsr-3260	236	5	lose	lose	VERB
fsr-3260	236	6	significantly	significantly	ADV
fsr-3260	236	7	by	by	ADP
fsr-3260	236	8	selling	sell	VERB
fsr-3260	236	9	good	good	ADJ
fsr-3260	236	10	performers	performer	NOUN
fsr-3260	236	11	.	.	PUNCT
fsr-3260	237	1	overall	overall	ADV
fsr-3260	237	2	,	,	PUNCT
fsr-3260	237	3	portfolio	portfolio	NOUN
fsr-3260	237	4	3	3	NUM
fsr-3260	237	5	has	have	VERB
fsr-3260	237	6	significantly	significantly	ADV
fsr-3260	237	7	negative	negative	ADJ
fsr-3260	237	8	risk	risk	NOUN
fsr-3260	237	9	-	-	PUNCT
fsr-3260	237	10	adjusted	adjust	VERB
fsr-3260	237	11	returns	return	NOUN
fsr-3260	237	12	with	with	ADP
fsr-3260	237	13	certain	certain	ADJ
fsr-3260	237	14	specifications	specification	NOUN
fsr-3260	237	15	.	.	PUNCT
fsr-3260	238	1	these	these	DET
fsr-3260	238	2	findings	finding	NOUN
fsr-3260	238	3	suggest	suggest	VERB
fsr-3260	238	4	that	that	SCONJ
fsr-3260	238	5	momentum	momentum	NOUN
fsr-3260	238	6	traders	trader	NOUN
fsr-3260	238	7	do	do	AUX
fsr-3260	238	8	not	not	PART
fsr-3260	238	9	display	display	VERB
fsr-3260	238	10	the	the	DET
fsr-3260	238	11	ability	ability	NOUN
fsr-3260	238	12	to	to	PART
fsr-3260	238	13	select	select	VERB
fsr-3260	238	14	the	the	DET
fsr-3260	238	15	right	right	ADJ
fsr-3260	238	16	funds	fund	NOUN
fsr-3260	238	17	to	to	PART
fsr-3260	238	18	outperform	outperform	VERB
fsr-3260	238	19	the	the	DET
fsr-3260	238	20	market	market	NOUN
fsr-3260	238	21	.	.	PUNCT
fsr-3260	239	1	4.6	4.6	NUM
fsr-3260	239	2	.	.	PUNCT
fsr-3260	240	1	consistent	consistent	ADJ
fsr-3260	240	2	momentum	momentum	NOUN
fsr-3260	240	3	traders	trader	NOUN
fsr-3260	240	4	the	the	DET
fsr-3260	240	5	binomial	binomial	ADJ
fsr-3260	240	6	test	test	NOUN
fsr-3260	240	7	we	we	PRON
fsr-3260	240	8	used	use	VERB
fsr-3260	240	9	identifies	identify	VERB
fsr-3260	240	10	momentum	momentum	NOUN
fsr-3260	240	11	traders	trader	NOUN
fsr-3260	240	12	quarterly	quarterly	ADV
fsr-3260	240	13	.	.	PUNCT
fsr-3260	241	1	it	it	PRON
fsr-3260	241	2	is	be	AUX
fsr-3260	241	3	possible	possible	ADJ
fsr-3260	241	4	for	for	SCONJ
fsr-3260	241	5	an	an	DET
fsr-3260	241	6	investor	investor	NOUN
fsr-3260	241	7	to	to	PART
fsr-3260	241	8	follow	follow	VERB
fsr-3260	241	9	momentum	momentum	NOUN
fsr-3260	241	10	trading	trading	NOUN
fsr-3260	241	11	strategy	strategy	NOUN
fsr-3260	241	12	in	in	ADP
fsr-3260	241	13	a	a	DET
fsr-3260	241	14	quarter	quarter	NOUN
fsr-3260	241	15	and	and	CCONJ
fsr-3260	241	16	abandon	abandon	VERB
fsr-3260	241	17	the	the	DET
fsr-3260	241	18	strategy	strategy	NOUN
fsr-3260	241	19	later	later	ADV
fsr-3260	241	20	.	.	PUNCT
fsr-3260	242	1	the	the	DET
fsr-3260	242	2	above	above	ADJ
fsr-3260	242	3	analysis	analysis	NOUN
fsr-3260	242	4	showed	show	VERB
fsr-3260	242	5	that	that	SCONJ
fsr-3260	242	6	momentum	momentum	NOUN
fsr-3260	242	7	traders	trader	NOUN
fsr-3260	242	8	lose	lose	VERB
fsr-3260	242	9	significantly	significantly	ADV
fsr-3260	242	10	.	.	PUNCT
fsr-3260	243	1	is	be	AUX
fsr-3260	243	2	it	it	PRON
fsr-3260	243	3	possible	possible	ADJ
fsr-3260	243	4	for	for	ADP
fsr-3260	243	5	a	a	DET
fsr-3260	243	6	subgroup	subgroup	NOUN
fsr-3260	243	7	of	of	ADP
fsr-3260	243	8	momentum	momentum	NOUN
fsr-3260	243	9	traders	trader	NOUN
fsr-3260	243	10	who	who	PRON
fsr-3260	243	11	consistently	consistently	ADV
fsr-3260	243	12	follow	follow	VERB
fsr-3260	243	13	momentum	momentum	NOUN
fsr-3260	243	14	trading	trading	NOUN
fsr-3260	243	15	strategies	strategy	NOUN
fsr-3260	243	16	to	to	PART
fsr-3260	243	17	perform	perform	VERB
fsr-3260	243	18	better	well	ADV
fsr-3260	243	19	?	?	PUNCT
fsr-3260	244	1	if	if	SCONJ
fsr-3260	244	2	an	an	DET
fsr-3260	244	3	investor	investor	NOUN
fsr-3260	244	4	consistently	consistently	ADV
fsr-3260	244	5	adopts	adopt	VERB
fsr-3260	244	6	the	the	DET
fsr-3260	244	7	same	same	ADJ
fsr-3260	244	8	strategy	strategy	NOUN
fsr-3260	244	9	whenever	whenever	SCONJ
fsr-3260	244	10	he	he	PRON
fsr-3260	244	11	trades	trade	VERB
fsr-3260	244	12	,	,	PUNCT
fsr-3260	244	13	he	he	PRON
fsr-3260	244	14	is	be	AUX
fsr-3260	244	15	expected	expect	VERB
fsr-3260	244	16	to	to	PART
fsr-3260	244	17	take	take	VERB
fsr-3260	244	18	this	this	DET
fsr-3260	244	19	strategy	strategy	NOUN
fsr-3260	244	20	more	more	ADV
fsr-3260	244	21	seriously	seriously	ADV
fsr-3260	244	22	and	and	CCONJ
fsr-3260	244	23	have	have	VERB
fsr-3260	244	24	a	a	DET
fsr-3260	244	25	higher	high	ADJ
fsr-3260	244	26	chance	chance	NOUN
fsr-3260	244	27	to	to	PART
fsr-3260	244	28	benefit	benefit	VERB
fsr-3260	244	29	from	from	ADP
fsr-3260	244	30	it	it	PRON
fsr-3260	244	31	than	than	ADP
fsr-3260	244	32	other	other	ADJ
fsr-3260	244	33	strategy	strategy	NOUN
fsr-3260	244	34	followers	follower	NOUN
fsr-3260	244	35	.	.	PUNCT
fsr-3260	245	1	in	in	ADP
fsr-3260	245	2	this	this	DET
fsr-3260	245	3	subsection	subsection	NOUN
fsr-3260	245	4	,	,	PUNCT
fsr-3260	245	5	we	we	PRON
fsr-3260	245	6	select	select	VERB
fsr-3260	245	7	a	a	DET
fsr-3260	245	8	subsample	subsample	NOUN
fsr-3260	245	9	of	of	ADP
fsr-3260	245	10	momentum	momentum	NOUN
fsr-3260	245	11	traders	trader	NOUN
fsr-3260	245	12	who	who	PRON
fsr-3260	245	13	consistently	consistently	ADV
fsr-3260	245	14	followed	follow	VERB
fsr-3260	245	15	the	the	DET
fsr-3260	245	16	momentum	momentum	NOUN
fsr-3260	245	17	trading	trading	NOUN
fsr-3260	245	18	strategy	strategy	NOUN
fsr-3260	245	19	during	during	ADP
fsr-3260	245	20	the	the	DET
fsr-3260	245	21	sample	sample	NOUN
fsr-3260	245	22	period	period	NOUN
fsr-3260	245	23	.	.	PUNCT
fsr-3260	246	1	a	a	DET
fsr-3260	246	2	consistent	consistent	ADJ
fsr-3260	246	3	momentum	momentum	NOUN
fsr-3260	246	4	buyer	buyer	NOUN
fsr-3260	246	5	is	be	AUX
fsr-3260	246	6	a	a	DET
fsr-3260	246	7	trader	trader	NOUN
fsr-3260	246	8	who	who	PRON
fsr-3260	246	9	followed	follow	VERB
fsr-3260	246	10	momentum	momentum	NOUN
fsr-3260	246	11	buy	buy	VERB
fsr-3260	246	12	strategy	strategy	NOUN
fsr-3260	246	13	whenever	whenever	SCONJ
fsr-3260	246	14	he	he	PRON
fsr-3260	246	15	made	make	VERB
fsr-3260	246	16	a	a	DET
fsr-3260	246	17	purchase	purchase	NOUN
fsr-3260	246	18	in	in	ADP
fsr-3260	246	19	any	any	DET
fsr-3260	246	20	quarter	quarter	NOUN
fsr-3260	246	21	during	during	ADP
fsr-3260	246	22	sample	sample	NOUN
fsr-3260	246	23	period	period	NOUN
fsr-3260	246	24	.	.	PUNCT
fsr-3260	247	1	the	the	DET
fsr-3260	247	2	same	same	ADJ
fsr-3260	247	3	criterion	criterion	NOUN
fsr-3260	247	4	is	be	AUX
fsr-3260	247	5	used	use	VERB
fsr-3260	247	6	to	to	PART
fsr-3260	247	7	identify	identify	VERB
fsr-3260	247	8	consistent	consistent	ADJ
fsr-3260	247	9	momentum	momentum	NOUN
fsr-3260	247	10	sellers	seller	NOUN
fsr-3260	247	11	.	.	PUNCT
fsr-3260	248	1	we	we	PRON
fsr-3260	248	2	excluded	exclude	VERB
fsr-3260	248	3	those	those	PRON
fsr-3260	248	4	who	who	PRON
fsr-3260	248	5	purchased	purchase	VERB
fsr-3260	248	6	or	or	CCONJ
fsr-3260	248	7	sold	sell	VERB
fsr-3260	248	8	only	only	ADV
fsr-3260	248	9	in	in	ADP
fsr-3260	248	10	one	one	NUM
fsr-3260	248	11	quarter	quarter	NOUN
fsr-3260	248	12	during	during	ADP
fsr-3260	248	13	the	the	DET
fsr-3260	248	14	sample	sample	NOUN
fsr-3260	248	15	period	period	NOUN
fsr-3260	248	16	.	.	PUNCT
fsr-3260	249	1	we	we	PRON
fsr-3260	249	2	obtained	obtain	VERB
fsr-3260	249	3	111,082	111,082	NUM
fsr-3260	249	4	consistent	consistent	ADJ
fsr-3260	249	5	momentum	momentum	NOUN
fsr-3260	249	6	buyers	buyer	NOUN
fsr-3260	249	7	,	,	PUNCT
fsr-3260	249	8	who	who	PRON
fsr-3260	249	9	represent	represent	VERB
fsr-3260	249	10	9.7	9.7	NUM
fsr-3260	249	11	%	%	NOUN
fsr-3260	249	12	of	of	ADP
fsr-3260	249	13	buyers	buyer	NOUN
fsr-3260	249	14	or	or	CCONJ
fsr-3260	249	15	12.7	12.7	NUM
fsr-3260	249	16	%	%	NOUN
fsr-3260	249	17	of	of	ADP
fsr-3260	249	18	momentum	momentum	NOUN
fsr-3260	249	19	buyers	buyer	NOUN
fsr-3260	249	20	during	during	ADP
fsr-3260	249	21	the	the	DET
fsr-3260	249	22	sample	sample	NOUN
fsr-3260	249	23	period	period	NOUN
fsr-3260	249	24	;	;	PUNCT
fsr-3260	249	25	there	there	PRON
fsr-3260	249	26	were	be	VERB
fsr-3260	249	27	42,574	42,574	NUM
fsr-3260	249	28	consistent	consistent	ADJ
fsr-3260	249	29	momentum	momentum	NOUN
fsr-3260	249	30	sellers	seller	NOUN
fsr-3260	249	31	representing	represent	VERB
fsr-3260	249	32	4.1	4.1	NUM
fsr-3260	249	33	%	%	NOUN
fsr-3260	249	34	of	of	ADP
fsr-3260	249	35	all	all	DET
fsr-3260	249	36	sellers	seller	NOUN
fsr-3260	249	37	or	or	CCONJ
fsr-3260	249	38	6.8	6.8	NUM
fsr-3260	249	39	%	%	NOUN
fsr-3260	249	40	of	of	ADP
fsr-3260	249	41	momentum	momentum	NOUN
fsr-3260	249	42	sellers	seller	NOUN
fsr-3260	249	43	.	.	PUNCT
fsr-3260	250	1	we	we	PRON
fsr-3260	250	2	study	study	VERB
fsr-3260	250	3	consistent	consistent	ADJ
fsr-3260	250	4	momentum	momentum	NOUN
fsr-3260	250	5	traders	trader	NOUN
fsr-3260	250	6	’	’	PART
fsr-3260	250	7	portfolio	portfolio	NOUN
fsr-3260	250	8	performance	performance	NOUN
fsr-3260	250	9	as	as	SCONJ
fsr-3260	250	10	we	we	PRON
fsr-3260	250	11	did	do	VERB
fsr-3260	250	12	in	in	ADP
fsr-3260	250	13	previous	previous	ADJ
fsr-3260	250	14	sections	section	NOUN
fsr-3260	250	15	.	.	PUNCT
fsr-3260	251	1	as	as	SCONJ
fsr-3260	251	2	shown	show	VERB
fsr-3260	251	3	in	in	ADP
fsr-3260	251	4	panel	panel	NOUN
fsr-3260	251	5	e	e	NOUN
fsr-3260	251	6	in	in	ADP
fsr-3260	251	7	table	table	NOUN
fsr-3260	251	8	2	2	NUM
fsr-3260	251	9	and	and	CCONJ
fsr-3260	251	10	3	3	NUM
fsr-3260	251	11	,	,	PUNCT
fsr-3260	251	12	performance	performance	NOUN
fsr-3260	251	13	of	of	ADP
fsr-3260	251	14	these	these	DET
fsr-3260	251	15	consistent	consistent	ADJ
fsr-3260	251	16	or	or	CCONJ
fsr-3260	251	17	most	most	ADJ
fsr-3260	251	18	momentum	momentum	NOUN
fsr-3260	251	19	oriented	orient	VERB
fsr-3260	251	20	momentum	momentum	NOUN
fsr-3260	251	21	traders	trader	NOUN
fsr-3260	251	22	is	be	AUX
fsr-3260	251	23	similar	similar	ADJ
fsr-3260	251	24	to	to	ADP
fsr-3260	251	25	other	other	ADJ
fsr-3260	251	26	momentum	momentum	NOUN
fsr-3260	251	27	traders	trader	NOUN
fsr-3260	251	28	.	.	PUNCT
fsr-3260	252	1	they	they	PRON
fsr-3260	252	2	do	do	AUX
fsr-3260	252	3	not	not	PART
fsr-3260	252	4	benefit	benefit	VERB
fsr-3260	252	5	from	from	ADP
fsr-3260	252	6	momentum	momentum	NOUN
fsr-3260	252	7	trading	trading	NOUN
fsr-3260	252	8	;	;	PUNCT
fsr-3260	252	9	instead	instead	ADV
fsr-3260	252	10	they	they	PRON
fsr-3260	252	11	sell	sell	VERB
fsr-3260	252	12	outperformed	outperform	VERB
fsr-3260	252	13	funds	fund	NOUN
fsr-3260	252	14	.	.	PUNCT
fsr-3260	253	1	4.7	4.7	NUM
fsr-3260	253	2	.	.	PUNCT
fsr-3260	253	3	identify	identify	VERB
fsr-3260	253	4	momentum	momentum	NOUN
fsr-3260	253	5	traders	trader	NOUN
fsr-3260	253	6	with	with	ADP
fsr-3260	253	7	different	different	ADJ
fsr-3260	253	8	returns	return	NOUN
fsr-3260	253	9	in	in	ADP
fsr-3260	253	10	this	this	DET
fsr-3260	253	11	subsection	subsection	NOUN
fsr-3260	253	12	,	,	PUNCT
fsr-3260	253	13	we	we	PRON
fsr-3260	253	14	test	test	VERB
fsr-3260	253	15	if	if	SCONJ
fsr-3260	253	16	results	result	NOUN
fsr-3260	253	17	will	will	AUX
fsr-3260	253	18	change	change	VERB
fsr-3260	253	19	when	when	SCONJ
fsr-3260	253	20	we	we	PRON
fsr-3260	253	21	use	use	VERB
fsr-3260	253	22	different	different	ADJ
fsr-3260	253	23	criteria	criterion	NOUN
fsr-3260	253	24	to	to	PART
fsr-3260	253	25	define	define	VERB
fsr-3260	253	26	momentum	momentum	NOUN
fsr-3260	253	27	traders	trader	NOUN
fsr-3260	253	28	.	.	PUNCT
fsr-3260	254	1	in	in	ADP
fsr-3260	254	2	our	our	PRON
fsr-3260	254	3	baseline	baseline	NOUN
fsr-3260	254	4	analysis	analysis	NOUN
fsr-3260	254	5	,	,	PUNCT
fsr-3260	254	6	we	we	PRON
fsr-3260	254	7	identified	identify	VERB
fsr-3260	254	8	momentum	momentum	NOUN
fsr-3260	254	9	traders	trader	NOUN
fsr-3260	254	10	based	base	VERB
fsr-3260	254	11	on	on	ADP
fsr-3260	254	12	their	their	PRON
fsr-3260	254	13	reactions	reaction	NOUN
fsr-3260	254	14	to	to	ADP
fsr-3260	254	15	past	past	ADJ
fsr-3260	254	16	month	month	NOUN
fsr-3260	254	17	return	return	NOUN
fsr-3260	254	18	and	and	CCONJ
fsr-3260	254	19	found	find	VERB
fsr-3260	254	20	their	their	PRON
fsr-3260	254	21	wealth	wealth	NOUN
fsr-3260	254	22	suffers	suffer	VERB
fsr-3260	254	23	from	from	ADP
fsr-3260	254	24	momentum	momentum	NOUN
fsr-3260	254	25	trading	trading	NOUN
fsr-3260	254	26	.	.	PUNCT
fsr-3260	255	1	now	now	ADV
fsr-3260	255	2	we	we	PRON
fsr-3260	255	3	identify	identify	VERB
fsr-3260	255	4	momentum	momentum	NOUN
fsr-3260	255	5	traders	trader	NOUN
fsr-3260	255	6	in	in	ADP
fsr-3260	255	7	each	each	DET
fsr-3260	255	8	quarter	quarter	NOUN
fsr-3260	255	9	based	base	VERB
fsr-3260	255	10	on	on	ADP
fsr-3260	255	11	their	their	PRON
fsr-3260	255	12	responses	response	NOUN
fsr-3260	255	13	to	to	ADP
fsr-3260	255	14	returns	return	NOUN
fsr-3260	255	15	over	over	ADP
fsr-3260	255	16	the	the	DET
fsr-3260	255	17	past	past	ADJ
fsr-3260	255	18	quarter	quarter	NOUN
fsr-3260	255	19	(	(	PUNCT
fsr-3260	255	20	j	j	PROPN
fsr-3260	255	21	�	�	PROPN
fsr-3260	255	22	3	3	NUM
fsr-3260	255	23	)	)	PUNCT
fsr-3260	255	24	and	and	CCONJ
fsr-3260	255	25	year	year	NOUN
fsr-3260	255	26	(	(	PUNCT
fsr-3260	255	27	j	j	PROPN
fsr-3260	255	28	�	�	PROPN
fsr-3260	255	29	12	12	NUM
fsr-3260	255	30	)	)	PUNCT
fsr-3260	255	31	.	.	PUNCT
fsr-3260	256	1	for	for	ADP
fsr-3260	256	2	example	example	NOUN
fsr-3260	256	3	,	,	PUNCT
fsr-3260	256	4	to	to	PART
fsr-3260	256	5	identify	identify	VERB
fsr-3260	256	6	momentum	momentum	NOUN
fsr-3260	256	7	traders	trader	NOUN
fsr-3260	256	8	in	in	ADP
fsr-3260	256	9	a	a	DET
fsr-3260	256	10	quarter	quarter	NOUN
fsr-3260	256	11	based	base	VERB
fsr-3260	256	12	on	on	ADP
fsr-3260	256	13	return	return	NOUN
fsr-3260	256	14	over	over	ADP
fsr-3260	256	15	the	the	DET
fsr-3260	256	16	past	past	ADJ
fsr-3260	256	17	3	3	NUM
fsr-3260	256	18	months	month	NOUN
fsr-3260	256	19	,	,	PUNCT
fsr-3260	256	20	we	we	PRON
fsr-3260	256	21	calculate	calculate	VERB
fsr-3260	256	22	the	the	DET
fsr-3260	256	23	number	number	NOUN
fsr-3260	256	24	of	of	ADP
fsr-3260	256	25	funds	fund	NOUN
fsr-3260	256	26	with	with	ADP
fsr-3260	256	27	positive	positive	ADJ
fsr-3260	256	28	and	and	CCONJ
fsr-3260	256	29	negative	negative	ADJ
fsr-3260	256	30	returns	return	NOUN
fsr-3260	256	31	in	in	ADP
fsr-3260	256	32	the	the	DET
fsr-3260	256	33	previous	previous	ADJ
fsr-3260	256	34	quarter	quarter	NOUN
fsr-3260	256	35	and	and	CCONJ
fsr-3260	256	36	rerun	rerun	VERB
fsr-3260	256	37	the	the	DET
fsr-3260	256	38	binomial	binomial	ADJ
fsr-3260	256	39	tests	test	NOUN
fsr-3260	256	40	described	describe	VERB
fsr-3260	256	41	in	in	ADP
fsr-3260	256	42	section	section	NOUN
fsr-3260	256	43	3	3	NUM
fsr-3260	256	44	.	.	PUNCT
fsr-3260	257	1	we	we	PRON
fsr-3260	257	2	identified	identify	VERB
fsr-3260	257	3	856,358	856,358	NUM
fsr-3260	257	4	(	(	PUNCT
fsr-3260	257	5	589,243	589,243	NUM
fsr-3260	257	6	)	)	PUNCT
fsr-3260	257	7	momentum	momentum	NOUN
fsr-3260	257	8	buyers	buyer	NOUN
fsr-3260	257	9	(	(	PUNCT
fsr-3260	257	10	sellers	seller	NOUN
fsr-3260	257	11	)	)	PUNCT
fsr-3260	257	12	in	in	ADP
fsr-3260	257	13	response	response	NOUN
fsr-3260	257	14	to	to	ADP
fsr-3260	257	15	returns	return	NOUN
fsr-3260	257	16	over	over	ADP
fsr-3260	257	17	the	the	DET
fsr-3260	257	18	past	past	ADJ
fsr-3260	257	19	3	3	NUM
fsr-3260	257	20	months	month	NOUN
fsr-3260	257	21	and	and	CCONJ
fsr-3260	257	22	577,626	577,626	NUM
fsr-3260	257	23	(	(	PUNCT
fsr-3260	257	24	408,253	408,253	NUM
fsr-3260	257	25	)	)	PUNCT
fsr-3260	257	26	momentum	momentum	NOUN
fsr-3260	257	27	buyers	buyer	NOUN
fsr-3260	257	28	(	(	PUNCT
fsr-3260	257	29	sellers	seller	NOUN
fsr-3260	257	30	)	)	PUNCT
fsr-3260	257	31	in	in	ADP
fsr-3260	257	32	response	response	NOUN
fsr-3260	257	33	to	to	PART
fsr-3260	257	34	fund	fund	VERB
fsr-3260	257	35	returns	return	NOUN
fsr-3260	257	36	over	over	ADP
fsr-3260	257	37	the	the	DET
fsr-3260	257	38	past	past	ADJ
fsr-3260	257	39	12	12	NUM
fsr-3260	257	40	months	month	NOUN
fsr-3260	257	41	.	.	PUNCT
fsr-3260	258	1	results	result	NOUN
fsr-3260	258	2	in	in	ADP
fsr-3260	258	3	table	table	NOUN
fsr-3260	258	4	4	4	NUM
fsr-3260	258	5	based	base	VERB
fsr-3260	258	6	on	on	ADP
fsr-3260	258	7	newly	newly	ADV
fsr-3260	258	8	identified	identify	VERB
fsr-3260	258	9	momentum	momentum	NOUN
fsr-3260	258	10	traders	trader	NOUN
fsr-3260	258	11	’	'	PUNCT
fsr-3260	258	12	portfolios	portfolio	NOUN
fsr-3260	258	13	are	be	AUX
fsr-3260	258	14	consistent	consistent	ADJ
fsr-3260	258	15	with	with	ADP
fsr-3260	258	16	previous	previous	ADJ
fsr-3260	258	17	findings	finding	NOUN
fsr-3260	258	18	.	.	PUNCT
fsr-3260	259	1	for	for	ADP
fsr-3260	259	2	example	example	NOUN
fsr-3260	259	3	,	,	PUNCT
fsr-3260	259	4	momentum	momentum	NOUN
fsr-3260	259	5	sellers	seller	NOUN
fsr-3260	259	6	identified	identify	VERB
fsr-3260	259	7	by	by	ADP
fsr-3260	259	8	using	use	VERB
fsr-3260	259	9	returns	return	NOUN
fsr-3260	259	10	over	over	ADP
fsr-3260	259	11	past	past	ADJ
fsr-3260	259	12	quarter	quarter	NOUN
fsr-3260	259	13	lose	lose	VERB
fsr-3260	259	14	0.16	0.16	NUM
fsr-3260	259	15	%	%	NOUN
fsr-3260	259	16	each	each	DET
fsr-3260	259	17	month	month	NOUN
fsr-3260	259	18	by	by	ADP
fsr-3260	259	19	selling	sell	VERB
fsr-3260	259	20	outperformed	outperform	VERB
fsr-3260	259	21	funds	fund	NOUN
fsr-3260	259	22	,	,	PUNCT
fsr-3260	259	23	as	as	SCONJ
fsr-3260	259	24	estimated	estimate	VERB
fsr-3260	259	25	by	by	ADP
fsr-3260	259	26	capm	capm	PROPN
fsr-3260	259	27	model	model	NOUN
fsr-3260	259	28	under	under	ADP
fsr-3260	259	29	portfolio	portfolio	NOUN
fsr-3260	259	30	regression	regression	NOUN
fsr-3260	259	31	approach	approach	NOUN
fsr-3260	259	32	.	.	PUNCT
fsr-3260	260	1	overall	overall	ADJ
fsr-3260	260	2	,	,	PUNCT
fsr-3260	260	3	momentum	momentum	NOUN
fsr-3260	260	4	traders	trader	NOUN
fsr-3260	260	5	lose	lose	VERB
fsr-3260	260	6	0.18	0.18	NUM
fsr-3260	260	7	%	%	NOUN
fsr-3260	260	8	each	each	DET
fsr-3260	260	9	month	month	NOUN
fsr-3260	260	10	,	,	PUNCT
fsr-3260	260	11	or	or	CCONJ
fsr-3260	260	12	2.14	2.14	NUM
fsr-3260	260	13	%	%	NOUN
fsr-3260	260	14	annually	annually	ADV
fsr-3260	260	15	in	in	ADP
fsr-3260	260	16	portfolio	portfolio	NOUN
fsr-3260	260	17	3	3	NUM
fsr-3260	260	18	.	.	NUM
fsr-3260	260	19	63n	63n	NOUN
fsr-3260	260	20	.	.	PUNCT
fsr-3260	261	1	tang	tang	PROPN
fsr-3260	261	2	/	/	SYM
fsr-3260	261	3	financial	financial	ADJ
fsr-3260	261	4	services	service	NOUN
fsr-3260	261	5	review	review	VERB
fsr-3260	261	6	25	25	NUM
fsr-3260	261	7	(	(	PUNCT
fsr-3260	261	8	2016	2016	NUM
fsr-3260	261	9	)	)	PUNCT
fsr-3260	261	10	51–72	51–72	NUM
fsr-3260	261	11	4.8	4.8	NUM
fsr-3260	261	12	.	.	PUNCT
fsr-3260	262	1	investment	investment	NOUN
fsr-3260	262	2	opportunity	opportunity	NOUN
fsr-3260	262	3	constraints	constraint	NOUN
fsr-3260	262	4	last	last	ADJ
fsr-3260	262	5	,	,	PUNCT
fsr-3260	262	6	we	we	PRON
fsr-3260	262	7	explore	explore	VERB
fsr-3260	262	8	the	the	DET
fsr-3260	262	9	possibility	possibility	NOUN
fsr-3260	262	10	that	that	SCONJ
fsr-3260	262	11	401(k	401(k	NOUN
fsr-3260	262	12	)	)	PUNCT
fsr-3260	262	13	momentum	momentum	NOUN
fsr-3260	262	14	traders	trader	NOUN
fsr-3260	262	15	lose	lose	VERB
fsr-3260	262	16	because	because	SCONJ
fsr-3260	262	17	of	of	ADP
fsr-3260	262	18	investment	investment	NOUN
fsr-3260	262	19	opportunity	opportunity	NOUN
fsr-3260	262	20	constraints	constraint	NOUN
fsr-3260	262	21	in	in	ADP
fsr-3260	262	22	plan	plan	NOUN
fsr-3260	262	23	offerings	offering	NOUN
fsr-3260	262	24	,	,	PUNCT
fsr-3260	262	25	instead	instead	ADV
fsr-3260	262	26	of	of	ADP
fsr-3260	262	27	their	their	PRON
fsr-3260	262	28	lack	lack	NOUN
fsr-3260	262	29	of	of	ADP
fsr-3260	262	30	selection	selection	NOUN
fsr-3260	262	31	ability	ability	NOUN
fsr-3260	262	32	.	.	PUNCT
fsr-3260	263	1	it	it	PRON
fsr-3260	263	2	is	be	AUX
fsr-3260	263	3	known	know	VERB
fsr-3260	263	4	that	that	SCONJ
fsr-3260	263	5	401(k	401(k	NOUN
fsr-3260	263	6	)	)	PUNCT
fsr-3260	263	7	participants	participant	NOUN
fsr-3260	263	8	are	be	AUX
fsr-3260	263	9	offered	offer	VERB
fsr-3260	263	10	a	a	DET
fsr-3260	263	11	limited	limited	ADJ
fsr-3260	263	12	set	set	NOUN
fsr-3260	263	13	of	of	ADP
fsr-3260	263	14	funds	fund	NOUN
fsr-3260	263	15	to	to	PART
fsr-3260	263	16	invest	invest	VERB
fsr-3260	263	17	in	in	ADP
fsr-3260	263	18	each	each	DET
fsr-3260	263	19	plan	plan	NOUN
fsr-3260	263	20	.	.	PUNCT
fsr-3260	264	1	their	their	PRON
fsr-3260	264	2	investment	investment	NOUN
fsr-3260	264	3	opportunity	opportunity	NOUN
fsr-3260	264	4	might	might	AUX
fsr-3260	264	5	be	be	AUX
fsr-3260	264	6	constrained	constrain	VERB
fsr-3260	264	7	if	if	SCONJ
fsr-3260	264	8	the	the	DET
fsr-3260	264	9	funds	fund	NOUN
fsr-3260	264	10	offered	offer	VERB
fsr-3260	264	11	are	be	AUX
fsr-3260	264	12	underperformed	underperformed	ADJ
fsr-3260	264	13	ones	one	NOUN
fsr-3260	264	14	,	,	PUNCT
fsr-3260	264	15	which	which	PRON
fsr-3260	264	16	could	could	AUX
fsr-3260	264	17	cause	cause	VERB
fsr-3260	264	18	investment	investment	NOUN
fsr-3260	264	19	loss	loss	NOUN
fsr-3260	264	20	(	(	PUNCT
fsr-3260	264	21	tang	tang	NOUN
fsr-3260	264	22	et	et	PROPN
fsr-3260	264	23	al	al	PROPN
fsr-3260	264	24	.	.	PROPN
fsr-3260	264	25	,	,	PUNCT
fsr-3260	264	26	2010	2010	NUM
fsr-3260	264	27	)	)	PUNCT
fsr-3260	264	28	.	.	PUNCT
fsr-3260	265	1	to	to	PART
fsr-3260	265	2	exclude	exclude	VERB
fsr-3260	265	3	such	such	ADJ
fsr-3260	265	4	possibility	possibility	NOUN
fsr-3260	265	5	,	,	PUNCT
fsr-3260	265	6	we	we	PRON
fsr-3260	265	7	construct	construct	VERB
fsr-3260	265	8	an	an	DET
fsr-3260	265	9	average	average	ADJ
fsr-3260	265	10	fund	fund	NOUN
fsr-3260	265	11	portfolio	portfolio	NOUN
fsr-3260	265	12	,	,	PUNCT
fsr-3260	265	13	which	which	PRON
fsr-3260	265	14	invests	invest	VERB
fsr-3260	265	15	in	in	ADP
fsr-3260	265	16	all	all	DET
fsr-3260	265	17	available	available	ADJ
fsr-3260	265	18	equity	equity	NOUN
fsr-3260	265	19	assets	asset	NOUN
fsr-3260	265	20	in	in	ADP
fsr-3260	265	21	the	the	DET
fsr-3260	265	22	plan	plan	NOUN
fsr-3260	265	23	.	.	PUNCT
fsr-3260	266	1	it	it	PRON
fsr-3260	266	2	measures	measure	VERB
fsr-3260	266	3	the	the	DET
fsr-3260	266	4	performance	performance	NOUN
fsr-3260	266	5	the	the	DET
fsr-3260	266	6	average	average	ADJ
fsr-3260	266	7	investors	investor	NOUN
fsr-3260	266	8	realize	realize	VERB
fsr-3260	266	9	in	in	ADP
fsr-3260	266	10	the	the	DET
fsr-3260	266	11	401(k	401(k	NOUN
fsr-3260	266	12	)	)	PUNCT
fsr-3260	266	13	accounts	account	NOUN
fsr-3260	266	14	.	.	PUNCT
fsr-3260	267	1	the	the	DET
fsr-3260	267	2	value	value	NOUN
fsr-3260	267	3	-	-	PUNCT
fsr-3260	267	4	weighted	weight	VERB
fsr-3260	267	5	average	average	ADJ
fsr-3260	267	6	fund	fund	NOUN
fsr-3260	267	7	portfolio	portfolio	NOUN
fsr-3260	267	8	has	have	VERB
fsr-3260	267	9	an	an	DET
fsr-3260	267	10	excess	excess	ADJ
fsr-3260	267	11	return	return	NOUN
fsr-3260	267	12	of	of	ADP
fsr-3260	267	13	0.06	0.06	NUM
fsr-3260	267	14	%	%	NOUN
fsr-3260	267	15	assuming	assume	VERB
fsr-3260	267	16	holding	hold	VERB
fsr-3260	267	17	period	period	NOUN
fsr-3260	267	18	of	of	ADP
fsr-3260	267	19	six	six	NUM
fsr-3260	267	20	months	month	NOUN
fsr-3260	267	21	;	;	PUNCT
fsr-3260	267	22	alphas	alpha	NOUN
fsr-3260	267	23	from	from	ADP
fsr-3260	267	24	capm	capm	PROPN
fsr-3260	267	25	and	and	CCONJ
fsr-3260	267	26	fama	fama	PROPN
fsr-3260	267	27	-	-	PUNCT
fsr-3260	267	28	french	french	ADJ
fsr-3260	267	29	models	model	NOUN
fsr-3260	267	30	are	be	AUX
fsr-3260	267	31	0.06	0.06	NUM
fsr-3260	267	32	%	%	NOUN
fsr-3260	267	33	and	and	CCONJ
fsr-3260	267	34	0.07	0.07	NUM
fsr-3260	267	35	%	%	NOUN
fsr-3260	267	36	,	,	PUNCT
fsr-3260	267	37	respectively	respectively	ADV
fsr-3260	267	38	,	,	PUNCT
fsr-3260	267	39	under	under	ADP
fsr-3260	267	40	portfolio	portfolio	NOUN
fsr-3260	267	41	regression	regression	NOUN
fsr-3260	267	42	approach	approach	NOUN
fsr-3260	267	43	;	;	PUNCT
fsr-3260	267	44	alphas	alpha	NOUN
fsr-3260	267	45	from	from	ADP
fsr-3260	267	46	capm	capm	PROPN
fsr-3260	267	47	and	and	CCONJ
fsr-3260	267	48	fama	fama	PROPN
fsr-3260	267	49	-	-	PUNCT
fsr-3260	267	50	french	french	ADJ
fsr-3260	267	51	models	model	NOUN
fsr-3260	267	52	are	be	AUX
fsr-3260	267	53	both	both	PRON
fsr-3260	267	54	0.07	0.07	NUM
fsr-3260	267	55	%	%	NOUN
fsr-3260	267	56	under	under	ADP
fsr-3260	267	57	fund	fund	NOUN
fsr-3260	267	58	regression	regression	NOUN
fsr-3260	267	59	approach	approach	NOUN
fsr-3260	267	60	.	.	PUNCT
fsr-3260	268	1	comparing	compare	VERB
fsr-3260	268	2	with	with	ADP
fsr-3260	268	3	results	result	NOUN
fsr-3260	268	4	in	in	ADP
fsr-3260	268	5	panel	panel	NOUN
fsr-3260	268	6	a	a	DET
fsr-3260	268	7	table	table	NOUN
fsr-3260	268	8	2	2	NUM
fsr-3260	268	9	,	,	PUNCT
fsr-3260	268	10	these	these	DET
fsr-3260	268	11	statistics	statistic	NOUN
fsr-3260	268	12	indicate	indicate	VERB
fsr-3260	268	13	that	that	SCONJ
fsr-3260	268	14	the	the	DET
fsr-3260	268	15	average	average	ADJ
fsr-3260	268	16	equity	equity	NOUN
fsr-3260	268	17	fund	fund	NOUN
fsr-3260	268	18	in	in	ADP
fsr-3260	268	19	the	the	DET
fsr-3260	268	20	sample	sample	NOUN
fsr-3260	268	21	401(k	401(k	PROPN
fsr-3260	268	22	)	)	PUNCT
fsr-3260	268	23	plans	plan	NOUN
fsr-3260	268	24	outperformed	outperform	VERB
fsr-3260	268	25	the	the	DET
fsr-3260	268	26	market	market	NOUN
fsr-3260	268	27	during	during	ADP
fsr-3260	268	28	the	the	DET
fsr-3260	268	29	testing	testing	NOUN
fsr-3260	268	30	period	period	NOUN
fsr-3260	268	31	;	;	PUNCT
fsr-3260	268	32	however	however	ADV
fsr-3260	268	33	,	,	PUNCT
fsr-3260	268	34	momentum	momentum	NOUN
fsr-3260	268	35	traders	trader	NOUN
fsr-3260	268	36	table	table	VERB
fsr-3260	268	37	4	4	NUM
fsr-3260	268	38	performances	performance	NOUN
fsr-3260	268	39	of	of	ADP
fsr-3260	268	40	momentum	momentum	NOUN
fsr-3260	268	41	traders	trader	NOUN
fsr-3260	268	42	based	base	VERB
fsr-3260	268	43	on	on	ADP
fsr-3260	268	44	j	j	PROPN
fsr-3260	268	45	-	-	PUNCT
fsr-3260	268	46	month	month	NOUN
fsr-3260	268	47	lagged	lag	VERB
fsr-3260	268	48	returns	return	NOUN
fsr-3260	268	49	portfolios	portfolio	NOUN
fsr-3260	268	50	(	(	PUNCT
fsr-3260	268	51	a	a	X
fsr-3260	268	52	)	)	PUNCT
fsr-3260	268	53	excess	excess	ADJ
fsr-3260	268	54	return	return	NOUN
fsr-3260	268	55	(	(	PUNCT
fsr-3260	268	56	b	b	NOUN
fsr-3260	268	57	)	)	PUNCT
fsr-3260	268	58	alpha1	alpha1	NOUN
fsr-3260	268	59	-	-	PUNCT
fsr-3260	268	60	portfolio	portfolio	NOUN
fsr-3260	268	61	regression	regression	NOUN
fsr-3260	268	62	approach	approach	NOUN
fsr-3260	268	63	(	(	PUNCT
fsr-3260	268	64	c	c	NOUN
fsr-3260	268	65	)	)	PUNCT
fsr-3260	268	66	alpha3	alpha3	NOUN
fsr-3260	268	67	-	-	PUNCT
fsr-3260	268	68	portfolio	portfolio	NOUN
fsr-3260	268	69	regression	regression	NOUN
fsr-3260	268	70	approach	approach	NOUN
fsr-3260	268	71	(	(	PUNCT
fsr-3260	268	72	d	d	NOUN
fsr-3260	268	73	)	)	PUNCT
fsr-3260	268	74	alpha1	alpha1	NOUN
fsr-3260	268	75	-	-	PUNCT
fsr-3260	268	76	fund	fund	NOUN
fsr-3260	268	77	regression	regression	NOUN
fsr-3260	268	78	approach	approach	NOUN
fsr-3260	268	79	(	(	PUNCT
fsr-3260	268	80	e	e	NOUN
fsr-3260	268	81	)	)	PUNCT
fsr-3260	268	82	alpha3	alpha3	ADJ
fsr-3260	268	83	-	-	PUNCT
fsr-3260	268	84	fund	fund	NOUN
fsr-3260	268	85	regression	regression	NOUN
fsr-3260	268	86	approach	approach	NOUN
fsr-3260	268	87	a.	a.	NOUN
fsr-3260	268	88	momentum	momentum	PROPN
fsr-3260	268	89	trading	trading	NOUN
fsr-3260	268	90	(	(	PUNCT
fsr-3260	268	91	j	j	PROPN
fsr-3260	268	92	�	�	PROPN
fsr-3260	268	93	3	3	NUM
fsr-3260	268	94	)	)	PUNCT
fsr-3260	268	95	1	1	NUM
fsr-3260	268	96	.	.	PUNCT
fsr-3260	269	1	momentum	momentum	NOUN
fsr-3260	269	2	buyer	buyer	NOUN
fsr-3260	269	3	�	�	PROPN
fsr-3260	269	4	0.02	0.02	NUM
fsr-3260	269	5	%	%	NOUN
fsr-3260	269	6	�	�	NOUN
fsr-3260	269	7	0.02	0.02	NUM
fsr-3260	269	8	%	%	NOUN
fsr-3260	269	9	0.04	0.04	NUM
fsr-3260	269	10	%	%	NOUN
fsr-3260	269	11	0.06	0.06	NUM
fsr-3260	269	12	%	%	NOUN
fsr-3260	269	13	0.03	0.03	NUM
fsr-3260	269	14	%	%	NOUN
fsr-3260	269	15	(	(	PUNCT
fsr-3260	269	16	�	�	NOUN
fsr-3260	269	17	0.22	0.22	NUM
fsr-3260	269	18	)	)	PUNCT
fsr-3260	269	19	(	(	PUNCT
fsr-3260	269	20	�	�	PROPN
fsr-3260	269	21	0.23	0.23	NUM
fsr-3260	269	22	)	)	PUNCT
fsr-3260	269	23	(	(	PUNCT
fsr-3260	269	24	0.65	0.65	NUM
fsr-3260	269	25	)	)	PUNCT
fsr-3260	269	26	(	(	PUNCT
fsr-3260	269	27	0.78	0.78	NUM
fsr-3260	269	28	)	)	PUNCT
fsr-3260	269	29	(	(	PUNCT
fsr-3260	269	30	0.43	0.43	NUM
fsr-3260	269	31	)	)	PUNCT
fsr-3260	269	32	2	2	NUM
fsr-3260	269	33	.	.	PUNCT
fsr-3260	269	34	momentum	momentum	NOUN
fsr-3260	269	35	seller	seller	NOUN
fsr-3260	269	36	0.17	0.17	NUM
fsr-3260	269	37	%	%	NOUN
fsr-3260	269	38	*	*	PUNCT
fsr-3260	269	39	*	*	PUNCT
fsr-3260	269	40	*	*	PUNCT
fsr-3260	269	41	0.16	0.16	NUM
fsr-3260	269	42	%	%	NOUN
fsr-3260	269	43	*	*	PUNCT
fsr-3260	269	44	*	*	PUNCT
fsr-3260	270	1	*	*	PUNCT
fsr-3260	270	2	0.14	0.14	NUM
fsr-3260	270	3	%	%	NOUN
fsr-3260	270	4	*	*	PUNCT
fsr-3260	270	5	*	*	PUNCT
fsr-3260	270	6	*	*	PUNCT
fsr-3260	270	7	0.14	0.14	NUM
fsr-3260	270	8	%	%	NOUN
fsr-3260	270	9	*	*	PUNCT
fsr-3260	270	10	*	*	PUNCT
fsr-3260	270	11	0.17	0.17	NUM
fsr-3260	270	12	%	%	NOUN
fsr-3260	270	13	*	*	PUNCT
fsr-3260	270	14	*	*	PUNCT
fsr-3260	270	15	*	*	PUNCT
fsr-3260	270	16	(	(	PUNCT
fsr-3260	270	17	3.20	3.20	NUM
fsr-3260	270	18	)	)	PUNCT
fsr-3260	270	19	(	(	PUNCT
fsr-3260	270	20	3.18	3.18	NUM
fsr-3260	270	21	)	)	PUNCT
fsr-3260	270	22	(	(	PUNCT
fsr-3260	270	23	2.77	2.77	NUM
fsr-3260	270	24	)	)	PUNCT
fsr-3260	270	25	(	(	PUNCT
fsr-3260	270	26	2.35	2.35	NUM
fsr-3260	270	27	)	)	PUNCT
fsr-3260	270	28	(	(	PUNCT
fsr-3260	270	29	2.94	2.94	NUM
fsr-3260	270	30	)	)	PUNCT
fsr-3260	270	31	3	3	NUM
fsr-3260	270	32	.	.	X
fsr-3260	271	1	portfolio	portfolio	NOUN
fsr-3260	271	2	1	1	NUM
fsr-3260	271	3	portfolio	portfolio	NOUN
fsr-3260	271	4	2	2	NUM
fsr-3260	271	5	�	�	NOUN
fsr-3260	271	6	0.18	0.18	NUM
fsr-3260	271	7	%	%	NOUN
fsr-3260	271	8	*	*	PUNCT
fsr-3260	271	9	*	*	PROPN
fsr-3260	271	10	�	�	PROPN
fsr-3260	271	11	0.18	0.18	NUM
fsr-3260	271	12	%	%	NOUN
fsr-3260	271	13	*	*	PUNCT
fsr-3260	271	14	*	*	NOUN
fsr-3260	271	15	�	�	PROPN
fsr-3260	271	16	0.10	0.10	NUM
fsr-3260	271	17	%	%	NOUN
fsr-3260	271	18	�	�	NOUN
fsr-3260	271	19	0.09	0.09	NUM
fsr-3260	271	20	%	%	NOUN
fsr-3260	271	21	�	�	PROPN
fsr-3260	271	22	0.14	0.14	NUM
fsr-3260	271	23	%	%	NOUN
fsr-3260	271	24	*	*	PUNCT
fsr-3260	271	25	*	*	PUNCT
fsr-3260	271	26	(	(	PUNCT
fsr-3260	271	27	�	�	PROPN
fsr-3260	271	28	2.40	2.40	NUM
fsr-3260	271	29	)	)	PUNCT
fsr-3260	271	30	(	(	PUNCT
fsr-3260	271	31	�	�	NOUN
fsr-3260	271	32	2.39	2.39	NUM
fsr-3260	271	33	)	)	PUNCT
fsr-3260	271	34	(	(	PUNCT
fsr-3260	271	35	�	�	NOUN
fsr-3260	271	36	1.57	1.57	NUM
fsr-3260	271	37	)	)	PUNCT
fsr-3260	271	38	(	(	PUNCT
fsr-3260	271	39	�	�	NOUN
fsr-3260	271	40	1.25	1.25	NUM
fsr-3260	271	41	)	)	PUNCT
fsr-3260	271	42	(	(	PUNCT
fsr-3260	271	43	�	�	NOUN
fsr-3260	271	44	2.04	2.04	NUM
fsr-3260	271	45	)	)	PUNCT
fsr-3260	271	46	b.	b.	NOUN
fsr-3260	271	47	momentum	momentum	PROPN
fsr-3260	271	48	trading	trading	NOUN
fsr-3260	271	49	(	(	PUNCT
fsr-3260	271	50	j	j	PROPN
fsr-3260	271	51	�	�	PROPN
fsr-3260	271	52	12	12	NUM
fsr-3260	271	53	)	)	PUNCT
fsr-3260	271	54	1	1	NUM
fsr-3260	271	55	.	.	PUNCT
fsr-3260	271	56	momentum	momentum	NOUN
fsr-3260	271	57	buyer	buyer	NOUN
fsr-3260	271	58	0.06	0.06	NUM
fsr-3260	271	59	%	%	NOUN
fsr-3260	271	60	0.02	0.02	NUM
fsr-3260	271	61	%	%	NOUN
fsr-3260	271	62	0.09	0.09	NUM
fsr-3260	271	63	%	%	NOUN
fsr-3260	271	64	�	�	NOUN
fsr-3260	271	65	0.05	0.05	NUM
fsr-3260	271	66	%	%	NOUN
fsr-3260	271	67	�	�	NOUN
fsr-3260	271	68	0.07	0.07	NUM
fsr-3260	271	69	%	%	NOUN
fsr-3260	271	70	(	(	PUNCT
fsr-3260	271	71	0.62	0.62	NUM
fsr-3260	271	72	)	)	PUNCT
fsr-3260	271	73	(	(	PUNCT
fsr-3260	271	74	0.34	0.34	NUM
fsr-3260	271	75	)	)	PUNCT
fsr-3260	271	76	(	(	PUNCT
fsr-3260	271	77	1.35	1.35	NUM
fsr-3260	271	78	)	)	PUNCT
fsr-3260	271	79	(	(	PUNCT
fsr-3260	271	80	�	�	PROPN
fsr-3260	271	81	0.56	0.56	NUM
fsr-3260	271	82	)	)	PUNCT
fsr-3260	271	83	(	(	PUNCT
fsr-3260	271	84	�	�	PROPN
fsr-3260	271	85	0.80	0.80	NUM
fsr-3260	271	86	)	)	PUNCT
fsr-3260	271	87	2	2	NUM
fsr-3260	271	88	.	.	PUNCT
fsr-3260	271	89	momentum	momentum	NOUN
fsr-3260	271	90	seller	seller	NOUN
fsr-3260	271	91	0.19	0.19	NUM
fsr-3260	271	92	%	%	NOUN
fsr-3260	271	93	*	*	PUNCT
fsr-3260	271	94	*	*	NOUN
fsr-3260	271	95	0.20	0.20	NUM
fsr-3260	271	96	%	%	NOUN
fsr-3260	271	97	*	*	PUNCT
fsr-3260	271	98	*	*	NOUN
fsr-3260	271	99	0.23	0.23	NUM
fsr-3260	271	100	%	%	NOUN
fsr-3260	271	101	*	*	PUNCT
fsr-3260	271	102	*	*	PUNCT
fsr-3260	271	103	*	*	PUNCT
fsr-3260	271	104	0.08	0.08	NUM
fsr-3260	271	105	%	%	NOUN
fsr-3260	271	106	0.11	0.11	NUM
fsr-3260	271	107	%	%	NOUN
fsr-3260	271	108	(	(	PUNCT
fsr-3260	271	109	2.16	2.16	NUM
fsr-3260	271	110	)	)	PUNCT
fsr-3260	271	111	(	(	PUNCT
fsr-3260	271	112	2.12	2.12	NUM
fsr-3260	271	113	)	)	PUNCT
fsr-3260	271	114	(	(	PUNCT
fsr-3260	271	115	2.78	2.78	NUM
fsr-3260	271	116	)	)	PUNCT
fsr-3260	271	117	(	(	PUNCT
fsr-3260	271	118	0.93	0.93	NUM
fsr-3260	271	119	)	)	PUNCT
fsr-3260	271	120	(	(	PUNCT
fsr-3260	271	121	1.57	1.57	NUM
fsr-3260	271	122	)	)	PUNCT
fsr-3260	271	123	3	3	NUM
fsr-3260	271	124	.	.	X
fsr-3260	272	1	portfolio	portfolio	NOUN
fsr-3260	272	2	1	1	NUM
fsr-3260	272	3	portfolio	portfolio	NOUN
fsr-3260	272	4	2	2	NUM
fsr-3260	272	5	�	�	NOUN
fsr-3260	272	6	0.13	0.13	NUM
fsr-3260	272	7	%	%	NOUN
fsr-3260	272	8	�	�	PROPN
fsr-3260	272	9	0.17	0.17	NUM
fsr-3260	272	10	%	%	NOUN
fsr-3260	272	11	�	�	NOUN
fsr-3260	272	12	0.15	0.15	NUM
fsr-3260	272	13	%	%	NOUN
fsr-3260	272	14	�	�	NOUN
fsr-3260	272	15	0.13	0.13	NUM
fsr-3260	272	16	%	%	NOUN
fsr-3260	272	17	�	�	NOUN
fsr-3260	272	18	0.18	0.18	NUM
fsr-3260	272	19	%	%	NOUN
fsr-3260	272	20	*	*	PUNCT
fsr-3260	272	21	*	*	PUNCT
fsr-3260	272	22	(	(	PUNCT
fsr-3260	272	23	�	�	NOUN
fsr-3260	272	24	1.24	1.24	NUM
fsr-3260	272	25	)	)	PUNCT
fsr-3260	272	26	(	(	PUNCT
fsr-3260	272	27	�	�	NOUN
fsr-3260	272	28	1.84	1.84	NUM
fsr-3260	272	29	)	)	PUNCT
fsr-3260	272	30	(	(	PUNCT
fsr-3260	272	31	�	�	PROPN
fsr-3260	272	32	1.37	1.37	NUM
fsr-3260	272	33	)	)	PUNCT
fsr-3260	272	34	(	(	PUNCT
fsr-3260	272	35	�	�	PROPN
fsr-3260	272	36	1.32	1.32	NUM
fsr-3260	272	37	)	)	PUNCT
fsr-3260	272	38	(	(	PUNCT
fsr-3260	272	39	�	�	NOUN
fsr-3260	272	40	2.34	2.34	NUM
fsr-3260	272	41	)	)	PUNCT
fsr-3260	272	42	note	note	NOUN
fsr-3260	272	43	:	:	PUNCT
fsr-3260	272	44	three	three	NUM
fsr-3260	272	45	portfolios	portfolio	NOUN
fsr-3260	272	46	are	be	AUX
fsr-3260	272	47	constructed	construct	VERB
fsr-3260	272	48	based	base	VERB
fsr-3260	272	49	on	on	ADP
fsr-3260	272	50	856,358	856,358	NUM
fsr-3260	272	51	(	(	PUNCT
fsr-3260	272	52	589,243	589,243	NUM
fsr-3260	272	53	)	)	PUNCT
fsr-3260	272	54	momentum	momentum	NOUN
fsr-3260	272	55	buyers	buyer	NOUN
fsr-3260	272	56	(	(	PUNCT
fsr-3260	272	57	sellers	seller	NOUN
fsr-3260	272	58	)	)	PUNCT
fsr-3260	272	59	identified	identify	VERB
fsr-3260	272	60	in	in	ADP
fsr-3260	272	61	response	response	NOUN
fsr-3260	272	62	to	to	PART
fsr-3260	272	63	fund	fund	VERB
fsr-3260	272	64	returns	return	NOUN
fsr-3260	272	65	over	over	ADP
fsr-3260	272	66	the	the	DET
fsr-3260	272	67	past	past	ADJ
fsr-3260	272	68	three	three	NUM
fsr-3260	272	69	months	month	NOUN
fsr-3260	272	70	in	in	ADP
fsr-3260	272	71	panel	panel	NOUN
fsr-3260	272	72	a	a	NOUN
fsr-3260	272	73	,	,	PUNCT
fsr-3260	272	74	and	and	CCONJ
fsr-3260	272	75	577,626	577,626	NUM
fsr-3260	272	76	(	(	PUNCT
fsr-3260	272	77	408,253	408,253	NUM
fsr-3260	272	78	)	)	PUNCT
fsr-3260	272	79	momentum	momentum	NOUN
fsr-3260	272	80	buyers	buyer	NOUN
fsr-3260	272	81	(	(	PUNCT
fsr-3260	272	82	sellers	seller	NOUN
fsr-3260	272	83	)	)	PUNCT
fsr-3260	272	84	identified	identify	VERB
fsr-3260	272	85	in	in	ADP
fsr-3260	272	86	response	response	NOUN
fsr-3260	272	87	to	to	PART
fsr-3260	272	88	fund	fund	VERB
fsr-3260	272	89	returns	return	NOUN
fsr-3260	272	90	over	over	ADP
fsr-3260	272	91	the	the	DET
fsr-3260	272	92	past	past	ADJ
fsr-3260	272	93	12	12	NUM
fsr-3260	272	94	months	month	NOUN
fsr-3260	272	95	in	in	ADP
fsr-3260	272	96	panel	panel	NOUN
fsr-3260	272	97	c.	c.	PROPN
fsr-3260	272	98	three	three	NUM
fsr-3260	272	99	constructed	construct	VERB
fsr-3260	272	100	portfolios	portfolio	NOUN
fsr-3260	272	101	are	be	AUX
fsr-3260	272	102	:	:	PUNCT
fsr-3260	272	103	(	(	PUNCT
fsr-3260	272	104	1	1	X
fsr-3260	272	105	)	)	PUNCT
fsr-3260	272	106	momentum	momentum	NOUN
fsr-3260	272	107	buyer	buyer	NOUN
fsr-3260	272	108	portfolio	portfolio	NOUN
fsr-3260	272	109	:	:	PUNCT
fsr-3260	272	110	purchase	purchase	NOUN
fsr-3260	272	111	funds	fund	NOUN
fsr-3260	272	112	bought	buy	VERB
fsr-3260	272	113	by	by	ADP
fsr-3260	272	114	a	a	DET
fsr-3260	272	115	momentum	momentum	NOUN
fsr-3260	272	116	buyer	buyer	NOUN
fsr-3260	272	117	in	in	ADP
fsr-3260	272	118	the	the	DET
fsr-3260	272	119	quarter	quarter	NOUN
fsr-3260	272	120	he	he	PRON
fsr-3260	272	121	is	be	AUX
fsr-3260	272	122	identified	identify	VERB
fsr-3260	272	123	as	as	ADP
fsr-3260	272	124	a	a	DET
fsr-3260	272	125	momentum	momentum	NOUN
fsr-3260	272	126	buyer	buyer	NOUN
fsr-3260	272	127	,	,	PUNCT
fsr-3260	272	128	weighted	weight	VERB
fsr-3260	272	129	by	by	ADP
fsr-3260	272	130	funds	fund	NOUN
fsr-3260	272	131	’	'	PUNCT
fsr-3260	272	132	trading	trading	NOUN
fsr-3260	272	133	amount	amount	NOUN
fsr-3260	272	134	;	;	PUNCT
fsr-3260	272	135	(	(	PUNCT
fsr-3260	272	136	2	2	X
fsr-3260	272	137	)	)	PUNCT
fsr-3260	272	138	momentum	momentum	NOUN
fsr-3260	272	139	seller	seller	NOUN
fsr-3260	272	140	portfolio	portfolio	NOUN
fsr-3260	272	141	:	:	PUNCT
fsr-3260	272	142	purchase	purchase	NOUN
fsr-3260	272	143	funds	fund	NOUN
fsr-3260	272	144	sold	sell	VERB
fsr-3260	272	145	by	by	ADP
fsr-3260	272	146	a	a	DET
fsr-3260	272	147	momentum	momentum	NOUN
fsr-3260	272	148	seller	seller	NOUN
fsr-3260	272	149	in	in	ADP
fsr-3260	272	150	the	the	DET
fsr-3260	272	151	quarter	quarter	NOUN
fsr-3260	272	152	he	he	PRON
fsr-3260	272	153	is	be	AUX
fsr-3260	272	154	identified	identify	VERB
fsr-3260	272	155	as	as	ADP
fsr-3260	272	156	a	a	DET
fsr-3260	272	157	momentum	momentum	NOUN
fsr-3260	272	158	seller	seller	NOUN
fsr-3260	272	159	,	,	PUNCT
fsr-3260	272	160	weighted	weight	VERB
fsr-3260	272	161	by	by	ADP
fsr-3260	272	162	funds	fund	NOUN
fsr-3260	272	163	’	'	PUNCT
fsr-3260	272	164	trading	trading	NOUN
fsr-3260	272	165	amount	amount	NOUN
fsr-3260	272	166	;	;	PUNCT
fsr-3260	272	167	(	(	PUNCT
fsr-3260	272	168	3	3	X
fsr-3260	272	169	)	)	PUNCT
fsr-3260	272	170	portfolio	portfolio	NOUN
fsr-3260	273	1	1portfolio	1portfolio	NUM
fsr-3260	273	2	2	2	NUM
fsr-3260	273	3	:	:	PUNCT
fsr-3260	273	4	long	long	ADJ
fsr-3260	273	5	momentum	momentum	NOUN
fsr-3260	273	6	buyer	buyer	NOUN
fsr-3260	273	7	portfolio	portfolio	NOUN
fsr-3260	273	8	and	and	CCONJ
fsr-3260	273	9	short	short	ADJ
fsr-3260	273	10	momentum	momentum	NOUN
fsr-3260	273	11	seller	seller	NOUN
fsr-3260	273	12	portfolio	portfolio	NOUN
fsr-3260	273	13	.	.	PUNCT
fsr-3260	274	1	holding	hold	VERB
fsr-3260	274	2	period	period	NOUN
fsr-3260	274	3	is	be	AUX
fsr-3260	274	4	six	six	NUM
fsr-3260	274	5	months	month	NOUN
fsr-3260	274	6	.	.	PUNCT
fsr-3260	275	1	excess	excess	ADJ
fsr-3260	275	2	return	return	NOUN
fsr-3260	275	3	is	be	AUX
fsr-3260	275	4	calculated	calculate	VERB
fsr-3260	275	5	as	as	ADP
fsr-3260	275	6	the	the	DET
fsr-3260	275	7	different	different	ADJ
fsr-3260	275	8	between	between	ADP
fsr-3260	275	9	portfolio	portfolio	NOUN
fsr-3260	275	10	raw	raw	ADJ
fsr-3260	275	11	return	return	NOUN
fsr-3260	275	12	and	and	CCONJ
fsr-3260	275	13	market	market	NOUN
fsr-3260	275	14	return	return	NOUN
fsr-3260	275	15	;	;	PUNCT
fsr-3260	275	16	cross	cross	ADJ
fsr-3260	275	17	-	-	ADJ
fsr-3260	275	18	sectional	sectional	ADJ
fsr-3260	275	19	average	average	NOUN
fsr-3260	275	20	of	of	ADP
fsr-3260	275	21	excess	excess	ADJ
fsr-3260	275	22	returns	return	NOUN
fsr-3260	275	23	among	among	ADP
fsr-3260	275	24	all	all	DET
fsr-3260	275	25	momentum	momentum	NOUN
fsr-3260	275	26	buyers	buyer	NOUN
fsr-3260	275	27	(	(	PUNCT
fsr-3260	275	28	sellers	seller	NOUN
fsr-3260	275	29	)	)	PUNCT
fsr-3260	275	30	are	be	AUX
fsr-3260	275	31	first	first	ADV
fsr-3260	275	32	calculated	calculate	VERB
fsr-3260	275	33	each	each	DET
fsr-3260	275	34	month	month	NOUN
fsr-3260	275	35	and	and	CCONJ
fsr-3260	275	36	time	time	NOUN
fsr-3260	275	37	-	-	PUNCT
fsr-3260	275	38	series	series	NOUN
fsr-3260	275	39	mean	mean	NOUN
fsr-3260	275	40	and	and	CCONJ
fsr-3260	275	41	t	t	PROPN
fsr-3260	275	42	-	-	PUNCT
fsr-3260	275	43	statistics	statistic	NOUN
fsr-3260	275	44	are	be	AUX
fsr-3260	275	45	shown	show	VERB
fsr-3260	275	46	in	in	ADP
fsr-3260	275	47	column	column	NOUN
fsr-3260	275	48	(	(	PUNCT
fsr-3260	275	49	a	a	X
fsr-3260	275	50	)	)	PUNCT
fsr-3260	275	51	;	;	PUNCT
fsr-3260	275	52	to	to	PART
fsr-3260	275	53	calculate	calculate	VERB
fsr-3260	275	54	alpha1	alpha1	NOUN
fsr-3260	275	55	and	and	CCONJ
fsr-3260	275	56	alpha3	alpha3	NOUN
fsr-3260	275	57	under	under	ADP
fsr-3260	275	58	portfolio	portfolio	NOUN
fsr-3260	275	59	regression	regression	NOUN
fsr-3260	275	60	approach	approach	NOUN
fsr-3260	275	61	,	,	PUNCT
fsr-3260	275	62	we	we	PRON
fsr-3260	275	63	first	first	ADV
fsr-3260	275	64	obtain	obtain	VERB
fsr-3260	275	65	time	time	NOUN
fsr-3260	275	66	-	-	PUNCT
fsr-3260	275	67	series	series	NOUN
fsr-3260	275	68	raw	raw	ADJ
fsr-3260	275	69	returns	return	NOUN
fsr-3260	275	70	by	by	ADP
fsr-3260	275	71	averaging	average	VERB
fsr-3260	275	72	portfolio	portfolio	NOUN
fsr-3260	275	73	raw	raw	ADJ
fsr-3260	275	74	returns	return	NOUN
fsr-3260	275	75	across	across	ADP
fsr-3260	275	76	all	all	DET
fsr-3260	275	77	momentum	momentum	NOUN
fsr-3260	275	78	buyers	buyer	NOUN
fsr-3260	275	79	(	(	PUNCT
fsr-3260	275	80	sellers	seller	NOUN
fsr-3260	275	81	)	)	PUNCT
fsr-3260	275	82	each	each	DET
fsr-3260	275	83	month	month	NOUN
fsr-3260	275	84	and	and	CCONJ
fsr-3260	275	85	risk	risk	NOUN
fsr-3260	275	86	-	-	PUNCT
fsr-3260	275	87	adjusted	adjust	VERB
fsr-3260	275	88	returns	return	NOUN
fsr-3260	275	89	from	from	ADP
fsr-3260	275	90	capm	capm	PROPN
fsr-3260	275	91	and	and	CCONJ
fsr-3260	275	92	fama	fama	PROPN
fsr-3260	275	93	-	-	PUNCT
fsr-3260	275	94	french	french	ADJ
fsr-3260	275	95	three	three	NUM
fsr-3260	275	96	-	-	PUNCT
fsr-3260	275	97	factor	factor	NOUN
fsr-3260	275	98	models	model	NOUN
fsr-3260	275	99	are	be	AUX
fsr-3260	275	100	shown	show	VERB
fsr-3260	275	101	in	in	ADP
fsr-3260	275	102	column	column	NOUN
fsr-3260	275	103	(	(	PUNCT
fsr-3260	275	104	b	b	NOUN
fsr-3260	275	105	)	)	PUNCT
fsr-3260	275	106	and	and	CCONJ
fsr-3260	275	107	(	(	PUNCT
fsr-3260	275	108	c	c	NOUN
fsr-3260	275	109	)	)	PUNCT
fsr-3260	275	110	,	,	PUNCT
fsr-3260	275	111	respectively	respectively	ADV
fsr-3260	275	112	;	;	PUNCT
fsr-3260	276	1	column	column	NOUN
fsr-3260	276	2	(	(	PUNCT
fsr-3260	276	3	d	d	NOUN
fsr-3260	276	4	)	)	PUNCT
fsr-3260	276	5	and	and	CCONJ
fsr-3260	276	6	(	(	PUNCT
fsr-3260	276	7	e	e	NOUN
fsr-3260	276	8	)	)	PUNCT
fsr-3260	276	9	show	show	VERB
fsr-3260	276	10	the	the	DET
fsr-3260	276	11	risk	risk	NOUN
fsr-3260	276	12	-	-	PUNCT
fsr-3260	276	13	adjusted	adjust	VERB
fsr-3260	276	14	returns	return	NOUN
fsr-3260	276	15	under	under	ADP
fsr-3260	276	16	fund	fund	NOUN
fsr-3260	276	17	regression	regression	NOUN
fsr-3260	276	18	approach	approach	NOUN
fsr-3260	276	19	;	;	PUNCT
fsr-3260	276	20	alphas	alpha	NOUN
fsr-3260	276	21	for	for	ADP
fsr-3260	276	22	individual	individual	ADJ
fsr-3260	276	23	momentum	momentum	NOUN
fsr-3260	276	24	buyers	buyer	NOUN
fsr-3260	276	25	(	(	PUNCT
fsr-3260	276	26	sellers	seller	NOUN
fsr-3260	276	27	)	)	PUNCT
fsr-3260	276	28	portfolios	portfolio	NOUN
fsr-3260	276	29	are	be	AUX
fsr-3260	276	30	first	first	ADV
fsr-3260	276	31	calculated	calculate	VERB
fsr-3260	276	32	using	use	VERB
fsr-3260	276	33	capm	capm	PROPN
fsr-3260	276	34	and	and	CCONJ
fsr-3260	276	35	fama	fama	PROPN
fsr-3260	276	36	-	-	PUNCT
fsr-3260	276	37	french	french	ADJ
fsr-3260	276	38	three	three	NUM
fsr-3260	276	39	-	-	PUNCT
fsr-3260	276	40	factor	factor	NOUN
fsr-3260	276	41	models	model	NOUN
fsr-3260	276	42	and	and	CCONJ
fsr-3260	276	43	we	we	PRON
fsr-3260	276	44	take	take	VERB
fsr-3260	276	45	the	the	DET
fsr-3260	276	46	average	average	NOUN
fsr-3260	276	47	of	of	ADP
fsr-3260	276	48	alphas	alpha	NOUN
fsr-3260	276	49	across	across	ADP
fsr-3260	276	50	all	all	DET
fsr-3260	276	51	momentum	momentum	NOUN
fsr-3260	276	52	buyers	buyer	NOUN
fsr-3260	276	53	(	(	PUNCT
fsr-3260	276	54	sellers	seller	NOUN
fsr-3260	276	55	)	)	PUNCT
fsr-3260	276	56	each	each	DET
fsr-3260	276	57	month	month	NOUN
fsr-3260	276	58	and	and	CCONJ
fsr-3260	276	59	show	show	VERB
fsr-3260	276	60	the	the	DET
fsr-3260	276	61	time	time	NOUN
fsr-3260	276	62	-	-	PUNCT
fsr-3260	276	63	series	series	NOUN
fsr-3260	276	64	means	mean	NOUN
fsr-3260	276	65	and	and	CCONJ
fsr-3260	276	66	t	t	PROPN
fsr-3260	276	67	-	-	PUNCT
fsr-3260	276	68	statistics	statistic	NOUN
fsr-3260	276	69	.	.	PUNCT
fsr-3260	277	1	t	t	PROPN
fsr-3260	277	2	-	-	PUNCT
fsr-3260	277	3	statistics	statistic	NOUN
fsr-3260	277	4	are	be	AUX
fsr-3260	277	5	reported	report	VERB
fsr-3260	277	6	in	in	ADP
fsr-3260	277	7	parenthesis	parenthesis	NOUN
fsr-3260	277	8	.	.	PUNCT
fsr-3260	278	1	*	*	PUNCT
fsr-3260	278	2	*	*	PUNCT
fsr-3260	278	3	*	*	PUNCT
fsr-3260	278	4	and	and	CCONJ
fsr-3260	278	5	*	*	PUNCT
fsr-3260	278	6	*	*	NOUN
fsr-3260	278	7	indicate	indicate	VERB
fsr-3260	278	8	statistical	statistical	ADJ
fsr-3260	278	9	significance	significance	NOUN
fsr-3260	278	10	at	at	ADP
fsr-3260	278	11	the	the	DET
fsr-3260	278	12	1	1	NUM
fsr-3260	278	13	%	%	NOUN
fsr-3260	278	14	and	and	CCONJ
fsr-3260	278	15	5	5	NUM
fsr-3260	278	16	%	%	NOUN
fsr-3260	278	17	levels	level	NOUN
fsr-3260	278	18	,	,	PUNCT
fsr-3260	278	19	respectively	respectively	ADV
fsr-3260	278	20	.	.	PUNCT
fsr-3260	279	1	64	64	NUM
fsr-3260	279	2	n.	n.	NOUN
fsr-3260	279	3	tang	tang	PROPN
fsr-3260	279	4	/	/	SYM
fsr-3260	279	5	financial	financial	ADJ
fsr-3260	279	6	services	service	NOUN
fsr-3260	279	7	review	review	VERB
fsr-3260	279	8	25	25	NUM
fsr-3260	279	9	(	(	PUNCT
fsr-3260	279	10	2016	2016	NUM
fsr-3260	279	11	)	)	PUNCT
fsr-3260	279	12	51–72	51–72	NUM
fsr-3260	279	13	buy	buy	NOUN
fsr-3260	279	14	funds	fund	NOUN
fsr-3260	279	15	underperforming	underperform	VERB
fsr-3260	279	16	the	the	DET
fsr-3260	279	17	average	average	ADJ
fsr-3260	279	18	fund	fund	NOUN
fsr-3260	279	19	and	and	CCONJ
fsr-3260	279	20	sell	sell	VERB
fsr-3260	279	21	funds	fund	NOUN
fsr-3260	279	22	outperforming	outperform	VERB
fsr-3260	279	23	the	the	DET
fsr-3260	279	24	average	average	ADJ
fsr-3260	279	25	fund	fund	NOUN
fsr-3260	279	26	,	,	PUNCT
fsr-3260	279	27	which	which	PRON
fsr-3260	279	28	leads	lead	VERB
fsr-3260	279	29	to	to	ADP
fsr-3260	279	30	a	a	DET
fsr-3260	279	31	significant	significant	ADJ
fsr-3260	279	32	loss	loss	NOUN
fsr-3260	279	33	by	by	ADP
fsr-3260	279	34	momentum	momentum	NOUN
fsr-3260	279	35	traders	trader	NOUN
fsr-3260	279	36	.	.	PUNCT
fsr-3260	280	1	their	their	PRON
fsr-3260	280	2	loss	loss	NOUN
fsr-3260	280	3	is	be	AUX
fsr-3260	280	4	because	because	SCONJ
fsr-3260	280	5	of	of	ADP
fsr-3260	280	6	their	their	PRON
fsr-3260	280	7	lack	lack	NOUN
fsr-3260	280	8	of	of	ADP
fsr-3260	280	9	selection	selection	NOUN
fsr-3260	280	10	ability	ability	NOUN
fsr-3260	280	11	instead	instead	ADV
fsr-3260	280	12	of	of	ADP
fsr-3260	280	13	investment	investment	NOUN
fsr-3260	280	14	opportunity	opportunity	NOUN
fsr-3260	280	15	constraints	constraint	NOUN
fsr-3260	280	16	.	.	PUNCT
fsr-3260	281	1	we	we	PRON
fsr-3260	281	2	obtained	obtain	VERB
fsr-3260	281	3	the	the	DET
fsr-3260	281	4	same	same	ADJ
fsr-3260	281	5	conclusion	conclusion	NOUN
fsr-3260	281	6	with	with	ADP
fsr-3260	281	7	other	other	ADJ
fsr-3260	281	8	holding	hold	VERB
fsr-3260	281	9	periods	period	NOUN
fsr-3260	281	10	and	and	CCONJ
fsr-3260	281	11	with	with	ADP
fsr-3260	281	12	equally	equally	ADV
fsr-3260	281	13	weighted	weight	VERB
fsr-3260	281	14	average	average	ADJ
fsr-3260	281	15	fund	fund	NOUN
fsr-3260	281	16	portfolio	portfolio	NOUN
fsr-3260	281	17	.	.	PUNCT
fsr-3260	282	1	hence	hence	ADV
fsr-3260	282	2	,	,	PUNCT
fsr-3260	282	3	we	we	PRON
fsr-3260	282	4	conclude	conclude	VERB
fsr-3260	282	5	that	that	SCONJ
fsr-3260	282	6	momentum	momentum	NOUN
fsr-3260	282	7	traders	trader	NOUN
fsr-3260	282	8	in	in	ADP
fsr-3260	282	9	401(k	401(k	PROPN
fsr-3260	282	10	)	)	PUNCT
fsr-3260	282	11	plans	plan	NOUN
fsr-3260	282	12	lose	lose	VERB
fsr-3260	282	13	significantly	significantly	ADV
fsr-3260	282	14	.	.	PUNCT
fsr-3260	283	1	although	although	SCONJ
fsr-3260	283	2	they	they	PRON
fsr-3260	283	3	move	move	VERB
fsr-3260	283	4	towards	towards	ADP
fsr-3260	283	5	good	good	ADJ
fsr-3260	283	6	performers	performer	NOUN
fsr-3260	283	7	in	in	ADP
fsr-3260	283	8	certain	certain	ADJ
fsr-3260	283	9	cases	case	NOUN
fsr-3260	283	10	,	,	PUNCT
fsr-3260	283	11	they	they	PRON
fsr-3260	283	12	move	move	VERB
fsr-3260	283	13	away	away	ADV
fsr-3260	283	14	from	from	ADP
fsr-3260	283	15	good	good	ADJ
fsr-3260	283	16	performers	performer	NOUN
fsr-3260	283	17	as	as	ADV
fsr-3260	283	18	well	well	ADV
fsr-3260	283	19	.	.	PUNCT
fsr-3260	284	1	even	even	ADV
fsr-3260	284	2	though	though	SCONJ
fsr-3260	284	3	401(k	401(k	NOUN
fsr-3260	284	4	)	)	PUNCT
fsr-3260	284	5	traders	trader	NOUN
fsr-3260	284	6	trade	trade	VERB
fsr-3260	284	7	infrequently	infrequently	ADV
fsr-3260	284	8	and	and	CCONJ
fsr-3260	284	9	pay	pay	VERB
fsr-3260	284	10	limited	limited	ADJ
fsr-3260	284	11	transaction	transaction	NOUN
fsr-3260	284	12	costs	cost	NOUN
fsr-3260	284	13	,	,	PUNCT
fsr-3260	284	14	they	they	PRON
fsr-3260	284	15	do	do	AUX
fsr-3260	284	16	not	not	PART
fsr-3260	284	17	benefit	benefit	VERB
fsr-3260	284	18	from	from	ADP
fsr-3260	284	19	momentum	momentum	NOUN
fsr-3260	284	20	trading	trading	NOUN
fsr-3260	284	21	.	.	PUNCT
fsr-3260	285	1	if	if	SCONJ
fsr-3260	285	2	performance	performance	NOUN
fsr-3260	285	3	improvement	improvement	NOUN
fsr-3260	285	4	is	be	AUX
fsr-3260	285	5	not	not	PART
fsr-3260	285	6	linked	link	VERB
fsr-3260	285	7	to	to	ADP
fsr-3260	285	8	feedback	feedback	NOUN
fsr-3260	285	9	trading	trading	NOUN
fsr-3260	285	10	,	,	PUNCT
fsr-3260	285	11	then	then	ADV
fsr-3260	285	12	what	what	PRON
fsr-3260	285	13	are	be	AUX
fsr-3260	285	14	the	the	DET
fsr-3260	285	15	causes	cause	NOUN
fsr-3260	285	16	of	of	ADP
fsr-3260	285	17	such	such	ADJ
fsr-3260	285	18	inefficiency	inefficiency	NOUN
fsr-3260	285	19	?	?	PUNCT
fsr-3260	286	1	5	5	X
fsr-3260	286	2	.	.	X
fsr-3260	286	3	explaining	explain	VERB
fsr-3260	286	4	401(k	401(k	NOUN
fsr-3260	286	5	)	)	PUNCT
fsr-3260	286	6	momentum	momentum	NOUN
fsr-3260	286	7	trader	trader	NOUN
fsr-3260	286	8	inefficiency	inefficiency	NOUN
fsr-3260	286	9	given	give	VERB
fsr-3260	286	10	the	the	DET
fsr-3260	286	11	meaningful	meaningful	ADJ
fsr-3260	286	12	inefficiencies	inefficiency	NOUN
fsr-3260	286	13	identified	identify	VERB
fsr-3260	286	14	among	among	ADP
fsr-3260	286	15	401(k	401(k	PROPN
fsr-3260	286	16	)	)	PUNCT
fsr-3260	286	17	momentum	momentum	NOUN
fsr-3260	286	18	traders	trader	NOUN
fsr-3260	286	19	,	,	PUNCT
fsr-3260	286	20	the	the	DET
fsr-3260	286	21	next	next	ADJ
fsr-3260	286	22	step	step	NOUN
fsr-3260	286	23	is	be	AUX
fsr-3260	286	24	to	to	PART
fsr-3260	286	25	locate	locate	VERB
fsr-3260	286	26	the	the	DET
fsr-3260	286	27	causes	cause	NOUN
fsr-3260	286	28	of	of	ADP
fsr-3260	286	29	the	the	DET
fsr-3260	286	30	inefficiency	inefficiency	NOUN
fsr-3260	286	31	.	.	PUNCT
fsr-3260	287	1	at	at	ADP
fsr-3260	287	2	the	the	DET
fsr-3260	287	3	participant	participant	ADJ
fsr-3260	287	4	level	level	NOUN
fsr-3260	287	5	,	,	PUNCT
fsr-3260	287	6	it	it	PRON
fsr-3260	287	7	could	could	AUX
fsr-3260	287	8	be	be	AUX
fsr-3260	287	9	because	because	SCONJ
fsr-3260	287	10	of	of	ADP
fsr-3260	287	11	traders	trader	NOUN
fsr-3260	287	12	’	'	PUNCT
fsr-3260	287	13	lack	lack	NOUN
fsr-3260	287	14	of	of	ADP
fsr-3260	287	15	fund	fund	NOUN
fsr-3260	287	16	selection	selection	NOUN
fsr-3260	287	17	ability	ability	NOUN
fsr-3260	287	18	.	.	PUNCT
fsr-3260	288	1	previous	previous	ADJ
fsr-3260	288	2	studies	study	NOUN
fsr-3260	288	3	have	have	AUX
fsr-3260	288	4	indicated	indicate	VERB
fsr-3260	288	5	that	that	SCONJ
fsr-3260	288	6	the	the	DET
fsr-3260	288	7	stock	stock	NOUN
fsr-3260	288	8	return	return	NOUN
fsr-3260	288	9	momentum	momentum	NOUN
fsr-3260	288	10	phenomenon	phenomenon	NOUN
fsr-3260	288	11	documented	document	VERB
fsr-3260	288	12	by	by	ADP
fsr-3260	288	13	jegadeesh	jegadeesh	NOUN
fsr-3260	288	14	and	and	CCONJ
fsr-3260	288	15	titman	titman	NOUN
fsr-3260	288	16	(	(	PUNCT
fsr-3260	288	17	1993	1993	NUM
fsr-3260	288	18	)	)	PUNCT
fsr-3260	288	19	explains	explain	VERB
fsr-3260	288	20	the	the	DET
fsr-3260	288	21	mutual	mutual	ADJ
fsr-3260	288	22	fund	fund	NOUN
fsr-3260	288	23	performance	performance	NOUN
fsr-3260	288	24	persistence	persistence	NOUN
fsr-3260	288	25	(	(	PUNCT
fsr-3260	288	26	carhart	carhart	NOUN
fsr-3260	288	27	,	,	PUNCT
fsr-3260	288	28	1997	1997	NUM
fsr-3260	288	29	;	;	PUNCT
fsr-3260	288	30	grinblatt	grinblatt	PROPN
fsr-3260	288	31	et	et	PROPN
fsr-3260	288	32	al	al	PROPN
fsr-3260	288	33	.	.	PROPN
fsr-3260	288	34	,	,	PUNCT
fsr-3260	288	35	1995	1995	NUM
fsr-3260	288	36	)	)	PUNCT
fsr-3260	288	37	.	.	PUNCT
fsr-3260	289	1	specifically	specifically	ADV
fsr-3260	289	2	,	,	PUNCT
fsr-3260	289	3	because	because	SCONJ
fsr-3260	289	4	stock	stock	NOUN
fsr-3260	289	5	returns	return	NOUN
fsr-3260	289	6	are	be	AUX
fsr-3260	289	7	positively	positively	ADV
fsr-3260	289	8	correlated	correlate	VERB
fsr-3260	289	9	in	in	ADP
fsr-3260	289	10	the	the	DET
fsr-3260	289	11	short	short	ADJ
fsr-3260	289	12	term	term	NOUN
fsr-3260	289	13	,	,	PUNCT
fsr-3260	289	14	funds	fund	NOUN
fsr-3260	289	15	that	that	PRON
fsr-3260	289	16	consistently	consistently	ADV
fsr-3260	289	17	invest	invest	VERB
fsr-3260	289	18	in	in	ADP
fsr-3260	289	19	recent	recent	ADJ
fsr-3260	289	20	winner	winner	NOUN
fsr-3260	289	21	stocks	stock	NOUN
fsr-3260	289	22	would	would	AUX
fsr-3260	289	23	benefit	benefit	VERB
fsr-3260	289	24	more	more	ADJ
fsr-3260	289	25	than	than	ADP
fsr-3260	289	26	other	other	ADJ
fsr-3260	289	27	funds	fund	NOUN
fsr-3260	289	28	from	from	ADP
fsr-3260	289	29	the	the	DET
fsr-3260	289	30	effects	effect	NOUN
fsr-3260	289	31	of	of	ADP
fsr-3260	289	32	return	return	NOUN
fsr-3260	289	33	momentum	momentum	NOUN
fsr-3260	289	34	of	of	ADP
fsr-3260	289	35	underlying	underlie	VERB
fsr-3260	289	36	stocks	stock	NOUN
fsr-3260	289	37	(	(	PUNCT
fsr-3260	289	38	sapp	sapp	PROPN
fsr-3260	289	39	and	and	CCONJ
fsr-3260	289	40	tiwari	tiwari	PROPN
fsr-3260	289	41	,	,	PUNCT
fsr-3260	289	42	2004	2004	NUM
fsr-3260	289	43	)	)	PUNCT
fsr-3260	289	44	.	.	PUNCT
fsr-3260	290	1	such	such	ADJ
fsr-3260	290	2	momentum	momentum	NOUN
fsr-3260	290	3	investing	investing	NOUN
fsr-3260	290	4	style	style	NOUN
fsr-3260	290	5	is	be	AUX
fsr-3260	290	6	the	the	DET
fsr-3260	290	7	key	key	NOUN
fsr-3260	290	8	to	to	ADP
fsr-3260	290	9	persistent	persistent	ADJ
fsr-3260	290	10	mutual	mutual	ADJ
fsr-3260	290	11	fund	fund	NOUN
fsr-3260	290	12	outperformance	outperformance	NOUN
fsr-3260	290	13	.	.	PUNCT
fsr-3260	291	1	consequently	consequently	ADV
fsr-3260	291	2	,	,	PUNCT
fsr-3260	291	3	if	if	SCONJ
fsr-3260	291	4	investors	investor	NOUN
fsr-3260	291	5	want	want	VERB
fsr-3260	291	6	to	to	PART
fsr-3260	291	7	realize	realize	VERB
fsr-3260	291	8	excess	excess	ADJ
fsr-3260	291	9	return	return	NOUN
fsr-3260	291	10	by	by	ADP
fsr-3260	291	11	chasing	chase	VERB
fsr-3260	291	12	past	past	ADJ
fsr-3260	291	13	fund	fund	NOUN
fsr-3260	291	14	performance	performance	NOUN
fsr-3260	291	15	,	,	PUNCT
fsr-3260	291	16	it	it	PRON
fsr-3260	291	17	is	be	AUX
fsr-3260	291	18	important	important	ADJ
fsr-3260	291	19	to	to	PART
fsr-3260	291	20	select	select	VERB
fsr-3260	291	21	funds	fund	NOUN
fsr-3260	291	22	that	that	PRON
fsr-3260	291	23	take	take	VERB
fsr-3260	291	24	advantage	advantage	NOUN
fsr-3260	291	25	of	of	ADP
fsr-3260	291	26	a	a	DET
fsr-3260	291	27	momentum	momentum	NOUN
fsr-3260	291	28	investing	investing	NOUN
fsr-3260	291	29	style	style	NOUN
fsr-3260	291	30	.	.	PUNCT
fsr-3260	292	1	chasing	chase	VERB
fsr-3260	292	2	recent	recent	ADJ
fsr-3260	292	3	winners	winner	NOUN
fsr-3260	292	4	might	might	AUX
fsr-3260	292	5	unwittingly	unwittingly	ADV
fsr-3260	292	6	benefits	benefit	VERB
fsr-3260	292	7	from	from	ADP
fsr-3260	292	8	the	the	DET
fsr-3260	292	9	momentum	momentum	NOUN
fsr-3260	292	10	effect	effect	NOUN
fsr-3260	292	11	if	if	SCONJ
fsr-3260	292	12	the	the	DET
fsr-3260	292	13	purchased	purchase	VERB
fsr-3260	292	14	winning	win	VERB
fsr-3260	292	15	funds	fund	NOUN
fsr-3260	292	16	happen	happen	VERB
fsr-3260	292	17	to	to	PART
fsr-3260	292	18	invest	invest	VERB
fsr-3260	292	19	on	on	ADP
fsr-3260	292	20	momentum	momentum	NOUN
fsr-3260	292	21	;	;	PUNCT
fsr-3260	292	22	however	however	ADV
fsr-3260	292	23	,	,	PUNCT
fsr-3260	292	24	a	a	DET
fsr-3260	292	25	strategy	strategy	NOUN
fsr-3260	292	26	of	of	ADP
fsr-3260	292	27	naively	naively	ADV
fsr-3260	292	28	chasing	chase	VERB
fsr-3260	292	29	past	past	ADJ
fsr-3260	292	30	performance	performance	NOUN
fsr-3260	292	31	while	while	SCONJ
fsr-3260	292	32	lacking	lack	VERB
fsr-3260	292	33	the	the	DET
fsr-3260	292	34	ability	ability	NOUN
fsr-3260	292	35	to	to	PART
fsr-3260	292	36	identify	identify	VERB
fsr-3260	292	37	funds	fund	NOUN
fsr-3260	292	38	with	with	ADP
fsr-3260	292	39	momentum	momentum	NOUN
fsr-3260	292	40	styles	style	NOUN
fsr-3260	292	41	can	can	AUX
fsr-3260	292	42	not	not	PART
fsr-3260	292	43	guarantee	guarantee	VERB
fsr-3260	292	44	the	the	DET
fsr-3260	292	45	success	success	NOUN
fsr-3260	292	46	of	of	ADP
fsr-3260	292	47	momentum	momentum	NOUN
fsr-3260	292	48	trading	trading	NOUN
fsr-3260	292	49	(	(	PUNCT
fsr-3260	292	50	sapp	sapp	PROPN
fsr-3260	292	51	and	and	CCONJ
fsr-3260	292	52	tiwari	tiwari	PROPN
fsr-3260	292	53	,	,	PUNCT
fsr-3260	292	54	2004	2004	NUM
fsr-3260	292	55	)	)	PUNCT
fsr-3260	292	56	.	.	PUNCT
fsr-3260	293	1	sapp	sapp	PROPN
fsr-3260	293	2	and	and	CCONJ
fsr-3260	293	3	tiwari	tiwari	PROPN
fsr-3260	293	4	(	(	PUNCT
fsr-3260	293	5	2004	2004	NUM
fsr-3260	293	6	)	)	PUNCT
fsr-3260	293	7	have	have	AUX
fsr-3260	293	8	indicated	indicate	VERB
fsr-3260	293	9	that	that	SCONJ
fsr-3260	293	10	investors	investor	NOUN
fsr-3260	293	11	of	of	ADP
fsr-3260	293	12	u.s	u.s	PROPN
fsr-3260	293	13	.	.	PROPN
fsr-3260	293	14	mutual	mutual	ADJ
fsr-3260	293	15	funds	fund	NOUN
fsr-3260	293	16	lack	lack	VERB
fsr-3260	293	17	fund	fund	NOUN
fsr-3260	293	18	selection	selection	NOUN
fsr-3260	293	19	ability	ability	NOUN
fsr-3260	293	20	;	;	PUNCT
fsr-3260	293	21	they	they	PRON
fsr-3260	293	22	do	do	AUX
fsr-3260	293	23	not	not	PART
fsr-3260	293	24	select	select	VERB
fsr-3260	293	25	funds	fund	NOUN
fsr-3260	293	26	based	base	VERB
fsr-3260	293	27	on	on	ADP
fsr-3260	293	28	a	a	DET
fsr-3260	293	29	momentum	momentum	NOUN
fsr-3260	293	30	investing	investing	NOUN
fsr-3260	293	31	style	style	NOUN
fsr-3260	293	32	,	,	PUNCT
fsr-3260	293	33	but	but	CCONJ
fsr-3260	293	34	rather	rather	ADV
fsr-3260	293	35	simply	simply	ADV
fsr-3260	293	36	chase	chase	VERB
fsr-3260	293	37	funds	fund	NOUN
fsr-3260	293	38	that	that	PRON
fsr-3260	293	39	were	be	AUX
fsr-3260	293	40	recent	recent	ADJ
fsr-3260	293	41	winners	winner	NOUN
fsr-3260	293	42	.	.	PUNCT
fsr-3260	294	1	if	if	SCONJ
fsr-3260	294	2	the	the	DET
fsr-3260	294	3	same	same	ADJ
fsr-3260	294	4	pattern	pattern	NOUN
fsr-3260	294	5	holds	hold	VERB
fsr-3260	294	6	true	true	ADJ
fsr-3260	294	7	among	among	ADP
fsr-3260	294	8	401(k	401(k	PROPN
fsr-3260	294	9	)	)	PUNCT
fsr-3260	294	10	traders	trader	NOUN
fsr-3260	294	11	,	,	PUNCT
fsr-3260	294	12	this	this	PRON
fsr-3260	294	13	could	could	AUX
fsr-3260	294	14	be	be	AUX
fsr-3260	294	15	one	one	NUM
fsr-3260	294	16	explanation	explanation	NOUN
fsr-3260	294	17	for	for	ADP
fsr-3260	294	18	the	the	DET
fsr-3260	294	19	inefficiency	inefficiency	NOUN
fsr-3260	294	20	among	among	ADP
fsr-3260	294	21	401(k	401(k	NOUN
fsr-3260	294	22	)	)	PUNCT
fsr-3260	294	23	momentum	momentum	NOUN
fsr-3260	294	24	traders	trader	NOUN
fsr-3260	294	25	.	.	PUNCT
fsr-3260	295	1	in	in	ADP
fsr-3260	295	2	this	this	DET
fsr-3260	295	3	section	section	NOUN
fsr-3260	295	4	,	,	PUNCT
fsr-3260	295	5	we	we	PRON
fsr-3260	295	6	will	will	AUX
fsr-3260	295	7	test	test	VERB
fsr-3260	295	8	whether	whether	SCONJ
fsr-3260	295	9	momentum	momentum	NOUN
fsr-3260	295	10	traders	trader	NOUN
fsr-3260	295	11	in	in	ADP
fsr-3260	295	12	401(k	401(k	PROPN
fsr-3260	295	13	)	)	PUNCT
fsr-3260	295	14	plans	plan	NOUN
fsr-3260	295	15	have	have	VERB
fsr-3260	295	16	the	the	DET
fsr-3260	295	17	ability	ability	NOUN
fsr-3260	295	18	to	to	PART
fsr-3260	295	19	identify	identify	VERB
fsr-3260	295	20	funds	fund	NOUN
fsr-3260	295	21	with	with	ADP
fsr-3260	295	22	momentum	momentum	NOUN
fsr-3260	295	23	styles	style	NOUN
fsr-3260	295	24	or	or	CCONJ
fsr-3260	295	25	whether	whether	SCONJ
fsr-3260	295	26	they	they	PRON
fsr-3260	295	27	just	just	ADV
fsr-3260	295	28	naively	naively	ADV
fsr-3260	295	29	chase	chase	VERB
fsr-3260	295	30	past	past	ADP
fsr-3260	295	31	fund	fund	NOUN
fsr-3260	295	32	performance	performance	NOUN
fsr-3260	295	33	.	.	PUNCT
fsr-3260	296	1	5.1	5.1	NUM
fsr-3260	296	2	.	.	PUNCT
fsr-3260	297	1	determinants	determinant	NOUN
fsr-3260	297	2	of	of	ADP
fsr-3260	297	3	fund	fund	NOUN
fsr-3260	297	4	cash	cash	NOUN
fsr-3260	297	5	flows	flow	NOUN
fsr-3260	297	6	if	if	SCONJ
fsr-3260	297	7	investors	investor	NOUN
fsr-3260	297	8	have	have	VERB
fsr-3260	297	9	the	the	DET
fsr-3260	297	10	ability	ability	NOUN
fsr-3260	297	11	to	to	PART
fsr-3260	297	12	identify	identify	VERB
fsr-3260	297	13	funds	fund	NOUN
fsr-3260	297	14	with	with	ADP
fsr-3260	297	15	momentum	momentum	NOUN
fsr-3260	297	16	styles	style	NOUN
fsr-3260	297	17	,	,	PUNCT
fsr-3260	297	18	we	we	PRON
fsr-3260	297	19	would	would	AUX
fsr-3260	297	20	expect	expect	VERB
fsr-3260	297	21	fund	fund	NOUN
fsr-3260	297	22	momentum	momentum	NOUN
fsr-3260	297	23	loadings	loading	NOUN
fsr-3260	297	24	to	to	PART
fsr-3260	297	25	significantly	significantly	ADV
fsr-3260	297	26	affect	affect	VERB
fsr-3260	297	27	fund	fund	NOUN
fsr-3260	297	28	cash	cash	NOUN
fsr-3260	297	29	flows	flow	NOUN
fsr-3260	297	30	.	.	PUNCT
fsr-3260	298	1	however	however	ADV
fsr-3260	298	2	,	,	PUNCT
fsr-3260	298	3	if	if	SCONJ
fsr-3260	298	4	investors	investor	NOUN
fsr-3260	298	5	simply	simply	ADV
fsr-3260	298	6	chase	chase	VERB
fsr-3260	298	7	past	past	PROPN
fsr-3260	298	8	fund	fund	NOUN
fsr-3260	298	9	performance	performance	NOUN
fsr-3260	298	10	,	,	PUNCT
fsr-3260	298	11	we	we	PRON
fsr-3260	298	12	would	would	AUX
fsr-3260	298	13	expect	expect	VERB
fsr-3260	298	14	lagged	lag	VERB
fsr-3260	298	15	fund	fund	NOUN
fsr-3260	298	16	returns	return	NOUN
fsr-3260	298	17	to	to	PART
fsr-3260	298	18	be	be	AUX
fsr-3260	298	19	the	the	DET
fsr-3260	298	20	primary	primary	ADJ
fsr-3260	298	21	determinant	determinant	NOUN
fsr-3260	298	22	of	of	ADP
fsr-3260	298	23	fund	fund	NOUN
fsr-3260	298	24	cash	cash	NOUN
fsr-3260	298	25	flows	flow	NOUN
fsr-3260	298	26	.	.	PUNCT
fsr-3260	299	1	we	we	PRON
fsr-3260	299	2	follow	follow	VERB
fsr-3260	299	3	sapp	sapp	PROPN
fsr-3260	299	4	and	and	CCONJ
fsr-3260	299	5	tiwari	tiwari	PROPN
fsr-3260	299	6	(	(	PUNCT
fsr-3260	299	7	2004	2004	NUM
fsr-3260	299	8	)	)	PUNCT
fsr-3260	299	9	to	to	PART
fsr-3260	299	10	examine	examine	VERB
fsr-3260	299	11	the	the	DET
fsr-3260	299	12	explanatory	explanatory	ADJ
fsr-3260	299	13	power	power	NOUN
fsr-3260	299	14	of	of	ADP
fsr-3260	299	15	momentum	momentum	NOUN
fsr-3260	299	16	factor	factor	NOUN
fsr-3260	299	17	loading	loading	NOUN
fsr-3260	299	18	and	and	CCONJ
fsr-3260	299	19	lagged	lag	VERB
fsr-3260	299	20	fund	fund	NOUN
fsr-3260	299	21	return	return	NOUN
fsr-3260	299	22	for	for	ADP
fsr-3260	299	23	fund	fund	NOUN
fsr-3260	299	24	cash	cash	NOUN
fsr-3260	299	25	flows	flow	NOUN
fsr-3260	299	26	.	.	PUNCT
fsr-3260	300	1	to	to	PART
fsr-3260	300	2	do	do	VERB
fsr-3260	300	3	so	so	ADV
fsr-3260	300	4	,	,	PUNCT
fsr-3260	300	5	we	we	PRON
fsr-3260	300	6	first	first	ADV
fsr-3260	300	7	estimate	estimate	VERB
fsr-3260	300	8	individual	individual	ADJ
fsr-3260	300	9	funds	fund	NOUN
fsr-3260	300	10	’	'	PUNCT
fsr-3260	300	11	momentum	momentum	NOUN
fsr-3260	300	12	factor	factor	NOUN
fsr-3260	300	13	loadings	loading	NOUN
fsr-3260	300	14	each	each	DET
fsr-3260	300	15	month	month	NOUN
fsr-3260	300	16	by	by	ADP
fsr-3260	300	17	the	the	DET
fsr-3260	300	18	following	follow	VERB
fsr-3260	300	19	four	four	NUM
fsr-3260	300	20	-	-	PUNCT
fsr-3260	300	21	factor	factor	NOUN
fsr-3260	300	22	model	model	NOUN
fsr-3260	300	23	:	:	PUNCT
fsr-3260	300	24	65n	65n	NUM
fsr-3260	300	25	.	.	X
fsr-3260	300	26	tang	tang	PROPN
fsr-3260	300	27	/	/	SYM
fsr-3260	300	28	financial	financial	ADJ
fsr-3260	300	29	services	service	NOUN
fsr-3260	300	30	review	review	VERB
fsr-3260	300	31	25	25	NUM
fsr-3260	300	32	(	(	PUNCT
fsr-3260	300	33	2016	2016	NUM
fsr-3260	300	34	)	)	PUNCT
fsr-3260	300	35	51–72	51–72	NUM
fsr-3260	300	36	ri	ri	PROPN
fsr-3260	300	37	,	,	PUNCT
fsr-3260	300	38	t	t	PROPN
fsr-3260	300	39	�	�	PROPN
fsr-3260	300	40	rf	rf	PROPN
fsr-3260	300	41	,	,	PUNCT
fsr-3260	300	42	t	t	PROPN
fsr-3260	300	43	�	�	PROPN
fsr-3260	300	44	�	�	PROPN
fsr-3260	300	45	i	i	PROPN
fsr-3260	300	46	�	�	PROPN
fsr-3260	300	47	�	�	PROPN
fsr-3260	300	48	1	1	NUM
fsr-3260	300	49	�	�	PROPN
fsr-3260	300	50	rm	rm	PROPN
fsr-3260	300	51	,	,	PUNCT
fsr-3260	300	52	t	t	PROPN
fsr-3260	300	53	�	�	PROPN
fsr-3260	300	54	rf	rf	PROPN
fsr-3260	300	55	,	,	PUNCT
fsr-3260	300	56	t	t	PROPN
fsr-3260	300	57	�	�	PROPN
fsr-3260	300	58	�	�	PROPN
fsr-3260	300	59	�	�	PROPN
fsr-3260	300	60	2smbt	2smbt	PROPN
fsr-3260	300	61	�	�	PROPN
fsr-3260	300	62	�	�	PROPN
fsr-3260	300	63	3hmlt	3hmlt	PROPN
fsr-3260	300	64	�	�	PROPN
fsr-3260	300	65	�	�	PROPN
fsr-3260	300	66	4umdt	4umdt	NUM
fsr-3260	300	67	�	�	PROPN
fsr-3260	300	68	�	�	PROPN
fsr-3260	300	69	i	i	PROPN
fsr-3260	300	70	,	,	PUNCT
fsr-3260	300	71	t	t	PROPN
fsr-3260	300	72	(	(	PUNCT
fsr-3260	300	73	7	7	NUM
fsr-3260	300	74	)	)	PUNCT
fsr-3260	300	75	where	where	SCONJ
fsr-3260	300	76	ri	ri	PROPN
fsr-3260	300	77	,	,	PUNCT
fsr-3260	300	78	t	t	PROPN
fsr-3260	300	79	is	be	AUX
fsr-3260	300	80	the	the	DET
fsr-3260	300	81	monthly	monthly	ADJ
fsr-3260	300	82	return	return	NOUN
fsr-3260	300	83	of	of	ADP
fsr-3260	300	84	fund	fund	NOUN
fsr-3260	300	85	i	i	PRON
fsr-3260	300	86	;	;	PUNCT
fsr-3260	300	87	rf	rf	VERB
fsr-3260	300	88	,	,	PUNCT
fsr-3260	300	89	t	t	PROPN
fsr-3260	300	90	is	be	AUX
fsr-3260	300	91	the	the	DET
fsr-3260	300	92	monthly	monthly	ADJ
fsr-3260	300	93	risk	risk	NOUN
fsr-3260	300	94	-	-	PUNCT
fsr-3260	300	95	free	free	ADJ
fsr-3260	300	96	asset	asset	NOUN
fsr-3260	300	97	return	return	NOUN
fsr-3260	300	98	;	;	PUNCT
fsr-3260	300	99	rm	rm	PROPN
fsr-3260	300	100	,	,	PUNCT
fsr-3260	300	101	t	t	PROPN
fsr-3260	300	102	is	be	AUX
fsr-3260	300	103	the	the	DET
fsr-3260	300	104	market	market	NOUN
fsr-3260	300	105	return	return	NOUN
fsr-3260	300	106	in	in	ADP
fsr-3260	300	107	month	month	NOUN
fsr-3260	300	108	t.	t.	PROPN
fsr-3260	300	109	smb	smb	PROPN
fsr-3260	300	110	,	,	PUNCT
fsr-3260	300	111	hml	hml	PROPN
fsr-3260	300	112	,	,	PUNCT
fsr-3260	300	113	and	and	CCONJ
fsr-3260	300	114	umd	umd	PROPN
fsr-3260	300	115	are	be	AUX
fsr-3260	300	116	returns	return	NOUN
fsr-3260	300	117	on	on	ADP
fsr-3260	300	118	zero	zero	NUM
fsr-3260	300	119	-	-	PUNCT
fsr-3260	300	120	investment	investment	NOUN
fsr-3260	300	121	factor	factor	NOUN
fsr-3260	300	122	-	-	PUNCT
fsr-3260	300	123	mimicking	mimic	VERB
fsr-3260	300	124	portfolios	portfolio	NOUN
fsr-3260	300	125	for	for	ADP
fsr-3260	300	126	size	size	NOUN
fsr-3260	300	127	,	,	PUNCT
fsr-3260	300	128	book	book	NOUN
fsr-3260	300	129	-	-	PUNCT
fsr-3260	300	130	to	to	ADP
fsr-3260	300	131	-	-	PUNCT
fsr-3260	300	132	market	market	NOUN
fsr-3260	300	133	,	,	PUNCT
fsr-3260	300	134	and	and	CCONJ
fsr-3260	300	135	one	one	NUM
fsr-3260	300	136	-	-	PUNCT
fsr-3260	300	137	year	year	NOUN
fsr-3260	300	138	momentum	momentum	NOUN
fsr-3260	300	139	in	in	ADP
fsr-3260	300	140	stock	stock	NOUN
fsr-3260	300	141	returns	return	NOUN
fsr-3260	300	142	.	.	PUNCT
fsr-3260	301	1	therefore	therefore	ADV
fsr-3260	301	2	,	,	PUNCT
fsr-3260	301	3	�	�	PROPN
fsr-3260	301	4	4	4	NUM
fsr-3260	301	5	indicates	indicate	VERB
fsr-3260	301	6	the	the	DET
fsr-3260	301	7	estimated	estimate	VERB
fsr-3260	301	8	momentum	momentum	NOUN
fsr-3260	301	9	factor	factor	NOUN
fsr-3260	301	10	loading	loading	NOUN
fsr-3260	301	11	of	of	ADP
fsr-3260	301	12	fund	fund	NOUN
fsr-3260	301	13	i.	i.	NOUN
fsr-3260	301	14	we	we	PRON
fsr-3260	301	15	then	then	ADV
fsr-3260	301	16	run	run	VERB
fsr-3260	301	17	the	the	DET
fsr-3260	301	18	regression	regression	NOUN
fsr-3260	301	19	to	to	PART
fsr-3260	301	20	investigate	investigate	VERB
fsr-3260	301	21	the	the	DET
fsr-3260	301	22	determinants	determinant	NOUN
fsr-3260	301	23	of	of	ADP
fsr-3260	301	24	fund	fund	NOUN
fsr-3260	301	25	cash	cash	NOUN
fsr-3260	301	26	flows	flow	NOUN
fsr-3260	301	27	.	.	PUNCT
fsr-3260	302	1	specifically	specifically	ADV
fsr-3260	302	2	,	,	PUNCT
fsr-3260	302	3	in	in	ADP
fsr-3260	302	4	the	the	DET
fsr-3260	302	5	quarter	quarter	NOUN
fsr-3260	302	6	when	when	SCONJ
fsr-3260	302	7	a	a	DET
fsr-3260	302	8	trader	trader	NOUN
fsr-3260	302	9	is	be	AUX
fsr-3260	302	10	identified	identify	VERB
fsr-3260	302	11	as	as	ADP
fsr-3260	302	12	a	a	DET
fsr-3260	302	13	momentum	momentum	NOUN
fsr-3260	302	14	trader	trader	NOUN
fsr-3260	302	15	,	,	PUNCT
fsr-3260	302	16	we	we	PRON
fsr-3260	302	17	normalize	normalize	VERB
fsr-3260	302	18	the	the	DET
fsr-3260	302	19	monthly	monthly	ADJ
fsr-3260	302	20	cash	cash	NOUN
fsr-3260	302	21	flows	flow	NOUN
fsr-3260	302	22	of	of	ADP
fsr-3260	302	23	each	each	DET
fsr-3260	302	24	fund	fund	NOUN
fsr-3260	302	25	purchased	purchase	VERB
fsr-3260	302	26	(	(	PUNCT
fsr-3260	302	27	sold	sell	VERB
fsr-3260	302	28	)	)	PUNCT
fsr-3260	302	29	by	by	ADP
fsr-3260	302	30	the	the	DET
fsr-3260	302	31	momentum	momentum	NOUN
fsr-3260	302	32	buyer	buyer	NOUN
fsr-3260	302	33	(	(	PUNCT
fsr-3260	302	34	seller	seller	NOUN
fsr-3260	302	35	)	)	PUNCT
fsr-3260	302	36	by	by	ADP
fsr-3260	302	37	his	his	PRON
fsr-3260	302	38	account	account	NOUN
fsr-3260	302	39	balance	balance	NOUN
fsr-3260	302	40	at	at	ADP
fsr-3260	302	41	the	the	DET
fsr-3260	302	42	beginning	beginning	NOUN
fsr-3260	302	43	of	of	ADP
fsr-3260	302	44	the	the	DET
fsr-3260	302	45	month	month	NOUN
fsr-3260	302	46	.	.	PUNCT
fsr-3260	303	1	we	we	PRON
fsr-3260	303	2	then	then	ADV
fsr-3260	303	3	take	take	VERB
fsr-3260	303	4	the	the	DET
fsr-3260	303	5	monthly	monthly	ADJ
fsr-3260	303	6	average	average	NOUN
fsr-3260	303	7	of	of	ADP
fsr-3260	303	8	normalized	normalize	VERB
fsr-3260	303	9	cash	cash	NOUN
fsr-3260	303	10	flows	flow	NOUN
fsr-3260	303	11	of	of	ADP
fsr-3260	303	12	each	each	DET
fsr-3260	303	13	fund	fund	NOUN
fsr-3260	303	14	across	across	ADP
fsr-3260	303	15	all	all	DET
fsr-3260	303	16	traders	trader	NOUN
fsr-3260	303	17	and	and	CCONJ
fsr-3260	303	18	use	use	VERB
fsr-3260	303	19	the	the	DET
fsr-3260	303	20	averages	average	NOUN
fsr-3260	303	21	as	as	ADP
fsr-3260	303	22	dependent	dependent	ADJ
fsr-3260	303	23	variables	variable	NOUN
fsr-3260	303	24	.	.	PUNCT
fsr-3260	304	1	independent	independent	ADJ
fsr-3260	304	2	variables	variable	NOUN
fsr-3260	304	3	in	in	ADP
fsr-3260	304	4	the	the	DET
fsr-3260	304	5	regression	regression	NOUN
fsr-3260	304	6	include	include	VERB
fsr-3260	304	7	fund	fund	PROPN
fsr-3260	304	8	’s	’s	PART
fsr-3260	304	9	umd	umd	NOUN
fsr-3260	304	10	loading	loading	NOUN
fsr-3260	304	11	and	and	CCONJ
fsr-3260	304	12	funds	fund	NOUN
fsr-3260	304	13	’	'	PUNCT
fsr-3260	304	14	past	past	ADJ
fsr-3260	304	15	month	month	NOUN
fsr-3260	304	16	returns	return	NOUN
fsr-3260	304	17	.	.	PUNCT
fsr-3260	305	1	we	we	PRON
fsr-3260	305	2	choose	choose	VERB
fsr-3260	305	3	past	past	ADJ
fsr-3260	305	4	month	month	NOUN
fsr-3260	305	5	return	return	NOUN
fsr-3260	305	6	because	because	SCONJ
fsr-3260	305	7	momentum	momentum	NOUN
fsr-3260	305	8	traders	trader	NOUN
fsr-3260	305	9	are	be	AUX
fsr-3260	305	10	identified	identify	VERB
fsr-3260	305	11	based	base	VERB
fsr-3260	305	12	on	on	ADP
fsr-3260	305	13	their	their	PRON
fsr-3260	305	14	responses	response	NOUN
fsr-3260	305	15	to	to	ADP
fsr-3260	305	16	past	past	ADJ
fsr-3260	305	17	month	month	NOUN
fsr-3260	305	18	fund	fund	NOUN
fsr-3260	305	19	return	return	NOUN
fsr-3260	305	20	.	.	PUNCT
fsr-3260	306	1	regressions	regression	NOUN
fsr-3260	306	2	also	also	ADV
fsr-3260	306	3	control	control	VERB
fsr-3260	306	4	for	for	ADP
fsr-3260	306	5	time	time	NOUN
fsr-3260	306	6	fixed	fix	VERB
fsr-3260	306	7	effects	effect	NOUN
fsr-3260	306	8	.	.	PUNCT
fsr-3260	307	1	model	model	NOUN
fsr-3260	307	2	i	i	PRON
fsr-3260	307	3	in	in	ADP
fsr-3260	307	4	table	table	NOUN
fsr-3260	307	5	5	5	NUM
fsr-3260	307	6	uses	use	VERB
fsr-3260	307	7	a	a	DET
fsr-3260	307	8	fund	fund	NOUN
fsr-3260	307	9	’s	’s	PART
fsr-3260	307	10	lagged	lag	VERB
fsr-3260	307	11	return	return	NOUN
fsr-3260	307	12	and	and	CCONJ
fsr-3260	307	13	umd	umd	NOUN
fsr-3260	307	14	loading	loading	NOUN
fsr-3260	307	15	as	as	ADP
fsr-3260	307	16	explanatory	explanatory	ADJ
fsr-3260	307	17	variables	variable	NOUN
fsr-3260	307	18	.	.	PUNCT
fsr-3260	308	1	results	result	NOUN
fsr-3260	308	2	show	show	VERB
fsr-3260	308	3	that	that	SCONJ
fsr-3260	308	4	umd	umd	NOUN
fsr-3260	308	5	loading	loading	NOUN
fsr-3260	308	6	has	have	VERB
fsr-3260	308	7	no	no	DET
fsr-3260	308	8	significant	significant	ADJ
fsr-3260	308	9	impact	impact	NOUN
fsr-3260	308	10	on	on	ADP
fsr-3260	308	11	momentum	momentum	NOUN
fsr-3260	308	12	traders	trader	NOUN
fsr-3260	308	13	’	’	PART
fsr-3260	308	14	cash	cash	NOUN
fsr-3260	308	15	flows	flow	NOUN
fsr-3260	308	16	.	.	PUNCT
fsr-3260	309	1	at	at	ADP
fsr-3260	309	2	the	the	DET
fsr-3260	309	3	same	same	ADJ
fsr-3260	309	4	time	time	NOUN
fsr-3260	309	5	,	,	PUNCT
fsr-3260	309	6	past	past	ADJ
fsr-3260	309	7	fund	fund	NOUN
fsr-3260	309	8	returns	return	NOUN
fsr-3260	309	9	are	be	AUX
fsr-3260	309	10	significantly	significantly	ADV
fsr-3260	309	11	positively	positively	ADV
fsr-3260	309	12	related	relate	VERB
fsr-3260	309	13	to	to	ADP
fsr-3260	309	14	cash	cash	NOUN
fsr-3260	309	15	flows	flow	NOUN
fsr-3260	309	16	(	(	PUNCT
fsr-3260	309	17	p	p	NOUN
fsr-3260	309	18	�	�	NOUN
fsr-3260	309	19	.10	.10	NUM
fsr-3260	309	20	among	among	ADP
fsr-3260	309	21	momentum	momentum	NOUN
fsr-3260	309	22	buyers	buyer	NOUN
fsr-3260	309	23	;	;	PUNCT
fsr-3260	309	24	p	p	X
fsr-3260	309	25	�	�	NOUN
fsr-3260	309	26	.01	.01	NUM
fsr-3260	309	27	among	among	ADP
fsr-3260	309	28	momentum	momentum	NOUN
fsr-3260	309	29	sellers	seller	NOUN
fsr-3260	309	30	)	)	PUNCT
fsr-3260	309	31	.	.	PUNCT
fsr-3260	310	1	model	model	PROPN
fsr-3260	310	2	ii	ii	PROPN
fsr-3260	310	3	includes	include	VERB
fsr-3260	310	4	additional	additional	ADJ
fsr-3260	310	5	explanatory	explanatory	ADJ
fsr-3260	310	6	variables	variable	NOUN
fsr-3260	310	7	in	in	ADP
fsr-3260	310	8	the	the	DET
fsr-3260	310	9	regression	regression	NOUN
fsr-3260	310	10	,	,	PUNCT
fsr-3260	310	11	namely	namely	ADV
fsr-3260	310	12	logarithm	logarithm	NOUN
fsr-3260	310	13	of	of	ADP
fsr-3260	310	14	funds	fund	NOUN
fsr-3260	310	15	total	total	ADJ
fsr-3260	310	16	assets	asset	NOUN
fsr-3260	310	17	at	at	ADP
fsr-3260	310	18	the	the	DET
fsr-3260	310	19	beginning	beginning	NOUN
fsr-3260	310	20	of	of	ADP
fsr-3260	310	21	the	the	DET
fsr-3260	310	22	month	month	NOUN
fsr-3260	310	23	,	,	PUNCT
fsr-3260	310	24	and	and	CCONJ
fsr-3260	310	25	normalized	normalize	VERB
fsr-3260	310	26	fund	fund	NOUN
fsr-3260	310	27	cash	cash	NOUN
fsr-3260	310	28	flows	flow	NOUN
fsr-3260	310	29	in	in	ADP
fsr-3260	310	30	the	the	DET
fsr-3260	310	31	prior	prior	ADJ
fsr-3260	310	32	month	month	NOUN
fsr-3260	310	33	.	.	PUNCT
fsr-3260	311	1	larger	large	ADJ
fsr-3260	311	2	funds	fund	NOUN
fsr-3260	311	3	presumably	presumably	ADV
fsr-3260	311	4	have	have	VERB
fsr-3260	311	5	greater	great	ADJ
fsr-3260	311	6	visibility	visibility	NOUN
fsr-3260	311	7	and	and	CCONJ
fsr-3260	311	8	thus	thus	ADV
fsr-3260	311	9	are	be	AUX
fsr-3260	311	10	expected	expect	VERB
fsr-3260	311	11	to	to	PART
fsr-3260	311	12	have	have	VERB
fsr-3260	311	13	larger	large	ADJ
fsr-3260	311	14	transaction	transaction	NOUN
fsr-3260	311	15	amounts	amount	NOUN
fsr-3260	311	16	involved	involve	VERB
fsr-3260	311	17	.	.	PUNCT
fsr-3260	312	1	results	result	NOUN
fsr-3260	312	2	confirm	confirm	VERB
fsr-3260	312	3	that	that	SCONJ
fsr-3260	312	4	larger	large	ADJ
fsr-3260	312	5	funds	fund	NOUN
fsr-3260	312	6	have	have	VERB
fsr-3260	312	7	more	more	ADJ
fsr-3260	312	8	cash	cash	NOUN
fsr-3260	312	9	outflows	outflow	NOUN
fsr-3260	312	10	.	.	PUNCT
fsr-3260	313	1	the	the	DET
fsr-3260	313	2	positive	positive	ADJ
fsr-3260	313	3	coefficient	coefficient	NOUN
fsr-3260	313	4	on	on	ADP
fsr-3260	313	5	previous	previous	ADJ
fsr-3260	313	6	month	month	NOUN
fsr-3260	313	7	’s	’s	PART
fsr-3260	313	8	fund	fund	NOUN
fsr-3260	313	9	cash	cash	NOUN
fsr-3260	313	10	flow	flow	NOUN
fsr-3260	313	11	among	among	ADP
fsr-3260	313	12	momentum	momentum	NOUN
fsr-3260	313	13	sellers	seller	NOUN
fsr-3260	313	14	suggests	suggest	VERB
fsr-3260	313	15	that	that	SCONJ
fsr-3260	313	16	cash	cash	NOUN
fsr-3260	313	17	outflow	outflow	NOUN
fsr-3260	313	18	tends	tend	VERB
fsr-3260	313	19	to	to	PART
fsr-3260	313	20	be	be	AUX
fsr-3260	313	21	persistent	persistent	ADJ
fsr-3260	313	22	,	,	PUNCT
fsr-3260	313	23	probably	probably	ADV
fsr-3260	313	24	because	because	SCONJ
fsr-3260	313	25	of	of	ADP
fsr-3260	313	26	fund	fund	NOUN
fsr-3260	313	27	reputation	reputation	NOUN
fsr-3260	313	28	or	or	CCONJ
fsr-3260	313	29	visibility	visibility	NOUN
fsr-3260	313	30	.	.	PUNCT
fsr-3260	314	1	results	result	NOUN
fsr-3260	314	2	from	from	ADP
fsr-3260	314	3	model	model	NOUN
fsr-3260	314	4	table	table	NOUN
fsr-3260	314	5	5	5	NUM
fsr-3260	314	6	determinants	determinant	NOUN
fsr-3260	314	7	of	of	ADP
fsr-3260	314	8	fund	fund	NOUN
fsr-3260	314	9	cash	cash	NOUN
fsr-3260	314	10	flows	flow	VERB
fsr-3260	314	11	explanatory	explanatory	ADJ
fsr-3260	314	12	variables	variable	NOUN
fsr-3260	314	13	momentum	momentum	NOUN
fsr-3260	314	14	buyer	buyer	NOUN
fsr-3260	314	15	momentum	momentum	NOUN
fsr-3260	314	16	seller	seller	NOUN
fsr-3260	315	1	i	i	NOUN
fsr-3260	315	2	ii	ii	VERB
fsr-3260	316	1	i	i	PRON
fsr-3260	316	2	ii	ii	PROPN
fsr-3260	316	3	intercept	intercept	VERB
fsr-3260	316	4	0.10	0.10	NUM
fsr-3260	316	5	*	*	NOUN
fsr-3260	316	6	*	*	PUNCT
fsr-3260	316	7	*	*	PUNCT
fsr-3260	316	8	�	�	PROPN
fsr-3260	316	9	0.47	0.47	NUM
fsr-3260	316	10	�	�	PROPN
fsr-3260	316	11	0.14	0.14	NUM
fsr-3260	316	12	*	*	PUNCT
fsr-3260	316	13	*	*	PUNCT
fsr-3260	316	14	*	*	PUNCT
fsr-3260	316	15	�	�	NOUN
fsr-3260	316	16	0.08	0.08	NUM
fsr-3260	316	17	*	*	PUNCT
fsr-3260	316	18	*	*	PUNCT
fsr-3260	316	19	*	*	PUNCT
fsr-3260	316	20	(	(	PUNCT
fsr-3260	316	21	6.25	6.25	NUM
fsr-3260	316	22	)	)	PUNCT
fsr-3260	316	23	(	(	PUNCT
fsr-3260	316	24	�	�	NOUN
fsr-3260	316	25	1.36	1.36	NUM
fsr-3260	316	26	)	)	PUNCT
fsr-3260	316	27	(	(	PUNCT
fsr-3260	316	28	�	�	PROPN
fsr-3260	316	29	17.60	17.60	NUM
fsr-3260	316	30	)	)	PUNCT
fsr-3260	316	31	(	(	PUNCT
fsr-3260	316	32	�	�	NOUN
fsr-3260	316	33	8.43	8.43	NUM
fsr-3260	316	34	)	)	PUNCT
fsr-3260	316	35	past	past	ADJ
fsr-3260	316	36	month	month	NOUN
fsr-3260	316	37	fund	fund	NOUN
fsr-3260	316	38	return	return	NOUN
fsr-3260	316	39	0.50	0.50	NUM
fsr-3260	316	40	0.88	0.88	NUM
fsr-3260	316	41	0.06	0.06	NUM
fsr-3260	316	42	*	*	PUNCT
fsr-3260	316	43	*	*	PUNCT
fsr-3260	316	44	*	*	PUNCT
fsr-3260	316	45	0.11	0.11	NUM
fsr-3260	316	46	*	*	PUNCT
fsr-3260	316	47	*	*	PUNCT
fsr-3260	316	48	*	*	PUNCT
fsr-3260	316	49	(	(	PUNCT
fsr-3260	316	50	1.80	1.80	NUM
fsr-3260	316	51	)	)	PUNCT
fsr-3260	316	52	(	(	PUNCT
fsr-3260	316	53	1.83	1.83	NUM
fsr-3260	316	54	)	)	PUNCT
fsr-3260	316	55	(	(	PUNCT
fsr-3260	316	56	3.08	3.08	NUM
fsr-3260	316	57	)	)	PUNCT
fsr-3260	316	58	(	(	PUNCT
fsr-3260	316	59	5.92	5.92	NUM
fsr-3260	316	60	)	)	PUNCT
fsr-3260	316	61	umd	umd	NOUN
fsr-3260	316	62	loading	loading	NOUN
fsr-3260	316	63	0.01	0.01	NUM
fsr-3260	316	64	0.002	0.002	NUM
fsr-3260	316	65	0.001	0.001	NUM
fsr-3260	316	66	0.0003	0.0003	NUM
fsr-3260	316	67	(	(	PUNCT
fsr-3260	316	68	0.55	0.55	NUM
fsr-3260	316	69	)	)	PUNCT
fsr-3260	316	70	(	(	PUNCT
fsr-3260	316	71	0.23	0.23	NUM
fsr-3260	316	72	)	)	PUNCT
fsr-3260	316	73	(	(	PUNCT
fsr-3260	316	74	0.18	0.18	NUM
fsr-3260	316	75	)	)	PUNCT
fsr-3260	316	76	(	(	PUNCT
fsr-3260	316	77	0.12	0.12	NUM
fsr-3260	316	78	)	)	PUNCT
fsr-3260	316	79	logarithm	logarithm	NOUN
fsr-3260	316	80	of	of	ADP
fsr-3260	316	81	fund	fund	NOUN
fsr-3260	316	82	size	size	NOUN
fsr-3260	316	83	0.03	0.03	NUM
fsr-3260	316	84	�	�	PROPN
fsr-3260	316	85	0.003	0.003	NUM
fsr-3260	316	86	*	*	PUNCT
fsr-3260	316	87	*	*	PUNCT
fsr-3260	316	88	*	*	PUNCT
fsr-3260	316	89	(	(	PUNCT
fsr-3260	316	90	1.71	1.71	NUM
fsr-3260	316	91	)	)	PUNCT
fsr-3260	316	92	(	(	PUNCT
fsr-3260	316	93	�	�	PROPN
fsr-3260	316	94	8.30	8.30	NUM
fsr-3260	316	95	)	)	PUNCT
fsr-3260	316	96	previous	previous	ADJ
fsr-3260	316	97	month	month	NOUN
fsr-3260	316	98	’s	’s	PART
fsr-3260	316	99	fund	fund	NOUN
fsr-3260	316	100	cash	cash	NOUN
fsr-3260	316	101	flow	flow	NOUN
fsr-3260	316	102	�	�	NOUN
fsr-3260	316	103	0.0005	0.0005	NUM
fsr-3260	316	104	0.08	0.08	NUM
fsr-3260	316	105	*	*	PUNCT
fsr-3260	316	106	*	*	PUNCT
fsr-3260	316	107	*	*	PUNCT
fsr-3260	316	108	(	(	PUNCT
fsr-3260	316	109	�	�	PROPN
fsr-3260	316	110	0.53	0.53	NUM
fsr-3260	316	111	)	)	PUNCT
fsr-3260	316	112	(	(	PUNCT
fsr-3260	316	113	8.03	8.03	NUM
fsr-3260	316	114	)	)	PUNCT
fsr-3260	316	115	note	note	NOUN
fsr-3260	316	116	:	:	PUNCT
fsr-3260	316	117	the	the	DET
fsr-3260	316	118	table	table	NOUN
fsr-3260	316	119	shows	show	VERB
fsr-3260	316	120	the	the	DET
fsr-3260	316	121	coefficients	coefficient	NOUN
fsr-3260	316	122	from	from	ADP
fsr-3260	316	123	regressions	regression	NOUN
fsr-3260	316	124	of	of	ADP
fsr-3260	316	125	the	the	DET
fsr-3260	316	126	determinants	determinant	NOUN
fsr-3260	316	127	of	of	ADP
fsr-3260	316	128	momentum	momentum	NOUN
fsr-3260	316	129	buyers	buyer	NOUN
fsr-3260	316	130	’	'	PUNCT
fsr-3260	316	131	and	and	CCONJ
fsr-3260	316	132	momentum	momentum	NOUN
fsr-3260	316	133	sellers	seller	NOUN
fsr-3260	316	134	’	'	PUNCT
fsr-3260	316	135	normalized	normalize	VERB
fsr-3260	316	136	fund	fund	NOUN
fsr-3260	316	137	cash	cash	NOUN
fsr-3260	316	138	flows	flow	NOUN
fsr-3260	316	139	.	.	PUNCT
fsr-3260	317	1	dependents	dependent	NOUN
fsr-3260	317	2	variables	variable	NOUN
fsr-3260	317	3	are	be	AUX
fsr-3260	317	4	average	average	ADJ
fsr-3260	317	5	monthly	monthly	ADJ
fsr-3260	317	6	cash	cash	NOUN
fsr-3260	317	7	flows	flow	NOUN
fsr-3260	317	8	of	of	ADP
fsr-3260	317	9	funds	fund	NOUN
fsr-3260	317	10	purchased	purchase	VERB
fsr-3260	317	11	(	(	PUNCT
fsr-3260	317	12	sold	sell	VERB
fsr-3260	317	13	)	)	PUNCT
fsr-3260	317	14	by	by	ADP
fsr-3260	317	15	momentum	momentum	NOUN
fsr-3260	317	16	buyers	buyer	NOUN
fsr-3260	317	17	(	(	PUNCT
fsr-3260	317	18	sellers	seller	NOUN
fsr-3260	317	19	)	)	PUNCT
fsr-3260	317	20	normalized	normalize	VERB
fsr-3260	317	21	by	by	ADP
fsr-3260	317	22	individual	individual	ADJ
fsr-3260	317	23	traders	trader	NOUN
fsr-3260	317	24	’	’	PART
fsr-3260	317	25	account	account	NOUN
fsr-3260	317	26	balance	balance	NOUN
fsr-3260	317	27	at	at	ADP
fsr-3260	317	28	the	the	DET
fsr-3260	317	29	beginning	beginning	NOUN
fsr-3260	317	30	of	of	ADP
fsr-3260	317	31	the	the	DET
fsr-3260	317	32	month	month	NOUN
fsr-3260	317	33	.	.	PUNCT
fsr-3260	318	1	independent	independent	ADJ
fsr-3260	318	2	variables	variable	NOUN
fsr-3260	318	3	include	include	VERB
fsr-3260	318	4	past	past	ADJ
fsr-3260	318	5	month	month	NOUN
fsr-3260	318	6	fund	fund	NOUN
fsr-3260	318	7	return	return	NOUN
fsr-3260	318	8	,	,	PUNCT
fsr-3260	318	9	fund	fund	PROPN
fsr-3260	318	10	’s	’s	PART
fsr-3260	318	11	umd	umd	PROPN
fsr-3260	318	12	loading	loading	NOUN
fsr-3260	318	13	estimated	estimate	VERB
fsr-3260	318	14	from	from	ADP
fsr-3260	318	15	four	four	NUM
fsr-3260	318	16	-	-	PUNCT
fsr-3260	318	17	factor	factor	NOUN
fsr-3260	318	18	model	model	NOUN
fsr-3260	318	19	,	,	PUNCT
fsr-3260	318	20	logarithm	logarithm	NOUN
fsr-3260	318	21	of	of	ADP
fsr-3260	318	22	the	the	DET
fsr-3260	318	23	funds	fund	NOUN
fsr-3260	318	24	total	total	ADJ
fsr-3260	318	25	assets	asset	NOUN
fsr-3260	318	26	at	at	ADP
fsr-3260	318	27	the	the	DET
fsr-3260	318	28	beginning	beginning	NOUN
fsr-3260	318	29	of	of	ADP
fsr-3260	318	30	the	the	DET
fsr-3260	318	31	month	month	NOUN
fsr-3260	318	32	,	,	PUNCT
fsr-3260	318	33	and	and	CCONJ
fsr-3260	318	34	normalized	normalize	VERB
fsr-3260	318	35	fund	fund	NOUN
fsr-3260	318	36	cash	cash	NOUN
fsr-3260	318	37	flow	flow	NOUN
fsr-3260	318	38	in	in	ADP
fsr-3260	318	39	the	the	DET
fsr-3260	318	40	previous	previous	ADJ
fsr-3260	318	41	month	month	NOUN
fsr-3260	318	42	.	.	PUNCT
fsr-3260	319	1	regressions	regression	NOUN
fsr-3260	319	2	also	also	ADV
fsr-3260	319	3	control	control	VERB
fsr-3260	319	4	for	for	ADP
fsr-3260	319	5	time	time	NOUN
fsr-3260	319	6	fixed	fix	VERB
fsr-3260	319	7	effects	effect	NOUN
fsr-3260	319	8	.	.	PUNCT
fsr-3260	320	1	t	t	PROPN
fsr-3260	320	2	-	-	PUNCT
fsr-3260	320	3	statistics	statistic	NOUN
fsr-3260	320	4	are	be	AUX
fsr-3260	320	5	reported	report	VERB
fsr-3260	320	6	in	in	ADP
fsr-3260	320	7	parenthesis	parenthesis	NOUN
fsr-3260	320	8	.	.	PUNCT
fsr-3260	321	1	*	*	PUNCT
fsr-3260	321	2	*	*	PUNCT
fsr-3260	321	3	*	*	PUNCT
fsr-3260	321	4	and	and	CCONJ
fsr-3260	321	5	*	*	PUNCT
fsr-3260	321	6	*	*	NOUN
fsr-3260	321	7	indicate	indicate	VERB
fsr-3260	321	8	statistical	statistical	ADJ
fsr-3260	321	9	significance	significance	NOUN
fsr-3260	321	10	at	at	ADP
fsr-3260	321	11	the	the	DET
fsr-3260	321	12	1	1	NUM
fsr-3260	321	13	%	%	NOUN
fsr-3260	321	14	and	and	CCONJ
fsr-3260	321	15	5	5	NUM
fsr-3260	321	16	%	%	NOUN
fsr-3260	321	17	levels	level	NOUN
fsr-3260	321	18	,	,	PUNCT
fsr-3260	321	19	respectively	respectively	ADV
fsr-3260	321	20	.	.	PUNCT
fsr-3260	322	1	66	66	NUM
fsr-3260	322	2	n.	n.	PROPN
fsr-3260	322	3	tang	tang	PROPN
fsr-3260	322	4	/	/	SYM
fsr-3260	322	5	financial	financial	ADJ
fsr-3260	322	6	services	service	NOUN
fsr-3260	322	7	review	review	VERB
fsr-3260	322	8	25	25	NUM
fsr-3260	322	9	(	(	PUNCT
fsr-3260	322	10	2016	2016	NUM
fsr-3260	322	11	)	)	PUNCT
fsr-3260	322	12	51–72	51–72	NUM
fsr-3260	322	13	ii	ii	PROPN
fsr-3260	322	14	also	also	ADV
fsr-3260	322	15	confirm	confirm	VERB
fsr-3260	322	16	that	that	SCONJ
fsr-3260	322	17	cash	cash	NOUN
fsr-3260	322	18	flows	flow	NOUN
fsr-3260	322	19	of	of	ADP
fsr-3260	322	20	momentum	momentum	NOUN
fsr-3260	322	21	traders	trader	NOUN
fsr-3260	322	22	are	be	AUX
fsr-3260	322	23	primarily	primarily	ADV
fsr-3260	322	24	influenced	influence	VERB
fsr-3260	322	25	by	by	ADP
fsr-3260	322	26	past	past	ADJ
fsr-3260	322	27	returns	return	NOUN
fsr-3260	322	28	rather	rather	ADV
fsr-3260	322	29	than	than	ADP
fsr-3260	322	30	by	by	ADP
fsr-3260	322	31	fund	fund	NOUN
fsr-3260	322	32	momentum	momentum	NOUN
fsr-3260	322	33	exposures	exposure	NOUN
fsr-3260	322	34	(	(	PUNCT
fsr-3260	322	35	coefficient	coefficient	NOUN
fsr-3260	322	36	on	on	ADP
fsr-3260	322	37	past	past	ADJ
fsr-3260	322	38	month	month	NOUN
fsr-3260	322	39	fund	fund	NOUN
fsr-3260	322	40	return	return	NOUN
fsr-3260	322	41	among	among	ADP
fsr-3260	322	42	momentum	momentum	NOUN
fsr-3260	322	43	buyers	buyer	NOUN
fsr-3260	322	44	in	in	ADP
fsr-3260	322	45	model	model	PROPN
fsr-3260	322	46	ii	ii	PROPN
fsr-3260	322	47	is	be	AUX
fsr-3260	322	48	significant	significant	ADJ
fsr-3260	322	49	at	at	ADP
fsr-3260	322	50	p	p	PROPN
fsr-3260	322	51	�	�	NOUN
fsr-3260	322	52	.10	.10	NUM
fsr-3260	322	53	)	)	PUNCT
fsr-3260	322	54	.	.	PUNCT
fsr-3260	323	1	in	in	ADP
fsr-3260	323	2	summary	summary	NOUN
fsr-3260	323	3	,	,	PUNCT
fsr-3260	323	4	evidence	evidence	NOUN
fsr-3260	323	5	from	from	ADP
fsr-3260	323	6	table	table	NOUN
fsr-3260	323	7	5	5	NUM
fsr-3260	323	8	suggests	suggest	VERB
fsr-3260	323	9	that	that	SCONJ
fsr-3260	323	10	momentum	momentum	NOUN
fsr-3260	323	11	traders	trader	NOUN
fsr-3260	323	12	in	in	ADP
fsr-3260	323	13	401(k	401(k	PROPN
fsr-3260	323	14	)	)	PUNCT
fsr-3260	323	15	plans	plan	NOUN
fsr-3260	323	16	lack	lack	VERB
fsr-3260	323	17	the	the	DET
fsr-3260	323	18	ability	ability	NOUN
fsr-3260	323	19	to	to	PART
fsr-3260	323	20	identify	identify	VERB
fsr-3260	323	21	funds	fund	NOUN
fsr-3260	323	22	with	with	ADP
fsr-3260	323	23	momentum	momentum	NOUN
fsr-3260	323	24	styles	style	NOUN
fsr-3260	323	25	.	.	PUNCT
fsr-3260	324	1	they	they	PRON
fsr-3260	324	2	just	just	ADV
fsr-3260	324	3	naively	naively	ADV
fsr-3260	324	4	chase	chase	VERB
fsr-3260	324	5	past	past	ADP
fsr-3260	324	6	fund	fund	NOUN
fsr-3260	324	7	performance	performance	NOUN
fsr-3260	324	8	.	.	PUNCT
fsr-3260	325	1	5.2	5.2	NUM
fsr-3260	325	2	.	.	PUNCT
fsr-3260	325	3	relationship	relationship	NOUN
fsr-3260	325	4	between	between	ADP
fsr-3260	325	5	fund	fund	NOUN
fsr-3260	325	6	cash	cash	NOUN
fsr-3260	325	7	flows	flow	NOUN
fsr-3260	325	8	and	and	CCONJ
fsr-3260	325	9	fund	fund	NOUN
fsr-3260	325	10	momentum	momentum	NOUN
fsr-3260	325	11	exposures	exposure	VERB
fsr-3260	325	12	the	the	DET
fsr-3260	325	13	above	above	ADJ
fsr-3260	325	14	findings	finding	NOUN
fsr-3260	325	15	confirm	confirm	VERB
fsr-3260	325	16	that	that	SCONJ
fsr-3260	325	17	past	past	ADJ
fsr-3260	325	18	fund	fund	NOUN
fsr-3260	325	19	returns	return	NOUN
fsr-3260	325	20	,	,	PUNCT
fsr-3260	325	21	instead	instead	ADV
fsr-3260	325	22	of	of	ADP
fsr-3260	325	23	fund	fund	NOUN
fsr-3260	325	24	momentum	momentum	NOUN
fsr-3260	325	25	exposures	exposure	NOUN
fsr-3260	325	26	,	,	PUNCT
fsr-3260	325	27	are	be	AUX
fsr-3260	325	28	primary	primary	ADJ
fsr-3260	325	29	determinants	determinant	NOUN
fsr-3260	325	30	of	of	ADP
fsr-3260	325	31	momentum	momentum	NOUN
fsr-3260	325	32	traders	trader	NOUN
fsr-3260	325	33	’	’	PART
fsr-3260	325	34	cash	cash	NOUN
fsr-3260	325	35	flows	flow	NOUN
fsr-3260	325	36	.	.	PUNCT
fsr-3260	326	1	to	to	PART
fsr-3260	326	2	further	far	ADV
fsr-3260	326	3	explore	explore	VERB
fsr-3260	326	4	this	this	DET
fsr-3260	326	5	issue	issue	NOUN
fsr-3260	326	6	,	,	PUNCT
fsr-3260	326	7	we	we	PRON
fsr-3260	326	8	follow	follow	VERB
fsr-3260	326	9	sapp	sapp	PROPN
fsr-3260	326	10	and	and	CCONJ
fsr-3260	326	11	tiwari	tiwari	PROPN
fsr-3260	326	12	(	(	PUNCT
fsr-3260	326	13	2004	2004	NUM
fsr-3260	326	14	)	)	PUNCT
fsr-3260	326	15	and	and	CCONJ
fsr-3260	326	16	examine	examine	VERB
fsr-3260	326	17	whether	whether	SCONJ
fsr-3260	326	18	401(k	401(k	NOUN
fsr-3260	326	19	)	)	PUNCT
fsr-3260	326	20	momentum	momentum	NOUN
fsr-3260	326	21	traders	trader	NOUN
fsr-3260	326	22	persistently	persistently	ADV
fsr-3260	326	23	trade	trade	VERB
fsr-3260	326	24	funds	fund	NOUN
fsr-3260	326	25	with	with	ADP
fsr-3260	326	26	high	high	ADJ
fsr-3260	326	27	momentum	momentum	NOUN
fsr-3260	326	28	exposures	exposure	NOUN
fsr-3260	326	29	.	.	PUNCT
fsr-3260	327	1	we	we	PRON
fsr-3260	327	2	rank	rank	VERB
fsr-3260	327	3	the	the	DET
fsr-3260	327	4	funds	fund	NOUN
fsr-3260	327	5	within	within	ADP
fsr-3260	327	6	a	a	DET
fsr-3260	327	7	plan	plan	NOUN
fsr-3260	327	8	into	into	ADP
fsr-3260	327	9	quartiles	quartile	NOUN
fsr-3260	327	10	based	base	VERB
fsr-3260	327	11	on	on	ADP
fsr-3260	327	12	funds	fund	NOUN
fsr-3260	327	13	’	'	PUNCT
fsr-3260	327	14	momentum	momentum	NOUN
fsr-3260	327	15	factor	factor	NOUN
fsr-3260	327	16	loadings	loading	NOUN
fsr-3260	327	17	as	as	SCONJ
fsr-3260	327	18	calculated	calculate	VERB
fsr-3260	327	19	above	above	ADV
fsr-3260	327	20	.	.	PUNCT
fsr-3260	328	1	we	we	PRON
fsr-3260	328	2	then	then	ADV
fsr-3260	328	3	calculate	calculate	VERB
fsr-3260	328	4	for	for	SCONJ
fsr-3260	328	5	each	each	DET
fsr-3260	328	6	momentum	momentum	NOUN
fsr-3260	328	7	quartile	quartile	VERB
fsr-3260	328	8	the	the	DET
fsr-3260	328	9	proportion	proportion	NOUN
fsr-3260	328	10	of	of	ADP
fsr-3260	328	11	funds	fund	NOUN
fsr-3260	328	12	purchased	purchase	VERB
fsr-3260	328	13	by	by	ADP
fsr-3260	328	14	momentum	momentum	NOUN
fsr-3260	328	15	buyers	buyer	NOUN
fsr-3260	328	16	and	and	CCONJ
fsr-3260	328	17	sold	sell	VERB
fsr-3260	328	18	by	by	ADP
fsr-3260	328	19	momentum	momentum	NOUN
fsr-3260	328	20	sellers	seller	NOUN
fsr-3260	328	21	in	in	ADP
fsr-3260	328	22	the	the	DET
fsr-3260	328	23	quarter	quarter	NOUN
fsr-3260	328	24	they	they	PRON
fsr-3260	328	25	are	be	AUX
fsr-3260	328	26	identified	identify	VERB
fsr-3260	328	27	as	as	ADP
fsr-3260	328	28	momentum	momentum	NOUN
fsr-3260	328	29	traders	trader	NOUN
fsr-3260	328	30	.	.	PUNCT
fsr-3260	329	1	as	as	SCONJ
fsr-3260	329	2	shown	show	VERB
fsr-3260	329	3	in	in	ADP
fsr-3260	329	4	table	table	NOUN
fsr-3260	329	5	6	6	NUM
fsr-3260	329	6	,	,	PUNCT
fsr-3260	329	7	momentum	momentum	NOUN
fsr-3260	329	8	traders	trader	NOUN
fsr-3260	329	9	do	do	AUX
fsr-3260	329	10	not	not	PART
fsr-3260	329	11	appear	appear	VERB
fsr-3260	329	12	to	to	PART
fsr-3260	329	13	deliberately	deliberately	ADV
fsr-3260	329	14	pursue	pursue	VERB
fsr-3260	329	15	a	a	DET
fsr-3260	329	16	strategy	strategy	NOUN
fsr-3260	329	17	of	of	ADP
fsr-3260	329	18	investing	invest	VERB
fsr-3260	329	19	in	in	ADP
fsr-3260	329	20	momentum	momentum	NOUN
fsr-3260	329	21	-	-	PUNCT
fsr-3260	329	22	style	style	NOUN
fsr-3260	329	23	funds	fund	NOUN
fsr-3260	329	24	.	.	PUNCT
fsr-3260	330	1	for	for	ADP
fsr-3260	330	2	example	example	NOUN
fsr-3260	330	3	,	,	PUNCT
fsr-3260	330	4	only	only	ADV
fsr-3260	330	5	32.01	32.01	NUM
fsr-3260	330	6	%	%	NOUN
fsr-3260	330	7	of	of	ADP
fsr-3260	330	8	the	the	DET
fsr-3260	330	9	funds	fund	NOUN
fsr-3260	330	10	purchased	purchase	VERB
fsr-3260	330	11	by	by	ADP
fsr-3260	330	12	the	the	DET
fsr-3260	330	13	momentum	momentum	NOUN
fsr-3260	330	14	buyers	buyer	NOUN
fsr-3260	330	15	are	be	AUX
fsr-3260	330	16	the	the	DET
fsr-3260	330	17	“	"	PUNCT
fsr-3260	330	18	momentum	momentum	NOUN
fsr-3260	330	19	funds	fund	NOUN
fsr-3260	330	20	”	"	PUNCT
fsr-3260	330	21	that	that	PRON
fsr-3260	330	22	have	have	VERB
fsr-3260	330	23	the	the	DET
fsr-3260	330	24	highest	high	ADJ
fsr-3260	330	25	momentum	momentum	NOUN
fsr-3260	330	26	exposures	exposure	NOUN
fsr-3260	330	27	,	,	PUNCT
fsr-3260	330	28	whereas	whereas	SCONJ
fsr-3260	330	29	22.03	22.03	NUM
fsr-3260	330	30	%	%	NOUN
fsr-3260	330	31	of	of	ADP
fsr-3260	330	32	the	the	DET
fsr-3260	330	33	funds	fund	NOUN
fsr-3260	330	34	they	they	PRON
fsr-3260	330	35	purchase	purchase	VERB
fsr-3260	330	36	belong	belong	VERB
fsr-3260	330	37	to	to	ADP
fsr-3260	330	38	the	the	DET
fsr-3260	330	39	lowest	low	ADJ
fsr-3260	330	40	momentum	momentum	NOUN
fsr-3260	330	41	factor	factor	NOUN
fsr-3260	330	42	quartile	quartile	NOUN
fsr-3260	330	43	.	.	PUNCT
fsr-3260	331	1	the	the	DET
fsr-3260	331	2	above	above	ADJ
fsr-3260	331	3	results	result	NOUN
fsr-3260	331	4	indicate	indicate	VERB
fsr-3260	331	5	that	that	SCONJ
fsr-3260	331	6	momentum	momentum	NOUN
fsr-3260	331	7	traders	trader	NOUN
fsr-3260	331	8	in	in	ADP
fsr-3260	331	9	401(k	401(k	PROPN
fsr-3260	331	10	)	)	PUNCT
fsr-3260	331	11	plans	plan	NOUN
fsr-3260	331	12	naïvely	naïvely	ADV
fsr-3260	331	13	chase	chase	VERB
fsr-3260	331	14	funds	fund	NOUN
fsr-3260	331	15	according	accord	VERB
fsr-3260	331	16	to	to	ADP
fsr-3260	331	17	funds	fund	NOUN
fsr-3260	331	18	’	'	PUNCT
fsr-3260	331	19	past	past	ADJ
fsr-3260	331	20	returns	return	NOUN
fsr-3260	331	21	rather	rather	ADV
fsr-3260	331	22	than	than	ADP
fsr-3260	331	23	successfully	successfully	ADV
fsr-3260	331	24	identifying	identify	VERB
fsr-3260	331	25	funds	fund	NOUN
fsr-3260	331	26	that	that	PRON
fsr-3260	331	27	follow	follow	VERB
fsr-3260	331	28	a	a	DET
fsr-3260	331	29	momentum	momentum	NOUN
fsr-3260	331	30	style	style	NOUN
fsr-3260	331	31	.	.	PUNCT
fsr-3260	332	1	these	these	DET
fsr-3260	332	2	traders	trader	NOUN
fsr-3260	332	3	do	do	AUX
fsr-3260	332	4	not	not	PART
fsr-3260	332	5	follow	follow	VERB
fsr-3260	332	6	a	a	DET
fsr-3260	332	7	deliberate	deliberate	ADJ
fsr-3260	332	8	strategy	strategy	NOUN
fsr-3260	332	9	of	of	ADP
fsr-3260	332	10	selectively	selectively	ADV
fsr-3260	332	11	investing	invest	VERB
fsr-3260	332	12	in	in	ADP
fsr-3260	332	13	momentum	momentum	NOUN
fsr-3260	332	14	funds	fund	NOUN
fsr-3260	332	15	.	.	PUNCT
fsr-3260	333	1	such	such	DET
fsr-3260	333	2	a	a	DET
fsr-3260	333	3	naïve	naïve	ADJ
fsr-3260	333	4	momentum	momentum	NOUN
fsr-3260	333	5	strategy	strategy	NOUN
fsr-3260	333	6	hinders	hinder	VERB
fsr-3260	333	7	the	the	DET
fsr-3260	333	8	profitability	profitability	NOUN
fsr-3260	333	9	of	of	ADP
fsr-3260	333	10	momentum	momentum	NOUN
fsr-3260	333	11	investing	investing	NOUN
fsr-3260	333	12	.	.	PUNCT
fsr-3260	334	1	6	6	X
fsr-3260	334	2	.	.	X
fsr-3260	334	3	discussions	discussion	NOUN
fsr-3260	334	4	empirical	empirical	ADJ
fsr-3260	334	5	results	result	NOUN
fsr-3260	334	6	on	on	ADP
fsr-3260	334	7	investor	investor	NOUN
fsr-3260	334	8	trading	trading	NOUN
fsr-3260	334	9	performance	performance	NOUN
fsr-3260	334	10	are	be	AUX
fsr-3260	334	11	mixed	mix	VERB
fsr-3260	334	12	in	in	ADP
fsr-3260	334	13	the	the	DET
fsr-3260	334	14	literature	literature	NOUN
fsr-3260	334	15	.	.	PUNCT
fsr-3260	335	1	there	there	PRON
fsr-3260	335	2	is	be	VERB
fsr-3260	335	3	evidence	evidence	NOUN
fsr-3260	335	4	indicating	indicate	VERB
fsr-3260	335	5	“	"	PUNCT
fsr-3260	335	6	smart	smart	ADJ
fsr-3260	335	7	money	money	NOUN
fsr-3260	335	8	”	"	PUNCT
fsr-3260	335	9	effects	effect	NOUN
fsr-3260	335	10	among	among	ADP
fsr-3260	335	11	investors	investor	NOUN
fsr-3260	335	12	.	.	PUNCT
fsr-3260	336	1	gruber	gruber	NOUN
fsr-3260	336	2	(	(	PUNCT
fsr-3260	336	3	1996	1996	NUM
fsr-3260	336	4	)	)	PUNCT
fsr-3260	336	5	and	and	CCONJ
fsr-3260	336	6	zheng	zheng	PROPN
fsr-3260	336	7	table	table	NOUN
fsr-3260	336	8	6	6	NUM
fsr-3260	336	9	percentage	percentage	NOUN
fsr-3260	336	10	of	of	ADP
fsr-3260	336	11	funds	fund	NOUN
fsr-3260	336	12	traded	trade	VERB
fsr-3260	336	13	by	by	ADP
fsr-3260	336	14	momentum	momentum	NOUN
fsr-3260	336	15	traders	trader	NOUN
fsr-3260	336	16	based	base	VERB
fsr-3260	336	17	on	on	ADP
fsr-3260	336	18	momentum	momentum	NOUN
fsr-3260	336	19	factor	factor	NOUN
fsr-3260	336	20	rankings	ranking	NOUN
fsr-3260	336	21	(	(	PUNCT
fsr-3260	336	22	in	in	ADP
fsr-3260	336	23	%	%	NOUN
fsr-3260	336	24	)	)	PUNCT
fsr-3260	336	25	momentum	momentum	NOUN
fsr-3260	336	26	factor	factor	NOUN
fsr-3260	336	27	loading	loading	NOUN
fsr-3260	336	28	ranks	rank	VERB
fsr-3260	336	29	momentum	momentum	NOUN
fsr-3260	336	30	buyer	buyer	NOUN
fsr-3260	336	31	momentum	momentum	NOUN
fsr-3260	336	32	seller	seller	NOUN
fsr-3260	336	33	mean	mean	VERB
fsr-3260	337	1	sd	sd	INTJ
fsr-3260	337	2	mean	mean	VERB
fsr-3260	337	3	sd	sd	ADP
fsr-3260	337	4	0	0	NUM
fsr-3260	337	5	�	�	PROPN
fsr-3260	337	6	1st	1st	NOUN
fsr-3260	337	7	quartile	quartile	NOUN
fsr-3260	337	8	22.03	22.03	NUM
fsr-3260	337	9	30.03	30.03	NUM
fsr-3260	337	10	26.42	26.42	NUM
fsr-3260	337	11	31.64	31.64	NUM
fsr-3260	337	12	1st-2nd	1st-2nd	NUM
fsr-3260	337	13	quartile	quartile	NOUN
fsr-3260	337	14	25.29	25.29	NUM
fsr-3260	337	15	32.99	32.99	NUM
fsr-3260	337	16	23.64	23.64	NUM
fsr-3260	337	17	31.55	31.55	NUM
fsr-3260	337	18	2nd-3rd	2nd-3rd	NUM
fsr-3260	337	19	quartile	quartile	NOUN
fsr-3260	337	20	20.67	20.67	NUM
fsr-3260	337	21	30.35	30.35	NUM
fsr-3260	337	22	19.40	19.40	NUM
fsr-3260	337	23	29.20	29.20	NUM
fsr-3260	337	24	3rd-4th	3rd-4th	NUM
fsr-3260	337	25	quartile	quartile	NOUN
fsr-3260	337	26	32.01	32.01	NUM
fsr-3260	337	27	33.87	33.87	NUM
fsr-3260	337	28	30.54	30.54	NUM
fsr-3260	337	29	32.84	32.84	NUM
fsr-3260	337	30	note	note	NOUN
fsr-3260	337	31	:	:	PUNCT
fsr-3260	337	32	momentum	momentum	NOUN
fsr-3260	337	33	factor	factor	NOUN
fsr-3260	337	34	loading	loading	NOUN
fsr-3260	337	35	for	for	ADP
fsr-3260	337	36	each	each	DET
fsr-3260	337	37	fund	fund	NOUN
fsr-3260	337	38	is	be	AUX
fsr-3260	337	39	estimated	estimate	VERB
fsr-3260	337	40	by	by	ADP
fsr-3260	337	41	the	the	DET
fsr-3260	337	42	four	four	NUM
fsr-3260	337	43	-	-	PUNCT
fsr-3260	337	44	factor	factor	NOUN
fsr-3260	337	45	model	model	NOUN
fsr-3260	337	46	.	.	PUNCT
fsr-3260	338	1	funds	fund	NOUN
fsr-3260	338	2	are	be	AUX
fsr-3260	338	3	then	then	ADV
fsr-3260	338	4	ranked	rank	VERB
fsr-3260	338	5	within	within	ADP
fsr-3260	338	6	a	a	DET
fsr-3260	338	7	plan	plan	NOUN
fsr-3260	338	8	into	into	ADP
fsr-3260	338	9	quartiles	quartile	NOUN
fsr-3260	338	10	based	base	VERB
fsr-3260	338	11	on	on	ADP
fsr-3260	338	12	funds	fund	NOUN
fsr-3260	338	13	’	'	PUNCT
fsr-3260	338	14	momentum	momentum	NOUN
fsr-3260	338	15	factor	factor	NOUN
fsr-3260	338	16	loadings	loading	NOUN
fsr-3260	338	17	.	.	PUNCT
fsr-3260	339	1	the	the	DET
fsr-3260	339	2	table	table	NOUN
fsr-3260	339	3	reports	report	VERB
fsr-3260	339	4	for	for	ADP
fsr-3260	339	5	each	each	DET
fsr-3260	339	6	momentum	momentum	NOUN
fsr-3260	339	7	factor	factor	NOUN
fsr-3260	339	8	loading	loading	NOUN
fsr-3260	339	9	quartile	quartile	NOUN
fsr-3260	339	10	,	,	PUNCT
fsr-3260	339	11	the	the	DET
fsr-3260	339	12	percentage	percentage	NOUN
fsr-3260	339	13	of	of	ADP
fsr-3260	339	14	funds	fund	NOUN
fsr-3260	339	15	purchased	purchase	VERB
fsr-3260	339	16	by	by	ADP
fsr-3260	339	17	momentum	momentum	NOUN
fsr-3260	339	18	buyers	buyer	NOUN
fsr-3260	339	19	and	and	CCONJ
fsr-3260	339	20	sold	sell	VERB
fsr-3260	339	21	by	by	ADP
fsr-3260	339	22	momentum	momentum	NOUN
fsr-3260	339	23	seller	seller	NOUN
fsr-3260	339	24	.	.	PUNCT
fsr-3260	340	1	67n	67n	PROPN
fsr-3260	340	2	.	.	PUNCT
fsr-3260	340	3	tang	tang	PROPN
fsr-3260	340	4	/	/	SYM
fsr-3260	340	5	financial	financial	ADJ
fsr-3260	340	6	services	service	NOUN
fsr-3260	340	7	review	review	VERB
fsr-3260	340	8	25	25	NUM
fsr-3260	340	9	(	(	PUNCT
fsr-3260	340	10	2016	2016	NUM
fsr-3260	340	11	)	)	PUNCT
fsr-3260	340	12	51–72	51–72	NUM
fsr-3260	340	13	(	(	PUNCT
fsr-3260	340	14	1999	1999	NUM
fsr-3260	340	15	)	)	PUNCT
fsr-3260	340	16	show	show	VERB
fsr-3260	340	17	that	that	SCONJ
fsr-3260	340	18	the	the	DET
fsr-3260	340	19	short	short	ADJ
fsr-3260	340	20	-	-	PUNCT
fsr-3260	340	21	term	term	NOUN
fsr-3260	340	22	performance	performance	NOUN
fsr-3260	340	23	of	of	ADP
fsr-3260	340	24	funds	fund	NOUN
fsr-3260	340	25	that	that	PRON
fsr-3260	340	26	experience	experience	VERB
fsr-3260	340	27	positive	positive	ADJ
fsr-3260	340	28	cash	cash	NOUN
fsr-3260	340	29	flow	flow	NOUN
fsr-3260	340	30	is	be	AUX
fsr-3260	340	31	significantly	significantly	ADV
fsr-3260	340	32	better	well	ADJ
fsr-3260	340	33	than	than	ADP
fsr-3260	340	34	those	those	PRON
fsr-3260	340	35	experiencing	experience	VERB
fsr-3260	340	36	negative	negative	ADJ
fsr-3260	340	37	cash	cash	NOUN
fsr-3260	340	38	flow	flow	NOUN
fsr-3260	340	39	,	,	PUNCT
fsr-3260	340	40	suggesting	suggest	VERB
fsr-3260	340	41	that	that	SCONJ
fsr-3260	340	42	mutual	mutual	ADJ
fsr-3260	340	43	fund	fund	NOUN
fsr-3260	340	44	investors	investor	NOUN
fsr-3260	340	45	have	have	VERB
fsr-3260	340	46	selection	selection	NOUN
fsr-3260	340	47	ability	ability	NOUN
fsr-3260	340	48	and	and	CCONJ
fsr-3260	340	49	invest	invest	VERB
fsr-3260	340	50	accordingly	accordingly	ADV
fsr-3260	340	51	.	.	PUNCT
fsr-3260	341	1	subsequent	subsequent	ADJ
fsr-3260	341	2	work	work	NOUN
fsr-3260	341	3	by	by	ADP
fsr-3260	341	4	sapp	sapp	PROPN
fsr-3260	341	5	and	and	CCONJ
fsr-3260	341	6	tiwari	tiwari	PROPN
fsr-3260	341	7	(	(	PUNCT
fsr-3260	341	8	2004	2004	NUM
fsr-3260	341	9	)	)	PUNCT
fsr-3260	341	10	confirms	confirm	VERB
fsr-3260	341	11	the	the	DET
fsr-3260	341	12	smart	smart	ADJ
fsr-3260	341	13	money	money	NOUN
fsr-3260	341	14	effect	effect	NOUN
fsr-3260	341	15	using	use	VERB
fsr-3260	341	16	the	the	DET
fsr-3260	341	17	complete	complete	ADJ
fsr-3260	341	18	universe	universe	NOUN
fsr-3260	341	19	of	of	ADP
fsr-3260	341	20	u.s	u.s	PROPN
fsr-3260	341	21	.	.	PROPN
fsr-3260	341	22	equity	equity	NOUN
fsr-3260	341	23	mutual	mutual	ADJ
fsr-3260	341	24	funds	fund	NOUN
fsr-3260	341	25	for	for	ADP
fsr-3260	341	26	the	the	DET
fsr-3260	341	27	period	period	NOUN
fsr-3260	341	28	1970	1970	NUM
fsr-3260	341	29	through	through	ADP
fsr-3260	341	30	2000	2000	NUM
fsr-3260	341	31	,	,	PUNCT
fsr-3260	341	32	and	and	CCONJ
fsr-3260	341	33	it	it	PRON
fsr-3260	341	34	further	far	ADV
fsr-3260	341	35	shows	show	VERB
fsr-3260	341	36	that	that	SCONJ
fsr-3260	341	37	stock	stock	NOUN
fsr-3260	341	38	return	return	NOUN
fsr-3260	341	39	momentum	momentum	NOUN
fsr-3260	341	40	phenomenon	phenomenon	NOUN
fsr-3260	341	41	explains	explain	VERB
fsr-3260	341	42	the	the	DET
fsr-3260	341	43	smart	smart	ADJ
fsr-3260	341	44	money	money	NOUN
fsr-3260	341	45	effect	effect	NOUN
fsr-3260	341	46	.	.	PUNCT
fsr-3260	342	1	on	on	ADP
fsr-3260	342	2	the	the	DET
fsr-3260	342	3	other	other	ADJ
fsr-3260	342	4	hand	hand	NOUN
fsr-3260	342	5	,	,	PUNCT
fsr-3260	342	6	other	other	ADJ
fsr-3260	342	7	studies	study	NOUN
fsr-3260	342	8	indicate	indicate	VERB
fsr-3260	342	9	the	the	DET
fsr-3260	342	10	existence	existence	NOUN
fsr-3260	342	11	of	of	ADP
fsr-3260	342	12	“	"	PUNCT
fsr-3260	342	13	dumb	dumb	ADJ
fsr-3260	342	14	money	money	NOUN
fsr-3260	342	15	”	"	PUNCT
fsr-3260	342	16	effects	effect	NOUN
fsr-3260	342	17	.	.	PUNCT
fsr-3260	343	1	for	for	ADP
fsr-3260	343	2	example	example	NOUN
fsr-3260	343	3	,	,	PUNCT
fsr-3260	343	4	frazzini	frazzini	PROPN
fsr-3260	343	5	and	and	CCONJ
fsr-3260	343	6	lamont	lamont	PROPN
fsr-3260	343	7	(	(	PUNCT
fsr-3260	343	8	2008	2008	NUM
fsr-3260	343	9	)	)	PUNCT
fsr-3260	343	10	find	find	VERB
fsr-3260	343	11	that	that	SCONJ
fsr-3260	343	12	retail	retail	ADJ
fsr-3260	343	13	investors	investor	NOUN
fsr-3260	343	14	direct	direct	VERB
fsr-3260	343	15	their	their	PRON
fsr-3260	343	16	money	money	NOUN
fsr-3260	343	17	to	to	ADP
fsr-3260	343	18	funds	fund	NOUN
fsr-3260	343	19	that	that	PRON
fsr-3260	343	20	invest	invest	VERB
fsr-3260	343	21	in	in	ADP
fsr-3260	343	22	stocks	stock	NOUN
fsr-3260	343	23	with	with	ADP
fsr-3260	343	24	high	high	ADJ
fsr-3260	343	25	past	past	ADJ
fsr-3260	343	26	returns	return	NOUN
fsr-3260	343	27	(	(	PUNCT
fsr-3260	343	28	momentum	momentum	NOUN
fsr-3260	343	29	trading	trading	NOUN
fsr-3260	343	30	)	)	PUNCT
fsr-3260	343	31	.	.	PUNCT
fsr-3260	344	1	however	however	ADV
fsr-3260	344	2	,	,	PUNCT
fsr-3260	344	3	by	by	ADP
fsr-3260	344	4	overweighting	overweighte	VERB
fsr-3260	344	5	growth	growth	NOUN
fsr-3260	344	6	stocks	stock	NOUN
fsr-3260	344	7	and	and	CCONJ
fsr-3260	344	8	selecting	select	VERB
fsr-3260	344	9	securities	security	NOUN
fsr-3260	344	10	that	that	PRON
fsr-3260	344	11	on	on	ADP
fsr-3260	344	12	average	average	ADJ
fsr-3260	344	13	underperform	underperform	NOUN
fsr-3260	344	14	their	their	PRON
fsr-3260	344	15	growth	growth	NOUN
fsr-3260	344	16	benchmarks	benchmark	NOUN
fsr-3260	344	17	,	,	PUNCT
fsr-3260	344	18	investors	investor	NOUN
fsr-3260	344	19	end	end	VERB
fsr-3260	344	20	up	up	ADP
fsr-3260	344	21	with	with	ADP
fsr-3260	344	22	stocks	stock	NOUN
fsr-3260	344	23	having	have	VERB
fsr-3260	344	24	low	low	ADJ
fsr-3260	344	25	future	future	ADJ
fsr-3260	344	26	returns	return	NOUN
fsr-3260	344	27	.	.	PUNCT
fsr-3260	345	1	mutual	mutual	ADJ
fsr-3260	345	2	fund	fund	NOUN
fsr-3260	345	3	investors	investor	NOUN
fsr-3260	345	4	are	be	AUX
fsr-3260	345	5	“	"	PUNCT
fsr-3260	345	6	dumb	dumb	ADJ
fsr-3260	345	7	”	"	PUNCT
fsr-3260	345	8	in	in	ADP
fsr-3260	345	9	the	the	DET
fsr-3260	345	10	sense	sense	NOUN
fsr-3260	345	11	that	that	SCONJ
fsr-3260	345	12	they	they	PRON
fsr-3260	345	13	lose	lose	VERB
fsr-3260	345	14	money	money	NOUN
fsr-3260	345	15	from	from	ADP
fsr-3260	345	16	their	their	PRON
fsr-3260	345	17	reallocations	reallocation	NOUN
fsr-3260	345	18	.	.	PUNCT
fsr-3260	346	1	they	they	PRON
fsr-3260	346	2	fail	fail	VERB
fsr-3260	346	3	to	to	PART
fsr-3260	346	4	utilize	utilize	VERB
fsr-3260	346	5	momentum	momentum	NOUN
fsr-3260	346	6	in	in	ADP
fsr-3260	346	7	a	a	DET
fsr-3260	346	8	systematic	systematic	ADJ
fsr-3260	346	9	way	way	NOUN
fsr-3260	346	10	as	as	SCONJ
fsr-3260	346	11	documented	document	VERB
fsr-3260	346	12	in	in	ADP
fsr-3260	346	13	jegadeesh	jegadeesh	NOUN
fsr-3260	346	14	and	and	CCONJ
fsr-3260	346	15	tittman	tittman	NOUN
fsr-3260	346	16	(	(	PUNCT
fsr-3260	346	17	1993	1993	NUM
fsr-3260	346	18	)	)	PUNCT
fsr-3260	346	19	.	.	PUNCT
fsr-3260	347	1	before	before	SCONJ
fsr-3260	347	2	we	we	PRON
fsr-3260	347	3	draw	draw	VERB
fsr-3260	347	4	the	the	DET
fsr-3260	347	5	conclusion	conclusion	NOUN
fsr-3260	347	6	that	that	SCONJ
fsr-3260	347	7	our	our	PRON
fsr-3260	347	8	results	result	NOUN
fsr-3260	347	9	contradict	contradict	VERB
fsr-3260	347	10	the	the	DET
fsr-3260	347	11	“	"	PUNCT
fsr-3260	347	12	smart	smart	ADJ
fsr-3260	347	13	money	money	NOUN
fsr-3260	347	14	”	"	PUNCT
fsr-3260	347	15	effects	effect	NOUN
fsr-3260	347	16	,	,	PUNCT
fsr-3260	347	17	we	we	PRON
fsr-3260	347	18	would	would	AUX
fsr-3260	347	19	like	like	VERB
fsr-3260	347	20	to	to	PART
fsr-3260	347	21	check	check	VERB
fsr-3260	347	22	if	if	SCONJ
fsr-3260	347	23	we	we	PRON
fsr-3260	347	24	could	could	AUX
fsr-3260	347	25	replicate	replicate	VERB
fsr-3260	347	26	the	the	DET
fsr-3260	347	27	smart	smart	ADJ
fsr-3260	347	28	money	money	NOUN
fsr-3260	347	29	effects	effect	NOUN
fsr-3260	347	30	using	use	VERB
fsr-3260	347	31	zheng	zheng	PROPN
fsr-3260	347	32	(	(	PUNCT
fsr-3260	347	33	1999	1999	NUM
fsr-3260	347	34	)	)	PUNCT
fsr-3260	347	35	methodology	methodology	NOUN
fsr-3260	347	36	.	.	PUNCT
fsr-3260	348	1	in	in	ADP
fsr-3260	348	2	particular	particular	ADJ
fsr-3260	348	3	,	,	PUNCT
fsr-3260	348	4	zheng	zheng	X
fsr-3260	348	5	(	(	PUNCT
fsr-3260	348	6	1999	1999	NUM
fsr-3260	348	7	)	)	PUNCT
fsr-3260	348	8	aggregates	aggregate	VERB
fsr-3260	348	9	trading	trading	NOUN
fsr-3260	348	10	data	datum	NOUN
fsr-3260	348	11	across	across	ADP
fsr-3260	348	12	individuals	individual	NOUN
fsr-3260	348	13	.	.	PUNCT
fsr-3260	349	1	the	the	DET
fsr-3260	349	2	rich	rich	ADJ
fsr-3260	349	3	dataset	dataset	NOUN
fsr-3260	349	4	we	we	PRON
fsr-3260	349	5	adopted	adopt	VERB
fsr-3260	349	6	allows	allow	VERB
fsr-3260	349	7	us	we	PRON
fsr-3260	349	8	to	to	PART
fsr-3260	349	9	study	study	VERB
fsr-3260	349	10	trading	trading	NOUN
fsr-3260	349	11	behaviors	behavior	NOUN
fsr-3260	349	12	at	at	ADP
fsr-3260	349	13	the	the	DET
fsr-3260	349	14	individual	individual	ADJ
fsr-3260	349	15	investor	investor	NOUN
fsr-3260	349	16	level	level	NOUN
fsr-3260	349	17	.	.	PUNCT
fsr-3260	350	1	as	as	ADP
fsr-3260	350	2	robustness	robustness	NOUN
fsr-3260	350	3	check	check	NOUN
fsr-3260	350	4	,	,	PUNCT
fsr-3260	350	5	we	we	PRON
fsr-3260	350	6	now	now	ADV
fsr-3260	350	7	aggregate	aggregate	VERB
fsr-3260	350	8	fund	fund	NOUN
fsr-3260	350	9	flows	flow	NOUN
fsr-3260	350	10	of	of	ADP
fsr-3260	350	11	momentum	momentum	NOUN
fsr-3260	350	12	buyers	buyer	NOUN
fsr-3260	350	13	and	and	CCONJ
fsr-3260	350	14	sellers	seller	NOUN
fsr-3260	350	15	.	.	PUNCT
fsr-3260	351	1	we	we	PRON
fsr-3260	351	2	follow	follow	VERB
fsr-3260	351	3	zheng	zheng	PROPN
fsr-3260	351	4	(	(	PUNCT
fsr-3260	351	5	1999	1999	NUM
fsr-3260	351	6	)	)	PUNCT
fsr-3260	351	7	to	to	PART
fsr-3260	351	8	construct	construct	VERB
fsr-3260	351	9	portfolios	portfolio	NOUN
fsr-3260	351	10	at	at	ADP
fsr-3260	351	11	the	the	DET
fsr-3260	351	12	beginning	beginning	NOUN
fsr-3260	351	13	of	of	ADP
fsr-3260	351	14	each	each	DET
fsr-3260	351	15	quarter	quarter	NOUN
fsr-3260	351	16	based	base	VERB
fsr-3260	351	17	on	on	ADP
fsr-3260	351	18	the	the	DET
fsr-3260	351	19	sign	sign	NOUN
fsr-3260	351	20	of	of	ADP
fsr-3260	351	21	new	new	ADJ
fsr-3260	351	22	money	money	NOUN
fsr-3260	351	23	in	in	ADP
fsr-3260	351	24	the	the	DET
fsr-3260	351	25	preceding	precede	VERB
fsr-3260	351	26	quarter	quarter	NOUN
fsr-3260	351	27	.	.	PUNCT
fsr-3260	352	1	portfolio	portfolio	NOUN
fsr-3260	352	2	1	1	NUM
fsr-3260	352	3	:	:	PUNCT
fsr-3260	352	4	in	in	ADP
fsr-3260	352	5	all	all	DET
fsr-3260	352	6	funds	fund	NOUN
fsr-3260	352	7	with	with	ADP
fsr-3260	352	8	positive	positive	ADJ
fsr-3260	352	9	new	new	ADJ
fsr-3260	352	10	money	money	NOUN
fsr-3260	352	11	cash	cash	NOUN
fsr-3260	352	12	flows	flow	NOUN
fsr-3260	352	13	by	by	ADP
fsr-3260	352	14	momentum	momentum	NOUN
fsr-3260	352	15	buyers	buyer	NOUN
fsr-3260	352	16	and	and	CCONJ
fsr-3260	352	17	weighted	weight	VERB
fsr-3260	352	18	by	by	ADP
fsr-3260	352	19	funds	fund	NOUN
fsr-3260	352	20	’	'	PUNCT
fsr-3260	352	21	new	new	ADJ
fsr-3260	352	22	money	money	NOUN
fsr-3260	352	23	.	.	PUNCT
fsr-3260	353	1	portfolio	portfolio	NOUN
fsr-3260	353	2	2	2	NUM
fsr-3260	353	3	:	:	PUNCT
fsr-3260	353	4	in	in	ADP
fsr-3260	353	5	all	all	DET
fsr-3260	353	6	funds	fund	NOUN
fsr-3260	353	7	with	with	ADP
fsr-3260	353	8	negative	negative	ADJ
fsr-3260	353	9	new	new	ADJ
fsr-3260	353	10	money	money	NOUN
fsr-3260	353	11	cash	cash	NOUN
fsr-3260	353	12	flows	flow	NOUN
fsr-3260	353	13	by	by	ADP
fsr-3260	353	14	momentum	momentum	NOUN
fsr-3260	353	15	sellers	seller	NOUN
fsr-3260	353	16	and	and	CCONJ
fsr-3260	353	17	weighted	weight	VERB
fsr-3260	353	18	by	by	ADP
fsr-3260	353	19	funds	fund	NOUN
fsr-3260	353	20	’	'	PUNCT
fsr-3260	353	21	new	new	ADJ
fsr-3260	353	22	money	money	NOUN
fsr-3260	353	23	.	.	PUNCT
fsr-3260	354	1	these	these	DET
fsr-3260	354	2	portfolios	portfolio	NOUN
fsr-3260	354	3	correspond	correspond	VERB
fsr-3260	354	4	to	to	ADP
fsr-3260	354	5	portfolios	portfolio	NOUN
fsr-3260	354	6	5	5	NUM
fsr-3260	354	7	to	to	PART
fsr-3260	354	8	6	6	NUM
fsr-3260	354	9	in	in	ADP
fsr-3260	354	10	zheng	zheng	PROPN
fsr-3260	354	11	(	(	PUNCT
fsr-3260	354	12	1999	1999	NUM
fsr-3260	354	13	)	)	PUNCT
fsr-3260	354	14	.	.	PUNCT
fsr-3260	355	1	we	we	PRON
fsr-3260	355	2	then	then	ADV
fsr-3260	355	3	follow	follow	VERB
fsr-3260	355	4	the	the	DET
fsr-3260	355	5	portfolios	portfolio	NOUN
fsr-3260	355	6	for	for	ADP
fsr-3260	355	7	three	three	NUM
fsr-3260	355	8	months	month	NOUN
fsr-3260	355	9	and	and	CCONJ
fsr-3260	355	10	calculate	calculate	VERB
fsr-3260	355	11	their	their	PRON
fsr-3260	355	12	monthly	monthly	ADJ
fsr-3260	355	13	returns	return	NOUN
fsr-3260	355	14	as	as	SCONJ
fsr-3260	355	15	zheng	zheng	PROPN
fsr-3260	355	16	(	(	PUNCT
fsr-3260	355	17	1999	1999	NUM
fsr-3260	355	18	)	)	PUNCT
fsr-3260	355	19	did	do	VERB
fsr-3260	355	20	.	.	PUNCT
fsr-3260	356	1	as	as	SCONJ
fsr-3260	356	2	shown	show	VERB
fsr-3260	356	3	in	in	ADP
fsr-3260	356	4	table	table	NOUN
fsr-3260	356	5	7	7	NUM
fsr-3260	356	6	,	,	PUNCT
fsr-3260	356	7	there	there	PRON
fsr-3260	356	8	is	be	VERB
fsr-3260	356	9	no	no	DET
fsr-3260	356	10	sign	sign	NOUN
fsr-3260	356	11	of	of	ADP
fsr-3260	356	12	smart	smart	ADJ
fsr-3260	356	13	money	money	NOUN
fsr-3260	356	14	effects	effect	NOUN
fsr-3260	356	15	even	even	ADV
fsr-3260	356	16	after	after	SCONJ
fsr-3260	356	17	we	we	PRON
fsr-3260	356	18	aggregated	aggregate	VERB
fsr-3260	356	19	the	the	DET
fsr-3260	356	20	cash	cash	NOUN
fsr-3260	356	21	flows	flow	NOUN
fsr-3260	356	22	of	of	ADP
fsr-3260	356	23	momentum	momentum	NOUN
fsr-3260	356	24	buyers	buyer	NOUN
fsr-3260	356	25	and	and	CCONJ
fsr-3260	356	26	sellers	seller	NOUN
fsr-3260	356	27	.	.	PUNCT
fsr-3260	357	1	thus	thus	ADV
fsr-3260	357	2	,	,	PUNCT
fsr-3260	357	3	our	our	PRON
fsr-3260	357	4	results	result	NOUN
fsr-3260	357	5	are	be	AUX
fsr-3260	357	6	in	in	ADP
fsr-3260	357	7	line	line	NOUN
fsr-3260	357	8	with	with	ADP
fsr-3260	357	9	the	the	DET
fsr-3260	357	10	literature	literature	NOUN
fsr-3260	357	11	on	on	ADP
fsr-3260	357	12	the	the	DET
fsr-3260	357	13	“	"	PUNCT
fsr-3260	357	14	dumb	dumb	ADJ
fsr-3260	357	15	money	money	NOUN
fsr-3260	357	16	”	"	PUNCT
fsr-3260	357	17	effects	effect	NOUN
fsr-3260	357	18	.	.	PUNCT
fsr-3260	358	1	we	we	PRON
fsr-3260	358	2	consider	consider	VERB
fsr-3260	358	3	several	several	ADJ
fsr-3260	358	4	factors	factor	NOUN
fsr-3260	358	5	that	that	PRON
fsr-3260	358	6	could	could	AUX
fsr-3260	358	7	contribute	contribute	VERB
fsr-3260	358	8	to	to	ADP
fsr-3260	358	9	the	the	DET
fsr-3260	358	10	contrast	contrast	NOUN
fsr-3260	358	11	between	between	ADP
fsr-3260	358	12	our	our	PRON
fsr-3260	358	13	findings	finding	NOUN
fsr-3260	358	14	and	and	CCONJ
fsr-3260	358	15	prior	prior	ADJ
fsr-3260	358	16	literature	literature	NOUN
fsr-3260	358	17	on	on	ADP
fsr-3260	358	18	“	"	PUNCT
fsr-3260	358	19	smart	smart	ADJ
fsr-3260	358	20	money	money	NOUN
fsr-3260	358	21	”	"	PUNCT
fsr-3260	358	22	effects	effect	NOUN
fsr-3260	358	23	.	.	PUNCT
fsr-3260	359	1	first	first	ADV
fsr-3260	359	2	,	,	PUNCT
fsr-3260	359	3	portfolios	portfolio	NOUN
fsr-3260	359	4	under	under	ADP
fsr-3260	359	5	analysis	analysis	NOUN
fsr-3260	359	6	here	here	ADV
fsr-3260	359	7	differ	differ	VERB
fsr-3260	359	8	from	from	ADP
fsr-3260	359	9	prior	prior	ADJ
fsr-3260	359	10	studies	study	NOUN
fsr-3260	359	11	.	.	PUNCT
fsr-3260	360	1	this	this	DET
fsr-3260	360	2	article	article	NOUN
fsr-3260	360	3	investigates	investigate	VERB
fsr-3260	360	4	the	the	DET
fsr-3260	360	5	performance	performance	NOUN
fsr-3260	360	6	of	of	ADP
fsr-3260	360	7	momentum	momentum	NOUN
fsr-3260	360	8	traders	trader	NOUN
fsr-3260	360	9	exclusively	exclusively	ADV
fsr-3260	360	10	;	;	PUNCT
fsr-3260	360	11	whereas	whereas	SCONJ
fsr-3260	360	12	gruber	gruber	PROPN
fsr-3260	360	13	(	(	PUNCT
fsr-3260	360	14	1996	1996	NUM
fsr-3260	360	15	)	)	PUNCT
fsr-3260	360	16	and	and	CCONJ
fsr-3260	360	17	zheng	zheng	PROPN
fsr-3260	360	18	(	(	PUNCT
fsr-3260	360	19	1999	1999	NUM
fsr-3260	360	20	)	)	PUNCT
fsr-3260	360	21	focus	focus	VERB
fsr-3260	360	22	on	on	ADP
fsr-3260	360	23	trading	trading	NOUN
fsr-3260	360	24	strategies	strategy	NOUN
fsr-3260	360	25	by	by	ADP
fsr-3260	360	26	all	all	DET
fsr-3260	360	27	types	type	NOUN
fsr-3260	360	28	of	of	ADP
fsr-3260	360	29	traders	trader	NOUN
fsr-3260	360	30	.	.	PUNCT
fsr-3260	361	1	the	the	DET
fsr-3260	361	2	“	"	PUNCT
fsr-3260	361	3	dumb	dumb	ADJ
fsr-3260	361	4	money	money	NOUN
fsr-3260	361	5	”	"	PUNCT
fsr-3260	361	6	effects	effect	NOUN
fsr-3260	361	7	among	among	ADP
fsr-3260	361	8	momentum	momentum	NOUN
fsr-3260	361	9	traders	trader	NOUN
fsr-3260	361	10	found	find	VERB
fsr-3260	361	11	in	in	ADP
fsr-3260	361	12	this	this	DET
fsr-3260	361	13	article	article	NOUN
fsr-3260	361	14	do	do	AUX
fsr-3260	361	15	not	not	PART
fsr-3260	361	16	exclude	exclude	VERB
fsr-3260	361	17	the	the	DET
fsr-3260	361	18	possibility	possibility	NOUN
fsr-3260	361	19	that	that	SCONJ
fsr-3260	361	20	investors	investor	NOUN
fsr-3260	361	21	could	could	AUX
fsr-3260	361	22	make	make	VERB
fsr-3260	361	23	“	"	PUNCT
fsr-3260	361	24	smart	smart	ADJ
fsr-3260	361	25	money	money	NOUN
fsr-3260	361	26	”	"	PUNCT
fsr-3260	361	27	through	through	ADP
fsr-3260	361	28	other	other	ADJ
fsr-3260	361	29	trading	trading	NOUN
fsr-3260	361	30	strategies	strategy	NOUN
fsr-3260	361	31	.	.	PUNCT
fsr-3260	362	1	second	second	ADJ
fsr-3260	362	2	,	,	PUNCT
fsr-3260	362	3	we	we	PRON
fsr-3260	362	4	study	study	VERB
fsr-3260	362	5	a	a	DET
fsr-3260	362	6	different	different	ADJ
fsr-3260	362	7	group	group	NOUN
fsr-3260	362	8	of	of	ADP
fsr-3260	362	9	investors	investor	NOUN
fsr-3260	362	10	.	.	PUNCT
fsr-3260	363	1	as	as	SCONJ
fsr-3260	363	2	pointed	point	VERB
fsr-3260	363	3	out	out	ADP
fsr-3260	363	4	in	in	ADP
fsr-3260	363	5	the	the	DET
fsr-3260	363	6	introduction	introduction	NOUN
fsr-3260	363	7	,	,	PUNCT
fsr-3260	363	8	investors	investor	NOUN
fsr-3260	363	9	may	may	AUX
fsr-3260	363	10	exhibit	exhibit	VERB
fsr-3260	363	11	different	different	ADJ
fsr-3260	363	12	behavior	behavior	NOUN
fsr-3260	363	13	when	when	SCONJ
fsr-3260	363	14	trading	trade	VERB
fsr-3260	363	15	in	in	ADP
fsr-3260	363	16	and	and	CCONJ
fsr-3260	363	17	outside	outside	ADP
fsr-3260	363	18	retirement	retirement	NOUN
fsr-3260	363	19	accounts	account	NOUN
fsr-3260	363	20	.	.	PUNCT
fsr-3260	364	1	given	give	VERB
fsr-3260	364	2	that	that	PRON
fsr-3260	364	3	401(k	401(k	NOUN
fsr-3260	364	4	)	)	PUNCT
fsr-3260	364	5	plan	plan	NOUN
fsr-3260	364	6	participants	participant	NOUN
fsr-3260	364	7	may	may	AUX
fsr-3260	364	8	have	have	AUX
fsr-3260	364	9	less	less	ADJ
fsr-3260	364	10	resource	resource	NOUN
fsr-3260	364	11	necessary	necessary	ADJ
fsr-3260	364	12	to	to	PART
fsr-3260	364	13	implement	implement	VERB
fsr-3260	364	14	a	a	DET
fsr-3260	364	15	mechanical	mechanical	ADJ
fsr-3260	364	16	funds	fund	NOUN
fsr-3260	364	17	selection	selection	NOUN
fsr-3260	364	18	rule	rule	NOUN
fsr-3260	364	19	,	,	PUNCT
fsr-3260	364	20	and	and	CCONJ
fsr-3260	364	21	they	they	PRON
fsr-3260	364	22	may	may	AUX
fsr-3260	364	23	pay	pay	VERB
fsr-3260	364	24	less	less	ADJ
fsr-3260	364	25	attention	attention	NOUN
fsr-3260	364	26	to	to	ADP
fsr-3260	364	27	their	their	PRON
fsr-3260	364	28	account	account	NOUN
fsr-3260	364	29	performance	performance	NOUN
fsr-3260	364	30	because	because	SCONJ
fsr-3260	364	31	of	of	ADP
fsr-3260	364	32	inertial	inertial	NOUN
fsr-3260	364	33	and	and	CCONJ
fsr-3260	364	34	other	other	ADJ
fsr-3260	364	35	behavioral	behavioral	ADJ
fsr-3260	364	36	biases	bias	NOUN
fsr-3260	364	37	than	than	ADP
fsr-3260	364	38	active	active	ADJ
fsr-3260	364	39	traders	trader	NOUN
fsr-3260	364	40	outside	outside	ADP
fsr-3260	364	41	retirement	retirement	NOUN
fsr-3260	364	42	accounts	account	NOUN
fsr-3260	364	43	,	,	PUNCT
fsr-3260	364	44	it	it	PRON
fsr-3260	364	45	is	be	AUX
fsr-3260	364	46	reasonable	reasonable	ADJ
fsr-3260	364	47	to	to	PART
fsr-3260	364	48	expect	expect	VERB
fsr-3260	364	49	different	different	ADJ
fsr-3260	364	50	performance	performance	NOUN
fsr-3260	364	51	outcomes	outcome	NOUN
fsr-3260	364	52	(	(	PUNCT
fsr-3260	364	53	see	see	VERB
fsr-3260	364	54	,	,	PUNCT
fsr-3260	364	55	e.g.	e.g.	ADV
fsr-3260	364	56	,	,	PUNCT
fsr-3260	364	57	agnew	agnew	PROPN
fsr-3260	364	58	et	et	PROPN
fsr-3260	364	59	al	al	PROPN
fsr-3260	364	60	.	.	PROPN
fsr-3260	364	61	,	,	PUNCT
fsr-3260	364	62	2003	2003	NUM
fsr-3260	364	63	;	;	PUNCT
fsr-3260	364	64	ameriks	amerik	NOUN
fsr-3260	364	65	and	and	CCONJ
fsr-3260	364	66	zeldes	zelde	NOUN
fsr-3260	364	67	,	,	PUNCT
fsr-3260	364	68	2004	2004	NUM
fsr-3260	364	69	)	)	PUNCT
fsr-3260	364	70	.	.	PUNCT
fsr-3260	365	1	third	third	ADV
fsr-3260	365	2	,	,	PUNCT
fsr-3260	365	3	our	our	PRON
fsr-3260	365	4	sample	sample	NOUN
fsr-3260	365	5	period	period	NOUN
fsr-3260	365	6	covers	cover	VERB
fsr-3260	365	7	2005	2005	NUM
fsr-3260	365	8	through	through	ADP
fsr-3260	365	9	2010	2010	NUM
fsr-3260	365	10	.	.	PUNCT
fsr-3260	366	1	although	although	SCONJ
fsr-3260	366	2	we	we	PRON
fsr-3260	366	3	have	have	AUX
fsr-3260	366	4	examined	examine	VERB
fsr-3260	366	5	the	the	DET
fsr-3260	366	6	impact	impact	NOUN
fsr-3260	366	7	of	of	ADP
fsr-3260	366	8	financial	financial	ADJ
fsr-3260	366	9	crisis	crisis	NOUN
fsr-3260	366	10	and	and	CCONJ
fsr-3260	366	11	investment	investment	NOUN
fsr-3260	366	12	opportunity	opportunity	NOUN
fsr-3260	366	13	constraints	constraint	NOUN
fsr-3260	366	14	on	on	ADP
fsr-3260	366	15	momentum	momentum	NOUN
fsr-3260	366	16	68	68	NUM
fsr-3260	366	17	n.	n.	NOUN
fsr-3260	366	18	tang	tang	PROPN
fsr-3260	366	19	/	/	SYM
fsr-3260	366	20	financial	financial	ADJ
fsr-3260	366	21	services	service	NOUN
fsr-3260	366	22	review	review	VERB
fsr-3260	366	23	25	25	NUM
fsr-3260	366	24	(	(	PUNCT
fsr-3260	366	25	2016	2016	NUM
fsr-3260	366	26	)	)	PUNCT
fsr-3260	366	27	51–72	51–72	NUM
fsr-3260	366	28	traders	trader	NOUN
fsr-3260	366	29	’	'	PUNCT
fsr-3260	366	30	performances	performance	NOUN
fsr-3260	366	31	,	,	PUNCT
fsr-3260	366	32	caution	caution	NOUN
fsr-3260	366	33	should	should	AUX
fsr-3260	366	34	be	be	AUX
fsr-3260	366	35	taken	take	VERB
fsr-3260	366	36	to	to	PART
fsr-3260	366	37	imply	imply	VERB
fsr-3260	366	38	the	the	DET
fsr-3260	366	39	results	result	NOUN
fsr-3260	366	40	to	to	ADP
fsr-3260	366	41	other	other	ADJ
fsr-3260	366	42	years	year	NOUN
fsr-3260	366	43	.	.	PUNCT
fsr-3260	367	1	we	we	PRON
fsr-3260	367	2	invite	invite	VERB
fsr-3260	367	3	further	further	ADJ
fsr-3260	367	4	study	study	NOUN
fsr-3260	367	5	to	to	PART
fsr-3260	367	6	examine	examine	VERB
fsr-3260	367	7	momentum	momentum	NOUN
fsr-3260	367	8	trading	trading	NOUN
fsr-3260	367	9	performance	performance	NOUN
fsr-3260	367	10	during	during	ADP
fsr-3260	367	11	other	other	ADJ
fsr-3260	367	12	sample	sample	NOUN
fsr-3260	367	13	periods	period	NOUN
fsr-3260	367	14	.	.	PUNCT
fsr-3260	368	1	7	7	X
fsr-3260	368	2	.	.	X
fsr-3260	368	3	conclusions	conclusion	NOUN
fsr-3260	368	4	this	this	DET
fsr-3260	368	5	article	article	NOUN
fsr-3260	368	6	explores	explore	VERB
fsr-3260	368	7	the	the	DET
fsr-3260	368	8	existence	existence	NOUN
fsr-3260	368	9	and	and	CCONJ
fsr-3260	368	10	performance	performance	NOUN
fsr-3260	368	11	of	of	ADP
fsr-3260	368	12	momentum	momentum	NOUN
fsr-3260	368	13	traders	trader	NOUN
fsr-3260	368	14	in	in	ADP
fsr-3260	368	15	401(k	401(k	PROPN
fsr-3260	368	16	)	)	PUNCT
fsr-3260	368	17	plans	plan	NOUN
fsr-3260	368	18	.	.	PUNCT
fsr-3260	369	1	our	our	PRON
fsr-3260	369	2	unique	unique	ADJ
fsr-3260	369	3	dataset	dataset	NOUN
fsr-3260	369	4	and	and	CCONJ
fsr-3260	369	5	our	our	PRON
fsr-3260	369	6	use	use	NOUN
fsr-3260	369	7	of	of	ADP
fsr-3260	369	8	the	the	DET
fsr-3260	369	9	binomial	binomial	ADJ
fsr-3260	369	10	test	test	NOUN
fsr-3260	369	11	make	make	VERB
fsr-3260	369	12	it	it	PRON
fsr-3260	369	13	possible	possible	ADJ
fsr-3260	369	14	to	to	PART
fsr-3260	369	15	distinguish	distinguish	VERB
fsr-3260	369	16	momentum	momentum	NOUN
fsr-3260	369	17	traders	trader	NOUN
fsr-3260	369	18	from	from	ADP
fsr-3260	369	19	random	random	ADJ
fsr-3260	369	20	traders	trader	NOUN
fsr-3260	369	21	in	in	ADP
fsr-3260	369	22	each	each	DET
fsr-3260	369	23	quarter	quarter	NOUN
fsr-3260	369	24	.	.	PUNCT
fsr-3260	370	1	using	use	VERB
fsr-3260	370	2	various	various	ADJ
fsr-3260	370	3	measures	measure	NOUN
fsr-3260	370	4	of	of	ADP
fsr-3260	370	5	risk	risk	NOUN
fsr-3260	370	6	-	-	PUNCT
fsr-3260	370	7	adjusted	adjust	VERB
fsr-3260	370	8	returns	return	NOUN
fsr-3260	370	9	with	with	ADP
fsr-3260	370	10	different	different	ADJ
fsr-3260	370	11	holding	hold	VERB
fsr-3260	370	12	periods	period	NOUN
fsr-3260	370	13	,	,	PUNCT
fsr-3260	370	14	we	we	PRON
fsr-3260	370	15	find	find	VERB
fsr-3260	370	16	that	that	SCONJ
fsr-3260	370	17	momentum	momentum	NOUN
fsr-3260	370	18	traders	trader	NOUN
fsr-3260	370	19	in	in	ADP
fsr-3260	370	20	401(k	401(k	PROPN
fsr-3260	370	21	)	)	PUNCT
fsr-3260	370	22	plans	plan	NOUN
fsr-3260	370	23	do	do	AUX
fsr-3260	370	24	not	not	PART
fsr-3260	370	25	improve	improve	VERB
fsr-3260	370	26	their	their	PRON
fsr-3260	370	27	portfolio	portfolio	NOUN
fsr-3260	370	28	performance	performance	NOUN
fsr-3260	370	29	.	.	PUNCT
fsr-3260	371	1	instead	instead	ADV
fsr-3260	371	2	,	,	PUNCT
fsr-3260	371	3	they	they	PRON
fsr-3260	371	4	could	could	AUX
fsr-3260	371	5	lose	lose	VERB
fsr-3260	371	6	up	up	ADP
fsr-3260	371	7	to	to	PART
fsr-3260	371	8	2.14	2.14	NUM
fsr-3260	371	9	%	%	NOUN
fsr-3260	371	10	per	per	ADP
fsr-3260	371	11	year	year	NOUN
fsr-3260	371	12	.	.	PUNCT
fsr-3260	372	1	we	we	PRON
fsr-3260	372	2	further	far	ADV
fsr-3260	372	3	confirmed	confirm	VERB
fsr-3260	372	4	our	our	PRON
fsr-3260	372	5	conclusions	conclusion	NOUN
fsr-3260	372	6	by	by	ADP
fsr-3260	372	7	excluding	exclude	VERB
fsr-3260	372	8	inconsistent	inconsistent	ADJ
fsr-3260	372	9	momentum	momentum	NOUN
fsr-3260	372	10	traders	trader	NOUN
fsr-3260	372	11	from	from	ADP
fsr-3260	372	12	the	the	DET
fsr-3260	372	13	sample	sample	NOUN
fsr-3260	372	14	.	.	PUNCT
fsr-3260	373	1	in	in	ADP
fsr-3260	373	2	seeking	seek	VERB
fsr-3260	373	3	to	to	PART
fsr-3260	373	4	explain	explain	VERB
fsr-3260	373	5	such	such	ADJ
fsr-3260	373	6	inefficiency	inefficiency	NOUN
fsr-3260	373	7	,	,	PUNCT
fsr-3260	373	8	we	we	PRON
fsr-3260	373	9	find	find	VERB
fsr-3260	373	10	that	that	SCONJ
fsr-3260	373	11	401(k	401(k	NOUN
fsr-3260	373	12	)	)	PUNCT
fsr-3260	373	13	traders	trader	NOUN
fsr-3260	373	14	follow	follow	VERB
fsr-3260	373	15	a	a	DET
fsr-3260	373	16	naïve	naïve	ADJ
fsr-3260	373	17	momentum	momentum	NOUN
fsr-3260	373	18	strategy	strategy	NOUN
fsr-3260	373	19	.	.	PUNCT
fsr-3260	374	1	that	that	PRON
fsr-3260	374	2	is	is	ADV
fsr-3260	374	3	,	,	PUNCT
fsr-3260	374	4	they	they	PRON
fsr-3260	374	5	do	do	AUX
fsr-3260	374	6	not	not	PART
fsr-3260	374	7	have	have	VERB
fsr-3260	374	8	the	the	DET
fsr-3260	374	9	ability	ability	NOUN
fsr-3260	374	10	to	to	PART
fsr-3260	374	11	select	select	VERB
fsr-3260	374	12	funds	fund	NOUN
fsr-3260	374	13	with	with	ADP
fsr-3260	374	14	momentum	momentum	NOUN
fsr-3260	374	15	investing	invest	VERB
fsr-3260	374	16	styles	style	NOUN
fsr-3260	374	17	but	but	CCONJ
fsr-3260	374	18	,	,	PUNCT
fsr-3260	374	19	instead	instead	ADV
fsr-3260	374	20	,	,	PUNCT
fsr-3260	374	21	simply	simply	ADV
fsr-3260	374	22	chase	chase	VERB
fsr-3260	374	23	past	past	ADJ
fsr-3260	374	24	returns	return	NOUN
fsr-3260	374	25	.	.	PUNCT
fsr-3260	375	1	the	the	DET
fsr-3260	375	2	substantial	substantial	ADJ
fsr-3260	375	3	growth	growth	NOUN
fsr-3260	375	4	of	of	ADP
fsr-3260	375	5	401(k	401(k	PROPN
fsr-3260	375	6	)	)	PUNCT
fsr-3260	375	7	pensions	pension	NOUN
fsr-3260	375	8	in	in	ADP
fsr-3260	375	9	the	the	DET
fsr-3260	375	10	american	american	ADJ
fsr-3260	375	11	workplace	workplace	NOUN
fsr-3260	375	12	in	in	ADP
fsr-3260	375	13	recent	recent	ADJ
fsr-3260	375	14	decades	decade	NOUN
fsr-3260	375	15	has	have	AUX
fsr-3260	375	16	generated	generate	VERB
fsr-3260	375	17	much	much	ADJ
fsr-3260	375	18	interest	interest	NOUN
fsr-3260	375	19	in	in	ADP
fsr-3260	375	20	how	how	SCONJ
fsr-3260	375	21	well	well	ADV
fsr-3260	375	22	these	these	DET
fsr-3260	375	23	retirement	retirement	NOUN
fsr-3260	375	24	schemes	scheme	NOUN
fsr-3260	375	25	are	be	AUX
fsr-3260	375	26	managed	manage	VERB
fsr-3260	375	27	and	and	CCONJ
fsr-3260	375	28	how	how	SCONJ
fsr-3260	375	29	plan	plan	NOUN
fsr-3260	375	30	table	table	NOUN
fsr-3260	375	31	7	7	NUM
fsr-3260	375	32	performance	performance	NOUN
fsr-3260	375	33	of	of	ADP
fsr-3260	375	34	new	new	ADJ
fsr-3260	375	35	money	money	NOUN
fsr-3260	375	36	portfolios	portfolio	NOUN
fsr-3260	375	37	(	(	PUNCT
fsr-3260	375	38	aggregated	aggregate	VERB
fsr-3260	375	39	fund	fund	NOUN
fsr-3260	375	40	cash	cash	NOUN
fsr-3260	375	41	flows	flow	VERB
fsr-3260	375	42	)	)	PUNCT
fsr-3260	375	43	portfolios	portfolio	NOUN
fsr-3260	375	44	(	(	PUNCT
fsr-3260	375	45	a	a	X
fsr-3260	375	46	)	)	PUNCT
fsr-3260	375	47	excess	excess	ADJ
fsr-3260	375	48	return	return	NOUN
fsr-3260	375	49	(	(	PUNCT
fsr-3260	375	50	b	b	NOUN
fsr-3260	375	51	)	)	PUNCT
fsr-3260	375	52	alpha1portfolio	alpha1portfolio	NOUN
fsr-3260	376	1	regression	regression	NOUN
fsr-3260	376	2	approach	approach	NOUN
fsr-3260	376	3	(	(	PUNCT
fsr-3260	376	4	c	c	NOUN
fsr-3260	376	5	)	)	PUNCT
fsr-3260	376	6	alpha3portfolio	alpha3portfolio	NOUN
fsr-3260	376	7	regression	regression	NOUN
fsr-3260	376	8	approach	approach	NOUN
fsr-3260	376	9	(	(	PUNCT
fsr-3260	376	10	d	d	NOUN
fsr-3260	376	11	)	)	PUNCT
fsr-3260	376	12	alpha1	alpha1	NOUN
fsr-3260	376	13	-	-	PUNCT
fsr-3260	376	14	fund	fund	NOUN
fsr-3260	376	15	regression	regression	NOUN
fsr-3260	376	16	approach	approach	NOUN
fsr-3260	376	17	(	(	PUNCT
fsr-3260	376	18	e	e	NOUN
fsr-3260	376	19	)	)	PUNCT
fsr-3260	376	20	alpha	alpha	NOUN
fsr-3260	376	21	3fund	3fund	NUM
fsr-3260	376	22	regression	regression	NOUN
fsr-3260	376	23	approach	approach	NOUN
fsr-3260	376	24	1	1	NUM
fsr-3260	376	25	.	.	PUNCT
fsr-3260	376	26	positive	positive	ADJ
fsr-3260	376	27	cash	cash	NOUN
fsr-3260	376	28	flow	flow	NOUN
fsr-3260	376	29	�	�	NOUN
fsr-3260	376	30	0.003	0.003	NUM
fsr-3260	376	31	%	%	NOUN
fsr-3260	376	32	�	�	NOUN
fsr-3260	376	33	0.01	0.01	NUM
fsr-3260	376	34	%	%	NOUN
fsr-3260	376	35	�	�	NOUN
fsr-3260	376	36	0.01	0.01	NUM
fsr-3260	376	37	%	%	NOUN
fsr-3260	376	38	�	�	NOUN
fsr-3260	376	39	0.002	0.002	NUM
fsr-3260	376	40	%	%	NOUN
fsr-3260	376	41	0.02	0.02	NUM
fsr-3260	376	42	%	%	NOUN
fsr-3260	376	43	(	(	PUNCT
fsr-3260	376	44	�	�	NOUN
fsr-3260	376	45	0.03	0.03	NUM
fsr-3260	376	46	)	)	PUNCT
fsr-3260	376	47	(	(	PUNCT
fsr-3260	376	48	�	�	PROPN
fsr-3260	376	49	0.06	0.06	NUM
fsr-3260	376	50	)	)	PUNCT
fsr-3260	376	51	(	(	PUNCT
fsr-3260	376	52	�	�	PROPN
fsr-3260	376	53	0.06	0.06	NUM
fsr-3260	376	54	)	)	PUNCT
fsr-3260	376	55	(	(	PUNCT
fsr-3260	376	56	�	�	NOUN
fsr-3260	376	57	0.02	0.02	NUM
fsr-3260	376	58	)	)	PUNCT
fsr-3260	376	59	(	(	PUNCT
fsr-3260	376	60	0.19	0.19	NUM
fsr-3260	376	61	)	)	PUNCT
fsr-3260	376	62	2	2	NUM
fsr-3260	376	63	.	.	X
fsr-3260	376	64	negative	negative	ADJ
fsr-3260	376	65	cash	cash	NOUN
fsr-3260	376	66	flow	flow	NOUN
fsr-3260	376	67	0.12	0.12	NUM
fsr-3260	376	68	%	%	NOUN
fsr-3260	376	69	0.12	0.12	NUM
fsr-3260	376	70	%	%	NOUN
fsr-3260	376	71	0.11	0.11	NUM
fsr-3260	376	72	%	%	NOUN
fsr-3260	376	73	0.18	0.18	NUM
fsr-3260	376	74	%	%	NOUN
fsr-3260	376	75	0.17	0.17	NUM
fsr-3260	376	76	%	%	NOUN
fsr-3260	376	77	(	(	PUNCT
fsr-3260	376	78	1.13	1.13	NUM
fsr-3260	376	79	)	)	PUNCT
fsr-3260	376	80	(	(	PUNCT
fsr-3260	376	81	1.09	1.09	NUM
fsr-3260	376	82	)	)	PUNCT
fsr-3260	376	83	(	(	PUNCT
fsr-3260	376	84	1.09	1.09	NUM
fsr-3260	376	85	)	)	PUNCT
fsr-3260	376	86	(	(	PUNCT
fsr-3260	376	87	1.56	1.56	NUM
fsr-3260	376	88	)	)	PUNCT
fsr-3260	376	89	(	(	PUNCT
fsr-3260	376	90	1.60	1.60	NUM
fsr-3260	376	91	)	)	PUNCT
fsr-3260	376	92	portfolio	portfolio	NOUN
fsr-3260	376	93	1	1	NUM
fsr-3260	376	94	portfolio	portfolio	NOUN
fsr-3260	376	95	1	1	NUM
fsr-3260	376	96	�	�	NOUN
fsr-3260	376	97	0.12	0.12	NUM
fsr-3260	376	98	%	%	NOUN
fsr-3260	376	99	�	�	NOUN
fsr-3260	376	100	0.13	0.13	NUM
fsr-3260	376	101	%	%	NOUN
fsr-3260	376	102	�	�	NOUN
fsr-3260	376	103	0.12	0.12	NUM
fsr-3260	376	104	%	%	NOUN
fsr-3260	376	105	�	�	PROPN
fsr-3260	376	106	0.18	0.18	NUM
fsr-3260	376	107	%	%	NOUN
fsr-3260	376	108	*	*	PUNCT
fsr-3260	376	109	*	*	PROPN
fsr-3260	376	110	�	�	PROPN
fsr-3260	376	111	0.15	0.15	NUM
fsr-3260	376	112	%	%	NOUN
fsr-3260	376	113	*	*	PUNCT
fsr-3260	376	114	*	*	PUNCT
fsr-3260	376	115	(	(	PUNCT
fsr-3260	376	116	�	�	NOUN
fsr-3260	376	117	1.40	1.40	NUM
fsr-3260	376	118	)	)	PUNCT
fsr-3260	376	119	(	(	PUNCT
fsr-3260	376	120	�	�	NOUN
fsr-3260	376	121	1.38	1.38	NUM
fsr-3260	376	122	)	)	PUNCT
fsr-3260	376	123	(	(	PUNCT
fsr-3260	376	124	�	�	PROPN
fsr-3260	376	125	1.33	1.33	NUM
fsr-3260	376	126	)	)	PUNCT
fsr-3260	376	127	(	(	PUNCT
fsr-3260	376	128	�	�	NOUN
fsr-3260	376	129	2.21	2.21	NUM
fsr-3260	376	130	)	)	PUNCT
fsr-3260	376	131	(	(	PUNCT
fsr-3260	376	132	�	�	NOUN
fsr-3260	376	133	2.28	2.28	NUM
fsr-3260	376	134	)	)	PUNCT
fsr-3260	376	135	note	note	NOUN
fsr-3260	376	136	:	:	PUNCT
fsr-3260	376	137	three	three	NUM
fsr-3260	376	138	portfolios	portfolio	NOUN
fsr-3260	376	139	are	be	AUX
fsr-3260	376	140	constructed	construct	VERB
fsr-3260	376	141	based	base	VERB
fsr-3260	376	142	on	on	ADP
fsr-3260	376	143	876,941	876,941	NUM
fsr-3260	376	144	momentum	momentum	NOUN
fsr-3260	376	145	buyers	buyer	NOUN
fsr-3260	376	146	and	and	CCONJ
fsr-3260	376	147	624,307	624,307	NUM
fsr-3260	376	148	momentum	momentum	NOUN
fsr-3260	376	149	sellers	seller	NOUN
fsr-3260	376	150	identified	identify	VERB
fsr-3260	376	151	in	in	ADP
fsr-3260	376	152	response	response	NOUN
fsr-3260	376	153	to	to	ADP
fsr-3260	376	154	past	past	ADJ
fsr-3260	376	155	month	month	NOUN
fsr-3260	376	156	fund	fund	NOUN
fsr-3260	376	157	return	return	NOUN
fsr-3260	376	158	:	:	PUNCT
fsr-3260	376	159	(	(	PUNCT
fsr-3260	376	160	1	1	X
fsr-3260	376	161	)	)	PUNCT
fsr-3260	376	162	positive	positive	ADJ
fsr-3260	376	163	cash	cash	NOUN
fsr-3260	376	164	flow	flow	NOUN
fsr-3260	376	165	portfolio	portfolio	NOUN
fsr-3260	376	166	:	:	PUNCT
fsr-3260	376	167	purchase	purchase	VERB
fsr-3260	376	168	all	all	DET
fsr-3260	376	169	funds	fund	NOUN
fsr-3260	376	170	with	with	ADP
fsr-3260	376	171	positive	positive	ADJ
fsr-3260	376	172	new	new	ADJ
fsr-3260	376	173	money	money	NOUN
fsr-3260	376	174	cash	cash	NOUN
fsr-3260	376	175	flows	flow	NOUN
fsr-3260	376	176	by	by	ADP
fsr-3260	376	177	momentum	momentum	NOUN
fsr-3260	376	178	buyers	buyer	NOUN
fsr-3260	376	179	in	in	ADP
fsr-3260	376	180	the	the	DET
fsr-3260	376	181	quarter	quarter	NOUN
fsr-3260	376	182	they	they	PRON
fsr-3260	376	183	are	be	AUX
fsr-3260	376	184	identified	identify	VERB
fsr-3260	376	185	as	as	ADP
fsr-3260	376	186	momentum	momentum	NOUN
fsr-3260	376	187	buyers	buyer	NOUN
fsr-3260	376	188	,	,	PUNCT
fsr-3260	376	189	weighted	weight	VERB
fsr-3260	376	190	by	by	ADP
fsr-3260	376	191	funds	fund	NOUN
fsr-3260	376	192	’	'	PUNCT
fsr-3260	376	193	new	new	ADJ
fsr-3260	376	194	money	money	NOUN
fsr-3260	376	195	;	;	PUNCT
fsr-3260	376	196	(	(	PUNCT
fsr-3260	376	197	2	2	X
fsr-3260	376	198	)	)	PUNCT
fsr-3260	376	199	negative	negative	ADJ
fsr-3260	376	200	cash	cash	NOUN
fsr-3260	376	201	flow	flow	NOUN
fsr-3260	376	202	portfolio	portfolio	NOUN
fsr-3260	376	203	:	:	PUNCT
fsr-3260	376	204	purchase	purchase	VERB
fsr-3260	376	205	all	all	DET
fsr-3260	376	206	funds	fund	NOUN
fsr-3260	376	207	with	with	ADP
fsr-3260	376	208	negative	negative	ADJ
fsr-3260	376	209	new	new	ADJ
fsr-3260	376	210	money	money	NOUN
fsr-3260	376	211	cash	cash	NOUN
fsr-3260	376	212	flows	flow	NOUN
fsr-3260	376	213	by	by	ADP
fsr-3260	376	214	momentum	momentum	NOUN
fsr-3260	376	215	sellers	seller	NOUN
fsr-3260	376	216	in	in	ADP
fsr-3260	376	217	the	the	DET
fsr-3260	376	218	quarter	quarter	NOUN
fsr-3260	376	219	they	they	PRON
fsr-3260	376	220	are	be	AUX
fsr-3260	376	221	identified	identify	VERB
fsr-3260	376	222	as	as	ADP
fsr-3260	376	223	momentum	momentum	NOUN
fsr-3260	376	224	sellers	seller	NOUN
fsr-3260	376	225	,	,	PUNCT
fsr-3260	376	226	weighted	weight	VERB
fsr-3260	376	227	by	by	ADP
fsr-3260	376	228	funds	fund	NOUN
fsr-3260	376	229	’	'	PUNCT
fsr-3260	376	230	new	new	ADJ
fsr-3260	376	231	money	money	NOUN
fsr-3260	376	232	;	;	PUNCT
fsr-3260	376	233	(	(	PUNCT
fsr-3260	376	234	3	3	X
fsr-3260	376	235	)	)	PUNCT
fsr-3260	376	236	portfolio	portfolio	NOUN
fsr-3260	376	237	1portfolio	1portfolio	NUM
fsr-3260	376	238	2	2	NUM
fsr-3260	376	239	:	:	PUNCT
fsr-3260	376	240	long	long	ADJ
fsr-3260	376	241	positive	positive	ADJ
fsr-3260	376	242	cash	cash	NOUN
fsr-3260	376	243	flow	flow	NOUN
fsr-3260	376	244	portfolio	portfolio	NOUN
fsr-3260	376	245	and	and	CCONJ
fsr-3260	376	246	short	short	ADJ
fsr-3260	376	247	negative	negative	ADJ
fsr-3260	376	248	cash	cash	NOUN
fsr-3260	376	249	flow	flow	NOUN
fsr-3260	376	250	portfolio	portfolio	NOUN
fsr-3260	376	251	.	.	PUNCT
fsr-3260	377	1	the	the	DET
fsr-3260	377	2	holding	hold	VERB
fsr-3260	377	3	period	period	NOUN
fsr-3260	377	4	for	for	ADP
fsr-3260	377	5	each	each	DET
fsr-3260	377	6	portfolio	portfolio	NOUN
fsr-3260	377	7	is	be	AUX
fsr-3260	377	8	three	three	NUM
fsr-3260	377	9	months	month	NOUN
fsr-3260	377	10	.	.	PUNCT
fsr-3260	378	1	excess	excess	ADJ
fsr-3260	378	2	return	return	NOUN
fsr-3260	378	3	is	be	AUX
fsr-3260	378	4	calculated	calculate	VERB
fsr-3260	378	5	as	as	ADP
fsr-3260	378	6	the	the	DET
fsr-3260	378	7	different	different	ADJ
fsr-3260	378	8	between	between	ADP
fsr-3260	378	9	portfolio	portfolio	NOUN
fsr-3260	378	10	raw	raw	ADJ
fsr-3260	378	11	return	return	NOUN
fsr-3260	378	12	and	and	CCONJ
fsr-3260	378	13	market	market	NOUN
fsr-3260	378	14	return	return	NOUN
fsr-3260	378	15	;	;	PUNCT
fsr-3260	378	16	cross	cross	ADJ
fsr-3260	378	17	-	-	ADJ
fsr-3260	378	18	sectional	sectional	ADJ
fsr-3260	378	19	average	average	NOUN
fsr-3260	378	20	of	of	ADP
fsr-3260	378	21	excess	excess	ADJ
fsr-3260	378	22	returns	return	NOUN
fsr-3260	378	23	among	among	ADP
fsr-3260	378	24	all	all	DET
fsr-3260	378	25	momentum	momentum	NOUN
fsr-3260	378	26	buyers	buyer	NOUN
fsr-3260	378	27	(	(	PUNCT
fsr-3260	378	28	sellers	seller	NOUN
fsr-3260	378	29	)	)	PUNCT
fsr-3260	378	30	are	be	AUX
fsr-3260	378	31	first	first	ADV
fsr-3260	378	32	calculated	calculate	VERB
fsr-3260	378	33	each	each	DET
fsr-3260	378	34	month	month	NOUN
fsr-3260	378	35	and	and	CCONJ
fsr-3260	378	36	time	time	NOUN
fsr-3260	378	37	-	-	PUNCT
fsr-3260	378	38	series	series	NOUN
fsr-3260	378	39	mean	mean	NOUN
fsr-3260	378	40	and	and	CCONJ
fsr-3260	378	41	t	t	PROPN
fsr-3260	378	42	-	-	PUNCT
fsr-3260	378	43	statistics	statistic	NOUN
fsr-3260	378	44	are	be	AUX
fsr-3260	378	45	shown	show	VERB
fsr-3260	378	46	in	in	ADP
fsr-3260	378	47	column	column	NOUN
fsr-3260	378	48	(	(	PUNCT
fsr-3260	378	49	a	a	X
fsr-3260	378	50	)	)	PUNCT
fsr-3260	378	51	;	;	PUNCT
fsr-3260	378	52	to	to	PART
fsr-3260	378	53	calculate	calculate	VERB
fsr-3260	378	54	alpha1	alpha1	NOUN
fsr-3260	378	55	and	and	CCONJ
fsr-3260	378	56	alpha3	alpha3	NOUN
fsr-3260	378	57	under	under	ADP
fsr-3260	378	58	portfolio	portfolio	NOUN
fsr-3260	378	59	regression	regression	NOUN
fsr-3260	378	60	approach	approach	NOUN
fsr-3260	378	61	,	,	PUNCT
fsr-3260	378	62	we	we	PRON
fsr-3260	378	63	first	first	ADV
fsr-3260	378	64	obtain	obtain	VERB
fsr-3260	378	65	time	time	NOUN
fsr-3260	378	66	-	-	PUNCT
fsr-3260	378	67	series	series	NOUN
fsr-3260	378	68	raw	raw	ADJ
fsr-3260	378	69	returns	return	NOUN
fsr-3260	378	70	by	by	ADP
fsr-3260	378	71	averaging	average	VERB
fsr-3260	378	72	portfolio	portfolio	NOUN
fsr-3260	378	73	raw	raw	ADJ
fsr-3260	378	74	returns	return	NOUN
fsr-3260	378	75	across	across	ADP
fsr-3260	378	76	all	all	DET
fsr-3260	378	77	momentum	momentum	NOUN
fsr-3260	378	78	buyers	buyer	NOUN
fsr-3260	378	79	(	(	PUNCT
fsr-3260	378	80	sellers	seller	NOUN
fsr-3260	378	81	)	)	PUNCT
fsr-3260	378	82	each	each	DET
fsr-3260	378	83	month	month	NOUN
fsr-3260	378	84	and	and	CCONJ
fsr-3260	378	85	risk	risk	NOUN
fsr-3260	378	86	-	-	PUNCT
fsr-3260	378	87	adjusted	adjust	VERB
fsr-3260	378	88	returns	return	NOUN
fsr-3260	378	89	from	from	ADP
fsr-3260	378	90	capm	capm	PROPN
fsr-3260	378	91	and	and	CCONJ
fsr-3260	378	92	fama	fama	PROPN
fsr-3260	378	93	-	-	PUNCT
fsr-3260	378	94	french	french	ADJ
fsr-3260	378	95	three	three	NUM
fsr-3260	378	96	-	-	PUNCT
fsr-3260	378	97	factor	factor	NOUN
fsr-3260	378	98	models	model	NOUN
fsr-3260	378	99	are	be	AUX
fsr-3260	378	100	shown	show	VERB
fsr-3260	378	101	in	in	ADP
fsr-3260	378	102	column	column	NOUN
fsr-3260	378	103	(	(	PUNCT
fsr-3260	378	104	b	b	NOUN
fsr-3260	378	105	)	)	PUNCT
fsr-3260	378	106	and	and	CCONJ
fsr-3260	378	107	(	(	PUNCT
fsr-3260	378	108	c	c	NOUN
fsr-3260	378	109	)	)	PUNCT
fsr-3260	378	110	respectively	respectively	ADV
fsr-3260	378	111	;	;	PUNCT
fsr-3260	379	1	column	column	NOUN
fsr-3260	379	2	(	(	PUNCT
fsr-3260	379	3	d	d	NOUN
fsr-3260	379	4	)	)	PUNCT
fsr-3260	379	5	and	and	CCONJ
fsr-3260	379	6	(	(	PUNCT
fsr-3260	379	7	e	e	NOUN
fsr-3260	379	8	)	)	PUNCT
fsr-3260	379	9	show	show	VERB
fsr-3260	379	10	the	the	DET
fsr-3260	379	11	risk	risk	NOUN
fsr-3260	379	12	-	-	PUNCT
fsr-3260	379	13	adjusted	adjust	VERB
fsr-3260	379	14	returns	return	NOUN
fsr-3260	379	15	under	under	ADP
fsr-3260	379	16	fund	fund	NOUN
fsr-3260	379	17	regression	regression	NOUN
fsr-3260	379	18	approach	approach	NOUN
fsr-3260	379	19	;	;	PUNCT
fsr-3260	379	20	alphas	alpha	NOUN
fsr-3260	379	21	for	for	ADP
fsr-3260	379	22	individual	individual	ADJ
fsr-3260	379	23	momentum	momentum	NOUN
fsr-3260	379	24	buyers	buyer	NOUN
fsr-3260	379	25	(	(	PUNCT
fsr-3260	379	26	sellers	seller	NOUN
fsr-3260	379	27	)	)	PUNCT
fsr-3260	379	28	portfolios	portfolio	NOUN
fsr-3260	379	29	are	be	AUX
fsr-3260	379	30	first	first	ADV
fsr-3260	379	31	calculated	calculate	VERB
fsr-3260	379	32	using	use	VERB
fsr-3260	379	33	capm	capm	PROPN
fsr-3260	379	34	and	and	CCONJ
fsr-3260	379	35	fama	fama	PROPN
fsr-3260	379	36	-	-	PUNCT
fsr-3260	379	37	french	french	ADJ
fsr-3260	379	38	three	three	NUM
fsr-3260	379	39	-	-	PUNCT
fsr-3260	379	40	factor	factor	NOUN
fsr-3260	379	41	models	model	NOUN
fsr-3260	379	42	and	and	CCONJ
fsr-3260	379	43	we	we	PRON
fsr-3260	379	44	take	take	VERB
fsr-3260	379	45	the	the	DET
fsr-3260	379	46	average	average	NOUN
fsr-3260	379	47	of	of	ADP
fsr-3260	379	48	alphas	alpha	NOUN
fsr-3260	379	49	across	across	ADP
fsr-3260	379	50	all	all	DET
fsr-3260	379	51	momentum	momentum	NOUN
fsr-3260	379	52	buyers	buyer	NOUN
fsr-3260	379	53	(	(	PUNCT
fsr-3260	379	54	sellers	seller	NOUN
fsr-3260	379	55	)	)	PUNCT
fsr-3260	379	56	each	each	DET
fsr-3260	379	57	month	month	NOUN
fsr-3260	379	58	and	and	CCONJ
fsr-3260	379	59	show	show	VERB
fsr-3260	379	60	the	the	DET
fsr-3260	379	61	time	time	NOUN
fsr-3260	379	62	-	-	PUNCT
fsr-3260	379	63	series	series	NOUN
fsr-3260	379	64	means	mean	NOUN
fsr-3260	379	65	and	and	CCONJ
fsr-3260	379	66	t	t	PROPN
fsr-3260	379	67	-	-	PUNCT
fsr-3260	379	68	statistics	statistic	NOUN
fsr-3260	379	69	.	.	PUNCT
fsr-3260	380	1	t	t	PROPN
fsr-3260	380	2	-	-	PUNCT
fsr-3260	380	3	statistics	statistic	NOUN
fsr-3260	380	4	are	be	AUX
fsr-3260	380	5	reported	report	VERB
fsr-3260	380	6	in	in	ADP
fsr-3260	380	7	parenthesis	parenthesis	NOUN
fsr-3260	380	8	.	.	PUNCT
fsr-3260	381	1	*	*	PUNCT
fsr-3260	381	2	*	*	PUNCT
fsr-3260	381	3	*	*	PUNCT
fsr-3260	381	4	and	and	CCONJ
fsr-3260	381	5	*	*	PUNCT
fsr-3260	381	6	*	*	NOUN
fsr-3260	381	7	indicate	indicate	VERB
fsr-3260	381	8	statistical	statistical	ADJ
fsr-3260	381	9	significance	significance	NOUN
fsr-3260	381	10	at	at	ADP
fsr-3260	381	11	the	the	DET
fsr-3260	381	12	1	1	NUM
fsr-3260	381	13	%	%	NOUN
fsr-3260	381	14	and	and	CCONJ
fsr-3260	381	15	5	5	NUM
fsr-3260	381	16	%	%	NOUN
fsr-3260	381	17	levels	level	NOUN
fsr-3260	381	18	,	,	PUNCT
fsr-3260	381	19	respectively	respectively	ADV
fsr-3260	381	20	.	.	PUNCT
fsr-3260	382	1	69n	69n	NOUN
fsr-3260	382	2	.	.	PUNCT
fsr-3260	382	3	tang	tang	PROPN
fsr-3260	382	4	/	/	SYM
fsr-3260	382	5	financial	financial	ADJ
fsr-3260	382	6	services	service	NOUN
fsr-3260	382	7	review	review	VERB
fsr-3260	382	8	25	25	NUM
fsr-3260	382	9	(	(	PUNCT
fsr-3260	382	10	2016	2016	NUM
fsr-3260	382	11	)	)	PUNCT
fsr-3260	382	12	51–72	51–72	NUM
fsr-3260	382	13	sponsors	sponsor	NOUN
fsr-3260	382	14	can	can	AUX
fsr-3260	382	15	help	help	VERB
fsr-3260	382	16	participants	participant	NOUN
fsr-3260	382	17	better	well	ADV
fsr-3260	382	18	manage	manage	VERB
fsr-3260	382	19	their	their	PRON
fsr-3260	382	20	retirement	retirement	NOUN
fsr-3260	382	21	savings	saving	NOUN
fsr-3260	382	22	.	.	PUNCT
fsr-3260	383	1	previous	previous	ADJ
fsr-3260	383	2	studies	study	NOUN
fsr-3260	383	3	indicate	indicate	VERB
fsr-3260	383	4	that	that	SCONJ
fsr-3260	383	5	americans	americans	PROPN
fsr-3260	383	6	are	be	AUX
fsr-3260	383	7	not	not	PART
fsr-3260	383	8	adequately	adequately	ADV
fsr-3260	383	9	planning	plan	VERB
fsr-3260	383	10	for	for	ADP
fsr-3260	383	11	their	their	PRON
fsr-3260	383	12	retirement	retirement	NOUN
fsr-3260	383	13	futures	future	NOUN
fsr-3260	383	14	(	(	PUNCT
fsr-3260	383	15	willett	willett	PROPN
fsr-3260	383	16	,	,	PUNCT
fsr-3260	383	17	2008	2008	NUM
fsr-3260	383	18	)	)	PUNCT
fsr-3260	383	19	.	.	PUNCT
fsr-3260	384	1	academic	academic	ADJ
fsr-3260	384	2	researchers	researcher	NOUN
fsr-3260	384	3	have	have	AUX
fsr-3260	384	4	indicated	indicate	VERB
fsr-3260	384	5	some	some	DET
fsr-3260	384	6	behavioral	behavioral	ADJ
fsr-3260	384	7	biases	bias	NOUN
fsr-3260	384	8	and	and	CCONJ
fsr-3260	384	9	financial	financial	ADJ
fsr-3260	384	10	literacy	literacy	NOUN
fsr-3260	384	11	constraints	constraint	NOUN
fsr-3260	384	12	that	that	PRON
fsr-3260	384	13	hurt	hurt	VERB
fsr-3260	384	14	401(k	401(k	PROPN
fsr-3260	384	15	)	)	PUNCT
fsr-3260	384	16	investment	investment	NOUN
fsr-3260	384	17	efficiency	efficiency	NOUN
fsr-3260	384	18	.	.	PUNCT
fsr-3260	385	1	while	while	SCONJ
fsr-3260	385	2	previous	previous	ADJ
fsr-3260	385	3	studies	study	NOUN
fsr-3260	385	4	have	have	AUX
fsr-3260	385	5	investigated	investigate	VERB
fsr-3260	385	6	401(k	401(k	PROPN
fsr-3260	385	7	)	)	PUNCT
fsr-3260	385	8	decisions	decision	NOUN
fsr-3260	385	9	on	on	ADP
fsr-3260	385	10	contribution	contribution	NOUN
fsr-3260	385	11	and	and	CCONJ
fsr-3260	385	12	asset	asset	NOUN
fsr-3260	385	13	allocation	allocation	NOUN
fsr-3260	385	14	,	,	PUNCT
fsr-3260	385	15	we	we	PRON
fsr-3260	385	16	locate	locate	VERB
fsr-3260	385	17	another	another	DET
fsr-3260	385	18	source	source	NOUN
fsr-3260	385	19	of	of	ADP
fsr-3260	385	20	401(k	401(k	NOUN
fsr-3260	385	21	)	)	PUNCT
fsr-3260	385	22	management	management	NOUN
fsr-3260	385	23	inefficiency	inefficiency	NOUN
fsr-3260	385	24	—	—	PUNCT
fsr-3260	385	25	loss	loss	NOUN
fsr-3260	385	26	caused	cause	VERB
fsr-3260	385	27	by	by	ADP
fsr-3260	385	28	momentum	momentum	NOUN
fsr-3260	385	29	trading	trading	NOUN
fsr-3260	385	30	.	.	PUNCT
fsr-3260	386	1	pension	pension	NOUN
fsr-3260	386	2	plan	plan	NOUN
fsr-3260	386	3	participants	participant	NOUN
fsr-3260	386	4	seem	seem	VERB
fsr-3260	386	5	to	to	PART
fsr-3260	386	6	lack	lack	VERB
fsr-3260	386	7	sufficient	sufficient	ADJ
fsr-3260	386	8	trading	trading	NOUN
fsr-3260	386	9	knowledge	knowledge	NOUN
fsr-3260	386	10	and	and	CCONJ
fsr-3260	386	11	fund	fund	NOUN
fsr-3260	386	12	selection	selection	NOUN
fsr-3260	386	13	ability	ability	NOUN
fsr-3260	386	14	to	to	PART
fsr-3260	386	15	benefit	benefit	VERB
fsr-3260	386	16	from	from	ADP
fsr-3260	386	17	momentum	momentum	NOUN
fsr-3260	386	18	trading	trading	NOUN
fsr-3260	386	19	in	in	ADP
fsr-3260	386	20	401(k	401(k	NOUN
fsr-3260	386	21	)	)	PUNCT
fsr-3260	386	22	plans	plan	NOUN
fsr-3260	386	23	.	.	PUNCT
fsr-3260	387	1	they	they	PRON
fsr-3260	387	2	adopt	adopt	VERB
fsr-3260	387	3	momentum	momentum	NOUN
fsr-3260	387	4	strategies	strategy	NOUN
fsr-3260	387	5	irrationally	irrationally	ADV
fsr-3260	387	6	.	.	PUNCT
fsr-3260	388	1	as	as	ADP
fsr-3260	388	2	a	a	DET
fsr-3260	388	3	consequence	consequence	NOUN
fsr-3260	388	4	,	,	PUNCT
fsr-3260	388	5	momentum	momentum	NOUN
fsr-3260	388	6	traders	trader	NOUN
fsr-3260	388	7	lose	lose	VERB
fsr-3260	388	8	from	from	ADP
fsr-3260	388	9	trading	trading	NOUN
fsr-3260	388	10	in	in	ADP
fsr-3260	388	11	401(k	401(k	PROPN
fsr-3260	388	12	)	)	PUNCT
fsr-3260	388	13	plans	plan	NOUN
fsr-3260	388	14	.	.	PUNCT
fsr-3260	389	1	in	in	ADP
fsr-3260	389	2	addition	addition	NOUN
fsr-3260	389	3	,	,	PUNCT
fsr-3260	389	4	inefficient	inefficient	ADJ
fsr-3260	389	5	momentum	momentum	NOUN
fsr-3260	389	6	traders	trader	NOUN
fsr-3260	389	7	may	may	AUX
fsr-3260	389	8	exert	exert	VERB
fsr-3260	389	9	negative	negative	ADJ
fsr-3260	389	10	impacts	impact	NOUN
fsr-3260	389	11	on	on	ADP
fsr-3260	389	12	long	long	ADJ
fsr-3260	389	13	-	-	PUNCT
fsr-3260	389	14	term	term	NOUN
fsr-3260	389	15	investors	investor	NOUN
fsr-3260	389	16	in	in	ADP
fsr-3260	389	17	the	the	DET
fsr-3260	389	18	fund	fund	NOUN
fsr-3260	389	19	.	.	PUNCT
fsr-3260	390	1	the	the	DET
fsr-3260	390	2	withdrawal	withdrawal	NOUN
fsr-3260	390	3	of	of	ADP
fsr-3260	390	4	momentum	momentum	NOUN
fsr-3260	390	5	traders	trader	NOUN
fsr-3260	390	6	after	after	ADP
fsr-3260	390	7	experiencing	experience	VERB
fsr-3260	390	8	negative	negative	ADJ
fsr-3260	390	9	returns	return	NOUN
fsr-3260	390	10	may	may	AUX
fsr-3260	390	11	force	force	VERB
fsr-3260	390	12	open	open	ADJ
fsr-3260	390	13	-	-	PUNCT
fsr-3260	390	14	end	end	NOUN
fsr-3260	390	15	funds	fund	NOUN
fsr-3260	390	16	to	to	PART
fsr-3260	390	17	sell	sell	VERB
fsr-3260	390	18	assets	asset	NOUN
fsr-3260	390	19	at	at	ADP
fsr-3260	390	20	depressed	depressed	ADJ
fsr-3260	390	21	values	value	NOUN
fsr-3260	390	22	to	to	PART
fsr-3260	390	23	meet	meet	VERB
fsr-3260	390	24	redemption	redemption	NOUN
fsr-3260	390	25	requests	request	NOUN
fsr-3260	390	26	,	,	PUNCT
fsr-3260	390	27	which	which	PRON
fsr-3260	390	28	could	could	AUX
fsr-3260	390	29	potentially	potentially	ADV
fsr-3260	390	30	cause	cause	VERB
fsr-3260	390	31	losses	loss	NOUN
fsr-3260	390	32	to	to	ADP
fsr-3260	390	33	other	other	ADJ
fsr-3260	390	34	investors	investor	NOUN
fsr-3260	390	35	in	in	ADP
fsr-3260	390	36	the	the	DET
fsr-3260	390	37	fund	fund	NOUN
fsr-3260	390	38	.	.	PUNCT
fsr-3260	391	1	one	one	NUM
fsr-3260	391	2	way	way	NOUN
fsr-3260	391	3	to	to	PART
fsr-3260	391	4	rectify	rectify	VERB
fsr-3260	391	5	errors	error	NOUN
fsr-3260	391	6	produced	produce	VERB
fsr-3260	391	7	by	by	ADP
fsr-3260	391	8	counterproductive	counterproductive	ADJ
fsr-3260	391	9	trading	trading	NOUN
fsr-3260	391	10	would	would	AUX
fsr-3260	391	11	be	be	AUX
fsr-3260	391	12	to	to	PART
fsr-3260	391	13	improve	improve	VERB
fsr-3260	391	14	financial	financial	ADJ
fsr-3260	391	15	education	education	NOUN
fsr-3260	391	16	and	and	CCONJ
fsr-3260	391	17	investment	investment	NOUN
fsr-3260	391	18	literacy	literacy	NOUN
fsr-3260	391	19	levels	level	NOUN
fsr-3260	391	20	(	(	PUNCT
fsr-3260	391	21	dolvin	dolvin	NOUN
fsr-3260	391	22	and	and	CCONJ
fsr-3260	391	23	templeton	templeton	PROPN
fsr-3260	391	24	,	,	PUNCT
fsr-3260	391	25	2006	2006	NUM
fsr-3260	391	26	)	)	PUNCT
fsr-3260	391	27	.	.	PUNCT
fsr-3260	392	1	in	in	ADP
fsr-3260	392	2	addition	addition	NOUN
fsr-3260	392	3	,	,	PUNCT
fsr-3260	392	4	helpful	helpful	ADJ
fsr-3260	392	5	“	"	PUNCT
fsr-3260	392	6	nudges	nudge	NOUN
fsr-3260	392	7	”	"	PUNCT
fsr-3260	392	8	by	by	ADP
fsr-3260	392	9	employers	employer	NOUN
fsr-3260	392	10	are	be	AUX
fsr-3260	392	11	suggested	suggest	VERB
fsr-3260	392	12	(	(	PUNCT
fsr-3260	392	13	thaler	thaler	NOUN
fsr-3260	392	14	and	and	CCONJ
fsr-3260	392	15	sunstein	sunstein	NOUN
fsr-3260	392	16	,	,	PUNCT
fsr-3260	392	17	2008	2008	NUM
fsr-3260	392	18	)	)	PUNCT
fsr-3260	392	19	.	.	PUNCT
fsr-3260	393	1	as	as	SCONJ
fsr-3260	393	2	pointed	point	VERB
fsr-3260	393	3	out	out	ADP
fsr-3260	393	4	by	by	ADP
fsr-3260	393	5	thaler	thaler	NOUN
fsr-3260	393	6	and	and	CCONJ
fsr-3260	393	7	sunstein	sunstein	PROPN
fsr-3260	393	8	(	(	PUNCT
fsr-3260	393	9	2008	2008	NUM
fsr-3260	393	10	)	)	PUNCT
fsr-3260	393	11	,	,	PUNCT
fsr-3260	393	12	well	well	ADV
fsr-3260	393	13	-	-	PUNCT
fsr-3260	393	14	designed	design	VERB
fsr-3260	393	15	choice	choice	NOUN
fsr-3260	393	16	architecture	architecture	NOUN
fsr-3260	393	17	could	could	AUX
fsr-3260	393	18	steer	steer	VERB
fsr-3260	393	19	people	people	NOUN
fsr-3260	393	20	’s	’s	PART
fsr-3260	393	21	choices	choice	NOUN
fsr-3260	393	22	in	in	ADP
fsr-3260	393	23	directions	direction	NOUN
fsr-3260	393	24	that	that	PRON
fsr-3260	393	25	will	will	AUX
fsr-3260	393	26	improve	improve	VERB
fsr-3260	393	27	their	their	PRON
fsr-3260	393	28	lives	life	NOUN
fsr-3260	393	29	.	.	PUNCT
fsr-3260	394	1	default	default	NOUN
fsr-3260	394	2	options	option	NOUN
fsr-3260	394	3	are	be	AUX
fsr-3260	394	4	considered	consider	VERB
fsr-3260	394	5	helpful	helpful	ADJ
fsr-3260	394	6	to	to	PART
fsr-3260	394	7	combat	combat	VERB
fsr-3260	394	8	irrational	irrational	ADJ
fsr-3260	394	9	investment	investment	NOUN
fsr-3260	394	10	behaviors	behavior	NOUN
fsr-3260	394	11	.	.	PUNCT
fsr-3260	395	1	for	for	ADP
fsr-3260	395	2	example	example	NOUN
fsr-3260	395	3	,	,	PUNCT
fsr-3260	395	4	the	the	DET
fsr-3260	395	5	2006	2006	NUM
fsr-3260	395	6	pension	pension	NOUN
fsr-3260	395	7	protection	protection	NOUN
fsr-3260	395	8	act	act	NOUN
fsr-3260	395	9	authorized	authorize	VERB
fsr-3260	395	10	a	a	DET
fsr-3260	395	11	series	series	NOUN
fsr-3260	395	12	of	of	ADP
fsr-3260	395	13	“	"	PUNCT
fsr-3260	395	14	qualified	qualified	ADJ
fsr-3260	395	15	default	default	NOUN
fsr-3260	395	16	investment	investment	NOUN
fsr-3260	395	17	alternatives	alternative	NOUN
fsr-3260	395	18	”	"	PUNCT
fsr-3260	395	19	(	(	PUNCT
fsr-3260	395	20	qdias	qdias	PROPN
fsr-3260	395	21	)	)	PUNCT
fsr-3260	395	22	.	.	PUNCT
fsr-3260	396	1	target	target	NOUN
fsr-3260	396	2	-	-	PUNCT
fsr-3260	396	3	date	date	NOUN
fsr-3260	396	4	funds	fund	NOUN
fsr-3260	396	5	(	(	PUNCT
fsr-3260	396	6	tdfs	tdfs	ADJ
fsr-3260	396	7	)	)	PUNCT
fsr-3260	396	8	,	,	PUNCT
fsr-3260	396	9	one	one	NUM
fsr-3260	396	10	of	of	ADP
fsr-3260	396	11	the	the	DET
fsr-3260	396	12	alternatives	alternative	NOUN
fsr-3260	396	13	,	,	PUNCT
fsr-3260	396	14	are	be	AUX
fsr-3260	396	15	funds	fund	NOUN
fsr-3260	396	16	diversified	diversify	VERB
fsr-3260	396	17	across	across	ADP
fsr-3260	396	18	stocks	stock	NOUN
fsr-3260	396	19	and	and	CCONJ
fsr-3260	396	20	bonds	bond	NOUN
fsr-3260	396	21	that	that	PRON
fsr-3260	396	22	automatically	automatically	ADV
fsr-3260	396	23	rebalance	rebalance	NOUN
fsr-3260	396	24	toward	toward	ADP
fsr-3260	396	25	lower	low	ADJ
fsr-3260	396	26	risk	risk	NOUN
fsr-3260	396	27	investments	investment	NOUN
fsr-3260	396	28	as	as	SCONJ
fsr-3260	396	29	participants	participant	NOUN
fsr-3260	396	30	approach	approach	VERB
fsr-3260	396	31	retirement	retirement	NOUN
fsr-3260	396	32	.	.	PUNCT
fsr-3260	397	1	we	we	PRON
fsr-3260	397	2	expect	expect	VERB
fsr-3260	397	3	that	that	SCONJ
fsr-3260	397	4	such	such	DET
fsr-3260	397	5	a	a	DET
fsr-3260	397	6	design	design	NOUN
fsr-3260	397	7	will	will	AUX
fsr-3260	397	8	help	help	VERB
fsr-3260	397	9	avoid	avoid	VERB
fsr-3260	397	10	losses	loss	NOUN
fsr-3260	397	11	caused	cause	VERB
fsr-3260	397	12	by	by	ADP
fsr-3260	397	13	401(k	401(k	PROPN
fsr-3260	397	14	)	)	PUNCT
fsr-3260	397	15	participants	participant	NOUN
fsr-3260	397	16	’	'	PUNCT
fsr-3260	397	17	behavior	behavior	NOUN
fsr-3260	397	18	biases	bias	NOUN
fsr-3260	397	19	in	in	ADP
fsr-3260	397	20	portfolio	portfolio	NOUN
fsr-3260	397	21	choices	choice	NOUN
fsr-3260	397	22	and	and	CCONJ
fsr-3260	397	23	trading	trading	NOUN
fsr-3260	397	24	.	.	PUNCT
fsr-3260	398	1	in	in	ADP
fsr-3260	398	2	addition	addition	NOUN
fsr-3260	398	3	,	,	PUNCT
fsr-3260	398	4	pension	pension	NOUN
fsr-3260	398	5	designers	designer	NOUN
fsr-3260	398	6	may	may	AUX
fsr-3260	398	7	want	want	VERB
fsr-3260	398	8	to	to	PART
fsr-3260	398	9	mitigate	mitigate	VERB
fsr-3260	398	10	the	the	DET
fsr-3260	398	11	impact	impact	NOUN
fsr-3260	398	12	of	of	ADP
fsr-3260	398	13	counterproductive	counterproductive	ADJ
fsr-3260	398	14	momentum	momentum	NOUN
fsr-3260	398	15	trading	trading	NOUN
fsr-3260	398	16	by	by	ADP
fsr-3260	398	17	muting	mute	VERB
fsr-3260	398	18	naïve	naïve	ADJ
fsr-3260	398	19	momentum	momentum	NOUN
fsr-3260	398	20	trading	trade	VERB
fsr-3260	398	21	itself	itself	PRON
fsr-3260	398	22	,	,	PUNCT
fsr-3260	398	23	perhaps	perhaps	ADV
fsr-3260	398	24	by	by	ADP
fsr-3260	398	25	making	make	VERB
fsr-3260	398	26	short	short	ADJ
fsr-3260	398	27	-	-	PUNCT
fsr-3260	398	28	term	term	NOUN
fsr-3260	398	29	performance	performance	NOUN
fsr-3260	398	30	less	less	ADJ
fsr-3260	398	31	salient	salient	NOUN
fsr-3260	398	32	to	to	ADP
fsr-3260	398	33	investors	investor	NOUN
fsr-3260	398	34	,	,	PUNCT
fsr-3260	398	35	especially	especially	ADV
fsr-3260	398	36	to	to	ADP
fsr-3260	398	37	those	those	PRON
fsr-3260	398	38	who	who	PRON
fsr-3260	398	39	experience	experience	VERB
fsr-3260	398	40	balance	balance	NOUN
fsr-3260	398	41	shocks	shock	NOUN
fsr-3260	398	42	or	or	CCONJ
fsr-3260	398	43	portfolio	portfolio	NOUN
fsr-3260	398	44	losses	loss	NOUN
fsr-3260	398	45	.	.	PUNCT
fsr-3260	399	1	notes	note	NOUN
fsr-3260	399	2	1	1	NUM
fsr-3260	399	3	we	we	PRON
fsr-3260	399	4	count	count	VERB
fsr-3260	399	5	a	a	DET
fsr-3260	399	6	buy	buy	NOUN
fsr-3260	399	7	or	or	CCONJ
fsr-3260	399	8	sell	sell	VERB
fsr-3260	399	9	transaction	transaction	NOUN
fsr-3260	399	10	on	on	ADP
fsr-3260	399	11	a	a	DET
fsr-3260	399	12	daily	daily	ADJ
fsr-3260	399	13	basis	basis	NOUN
fsr-3260	399	14	as	as	ADP
fsr-3260	399	15	one	one	NUM
fsr-3260	399	16	trade	trade	NOUN
fsr-3260	399	17	.	.	PUNCT
fsr-3260	400	1	to	to	PART
fsr-3260	400	2	calculate	calculate	VERB
fsr-3260	400	3	individual	individual	ADJ
fsr-3260	400	4	turnover	turnover	NOUN
fsr-3260	400	5	,	,	PUNCT
fsr-3260	400	6	we	we	PRON
fsr-3260	400	7	follow	follow	VERB
fsr-3260	400	8	annew	annew	PROPN
fsr-3260	400	9	et	et	PROPN
fsr-3260	400	10	al	al	PROPN
fsr-3260	400	11	.	.	PROPN
fsr-3260	401	1	(	(	PUNCT
fsr-3260	401	2	2003	2003	NUM
fsr-3260	401	3	)	)	PUNCT
fsr-3260	401	4	.	.	PUNCT
fsr-3260	402	1	we	we	PRON
fsr-3260	402	2	sum	sum	VERB
fsr-3260	402	3	the	the	DET
fsr-3260	402	4	absolute	absolute	ADJ
fsr-3260	402	5	values	value	NOUN
fsr-3260	402	6	of	of	ADP
fsr-3260	402	7	trading	trading	NOUN
fsr-3260	402	8	amount	amount	NOUN
fsr-3260	402	9	in	in	ADP
fsr-3260	402	10	one	one	NUM
fsr-3260	402	11	year	year	NOUN
fsr-3260	402	12	and	and	CCONJ
fsr-3260	402	13	divide	divide	VERB
fsr-3260	402	14	this	this	DET
fsr-3260	402	15	sum	sum	NOUN
fsr-3260	402	16	by	by	ADP
fsr-3260	402	17	two	two	NUM
fsr-3260	402	18	.	.	PUNCT
fsr-3260	403	1	we	we	PRON
fsr-3260	403	2	then	then	ADV
fsr-3260	403	3	divide	divide	VERB
fsr-3260	403	4	the	the	DET
fsr-3260	403	5	annual	annual	ADJ
fsr-3260	403	6	trading	trading	NOUN
fsr-3260	403	7	amount	amount	NOUN
fsr-3260	403	8	by	by	ADP
fsr-3260	403	9	the	the	DET
fsr-3260	403	10	account	account	NOUN
fsr-3260	403	11	balance	balance	NOUN
fsr-3260	403	12	at	at	ADP
fsr-3260	403	13	the	the	DET
fsr-3260	403	14	beginning	beginning	NOUN
fsr-3260	403	15	of	of	ADP
fsr-3260	403	16	the	the	DET
fsr-3260	403	17	year	year	NOUN
fsr-3260	403	18	.	.	PUNCT
fsr-3260	404	1	2	2	NUM
fsr-3260	404	2	the	the	DET
fsr-3260	404	3	majority	majority	NOUN
fsr-3260	404	4	of	of	ADP
fsr-3260	404	5	401(k	401(k	PROPN
fsr-3260	404	6	)	)	PUNCT
fsr-3260	404	7	investment	investment	NOUN
fsr-3260	404	8	assets	asset	NOUN
fsr-3260	404	9	under	under	ADP
fsr-3260	404	10	analysis	analysis	NOUN
fsr-3260	404	11	are	be	AUX
fsr-3260	404	12	mutual	mutual	ADJ
fsr-3260	404	13	funds	fund	NOUN
fsr-3260	404	14	.	.	PUNCT
fsr-3260	405	1	3	3	NUM
fsr-3260	405	2	the	the	DET
fsr-3260	405	3	total	total	ADJ
fsr-3260	405	4	number	number	NOUN
fsr-3260	405	5	of	of	ADP
fsr-3260	405	6	buyers	buyer	NOUN
fsr-3260	405	7	and	and	CCONJ
fsr-3260	405	8	sellers	seller	NOUN
fsr-3260	405	9	is	be	AUX
fsr-3260	405	10	more	more	ADJ
fsr-3260	405	11	than	than	ADP
fsr-3260	405	12	the	the	DET
fsr-3260	405	13	total	total	ADJ
fsr-3260	405	14	number	number	NOUN
fsr-3260	405	15	of	of	ADP
fsr-3260	405	16	traders	trader	NOUN
fsr-3260	405	17	during	during	ADP
fsr-3260	405	18	the	the	DET
fsr-3260	405	19	sample	sample	NOUN
fsr-3260	405	20	period	period	NOUN
fsr-3260	405	21	because	because	SCONJ
fsr-3260	405	22	a	a	DET
fsr-3260	405	23	trader	trader	NOUN
fsr-3260	405	24	could	could	AUX
fsr-3260	405	25	both	both	PRON
fsr-3260	405	26	buy	buy	VERB
fsr-3260	405	27	and	and	CCONJ
fsr-3260	405	28	sell	sell	VERB
fsr-3260	405	29	.	.	PUNCT
fsr-3260	406	1	in	in	ADP
fsr-3260	406	2	that	that	DET
fsr-3260	406	3	case	case	NOUN
fsr-3260	406	4	,	,	PUNCT
fsr-3260	406	5	he	he	PRON
fsr-3260	406	6	will	will	AUX
fsr-3260	406	7	be	be	AUX
fsr-3260	406	8	considered	consider	VERB
fsr-3260	406	9	as	as	ADP
fsr-3260	406	10	one	one	NUM
fsr-3260	406	11	observation	observation	NOUN
fsr-3260	406	12	in	in	ADP
fsr-3260	406	13	buyers	buyer	NOUN
fsr-3260	406	14	sample	sample	NOUN
fsr-3260	406	15	,	,	PUNCT
fsr-3260	406	16	one	one	NUM
fsr-3260	406	17	observation	observation	NOUN
fsr-3260	406	18	in	in	ADP
fsr-3260	406	19	sellers	seller	NOUN
fsr-3260	406	20	sample	sample	NOUN
fsr-3260	406	21	,	,	PUNCT
fsr-3260	406	22	and	and	CCONJ
fsr-3260	406	23	one	one	NUM
fsr-3260	406	24	,	,	PUNCT
fsr-3260	406	25	instead	instead	ADV
fsr-3260	406	26	of	of	ADP
fsr-3260	406	27	two	two	NUM
fsr-3260	406	28	,	,	PUNCT
fsr-3260	406	29	observation	observation	NOUN
fsr-3260	406	30	in	in	ADP
fsr-3260	406	31	traders	trader	NOUN
fsr-3260	406	32	sample	sample	NOUN
fsr-3260	406	33	.	.	PUNCT
fsr-3260	407	1	4	4	NUM
fsr-3260	407	2	if	if	SCONJ
fsr-3260	407	3	the	the	DET
fsr-3260	407	4	fund	fund	NOUN
fsr-3260	407	5	has	have	VERB
fsr-3260	407	6	fewer	few	ADJ
fsr-3260	407	7	than	than	ADP
fsr-3260	407	8	30	30	NUM
fsr-3260	407	9	past	past	ADJ
fsr-3260	407	10	return	return	NOUN
fsr-3260	407	11	observations	observation	NOUN
fsr-3260	407	12	in	in	ADP
fsr-3260	407	13	month	month	NOUN
fsr-3260	407	14	t	t	PROPN
fsr-3260	407	15	,	,	PUNCT
fsr-3260	407	16	traders	trader	NOUN
fsr-3260	407	17	who	who	PRON
fsr-3260	407	18	purchased	purchase	VERB
fsr-3260	407	19	or	or	CCONJ
fsr-3260	407	20	sold	sell	VERB
fsr-3260	407	21	that	that	DET
fsr-3260	407	22	fund	fund	NOUN
fsr-3260	407	23	in	in	ADP
fsr-3260	407	24	month	month	NOUN
fsr-3260	407	25	t	t	PROPN
fsr-3260	407	26	are	be	AUX
fsr-3260	407	27	excluded	exclude	VERB
fsr-3260	407	28	from	from	ADP
fsr-3260	407	29	the	the	DET
fsr-3260	407	30	sample	sample	NOUN
fsr-3260	407	31	.	.	PUNCT
fsr-3260	408	1	losing	lose	VERB
fsr-3260	408	2	observations	observation	NOUN
fsr-3260	408	3	is	be	AUX
fsr-3260	408	4	the	the	DET
fsr-3260	408	5	disadvantage	disadvantage	NOUN
fsr-3260	408	6	of	of	ADP
fsr-3260	408	7	the	the	DET
fsr-3260	408	8	“	"	PUNCT
fsr-3260	408	9	fund	fund	NOUN
fsr-3260	408	10	regression	regression	NOUN
fsr-3260	408	11	”	"	PUNCT
fsr-3260	408	12	approach	approach	NOUN
fsr-3260	408	13	compared	compare	VERB
fsr-3260	408	14	with	with	ADP
fsr-3260	408	15	the	the	DET
fsr-3260	408	16	“	"	PUNCT
fsr-3260	408	17	portfolio	portfolio	NOUN
fsr-3260	408	18	regression	regression	NOUN
fsr-3260	408	19	”	"	PUNCT
fsr-3260	408	20	approach	approach	NOUN
fsr-3260	408	21	.	.	PUNCT
fsr-3260	409	1	70	70	NUM
fsr-3260	409	2	n.	n.	PROPN
fsr-3260	409	3	tang	tang	PROPN
fsr-3260	409	4	/	/	SYM
fsr-3260	409	5	financial	financial	ADJ
fsr-3260	409	6	services	service	NOUN
fsr-3260	409	7	review	review	VERB
fsr-3260	409	8	25	25	NUM
fsr-3260	409	9	(	(	PUNCT
fsr-3260	409	10	2016	2016	NUM
fsr-3260	409	11	)	)	PUNCT
fsr-3260	409	12	51–72	51–72	NUM
fsr-3260	409	13	references	reference	NOUN
fsr-3260	409	14	agnew	agnew	PROPN
fsr-3260	409	15	,	,	PUNCT
fsr-3260	409	16	j.	j.	PROPN
fsr-3260	409	17	(	(	PUNCT
fsr-3260	409	18	2002	2002	NUM
fsr-3260	409	19	)	)	PUNCT
fsr-3260	409	20	.	.	PUNCT
fsr-3260	410	1	inefficient	inefficient	ADJ
fsr-3260	410	2	choices	choice	NOUN
fsr-3260	410	3	in	in	ADP
fsr-3260	410	4	401(k	401(k	NOUN
fsr-3260	410	5	)	)	PUNCT
fsr-3260	410	6	plans	plan	NOUN
fsr-3260	410	7	:	:	PUNCT
fsr-3260	410	8	evidence	evidence	NOUN
fsr-3260	410	9	from	from	ADP
fsr-3260	410	10	individual	individual	ADJ
fsr-3260	410	11	level	level	NOUN
fsr-3260	410	12	data	datum	NOUN
fsr-3260	410	13	.	.	PUNCT
fsr-3260	410	14	presented	present	VERB
fsr-3260	410	15	at	at	ADP
fsr-3260	410	16	the	the	DET
fsr-3260	410	17	4th	4th	ADJ
fsr-3260	410	18	annual	annual	ADJ
fsr-3260	410	19	joint	joint	ADJ
fsr-3260	410	20	conference	conference	NOUN
fsr-3260	410	21	for	for	ADP
fsr-3260	410	22	the	the	DET
fsr-3260	410	23	retirement	retirement	NOUN
fsr-3260	410	24	research	research	PROPN
fsr-3260	410	25	consortium	consortium	NOUN
fsr-3260	410	26	‘	'	PUNCT
fsr-3260	410	27	directions	direction	NOUN
fsr-3260	410	28	for	for	ADP
fsr-3260	410	29	social	social	ADJ
fsr-3260	410	30	security	security	NOUN
fsr-3260	410	31	reform	reform	NOUN
fsr-3260	410	32	.	.	PUNCT
fsr-3260	410	33	’	'	PUNCT
fsr-3260	411	1	may	may	AUX
fsr-3260	411	2	2002	2002	NUM
fsr-3260	411	3	,	,	PUNCT
fsr-3260	411	4	washington	washington	PROPN
fsr-3260	411	5	,	,	PUNCT
fsr-3260	411	6	d.c	d.c	PROPN
fsr-3260	411	7	.	.	PROPN
fsr-3260	411	8	agnew	agnew	PROPN
fsr-3260	411	9	,	,	PUNCT
fsr-3260	411	10	j.	j.	PROPN
fsr-3260	411	11	,	,	PUNCT
fsr-3260	411	12	balduzzi	balduzzi	NOUN
fsr-3260	411	13	,	,	PUNCT
fsr-3260	411	14	p.	p.	NOUN
fsr-3260	411	15	,	,	PUNCT
fsr-3260	411	16	&	&	CCONJ
fsr-3260	411	17	sunden	sunden	PROPN
fsr-3260	411	18	,	,	PUNCT
fsr-3260	411	19	a.	a.	NOUN
fsr-3260	411	20	(	(	PUNCT
fsr-3260	411	21	2003	2003	NUM
fsr-3260	411	22	)	)	PUNCT
fsr-3260	411	23	.	.	PUNCT
fsr-3260	412	1	portfolio	portfolio	NOUN
fsr-3260	412	2	choice	choice	NOUN
fsr-3260	412	3	and	and	CCONJ
fsr-3260	412	4	trading	trading	NOUN
fsr-3260	412	5	in	in	ADP
fsr-3260	412	6	a	a	DET
fsr-3260	412	7	large	large	ADJ
fsr-3260	412	8	401(k	401(k	PROPN
fsr-3260	412	9	)	)	PUNCT
fsr-3260	412	10	plan	plan	NOUN
fsr-3260	412	11	.	.	PUNCT
fsr-3260	413	1	american	american	PROPN
fsr-3260	413	2	economic	economic	PROPN
fsr-3260	413	3	review	review	PROPN
fsr-3260	413	4	,	,	PUNCT
fsr-3260	413	5	93	93	NUM
fsr-3260	413	6	,	,	PUNCT
fsr-3260	413	7	193–215	193–215	NUM
fsr-3260	413	8	.	.	PUNCT
fsr-3260	414	1	ameriks	ameriks	PROPN
fsr-3260	414	2	,	,	PUNCT
fsr-3260	414	3	j.	j.	PROPN
fsr-3260	414	4	,	,	PUNCT
fsr-3260	414	5	&	&	CCONJ
fsr-3260	414	6	zeldes	zelde	NOUN
fsr-3260	414	7	,	,	PUNCT
fsr-3260	414	8	s.	s.	PROPN
fsr-3260	414	9	p.	p.	PROPN
fsr-3260	414	10	(	(	PUNCT
fsr-3260	414	11	2004	2004	NUM
fsr-3260	414	12	)	)	PUNCT
fsr-3260	414	13	.	.	PUNCT
fsr-3260	415	1	how	how	SCONJ
fsr-3260	415	2	do	do	AUX
fsr-3260	415	3	household	household	NOUN
fsr-3260	415	4	portfolio	portfolio	NOUN
fsr-3260	415	5	shares	share	NOUN
fsr-3260	415	6	vary	vary	VERB
fsr-3260	415	7	with	with	ADP
fsr-3260	415	8	age	age	NOUN
fsr-3260	415	9	?	?	PUNCT
fsr-3260	416	1	tiaa	tiaa	ADJ
fsr-3260	416	2	-	-	PUNCT
fsr-3260	416	3	cref	cref	NOUN
fsr-3260	416	4	working	working	NOUN
fsr-3260	416	5	paper	paper	NOUN
fsr-3260	416	6	.	.	PUNCT
fsr-3260	417	1	barber	barber	PROPN
fsr-3260	417	2	,	,	PUNCT
fsr-3260	417	3	b.	b.	PROPN
fsr-3260	417	4	,	,	PUNCT
fsr-3260	417	5	&	&	CCONJ
fsr-3260	417	6	odean	odean	ADJ
fsr-3260	417	7	,	,	PUNCT
fsr-3260	417	8	t.	t.	PROPN
fsr-3260	417	9	(	(	PUNCT
fsr-3260	417	10	2000	2000	NUM
fsr-3260	417	11	)	)	PUNCT
fsr-3260	417	12	.	.	PUNCT
fsr-3260	418	1	trading	trading	NOUN
fsr-3260	418	2	is	be	AUX
fsr-3260	418	3	hazardous	hazardous	ADJ
fsr-3260	418	4	to	to	ADP
fsr-3260	418	5	your	your	PRON
fsr-3260	418	6	wealth	wealth	NOUN
fsr-3260	418	7	:	:	PUNCT
fsr-3260	418	8	the	the	DET
fsr-3260	418	9	common	common	ADJ
fsr-3260	418	10	stock	stock	NOUN
fsr-3260	418	11	investment	investment	NOUN
fsr-3260	418	12	performance	performance	NOUN
fsr-3260	418	13	of	of	ADP
fsr-3260	418	14	individual	individual	ADJ
fsr-3260	418	15	investors	investor	NOUN
fsr-3260	418	16	.	.	PUNCT
fsr-3260	419	1	journal	journal	PROPN
fsr-3260	419	2	of	of	ADP
fsr-3260	419	3	finance	finance	NOUN
fsr-3260	419	4	,	,	PUNCT
fsr-3260	419	5	55	55	NUM
fsr-3260	419	6	,	,	PUNCT
fsr-3260	419	7	773–806	773–806	NUM
fsr-3260	419	8	.	.	PUNCT
fsr-3260	420	1	benartzi	benartzi	PROPN
fsr-3260	420	2	,	,	PUNCT
fsr-3260	420	3	s.	s.	PROPN
fsr-3260	420	4	,	,	PUNCT
fsr-3260	420	5	thaler	thaler	NOUN
fsr-3260	420	6	,	,	PUNCT
fsr-3260	420	7	&	&	CCONJ
fsr-3260	420	8	r.	r.	PROPN
fsr-3260	420	9	h.	h.	PROPN
fsr-3260	420	10	(	(	PUNCT
fsr-3260	420	11	2001	2001	NUM
fsr-3260	420	12	)	)	PUNCT
fsr-3260	420	13	.	.	PUNCT
fsr-3260	421	1	naïve	naïve	ADJ
fsr-3260	421	2	diversification	diversification	NOUN
fsr-3260	421	3	strategies	strategy	NOUN
fsr-3260	421	4	in	in	ADP
fsr-3260	421	5	defined	define	VERB
fsr-3260	421	6	contribution	contribution	NOUN
fsr-3260	421	7	savings	saving	NOUN
fsr-3260	421	8	plans	plan	NOUN
fsr-3260	421	9	.	.	PUNCT
fsr-3260	422	1	american	american	PROPN
fsr-3260	422	2	economic	economic	PROPN
fsr-3260	422	3	review	review	PROPN
fsr-3260	422	4	,	,	PUNCT
fsr-3260	422	5	91	91	NUM
fsr-3260	422	6	,	,	PUNCT
fsr-3260	422	7	79–98	79–98	PROPN
fsr-3260	422	8	.	.	PUNCT
fsr-3260	423	1	benartzi	benartzi	PROPN
fsr-3260	423	2	,	,	PUNCT
fsr-3260	423	3	s.	s.	PROPN
fsr-3260	423	4	,	,	PUNCT
fsr-3260	423	5	thaler	thaler	PROPN
fsr-3260	423	6	,	,	PUNCT
fsr-3260	423	7	r.	r.	PROPN
fsr-3260	423	8	h.	h.	PROPN
fsr-3260	423	9	,	,	PUNCT
fsr-3260	423	10	utkus	utkus	PROPN
fsr-3260	423	11	,	,	PUNCT
fsr-3260	423	12	s.	s.	PROPN
fsr-3260	423	13	p.	p.	PROPN
fsr-3260	423	14	,	,	PUNCT
fsr-3260	423	15	&	&	CCONJ
fsr-3260	423	16	sunstein	sunstein	PROPN
fsr-3260	423	17	,	,	PUNCT
fsr-3260	423	18	c.	c.	PROPN
fsr-3260	423	19	r.	r.	PROPN
fsr-3260	423	20	(	(	PUNCT
fsr-3260	423	21	2007	2007	NUM
fsr-3260	423	22	)	)	PUNCT
fsr-3260	423	23	.	.	PUNCT
fsr-3260	424	1	the	the	DET
fsr-3260	424	2	law	law	NOUN
fsr-3260	424	3	and	and	CCONJ
fsr-3260	424	4	economics	economic	NOUN
fsr-3260	424	5	of	of	ADP
fsr-3260	424	6	company	company	NOUN
fsr-3260	424	7	stock	stock	NOUN
fsr-3260	424	8	in	in	ADP
fsr-3260	424	9	401(k	401(k	PROPN
fsr-3260	424	10	)	)	PUNCT
fsr-3260	424	11	plans	plan	NOUN
fsr-3260	424	12	.	.	PUNCT
fsr-3260	425	1	journal	journal	NOUN
fsr-3260	425	2	of	of	ADP
fsr-3260	425	3	law	law	NOUN
fsr-3260	425	4	and	and	CCONJ
fsr-3260	425	5	economics	economic	NOUN
fsr-3260	425	6	,	,	PUNCT
fsr-3260	425	7	50	50	NUM
fsr-3260	425	8	,	,	PUNCT
fsr-3260	425	9	45–79	45–79	NOUN
fsr-3260	425	10	.	.	PUNCT
fsr-3260	426	1	carhart	carhart	NOUN
fsr-3260	426	2	,	,	PUNCT
fsr-3260	426	3	m.	m.	NOUN
fsr-3260	426	4	m.	m.	NOUN
fsr-3260	426	5	(	(	PUNCT
fsr-3260	426	6	1997	1997	NUM
fsr-3260	426	7	)	)	PUNCT
fsr-3260	426	8	.	.	PUNCT
fsr-3260	427	1	on	on	ADP
fsr-3260	427	2	persistence	persistence	NOUN
fsr-3260	427	3	in	in	ADP
fsr-3260	427	4	mutual	mutual	ADJ
fsr-3260	427	5	fund	fund	NOUN
fsr-3260	427	6	performance	performance	NOUN
fsr-3260	427	7	.	.	PUNCT
fsr-3260	428	1	journal	journal	PROPN
fsr-3260	428	2	of	of	ADP
fsr-3260	428	3	finance	finance	NOUN
fsr-3260	428	4	,	,	PUNCT
fsr-3260	428	5	52	52	NUM
fsr-3260	428	6	,	,	PUNCT
fsr-3260	428	7	57–82	57–82	NUM
fsr-3260	428	8	.	.	PUNCT
fsr-3260	429	1	choi	choi	PROPN
fsr-3260	429	2	,	,	PUNCT
fsr-3260	429	3	c.	c.	PROPN
fsr-3260	429	4	j.	j.	PROPN
fsr-3260	429	5	,	,	PUNCT
fsr-3260	429	6	laibson	laibson	PROPN
fsr-3260	429	7	,	,	PUNCT
fsr-3260	429	8	d.	d.	PROPN
fsr-3260	429	9	,	,	PUNCT
fsr-3260	429	10	&	&	CCONJ
fsr-3260	429	11	madrian	madrian	PROPN
fsr-3260	429	12	,	,	PUNCT
fsr-3260	429	13	b.	b.	PROPN
fsr-3260	429	14	d.	d.	PROPN
fsr-3260	429	15	(	(	PUNCT
fsr-3260	429	16	2007	2007	NUM
fsr-3260	429	17	)	)	PUNCT
fsr-3260	429	18	.	.	PUNCT
fsr-3260	430	1	mental	mental	ADJ
fsr-3260	430	2	accounting	accounting	NOUN
fsr-3260	430	3	in	in	ADP
fsr-3260	430	4	portfolio	portfolio	NOUN
fsr-3260	430	5	choice	choice	NOUN
fsr-3260	430	6	:	:	PUNCT
fsr-3260	430	7	evidence	evidence	NOUN
fsr-3260	430	8	from	from	ADP
fsr-3260	430	9	a	a	DET
fsr-3260	430	10	flypaper	flypaper	ADJ
fsr-3260	430	11	effect	effect	NOUN
fsr-3260	430	12	.	.	PUNCT
fsr-3260	431	1	nber	nber	PROPN
fsr-3260	431	2	working	working	PROPN
fsr-3260	431	3	paper	paper	PROPN
fsr-3260	431	4	13656	13656	NUM
fsr-3260	431	5	.	.	PUNCT
fsr-3260	432	1	dolvin	dolvin	NOUN
fsr-3260	432	2	,	,	PUNCT
fsr-3260	432	3	s.	s.	PROPN
fsr-3260	432	4	,	,	PUNCT
fsr-3260	432	5	&	&	CCONJ
fsr-3260	432	6	templeton	templeton	PROPN
fsr-3260	432	7	,	,	PUNCT
fsr-3260	432	8	w.	w.	PROPN
fsr-3260	432	9	(	(	PUNCT
fsr-3260	432	10	2006	2006	NUM
fsr-3260	432	11	)	)	PUNCT
fsr-3260	432	12	.	.	PUNCT
fsr-3260	433	1	financial	financial	ADJ
fsr-3260	433	2	education	education	NOUN
fsr-3260	433	3	and	and	CCONJ
fsr-3260	433	4	asset	asset	NOUN
fsr-3260	433	5	allocation	allocation	NOUN
fsr-3260	433	6	.	.	PUNCT
fsr-3260	434	1	financial	financial	ADJ
fsr-3260	434	2	services	service	NOUN
fsr-3260	434	3	review	review	PROPN
fsr-3260	434	4	,	,	PUNCT
fsr-3260	434	5	15	15	NUM
fsr-3260	434	6	,	,	PUNCT
fsr-3260	434	7	133–149	133–149	NUM
fsr-3260	434	8	.	.	PUNCT
fsr-3260	435	1	even	even	ADV
fsr-3260	435	2	,	,	PUNCT
fsr-3260	435	3	w.	w.	PROPN
fsr-3260	435	4	e.	e.	PROPN
fsr-3260	435	5	,	,	PUNCT
fsr-3260	435	6	&	&	CCONJ
fsr-3260	435	7	macpherson	macpherson	PROPN
fsr-3260	435	8	,	,	PUNCT
fsr-3260	435	9	d.	d.	PROPN
fsr-3260	435	10	a.	a.	PROPN
fsr-3260	435	11	(	(	PUNCT
fsr-3260	435	12	2008	2008	NUM
fsr-3260	435	13	)	)	PUNCT
fsr-3260	435	14	.	.	PUNCT
fsr-3260	436	1	pension	pension	NOUN
fsr-3260	436	2	investments	investment	NOUN
fsr-3260	436	3	in	in	ADP
fsr-3260	436	4	employer	employer	NOUN
fsr-3260	436	5	stock	stock	NOUN
fsr-3260	436	6	.	.	PUNCT
fsr-3260	437	1	journal	journal	PROPN
fsr-3260	437	2	of	of	ADP
fsr-3260	437	3	pension	pension	NOUN
fsr-3260	437	4	economics	economic	NOUN
fsr-3260	437	5	and	and	CCONJ
fsr-3260	437	6	finance	finance	NOUN
fsr-3260	437	7	,	,	PUNCT
fsr-3260	437	8	7	7	NUM
fsr-3260	437	9	,	,	PUNCT
fsr-3260	437	10	67–93	67–93	NOUN
fsr-3260	437	11	.	.	PUNCT
fsr-3260	438	1	frazzini	frazzini	PROPN
fsr-3260	438	2	,	,	PUNCT
fsr-3260	438	3	a.	a.	NOUN
fsr-3260	438	4	,	,	PUNCT
fsr-3260	438	5	&	&	CCONJ
fsr-3260	438	6	lamont	lamont	PROPN
fsr-3260	438	7	,	,	PUNCT
fsr-3260	438	8	o.	o.	NOUN
fsr-3260	438	9	a.	a.	NOUN
fsr-3260	438	10	(	(	PUNCT
fsr-3260	438	11	2008	2008	NUM
fsr-3260	438	12	)	)	PUNCT
fsr-3260	438	13	.	.	PUNCT
fsr-3260	439	1	dumb	dumb	ADJ
fsr-3260	439	2	money	money	NOUN
fsr-3260	439	3	:	:	PUNCT
fsr-3260	439	4	mutual	mutual	ADJ
fsr-3260	439	5	fund	fund	NOUN
fsr-3260	439	6	flows	flow	NOUN
fsr-3260	439	7	and	and	CCONJ
fsr-3260	439	8	the	the	DET
fsr-3260	439	9	cross	cross	NOUN
fsr-3260	439	10	-	-	NOUN
fsr-3260	439	11	section	section	NOUN
fsr-3260	439	12	of	of	ADP
fsr-3260	439	13	stock	stock	NOUN
fsr-3260	439	14	returns	return	NOUN
fsr-3260	439	15	.	.	PUNCT
fsr-3260	440	1	journal	journal	NOUN
fsr-3260	440	2	of	of	ADP
fsr-3260	440	3	financial	financial	ADJ
fsr-3260	440	4	economics	economic	NOUN
fsr-3260	440	5	,	,	PUNCT
fsr-3260	440	6	88	88	NUM
fsr-3260	440	7	,	,	PUNCT
fsr-3260	440	8	299–322	299–322	NUM
fsr-3260	440	9	.	.	PUNCT
fsr-3260	440	10	goetzmann	goetzmann	PROPN
fsr-3260	440	11	,	,	PUNCT
fsr-3260	440	12	w.	w.	PROPN
fsr-3260	440	13	n.	n.	PROPN
fsr-3260	440	14	,	,	PUNCT
fsr-3260	440	15	&	&	CCONJ
fsr-3260	440	16	ibbotson	ibbotson	PROPN
fsr-3260	440	17	,	,	PUNCT
fsr-3260	440	18	r.	r.	PROPN
fsr-3260	440	19	g.	g.	PROPN
fsr-3260	440	20	(	(	PUNCT
fsr-3260	440	21	1994	1994	NUM
fsr-3260	440	22	)	)	PUNCT
fsr-3260	440	23	.	.	PUNCT
fsr-3260	441	1	do	do	AUX
fsr-3260	441	2	winners	winner	NOUN
fsr-3260	441	3	repeat	repeat	VERB
fsr-3260	441	4	?	?	PUNCT
fsr-3260	442	1	journal	journal	PROPN
fsr-3260	442	2	of	of	ADP
fsr-3260	442	3	portfolio	portfolio	NOUN
fsr-3260	442	4	management	management	NOUN
fsr-3260	442	5	,	,	PUNCT
fsr-3260	442	6	20	20	NUM
fsr-3260	442	7	,	,	PUNCT
fsr-3260	442	8	9–18	9–18	PROPN
fsr-3260	442	9	.	.	PUNCT
fsr-3260	442	10	goetzmann	goetzmann	PROPN
fsr-3260	442	11	,	,	PUNCT
fsr-3260	442	12	w.	w.	PROPN
fsr-3260	442	13	,	,	PUNCT
fsr-3260	442	14	&	&	CCONJ
fsr-3260	442	15	massa	massa	PROPN
fsr-3260	442	16	,	,	PUNCT
fsr-3260	442	17	m.	m.	NOUN
fsr-3260	442	18	(	(	PUNCT
fsr-3260	442	19	2002	2002	NUM
fsr-3260	442	20	)	)	PUNCT
fsr-3260	442	21	.	.	PUNCT
fsr-3260	443	1	daily	daily	ADJ
fsr-3260	443	2	momentum	momentum	NOUN
fsr-3260	443	3	and	and	CCONJ
fsr-3260	443	4	contrarian	contrarian	ADJ
fsr-3260	443	5	behavior	behavior	NOUN
fsr-3260	443	6	of	of	ADP
fsr-3260	443	7	index	index	NOUN
fsr-3260	443	8	fund	fund	NOUN
fsr-3260	443	9	investors	investor	NOUN
fsr-3260	443	10	.	.	PUNCT
fsr-3260	444	1	journal	journal	PROPN
fsr-3260	444	2	of	of	ADP
fsr-3260	444	3	financial	financial	ADJ
fsr-3260	444	4	and	and	CCONJ
fsr-3260	444	5	quantitative	quantitative	ADJ
fsr-3260	444	6	analysis	analysis	NOUN
fsr-3260	444	7	,	,	PUNCT
fsr-3260	444	8	37	37	NUM
fsr-3260	444	9	,	,	PUNCT
fsr-3260	444	10	375–389	375–389	NUM
fsr-3260	444	11	.	.	PUNCT
fsr-3260	445	1	grinblatt	grinblatt	PROPN
fsr-3260	445	2	,	,	PUNCT
fsr-3260	445	3	m.	m.	NOUN
fsr-3260	445	4	,	,	PUNCT
fsr-3260	445	5	&	&	CCONJ
fsr-3260	445	6	keloharju	keloharju	NOUN
fsr-3260	445	7	,	,	PUNCT
fsr-3260	445	8	m.	m.	NOUN
fsr-3260	445	9	(	(	PUNCT
fsr-3260	445	10	2000	2000	NUM
fsr-3260	445	11	)	)	PUNCT
fsr-3260	445	12	.	.	PUNCT
fsr-3260	446	1	the	the	DET
fsr-3260	446	2	investment	investment	NOUN
fsr-3260	446	3	behavior	behavior	NOUN
fsr-3260	446	4	and	and	CCONJ
fsr-3260	446	5	performance	performance	NOUN
fsr-3260	446	6	of	of	ADP
fsr-3260	446	7	various	various	ADJ
fsr-3260	446	8	investor	investor	NOUN
fsr-3260	446	9	types	type	NOUN
fsr-3260	446	10	:	:	PUNCT
fsr-3260	446	11	a	a	DET
fsr-3260	446	12	study	study	NOUN
fsr-3260	446	13	of	of	ADP
fsr-3260	446	14	finland	finland	PROPN
fsr-3260	446	15	’s	’s	PART
fsr-3260	446	16	unique	unique	ADJ
fsr-3260	446	17	data	datum	NOUN
fsr-3260	446	18	set	set	VERB
fsr-3260	446	19	.	.	PUNCT
fsr-3260	447	1	journal	journal	PROPN
fsr-3260	447	2	of	of	ADP
fsr-3260	447	3	financial	financial	ADJ
fsr-3260	447	4	economics	economic	NOUN
fsr-3260	447	5	.	.	PUNCT
fsr-3260	448	1	55	55	NUM
fsr-3260	448	2	,	,	PUNCT
fsr-3260	448	3	43–67	43–67	NUM
fsr-3260	448	4	.	.	PUNCT
fsr-3260	448	5	grinblatt	grinblatt	PROPN
fsr-3260	448	6	,	,	PUNCT
fsr-3260	448	7	m.	m.	NOUN
fsr-3260	448	8	,	,	PUNCT
fsr-3260	448	9	&	&	CCONJ
fsr-3260	448	10	keloharju	keloharju	PROPN
fsr-3260	448	11	m.	m.	NOUN
fsr-3260	448	12	(	(	PUNCT
fsr-3260	448	13	2001	2001	NUM
fsr-3260	448	14	)	)	PUNCT
fsr-3260	448	15	.	.	PUNCT
fsr-3260	449	1	what	what	PRON
fsr-3260	449	2	makes	make	VERB
fsr-3260	449	3	investors	investor	NOUN
fsr-3260	449	4	trade	trade	VERB
fsr-3260	449	5	?	?	PUNCT
fsr-3260	450	1	journal	journal	NOUN
fsr-3260	450	2	of	of	ADP
fsr-3260	450	3	finance	finance	NOUN
fsr-3260	450	4	,	,	PUNCT
fsr-3260	450	5	56	56	NUM
fsr-3260	450	6	,	,	PUNCT
fsr-3260	450	7	589–616	589–616	NUM
fsr-3260	450	8	.	.	PUNCT
fsr-3260	451	1	grinblatt	grinblatt	PROPN
fsr-3260	451	2	,	,	PUNCT
fsr-3260	451	3	m.	m.	NOUN
fsr-3260	451	4	,	,	PUNCT
fsr-3260	451	5	&	&	CCONJ
fsr-3260	451	6	titman	titman	PROPN
fsr-3260	451	7	,	,	PUNCT
fsr-3260	451	8	s.	s.	PROPN
fsr-3260	451	9	(	(	PUNCT
fsr-3260	451	10	1992	1992	NUM
fsr-3260	451	11	)	)	PUNCT
fsr-3260	451	12	.	.	PUNCT
fsr-3260	452	1	the	the	DET
fsr-3260	452	2	persistence	persistence	NOUN
fsr-3260	452	3	of	of	ADP
fsr-3260	452	4	mutual	mutual	ADJ
fsr-3260	452	5	fund	fund	NOUN
fsr-3260	452	6	performance	performance	NOUN
fsr-3260	452	7	.	.	PUNCT
fsr-3260	453	1	journal	journal	PROPN
fsr-3260	453	2	of	of	ADP
fsr-3260	453	3	finance	finance	NOUN
fsr-3260	453	4	,	,	PUNCT
fsr-3260	453	5	47	47	NUM
fsr-3260	453	6	,	,	PUNCT
fsr-3260	453	7	1977–1984	1977–1984	NUM
fsr-3260	453	8	.	.	PUNCT
fsr-3260	454	1	grinblatt	grinblatt	PROPN
fsr-3260	454	2	,	,	PUNCT
fsr-3260	454	3	m.	m.	NOUN
fsr-3260	454	4	,	,	PUNCT
fsr-3260	454	5	titman	titman	NOUN
fsr-3260	454	6	,	,	PUNCT
fsr-3260	454	7	s.	s.	PROPN
fsr-3260	454	8	,	,	PUNCT
fsr-3260	454	9	&	&	CCONJ
fsr-3260	454	10	wermers	wermer	NOUN
fsr-3260	454	11	,	,	PUNCT
fsr-3260	454	12	r.	r.	PROPN
fsr-3260	454	13	(	(	PUNCT
fsr-3260	454	14	1995	1995	NUM
fsr-3260	454	15	)	)	PUNCT
fsr-3260	454	16	.	.	PUNCT
fsr-3260	455	1	momentum	momentum	NOUN
fsr-3260	455	2	investment	investment	NOUN
fsr-3260	455	3	strategies	strategy	NOUN
fsr-3260	455	4	,	,	PUNCT
fsr-3260	455	5	portfolio	portfolio	NOUN
fsr-3260	455	6	performance	performance	NOUN
fsr-3260	455	7	,	,	PUNCT
fsr-3260	455	8	and	and	CCONJ
fsr-3260	455	9	herding	herd	VERB
fsr-3260	455	10	:	:	PUNCT
fsr-3260	455	11	a	a	DET
fsr-3260	455	12	study	study	NOUN
fsr-3260	455	13	of	of	ADP
fsr-3260	455	14	mutual	mutual	ADJ
fsr-3260	455	15	fund	fund	NOUN
fsr-3260	455	16	behavior	behavior	NOUN
fsr-3260	455	17	.	.	PUNCT
fsr-3260	456	1	american	american	PROPN
fsr-3260	456	2	economic	economic	PROPN
fsr-3260	456	3	review	review	PROPN
fsr-3260	456	4	,	,	PUNCT
fsr-3260	456	5	85	85	NUM
fsr-3260	456	6	,	,	PUNCT
fsr-3260	456	7	1088–1105	1088–1105	NUM
fsr-3260	456	8	.	.	PUNCT
fsr-3260	457	1	gruber	gruber	NOUN
fsr-3260	457	2	,	,	PUNCT
fsr-3260	457	3	m.	m.	NOUN
fsr-3260	457	4	(	(	PUNCT
fsr-3260	457	5	1996	1996	NUM
fsr-3260	457	6	)	)	PUNCT
fsr-3260	457	7	.	.	PUNCT
fsr-3260	458	1	another	another	DET
fsr-3260	458	2	puzzle	puzzle	NOUN
fsr-3260	458	3	:	:	PUNCT
fsr-3260	458	4	the	the	DET
fsr-3260	458	5	growth	growth	NOUN
fsr-3260	458	6	in	in	ADP
fsr-3260	458	7	actively	actively	ADV
fsr-3260	458	8	managed	manage	VERB
fsr-3260	458	9	mutual	mutual	ADJ
fsr-3260	458	10	funds	fund	NOUN
fsr-3260	458	11	.	.	PUNCT
fsr-3260	459	1	journal	journal	PROPN
fsr-3260	459	2	of	of	ADP
fsr-3260	459	3	finance	finance	NOUN
fsr-3260	459	4	,	,	PUNCT
fsr-3260	459	5	51	51	NUM
fsr-3260	459	6	,	,	PUNCT
fsr-3260	459	7	783–810	783–810	PROPN
fsr-3260	459	8	.	.	PUNCT
fsr-3260	460	1	hendricks	hendrick	NOUN
fsr-3260	460	2	,	,	PUNCT
fsr-3260	460	3	d.	d.	PROPN
fsr-3260	460	4	,	,	PUNCT
fsr-3260	460	5	patel	patel	PROPN
fsr-3260	460	6	,	,	PUNCT
fsr-3260	460	7	j.	j.	PROPN
fsr-3260	460	8	,	,	PUNCT
fsr-3260	460	9	&	&	CCONJ
fsr-3260	460	10	zechhauser	zechhauser	PROPN
fsr-3260	460	11	,	,	PUNCT
fsr-3260	460	12	r.	r.	PROPN
fsr-3260	460	13	(	(	PUNCT
fsr-3260	460	14	1993	1993	NUM
fsr-3260	460	15	)	)	PUNCT
fsr-3260	460	16	.	.	PUNCT
fsr-3260	461	1	hot	hot	ADJ
fsr-3260	461	2	hands	hand	NOUN
fsr-3260	461	3	in	in	ADP
fsr-3260	461	4	mutual	mutual	ADJ
fsr-3260	461	5	funds	fund	NOUN
fsr-3260	461	6	:	:	PUNCT
fsr-3260	461	7	short	short	ADJ
fsr-3260	461	8	-	-	PUNCT
fsr-3260	461	9	run	run	NOUN
fsr-3260	461	10	persistence	persistence	NOUN
fsr-3260	461	11	of	of	ADP
fsr-3260	461	12	relative	relative	ADJ
fsr-3260	461	13	performance	performance	NOUN
fsr-3260	461	14	,	,	PUNCT
fsr-3260	461	15	1974–1988	1974–1988	NUM
fsr-3260	461	16	.	.	PUNCT
fsr-3260	461	17	journal	journal	PROPN
fsr-3260	461	18	of	of	ADP
fsr-3260	461	19	finance	finance	NOUN
fsr-3260	461	20	,	,	PUNCT
fsr-3260	461	21	48	48	NUM
fsr-3260	461	22	,	,	PUNCT
fsr-3260	461	23	93–130	93–130	NUM
fsr-3260	461	24	.	.	PUNCT
fsr-3260	462	1	huberman	huberman	NOUN
fsr-3260	462	2	,	,	PUNCT
fsr-3260	462	3	g.	g.	PROPN
fsr-3260	462	4	,	,	PUNCT
fsr-3260	462	5	&	&	CCONJ
fsr-3260	462	6	sengmueller	sengmueller	NOUN
fsr-3260	462	7	,	,	PUNCT
fsr-3260	462	8	p.	p.	NOUN
fsr-3260	462	9	(	(	PUNCT
fsr-3260	462	10	2004	2004	NUM
fsr-3260	462	11	)	)	PUNCT
fsr-3260	462	12	.	.	PUNCT
fsr-3260	463	1	performance	performance	NOUN
fsr-3260	463	2	and	and	CCONJ
fsr-3260	463	3	employer	employer	NOUN
fsr-3260	463	4	stock	stock	NOUN
fsr-3260	463	5	in	in	ADP
fsr-3260	463	6	401(k	401(k	PROPN
fsr-3260	463	7	)	)	PUNCT
fsr-3260	463	8	plans	plan	NOUN
fsr-3260	463	9	.	.	PUNCT
fsr-3260	464	1	review	review	NOUN
fsr-3260	464	2	of	of	ADP
fsr-3260	464	3	finance	finance	NOUN
fsr-3260	464	4	,	,	PUNCT
fsr-3260	464	5	8	8	NUM
fsr-3260	464	6	,	,	PUNCT
fsr-3260	464	7	403–443	403–443	NUM
fsr-3260	464	8	.	.	PUNCT
fsr-3260	465	1	jegadeesh	jegadeesh	PROPN
fsr-3260	465	2	,	,	PUNCT
fsr-3260	465	3	n.	n.	NOUN
fsr-3260	465	4	,	,	PUNCT
fsr-3260	465	5	&	&	CCONJ
fsr-3260	465	6	titman	titman	PROPN
fsr-3260	465	7	,	,	PUNCT
fsr-3260	465	8	s.	s.	PROPN
fsr-3260	465	9	(	(	PUNCT
fsr-3260	465	10	1993	1993	NUM
fsr-3260	465	11	)	)	PUNCT
fsr-3260	465	12	.	.	PUNCT
fsr-3260	466	1	returns	return	NOUN
fsr-3260	466	2	to	to	ADP
fsr-3260	466	3	buying	buy	VERB
fsr-3260	466	4	winners	winner	NOUN
fsr-3260	466	5	and	and	CCONJ
fsr-3260	466	6	selling	sell	VERB
fsr-3260	466	7	losers	loser	NOUN
fsr-3260	466	8	:	:	PUNCT
fsr-3260	466	9	implications	implication	NOUN
fsr-3260	466	10	for	for	ADP
fsr-3260	466	11	stock	stock	NOUN
fsr-3260	466	12	market	market	NOUN
fsr-3260	466	13	efficiency	efficiency	NOUN
fsr-3260	466	14	.	.	PUNCT
fsr-3260	467	1	journal	journal	PROPN
fsr-3260	467	2	of	of	ADP
fsr-3260	467	3	finance	finance	NOUN
fsr-3260	467	4	,	,	PUNCT
fsr-3260	467	5	48	48	NUM
fsr-3260	467	6	,	,	PUNCT
fsr-3260	467	7	65–91	65–91	NUM
fsr-3260	467	8	.	.	PUNCT
fsr-3260	468	1	jegadeesh	jegadeesh	PROPN
fsr-3260	468	2	,	,	PUNCT
fsr-3260	468	3	n.	n.	PROPN
fsr-3260	468	4	,	,	PUNCT
fsr-3260	468	5	&	&	CCONJ
fsr-3260	468	6	titman	titman	PROPN
fsr-3260	468	7	,	,	PUNCT
fsr-3260	468	8	s.	s.	PROPN
fsr-3260	468	9	(	(	PUNCT
fsr-3260	468	10	2001	2001	NUM
fsr-3260	468	11	)	)	PUNCT
fsr-3260	468	12	.	.	PUNCT
fsr-3260	469	1	profitability	profitability	NOUN
fsr-3260	469	2	of	of	ADP
fsr-3260	469	3	momentum	momentum	NOUN
fsr-3260	469	4	strategies	strategy	NOUN
fsr-3260	469	5	:	:	PUNCT
fsr-3260	469	6	an	an	DET
fsr-3260	469	7	evaluation	evaluation	NOUN
fsr-3260	469	8	of	of	ADP
fsr-3260	469	9	alternative	alternative	ADJ
fsr-3260	469	10	explanations	explanation	NOUN
fsr-3260	469	11	.	.	PUNCT
fsr-3260	470	1	journal	journal	NOUN
fsr-3260	470	2	of	of	ADP
fsr-3260	470	3	finance	finance	NOUN
fsr-3260	470	4	,	,	PUNCT
fsr-3260	470	5	56	56	NUM
fsr-3260	470	6	,	,	PUNCT
fsr-3260	470	7	699–720	699–720	NUM
fsr-3260	470	8	.	.	PUNCT
fsr-3260	471	1	kim	kim	PROPN
fsr-3260	471	2	,	,	PUNCT
fsr-3260	471	3	k.	k.	PROPN
fsr-3260	471	4	t.	t.	PROPN
fsr-3260	471	5	,	,	PUNCT
fsr-3260	471	6	&	&	CCONJ
fsr-3260	471	7	hanna	hanna	PROPN
fsr-3260	471	8	,	,	PUNCT
fsr-3260	471	9	s.	s.	PROPN
fsr-3260	471	10	d.	d.	PROPN
fsr-3260	471	11	(	(	PUNCT
fsr-3260	471	12	2015	2015	NUM
fsr-3260	471	13	)	)	PUNCT
fsr-3260	471	14	.	.	PUNCT
fsr-3260	472	1	do	do	AUX
fsr-3260	472	2	u.s	u.s	PROPN
fsr-3260	472	3	.	.	PROPN
fsr-3260	472	4	households	household	NOUN
fsr-3260	472	5	perceive	perceive	VERB
fsr-3260	472	6	their	their	PRON
fsr-3260	472	7	retirement	retirement	NOUN
fsr-3260	472	8	preparedness	preparedness	NOUN
fsr-3260	472	9	realistically	realistically	ADV
fsr-3260	472	10	?	?	PUNCT
fsr-3260	473	1	financial	financial	ADJ
fsr-3260	473	2	services	service	NOUN
fsr-3260	473	3	review	review	NOUN
fsr-3260	473	4	,	,	PUNCT
fsr-3260	473	5	24	24	NUM
fsr-3260	473	6	,	,	PUNCT
fsr-3260	473	7	139–155	139–155	NUM
fsr-3260	473	8	.	.	PUNCT
fsr-3260	474	1	liang	liang	PROPN
fsr-3260	474	2	,	,	PUNCT
fsr-3260	474	3	n.	n.	PROPN
fsr-3260	474	4	,	,	PUNCT
fsr-3260	474	5	&	&	CCONJ
fsr-3260	474	6	weisbenner	weisbenner	PROPN
fsr-3260	474	7	,	,	PUNCT
fsr-3260	474	8	s.	s.	PROPN
fsr-3260	474	9	(	(	PUNCT
fsr-3260	474	10	2002	2002	NUM
fsr-3260	474	11	)	)	PUNCT
fsr-3260	474	12	.	.	PUNCT
fsr-3260	475	1	investor	investor	NOUN
fsr-3260	475	2	behavior	behavior	NOUN
fsr-3260	475	3	and	and	CCONJ
fsr-3260	475	4	the	the	DET
fsr-3260	475	5	purchase	purchase	NOUN
fsr-3260	475	6	of	of	ADP
fsr-3260	475	7	company	company	NOUN
fsr-3260	475	8	stock	stock	NOUN
fsr-3260	475	9	in	in	ADP
fsr-3260	475	10	401(k	401(k	PROPN
fsr-3260	475	11	)	)	PUNCT
fsr-3260	475	12	plans	plan	NOUN
fsr-3260	475	13	:	:	PUNCT
fsr-3260	475	14	the	the	DET
fsr-3260	475	15	importance	importance	NOUN
fsr-3260	475	16	of	of	ADP
fsr-3260	475	17	plan	plan	NOUN
fsr-3260	475	18	design	design	NOUN
fsr-3260	475	19	.	.	PUNCT
fsr-3260	476	1	finance	finance	NOUN
fsr-3260	476	2	and	and	CCONJ
fsr-3260	476	3	economics	economic	NOUN
fsr-3260	476	4	discussion	discussion	NOUN
fsr-3260	476	5	series	series	PROPN
fsr-3260	476	6	2002–36	2002–36	NUM
fsr-3260	476	7	.	.	PUNCT
fsr-3260	477	1	washington	washington	PROPN
fsr-3260	477	2	,	,	PUNCT
fsr-3260	477	3	dc	dc	PROPN
fsr-3260	477	4	:	:	PUNCT
fsr-3260	477	5	board	board	NOUN
fsr-3260	477	6	of	of	ADP
fsr-3260	477	7	governors	governor	NOUN
fsr-3260	477	8	of	of	ADP
fsr-3260	477	9	the	the	DET
fsr-3260	477	10	federal	federal	PROPN
fsr-3260	477	11	reserve	reserve	PROPN
fsr-3260	477	12	system	system	NOUN
fsr-3260	477	13	.	.	PUNCT
fsr-3260	478	1	pettengill	pettengill	PROPN
fsr-3260	478	2	,	,	PUNCT
fsr-3260	478	3	g.	g.	PROPN
fsr-3260	478	4	n.	n.	PROPN
fsr-3260	478	5	,	,	PUNCT
fsr-3260	478	6	edwards	edwards	PROPN
fsr-3260	478	7	,	,	PUNCT
fsr-3260	478	8	s.	s.	PROPN
fsr-3260	478	9	m.	m.	PROPN
fsr-3260	478	10	,	,	PUNCT
fsr-3260	478	11	&	&	CCONJ
fsr-3260	478	12	schmitt	schmitt	PROPN
fsr-3260	478	13	,	,	PUNCT
fsr-3260	478	14	d.	d.	PROPN
fsr-3260	478	15	e.	e.	PROPN
fsr-3260	478	16	(	(	PUNCT
fsr-3260	478	17	2006	2006	NUM
fsr-3260	478	18	)	)	PUNCT
fsr-3260	478	19	.	.	PUNCT
fsr-3260	479	1	is	be	AUX
fsr-3260	479	2	momentum	momentum	NOUN
fsr-3260	479	3	investing	invest	VERB
fsr-3260	479	4	a	a	DET
fsr-3260	479	5	viable	viable	ADJ
fsr-3260	479	6	strategy	strategy	NOUN
fsr-3260	479	7	for	for	ADP
fsr-3260	479	8	individual	individual	ADJ
fsr-3260	479	9	investors	investor	NOUN
fsr-3260	479	10	?	?	PUNCT
fsr-3260	480	1	financial	financial	ADJ
fsr-3260	480	2	services	service	NOUN
fsr-3260	480	3	review	review	PROPN
fsr-3260	480	4	,	,	PUNCT
fsr-3260	480	5	15	15	NUM
fsr-3260	480	6	,	,	PUNCT
fsr-3260	480	7	181–197	181–197	NUM
fsr-3260	480	8	.	.	PUNCT
fsr-3260	480	9	71n	71n	NOUN
fsr-3260	480	10	.	.	PUNCT
fsr-3260	480	11	tang	tang	PROPN
fsr-3260	480	12	/	/	SYM
fsr-3260	480	13	financial	financial	ADJ
fsr-3260	480	14	services	service	NOUN
fsr-3260	480	15	review	review	VERB
fsr-3260	480	16	25	25	NUM
fsr-3260	480	17	(	(	PUNCT
fsr-3260	480	18	2016	2016	NUM
fsr-3260	480	19	)	)	PUNCT
fsr-3260	480	20	51–72	51–72	NUM
fsr-3260	480	21	pettengill	pettengill	NOUN
fsr-3260	480	22	,	,	PUNCT
fsr-3260	480	23	g.	g.	PROPN
fsr-3260	480	24	n.	n.	PROPN
fsr-3260	480	25	,	,	PUNCT
fsr-3260	480	26	edwards	edwards	PROPN
fsr-3260	480	27	,	,	PUNCT
fsr-3260	480	28	s.	s.	PROPN
fsr-3260	480	29	m.	m.	PROPN
fsr-3260	480	30	,	,	PUNCT
fsr-3260	480	31	&	&	CCONJ
fsr-3260	480	32	griggs	griggs	PROPN
fsr-3260	480	33	,	,	PUNCT
fsr-3260	480	34	f.	f.	PROPN
fsr-3260	480	35	t.	t.	PROPN
fsr-3260	480	36	(	(	PUNCT
fsr-3260	480	37	2009	2009	NUM
fsr-3260	480	38	)	)	PUNCT
fsr-3260	480	39	.	.	PUNCT
fsr-3260	481	1	can	can	AUX
fsr-3260	481	2	individual	individual	ADJ
fsr-3260	481	3	investors	investor	NOUN
fsr-3260	481	4	duplicate	duplicate	VERB
fsr-3260	481	5	professional	professional	ADJ
fsr-3260	481	6	momentum	momentum	NOUN
fsr-3260	481	7	investing	investing	NOUN
fsr-3260	481	8	?	?	PUNCT
fsr-3260	482	1	financial	financial	ADJ
fsr-3260	482	2	services	service	NOUN
fsr-3260	482	3	review	review	PROPN
fsr-3260	482	4	,	,	PUNCT
fsr-3260	482	5	18	18	NUM
fsr-3260	482	6	,	,	PUNCT
fsr-3260	482	7	355–380	355–380	NUM
fsr-3260	482	8	.	.	PUNCT
fsr-3260	483	1	rockenbach	rockenbach	PROPN
fsr-3260	483	2	,	,	PUNCT
fsr-3260	483	3	b.	b.	PROPN
fsr-3260	483	4	(	(	PUNCT
fsr-3260	483	5	2004	2004	NUM
fsr-3260	483	6	)	)	PUNCT
fsr-3260	483	7	.	.	PUNCT
fsr-3260	484	1	the	the	DET
fsr-3260	484	2	behavioral	behavioral	ADJ
fsr-3260	484	3	relevance	relevance	NOUN
fsr-3260	484	4	of	of	ADP
fsr-3260	484	5	mental	mental	ADJ
fsr-3260	484	6	accounting	accounting	NOUN
fsr-3260	484	7	for	for	ADP
fsr-3260	484	8	the	the	DET
fsr-3260	484	9	pricing	pricing	NOUN
fsr-3260	484	10	of	of	ADP
fsr-3260	484	11	financial	financial	ADJ
fsr-3260	484	12	options	option	NOUN
fsr-3260	484	13	.	.	PUNCT
fsr-3260	485	1	journal	journal	NOUN
fsr-3260	485	2	of	of	ADP
fsr-3260	485	3	economic	economic	ADJ
fsr-3260	485	4	behavior	behavior	NOUN
fsr-3260	485	5	&	&	CCONJ
fsr-3260	485	6	organization	organization	PROPN
fsr-3260	485	7	,	,	PUNCT
fsr-3260	485	8	53	53	NUM
fsr-3260	485	9	,	,	PUNCT
fsr-3260	485	10	513–527	513–527	NUM
fsr-3260	485	11	.	.	PUNCT
fsr-3260	486	1	rouwenhorst	rouwenhorst	PROPN
fsr-3260	486	2	,	,	PUNCT
fsr-3260	486	3	k.	k.	PROPN
fsr-3260	486	4	g.	g.	PROPN
fsr-3260	486	5	(	(	PUNCT
fsr-3260	486	6	1998	1998	NUM
fsr-3260	486	7	)	)	PUNCT
fsr-3260	486	8	.	.	PUNCT
fsr-3260	487	1	international	international	ADJ
fsr-3260	487	2	momentum	momentum	NOUN
fsr-3260	487	3	strategies	strategy	NOUN
fsr-3260	487	4	.	.	PUNCT
fsr-3260	488	1	journal	journal	NOUN
fsr-3260	488	2	of	of	ADP
fsr-3260	488	3	finance	finance	NOUN
fsr-3260	488	4	,	,	PUNCT
fsr-3260	488	5	53	53	NUM
fsr-3260	488	6	,	,	PUNCT
fsr-3260	488	7	267–284	267–284	NUM
fsr-3260	488	8	.	.	PUNCT
fsr-3260	489	1	sapp	sapp	PROPN
fsr-3260	489	2	,	,	PUNCT
fsr-3260	489	3	t.	t.	PROPN
fsr-3260	489	4	,	,	PUNCT
fsr-3260	489	5	&	&	CCONJ
fsr-3260	489	6	tiwari	tiwari	PROPN
fsr-3260	489	7	,	,	PUNCT
fsr-3260	489	8	a.	a.	PROPN
fsr-3260	489	9	(	(	PUNCT
fsr-3260	489	10	2004	2004	NUM
fsr-3260	489	11	)	)	PUNCT
fsr-3260	489	12	.	.	PUNCT
fsr-3260	490	1	does	do	AUX
fsr-3260	490	2	stock	stock	NOUN
fsr-3260	490	3	return	return	NOUN
fsr-3260	490	4	momentum	momentum	NOUN
fsr-3260	490	5	explain	explain	VERB
fsr-3260	490	6	the	the	DET
fsr-3260	490	7	“	"	PUNCT
fsr-3260	490	8	smart	smart	ADJ
fsr-3260	490	9	money	money	NOUN
fsr-3260	490	10	”	"	PUNCT
fsr-3260	490	11	effect	effect	NOUN
fsr-3260	490	12	?	?	PUNCT
fsr-3260	491	1	journal	journal	NOUN
fsr-3260	491	2	of	of	ADP
fsr-3260	491	3	finance	finance	NOUN
fsr-3260	491	4	,	,	PUNCT
fsr-3260	491	5	59	59	NUM
fsr-3260	491	6	,	,	PUNCT
fsr-3260	491	7	2605–2622	2605–2622	NUM
fsr-3260	491	8	.	.	PUNCT
fsr-3260	492	1	sirri	sirri	PROPN
fsr-3260	492	2	,	,	PUNCT
fsr-3260	492	3	e.	e.	PROPN
fsr-3260	492	4	,	,	PUNCT
fsr-3260	492	5	&	&	CCONJ
fsr-3260	492	6	tufano	tufano	ADJ
fsr-3260	492	7	,	,	PUNCT
fsr-3260	492	8	p.	p.	NOUN
fsr-3260	492	9	(	(	PUNCT
fsr-3260	492	10	1998	1998	NUM
fsr-3260	492	11	)	)	PUNCT
fsr-3260	492	12	.	.	PUNCT
fsr-3260	493	1	costly	costly	ADJ
fsr-3260	493	2	search	search	NOUN
fsr-3260	493	3	and	and	CCONJ
fsr-3260	493	4	mutual	mutual	ADJ
fsr-3260	493	5	fund	fund	NOUN
fsr-3260	493	6	flows	flow	NOUN
fsr-3260	493	7	.	.	PUNCT
fsr-3260	494	1	journal	journal	PROPN
fsr-3260	494	2	of	of	ADP
fsr-3260	494	3	finance	finance	NOUN
fsr-3260	494	4	,	,	PUNCT
fsr-3260	494	5	53	53	NUM
fsr-3260	494	6	,	,	PUNCT
fsr-3260	494	7	1589–1622	1589–1622	NUM
fsr-3260	494	8	.	.	PUNCT
fsr-3260	495	1	solomon	solomon	PROPN
fsr-3260	495	2	,	,	PUNCT
fsr-3260	495	3	d.	d.	PROPN
fsr-3260	495	4	h.	h.	PROPN
fsr-3260	495	5	,	,	PUNCT
fsr-3260	495	6	solges	solge	NOUN
fsr-3260	495	7	,	,	PUNCT
fsr-3260	495	8	e.	e.	PROPN
fsr-3260	495	9	,	,	PUNCT
fsr-3260	495	10	&	&	CCONJ
fsr-3260	495	11	sosyura	sosyura	PROPN
fsr-3260	495	12	,	,	PUNCT
fsr-3260	495	13	d.	d.	PROPN
fsr-3260	495	14	(	(	PUNCT
fsr-3260	495	15	2014	2014	NUM
fsr-3260	495	16	)	)	PUNCT
fsr-3260	495	17	.	.	PUNCT
fsr-3260	496	1	winners	winner	NOUN
fsr-3260	496	2	in	in	ADP
fsr-3260	496	3	the	the	DET
fsr-3260	496	4	spotlight	spotlight	NOUN
fsr-3260	496	5	:	:	PUNCT
fsr-3260	496	6	media	medium	NOUN
fsr-3260	496	7	coverage	coverage	NOUN
fsr-3260	496	8	of	of	ADP
fsr-3260	496	9	fund	fund	NOUN
fsr-3260	496	10	holdings	holding	NOUN
fsr-3260	496	11	as	as	ADP
fsr-3260	496	12	a	a	DET
fsr-3260	496	13	driver	driver	NOUN
fsr-3260	496	14	of	of	ADP
fsr-3260	496	15	flows	flow	NOUN
fsr-3260	496	16	.	.	PUNCT
fsr-3260	497	1	journal	journal	NOUN
fsr-3260	497	2	of	of	ADP
fsr-3260	497	3	financial	financial	ADJ
fsr-3260	497	4	economics	economic	NOUN
fsr-3260	497	5	,	,	PUNCT
fsr-3260	497	6	113	113	NUM
fsr-3260	497	7	,	,	PUNCT
fsr-3260	497	8	53–72	53–72	NUM
fsr-3260	497	9	.	.	PUNCT
fsr-3260	497	10	tang	tang	PROPN
fsr-3260	497	11	,	,	PUNCT
fsr-3260	497	12	n.	n.	PROPN
fsr-3260	497	13	,	,	PUNCT
fsr-3260	497	14	mitchell	mitchell	PROPN
fsr-3260	497	15	,	,	PUNCT
fsr-3260	497	16	o.	o.	PROPN
fsr-3260	497	17	s.	s.	PROPN
fsr-3260	497	18	,	,	PUNCT
fsr-3260	497	19	&	&	CCONJ
fsr-3260	497	20	utkus	utkus	PROPN
fsr-3260	497	21	,	,	PUNCT
fsr-3260	497	22	s.	s.	PROPN
fsr-3260	497	23	p.	p.	PROPN
fsr-3260	497	24	(	(	PUNCT
fsr-3260	497	25	2012	2012	NUM
fsr-3260	497	26	)	)	PUNCT
fsr-3260	497	27	.	.	PUNCT
fsr-3260	498	1	trading	trading	NOUN
fsr-3260	498	2	in	in	ADP
fsr-3260	498	3	401(k	401(k	PROPN
fsr-3260	498	4	)	)	PUNCT
fsr-3260	498	5	plans	plan	NOUN
fsr-3260	498	6	during	during	ADP
fsr-3260	498	7	the	the	DET
fsr-3260	498	8	financial	financial	ADJ
fsr-3260	498	9	crisis	crisis	NOUN
fsr-3260	498	10	.	.	PUNCT
fsr-3260	499	1	in	in	ADP
fsr-3260	499	2	:	:	PUNCT
fsr-3260	499	3	r.	r.	PROPN
fsr-3260	499	4	maurer	maurer	PROPN
fsr-3260	499	5	,	,	PUNCT
fsr-3260	499	6	o.	o.	PROPN
fsr-3260	499	7	s.	s.	PROPN
fsr-3260	499	8	mitchell	mitchell	PROPN
fsr-3260	499	9	,	,	PUNCT
fsr-3260	499	10	&	&	CCONJ
fsr-3260	499	11	m.	m.	PROPN
fsr-3260	499	12	j.	j.	PROPN
fsr-3260	499	13	warshawsky	warshawsky	PROPN
fsr-3260	499	14	(	(	PUNCT
fsr-3260	499	15	eds	ed	NOUN
fsr-3260	499	16	.	.	PUNCT
fsr-3260	499	17	)	)	PUNCT
fsr-3260	499	18	,	,	PUNCT
fsr-3260	499	19	reshaping	reshape	VERB
fsr-3260	499	20	retirement	retirement	NOUN
fsr-3260	499	21	security	security	NOUN
fsr-3260	499	22	:	:	PUNCT
fsr-3260	499	23	lessons	lesson	NOUN
fsr-3260	499	24	from	from	ADP
fsr-3260	499	25	the	the	DET
fsr-3260	499	26	global	global	ADJ
fsr-3260	499	27	financial	financial	ADJ
fsr-3260	499	28	crisis	crisis	NOUN
fsr-3260	499	29	.	.	PUNCT
fsr-3260	500	1	oxford	oxford	NOUN
fsr-3260	500	2	:	:	PUNCT
fsr-3260	500	3	oxford	oxford	PROPN
fsr-3260	500	4	university	university	PROPN
fsr-3260	500	5	press	press	NOUN
fsr-3260	500	6	.	.	PUNCT
fsr-3260	501	1	tang	tang	PROPN
fsr-3260	501	2	,	,	PUNCT
fsr-3260	501	3	n.	n.	PROPN
fsr-3260	501	4	,	,	PUNCT
fsr-3260	501	5	mitchell	mitchell	PROPN
fsr-3260	501	6	,	,	PUNCT
fsr-3260	501	7	o.	o.	PROPN
fsr-3260	501	8	s.	s.	PROPN
fsr-3260	501	9	,	,	PUNCT
fsr-3260	501	10	mottola	mottola	PROPN
fsr-3260	501	11	,	,	PUNCT
fsr-3260	501	12	g.	g.	PROPN
fsr-3260	501	13	r.	r.	PROPN
fsr-3260	501	14	,	,	PUNCT
fsr-3260	501	15	&	&	CCONJ
fsr-3260	501	16	utkus	utkus	PROPN
fsr-3260	501	17	,	,	PUNCT
fsr-3260	501	18	s.	s.	PROPN
fsr-3260	501	19	p.	p.	PROPN
fsr-3260	501	20	(	(	PUNCT
fsr-3260	501	21	2010	2010	NUM
fsr-3260	501	22	)	)	PUNCT
fsr-3260	501	23	.	.	PUNCT
fsr-3260	502	1	the	the	DET
fsr-3260	502	2	efficiency	efficiency	NOUN
fsr-3260	502	3	of	of	ADP
fsr-3260	502	4	sponsor	sponsor	NOUN
fsr-3260	502	5	and	and	CCONJ
fsr-3260	502	6	participant	participant	ADJ
fsr-3260	502	7	portfolio	portfolio	NOUN
fsr-3260	502	8	choices	choice	NOUN
fsr-3260	502	9	in	in	ADP
fsr-3260	502	10	401(k	401(k	NOUN
fsr-3260	502	11	)	)	PUNCT
fsr-3260	502	12	plans	plan	NOUN
fsr-3260	502	13	.	.	PUNCT
fsr-3260	503	1	journal	journal	NOUN
fsr-3260	503	2	of	of	ADP
fsr-3260	503	3	public	public	ADJ
fsr-3260	503	4	economics	economic	NOUN
fsr-3260	503	5	,	,	PUNCT
fsr-3260	503	6	94	94	NUM
fsr-3260	503	7	,	,	PUNCT
fsr-3260	503	8	1973–1085	1973–1085	NUM
fsr-3260	503	9	.	.	PUNCT
fsr-3260	504	1	thaler	thaler	PROPN
fsr-3260	504	2	,	,	PUNCT
fsr-3260	504	3	r.	r.	PROPN
fsr-3260	504	4	h.	h.	PROPN
fsr-3260	504	5	,	,	PUNCT
fsr-3260	504	6	&	&	CCONJ
fsr-3260	504	7	sunstein	sunstein	PROPN
fsr-3260	504	8	,	,	PUNCT
fsr-3260	504	9	c.	c.	PROPN
fsr-3260	504	10	r.	r.	PROPN
fsr-3260	504	11	(	(	PUNCT
fsr-3260	504	12	2008	2008	NUM
fsr-3260	504	13	)	)	PUNCT
fsr-3260	504	14	.	.	PUNCT
fsr-3260	505	1	nudge	nudge	VERB
fsr-3260	505	2	:	:	PUNCT
fsr-3260	505	3	improving	improve	VERB
fsr-3260	505	4	decisions	decision	NOUN
fsr-3260	505	5	about	about	ADP
fsr-3260	505	6	health	health	NOUN
fsr-3260	505	7	,	,	PUNCT
fsr-3260	505	8	wealth	wealth	NOUN
fsr-3260	505	9	,	,	PUNCT
fsr-3260	505	10	and	and	CCONJ
fsr-3260	505	11	happiness	happiness	NOUN
fsr-3260	505	12	.	.	PUNCT
fsr-3260	506	1	new	new	ADJ
fsr-3260	506	2	haven	haven	PROPN
fsr-3260	506	3	,	,	PUNCT
fsr-3260	506	4	ct	ct	PROPN
fsr-3260	506	5	:	:	PUNCT
fsr-3260	506	6	yale	yale	PROPN
fsr-3260	506	7	university	university	PROPN
fsr-3260	506	8	press	press	NOUN
fsr-3260	506	9	.	.	PUNCT
fsr-3260	507	1	vanderhei	vanderhei	PROPN
fsr-3260	507	2	,	,	PUNCT
fsr-3260	507	3	j.	j.	PROPN
fsr-3260	507	4	,	,	PUNCT
fsr-3260	507	5	holden	holden	PROPN
fsr-3260	507	6	,	,	PUNCT
fsr-3260	507	7	s.	s.	PROPN
fsr-3260	507	8	,	,	PUNCT
fsr-3260	507	9	alonso	alonso	PROPN
fsr-3260	507	10	,	,	PUNCT
fsr-3260	507	11	l.	l.	PROPN
fsr-3260	507	12	,	,	PUNCT
fsr-3260	507	13	&	&	CCONJ
fsr-3260	507	14	bass	bass	PROPN
fsr-3260	507	15	,	,	PUNCT
fsr-3260	507	16	s.	s.	PROPN
fsr-3260	507	17	(	(	PUNCT
fsr-3260	507	18	2011	2011	NUM
fsr-3260	507	19	)	)	PUNCT
fsr-3260	507	20	.	.	PUNCT
fsr-3260	508	1	401(k	401(k	NOUN
fsr-3260	508	2	)	)	PUNCT
fsr-3260	508	3	plan	plan	VERB
fsr-3260	508	4	asset	asset	NOUN
fsr-3260	508	5	allocation	allocation	NOUN
fsr-3260	508	6	,	,	PUNCT
fsr-3260	508	7	account	account	NOUN
fsr-3260	508	8	balances	balance	NOUN
fsr-3260	508	9	,	,	PUNCT
fsr-3260	508	10	and	and	CCONJ
fsr-3260	508	11	loan	loan	NOUN
fsr-3260	508	12	activity	activity	NOUN
fsr-3260	508	13	in	in	ADP
fsr-3260	508	14	2010	2010	NUM
fsr-3260	508	15	.	.	PUNCT
fsr-3260	509	1	ebri	ebri	NOUN
fsr-3260	509	2	issue	issue	NOUN
fsr-3260	509	3	brief	brief	ADJ
fsr-3260	509	4	#	#	SYM
fsr-3260	509	5	366	366	NUM
fsr-3260	509	6	.	.	PUNCT
fsr-3260	510	1	warther	warther	PROPN
fsr-3260	510	2	,	,	PUNCT
fsr-3260	510	3	v.	v.	PROPN
fsr-3260	510	4	(	(	PUNCT
fsr-3260	510	5	1995	1995	NUM
fsr-3260	510	6	)	)	PUNCT
fsr-3260	510	7	.	.	PUNCT
fsr-3260	511	1	aggregate	aggregate	ADJ
fsr-3260	511	2	mutual	mutual	ADJ
fsr-3260	511	3	fund	fund	NOUN
fsr-3260	511	4	flows	flow	NOUN
fsr-3260	511	5	and	and	CCONJ
fsr-3260	511	6	security	security	NOUN
fsr-3260	511	7	returns	return	NOUN
fsr-3260	511	8	.	.	PUNCT
fsr-3260	512	1	journal	journal	NOUN
fsr-3260	512	2	of	of	ADP
fsr-3260	512	3	financial	financial	ADJ
fsr-3260	512	4	economics	economic	NOUN
fsr-3260	512	5	,	,	PUNCT
fsr-3260	512	6	39	39	NUM
fsr-3260	512	7	,	,	PUNCT
fsr-3260	512	8	581–562	581–562	NUM
fsr-3260	512	9	.	.	PUNCT
fsr-3260	513	1	willett	willett	PROPN
fsr-3260	513	2	,	,	PUNCT
fsr-3260	513	3	m.	m.	NOUN
fsr-3260	513	4	(	(	PUNCT
fsr-3260	513	5	2008	2008	NUM
fsr-3260	513	6	)	)	PUNCT
fsr-3260	513	7	.	.	PUNCT
fsr-3260	514	1	a	a	DET
fsr-3260	514	2	new	new	ADJ
fsr-3260	514	3	model	model	NOUN
fsr-3260	514	4	for	for	ADP
fsr-3260	514	5	retirement	retirement	NOUN
fsr-3260	514	6	education	education	NOUN
fsr-3260	514	7	and	and	CCONJ
fsr-3260	514	8	counseling	counseling	NOUN
fsr-3260	514	9	.	.	PUNCT
fsr-3260	515	1	financial	financial	ADJ
fsr-3260	515	2	services	service	NOUN
fsr-3260	515	3	review	review	PROPN
fsr-3260	515	4	,	,	PUNCT
fsr-3260	515	5	17	17	NUM
fsr-3260	515	6	,	,	PUNCT
fsr-3260	515	7	105–130	105–130	NUM
fsr-3260	515	8	.	.	PUNCT
fsr-3260	516	1	zheng	zheng	PROPN
fsr-3260	516	2	,	,	PUNCT
fsr-3260	516	3	l.	l.	PROPN
fsr-3260	516	4	(	(	PUNCT
fsr-3260	516	5	1999	1999	NUM
fsr-3260	516	6	)	)	PUNCT
fsr-3260	516	7	.	.	PUNCT
fsr-3260	516	8	is	be	AUX
fsr-3260	516	9	money	money	NOUN
fsr-3260	516	10	smart	smart	ADJ
fsr-3260	516	11	?	?	PUNCT
fsr-3260	517	1	a	a	DET
fsr-3260	517	2	study	study	NOUN
fsr-3260	517	3	of	of	ADP
fsr-3260	517	4	mutual	mutual	ADJ
fsr-3260	517	5	fund	fund	NOUN
fsr-3260	517	6	investors	investor	NOUN
fsr-3260	517	7	’	’	PART
fsr-3260	517	8	fund	fund	NOUN
fsr-3260	517	9	selection	selection	NOUN
fsr-3260	517	10	ability	ability	NOUN
fsr-3260	517	11	.	.	PUNCT
fsr-3260	518	1	journal	journal	NOUN
fsr-3260	518	2	of	of	ADP
fsr-3260	518	3	finance	finance	NOUN
fsr-3260	518	4	,	,	PUNCT
fsr-3260	518	5	54	54	NUM
fsr-3260	518	6	,	,	PUNCT
fsr-3260	518	7	901–933	901–933	NUM
fsr-3260	518	8	.	.	PUNCT
fsr-3260	519	1	72	72	NUM
fsr-3260	519	2	n.	n.	NOUN
fsr-3260	519	3	tang	tang	PROPN
fsr-3260	519	4	/	/	SYM
fsr-3260	519	5	financial	financial	ADJ
fsr-3260	519	6	services	service	NOUN
fsr-3260	519	7	review	review	VERB
fsr-3260	519	8	25	25	NUM
fsr-3260	519	9	(	(	PUNCT
fsr-3260	519	10	2016	2016	NUM
fsr-3260	519	11	)	)	PUNCT
fsr-3260	519	12	51–72	51–72	NUM