id	sid	tid	token	lemma	pos
fsr-3262	1	1	spread	spread	VERB
fsr-3262	1	2	options	option	NOUN
fsr-3262	1	3	and	and	CCONJ
fsr-3262	1	4	risk	risk	NOUN
fsr-3262	1	5	management	management	NOUN
fsr-3262	1	6	:	:	PUNCT
fsr-3262	1	7	lognormal	lognormal	ADJ
fsr-3262	1	8	versus	versus	ADP
fsr-3262	1	9	normal	normal	ADJ
fsr-3262	1	10	distribution	distribution	NOUN
fsr-3262	1	11	approach	approach	NOUN
fsr-3262	1	12	robert	robert	PROPN
fsr-3262	1	13	brooksa	brooksa	PROPN
fsr-3262	1	14	,	,	PUNCT
fsr-3262	1	15	brandon	brandon	PROPN
fsr-3262	1	16	n.	n.	PROPN
fsr-3262	1	17	clineb	clineb	PROPN
fsr-3262	1	18	,	,	PUNCT
fsr-3262	1	19	*	*	PUNCT
fsr-3262	1	20	adepartment	adepartment	NOUN
fsr-3262	1	21	of	of	ADP
fsr-3262	1	22	economics	economic	NOUN
fsr-3262	1	23	,	,	PUNCT
fsr-3262	1	24	finance	finance	NOUN
fsr-3262	1	25	and	and	CCONJ
fsr-3262	1	26	legal	legal	ADJ
fsr-3262	1	27	studies	study	NOUN
fsr-3262	1	28	,	,	PUNCT
fsr-3262	1	29	the	the	DET
fsr-3262	1	30	university	university	NOUN
fsr-3262	1	31	of	of	ADP
fsr-3262	1	32	alabama	alabama	PROPN
fsr-3262	1	33	,	,	PUNCT
fsr-3262	1	34	200	200	NUM
fsr-3262	1	35	alston	alston	PROPN
fsr-3262	1	36	hall	hall	PROPN
fsr-3262	1	37	,	,	PUNCT
fsr-3262	1	38	box	box	PROPN
fsr-3262	1	39	870224	870224	NUM
fsr-3262	1	40	,	,	PUNCT
fsr-3262	1	41	tuscaloosa	tuscaloosa	PROPN
fsr-3262	1	42	,	,	PUNCT
fsr-3262	1	43	al	al	PROPN
fsr-3262	1	44	35487	35487	NUM
fsr-3262	1	45	,	,	PUNCT
fsr-3262	1	46	usa	usa	PROPN
fsr-3262	1	47	bdepartment	bdepartment	NOUN
fsr-3262	1	48	of	of	ADP
fsr-3262	1	49	finance	finance	NOUN
fsr-3262	1	50	and	and	CCONJ
fsr-3262	1	51	economics	economic	NOUN
fsr-3262	1	52	,	,	PUNCT
fsr-3262	1	53	mississippi	mississippi	PROPN
fsr-3262	1	54	state	state	PROPN
fsr-3262	1	55	university	university	PROPN
fsr-3262	1	56	,	,	PUNCT
fsr-3262	1	57	312	312	NUM
fsr-3262	1	58	mccool	mccool	PROPN
fsr-3262	1	59	hall	hall	NOUN
fsr-3262	1	60	,	,	PUNCT
fsr-3262	1	61	mississippi	mississippi	PROPN
fsr-3262	1	62	state	state	PROPN
fsr-3262	1	63	,	,	PUNCT
fsr-3262	1	64	ms	ms	PROPN
fsr-3262	1	65	39762	39762	NUM
fsr-3262	1	66	,	,	PUNCT
fsr-3262	1	67	usa	usa	PROPN
fsr-3262	1	68	abstract	abstract	NOUN
fsr-3262	1	69	we	we	PRON
fsr-3262	1	70	provide	provide	VERB
fsr-3262	1	71	better	well	ADJ
fsr-3262	1	72	tools	tool	NOUN
fsr-3262	1	73	for	for	ADP
fsr-3262	1	74	managing	manage	VERB
fsr-3262	1	75	the	the	DET
fsr-3262	1	76	downside	downside	ADJ
fsr-3262	1	77	risk	risk	NOUN
fsr-3262	1	78	related	relate	VERB
fsr-3262	1	79	to	to	ADP
fsr-3262	1	80	the	the	DET
fsr-3262	1	81	spread	spread	NOUN
fsr-3262	1	82	between	between	ADP
fsr-3262	1	83	the	the	DET
fsr-3262	1	84	asset	asset	NOUN
fsr-3262	1	85	portfolio	portfolio	NOUN
fsr-3262	1	86	and	and	CCONJ
fsr-3262	1	87	corresponding	corresponding	ADJ
fsr-3262	1	88	liabilities	liability	NOUN
fsr-3262	1	89	.	.	PUNCT
fsr-3262	2	1	these	these	DET
fsr-3262	2	2	tools	tool	NOUN
fsr-3262	2	3	are	be	AUX
fsr-3262	2	4	particularly	particularly	ADV
fsr-3262	2	5	applicable	applicable	ADJ
fsr-3262	2	6	for	for	ADP
fsr-3262	2	7	individual	individual	ADJ
fsr-3262	2	8	investors	investor	NOUN
fsr-3262	2	9	.	.	PUNCT
fsr-3262	3	1	we	we	PRON
fsr-3262	3	2	investigate	investigate	VERB
fsr-3262	3	3	the	the	DET
fsr-3262	3	4	spread	spread	ADJ
fsr-3262	3	5	option	option	NOUN
fsr-3262	3	6	valuation	valuation	NOUN
fsr-3262	3	7	model	model	NOUN
fsr-3262	3	8	where	where	SCONJ
fsr-3262	3	9	both	both	DET
fsr-3262	3	10	underlying	underlying	ADJ
fsr-3262	3	11	instruments	instrument	NOUN
fsr-3262	3	12	follow	follow	VERB
fsr-3262	3	13	geometric	geometric	ADJ
fsr-3262	3	14	brownian	brownian	ADJ
fsr-3262	3	15	motion	motion	NOUN
fsr-3262	3	16	,	,	PUNCT
fsr-3262	3	17	and	and	CCONJ
fsr-3262	3	18	one	one	NUM
fsr-3262	3	19	where	where	SCONJ
fsr-3262	3	20	both	both	DET
fsr-3262	3	21	underlying	underlying	ADJ
fsr-3262	3	22	instruments	instrument	NOUN
fsr-3262	3	23	are	be	AUX
fsr-3262	3	24	assumed	assume	VERB
fsr-3262	3	25	to	to	PART
fsr-3262	3	26	follow	follow	VERB
fsr-3262	3	27	arithmetic	arithmetic	ADJ
fsr-3262	3	28	brownian	brownian	PROPN
fsr-3262	3	29	motion	motion	NOUN
fsr-3262	3	30	.	.	PUNCT
fsr-3262	4	1	we	we	PRON
fsr-3262	4	2	show	show	VERB
fsr-3262	4	3	that	that	SCONJ
fsr-3262	4	4	the	the	DET
fsr-3262	4	5	risk	risk	NOUN
fsr-3262	4	6	parameters	parameter	NOUN
fsr-3262	4	7	are	be	AUX
fsr-3262	4	8	often	often	ADV
fsr-3262	4	9	materially	materially	ADV
fsr-3262	4	10	different	different	ADJ
fsr-3262	4	11	.	.	PUNCT
fsr-3262	5	1	these	these	DET
fsr-3262	5	2	results	result	NOUN
fsr-3262	5	3	are	be	AUX
fsr-3262	5	4	important	important	ADJ
fsr-3262	5	5	in	in	ADP
fsr-3262	5	6	practical	practical	ADJ
fsr-3262	5	7	applications	application	NOUN
fsr-3262	5	8	of	of	ADP
fsr-3262	5	9	risk	risk	NOUN
fsr-3262	5	10	management	management	NOUN
fsr-3262	5	11	for	for	ADP
fsr-3262	5	12	individual	individual	ADJ
fsr-3262	5	13	investors	investor	NOUN
fsr-3262	5	14	as	as	ADV
fsr-3262	5	15	well	well	ADV
fsr-3262	5	16	as	as	ADP
fsr-3262	5	17	financial	financial	ADJ
fsr-3262	5	18	institutions	institution	NOUN
fsr-3262	5	19	.	.	PUNCT
fsr-3262	6	1	for	for	ADP
fsr-3262	6	2	most	most	ADJ
fsr-3262	6	3	personal	personal	ADJ
fsr-3262	6	4	financial	financial	ADJ
fsr-3262	6	5	planning	planning	NOUN
fsr-3262	6	6	applications	application	NOUN
fsr-3262	6	7	,	,	PUNCT
fsr-3262	6	8	one	one	PRON
fsr-3262	6	9	can	can	AUX
fsr-3262	6	10	safely	safely	ADV
fsr-3262	6	11	use	use	VERB
fsr-3262	6	12	the	the	DET
fsr-3262	6	13	simpler	simple	ADJ
fsr-3262	6	14	arithmetic	arithmetic	ADJ
fsr-3262	6	15	brownian	brownian	ADJ
fsr-3262	6	16	motion	motion	NOUN
fsr-3262	6	17	model	model	NOUN
fsr-3262	6	18	.	.	PUNCT
fsr-3262	7	1	©	©	PROPN
fsr-3262	7	2	2015	2015	NUM
fsr-3262	7	3	academy	academy	NOUN
fsr-3262	7	4	of	of	ADP
fsr-3262	7	5	financial	financial	ADJ
fsr-3262	7	6	services	service	NOUN
fsr-3262	7	7	.	.	PUNCT
fsr-3262	8	1	all	all	DET
fsr-3262	8	2	rights	right	NOUN
fsr-3262	8	3	reserved	reserve	VERB
fsr-3262	8	4	.	.	PUNCT
fsr-3262	9	1	jel	jel	PROPN
fsr-3262	9	2	classification	classification	NOUN
fsr-3262	9	3	:	:	PUNCT
fsr-3262	9	4	g13	g13	PROPN
fsr-3262	9	5	keywords	keyword	NOUN
fsr-3262	9	6	:	:	PUNCT
fsr-3262	9	7	spread	spread	NOUN
fsr-3262	9	8	options	option	NOUN
fsr-3262	9	9	;	;	PUNCT
fsr-3262	9	10	basis	basis	NOUN
fsr-3262	9	11	options	option	NOUN
fsr-3262	9	12	;	;	PUNCT
fsr-3262	9	13	lognormal	lognormal	ADJ
fsr-3262	9	14	;	;	PUNCT
fsr-3262	9	15	normal	normal	ADJ
fsr-3262	9	16	1	1	NUM
fsr-3262	9	17	.	.	PUNCT
fsr-3262	10	1	introduction	introduction	NOUN
fsr-3262	10	2	wealth	wealth	NOUN
fsr-3262	10	3	management	management	NOUN
fsr-3262	10	4	firms	firm	NOUN
fsr-3262	10	5	claim	claim	VERB
fsr-3262	10	6	to	to	PART
fsr-3262	10	7	provide	provide	VERB
fsr-3262	10	8	tailor	tailor	NOUN
fsr-3262	10	9	-	-	PUNCT
fsr-3262	10	10	made	make	VERB
fsr-3262	10	11	solutions	solution	NOUN
fsr-3262	10	12	to	to	ADP
fsr-3262	10	13	a	a	DET
fsr-3262	10	14	client	client	NOUN
fsr-3262	10	15	’s	’s	PART
fsr-3262	10	16	unique	unique	ADJ
fsr-3262	10	17	financial	financial	ADJ
fsr-3262	10	18	situations	situation	NOUN
fsr-3262	10	19	.	.	PUNCT
fsr-3262	11	1	the	the	DET
fsr-3262	11	2	assertion	assertion	NOUN
fsr-3262	11	3	is	be	AUX
fsr-3262	11	4	that	that	SCONJ
fsr-3262	11	5	custom	custom	ADV
fsr-3262	11	6	-	-	PUNCT
fsr-3262	11	7	made	make	VERB
fsr-3262	11	8	financial	financial	ADJ
fsr-3262	11	9	advice	advice	NOUN
fsr-3262	11	10	is	be	AUX
fsr-3262	11	11	provided	provide	VERB
fsr-3262	11	12	within	within	ADP
fsr-3262	11	13	the	the	DET
fsr-3262	11	14	context	context	NOUN
fsr-3262	11	15	of	of	ADP
fsr-3262	11	16	a	a	DET
fsr-3262	11	17	client	client	NOUN
fsr-3262	11	18	’s	’s	PART
fsr-3262	11	19	unique	unique	ADJ
fsr-3262	11	20	preferences	preference	NOUN
fsr-3262	11	21	.	.	PUNCT
fsr-3262	12	1	these	these	DET
fsr-3262	12	2	assertions	assertion	NOUN
fsr-3262	12	3	and	and	CCONJ
fsr-3262	12	4	claims	claim	NOUN
fsr-3262	12	5	,	,	PUNCT
fsr-3262	12	6	when	when	SCONJ
fsr-3262	12	7	actual	actual	ADJ
fsr-3262	12	8	practices	practice	NOUN
fsr-3262	12	9	are	be	AUX
fsr-3262	12	10	examined	examine	VERB
fsr-3262	12	11	,	,	PUNCT
fsr-3262	12	12	often	often	ADV
fsr-3262	12	13	fall	fall	VERB
fsr-3262	12	14	woefully	woefully	ADV
fsr-3262	12	15	short	short	ADJ
fsr-3262	12	16	.	.	PUNCT
fsr-3262	13	1	as	as	ADP
fsr-3262	13	2	evidence	evidence	NOUN
fsr-3262	13	3	,	,	PUNCT
fsr-3262	13	4	consider	consider	VERB
fsr-3262	13	5	that	that	SCONJ
fsr-3262	13	6	neither	neither	CCONJ
fsr-3262	13	7	the	the	DET
fsr-3262	13	8	client	client	NOUN
fsr-3262	13	9	,	,	PUNCT
fsr-3262	13	10	nor	nor	CCONJ
fsr-3262	13	11	the	the	DET
fsr-3262	13	12	wealth	wealth	NOUN
fsr-3262	13	13	management	management	NOUN
fsr-3262	13	14	firm	firm	NOUN
fsr-3262	13	15	can	can	AUX
fsr-3262	13	16	*	*	PUNCT
fsr-3262	13	17	corresponding	correspond	VERB
fsr-3262	13	18	author	author	NOUN
fsr-3262	13	19	.	.	PUNCT
fsr-3262	14	1	tel	tel	PROPN
fsr-3262	14	2	.	.	PUNCT
fsr-3262	14	3	:	:	PUNCT
fsr-3262	15	1	�	�	PROPN
fsr-3262	15	2	1	1	NUM
fsr-3262	15	3	-	-	SYM
fsr-3262	15	4	662	662	NUM
fsr-3262	15	5	-	-	PUNCT
fsr-3262	15	6	325	325	NUM
fsr-3262	15	7	-	-	SYM
fsr-3262	15	8	7477	7477	NUM
fsr-3262	15	9	;	;	PUNCT
fsr-3262	15	10	fax	fax	NOUN
fsr-3262	15	11	:	:	PUNCT
fsr-3262	15	12	�	�	PROPN
fsr-3262	15	13	1	1	NUM
fsr-3262	15	14	-	-	SYM
fsr-3262	15	15	662	662	NUM
fsr-3262	15	16	-	-	PUNCT
fsr-3262	15	17	325	325	NUM
fsr-3262	15	18	-	-	SYM
fsr-3262	15	19	1977	1977	NUM
fsr-3262	15	20	.	.	PUNCT
fsr-3262	16	1	e	e	X
fsr-3262	16	2	-	-	NOUN
fsr-3262	16	3	mail	mail	NOUN
fsr-3262	16	4	address	address	NOUN
fsr-3262	16	5	:	:	PUNCT
fsr-3262	16	6	brandon.cline@msstate.edu	brandon.cline@msstate.edu	PROPN
fsr-3262	16	7	(	(	PUNCT
fsr-3262	16	8	b.n	b.n	PROPN
fsr-3262	16	9	.	.	PROPN
fsr-3262	16	10	cline	cline	PROPN
fsr-3262	16	11	)	)	PUNCT
fsr-3262	16	12	financial	financial	PROPN
fsr-3262	16	13	services	service	NOUN
fsr-3262	16	14	review	review	VERB
fsr-3262	16	15	24	24	NUM
fsr-3262	16	16	(	(	PUNCT
fsr-3262	16	17	2015	2015	NUM
fsr-3262	16	18	)	)	PUNCT
fsr-3262	16	19	15–35	15–35	NUM
fsr-3262	16	20	1057	1057	NUM
fsr-3262	16	21	-	-	SYM
fsr-3262	16	22	0810/15/$	0810/15/$	NUM
fsr-3262	16	23	–	–	PUNCT
fsr-3262	16	24	see	see	VERB
fsr-3262	16	25	front	front	ADJ
fsr-3262	16	26	matter	matter	NOUN
fsr-3262	16	27	©	©	PROPN
fsr-3262	16	28	2015	2015	NUM
fsr-3262	16	29	academy	academy	NOUN
fsr-3262	16	30	of	of	ADP
fsr-3262	16	31	financial	financial	ADJ
fsr-3262	16	32	services	service	NOUN
fsr-3262	16	33	.	.	PUNCT
fsr-3262	17	1	all	all	DET
fsr-3262	17	2	rights	right	NOUN
fsr-3262	17	3	reserved	reserve	VERB
fsr-3262	17	4	.	.	PUNCT
fsr-3262	18	1	articulate	articulate	VERB
fsr-3262	18	2	the	the	DET
fsr-3262	18	3	relationship	relationship	NOUN
fsr-3262	18	4	between	between	ADP
fsr-3262	18	5	the	the	DET
fsr-3262	18	6	behavior	behavior	NOUN
fsr-3262	18	7	of	of	ADP
fsr-3262	18	8	the	the	DET
fsr-3262	18	9	deployed	deploy	VERB
fsr-3262	18	10	investment	investment	NOUN
fsr-3262	18	11	portfolio	portfolio	NOUN
fsr-3262	18	12	and	and	CCONJ
fsr-3262	18	13	the	the	DET
fsr-3262	18	14	behavior	behavior	NOUN
fsr-3262	18	15	of	of	ADP
fsr-3262	18	16	the	the	DET
fsr-3262	18	17	client	client	NOUN
fsr-3262	18	18	’s	’s	PART
fsr-3262	18	19	liabilities	liability	NOUN
fsr-3262	18	20	.	.	PUNCT
fsr-3262	19	1	we	we	PRON
fsr-3262	19	2	use	use	VERB
fsr-3262	19	3	the	the	DET
fsr-3262	19	4	term	term	NOUN
fsr-3262	19	5	liabilities	liability	NOUN
fsr-3262	19	6	here	here	ADV
fsr-3262	19	7	to	to	PART
fsr-3262	19	8	include	include	VERB
fsr-3262	19	9	both	both	DET
fsr-3262	19	10	a	a	DET
fsr-3262	19	11	family	family	NOUN
fsr-3262	19	12	’s	’s	PART
fsr-3262	19	13	contractual	contractual	ADJ
fsr-3262	19	14	liabilities	liability	NOUN
fsr-3262	19	15	as	as	ADV
fsr-3262	19	16	well	well	ADV
fsr-3262	19	17	as	as	ADP
fsr-3262	19	18	intended	intend	VERB
fsr-3262	19	19	uses	use	NOUN
fsr-3262	19	20	for	for	ADP
fsr-3262	19	21	funds	fund	NOUN
fsr-3262	19	22	(	(	PUNCT
fsr-3262	19	23	e.g.	e.g.	ADV
fsr-3262	19	24	,	,	PUNCT
fsr-3262	19	25	college	college	NOUN
fsr-3262	19	26	tuition	tuition	NOUN
fsr-3262	19	27	,	,	PUNCT
fsr-3262	19	28	charitable	charitable	ADJ
fsr-3262	19	29	giving	giving	NOUN
fsr-3262	19	30	,	,	PUNCT
fsr-3262	19	31	and	and	CCONJ
fsr-3262	19	32	retirement	retirement	NOUN
fsr-3262	19	33	)	)	PUNCT
fsr-3262	19	34	.	.	PUNCT
fsr-3262	20	1	we	we	PRON
fsr-3262	20	2	advocate	advocate	VERB
fsr-3262	20	3	wealth	wealth	NOUN
fsr-3262	20	4	management	management	NOUN
fsr-3262	20	5	firms	firm	NOUN
fsr-3262	20	6	take	take	VERB
fsr-3262	20	7	an	an	DET
fsr-3262	20	8	asset	asset	NOUN
fsr-3262	20	9	-	-	PUNCT
fsr-3262	20	10	liability	liability	NOUN
fsr-3262	20	11	management	management	NOUN
fsr-3262	20	12	approach	approach	NOUN
fsr-3262	20	13	,	,	PUNCT
fsr-3262	20	14	an	an	DET
fsr-3262	20	15	approach	approach	NOUN
fsr-3262	20	16	successfully	successfully	ADV
fsr-3262	20	17	used	use	VERB
fsr-3262	20	18	by	by	ADP
fsr-3262	20	19	financial	financial	ADJ
fsr-3262	20	20	institutions	institution	NOUN
fsr-3262	20	21	and	and	CCONJ
fsr-3262	20	22	corporations	corporation	NOUN
fsr-3262	20	23	for	for	ADP
fsr-3262	20	24	decades	decade	NOUN
fsr-3262	20	25	.	.	PUNCT
fsr-3262	21	1	one	one	NUM
fsr-3262	21	2	motivation	motivation	NOUN
fsr-3262	21	3	of	of	ADP
fsr-3262	21	4	this	this	DET
fsr-3262	21	5	study	study	NOUN
fsr-3262	21	6	is	be	AUX
fsr-3262	21	7	to	to	PART
fsr-3262	21	8	provide	provide	VERB
fsr-3262	21	9	better	well	ADJ
fsr-3262	21	10	tools	tool	NOUN
fsr-3262	21	11	for	for	ADP
fsr-3262	21	12	managing	manage	VERB
fsr-3262	21	13	the	the	DET
fsr-3262	21	14	downside	downside	ADJ
fsr-3262	21	15	risk	risk	NOUN
fsr-3262	21	16	related	relate	VERB
fsr-3262	21	17	to	to	ADP
fsr-3262	21	18	the	the	DET
fsr-3262	21	19	spread	spread	NOUN
fsr-3262	21	20	between	between	ADP
fsr-3262	21	21	the	the	DET
fsr-3262	21	22	asset	asset	NOUN
fsr-3262	21	23	portfolio	portfolio	NOUN
fsr-3262	21	24	and	and	CCONJ
fsr-3262	21	25	liability	liability	NOUN
fsr-3262	21	26	portfolio	portfolio	NOUN
fsr-3262	21	27	.	.	PUNCT
fsr-3262	22	1	we	we	PRON
fsr-3262	22	2	seek	seek	VERB
fsr-3262	22	3	tools	tool	NOUN
fsr-3262	22	4	that	that	PRON
fsr-3262	22	5	serve	serve	VERB
fsr-3262	22	6	the	the	DET
fsr-3262	22	7	client	client	NOUN
fsr-3262	22	8	better	well	ADV
fsr-3262	22	9	and	and	CCONJ
fsr-3262	22	10	afford	afford	VERB
fsr-3262	22	11	the	the	DET
fsr-3262	22	12	wealth	wealth	NOUN
fsr-3262	22	13	management	management	NOUN
fsr-3262	22	14	firm	firm	NOUN
fsr-3262	22	15	confidence	confidence	NOUN
fsr-3262	22	16	in	in	ADP
fsr-3262	22	17	their	their	PRON
fsr-3262	22	18	value	value	NOUN
fsr-3262	22	19	-	-	PUNCT
fsr-3262	22	20	added	add	VERB
fsr-3262	22	21	proposition	proposition	NOUN
fsr-3262	22	22	,	,	PUNCT
fsr-3262	22	23	regardless	regardless	ADV
fsr-3262	22	24	of	of	ADP
fsr-3262	22	25	financial	financial	ADJ
fsr-3262	22	26	market	market	NOUN
fsr-3262	22	27	behavior	behavior	NOUN
fsr-3262	22	28	.	.	PUNCT
fsr-3262	23	1	specifically	specifically	ADV
fsr-3262	23	2	,	,	PUNCT
fsr-3262	23	3	we	we	PRON
fsr-3262	23	4	explore	explore	VERB
fsr-3262	23	5	managing	manage	VERB
fsr-3262	23	6	the	the	DET
fsr-3262	23	7	spread	spread	NOUN
fsr-3262	23	8	between	between	ADP
fsr-3262	23	9	assets	asset	NOUN
fsr-3262	23	10	and	and	CCONJ
fsr-3262	23	11	liabilities	liability	NOUN
fsr-3262	23	12	with	with	ADP
fsr-3262	23	13	a	a	DET
fsr-3262	23	14	particular	particular	ADJ
fsr-3262	23	15	interest	interest	NOUN
fsr-3262	23	16	in	in	ADP
fsr-3262	23	17	spread	spread	ADJ
fsr-3262	23	18	options	option	NOUN
fsr-3262	23	19	.	.	PUNCT
fsr-3262	24	1	spread	spread	ADJ
fsr-3262	24	2	options	option	NOUN
fsr-3262	24	3	are	be	AUX
fsr-3262	24	4	ideally	ideally	ADV
fsr-3262	24	5	suited	suit	VERB
fsr-3262	24	6	for	for	ADP
fsr-3262	24	7	measuring	measure	VERB
fsr-3262	24	8	and	and	CCONJ
fsr-3262	24	9	managing	manage	VERB
fsr-3262	24	10	spread	spread	VERB
fsr-3262	24	11	risk	risk	NOUN
fsr-3262	24	12	exposure	exposure	NOUN
fsr-3262	24	13	.	.	PUNCT
fsr-3262	25	1	the	the	DET
fsr-3262	25	2	value	value	NOUN
fsr-3262	25	3	of	of	ADP
fsr-3262	25	4	spread	spread	ADJ
fsr-3262	25	5	options	option	NOUN
fsr-3262	25	6	and	and	CCONJ
fsr-3262	25	7	related	relate	VERB
fsr-3262	25	8	risk	risk	NOUN
fsr-3262	25	9	measures	measure	NOUN
fsr-3262	25	10	provide	provide	VERB
fsr-3262	25	11	useful	useful	ADJ
fsr-3262	25	12	information	information	NOUN
fsr-3262	25	13	regarding	regard	VERB
fsr-3262	25	14	the	the	DET
fsr-3262	25	15	current	current	ADJ
fsr-3262	25	16	cost	cost	NOUN
fsr-3262	25	17	of	of	ADP
fsr-3262	25	18	insuring	insure	VERB
fsr-3262	25	19	adverse	adverse	ADJ
fsr-3262	25	20	moves	move	NOUN
fsr-3262	25	21	in	in	ADP
fsr-3262	25	22	the	the	DET
fsr-3262	25	23	spread	spread	NOUN
fsr-3262	25	24	.	.	PUNCT
fsr-3262	26	1	many	many	ADJ
fsr-3262	26	2	other	other	ADJ
fsr-3262	26	3	authors	author	NOUN
fsr-3262	26	4	have	have	AUX
fsr-3262	26	5	sought	seek	VERB
fsr-3262	26	6	to	to	PART
fsr-3262	26	7	connect	connect	VERB
fsr-3262	26	8	modern	modern	ADJ
fsr-3262	26	9	quantitative	quantitative	ADJ
fsr-3262	26	10	finance	finance	NOUN
fsr-3262	26	11	tools	tool	NOUN
fsr-3262	26	12	and	and	CCONJ
fsr-3262	26	13	practices	practice	NOUN
fsr-3262	26	14	to	to	ADP
fsr-3262	26	15	improving	improve	VERB
fsr-3262	26	16	individual	individual	ADJ
fsr-3262	26	17	investor	investor	NOUN
fsr-3262	26	18	performance	performance	NOUN
fsr-3262	26	19	.	.	PUNCT
fsr-3262	27	1	see	see	VERB
fsr-3262	27	2	,	,	PUNCT
fsr-3262	27	3	for	for	ADP
fsr-3262	27	4	example	example	NOUN
fsr-3262	27	5	,	,	PUNCT
fsr-3262	27	6	dubil	dubil	PROPN
fsr-3262	27	7	(	(	PUNCT
fsr-3262	27	8	2004	2004	NUM
fsr-3262	27	9	,	,	PUNCT
fsr-3262	27	10	2007	2007	NUM
fsr-3262	27	11	)	)	PUNCT
fsr-3262	27	12	and	and	CCONJ
fsr-3262	27	13	johnston	johnston	PROPN
fsr-3262	27	14	,	,	PUNCT
fsr-3262	27	15	hatem	hatem	PROPN
fsr-3262	27	16	,	,	PUNCT
fsr-3262	27	17	and	and	CCONJ
fsr-3262	27	18	scott	scott	PROPN
fsr-3262	27	19	(	(	PUNCT
fsr-3262	27	20	2013	2013	NUM
fsr-3262	27	21	)	)	PUNCT
fsr-3262	27	22	.	.	PUNCT
fsr-3262	28	1	kyrychenko	kyrychenko	PROPN
fsr-3262	28	2	(	(	PUNCT
fsr-3262	28	3	2008	2008	NUM
fsr-3262	28	4	)	)	PUNCT
fsr-3262	28	5	sought	seek	VERB
fsr-3262	28	6	to	to	PART
fsr-3262	28	7	incorporate	incorporate	VERB
fsr-3262	28	8	nonfinancial	nonfinancial	ADJ
fsr-3262	28	9	assets	asset	NOUN
fsr-3262	28	10	into	into	ADP
fsr-3262	28	11	the	the	DET
fsr-3262	28	12	optimal	optimal	ADJ
fsr-3262	28	13	asset	asset	NOUN
fsr-3262	28	14	allocation	allocation	NOUN
fsr-3262	28	15	process	process	NOUN
fsr-3262	28	16	.	.	PUNCT
fsr-3262	29	1	we	we	PRON
fsr-3262	29	2	follow	follow	VERB
fsr-3262	29	3	a	a	DET
fsr-3262	29	4	similar	similar	ADJ
fsr-3262	29	5	strategy	strategy	NOUN
fsr-3262	29	6	,	,	PUNCT
fsr-3262	29	7	but	but	CCONJ
fsr-3262	29	8	also	also	ADV
fsr-3262	29	9	include	include	VERB
fsr-3262	29	10	liabilities	liability	NOUN
fsr-3262	29	11	with	with	ADP
fsr-3262	29	12	a	a	DET
fsr-3262	29	13	focus	focus	NOUN
fsr-3262	29	14	on	on	ADP
fsr-3262	29	15	downside	downside	ADJ
fsr-3262	29	16	risk	risk	NOUN
fsr-3262	29	17	.	.	PUNCT
fsr-3262	30	1	based	base	VERB
fsr-3262	30	2	on	on	ADP
fsr-3262	30	3	prior	prior	ADJ
fsr-3262	30	4	academic	academic	ADJ
fsr-3262	30	5	research	research	NOUN
fsr-3262	30	6	,	,	PUNCT
fsr-3262	30	7	closed	close	VERB
fsr-3262	30	8	form	form	NOUN
fsr-3262	30	9	solutions	solution	NOUN
fsr-3262	30	10	for	for	ADP
fsr-3262	30	11	valuing	value	VERB
fsr-3262	30	12	european	european	ADJ
fsr-3262	30	13	-	-	PUNCT
fsr-3262	30	14	style	style	NOUN
fsr-3262	30	15	spread	spread	NOUN
fsr-3262	30	16	options	option	NOUN
fsr-3262	30	17	do	do	AUX
fsr-3262	30	18	not	not	PART
fsr-3262	30	19	exist	exist	VERB
fsr-3262	30	20	when	when	SCONJ
fsr-3262	30	21	the	the	DET
fsr-3262	30	22	underlying	underlie	VERB
fsr-3262	30	23	instruments	instrument	NOUN
fsr-3262	30	24	are	be	AUX
fsr-3262	30	25	lognormally	lognormally	ADV
fsr-3262	30	26	distributed.1	distributed.1	NOUN
fsr-3262	30	27	consequently	consequently	ADV
fsr-3262	30	28	,	,	PUNCT
fsr-3262	30	29	numerical	numerical	ADJ
fsr-3262	30	30	techniques	technique	NOUN
fsr-3262	30	31	and	and	CCONJ
fsr-3262	30	32	approximations	approximation	NOUN
fsr-3262	30	33	must	must	AUX
fsr-3262	30	34	be	be	AUX
fsr-3262	30	35	used	use	VERB
fsr-3262	30	36	for	for	ADP
fsr-3262	30	37	these	these	DET
fsr-3262	30	38	option	option	NOUN
fsr-3262	30	39	pricing	pricing	NOUN
fsr-3262	30	40	models	model	NOUN
fsr-3262	30	41	.	.	PUNCT
fsr-3262	31	1	industry	industry	NOUN
fsr-3262	31	2	practice	practice	NOUN
fsr-3262	31	3	is	be	AUX
fsr-3262	31	4	to	to	PART
fsr-3262	31	5	model	model	VERB
fsr-3262	31	6	spread	spread	ADJ
fsr-3262	31	7	options	option	NOUN
fsr-3262	31	8	assuming	assume	VERB
fsr-3262	31	9	the	the	DET
fsr-3262	31	10	spread	spread	NOUN
fsr-3262	31	11	is	be	AUX
fsr-3262	31	12	normally	normally	ADV
fsr-3262	31	13	distributed	distribute	VERB
fsr-3262	31	14	even	even	ADV
fsr-3262	31	15	when	when	SCONJ
fsr-3262	31	16	the	the	DET
fsr-3262	31	17	underlying	underlie	VERB
fsr-3262	31	18	distributions	distribution	NOUN
fsr-3262	31	19	are	be	AUX
fsr-3262	31	20	known	know	VERB
fsr-3262	31	21	to	to	PART
fsr-3262	31	22	be	be	AUX
fsr-3262	31	23	non	non	ADJ
fsr-3262	31	24	-	-	ADJ
fsr-3262	31	25	normal	normal	ADJ
fsr-3262	31	26	.	.	PUNCT
fsr-3262	32	1	this	this	DET
fsr-3262	32	2	assumption	assumption	NOUN
fsr-3262	32	3	is	be	AUX
fsr-3262	32	4	often	often	ADV
fsr-3262	32	5	made	make	VERB
fsr-3262	32	6	because	because	SCONJ
fsr-3262	32	7	the	the	DET
fsr-3262	32	8	spread	spread	NOUN
fsr-3262	32	9	can	can	AUX
fsr-3262	32	10	be	be	AUX
fsr-3262	32	11	and	and	CCONJ
fsr-3262	32	12	often	often	ADV
fsr-3262	32	13	is	be	AUX
fsr-3262	32	14	negative	negative	ADJ
fsr-3262	32	15	.	.	PUNCT
fsr-3262	33	1	for	for	ADP
fsr-3262	33	2	example	example	NOUN
fsr-3262	33	3	,	,	PUNCT
fsr-3262	33	4	when	when	SCONJ
fsr-3262	33	5	preferred	preferred	ADJ
fsr-3262	33	6	retirement	retirement	NOUN
fsr-3262	33	7	living	living	NOUN
fsr-3262	33	8	standards	standard	NOUN
fsr-3262	33	9	are	be	AUX
fsr-3262	33	10	considered	consider	VERB
fsr-3262	33	11	liabilities	liability	NOUN
fsr-3262	33	12	,	,	PUNCT
fsr-3262	33	13	then	then	ADV
fsr-3262	33	14	in	in	ADP
fsr-3262	33	15	the	the	DET
fsr-3262	33	16	context	context	NOUN
fsr-3262	33	17	of	of	ADP
fsr-3262	33	18	financial	financial	ADJ
fsr-3262	33	19	planning	planning	NOUN
fsr-3262	33	20	,	,	PUNCT
fsr-3262	33	21	spreads	spread	NOUN
fsr-3262	33	22	are	be	AUX
fsr-3262	33	23	often	often	ADV
fsr-3262	33	24	negative	negative	ADJ
fsr-3262	33	25	.	.	PUNCT
fsr-3262	34	1	although	although	SCONJ
fsr-3262	34	2	assuming	assume	VERB
fsr-3262	34	3	the	the	DET
fsr-3262	34	4	normal	normal	ADJ
fsr-3262	34	5	distribution	distribution	NOUN
fsr-3262	34	6	is	be	AUX
fsr-3262	34	7	pragmatic	pragmatic	ADJ
fsr-3262	34	8	,	,	PUNCT
fsr-3262	34	9	this	this	DET
fsr-3262	34	10	internal	internal	ADJ
fsr-3262	34	11	inconsistency	inconsistency	NOUN
fsr-3262	34	12	creates	create	VERB
fsr-3262	34	13	significant	significant	ADJ
fsr-3262	34	14	integrity	integrity	NOUN
fsr-3262	34	15	concerns	concern	NOUN
fsr-3262	34	16	for	for	ADP
fsr-3262	34	17	the	the	DET
fsr-3262	34	18	risk	risk	NOUN
fsr-3262	34	19	management	management	NOUN
fsr-3262	34	20	systems	system	NOUN
fsr-3262	34	21	of	of	ADP
fsr-3262	34	22	many	many	ADJ
fsr-3262	34	23	financial	financial	ADJ
fsr-3262	34	24	institutions	institution	NOUN
fsr-3262	34	25	.	.	PUNCT
fsr-3262	35	1	these	these	DET
fsr-3262	35	2	integrity	integrity	NOUN
fsr-3262	35	3	concerns	concern	NOUN
fsr-3262	35	4	are	be	AUX
fsr-3262	35	5	especially	especially	ADV
fsr-3262	35	6	manifest	manifest	ADJ
fsr-3262	35	7	for	for	ADP
fsr-3262	35	8	risk	risk	NOUN
fsr-3262	35	9	management	management	NOUN
fsr-3262	35	10	of	of	ADP
fsr-3262	35	11	large	large	ADJ
fsr-3262	35	12	portfolios	portfolio	NOUN
fsr-3262	35	13	and	and	CCONJ
fsr-3262	35	14	may	may	AUX
fsr-3262	35	15	result	result	VERB
fsr-3262	35	16	in	in	ADP
fsr-3262	35	17	risk	risk	NOUN
fsr-3262	35	18	measurement	measurement	NOUN
fsr-3262	35	19	errors	error	NOUN
fsr-3262	35	20	for	for	ADP
fsr-3262	35	21	individual	individual	ADJ
fsr-3262	35	22	investors	investor	NOUN
fsr-3262	35	23	.	.	PUNCT
fsr-3262	36	1	for	for	ADP
fsr-3262	36	2	options	option	NOUN
fsr-3262	36	3	on	on	ADP
fsr-3262	36	4	underlying	underlie	VERB
fsr-3262	36	5	instruments	instrument	NOUN
fsr-3262	36	6	other	other	ADJ
fsr-3262	36	7	than	than	ADP
fsr-3262	36	8	spreads	spread	NOUN
fsr-3262	36	9	,	,	PUNCT
fsr-3262	36	10	current	current	ADJ
fsr-3262	36	11	industry	industry	NOUN
fsr-3262	36	12	practice	practice	NOUN
fsr-3262	36	13	is	be	AUX
fsr-3262	36	14	to	to	PART
fsr-3262	36	15	model	model	VERB
fsr-3262	36	16	the	the	DET
fsr-3262	36	17	underlying	underlie	VERB
fsr-3262	36	18	instrument	instrument	NOUN
fsr-3262	36	19	options	option	NOUN
fsr-3262	36	20	assuming	assume	VERB
fsr-3262	36	21	they	they	PRON
fsr-3262	36	22	are	be	AUX
fsr-3262	36	23	lognormally	lognormally	ADV
fsr-3262	36	24	distributed	distribute	VERB
fsr-3262	36	25	.	.	PUNCT
fsr-3262	37	1	this	this	DET
fsr-3262	37	2	assumption	assumption	NOUN
fsr-3262	37	3	is	be	AUX
fsr-3262	37	4	often	often	ADV
fsr-3262	37	5	justified	justify	VERB
fsr-3262	37	6	by	by	ADP
fsr-3262	37	7	the	the	DET
fsr-3262	37	8	fact	fact	NOUN
fsr-3262	37	9	that	that	SCONJ
fsr-3262	37	10	the	the	DET
fsr-3262	37	11	financial	financial	ADJ
fsr-3262	37	12	instrument	instrument	NOUN
fsr-3262	37	13	prices	price	NOUN
fsr-3262	37	14	are	be	AUX
fsr-3262	37	15	non	non	ADJ
fsr-3262	37	16	-	-	ADJ
fsr-3262	37	17	negative	negative	ADJ
fsr-3262	37	18	because	because	SCONJ
fsr-3262	37	19	of	of	ADP
fsr-3262	37	20	limited	limited	ADJ
fsr-3262	37	21	liability	liability	NOUN
fsr-3262	37	22	.	.	PUNCT
fsr-3262	38	1	continuous	continuous	ADJ
fsr-3262	38	2	time	time	NOUN
fsr-3262	38	3	models	model	NOUN
fsr-3262	38	4	based	base	VERB
fsr-3262	38	5	on	on	ADP
fsr-3262	38	6	geometric	geometric	ADJ
fsr-3262	38	7	brownian	brownian	ADJ
fsr-3262	38	8	motion	motion	NOUN
fsr-3262	38	9	(	(	PUNCT
fsr-3262	38	10	gbm	gbm	NOUN
fsr-3262	38	11	)	)	PUNCT
fsr-3262	38	12	imply	imply	VERB
fsr-3262	38	13	the	the	DET
fsr-3262	38	14	terminal	terminal	ADJ
fsr-3262	38	15	distribution	distribution	NOUN
fsr-3262	38	16	of	of	ADP
fsr-3262	38	17	the	the	DET
fsr-3262	38	18	underlying	underlie	VERB
fsr-3262	38	19	instrument	instrument	NOUN
fsr-3262	38	20	is	be	AUX
fsr-3262	38	21	lognormal	lognormal	ADJ
fsr-3262	38	22	.	.	PUNCT
fsr-3262	39	1	we	we	PRON
fsr-3262	39	2	refer	refer	VERB
fsr-3262	39	3	to	to	ADP
fsr-3262	39	4	the	the	DET
fsr-3262	39	5	spread	spread	ADJ
fsr-3262	39	6	option	option	NOUN
fsr-3262	39	7	model	model	NOUN
fsr-3262	39	8	that	that	PRON
fsr-3262	39	9	assumes	assume	VERB
fsr-3262	39	10	both	both	CCONJ
fsr-3262	39	11	underlying	underlie	VERB
fsr-3262	39	12	instruments	instrument	NOUN
fsr-3262	39	13	follow	follow	VERB
fsr-3262	39	14	the	the	DET
fsr-3262	39	15	lognormal	lognormal	ADJ
fsr-3262	39	16	distribution	distribution	NOUN
fsr-3262	39	17	as	as	ADP
fsr-3262	39	18	the	the	DET
fsr-3262	39	19	base	base	NOUN
fsr-3262	39	20	model	model	NOUN
fsr-3262	39	21	for	for	ADP
fsr-3262	39	22	comparison	comparison	NOUN
fsr-3262	39	23	purposes	purpose	NOUN
fsr-3262	39	24	.	.	PUNCT
fsr-3262	40	1	industry	industry	NOUN
fsr-3262	40	2	practice	practice	NOUN
fsr-3262	40	3	,	,	PUNCT
fsr-3262	40	4	however	however	ADV
fsr-3262	40	5	,	,	PUNCT
fsr-3262	40	6	is	be	AUX
fsr-3262	40	7	to	to	PART
fsr-3262	40	8	model	model	VERB
fsr-3262	40	9	spread	spread	ADJ
fsr-3262	40	10	options	option	NOUN
fsr-3262	40	11	assuming	assume	VERB
fsr-3262	40	12	arithmetic	arithmetic	ADJ
fsr-3262	40	13	brownian	brownian	ADJ
fsr-3262	40	14	motion	motion	NOUN
fsr-3262	40	15	(	(	PUNCT
fsr-3262	40	16	abm	abm	PROPN
fsr-3262	40	17	)	)	PUNCT
fsr-3262	40	18	because	because	SCONJ
fsr-3262	40	19	the	the	DET
fsr-3262	40	20	spreads	spread	NOUN
fsr-3262	40	21	are	be	AUX
fsr-3262	40	22	often	often	ADV
fsr-3262	40	23	negative	negative	ADJ
fsr-3262	40	24	.	.	PUNCT
fsr-3262	41	1	these	these	DET
fsr-3262	41	2	continuous	continuous	ADJ
fsr-3262	41	3	time	time	NOUN
fsr-3262	41	4	models	model	NOUN
fsr-3262	41	5	based	base	VERB
fsr-3262	41	6	on	on	ADP
fsr-3262	41	7	abm	abm	PROPN
fsr-3262	41	8	imply	imply	VERB
fsr-3262	41	9	the	the	DET
fsr-3262	41	10	terminal	terminal	ADJ
fsr-3262	41	11	distribution	distribution	NOUN
fsr-3262	41	12	of	of	ADP
fsr-3262	41	13	the	the	DET
fsr-3262	41	14	underlying	underlie	VERB
fsr-3262	41	15	instrument	instrument	NOUN
fsr-3262	41	16	is	be	AUX
fsr-3262	41	17	normal	normal	ADJ
fsr-3262	41	18	.	.	PUNCT
fsr-3262	42	1	we	we	PRON
fsr-3262	42	2	refer	refer	VERB
fsr-3262	42	3	to	to	PART
fsr-3262	42	4	spread	spread	VERB
fsr-3262	42	5	option	option	NOUN
fsr-3262	42	6	pricing	pricing	NOUN
fsr-3262	42	7	models	model	NOUN
fsr-3262	42	8	using	use	VERB
fsr-3262	42	9	the	the	DET
fsr-3262	42	10	normal	normal	ADJ
fsr-3262	42	11	distribution	distribution	NOUN
fsr-3262	42	12	as	as	ADP
fsr-3262	42	13	the	the	DET
fsr-3262	42	14	alternate	alternate	ADJ
fsr-3262	42	15	models	model	NOUN
fsr-3262	42	16	(	(	PUNCT
fsr-3262	42	17	to	to	PART
fsr-3262	42	18	contrast	contrast	VERB
fsr-3262	42	19	them	they	PRON
fsr-3262	42	20	from	from	ADP
fsr-3262	42	21	the	the	DET
fsr-3262	42	22	base	base	NOUN
fsr-3262	42	23	model	model	NOUN
fsr-3262	42	24	)	)	PUNCT
fsr-3262	42	25	.	.	PUNCT
fsr-3262	43	1	the	the	DET
fsr-3262	43	2	alternate	alternate	ADJ
fsr-3262	43	3	model	model	NOUN
fsr-3262	43	4	would	would	AUX
fsr-3262	43	5	be	be	AUX
fsr-3262	43	6	easier	easy	ADJ
fsr-3262	43	7	to	to	PART
fsr-3262	43	8	deploy	deploy	VERB
fsr-3262	43	9	for	for	ADP
fsr-3262	43	10	individual	individual	ADJ
fsr-3262	43	11	investors	investor	NOUN
fsr-3262	43	12	and	and	CCONJ
fsr-3262	43	13	their	their	PRON
fsr-3262	43	14	financial	financial	ADJ
fsr-3262	43	15	planners	planner	NOUN
fsr-3262	43	16	,	,	PUNCT
fsr-3262	43	17	but	but	CCONJ
fsr-3262	43	18	the	the	DET
fsr-3262	43	19	base	base	NOUN
fsr-3262	43	20	model	model	NOUN
fsr-3262	43	21	is	be	AUX
fsr-3262	43	22	common	common	ADJ
fsr-3262	43	23	with	with	ADP
fsr-3262	43	24	broader	broad	ADJ
fsr-3262	43	25	industry	industry	NOUN
fsr-3262	43	26	practices	practice	NOUN
fsr-3262	43	27	.	.	PUNCT
fsr-3262	44	1	16	16	NUM
fsr-3262	44	2	r.	r.	PROPN
fsr-3262	44	3	brooks	brooks	PROPN
fsr-3262	44	4	,	,	PUNCT
fsr-3262	44	5	b.n	b.n	PROPN
fsr-3262	44	6	.	.	PROPN
fsr-3262	44	7	cline	cline	PROPN
fsr-3262	44	8	/	/	SYM
fsr-3262	44	9	financial	financial	PROPN
fsr-3262	44	10	services	service	NOUN
fsr-3262	44	11	review	review	VERB
fsr-3262	44	12	24	24	NUM
fsr-3262	44	13	(	(	PUNCT
fsr-3262	44	14	2015	2015	NUM
fsr-3262	44	15	)	)	PUNCT
fsr-3262	44	16	15–35	15–35	NUM
fsr-3262	44	17	these	these	DET
fsr-3262	44	18	modeling	modeling	NOUN
fsr-3262	44	19	procedures	procedure	NOUN
fsr-3262	44	20	are	be	AUX
fsr-3262	44	21	internally	internally	ADV
fsr-3262	44	22	inconsistent	inconsistent	ADJ
fsr-3262	44	23	because	because	SCONJ
fsr-3262	44	24	the	the	DET
fsr-3262	44	25	difference	difference	NOUN
fsr-3262	44	26	between	between	ADP
fsr-3262	44	27	two	two	NUM
fsr-3262	44	28	variables	variable	NOUN
fsr-3262	44	29	that	that	PRON
fsr-3262	44	30	are	be	AUX
fsr-3262	44	31	lognormally	lognormally	ADV
fsr-3262	44	32	distributed	distribute	VERB
fsr-3262	44	33	does	do	AUX
fsr-3262	44	34	not	not	PART
fsr-3262	44	35	follow	follow	VERB
fsr-3262	44	36	a	a	DET
fsr-3262	44	37	normal	normal	ADJ
fsr-3262	44	38	distribution.2	distribution.2	NOUN
fsr-3262	44	39	if	if	SCONJ
fsr-3262	44	40	it	it	PRON
fsr-3262	44	41	can	can	AUX
fsr-3262	44	42	be	be	AUX
fsr-3262	44	43	shown	show	VERB
fsr-3262	44	44	,	,	PUNCT
fsr-3262	44	45	however	however	ADV
fsr-3262	44	46	,	,	PUNCT
fsr-3262	44	47	that	that	SCONJ
fsr-3262	44	48	the	the	DET
fsr-3262	44	49	abm	abm	PROPN
fsr-3262	44	50	assumption	assumption	NOUN
fsr-3262	44	51	on	on	ADP
fsr-3262	44	52	the	the	DET
fsr-3262	44	53	spread	spread	NOUN
fsr-3262	44	54	(	(	PUNCT
fsr-3262	44	55	alternate	alternate	ADJ
fsr-3262	44	56	models	model	NOUN
fsr-3262	44	57	)	)	PUNCT
fsr-3262	44	58	provides	provide	VERB
fsr-3262	44	59	essentially	essentially	ADV
fsr-3262	44	60	the	the	DET
fsr-3262	44	61	same	same	ADJ
fsr-3262	44	62	risk	risk	NOUN
fsr-3262	44	63	-	-	PUNCT
fsr-3262	44	64	measure	measure	NOUN
fsr-3262	44	65	results	result	NOUN
fsr-3262	44	66	as	as	ADP
fsr-3262	44	67	the	the	DET
fsr-3262	44	68	gbm	gbm	NOUN
fsr-3262	44	69	(	(	PUNCT
fsr-3262	44	70	base	base	NOUN
fsr-3262	44	71	models	model	NOUN
fsr-3262	44	72	)	)	PUNCT
fsr-3262	44	73	,	,	PUNCT
fsr-3262	44	74	the	the	DET
fsr-3262	44	75	internal	internal	ADJ
fsr-3262	44	76	inconsistency	inconsistency	NOUN
fsr-3262	44	77	can	can	AUX
fsr-3262	44	78	safely	safely	ADV
fsr-3262	44	79	be	be	AUX
fsr-3262	44	80	disregarded	disregard	VERB
fsr-3262	44	81	for	for	ADP
fsr-3262	44	82	risk	risk	NOUN
fsr-3262	44	83	management	management	NOUN
fsr-3262	44	84	purposes	purpose	NOUN
fsr-3262	44	85	.	.	PUNCT
fsr-3262	45	1	consequently	consequently	ADV
fsr-3262	45	2	,	,	PUNCT
fsr-3262	45	3	an	an	DET
fsr-3262	45	4	alternate	alternate	ADJ
fsr-3262	45	5	model	model	NOUN
fsr-3262	45	6	using	use	VERB
fsr-3262	45	7	abm	abm	PROPN
fsr-3262	45	8	can	can	AUX
fsr-3262	45	9	be	be	AUX
fsr-3262	45	10	deployed	deploy	VERB
fsr-3262	45	11	that	that	PRON
fsr-3262	45	12	has	have	VERB
fsr-3262	45	13	a	a	DET
fsr-3262	45	14	much	much	ADV
fsr-3262	45	15	larger	large	ADJ
fsr-3262	45	16	degree	degree	NOUN
fsr-3262	45	17	of	of	ADP
fsr-3262	45	18	tractability	tractability	NOUN
fsr-3262	45	19	;	;	PUNCT
fsr-3262	45	20	thus	thus	ADV
fsr-3262	45	21	,	,	PUNCT
fsr-3262	45	22	minimizing	minimize	VERB
fsr-3262	45	23	the	the	DET
fsr-3262	45	24	integrity	integrity	NOUN
fsr-3262	45	25	concern	concern	NOUN
fsr-3262	45	26	.	.	PUNCT
fsr-3262	46	1	in	in	ADP
fsr-3262	46	2	this	this	DET
fsr-3262	46	3	study	study	NOUN
fsr-3262	46	4	,	,	PUNCT
fsr-3262	46	5	we	we	PRON
fsr-3262	46	6	examine	examine	VERB
fsr-3262	46	7	whether	whether	SCONJ
fsr-3262	46	8	the	the	DET
fsr-3262	46	9	associated	associated	ADJ
fsr-3262	46	10	risk	risk	NOUN
fsr-3262	46	11	management	management	NOUN
fsr-3262	46	12	costs	cost	NOUN
fsr-3262	46	13	of	of	ADP
fsr-3262	46	14	this	this	DET
fsr-3262	46	15	practical	practical	ADJ
fsr-3262	46	16	departure	departure	NOUN
fsr-3262	46	17	are	be	AUX
fsr-3262	46	18	significant	significant	ADJ
fsr-3262	46	19	.	.	PUNCT
fsr-3262	47	1	specifically	specifically	ADV
fsr-3262	47	2	,	,	PUNCT
fsr-3262	47	3	the	the	DET
fsr-3262	47	4	question	question	NOUN
fsr-3262	47	5	is	be	AUX
fsr-3262	47	6	raised	raise	VERB
fsr-3262	47	7	:	:	PUNCT
fsr-3262	47	8	does	do	AUX
fsr-3262	47	9	implementing	implement	VERB
fsr-3262	47	10	a	a	DET
fsr-3262	47	11	more	more	ADV
fsr-3262	47	12	parsimonious	parsimonious	ADJ
fsr-3262	47	13	model	model	NOUN
fsr-3262	47	14	and	and	CCONJ
fsr-3262	47	15	erroneously	erroneously	ADV
fsr-3262	47	16	assuming	assume	VERB
fsr-3262	47	17	the	the	DET
fsr-3262	47	18	spread	spread	NOUN
fsr-3262	47	19	is	be	AUX
fsr-3262	47	20	normally	normally	ADV
fsr-3262	47	21	distributed	distribute	VERB
fsr-3262	47	22	significantly	significantly	ADV
fsr-3262	47	23	bias	bias	VERB
fsr-3262	47	24	risk	risk	NOUN
fsr-3262	47	25	measures	measure	NOUN
fsr-3262	47	26	commonly	commonly	ADV
fsr-3262	47	27	used	use	VERB
fsr-3262	47	28	by	by	ADP
fsr-3262	47	29	financial	financial	ADJ
fsr-3262	47	30	institutions	institution	NOUN
fsr-3262	47	31	?	?	PUNCT
fsr-3262	48	1	can	can	AUX
fsr-3262	48	2	individual	individual	ADJ
fsr-3262	48	3	investors	investor	NOUN
fsr-3262	48	4	and	and	CCONJ
fsr-3262	48	5	their	their	PRON
fsr-3262	48	6	financial	financial	ADJ
fsr-3262	48	7	planners	planner	NOUN
fsr-3262	48	8	use	use	VERB
fsr-3262	48	9	the	the	DET
fsr-3262	48	10	simpler	simple	ADJ
fsr-3262	48	11	alternate	alternate	ADJ
fsr-3262	48	12	model	model	NOUN
fsr-3262	48	13	?	?	PUNCT
fsr-3262	49	1	this	this	DET
fsr-3262	49	2	article	article	NOUN
fsr-3262	49	3	contributes	contribute	VERB
fsr-3262	49	4	to	to	ADP
fsr-3262	49	5	the	the	DET
fsr-3262	49	6	spread	spread	ADJ
fsr-3262	49	7	option	option	NOUN
fsr-3262	49	8	literature	literature	NOUN
fsr-3262	49	9	in	in	ADP
fsr-3262	49	10	three	three	NUM
fsr-3262	49	11	ways	way	NOUN
fsr-3262	49	12	:	:	PUNCT
fsr-3262	49	13	first	first	ADV
fsr-3262	49	14	,	,	PUNCT
fsr-3262	49	15	we	we	PRON
fsr-3262	49	16	report	report	VERB
fsr-3262	49	17	a	a	DET
fsr-3262	49	18	new	new	ADJ
fsr-3262	49	19	simplified	simplified	ADJ
fsr-3262	49	20	computational	computational	ADJ
fsr-3262	49	21	method	method	NOUN
fsr-3262	49	22	for	for	ADP
fsr-3262	49	23	computing	compute	VERB
fsr-3262	49	24	the	the	DET
fsr-3262	49	25	value	value	NOUN
fsr-3262	49	26	of	of	ADP
fsr-3262	49	27	spread	spread	ADJ
fsr-3262	49	28	options	option	NOUN
fsr-3262	49	29	under	under	ADP
fsr-3262	49	30	gbm	gbm	PROPN
fsr-3262	49	31	.	.	PUNCT
fsr-3262	50	1	our	our	PRON
fsr-3262	50	2	option	option	NOUN
fsr-3262	50	3	pricing	pricing	NOUN
fsr-3262	50	4	model	model	NOUN
fsr-3262	50	5	involves	involve	VERB
fsr-3262	50	6	estimating	estimate	VERB
fsr-3262	50	7	three	three	NUM
fsr-3262	50	8	single	single	ADJ
fsr-3262	50	9	integral	integral	ADJ
fsr-3262	50	10	expressions	expression	NOUN
fsr-3262	50	11	of	of	ADP
fsr-3262	50	12	the	the	DET
fsr-3262	50	13	standard	standard	ADJ
fsr-3262	50	14	normal	normal	ADJ
fsr-3262	50	15	cumulative	cumulative	ADJ
fsr-3262	50	16	distribution	distribution	NOUN
fsr-3262	50	17	function	function	NOUN
fsr-3262	50	18	(	(	PUNCT
fsr-3262	50	19	cdf	cdf	PROPN
fsr-3262	50	20	)	)	PUNCT
fsr-3262	50	21	.	.	PUNCT
fsr-3262	51	1	this	this	DET
fsr-3262	51	2	procedure	procedure	NOUN
fsr-3262	51	3	involves	involve	VERB
fsr-3262	51	4	no	no	DET
fsr-3262	51	5	iterative	iterative	NOUN
fsr-3262	51	6	search	search	NOUN
fsr-3262	51	7	routines	routine	NOUN
fsr-3262	51	8	or	or	CCONJ
fsr-3262	51	9	approximations	approximation	NOUN
fsr-3262	51	10	outside	outside	ADV
fsr-3262	51	11	of	of	ADP
fsr-3262	51	12	estimating	estimate	VERB
fsr-3262	51	13	a	a	DET
fsr-3262	51	14	single	single	ADJ
fsr-3262	51	15	integral	integral	ADJ
fsr-3262	51	16	and	and	CCONJ
fsr-3262	51	17	the	the	DET
fsr-3262	51	18	standard	standard	ADJ
fsr-3262	51	19	normal	normal	ADJ
fsr-3262	51	20	cdf	cdf	PROPN
fsr-3262	51	21	.	.	PUNCT
fsr-3262	52	1	second	second	ADJ
fsr-3262	52	2	,	,	PUNCT
fsr-3262	52	3	we	we	PRON
fsr-3262	52	4	provide	provide	VERB
fsr-3262	52	5	a	a	DET
fsr-3262	52	6	practical	practical	ADJ
fsr-3262	52	7	methodology	methodology	NOUN
fsr-3262	52	8	for	for	ADP
fsr-3262	52	9	evaluating	evaluate	VERB
fsr-3262	52	10	whether	whether	SCONJ
fsr-3262	52	11	two	two	NUM
fsr-3262	52	12	option	option	NOUN
fsr-3262	52	13	pricing	pricing	NOUN
fsr-3262	52	14	models	model	NOUN
fsr-3262	52	15	yield	yield	VERB
fsr-3262	52	16	different	different	ADJ
fsr-3262	52	17	risk	risk	NOUN
fsr-3262	52	18	parameters	parameter	NOUN
fsr-3262	52	19	.	.	PUNCT
fsr-3262	53	1	option	option	NOUN
fsr-3262	53	2	pricing	pricing	NOUN
fsr-3262	53	3	models	model	NOUN
fsr-3262	53	4	are	be	AUX
fsr-3262	53	5	considered	consider	VERB
fsr-3262	53	6	different	different	ADJ
fsr-3262	53	7	if	if	SCONJ
fsr-3262	53	8	the	the	DET
fsr-3262	53	9	measure	measure	NOUN
fsr-3262	53	10	of	of	ADP
fsr-3262	53	11	the	the	DET
fsr-3262	53	12	difference	difference	NOUN
fsr-3262	53	13	in	in	ADP
fsr-3262	53	14	the	the	DET
fsr-3262	53	15	risk	risk	NOUN
fsr-3262	53	16	parameters	parameter	NOUN
fsr-3262	53	17	is	be	AUX
fsr-3262	53	18	larger	large	ADJ
fsr-3262	53	19	than	than	ADP
fsr-3262	53	20	the	the	DET
fsr-3262	53	21	measure	measure	NOUN
fsr-3262	53	22	of	of	ADP
fsr-3262	53	23	the	the	DET
fsr-3262	53	24	difference	difference	NOUN
fsr-3262	53	25	in	in	ADP
fsr-3262	53	26	the	the	DET
fsr-3262	53	27	risk	risk	NOUN
fsr-3262	53	28	parameters	parameter	NOUN
fsr-3262	53	29	based	base	VERB
fsr-3262	53	30	on	on	ADP
fsr-3262	53	31	the	the	DET
fsr-3262	53	32	bid	bid	NOUN
fsr-3262	53	33	-	-	PUNCT
fsr-3262	53	34	offer	offer	NOUN
fsr-3262	53	35	spreads	spread	NOUN
fsr-3262	53	36	.	.	PUNCT
fsr-3262	54	1	finally	finally	ADV
fsr-3262	54	2	,	,	PUNCT
fsr-3262	54	3	we	we	PRON
fsr-3262	54	4	illustrate	illustrate	VERB
fsr-3262	54	5	model	model	NOUN
fsr-3262	54	6	comparisons	comparison	NOUN
fsr-3262	54	7	by	by	ADP
fsr-3262	54	8	varying	vary	VERB
fsr-3262	54	9	moneyness	moneyness	NOUN
fsr-3262	54	10	,	,	PUNCT
fsr-3262	54	11	time	time	NOUN
fsr-3262	54	12	to	to	ADP
fsr-3262	54	13	maturity	maturity	NOUN
fsr-3262	54	14	,	,	PUNCT
fsr-3262	54	15	correlation	correlation	NOUN
fsr-3262	54	16	,	,	PUNCT
fsr-3262	54	17	and	and	CCONJ
fsr-3262	54	18	the	the	DET
fsr-3262	54	19	strike	strike	NOUN
fsr-3262	54	20	price	price	NOUN
fsr-3262	54	21	.	.	PUNCT
fsr-3262	55	1	we	we	PRON
fsr-3262	55	2	demonstrate	demonstrate	VERB
fsr-3262	55	3	that	that	SCONJ
fsr-3262	55	4	when	when	SCONJ
fsr-3262	55	5	the	the	DET
fsr-3262	55	6	only	only	ADJ
fsr-3262	55	7	concern	concern	NOUN
fsr-3262	55	8	is	be	AUX
fsr-3262	55	9	the	the	DET
fsr-3262	55	10	risk	risk	NOUN
fsr-3262	55	11	parameter	parameter	NOUN
fsr-3262	55	12	�	�	PROPN
fsr-3262	55	13	,	,	PUNCT
fsr-3262	55	14	the	the	DET
fsr-3262	55	15	abm	abm	PROPN
fsr-3262	55	16	assumption	assumption	NOUN
fsr-3262	55	17	does	do	AUX
fsr-3262	55	18	not	not	PART
fsr-3262	55	19	cause	cause	VERB
fsr-3262	55	20	a	a	DET
fsr-3262	55	21	material	material	NOUN
fsr-3262	55	22	error	error	NOUN
fsr-3262	55	23	when	when	SCONJ
fsr-3262	55	24	the	the	DET
fsr-3262	55	25	time	time	NOUN
fsr-3262	55	26	to	to	ADP
fsr-3262	55	27	maturity	maturity	NOUN
fsr-3262	55	28	is	be	AUX
fsr-3262	55	29	short	short	ADJ
fsr-3262	55	30	or	or	CCONJ
fsr-3262	55	31	the	the	DET
fsr-3262	55	32	correlation	correlation	NOUN
fsr-3262	55	33	is	be	AUX
fsr-3262	55	34	high	high	ADJ
fsr-3262	55	35	(	(	PUNCT
fsr-3262	55	36	spread	spread	VERB
fsr-3262	55	37	volatility	volatility	NOUN
fsr-3262	55	38	is	be	AUX
fsr-3262	55	39	low	low	ADJ
fsr-3262	55	40	)	)	PUNCT
fsr-3262	55	41	.	.	PUNCT
fsr-3262	56	1	thus	thus	ADV
fsr-3262	56	2	,	,	PUNCT
fsr-3262	56	3	the	the	DET
fsr-3262	56	4	normal	normal	ADJ
fsr-3262	56	5	assumption	assumption	NOUN
fsr-3262	56	6	can	can	AUX
fsr-3262	56	7	be	be	AUX
fsr-3262	56	8	safely	safely	ADV
fsr-3262	56	9	made	make	VERB
fsr-3262	56	10	and	and	CCONJ
fsr-3262	56	11	may	may	AUX
fsr-3262	56	12	even	even	ADV
fsr-3262	56	13	be	be	AUX
fsr-3262	56	14	preferred	prefer	VERB
fsr-3262	56	15	because	because	SCONJ
fsr-3262	56	16	it	it	PRON
fsr-3262	56	17	provides	provide	VERB
fsr-3262	56	18	a	a	DET
fsr-3262	56	19	greater	great	ADJ
fsr-3262	56	20	degree	degree	NOUN
fsr-3262	56	21	of	of	ADP
fsr-3262	56	22	tractability	tractability	NOUN
fsr-3262	56	23	.	.	PUNCT
fsr-3262	57	1	for	for	ADP
fsr-3262	57	2	longer	long	ADJ
fsr-3262	57	3	maturities	maturity	NOUN
fsr-3262	57	4	and	and	CCONJ
fsr-3262	57	5	lower	low	ADJ
fsr-3262	57	6	correlations	correlation	NOUN
fsr-3262	57	7	(	(	PUNCT
fsr-3262	57	8	or	or	CCONJ
fsr-3262	57	9	higher	high	ADJ
fsr-3262	57	10	volatilities	volatility	NOUN
fsr-3262	57	11	)	)	PUNCT
fsr-3262	57	12	,	,	PUNCT
fsr-3262	57	13	however	however	ADV
fsr-3262	57	14	,	,	PUNCT
fsr-3262	57	15	the	the	DET
fsr-3262	57	16	two	two	NUM
fsr-3262	57	17	models	model	NOUN
fsr-3262	57	18	are	be	AUX
fsr-3262	57	19	shown	show	VERB
fsr-3262	57	20	to	to	PART
fsr-3262	57	21	be	be	AUX
fsr-3262	57	22	materially	materially	ADV
fsr-3262	57	23	different	different	ADJ
fsr-3262	57	24	and	and	CCONJ
fsr-3262	57	25	poses	pose	VERB
fsr-3262	57	26	significant	significant	ADJ
fsr-3262	57	27	problems	problem	NOUN
fsr-3262	57	28	with	with	ADP
fsr-3262	57	29	respect	respect	NOUN
fsr-3262	57	30	to	to	ADP
fsr-3262	57	31	risk	risk	NOUN
fsr-3262	57	32	management	management	NOUN
fsr-3262	57	33	.	.	PUNCT
fsr-3262	58	1	it	it	PRON
fsr-3262	58	2	is	be	AUX
fsr-3262	58	3	important	important	ADJ
fsr-3262	58	4	to	to	PART
fsr-3262	58	5	note	note	VERB
fsr-3262	58	6	that	that	SCONJ
fsr-3262	58	7	we	we	PRON
fsr-3262	58	8	do	do	AUX
fsr-3262	58	9	not	not	PART
fsr-3262	58	10	address	address	VERB
fsr-3262	58	11	the	the	DET
fsr-3262	58	12	empirical	empirical	ADJ
fsr-3262	58	13	question	question	NOUN
fsr-3262	58	14	of	of	ADP
fsr-3262	58	15	which	which	PRON
fsr-3262	58	16	spread	spread	VERB
fsr-3262	58	17	option	option	NOUN
fsr-3262	58	18	pricing	pricing	NOUN
fsr-3262	58	19	model	model	NOUN
fsr-3262	58	20	is	be	AUX
fsr-3262	58	21	most	most	ADV
fsr-3262	58	22	suitable	suitable	ADJ
fsr-3262	58	23	for	for	ADP
fsr-3262	58	24	particular	particular	ADJ
fsr-3262	58	25	spread	spread	ADJ
fsr-3262	58	26	options	option	NOUN
fsr-3262	58	27	during	during	ADP
fsr-3262	58	28	specific	specific	ADJ
fsr-3262	58	29	periods	period	NOUN
fsr-3262	58	30	of	of	ADP
fsr-3262	58	31	history	history	NOUN
fsr-3262	58	32	.	.	PUNCT
fsr-3262	59	1	instead	instead	ADV
fsr-3262	59	2	,	,	PUNCT
fsr-3262	59	3	we	we	PRON
fsr-3262	59	4	address	address	VERB
fsr-3262	59	5	a	a	DET
fsr-3262	59	6	risk	risk	NOUN
fsr-3262	59	7	measurement	measurement	NOUN
fsr-3262	59	8	issue	issue	NOUN
fsr-3262	59	9	.	.	PUNCT
fsr-3262	60	1	assuming	assume	VERB
fsr-3262	60	2	both	both	DET
fsr-3262	60	3	underlying	underlying	ADJ
fsr-3262	60	4	instruments	instrument	NOUN
fsr-3262	60	5	are	be	AUX
fsr-3262	60	6	known	know	VERB
fsr-3262	60	7	to	to	PART
fsr-3262	60	8	be	be	AUX
fsr-3262	60	9	lognormally	lognormally	ADV
fsr-3262	60	10	distributed	distribute	VERB
fsr-3262	60	11	,	,	PUNCT
fsr-3262	60	12	by	by	ADP
fsr-3262	60	13	erroneously	erroneously	ADV
fsr-3262	60	14	assuming	assume	VERB
fsr-3262	60	15	the	the	DET
fsr-3262	60	16	spread	spread	NOUN
fsr-3262	60	17	is	be	AUX
fsr-3262	60	18	normally	normally	ADV
fsr-3262	60	19	distributed	distribute	VERB
fsr-3262	60	20	,	,	PUNCT
fsr-3262	60	21	are	be	AUX
fsr-3262	60	22	various	various	ADJ
fsr-3262	60	23	risk	risk	NOUN
fsr-3262	60	24	measures	measure	NOUN
fsr-3262	60	25	significantly	significantly	ADV
fsr-3262	60	26	biased	bias	VERB
fsr-3262	60	27	?	?	PUNCT
fsr-3262	61	1	in	in	ADP
fsr-3262	61	2	practice	practice	NOUN
fsr-3262	61	3	,	,	PUNCT
fsr-3262	61	4	parsimonious	parsimonious	ADJ
fsr-3262	61	5	models	model	NOUN
fsr-3262	61	6	are	be	AUX
fsr-3262	61	7	strongly	strongly	ADV
fsr-3262	61	8	favored	favor	VERB
fsr-3262	61	9	because	because	SCONJ
fsr-3262	61	10	of	of	ADP
fsr-3262	61	11	the	the	DET
fsr-3262	61	12	practical	practical	ADJ
fsr-3262	61	13	difficulties	difficulty	NOUN
fsr-3262	61	14	in	in	ADP
fsr-3262	61	15	estimating	estimate	VERB
fsr-3262	61	16	input	input	NOUN
fsr-3262	61	17	parameters	parameter	NOUN
fsr-3262	61	18	.	.	PUNCT
fsr-3262	62	1	in	in	ADP
fsr-3262	62	2	this	this	DET
fsr-3262	62	3	light	light	NOUN
fsr-3262	62	4	,	,	PUNCT
fsr-3262	62	5	the	the	DET
fsr-3262	62	6	alternate	alternate	ADJ
fsr-3262	62	7	model	model	NOUN
fsr-3262	62	8	would	would	AUX
fsr-3262	62	9	be	be	AUX
fsr-3262	62	10	much	much	ADV
fsr-3262	62	11	easier	easy	ADJ
fsr-3262	62	12	to	to	PART
fsr-3262	62	13	deploy	deploy	VERB
fsr-3262	62	14	by	by	ADP
fsr-3262	62	15	individual	individual	ADJ
fsr-3262	62	16	investors	investor	NOUN
fsr-3262	62	17	and	and	CCONJ
fsr-3262	62	18	financial	financial	ADJ
fsr-3262	62	19	advisory	advisory	ADJ
fsr-3262	62	20	firms	firm	NOUN
fsr-3262	62	21	.	.	PUNCT
fsr-3262	63	1	the	the	DET
fsr-3262	63	2	examination	examination	NOUN
fsr-3262	63	3	of	of	ADP
fsr-3262	63	4	actual	actual	ADJ
fsr-3262	63	5	market	market	NOUN
fsr-3262	63	6	data	datum	NOUN
fsr-3262	63	7	in	in	ADP
fsr-3262	63	8	an	an	DET
fsr-3262	63	9	effort	effort	NOUN
fsr-3262	63	10	to	to	PART
fsr-3262	63	11	identify	identify	VERB
fsr-3262	63	12	the	the	DET
fsr-3262	63	13	best	good	ADJ
fsr-3262	63	14	model	model	NOUN
fsr-3262	63	15	is	be	AUX
fsr-3262	63	16	not	not	PART
fsr-3262	63	17	within	within	ADP
fsr-3262	63	18	the	the	DET
fsr-3262	63	19	scope	scope	NOUN
fsr-3262	63	20	of	of	ADP
fsr-3262	63	21	this	this	DET
fsr-3262	63	22	article	article	NOUN
fsr-3262	63	23	for	for	ADP
fsr-3262	63	24	a	a	DET
fsr-3262	63	25	variety	variety	NOUN
fsr-3262	63	26	of	of	ADP
fsr-3262	63	27	reasons	reason	NOUN
fsr-3262	63	28	.	.	PUNCT
fsr-3262	64	1	first	first	ADV
fsr-3262	64	2	,	,	PUNCT
fsr-3262	64	3	it	it	PRON
fsr-3262	64	4	is	be	AUX
fsr-3262	64	5	very	very	ADV
fsr-3262	64	6	difficult	difficult	ADJ
fsr-3262	64	7	to	to	PART
fsr-3262	64	8	acquire	acquire	VERB
fsr-3262	64	9	clean	clean	ADJ
fsr-3262	64	10	market	market	NOUN
fsr-3262	64	11	data	datum	NOUN
fsr-3262	64	12	as	as	SCONJ
fsr-3262	64	13	exchange	exchange	NOUN
fsr-3262	64	14	-	-	PUNCT
fsr-3262	64	15	traded	trade	VERB
fsr-3262	64	16	spread	spread	NOUN
fsr-3262	64	17	options	option	NOUN
fsr-3262	64	18	are	be	AUX
fsr-3262	64	19	thinly	thinly	ADV
fsr-3262	64	20	traded	trade	VERB
fsr-3262	64	21	,	,	PUNCT
fsr-3262	64	22	and	and	CCONJ
fsr-3262	64	23	over	over	ADP
fsr-3262	64	24	-	-	PUNCT
fsr-3262	64	25	the	the	DET
fsr-3262	64	26	-	-	PUNCT
fsr-3262	64	27	counter	counter	NOUN
fsr-3262	64	28	spread	spread	NOUN
fsr-3262	64	29	option	option	NOUN
fsr-3262	64	30	data	datum	NOUN
fsr-3262	64	31	are	be	AUX
fsr-3262	64	32	not	not	PART
fsr-3262	64	33	accessible.3	accessible.3	PROPN
fsr-3262	64	34	second	second	ADJ
fsr-3262	64	35	,	,	PUNCT
fsr-3262	64	36	our	our	PRON
fsr-3262	64	37	focus	focus	NOUN
fsr-3262	64	38	here	here	ADV
fsr-3262	64	39	is	be	AUX
fsr-3262	64	40	on	on	ADP
fsr-3262	64	41	risk	risk	NOUN
fsr-3262	64	42	management	management	NOUN
fsr-3262	64	43	and	and	CCONJ
fsr-3262	64	44	not	not	PART
fsr-3262	64	45	spread	spread	VERB
fsr-3262	64	46	option	option	NOUN
fsr-3262	64	47	valuation	valuation	NOUN
fsr-3262	64	48	.	.	PUNCT
fsr-3262	65	1	we	we	PRON
fsr-3262	65	2	assume	assume	VERB
fsr-3262	65	3	the	the	DET
fsr-3262	65	4	market	market	NOUN
fsr-3262	65	5	option	option	NOUN
fsr-3262	65	6	price	price	NOUN
fsr-3262	65	7	is	be	AUX
fsr-3262	65	8	known	know	VERB
fsr-3262	65	9	and	and	CCONJ
fsr-3262	65	10	seek	seek	VERB
fsr-3262	65	11	to	to	PART
fsr-3262	65	12	better	well	ADV
fsr-3262	65	13	understand	understand	VERB
fsr-3262	65	14	the	the	DET
fsr-3262	65	15	behavior	behavior	NOUN
fsr-3262	65	16	of	of	ADP
fsr-3262	65	17	various	various	ADJ
fsr-3262	65	18	risk	risk	NOUN
fsr-3262	65	19	measures	measure	NOUN
fsr-3262	65	20	.	.	PUNCT
fsr-3262	66	1	third	third	ADJ
fsr-3262	66	2	,	,	PUNCT
fsr-3262	66	3	it	it	PRON
fsr-3262	66	4	is	be	AUX
fsr-3262	66	5	well	well	ADV
fsr-3262	66	6	known	know	VERB
fsr-3262	66	7	that	that	SCONJ
fsr-3262	66	8	even	even	ADV
fsr-3262	66	9	the	the	DET
fsr-3262	66	10	best	good	ADJ
fsr-3262	66	11	valuation	valuation	NOUN
fsr-3262	66	12	model	model	NOUN
fsr-3262	66	13	for	for	ADP
fsr-3262	66	14	a	a	DET
fsr-3262	66	15	particular	particular	ADJ
fsr-3262	66	16	product	product	NOUN
fsr-3262	66	17	can	can	AUX
fsr-3262	66	18	change	change	VERB
fsr-3262	66	19	over	over	ADP
fsr-3262	66	20	time	time	NOUN
fsr-3262	66	21	as	as	SCONJ
fsr-3262	66	22	market	market	NOUN
fsr-3262	66	23	participants	participant	NOUN
fsr-3262	66	24	’	'	PUNCT
fsr-3262	66	25	perspectives	perspective	NOUN
fsr-3262	66	26	change	change	VERB
fsr-3262	66	27	.	.	PUNCT
fsr-3262	67	1	hence	hence	ADV
fsr-3262	67	2	,	,	PUNCT
fsr-3262	67	3	even	even	ADV
fsr-3262	67	4	if	if	SCONJ
fsr-3262	67	5	we	we	PRON
fsr-3262	67	6	provided	provide	VERB
fsr-3262	67	7	detailed	detailed	ADJ
fsr-3262	67	8	empirical	empirical	ADJ
fsr-3262	67	9	results	result	NOUN
fsr-3262	67	10	it	it	PRON
fsr-3262	67	11	would	would	AUX
fsr-3262	67	12	not	not	PART
fsr-3262	67	13	necessarily	necessarily	ADV
fsr-3262	67	14	be	be	AUX
fsr-3262	67	15	17r	17r	NOUN
fsr-3262	67	16	.	.	PUNCT
fsr-3262	68	1	brooks	brooks	PROPN
fsr-3262	68	2	,	,	PUNCT
fsr-3262	68	3	b.n	b.n	PROPN
fsr-3262	68	4	.	.	PROPN
fsr-3262	68	5	cline	cline	PROPN
fsr-3262	68	6	/	/	SYM
fsr-3262	68	7	financial	financial	PROPN
fsr-3262	68	8	services	service	NOUN
fsr-3262	68	9	review	review	VERB
fsr-3262	68	10	24	24	NUM
fsr-3262	68	11	(	(	PUNCT
fsr-3262	68	12	2015	2015	NUM
fsr-3262	68	13	)	)	PUNCT
fsr-3262	68	14	15–35	15–35	NUM
fsr-3262	68	15	applicable	applicable	ADJ
fsr-3262	68	16	for	for	ADP
fsr-3262	68	17	other	other	ADJ
fsr-3262	68	18	spread	spread	ADJ
fsr-3262	68	19	options	option	NOUN
fsr-3262	68	20	or	or	CCONJ
fsr-3262	68	21	other	other	ADJ
fsr-3262	68	22	periods	period	NOUN
fsr-3262	68	23	of	of	ADP
fsr-3262	68	24	time	time	NOUN
fsr-3262	68	25	.	.	PUNCT
fsr-3262	69	1	finally	finally	ADV
fsr-3262	69	2	,	,	PUNCT
fsr-3262	69	3	for	for	ADP
fsr-3262	69	4	individual	individual	ADJ
fsr-3262	69	5	investors	investor	NOUN
fsr-3262	69	6	,	,	PUNCT
fsr-3262	69	7	their	their	PRON
fsr-3262	69	8	liability	liability	NOUN
fsr-3262	69	9	portfolios	portfolio	NOUN
fsr-3262	69	10	will	will	AUX
fsr-3262	69	11	be	be	AUX
fsr-3262	69	12	unique	unique	ADJ
fsr-3262	69	13	to	to	ADP
fsr-3262	69	14	their	their	PRON
fsr-3262	69	15	family	family	NOUN
fsr-3262	69	16	.	.	PUNCT
fsr-3262	70	1	thus	thus	ADV
fsr-3262	70	2	,	,	PUNCT
fsr-3262	70	3	by	by	ADP
fsr-3262	70	4	definition	definition	NOUN
fsr-3262	70	5	,	,	PUNCT
fsr-3262	70	6	the	the	DET
fsr-3262	70	7	measured	measure	VERB
fsr-3262	70	8	spread	spread	NOUN
fsr-3262	70	9	will	will	AUX
fsr-3262	70	10	be	be	AUX
fsr-3262	70	11	unique	unique	ADJ
fsr-3262	70	12	,	,	PUNCT
fsr-3262	70	13	and	and	CCONJ
fsr-3262	70	14	hence	hence	ADV
fsr-3262	70	15	the	the	DET
fsr-3262	70	16	resultant	resultant	NOUN
fsr-3262	70	17	option	option	NOUN
fsr-3262	70	18	values	value	NOUN
fsr-3262	70	19	and	and	CCONJ
fsr-3262	70	20	risk	risk	NOUN
fsr-3262	70	21	measures	measure	NOUN
fsr-3262	70	22	will	will	AUX
fsr-3262	70	23	be	be	AUX
fsr-3262	70	24	custom	custom	ADV
fsr-3262	70	25	-	-	PUNCT
fsr-3262	70	26	made	make	VERB
fsr-3262	70	27	.	.	PUNCT
fsr-3262	71	1	the	the	DET
fsr-3262	71	2	absence	absence	NOUN
fsr-3262	71	3	of	of	ADP
fsr-3262	71	4	tradeable	tradeable	ADJ
fsr-3262	71	5	options	option	NOUN
fsr-3262	71	6	is	be	AUX
fsr-3262	71	7	not	not	PART
fsr-3262	71	8	a	a	DET
fsr-3262	71	9	major	major	ADJ
fsr-3262	71	10	concern	concern	NOUN
fsr-3262	71	11	here	here	ADV
fsr-3262	71	12	as	as	SCONJ
fsr-3262	71	13	the	the	DET
fsr-3262	71	14	goal	goal	NOUN
fsr-3262	71	15	is	be	AUX
fsr-3262	71	16	improved	improve	VERB
fsr-3262	71	17	risk	risk	NOUN
fsr-3262	71	18	measures	measure	NOUN
fsr-3262	71	19	and	and	CCONJ
fsr-3262	71	20	better	well	ADJ
fsr-3262	71	21	understanding	understanding	NOUN
fsr-3262	71	22	of	of	ADP
fsr-3262	71	23	the	the	DET
fsr-3262	71	24	economic	economic	ADJ
fsr-3262	71	25	costs	cost	NOUN
fsr-3262	71	26	of	of	ADP
fsr-3262	71	27	spread	spread	ADJ
fsr-3262	71	28	risk	risk	NOUN
fsr-3262	71	29	.	.	PUNCT
fsr-3262	72	1	the	the	DET
fsr-3262	72	2	article	article	NOUN
fsr-3262	72	3	will	will	AUX
fsr-3262	72	4	proceed	proceed	VERB
fsr-3262	72	5	as	as	SCONJ
fsr-3262	72	6	follows	follow	VERB
fsr-3262	72	7	:	:	PUNCT
fsr-3262	72	8	section	section	NOUN
fsr-3262	72	9	2	2	NUM
fsr-3262	72	10	presents	present	VERB
fsr-3262	72	11	the	the	DET
fsr-3262	72	12	two	two	NUM
fsr-3262	72	13	models	model	NOUN
fsr-3262	72	14	under	under	ADP
fsr-3262	72	15	consideration	consideration	NOUN
fsr-3262	72	16	:	:	PUNCT
fsr-3262	72	17	the	the	DET
fsr-3262	72	18	lognormal	lognormal	ADJ
fsr-3262	72	19	spread	spread	VERB
fsr-3262	72	20	option	option	NOUN
fsr-3262	72	21	pricing	pricing	NOUN
fsr-3262	72	22	model	model	NOUN
fsr-3262	72	23	(	(	PUNCT
fsr-3262	72	24	lnsopm	lnsopm	PROPN
fsr-3262	72	25	)	)	PUNCT
fsr-3262	72	26	and	and	CCONJ
fsr-3262	72	27	the	the	DET
fsr-3262	72	28	normal	normal	ADJ
fsr-3262	72	29	spread	spread	NOUN
fsr-3262	72	30	option	option	NOUN
fsr-3262	72	31	pricing	pricing	NOUN
fsr-3262	72	32	model	model	NOUN
fsr-3262	72	33	(	(	PUNCT
fsr-3262	72	34	nsopm	nsopm	NOUN
fsr-3262	72	35	)	)	PUNCT
fsr-3262	72	36	.	.	PUNCT
fsr-3262	73	1	section	section	NOUN
fsr-3262	73	2	3	3	NUM
fsr-3262	73	3	provides	provide	VERB
fsr-3262	73	4	the	the	DET
fsr-3262	73	5	methodology	methodology	NOUN
fsr-3262	73	6	for	for	ADP
fsr-3262	73	7	comparing	compare	VERB
fsr-3262	73	8	two	two	NUM
fsr-3262	73	9	option	option	NOUN
fsr-3262	73	10	models	model	NOUN
fsr-3262	73	11	for	for	ADP
fsr-3262	73	12	risk	risk	NOUN
fsr-3262	73	13	management	management	NOUN
fsr-3262	73	14	purposes	purpose	NOUN
fsr-3262	73	15	(	(	PUNCT
fsr-3262	73	16	numerical	numerical	ADJ
fsr-3262	73	17	examples	example	NOUN
fsr-3262	73	18	used	use	VERB
fsr-3262	73	19	to	to	PART
fsr-3262	73	20	illustrate	illustrate	VERB
fsr-3262	73	21	the	the	DET
fsr-3262	73	22	differences	difference	NOUN
fsr-3262	73	23	in	in	ADP
fsr-3262	73	24	the	the	DET
fsr-3262	73	25	models	model	NOUN
fsr-3262	73	26	from	from	ADP
fsr-3262	73	27	a	a	DET
fsr-3262	73	28	risk	risk	NOUN
fsr-3262	73	29	management	management	NOUN
fsr-3262	73	30	perspective	perspective	NOUN
fsr-3262	73	31	are	be	AUX
fsr-3262	73	32	also	also	ADV
fsr-3262	73	33	included	include	VERB
fsr-3262	73	34	)	)	PUNCT
fsr-3262	73	35	.	.	PUNCT
fsr-3262	74	1	section	section	NOUN
fsr-3262	74	2	4	4	NUM
fsr-3262	74	3	contains	contain	VERB
fsr-3262	74	4	the	the	DET
fsr-3262	74	5	conclusion	conclusion	NOUN
fsr-3262	74	6	.	.	PUNCT
fsr-3262	75	1	2	2	X
fsr-3262	75	2	.	.	NUM
fsr-3262	75	3	models	model	NOUN
fsr-3262	75	4	in	in	ADP
fsr-3262	75	5	this	this	DET
fsr-3262	75	6	section	section	NOUN
fsr-3262	75	7	,	,	PUNCT
fsr-3262	75	8	we	we	PRON
fsr-3262	75	9	provide	provide	VERB
fsr-3262	75	10	two	two	NUM
fsr-3262	75	11	spread	spread	ADJ
fsr-3262	75	12	option	option	NOUN
fsr-3262	75	13	valuation	valuation	NOUN
fsr-3262	75	14	models	model	NOUN
fsr-3262	75	15	,	,	PUNCT
fsr-3262	75	16	one	one	NUM
fsr-3262	75	17	assuming	assume	VERB
fsr-3262	75	18	both	both	DET
fsr-3262	75	19	underlying	underlying	ADJ
fsr-3262	75	20	instruments	instrument	NOUN
fsr-3262	75	21	follow	follow	VERB
fsr-3262	75	22	gbm	gbm	PROPN
fsr-3262	75	23	,	,	PUNCT
fsr-3262	75	24	the	the	DET
fsr-3262	75	25	second	second	ADJ
fsr-3262	75	26	assuming	assume	VERB
fsr-3262	75	27	both	both	DET
fsr-3262	75	28	underlying	underlying	ADJ
fsr-3262	75	29	instruments	instrument	NOUN
fsr-3262	75	30	follows	follow	VERB
fsr-3262	75	31	abm	abm	PROPN
fsr-3262	75	32	.	.	PUNCT
fsr-3262	76	1	the	the	DET
fsr-3262	76	2	general	general	ADJ
fsr-3262	76	3	framework	framework	NOUN
fsr-3262	76	4	of	of	ADP
fsr-3262	76	5	black	black	ADJ
fsr-3262	76	6	and	and	CCONJ
fsr-3262	76	7	scholes	schole	NOUN
fsr-3262	76	8	(	(	PUNCT
fsr-3262	76	9	1973	1973	NUM
fsr-3262	76	10	)	)	PUNCT
fsr-3262	76	11	,	,	PUNCT
fsr-3262	76	12	merton	merton	X
fsr-3262	76	13	(	(	PUNCT
fsr-3262	76	14	1973	1973	NUM
fsr-3262	76	15	)	)	PUNCT
fsr-3262	76	16	,	,	PUNCT
fsr-3262	76	17	and	and	CCONJ
fsr-3262	76	18	black	black	ADJ
fsr-3262	76	19	(	(	PUNCT
fsr-3262	76	20	1976	1976	NUM
fsr-3262	76	21	)	)	PUNCT
fsr-3262	76	22	is	be	AUX
fsr-3262	76	23	followed	follow	VERB
fsr-3262	76	24	.	.	PUNCT
fsr-3262	77	1	before	before	ADP
fsr-3262	77	2	delving	delve	VERB
fsr-3262	77	3	into	into	ADP
fsr-3262	77	4	the	the	DET
fsr-3262	77	5	particular	particular	ADJ
fsr-3262	77	6	spread	spread	VERB
fsr-3262	77	7	option	option	NOUN
fsr-3262	77	8	models	model	NOUN
fsr-3262	77	9	,	,	PUNCT
fsr-3262	77	10	a	a	DET
fsr-3262	77	11	brief	brief	ADJ
fsr-3262	77	12	review	review	NOUN
fsr-3262	77	13	of	of	ADP
fsr-3262	77	14	the	the	DET
fsr-3262	77	15	literature	literature	NOUN
fsr-3262	77	16	will	will	AUX
fsr-3262	77	17	be	be	AUX
fsr-3262	77	18	helpful	helpful	ADJ
fsr-3262	77	19	.	.	PUNCT
fsr-3262	78	1	margrabe	margrabe	NOUN
fsr-3262	78	2	(	(	PUNCT
fsr-3262	78	3	1978	1978	NUM
fsr-3262	78	4	)	)	PUNCT
fsr-3262	78	5	provides	provide	VERB
fsr-3262	78	6	a	a	DET
fsr-3262	78	7	closed	closed	ADJ
fsr-3262	78	8	-	-	PUNCT
fsr-3262	78	9	form	form	NOUN
fsr-3262	78	10	equation	equation	NOUN
fsr-3262	78	11	for	for	ADP
fsr-3262	78	12	exchange	exchange	NOUN
fsr-3262	78	13	options	option	NOUN
fsr-3262	78	14	that	that	PRON
fsr-3262	78	15	are	be	AUX
fsr-3262	78	16	zero	zero	NUM
fsr-3262	78	17	strike	strike	NOUN
fsr-3262	78	18	spread	spread	NOUN
fsr-3262	78	19	options	option	NOUN
fsr-3262	78	20	.	.	PUNCT
fsr-3262	79	1	poitras	poitra	NOUN
fsr-3262	79	2	(	(	PUNCT
fsr-3262	79	3	1998	1998	NUM
fsr-3262	79	4	)	)	PUNCT
fsr-3262	79	5	advances	advance	VERB
fsr-3262	79	6	a	a	DET
fsr-3262	79	7	pricing	pricing	NOUN
fsr-3262	79	8	formula	formula	NOUN
fsr-3262	79	9	for	for	ADP
fsr-3262	79	10	european	european	ADJ
fsr-3262	79	11	-	-	PUNCT
fsr-3262	79	12	style	style	NOUN
fsr-3262	79	13	spread	spread	NOUN
fsr-3262	79	14	options	option	NOUN
fsr-3262	79	15	by	by	ADP
fsr-3262	79	16	extending	extend	VERB
fsr-3262	79	17	a	a	DET
fsr-3262	79	18	special	special	ADJ
fsr-3262	79	19	case	case	NOUN
fsr-3262	79	20	of	of	ADP
fsr-3262	79	21	the	the	DET
fsr-3262	79	22	bachelier	bachelier	NOUN
fsr-3262	79	23	(	(	PUNCT
fsr-3262	79	24	1964	1964	NUM
fsr-3262	79	25	)	)	PUNCT
fsr-3262	79	26	option	option	NOUN
fsr-3262	79	27	-	-	PUNCT
fsr-3262	79	28	pricing	pricing	NOUN
fsr-3262	79	29	model	model	NOUN
fsr-3262	79	30	.	.	PUNCT
fsr-3262	80	1	the	the	DET
fsr-3262	80	2	bachelier	bachelier	NOUN
fsr-3262	80	3	model	model	NOUN
fsr-3262	80	4	for	for	ADP
fsr-3262	80	5	pricing	pricing	NOUN
fsr-3262	80	6	options	option	NOUN
fsr-3262	80	7	on	on	ADP
fsr-3262	80	8	futures	future	NOUN
fsr-3262	80	9	spreads	spread	NOUN
fsr-3262	80	10	provides	provide	VERB
fsr-3262	80	11	a	a	DET
fsr-3262	80	12	methodology	methodology	NOUN
fsr-3262	80	13	for	for	SCONJ
fsr-3262	80	14	pricing	pricing	NOUN
fsr-3262	80	15	europeanstyle	europeanstyle	NOUN
fsr-3262	80	16	spread	spread	VERB
fsr-3262	80	17	options	option	NOUN
fsr-3262	80	18	,	,	PUNCT
fsr-3262	80	19	assuming	assume	VERB
fsr-3262	80	20	changes	change	NOUN
fsr-3262	80	21	in	in	ADP
fsr-3262	80	22	the	the	DET
fsr-3262	80	23	underlying	underlie	VERB
fsr-3262	80	24	futures	future	NOUN
fsr-3262	80	25	prices	price	NOUN
fsr-3262	80	26	follow	follow	VERB
fsr-3262	80	27	unrestricted	unrestricted	ADJ
fsr-3262	80	28	arithmetic	arithmetic	ADJ
fsr-3262	80	29	brownian	brownian	ADJ
fsr-3262	80	30	motion	motion	NOUN
fsr-3262	80	31	(	(	PUNCT
fsr-3262	80	32	uabm	uabm	PROPN
fsr-3262	80	33	)	)	PUNCT
fsr-3262	80	34	.	.	PUNCT
fsr-3262	81	1	the	the	DET
fsr-3262	81	2	assumption	assumption	NOUN
fsr-3262	81	3	of	of	ADP
fsr-3262	81	4	uabm	uabm	PROPN
fsr-3262	81	5	proves	prove	VERB
fsr-3262	81	6	very	very	ADV
fsr-3262	81	7	useful	useful	ADJ
fsr-3262	81	8	in	in	SCONJ
fsr-3262	81	9	that	that	SCONJ
fsr-3262	81	10	it	it	PRON
fsr-3262	81	11	allows	allow	VERB
fsr-3262	81	12	negative	negative	ADJ
fsr-3262	81	13	sample	sample	NOUN
fsr-3262	81	14	paths	path	NOUN
fsr-3262	81	15	to	to	PART
fsr-3262	81	16	exist	exist	VERB
fsr-3262	81	17	,	,	PUNCT
fsr-3262	81	18	resulting	result	VERB
fsr-3262	81	19	in	in	ADP
fsr-3262	81	20	call	call	NOUN
fsr-3262	81	21	options	option	NOUN
fsr-3262	81	22	that	that	PRON
fsr-3262	81	23	are	be	AUX
fsr-3262	81	24	priced	price	VERB
fsr-3262	81	25	higher	high	ADJ
fsr-3262	81	26	than	than	ADP
fsr-3262	81	27	under	under	ADP
fsr-3262	81	28	plain	plain	ADJ
fsr-3262	81	29	arithmetic	arithmetic	ADJ
fsr-3262	81	30	brownian	brownian	ADJ
fsr-3262	81	31	motion	motion	NOUN
fsr-3262	81	32	.	.	PUNCT
fsr-3262	82	1	poitras	poitras	PROPN
fsr-3262	82	2	points	point	VERB
fsr-3262	82	3	out	out	ADP
fsr-3262	82	4	that	that	SCONJ
fsr-3262	82	5	because	because	SCONJ
fsr-3262	82	6	the	the	DET
fsr-3262	82	7	differences	difference	NOUN
fsr-3262	82	8	of	of	ADP
fsr-3262	82	9	lognormal	lognormal	ADJ
fsr-3262	82	10	variables	variable	NOUN
fsr-3262	82	11	are	be	AUX
fsr-3262	82	12	not	not	PART
fsr-3262	82	13	lognormal	lognormal	ADJ
fsr-3262	82	14	,	,	PUNCT
fsr-3262	82	15	a	a	DET
fsr-3262	82	16	simplification	simplification	NOUN
fsr-3262	82	17	is	be	AUX
fsr-3262	82	18	not	not	PART
fsr-3262	82	19	possible	possible	ADJ
fsr-3262	82	20	.	.	PUNCT
fsr-3262	83	1	furthermore	furthermore	ADV
fsr-3262	83	2	,	,	PUNCT
fsr-3262	83	3	he	he	PRON
fsr-3262	83	4	states	state	VERB
fsr-3262	83	5	that	that	SCONJ
fsr-3262	83	6	if	if	SCONJ
fsr-3262	83	7	prices	price	NOUN
fsr-3262	83	8	are	be	AUX
fsr-3262	83	9	lognormally	lognormally	ADV
fsr-3262	83	10	distributed	distribute	VERB
fsr-3262	83	11	,	,	PUNCT
fsr-3262	83	12	it	it	PRON
fsr-3262	83	13	is	be	AUX
fsr-3262	83	14	only	only	ADV
fsr-3262	83	15	possible	possible	ADJ
fsr-3262	83	16	to	to	PART
fsr-3262	83	17	have	have	VERB
fsr-3262	83	18	a	a	DET
fsr-3262	83	19	closed	closed	ADJ
fsr-3262	83	20	form	form	NOUN
fsr-3262	83	21	solution	solution	NOUN
fsr-3262	83	22	in	in	ADP
fsr-3262	83	23	the	the	DET
fsr-3262	83	24	special	special	ADJ
fsr-3262	83	25	case	case	NOUN
fsr-3262	83	26	of	of	ADP
fsr-3262	83	27	an	an	DET
fsr-3262	83	28	exchange	exchange	NOUN
fsr-3262	83	29	option	option	NOUN
fsr-3262	83	30	.	.	PUNCT
fsr-3262	84	1	otherwise	otherwise	ADV
fsr-3262	84	2	,	,	PUNCT
fsr-3262	84	3	some	some	DET
fsr-3262	84	4	double	double	ADJ
fsr-3262	84	5	integral	integral	ADJ
fsr-3262	84	6	approximation	approximation	NOUN
fsr-3262	84	7	must	must	AUX
fsr-3262	84	8	be	be	AUX
fsr-3262	84	9	used	use	VERB
fsr-3262	84	10	.	.	PUNCT
fsr-3262	85	1	while	while	SCONJ
fsr-3262	85	2	it	it	PRON
fsr-3262	85	3	is	be	AUX
fsr-3262	85	4	true	true	ADJ
fsr-3262	85	5	that	that	SCONJ
fsr-3262	85	6	the	the	DET
fsr-3262	85	7	normality	normality	NOUN
fsr-3262	85	8	assumption	assumption	NOUN
fsr-3262	85	9	should	should	AUX
fsr-3262	85	10	be	be	AUX
fsr-3262	85	11	questioned	question	VERB
fsr-3262	85	12	,	,	PUNCT
fsr-3262	85	13	schaefer	schaefer	PROPN
fsr-3262	85	14	(	(	PUNCT
fsr-3262	85	15	2002	2002	NUM
fsr-3262	85	16	)	)	PUNCT
fsr-3262	85	17	demonstrates	demonstrate	VERB
fsr-3262	85	18	that	that	PRON
fsr-3262	85	19	option	option	NOUN
fsr-3262	85	20	values	value	NOUN
fsr-3262	85	21	from	from	ADP
fsr-3262	85	22	the	the	DET
fsr-3262	85	23	bachelier	bachelier	NOUN
fsr-3262	85	24	model	model	NOUN
fsr-3262	85	25	are	be	AUX
fsr-3262	85	26	nearly	nearly	ADV
fsr-3262	85	27	identical	identical	ADJ
fsr-3262	85	28	to	to	ADP
fsr-3262	85	29	values	value	NOUN
fsr-3262	85	30	found	find	VERB
fsr-3262	85	31	using	use	VERB
fsr-3262	85	32	monte	monte	PROPN
fsr-3262	85	33	carlo	carlo	PROPN
fsr-3262	85	34	simulation	simulation	PROPN
fsr-3262	85	35	assuming	assume	VERB
fsr-3262	85	36	gbm	gbm	PROPN
fsr-3262	85	37	.	.	PUNCT
fsr-3262	86	1	however	however	ADV
fsr-3262	86	2	,	,	PUNCT
fsr-3262	86	3	this	this	PRON
fsr-3262	86	4	is	be	AUX
fsr-3262	86	5	only	only	ADV
fsr-3262	86	6	accurate	accurate	ADJ
fsr-3262	86	7	provided	provide	VERB
fsr-3262	86	8	the	the	DET
fsr-3262	86	9	spread	spread	ADJ
fsr-3262	86	10	volatility	volatility	NOUN
fsr-3262	86	11	and	and	CCONJ
fsr-3262	86	12	the	the	DET
fsr-3262	86	13	time	time	NOUN
fsr-3262	86	14	to	to	ADP
fsr-3262	86	15	maturity	maturity	NOUN
fsr-3262	86	16	are	be	AUX
fsr-3262	86	17	both	both	ADV
fsr-3262	86	18	low	low	ADJ
fsr-3262	86	19	.	.	PUNCT
fsr-3262	87	1	wilcox	wilcox	PROPN
fsr-3262	87	2	(	(	PUNCT
fsr-3262	87	3	1990	1990	NUM
fsr-3262	87	4	)	)	PUNCT
fsr-3262	87	5	assumes	assume	VERB
fsr-3262	87	6	abm	abm	PROPN
fsr-3262	87	7	to	to	PART
fsr-3262	87	8	derive	derive	VERB
fsr-3262	87	9	a	a	DET
fsr-3262	87	10	closed	closed	ADJ
fsr-3262	87	11	form	form	NOUN
fsr-3262	87	12	solution	solution	NOUN
fsr-3262	87	13	for	for	ADP
fsr-3262	87	14	pricing	pricing	NOUN
fsr-3262	87	15	spread	spread	NOUN
fsr-3262	87	16	options	option	NOUN
fsr-3262	87	17	.	.	PUNCT
fsr-3262	88	1	it	it	PRON
fsr-3262	88	2	is	be	AUX
fsr-3262	88	3	shown	show	VERB
fsr-3262	88	4	by	by	ADP
fsr-3262	88	5	poitras	poitra	NOUN
fsr-3262	88	6	(	(	PUNCT
fsr-3262	88	7	1998	1998	NUM
fsr-3262	88	8	)	)	PUNCT
fsr-3262	88	9	,	,	PUNCT
fsr-3262	88	10	however	however	ADV
fsr-3262	88	11	,	,	PUNCT
fsr-3262	88	12	that	that	SCONJ
fsr-3262	88	13	the	the	DET
fsr-3262	88	14	formula	formula	NOUN
fsr-3262	88	15	is	be	AUX
fsr-3262	88	16	not	not	PART
fsr-3262	88	17	consistent	consistent	ADJ
fsr-3262	88	18	with	with	ADP
fsr-3262	88	19	the	the	DET
fsr-3262	88	20	noarbitrage	noarbitrage	NOUN
fsr-3262	88	21	argument	argument	NOUN
fsr-3262	88	22	;	;	PUNCT
fsr-3262	88	23	thus	thus	ADV
fsr-3262	88	24	,	,	PUNCT
fsr-3262	88	25	it	it	PRON
fsr-3262	88	26	is	be	AUX
fsr-3262	88	27	not	not	PART
fsr-3262	88	28	a	a	DET
fsr-3262	88	29	valid	valid	ADJ
fsr-3262	88	30	option	option	NOUN
fsr-3262	88	31	pricing	pricing	NOUN
fsr-3262	88	32	formula	formula	NOUN
fsr-3262	88	33	.	.	PUNCT
fsr-3262	89	1	despite	despite	SCONJ
fsr-3262	89	2	the	the	DET
fsr-3262	89	3	limitations	limitation	NOUN
fsr-3262	89	4	of	of	ADP
fsr-3262	89	5	the	the	DET
fsr-3262	89	6	wilcox	wilcox	PROPN
fsr-3262	89	7	formula	formula	NOUN
fsr-3262	89	8	,	,	PUNCT
fsr-3262	89	9	many	many	ADJ
fsr-3262	89	10	have	have	AUX
fsr-3262	89	11	used	use	VERB
fsr-3262	89	12	it	it	PRON
fsr-3262	89	13	to	to	PART
fsr-3262	89	14	develop	develop	VERB
fsr-3262	89	15	analytic	analytic	ADJ
fsr-3262	89	16	approximations	approximation	NOUN
fsr-3262	89	17	for	for	ADP
fsr-3262	89	18	spread	spread	ADJ
fsr-3262	89	19	option	option	NOUN
fsr-3262	89	20	pricing	pricing	NOUN
fsr-3262	89	21	,	,	PUNCT
fsr-3262	89	22	including	include	VERB
fsr-3262	89	23	shimko	shimko	NOUN
fsr-3262	89	24	(	(	PUNCT
fsr-3262	89	25	1994	1994	NUM
fsr-3262	89	26	)	)	PUNCT
fsr-3262	89	27	.	.	PUNCT
fsr-3262	90	1	shimko	shimko	PROPN
fsr-3262	90	2	(	(	PUNCT
fsr-3262	90	3	1994	1994	NUM
fsr-3262	90	4	)	)	PUNCT
fsr-3262	90	5	provides	provide	VERB
fsr-3262	90	6	an	an	DET
fsr-3262	90	7	analytic	analytic	ADJ
fsr-3262	90	8	approximation	approximation	NOUN
fsr-3262	90	9	based	base	VERB
fsr-3262	90	10	on	on	ADP
fsr-3262	90	11	the	the	DET
fsr-3262	90	12	goldman	goldman	PROPN
fsr-3262	90	13	/	/	SYM
fsr-3262	90	14	wilcox	wilcox	PROPN
fsr-3262	90	15	model	model	NOUN
fsr-3262	90	16	and	and	CCONJ
fsr-3262	90	17	a	a	DET
fsr-3262	90	18	model	model	NOUN
fsr-3262	90	19	developed	develop	VERB
fsr-3262	90	20	by	by	ADP
fsr-3262	90	21	rubinstein	rubinstein	PROPN
fsr-3262	90	22	(	(	PUNCT
fsr-3262	90	23	1991	1991	NUM
fsr-3262	90	24	)	)	PUNCT
fsr-3262	90	25	.	.	PUNCT
fsr-3262	91	1	the	the	DET
fsr-3262	91	2	rubinstein	rubinstein	PROPN
fsr-3262	91	3	model	model	NOUN
fsr-3262	91	4	values	value	NOUN
fsr-3262	91	5	options	option	NOUN
fsr-3262	91	6	on	on	ADP
fsr-3262	91	7	futures	future	NOUN
fsr-3262	91	8	spreads	spread	NOUN
fsr-3262	91	9	using	use	VERB
fsr-3262	91	10	a	a	DET
fsr-3262	91	11	double	double	ADJ
fsr-3262	91	12	-	-	PUNCT
fsr-3262	91	13	integral	integral	ADJ
fsr-3262	91	14	solution	solution	NOUN
fsr-3262	91	15	where	where	SCONJ
fsr-3262	91	16	both	both	DET
fsr-3262	91	17	underlying	underlying	ADJ
fsr-3262	91	18	futures	future	NOUN
fsr-3262	91	19	contracts	contract	NOUN
fsr-3262	91	20	18	18	NUM
fsr-3262	91	21	r.	r.	PROPN
fsr-3262	91	22	brooks	brooks	PROPN
fsr-3262	91	23	,	,	PUNCT
fsr-3262	91	24	b.n	b.n	PROPN
fsr-3262	91	25	.	.	PROPN
fsr-3262	91	26	cline	cline	PROPN
fsr-3262	91	27	/	/	SYM
fsr-3262	91	28	financial	financial	PROPN
fsr-3262	91	29	services	service	NOUN
fsr-3262	91	30	review	review	VERB
fsr-3262	91	31	24	24	NUM
fsr-3262	91	32	(	(	PUNCT
fsr-3262	91	33	2015	2015	NUM
fsr-3262	91	34	)	)	PUNCT
fsr-3262	91	35	15–35	15–35	NUM
fsr-3262	91	36	follow	follow	NOUN
fsr-3262	91	37	gbm	gbm	NOUN
fsr-3262	91	38	.	.	PROPN
fsr-3262	92	1	like	like	ADP
fsr-3262	92	2	rubinstein	rubinstein	PROPN
fsr-3262	92	3	,	,	PUNCT
fsr-3262	92	4	shimko	shimko	NOUN
fsr-3262	92	5	assumes	assume	VERB
fsr-3262	92	6	underlying	underlie	VERB
fsr-3262	92	7	prices	price	NOUN
fsr-3262	92	8	follow	follow	VERB
fsr-3262	92	9	gbm	gbm	PROPN
fsr-3262	92	10	.	.	PUNCT
fsr-3262	93	1	by	by	ADP
fsr-3262	93	2	applying	apply	VERB
fsr-3262	93	3	the	the	DET
fsr-3262	93	4	jarrow	jarrow	NOUN
fsr-3262	93	5	and	and	CCONJ
fsr-3262	93	6	rudd	rudd	PROPN
fsr-3262	93	7	(	(	PUNCT
fsr-3262	93	8	1982	1982	NUM
fsr-3262	93	9	)	)	PUNCT
fsr-3262	93	10	approximations	approximation	NOUN
fsr-3262	93	11	to	to	ADP
fsr-3262	93	12	the	the	DET
fsr-3262	93	13	wilcox	wilcox	PROPN
fsr-3262	93	14	model	model	PROPN
fsr-3262	93	15	,	,	PUNCT
fsr-3262	93	16	shimko	shimko	PROPN
fsr-3262	93	17	approximates	approximate	VERB
fsr-3262	93	18	a	a	DET
fsr-3262	93	19	single	single	ADJ
fsr-3262	93	20	-	-	PUNCT
fsr-3262	93	21	integral	integral	ADJ
fsr-3262	93	22	solution	solution	NOUN
fsr-3262	93	23	for	for	ADP
fsr-3262	93	24	pricing	pricing	NOUN
fsr-3262	93	25	options	option	NOUN
fsr-3262	93	26	on	on	ADP
fsr-3262	93	27	futures	future	NOUN
fsr-3262	93	28	spreads	spread	NOUN
fsr-3262	93	29	.	.	PUNCT
fsr-3262	94	1	at	at	ADP
fsr-3262	94	2	the	the	DET
fsr-3262	94	3	same	same	ADJ
fsr-3262	94	4	time	time	NOUN
fsr-3262	94	5	,	,	PUNCT
fsr-3262	94	6	he	he	PRON
fsr-3262	94	7	assumes	assume	VERB
fsr-3262	94	8	a	a	DET
fsr-3262	94	9	stochastic	stochastic	ADJ
fsr-3262	94	10	convenience	convenience	NOUN
fsr-3262	94	11	yield	yield	NOUN
fsr-3262	94	12	,	,	PUNCT
fsr-3262	94	13	thus	thus	ADV
fsr-3262	94	14	overcoming	overcome	VERB
fsr-3262	94	15	the	the	DET
fsr-3262	94	16	limitations	limitation	NOUN
fsr-3262	94	17	of	of	ADP
fsr-3262	94	18	the	the	DET
fsr-3262	94	19	wilcox	wilcox	PROPN
fsr-3262	94	20	model	model	NOUN
fsr-3262	94	21	and	and	CCONJ
fsr-3262	94	22	the	the	DET
fsr-3262	94	23	complexity	complexity	NOUN
fsr-3262	94	24	of	of	ADP
fsr-3262	94	25	the	the	DET
fsr-3262	94	26	rubinstein	rubinstein	PROPN
fsr-3262	94	27	model	model	NOUN
fsr-3262	94	28	.	.	PUNCT
fsr-3262	95	1	as	as	ADP
fsr-3262	95	2	a	a	DET
fsr-3262	95	3	result	result	NOUN
fsr-3262	95	4	,	,	PUNCT
fsr-3262	95	5	shimko	shimko	NOUN
fsr-3262	95	6	(	(	PUNCT
fsr-3262	95	7	1994	1994	NUM
fsr-3262	95	8	)	)	PUNCT
fsr-3262	95	9	provides	provide	VERB
fsr-3262	95	10	the	the	DET
fsr-3262	95	11	formula	formula	NOUN
fsr-3262	95	12	to	to	PART
fsr-3262	95	13	approximate	approximate	VERB
fsr-3262	95	14	the	the	DET
fsr-3262	95	15	“	"	PUNCT
fsr-3262	95	16	true	true	ADJ
fsr-3262	95	17	”	"	PUNCT
fsr-3262	95	18	lognormal	lognormal	ADJ
fsr-3262	95	19	solution	solution	NOUN
fsr-3262	95	20	.	.	PUNCT
fsr-3262	96	1	schaefer	schaefer	PROPN
fsr-3262	96	2	(	(	PUNCT
fsr-3262	96	3	2002	2002	NUM
fsr-3262	96	4	)	)	PUNCT
fsr-3262	96	5	,	,	PUNCT
fsr-3262	96	6	motivated	motivate	VERB
fsr-3262	96	7	by	by	ADP
fsr-3262	96	8	the	the	DET
fsr-3262	96	9	fact	fact	NOUN
fsr-3262	96	10	that	that	SCONJ
fsr-3262	96	11	there	there	PRON
fsr-3262	96	12	were	be	VERB
fsr-3262	96	13	no	no	DET
fsr-3262	96	14	closed	closed	ADJ
fsr-3262	96	15	form	form	NOUN
fsr-3262	96	16	solutions	solution	NOUN
fsr-3262	96	17	for	for	ADP
fsr-3262	96	18	pricing	pricing	NOUN
fsr-3262	96	19	options	option	NOUN
fsr-3262	96	20	on	on	ADP
fsr-3262	96	21	futures	future	NOUN
fsr-3262	96	22	spreads	spread	VERB
fsr-3262	96	23	under	under	ADP
fsr-3262	96	24	the	the	DET
fsr-3262	96	25	assumption	assumption	NOUN
fsr-3262	96	26	that	that	SCONJ
fsr-3262	96	27	the	the	DET
fsr-3262	96	28	assets	asset	NOUN
fsr-3262	96	29	follow	follow	VERB
fsr-3262	96	30	correlated	correlate	VERB
fsr-3262	96	31	geometric	geometric	ADJ
fsr-3262	96	32	brownian	brownian	ADJ
fsr-3262	96	33	motion	motion	NOUN
fsr-3262	96	34	,	,	PUNCT
fsr-3262	96	35	provides	provide	VERB
fsr-3262	96	36	an	an	DET
fsr-3262	96	37	analytic	analytic	ADJ
fsr-3262	96	38	approximation	approximation	NOUN
fsr-3262	96	39	for	for	ADP
fsr-3262	96	40	such	such	ADJ
fsr-3262	96	41	options	option	NOUN
fsr-3262	96	42	.	.	PUNCT
fsr-3262	97	1	schaefer	schaefer	PROPN
fsr-3262	97	2	compares	compare	VERB
fsr-3262	97	3	the	the	DET
fsr-3262	97	4	bachelier	bachelier	NOUN
fsr-3262	97	5	model	model	NOUN
fsr-3262	97	6	to	to	ADP
fsr-3262	97	7	monte	monte	PROPN
fsr-3262	97	8	carlo	carlo	PROPN
fsr-3262	97	9	simulation	simulation	PROPN
fsr-3262	97	10	and	and	CCONJ
fsr-3262	97	11	the	the	DET
fsr-3262	97	12	binomial	binomial	ADJ
fsr-3262	97	13	methods	method	NOUN
fsr-3262	97	14	that	that	PRON
fsr-3262	97	15	assume	assume	VERB
fsr-3262	97	16	the	the	DET
fsr-3262	97	17	spreads	spread	NOUN
fsr-3262	97	18	follow	follow	VERB
fsr-3262	97	19	correlated	correlate	VERB
fsr-3262	97	20	geometric	geometric	ADJ
fsr-3262	97	21	brownian	brownian	ADJ
fsr-3262	97	22	motion	motion	NOUN
fsr-3262	97	23	.	.	PUNCT
fsr-3262	98	1	for	for	SCONJ
fsr-3262	98	2	options	option	NOUN
fsr-3262	98	3	on	on	ADP
fsr-3262	98	4	futures	future	NOUN
fsr-3262	98	5	spreads	spread	VERB
fsr-3262	98	6	with	with	ADP
fsr-3262	98	7	two	two	NUM
fsr-3262	98	8	or	or	CCONJ
fsr-3262	98	9	three	three	NUM
fsr-3262	98	10	underlying	underlie	VERB
fsr-3262	98	11	assets	asset	NOUN
fsr-3262	98	12	,	,	PUNCT
fsr-3262	98	13	his	his	PRON
fsr-3262	98	14	results	result	NOUN
fsr-3262	98	15	indicate	indicate	VERB
fsr-3262	98	16	that	that	SCONJ
fsr-3262	98	17	both	both	CCONJ
fsr-3262	98	18	the	the	DET
fsr-3262	98	19	bachelier	bachelier	NOUN
fsr-3262	98	20	model	model	NOUN
fsr-3262	98	21	and	and	CCONJ
fsr-3262	98	22	the	the	DET
fsr-3262	98	23	analytic	analytic	ADJ
fsr-3262	98	24	approximation	approximation	NOUN
fsr-3262	98	25	provide	provide	VERB
fsr-3262	98	26	solutions	solution	NOUN
fsr-3262	98	27	consistent	consistent	ADJ
fsr-3262	98	28	with	with	ADP
fsr-3262	98	29	monte	monte	PROPN
fsr-3262	98	30	carlo	carlo	PROPN
fsr-3262	98	31	simulation	simulation	NOUN
fsr-3262	98	32	and	and	CCONJ
fsr-3262	98	33	binomial	binomial	ADJ
fsr-3262	98	34	methods	method	NOUN
fsr-3262	98	35	.	.	PUNCT
fsr-3262	99	1	he	he	PRON
fsr-3262	99	2	notes	note	VERB
fsr-3262	99	3	that	that	SCONJ
fsr-3262	99	4	as	as	SCONJ
fsr-3262	99	5	volatility	volatility	NOUN
fsr-3262	99	6	and	and	CCONJ
fsr-3262	99	7	time	time	NOUN
fsr-3262	99	8	to	to	ADP
fsr-3262	99	9	maturity	maturity	NOUN
fsr-3262	99	10	increase	increase	VERB
fsr-3262	99	11	the	the	DET
fsr-3262	99	12	disparities	disparity	NOUN
fsr-3262	99	13	between	between	ADP
fsr-3262	99	14	the	the	DET
fsr-3262	99	15	models	model	NOUN
fsr-3262	99	16	become	become	VERB
fsr-3262	99	17	much	much	ADV
fsr-3262	99	18	more	more	ADV
fsr-3262	99	19	pronounced	pronounce	VERB
fsr-3262	99	20	,	,	PUNCT
fsr-3262	99	21	a	a	DET
fsr-3262	99	22	result	result	NOUN
fsr-3262	99	23	consistent	consistent	ADJ
fsr-3262	99	24	with	with	ADP
fsr-3262	99	25	those	those	PRON
fsr-3262	99	26	reported	report	VERB
fsr-3262	99	27	here	here	ADV
fsr-3262	99	28	.	.	PUNCT
fsr-3262	100	1	other	other	ADJ
fsr-3262	100	2	analytic	analytic	ADJ
fsr-3262	100	3	approximations	approximation	NOUN
fsr-3262	100	4	have	have	AUX
fsr-3262	100	5	been	be	AUX
fsr-3262	100	6	published	publish	VERB
fsr-3262	100	7	,	,	PUNCT
fsr-3262	100	8	including	include	VERB
fsr-3262	100	9	alexander	alexander	NOUN
fsr-3262	100	10	and	and	CCONJ
fsr-3262	100	11	scourse	scourse	ADJ
fsr-3262	100	12	(	(	PUNCT
fsr-3262	100	13	2004	2004	NUM
fsr-3262	100	14	)	)	PUNCT
fsr-3262	100	15	,	,	PUNCT
fsr-3262	100	16	alexander	alexander	NOUN
fsr-3262	100	17	and	and	CCONJ
fsr-3262	100	18	venkatramanan	venkatramanan	PROPN
fsr-3262	100	19	(	(	PUNCT
fsr-3262	100	20	2007	2007	NUM
fsr-3262	100	21	,	,	PUNCT
fsr-3262	100	22	2012	2012	NUM
fsr-3262	100	23	)	)	PUNCT
fsr-3262	100	24	,	,	PUNCT
fsr-3262	100	25	benth	benth	NOUN
fsr-3262	100	26	and	and	CCONJ
fsr-3262	100	27	saltyte	saltyte	NOUN
fsr-3262	100	28	-	-	PUNCT
fsr-3262	100	29	benth	benth	PROPN
fsr-3262	100	30	(	(	PUNCT
fsr-3262	100	31	2006	2006	NUM
fsr-3262	100	32	)	)	PUNCT
fsr-3262	100	33	,	,	PUNCT
fsr-3262	100	34	li	li	PROPN
fsr-3262	100	35	,	,	PUNCT
fsr-3262	100	36	deng	deng	PROPN
fsr-3262	100	37	,	,	PUNCT
fsr-3262	100	38	and	and	CCONJ
fsr-3262	100	39	zhou	zhou	PROPN
fsr-3262	100	40	(	(	PUNCT
fsr-3262	100	41	2008	2008	NUM
fsr-3262	100	42	)	)	PUNCT
fsr-3262	100	43	,	,	PUNCT
fsr-3262	100	44	carmona	carmona	NOUN
fsr-3262	100	45	and	and	CCONJ
fsr-3262	100	46	durrleman	durrleman	NOUN
fsr-3262	100	47	(	(	PUNCT
fsr-3262	100	48	2003	2003	NUM
fsr-3262	100	49	,	,	PUNCT
fsr-3262	100	50	2006	2006	NUM
fsr-3262	100	51	)	)	PUNCT
fsr-3262	100	52	,	,	PUNCT
fsr-3262	100	53	and	and	CCONJ
fsr-3262	100	54	dempster	dempster	PROPN
fsr-3262	100	55	and	and	CCONJ
fsr-3262	100	56	hong	hong	PROPN
fsr-3262	100	57	(	(	PUNCT
fsr-3262	100	58	2002	2002	NUM
fsr-3262	100	59	)	)	PUNCT
fsr-3262	100	60	.	.	PUNCT
fsr-3262	101	1	brooks	brooks	PROPN
fsr-3262	101	2	(	(	PUNCT
fsr-3262	101	3	1995	1995	NUM
fsr-3262	101	4	)	)	PUNCT
fsr-3262	101	5	provides	provide	VERB
fsr-3262	101	6	a	a	DET
fsr-3262	101	7	quadrinomial	quadrinomial	ADJ
fsr-3262	101	8	lattice	lattice	NOUN
fsr-3262	101	9	approach	approach	NOUN
fsr-3262	101	10	to	to	ADP
fsr-3262	101	11	valuing	value	VERB
fsr-3262	101	12	spread	spread	ADJ
fsr-3262	101	13	options	option	NOUN
fsr-3262	101	14	.	.	PUNCT
fsr-3262	102	1	heenk	heenk	PROPN
fsr-3262	102	2	,	,	PUNCT
fsr-3262	102	3	kemna	kemna	PROPN
fsr-3262	102	4	,	,	PUNCT
fsr-3262	102	5	and	and	CCONJ
fsr-3262	102	6	vorst	vorst	PROPN
fsr-3262	102	7	(	(	PUNCT
fsr-3262	102	8	1990	1990	NUM
fsr-3262	102	9	)	)	PUNCT
fsr-3262	102	10	explore	explore	VERB
fsr-3262	102	11	asian	asian	ADJ
fsr-3262	102	12	options	option	NOUN
fsr-3262	102	13	on	on	ADP
fsr-3262	102	14	oil	oil	NOUN
fsr-3262	102	15	spreads	spread	NOUN
fsr-3262	102	16	.	.	PUNCT
fsr-3262	103	1	pearson	pearson	PROPN
fsr-3262	103	2	(	(	PUNCT
fsr-3262	103	3	1995	1995	NUM
fsr-3262	103	4	)	)	PUNCT
fsr-3262	103	5	presents	present	VERB
fsr-3262	103	6	an	an	DET
fsr-3262	103	7	efficient	efficient	ADJ
fsr-3262	103	8	approximation	approximation	NOUN
fsr-3262	103	9	to	to	ADP
fsr-3262	103	10	pricing	price	VERB
fsr-3262	103	11	spread	spread	NOUN
fsr-3262	103	12	options	option	NOUN
fsr-3262	103	13	assuming	assume	VERB
fsr-3262	103	14	the	the	DET
fsr-3262	103	15	two	two	NUM
fsr-3262	103	16	underlying	underlie	VERB
fsr-3262	103	17	instruments	instrument	NOUN
fsr-3262	103	18	are	be	AUX
fsr-3262	103	19	lognormally	lognormally	ADV
fsr-3262	103	20	distributed	distribute	VERB
fsr-3262	103	21	.	.	PUNCT
fsr-3262	104	1	pearson	pearson	PROPN
fsr-3262	104	2	shows	show	VERB
fsr-3262	104	3	that	that	SCONJ
fsr-3262	104	4	the	the	DET
fsr-3262	104	5	double	double	ADJ
fsr-3262	104	6	integral	integral	NOUN
fsr-3262	104	7	can	can	AUX
fsr-3262	104	8	be	be	AUX
fsr-3262	104	9	reduced	reduce	VERB
fsr-3262	104	10	to	to	ADP
fsr-3262	104	11	a	a	DET
fsr-3262	104	12	single	single	ADJ
fsr-3262	104	13	integral	integral	ADJ
fsr-3262	104	14	(	(	PUNCT
fsr-3262	104	15	not	not	PART
fsr-3262	104	16	counting	count	VERB
fsr-3262	104	17	the	the	DET
fsr-3262	104	18	traditional	traditional	ADJ
fsr-3262	104	19	n(d	n(d	NOUN
fsr-3262	104	20	)	)	PUNCT
fsr-3262	104	21	integral	integral	ADJ
fsr-3262	104	22	)	)	PUNCT
fsr-3262	104	23	.	.	PUNCT
fsr-3262	105	1	he	he	PRON
fsr-3262	105	2	proceeds	proceed	VERB
fsr-3262	105	3	to	to	PART
fsr-3262	105	4	offer	offer	VERB
fsr-3262	105	5	an	an	DET
fsr-3262	105	6	efficient	efficient	ADJ
fsr-3262	105	7	approximation	approximation	NOUN
fsr-3262	105	8	to	to	ADP
fsr-3262	105	9	the	the	DET
fsr-3262	105	10	resulting	result	VERB
fsr-3262	105	11	expression	expression	NOUN
fsr-3262	105	12	.	.	PUNCT
fsr-3262	106	1	the	the	DET
fsr-3262	106	2	advantage	advantage	NOUN
fsr-3262	106	3	of	of	ADP
fsr-3262	106	4	the	the	DET
fsr-3262	106	5	lognormal	lognormal	ADJ
fsr-3262	106	6	model	model	NOUN
fsr-3262	106	7	presented	present	VERB
fsr-3262	106	8	below	below	ADV
fsr-3262	106	9	is	be	AUX
fsr-3262	106	10	that	that	SCONJ
fsr-3262	106	11	it	it	PRON
fsr-3262	106	12	is	be	AUX
fsr-3262	106	13	not	not	PART
fsr-3262	106	14	an	an	DET
fsr-3262	106	15	approximation	approximation	NOUN
fsr-3262	106	16	.	.	PUNCT
fsr-3262	107	1	unfortunately	unfortunately	ADV
fsr-3262	107	2	,	,	PUNCT
fsr-3262	107	3	it	it	PRON
fsr-3262	107	4	does	do	AUX
fsr-3262	107	5	require	require	VERB
fsr-3262	107	6	integration	integration	NOUN
fsr-3262	107	7	of	of	ADP
fsr-3262	107	8	functions	function	NOUN
fsr-3262	107	9	of	of	ADP
fsr-3262	107	10	the	the	DET
fsr-3262	107	11	standard	standard	ADJ
fsr-3262	107	12	normal	normal	ADJ
fsr-3262	107	13	distribution	distribution	NOUN
fsr-3262	107	14	.	.	PUNCT
fsr-3262	108	1	because	because	SCONJ
fsr-3262	108	2	very	very	ADV
fsr-3262	108	3	accurate	accurate	ADJ
fsr-3262	108	4	approximations	approximation	NOUN
fsr-3262	108	5	exist	exist	VERB
fsr-3262	108	6	for	for	SCONJ
fsr-3262	108	7	the	the	DET
fsr-3262	108	8	n(d	n(d	NOUN
fsr-3262	108	9	)	)	PUNCT
fsr-3262	108	10	integral	integral	ADJ
fsr-3262	108	11	,	,	PUNCT
fsr-3262	108	12	however	however	ADV
fsr-3262	108	13	,	,	PUNCT
fsr-3262	108	14	standard	standard	ADJ
fsr-3262	108	15	single	single	ADJ
fsr-3262	108	16	dimensional	dimensional	ADJ
fsr-3262	108	17	integration	integration	NOUN
fsr-3262	108	18	can	can	AUX
fsr-3262	108	19	be	be	AUX
fsr-3262	108	20	applied	apply	VERB
fsr-3262	108	21	.	.	PUNCT
fsr-3262	109	1	borovkova	borovkova	PROPN
fsr-3262	109	2	,	,	PUNCT
fsr-3262	109	3	permana	permana	NOUN
fsr-3262	109	4	,	,	PUNCT
fsr-3262	109	5	and	and	CCONJ
fsr-3262	109	6	weide	weide	NOUN
fsr-3262	109	7	(	(	PUNCT
fsr-3262	109	8	2007	2007	NUM
fsr-3262	109	9	)	)	PUNCT
fsr-3262	109	10	offer	offer	VERB
fsr-3262	109	11	a	a	DET
fsr-3262	109	12	spread	spread	ADJ
fsr-3262	109	13	option	option	NOUN
fsr-3262	109	14	model	model	NOUN
fsr-3262	109	15	based	base	VERB
fsr-3262	109	16	on	on	ADP
fsr-3262	109	17	a	a	DET
fsr-3262	109	18	shifted	shift	VERB
fsr-3262	109	19	lognormal	lognormal	ADJ
fsr-3262	109	20	distribution	distribution	NOUN
fsr-3262	109	21	and	and	CCONJ
fsr-3262	109	22	then	then	ADV
fsr-3262	109	23	derive	derive	VERB
fsr-3262	109	24	approximation	approximation	NOUN
fsr-3262	109	25	formulas	formula	NOUN
fsr-3262	109	26	based	base	VERB
fsr-3262	109	27	on	on	ADP
fsr-3262	109	28	moments	moment	NOUN
fsr-3262	109	29	matching	match	VERB
fsr-3262	109	30	.	.	PUNCT
fsr-3262	110	1	carmona	carmona	PROPN
fsr-3262	110	2	and	and	CCONJ
fsr-3262	110	3	durrleman	durrleman	NOUN
fsr-3262	110	4	(	(	PUNCT
fsr-3262	110	5	2003	2003	NUM
fsr-3262	110	6	)	)	PUNCT
fsr-3262	110	7	provide	provide	VERB
fsr-3262	110	8	a	a	DET
fsr-3262	110	9	detailed	detailed	ADJ
fsr-3262	110	10	overview	overview	NOUN
fsr-3262	110	11	of	of	ADP
fsr-3262	110	12	spread	spread	ADJ
fsr-3262	110	13	option	option	NOUN
fsr-3262	110	14	pricing	pricing	NOUN
fsr-3262	110	15	models	model	NOUN
fsr-3262	110	16	and	and	CCONJ
fsr-3262	110	17	their	their	PRON
fsr-3262	110	18	uses	use	NOUN
fsr-3262	110	19	as	as	ADV
fsr-3262	110	20	well	well	ADV
fsr-3262	110	21	as	as	ADP
fsr-3262	110	22	an	an	DET
fsr-3262	110	23	approximation	approximation	NOUN
fsr-3262	110	24	formula	formula	NOUN
fsr-3262	110	25	.	.	PUNCT
fsr-3262	111	1	the	the	DET
fsr-3262	111	2	two	two	NUM
fsr-3262	111	3	option	option	NOUN
fsr-3262	111	4	pricing	pricing	NOUN
fsr-3262	111	5	models	model	NOUN
fsr-3262	111	6	for	for	ADP
fsr-3262	111	7	spread	spread	ADJ
fsr-3262	111	8	options	option	NOUN
fsr-3262	111	9	are	be	AUX
fsr-3262	111	10	reviewed	review	VERB
fsr-3262	111	11	before	before	SCONJ
fsr-3262	111	12	we	we	PRON
fsr-3262	111	13	turn	turn	VERB
fsr-3262	111	14	to	to	ADP
fsr-3262	111	15	appraising	appraise	VERB
fsr-3262	111	16	model	model	NOUN
fsr-3262	111	17	differences	difference	NOUN
fsr-3262	111	18	from	from	ADP
fsr-3262	111	19	a	a	DET
fsr-3262	111	20	risk	risk	NOUN
fsr-3262	111	21	management	management	NOUN
fsr-3262	111	22	perspective	perspective	NOUN
fsr-3262	111	23	.	.	PUNCT
fsr-3262	112	1	2.1	2.1	NUM
fsr-3262	112	2	.	.	PUNCT
fsr-3262	113	1	lognormal	lognormal	ADJ
fsr-3262	113	2	spread	spread	VERB
fsr-3262	113	3	option	option	NOUN
fsr-3262	113	4	pricing	pricing	NOUN
fsr-3262	113	5	model	model	NOUN
fsr-3262	113	6	(	(	PUNCT
fsr-3262	113	7	lnsopm	lnsopm	PROPN
fsr-3262	113	8	)	)	PUNCT
fsr-3262	113	9	we	we	PRON
fsr-3262	113	10	briefly	briefly	ADV
fsr-3262	113	11	review	review	VERB
fsr-3262	113	12	the	the	DET
fsr-3262	113	13	assumptions	assumption	NOUN
fsr-3262	113	14	and	and	CCONJ
fsr-3262	113	15	our	our	PRON
fsr-3262	113	16	notation	notation	NOUN
fsr-3262	113	17	for	for	ADP
fsr-3262	113	18	spread	spread	ADJ
fsr-3262	113	19	options	option	NOUN
fsr-3262	113	20	.	.	PUNCT
fsr-3262	114	1	the	the	DET
fsr-3262	114	2	general	general	ADJ
fsr-3262	114	3	payoff	payoff	NOUN
fsr-3262	114	4	at	at	ADP
fsr-3262	114	5	expiration	expiration	NOUN
fsr-3262	114	6	,	,	PUNCT
fsr-3262	114	7	t	t	PROPN
fsr-3262	114	8	,	,	PUNCT
fsr-3262	114	9	of	of	ADP
fsr-3262	114	10	a	a	DET
fsr-3262	114	11	spread	spread	ADJ
fsr-3262	114	12	option	option	NOUN
fsr-3262	114	13	can	can	AUX
fsr-3262	114	14	be	be	AUX
fsr-3262	114	15	expressed	express	VERB
fsr-3262	114	16	as	as	ADP
fsr-3262	114	17	:	:	PUNCT
fsr-3262	114	18	csot	csot	ADJ
fsr-3262	114	19	�	�	PROPN
fsr-3262	114	20	max	max	PROPN
fsr-3262	114	21	�	�	PROPN
fsr-3262	114	22	0,	0,	NUM
fsr-3262	114	23	�	�	PROPN
fsr-3262	114	24	1i1,t	1i1,t	NUM
fsr-3262	114	25	�	�	PROPN
fsr-3262	114	26	�	�	PROPN
fsr-3262	114	27	2i2,t	2i2,t	NUM
fsr-3262	114	28	�	�	PROPN
fsr-3262	114	29	x	x	SYM
fsr-3262	114	30	�	�	PROPN
fsr-3262	114	31	,	,	PUNCT
fsr-3262	114	32	(	(	PUNCT
fsr-3262	114	33	1	1	X
fsr-3262	114	34	)	)	PUNCT
fsr-3262	114	35	psot	psot	NOUN
fsr-3262	114	36	�	�	PROPN
fsr-3262	114	37	max	max	PROPN
fsr-3262	114	38	�	�	PROPN
fsr-3262	114	39	0,x	0,x	PROPN
fsr-3262	114	40	�	�	PROPN
fsr-3262	114	41	�	�	PROPN
fsr-3262	114	42	1i1,t	1i1,t	NUM
fsr-3262	114	43	�	�	PROPN
fsr-3262	114	44	�	�	PROPN
fsr-3262	114	45	2i2,t	2i2,t	NUM
fsr-3262	114	46	�	�	PROPN
fsr-3262	114	47	,	,	PUNCT
fsr-3262	114	48	(	(	PUNCT
fsr-3262	114	49	2	2	NUM
fsr-3262	114	50	)	)	PUNCT
fsr-3262	114	51	19r	19r	NOUN
fsr-3262	114	52	.	.	PUNCT
fsr-3262	115	1	brooks	brooks	PROPN
fsr-3262	115	2	,	,	PUNCT
fsr-3262	115	3	b.n	b.n	PROPN
fsr-3262	115	4	.	.	PROPN
fsr-3262	115	5	cline	cline	PROPN
fsr-3262	115	6	/	/	SYM
fsr-3262	115	7	financial	financial	PROPN
fsr-3262	115	8	services	service	NOUN
fsr-3262	115	9	review	review	VERB
fsr-3262	115	10	24	24	NUM
fsr-3262	115	11	(	(	PUNCT
fsr-3262	115	12	2015	2015	NUM
fsr-3262	115	13	)	)	PUNCT
fsr-3262	115	14	15–35	15–35	NUM
fsr-3262	115	15	where	where	SCONJ
fsr-3262	115	16	csot	csot	ADJ
fsr-3262	115	17	denotes	denote	NOUN
fsr-3262	115	18	the	the	DET
fsr-3262	115	19	call	call	NOUN
fsr-3262	115	20	option	option	NOUN
fsr-3262	115	21	value	value	NOUN
fsr-3262	115	22	at	at	ADP
fsr-3262	115	23	time	time	NOUN
fsr-3262	115	24	t	t	PROPN
fsr-3262	115	25	,	,	PUNCT
fsr-3262	115	26	psot	psot	NOUN
fsr-3262	115	27	denotes	denote	NOUN
fsr-3262	115	28	put	put	VERB
fsr-3262	115	29	option	option	NOUN
fsr-3262	115	30	value	value	NOUN
fsr-3262	115	31	at	at	ADP
fsr-3262	115	32	time	time	NOUN
fsr-3262	115	33	t	t	PROPN
fsr-3262	115	34	,	,	PUNCT
fsr-3262	115	35	�	�	PROPN
fsr-3262	115	36	1	1	NUM
fsr-3262	115	37	�	�	PROPN
fsr-3262	115	38	0	0	NUM
fsr-3262	115	39	denotes	denote	VERB
fsr-3262	115	40	positive	positive	ADJ
fsr-3262	115	41	constant	constant	ADJ
fsr-3262	115	42	(	(	PUNCT
fsr-3262	115	43	index	index	NOUN
fsr-3262	115	44	1	1	NUM
fsr-3262	115	45	coefficient	coefficient	NOUN
fsr-3262	115	46	)	)	PUNCT
fsr-3262	115	47	,	,	PUNCT
fsr-3262	115	48	�	�	PROPN
fsr-3262	115	49	2	2	NUM
fsr-3262	115	50	�	�	PROPN
fsr-3262	115	51	0	0	NUM
fsr-3262	115	52	denotes	denote	NOUN
fsr-3262	115	53	negative	negative	ADJ
fsr-3262	115	54	constant	constant	ADJ
fsr-3262	115	55	(	(	PUNCT
fsr-3262	115	56	index	index	NOUN
fsr-3262	115	57	2	2	NUM
fsr-3262	115	58	coefficient	coefficient	NOUN
fsr-3262	115	59	)	)	PUNCT
fsr-3262	115	60	,	,	PUNCT
fsr-3262	115	61	�	�	PROPN
fsr-3262	115	62	�	�	PROPN
fsr-3262	115	63	�	�	PROPN
fsr-3262	115	64	x	x	SYM
fsr-3262	115	65	�	�	PROPN
fsr-3262	115	66	�	�	PROPN
fsr-3262	115	67	denotes	denote	NOUN
fsr-3262	115	68	strike	strike	VERB
fsr-3262	115	69	price	price	NOUN
fsr-3262	115	70	,	,	PUNCT
fsr-3262	115	71	i1,t	i1,t	PROPN
fsr-3262	115	72	denotes	denote	VERB
fsr-3262	115	73	the	the	DET
fsr-3262	115	74	value	value	NOUN
fsr-3262	115	75	of	of	ADP
fsr-3262	115	76	index	index	NOUN
fsr-3262	115	77	1	1	NUM
fsr-3262	115	78	at	at	ADP
fsr-3262	115	79	time	time	NOUN
fsr-3262	115	80	t	t	PROPN
fsr-3262	115	81	(	(	PUNCT
fsr-3262	115	82	stochastic	stochastic	NOUN
fsr-3262	115	83	)	)	PUNCT
fsr-3262	115	84	,	,	PUNCT
fsr-3262	115	85	and	and	CCONJ
fsr-3262	115	86	i2,t	i2,t	PROPN
fsr-3262	115	87	denotes	denote	VERB
fsr-3262	115	88	the	the	DET
fsr-3262	115	89	value	value	NOUN
fsr-3262	115	90	of	of	ADP
fsr-3262	115	91	index	index	NOUN
fsr-3262	115	92	2	2	NUM
fsr-3262	115	93	at	at	ADP
fsr-3262	115	94	time	time	NOUN
fsr-3262	115	95	t	t	PROPN
fsr-3262	115	96	(	(	PUNCT
fsr-3262	115	97	stochastic	stochastic	NOUN
fsr-3262	115	98	)	)	PUNCT
fsr-3262	115	99	.	.	PUNCT
fsr-3262	116	1	if	if	SCONJ
fsr-3262	116	2	we	we	PRON
fsr-3262	116	3	assume	assume	VERB
fsr-3262	116	4	indexes	index	NOUN
fsr-3262	116	5	follow	follow	VERB
fsr-3262	116	6	gbm	gbm	NOUN
fsr-3262	116	7	with	with	ADP
fsr-3262	116	8	geometric	geometric	ADJ
fsr-3262	116	9	drift	drift	NOUN
fsr-3262	116	10	,	,	PUNCT
fsr-3262	116	11	then	then	ADV
fsr-3262	116	12	dij	dij	PROPN
fsr-3262	116	13	�	�	PROPN
fsr-3262	116	14	�	�	PROPN
fsr-3262	116	15	�	�	PROPN
fsr-3262	116	16	̂j	̂j	PROPN
fsr-3262	116	17	�	�	PROPN
fsr-3262	116	18	�	�	PROPN
fsr-3262	116	19	j	j	PROPN
fsr-3262	116	20	�	�	PROPN
fsr-3262	116	21	ijdt	ijdt	PROPN
fsr-3262	116	22	�	�	PROPN
fsr-3262	116	23	�	�	PROPN
fsr-3262	116	24	̂jijdzj	̂jijdzj	PROPN
fsr-3262	116	25	;	;	PUNCT
fsr-3262	116	26	j	j	PROPN
fsr-3262	116	27	�	�	PROPN
fsr-3262	116	28	1,2	1,2	NUM
fsr-3262	116	29	,	,	PUNCT
fsr-3262	116	30	(	(	PUNCT
fsr-3262	116	31	3	3	X
fsr-3262	116	32	)	)	PUNCT
fsr-3262	116	33	where	where	SCONJ
fsr-3262	116	34	�	�	PROPN
fsr-3262	116	35	�	�	PROPN
fsr-3262	116	36	�	�	PROPN
fsr-3262	116	37	�	�	PROPN
fsr-3262	116	38	̂j	̂j	PROPN
fsr-3262	116	39	�	�	PROPN
fsr-3262	116	40	�	�	PROPN
fsr-3262	116	41	denotes	denote	VERB
fsr-3262	116	42	the	the	DET
fsr-3262	116	43	mean	mean	ADJ
fsr-3262	116	44	growth	growth	NOUN
fsr-3262	116	45	rate	rate	NOUN
fsr-3262	116	46	of	of	ADP
fsr-3262	116	47	index	index	PROPN
fsr-3262	116	48	j	j	PROPN
fsr-3262	116	49	,	,	PUNCT
fsr-3262	116	50	�	�	PROPN
fsr-3262	116	51	�	�	PROPN
fsr-3262	116	52	�	�	PROPN
fsr-3262	116	53	�	�	PROPN
fsr-3262	116	54	j	j	PROPN
fsr-3262	116	55	�	�	PROPN
fsr-3262	116	56	denotes	denote	VERB
fsr-3262	116	57	the	the	DET
fsr-3262	116	58	carry	carry	NOUN
fsr-3262	116	59	costs	cost	NOUN
fsr-3262	116	60	related	relate	VERB
fsr-3262	116	61	to	to	ADP
fsr-3262	116	62	index	index	PROPN
fsr-3262	116	63	j	j	PROPN
fsr-3262	116	64	,	,	PUNCT
fsr-3262	116	65	�	�	PROPN
fsr-3262	116	66	j	j	PROPN
fsr-3262	116	67	�	�	PROPN
fsr-3262	116	68	�	�	PROPN
fsr-3262	116	69	denotes	denote	VERB
fsr-3262	116	70	the	the	DET
fsr-3262	116	71	sd	sd	NOUN
fsr-3262	116	72	of	of	ADP
fsr-3262	116	73	index	index	NOUN
fsr-3262	116	74	j	j	PROPN
fsr-3262	116	75	,	,	PUNCT
fsr-3262	116	76	and	and	CCONJ
fsr-3262	116	77	�	�	PROPN
fsr-3262	116	78	�	�	PROPN
fsr-3262	116	79	�	�	PROPN
fsr-3262	116	80	dzj	dzj	PROPN
fsr-3262	116	81	�	�	PROPN
fsr-3262	116	82	�	�	PROPN
fsr-3262	116	83	denotes	denote	VERB
fsr-3262	116	84	the	the	DET
fsr-3262	116	85	standard	standard	ADJ
fsr-3262	116	86	wiener	wiener	NOUN
fsr-3262	116	87	process	process	NOUN
fsr-3262	116	88	associated	associate	VERB
fsr-3262	116	89	with	with	ADP
fsr-3262	116	90	index	index	NOUN
fsr-3262	116	91	j.	j.	PROPN
fsr-3262	116	92	the	the	DET
fsr-3262	116	93	value	value	NOUN
fsr-3262	116	94	of	of	ADP
fsr-3262	116	95	spread	spread	ADJ
fsr-3262	116	96	option	option	NOUN
fsr-3262	116	97	today	today	NOUN
fsr-3262	116	98	can	can	AUX
fsr-3262	116	99	be	be	AUX
fsr-3262	116	100	expressed	express	VERB
fsr-3262	116	101	generically	generically	ADV
fsr-3262	116	102	as	as	ADP
fsr-3262	116	103	,	,	PUNCT
fsr-3262	116	104	so0	so0	PROPN
fsr-3262	116	105	�	�	PROPN
fsr-3262	116	106	pv	pv	PROPN
fsr-3262	116	107	�	�	PROPN
fsr-3262	116	108	e0	e0	PROPN
fsr-3262	116	109	�	�	PROPN
fsr-3262	116	110	sot	sot	PROPN
fsr-3262	116	111	�	�	PROPN
fsr-3262	116	112	,	,	PUNCT
fsr-3262	116	113	(	(	PUNCT
fsr-3262	116	114	4	4	X
fsr-3262	116	115	)	)	PUNCT
fsr-3262	116	116	where	where	SCONJ
fsr-3262	116	117	the	the	DET
fsr-3262	116	118	expectation	expectation	NOUN
fsr-3262	116	119	is	be	AUX
fsr-3262	116	120	taken	take	VERB
fsr-3262	116	121	under	under	ADP
fsr-3262	116	122	the	the	DET
fsr-3262	116	123	equivalent	equivalent	ADJ
fsr-3262	116	124	martingale	martingale	NOUN
fsr-3262	116	125	measure	measure	NOUN
fsr-3262	116	126	(	(	PUNCT
fsr-3262	116	127	standard	standard	ADJ
fsr-3262	116	128	finance	finance	NOUN
fsr-3262	116	129	assumptions	assumption	NOUN
fsr-3262	116	130	are	be	AUX
fsr-3262	116	131	made	make	VERB
fsr-3262	116	132	;	;	PUNCT
fsr-3262	116	133	see	see	VERB
fsr-3262	116	134	appendix	appendix	NOUN
fsr-3262	116	135	a	a	PRON
fsr-3262	116	136	)	)	PUNCT
fsr-3262	116	137	.	.	PUNCT
fsr-3262	117	1	the	the	DET
fsr-3262	117	2	value	value	NOUN
fsr-3262	117	3	of	of	ADP
fsr-3262	117	4	call	call	NOUN
fsr-3262	117	5	and	and	CCONJ
fsr-3262	117	6	put	put	VERB
fsr-3262	117	7	options	option	NOUN
fsr-3262	117	8	,	,	PUNCT
fsr-3262	117	9	using	use	VERB
fsr-3262	117	10	the	the	DET
fsr-3262	117	11	lognormal	lognormal	ADJ
fsr-3262	117	12	distribution	distribution	NOUN
fsr-3262	117	13	can	can	AUX
fsr-3262	117	14	be	be	AUX
fsr-3262	117	15	expressed	express	VERB
fsr-3262	117	16	as	as	ADP
fsr-3262	117	17	(	(	PUNCT
fsr-3262	117	18	base	base	NOUN
fsr-3262	117	19	models	model	NOUN
fsr-3262	117	20	):	):	PUNCT
fsr-3262	117	21	cso1	cso1	PROPN
fsr-3262	117	22	�	�	PROPN
fsr-3262	117	23	i1,0i2,0,x	i1,0i2,0,x	PROPN
fsr-3262	117	24	,	,	PUNCT
fsr-3262	117	25	t,	t,	PROPN
fsr-3262	117	26	�	�	NOUN
fsr-3262	117	27	1,	1,	NUM
fsr-3262	117	28	�	�	PROPN
fsr-3262	117	29	2	2	NUM
fsr-3262	117	30	,	,	PUNCT
fsr-3262	117	31	1,2,r	1,2,r	NUM
fsr-3262	117	32	�	�	PROPN
fsr-3262	117	33	�	�	PROPN
fsr-3262	117	34	exp	exp	PROPN
fsr-3262	117	35	�	�	PROPN
fsr-3262	117	36	rt	rt	PROPN
fsr-3262	117	37	�	�	PROPN
fsr-3262	117	38	�	�	PROPN
fsr-3262	117	39	�	�	PROPN
fsr-3262	117	40	0	0	NUM
fsr-3262	117	41	�	�	PROPN
fsr-3262	117	42	�	�	PROPN
fsr-3262	117	43	0	0	NUM
fsr-3262	117	44	�	�	PROPN
fsr-3262	117	45	max	max	PROPN
fsr-3262	117	46	�	�	PROPN
fsr-3262	117	47	0,	0,	NUM
fsr-3262	117	48	�	�	PROPN
fsr-3262	117	49	1i1,t	1i1,t	NUM
fsr-3262	117	50	�	�	PROPN
fsr-3262	117	51	�	�	PROPN
fsr-3262	117	52	2i2,t	2i2,t	NUM
fsr-3262	117	53	�	�	PROPN
fsr-3262	117	54	x	x	SYM
fsr-3262	117	55	f1	f1	PROPN
fsr-3262	117	56	�	�	PROPN
fsr-3262	117	57	i1,i2	i1,i2	PROPN
fsr-3262	117	58	�	�	PROPN
fsr-3262	117	59	di2di1	di2di1	NOUN
fsr-3262	117	60	�	�	PROPN
fsr-3262	117	61	,	,	PUNCT
fsr-3262	117	62	(	(	PUNCT
fsr-3262	117	63	5	5	X
fsr-3262	117	64	)	)	PUNCT
fsr-3262	117	65	pso1	pso1	PROPN
fsr-3262	117	66	�	�	PROPN
fsr-3262	117	67	i1,0i2,0,x	i1,0i2,0,x	PROPN
fsr-3262	117	68	,	,	PUNCT
fsr-3262	117	69	t,	t,	PROPN
fsr-3262	117	70	�	�	NOUN
fsr-3262	117	71	1,	1,	NUM
fsr-3262	117	72	�	�	PROPN
fsr-3262	117	73	2	2	NUM
fsr-3262	117	74	,	,	PUNCT
fsr-3262	117	75	1,2,r	1,2,r	NUM
fsr-3262	117	76	�	�	PROPN
fsr-3262	117	77	�	�	PROPN
fsr-3262	117	78	exp	exp	PROPN
fsr-3262	117	79	�	�	PROPN
fsr-3262	117	80	rt	rt	PROPN
fsr-3262	117	81	�	�	PROPN
fsr-3262	117	82	�	�	PROPN
fsr-3262	117	83	�	�	PROPN
fsr-3262	117	84	0	0	NUM
fsr-3262	117	85	�	�	PROPN
fsr-3262	117	86	�	�	PROPN
fsr-3262	117	87	0	0	NUM
fsr-3262	117	88	�	�	PROPN
fsr-3262	117	89	max	max	PROPN
fsr-3262	117	90	�	�	PROPN
fsr-3262	117	91	0,x	0,x	PROPN
fsr-3262	117	92	�	�	PROPN
fsr-3262	117	93	�	�	PROPN
fsr-3262	117	94	1i1,t	1i1,t	NUM
fsr-3262	117	95	20	20	NUM
fsr-3262	117	96	r.	r.	PROPN
fsr-3262	117	97	brooks	brooks	PROPN
fsr-3262	117	98	,	,	PUNCT
fsr-3262	117	99	b.n	b.n	PROPN
fsr-3262	117	100	.	.	PROPN
fsr-3262	117	101	cline	cline	PROPN
fsr-3262	117	102	/	/	SYM
fsr-3262	117	103	financial	financial	PROPN
fsr-3262	117	104	services	service	NOUN
fsr-3262	117	105	review	review	VERB
fsr-3262	117	106	24	24	NUM
fsr-3262	117	107	(	(	PUNCT
fsr-3262	117	108	2015	2015	NUM
fsr-3262	117	109	)	)	PUNCT
fsr-3262	117	110	15–35	15–35	NUM
fsr-3262	117	111	�	�	PROPN
fsr-3262	117	112	�	�	PROPN
fsr-3262	117	113	2i2,t	2i2,t	NUM
fsr-3262	117	114	�	�	PROPN
fsr-3262	117	115	f1	f1	PROPN
fsr-3262	117	116	�	�	PROPN
fsr-3262	117	117	i1,i2	i1,i2	PROPN
fsr-3262	117	118	�	�	PROPN
fsr-3262	117	119	di2di1	di2di1	NOUN
fsr-3262	117	120	�	�	PROPN
fsr-3262	117	121	,	,	PUNCT
fsr-3262	117	122	(	(	PUNCT
fsr-3262	117	123	6	6	NUM
fsr-3262	117	124	)	)	PUNCT
fsr-3262	117	125	where	where	SCONJ
fsr-3262	117	126	l	l	PROPN
fsr-3262	117	127	�	�	PROPN
fsr-3262	117	128	(	(	PUNCT
fsr-3262	117	129	subscript	subscript	PROPN
fsr-3262	117	130	)	)	PUNCT
fsr-3262	117	131	denotes	denote	VERB
fsr-3262	117	132	the	the	DET
fsr-3262	117	133	lnsopm	lnsopm	NOUN
fsr-3262	117	134	,	,	PUNCT
fsr-3262	117	135	r	r	NOUN
fsr-3262	117	136	�	�	PROPN
fsr-3262	117	137	risk	risk	NOUN
fsr-3262	117	138	-	-	PUNCT
fsr-3262	117	139	free	free	ADJ
fsr-3262	117	140	interest	interest	NOUN
fsr-3262	117	141	rate	rate	NOUN
fsr-3262	117	142	;	;	PUNCT
fsr-3262	117	143	annualized	annualize	VERB
fsr-3262	117	144	with	with	ADP
fsr-3262	117	145	continuous	continuous	ADJ
fsr-3262	117	146	compounding	compounding	NOUN
fsr-3262	117	147	,	,	PUNCT
fsr-3262	117	148	and	and	CCONJ
fsr-3262	117	149	f1(i1,i2	f1(i1,i2	PROPN
fsr-3262	117	150	)	)	PUNCT
fsr-3262	117	151	�	�	PROPN
fsr-3262	117	152	bivariate	bivariate	ADJ
fsr-3262	117	153	lognormal	lognormal	ADJ
fsr-3262	117	154	density	density	NOUN
fsr-3262	117	155	function	function	NOUN
fsr-3262	117	156	.	.	PUNCT
fsr-3262	118	1	although	although	SCONJ
fsr-3262	118	2	a	a	DET
fsr-3262	118	3	closed	closed	ADJ
fsr-3262	118	4	form	form	NOUN
fsr-3262	118	5	solution	solution	NOUN
fsr-3262	118	6	to	to	ADP
fsr-3262	118	7	the	the	DET
fsr-3262	118	8	lnsopm	lnsopm	NOUN
fsr-3262	118	9	does	do	AUX
fsr-3262	118	10	not	not	PART
fsr-3262	118	11	exist	exist	VERB
fsr-3262	118	12	,	,	PUNCT
fsr-3262	118	13	there	there	PRON
fsr-3262	118	14	are	be	VERB
fsr-3262	118	15	several	several	ADJ
fsr-3262	118	16	single	single	ADJ
fsr-3262	118	17	integral	integral	ADJ
fsr-3262	118	18	representations	representation	NOUN
fsr-3262	118	19	.	.	PUNCT
fsr-3262	119	1	again	again	ADV
fsr-3262	119	2	,	,	PUNCT
fsr-3262	119	3	we	we	PRON
fsr-3262	119	4	assume	assume	VERB
fsr-3262	119	5	the	the	DET
fsr-3262	119	6	standard	standard	ADJ
fsr-3262	119	7	finance	finance	NOUN
fsr-3262	119	8	assumptions	assumption	NOUN
fsr-3262	119	9	that	that	PRON
fsr-3262	119	10	afford	afford	VERB
fsr-3262	119	11	using	use	VERB
fsr-3262	119	12	the	the	DET
fsr-3262	119	13	risk	risk	NOUN
fsr-3262	119	14	-	-	PUNCT
fsr-3262	119	15	free	free	ADJ
fsr-3262	119	16	rate	rate	NOUN
fsr-3262	119	17	as	as	ADP
fsr-3262	119	18	the	the	DET
fsr-3262	119	19	mean	mean	NOUN
fsr-3262	119	20	for	for	ADP
fsr-3262	119	21	both	both	DET
fsr-3262	119	22	indexes	index	NOUN
fsr-3262	119	23	(	(	PUNCT
fsr-3262	119	24	see	see	VERB
fsr-3262	119	25	appendix	appendix	NOUN
fsr-3262	119	26	a	a	PRON
fsr-3262	119	27	)	)	PUNCT
fsr-3262	119	28	.	.	PUNCT
fsr-3262	120	1	for	for	ADP
fsr-3262	120	2	example	example	NOUN
fsr-3262	120	3	,	,	PUNCT
fsr-3262	120	4	the	the	DET
fsr-3262	120	5	following	follow	VERB
fsr-3262	120	6	single	single	ADJ
fsr-3262	120	7	integral	integral	ADJ
fsr-3262	120	8	version	version	NOUN
fsr-3262	120	9	of	of	ADP
fsr-3262	120	10	lnsopm	lnsopm	NOUN
fsr-3262	120	11	is	be	AUX
fsr-3262	120	12	used	use	VERB
fsr-3262	120	13	with	with	ADP
fsr-3262	120	14	a	a	DET
fsr-3262	120	15	standard	standard	ADJ
fsr-3262	120	16	numerical	numerical	ADJ
fsr-3262	120	17	integration	integration	NOUN
fsr-3262	120	18	methodology.4	methodology.4	PROPN
fsr-3262	120	19	cso1,0	cso1,0	PROPN
fsr-3262	120	20	�	�	PROPN
fsr-3262	120	21	i1,i2	i1,i2	PROPN
fsr-3262	120	22	�	�	PROPN
fsr-3262	120	23	�	�	PROPN
fsr-3262	120	24	i1e	i1e	PROPN
fsr-3262	120	25	�	�	PROPN
fsr-3262	120	26	�	�	PROPN
fsr-3262	120	27	1	1	NUM
fsr-3262	120	28	t	t	PROPN
fsr-3262	120	29	�	�	PROPN
fsr-3262	120	30	�	�	PROPN
fsr-3262	120	31	�	�	PROPN
fsr-3262	120	32	�	�	PROPN
fsr-3262	120	33	n	n	CCONJ
fsr-3262	120	34	�	�	PROPN
fsr-3262	120	35	d1,1	d1,1	PROPN
fsr-3262	120	36	�	�	PROPN
fsr-3262	120	37	z	z	PROPN
fsr-3262	120	38	�	�	PROPN
fsr-3262	120	39	�	�	PROPN
fsr-3262	120	40	n	n	CCONJ
fsr-3262	120	41	�	�	PROPN
fsr-3262	120	42	z	z	PROPN
fsr-3262	120	43	�	�	PROPN
fsr-3262	120	44	dz	dz	PROPN
fsr-3262	120	45	�	�	PROPN
fsr-3262	120	46	�	�	PROPN
fsr-3262	120	47	2i2	2i2	PROPN
fsr-3262	120	48	�	�	PROPN
fsr-3262	120	49	1	1	NUM
fsr-3262	120	50	e	e	NOUN
fsr-3262	120	51	�	�	NOUN
fsr-3262	120	52	�	�	PROPN
fsr-3262	120	53	2	2	NUM
fsr-3262	120	54	t	t	PROPN
fsr-3262	120	55	�	�	PROPN
fsr-3262	120	56	�	�	PROPN
fsr-3262	120	57	�	�	PROPN
fsr-3262	120	58	�	�	PROPN
fsr-3262	120	59	n	n	CCONJ
fsr-3262	120	60	�	�	PROPN
fsr-3262	120	61	d1,2	d1,2	PROPN
fsr-3262	120	62	�	�	PROPN
fsr-3262	120	63	z	z	PROPN
fsr-3262	120	64	�	�	PROPN
fsr-3262	120	65	�	�	PROPN
fsr-3262	120	66	n	n	CCONJ
fsr-3262	120	67	�	�	PROPN
fsr-3262	120	68	z	z	PROPN
fsr-3262	120	69	�	�	PROPN
fsr-3262	120	70	dz	dz	PROPN
fsr-3262	120	71	�	�	PROPN
fsr-3262	120	72	x	x	SYM
fsr-3262	120	73	�	�	PROPN
fsr-3262	120	74	1	1	NUM
fsr-3262	120	75	e	e	NOUN
fsr-3262	120	76	�	�	PROPN
fsr-3262	120	77	rt	rt	PROPN
fsr-3262	120	78	�	�	PROPN
fsr-3262	120	79	�	�	PROPN
fsr-3262	120	80	�	�	PROPN
fsr-3262	120	81	�	�	PROPN
fsr-3262	120	82	n	n	CCONJ
fsr-3262	120	83	�	�	PROPN
fsr-3262	120	84	d2	d2	PROPN
fsr-3262	120	85	�	�	PROPN
fsr-3262	120	86	z	z	PROPN
fsr-3262	120	87	�	�	PROPN
fsr-3262	120	88	�	�	PROPN
fsr-3262	120	89	n	n	CCONJ
fsr-3262	120	90	�	�	PROPN
fsr-3262	120	91	z	z	PROPN
fsr-3262	120	92	�	�	PROPN
fsr-3262	120	93	dz	dz	PROPN
fsr-3262	120	94	,	,	PUNCT
fsr-3262	120	95	(	(	PUNCT
fsr-3262	120	96	7	7	X
fsr-3262	120	97	)	)	PUNCT
fsr-3262	120	98	pso1,0	pso1,0	PROPN
fsr-3262	120	99	�	�	PROPN
fsr-3262	120	100	i1,i2	i1,i2	PROPN
fsr-3262	120	101	�	�	PROPN
fsr-3262	120	102	�	�	PROPN
fsr-3262	120	103	cso1,0	cso1,0	PROPN
fsr-3262	120	104	�	�	PROPN
fsr-3262	120	105	i1,i2	i1,i2	PROPN
fsr-3262	120	106	�	�	PROPN
fsr-3262	120	107	�	�	PROPN
fsr-3262	120	108	�	�	PROPN
fsr-3262	120	109	1i1e	1i1e	PROPN
fsr-3262	120	110	�	�	PROPN
fsr-3262	120	111	�	�	PROPN
fsr-3262	120	112	1	1	NUM
fsr-3262	120	113	t	t	PROPN
fsr-3262	120	114	�	�	PROPN
fsr-3262	120	115	�	�	PROPN
fsr-3262	120	116	2i2e	2i2e	NUM
fsr-3262	120	117	�	�	NOUN
fsr-3262	120	118	�	�	PROPN
fsr-3262	120	119	2	2	NUM
fsr-3262	120	120	t	t	PROPN
fsr-3262	120	121	�	�	PROPN
fsr-3262	120	122	xe	xe	PROPN
fsr-3262	120	123	�	�	PROPN
fsr-3262	120	124	rt	rt	PROPN
fsr-3262	120	125	,	,	PUNCT
fsr-3262	120	126	(	(	PUNCT
fsr-3262	120	127	8)	8)	NUM
fsr-3262	120	128	where	where	SCONJ
fsr-3262	120	129	n	n	CCONJ
fsr-3262	120	130	�	�	PROPN
fsr-3262	120	131	z	z	PROPN
fsr-3262	120	132	�	�	PROPN
fsr-3262	120	133	�	�	PROPN
fsr-3262	120	134	e	e	PROPN
fsr-3262	120	135	�	�	PROPN
fsr-3262	120	136	z2	z2	PROPN
fsr-3262	120	137	2	2	NUM
fsr-3262	120	138	�	�	PROPN
fsr-3262	120	139	2	2	NUM
fsr-3262	120	140	�	�	PROPN
fsr-3262	120	141	,	,	PUNCT
fsr-3262	120	142	(	(	PUNCT
fsr-3262	120	143	9	9	NUM
fsr-3262	120	144	)	)	PUNCT
fsr-3262	120	145	n	n	CCONJ
fsr-3262	120	146	�	�	PROPN
fsr-3262	120	147	di	di	NOUN
fsr-3262	120	148	�	�	PROPN
fsr-3262	120	149	z	z	PROPN
fsr-3262	120	150	�	�	PROPN
fsr-3262	120	151	�	�	PROPN
fsr-3262	120	152	�	�	PROPN
fsr-3262	120	153	�	�	PROPN
fsr-3262	120	154	�	�	PROPN
fsr-3262	120	155	�	�	PROPN
fsr-3262	120	156	di	di	PROPN
fsr-3262	120	157	�	�	PROPN
fsr-3262	120	158	z	z	PROPN
fsr-3262	120	159	�	�	PROPN
fsr-3262	120	160	e	e	PROPN
fsr-3262	120	161	�	�	PROPN
fsr-3262	120	162	x2	x2	PROPN
fsr-3262	120	163	2	2	NUM
fsr-3262	120	164	�	�	PROPN
fsr-3262	120	165	2	2	NUM
fsr-3262	120	166	�	�	PROPN
fsr-3262	120	167	dx	dx	PROPN
fsr-3262	120	168	,	,	PUNCT
fsr-3262	120	169	(	(	PUNCT
fsr-3262	120	170	10	10	NUM
fsr-3262	120	171	)	)	PUNCT
fsr-3262	120	172	d1,1	d1,1	NOUN
fsr-3262	120	173	�	�	PROPN
fsr-3262	120	174	z	z	PROPN
fsr-3262	120	175	�	�	PROPN
fsr-3262	120	176	�	�	PROPN
fsr-3262	120	177	ln	ln	PROPN
fsr-3262	120	178	�	�	PROPN
fsr-3262	120	179	�	�	PROPN
fsr-3262	120	180	1i1e	1i1e	NOUN
fsr-3262	120	181	�	�	PROPN
fsr-3262	120	182	r	r	NOUN
fsr-3262	120	183	�	�	PROPN
fsr-3262	120	184	�	�	PROPN
fsr-3262	120	185	1	1	NUM
fsr-3262	120	186	�	�	PROPN
fsr-3262	120	187	t	t	PROPN
fsr-3262	120	188	�	�	PROPN
fsr-3262	120	189	�	�	PROPN
fsr-3262	120	190	2	2	NUM
fsr-3262	120	191	1	1	NUM
fsr-3262	120	192	2	2	NUM
fsr-3262	120	193	t	t	PROPN
fsr-3262	120	194	2	2	NUM
fsr-3262	120	195	�	�	PROPN
fsr-3262	120	196	�	�	PROPN
fsr-3262	120	197	1	1	NUM
fsr-3262	120	198	�	�	PROPN
fsr-3262	120	199	tz	tz	PROPN
fsr-3262	120	200	x	x	SYM
fsr-3262	120	201	�	�	PROPN
fsr-3262	120	202	�	�	PROPN
fsr-3262	120	203	2i2e	2i2e	NUM
fsr-3262	120	204	�	�	PROPN
fsr-3262	120	205	r	r	NOUN
fsr-3262	120	206	�	�	PROPN
fsr-3262	120	207	�	�	PROPN
fsr-3262	120	208	2	2	NUM
fsr-3262	120	209	�	�	PROPN
fsr-3262	120	210	t	t	PROPN
fsr-3262	120	211	�	�	PROPN
fsr-3262	120	212	2	2	NUM
fsr-3262	120	213	2	2	NUM
fsr-3262	120	214	t	t	PROPN
fsr-3262	120	215	2	2	NUM
fsr-3262	120	216	�	�	NOUN
fsr-3262	120	217	�	�	PROPN
fsr-3262	120	218	1	1	NUM
fsr-3262	120	219	2	2	NUM
fsr-3262	120	220	t	t	DET
fsr-3262	120	221	�	�	PROPN
fsr-3262	120	222	2	2	NUM
fsr-3262	120	223	�	�	PROPN
fsr-3262	120	224	tz	tz	PROPN
fsr-3262	120	225	�	�	PROPN
fsr-3262	120	226	�	�	PROPN
fsr-3262	120	227	�	�	PROPN
fsr-3262	120	228	1	1	NUM
fsr-3262	120	229	�	�	PROPN
fsr-3262	120	230	�	�	PROPN
fsr-3262	120	231	2	2	NUM
fsr-3262	120	232	�	�	PROPN
fsr-3262	120	233	1	1	NUM
fsr-3262	120	234	2	2	NUM
fsr-3262	120	235	t	t	NOUN
fsr-3262	120	236	2	2	NUM
fsr-3262	120	237	1	1	NUM
fsr-3262	120	238	�	�	PROPN
fsr-3262	120	239	t	t	PROPN
fsr-3262	120	240	�	�	PROPN
fsr-3262	120	241	1	1	NUM
fsr-3262	120	242	�	�	PROPN
fsr-3262	120	243	�	�	PROPN
fsr-3262	120	244	2	2	NUM
fsr-3262	120	245	�	�	PROPN
fsr-3262	120	246	(	(	PUNCT
fsr-3262	120	247	11	11	NUM
fsr-3262	120	248	)	)	PUNCT
fsr-3262	120	249	21r	21r	NOUN
fsr-3262	120	250	.	.	PUNCT
fsr-3262	121	1	brooks	brooks	PROPN
fsr-3262	121	2	,	,	PUNCT
fsr-3262	121	3	b.n	b.n	PROPN
fsr-3262	121	4	.	.	PROPN
fsr-3262	121	5	cline	cline	PROPN
fsr-3262	121	6	/	/	SYM
fsr-3262	121	7	financial	financial	PROPN
fsr-3262	121	8	services	service	NOUN
fsr-3262	121	9	review	review	VERB
fsr-3262	121	10	24	24	NUM
fsr-3262	121	11	(	(	PUNCT
fsr-3262	121	12	2015	2015	NUM
fsr-3262	121	13	)	)	PUNCT
fsr-3262	121	14	15–35	15–35	NUM
fsr-3262	121	15	d1,2	d1,2	ADJ
fsr-3262	121	16	�	�	PROPN
fsr-3262	121	17	z	z	PROPN
fsr-3262	121	18	�	�	PROPN
fsr-3262	121	19	�	�	PROPN
fsr-3262	121	20	ln	ln	PROPN
fsr-3262	121	21	�	�	PROPN
fsr-3262	121	22	�	�	PROPN
fsr-3262	121	23	1i1e	1i1e	NOUN
fsr-3262	121	24	�	�	PROPN
fsr-3262	121	25	r	r	NOUN
fsr-3262	121	26	�	�	PROPN
fsr-3262	121	27	�	�	PROPN
fsr-3262	121	28	1	1	NUM
fsr-3262	121	29	�	�	PROPN
fsr-3262	121	30	t	t	PROPN
fsr-3262	121	31	�	�	PROPN
fsr-3262	121	32	�	�	PROPN
fsr-3262	121	33	2	2	NUM
fsr-3262	121	34	�	�	PROPN
fsr-3262	121	35	1	1	NUM
fsr-3262	121	36	2	2	NUM
fsr-3262	121	37	t	t	PROPN
fsr-3262	121	38	2	2	NUM
fsr-3262	121	39	�	�	PROPN
fsr-3262	121	40	�	�	PROPN
fsr-3262	121	41	�	�	PROPN
fsr-3262	121	42	1	1	NUM
fsr-3262	121	43	�	�	PROPN
fsr-3262	121	44	2t	2t	PROPN
fsr-3262	121	45	�	�	PROPN
fsr-3262	121	46	�	�	PROPN
fsr-3262	121	47	�	�	PROPN
fsr-3262	121	48	1	1	NUM
fsr-3262	121	49	�	�	PROPN
fsr-3262	121	50	tz	tz	PROPN
fsr-3262	121	51	x	x	SYM
fsr-3262	121	52	�	�	PROPN
fsr-3262	121	53	�	�	PROPN
fsr-3262	121	54	2i2e	2i2e	NUM
fsr-3262	121	55	�	�	PROPN
fsr-3262	121	56	r	r	NOUN
fsr-3262	121	57	�	�	PROPN
fsr-3262	121	58	�	�	PROPN
fsr-3262	121	59	2	2	NUM
fsr-3262	121	60	�	�	PROPN
fsr-3262	121	61	t	t	PROPN
fsr-3262	121	62	�	�	PROPN
fsr-3262	121	63	�	�	PROPN
fsr-3262	121	64	2	2	NUM
fsr-3262	121	65	2	2	NUM
fsr-3262	121	66	t	t	PROPN
fsr-3262	121	67	2	2	NUM
fsr-3262	121	68	�	�	PROPN
fsr-3262	121	69	�	�	PROPN
fsr-3262	121	70	2	2	NUM
fsr-3262	121	71	�	�	PROPN
fsr-3262	121	72	tz	tz	PROPN
fsr-3262	121	73	�	�	PROPN
fsr-3262	121	74	�	�	PROPN
fsr-3262	121	75	�	�	PROPN
fsr-3262	121	76	1	1	NUM
fsr-3262	121	77	�	�	PROPN
fsr-3262	121	78	�	�	PROPN
fsr-3262	121	79	2	2	NUM
fsr-3262	121	80	�	�	PROPN
fsr-3262	121	81	�	�	PROPN
fsr-3262	121	82	1	1	NUM
fsr-3262	121	83	2	2	NUM
fsr-3262	121	84	t	t	PROPN
fsr-3262	121	85	2	2	NUM
fsr-3262	121	86	�	�	PROPN
fsr-3262	121	87	1	1	NUM
fsr-3262	121	88	�	�	PROPN
fsr-3262	121	89	t	t	PROPN
fsr-3262	121	90	�	�	PROPN
fsr-3262	121	91	1	1	NUM
fsr-3262	121	92	�	�	PROPN
fsr-3262	121	93	�	�	PROPN
fsr-3262	121	94	2	2	NUM
fsr-3262	121	95	�	�	PROPN
fsr-3262	121	96	,	,	PUNCT
fsr-3262	121	97	and	and	CCONJ
fsr-3262	121	98	(	(	PUNCT
fsr-3262	121	99	12	12	NUM
fsr-3262	121	100	)	)	PUNCT
fsr-3262	121	101	d2	d2	PROPN
fsr-3262	121	102	�	�	PROPN
fsr-3262	121	103	z	z	PROPN
fsr-3262	121	104	�	�	PROPN
fsr-3262	121	105	�	�	PROPN
fsr-3262	121	106	ln	ln	PROPN
fsr-3262	121	107	�	�	PROPN
fsr-3262	121	108	�	�	PROPN
fsr-3262	121	109	1i1e	1i1e	NOUN
fsr-3262	121	110	�	�	PROPN
fsr-3262	121	111	r	r	NOUN
fsr-3262	121	112	�	�	PROPN
fsr-3262	121	113	�	�	PROPN
fsr-3262	121	114	1	1	NUM
fsr-3262	121	115	�	�	PROPN
fsr-3262	121	116	t	t	PROPN
fsr-3262	121	117	�	�	PROPN
fsr-3262	121	118	�	�	PROPN
fsr-3262	121	119	2	2	NUM
fsr-3262	121	120	�	�	PROPN
fsr-3262	121	121	1	1	NUM
fsr-3262	121	122	2	2	NUM
fsr-3262	121	123	t	t	PROPN
fsr-3262	121	124	2	2	NUM
fsr-3262	121	125	�	�	PROPN
fsr-3262	121	126	�	�	PROPN
fsr-3262	121	127	�	�	PROPN
fsr-3262	121	128	1	1	NUM
fsr-3262	121	129	�	�	PROPN
fsr-3262	121	130	tz	tz	PROPN
fsr-3262	121	131	x	x	SYM
fsr-3262	121	132	�	�	PROPN
fsr-3262	121	133	�	�	PROPN
fsr-3262	121	134	2i2e	2i2e	NUM
fsr-3262	121	135	�	�	PROPN
fsr-3262	121	136	r	r	NOUN
fsr-3262	121	137	�	�	PROPN
fsr-3262	121	138	�	�	PROPN
fsr-3262	121	139	2	2	NUM
fsr-3262	121	140	�	�	PROPN
fsr-3262	121	141	t	t	PROPN
fsr-3262	121	142	�	�	PROPN
fsr-3262	121	143	�	�	PROPN
fsr-3262	121	144	2	2	NUM
fsr-3262	121	145	2	2	NUM
fsr-3262	121	146	t	t	PROPN
fsr-3262	121	147	2	2	NUM
fsr-3262	121	148	�	�	PROPN
fsr-3262	121	149	�	�	PROPN
fsr-3262	121	150	2	2	NUM
fsr-3262	121	151	�	�	PROPN
fsr-3262	121	152	tz	tz	PROPN
fsr-3262	121	153	�	�	PROPN
fsr-3262	121	154	�	�	PROPN
fsr-3262	121	155	�	�	PROPN
fsr-3262	121	156	1	1	NUM
fsr-3262	121	157	�	�	PROPN
fsr-3262	121	158	�	�	PROPN
fsr-3262	121	159	2	2	NUM
fsr-3262	121	160	�	�	PROPN
fsr-3262	121	161	�	�	PROPN
fsr-3262	121	162	1	1	NUM
fsr-3262	121	163	2	2	NUM
fsr-3262	121	164	t	t	PROPN
fsr-3262	121	165	2	2	NUM
fsr-3262	121	166	�	�	PROPN
fsr-3262	121	167	1	1	NUM
fsr-3262	121	168	�	�	PROPN
fsr-3262	121	169	t	t	PROPN
fsr-3262	121	170	�	�	PROPN
fsr-3262	121	171	1	1	NUM
fsr-3262	121	172	�	�	PROPN
fsr-3262	121	173	�	�	PROPN
fsr-3262	121	174	2	2	NUM
fsr-3262	121	175	�	�	PROPN
fsr-3262	121	176	.	.	PUNCT
fsr-3262	122	1	(	(	PUNCT
fsr-3262	122	2	13	13	NUM
fsr-3262	122	3	)	)	PUNCT
fsr-3262	122	4	it	it	PRON
fsr-3262	122	5	is	be	AUX
fsr-3262	122	6	important	important	ADJ
fsr-3262	122	7	to	to	PART
fsr-3262	122	8	emphasize	emphasize	VERB
fsr-3262	122	9	that	that	SCONJ
fsr-3262	122	10	this	this	DET
fsr-3262	122	11	solution	solution	NOUN
fsr-3262	122	12	is	be	AUX
fsr-3262	122	13	not	not	PART
fsr-3262	122	14	an	an	DET
fsr-3262	122	15	approximation	approximation	NOUN
fsr-3262	122	16	like	like	ADP
fsr-3262	122	17	pearson	pearson	NOUN
fsr-3262	122	18	(	(	PUNCT
fsr-3262	122	19	1995	1995	NUM
fsr-3262	122	20	)	)	PUNCT
fsr-3262	122	21	,	,	PUNCT
fsr-3262	122	22	carmona	carmona	NOUN
fsr-3262	122	23	and	and	CCONJ
fsr-3262	122	24	durrleman	durrleman	NOUN
fsr-3262	122	25	(	(	PUNCT
fsr-3262	122	26	2003	2003	NUM
fsr-3262	122	27	,	,	PUNCT
fsr-3262	122	28	2006	2006	NUM
fsr-3262	122	29	)	)	PUNCT
fsr-3262	122	30	,	,	PUNCT
fsr-3262	122	31	li	li	PROPN
fsr-3262	122	32	,	,	PUNCT
fsr-3262	122	33	deng	deng	PROPN
fsr-3262	122	34	,	,	PUNCT
fsr-3262	122	35	and	and	CCONJ
fsr-3262	122	36	zhou	zhou	PROPN
fsr-3262	122	37	(	(	PUNCT
fsr-3262	122	38	2008	2008	NUM
fsr-3262	122	39	)	)	PUNCT
fsr-3262	122	40	and	and	CCONJ
fsr-3262	122	41	others	other	NOUN
fsr-3262	122	42	,	,	PUNCT
fsr-3262	122	43	rather	rather	ADV
fsr-3262	122	44	it	it	PRON
fsr-3262	122	45	is	be	AUX
fsr-3262	122	46	an	an	DET
fsr-3262	122	47	exact	exact	ADJ
fsr-3262	122	48	result	result	NOUN
fsr-3262	122	49	.	.	PUNCT
fsr-3262	123	1	we	we	PRON
fsr-3262	123	2	do	do	AUX
fsr-3262	123	3	not	not	PART
fsr-3262	123	4	,	,	PUNCT
fsr-3262	123	5	however	however	ADV
fsr-3262	123	6	,	,	PUNCT
fsr-3262	123	7	claim	claim	VERB
fsr-3262	123	8	it	it	PRON
fsr-3262	123	9	is	be	AUX
fsr-3262	123	10	closed	closed	ADJ
fsr-3262	123	11	-	-	PUNCT
fsr-3262	123	12	form	form	NOUN
fsr-3262	123	13	in	in	ADP
fsr-3262	123	14	the	the	DET
fsr-3262	123	15	usual	usual	ADJ
fsr-3262	123	16	finance	finance	NOUN
fsr-3262	123	17	sense	sense	NOUN
fsr-3262	123	18	.	.	PUNCT
fsr-3262	124	1	it	it	PRON
fsr-3262	124	2	is	be	AUX
fsr-3262	124	3	still	still	ADV
fsr-3262	124	4	technically	technically	ADV
fsr-3262	124	5	a	a	DET
fsr-3262	124	6	double	double	ADJ
fsr-3262	124	7	integral	integral	ADJ
fsr-3262	124	8	(	(	PUNCT
fsr-3262	124	9	recall	recall	VERB
fsr-3262	124	10	the	the	DET
fsr-3262	124	11	standard	standard	ADJ
fsr-3262	124	12	n(d	n(d	PROPN
fsr-3262	124	13	)	)	PUNCT
fsr-3262	124	14	function	function	NOUN
fsr-3262	124	15	is	be	AUX
fsr-3262	124	16	an	an	DET
fsr-3262	124	17	integral	integral	ADJ
fsr-3262	124	18	)	)	PUNCT
fsr-3262	124	19	.	.	PUNCT
fsr-3262	125	1	however	however	ADV
fsr-3262	125	2	,	,	PUNCT
fsr-3262	125	3	practically	practically	ADV
fsr-3262	125	4	it	it	PRON
fsr-3262	125	5	is	be	AUX
fsr-3262	125	6	a	a	DET
fsr-3262	125	7	single	single	ADJ
fsr-3262	125	8	integral	integral	ADJ
fsr-3262	125	9	because	because	SCONJ
fsr-3262	125	10	of	of	ADP
fsr-3262	125	11	the	the	DET
fsr-3262	125	12	existence	existence	NOUN
fsr-3262	125	13	of	of	ADP
fsr-3262	125	14	very	very	ADV
fsr-3262	125	15	accurate	accurate	ADJ
fsr-3262	125	16	numerical	numerical	ADJ
fsr-3262	125	17	approximations	approximation	NOUN
fsr-3262	125	18	available	available	ADJ
fsr-3262	125	19	to	to	PART
fsr-3262	125	20	compute	compute	VERB
fsr-3262	125	21	the	the	DET
fsr-3262	125	22	standard	standard	ADJ
fsr-3262	125	23	n(d	n(d	PROPN
fsr-3262	125	24	)	)	PUNCT
fsr-3262	125	25	function	function	NOUN
fsr-3262	125	26	.	.	PUNCT
fsr-3262	126	1	even	even	ADV
fsr-3262	126	2	the	the	DET
fsr-3262	126	3	standard	standard	ADJ
fsr-3262	126	4	black	black	ADJ
fsr-3262	126	5	,	,	PUNCT
fsr-3262	126	6	scholes	schole	NOUN
fsr-3262	126	7	,	,	PUNCT
fsr-3262	126	8	merton	merton	ADJ
fsr-3262	126	9	option	option	NOUN
fsr-3262	126	10	pricing	pricing	NOUN
fsr-3262	126	11	model	model	NOUN
fsr-3262	126	12	requires	require	VERB
fsr-3262	126	13	some	some	DET
fsr-3262	126	14	sort	sort	NOUN
fsr-3262	126	15	of	of	ADP
fsr-3262	126	16	numerical	numerical	ADJ
fsr-3262	126	17	approximation	approximation	NOUN
fsr-3262	126	18	to	to	ADP
fsr-3262	126	19	n(d	n(d	NUM
fsr-3262	126	20	)	)	PUNCT
fsr-3262	126	21	.	.	PUNCT
fsr-3262	127	1	2.2	2.2	NUM
fsr-3262	127	2	.	.	X
fsr-3262	127	3	normal	normal	ADJ
fsr-3262	127	4	spread	spread	NOUN
fsr-3262	127	5	option	option	NOUN
fsr-3262	127	6	pricing	pricing	NOUN
fsr-3262	127	7	model	model	NOUN
fsr-3262	127	8	(	(	PUNCT
fsr-3262	127	9	nsopm	nsopm	NOUN
fsr-3262	127	10	)	)	PUNCT
fsr-3262	127	11	if	if	SCONJ
fsr-3262	127	12	we	we	PRON
fsr-3262	127	13	assume	assume	VERB
fsr-3262	127	14	that	that	SCONJ
fsr-3262	127	15	the	the	DET
fsr-3262	127	16	spread	spread	NOUN
fsr-3262	127	17	follows	follow	VERB
fsr-3262	127	18	abm	abm	PROPN
fsr-3262	127	19	with	with	ADP
fsr-3262	127	20	geometric	geometric	ADJ
fsr-3262	127	21	drift	drift	NOUN
fsr-3262	127	22	,	,	PUNCT
fsr-3262	127	23	then	then	ADV
fsr-3262	127	24	ds	ds	PROPN
fsr-3262	127	25	�	�	PROPN
fsr-3262	127	26	�	�	PROPN
fsr-3262	127	27	ssdt	ssdt	NOUN
fsr-3262	127	28	�	�	NOUN
fsr-3262	127	29	sdzs	sdzs	NOUN
fsr-3262	127	30	,	,	PUNCT
fsr-3262	127	31	(	(	PUNCT
fsr-3262	127	32	14	14	NUM
fsr-3262	127	33	)	)	PUNCT
fsr-3262	127	34	where	where	SCONJ
fsr-3262	127	35	�	�	PROPN
fsr-3262	127	36	�	�	PROPN
fsr-3262	127	37	�	�	PROPN
fsr-3262	127	38	�	�	PROPN
fsr-3262	127	39	s	s	PART
fsr-3262	127	40	�	�	PROPN
fsr-3262	127	41	�	�	PROPN
fsr-3262	127	42	denotes	denote	VERB
fsr-3262	127	43	the	the	DET
fsr-3262	127	44	mean	mean	ADJ
fsr-3262	127	45	growth	growth	NOUN
fsr-3262	127	46	rate	rate	NOUN
fsr-3262	127	47	of	of	ADP
fsr-3262	127	48	the	the	DET
fsr-3262	127	49	spread	spread	NOUN
fsr-3262	127	50	,	,	PUNCT
fsr-3262	127	51	�	�	PROPN
fsr-3262	127	52	s	s	PART
fsr-3262	127	53	�	�	PROPN
fsr-3262	127	54	�	�	PROPN
fsr-3262	127	55	denotes	denote	VERB
fsr-3262	127	56	the	the	DET
fsr-3262	127	57	sd	sd	NOUN
fsr-3262	127	58	of	of	ADP
fsr-3262	127	59	the	the	DET
fsr-3262	127	60	spread	spread	NOUN
fsr-3262	127	61	(	(	PUNCT
fsr-3262	127	62	same	same	ADJ
fsr-3262	127	63	units	unit	NOUN
fsr-3262	127	64	of	of	ADP
fsr-3262	127	65	measure	measure	NOUN
fsr-3262	127	66	as	as	ADP
fsr-3262	127	67	s	s	NOUN
fsr-3262	127	68	)	)	PUNCT
fsr-3262	127	69	,	,	PUNCT
fsr-3262	127	70	and	and	CCONJ
fsr-3262	127	71	�	�	PROPN
fsr-3262	127	72	�	�	PROPN
fsr-3262	127	73	�	�	PROPN
fsr-3262	127	74	dzs	dzs	PROPN
fsr-3262	127	75	�	�	PROPN
fsr-3262	127	76	�	�	PROPN
fsr-3262	127	77	denotes	denote	VERB
fsr-3262	127	78	the	the	DET
fsr-3262	127	79	standard	standard	ADJ
fsr-3262	127	80	wiener	wiener	NOUN
fsr-3262	127	81	process	process	NOUN
fsr-3262	127	82	associated	associate	VERB
fsr-3262	127	83	with	with	ADP
fsr-3262	127	84	the	the	DET
fsr-3262	127	85	spread	spread	NOUN
fsr-3262	127	86	.	.	PUNCT
fsr-3262	128	1	the	the	DET
fsr-3262	128	2	value	value	NOUN
fsr-3262	128	3	of	of	ADP
fsr-3262	128	4	call	call	NOUN
fsr-3262	128	5	and	and	CCONJ
fsr-3262	128	6	put	put	VERB
fsr-3262	128	7	spread	spread	ADJ
fsr-3262	128	8	options	option	NOUN
fsr-3262	128	9	,	,	PUNCT
fsr-3262	128	10	based	base	VERB
fsr-3262	128	11	on	on	ADP
fsr-3262	128	12	the	the	DET
fsr-3262	128	13	normal	normal	ADJ
fsr-3262	128	14	distribution	distribution	NOUN
fsr-3262	128	15	can	can	AUX
fsr-3262	128	16	be	be	AUX
fsr-3262	128	17	expressed	express	VERB
fsr-3262	128	18	as	as	ADP
fsr-3262	128	19	(	(	PUNCT
fsr-3262	128	20	alternate	alternate	ADJ
fsr-3262	128	21	model	model	NOUN
fsr-3262	128	22	):	):	PUNCT
fsr-3262	128	23	cson	cson	NOUN
fsr-3262	128	24	�	�	PROPN
fsr-3262	128	25	i1,0,i2,0,x	i1,0,i2,0,x	NUM
fsr-3262	128	26	,	,	PUNCT
fsr-3262	128	27	t,	t,	PRON
fsr-3262	128	28	�	�	NOUN
fsr-3262	128	29	1,	1,	NUM
fsr-3262	128	30	�	�	PROPN
fsr-3262	128	31	2,	2,	NUM
fsr-3262	128	32	�	�	PROPN
fsr-3262	128	33	1,2,r	1,2,r	NUM
fsr-3262	128	34	�	�	PROPN
fsr-3262	128	35	�	�	PROPN
fsr-3262	128	36	exp	exp	NOUN
fsr-3262	128	37	�	�	PROPN
fsr-3262	128	38	�	�	PROPN
fsr-3262	128	39	rt	rt	PROPN
fsr-3262	128	40	�	�	PROPN
fsr-3262	128	41	�	�	PROPN
fsr-3262	128	42	0	0	NUM
fsr-3262	128	43	�	�	PROPN
fsr-3262	128	44	�	�	PROPN
fsr-3262	128	45	0	0	NUM
fsr-3262	128	46	�	�	PROPN
fsr-3262	128	47	max	max	PROPN
fsr-3262	128	48	0,	0,	NUM
fsr-3262	128	49	�	�	PROPN
fsr-3262	128	50	1i1,t	1i1,t	NUM
fsr-3262	128	51	�	�	PROPN
fsr-3262	128	52	2i2,t	2i2,t	NUM
fsr-3262	128	53	�	�	PROPN
fsr-3262	128	54	x	x	SYM
fsr-3262	128	55	�	�	PROPN
fsr-3262	128	56	fn	fn	NOUN
fsr-3262	128	57	�	�	PROPN
fsr-3262	128	58	i1,i2	i1,i2	PROPN
fsr-3262	128	59	�	�	PROPN
fsr-3262	128	60	di2di1	di2di1	NOUN
fsr-3262	128	61	�	�	PROPN
fsr-3262	128	62	,	,	PUNCT
fsr-3262	128	63	(	(	PUNCT
fsr-3262	128	64	15	15	NUM
fsr-3262	128	65	)	)	PUNCT
fsr-3262	128	66	22	22	NUM
fsr-3262	128	67	r.	r.	PROPN
fsr-3262	128	68	brooks	brooks	PROPN
fsr-3262	128	69	,	,	PUNCT
fsr-3262	128	70	b.n	b.n	PROPN
fsr-3262	128	71	.	.	PROPN
fsr-3262	128	72	cline	cline	PROPN
fsr-3262	128	73	/	/	SYM
fsr-3262	128	74	financial	financial	PROPN
fsr-3262	128	75	services	service	NOUN
fsr-3262	128	76	review	review	VERB
fsr-3262	128	77	24	24	NUM
fsr-3262	128	78	(	(	PUNCT
fsr-3262	128	79	2015	2015	NUM
fsr-3262	128	80	)	)	PUNCT
fsr-3262	128	81	15–35	15–35	NUM
fsr-3262	128	82	pson	pson	NOUN
fsr-3262	128	83	�	�	PROPN
fsr-3262	128	84	i1,0,i2,0,x	i1,0,i2,0,x	NUM
fsr-3262	128	85	,	,	PUNCT
fsr-3262	128	86	t,	t,	PRON
fsr-3262	128	87	�	�	NOUN
fsr-3262	128	88	1,	1,	NUM
fsr-3262	128	89	�	�	PROPN
fsr-3262	128	90	2,	2,	NUM
fsr-3262	128	91	�	�	PROPN
fsr-3262	128	92	1,2,r	1,2,r	NUM
fsr-3262	128	93	�	�	PROPN
fsr-3262	128	94	�	�	PROPN
fsr-3262	128	95	exp	exp	NOUN
fsr-3262	128	96	�	�	PROPN
fsr-3262	128	97	�	�	PROPN
fsr-3262	128	98	rt	rt	PROPN
fsr-3262	128	99	�	�	PROPN
fsr-3262	128	100	�	�	PROPN
fsr-3262	128	101	�	�	PROPN
fsr-3262	128	102	0	0	NUM
fsr-3262	128	103	�	�	PROPN
fsr-3262	128	104	�	�	PROPN
fsr-3262	128	105	0	0	NUM
fsr-3262	128	106	�	�	PROPN
fsr-3262	128	107	max	max	PROPN
fsr-3262	128	108	�	�	PROPN
fsr-3262	128	109	0,x	0,x	PROPN
fsr-3262	128	110	�	�	PROPN
fsr-3262	128	111	�	�	PROPN
fsr-3262	128	112	1i1,t	1i1,t	NUM
fsr-3262	128	113	�	�	PROPN
fsr-3262	128	114	�	�	PROPN
fsr-3262	128	115	2i2,t	2i2,t	NUM
fsr-3262	128	116	fn	fn	PROPN
fsr-3262	128	117	�	�	PROPN
fsr-3262	128	118	i1,i2	i1,i2	PROPN
fsr-3262	128	119	�	�	PROPN
fsr-3262	128	120	di2di1	di2di1	NOUN
fsr-3262	128	121	�	�	PROPN
fsr-3262	128	122	,	,	PUNCT
fsr-3262	128	123	(	(	PUNCT
fsr-3262	128	124	16	16	NUM
fsr-3262	128	125	)	)	PUNCT
fsr-3262	128	126	where	where	SCONJ
fsr-3262	128	127	n	n	PRON
fsr-3262	128	128	denotes	denote	VERB
fsr-3262	128	129	the	the	DET
fsr-3262	128	130	nsopm	nsopm	NOUN
fsr-3262	128	131	,	,	PUNCT
fsr-3262	128	132	and	and	CCONJ
fsr-3262	128	133	fn(i1,i2	fn(i1,i2	NUM
fsr-3262	128	134	)	)	PUNCT
fsr-3262	128	135	bivariate	bivariate	VERB
fsr-3262	128	136	normal	normal	ADJ
fsr-3262	128	137	density	density	NOUN
fsr-3262	128	138	function	function	NOUN
fsr-3262	128	139	.	.	PUNCT
fsr-3262	129	1	the	the	DET
fsr-3262	129	2	advantage	advantage	NOUN
fsr-3262	129	3	of	of	ADP
fsr-3262	129	4	the	the	DET
fsr-3262	129	5	normal	normal	ADJ
fsr-3262	129	6	distribution	distribution	NOUN
fsr-3262	129	7	is	be	AUX
fsr-3262	129	8	that	that	SCONJ
fsr-3262	129	9	the	the	DET
fsr-3262	129	10	difference	difference	NOUN
fsr-3262	129	11	between	between	ADP
fsr-3262	129	12	normally	normally	ADV
fsr-3262	129	13	distributed	distribute	VERB
fsr-3262	129	14	random	random	ADJ
fsr-3262	129	15	variables	variable	NOUN
fsr-3262	129	16	is	be	AUX
fsr-3262	129	17	also	also	ADV
fsr-3262	129	18	normally	normally	ADV
fsr-3262	129	19	distributed	distribute	VERB
fsr-3262	129	20	.	.	PUNCT
fsr-3262	130	1	hence	hence	ADV
fsr-3262	130	2	,	,	PUNCT
fsr-3262	130	3	there	there	PRON
fsr-3262	130	4	does	do	AUX
fsr-3262	130	5	exist	exist	VERB
fsr-3262	130	6	a	a	DET
fsr-3262	130	7	closed	closed	ADJ
fsr-3262	130	8	form	form	NOUN
fsr-3262	130	9	solution	solution	NOUN
fsr-3262	130	10	to	to	PART
fsr-3262	130	11	nsopm	nsopm	VERB
fsr-3262	130	12	.	.	PUNCT
fsr-3262	131	1	note	note	VERB
fsr-3262	131	2	that	that	SCONJ
fsr-3262	131	3	the	the	DET
fsr-3262	131	4	spread	spread	NOUN
fsr-3262	131	5	is	be	AUX
fsr-3262	131	6	normally	normally	ADV
fsr-3262	131	7	distributed	distribute	VERB
fsr-3262	131	8	and	and	CCONJ
fsr-3262	131	9	is	be	AUX
fsr-3262	131	10	denoted	denote	VERB
fsr-3262	131	11	as	as	ADP
fsr-3262	131	12	:	:	PUNCT
fsr-3262	131	13	st	st	PROPN
fsr-3262	131	14	�	�	PROPN
fsr-3262	131	15	�	�	PROPN
fsr-3262	131	16	1i1,t	1i1,t	NUM
fsr-3262	131	17	�	�	PROPN
fsr-3262	131	18	�	�	PROPN
fsr-3262	131	19	2i2,t	2i2,t	NUM
fsr-3262	131	20	.	.	PUNCT
fsr-3262	132	1	(	(	PUNCT
fsr-3262	132	2	17	17	NUM
fsr-3262	132	3	)	)	PUNCT
fsr-3262	132	4	so	so	SCONJ
fsr-3262	132	5	that	that	SCONJ
fsr-3262	132	6	the	the	DET
fsr-3262	132	7	expected	expect	VERB
fsr-3262	132	8	terminal	terminal	ADJ
fsr-3262	132	9	spread	spread	NOUN
fsr-3262	132	10	is	be	AUX
fsr-3262	132	11	:	:	PUNCT
fsr-3262	132	12	e	e	X
fsr-3262	132	13	�	�	PROPN
fsr-3262	132	14	st	st	PROPN
fsr-3262	132	15	�	�	PROPN
fsr-3262	132	16	�	�	PROPN
fsr-3262	132	17	1i1,0e	1i1,0e	PROPN
fsr-3262	132	18	�	�	PROPN
fsr-3262	132	19	�	�	PROPN
fsr-3262	132	20	̂1	̂1	PROPN
fsr-3262	132	21	�	�	PROPN
fsr-3262	132	22	1	1	NUM
fsr-3262	132	23	�	�	PROPN
fsr-3262	132	24	t	t	PROPN
fsr-3262	132	25	�	�	PROPN
fsr-3262	132	26	�	�	PROPN
fsr-3262	132	27	2i2,0e	2i2,0e	NOUN
fsr-3262	132	28	�	�	NOUN
fsr-3262	132	29	�	�	PROPN
fsr-3262	132	30	̂2	̂2	NOUN
fsr-3262	132	31	�	�	PROPN
fsr-3262	132	32	2	2	NUM
fsr-3262	132	33	�	�	PROPN
fsr-3262	132	34	t	t	PROPN
fsr-3262	132	35	�	�	PROPN
fsr-3262	132	36	se	se	PROPN
fsr-3262	132	37	�	�	PROPN
fsr-3262	132	38	st	st	PROPN
fsr-3262	132	39	.	.	PUNCT
fsr-3262	133	1	(	(	PUNCT
fsr-3262	133	2	18	18	NUM
fsr-3262	133	3	)	)	PUNCT
fsr-3262	133	4	the	the	DET
fsr-3262	133	5	variance	variance	NOUN
fsr-3262	133	6	of	of	ADP
fsr-3262	133	7	the	the	DET
fsr-3262	133	8	spread	spread	NOUN
fsr-3262	133	9	is	be	AUX
fsr-3262	133	10	:	:	PUNCT
fsr-3262	133	11	v	v	NUM
fsr-3262	133	12	�	�	PROPN
fsr-3262	133	13	st	st	PROPN
fsr-3262	133	14	�	�	PROPN
fsr-3262	133	15	�	�	PROPN
fsr-3262	133	16	s	s	PART
fsr-3262	133	17	2	2	NUM
fsr-3262	133	18	e2	e2	PROPN
fsr-3262	133	19	�	�	PROPN
fsr-3262	133	20	st	st	PROPN
fsr-3262	133	21	�	�	PROPN
fsr-3262	133	22	1	1	NUM
fsr-3262	133	23	2	2	NUM
fsr-3262	133	24	�	�	PROPN
fsr-3262	133	25	s	s	PART
fsr-3262	133	26	,	,	PUNCT
fsr-3262	133	27	(	(	PUNCT
fsr-3262	133	28	19	19	NUM
fsr-3262	133	29	)	)	PUNCT
fsr-3262	133	30	and	and	CCONJ
fsr-3262	133	31	�	�	PROPN
fsr-3262	133	32	s	s	PART
fsr-3262	133	33	is	be	AUX
fsr-3262	133	34	the	the	DET
fsr-3262	133	35	sd	sd	NOUN
fsr-3262	133	36	of	of	ADP
fsr-3262	133	37	changes	change	NOUN
fsr-3262	133	38	in	in	ADP
fsr-3262	133	39	the	the	DET
fsr-3262	133	40	spread	spread	NOUN
fsr-3262	133	41	.	.	PUNCT
fsr-3262	134	1	we	we	PRON
fsr-3262	134	2	assume	assume	VERB
fsr-3262	134	3	the	the	DET
fsr-3262	134	4	usual	usual	ADJ
fsr-3262	134	5	finance	finance	NOUN
fsr-3262	134	6	conditions	condition	NOUN
fsr-3262	134	7	that	that	PRON
fsr-3262	134	8	afford	afford	VERB
fsr-3262	134	9	using	use	VERB
fsr-3262	134	10	the	the	DET
fsr-3262	134	11	risk	risk	NOUN
fsr-3262	134	12	-	-	PUNCT
fsr-3262	134	13	free	free	ADJ
fsr-3262	134	14	rate	rate	NOUN
fsr-3262	134	15	(	(	PUNCT
fsr-3262	134	16	see	see	VERB
fsr-3262	134	17	appendix	appendix	NOUN
fsr-3262	134	18	a	a	PRON
fsr-3262	134	19	)	)	PUNCT
fsr-3262	134	20	.	.	PUNCT
fsr-3262	135	1	therefore	therefore	ADV
fsr-3262	135	2	,	,	PUNCT
fsr-3262	135	3	we	we	PRON
fsr-3262	135	4	have	have	VERB
fsr-3262	135	5	the	the	DET
fsr-3262	135	6	following	follow	VERB
fsr-3262	135	7	version	version	NOUN
fsr-3262	135	8	of	of	ADP
fsr-3262	135	9	nsopm	nsopm	NOUN
fsr-3262	135	10	(	(	PUNCT
fsr-3262	135	11	alternate	alternate	ADJ
fsr-3262	135	12	model	model	NOUN
fsr-3262	135	13	):	):	PUNCT
fsr-3262	135	14	cson,0	cson,0	PROPN
fsr-3262	135	15	�	�	PROPN
fsr-3262	135	16	i1,i2	i1,i2	PROPN
fsr-3262	135	17	�	�	PROPN
fsr-3262	135	18	�	�	PROPN
fsr-3262	135	19	e	e	PROPN
fsr-3262	135	20	�	�	PROPN
fsr-3262	135	21	rt	rt	PROPN
fsr-3262	135	22	�	�	PROPN
fsr-3262	135	23	�	�	PROPN
fsr-3262	135	24	e	e	PROPN
fsr-3262	135	25	�	�	PROPN
fsr-3262	135	26	st	st	PROPN
fsr-3262	135	27	�	�	PROPN
fsr-3262	135	28	x	x	SYM
fsr-3262	135	29	�	�	PROPN
fsr-3262	135	30	n	n	CCONJ
fsr-3262	135	31	�	�	PROPN
fsr-3262	135	32	dn	dn	PROPN
fsr-3262	135	33	�	�	PROPN
fsr-3262	135	34	�	�	PROPN
fsr-3262	135	35	v	v	PROPN
fsr-3262	135	36	�	�	PROPN
fsr-3262	135	37	st	st	PROPN
fsr-3262	135	38	1/	1/	NUM
fsr-3262	135	39	2n	2n	NUM
fsr-3262	135	40	�	�	PROPN
fsr-3262	135	41	dn	dn	NOUN
fsr-3262	135	42	�	�	PROPN
fsr-3262	135	43	,	,	PUNCT
fsr-3262	135	44	(	(	PUNCT
fsr-3262	135	45	20	20	NUM
fsr-3262	135	46	)	)	PUNCT
fsr-3262	135	47	pson,0	pson,0	NOUN
fsr-3262	135	48	�	�	PROPN
fsr-3262	135	49	i1,i2	i1,i2	PROPN
fsr-3262	135	50	�	�	PROPN
fsr-3262	135	51	�	�	PROPN
fsr-3262	135	52	cson,0	cson,0	PROPN
fsr-3262	135	53	�	�	PROPN
fsr-3262	135	54	i1,i2	i1,i2	PROPN
fsr-3262	135	55	�	�	PROPN
fsr-3262	135	56	�	�	PROPN
fsr-3262	135	57	�	�	PROPN
fsr-3262	135	58	1i1e	1i1e	NOUN
fsr-3262	135	59	�	�	PROPN
fsr-3262	135	60	1	1	NUM
fsr-3262	135	61	t	t	PROPN
fsr-3262	135	62	�	�	PROPN
fsr-3262	135	63	�	�	PROPN
fsr-3262	135	64	2i2e	2i2e	NOUN
fsr-3262	135	65	�	�	PROPN
fsr-3262	135	66	2	2	NUM
fsr-3262	135	67	t	t	PROPN
fsr-3262	135	68	�	�	PROPN
fsr-3262	135	69	xe	xe	PROPN
fsr-3262	135	70	�	�	PROPN
fsr-3262	135	71	rt	rt	PROPN
fsr-3262	135	72	,	,	PUNCT
fsr-3262	135	73	(	(	PUNCT
fsr-3262	135	74	21	21	NUM
fsr-3262	135	75	)	)	PUNCT
fsr-3262	136	1	where	where	SCONJ
fsr-3262	136	2	n	n	X
fsr-3262	136	3	�	�	PROPN
fsr-3262	136	4	dn	dn	PROPN
fsr-3262	136	5	�	�	PROPN
fsr-3262	136	6	�	�	PROPN
fsr-3262	136	7	e	e	PROPN
fsr-3262	136	8	�	�	PROPN
fsr-3262	136	9	dn	dn	PROPN
fsr-3262	136	10	2	2	NUM
fsr-3262	136	11	2	2	NUM
fsr-3262	136	12	�	�	NOUN
fsr-3262	136	13	2	2	NUM
fsr-3262	136	14	,	,	PUNCT
fsr-3262	136	15	(	(	PUNCT
fsr-3262	136	16	22	22	NUM
fsr-3262	136	17	)	)	PUNCT
fsr-3262	136	18	23r	23r	NOUN
fsr-3262	136	19	.	.	PUNCT
fsr-3262	137	1	brooks	brooks	PROPN
fsr-3262	137	2	,	,	PUNCT
fsr-3262	137	3	b.n	b.n	PROPN
fsr-3262	137	4	.	.	PROPN
fsr-3262	137	5	cline	cline	PROPN
fsr-3262	137	6	/	/	SYM
fsr-3262	137	7	financial	financial	PROPN
fsr-3262	137	8	services	service	NOUN
fsr-3262	137	9	review	review	VERB
fsr-3262	137	10	24	24	NUM
fsr-3262	137	11	(	(	PUNCT
fsr-3262	137	12	2015	2015	NUM
fsr-3262	137	13	)	)	PUNCT
fsr-3262	137	14	15–35	15–35	NUM
fsr-3262	137	15	n	n	CCONJ
fsr-3262	137	16	�	�	PROPN
fsr-3262	137	17	dn	dn	PROPN
fsr-3262	137	18	�	�	PROPN
fsr-3262	137	19	�	�	PROPN
fsr-3262	137	20	�	�	PROPN
fsr-3262	137	21	�	�	PROPN
fsr-3262	137	22	�	�	PROPN
fsr-3262	137	23	d	d	PROPN
fsr-3262	137	24	e	e	X
fsr-3262	137	25	�	�	PROPN
fsr-3262	137	26	dn	dn	ADP
fsr-3262	137	27	2	2	NUM
fsr-3262	137	28	2	2	NUM
fsr-3262	137	29	�	�	PROPN
fsr-3262	137	30	2	2	NUM
fsr-3262	137	31	�	�	PROPN
fsr-3262	137	32	dx	dx	PROPN
fsr-3262	137	33	,	,	PUNCT
fsr-3262	137	34	and	and	CCONJ
fsr-3262	137	35	(	(	PUNCT
fsr-3262	137	36	23	23	NUM
fsr-3262	137	37	)	)	PUNCT
fsr-3262	138	1	dn	dn	PROPN
fsr-3262	138	2	�	�	PROPN
fsr-3262	138	3	e	e	PROPN
fsr-3262	138	4	�	�	PROPN
fsr-3262	138	5	st	st	PROPN
fsr-3262	138	6	�	�	PROPN
fsr-3262	138	7	�	�	PROPN
fsr-3262	138	8	x	x	SYM
fsr-3262	138	9	v	v	PROPN
fsr-3262	138	10	�	�	PROPN
fsr-3262	138	11	st	st	PROPN
fsr-3262	138	12	�	�	PROPN
fsr-3262	138	13	1/	1/	NUM
fsr-3262	138	14	2	2	NUM
fsr-3262	138	15	.	.	PUNCT
fsr-3262	139	1	(	(	PUNCT
fsr-3262	139	2	24	24	NUM
fsr-3262	139	3	)	)	PUNCT
fsr-3262	139	4	3	3	NUM
fsr-3262	139	5	.	.	X
fsr-3262	140	1	analysis	analysis	NOUN
fsr-3262	140	2	of	of	ADP
fsr-3262	140	3	model	model	NOUN
fsr-3262	140	4	differences	difference	NOUN
fsr-3262	140	5	as	as	SCONJ
fsr-3262	140	6	previously	previously	ADV
fsr-3262	140	7	discussed	discuss	VERB
fsr-3262	140	8	,	,	PUNCT
fsr-3262	140	9	this	this	DET
fsr-3262	140	10	article	article	NOUN
fsr-3262	140	11	does	do	AUX
fsr-3262	140	12	not	not	PART
fsr-3262	140	13	seek	seek	VERB
fsr-3262	140	14	to	to	PART
fsr-3262	140	15	address	address	VERB
fsr-3262	140	16	a	a	DET
fsr-3262	140	17	particular	particular	ADJ
fsr-3262	140	18	spread	spread	NOUN
fsr-3262	140	19	option	option	NOUN
fsr-3262	140	20	,	,	PUNCT
fsr-3262	140	21	rather	rather	ADV
fsr-3262	140	22	spread	spread	VERB
fsr-3262	140	23	options	option	NOUN
fsr-3262	140	24	in	in	ADP
fsr-3262	140	25	general	general	ADJ
fsr-3262	140	26	.	.	PUNCT
fsr-3262	141	1	therefore	therefore	ADV
fsr-3262	141	2	,	,	PUNCT
fsr-3262	141	3	rather	rather	ADV
fsr-3262	141	4	than	than	SCONJ
fsr-3262	141	5	start	start	VERB
fsr-3262	141	6	with	with	ADP
fsr-3262	141	7	a	a	DET
fsr-3262	141	8	set	set	NOUN
fsr-3262	141	9	of	of	ADP
fsr-3262	141	10	option	option	NOUN
fsr-3262	141	11	prices	price	NOUN
fsr-3262	141	12	and	and	CCONJ
fsr-3262	141	13	calibrate	calibrate	VERB
fsr-3262	141	14	both	both	DET
fsr-3262	141	15	models	model	NOUN
fsr-3262	141	16	,	,	PUNCT
fsr-3262	141	17	we	we	PRON
fsr-3262	141	18	generate	generate	VERB
fsr-3262	141	19	option	option	NOUN
fsr-3262	141	20	prices	price	NOUN
fsr-3262	141	21	with	with	ADP
fsr-3262	141	22	the	the	DET
fsr-3262	141	23	lnsopm	lnsopm	NOUN
fsr-3262	141	24	and	and	CCONJ
fsr-3262	141	25	calibrate	calibrate	VERB
fsr-3262	141	26	the	the	DET
fsr-3262	141	27	nsopm	nsopm	NOUN
fsr-3262	141	28	so	so	SCONJ
fsr-3262	141	29	it	it	PRON
fsr-3262	141	30	generates	generate	VERB
fsr-3262	141	31	the	the	DET
fsr-3262	141	32	same	same	ADJ
fsr-3262	141	33	original	original	ADJ
fsr-3262	141	34	option	option	NOUN
fsr-3262	141	35	prices	price	NOUN
fsr-3262	141	36	.	.	PUNCT
fsr-3262	142	1	the	the	DET
fsr-3262	142	2	advantage	advantage	NOUN
fsr-3262	142	3	of	of	ADP
fsr-3262	142	4	this	this	DET
fsr-3262	142	5	approach	approach	NOUN
fsr-3262	142	6	is	be	AUX
fsr-3262	142	7	that	that	SCONJ
fsr-3262	142	8	the	the	DET
fsr-3262	142	9	nsopm	nsopm	NOUN
fsr-3262	142	10	has	have	VERB
fsr-3262	142	11	only	only	ADV
fsr-3262	142	12	one	one	NUM
fsr-3262	142	13	spread	spread	ADJ
fsr-3262	142	14	option	option	NOUN
fsr-3262	142	15	volatility	volatility	NOUN
fsr-3262	142	16	parameter	parameter	NOUN
fsr-3262	142	17	(	(	PUNCT
fsr-3262	142	18	under	under	ADP
fsr-3262	142	19	the	the	DET
fsr-3262	142	20	normal	normal	ADJ
fsr-3262	142	21	distribution	distribution	NOUN
fsr-3262	142	22	,	,	PUNCT
fsr-3262	142	23	volatility	volatility	NOUN
fsr-3262	142	24	is	be	AUX
fsr-3262	142	25	in	in	ADP
fsr-3262	142	26	units	unit	NOUN
fsr-3262	142	27	not	not	PART
fsr-3262	142	28	percentage	percentage	NOUN
fsr-3262	142	29	)	)	PUNCT
fsr-3262	142	30	.	.	PUNCT
fsr-3262	143	1	when	when	SCONJ
fsr-3262	143	2	we	we	PRON
fsr-3262	143	3	compare	compare	VERB
fsr-3262	143	4	appropriately	appropriately	ADV
fsr-3262	143	5	calibrated	calibrate	VERB
fsr-3262	143	6	option	option	NOUN
fsr-3262	143	7	models	model	NOUN
fsr-3262	143	8	,	,	PUNCT
fsr-3262	143	9	we	we	PRON
fsr-3262	143	10	are	be	AUX
fsr-3262	143	11	not	not	PART
fsr-3262	143	12	assuming	assume	VERB
fsr-3262	143	13	one	one	NUM
fsr-3262	143	14	model	model	NOUN
fsr-3262	143	15	is	be	AUX
fsr-3262	143	16	“	"	PUNCT
fsr-3262	143	17	correct	correct	ADJ
fsr-3262	143	18	.	.	PUNCT
fsr-3262	143	19	”	"	PUNCT
fsr-3262	144	1	in	in	ADP
fsr-3262	144	2	practice	practice	NOUN
fsr-3262	144	3	,	,	PUNCT
fsr-3262	144	4	option	option	NOUN
fsr-3262	144	5	prices	price	NOUN
fsr-3262	144	6	are	be	AUX
fsr-3262	144	7	observable	observable	ADJ
fsr-3262	144	8	in	in	ADP
fsr-3262	144	9	the	the	DET
fsr-3262	144	10	marketplace	marketplace	NOUN
fsr-3262	144	11	,	,	PUNCT
fsr-3262	144	12	and	and	CCONJ
fsr-3262	144	13	an	an	DET
fsr-3262	144	14	option	option	NOUN
fsr-3262	144	15	pricing	pricing	NOUN
fsr-3262	144	16	model	model	NOUN
fsr-3262	144	17	is	be	AUX
fsr-3262	144	18	“	"	PUNCT
fsr-3262	144	19	calibrated	calibrate	VERB
fsr-3262	144	20	”	"	PUNCT
fsr-3262	144	21	to	to	ADP
fsr-3262	144	22	the	the	DET
fsr-3262	144	23	market	market	NOUN
fsr-3262	144	24	option	option	NOUN
fsr-3262	144	25	price	price	NOUN
fsr-3262	144	26	.	.	PUNCT
fsr-3262	145	1	for	for	ADP
fsr-3262	145	2	example	example	NOUN
fsr-3262	145	3	,	,	PUNCT
fsr-3262	145	4	one	one	PRON
fsr-3262	145	5	could	could	AUX
fsr-3262	145	6	compute	compute	VERB
fsr-3262	145	7	the	the	DET
fsr-3262	145	8	implied	imply	VERB
fsr-3262	145	9	volatility	volatility	NOUN
fsr-3262	145	10	.	.	PUNCT
fsr-3262	146	1	our	our	PRON
fsr-3262	146	2	objective	objective	NOUN
fsr-3262	146	3	,	,	PUNCT
fsr-3262	146	4	however	however	ADV
fsr-3262	146	5	,	,	PUNCT
fsr-3262	146	6	is	be	AUX
fsr-3262	146	7	not	not	PART
fsr-3262	146	8	to	to	PART
fsr-3262	146	9	conduct	conduct	VERB
fsr-3262	146	10	an	an	DET
fsr-3262	146	11	empirical	empirical	ADJ
fsr-3262	146	12	test	test	NOUN
fsr-3262	146	13	of	of	ADP
fsr-3262	146	14	a	a	DET
fsr-3262	146	15	particular	particular	ADJ
fsr-3262	146	16	option	option	NOUN
fsr-3262	146	17	contract	contract	NOUN
fsr-3262	146	18	.	.	PUNCT
fsr-3262	147	1	our	our	PRON
fsr-3262	147	2	objective	objective	NOUN
fsr-3262	147	3	is	be	AUX
fsr-3262	147	4	solely	solely	ADV
fsr-3262	147	5	to	to	PART
fsr-3262	147	6	explore	explore	VERB
fsr-3262	147	7	the	the	DET
fsr-3262	147	8	implications	implication	NOUN
fsr-3262	147	9	for	for	ADP
fsr-3262	147	10	risk	risk	NOUN
fsr-3262	147	11	management	management	NOUN
fsr-3262	147	12	by	by	ADP
fsr-3262	147	13	comparing	compare	VERB
fsr-3262	147	14	the	the	DET
fsr-3262	147	15	lognormal	lognormal	ADJ
fsr-3262	147	16	and	and	CCONJ
fsr-3262	147	17	normal	normal	ADJ
fsr-3262	147	18	models	model	NOUN
fsr-3262	147	19	.	.	PUNCT
fsr-3262	148	1	therefore	therefore	ADV
fsr-3262	148	2	,	,	PUNCT
fsr-3262	148	3	we	we	PRON
fsr-3262	148	4	begin	begin	VERB
fsr-3262	148	5	this	this	DET
fsr-3262	148	6	analysis	analysis	NOUN
fsr-3262	148	7	by	by	ADP
fsr-3262	148	8	calibrating	calibrate	VERB
fsr-3262	148	9	the	the	DET
fsr-3262	148	10	alternate	alternate	ADJ
fsr-3262	148	11	model	model	NOUN
fsr-3262	148	12	option	option	NOUN
fsr-3262	148	13	price	price	NOUN
fsr-3262	148	14	using	use	VERB
fsr-3262	148	15	the	the	DET
fsr-3262	148	16	base	base	NOUN
fsr-3262	148	17	model	model	NOUN
fsr-3262	148	18	price	price	NOUN
fsr-3262	148	19	.	.	PUNCT
fsr-3262	149	1	calibration	calibration	NOUN
fsr-3262	149	2	is	be	AUX
fsr-3262	149	3	a	a	DET
fsr-3262	149	4	common	common	ADJ
fsr-3262	149	5	practice	practice	NOUN
fsr-3262	149	6	for	for	ADP
fsr-3262	149	7	risk	risk	NOUN
fsr-3262	149	8	management	management	NOUN
fsr-3262	149	9	applications	application	NOUN
fsr-3262	149	10	.	.	PUNCT
fsr-3262	150	1	traders	trader	NOUN
fsr-3262	150	2	take	take	VERB
fsr-3262	150	3	prices	price	NOUN
fsr-3262	150	4	as	as	SCONJ
fsr-3262	150	5	given	give	VERB
fsr-3262	150	6	and	and	CCONJ
fsr-3262	150	7	then	then	ADV
fsr-3262	150	8	use	use	VERB
fsr-3262	150	9	models	model	NOUN
fsr-3262	150	10	to	to	PART
fsr-3262	150	11	infer	infer	VERB
fsr-3262	150	12	risk	risk	NOUN
fsr-3262	150	13	parameters	parameter	NOUN
fsr-3262	150	14	.	.	PUNCT
fsr-3262	151	1	we	we	PRON
fsr-3262	151	2	examine	examine	VERB
fsr-3262	151	3	the	the	DET
fsr-3262	151	4	resulting	result	VERB
fsr-3262	151	5	differences	difference	NOUN
fsr-3262	151	6	in	in	ADP
fsr-3262	151	7	risk	risk	NOUN
fsr-3262	151	8	parameters	parameter	NOUN
fsr-3262	151	9	from	from	ADP
fsr-3262	151	10	the	the	DET
fsr-3262	151	11	base	base	NOUN
fsr-3262	151	12	gbm	gbm	NOUN
fsr-3262	151	13	and	and	CCONJ
fsr-3262	151	14	the	the	DET
fsr-3262	151	15	alternate	alternate	ADJ
fsr-3262	151	16	abm	abm	PROPN
fsr-3262	151	17	for	for	ADP
fsr-3262	151	18	spread	spread	ADJ
fsr-3262	151	19	options	option	NOUN
fsr-3262	151	20	.	.	PUNCT
fsr-3262	152	1	by	by	ADP
fsr-3262	152	2	varying	vary	VERB
fsr-3262	152	3	the	the	DET
fsr-3262	152	4	parameters	parameter	NOUN
fsr-3262	152	5	of	of	ADP
fsr-3262	152	6	the	the	DET
fsr-3262	152	7	option	option	NOUN
fsr-3262	152	8	models	model	NOUN
fsr-3262	152	9	,	,	PUNCT
fsr-3262	152	10	we	we	PRON
fsr-3262	152	11	examine	examine	VERB
fsr-3262	152	12	under	under	ADP
fsr-3262	152	13	what	what	PRON
fsr-3262	152	14	circumstances	circumstance	NOUN
fsr-3262	152	15	the	the	DET
fsr-3262	152	16	risk	risk	NOUN
fsr-3262	152	17	parameters	parameter	NOUN
fsr-3262	152	18	are	be	AUX
fsr-3262	152	19	significantly	significantly	ADV
fsr-3262	152	20	different	different	ADJ
fsr-3262	152	21	.	.	PUNCT
fsr-3262	153	1	recall	recall	VERB
fsr-3262	153	2	the	the	DET
fsr-3262	153	3	objective	objective	NOUN
fsr-3262	153	4	here	here	ADV
fsr-3262	153	5	is	be	AUX
fsr-3262	153	6	to	to	PART
fsr-3262	153	7	examine	examine	VERB
fsr-3262	153	8	whether	whether	SCONJ
fsr-3262	153	9	assuming	assume	VERB
fsr-3262	153	10	the	the	DET
fsr-3262	153	11	spread	spread	NOUN
fsr-3262	153	12	is	be	AUX
fsr-3262	153	13	normally	normally	ADV
fsr-3262	153	14	distributed	distribute	VERB
fsr-3262	153	15	,	,	PUNCT
fsr-3262	153	16	when	when	SCONJ
fsr-3262	153	17	the	the	DET
fsr-3262	153	18	two	two	NUM
fsr-3262	153	19	underlying	underlie	VERB
fsr-3262	153	20	instruments	instrument	NOUN
fsr-3262	153	21	are	be	AUX
fsr-3262	153	22	lognormally	lognormally	ADV
fsr-3262	153	23	distributed	distribute	VERB
fsr-3262	153	24	,	,	PUNCT
fsr-3262	153	25	results	result	NOUN
fsr-3262	153	26	in	in	ADP
fsr-3262	153	27	materially	materially	ADV
fsr-3262	153	28	different	different	ADJ
fsr-3262	153	29	risk	risk	NOUN
fsr-3262	153	30	parameters	parameter	NOUN
fsr-3262	153	31	.	.	PUNCT
fsr-3262	154	1	the	the	DET
fsr-3262	154	2	lnsopm	lnsopm	NOUN
fsr-3262	154	3	requires	require	VERB
fsr-3262	154	4	three	three	NUM
fsr-3262	154	5	volatility	volatility	NOUN
fsr-3262	154	6	parameters	parameter	NOUN
fsr-3262	154	7	,	,	PUNCT
fsr-3262	154	8	the	the	DET
fsr-3262	154	9	percentage	percentage	NOUN
fsr-3262	154	10	sd	sd	NOUN
fsr-3262	154	11	of	of	ADP
fsr-3262	154	12	each	each	DET
fsr-3262	154	13	asset	asset	NOUN
fsr-3262	154	14	and	and	CCONJ
fsr-3262	154	15	the	the	DET
fsr-3262	154	16	correlation	correlation	NOUN
fsr-3262	154	17	between	between	ADP
fsr-3262	154	18	assets	asset	NOUN
fsr-3262	154	19	.	.	PUNCT
fsr-3262	155	1	the	the	DET
fsr-3262	155	2	nsopm	nsopm	NOUN
fsr-3262	155	3	only	only	ADV
fsr-3262	155	4	requires	require	VERB
fsr-3262	155	5	one	one	NUM
fsr-3262	155	6	volatility	volatility	NOUN
fsr-3262	155	7	parameter	parameter	NOUN
fsr-3262	155	8	,	,	PUNCT
fsr-3262	155	9	the	the	DET
fsr-3262	155	10	per	per	ADJ
fsr-3262	155	11	unit	unit	NOUN
fsr-3262	155	12	sd	sd	NOUN
fsr-3262	155	13	of	of	ADP
fsr-3262	155	14	the	the	DET
fsr-3262	155	15	spread	spread	NOUN
fsr-3262	155	16	.	.	PUNCT
fsr-3262	156	1	hence	hence	ADV
fsr-3262	156	2	,	,	PUNCT
fsr-3262	156	3	we	we	PRON
fsr-3262	156	4	assume	assume	VERB
fsr-3262	156	5	the	the	DET
fsr-3262	156	6	base	base	NOUN
fsr-3262	156	7	model	model	NOUN
fsr-3262	156	8	option	option	NOUN
fsr-3262	156	9	prices	price	NOUN
fsr-3262	156	10	(	(	PUNCT
fsr-3262	156	11	lnsopm	lnsopm	PROPN
fsr-3262	156	12	)	)	PUNCT
fsr-3262	156	13	are	be	AUX
fsr-3262	156	14	market	market	NOUN
fsr-3262	156	15	prices	price	NOUN
fsr-3262	156	16	and	and	CCONJ
fsr-3262	156	17	then	then	ADV
fsr-3262	156	18	calibrate	calibrate	VERB
fsr-3262	156	19	the	the	DET
fsr-3262	156	20	alternate	alternate	ADJ
fsr-3262	156	21	model	model	NOUN
fsr-3262	156	22	(	(	PUNCT
fsr-3262	156	23	nsopm	nsopm	NOUN
fsr-3262	156	24	)	)	PUNCT
fsr-3262	156	25	.	.	PUNCT
fsr-3262	157	1	for	for	ADP
fsr-3262	157	2	example	example	NOUN
fsr-3262	157	3	,	,	PUNCT
fsr-3262	157	4	using	use	VERB
fsr-3262	157	5	the	the	DET
fsr-3262	157	6	parameters	parameter	NOUN
fsr-3262	157	7	specified	specify	VERB
fsr-3262	157	8	later	later	ADV
fsr-3262	157	9	in	in	ADP
fsr-3262	157	10	table	table	NOUN
fsr-3262	157	11	1	1	NUM
fsr-3262	157	12	,	,	PUNCT
fsr-3262	157	13	the	the	DET
fsr-3262	157	14	spread	spread	ADJ
fsr-3262	157	15	volatility	volatility	NOUN
fsr-3262	157	16	is	be	AUX
fsr-3262	157	17	$	$	SYM
fsr-3262	157	18	20.8	20.8	NUM
fsr-3262	157	19	.	.	PUNCT
fsr-3262	158	1	however	however	ADV
fsr-3262	158	2	,	,	PUNCT
fsr-3262	158	3	the	the	DET
fsr-3262	158	4	implied	imply	VERB
fsr-3262	158	5	volatility	volatility	NOUN
fsr-3262	158	6	from	from	ADP
fsr-3262	158	7	the	the	DET
fsr-3262	158	8	nsopm	nsopm	NOUN
fsr-3262	158	9	is	be	AUX
fsr-3262	158	10	$	$	SYM
fsr-3262	158	11	19.4	19.4	NUM
fsr-3262	158	12	.	.	PUNCT
fsr-3262	159	1	the	the	DET
fsr-3262	159	2	$	$	SYM
fsr-3262	159	3	19.4	19.4	NUM
fsr-3262	159	4	volatility	volatility	NOUN
fsr-3262	159	5	generates	generate	VERB
fsr-3262	159	6	the	the	DET
fsr-3262	159	7	call	call	NOUN
fsr-3262	159	8	price	price	NOUN
fsr-3262	159	9	of	of	ADP
fsr-3262	159	10	$	$	SYM
fsr-3262	159	11	7.56	7.56	NUM
fsr-3262	159	12	as	as	SCONJ
fsr-3262	159	13	do	do	VERB
fsr-3262	159	14	the	the	DET
fsr-3262	159	15	lnsopm	lnsopm	NOUN
fsr-3262	159	16	parameters	parameter	NOUN
fsr-3262	159	17	.	.	PUNCT
fsr-3262	160	1	if	if	SCONJ
fsr-3262	160	2	the	the	DET
fsr-3262	160	3	distribution	distribution	NOUN
fsr-3262	160	4	of	of	ADP
fsr-3262	160	5	the	the	DET
fsr-3262	160	6	underlying	underlie	VERB
fsr-3262	160	7	instruments	instrument	NOUN
fsr-3262	160	8	is	be	AUX
fsr-3262	160	9	normal	normal	ADJ
fsr-3262	160	10	,	,	PUNCT
fsr-3262	160	11	then	then	ADV
fsr-3262	160	12	the	the	DET
fsr-3262	160	13	implied	imply	VERB
fsr-3262	160	14	volatility	volatility	NOUN
fsr-3262	160	15	of	of	ADP
fsr-3262	160	16	the	the	DET
fsr-3262	160	17	spread	spread	ADJ
fsr-3262	160	18	option	option	NOUN
fsr-3262	160	19	would	would	AUX
fsr-3262	160	20	match	match	VERB
fsr-3262	160	21	perfectly	perfectly	ADV
fsr-3262	160	22	with	with	ADP
fsr-3262	160	23	the	the	DET
fsr-3262	160	24	analytic	analytic	ADJ
fsr-3262	160	25	spread	spread	NOUN
fsr-3262	160	26	volatility	volatility	NOUN
fsr-3262	160	27	.	.	PUNCT
fsr-3262	161	1	the	the	DET
fsr-3262	161	2	underlying	underlie	VERB
fsr-3262	161	3	instruments	instrument	NOUN
fsr-3262	161	4	,	,	PUNCT
fsr-3262	161	5	however	however	ADV
fsr-3262	161	6	,	,	PUNCT
fsr-3262	161	7	are	be	AUX
fsr-3262	161	8	assumed	assume	VERB
fsr-3262	161	9	to	to	PART
fsr-3262	161	10	follow	follow	VERB
fsr-3262	161	11	a	a	DET
fsr-3262	161	12	lognormal	lognormal	ADJ
fsr-3262	161	13	distribution	distribution	NOUN
fsr-3262	161	14	,	,	PUNCT
fsr-3262	161	15	and	and	CCONJ
fsr-3262	161	16	hence	hence	ADV
fsr-3262	161	17	the	the	DET
fsr-3262	161	18	difference	difference	NOUN
fsr-3262	161	19	of	of	ADP
fsr-3262	161	20	lognormal	lognormal	ADJ
fsr-3262	161	21	distributions	distribution	NOUN
fsr-3262	161	22	is	be	AUX
fsr-3262	161	23	not	not	PART
fsr-3262	161	24	lognormal	lognormal	ADJ
fsr-3262	161	25	.	.	PUNCT
fsr-3262	162	1	thus	thus	ADV
fsr-3262	162	2	,	,	PUNCT
fsr-3262	162	3	the	the	DET
fsr-3262	162	4	implied	imply	VERB
fsr-3262	162	5	volatility	volatility	NOUN
fsr-3262	162	6	would	would	AUX
fsr-3262	162	7	not	not	PART
fsr-3262	162	8	be	be	AUX
fsr-3262	162	9	expected	expect	VERB
fsr-3262	162	10	to	to	PART
fsr-3262	162	11	equal	equal	VERB
fsr-3262	162	12	the	the	DET
fsr-3262	162	13	analytic	analytic	ADJ
fsr-3262	162	14	spread	spread	NOUN
fsr-3262	162	15	volatility	volatility	NOUN
fsr-3262	162	16	.	.	PUNCT
fsr-3262	163	1	the	the	DET
fsr-3262	163	2	spread	spread	ADJ
fsr-3262	163	3	option	option	NOUN
fsr-3262	163	4	value	value	NOUN
fsr-3262	163	5	computed	compute	VERB
fsr-3262	163	6	with	with	ADP
fsr-3262	163	7	24	24	NUM
fsr-3262	163	8	r.	r.	PROPN
fsr-3262	163	9	brooks	brooks	PROPN
fsr-3262	163	10	,	,	PUNCT
fsr-3262	163	11	b.n	b.n	PROPN
fsr-3262	163	12	.	.	PROPN
fsr-3262	163	13	cline	cline	PROPN
fsr-3262	163	14	/	/	SYM
fsr-3262	163	15	financial	financial	PROPN
fsr-3262	163	16	services	service	NOUN
fsr-3262	163	17	review	review	VERB
fsr-3262	163	18	24	24	NUM
fsr-3262	163	19	(	(	PUNCT
fsr-3262	163	20	2015	2015	NUM
fsr-3262	163	21	)	)	PUNCT
fsr-3262	163	22	15–35	15–35	NUM
fsr-3262	163	23	the	the	DET
fsr-3262	163	24	lnsopm	lnsopm	NOUN
fsr-3262	163	25	will	will	AUX
fsr-3262	163	26	reflect	reflect	VERB
fsr-3262	163	27	the	the	DET
fsr-3262	163	28	non	non	ADJ
fsr-3262	163	29	-	-	ADJ
fsr-3262	163	30	normal	normal	ADJ
fsr-3262	163	31	distribution	distribution	NOUN
fsr-3262	163	32	.	.	PUNCT
fsr-3262	164	1	when	when	SCONJ
fsr-3262	164	2	the	the	DET
fsr-3262	164	3	normal	normal	ADJ
fsr-3262	164	4	distribution	distribution	NOUN
fsr-3262	164	5	is	be	AUX
fsr-3262	164	6	imposed	impose	VERB
fsr-3262	164	7	,	,	PUNCT
fsr-3262	164	8	the	the	DET
fsr-3262	164	9	nsopm	nsopm	NOUN
fsr-3262	164	10	implied	imply	VERB
fsr-3262	164	11	volatility	volatility	NOUN
fsr-3262	164	12	will	will	AUX
fsr-3262	164	13	adjust	adjust	VERB
fsr-3262	164	14	the	the	DET
fsr-3262	164	15	assumed	assumed	ADJ
fsr-3262	164	16	normal	normal	ADJ
fsr-3262	164	17	distribution	distribution	NOUN
fsr-3262	164	18	to	to	PART
fsr-3262	164	19	reflect	reflect	VERB
fsr-3262	164	20	the	the	DET
fsr-3262	164	21	lnsopm	lnsopm	NOUN
fsr-3262	164	22	price	price	NOUN
fsr-3262	164	23	.	.	PUNCT
fsr-3262	165	1	once	once	SCONJ
fsr-3262	165	2	we	we	PRON
fsr-3262	165	3	have	have	VERB
fsr-3262	165	4	both	both	CCONJ
fsr-3262	165	5	the	the	DET
fsr-3262	165	6	base	base	NOUN
fsr-3262	165	7	and	and	CCONJ
fsr-3262	165	8	alternate	alternate	ADJ
fsr-3262	165	9	models	model	NOUN
fsr-3262	165	10	generating	generate	VERB
fsr-3262	165	11	the	the	DET
fsr-3262	165	12	same	same	ADJ
fsr-3262	165	13	option	option	NOUN
fsr-3262	165	14	prices	price	NOUN
fsr-3262	165	15	,	,	PUNCT
fsr-3262	165	16	we	we	PRON
fsr-3262	165	17	estimate	estimate	VERB
fsr-3262	165	18	the	the	DET
fsr-3262	165	19	risk	risk	NOUN
fsr-3262	165	20	parameters	parameter	NOUN
fsr-3262	165	21	.	.	PUNCT
fsr-3262	166	1	it	it	PRON
fsr-3262	166	2	is	be	AUX
fsr-3262	166	3	important	important	ADJ
fsr-3262	166	4	to	to	PART
fsr-3262	166	5	emphasize	emphasize	VERB
fsr-3262	166	6	that	that	SCONJ
fsr-3262	166	7	risk	risk	NOUN
fsr-3262	166	8	management	management	NOUN
fsr-3262	166	9	is	be	AUX
fsr-3262	166	10	not	not	PART
fsr-3262	166	11	directly	directly	ADV
fsr-3262	166	12	an	an	DET
fsr-3262	166	13	exercise	exercise	NOUN
fsr-3262	166	14	in	in	ADP
fsr-3262	166	15	option	option	NOUN
fsr-3262	166	16	valuation	valuation	NOUN
fsr-3262	166	17	.	.	PUNCT
fsr-3262	167	1	rather	rather	ADV
fsr-3262	167	2	,	,	PUNCT
fsr-3262	167	3	option	option	NOUN
fsr-3262	167	4	valuation	valuation	NOUN
fsr-3262	167	5	models	model	NOUN
fsr-3262	167	6	are	be	AUX
fsr-3262	167	7	used	use	VERB
fsr-3262	167	8	to	to	PART
fsr-3262	167	9	estimate	estimate	VERB
fsr-3262	167	10	risk	risk	NOUN
fsr-3262	167	11	parameters	parameter	NOUN
fsr-3262	167	12	,	,	PUNCT
fsr-3262	167	13	such	such	ADJ
fsr-3262	167	14	as	as	ADP
fsr-3262	167	15	�	�	PROPN
fsr-3262	167	16	,	,	PUNCT
fsr-3262	167	17	�	�	PROPN
fsr-3262	167	18	,	,	PUNCT
fsr-3262	167	19	�	�	PROPN
fsr-3262	167	20	,	,	PUNCT
fsr-3262	167	21	and	and	CCONJ
fsr-3262	167	22	vega	vega	PROPN
fsr-3262	167	23	.	.	PUNCT
fsr-3262	168	1	finally	finally	ADV
fsr-3262	168	2	,	,	PUNCT
fsr-3262	168	3	we	we	PRON
fsr-3262	168	4	assess	assess	VERB
fsr-3262	168	5	the	the	DET
fsr-3262	168	6	magnitude	magnitude	NOUN
fsr-3262	168	7	of	of	ADP
fsr-3262	168	8	the	the	DET
fsr-3262	168	9	risk	risk	NOUN
fsr-3262	168	10	parameter	parameter	NOUN
fsr-3262	168	11	table	table	NOUN
fsr-3262	168	12	1	1	NUM
fsr-3262	168	13	varying	vary	VERB
fsr-3262	168	14	moneyness	moneyness	NOUN
fsr-3262	168	15	panel	panel	NOUN
fsr-3262	168	16	a	a	DET
fsr-3262	168	17	:	:	PUNCT
fsr-3262	168	18	analysis	analysis	NOUN
fsr-3262	168	19	of	of	ADP
fsr-3262	168	20	�	�	PROPN
fsr-3262	168	21	moneyness	moneyness	NOUN
fsr-3262	168	22	call	call	NOUN
fsr-3262	168	23	�	�	PROPN
fsr-3262	168	24	put	put	VERB
fsr-3262	168	25	�	�	NOUN
fsr-3262	168	26	error	error	NOUN
fsr-3262	168	27	factor	factor	NOUN
fsr-3262	168	28	significance	significance	NOUN
fsr-3262	168	29	factor	factor	NOUN
fsr-3262	168	30	error	error	NOUN
fsr-3262	168	31	factor	factor	NOUN
fsr-3262	168	32	significance	significance	NOUN
fsr-3262	168	33	factor	factor	NOUN
fsr-3262	168	34	�	�	PROPN
fsr-3262	168	35	30	30	NUM
fsr-3262	168	36	0.2167	0.2167	NUM
fsr-3262	168	37	0.2340	0.2340	NUM
fsr-3262	168	38	0.0075	0.0075	NUM
fsr-3262	168	39	0.0098	0.0098	NUM
fsr-3262	168	40	�	�	PROPN
fsr-3262	168	41	20	20	NUM
fsr-3262	168	42	0.1572	0.1572	NUM
fsr-3262	168	43	0.1718	0.1718	NUM
fsr-3262	168	44	0.0234	0.0234	NUM
fsr-3262	168	45	0.0292	0.0292	NUM
fsr-3262	168	46	�	�	SYM
fsr-3262	168	47	10	10	NUM
fsr-3262	168	48	0.1097	0.1097	NUM
fsr-3262	168	49	0.1212	0.1212	NUM
fsr-3262	168	50	0.0483	0.0483	NUM
fsr-3262	168	51	0.0588	0.0588	NUM
fsr-3262	168	52	0	0	NUM
fsr-3262	169	1	0.0728	0.0728	NUM
fsr-3262	169	2	0.0813	0.0813	NUM
fsr-3262	169	3	0.0785	0.0785	NUM
fsr-3262	169	4	0.0942	0.0942	NUM
fsr-3262	169	5	10	10	NUM
fsr-3262	169	6	0.0455	0.0455	NUM
fsr-3262	170	1	0.0513	0.0513	NUM
fsr-3262	170	2	0.1108	0.1108	NUM
fsr-3262	170	3	0.1318	0.1318	NUM
fsr-3262	170	4	20	20	NUM
fsr-3262	170	5	0.0266	0.0266	NUM
fsr-3262	170	6	0.0302	0.0302	NUM
fsr-3262	170	7	0.1429	0.1429	NUM
fsr-3262	170	8	0.1696	0.1696	NUM
fsr-3262	170	9	30	30	NUM
fsr-3262	170	10	0.0144	0.0144	NUM
fsr-3262	170	11	0.0165	0.0165	NUM
fsr-3262	170	12	0.1741	0.1741	NUM
fsr-3262	170	13	0.2064	0.2064	NUM
fsr-3262	170	14	panel	panel	NOUN
fsr-3262	170	15	b	b	NOUN
fsr-3262	170	16	:	:	PUNCT
fsr-3262	170	17	analysis	analysis	NOUN
fsr-3262	170	18	of	of	ADP
fsr-3262	170	19	�	�	PROPN
fsr-3262	170	20	and	and	CCONJ
fsr-3262	170	21	�	�	PROPN
fsr-3262	170	22	moneyness	moneyness	NOUN
fsr-3262	170	23	call	call	VERB
fsr-3262	170	24	and	and	CCONJ
fsr-3262	170	25	put	put	VERB
fsr-3262	170	26	�	�	PROPN
fsr-3262	170	27	call	call	NOUN
fsr-3262	170	28	and	and	CCONJ
fsr-3262	170	29	put	put	VERB
fsr-3262	170	30	�	�	PROPN
fsr-3262	170	31	error	error	NOUN
fsr-3262	170	32	factor	factor	NOUN
fsr-3262	170	33	significance	significance	NOUN
fsr-3262	170	34	factor	factor	NOUN
fsr-3262	170	35	error	error	NOUN
fsr-3262	170	36	factor	factor	NOUN
fsr-3262	170	37	significance	significance	NOUN
fsr-3262	170	38	factor	factor	NOUN
fsr-3262	170	39	�	�	PROPN
fsr-3262	170	40	30	30	NUM
fsr-3262	170	41	0.3574	0.3574	NUM
fsr-3262	170	42	*	*	PUNCT
fsr-3262	170	43	0.1722	0.1722	NUM
fsr-3262	170	44	0.0474	0.0474	NUM
fsr-3262	170	45	0.1920	0.1920	NUM
fsr-3262	170	46	�	�	NOUN
fsr-3262	170	47	20	20	NUM
fsr-3262	170	48	0.2204	0.2204	NUM
fsr-3262	170	49	*	*	SYM
fsr-3262	170	50	0.0984	0.0984	NUM
fsr-3262	170	51	0.0474	0.0474	NUM
fsr-3262	170	52	0.1182	0.1182	NUM
fsr-3262	170	53	�	�	PROPN
fsr-3262	170	54	10	10	NUM
fsr-3262	170	55	0.1002	0.1002	NUM
fsr-3262	170	56	*	*	PUNCT
fsr-3262	170	57	0.0999	0.0999	NUM
fsr-3262	170	58	0.0474	0.0474	NUM
fsr-3262	170	59	0.0529	0.0529	NUM
fsr-3262	170	60	0	0	NUM
fsr-3262	171	1	0.0060	0.0060	NUM
fsr-3262	171	2	0.0255	0.0255	NUM
fsr-3262	171	3	0.0474	0.0474	NUM
fsr-3262	171	4	*	*	PUNCT
fsr-3262	171	5	0.0056	0.0056	NUM
fsr-3262	171	6	10	10	NUM
fsr-3262	171	7	0.1005	0.1005	NUM
fsr-3262	171	8	*	*	NOUN
fsr-3262	172	1	0.0784	0.0784	NUM
fsr-3262	172	2	0.0474	0.0474	NUM
fsr-3262	172	3	0.0585	0.0585	NUM
fsr-3262	172	4	20	20	NUM
fsr-3262	172	5	0.1850	0.1850	NUM
fsr-3262	172	6	*	*	PUNCT
fsr-3262	172	7	0.1266	0.1266	NUM
fsr-3262	172	8	0.0474	0.0474	NUM
fsr-3262	172	9	0.1068	0.1068	NUM
fsr-3262	172	10	30	30	NUM
fsr-3262	172	11	0.2611	0.2611	NUM
fsr-3262	172	12	*	*	PUNCT
fsr-3262	173	1	0.1709	0.1709	NUM
fsr-3262	173	2	0.0474	0.0474	NUM
fsr-3262	173	3	0.1511	0.1511	NUM
fsr-3262	173	4	panel	panel	NOUN
fsr-3262	173	5	c	c	NOUN
fsr-3262	173	6	:	:	PUNCT
fsr-3262	173	7	analysis	analysis	NOUN
fsr-3262	173	8	of	of	ADP
fsr-3262	173	9	vega	vega	PROPN
fsr-3262	173	10	and	and	CCONJ
fsr-3262	173	11	correlation	correlation	NOUN
fsr-3262	173	12	moneyness	moneyness	NOUN
fsr-3262	173	13	call	call	NOUN
fsr-3262	173	14	and	and	CCONJ
fsr-3262	173	15	put	put	VERB
fsr-3262	173	16	vega	vega	PROPN
fsr-3262	173	17	correlation	correlation	NOUN
fsr-3262	173	18	�	�	PROPN
fsr-3262	173	19	error	error	NOUN
fsr-3262	173	20	factor	factor	NOUN
fsr-3262	173	21	significance	significance	NOUN
fsr-3262	173	22	factor	factor	NOUN
fsr-3262	173	23	error	error	NOUN
fsr-3262	173	24	factor	factor	NOUN
fsr-3262	173	25	significance	significance	NOUN
fsr-3262	173	26	factor	factor	NOUN
fsr-3262	173	27	�	�	PROPN
fsr-3262	173	28	30	30	NUM
fsr-3262	173	29	333.2600	333.2600	NUM
fsr-3262	173	30	*	*	NOUN
fsr-3262	173	31	0.1920	0.1920	NUM
fsr-3262	173	32	0.0785	0.0785	NUM
fsr-3262	173	33	0.1920	0.1920	NUM
fsr-3262	173	34	�	�	SYM
fsr-3262	173	35	20	20	NUM
fsr-3262	173	36	3.1001	3.1001	NUM
fsr-3262	173	37	*	*	PUNCT
fsr-3262	173	38	0.1182	0.1182	NUM
fsr-3262	173	39	0.1020	0.1020	NUM
fsr-3262	173	40	0.1182	0.1182	NUM
fsr-3262	173	41	�	�	NOUN
fsr-3262	173	42	10	10	NUM
fsr-3262	173	43	0.7135	0.7135	NUM
fsr-3262	173	44	*	*	PUNCT
fsr-3262	173	45	0.0529	0.0529	NUM
fsr-3262	173	46	0.1136	0.1136	NUM
fsr-3262	173	47	*	*	PUNCT
fsr-3262	173	48	0.0529	0.0529	NUM
fsr-3262	173	49	0	0	NUM
fsr-3262	173	50	0.0819	0.0819	NUM
fsr-3262	173	51	*	*	PUNCT
fsr-3262	173	52	0.0056	0.0056	NUM
fsr-3262	173	53	0.1169	0.1169	NUM
fsr-3262	173	54	*	*	PUNCT
fsr-3262	173	55	0.0056	0.0056	NUM
fsr-3262	173	56	10	10	NUM
fsr-3262	173	57	0.4830	0.4830	NUM
fsr-3262	173	58	*	*	PUNCT
fsr-3262	173	59	0.0585	0.0585	NUM
fsr-3262	173	60	0.1142	0.1142	NUM
fsr-3262	173	61	*	*	PUNCT
fsr-3262	173	62	0.0585	0.0585	NUM
fsr-3262	173	63	20	20	NUM
fsr-3262	173	64	0.7265	0.7265	NUM
fsr-3262	173	65	*	*	PUNCT
fsr-3262	173	66	0.1068	0.1068	NUM
fsr-3262	174	1	0.1070	0.1070	NUM
fsr-3262	174	2	*	*	PUNCT
fsr-3262	174	3	0.1068	0.1068	NUM
fsr-3262	174	4	30	30	NUM
fsr-3262	174	5	0.8911	0.8911	NUM
fsr-3262	174	6	*	*	PUNCT
fsr-3262	175	1	0.1511	0.1511	NUM
fsr-3262	175	2	0.0963	0.0963	NUM
fsr-3262	175	3	0.1511	0.1511	NUM
fsr-3262	175	4	this	this	DET
fsr-3262	175	5	table	table	NOUN
fsr-3262	175	6	reports	report	VERB
fsr-3262	175	7	the	the	DET
fsr-3262	175	8	error	error	NOUN
fsr-3262	175	9	and	and	CCONJ
fsr-3262	175	10	significance	significance	NOUN
fsr-3262	175	11	factor	factor	NOUN
fsr-3262	175	12	for	for	ADP
fsr-3262	175	13	selected	select	VERB
fsr-3262	175	14	risk	risk	NOUN
fsr-3262	175	15	parameters	parameter	NOUN
fsr-3262	175	16	for	for	ADP
fsr-3262	175	17	the	the	DET
fsr-3262	175	18	lnsopm	lnsopm	NOUN
fsr-3262	175	19	and	and	CCONJ
fsr-3262	175	20	nsopm	nsopm	VERB
fsr-3262	175	21	when	when	SCONJ
fsr-3262	175	22	the	the	DET
fsr-3262	175	23	option	option	NOUN
fsr-3262	175	24	prices	price	NOUN
fsr-3262	175	25	are	be	AUX
fsr-3262	175	26	calibrated	calibrate	VERB
fsr-3262	175	27	together	together	ADV
fsr-3262	175	28	.	.	PUNCT
fsr-3262	176	1	moneyness	moneyness	NOUN
fsr-3262	176	2	of	of	ADP
fsr-3262	176	3	the	the	DET
fsr-3262	176	4	option	option	NOUN
fsr-3262	176	5	is	be	AUX
fsr-3262	176	6	varied	varied	ADJ
fsr-3262	176	7	from	from	ADP
fsr-3262	176	8	�	�	PROPN
fsr-3262	176	9	30	30	NUM
fsr-3262	176	10	to	to	PART
fsr-3262	176	11	30	30	NUM
fsr-3262	176	12	.	.	PUNCT
fsr-3262	176	13	time	time	NOUN
fsr-3262	176	14	to	to	ADP
fsr-3262	176	15	maturity	maturity	NOUN
fsr-3262	176	16	is	be	AUX
fsr-3262	176	17	set	set	VERB
fsr-3262	176	18	equal	equal	ADJ
fsr-3262	176	19	to	to	ADP
fsr-3262	176	20	one	one	NUM
fsr-3262	176	21	year	year	NOUN
fsr-3262	176	22	,	,	PUNCT
fsr-3262	176	23	volatility	volatility	NOUN
fsr-3262	176	24	is	be	AUX
fsr-3262	176	25	30	30	NUM
fsr-3262	176	26	%	%	NOUN
fsr-3262	176	27	for	for	ADP
fsr-3262	176	28	both	both	DET
fsr-3262	176	29	indexes	index	NOUN
fsr-3262	176	30	,	,	PUNCT
fsr-3262	176	31	the	the	DET
fsr-3262	176	32	risk	risk	NOUN
fsr-3262	176	33	-	-	PUNCT
fsr-3262	176	34	free	free	ADJ
fsr-3262	176	35	rate	rate	NOUN
fsr-3262	176	36	is	be	AUX
fsr-3262	176	37	5	5	NUM
fsr-3262	176	38	%	%	NOUN
fsr-3262	176	39	,	,	PUNCT
fsr-3262	176	40	no	no	DET
fsr-3262	176	41	dividends	dividend	NOUN
fsr-3262	176	42	are	be	AUX
fsr-3262	176	43	assumed	assume	VERB
fsr-3262	176	44	,	,	PUNCT
fsr-3262	176	45	and	and	CCONJ
fsr-3262	176	46	the	the	DET
fsr-3262	176	47	correlation	correlation	NOUN
fsr-3262	176	48	coefficient	coefficient	NOUN
fsr-3262	176	49	is	be	AUX
fsr-3262	176	50	0.8	0.8	NUM
fsr-3262	176	51	.	.	PUNCT
fsr-3262	177	1	index	index	NOUN
fsr-3262	177	2	2	2	NUM
fsr-3262	177	3	is	be	AUX
fsr-3262	177	4	set	set	VERB
fsr-3262	177	5	to	to	ADP
fsr-3262	177	6	100.0	100.0	NUM
fsr-3262	177	7	and	and	CCONJ
fsr-3262	177	8	the	the	DET
fsr-3262	177	9	strike	strike	NOUN
fsr-3262	177	10	price	price	NOUN
fsr-3262	177	11	is	be	AUX
fsr-3262	177	12	set	set	VERB
fsr-3262	177	13	to	to	ADP
fsr-3262	177	14	zero	zero	NUM
fsr-3262	177	15	.	.	PUNCT
fsr-3262	178	1	index	index	NOUN
fsr-3262	178	2	1	1	NUM
fsr-3262	178	3	is	be	AUX
fsr-3262	178	4	varied	varied	ADJ
fsr-3262	178	5	in	in	ADP
fsr-3262	178	6	increments	increment	NOUN
fsr-3262	178	7	of	of	ADP
fsr-3262	178	8	10.0	10.0	NUM
fsr-3262	178	9	,	,	PUNCT
fsr-3262	178	10	allowing	allow	VERB
fsr-3262	178	11	moneyness	moneyness	NOUN
fsr-3262	178	12	to	to	PART
fsr-3262	178	13	vary	vary	VERB
fsr-3262	178	14	from	from	ADP
fsr-3262	178	15	�	�	NOUN
fsr-3262	178	16	30.0	30.0	NUM
fsr-3262	178	17	to	to	ADP
fsr-3262	178	18	30.0	30.0	NUM
fsr-3262	178	19	.	.	PUNCT
fsr-3262	179	1	trading	trading	NOUN
fsr-3262	179	2	costs	cost	NOUN
fsr-3262	179	3	are	be	AUX
fsr-3262	179	4	assumed	assume	VERB
fsr-3262	179	5	to	to	PART
fsr-3262	179	6	be	be	AUX
fsr-3262	179	7	one	one	NUM
fsr-3262	179	8	percentage	percentage	NOUN
fsr-3262	179	9	for	for	ADP
fsr-3262	179	10	both	both	DET
fsr-3262	179	11	assets	asset	NOUN
fsr-3262	179	12	;	;	PUNCT
fsr-3262	179	13	hence	hence	ADV
fsr-3262	179	14	,	,	PUNCT
fsr-3262	179	15	buying	buy	VERB
fsr-3262	179	16	the	the	DET
fsr-3262	179	17	spread	spread	NOUN
fsr-3262	179	18	would	would	AUX
fsr-3262	179	19	result	result	VERB
fsr-3262	179	20	in	in	ADP
fsr-3262	179	21	a	a	DET
fsr-3262	179	22	one	one	NUM
fsr-3262	179	23	percentage	percentage	NOUN
fsr-3262	179	24	decline	decline	NOUN
fsr-3262	179	25	in	in	ADP
fsr-3262	179	26	index	index	NOUN
fsr-3262	179	27	1	1	NUM
fsr-3262	179	28	and	and	CCONJ
fsr-3262	179	29	a	a	DET
fsr-3262	179	30	one	one	NUM
fsr-3262	179	31	percentage	percentage	NOUN
fsr-3262	179	32	increase	increase	NOUN
fsr-3262	179	33	in	in	ADP
fsr-3262	179	34	index	index	NOUN
fsr-3262	179	35	2	2	NUM
fsr-3262	179	36	.	.	PUNCT
fsr-3262	180	1	*	*	NOUN
fsr-3262	180	2	denotes	denote	VERB
fsr-3262	180	3	the	the	DET
fsr-3262	180	4	error	error	NOUN
fsr-3262	180	5	factor	factor	NOUN
fsr-3262	180	6	being	be	AUX
fsr-3262	180	7	greater	great	ADJ
fsr-3262	180	8	than	than	ADP
fsr-3262	180	9	the	the	DET
fsr-3262	180	10	significance	significance	NOUN
fsr-3262	180	11	factor	factor	NOUN
fsr-3262	180	12	.	.	PUNCT
fsr-3262	181	1	25r	25r	PROPN
fsr-3262	181	2	.	.	PUNCT
fsr-3262	182	1	brooks	brooks	PROPN
fsr-3262	182	2	,	,	PUNCT
fsr-3262	182	3	b.n	b.n	PROPN
fsr-3262	182	4	.	.	PROPN
fsr-3262	182	5	cline	cline	PROPN
fsr-3262	182	6	/	/	SYM
fsr-3262	182	7	financial	financial	PROPN
fsr-3262	182	8	services	service	NOUN
fsr-3262	182	9	review	review	VERB
fsr-3262	182	10	24	24	NUM
fsr-3262	182	11	(	(	PUNCT
fsr-3262	182	12	2015	2015	NUM
fsr-3262	182	13	)	)	PUNCT
fsr-3262	182	14	15–35	15–35	NUM
fsr-3262	182	15	difference	difference	NOUN
fsr-3262	182	16	.	.	PUNCT
fsr-3262	183	1	by	by	ADP
fsr-3262	183	2	varying	vary	VERB
fsr-3262	183	3	the	the	DET
fsr-3262	183	4	initial	initial	ADJ
fsr-3262	183	5	inputs	input	NOUN
fsr-3262	183	6	,	,	PUNCT
fsr-3262	183	7	we	we	PRON
fsr-3262	183	8	demonstrate	demonstrate	VERB
fsr-3262	183	9	that	that	SCONJ
fsr-3262	183	10	the	the	DET
fsr-3262	183	11	risk	risk	NOUN
fsr-3262	183	12	parameter	parameter	NOUN
fsr-3262	183	13	differences	difference	NOUN
fsr-3262	183	14	between	between	ADP
fsr-3262	183	15	the	the	DET
fsr-3262	183	16	two	two	NUM
fsr-3262	183	17	models	model	NOUN
fsr-3262	183	18	are	be	AUX
fsr-3262	183	19	often	often	ADV
fsr-3262	183	20	not	not	PART
fsr-3262	183	21	materially	materially	ADV
fsr-3262	183	22	different	different	ADJ
fsr-3262	183	23	.	.	PUNCT
fsr-3262	184	1	however	however	ADV
fsr-3262	184	2	,	,	PUNCT
fsr-3262	184	3	the	the	DET
fsr-3262	184	4	question	question	NOUN
fsr-3262	184	5	arises	arise	VERB
fsr-3262	184	6	:	:	PUNCT
fsr-3262	184	7	what	what	PRON
fsr-3262	184	8	is	be	AUX
fsr-3262	184	9	materially	materially	ADV
fsr-3262	184	10	different	different	ADJ
fsr-3262	184	11	?	?	PUNCT
fsr-3262	185	1	specifically	specifically	ADV
fsr-3262	185	2	,	,	PUNCT
fsr-3262	185	3	from	from	ADP
fsr-3262	185	4	a	a	DET
fsr-3262	185	5	risk	risk	NOUN
fsr-3262	185	6	management	management	NOUN
fsr-3262	185	7	perspective	perspective	NOUN
fsr-3262	185	8	,	,	PUNCT
fsr-3262	185	9	what	what	PRON
fsr-3262	185	10	dictates	dictate	VERB
fsr-3262	185	11	a	a	DET
fsr-3262	185	12	significant	significant	ADJ
fsr-3262	185	13	difference	difference	NOUN
fsr-3262	185	14	in	in	ADP
fsr-3262	185	15	risk	risk	NOUN
fsr-3262	185	16	parameters	parameter	NOUN
fsr-3262	185	17	of	of	ADP
fsr-3262	185	18	the	the	DET
fsr-3262	185	19	models	model	NOUN
fsr-3262	185	20	being	be	AUX
fsr-3262	185	21	compared	compare	VERB
fsr-3262	185	22	?	?	PUNCT
fsr-3262	186	1	are	be	AUX
fsr-3262	186	2	�	�	NOUN
fsr-3262	186	3	s	s	PART
fsr-3262	186	4	of	of	ADP
fsr-3262	186	5	0.53	0.53	NUM
fsr-3262	186	6	and	and	CCONJ
fsr-3262	186	7	0.54	0.54	NUM
fsr-3262	186	8	materially	materially	ADV
fsr-3262	186	9	different	different	ADJ
fsr-3262	186	10	?	?	PUNCT
fsr-3262	187	1	our	our	PRON
fsr-3262	187	2	measure	measure	NOUN
fsr-3262	187	3	of	of	ADP
fsr-3262	187	4	materiality	materiality	NOUN
fsr-3262	187	5	is	be	AUX
fsr-3262	187	6	based	base	VERB
fsr-3262	187	7	on	on	ADP
fsr-3262	187	8	the	the	DET
fsr-3262	187	9	impact	impact	NOUN
fsr-3262	187	10	of	of	ADP
fsr-3262	187	11	trading	trading	NOUN
fsr-3262	187	12	costs	cost	NOUN
fsr-3262	187	13	on	on	ADP
fsr-3262	187	14	the	the	DET
fsr-3262	187	15	value	value	NOUN
fsr-3262	187	16	of	of	ADP
fsr-3262	187	17	risk	risk	NOUN
fsr-3262	187	18	parameters	parameter	NOUN
fsr-3262	187	19	.	.	PUNCT
fsr-3262	188	1	3.1	3.1	NUM
fsr-3262	188	2	.	.	PUNCT
fsr-3262	188	3	significance	significance	NOUN
fsr-3262	188	4	measure	measure	VERB
fsr-3262	188	5	the	the	DET
fsr-3262	188	6	bid	bid	NOUN
fsr-3262	188	7	-	-	PUNCT
fsr-3262	188	8	ask	ask	NOUN
fsr-3262	188	9	spread	spread	NOUN
fsr-3262	188	10	represents	represent	VERB
fsr-3262	188	11	an	an	DET
fsr-3262	188	12	approximation	approximation	NOUN
fsr-3262	188	13	of	of	ADP
fsr-3262	188	14	the	the	DET
fsr-3262	188	15	marginal	marginal	ADJ
fsr-3262	188	16	cost	cost	NOUN
fsr-3262	188	17	to	to	ADP
fsr-3262	188	18	the	the	DET
fsr-3262	188	19	market	market	NOUN
fsr-3262	188	20	maker	maker	NOUN
fsr-3262	188	21	for	for	ADP
fsr-3262	188	22	rebalancing	rebalance	VERB
fsr-3262	188	23	the	the	DET
fsr-3262	188	24	portfolio	portfolio	NOUN
fsr-3262	188	25	.	.	PUNCT
fsr-3262	189	1	there	there	PRON
fsr-3262	189	2	are	be	VERB
fsr-3262	189	3	clearly	clearly	ADV
fsr-3262	189	4	other	other	ADJ
fsr-3262	189	5	costs	cost	NOUN
fsr-3262	189	6	,	,	PUNCT
fsr-3262	189	7	such	such	ADJ
fsr-3262	189	8	as	as	ADP
fsr-3262	189	9	fixed	fix	VERB
fsr-3262	189	10	costs	cost	NOUN
fsr-3262	189	11	,	,	PUNCT
fsr-3262	189	12	market	market	NOUN
fsr-3262	189	13	impact	impact	NOUN
fsr-3262	189	14	costs	cost	NOUN
fsr-3262	189	15	,	,	PUNCT
fsr-3262	189	16	and	and	CCONJ
fsr-3262	189	17	other	other	ADJ
fsr-3262	189	18	variable	variable	ADJ
fsr-3262	189	19	costs	cost	NOUN
fsr-3262	189	20	.	.	PUNCT
fsr-3262	190	1	to	to	PART
fsr-3262	190	2	apply	apply	VERB
fsr-3262	190	3	the	the	DET
fsr-3262	190	4	methodology	methodology	NOUN
fsr-3262	190	5	below	below	ADP
fsr-3262	190	6	with	with	ADP
fsr-3262	190	7	these	these	DET
fsr-3262	190	8	other	other	ADJ
fsr-3262	190	9	costs	cost	NOUN
fsr-3262	190	10	,	,	PUNCT
fsr-3262	190	11	one	one	PRON
fsr-3262	190	12	would	would	AUX
fsr-3262	190	13	have	have	VERB
fsr-3262	190	14	to	to	PART
fsr-3262	190	15	appropriately	appropriately	ADV
fsr-3262	190	16	adjust	adjust	VERB
fsr-3262	190	17	the	the	DET
fsr-3262	190	18	estimated	estimate	VERB
fsr-3262	190	19	bid	bid	NOUN
fsr-3262	190	20	-	-	PUNCT
fsr-3262	190	21	ask	ask	NOUN
fsr-3262	190	22	spread	spread	NOUN
fsr-3262	190	23	.	.	PUNCT
fsr-3262	191	1	our	our	PRON
fsr-3262	191	2	goal	goal	NOUN
fsr-3262	191	3	here	here	ADV
fsr-3262	191	4	is	be	AUX
fsr-3262	191	5	not	not	PART
fsr-3262	191	6	to	to	PART
fsr-3262	191	7	decompose	decompose	VERB
fsr-3262	191	8	the	the	DET
fsr-3262	191	9	total	total	ADJ
fsr-3262	191	10	spread	spread	NOUN
fsr-3262	191	11	option	option	NOUN
fsr-3262	191	12	price	price	NOUN
fsr-3262	191	13	change	change	NOUN
fsr-3262	191	14	into	into	ADP
fsr-3262	191	15	the	the	DET
fsr-3262	191	16	greek	greek	ADJ
fsr-3262	191	17	components	component	NOUN
fsr-3262	191	18	,	,	PUNCT
fsr-3262	191	19	rather	rather	ADV
fsr-3262	191	20	merely	merely	ADV
fsr-3262	191	21	to	to	PART
fsr-3262	191	22	acknowledge	acknowledge	VERB
fsr-3262	191	23	that	that	SCONJ
fsr-3262	191	24	trading	trading	NOUN
fsr-3262	191	25	costs	cost	NOUN
fsr-3262	191	26	impact	impact	VERB
fsr-3262	191	27	the	the	DET
fsr-3262	191	28	ability	ability	NOUN
fsr-3262	191	29	to	to	PART
fsr-3262	191	30	actually	actually	ADV
fsr-3262	191	31	implement	implement	VERB
fsr-3262	191	32	a	a	DET
fsr-3262	191	33	hedging	hedging	NOUN
fsr-3262	191	34	strategy	strategy	NOUN
fsr-3262	191	35	.	.	PUNCT
fsr-3262	192	1	the	the	PRON
fsr-3262	192	2	higher	high	ADJ
fsr-3262	192	3	the	the	DET
fsr-3262	192	4	bid	bid	NOUN
fsr-3262	192	5	-	-	PUNCT
fsr-3262	192	6	ask	ask	NOUN
fsr-3262	192	7	spread	spread	NOUN
fsr-3262	192	8	,	,	PUNCT
fsr-3262	192	9	the	the	PRON
fsr-3262	192	10	less	less	ADV
fsr-3262	192	11	frequently	frequently	ADV
fsr-3262	192	12	the	the	DET
fsr-3262	192	13	portfolio	portfolio	NOUN
fsr-3262	192	14	would	would	AUX
fsr-3262	192	15	be	be	AUX
fsr-3262	192	16	rebalanced	rebalance	VERB
fsr-3262	192	17	,	,	PUNCT
fsr-3262	192	18	and	and	CCONJ
fsr-3262	192	19	therefore	therefore	ADV
fsr-3262	192	20	,	,	PUNCT
fsr-3262	192	21	the	the	DET
fsr-3262	192	22	risk	risk	NOUN
fsr-3262	192	23	parameters	parameter	NOUN
fsr-3262	192	24	need	need	AUX
fsr-3262	192	25	not	not	PART
fsr-3262	192	26	be	be	AUX
fsr-3262	192	27	as	as	ADV
fsr-3262	192	28	precise	precise	ADJ
fsr-3262	192	29	.	.	PUNCT
fsr-3262	193	1	when	when	SCONJ
fsr-3262	193	2	applied	apply	VERB
fsr-3262	193	3	by	by	ADP
fsr-3262	193	4	individual	individual	ADJ
fsr-3262	193	5	investors	investor	NOUN
fsr-3262	193	6	,	,	PUNCT
fsr-3262	193	7	the	the	DET
fsr-3262	193	8	goal	goal	NOUN
fsr-3262	193	9	is	be	AUX
fsr-3262	193	10	merely	merely	ADV
fsr-3262	193	11	to	to	PART
fsr-3262	193	12	estimate	estimate	VERB
fsr-3262	193	13	the	the	DET
fsr-3262	193	14	current	current	ADJ
fsr-3262	193	15	market	market	NOUN
fsr-3262	193	16	price	price	NOUN
fsr-3262	193	17	of	of	ADP
fsr-3262	193	18	mitigating	mitigate	VERB
fsr-3262	193	19	the	the	DET
fsr-3262	193	20	risk	risk	NOUN
fsr-3262	193	21	of	of	ADP
fsr-3262	193	22	a	a	DET
fsr-3262	193	23	decline	decline	NOUN
fsr-3262	193	24	in	in	ADP
fsr-3262	193	25	the	the	DET
fsr-3262	193	26	spread	spread	NOUN
fsr-3262	193	27	between	between	ADP
fsr-3262	193	28	assets	asset	NOUN
fsr-3262	193	29	and	and	CCONJ
fsr-3262	193	30	liabilities	liability	NOUN
fsr-3262	193	31	.	.	PUNCT
fsr-3262	194	1	our	our	PRON
fsr-3262	194	2	significance	significance	NOUN
fsr-3262	194	3	measure	measure	NOUN
fsr-3262	194	4	between	between	ADP
fsr-3262	194	5	the	the	DET
fsr-3262	194	6	risk	risk	NOUN
fsr-3262	194	7	parameters	parameter	NOUN
fsr-3262	194	8	of	of	ADP
fsr-3262	194	9	the	the	DET
fsr-3262	194	10	base	base	NOUN
fsr-3262	194	11	and	and	CCONJ
fsr-3262	194	12	alternate	alternate	ADJ
fsr-3262	194	13	models	model	NOUN
fsr-3262	194	14	,	,	PUNCT
fsr-3262	194	15	therefore	therefore	ADV
fsr-3262	194	16	,	,	PUNCT
fsr-3262	194	17	is	be	AUX
fsr-3262	194	18	a	a	DET
fsr-3262	194	19	function	function	NOUN
fsr-3262	194	20	of	of	ADP
fsr-3262	194	21	the	the	DET
fsr-3262	194	22	bid	bid	NOUN
fsr-3262	194	23	-	-	PUNCT
fsr-3262	194	24	ask	ask	NOUN
fsr-3262	194	25	spread	spread	NOUN
fsr-3262	194	26	.	.	PUNCT
fsr-3262	195	1	consider	consider	VERB
fsr-3262	195	2	the	the	DET
fsr-3262	195	3	following	follow	VERB
fsr-3262	195	4	measure	measure	NOUN
fsr-3262	195	5	of	of	ADP
fsr-3262	195	6	significance	significance	NOUN
fsr-3262	195	7	.	.	PUNCT
fsr-3262	196	1	significance	significance	NOUN
fsr-3262	196	2	measure	measure	NOUN
fsr-3262	196	3	:	:	PUNCT
fsr-3262	196	4	assuming	assume	VERB
fsr-3262	196	5	the	the	DET
fsr-3262	196	6	market	market	NOUN
fsr-3262	196	7	maker	maker	NOUN
fsr-3262	196	8	has	have	VERB
fsr-3262	196	9	the	the	DET
fsr-3262	196	10	ability	ability	NOUN
fsr-3262	196	11	to	to	PART
fsr-3262	196	12	rebalance	rebalance	VERB
fsr-3262	196	13	the	the	DET
fsr-3262	196	14	portfolio	portfolio	NOUN
fsr-3262	196	15	,	,	PUNCT
fsr-3262	196	16	an	an	DET
fsr-3262	196	17	insignificant	insignificant	ADJ
fsr-3262	196	18	difference	difference	NOUN
fsr-3262	196	19	in	in	ADP
fsr-3262	196	20	risk	risk	NOUN
fsr-3262	196	21	parameter	parameter	NOUN
fsr-3262	196	22	(	(	PUNCT
fsr-3262	196	23	rp	rp	NOUN
fsr-3262	196	24	)	)	PUNCT
fsr-3262	196	25	of	of	ADP
fsr-3262	196	26	the	the	DET
fsr-3262	196	27	base	base	NOUN
fsr-3262	196	28	and	and	CCONJ
fsr-3262	196	29	alternate	alternate	ADJ
fsr-3262	196	30	models	model	NOUN
fsr-3262	196	31	being	be	AUX
fsr-3262	196	32	compared	compare	VERB
fsr-3262	196	33	exists	exist	VERB
fsr-3262	196	34	if	if	SCONJ
fsr-3262	196	35	the	the	DET
fsr-3262	196	36	risk	risk	NOUN
fsr-3262	196	37	parameter	parameter	NOUN
fsr-3262	196	38	error	error	NOUN
fsr-3262	196	39	factor	factor	NOUN
fsr-3262	196	40	between	between	ADP
fsr-3262	196	41	the	the	DET
fsr-3262	196	42	models	model	NOUN
fsr-3262	196	43	is	be	AUX
fsr-3262	196	44	less	less	ADJ
fsr-3262	196	45	than	than	ADP
fsr-3262	196	46	the	the	DET
fsr-3262	196	47	significance	significance	NOUN
fsr-3262	196	48	factor	factor	NOUN
fsr-3262	196	49	.	.	PUNCT
fsr-3262	197	1	the	the	DET
fsr-3262	197	2	significance	significance	NOUN
fsr-3262	197	3	factor	factor	NOUN
fsr-3262	197	4	of	of	ADP
fsr-3262	197	5	the	the	DET
fsr-3262	197	6	base	base	NOUN
fsr-3262	197	7	model	model	NOUN
fsr-3262	197	8	is	be	AUX
fsr-3262	197	9	:	:	PUNCT
fsr-3262	197	10	ŝ	ŝ	ADP
fsr-3262	197	11	�	�	PROPN
fsr-3262	197	12	|	|	NOUN
fsr-3262	197	13	rpbase	rpbase	NOUN
fsr-3262	197	14	,	,	PUNCT
fsr-3262	197	15	ask	ask	VERB
fsr-3262	197	16	�	�	PROPN
fsr-3262	197	17	t	t	PROPN
fsr-3262	197	18	�	�	PROPN
fsr-3262	197	19	�	�	PROPN
fsr-3262	197	20	rpbase	rpbase	NOUN
fsr-3262	197	21	,	,	PUNCT
fsr-3262	197	22	bid	bid	PROPN
fsr-3262	197	23	�	�	PROPN
fsr-3262	197	24	t	t	PROPN
fsr-3262	197	25	�	�	PROPN
fsr-3262	197	26	�	�	PROPN
fsr-3262	197	27	rpbase	rpbase	NOUN
fsr-3262	197	28	,	,	PUNCT
fsr-3262	197	29	ask	ask	VERB
fsr-3262	197	30	�	�	PROPN
fsr-3262	197	31	t	t	PROPN
fsr-3262	197	32	�	�	PROPN
fsr-3262	197	33	�	�	PROPN
fsr-3262	197	34	rpbase	rpbase	NOUN
fsr-3262	197	35	,	,	PUNCT
fsr-3262	197	36	bid	bid	PROPN
fsr-3262	197	37	�	�	PROPN
fsr-3262	197	38	t	t	PROPN
fsr-3262	197	39	�	�	PROPN
fsr-3262	197	40	2	2	NUM
fsr-3262	197	41	�	�	PROPN
fsr-3262	197	42	|	|	ADV
fsr-3262	197	43	,	,	PUNCT
fsr-3262	197	44	(	(	PUNCT
fsr-3262	197	45	25	25	NUM
fsr-3262	197	46	)	)	PUNCT
fsr-3262	197	47	and	and	CCONJ
fsr-3262	197	48	the	the	DET
fsr-3262	197	49	risk	risk	NOUN
fsr-3262	197	50	parameter	parameter	NOUN
fsr-3262	197	51	error	error	NOUN
fsr-3262	197	52	factor	factor	NOUN
fsr-3262	197	53	between	between	ADP
fsr-3262	197	54	the	the	DET
fsr-3262	197	55	base	base	NOUN
fsr-3262	197	56	and	and	CCONJ
fsr-3262	197	57	alternate	alternate	ADJ
fsr-3262	197	58	model	model	NOUN
fsr-3262	197	59	is	be	AUX
fsr-3262	197	60	:	:	PUNCT
fsr-3262	197	61	�	�	PROPN
fsr-3262	197	62	rp	rp	PROPN
fsr-3262	197	63	�	�	PROPN
fsr-3262	197	64	|	|	NOUN
fsr-3262	197	65	rpbase	rpbase	PROPN
fsr-3262	197	66	�	�	PROPN
fsr-3262	197	67	t	t	PROPN
fsr-3262	197	68	�	�	PROPN
fsr-3262	197	69	�	�	PROPN
fsr-3262	197	70	rpalt	rpalt	NOUN
fsr-3262	197	71	�	�	PROPN
fsr-3262	197	72	t	t	PROPN
fsr-3262	197	73	�	�	PROPN
fsr-3262	197	74	�	�	PROPN
fsr-3262	197	75	rpbase	rpbase	PROPN
fsr-3262	197	76	�	�	PROPN
fsr-3262	197	77	t	t	PROPN
fsr-3262	197	78	�	�	PROPN
fsr-3262	197	79	�	�	PROPN
fsr-3262	197	80	rpalt	rpalt	NOUN
fsr-3262	197	81	�	�	PROPN
fsr-3262	197	82	t	t	PROPN
fsr-3262	197	83	�	�	PROPN
fsr-3262	197	84	2	2	NUM
fsr-3262	197	85	�	�	PROPN
fsr-3262	197	86	|	|	ADV
fsr-3262	197	87	.	.	PUNCT
fsr-3262	198	1	(	(	PUNCT
fsr-3262	198	2	26	26	NUM
fsr-3262	198	3	)	)	PUNCT
fsr-3262	198	4	thus	thus	ADV
fsr-3262	198	5	,	,	PUNCT
fsr-3262	198	6	�	�	PROPN
fsr-3262	198	7	rp	rp	PROPN
fsr-3262	198	8	�	�	PROPN
fsr-3262	198	9	ŝ	ŝ	PROPN
fsr-3262	198	10	implies	imply	VERB
fsr-3262	198	11	rpbase	rpbase	PROPN
fsr-3262	198	12	�	�	PROPN
fsr-3262	198	13	rpalt	rpalt	NOUN
fsr-3262	198	14	,	,	PUNCT
fsr-3262	198	15	26	26	NUM
fsr-3262	198	16	r.	r.	PROPN
fsr-3262	198	17	brooks	brooks	PROPN
fsr-3262	198	18	,	,	PUNCT
fsr-3262	198	19	b.n	b.n	PROPN
fsr-3262	198	20	.	.	PROPN
fsr-3262	198	21	cline	cline	PROPN
fsr-3262	198	22	/	/	SYM
fsr-3262	198	23	financial	financial	PROPN
fsr-3262	198	24	services	service	NOUN
fsr-3262	198	25	review	review	VERB
fsr-3262	198	26	24	24	NUM
fsr-3262	198	27	(	(	PUNCT
fsr-3262	198	28	2015	2015	NUM
fsr-3262	198	29	)	)	PUNCT
fsr-3262	198	30	15–35	15–35	NUM
fsr-3262	198	31	where	where	SCONJ
fsr-3262	198	32	rpbase	rpbase	NOUN
fsr-3262	198	33	,	,	PUNCT
fsr-3262	198	34	ask	ask	VERB
fsr-3262	198	35	�	�	PROPN
fsr-3262	198	36	risk	risk	NOUN
fsr-3262	198	37	parameter	parameter	NOUN
fsr-3262	198	38	of	of	ADP
fsr-3262	198	39	the	the	DET
fsr-3262	198	40	option	option	NOUN
fsr-3262	198	41	at	at	ADP
fsr-3262	198	42	the	the	DET
fsr-3262	198	43	“	"	PUNCT
fsr-3262	198	44	ask	ask	NOUN
fsr-3262	198	45	”	"	PUNCT
fsr-3262	198	46	price	price	NOUN
fsr-3262	198	47	,	,	PUNCT
fsr-3262	198	48	base	base	NOUN
fsr-3262	198	49	model	model	NOUN
fsr-3262	198	50	,	,	PUNCT
fsr-3262	198	51	rpbase	rpbase	NOUN
fsr-3262	198	52	,	,	PUNCT
fsr-3262	198	53	bid	bid	VERB
fsr-3262	198	54	�	�	PROPN
fsr-3262	198	55	risk	risk	NOUN
fsr-3262	198	56	parameter	parameter	NOUN
fsr-3262	198	57	of	of	ADP
fsr-3262	198	58	the	the	DET
fsr-3262	198	59	option	option	NOUN
fsr-3262	198	60	at	at	ADP
fsr-3262	198	61	the	the	DET
fsr-3262	198	62	“	"	PUNCT
fsr-3262	198	63	bid	bid	NOUN
fsr-3262	198	64	”	"	PUNCT
fsr-3262	198	65	price	price	NOUN
fsr-3262	198	66	,	,	PUNCT
fsr-3262	198	67	base	base	NOUN
fsr-3262	198	68	model	model	NOUN
fsr-3262	198	69	,	,	PUNCT
fsr-3262	198	70	rpbase	rpbase	NOUN
fsr-3262	198	71	�	�	PROPN
fsr-3262	198	72	risk	risk	NOUN
fsr-3262	198	73	parameter	parameter	NOUN
fsr-3262	198	74	of	of	ADP
fsr-3262	198	75	base	base	NOUN
fsr-3262	198	76	model	model	NOUN
fsr-3262	198	77	,	,	PUNCT
fsr-3262	198	78	rpalt	rpalt	NOUN
fsr-3262	198	79	�	�	PROPN
fsr-3262	198	80	risk	risk	NOUN
fsr-3262	198	81	parameter	parameter	NOUN
fsr-3262	198	82	of	of	ADP
fsr-3262	198	83	alternate	alternate	ADJ
fsr-3262	198	84	model	model	NOUN
fsr-3262	198	85	,	,	PUNCT
fsr-3262	198	86	t	t	PROPN
fsr-3262	198	87	�	�	PROPN
fsr-3262	198	88	assumed	assume	VERB
fsr-3262	198	89	transaction	transaction	NOUN
fsr-3262	198	90	cost	cost	NOUN
fsr-3262	198	91	,	,	PUNCT
fsr-3262	198	92	and	and	CCONJ
fsr-3262	198	93	�	�	PROPN
fsr-3262	198	94	�	�	PROPN
fsr-3262	198	95	materially	materially	ADV
fsr-3262	198	96	indistinguishable	indistinguishable	ADJ
fsr-3262	198	97	.	.	PUNCT
fsr-3262	199	1	the	the	DET
fsr-3262	199	2	significance	significance	NOUN
fsr-3262	199	3	factor	factor	NOUN
fsr-3262	199	4	is	be	AUX
fsr-3262	199	5	a	a	DET
fsr-3262	199	6	practical	practical	ADJ
fsr-3262	199	7	measure	measure	NOUN
fsr-3262	199	8	that	that	PRON
fsr-3262	199	9	seeks	seek	VERB
fsr-3262	199	10	to	to	PART
fsr-3262	199	11	incorporate	incorporate	VERB
fsr-3262	199	12	how	how	SCONJ
fsr-3262	199	13	sensitive	sensitive	ADJ
fsr-3262	199	14	risk	risk	NOUN
fsr-3262	199	15	parameters	parameter	NOUN
fsr-3262	199	16	are	be	AUX
fsr-3262	199	17	to	to	ADP
fsr-3262	199	18	the	the	DET
fsr-3262	199	19	value	value	NOUN
fsr-3262	199	20	of	of	ADP
fsr-3262	199	21	the	the	DET
fsr-3262	199	22	underlying	underlie	VERB
fsr-3262	199	23	assets	asset	NOUN
fsr-3262	199	24	.	.	PUNCT
fsr-3262	200	1	if	if	SCONJ
fsr-3262	200	2	small	small	ADJ
fsr-3262	200	3	deviations	deviation	NOUN
fsr-3262	200	4	from	from	ADP
fsr-3262	200	5	the	the	DET
fsr-3262	200	6	current	current	ADJ
fsr-3262	200	7	market	market	NOUN
fsr-3262	200	8	price	price	NOUN
fsr-3262	200	9	of	of	ADP
fsr-3262	200	10	the	the	DET
fsr-3262	200	11	underlying	underlie	VERB
fsr-3262	200	12	asset	asset	NOUN
fsr-3262	200	13	result	result	NOUN
fsr-3262	200	14	in	in	ADP
fsr-3262	200	15	dramatic	dramatic	ADJ
fsr-3262	200	16	changes	change	NOUN
fsr-3262	200	17	in	in	ADP
fsr-3262	200	18	the	the	DET
fsr-3262	200	19	risk	risk	NOUN
fsr-3262	200	20	measures	measure	NOUN
fsr-3262	200	21	,	,	PUNCT
fsr-3262	200	22	then	then	ADV
fsr-3262	200	23	it	it	PRON
fsr-3262	200	24	will	will	AUX
fsr-3262	200	25	be	be	AUX
fsr-3262	200	26	difficult	difficult	ADJ
fsr-3262	200	27	to	to	PART
fsr-3262	200	28	hedge	hedge	VERB
fsr-3262	200	29	the	the	DET
fsr-3262	200	30	position	position	NOUN
fsr-3262	200	31	when	when	SCONJ
fsr-3262	200	32	trading	trading	NOUN
fsr-3262	200	33	costs	cost	NOUN
fsr-3262	200	34	are	be	AUX
fsr-3262	200	35	high	high	ADJ
fsr-3262	200	36	.	.	PUNCT
fsr-3262	201	1	therefore	therefore	ADV
fsr-3262	201	2	,	,	PUNCT
fsr-3262	201	3	the	the	DET
fsr-3262	201	4	significance	significance	NOUN
fsr-3262	201	5	factor	factor	NOUN
fsr-3262	201	6	measures	measure	VERB
fsr-3262	201	7	how	how	SCONJ
fsr-3262	201	8	sensitive	sensitive	ADJ
fsr-3262	201	9	the	the	DET
fsr-3262	201	10	risk	risk	NOUN
fsr-3262	201	11	parameter	parameter	NOUN
fsr-3262	201	12	is	be	AUX
fsr-3262	201	13	to	to	ADP
fsr-3262	201	14	changes	change	NOUN
fsr-3262	201	15	in	in	ADP
fsr-3262	201	16	the	the	DET
fsr-3262	201	17	underlying	underlie	VERB
fsr-3262	201	18	asset	asset	NOUN
fsr-3262	201	19	price	price	NOUN
fsr-3262	201	20	because	because	SCONJ
fsr-3262	201	21	of	of	ADP
fsr-3262	201	22	the	the	DET
fsr-3262	201	23	bid	bid	NOUN
fsr-3262	201	24	-	-	PUNCT
fsr-3262	201	25	offer	offer	NOUN
fsr-3262	201	26	spread	spread	NOUN
fsr-3262	201	27	.	.	PUNCT
fsr-3262	202	1	the	the	DET
fsr-3262	202	2	error	error	NOUN
fsr-3262	202	3	factor	factor	NOUN
fsr-3262	202	4	measures	measure	VERB
fsr-3262	202	5	the	the	DET
fsr-3262	202	6	deviation	deviation	NOUN
fsr-3262	202	7	of	of	ADP
fsr-3262	202	8	the	the	DET
fsr-3262	202	9	risk	risk	NOUN
fsr-3262	202	10	parameter	parameter	NOUN
fsr-3262	202	11	between	between	ADP
fsr-3262	202	12	the	the	DET
fsr-3262	202	13	two	two	NUM
fsr-3262	202	14	option	option	NOUN
fsr-3262	202	15	models	model	NOUN
fsr-3262	202	16	.	.	PUNCT
fsr-3262	203	1	thus	thus	ADV
fsr-3262	203	2	,	,	PUNCT
fsr-3262	203	3	an	an	DET
fsr-3262	203	4	error	error	NOUN
fsr-3262	203	5	factor	factor	NOUN
fsr-3262	203	6	that	that	PRON
fsr-3262	203	7	is	be	AUX
fsr-3262	203	8	lower	low	ADJ
fsr-3262	203	9	than	than	ADP
fsr-3262	203	10	the	the	DET
fsr-3262	203	11	significance	significance	NOUN
fsr-3262	203	12	factor	factor	NOUN
fsr-3262	203	13	would	would	AUX
fsr-3262	203	14	be	be	AUX
fsr-3262	203	15	deemed	deem	VERB
fsr-3262	203	16	nonmaterial	nonmaterial	ADJ
fsr-3262	203	17	,	,	PUNCT
fsr-3262	203	18	whereas	whereas	SCONJ
fsr-3262	203	19	an	an	DET
fsr-3262	203	20	error	error	NOUN
fsr-3262	203	21	factor	factor	NOUN
fsr-3262	203	22	in	in	ADP
fsr-3262	203	23	excess	excess	NOUN
fsr-3262	203	24	of	of	ADP
fsr-3262	203	25	the	the	DET
fsr-3262	203	26	significance	significance	NOUN
fsr-3262	203	27	factor	factor	NOUN
fsr-3262	203	28	would	would	AUX
fsr-3262	203	29	be	be	AUX
fsr-3262	203	30	deemed	deem	VERB
fsr-3262	203	31	material	material	NOUN
fsr-3262	203	32	.	.	PUNCT
fsr-3262	204	1	3.2	3.2	NUM
fsr-3262	204	2	.	.	PUNCT
fsr-3262	204	3	illustrations	illustration	NOUN
fsr-3262	204	4	we	we	PRON
fsr-3262	204	5	illustrate	illustrate	VERB
fsr-3262	204	6	�	�	PROPN
fsr-3262	204	7	,	,	PUNCT
fsr-3262	204	8	�	�	PROPN
fsr-3262	204	9	,	,	PUNCT
fsr-3262	204	10	�	�	PROPN
fsr-3262	204	11	,	,	PUNCT
fsr-3262	204	12	vega	vega	PROPN
fsr-3262	204	13	,	,	PUNCT
fsr-3262	204	14	and	and	CCONJ
fsr-3262	204	15	correlation	correlation	NOUN
fsr-3262	204	16	�	�	PROPN
fsr-3262	204	17	by	by	ADP
fsr-3262	204	18	varying	vary	VERB
fsr-3262	204	19	four	four	NUM
fsr-3262	204	20	parameters	parameter	NOUN
fsr-3262	204	21	:	:	PUNCT
fsr-3262	204	22	(	(	PUNCT
fsr-3262	204	23	1	1	X
fsr-3262	204	24	)	)	PUNCT
fsr-3262	204	25	moneyness	moneyness	NOUN
fsr-3262	204	26	,	,	PUNCT
fsr-3262	204	27	(	(	PUNCT
fsr-3262	204	28	2	2	NUM
fsr-3262	204	29	)	)	PUNCT
fsr-3262	204	30	time	time	NOUN
fsr-3262	204	31	to	to	ADP
fsr-3262	204	32	maturity	maturity	NOUN
fsr-3262	204	33	,	,	PUNCT
fsr-3262	204	34	(	(	PUNCT
fsr-3262	204	35	3	3	X
fsr-3262	204	36	)	)	PUNCT
fsr-3262	204	37	correlation	correlation	NOUN
fsr-3262	204	38	,	,	PUNCT
fsr-3262	204	39	and	and	CCONJ
fsr-3262	204	40	(	(	PUNCT
fsr-3262	204	41	4	4	X
fsr-3262	204	42	)	)	PUNCT
fsr-3262	204	43	strike	strike	NOUN
fsr-3262	204	44	price	price	NOUN
fsr-3262	204	45	.	.	PUNCT
fsr-3262	205	1	before	before	ADP
fsr-3262	205	2	reviewing	review	VERB
fsr-3262	205	3	these	these	DET
fsr-3262	205	4	results	result	NOUN
fsr-3262	205	5	,	,	PUNCT
fsr-3262	205	6	a	a	DET
fsr-3262	205	7	few	few	ADJ
fsr-3262	205	8	words	word	NOUN
fsr-3262	205	9	regarding	regard	VERB
fsr-3262	205	10	these	these	DET
fsr-3262	205	11	particular	particular	ADJ
fsr-3262	205	12	derivatives	derivative	NOUN
fsr-3262	205	13	are	be	AUX
fsr-3262	205	14	in	in	ADP
fsr-3262	205	15	order	order	NOUN
fsr-3262	205	16	.	.	PUNCT
fsr-3262	206	1	first	first	ADV
fsr-3262	206	2	,	,	PUNCT
fsr-3262	206	3	we	we	PRON
fsr-3262	206	4	numerically	numerically	ADV
fsr-3262	206	5	estimate	estimate	VERB
fsr-3262	206	6	these	these	DET
fsr-3262	206	7	derivatives	derivative	NOUN
fsr-3262	206	8	using	use	VERB
fsr-3262	206	9	a	a	DET
fsr-3262	206	10	highly	highly	ADV
fsr-3262	206	11	accurate	accurate	ADJ
fsr-3262	206	12	procedure.5	procedure.5	ADP
fsr-3262	206	13	the	the	DET
fsr-3262	206	14	�	�	PROPN
fsr-3262	206	15	,	,	PUNCT
fsr-3262	206	16	�	�	PROPN
fsr-3262	206	17	,	,	PUNCT
fsr-3262	206	18	and	and	CCONJ
fsr-3262	206	19	vegas	vegas	PROPN
fsr-3262	206	20	reported	report	VERB
fsr-3262	206	21	are	be	AUX
fsr-3262	206	22	in	in	ADP
fsr-3262	206	23	terms	term	NOUN
fsr-3262	206	24	of	of	ADP
fsr-3262	206	25	the	the	DET
fsr-3262	206	26	first	first	ADJ
fsr-3262	206	27	index	index	NOUN
fsr-3262	206	28	value	value	NOUN
fsr-3262	206	29	.	.	PUNCT
fsr-3262	207	1	we	we	PRON
fsr-3262	207	2	also	also	ADV
fsr-3262	207	3	compute	compute	VERB
fsr-3262	207	4	the	the	DET
fsr-3262	207	5	�	�	PROPN
fsr-3262	207	6	,	,	PUNCT
fsr-3262	207	7	�	�	PROPN
fsr-3262	207	8	,	,	PUNCT
fsr-3262	207	9	and	and	CCONJ
fsr-3262	207	10	vegas	vegas	NOUN
fsr-3262	207	11	of	of	ADP
fsr-3262	207	12	the	the	DET
fsr-3262	207	13	second	second	ADJ
fsr-3262	207	14	term	term	NOUN
fsr-3262	207	15	,	,	PUNCT
fsr-3262	207	16	but	but	CCONJ
fsr-3262	207	17	they	they	PRON
fsr-3262	207	18	are	be	AUX
fsr-3262	207	19	not	not	PART
fsr-3262	207	20	reported	report	VERB
fsr-3262	207	21	here	here	ADV
fsr-3262	207	22	.	.	PUNCT
fsr-3262	208	1	second	second	ADJ
fsr-3262	208	2	,	,	PUNCT
fsr-3262	208	3	correlation	correlation	NOUN
fsr-3262	208	4	�	�	NOUN
fsr-3262	208	5	measures	measure	VERB
fsr-3262	208	6	the	the	DET
fsr-3262	208	7	change	change	NOUN
fsr-3262	208	8	in	in	ADP
fsr-3262	208	9	the	the	DET
fsr-3262	208	10	spread	spread	ADJ
fsr-3262	208	11	option	option	NOUN
fsr-3262	208	12	with	with	ADP
fsr-3262	208	13	respect	respect	NOUN
fsr-3262	208	14	to	to	ADP
fsr-3262	208	15	a	a	DET
fsr-3262	208	16	change	change	NOUN
fsr-3262	208	17	in	in	ADP
fsr-3262	208	18	correlation	correlation	NOUN
fsr-3262	208	19	.	.	PUNCT
fsr-3262	209	1	third	third	ADJ
fsr-3262	209	2	,	,	PUNCT
fsr-3262	209	3	with	with	ADP
fsr-3262	209	4	the	the	DET
fsr-3262	209	5	nsopm	nsopm	NOUN
fsr-3262	209	6	model	model	NOUN
fsr-3262	209	7	,	,	PUNCT
fsr-3262	209	8	volatility	volatility	NOUN
fsr-3262	209	9	is	be	AUX
fsr-3262	209	10	the	the	DET
fsr-3262	209	11	sd	sd	NOUN
fsr-3262	209	12	of	of	ADP
fsr-3262	209	13	the	the	DET
fsr-3262	209	14	spread	spread	NOUN
fsr-3262	209	15	.	.	PUNCT
fsr-3262	210	1	using	use	VERB
fsr-3262	210	2	an	an	DET
fsr-3262	210	3	iterative	iterative	NOUN
fsr-3262	210	4	search	search	NOUN
fsr-3262	210	5	method	method	NOUN
fsr-3262	210	6	,	,	PUNCT
fsr-3262	210	7	we	we	PRON
fsr-3262	210	8	estimate	estimate	VERB
fsr-3262	210	9	the	the	DET
fsr-3262	210	10	implied	imply	VERB
fsr-3262	210	11	correlation	correlation	NOUN
fsr-3262	210	12	coefficient	coefficient	NOUN
fsr-3262	210	13	that	that	SCONJ
fsr-3262	210	14	yields	yield	VERB
fsr-3262	210	15	the	the	DET
fsr-3262	210	16	implied	imply	VERB
fsr-3262	210	17	sd	sd	NOUN
fsr-3262	210	18	of	of	ADP
fsr-3262	210	19	the	the	DET
fsr-3262	210	20	nsopm	nsopm	NOUN
fsr-3262	210	21	model	model	NOUN
fsr-3262	210	22	.	.	PUNCT
fsr-3262	211	1	therefore	therefore	ADV
fsr-3262	211	2	,	,	PUNCT
fsr-3262	211	3	we	we	PRON
fsr-3262	211	4	can	can	AUX
fsr-3262	211	5	estimate	estimate	VERB
fsr-3262	211	6	vega	vega	PROPN
fsr-3262	211	7	and	and	CCONJ
fsr-3262	211	8	correlation	correlation	NOUN
fsr-3262	211	9	�	�	PROPN
fsr-3262	211	10	for	for	ADP
fsr-3262	211	11	the	the	DET
fsr-3262	211	12	nsopm	nsopm	NOUN
fsr-3262	211	13	model	model	NOUN
fsr-3262	211	14	.	.	PUNCT
fsr-3262	212	1	3.2.1	3.2.1	NUM
fsr-3262	212	2	.	.	X
fsr-3262	212	3	moneyness	moneyness	NOUN
fsr-3262	212	4	for	for	ADP
fsr-3262	212	5	the	the	DET
fsr-3262	212	6	first	first	ADJ
fsr-3262	212	7	illustration	illustration	NOUN
fsr-3262	212	8	,	,	PUNCT
fsr-3262	212	9	we	we	PRON
fsr-3262	212	10	vary	vary	VERB
fsr-3262	212	11	the	the	DET
fsr-3262	212	12	moneyness	moneyness	NOUN
fsr-3262	212	13	of	of	ADP
fsr-3262	212	14	the	the	DET
fsr-3262	212	15	option	option	NOUN
fsr-3262	212	16	while	while	SCONJ
fsr-3262	212	17	holding	hold	VERB
fsr-3262	212	18	all	all	DET
fsr-3262	212	19	the	the	DET
fsr-3262	212	20	other	other	ADJ
fsr-3262	212	21	parameters	parameter	NOUN
fsr-3262	212	22	fixed	fix	VERB
fsr-3262	212	23	to	to	PART
fsr-3262	212	24	examine	examine	VERB
fsr-3262	212	25	the	the	DET
fsr-3262	212	26	difference	difference	NOUN
fsr-3262	212	27	between	between	ADP
fsr-3262	212	28	the	the	DET
fsr-3262	212	29	risk	risk	NOUN
fsr-3262	212	30	parameters	parameter	NOUN
fsr-3262	212	31	of	of	ADP
fsr-3262	212	32	the	the	DET
fsr-3262	212	33	base	base	NOUN
fsr-3262	212	34	and	and	CCONJ
fsr-3262	212	35	alternate	alternate	ADJ
fsr-3262	212	36	spread	spread	NOUN
fsr-3262	212	37	option	option	NOUN
fsr-3262	212	38	pricing	pricing	NOUN
fsr-3262	212	39	models	model	NOUN
fsr-3262	212	40	.	.	PUNCT
fsr-3262	213	1	moneyness	moneyness	NOUN
fsr-3262	213	2	of	of	ADP
fsr-3262	213	3	the	the	DET
fsr-3262	213	4	option	option	NOUN
fsr-3262	213	5	is	be	AUX
fsr-3262	213	6	varied	varied	ADJ
fsr-3262	213	7	from	from	ADP
fsr-3262	213	8	�	�	PROPN
fsr-3262	213	9	30	30	NUM
fsr-3262	213	10	to	to	PART
fsr-3262	213	11	30	30	NUM
fsr-3262	213	12	units	unit	NOUN
fsr-3262	213	13	(	(	PUNCT
fsr-3262	213	14	e.g.	e.g.	ADV
fsr-3262	213	15	,	,	PUNCT
fsr-3262	213	16	dollars	dollar	NOUN
fsr-3262	213	17	)	)	PUNCT
fsr-3262	213	18	,	,	PUNCT
fsr-3262	213	19	by	by	ADP
fsr-3262	213	20	varying	vary	VERB
fsr-3262	213	21	the	the	DET
fsr-3262	213	22	value	value	NOUN
fsr-3262	213	23	of	of	ADP
fsr-3262	213	24	index	index	NOUN
fsr-3262	213	25	1	1	NUM
fsr-3262	213	26	.	.	NOUN
fsr-3262	213	27	time	time	NOUN
fsr-3262	213	28	to	to	ADP
fsr-3262	213	29	maturity	maturity	NOUN
fsr-3262	213	30	is	be	AUX
fsr-3262	213	31	fixed	fix	VERB
fsr-3262	213	32	at	at	ADP
fsr-3262	213	33	one	one	NUM
fsr-3262	213	34	year	year	NOUN
fsr-3262	213	35	,	,	PUNCT
fsr-3262	213	36	percentage	percentage	NOUN
fsr-3262	213	37	volatility	volatility	NOUN
fsr-3262	213	38	is	be	AUX
fsr-3262	213	39	30	30	NUM
fsr-3262	213	40	%	%	NOUN
fsr-3262	213	41	for	for	ADP
fsr-3262	213	42	each	each	DET
fsr-3262	213	43	index	index	NOUN
fsr-3262	213	44	,	,	PUNCT
fsr-3262	213	45	correlation	correlation	NOUN
fsr-3262	213	46	is	be	AUX
fsr-3262	213	47	0.8	0.8	NUM
fsr-3262	213	48	,	,	PUNCT
fsr-3262	213	49	strike	strike	NOUN
fsr-3262	213	50	price	price	NOUN
fsr-3262	213	51	is	be	AUX
fsr-3262	213	52	0.0	0.0	NUM
fsr-3262	213	53	,	,	PUNCT
fsr-3262	213	54	and	and	CCONJ
fsr-3262	213	55	the	the	DET
fsr-3262	213	56	risk	risk	NOUN
fsr-3262	213	57	-	-	PUNCT
fsr-3262	213	58	free	free	ADJ
fsr-3262	213	59	rate	rate	NOUN
fsr-3262	213	60	is	be	AUX
fsr-3262	213	61	5	5	NUM
fsr-3262	213	62	%	%	NOUN
fsr-3262	213	63	.	.	PUNCT
fsr-3262	214	1	a	a	DET
fsr-3262	214	2	one	one	NUM
fsr-3262	214	3	percentage	percentage	NOUN
fsr-3262	214	4	trading	trading	NOUN
fsr-3262	214	5	cost	cost	NOUN
fsr-3262	214	6	is	be	AUX
fsr-3262	214	7	assumed	assume	VERB
fsr-3262	214	8	on	on	ADP
fsr-3262	214	9	both	both	DET
fsr-3262	214	10	indexes	index	NOUN
fsr-3262	214	11	,	,	PUNCT
fsr-3262	214	12	according	accord	VERB
fsr-3262	214	13	to	to	ADP
fsr-3262	214	14	the	the	DET
fsr-3262	214	15	method	method	NOUN
fsr-3262	214	16	discussed	discuss	VERB
fsr-3262	214	17	in	in	ADP
fsr-3262	214	18	the	the	DET
fsr-3262	214	19	previous	previous	ADJ
fsr-3262	214	20	section	section	NOUN
fsr-3262	214	21	.	.	PUNCT
fsr-3262	215	1	by	by	ADP
fsr-3262	215	2	adjusting	adjust	VERB
fsr-3262	215	3	volatility	volatility	NOUN
fsr-3262	215	4	,	,	PUNCT
fsr-3262	215	5	the	the	DET
fsr-3262	215	6	option	option	NOUN
fsr-3262	215	7	price	price	NOUN
fsr-3262	215	8	of	of	ADP
fsr-3262	215	9	the	the	DET
fsr-3262	215	10	nsopm	nsopm	NOUN
fsr-3262	215	11	is	be	AUX
fsr-3262	215	12	calibrated	calibrate	VERB
fsr-3262	215	13	to	to	ADP
fsr-3262	215	14	the	the	DET
fsr-3262	215	15	price	price	NOUN
fsr-3262	215	16	of	of	ADP
fsr-3262	215	17	the	the	DET
fsr-3262	215	18	lnsopm	lnsopm	NOUN
fsr-3262	215	19	.	.	PUNCT
fsr-3262	216	1	the	the	DET
fsr-3262	216	2	risk	risk	NOUN
fsr-3262	216	3	parameters	parameter	NOUN
fsr-3262	216	4	are	be	AUX
fsr-3262	216	5	then	then	ADV
fsr-3262	216	6	calculated	calculate	VERB
fsr-3262	216	7	,	,	PUNCT
fsr-3262	216	8	and	and	CCONJ
fsr-3262	216	9	the	the	DET
fsr-3262	216	10	error	error	NOUN
fsr-3262	216	11	and	and	CCONJ
fsr-3262	216	12	significance	significance	NOUN
fsr-3262	216	13	factor	factor	NOUN
fsr-3262	216	14	are	be	AUX
fsr-3262	216	15	reported	report	VERB
fsr-3262	216	16	.	.	PUNCT
fsr-3262	217	1	table	table	NOUN
fsr-3262	217	2	1	1	NUM
fsr-3262	217	3	reports	report	VERB
fsr-3262	217	4	the	the	DET
fsr-3262	217	5	results	result	NOUN
fsr-3262	217	6	of	of	ADP
fsr-3262	217	7	five	five	NUM
fsr-3262	217	8	risk	risk	NOUN
fsr-3262	217	9	parameters	parameter	NOUN
fsr-3262	217	10	:	:	PUNCT
fsr-3262	217	11	�	�	PROPN
fsr-3262	217	12	,	,	PUNCT
fsr-3262	217	13	�	�	PROPN
fsr-3262	217	14	,	,	PUNCT
fsr-3262	217	15	�	�	PROPN
fsr-3262	217	16	,	,	PUNCT
fsr-3262	217	17	vega	vega	PROPN
fsr-3262	217	18	,	,	PUNCT
fsr-3262	217	19	and	and	CCONJ
fsr-3262	217	20	correlation	correlation	NOUN
fsr-3262	217	21	�	�	PROPN
fsr-3262	217	22	.	.	PUNCT
fsr-3262	218	1	we	we	PRON
fsr-3262	218	2	see	see	VERB
fsr-3262	218	3	that	that	PRON
fsr-3262	218	4	for	for	SCONJ
fsr-3262	218	5	the	the	DET
fsr-3262	218	6	parameters	parameter	NOUN
fsr-3262	218	7	selected	select	VERB
fsr-3262	218	8	the	the	DET
fsr-3262	218	9	�	�	PROPN
fsr-3262	218	10	s	s	PART
fsr-3262	218	11	are	be	AUX
fsr-3262	218	12	not	not	PART
fsr-3262	218	13	materially	materially	ADV
fsr-3262	218	14	different	different	ADJ
fsr-3262	218	15	.	.	PUNCT
fsr-3262	219	1	that	that	PRON
fsr-3262	219	2	is	be	AUX
fsr-3262	219	3	,	,	PUNCT
fsr-3262	219	4	the	the	DET
fsr-3262	219	5	error	error	NOUN
fsr-3262	219	6	in	in	ADP
fsr-3262	219	7	�	�	PROPN
fsr-3262	219	8	27r	27r	PUNCT
fsr-3262	219	9	.	.	PUNCT
fsr-3262	220	1	brooks	brooks	PROPN
fsr-3262	220	2	,	,	PUNCT
fsr-3262	220	3	b.n	b.n	PROPN
fsr-3262	220	4	.	.	PROPN
fsr-3262	220	5	cline	cline	PROPN
fsr-3262	220	6	/	/	SYM
fsr-3262	220	7	financial	financial	PROPN
fsr-3262	220	8	services	service	NOUN
fsr-3262	220	9	review	review	VERB
fsr-3262	220	10	24	24	NUM
fsr-3262	220	11	(	(	PUNCT
fsr-3262	220	12	2015	2015	NUM
fsr-3262	220	13	)	)	PUNCT
fsr-3262	220	14	15–35	15–35	NUM
fsr-3262	220	15	between	between	ADP
fsr-3262	220	16	the	the	DET
fsr-3262	220	17	two	two	NUM
fsr-3262	220	18	models	model	NOUN
fsr-3262	220	19	is	be	AUX
fsr-3262	220	20	not	not	PART
fsr-3262	220	21	greater	great	ADJ
fsr-3262	220	22	than	than	ADP
fsr-3262	220	23	the	the	DET
fsr-3262	220	24	difference	difference	NOUN
fsr-3262	220	25	in	in	ADP
fsr-3262	220	26	�	�	PROPN
fsr-3262	220	27	of	of	ADP
fsr-3262	220	28	the	the	DET
fsr-3262	220	29	lognormal	lognormal	ADJ
fsr-3262	220	30	model	model	NOUN
fsr-3262	220	31	,	,	PUNCT
fsr-3262	220	32	given	give	VERB
fsr-3262	220	33	a	a	DET
fsr-3262	220	34	one	one	NUM
fsr-3262	220	35	percentage	percentage	NOUN
fsr-3262	220	36	transaction	transaction	NOUN
fsr-3262	220	37	cost	cost	NOUN
fsr-3262	220	38	.	.	PUNCT
fsr-3262	221	1	note	note	VERB
fsr-3262	221	2	that	that	SCONJ
fsr-3262	221	3	both	both	CCONJ
fsr-3262	221	4	the	the	DET
fsr-3262	221	5	error	error	NOUN
fsr-3262	221	6	factor	factor	NOUN
fsr-3262	221	7	and	and	CCONJ
fsr-3262	221	8	the	the	DET
fsr-3262	221	9	significance	significance	NOUN
fsr-3262	221	10	factor	factor	NOUN
fsr-3262	221	11	are	be	AUX
fsr-3262	221	12	monotonically	monotonically	ADV
fsr-3262	221	13	decreasing	decrease	VERB
fsr-3262	221	14	in	in	ADP
fsr-3262	221	15	moneyness	moneyness	NOUN
fsr-3262	221	16	for	for	ADP
fsr-3262	221	17	calls	call	NOUN
fsr-3262	221	18	and	and	CCONJ
fsr-3262	221	19	monotonically	monotonically	ADV
fsr-3262	221	20	increasing	increase	VERB
fsr-3262	221	21	in	in	ADP
fsr-3262	221	22	moneyness	moneyness	NOUN
fsr-3262	221	23	for	for	ADP
fsr-3262	221	24	puts	put	NOUN
fsr-3262	221	25	.	.	PUNCT
fsr-3262	222	1	because	because	SCONJ
fsr-3262	222	2	call	call	NOUN
fsr-3262	222	3	(	(	PUNCT
fsr-3262	222	4	put	put	NOUN
fsr-3262	222	5	)	)	PUNCT
fsr-3262	222	6	�	�	PROPN
fsr-3262	222	7	s	s	PART
fsr-3262	222	8	increase	increase	NOUN
fsr-3262	222	9	with	with	ADP
fsr-3262	222	10	moneyness	moneyness	NOUN
fsr-3262	222	11	,	,	PUNCT
fsr-3262	222	12	the	the	DET
fsr-3262	222	13	percentage	percentage	NOUN
fsr-3262	222	14	difference	difference	NOUN
fsr-3262	222	15	declines	decline	NOUN
fsr-3262	222	16	(	(	PUNCT
fsr-3262	222	17	increases	increase	NOUN
fsr-3262	222	18	)	)	PUNCT
fsr-3262	222	19	.	.	PUNCT
fsr-3262	223	1	the	the	DET
fsr-3262	223	2	value	value	NOUN
fsr-3262	223	3	of	of	ADP
fsr-3262	223	4	�	�	PROPN
fsr-3262	223	5	is	be	AUX
fsr-3262	223	6	maximized	maximize	VERB
fsr-3262	223	7	around	around	ADP
fsr-3262	223	8	at	at	ADP
fsr-3262	223	9	-	-	PUNCT
fsr-3262	223	10	the	the	DET
fsr-3262	223	11	-	-	PUNCT
fsr-3262	223	12	money	money	NOUN
fsr-3262	223	13	spread	spread	NOUN
fsr-3262	223	14	options	option	NOUN
fsr-3262	223	15	.	.	PUNCT
fsr-3262	224	1	hence	hence	ADV
fsr-3262	224	2	,	,	PUNCT
fsr-3262	224	3	we	we	PRON
fsr-3262	224	4	observe	observe	VERB
fsr-3262	224	5	the	the	DET
fsr-3262	224	6	error	error	NOUN
fsr-3262	224	7	factor	factor	NOUN
fsr-3262	224	8	and	and	CCONJ
fsr-3262	224	9	the	the	DET
fsr-3262	224	10	significance	significance	NOUN
fsr-3262	224	11	factor	factor	NOUN
fsr-3262	224	12	are	be	AUX
fsr-3262	224	13	both	both	PRON
fsr-3262	224	14	minimized	minimize	VERB
fsr-3262	224	15	when	when	SCONJ
fsr-3262	224	16	the	the	DET
fsr-3262	224	17	options	option	NOUN
fsr-3262	224	18	are	be	AUX
fsr-3262	224	19	at	at	ADP
fsr-3262	224	20	-	-	PUNCT
fsr-3262	224	21	themoney	themoney	NOUN
fsr-3262	224	22	.	.	PUNCT
fsr-3262	225	1	gamma	gamma	PROPN
fsr-3262	225	2	is	be	AUX
fsr-3262	225	3	materially	materially	ADV
fsr-3262	225	4	different	different	ADJ
fsr-3262	225	5	,	,	PUNCT
fsr-3262	225	6	however	however	ADV
fsr-3262	225	7	,	,	PUNCT
fsr-3262	225	8	when	when	SCONJ
fsr-3262	225	9	the	the	DET
fsr-3262	225	10	spread	spread	NOUN
fsr-3262	225	11	option	option	NOUN
fsr-3262	225	12	is	be	AUX
fsr-3262	225	13	either	either	CCONJ
fsr-3262	225	14	inor	inor	ADJ
fsr-3262	225	15	out	out	ADP
fsr-3262	225	16	-	-	PUNCT
fsr-3262	225	17	of	of	ADP
fsr-3262	225	18	-	-	PUNCT
fsr-3262	225	19	the	the	DET
fsr-3262	225	20	-	-	PUNCT
fsr-3262	225	21	money	money	NOUN
fsr-3262	225	22	.	.	PUNCT
fsr-3262	226	1	very	very	ADV
fsr-3262	226	2	small	small	ADJ
fsr-3262	226	3	changes	change	NOUN
fsr-3262	226	4	in	in	ADP
fsr-3262	226	5	�	�	PROPN
fsr-3262	226	6	are	be	AUX
fsr-3262	226	7	significant	significant	ADJ
fsr-3262	226	8	when	when	SCONJ
fsr-3262	226	9	the	the	DET
fsr-3262	226	10	value	value	NOUN
fsr-3262	226	11	of	of	ADP
fsr-3262	226	12	�	�	PROPN
fsr-3262	226	13	is	be	AUX
fsr-3262	226	14	very	very	ADV
fsr-3262	226	15	small	small	ADJ
fsr-3262	226	16	.	.	PUNCT
fsr-3262	227	1	both	both	PRON
fsr-3262	227	2	in	in	ADP
fsr-3262	227	3	-	-	PUNCT
fsr-3262	227	4	the	the	DET
fsr-3262	227	5	-	-	PUNCT
fsr-3262	227	6	money	money	NOUN
fsr-3262	227	7	and	and	CCONJ
fsr-3262	227	8	out	out	ADP
fsr-3262	227	9	-	-	PUNCT
fsr-3262	227	10	of	of	ADP
fsr-3262	227	11	-	-	PUNCT
fsr-3262	227	12	the	the	DET
fsr-3262	227	13	-	-	PUNCT
fsr-3262	227	14	money	money	NOUN
fsr-3262	227	15	spread	spread	NOUN
fsr-3262	227	16	options	option	NOUN
fsr-3262	227	17	result	result	VERB
fsr-3262	227	18	in	in	ADP
fsr-3262	227	19	small	small	ADJ
fsr-3262	227	20	�	�	PROPN
fsr-3262	227	21	s	s	NOUN
fsr-3262	227	22	and	and	CCONJ
fsr-3262	227	23	hence	hence	ADV
fsr-3262	227	24	,	,	PUNCT
fsr-3262	227	25	the	the	DET
fsr-3262	227	26	error	error	NOUN
fsr-3262	227	27	factor	factor	NOUN
fsr-3262	227	28	is	be	AUX
fsr-3262	227	29	larger	large	ADJ
fsr-3262	227	30	than	than	ADP
fsr-3262	227	31	the	the	DET
fsr-3262	227	32	significance	significance	NOUN
fsr-3262	227	33	factor	factor	NOUN
fsr-3262	227	34	.	.	PUNCT
fsr-3262	228	1	the	the	DET
fsr-3262	228	2	error	error	NOUN
fsr-3262	228	3	factor	factor	NOUN
fsr-3262	228	4	for	for	ADP
fsr-3262	228	5	�	�	PROPN
fsr-3262	228	6	is	be	AUX
fsr-3262	228	7	not	not	PART
fsr-3262	228	8	influenced	influence	VERB
fsr-3262	228	9	by	by	ADP
fsr-3262	228	10	moneyness	moneyness	NOUN
fsr-3262	228	11	,	,	PUNCT
fsr-3262	228	12	but	but	CCONJ
fsr-3262	228	13	the	the	DET
fsr-3262	228	14	significance	significance	NOUN
fsr-3262	228	15	factor	factor	NOUN
fsr-3262	228	16	is	be	AUX
fsr-3262	228	17	influenced	influence	VERB
fsr-3262	228	18	.	.	PUNCT
fsr-3262	229	1	therefore	therefore	ADV
fsr-3262	229	2	,	,	PUNCT
fsr-3262	229	3	�	�	PROPN
fsr-3262	229	4	is	be	AUX
fsr-3262	229	5	materially	materially	ADV
fsr-3262	229	6	different	different	ADJ
fsr-3262	229	7	at	at	ADP
fsr-3262	229	8	-	-	PUNCT
fsr-3262	229	9	the	the	DET
fsr-3262	229	10	-	-	PUNCT
fsr-3262	229	11	money	money	NOUN
fsr-3262	229	12	because	because	SCONJ
fsr-3262	229	13	the	the	DET
fsr-3262	229	14	significance	significance	NOUN
fsr-3262	229	15	factor	factor	NOUN
fsr-3262	229	16	is	be	AUX
fsr-3262	229	17	minimized	minimize	VERB
fsr-3262	229	18	.	.	PUNCT
fsr-3262	230	1	vega	vega	PROPN
fsr-3262	230	2	error	error	NOUN
fsr-3262	230	3	factors	factor	NOUN
fsr-3262	230	4	are	be	AUX
fsr-3262	230	5	significant	significant	ADJ
fsr-3262	230	6	in	in	ADP
fsr-3262	230	7	all	all	DET
fsr-3262	230	8	cases	case	NOUN
fsr-3262	230	9	in	in	ADP
fsr-3262	230	10	table	table	NOUN
fsr-3262	230	11	1	1	NUM
fsr-3262	230	12	.	.	PUNCT
fsr-3262	230	13	again	again	ADV
fsr-3262	230	14	,	,	PUNCT
fsr-3262	230	15	the	the	DET
fsr-3262	230	16	significance	significance	NOUN
fsr-3262	230	17	factor	factor	NOUN
fsr-3262	230	18	is	be	AUX
fsr-3262	230	19	minimized	minimize	VERB
fsr-3262	230	20	at	at	ADP
fsr-3262	230	21	-	-	PUNCT
fsr-3262	230	22	the	the	DET
fsr-3262	230	23	-	-	PUNCT
fsr-3262	230	24	money.6	money.6	NOUN
fsr-3262	230	25	vega	vega	NOUN
fsr-3262	230	26	significance	significance	NOUN
fsr-3262	230	27	is	be	AUX
fsr-3262	230	28	the	the	DET
fsr-3262	230	29	same	same	ADJ
fsr-3262	230	30	for	for	ADP
fsr-3262	230	31	both	both	DET
fsr-3262	230	32	calls	call	NOUN
fsr-3262	230	33	and	and	CCONJ
fsr-3262	230	34	puts	put	NOUN
fsr-3262	230	35	based	base	VERB
fsr-3262	230	36	on	on	ADP
fsr-3262	230	37	put	put	VERB
fsr-3262	230	38	-	-	PUNCT
fsr-3262	230	39	call	call	NOUN
fsr-3262	230	40	parity	parity	NOUN
fsr-3262	230	41	for	for	ADP
fsr-3262	230	42	spread	spread	ADJ
fsr-3262	230	43	options	option	NOUN
fsr-3262	230	44	.	.	PUNCT
fsr-3262	231	1	the	the	DET
fsr-3262	231	2	risk	risk	NOUN
fsr-3262	231	3	parameter	parameter	NOUN
fsr-3262	231	4	estimates	estimate	NOUN
fsr-3262	231	5	are	be	AUX
fsr-3262	231	6	dramatically	dramatically	ADV
fsr-3262	231	7	different	different	ADJ
fsr-3262	231	8	between	between	ADP
fsr-3262	231	9	these	these	DET
fsr-3262	231	10	two	two	NUM
fsr-3262	231	11	models	model	NOUN
fsr-3262	231	12	.	.	PUNCT
fsr-3262	232	1	time	time	NOUN
fsr-3262	232	2	decay	decay	NOUN
fsr-3262	232	3	behavior	behavior	NOUN
fsr-3262	232	4	is	be	AUX
fsr-3262	232	5	different	different	ADJ
fsr-3262	232	6	between	between	ADP
fsr-3262	232	7	the	the	DET
fsr-3262	232	8	lognormal	lognormal	ADJ
fsr-3262	232	9	and	and	CCONJ
fsr-3262	232	10	normal	normal	ADJ
fsr-3262	232	11	models	model	NOUN
fsr-3262	232	12	,	,	PUNCT
fsr-3262	232	13	in	in	ADP
fsr-3262	232	14	part	part	NOUN
fsr-3262	232	15	,	,	PUNCT
fsr-3262	232	16	because	because	SCONJ
fsr-3262	232	17	of	of	ADP
fsr-3262	232	18	its	its	PRON
fsr-3262	232	19	influence	influence	NOUN
fsr-3262	232	20	on	on	ADP
fsr-3262	232	21	volatility	volatility	NOUN
fsr-3262	232	22	.	.	PUNCT
fsr-3262	233	1	volatility	volatility	NOUN
fsr-3262	233	2	risk	risk	NOUN
fsr-3262	233	3	is	be	AUX
fsr-3262	233	4	difficult	difficult	ADJ
fsr-3262	233	5	to	to	PART
fsr-3262	233	6	manage	manage	VERB
fsr-3262	233	7	,	,	PUNCT
fsr-3262	233	8	particularly	particularly	ADV
fsr-3262	233	9	for	for	ADP
fsr-3262	233	10	thinly	thinly	ADV
fsr-3262	233	11	traded	trade	VERB
fsr-3262	233	12	options	option	NOUN
fsr-3262	233	13	.	.	PUNCT
fsr-3262	234	1	we	we	PRON
fsr-3262	234	2	see	see	VERB
fsr-3262	234	3	here	here	ADV
fsr-3262	234	4	that	that	SCONJ
fsr-3262	234	5	the	the	DET
fsr-3262	234	6	nsopm	nsopm	NOUN
fsr-3262	234	7	measure	measure	NOUN
fsr-3262	234	8	of	of	ADP
fsr-3262	234	9	vega	vega	PROPN
fsr-3262	234	10	is	be	AUX
fsr-3262	234	11	materially	materially	ADV
fsr-3262	234	12	different	different	ADJ
fsr-3262	234	13	from	from	ADP
fsr-3262	234	14	the	the	DET
fsr-3262	234	15	lnsopm	lnsopm	PROPN
fsr-3262	234	16	.	.	PUNCT
fsr-3262	235	1	recall	recall	VERB
fsr-3262	235	2	that	that	SCONJ
fsr-3262	235	3	the	the	DET
fsr-3262	235	4	nsopm	nsopm	NOUN
fsr-3262	235	5	has	have	VERB
fsr-3262	235	6	only	only	ADV
fsr-3262	235	7	one	one	NUM
fsr-3262	235	8	input	input	NOUN
fsr-3262	235	9	for	for	ADP
fsr-3262	235	10	volatility	volatility	NOUN
fsr-3262	235	11	,	,	PUNCT
fsr-3262	235	12	the	the	DET
fsr-3262	235	13	volatility	volatility	NOUN
fsr-3262	235	14	of	of	ADP
fsr-3262	235	15	the	the	DET
fsr-3262	235	16	spread	spread	NOUN
fsr-3262	235	17	.	.	PUNCT
fsr-3262	236	1	the	the	DET
fsr-3262	236	2	lnsopm	lnsopm	NOUN
fsr-3262	236	3	,	,	PUNCT
fsr-3262	236	4	however	however	ADV
fsr-3262	236	5	,	,	PUNCT
fsr-3262	236	6	has	have	VERB
fsr-3262	236	7	three	three	NUM
fsr-3262	236	8	inputs	input	NOUN
fsr-3262	236	9	,	,	PUNCT
fsr-3262	236	10	the	the	DET
fsr-3262	236	11	volatilities	volatility	NOUN
fsr-3262	236	12	of	of	ADP
fsr-3262	236	13	each	each	DET
fsr-3262	236	14	underlying	underlie	VERB
fsr-3262	236	15	asset	asset	NOUN
fsr-3262	236	16	and	and	CCONJ
fsr-3262	236	17	the	the	DET
fsr-3262	236	18	correlation	correlation	NOUN
fsr-3262	236	19	.	.	PUNCT
fsr-3262	237	1	therefore	therefore	ADV
fsr-3262	237	2	,	,	PUNCT
fsr-3262	237	3	there	there	PRON
fsr-3262	237	4	are	be	VERB
fsr-3262	237	5	several	several	ADJ
fsr-3262	237	6	different	different	ADJ
fsr-3262	237	7	measures	measure	NOUN
fsr-3262	237	8	of	of	ADP
fsr-3262	237	9	volatility	volatility	NOUN
fsr-3262	237	10	risk	risk	NOUN
fsr-3262	237	11	that	that	PRON
fsr-3262	237	12	can	can	AUX
fsr-3262	237	13	be	be	AUX
fsr-3262	237	14	computed	compute	VERB
fsr-3262	237	15	for	for	ADP
fsr-3262	237	16	the	the	DET
fsr-3262	237	17	lnsopm	lnsopm	NOUN
fsr-3262	237	18	.	.	PUNCT
fsr-3262	238	1	we	we	PRON
fsr-3262	238	2	assume	assume	VERB
fsr-3262	238	3	the	the	DET
fsr-3262	238	4	volatility	volatility	NOUN
fsr-3262	238	5	change	change	NOUN
fsr-3262	238	6	was	be	AUX
fsr-3262	238	7	driven	drive	VERB
fsr-3262	238	8	by	by	ADP
fsr-3262	238	9	a	a	DET
fsr-3262	238	10	change	change	NOUN
fsr-3262	238	11	in	in	ADP
fsr-3262	238	12	the	the	DET
fsr-3262	238	13	volatility	volatility	NOUN
fsr-3262	238	14	of	of	ADP
fsr-3262	238	15	the	the	DET
fsr-3262	238	16	first	first	ADJ
fsr-3262	238	17	asset	asset	NOUN
fsr-3262	238	18	.	.	PUNCT
fsr-3262	239	1	the	the	DET
fsr-3262	239	2	goal	goal	NOUN
fsr-3262	239	3	here	here	ADV
fsr-3262	239	4	is	be	AUX
fsr-3262	239	5	to	to	PART
fsr-3262	239	6	identify	identify	VERB
fsr-3262	239	7	that	that	SCONJ
fsr-3262	239	8	volatility	volatility	NOUN
fsr-3262	239	9	risk	risk	NOUN
fsr-3262	239	10	is	be	AUX
fsr-3262	239	11	an	an	DET
fsr-3262	239	12	important	important	ADJ
fsr-3262	239	13	consideration	consideration	NOUN
fsr-3262	239	14	and	and	CCONJ
fsr-3262	239	15	can	can	AUX
fsr-3262	239	16	be	be	AUX
fsr-3262	239	17	assessed	assess	VERB
fsr-3262	239	18	using	use	VERB
fsr-3262	239	19	the	the	DET
fsr-3262	239	20	significance	significance	NOUN
fsr-3262	239	21	measure	measure	NOUN
fsr-3262	239	22	.	.	PUNCT
fsr-3262	240	1	correlation	correlation	NOUN
fsr-3262	240	2	�	�	PROPN
fsr-3262	240	3	is	be	AUX
fsr-3262	240	4	also	also	ADV
fsr-3262	240	5	significant	significant	ADJ
fsr-3262	240	6	when	when	SCONJ
fsr-3262	240	7	moneyness	moneyness	NOUN
fsr-3262	240	8	is	be	AUX
fsr-3262	240	9	around	around	ADP
fsr-3262	240	10	zero	zero	NUM
fsr-3262	240	11	.	.	PUNCT
fsr-3262	241	1	3.2.2	3.2.2	NUM
fsr-3262	241	2	.	.	NOUN
fsr-3262	241	3	time	time	NOUN
fsr-3262	241	4	to	to	ADP
fsr-3262	241	5	maturity	maturity	NOUN
fsr-3262	241	6	next	next	ADV
fsr-3262	241	7	we	we	PRON
fsr-3262	241	8	vary	vary	VERB
fsr-3262	241	9	the	the	DET
fsr-3262	241	10	time	time	NOUN
fsr-3262	241	11	to	to	ADP
fsr-3262	241	12	maturity	maturity	NOUN
fsr-3262	241	13	of	of	ADP
fsr-3262	241	14	the	the	DET
fsr-3262	241	15	option	option	NOUN
fsr-3262	241	16	while	while	SCONJ
fsr-3262	241	17	holding	hold	VERB
fsr-3262	241	18	the	the	DET
fsr-3262	241	19	other	other	ADJ
fsr-3262	241	20	model	model	NOUN
fsr-3262	241	21	parameters	parameter	NOUN
fsr-3262	241	22	fixed	fix	VERB
fsr-3262	241	23	to	to	PART
fsr-3262	241	24	examine	examine	VERB
fsr-3262	241	25	the	the	DET
fsr-3262	241	26	difference	difference	NOUN
fsr-3262	241	27	between	between	ADP
fsr-3262	241	28	the	the	DET
fsr-3262	241	29	risk	risk	NOUN
fsr-3262	241	30	parameters	parameter	NOUN
fsr-3262	241	31	of	of	ADP
fsr-3262	241	32	the	the	DET
fsr-3262	241	33	base	base	NOUN
fsr-3262	241	34	and	and	CCONJ
fsr-3262	241	35	alternate	alternate	ADJ
fsr-3262	241	36	spread	spread	NOUN
fsr-3262	241	37	option	option	NOUN
fsr-3262	241	38	pricing	pricing	NOUN
fsr-3262	241	39	models	model	NOUN
fsr-3262	241	40	.	.	PUNCT
fsr-3262	242	1	time	time	NOUN
fsr-3262	242	2	to	to	ADP
fsr-3262	242	3	maturity	maturity	NOUN
fsr-3262	242	4	of	of	ADP
fsr-3262	242	5	the	the	DET
fsr-3262	242	6	spread	spread	ADJ
fsr-3262	242	7	option	option	NOUN
fsr-3262	242	8	is	be	AUX
fsr-3262	242	9	varied	varied	ADJ
fsr-3262	242	10	from	from	ADP
fsr-3262	242	11	0.25	0.25	NUM
fsr-3262	242	12	to	to	ADP
fsr-3262	242	13	2	2	NUM
fsr-3262	242	14	years	year	NOUN
fsr-3262	242	15	.	.	PUNCT
fsr-3262	243	1	the	the	DET
fsr-3262	243	2	remaining	remain	VERB
fsr-3262	243	3	parameters	parameter	NOUN
fsr-3262	243	4	are	be	AUX
fsr-3262	243	5	the	the	DET
fsr-3262	243	6	same	same	ADJ
fsr-3262	243	7	as	as	ADP
fsr-3262	243	8	in	in	ADP
fsr-3262	243	9	table	table	NOUN
fsr-3262	243	10	1	1	NUM
fsr-3262	243	11	.	.	PUNCT
fsr-3262	243	12	index	index	NOUN
fsr-3262	243	13	1	1	NUM
fsr-3262	243	14	and	and	CCONJ
fsr-3262	243	15	index	index	NOUN
fsr-3262	243	16	2	2	NUM
fsr-3262	243	17	are	be	AUX
fsr-3262	243	18	each	each	PRON
fsr-3262	243	19	assumed	assume	VERB
fsr-3262	243	20	to	to	PART
fsr-3262	243	21	have	have	VERB
fsr-3262	243	22	values	value	NOUN
fsr-3262	243	23	of	of	ADP
fsr-3262	243	24	100.0	100.0	NUM
fsr-3262	243	25	and	and	CCONJ
fsr-3262	243	26	the	the	DET
fsr-3262	243	27	strike	strike	NOUN
fsr-3262	243	28	price	price	NOUN
fsr-3262	243	29	is	be	AUX
fsr-3262	243	30	0	0	NUM
fsr-3262	243	31	,	,	PUNCT
fsr-3262	243	32	resulting	result	VERB
fsr-3262	243	33	in	in	ADP
fsr-3262	243	34	an	an	DET
fsr-3262	243	35	at	at	ADP
fsr-3262	243	36	-	-	PUNCT
fsr-3262	243	37	the	the	DET
fsr-3262	243	38	-	-	PUNCT
fsr-3262	243	39	money	money	NOUN
fsr-3262	243	40	spread	spread	NOUN
fsr-3262	243	41	option	option	NOUN
fsr-3262	243	42	.	.	PUNCT
fsr-3262	244	1	table	table	NOUN
fsr-3262	244	2	2	2	NUM
fsr-3262	244	3	reports	report	VERB
fsr-3262	244	4	the	the	DET
fsr-3262	244	5	results	result	NOUN
fsr-3262	244	6	of	of	ADP
fsr-3262	244	7	this	this	DET
fsr-3262	244	8	case	case	NOUN
fsr-3262	244	9	.	.	PUNCT
fsr-3262	245	1	we	we	PRON
fsr-3262	245	2	observe	observe	VERB
fsr-3262	245	3	for	for	SCONJ
fsr-3262	245	4	the	the	DET
fsr-3262	245	5	parameters	parameter	NOUN
fsr-3262	245	6	selected	select	VERB
fsr-3262	245	7	the	the	DET
fsr-3262	245	8	�	�	PROPN
fsr-3262	245	9	s	s	PART
fsr-3262	245	10	are	be	AUX
fsr-3262	245	11	materially	materially	ADV
fsr-3262	245	12	different	different	ADJ
fsr-3262	245	13	for	for	ADP
fsr-3262	245	14	time	time	NOUN
fsr-3262	245	15	horizons	horizon	NOUN
fsr-3262	245	16	greater	great	ADJ
fsr-3262	245	17	than	than	ADP
fsr-3262	245	18	one	one	NUM
fsr-3262	245	19	year	year	NOUN
fsr-3262	245	20	.	.	PUNCT
fsr-3262	246	1	that	that	PRON
fsr-3262	246	2	is	be	AUX
fsr-3262	246	3	,	,	PUNCT
fsr-3262	246	4	the	the	DET
fsr-3262	246	5	error	error	NOUN
fsr-3262	246	6	in	in	ADP
fsr-3262	246	7	�	�	PROPN
fsr-3262	246	8	between	between	ADP
fsr-3262	246	9	the	the	DET
fsr-3262	246	10	two	two	NUM
fsr-3262	246	11	models	model	NOUN
fsr-3262	246	12	is	be	AUX
fsr-3262	246	13	not	not	PART
fsr-3262	246	14	greater	great	ADJ
fsr-3262	246	15	than	than	ADP
fsr-3262	246	16	the	the	DET
fsr-3262	246	17	difference	difference	NOUN
fsr-3262	246	18	in	in	ADP
fsr-3262	246	19	�	�	PROPN
fsr-3262	246	20	of	of	ADP
fsr-3262	246	21	the	the	DET
fsr-3262	246	22	lognormal	lognormal	ADJ
fsr-3262	246	23	model	model	NOUN
fsr-3262	246	24	,	,	PUNCT
fsr-3262	246	25	given	give	VERB
fsr-3262	246	26	a	a	DET
fsr-3262	246	27	one	one	NUM
fsr-3262	246	28	percentage	percentage	NOUN
fsr-3262	246	29	transaction	transaction	NOUN
fsr-3262	246	30	cost	cost	NOUN
fsr-3262	246	31	,	,	PUNCT
fsr-3262	246	32	for	for	ADP
fsr-3262	246	33	maturities	maturity	NOUN
fsr-3262	246	34	less	less	ADJ
fsr-3262	246	35	than	than	ADP
fsr-3262	246	36	a	a	PRON
fsr-3262	246	37	year	year	NOUN
fsr-3262	246	38	.	.	PUNCT
fsr-3262	247	1	note	note	VERB
fsr-3262	247	2	that	that	SCONJ
fsr-3262	247	3	the	the	DET
fsr-3262	247	4	error	error	NOUN
fsr-3262	247	5	factor	factor	NOUN
fsr-3262	247	6	is	be	AUX
fsr-3262	247	7	monotonically	monotonically	ADV
fsr-3262	247	8	increasing	increase	VERB
fsr-3262	247	9	with	with	ADP
fsr-3262	247	10	time	time	NOUN
fsr-3262	247	11	to	to	ADP
fsr-3262	247	12	maturity	maturity	NOUN
fsr-3262	247	13	,	,	PUNCT
fsr-3262	247	14	whereas	whereas	SCONJ
fsr-3262	247	15	the	the	DET
fsr-3262	247	16	significance	significance	NOUN
fsr-3262	247	17	factor	factor	NOUN
fsr-3262	247	18	is	be	AUX
fsr-3262	247	19	monotonically	monotonically	ADV
fsr-3262	247	20	decreasing	decrease	VERB
fsr-3262	247	21	with	with	ADP
fsr-3262	247	22	time	time	NOUN
fsr-3262	247	23	to	to	ADP
fsr-3262	247	24	maturity	maturity	NOUN
fsr-3262	247	25	.	.	PUNCT
fsr-3262	248	1	hence	hence	ADV
fsr-3262	248	2	,	,	PUNCT
fsr-3262	248	3	past	past	ADP
fsr-3262	248	4	some	some	DET
fsr-3262	248	5	inflection	inflection	NOUN
fsr-3262	248	6	point	point	NOUN
fsr-3262	248	7	the	the	DET
fsr-3262	248	8	models	model	NOUN
fsr-3262	248	9	are	be	AUX
fsr-3262	248	10	materially	materially	ADV
fsr-3262	248	11	different	different	ADJ
fsr-3262	248	12	.	.	PUNCT
fsr-3262	249	1	for	for	ADP
fsr-3262	249	2	longer	long	ADJ
fsr-3262	249	3	maturities	maturity	NOUN
fsr-3262	249	4	,	,	PUNCT
fsr-3262	249	5	the	the	DET
fsr-3262	249	6	two	two	NUM
fsr-3262	249	7	model	model	NOUN
fsr-3262	249	8	�	�	PROPN
fsr-3262	249	9	s	s	PART
fsr-3262	249	10	deviate	deviate	NOUN
fsr-3262	249	11	further	far	ADV
fsr-3262	249	12	,	,	PUNCT
fsr-3262	249	13	whereas	whereas	SCONJ
fsr-3262	249	14	the	the	DET
fsr-3262	249	15	impact	impact	NOUN
fsr-3262	249	16	of	of	ADP
fsr-3262	249	17	trading	trading	NOUN
fsr-3262	249	18	costs	cost	NOUN
fsr-3262	249	19	on	on	ADP
fsr-3262	249	20	�	�	PROPN
fsr-3262	249	21	s	s	PART
fsr-3262	249	22	declines	decline	NOUN
fsr-3262	249	23	.	.	PUNCT
fsr-3262	250	1	the	the	DET
fsr-3262	250	2	error	error	NOUN
fsr-3262	250	3	factors	factor	NOUN
fsr-3262	250	4	for	for	ADP
fsr-3262	250	5	�	�	PROPN
fsr-3262	250	6	in	in	ADP
fsr-3262	250	7	this	this	DET
fsr-3262	250	8	case	case	NOUN
fsr-3262	250	9	are	be	AUX
fsr-3262	250	10	very	very	ADV
fsr-3262	250	11	small	small	ADJ
fsr-3262	250	12	and	and	CCONJ
fsr-3262	250	13	the	the	DET
fsr-3262	250	14	significant	significant	ADJ
fsr-3262	250	15	factors	factor	NOUN
fsr-3262	250	16	are	be	AUX
fsr-3262	250	17	much	much	ADV
fsr-3262	250	18	larger	large	ADJ
fsr-3262	250	19	.	.	PUNCT
fsr-3262	251	1	because	because	SCONJ
fsr-3262	251	2	�	�	PROPN
fsr-3262	251	3	s	s	PART
fsr-3262	251	4	are	be	AUX
fsr-3262	251	5	relatively	relatively	ADV
fsr-3262	251	6	large	large	ADJ
fsr-3262	251	7	when	when	SCONJ
fsr-3262	251	8	the	the	DET
fsr-3262	251	9	options	option	NOUN
fsr-3262	251	10	are	be	AUX
fsr-3262	251	11	at	at	ADP
fsr-3262	251	12	-	-	PUNCT
fsr-3262	251	13	the	the	DET
fsr-3262	251	14	-	-	PUNCT
fsr-3262	251	15	money	money	NOUN
fsr-3262	251	16	,	,	PUNCT
fsr-3262	251	17	and	and	CCONJ
fsr-3262	251	18	trading	trading	NOUN
fsr-3262	251	19	costs	cost	VERB
fsr-3262	251	20	28	28	NUM
fsr-3262	251	21	r.	r.	PROPN
fsr-3262	251	22	brooks	brooks	PROPN
fsr-3262	251	23	,	,	PUNCT
fsr-3262	251	24	b.n	b.n	PROPN
fsr-3262	251	25	.	.	PROPN
fsr-3262	251	26	cline	cline	PROPN
fsr-3262	251	27	/	/	SYM
fsr-3262	251	28	financial	financial	PROPN
fsr-3262	251	29	services	service	NOUN
fsr-3262	251	30	review	review	VERB
fsr-3262	251	31	24	24	NUM
fsr-3262	251	32	(	(	PUNCT
fsr-3262	251	33	2015	2015	NUM
fsr-3262	251	34	)	)	PUNCT
fsr-3262	251	35	15–35	15–35	NUM
fsr-3262	251	36	do	do	AUX
fsr-3262	251	37	not	not	PART
fsr-3262	251	38	considerably	considerably	ADV
fsr-3262	251	39	influence	influence	VERB
fsr-3262	251	40	option	option	NOUN
fsr-3262	251	41	value	value	NOUN
fsr-3262	251	42	,	,	PUNCT
fsr-3262	251	43	�	�	PROPN
fsr-3262	251	44	s	s	PART
fsr-3262	251	45	are	be	AUX
fsr-3262	251	46	not	not	PART
fsr-3262	251	47	materially	materially	ADV
fsr-3262	251	48	different	different	ADJ
fsr-3262	251	49	.	.	PUNCT
fsr-3262	252	1	for	for	ADP
fsr-3262	252	2	longer	long	ADJ
fsr-3262	252	3	maturities	maturity	NOUN
fsr-3262	252	4	,	,	PUNCT
fsr-3262	252	5	the	the	DET
fsr-3262	252	6	�	�	PROPN
fsr-3262	252	7	s	s	PART
fsr-3262	252	8	mildly	mildly	ADV
fsr-3262	252	9	drift	drift	NOUN
fsr-3262	252	10	further	far	ADV
fsr-3262	252	11	apart	apart	ADV
fsr-3262	252	12	.	.	PUNCT
fsr-3262	253	1	thetas	theta	NOUN
fsr-3262	253	2	and	and	CCONJ
fsr-3262	253	3	vegas	vegas	PROPN
fsr-3262	253	4	are	be	AUX
fsr-3262	253	5	materially	materially	ADV
fsr-3262	253	6	different	different	ADJ
fsr-3262	253	7	for	for	ADP
fsr-3262	253	8	maturities	maturity	NOUN
fsr-3262	253	9	of	of	ADP
fsr-3262	253	10	0.5	0.5	NUM
fsr-3262	253	11	or	or	CCONJ
fsr-3262	253	12	greater	great	ADJ
fsr-3262	253	13	,	,	PUNCT
fsr-3262	253	14	and	and	CCONJ
fsr-3262	253	15	correlation	correlation	NOUN
fsr-3262	253	16	�	�	PROPN
fsr-3262	253	17	s	s	PART
fsr-3262	253	18	are	be	AUX
fsr-3262	253	19	all	all	PRON
fsr-3262	253	20	materially	materially	ADV
fsr-3262	253	21	different	different	ADJ
fsr-3262	253	22	for	for	ADP
fsr-3262	253	23	all	all	DET
fsr-3262	253	24	maturities	maturity	NOUN
fsr-3262	253	25	.	.	PUNCT
fsr-3262	254	1	clearly	clearly	ADV
fsr-3262	254	2	,	,	PUNCT
fsr-3262	254	3	the	the	PRON
fsr-3262	254	4	longer	long	ADV
fsr-3262	254	5	the	the	DET
fsr-3262	254	6	time	time	NOUN
fsr-3262	254	7	to	to	ADP
fsr-3262	254	8	maturity	maturity	NOUN
fsr-3262	254	9	for	for	ADP
fsr-3262	254	10	at	at	ADP
fsr-3262	254	11	-	-	PUNCT
fsr-3262	254	12	the	the	DET
fsr-3262	254	13	-	-	PUNCT
fsr-3262	254	14	money	money	NOUN
fsr-3262	254	15	options	option	NOUN
fsr-3262	254	16	,	,	PUNCT
fsr-3262	254	17	the	the	DET
fsr-3262	254	18	greater	great	ADJ
fsr-3262	254	19	volatility	volatility	NOUN
fsr-3262	254	20	impacts	impact	VERB
fsr-3262	254	21	the	the	DET
fsr-3262	254	22	difference	difference	NOUN
fsr-3262	254	23	between	between	ADP
fsr-3262	254	24	these	these	DET
fsr-3262	254	25	two	two	NUM
fsr-3262	254	26	models	model	NOUN
fsr-3262	254	27	.	.	PUNCT
fsr-3262	255	1	table	table	NOUN
fsr-3262	255	2	2	2	NUM
fsr-3262	255	3	varying	varying	NOUN
fsr-3262	255	4	time	time	NOUN
fsr-3262	255	5	to	to	ADP
fsr-3262	255	6	maturity	maturity	NOUN
fsr-3262	255	7	panel	panel	NOUN
fsr-3262	255	8	a	a	DET
fsr-3262	255	9	:	:	PUNCT
fsr-3262	255	10	analysis	analysis	NOUN
fsr-3262	255	11	of	of	ADP
fsr-3262	255	12	�	�	PROPN
fsr-3262	255	13	time	time	NOUN
fsr-3262	255	14	to	to	ADP
fsr-3262	255	15	maturity	maturity	NOUN
fsr-3262	255	16	call	call	NOUN
fsr-3262	255	17	�	�	PROPN
fsr-3262	255	18	put	put	VERB
fsr-3262	255	19	�	�	NOUN
fsr-3262	255	20	error	error	NOUN
fsr-3262	255	21	factor	factor	NOUN
fsr-3262	255	22	significance	significance	NOUN
fsr-3262	255	23	factor	factor	NOUN
fsr-3262	255	24	error	error	NOUN
fsr-3262	255	25	factor	factor	NOUN
fsr-3262	255	26	significance	significance	NOUN
fsr-3262	255	27	factor	factor	NOUN
fsr-3262	255	28	0.25	0.25	NUM
fsr-3262	255	29	0.0371	0.0371	NUM
fsr-3262	255	30	0.1757	0.1757	NUM
fsr-3262	255	31	0.0386	0.0386	NUM
fsr-3262	255	32	0.1888	0.1888	NUM
fsr-3262	255	33	0.50	0.50	NUM
fsr-3262	255	34	0.0521	0.0521	NUM
fsr-3262	255	35	0.1195	0.1195	NUM
fsr-3262	255	36	0.0550	0.0550	NUM
fsr-3262	255	37	0.1325	0.1325	NUM
fsr-3262	255	38	0.75	0.75	NUM
fsr-3262	255	39	0.0634	0.0634	NUM
fsr-3262	255	40	0.0954	0.0954	NUM
fsr-3262	255	41	0.0677	0.0677	NUM
fsr-3262	255	42	0.1084	0.1084	NUM
fsr-3262	255	43	1.00	1.00	NUM
fsr-3262	255	44	0.0728	0.0728	NUM
fsr-3262	255	45	0.0813	0.0813	NUM
fsr-3262	255	46	0.0785	0.0785	NUM
fsr-3262	255	47	0.0942	0.0942	NUM
fsr-3262	255	48	1.25	1.25	NUM
fsr-3262	255	49	0.0810	0.0810	NUM
fsr-3262	255	50	*	*	PUNCT
fsr-3262	255	51	0.0788	0.0788	NUM
fsr-3262	255	52	0.0882	0.0882	NUM
fsr-3262	255	53	*	*	PUNCT
fsr-3262	255	54	0.0846	0.0846	NUM
fsr-3262	255	55	1.50	1.50	NUM
fsr-3262	255	56	0.0884	0.0884	NUM
fsr-3262	255	57	*	*	PUNCT
fsr-3262	255	58	0.0647	0.0647	NUM
fsr-3262	255	59	0.0970	0.0970	NUM
fsr-3262	255	60	*	*	PUNCT
fsr-3262	256	1	0.0076	0.0076	NUM
fsr-3262	256	2	1.75	1.75	NUM
fsr-3262	256	3	0.0951	0.0951	NUM
fsr-3262	256	4	*	*	SYM
fsr-3262	256	5	0.0593	0.0593	NUM
fsr-3262	256	6	0.1051	0.1051	NUM
fsr-3262	256	7	*	*	NOUN
fsr-3262	256	8	0.0722	0.0722	NUM
fsr-3262	256	9	2.00	2.00	NUM
fsr-3262	256	10	0.1013	0.1013	NUM
fsr-3262	256	11	*	*	PUNCT
fsr-3262	256	12	0.0549	0.0549	NUM
fsr-3262	256	13	0.1127	0.1127	NUM
fsr-3262	256	14	*	*	SYM
fsr-3262	256	15	0.0678	0.0678	NUM
fsr-3262	256	16	panel	panel	NOUN
fsr-3262	256	17	b	b	NOUN
fsr-3262	256	18	:	:	PUNCT
fsr-3262	256	19	analysis	analysis	NOUN
fsr-3262	256	20	of	of	ADP
fsr-3262	256	21	�	�	PROPN
fsr-3262	256	22	and	and	CCONJ
fsr-3262	256	23	�	�	PROPN
fsr-3262	256	24	time	time	NOUN
fsr-3262	256	25	to	to	ADP
fsr-3262	256	26	maturity	maturity	NOUN
fsr-3262	256	27	call	call	NOUN
fsr-3262	256	28	and	and	CCONJ
fsr-3262	256	29	put	put	VERB
fsr-3262	256	30	�	�	PROPN
fsr-3262	256	31	call	call	NOUN
fsr-3262	256	32	and	and	CCONJ
fsr-3262	256	33	put	put	VERB
fsr-3262	256	34	�	�	PROPN
fsr-3262	256	35	error	error	NOUN
fsr-3262	256	36	factor	factor	NOUN
fsr-3262	256	37	significance	significance	NOUN
fsr-3262	256	38	factor	factor	NOUN
fsr-3262	256	39	error	error	NOUN
fsr-3262	256	40	factor	factor	NOUN
fsr-3262	256	41	significance	significance	NOUN
fsr-3262	256	42	factor	factor	NOUN
fsr-3262	256	43	0.25	0.25	NUM
fsr-3262	256	44	0.0015	0.0015	NUM
fsr-3262	256	45	0.0422	0.0422	NUM
fsr-3262	256	46	0.0118	0.0118	NUM
fsr-3262	256	47	0.0223	0.0223	NUM
fsr-3262	256	48	0.50	0.50	NUM
fsr-3262	256	49	0.0030	0.0030	NUM
fsr-3262	256	50	0.0311	0.0311	NUM
fsr-3262	256	51	0.0236	0.0236	NUM
fsr-3262	256	52	*	*	PUNCT
fsr-3262	257	1	0.0112	0.0112	NUM
fsr-3262	257	2	0.75	0.75	NUM
fsr-3262	257	3	0.0045	0.0045	NUM
fsr-3262	257	4	0.0274	0.0274	NUM
fsr-3262	257	5	0.0355	0.0355	NUM
fsr-3262	257	6	*	*	PUNCT
fsr-3262	257	7	0.0075	0.0075	NUM
fsr-3262	257	8	1.00	1.00	NUM
fsr-3262	257	9	0.0060	0.0060	NUM
fsr-3262	257	10	0.0255	0.0255	NUM
fsr-3262	257	11	0.0474	0.0474	NUM
fsr-3262	257	12	*	*	PUNCT
fsr-3262	257	13	0.0056	0.0056	NUM
fsr-3262	257	14	1.25	1.25	NUM
fsr-3262	257	15	0.0075	0.0075	NUM
fsr-3262	257	16	0.0244	0.0244	NUM
fsr-3262	257	17	0.0594	0.0594	NUM
fsr-3262	257	18	*	*	PUNCT
fsr-3262	257	19	0.0045	0.0045	NUM
fsr-3262	257	20	1.50	1.50	NUM
fsr-3262	257	21	0.0090	0.0090	NUM
fsr-3262	257	22	0.0237	0.0237	NUM
fsr-3262	257	23	0.0714	0.0714	NUM
fsr-3262	257	24	*	*	PUNCT
fsr-3262	257	25	0.0038	0.0038	NUM
fsr-3262	257	26	1.75	1.75	NUM
fsr-3262	257	27	0.0105	0.0105	NUM
fsr-3262	257	28	0.0231	0.0231	NUM
fsr-3262	257	29	0.0835	0.0835	NUM
fsr-3262	257	30	*	*	NOUN
fsr-3262	257	31	0.0032	0.0032	NUM
fsr-3262	257	32	2.00	2.00	NUM
fsr-3262	257	33	0.0120	0.0120	NUM
fsr-3262	257	34	0.0227	0.0227	NUM
fsr-3262	257	35	0.0956	0.0956	NUM
fsr-3262	257	36	*	*	SYM
fsr-3262	257	37	0.0028	0.0028	NUM
fsr-3262	257	38	panel	panel	NOUN
fsr-3262	257	39	c	c	NOUN
fsr-3262	257	40	:	:	PUNCT
fsr-3262	257	41	analysis	analysis	NOUN
fsr-3262	257	42	of	of	ADP
fsr-3262	257	43	vega	vega	PROPN
fsr-3262	257	44	and	and	CCONJ
fsr-3262	257	45	correlation	correlation	NOUN
fsr-3262	257	46	time	time	NOUN
fsr-3262	257	47	to	to	ADP
fsr-3262	257	48	maturity	maturity	NOUN
fsr-3262	257	49	call	call	NOUN
fsr-3262	257	50	and	and	CCONJ
fsr-3262	257	51	put	put	VERB
fsr-3262	257	52	vega	vega	PROPN
fsr-3262	257	53	correlation	correlation	NOUN
fsr-3262	257	54	�	�	PROPN
fsr-3262	257	55	error	error	NOUN
fsr-3262	257	56	factor	factor	NOUN
fsr-3262	257	57	significance	significance	NOUN
fsr-3262	257	58	factor	factor	NOUN
fsr-3262	257	59	error	error	NOUN
fsr-3262	257	60	factor	factor	NOUN
fsr-3262	257	61	significance	significance	NOUN
fsr-3262	257	62	factor	factor	NOUN
fsr-3262	257	63	0.25	0.25	NUM
fsr-3262	257	64	0.0144	0.0144	NUM
fsr-3262	257	65	0.0223	0.0223	NUM
fsr-3262	257	66	0.9990	0.9990	NUM
fsr-3262	257	67	*	*	PUNCT
fsr-3262	257	68	0.0223	0.0223	NUM
fsr-3262	257	69	0.50	0.50	NUM
fsr-3262	257	70	0.0374	0.0374	NUM
fsr-3262	257	71	*	*	PUNCT
fsr-3262	258	1	0.0112	0.0112	NUM
fsr-3262	258	2	0.5338	0.5338	NUM
fsr-3262	258	3	*	*	PUNCT
fsr-3262	259	1	0.0112	0.0112	NUM
fsr-3262	259	2	0.75	0.75	NUM
fsr-3262	259	3	0.0599	0.0599	NUM
fsr-3262	259	4	*	*	PUNCT
fsr-3262	259	5	0.0075	0.0075	NUM
fsr-3262	259	6	0.1719	0.1719	NUM
fsr-3262	259	7	*	*	PUNCT
fsr-3262	259	8	0.0075	0.0075	NUM
fsr-3262	259	9	1.00	1.00	NUM
fsr-3262	259	10	0.0819	0.0819	NUM
fsr-3262	259	11	*	*	PUNCT
fsr-3262	259	12	0.0056	0.0056	NUM
fsr-3262	259	13	0.1169	0.1169	NUM
fsr-3262	259	14	*	*	PUNCT
fsr-3262	259	15	0.0056	0.0056	NUM
fsr-3262	259	16	1.25	1.25	NUM
fsr-3262	259	17	0.1035	0.1035	NUM
fsr-3262	259	18	*	*	PUNCT
fsr-3262	259	19	0.0045	0.0045	NUM
fsr-3262	259	20	0.3518	0.3518	NUM
fsr-3262	259	21	*	*	PUNCT
fsr-3262	259	22	0.0045	0.0045	NUM
fsr-3262	259	23	1.50	1.50	NUM
fsr-3262	259	24	0.1245	0.1245	NUM
fsr-3262	259	25	*	*	PUNCT
fsr-3262	259	26	0.0038	0.0038	NUM
fsr-3262	259	27	0.5462	0.5462	NUM
fsr-3262	259	28	*	*	PUNCT
fsr-3262	260	1	0.0038	0.0038	NUM
fsr-3262	260	2	1.75	1.75	NUM
fsr-3262	260	3	0.1452	0.1452	NUM
fsr-3262	260	4	*	*	PUNCT
fsr-3262	260	5	0.0032	0.0032	NUM
fsr-3262	260	6	0.7091	0.7091	NUM
fsr-3262	260	7	*	*	PUNCT
fsr-3262	260	8	0.0032	0.0032	NUM
fsr-3262	260	9	2.00	2.00	NUM
fsr-3262	260	10	0.1654	0.1654	NUM
fsr-3262	260	11	*	*	PUNCT
fsr-3262	260	12	0.0028	0.0028	NUM
fsr-3262	260	13	0.8472	0.8472	NUM
fsr-3262	260	14	*	*	PUNCT
fsr-3262	260	15	0.0028	0.0028	NUM
fsr-3262	260	16	this	this	DET
fsr-3262	260	17	table	table	NOUN
fsr-3262	260	18	reports	report	VERB
fsr-3262	260	19	the	the	DET
fsr-3262	260	20	error	error	NOUN
fsr-3262	260	21	and	and	CCONJ
fsr-3262	260	22	significance	significance	NOUN
fsr-3262	260	23	factor	factor	NOUN
fsr-3262	260	24	for	for	ADP
fsr-3262	260	25	selected	select	VERB
fsr-3262	260	26	risk	risk	NOUN
fsr-3262	260	27	parameters	parameter	NOUN
fsr-3262	260	28	for	for	ADP
fsr-3262	260	29	the	the	DET
fsr-3262	260	30	lnsopm	lnsopm	NOUN
fsr-3262	260	31	and	and	CCONJ
fsr-3262	260	32	nsopm	nsopm	VERB
fsr-3262	260	33	when	when	SCONJ
fsr-3262	260	34	the	the	DET
fsr-3262	260	35	option	option	NOUN
fsr-3262	260	36	prices	price	NOUN
fsr-3262	260	37	are	be	AUX
fsr-3262	260	38	calibrated	calibrate	VERB
fsr-3262	260	39	together	together	ADV
fsr-3262	260	40	.	.	PUNCT
fsr-3262	261	1	volatility	volatility	NOUN
fsr-3262	261	2	is	be	AUX
fsr-3262	261	3	30	30	NUM
fsr-3262	261	4	%	%	NOUN
fsr-3262	261	5	for	for	ADP
fsr-3262	261	6	both	both	DET
fsr-3262	261	7	indexes	index	NOUN
fsr-3262	261	8	,	,	PUNCT
fsr-3262	261	9	the	the	DET
fsr-3262	261	10	risk	risk	NOUN
fsr-3262	261	11	-	-	PUNCT
fsr-3262	261	12	free	free	ADJ
fsr-3262	261	13	rate	rate	NOUN
fsr-3262	261	14	is	be	AUX
fsr-3262	261	15	5	5	NUM
fsr-3262	261	16	%	%	NOUN
fsr-3262	261	17	,	,	PUNCT
fsr-3262	261	18	no	no	DET
fsr-3262	261	19	dividends	dividend	NOUN
fsr-3262	261	20	are	be	AUX
fsr-3262	261	21	assumed	assume	VERB
fsr-3262	261	22	,	,	PUNCT
fsr-3262	261	23	and	and	CCONJ
fsr-3262	261	24	the	the	DET
fsr-3262	261	25	correlation	correlation	NOUN
fsr-3262	261	26	coefficient	coefficient	NOUN
fsr-3262	261	27	is	be	AUX
fsr-3262	261	28	0.8	0.8	NUM
fsr-3262	261	29	.	.	PUNCT
fsr-3262	261	30	index	index	NOUN
fsr-3262	261	31	1	1	NUM
fsr-3262	261	32	and	and	CCONJ
fsr-3262	261	33	index	index	NOUN
fsr-3262	261	34	2	2	NUM
fsr-3262	261	35	are	be	AUX
fsr-3262	261	36	set	set	VERB
fsr-3262	261	37	to	to	ADP
fsr-3262	261	38	100.0	100.0	NUM
fsr-3262	261	39	and	and	CCONJ
fsr-3262	261	40	the	the	DET
fsr-3262	261	41	strike	strike	NOUN
fsr-3262	261	42	price	price	NOUN
fsr-3262	261	43	is	be	AUX
fsr-3262	261	44	set	set	VERB
fsr-3262	261	45	to	to	ADP
fsr-3262	261	46	zero	zero	NUM
fsr-3262	261	47	.	.	PUNCT
fsr-3262	262	1	time	time	NOUN
fsr-3262	262	2	to	to	ADP
fsr-3262	262	3	maturity	maturity	NOUN
fsr-3262	262	4	is	be	AUX
fsr-3262	262	5	varied	varied	ADJ
fsr-3262	262	6	in	in	ADP
fsr-3262	262	7	increments	increment	NOUN
fsr-3262	262	8	0.25	0.25	NUM
fsr-3262	262	9	,	,	PUNCT
fsr-3262	262	10	allowing	allow	VERB
fsr-3262	262	11	time	time	NOUN
fsr-3262	262	12	to	to	ADP
fsr-3262	262	13	maturity	maturity	NOUN
fsr-3262	262	14	to	to	PART
fsr-3262	262	15	vary	vary	VERB
fsr-3262	262	16	from	from	ADP
fsr-3262	262	17	0.25	0.25	NUM
fsr-3262	262	18	to	to	ADP
fsr-3262	262	19	2.00	2.00	NUM
fsr-3262	262	20	.	.	PUNCT
fsr-3262	263	1	trading	trading	NOUN
fsr-3262	263	2	costs	cost	NOUN
fsr-3262	263	3	are	be	AUX
fsr-3262	263	4	assumed	assume	VERB
fsr-3262	263	5	to	to	PART
fsr-3262	263	6	be	be	AUX
fsr-3262	263	7	one	one	NUM
fsr-3262	263	8	percentage	percentage	NOUN
fsr-3262	263	9	for	for	ADP
fsr-3262	263	10	both	both	DET
fsr-3262	263	11	assets	asset	NOUN
fsr-3262	263	12	;	;	PUNCT
fsr-3262	263	13	hence	hence	ADV
fsr-3262	263	14	,	,	PUNCT
fsr-3262	263	15	buying	buy	VERB
fsr-3262	263	16	the	the	DET
fsr-3262	263	17	spread	spread	NOUN
fsr-3262	263	18	would	would	AUX
fsr-3262	263	19	result	result	VERB
fsr-3262	263	20	in	in	ADP
fsr-3262	263	21	a	a	DET
fsr-3262	263	22	one	one	NUM
fsr-3262	263	23	percentage	percentage	NOUN
fsr-3262	263	24	decline	decline	NOUN
fsr-3262	263	25	in	in	ADP
fsr-3262	263	26	index	index	NOUN
fsr-3262	263	27	1	1	NUM
fsr-3262	263	28	and	and	CCONJ
fsr-3262	263	29	a	a	DET
fsr-3262	263	30	one	one	NUM
fsr-3262	263	31	percentage	percentage	NOUN
fsr-3262	263	32	increase	increase	NOUN
fsr-3262	263	33	in	in	ADP
fsr-3262	263	34	index	index	NOUN
fsr-3262	263	35	2	2	NUM
fsr-3262	263	36	.	.	PUNCT
fsr-3262	264	1	*	*	NOUN
fsr-3262	264	2	denotes	denote	VERB
fsr-3262	264	3	the	the	DET
fsr-3262	264	4	error	error	NOUN
fsr-3262	264	5	factor	factor	NOUN
fsr-3262	264	6	being	be	AUX
fsr-3262	264	7	greater	great	ADJ
fsr-3262	264	8	than	than	ADP
fsr-3262	264	9	the	the	DET
fsr-3262	264	10	significance	significance	NOUN
fsr-3262	264	11	factor	factor	NOUN
fsr-3262	264	12	.	.	PUNCT
fsr-3262	265	1	29r	29r	NOUN
fsr-3262	265	2	.	.	PUNCT
fsr-3262	265	3	brooks	brooks	PROPN
fsr-3262	265	4	,	,	PUNCT
fsr-3262	265	5	b.n	b.n	PROPN
fsr-3262	265	6	.	.	PROPN
fsr-3262	265	7	cline	cline	PROPN
fsr-3262	265	8	/	/	SYM
fsr-3262	265	9	financial	financial	PROPN
fsr-3262	265	10	services	service	NOUN
fsr-3262	265	11	review	review	VERB
fsr-3262	265	12	24	24	NUM
fsr-3262	265	13	(	(	PUNCT
fsr-3262	265	14	2015	2015	NUM
fsr-3262	265	15	)	)	PUNCT
fsr-3262	265	16	15–35	15–35	NUM
fsr-3262	265	17	3.2.3	3.2.3	NUM
fsr-3262	265	18	.	.	PUNCT
fsr-3262	266	1	correlation	correlation	NOUN
fsr-3262	266	2	we	we	PRON
fsr-3262	266	3	now	now	ADV
fsr-3262	266	4	vary	vary	VERB
fsr-3262	266	5	the	the	DET
fsr-3262	266	6	correlation	correlation	NOUN
fsr-3262	266	7	of	of	ADP
fsr-3262	266	8	the	the	DET
fsr-3262	266	9	option	option	NOUN
fsr-3262	266	10	while	while	SCONJ
fsr-3262	266	11	holding	hold	VERB
fsr-3262	266	12	the	the	DET
fsr-3262	266	13	other	other	ADJ
fsr-3262	266	14	parameters	parameter	NOUN
fsr-3262	266	15	fixed	fix	VERB
fsr-3262	266	16	to	to	PART
fsr-3262	266	17	examine	examine	VERB
fsr-3262	266	18	the	the	DET
fsr-3262	266	19	difference	difference	NOUN
fsr-3262	266	20	between	between	ADP
fsr-3262	266	21	the	the	DET
fsr-3262	266	22	risk	risk	NOUN
fsr-3262	266	23	parameters	parameter	NOUN
fsr-3262	266	24	of	of	ADP
fsr-3262	266	25	the	the	DET
fsr-3262	266	26	base	base	NOUN
fsr-3262	266	27	and	and	CCONJ
fsr-3262	266	28	alternate	alternate	ADJ
fsr-3262	266	29	spread	spread	NOUN
fsr-3262	266	30	option	option	NOUN
fsr-3262	266	31	pricing	pricing	NOUN
fsr-3262	266	32	models	model	NOUN
fsr-3262	266	33	.	.	PUNCT
fsr-3262	267	1	correlation	correlation	NOUN
fsr-3262	267	2	of	of	ADP
fsr-3262	267	3	the	the	DET
fsr-3262	267	4	spread	spread	ADJ
fsr-3262	267	5	option	option	NOUN
fsr-3262	267	6	is	be	AUX
fsr-3262	267	7	varied	varied	ADJ
fsr-3262	267	8	from	from	ADP
fsr-3262	267	9	�	�	NOUN
fsr-3262	267	10	0.99	0.99	NUM
fsr-3262	267	11	to	to	ADP
fsr-3262	267	12	0.99	0.99	NUM
fsr-3262	267	13	.	.	PUNCT
fsr-3262	268	1	the	the	DET
fsr-3262	268	2	remaining	remain	VERB
fsr-3262	268	3	parameters	parameter	NOUN
fsr-3262	268	4	are	be	AUX
fsr-3262	268	5	again	again	ADV
fsr-3262	268	6	the	the	DET
fsr-3262	268	7	same	same	ADJ
fsr-3262	268	8	as	as	ADP
fsr-3262	268	9	in	in	ADP
fsr-3262	268	10	table	table	NOUN
fsr-3262	268	11	1	1	NUM
fsr-3262	268	12	.	.	PUNCT
fsr-3262	269	1	we	we	PRON
fsr-3262	269	2	assume	assume	VERB
fsr-3262	269	3	the	the	DET
fsr-3262	269	4	rest	rest	NOUN
fsr-3262	269	5	of	of	ADP
fsr-3262	269	6	the	the	DET
fsr-3262	269	7	parameters	parameter	NOUN
fsr-3262	269	8	as	as	SCONJ
fsr-3262	269	9	previously	previously	ADV
fsr-3262	269	10	reported	report	VERB
fsr-3262	269	11	.	.	PUNCT
fsr-3262	270	1	varying	vary	VERB
fsr-3262	270	2	the	the	DET
fsr-3262	270	3	correlation	correlation	NOUN
fsr-3262	270	4	is	be	AUX
fsr-3262	270	5	similar	similar	ADJ
fsr-3262	270	6	to	to	ADP
fsr-3262	270	7	varying	vary	VERB
fsr-3262	270	8	the	the	DET
fsr-3262	270	9	volatility	volatility	NOUN
fsr-3262	270	10	because	because	SCONJ
fsr-3262	270	11	a	a	DET
fsr-3262	270	12	spread	spread	NOUN
fsr-3262	270	13	option	option	NOUN
fsr-3262	270	14	becomes	become	VERB
fsr-3262	270	15	more	more	ADV
fsr-3262	270	16	volatile	volatile	ADJ
fsr-3262	270	17	as	as	ADP
fsr-3262	270	18	the	the	DET
fsr-3262	270	19	correlation	correlation	NOUN
fsr-3262	270	20	between	between	ADP
fsr-3262	270	21	the	the	DET
fsr-3262	270	22	two	two	NUM
fsr-3262	270	23	indexes	index	NOUN
fsr-3262	270	24	declines	decline	NOUN
fsr-3262	270	25	(	(	PUNCT
fsr-3262	270	26	holding	hold	VERB
fsr-3262	270	27	the	the	DET
fsr-3262	270	28	other	other	ADJ
fsr-3262	270	29	parameters	parameter	NOUN
fsr-3262	270	30	constant	constant	ADJ
fsr-3262	270	31	)	)	PUNCT
fsr-3262	270	32	.	.	PUNCT
fsr-3262	271	1	table	table	NOUN
fsr-3262	271	2	3	3	NUM
fsr-3262	271	3	reports	report	VERB
fsr-3262	271	4	the	the	DET
fsr-3262	271	5	results	result	NOUN
fsr-3262	271	6	of	of	ADP
fsr-3262	271	7	this	this	DET
fsr-3262	271	8	case	case	NOUN
fsr-3262	271	9	.	.	PUNCT
fsr-3262	272	1	we	we	PRON
fsr-3262	272	2	see	see	VERB
fsr-3262	272	3	that	that	PRON
fsr-3262	272	4	for	for	SCONJ
fsr-3262	272	5	the	the	DET
fsr-3262	272	6	parameters	parameter	NOUN
fsr-3262	272	7	selected	select	VERB
fsr-3262	272	8	the	the	DET
fsr-3262	272	9	�	�	PROPN
fsr-3262	272	10	s	s	PART
fsr-3262	272	11	are	be	AUX
fsr-3262	272	12	materially	materially	ADV
fsr-3262	272	13	different	different	ADJ
fsr-3262	272	14	when	when	SCONJ
fsr-3262	272	15	correlation	correlation	NOUN
fsr-3262	272	16	declines	decline	VERB
fsr-3262	272	17	(	(	PUNCT
fsr-3262	272	18	or	or	CCONJ
fsr-3262	272	19	volatility	volatility	NOUN
fsr-3262	272	20	is	be	AUX
fsr-3262	272	21	increased	increase	VERB
fsr-3262	272	22	)	)	PUNCT
fsr-3262	272	23	.	.	PUNCT
fsr-3262	273	1	that	that	PRON
fsr-3262	273	2	is	be	AUX
fsr-3262	273	3	,	,	PUNCT
fsr-3262	273	4	the	the	DET
fsr-3262	273	5	error	error	NOUN
fsr-3262	273	6	in	in	ADP
fsr-3262	273	7	�	�	PROPN
fsr-3262	273	8	between	between	ADP
fsr-3262	273	9	the	the	DET
fsr-3262	273	10	two	two	NUM
fsr-3262	273	11	models	model	NOUN
fsr-3262	273	12	is	be	AUX
fsr-3262	273	13	greater	great	ADJ
fsr-3262	273	14	than	than	ADP
fsr-3262	273	15	the	the	DET
fsr-3262	273	16	difference	difference	NOUN
fsr-3262	273	17	in	in	ADP
fsr-3262	273	18	�	�	PROPN
fsr-3262	273	19	of	of	ADP
fsr-3262	273	20	the	the	DET
fsr-3262	273	21	lognormal	lognormal	ADJ
fsr-3262	273	22	model	model	NOUN
fsr-3262	273	23	,	,	PUNCT
fsr-3262	273	24	given	give	VERB
fsr-3262	273	25	a	a	DET
fsr-3262	273	26	one	one	NUM
fsr-3262	273	27	percentage	percentage	NOUN
fsr-3262	273	28	transaction	transaction	NOUN
fsr-3262	273	29	cost	cost	NOUN
fsr-3262	273	30	.	.	PUNCT
fsr-3262	274	1	note	note	VERB
fsr-3262	274	2	that	that	SCONJ
fsr-3262	274	3	the	the	DET
fsr-3262	274	4	error	error	NOUN
fsr-3262	274	5	factor	factor	NOUN
fsr-3262	274	6	is	be	AUX
fsr-3262	274	7	monotonically	monotonically	ADV
fsr-3262	274	8	decreasing	decrease	VERB
fsr-3262	274	9	with	with	ADP
fsr-3262	274	10	increasing	increase	VERB
fsr-3262	274	11	correlation	correlation	NOUN
fsr-3262	274	12	,	,	PUNCT
fsr-3262	274	13	and	and	CCONJ
fsr-3262	274	14	the	the	DET
fsr-3262	274	15	significance	significance	NOUN
fsr-3262	274	16	factor	factor	NOUN
fsr-3262	274	17	is	be	AUX
fsr-3262	274	18	monotonically	monotonically	ADV
fsr-3262	274	19	increasing	increase	VERB
fsr-3262	274	20	.	.	PUNCT
fsr-3262	275	1	hence	hence	ADV
fsr-3262	275	2	,	,	PUNCT
fsr-3262	275	3	past	past	ADP
fsr-3262	275	4	some	some	DET
fsr-3262	275	5	inflection	inflection	NOUN
fsr-3262	275	6	point	point	NOUN
fsr-3262	275	7	the	the	DET
fsr-3262	275	8	models	model	NOUN
fsr-3262	275	9	are	be	AUX
fsr-3262	275	10	no	no	ADV
fsr-3262	275	11	longer	long	ADV
fsr-3262	275	12	materially	materially	ADV
fsr-3262	275	13	different	different	ADJ
fsr-3262	275	14	.	.	PUNCT
fsr-3262	276	1	therefore	therefore	ADV
fsr-3262	276	2	,	,	PUNCT
fsr-3262	276	3	as	as	SCONJ
fsr-3262	276	4	correlation	correlation	NOUN
fsr-3262	276	5	declines	decline	NOUN
fsr-3262	276	6	(	(	PUNCT
fsr-3262	276	7	or	or	CCONJ
fsr-3262	276	8	volatility	volatility	NOUN
fsr-3262	276	9	increases	increase	NOUN
fsr-3262	276	10	)	)	PUNCT
fsr-3262	276	11	,	,	PUNCT
fsr-3262	276	12	the	the	DET
fsr-3262	276	13	two	two	NUM
fsr-3262	276	14	models	model	NOUN
fsr-3262	276	15	are	be	AUX
fsr-3262	276	16	materially	materially	ADV
fsr-3262	276	17	different	different	ADJ
fsr-3262	276	18	with	with	ADP
fsr-3262	276	19	respect	respect	NOUN
fsr-3262	276	20	to	to	ADP
fsr-3262	276	21	�	�	PROPN
fsr-3262	276	22	.	.	PUNCT
fsr-3262	277	1	gamma	gamma	PROPN
fsr-3262	277	2	is	be	AUX
fsr-3262	277	3	materially	materially	ADV
fsr-3262	277	4	different	different	ADJ
fsr-3262	277	5	for	for	ADP
fsr-3262	277	6	correlations	correlation	NOUN
fsr-3262	277	7	of	of	ADP
fsr-3262	277	8	0.25	0.25	NUM
fsr-3262	277	9	or	or	CCONJ
fsr-3262	277	10	below	below	ADV
fsr-3262	277	11	,	,	PUNCT
fsr-3262	277	12	whereas	whereas	SCONJ
fsr-3262	277	13	�	�	PROPN
fsr-3262	277	14	and	and	CCONJ
fsr-3262	277	15	vega	vega	PROPN
fsr-3262	277	16	are	be	AUX
fsr-3262	277	17	materially	materially	ADV
fsr-3262	277	18	different	different	ADJ
fsr-3262	277	19	for	for	ADP
fsr-3262	277	20	correlations	correlation	NOUN
fsr-3262	277	21	of	of	ADP
fsr-3262	277	22	0.75	0.75	NUM
fsr-3262	277	23	or	or	CCONJ
fsr-3262	277	24	below	below	ADV
fsr-3262	277	25	.	.	PUNCT
fsr-3262	278	1	finally	finally	ADV
fsr-3262	278	2	,	,	PUNCT
fsr-3262	278	3	correlation	correlation	NOUN
fsr-3262	278	4	�	�	PROPN
fsr-3262	278	5	is	be	AUX
fsr-3262	278	6	materially	materially	ADV
fsr-3262	278	7	different	different	ADJ
fsr-3262	278	8	in	in	ADP
fsr-3262	278	9	all	all	DET
fsr-3262	278	10	cases	case	NOUN
fsr-3262	278	11	.	.	PUNCT
fsr-3262	279	1	recall	recall	VERB
fsr-3262	279	2	that	that	SCONJ
fsr-3262	279	3	the	the	PRON
fsr-3262	279	4	lower	low	ADJ
fsr-3262	279	5	the	the	DET
fsr-3262	279	6	correlation	correlation	NOUN
fsr-3262	279	7	the	the	PRON
fsr-3262	279	8	greater	great	ADJ
fsr-3262	279	9	the	the	DET
fsr-3262	279	10	spread	spread	ADJ
fsr-3262	279	11	volatility	volatility	NOUN
fsr-3262	279	12	.	.	PUNCT
fsr-3262	280	1	3.2.4	3.2.4	NUM
fsr-3262	280	2	.	.	X
fsr-3262	280	3	strike	strike	NOUN
fsr-3262	280	4	price	price	NOUN
fsr-3262	280	5	we	we	PRON
fsr-3262	280	6	now	now	ADV
fsr-3262	280	7	vary	vary	VERB
fsr-3262	280	8	the	the	DET
fsr-3262	280	9	strike	strike	NOUN
fsr-3262	280	10	price	price	NOUN
fsr-3262	280	11	of	of	ADP
fsr-3262	280	12	the	the	DET
fsr-3262	280	13	option	option	NOUN
fsr-3262	280	14	while	while	SCONJ
fsr-3262	280	15	holding	hold	VERB
fsr-3262	280	16	the	the	DET
fsr-3262	280	17	other	other	ADJ
fsr-3262	280	18	parameters	parameter	NOUN
fsr-3262	280	19	fixed	fix	VERB
fsr-3262	280	20	to	to	PART
fsr-3262	280	21	examine	examine	VERB
fsr-3262	280	22	the	the	DET
fsr-3262	280	23	difference	difference	NOUN
fsr-3262	280	24	between	between	ADP
fsr-3262	280	25	the	the	DET
fsr-3262	280	26	risk	risk	NOUN
fsr-3262	280	27	parameters	parameter	NOUN
fsr-3262	280	28	of	of	ADP
fsr-3262	280	29	the	the	DET
fsr-3262	280	30	base	base	NOUN
fsr-3262	280	31	and	and	CCONJ
fsr-3262	280	32	alternate	alternate	ADJ
fsr-3262	280	33	spread	spread	NOUN
fsr-3262	280	34	option	option	NOUN
fsr-3262	280	35	pricing	pricing	NOUN
fsr-3262	280	36	models	model	NOUN
fsr-3262	280	37	.	.	PUNCT
fsr-3262	281	1	again	again	ADV
fsr-3262	281	2	,	,	PUNCT
fsr-3262	281	3	the	the	DET
fsr-3262	281	4	market	market	NOUN
fsr-3262	281	5	is	be	AUX
fsr-3262	281	6	assumed	assume	VERB
fsr-3262	281	7	to	to	PART
fsr-3262	281	8	provide	provide	VERB
fsr-3262	281	9	current	current	ADJ
fsr-3262	281	10	market	market	NOUN
fsr-3262	281	11	values	value	NOUN
fsr-3262	281	12	and	and	CCONJ
fsr-3262	281	13	these	these	DET
fsr-3262	281	14	values	value	NOUN
fsr-3262	281	15	are	be	AUX
fsr-3262	281	16	used	use	VERB
fsr-3262	281	17	to	to	PART
fsr-3262	281	18	calibrate	calibrate	VERB
fsr-3262	281	19	the	the	DET
fsr-3262	281	20	alternate	alternate	ADJ
fsr-3262	281	21	model	model	NOUN
fsr-3262	281	22	so	so	SCONJ
fsr-3262	281	23	that	that	SCONJ
fsr-3262	281	24	both	both	CCONJ
fsr-3262	281	25	the	the	DET
fsr-3262	281	26	base	base	NOUN
fsr-3262	281	27	and	and	CCONJ
fsr-3262	281	28	alternate	alternate	ADJ
fsr-3262	281	29	models	model	NOUN
fsr-3262	281	30	yield	yield	VERB
fsr-3262	281	31	the	the	DET
fsr-3262	281	32	same	same	ADJ
fsr-3262	281	33	price	price	NOUN
fsr-3262	281	34	.	.	PUNCT
fsr-3262	282	1	varying	vary	VERB
fsr-3262	282	2	the	the	DET
fsr-3262	282	3	strike	strike	NOUN
fsr-3262	282	4	price	price	NOUN
fsr-3262	282	5	is	be	AUX
fsr-3262	282	6	different	different	ADJ
fsr-3262	282	7	than	than	ADP
fsr-3262	282	8	varying	vary	VERB
fsr-3262	282	9	the	the	DET
fsr-3262	282	10	index	index	NOUN
fsr-3262	282	11	values	value	NOUN
fsr-3262	282	12	as	as	SCONJ
fsr-3262	282	13	provided	provide	VERB
fsr-3262	282	14	in	in	ADP
fsr-3262	282	15	table	table	NOUN
fsr-3262	282	16	1	1	NUM
fsr-3262	282	17	because	because	SCONJ
fsr-3262	282	18	of	of	ADP
fsr-3262	282	19	the	the	DET
fsr-3262	282	20	influence	influence	NOUN
fsr-3262	282	21	of	of	ADP
fsr-3262	282	22	positive	positive	ADJ
fsr-3262	282	23	and	and	CCONJ
fsr-3262	282	24	negative	negative	ADJ
fsr-3262	282	25	strike	strike	NOUN
fsr-3262	282	26	prices	price	NOUN
fsr-3262	282	27	.	.	PUNCT
fsr-3262	283	1	the	the	DET
fsr-3262	283	2	strike	strike	NOUN
fsr-3262	283	3	price	price	NOUN
fsr-3262	283	4	is	be	AUX
fsr-3262	283	5	varied	varied	ADJ
fsr-3262	283	6	from	from	ADP
fsr-3262	283	7	�	�	PROPN
fsr-3262	283	8	30	30	NUM
fsr-3262	283	9	to	to	PART
fsr-3262	283	10	30	30	NUM
fsr-3262	283	11	by	by	ADP
fsr-3262	283	12	units	unit	NOUN
fsr-3262	283	13	of	of	ADP
fsr-3262	283	14	10	10	NUM
fsr-3262	283	15	.	.	PUNCT
fsr-3262	284	1	the	the	DET
fsr-3262	284	2	remaining	remain	VERB
fsr-3262	284	3	parameters	parameter	NOUN
fsr-3262	284	4	are	be	AUX
fsr-3262	284	5	the	the	DET
fsr-3262	284	6	same	same	ADJ
fsr-3262	284	7	as	as	ADP
fsr-3262	284	8	in	in	ADP
fsr-3262	284	9	table	table	NOUN
fsr-3262	284	10	1	1	NUM
fsr-3262	284	11	.	.	PUNCT
fsr-3262	284	12	table	table	NOUN
fsr-3262	284	13	4	4	NUM
fsr-3262	284	14	reports	report	VERB
fsr-3262	284	15	the	the	DET
fsr-3262	284	16	results	result	NOUN
fsr-3262	284	17	of	of	ADP
fsr-3262	284	18	this	this	DET
fsr-3262	284	19	case	case	NOUN
fsr-3262	284	20	.	.	PUNCT
fsr-3262	285	1	we	we	PRON
fsr-3262	285	2	see	see	VERB
fsr-3262	285	3	that	that	PRON
fsr-3262	285	4	for	for	SCONJ
fsr-3262	285	5	the	the	DET
fsr-3262	285	6	parameters	parameter	NOUN
fsr-3262	285	7	selected	select	VERB
fsr-3262	285	8	the	the	DET
fsr-3262	285	9	�	�	PROPN
fsr-3262	285	10	s	s	PART
fsr-3262	285	11	are	be	AUX
fsr-3262	285	12	not	not	PART
fsr-3262	285	13	materially	materially	ADV
fsr-3262	285	14	different	different	ADJ
fsr-3262	285	15	,	,	PUNCT
fsr-3262	285	16	similar	similar	ADJ
fsr-3262	285	17	to	to	ADP
fsr-3262	285	18	table	table	NOUN
fsr-3262	285	19	1	1	NUM
fsr-3262	285	20	.	.	PUNCT
fsr-3262	286	1	that	that	PRON
fsr-3262	286	2	is	is	ADV
fsr-3262	286	3	,	,	PUNCT
fsr-3262	286	4	the	the	DET
fsr-3262	286	5	error	error	NOUN
fsr-3262	286	6	in	in	ADP
fsr-3262	286	7	�	�	PROPN
fsr-3262	286	8	between	between	ADP
fsr-3262	286	9	the	the	DET
fsr-3262	286	10	two	two	NUM
fsr-3262	286	11	models	model	NOUN
fsr-3262	286	12	is	be	AUX
fsr-3262	286	13	less	less	ADJ
fsr-3262	286	14	than	than	ADP
fsr-3262	286	15	the	the	DET
fsr-3262	286	16	difference	difference	NOUN
fsr-3262	286	17	in	in	ADP
fsr-3262	286	18	�	�	PROPN
fsr-3262	286	19	s	s	PART
fsr-3262	286	20	of	of	ADP
fsr-3262	286	21	the	the	DET
fsr-3262	286	22	lognormal	lognormal	ADJ
fsr-3262	286	23	model	model	NOUN
fsr-3262	286	24	(	(	PUNCT
fsr-3262	286	25	significance	significance	NOUN
fsr-3262	286	26	factor	factor	NOUN
fsr-3262	286	27	)	)	PUNCT
fsr-3262	286	28	,	,	PUNCT
fsr-3262	286	29	given	give	VERB
fsr-3262	286	30	a	a	DET
fsr-3262	286	31	one	one	NUM
fsr-3262	286	32	percentage	percentage	NOUN
fsr-3262	286	33	transaction	transaction	NOUN
fsr-3262	286	34	cost	cost	NOUN
fsr-3262	286	35	.	.	PUNCT
fsr-3262	287	1	note	note	VERB
fsr-3262	287	2	that	that	SCONJ
fsr-3262	287	3	the	the	DET
fsr-3262	287	4	error	error	NOUN
fsr-3262	287	5	factor	factor	NOUN
fsr-3262	287	6	is	be	AUX
fsr-3262	287	7	monotonically	monotonically	ADV
fsr-3262	287	8	increasing	increase	VERB
fsr-3262	287	9	with	with	ADP
fsr-3262	287	10	the	the	DET
fsr-3262	287	11	strike	strike	NOUN
fsr-3262	287	12	price	price	NOUN
fsr-3262	287	13	for	for	ADP
fsr-3262	287	14	calls	call	NOUN
fsr-3262	287	15	and	and	CCONJ
fsr-3262	287	16	monotonically	monotonically	ADV
fsr-3262	287	17	decreasing	decrease	VERB
fsr-3262	287	18	for	for	ADP
fsr-3262	287	19	puts	put	NOUN
fsr-3262	287	20	.	.	PUNCT
fsr-3262	288	1	the	the	DET
fsr-3262	288	2	significance	significance	NOUN
fsr-3262	288	3	factors	factor	VERB
fsr-3262	288	4	for	for	ADP
fsr-3262	288	5	the	the	DET
fsr-3262	288	6	remaining	remain	VERB
fsr-3262	288	7	risk	risk	NOUN
fsr-3262	288	8	factors	factor	NOUN
fsr-3262	288	9	in	in	ADP
fsr-3262	288	10	this	this	DET
fsr-3262	288	11	case	case	NOUN
fsr-3262	288	12	are	be	AUX
fsr-3262	288	13	similar	similar	ADJ
fsr-3262	288	14	to	to	ADP
fsr-3262	288	15	those	those	PRON
fsr-3262	288	16	reported	report	VERB
fsr-3262	288	17	in	in	ADP
fsr-3262	288	18	table	table	NOUN
fsr-3262	288	19	1	1	NUM
fsr-3262	288	20	.	.	PUNCT
fsr-3262	289	1	for	for	ADP
fsr-3262	289	2	high	high	ADJ
fsr-3262	289	3	and	and	CCONJ
fsr-3262	289	4	low	low	ADJ
fsr-3262	289	5	strike	strike	NOUN
fsr-3262	289	6	prices	price	NOUN
fsr-3262	289	7	,	,	PUNCT
fsr-3262	289	8	the	the	DET
fsr-3262	289	9	�	�	PROPN
fsr-3262	289	10	s	s	PART
fsr-3262	289	11	are	be	AUX
fsr-3262	289	12	not	not	PART
fsr-3262	289	13	materially	materially	ADV
fsr-3262	289	14	different	different	ADJ
fsr-3262	289	15	,	,	PUNCT
fsr-3262	289	16	whereas	whereas	SCONJ
fsr-3262	289	17	�	�	NOUN
fsr-3262	289	18	s	s	PART
fsr-3262	289	19	are	be	AUX
fsr-3262	289	20	materially	materially	ADV
fsr-3262	289	21	different	different	ADJ
fsr-3262	289	22	.	.	PUNCT
fsr-3262	290	1	vegas	vegas	PROPN
fsr-3262	290	2	are	be	AUX
fsr-3262	290	3	always	always	ADV
fsr-3262	290	4	materially	materially	ADV
fsr-3262	290	5	different	different	ADJ
fsr-3262	290	6	,	,	PUNCT
fsr-3262	290	7	and	and	CCONJ
fsr-3262	290	8	correlation	correlation	NOUN
fsr-3262	290	9	�	�	PROPN
fsr-3262	290	10	s	s	PART
fsr-3262	290	11	are	be	AUX
fsr-3262	290	12	materially	materially	ADV
fsr-3262	290	13	different	different	ADJ
fsr-3262	290	14	for	for	ADP
fsr-3262	290	15	strike	strike	NOUN
fsr-3262	290	16	prices	price	NOUN
fsr-3262	290	17	at	at	ADP
fsr-3262	290	18	20	20	NUM
fsr-3262	290	19	or	or	CCONJ
fsr-3262	290	20	below	below	ADV
fsr-3262	290	21	.	.	PUNCT
fsr-3262	291	1	4	4	X
fsr-3262	291	2	.	.	X
fsr-3262	291	3	conclusion	conclusion	VERB
fsr-3262	291	4	individual	individual	ADJ
fsr-3262	291	5	investors	investor	NOUN
fsr-3262	291	6	and	and	CCONJ
fsr-3262	291	7	their	their	PRON
fsr-3262	291	8	financial	financial	ADJ
fsr-3262	291	9	planners	planner	NOUN
fsr-3262	291	10	should	should	AUX
fsr-3262	291	11	consider	consider	VERB
fsr-3262	291	12	modeling	model	VERB
fsr-3262	291	13	both	both	DET
fsr-3262	291	14	client	client	NOUN
fsr-3262	291	15	assets	asset	NOUN
fsr-3262	291	16	as	as	ADV
fsr-3262	291	17	well	well	ADV
fsr-3262	291	18	as	as	ADP
fsr-3262	291	19	client	client	NOUN
fsr-3262	291	20	liabilities	liability	NOUN
fsr-3262	291	21	.	.	PUNCT
fsr-3262	292	1	this	this	DET
fsr-3262	292	2	study	study	NOUN
fsr-3262	292	3	offers	offer	VERB
fsr-3262	292	4	better	well	ADJ
fsr-3262	292	5	tools	tool	NOUN
fsr-3262	292	6	for	for	ADP
fsr-3262	292	7	measuring	measure	VERB
fsr-3262	292	8	and	and	CCONJ
fsr-3262	292	9	managing	manage	VERB
fsr-3262	292	10	the	the	DET
fsr-3262	292	11	downside	downside	ADJ
fsr-3262	292	12	risk	risk	NOUN
fsr-3262	292	13	related	relate	VERB
fsr-3262	292	14	to	to	ADP
fsr-3262	292	15	the	the	DET
fsr-3262	292	16	spread	spread	NOUN
fsr-3262	292	17	between	between	ADP
fsr-3262	292	18	the	the	DET
fsr-3262	292	19	asset	asset	NOUN
fsr-3262	292	20	portfolio	portfolio	NOUN
fsr-3262	292	21	and	and	CCONJ
fsr-3262	292	22	liability	liability	NOUN
fsr-3262	292	23	portfolio	portfolio	NOUN
fsr-3262	292	24	.	.	PUNCT
fsr-3262	293	1	we	we	PRON
fsr-3262	293	2	30	30	NUM
fsr-3262	293	3	r.	r.	PROPN
fsr-3262	293	4	brooks	brooks	PROPN
fsr-3262	293	5	,	,	PUNCT
fsr-3262	293	6	b.n	b.n	PROPN
fsr-3262	293	7	.	.	PROPN
fsr-3262	293	8	cline	cline	PROPN
fsr-3262	293	9	/	/	SYM
fsr-3262	293	10	financial	financial	PROPN
fsr-3262	293	11	services	service	NOUN
fsr-3262	293	12	review	review	VERB
fsr-3262	293	13	24	24	NUM
fsr-3262	293	14	(	(	PUNCT
fsr-3262	293	15	2015	2015	NUM
fsr-3262	293	16	)	)	PUNCT
fsr-3262	293	17	15–35	15–35	NUM
fsr-3262	293	18	provide	provide	VERB
fsr-3262	293	19	tools	tool	NOUN
fsr-3262	293	20	that	that	PRON
fsr-3262	293	21	serve	serve	VERB
fsr-3262	293	22	the	the	DET
fsr-3262	293	23	client	client	NOUN
fsr-3262	293	24	better	well	ADV
fsr-3262	293	25	and	and	CCONJ
fsr-3262	293	26	afford	afford	VERB
fsr-3262	293	27	the	the	DET
fsr-3262	293	28	wealth	wealth	NOUN
fsr-3262	293	29	management	management	NOUN
fsr-3262	293	30	firm	firm	NOUN
fsr-3262	293	31	confidence	confidence	NOUN
fsr-3262	293	32	in	in	ADP
fsr-3262	293	33	their	their	PRON
fsr-3262	293	34	value	value	NOUN
fsr-3262	293	35	-	-	PUNCT
fsr-3262	293	36	added	add	VERB
fsr-3262	293	37	proposition	proposition	NOUN
fsr-3262	293	38	,	,	PUNCT
fsr-3262	293	39	regardless	regardless	ADV
fsr-3262	293	40	of	of	ADP
fsr-3262	293	41	financial	financial	ADJ
fsr-3262	293	42	market	market	NOUN
fsr-3262	293	43	behavior	behavior	NOUN
fsr-3262	293	44	.	.	PUNCT
fsr-3262	294	1	specifically	specifically	ADV
fsr-3262	294	2	,	,	PUNCT
fsr-3262	294	3	spread	spread	VERB
fsr-3262	294	4	options	option	NOUN
fsr-3262	294	5	and	and	CCONJ
fsr-3262	294	6	related	relate	VERB
fsr-3262	294	7	risk	risk	NOUN
fsr-3262	294	8	measures	measure	NOUN
fsr-3262	294	9	form	form	VERB
fsr-3262	294	10	a	a	DET
fsr-3262	294	11	useful	useful	ADJ
fsr-3262	294	12	framework	framework	NOUN
fsr-3262	294	13	for	for	ADP
fsr-3262	294	14	articulating	articulating	ADJ
fsr-3262	294	15	client	client	NOUN
fsr-3262	294	16	portfolio	portfolio	NOUN
fsr-3262	294	17	performance	performance	NOUN
fsr-3262	294	18	.	.	PUNCT
fsr-3262	295	1	table	table	NOUN
fsr-3262	295	2	3	3	NUM
fsr-3262	295	3	varying	vary	VERB
fsr-3262	295	4	correlation	correlation	NOUN
fsr-3262	295	5	panel	panel	NOUN
fsr-3262	295	6	a	a	DET
fsr-3262	295	7	:	:	PUNCT
fsr-3262	295	8	analysis	analysis	NOUN
fsr-3262	295	9	of	of	ADP
fsr-3262	295	10	correlation	correlation	NOUN
fsr-3262	295	11	correlation	correlation	NOUN
fsr-3262	295	12	call	call	NOUN
fsr-3262	295	13	�	�	PROPN
fsr-3262	295	14	put	put	VERB
fsr-3262	295	15	�	�	NOUN
fsr-3262	295	16	error	error	NOUN
fsr-3262	295	17	factor	factor	NOUN
fsr-3262	295	18	significance	significance	NOUN
fsr-3262	295	19	factor	factor	NOUN
fsr-3262	295	20	error	error	NOUN
fsr-3262	295	21	factor	factor	NOUN
fsr-3262	295	22	significance	significance	NOUN
fsr-3262	295	23	factor	factor	NOUN
fsr-3262	295	24	�	�	PROPN
fsr-3262	295	25	0.99	0.99	NUM
fsr-3262	295	26	0.2105	0.2105	NUM
fsr-3262	295	27	*	*	PUNCT
fsr-3262	295	28	0.0210	0.0210	NUM
fsr-3262	295	29	0.2666	0.2666	NUM
fsr-3262	295	30	*	*	PUNCT
fsr-3262	295	31	0.0337	0.0337	NUM
fsr-3262	295	32	�	�	PROPN
fsr-3262	295	33	0.75	0.75	NUM
fsr-3262	295	34	0.1990	0.1990	NUM
fsr-3262	295	35	*	*	PUNCT
fsr-3262	295	36	0.0228	0.0228	NUM
fsr-3262	295	37	0.2485	0.2485	NUM
fsr-3262	295	38	*	*	SYM
fsr-3262	295	39	0.0346	0.0346	NUM
fsr-3262	295	40	�	�	PROPN
fsr-3262	295	41	0.50	0.50	NUM
fsr-3262	295	42	0.1859	0.1859	NUM
fsr-3262	295	43	*	*	PUNCT
fsr-3262	295	44	0.0251	0.0251	NUM
fsr-3262	295	45	0.2284	0.2284	NUM
fsr-3262	295	46	*	*	SYM
fsr-3262	295	47	0.0379	0.0379	NUM
fsr-3262	295	48	�	�	PROPN
fsr-3262	295	49	0.25	0.25	NUM
fsr-3262	295	50	0.1714	0.1714	NUM
fsr-3262	295	51	*	*	PUNCT
fsr-3262	296	1	0.0281	0.0281	NUM
fsr-3262	296	2	0.2069	0.2069	NUM
fsr-3262	296	3	*	*	PUNCT
fsr-3262	296	4	0.0409	0.0409	NUM
fsr-3262	296	5	0.00	0.00	NUM
fsr-3262	296	6	0.1550	0.1550	NUM
fsr-3262	296	7	*	*	PUNCT
fsr-3262	296	8	0.0321	0.0321	NUM
fsr-3262	296	9	0.1834	0.1834	NUM
fsr-3262	296	10	*	*	PUNCT
fsr-3262	296	11	0.0434	0.0434	NUM
fsr-3262	296	12	0.25	0.25	NUM
fsr-3262	296	13	0.1359	0.1359	NUM
fsr-3262	296	14	*	*	PUNCT
fsr-3262	296	15	0.0382	0.0382	NUM
fsr-3262	296	16	0.1572	0.1572	NUM
fsr-3262	296	17	*	*	PUNCT
fsr-3262	296	18	0.0510	0.0510	NUM
fsr-3262	296	19	0.50	0.50	NUM
fsr-3262	296	20	0.1125	0.1125	NUM
fsr-3262	296	21	*	*	PUNCT
fsr-3262	296	22	0.0483	0.0483	NUM
fsr-3262	296	23	0.1268	0.1268	NUM
fsr-3262	296	24	*	*	PUNCT
fsr-3262	296	25	0.0612	0.0612	NUM
fsr-3262	296	26	0.75	0.75	NUM
fsr-3262	296	27	0.0810	0.0810	NUM
fsr-3262	296	28	*	*	PUNCT
fsr-3262	296	29	0.0717	0.0717	NUM
fsr-3262	296	30	0.0882	0.0882	NUM
fsr-3262	296	31	*	*	PUNCT
fsr-3262	296	32	0.0846	0.0846	NUM
fsr-3262	296	33	0.99	0.99	NUM
fsr-3262	296	34	0.0168	0.0168	NUM
fsr-3262	296	35	0.4365	0.4365	NUM
fsr-3262	296	36	0.0171	0.0171	NUM
fsr-3262	296	37	0.4495	0.4495	NUM
fsr-3262	296	38	panel	panel	NOUN
fsr-3262	296	39	b	b	NOUN
fsr-3262	296	40	:	:	PUNCT
fsr-3262	296	41	analysis	analysis	NOUN
fsr-3262	296	42	of	of	ADP
fsr-3262	296	43	�	�	PROPN
fsr-3262	296	44	and	and	CCONJ
fsr-3262	296	45	�	�	PROPN
fsr-3262	296	46	correlation	correlation	NOUN
fsr-3262	296	47	call	call	NOUN
fsr-3262	296	48	and	and	CCONJ
fsr-3262	296	49	put	put	VERB
fsr-3262	296	50	�	�	PROPN
fsr-3262	296	51	call	call	NOUN
fsr-3262	296	52	and	and	CCONJ
fsr-3262	296	53	put	put	VERB
fsr-3262	296	54	�	�	PROPN
fsr-3262	296	55	error	error	NOUN
fsr-3262	296	56	factor	factor	NOUN
fsr-3262	296	57	significance	significance	NOUN
fsr-3262	296	58	factor	factor	NOUN
fsr-3262	296	59	error	error	NOUN
fsr-3262	296	60	factor	factor	NOUN
fsr-3262	296	61	significance	significance	NOUN
fsr-3262	296	62	factor	factor	NOUN
fsr-3262	296	63	�	�	NOUN
fsr-3262	296	64	0.99	0.99	NUM
fsr-3262	296	65	0.0596	0.0596	NUM
fsr-3262	296	66	*	*	NOUN
fsr-3262	296	67	0.0205	0.0205	NUM
fsr-3262	296	68	0.0205	0.0205	NUM
fsr-3262	296	69	*	*	PROPN
fsr-3262	296	70	0.0006	0.0006	NUM
fsr-3262	296	71	�	�	PROPN
fsr-3262	296	72	0.75	0.75	NUM
fsr-3262	296	73	0.0524	0.0524	NUM
fsr-3262	296	74	*	*	PUNCT
fsr-3262	296	75	0.0206	0.0206	NUM
fsr-3262	296	76	0.0241	0.0241	NUM
fsr-3262	296	77	*	*	SYM
fsr-3262	296	78	0.0007	0.0007	NUM
fsr-3262	296	79	�	�	PROPN
fsr-3262	296	80	0.50	0.50	NUM
fsr-3262	296	81	0.0449	0.0449	NUM
fsr-3262	296	82	*	*	NOUN
fsr-3262	297	1	0.0207	0.0207	NUM
fsr-3262	297	2	0.0279	0.0279	NUM
fsr-3262	297	3	*	*	PUNCT
fsr-3262	297	4	0.0008	0.0008	NUM
fsr-3262	297	5	�	�	PROPN
fsr-3262	297	6	0.25	0.25	NUM
fsr-3262	297	7	0.0375	0.0375	NUM
fsr-3262	297	8	*	*	PUNCT
fsr-3262	297	9	0.0208	0.0208	NUM
fsr-3262	297	10	0.0316	0.0316	NUM
fsr-3262	297	11	*	*	PUNCT
fsr-3262	297	12	0.0009	0.0009	NUM
fsr-3262	297	13	0.00	0.00	NUM
fsr-3262	297	14	0.0300	0.0300	NUM
fsr-3262	297	15	*	*	NUM
fsr-3262	297	16	0.0211	0.0211	NUM
fsr-3262	297	17	0.0354	0.0354	NUM
fsr-3262	297	18	*	*	PUNCT
fsr-3262	297	19	0.0012	0.0012	NUM
fsr-3262	297	20	0.25	0.25	NUM
fsr-3262	297	21	0.0225	0.0225	NUM
fsr-3262	297	22	*	*	PUNCT
fsr-3262	297	23	0.0214	0.0214	NUM
fsr-3262	297	24	0.0319	0.0319	NUM
fsr-3262	297	25	*	*	PUNCT
fsr-3262	297	26	0.0015	0.0015	NUM
fsr-3262	297	27	0.50	0.50	NUM
fsr-3262	297	28	0.0150	0.0150	NUM
fsr-3262	297	29	0.0222	0.0222	NUM
fsr-3262	297	30	0.0429	0.0429	NUM
fsr-3262	297	31	*	*	SYM
fsr-3262	297	32	0.0023	0.0023	NUM
fsr-3262	297	33	0.75	0.75	NUM
fsr-3262	297	34	0.0075	0.0075	NUM
fsr-3262	297	35	0.0224	0.0224	NUM
fsr-3262	297	36	0.0467	0.0467	NUM
fsr-3262	297	37	*	*	PUNCT
fsr-3262	297	38	0.0045	0.0045	NUM
fsr-3262	297	39	0.99	0.99	NUM
fsr-3262	297	40	0.0003	0.0003	NUM
fsr-3262	297	41	0.1309	0.1309	NUM
fsr-3262	297	42	0.0503	0.0503	NUM
fsr-3262	297	43	0.1111	0.1111	NUM
fsr-3262	297	44	panel	panel	NOUN
fsr-3262	297	45	c	c	NOUN
fsr-3262	297	46	:	:	PUNCT
fsr-3262	297	47	analysis	analysis	NOUN
fsr-3262	297	48	of	of	ADP
fsr-3262	297	49	vega	vega	PROPN
fsr-3262	297	50	and	and	CCONJ
fsr-3262	297	51	correlation	correlation	NOUN
fsr-3262	297	52	correlation	correlation	NOUN
fsr-3262	297	53	call	call	NOUN
fsr-3262	297	54	and	and	CCONJ
fsr-3262	297	55	put	put	VERB
fsr-3262	297	56	vega	vega	PROPN
fsr-3262	297	57	correlation	correlation	NOUN
fsr-3262	297	58	�	�	PROPN
fsr-3262	297	59	error	error	NOUN
fsr-3262	297	60	factor	factor	NOUN
fsr-3262	297	61	significance	significance	NOUN
fsr-3262	297	62	factor	factor	NOUN
fsr-3262	297	63	error	error	NOUN
fsr-3262	297	64	factor	factor	NOUN
fsr-3262	297	65	significance	significance	NOUN
fsr-3262	297	66	factor	factor	NOUN
fsr-3262	297	67	�	�	NOUN
fsr-3262	297	68	0.99	0.99	NUM
fsr-3262	297	69	0.0402	0.0402	NUM
fsr-3262	297	70	*	*	NOUN
fsr-3262	297	71	0.0006	0.0006	NUM
fsr-3262	297	72	0.0114	0.0114	NUM
fsr-3262	297	73	*	*	SYM
fsr-3262	297	74	0.0006	0.0006	NUM
fsr-3262	297	75	�	�	PROPN
fsr-3262	297	76	0.75	0.75	NUM
fsr-3262	297	77	0.0463	0.0463	NUM
fsr-3262	297	78	*	*	PUNCT
fsr-3262	297	79	0.0007	0.0007	NUM
fsr-3262	297	80	0.0018	0.0018	NUM
fsr-3262	297	81	*	*	NUM
fsr-3262	297	82	0.0007	0.0007	NUM
fsr-3262	297	83	�	�	PROPN
fsr-3262	297	84	0.50	0.50	NUM
fsr-3262	297	85	0.0524	0.0524	NUM
fsr-3262	297	86	*	*	PUNCT
fsr-3262	297	87	0.0008	0.0008	NUM
fsr-3262	297	88	0.0163	0.0163	NUM
fsr-3262	297	89	*	*	PUNCT
fsr-3262	297	90	0.0008	0.0008	NUM
fsr-3262	297	91	�	�	PROPN
fsr-3262	297	92	0.25	0.25	NUM
fsr-3262	297	93	0.0584	0.0584	NUM
fsr-3262	297	94	*	*	NOUN
fsr-3262	297	95	0.0009	0.0009	NUM
fsr-3262	297	96	0.0317	0.0317	NUM
fsr-3262	297	97	*	*	NOUN
fsr-3262	297	98	0.0009	0.0009	NUM
fsr-3262	297	99	0.00	0.00	NUM
fsr-3262	297	100	0.0642	0.0642	NUM
fsr-3262	297	101	*	*	PUNCT
fsr-3262	297	102	0.0012	0.0012	NUM
fsr-3262	297	103	0.0484	0.0484	NUM
fsr-3262	297	104	*	*	PUNCT
fsr-3262	297	105	0.0012	0.0012	NUM
fsr-3262	297	106	0.25	0.25	NUM
fsr-3262	297	107	0.0699	0.0699	NUM
fsr-3262	297	108	*	*	SYM
fsr-3262	297	109	0.0015	0.0015	NUM
fsr-3262	297	110	0.0669	0.0669	NUM
fsr-3262	297	111	*	*	PUNCT
fsr-3262	297	112	0.0015	0.0015	NUM
fsr-3262	297	113	0.50	0.50	NUM
fsr-3262	297	114	0.0754	0.0754	NUM
fsr-3262	297	115	*	*	PUNCT
fsr-3262	297	116	0.0023	0.0023	NUM
fsr-3262	297	117	0.0876	0.0876	NUM
fsr-3262	297	118	*	*	PUNCT
fsr-3262	297	119	0.0023	0.0023	NUM
fsr-3262	297	120	0.75	0.75	NUM
fsr-3262	297	121	0.0809	0.0809	NUM
fsr-3262	297	122	*	*	NOUN
fsr-3262	297	123	0.0045	0.0045	NUM
fsr-3262	297	124	0.1116	0.1116	NUM
fsr-3262	297	125	*	*	PUNCT
fsr-3262	297	126	0.0045	0.0045	NUM
fsr-3262	297	127	0.99	0.99	NUM
fsr-3262	297	128	0.0859	0.0859	NUM
fsr-3262	297	129	0.1111	0.1111	NUM
fsr-3262	297	130	0.1389	0.1389	NUM
fsr-3262	297	131	*	*	PUNCT
fsr-3262	297	132	0.1111	0.1111	NUM
fsr-3262	297	133	this	this	DET
fsr-3262	297	134	table	table	NOUN
fsr-3262	297	135	reports	report	VERB
fsr-3262	297	136	the	the	DET
fsr-3262	297	137	error	error	NOUN
fsr-3262	297	138	and	and	CCONJ
fsr-3262	297	139	significance	significance	NOUN
fsr-3262	297	140	factor	factor	NOUN
fsr-3262	297	141	for	for	ADP
fsr-3262	297	142	selected	select	VERB
fsr-3262	297	143	risk	risk	NOUN
fsr-3262	297	144	parameters	parameter	NOUN
fsr-3262	297	145	for	for	ADP
fsr-3262	297	146	the	the	DET
fsr-3262	297	147	lnsopm	lnsopm	NOUN
fsr-3262	297	148	and	and	CCONJ
fsr-3262	297	149	nsopm	nsopm	VERB
fsr-3262	297	150	when	when	SCONJ
fsr-3262	297	151	the	the	DET
fsr-3262	297	152	option	option	NOUN
fsr-3262	297	153	prices	price	NOUN
fsr-3262	297	154	are	be	AUX
fsr-3262	297	155	calibrated	calibrate	VERB
fsr-3262	297	156	together	together	ADV
fsr-3262	297	157	.	.	PUNCT
fsr-3262	298	1	the	the	DET
fsr-3262	298	2	initial	initial	ADJ
fsr-3262	298	3	parameters	parameter	NOUN
fsr-3262	298	4	are	be	AUX
fsr-3262	298	5	the	the	DET
fsr-3262	298	6	same	same	ADJ
fsr-3262	298	7	as	as	ADP
fsr-3262	298	8	the	the	DET
fsr-3262	298	9	previous	previous	ADJ
fsr-3262	298	10	tables	table	NOUN
fsr-3262	298	11	.	.	PUNCT
fsr-3262	299	1	correlation	correlation	NOUN
fsr-3262	299	2	is	be	AUX
fsr-3262	299	3	varied	varied	ADJ
fsr-3262	299	4	in	in	ADP
fsr-3262	299	5	increments	increment	NOUN
fsr-3262	299	6	of	of	ADP
fsr-3262	299	7	0.25	0.25	NUM
fsr-3262	299	8	,	,	PUNCT
fsr-3262	299	9	allowing	allow	VERB
fsr-3262	299	10	correlation	correlation	NOUN
fsr-3262	299	11	to	to	PART
fsr-3262	299	12	vary	vary	VERB
fsr-3262	299	13	from	from	ADP
fsr-3262	299	14	�	�	NOUN
fsr-3262	299	15	0.99	0.99	NUM
fsr-3262	299	16	to	to	ADP
fsr-3262	299	17	0.99	0.99	NUM
fsr-3262	299	18	.	.	PUNCT
fsr-3262	300	1	*	*	NOUN
fsr-3262	300	2	denotes	denote	VERB
fsr-3262	300	3	the	the	DET
fsr-3262	300	4	error	error	NOUN
fsr-3262	300	5	factor	factor	NOUN
fsr-3262	300	6	being	be	AUX
fsr-3262	300	7	greater	great	ADJ
fsr-3262	300	8	than	than	ADP
fsr-3262	300	9	the	the	DET
fsr-3262	300	10	significance	significance	NOUN
fsr-3262	300	11	factor	factor	NOUN
fsr-3262	300	12	.	.	PUNCT
fsr-3262	301	1	31r	31r	NUM
fsr-3262	301	2	.	.	PUNCT
fsr-3262	302	1	brooks	brooks	PROPN
fsr-3262	302	2	,	,	PUNCT
fsr-3262	302	3	b.n	b.n	PROPN
fsr-3262	302	4	.	.	PROPN
fsr-3262	302	5	cline	cline	PROPN
fsr-3262	302	6	/	/	SYM
fsr-3262	302	7	financial	financial	PROPN
fsr-3262	302	8	services	service	NOUN
fsr-3262	302	9	review	review	VERB
fsr-3262	302	10	24	24	NUM
fsr-3262	302	11	(	(	PUNCT
fsr-3262	302	12	2015	2015	NUM
fsr-3262	302	13	)	)	PUNCT
fsr-3262	302	14	15–35	15–35	NUM
fsr-3262	302	15	to	to	PART
fsr-3262	302	16	meet	meet	VERB
fsr-3262	302	17	practical	practical	ADJ
fsr-3262	302	18	demands	demand	NOUN
fsr-3262	302	19	many	many	ADJ
fsr-3262	302	20	financial	financial	ADJ
fsr-3262	302	21	institutions	institution	NOUN
fsr-3262	302	22	model	model	VERB
fsr-3262	302	23	spread	spread	NOUN
fsr-3262	302	24	options	option	NOUN
fsr-3262	302	25	assuming	assume	VERB
fsr-3262	302	26	the	the	DET
fsr-3262	302	27	spread	spread	NOUN
fsr-3262	302	28	is	be	AUX
fsr-3262	302	29	normally	normally	ADV
fsr-3262	302	30	distributed	distribute	VERB
fsr-3262	302	31	even	even	ADV
fsr-3262	302	32	when	when	SCONJ
fsr-3262	302	33	the	the	DET
fsr-3262	302	34	underlying	underlie	VERB
fsr-3262	302	35	distributions	distribution	NOUN
fsr-3262	302	36	are	be	AUX
fsr-3262	302	37	known	know	VERB
fsr-3262	302	38	to	to	PART
fsr-3262	302	39	be	be	AUX
fsr-3262	302	40	non	non	ADJ
fsr-3262	302	41	-	-	ADJ
fsr-3262	302	42	normal	normal	ADJ
fsr-3262	302	43	.	.	PUNCT
fsr-3262	303	1	we	we	PRON
fsr-3262	303	2	investigate	investigate	VERB
fsr-3262	303	3	this	this	DET
fsr-3262	303	4	internally	internally	ADV
fsr-3262	303	5	inconsistent	inconsistent	ADJ
fsr-3262	303	6	practice	practice	NOUN
fsr-3262	303	7	and	and	CCONJ
fsr-3262	303	8	test	test	VERB
fsr-3262	303	9	the	the	DET
fsr-3262	303	10	difference	difference	NOUN
fsr-3262	303	11	between	between	ADP
fsr-3262	303	12	a	a	DET
fsr-3262	303	13	spread	spread	ADJ
fsr-3262	303	14	option	option	NOUN
fsr-3262	303	15	pricing	pricing	NOUN
fsr-3262	303	16	model	model	NOUN
fsr-3262	303	17	where	where	SCONJ
fsr-3262	303	18	both	both	DET
fsr-3262	303	19	underlying	underlying	ADJ
fsr-3262	303	20	instruments	instrument	NOUN
fsr-3262	303	21	are	be	AUX
fsr-3262	303	22	lognormally	lognormally	ADV
fsr-3262	303	23	distributed	distribute	VERB
fsr-3262	303	24	,	,	PUNCT
fsr-3262	303	25	and	and	CCONJ
fsr-3262	303	26	one	one	NUM
fsr-3262	303	27	where	where	SCONJ
fsr-3262	303	28	both	both	DET
fsr-3262	303	29	underlying	underlying	ADJ
fsr-3262	303	30	instruments	instrument	NOUN
fsr-3262	303	31	are	be	AUX
fsr-3262	303	32	normally	normally	ADV
fsr-3262	303	33	distributed	distribute	VERB
fsr-3262	303	34	.	.	PUNCT
fsr-3262	304	1	table	table	NOUN
fsr-3262	304	2	4	4	NUM
fsr-3262	304	3	varying	vary	VERB
fsr-3262	304	4	strike	strike	NOUN
fsr-3262	304	5	price	price	NOUN
fsr-3262	304	6	panel	panel	NOUN
fsr-3262	304	7	a	a	DET
fsr-3262	304	8	:	:	PUNCT
fsr-3262	304	9	analysis	analysis	NOUN
fsr-3262	304	10	of	of	ADP
fsr-3262	304	11	�	�	PROPN
fsr-3262	304	12	strike	strike	NOUN
fsr-3262	304	13	price	price	NOUN
fsr-3262	304	14	call	call	NOUN
fsr-3262	304	15	�	�	PROPN
fsr-3262	304	16	put	put	VERB
fsr-3262	304	17	�	�	NOUN
fsr-3262	304	18	error	error	NOUN
fsr-3262	304	19	factor	factor	NOUN
fsr-3262	304	20	significance	significance	NOUN
fsr-3262	304	21	factor	factor	NOUN
fsr-3262	304	22	error	error	NOUN
fsr-3262	304	23	factor	factor	NOUN
fsr-3262	304	24	significance	significance	NOUN
fsr-3262	304	25	factor	factor	NOUN
fsr-3262	304	26	�	�	PROPN
fsr-3262	304	27	30	30	NUM
fsr-3262	304	28	0.0131	0.0131	NUM
fsr-3262	304	29	0.0154	0.0154	NUM
fsr-3262	304	30	0.1601	0.1601	NUM
fsr-3262	304	31	0.1938	0.1938	NUM
fsr-3262	304	32	�	�	NOUN
fsr-3262	304	33	20	20	NUM
fsr-3262	304	34	0.0259	0.0259	NUM
fsr-3262	304	35	0.0290	0.0290	NUM
fsr-3262	304	36	0.1402	0.1402	NUM
fsr-3262	304	37	0.1640	0.1640	NUM
fsr-3262	304	38	�	�	PROPN
fsr-3262	305	1	10	10	NUM
fsr-3262	305	2	0.0462	0.0462	NUM
fsr-3262	305	3	0.0510	0.0510	NUM
fsr-3262	305	4	0.1113	0.1113	NUM
fsr-3262	305	5	0.1301	0.1301	NUM
fsr-3262	305	6	0	0	PUNCT
fsr-3262	305	7	0.0728	0.0728	NUM
fsr-3262	305	8	0.0813	0.0813	NUM
fsr-3262	305	9	0.0785	0.0785	NUM
fsr-3262	305	10	0.0942	0.0942	NUM
fsr-3262	305	11	10	10	NUM
fsr-3262	305	12	0.1026	0.1026	NUM
fsr-3262	305	13	0.1156	0.1156	NUM
fsr-3262	305	14	0.0497	0.0497	NUM
fsr-3262	305	15	0.0614	0.0614	NUM
fsr-3262	305	16	20	20	NUM
fsr-3262	305	17	0.1339	0.1339	NUM
fsr-3262	305	18	0.1490	0.1490	NUM
fsr-3262	305	19	0.0292	0.0292	NUM
fsr-3262	305	20	0.0364	0.0364	NUM
fsr-3262	305	21	30	30	NUM
fsr-3262	305	22	0.1665	0.1665	NUM
fsr-3262	305	23	0.1787	0.1787	NUM
fsr-3262	305	24	0.0163	0.0163	NUM
fsr-3262	305	25	0.0201	0.0201	NUM
fsr-3262	305	26	panel	panel	NOUN
fsr-3262	305	27	b	b	NOUN
fsr-3262	305	28	:	:	PUNCT
fsr-3262	305	29	analysis	analysis	NOUN
fsr-3262	305	30	of	of	ADP
fsr-3262	305	31	�	�	PROPN
fsr-3262	305	32	and	and	CCONJ
fsr-3262	305	33	�	�	PROPN
fsr-3262	305	34	strike	strike	NOUN
fsr-3262	305	35	price	price	NOUN
fsr-3262	305	36	call	call	NOUN
fsr-3262	305	37	and	and	CCONJ
fsr-3262	305	38	put	put	VERB
fsr-3262	305	39	�	�	PROPN
fsr-3262	305	40	call	call	NOUN
fsr-3262	305	41	�	�	PROPN
fsr-3262	305	42	put	put	VERB
fsr-3262	305	43	�	�	NOUN
fsr-3262	305	44	error	error	NOUN
fsr-3262	305	45	factor	factor	NOUN
fsr-3262	305	46	significance	significance	NOUN
fsr-3262	305	47	factor	factor	NOUN
fsr-3262	305	48	error	error	NOUN
fsr-3262	305	49	factor	factor	NOUN
fsr-3262	305	50	significance	significance	NOUN
fsr-3262	305	51	factor	factor	NOUN
fsr-3262	305	52	error	error	NOUN
fsr-3262	305	53	factor	factor	NOUN
fsr-3262	305	54	significance	significance	NOUN
fsr-3262	305	55	factor	factor	NOUN
fsr-3262	305	56	�	�	PROPN
fsr-3262	305	57	30	30	NUM
fsr-3262	305	58	0.2377	0.2377	NUM
fsr-3262	305	59	*	*	SYM
fsr-3262	305	60	0.1589	0.1589	NUM
fsr-3262	305	61	0.3120	0.3120	NUM
fsr-3262	305	62	2.1101	2.1101	NUM
fsr-3262	305	63	0.0365	0.0365	NUM
fsr-3262	305	64	0.1463	0.1463	NUM
fsr-3262	305	65	�	�	PROPN
fsr-3262	305	66	20	20	NUM
fsr-3262	305	67	0.1801	0.1801	NUM
fsr-3262	305	68	*	*	PUNCT
fsr-3262	305	69	0.1217	0.1217	NUM
fsr-3262	305	70	0.0641	0.0641	NUM
fsr-3262	305	71	0.1742	0.1742	NUM
fsr-3262	305	72	0.0402	0.0402	NUM
fsr-3262	305	73	0.1072	0.1072	NUM
fsr-3262	305	74	�	�	NOUN
fsr-3262	305	75	10	10	NUM
fsr-3262	305	76	0.1000	0.1000	NUM
fsr-3262	305	77	0.0769	0.0769	NUM
fsr-3262	305	78	0.0513	0.0513	NUM
fsr-3262	305	79	0.0700	0.0700	NUM
fsr-3262	305	80	0.0442	0.0442	NUM
fsr-3262	305	81	0.0602	0.0602	NUM
fsr-3262	305	82	0	0	NUM
fsr-3262	306	1	0.0060	0.0060	NUM
fsr-3262	306	2	0.0255	0.0255	NUM
fsr-3262	306	3	0.0474	0.0474	NUM
fsr-3262	306	4	*	*	PUNCT
fsr-3262	306	5	0.0056	0.0056	NUM
fsr-3262	306	6	0.0474	0.0474	NUM
fsr-3262	306	7	*	*	PROPN
fsr-3262	306	8	0.0056	0.0056	NUM
fsr-3262	306	9	10	10	NUM
fsr-3262	306	10	0.0866	0.0866	NUM
fsr-3262	306	11	*	*	PUNCT
fsr-3262	306	12	0.0268	0.0268	NUM
fsr-3262	307	1	0.0442	0.0442	NUM
fsr-3262	307	2	0.0495	0.0495	NUM
fsr-3262	307	3	0.0513	0.0513	NUM
fsr-3262	307	4	0.0570	0.0570	NUM
fsr-3262	307	5	20	20	NUM
fsr-3262	307	6	0.1711	0.1711	NUM
fsr-3262	307	7	*	*	PUNCT
fsr-3262	307	8	0.0738	0.0738	NUM
fsr-3262	307	9	0.0402	0.0402	NUM
fsr-3262	307	10	0.0969	0.0969	NUM
fsr-3262	308	1	0.0641	0.0641	NUM
fsr-3262	308	2	0.1485	0.1485	NUM
fsr-3262	308	3	30	30	NUM
fsr-3262	308	4	0.2500	0.2500	NUM
fsr-3262	308	5	*	*	PUNCT
fsr-3262	308	6	0.1133	0.1133	NUM
fsr-3262	308	7	0.0355	0.0355	NUM
fsr-3262	308	8	0.1365	0.1365	NUM
fsr-3262	308	9	0.3026	0.3026	NUM
fsr-3262	308	10	07110	07110	NUM
fsr-3262	308	11	panel	panel	NOUN
fsr-3262	308	12	c	c	NOUN
fsr-3262	308	13	:	:	PUNCT
fsr-3262	308	14	analysis	analysis	NOUN
fsr-3262	308	15	of	of	ADP
fsr-3262	308	16	vega	vega	PROPN
fsr-3262	308	17	and	and	CCONJ
fsr-3262	308	18	correlation	correlation	NOUN
fsr-3262	308	19	strike	strike	NOUN
fsr-3262	308	20	price	price	NOUN
fsr-3262	308	21	call	call	NOUN
fsr-3262	308	22	and	and	CCONJ
fsr-3262	308	23	put	put	VERB
fsr-3262	308	24	vega	vega	PROPN
fsr-3262	308	25	correlation	correlation	NOUN
fsr-3262	308	26	�	�	PROPN
fsr-3262	308	27	error	error	NOUN
fsr-3262	308	28	factor	factor	NOUN
fsr-3262	308	29	significance	significance	NOUN
fsr-3262	308	30	factor	factor	NOUN
fsr-3262	308	31	error	error	NOUN
fsr-3262	308	32	factor	factor	NOUN
fsr-3262	308	33	significance	significance	NOUN
fsr-3262	308	34	factor	factor	NOUN
fsr-3262	308	35	�	�	PROPN
fsr-3262	308	36	30	30	NUM
fsr-3262	308	37	2.2728	2.2728	NUM
fsr-3262	308	38	*	*	PUNCT
fsr-3262	308	39	0.2451	0.2451	NUM
fsr-3262	308	40	0.1197	0.1197	NUM
fsr-3262	308	41	0.1411	0.1411	NUM
fsr-3262	308	42	�	�	NOUN
fsr-3262	308	43	20	20	NUM
fsr-3262	308	44	1.4233	1.4233	NUM
fsr-3262	308	45	*	*	NUM
fsr-3262	308	46	0.0781	0.0781	NUM
fsr-3262	308	47	0.1229	0.1229	NUM
fsr-3262	308	48	*	*	PUNCT
fsr-3262	308	49	0.1030	0.1030	NUM
fsr-3262	308	50	�	�	PROPN
fsr-3262	308	51	10	10	NUM
fsr-3262	308	52	0.6649	0.6649	NUM
fsr-3262	308	53	*	*	PUNCT
fsr-3262	308	54	0.0543	0.0543	NUM
fsr-3262	308	55	0.1197	0.1197	NUM
fsr-3262	308	56	*	*	PUNCT
fsr-3262	308	57	0.0574	0.0574	NUM
fsr-3262	308	58	0	0	NUM
fsr-3262	308	59	0.0819	0.0819	NUM
fsr-3262	308	60	*	*	PUNCT
fsr-3262	308	61	0.0056	0.0056	NUM
fsr-3262	308	62	0.1169	0.1169	NUM
fsr-3262	308	63	*	*	PUNCT
fsr-3262	308	64	0.0056	0.0056	NUM
fsr-3262	308	65	10	10	NUM
fsr-3262	308	66	0.2932	0.2932	NUM
fsr-3262	308	67	*	*	SYM
fsr-3262	308	68	0.0478	0.0478	NUM
fsr-3262	308	69	0.1197	0.1197	NUM
fsr-3262	308	70	*	*	PUNCT
fsr-3262	308	71	0.0463	0.0463	NUM
fsr-3262	308	72	20	20	NUM
fsr-3262	308	73	0.5073	0.5073	NUM
fsr-3262	308	74	*	*	PUNCT
fsr-3262	309	1	0.0963	0.0963	NUM
fsr-3262	309	2	0.1229	0.1229	NUM
fsr-3262	309	3	*	*	NOUN
fsr-3262	309	4	0.0924	0.0924	NUM
fsr-3262	309	5	30	30	NUM
fsr-3262	309	6	0.6279	0.6279	NUM
fsr-3262	309	7	*	*	SYM
fsr-3262	309	8	0.1367	0.1367	NUM
fsr-3262	309	9	0.1200	0.1200	NUM
fsr-3262	309	10	0.1309	0.1309	NUM
fsr-3262	309	11	this	this	DET
fsr-3262	309	12	table	table	NOUN
fsr-3262	309	13	reports	report	VERB
fsr-3262	309	14	the	the	DET
fsr-3262	309	15	error	error	NOUN
fsr-3262	309	16	and	and	CCONJ
fsr-3262	309	17	significance	significance	NOUN
fsr-3262	309	18	factor	factor	NOUN
fsr-3262	309	19	for	for	ADP
fsr-3262	309	20	selected	select	VERB
fsr-3262	309	21	risk	risk	NOUN
fsr-3262	309	22	parameters	parameter	NOUN
fsr-3262	309	23	for	for	ADP
fsr-3262	309	24	the	the	DET
fsr-3262	309	25	lnsopm	lnsopm	NOUN
fsr-3262	309	26	and	and	CCONJ
fsr-3262	309	27	nsopm	nsopm	VERB
fsr-3262	309	28	when	when	SCONJ
fsr-3262	309	29	the	the	DET
fsr-3262	309	30	option	option	NOUN
fsr-3262	309	31	prices	price	NOUN
fsr-3262	309	32	are	be	AUX
fsr-3262	309	33	calibrated	calibrate	VERB
fsr-3262	309	34	together	together	ADV
fsr-3262	309	35	.	.	PUNCT
fsr-3262	310	1	the	the	DET
fsr-3262	310	2	strike	strike	NOUN
fsr-3262	310	3	price	price	NOUN
fsr-3262	310	4	is	be	AUX
fsr-3262	310	5	varied	varied	ADJ
fsr-3262	310	6	from	from	ADP
fsr-3262	310	7	�	�	PROPN
fsr-3262	310	8	30	30	NUM
fsr-3262	310	9	to	to	PART
fsr-3262	310	10	30	30	NUM
fsr-3262	310	11	in	in	ADP
fsr-3262	310	12	increments	increment	NOUN
fsr-3262	310	13	of	of	ADP
fsr-3262	310	14	10	10	NUM
fsr-3262	310	15	.	.	PUNCT
fsr-3262	311	1	volatility	volatility	NOUN
fsr-3262	311	2	is	be	AUX
fsr-3262	311	3	30	30	NUM
fsr-3262	311	4	%	%	NOUN
fsr-3262	311	5	for	for	ADP
fsr-3262	311	6	both	both	DET
fsr-3262	311	7	indexes	index	NOUN
fsr-3262	311	8	,	,	PUNCT
fsr-3262	311	9	the	the	DET
fsr-3262	311	10	risk	risk	NOUN
fsr-3262	311	11	-	-	PUNCT
fsr-3262	311	12	free	free	ADJ
fsr-3262	311	13	rate	rate	NOUN
fsr-3262	311	14	is	be	AUX
fsr-3262	311	15	5	5	NUM
fsr-3262	311	16	%	%	NOUN
fsr-3262	311	17	,	,	PUNCT
fsr-3262	311	18	no	no	DET
fsr-3262	311	19	dividends	dividend	NOUN
fsr-3262	311	20	are	be	AUX
fsr-3262	311	21	assumed	assume	VERB
fsr-3262	311	22	,	,	PUNCT
fsr-3262	311	23	time	time	NOUN
fsr-3262	311	24	to	to	ADP
fsr-3262	311	25	maturity	maturity	NOUN
fsr-3262	311	26	is	be	AUX
fsr-3262	311	27	one	one	NUM
fsr-3262	311	28	year	year	NOUN
fsr-3262	311	29	,	,	PUNCT
fsr-3262	311	30	and	and	CCONJ
fsr-3262	311	31	the	the	DET
fsr-3262	311	32	correlation	correlation	NOUN
fsr-3262	311	33	coefficient	coefficient	NOUN
fsr-3262	311	34	is	be	AUX
fsr-3262	311	35	0.8	0.8	NUM
fsr-3262	311	36	.	.	PUNCT
fsr-3262	311	37	index	index	NOUN
fsr-3262	311	38	1	1	NUM
fsr-3262	311	39	and	and	CCONJ
fsr-3262	311	40	index	index	NOUN
fsr-3262	311	41	2	2	NUM
fsr-3262	311	42	are	be	AUX
fsr-3262	311	43	set	set	VERB
fsr-3262	311	44	to	to	ADP
fsr-3262	311	45	100.0	100.0	NUM
fsr-3262	311	46	and	and	CCONJ
fsr-3262	311	47	the	the	DET
fsr-3262	311	48	strike	strike	NOUN
fsr-3262	311	49	price	price	NOUN
fsr-3262	311	50	is	be	AUX
fsr-3262	311	51	set	set	VERB
fsr-3262	311	52	to	to	ADP
fsr-3262	311	53	zero	zero	NUM
fsr-3262	311	54	.	.	PUNCT
fsr-3262	312	1	trading	trading	NOUN
fsr-3262	312	2	costs	cost	NOUN
fsr-3262	312	3	are	be	AUX
fsr-3262	312	4	assumed	assume	VERB
fsr-3262	312	5	to	to	PART
fsr-3262	312	6	be	be	AUX
fsr-3262	312	7	one	one	NUM
fsr-3262	312	8	percentage	percentage	NOUN
fsr-3262	312	9	for	for	ADP
fsr-3262	312	10	both	both	DET
fsr-3262	312	11	assets	asset	NOUN
fsr-3262	312	12	;	;	PUNCT
fsr-3262	312	13	hence	hence	ADV
fsr-3262	312	14	,	,	PUNCT
fsr-3262	312	15	buying	buy	VERB
fsr-3262	312	16	the	the	DET
fsr-3262	312	17	spread	spread	NOUN
fsr-3262	312	18	would	would	AUX
fsr-3262	312	19	result	result	VERB
fsr-3262	312	20	in	in	ADP
fsr-3262	312	21	a	a	DET
fsr-3262	312	22	one	one	NUM
fsr-3262	312	23	percentage	percentage	NOUN
fsr-3262	312	24	decline	decline	NOUN
fsr-3262	312	25	in	in	ADP
fsr-3262	312	26	index	index	NOUN
fsr-3262	312	27	1	1	NUM
fsr-3262	312	28	and	and	CCONJ
fsr-3262	312	29	a	a	DET
fsr-3262	312	30	one	one	NUM
fsr-3262	312	31	percentage	percentage	NOUN
fsr-3262	312	32	increase	increase	NOUN
fsr-3262	312	33	in	in	ADP
fsr-3262	312	34	index	index	NOUN
fsr-3262	312	35	2	2	NUM
fsr-3262	312	36	.	.	PUNCT
fsr-3262	313	1	*	*	NOUN
fsr-3262	313	2	denotes	denote	VERB
fsr-3262	313	3	the	the	DET
fsr-3262	313	4	error	error	NOUN
fsr-3262	313	5	factor	factor	NOUN
fsr-3262	313	6	being	be	AUX
fsr-3262	313	7	greater	great	ADJ
fsr-3262	313	8	than	than	ADP
fsr-3262	313	9	the	the	DET
fsr-3262	313	10	significance	significance	NOUN
fsr-3262	313	11	factor	factor	NOUN
fsr-3262	313	12	.	.	PUNCT
fsr-3262	314	1	32	32	NUM
fsr-3262	314	2	r.	r.	PROPN
fsr-3262	314	3	brooks	brooks	PROPN
fsr-3262	314	4	,	,	PUNCT
fsr-3262	314	5	b.n	b.n	PROPN
fsr-3262	314	6	.	.	PROPN
fsr-3262	314	7	cline	cline	PROPN
fsr-3262	314	8	/	/	SYM
fsr-3262	314	9	financial	financial	PROPN
fsr-3262	314	10	services	service	NOUN
fsr-3262	314	11	review	review	VERB
fsr-3262	314	12	24	24	NUM
fsr-3262	314	13	(	(	PUNCT
fsr-3262	314	14	2015	2015	NUM
fsr-3262	314	15	)	)	PUNCT
fsr-3262	314	16	15–35	15–35	NUM
fsr-3262	314	17	through	through	ADP
fsr-3262	314	18	four	four	NUM
fsr-3262	314	19	sets	set	NOUN
fsr-3262	314	20	of	of	ADP
fsr-3262	314	21	option	option	NOUN
fsr-3262	314	22	values	value	NOUN
fsr-3262	314	23	we	we	PRON
fsr-3262	314	24	demonstrate	demonstrate	VERB
fsr-3262	314	25	that	that	SCONJ
fsr-3262	314	26	the	the	DET
fsr-3262	314	27	differences	difference	NOUN
fsr-3262	314	28	between	between	ADP
fsr-3262	314	29	these	these	DET
fsr-3262	314	30	two	two	NUM
fsr-3262	314	31	spread	spread	ADJ
fsr-3262	314	32	option	option	NOUN
fsr-3262	314	33	pricing	pricing	NOUN
fsr-3262	314	34	models	model	NOUN
fsr-3262	314	35	’	'	PUNCT
fsr-3262	314	36	risk	risk	NOUN
fsr-3262	314	37	parameters	parameter	NOUN
fsr-3262	314	38	are	be	AUX
fsr-3262	314	39	often	often	ADV
fsr-3262	314	40	not	not	PART
fsr-3262	314	41	significantly	significantly	ADV
fsr-3262	314	42	different	different	ADJ
fsr-3262	314	43	.	.	PUNCT
fsr-3262	315	1	as	as	ADP
fsr-3262	315	2	a	a	DET
fsr-3262	315	3	result	result	NOUN
fsr-3262	315	4	,	,	PUNCT
fsr-3262	315	5	the	the	DET
fsr-3262	315	6	normal	normal	ADJ
fsr-3262	315	7	assumption	assumption	NOUN
fsr-3262	315	8	on	on	ADP
fsr-3262	315	9	the	the	DET
fsr-3262	315	10	underlying	underlying	NOUN
fsr-3262	315	11	can	can	AUX
fsr-3262	315	12	be	be	AUX
fsr-3262	315	13	made	make	VERB
fsr-3262	315	14	in	in	ADP
fsr-3262	315	15	those	those	DET
fsr-3262	315	16	cases	case	NOUN
fsr-3262	315	17	,	,	PUNCT
fsr-3262	315	18	because	because	SCONJ
fsr-3262	315	19	it	it	PRON
fsr-3262	315	20	provides	provide	VERB
fsr-3262	315	21	a	a	DET
fsr-3262	315	22	greater	great	ADJ
fsr-3262	315	23	degree	degree	NOUN
fsr-3262	315	24	of	of	ADP
fsr-3262	315	25	tractability	tractability	NOUN
fsr-3262	315	26	.	.	PUNCT
fsr-3262	316	1	they	they	PRON
fsr-3262	316	2	are	be	AUX
fsr-3262	316	3	,	,	PUNCT
fsr-3262	316	4	however	however	ADV
fsr-3262	316	5	,	,	PUNCT
fsr-3262	316	6	significantly	significantly	ADV
fsr-3262	316	7	different	different	ADJ
fsr-3262	316	8	in	in	ADP
fsr-3262	316	9	many	many	ADJ
fsr-3262	316	10	other	other	ADJ
fsr-3262	316	11	cases	case	NOUN
fsr-3262	316	12	.	.	PUNCT
fsr-3262	317	1	for	for	ADP
fsr-3262	317	2	longer	long	ADJ
fsr-3262	317	3	maturities	maturity	NOUN
fsr-3262	317	4	and	and	CCONJ
fsr-3262	317	5	lower	low	ADJ
fsr-3262	317	6	correlations	correlation	NOUN
fsr-3262	317	7	(	(	PUNCT
fsr-3262	317	8	or	or	CCONJ
fsr-3262	317	9	higher	high	ADJ
fsr-3262	317	10	volatilities	volatility	NOUN
fsr-3262	317	11	)	)	PUNCT
fsr-3262	317	12	,	,	PUNCT
fsr-3262	317	13	the	the	DET
fsr-3262	317	14	two	two	NUM
fsr-3262	317	15	models	model	NOUN
fsr-3262	317	16	are	be	AUX
fsr-3262	317	17	shown	show	VERB
fsr-3262	317	18	to	to	PART
fsr-3262	317	19	be	be	AUX
fsr-3262	317	20	materially	materially	ADV
fsr-3262	317	21	different	different	ADJ
fsr-3262	317	22	.	.	PUNCT
fsr-3262	318	1	the	the	DET
fsr-3262	318	2	particular	particular	ADJ
fsr-3262	318	3	model	model	NOUN
fsr-3262	318	4	resulting	result	VERB
fsr-3262	318	5	in	in	ADP
fsr-3262	318	6	the	the	DET
fsr-3262	318	7	most	most	ADV
fsr-3262	318	8	accurate	accurate	ADJ
fsr-3262	318	9	risk	risk	NOUN
fsr-3262	318	10	parameters	parameter	NOUN
fsr-3262	318	11	is	be	AUX
fsr-3262	318	12	an	an	DET
fsr-3262	318	13	empirical	empirical	ADJ
fsr-3262	318	14	issue	issue	NOUN
fsr-3262	318	15	and	and	CCONJ
fsr-3262	318	16	likely	likely	ADJ
fsr-3262	318	17	period	period	NOUN
fsr-3262	318	18	and	and	CCONJ
fsr-3262	318	19	product	product	NOUN
fsr-3262	318	20	specific	specific	ADJ
fsr-3262	318	21	.	.	PUNCT
fsr-3262	319	1	for	for	ADP
fsr-3262	319	2	financial	financial	ADJ
fsr-3262	319	3	planners	planner	NOUN
fsr-3262	319	4	,	,	PUNCT
fsr-3262	319	5	the	the	DET
fsr-3262	319	6	goal	goal	NOUN
fsr-3262	319	7	is	be	AUX
fsr-3262	319	8	to	to	PART
fsr-3262	319	9	structure	structure	VERB
fsr-3262	319	10	asset	asset	NOUN
fsr-3262	319	11	portfolios	portfolio	NOUN
fsr-3262	319	12	that	that	PRON
fsr-3262	319	13	are	be	AUX
fsr-3262	319	14	highly	highly	ADV
fsr-3262	319	15	correlated	correlate	VERB
fsr-3262	319	16	with	with	ADP
fsr-3262	319	17	the	the	DET
fsr-3262	319	18	known	know	VERB
fsr-3262	319	19	liability	liability	NOUN
fsr-3262	319	20	portfolios	portfolio	NOUN
fsr-3262	319	21	,	,	PUNCT
fsr-3262	319	22	thus	thus	ADV
fsr-3262	319	23	,	,	PUNCT
fsr-3262	319	24	raising	raise	VERB
fsr-3262	319	25	the	the	DET
fsr-3262	319	26	correlation	correlation	NOUN
fsr-3262	319	27	.	.	PUNCT
fsr-3262	320	1	furthermore	furthermore	ADV
fsr-3262	320	2	,	,	PUNCT
fsr-3262	320	3	downside	downside	ADJ
fsr-3262	320	4	risk	risk	NOUN
fsr-3262	320	5	management	management	NOUN
fsr-3262	320	6	tends	tend	VERB
fsr-3262	320	7	to	to	PART
fsr-3262	320	8	be	be	AUX
fsr-3262	320	9	focused	focus	VERB
fsr-3262	320	10	on	on	ADP
fsr-3262	320	11	the	the	DET
fsr-3262	320	12	short	short	ADJ
fsr-3262	320	13	term	term	NOUN
fsr-3262	320	14	.	.	PUNCT
fsr-3262	321	1	with	with	ADP
fsr-3262	321	2	these	these	DET
fsr-3262	321	3	two	two	NUM
fsr-3262	321	4	insights	insight	NOUN
fsr-3262	321	5	,	,	PUNCT
fsr-3262	321	6	personal	personal	ADJ
fsr-3262	321	7	financial	financial	ADJ
fsr-3262	321	8	planners	planner	NOUN
fsr-3262	321	9	can	can	AUX
fsr-3262	321	10	safely	safely	ADV
fsr-3262	321	11	use	use	VERB
fsr-3262	321	12	the	the	DET
fsr-3262	321	13	simpler	simple	ADJ
fsr-3262	321	14	abm	abm	PROPN
fsr-3262	321	15	model	model	NOUN
fsr-3262	321	16	.	.	PUNCT
fsr-3262	322	1	therefore	therefore	ADV
fsr-3262	322	2	,	,	PUNCT
fsr-3262	322	3	the	the	DET
fsr-3262	322	4	results	result	NOUN
fsr-3262	322	5	presented	present	VERB
fsr-3262	322	6	here	here	ADV
fsr-3262	322	7	provide	provide	VERB
fsr-3262	322	8	the	the	DET
fsr-3262	322	9	foundation	foundation	NOUN
fsr-3262	322	10	for	for	ADP
fsr-3262	322	11	improved	improved	ADJ
fsr-3262	322	12	client	client	NOUN
fsr-3262	322	13	portfolio	portfolio	NOUN
fsr-3262	322	14	management	management	NOUN
fsr-3262	322	15	by	by	ADP
fsr-3262	322	16	financial	financial	ADJ
fsr-3262	322	17	planners	planner	NOUN
fsr-3262	322	18	.	.	PUNCT
fsr-3262	323	1	notes	note	VERB
fsr-3262	323	2	1	1	NUM
fsr-3262	323	3	one	one	NUM
fsr-3262	323	4	exception	exception	NOUN
fsr-3262	323	5	is	be	AUX
fsr-3262	323	6	special	special	ADJ
fsr-3262	323	7	cases	case	NOUN
fsr-3262	323	8	such	such	ADJ
fsr-3262	323	9	as	as	ADP
fsr-3262	323	10	exchange	exchange	NOUN
fsr-3262	323	11	options	option	NOUN
fsr-3262	323	12	(	(	PUNCT
fsr-3262	323	13	see	see	VERB
fsr-3262	323	14	margrabe	margrabe	NOUN
fsr-3262	323	15	(	(	PUNCT
fsr-3262	323	16	1978	1978	NUM
fsr-3262	323	17	)	)	PUNCT
fsr-3262	323	18	)	)	PUNCT
fsr-3262	323	19	.	.	PUNCT
fsr-3262	324	1	when	when	SCONJ
fsr-3262	324	2	referring	refer	VERB
fsr-3262	324	3	to	to	ADP
fsr-3262	324	4	“	"	PUNCT
fsr-3262	324	5	closed	closed	ADJ
fsr-3262	324	6	form	form	NOUN
fsr-3262	324	7	,	,	PUNCT
fsr-3262	324	8	”	"	PUNCT
fsr-3262	324	9	we	we	PRON
fsr-3262	324	10	use	use	VERB
fsr-3262	324	11	the	the	DET
fsr-3262	324	12	finance	finance	NOUN
fsr-3262	324	13	definition	definition	NOUN
fsr-3262	324	14	of	of	ADP
fsr-3262	324	15	an	an	DET
fsr-3262	324	16	expression	expression	NOUN
fsr-3262	324	17	whose	whose	DET
fsr-3262	324	18	numerical	numerical	ADJ
fsr-3262	324	19	complexity	complexity	NOUN
fsr-3262	324	20	is	be	AUX
fsr-3262	324	21	no	no	ADV
fsr-3262	324	22	greater	great	ADJ
fsr-3262	324	23	than	than	ADP
fsr-3262	324	24	an	an	DET
fsr-3262	324	25	“	"	PUNCT
fsr-3262	324	26	easy	easy	ADJ
fsr-3262	324	27	to	to	PART
fsr-3262	324	28	compute	compute	VERB
fsr-3262	324	29	”	"	PUNCT
fsr-3262	324	30	function	function	NOUN
fsr-3262	324	31	of	of	ADP
fsr-3262	324	32	cumulative	cumulative	ADJ
fsr-3262	324	33	normal	normal	ADJ
fsr-3262	324	34	distribution	distribution	NOUN
fsr-3262	324	35	functions	function	NOUN
fsr-3262	324	36	.	.	PUNCT
fsr-3262	325	1	2	2	NUM
fsr-3262	325	2	poitras	poitra	NOUN
fsr-3262	325	3	(	(	PUNCT
fsr-3262	325	4	1998	1998	NUM
fsr-3262	325	5	)	)	PUNCT
fsr-3262	325	6	points	point	VERB
fsr-3262	325	7	out	out	ADP
fsr-3262	325	8	that	that	SCONJ
fsr-3262	325	9	because	because	SCONJ
fsr-3262	325	10	the	the	DET
fsr-3262	325	11	difference	difference	NOUN
fsr-3262	325	12	of	of	ADP
fsr-3262	325	13	lognormal	lognormal	ADJ
fsr-3262	325	14	variables	variable	NOUN
fsr-3262	325	15	is	be	AUX
fsr-3262	325	16	not	not	PART
fsr-3262	325	17	lognormal	lognormal	ADJ
fsr-3262	325	18	,	,	PUNCT
fsr-3262	325	19	a	a	DET
fsr-3262	325	20	simplification	simplification	NOUN
fsr-3262	325	21	of	of	ADP
fsr-3262	325	22	the	the	DET
fsr-3262	325	23	bachelier	bachelier	NOUN
fsr-3262	325	24	model	model	NOUN
fsr-3262	325	25	is	be	AUX
fsr-3262	325	26	not	not	PART
fsr-3262	325	27	possible	possible	ADJ
fsr-3262	325	28	.	.	PUNCT
fsr-3262	326	1	3	3	NUM
fsr-3262	326	2	a	a	DET
fsr-3262	326	3	review	review	NOUN
fsr-3262	326	4	of	of	ADP
fsr-3262	326	5	16	16	NUM
fsr-3262	326	6	articles	article	NOUN
fsr-3262	326	7	related	relate	VERB
fsr-3262	326	8	to	to	PART
fsr-3262	326	9	spread	spread	VERB
fsr-3262	326	10	option	option	NOUN
fsr-3262	326	11	valuation	valuation	NOUN
fsr-3262	326	12	revealed	reveal	VERB
fsr-3262	326	13	only	only	ADV
fsr-3262	326	14	one	one	NUM
fsr-3262	326	15	article	article	NOUN
fsr-3262	326	16	used	use	VERB
fsr-3262	326	17	actual	actual	ADJ
fsr-3262	326	18	spread	spread	NOUN
fsr-3262	326	19	option	option	NOUN
fsr-3262	326	20	data	datum	NOUN
fsr-3262	326	21	.	.	PUNCT
fsr-3262	327	1	alexander	alexander	PROPN
fsr-3262	327	2	and	and	CCONJ
fsr-3262	327	3	venkatramanan	venkatramanan	PROPN
fsr-3262	327	4	(	(	PUNCT
fsr-3262	327	5	2007	2007	NUM
fsr-3262	327	6	)	)	PUNCT
fsr-3262	327	7	used	use	VERB
fsr-3262	327	8	less	less	ADJ
fsr-3262	327	9	than	than	ADP
fsr-3262	327	10	one	one	NUM
fsr-3262	327	11	year	year	NOUN
fsr-3262	327	12	of	of	ADP
fsr-3262	327	13	crack	crack	NOUN
fsr-3262	327	14	spread	spread	NOUN
fsr-3262	327	15	option	option	NOUN
fsr-3262	327	16	data	datum	NOUN
fsr-3262	327	17	.	.	PUNCT
fsr-3262	328	1	4	4	NUM
fsr-3262	328	2	integral	integral	ADJ
fsr-3262	328	3	solving	solving	NOUN
fsr-3262	328	4	routines	routine	NOUN
fsr-3262	328	5	,	,	PUNCT
fsr-3262	328	6	such	such	ADJ
fsr-3262	328	7	as	as	ADP
fsr-3262	328	8	mathcad	mathcad	PROPN
fsr-3262	328	9	,	,	PUNCT
fsr-3262	328	10	can	can	AUX
fsr-3262	328	11	be	be	AUX
fsr-3262	328	12	used	use	VERB
fsr-3262	328	13	to	to	PART
fsr-3262	328	14	find	find	VERB
fsr-3262	328	15	reduced	reduced	ADJ
fsr-3262	328	16	form	form	NOUN
fsr-3262	328	17	results	result	NOUN
fsr-3262	328	18	such	such	ADJ
fsr-3262	328	19	as	as	ADP
fsr-3262	328	20	this	this	DET
fsr-3262	328	21	one	one	NUM
fsr-3262	328	22	.	.	PUNCT
fsr-3262	329	1	although	although	SCONJ
fsr-3262	329	2	complex	complex	ADJ
fsr-3262	329	3	in	in	ADP
fsr-3262	329	4	appearance	appearance	NOUN
fsr-3262	329	5	,	,	PUNCT
fsr-3262	329	6	n(d	n(d	PROPN
fsr-3262	329	7	)	)	PUNCT
fsr-3262	329	8	is	be	AUX
fsr-3262	329	9	easily	easily	ADV
fsr-3262	329	10	approximated	approximate	VERB
fsr-3262	329	11	and	and	CCONJ
fsr-3262	329	12	standard	standard	ADJ
fsr-3262	329	13	univariate	univariate	ADJ
fsr-3262	329	14	integration	integration	NOUN
fsr-3262	329	15	routines	routine	NOUN
fsr-3262	329	16	can	can	AUX
fsr-3262	329	17	be	be	AUX
fsr-3262	329	18	used	use	VERB
fsr-3262	329	19	.	.	PUNCT
fsr-3262	330	1	because	because	SCONJ
fsr-3262	330	2	bivariate	bivariate	ADJ
fsr-3262	330	3	integration	integration	NOUN
fsr-3262	330	4	is	be	AUX
fsr-3262	330	5	often	often	ADV
fsr-3262	330	6	unstable	unstable	ADJ
fsr-3262	330	7	and	and	CCONJ
fsr-3262	330	8	therefore	therefore	ADV
fsr-3262	330	9	unreliable	unreliable	ADJ
fsr-3262	330	10	,	,	PUNCT
fsr-3262	330	11	this	this	DET
fsr-3262	330	12	single	single	ADJ
fsr-3262	330	13	integral	integral	ADJ
fsr-3262	330	14	solution	solution	NOUN
fsr-3262	330	15	is	be	AUX
fsr-3262	330	16	very	very	ADV
fsr-3262	330	17	useful	useful	ADJ
fsr-3262	330	18	.	.	PUNCT
fsr-3262	331	1	5	5	NUM
fsr-3262	331	2	see	see	VERB
fsr-3262	331	3	eberly	eberly	PROPN
fsr-3262	331	4	(	(	PUNCT
fsr-3262	331	5	2008	2008	NUM
fsr-3262	331	6	)	)	PUNCT
fsr-3262	331	7	.	.	PUNCT
fsr-3262	332	1	we	we	PRON
fsr-3262	332	2	use	use	VERB
fsr-3262	332	3	a	a	DET
fsr-3262	332	4	centered	center	VERB
fsr-3262	332	5	difference	difference	NOUN
fsr-3262	332	6	approach	approach	NOUN
fsr-3262	332	7	with	with	ADP
fsr-3262	332	8	order	order	NOUN
fsr-3262	332	9	of	of	ADP
fsr-3262	332	10	accuracy	accuracy	NOUN
fsr-3262	332	11	4	4	NUM
fsr-3262	332	12	.	.	PUNCT
fsr-3262	332	13	order	order	NOUN
fsr-3262	332	14	of	of	ADP
fsr-3262	332	15	accuracy	accuracy	NOUN
fsr-3262	332	16	1	1	NUM
fsr-3262	332	17	assumes	assume	VERB
fsr-3262	332	18	�	�	PROPN
fsr-3262	332	19	h	h	PROPN
fsr-3262	332	20	(	(	PUNCT
fsr-3262	332	21	increment	increment	NOUN
fsr-3262	332	22	)	)	PUNCT
fsr-3262	332	23	as	as	ADV
fsr-3262	332	24	well	well	ADV
fsr-3262	332	25	as	as	ADP
fsr-3262	332	26	no	no	DET
fsr-3262	332	27	increment	increment	NOUN
fsr-3262	332	28	,	,	PUNCT
fsr-3262	332	29	order	order	NOUN
fsr-3262	332	30	of	of	ADP
fsr-3262	332	31	accuracy	accuracy	NOUN
fsr-3262	332	32	2	2	NUM
fsr-3262	332	33	also	also	ADV
fsr-3262	332	34	includes	include	VERB
fsr-3262	332	35	�	�	NOUN
fsr-3262	332	36	2h	2h	NUM
fsr-3262	332	37	,	,	PUNCT
fsr-3262	332	38	and	and	CCONJ
fsr-3262	332	39	so	so	ADV
fsr-3262	332	40	forth	forth	ADV
fsr-3262	332	41	.	.	PUNCT
fsr-3262	333	1	hence	hence	ADV
fsr-3262	333	2	,	,	PUNCT
fsr-3262	333	3	order	order	NOUN
fsr-3262	333	4	of	of	ADP
fsr-3262	333	5	accuracy	accuracy	NOUN
fsr-3262	333	6	4	4	NUM
fsr-3262	333	7	includes	include	VERB
fsr-3262	333	8	�	�	PROPN
fsr-3262	333	9	4h	4h	NUM
fsr-3262	333	10	,	,	PUNCT
fsr-3262	333	11	�	�	PROPN
fsr-3262	333	12	3h	3h	NUM
fsr-3262	333	13	,	,	PUNCT
fsr-3262	333	14	�	�	NOUN
fsr-3262	333	15	2h	2h	NUM
fsr-3262	333	16	,	,	PUNCT
fsr-3262	333	17	�	�	PROPN
fsr-3262	333	18	h	h	NOUN
fsr-3262	333	19	,	,	PUNCT
fsr-3262	333	20	and	and	CCONJ
fsr-3262	333	21	no	no	DET
fsr-3262	333	22	increment	increment	NOUN
fsr-3262	333	23	.	.	PUNCT
fsr-3262	334	1	6	6	NUM
fsr-3262	334	2	note	note	NOUN
fsr-3262	334	3	that	that	SCONJ
fsr-3262	334	4	the	the	DET
fsr-3262	334	5	significance	significance	NOUN
fsr-3262	334	6	factor	factor	NOUN
fsr-3262	334	7	is	be	AUX
fsr-3262	334	8	the	the	DET
fsr-3262	334	9	same	same	ADJ
fsr-3262	334	10	for	for	ADP
fsr-3262	334	11	�	�	PROPN
fsr-3262	334	12	,	,	PUNCT
fsr-3262	334	13	vega	vega	PROPN
fsr-3262	334	14	,	,	PUNCT
fsr-3262	334	15	and	and	CCONJ
fsr-3262	334	16	correlation	correlation	NOUN
fsr-3262	334	17	�	�	PROPN
fsr-3262	334	18	because	because	SCONJ
fsr-3262	334	19	of	of	ADP
fsr-3262	334	20	the	the	DET
fsr-3262	334	21	options	option	NOUN
fsr-3262	334	22	having	have	VERB
fsr-3262	334	23	a	a	DET
fsr-3262	334	24	zero	zero	NUM
fsr-3262	334	25	strike	strike	NOUN
fsr-3262	334	26	price	price	NOUN
fsr-3262	334	27	.	.	PUNCT
fsr-3262	335	1	appendix	appendix	VERB
fsr-3262	335	2	a	a	DET
fsr-3262	335	3	:	:	PUNCT
fsr-3262	335	4	standard	standard	ADJ
fsr-3262	335	5	finance	finance	NOUN
fsr-3262	335	6	assumptions	assumption	NOUN
fsr-3262	335	7	consider	consider	VERB
fsr-3262	335	8	the	the	DET
fsr-3262	335	9	standard	standard	NOUN
fsr-3262	335	10	set	set	VERB
fsr-3262	335	11	up	up	ADP
fsr-3262	335	12	for	for	ADP
fsr-3262	335	13	modeling	model	VERB
fsr-3262	335	14	prices	price	NOUN
fsr-3262	335	15	(	(	PUNCT
fsr-3262	335	16	see	see	VERB
fsr-3262	335	17	,	,	PUNCT
fsr-3262	335	18	e.g.	e.g.	ADV
fsr-3262	335	19	,	,	PUNCT
fsr-3262	335	20	harrison	harrison	NOUN
fsr-3262	335	21	and	and	CCONJ
fsr-3262	335	22	kreps	krep	NOUN
fsr-3262	335	23	(	(	PUNCT
fsr-3262	335	24	1979	1979	NUM
fsr-3262	335	25	)	)	PUNCT
fsr-3262	335	26	and	and	CCONJ
fsr-3262	335	27	harrison	harrison	NOUN
fsr-3262	335	28	and	and	CCONJ
fsr-3262	335	29	pliska	pliska	PROPN
fsr-3262	335	30	(	(	PUNCT
fsr-3262	335	31	1981	1981	NUM
fsr-3262	335	32	)	)	PUNCT
fsr-3262	335	33	):	):	PUNCT
fsr-3262	335	34	1	1	X
fsr-3262	335	35	.	.	X
fsr-3262	335	36	�	�	PROPN
fsr-3262	335	37	0,	0,	NUM
fsr-3262	335	38	�	�	PROPN
fsr-3262	335	39	̂	̂	NUM
fsr-3262	335	40	�	�	PROPN
fsr-3262	335	41	,	,	PUNCT
fsr-3262	335	42	for	for	ADP
fsr-3262	335	43	fixed	fix	VERB
fsr-3262	335	44	�	�	PROPN
fsr-3262	335	45	̂	̂	SYM
fsr-3262	335	46	�	�	PROPN
fsr-3262	335	47	t	t	PROPN
fsr-3262	335	48	�	�	PROPN
fsr-3262	335	49	0	0	PROPN
fsr-3262	335	50	,	,	PUNCT
fsr-3262	335	51	finite	finite	ADJ
fsr-3262	335	52	time	time	NOUN
fsr-3262	335	53	horizon	horizon	PROPN
fsr-3262	335	54	,	,	PUNCT
fsr-3262	335	55	a	a	DET
fsr-3262	335	56	finite	finite	ADJ
fsr-3262	335	57	horizon	horizon	NOUN
fsr-3262	335	58	economy	economy	NOUN
fsr-3262	335	59	,	,	PUNCT
fsr-3262	335	60	0	0	NUM
fsr-3262	335	61	�	�	PROPN
fsr-3262	335	62	t	t	PROPN
fsr-3262	335	63	�	�	PROPN
fsr-3262	335	64	�	�	PROPN
fsr-3262	335	65	̂.	̂.	PROPN
fsr-3262	335	66	2	2	NUM
fsr-3262	335	67	.	.	PUNCT
fsr-3262	336	1	(	(	PUNCT
fsr-3262	336	2	�	�	PROPN
fsr-3262	336	3	,	,	PUNCT
fsr-3262	336	4	ℑ	ℑ	PROPN
fsr-3262	336	5	,	,	PUNCT
fsr-3262	336	6	p	p	NOUN
fsr-3262	336	7	)	)	PUNCT
fsr-3262	336	8	,	,	PUNCT
fsr-3262	336	9	uncertainty	uncertainty	NOUN
fsr-3262	336	10	is	be	AUX
fsr-3262	336	11	characterized	characterize	VERB
fsr-3262	336	12	by	by	ADP
fsr-3262	336	13	a	a	DET
fsr-3262	336	14	complete	complete	ADJ
fsr-3262	336	15	probability	probability	NOUN
fsr-3262	336	16	space	space	NOUN
fsr-3262	336	17	,	,	PUNCT
fsr-3262	336	18	where	where	SCONJ
fsr-3262	336	19	the	the	DET
fsr-3262	336	20	state	state	NOUN
fsr-3262	336	21	space	space	NOUN
fsr-3262	336	22	�	�	PROPN
fsr-3262	336	23	is	be	AUX
fsr-3262	336	24	the	the	DET
fsr-3262	336	25	set	set	NOUN
fsr-3262	336	26	of	of	ADP
fsr-3262	336	27	all	all	DET
fsr-3262	336	28	possible	possible	ADJ
fsr-3262	336	29	realizations	realization	NOUN
fsr-3262	336	30	of	of	ADP
fsr-3262	336	31	the	the	DET
fsr-3262	336	32	stochastic	stochastic	ADJ
fsr-3262	336	33	economy	economy	NOUN
fsr-3262	336	34	between	between	ADP
fsr-3262	336	35	time	time	NOUN
fsr-3262	336	36	33r	33r	NUM
fsr-3262	336	37	.	.	PUNCT
fsr-3262	337	1	brooks	brooks	PROPN
fsr-3262	337	2	,	,	PUNCT
fsr-3262	337	3	b.n	b.n	PROPN
fsr-3262	337	4	.	.	PROPN
fsr-3262	337	5	cline	cline	PROPN
fsr-3262	337	6	/	/	SYM
fsr-3262	337	7	financial	financial	PROPN
fsr-3262	337	8	services	service	NOUN
fsr-3262	337	9	review	review	VERB
fsr-3262	337	10	24	24	NUM
fsr-3262	337	11	(	(	PUNCT
fsr-3262	337	12	2015	2015	NUM
fsr-3262	337	13	)	)	PUNCT
fsr-3262	337	14	15–35	15–35	NUM
fsr-3262	337	15	0	0	NUM
fsr-3262	337	16	and	and	CCONJ
fsr-3262	337	17	time	time	NOUN
fsr-3262	337	18	�	�	PROPN
fsr-3262	337	19	̂	̂	VERB
fsr-3262	337	20	and	and	CCONJ
fsr-3262	337	21	has	have	VERB
fsr-3262	337	22	a	a	DET
fsr-3262	337	23	typical	typical	ADJ
fsr-3262	337	24	element	element	NOUN
fsr-3262	337	25	�	�	PROPN
fsr-3262	337	26	representing	represent	VERB
fsr-3262	337	27	a	a	DET
fsr-3262	337	28	sample	sample	NOUN
fsr-3262	337	29	path	path	NOUN
fsr-3262	337	30	,	,	PUNCT
fsr-3262	337	31	ℑ	ℑ	PROPN
fsr-3262	337	32	is	be	AUX
fsr-3262	337	33	the	the	DET
fsr-3262	337	34	sigma	sigma	ADJ
fsr-3262	337	35	field	field	NOUN
fsr-3262	337	36	of	of	ADP
fsr-3262	337	37	distinguishable	distinguishable	ADJ
fsr-3262	337	38	events	event	NOUN
fsr-3262	337	39	at	at	ADP
fsr-3262	337	40	time	time	NOUN
fsr-3262	337	41	�	�	PROPN
fsr-3262	337	42	̂	̂	NUM
fsr-3262	337	43	,	,	PUNCT
fsr-3262	337	44	and	and	CCONJ
fsr-3262	337	45	p	p	NOUN
fsr-3262	337	46	is	be	AUX
fsr-3262	337	47	a	a	DET
fsr-3262	337	48	probability	probability	NOUN
fsr-3262	337	49	measure	measure	NOUN
fsr-3262	337	50	defined	define	VERB
fsr-3262	337	51	on	on	ADP
fsr-3262	337	52	the	the	DET
fsr-3262	337	53	elements	element	NOUN
fsr-3262	337	54	of	of	ADP
fsr-3262	337	55	ℑ.	ℑ.	PROPN
fsr-3262	337	56	3	3	NUM
fsr-3262	337	57	.	.	PUNCT
fsr-3262	338	1	f	f	X
fsr-3262	338	2	�	�	PROPN
fsr-3262	338	3	{ℑ	{ℑ	PROPN
fsr-3262	338	4	�	�	PROPN
fsr-3262	338	5	t	t	PROPN
fsr-3262	338	6	�	�	PROPN
fsr-3262	338	7	:t	:t	PROPN
fsr-3262	338	8	�	�	PROPN
fsr-3262	338	9	�	�	PROPN
fsr-3262	338	10	0	0	NUM
fsr-3262	338	11	,	,	PUNCT
fsr-3262	338	12	�	�	NOUN
fsr-3262	338	13	̂	̂	NOUN
fsr-3262	338	14	�	�	PROPN
fsr-3262	338	15	}	}	PUNCT
fsr-3262	338	16	the	the	DET
fsr-3262	338	17	augmented	augment	VERB
fsr-3262	338	18	,	,	PUNCT
fsr-3262	338	19	right	right	ADV
fsr-3262	338	20	continuous	continuous	ADJ
fsr-3262	338	21	,	,	PUNCT
fsr-3262	338	22	complete	complete	ADJ
fsr-3262	338	23	filtration	filtration	NOUN
fsr-3262	338	24	generated	generate	VERB
fsr-3262	338	25	by	by	ADP
fsr-3262	338	26	the	the	DET
fsr-3262	338	27	appropriate	appropriate	ADJ
fsr-3262	338	28	stochastic	stochastic	ADJ
fsr-3262	338	29	processes	process	NOUN
fsr-3262	338	30	in	in	ADP
fsr-3262	338	31	the	the	DET
fsr-3262	338	32	economy	economy	NOUN
fsr-3262	338	33	,	,	PUNCT
fsr-3262	338	34	and	and	CCONJ
fsr-3262	338	35	assume	assume	VERB
fsr-3262	338	36	that	that	SCONJ
fsr-3262	338	37	ℑ	ℑ	PROPN
fsr-3262	338	38	�	�	PROPN
fsr-3262	338	39	�	�	PROPN
fsr-3262	338	40	̂	̂	NOUN
fsr-3262	338	41	�	�	NOUN
fsr-3262	338	42	�	�	NOUN
fsr-3262	338	43	ℑ.	ℑ.	PROPN
fsr-3262	338	44	the	the	DET
fsr-3262	338	45	augmented	augment	VERB
fsr-3262	338	46	filtration	filtration	NOUN
fsr-3262	338	47	,	,	PUNCT
fsr-3262	338	48	ℑ(t	ℑ(t	NOUN
fsr-3262	338	49	)	)	PUNCT
fsr-3262	338	50	,	,	PUNCT
fsr-3262	338	51	is	be	AUX
fsr-3262	338	52	generated	generate	VERB
fsr-3262	338	53	by	by	ADP
fsr-3262	338	54	z.	z.	PROPN
fsr-3262	338	55	ℑ(0	ℑ(0	PUNCT
fsr-3262	338	56	)	)	PUNCT
fsr-3262	338	57	contains	contain	VERB
fsr-3262	338	58	only	only	ADV
fsr-3262	338	59	�	�	PROPN
fsr-3262	338	60	and	and	CCONJ
fsr-3262	338	61	the	the	DET
fsr-3262	338	62	null	null	ADJ
fsr-3262	338	63	sets	set	NOUN
fsr-3262	338	64	of	of	ADP
fsr-3262	338	65	p.	p.	NOUN
fsr-3262	338	66	4	4	NUM
fsr-3262	338	67	.	.	PUNCT
fsr-3262	339	1	f	f	PROPN
fsr-3262	339	2	is	be	AUX
fsr-3262	339	3	generated	generate	VERB
fsr-3262	339	4	by	by	ADP
fsr-3262	339	5	a	a	DET
fsr-3262	339	6	k	k	ADJ
fsr-3262	339	7	-	-	ADJ
fsr-3262	339	8	dimensional	dimensional	ADJ
fsr-3262	339	9	brownian	brownian	ADJ
fsr-3262	339	10	motion	motion	NOUN
fsr-3262	339	11	,	,	PUNCT
fsr-3262	339	12	z	z	PROPN
fsr-3262	339	13	�	�	PROPN
fsr-3262	339	14	t	t	PROPN
fsr-3262	339	15	�	�	PROPN
fsr-3262	339	16	�	�	PROPN
fsr-3262	339	17	�	�	PROPN
fsr-3262	339	18	z1	z1	PROPN
fsr-3262	339	19	�	�	PROPN
fsr-3262	339	20	t	t	PROPN
fsr-3262	339	21	�	�	PROPN
fsr-3262	339	22	,⎣	,⎣	PUNCT
fsr-3262	339	23	,	,	PUNCT
fsr-3262	339	24	zk	zk	PROPN
fsr-3262	339	25	�	�	PROPN
fsr-3262	339	26	t	t	PROPN
fsr-3262	339	27	�	�	PROPN
fsr-3262	339	28	�	�	PROPN
fsr-3262	339	29	,t	,t	PUNCT
fsr-3262	339	30	�	�	PROPN
fsr-3262	339	31	�	�	PROPN
fsr-3262	339	32	0,	0,	NUM
fsr-3262	339	33	�	�	PROPN
fsr-3262	339	34	̂	̂	SYM
fsr-3262	339	35	�	�	NOUN
fsr-3262	339	36	is	be	AUX
fsr-3262	339	37	defined	define	VERB
fsr-3262	339	38	on	on	ADP
fsr-3262	339	39	{	{	PUNCT
fsr-3262	339	40	�	�	PROPN
fsr-3262	339	41	,	,	PUNCT
fsr-3262	339	42	ℑ,p	ℑ,p	NUM
fsr-3262	339	43	}	}	PUNCT
fsr-3262	339	44	,	,	PUNCT
fsr-3262	339	45	where	where	SCONJ
fsr-3262	339	46	{	{	PUNCT
fsr-3262	339	47	ℑ	ℑ	PROPN
fsr-3262	339	48	�	�	PROPN
fsr-3262	339	49	t	t	PROPN
fsr-3262	339	50	�	�	PROPN
fsr-3262	339	51	},t	},t	PROPN
fsr-3262	339	52	�	�	PROPN
fsr-3262	339	53	�	�	PROPN
fsr-3262	339	54	0,	0,	NUM
fsr-3262	339	55	�	�	PROPN
fsr-3262	339	56	̂	̂	SYM
fsr-3262	339	57	�	�	NOUN
fsr-3262	339	58	is	be	AUX
fsr-3262	339	59	the	the	DET
fsr-3262	339	60	augmentation	augmentation	NOUN
fsr-3262	339	61	of	of	ADP
fsr-3262	339	62	the	the	DET
fsr-3262	339	63	filtration	filtration	NOUN
fsr-3262	339	64	{	{	PUNCT
fsr-3262	339	65	ℑz	ℑz	NOUN
fsr-3262	339	66	�	�	PROPN
fsr-3262	339	67	t	t	PROPN
fsr-3262	339	68	�	�	PROPN
fsr-3262	339	69	}t	}t	NOUN
fsr-3262	339	70	�	�	PROPN
fsr-3262	339	71	�	�	PROPN
fsr-3262	339	72	0,	0,	NUM
fsr-3262	339	73	�	�	PROPN
fsr-3262	339	74	̂	̂	NUM
fsr-3262	339	75	�	�	NOUN
fsr-3262	339	76	generated	generate	VERB
fsr-3262	339	77	by	by	ADP
fsr-3262	339	78	z(t	z(t	NOUN
fsr-3262	339	79	)	)	PUNCT
fsr-3262	339	80	,	,	PUNCT
fsr-3262	339	81	and	and	CCONJ
fsr-3262	339	82	satisfies	satisfy	VERB
fsr-3262	339	83	the	the	DET
fsr-3262	339	84	usual	usual	ADJ
fsr-3262	339	85	conditions	condition	NOUN
fsr-3262	339	86	.	.	PUNCT
fsr-3262	340	1	5	5	X
fsr-3262	340	2	.	.	X
fsr-3262	340	3	ep	ep	PROPN
fsr-3262	340	4	(	(	PUNCT
fsr-3262	340	5	�	�	PROPN
fsr-3262	340	6	)	)	PUNCT
fsr-3262	340	7	denotes	denote	VERB
fsr-3262	340	8	the	the	DET
fsr-3262	340	9	expectation	expectation	NOUN
fsr-3262	340	10	with	with	ADP
fsr-3262	340	11	respect	respect	NOUN
fsr-3262	340	12	to	to	ADP
fsr-3262	340	13	the	the	DET
fsr-3262	340	14	probability	probability	NOUN
fsr-3262	340	15	measure	measure	NOUN
fsr-3262	340	16	p.	p.	NOUN
fsr-3262	340	17	6	6	NUM
fsr-3262	340	18	.	.	PUNCT
fsr-3262	341	1	all	all	PRON
fsr-3262	341	2	stated	state	VERB
fsr-3262	341	3	equalities	equality	NOUN
fsr-3262	341	4	or	or	CCONJ
fsr-3262	341	5	inequalities	inequality	NOUN
fsr-3262	341	6	involving	involve	VERB
fsr-3262	341	7	random	random	ADJ
fsr-3262	341	8	variables	variable	NOUN
fsr-3262	341	9	hold	hold	VERB
fsr-3262	341	10	p	p	NOUN
fsr-3262	341	11	-	-	PUNCT
fsr-3262	341	12	almost	almost	ADV
fsr-3262	341	13	surely	surely	ADV
fsr-3262	341	14	.	.	PUNCT
fsr-3262	342	1	7	7	X
fsr-3262	342	2	.	.	X
fsr-3262	342	3	p	p	NOUN
fsr-3262	342	4	is	be	AUX
fsr-3262	342	5	common	common	ADJ
fsr-3262	342	6	for	for	SCONJ
fsr-3262	342	7	all	all	DET
fsr-3262	342	8	agents	agent	NOUN
fsr-3262	342	9	implying	imply	VERB
fsr-3262	342	10	uniqueness	uniqueness	NOUN
fsr-3262	342	11	of	of	ADP
fsr-3262	342	12	the	the	DET
fsr-3262	342	13	nature	nature	NOUN
fsr-3262	342	14	of	of	ADP
fsr-3262	342	15	the	the	DET
fsr-3262	342	16	stochastic	stochastic	ADJ
fsr-3262	342	17	processes	process	NOUN
fsr-3262	342	18	.	.	PUNCT
fsr-3262	343	1	8	8	NUM
fsr-3262	343	2	.	.	NUM
fsr-3262	343	3	conventional	conventional	ADJ
fsr-3262	343	4	perfect	perfect	ADJ
fsr-3262	343	5	market	market	NOUN
fsr-3262	343	6	conditions	condition	NOUN
fsr-3262	343	7	are	be	AUX
fsr-3262	343	8	also	also	ADV
fsr-3262	343	9	assumed	assume	VERB
fsr-3262	343	10	,	,	PUNCT
fsr-3262	343	11	such	such	ADJ
fsr-3262	343	12	as	as	ADP
fsr-3262	343	13	no	no	DET
fsr-3262	343	14	transaction	transaction	NOUN
fsr-3262	343	15	costs	cost	NOUN
fsr-3262	343	16	,	,	PUNCT
fsr-3262	343	17	no	no	DET
fsr-3262	343	18	taxes	taxis	NOUN
fsr-3262	343	19	,	,	PUNCT
fsr-3262	343	20	unrestricted	unrestricted	ADJ
fsr-3262	343	21	short	short	ADJ
fsr-3262	343	22	selling	selling	NOUN
fsr-3262	343	23	,	,	PUNCT
fsr-3262	343	24	and	and	CCONJ
fsr-3262	343	25	no	no	DET
fsr-3262	343	26	regulatory	regulatory	ADJ
fsr-3262	343	27	or	or	CCONJ
fsr-3262	343	28	institutional	institutional	ADJ
fsr-3262	343	29	constraints	constraint	NOUN
fsr-3262	343	30	.	.	PUNCT
fsr-3262	344	1	references	reference	NOUN
fsr-3262	344	2	alexander	alexander	PROPN
fsr-3262	344	3	,	,	PUNCT
fsr-3262	344	4	c.	c.	PROPN
fsr-3262	344	5	,	,	PUNCT
fsr-3262	344	6	&	&	CCONJ
fsr-3262	344	7	scourse	scourse	PROPN
fsr-3262	344	8	,	,	PUNCT
fsr-3262	344	9	a.	a.	NOUN
fsr-3262	344	10	(	(	PUNCT
fsr-3262	344	11	2004	2004	NUM
fsr-3262	344	12	)	)	PUNCT
fsr-3262	344	13	.	.	PUNCT
fsr-3262	345	1	bivariate	bivariate	ADJ
fsr-3262	345	2	normal	normal	ADJ
fsr-3262	345	3	mixture	mixture	NOUN
fsr-3262	345	4	spread	spread	NOUN
fsr-3262	345	5	option	option	NOUN
fsr-3262	345	6	valuation	valuation	NOUN
fsr-3262	345	7	.	.	PUNCT
fsr-3262	346	1	quantitative	quantitative	ADJ
fsr-3262	346	2	finance	finance	NOUN
fsr-3262	346	3	,	,	PUNCT
fsr-3262	346	4	4	4	NUM
fsr-3262	346	5	,	,	PUNCT
fsr-3262	346	6	637–648	637–648	NUM
fsr-3262	346	7	.	.	PUNCT
fsr-3262	347	1	alexander	alexander	PROPN
fsr-3262	347	2	,	,	PUNCT
fsr-3262	347	3	c.	c.	PROPN
fsr-3262	347	4	,	,	PUNCT
fsr-3262	347	5	&	&	CCONJ
fsr-3262	347	6	venkatramanan	venkatramanan	PROPN
fsr-3262	347	7	,	,	PUNCT
fsr-3262	347	8	a.	a.	NOUN
fsr-3262	347	9	(	(	PUNCT
fsr-3262	347	10	2007	2007	NUM
fsr-3262	347	11	)	)	PUNCT
fsr-3262	347	12	.	.	PUNCT
fsr-3262	348	1	analytic	analytic	ADJ
fsr-3262	348	2	approximations	approximation	NOUN
fsr-3262	348	3	for	for	ADP
fsr-3262	348	4	spread	spread	ADJ
fsr-3262	348	5	options	option	NOUN
fsr-3262	348	6	.	.	PUNCT
fsr-3262	349	1	icma	icma	PROPN
fsr-3262	349	2	centre	centre	PROPN
fsr-3262	349	3	discussion	discussion	NOUN
fsr-3262	349	4	papers	paper	NOUN
fsr-3262	349	5	in	in	ADP
fsr-3262	349	6	finance	finance	NOUN
fsr-3262	349	7	dp2007	dp2007	PROPN
fsr-3262	349	8	-	-	PUNCT
fsr-3262	349	9	11	11	NUM
fsr-3262	349	10	,	,	PUNCT
fsr-3262	349	11	15th	15th	ADJ
fsr-3262	349	12	august	august	PROPN
fsr-3262	349	13	2007	2007	NUM
fsr-3262	349	14	,	,	PUNCT
fsr-3262	349	15	1–23	1–23	PROPN
fsr-3262	349	16	.	.	PUNCT
fsr-3262	350	1	alexander	alexander	PROPN
fsr-3262	350	2	,	,	PUNCT
fsr-3262	350	3	c.	c.	PROPN
fsr-3262	350	4	,	,	PUNCT
fsr-3262	350	5	&	&	CCONJ
fsr-3262	350	6	venkatramanan	venkatramanan	PROPN
fsr-3262	350	7	,	,	PUNCT
fsr-3262	350	8	a.	a.	NOUN
fsr-3262	350	9	(	(	PUNCT
fsr-3262	350	10	2012	2012	NUM
fsr-3262	350	11	)	)	PUNCT
fsr-3262	350	12	.	.	PUNCT
fsr-3262	351	1	analytic	analytic	ADJ
fsr-3262	351	2	approximations	approximation	NOUN
fsr-3262	351	3	for	for	ADP
fsr-3262	351	4	multi	multi	ADJ
fsr-3262	351	5	-	-	ADJ
fsr-3262	351	6	asset	asset	ADJ
fsr-3262	351	7	option	option	NOUN
fsr-3262	351	8	pricing	pricing	NOUN
fsr-3262	351	9	.	.	PUNCT
fsr-3262	352	1	mathematical	mathematical	ADJ
fsr-3262	352	2	finance	finance	NOUN
fsr-3262	352	3	,	,	PUNCT
fsr-3262	352	4	22	22	NUM
fsr-3262	352	5	,	,	PUNCT
fsr-3262	352	6	667–689	667–689	NUM
fsr-3262	352	7	.	.	PUNCT
fsr-3262	352	8	bachelier	bachelier	NOUN
fsr-3262	352	9	,	,	PUNCT
fsr-3262	352	10	l.	l.	PROPN
fsr-3262	352	11	(	(	PUNCT
fsr-3262	352	12	1964	1964	NUM
fsr-3262	352	13	)	)	PUNCT
fsr-3262	352	14	.	.	PUNCT
fsr-3262	353	1	theory	theory	NOUN
fsr-3262	353	2	of	of	ADP
fsr-3262	353	3	speculation	speculation	NOUN
fsr-3262	353	4	(	(	PUNCT
fsr-3262	353	5	j.	j.	PROPN
fsr-3262	353	6	boness	boness	PROPN
fsr-3262	353	7	,	,	PUNCT
fsr-3262	353	8	trans	trans	PROPN
fsr-3262	353	9	.	.	PUNCT
fsr-3262	353	10	)	)	PUNCT
fsr-3262	353	11	.	.	PUNCT
fsr-3262	354	1	in	in	ADP
fsr-3262	354	2	p.	p.	PROPN
fsr-3262	354	3	cootner	cootner	PROPN
fsr-3262	355	1	(	(	PUNCT
fsr-3262	355	2	ed	ed	NOUN
fsr-3262	355	3	.	.	PUNCT
fsr-3262	355	4	)	)	PUNCT
fsr-3262	355	5	,	,	PUNCT
fsr-3262	355	6	the	the	DET
fsr-3262	355	7	random	random	ADJ
fsr-3262	355	8	character	character	NOUN
fsr-3262	355	9	of	of	ADP
fsr-3262	355	10	stock	stock	NOUN
fsr-3262	355	11	market	market	NOUN
fsr-3262	355	12	prices	price	NOUN
fsr-3262	355	13	(	(	PUNCT
fsr-3262	355	14	pp	pp	ADJ
fsr-3262	355	15	.	.	PUNCT
fsr-3262	355	16	17–78	17–78	NUM
fsr-3262	355	17	)	)	PUNCT
fsr-3262	355	18	.	.	PUNCT
fsr-3262	356	1	cambridge	cambridge	PROPN
fsr-3262	356	2	,	,	PUNCT
fsr-3262	356	3	ma	ma	PROPN
fsr-3262	356	4	:	:	PUNCT
fsr-3262	356	5	mit	mit	PROPN
fsr-3262	356	6	press	press	NOUN
fsr-3262	356	7	.	.	PUNCT
fsr-3262	357	1	(	(	PUNCT
fsr-3262	357	2	original	original	ADJ
fsr-3262	357	3	work	work	NOUN
fsr-3262	357	4	published	publish	VERB
fsr-3262	357	5	1900	1900	NUM
fsr-3262	357	6	)	)	PUNCT
fsr-3262	357	7	.	.	PUNCT
fsr-3262	358	1	benth	benth	PROPN
fsr-3262	358	2	,	,	PUNCT
fsr-3262	358	3	f.	f.	PROPN
fsr-3262	358	4	e.	e.	PROPN
fsr-3262	358	5	,	,	PUNCT
fsr-3262	358	6	&	&	CCONJ
fsr-3262	358	7	saltyte	saltyte	NOUN
fsr-3262	358	8	-	-	PUNCT
fsr-3262	358	9	benth	benth	PROPN
fsr-3262	358	10	,	,	PUNCT
fsr-3262	358	11	j.	j.	PROPN
fsr-3262	358	12	(	(	PUNCT
fsr-3262	358	13	2006	2006	NUM
fsr-3262	358	14	)	)	PUNCT
fsr-3262	358	15	.	.	PUNCT
fsr-3262	359	1	analytical	analytical	ADJ
fsr-3262	359	2	approximation	approximation	NOUN
fsr-3262	359	3	for	for	ADP
fsr-3262	359	4	the	the	DET
fsr-3262	359	5	price	price	NOUN
fsr-3262	359	6	dynamics	dynamic	NOUN
fsr-3262	359	7	of	of	ADP
fsr-3262	359	8	spark	spark	NOUN
fsr-3262	359	9	spread	spread	NOUN
fsr-3262	359	10	options	option	NOUN
fsr-3262	359	11	.	.	PUNCT
fsr-3262	360	1	studies	study	NOUN
fsr-3262	360	2	in	in	ADP
fsr-3262	360	3	nonlinear	nonlinear	ADJ
fsr-3262	360	4	dynamics	dynamic	NOUN
fsr-3262	360	5	&	&	CCONJ
fsr-3262	360	6	econometrics	econometric	NOUN
fsr-3262	360	7	,	,	PUNCT
fsr-3262	360	8	10	10	NUM
fsr-3262	360	9	,	,	PUNCT
fsr-3262	360	10	1334–1355	1334–1355	NUM
fsr-3262	360	11	.	.	PUNCT
fsr-3262	361	1	black	black	PROPN
fsr-3262	361	2	,	,	PUNCT
fsr-3262	361	3	f.	f.	PROPN
fsr-3262	361	4	(	(	PUNCT
fsr-3262	361	5	1976	1976	NUM
fsr-3262	361	6	)	)	PUNCT
fsr-3262	361	7	.	.	PUNCT
fsr-3262	362	1	the	the	DET
fsr-3262	362	2	pricing	pricing	NOUN
fsr-3262	362	3	of	of	ADP
fsr-3262	362	4	commodity	commodity	NOUN
fsr-3262	362	5	contracts	contract	NOUN
fsr-3262	362	6	.	.	PUNCT
fsr-3262	363	1	journal	journal	NOUN
fsr-3262	363	2	of	of	ADP
fsr-3262	363	3	financial	financial	ADJ
fsr-3262	363	4	economics	economic	NOUN
fsr-3262	363	5	,	,	PUNCT
fsr-3262	363	6	3	3	NUM
fsr-3262	363	7	,	,	PUNCT
fsr-3262	363	8	167–179	167–179	NUM
fsr-3262	363	9	.	.	PUNCT
fsr-3262	364	1	black	black	ADJ
fsr-3262	364	2	,	,	PUNCT
fsr-3262	364	3	f.	f.	PROPN
fsr-3262	364	4	,	,	PUNCT
fsr-3262	364	5	&	&	CCONJ
fsr-3262	364	6	scholes	scholes	PROPN
fsr-3262	364	7	,	,	PUNCT
fsr-3262	364	8	m.	m.	NOUN
fsr-3262	364	9	(	(	PUNCT
fsr-3262	364	10	1973	1973	NUM
fsr-3262	364	11	)	)	PUNCT
fsr-3262	364	12	.	.	PUNCT
fsr-3262	365	1	the	the	DET
fsr-3262	365	2	pricing	pricing	NOUN
fsr-3262	365	3	of	of	ADP
fsr-3262	365	4	options	option	NOUN
fsr-3262	365	5	and	and	CCONJ
fsr-3262	365	6	corporate	corporate	ADJ
fsr-3262	365	7	liabilities	liability	NOUN
fsr-3262	365	8	.	.	PUNCT
fsr-3262	366	1	journal	journal	NOUN
fsr-3262	366	2	of	of	ADP
fsr-3262	366	3	political	political	ADJ
fsr-3262	366	4	economy	economy	NOUN
fsr-3262	366	5	,	,	PUNCT
fsr-3262	366	6	81	81	NUM
fsr-3262	366	7	,	,	PUNCT
fsr-3262	366	8	637–659	637–659	NUM
fsr-3262	366	9	.	.	PUNCT
fsr-3262	367	1	borovkova	borovkova	PROPN
fsr-3262	367	2	,	,	PUNCT
fsr-3262	367	3	s.	s.	PROPN
fsr-3262	367	4	,	,	PUNCT
fsr-3262	367	5	permana	permana	PROPN
fsr-3262	367	6	f.	f.	PROPN
fsr-3262	367	7	j.	j.	PROPN
fsr-3262	367	8	,	,	PUNCT
fsr-3262	367	9	&	&	CCONJ
fsr-3262	367	10	weide	weide	PROPN
fsr-3262	367	11	,	,	PUNCT
fsr-3262	367	12	h.	h.	PROPN
fsr-3262	367	13	v.	v.	PROPN
fsr-3262	367	14	d.	d.	PROPN
fsr-3262	367	15	(	(	PUNCT
fsr-3262	367	16	2007	2007	NUM
fsr-3262	367	17	)	)	PUNCT
fsr-3262	367	18	.	.	PUNCT
fsr-3262	368	1	a	a	DET
fsr-3262	368	2	closed	close	VERB
fsr-3262	368	3	form	form	NOUN
fsr-3262	368	4	approach	approach	NOUN
fsr-3262	368	5	to	to	ADP
fsr-3262	368	6	the	the	DET
fsr-3262	368	7	valuation	valuation	NOUN
fsr-3262	368	8	and	and	CCONJ
fsr-3262	368	9	hedging	hedging	NOUN
fsr-3262	368	10	of	of	ADP
fsr-3262	368	11	basket	basket	NOUN
fsr-3262	368	12	and	and	CCONJ
fsr-3262	368	13	spread	spread	ADJ
fsr-3262	368	14	options	option	NOUN
fsr-3262	368	15	.	.	PUNCT
fsr-3262	369	1	the	the	DET
fsr-3262	369	2	journal	journal	NOUN
fsr-3262	369	3	of	of	ADP
fsr-3262	369	4	derivatives	derivative	NOUN
fsr-3262	369	5	,	,	PUNCT
fsr-3262	369	6	14	14	NUM
fsr-3262	369	7	,	,	PUNCT
fsr-3262	369	8	8–24	8–24	PROPN
fsr-3262	369	9	.	.	PUNCT
fsr-3262	369	10	brooks	brooks	PROPN
fsr-3262	369	11	,	,	PUNCT
fsr-3262	369	12	r.	r.	PROPN
fsr-3262	369	13	(	(	PUNCT
fsr-3262	369	14	1995	1995	NUM
fsr-3262	369	15	)	)	PUNCT
fsr-3262	369	16	.	.	PUNCT
fsr-3262	370	1	a	a	DET
fsr-3262	370	2	lattice	lattice	NOUN
fsr-3262	370	3	approach	approach	NOUN
fsr-3262	370	4	to	to	ADP
fsr-3262	370	5	interest	interest	NOUN
fsr-3262	370	6	rate	rate	NOUN
fsr-3262	370	7	spread	spread	NOUN
fsr-3262	370	8	options	option	NOUN
fsr-3262	370	9	.	.	PUNCT
fsr-3262	371	1	journal	journal	NOUN
fsr-3262	371	2	of	of	ADP
fsr-3262	371	3	financial	financial	ADJ
fsr-3262	371	4	engineering	engineering	NOUN
fsr-3262	371	5	,	,	PUNCT
fsr-3262	371	6	4	4	NUM
fsr-3262	371	7	,	,	PUNCT
fsr-3262	371	8	281–296	281–296	NUM
fsr-3262	371	9	.	.	PUNCT
fsr-3262	371	10	carmona	carmona	PROPN
fsr-3262	371	11	,	,	PUNCT
fsr-3262	371	12	r.	r.	PROPN
fsr-3262	371	13	,	,	PUNCT
fsr-3262	371	14	&	&	CCONJ
fsr-3262	371	15	durrleman	durrleman	PROPN
fsr-3262	371	16	,	,	PUNCT
fsr-3262	371	17	v.	v.	PROPN
fsr-3262	371	18	(	(	PUNCT
fsr-3262	371	19	2003	2003	NUM
fsr-3262	371	20	)	)	PUNCT
fsr-3262	371	21	.	.	PUNCT
fsr-3262	372	1	pricing	pricing	NOUN
fsr-3262	372	2	and	and	CCONJ
fsr-3262	372	3	hedging	hedging	NOUN
fsr-3262	372	4	spread	spread	NOUN
fsr-3262	372	5	options	option	NOUN
fsr-3262	372	6	.	.	PUNCT
fsr-3262	373	1	siam	siam	PROPN
fsr-3262	373	2	review	review	PROPN
fsr-3262	373	3	,	,	PUNCT
fsr-3262	373	4	45	45	NUM
fsr-3262	373	5	,	,	PUNCT
fsr-3262	373	6	627–685	627–685	NUM
fsr-3262	373	7	.	.	PUNCT
fsr-3262	374	1	carmona	carmona	PROPN
fsr-3262	374	2	,	,	PUNCT
fsr-3262	374	3	r.	r.	PROPN
fsr-3262	374	4	,	,	PUNCT
fsr-3262	374	5	&	&	CCONJ
fsr-3262	374	6	durrleman	durrleman	PROPN
fsr-3262	374	7	,	,	PUNCT
fsr-3262	374	8	v.	v.	PROPN
fsr-3262	374	9	(	(	PUNCT
fsr-3262	374	10	2006	2006	NUM
fsr-3262	374	11	)	)	PUNCT
fsr-3262	374	12	.	.	PUNCT
fsr-3262	375	1	generalizing	generalize	VERB
fsr-3262	375	2	the	the	DET
fsr-3262	375	3	black	black	ADJ
fsr-3262	375	4	-	-	PUNCT
fsr-3262	375	5	scholes	schole	NOUN
fsr-3262	375	6	formula	formula	NOUN
fsr-3262	375	7	to	to	PART
fsr-3262	375	8	multivariate	multivariate	VERB
fsr-3262	375	9	contingent	contingent	NOUN
fsr-3262	375	10	claims	claim	NOUN
fsr-3262	375	11	.	.	PUNCT
fsr-3262	376	1	journal	journal	NOUN
fsr-3262	376	2	of	of	ADP
fsr-3262	376	3	computational	computational	ADJ
fsr-3262	376	4	finance	finance	NOUN
fsr-3262	376	5	,	,	PUNCT
fsr-3262	376	6	9	9	NUM
fsr-3262	376	7	,	,	PUNCT
fsr-3262	376	8	43–67	43–67	NUM
fsr-3262	376	9	.	.	PUNCT
fsr-3262	377	1	dempster	dempster	PROPN
fsr-3262	377	2	,	,	PUNCT
fsr-3262	377	3	m.	m.	PROPN
fsr-3262	377	4	a.	a.	PROPN
fsr-3262	377	5	h.	h.	PROPN
fsr-3262	377	6	,	,	PUNCT
fsr-3262	377	7	&	&	CCONJ
fsr-3262	377	8	hong	hong	PROPN
fsr-3262	377	9	,	,	PUNCT
fsr-3262	377	10	s.	s.	PROPN
fsr-3262	377	11	s.	s.	PROPN
fsr-3262	377	12	g.	g.	PROPN
fsr-3262	377	13	(	(	PUNCT
fsr-3262	377	14	2002	2002	NUM
fsr-3262	377	15	)	)	PUNCT
fsr-3262	377	16	.	.	PUNCT
fsr-3262	378	1	spread	spread	VERB
fsr-3262	378	2	option	option	NOUN
fsr-3262	378	3	valuation	valuation	NOUN
fsr-3262	378	4	and	and	CCONJ
fsr-3262	378	5	the	the	DET
fsr-3262	378	6	fast	fast	ADJ
fsr-3262	378	7	fourier	fourier	NOUN
fsr-3262	378	8	transform	transform	NOUN
fsr-3262	378	9	.	.	PUNCT
fsr-3262	379	1	in	in	ADP
fsr-3262	379	2	h.	h.	PROPN
fsr-3262	379	3	geman	geman	PROPN
fsr-3262	379	4	,	,	PUNCT
fsr-3262	379	5	d.	d.	PROPN
fsr-3262	379	6	madan	madan	PROPN
fsr-3262	379	7	,	,	PUNCT
fsr-3262	379	8	s.	s.	PROPN
fsr-3262	379	9	r.	r.	PROPN
fsr-3262	379	10	pliska	pliska	PROPN
fsr-3262	379	11	,	,	PUNCT
fsr-3262	379	12	&	&	CCONJ
fsr-3262	379	13	t.	t.	PROPN
fsr-3262	379	14	vorst	vorst	PROPN
fsr-3262	379	15	(	(	PUNCT
fsr-3262	379	16	eds	ed	NOUN
fsr-3262	379	17	.	.	PUNCT
fsr-3262	379	18	)	)	PUNCT
fsr-3262	379	19	,	,	PUNCT
fsr-3262	379	20	mathematical	mathematical	ADJ
fsr-3262	379	21	finance	finance	NOUN
fsr-3262	379	22	–	–	PUNCT
fsr-3262	379	23	bachelier	bachelier	NOUN
fsr-3262	379	24	congress	congress	NOUN
fsr-3262	379	25	2000	2000	NUM
fsr-3262	379	26	(	(	PUNCT
fsr-3262	379	27	pp	pp	ADJ
fsr-3262	379	28	.	.	PUNCT
fsr-3262	380	1	203–220	203–220	NUM
fsr-3262	380	2	)	)	PUNCT
fsr-3262	380	3	.	.	PUNCT
fsr-3262	381	1	berlin	berlin	PROPN
fsr-3262	381	2	:	:	PUNCT
fsr-3262	381	3	springer	springer	NOUN
fsr-3262	381	4	.	.	PUNCT
fsr-3262	382	1	dubil	dubil	PROPN
fsr-3262	382	2	,	,	PUNCT
fsr-3262	382	3	r.	r.	PROPN
fsr-3262	382	4	(	(	PUNCT
fsr-3262	382	5	2004	2004	NUM
fsr-3262	382	6	)	)	PUNCT
fsr-3262	382	7	.	.	PUNCT
fsr-3262	383	1	the	the	DET
fsr-3262	383	2	risk	risk	NOUN
fsr-3262	383	3	and	and	CCONJ
fsr-3262	383	4	return	return	NOUN
fsr-3262	383	5	of	of	ADP
fsr-3262	383	6	investment	investment	NOUN
fsr-3262	383	7	averaging	averaging	NOUN
fsr-3262	383	8	:	:	PUNCT
fsr-3262	383	9	an	an	DET
fsr-3262	383	10	option	option	NOUN
fsr-3262	383	11	-	-	PUNCT
fsr-3262	383	12	theoretic	theoretic	NOUN
fsr-3262	383	13	approach	approach	NOUN
fsr-3262	383	14	.	.	PUNCT
fsr-3262	384	1	financial	financial	ADJ
fsr-3262	384	2	services	service	NOUN
fsr-3262	384	3	review	review	PROPN
fsr-3262	384	4	,	,	PUNCT
fsr-3262	384	5	13	13	NUM
fsr-3262	384	6	,	,	PUNCT
fsr-3262	384	7	267–283	267–283	NUM
fsr-3262	384	8	.	.	PUNCT
fsr-3262	385	1	dubil	dubil	PROPN
fsr-3262	385	2	,	,	PUNCT
fsr-3262	385	3	r.	r.	PROPN
fsr-3262	385	4	(	(	PUNCT
fsr-3262	385	5	2007	2007	NUM
fsr-3262	385	6	)	)	PUNCT
fsr-3262	385	7	.	.	PUNCT
fsr-3262	386	1	economic	economic	ADJ
fsr-3262	386	2	derivatives	derivative	NOUN
fsr-3262	386	3	markets	market	NOUN
fsr-3262	386	4	–	–	PUNCT
fsr-3262	386	5	new	new	ADJ
fsr-3262	386	6	opportunities	opportunity	NOUN
fsr-3262	386	7	for	for	ADP
fsr-3262	386	8	individual	individual	ADJ
fsr-3262	386	9	investors	investor	NOUN
fsr-3262	386	10	:	:	PUNCT
fsr-3262	386	11	a	a	DET
fsr-3262	386	12	research	research	NOUN
fsr-3262	386	13	agenda	agenda	NOUN
fsr-3262	386	14	.	.	PUNCT
fsr-3262	387	1	financial	financial	ADJ
fsr-3262	387	2	services	service	NOUN
fsr-3262	387	3	review	review	PROPN
fsr-3262	387	4	,	,	PUNCT
fsr-3262	387	5	16	16	NUM
fsr-3262	387	6	,	,	PUNCT
fsr-3262	387	7	89–104	89–104	PROPN
fsr-3262	387	8	.	.	PUNCT
fsr-3262	388	1	34	34	NUM
fsr-3262	388	2	r.	r.	PROPN
fsr-3262	388	3	brooks	brooks	PROPN
fsr-3262	388	4	,	,	PUNCT
fsr-3262	388	5	b.n	b.n	PROPN
fsr-3262	388	6	.	.	PROPN
fsr-3262	388	7	cline	cline	PROPN
fsr-3262	388	8	/	/	SYM
fsr-3262	388	9	financial	financial	PROPN
fsr-3262	388	10	services	service	NOUN
fsr-3262	388	11	review	review	VERB
fsr-3262	388	12	24	24	NUM
fsr-3262	388	13	(	(	PUNCT
fsr-3262	388	14	2015	2015	NUM
fsr-3262	388	15	)	)	PUNCT
fsr-3262	388	16	15–35	15–35	NUM
fsr-3262	388	17	eberly	eberly	PROPN
fsr-3262	388	18	,	,	PUNCT
fsr-3262	388	19	d.	d.	PROPN
fsr-3262	388	20	(	(	PUNCT
fsr-3262	388	21	2008	2008	NUM
fsr-3262	388	22	,	,	PUNCT
fsr-3262	388	23	march	march	PROPN
fsr-3262	388	24	2	2	NUM
fsr-3262	388	25	)	)	PUNCT
fsr-3262	388	26	.	.	PUNCT
fsr-3262	389	1	derivative	derivative	ADJ
fsr-3262	389	2	approximation	approximation	NOUN
fsr-3262	389	3	by	by	ADP
fsr-3262	389	4	finite	finite	ADJ
fsr-3262	389	5	differences	difference	NOUN
fsr-3262	389	6	.	.	PUNCT
fsr-3262	390	1	retrieved	retrieve	VERB
fsr-3262	390	2	from	from	ADP
fsr-3262	390	3	http://www	http://www	PROPN
fsr-3262	390	4	.	.	PUNCT
fsr-3262	391	1	geometrictools.com/	geometrictools.com/	ADJ
fsr-3262	391	2	documentation	documentation	NOUN
fsr-3262	391	3	/	/	SYM
fsr-3262	391	4	finitedifferences.pdf	finitedifferences.pdf	PROPN
fsr-3262	391	5	.	.	NOUN
fsr-3262	391	6	harrison	harrison	PROPN
fsr-3262	391	7	,	,	PUNCT
fsr-3262	391	8	j.	j.	PROPN
fsr-3262	391	9	m.	m.	PROPN
fsr-3262	391	10	,	,	PUNCT
fsr-3262	391	11	&	&	CCONJ
fsr-3262	391	12	kreps	kreps	PROPN
fsr-3262	391	13	,	,	PUNCT
fsr-3262	391	14	d.	d.	PROPN
fsr-3262	391	15	(	(	PUNCT
fsr-3262	391	16	1979	1979	NUM
fsr-3262	391	17	)	)	PUNCT
fsr-3262	391	18	.	.	PUNCT
fsr-3262	392	1	martingales	martingale	NOUN
fsr-3262	392	2	and	and	CCONJ
fsr-3262	392	3	arbitrage	arbitrage	NOUN
fsr-3262	392	4	in	in	ADP
fsr-3262	392	5	multiperiod	multiperiod	NOUN
fsr-3262	392	6	securities	security	NOUN
fsr-3262	392	7	markets	market	NOUN
fsr-3262	392	8	.	.	PUNCT
fsr-3262	393	1	journal	journal	NOUN
fsr-3262	393	2	of	of	ADP
fsr-3262	393	3	economic	economic	ADJ
fsr-3262	393	4	theory	theory	NOUN
fsr-3262	393	5	,	,	PUNCT
fsr-3262	393	6	20	20	NUM
fsr-3262	393	7	,	,	PUNCT
fsr-3262	393	8	381–408	381–408	NUM
fsr-3262	393	9	.	.	PUNCT
fsr-3262	394	1	harrison	harrison	PROPN
fsr-3262	394	2	,	,	PUNCT
fsr-3262	394	3	j.	j.	PROPN
fsr-3262	394	4	m.	m.	PROPN
fsr-3262	394	5	,	,	PUNCT
fsr-3262	394	6	&	&	CCONJ
fsr-3262	394	7	pliska	pliska	PROPN
fsr-3262	394	8	,	,	PUNCT
fsr-3262	394	9	s.	s.	PROPN
fsr-3262	394	10	r.	r.	PROPN
fsr-3262	394	11	(	(	PUNCT
fsr-3262	394	12	1981	1981	NUM
fsr-3262	394	13	)	)	PUNCT
fsr-3262	394	14	.	.	PUNCT
fsr-3262	395	1	martingales	martingale	NOUN
fsr-3262	395	2	and	and	CCONJ
fsr-3262	395	3	stochastic	stochastic	ADJ
fsr-3262	395	4	integrals	integral	NOUN
fsr-3262	395	5	in	in	ADP
fsr-3262	395	6	the	the	DET
fsr-3262	395	7	theory	theory	NOUN
fsr-3262	395	8	of	of	ADP
fsr-3262	395	9	continuous	continuous	ADJ
fsr-3262	395	10	trading	trading	NOUN
fsr-3262	395	11	.	.	PUNCT
fsr-3262	396	1	stochastic	stochastic	ADJ
fsr-3262	396	2	process	process	NOUN
fsr-3262	396	3	and	and	CCONJ
fsr-3262	396	4	their	their	PRON
fsr-3262	396	5	applications	application	NOUN
fsr-3262	396	6	,	,	PUNCT
fsr-3262	396	7	11	11	NUM
fsr-3262	396	8	,	,	PUNCT
fsr-3262	396	9	215–260	215–260	NUM
fsr-3262	396	10	.	.	PUNCT
fsr-3262	397	1	heenk	heenk	PROPN
fsr-3262	397	2	,	,	PUNCT
fsr-3262	397	3	b.	b.	PROPN
fsr-3262	397	4	a.	a.	PROPN
fsr-3262	397	5	,	,	PUNCT
fsr-3262	397	6	kemna	kemna	PROPN
fsr-3262	397	7	,	,	PUNCT
fsr-3262	397	8	a.	a.	PROPN
fsr-3262	397	9	g.	g.	PROPN
fsr-3262	397	10	z.	z.	PROPN
fsr-3262	397	11	,	,	PUNCT
fsr-3262	397	12	&	&	CCONJ
fsr-3262	397	13	vorst	vorst	PROPN
fsr-3262	397	14	,	,	PUNCT
fsr-3262	397	15	a.	a.	PROPN
fsr-3262	397	16	c.	c.	PROPN
fsr-3262	397	17	f.	f.	PROPN
fsr-3262	397	18	(	(	PUNCT
fsr-3262	397	19	1990	1990	NUM
fsr-3262	397	20	)	)	PUNCT
fsr-3262	397	21	.	.	PUNCT
fsr-3262	398	1	asian	asian	ADJ
fsr-3262	398	2	options	option	NOUN
fsr-3262	398	3	on	on	ADP
fsr-3262	398	4	oil	oil	NOUN
fsr-3262	398	5	spreads	spread	NOUN
fsr-3262	398	6	.	.	PUNCT
fsr-3262	399	1	review	review	NOUN
fsr-3262	399	2	of	of	ADP
fsr-3262	399	3	futures	future	NOUN
fsr-3262	399	4	markets	market	NOUN
fsr-3262	399	5	,	,	PUNCT
fsr-3262	399	6	9	9	NUM
fsr-3262	399	7	,	,	PUNCT
fsr-3262	399	8	510–528	510–528	NUM
fsr-3262	399	9	.	.	PUNCT
fsr-3262	400	1	jarrow	jarrow	PROPN
fsr-3262	400	2	,	,	PUNCT
fsr-3262	400	3	r.	r.	PROPN
fsr-3262	400	4	a.	a.	PROPN
fsr-3262	400	5	,	,	PUNCT
fsr-3262	400	6	&	&	CCONJ
fsr-3262	400	7	rudd	rudd	PROPN
fsr-3262	400	8	,	,	PUNCT
fsr-3262	400	9	a.	a.	NOUN
fsr-3262	400	10	(	(	PUNCT
fsr-3262	400	11	1982	1982	NUM
fsr-3262	400	12	)	)	PUNCT
fsr-3262	400	13	.	.	PUNCT
fsr-3262	401	1	approximate	approximate	ADJ
fsr-3262	401	2	option	option	NOUN
fsr-3262	401	3	valuation	valuation	NOUN
fsr-3262	401	4	for	for	ADP
fsr-3262	401	5	arbitrary	arbitrary	ADJ
fsr-3262	401	6	stochastic	stochastic	ADJ
fsr-3262	401	7	processes	process	NOUN
fsr-3262	401	8	.	.	PUNCT
fsr-3262	402	1	journal	journal	NOUN
fsr-3262	402	2	of	of	ADP
fsr-3262	402	3	financial	financial	ADJ
fsr-3262	402	4	economics	economic	NOUN
fsr-3262	402	5	,	,	PUNCT
fsr-3262	402	6	10	10	NUM
fsr-3262	402	7	,	,	PUNCT
fsr-3262	402	8	347–369	347–369	NUM
fsr-3262	402	9	.	.	PUNCT
fsr-3262	403	1	johnston	johnston	PROPN
fsr-3262	403	2	,	,	PUNCT
fsr-3262	403	3	k.	k.	PROPN
fsr-3262	403	4	,	,	PUNCT
fsr-3262	403	5	hatem	hatem	PROPN
fsr-3262	403	6	,	,	PUNCT
fsr-3262	403	7	j.	j.	PROPN
fsr-3262	403	8	,	,	PUNCT
fsr-3262	403	9	&	&	CCONJ
fsr-3262	403	10	scott	scott	PROPN
fsr-3262	403	11	,	,	PUNCT
fsr-3262	403	12	e.	e.	PROPN
fsr-3262	403	13	(	(	PUNCT
fsr-3262	403	14	2013	2013	NUM
fsr-3262	403	15	)	)	PUNCT
fsr-3262	403	16	.	.	PUNCT
fsr-3262	404	1	individual	individual	ADJ
fsr-3262	404	2	investors	investor	NOUN
fsr-3262	404	3	:	:	PUNCT
fsr-3262	404	4	asset	asset	NOUN
fsr-3262	404	5	allocation	allocation	NOUN
fsr-3262	404	6	vs.	vs.	ADP
fsr-3262	404	7	portfolio	portfolio	NOUN
fsr-3262	404	8	insurance	insurance	NOUN
fsr-3262	404	9	(	(	PUNCT
fsr-3262	404	10	puts	put	NOUN
fsr-3262	404	11	or	or	CCONJ
fsr-3262	404	12	calls	call	NOUN
fsr-3262	404	13	)	)	PUNCT
fsr-3262	404	14	.	.	PUNCT
fsr-3262	405	1	financial	financial	ADJ
fsr-3262	405	2	services	services	PROPN
fsr-3262	405	3	review	review	PROPN
fsr-3262	405	4	,	,	PUNCT
fsr-3262	405	5	22	22	NUM
fsr-3262	405	6	,	,	PUNCT
fsr-3262	405	7	291–310	291–310	NUM
fsr-3262	405	8	.	.	PUNCT
fsr-3262	406	1	kyrychenko	kyrychenko	PROPN
fsr-3262	406	2	,	,	PUNCT
fsr-3262	406	3	v.	v.	PROPN
fsr-3262	406	4	(	(	PUNCT
fsr-3262	406	5	2008	2008	NUM
fsr-3262	406	6	)	)	PUNCT
fsr-3262	406	7	.	.	PUNCT
fsr-3262	407	1	optimal	optimal	ADJ
fsr-3262	407	2	asset	asset	NOUN
fsr-3262	407	3	allocation	allocation	NOUN
fsr-3262	407	4	in	in	ADP
fsr-3262	407	5	the	the	DET
fsr-3262	407	6	presence	presence	NOUN
fsr-3262	407	7	of	of	ADP
fsr-3262	407	8	nonfinancial	nonfinancial	ADJ
fsr-3262	407	9	assets	asset	NOUN
fsr-3262	407	10	.	.	PUNCT
fsr-3262	408	1	financial	financial	ADJ
fsr-3262	408	2	services	service	NOUN
fsr-3262	408	3	review	review	PROPN
fsr-3262	408	4	,	,	PUNCT
fsr-3262	408	5	17	17	NUM
fsr-3262	408	6	,	,	PUNCT
fsr-3262	408	7	69–86	69–86	NUM
fsr-3262	408	8	.	.	PUNCT
fsr-3262	409	1	li	li	PROPN
fsr-3262	409	2	,	,	PUNCT
fsr-3262	409	3	m.	m.	NOUN
fsr-3262	409	4	,	,	PUNCT
fsr-3262	409	5	deng	deng	PROPN
fsr-3262	409	6	,	,	PUNCT
fsr-3262	409	7	s.	s.	PROPN
fsr-3262	409	8	,	,	PUNCT
fsr-3262	409	9	&	&	CCONJ
fsr-3262	409	10	zhou	zhou	PROPN
fsr-3262	409	11	,	,	PUNCT
fsr-3262	409	12	j.	j.	PROPN
fsr-3262	409	13	(	(	PUNCT
fsr-3262	409	14	2008	2008	NUM
fsr-3262	409	15	)	)	PUNCT
fsr-3262	409	16	.	.	PUNCT
fsr-3262	410	1	closed	close	VERB
fsr-3262	410	2	-	-	PUNCT
fsr-3262	410	3	form	form	NOUN
fsr-3262	410	4	approximations	approximation	NOUN
fsr-3262	410	5	for	for	ADP
fsr-3262	410	6	spread	spread	ADJ
fsr-3262	410	7	option	option	NOUN
fsr-3262	410	8	prices	price	NOUN
fsr-3262	410	9	and	and	CCONJ
fsr-3262	410	10	greeks	greeks	PROPN
fsr-3262	410	11	.	.	PUNCT
fsr-3262	411	1	journal	journal	NOUN
fsr-3262	411	2	of	of	ADP
fsr-3262	411	3	derivatives	derivative	NOUN
fsr-3262	411	4	,	,	PUNCT
fsr-3262	411	5	15	15	NUM
fsr-3262	411	6	,	,	PUNCT
fsr-3262	411	7	58–80	58–80	PROPN
fsr-3262	411	8	.	.	PUNCT
fsr-3262	411	9	margrabe	margrabe	PROPN
fsr-3262	411	10	,	,	PUNCT
fsr-3262	411	11	w.	w.	PROPN
fsr-3262	411	12	(	(	PUNCT
fsr-3262	411	13	1978	1978	NUM
fsr-3262	411	14	)	)	PUNCT
fsr-3262	411	15	.	.	PUNCT
fsr-3262	412	1	the	the	DET
fsr-3262	412	2	value	value	NOUN
fsr-3262	412	3	of	of	ADP
fsr-3262	412	4	an	an	DET
fsr-3262	412	5	option	option	NOUN
fsr-3262	412	6	to	to	PART
fsr-3262	412	7	exchange	exchange	VERB
fsr-3262	412	8	one	one	NUM
fsr-3262	412	9	asset	asset	NOUN
fsr-3262	412	10	for	for	ADP
fsr-3262	412	11	another	another	PRON
fsr-3262	412	12	.	.	PUNCT
fsr-3262	413	1	journal	journal	PROPN
fsr-3262	413	2	of	of	ADP
fsr-3262	413	3	finance	finance	NOUN
fsr-3262	413	4	,	,	PUNCT
fsr-3262	413	5	33	33	NUM
fsr-3262	413	6	,	,	PUNCT
fsr-3262	413	7	177–186	177–186	NUM
fsr-3262	413	8	.	.	PUNCT
fsr-3262	413	9	merton	merton	PROPN
fsr-3262	413	10	,	,	PUNCT
fsr-3262	413	11	r.	r.	PROPN
fsr-3262	413	12	c.	c.	PROPN
fsr-3262	413	13	(	(	PUNCT
fsr-3262	413	14	1973	1973	NUM
fsr-3262	413	15	)	)	PUNCT
fsr-3262	413	16	.	.	PUNCT
fsr-3262	414	1	theory	theory	NOUN
fsr-3262	414	2	of	of	ADP
fsr-3262	414	3	rational	rational	ADJ
fsr-3262	414	4	option	option	NOUN
fsr-3262	414	5	pricing	pricing	NOUN
fsr-3262	414	6	.	.	PUNCT
fsr-3262	415	1	bell	bell	PROPN
fsr-3262	415	2	journal	journal	PROPN
fsr-3262	415	3	of	of	ADP
fsr-3262	415	4	economics	economic	NOUN
fsr-3262	415	5	,	,	PUNCT
fsr-3262	415	6	the	the	DET
fsr-3262	415	7	rand	rand	NOUN
fsr-3262	415	8	corporation	corporation	NOUN
fsr-3262	415	9	,	,	PUNCT
fsr-3262	415	10	4	4	NUM
fsr-3262	415	11	,	,	PUNCT
fsr-3262	415	12	141–183	141–183	NUM
fsr-3262	415	13	.	.	PUNCT
fsr-3262	416	1	pearson	pearson	PROPN
fsr-3262	416	2	,	,	PUNCT
fsr-3262	416	3	n.	n.	PROPN
fsr-3262	416	4	d.	d.	PROPN
fsr-3262	416	5	(	(	PUNCT
fsr-3262	416	6	1995	1995	NUM
fsr-3262	416	7	)	)	PUNCT
fsr-3262	416	8	.	.	PUNCT
fsr-3262	417	1	an	an	DET
fsr-3262	417	2	efficient	efficient	ADJ
fsr-3262	417	3	approach	approach	NOUN
fsr-3262	417	4	for	for	ADP
fsr-3262	417	5	pricing	price	VERB
fsr-3262	417	6	spread	spread	NOUN
fsr-3262	417	7	options	option	NOUN
fsr-3262	417	8	.	.	PUNCT
fsr-3262	418	1	the	the	DET
fsr-3262	418	2	journal	journal	NOUN
fsr-3262	418	3	of	of	ADP
fsr-3262	418	4	derivatives	derivative	NOUN
fsr-3262	418	5	,	,	PUNCT
fsr-3262	418	6	3	3	NUM
fsr-3262	418	7	,	,	PUNCT
fsr-3262	418	8	76–91	76–91	NUM
fsr-3262	418	9	.	.	PUNCT
fsr-3262	418	10	poitras	poitra	NOUN
fsr-3262	418	11	,	,	PUNCT
fsr-3262	418	12	g.	g.	PROPN
fsr-3262	418	13	(	(	PUNCT
fsr-3262	418	14	1998	1998	NUM
fsr-3262	418	15	)	)	PUNCT
fsr-3262	418	16	.	.	PUNCT
fsr-3262	419	1	spread	spread	ADJ
fsr-3262	419	2	options	option	NOUN
fsr-3262	419	3	,	,	PUNCT
fsr-3262	419	4	exchange	exchange	NOUN
fsr-3262	419	5	options	option	NOUN
fsr-3262	419	6	,	,	PUNCT
fsr-3262	419	7	and	and	CCONJ
fsr-3262	419	8	arithmetic	arithmetic	ADJ
fsr-3262	419	9	brownian	brownian	ADJ
fsr-3262	419	10	motion	motion	NOUN
fsr-3262	419	11	.	.	PUNCT
fsr-3262	420	1	journal	journal	PROPN
fsr-3262	420	2	of	of	ADP
fsr-3262	420	3	futures	future	NOUN
fsr-3262	420	4	markets	market	NOUN
fsr-3262	420	5	,	,	PUNCT
fsr-3262	420	6	5	5	NUM
fsr-3262	420	7	,	,	PUNCT
fsr-3262	420	8	487–517	487–517	NUM
fsr-3262	420	9	.	.	PUNCT
fsr-3262	421	1	rubinstein	rubinstein	PROPN
fsr-3262	421	2	,	,	PUNCT
fsr-3262	421	3	m.	m.	NOUN
fsr-3262	421	4	(	(	PUNCT
fsr-3262	421	5	1991	1991	NUM
fsr-3262	421	6	)	)	PUNCT
fsr-3262	421	7	.	.	PUNCT
fsr-3262	422	1	somewhere	somewhere	ADV
fsr-3262	422	2	over	over	ADP
fsr-3262	422	3	the	the	DET
fsr-3262	422	4	rainbow	rainbow	NOUN
fsr-3262	422	5	.	.	PUNCT
fsr-3262	423	1	risk	risk	NOUN
fsr-3262	423	2	,	,	PUNCT
fsr-3262	423	3	4	4	NUM
fsr-3262	423	4	,	,	PUNCT
fsr-3262	423	5	63–66	63–66	NOUN
fsr-3262	423	6	.	.	PUNCT
fsr-3262	424	1	schaefer	schaefer	PROPN
fsr-3262	424	2	,	,	PUNCT
fsr-3262	424	3	m.	m.	NOUN
fsr-3262	424	4	(	(	PUNCT
fsr-3262	424	5	2002	2002	NUM
fsr-3262	424	6	,	,	PUNCT
fsr-3262	424	7	april	april	PROPN
fsr-3262	424	8	)	)	PUNCT
fsr-3262	424	9	.	.	PUNCT
fsr-3262	425	1	pricing	pricing	NOUN
fsr-3262	425	2	and	and	CCONJ
fsr-3262	425	3	hedging	hedging	ADJ
fsr-3262	425	4	european	european	ADJ
fsr-3262	425	5	options	option	NOUN
fsr-3262	425	6	on	on	ADP
fsr-3262	425	7	futures	future	NOUN
fsr-3262	425	8	spreads	spread	NOUN
fsr-3262	425	9	using	use	VERB
fsr-3262	425	10	the	the	DET
fsr-3262	425	11	bachelier	bachelier	NOUN
fsr-3262	425	12	spread	spread	VERB
fsr-3262	425	13	option	option	NOUN
fsr-3262	425	14	model	model	NOUN
fsr-3262	425	15	.	.	PUNCT
fsr-3262	426	1	paper	paper	NOUN
fsr-3262	426	2	presented	present	VERB
fsr-3262	426	3	at	at	ADP
fsr-3262	426	4	ncr-134	ncr-134	NOUN
fsr-3262	426	5	conference	conference	NOUN
fsr-3262	426	6	on	on	ADP
fsr-3262	426	7	applied	apply	VERB
fsr-3262	426	8	commodity	commodity	NOUN
fsr-3262	426	9	price	price	NOUN
fsr-3262	426	10	analysis	analysis	NOUN
fsr-3262	426	11	,	,	PUNCT
fsr-3262	426	12	forecasting	forecasting	NOUN
fsr-3262	426	13	,	,	PUNCT
fsr-3262	426	14	and	and	CCONJ
fsr-3262	426	15	market	market	NOUN
fsr-3262	426	16	risk	risk	NOUN
fsr-3262	426	17	management	management	NOUN
fsr-3262	426	18	,	,	PUNCT
fsr-3262	426	19	st	st	PROPN
fsr-3262	426	20	.	.	PROPN
fsr-3262	426	21	louis	louis	PROPN
fsr-3262	426	22	,	,	PUNCT
fsr-3262	426	23	mo	mo	PROPN
fsr-3262	426	24	.	.	PROPN
fsr-3262	426	25	retrieved	retrieve	VERB
fsr-3262	426	26	from	from	ADP
fsr-3262	426	27	http://purl.umn.edu/19055	http://purl.umn.edu/19055	NOUN
fsr-3262	426	28	.	.	PUNCT
fsr-3262	427	1	shimko	shimko	PROPN
fsr-3262	427	2	,	,	PUNCT
fsr-3262	427	3	d.	d.	PROPN
fsr-3262	427	4	(	(	PUNCT
fsr-3262	427	5	1994	1994	NUM
fsr-3262	427	6	)	)	PUNCT
fsr-3262	427	7	.	.	PUNCT
fsr-3262	428	1	options	option	NOUN
fsr-3262	428	2	on	on	ADP
fsr-3262	428	3	futures	future	NOUN
fsr-3262	428	4	spreads	spread	NOUN
fsr-3262	428	5	:	:	PUNCT
fsr-3262	428	6	hedging	hedging	NOUN
fsr-3262	428	7	,	,	PUNCT
fsr-3262	428	8	speculation	speculation	NOUN
fsr-3262	428	9	,	,	PUNCT
fsr-3262	428	10	and	and	CCONJ
fsr-3262	428	11	valuation	valuation	NOUN
fsr-3262	428	12	.	.	PUNCT
fsr-3262	429	1	journal	journal	PROPN
fsr-3262	429	2	of	of	ADP
fsr-3262	429	3	futures	future	NOUN
fsr-3262	429	4	markets	market	NOUN
fsr-3262	429	5	,	,	PUNCT
fsr-3262	429	6	14	14	NUM
fsr-3262	429	7	,	,	PUNCT
fsr-3262	429	8	183–213	183–213	NUM
fsr-3262	429	9	.	.	PUNCT
fsr-3262	430	1	wilcox	wilcox	PROPN
fsr-3262	430	2	,	,	PUNCT
fsr-3262	430	3	d.	d.	PROPN
fsr-3262	430	4	(	(	PUNCT
fsr-3262	430	5	1990	1990	NUM
fsr-3262	430	6	)	)	PUNCT
fsr-3262	430	7	.	.	PUNCT
fsr-3262	431	1	energy	energy	NOUN
fsr-3262	431	2	futures	future	NOUN
fsr-3262	431	3	and	and	CCONJ
fsr-3262	431	4	options	option	NOUN
fsr-3262	431	5	:	:	PUNCT
fsr-3262	431	6	spread	spread	VERB
fsr-3262	431	7	options	option	NOUN
fsr-3262	431	8	in	in	ADP
fsr-3262	431	9	energy	energy	NOUN
fsr-3262	431	10	markets	market	NOUN
fsr-3262	431	11	.	.	PUNCT
fsr-3262	432	1	new	new	PROPN
fsr-3262	432	2	york	york	PROPN
fsr-3262	432	3	,	,	PUNCT
fsr-3262	432	4	ny	ny	PROPN
fsr-3262	432	5	:	:	PUNCT
fsr-3262	432	6	goldman	goldman	PROPN
fsr-3262	432	7	sachs	sachs	PROPN
fsr-3262	432	8	&	&	CCONJ
fsr-3262	432	9	co.	co.	PROPN
fsr-3262	432	10	35r	35r	PROPN
fsr-3262	432	11	.	.	PUNCT
fsr-3262	433	1	brooks	brooks	PROPN
fsr-3262	433	2	,	,	PUNCT
fsr-3262	433	3	b.n	b.n	PROPN
fsr-3262	433	4	.	.	PROPN
fsr-3262	433	5	cline	cline	PROPN
fsr-3262	433	6	/	/	SYM
fsr-3262	433	7	financial	financial	PROPN
fsr-3262	433	8	services	service	NOUN
fsr-3262	433	9	review	review	VERB
fsr-3262	433	10	24	24	NUM
fsr-3262	433	11	(	(	PUNCT
fsr-3262	433	12	2015	2015	NUM
fsr-3262	433	13	)	)	PUNCT
fsr-3262	433	14	15–35	15–35	NUM