id	sid	tid	token	lemma	pos
fsr-3280	1	1	the	the	DET
fsr-3280	1	2	behavior	behavior	NOUN
fsr-3280	1	3	heuristics	heuristic	NOUN
fsr-3280	1	4	responsible	responsible	ADJ
fsr-3280	1	5	for	for	ADP
fsr-3280	1	6	formation	formation	NOUN
fsr-3280	1	7	and	and	CCONJ
fsr-3280	1	8	liquidation	liquidation	NOUN
fsr-3280	1	9	of	of	ADP
fsr-3280	1	10	tax	tax	NOUN
fsr-3280	1	11	holding	holding	NOUN
fsr-3280	1	12	accounts	account	NOUN
fsr-3280	1	13	matt	matt	PROPN
fsr-3280	1	14	hurst	hurst	PROPN
fsr-3280	1	15	,	,	PUNCT
fsr-3280	1	16	a	a	PRON
fsr-3280	1	17	,	,	PUNCT
fsr-3280	1	18	*	*	PUNCT
fsr-3280	1	19	monica	monica	PROPN
fsr-3280	2	1	mendozab	mendozab	ADP
fsr-3280	2	2	adepartment	adepartment	NOUN
fsr-3280	2	3	of	of	ADP
fsr-3280	2	4	finance	finance	NOUN
fsr-3280	2	5	,	,	PUNCT
fsr-3280	2	6	stetson	stetson	NOUN
fsr-3280	2	7	university	university	NOUN
fsr-3280	2	8	–	–	PUNCT
fsr-3280	2	9	school	school	NOUN
fsr-3280	2	10	of	of	ADP
fsr-3280	2	11	business	business	NOUN
fsr-3280	2	12	,	,	PUNCT
fsr-3280	2	13	421	421	NUM
fsr-3280	2	14	n.	n.	PROPN
fsr-3280	2	15	woodland	woodland	PROPN
fsr-3280	2	16	boulevard	boulevard	PROPN
fsr-3280	2	17	,	,	PUNCT
fsr-3280	2	18	unit	unit	NOUN
fsr-3280	2	19	8398	8398	NUM
fsr-3280	2	20	,	,	PUNCT
fsr-3280	2	21	deland	deland	PROPN
fsr-3280	2	22	,	,	PUNCT
fsr-3280	2	23	fl	fl	PROPN
fsr-3280	2	24	32723	32723	NUM
fsr-3280	2	25	,	,	PUNCT
fsr-3280	2	26	usa	usa	PROPN
fsr-3280	2	27	bdepartment	bdepartment	NOUN
fsr-3280	2	28	of	of	ADP
fsr-3280	2	29	accounting	accounting	PROPN
fsr-3280	2	30	,	,	PUNCT
fsr-3280	2	31	stetson	stetson	NOUN
fsr-3280	2	32	university	university	NOUN
fsr-3280	2	33	–	–	PUNCT
fsr-3280	2	34	school	school	NOUN
fsr-3280	2	35	of	of	ADP
fsr-3280	2	36	business	business	NOUN
fsr-3280	2	37	,	,	PUNCT
fsr-3280	2	38	421	421	NUM
fsr-3280	2	39	n.	n.	PROPN
fsr-3280	2	40	woodland	woodland	PROPN
fsr-3280	2	41	boulevard	boulevard	PROPN
fsr-3280	2	42	,	,	PUNCT
fsr-3280	2	43	unit	unit	NOUN
fsr-3280	2	44	8378	8378	NUM
fsr-3280	2	45	,	,	PUNCT
fsr-3280	2	46	deland	deland	PROPN
fsr-3280	2	47	,	,	PUNCT
fsr-3280	2	48	fl	fl	PROPN
fsr-3280	2	49	32723	32723	NUM
fsr-3280	2	50	,	,	PUNCT
fsr-3280	2	51	usa	usa	PROPN
fsr-3280	2	52	abstract	abstract	PROPN
fsr-3280	2	53	this	this	DET
fsr-3280	2	54	article	article	NOUN
fsr-3280	2	55	proposes	propose	VERB
fsr-3280	2	56	the	the	DET
fsr-3280	2	57	tax	tax	NOUN
fsr-3280	2	58	liquidation	liquidation	NOUN
fsr-3280	2	59	hypothesis	hypothesis	NOUN
fsr-3280	2	60	,	,	PUNCT
fsr-3280	2	61	a	a	DET
fsr-3280	2	62	predictable	predictable	ADJ
fsr-3280	2	63	pattern	pattern	NOUN
fsr-3280	2	64	of	of	ADP
fsr-3280	2	65	behavior	behavior	NOUN
fsr-3280	2	66	regarding	regard	VERB
fsr-3280	2	67	individuals	individual	NOUN
fsr-3280	2	68	’	'	PUNCT
fsr-3280	2	69	decisions	decision	NOUN
fsr-3280	2	70	to	to	PART
fsr-3280	2	71	create	create	VERB
fsr-3280	2	72	and	and	CCONJ
fsr-3280	2	73	subsequently	subsequently	ADV
fsr-3280	2	74	to	to	PART
fsr-3280	2	75	liquidate	liquidate	VERB
fsr-3280	2	76	“	"	PUNCT
fsr-3280	2	77	cash	cash	NOUN
fsr-3280	2	78	holding	holding	NOUN
fsr-3280	2	79	”	"	PUNCT
fsr-3280	2	80	accounts	account	NOUN
fsr-3280	2	81	when	when	SCONJ
fsr-3280	2	82	facing	face	VERB
fsr-3280	2	83	tax	tax	NOUN
fsr-3280	2	84	liabilities	liability	NOUN
fsr-3280	2	85	.	.	PUNCT
fsr-3280	3	1	previous	previous	ADJ
fsr-3280	3	2	research	research	NOUN
fsr-3280	3	3	on	on	ADP
fsr-3280	3	4	tax	tax	NOUN
fsr-3280	3	5	related	relate	VERB
fsr-3280	3	6	trading	trading	NOUN
fsr-3280	3	7	has	have	AUX
fsr-3280	3	8	focused	focus	VERB
fsr-3280	3	9	on	on	ADP
fsr-3280	3	10	minimizing	minimize	VERB
fsr-3280	3	11	the	the	DET
fsr-3280	3	12	individual	individual	ADJ
fsr-3280	3	13	tax	tax	NOUN
fsr-3280	3	14	burden	burden	NOUN
fsr-3280	3	15	by	by	ADP
fsr-3280	3	16	holding	hold	VERB
fsr-3280	3	17	winners	winner	NOUN
fsr-3280	3	18	and	and	CCONJ
fsr-3280	3	19	selling	sell	VERB
fsr-3280	3	20	losers	loser	NOUN
fsr-3280	3	21	.	.	PUNCT
fsr-3280	4	1	this	this	DET
fsr-3280	4	2	behavior	behavior	NOUN
fsr-3280	4	3	,	,	PUNCT
fsr-3280	4	4	described	describe	VERB
fsr-3280	4	5	as	as	ADP
fsr-3280	4	6	“	"	PUNCT
fsr-3280	4	7	optimal	optimal	ADJ
fsr-3280	4	8	tax	tax	NOUN
fsr-3280	4	9	trading	trading	NOUN
fsr-3280	4	10	”	"	PUNCT
fsr-3280	4	11	suggests	suggest	VERB
fsr-3280	4	12	that	that	SCONJ
fsr-3280	4	13	individuals	individual	NOUN
fsr-3280	4	14	should	should	AUX
fsr-3280	4	15	sell	sell	VERB
fsr-3280	4	16	stocks	stock	NOUN
fsr-3280	4	17	that	that	PRON
fsr-3280	4	18	have	have	AUX
fsr-3280	4	19	lost	lose	VERB
fsr-3280	4	20	value	value	NOUN
fsr-3280	4	21	in	in	ADP
fsr-3280	4	22	the	the	DET
fsr-3280	4	23	short	short	ADJ
fsr-3280	4	24	-	-	PUNCT
fsr-3280	4	25	term	term	NOUN
fsr-3280	4	26	while	while	SCONJ
fsr-3280	4	27	holding	hold	VERB
fsr-3280	4	28	onto	onto	ADP
fsr-3280	4	29	stocks	stock	NOUN
fsr-3280	4	30	that	that	PRON
fsr-3280	4	31	have	have	AUX
fsr-3280	4	32	gained	gain	VERB
fsr-3280	4	33	value	value	NOUN
fsr-3280	4	34	until	until	SCONJ
fsr-3280	4	35	the	the	DET
fsr-3280	4	36	stocks	stock	NOUN
fsr-3280	4	37	can	can	AUX
fsr-3280	4	38	be	be	AUX
fsr-3280	4	39	sold	sell	VERB
fsr-3280	4	40	at	at	ADP
fsr-3280	4	41	the	the	DET
fsr-3280	4	42	preferential	preferential	ADJ
fsr-3280	4	43	long	long	ADJ
fsr-3280	4	44	-	-	PUNCT
fsr-3280	4	45	term	term	NOUN
fsr-3280	4	46	capital	capital	NOUN
fsr-3280	4	47	gains	gain	NOUN
fsr-3280	4	48	rate	rate	NOUN
fsr-3280	4	49	.	.	PUNCT
fsr-3280	5	1	this	this	DET
fsr-3280	5	2	article	article	NOUN
fsr-3280	5	3	proposes	propose	VERB
fsr-3280	5	4	the	the	DET
fsr-3280	5	5	tax	tax	NOUN
fsr-3280	5	6	liquidation	liquidation	NOUN
fsr-3280	5	7	hypothesis	hypothesis	NOUN
fsr-3280	5	8	based	base	VERB
fsr-3280	5	9	on	on	ADP
fsr-3280	5	10	investor	investor	NOUN
fsr-3280	5	11	behavioral	behavioral	ADJ
fsr-3280	5	12	biases	bias	NOUN
fsr-3280	5	13	and	and	CCONJ
fsr-3280	5	14	the	the	DET
fsr-3280	5	15	current	current	ADJ
fsr-3280	5	16	tax	tax	NOUN
fsr-3280	5	17	environment	environment	NOUN
fsr-3280	5	18	.	.	PUNCT
fsr-3280	6	1	individual	individual	ADJ
fsr-3280	6	2	investors	investor	NOUN
fsr-3280	6	3	will	will	AUX
fsr-3280	6	4	hold	hold	VERB
fsr-3280	6	5	“	"	PUNCT
fsr-3280	6	6	cash	cash	NOUN
fsr-3280	6	7	”	"	PUNCT
fsr-3280	6	8	accounts	account	NOUN
fsr-3280	6	9	that	that	PRON
fsr-3280	6	10	are	be	AUX
fsr-3280	6	11	consistent	consistent	ADJ
fsr-3280	6	12	with	with	ADP
fsr-3280	6	13	their	their	PRON
fsr-3280	6	14	preferences	preference	NOUN
fsr-3280	6	15	for	for	ADP
fsr-3280	6	16	risk	risk	NOUN
fsr-3280	6	17	and	and	CCONJ
fsr-3280	6	18	return	return	NOUN
fsr-3280	6	19	.	.	PUNCT
fsr-3280	7	1	the	the	DET
fsr-3280	7	2	cash	cash	NOUN
fsr-3280	7	3	account	account	NOUN
fsr-3280	7	4	holdings	holding	NOUN
fsr-3280	7	5	may	may	AUX
fsr-3280	7	6	differ	differ	VERB
fsr-3280	7	7	across	across	ADP
fsr-3280	7	8	individuals	individual	NOUN
fsr-3280	7	9	,	,	PUNCT
fsr-3280	7	10	but	but	CCONJ
fsr-3280	7	11	the	the	DET
fsr-3280	7	12	pattern	pattern	NOUN
fsr-3280	7	13	and	and	CCONJ
fsr-3280	7	14	hypotheses	hypothesis	NOUN
fsr-3280	7	15	regarding	regard	VERB
fsr-3280	7	16	formation	formation	NOUN
fsr-3280	7	17	and	and	CCONJ
fsr-3280	7	18	liquidation	liquidation	NOUN
fsr-3280	7	19	of	of	ADP
fsr-3280	7	20	these	these	DET
fsr-3280	7	21	accounts	account	NOUN
fsr-3280	7	22	for	for	ADP
fsr-3280	7	23	tax	tax	NOUN
fsr-3280	7	24	reasons	reason	NOUN
fsr-3280	7	25	should	should	AUX
fsr-3280	7	26	be	be	AUX
fsr-3280	7	27	consistent	consistent	ADJ
fsr-3280	7	28	with	with	ADP
fsr-3280	7	29	the	the	DET
fsr-3280	7	30	model	model	NOUN
fsr-3280	7	31	proposed	propose	VERB
fsr-3280	7	32	by	by	ADP
fsr-3280	7	33	this	this	DET
fsr-3280	7	34	article	article	NOUN
fsr-3280	7	35	.	.	PUNCT
fsr-3280	8	1	©	©	PROPN
fsr-3280	8	2	2016	2016	NUM
fsr-3280	8	3	academy	academy	NOUN
fsr-3280	8	4	of	of	ADP
fsr-3280	8	5	financial	financial	ADJ
fsr-3280	8	6	services	service	NOUN
fsr-3280	8	7	.	.	PUNCT
fsr-3280	9	1	all	all	DET
fsr-3280	9	2	rights	right	NOUN
fsr-3280	9	3	reserved	reserve	VERB
fsr-3280	9	4	.	.	PUNCT
fsr-3280	10	1	1	1	X
fsr-3280	10	2	.	.	X
fsr-3280	10	3	introduction	introduction	NOUN
fsr-3280	10	4	this	this	DET
fsr-3280	10	5	article	article	NOUN
fsr-3280	10	6	examines	examine	VERB
fsr-3280	10	7	the	the	DET
fsr-3280	10	8	behavioral	behavioral	ADJ
fsr-3280	10	9	biases	bias	NOUN
fsr-3280	10	10	that	that	PRON
fsr-3280	10	11	lead	lead	VERB
fsr-3280	10	12	individuals	individual	NOUN
fsr-3280	10	13	to	to	PART
fsr-3280	10	14	create	create	VERB
fsr-3280	10	15	accounts	account	NOUN
fsr-3280	10	16	with	with	ADP
fsr-3280	10	17	specific	specific	ADJ
fsr-3280	10	18	characteristics	characteristic	NOUN
fsr-3280	10	19	when	when	SCONJ
fsr-3280	10	20	facing	face	VERB
fsr-3280	10	21	sizeable	sizeable	ADJ
fsr-3280	10	22	tax	tax	NOUN
fsr-3280	10	23	liabilities	liability	NOUN
fsr-3280	10	24	and	and	CCONJ
fsr-3280	10	25	the	the	DET
fsr-3280	10	26	subsequent	subsequent	ADJ
fsr-3280	10	27	behavior	behavior	NOUN
fsr-3280	10	28	to	to	PART
fsr-3280	10	29	liquidate	liquidate	VERB
fsr-3280	10	30	these	these	DET
fsr-3280	10	31	accounts	account	NOUN
fsr-3280	10	32	at	at	ADP
fsr-3280	10	33	the	the	DET
fsr-3280	10	34	time	time	NOUN
fsr-3280	10	35	of	of	ADP
fsr-3280	10	36	tax	tax	NOUN
fsr-3280	10	37	filing	filing	NOUN
fsr-3280	10	38	.	.	PUNCT
fsr-3280	11	1	we	we	PRON
fsr-3280	11	2	call	call	VERB
fsr-3280	11	3	the	the	DET
fsr-3280	11	4	pattern	pattern	NOUN
fsr-3280	11	5	of	of	ADP
fsr-3280	11	6	selection	selection	NOUN
fsr-3280	11	7	and	and	CCONJ
fsr-3280	11	8	subsequent	subsequent	ADJ
fsr-3280	11	9	liquidation	liquidation	NOUN
fsr-3280	11	10	because	because	SCONJ
fsr-3280	11	11	of	of	ADP
fsr-3280	11	12	prevalent	prevalent	ADJ
fsr-3280	11	13	behavior	behavior	NOUN
fsr-3280	11	14	heuristics	heuristic	VERB
fsr-3280	11	15	the	the	DET
fsr-3280	11	16	tax	tax	NOUN
fsr-3280	11	17	liquidation	liquidation	NOUN
fsr-3280	11	18	hypothesis	hypothesis	NOUN
fsr-3280	11	19	.	.	PUNCT
fsr-3280	12	1	according	accord	VERB
fsr-3280	12	2	to	to	ADP
fsr-3280	12	3	constantinides	constantinides	PROPN
fsr-3280	12	4	(	(	PUNCT
fsr-3280	12	5	1983	1983	NUM
fsr-3280	12	6	)	)	PUNCT
fsr-3280	12	7	,	,	PUNCT
fsr-3280	12	8	an	an	DET
fsr-3280	12	9	investor	investor	NOUN
fsr-3280	12	10	who	who	PRON
fsr-3280	12	11	engages	engage	VERB
fsr-3280	12	12	in	in	ADP
fsr-3280	12	13	optimal	optimal	ADJ
fsr-3280	12	14	tax	tax	NOUN
fsr-3280	12	15	trading	trading	NOUN
fsr-3280	12	16	will	will	AUX
fsr-3280	12	17	hold	hold	VERB
fsr-3280	12	18	a	a	DET
fsr-3280	12	19	“	"	PUNCT
fsr-3280	12	20	cash	cash	NOUN
fsr-3280	12	21	account	account	NOUN
fsr-3280	12	22	”	"	PUNCT
fsr-3280	12	23	for	for	ADP
fsr-3280	12	24	the	the	DET
fsr-3280	12	25	purpose	purpose	NOUN
fsr-3280	12	26	of	of	ADP
fsr-3280	12	27	tracking	track	VERB
fsr-3280	12	28	his	his	PRON
fsr-3280	12	29	or	or	CCONJ
fsr-3280	12	30	her	her	PRON
fsr-3280	12	31	net	net	ADJ
fsr-3280	12	32	liability	liability	NOUN
fsr-3280	12	33	due	due	ADJ
fsr-3280	12	34	at	at	ADP
fsr-3280	12	35	tax	tax	NOUN
fsr-3280	12	36	filing	filing	NOUN
fsr-3280	12	37	.	.	PUNCT
fsr-3280	13	1	every	every	DET
fsr-3280	13	2	transaction	transaction	NOUN
fsr-3280	13	3	,	,	PUNCT
fsr-3280	13	4	with	with	ADP
fsr-3280	13	5	taxable	taxable	ADJ
fsr-3280	13	6	implications	implication	NOUN
fsr-3280	13	7	,	,	PUNCT
fsr-3280	13	8	will	will	AUX
fsr-3280	13	9	have	have	VERB
fsr-3280	13	10	an	an	DET
fsr-3280	13	11	effect	effect	NOUN
fsr-3280	13	12	on	on	ADP
fsr-3280	13	13	the	the	DET
fsr-3280	13	14	balance	balance	NOUN
fsr-3280	13	15	of	of	ADP
fsr-3280	13	16	this	this	PRON
fsr-3280	13	17	*	*	PUNCT
fsr-3280	13	18	corresponding	correspond	VERB
fsr-3280	13	19	author	author	NOUN
fsr-3280	13	20	.	.	PUNCT
fsr-3280	14	1	tel	tel	AUX
fsr-3280	14	2	.	.	PUNCT
fsr-3280	14	3	:	:	PUNCT
fsr-3280	14	4	�	�	PROPN
fsr-3280	14	5	386	386	NUM
fsr-3280	14	6	-	-	SYM
fsr-3280	14	7	822	822	NUM
fsr-3280	14	8	-	-	SYM
fsr-3280	14	9	7428	7428	NUM
fsr-3280	14	10	;	;	PUNCT
fsr-3280	14	11	fax	fax	NOUN
fsr-3280	14	12	:	:	PUNCT
fsr-3280	14	13	�	�	PROPN
fsr-3280	14	14	386	386	NUM
fsr-3280	14	15	-	-	SYM
fsr-3280	14	16	822	822	NUM
fsr-3280	14	17	-	-	PUNCT
fsr-3280	14	18	7491	7491	NUM
fsr-3280	14	19	.	.	PUNCT
fsr-3280	15	1	e	e	X
fsr-3280	15	2	-	-	NOUN
fsr-3280	15	3	mail	mail	NOUN
fsr-3280	15	4	address	address	NOUN
fsr-3280	15	5	:	:	PUNCT
fsr-3280	15	6	mhurst@stetson.edu	mhurst@stetson.edu	PROPN
fsr-3280	15	7	(	(	PUNCT
fsr-3280	15	8	m.	m.	NOUN
fsr-3280	15	9	hurst	hurst	PROPN
fsr-3280	15	10	)	)	PUNCT
fsr-3280	15	11	financial	financial	ADJ
fsr-3280	15	12	services	service	NOUN
fsr-3280	15	13	review	review	VERB
fsr-3280	15	14	25	25	NUM
fsr-3280	15	15	(	(	PUNCT
fsr-3280	15	16	2016	2016	NUM
fsr-3280	15	17	)	)	PUNCT
fsr-3280	16	1	279–301	279–301	NUM
fsr-3280	16	2	1057	1057	NUM
fsr-3280	16	3	-	-	SYM
fsr-3280	16	4	0810/16/$	0810/16/$	ADV
fsr-3280	16	5	–	–	PUNCT
fsr-3280	16	6	see	see	VERB
fsr-3280	16	7	front	front	ADJ
fsr-3280	16	8	matter	matter	NOUN
fsr-3280	16	9	©	©	PROPN
fsr-3280	16	10	2016	2016	NUM
fsr-3280	16	11	academy	academy	NOUN
fsr-3280	16	12	of	of	ADP
fsr-3280	16	13	financial	financial	ADJ
fsr-3280	16	14	services	service	NOUN
fsr-3280	16	15	.	.	PUNCT
fsr-3280	17	1	all	all	DET
fsr-3280	17	2	rights	right	NOUN
fsr-3280	17	3	reserved	reserve	VERB
fsr-3280	17	4	.	.	PUNCT
fsr-3280	18	1	account	account	PROPN
fsr-3280	18	2	,	,	PUNCT
fsr-3280	18	3	with	with	ADP
fsr-3280	18	4	subsequent	subsequent	ADJ
fsr-3280	18	5	gains	gain	NOUN
fsr-3280	18	6	causing	cause	VERB
fsr-3280	18	7	an	an	DET
fsr-3280	18	8	increase	increase	NOUN
fsr-3280	18	9	in	in	ADP
fsr-3280	18	10	holdings	holding	NOUN
fsr-3280	18	11	,	,	PUNCT
fsr-3280	18	12	while	while	SCONJ
fsr-3280	18	13	losses	loss	NOUN
fsr-3280	18	14	,	,	PUNCT
fsr-3280	18	15	which	which	PRON
fsr-3280	18	16	can	can	AUX
fsr-3280	18	17	be	be	AUX
fsr-3280	18	18	used	use	VERB
fsr-3280	18	19	to	to	PART
fsr-3280	18	20	offset	offset	VERB
fsr-3280	18	21	prior	prior	ADJ
fsr-3280	18	22	gains	gain	NOUN
fsr-3280	18	23	,	,	PUNCT
fsr-3280	18	24	will	will	AUX
fsr-3280	18	25	cause	cause	VERB
fsr-3280	18	26	a	a	DET
fsr-3280	18	27	decrease	decrease	NOUN
fsr-3280	18	28	to	to	ADP
fsr-3280	18	29	net	net	ADJ
fsr-3280	18	30	holdings	holding	NOUN
fsr-3280	18	31	.	.	PUNCT
fsr-3280	19	1	this	this	DET
fsr-3280	19	2	behavior	behavior	NOUN
fsr-3280	19	3	,	,	PUNCT
fsr-3280	19	4	described	describe	VERB
fsr-3280	19	5	as	as	ADP
fsr-3280	19	6	“	"	PUNCT
fsr-3280	19	7	optimal	optimal	ADJ
fsr-3280	19	8	tax	tax	NOUN
fsr-3280	19	9	trading	trading	NOUN
fsr-3280	19	10	”	"	PUNCT
fsr-3280	19	11	by	by	ADP
fsr-3280	19	12	constantinides	constantinide	NOUN
fsr-3280	19	13	(	(	PUNCT
fsr-3280	19	14	1983	1983	NUM
fsr-3280	19	15	)	)	PUNCT
fsr-3280	19	16	,	,	PUNCT
fsr-3280	19	17	focuses	focus	VERB
fsr-3280	19	18	on	on	ADP
fsr-3280	19	19	minimizing	minimize	VERB
fsr-3280	19	20	the	the	DET
fsr-3280	19	21	individual	individual	ADJ
fsr-3280	19	22	tax	tax	NOUN
fsr-3280	19	23	burden	burden	NOUN
fsr-3280	19	24	by	by	ADP
fsr-3280	19	25	holding	hold	VERB
fsr-3280	19	26	winners	winner	NOUN
fsr-3280	19	27	and	and	CCONJ
fsr-3280	19	28	selling	sell	VERB
fsr-3280	19	29	losers	loser	NOUN
fsr-3280	19	30	;	;	PUNCT
fsr-3280	19	31	individuals	individual	NOUN
fsr-3280	19	32	should	should	AUX
fsr-3280	19	33	sell	sell	VERB
fsr-3280	19	34	stocks	stock	NOUN
fsr-3280	19	35	that	that	PRON
fsr-3280	19	36	have	have	AUX
fsr-3280	19	37	lost	lose	VERB
fsr-3280	19	38	value	value	NOUN
fsr-3280	19	39	in	in	ADP
fsr-3280	19	40	the	the	DET
fsr-3280	19	41	short	short	ADJ
fsr-3280	19	42	-	-	PUNCT
fsr-3280	19	43	term	term	NOUN
fsr-3280	19	44	while	while	NOUN
fsr-3280	19	45	,	,	PUNCT
fsr-3280	19	46	holding	hold	VERB
fsr-3280	19	47	onto	onto	ADP
fsr-3280	19	48	stocks	stock	NOUN
fsr-3280	19	49	that	that	PRON
fsr-3280	19	50	have	have	AUX
fsr-3280	19	51	gained	gain	VERB
fsr-3280	19	52	value	value	NOUN
fsr-3280	19	53	until	until	SCONJ
fsr-3280	19	54	the	the	DET
fsr-3280	19	55	stocks	stock	NOUN
fsr-3280	19	56	can	can	AUX
fsr-3280	19	57	be	be	AUX
fsr-3280	19	58	sold	sell	VERB
fsr-3280	19	59	at	at	ADP
fsr-3280	19	60	the	the	DET
fsr-3280	19	61	preferential	preferential	ADJ
fsr-3280	19	62	long	long	ADJ
fsr-3280	19	63	-	-	PUNCT
fsr-3280	19	64	term	term	NOUN
fsr-3280	19	65	capital	capital	NOUN
fsr-3280	19	66	gains	gain	NOUN
fsr-3280	19	67	rate	rate	NOUN
fsr-3280	19	68	.	.	PUNCT
fsr-3280	20	1	behavioral	behavioral	ADJ
fsr-3280	20	2	research	research	NOUN
fsr-3280	20	3	across	across	ADP
fsr-3280	20	4	disciplines	discipline	NOUN
fsr-3280	20	5	has	have	AUX
fsr-3280	20	6	shown	show	VERB
fsr-3280	20	7	that	that	SCONJ
fsr-3280	20	8	individuals	individual	NOUN
fsr-3280	20	9	do	do	AUX
fsr-3280	20	10	not	not	PART
fsr-3280	20	11	behave	behave	VERB
fsr-3280	20	12	rationally	rationally	ADV
fsr-3280	20	13	or	or	CCONJ
fsr-3280	20	14	act	act	VERB
fsr-3280	20	15	in	in	ADP
fsr-3280	20	16	such	such	DET
fsr-3280	20	17	a	a	DET
fsr-3280	20	18	way	way	NOUN
fsr-3280	20	19	that	that	PRON
fsr-3280	20	20	always	always	ADV
fsr-3280	20	21	maximizes	maximize	VERB
fsr-3280	20	22	their	their	PRON
fsr-3280	20	23	own	own	ADJ
fsr-3280	20	24	self	self	NOUN
fsr-3280	20	25	-	-	PUNCT
fsr-3280	20	26	interest	interest	NOUN
fsr-3280	20	27	.	.	PUNCT
fsr-3280	21	1	shefrin	shefrin	NOUN
fsr-3280	21	2	and	and	CCONJ
fsr-3280	21	3	statman	statman	NOUN
fsr-3280	21	4	(	(	PUNCT
fsr-3280	21	5	1985	1985	NUM
fsr-3280	21	6	)	)	PUNCT
fsr-3280	21	7	explain	explain	VERB
fsr-3280	21	8	the	the	DET
fsr-3280	21	9	disposition	disposition	NOUN
fsr-3280	21	10	effect	effect	NOUN
fsr-3280	21	11	as	as	ADP
fsr-3280	21	12	the	the	DET
fsr-3280	21	13	suboptimal	suboptimal	ADJ
fsr-3280	21	14	investor	investor	NOUN
fsr-3280	21	15	behavior	behavior	NOUN
fsr-3280	21	16	of	of	ADP
fsr-3280	21	17	selling	sell	VERB
fsr-3280	21	18	winners	winner	NOUN
fsr-3280	21	19	too	too	ADV
fsr-3280	21	20	soon	soon	ADV
fsr-3280	21	21	and	and	CCONJ
fsr-3280	21	22	holding	hold	VERB
fsr-3280	21	23	on	on	ADP
fsr-3280	21	24	to	to	ADP
fsr-3280	21	25	losers	loser	NOUN
fsr-3280	21	26	too	too	ADV
fsr-3280	21	27	long	long	ADV
fsr-3280	21	28	.	.	PUNCT
fsr-3280	22	1	the	the	DET
fsr-3280	22	2	primary	primary	ADJ
fsr-3280	22	3	explanations	explanation	NOUN
fsr-3280	22	4	for	for	ADP
fsr-3280	22	5	the	the	DET
fsr-3280	22	6	disposition	disposition	NOUN
fsr-3280	22	7	effect	effect	NOUN
fsr-3280	22	8	are	be	AUX
fsr-3280	22	9	prospect	prospect	NOUN
fsr-3280	22	10	theory	theory	NOUN
fsr-3280	22	11	as	as	SCONJ
fsr-3280	22	12	proposed	propose	VERB
fsr-3280	22	13	by	by	ADP
fsr-3280	22	14	the	the	DET
fsr-3280	22	15	novel	novel	ADJ
fsr-3280	22	16	prize	prize	NOUN
fsr-3280	22	17	-	-	PUNCT
fsr-3280	22	18	winning	win	VERB
fsr-3280	22	19	research	research	NOUN
fsr-3280	22	20	of	of	ADP
fsr-3280	22	21	kahneman	kahneman	NOUN
fsr-3280	22	22	and	and	CCONJ
fsr-3280	22	23	tversky	tversky	PROPN
fsr-3280	22	24	(	(	PUNCT
fsr-3280	22	25	1979	1979	NUM
fsr-3280	22	26	)	)	PUNCT
fsr-3280	22	27	and	and	CCONJ
fsr-3280	22	28	mental	mental	ADJ
fsr-3280	22	29	accounting	accounting	NOUN
fsr-3280	22	30	as	as	SCONJ
fsr-3280	22	31	proposed	propose	VERB
fsr-3280	22	32	by	by	ADP
fsr-3280	22	33	thaler	thaler	PROPN
fsr-3280	22	34	(	(	PUNCT
fsr-3280	22	35	1980	1980	NUM
fsr-3280	22	36	)	)	PUNCT
fsr-3280	22	37	,	,	PUNCT
fsr-3280	22	38	collectively	collectively	ADV
fsr-3280	22	39	referred	refer	VERB
fsr-3280	22	40	to	to	ADP
fsr-3280	22	41	as	as	ADP
fsr-3280	22	42	ptma	ptma	NOUN
fsr-3280	22	43	.	.	PUNCT
fsr-3280	23	1	under	under	ADP
fsr-3280	23	2	the	the	DET
fsr-3280	23	3	ptma	ptma	NOUN
fsr-3280	23	4	framework	framework	NOUN
fsr-3280	23	5	,	,	PUNCT
fsr-3280	23	6	individuals	individual	NOUN
fsr-3280	23	7	exhibit	exhibit	VERB
fsr-3280	23	8	loss	loss	NOUN
fsr-3280	23	9	aversion	aversion	NOUN
fsr-3280	23	10	,	,	PUNCT
fsr-3280	23	11	an	an	DET
fsr-3280	23	12	asymmetric	asymmetric	ADJ
fsr-3280	23	13	response	response	NOUN
fsr-3280	23	14	to	to	ADP
fsr-3280	23	15	losses	loss	NOUN
fsr-3280	23	16	and	and	CCONJ
fsr-3280	23	17	gains	gain	NOUN
fsr-3280	23	18	of	of	ADP
fsr-3280	23	19	equal	equal	ADJ
fsr-3280	23	20	sizes	size	NOUN
fsr-3280	23	21	,	,	PUNCT
fsr-3280	23	22	and	and	CCONJ
fsr-3280	23	23	focus	focus	VERB
fsr-3280	23	24	too	too	ADV
fsr-3280	23	25	narrowly	narrowly	ADV
fsr-3280	23	26	on	on	ADP
fsr-3280	23	27	individual	individual	ADJ
fsr-3280	23	28	security	security	NOUN
fsr-3280	23	29	results	result	NOUN
fsr-3280	23	30	as	as	SCONJ
fsr-3280	23	31	opposed	oppose	VERB
fsr-3280	23	32	to	to	ADP
fsr-3280	23	33	portfolio	portfolio	NOUN
fsr-3280	23	34	results	result	NOUN
fsr-3280	23	35	.	.	PUNCT
fsr-3280	24	1	these	these	DET
fsr-3280	24	2	biases	bias	NOUN
fsr-3280	24	3	influence	influence	VERB
fsr-3280	24	4	investors	investor	NOUN
fsr-3280	24	5	to	to	PART
fsr-3280	24	6	behave	behave	VERB
fsr-3280	24	7	in	in	ADP
fsr-3280	24	8	a	a	DET
fsr-3280	24	9	manner	manner	NOUN
fsr-3280	24	10	that	that	PRON
fsr-3280	24	11	violates	violate	VERB
fsr-3280	24	12	optimal	optimal	ADJ
fsr-3280	24	13	tax	tax	NOUN
fsr-3280	24	14	trading	trading	NOUN
fsr-3280	24	15	as	as	SCONJ
fsr-3280	24	16	described	describe	VERB
fsr-3280	24	17	by	by	ADP
fsr-3280	24	18	constantinides	constantinide	NOUN
fsr-3280	24	19	(	(	PUNCT
fsr-3280	24	20	1983	1983	NUM
fsr-3280	24	21	)	)	PUNCT
fsr-3280	24	22	,	,	PUNCT
fsr-3280	24	23	and	and	CCONJ
fsr-3280	24	24	creates	create	VERB
fsr-3280	24	25	sizable	sizable	ADJ
fsr-3280	24	26	tax	tax	NOUN
fsr-3280	24	27	liability	liability	NOUN
fsr-3280	24	28	due	due	ADJ
fsr-3280	24	29	at	at	ADP
fsr-3280	24	30	filing	filing	NOUN
fsr-3280	24	31	.	.	PUNCT
fsr-3280	25	1	following	follow	VERB
fsr-3280	25	2	the	the	DET
fsr-3280	25	3	creation	creation	NOUN
fsr-3280	25	4	of	of	ADP
fsr-3280	25	5	a	a	DET
fsr-3280	25	6	tax	tax	NOUN
fsr-3280	25	7	liability	liability	NOUN
fsr-3280	25	8	,	,	PUNCT
fsr-3280	25	9	as	as	ADP
fsr-3280	25	10	a	a	DET
fsr-3280	25	11	result	result	NOUN
fsr-3280	25	12	of	of	ADP
fsr-3280	25	13	portfolio	portfolio	NOUN
fsr-3280	25	14	turnover	turnover	NOUN
fsr-3280	25	15	,	,	PUNCT
fsr-3280	25	16	an	an	DET
fsr-3280	25	17	individual	individual	NOUN
fsr-3280	25	18	must	must	AUX
fsr-3280	25	19	make	make	VERB
fsr-3280	25	20	a	a	DET
fsr-3280	25	21	decision	decision	NOUN
fsr-3280	25	22	on	on	ADP
fsr-3280	25	23	where	where	SCONJ
fsr-3280	25	24	to	to	PART
fsr-3280	25	25	hold	hold	VERB
fsr-3280	25	26	the	the	DET
fsr-3280	25	27	proceeds	proceed	NOUN
fsr-3280	25	28	until	until	ADP
fsr-3280	25	29	tax	tax	NOUN
fsr-3280	25	30	filing	filing	NOUN
fsr-3280	25	31	.	.	PUNCT
fsr-3280	26	1	it	it	PRON
fsr-3280	26	2	is	be	AUX
fsr-3280	26	3	likely	likely	ADJ
fsr-3280	26	4	that	that	SCONJ
fsr-3280	26	5	the	the	DET
fsr-3280	26	6	choice	choice	NOUN
fsr-3280	26	7	of	of	ADP
fsr-3280	26	8	holding	hold	VERB
fsr-3280	26	9	account	account	NOUN
fsr-3280	26	10	varies	vary	VERB
fsr-3280	26	11	according	accord	VERB
fsr-3280	26	12	to	to	ADP
fsr-3280	26	13	individual	individual	ADJ
fsr-3280	26	14	risk	risk	NOUN
fsr-3280	26	15	preferences	preference	NOUN
fsr-3280	26	16	,	,	PUNCT
fsr-3280	26	17	investment	investment	NOUN
fsr-3280	26	18	horizon	horizon	NOUN
fsr-3280	26	19	,	,	PUNCT
fsr-3280	26	20	financial	financial	ADJ
fsr-3280	26	21	sophistication	sophistication	NOUN
fsr-3280	26	22	,	,	PUNCT
fsr-3280	26	23	wealth	wealth	NOUN
fsr-3280	26	24	,	,	PUNCT
fsr-3280	26	25	income	income	NOUN
fsr-3280	26	26	,	,	PUNCT
fsr-3280	26	27	and	and	CCONJ
fsr-3280	26	28	relative	relative	ADJ
fsr-3280	26	29	magnitude	magnitude	NOUN
fsr-3280	26	30	of	of	ADP
fsr-3280	26	31	potential	potential	ADJ
fsr-3280	26	32	tax	tax	NOUN
fsr-3280	26	33	liability	liability	NOUN
fsr-3280	26	34	.	.	PUNCT
fsr-3280	27	1	furthermore	furthermore	ADV
fsr-3280	27	2	,	,	PUNCT
fsr-3280	27	3	the	the	DET
fsr-3280	27	4	behavioral	behavioral	ADJ
fsr-3280	27	5	biases	bias	NOUN
fsr-3280	27	6	present	present	ADJ
fsr-3280	27	7	will	will	AUX
fsr-3280	27	8	also	also	ADV
fsr-3280	27	9	vary	vary	VERB
fsr-3280	27	10	by	by	ADP
fsr-3280	27	11	individual	individual	NOUN
fsr-3280	27	12	as	as	ADV
fsr-3280	27	13	well	well	ADV
fsr-3280	27	14	as	as	ADP
fsr-3280	27	15	magnitude	magnitude	NOUN
fsr-3280	27	16	,	,	PUNCT
fsr-3280	27	17	but	but	CCONJ
fsr-3280	27	18	the	the	DET
fsr-3280	27	19	extant	extant	ADJ
fsr-3280	27	20	literature	literature	NOUN
fsr-3280	27	21	suggests	suggest	VERB
fsr-3280	27	22	we	we	PRON
fsr-3280	27	23	may	may	AUX
fsr-3280	27	24	be	be	AUX
fsr-3280	27	25	able	able	ADJ
fsr-3280	27	26	to	to	PART
fsr-3280	27	27	detect	detect	VERB
fsr-3280	27	28	evidence	evidence	NOUN
fsr-3280	27	29	of	of	ADP
fsr-3280	27	30	this	this	DET
fsr-3280	27	31	behavior	behavior	NOUN
fsr-3280	27	32	in	in	ADP
fsr-3280	27	33	assets	asset	NOUN
fsr-3280	27	34	with	with	ADP
fsr-3280	27	35	specific	specific	ADJ
fsr-3280	27	36	characteristics	characteristic	NOUN
fsr-3280	27	37	.	.	PUNCT
fsr-3280	28	1	this	this	DET
fsr-3280	28	2	article	article	NOUN
fsr-3280	28	3	holistically	holistically	ADV
fsr-3280	28	4	examines	examine	VERB
fsr-3280	28	5	behavioral	behavioral	ADJ
fsr-3280	28	6	biases	bias	NOUN
fsr-3280	28	7	as	as	SCONJ
fsr-3280	28	8	they	they	PRON
fsr-3280	28	9	pertain	pertain	VERB
fsr-3280	28	10	to	to	ADP
fsr-3280	28	11	asset	asset	NOUN
fsr-3280	28	12	selection	selection	NOUN
fsr-3280	28	13	and	and	CCONJ
fsr-3280	28	14	explores	explore	VERB
fsr-3280	28	15	the	the	DET
fsr-3280	28	16	potential	potential	ADJ
fsr-3280	28	17	effects	effect	NOUN
fsr-3280	28	18	these	these	DET
fsr-3280	28	19	biases	bias	NOUN
fsr-3280	28	20	may	may	AUX
fsr-3280	28	21	have	have	VERB
fsr-3280	28	22	on	on	ADP
fsr-3280	28	23	security	security	NOUN
fsr-3280	28	24	returns	return	NOUN
fsr-3280	28	25	.	.	PUNCT
fsr-3280	29	1	the	the	DET
fsr-3280	29	2	tax	tax	NOUN
fsr-3280	29	3	liquidation	liquidation	NOUN
fsr-3280	29	4	hypothesis	hypothesis	NOUN
fsr-3280	29	5	proposes	propose	VERB
fsr-3280	29	6	that	that	SCONJ
fsr-3280	29	7	the	the	DET
fsr-3280	29	8	behavioral	behavioral	ADJ
fsr-3280	29	9	heuristics	heuristic	NOUN
fsr-3280	29	10	that	that	PRON
fsr-3280	29	11	have	have	AUX
fsr-3280	29	12	been	be	AUX
fsr-3280	29	13	shown	show	VERB
fsr-3280	29	14	to	to	PART
fsr-3280	29	15	exist	exist	VERB
fsr-3280	29	16	will	will	AUX
fsr-3280	29	17	lead	lead	VERB
fsr-3280	29	18	to	to	ADP
fsr-3280	29	19	a	a	DET
fsr-3280	29	20	consistently	consistently	ADV
fsr-3280	29	21	identifiable	identifiable	ADJ
fsr-3280	29	22	pattern	pattern	NOUN
fsr-3280	29	23	in	in	ADP
fsr-3280	29	24	certain	certain	ADJ
fsr-3280	29	25	asset	asset	NOUN
fsr-3280	29	26	classes	class	NOUN
fsr-3280	29	27	.	.	PUNCT
fsr-3280	30	1	confirmation	confirmation	NOUN
fsr-3280	30	2	of	of	ADP
fsr-3280	30	3	this	this	DET
fsr-3280	30	4	hypothesis	hypothesis	NOUN
fsr-3280	30	5	will	will	AUX
fsr-3280	30	6	require	require	VERB
fsr-3280	30	7	identification	identification	NOUN
fsr-3280	30	8	of	of	ADP
fsr-3280	30	9	likely	likely	ADJ
fsr-3280	30	10	holding	hold	VERB
fsr-3280	30	11	accounts	account	NOUN
fsr-3280	30	12	as	as	ADV
fsr-3280	30	13	well	well	ADV
fsr-3280	30	14	as	as	ADP
fsr-3280	30	15	a	a	DET
fsr-3280	30	16	statistically	statistically	ADV
fsr-3280	30	17	significant	significant	ADJ
fsr-3280	30	18	relationship	relationship	NOUN
fsr-3280	30	19	between	between	ADP
fsr-3280	30	20	return	return	NOUN
fsr-3280	30	21	and	and	CCONJ
fsr-3280	30	22	volume	volume	NOUN
fsr-3280	30	23	characteristics	characteristic	NOUN
fsr-3280	30	24	and	and	CCONJ
fsr-3280	30	25	the	the	DET
fsr-3280	30	26	deterministic	deterministic	ADJ
fsr-3280	30	27	variables	variable	NOUN
fsr-3280	30	28	.	.	PUNCT
fsr-3280	31	1	the	the	DET
fsr-3280	31	2	intent	intent	NOUN
fsr-3280	31	3	of	of	ADP
fsr-3280	31	4	this	this	DET
fsr-3280	31	5	research	research	NOUN
fsr-3280	31	6	is	be	AUX
fsr-3280	31	7	to	to	PART
fsr-3280	31	8	link	link	VERB
fsr-3280	31	9	the	the	DET
fsr-3280	31	10	rules	rule	NOUN
fsr-3280	31	11	governing	govern	VERB
fsr-3280	31	12	u.s	u.s	PROPN
fsr-3280	31	13	.	.	PROPN
fsr-3280	31	14	tax	tax	NOUN
fsr-3280	31	15	filing	filing	NOUN
fsr-3280	31	16	,	,	PUNCT
fsr-3280	31	17	and	and	CCONJ
fsr-3280	31	18	optimal	optimal	ADJ
fsr-3280	31	19	tax	tax	NOUN
fsr-3280	31	20	trading	trading	NOUN
fsr-3280	31	21	with	with	ADP
fsr-3280	31	22	the	the	DET
fsr-3280	31	23	behavioral	behavioral	ADJ
fsr-3280	31	24	characteristics	characteristic	NOUN
fsr-3280	31	25	that	that	PRON
fsr-3280	31	26	influence	influence	VERB
fsr-3280	31	27	the	the	DET
fsr-3280	31	28	individual	individual	ADJ
fsr-3280	31	29	selection	selection	NOUN
fsr-3280	31	30	of	of	ADP
fsr-3280	31	31	“	"	PUNCT
fsr-3280	31	32	tax	tax	NOUN
fsr-3280	31	33	holding	holding	NOUN
fsr-3280	31	34	accounts	account	NOUN
fsr-3280	31	35	.	.	PUNCT
fsr-3280	31	36	”	"	PUNCT
fsr-3280	32	1	section	section	NOUN
fsr-3280	32	2	1	1	NUM
fsr-3280	32	3	identifies	identify	VERB
fsr-3280	32	4	the	the	DET
fsr-3280	32	5	rules	rule	NOUN
fsr-3280	32	6	governing	govern	VERB
fsr-3280	32	7	tax	tax	NOUN
fsr-3280	32	8	filing	filing	NOUN
fsr-3280	32	9	.	.	PUNCT
fsr-3280	33	1	section	section	NOUN
fsr-3280	33	2	2	2	NUM
fsr-3280	33	3	reviews	review	VERB
fsr-3280	33	4	the	the	DET
fsr-3280	33	5	theoretical	theoretical	ADJ
fsr-3280	33	6	optimal	optimal	ADJ
fsr-3280	33	7	tax	tax	NOUN
fsr-3280	33	8	minimization	minimization	NOUN
fsr-3280	33	9	strategy	strategy	NOUN
fsr-3280	33	10	.	.	PUNCT
fsr-3280	34	1	section	section	NOUN
fsr-3280	34	2	3	3	NUM
fsr-3280	34	3	briefly	briefly	NOUN
fsr-3280	34	4	explains	explain	VERB
fsr-3280	34	5	optimal	optimal	ADJ
fsr-3280	34	6	tax	tax	NOUN
fsr-3280	34	7	trading	trading	NOUN
fsr-3280	34	8	.	.	PUNCT
fsr-3280	35	1	section	section	NOUN
fsr-3280	35	2	4	4	NUM
fsr-3280	35	3	proposes	propose	VERB
fsr-3280	35	4	the	the	DET
fsr-3280	35	5	behavioral	behavioral	ADJ
fsr-3280	35	6	biases	bias	NOUN
fsr-3280	35	7	that	that	PRON
fsr-3280	35	8	cause	cause	VERB
fsr-3280	35	9	investors	investor	NOUN
fsr-3280	35	10	to	to	PART
fsr-3280	35	11	deviate	deviate	VERB
fsr-3280	35	12	away	away	ADV
fsr-3280	35	13	from	from	ADP
fsr-3280	35	14	optimal	optimal	ADJ
fsr-3280	35	15	tax	tax	NOUN
fsr-3280	35	16	trading	trading	NOUN
fsr-3280	35	17	as	as	ADV
fsr-3280	35	18	well	well	ADV
fsr-3280	35	19	as	as	ADP
fsr-3280	35	20	the	the	DET
fsr-3280	35	21	heuristics	heuristic	NOUN
fsr-3280	35	22	that	that	PRON
fsr-3280	35	23	influence	influence	VERB
fsr-3280	35	24	cash	cash	NOUN
fsr-3280	35	25	account	account	NOUN
fsr-3280	35	26	selection	selection	NOUN
fsr-3280	35	27	and	and	CCONJ
fsr-3280	35	28	liquidation	liquidation	NOUN
fsr-3280	35	29	.	.	PUNCT
fsr-3280	36	1	section	section	NOUN
fsr-3280	36	2	5	5	NUM
fsr-3280	36	3	presents	present	VERB
fsr-3280	36	4	the	the	DET
fsr-3280	36	5	hypotheses	hypothesis	NOUN
fsr-3280	36	6	,	,	PUNCT
fsr-3280	36	7	summarizes	summarize	VERB
fsr-3280	36	8	the	the	DET
fsr-3280	36	9	data	datum	NOUN
fsr-3280	36	10	and	and	CCONJ
fsr-3280	36	11	methodology	methodology	NOUN
fsr-3280	36	12	,	,	PUNCT
fsr-3280	36	13	identifies	identify	VERB
fsr-3280	36	14	real	real	ADJ
fsr-3280	36	15	asset	asset	NOUN
fsr-3280	36	16	classes	class	NOUN
fsr-3280	36	17	that	that	PRON
fsr-3280	36	18	closely	closely	ADV
fsr-3280	36	19	fit	fit	VERB
fsr-3280	36	20	the	the	DET
fsr-3280	36	21	desired	desire	VERB
fsr-3280	36	22	characteristics	characteristic	NOUN
fsr-3280	36	23	and	and	CCONJ
fsr-3280	36	24	a	a	DET
fsr-3280	36	25	brief	brief	ADJ
fsr-3280	36	26	empirical	empirical	ADJ
fsr-3280	36	27	examination	examination	NOUN
fsr-3280	36	28	.	.	PUNCT
fsr-3280	37	1	section	section	NOUN
fsr-3280	37	2	6	6	NUM
fsr-3280	37	3	concludes	conclude	VERB
fsr-3280	37	4	.	.	PUNCT
fsr-3280	38	1	2	2	X
fsr-3280	38	2	.	.	X
fsr-3280	38	3	tax	tax	NOUN
fsr-3280	38	4	timing	timing	NOUN
fsr-3280	38	5	the	the	DET
fsr-3280	38	6	u.s	u.s	PROPN
fsr-3280	38	7	.	.	PROPN
fsr-3280	38	8	tax	tax	NOUN
fsr-3280	38	9	codes	code	NOUN
fsr-3280	38	10	governing	govern	VERB
fsr-3280	38	11	capital	capital	NOUN
fsr-3280	38	12	gains	gain	NOUN
fsr-3280	38	13	and	and	CCONJ
fsr-3280	38	14	losses	loss	NOUN
fsr-3280	38	15	provide	provide	VERB
fsr-3280	38	16	value	value	NOUN
fsr-3280	38	17	to	to	ADP
fsr-3280	38	18	an	an	DET
fsr-3280	38	19	investor	investor	NOUN
fsr-3280	38	20	who	who	PRON
fsr-3280	38	21	is	be	AUX
fsr-3280	38	22	tax	tax	NOUN
fsr-3280	38	23	savvy	savvy	ADJ
fsr-3280	38	24	and	and	CCONJ
fsr-3280	38	25	engages	engage	VERB
fsr-3280	38	26	in	in	ADP
fsr-3280	38	27	optimal	optimal	ADJ
fsr-3280	38	28	tax	tax	NOUN
fsr-3280	38	29	timing	timing	NOUN
fsr-3280	38	30	as	as	SCONJ
fsr-3280	38	31	described	describe	VERB
fsr-3280	38	32	by	by	ADP
fsr-3280	38	33	constantinides	constantinide	NOUN
fsr-3280	38	34	(	(	PUNCT
fsr-3280	38	35	1983	1983	NUM
fsr-3280	38	36	,	,	PUNCT
fsr-3280	38	37	1984	1984	NUM
fsr-3280	38	38	)	)	PUNCT
fsr-3280	38	39	.	.	PUNCT
fsr-3280	39	1	these	these	DET
fsr-3280	39	2	rules	rule	NOUN
fsr-3280	39	3	are	be	AUX
fsr-3280	39	4	summarized	summarize	VERB
fsr-3280	39	5	by	by	ADP
fsr-3280	39	6	brickley	brickley	ADJ
fsr-3280	39	7	,	,	PUNCT
fsr-3280	39	8	manaster	manaster	NOUN
fsr-3280	39	9	,	,	PUNCT
fsr-3280	39	10	and	and	CCONJ
fsr-3280	39	11	schallheim	schallheim	NOUN
fsr-3280	39	12	(	(	PUNCT
fsr-3280	39	13	1991	1991	NUM
fsr-3280	39	14	)	)	PUNCT
fsr-3280	39	15	as	as	SCONJ
fsr-3280	39	16	follows	follow	VERB
fsr-3280	39	17	:	:	PUNCT
fsr-3280	39	18	280	280	NUM
fsr-3280	39	19	m.	m.	NOUN
fsr-3280	39	20	hurst	hurst	PROPN
fsr-3280	39	21	,	,	PUNCT
fsr-3280	39	22	m.	m.	PROPN
fsr-3280	39	23	mendoza	mendoza	PROPN
fsr-3280	39	24	/	/	SYM
fsr-3280	39	25	financial	financial	ADJ
fsr-3280	39	26	services	service	NOUN
fsr-3280	39	27	review	review	VERB
fsr-3280	39	28	25	25	NUM
fsr-3280	39	29	(	(	PUNCT
fsr-3280	39	30	2016	2016	NUM
fsr-3280	39	31	)	)	PUNCT
fsr-3280	40	1	279–301	279–301	NUM
fsr-3280	40	2	1	1	NUM
fsr-3280	40	3	.	.	PUNCT
fsr-3280	40	4	capital	capital	NOUN
fsr-3280	40	5	gains	gain	NOUN
fsr-3280	40	6	and	and	CCONJ
fsr-3280	40	7	losses	loss	NOUN
fsr-3280	40	8	are	be	AUX
fsr-3280	40	9	recognized	recognize	VERB
fsr-3280	40	10	for	for	ADP
fsr-3280	40	11	tax	tax	NOUN
fsr-3280	40	12	purposes	purpose	NOUN
fsr-3280	40	13	when	when	SCONJ
fsr-3280	40	14	they	they	PRON
fsr-3280	40	15	are	be	AUX
fsr-3280	40	16	realized	realize	VERB
fsr-3280	40	17	,	,	PUNCT
fsr-3280	40	18	not	not	PART
fsr-3280	40	19	as	as	SCONJ
fsr-3280	40	20	they	they	PRON
fsr-3280	40	21	occur	occur	VERB
fsr-3280	40	22	.	.	PUNCT
fsr-3280	41	1	2	2	X
fsr-3280	41	2	.	.	X
fsr-3280	41	3	the	the	DET
fsr-3280	41	4	tax	tax	NOUN
fsr-3280	41	5	rate	rate	NOUN
fsr-3280	41	6	is	be	AUX
fsr-3280	41	7	higher	high	ADJ
fsr-3280	41	8	for	for	ADP
fsr-3280	41	9	short	short	ADJ
fsr-3280	41	10	-	-	PUNCT
fsr-3280	41	11	term	term	NOUN
fsr-3280	41	12	capital	capital	NOUN
fsr-3280	41	13	gains	gain	NOUN
fsr-3280	41	14	and	and	CCONJ
fsr-3280	41	15	losses	loss	NOUN
fsr-3280	41	16	than	than	ADP
fsr-3280	41	17	for	for	ADP
fsr-3280	41	18	long	long	ADJ
fsr-3280	41	19	-	-	PUNCT
fsr-3280	41	20	term	term	NOUN
fsr-3280	41	21	capital	capital	NOUN
fsr-3280	41	22	gains	gain	NOUN
fsr-3280	41	23	.	.	PUNCT
fsr-3280	42	1	3	3	X
fsr-3280	42	2	.	.	X
fsr-3280	42	3	(	(	PUNCT
fsr-3280	42	4	offset	offset	NOUN
fsr-3280	42	5	rule	rule	NOUN
fsr-3280	42	6	)	)	PUNCT
fsr-3280	42	7	if	if	SCONJ
fsr-3280	42	8	there	there	PRON
fsr-3280	42	9	are	be	VERB
fsr-3280	42	10	net	net	ADJ
fsr-3280	42	11	short	short	ADJ
fsr-3280	42	12	-	-	PUNCT
fsr-3280	42	13	term	term	NOUN
fsr-3280	42	14	losses	loss	NOUN
fsr-3280	42	15	,	,	PUNCT
fsr-3280	42	16	they	they	PRON
fsr-3280	42	17	must	must	AUX
fsr-3280	42	18	be	be	AUX
fsr-3280	42	19	used	use	VERB
fsr-3280	42	20	to	to	PART
fsr-3280	42	21	offset	offset	VERB
fsr-3280	42	22	net	net	ADJ
fsr-3280	42	23	long	long	ADJ
fsr-3280	42	24	-	-	PUNCT
fsr-3280	42	25	term	term	NOUN
fsr-3280	42	26	gains	gain	NOUN
fsr-3280	42	27	before	before	SCONJ
fsr-3280	42	28	any	any	DET
fsr-3280	42	29	tax	tax	NOUN
fsr-3280	42	30	rate	rate	NOUN
fsr-3280	42	31	is	be	AUX
fsr-3280	42	32	applied	apply	VERB
fsr-3280	42	33	.	.	PUNCT
fsr-3280	43	1	such	such	ADJ
fsr-3280	43	2	offsets	offset	NOUN
fsr-3280	43	3	reduce	reduce	VERB
fsr-3280	43	4	the	the	DET
fsr-3280	43	5	tax	tax	NOUN
fsr-3280	43	6	advantage	advantage	NOUN
fsr-3280	43	7	associated	associate	VERB
fsr-3280	43	8	with	with	ADP
fsr-3280	43	9	short	short	ADJ
fsr-3280	43	10	-	-	PUNCT
fsr-3280	43	11	term	term	NOUN
fsr-3280	43	12	losses	loss	NOUN
fsr-3280	43	13	that	that	PRON
fsr-3280	43	14	otherwise	otherwise	ADV
fsr-3280	43	15	could	could	AUX
fsr-3280	43	16	be	be	AUX
fsr-3280	43	17	deducted	deduct	VERB
fsr-3280	43	18	directly	directly	ADV
fsr-3280	43	19	from	from	ADP
fsr-3280	43	20	taxable	taxable	ADJ
fsr-3280	43	21	income	income	NOUN
fsr-3280	43	22	.	.	PUNCT
fsr-3280	44	1	4	4	X
fsr-3280	44	2	.	.	X
fsr-3280	44	3	(	(	PUNCT
fsr-3280	44	4	wash	wash	VERB
fsr-3280	44	5	sale	sale	NOUN
fsr-3280	44	6	rule	rule	NOUN
fsr-3280	44	7	)	)	PUNCT
fsr-3280	44	8	losses	loss	NOUN
fsr-3280	44	9	for	for	ADP
fsr-3280	44	10	tax	tax	NOUN
fsr-3280	44	11	purposes	purpose	NOUN
fsr-3280	44	12	are	be	AUX
fsr-3280	44	13	not	not	PART
fsr-3280	44	14	allowed	allow	VERB
fsr-3280	44	15	if	if	SCONJ
fsr-3280	44	16	an	an	DET
fsr-3280	44	17	asset	asset	NOUN
fsr-3280	44	18	is	be	AUX
fsr-3280	44	19	sold	sell	VERB
fsr-3280	44	20	for	for	ADP
fsr-3280	44	21	a	a	DET
fsr-3280	44	22	loss	loss	NOUN
fsr-3280	44	23	and	and	CCONJ
fsr-3280	44	24	repurchased	repurchase	VERB
fsr-3280	44	25	within	within	ADP
fsr-3280	44	26	30	30	NUM
fsr-3280	44	27	days	day	NOUN
fsr-3280	44	28	.	.	PUNCT
fsr-3280	45	1	5	5	X
fsr-3280	45	2	.	.	X
fsr-3280	45	3	(	(	PUNCT
fsr-3280	45	4	$	$	SYM
fsr-3280	45	5	3,000	3,000	NUM
fsr-3280	45	6	limit	limit	NOUN
fsr-3280	45	7	rule	rule	NOUN
fsr-3280	45	8	)	)	PUNCT
fsr-3280	45	9	capital	capital	NOUN
fsr-3280	45	10	losses	loss	NOUN
fsr-3280	45	11	can	can	AUX
fsr-3280	45	12	be	be	AUX
fsr-3280	45	13	used	use	VERB
fsr-3280	45	14	to	to	PART
fsr-3280	45	15	deduct	deduct	VERB
fsr-3280	45	16	a	a	DET
fsr-3280	45	17	maximum	maximum	NOUN
fsr-3280	45	18	of	of	ADP
fsr-3280	45	19	$	$	SYM
fsr-3280	45	20	3,000	3,000	NUM
fsr-3280	45	21	taxable	taxable	ADJ
fsr-3280	45	22	income	income	NOUN
fsr-3280	45	23	in	in	ADP
fsr-3280	45	24	any	any	DET
fsr-3280	45	25	year	year	NOUN
fsr-3280	45	26	.	.	PUNCT
fsr-3280	46	1	losses	loss	NOUN
fsr-3280	46	2	greater	great	ADJ
fsr-3280	46	3	than	than	ADP
fsr-3280	46	4	$	$	SYM
fsr-3280	46	5	3,000	3,000	NUM
fsr-3280	46	6	can	can	AUX
fsr-3280	46	7	be	be	AUX
fsr-3280	46	8	carried	carry	VERB
fsr-3280	46	9	forward	forward	ADV
fsr-3280	46	10	indefinitely	indefinitely	ADV
fsr-3280	46	11	.	.	PUNCT
fsr-3280	47	1	6	6	X
fsr-3280	47	2	.	.	X
fsr-3280	47	3	(	(	PUNCT
fsr-3280	47	4	safe	safe	ADJ
fsr-3280	47	5	harbor	harbor	NOUN
fsr-3280	47	6	rule	rule	NOUN
fsr-3280	47	7	)	)	PUNCT
fsr-3280	47	8	to	to	PART
fsr-3280	47	9	avoid	avoid	VERB
fsr-3280	47	10	penalty	penalty	NOUN
fsr-3280	47	11	a	a	DET
fsr-3280	47	12	taxpayer	taxpayer	NOUN
fsr-3280	47	13	must	must	AUX
fsr-3280	47	14	make	make	VERB
fsr-3280	47	15	minimum	minimum	ADJ
fsr-3280	47	16	estimated	estimate	VERB
fsr-3280	47	17	tax	tax	NOUN
fsr-3280	47	18	payments	payment	NOUN
fsr-3280	47	19	equal	equal	ADJ
fsr-3280	47	20	to	to	ADP
fsr-3280	47	21	either	either	PRON
fsr-3280	47	22	100	100	NUM
fsr-3280	47	23	%	%	NOUN
fsr-3280	47	24	(	(	PUNCT
fsr-3280	47	25	110	110	NUM
fsr-3280	47	26	%	%	NOUN
fsr-3280	47	27	for	for	ADP
fsr-3280	47	28	high	high	ADJ
fsr-3280	47	29	income	income	NOUN
fsr-3280	47	30	individuals	individual	NOUN
fsr-3280	47	31	)	)	PUNCT
fsr-3280	47	32	of	of	ADP
fsr-3280	47	33	the	the	DET
fsr-3280	47	34	previous	previous	ADJ
fsr-3280	47	35	year	year	NOUN
fsr-3280	47	36	’s	’s	PART
fsr-3280	47	37	tax	tax	NOUN
fsr-3280	47	38	liability	liability	NOUN
fsr-3280	47	39	,	,	PUNCT
fsr-3280	47	40	or	or	CCONJ
fsr-3280	47	41	90	90	NUM
fsr-3280	47	42	%	%	NOUN
fsr-3280	47	43	of	of	ADP
fsr-3280	47	44	the	the	DET
fsr-3280	47	45	current	current	ADJ
fsr-3280	47	46	year	year	NOUN
fsr-3280	47	47	’s	’s	PART
fsr-3280	47	48	tax	tax	NOUN
fsr-3280	47	49	liability.1	liability.1	PROPN
fsr-3280	47	50	from	from	ADP
fsr-3280	47	51	(	(	PUNCT
fsr-3280	47	52	2	2	NUM
fsr-3280	47	53	)	)	PUNCT
fsr-3280	47	54	and	and	CCONJ
fsr-3280	47	55	(	(	PUNCT
fsr-3280	47	56	3	3	X
fsr-3280	47	57	)	)	PUNCT
fsr-3280	47	58	it	it	PRON
fsr-3280	47	59	is	be	AUX
fsr-3280	47	60	clear	clear	ADJ
fsr-3280	47	61	that	that	SCONJ
fsr-3280	47	62	it	it	PRON
fsr-3280	47	63	is	be	AUX
fsr-3280	47	64	optimal	optimal	ADJ
fsr-3280	47	65	to	to	PART
fsr-3280	47	66	realize	realize	VERB
fsr-3280	47	67	losses	loss	NOUN
fsr-3280	47	68	in	in	ADP
fsr-3280	47	69	the	the	DET
fsr-3280	47	70	short	short	ADJ
fsr-3280	47	71	run	run	NOUN
fsr-3280	47	72	which	which	PRON
fsr-3280	47	73	are	be	AUX
fsr-3280	47	74	subject	subject	ADJ
fsr-3280	47	75	to	to	ADP
fsr-3280	47	76	the	the	DET
fsr-3280	47	77	higher	high	ADJ
fsr-3280	47	78	rates	rate	NOUN
fsr-3280	47	79	;	;	PUNCT
fsr-3280	47	80	from	from	ADP
fsr-3280	47	81	(	(	PUNCT
fsr-3280	47	82	6	6	NUM
fsr-3280	47	83	)	)	PUNCT
fsr-3280	47	84	it	it	PRON
fsr-3280	47	85	should	should	AUX
fsr-3280	47	86	be	be	AUX
fsr-3280	47	87	clear	clear	ADJ
fsr-3280	47	88	that	that	SCONJ
fsr-3280	47	89	it	it	PRON
fsr-3280	47	90	is	be	AUX
fsr-3280	47	91	optimal	optimal	ADJ
fsr-3280	47	92	to	to	PART
fsr-3280	47	93	prepay	prepay	VERB
fsr-3280	47	94	100%2	100%2	NUM
fsr-3280	47	95	in	in	ADP
fsr-3280	47	96	years	year	NOUN
fsr-3280	47	97	with	with	ADP
fsr-3280	47	98	unanticipated	unanticipated	ADJ
fsr-3280	47	99	liability	liability	NOUN
fsr-3280	47	100	and	and	CCONJ
fsr-3280	47	101	90	90	NUM
fsr-3280	47	102	%	%	NOUN
fsr-3280	47	103	otherwise	otherwise	ADV
fsr-3280	47	104	.	.	PUNCT
fsr-3280	48	1	in	in	ADP
fsr-3280	48	2	years	year	NOUN
fsr-3280	48	3	when	when	SCONJ
fsr-3280	48	4	there	there	PRON
fsr-3280	48	5	are	be	VERB
fsr-3280	48	6	large	large	ADJ
fsr-3280	48	7	uncovered	uncover	VERB
fsr-3280	48	8	capital	capital	NOUN
fsr-3280	48	9	gains	gain	NOUN
fsr-3280	48	10	(	(	PUNCT
fsr-3280	48	11	gains	gain	NOUN
fsr-3280	48	12	not	not	PART
fsr-3280	48	13	covered	cover	VERB
fsr-3280	48	14	by	by	ADP
fsr-3280	48	15	losses	loss	NOUN
fsr-3280	48	16	)	)	PUNCT
fsr-3280	48	17	the	the	DET
fsr-3280	48	18	remainder	remainder	NOUN
fsr-3280	48	19	of	of	ADP
fsr-3280	48	20	the	the	DET
fsr-3280	48	21	tax	tax	NOUN
fsr-3280	48	22	liability	liability	NOUN
fsr-3280	48	23	comes	come	VERB
fsr-3280	48	24	due	due	ADJ
fsr-3280	48	25	in	in	ADP
fsr-3280	48	26	april	april	PROPN
fsr-3280	48	27	.	.	PUNCT
fsr-3280	49	1	net	net	ADJ
fsr-3280	49	2	short	short	ADJ
fsr-3280	49	3	term	term	NOUN
fsr-3280	49	4	capital	capital	NOUN
fsr-3280	49	5	losses	loss	NOUN
fsr-3280	49	6	offset	offset	VERB
fsr-3280	49	7	long	long	ADJ
fsr-3280	49	8	term	term	NOUN
fsr-3280	49	9	capital	capital	NOUN
fsr-3280	49	10	gains	gain	NOUN
fsr-3280	49	11	on	on	ADP
fsr-3280	49	12	a	a	DET
fsr-3280	49	13	dollar	dollar	NOUN
fsr-3280	49	14	for	for	ADP
fsr-3280	49	15	dollar	dollar	NOUN
fsr-3280	49	16	basis	basis	NOUN
fsr-3280	49	17	.	.	PUNCT
fsr-3280	50	1	therefore	therefore	ADV
fsr-3280	50	2	,	,	PUNCT
fsr-3280	50	3	an	an	DET
fsr-3280	50	4	increase	increase	NOUN
fsr-3280	50	5	in	in	ADP
fsr-3280	50	6	the	the	DET
fsr-3280	50	7	capital	capital	NOUN
fsr-3280	50	8	gains	gain	NOUN
fsr-3280	50	9	tax	tax	NOUN
fsr-3280	50	10	rate	rate	NOUN
fsr-3280	50	11	increases	increase	VERB
fsr-3280	50	12	the	the	DET
fsr-3280	50	13	amount	amount	NOUN
fsr-3280	50	14	of	of	ADP
fsr-3280	50	15	taxes	taxis	NOUN
fsr-3280	50	16	that	that	PRON
fsr-3280	50	17	capital	capital	NOUN
fsr-3280	50	18	losses	loss	NOUN
fsr-3280	50	19	can	can	AUX
fsr-3280	50	20	offset	offset	VERB
fsr-3280	50	21	(	(	PUNCT
fsr-3280	50	22	constantinides	constantinide	NOUN
fsr-3280	50	23	and	and	CCONJ
fsr-3280	50	24	scholes	schole	NOUN
fsr-3280	50	25	,	,	PUNCT
fsr-3280	50	26	1980	1980	NUM
fsr-3280	50	27	)	)	PUNCT
fsr-3280	50	28	.	.	PUNCT
fsr-3280	51	1	capital	capital	NOUN
fsr-3280	51	2	gains	gain	NOUN
fsr-3280	51	3	tax	tax	NOUN
fsr-3280	51	4	rates	rate	NOUN
fsr-3280	51	5	also	also	ADV
fsr-3280	51	6	determine	determine	VERB
fsr-3280	51	7	the	the	DET
fsr-3280	51	8	amount	amount	NOUN
fsr-3280	51	9	of	of	ADP
fsr-3280	51	10	money	money	NOUN
fsr-3280	51	11	to	to	PART
fsr-3280	51	12	be	be	AUX
fsr-3280	51	13	set	set	VERB
fsr-3280	51	14	aside	aside	ADV
fsr-3280	51	15	in	in	ADP
fsr-3280	51	16	a	a	DET
fsr-3280	51	17	holding	hold	VERB
fsr-3280	51	18	account	account	NOUN
fsr-3280	51	19	for	for	ADP
fsr-3280	51	20	the	the	DET
fsr-3280	51	21	purposes	purpose	NOUN
fsr-3280	51	22	of	of	ADP
fsr-3280	51	23	paying	pay	VERB
fsr-3280	51	24	the	the	DET
fsr-3280	51	25	aforementioned	aforementioned	ADJ
fsr-3280	51	26	liability	liability	NOUN
fsr-3280	51	27	.	.	PUNCT
fsr-3280	52	1	it	it	PRON
fsr-3280	52	2	is	be	AUX
fsr-3280	52	3	also	also	ADV
fsr-3280	52	4	worth	worth	ADJ
fsr-3280	52	5	noting	note	VERB
fsr-3280	52	6	that	that	SCONJ
fsr-3280	52	7	high	high	ADJ
fsr-3280	52	8	net	net	NOUN
fsr-3280	52	9	worth	worth	ADJ
fsr-3280	52	10	individuals	individual	NOUN
fsr-3280	52	11	must	must	AUX
fsr-3280	52	12	make	make	VERB
fsr-3280	52	13	estimated	estimate	VERB
fsr-3280	52	14	tax	tax	NOUN
fsr-3280	52	15	payments	payment	NOUN
fsr-3280	52	16	on	on	ADP
fsr-3280	52	17	a	a	DET
fsr-3280	52	18	quarterly	quarterly	ADJ
fsr-3280	52	19	(	(	PUNCT
fsr-3280	52	20	monthly	monthly	ADJ
fsr-3280	52	21	)	)	PUNCT
fsr-3280	52	22	basis	basis	NOUN
fsr-3280	52	23	in	in	ADP
fsr-3280	52	24	accordance	accordance	NOUN
fsr-3280	52	25	with	with	ADP
fsr-3280	52	26	the	the	DET
fsr-3280	52	27	rules	rule	NOUN
fsr-3280	52	28	for	for	ADP
fsr-3280	52	29	safe	safe	ADJ
fsr-3280	52	30	harbor	harbor	NOUN
fsr-3280	52	31	.	.	PUNCT
fsr-3280	53	1	a	a	DET
fsr-3280	53	2	rational	rational	ADJ
fsr-3280	53	3	investor	investor	NOUN
fsr-3280	53	4	expecting	expect	VERB
fsr-3280	53	5	to	to	PART
fsr-3280	53	6	have	have	VERB
fsr-3280	53	7	gains	gain	NOUN
fsr-3280	53	8	in	in	ADP
fsr-3280	53	9	the	the	DET
fsr-3280	53	10	current	current	ADJ
fsr-3280	53	11	year	year	NOUN
fsr-3280	53	12	that	that	PRON
fsr-3280	53	13	are	be	AUX
fsr-3280	53	14	larger	large	ADJ
fsr-3280	53	15	than	than	ADP
fsr-3280	53	16	the	the	DET
fsr-3280	53	17	previous	previous	ADJ
fsr-3280	53	18	year	year	NOUN
fsr-3280	53	19	’s	’s	PART
fsr-3280	53	20	gains	gain	NOUN
fsr-3280	53	21	will	will	AUX
fsr-3280	53	22	opt	opt	VERB
fsr-3280	53	23	to	to	PART
fsr-3280	53	24	pay	pay	VERB
fsr-3280	53	25	quarterly	quarterly	ADJ
fsr-3280	53	26	payments	payment	NOUN
fsr-3280	53	27	equal	equal	ADJ
fsr-3280	53	28	to	to	ADP
fsr-3280	53	29	100	100	NUM
fsr-3280	53	30	%	%	NOUN
fsr-3280	53	31	of	of	ADP
fsr-3280	53	32	the	the	DET
fsr-3280	53	33	previous	previous	ADJ
fsr-3280	53	34	year	year	NOUN
fsr-3280	53	35	’s	’s	PART
fsr-3280	53	36	tax	tax	NOUN
fsr-3280	53	37	liability	liability	NOUN
fsr-3280	53	38	.	.	PUNCT
fsr-3280	54	1	alternatively	alternatively	ADV
fsr-3280	54	2	,	,	PUNCT
fsr-3280	54	3	an	an	DET
fsr-3280	54	4	investor	investor	NOUN
fsr-3280	54	5	who	who	PRON
fsr-3280	54	6	expects	expect	VERB
fsr-3280	54	7	to	to	PART
fsr-3280	54	8	have	have	VERB
fsr-3280	54	9	gains	gain	NOUN
fsr-3280	54	10	that	that	PRON
fsr-3280	54	11	are	be	AUX
fsr-3280	54	12	less	less	ADJ
fsr-3280	54	13	than	than	ADP
fsr-3280	54	14	the	the	DET
fsr-3280	54	15	prior	prior	ADJ
fsr-3280	54	16	year	year	NOUN
fsr-3280	54	17	’s	’s	PART
fsr-3280	54	18	gains	gain	NOUN
fsr-3280	54	19	will	will	AUX
fsr-3280	54	20	opt	opt	VERB
fsr-3280	54	21	to	to	PART
fsr-3280	54	22	make	make	VERB
fsr-3280	54	23	payments	payment	NOUN
fsr-3280	54	24	equal	equal	ADJ
fsr-3280	54	25	to	to	ADP
fsr-3280	54	26	90	90	NUM
fsr-3280	54	27	%	%	NOUN
fsr-3280	54	28	of	of	ADP
fsr-3280	54	29	the	the	DET
fsr-3280	54	30	current	current	ADJ
fsr-3280	54	31	year	year	NOUN
fsr-3280	54	32	’s	’s	PART
fsr-3280	54	33	tax	tax	NOUN
fsr-3280	54	34	liability	liability	NOUN
fsr-3280	54	35	.	.	PUNCT
fsr-3280	55	1	no	no	DET
fsr-3280	55	2	rational	rational	ADJ
fsr-3280	55	3	investor	investor	NOUN
fsr-3280	55	4	will	will	AUX
fsr-3280	55	5	opt	opt	VERB
fsr-3280	55	6	to	to	PART
fsr-3280	55	7	pay	pay	VERB
fsr-3280	55	8	the	the	DET
fsr-3280	55	9	full	full	ADJ
fsr-3280	55	10	amount	amount	NOUN
fsr-3280	55	11	of	of	ADP
fsr-3280	55	12	taxes	taxis	NOUN
fsr-3280	55	13	,	,	PUNCT
fsr-3280	55	14	in	in	ADP
fsr-3280	55	15	essence	essence	NOUN
fsr-3280	55	16	prepaying	prepaying	NOUN
fsr-3280	55	17	taxes	taxis	NOUN
fsr-3280	55	18	not	not	PART
fsr-3280	55	19	due	due	ADJ
fsr-3280	55	20	until	until	ADP
fsr-3280	55	21	the	the	DET
fsr-3280	55	22	following	following	ADJ
fsr-3280	55	23	year	year	NOUN
fsr-3280	55	24	.	.	PUNCT
fsr-3280	56	1	this	this	PRON
fsr-3280	56	2	would	would	AUX
fsr-3280	56	3	violate	violate	VERB
fsr-3280	56	4	time	time	NOUN
fsr-3280	56	5	value	value	NOUN
fsr-3280	56	6	of	of	ADP
fsr-3280	56	7	money	money	NOUN
fsr-3280	56	8	as	as	SCONJ
fsr-3280	56	9	the	the	DET
fsr-3280	56	10	investor	investor	NOUN
fsr-3280	56	11	would	would	AUX
fsr-3280	56	12	forego	forego	VERB
fsr-3280	56	13	any	any	DET
fsr-3280	56	14	possibility	possibility	NOUN
fsr-3280	56	15	of	of	ADP
fsr-3280	56	16	earning	earn	VERB
fsr-3280	56	17	additional	additional	ADJ
fsr-3280	56	18	income	income	NOUN
fsr-3280	56	19	.	.	PUNCT
fsr-3280	57	1	furthermore	furthermore	ADV
fsr-3280	57	2	,	,	PUNCT
fsr-3280	57	3	the	the	DET
fsr-3280	57	4	interest	interest	NOUN
fsr-3280	57	5	penalty	penalty	NOUN
fsr-3280	57	6	on	on	ADP
fsr-3280	57	7	untimely	untimely	ADJ
fsr-3280	57	8	payments	payment	NOUN
fsr-3280	57	9	compels	compel	VERB
fsr-3280	57	10	investors	investor	NOUN
fsr-3280	57	11	to	to	PART
fsr-3280	57	12	make	make	VERB
fsr-3280	57	13	estimated	estimated	ADJ
fsr-3280	57	14	payments	payment	NOUN
fsr-3280	57	15	;	;	PUNCT
fsr-3280	57	16	therefore	therefore	ADV
fsr-3280	57	17	,	,	PUNCT
fsr-3280	57	18	foregoing	forego	VERB
fsr-3280	57	19	the	the	DET
fsr-3280	57	20	option	option	NOUN
fsr-3280	57	21	to	to	PART
fsr-3280	57	22	delay	delay	VERB
fsr-3280	57	23	all	all	DET
fsr-3280	57	24	payments	payment	NOUN
fsr-3280	57	25	until	until	ADP
fsr-3280	57	26	the	the	DET
fsr-3280	57	27	following	follow	VERB
fsr-3280	57	28	tax	tax	NOUN
fsr-3280	57	29	year	year	NOUN
fsr-3280	57	30	of	of	ADP
fsr-3280	57	31	concern.3	concern.3	PROPN
fsr-3280	57	32	thus	thus	ADV
fsr-3280	57	33	,	,	PUNCT
fsr-3280	57	34	the	the	DET
fsr-3280	57	35	tax	tax	NOUN
fsr-3280	57	36	liquidation	liquidation	NOUN
fsr-3280	57	37	hypothesis	hypothesis	NOUN
fsr-3280	57	38	proposes	propose	VERB
fsr-3280	57	39	that	that	SCONJ
fsr-3280	57	40	the	the	DET
fsr-3280	57	41	effect	effect	NOUN
fsr-3280	57	42	is	be	AUX
fsr-3280	57	43	larger	large	ADJ
fsr-3280	57	44	in	in	ADP
fsr-3280	57	45	years	year	NOUN
fsr-3280	57	46	when	when	SCONJ
fsr-3280	57	47	there	there	PRON
fsr-3280	57	48	is	be	VERB
fsr-3280	57	49	unanticipated	unanticipated	ADJ
fsr-3280	57	50	tax	tax	NOUN
fsr-3280	57	51	liability	liability	NOUN
fsr-3280	57	52	.	.	PUNCT
fsr-3280	58	1	3	3	X
fsr-3280	58	2	.	.	X
fsr-3280	58	3	theoretical	theoretical	ADJ
fsr-3280	58	4	optimal	optimal	ADJ
fsr-3280	58	5	tax	tax	NOUN
fsr-3280	58	6	trading	trading	NOUN
fsr-3280	58	7	consider	consider	VERB
fsr-3280	58	8	an	an	DET
fsr-3280	58	9	investor	investor	NOUN
fsr-3280	58	10	whose	whose	DET
fsr-3280	58	11	liquid	liquid	ADJ
fsr-3280	58	12	wealth	wealth	NOUN
fsr-3280	58	13	,	,	PUNCT
fsr-3280	58	14	w	w	PROPN
fsr-3280	58	15	,	,	PUNCT
fsr-3280	58	16	is	be	AUX
fsr-3280	58	17	fully	fully	ADV
fsr-3280	58	18	invested	invest	VERB
fsr-3280	58	19	in	in	ADP
fsr-3280	58	20	two	two	NUM
fsr-3280	58	21	assets	asset	NOUN
fsr-3280	58	22	a	a	PRON
fsr-3280	58	23	and	and	CCONJ
fsr-3280	58	24	b.	b.	PROPN
fsr-3280	59	1	he	he	PRON
fsr-3280	59	2	purchased	purchase	VERB
fsr-3280	59	3	both	both	DET
fsr-3280	59	4	assets	asset	NOUN
fsr-3280	59	5	at	at	ADP
fsr-3280	59	6	the	the	DET
fsr-3280	59	7	start	start	NOUN
fsr-3280	59	8	of	of	ADP
fsr-3280	59	9	the	the	DET
fsr-3280	59	10	calendar	calendar	NOUN
fsr-3280	59	11	year	year	NOUN
fsr-3280	59	12	and	and	CCONJ
fsr-3280	59	13	has	have	VERB
fsr-3280	59	14	a	a	DET
fsr-3280	59	15	one	one	NUM
fsr-3280	59	16	-	-	PUNCT
fsr-3280	59	17	year	year	NOUN
fsr-3280	59	18	investment	investment	NOUN
fsr-3280	59	19	horizon	horizon	NOUN
fsr-3280	59	20	.	.	PUNCT
fsr-3280	60	1	he	he	PRON
fsr-3280	60	2	is	be	AUX
fsr-3280	60	3	rational	rational	ADJ
fsr-3280	60	4	and	and	CCONJ
fsr-3280	60	5	trades	trade	NOUN
fsr-3280	60	6	according	accord	VERB
fsr-3280	60	7	to	to	ADP
fsr-3280	60	8	the	the	DET
fsr-3280	60	9	strategy	strategy	NOUN
fsr-3280	60	10	described	describe	VERB
fsr-3280	60	11	in	in	ADP
fsr-3280	60	12	constantinides	constantinide	NOUN
fsr-3280	60	13	(	(	PUNCT
fsr-3280	60	14	1983	1983	NUM
fsr-3280	60	15	,	,	PUNCT
fsr-3280	60	16	1984	1984	NUM
fsr-3280	60	17	)	)	PUNCT
fsr-3280	60	18	.	.	PUNCT
fsr-3280	61	1	281	281	NUM
fsr-3280	61	2	m.	m.	NOUN
fsr-3280	61	3	hurst	hurst	PROPN
fsr-3280	61	4	,	,	PUNCT
fsr-3280	61	5	m.	m.	PROPN
fsr-3280	61	6	mendoza	mendoza	PROPN
fsr-3280	61	7	/	/	SYM
fsr-3280	61	8	financial	financial	ADJ
fsr-3280	61	9	services	service	NOUN
fsr-3280	61	10	review	review	VERB
fsr-3280	61	11	25	25	NUM
fsr-3280	61	12	(	(	PUNCT
fsr-3280	61	13	2016	2016	NUM
fsr-3280	61	14	)	)	PUNCT
fsr-3280	61	15	279–301	279–301	NUM
fsr-3280	61	16	under	under	ADP
fsr-3280	61	17	this	this	DET
fsr-3280	61	18	scenario	scenario	NOUN
fsr-3280	61	19	,	,	PUNCT
fsr-3280	61	20	the	the	DET
fsr-3280	61	21	investor	investor	NOUN
fsr-3280	61	22	realizes	realize	VERB
fsr-3280	61	23	capital	capital	NOUN
fsr-3280	61	24	losses	loss	NOUN
fsr-3280	61	25	in	in	ADP
fsr-3280	61	26	the	the	DET
fsr-3280	61	27	short	short	ADJ
fsr-3280	61	28	term	term	NOUN
fsr-3280	61	29	,	,	PUNCT
fsr-3280	61	30	“	"	PUNCT
fsr-3280	61	31	the	the	DET
fsr-3280	61	32	loss	loss	NOUN
fsr-3280	61	33	-	-	PUNCT
fsr-3280	61	34	realization	realization	NOUN
fsr-3280	61	35	option	option	NOUN
fsr-3280	61	36	”	"	PUNCT
fsr-3280	61	37	(	(	PUNCT
fsr-3280	61	38	brickley	brickley	ADJ
fsr-3280	61	39	,	,	PUNCT
fsr-3280	61	40	manaster	manaster	NOUN
fsr-3280	61	41	,	,	PUNCT
fsr-3280	61	42	and	and	CCONJ
fsr-3280	61	43	schallheim	schallheim	NOUN
fsr-3280	61	44	1991	1991	NUM
fsr-3280	61	45	)	)	PUNCT
fsr-3280	61	46	,	,	PUNCT
fsr-3280	61	47	and	and	CCONJ
fsr-3280	61	48	defers	defer	VERB
fsr-3280	61	49	capital	capital	NOUN
fsr-3280	61	50	gains	gain	NOUN
fsr-3280	61	51	to	to	ADP
fsr-3280	61	52	the	the	DET
fsr-3280	61	53	long	long	ADJ
fsr-3280	61	54	term	term	NOUN
fsr-3280	61	55	,	,	PUNCT
fsr-3280	61	56	at	at	ADP
fsr-3280	61	57	which	which	DET
fsr-3280	61	58	time	time	NOUN
fsr-3280	61	59	he	he	PRON
fsr-3280	61	60	realizes	realize	VERB
fsr-3280	61	61	his	his	PRON
fsr-3280	61	62	capital	capital	NOUN
fsr-3280	61	63	gains	gain	NOUN
fsr-3280	61	64	to	to	PART
fsr-3280	61	65	reestablish	reestablish	VERB
fsr-3280	61	66	the	the	DET
fsr-3280	61	67	short	short	ADJ
fsr-3280	61	68	-	-	PUNCT
fsr-3280	61	69	term	term	NOUN
fsr-3280	61	70	status	status	NOUN
fsr-3280	61	71	,	,	PUNCT
fsr-3280	61	72	“	"	PUNCT
fsr-3280	61	73	the	the	DET
fsr-3280	61	74	restart	restart	NOUN
fsr-3280	61	75	option	option	NOUN
fsr-3280	61	76	”	"	PUNCT
fsr-3280	61	77	(	(	PUNCT
fsr-3280	61	78	dammon	dammon	PROPN
fsr-3280	61	79	,	,	PUNCT
fsr-3280	61	80	dunn	dunn	PROPN
fsr-3280	61	81	,	,	PUNCT
fsr-3280	61	82	and	and	CCONJ
fsr-3280	61	83	spatt	spatt	PROPN
fsr-3280	61	84	1989	1989	NUM
fsr-3280	61	85	)	)	PUNCT
fsr-3280	61	86	.	.	PUNCT
fsr-3280	62	1	at	at	ADP
fsr-3280	62	2	the	the	DET
fsr-3280	62	3	end	end	NOUN
fsr-3280	62	4	of	of	ADP
fsr-3280	62	5	the	the	DET
fsr-3280	62	6	calendar	calendar	NOUN
fsr-3280	62	7	year	year	NOUN
fsr-3280	62	8	the	the	DET
fsr-3280	62	9	asset	asset	NOUN
fsr-3280	62	10	a	a	PRON
fsr-3280	62	11	has	have	AUX
fsr-3280	62	12	gained	gain	VERB
fsr-3280	62	13	$	$	SYM
fsr-3280	62	14	1,000	1,000	NUM
fsr-3280	62	15	while	while	SCONJ
fsr-3280	62	16	asset	asset	NOUN
fsr-3280	62	17	b	b	NOUN
fsr-3280	62	18	has	have	AUX
fsr-3280	62	19	lost	lose	VERB
fsr-3280	62	20	$	$	SYM
fsr-3280	62	21	1,000	1,000	NUM
fsr-3280	62	22	.	.	PUNCT
fsr-3280	63	1	the	the	DET
fsr-3280	63	2	investor	investor	NOUN
fsr-3280	63	3	would	would	AUX
fsr-3280	63	4	realize	realize	VERB
fsr-3280	63	5	asset	asset	NOUN
fsr-3280	63	6	b	b	PROPN
fsr-3280	63	7	on	on	ADP
fsr-3280	63	8	the	the	DET
fsr-3280	63	9	last	last	ADJ
fsr-3280	63	10	day	day	NOUN
fsr-3280	63	11	of	of	ADP
fsr-3280	63	12	the	the	DET
fsr-3280	63	13	year	year	NOUN
fsr-3280	63	14	and	and	CCONJ
fsr-3280	63	15	postpone	postpone	VERB
fsr-3280	63	16	the	the	DET
fsr-3280	63	17	realization	realization	NOUN
fsr-3280	63	18	of	of	ADP
fsr-3280	63	19	asset	asset	NOUN
fsr-3280	63	20	a	a	PRON
fsr-3280	63	21	until	until	ADP
fsr-3280	63	22	the	the	DET
fsr-3280	63	23	start	start	NOUN
fsr-3280	63	24	of	of	ADP
fsr-3280	63	25	the	the	DET
fsr-3280	63	26	next	next	ADJ
fsr-3280	63	27	calendar	calendar	NOUN
fsr-3280	63	28	year	year	NOUN
fsr-3280	63	29	.	.	PUNCT
fsr-3280	64	1	the	the	DET
fsr-3280	64	2	loss	loss	NOUN
fsr-3280	64	3	in	in	ADP
fsr-3280	64	4	asset	asset	NOUN
fsr-3280	64	5	b	b	PROPN
fsr-3280	64	6	,	,	PUNCT
fsr-3280	64	7	commensurate	commensurate	ADJ
fsr-3280	64	8	with	with	ADP
fsr-3280	64	9	the	the	DET
fsr-3280	64	10	investor	investor	NOUN
fsr-3280	64	11	’s	’s	PART
fsr-3280	64	12	marginal	marginal	ADJ
fsr-3280	64	13	tax	tax	NOUN
fsr-3280	64	14	rate	rate	NOUN
fsr-3280	64	15	,	,	PUNCT
fsr-3280	64	16	can	can	AUX
fsr-3280	64	17	be	be	AUX
fsr-3280	64	18	used	use	VERB
fsr-3280	64	19	to	to	PART
fsr-3280	64	20	offset	offset	VERB
fsr-3280	64	21	ordinary	ordinary	ADJ
fsr-3280	64	22	income	income	NOUN
fsr-3280	64	23	;	;	PUNCT
fsr-3280	64	24	the	the	DET
fsr-3280	64	25	gain	gain	NOUN
fsr-3280	64	26	,	,	PUNCT
fsr-3280	64	27	which	which	PRON
fsr-3280	64	28	was	be	AUX
fsr-3280	64	29	not	not	PART
fsr-3280	64	30	realized	realize	VERB
fsr-3280	64	31	in	in	ADP
fsr-3280	64	32	the	the	DET
fsr-3280	64	33	same	same	ADJ
fsr-3280	64	34	calendar	calendar	NOUN
fsr-3280	64	35	year	year	NOUN
fsr-3280	64	36	,	,	PUNCT
fsr-3280	64	37	has	have	AUX
fsr-3280	64	38	created	create	VERB
fsr-3280	64	39	a	a	DET
fsr-3280	64	40	tax	tax	NOUN
fsr-3280	64	41	liability	liability	NOUN
fsr-3280	64	42	for	for	ADP
fsr-3280	64	43	the	the	DET
fsr-3280	64	44	following	follow	VERB
fsr-3280	64	45	year	year	NOUN
fsr-3280	64	46	commensurate	commensurate	ADJ
fsr-3280	64	47	with	with	ADP
fsr-3280	64	48	the	the	DET
fsr-3280	64	49	long	long	ADJ
fsr-3280	64	50	-	-	PUNCT
fsr-3280	64	51	term	term	NOUN
fsr-3280	64	52	capital	capital	NOUN
fsr-3280	64	53	gains	gain	NOUN
fsr-3280	64	54	rate	rate	NOUN
fsr-3280	64	55	.	.	PUNCT
fsr-3280	65	1	the	the	DET
fsr-3280	65	2	investor	investor	NOUN
fsr-3280	65	3	then	then	ADV
fsr-3280	65	4	determines	determine	VERB
fsr-3280	65	5	where	where	SCONJ
fsr-3280	65	6	and	and	CCONJ
fsr-3280	65	7	how	how	SCONJ
fsr-3280	65	8	to	to	PART
fsr-3280	65	9	hold	hold	VERB
fsr-3280	65	10	his	his	PRON
fsr-3280	65	11	realized	realize	VERB
fsr-3280	65	12	capital	capital	NOUN
fsr-3280	65	13	gain	gain	NOUN
fsr-3280	65	14	in	in	ADP
fsr-3280	65	15	a	a	DET
fsr-3280	65	16	“	"	PUNCT
fsr-3280	65	17	cash	cash	NOUN
fsr-3280	65	18	account	account	NOUN
fsr-3280	65	19	”	"	PUNCT
fsr-3280	65	20	with	with	ADP
fsr-3280	65	21	additional	additional	ADJ
fsr-3280	65	22	capital	capital	NOUN
fsr-3280	65	23	gains	gain	NOUN
fsr-3280	65	24	and	and	CCONJ
fsr-3280	65	25	losses	loss	NOUN
fsr-3280	65	26	adjusting	adjust	VERB
fsr-3280	65	27	the	the	DET
fsr-3280	65	28	level	level	NOUN
fsr-3280	65	29	of	of	ADP
fsr-3280	65	30	cash	cash	NOUN
fsr-3280	65	31	set	set	VERB
fsr-3280	65	32	aside	aside	ADV
fsr-3280	65	33	for	for	ADP
fsr-3280	65	34	tax	tax	NOUN
fsr-3280	65	35	purposes	purpose	NOUN
fsr-3280	65	36	at	at	ADP
fsr-3280	65	37	any	any	DET
fsr-3280	65	38	given	give	VERB
fsr-3280	65	39	time.4	time.4	PRON
fsr-3280	65	40	without	without	ADP
fsr-3280	65	41	making	make	VERB
fsr-3280	65	42	generalizations	generalization	NOUN
fsr-3280	65	43	about	about	ADP
fsr-3280	65	44	the	the	DET
fsr-3280	65	45	investor	investor	NOUN
fsr-3280	65	46	’s	’s	PART
fsr-3280	65	47	risk	risk	NOUN
fsr-3280	65	48	preferences	preference	NOUN
fsr-3280	65	49	we	we	PRON
fsr-3280	65	50	can	can	AUX
fsr-3280	65	51	infer	infer	VERB
fsr-3280	65	52	two	two	NUM
fsr-3280	65	53	things	thing	NOUN
fsr-3280	65	54	:	:	PUNCT
fsr-3280	65	55	first	first	ADV
fsr-3280	65	56	,	,	PUNCT
fsr-3280	65	57	time	time	NOUN
fsr-3280	65	58	value	value	NOUN
fsr-3280	65	59	of	of	ADP
fsr-3280	65	60	money	money	NOUN
fsr-3280	65	61	forces	force	VERB
fsr-3280	65	62	the	the	DET
fsr-3280	65	63	investor	investor	NOUN
fsr-3280	65	64	to	to	PART
fsr-3280	65	65	reinvest	reinvest	VERB
fsr-3280	65	66	his	his	PRON
fsr-3280	65	67	cash	cash	NOUN
fsr-3280	65	68	account	account	NOUN
fsr-3280	65	69	.	.	PUNCT
fsr-3280	66	1	second	second	ADJ
fsr-3280	66	2	,	,	PUNCT
fsr-3280	66	3	if	if	SCONJ
fsr-3280	66	4	he	he	PRON
fsr-3280	66	5	has	have	AUX
fsr-3280	66	6	already	already	ADV
fsr-3280	66	7	engaged	engage	VERB
fsr-3280	66	8	in	in	ADP
fsr-3280	66	9	optimal	optimal	ADJ
fsr-3280	66	10	tax	tax	NOUN
fsr-3280	66	11	selling	selling	NOUN
fsr-3280	66	12	,	,	PUNCT
fsr-3280	66	13	there	there	PRON
fsr-3280	66	14	is	be	VERB
fsr-3280	66	15	a	a	DET
fsr-3280	66	16	positive	positive	ADJ
fsr-3280	66	17	benefit	benefit	NOUN
fsr-3280	66	18	for	for	ADP
fsr-3280	66	19	him	he	PRON
fsr-3280	66	20	reinvesting	reinveste	VERB
fsr-3280	66	21	in	in	ADP
fsr-3280	66	22	assets	asset	NOUN
fsr-3280	66	23	where	where	SCONJ
fsr-3280	66	24	he	he	PRON
fsr-3280	66	25	will	will	AUX
fsr-3280	66	26	be	be	AUX
fsr-3280	66	27	able	able	ADJ
fsr-3280	66	28	to	to	PART
fsr-3280	66	29	use	use	VERB
fsr-3280	66	30	additional	additional	ADJ
fsr-3280	66	31	tax	tax	NOUN
fsr-3280	66	32	loss	loss	NOUN
fsr-3280	66	33	selling	selling	NOUN
fsr-3280	66	34	.	.	PUNCT
fsr-3280	67	1	constantinides	constantinide	VERB
fsr-3280	67	2	(	(	PUNCT
fsr-3280	67	3	1983	1983	NUM
fsr-3280	67	4	)	)	PUNCT
fsr-3280	67	5	estimates	estimate	VERB
fsr-3280	67	6	the	the	DET
fsr-3280	67	7	value	value	NOUN
fsr-3280	67	8	of	of	ADP
fsr-3280	67	9	the	the	DET
fsr-3280	67	10	tax	tax	NOUN
fsr-3280	67	11	-	-	PUNCT
fsr-3280	67	12	timing	timing	NOUN
fsr-3280	67	13	option	option	NOUN
fsr-3280	67	14	as	as	ADP
fsr-3280	67	15	a	a	DET
fsr-3280	67	16	fraction	fraction	NOUN
fsr-3280	67	17	of	of	ADP
fsr-3280	67	18	each	each	DET
fsr-3280	67	19	dollar	dollar	NOUN
fsr-3280	67	20	invested	invest	VERB
fsr-3280	67	21	in	in	ADP
fsr-3280	67	22	a	a	DET
fsr-3280	67	23	security	security	NOUN
fsr-3280	67	24	,	,	PUNCT
fsr-3280	67	25	if	if	SCONJ
fsr-3280	67	26	the	the	DET
fsr-3280	67	27	investor	investor	NOUN
fsr-3280	67	28	fails	fail	VERB
fsr-3280	67	29	to	to	PART
fsr-3280	67	30	take	take	VERB
fsr-3280	67	31	advantage	advantage	NOUN
fsr-3280	67	32	of	of	ADP
fsr-3280	67	33	capital	capital	NOUN
fsr-3280	67	34	losses	loss	NOUN
fsr-3280	67	35	.	.	PUNCT
fsr-3280	68	1	therefore	therefore	ADV
fsr-3280	68	2	,	,	PUNCT
fsr-3280	68	3	if	if	SCONJ
fsr-3280	68	4	an	an	DET
fsr-3280	68	5	investor	investor	NOUN
fsr-3280	68	6	were	be	AUX
fsr-3280	68	7	to	to	PART
fsr-3280	68	8	hold	hold	VERB
fsr-3280	68	9	his	his	PRON
fsr-3280	68	10	anticipated	anticipate	VERB
fsr-3280	68	11	tax	tax	NOUN
fsr-3280	68	12	liability	liability	NOUN
fsr-3280	68	13	in	in	ADP
fsr-3280	68	14	a	a	DET
fsr-3280	68	15	money	money	NOUN
fsr-3280	68	16	market	market	NOUN
fsr-3280	68	17	account	account	NOUN
fsr-3280	68	18	(	(	PUNCT
fsr-3280	68	19	with	with	ADP
fsr-3280	68	20	no	no	DET
fsr-3280	68	21	chance	chance	NOUN
fsr-3280	68	22	of	of	ADP
fsr-3280	68	23	capital	capital	NOUN
fsr-3280	68	24	losses	loss	NOUN
fsr-3280	68	25	)	)	PUNCT
fsr-3280	68	26	,	,	PUNCT
fsr-3280	68	27	he	he	PRON
fsr-3280	68	28	foregoes	forego	VERB
fsr-3280	68	29	any	any	DET
fsr-3280	68	30	possibility	possibility	NOUN
fsr-3280	68	31	of	of	ADP
fsr-3280	68	32	tax	tax	NOUN
fsr-3280	68	33	-	-	PUNCT
fsr-3280	68	34	timing	timing	NOUN
fsr-3280	68	35	and	and	CCONJ
fsr-3280	68	36	,	,	PUNCT
fsr-3280	68	37	therefore	therefore	ADV
fsr-3280	68	38	,	,	PUNCT
fsr-3280	68	39	destroys	destroy	VERB
fsr-3280	68	40	value	value	NOUN
fsr-3280	68	41	by	by	ADP
fsr-3280	68	42	not	not	PART
fsr-3280	68	43	having	have	VERB
fsr-3280	68	44	that	that	DET
fsr-3280	68	45	option	option	NOUN
fsr-3280	68	46	.	.	PUNCT
fsr-3280	69	1	4	4	X
fsr-3280	69	2	.	.	X
fsr-3280	69	3	the	the	DET
fsr-3280	69	4	cognitive	cognitive	ADJ
fsr-3280	69	5	environment	environment	NOUN
fsr-3280	69	6	this	this	DET
fsr-3280	69	7	article	article	NOUN
fsr-3280	69	8	seeks	seek	VERB
fsr-3280	69	9	to	to	PART
fsr-3280	69	10	understand	understand	VERB
fsr-3280	69	11	the	the	DET
fsr-3280	69	12	decision	decision	NOUN
fsr-3280	69	13	-	-	PUNCT
fsr-3280	69	14	making	make	VERB
fsr-3280	69	15	process	process	NOUN
fsr-3280	69	16	of	of	ADP
fsr-3280	69	17	individuals	individual	NOUN
fsr-3280	69	18	facing	face	VERB
fsr-3280	69	19	a	a	DET
fsr-3280	69	20	tax	tax	NOUN
fsr-3280	69	21	liability	liability	NOUN
fsr-3280	69	22	,	,	PUNCT
fsr-3280	69	23	the	the	DET
fsr-3280	69	24	decision	decision	NOUN
fsr-3280	69	25	to	to	PART
fsr-3280	69	26	establish	establish	VERB
fsr-3280	69	27	a	a	DET
fsr-3280	69	28	holding	holding	NOUN
fsr-3280	69	29	account	account	NOUN
fsr-3280	69	30	,	,	PUNCT
fsr-3280	69	31	and	and	CCONJ
fsr-3280	69	32	the	the	DET
fsr-3280	69	33	subsequent	subsequent	ADJ
fsr-3280	69	34	payment	payment	NOUN
fsr-3280	69	35	of	of	ADP
fsr-3280	69	36	taxes	taxis	NOUN
fsr-3280	69	37	or	or	CCONJ
fsr-3280	69	38	liquidation	liquidation	NOUN
fsr-3280	69	39	of	of	ADP
fsr-3280	69	40	the	the	DET
fsr-3280	69	41	holding	holding	NOUN
fsr-3280	69	42	account	account	NOUN
fsr-3280	69	43	.	.	PUNCT
fsr-3280	70	1	for	for	SCONJ
fsr-3280	70	2	there	there	PRON
fsr-3280	70	3	to	to	PART
fsr-3280	70	4	be	be	AUX
fsr-3280	70	5	a	a	DET
fsr-3280	70	6	tax	tax	NOUN
fsr-3280	70	7	liquidiation	liquidiation	NOUN
fsr-3280	70	8	effect	effect	NOUN
fsr-3280	70	9	three	three	NUM
fsr-3280	70	10	cognitive	cognitive	ADJ
fsr-3280	70	11	conditions	condition	NOUN
fsr-3280	70	12	must	must	AUX
fsr-3280	70	13	be	be	AUX
fsr-3280	70	14	satisfied	satisfied	ADJ
fsr-3280	70	15	:	:	PUNCT
fsr-3280	70	16	1	1	X
fsr-3280	70	17	.	.	PUNCT
fsr-3280	70	18	loss	loss	NOUN
fsr-3280	70	19	aversion	aversion	NOUN
fsr-3280	70	20	.	.	PUNCT
fsr-3280	71	1	investors	investor	NOUN
fsr-3280	71	2	must	must	AUX
fsr-3280	71	3	exhibit	exhibit	VERB
fsr-3280	71	4	a	a	DET
fsr-3280	71	5	pattern	pattern	NOUN
fsr-3280	71	6	consistent	consistent	ADJ
fsr-3280	71	7	with	with	ADP
fsr-3280	71	8	the	the	DET
fsr-3280	71	9	disposition	disposition	NOUN
fsr-3280	71	10	effect	effect	NOUN
fsr-3280	71	11	.	.	PUNCT
fsr-3280	72	1	the	the	DET
fsr-3280	72	2	absolute	absolute	ADJ
fsr-3280	72	3	utility	utility	NOUN
fsr-3280	72	4	of	of	ADP
fsr-3280	72	5	a	a	DET
fsr-3280	72	6	loss	loss	NOUN
fsr-3280	72	7	is	be	AUX
fsr-3280	72	8	greater	great	ADJ
fsr-3280	72	9	than	than	ADP
fsr-3280	72	10	an	an	DET
fsr-3280	72	11	equal	equal	ADJ
fsr-3280	72	12	gain	gain	NOUN
fsr-3280	72	13	:	:	PUNCT
fsr-3280	72	14	v(x	v(x	PROPN
fsr-3280	72	15	)	)	PUNCT
fsr-3280	72	16	�	�	PROPN
fsr-3280	72	17	v(-x	v(-x	NOUN
fsr-3280	72	18	)	)	PUNCT
fsr-3280	72	19	.	.	PUNCT
fsr-3280	73	1	investors	investor	NOUN
fsr-3280	73	2	are	be	AUX
fsr-3280	73	3	more	more	ADV
fsr-3280	73	4	likely	likely	ADJ
fsr-3280	73	5	to	to	PART
fsr-3280	73	6	realize	realize	VERB
fsr-3280	73	7	gains	gain	NOUN
fsr-3280	73	8	than	than	ADP
fsr-3280	73	9	losses	loss	NOUN
fsr-3280	73	10	,	,	PUNCT
fsr-3280	73	11	thus	thus	ADV
fsr-3280	73	12	creating	create	VERB
fsr-3280	73	13	tax	tax	NOUN
fsr-3280	73	14	liability	liability	NOUN
fsr-3280	73	15	.	.	PUNCT
fsr-3280	74	1	2	2	X
fsr-3280	74	2	.	.	X
fsr-3280	74	3	a	a	DET
fsr-3280	74	4	holding	hold	VERB
fsr-3280	74	5	account	account	NOUN
fsr-3280	74	6	that	that	PRON
fsr-3280	74	7	maximizes	maximize	VERB
fsr-3280	74	8	utility	utility	NOUN
fsr-3280	74	9	under	under	ADP
fsr-3280	74	10	mental	mental	ADJ
fsr-3280	74	11	accounting	accounting	NOUN
fsr-3280	74	12	.	.	PUNCT
fsr-3280	75	1	investors	investor	NOUN
fsr-3280	75	2	choose	choose	VERB
fsr-3280	75	3	a	a	DET
fsr-3280	75	4	vehicle	vehicle	NOUN
fsr-3280	75	5	consistent	consistent	ADJ
fsr-3280	75	6	with	with	ADP
fsr-3280	75	7	myopic	myopic	ADJ
fsr-3280	75	8	loss	loss	NOUN
fsr-3280	75	9	aversion	aversion	NOUN
fsr-3280	75	10	,	,	PUNCT
fsr-3280	75	11	regret	regret	NOUN
fsr-3280	75	12	aversion	aversion	NOUN
fsr-3280	75	13	,	,	PUNCT
fsr-3280	75	14	and	and	CCONJ
fsr-3280	75	15	problems	problem	NOUN
fsr-3280	75	16	with	with	ADP
fsr-3280	75	17	self	self	NOUN
fsr-3280	75	18	-	-	PUNCT
fsr-3280	75	19	control	control	NOUN
fsr-3280	75	20	.	.	PUNCT
fsr-3280	76	1	3	3	X
fsr-3280	76	2	.	.	X
fsr-3280	76	3	liquidation	liquidation	NOUN
fsr-3280	76	4	of	of	ADP
fsr-3280	76	5	the	the	DET
fsr-3280	76	6	holding	holding	NOUN
fsr-3280	76	7	account	account	NOUN
fsr-3280	76	8	.	.	PUNCT
fsr-3280	77	1	the	the	DET
fsr-3280	77	2	‘	'	PUNCT
fsr-3280	77	3	labeling	labeling	NOUN
fsr-3280	77	4	’	'	PUNCT
fsr-3280	77	5	of	of	ADP
fsr-3280	77	6	accounts	account	NOUN
fsr-3280	77	7	reduces	reduce	VERB
fsr-3280	77	8	the	the	DET
fsr-3280	77	9	substitutability	substitutability	NOUN
fsr-3280	77	10	between	between	ADP
fsr-3280	77	11	accounts	account	NOUN
fsr-3280	77	12	,	,	PUNCT
fsr-3280	77	13	thereby	thereby	ADV
fsr-3280	77	14	causing	cause	VERB
fsr-3280	77	15	an	an	DET
fsr-3280	77	16	account	account	NOUN
fsr-3280	77	17	created	create	VERB
fsr-3280	77	18	to	to	PART
fsr-3280	77	19	keep	keep	VERB
fsr-3280	77	20	track	track	NOUN
fsr-3280	77	21	of	of	ADP
fsr-3280	77	22	tax	tax	NOUN
fsr-3280	77	23	liability	liability	NOUN
fsr-3280	77	24	to	to	PART
fsr-3280	77	25	be	be	AUX
fsr-3280	77	26	the	the	DET
fsr-3280	77	27	first	first	ADJ
fsr-3280	77	28	liquidated	liquidate	VERB
fsr-3280	77	29	for	for	ADP
fsr-3280	77	30	tax	tax	NOUN
fsr-3280	77	31	payment	payment	NOUN
fsr-3280	77	32	.	.	PUNCT
fsr-3280	78	1	4.1	4.1	NUM
fsr-3280	78	2	.	.	PUNCT
fsr-3280	79	1	the	the	DET
fsr-3280	79	2	failure	failure	NOUN
fsr-3280	79	3	of	of	ADP
fsr-3280	79	4	rational	rational	ADJ
fsr-3280	79	5	tax	tax	NOUN
fsr-3280	79	6	trading	trading	NOUN
fsr-3280	79	7	under	under	ADP
fsr-3280	79	8	prospect	prospect	NOUN
fsr-3280	79	9	theory	theory	NOUN
fsr-3280	79	10	and	and	CCONJ
fsr-3280	79	11	mental	mental	ADJ
fsr-3280	79	12	accounting	accounting	NOUN
fsr-3280	79	13	two	two	NUM
fsr-3280	79	14	fundamental	fundamental	ADJ
fsr-3280	79	15	and	and	CCONJ
fsr-3280	79	16	widely	widely	ADV
fsr-3280	79	17	accepted	accept	VERB
fsr-3280	79	18	cognitive	cognitive	ADJ
fsr-3280	79	19	processes	process	NOUN
fsr-3280	79	20	are	be	AUX
fsr-3280	79	21	loss	loss	NOUN
fsr-3280	79	22	aversion	aversion	NOUN
fsr-3280	79	23	and	and	CCONJ
fsr-3280	79	24	mental	mental	ADJ
fsr-3280	79	25	accounting	accounting	NOUN
fsr-3280	79	26	.	.	PUNCT
fsr-3280	80	1	empirical	empirical	ADJ
fsr-3280	80	2	research	research	NOUN
fsr-3280	80	3	has	have	AUX
fsr-3280	80	4	shown	show	VERB
fsr-3280	80	5	that	that	SCONJ
fsr-3280	80	6	individuals	individual	NOUN
fsr-3280	80	7	behave	behave	VERB
fsr-3280	80	8	differently	differently	ADV
fsr-3280	80	9	with	with	ADP
fsr-3280	80	10	gains	gain	NOUN
fsr-3280	80	11	and	and	CCONJ
fsr-3280	80	12	282	282	NUM
fsr-3280	80	13	m.	m.	NOUN
fsr-3280	80	14	hurst	hurst	PROPN
fsr-3280	80	15	,	,	PUNCT
fsr-3280	80	16	m.	m.	PROPN
fsr-3280	80	17	mendoza	mendoza	PROPN
fsr-3280	80	18	/	/	SYM
fsr-3280	80	19	financial	financial	ADJ
fsr-3280	80	20	services	service	NOUN
fsr-3280	80	21	review	review	VERB
fsr-3280	80	22	25	25	NUM
fsr-3280	80	23	(	(	PUNCT
fsr-3280	80	24	2016	2016	NUM
fsr-3280	80	25	)	)	PUNCT
fsr-3280	81	1	279–301	279–301	NUM
fsr-3280	81	2	losses	loss	NOUN
fsr-3280	81	3	(	(	PUNCT
fsr-3280	81	4	barberis	barberis	NOUN
fsr-3280	81	5	and	and	CCONJ
fsr-3280	81	6	xiong	xiong	PROPN
fsr-3280	81	7	,	,	PUNCT
fsr-3280	81	8	2009	2009	NUM
fsr-3280	81	9	;	;	PUNCT
fsr-3280	81	10	frazzini	frazzini	PROPN
fsr-3280	81	11	,	,	PUNCT
fsr-3280	81	12	2006	2006	NUM
fsr-3280	81	13	;	;	PUNCT
fsr-3280	81	14	grinblatt	grinblatt	NOUN
fsr-3280	81	15	and	and	CCONJ
fsr-3280	81	16	han	han	PROPN
fsr-3280	81	17	,	,	PUNCT
fsr-3280	81	18	2005	2005	NUM
fsr-3280	81	19	;	;	PUNCT
fsr-3280	81	20	tversky	tversky	NOUN
fsr-3280	81	21	and	and	CCONJ
fsr-3280	81	22	kahneman	kahneman	NOUN
fsr-3280	81	23	,	,	PUNCT
fsr-3280	81	24	1979,1992	1979,1992	NUM
fsr-3280	81	25	)	)	PUNCT
fsr-3280	81	26	.	.	PUNCT
fsr-3280	82	1	“	"	PUNCT
fsr-3280	82	2	prospect	prospect	NOUN
fsr-3280	82	3	theory	theory	NOUN
fsr-3280	82	4	,	,	PUNCT
fsr-3280	82	5	”	"	PUNCT
fsr-3280	82	6	as	as	SCONJ
fsr-3280	82	7	proposed	propose	VERB
fsr-3280	82	8	by	by	ADP
fsr-3280	82	9	kahneman	kahneman	NOUN
fsr-3280	82	10	and	and	CCONJ
fsr-3280	82	11	tversky	tversky	PROPN
fsr-3280	82	12	(	(	PUNCT
fsr-3280	82	13	1979	1979	NUM
fsr-3280	82	14	)	)	PUNCT
fsr-3280	82	15	,	,	PUNCT
fsr-3280	82	16	and	and	CCONJ
fsr-3280	82	17	“	"	PUNCT
fsr-3280	82	18	mental	mental	ADJ
fsr-3280	82	19	accounting	accounting	NOUN
fsr-3280	82	20	,	,	PUNCT
fsr-3280	82	21	”	"	PUNCT
fsr-3280	82	22	as	as	SCONJ
fsr-3280	82	23	proposed	propose	VERB
fsr-3280	82	24	by	by	ADP
fsr-3280	82	25	thaler	thaler	PROPN
fsr-3280	82	26	(	(	PUNCT
fsr-3280	82	27	1980	1980	NUM
fsr-3280	82	28	)	)	PUNCT
fsr-3280	82	29	,	,	PUNCT
fsr-3280	82	30	may	may	AUX
fsr-3280	82	31	explain	explain	VERB
fsr-3280	82	32	the	the	DET
fsr-3280	82	33	disposition	disposition	NOUN
fsr-3280	82	34	effect	effect	NOUN
fsr-3280	82	35	.	.	PUNCT
fsr-3280	83	1	the	the	DET
fsr-3280	83	2	disposition	disposition	NOUN
fsr-3280	83	3	effect	effect	NOUN
fsr-3280	83	4	is	be	AUX
fsr-3280	83	5	the	the	DET
fsr-3280	83	6	investor	investor	NOUN
fsr-3280	83	7	behavior	behavior	NOUN
fsr-3280	83	8	of	of	ADP
fsr-3280	83	9	selling	sell	VERB
fsr-3280	83	10	winners	winner	NOUN
fsr-3280	83	11	too	too	ADV
fsr-3280	83	12	soon	soon	ADV
fsr-3280	83	13	and	and	CCONJ
fsr-3280	83	14	holding	hold	VERB
fsr-3280	83	15	losers	loser	NOUN
fsr-3280	83	16	too	too	ADV
fsr-3280	83	17	long	long	ADV
fsr-3280	83	18	(	(	PUNCT
fsr-3280	83	19	shefrin	shefrin	NOUN
fsr-3280	83	20	and	and	CCONJ
fsr-3280	83	21	statman	statman	NOUN
fsr-3280	83	22	1985	1985	NUM
fsr-3280	83	23	)	)	PUNCT
fsr-3280	83	24	.	.	PUNCT
fsr-3280	84	1	in	in	ADP
fsr-3280	84	2	prospect	prospect	NOUN
fsr-3280	84	3	theory	theory	NOUN
fsr-3280	84	4	,	,	PUNCT
fsr-3280	84	5	utility	utility	NOUN
fsr-3280	84	6	is	be	AUX
fsr-3280	84	7	defined	define	VERB
fsr-3280	84	8	by	by	ADP
fsr-3280	84	9	gains	gain	NOUN
fsr-3280	84	10	and	and	CCONJ
fsr-3280	84	11	losses	loss	NOUN
fsr-3280	84	12	relative	relative	ADJ
fsr-3280	84	13	to	to	ADP
fsr-3280	84	14	a	a	DET
fsr-3280	84	15	predetermined	predetermine	VERB
fsr-3280	84	16	reference	reference	NOUN
fsr-3280	84	17	point	point	NOUN
fsr-3280	84	18	.	.	PUNCT
fsr-3280	85	1	the	the	DET
fsr-3280	85	2	utility	utility	NOUN
fsr-3280	85	3	function	function	NOUN
fsr-3280	85	4	is	be	AUX
fsr-3280	85	5	convex	convex	ADJ
fsr-3280	85	6	in	in	ADP
fsr-3280	85	7	the	the	DET
fsr-3280	85	8	area	area	NOUN
fsr-3280	85	9	of	of	ADP
fsr-3280	85	10	losses	loss	NOUN
fsr-3280	85	11	and	and	CCONJ
fsr-3280	85	12	concave	concave	VERB
fsr-3280	85	13	in	in	ADP
fsr-3280	85	14	the	the	DET
fsr-3280	85	15	area	area	NOUN
fsr-3280	85	16	of	of	ADP
fsr-3280	85	17	gains	gain	NOUN
fsr-3280	85	18	.	.	PUNCT
fsr-3280	86	1	benartz	benartz	NOUN
fsr-3280	86	2	and	and	CCONJ
fsr-3280	86	3	thaler	thaler	NOUN
fsr-3280	86	4	(	(	PUNCT
fsr-3280	86	5	1995	1995	NUM
fsr-3280	86	6	)	)	PUNCT
fsr-3280	86	7	point	point	VERB
fsr-3280	86	8	out	out	ADP
fsr-3280	86	9	that	that	SCONJ
fsr-3280	86	10	empirical	empirical	ADJ
fsr-3280	86	11	estimation	estimation	NOUN
fsr-3280	86	12	of	of	ADP
fsr-3280	86	13	the	the	DET
fsr-3280	86	14	ratio	ratio	NOUN
fsr-3280	86	15	of	of	ADP
fsr-3280	86	16	the	the	DET
fsr-3280	86	17	slopes	slope	NOUN
fsr-3280	86	18	in	in	ADP
fsr-3280	86	19	the	the	DET
fsr-3280	86	20	two	two	NUM
fsr-3280	86	21	regions	region	NOUN
fsr-3280	86	22	are	be	AUX
fsr-3280	86	23	approximately	approximately	ADV
fsr-3280	86	24	two	two	NUM
fsr-3280	86	25	,	,	PUNCT
fsr-3280	86	26	indicating	indicate	VERB
fsr-3280	86	27	that	that	SCONJ
fsr-3280	86	28	individuals	individual	NOUN
fsr-3280	86	29	are	be	AUX
fsr-3280	86	30	twice	twice	ADV
fsr-3280	86	31	as	as	ADV
fsr-3280	86	32	sensitive	sensitive	ADJ
fsr-3280	86	33	to	to	ADP
fsr-3280	86	34	losses	loss	NOUN
fsr-3280	86	35	compared	compare	VERB
fsr-3280	86	36	with	with	ADP
fsr-3280	86	37	gains	gain	NOUN
fsr-3280	86	38	.	.	PUNCT
fsr-3280	87	1	rational	rational	ADJ
fsr-3280	87	2	analysis	analysis	NOUN
fsr-3280	87	3	suggests	suggest	VERB
fsr-3280	87	4	that	that	SCONJ
fsr-3280	87	5	if	if	SCONJ
fsr-3280	87	6	an	an	DET
fsr-3280	87	7	investor	investor	NOUN
fsr-3280	87	8	needs	need	VERB
fsr-3280	87	9	to	to	PART
fsr-3280	87	10	raise	raise	VERB
fsr-3280	87	11	cash	cash	NOUN
fsr-3280	87	12	then	then	ADV
fsr-3280	87	13	the	the	DET
fsr-3280	87	14	logical	logical	ADJ
fsr-3280	87	15	choice	choice	NOUN
fsr-3280	87	16	is	be	AUX
fsr-3280	87	17	to	to	PART
fsr-3280	87	18	sell	sell	VERB
fsr-3280	87	19	an	an	DET
fsr-3280	87	20	asset	asset	NOUN
fsr-3280	87	21	that	that	PRON
fsr-3280	87	22	has	have	AUX
fsr-3280	87	23	declined	decline	VERB
fsr-3280	87	24	in	in	ADP
fsr-3280	87	25	value	value	NOUN
fsr-3280	87	26	.	.	PUNCT
fsr-3280	88	1	prospect	prospect	NOUN
fsr-3280	88	2	theory	theory	NOUN
fsr-3280	88	3	and	and	CCONJ
fsr-3280	88	4	mental	mental	ADJ
fsr-3280	88	5	accounting	accounting	NOUN
fsr-3280	88	6	,	,	PUNCT
fsr-3280	88	7	on	on	ADP
fsr-3280	88	8	the	the	DET
fsr-3280	88	9	other	other	ADJ
fsr-3280	88	10	hand	hand	NOUN
fsr-3280	88	11	,	,	PUNCT
fsr-3280	88	12	would	would	AUX
fsr-3280	88	13	suggest	suggest	VERB
fsr-3280	88	14	that	that	SCONJ
fsr-3280	88	15	individuals	individual	NOUN
fsr-3280	88	16	would	would	AUX
fsr-3280	88	17	rather	rather	ADV
fsr-3280	88	18	sell	sell	VERB
fsr-3280	88	19	an	an	DET
fsr-3280	88	20	asset	asset	NOUN
fsr-3280	88	21	that	that	PRON
fsr-3280	88	22	has	have	AUX
fsr-3280	88	23	appreciated	appreciate	VERB
fsr-3280	88	24	in	in	ADP
fsr-3280	88	25	value	value	NOUN
fsr-3280	88	26	.	.	PUNCT
fsr-3280	89	1	these	these	DET
fsr-3280	89	2	two	two	NUM
fsr-3280	89	3	cognitive	cognitive	ADJ
fsr-3280	89	4	biases	bias	NOUN
fsr-3280	89	5	lead	lead	VERB
fsr-3280	89	6	investors	investor	NOUN
fsr-3280	89	7	to	to	PART
fsr-3280	89	8	engage	engage	VERB
fsr-3280	89	9	in	in	ADP
fsr-3280	89	10	loss	loss	NOUN
fsr-3280	89	11	aversion	aversion	NOUN
fsr-3280	89	12	and	and	CCONJ
fsr-3280	89	13	narrow	narrow	ADJ
fsr-3280	89	14	framing	framing	NOUN
fsr-3280	89	15	,	,	PUNCT
fsr-3280	89	16	looking	look	VERB
fsr-3280	89	17	at	at	ADP
fsr-3280	89	18	individual	individual	ADJ
fsr-3280	89	19	assets	asset	NOUN
fsr-3280	89	20	irrespective	irrespective	ADV
fsr-3280	89	21	of	of	ADP
fsr-3280	89	22	the	the	DET
fsr-3280	89	23	overall	overall	ADJ
fsr-3280	89	24	changes	change	NOUN
fsr-3280	89	25	in	in	ADP
fsr-3280	89	26	portfolio	portfolio	NOUN
fsr-3280	89	27	value	value	NOUN
fsr-3280	89	28	.	.	PUNCT
fsr-3280	90	1	odean	odean	ADJ
fsr-3280	90	2	(	(	PUNCT
fsr-3280	90	3	1998	1998	NUM
fsr-3280	90	4	)	)	PUNCT
fsr-3280	90	5	,	,	PUNCT
fsr-3280	90	6	using	use	VERB
fsr-3280	90	7	data	datum	NOUN
fsr-3280	90	8	that	that	PRON
fsr-3280	90	9	tracked	track	VERB
fsr-3280	90	10	the	the	DET
fsr-3280	90	11	trades	trade	NOUN
fsr-3280	90	12	of	of	ADP
fsr-3280	90	13	investors	investor	NOUN
fsr-3280	90	14	with	with	ADP
fsr-3280	90	15	a	a	DET
fsr-3280	90	16	large	large	ADJ
fsr-3280	90	17	discount	discount	NOUN
fsr-3280	90	18	brokerage	brokerage	NOUN
fsr-3280	90	19	firm	firm	NOUN
fsr-3280	90	20	,	,	PUNCT
fsr-3280	90	21	found	find	VERB
fsr-3280	90	22	that	that	SCONJ
fsr-3280	90	23	individual	individual	ADJ
fsr-3280	90	24	investors	investor	NOUN
fsr-3280	90	25	were	be	AUX
fsr-3280	90	26	more	more	ADV
fsr-3280	90	27	likely	likely	ADJ
fsr-3280	90	28	to	to	PART
fsr-3280	90	29	sell	sell	VERB
fsr-3280	90	30	a	a	DET
fsr-3280	90	31	stock	stock	NOUN
fsr-3280	90	32	if	if	SCONJ
fsr-3280	90	33	it	it	PRON
fsr-3280	90	34	had	have	VERB
fsr-3280	90	35	a	a	DET
fsr-3280	90	36	gain	gain	NOUN
fsr-3280	90	37	as	as	SCONJ
fsr-3280	90	38	opposed	oppose	VERB
fsr-3280	90	39	to	to	ADP
fsr-3280	90	40	a	a	DET
fsr-3280	90	41	loss	loss	NOUN
fsr-3280	90	42	.	.	PUNCT
fsr-3280	91	1	in	in	ADP
fsr-3280	91	2	a	a	DET
fsr-3280	91	3	later	later	ADJ
fsr-3280	91	4	article	article	NOUN
fsr-3280	91	5	,	,	PUNCT
fsr-3280	91	6	barber	barber	PROPN
fsr-3280	91	7	and	and	CCONJ
fsr-3280	91	8	odean	odean	ADJ
fsr-3280	91	9	(	(	PUNCT
fsr-3280	91	10	2004	2004	NUM
fsr-3280	91	11	)	)	PUNCT
fsr-3280	91	12	find	find	VERB
fsr-3280	91	13	evidence	evidence	NOUN
fsr-3280	91	14	that	that	SCONJ
fsr-3280	91	15	even	even	ADV
fsr-3280	91	16	tax	tax	NOUN
fsr-3280	91	17	savvy	savvy	ADJ
fsr-3280	91	18	investors	investor	NOUN
fsr-3280	91	19	realize	realize	VERB
fsr-3280	91	20	gains	gain	NOUN
fsr-3280	91	21	more	more	ADV
fsr-3280	91	22	frequently	frequently	ADV
fsr-3280	91	23	than	than	ADP
fsr-3280	91	24	losses	loss	NOUN
fsr-3280	91	25	.	.	PUNCT
fsr-3280	92	1	the	the	DET
fsr-3280	92	2	odean	odean	ADJ
fsr-3280	92	3	(	(	PUNCT
fsr-3280	92	4	1998	1998	NUM
fsr-3280	92	5	)	)	PUNCT
fsr-3280	92	6	and	and	CCONJ
fsr-3280	92	7	barber	barber	NOUN
fsr-3280	92	8	and	and	CCONJ
fsr-3280	92	9	odean	odean	ADJ
fsr-3280	92	10	(	(	PUNCT
fsr-3280	92	11	2004	2004	NUM
fsr-3280	92	12	)	)	PUNCT
fsr-3280	92	13	findings	finding	NOUN
fsr-3280	92	14	support	support	VERB
fsr-3280	92	15	mental	mental	ADJ
fsr-3280	92	16	accounting	accounting	NOUN
fsr-3280	92	17	over	over	ADP
fsr-3280	92	18	rational	rational	ADJ
fsr-3280	92	19	analysis	analysis	NOUN
fsr-3280	92	20	.	.	PUNCT
fsr-3280	93	1	furthermore	furthermore	ADV
fsr-3280	93	2	,	,	PUNCT
fsr-3280	93	3	this	this	DET
fsr-3280	93	4	finding	finding	NOUN
fsr-3280	93	5	is	be	AUX
fsr-3280	93	6	evidence	evidence	NOUN
fsr-3280	93	7	that	that	SCONJ
fsr-3280	93	8	investors	investor	NOUN
fsr-3280	93	9	,	,	PUNCT
fsr-3280	93	10	while	while	SCONJ
fsr-3280	93	11	concerned	concerned	ADJ
fsr-3280	93	12	about	about	ADP
fsr-3280	93	13	tax	tax	NOUN
fsr-3280	93	14	implications	implication	NOUN
fsr-3280	93	15	,	,	PUNCT
fsr-3280	93	16	behave	behave	VERB
fsr-3280	93	17	in	in	ADP
fsr-3280	93	18	a	a	DET
fsr-3280	93	19	manner	manner	NOUN
fsr-3280	93	20	that	that	PRON
fsr-3280	93	21	would	would	AUX
fsr-3280	93	22	generate	generate	VERB
fsr-3280	93	23	sizeable	sizeable	ADJ
fsr-3280	93	24	capital	capital	NOUN
fsr-3280	93	25	gains	gain	NOUN
fsr-3280	93	26	liabilities	liability	NOUN
fsr-3280	93	27	.	.	PUNCT
fsr-3280	94	1	4.2	4.2	NUM
fsr-3280	94	2	.	.	PUNCT
fsr-3280	95	1	establishing	establish	VERB
fsr-3280	95	2	a	a	DET
fsr-3280	95	3	cash	cash	NOUN
fsr-3280	95	4	account	account	NOUN
fsr-3280	95	5	under	under	ADP
fsr-3280	95	6	mental	mental	ADJ
fsr-3280	95	7	accounting	accounting	NOUN
fsr-3280	95	8	thaler	thaler	NOUN
fsr-3280	95	9	and	and	CCONJ
fsr-3280	95	10	johnson	johnson	PROPN
fsr-3280	95	11	(	(	PUNCT
fsr-3280	95	12	1990	1990	NUM
fsr-3280	95	13	)	)	PUNCT
fsr-3280	95	14	describe	describe	VERB
fsr-3280	95	15	the	the	DET
fsr-3280	95	16	house	house	NOUN
fsr-3280	95	17	money	money	NOUN
fsr-3280	95	18	effect	effect	NOUN
fsr-3280	95	19	,	,	PUNCT
fsr-3280	95	20	a	a	DET
fsr-3280	95	21	behavioral	behavioral	ADJ
fsr-3280	95	22	bias	bias	NOUN
fsr-3280	95	23	whereby	whereby	SCONJ
fsr-3280	95	24	money	money	NOUN
fsr-3280	95	25	earned	earn	VERB
fsr-3280	95	26	is	be	AUX
fsr-3280	95	27	more	more	ADV
fsr-3280	95	28	valuable	valuable	ADJ
fsr-3280	95	29	than	than	SCONJ
fsr-3280	95	30	money	money	NOUN
fsr-3280	95	31	won	win	VERB
fsr-3280	95	32	.	.	PUNCT
fsr-3280	96	1	the	the	DET
fsr-3280	96	2	transformation	transformation	NOUN
fsr-3280	96	3	of	of	ADP
fsr-3280	96	4	an	an	DET
fsr-3280	96	5	investment	investment	NOUN
fsr-3280	96	6	from	from	ADP
fsr-3280	96	7	paper	paper	NOUN
fsr-3280	96	8	profits	profit	NOUN
fsr-3280	96	9	to	to	PART
fsr-3280	96	10	realized	realize	VERB
fsr-3280	96	11	gains	gain	NOUN
fsr-3280	96	12	seems	seem	VERB
fsr-3280	96	13	to	to	PART
fsr-3280	96	14	be	be	AUX
fsr-3280	96	15	a	a	DET
fsr-3280	96	16	convenient	convenient	ADJ
fsr-3280	96	17	time	time	NOUN
fsr-3280	96	18	to	to	PART
fsr-3280	96	19	reset	reset	VERB
fsr-3280	96	20	the	the	DET
fsr-3280	96	21	reference	reference	NOUN
fsr-3280	96	22	point	point	NOUN
fsr-3280	96	23	thereby	thereby	ADV
fsr-3280	96	24	making	make	VERB
fsr-3280	96	25	a	a	DET
fsr-3280	96	26	distinction	distinction	NOUN
fsr-3280	96	27	between	between	ADP
fsr-3280	96	28	money	money	NOUN
fsr-3280	96	29	earned	earn	VERB
fsr-3280	96	30	and	and	CCONJ
fsr-3280	96	31	money	money	NOUN
fsr-3280	96	32	won	win	VERB
fsr-3280	96	33	.	.	PUNCT
fsr-3280	97	1	the	the	DET
fsr-3280	97	2	implication	implication	NOUN
fsr-3280	97	3	,	,	PUNCT
fsr-3280	97	4	for	for	ADP
fsr-3280	97	5	this	this	DET
fsr-3280	97	6	article	article	NOUN
fsr-3280	97	7	,	,	PUNCT
fsr-3280	97	8	is	be	AUX
fsr-3280	97	9	the	the	DET
fsr-3280	97	10	implicit	implicit	ADJ
fsr-3280	97	11	method	method	NOUN
fsr-3280	97	12	by	by	ADP
fsr-3280	97	13	which	which	PRON
fsr-3280	97	14	an	an	DET
fsr-3280	97	15	investor	investor	NOUN
fsr-3280	97	16	selects	select	VERB
fsr-3280	97	17	a	a	DET
fsr-3280	97	18	reference	reference	NOUN
fsr-3280	97	19	point	point	NOUN
fsr-3280	97	20	.	.	PUNCT
fsr-3280	98	1	a	a	DET
fsr-3280	98	2	simple	simple	ADJ
fsr-3280	98	3	explanation	explanation	NOUN
fsr-3280	98	4	is	be	AUX
fsr-3280	98	5	that	that	SCONJ
fsr-3280	98	6	an	an	DET
fsr-3280	98	7	investor	investor	NOUN
fsr-3280	98	8	has	have	VERB
fsr-3280	98	9	a	a	DET
fsr-3280	98	10	dynamic	dynamic	ADJ
fsr-3280	98	11	reference	reference	NOUN
fsr-3280	98	12	point	point	NOUN
fsr-3280	98	13	that	that	PRON
fsr-3280	98	14	is	be	AUX
fsr-3280	98	15	evaluated	evaluate	VERB
fsr-3280	98	16	over	over	ADP
fsr-3280	98	17	some	some	DET
fsr-3280	98	18	interval	interval	NOUN
fsr-3280	98	19	.	.	PUNCT
fsr-3280	99	1	we	we	PRON
fsr-3280	99	2	suggest	suggest	VERB
fsr-3280	99	3	that	that	SCONJ
fsr-3280	99	4	the	the	DET
fsr-3280	99	5	transformation	transformation	NOUN
fsr-3280	99	6	for	for	ADP
fsr-3280	99	7	paper	paper	NOUN
fsr-3280	99	8	to	to	ADP
fsr-3280	99	9	real	real	ADJ
fsr-3280	99	10	profits	profit	NOUN
fsr-3280	99	11	will	will	AUX
fsr-3280	99	12	reset	reset	VERB
fsr-3280	99	13	the	the	DET
fsr-3280	99	14	reference	reference	NOUN
fsr-3280	99	15	point	point	NOUN
fsr-3280	99	16	,	,	PUNCT
fsr-3280	99	17	thereby	thereby	ADV
fsr-3280	99	18	reducing	reduce	VERB
fsr-3280	99	19	the	the	DET
fsr-3280	99	20	house	house	NOUN
fsr-3280	99	21	money	money	NOUN
fsr-3280	99	22	effect	effect	NOUN
fsr-3280	99	23	because	because	SCONJ
fsr-3280	99	24	the	the	DET
fsr-3280	99	25	money	money	NOUN
fsr-3280	99	26	is	be	AUX
fsr-3280	99	27	now	now	ADV
fsr-3280	99	28	“	"	PUNCT
fsr-3280	99	29	real	real	ADJ
fsr-3280	99	30	.	.	PUNCT
fsr-3280	99	31	”	"	PUNCT
fsr-3280	100	1	the	the	DET
fsr-3280	100	2	selection	selection	NOUN
fsr-3280	100	3	of	of	ADP
fsr-3280	100	4	a	a	DET
fsr-3280	100	5	tax	tax	NOUN
fsr-3280	100	6	holding	holding	NOUN
fsr-3280	100	7	account	account	NOUN
fsr-3280	100	8	should	should	AUX
fsr-3280	100	9	then	then	ADV
fsr-3280	100	10	independent	independent	ADJ
fsr-3280	100	11	of	of	ADP
fsr-3280	100	12	prior	prior	ADJ
fsr-3280	100	13	asset	asset	NOUN
fsr-3280	100	14	performance	performance	NOUN
fsr-3280	100	15	;	;	PUNCT
fsr-3280	100	16	selection	selection	NOUN
fsr-3280	100	17	will	will	AUX
fsr-3280	100	18	be	be	AUX
fsr-3280	100	19	dependent	dependent	ADJ
fsr-3280	100	20	on	on	ADP
fsr-3280	100	21	individual	individual	ADJ
fsr-3280	100	22	forward	forward	ADV
fsr-3280	100	23	looking	look	VERB
fsr-3280	100	24	preferences	preference	NOUN
fsr-3280	100	25	.	.	PUNCT
fsr-3280	101	1	benartzi	benartzi	NOUN
fsr-3280	101	2	and	and	CCONJ
fsr-3280	101	3	thaler	thaler	NOUN
fsr-3280	101	4	(	(	PUNCT
fsr-3280	101	5	1995	1995	NUM
fsr-3280	101	6	)	)	PUNCT
fsr-3280	101	7	explain	explain	VERB
fsr-3280	101	8	that	that	SCONJ
fsr-3280	101	9	the	the	DET
fsr-3280	101	10	attractiveness	attractiveness	NOUN
fsr-3280	101	11	of	of	ADP
fsr-3280	101	12	a	a	DET
fsr-3280	101	13	risky	risky	ADJ
fsr-3280	101	14	asset	asset	NOUN
fsr-3280	101	15	depends	depend	VERB
fsr-3280	101	16	on	on	ADP
fsr-3280	101	17	the	the	DET
fsr-3280	101	18	time	time	NOUN
fsr-3280	101	19	horizon	horizon	NOUN
fsr-3280	101	20	of	of	ADP
fsr-3280	101	21	the	the	DET
fsr-3280	101	22	investor	investor	NOUN
fsr-3280	101	23	.	.	PUNCT
fsr-3280	102	1	they	they	PRON
fsr-3280	102	2	refer	refer	VERB
fsr-3280	102	3	to	to	ADP
fsr-3280	102	4	the	the	DET
fsr-3280	102	5	combination	combination	NOUN
fsr-3280	102	6	of	of	ADP
fsr-3280	102	7	loss	loss	NOUN
fsr-3280	102	8	aversion	aversion	NOUN
fsr-3280	102	9	and	and	CCONJ
fsr-3280	102	10	a	a	DET
fsr-3280	102	11	short	short	ADJ
fsr-3280	102	12	holding	holding	NOUN
fsr-3280	102	13	period	period	NOUN
fsr-3280	102	14	as	as	ADP
fsr-3280	102	15	myopic	myopic	ADJ
fsr-3280	102	16	loss	loss	NOUN
fsr-3280	102	17	aversion	aversion	NOUN
fsr-3280	102	18	.	.	PUNCT
fsr-3280	103	1	they	they	PRON
fsr-3280	103	2	find	find	VERB
fsr-3280	103	3	that	that	SCONJ
fsr-3280	103	4	loss	loss	NOUN
fsr-3280	103	5	averse	averse	ADJ
fsr-3280	103	6	investors	investor	NOUN
fsr-3280	103	7	choosing	choose	VERB
fsr-3280	103	8	between	between	ADP
fsr-3280	103	9	a	a	DET
fsr-3280	103	10	risky	risky	ADJ
fsr-3280	103	11	asset	asset	NOUN
fsr-3280	103	12	(	(	PUNCT
fsr-3280	103	13	such	such	ADJ
fsr-3280	103	14	as	as	ADP
fsr-3280	103	15	stocks	stock	NOUN
fsr-3280	103	16	)	)	PUNCT
fsr-3280	103	17	and	and	CCONJ
fsr-3280	103	18	a	a	DET
fsr-3280	103	19	less	less	ADV
fsr-3280	103	20	risky	risky	ADJ
fsr-3280	103	21	asset	asset	NOUN
fsr-3280	103	22	(	(	PUNCT
fsr-3280	103	23	such	such	ADJ
fsr-3280	103	24	as	as	ADP
fsr-3280	103	25	bonds	bond	NOUN
fsr-3280	103	26	or	or	CCONJ
fsr-3280	103	27	treasury	treasury	NOUN
fsr-3280	103	28	bills	bill	NOUN
fsr-3280	103	29	)	)	PUNCT
fsr-3280	103	30	are	be	AUX
fsr-3280	103	31	more	more	ADV
fsr-3280	103	32	willing	willing	ADJ
fsr-3280	103	33	to	to	PART
fsr-3280	103	34	accept	accept	VERB
fsr-3280	103	35	the	the	DET
fsr-3280	103	36	risky	risky	ADJ
fsr-3280	103	37	asset	asset	NOUN
fsr-3280	103	38	as	as	ADP
fsr-3280	103	39	the	the	DET
fsr-3280	103	40	evaluation	evaluation	NOUN
fsr-3280	103	41	period	period	NOUN
fsr-3280	103	42	,	,	PUNCT
fsr-3280	103	43	or	or	CCONJ
fsr-3280	103	44	horizon	horizon	NOUN
fsr-3280	103	45	,	,	PUNCT
fsr-3280	103	46	becomes	become	VERB
fsr-3280	103	47	longer	long	ADV
fsr-3280	103	48	.	.	PUNCT
fsr-3280	104	1	additionally	additionally	ADV
fsr-3280	104	2	,	,	PUNCT
fsr-3280	104	3	using	use	VERB
fsr-3280	104	4	a	a	DET
fsr-3280	104	5	set	set	NOUN
fsr-3280	104	6	of	of	ADP
fsr-3280	104	7	parameters	parameter	NOUN
fsr-3280	104	8	consistent	consistent	ADJ
fsr-3280	104	9	with	with	ADP
fsr-3280	104	10	the	the	DET
fsr-3280	104	11	representative	representative	ADJ
fsr-3280	104	12	decisionmaker	decisionmaker	NOUN
fsr-3280	104	13	,	,	PUNCT
fsr-3280	104	14	they	they	PRON
fsr-3280	104	15	find	find	VERB
fsr-3280	104	16	that	that	SCONJ
fsr-3280	104	17	the	the	DET
fsr-3280	104	18	evaluation	evaluation	NOUN
fsr-3280	104	19	period	period	NOUN
fsr-3280	104	20	necessary	necessary	ADJ
fsr-3280	104	21	for	for	SCONJ
fsr-3280	104	22	an	an	DET
fsr-3280	104	23	investor	investor	NOUN
fsr-3280	104	24	to	to	PART
fsr-3280	104	25	be	be	AUX
fsr-3280	104	26	indifferent	indifferent	ADJ
fsr-3280	104	27	between	between	ADP
fsr-3280	104	28	the	the	DET
fsr-3280	104	29	stocks	stock	NOUN
fsr-3280	104	30	and	and	CCONJ
fsr-3280	104	31	bonds	bond	NOUN
fsr-3280	104	32	is	be	AUX
fsr-3280	104	33	approximately	approximately	ADV
fsr-3280	104	34	one	one	NUM
fsr-3280	104	35	year	year	NOUN
fsr-3280	104	36	.	.	PUNCT
fsr-3280	105	1	the	the	DET
fsr-3280	105	2	investor	investor	NOUN
fsr-3280	105	3	who	who	PRON
fsr-3280	105	4	faces	face	VERB
fsr-3280	105	5	a	a	DET
fsr-3280	105	6	capital	capital	NOUN
fsr-3280	105	7	gain	gain	NOUN
fsr-3280	105	8	liability	liability	NOUN
fsr-3280	105	9	necessarily	necessarily	ADV
fsr-3280	105	10	has	have	VERB
fsr-3280	105	11	an	an	DET
fsr-3280	105	12	evaluation	evaluation	NOUN
fsr-3280	105	13	period	period	NOUN
fsr-3280	105	14	no	no	ADV
fsr-3280	105	15	greater	great	ADJ
fsr-3280	105	16	than	than	ADP
fsr-3280	105	17	16.5	16.5	NUM
fsr-3280	105	18	months	month	NOUN
fsr-3280	105	19	,	,	PUNCT
fsr-3280	105	20	and	and	CCONJ
fsr-3280	105	21	in	in	ADP
fsr-3280	105	22	most	most	ADJ
fsr-3280	105	23	cases	case	NOUN
fsr-3280	105	24	283	283	NUM
fsr-3280	105	25	m.	m.	NOUN
fsr-3280	105	26	hurst	hurst	PROPN
fsr-3280	105	27	,	,	PUNCT
fsr-3280	105	28	m.	m.	PROPN
fsr-3280	105	29	mendoza	mendoza	PROPN
fsr-3280	105	30	/	/	SYM
fsr-3280	105	31	financial	financial	ADJ
fsr-3280	105	32	services	service	NOUN
fsr-3280	105	33	review	review	VERB
fsr-3280	105	34	25	25	NUM
fsr-3280	105	35	(	(	PUNCT
fsr-3280	105	36	2016	2016	NUM
fsr-3280	105	37	)	)	PUNCT
fsr-3280	106	1	279–301	279–301	NUM
fsr-3280	106	2	less	less	ADJ
fsr-3280	106	3	than	than	ADP
fsr-3280	106	4	one	one	NUM
fsr-3280	106	5	year.5	year.5	NOUN
fsr-3280	106	6	therefore	therefore	ADV
fsr-3280	106	7	,	,	PUNCT
fsr-3280	106	8	the	the	DET
fsr-3280	106	9	selection	selection	NOUN
fsr-3280	106	10	of	of	ADP
fsr-3280	106	11	fixed	fix	VERB
fsr-3280	106	12	income	income	NOUN
fsr-3280	106	13	,	,	PUNCT
fsr-3280	106	14	as	as	SCONJ
fsr-3280	106	15	opposed	oppose	VERB
fsr-3280	106	16	to	to	ADP
fsr-3280	106	17	equity	equity	NOUN
fsr-3280	106	18	as	as	ADP
fsr-3280	106	19	an	an	DET
fsr-3280	106	20	asset	asset	NOUN
fsr-3280	106	21	class	class	NOUN
fsr-3280	106	22	for	for	ADP
fsr-3280	106	23	the	the	DET
fsr-3280	106	24	cash	cash	NOUN
fsr-3280	106	25	account	account	NOUN
fsr-3280	106	26	seems	seem	VERB
fsr-3280	106	27	plausible	plausible	ADJ
fsr-3280	106	28	for	for	ADP
fsr-3280	106	29	reinvesting	reinveste	VERB
fsr-3280	106	30	the	the	DET
fsr-3280	106	31	expected	expect	VERB
fsr-3280	106	32	tax	tax	NOUN
fsr-3280	106	33	liability	liability	NOUN
fsr-3280	106	34	.	.	PUNCT
fsr-3280	107	1	narrow	narrow	ADJ
fsr-3280	107	2	framing	framing	NOUN
fsr-3280	107	3	may	may	AUX
fsr-3280	107	4	echo	echo	VERB
fsr-3280	107	5	investors	investor	NOUN
fsr-3280	107	6	’	'	PUNCT
fsr-3280	107	7	considerations	consideration	NOUN
fsr-3280	107	8	over	over	ADP
fsr-3280	107	9	non	non	ADJ
fsr-3280	107	10	-	-	ADJ
fsr-3280	107	11	consumption	consumption	ADJ
fsr-3280	107	12	based	base	VERB
fsr-3280	107	13	utility	utility	NOUN
fsr-3280	107	14	,	,	PUNCT
fsr-3280	107	15	such	such	ADJ
fsr-3280	107	16	as	as	ADP
fsr-3280	107	17	regret	regret	NOUN
fsr-3280	107	18	.	.	PUNCT
fsr-3280	108	1	regret	regret	NOUN
fsr-3280	108	2	,	,	PUNCT
fsr-3280	108	3	as	as	SCONJ
fsr-3280	108	4	explained	explain	VERB
fsr-3280	108	5	by	by	ADP
fsr-3280	108	6	kahneman	kahneman	NOUN
fsr-3280	108	7	and	and	CCONJ
fsr-3280	108	8	tversky	tversky	PROPN
fsr-3280	108	9	(	(	PUNCT
fsr-3280	108	10	1982	1982	NUM
fsr-3280	108	11	)	)	PUNCT
fsr-3280	108	12	,	,	PUNCT
fsr-3280	108	13	“	"	PUNCT
fsr-3280	108	14	is	be	AUX
fsr-3280	108	15	a	a	DET
fsr-3280	108	16	special	special	ADJ
fsr-3280	108	17	form	form	NOUN
fsr-3280	108	18	of	of	ADP
fsr-3280	108	19	frustration	frustration	NOUN
fsr-3280	108	20	in	in	ADP
fsr-3280	108	21	which	which	PRON
fsr-3280	108	22	the	the	DET
fsr-3280	108	23	event	event	NOUN
fsr-3280	108	24	one	one	PRON
fsr-3280	108	25	would	would	AUX
fsr-3280	108	26	change	change	VERB
fsr-3280	108	27	is	be	AUX
fsr-3280	108	28	an	an	DET
fsr-3280	108	29	action	action	NOUN
fsr-3280	108	30	one	one	NOUN
fsr-3280	108	31	has	have	AUX
fsr-3280	108	32	either	either	CCONJ
fsr-3280	108	33	taken	take	VERB
fsr-3280	108	34	or	or	CCONJ
fsr-3280	108	35	failed	fail	VERB
fsr-3280	108	36	to	to	PART
fsr-3280	108	37	take	take	VERB
fsr-3280	108	38	.	.	PUNCT
fsr-3280	108	39	”	"	PUNCT
fsr-3280	109	1	the	the	DET
fsr-3280	109	2	feeling	feeling	NOUN
fsr-3280	109	3	of	of	ADP
fsr-3280	109	4	regret	regret	NOUN
fsr-3280	109	5	for	for	ADP
fsr-3280	109	6	errors	error	NOUN
fsr-3280	109	7	of	of	ADP
fsr-3280	109	8	commission	commission	NOUN
fsr-3280	109	9	is	be	AUX
fsr-3280	109	10	stronger	strong	ADJ
fsr-3280	109	11	than	than	ADP
fsr-3280	109	12	for	for	ADP
fsr-3280	109	13	errors	error	NOUN
fsr-3280	109	14	of	of	ADP
fsr-3280	109	15	omission	omission	NOUN
fsr-3280	109	16	.	.	PUNCT
fsr-3280	110	1	the	the	DET
fsr-3280	110	2	regret	regret	NOUN
fsr-3280	110	3	of	of	ADP
fsr-3280	110	4	taking	take	VERB
fsr-3280	110	5	an	an	DET
fsr-3280	110	6	action	action	NOUN
fsr-3280	110	7	,	,	PUNCT
fsr-3280	110	8	and	and	CCONJ
fsr-3280	110	9	the	the	DET
fsr-3280	110	10	choice	choice	NOUN
fsr-3280	110	11	being	be	AUX
fsr-3280	110	12	incorrect	incorrect	ADJ
fsr-3280	110	13	,	,	PUNCT
fsr-3280	110	14	is	be	AUX
fsr-3280	110	15	worse	bad	ADJ
fsr-3280	110	16	than	than	ADP
fsr-3280	110	17	failing	fail	VERB
fsr-3280	110	18	to	to	PART
fsr-3280	110	19	take	take	VERB
fsr-3280	110	20	the	the	DET
fsr-3280	110	21	right	right	ADJ
fsr-3280	110	22	action	action	NOUN
fsr-3280	110	23	.	.	PUNCT
fsr-3280	111	1	therefore	therefore	ADV
fsr-3280	111	2	,	,	PUNCT
fsr-3280	111	3	the	the	DET
fsr-3280	111	4	reinvestment	reinvestment	NOUN
fsr-3280	111	5	in	in	ADP
fsr-3280	111	6	the	the	DET
fsr-3280	111	7	holding	hold	VERB
fsr-3280	111	8	account	account	NOUN
fsr-3280	111	9	is	be	AUX
fsr-3280	111	10	likely	likely	ADJ
fsr-3280	111	11	to	to	PART
fsr-3280	111	12	be	be	AUX
fsr-3280	111	13	less	less	ADV
fsr-3280	111	14	risky	risky	ADJ
fsr-3280	111	15	and	and	CCONJ
fsr-3280	111	16	more	more	ADV
fsr-3280	111	17	likely	likely	ADJ
fsr-3280	111	18	to	to	PART
fsr-3280	111	19	avoid	avoid	VERB
fsr-3280	111	20	regret	regret	NOUN
fsr-3280	111	21	in	in	ADP
fsr-3280	111	22	the	the	DET
fsr-3280	111	23	selection	selection	NOUN
fsr-3280	111	24	of	of	ADP
fsr-3280	111	25	asset	asset	NOUN
fsr-3280	111	26	choices	choice	NOUN
fsr-3280	111	27	.	.	PUNCT
fsr-3280	112	1	again	again	ADV
fsr-3280	112	2	this	this	DET
fsr-3280	112	3	points	point	NOUN
fsr-3280	112	4	to	to	ADP
fsr-3280	112	5	bonds	bond	NOUN
fsr-3280	112	6	that	that	PRON
fsr-3280	112	7	historically	historically	ADV
fsr-3280	112	8	have	have	VERB
fsr-3280	112	9	less	less	ADJ
fsr-3280	112	10	volatility	volatility	NOUN
fsr-3280	112	11	than	than	ADP
fsr-3280	112	12	stocks	stock	NOUN
fsr-3280	112	13	.	.	PUNCT
fsr-3280	113	1	under	under	ADP
fsr-3280	113	2	the	the	DET
fsr-3280	113	3	theoretical	theoretical	ADJ
fsr-3280	113	4	behavior	behavior	NOUN
fsr-3280	113	5	of	of	ADP
fsr-3280	113	6	constantinides	constantinide	NOUN
fsr-3280	113	7	(	(	PUNCT
fsr-3280	113	8	1984	1984	NUM
fsr-3280	113	9	)	)	PUNCT
fsr-3280	113	10	the	the	DET
fsr-3280	113	11	investor	investor	NOUN
fsr-3280	113	12	sets	set	VERB
fsr-3280	113	13	aside	aside	ADV
fsr-3280	113	14	his	his	PRON
fsr-3280	113	15	capital	capital	NOUN
fsr-3280	113	16	gains	gain	NOUN
fsr-3280	113	17	tax	tax	NOUN
fsr-3280	113	18	liability	liability	NOUN
fsr-3280	113	19	in	in	ADP
fsr-3280	113	20	an	an	DET
fsr-3280	113	21	account	account	NOUN
fsr-3280	113	22	designated	designate	VERB
fsr-3280	113	23	for	for	ADP
fsr-3280	113	24	tax	tax	NOUN
fsr-3280	113	25	purposes	purpose	NOUN
fsr-3280	113	26	and	and	CCONJ
fsr-3280	113	27	,	,	PUNCT
fsr-3280	113	28	therefore	therefore	ADV
fsr-3280	113	29	,	,	PUNCT
fsr-3280	113	30	may	may	AUX
fsr-3280	113	31	distinguish	distinguish	VERB
fsr-3280	113	32	between	between	ADP
fsr-3280	113	33	this	this	DET
fsr-3280	113	34	account	account	NOUN
fsr-3280	113	35	and	and	CCONJ
fsr-3280	113	36	his	his	PRON
fsr-3280	113	37	general	general	ADJ
fsr-3280	113	38	investment	investment	NOUN
fsr-3280	113	39	account	account	NOUN
fsr-3280	113	40	,	,	PUNCT
fsr-3280	113	41	consistent	consistent	ADJ
fsr-3280	113	42	with	with	ADP
fsr-3280	113	43	mental	mental	ADJ
fsr-3280	113	44	accounting	accounting	NOUN
fsr-3280	113	45	.	.	PUNCT
fsr-3280	114	1	moreover	moreover	ADV
fsr-3280	114	2	,	,	PUNCT
fsr-3280	114	3	this	this	PRON
fsr-3280	114	4	may	may	AUX
fsr-3280	114	5	be	be	AUX
fsr-3280	114	6	a	a	DET
fsr-3280	114	7	rational	rational	ADJ
fsr-3280	114	8	utility	utility	NOUN
fsr-3280	114	9	maximizing	maximize	VERB
fsr-3280	114	10	behavior	behavior	NOUN
fsr-3280	114	11	if	if	SCONJ
fsr-3280	114	12	the	the	DET
fsr-3280	114	13	investor	investor	NOUN
fsr-3280	114	14	has	have	VERB
fsr-3280	114	15	problems	problem	NOUN
fsr-3280	114	16	with	with	ADP
fsr-3280	114	17	self	self	NOUN
fsr-3280	114	18	-	-	PUNCT
fsr-3280	114	19	control	control	NOUN
fsr-3280	114	20	.	.	PUNCT
fsr-3280	115	1	shefrin	shefrin	NOUN
fsr-3280	115	2	and	and	CCONJ
fsr-3280	115	3	thaler	thaler	NOUN
fsr-3280	115	4	(	(	PUNCT
fsr-3280	115	5	1981	1981	NUM
fsr-3280	115	6	,	,	PUNCT
fsr-3280	115	7	1988	1988	NUM
fsr-3280	115	8	)	)	PUNCT
fsr-3280	115	9	propose	propose	VERB
fsr-3280	115	10	that	that	SCONJ
fsr-3280	115	11	mental	mental	ADJ
fsr-3280	115	12	accounting	accounting	NOUN
fsr-3280	115	13	is	be	AUX
fsr-3280	115	14	consistent	consistent	ADJ
fsr-3280	115	15	with	with	ADP
fsr-3280	115	16	having	have	VERB
fsr-3280	115	17	a	a	DET
fsr-3280	115	18	set	set	NOUN
fsr-3280	115	19	of	of	ADP
fsr-3280	115	20	rules	rule	NOUN
fsr-3280	115	21	that	that	PRON
fsr-3280	115	22	may	may	AUX
fsr-3280	115	23	help	help	VERB
fsr-3280	115	24	with	with	ADP
fsr-3280	115	25	problems	problem	NOUN
fsr-3280	115	26	of	of	ADP
fsr-3280	115	27	self	self	NOUN
fsr-3280	115	28	-	-	PUNCT
fsr-3280	115	29	control	control	NOUN
fsr-3280	115	30	.	.	PUNCT
fsr-3280	116	1	there	there	PRON
fsr-3280	116	2	is	be	VERB
fsr-3280	116	3	a	a	DET
fsr-3280	116	4	hierarchy	hierarchy	NOUN
fsr-3280	116	5	of	of	ADP
fsr-3280	116	6	accounts	account	NOUN
fsr-3280	116	7	,	,	PUNCT
fsr-3280	116	8	with	with	ADP
fsr-3280	116	9	certain	certain	ADJ
fsr-3280	116	10	accounts	account	NOUN
fsr-3280	116	11	being	be	AUX
fsr-3280	116	12	“	"	PUNCT
fsr-3280	116	13	off	off	ADP
fsr-3280	116	14	limits	limit	NOUN
fsr-3280	116	15	”	"	PUNCT
fsr-3280	116	16	to	to	PART
fsr-3280	116	17	avoid	avoid	VERB
fsr-3280	116	18	temptation	temptation	NOUN
fsr-3280	116	19	.	.	PUNCT
fsr-3280	117	1	dividends	dividend	NOUN
fsr-3280	117	2	also	also	ADV
fsr-3280	117	3	help	help	VERB
fsr-3280	117	4	discourage	discourage	VERB
fsr-3280	117	5	dissaving	dissaving	NOUN
fsr-3280	117	6	when	when	SCONJ
fsr-3280	117	7	self	self	NOUN
fsr-3280	117	8	-	-	PUNCT
fsr-3280	117	9	control	control	NOUN
fsr-3280	117	10	is	be	AUX
fsr-3280	117	11	an	an	DET
fsr-3280	117	12	issue	issue	NOUN
fsr-3280	117	13	.	.	PUNCT
fsr-3280	118	1	shefrin	shefrin	NOUN
fsr-3280	118	2	and	and	CCONJ
fsr-3280	118	3	statman	statman	NOUN
fsr-3280	118	4	(	(	PUNCT
fsr-3280	118	5	1984	1984	NUM
fsr-3280	118	6	)	)	PUNCT
fsr-3280	118	7	explain	explain	VERB
fsr-3280	118	8	that	that	SCONJ
fsr-3280	118	9	mental	mental	ADJ
fsr-3280	118	10	accounting	accounting	NOUN
fsr-3280	118	11	may	may	AUX
fsr-3280	118	12	justify	justify	VERB
fsr-3280	118	13	an	an	DET
fsr-3280	118	14	investor	investor	NOUN
fsr-3280	118	15	’s	’s	PART
fsr-3280	118	16	preference	preference	NOUN
fsr-3280	118	17	for	for	ADP
fsr-3280	118	18	dividends	dividend	NOUN
fsr-3280	118	19	.	.	PUNCT
fsr-3280	119	1	dividends	dividend	NOUN
fsr-3280	119	2	help	help	VERB
fsr-3280	119	3	investors	investor	NOUN
fsr-3280	119	4	segregate	segregate	VERB
fsr-3280	119	5	gains	gain	NOUN
fsr-3280	119	6	and	and	CCONJ
fsr-3280	119	7	losses	loss	NOUN
fsr-3280	119	8	and	and	CCONJ
fsr-3280	119	9	thereby	thereby	ADV
fsr-3280	119	10	increase	increase	VERB
fsr-3280	119	11	utility	utility	NOUN
fsr-3280	119	12	.	.	PUNCT
fsr-3280	120	1	barberis	barberis	PROPN
fsr-3280	120	2	and	and	CCONJ
fsr-3280	120	3	thaler	thaler	PROPN
fsr-3280	120	4	(	(	PUNCT
fsr-3280	120	5	2003	2003	NUM
fsr-3280	120	6	)	)	PUNCT
fsr-3280	120	7	show	show	VERB
fsr-3280	120	8	that	that	SCONJ
fsr-3280	120	9	investor	investor	NOUN
fsr-3280	120	10	’	'	PUNCT
fsr-3280	120	11	utility	utility	NOUN
fsr-3280	120	12	with	with	ADP
fsr-3280	120	13	mental	mental	ADJ
fsr-3280	120	14	accounting	accounting	NOUN
fsr-3280	120	15	is	be	AUX
fsr-3280	120	16	unambiguously	unambiguously	ADV
fsr-3280	120	17	higher	high	ADJ
fsr-3280	120	18	with	with	ADP
fsr-3280	120	19	dividends	dividend	NOUN
fsr-3280	120	20	.	.	PUNCT
fsr-3280	121	1	if	if	SCONJ
fsr-3280	121	2	we	we	PRON
fsr-3280	121	3	define	define	VERB
fsr-3280	121	4	value	value	NOUN
fsr-3280	121	5	derived	derive	VERB
fsr-3280	121	6	from	from	ADP
fsr-3280	121	7	income	income	NOUN
fsr-3280	121	8	,	,	PUNCT
fsr-3280	121	9	v	v	PROPN
fsr-3280	121	10	,	,	PUNCT
fsr-3280	121	11	the	the	DET
fsr-3280	121	12	concavity	concavity	NOUN
fsr-3280	121	13	of	of	ADP
fsr-3280	121	14	the	the	DET
fsr-3280	121	15	utility	utility	NOUN
fsr-3280	121	16	function	function	NOUN
fsr-3280	121	17	because	because	SCONJ
fsr-3280	121	18	of	of	ADP
fsr-3280	121	19	risk	risk	NOUN
fsr-3280	121	20	aversion	aversion	NOUN
fsr-3280	121	21	necessitates	necessitate	VERB
fsr-3280	121	22	v(2	v(2	PROPN
fsr-3280	121	23	)	)	PUNCT
fsr-3280	121	24	�	�	PROPN
fsr-3280	121	25	v(8	v(8	PROPN
fsr-3280	121	26	)	)	PUNCT
fsr-3280	121	27	�	�	PROPN
fsr-3280	121	28	v(10	v(10	NUM
fsr-3280	121	29	)	)	PUNCT
fsr-3280	121	30	.	.	PUNCT
fsr-3280	122	1	regular	regular	ADJ
fsr-3280	122	2	coupons	coupon	NOUN
fsr-3280	122	3	,	,	PUNCT
fsr-3280	122	4	such	such	ADJ
fsr-3280	122	5	as	as	ADP
fsr-3280	122	6	those	those	PRON
fsr-3280	122	7	in	in	ADP
fsr-3280	122	8	bond	bond	NOUN
fsr-3280	122	9	funds	fund	NOUN
fsr-3280	122	10	would	would	AUX
fsr-3280	122	11	satisfy	satisfy	VERB
fsr-3280	122	12	the	the	DET
fsr-3280	122	13	preference	preference	NOUN
fsr-3280	122	14	for	for	ADP
fsr-3280	122	15	regular	regular	ADJ
fsr-3280	122	16	income	income	NOUN
fsr-3280	122	17	.	.	PUNCT
fsr-3280	123	1	furthermore	furthermore	ADV
fsr-3280	123	2	,	,	PUNCT
fsr-3280	123	3	regular	regular	ADJ
fsr-3280	123	4	dividend	dividend	NOUN
fsr-3280	123	5	payments	payment	NOUN
fsr-3280	123	6	increase	increase	VERB
fsr-3280	123	7	utility	utility	NOUN
fsr-3280	123	8	,	,	PUNCT
fsr-3280	123	9	compared	compare	VERB
fsr-3280	123	10	to	to	ADP
fsr-3280	123	11	an	an	DET
fsr-3280	123	12	equivalent	equivalent	ADJ
fsr-3280	123	13	lump	lump	NOUN
fsr-3280	123	14	sum	sum	NOUN
fsr-3280	123	15	,	,	PUNCT
fsr-3280	123	16	because	because	SCONJ
fsr-3280	123	17	of	of	ADP
fsr-3280	123	18	the	the	DET
fsr-3280	123	19	time	time	NOUN
fsr-3280	123	20	value	value	NOUN
fsr-3280	123	21	of	of	ADP
fsr-3280	123	22	money	money	NOUN
fsr-3280	123	23	.	.	PUNCT
fsr-3280	124	1	shefrin	shefrin	NOUN
fsr-3280	124	2	and	and	CCONJ
fsr-3280	124	3	statman	statman	NOUN
fsr-3280	124	4	(	(	PUNCT
fsr-3280	124	5	1984	1984	NUM
fsr-3280	124	6	)	)	PUNCT
fsr-3280	124	7	argue	argue	VERB
fsr-3280	124	8	that	that	SCONJ
fsr-3280	124	9	paying	pay	VERB
fsr-3280	124	10	a	a	DET
fsr-3280	124	11	dividend	dividend	NOUN
fsr-3280	124	12	also	also	ADV
fsr-3280	124	13	helps	help	VERB
fsr-3280	124	14	investors	investor	NOUN
fsr-3280	124	15	avoid	avoid	VERB
fsr-3280	124	16	regret	regret	NOUN
fsr-3280	124	17	especially	especially	ADV
fsr-3280	124	18	when	when	SCONJ
fsr-3280	124	19	self	self	NOUN
fsr-3280	124	20	-	-	PUNCT
fsr-3280	124	21	control	control	NOUN
fsr-3280	124	22	is	be	AUX
fsr-3280	124	23	low	low	ADJ
fsr-3280	124	24	,	,	PUNCT
fsr-3280	124	25	as	as	SCONJ
fsr-3280	124	26	may	may	AUX
fsr-3280	124	27	be	be	AUX
fsr-3280	124	28	the	the	DET
fsr-3280	124	29	case	case	NOUN
fsr-3280	124	30	with	with	ADP
fsr-3280	124	31	the	the	DET
fsr-3280	124	32	house	house	NOUN
fsr-3280	124	33	money	money	NOUN
fsr-3280	124	34	effect	effect	NOUN
fsr-3280	124	35	.	.	PUNCT
fsr-3280	125	1	dividends	dividend	NOUN
fsr-3280	125	2	are	be	AUX
fsr-3280	125	3	preferred	prefer	VERB
fsr-3280	125	4	to	to	ADP
fsr-3280	125	5	capital	capital	NOUN
fsr-3280	125	6	because	because	SCONJ
fsr-3280	125	7	it	it	PRON
fsr-3280	125	8	circumvents	circumvent	VERB
fsr-3280	125	9	the	the	DET
fsr-3280	125	10	investor	investor	NOUN
fsr-3280	125	11	having	have	VERB
fsr-3280	125	12	to	to	PART
fsr-3280	125	13	make	make	VERB
fsr-3280	125	14	a	a	DET
fsr-3280	125	15	decision	decision	NOUN
fsr-3280	125	16	that	that	SCONJ
fsr-3280	125	17	they	they	PRON
fsr-3280	125	18	may	may	AUX
fsr-3280	125	19	later	later	ADV
fsr-3280	125	20	come	come	VERB
fsr-3280	125	21	to	to	PART
fsr-3280	125	22	regret	regret	VERB
fsr-3280	125	23	if	if	SCONJ
fsr-3280	125	24	the	the	DET
fsr-3280	125	25	decision	decision	NOUN
fsr-3280	125	26	is	be	AUX
fsr-3280	125	27	“	"	PUNCT
fsr-3280	125	28	wrong	wrong	ADJ
fsr-3280	125	29	”	"	PUNCT
fsr-3280	125	30	that	that	PRON
fsr-3280	125	31	is	be	AUX
fsr-3280	125	32	,	,	PUNCT
fsr-3280	125	33	if	if	SCONJ
fsr-3280	125	34	the	the	DET
fsr-3280	125	35	asset	asset	NOUN
fsr-3280	125	36	they	they	PRON
fsr-3280	125	37	sold	sell	VERB
fsr-3280	125	38	subsequently	subsequently	ADV
fsr-3280	125	39	increases	increase	VERB
fsr-3280	125	40	in	in	ADP
fsr-3280	125	41	value	value	NOUN
fsr-3280	125	42	.	.	PUNCT
fsr-3280	126	1	the	the	DET
fsr-3280	126	2	behavioral	behavioral	ADJ
fsr-3280	126	3	biases	bias	NOUN
fsr-3280	126	4	discussed	discuss	VERB
fsr-3280	126	5	up	up	ADP
fsr-3280	126	6	to	to	ADP
fsr-3280	126	7	this	this	DET
fsr-3280	126	8	point	point	NOUN
fsr-3280	126	9	suggest	suggest	VERB
fsr-3280	126	10	the	the	DET
fsr-3280	126	11	cash	cash	NOUN
fsr-3280	126	12	account	account	NOUN
fsr-3280	126	13	selected	select	VERB
fsr-3280	126	14	be	be	VERB
fsr-3280	126	15	low	low	ADJ
fsr-3280	126	16	risk	risk	NOUN
fsr-3280	126	17	,	,	PUNCT
fsr-3280	126	18	dividend	dividend	NOUN
fsr-3280	126	19	paying	pay	VERB
fsr-3280	126	20	bond	bond	NOUN
fsr-3280	126	21	funds	fund	NOUN
fsr-3280	126	22	.	.	PUNCT
fsr-3280	127	1	additionally	additionally	ADV
fsr-3280	127	2	,	,	PUNCT
fsr-3280	127	3	the	the	DET
fsr-3280	127	4	loss	loss	NOUN
fsr-3280	127	5	realization	realization	NOUN
fsr-3280	127	6	option	option	NOUN
fsr-3280	127	7	discussed	discuss	VERB
fsr-3280	127	8	earlier	early	ADV
fsr-3280	127	9	implies	imply	VERB
fsr-3280	127	10	additional	additional	ADJ
fsr-3280	127	11	investor	investor	NOUN
fsr-3280	127	12	utility	utility	NOUN
fsr-3280	127	13	for	for	ADP
fsr-3280	127	14	selecting	select	VERB
fsr-3280	127	15	closed	closed	ADJ
fsr-3280	127	16	-	-	PUNCT
fsr-3280	127	17	end	end	NOUN
fsr-3280	127	18	funds	fund	NOUN
fsr-3280	127	19	were	be	AUX
fsr-3280	127	20	gains	gain	NOUN
fsr-3280	127	21	can	can	AUX
fsr-3280	127	22	be	be	AUX
fsr-3280	127	23	realized	realize	VERB
fsr-3280	127	24	at	at	ADP
fsr-3280	127	25	the	the	DET
fsr-3280	127	26	investor	investor	NOUN
fsr-3280	127	27	’s	’s	PART
fsr-3280	127	28	discretion	discretion	NOUN
fsr-3280	127	29	and	and	CCONJ
fsr-3280	127	30	not	not	PART
fsr-3280	127	31	automatically	automatically	ADV
fsr-3280	127	32	passed	pass	VERB
fsr-3280	127	33	through	through	ADP
fsr-3280	127	34	by	by	ADP
fsr-3280	127	35	the	the	DET
fsr-3280	127	36	fund	fund	NOUN
fsr-3280	127	37	manager	manager	NOUN
fsr-3280	127	38	.	.	PUNCT
fsr-3280	128	1	investors	investor	NOUN
fsr-3280	128	2	who	who	PRON
fsr-3280	128	3	are	be	AUX
fsr-3280	128	4	the	the	DET
fsr-3280	128	5	most	most	ADV
fsr-3280	128	6	sensitive	sensitive	ADJ
fsr-3280	128	7	to	to	ADP
fsr-3280	128	8	taxes	taxis	NOUN
fsr-3280	128	9	,	,	PUNCT
fsr-3280	128	10	and	and	CCONJ
fsr-3280	128	11	therefore	therefore	ADV
fsr-3280	128	12	,	,	PUNCT
fsr-3280	128	13	do	do	VERB
fsr-3280	128	14	the	the	DET
fsr-3280	128	15	most	most	ADJ
fsr-3280	128	16	to	to	PART
fsr-3280	128	17	avoid	avoid	VERB
fsr-3280	128	18	paying	pay	VERB
fsr-3280	128	19	them	they	PRON
fsr-3280	128	20	,	,	PUNCT
fsr-3280	128	21	have	have	VERB
fsr-3280	128	22	a	a	DET
fsr-3280	128	23	preference	preference	NOUN
fsr-3280	128	24	for	for	ADP
fsr-3280	128	25	municipal	municipal	ADJ
fsr-3280	128	26	bonds	bond	NOUN
fsr-3280	128	27	over	over	ADP
fsr-3280	128	28	corporate	corporate	ADJ
fsr-3280	128	29	bonds	bond	NOUN
fsr-3280	128	30	ceteris	ceteris	NOUN
fsr-3280	128	31	paribus	paribus	NOUN
fsr-3280	128	32	.	.	PUNCT
fsr-3280	129	1	the	the	DET
fsr-3280	129	2	argument	argument	NOUN
fsr-3280	129	3	that	that	SCONJ
fsr-3280	129	4	rational	rational	ADJ
fsr-3280	129	5	investors	investor	NOUN
fsr-3280	129	6	should	should	AUX
fsr-3280	129	7	exhibit	exhibit	VERB
fsr-3280	129	8	a	a	DET
fsr-3280	129	9	tax	tax	NOUN
fsr-3280	129	10	-	-	PUNCT
fsr-3280	129	11	related	relate	VERB
fsr-3280	129	12	dividend	dividend	NOUN
fsr-3280	129	13	aversion	aversion	NOUN
fsr-3280	129	14	does	do	AUX
fsr-3280	129	15	not	not	PART
fsr-3280	129	16	apply	apply	VERB
fsr-3280	129	17	to	to	ADP
fsr-3280	129	18	these	these	DET
fsr-3280	129	19	funds	fund	NOUN
fsr-3280	129	20	because	because	SCONJ
fsr-3280	129	21	of	of	ADP
fsr-3280	129	22	the	the	DET
fsr-3280	129	23	tax	tax	NOUN
fsr-3280	129	24	-	-	PUNCT
fsr-3280	129	25	free	free	ADJ
fsr-3280	129	26	nature	nature	NOUN
fsr-3280	129	27	of	of	ADP
fsr-3280	129	28	municipal	municipal	ADJ
fsr-3280	129	29	bonds	bond	NOUN
fsr-3280	129	30	.	.	PUNCT
fsr-3280	130	1	the	the	DET
fsr-3280	130	2	relationship	relationship	NOUN
fsr-3280	130	3	between	between	ADP
fsr-3280	130	4	investor	investor	NOUN
fsr-3280	130	5	sentiment	sentiment	NOUN
fsr-3280	130	6	and	and	CCONJ
fsr-3280	130	7	the	the	DET
fsr-3280	130	8	holding	holding	NOUN
fsr-3280	130	9	of	of	ADP
fsr-3280	130	10	municipal	municipal	ADJ
fsr-3280	130	11	bond	bond	NOUN
fsr-3280	130	12	funds	fund	NOUN
fsr-3280	130	13	should	should	AUX
fsr-3280	130	14	be	be	AUX
fsr-3280	130	15	evident	evident	ADJ
fsr-3280	130	16	.	.	PUNCT
fsr-3280	131	1	municipal	municipal	ADJ
fsr-3280	131	2	bond	bond	NOUN
fsr-3280	131	3	funds	fund	NOUN
fsr-3280	131	4	pay	pay	VERB
fsr-3280	131	5	a	a	DET
fsr-3280	131	6	tax	tax	NOUN
fsr-3280	131	7	-	-	PUNCT
fsr-3280	131	8	free	free	ADJ
fsr-3280	131	9	dividend	dividend	NOUN
fsr-3280	131	10	and	and	CCONJ
fsr-3280	131	11	are	be	AUX
fsr-3280	131	12	consistent	consistent	ADJ
fsr-3280	131	13	with	with	ADP
fsr-3280	131	14	myopic	myopic	ADJ
fsr-3280	131	15	loss	loss	NOUN
fsr-3280	131	16	aversion	aversion	NOUN
fsr-3280	131	17	,	,	PUNCT
fsr-3280	131	18	regret	regret	NOUN
fsr-3280	131	19	aversion	aversion	NOUN
fsr-3280	131	20	,	,	PUNCT
fsr-3280	131	21	and	and	CCONJ
fsr-3280	131	22	reduce	reduce	VERB
fsr-3280	131	23	problems	problem	NOUN
fsr-3280	131	24	associated	associate	VERB
fsr-3280	131	25	with	with	ADP
fsr-3280	131	26	a	a	DET
fsr-3280	131	27	lack	lack	NOUN
fsr-3280	131	28	of	of	ADP
fsr-3280	131	29	self	self	NOUN
fsr-3280	131	30	-	-	PUNCT
fsr-3280	131	31	control	control	NOUN
fsr-3280	131	32	.	.	PUNCT
fsr-3280	132	1	therefore	therefore	ADV
fsr-3280	132	2	,	,	PUNCT
fsr-3280	132	3	loss	loss	NOUN
fsr-3280	132	4	-	-	PUNCT
fsr-3280	132	5	aversion	aversion	NOUN
fsr-3280	132	6	may	may	AUX
fsr-3280	132	7	be	be	AUX
fsr-3280	132	8	a	a	DET
fsr-3280	132	9	simple	simple	ADJ
fsr-3280	132	10	but	but	CCONJ
fsr-3280	132	11	rational	rational	ADJ
fsr-3280	132	12	reason	reason	NOUN
fsr-3280	132	13	for	for	SCONJ
fsr-3280	132	14	investors	investor	NOUN
fsr-3280	132	15	to	to	PART
fsr-3280	132	16	choose	choose	VERB
fsr-3280	132	17	municipal	municipal	ADJ
fsr-3280	132	18	bond	bond	NOUN
fsr-3280	132	19	closed	close	VERB
fsr-3280	132	20	-	-	PUNCT
fsr-3280	132	21	end	end	NOUN
fsr-3280	132	22	funds	fund	NOUN
fsr-3280	132	23	as	as	ADP
fsr-3280	132	24	their	their	PRON
fsr-3280	132	25	cash	cash	NOUN
fsr-3280	132	26	account	account	NOUN
fsr-3280	132	27	.	.	PUNCT
fsr-3280	133	1	284	284	NUM
fsr-3280	133	2	m.	m.	NOUN
fsr-3280	133	3	hurst	hurst	PROPN
fsr-3280	133	4	,	,	PUNCT
fsr-3280	133	5	m.	m.	PROPN
fsr-3280	133	6	mendoza	mendoza	PROPN
fsr-3280	133	7	/	/	SYM
fsr-3280	133	8	financial	financial	ADJ
fsr-3280	133	9	services	service	NOUN
fsr-3280	133	10	review	review	VERB
fsr-3280	133	11	25	25	NUM
fsr-3280	133	12	(	(	PUNCT
fsr-3280	133	13	2016	2016	NUM
fsr-3280	133	14	)	)	PUNCT
fsr-3280	134	1	279–301	279–301	NUM
fsr-3280	134	2	4.3	4.3	NUM
fsr-3280	134	3	.	.	PUNCT
fsr-3280	135	1	liquidating	liquidate	VERB
fsr-3280	135	2	the	the	DET
fsr-3280	135	3	cash	cash	NOUN
fsr-3280	135	4	account	account	NOUN
fsr-3280	135	5	under	under	ADP
fsr-3280	135	6	mental	mental	ADJ
fsr-3280	135	7	accounting	accounting	NOUN
fsr-3280	135	8	shefrin	shefrin	NOUN
fsr-3280	135	9	and	and	CCONJ
fsr-3280	135	10	statman	statman	NOUN
fsr-3280	135	11	(	(	PUNCT
fsr-3280	135	12	1994	1994	NUM
fsr-3280	135	13	,	,	PUNCT
fsr-3280	135	14	2000	2000	NUM
fsr-3280	135	15	)	)	PUNCT
fsr-3280	135	16	explain	explain	VERB
fsr-3280	135	17	“	"	PUNCT
fsr-3280	135	18	behavioral	behavioral	ADJ
fsr-3280	135	19	portfolio	portfolio	NOUN
fsr-3280	135	20	theory	theory	NOUN
fsr-3280	135	21	”	"	PUNCT
fsr-3280	135	22	as	as	ADP
fsr-3280	135	23	an	an	DET
fsr-3280	135	24	investor	investor	NOUN
fsr-3280	135	25	having	have	VERB
fsr-3280	135	26	separate	separate	ADJ
fsr-3280	135	27	mental	mental	ADJ
fsr-3280	135	28	accounts	account	NOUN
fsr-3280	135	29	for	for	ADP
fsr-3280	135	30	different	different	ADJ
fsr-3280	135	31	purposes	purpose	NOUN
fsr-3280	135	32	.	.	PUNCT
fsr-3280	136	1	this	this	DET
fsr-3280	136	2	phenomenon	phenomenon	NOUN
fsr-3280	136	3	is	be	AUX
fsr-3280	136	4	supported	support	VERB
fsr-3280	136	5	by	by	ADP
fsr-3280	136	6	several	several	ADJ
fsr-3280	136	7	experimental	experimental	ADJ
fsr-3280	136	8	investigations	investigation	NOUN
fsr-3280	136	9	that	that	PRON
fsr-3280	136	10	show	show	VERB
fsr-3280	136	11	people	people	NOUN
fsr-3280	136	12	engage	engage	VERB
fsr-3280	136	13	in	in	ADP
fsr-3280	136	14	narrow	narrow	ADJ
fsr-3280	136	15	framing	framing	NOUN
fsr-3280	136	16	;	;	PUNCT
fsr-3280	136	17	paying	pay	VERB
fsr-3280	136	18	attention	attention	NOUN
fsr-3280	136	19	to	to	ADP
fsr-3280	136	20	individual	individual	ADJ
fsr-3280	136	21	gains	gain	NOUN
fsr-3280	136	22	and	and	CCONJ
fsr-3280	136	23	losses	loss	NOUN
fsr-3280	136	24	rather	rather	ADV
fsr-3280	136	25	than	than	ADP
fsr-3280	136	26	total	total	ADJ
fsr-3280	136	27	changes	change	NOUN
fsr-3280	136	28	.	.	PUNCT
fsr-3280	137	1	thaler	thaler	NOUN
fsr-3280	137	2	(	(	PUNCT
fsr-3280	137	3	1999	1999	NUM
fsr-3280	137	4	)	)	PUNCT
fsr-3280	137	5	explains	explain	VERB
fsr-3280	137	6	the	the	DET
fsr-3280	137	7	separation	separation	NOUN
fsr-3280	137	8	of	of	ADP
fsr-3280	137	9	sources	source	NOUN
fsr-3280	137	10	and	and	CCONJ
fsr-3280	137	11	uses	use	NOUN
fsr-3280	137	12	of	of	ADP
fsr-3280	137	13	funds	fund	NOUN
fsr-3280	137	14	into	into	ADP
fsr-3280	137	15	specific	specific	ADJ
fsr-3280	137	16	accounts	account	NOUN
fsr-3280	137	17	as	as	ADP
fsr-3280	137	18	the	the	DET
fsr-3280	137	19	second	second	ADJ
fsr-3280	137	20	component	component	NOUN
fsr-3280	137	21	of	of	ADP
fsr-3280	137	22	mental	mental	ADJ
fsr-3280	137	23	accounting	accounting	NOUN
fsr-3280	137	24	.	.	PUNCT
fsr-3280	138	1	these	these	DET
fsr-3280	138	2	mental	mental	ADJ
fsr-3280	138	3	accounts	account	NOUN
fsr-3280	138	4	are	be	AUX
fsr-3280	138	5	considered	consider	VERB
fsr-3280	138	6	independently	independently	ADV
fsr-3280	138	7	and	and	CCONJ
fsr-3280	138	8	the	the	DET
fsr-3280	138	9	covariation	covariation	NOUN
fsr-3280	138	10	between	between	ADP
fsr-3280	138	11	the	the	DET
fsr-3280	138	12	accounts	account	NOUN
fsr-3280	138	13	is	be	AUX
fsr-3280	138	14	ignored	ignore	VERB
fsr-3280	138	15	.	.	PUNCT
fsr-3280	139	1	according	accord	VERB
fsr-3280	139	2	to	to	ADP
fsr-3280	139	3	this	this	DET
fsr-3280	139	4	narrow	narrow	ADJ
fsr-3280	139	5	framing	frame	VERB
fsr-3280	139	6	expenditures	expenditure	NOUN
fsr-3280	139	7	are	be	AUX
fsr-3280	139	8	grouped	group	VERB
fsr-3280	139	9	into	into	ADP
fsr-3280	139	10	categories	category	NOUN
fsr-3280	139	11	for	for	ADP
fsr-3280	139	12	specific	specific	ADJ
fsr-3280	139	13	purposes	purpose	NOUN
fsr-3280	139	14	,	,	PUNCT
fsr-3280	139	15	and	and	CCONJ
fsr-3280	139	16	investments	investment	NOUN
fsr-3280	139	17	are	be	AUX
fsr-3280	139	18	categorized	categorize	VERB
fsr-3280	139	19	similarly	similarly	ADV
fsr-3280	139	20	.	.	PUNCT
fsr-3280	140	1	badrinath	badrinath	NOUN
fsr-3280	140	2	and	and	CCONJ
fsr-3280	140	3	lewellen	lewellen	PROPN
fsr-3280	140	4	(	(	PUNCT
fsr-3280	140	5	1991	1991	NUM
fsr-3280	140	6	)	)	PUNCT
fsr-3280	140	7	show	show	VERB
fsr-3280	140	8	most	most	ADJ
fsr-3280	140	9	securities	security	NOUN
fsr-3280	140	10	with	with	ADP
fsr-3280	140	11	losses	loss	NOUN
fsr-3280	140	12	are	be	AUX
fsr-3280	140	13	liquidated	liquidate	VERB
fsr-3280	140	14	around	around	ADP
fsr-3280	140	15	the	the	DET
fsr-3280	140	16	turn	turn	NOUN
fsr-3280	140	17	-	-	PUNCT
fsr-3280	140	18	of	of	ADP
fsr-3280	140	19	-	-	PUNCT
fsr-3280	140	20	the	the	DET
fsr-3280	140	21	-	-	PUNCT
fsr-3280	140	22	year	year	NOUN
fsr-3280	140	23	;	;	PUNCT
fsr-3280	140	24	it	it	PRON
fsr-3280	140	25	may	may	AUX
fsr-3280	140	26	be	be	AUX
fsr-3280	140	27	the	the	DET
fsr-3280	140	28	case	case	NOUN
fsr-3280	140	29	that	that	SCONJ
fsr-3280	140	30	investors	investor	NOUN
fsr-3280	140	31	are	be	AUX
fsr-3280	140	32	simply	simply	ADV
fsr-3280	140	33	less	less	ADV
fsr-3280	140	34	willing	willing	ADJ
fsr-3280	140	35	to	to	PART
fsr-3280	140	36	liquidate	liquidate	VERB
fsr-3280	140	37	a	a	DET
fsr-3280	140	38	stock	stock	NOUN
fsr-3280	140	39	holding	holding	NOUN
fsr-3280	140	40	,	,	PUNCT
fsr-3280	140	41	as	as	SCONJ
fsr-3280	140	42	opposed	oppose	VERB
fsr-3280	140	43	to	to	ADP
fsr-3280	140	44	a	a	DET
fsr-3280	140	45	predesignated	predesignated	ADJ
fsr-3280	140	46	cash	cash	NOUN
fsr-3280	140	47	account	account	NOUN
fsr-3280	140	48	,	,	PUNCT
fsr-3280	140	49	to	to	PART
fsr-3280	140	50	cover	cover	VERB
fsr-3280	140	51	tax	tax	NOUN
fsr-3280	140	52	liability	liability	NOUN
fsr-3280	140	53	early	early	ADV
fsr-3280	140	54	in	in	ADP
fsr-3280	140	55	the	the	DET
fsr-3280	140	56	year	year	NOUN
fsr-3280	140	57	.	.	PUNCT
fsr-3280	141	1	additionally	additionally	ADV
fsr-3280	141	2	,	,	PUNCT
fsr-3280	141	3	if	if	SCONJ
fsr-3280	141	4	the	the	DET
fsr-3280	141	5	cash	cash	NOUN
fsr-3280	141	6	account	account	NOUN
fsr-3280	141	7	is	be	AUX
fsr-3280	141	8	simply	simply	ADV
fsr-3280	141	9	an	an	DET
fsr-3280	141	10	accumulation	accumulation	NOUN
fsr-3280	141	11	of	of	ADP
fsr-3280	141	12	his	his	PRON
fsr-3280	141	13	gains	gain	NOUN
fsr-3280	141	14	in	in	ADP
fsr-3280	141	15	individual	individual	ADJ
fsr-3280	141	16	stocks	stock	NOUN
fsr-3280	141	17	,	,	PUNCT
fsr-3280	141	18	his	his	PRON
fsr-3280	141	19	decision	decision	NOUN
fsr-3280	141	20	of	of	ADP
fsr-3280	141	21	where	where	SCONJ
fsr-3280	141	22	to	to	PART
fsr-3280	141	23	hold	hold	VERB
fsr-3280	141	24	these	these	DET
fsr-3280	141	25	gains	gain	NOUN
fsr-3280	141	26	may	may	AUX
fsr-3280	141	27	be	be	AUX
fsr-3280	141	28	driven	drive	VERB
fsr-3280	141	29	by	by	ADP
fsr-3280	141	30	loss	loss	NOUN
fsr-3280	141	31	aversion	aversion	NOUN
fsr-3280	141	32	or	or	CCONJ
fsr-3280	141	33	regret	regret	NOUN
fsr-3280	141	34	aversion	aversion	NOUN
fsr-3280	141	35	.	.	PUNCT
fsr-3280	142	1	the	the	DET
fsr-3280	142	2	choice	choice	NOUN
fsr-3280	142	3	to	to	PART
fsr-3280	142	4	liquidate	liquidate	VERB
fsr-3280	142	5	the	the	DET
fsr-3280	142	6	cash	cash	NOUN
fsr-3280	142	7	account	account	NOUN
fsr-3280	142	8	should	should	AUX
fsr-3280	142	9	be	be	AUX
fsr-3280	142	10	inseparable	inseparable	ADJ
fsr-3280	142	11	from	from	ADP
fsr-3280	142	12	liquidating	liquidate	VERB
fsr-3280	142	13	other	other	ADJ
fsr-3280	142	14	assets	asset	NOUN
fsr-3280	142	15	for	for	ADP
fsr-3280	142	16	tax	tax	NOUN
fsr-3280	142	17	related	relate	VERB
fsr-3280	142	18	liquidity	liquidity	NOUN
fsr-3280	142	19	reasons	reason	NOUN
fsr-3280	142	20	.	.	PUNCT
fsr-3280	143	1	why	why	SCONJ
fsr-3280	143	2	then	then	ADV
fsr-3280	143	3	would	would	AUX
fsr-3280	143	4	any	any	DET
fsr-3280	143	5	asset	asset	NOUN
fsr-3280	143	6	exhibit	exhibit	VERB
fsr-3280	143	7	a	a	DET
fsr-3280	143	8	systematic	systematic	ADJ
fsr-3280	143	9	pattern	pattern	NOUN
fsr-3280	143	10	consistent	consistent	ADJ
fsr-3280	143	11	with	with	ADP
fsr-3280	143	12	tax	tax	NOUN
fsr-3280	143	13	liquidation	liquidation	NOUN
fsr-3280	143	14	?	?	PUNCT
fsr-3280	144	1	the	the	DET
fsr-3280	144	2	answer	answer	NOUN
fsr-3280	144	3	proposed	propose	VERB
fsr-3280	144	4	in	in	ADP
fsr-3280	144	5	this	this	DET
fsr-3280	144	6	article	article	NOUN
fsr-3280	144	7	is	be	AUX
fsr-3280	144	8	based	base	VERB
fsr-3280	144	9	on	on	ADP
fsr-3280	144	10	the	the	DET
fsr-3280	144	11	psychological	psychological	ADJ
fsr-3280	144	12	research	research	NOUN
fsr-3280	144	13	that	that	PRON
fsr-3280	144	14	has	have	AUX
fsr-3280	144	15	given	give	VERB
fsr-3280	144	16	rise	rise	NOUN
fsr-3280	144	17	to	to	ADP
fsr-3280	144	18	behavioral	behavioral	ADJ
fsr-3280	144	19	finance	finance	NOUN
fsr-3280	144	20	.	.	PUNCT
fsr-3280	145	1	thaler	thaler	NOUN
fsr-3280	145	2	(	(	PUNCT
fsr-3280	145	3	1999	1999	NUM
fsr-3280	145	4	)	)	PUNCT
fsr-3280	145	5	explains	explain	VERB
fsr-3280	145	6	that	that	SCONJ
fsr-3280	145	7	individuals	individual	NOUN
fsr-3280	145	8	tend	tend	VERB
fsr-3280	145	9	to	to	PART
fsr-3280	145	10	label	label	VERB
fsr-3280	145	11	accounts	account	NOUN
fsr-3280	145	12	according	accord	VERB
fsr-3280	145	13	to	to	ADP
fsr-3280	145	14	their	their	PRON
fsr-3280	145	15	usage	usage	NOUN
fsr-3280	145	16	.	.	PUNCT
fsr-3280	146	1	expenditures	expenditure	NOUN
fsr-3280	146	2	may	may	AUX
fsr-3280	146	3	be	be	AUX
fsr-3280	146	4	grouped	group	VERB
fsr-3280	146	5	to	to	PART
fsr-3280	146	6	form	form	VERB
fsr-3280	146	7	budgets	budget	NOUN
fsr-3280	146	8	while	while	SCONJ
fsr-3280	146	9	wealth	wealth	NOUN
fsr-3280	146	10	is	be	AUX
fsr-3280	146	11	allocated	allocate	VERB
fsr-3280	146	12	into	into	ADP
fsr-3280	146	13	accounts	account	NOUN
fsr-3280	146	14	.	.	PUNCT
fsr-3280	147	1	there	there	PRON
fsr-3280	147	2	is	be	VERB
fsr-3280	147	3	a	a	DET
fsr-3280	147	4	hierarchy	hierarchy	NOUN
fsr-3280	147	5	of	of	ADP
fsr-3280	147	6	accounts	account	NOUN
fsr-3280	147	7	such	such	ADJ
fsr-3280	147	8	that	that	SCONJ
fsr-3280	147	9	individuals	individual	NOUN
fsr-3280	147	10	are	be	AUX
fsr-3280	147	11	more	more	ADV
fsr-3280	147	12	likely	likely	ADJ
fsr-3280	147	13	to	to	PART
fsr-3280	147	14	spend	spend	VERB
fsr-3280	147	15	current	current	ADJ
fsr-3280	147	16	assets	asset	NOUN
fsr-3280	147	17	before	before	ADP
fsr-3280	147	18	future	future	ADJ
fsr-3280	147	19	assets	asset	NOUN
fsr-3280	147	20	.	.	PUNCT
fsr-3280	148	1	a	a	DET
fsr-3280	148	2	checking	check	VERB
fsr-3280	148	3	account	account	NOUN
fsr-3280	148	4	is	be	AUX
fsr-3280	148	5	more	more	ADV
fsr-3280	148	6	likely	likely	ADJ
fsr-3280	148	7	to	to	PART
fsr-3280	148	8	be	be	AUX
fsr-3280	148	9	used	use	VERB
fsr-3280	148	10	before	before	SCONJ
fsr-3280	148	11	an	an	DET
fsr-3280	148	12	investor	investor	NOUN
fsr-3280	148	13	dips	dip	VERB
fsr-3280	148	14	into	into	ADP
fsr-3280	148	15	a	a	DET
fsr-3280	148	16	401(k	401(k	NOUN
fsr-3280	148	17	)	)	PUNCT
fsr-3280	148	18	(	(	PUNCT
fsr-3280	148	19	thaler	thaler	NOUN
fsr-3280	148	20	,	,	PUNCT
fsr-3280	148	21	1999	1999	NUM
fsr-3280	148	22	)	)	PUNCT
fsr-3280	148	23	.	.	PUNCT
fsr-3280	149	1	bracketing	bracket	VERB
fsr-3280	149	2	expenditures	expenditure	NOUN
fsr-3280	149	3	and	and	CCONJ
fsr-3280	149	4	assets	asset	NOUN
fsr-3280	149	5	by	by	ADP
fsr-3280	149	6	their	their	PRON
fsr-3280	149	7	uses	use	NOUN
fsr-3280	149	8	and	and	CCONJ
fsr-3280	149	9	sources	source	NOUN
fsr-3280	149	10	reduces	reduce	VERB
fsr-3280	149	11	the	the	DET
fsr-3280	149	12	substitutability	substitutability	NOUN
fsr-3280	149	13	between	between	ADP
fsr-3280	149	14	accounts	account	NOUN
fsr-3280	149	15	.	.	PUNCT
fsr-3280	150	1	people	people	NOUN
fsr-3280	150	2	use	use	VERB
fsr-3280	150	3	resources	resource	NOUN
fsr-3280	150	4	differently	differently	ADV
fsr-3280	150	5	depending	depend	VERB
fsr-3280	150	6	on	on	ADP
fsr-3280	150	7	the	the	DET
fsr-3280	150	8	labels	label	NOUN
fsr-3280	150	9	that	that	PRON
fsr-3280	150	10	are	be	AUX
fsr-3280	150	11	given	give	VERB
fsr-3280	150	12	to	to	ADP
fsr-3280	150	13	each	each	DET
fsr-3280	150	14	account	account	NOUN
fsr-3280	150	15	.	.	PUNCT
fsr-3280	151	1	by	by	ADP
fsr-3280	151	2	creating	create	VERB
fsr-3280	151	3	an	an	DET
fsr-3280	151	4	explicit	explicit	ADJ
fsr-3280	151	5	budget	budget	NOUN
fsr-3280	151	6	individuals	individual	NOUN
fsr-3280	151	7	are	be	AUX
fsr-3280	151	8	exerting	exert	VERB
fsr-3280	151	9	self	self	NOUN
fsr-3280	151	10	-	-	PUNCT
fsr-3280	151	11	control	control	NOUN
fsr-3280	151	12	.	.	PUNCT
fsr-3280	152	1	however	however	ADV
fsr-3280	152	2	,	,	PUNCT
fsr-3280	152	3	this	this	PRON
fsr-3280	152	4	means	mean	VERB
fsr-3280	152	5	that	that	SCONJ
fsr-3280	152	6	once	once	SCONJ
fsr-3280	152	7	an	an	DET
fsr-3280	152	8	account	account	NOUN
fsr-3280	152	9	is	be	AUX
fsr-3280	152	10	established	establish	VERB
fsr-3280	152	11	as	as	ADP
fsr-3280	152	12	say	say	NOUN
fsr-3280	152	13	,	,	PUNCT
fsr-3280	152	14	“	"	PUNCT
fsr-3280	152	15	tax	tax	NOUN
fsr-3280	152	16	liability	liability	NOUN
fsr-3280	152	17	,	,	PUNCT
fsr-3280	152	18	”	"	PUNCT
fsr-3280	152	19	then	then	ADV
fsr-3280	152	20	it	it	PRON
fsr-3280	152	21	will	will	AUX
fsr-3280	152	22	be	be	AUX
fsr-3280	152	23	difficult	difficult	ADJ
fsr-3280	152	24	to	to	PART
fsr-3280	152	25	repurpose	repurpose	VERB
fsr-3280	152	26	these	these	DET
fsr-3280	152	27	funds	fund	NOUN
fsr-3280	152	28	for	for	ADP
fsr-3280	152	29	other	other	ADJ
fsr-3280	152	30	uses	use	NOUN
fsr-3280	152	31	.	.	PUNCT
fsr-3280	153	1	the	the	DET
fsr-3280	153	2	household	household	NOUN
fsr-3280	153	3	balance	balance	NOUN
fsr-3280	153	4	sheet	sheet	NOUN
fsr-3280	153	5	would	would	AUX
fsr-3280	153	6	have	have	VERB
fsr-3280	153	7	a	a	DET
fsr-3280	153	8	liability	liability	NOUN
fsr-3280	153	9	for	for	ADP
fsr-3280	153	10	current	current	ADJ
fsr-3280	153	11	taxes	taxis	NOUN
fsr-3280	153	12	as	as	ADV
fsr-3280	153	13	well	well	ADV
fsr-3280	153	14	as	as	ADP
fsr-3280	153	15	an	an	DET
fsr-3280	153	16	asset	asset	NOUN
fsr-3280	153	17	,	,	PUNCT
fsr-3280	153	18	the	the	DET
fsr-3280	153	19	cash	cash	NOUN
fsr-3280	153	20	account	account	NOUN
fsr-3280	153	21	,	,	PUNCT
fsr-3280	153	22	and	and	CCONJ
fsr-3280	153	23	the	the	DET
fsr-3280	153	24	hierarchy	hierarchy	NOUN
fsr-3280	153	25	would	would	AUX
fsr-3280	153	26	suggest	suggest	VERB
fsr-3280	153	27	that	that	SCONJ
fsr-3280	153	28	this	this	PRON
fsr-3280	153	29	is	be	AUX
fsr-3280	153	30	the	the	DET
fsr-3280	153	31	first	first	ADJ
fsr-3280	153	32	place	place	NOUN
fsr-3280	153	33	to	to	PART
fsr-3280	153	34	look	look	VERB
fsr-3280	153	35	before	before	ADP
fsr-3280	153	36	using	use	VERB
fsr-3280	153	37	other	other	ADJ
fsr-3280	153	38	sources	source	NOUN
fsr-3280	153	39	.	.	PUNCT
fsr-3280	154	1	essentially	essentially	ADV
fsr-3280	154	2	,	,	PUNCT
fsr-3280	154	3	labels	label	NOUN
fsr-3280	154	4	matter	matter	NOUN
fsr-3280	154	5	.	.	PUNCT
fsr-3280	155	1	5	5	X
fsr-3280	155	2	.	.	X
fsr-3280	155	3	hypotheses	hypothese	VERB
fsr-3280	155	4	the	the	DET
fsr-3280	155	5	tax	tax	NOUN
fsr-3280	155	6	-	-	PUNCT
fsr-3280	155	7	liquidation	liquidation	NOUN
fsr-3280	155	8	hypothesis	hypothesis	NOUN
fsr-3280	155	9	will	will	AUX
fsr-3280	155	10	present	present	VERB
fsr-3280	155	11	as	as	ADP
fsr-3280	155	12	joint	joint	ADJ
fsr-3280	155	13	hypotheses	hypothesis	NOUN
fsr-3280	155	14	of	of	ADP
fsr-3280	155	15	lower	low	ADJ
fsr-3280	155	16	returns	return	NOUN
fsr-3280	155	17	and	and	CCONJ
fsr-3280	155	18	increased	increase	VERB
fsr-3280	155	19	volume	volume	NOUN
fsr-3280	155	20	in	in	ADP
fsr-3280	155	21	the	the	DET
fsr-3280	155	22	month	month	NOUN
fsr-3280	155	23	of	of	ADP
fsr-3280	155	24	march	march	PROPN
fsr-3280	155	25	.	.	PUNCT
fsr-3280	156	1	tax	tax	NOUN
fsr-3280	156	2	-	-	PUNCT
fsr-3280	156	3	loss	loss	NOUN
fsr-3280	156	4	selling	selling	NOUN
fsr-3280	156	5	by	by	ADP
fsr-3280	156	6	definition	definition	NOUN
fsr-3280	156	7	reduces	reduce	VERB
fsr-3280	156	8	the	the	DET
fsr-3280	156	9	amount	amount	NOUN
fsr-3280	156	10	of	of	ADP
fsr-3280	156	11	taxes	taxis	NOUN
fsr-3280	156	12	owed	owe	VERB
fsr-3280	156	13	in	in	ADP
fsr-3280	156	14	a	a	DET
fsr-3280	156	15	given	give	VERB
fsr-3280	156	16	year.6	year.6	NOUN
fsr-3280	156	17	in	in	ADP
fsr-3280	156	18	years	year	NOUN
fsr-3280	156	19	with	with	ADP
fsr-3280	156	20	greater	great	ADJ
fsr-3280	156	21	tax	tax	NOUN
fsr-3280	156	22	-	-	PUNCT
fsr-3280	156	23	loss	loss	NOUN
fsr-3280	156	24	selling	selling	NOUN
fsr-3280	156	25	,	,	PUNCT
fsr-3280	156	26	it	it	PRON
fsr-3280	156	27	is	be	AUX
fsr-3280	156	28	not	not	PART
fsr-3280	156	29	necessary	necessary	ADJ
fsr-3280	156	30	to	to	PART
fsr-3280	156	31	liquidate	liquidate	VERB
fsr-3280	156	32	as	as	ADV
fsr-3280	156	33	much	much	ADJ
fsr-3280	156	34	to	to	PART
fsr-3280	156	35	cover	cover	VERB
fsr-3280	156	36	tax	tax	NOUN
fsr-3280	156	37	liability	liability	NOUN
fsr-3280	156	38	and	and	CCONJ
fsr-3280	156	39	therefore	therefore	ADV
fsr-3280	156	40	higher	high	ADJ
fsr-3280	156	41	returns	return	NOUN
fsr-3280	156	42	are	be	AUX
fsr-3280	156	43	expected	expect	VERB
fsr-3280	156	44	.	.	PUNCT
fsr-3280	157	1	hypothesis	hypothesis	NOUN
fsr-3280	157	2	1	1	NUM
fsr-3280	157	3	:	:	PUNCT
fsr-3280	157	4	there	there	PRON
fsr-3280	157	5	is	be	VERB
fsr-3280	157	6	a	a	DET
fsr-3280	157	7	positive	positive	ADJ
fsr-3280	157	8	relationship	relationship	NOUN
fsr-3280	157	9	between	between	ADP
fsr-3280	157	10	march	march	NOUN
fsr-3280	157	11	returns	return	NOUN
fsr-3280	157	12	and	and	CCONJ
fsr-3280	157	13	the	the	DET
fsr-3280	157	14	previous	previous	ADJ
fsr-3280	157	15	years	year	NOUN
fsr-3280	157	16	’	'	PUNCT
fsr-3280	157	17	tax	tax	NOUN
fsr-3280	157	18	-	-	PUNCT
fsr-3280	157	19	loss	loss	NOUN
fsr-3280	157	20	selling	selling	NOUN
fsr-3280	157	21	as	as	SCONJ
fsr-3280	157	22	measured	measure	VERB
fsr-3280	157	23	by	by	ADP
fsr-3280	157	24	abnormal	abnormal	ADJ
fsr-3280	157	25	volume	volume	NOUN
fsr-3280	157	26	.	.	PUNCT
fsr-3280	158	1	the	the	DET
fsr-3280	158	2	capital	capital	NOUN
fsr-3280	158	3	gains	gain	VERB
fsr-3280	158	4	tax	tax	NOUN
fsr-3280	158	5	rate	rate	NOUN
fsr-3280	158	6	,	,	PUNCT
fsr-3280	158	7	�	�	PROPN
fsr-3280	158	8	,	,	PUNCT
fsr-3280	158	9	determines	determine	VERB
fsr-3280	158	10	the	the	DET
fsr-3280	158	11	proportion	proportion	NOUN
fsr-3280	158	12	of	of	ADP
fsr-3280	158	13	capital	capital	NOUN
fsr-3280	158	14	gains	gain	NOUN
fsr-3280	158	15	that	that	PRON
fsr-3280	158	16	must	must	AUX
fsr-3280	158	17	be	be	AUX
fsr-3280	158	18	set	set	VERB
fsr-3280	158	19	aside	aside	ADV
fsr-3280	158	20	to	to	PART
fsr-3280	158	21	cover	cover	VERB
fsr-3280	158	22	tax	tax	NOUN
fsr-3280	158	23	liability	liability	NOUN
fsr-3280	158	24	.	.	PUNCT
fsr-3280	159	1	since	since	SCONJ
fsr-3280	159	2	closed	close	VERB
fsr-3280	159	3	-	-	PUNCT
fsr-3280	159	4	end	end	NOUN
fsr-3280	159	5	funds	fund	NOUN
fsr-3280	159	6	have	have	VERB
fsr-3280	159	7	a	a	DET
fsr-3280	159	8	finite	finite	ADJ
fsr-3280	159	9	number	number	NOUN
fsr-3280	159	10	of	of	ADP
fsr-3280	159	11	shares	share	NOUN
fsr-3280	159	12	,	,	PUNCT
fsr-3280	159	13	when	when	SCONJ
fsr-3280	159	14	the	the	DET
fsr-3280	159	15	285	285	NUM
fsr-3280	159	16	m.	m.	NOUN
fsr-3280	159	17	hurst	hurst	PROPN
fsr-3280	159	18	,	,	PUNCT
fsr-3280	159	19	m.	m.	PROPN
fsr-3280	159	20	mendoza	mendoza	PROPN
fsr-3280	159	21	/	/	SYM
fsr-3280	159	22	financial	financial	ADJ
fsr-3280	159	23	services	service	NOUN
fsr-3280	159	24	review	review	VERB
fsr-3280	159	25	25	25	NUM
fsr-3280	159	26	(	(	PUNCT
fsr-3280	159	27	2016	2016	NUM
fsr-3280	159	28	)	)	PUNCT
fsr-3280	159	29	279–301	279–301	NUM
fsr-3280	159	30	capital	capital	NOUN
fsr-3280	159	31	gains	gain	NOUN
fsr-3280	159	32	tax	tax	NOUN
fsr-3280	159	33	rate	rate	NOUN
fsr-3280	159	34	is	be	AUX
fsr-3280	159	35	higher	high	ADJ
fsr-3280	159	36	we	we	PRON
fsr-3280	159	37	would	would	AUX
fsr-3280	159	38	expect	expect	VERB
fsr-3280	159	39	a	a	DET
fsr-3280	159	40	greater	great	ADJ
fsr-3280	159	41	proportion	proportion	NOUN
fsr-3280	159	42	of	of	ADP
fsr-3280	159	43	the	the	DET
fsr-3280	159	44	total	total	ADJ
fsr-3280	159	45	funds	fund	NOUN
fsr-3280	159	46	to	to	PART
fsr-3280	159	47	be	be	AUX
fsr-3280	159	48	held	hold	VERB
fsr-3280	159	49	for	for	ADP
fsr-3280	159	50	tax	tax	NOUN
fsr-3280	159	51	purposes	purpose	NOUN
fsr-3280	159	52	.	.	PUNCT
fsr-3280	160	1	therefore	therefore	ADV
fsr-3280	160	2	,	,	PUNCT
fsr-3280	160	3	the	the	DET
fsr-3280	160	4	magnitude	magnitude	NOUN
fsr-3280	160	5	of	of	ADP
fsr-3280	160	6	the	the	DET
fsr-3280	160	7	tax	tax	NOUN
fsr-3280	160	8	-	-	PUNCT
fsr-3280	160	9	liquidation	liquidation	NOUN
fsr-3280	160	10	hypothesis	hypothesis	NOUN
fsr-3280	160	11	will	will	AUX
fsr-3280	160	12	be	be	AUX
fsr-3280	160	13	greater	great	ADJ
fsr-3280	160	14	when	when	SCONJ
fsr-3280	160	15	the	the	DET
fsr-3280	160	16	capital	capital	NOUN
fsr-3280	160	17	gains	gain	VERB
fsr-3280	160	18	tax	tax	NOUN
fsr-3280	160	19	rate	rate	NOUN
fsr-3280	160	20	is	be	AUX
fsr-3280	160	21	higher	high	ADJ
fsr-3280	160	22	.	.	PUNCT
fsr-3280	161	1	hypothesis	hypothesis	NOUN
fsr-3280	161	2	2a	2a	NUM
fsr-3280	161	3	:	:	PUNCT
fsr-3280	161	4	march	march	NOUN
fsr-3280	161	5	returns	return	NOUN
fsr-3280	161	6	will	will	AUX
fsr-3280	161	7	be	be	AUX
fsr-3280	161	8	negatively	negatively	ADV
fsr-3280	161	9	related	relate	VERB
fsr-3280	161	10	to	to	ADP
fsr-3280	161	11	capital	capital	NOUN
fsr-3280	161	12	gains	gain	NOUN
fsr-3280	161	13	tax	tax	NOUN
fsr-3280	161	14	rates	rate	NOUN
fsr-3280	161	15	.	.	PUNCT
fsr-3280	162	1	hypothesis	hypothesis	NOUN
fsr-3280	162	2	2b	2b	NOUN
fsr-3280	162	3	:	:	PUNCT
fsr-3280	162	4	march	march	NOUN
fsr-3280	162	5	volume	volume	NOUN
fsr-3280	162	6	measures	measure	NOUN
fsr-3280	162	7	will	will	AUX
fsr-3280	162	8	be	be	AUX
fsr-3280	162	9	positively	positively	ADV
fsr-3280	162	10	related	relate	VERB
fsr-3280	162	11	to	to	ADP
fsr-3280	162	12	capital	capital	NOUN
fsr-3280	162	13	gains	gain	NOUN
fsr-3280	162	14	tax	tax	NOUN
fsr-3280	162	15	rates	rate	NOUN
fsr-3280	162	16	.	.	PUNCT
fsr-3280	163	1	taxes	taxis	NOUN
fsr-3280	163	2	on	on	ADP
fsr-3280	163	3	unanticipated	unanticipated	ADJ
fsr-3280	163	4	capital	capital	NOUN
fsr-3280	163	5	gains	gain	NOUN
fsr-3280	163	6	can	can	AUX
fsr-3280	163	7	be	be	AUX
fsr-3280	163	8	deferred	defer	VERB
fsr-3280	163	9	until	until	ADP
fsr-3280	163	10	filing	file	VERB
fsr-3280	163	11	in	in	ADP
fsr-3280	163	12	april	april	PROPN
fsr-3280	163	13	.	.	PUNCT
fsr-3280	164	1	it	it	PRON
fsr-3280	164	2	is	be	AUX
fsr-3280	164	3	in	in	ADP
fsr-3280	164	4	the	the	DET
fsr-3280	164	5	tax	tax	NOUN
fsr-3280	164	6	payer	payer	NOUN
fsr-3280	164	7	’s	’s	PART
fsr-3280	164	8	best	good	ADJ
fsr-3280	164	9	interest	interest	NOUN
fsr-3280	164	10	to	to	PART
fsr-3280	164	11	have	have	VERB
fsr-3280	164	12	this	this	DET
fsr-3280	164	13	money	money	NOUN
fsr-3280	164	14	invested	invest	VERB
fsr-3280	164	15	as	as	ADV
fsr-3280	164	16	long	long	ADV
fsr-3280	164	17	as	as	ADP
fsr-3280	164	18	possible	possible	ADJ
fsr-3280	164	19	.	.	PUNCT
fsr-3280	165	1	therefore	therefore	ADV
fsr-3280	165	2	,	,	PUNCT
fsr-3280	165	3	the	the	DET
fsr-3280	165	4	tax	tax	NOUN
fsr-3280	165	5	-	-	PUNCT
fsr-3280	165	6	liquidation	liquidation	NOUN
fsr-3280	165	7	hypothesis	hypothesis	NOUN
fsr-3280	165	8	will	will	AUX
fsr-3280	165	9	be	be	AUX
fsr-3280	165	10	greater	great	ADJ
fsr-3280	165	11	when	when	SCONJ
fsr-3280	165	12	unanticipated	unanticipated	ADJ
fsr-3280	165	13	capital	capital	NOUN
fsr-3280	165	14	gains	gain	NOUN
fsr-3280	165	15	are	be	AUX
fsr-3280	165	16	larger	large	ADJ
fsr-3280	165	17	.	.	PUNCT
fsr-3280	166	1	hypothesis	hypothesis	NOUN
fsr-3280	166	2	3a	3a	NUM
fsr-3280	166	3	:	:	PUNCT
fsr-3280	166	4	march	march	NOUN
fsr-3280	166	5	returns	return	NOUN
fsr-3280	166	6	will	will	AUX
fsr-3280	166	7	be	be	AUX
fsr-3280	166	8	negatively	negatively	ADV
fsr-3280	166	9	related	relate	VERB
fsr-3280	166	10	to	to	ADP
fsr-3280	166	11	unanticipated	unanticipated	ADJ
fsr-3280	166	12	liability	liability	NOUN
fsr-3280	166	13	.	.	PUNCT
fsr-3280	167	1	hypothesis	hypothesis	NOUN
fsr-3280	167	2	3a	3a	NUM
fsr-3280	167	3	:	:	PUNCT
fsr-3280	168	1	march	march	NOUN
fsr-3280	168	2	volume	volume	NOUN
fsr-3280	168	3	measures	measure	NOUN
fsr-3280	168	4	will	will	AUX
fsr-3280	168	5	be	be	AUX
fsr-3280	168	6	positively	positively	ADV
fsr-3280	168	7	related	relate	VERB
fsr-3280	168	8	to	to	ADP
fsr-3280	168	9	unanticipated	unanticipated	ADJ
fsr-3280	168	10	liability	liability	NOUN
fsr-3280	168	11	.	.	PUNCT
fsr-3280	169	1	5.1	5.1	NUM
fsr-3280	169	2	.	.	PUNCT
fsr-3280	170	1	data	datum	NOUN
fsr-3280	170	2	data	datum	NOUN
fsr-3280	170	3	on	on	ADP
fsr-3280	170	4	security	security	NOUN
fsr-3280	170	5	prices	price	NOUN
fsr-3280	170	6	,	,	PUNCT
fsr-3280	170	7	shares	share	NOUN
fsr-3280	170	8	outstanding	outstanding	ADJ
fsr-3280	170	9	,	,	PUNCT
fsr-3280	170	10	monthly	monthly	ADJ
fsr-3280	170	11	volume	volume	NOUN
fsr-3280	170	12	,	,	PUNCT
fsr-3280	170	13	and	and	CCONJ
fsr-3280	170	14	monthly	monthly	ADJ
fsr-3280	170	15	returns	return	NOUN
fsr-3280	170	16	(	(	PUNCT
fsr-3280	170	17	including	include	VERB
fsr-3280	170	18	and	and	CCONJ
fsr-3280	170	19	excluding	exclude	VERB
fsr-3280	170	20	dividends	dividend	NOUN
fsr-3280	170	21	)	)	PUNCT
fsr-3280	170	22	comes	come	VERB
fsr-3280	170	23	from	from	ADP
fsr-3280	170	24	the	the	DET
fsr-3280	170	25	center	center	NOUN
fsr-3280	170	26	for	for	ADP
fsr-3280	170	27	research	research	NOUN
fsr-3280	170	28	in	in	ADP
fsr-3280	170	29	security	security	NOUN
fsr-3280	170	30	prices	price	NOUN
fsr-3280	170	31	(	(	PUNCT
fsr-3280	170	32	crsp	crsp	NOUN
fsr-3280	170	33	)	)	PUNCT
fsr-3280	170	34	monthly	monthly	ADJ
fsr-3280	170	35	stock	stock	NOUN
fsr-3280	170	36	files	file	NOUN
fsr-3280	170	37	.	.	PUNCT
fsr-3280	171	1	data	datum	NOUN
fsr-3280	171	2	on	on	ADP
fsr-3280	171	3	security	security	NOUN
fsr-3280	171	4	prices	price	NOUN
fsr-3280	171	5	,	,	PUNCT
fsr-3280	171	6	shares	share	NOUN
fsr-3280	171	7	outstanding	outstanding	ADJ
fsr-3280	171	8	,	,	PUNCT
fsr-3280	171	9	daily	daily	ADJ
fsr-3280	171	10	volume	volume	NOUN
fsr-3280	171	11	,	,	PUNCT
fsr-3280	171	12	and	and	CCONJ
fsr-3280	171	13	daily	daily	ADJ
fsr-3280	171	14	returns	return	NOUN
fsr-3280	171	15	(	(	PUNCT
fsr-3280	171	16	including	include	VERB
fsr-3280	171	17	and	and	CCONJ
fsr-3280	171	18	excluding	exclude	VERB
fsr-3280	171	19	dividends	dividend	NOUN
fsr-3280	171	20	)	)	PUNCT
fsr-3280	171	21	comes	come	VERB
fsr-3280	171	22	from	from	ADP
fsr-3280	171	23	the	the	DET
fsr-3280	171	24	crsp	crsp	ADJ
fsr-3280	171	25	daily	daily	ADJ
fsr-3280	171	26	stock	stock	NOUN
fsr-3280	171	27	files	file	NOUN
fsr-3280	171	28	.	.	PUNCT
fsr-3280	172	1	the	the	DET
fsr-3280	172	2	sample	sample	NOUN
fsr-3280	172	3	consists	consist	VERB
fsr-3280	172	4	of	of	ADP
fsr-3280	172	5	168	168	NUM
fsr-3280	172	6	municipal	municipal	ADJ
fsr-3280	172	7	bond	bond	NOUN
fsr-3280	172	8	closed	close	VERB
fsr-3280	172	9	-	-	PUNCT
fsr-3280	172	10	end	end	NOUN
fsr-3280	172	11	funds	fund	NOUN
fsr-3280	172	12	over	over	ADP
fsr-3280	172	13	the	the	DET
fsr-3280	172	14	1987	1987	NUM
fsr-3280	172	15	to	to	ADP
fsr-3280	172	16	2009	2009	NUM
fsr-3280	172	17	time	time	NOUN
fsr-3280	172	18	period.7	period.7	NOUN
fsr-3280	172	19	this	this	DET
fsr-3280	172	20	article	article	NOUN
fsr-3280	172	21	also	also	ADV
fsr-3280	172	22	looks	look	VERB
fsr-3280	172	23	at	at	ADP
fsr-3280	172	24	a	a	DET
fsr-3280	172	25	sample	sample	NOUN
fsr-3280	172	26	of	of	ADP
fsr-3280	172	27	non	non	ADJ
fsr-3280	172	28	-	-	ADJ
fsr-3280	172	29	municipal	municipal	ADJ
fsr-3280	172	30	closed	closed	ADJ
fsr-3280	172	31	end	end	NOUN
fsr-3280	172	32	funds	fund	NOUN
fsr-3280	172	33	that	that	PRON
fsr-3280	172	34	trade	trade	VERB
fsr-3280	172	35	in	in	ADP
fsr-3280	172	36	the	the	DET
fsr-3280	172	37	same	same	ADJ
fsr-3280	172	38	crsp	crsp	NOUN
fsr-3280	172	39	share	share	NOUN
fsr-3280	172	40	code(s	code(s	PROPN
fsr-3280	172	41	)	)	PUNCT
fsr-3280	172	42	.	.	PUNCT
fsr-3280	173	1	crsp	crsp	PROPN
fsr-3280	173	2	share	share	NOUN
fsr-3280	173	3	codes	code	NOUN
fsr-3280	173	4	are	be	AUX
fsr-3280	173	5	two	two	NUM
fsr-3280	173	6	digit	digit	NOUN
fsr-3280	173	7	codes	code	NOUN
fsr-3280	173	8	that	that	PRON
fsr-3280	173	9	describe	describe	VERB
fsr-3280	173	10	the	the	DET
fsr-3280	173	11	type	type	NOUN
fsr-3280	173	12	of	of	ADP
fsr-3280	173	13	security	security	NOUN
fsr-3280	173	14	traded	trade	VERB
fsr-3280	173	15	.	.	PUNCT
fsr-3280	174	1	the	the	DET
fsr-3280	174	2	securities	security	NOUN
fsr-3280	174	3	in	in	ADP
fsr-3280	174	4	this	this	DET
fsr-3280	174	5	article	article	NOUN
fsr-3280	174	6	are	be	AUX
fsr-3280	174	7	limited	limit	VERB
fsr-3280	174	8	to	to	PART
fsr-3280	174	9	share	share	VERB
fsr-3280	174	10	codes	code	NOUN
fsr-3280	174	11	14	14	NUM
fsr-3280	174	12	and	and	CCONJ
fsr-3280	174	13	44	44	NUM
fsr-3280	174	14	.	.	PUNCT
fsr-3280	175	1	the	the	DET
fsr-3280	175	2	first	first	ADJ
fsr-3280	175	3	digit	digit	NOUN
fsr-3280	175	4	describes	describe	VERB
fsr-3280	175	5	the	the	DET
fsr-3280	175	6	type	type	NOUN
fsr-3280	175	7	of	of	ADP
fsr-3280	175	8	security	security	NOUN
fsr-3280	175	9	,	,	PUNCT
fsr-3280	175	10	1	1	NUM
fsr-3280	175	11	indicates	indicate	VERB
fsr-3280	175	12	ordinary	ordinary	ADJ
fsr-3280	175	13	common	common	ADJ
fsr-3280	175	14	shares	share	NOUN
fsr-3280	175	15	,	,	PUNCT
fsr-3280	175	16	and	and	CCONJ
fsr-3280	175	17	4	4	NUM
fsr-3280	175	18	indicates	indicate	VERB
fsr-3280	175	19	sbis	sbis	NOUN
fsr-3280	175	20	(	(	PUNCT
fsr-3280	175	21	shares	share	NOUN
fsr-3280	175	22	of	of	ADP
fsr-3280	175	23	beneficial	beneficial	ADJ
fsr-3280	175	24	interest).8	interest).8	NOUN
fsr-3280	175	25	the	the	DET
fsr-3280	175	26	second	second	ADJ
fsr-3280	175	27	digit	digit	NOUN
fsr-3280	175	28	,	,	PUNCT
fsr-3280	175	29	4	4	NUM
fsr-3280	175	30	,	,	PUNCT
fsr-3280	175	31	provides	provide	VERB
fsr-3280	175	32	further	further	ADJ
fsr-3280	175	33	information	information	NOUN
fsr-3280	175	34	that	that	PRON
fsr-3280	175	35	both	both	PRON
fsr-3280	175	36	of	of	ADP
fsr-3280	175	37	these	these	DET
fsr-3280	175	38	securities	security	NOUN
fsr-3280	175	39	are	be	AUX
fsr-3280	175	40	limited	limit	VERB
fsr-3280	175	41	to	to	ADP
fsr-3280	175	42	closed	close	VERB
fsr-3280	175	43	-	-	PUNCT
fsr-3280	175	44	end	end	NOUN
fsr-3280	175	45	funds	fund	NOUN
fsr-3280	175	46	.	.	PUNCT
fsr-3280	176	1	approximately	approximately	ADV
fsr-3280	176	2	66	66	NUM
fsr-3280	176	3	%	%	NOUN
fsr-3280	176	4	of	of	ADP
fsr-3280	176	5	funds	fund	NOUN
fsr-3280	176	6	have	have	VERB
fsr-3280	176	7	crsp	crsp	PROPN
fsr-3280	176	8	share	share	PROPN
fsr-3280	176	9	code	code	PROPN
fsr-3280	176	10	14	14	NUM
fsr-3280	176	11	,	,	PUNCT
fsr-3280	176	12	the	the	DET
fsr-3280	176	13	remainder	remainder	NOUN
fsr-3280	176	14	have	have	VERB
fsr-3280	176	15	crsp	crsp	PROPN
fsr-3280	176	16	share	share	PROPN
fsr-3280	176	17	code	code	PROPN
fsr-3280	176	18	44	44	NUM
fsr-3280	176	19	.	.	PUNCT
fsr-3280	177	1	the	the	DET
fsr-3280	177	2	defining	define	VERB
fsr-3280	177	3	characteristic	characteristic	NOUN
fsr-3280	177	4	of	of	ADP
fsr-3280	177	5	the	the	DET
fsr-3280	177	6	funds	fund	NOUN
fsr-3280	177	7	in	in	ADP
fsr-3280	177	8	crsp	crsp	PROPN
fsr-3280	177	9	codes	code	NOUN
fsr-3280	177	10	14	14	NUM
fsr-3280	177	11	and	and	CCONJ
fsr-3280	177	12	44	44	NUM
fsr-3280	177	13	is	be	AUX
fsr-3280	177	14	that	that	SCONJ
fsr-3280	177	15	they	they	PRON
fsr-3280	177	16	are	be	AUX
fsr-3280	177	17	closed	close	VERB
fsr-3280	177	18	end	end	NOUN
fsr-3280	177	19	funds	fund	NOUN
fsr-3280	177	20	that	that	PRON
fsr-3280	177	21	trade	trade	VERB
fsr-3280	177	22	on	on	ADP
fsr-3280	177	23	organized	organize	VERB
fsr-3280	177	24	exchanges	exchange	NOUN
fsr-3280	177	25	and	and	CCONJ
fsr-3280	177	26	have	have	VERB
fsr-3280	177	27	uncharacteristically	uncharacteristically	ADV
fsr-3280	177	28	large	large	ADJ
fsr-3280	177	29	dividend	dividend	NOUN
fsr-3280	177	30	yields	yield	NOUN
fsr-3280	177	31	.	.	PUNCT
fsr-3280	178	1	the	the	DET
fsr-3280	178	2	average	average	ADJ
fsr-3280	178	3	dividend	dividend	NOUN
fsr-3280	178	4	yield	yield	NOUN
fsr-3280	178	5	is	be	AUX
fsr-3280	178	6	9.3	9.3	NUM
fsr-3280	178	7	%	%	NOUN
fsr-3280	178	8	per	per	ADP
fsr-3280	178	9	annum	annum	NOUN
fsr-3280	178	10	over	over	ADP
fsr-3280	178	11	the	the	DET
fsr-3280	178	12	sample	sample	NOUN
fsr-3280	178	13	period	period	NOUN
fsr-3280	178	14	.	.	PUNCT
fsr-3280	179	1	on	on	ADP
fsr-3280	179	2	average	average	ADJ
fsr-3280	179	3	9.8	9.8	NUM
fsr-3280	179	4	million	million	NUM
fsr-3280	179	5	shares	share	NOUN
fsr-3280	179	6	are	be	AUX
fsr-3280	179	7	traded	trade	VERB
fsr-3280	179	8	per	per	ADP
fsr-3280	179	9	month	month	NOUN
fsr-3280	179	10	.	.	PUNCT
fsr-3280	180	1	there	there	PRON
fsr-3280	180	2	is	be	VERB
fsr-3280	180	3	a	a	DET
fsr-3280	180	4	61	61	NUM
fsr-3280	180	5	%	%	NOUN
fsr-3280	180	6	correlation	correlation	NOUN
fsr-3280	180	7	between	between	ADP
fsr-3280	180	8	the	the	DET
fsr-3280	180	9	average	average	ADJ
fsr-3280	180	10	return	return	NOUN
fsr-3280	180	11	for	for	ADP
fsr-3280	180	12	municipals	municipal	NOUN
fsr-3280	180	13	and	and	CCONJ
fsr-3280	180	14	non	non	NOUN
fsr-3280	180	15	-	-	NOUN
fsr-3280	180	16	municipals	municipal	NOUN
fsr-3280	180	17	in	in	ADP
fsr-3280	180	18	the	the	DET
fsr-3280	180	19	sample	sample	NOUN
fsr-3280	180	20	.	.	PUNCT
fsr-3280	181	1	the	the	DET
fsr-3280	181	2	summary	summary	NOUN
fsr-3280	181	3	statistics	statistic	NOUN
fsr-3280	181	4	,	,	PUNCT
fsr-3280	181	5	reported	report	VERB
fsr-3280	181	6	in	in	ADP
fsr-3280	181	7	table	table	NOUN
fsr-3280	181	8	1	1	NUM
fsr-3280	181	9	,	,	PUNCT
fsr-3280	181	10	show	show	VERB
fsr-3280	181	11	that	that	SCONJ
fsr-3280	181	12	the	the	DET
fsr-3280	181	13	average	average	ADJ
fsr-3280	181	14	size	size	NOUN
fsr-3280	181	15	in	in	ADP
fsr-3280	181	16	closed	closed	ADJ
fsr-3280	181	17	end	end	NOUN
fsr-3280	181	18	funds	fund	NOUN
fsr-3280	181	19	has	have	AUX
fsr-3280	181	20	been	be	AUX
fsr-3280	181	21	decreasing	decrease	VERB
fsr-3280	181	22	through	through	ADP
fsr-3280	181	23	time	time	NOUN
fsr-3280	181	24	as	as	SCONJ
fsr-3280	181	25	the	the	DET
fsr-3280	181	26	number	number	NOUN
fsr-3280	181	27	of	of	ADP
fsr-3280	181	28	funds	fund	NOUN
fsr-3280	181	29	increased	increase	VERB
fsr-3280	181	30	.	.	PUNCT
fsr-3280	182	1	the	the	DET
fsr-3280	182	2	change	change	NOUN
fsr-3280	182	3	in	in	ADP
fsr-3280	182	4	total	total	ADJ
fsr-3280	182	5	value	value	NOUN
fsr-3280	182	6	follows	follow	VERB
fsr-3280	182	7	the	the	DET
fsr-3280	182	8	rapid	rapid	ADJ
fsr-3280	182	9	growth	growth	NOUN
fsr-3280	182	10	and	and	CCONJ
fsr-3280	182	11	subsequent	subsequent	ADJ
fsr-3280	182	12	decline	decline	NOUN
fsr-3280	182	13	in	in	ADP
fsr-3280	182	14	the	the	DET
fsr-3280	182	15	number	number	NOUN
fsr-3280	182	16	of	of	ADP
fsr-3280	182	17	funds	fund	NOUN
fsr-3280	182	18	reported	report	VERB
fsr-3280	182	19	in	in	ADP
fsr-3280	182	20	table	table	NOUN
fsr-3280	182	21	1	1	NUM
fsr-3280	182	22	.	.	PUNCT
fsr-3280	183	1	moreover	moreover	ADV
fsr-3280	183	2	,	,	PUNCT
fsr-3280	183	3	from	from	ADP
fsr-3280	183	4	table	table	NOUN
fsr-3280	183	5	1	1	NUM
fsr-3280	183	6	and	and	CCONJ
fsr-3280	183	7	fig	fig	NOUN
fsr-3280	183	8	.	.	PUNCT
fsr-3280	184	1	1	1	NUM
fsr-3280	184	2	,	,	PUNCT
fsr-3280	184	3	we	we	PRON
fsr-3280	184	4	can	can	AUX
fsr-3280	184	5	see	see	VERB
fsr-3280	184	6	the	the	DET
fsr-3280	184	7	net	net	ADJ
fsr-3280	184	8	asset	asset	NOUN
fsr-3280	184	9	value	value	NOUN
fsr-3280	184	10	of	of	ADP
fsr-3280	184	11	the	the	DET
fsr-3280	184	12	funds	fund	NOUN
fsr-3280	184	13	,	,	PUNCT
fsr-3280	184	14	and	and	CCONJ
fsr-3280	184	15	the	the	DET
fsr-3280	184	16	number	number	NOUN
fsr-3280	184	17	of	of	ADP
fsr-3280	184	18	existing	exist	VERB
fsr-3280	184	19	funds	fund	NOUN
fsr-3280	184	20	follows	follow	VERB
fsr-3280	184	21	a	a	DET
fsr-3280	184	22	pattern	pattern	NOUN
fsr-3280	184	23	that	that	PRON
fsr-3280	184	24	is	be	AUX
fsr-3280	184	25	consistent	consistent	ADJ
fsr-3280	184	26	with	with	ADP
fsr-3280	184	27	the	the	DET
fsr-3280	184	28	capital	capital	NOUN
fsr-3280	184	29	gains	gain	NOUN
fsr-3280	184	30	tax	tax	NOUN
fsr-3280	184	31	rate	rate	NOUN
fsr-3280	184	32	changes	change	NOUN
fsr-3280	184	33	.	.	PUNCT
fsr-3280	185	1	the	the	DET
fsr-3280	185	2	variable	variable	NOUN
fsr-3280	185	3	of	of	ADP
fsr-3280	185	4	interest	interest	NOUN
fsr-3280	185	5	,	,	PUNCT
fsr-3280	185	6	march_returnit	march_returnit	PROPN
fsr-3280	185	7	,	,	PUNCT
fsr-3280	185	8	is	be	AUX
fsr-3280	185	9	defined	define	VERB
fsr-3280	185	10	as	as	ADP
fsr-3280	185	11	the	the	DET
fsr-3280	185	12	returns	return	NOUN
fsr-3280	185	13	in	in	ADP
fsr-3280	185	14	the	the	DET
fsr-3280	185	15	month	month	NOUN
fsr-3280	185	16	of	of	ADP
fsr-3280	185	17	march	march	PROPN
fsr-3280	185	18	for	for	ADP
fsr-3280	185	19	fund	fund	NOUN
fsr-3280	185	20	i	i	PRON
fsr-3280	185	21	in	in	ADP
fsr-3280	185	22	year	year	NOUN
fsr-3280	185	23	t.	t.	NOUN
fsr-3280	186	1	the	the	DET
fsr-3280	186	2	average	average	ADJ
fsr-3280	186	3	monthly	monthly	ADJ
fsr-3280	186	4	march	march	NOUN
fsr-3280	186	5	return	return	NOUN
fsr-3280	186	6	excluding	exclude	VERB
fsr-3280	186	7	dividends	dividend	NOUN
fsr-3280	186	8	is	be	AUX
fsr-3280	186	9	-1.4	-1.4	NUM
fsr-3280	186	10	%	%	NOUN
fsr-3280	186	11	and	and	CCONJ
fsr-3280	186	12	in	in	ADP
fsr-3280	186	13	286	286	NUM
fsr-3280	186	14	m.	m.	NOUN
fsr-3280	186	15	hurst	hurst	PROPN
fsr-3280	186	16	,	,	PUNCT
fsr-3280	186	17	m.	m.	PROPN
fsr-3280	186	18	mendoza	mendoza	PROPN
fsr-3280	186	19	/	/	SYM
fsr-3280	186	20	financial	financial	ADJ
fsr-3280	186	21	services	service	NOUN
fsr-3280	186	22	review	review	VERB
fsr-3280	186	23	25	25	NUM
fsr-3280	186	24	(	(	PUNCT
fsr-3280	186	25	2016	2016	NUM
fsr-3280	186	26	)	)	PUNCT
fsr-3280	186	27	279–301	279–301	NUM
fsr-3280	186	28	table	table	NOUN
fsr-3280	186	29	1	1	NUM
fsr-3280	186	30	descriptive	descriptive	ADJ
fsr-3280	186	31	statistics	statistic	NOUN
fsr-3280	186	32	of	of	ADP
fsr-3280	186	33	fund	fund	NOUN
fsr-3280	186	34	size	size	NOUN
fsr-3280	186	35	by	by	ADP
fsr-3280	186	36	year	year	NOUN
fsr-3280	186	37	year	year	NOUN
fsr-3280	186	38	5	5	NUM
fsr-3280	186	39	%	%	NOUN
fsr-3280	186	40	25	25	NUM
fsr-3280	186	41	%	%	NOUN
fsr-3280	186	42	median	median	NOUN
fsr-3280	186	43	75	75	NUM
fsr-3280	186	44	%	%	NOUN
fsr-3280	186	45	95	95	NUM
fsr-3280	186	46	%	%	NOUN
fsr-3280	187	1	mean	mean	NOUN
fsr-3280	187	2	1987	1987	NUM
fsr-3280	188	1	$	$	SYM
fsr-3280	188	2	68,266	68,266	NUM
fsr-3280	188	3	$	$	SYM
fsr-3280	188	4	180,000	180,000	NUM
fsr-3280	188	5	$	$	SYM
fsr-3280	188	6	251,875	251,875	NUM
fsr-3280	188	7	$	$	SYM
fsr-3280	188	8	313,875	313,875	NUM
fsr-3280	188	9	$	$	SYM
fsr-3280	188	10	1,481,359	1,481,359	NUM
fsr-3280	188	11	$	$	SYM
fsr-3280	188	12	410,964	410,964	NUM
fsr-3280	188	13	1988	1988	NUM
fsr-3280	188	14	$	$	SYM
fsr-3280	188	15	50,000	50,000	NUM
fsr-3280	188	16	$	$	SYM
fsr-3280	188	17	94,433	94,433	NUM
fsr-3280	188	18	$	$	SYM
fsr-3280	188	19	240,833	240,833	NUM
fsr-3280	188	20	$	$	SYM
fsr-3280	188	21	444,375	444,375	NUM
fsr-3280	188	22	$	$	SYM
fsr-3280	188	23	1,406,353	1,406,353	NUM
fsr-3280	188	24	$	$	SYM
fsr-3280	188	25	351,008	351,008	NUM
fsr-3280	188	26	1989	1989	NUM
fsr-3280	188	27	$	$	SYM
fsr-3280	188	28	34,781	34,781	NUM
fsr-3280	188	29	$	$	SYM
fsr-3280	188	30	101,250	101,250	NUM
fsr-3280	188	31	$	$	SYM
fsr-3280	188	32	211,606	211,606	NUM
fsr-3280	188	33	$	$	SYM
fsr-3280	188	34	395,109	395,109	NUM
fsr-3280	188	35	$	$	SYM
fsr-3280	188	36	737,603	737,603	NUM
fsr-3280	188	37	$	$	SYM
fsr-3280	188	38	299,479	299,479	NUM
fsr-3280	188	39	1990	1990	NUM
fsr-3280	188	40	$	$	SYM
fsr-3280	188	41	33,745	33,745	NUM
fsr-3280	188	42	$	$	SYM
fsr-3280	188	43	105,830	105,830	NUM
fsr-3280	188	44	$	$	SYM
fsr-3280	188	45	185,084	185,084	NUM
fsr-3280	188	46	$	$	SYM
fsr-3280	188	47	409,034	409,034	NUM
fsr-3280	188	48	$	$	SYM
fsr-3280	188	49	740,759	740,759	NUM
fsr-3280	188	50	$	$	SYM
fsr-3280	188	51	294,847	294,847	NUM
fsr-3280	188	52	1991	1991	NUM
fsr-3280	188	53	$	$	SYM
fsr-3280	188	54	42,412	42,412	NUM
fsr-3280	188	55	$	$	SYM
fsr-3280	188	56	119,170	119,170	NUM
fsr-3280	188	57	$	$	SYM
fsr-3280	188	58	203,199	203,199	NUM
fsr-3280	188	59	$	$	SYM
fsr-3280	188	60	422,018	422,018	NUM
fsr-3280	188	61	$	$	SYM
fsr-3280	188	62	818,751	818,751	NUM
fsr-3280	188	63	$	$	SYM
fsr-3280	188	64	311,860	311,860	NUM
fsr-3280	188	65	1992	1992	NUM
fsr-3280	188	66	$	$	SYM
fsr-3280	188	67	46,468	46,468	NUM
fsr-3280	188	68	$	$	SYM
fsr-3280	188	69	108,609	108,609	NUM
fsr-3280	188	70	$	$	SYM
fsr-3280	188	71	188,891	188,891	NUM
fsr-3280	188	72	$	$	SYM
fsr-3280	188	73	338,700	338,700	NUM
fsr-3280	188	74	$	$	SYM
fsr-3280	188	75	810,294	810,294	NUM
fsr-3280	188	76	$	$	SYM
fsr-3280	188	77	279,736	279,736	NUM
fsr-3280	188	78	1993	1993	NUM
fsr-3280	188	79	$	$	SYM
fsr-3280	188	80	39,161	39,161	NUM
fsr-3280	188	81	$	$	SYM
fsr-3280	188	82	79,512	79,512	NUM
fsr-3280	188	83	$	$	SYM
fsr-3280	188	84	141,678	141,678	NUM
fsr-3280	188	85	$	$	SYM
fsr-3280	188	86	285,229	285,229	NUM
fsr-3280	188	87	$	$	SYM
fsr-3280	188	88	700,638	700,638	NUM
fsr-3280	188	89	$	$	SYM
fsr-3280	188	90	234,365	234,365	NUM
fsr-3280	188	91	1994	1994	NUM
fsr-3280	188	92	$	$	SYM
fsr-3280	188	93	29,294	29,294	NUM
fsr-3280	188	94	$	$	SYM
fsr-3280	188	95	65,327	65,327	NUM
fsr-3280	188	96	$	$	SYM
fsr-3280	188	97	128,305	128,305	NUM
fsr-3280	188	98	$	$	SYM
fsr-3280	188	99	246,498	246,498	NUM
fsr-3280	188	100	$	$	SYM
fsr-3280	188	101	610,256	610,256	NUM
fsr-3280	188	102	$	$	SYM
fsr-3280	188	103	203,789	203,789	NUM
fsr-3280	188	104	1995	1995	NUM
fsr-3280	188	105	$	$	SYM
fsr-3280	188	106	26,819	26,819	NUM
fsr-3280	188	107	$	$	SYM
fsr-3280	188	108	73,650	73,650	NUM
fsr-3280	188	109	$	$	SYM
fsr-3280	188	110	149,245	149,245	NUM
fsr-3280	188	111	$	$	SYM
fsr-3280	188	112	265,332	265,332	NUM
fsr-3280	188	113	$	$	SYM
fsr-3280	188	114	610,301	610,301	NUM
fsr-3280	188	115	$	$	SYM
fsr-3280	188	116	215,759	215,759	NUM
fsr-3280	188	117	1996	1996	NUM
fsr-3280	188	118	$	$	SYM
fsr-3280	188	119	32,228	32,228	NUM
fsr-3280	188	120	$	$	SYM
fsr-3280	188	121	80,790	80,790	NUM
fsr-3280	188	122	$	$	SYM
fsr-3280	188	123	160,369	160,369	NUM
fsr-3280	188	124	$	$	SYM
fsr-3280	188	125	281,232	281,232	NUM
fsr-3280	188	126	$	$	SYM
fsr-3280	188	127	632,618	632,618	NUM
fsr-3280	188	128	$	$	SYM
fsr-3280	188	129	229,490	229,490	NUM
fsr-3280	188	130	1997	1997	NUM
fsr-3280	188	131	$	$	SYM
fsr-3280	188	132	34,554	34,554	NUM
fsr-3280	188	133	$	$	SYM
fsr-3280	188	134	85,121	85,121	NUM
fsr-3280	188	135	$	$	SYM
fsr-3280	188	136	164,304	164,304	NUM
fsr-3280	188	137	$	$	SYM
fsr-3280	188	138	288,585	288,585	NUM
fsr-3280	188	139	$	$	SYM
fsr-3280	188	140	657,765	657,765	NUM
fsr-3280	188	141	$	$	SYM
fsr-3280	188	142	239,926	239,926	NUM
fsr-3280	188	143	1998	1998	NUM
fsr-3280	188	144	$	$	SYM
fsr-3280	188	145	37,537	37,537	NUM
fsr-3280	188	146	$	$	SYM
fsr-3280	188	147	94,246	94,246	NUM
fsr-3280	188	148	$	$	SYM
fsr-3280	188	149	168,768	168,768	NUM
fsr-3280	188	150	$	$	SYM
fsr-3280	188	151	300,165	300,165	NUM
fsr-3280	188	152	$	$	SYM
fsr-3280	188	153	688,365	688,365	NUM
fsr-3280	188	154	$	$	SYM
fsr-3280	188	155	248,664	248,664	NUM
fsr-3280	188	156	1999	1999	NUM
fsr-3280	188	157	$	$	SYM
fsr-3280	188	158	34,217	34,217	NUM
fsr-3280	188	159	$	$	SYM
fsr-3280	188	160	86,765	86,765	NUM
fsr-3280	188	161	$	$	SYM
fsr-3280	188	162	160,008	160,008	NUM
fsr-3280	188	163	$	$	SYM
fsr-3280	188	164	269,902	269,902	NUM
fsr-3280	188	165	$	$	SYM
fsr-3280	188	166	615,480	615,480	NUM
fsr-3280	188	167	$	$	SYM
fsr-3280	188	168	224,753	224,753	NUM
fsr-3280	188	169	2000	2000	NUM
fsr-3280	188	170	$	$	SYM
fsr-3280	188	171	29,859	29,859	NUM
fsr-3280	188	172	$	$	SYM
fsr-3280	188	173	82,095	82,095	NUM
fsr-3280	188	174	$	$	SYM
fsr-3280	188	175	147,874	147,874	NUM
fsr-3280	188	176	$	$	SYM
fsr-3280	188	177	246,948	246,948	NUM
fsr-3280	188	178	$	$	SYM
fsr-3280	188	179	543,165	543,165	NUM
fsr-3280	188	180	$	$	SYM
fsr-3280	188	181	204,512	204,512	NUM
fsr-3280	188	182	2001	2001	NUM
fsr-3280	188	183	$	$	SYM
fsr-3280	188	184	33,443	33,443	NUM
fsr-3280	188	185	$	$	SYM
fsr-3280	188	186	93,627	93,627	NUM
fsr-3280	188	187	$	$	SYM
fsr-3280	188	188	171,670	171,670	NUM
fsr-3280	188	189	$	$	SYM
fsr-3280	188	190	275,945	275,945	NUM
fsr-3280	188	191	$	$	SYM
fsr-3280	188	192	610,246	610,246	NUM
fsr-3280	188	193	$	$	SYM
fsr-3280	188	194	234,330	234,330	NUM
fsr-3280	188	195	2002	2002	NUM
fsr-3280	188	196	$	$	SYM
fsr-3280	188	197	35,032	35,032	NUM
fsr-3280	188	198	$	$	SYM
fsr-3280	188	199	99,979	99,979	NUM
fsr-3280	188	200	$	$	SYM
fsr-3280	188	201	176,518	176,518	NUM
fsr-3280	188	202	$	$	SYM
fsr-3280	188	203	302,655	302,655	NUM
fsr-3280	188	204	$	$	SYM
fsr-3280	188	205	628,480	628,480	NUM
fsr-3280	188	206	$	$	SYM
fsr-3280	188	207	248,285	248,285	NUM
fsr-3280	188	208	2003	2003	NUM
fsr-3280	188	209	$	$	SYM
fsr-3280	188	210	34,336	34,336	NUM
fsr-3280	188	211	$	$	SYM
fsr-3280	188	212	113,535	113,535	NUM
fsr-3280	188	213	$	$	SYM
fsr-3280	188	214	182,016	182,016	NUM
fsr-3280	188	215	$	$	SYM
fsr-3280	188	216	307,937	307,937	NUM
fsr-3280	188	217	$	$	SYM
fsr-3280	188	218	642,584	642,584	NUM
fsr-3280	188	219	$	$	SYM
fsr-3280	188	220	254,163	254,163	NUM
fsr-3280	188	221	2004	2004	NUM
fsr-3280	188	222	$	$	SYM
fsr-3280	188	223	34,436	34,436	NUM
fsr-3280	188	224	$	$	SYM
fsr-3280	188	225	111,322	111,322	NUM
fsr-3280	188	226	$	$	SYM
fsr-3280	188	227	181,125	181,125	NUM
fsr-3280	188	228	$	$	SYM
fsr-3280	188	229	306,275	306,275	NUM
fsr-3280	188	230	$	$	SYM
fsr-3280	188	231	638,152	638,152	NUM
fsr-3280	188	232	$	$	SYM
fsr-3280	188	233	252,013	252,013	NUM
fsr-3280	188	234	2005	2005	NUM
fsr-3280	188	235	$	$	SYM
fsr-3280	188	236	38,425	38,425	NUM
fsr-3280	188	237	$	$	SYM
fsr-3280	188	238	117,276	117,276	NUM
fsr-3280	188	239	$	$	SYM
fsr-3280	188	240	185,543	185,543	NUM
fsr-3280	188	241	$	$	SYM
fsr-3280	188	242	316,315	316,315	NUM
fsr-3280	188	243	$	$	SYM
fsr-3280	188	244	658,978	658,978	NUM
fsr-3280	188	245	$	$	SYM
fsr-3280	188	246	658,978	658,978	NUM
fsr-3280	188	247	2006	2006	NUM
fsr-3280	188	248	$	$	SYM
fsr-3280	188	249	39,038	39,038	NUM
fsr-3280	188	250	$	$	SYM
fsr-3280	188	251	121,109	121,109	NUM
fsr-3280	188	252	$	$	SYM
fsr-3280	188	253	186,940	186,940	NUM
fsr-3280	188	254	$	$	SYM
fsr-3280	188	255	327,352	327,352	NUM
fsr-3280	188	256	$	$	SYM
fsr-3280	188	257	684,099	684,099	NUM
fsr-3280	188	258	$	$	SYM
fsr-3280	188	259	264,883	264,883	NUM
fsr-3280	188	260	2007	2007	NUM
fsr-3280	188	261	$	$	SYM
fsr-3280	188	262	40,272	40,272	NUM
fsr-3280	188	263	$	$	SYM
fsr-3280	188	264	121,257	121,257	NUM
fsr-3280	188	265	$	$	SYM
fsr-3280	188	266	186,687	186,687	NUM
fsr-3280	188	267	$	$	SYM
fsr-3280	188	268	313,058	313,058	NUM
fsr-3280	188	269	$	$	SYM
fsr-3280	188	270	691,640	691,640	NUM
fsr-3280	188	271	$	$	SYM
fsr-3280	188	272	260,130	260,130	NUM
fsr-3280	188	273	2008	2008	NUM
fsr-3280	188	274	$	$	SYM
fsr-3280	188	275	37,777	37,777	NUM
fsr-3280	188	276	$	$	SYM
fsr-3280	188	277	105,118	105,118	NUM
fsr-3280	188	278	$	$	SYM
fsr-3280	188	279	164,066	164,066	NUM
fsr-3280	188	280	$	$	SYM
fsr-3280	188	281	281,065	281,065	NUM
fsr-3280	188	282	$	$	SYM
fsr-3280	188	283	597,404	597,404	NUM
fsr-3280	188	284	$	$	SYM
fsr-3280	188	285	230,771	230,771	NUM
fsr-3280	188	286	2009	2009	NUM
fsr-3280	188	287	$	$	SYM
fsr-3280	188	288	31,790	31,790	NUM
fsr-3280	188	289	$	$	SYM
fsr-3280	188	290	106,078	106,078	NUM
fsr-3280	188	291	$	$	SYM
fsr-3280	188	292	164,320	164,320	NUM
fsr-3280	188	293	$	$	SYM
fsr-3280	188	294	278,439	278,439	NUM
fsr-3280	188	295	$	$	SYM
fsr-3280	188	296	608,199	608,199	NUM
fsr-3280	188	297	$	$	SYM
fsr-3280	188	298	237,400	237,400	NUM
fsr-3280	188	299	notes	note	NOUN
fsr-3280	188	300	:	:	PUNCT
fsr-3280	188	301	this	this	PRON
fsr-3280	188	302	shows	show	VERB
fsr-3280	188	303	the	the	DET
fsr-3280	188	304	descriptive	descriptive	ADJ
fsr-3280	188	305	statistics	statistic	NOUN
fsr-3280	188	306	of	of	ADP
fsr-3280	188	307	market	market	NOUN
fsr-3280	188	308	cap	cap	NOUN
fsr-3280	188	309	for	for	ADP
fsr-3280	188	310	end	end	NOUN
fsr-3280	188	311	funds	fund	NOUN
fsr-3280	188	312	that	that	PRON
fsr-3280	188	313	exist	exist	VERB
fsr-3280	188	314	in	in	ADP
fsr-3280	188	315	a	a	DET
fsr-3280	188	316	given	give	VERB
fsr-3280	188	317	year	year	NOUN
fsr-3280	188	318	for	for	ADP
fsr-3280	188	319	which	which	PRON
fsr-3280	188	320	data	datum	NOUN
fsr-3280	188	321	was	be	AUX
fsr-3280	188	322	available	available	ADJ
fsr-3280	188	323	.	.	PUNCT
fsr-3280	189	1	there	there	PRON
fsr-3280	189	2	are	be	VERB
fsr-3280	189	3	168	168	NUM
fsr-3280	189	4	funds	fund	NOUN
fsr-3280	189	5	and	and	CCONJ
fsr-3280	189	6	22	22	NUM
fsr-3280	189	7	years	year	NOUN
fsr-3280	189	8	of	of	ADP
fsr-3280	189	9	data	datum	NOUN
fsr-3280	189	10	available	available	ADJ
fsr-3280	189	11	.	.	PUNCT
fsr-3280	190	1	dollar	dollar	NOUN
fsr-3280	190	2	amounts	amount	NOUN
fsr-3280	190	3	are	be	AUX
fsr-3280	190	4	in	in	ADP
fsr-3280	190	5	1,000s	1,000s	NUM
fsr-3280	190	6	.	.	PUNCT
fsr-3280	190	7	fig	fig	NOUN
fsr-3280	190	8	.	.	PUNCT
fsr-3280	191	1	1	1	X
fsr-3280	191	2	.	.	X
fsr-3280	191	3	total	total	ADJ
fsr-3280	191	4	asset	asset	NOUN
fsr-3280	191	5	value	value	NOUN
fsr-3280	191	6	of	of	ADP
fsr-3280	191	7	muni	muni	ADJ
fsr-3280	191	8	bond	bond	NOUN
fsr-3280	191	9	closed	close	VERB
fsr-3280	191	10	-	-	PUNCT
fsr-3280	191	11	end	end	NOUN
fsr-3280	191	12	funds	fund	NOUN
fsr-3280	191	13	by	by	ADP
fsr-3280	191	14	year	year	NOUN
fsr-3280	191	15	.	.	PUNCT
fsr-3280	192	1	the	the	DET
fsr-3280	192	2	figure	figure	NOUN
fsr-3280	192	3	shows	show	VERB
fsr-3280	192	4	the	the	DET
fsr-3280	192	5	cumulative	cumulative	ADJ
fsr-3280	192	6	value	value	NOUN
fsr-3280	192	7	of	of	ADP
fsr-3280	192	8	all	all	DET
fsr-3280	192	9	existing	exist	VERB
fsr-3280	192	10	municipal	municipal	ADJ
fsr-3280	192	11	bond	bond	NOUN
fsr-3280	192	12	closed	close	VERB
fsr-3280	192	13	-	-	PUNCT
fsr-3280	192	14	end	end	NOUN
fsr-3280	192	15	funds	fund	NOUN
fsr-3280	192	16	in	in	ADP
fsr-3280	192	17	the	the	DET
fsr-3280	192	18	sample	sample	NOUN
fsr-3280	192	19	with	with	ADP
fsr-3280	192	20	data	datum	NOUN
fsr-3280	192	21	available	available	ADJ
fsr-3280	192	22	during	during	ADP
fsr-3280	192	23	the	the	DET
fsr-3280	192	24	1987–2009	1987–2009	NUM
fsr-3280	192	25	time	time	NOUN
fsr-3280	192	26	period	period	NOUN
fsr-3280	192	27	.	.	PUNCT
fsr-3280	193	1	the	the	DET
fsr-3280	193	2	percentages	percentage	NOUN
fsr-3280	193	3	depict	depict	VERB
fsr-3280	193	4	the	the	DET
fsr-3280	193	5	top	top	ADJ
fsr-3280	193	6	marginal	marginal	ADJ
fsr-3280	193	7	tax	tax	NOUN
fsr-3280	193	8	rate	rate	NOUN
fsr-3280	193	9	for	for	ADP
fsr-3280	193	10	capital	capital	NOUN
fsr-3280	193	11	gains	gain	NOUN
fsr-3280	193	12	.	.	PUNCT
fsr-3280	194	1	before	before	SCONJ
fsr-3280	194	2	1997	1997	NUM
fsr-3280	194	3	capital	capital	NOUN
fsr-3280	194	4	gains	gain	NOUN
fsr-3280	194	5	were	be	AUX
fsr-3280	194	6	taxed	tax	VERB
fsr-3280	194	7	as	as	ADP
fsr-3280	194	8	ordinary	ordinary	ADJ
fsr-3280	194	9	income	income	NOUN
fsr-3280	194	10	.	.	PUNCT
fsr-3280	195	1	287	287	NUM
fsr-3280	195	2	m.	m.	NOUN
fsr-3280	195	3	hurst	hurst	PROPN
fsr-3280	195	4	,	,	PUNCT
fsr-3280	195	5	m.	m.	PROPN
fsr-3280	195	6	mendoza	mendoza	PROPN
fsr-3280	195	7	/	/	SYM
fsr-3280	195	8	financial	financial	ADJ
fsr-3280	195	9	services	service	NOUN
fsr-3280	195	10	review	review	VERB
fsr-3280	195	11	25	25	NUM
fsr-3280	195	12	(	(	PUNCT
fsr-3280	195	13	2016	2016	NUM
fsr-3280	195	14	)	)	PUNCT
fsr-3280	196	1	279–301	279–301	NUM
fsr-3280	196	2	a	a	DET
fsr-3280	196	3	one	one	NUM
fsr-3280	196	4	-	-	PUNCT
fsr-3280	196	5	sided	side	VERB
fsr-3280	196	6	t	t	PROPN
fsr-3280	196	7	test	test	NOUN
fsr-3280	196	8	the	the	DET
fsr-3280	196	9	variable	variable	NOUN
fsr-3280	196	10	is	be	AUX
fsr-3280	196	11	statistically	statistically	ADV
fsr-3280	196	12	different	different	ADJ
fsr-3280	196	13	from	from	ADP
fsr-3280	196	14	zero	zero	NUM
fsr-3280	196	15	.	.	PUNCT
fsr-3280	197	1	the	the	DET
fsr-3280	197	2	dependent	dependent	ADJ
fsr-3280	197	3	variable	variable	NOUN
fsr-3280	197	4	used	use	VERB
fsr-3280	197	5	for	for	ADP
fsr-3280	197	6	the	the	DET
fsr-3280	197	7	empirical	empirical	ADJ
fsr-3280	197	8	tests	test	NOUN
fsr-3280	197	9	is	be	AUX
fsr-3280	197	10	the	the	DET
fsr-3280	197	11	excess	excess	ADJ
fsr-3280	197	12	return	return	NOUN
fsr-3280	197	13	in	in	ADP
fsr-3280	197	14	march	march	PROPN
fsr-3280	197	15	.	.	PUNCT
fsr-3280	198	1	this	this	PRON
fsr-3280	198	2	is	be	AUX
fsr-3280	198	3	calculated	calculate	VERB
fsr-3280	198	4	as	as	SCONJ
fsr-3280	198	5	the	the	DET
fsr-3280	198	6	current	current	ADJ
fsr-3280	198	7	year	year	NOUN
fsr-3280	198	8	’s	’s	PART
fsr-3280	198	9	march	march	NOUN
fsr-3280	198	10	return	return	VERB
fsr-3280	198	11	less	less	ADV
fsr-3280	198	12	the	the	DET
fsr-3280	198	13	prior	prior	ADJ
fsr-3280	198	14	year	year	NOUN
fsr-3280	198	15	’s	’s	PART
fsr-3280	198	16	average	average	ADJ
fsr-3280	198	17	monthly	monthly	ADJ
fsr-3280	198	18	return	return	NOUN
fsr-3280	198	19	excluding	exclude	VERB
fsr-3280	198	20	january	january	PROPN
fsr-3280	198	21	and	and	CCONJ
fsr-3280	198	22	march	march	PROPN
fsr-3280	198	23	.	.	PUNCT
fsr-3280	199	1	fig	fig	NOUN
fsr-3280	199	2	.	.	PUNCT
fsr-3280	200	1	2a	2a	PROPN
fsr-3280	200	2	shows	show	VERB
fsr-3280	200	3	the	the	DET
fsr-3280	200	4	average	average	ADJ
fsr-3280	200	5	monthly	monthly	ADJ
fsr-3280	200	6	return	return	NOUN
fsr-3280	200	7	excluding	exclude	VERB
fsr-3280	200	8	dividends	dividend	NOUN
fsr-3280	200	9	for	for	ADP
fsr-3280	200	10	each	each	DET
fsr-3280	200	11	calendar	calendar	NOUN
fsr-3280	200	12	month	month	NOUN
fsr-3280	200	13	.	.	PUNCT
fsr-3280	201	1	the	the	DET
fsr-3280	201	2	return	return	NOUN
fsr-3280	201	3	in	in	ADP
fsr-3280	201	4	january	january	PROPN
fsr-3280	201	5	is	be	AUX
fsr-3280	201	6	consistent	consistent	ADJ
fsr-3280	201	7	with	with	ADP
fsr-3280	201	8	the	the	DET
fsr-3280	201	9	tax	tax	NOUN
fsr-3280	201	10	-	-	PUNCT
fsr-3280	201	11	timing	timing	NOUN
fsr-3280	201	12	explanation	explanation	NOUN
fsr-3280	201	13	given	give	VERB
fsr-3280	201	14	by	by	ADP
fsr-3280	201	15	starks	stark	NOUN
fsr-3280	201	16	et	et	PROPN
fsr-3280	201	17	al	al	PROPN
fsr-3280	201	18	.	.	PROPN
fsr-3280	202	1	(	(	PUNCT
fsr-3280	202	2	2006	2006	NUM
fsr-3280	202	3	)	)	PUNCT
fsr-3280	202	4	.	.	PUNCT
fsr-3280	203	1	fig	fig	NOUN
fsr-3280	203	2	.	.	PUNCT
fsr-3280	204	1	2b	2b	PROPN
fsr-3280	204	2	compares	compare	VERB
fsr-3280	204	3	the	the	DET
fsr-3280	204	4	average	average	ADJ
fsr-3280	204	5	monthly	monthly	ADJ
fsr-3280	204	6	return	return	NOUN
fsr-3280	204	7	for	for	ADP
fsr-3280	204	8	the	the	DET
fsr-3280	204	9	sample	sample	NOUN
fsr-3280	204	10	to	to	ADP
fsr-3280	204	11	the	the	DET
fsr-3280	204	12	average	average	ADJ
fsr-3280	204	13	monthly	monthly	ADJ
fsr-3280	204	14	return	return	NOUN
fsr-3280	204	15	for	for	ADP
fsr-3280	204	16	all	all	DET
fsr-3280	204	17	other	other	ADJ
fsr-3280	204	18	funds	fund	NOUN
fsr-3280	204	19	in	in	ADP
fsr-3280	204	20	the	the	DET
fsr-3280	204	21	same	same	ADJ
fsr-3280	204	22	crsp	crsp	PROPN
fsr-3280	204	23	share	share	NOUN
fsr-3280	204	24	code	code	NOUN
fsr-3280	204	25	and	and	CCONJ
fsr-3280	204	26	to	to	ADP
fsr-3280	204	27	the	the	DET
fsr-3280	204	28	monthly	monthly	ADJ
fsr-3280	204	29	return	return	NOUN
fsr-3280	204	30	for	for	ADP
fsr-3280	204	31	the	the	DET
fsr-3280	204	32	crsp	crsp	PROPN
fsr-3280	204	33	value	value	NOUN
fsr-3280	204	34	weighted	weight	VERB
fsr-3280	204	35	index	index	NOUN
fsr-3280	204	36	.	.	PUNCT
fsr-3280	205	1	fig	fig	NOUN
fsr-3280	205	2	.	.	PUNCT
fsr-3280	206	1	2	2	X
fsr-3280	206	2	.	.	X
fsr-3280	206	3	(	(	PUNCT
fsr-3280	206	4	a	a	X
fsr-3280	206	5	)	)	PUNCT
fsr-3280	206	6	average	average	ADJ
fsr-3280	206	7	monthly	monthly	ADJ
fsr-3280	206	8	return	return	NOUN
fsr-3280	206	9	of	of	ADP
fsr-3280	206	10	the	the	DET
fsr-3280	206	11	municipal	municipal	ADJ
fsr-3280	206	12	bond	bond	NOUN
fsr-3280	206	13	funds	fund	NOUN
fsr-3280	206	14	for	for	ADP
fsr-3280	206	15	the	the	DET
fsr-3280	206	16	12	12	NUM
fsr-3280	206	17	calendar	calendar	NOUN
fsr-3280	206	18	months	month	NOUN
fsr-3280	206	19	.	.	PUNCT
fsr-3280	207	1	the	the	DET
fsr-3280	207	2	figure	figure	NOUN
fsr-3280	207	3	shows	show	VERB
fsr-3280	207	4	the	the	DET
fsr-3280	207	5	average	average	ADJ
fsr-3280	207	6	return	return	NOUN
fsr-3280	207	7	excluding	exclude	VERB
fsr-3280	207	8	dividends	dividend	NOUN
fsr-3280	207	9	across	across	ADP
fsr-3280	207	10	all	all	DET
fsr-3280	207	11	municipal	municipal	ADJ
fsr-3280	207	12	bond	bond	NOUN
fsr-3280	207	13	closed	close	VERB
fsr-3280	207	14	-	-	PUNCT
fsr-3280	207	15	end	end	NOUN
fsr-3280	207	16	funds	fund	NOUN
fsr-3280	207	17	with	with	ADP
fsr-3280	207	18	data	datum	NOUN
fsr-3280	207	19	available	available	ADJ
fsr-3280	207	20	for	for	ADP
fsr-3280	207	21	each	each	DET
fsr-3280	207	22	month	month	NOUN
fsr-3280	207	23	during	during	ADP
fsr-3280	207	24	the	the	DET
fsr-3280	207	25	1990–2009	1990–2009	NUM
fsr-3280	207	26	time	time	NOUN
fsr-3280	207	27	period	period	NOUN
fsr-3280	207	28	.	.	PUNCT
fsr-3280	208	1	(	(	PUNCT
fsr-3280	208	2	b	b	X
fsr-3280	208	3	)	)	PUNCT
fsr-3280	208	4	average	average	ADJ
fsr-3280	208	5	monthly	monthly	ADJ
fsr-3280	208	6	return	return	NOUN
fsr-3280	208	7	of	of	ADP
fsr-3280	208	8	the	the	DET
fsr-3280	208	9	municipal	municipal	ADJ
fsr-3280	208	10	bond	bond	NOUN
fsr-3280	208	11	funds	fund	NOUN
fsr-3280	208	12	,	,	PUNCT
fsr-3280	208	13	nonmunicipal	nonmunicipal	ADJ
fsr-3280	208	14	funds	fund	NOUN
fsr-3280	208	15	,	,	PUNCT
fsr-3280	208	16	and	and	CCONJ
fsr-3280	208	17	the	the	DET
fsr-3280	208	18	center	center	NOUN
fsr-3280	208	19	for	for	ADP
fsr-3280	208	20	research	research	NOUN
fsr-3280	208	21	in	in	ADP
fsr-3280	208	22	security	security	NOUN
fsr-3280	208	23	prices	price	NOUN
fsr-3280	208	24	(	(	PUNCT
fsr-3280	208	25	crsp	crsp	ADV
fsr-3280	208	26	)	)	PUNCT
fsr-3280	208	27	equal	equal	ADJ
fsr-3280	208	28	weighted	weight	VERB
fsr-3280	208	29	return	return	NOUN
fsr-3280	208	30	.	.	PUNCT
fsr-3280	209	1	this	this	DET
fsr-3280	209	2	figure	figure	NOUN
fsr-3280	209	3	shows	show	VERB
fsr-3280	209	4	the	the	DET
fsr-3280	209	5	average	average	ADJ
fsr-3280	209	6	return	return	NOUN
fsr-3280	209	7	across	across	ADP
fsr-3280	209	8	all	all	DET
fsr-3280	209	9	municipal	municipal	ADJ
fsr-3280	209	10	bond	bond	NOUN
fsr-3280	209	11	and	and	CCONJ
fsr-3280	209	12	non	non	ADJ
fsr-3280	209	13	-	-	ADJ
fsr-3280	209	14	municipal	municipal	ADJ
fsr-3280	209	15	closed	closed	ADJ
fsr-3280	209	16	-	-	PUNCT
fsr-3280	209	17	end	end	NOUN
fsr-3280	209	18	funds	fund	NOUN
fsr-3280	209	19	with	with	ADP
fsr-3280	209	20	data	datum	NOUN
fsr-3280	209	21	available	available	ADJ
fsr-3280	209	22	for	for	ADP
fsr-3280	209	23	each	each	DET
fsr-3280	209	24	month	month	NOUN
fsr-3280	209	25	during	during	ADP
fsr-3280	209	26	the	the	DET
fsr-3280	209	27	1990–2009	1990–2009	NUM
fsr-3280	209	28	time	time	NOUN
fsr-3280	209	29	period	period	NOUN
fsr-3280	209	30	.	.	PUNCT
fsr-3280	210	1	288	288	NUM
fsr-3280	210	2	m.	m.	NOUN
fsr-3280	210	3	hurst	hurst	PROPN
fsr-3280	210	4	,	,	PUNCT
fsr-3280	210	5	m.	m.	PROPN
fsr-3280	210	6	mendoza	mendoza	PROPN
fsr-3280	210	7	/	/	SYM
fsr-3280	210	8	financial	financial	ADJ
fsr-3280	210	9	services	service	NOUN
fsr-3280	210	10	review	review	VERB
fsr-3280	210	11	25	25	NUM
fsr-3280	210	12	(	(	PUNCT
fsr-3280	210	13	2016	2016	NUM
fsr-3280	210	14	)	)	PUNCT
fsr-3280	211	1	279–301	279–301	NUM
fsr-3280	211	2	the	the	DET
fsr-3280	211	3	primary	primary	ADJ
fsr-3280	211	4	covariant	covariant	NOUN
fsr-3280	211	5	is	be	AUX
fsr-3280	211	6	a	a	DET
fsr-3280	211	7	variable	variable	NOUN
fsr-3280	211	8	that	that	PRON
fsr-3280	211	9	we	we	PRON
fsr-3280	211	10	have	have	AUX
fsr-3280	211	11	constructed	construct	VERB
fsr-3280	211	12	using	use	VERB
fsr-3280	211	13	the	the	DET
fsr-3280	211	14	data	datum	NOUN
fsr-3280	211	15	from	from	ADP
fsr-3280	211	16	the	the	DET
fsr-3280	211	17	internal	internal	ADJ
fsr-3280	211	18	revenue	revenue	NOUN
fsr-3280	211	19	service	service	NOUN
fsr-3280	211	20	’	'	PUNCT
fsr-3280	211	21	statistics	statistic	NOUN
fsr-3280	211	22	of	of	ADP
fsr-3280	211	23	income	income	NOUN
fsr-3280	211	24	.	.	PUNCT
fsr-3280	212	1	the	the	DET
fsr-3280	212	2	variable	variable	ADJ
fsr-3280	212	3	,	,	PUNCT
fsr-3280	212	4	unanticipated	unanticipated	ADJ
fsr-3280	212	5	liability	liability	NOUN
fsr-3280	212	6	,	,	PUNCT
fsr-3280	212	7	a	a	DET
fsr-3280	212	8	measure	measure	NOUN
fsr-3280	212	9	of	of	ADP
fsr-3280	212	10	net	net	ADJ
fsr-3280	212	11	capital	capital	NOUN
fsr-3280	212	12	gains	gain	NOUN
fsr-3280	212	13	adjusted	adjust	VERB
fsr-3280	212	14	for	for	ADP
fsr-3280	212	15	capital	capital	NOUN
fsr-3280	212	16	losses	loss	NOUN
fsr-3280	212	17	and	and	CCONJ
fsr-3280	212	18	income	income	NOUN
fsr-3280	212	19	tax	tax	NOUN
fsr-3280	212	20	due	due	ADJ
fsr-3280	212	21	at	at	ADP
fsr-3280	212	22	filing.9	filing.9	PROPN
fsr-3280	212	23	unanticipated	unanticipated	ADJ
fsr-3280	212	24	liability	liability	NOUN
fsr-3280	212	25	is	be	AUX
fsr-3280	212	26	calculated	calculate	VERB
fsr-3280	212	27	as	as	ADP
fsr-3280	212	28	the	the	DET
fsr-3280	212	29	percentage	percentage	NOUN
fsr-3280	212	30	of	of	ADP
fsr-3280	212	31	gains	gain	NOUN
fsr-3280	212	32	that	that	PRON
fsr-3280	212	33	would	would	AUX
fsr-3280	212	34	be	be	AUX
fsr-3280	212	35	uncovered	uncover	VERB
fsr-3280	212	36	by	by	ADP
fsr-3280	212	37	100	100	NUM
fsr-3280	212	38	%	%	NOUN
fsr-3280	212	39	(	(	PUNCT
fsr-3280	212	40	110	110	NUM
fsr-3280	212	41	%	%	NOUN
fsr-3280	212	42	)	)	PUNCT
fsr-3280	212	43	payments	payment	NOUN
fsr-3280	212	44	of	of	ADP
fsr-3280	212	45	safe	safe	ADJ
fsr-3280	212	46	harbor	harbor	NOUN
fsr-3280	212	47	liability	liability	NOUN
fsr-3280	212	48	under	under	ADP
fsr-3280	212	49	the	the	DET
fsr-3280	212	50	tax	tax	NOUN
fsr-3280	212	51	code	code	NOUN
fsr-3280	212	52	.	.	PUNCT
fsr-3280	213	1	because	because	SCONJ
fsr-3280	213	2	of	of	ADP
fsr-3280	213	3	the	the	DET
fsr-3280	213	4	nature	nature	NOUN
fsr-3280	213	5	of	of	ADP
fsr-3280	213	6	tax	tax	NOUN
fsr-3280	213	7	filing	filing	NOUN
fsr-3280	213	8	,	,	PUNCT
fsr-3280	213	9	unanticipated	unanticipated	ADJ
fsr-3280	213	10	liability	liability	NOUN
fsr-3280	213	11	will	will	AUX
fsr-3280	213	12	either	either	CCONJ
fsr-3280	213	13	be	be	AUX
fsr-3280	213	14	positive	positive	ADJ
fsr-3280	213	15	or	or	CCONJ
fsr-3280	213	16	nonexistent	nonexistent	ADJ
fsr-3280	213	17	.	.	PUNCT
fsr-3280	214	1	it	it	PRON
fsr-3280	214	2	is	be	AUX
fsr-3280	214	3	for	for	ADP
fsr-3280	214	4	this	this	DET
fsr-3280	214	5	reason	reason	NOUN
fsr-3280	214	6	that	that	SCONJ
fsr-3280	214	7	the	the	DET
fsr-3280	214	8	variable	variable	NOUN
fsr-3280	214	9	is	be	AUX
fsr-3280	214	10	bound	bind	VERB
fsr-3280	214	11	on	on	ADP
fsr-3280	214	12	the	the	DET
fsr-3280	214	13	lower	low	ADJ
fsr-3280	214	14	side	side	NOUN
fsr-3280	214	15	by	by	ADP
fsr-3280	214	16	zero	zero	NUM
fsr-3280	214	17	.	.	PUNCT
fsr-3280	215	1	in	in	ADP
fsr-3280	215	2	the	the	DET
fsr-3280	215	3	event	event	NOUN
fsr-3280	215	4	that	that	PRON
fsr-3280	215	5	capital	capital	NOUN
fsr-3280	215	6	gains	gain	NOUN
fsr-3280	215	7	are	be	AUX
fsr-3280	215	8	lower	low	ADJ
fsr-3280	215	9	in	in	ADP
fsr-3280	215	10	time	time	NOUN
fsr-3280	215	11	period	period	NOUN
fsr-3280	215	12	(	(	PUNCT
fsr-3280	215	13	t	t	NOUN
fsr-3280	215	14	)	)	PUNCT
fsr-3280	215	15	than	than	ADP
fsr-3280	215	16	in	in	ADP
fsr-3280	215	17	time	time	NOUN
fsr-3280	215	18	period	period	NOUN
fsr-3280	215	19	(	(	PUNCT
fsr-3280	215	20	t-1	t-1	PROPN
fsr-3280	215	21	)	)	PUNCT
fsr-3280	215	22	the	the	DET
fsr-3280	215	23	rules	rule	NOUN
fsr-3280	215	24	governing	govern	VERB
fsr-3280	215	25	safe	safe	ADJ
fsr-3280	215	26	harbor	harbor	NOUN
fsr-3280	215	27	would	would	AUX
fsr-3280	215	28	eliminate	eliminate	VERB
fsr-3280	215	29	the	the	DET
fsr-3280	215	30	possibility	possibility	NOUN
fsr-3280	215	31	of	of	ADP
fsr-3280	215	32	an	an	DET
fsr-3280	215	33	additional	additional	ADJ
fsr-3280	215	34	tax	tax	NOUN
fsr-3280	215	35	liability	liability	NOUN
fsr-3280	215	36	due	due	ADJ
fsr-3280	215	37	in	in	ADP
fsr-3280	215	38	april	april	PROPN
fsr-3280	215	39	.	.	PUNCT
fsr-3280	216	1	the	the	DET
fsr-3280	216	2	variable	variable	NOUN
fsr-3280	216	3	for	for	ADP
fsr-3280	216	4	capital	capital	NOUN
fsr-3280	216	5	gains	gain	NOUN
fsr-3280	216	6	tax	tax	NOUN
fsr-3280	216	7	rates	rate	NOUN
fsr-3280	216	8	is	be	AUX
fsr-3280	216	9	defined	define	VERB
fsr-3280	216	10	as	as	ADP
fsr-3280	216	11	the	the	DET
fsr-3280	216	12	prevailing	prevail	VERB
fsr-3280	216	13	tax	tax	NOUN
fsr-3280	216	14	rate	rate	NOUN
fsr-3280	216	15	for	for	ADP
fsr-3280	216	16	long	long	ADJ
fsr-3280	216	17	-	-	PUNCT
fsr-3280	216	18	term	term	NOUN
fsr-3280	216	19	capital	capital	NOUN
fsr-3280	216	20	gains	gain	NOUN
fsr-3280	216	21	in	in	ADP
fsr-3280	216	22	a	a	DET
fsr-3280	216	23	given	give	VERB
fsr-3280	216	24	year	year	NOUN
fsr-3280	216	25	.	.	PUNCT
fsr-3280	217	1	the	the	DET
fsr-3280	217	2	irs	irs	PROPN
fsr-3280	217	3	also	also	ADV
fsr-3280	217	4	provided	provide	VERB
fsr-3280	217	5	penalty	penalty	NOUN
fsr-3280	217	6	rates	rate	NOUN
fsr-3280	217	7	for	for	ADP
fsr-3280	217	8	underpayment	underpayment	NOUN
fsr-3280	217	9	.	.	PUNCT
fsr-3280	218	1	the	the	DET
fsr-3280	218	2	federal	federal	ADJ
fsr-3280	218	3	funds	fund	NOUN
fsr-3280	218	4	rates	rate	NOUN
fsr-3280	218	5	come	come	VERB
fsr-3280	218	6	from	from	ADP
fsr-3280	218	7	the	the	DET
fsr-3280	218	8	federal	federal	PROPN
fsr-3280	218	9	reserve	reserve	PROPN
fsr-3280	218	10	.	.	PUNCT
fsr-3280	219	1	the	the	DET
fsr-3280	219	2	capital	capital	NOUN
fsr-3280	219	3	gains	gain	VERB
fsr-3280	219	4	tax	tax	NOUN
fsr-3280	219	5	rates	rate	NOUN
fsr-3280	219	6	are	be	AUX
fsr-3280	219	7	available	available	ADJ
fsr-3280	219	8	from	from	ADP
fsr-3280	219	9	several	several	ADJ
fsr-3280	219	10	websites	website	NOUN
fsr-3280	219	11	and	and	CCONJ
fsr-3280	219	12	were	be	AUX
fsr-3280	219	13	cross	cross	NOUN
fsr-3280	219	14	checked	check	VERB
fsr-3280	219	15	for	for	ADP
fsr-3280	219	16	accuracy	accuracy	NOUN
fsr-3280	219	17	.	.	PUNCT
fsr-3280	220	1	over	over	ADP
fsr-3280	220	2	the	the	DET
fsr-3280	220	3	sample	sample	NOUN
fsr-3280	220	4	period	period	NOUN
fsr-3280	220	5	the	the	DET
fsr-3280	220	6	average	average	ADJ
fsr-3280	220	7	per	per	ADP
fsr-3280	220	8	capita	capita	X
fsr-3280	220	9	capital	capital	NOUN
fsr-3280	220	10	gains	gain	NOUN
fsr-3280	220	11	for	for	ADP
fsr-3280	220	12	all	all	DET
fsr-3280	220	13	individuals	individual	NOUN
fsr-3280	220	14	was	be	AUX
fsr-3280	220	15	approximately	approximately	ADV
fsr-3280	220	16	$	$	SYM
fsr-3280	220	17	4,000	4,000	NUM
fsr-3280	220	18	compared	compare	VERB
fsr-3280	220	19	with	with	ADP
fsr-3280	220	20	$	$	SYM
fsr-3280	220	21	25,800	25,800	NUM
fsr-3280	220	22	for	for	ADP
fsr-3280	220	23	filers	filer	NOUN
fsr-3280	220	24	in	in	ADP
fsr-3280	220	25	the	the	DET
fsr-3280	220	26	top	top	ADJ
fsr-3280	220	27	10	10	NUM
fsr-3280	220	28	%	%	NOUN
fsr-3280	220	29	.	.	PUNCT
fsr-3280	221	1	the	the	DET
fsr-3280	221	2	unanticipated	unanticipated	ADJ
fsr-3280	221	3	tax	tax	NOUN
fsr-3280	221	4	year	year	NOUN
fsr-3280	221	5	over	over	ADP
fsr-3280	221	6	year	year	NOUN
fsr-3280	221	7	for	for	ADP
fsr-3280	221	8	all	all	DET
fsr-3280	221	9	filers	filer	NOUN
fsr-3280	221	10	was	be	AUX
fsr-3280	221	11	5.6	5.6	NUM
fsr-3280	221	12	%	%	NOUN
fsr-3280	221	13	compared	compare	VERB
fsr-3280	221	14	with	with	ADP
fsr-3280	221	15	10.5	10.5	NUM
fsr-3280	221	16	%	%	NOUN
fsr-3280	221	17	for	for	ADP
fsr-3280	221	18	filers	filer	NOUN
fsr-3280	221	19	in	in	ADP
fsr-3280	221	20	the	the	DET
fsr-3280	221	21	top	top	ADJ
fsr-3280	221	22	10	10	NUM
fsr-3280	221	23	%	%	NOUN
fsr-3280	221	24	.	.	PUNCT
fsr-3280	222	1	the	the	DET
fsr-3280	222	2	approximate	approximate	ADJ
fsr-3280	222	3	tax	tax	NOUN
fsr-3280	222	4	due	due	ADJ
fsr-3280	222	5	at	at	ADP
fsr-3280	222	6	time	time	NOUN
fsr-3280	222	7	of	of	ADP
fsr-3280	222	8	filing	filing	NOUN
fsr-3280	222	9	on	on	ADP
fsr-3280	222	10	a	a	DET
fsr-3280	222	11	per	per	X
fsr-3280	222	12	capita	capita	NOUN
fsr-3280	222	13	basis	basis	NOUN
fsr-3280	222	14	was	be	AUX
fsr-3280	222	15	$	$	SYM
fsr-3280	222	16	560	560	NUM
fsr-3280	222	17	for	for	ADP
fsr-3280	222	18	all	all	DET
fsr-3280	222	19	filers	filer	NOUN
fsr-3280	222	20	and	and	CCONJ
fsr-3280	222	21	$	$	SYM
fsr-3280	222	22	4,600	4,600	NUM
fsr-3280	222	23	for	for	ADP
fsr-3280	222	24	filers	filer	NOUN
fsr-3280	222	25	in	in	ADP
fsr-3280	222	26	the	the	DET
fsr-3280	222	27	top	top	ADJ
fsr-3280	222	28	10	10	NUM
fsr-3280	222	29	%	%	NOUN
fsr-3280	222	30	.	.	PUNCT
fsr-3280	223	1	5.2	5.2	NUM
fsr-3280	223	2	.	.	PUNCT
fsr-3280	223	3	methodology	methodology	NOUN
fsr-3280	223	4	we	we	PRON
fsr-3280	223	5	use	use	VERB
fsr-3280	223	6	panel	panel	NOUN
fsr-3280	223	7	data	datum	NOUN
fsr-3280	223	8	and	and	CCONJ
fsr-3280	223	9	maximum	maximum	ADJ
fsr-3280	223	10	likelihood	likelihood	NOUN
fsr-3280	223	11	estimation	estimation	NOUN
fsr-3280	223	12	techniques	technique	NOUN
fsr-3280	223	13	to	to	PART
fsr-3280	223	14	show	show	VERB
fsr-3280	223	15	that	that	SCONJ
fsr-3280	223	16	march	march	PROPN
fsr-3280	223	17	abnormal	abnormal	ADJ
fsr-3280	223	18	returns	return	NOUN
fsr-3280	223	19	are	be	AUX
fsr-3280	223	20	positively	positively	ADV
fsr-3280	223	21	related	relate	VERB
fsr-3280	223	22	to	to	ADP
fsr-3280	223	23	both	both	CCONJ
fsr-3280	223	24	the	the	DET
fsr-3280	223	25	fund	fund	NOUN
fsr-3280	223	26	’s	’s	PART
fsr-3280	223	27	year	year	NOUN
fsr-3280	223	28	-	-	PUNCT
fsr-3280	223	29	end	end	NOUN
fsr-3280	223	30	volume	volume	NOUN
fsr-3280	223	31	and	and	CCONJ
fsr-3280	223	32	the	the	DET
fsr-3280	223	33	average	average	ADJ
fsr-3280	223	34	volume	volume	NOUN
fsr-3280	223	35	across	across	ADP
fsr-3280	223	36	funds	fund	NOUN
fsr-3280	223	37	.	.	PUNCT
fsr-3280	224	1	additionally	additionally	ADV
fsr-3280	224	2	,	,	PUNCT
fsr-3280	224	3	we	we	PRON
fsr-3280	224	4	propose	propose	VERB
fsr-3280	224	5	that	that	SCONJ
fsr-3280	224	6	the	the	DET
fsr-3280	224	7	tax	tax	NOUN
fsr-3280	224	8	liquidation	liquidation	NOUN
fsr-3280	224	9	hypothesis	hypothesis	NOUN
fsr-3280	224	10	is	be	AUX
fsr-3280	224	11	more	more	ADV
fsr-3280	224	12	likely	likely	ADJ
fsr-3280	224	13	when	when	SCONJ
fsr-3280	224	14	capital	capital	NOUN
fsr-3280	224	15	gains	gain	VERB
fsr-3280	224	16	tax	tax	NOUN
fsr-3280	224	17	rates	rate	NOUN
fsr-3280	224	18	are	be	AUX
fsr-3280	224	19	higher	high	ADJ
fsr-3280	224	20	and	and	CCONJ
fsr-3280	224	21	when	when	SCONJ
fsr-3280	224	22	there	there	PRON
fsr-3280	224	23	are	be	VERB
fsr-3280	224	24	unanticipated	unanticipated	ADJ
fsr-3280	224	25	capital	capital	NOUN
fsr-3280	224	26	gains	gain	NOUN
fsr-3280	224	27	and	and	CCONJ
fsr-3280	224	28	dividend	dividend	NOUN
fsr-3280	224	29	income	income	NOUN
fsr-3280	224	30	.	.	PUNCT
fsr-3280	225	1	the	the	DET
fsr-3280	225	2	tax	tax	NOUN
fsr-3280	225	3	liquidation	liquidation	NOUN
fsr-3280	225	4	hypothesis	hypothesis	NOUN
fsr-3280	225	5	is	be	AUX
fsr-3280	225	6	a	a	DET
fsr-3280	225	7	joint	joint	ADJ
fsr-3280	225	8	hypothesis	hypothesis	NOUN
fsr-3280	225	9	of	of	ADP
fsr-3280	225	10	lower	low	ADJ
fsr-3280	225	11	returns	return	NOUN
fsr-3280	225	12	and	and	CCONJ
fsr-3280	225	13	higher	high	ADJ
fsr-3280	225	14	volume	volume	NOUN
fsr-3280	225	15	in	in	ADP
fsr-3280	225	16	the	the	DET
fsr-3280	225	17	month	month	NOUN
fsr-3280	225	18	of	of	ADP
fsr-3280	225	19	march	march	PROPN
fsr-3280	225	20	.	.	PUNCT
fsr-3280	226	1	for	for	ADP
fsr-3280	226	2	robustness	robustness	NOUN
fsr-3280	226	3	we	we	PRON
fsr-3280	226	4	have	have	VERB
fsr-3280	226	5	two	two	NUM
fsr-3280	226	6	models	model	NOUN
fsr-3280	226	7	within	within	ADP
fsr-3280	226	8	each	each	DET
fsr-3280	226	9	regression	regression	NOUN
fsr-3280	226	10	.	.	PUNCT
fsr-3280	227	1	model	model	NOUN
fsr-3280	227	2	i	i	PRON
fsr-3280	227	3	uses	use	VERB
fsr-3280	227	4	turnover	turnover	NOUN
fsr-3280	227	5	and	and	CCONJ
fsr-3280	227	6	model	model	NOUN
fsr-3280	227	7	i	i	PRON
fsr-3280	227	8	uses	use	VERB
fsr-3280	227	9	volume	volume	NOUN
fsr-3280	227	10	ratios	ratio	NOUN
fsr-3280	227	11	.	.	PUNCT
fsr-3280	228	1	the	the	DET
fsr-3280	228	2	following	follow	VERB
fsr-3280	228	3	regression	regression	NOUN
fsr-3280	228	4	equations	equation	NOUN
fsr-3280	228	5	are	be	AUX
fsr-3280	228	6	used	use	VERB
fsr-3280	228	7	to	to	PART
fsr-3280	228	8	examine	examine	VERB
fsr-3280	228	9	the	the	DET
fsr-3280	228	10	tax	tax	NOUN
fsr-3280	228	11	liquidation	liquidation	NOUN
fsr-3280	228	12	hypothesis	hypothesis	NOUN
fsr-3280	228	13	:	:	PUNCT
fsr-3280	228	14	march_returnit	march_returnit	PROPN
fsr-3280	228	15	�	�	PROPN
fsr-3280	228	16	retit	retit	PROPN
fsr-3280	228	17	�	�	PROPN
fsr-3280	228	18	1	1	NUM
fsr-3280	228	19	2;4	2;4	NUM
fsr-3280	228	20	�	�	PROPN
fsr-3280	228	21	12	12	NUM
fsr-3280	228	22	�	�	PROPN
fsr-3280	228	23	�	�	PROPN
fsr-3280	228	24	0	0	PROPN
fsr-3280	228	25	�	�	PROPN
fsr-3280	228	26	�	�	PROPN
fsr-3280	228	27	1year_end_volume_measureit	1year_end_volume_measureit	NUM
fsr-3280	228	28	�	�	PROPN
fsr-3280	228	29	1	1	NUM
fsr-3280	228	30	�	�	PROPN
fsr-3280	228	31	�	�	PROPN
fsr-3280	228	32	2average_year_end_volume_measureit	2average_year_end_volume_measureit	NUM
fsr-3280	228	33	�	�	PROPN
fsr-3280	228	34	�	�	PROPN
fsr-3280	228	35	3capital_gains_ratet	3capital_gains_ratet	NUM
fsr-3280	228	36	�	�	PROPN
fsr-3280	228	37	�	�	PROPN
fsr-3280	228	38	4unanticipated_capital_gainst	4unanticipated_capital_gainst	NUM
fsr-3280	228	39	�	�	PROPN
fsr-3280	228	40	�	�	PROPN
fsr-3280	228	41	i	i	PROPN
fsr-3280	228	42	volume_measureit	volume_measureit	PROPN
fsr-3280	228	43	�	�	PROPN
fsr-3280	228	44	�	�	PROPN
fsr-3280	228	45	0	0	NUM
fsr-3280	228	46	t	t	PROPN
fsr-3280	228	47	�	�	PROPN
fsr-3280	228	48	�	�	PROPN
fsr-3280	228	49	1treturnit	1treturnit	PROPN
fsr-3280	228	50	c	c	PROPN
fsr-3280	228	51	�	�	PROPN
fsr-3280	228	52	�	�	PROPN
fsr-3280	228	53	2treturnit	2treturnit	PROPN
fsr-3280	228	54	p	p	PROPN
fsr-3280	228	55	�	�	PROPN
fsr-3280	228	56	�	�	PROPN
fsr-3280	228	57	3capital_gains_ratet	3capital_gains_ratet	NUM
fsr-3280	228	58	�	�	PROPN
fsr-3280	228	59	�	�	PROPN
fsr-3280	228	60	4unanticipated_capital_gainst	4unanticipated_capital_gainst	NUM
fsr-3280	228	61	�	�	PROPN
fsr-3280	228	62	�	�	PROPN
fsr-3280	228	63	it	it	PRON
fsr-3280	228	64	289	289	NUM
fsr-3280	228	65	m.	m.	NOUN
fsr-3280	228	66	hurst	hurst	PROPN
fsr-3280	228	67	,	,	PUNCT
fsr-3280	228	68	m.	m.	PROPN
fsr-3280	228	69	mendoza	mendoza	PROPN
fsr-3280	228	70	/	/	SYM
fsr-3280	228	71	financial	financial	ADJ
fsr-3280	228	72	services	service	NOUN
fsr-3280	228	73	review	review	VERB
fsr-3280	228	74	25	25	NUM
fsr-3280	228	75	(	(	PUNCT
fsr-3280	228	76	2016	2016	NUM
fsr-3280	228	77	)	)	PUNCT
fsr-3280	229	1	279–301	279–301	NUM
fsr-3280	229	2	the	the	DET
fsr-3280	229	3	hausman	hausman	PROPN
fsr-3280	229	4	specification	specification	NOUN
fsr-3280	229	5	test	test	NOUN
fsr-3280	229	6	rejects	reject	VERB
fsr-3280	229	7	the	the	DET
fsr-3280	229	8	null	null	ADJ
fsr-3280	229	9	hypothesis	hypothesis	NOUN
fsr-3280	229	10	that	that	PRON
fsr-3280	229	11	the	the	DET
fsr-3280	229	12	efficient	efficient	ADJ
fsr-3280	229	13	estimator	estimator	NOUN
fsr-3280	229	14	is	be	AUX
fsr-3280	229	15	preferred.10	preferred.10	ADJ
fsr-3280	229	16	therefore	therefore	ADV
fsr-3280	229	17	,	,	PUNCT
fsr-3280	229	18	the	the	DET
fsr-3280	229	19	remainder	remainder	NOUN
fsr-3280	229	20	of	of	ADP
fsr-3280	229	21	the	the	DET
fsr-3280	229	22	restricted	restricted	ADJ
fsr-3280	229	23	regression	regression	NOUN
fsr-3280	229	24	models	model	NOUN
fsr-3280	229	25	will	will	AUX
fsr-3280	229	26	be	be	AUX
fsr-3280	229	27	run	run	VERB
fsr-3280	229	28	using	use	VERB
fsr-3280	229	29	fixed	fix	VERB
fsr-3280	229	30	effects	effect	NOUN
fsr-3280	229	31	and	and	CCONJ
fsr-3280	229	32	will	will	AUX
fsr-3280	229	33	control	control	VERB
fsr-3280	229	34	for	for	ADP
fsr-3280	229	35	clustering	cluster	VERB
fsr-3280	229	36	by	by	ADP
fsr-3280	229	37	year	year	NOUN
fsr-3280	229	38	when	when	SCONJ
fsr-3280	229	39	appropriate	appropriate	ADJ
fsr-3280	229	40	.	.	PUNCT
fsr-3280	230	1	5.3	5.3	NUM
fsr-3280	230	2	.	.	PUNCT
fsr-3280	231	1	the	the	DET
fsr-3280	231	2	tax	tax	NOUN
fsr-3280	231	3	liquidation	liquidation	NOUN
fsr-3280	231	4	hypothesis	hypothesis	NOUN
fsr-3280	231	5	in	in	ADP
fsr-3280	231	6	municipal	municipal	ADJ
fsr-3280	231	7	bond	bond	NOUN
fsr-3280	231	8	closed	close	VERB
fsr-3280	231	9	-	-	PUNCT
fsr-3280	231	10	end	end	NOUN
fsr-3280	231	11	funds	fund	NOUN
fsr-3280	231	12	to	to	PART
fsr-3280	231	13	document	document	VERB
fsr-3280	231	14	the	the	DET
fsr-3280	231	15	tax	tax	NOUN
fsr-3280	231	16	liquidation	liquidation	NOUN
fsr-3280	231	17	hypothesis	hypothesis	NOUN
fsr-3280	231	18	in	in	ADP
fsr-3280	231	19	closed	close	VERB
fsr-3280	231	20	-	-	PUNCT
fsr-3280	231	21	end	end	NOUN
fsr-3280	231	22	municipal	municipal	ADJ
fsr-3280	231	23	bond	bond	NOUN
fsr-3280	231	24	funds	fund	NOUN
fsr-3280	231	25	the	the	DET
fsr-3280	231	26	average	average	ADJ
fsr-3280	231	27	monthly	monthly	ADJ
fsr-3280	231	28	return	return	NOUN
fsr-3280	231	29	is	be	AUX
fsr-3280	231	30	calculated	calculate	VERB
fsr-3280	231	31	across	across	ADP
fsr-3280	231	32	all	all	DET
fsr-3280	231	33	funds	fund	NOUN
fsr-3280	231	34	.	.	PUNCT
fsr-3280	232	1	fig	fig	NOUN
fsr-3280	232	2	.	.	PUNCT
fsr-3280	233	1	2	2	NUM
fsr-3280	233	2	presents	present	VERB
fsr-3280	233	3	the	the	DET
fsr-3280	233	4	average	average	ADJ
fsr-3280	233	5	return	return	NOUN
fsr-3280	233	6	by	by	ADP
fsr-3280	233	7	month	month	NOUN
fsr-3280	233	8	for	for	ADP
fsr-3280	233	9	all	all	DET
fsr-3280	233	10	funds.11	funds.11	NOUN
fsr-3280	233	11	for	for	ADP
fsr-3280	233	12	all	all	DET
fsr-3280	233	13	years	year	NOUN
fsr-3280	233	14	the	the	DET
fsr-3280	233	15	average	average	NOUN
fsr-3280	233	16	in	in	ADP
fsr-3280	233	17	march	march	PROPN
fsr-3280	233	18	(	(	PUNCT
fsr-3280	233	19	not	not	PART
fsr-3280	233	20	including	include	VERB
fsr-3280	233	21	dividends)12	dividends)12	PROPN
fsr-3280	233	22	for	for	ADP
fsr-3280	233	23	all	all	DET
fsr-3280	233	24	fund	fund	NOUN
fsr-3280	233	25	years	year	NOUN
fsr-3280	233	26	was	be	AUX
fsr-3280	233	27	(	(	PUNCT
fsr-3280	233	28	1.4)%	1.4)%	NUM
fsr-3280	233	29	compared	compare	VERB
fsr-3280	233	30	to	to	ADP
fsr-3280	233	31	an	an	DET
fsr-3280	233	32	average	average	NOUN
fsr-3280	233	33	of	of	ADP
fsr-3280	233	34	(	(	PUNCT
fsr-3280	233	35	0.1)%	0.1)%	PROPN
fsr-3280	233	36	for	for	ADP
fsr-3280	233	37	the	the	DET
fsr-3280	233	38	10	10	NUM
fsr-3280	233	39	months	month	NOUN
fsr-3280	233	40	of	of	ADP
fsr-3280	233	41	the	the	DET
fsr-3280	233	42	year	year	NOUN
fsr-3280	233	43	not	not	PART
fsr-3280	233	44	including	include	VERB
fsr-3280	233	45	january	january	PROPN
fsr-3280	233	46	.	.	PUNCT
fsr-3280	234	1	this	this	DET
fsr-3280	234	2	finding	finding	NOUN
fsr-3280	234	3	is	be	AUX
fsr-3280	234	4	primarily	primarily	ADV
fsr-3280	234	5	driven	drive	VERB
fsr-3280	234	6	by	by	ADP
fsr-3280	234	7	the	the	DET
fsr-3280	234	8	years	year	NOUN
fsr-3280	234	9	before	before	ADP
fsr-3280	234	10	2003	2003	NUM
fsr-3280	234	11	.	.	PUNCT
fsr-3280	235	1	in	in	ADP
fsr-3280	235	2	2003	2003	NUM
fsr-3280	235	3	capital	capital	NOUN
fsr-3280	235	4	gains	gain	NOUN
fsr-3280	235	5	tax	tax	NOUN
fsr-3280	235	6	was	be	AUX
fsr-3280	235	7	limited	limit	VERB
fsr-3280	235	8	to	to	ADP
fsr-3280	235	9	a	a	DET
fsr-3280	235	10	maximum	maximum	NOUN
fsr-3280	235	11	of	of	ADP
fsr-3280	235	12	15	15	NUM
fsr-3280	235	13	%	%	NOUN
fsr-3280	235	14	for	for	ADP
fsr-3280	235	15	long	long	ADJ
fsr-3280	235	16	-	-	PUNCT
fsr-3280	235	17	term	term	NOUN
fsr-3280	235	18	gains	gain	NOUN
fsr-3280	235	19	and	and	CCONJ
fsr-3280	235	20	35	35	NUM
fsr-3280	235	21	%	%	NOUN
fsr-3280	235	22	for	for	ADP
fsr-3280	235	23	short	short	ADJ
fsr-3280	235	24	-	-	PUNCT
fsr-3280	235	25	term	term	NOUN
fsr-3280	235	26	gains	gain	NOUN
fsr-3280	235	27	.	.	PUNCT
fsr-3280	236	1	the	the	DET
fsr-3280	236	2	abnormal	abnormal	ADJ
fsr-3280	236	3	return	return	NOUN
fsr-3280	236	4	for	for	ADP
fsr-3280	236	5	march	march	NOUN
fsr-3280	236	6	for	for	ADP
fsr-3280	236	7	the	the	DET
fsr-3280	236	8	earlier	early	ADJ
fsr-3280	236	9	time	time	NOUN
fsr-3280	236	10	period	period	NOUN
fsr-3280	236	11	was	be	AUX
fsr-3280	236	12	1.7	1.7	NUM
fsr-3280	236	13	%	%	NOUN
fsr-3280	236	14	compared	compare	VERB
fsr-3280	236	15	with	with	ADP
fsr-3280	236	16	0.3	0.3	NUM
fsr-3280	236	17	%	%	NOUN
fsr-3280	236	18	in	in	ADP
fsr-3280	236	19	the	the	DET
fsr-3280	236	20	later	later	ADJ
fsr-3280	236	21	time	time	NOUN
fsr-3280	236	22	period	period	NOUN
fsr-3280	236	23	.	.	PUNCT
fsr-3280	237	1	the	the	DET
fsr-3280	237	2	significant	significant	ADJ
fsr-3280	237	3	underperformance	underperformance	NOUN
fsr-3280	237	4	in	in	ADP
fsr-3280	237	5	march	march	PROPN
fsr-3280	237	6	is	be	AUX
fsr-3280	237	7	supported	support	VERB
fsr-3280	237	8	by	by	ADP
fsr-3280	237	9	a	a	DET
fsr-3280	237	10	simple	simple	ADJ
fsr-3280	237	11	time	time	NOUN
fsr-3280	237	12	-	-	PUNCT
fsr-3280	237	13	series	series	NOUN
fsr-3280	237	14	regression	regression	NOUN
fsr-3280	237	15	of	of	ADP
fsr-3280	237	16	cross	cross	ADJ
fsr-3280	237	17	-	-	ADJ
fsr-3280	237	18	fund	fund	ADJ
fsr-3280	237	19	average	average	ADJ
fsr-3280	237	20	returns	return	NOUN
fsr-3280	237	21	on	on	ADP
fsr-3280	237	22	a	a	DET
fsr-3280	237	23	march	march	NOUN
fsr-3280	237	24	dummy	dummy	ADJ
fsr-3280	237	25	variable	variable	NOUN
fsr-3280	237	26	.	.	PUNCT
fsr-3280	238	1	the	the	DET
fsr-3280	238	2	results	result	NOUN
fsr-3280	238	3	in	in	ADP
fsr-3280	238	4	table	table	NOUN
fsr-3280	238	5	2	2	NUM
fsr-3280	238	6	show	show	NOUN
fsr-3280	238	7	that	that	SCONJ
fsr-3280	238	8	march	march	PROPN
fsr-3280	238	9	has	have	VERB
fsr-3280	238	10	significantly	significantly	ADV
fsr-3280	238	11	lower	low	ADJ
fsr-3280	238	12	returns	return	NOUN
fsr-3280	238	13	than	than	ADP
fsr-3280	238	14	the	the	DET
fsr-3280	238	15	others	other	NOUN
fsr-3280	238	16	months	month	NOUN
fsr-3280	238	17	.	.	PUNCT
fsr-3280	239	1	in	in	ADP
fsr-3280	239	2	the	the	DET
fsr-3280	239	3	first	first	ADJ
fsr-3280	239	4	regression	regression	NOUN
fsr-3280	239	5	the	the	DET
fsr-3280	239	6	difference	difference	NOUN
fsr-3280	239	7	is	be	AUX
fsr-3280	239	8	(	(	PUNCT
fsr-3280	239	9	1.6)%	1.6)%	PROPN
fsr-3280	239	10	(	(	PUNCT
fsr-3280	239	11	significant	significant	ADJ
fsr-3280	239	12	at	at	ADP
fsr-3280	239	13	1	1	NUM
fsr-3280	239	14	%	%	NOUN
fsr-3280	239	15	)	)	PUNCT
fsr-3280	239	16	.	.	PUNCT
fsr-3280	240	1	the	the	DET
fsr-3280	240	2	second	second	ADJ
fsr-3280	240	3	regression	regression	NOUN
fsr-3280	240	4	,	,	PUNCT
fsr-3280	240	5	which	which	PRON
fsr-3280	240	6	excludes	exclude	VERB
fsr-3280	240	7	the	the	DET
fsr-3280	240	8	month	month	NOUN
fsr-3280	240	9	of	of	ADP
fsr-3280	240	10	january	january	PROPN
fsr-3280	240	11	from	from	ADP
fsr-3280	240	12	the	the	DET
fsr-3280	240	13	estimation	estimation	NOUN
fsr-3280	240	14	shows	show	VERB
fsr-3280	240	15	that	that	SCONJ
fsr-3280	240	16	the	the	DET
fsr-3280	240	17	march	march	NOUN
fsr-3280	240	18	returns	return	NOUN
fsr-3280	240	19	are	be	AUX
fsr-3280	240	20	lower	low	ADJ
fsr-3280	240	21	by	by	ADP
fsr-3280	240	22	(	(	PUNCT
fsr-3280	240	23	1.3)%	1.3)%	NUM
fsr-3280	240	24	(	(	PUNCT
fsr-3280	240	25	significant	significant	ADJ
fsr-3280	240	26	at	at	ADP
fsr-3280	240	27	the	the	DET
fsr-3280	240	28	5	5	NUM
fsr-3280	240	29	%	%	NOUN
fsr-3280	240	30	level	level	NOUN
fsr-3280	240	31	)	)	PUNCT
fsr-3280	240	32	.	.	PUNCT
fsr-3280	241	1	for	for	SCONJ
fsr-3280	241	2	the	the	DET
fsr-3280	241	3	negative	negative	ADJ
fsr-3280	241	4	abnormal	abnormal	ADJ
fsr-3280	241	5	returns	return	NOUN
fsr-3280	241	6	to	to	PART
fsr-3280	241	7	be	be	AUX
fsr-3280	241	8	attributable	attributable	ADJ
fsr-3280	241	9	to	to	ADP
fsr-3280	241	10	a	a	DET
fsr-3280	241	11	price	price	NOUN
fsr-3280	241	12	pressure	pressure	NOUN
fsr-3280	241	13	effect	effect	NOUN
fsr-3280	241	14	the	the	DET
fsr-3280	241	15	underlying	underlie	VERB
fsr-3280	241	16	assets	asset	NOUN
fsr-3280	241	17	can	can	AUX
fsr-3280	241	18	not	not	PART
fsr-3280	241	19	be	be	AUX
fsr-3280	241	20	systematically	systematically	ADV
fsr-3280	241	21	affected	affect	VERB
fsr-3280	241	22	by	by	ADP
fsr-3280	241	23	macroeconomic	macroeconomic	ADJ
fsr-3280	241	24	forces	force	NOUN
fsr-3280	241	25	.	.	PUNCT
fsr-3280	242	1	there	there	PRON
fsr-3280	242	2	is	be	VERB
fsr-3280	242	3	an	an	DET
fsr-3280	242	4	inverse	inverse	NOUN
fsr-3280	242	5	relationship	relationship	NOUN
fsr-3280	242	6	between	between	ADP
fsr-3280	242	7	bond	bond	NOUN
fsr-3280	242	8	prices	price	NOUN
fsr-3280	242	9	and	and	CCONJ
fsr-3280	242	10	interest	interest	NOUN
fsr-3280	242	11	rates	rate	NOUN
fsr-3280	242	12	.	.	PUNCT
fsr-3280	243	1	fig	fig	NOUN
fsr-3280	243	2	.	.	PUNCT
fsr-3280	244	1	3	3	NUM
fsr-3280	244	2	graphs	graph	VERB
fsr-3280	244	3	the	the	DET
fsr-3280	244	4	average	average	ADJ
fsr-3280	244	5	federal	federal	ADJ
fsr-3280	244	6	funds	fund	NOUN
fsr-3280	244	7	rate	rate	NOUN
fsr-3280	244	8	adjustment	adjustment	NOUN
fsr-3280	244	9	by	by	ADP
fsr-3280	244	10	month	month	NOUN
fsr-3280	244	11	.	.	PUNCT
fsr-3280	245	1	it	it	PRON
fsr-3280	245	2	is	be	AUX
fsr-3280	245	3	clear	clear	ADJ
fsr-3280	245	4	from	from	ADP
fsr-3280	245	5	fig	fig	NOUN
fsr-3280	245	6	.	.	PUNCT
fsr-3280	246	1	3	3	NUM
fsr-3280	246	2	that	that	PRON
fsr-3280	246	3	changes	change	VERB
fsr-3280	246	4	in	in	ADP
fsr-3280	246	5	the	the	DET
fsr-3280	246	6	short	short	ADJ
fsr-3280	246	7	-	-	PUNCT
fsr-3280	246	8	term	term	NOUN
fsr-3280	246	9	interest	interest	NOUN
fsr-3280	246	10	rate	rate	NOUN
fsr-3280	246	11	are	be	AUX
fsr-3280	246	12	not	not	PART
fsr-3280	246	13	clustered	cluster	VERB
fsr-3280	246	14	in	in	ADP
fsr-3280	246	15	march	march	PROPN
fsr-3280	246	16	.	.	PUNCT
fsr-3280	247	1	if	if	SCONJ
fsr-3280	247	2	it	it	PRON
fsr-3280	247	3	were	be	AUX
fsr-3280	247	4	the	the	DET
fsr-3280	247	5	case	case	NOUN
fsr-3280	247	6	that	that	SCONJ
fsr-3280	247	7	macroeconomic	macroeconomic	ADJ
fsr-3280	247	8	forces	force	NOUN
fsr-3280	247	9	were	be	AUX
fsr-3280	247	10	the	the	DET
fsr-3280	247	11	cause	cause	NOUN
fsr-3280	247	12	of	of	ADP
fsr-3280	247	13	the	the	DET
fsr-3280	247	14	persistent	persistent	ADJ
fsr-3280	247	15	negative	negative	ADJ
fsr-3280	247	16	returns	return	NOUN
fsr-3280	247	17	in	in	ADP
fsr-3280	247	18	march	march	PROPN
fsr-3280	247	19	we	we	PRON
fsr-3280	247	20	would	would	AUX
fsr-3280	247	21	expect	expect	VERB
fsr-3280	247	22	to	to	PART
fsr-3280	247	23	see	see	VERB
fsr-3280	247	24	clustering	clustering	NOUN
fsr-3280	247	25	of	of	ADP
fsr-3280	247	26	rate	rate	NOUN
fsr-3280	247	27	hikes	hike	NOUN
fsr-3280	247	28	in	in	ADP
fsr-3280	247	29	march	march	PROPN
fsr-3280	247	30	.	.	PUNCT
fsr-3280	248	1	the	the	DET
fsr-3280	248	2	sample	sample	NOUN
fsr-3280	248	3	funds	fund	NOUN
fsr-3280	248	4	most	most	ADV
fsr-3280	248	5	likely	likely	ADV
fsr-3280	248	6	have	have	VERB
fsr-3280	248	7	a	a	DET
fsr-3280	248	8	duration	duration	NOUN
fsr-3280	248	9	which	which	PRON
fsr-3280	248	10	is	be	AUX
fsr-3280	248	11	more	more	ADV
fsr-3280	248	12	sensitive	sensitive	ADJ
fsr-3280	248	13	to	to	ADP
fsr-3280	248	14	interest	interest	NOUN
fsr-3280	248	15	rate	rate	NOUN
fsr-3280	248	16	changes	change	NOUN
fsr-3280	248	17	and	and	CCONJ
fsr-3280	248	18	therefore	therefore	ADV
fsr-3280	248	19	a	a	DET
fsr-3280	248	20	comparison	comparison	NOUN
fsr-3280	248	21	to	to	ADP
fsr-3280	248	22	a	a	DET
fsr-3280	248	23	vehicle	vehicle	NOUN
fsr-3280	248	24	with	with	ADP
fsr-3280	248	25	similar	similar	ADJ
fsr-3280	248	26	duration	duration	NOUN
fsr-3280	248	27	is	be	AUX
fsr-3280	248	28	in	in	ADP
fsr-3280	248	29	order	order	NOUN
fsr-3280	248	30	.	.	PUNCT
fsr-3280	249	1	i	i	PRON
fsr-3280	249	2	replicate	replicate	VERB
fsr-3280	249	3	the	the	DET
fsr-3280	249	4	fig	fig	NOUN
fsr-3280	249	5	.	.	PUNCT
fsr-3280	250	1	2	2	NUM
fsr-3280	250	2	using	use	VERB
fsr-3280	250	3	the	the	DET
fsr-3280	250	4	return	return	NOUN
fsr-3280	250	5	excluding	exclude	VERB
fsr-3280	250	6	dividends	dividend	NOUN
fsr-3280	250	7	(	(	PUNCT
fsr-3280	250	8	capital	capital	NOUN
fsr-3280	250	9	appreciation	appreciation	NOUN
fsr-3280	250	10	)	)	PUNCT
fsr-3280	250	11	for	for	ADP
fsr-3280	250	12	long	long	ADJ
fsr-3280	250	13	term	term	NOUN
fsr-3280	250	14	table	table	NOUN
fsr-3280	250	15	2	2	NUM
fsr-3280	250	16	panel	panel	NOUN
fsr-3280	250	17	regression	regression	NOUN
fsr-3280	250	18	of	of	ADP
fsr-3280	250	19	monthly	monthly	ADJ
fsr-3280	250	20	returns	return	NOUN
fsr-3280	250	21	on	on	ADP
fsr-3280	250	22	dummy	dummy	ADJ
fsr-3280	250	23	variables	variable	NOUN
fsr-3280	250	24	monthly	monthly	ADJ
fsr-3280	250	25	return	return	NOUN
fsr-3280	250	26	�	�	PROPN
fsr-3280	250	27	0.001(intercept)	0.001(intercept)	NOUN
fsr-3280	250	28	�	�	PROPN
fsr-3280	250	29	0.016	0.016	NUM
fsr-3280	250	30	(	(	PUNCT
fsr-3280	250	31	march	march	PROPN
fsr-3280	250	32	)	)	PUNCT
fsr-3280	250	33	(	(	PUNCT
fsr-3280	250	34	0.50	0.50	NUM
fsr-3280	250	35	)	)	PUNCT
fsr-3280	250	36	*	*	PUNCT
fsr-3280	251	1	*	*	PUNCT
fsr-3280	251	2	*	*	PUNCT
fsr-3280	251	3	(	(	PUNCT
fsr-3280	251	4	�	�	NOUN
fsr-3280	251	5	2.64	2.64	NUM
fsr-3280	251	6	)	)	PUNCT
fsr-3280	251	7	*	*	PUNCT
fsr-3280	251	8	*	*	PUNCT
fsr-3280	251	9	*	*	AUX
fsr-3280	251	10	radjusted	radjuste	VERB
fsr-3280	251	11	2	2	NUM
fsr-3280	251	12	�	�	NOUN
fsr-3280	251	13	0.01	0.01	NUM
fsr-3280	251	14	monthly	monthly	ADJ
fsr-3280	251	15	return	return	NOUN
fsr-3280	251	16	�	�	PROPN
fsr-3280	251	17	�	�	PROPN
fsr-3280	251	18	0.001(intercept)	0.001(intercept)	NOUN
fsr-3280	251	19	�	�	PROPN
fsr-3280	251	20	0.013	0.013	NUM
fsr-3280	251	21	(	(	PUNCT
fsr-3280	251	22	march	march	PROPN
fsr-3280	251	23	)	)	PUNCT
fsr-3280	251	24	(	(	PUNCT
fsr-3280	251	25	�	�	NOUN
fsr-3280	251	26	0.40	0.40	NUM
fsr-3280	251	27	)	)	PUNCT
fsr-3280	251	28	(	(	PUNCT
fsr-3280	251	29	�	�	NOUN
fsr-3280	251	30	2.19	2.19	NUM
fsr-3280	251	31	)	)	PUNCT
fsr-3280	251	32	*	*	PUNCT
fsr-3280	252	1	*	*	PUNCT
fsr-3280	252	2	*	*	AUX
fsr-3280	252	3	radjusted	radjuste	VERB
fsr-3280	252	4	2	2	NUM
fsr-3280	252	5	�	�	NOUN
fsr-3280	252	6	0.01	0.01	NUM
fsr-3280	252	7	notes	note	NOUN
fsr-3280	252	8	:	:	PUNCT
fsr-3280	252	9	this	this	DET
fsr-3280	252	10	table	table	NOUN
fsr-3280	252	11	presents	present	VERB
fsr-3280	252	12	two	two	NUM
fsr-3280	252	13	regressions	regression	NOUN
fsr-3280	252	14	of	of	ADP
fsr-3280	252	15	monthly	monthly	ADJ
fsr-3280	252	16	returns	return	NOUN
fsr-3280	252	17	.	.	PUNCT
fsr-3280	253	1	model	model	NOUN
fsr-3280	253	2	(	(	PUNCT
fsr-3280	253	3	1	1	X
fsr-3280	253	4	)	)	PUNCT
fsr-3280	253	5	presents	present	VERB
fsr-3280	253	6	the	the	DET
fsr-3280	253	7	regression	regression	NOUN
fsr-3280	253	8	of	of	ADP
fsr-3280	253	9	monthly	monthly	ADJ
fsr-3280	253	10	returns	return	NOUN
fsr-3280	253	11	on	on	ADP
fsr-3280	253	12	a	a	DET
fsr-3280	253	13	dummy	dummy	ADJ
fsr-3280	253	14	variable	variable	NOUN
fsr-3280	253	15	for	for	ADP
fsr-3280	253	16	the	the	DET
fsr-3280	253	17	month	month	NOUN
fsr-3280	253	18	of	of	ADP
fsr-3280	253	19	march	march	PROPN
fsr-3280	253	20	.	.	PUNCT
fsr-3280	254	1	model	model	NOUN
fsr-3280	254	2	(	(	PUNCT
fsr-3280	254	3	2	2	X
fsr-3280	254	4	)	)	PUNCT
fsr-3280	254	5	is	be	AUX
fsr-3280	254	6	similar	similar	ADJ
fsr-3280	254	7	to	to	ADP
fsr-3280	254	8	the	the	DET
fsr-3280	254	9	previous	previous	ADJ
fsr-3280	254	10	model	model	NOUN
fsr-3280	254	11	except	except	SCONJ
fsr-3280	254	12	it	it	PRON
fsr-3280	254	13	drops	drop	VERB
fsr-3280	254	14	the	the	DET
fsr-3280	254	15	month	month	NOUN
fsr-3280	254	16	of	of	ADP
fsr-3280	254	17	january	january	PROPN
fsr-3280	254	18	.	.	PUNCT
fsr-3280	255	1	there	there	PRON
fsr-3280	255	2	are	be	VERB
fsr-3280	255	3	168	168	NUM
fsr-3280	255	4	funds	fund	NOUN
fsr-3280	255	5	and	and	CCONJ
fsr-3280	255	6	22	22	NUM
fsr-3280	255	7	years	year	NOUN
fsr-3280	255	8	of	of	ADP
fsr-3280	255	9	data	datum	NOUN
fsr-3280	255	10	.	.	PUNCT
fsr-3280	256	1	all	all	DET
fsr-3280	256	2	t	t	PROPN
fsr-3280	256	3	statistics	statistic	NOUN
fsr-3280	256	4	are	be	AUX
fsr-3280	256	5	based	base	VERB
fsr-3280	256	6	on	on	ADP
fsr-3280	256	7	the	the	DET
fsr-3280	256	8	panel	panel	NOUN
fsr-3280	256	9	corrected	correct	VERB
fsr-3280	256	10	standard	standard	ADJ
fsr-3280	256	11	errors	error	NOUN
fsr-3280	256	12	(	(	PUNCT
fsr-3280	256	13	pcses	pcse	NOUN
fsr-3280	256	14	)	)	PUNCT
fsr-3280	256	15	,	,	PUNCT
fsr-3280	256	16	which	which	PRON
fsr-3280	256	17	adjust	adjust	VERB
fsr-3280	256	18	for	for	ADP
fsr-3280	256	19	contemporaneous	contemporaneous	ADJ
fsr-3280	256	20	correlation	correlation	NOUN
fsr-3280	256	21	,	,	PUNCT
fsr-3280	256	22	autocorrelation	autocorrelation	NOUN
fsr-3280	256	23	,	,	PUNCT
fsr-3280	256	24	and	and	CCONJ
fsr-3280	256	25	heteroskedasticity	heteroskedasticity	NOUN
fsr-3280	256	26	(	(	PUNCT
fsr-3280	256	27	t	t	PROPN
fsr-3280	256	28	statistics	statistic	NOUN
fsr-3280	256	29	in	in	ADP
fsr-3280	256	30	parentheses	parenthesis	NOUN
fsr-3280	256	31	)	)	PUNCT
fsr-3280	256	32	.	.	PUNCT
fsr-3280	257	1	*	*	PUNCT
fsr-3280	257	2	indicates	indicate	VERB
fsr-3280	257	3	statistically	statistically	ADV
fsr-3280	257	4	significant	significant	ADJ
fsr-3280	257	5	at	at	ADP
fsr-3280	257	6	the	the	DET
fsr-3280	257	7	10	10	NUM
fsr-3280	257	8	%	%	NOUN
fsr-3280	257	9	level	level	NOUN
fsr-3280	257	10	.	.	PUNCT
fsr-3280	258	1	*	*	PUNCT
fsr-3280	258	2	*	*	PUNCT
fsr-3280	258	3	indicates	indicate	VERB
fsr-3280	258	4	statistically	statistically	ADV
fsr-3280	258	5	significant	significant	ADJ
fsr-3280	258	6	at	at	ADP
fsr-3280	258	7	the	the	DET
fsr-3280	258	8	5	5	NUM
fsr-3280	258	9	%	%	NOUN
fsr-3280	258	10	level	level	NOUN
fsr-3280	258	11	.	.	PUNCT
fsr-3280	259	1	*	*	PUNCT
fsr-3280	259	2	*	*	PUNCT
fsr-3280	259	3	*	*	PUNCT
fsr-3280	259	4	indicates	indicate	VERB
fsr-3280	259	5	statistically	statistically	ADV
fsr-3280	259	6	significant	significant	ADJ
fsr-3280	259	7	at	at	ADP
fsr-3280	259	8	the	the	DET
fsr-3280	259	9	1	1	NUM
fsr-3280	259	10	%	%	NOUN
fsr-3280	259	11	level	level	NOUN
fsr-3280	259	12	.	.	PUNCT
fsr-3280	260	1	290	290	NUM
fsr-3280	260	2	m.	m.	NOUN
fsr-3280	260	3	hurst	hurst	PROPN
fsr-3280	260	4	,	,	PUNCT
fsr-3280	260	5	m.	m.	PROPN
fsr-3280	260	6	mendoza	mendoza	PROPN
fsr-3280	260	7	/	/	SYM
fsr-3280	260	8	financial	financial	ADJ
fsr-3280	260	9	services	service	NOUN
fsr-3280	260	10	review	review	VERB
fsr-3280	260	11	25	25	NUM
fsr-3280	260	12	(	(	PUNCT
fsr-3280	260	13	2016	2016	NUM
fsr-3280	260	14	)	)	PUNCT
fsr-3280	261	1	279–301	279–301	NUM
fsr-3280	261	2	government	government	NOUN
fsr-3280	261	3	bonds	bond	NOUN
fsr-3280	261	4	.	.	PUNCT
fsr-3280	262	1	ibbotson	ibbotson	PROPN
fsr-3280	262	2	reports	report	VERB
fsr-3280	262	3	the	the	DET
fsr-3280	262	4	historical	historical	ADJ
fsr-3280	262	5	monthly	monthly	ADJ
fsr-3280	262	6	capital	capital	NOUN
fsr-3280	262	7	appreciation	appreciation	NOUN
fsr-3280	262	8	for	for	ADP
fsr-3280	262	9	intermediate	intermediate	ADJ
fsr-3280	262	10	as	as	ADV
fsr-3280	262	11	well	well	ADV
fsr-3280	262	12	as	as	ADP
fsr-3280	262	13	long	long	ADJ
fsr-3280	262	14	term	term	NOUN
fsr-3280	262	15	corporate	corporate	ADJ
fsr-3280	262	16	and	and	CCONJ
fsr-3280	262	17	government	government	NOUN
fsr-3280	262	18	bonds	bond	NOUN
fsr-3280	262	19	.	.	PUNCT
fsr-3280	263	1	fig	fig	NOUN
fsr-3280	263	2	.	.	PUNCT
fsr-3280	264	1	4	4	NUM
fsr-3280	264	2	shows	show	VERB
fsr-3280	264	3	the	the	DET
fsr-3280	264	4	average	average	ADJ
fsr-3280	264	5	monthly	monthly	ADJ
fsr-3280	264	6	returns	return	NOUN
fsr-3280	264	7	.	.	PUNCT
fsr-3280	265	1	there	there	PRON
fsr-3280	265	2	is	be	VERB
fsr-3280	265	3	a	a	DET
fsr-3280	265	4	similar	similar	ADJ
fsr-3280	265	5	seasonality	seasonality	NOUN
fsr-3280	265	6	that	that	PRON
fsr-3280	265	7	exists	exist	VERB
fsr-3280	265	8	in	in	ADP
fsr-3280	265	9	long	long	ADJ
fsr-3280	265	10	term	term	NOUN
fsr-3280	265	11	government	government	NOUN
fsr-3280	265	12	bonds	bond	NOUN
fsr-3280	265	13	that	that	PRON
fsr-3280	265	14	appears	appear	VERB
fsr-3280	265	15	to	to	PART
fsr-3280	265	16	be	be	AUX
fsr-3280	265	17	unrelated	unrelated	ADJ
fsr-3280	265	18	to	to	ADP
fsr-3280	265	19	domestic	domestic	ADJ
fsr-3280	265	20	tax	tax	NOUN
fsr-3280	265	21	filing.13	filing.13	NOUN
fsr-3280	265	22	fig	fig	NOUN
fsr-3280	265	23	.	.	PUNCT
fsr-3280	266	1	3	3	X
fsr-3280	266	2	.	.	X
fsr-3280	266	3	average	average	ADJ
fsr-3280	266	4	federal	federal	ADJ
fsr-3280	266	5	funds	fund	NOUN
fsr-3280	266	6	rate	rate	NOUN
fsr-3280	266	7	adjustment	adjustment	NOUN
fsr-3280	266	8	by	by	ADP
fsr-3280	266	9	month	month	NOUN
fsr-3280	266	10	.	.	PUNCT
fsr-3280	267	1	the	the	DET
fsr-3280	267	2	figure	figure	NOUN
fsr-3280	267	3	shows	show	VERB
fsr-3280	267	4	the	the	DET
fsr-3280	267	5	average	average	NOUN
fsr-3280	267	6	monthly	monthly	ADJ
fsr-3280	267	7	for	for	ADP
fsr-3280	267	8	the	the	DET
fsr-3280	267	9	federal	federal	ADJ
fsr-3280	267	10	funds	fund	NOUN
fsr-3280	267	11	rate	rate	NOUN
fsr-3280	267	12	.	.	PUNCT
fsr-3280	268	1	the	the	DET
fsr-3280	268	2	years	year	NOUN
fsr-3280	268	3	available	available	ADJ
fsr-3280	268	4	limit	limit	VERB
fsr-3280	268	5	the	the	DET
fsr-3280	268	6	period	period	NOUN
fsr-3280	268	7	for	for	ADP
fsr-3280	268	8	this	this	DET
fsr-3280	268	9	figure	figure	NOUN
fsr-3280	268	10	from	from	ADP
fsr-3280	268	11	1990	1990	NUM
fsr-3280	268	12	to	to	ADP
fsr-3280	268	13	2008	2008	NUM
fsr-3280	268	14	.	.	PUNCT
fsr-3280	269	1	fig	fig	NOUN
fsr-3280	269	2	.	.	PUNCT
fsr-3280	270	1	4	4	X
fsr-3280	270	2	.	.	X
fsr-3280	270	3	long	long	ADJ
fsr-3280	270	4	term	term	NOUN
fsr-3280	270	5	government	government	NOUN
fsr-3280	270	6	bond	bond	NOUN
fsr-3280	270	7	capital	capital	NOUN
fsr-3280	270	8	appreciation	appreciation	NOUN
fsr-3280	270	9	by	by	ADP
fsr-3280	270	10	month	month	NOUN
fsr-3280	270	11	.	.	PUNCT
fsr-3280	271	1	the	the	DET
fsr-3280	271	2	figure	figure	NOUN
fsr-3280	271	3	below	below	ADP
fsr-3280	271	4	depicts	depict	VERB
fsr-3280	271	5	the	the	DET
fsr-3280	271	6	average	average	ADJ
fsr-3280	271	7	monthly	monthly	ADJ
fsr-3280	271	8	return	return	NOUN
fsr-3280	271	9	for	for	ADP
fsr-3280	271	10	a	a	DET
fsr-3280	271	11	single	single	ADJ
fsr-3280	271	12	bond	bond	NOUN
fsr-3280	271	13	portfolio	portfolio	NOUN
fsr-3280	271	14	with	with	ADP
fsr-3280	271	15	a	a	DET
fsr-3280	271	16	term	term	NOUN
fsr-3280	271	17	of	of	ADP
fsr-3280	271	18	20	20	NUM
fsr-3280	271	19	years	year	NOUN
fsr-3280	271	20	and	and	CCONJ
fsr-3280	271	21	a	a	DET
fsr-3280	271	22	reasonably	reasonably	ADV
fsr-3280	271	23	current	current	ADJ
fsr-3280	271	24	coupon.17	coupon.17	NOUN
fsr-3280	271	25	291	291	NUM
fsr-3280	271	26	m.	m.	NOUN
fsr-3280	271	27	hurst	hurst	PROPN
fsr-3280	271	28	,	,	PUNCT
fsr-3280	271	29	m.	m.	PROPN
fsr-3280	271	30	mendoza	mendoza	PROPN
fsr-3280	271	31	/	/	SYM
fsr-3280	271	32	financial	financial	ADJ
fsr-3280	271	33	services	service	NOUN
fsr-3280	271	34	review	review	VERB
fsr-3280	271	35	25	25	NUM
fsr-3280	271	36	(	(	PUNCT
fsr-3280	271	37	2016	2016	NUM
fsr-3280	271	38	)	)	PUNCT
fsr-3280	272	1	279–301	279–301	NUM
fsr-3280	272	2	5.4	5.4	NUM
fsr-3280	272	3	.	.	PUNCT
fsr-3280	273	1	march	march	PROPN
fsr-3280	273	2	abnormal	abnormal	ADJ
fsr-3280	273	3	returns	return	NOUN
fsr-3280	273	4	and	and	CCONJ
fsr-3280	273	5	abnormal	abnormal	ADJ
fsr-3280	273	6	year	year	NOUN
fsr-3280	273	7	-	-	PUNCT
fsr-3280	273	8	end	end	NOUN
fsr-3280	273	9	volume	volume	NOUN
fsr-3280	273	10	the	the	DET
fsr-3280	273	11	tax	tax	NOUN
fsr-3280	273	12	-	-	PUNCT
fsr-3280	273	13	liquidation	liquidation	NOUN
fsr-3280	273	14	hypothesis	hypothesis	NOUN
fsr-3280	273	15	assumes	assume	VERB
fsr-3280	273	16	that	that	SCONJ
fsr-3280	273	17	investors	investor	NOUN
fsr-3280	273	18	trade	trade	VERB
fsr-3280	273	19	according	accord	VERB
fsr-3280	273	20	to	to	ADP
fsr-3280	273	21	the	the	DET
fsr-3280	273	22	optimal	optimal	ADJ
fsr-3280	273	23	tax	tax	NOUN
fsr-3280	273	24	strategy	strategy	NOUN
fsr-3280	273	25	(	(	PUNCT
fsr-3280	273	26	constantinides	constantinide	NOUN
fsr-3280	273	27	,	,	PUNCT
fsr-3280	273	28	1984	1984	NUM
fsr-3280	273	29	)	)	PUNCT
fsr-3280	273	30	,	,	PUNCT
fsr-3280	273	31	and	and	CCONJ
fsr-3280	273	32	sell	sell	VERB
fsr-3280	273	33	losers	loser	NOUN
fsr-3280	273	34	to	to	PART
fsr-3280	273	35	offset	offset	VERB
fsr-3280	273	36	the	the	DET
fsr-3280	273	37	maximum	maximum	ADJ
fsr-3280	273	38	amount	amount	NOUN
fsr-3280	273	39	of	of	ADP
fsr-3280	273	40	gains	gain	NOUN
fsr-3280	273	41	.	.	PUNCT
fsr-3280	274	1	contrary	contrary	ADJ
fsr-3280	274	2	to	to	ADP
fsr-3280	274	3	the	the	DET
fsr-3280	274	4	optimal	optimal	ADJ
fsr-3280	274	5	strategy	strategy	NOUN
fsr-3280	274	6	discussed	discuss	VERB
fsr-3280	274	7	by	by	ADP
fsr-3280	274	8	constantinides	constantinide	NOUN
fsr-3280	274	9	(	(	PUNCT
fsr-3280	274	10	1984	1984	NUM
fsr-3280	274	11	)	)	PUNCT
fsr-3280	274	12	,	,	PUNCT
fsr-3280	274	13	badrinath	badrinath	NOUN
fsr-3280	274	14	and	and	CCONJ
fsr-3280	274	15	lewellen	lewellen	NOUN
fsr-3280	274	16	(	(	PUNCT
fsr-3280	274	17	1991	1991	NUM
fsr-3280	274	18	)	)	PUNCT
fsr-3280	274	19	show	show	VERB
fsr-3280	274	20	that	that	SCONJ
fsr-3280	274	21	most	most	ADJ
fsr-3280	274	22	sales	sale	NOUN
fsr-3280	274	23	of	of	ADP
fsr-3280	274	24	securities	security	NOUN
fsr-3280	274	25	with	with	ADP
fsr-3280	274	26	capital	capital	NOUN
fsr-3280	274	27	losses	loss	NOUN
fsr-3280	274	28	take	take	VERB
fsr-3280	274	29	place	place	NOUN
fsr-3280	274	30	in	in	ADP
fsr-3280	274	31	november	november	PROPN
fsr-3280	274	32	and	and	CCONJ
fsr-3280	274	33	december	december	PROPN
fsr-3280	274	34	.	.	PUNCT
fsr-3280	275	1	the	the	DET
fsr-3280	275	2	findings	finding	NOUN
fsr-3280	275	3	of	of	ADP
fsr-3280	275	4	bharbra	bharbra	PROPN
fsr-3280	275	5	,	,	PUNCT
fsr-3280	275	6	dhillon	dhillon	PROPN
fsr-3280	275	7	,	,	PUNCT
fsr-3280	275	8	and	and	CCONJ
fsr-3280	275	9	ramirez	ramirez	PROPN
fsr-3280	275	10	(	(	PUNCT
fsr-3280	275	11	1999	1999	NUM
fsr-3280	275	12	)	)	PUNCT
fsr-3280	275	13	give	give	VERB
fsr-3280	275	14	additional	additional	ADJ
fsr-3280	275	15	support	support	NOUN
fsr-3280	275	16	to	to	ADP
fsr-3280	275	17	the	the	DET
fsr-3280	275	18	year	year	NOUN
fsr-3280	275	19	-	-	PUNCT
fsr-3280	275	20	end	end	NOUN
fsr-3280	275	21	tax	tax	NOUN
fsr-3280	275	22	-	-	PUNCT
fsr-3280	275	23	loss	loss	NOUN
fsr-3280	275	24	selling	selling	NOUN
fsr-3280	275	25	hypothesis	hypothesis	NOUN
fsr-3280	275	26	.	.	PUNCT
fsr-3280	276	1	the	the	DET
fsr-3280	276	2	current	current	ADJ
fsr-3280	276	3	article	article	NOUN
fsr-3280	276	4	proposes	propose	VERB
fsr-3280	276	5	a	a	DET
fsr-3280	276	6	positive	positive	ADJ
fsr-3280	276	7	relationship	relationship	NOUN
fsr-3280	276	8	between	between	ADP
fsr-3280	276	9	march	march	NOUN
fsr-3280	276	10	returns	return	NOUN
fsr-3280	276	11	and	and	CCONJ
fsr-3280	276	12	the	the	DET
fsr-3280	276	13	turn	turn	NOUN
fsr-3280	276	14	of	of	ADP
fsr-3280	276	15	the	the	DET
fsr-3280	276	16	year	year	NOUN
fsr-3280	276	17	volume	volume	NOUN
fsr-3280	276	18	measure	measure	NOUN
fsr-3280	276	19	.	.	PUNCT
fsr-3280	277	1	the	the	DET
fsr-3280	277	2	intuition	intuition	NOUN
fsr-3280	277	3	for	for	ADP
fsr-3280	277	4	volume	volume	NOUN
fsr-3280	277	5	mitigating	mitigate	VERB
fsr-3280	277	6	the	the	DET
fsr-3280	277	7	tax	tax	NOUN
fsr-3280	277	8	liquidation	liquidation	NOUN
fsr-3280	277	9	hypothesis	hypothesis	NOUN
fsr-3280	277	10	is	be	AUX
fsr-3280	277	11	that	that	SCONJ
fsr-3280	277	12	in	in	ADP
fsr-3280	277	13	years	year	NOUN
fsr-3280	277	14	when	when	SCONJ
fsr-3280	277	15	an	an	DET
fsr-3280	277	16	investor	investor	NOUN
fsr-3280	277	17	is	be	AUX
fsr-3280	277	18	able	able	ADJ
fsr-3280	277	19	to	to	PART
fsr-3280	277	20	offset	offset	VERB
fsr-3280	277	21	more	more	ADJ
fsr-3280	277	22	capital	capital	NOUN
fsr-3280	277	23	gains	gain	NOUN
fsr-3280	277	24	he	he	PRON
fsr-3280	277	25	reduces	reduce	VERB
fsr-3280	277	26	his	his	PRON
fsr-3280	277	27	tax	tax	NOUN
fsr-3280	277	28	liability	liability	NOUN
fsr-3280	277	29	and	and	CCONJ
fsr-3280	277	30	is	be	AUX
fsr-3280	277	31	thus	thus	ADV
fsr-3280	277	32	required	require	VERB
fsr-3280	277	33	to	to	PART
fsr-3280	277	34	sell	sell	VERB
fsr-3280	277	35	less	less	ADJ
fsr-3280	277	36	to	to	PART
fsr-3280	277	37	cover	cover	VERB
fsr-3280	277	38	his	his	PRON
fsr-3280	277	39	tax	tax	NOUN
fsr-3280	277	40	liability	liability	NOUN
fsr-3280	277	41	.	.	PUNCT
fsr-3280	278	1	the	the	DET
fsr-3280	278	2	volume	volume	NOUN
fsr-3280	278	3	measures	measure	NOUN
fsr-3280	278	4	of	of	ADP
fsr-3280	278	5	the	the	DET
fsr-3280	278	6	current	current	ADJ
fsr-3280	278	7	article	article	NOUN
fsr-3280	278	8	are	be	AUX
fsr-3280	278	9	defined	define	VERB
fsr-3280	278	10	identically	identically	ADV
fsr-3280	278	11	to	to	ADP
fsr-3280	278	12	starks	stark	NOUN
fsr-3280	278	13	et	et	PROPN
fsr-3280	278	14	al	al	PROPN
fsr-3280	278	15	.	.	PROPN
fsr-3280	279	1	(	(	PUNCT
fsr-3280	279	2	2006	2006	NUM
fsr-3280	279	3	):	):	PUNCT
fsr-3280	279	4	turnoverit	turnoverit	PROPN
fsr-3280	279	5	�	�	PROPN
fsr-3280	279	6	average	average	ADJ
fsr-3280	279	7	november	november	PROPN
fsr-3280	279	8	and	and	CCONJ
fsr-3280	279	9	december	december	PROPN
fsr-3280	279	10	trading	trading	NOUN
fsr-3280	279	11	volume	volume	NOUN
fsr-3280	279	12	of	of	ADP
fsr-3280	279	13	fund	fund	NOUN
fsr-3280	279	14	i	i	PRON
fsr-3280	279	15	in	in	ADP
fsr-3280	279	16	year	year	NOUN
fsr-3280	279	17	t	t	NOUN
fsr-3280	279	18	number	number	NOUN
fsr-3280	279	19	of	of	ADP
fsr-3280	279	20	shares	share	NOUN
fsr-3280	279	21	outstanding	outstanding	ADJ
fsr-3280	279	22	for	for	ADP
fsr-3280	279	23	fund	fund	NOUN
fsr-3280	279	24	i	i	PRON
fsr-3280	279	25	at	at	ADP
fsr-3280	279	26	the	the	DET
fsr-3280	279	27	beginning	beginning	NOUN
fsr-3280	279	28	of	of	ADP
fsr-3280	279	29	year	year	NOUN
fsr-3280	279	30	t	t	PROPN
fsr-3280	279	31	vol_ratioit	vol_ratioit	X
fsr-3280	279	32	�	�	PROPN
fsr-3280	279	33	average	average	ADJ
fsr-3280	279	34	november	november	PROPN
fsr-3280	279	35	and	and	CCONJ
fsr-3280	279	36	december	december	PROPN
fsr-3280	279	37	trading	trading	NOUN
fsr-3280	279	38	volume	volume	NOUN
fsr-3280	279	39	of	of	ADP
fsr-3280	279	40	fund	fund	NOUN
fsr-3280	280	1	i	i	PRON
fsr-3280	280	2	in	in	ADP
fsr-3280	280	3	year	year	NOUN
fsr-3280	280	4	t	t	PROPN
fsr-3280	280	5	average	average	ADJ
fsr-3280	280	6	february	february	PROPN
fsr-3280	280	7	to	to	ADP
fsr-3280	280	8	october	october	PROPN
fsr-3280	280	9	trading	trading	NOUN
fsr-3280	280	10	volume	volume	NOUN
fsr-3280	280	11	of	of	ADP
fsr-3280	280	12	fund	fund	NOUN
fsr-3280	280	13	i	i	PRON
fsr-3280	280	14	in	in	ADP
fsr-3280	280	15	year	year	NOUN
fsr-3280	280	16	t	t	NOUN
fsr-3280	280	17	the	the	DET
fsr-3280	280	18	first	first	ADJ
fsr-3280	280	19	measure	measure	NOUN
fsr-3280	280	20	of	of	ADP
fsr-3280	280	21	volume	volume	NOUN
fsr-3280	280	22	,	,	PUNCT
fsr-3280	280	23	turnoverit	turnoverit	PROPN
fsr-3280	280	24	,	,	PUNCT
fsr-3280	280	25	equals	equal	VERB
fsr-3280	280	26	fund	fund	NOUN
fsr-3280	281	1	i	i	PRON
fsr-3280	281	2	’s	’	VERB
fsr-3280	281	3	average	average	ADJ
fsr-3280	281	4	volume	volume	NOUN
fsr-3280	281	5	in	in	ADP
fsr-3280	281	6	november	november	PROPN
fsr-3280	281	7	and	and	CCONJ
fsr-3280	281	8	december	december	PROPN
fsr-3280	281	9	normalized	normalize	VERB
fsr-3280	281	10	by	by	ADP
fsr-3280	281	11	the	the	DET
fsr-3280	281	12	number	number	NOUN
fsr-3280	281	13	of	of	ADP
fsr-3280	281	14	shares	share	NOUN
fsr-3280	281	15	outstanding	outstanding	ADJ
fsr-3280	281	16	.	.	PUNCT
fsr-3280	282	1	this	this	DET
fsr-3280	282	2	measure	measure	NOUN
fsr-3280	282	3	is	be	AUX
fsr-3280	282	4	used	use	VERB
fsr-3280	282	5	to	to	PART
fsr-3280	282	6	control	control	VERB
fsr-3280	282	7	for	for	ADP
fsr-3280	282	8	volume	volume	NOUN
fsr-3280	282	9	traded	trade	VERB
fsr-3280	282	10	relative	relative	ADV
fsr-3280	282	11	to	to	ADP
fsr-3280	282	12	number	number	NOUN
fsr-3280	282	13	of	of	ADP
fsr-3280	282	14	shares	share	NOUN
fsr-3280	282	15	across	across	ADP
fsr-3280	282	16	funds	fund	NOUN
fsr-3280	282	17	.	.	PUNCT
fsr-3280	283	1	the	the	DET
fsr-3280	283	2	second	second	ADJ
fsr-3280	283	3	measure	measure	NOUN
fsr-3280	283	4	,	,	PUNCT
fsr-3280	283	5	vol_ratioit	vol_ratioit	ADV
fsr-3280	283	6	,	,	PUNCT
fsr-3280	283	7	is	be	AUX
fsr-3280	283	8	used	use	VERB
fsr-3280	283	9	to	to	PART
fsr-3280	283	10	compare	compare	VERB
fsr-3280	283	11	the	the	DET
fsr-3280	283	12	year	year	NOUN
fsr-3280	283	13	-	-	PUNCT
fsr-3280	283	14	end	end	NOUN
fsr-3280	283	15	volume	volume	NOUN
fsr-3280	283	16	relative	relative	ADJ
fsr-3280	283	17	to	to	ADP
fsr-3280	283	18	the	the	DET
fsr-3280	283	19	average	average	ADJ
fsr-3280	283	20	monthly	monthly	ADJ
fsr-3280	283	21	volume	volume	NOUN
fsr-3280	283	22	within	within	ADP
fsr-3280	283	23	a	a	DET
fsr-3280	283	24	fund	fund	NOUN
fsr-3280	283	25	.	.	PUNCT
fsr-3280	284	1	in	in	ADP
fsr-3280	284	2	addition	addition	NOUN
fsr-3280	284	3	to	to	ADP
fsr-3280	284	4	the	the	DET
fsr-3280	284	5	two	two	NUM
fsr-3280	284	6	year	year	NOUN
fsr-3280	284	7	-	-	PUNCT
fsr-3280	284	8	end	end	NOUN
fsr-3280	284	9	volume	volume	NOUN
fsr-3280	284	10	measures	measure	NOUN
fsr-3280	284	11	we	we	PRON
fsr-3280	284	12	calculate	calculate	VERB
fsr-3280	284	13	the	the	DET
fsr-3280	284	14	following	follow	VERB
fsr-3280	284	15	two	two	NUM
fsr-3280	284	16	march	march	NOUN
fsr-3280	284	17	volume	volume	NOUN
fsr-3280	284	18	measures	measure	NOUN
fsr-3280	284	19	for	for	ADP
fsr-3280	284	20	each	each	DET
fsr-3280	284	21	fund	fund	NOUN
fsr-3280	284	22	:	:	PUNCT
fsr-3280	284	23	mar_turnoverit	mar_turnoverit	VERB
fsr-3280	284	24	�	�	PROPN
fsr-3280	284	25	march	march	PROPN
fsr-3280	284	26	trading	trading	NOUN
fsr-3280	284	27	volume	volume	NOUN
fsr-3280	284	28	of	of	ADP
fsr-3280	284	29	fund	fund	NOUN
fsr-3280	285	1	i	i	PRON
fsr-3280	285	2	in	in	ADP
fsr-3280	285	3	year	year	NOUN
fsr-3280	285	4	t	t	NOUN
fsr-3280	285	5	number	number	NOUN
fsr-3280	285	6	of	of	ADP
fsr-3280	285	7	shares	share	NOUN
fsr-3280	285	8	outstanding	outstanding	ADJ
fsr-3280	285	9	for	for	ADP
fsr-3280	285	10	fund	fund	NOUN
fsr-3280	285	11	i	i	PRON
fsr-3280	285	12	at	at	ADP
fsr-3280	285	13	the	the	DET
fsr-3280	285	14	beginning	beginning	NOUN
fsr-3280	285	15	of	of	ADP
fsr-3280	285	16	year	year	NOUN
fsr-3280	285	17	t	t	PROPN
fsr-3280	285	18	mar_vol_ratioit	mar_vol_ratioit	NOUN
fsr-3280	285	19	�	�	PROPN
fsr-3280	285	20	average	average	ADJ
fsr-3280	285	21	november	november	PROPN
fsr-3280	285	22	and	and	CCONJ
fsr-3280	285	23	december	december	PROPN
fsr-3280	285	24	trading	trading	NOUN
fsr-3280	285	25	volume	volume	NOUN
fsr-3280	285	26	of	of	ADP
fsr-3280	285	27	fund	fund	NOUN
fsr-3280	286	1	i	i	PRON
fsr-3280	286	2	in	in	ADP
fsr-3280	286	3	year	year	NOUN
fsr-3280	286	4	t	t	PROPN
fsr-3280	286	5	average	average	ADJ
fsr-3280	286	6	february	february	PROPN
fsr-3280	286	7	to	to	ADP
fsr-3280	286	8	october	october	PROPN
fsr-3280	286	9	trading	trading	NOUN
fsr-3280	286	10	volume	volume	NOUN
fsr-3280	286	11	of	of	ADP
fsr-3280	286	12	fund	fund	NOUN
fsr-3280	286	13	i	i	PRON
fsr-3280	286	14	in	in	ADP
fsr-3280	286	15	year	year	NOUN
fsr-3280	286	16	t	t	PROPN
fsr-3280	286	17	the	the	DET
fsr-3280	286	18	march	march	PROPN
fsr-3280	286	19	volume	volume	NOUN
fsr-3280	286	20	measures	measure	NOUN
fsr-3280	286	21	are	be	AUX
fsr-3280	286	22	defined	define	VERB
fsr-3280	286	23	analogously	analogously	ADV
fsr-3280	286	24	to	to	ADP
fsr-3280	286	25	the	the	DET
fsr-3280	286	26	year	year	NOUN
fsr-3280	286	27	-	-	PUNCT
fsr-3280	286	28	end	end	NOUN
fsr-3280	286	29	volume	volume	NOUN
fsr-3280	286	30	measures	measure	NOUN
fsr-3280	286	31	.	.	PUNCT
fsr-3280	287	1	the	the	DET
fsr-3280	287	2	tax	tax	NOUN
fsr-3280	287	3	-	-	PUNCT
fsr-3280	287	4	liquidation	liquidation	NOUN
fsr-3280	287	5	hypotheses	hypothesis	NOUN
fsr-3280	287	6	proposes	propose	VERB
fsr-3280	287	7	that	that	SCONJ
fsr-3280	287	8	we	we	PRON
fsr-3280	287	9	should	should	AUX
fsr-3280	287	10	see	see	VERB
fsr-3280	287	11	higher	high	ADJ
fsr-3280	287	12	volume	volume	NOUN
fsr-3280	287	13	in	in	ADP
fsr-3280	287	14	the	the	DET
fsr-3280	287	15	month	month	NOUN
fsr-3280	287	16	of	of	ADP
fsr-3280	287	17	march	march	PROPN
fsr-3280	287	18	relative	relative	ADJ
fsr-3280	287	19	to	to	ADP
fsr-3280	287	20	the	the	DET
fsr-3280	287	21	other	other	ADJ
fsr-3280	287	22	months	month	NOUN
fsr-3280	287	23	.	.	PUNCT
fsr-3280	288	1	as	as	SCONJ
fsr-3280	288	2	shown	show	VERB
fsr-3280	288	3	in	in	ADP
fsr-3280	288	4	fig	fig	NOUN
fsr-3280	288	5	.	.	PUNCT
fsr-3280	289	1	5	5	NUM
fsr-3280	289	2	,	,	PUNCT
fsr-3280	289	3	march	march	PROPN
fsr-3280	289	4	has	have	VERB
fsr-3280	289	5	the	the	DET
fsr-3280	289	6	highest	high	ADJ
fsr-3280	289	7	monthly	monthly	ADJ
fsr-3280	289	8	volume	volume	NOUN
fsr-3280	289	9	behind	behind	ADP
fsr-3280	289	10	the	the	DET
fsr-3280	289	11	turn	turn	VERB
fsr-3280	289	12	-	-	PUNCT
fsr-3280	289	13	of	of	ADP
fsr-3280	289	14	-	-	PUNCT
fsr-3280	289	15	the	the	DET
fsr-3280	289	16	-	-	PUNCT
fsr-3280	289	17	year	year	NOUN
fsr-3280	289	18	effect	effect	NOUN
fsr-3280	289	19	months	month	NOUN
fsr-3280	289	20	(	(	PUNCT
fsr-3280	289	21	october	october	PROPN
fsr-3280	289	22	through	through	ADP
fsr-3280	289	23	january	january	PROPN
fsr-3280	289	24	)	)	PUNCT
fsr-3280	289	25	.	.	PUNCT
fsr-3280	290	1	this	this	PRON
fsr-3280	290	2	is	be	AUX
fsr-3280	290	3	consistent	consistent	ADJ
fsr-3280	290	4	with	with	ADP
fsr-3280	290	5	the	the	DET
fsr-3280	290	6	hypothesis	hypothesis	NOUN
fsr-3280	290	7	of	of	ADP
fsr-3280	290	8	increased	increase	VERB
fsr-3280	290	9	selling	selling	NOUN
fsr-3280	290	10	pressure	pressure	NOUN
fsr-3280	290	11	driving	drive	VERB
fsr-3280	290	12	down	down	ADP
fsr-3280	290	13	the	the	DET
fsr-3280	290	14	returns	return	NOUN
fsr-3280	290	15	in	in	ADP
fsr-3280	290	16	march	march	PROPN
fsr-3280	290	17	.	.	PUNCT
fsr-3280	291	1	292	292	NUM
fsr-3280	291	2	m.	m.	NOUN
fsr-3280	291	3	hurst	hurst	PROPN
fsr-3280	291	4	,	,	PUNCT
fsr-3280	291	5	m.	m.	PROPN
fsr-3280	291	6	mendoza	mendoza	PROPN
fsr-3280	291	7	/	/	SYM
fsr-3280	291	8	financial	financial	ADJ
fsr-3280	291	9	services	service	NOUN
fsr-3280	291	10	review	review	VERB
fsr-3280	291	11	25	25	NUM
fsr-3280	291	12	(	(	PUNCT
fsr-3280	291	13	2016	2016	NUM
fsr-3280	291	14	)	)	PUNCT
fsr-3280	292	1	279–301	279–301	NUM
fsr-3280	292	2	the	the	DET
fsr-3280	292	3	march	march	PROPN
fsr-3280	292	4	volume	volume	NOUN
fsr-3280	292	5	ratio14	ratio14	NOUN
fsr-3280	292	6	shows	show	VERB
fsr-3280	292	7	that	that	SCONJ
fsr-3280	292	8	on	on	ADP
fsr-3280	292	9	average	average	ADJ
fsr-3280	292	10	,	,	PUNCT
fsr-3280	292	11	the	the	DET
fsr-3280	292	12	volume	volume	NOUN
fsr-3280	292	13	in	in	ADP
fsr-3280	292	14	march	march	PROPN
fsr-3280	292	15	is	be	AUX
fsr-3280	292	16	10	10	NUM
fsr-3280	292	17	%	%	NOUN
fsr-3280	292	18	greater	great	ADJ
fsr-3280	292	19	than	than	ADP
fsr-3280	292	20	the	the	DET
fsr-3280	292	21	average	average	ADJ
fsr-3280	292	22	volume	volume	NOUN
fsr-3280	292	23	for	for	ADP
fsr-3280	292	24	february	february	PROPN
fsr-3280	292	25	through	through	ADP
fsr-3280	292	26	october	october	PROPN
fsr-3280	292	27	(	(	PUNCT
fsr-3280	292	28	12	12	NUM
fsr-3280	292	29	%	%	NOUN
fsr-3280	292	30	excluding	exclude	VERB
fsr-3280	292	31	october	october	PROPN
fsr-3280	292	32	)	)	PUNCT
fsr-3280	292	33	.	.	PUNCT
fsr-3280	293	1	the	the	DET
fsr-3280	293	2	abnormal	abnormal	ADJ
fsr-3280	293	3	monthly	monthly	ADJ
fsr-3280	293	4	volume	volume	NOUN
fsr-3280	293	5	for	for	ADP
fsr-3280	293	6	march	march	PROPN
fsr-3280	293	7	is	be	AUX
fsr-3280	293	8	significant	significant	ADJ
fsr-3280	293	9	at	at	ADP
fsr-3280	293	10	the	the	DET
fsr-3280	293	11	1	1	NUM
fsr-3280	293	12	%	%	NOUN
fsr-3280	293	13	level	level	NOUN
fsr-3280	293	14	.	.	PUNCT
fsr-3280	294	1	this	this	PRON
fsr-3280	294	2	was	be	AUX
fsr-3280	294	3	verified	verify	VERB
fsr-3280	294	4	with	with	ADP
fsr-3280	294	5	a	a	DET
fsr-3280	294	6	simple	simple	ADJ
fsr-3280	294	7	cross	cross	NOUN
fsr-3280	294	8	sectional	sectional	ADJ
fsr-3280	294	9	regression	regression	NOUN
fsr-3280	294	10	of	of	ADP
fsr-3280	294	11	monthly	monthly	ADJ
fsr-3280	294	12	volume	volume	NOUN
fsr-3280	294	13	on	on	ADP
fsr-3280	294	14	a	a	DET
fsr-3280	294	15	dummy	dummy	ADJ
fsr-3280	294	16	variable	variable	NOUN
fsr-3280	294	17	for	for	ADP
fsr-3280	294	18	march.15	march.15	NOUN
fsr-3280	294	19	the	the	DET
fsr-3280	294	20	average	average	ADJ
fsr-3280	294	21	return	return	NOUN
fsr-3280	294	22	for	for	ADP
fsr-3280	294	23	closed	closed	ADJ
fsr-3280	294	24	-	-	PUNCT
fsr-3280	294	25	end	end	NOUN
fsr-3280	294	26	municipal	municipal	ADJ
fsr-3280	294	27	bond	bond	NOUN
fsr-3280	294	28	funds	fund	NOUN
fsr-3280	294	29	in	in	ADP
fsr-3280	294	30	the	the	DET
fsr-3280	294	31	month	month	NOUN
fsr-3280	294	32	of	of	ADP
fsr-3280	294	33	march	march	PROPN
fsr-3280	294	34	is	be	AUX
fsr-3280	294	35	negative	negative	ADJ
fsr-3280	294	36	approximately	approximately	ADV
fsr-3280	294	37	twice	twice	ADV
fsr-3280	294	38	as	as	ADV
fsr-3280	294	39	often	often	ADV
fsr-3280	294	40	as	as	SCONJ
fsr-3280	294	41	it	it	PRON
fsr-3280	294	42	is	be	AUX
fsr-3280	294	43	positive	positive	ADJ
fsr-3280	294	44	.	.	PUNCT
fsr-3280	295	1	as	as	SCONJ
fsr-3280	295	2	shown	show	VERB
fsr-3280	295	3	in	in	ADP
fsr-3280	295	4	fig	fig	NOUN
fsr-3280	295	5	.	.	PUNCT
fsr-3280	296	1	6	6	NUM
fsr-3280	296	2	,	,	PUNCT
fsr-3280	296	3	the	the	DET
fsr-3280	296	4	average	average	ADJ
fsr-3280	296	5	return	return	NOUN
fsr-3280	296	6	of	of	ADP
fsr-3280	296	7	closed	closed	ADJ
fsr-3280	296	8	-	-	PUNCT
fsr-3280	296	9	end	end	NOUN
fsr-3280	296	10	funds	fund	NOUN
fsr-3280	296	11	in	in	ADP
fsr-3280	296	12	march	march	PROPN
fsr-3280	296	13	are	be	AUX
fsr-3280	296	14	negative	negative	ADJ
fsr-3280	296	15	in	in	ADP
fsr-3280	296	16	13	13	NUM
fsr-3280	296	17	out	out	ADP
fsr-3280	296	18	of	of	ADP
fsr-3280	296	19	twenty	twenty	NUM
fsr-3280	296	20	years	year	NOUN
fsr-3280	296	21	.	.	PUNCT
fsr-3280	297	1	the	the	DET
fsr-3280	297	2	average	average	ADJ
fsr-3280	297	3	return	return	NOUN
fsr-3280	297	4	across	across	ADP
fsr-3280	297	5	funds	fund	NOUN
fsr-3280	297	6	is	be	AUX
fsr-3280	297	7	negative	negative	ADJ
fsr-3280	297	8	in	in	ADP
fsr-3280	297	9	only	only	ADV
fsr-3280	297	10	5	5	NUM
fsr-3280	297	11	of	of	ADP
fsr-3280	297	12	thirty	thirty	NUM
fsr-3280	297	13	years	year	NOUN
fsr-3280	297	14	.	.	PUNCT
fsr-3280	298	1	in	in	ADP
fsr-3280	298	2	table	table	NOUN
fsr-3280	298	3	3a	3a	NUM
fsr-3280	298	4	the	the	DET
fsr-3280	298	5	march	march	PROPN
fsr-3280	298	6	return	return	NOUN
fsr-3280	298	7	is	be	AUX
fsr-3280	298	8	calculated	calculate	VERB
fsr-3280	298	9	in	in	ADP
fsr-3280	298	10	three	three	NUM
fsr-3280	298	11	separate	separate	ADJ
fsr-3280	298	12	ways	way	NOUN
fsr-3280	298	13	:	:	PUNCT
fsr-3280	298	14	first	first	ADV
fsr-3280	298	15	for	for	ADP
fsr-3280	298	16	the	the	DET
fsr-3280	298	17	calendar	calendar	NOUN
fsr-3280	298	18	month	month	NOUN
fsr-3280	298	19	,	,	PUNCT
fsr-3280	298	20	second	second	ADV
fsr-3280	298	21	from	from	ADP
fsr-3280	298	22	march	march	PROPN
fsr-3280	298	23	15th	15th	NOUN
fsr-3280	298	24	to	to	ADP
fsr-3280	298	25	april	april	PROPN
fsr-3280	298	26	15th	15th	NOUN
fsr-3280	298	27	,	,	PUNCT
fsr-3280	298	28	and	and	CCONJ
fsr-3280	298	29	finally	finally	ADV
fsr-3280	298	30	for	for	ADP
fsr-3280	298	31	the	the	DET
fsr-3280	298	32	seven	seven	NUM
fsr-3280	298	33	days	day	NOUN
fsr-3280	298	34	after	after	ADP
fsr-3280	298	35	the	the	DET
fsr-3280	298	36	ex	ex	NOUN
fsr-3280	298	37	-	-	ADJ
fsr-3280	298	38	dividend	dividend	ADJ
fsr-3280	298	39	date	date	NOUN
fsr-3280	298	40	to	to	PART
fsr-3280	298	41	coincide	coincide	VERB
fsr-3280	298	42	with	with	ADP
fsr-3280	298	43	the	the	DET
fsr-3280	298	44	theory	theory	NOUN
fsr-3280	298	45	that	that	SCONJ
fsr-3280	298	46	an	an	DET
fsr-3280	298	47	investor	investor	NOUN
fsr-3280	298	48	should	should	AUX
fsr-3280	298	49	wait	wait	VERB
fsr-3280	298	50	as	as	ADV
fsr-3280	298	51	long	long	ADV
fsr-3280	298	52	as	as	ADP
fsr-3280	298	53	possible	possible	ADJ
fsr-3280	298	54	before	before	ADP
fsr-3280	298	55	liquidating	liquidate	VERB
fsr-3280	298	56	his	his	PRON
fsr-3280	298	57	holdings	holding	NOUN
fsr-3280	298	58	.	.	PUNCT
fsr-3280	299	1	the	the	DET
fsr-3280	299	2	ex	ex	ADJ
fsr-3280	299	3	-	-	ADJ
fsr-3280	299	4	dividend	dividend	ADJ
fsr-3280	299	5	date	date	NOUN
fsr-3280	299	6	for	for	ADP
fsr-3280	299	7	the	the	DET
fsr-3280	299	8	month	month	NOUN
fsr-3280	299	9	of	of	ADP
fsr-3280	299	10	april	april	PROPN
fsr-3280	299	11	is	be	AUX
fsr-3280	299	12	on	on	ADP
fsr-3280	299	13	average	average	ADJ
fsr-3280	299	14	the	the	DET
fsr-3280	299	15	13th	13th	NOUN
fsr-3280	299	16	.	.	PUNCT
fsr-3280	300	1	therefore	therefore	ADV
fsr-3280	300	2	,	,	PUNCT
fsr-3280	300	3	it	it	PRON
fsr-3280	300	4	is	be	AUX
fsr-3280	300	5	more	more	ADV
fsr-3280	300	6	likely	likely	ADJ
fsr-3280	300	7	to	to	PART
fsr-3280	300	8	see	see	VERB
fsr-3280	300	9	the	the	DET
fsr-3280	300	10	tax	tax	NOUN
fsr-3280	300	11	liquidation	liquidation	NOUN
fsr-3280	300	12	hypothesis	hypothesis	NOUN
fsr-3280	300	13	in	in	ADP
fsr-3280	300	14	the	the	DET
fsr-3280	300	15	month	month	NOUN
fsr-3280	300	16	of	of	ADP
fsr-3280	300	17	march	march	PROPN
fsr-3280	300	18	with	with	ADP
fsr-3280	300	19	liquidation	liquidation	NOUN
fsr-3280	300	20	occurring	occur	VERB
fsr-3280	300	21	subsequent	subsequent	ADJ
fsr-3280	300	22	to	to	ADP
fsr-3280	300	23	the	the	DET
fsr-3280	300	24	march	march	PROPN
fsr-3280	300	25	ex	ex	NOUN
fsr-3280	300	26	-	-	NOUN
fsr-3280	300	27	dividend	dividend	ADJ
fsr-3280	300	28	date	date	NOUN
fsr-3280	300	29	.	.	PUNCT
fsr-3280	301	1	the	the	DET
fsr-3280	301	2	magnitude	magnitude	NOUN
fsr-3280	301	3	of	of	ADP
fsr-3280	301	4	the	the	DET
fsr-3280	301	5	coefficients	coefficient	NOUN
fsr-3280	301	6	for	for	ADP
fsr-3280	301	7	turnover	turnover	NOUN
fsr-3280	301	8	and	and	CCONJ
fsr-3280	301	9	volume_ratio	volume_ratio	CCONJ
fsr-3280	301	10	decrease	decrease	NOUN
fsr-3280	301	11	as	as	SCONJ
fsr-3280	301	12	expected	expect	VERB
fsr-3280	301	13	.	.	PUNCT
fsr-3280	302	1	however	however	ADV
fsr-3280	302	2	,	,	PUNCT
fsr-3280	302	3	the	the	DET
fsr-3280	302	4	test	test	NOUN
fsr-3280	302	5	statistics	statistic	NOUN
fsr-3280	302	6	increase	increase	VERB
fsr-3280	302	7	dramatically	dramatically	ADV
fsr-3280	302	8	.	.	PUNCT
fsr-3280	303	1	moreover	moreover	ADV
fsr-3280	303	2	,	,	PUNCT
fsr-3280	303	3	the	the	DET
fsr-3280	303	4	r2	r2	PROPN
fsr-3280	303	5	statistic	statistic	NOUN
fsr-3280	303	6	increases	increase	VERB
fsr-3280	303	7	substantially	substantially	ADV
fsr-3280	303	8	when	when	SCONJ
fsr-3280	303	9	the	the	DET
fsr-3280	303	10	return	return	NOUN
fsr-3280	303	11	period	period	NOUN
fsr-3280	303	12	is	be	AUX
fsr-3280	303	13	redefined	redefine	VERB
fsr-3280	303	14	to	to	PART
fsr-3280	303	15	coincide	coincide	VERB
fsr-3280	303	16	with	with	ADP
fsr-3280	303	17	optimal	optimal	ADJ
fsr-3280	303	18	liquidation	liquidation	NOUN
fsr-3280	303	19	timing	timing	NOUN
fsr-3280	303	20	.	.	PUNCT
fsr-3280	304	1	this	this	PRON
fsr-3280	304	2	suggests	suggest	VERB
fsr-3280	304	3	that	that	SCONJ
fsr-3280	304	4	a	a	DET
fsr-3280	304	5	sizeable	sizeable	ADJ
fsr-3280	304	6	proportion	proportion	NOUN
fsr-3280	304	7	,	,	PUNCT
fsr-3280	304	8	40	40	NUM
fsr-3280	304	9	%	%	NOUN
fsr-3280	304	10	(	(	PUNCT
fsr-3280	304	11	60	60	NUM
fsr-3280	304	12	%	%	NOUN
fsr-3280	304	13	)	)	PUNCT
fsr-3280	304	14	of	of	ADP
fsr-3280	304	15	the	the	DET
fsr-3280	304	16	abnormal	abnormal	ADJ
fsr-3280	304	17	return	return	NOUN
fsr-3280	304	18	in	in	ADP
fsr-3280	304	19	late	late	ADJ
fsr-3280	304	20	march	march	NOUN
fsr-3280	304	21	(	(	PUNCT
fsr-3280	304	22	the	the	DET
fsr-3280	304	23	week	week	NOUN
fsr-3280	304	24	after	after	ADP
fsr-3280	304	25	the	the	DET
fsr-3280	304	26	ex	ex	NOUN
fsr-3280	304	27	-	-	ADJ
fsr-3280	304	28	dividend	dividend	ADJ
fsr-3280	304	29	date	date	NOUN
fsr-3280	304	30	)	)	PUNCT
fsr-3280	304	31	is	be	AUX
fsr-3280	304	32	explained	explain	VERB
fsr-3280	304	33	by	by	ADP
fsr-3280	304	34	the	the	DET
fsr-3280	304	35	model	model	NOUN
fsr-3280	304	36	.	.	PUNCT
fsr-3280	305	1	table	table	NOUN
fsr-3280	305	2	3b	3b	NOUN
fsr-3280	305	3	includes	include	VERB
fsr-3280	305	4	the	the	DET
fsr-3280	305	5	municipal	municipal	ADJ
fsr-3280	305	6	bond	bond	NOUN
fsr-3280	305	7	yield	yield	NOUN
fsr-3280	305	8	change	change	NOUN
fsr-3280	305	9	calculated	calculate	VERB
fsr-3280	305	10	as	as	ADP
fsr-3280	305	11	:	:	PUNCT
fsr-3280	305	12	�	�	PROPN
fsr-3280	305	13	yieldmarch	yieldmarch	PROPN
fsr-3280	305	14	�	�	PROPN
fsr-3280	305	15	yieldfeb	yieldfeb	PROPN
fsr-3280	305	16	�	�	PROPN
fsr-3280	305	17	1	1	NUM
fsr-3280	305	18	�	�	PROPN
fsr-3280	305	19	yieldfeb	yieldfeb	PROPN
fsr-3280	305	20	table	table	NOUN
fsr-3280	305	21	3b	3b	NOUN
fsr-3280	305	22	shows	show	VERB
fsr-3280	305	23	that	that	SCONJ
fsr-3280	305	24	the	the	DET
fsr-3280	305	25	variables	variable	NOUN
fsr-3280	305	26	for	for	ADP
fsr-3280	305	27	unanticipated	unanticipated	ADJ
fsr-3280	305	28	liability	liability	NOUN
fsr-3280	305	29	and	and	CCONJ
fsr-3280	305	30	capital	capital	NOUN
fsr-3280	305	31	gains	gain	NOUN
fsr-3280	305	32	tax	tax	NOUN
fsr-3280	305	33	rates	rate	NOUN
fsr-3280	305	34	maintain	maintain	VERB
fsr-3280	305	35	sign	sign	NOUN
fsr-3280	305	36	and	and	CCONJ
fsr-3280	305	37	significance	significance	NOUN
fsr-3280	305	38	after	after	ADP
fsr-3280	305	39	accounting	account	VERB
fsr-3280	305	40	for	for	ADP
fsr-3280	305	41	the	the	DET
fsr-3280	305	42	change	change	NOUN
fsr-3280	305	43	in	in	ADP
fsr-3280	305	44	yield	yield	NOUN
fsr-3280	305	45	from	from	ADP
fsr-3280	305	46	the	the	DET
fsr-3280	305	47	end	end	NOUN
fsr-3280	305	48	of	of	ADP
fsr-3280	305	49	february	february	NOUN
fsr-3280	305	50	to	to	ADP
fsr-3280	305	51	the	the	DET
fsr-3280	305	52	end	end	NOUN
fsr-3280	305	53	of	of	ADP
fsr-3280	305	54	march	march	PROPN
fsr-3280	305	55	.	.	PUNCT
fsr-3280	306	1	the	the	DET
fsr-3280	306	2	variable	variable	NOUN
fsr-3280	306	3	for	for	ADP
fsr-3280	306	4	the	the	DET
fsr-3280	306	5	yield	yield	NOUN
fsr-3280	306	6	change	change	NOUN
fsr-3280	306	7	,	,	PUNCT
fsr-3280	306	8	delta	delta	NOUN
fsr-3280	306	9	,	,	PUNCT
fsr-3280	306	10	is	be	AUX
fsr-3280	306	11	negative	negative	ADJ
fsr-3280	306	12	and	and	CCONJ
fsr-3280	306	13	fig	fig	NOUN
fsr-3280	306	14	.	.	PUNCT
fsr-3280	307	1	5	5	X
fsr-3280	307	2	.	.	X
fsr-3280	307	3	average	average	ADJ
fsr-3280	307	4	monthly	monthly	ADJ
fsr-3280	307	5	volume	volume	NOUN
fsr-3280	307	6	of	of	ADP
fsr-3280	307	7	the	the	DET
fsr-3280	307	8	municipal	municipal	ADJ
fsr-3280	307	9	bond	bond	NOUN
fsr-3280	307	10	fund	fund	NOUN
fsr-3280	307	11	for	for	ADP
fsr-3280	307	12	the	the	DET
fsr-3280	307	13	12	12	NUM
fsr-3280	307	14	calendar	calendar	NOUN
fsr-3280	307	15	months	month	NOUN
fsr-3280	307	16	.	.	PUNCT
fsr-3280	308	1	the	the	DET
fsr-3280	308	2	figure	figure	NOUN
fsr-3280	308	3	shows	show	VERB
fsr-3280	308	4	the	the	DET
fsr-3280	308	5	average	average	ADJ
fsr-3280	308	6	volume	volume	NOUN
fsr-3280	308	7	across	across	ADP
fsr-3280	308	8	all	all	DET
fsr-3280	308	9	municipal	municipal	ADJ
fsr-3280	308	10	bond	bond	NOUN
fsr-3280	308	11	closed	close	VERB
fsr-3280	308	12	-	-	PUNCT
fsr-3280	308	13	end	end	NOUN
fsr-3280	308	14	funds	fund	NOUN
fsr-3280	308	15	with	with	ADP
fsr-3280	308	16	data	datum	NOUN
fsr-3280	308	17	available	available	ADJ
fsr-3280	308	18	for	for	ADP
fsr-3280	308	19	each	each	DET
fsr-3280	308	20	month	month	NOUN
fsr-3280	308	21	during	during	ADP
fsr-3280	308	22	the	the	DET
fsr-3280	308	23	1990–2009	1990–2009	NUM
fsr-3280	308	24	time	time	NOUN
fsr-3280	308	25	period	period	NOUN
fsr-3280	308	26	.	.	PUNCT
fsr-3280	309	1	293	293	NUM
fsr-3280	309	2	m.	m.	NOUN
fsr-3280	309	3	hurst	hurst	PROPN
fsr-3280	309	4	,	,	PUNCT
fsr-3280	309	5	m.	m.	PROPN
fsr-3280	309	6	mendoza	mendoza	PROPN
fsr-3280	309	7	/	/	SYM
fsr-3280	309	8	financial	financial	ADJ
fsr-3280	309	9	services	service	NOUN
fsr-3280	309	10	review	review	VERB
fsr-3280	309	11	25	25	NUM
fsr-3280	309	12	(	(	PUNCT
fsr-3280	309	13	2016	2016	NUM
fsr-3280	309	14	)	)	PUNCT
fsr-3280	310	1	279–301	279–301	NUM
fsr-3280	310	2	significant	significant	ADJ
fsr-3280	310	3	.	.	PUNCT
fsr-3280	311	1	this	this	PRON
fsr-3280	311	2	is	be	AUX
fsr-3280	311	3	consistent	consistent	ADJ
fsr-3280	311	4	with	with	ADP
fsr-3280	311	5	increases	increase	NOUN
fsr-3280	311	6	in	in	ADP
fsr-3280	311	7	yield	yield	NOUN
fsr-3280	311	8	leading	lead	VERB
fsr-3280	311	9	to	to	ADP
fsr-3280	311	10	negative	negative	ADJ
fsr-3280	311	11	capital	capital	NOUN
fsr-3280	311	12	appreciation	appreciation	NOUN
fsr-3280	311	13	.	.	PUNCT
fsr-3280	312	1	the	the	DET
fsr-3280	312	2	tax	tax	NOUN
fsr-3280	312	3	-	-	PUNCT
fsr-3280	312	4	liquidation	liquidation	NOUN
fsr-3280	312	5	hypothesis	hypothesis	NOUN
fsr-3280	312	6	further	far	ADV
fsr-3280	312	7	implies	imply	VERB
fsr-3280	312	8	that	that	SCONJ
fsr-3280	312	9	funds	fund	NOUN
fsr-3280	312	10	that	that	PRON
fsr-3280	312	11	have	have	AUX
fsr-3280	312	12	had	have	VERB
fsr-3280	312	13	positive	positive	ADJ
fsr-3280	312	14	returns	return	NOUN
fsr-3280	312	15	in	in	ADP
fsr-3280	312	16	the	the	DET
fsr-3280	312	17	previous	previous	ADJ
fsr-3280	312	18	year	year	NOUN
fsr-3280	312	19	should	should	AUX
fsr-3280	312	20	experience	experience	VERB
fsr-3280	312	21	significantly	significantly	ADV
fsr-3280	312	22	less	less	ADJ
fsr-3280	312	23	liquidation	liquidation	NOUN
fsr-3280	312	24	selling	selling	NOUN
fsr-3280	312	25	in	in	ADP
fsr-3280	312	26	march	march	PROPN
fsr-3280	312	27	.	.	PUNCT
fsr-3280	313	1	investors	investor	NOUN
fsr-3280	313	2	will	will	AUX
fsr-3280	313	3	delay	delay	VERB
fsr-3280	313	4	realizing	realize	VERB
fsr-3280	313	5	capital	capital	NOUN
fsr-3280	313	6	gains	gain	NOUN
fsr-3280	313	7	indefinitely	indefinitely	ADV
fsr-3280	313	8	,	,	PUNCT
fsr-3280	313	9	choosing	choose	VERB
fsr-3280	313	10	to	to	ADP
fsr-3280	313	11	first	first	ADJ
fsr-3280	313	12	liquidate	liquidate	ADJ
fsr-3280	313	13	funds	fund	NOUN
fsr-3280	313	14	that	that	PRON
fsr-3280	313	15	have	have	AUX
fsr-3280	313	16	performed	perform	VERB
fsr-3280	313	17	poorly	poorly	ADV
fsr-3280	313	18	to	to	PART
fsr-3280	313	19	take	take	VERB
fsr-3280	313	20	advantage	advantage	NOUN
fsr-3280	313	21	of	of	ADP
fsr-3280	313	22	offsetting	offset	VERB
fsr-3280	313	23	capital	capital	NOUN
fsr-3280	313	24	losses	loss	NOUN
fsr-3280	313	25	.	.	PUNCT
fsr-3280	314	1	table	table	NOUN
fsr-3280	314	2	4	4	NUM
fsr-3280	314	3	presents	present	VERB
fsr-3280	314	4	the	the	DET
fsr-3280	314	5	regression	regression	NOUN
fsr-3280	314	6	of	of	ADP
fsr-3280	314	7	march	march	PROPN
fsr-3280	314	8	volume	volume	NOUN
fsr-3280	314	9	on	on	ADP
fsr-3280	314	10	current	current	ADJ
fsr-3280	314	11	and	and	CCONJ
fsr-3280	314	12	previous	previous	ADJ
fsr-3280	314	13	year	year	NOUN
fsr-3280	314	14	’s	’s	PART
fsr-3280	314	15	fund	fund	NOUN
fsr-3280	314	16	returns	return	NOUN
fsr-3280	314	17	.	.	PUNCT
fsr-3280	315	1	it	it	PRON
fsr-3280	315	2	is	be	AUX
fsr-3280	315	3	reasonable	reasonable	ADJ
fsr-3280	315	4	to	to	PART
fsr-3280	315	5	assume	assume	VERB
fsr-3280	315	6	that	that	SCONJ
fsr-3280	315	7	both	both	CCONJ
fsr-3280	315	8	the	the	DET
fsr-3280	315	9	current	current	ADJ
fsr-3280	315	10	and	and	CCONJ
fsr-3280	315	11	prior	prior	ADJ
fsr-3280	315	12	year	year	NOUN
fsr-3280	315	13	return	return	NOUN
fsr-3280	315	14	will	will	AUX
fsr-3280	315	15	have	have	VERB
fsr-3280	315	16	an	an	DET
fsr-3280	315	17	effect	effect	NOUN
fsr-3280	315	18	on	on	ADP
fsr-3280	315	19	which	which	DET
fsr-3280	315	20	fund	fund	NOUN
fsr-3280	315	21	an	an	DET
fsr-3280	315	22	investor	investor	NOUN
fsr-3280	315	23	chooses	choose	VERB
fsr-3280	315	24	to	to	PART
fsr-3280	315	25	liquidate	liquidate	VERB
fsr-3280	315	26	.	.	PUNCT
fsr-3280	316	1	table	table	NOUN
fsr-3280	316	2	4	4	NUM
fsr-3280	316	3	reports	report	VERB
fsr-3280	316	4	the	the	DET
fsr-3280	316	5	results	result	NOUN
fsr-3280	316	6	for	for	ADP
fsr-3280	316	7	march	march	NOUN
fsr-3280	316	8	volume	volume	NOUN
fsr-3280	316	9	measures	measure	NOUN
fsr-3280	316	10	regressed	regress	VERB
fsr-3280	316	11	on	on	ADP
fsr-3280	316	12	contemporaneous	contemporaneous	ADJ
fsr-3280	316	13	and	and	CCONJ
fsr-3280	316	14	prior	prior	ADJ
fsr-3280	316	15	year	year	NOUN
fsr-3280	316	16	returns	return	NOUN
fsr-3280	316	17	,	,	PUNCT
fsr-3280	316	18	the	the	DET
fsr-3280	316	19	capital	capital	NOUN
fsr-3280	316	20	gains	gain	VERB
fsr-3280	316	21	tax	tax	NOUN
fsr-3280	316	22	rate	rate	NOUN
fsr-3280	316	23	,	,	PUNCT
fsr-3280	316	24	and	and	CCONJ
fsr-3280	316	25	unanticipated	unanticipate	VERB
fsr-3280	316	26	liability.16	liability.16	PROPN
fsr-3280	316	27	in	in	ADP
fsr-3280	316	28	model	model	NOUN
fsr-3280	316	29	i	i	PRON
fsr-3280	316	30	,	,	PUNCT
fsr-3280	316	31	the	the	DET
fsr-3280	316	32	coefficients	coefficient	NOUN
fsr-3280	316	33	for	for	ADP
fsr-3280	316	34	lagged	lag	VERB
fsr-3280	316	35	returns	return	NOUN
fsr-3280	316	36	are	be	AUX
fsr-3280	316	37	negative	negative	ADJ
fsr-3280	316	38	and	and	CCONJ
fsr-3280	316	39	significant	significant	ADJ
fsr-3280	316	40	at	at	ADP
fsr-3280	316	41	the	the	DET
fsr-3280	316	42	1	1	NUM
fsr-3280	316	43	%	%	NOUN
fsr-3280	316	44	level	level	NOUN
fsr-3280	316	45	.	.	PUNCT
fsr-3280	317	1	this	this	PRON
fsr-3280	317	2	reveals	reveal	VERB
fsr-3280	317	3	a	a	DET
fsr-3280	317	4	fig	fig	NOUN
fsr-3280	317	5	.	.	PUNCT
fsr-3280	318	1	6	6	NUM
fsr-3280	318	2	.	.	X
fsr-3280	318	3	a	a	DET
fsr-3280	318	4	mean	mean	ADJ
fsr-3280	318	5	march	march	NOUN
fsr-3280	318	6	return	return	NOUN
fsr-3280	318	7	by	by	ADP
fsr-3280	318	8	year	year	NOUN
fsr-3280	318	9	.	.	PUNCT
fsr-3280	319	1	(	(	PUNCT
fsr-3280	319	2	a	a	X
fsr-3280	319	3	)	)	PUNCT
fsr-3280	319	4	presents	present	VERB
fsr-3280	319	5	the	the	DET
fsr-3280	319	6	average	average	ADJ
fsr-3280	319	7	return	return	NOUN
fsr-3280	319	8	excluding	exclude	VERB
fsr-3280	319	9	dividends	dividend	NOUN
fsr-3280	319	10	for	for	ADP
fsr-3280	319	11	all	all	DET
fsr-3280	319	12	funds	fund	NOUN
fsr-3280	319	13	in	in	ADP
fsr-3280	319	14	the	the	DET
fsr-3280	319	15	sample	sample	NOUN
fsr-3280	319	16	for	for	ADP
fsr-3280	319	17	the	the	DET
fsr-3280	319	18	time	time	NOUN
fsr-3280	319	19	period	period	NOUN
fsr-3280	319	20	of	of	ADP
fsr-3280	319	21	1990–2009	1990–2009	NUM
fsr-3280	319	22	.	.	PUNCT
fsr-3280	320	1	(	(	PUNCT
fsr-3280	320	2	b	b	X
fsr-3280	320	3	)	)	PUNCT
fsr-3280	320	4	average	average	ADJ
fsr-3280	320	5	return	return	NOUN
fsr-3280	320	6	by	by	ADP
fsr-3280	320	7	year	year	NOUN
fsr-3280	320	8	.	.	PUNCT
fsr-3280	321	1	(	(	PUNCT
fsr-3280	321	2	b	b	X
fsr-3280	321	3	)	)	PUNCT
fsr-3280	321	4	presents	present	VERB
fsr-3280	321	5	the	the	DET
fsr-3280	321	6	average	average	ADJ
fsr-3280	321	7	return	return	NOUN
fsr-3280	321	8	excluding	exclude	VERB
fsr-3280	321	9	dividends	dividend	NOUN
fsr-3280	321	10	for	for	ADP
fsr-3280	321	11	all	all	DET
fsr-3280	321	12	funds	fund	NOUN
fsr-3280	321	13	in	in	ADP
fsr-3280	321	14	the	the	DET
fsr-3280	321	15	sample	sample	NOUN
fsr-3280	321	16	for	for	ADP
fsr-3280	321	17	the	the	DET
fsr-3280	321	18	time	time	NOUN
fsr-3280	321	19	period	period	NOUN
fsr-3280	321	20	of	of	ADP
fsr-3280	321	21	1990–2009	1990–2009	NUM
fsr-3280	321	22	excluding	exclude	VERB
fsr-3280	321	23	the	the	DET
fsr-3280	321	24	months	month	NOUN
fsr-3280	321	25	of	of	ADP
fsr-3280	321	26	january	january	PROPN
fsr-3280	321	27	and	and	CCONJ
fsr-3280	321	28	march	march	PROPN
fsr-3280	321	29	.	.	PUNCT
fsr-3280	322	1	294	294	NUM
fsr-3280	322	2	m.	m.	NOUN
fsr-3280	322	3	hurst	hurst	PROPN
fsr-3280	322	4	,	,	PUNCT
fsr-3280	322	5	m.	m.	PROPN
fsr-3280	322	6	mendoza	mendoza	PROPN
fsr-3280	322	7	/	/	SYM
fsr-3280	322	8	financial	financial	ADJ
fsr-3280	322	9	services	service	NOUN
fsr-3280	322	10	review	review	VERB
fsr-3280	322	11	25	25	NUM
fsr-3280	322	12	(	(	PUNCT
fsr-3280	322	13	2016	2016	NUM
fsr-3280	322	14	)	)	PUNCT
fsr-3280	322	15	279–301	279–301	NUM
fsr-3280	322	16	negative	negative	ADJ
fsr-3280	322	17	relationship	relationship	NOUN
fsr-3280	322	18	between	between	ADP
fsr-3280	322	19	march	march	NOUN
fsr-3280	322	20	turnover	turnover	NOUN
fsr-3280	322	21	and	and	CCONJ
fsr-3280	322	22	past	past	ADJ
fsr-3280	322	23	fund	fund	NOUN
fsr-3280	322	24	returns	return	NOUN
fsr-3280	322	25	.	.	PUNCT
fsr-3280	323	1	additionally	additionally	ADV
fsr-3280	323	2	,	,	PUNCT
fsr-3280	323	3	the	the	DET
fsr-3280	323	4	coefficient	coefficient	NOUN
fsr-3280	323	5	of	of	ADP
fsr-3280	323	6	determination	determination	NOUN
fsr-3280	323	7	shows	show	VERB
fsr-3280	323	8	that	that	SCONJ
fsr-3280	323	9	the	the	DET
fsr-3280	323	10	models	model	NOUN
fsr-3280	323	11	explain	explain	VERB
fsr-3280	323	12	a	a	DET
fsr-3280	323	13	non	non	ADJ
fsr-3280	323	14	-	-	ADJ
fsr-3280	323	15	trivial	trivial	ADJ
fsr-3280	323	16	amount	amount	NOUN
fsr-3280	323	17	of	of	ADP
fsr-3280	323	18	the	the	DET
fsr-3280	323	19	march	march	PROPN
fsr-3280	323	20	volume	volume	NOUN
fsr-3280	323	21	.	.	PUNCT
fsr-3280	324	1	the	the	DET
fsr-3280	324	2	relationship	relationship	NOUN
fsr-3280	324	3	between	between	ADP
fsr-3280	324	4	a	a	DET
fsr-3280	324	5	fund	fund	NOUN
fsr-3280	324	6	’s	’s	PART
fsr-3280	324	7	return	return	NOUN
fsr-3280	324	8	and	and	CCONJ
fsr-3280	324	9	its	its	PRON
fsr-3280	324	10	liquidating	liquidating	NOUN
fsr-3280	324	11	volume	volume	NOUN
fsr-3280	324	12	is	be	AUX
fsr-3280	324	13	vital	vital	ADJ
fsr-3280	324	14	to	to	ADP
fsr-3280	324	15	showing	show	VERB
fsr-3280	324	16	that	that	SCONJ
fsr-3280	324	17	the	the	DET
fsr-3280	324	18	most	most	ADV
fsr-3280	324	19	likely	likely	ADJ
fsr-3280	324	20	candidates	candidate	NOUN
fsr-3280	324	21	for	for	ADP
fsr-3280	324	22	liquidation	liquidation	NOUN
fsr-3280	324	23	are	be	AUX
fsr-3280	324	24	the	the	DET
fsr-3280	324	25	poorest	poor	ADJ
fsr-3280	324	26	performing	perform	VERB
fsr-3280	324	27	funds	fund	NOUN
fsr-3280	324	28	.	.	PUNCT
fsr-3280	325	1	this	this	PRON
fsr-3280	325	2	is	be	AUX
fsr-3280	325	3	consistent	consistent	ADJ
fsr-3280	325	4	with	with	ADP
fsr-3280	325	5	the	the	DET
fsr-3280	325	6	optimal	optimal	ADJ
fsr-3280	325	7	tax	tax	NOUN
fsr-3280	325	8	-	-	PUNCT
fsr-3280	325	9	timing	timing	NOUN
fsr-3280	325	10	strategy	strategy	NOUN
fsr-3280	325	11	of	of	ADP
fsr-3280	325	12	constantinides	constantinide	NOUN
fsr-3280	325	13	(	(	PUNCT
fsr-3280	325	14	1983	1983	NUM
fsr-3280	325	15	,	,	PUNCT
fsr-3280	325	16	1984	1984	NUM
fsr-3280	325	17	)	)	PUNCT
fsr-3280	325	18	.	.	PUNCT
fsr-3280	326	1	the	the	DET
fsr-3280	326	2	funds	fund	NOUN
fsr-3280	326	3	that	that	PRON
fsr-3280	326	4	have	have	AUX
fsr-3280	326	5	performed	perform	VERB
fsr-3280	326	6	well	well	ADV
fsr-3280	326	7	over	over	ADP
fsr-3280	326	8	the	the	DET
fsr-3280	326	9	past	past	ADJ
fsr-3280	326	10	year	year	NOUN
fsr-3280	326	11	will	will	AUX
fsr-3280	326	12	be	be	AUX
fsr-3280	326	13	the	the	DET
fsr-3280	326	14	least	least	ADV
fsr-3280	326	15	likely	likely	ADJ
fsr-3280	326	16	to	to	PART
fsr-3280	326	17	be	be	AUX
fsr-3280	326	18	sold	sell	VERB
fsr-3280	326	19	for	for	ADP
fsr-3280	326	20	liquidity	liquidity	NOUN
fsr-3280	326	21	reasons	reason	NOUN
fsr-3280	326	22	,	,	PUNCT
fsr-3280	326	23	postponing	postpone	VERB
fsr-3280	326	24	any	any	DET
fsr-3280	326	25	net	net	ADJ
fsr-3280	326	26	capital	capital	NOUN
fsr-3280	326	27	gains	gain	NOUN
fsr-3280	326	28	until	until	SCONJ
fsr-3280	326	29	it	it	PRON
fsr-3280	326	30	is	be	AUX
fsr-3280	326	31	optimal	optimal	ADJ
fsr-3280	326	32	.	.	PUNCT
fsr-3280	327	1	5.5	5.5	NUM
fsr-3280	327	2	.	.	PUNCT
fsr-3280	328	1	march	march	PROPN
fsr-3280	328	2	abnormal	abnormal	ADJ
fsr-3280	328	3	returns	return	NOUN
fsr-3280	328	4	,	,	PUNCT
fsr-3280	328	5	volume	volume	NOUN
fsr-3280	328	6	,	,	PUNCT
fsr-3280	328	7	and	and	CCONJ
fsr-3280	328	8	the	the	DET
fsr-3280	328	9	capital	capital	NOUN
fsr-3280	328	10	gains	gain	VERB
fsr-3280	328	11	tax	tax	NOUN
fsr-3280	328	12	rate	rate	NOUN
fsr-3280	328	13	the	the	DET
fsr-3280	328	14	effective	effective	ADJ
fsr-3280	328	15	capital	capital	NOUN
fsr-3280	328	16	gains	gain	NOUN
fsr-3280	328	17	tax	tax	NOUN
fsr-3280	328	18	rate	rate	NOUN
fsr-3280	328	19	on	on	ADP
fsr-3280	328	20	an	an	DET
fsr-3280	328	21	asset	asset	NOUN
fsr-3280	328	22	depends	depend	VERB
fsr-3280	328	23	on	on	ADP
fsr-3280	328	24	the	the	DET
fsr-3280	328	25	realization	realization	NOUN
fsr-3280	328	26	of	of	ADP
fsr-3280	328	27	gains	gain	NOUN
fsr-3280	328	28	and	and	CCONJ
fsr-3280	328	29	losses	loss	NOUN
fsr-3280	328	30	on	on	ADP
fsr-3280	328	31	other	other	ADJ
fsr-3280	328	32	assets	asset	NOUN
fsr-3280	328	33	.	.	PUNCT
fsr-3280	329	1	constantinides	constantinide	NOUN
fsr-3280	329	2	and	and	CCONJ
fsr-3280	329	3	scholes	schole	NOUN
fsr-3280	329	4	(	(	PUNCT
fsr-3280	329	5	1984	1984	NUM
fsr-3280	329	6	)	)	PUNCT
fsr-3280	329	7	note	note	VERB
fsr-3280	329	8	that	that	SCONJ
fsr-3280	329	9	the	the	DET
fsr-3280	329	10	rules	rule	NOUN
fsr-3280	329	11	in	in	ADP
fsr-3280	329	12	the	the	DET
fsr-3280	329	13	tax	tax	NOUN
fsr-3280	329	14	code	code	NOUN
fsr-3280	329	15	regarding	regard	VERB
fsr-3280	329	16	capital	capital	NOUN
fsr-3280	329	17	gains	gain	NOUN
fsr-3280	329	18	and	and	CCONJ
fsr-3280	329	19	losses	loss	NOUN
fsr-3280	329	20	make	make	VERB
fsr-3280	329	21	the	the	DET
fsr-3280	329	22	optimal	optimal	ADJ
fsr-3280	329	23	liquidation	liquidation	NOUN
fsr-3280	329	24	policy	policy	NOUN
fsr-3280	329	25	non	non	ADJ
fsr-3280	329	26	-	-	ADJ
fsr-3280	329	27	separable	separable	ADJ
fsr-3280	329	28	across	across	ADP
fsr-3280	329	29	different	different	ADJ
fsr-3280	329	30	assets	asset	NOUN
fsr-3280	329	31	.	.	PUNCT
fsr-3280	330	1	if	if	SCONJ
fsr-3280	330	2	an	an	DET
fsr-3280	330	3	investor	investor	NOUN
fsr-3280	330	4	is	be	AUX
fsr-3280	330	5	able	able	ADJ
fsr-3280	330	6	to	to	PART
fsr-3280	330	7	offset	offset	VERB
fsr-3280	330	8	more	more	ADJ
fsr-3280	330	9	ordinary	ordinary	ADJ
fsr-3280	330	10	income	income	NOUN
fsr-3280	330	11	with	with	ADP
fsr-3280	330	12	capital	capital	NOUN
fsr-3280	330	13	losses	loss	NOUN
fsr-3280	330	14	taken	take	VERB
fsr-3280	330	15	table	table	NOUN
fsr-3280	330	16	3	3	NUM
fsr-3280	330	17	a	a	PRON
fsr-3280	330	18	:	:	PUNCT
fsr-3280	330	19	panel	panel	NOUN
fsr-3280	330	20	regression	regression	NOUN
fsr-3280	330	21	of	of	ADP
fsr-3280	330	22	march	march	PROPN
fsr-3280	330	23	returns	return	NOUN
fsr-3280	330	24	on	on	ADP
fsr-3280	330	25	volume	volume	NOUN
fsr-3280	330	26	measures	measure	NOUN
fsr-3280	330	27	,	,	PUNCT
fsr-3280	330	28	net	net	ADJ
fsr-3280	330	29	capital	capital	NOUN
fsr-3280	330	30	gains	gain	NOUN
fsr-3280	330	31	rate	rate	NOUN
fsr-3280	330	32	,	,	PUNCT
fsr-3280	330	33	and	and	CCONJ
fsr-3280	330	34	unanticipated	unanticipated	ADJ
fsr-3280	330	35	gains	gain	NOUN
fsr-3280	330	36	model	model	NOUN
fsr-3280	330	37	(	(	PUNCT
fsr-3280	330	38	1	1	NUM
fsr-3280	330	39	):	):	PUNCT
fsr-3280	330	40	turnover	turnover	NOUN
fsr-3280	330	41	coefficients	coefficient	NOUN
fsr-3280	330	42	model	model	NOUN
fsr-3280	330	43	(	(	PUNCT
fsr-3280	330	44	2	2	NUM
fsr-3280	330	45	):	):	PUNCT
fsr-3280	330	46	vol_ratio	vol_ratio	NUM
fsr-3280	330	47	coefficients	coefficient	NOUN
fsr-3280	330	48	coefficient	coefficient	NOUN
fsr-3280	330	49	estimates	estimate	NOUN
fsr-3280	330	50	(	(	PUNCT
fsr-3280	330	51	t	t	PROPN
fsr-3280	330	52	statistics	statistic	NOUN
fsr-3280	330	53	in	in	ADP
fsr-3280	330	54	parentheses	parenthesis	NOUN
fsr-3280	330	55	)	)	PUNCT
fsr-3280	330	56	march_returnit	march_returnit	PROPN
fsr-3280	330	57	�	�	PROPN
fsr-3280	330	58	retit	retit	PROPN
fsr-3280	330	59	�	�	PROPN
fsr-3280	330	60	1	1	NUM
fsr-3280	330	61	2;4	2;4	NUM
fsr-3280	330	62	�	�	PROPN
fsr-3280	330	63	12	12	NUM
fsr-3280	330	64	�	�	PROPN
fsr-3280	330	65	�	�	PROPN
fsr-3280	330	66	0	0	NUM
fsr-3280	330	67	�	�	PROPN
fsr-3280	330	68	�	�	PROPN
fsr-3280	330	69	1year_end_volume_measureit	1year_end_volume_measureit	NUM
fsr-3280	330	70	�	�	PROPN
fsr-3280	330	71	1	1	NUM
fsr-3280	330	72	�	�	PROPN
fsr-3280	330	73	�	�	PROPN
fsr-3280	330	74	2average_year_end_volumeit	2average_year_end_volumeit	NUM
fsr-3280	330	75	�	�	PROPN
fsr-3280	330	76	1	1	NUM
fsr-3280	330	77	�	�	PROPN
fsr-3280	330	78	�	�	PROPN
fsr-3280	330	79	3capital_gains_ratet	3capital_gains_ratet	NUM
fsr-3280	330	80	�	�	PROPN
fsr-3280	330	81	�	�	PROPN
fsr-3280	330	82	4unanticipated_liabilityt	4unanticipated_liabilityt	PROPN
fsr-3280	330	83	�	�	PROPN
fsr-3280	330	84	1	1	NUM
fsr-3280	330	85	�	�	PROPN
fsr-3280	330	86	�	�	PROPN
fsr-3280	330	87	it	it	PRON
fsr-3280	330	88	panel	panel	NOUN
fsr-3280	330	89	a1	a1	NOUN
fsr-3280	330	90	:	:	PUNCT
fsr-3280	330	91	march	march	NOUN
fsr-3280	330	92	monthly	monthly	ADJ
fsr-3280	330	93	returns	return	NOUN
fsr-3280	330	94	adjusted	adjust	VERB
fsr-3280	330	95	for	for	ADP
fsr-3280	330	96	previous	previous	ADJ
fsr-3280	330	97	feb	feb	PROPN
fsr-3280	330	98	.	.	PROPN
fsr-3280	330	99	,	,	PUNCT
fsr-3280	330	100	apr.–dec	apr.–dec	PROPN
fsr-3280	330	101	.	.	PUNCT
fsr-3280	331	1	returns	return	NOUN
fsr-3280	331	2	on	on	ADP
fsr-3280	331	3	previous	previous	ADJ
fsr-3280	331	4	year	year	NOUN
fsr-3280	331	5	’s	’s	PART
fsr-3280	331	6	volume	volume	NOUN
fsr-3280	331	7	measures	measure	NOUN
fsr-3280	331	8	,	,	PUNCT
fsr-3280	331	9	march	march	PROPN
fsr-3280	331	10	volume	volume	NOUN
fsr-3280	331	11	measure	measure	NOUN
fsr-3280	331	12	,	,	PUNCT
fsr-3280	331	13	capital	capital	NOUN
fsr-3280	331	14	gains	gain	NOUN
fsr-3280	331	15	rate	rate	NOUN
fsr-3280	331	16	,	,	PUNCT
fsr-3280	331	17	and	and	CCONJ
fsr-3280	331	18	unanticipated	unanticipated	ADJ
fsr-3280	331	19	liability	liability	NOUN
fsr-3280	331	20	year	year	NOUN
fsr-3280	331	21	-	-	PUNCT
fsr-3280	331	22	end	end	NOUN
fsr-3280	331	23	turnover	turnover	NOUN
fsr-3280	331	24	0.011	0.011	NUM
fsr-3280	331	25	year	year	NOUN
fsr-3280	331	26	-	-	PUNCT
fsr-3280	331	27	end	end	NOUN
fsr-3280	331	28	volume	volume	NOUN
fsr-3280	331	29	ratio	ratio	NOUN
fsr-3280	331	30	0.006	0.006	NUM
fsr-3280	331	31	(	(	PUNCT
fsr-3280	331	32	3.40	3.40	NUM
fsr-3280	331	33	)	)	PUNCT
fsr-3280	331	34	*	*	PUNCT
fsr-3280	332	1	*	*	PUNCT
fsr-3280	332	2	*	*	PUNCT
fsr-3280	332	3	(	(	PUNCT
fsr-3280	332	4	4.78	4.78	NUM
fsr-3280	332	5	)	)	PUNCT
fsr-3280	332	6	*	*	PUNCT
fsr-3280	332	7	*	*	PUNCT
fsr-3280	332	8	*	*	PUNCT
fsr-3280	332	9	average	average	ADJ
fsr-3280	332	10	year	year	NOUN
fsr-3280	332	11	-	-	PUNCT
fsr-3280	332	12	end	end	NOUN
fsr-3280	332	13	turnover	turnover	NOUN
fsr-3280	332	14	0.103	0.103	NUM
fsr-3280	332	15	average	average	ADJ
fsr-3280	332	16	year	year	NOUN
fsr-3280	332	17	-	-	PUNCT
fsr-3280	332	18	end	end	NOUN
fsr-3280	332	19	volume	volume	NOUN
fsr-3280	332	20	ratio	ratio	NOUN
fsr-3280	332	21	0.023	0.023	NUM
fsr-3280	332	22	(	(	PUNCT
fsr-3280	332	23	19.74	19.74	NUM
fsr-3280	332	24	)	)	PUNCT
fsr-3280	332	25	*	*	PUNCT
fsr-3280	332	26	*	*	PUNCT
fsr-3280	332	27	*	*	PUNCT
fsr-3280	332	28	(	(	PUNCT
fsr-3280	332	29	14.25	14.25	NUM
fsr-3280	332	30	)	)	PUNCT
fsr-3280	332	31	*	*	PUNCT
fsr-3280	332	32	*	*	PUNCT
fsr-3280	332	33	*	*	PUNCT
fsr-3280	332	34	capital	capital	NOUN
fsr-3280	332	35	gain	gain	NOUN
fsr-3280	332	36	rate	rate	NOUN
fsr-3280	332	37	�	�	PROPN
fsr-3280	332	38	0.065	0.065	NUM
fsr-3280	332	39	capital	capital	NOUN
fsr-3280	332	40	gain	gain	NOUN
fsr-3280	332	41	rate	rate	NOUN
fsr-3280	332	42	�	�	PROPN
fsr-3280	332	43	0.046	0.046	NUM
fsr-3280	332	44	(	(	PUNCT
fsr-3280	332	45	�	�	PROPN
fsr-3280	332	46	23.80	23.80	NUM
fsr-3280	332	47	)	)	PUNCT
fsr-3280	332	48	*	*	PUNCT
fsr-3280	333	1	*	*	PUNCT
fsr-3280	333	2	*	*	PUNCT
fsr-3280	333	3	(	(	PUNCT
fsr-3280	333	4	�	�	X
fsr-3280	333	5	19.49	19.49	NUM
fsr-3280	333	6	)	)	PUNCT
fsr-3280	333	7	*	*	PUNCT
fsr-3280	333	8	*	*	PUNCT
fsr-3280	333	9	*	*	PUNCT
fsr-3280	333	10	unanticipated	unanticipated	ADJ
fsr-3280	333	11	liability	liability	NOUN
fsr-3280	333	12	�	�	PROPN
fsr-3280	333	13	0.044	0.044	NUM
fsr-3280	333	14	unanticipated	unanticipate	VERB
fsr-3280	333	15	liability	liability	NOUN
fsr-3280	333	16	�	�	NOUN
fsr-3280	333	17	0.043	0.043	NUM
fsr-3280	333	18	(	(	PUNCT
fsr-3280	333	19	�	�	NOUN
fsr-3280	333	20	12.89	12.89	NUM
fsr-3280	333	21	)	)	PUNCT
fsr-3280	333	22	*	*	PUNCT
fsr-3280	334	1	*	*	PUNCT
fsr-3280	334	2	*	*	PUNCT
fsr-3280	334	3	(	(	PUNCT
fsr-3280	334	4	�	�	NOUN
fsr-3280	334	5	12.05	12.05	NUM
fsr-3280	334	6	)	)	PUNCT
fsr-3280	334	7	*	*	PUNCT
fsr-3280	334	8	*	*	PUNCT
fsr-3280	334	9	*	*	PUNCT
fsr-3280	334	10	intercept	intercept	NOUN
fsr-3280	334	11	0.09	0.09	NUM
fsr-3280	334	12	intercept	intercept	NOUN
fsr-3280	334	13	0.065	0.065	NUM
fsr-3280	334	14	r2	r2	NOUN
fsr-3280	334	15	0.35	0.35	NUM
fsr-3280	334	16	r2	r2	PROPN
fsr-3280	334	17	0.36	0.36	NUM
fsr-3280	334	18	panel	panel	NOUN
fsr-3280	334	19	b	b	NOUN
fsr-3280	334	20	:	:	PUNCT
fsr-3280	334	21	march	march	PROPN
fsr-3280	334	22	15	15	NUM
fsr-3280	334	23	to	to	ADP
fsr-3280	334	24	april	april	PROPN
fsr-3280	334	25	15	15	NUM
fsr-3280	334	26	returns	return	NOUN
fsr-3280	334	27	adjusted	adjust	VERB
fsr-3280	334	28	for	for	ADP
fsr-3280	334	29	previous	previous	ADJ
fsr-3280	334	30	feb	feb	PROPN
fsr-3280	334	31	.	.	PROPN
fsr-3280	334	32	,	,	PUNCT
fsr-3280	334	33	apr.–dec	apr.–dec	PROPN
fsr-3280	334	34	.	.	PUNCT
fsr-3280	335	1	returns	return	NOUN
fsr-3280	335	2	on	on	ADP
fsr-3280	335	3	previous	previous	ADJ
fsr-3280	335	4	year	year	NOUN
fsr-3280	335	5	’s	’s	PART
fsr-3280	335	6	volume	volume	NOUN
fsr-3280	335	7	measures	measure	NOUN
fsr-3280	335	8	,	,	PUNCT
fsr-3280	335	9	capital	capital	NOUN
fsr-3280	335	10	gains	gain	NOUN
fsr-3280	335	11	rate	rate	NOUN
fsr-3280	335	12	,	,	PUNCT
fsr-3280	335	13	and	and	CCONJ
fsr-3280	335	14	unanticipated	unanticipated	ADJ
fsr-3280	335	15	liability	liability	NOUN
fsr-3280	335	16	year	year	NOUN
fsr-3280	335	17	-	-	PUNCT
fsr-3280	335	18	end	end	NOUN
fsr-3280	335	19	turnover	turnover	NOUN
fsr-3280	335	20	0.001	0.001	NUM
fsr-3280	335	21	year	year	NOUN
fsr-3280	335	22	-	-	PUNCT
fsr-3280	335	23	end	end	NOUN
fsr-3280	335	24	volume	volume	NOUN
fsr-3280	335	25	ratio	ratio	NOUN
fsr-3280	335	26	0.008	0.008	NUM
fsr-3280	335	27	(	(	PUNCT
fsr-3280	335	28	1.43	1.43	NUM
fsr-3280	335	29	)	)	PUNCT
fsr-3280	335	30	(	(	PUNCT
fsr-3280	335	31	5.71	5.71	NUM
fsr-3280	335	32	)	)	PUNCT
fsr-3280	335	33	*	*	PUNCT
fsr-3280	336	1	*	*	PUNCT
fsr-3280	336	2	*	*	PUNCT
fsr-3280	336	3	average	average	ADJ
fsr-3280	336	4	year	year	NOUN
fsr-3280	336	5	-	-	PUNCT
fsr-3280	336	6	end	end	NOUN
fsr-3280	336	7	turnover	turnover	NOUN
fsr-3280	336	8	0.020	0.020	NUM
fsr-3280	336	9	average	average	ADJ
fsr-3280	336	10	year	year	NOUN
fsr-3280	336	11	-	-	PUNCT
fsr-3280	336	12	end	end	NOUN
fsr-3280	336	13	volume	volume	NOUN
fsr-3280	336	14	ratio	ratio	NOUN
fsr-3280	336	15	0.023	0.023	NUM
fsr-3280	336	16	(	(	PUNCT
fsr-3280	336	17	16.46	16.46	NUM
fsr-3280	336	18	)	)	PUNCT
fsr-3280	336	19	*	*	PUNCT
fsr-3280	337	1	*	*	PUNCT
fsr-3280	337	2	*	*	PUNCT
fsr-3280	337	3	(	(	PUNCT
fsr-3280	337	4	113.04	113.04	NUM
fsr-3280	337	5	)	)	PUNCT
fsr-3280	337	6	*	*	PUNCT
fsr-3280	337	7	*	*	PUNCT
fsr-3280	337	8	*	*	PUNCT
fsr-3280	337	9	capital	capital	NOUN
fsr-3280	337	10	gain	gain	NOUN
fsr-3280	337	11	rate	rate	NOUN
fsr-3280	337	12	�	�	PROPN
fsr-3280	337	13	0.013	0.013	NUM
fsr-3280	337	14	capital	capital	NOUN
fsr-3280	337	15	gain	gain	NOUN
fsr-3280	337	16	rate	rate	NOUN
fsr-3280	337	17	�	�	PROPN
fsr-3280	337	18	0.042	0.042	NUM
fsr-3280	337	19	(	(	PUNCT
fsr-3280	337	20	�	�	PROPN
fsr-3280	337	21	4.72	4.72	NUM
fsr-3280	337	22	)	)	PUNCT
fsr-3280	337	23	*	*	PUNCT
fsr-3280	338	1	*	*	PUNCT
fsr-3280	338	2	*	*	PUNCT
fsr-3280	338	3	(	(	PUNCT
fsr-3280	338	4	�	�	PROPN
fsr-3280	338	5	16.36	16.36	NUM
fsr-3280	338	6	)	)	PUNCT
fsr-3280	338	7	*	*	PUNCT
fsr-3280	338	8	*	*	PUNCT
fsr-3280	338	9	*	*	PUNCT
fsr-3280	338	10	unanticipated	unanticipated	ADJ
fsr-3280	338	11	liability	liability	NOUN
fsr-3280	338	12	�	�	PROPN
fsr-3280	338	13	0.019	0.019	NUM
fsr-3280	338	14	unanticipated	unanticipate	VERB
fsr-3280	338	15	liability	liability	NOUN
fsr-3280	338	16	�	�	PROPN
fsr-3280	338	17	0.034	0.034	NUM
fsr-3280	338	18	(	(	PUNCT
fsr-3280	338	19	�	�	PROPN
fsr-3280	338	20	4.64	4.64	NUM
fsr-3280	338	21	)	)	PUNCT
fsr-3280	338	22	*	*	PUNCT
fsr-3280	339	1	*	*	PUNCT
fsr-3280	339	2	*	*	PUNCT
fsr-3280	339	3	(	(	PUNCT
fsr-3280	339	4	�	�	PROPN
fsr-3280	339	5	8.96	8.96	NUM
fsr-3280	339	6	)	)	PUNCT
fsr-3280	339	7	*	*	PUNCT
fsr-3280	339	8	*	*	PUNCT
fsr-3280	339	9	*	*	PUNCT
fsr-3280	339	10	intercept	intercept	NOUN
fsr-3280	339	11	0.105	0.105	NUM
fsr-3280	339	12	intercept	intercept	NOUN
fsr-3280	339	13	0.075	0.075	NUM
fsr-3280	339	14	r2	r2	NOUN
fsr-3280	339	15	0.29	0.29	NUM
fsr-3280	339	16	r2	r2	NOUN
fsr-3280	339	17	0.33	0.33	NUM
fsr-3280	339	18	295	295	NUM
fsr-3280	339	19	m.	m.	NOUN
fsr-3280	339	20	hurst	hurst	PROPN
fsr-3280	339	21	,	,	PUNCT
fsr-3280	339	22	m.	m.	PROPN
fsr-3280	339	23	mendoza	mendoza	PROPN
fsr-3280	339	24	/	/	SYM
fsr-3280	339	25	financial	financial	ADJ
fsr-3280	339	26	services	service	NOUN
fsr-3280	339	27	review	review	VERB
fsr-3280	339	28	25	25	NUM
fsr-3280	339	29	(	(	PUNCT
fsr-3280	339	30	2016	2016	NUM
fsr-3280	339	31	)	)	PUNCT
fsr-3280	340	1	279–301	279–301	NUM
fsr-3280	340	2	in	in	ADP
fsr-3280	340	3	municipal	municipal	ADJ
fsr-3280	340	4	bond	bond	NOUN
fsr-3280	340	5	funds	fund	NOUN
fsr-3280	340	6	then	then	ADV
fsr-3280	340	7	we	we	PRON
fsr-3280	340	8	would	would	AUX
fsr-3280	340	9	expect	expect	VERB
fsr-3280	340	10	to	to	PART
fsr-3280	340	11	see	see	VERB
fsr-3280	340	12	more	more	ADJ
fsr-3280	340	13	tax	tax	NOUN
fsr-3280	340	14	-	-	PUNCT
fsr-3280	340	15	liquidation	liquidation	NOUN
fsr-3280	340	16	selling	selling	NOUN
fsr-3280	340	17	in	in	ADP
fsr-3280	340	18	years	year	NOUN
fsr-3280	340	19	with	with	ADP
fsr-3280	340	20	higher	high	ADJ
fsr-3280	340	21	capital	capital	NOUN
fsr-3280	340	22	gains	gain	NOUN
fsr-3280	340	23	tax	tax	NOUN
fsr-3280	340	24	rates	rate	NOUN
fsr-3280	340	25	.	.	PUNCT
fsr-3280	341	1	the	the	DET
fsr-3280	341	2	results	result	NOUN
fsr-3280	341	3	in	in	ADP
fsr-3280	341	4	table	table	NOUN
fsr-3280	341	5	3	3	NUM
fsr-3280	341	6	show	show	VERB
fsr-3280	341	7	that	that	SCONJ
fsr-3280	341	8	the	the	DET
fsr-3280	341	9	returns	return	NOUN
fsr-3280	341	10	in	in	ADP
fsr-3280	341	11	march	march	PROPN
fsr-3280	341	12	are	be	AUX
fsr-3280	341	13	negatively	negatively	ADV
fsr-3280	341	14	related	relate	VERB
fsr-3280	341	15	to	to	ADP
fsr-3280	341	16	the	the	DET
fsr-3280	341	17	capital	capital	NOUN
fsr-3280	341	18	gains	gain	NOUN
fsr-3280	341	19	tax	tax	NOUN
fsr-3280	341	20	rate	rate	NOUN
fsr-3280	341	21	(	(	PUNCT
fsr-3280	341	22	significant	significant	ADJ
fsr-3280	341	23	at	at	ADP
fsr-3280	341	24	the	the	DET
fsr-3280	341	25	1	1	NUM
fsr-3280	341	26	%	%	NOUN
fsr-3280	341	27	level	level	NOUN
fsr-3280	341	28	)	)	PUNCT
fsr-3280	341	29	.	.	PUNCT
fsr-3280	342	1	this	this	DET
fsr-3280	342	2	finding	finding	NOUN
fsr-3280	342	3	is	be	AUX
fsr-3280	342	4	robust	robust	ADJ
fsr-3280	342	5	to	to	ADP
fsr-3280	342	6	clustering	cluster	VERB
fsr-3280	342	7	by	by	ADP
fsr-3280	342	8	fund	fund	NOUN
fsr-3280	342	9	and	and	CCONJ
fsr-3280	342	10	controlling	control	VERB
fsr-3280	342	11	for	for	ADP
fsr-3280	342	12	prior	prior	ADJ
fsr-3280	342	13	year	year	NOUN
fsr-3280	342	14	’s	’s	PART
fsr-3280	342	15	return	return	NOUN
fsr-3280	342	16	and	and	CCONJ
fsr-3280	342	17	year	year	NOUN
fsr-3280	342	18	end	end	NOUN
fsr-3280	342	19	volume	volume	NOUN
fsr-3280	342	20	and	and	CCONJ
fsr-3280	342	21	average	average	ADJ
fsr-3280	342	22	year	year	NOUN
fsr-3280	342	23	volume	volume	NOUN
fsr-3280	342	24	measures	measure	NOUN
fsr-3280	342	25	across	across	ADP
fsr-3280	342	26	funds	fund	NOUN
fsr-3280	342	27	.	.	PUNCT
fsr-3280	343	1	the	the	DET
fsr-3280	343	2	coefficient	coefficient	ADJ
fsr-3280	343	3	estimate	estimate	NOUN
fsr-3280	343	4	of	of	ADP
fsr-3280	343	5	�	�	NOUN
fsr-3280	343	6	0.05	0.05	NUM
fsr-3280	343	7	predicts	predict	NOUN
fsr-3280	343	8	,	,	PUNCT
fsr-3280	343	9	at	at	ADP
fsr-3280	343	10	the	the	DET
fsr-3280	343	11	margin	margin	NOUN
fsr-3280	343	12	,	,	PUNCT
fsr-3280	343	13	a	a	DET
fsr-3280	343	14	unit	unit	NOUN
fsr-3280	343	15	increase	increase	NOUN
fsr-3280	343	16	in	in	ADP
fsr-3280	343	17	the	the	DET
fsr-3280	343	18	natural	natural	ADJ
fsr-3280	343	19	log	log	NOUN
fsr-3280	343	20	of	of	ADP
fsr-3280	343	21	the	the	DET
fsr-3280	343	22	capital	capital	NOUN
fsr-3280	343	23	gains	gain	NOUN
fsr-3280	343	24	tax	tax	NOUN
fsr-3280	343	25	rate	rate	NOUN
fsr-3280	343	26	will	will	AUX
fsr-3280	343	27	result	result	VERB
fsr-3280	343	28	in	in	ADP
fsr-3280	343	29	a	a	DET
fsr-3280	343	30	5	5	NUM
fsr-3280	343	31	%	%	NOUN
fsr-3280	343	32	percent	percent	NOUN
fsr-3280	343	33	drop	drop	NOUN
fsr-3280	343	34	in	in	ADP
fsr-3280	343	35	the	the	DET
fsr-3280	343	36	returns	return	NOUN
fsr-3280	343	37	during	during	ADP
fsr-3280	343	38	the	the	DET
fsr-3280	343	39	month	month	NOUN
fsr-3280	343	40	of	of	ADP
fsr-3280	343	41	march	march	PROPN
fsr-3280	343	42	.	.	PUNCT
fsr-3280	344	1	this	this	PRON
fsr-3280	344	2	is	be	AUX
fsr-3280	344	3	economically	economically	ADV
fsr-3280	344	4	significant	significant	ADJ
fsr-3280	344	5	given	give	VERB
fsr-3280	344	6	the	the	DET
fsr-3280	344	7	historical	historical	ADJ
fsr-3280	344	8	rate	rate	NOUN
fsr-3280	344	9	for	for	ADP
fsr-3280	344	10	capital	capital	NOUN
fsr-3280	344	11	gains	gain	NOUN
fsr-3280	344	12	tax	tax	NOUN
fsr-3280	344	13	is	be	AUX
fsr-3280	344	14	between	between	ADP
fsr-3280	344	15	15	15	NUM
fsr-3280	344	16	and	and	CCONJ
fsr-3280	344	17	33	33	NUM
fsr-3280	344	18	%	%	NOUN
fsr-3280	344	19	with	with	ADP
fsr-3280	344	20	changes	change	NOUN
fsr-3280	344	21	of	of	ADP
fsr-3280	344	22	between	between	ADP
fsr-3280	344	23	8	8	NUM
fsr-3280	344	24	%	%	NOUN
fsr-3280	344	25	and	and	CCONJ
fsr-3280	344	26	15	15	NUM
fsr-3280	344	27	%	%	NOUN
fsr-3280	344	28	.	.	PUNCT
fsr-3280	345	1	the	the	DET
fsr-3280	345	2	results	result	NOUN
fsr-3280	345	3	,	,	PUNCT
fsr-3280	345	4	presented	present	VERB
fsr-3280	345	5	in	in	ADP
fsr-3280	345	6	table	table	NOUN
fsr-3280	345	7	5	5	NUM
fsr-3280	345	8	,	,	PUNCT
fsr-3280	345	9	for	for	ADP
fsr-3280	345	10	abnormal	abnormal	ADJ
fsr-3280	345	11	march	march	NOUN
fsr-3280	345	12	volume	volume	NOUN
fsr-3280	345	13	on	on	ADP
fsr-3280	345	14	the	the	DET
fsr-3280	345	15	capital	capital	NOUN
fsr-3280	345	16	gains	gain	NOUN
fsr-3280	345	17	rate	rate	NOUN
fsr-3280	345	18	are	be	AUX
fsr-3280	345	19	equally	equally	ADV
fsr-3280	345	20	revealing	revealing	ADJ
fsr-3280	345	21	.	.	PUNCT
fsr-3280	346	1	the	the	DET
fsr-3280	346	2	findings	finding	NOUN
fsr-3280	346	3	for	for	ADP
fsr-3280	346	4	march	march	PROPN
fsr-3280	346	5	turnover	turnover	NOUN
fsr-3280	346	6	(	(	PUNCT
fsr-3280	346	7	volume	volume	NOUN
fsr-3280	346	8	ratios	ratio	NOUN
fsr-3280	346	9	)	)	PUNCT
fsr-3280	346	10	suggest	suggest	VERB
fsr-3280	346	11	that	that	SCONJ
fsr-3280	346	12	there	there	PRON
fsr-3280	346	13	is	be	VERB
fsr-3280	346	14	increased	increase	VERB
fsr-3280	346	15	volume	volume	NOUN
fsr-3280	346	16	relative	relative	ADJ
fsr-3280	346	17	to	to	ADP
fsr-3280	346	18	shares	share	NOUN
fsr-3280	346	19	outstanding	outstanding	ADJ
fsr-3280	346	20	(	(	PUNCT
fsr-3280	346	21	average	average	ADJ
fsr-3280	346	22	monthly	monthly	ADJ
fsr-3280	346	23	volume	volume	NOUN
fsr-3280	346	24	)	)	PUNCT
fsr-3280	346	25	when	when	SCONJ
fsr-3280	346	26	the	the	DET
fsr-3280	346	27	capital	capital	NOUN
fsr-3280	346	28	gains	gain	VERB
fsr-3280	346	29	tax	tax	NOUN
fsr-3280	346	30	rate	rate	NOUN
fsr-3280	346	31	is	be	AUX
fsr-3280	346	32	higher	high	ADJ
fsr-3280	346	33	.	.	PUNCT
fsr-3280	347	1	the	the	DET
fsr-3280	347	2	findings	finding	NOUN
fsr-3280	347	3	for	for	ADP
fsr-3280	347	4	abnormal	abnormal	ADJ
fsr-3280	347	5	volume	volume	NOUN
fsr-3280	347	6	measures	measure	NOUN
fsr-3280	347	7	are	be	AUX
fsr-3280	347	8	positive	positive	ADJ
fsr-3280	347	9	and	and	CCONJ
fsr-3280	347	10	significant	significant	ADJ
fsr-3280	347	11	at	at	ADP
fsr-3280	347	12	the	the	DET
fsr-3280	347	13	1	1	NUM
fsr-3280	347	14	%	%	NOUN
fsr-3280	347	15	level	level	NOUN
fsr-3280	347	16	.	.	PUNCT
fsr-3280	348	1	5.6	5.6	NUM
fsr-3280	348	2	.	.	PUNCT
fsr-3280	349	1	march	march	PROPN
fsr-3280	349	2	abnormal	abnormal	ADJ
fsr-3280	349	3	returns	return	NOUN
fsr-3280	349	4	,	,	PUNCT
fsr-3280	349	5	volume	volume	NOUN
fsr-3280	349	6	,	,	PUNCT
fsr-3280	349	7	and	and	CCONJ
fsr-3280	349	8	unanticipated	unanticipated	ADJ
fsr-3280	349	9	liability	liability	NOUN
fsr-3280	349	10	the	the	DET
fsr-3280	349	11	results	result	NOUN
fsr-3280	349	12	,	,	PUNCT
fsr-3280	349	13	reported	report	VERB
fsr-3280	349	14	in	in	ADP
fsr-3280	349	15	table	table	NOUN
fsr-3280	349	16	3	3	NUM
fsr-3280	349	17	,	,	PUNCT
fsr-3280	349	18	show	show	VERB
fsr-3280	349	19	that	that	SCONJ
fsr-3280	349	20	march	march	PROPN
fsr-3280	349	21	abnormal	abnormal	ADJ
fsr-3280	349	22	returns	return	NOUN
fsr-3280	349	23	are	be	AUX
fsr-3280	349	24	decreasing	decrease	VERB
fsr-3280	349	25	in	in	ADP
fsr-3280	349	26	unanticipated	unanticipated	ADJ
fsr-3280	349	27	liability	liability	NOUN
fsr-3280	349	28	.	.	PUNCT
fsr-3280	350	1	this	this	PRON
fsr-3280	350	2	is	be	AUX
fsr-3280	350	3	paramount	paramount	ADJ
fsr-3280	350	4	in	in	ADP
fsr-3280	350	5	proving	prove	VERB
fsr-3280	350	6	that	that	SCONJ
fsr-3280	350	7	the	the	DET
fsr-3280	350	8	tax	tax	NOUN
fsr-3280	350	9	liquidation	liquidation	NOUN
fsr-3280	350	10	hypothesis	hypothesis	NOUN
fsr-3280	350	11	is	be	AUX
fsr-3280	350	12	related	relate	VERB
fsr-3280	350	13	to	to	ADP
fsr-3280	350	14	tax	tax	NOUN
fsr-3280	350	15	liability	liability	NOUN
fsr-3280	350	16	liquidation	liquidation	NOUN
fsr-3280	350	17	.	.	PUNCT
fsr-3280	351	1	tax	tax	NOUN
fsr-3280	351	2	liability	liability	NOUN
fsr-3280	351	3	on	on	ADP
fsr-3280	351	4	unanticipated	unanticipated	ADJ
fsr-3280	351	5	gains	gain	NOUN
fsr-3280	351	6	can	can	AUX
fsr-3280	351	7	be	be	AUX
fsr-3280	351	8	delayed	delay	VERB
fsr-3280	351	9	until	until	ADP
fsr-3280	351	10	tax	tax	NOUN
fsr-3280	351	11	filing	filing	NOUN
fsr-3280	351	12	which	which	PRON
fsr-3280	351	13	is	be	AUX
fsr-3280	351	14	due	due	ADJ
fsr-3280	351	15	april	april	PROPN
fsr-3280	351	16	15	15	NUM
fsr-3280	351	17	or	or	CCONJ
fsr-3280	351	18	october	october	PROPN
fsr-3280	351	19	15	15	NUM
fsr-3280	351	20	(	(	PUNCT
fsr-3280	351	21	if	if	SCONJ
fsr-3280	351	22	an	an	DET
fsr-3280	351	23	extension	extension	NOUN
fsr-3280	351	24	is	be	AUX
fsr-3280	351	25	filed	file	VERB
fsr-3280	351	26	)	)	PUNCT
fsr-3280	351	27	.	.	PUNCT
fsr-3280	352	1	furthermore	furthermore	ADV
fsr-3280	352	2	,	,	PUNCT
fsr-3280	352	3	the	the	DET
fsr-3280	352	4	table	table	NOUN
fsr-3280	352	5	3	3	NUM
fsr-3280	352	6	(	(	PUNCT
fsr-3280	352	7	continued	continued	ADJ
fsr-3280	352	8	)	)	PUNCT
fsr-3280	352	9	panel	panel	NOUN
fsr-3280	352	10	c	c	NOUN
fsr-3280	352	11	:	:	PUNCT
fsr-3280	352	12	seven	seven	NUM
fsr-3280	352	13	day	day	NOUN
fsr-3280	352	14	return	return	NOUN
fsr-3280	352	15	following	follow	VERB
fsr-3280	352	16	march	march	PROPN
fsr-3280	352	17	ex	ex	NOUN
fsr-3280	352	18	-	-	NOUN
fsr-3280	352	19	dividend	dividend	ADJ
fsr-3280	352	20	date	date	NOUN
fsr-3280	352	21	,	,	PUNCT
fsr-3280	352	22	adjusted	adjust	VERB
fsr-3280	352	23	for	for	ADP
fsr-3280	352	24	previous	previous	ADJ
fsr-3280	352	25	feb	feb	PROPN
fsr-3280	352	26	.	.	PROPN
fsr-3280	352	27	,	,	PUNCT
fsr-3280	352	28	apr.–dec	apr.–dec	PROPN
fsr-3280	352	29	.	.	PUNCT
fsr-3280	353	1	returns	return	NOUN
fsr-3280	353	2	on	on	ADP
fsr-3280	353	3	previous	previous	ADJ
fsr-3280	353	4	year	year	NOUN
fsr-3280	353	5	’s	’s	PART
fsr-3280	353	6	volume	volume	NOUN
fsr-3280	353	7	measures	measure	NOUN
fsr-3280	353	8	,	,	PUNCT
fsr-3280	353	9	capital	capital	NOUN
fsr-3280	353	10	gains	gain	NOUN
fsr-3280	353	11	rate	rate	NOUN
fsr-3280	353	12	,	,	PUNCT
fsr-3280	353	13	and	and	CCONJ
fsr-3280	353	14	unanticipated	unanticipated	ADJ
fsr-3280	353	15	liability	liability	NOUN
fsr-3280	353	16	year	year	NOUN
fsr-3280	353	17	-	-	PUNCT
fsr-3280	353	18	end	end	NOUN
fsr-3280	353	19	turnover	turnover	NOUN
fsr-3280	353	20	0.001	0.001	NUM
fsr-3280	353	21	year	year	NOUN
fsr-3280	353	22	-	-	PUNCT
fsr-3280	353	23	end	end	NOUN
fsr-3280	353	24	volume	volume	NOUN
fsr-3280	353	25	ratio	ratio	NOUN
fsr-3280	353	26	0.005	0.005	NUM
fsr-3280	353	27	(	(	PUNCT
fsr-3280	353	28	7.54	7.54	NUM
fsr-3280	353	29	)	)	PUNCT
fsr-3280	353	30	*	*	PUNCT
fsr-3280	354	1	*	*	PUNCT
fsr-3280	354	2	*	*	PUNCT
fsr-3280	354	3	(	(	PUNCT
fsr-3280	354	4	13.79	13.79	NUM
fsr-3280	354	5	)	)	PUNCT
fsr-3280	354	6	*	*	PUNCT
fsr-3280	354	7	*	*	PUNCT
fsr-3280	354	8	*	*	PUNCT
fsr-3280	354	9	average	average	ADJ
fsr-3280	354	10	year	year	NOUN
fsr-3280	354	11	-	-	PUNCT
fsr-3280	354	12	end	end	NOUN
fsr-3280	354	13	turnover	turnover	NOUN
fsr-3280	354	14	0.013	0.013	NUM
fsr-3280	354	15	average	average	ADJ
fsr-3280	354	16	year	year	NOUN
fsr-3280	354	17	-	-	PUNCT
fsr-3280	354	18	end	end	NOUN
fsr-3280	354	19	volume	volume	NOUN
fsr-3280	354	20	ratio	ratio	NOUN
fsr-3280	354	21	0.013	0.013	NUM
fsr-3280	354	22	(	(	PUNCT
fsr-3280	354	23	40.38	40.38	NUM
fsr-3280	354	24	)	)	PUNCT
fsr-3280	354	25	*	*	PUNCT
fsr-3280	355	1	*	*	PUNCT
fsr-3280	355	2	*	*	PUNCT
fsr-3280	355	3	(	(	PUNCT
fsr-3280	355	4	27.58	27.58	NUM
fsr-3280	355	5	)	)	PUNCT
fsr-3280	355	6	*	*	PUNCT
fsr-3280	355	7	*	*	PUNCT
fsr-3280	355	8	*	*	PUNCT
fsr-3280	355	9	capital	capital	NOUN
fsr-3280	355	10	gain	gain	NOUN
fsr-3280	355	11	rate	rate	NOUN
fsr-3280	355	12	�	�	PROPN
fsr-3280	355	13	0.017	0.017	NUM
fsr-3280	355	14	capital	capital	NOUN
fsr-3280	355	15	gain	gain	NOUN
fsr-3280	355	16	rate	rate	NOUN
fsr-3280	355	17	�	�	PROPN
fsr-3280	355	18	0.009	0.009	NUM
fsr-3280	355	19	(	(	PUNCT
fsr-3280	355	20	�	�	PROPN
fsr-3280	355	21	21.86	21.86	NUM
fsr-3280	355	22	)	)	PUNCT
fsr-3280	355	23	*	*	PUNCT
fsr-3280	356	1	*	*	PUNCT
fsr-3280	356	2	*	*	PUNCT
fsr-3280	356	3	(	(	PUNCT
fsr-3280	356	4	�	�	PROPN
fsr-3280	356	5	13.57	13.57	NUM
fsr-3280	356	6	)	)	PUNCT
fsr-3280	356	7	*	*	PUNCT
fsr-3280	356	8	*	*	PUNCT
fsr-3280	356	9	*	*	PUNCT
fsr-3280	356	10	unanticipated	unanticipated	ADJ
fsr-3280	356	11	liability	liability	NOUN
fsr-3280	356	12	�	�	NOUN
fsr-3280	356	13	0.003	0.003	NUM
fsr-3280	356	14	unanticipated	unanticipated	ADJ
fsr-3280	356	15	liability	liability	NOUN
fsr-3280	356	16	�	�	NOUN
fsr-3280	356	17	0.000	0.000	NUM
fsr-3280	356	18	(	(	PUNCT
fsr-3280	356	19	�	�	PROPN
fsr-3280	356	20	84.28	84.28	NUM
fsr-3280	356	21	)	)	PUNCT
fsr-3280	356	22	*	*	PUNCT
fsr-3280	356	23	*	*	PUNCT
fsr-3280	356	24	*	*	PUNCT
fsr-3280	356	25	(	(	PUNCT
fsr-3280	356	26	�	�	NOUN
fsr-3280	356	27	0.35	0.35	NUM
fsr-3280	356	28	)	)	PUNCT
fsr-3280	356	29	intercept	intercept	NOUN
fsr-3280	356	30	0.021	0.021	NUM
fsr-3280	356	31	intercept	intercept	PROPN
fsr-3280	356	32	�	�	PROPN
fsr-3280	356	33	0.002	0.002	NUM
fsr-3280	356	34	r2	r2	PROPN
fsr-3280	356	35	0.51	0.51	NUM
fsr-3280	356	36	r2	r2	PROPN
fsr-3280	356	37	0.53	0.53	NUM
fsr-3280	356	38	notes	note	VERB
fsr-3280	356	39	:	:	PUNCT
fsr-3280	356	40	this	this	DET
fsr-3280	356	41	table	table	NOUN
fsr-3280	356	42	shows	show	VERB
fsr-3280	356	43	the	the	DET
fsr-3280	356	44	coefficients	coefficient	NOUN
fsr-3280	356	45	from	from	ADP
fsr-3280	356	46	regression	regression	NOUN
fsr-3280	356	47	of	of	ADP
fsr-3280	356	48	march	march	PROPN
fsr-3280	356	49	returns	return	NOUN
fsr-3280	356	50	,	,	PUNCT
fsr-3280	356	51	adjusted	adjust	VERB
fsr-3280	356	52	by	by	ADP
fsr-3280	356	53	the	the	DET
fsr-3280	356	54	previous	previous	ADJ
fsr-3280	356	55	february	february	NOUN
fsr-3280	356	56	through	through	ADP
fsr-3280	356	57	december	december	PROPN
fsr-3280	356	58	(	(	PUNCT
fsr-3280	356	59	excluding	exclude	VERB
fsr-3280	356	60	march	march	NOUN
fsr-3280	356	61	)	)	PUNCT
fsr-3280	356	62	average	average	ADJ
fsr-3280	356	63	returns	return	NOUN
fsr-3280	356	64	,	,	PUNCT
fsr-3280	356	65	on	on	ADP
fsr-3280	356	66	volume	volume	NOUN
fsr-3280	356	67	measures	measure	NOUN
fsr-3280	356	68	for	for	ADP
fsr-3280	356	69	year	year	NOUN
fsr-3280	356	70	-	-	PUNCT
fsr-3280	356	71	end	end	NOUN
fsr-3280	356	72	trading	trading	NOUN
fsr-3280	356	73	,	,	PUNCT
fsr-3280	356	74	contemporaneous	contemporaneous	ADJ
fsr-3280	356	75	march	march	NOUN
fsr-3280	356	76	volume	volume	NOUN
fsr-3280	356	77	,	,	PUNCT
fsr-3280	356	78	the	the	DET
fsr-3280	356	79	capital	capital	NOUN
fsr-3280	356	80	gains	gain	VERB
fsr-3280	356	81	tax	tax	NOUN
fsr-3280	356	82	rate	rate	NOUN
fsr-3280	356	83	,	,	PUNCT
fsr-3280	356	84	and	and	CCONJ
fsr-3280	356	85	unanticipated	unanticipated	ADJ
fsr-3280	356	86	liability	liability	NOUN
fsr-3280	356	87	.	.	PUNCT
fsr-3280	357	1	model	model	NOUN
fsr-3280	357	2	(	(	PUNCT
fsr-3280	357	3	1	1	X
fsr-3280	357	4	)	)	PUNCT
fsr-3280	357	5	measures	measure	NOUN
fsr-3280	357	6	volume	volume	NOUN
fsr-3280	357	7	by	by	ADP
fsr-3280	357	8	turnover	turnover	NOUN
fsr-3280	357	9	and	and	CCONJ
fsr-3280	357	10	model	model	NOUN
fsr-3280	357	11	(	(	PUNCT
fsr-3280	357	12	2	2	NUM
fsr-3280	357	13	)	)	PUNCT
fsr-3280	357	14	measures	measure	NOUN
fsr-3280	357	15	volume	volume	NOUN
fsr-3280	357	16	by	by	ADP
fsr-3280	357	17	the	the	DET
fsr-3280	357	18	volume	volume	NOUN
fsr-3280	357	19	ratio	ratio	NOUN
fsr-3280	357	20	.	.	PUNCT
fsr-3280	358	1	in	in	ADP
fsr-3280	358	2	panel	panel	NOUN
fsr-3280	358	3	a	a	DET
fsr-3280	358	4	the	the	DET
fsr-3280	358	5	return	return	NOUN
fsr-3280	358	6	is	be	AUX
fsr-3280	358	7	calculated	calculate	VERB
fsr-3280	358	8	using	use	VERB
fsr-3280	358	9	all	all	DET
fsr-3280	358	10	trading	trading	NOUN
fsr-3280	358	11	days	day	NOUN
fsr-3280	358	12	in	in	ADP
fsr-3280	358	13	march	march	PROPN
fsr-3280	358	14	.	.	PUNCT
fsr-3280	359	1	in	in	ADP
fsr-3280	359	2	panel	panel	NOUN
fsr-3280	359	3	b	b	PROPN
fsr-3280	359	4	the	the	DET
fsr-3280	359	5	return	return	NOUN
fsr-3280	359	6	is	be	AUX
fsr-3280	359	7	calculated	calculate	VERB
fsr-3280	359	8	using	use	VERB
fsr-3280	359	9	only	only	ADV
fsr-3280	359	10	the	the	DET
fsr-3280	359	11	last	last	ADJ
fsr-3280	359	12	15	15	NUM
fsr-3280	359	13	trading	trading	NOUN
fsr-3280	359	14	days	day	NOUN
fsr-3280	359	15	of	of	ADP
fsr-3280	359	16	march	march	PROPN
fsr-3280	359	17	and	and	CCONJ
fsr-3280	359	18	the	the	DET
fsr-3280	359	19	first	first	ADJ
fsr-3280	359	20	15	15	NUM
fsr-3280	359	21	of	of	ADP
fsr-3280	359	22	april	april	PROPN
fsr-3280	359	23	.	.	PUNCT
fsr-3280	360	1	in	in	ADP
fsr-3280	360	2	panel	panel	NOUN
fsr-3280	360	3	c	c	PROPN
fsr-3280	360	4	the	the	DET
fsr-3280	360	5	return	return	NOUN
fsr-3280	360	6	is	be	AUX
fsr-3280	360	7	calculated	calculate	VERB
fsr-3280	360	8	for	for	ADP
fsr-3280	360	9	the	the	DET
fsr-3280	360	10	week	week	NOUN
fsr-3280	360	11	following	follow	VERB
fsr-3280	360	12	the	the	DET
fsr-3280	360	13	ex	ex	NOUN
fsr-3280	360	14	-	-	ADJ
fsr-3280	360	15	dividend	dividend	ADJ
fsr-3280	360	16	date	date	NOUN
fsr-3280	360	17	for	for	ADP
fsr-3280	360	18	the	the	DET
fsr-3280	360	19	fund	fund	NOUN
fsr-3280	360	20	.	.	PUNCT
fsr-3280	361	1	there	there	PRON
fsr-3280	361	2	are	be	VERB
fsr-3280	361	3	168	168	NUM
fsr-3280	361	4	groups	group	NOUN
fsr-3280	361	5	and	and	CCONJ
fsr-3280	361	6	22	22	NUM
fsr-3280	361	7	years	year	NOUN
fsr-3280	361	8	of	of	ADP
fsr-3280	361	9	data	datum	NOUN
fsr-3280	361	10	.	.	PUNCT
fsr-3280	362	1	all	all	DET
fsr-3280	362	2	t	t	PROPN
fsr-3280	362	3	statistics	statistic	NOUN
fsr-3280	362	4	are	be	AUX
fsr-3280	362	5	based	base	VERB
fsr-3280	362	6	on	on	ADP
fsr-3280	362	7	the	the	DET
fsr-3280	362	8	panel	panel	NOUN
fsr-3280	362	9	corrected	correct	VERB
fsr-3280	362	10	standard	standard	ADJ
fsr-3280	362	11	errors	error	NOUN
fsr-3280	362	12	(	(	PUNCT
fsr-3280	362	13	pcses	pcse	NOUN
fsr-3280	362	14	)	)	PUNCT
fsr-3280	362	15	,	,	PUNCT
fsr-3280	362	16	which	which	PRON
fsr-3280	362	17	adjust	adjust	VERB
fsr-3280	362	18	for	for	ADP
fsr-3280	362	19	autocorrelation	autocorrelation	NOUN
fsr-3280	362	20	,	,	PUNCT
fsr-3280	362	21	and	and	CCONJ
fsr-3280	362	22	heteroskedasticity	heteroskedasticity	NOUN
fsr-3280	362	23	.	.	PUNCT
fsr-3280	363	1	*	*	PUNCT
fsr-3280	363	2	indicates	indicate	VERB
fsr-3280	363	3	statistically	statistically	ADV
fsr-3280	363	4	significant	significant	ADJ
fsr-3280	363	5	at	at	ADP
fsr-3280	363	6	the	the	DET
fsr-3280	363	7	10	10	NUM
fsr-3280	363	8	%	%	NOUN
fsr-3280	363	9	level	level	NOUN
fsr-3280	363	10	.	.	PUNCT
fsr-3280	364	1	*	*	PUNCT
fsr-3280	364	2	*	*	PUNCT
fsr-3280	364	3	indicates	indicate	VERB
fsr-3280	364	4	statistically	statistically	ADV
fsr-3280	364	5	significant	significant	ADJ
fsr-3280	364	6	at	at	ADP
fsr-3280	364	7	the	the	DET
fsr-3280	364	8	5	5	NUM
fsr-3280	364	9	%	%	NOUN
fsr-3280	364	10	level	level	NOUN
fsr-3280	364	11	.	.	PUNCT
fsr-3280	365	1	*	*	PUNCT
fsr-3280	365	2	*	*	PUNCT
fsr-3280	365	3	*	*	PUNCT
fsr-3280	365	4	indicates	indicate	VERB
fsr-3280	365	5	statistically	statistically	ADV
fsr-3280	365	6	significant	significant	ADJ
fsr-3280	365	7	at	at	ADP
fsr-3280	365	8	the	the	DET
fsr-3280	365	9	1	1	NUM
fsr-3280	365	10	%	%	NOUN
fsr-3280	365	11	level	level	NOUN
fsr-3280	365	12	.	.	PUNCT
fsr-3280	366	1	296	296	NUM
fsr-3280	366	2	m.	m.	NOUN
fsr-3280	366	3	hurst	hurst	PROPN
fsr-3280	366	4	,	,	PUNCT
fsr-3280	366	5	m.	m.	PROPN
fsr-3280	366	6	mendoza	mendoza	PROPN
fsr-3280	366	7	/	/	SYM
fsr-3280	366	8	financial	financial	ADJ
fsr-3280	366	9	services	service	NOUN
fsr-3280	366	10	review	review	VERB
fsr-3280	366	11	25	25	NUM
fsr-3280	366	12	(	(	PUNCT
fsr-3280	366	13	2016	2016	NUM
fsr-3280	366	14	)	)	PUNCT
fsr-3280	367	1	279–301	279–301	NUM
fsr-3280	367	2	coefficient	coefficient	NOUN
fsr-3280	367	3	of	of	ADP
fsr-3280	367	4	unanticipated_ncg	unanticipated_ncg	PROPN
fsr-3280	367	5	(	(	PUNCT
fsr-3280	367	6	�	�	PROPN
fsr-3280	367	7	0.011	0.011	NUM
fsr-3280	367	8	)	)	PUNCT
fsr-3280	367	9	suggests	suggest	VERB
fsr-3280	367	10	that	that	SCONJ
fsr-3280	367	11	a	a	DET
fsr-3280	367	12	100	100	NUM
fsr-3280	367	13	%	%	NOUN
fsr-3280	367	14	increase	increase	NOUN
fsr-3280	367	15	in	in	ADP
fsr-3280	367	16	the	the	DET
fsr-3280	367	17	population	population	NOUN
fsr-3280	367	18	wide	wide	ADV
fsr-3280	367	19	ncg	ncg	PROPN
fsr-3280	367	20	predicts	predict	VERB
fsr-3280	367	21	negative	negative	ADJ
fsr-3280	367	22	march	march	NOUN
fsr-3280	367	23	returns	return	NOUN
fsr-3280	367	24	of	of	ADP
fsr-3280	367	25	more	more	ADJ
fsr-3280	367	26	than	than	ADP
fsr-3280	367	27	four	four	NUM
fsr-3280	367	28	percentage	percentage	NOUN
fsr-3280	367	29	points	point	NOUN
fsr-3280	367	30	.	.	PUNCT
fsr-3280	368	1	the	the	DET
fsr-3280	368	2	mean	mean	ADJ
fsr-3280	368	3	unanticipated	unanticipated	ADJ
fsr-3280	368	4	liability	liability	NOUN
fsr-3280	368	5	for	for	ADP
fsr-3280	368	6	the	the	DET
fsr-3280	368	7	time	time	NOUN
fsr-3280	368	8	period	period	NOUN
fsr-3280	368	9	in	in	ADP
fsr-3280	368	10	this	this	DET
fsr-3280	368	11	study	study	NOUN
fsr-3280	368	12	was	be	AUX
fsr-3280	368	13	21	21	NUM
fsr-3280	368	14	%	%	NOUN
fsr-3280	368	15	.	.	PUNCT
fsr-3280	369	1	the	the	DET
fsr-3280	369	2	results	result	NOUN
fsr-3280	369	3	found	find	VERB
fsr-3280	369	4	in	in	ADP
fsr-3280	369	5	table	table	NOUN
fsr-3280	369	6	3	3	NUM
fsr-3280	369	7	are	be	AUX
fsr-3280	369	8	,	,	PUNCT
fsr-3280	369	9	therefore	therefore	ADV
fsr-3280	369	10	,	,	PUNCT
fsr-3280	369	11	statistically	statistically	ADV
fsr-3280	369	12	and	and	CCONJ
fsr-3280	369	13	economically	economically	ADV
fsr-3280	369	14	significant	significant	ADJ
fsr-3280	369	15	.	.	PUNCT
fsr-3280	370	1	furthermore	furthermore	ADV
fsr-3280	370	2	,	,	PUNCT
fsr-3280	370	3	the	the	DET
fsr-3280	370	4	measure	measure	NOUN
fsr-3280	370	5	of	of	ADP
fsr-3280	370	6	net	net	ADJ
fsr-3280	370	7	capital	capital	NOUN
fsr-3280	370	8	gains	gain	NOUN
fsr-3280	370	9	from	from	ADP
fsr-3280	370	10	the	the	DET
fsr-3280	370	11	statistics	statistic	NOUN
fsr-3280	370	12	of	of	ADP
fsr-3280	370	13	income	income	NOUN
fsr-3280	370	14	is	be	AUX
fsr-3280	370	15	a	a	DET
fsr-3280	370	16	crude	crude	ADJ
fsr-3280	370	17	measure	measure	NOUN
fsr-3280	370	18	for	for	ADP
fsr-3280	370	19	the	the	DET
fsr-3280	370	20	most	most	ADJ
fsr-3280	370	21	tax	tax	NOUN
fsr-3280	370	22	sensitive	sensitive	ADJ
fsr-3280	370	23	investors	investor	NOUN
fsr-3280	370	24	who	who	PRON
fsr-3280	370	25	are	be	AUX
fsr-3280	370	26	more	more	ADV
fsr-3280	370	27	likely	likely	ADJ
fsr-3280	370	28	to	to	PART
fsr-3280	370	29	hold	hold	VERB
fsr-3280	370	30	municipal	municipal	ADJ
fsr-3280	370	31	bonds	bond	NOUN
fsr-3280	370	32	.	.	PUNCT
fsr-3280	371	1	the	the	DET
fsr-3280	371	2	existence	existence	NOUN
fsr-3280	371	3	of	of	ADP
fsr-3280	371	4	the	the	DET
fsr-3280	371	5	tax	tax	NOUN
fsr-3280	371	6	liquidation	liquidation	NOUN
fsr-3280	371	7	hypothesis	hypothesis	NOUN
fsr-3280	371	8	is	be	AUX
fsr-3280	371	9	more	more	ADV
fsr-3280	371	10	likely	likely	ADJ
fsr-3280	371	11	when	when	SCONJ
fsr-3280	371	12	the	the	DET
fsr-3280	371	13	capital	capital	NOUN
fsr-3280	371	14	gains	gain	VERB
fsr-3280	371	15	tax	tax	NOUN
fsr-3280	371	16	rate	rate	NOUN
fsr-3280	371	17	is	be	AUX
fsr-3280	371	18	higher	high	ADJ
fsr-3280	371	19	and	and	CCONJ
fsr-3280	371	20	when	when	SCONJ
fsr-3280	371	21	unanticipated	unanticipated	ADJ
fsr-3280	371	22	liability	liability	NOUN
fsr-3280	371	23	are	be	AUX
fsr-3280	371	24	higher	high	ADJ
fsr-3280	371	25	.	.	PUNCT
fsr-3280	372	1	this	this	PRON
fsr-3280	372	2	is	be	AUX
fsr-3280	372	3	because	because	SCONJ
fsr-3280	372	4	of	of	ADP
fsr-3280	372	5	the	the	DET
fsr-3280	372	6	rules	rule	NOUN
fsr-3280	372	7	in	in	ADP
fsr-3280	372	8	the	the	DET
fsr-3280	372	9	tax	tax	NOUN
fsr-3280	372	10	code	code	NOUN
fsr-3280	372	11	that	that	PRON
fsr-3280	372	12	allow	allow	VERB
fsr-3280	372	13	for	for	SCONJ
fsr-3280	372	14	an	an	DET
fsr-3280	372	15	investor	investor	NOUN
fsr-3280	372	16	to	to	PART
fsr-3280	372	17	pay	pay	VERB
fsr-3280	372	18	the	the	DET
fsr-3280	372	19	minimum	minimum	NOUN
fsr-3280	372	20	of	of	ADP
fsr-3280	372	21	100	100	NUM
fsr-3280	372	22	%	%	NOUN
fsr-3280	372	23	of	of	ADP
fsr-3280	372	24	the	the	DET
fsr-3280	372	25	prior	prior	ADJ
fsr-3280	372	26	year	year	NOUN
fsr-3280	372	27	’s	’s	PART
fsr-3280	372	28	tax	tax	NOUN
fsr-3280	372	29	liability	liability	NOUN
fsr-3280	372	30	or	or	CCONJ
fsr-3280	372	31	90	90	NUM
fsr-3280	372	32	%	%	NOUN
fsr-3280	372	33	of	of	ADP
fsr-3280	372	34	the	the	DET
fsr-3280	372	35	current	current	ADJ
fsr-3280	372	36	year	year	NOUN
fsr-3280	372	37	’s	’s	PART
fsr-3280	372	38	anticipated	anticipate	VERB
fsr-3280	372	39	tax	tax	NOUN
fsr-3280	372	40	liability	liability	NOUN
fsr-3280	372	41	.	.	PUNCT
fsr-3280	373	1	the	the	DET
fsr-3280	373	2	results	result	NOUN
fsr-3280	373	3	,	,	PUNCT
fsr-3280	373	4	reported	report	VERB
fsr-3280	373	5	in	in	ADP
fsr-3280	373	6	table	table	NOUN
fsr-3280	373	7	5	5	NUM
fsr-3280	373	8	,	,	PUNCT
fsr-3280	373	9	present	present	VERB
fsr-3280	373	10	the	the	DET
fsr-3280	373	11	logistic	logistic	ADJ
fsr-3280	373	12	regression	regression	NOUN
fsr-3280	373	13	of	of	ADP
fsr-3280	373	14	the	the	DET
fsr-3280	373	15	existence	existence	NOUN
fsr-3280	373	16	of	of	ADP
fsr-3280	373	17	the	the	DET
fsr-3280	373	18	tax	tax	NOUN
fsr-3280	373	19	liquidation	liquidation	NOUN
fsr-3280	373	20	hypothesis	hypothesis	NOUN
fsr-3280	373	21	on	on	ADP
fsr-3280	373	22	the	the	DET
fsr-3280	373	23	natural	natural	ADJ
fsr-3280	373	24	log	log	NOUN
fsr-3280	373	25	of	of	ADP
fsr-3280	373	26	the	the	DET
fsr-3280	373	27	capital	capital	NOUN
fsr-3280	373	28	gains	gain	NOUN
fsr-3280	373	29	tax	tax	NOUN
fsr-3280	373	30	rate	rate	NOUN
fsr-3280	373	31	and	and	CCONJ
fsr-3280	373	32	the	the	DET
fsr-3280	373	33	percentage	percentage	NOUN
fsr-3280	373	34	of	of	ADP
fsr-3280	373	35	capital	capital	NOUN
fsr-3280	373	36	gains	gain	NOUN
fsr-3280	373	37	in	in	ADP
fsr-3280	373	38	excess	excess	NOUN
fsr-3280	373	39	of	of	ADP
fsr-3280	373	40	the	the	DET
fsr-3280	373	41	prior	prior	ADJ
fsr-3280	373	42	year	year	NOUN
fsr-3280	373	43	’s	’s	PART
fsr-3280	373	44	capital	capital	NOUN
fsr-3280	373	45	gains	gain	NOUN
fsr-3280	373	46	.	.	PUNCT
fsr-3280	374	1	the	the	DET
fsr-3280	374	2	limited	limited	ADJ
fsr-3280	374	3	dependent	dependent	ADJ
fsr-3280	374	4	variable	variable	ADJ
fsr-3280	374	5	march_effectit	march_effectit	NOUN
fsr-3280	374	6	takes	take	VERB
fsr-3280	374	7	a	a	DET
fsr-3280	374	8	value	value	NOUN
fsr-3280	374	9	of	of	ADP
fsr-3280	374	10	one	one	NUM
fsr-3280	374	11	if	if	SCONJ
fsr-3280	374	12	the	the	DET
fsr-3280	374	13	return	return	NOUN
fsr-3280	374	14	in	in	ADP
fsr-3280	374	15	march	march	PROPN
fsr-3280	374	16	is	be	AUX
fsr-3280	374	17	negative	negative	ADJ
fsr-3280	374	18	and	and	CCONJ
fsr-3280	374	19	zero	zero	NUM
fsr-3280	374	20	otherwise	otherwise	ADV
fsr-3280	374	21	.	.	PUNCT
fsr-3280	375	1	the	the	DET
fsr-3280	375	2	coefficients	coefficient	NOUN
fsr-3280	375	3	and	and	CCONJ
fsr-3280	375	4	z	z	NOUN
fsr-3280	375	5	-	-	PUNCT
fsr-3280	375	6	statistics	statistic	NOUN
fsr-3280	375	7	from	from	ADP
fsr-3280	375	8	table	table	NOUN
fsr-3280	375	9	4	4	NUM
fsr-3280	375	10	show	show	VERB
fsr-3280	375	11	that	that	SCONJ
fsr-3280	375	12	both	both	CCONJ
fsr-3280	375	13	the	the	DET
fsr-3280	375	14	capital	capital	NOUN
fsr-3280	375	15	gains	gain	VERB
fsr-3280	375	16	tax	tax	NOUN
fsr-3280	375	17	rate	rate	NOUN
fsr-3280	375	18	and	and	CCONJ
fsr-3280	375	19	unanticipated	unanticipated	ADJ
fsr-3280	375	20	liability	liability	NOUN
fsr-3280	375	21	are	be	AUX
fsr-3280	375	22	positive	positive	ADJ
fsr-3280	375	23	and	and	CCONJ
fsr-3280	375	24	significant	significant	ADJ
fsr-3280	375	25	at	at	ADP
fsr-3280	375	26	all	all	DET
fsr-3280	375	27	conventional	conventional	ADJ
fsr-3280	375	28	levels	level	NOUN
fsr-3280	375	29	.	.	PUNCT
fsr-3280	376	1	the	the	DET
fsr-3280	376	2	marginal	marginal	ADJ
fsr-3280	376	3	effects	effect	NOUN
fsr-3280	376	4	are	be	AUX
fsr-3280	376	5	calculated	calculate	VERB
fsr-3280	376	6	as	as	ADP
fsr-3280	376	7	the	the	DET
fsr-3280	376	8	partial	partial	ADJ
fsr-3280	376	9	derivative	derivative	NOUN
fsr-3280	376	10	of	of	ADP
fsr-3280	376	11	the	the	DET
fsr-3280	376	12	dependent	dependent	ADJ
fsr-3280	376	13	variable	variable	NOUN
fsr-3280	376	14	with	with	ADP
fsr-3280	376	15	respect	respect	NOUN
fsr-3280	376	16	to	to	ADP
fsr-3280	376	17	the	the	DET
fsr-3280	376	18	independent	independent	ADJ
fsr-3280	376	19	variable	variable	NOUN
fsr-3280	376	20	.	.	PUNCT
fsr-3280	377	1	the	the	DET
fsr-3280	377	2	results	result	NOUN
fsr-3280	377	3	table	table	VERB
fsr-3280	377	4	3	3	NUM
fsr-3280	377	5	b	b	NOUN
fsr-3280	377	6	:	:	PUNCT
fsr-3280	377	7	panel	panel	NOUN
fsr-3280	377	8	regression	regression	NOUN
fsr-3280	377	9	of	of	ADP
fsr-3280	377	10	march	march	PROPN
fsr-3280	377	11	returns	return	NOUN
fsr-3280	377	12	on	on	ADP
fsr-3280	377	13	volume	volume	NOUN
fsr-3280	377	14	measures	measure	NOUN
fsr-3280	377	15	,	,	PUNCT
fsr-3280	377	16	net	net	ADJ
fsr-3280	377	17	capital	capital	NOUN
fsr-3280	377	18	gains	gain	NOUN
fsr-3280	377	19	rate	rate	NOUN
fsr-3280	377	20	,	,	PUNCT
fsr-3280	377	21	and	and	CCONJ
fsr-3280	377	22	unanticipated	unanticipated	ADJ
fsr-3280	377	23	gains	gain	NOUN
fsr-3280	377	24	model	model	NOUN
fsr-3280	377	25	(	(	PUNCT
fsr-3280	377	26	1	1	NUM
fsr-3280	377	27	):	):	PUNCT
fsr-3280	377	28	turnover	turnover	NOUN
fsr-3280	377	29	coefficients	coefficient	NOUN
fsr-3280	377	30	model	model	NOUN
fsr-3280	377	31	(	(	PUNCT
fsr-3280	377	32	2	2	NUM
fsr-3280	377	33	):	):	PUNCT
fsr-3280	377	34	vol_ratio	vol_ratio	NUM
fsr-3280	377	35	coefficients	coefficient	NOUN
fsr-3280	377	36	coefficient	coefficient	NOUN
fsr-3280	377	37	estimates	estimate	NOUN
fsr-3280	377	38	(	(	PUNCT
fsr-3280	377	39	t	t	PROPN
fsr-3280	377	40	statistics	statistic	NOUN
fsr-3280	377	41	in	in	ADP
fsr-3280	377	42	parentheses	parenthesis	NOUN
fsr-3280	377	43	)	)	PUNCT
fsr-3280	377	44	march_returnit	march_returnit	PROPN
fsr-3280	377	45	�	�	PROPN
fsr-3280	377	46	retit	retit	PROPN
fsr-3280	377	47	�	�	PROPN
fsr-3280	377	48	1	1	NUM
fsr-3280	377	49	2;4	2;4	NUM
fsr-3280	377	50	�	�	PROPN
fsr-3280	377	51	12	12	NUM
fsr-3280	377	52	�	�	PROPN
fsr-3280	377	53	�	�	PROPN
fsr-3280	377	54	0	0	NUM
fsr-3280	377	55	�	�	PROPN
fsr-3280	377	56	�	�	PROPN
fsr-3280	377	57	1year_end_volume_measureit	1year_end_volume_measureit	NUM
fsr-3280	377	58	�	�	PROPN
fsr-3280	377	59	1	1	NUM
fsr-3280	377	60	�	�	PROPN
fsr-3280	377	61	�	�	PROPN
fsr-3280	377	62	2average_year_end_volumeit	2average_year_end_volumeit	NUM
fsr-3280	377	63	�	�	PROPN
fsr-3280	377	64	1	1	NUM
fsr-3280	377	65	�	�	PROPN
fsr-3280	377	66	�	�	PROPN
fsr-3280	377	67	3capital_gains_ratet	3capital_gains_ratet	NUM
fsr-3280	377	68	�	�	PROPN
fsr-3280	377	69	1	1	NUM
fsr-3280	377	70	�	�	PROPN
fsr-3280	377	71	�	�	PROPN
fsr-3280	377	72	4unanticipated_liabilityt	4unanticipated_liabilityt	ADJ
fsr-3280	377	73	�	�	PROPN
fsr-3280	377	74	1	1	NUM
fsr-3280	377	75	�	�	PROPN
fsr-3280	377	76	�	�	PROPN
fsr-3280	377	77	it	it	PRON
fsr-3280	377	78	panel	panel	NOUN
fsr-3280	377	79	a1	a1	NOUN
fsr-3280	377	80	:	:	PUNCT
fsr-3280	377	81	march	march	NOUN
fsr-3280	377	82	monthly	monthly	ADJ
fsr-3280	377	83	returns	return	NOUN
fsr-3280	377	84	adjusted	adjust	VERB
fsr-3280	377	85	for	for	ADP
fsr-3280	377	86	previous	previous	ADJ
fsr-3280	377	87	feb	feb	PROPN
fsr-3280	377	88	.	.	PROPN
fsr-3280	377	89	,	,	PUNCT
fsr-3280	377	90	apr.–dec	apr.–dec	PROPN
fsr-3280	377	91	.	.	PUNCT
fsr-3280	378	1	returns	return	NOUN
fsr-3280	378	2	on	on	ADP
fsr-3280	378	3	previous	previous	ADJ
fsr-3280	378	4	year	year	NOUN
fsr-3280	378	5	’s	’s	PART
fsr-3280	378	6	volume	volume	NOUN
fsr-3280	378	7	measures	measure	NOUN
fsr-3280	378	8	,	,	PUNCT
fsr-3280	378	9	march	march	PROPN
fsr-3280	378	10	volume	volume	NOUN
fsr-3280	378	11	measure	measure	NOUN
fsr-3280	378	12	,	,	PUNCT
fsr-3280	378	13	capital	capital	NOUN
fsr-3280	378	14	gains	gain	NOUN
fsr-3280	378	15	rate	rate	NOUN
fsr-3280	378	16	,	,	PUNCT
fsr-3280	378	17	and	and	CCONJ
fsr-3280	378	18	unanticipated	unanticipated	ADJ
fsr-3280	378	19	liability	liability	NOUN
fsr-3280	378	20	year	year	NOUN
fsr-3280	378	21	-	-	PUNCT
fsr-3280	378	22	end	end	NOUN
fsr-3280	378	23	turnover	turnover	NOUN
fsr-3280	378	24	0.012	0.012	NUM
fsr-3280	378	25	year	year	NOUN
fsr-3280	378	26	-	-	PUNCT
fsr-3280	378	27	end	end	NOUN
fsr-3280	378	28	volume	volume	NOUN
fsr-3280	378	29	ratio	ratio	NOUN
fsr-3280	378	30	0.006	0.006	NUM
fsr-3280	378	31	(	(	PUNCT
fsr-3280	378	32	2.56	2.56	NUM
fsr-3280	378	33	)	)	PUNCT
fsr-3280	378	34	*	*	PUNCT
fsr-3280	379	1	*	*	PUNCT
fsr-3280	379	2	*	*	PUNCT
fsr-3280	379	3	(	(	PUNCT
fsr-3280	379	4	4.87	4.87	NUM
fsr-3280	379	5	)	)	PUNCT
fsr-3280	379	6	*	*	PUNCT
fsr-3280	380	1	*	*	PUNCT
fsr-3280	380	2	*	*	PUNCT
fsr-3280	380	3	average	average	ADJ
fsr-3280	380	4	year	year	NOUN
fsr-3280	380	5	-	-	PUNCT
fsr-3280	380	6	end	end	NOUN
fsr-3280	380	7	turnover	turnover	NOUN
fsr-3280	380	8	0.055	0.055	NUM
fsr-3280	380	9	average	average	ADJ
fsr-3280	380	10	year	year	NOUN
fsr-3280	380	11	-	-	PUNCT
fsr-3280	380	12	end	end	NOUN
fsr-3280	380	13	volume	volume	NOUN
fsr-3280	380	14	ratio	ratio	NOUN
fsr-3280	380	15	0.012	0.012	NUM
fsr-3280	380	16	(	(	PUNCT
fsr-3280	380	17	8.85	8.85	NUM
fsr-3280	380	18	)	)	PUNCT
fsr-3280	380	19	*	*	PUNCT
fsr-3280	381	1	*	*	PUNCT
fsr-3280	381	2	*	*	PUNCT
fsr-3280	381	3	(	(	PUNCT
fsr-3280	381	4	6.69	6.69	NUM
fsr-3280	381	5	)	)	PUNCT
fsr-3280	381	6	*	*	PUNCT
fsr-3280	381	7	*	*	PUNCT
fsr-3280	381	8	*	*	PUNCT
fsr-3280	381	9	capital	capital	NOUN
fsr-3280	381	10	gain	gain	NOUN
fsr-3280	381	11	rate	rate	NOUN
fsr-3280	381	12	�	�	PROPN
fsr-3280	381	13	0.001	0.001	NUM
fsr-3280	381	14	capital	capital	NOUN
fsr-3280	381	15	gain	gain	NOUN
fsr-3280	381	16	rate	rate	NOUN
fsr-3280	381	17	�	�	PROPN
fsr-3280	381	18	0.001	0.001	NUM
fsr-3280	381	19	(	(	PUNCT
fsr-3280	381	20	�	�	PROPN
fsr-3280	381	21	5.57	5.57	NUM
fsr-3280	381	22	)	)	PUNCT
fsr-3280	381	23	*	*	PUNCT
fsr-3280	382	1	*	*	PUNCT
fsr-3280	382	2	*	*	PUNCT
fsr-3280	382	3	(	(	PUNCT
fsr-3280	382	4	�	�	NOUN
fsr-3280	382	5	5.58	5.58	NUM
fsr-3280	382	6	)	)	PUNCT
fsr-3280	382	7	*	*	PUNCT
fsr-3280	382	8	*	*	PUNCT
fsr-3280	382	9	*	*	PUNCT
fsr-3280	382	10	unanticipated	unanticipated	ADJ
fsr-3280	382	11	liability	liability	NOUN
fsr-3280	382	12	�	�	PROPN
fsr-3280	382	13	0.012	0.012	NUM
fsr-3280	382	14	unanticipated	unanticipated	ADJ
fsr-3280	382	15	liability	liability	NOUN
fsr-3280	382	16	�	�	NOUN
fsr-3280	382	17	0.014	0.014	NUM
fsr-3280	382	18	(	(	PUNCT
fsr-3280	382	19	�	�	PROPN
fsr-3280	382	20	6.28	6.28	NUM
fsr-3280	382	21	)	)	PUNCT
fsr-3280	382	22	*	*	PUNCT
fsr-3280	383	1	*	*	PUNCT
fsr-3280	383	2	*	*	PUNCT
fsr-3280	383	3	(	(	PUNCT
fsr-3280	383	4	�	�	NOUN
fsr-3280	383	5	5.58	5.58	NUM
fsr-3280	383	6	)	)	PUNCT
fsr-3280	383	7	*	*	PUNCT
fsr-3280	383	8	*	*	PUNCT
fsr-3280	383	9	*	*	PUNCT
fsr-3280	383	10	march	march	PROPN
fsr-3280	383	11	muni	muni	PROPN
fsr-3280	383	12	yield	yield	NOUN
fsr-3280	383	13	�	�	PROPN
fsr-3280	383	14	�	�	PROPN
fsr-3280	383	15	9.22	9.22	NUM
fsr-3280	383	16	march	march	PROPN
fsr-3280	383	17	muni	muni	PROPN
fsr-3280	383	18	yield	yield	NOUN
fsr-3280	383	19	�	�	PROPN
fsr-3280	383	20	�	�	PROPN
fsr-3280	383	21	9.01	9.01	NUM
fsr-3280	383	22	(	(	PUNCT
fsr-3280	383	23	�	�	PROPN
fsr-3280	383	24	22.69	22.69	NUM
fsr-3280	383	25	)	)	PUNCT
fsr-3280	383	26	(	(	PUNCT
fsr-3280	383	27	�	�	NOUN
fsr-3280	383	28	20.97	20.97	NUM
fsr-3280	383	29	)	)	PUNCT
fsr-3280	383	30	intercept	intercept	PROPN
fsr-3280	383	31	�	�	PROPN
fsr-3280	383	32	0.016	0.016	NUM
fsr-3280	383	33	intercept	intercept	PROPN
fsr-3280	383	34	�	�	PROPN
fsr-3280	383	35	0.017	0.017	NUM
fsr-3280	383	36	r2	r2	PROPN
fsr-3280	383	37	0.41	0.41	NUM
fsr-3280	383	38	r2	r2	NOUN
fsr-3280	383	39	0.40	0.40	NUM
fsr-3280	383	40	notes	note	VERB
fsr-3280	383	41	:	:	PUNCT
fsr-3280	383	42	this	this	DET
fsr-3280	383	43	table	table	NOUN
fsr-3280	383	44	shows	show	VERB
fsr-3280	383	45	the	the	DET
fsr-3280	383	46	coefficients	coefficient	NOUN
fsr-3280	383	47	from	from	ADP
fsr-3280	383	48	regression	regression	NOUN
fsr-3280	383	49	of	of	ADP
fsr-3280	383	50	march	march	PROPN
fsr-3280	383	51	returns	return	NOUN
fsr-3280	383	52	,	,	PUNCT
fsr-3280	383	53	adjusted	adjust	VERB
fsr-3280	383	54	by	by	ADP
fsr-3280	383	55	the	the	DET
fsr-3280	383	56	previous	previous	ADJ
fsr-3280	383	57	february	february	NOUN
fsr-3280	383	58	through	through	ADP
fsr-3280	383	59	december	december	PROPN
fsr-3280	383	60	(	(	PUNCT
fsr-3280	383	61	excluding	exclude	VERB
fsr-3280	383	62	march	march	NOUN
fsr-3280	383	63	)	)	PUNCT
fsr-3280	383	64	average	average	ADJ
fsr-3280	383	65	returns	return	NOUN
fsr-3280	383	66	,	,	PUNCT
fsr-3280	383	67	on	on	ADP
fsr-3280	383	68	volume	volume	NOUN
fsr-3280	383	69	measures	measure	NOUN
fsr-3280	383	70	for	for	ADP
fsr-3280	383	71	year	year	NOUN
fsr-3280	383	72	-	-	PUNCT
fsr-3280	383	73	end	end	NOUN
fsr-3280	383	74	trading	trading	NOUN
fsr-3280	383	75	,	,	PUNCT
fsr-3280	383	76	contemporaneous	contemporaneous	ADJ
fsr-3280	383	77	march	march	NOUN
fsr-3280	383	78	volume	volume	NOUN
fsr-3280	383	79	,	,	PUNCT
fsr-3280	383	80	the	the	DET
fsr-3280	383	81	capital	capital	NOUN
fsr-3280	383	82	gains	gain	VERB
fsr-3280	383	83	tax	tax	NOUN
fsr-3280	383	84	rate	rate	NOUN
fsr-3280	383	85	,	,	PUNCT
fsr-3280	383	86	and	and	CCONJ
fsr-3280	383	87	unanticipated	unanticipated	ADJ
fsr-3280	383	88	liability	liability	NOUN
fsr-3280	383	89	.	.	PUNCT
fsr-3280	384	1	model	model	NOUN
fsr-3280	384	2	(	(	PUNCT
fsr-3280	384	3	1	1	X
fsr-3280	384	4	)	)	PUNCT
fsr-3280	384	5	measures	measure	NOUN
fsr-3280	384	6	volume	volume	NOUN
fsr-3280	384	7	by	by	ADP
fsr-3280	384	8	turnover	turnover	NOUN
fsr-3280	384	9	and	and	CCONJ
fsr-3280	384	10	model	model	NOUN
fsr-3280	384	11	(	(	PUNCT
fsr-3280	384	12	2	2	NUM
fsr-3280	384	13	)	)	PUNCT
fsr-3280	384	14	measures	measure	NOUN
fsr-3280	384	15	volume	volume	NOUN
fsr-3280	384	16	by	by	ADP
fsr-3280	384	17	the	the	DET
fsr-3280	384	18	volume	volume	NOUN
fsr-3280	384	19	ratio	ratio	NOUN
fsr-3280	384	20	.	.	PUNCT
fsr-3280	385	1	in	in	ADP
fsr-3280	385	2	panel	panel	NOUN
fsr-3280	385	3	a	a	DET
fsr-3280	385	4	the	the	DET
fsr-3280	385	5	return	return	NOUN
fsr-3280	385	6	is	be	AUX
fsr-3280	385	7	calculated	calculate	VERB
fsr-3280	385	8	using	use	VERB
fsr-3280	385	9	all	all	DET
fsr-3280	385	10	trading	trading	NOUN
fsr-3280	385	11	days	day	NOUN
fsr-3280	385	12	in	in	ADP
fsr-3280	385	13	march	march	PROPN
fsr-3280	385	14	.	.	PUNCT
fsr-3280	386	1	in	in	ADP
fsr-3280	386	2	panel	panel	NOUN
fsr-3280	386	3	b	b	PROPN
fsr-3280	386	4	the	the	DET
fsr-3280	386	5	return	return	NOUN
fsr-3280	386	6	is	be	AUX
fsr-3280	386	7	calculated	calculate	VERB
fsr-3280	386	8	using	use	VERB
fsr-3280	386	9	only	only	ADV
fsr-3280	386	10	the	the	DET
fsr-3280	386	11	last	last	ADJ
fsr-3280	386	12	15	15	NUM
fsr-3280	386	13	trading	trading	NOUN
fsr-3280	386	14	days	day	NOUN
fsr-3280	386	15	of	of	ADP
fsr-3280	386	16	march	march	PROPN
fsr-3280	386	17	and	and	CCONJ
fsr-3280	386	18	the	the	DET
fsr-3280	386	19	first	first	ADJ
fsr-3280	386	20	15	15	NUM
fsr-3280	386	21	of	of	ADP
fsr-3280	386	22	april	april	PROPN
fsr-3280	386	23	.	.	PUNCT
fsr-3280	387	1	in	in	ADP
fsr-3280	387	2	panel	panel	NOUN
fsr-3280	387	3	c	c	PROPN
fsr-3280	387	4	the	the	DET
fsr-3280	387	5	return	return	NOUN
fsr-3280	387	6	is	be	AUX
fsr-3280	387	7	calculated	calculate	VERB
fsr-3280	387	8	for	for	ADP
fsr-3280	387	9	the	the	DET
fsr-3280	387	10	week	week	NOUN
fsr-3280	387	11	following	follow	VERB
fsr-3280	387	12	the	the	DET
fsr-3280	387	13	ex	ex	NOUN
fsr-3280	387	14	-	-	ADJ
fsr-3280	387	15	dividend	dividend	ADJ
fsr-3280	387	16	date	date	NOUN
fsr-3280	387	17	for	for	ADP
fsr-3280	387	18	the	the	DET
fsr-3280	387	19	fund	fund	NOUN
fsr-3280	387	20	.	.	PUNCT
fsr-3280	388	1	there	there	PRON
fsr-3280	388	2	are	be	VERB
fsr-3280	388	3	168	168	NUM
fsr-3280	388	4	groups	group	NOUN
fsr-3280	388	5	and	and	CCONJ
fsr-3280	388	6	22	22	NUM
fsr-3280	388	7	years	year	NOUN
fsr-3280	388	8	of	of	ADP
fsr-3280	388	9	data	datum	NOUN
fsr-3280	388	10	.	.	PUNCT
fsr-3280	389	1	all	all	DET
fsr-3280	389	2	t	t	PROPN
fsr-3280	389	3	statistics	statistic	NOUN
fsr-3280	389	4	are	be	AUX
fsr-3280	389	5	based	base	VERB
fsr-3280	389	6	on	on	ADP
fsr-3280	389	7	the	the	DET
fsr-3280	389	8	panel	panel	NOUN
fsr-3280	389	9	corrected	correct	VERB
fsr-3280	389	10	standard	standard	ADJ
fsr-3280	389	11	errors	error	NOUN
fsr-3280	389	12	(	(	PUNCT
fsr-3280	389	13	pcses	pcse	NOUN
fsr-3280	389	14	)	)	PUNCT
fsr-3280	389	15	,	,	PUNCT
fsr-3280	389	16	which	which	PRON
fsr-3280	389	17	adjust	adjust	VERB
fsr-3280	389	18	for	for	ADP
fsr-3280	389	19	autocorrelation	autocorrelation	NOUN
fsr-3280	389	20	,	,	PUNCT
fsr-3280	389	21	and	and	CCONJ
fsr-3280	389	22	heteroskedasticity	heteroskedasticity	NOUN
fsr-3280	389	23	.	.	PUNCT
fsr-3280	390	1	297	297	NUM
fsr-3280	390	2	m.	m.	PROPN
fsr-3280	390	3	hurst	hurst	PROPN
fsr-3280	390	4	,	,	PUNCT
fsr-3280	390	5	m.	m.	PROPN
fsr-3280	390	6	mendoza	mendoza	PROPN
fsr-3280	390	7	/	/	SYM
fsr-3280	390	8	financial	financial	ADJ
fsr-3280	390	9	services	service	NOUN
fsr-3280	390	10	review	review	VERB
fsr-3280	390	11	25	25	NUM
fsr-3280	390	12	(	(	PUNCT
fsr-3280	390	13	2016	2016	NUM
fsr-3280	390	14	)	)	PUNCT
fsr-3280	390	15	279–301	279–301	NUM
fsr-3280	390	16	from	from	ADP
fsr-3280	390	17	table	table	NOUN
fsr-3280	390	18	4	4	NUM
fsr-3280	390	19	show	show	VERB
fsr-3280	390	20	that	that	SCONJ
fsr-3280	390	21	tax	tax	NOUN
fsr-3280	390	22	-	-	PUNCT
fsr-3280	390	23	liquidation	liquidation	NOUN
fsr-3280	390	24	selling	selling	NOUN
fsr-3280	390	25	is	be	AUX
fsr-3280	390	26	more	more	ADV
fsr-3280	390	27	likely	likely	ADJ
fsr-3280	390	28	in	in	ADP
fsr-3280	390	29	years	year	NOUN
fsr-3280	390	30	when	when	SCONJ
fsr-3280	390	31	the	the	DET
fsr-3280	390	32	capital	capital	NOUN
fsr-3280	390	33	gains	gain	VERB
fsr-3280	390	34	tax	tax	NOUN
fsr-3280	390	35	rate	rate	NOUN
fsr-3280	390	36	is	be	AUX
fsr-3280	390	37	high	high	ADJ
fsr-3280	390	38	or	or	CCONJ
fsr-3280	390	39	when	when	SCONJ
fsr-3280	390	40	there	there	PRON
fsr-3280	390	41	are	be	VERB
fsr-3280	390	42	unanticipated	unanticipated	ADJ
fsr-3280	390	43	liabilities	liability	NOUN
fsr-3280	390	44	,	,	PUNCT
fsr-3280	390	45	all	all	PRON
fsr-3280	390	46	else	else	ADV
fsr-3280	390	47	being	be	AUX
fsr-3280	390	48	equal	equal	ADJ
fsr-3280	390	49	.	.	PUNCT
fsr-3280	391	1	the	the	DET
fsr-3280	391	2	results	result	NOUN
fsr-3280	391	3	from	from	ADP
fsr-3280	391	4	the	the	DET
fsr-3280	391	5	logistic	logistic	ADJ
fsr-3280	391	6	regression	regression	NOUN
fsr-3280	391	7	are	be	AUX
fsr-3280	391	8	more	more	ADV
fsr-3280	391	9	significant	significant	ADJ
fsr-3280	391	10	when	when	SCONJ
fsr-3280	391	11	the	the	DET
fsr-3280	391	12	average	average	ADJ
fsr-3280	391	13	volume	volume	NOUN
fsr-3280	391	14	measures	measure	NOUN
fsr-3280	391	15	across	across	ADP
fsr-3280	391	16	funds	fund	NOUN
fsr-3280	391	17	are	be	AUX
fsr-3280	391	18	used	use	VERB
fsr-3280	391	19	instead	instead	ADV
fsr-3280	391	20	of	of	ADP
fsr-3280	391	21	the	the	DET
fsr-3280	391	22	volume	volume	NOUN
fsr-3280	391	23	measure	measure	NOUN
fsr-3280	391	24	of	of	ADP
fsr-3280	391	25	each	each	DET
fsr-3280	391	26	fund	fund	NOUN
fsr-3280	391	27	.	.	PUNCT
fsr-3280	392	1	this	this	PRON
fsr-3280	392	2	indicates	indicate	VERB
fsr-3280	392	3	that	that	SCONJ
fsr-3280	392	4	the	the	DET
fsr-3280	392	5	tax	tax	NOUN
fsr-3280	392	6	loss	loss	NOUN
fsr-3280	392	7	selling	sell	VERB
fsr-3280	392	8	over	over	ADP
fsr-3280	392	9	all	all	DET
fsr-3280	392	10	funds	fund	NOUN
fsr-3280	392	11	has	have	VERB
fsr-3280	392	12	a	a	DET
fsr-3280	392	13	positive	positive	ADJ
fsr-3280	392	14	impact	impact	NOUN
fsr-3280	392	15	on	on	ADP
fsr-3280	392	16	which	which	DET
fsr-3280	392	17	fund	fund	NOUN
fsr-3280	392	18	is	be	AUX
fsr-3280	392	19	more	more	ADV
fsr-3280	392	20	likely	likely	ADJ
fsr-3280	392	21	to	to	PART
fsr-3280	392	22	be	be	AUX
fsr-3280	392	23	sold	sell	VERB
fsr-3280	392	24	in	in	ADP
fsr-3280	392	25	march	march	PROPN
fsr-3280	392	26	.	.	PUNCT
fsr-3280	393	1	table	table	NOUN
fsr-3280	393	2	4	4	NUM
fsr-3280	393	3	panel	panel	NOUN
fsr-3280	393	4	regression	regression	NOUN
fsr-3280	393	5	of	of	ADP
fsr-3280	393	6	march	march	PROPN
fsr-3280	393	7	volume	volume	NOUN
fsr-3280	393	8	measures	measure	NOUN
fsr-3280	393	9	on	on	ADP
fsr-3280	393	10	current	current	ADJ
fsr-3280	393	11	year	year	NOUN
fsr-3280	393	12	and	and	CCONJ
fsr-3280	393	13	previous	previous	ADJ
fsr-3280	393	14	year	year	NOUN
fsr-3280	393	15	’s	’s	PART
fsr-3280	393	16	returns	return	NOUN
fsr-3280	393	17	,	,	PUNCT
fsr-3280	393	18	net	net	ADJ
fsr-3280	393	19	capital	capital	NOUN
fsr-3280	393	20	gains	gain	NOUN
fsr-3280	393	21	rate	rate	NOUN
fsr-3280	393	22	,	,	PUNCT
fsr-3280	393	23	and	and	CCONJ
fsr-3280	393	24	unanticipated	unanticipated	ADJ
fsr-3280	393	25	gains	gain	NOUN
fsr-3280	393	26	model	model	NOUN
fsr-3280	393	27	(	(	PUNCT
fsr-3280	393	28	1	1	NUM
fsr-3280	393	29	):	):	PUNCT
fsr-3280	393	30	turnover	turnover	NOUN
fsr-3280	393	31	coefficients	coefficient	NOUN
fsr-3280	393	32	model	model	NOUN
fsr-3280	393	33	(	(	PUNCT
fsr-3280	393	34	2	2	NUM
fsr-3280	393	35	):	):	PUNCT
fsr-3280	393	36	vol_ratio	vol_ratio	NUM
fsr-3280	393	37	coefficients	coefficient	NOUN
fsr-3280	393	38	coefficient	coefficient	NOUN
fsr-3280	393	39	estimates	estimate	NOUN
fsr-3280	393	40	(	(	PUNCT
fsr-3280	393	41	t	t	PROPN
fsr-3280	393	42	statistics	statistic	NOUN
fsr-3280	393	43	in	in	ADP
fsr-3280	393	44	parentheses	parenthesis	NOUN
fsr-3280	393	45	)	)	PUNCT
fsr-3280	393	46	volume_measureit	volume_measureit	PROPN
fsr-3280	393	47	�	�	PROPN
fsr-3280	393	48	�	�	PROPN
fsr-3280	393	49	0t	0t	PROPN
fsr-3280	393	50	�	�	PROPN
fsr-3280	393	51	�	�	PROPN
fsr-3280	393	52	1treturnit	1treturnit	PROPN
fsr-3280	393	53	c	c	PROPN
fsr-3280	393	54	�	�	PROPN
fsr-3280	393	55	�	�	PROPN
fsr-3280	393	56	2treturnit	2treturnit	PROPN
fsr-3280	393	57	p	p	PROPN
fsr-3280	393	58	�	�	PROPN
fsr-3280	393	59	�	�	PROPN
fsr-3280	393	60	3capital_gains_ratet	3capital_gains_ratet	NUM
fsr-3280	393	61	�	�	PROPN
fsr-3280	393	62	�	�	PROPN
fsr-3280	393	63	4unanticipated_capital_gainst	4unanticipated_capital_gainst	NUM
fsr-3280	393	64	�	�	PROPN
fsr-3280	393	65	�	�	PROPN
fsr-3280	393	66	it	it	PRON
fsr-3280	393	67	panel	panel	NOUN
fsr-3280	393	68	a	a	DET
fsr-3280	393	69	:	:	PUNCT
fsr-3280	393	70	march	march	PROPN
fsr-3280	393	71	monthly	monthly	ADJ
fsr-3280	393	72	volume	volume	NOUN
fsr-3280	393	73	adjusted	adjust	VERB
fsr-3280	393	74	for	for	ADP
fsr-3280	393	75	share	share	NOUN
fsr-3280	393	76	outstanding	outstanding	ADJ
fsr-3280	393	77	or	or	CCONJ
fsr-3280	393	78	average	average	ADJ
fsr-3280	393	79	monthly	monthly	ADJ
fsr-3280	393	80	volume	volume	NOUN
fsr-3280	393	81	on	on	ADP
fsr-3280	393	82	current	current	ADJ
fsr-3280	393	83	and	and	CCONJ
fsr-3280	393	84	previous	previous	ADJ
fsr-3280	393	85	year	year	NOUN
fsr-3280	393	86	’s	’s	PART
fsr-3280	393	87	returns	return	NOUN
fsr-3280	393	88	,	,	PUNCT
fsr-3280	393	89	capital	capital	NOUN
fsr-3280	393	90	gains	gain	NOUN
fsr-3280	393	91	rate	rate	NOUN
fsr-3280	393	92	,	,	PUNCT
fsr-3280	393	93	and	and	CCONJ
fsr-3280	393	94	unanticipated	unanticipated	ADJ
fsr-3280	393	95	liability	liability	NOUN
fsr-3280	393	96	returnp	returnp	NOUN
fsr-3280	393	97	�	�	PROPN
fsr-3280	393	98	0.213	0.213	NUM
fsr-3280	393	99	returnp	returnp	NOUN
fsr-3280	393	100	�	�	PROPN
fsr-3280	393	101	0.365	0.365	NUM
fsr-3280	393	102	(	(	PUNCT
fsr-3280	393	103	�	�	PROPN
fsr-3280	393	104	9.29	9.29	NUM
fsr-3280	393	105	)	)	PUNCT
fsr-3280	393	106	*	*	PUNCT
fsr-3280	394	1	*	*	PUNCT
fsr-3280	394	2	*	*	PUNCT
fsr-3280	394	3	(	(	PUNCT
fsr-3280	394	4	�	�	NOUN
fsr-3280	394	5	7.51	7.51	NUM
fsr-3280	394	6	)	)	PUNCT
fsr-3280	394	7	*	*	PUNCT
fsr-3280	394	8	*	*	PUNCT
fsr-3280	394	9	*	*	PUNCT
fsr-3280	394	10	returnc	returnc	NOUN
fsr-3280	394	11	�	�	PROPN
fsr-3280	394	12	0.288	0.288	NUM
fsr-3280	394	13	returnc	returnc	NOUN
fsr-3280	394	14	�	�	NOUN
fsr-3280	394	15	0.785	0.785	NUM
fsr-3280	394	16	(	(	PUNCT
fsr-3280	394	17	�	�	NOUN
fsr-3280	394	18	4.24	4.24	NUM
fsr-3280	394	19	)	)	PUNCT
fsr-3280	394	20	(	(	PUNCT
fsr-3280	394	21	�	�	NOUN
fsr-3280	394	22	5.45	5.45	NUM
fsr-3280	394	23	)	)	PUNCT
fsr-3280	394	24	capital	capital	NOUN
fsr-3280	394	25	gain	gain	NOUN
fsr-3280	394	26	rate	rate	NOUN
fsr-3280	394	27	.001	.001	NUM
fsr-3280	394	28	capital	capital	NOUN
fsr-3280	394	29	gain	gain	NOUN
fsr-3280	394	30	rate	rate	NOUN
fsr-3280	394	31	0.008	0.008	NUM
fsr-3280	394	32	(	(	PUNCT
fsr-3280	394	33	2.34	2.34	NUM
fsr-3280	394	34	)	)	PUNCT
fsr-3280	394	35	*	*	PUNCT
fsr-3280	394	36	*	*	PUNCT
fsr-3280	394	37	(	(	PUNCT
fsr-3280	394	38	6.30	6.30	NUM
fsr-3280	394	39	)	)	PUNCT
fsr-3280	394	40	*	*	PUNCT
fsr-3280	394	41	*	*	PUNCT
fsr-3280	394	42	*	*	PUNCT
fsr-3280	394	43	unanticipated	unanticipated	ADJ
fsr-3280	394	44	liability	liability	NOUN
fsr-3280	394	45	0.047	0.047	NUM
fsr-3280	394	46	unanticipated	unanticipated	ADJ
fsr-3280	394	47	liability	liability	NOUN
fsr-3280	394	48	0.079	0.079	NUM
fsr-3280	394	49	(	(	PUNCT
fsr-3280	394	50	4.17	4.17	NUM
fsr-3280	394	51	)	)	PUNCT
fsr-3280	394	52	*	*	PUNCT
fsr-3280	395	1	*	*	PUNCT
fsr-3280	395	2	*	*	PUNCT
fsr-3280	395	3	(	(	PUNCT
fsr-3280	395	4	3.30	3.30	NUM
fsr-3280	395	5	)	)	PUNCT
fsr-3280	395	6	*	*	PUNCT
fsr-3280	395	7	*	*	PUNCT
fsr-3280	395	8	*	*	PUNCT
fsr-3280	395	9	intercept	intercept	NOUN
fsr-3280	395	10	0.25	0.25	NUM
fsr-3280	395	11	intercept	intercept	NOUN
fsr-3280	395	12	0.668	0.668	NUM
fsr-3280	395	13	r2	r2	PROPN
fsr-3280	395	14	0.06	0.06	NUM
fsr-3280	395	15	r2	r2	PROPN
fsr-3280	395	16	0.04	0.04	NUM
fsr-3280	395	17	panel	panel	NOUN
fsr-3280	395	18	b	b	NOUN
fsr-3280	395	19	:	:	PUNCT
fsr-3280	395	20	march	march	PROPN
fsr-3280	395	21	15	15	NUM
fsr-3280	395	22	to	to	ADP
fsr-3280	395	23	april	april	PROPN
fsr-3280	395	24	15	15	NUM
fsr-3280	395	25	average	average	ADJ
fsr-3280	395	26	daily	daily	ADJ
fsr-3280	395	27	volume	volume	NOUN
fsr-3280	395	28	adjusted	adjust	VERB
fsr-3280	395	29	for	for	ADP
fsr-3280	395	30	share	share	NOUN
fsr-3280	395	31	outstanding	outstanding	ADJ
fsr-3280	395	32	or	or	CCONJ
fsr-3280	395	33	average	average	ADJ
fsr-3280	395	34	monthly	monthly	ADJ
fsr-3280	395	35	volume	volume	NOUN
fsr-3280	395	36	on	on	ADP
fsr-3280	395	37	current	current	ADJ
fsr-3280	395	38	and	and	CCONJ
fsr-3280	395	39	previous	previous	ADJ
fsr-3280	395	40	year	year	NOUN
fsr-3280	395	41	’s	’s	PART
fsr-3280	395	42	returns	return	NOUN
fsr-3280	395	43	,	,	PUNCT
fsr-3280	395	44	capital	capital	NOUN
fsr-3280	395	45	gains	gain	NOUN
fsr-3280	395	46	rate	rate	NOUN
fsr-3280	395	47	,	,	PUNCT
fsr-3280	395	48	and	and	CCONJ
fsr-3280	395	49	unanticipated	unanticipated	ADJ
fsr-3280	395	50	liability	liability	NOUN
fsr-3280	395	51	returnc	returnc	NOUN
fsr-3280	395	52	0.207	0.207	NUM
fsr-3280	395	53	returnc	returnc	NOUN
fsr-3280	395	54	0.202	0.202	NUM
fsr-3280	395	55	(	(	PUNCT
fsr-3280	395	56	2.21	2.21	NUM
fsr-3280	395	57	)	)	PUNCT
fsr-3280	395	58	*	*	PUNCT
fsr-3280	396	1	*	*	PUNCT
fsr-3280	396	2	(	(	PUNCT
fsr-3280	396	3	4.18	4.18	NUM
fsr-3280	396	4	)	)	PUNCT
fsr-3280	396	5	*	*	PUNCT
fsr-3280	396	6	*	*	PUNCT
fsr-3280	396	7	*	*	PUNCT
fsr-3280	396	8	returnp	returnp	PROPN
fsr-3280	396	9	�	�	PROPN
fsr-3280	396	10	0.288	0.288	NUM
fsr-3280	396	11	returnp	returnp	NOUN
fsr-3280	396	12	0.009	0.009	NUM
fsr-3280	396	13	(	(	PUNCT
fsr-3280	396	14	�	�	PROPN
fsr-3280	396	15	3.23	3.23	NUM
fsr-3280	396	16	)	)	PUNCT
fsr-3280	396	17	*	*	PUNCT
fsr-3280	397	1	*	*	PUNCT
fsr-3280	397	2	*	*	PUNCT
fsr-3280	397	3	(	(	PUNCT
fsr-3280	397	4	0.21	0.21	NUM
fsr-3280	397	5	)	)	PUNCT
fsr-3280	397	6	capital	capital	NOUN
fsr-3280	397	7	gain	gain	NOUN
fsr-3280	397	8	rate	rate	NOUN
fsr-3280	397	9	0.038	0.038	NUM
fsr-3280	397	10	capital	capital	NOUN
fsr-3280	397	11	gain	gain	NOUN
fsr-3280	397	12	rate	rate	NOUN
fsr-3280	397	13	�	�	PROPN
fsr-3280	397	14	0.074	0.074	NUM
fsr-3280	397	15	(	(	PUNCT
fsr-3280	397	16	0.83	0.83	NUM
fsr-3280	397	17	)	)	PUNCT
fsr-3280	397	18	)	)	PUNCT
fsr-3280	397	19	(	(	PUNCT
fsr-3280	397	20	�	�	NOUN
fsr-3280	397	21	3.13	3.13	NUM
fsr-3280	397	22	)	)	PUNCT
fsr-3280	397	23	*	*	PUNCT
fsr-3280	398	1	*	*	PUNCT
fsr-3280	398	2	*	*	PUNCT
fsr-3280	398	3	unanticipated	unanticipated	ADJ
fsr-3280	398	4	liability	liability	NOUN
fsr-3280	398	5	0.126	0.126	NUM
fsr-3280	398	6	unanticipated	unanticipated	ADJ
fsr-3280	398	7	liability	liability	NOUN
fsr-3280	398	8	0.05	0.05	NUM
fsr-3280	398	9	(	(	PUNCT
fsr-3280	398	10	3.35	3.35	NUM
fsr-3280	398	11	)	)	PUNCT
fsr-3280	398	12	*	*	PUNCT
fsr-3280	399	1	*	*	PUNCT
fsr-3280	399	2	*	*	PUNCT
fsr-3280	399	3	(	(	PUNCT
fsr-3280	399	4	2.56	2.56	NUM
fsr-3280	399	5	)	)	PUNCT
fsr-3280	399	6	*	*	PUNCT
fsr-3280	399	7	*	*	PUNCT
fsr-3280	399	8	*	*	PUNCT
fsr-3280	399	9	intercept	intercept	NOUN
fsr-3280	399	10	1.04	1.04	NUM
fsr-3280	399	11	intercept	intercept	NOUN
fsr-3280	399	12	1.20	1.20	NUM
fsr-3280	399	13	r2	r2	NOUN
fsr-3280	399	14	0.26	0.26	NUM
fsr-3280	399	15	r2	r2	NOUN
fsr-3280	399	16	0.09	0.09	NUM
fsr-3280	399	17	notes	note	NOUN
fsr-3280	399	18	:	:	PUNCT
fsr-3280	399	19	this	this	DET
fsr-3280	399	20	table	table	NOUN
fsr-3280	399	21	shows	show	VERB
fsr-3280	399	22	the	the	DET
fsr-3280	399	23	coefficients	coefficient	NOUN
fsr-3280	399	24	from	from	ADP
fsr-3280	399	25	regression	regression	NOUN
fsr-3280	399	26	of	of	ADP
fsr-3280	399	27	march	march	PROPN
fsr-3280	399	28	volume	volume	NOUN
fsr-3280	399	29	measure	measure	NOUN
fsr-3280	399	30	,	,	PUNCT
fsr-3280	399	31	against	against	ADP
fsr-3280	399	32	contemporaneous	contemporaneous	ADJ
fsr-3280	399	33	and	and	CCONJ
fsr-3280	399	34	previous	previous	ADJ
fsr-3280	399	35	year	year	NOUN
fsr-3280	399	36	’s	’s	PART
fsr-3280	399	37	returns	return	NOUN
fsr-3280	399	38	,	,	PUNCT
fsr-3280	399	39	the	the	DET
fsr-3280	399	40	capital	capital	NOUN
fsr-3280	399	41	gains	gain	VERB
fsr-3280	399	42	tax	tax	NOUN
fsr-3280	399	43	rate	rate	NOUN
fsr-3280	399	44	,	,	PUNCT
fsr-3280	399	45	and	and	CCONJ
fsr-3280	399	46	unanticipated	unanticipated	ADJ
fsr-3280	399	47	liability	liability	NOUN
fsr-3280	399	48	.	.	PUNCT
fsr-3280	400	1	returnc	returnc	NOUN
fsr-3280	400	2	denotes	denote	VERB
fsr-3280	400	3	the	the	DET
fsr-3280	400	4	current	current	ADJ
fsr-3280	400	5	year	year	NOUN
fsr-3280	400	6	’s	’s	PART
fsr-3280	400	7	return	return	NOUN
fsr-3280	400	8	through	through	ADP
fsr-3280	400	9	february	february	PROPN
fsr-3280	400	10	and	and	CCONJ
fsr-3280	400	11	returnp	returnp	PROPN
fsr-3280	400	12	denotes	denote	VERB
fsr-3280	400	13	the	the	DET
fsr-3280	400	14	prior	prior	ADJ
fsr-3280	400	15	year	year	NOUN
fsr-3280	400	16	’s	’s	PART
fsr-3280	400	17	return	return	NOUN
fsr-3280	400	18	of	of	ADP
fsr-3280	400	19	the	the	DET
fsr-3280	400	20	fund	fund	NOUN
fsr-3280	400	21	.	.	PUNCT
fsr-3280	401	1	model	model	NOUN
fsr-3280	401	2	(	(	PUNCT
fsr-3280	401	3	1	1	X
fsr-3280	401	4	)	)	PUNCT
fsr-3280	401	5	measures	measure	NOUN
fsr-3280	401	6	volume	volume	NOUN
fsr-3280	401	7	by	by	ADP
fsr-3280	401	8	turnover	turnover	NOUN
fsr-3280	401	9	and	and	CCONJ
fsr-3280	401	10	model	model	NOUN
fsr-3280	401	11	(	(	PUNCT
fsr-3280	401	12	2	2	NUM
fsr-3280	401	13	)	)	PUNCT
fsr-3280	401	14	measures	measure	NOUN
fsr-3280	401	15	volume	volume	NOUN
fsr-3280	401	16	by	by	ADP
fsr-3280	401	17	the	the	DET
fsr-3280	401	18	volume	volume	NOUN
fsr-3280	401	19	ratio	ratio	NOUN
fsr-3280	401	20	.	.	PUNCT
fsr-3280	402	1	in	in	ADP
fsr-3280	402	2	panel	panel	NOUN
fsr-3280	402	3	a	a	DET
fsr-3280	402	4	the	the	DET
fsr-3280	402	5	volume	volume	NOUN
fsr-3280	402	6	is	be	AUX
fsr-3280	402	7	calculated	calculate	VERB
fsr-3280	402	8	using	use	VERB
fsr-3280	402	9	all	all	DET
fsr-3280	402	10	trading	trading	NOUN
fsr-3280	402	11	days	day	NOUN
fsr-3280	402	12	in	in	ADP
fsr-3280	402	13	march	march	PROPN
fsr-3280	402	14	.	.	PUNCT
fsr-3280	403	1	in	in	ADP
fsr-3280	403	2	panel	panel	NOUN
fsr-3280	403	3	b	b	PROPN
fsr-3280	403	4	the	the	DET
fsr-3280	403	5	volume	volume	NOUN
fsr-3280	403	6	is	be	AUX
fsr-3280	403	7	calculated	calculate	VERB
fsr-3280	403	8	as	as	ADP
fsr-3280	403	9	the	the	DET
fsr-3280	403	10	average	average	ADJ
fsr-3280	403	11	daily	daily	ADJ
fsr-3280	403	12	volume	volume	NOUN
fsr-3280	403	13	of	of	ADP
fsr-3280	403	14	the	the	DET
fsr-3280	403	15	last	last	ADJ
fsr-3280	403	16	15	15	NUM
fsr-3280	403	17	trading	trading	NOUN
fsr-3280	403	18	days	day	NOUN
fsr-3280	403	19	of	of	ADP
fsr-3280	403	20	march	march	PROPN
fsr-3280	403	21	and	and	CCONJ
fsr-3280	403	22	the	the	DET
fsr-3280	403	23	first	first	ADJ
fsr-3280	403	24	15	15	NUM
fsr-3280	403	25	of	of	ADP
fsr-3280	403	26	april	april	PROPN
fsr-3280	403	27	.	.	PUNCT
fsr-3280	404	1	there	there	PRON
fsr-3280	404	2	are	be	VERB
fsr-3280	404	3	168	168	NUM
fsr-3280	404	4	groups	group	NOUN
fsr-3280	404	5	and	and	CCONJ
fsr-3280	404	6	22	22	NUM
fsr-3280	404	7	years	year	NOUN
fsr-3280	404	8	of	of	ADP
fsr-3280	404	9	data	datum	NOUN
fsr-3280	404	10	.	.	PUNCT
fsr-3280	405	1	all	all	DET
fsr-3280	405	2	t	t	PROPN
fsr-3280	405	3	statistics	statistic	NOUN
fsr-3280	405	4	are	be	AUX
fsr-3280	405	5	based	base	VERB
fsr-3280	405	6	on	on	ADP
fsr-3280	405	7	the	the	DET
fsr-3280	405	8	panel	panel	NOUN
fsr-3280	405	9	corrected	correct	VERB
fsr-3280	405	10	standard	standard	ADJ
fsr-3280	405	11	errors	error	NOUN
fsr-3280	405	12	(	(	PUNCT
fsr-3280	405	13	pcses	pcse	NOUN
fsr-3280	405	14	)	)	PUNCT
fsr-3280	405	15	,	,	PUNCT
fsr-3280	405	16	which	which	PRON
fsr-3280	405	17	adjust	adjust	VERB
fsr-3280	405	18	for	for	ADP
fsr-3280	405	19	autocorrelation	autocorrelation	NOUN
fsr-3280	405	20	,	,	PUNCT
fsr-3280	405	21	and	and	CCONJ
fsr-3280	405	22	heteroskedasticity	heteroskedasticity	NOUN
fsr-3280	405	23	.	.	PUNCT
fsr-3280	406	1	*	*	PUNCT
fsr-3280	406	2	indicates	indicate	VERB
fsr-3280	406	3	statistically	statistically	ADV
fsr-3280	406	4	significant	significant	ADJ
fsr-3280	406	5	at	at	ADP
fsr-3280	406	6	the	the	DET
fsr-3280	406	7	10	10	NUM
fsr-3280	406	8	%	%	NOUN
fsr-3280	406	9	level	level	NOUN
fsr-3280	406	10	.	.	PUNCT
fsr-3280	407	1	*	*	PUNCT
fsr-3280	407	2	*	*	PUNCT
fsr-3280	407	3	indicates	indicate	VERB
fsr-3280	407	4	statistically	statistically	ADV
fsr-3280	407	5	significant	significant	ADJ
fsr-3280	407	6	at	at	ADP
fsr-3280	407	7	the	the	DET
fsr-3280	407	8	5	5	NUM
fsr-3280	407	9	%	%	NOUN
fsr-3280	407	10	level	level	NOUN
fsr-3280	407	11	.	.	PUNCT
fsr-3280	408	1	*	*	PUNCT
fsr-3280	408	2	*	*	PUNCT
fsr-3280	408	3	*	*	PUNCT
fsr-3280	408	4	indicates	indicate	VERB
fsr-3280	408	5	statistically	statistically	ADV
fsr-3280	408	6	significant	significant	ADJ
fsr-3280	408	7	at	at	ADP
fsr-3280	408	8	the	the	DET
fsr-3280	408	9	1	1	NUM
fsr-3280	408	10	%	%	NOUN
fsr-3280	408	11	level	level	NOUN
fsr-3280	408	12	.	.	PUNCT
fsr-3280	409	1	298	298	NUM
fsr-3280	409	2	m.	m.	NOUN
fsr-3280	409	3	hurst	hurst	PROPN
fsr-3280	409	4	,	,	PUNCT
fsr-3280	409	5	m.	m.	PROPN
fsr-3280	409	6	mendoza	mendoza	PROPN
fsr-3280	409	7	/	/	SYM
fsr-3280	409	8	financial	financial	ADJ
fsr-3280	409	9	services	service	NOUN
fsr-3280	409	10	review	review	VERB
fsr-3280	409	11	25	25	NUM
fsr-3280	409	12	(	(	PUNCT
fsr-3280	409	13	2016	2016	NUM
fsr-3280	409	14	)	)	PUNCT
fsr-3280	410	1	279–301	279–301	NUM
fsr-3280	410	2	6	6	NUM
fsr-3280	410	3	.	.	PUNCT
fsr-3280	411	1	conclusion	conclusion	NOUN
fsr-3280	411	2	this	this	DET
fsr-3280	411	3	article	article	NOUN
fsr-3280	411	4	proposes	propose	VERB
fsr-3280	411	5	the	the	DET
fsr-3280	411	6	tax	tax	NOUN
fsr-3280	411	7	liquidation	liquidation	NOUN
fsr-3280	411	8	hypothesis	hypothesis	NOUN
fsr-3280	411	9	based	base	VERB
fsr-3280	411	10	on	on	ADP
fsr-3280	411	11	investor	investor	NOUN
fsr-3280	411	12	behavioral	behavioral	ADJ
fsr-3280	411	13	biases	bias	NOUN
fsr-3280	411	14	and	and	CCONJ
fsr-3280	411	15	the	the	DET
fsr-3280	411	16	current	current	ADJ
fsr-3280	411	17	tax	tax	NOUN
fsr-3280	411	18	environment	environment	NOUN
fsr-3280	411	19	.	.	PUNCT
fsr-3280	412	1	individual	individual	ADJ
fsr-3280	412	2	investors	investor	NOUN
fsr-3280	412	3	will	will	AUX
fsr-3280	412	4	hold	hold	VERB
fsr-3280	412	5	cash	cash	NOUN
fsr-3280	412	6	accounts	account	NOUN
fsr-3280	412	7	that	that	PRON
fsr-3280	412	8	are	be	AUX
fsr-3280	412	9	consistent	consistent	ADJ
fsr-3280	412	10	with	with	ADP
fsr-3280	412	11	their	their	PRON
fsr-3280	412	12	preferences	preference	NOUN
fsr-3280	412	13	for	for	ADP
fsr-3280	412	14	risk	risk	NOUN
fsr-3280	412	15	and	and	CCONJ
fsr-3280	412	16	return	return	NOUN
fsr-3280	412	17	.	.	PUNCT
fsr-3280	413	1	the	the	DET
fsr-3280	413	2	cash	cash	NOUN
fsr-3280	413	3	account	account	NOUN
fsr-3280	413	4	may	may	AUX
fsr-3280	413	5	be	be	AUX
fsr-3280	413	6	different	different	ADJ
fsr-3280	413	7	across	across	ADP
fsr-3280	413	8	individuals	individual	NOUN
fsr-3280	413	9	but	but	CCONJ
fsr-3280	413	10	the	the	DET
fsr-3280	413	11	pattern	pattern	NOUN
fsr-3280	413	12	and	and	CCONJ
fsr-3280	413	13	hypotheses	hypothesis	NOUN
fsr-3280	413	14	regarding	regard	VERB
fsr-3280	413	15	formation	formation	NOUN
fsr-3280	413	16	and	and	CCONJ
fsr-3280	413	17	liquidation	liquidation	NOUN
fsr-3280	413	18	of	of	ADP
fsr-3280	413	19	these	these	DET
fsr-3280	413	20	accounts	account	NOUN
fsr-3280	413	21	for	for	ADP
fsr-3280	413	22	tax	tax	NOUN
fsr-3280	413	23	reasons	reason	NOUN
fsr-3280	413	24	should	should	AUX
fsr-3280	413	25	be	be	AUX
fsr-3280	413	26	consistent	consistent	ADJ
fsr-3280	413	27	with	with	ADP
fsr-3280	413	28	the	the	DET
fsr-3280	413	29	findings	finding	NOUN
fsr-3280	413	30	of	of	ADP
fsr-3280	413	31	this	this	DET
fsr-3280	413	32	article	article	NOUN
fsr-3280	413	33	.	.	PUNCT
fsr-3280	414	1	we	we	PRON
fsr-3280	414	2	propose	propose	VERB
fsr-3280	414	3	that	that	SCONJ
fsr-3280	414	4	having	have	VERB
fsr-3280	414	5	cash	cash	NOUN
fsr-3280	414	6	on	on	ADP
fsr-3280	414	7	hand	hand	NOUN
fsr-3280	414	8	and	and	CCONJ
fsr-3280	414	9	liquidating	liquidate	VERB
fsr-3280	414	10	for	for	ADP
fsr-3280	414	11	tax	tax	NOUN
fsr-3280	414	12	purposes	purpose	NOUN
fsr-3280	414	13	are	be	AUX
fsr-3280	414	14	not	not	PART
fsr-3280	414	15	mutually	mutually	ADV
fsr-3280	414	16	exclusive	exclusive	ADJ
fsr-3280	414	17	events	event	NOUN
fsr-3280	414	18	.	.	PUNCT
fsr-3280	415	1	these	these	DET
fsr-3280	415	2	events	event	NOUN
fsr-3280	415	3	can	can	AUX
fsr-3280	415	4	coexist	coexist	VERB
fsr-3280	415	5	harmoniously	harmoniously	ADV
fsr-3280	415	6	.	.	PUNCT
fsr-3280	416	1	a	a	DET
fsr-3280	416	2	rational	rational	ADJ
fsr-3280	416	3	investor	investor	NOUN
fsr-3280	416	4	holds	hold	VERB
fsr-3280	416	5	a	a	DET
fsr-3280	416	6	portion	portion	NOUN
fsr-3280	416	7	of	of	ADP
fsr-3280	416	8	his	his	PRON
fsr-3280	416	9	wealth	wealth	NOUN
fsr-3280	416	10	in	in	ADP
fsr-3280	416	11	cash	cash	NOUN
fsr-3280	416	12	that	that	PRON
fsr-3280	416	13	maximizes	maximize	VERB
fsr-3280	416	14	his	his	PRON
fsr-3280	416	15	utility	utility	NOUN
fsr-3280	416	16	over	over	ADP
fsr-3280	416	17	liquidity	liquidity	NOUN
fsr-3280	416	18	;	;	PUNCT
fsr-3280	416	19	given	give	VERB
fsr-3280	416	20	an	an	DET
fsr-3280	416	21	out	out	NOUN
fsr-3280	416	22	of	of	ADP
fsr-3280	416	23	pocket	pocket	NOUN
fsr-3280	416	24	expenditure	expenditure	NOUN
fsr-3280	416	25	,	,	PUNCT
fsr-3280	416	26	that	that	ADV
fsr-3280	416	27	is	is	ADV
fsr-3280	416	28	,	,	PUNCT
fsr-3280	416	29	tax	tax	NOUN
fsr-3280	416	30	liability	liability	NOUN
fsr-3280	416	31	,	,	PUNCT
fsr-3280	416	32	he	he	PRON
fsr-3280	416	33	may	may	AUX
fsr-3280	416	34	unavoidably	unavoidably	ADV
fsr-3280	416	35	have	have	VERB
fsr-3280	416	36	to	to	PART
fsr-3280	416	37	liquidate	liquidate	VERB
fsr-3280	416	38	some	some	DET
fsr-3280	416	39	portion	portion	NOUN
fsr-3280	416	40	of	of	ADP
fsr-3280	416	41	his	his	PRON
fsr-3280	416	42	invested	invest	VERB
fsr-3280	416	43	wealth	wealth	NOUN
fsr-3280	416	44	to	to	PART
fsr-3280	416	45	rebalance	rebalance	VERB
fsr-3280	416	46	his	his	PRON
fsr-3280	416	47	cash	cash	NOUN
fsr-3280	416	48	to	to	ADP
fsr-3280	416	49	investments	investment	NOUN
fsr-3280	416	50	ratio	ratio	NOUN
fsr-3280	416	51	.	.	PUNCT
fsr-3280	417	1	notes	note	VERB
fsr-3280	417	2	1	1	NUM
fsr-3280	417	3	the	the	DET
fsr-3280	417	4	safe	safe	ADJ
fsr-3280	417	5	harbor	harbor	NOUN
fsr-3280	417	6	rule	rule	NOUN
fsr-3280	417	7	was	be	AUX
fsr-3280	417	8	not	not	PART
fsr-3280	417	9	listed	list	VERB
fsr-3280	417	10	by	by	ADP
fsr-3280	417	11	brickley	brickley	ADJ
fsr-3280	417	12	,	,	PUNCT
fsr-3280	417	13	manaster	manaster	NOUN
fsr-3280	417	14	,	,	PUNCT
fsr-3280	417	15	and	and	CCONJ
fsr-3280	417	16	schallheim	schallheim	NOUN
fsr-3280	417	17	(	(	PUNCT
fsr-3280	417	18	1991	1991	NUM
fsr-3280	417	19	)	)	PUNCT
fsr-3280	417	20	but	but	CCONJ
fsr-3280	417	21	was	be	AUX
fsr-3280	417	22	added	add	VERB
fsr-3280	417	23	here	here	ADV
fsr-3280	417	24	to	to	PART
fsr-3280	417	25	explain	explain	VERB
fsr-3280	417	26	unanticipated	unanticipated	ADJ
fsr-3280	417	27	tax	tax	NOUN
fsr-3280	417	28	liability	liability	NOUN
fsr-3280	417	29	.	.	PUNCT
fsr-3280	418	1	table	table	NOUN
fsr-3280	418	2	5	5	NUM
fsr-3280	418	3	logistic	logistic	ADJ
fsr-3280	418	4	regression	regression	NOUN
fsr-3280	418	5	of	of	ADP
fsr-3280	418	6	march	march	PROPN
fsr-3280	418	7	returns	return	NOUN
fsr-3280	418	8	on	on	ADP
fsr-3280	418	9	volume	volume	NOUN
fsr-3280	418	10	measures	measure	NOUN
fsr-3280	418	11	,	,	PUNCT
fsr-3280	418	12	net	net	ADJ
fsr-3280	418	13	capital	capital	NOUN
fsr-3280	418	14	gains	gain	NOUN
fsr-3280	418	15	rate	rate	NOUN
fsr-3280	418	16	,	,	PUNCT
fsr-3280	418	17	and	and	CCONJ
fsr-3280	418	18	unanticipated	unanticipated	ADJ
fsr-3280	418	19	gains	gain	NOUN
fsr-3280	418	20	model	model	NOUN
fsr-3280	418	21	(	(	PUNCT
fsr-3280	418	22	1	1	NUM
fsr-3280	418	23	):	):	PUNCT
fsr-3280	418	24	turnover	turnover	NOUN
fsr-3280	418	25	coefficients	coefficient	NOUN
fsr-3280	418	26	model	model	NOUN
fsr-3280	418	27	(	(	PUNCT
fsr-3280	418	28	2	2	NUM
fsr-3280	418	29	):	):	PUNCT
fsr-3280	418	30	vol_ratio	vol_ratio	NUM
fsr-3280	418	31	coefficients	coefficient	NOUN
fsr-3280	418	32	coefficient	coefficient	NOUN
fsr-3280	418	33	estimates	estimate	NOUN
fsr-3280	418	34	(	(	PUNCT
fsr-3280	418	35	z	z	NOUN
fsr-3280	418	36	-	-	PUNCT
fsr-3280	418	37	statistics	statistic	NOUN
fsr-3280	418	38	in	in	ADP
fsr-3280	418	39	parentheses	parenthesis	NOUN
fsr-3280	418	40	)	)	PUNCT
fsr-3280	418	41	tlhit	tlhit	VERB
fsr-3280	418	42	�	�	PROPN
fsr-3280	418	43	�	�	PROPN
fsr-3280	418	44	0	0	PROPN
fsr-3280	418	45	�	�	PROPN
fsr-3280	418	46	�	�	PROPN
fsr-3280	418	47	1year_end_volume_measureit	1year_end_volume_measureit	NUM
fsr-3280	418	48	�	�	PROPN
fsr-3280	418	49	1	1	NUM
fsr-3280	418	50	�	�	PROPN
fsr-3280	418	51	�	�	PROPN
fsr-3280	418	52	2average_year_end_volumeit	2average_year_end_volumeit	NUM
fsr-3280	418	53	�	�	PROPN
fsr-3280	418	54	1	1	NUM
fsr-3280	418	55	�	�	PROPN
fsr-3280	418	56	�	�	PROPN
fsr-3280	418	57	3capital_gains_ratet	3capital_gains_ratet	NUM
fsr-3280	418	58	�	�	PROPN
fsr-3280	418	59	�	�	PROPN
fsr-3280	418	60	4unanticipated_capital_gainst	4unanticipated_capital_gainst	NUM
fsr-3280	418	61	�	�	PROPN
fsr-3280	418	62	�	�	PROPN
fsr-3280	418	63	it	it	PART
fsr-3280	418	64	tax	tax	NOUN
fsr-3280	418	65	liquidation	liquidation	NOUN
fsr-3280	418	66	hypothesis	hypothesis	NOUN
fsr-3280	418	67	on	on	ADP
fsr-3280	418	68	previous	previous	ADJ
fsr-3280	418	69	year	year	NOUN
fsr-3280	418	70	’s	’s	PART
fsr-3280	418	71	volume	volume	NOUN
fsr-3280	418	72	measures	measure	NOUN
fsr-3280	418	73	year	year	NOUN
fsr-3280	418	74	-	-	PUNCT
fsr-3280	418	75	end	end	NOUN
fsr-3280	418	76	turnover	turnover	NOUN
fsr-3280	418	77	�	�	NOUN
fsr-3280	418	78	1.07	1.07	NUM
fsr-3280	418	79	year	year	NOUN
fsr-3280	418	80	-	-	PUNCT
fsr-3280	418	81	end	end	NOUN
fsr-3280	418	82	volume	volume	NOUN
fsr-3280	418	83	ratio	ratio	NOUN
fsr-3280	418	84	�	�	PROPN
fsr-3280	418	85	0.56	0.56	NUM
fsr-3280	418	86	(	(	PUNCT
fsr-3280	418	87	4.60	4.60	NUM
fsr-3280	418	88	)	)	PUNCT
fsr-3280	418	89	*	*	PUNCT
fsr-3280	419	1	*	*	PUNCT
fsr-3280	419	2	*	*	PUNCT
fsr-3280	419	3	(	(	PUNCT
fsr-3280	419	4	�	�	NOUN
fsr-3280	419	5	7.54	7.54	NUM
fsr-3280	419	6	)	)	PUNCT
fsr-3280	419	7	*	*	PUNCT
fsr-3280	419	8	*	*	PUNCT
fsr-3280	419	9	*	*	PUNCT
fsr-3280	419	10	march	march	PROPN
fsr-3280	419	11	turnover	turnover	NOUN
fsr-3280	419	12	1.23	1.23	NUM
fsr-3280	419	13	march	march	NOUN
fsr-3280	419	14	volume	volume	NOUN
fsr-3280	419	15	ratio	ratio	NOUN
fsr-3280	419	16	0.25	0.25	NUM
fsr-3280	419	17	(	(	PUNCT
fsr-3280	419	18	2.66	2.66	NUM
fsr-3280	419	19	)	)	PUNCT
fsr-3280	419	20	*	*	PUNCT
fsr-3280	420	1	*	*	PUNCT
fsr-3280	420	2	*	*	PUNCT
fsr-3280	420	3	(	(	PUNCT
fsr-3280	420	4	2.08	2.08	NUM
fsr-3280	420	5	)	)	PUNCT
fsr-3280	420	6	*	*	PUNCT
fsr-3280	420	7	*	*	PUNCT
fsr-3280	420	8	capital	capital	NOUN
fsr-3280	420	9	gain	gain	NOUN
fsr-3280	420	10	rate	rate	NOUN
fsr-3280	420	11	2.24	2.24	NUM
fsr-3280	420	12	capital	capital	NOUN
fsr-3280	420	13	gain	gain	NOUN
fsr-3280	420	14	rate	rate	NOUN
fsr-3280	420	15	2.47	2.47	NUM
fsr-3280	420	16	(	(	PUNCT
fsr-3280	420	17	10.27	10.27	NUM
fsr-3280	420	18	)	)	PUNCT
fsr-3280	420	19	*	*	PUNCT
fsr-3280	421	1	*	*	PUNCT
fsr-3280	421	2	*	*	PUNCT
fsr-3280	421	3	(	(	PUNCT
fsr-3280	421	4	11.05	11.05	NUM
fsr-3280	421	5	)	)	PUNCT
fsr-3280	421	6	*	*	PUNCT
fsr-3280	421	7	*	*	PUNCT
fsr-3280	421	8	*	*	PUNCT
fsr-3280	421	9	unanticipated	unanticipated	ADJ
fsr-3280	421	10	liability	liability	NOUN
fsr-3280	421	11	1.04	1.04	NUM
fsr-3280	421	12	unanticipated	unanticipated	ADJ
fsr-3280	421	13	liability	liability	NOUN
fsr-3280	421	14	1.08	1.08	NUM
fsr-3280	421	15	(	(	PUNCT
fsr-3280	421	16	6.18	6.18	NUM
fsr-3280	421	17	)	)	PUNCT
fsr-3280	421	18	*	*	PUNCT
fsr-3280	421	19	*	*	PUNCT
fsr-3280	421	20	*	*	PUNCT
fsr-3280	421	21	(	(	PUNCT
fsr-3280	421	22	6.35	6.35	NUM
fsr-3280	421	23	)	)	PUNCT
fsr-3280	421	24	*	*	PUNCT
fsr-3280	421	25	*	*	PUNCT
fsr-3280	421	26	*	*	PUNCT
fsr-3280	421	27	marginal	marginal	ADJ
fsr-3280	421	28	effects	effect	NOUN
fsr-3280	421	29	year	year	NOUN
fsr-3280	421	30	-	-	PUNCT
fsr-3280	421	31	end	end	NOUN
fsr-3280	421	32	turnover	turnover	NOUN
fsr-3280	421	33	�	�	NOUN
fsr-3280	421	34	0.25	0.25	NUM
fsr-3280	421	35	year	year	NOUN
fsr-3280	421	36	-	-	PUNCT
fsr-3280	421	37	end	end	NOUN
fsr-3280	421	38	volume	volume	NOUN
fsr-3280	421	39	ratio	ratio	NOUN
fsr-3280	421	40	�	�	PROPN
fsr-3280	421	41	0.13	0.13	NUM
fsr-3280	421	42	march	march	PROPN
fsr-3280	421	43	turnover	turnover	NOUN
fsr-3280	421	44	0.29	0.29	NUM
fsr-3280	421	45	march	march	NOUN
fsr-3280	421	46	volume	volume	NOUN
fsr-3280	421	47	ratio	ratio	NOUN
fsr-3280	421	48	0.06	0.06	NUM
fsr-3280	421	49	capital	capital	NOUN
fsr-3280	421	50	gain	gain	NOUN
fsr-3280	421	51	rate	rate	NOUN
fsr-3280	421	52	0.53	0.53	NUM
fsr-3280	421	53	capital	capital	NOUN
fsr-3280	421	54	gain	gain	NOUN
fsr-3280	421	55	rate	rate	NOUN
fsr-3280	421	56	0.58	0.58	NUM
fsr-3280	421	57	unanticipated	unanticipated	ADJ
fsr-3280	421	58	liability	liability	NOUN
fsr-3280	421	59	0.25	0.25	NUM
fsr-3280	421	60	unanticipated	unanticipated	ADJ
fsr-3280	421	61	liability	liability	NOUN
fsr-3280	421	62	0.25	0.25	NUM
fsr-3280	421	63	notes	note	NOUN
fsr-3280	421	64	:	:	PUNCT
fsr-3280	421	65	this	this	DET
fsr-3280	421	66	table	table	NOUN
fsr-3280	421	67	presents	present	VERB
fsr-3280	421	68	the	the	DET
fsr-3280	421	69	logistic	logistic	ADJ
fsr-3280	421	70	regression	regression	NOUN
fsr-3280	421	71	estimates	estimate	NOUN
fsr-3280	421	72	and	and	CCONJ
fsr-3280	421	73	marginal	marginal	ADJ
fsr-3280	421	74	effects	effect	NOUN
fsr-3280	421	75	of	of	ADP
fsr-3280	421	76	the	the	DET
fsr-3280	421	77	existence	existence	NOUN
fsr-3280	421	78	of	of	ADP
fsr-3280	421	79	the	the	DET
fsr-3280	421	80	tlh	tlh	NOUN
fsr-3280	421	81	on	on	ADP
fsr-3280	421	82	capital	capital	NOUN
fsr-3280	421	83	gains	gain	NOUN
fsr-3280	421	84	tax	tax	NOUN
fsr-3280	421	85	rates	rate	NOUN
fsr-3280	421	86	and	and	CCONJ
fsr-3280	421	87	unexpected	unexpected	ADJ
fsr-3280	421	88	liability	liability	NOUN
fsr-3280	421	89	.	.	PUNCT
fsr-3280	422	1	the	the	DET
fsr-3280	422	2	dependent	dependent	ADJ
fsr-3280	422	3	variable	variable	ADJ
fsr-3280	422	4	tlh	tlh	NOUN
fsr-3280	422	5	takes	take	VERB
fsr-3280	422	6	a	a	DET
fsr-3280	422	7	value	value	NOUN
fsr-3280	422	8	of	of	ADP
fsr-3280	422	9	one	one	NUM
fsr-3280	422	10	if	if	SCONJ
fsr-3280	422	11	march	march	NOUN
fsr-3280	422	12	returns	return	NOUN
fsr-3280	422	13	are	be	AUX
fsr-3280	422	14	negative	negative	ADJ
fsr-3280	422	15	,	,	PUNCT
fsr-3280	422	16	and	and	CCONJ
fsr-3280	422	17	zero	zero	NUM
fsr-3280	422	18	otherwise	otherwise	ADV
fsr-3280	422	19	.	.	PUNCT
fsr-3280	423	1	the	the	DET
fsr-3280	423	2	independent	independent	ADJ
fsr-3280	423	3	variable	variable	NOUN
fsr-3280	423	4	ln_ncg_tax_rate	ln_ncg_tax_rate	PROPN
fsr-3280	423	5	is	be	AUX
fsr-3280	423	6	the	the	DET
fsr-3280	423	7	natural	natural	ADJ
fsr-3280	423	8	log	log	NOUN
fsr-3280	423	9	of	of	ADP
fsr-3280	423	10	the	the	DET
fsr-3280	423	11	contemporaneous	contemporaneous	ADJ
fsr-3280	423	12	capital	capital	NOUN
fsr-3280	423	13	gains	gain	NOUN
fsr-3280	423	14	tax	tax	NOUN
fsr-3280	423	15	rate	rate	NOUN
fsr-3280	423	16	;	;	PUNCT
fsr-3280	423	17	unanticipated_ncg	unanticipated_ncg	PROPN
fsr-3280	423	18	is	be	AUX
fsr-3280	423	19	the	the	DET
fsr-3280	423	20	current	current	ADJ
fsr-3280	423	21	year	year	NOUN
fsr-3280	423	22	’s	’s	PART
fsr-3280	423	23	capital	capital	NOUN
fsr-3280	423	24	gain	gain	NOUN
fsr-3280	423	25	as	as	ADP
fsr-3280	423	26	a	a	DET
fsr-3280	423	27	percentage	percentage	NOUN
fsr-3280	423	28	of	of	ADP
fsr-3280	423	29	the	the	DET
fsr-3280	423	30	previous	previous	ADJ
fsr-3280	423	31	year	year	NOUN
fsr-3280	423	32	’s	’s	PART
fsr-3280	423	33	capital	capital	NOUN
fsr-3280	423	34	gains	gain	NOUN
fsr-3280	423	35	.	.	PUNCT
fsr-3280	424	1	there	there	PRON
fsr-3280	424	2	are	be	VERB
fsr-3280	424	3	168	168	NUM
fsr-3280	424	4	funds	fund	NOUN
fsr-3280	424	5	and	and	CCONJ
fsr-3280	424	6	22	22	NUM
fsr-3280	424	7	years	year	NOUN
fsr-3280	424	8	of	of	ADP
fsr-3280	424	9	data	datum	NOUN
fsr-3280	424	10	.	.	PUNCT
fsr-3280	425	1	*	*	PUNCT
fsr-3280	425	2	indicates	indicate	VERB
fsr-3280	425	3	statistically	statistically	ADV
fsr-3280	425	4	significant	significant	ADJ
fsr-3280	425	5	at	at	ADP
fsr-3280	425	6	the	the	DET
fsr-3280	425	7	10	10	NUM
fsr-3280	425	8	%	%	NOUN
fsr-3280	425	9	level	level	NOUN
fsr-3280	425	10	.	.	PUNCT
fsr-3280	426	1	*	*	PUNCT
fsr-3280	426	2	*	*	PUNCT
fsr-3280	426	3	indicates	indicate	VERB
fsr-3280	426	4	statistically	statistically	ADV
fsr-3280	426	5	significant	significant	ADJ
fsr-3280	426	6	at	at	ADP
fsr-3280	426	7	the	the	DET
fsr-3280	426	8	5	5	NUM
fsr-3280	426	9	%	%	NOUN
fsr-3280	426	10	level	level	NOUN
fsr-3280	426	11	.	.	PUNCT
fsr-3280	427	1	*	*	PUNCT
fsr-3280	427	2	*	*	PUNCT
fsr-3280	427	3	*	*	PUNCT
fsr-3280	427	4	indicates	indicate	VERB
fsr-3280	427	5	statistically	statistically	ADV
fsr-3280	427	6	significant	significant	ADJ
fsr-3280	427	7	at	at	ADP
fsr-3280	427	8	the	the	DET
fsr-3280	427	9	1	1	NUM
fsr-3280	427	10	%	%	NOUN
fsr-3280	427	11	level	level	NOUN
fsr-3280	427	12	.	.	PUNCT
fsr-3280	428	1	299	299	NUM
fsr-3280	428	2	m.	m.	NOUN
fsr-3280	428	3	hurst	hurst	PROPN
fsr-3280	428	4	,	,	PUNCT
fsr-3280	428	5	m.	m.	PROPN
fsr-3280	428	6	mendoza	mendoza	PROPN
fsr-3280	428	7	/	/	SYM
fsr-3280	428	8	financial	financial	ADJ
fsr-3280	428	9	services	service	NOUN
fsr-3280	428	10	review	review	VERB
fsr-3280	428	11	25	25	NUM
fsr-3280	428	12	(	(	PUNCT
fsr-3280	428	13	2016	2016	NUM
fsr-3280	428	14	)	)	PUNCT
fsr-3280	429	1	279–301	279–301	NUM
fsr-3280	429	2	2	2	NUM
fsr-3280	429	3	high	high	ADJ
fsr-3280	429	4	net	net	ADJ
fsr-3280	429	5	worth	worth	ADJ
fsr-3280	429	6	individuals	individual	NOUN
fsr-3280	429	7	will	will	AUX
fsr-3280	429	8	have	have	VERB
fsr-3280	429	9	to	to	PART
fsr-3280	429	10	pay	pay	VERB
fsr-3280	429	11	110	110	NUM
fsr-3280	429	12	%	%	NOUN
fsr-3280	429	13	of	of	ADP
fsr-3280	429	14	the	the	DET
fsr-3280	429	15	prior	prior	ADJ
fsr-3280	429	16	year	year	NOUN
fsr-3280	429	17	’s	’s	PART
fsr-3280	429	18	tax	tax	NOUN
fsr-3280	429	19	.	.	PUNCT
fsr-3280	430	1	3	3	NUM
fsr-3280	430	2	the	the	DET
fsr-3280	430	3	penalty	penalty	NOUN
fsr-3280	430	4	for	for	ADP
fsr-3280	430	5	an	an	DET
fsr-3280	430	6	underpayment	underpayment	NOUN
fsr-3280	430	7	of	of	ADP
fsr-3280	430	8	over	over	ADP
fsr-3280	430	9	$	$	SYM
fsr-3280	430	10	1,000	1,000	NUM
fsr-3280	430	11	is	be	AUX
fsr-3280	430	12	120	120	NUM
fsr-3280	430	13	percent	percent	NOUN
fsr-3280	430	14	of	of	ADP
fsr-3280	430	15	the	the	DET
fsr-3280	430	16	underpayment	underpayment	ADJ
fsr-3280	430	17	rate	rate	NOUN
fsr-3280	430	18	.	.	PUNCT
fsr-3280	431	1	the	the	DET
fsr-3280	431	2	historical	historical	ADJ
fsr-3280	431	3	penalty	penalty	NOUN
fsr-3280	431	4	rates	rate	NOUN
fsr-3280	431	5	are	be	AUX
fsr-3280	431	6	available	available	ADJ
fsr-3280	431	7	from	from	ADP
fsr-3280	431	8	the	the	DET
fsr-3280	431	9	irs	irs	PROPN
fsr-3280	431	10	at	at	ADP
fsr-3280	431	11	http://www.irs.gov/	http://www.irs.gov/	PROPN
fsr-3280	431	12	pub	pub	NOUN
fsr-3280	431	13	/	/	SYM
fsr-3280	431	14	irs	irs	PROPN
fsr-3280	431	15	-	-	PUNCT
fsr-3280	431	16	pdf	pdf	NOUN
fsr-3280	431	17	/	/	SYM
fsr-3280	431	18	n746.pdf	n746.pdf	NOUN
fsr-3280	431	19	4	4	NUM
fsr-3280	431	20	“	"	PUNCT
fsr-3280	431	21	cash	cash	NOUN
fsr-3280	431	22	account	account	NOUN
fsr-3280	431	23	”	"	PUNCT
fsr-3280	431	24	is	be	AUX
fsr-3280	431	25	a	a	DET
fsr-3280	431	26	term	term	NOUN
fsr-3280	431	27	used	use	VERB
fsr-3280	431	28	by	by	ADP
fsr-3280	431	29	constantinides	constantinide	NOUN
fsr-3280	431	30	(	(	PUNCT
fsr-3280	431	31	1983	1983	NUM
fsr-3280	431	32	)	)	PUNCT
fsr-3280	431	33	but	but	CCONJ
fsr-3280	431	34	does	do	AUX
fsr-3280	431	35	not	not	PART
fsr-3280	431	36	mean	mean	VERB
fsr-3280	431	37	that	that	SCONJ
fsr-3280	431	38	the	the	DET
fsr-3280	431	39	account	account	NOUN
fsr-3280	431	40	must	must	AUX
fsr-3280	431	41	be	be	AUX
fsr-3280	431	42	held	hold	VERB
fsr-3280	431	43	in	in	ADP
fsr-3280	431	44	cash	cash	NOUN
fsr-3280	431	45	.	.	PUNCT
fsr-3280	432	1	5	5	NUM
fsr-3280	432	2	the	the	DET
fsr-3280	432	3	period	period	NOUN
fsr-3280	432	4	of	of	ADP
fsr-3280	432	5	16.5	16.5	NUM
fsr-3280	432	6	months	month	NOUN
fsr-3280	432	7	comes	come	VERB
fsr-3280	432	8	from	from	ADP
fsr-3280	432	9	an	an	DET
fsr-3280	432	10	investor	investor	NOUN
fsr-3280	432	11	selling	sell	VERB
fsr-3280	432	12	an	an	DET
fsr-3280	432	13	asset	asset	NOUN
fsr-3280	432	14	with	with	ADP
fsr-3280	432	15	a	a	DET
fsr-3280	432	16	capital	capital	NOUN
fsr-3280	432	17	gain	gain	NOUN
fsr-3280	432	18	on	on	ADP
fsr-3280	432	19	january	january	PROPN
fsr-3280	432	20	1	1	NUM
fsr-3280	432	21	and	and	CCONJ
fsr-3280	432	22	reinvesting	reinveste	VERB
fsr-3280	432	23	the	the	DET
fsr-3280	432	24	expected	expect	VERB
fsr-3280	432	25	liability	liability	NOUN
fsr-3280	432	26	until	until	ADP
fsr-3280	432	27	the	the	DET
fsr-3280	432	28	following	follow	VERB
fsr-3280	432	29	april	april	PROPN
fsr-3280	432	30	.	.	PROPN
fsr-3280	433	1	6	6	NUM
fsr-3280	433	2	and	and	CCONJ
fsr-3280	433	3	subsequent	subsequent	ADJ
fsr-3280	433	4	years	year	NOUN
fsr-3280	433	5	if	if	SCONJ
fsr-3280	433	6	there	there	PRON
fsr-3280	433	7	are	be	VERB
fsr-3280	433	8	carried	carry	VERB
fsr-3280	433	9	forward	forward	ADV
fsr-3280	433	10	losses	loss	NOUN
fsr-3280	433	11	.	.	PUNCT
fsr-3280	434	1	7	7	NUM
fsr-3280	434	2	we	we	PRON
fsr-3280	434	3	would	would	AUX
fsr-3280	434	4	like	like	VERB
fsr-3280	434	5	to	to	PART
fsr-3280	434	6	thank	thank	VERB
fsr-3280	434	7	laura	laura	PROPN
fsr-3280	434	8	starks	stark	NOUN
fsr-3280	434	9	,	,	PUNCT
fsr-3280	434	10	lwe	lwe	PROPN
fsr-3280	434	11	yong	yong	PROPN
fsr-3280	434	12	,	,	PUNCT
fsr-3280	434	13	and	and	CCONJ
fsr-3280	434	14	lu	lu	PROPN
fsr-3280	434	15	zheng	zheng	PROPN
fsr-3280	434	16	for	for	ADP
fsr-3280	434	17	providing	provide	VERB
fsr-3280	434	18	me	i	PRON
fsr-3280	434	19	with	with	ADP
fsr-3280	434	20	the	the	DET
fsr-3280	434	21	fund	fund	NOUN
fsr-3280	434	22	codes	code	NOUN
fsr-3280	434	23	.	.	PUNCT
fsr-3280	435	1	8	8	NUM
fsr-3280	435	2	shares	share	NOUN
fsr-3280	435	3	of	of	ADP
fsr-3280	435	4	beneficial	beneficial	ADJ
fsr-3280	435	5	interest	interest	NOUN
fsr-3280	435	6	resemble	resemble	VERB
fsr-3280	435	7	common	common	ADJ
fsr-3280	435	8	shares	share	NOUN
fsr-3280	435	9	—	—	PUNCT
fsr-3280	435	10	the	the	DET
fsr-3280	435	11	primary	primary	ADJ
fsr-3280	435	12	difference	difference	NOUN
fsr-3280	435	13	is	be	AUX
fsr-3280	435	14	that	that	SCONJ
fsr-3280	435	15	an	an	DET
fsr-3280	435	16	sbi	sbi	NOUN
fsr-3280	435	17	gets	get	AUX
fsr-3280	435	18	issued	issue	VERB
fsr-3280	435	19	by	by	ADP
fsr-3280	435	20	a	a	DET
fsr-3280	435	21	“	"	PUNCT
fsr-3280	435	22	trust	trust	NOUN
fsr-3280	435	23	entity	entity	NOUN
fsr-3280	435	24	”	"	PUNCT
fsr-3280	435	25	instead	instead	ADV
fsr-3280	435	26	of	of	ADP
fsr-3280	435	27	a	a	DET
fsr-3280	435	28	company	company	NOUN
fsr-3280	435	29	.	.	PUNCT
fsr-3280	436	1	9	9	NUM
fsr-3280	436	2	all	all	DET
fsr-3280	436	3	amounts	amount	NOUN
fsr-3280	436	4	are	be	AUX
fsr-3280	436	5	in	in	ADP
fsr-3280	436	6	actual	actual	ADJ
fsr-3280	436	7	dollars	dollar	NOUN
fsr-3280	436	8	.	.	PUNCT
fsr-3280	437	1	10	10	NUM
fsr-3280	437	2	the	the	DET
fsr-3280	437	3	rejection	rejection	NOUN
fsr-3280	437	4	of	of	ADP
fsr-3280	437	5	the	the	DET
fsr-3280	437	6	null	null	ADJ
fsr-3280	437	7	hypothesis	hypothesis	NOUN
fsr-3280	437	8	that	that	PRON
fsr-3280	437	9	both	both	CCONJ
fsr-3280	437	10	the	the	DET
fsr-3280	437	11	consistent	consistent	ADJ
fsr-3280	437	12	and	and	CCONJ
fsr-3280	437	13	efficient	efficient	ADJ
fsr-3280	437	14	estimators	estimator	NOUN
fsr-3280	437	15	are	be	AUX
fsr-3280	437	16	acceptable	acceptable	ADJ
fsr-3280	437	17	was	be	AUX
fsr-3280	437	18	significant	significant	ADJ
fsr-3280	437	19	at	at	ADP
fsr-3280	437	20	a	a	DET
fsr-3280	437	21	1	1	NUM
fsr-3280	437	22	%	%	NOUN
fsr-3280	437	23	level	level	NOUN
fsr-3280	437	24	.	.	PUNCT
fsr-3280	438	1	the	the	DET
fsr-3280	438	2	primary	primary	ADJ
fsr-3280	438	3	reason	reason	NOUN
fsr-3280	438	4	for	for	ADP
fsr-3280	438	5	the	the	DET
fsr-3280	438	6	rejection	rejection	NOUN
fsr-3280	438	7	was	be	AUX
fsr-3280	438	8	the	the	DET
fsr-3280	438	9	difference	difference	NOUN
fsr-3280	438	10	in	in	ADP
fsr-3280	438	11	the	the	DET
fsr-3280	438	12	firm	firm	ADJ
fsr-3280	438	13	specific	specific	ADJ
fsr-3280	438	14	volume	volume	NOUN
fsr-3280	438	15	measure	measure	NOUN
fsr-3280	438	16	.	.	PUNCT
fsr-3280	439	1	11	11	NUM
fsr-3280	439	2	fig	fig	NOUN
fsr-3280	439	3	.	.	PUNCT
fsr-3280	440	1	5	5	NUM
fsr-3280	440	2	graphs	graph	NOUN
fsr-3280	440	3	the	the	DET
fsr-3280	440	4	march	march	NOUN
fsr-3280	440	5	returns	return	NOUN
fsr-3280	440	6	and	and	CCONJ
fsr-3280	440	7	the	the	DET
fsr-3280	440	8	average	average	ADJ
fsr-3280	440	9	returns	return	NOUN
fsr-3280	440	10	for	for	ADP
fsr-3280	440	11	all	all	DET
fsr-3280	440	12	other	other	ADJ
fsr-3280	440	13	months	month	NOUN
fsr-3280	440	14	by	by	ADP
fsr-3280	440	15	year	year	NOUN
fsr-3280	440	16	to	to	PART
fsr-3280	440	17	show	show	VERB
fsr-3280	440	18	the	the	DET
fsr-3280	440	19	consistency	consistency	NOUN
fsr-3280	440	20	of	of	ADP
fsr-3280	440	21	the	the	DET
fsr-3280	440	22	tax	tax	NOUN
fsr-3280	440	23	liquidation	liquidation	NOUN
fsr-3280	440	24	hypothesis	hypothesis	NOUN
fsr-3280	440	25	through	through	ADP
fsr-3280	440	26	time	time	NOUN
fsr-3280	440	27	.	.	PUNCT
fsr-3280	441	1	12	12	NUM
fsr-3280	441	2	the	the	DET
fsr-3280	441	3	graph	graph	NOUN
fsr-3280	441	4	for	for	ADP
fsr-3280	441	5	returns	return	NOUN
fsr-3280	441	6	including	include	VERB
fsr-3280	441	7	dividends	dividend	NOUN
fsr-3280	441	8	is	be	AUX
fsr-3280	441	9	similar	similar	ADJ
fsr-3280	441	10	to	to	ADP
fsr-3280	441	11	the	the	DET
fsr-3280	441	12	one	one	NOUN
fsr-3280	441	13	presented	present	VERB
fsr-3280	441	14	in	in	ADP
fsr-3280	441	15	fig	fig	NOUN
fsr-3280	441	16	.	.	PUNCT
fsr-3280	442	1	2	2	NUM
fsr-3280	442	2	.	.	NUM
fsr-3280	442	3	13	13	NUM
fsr-3280	443	1	this	this	DET
fsr-3280	443	2	article	article	NOUN
fsr-3280	443	3	tests	test	VERB
fsr-3280	443	4	the	the	DET
fsr-3280	443	5	hypothesis	hypothesis	NOUN
fsr-3280	443	6	using	use	VERB
fsr-3280	443	7	controls	control	NOUN
fsr-3280	443	8	for	for	ADP
fsr-3280	443	9	both	both	CCONJ
fsr-3280	443	10	the	the	DET
fsr-3280	443	11	long	long	ADJ
fsr-3280	443	12	term	term	NOUN
fsr-3280	443	13	government	government	NOUN
fsr-3280	443	14	bond	bond	NOUN
fsr-3280	443	15	capital	capital	NOUN
fsr-3280	443	16	appreciation	appreciation	NOUN
fsr-3280	443	17	as	as	ADV
fsr-3280	443	18	well	well	ADV
fsr-3280	443	19	as	as	ADP
fsr-3280	443	20	changes	change	NOUN
fsr-3280	443	21	in	in	ADP
fsr-3280	443	22	the	the	DET
fsr-3280	443	23	municipal	municipal	ADJ
fsr-3280	443	24	bond	bond	NOUN
fsr-3280	443	25	yields	yield	NOUN
fsr-3280	443	26	.	.	PUNCT
fsr-3280	444	1	14	14	NUM
fsr-3280	445	1	the	the	DET
fsr-3280	445	2	march	march	PROPN
fsr-3280	445	3	volume	volume	NOUN
fsr-3280	445	4	ratio	ratio	NOUN
fsr-3280	445	5	is	be	AUX
fsr-3280	445	6	the	the	DET
fsr-3280	445	7	volume	volume	NOUN
fsr-3280	445	8	in	in	ADP
fsr-3280	445	9	march	march	PROPN
fsr-3280	445	10	divided	divide	VERB
fsr-3280	445	11	by	by	ADP
fsr-3280	445	12	the	the	DET
fsr-3280	445	13	average	average	ADJ
fsr-3280	445	14	monthly	monthly	ADJ
fsr-3280	445	15	volume	volume	NOUN
fsr-3280	445	16	for	for	ADP
fsr-3280	445	17	the	the	DET
fsr-3280	445	18	months	month	NOUN
fsr-3280	445	19	february	february	PROPN
fsr-3280	445	20	to	to	ADP
fsr-3280	445	21	october	october	PROPN
fsr-3280	445	22	.	.	PUNCT
fsr-3280	446	1	15	15	NUM
fsr-3280	446	2	the	the	DET
fsr-3280	446	3	months	month	NOUN
fsr-3280	446	4	of	of	ADP
fsr-3280	446	5	january	january	PROPN
fsr-3280	446	6	,	,	PUNCT
fsr-3280	446	7	november	november	PROPN
fsr-3280	446	8	,	,	PUNCT
fsr-3280	446	9	and	and	CCONJ
fsr-3280	446	10	december	december	PROPN
fsr-3280	446	11	were	be	AUX
fsr-3280	446	12	not	not	PART
fsr-3280	446	13	included	include	VERB
fsr-3280	446	14	16	16	NUM
fsr-3280	446	15	contemporaneous	contemporaneous	ADJ
fsr-3280	446	16	returns	return	NOUN
fsr-3280	446	17	are	be	AUX
fsr-3280	446	18	the	the	DET
fsr-3280	446	19	returns	return	NOUN
fsr-3280	446	20	for	for	ADP
fsr-3280	446	21	january	january	PROPN
fsr-3280	446	22	and	and	CCONJ
fsr-3280	446	23	february	february	PROPN
fsr-3280	446	24	of	of	ADP
fsr-3280	446	25	the	the	DET
fsr-3280	446	26	current	current	ADJ
fsr-3280	446	27	year	year	NOUN
fsr-3280	446	28	.	.	PUNCT
fsr-3280	447	1	17	17	NUM
fsr-3280	447	2	paraphrased	paraphrase	VERB
fsr-3280	447	3	from	from	ADP
fsr-3280	447	4	the	the	DET
fsr-3280	447	5	ibbotson	ibbotson	PROPN
fsr-3280	447	6	sbbi	sbbi	VERB
fsr-3280	447	7	2009	2009	NUM
fsr-3280	447	8	yearbook	yearbook	NOUN
fsr-3280	447	9	.	.	PUNCT
fsr-3280	448	1	references	reference	NOUN
fsr-3280	448	2	badrinath	badrinath	PROPN
fsr-3280	448	3	,	,	PUNCT
fsr-3280	448	4	s.	s.	PROPN
fsr-3280	448	5	g.	g.	PROPN
fsr-3280	448	6	,	,	PUNCT
fsr-3280	448	7	&	&	CCONJ
fsr-3280	448	8	lewellen	lewellen	PROPN
fsr-3280	448	9	,	,	PUNCT
fsr-3280	448	10	w.	w.	NOUN
fsr-3280	448	11	(	(	PUNCT
fsr-3280	448	12	1991	1991	NUM
fsr-3280	448	13	)	)	PUNCT
fsr-3280	448	14	.	.	PUNCT
fsr-3280	449	1	evidence	evidence	NOUN
fsr-3280	449	2	on	on	ADP
fsr-3280	449	3	tax	tax	NOUN
fsr-3280	449	4	-	-	PUNCT
fsr-3280	449	5	motivated	motivate	VERB
fsr-3280	449	6	securities	security	NOUN
fsr-3280	449	7	trading	trading	NOUN
fsr-3280	449	8	behavior	behavior	NOUN
fsr-3280	449	9	.	.	PUNCT
fsr-3280	450	1	journal	journal	PROPN
fsr-3280	450	2	of	of	ADP
fsr-3280	450	3	finance	finance	NOUN
fsr-3280	450	4	,	,	PUNCT
fsr-3280	450	5	46(1	46(1	PROPN
fsr-3280	450	6	)	)	PUNCT
fsr-3280	450	7	,	,	PUNCT
fsr-3280	450	8	369–382	369–382	NUM
fsr-3280	450	9	.	.	PUNCT
fsr-3280	451	1	barber	barber	PROPN
fsr-3280	451	2	,	,	PUNCT
fsr-3280	451	3	b.	b.	PROPN
fsr-3280	451	4	m.	m.	PROPN
fsr-3280	451	5	,	,	PUNCT
fsr-3280	451	6	&	&	CCONJ
fsr-3280	451	7	odean	odean	ADJ
fsr-3280	451	8	,	,	PUNCT
fsr-3280	451	9	t.	t.	PROPN
fsr-3280	451	10	(	(	PUNCT
fsr-3280	451	11	2003	2003	NUM
fsr-3280	451	12	)	)	PUNCT
fsr-3280	451	13	.	.	PUNCT
fsr-3280	451	14	are	be	AUX
fsr-3280	451	15	individual	individual	ADJ
fsr-3280	451	16	investors	investor	NOUN
fsr-3280	451	17	tax	tax	NOUN
fsr-3280	451	18	savvy	savvy	ADJ
fsr-3280	451	19	?	?	PUNCT
fsr-3280	452	1	evidence	evidence	NOUN
fsr-3280	452	2	from	from	ADP
fsr-3280	452	3	retail	retail	ADJ
fsr-3280	452	4	and	and	CCONJ
fsr-3280	452	5	discount	discount	NOUN
fsr-3280	452	6	brokerage	brokerage	NOUN
fsr-3280	452	7	accounts	account	NOUN
fsr-3280	452	8	.	.	PUNCT
fsr-3280	453	1	journal	journal	NOUN
fsr-3280	453	2	of	of	ADP
fsr-3280	453	3	public	public	ADJ
fsr-3280	453	4	economics	economic	NOUN
fsr-3280	453	5	,	,	PUNCT
fsr-3280	453	6	88	88	NUM
fsr-3280	453	7	,	,	PUNCT
fsr-3280	453	8	419–442	419–442	NUM
fsr-3280	453	9	.	.	PUNCT
fsr-3280	454	1	barberis	barberis	PROPN
fsr-3280	454	2	,	,	PUNCT
fsr-3280	454	3	n.	n.	PROPN
fsr-3280	454	4	c.	c.	PROPN
fsr-3280	454	5	,	,	PUNCT
fsr-3280	454	6	&	&	CCONJ
fsr-3280	454	7	thaler	thaler	PROPN
fsr-3280	454	8	,	,	PUNCT
fsr-3280	454	9	r.	r.	PROPN
fsr-3280	454	10	(	(	PUNCT
fsr-3280	454	11	2003	2003	NUM
fsr-3280	454	12	)	)	PUNCT
fsr-3280	454	13	.	.	PUNCT
fsr-3280	455	1	a	a	DET
fsr-3280	455	2	survey	survey	NOUN
fsr-3280	455	3	of	of	ADP
fsr-3280	455	4	behavioral	behavioral	ADJ
fsr-3280	455	5	finance	finance	NOUN
fsr-3280	455	6	.	.	PUNCT
fsr-3280	456	1	handbook	handbook	NOUN
fsr-3280	456	2	of	of	ADP
fsr-3280	456	3	the	the	DET
fsr-3280	456	4	economics	economic	NOUN
fsr-3280	456	5	of	of	ADP
fsr-3280	456	6	finance	finance	NOUN
fsr-3280	456	7	,	,	PUNCT
fsr-3280	456	8	volume	volume	NOUN
fsr-3280	456	9	1b	1b	NUM
fsr-3280	456	10	,	,	PUNCT
fsr-3280	456	11	financial	financial	ADJ
fsr-3280	456	12	markets	market	NOUN
fsr-3280	456	13	and	and	CCONJ
fsr-3280	456	14	asset	asset	NOUN
fsr-3280	456	15	pricing	pricing	NOUN
fsr-3280	456	16	,	,	PUNCT
fsr-3280	456	17	ed	ed	NOUN
fsr-3280	456	18	.	.	PUNCT
fsr-3280	457	1	george	george	PROPN
fsr-3280	457	2	m.	m.	PROPN
fsr-3280	457	3	constantinides	constantinide	VERB
fsr-3280	457	4	,	,	PUNCT
fsr-3280	457	5	milton	milton	PROPN
fsr-3280	457	6	harris	harris	PROPN
fsr-3280	457	7	and	and	CCONJ
fsr-3280	457	8	rené	rené	PROPN
fsr-3280	457	9	m.	m.	PROPN
fsr-3280	457	10	stulz	stulz	ADJ
fsr-3280	457	11	,	,	PUNCT
fsr-3280	457	12	1053–1123	1053–1123	NUM
fsr-3280	457	13	.	.	PUNCT
fsr-3280	458	1	amsterdam	amsterdam	PROPN
fsr-3280	458	2	;	;	PUNCT
fsr-3280	458	3	london	london	PROPN
fsr-3280	458	4	and	and	CCONJ
fsr-3280	458	5	new	new	PROPN
fsr-3280	458	6	york	york	PROPN
fsr-3280	458	7	:	:	PUNCT
fsr-3280	458	8	elsevier	elsevier	NOUN
fsr-3280	458	9	,	,	PUNCT
fsr-3280	458	10	north	north	PROPN
fsr-3280	458	11	holland	holland	PROPN
fsr-3280	458	12	.	.	PUNCT
fsr-3280	459	1	barberis	barberis	PROPN
fsr-3280	459	2	,	,	PUNCT
fsr-3280	459	3	n.	n.	PROPN
fsr-3280	459	4	c.	c.	PROPN
fsr-3280	459	5	,	,	PUNCT
fsr-3280	459	6	&	&	CCONJ
fsr-3280	459	7	xiong	xiong	PROPN
fsr-3280	459	8	,	,	PUNCT
fsr-3280	459	9	w.	w.	PROPN
fsr-3280	459	10	(	(	PUNCT
fsr-3280	459	11	2009	2009	NUM
fsr-3280	459	12	)	)	PUNCT
fsr-3280	459	13	.	.	PUNCT
fsr-3280	460	1	what	what	PRON
fsr-3280	460	2	drives	drive	VERB
fsr-3280	460	3	the	the	DET
fsr-3280	460	4	disposition	disposition	NOUN
fsr-3280	460	5	effect	effect	NOUN
fsr-3280	460	6	?	?	PUNCT
fsr-3280	461	1	an	an	DET
fsr-3280	461	2	analysis	analysis	NOUN
fsr-3280	461	3	of	of	ADP
fsr-3280	461	4	a	a	DET
fsr-3280	461	5	long	long	ADV
fsr-3280	461	6	-	-	PUNCT
fsr-3280	461	7	standing	stand	VERB
fsr-3280	461	8	preference	preference	NOUN
fsr-3280	461	9	-	-	PUNCT
fsr-3280	461	10	based	base	VERB
fsr-3280	461	11	explanation	explanation	NOUN
fsr-3280	461	12	.	.	PUNCT
fsr-3280	462	1	journal	journal	PROPN
fsr-3280	462	2	of	of	ADP
fsr-3280	462	3	finance	finance	NOUN
fsr-3280	462	4	,	,	PUNCT
fsr-3280	462	5	64	64	NUM
fsr-3280	462	6	,	,	PUNCT
fsr-3280	462	7	751–784	751–784	NUM
fsr-3280	462	8	.	.	PUNCT
fsr-3280	463	1	benartzi	benartzi	PROPN
fsr-3280	463	2	,	,	PUNCT
fsr-3280	463	3	s.	s.	PROPN
fsr-3280	463	4	,	,	PUNCT
fsr-3280	463	5	&	&	CCONJ
fsr-3280	463	6	richard	richard	PROPN
fsr-3280	463	7	,	,	PUNCT
fsr-3280	463	8	h.	h.	PROPN
fsr-3280	463	9	t.	t.	PROPN
fsr-3280	463	10	(	(	PUNCT
fsr-3280	463	11	1995	1995	NUM
fsr-3280	463	12	)	)	PUNCT
fsr-3280	463	13	.	.	PUNCT
fsr-3280	464	1	myopic	myopic	ADJ
fsr-3280	464	2	loss	loss	NOUN
fsr-3280	464	3	aversion	aversion	NOUN
fsr-3280	464	4	and	and	CCONJ
fsr-3280	464	5	the	the	DET
fsr-3280	464	6	equity	equity	NOUN
fsr-3280	464	7	premium	premium	NOUN
fsr-3280	464	8	puzzle	puzzle	NOUN
fsr-3280	464	9	.	.	PUNCT
fsr-3280	465	1	quarterly	quarterly	ADJ
fsr-3280	465	2	journal	journal	NOUN
fsr-3280	465	3	of	of	ADP
fsr-3280	465	4	economics	economic	NOUN
fsr-3280	465	5	,	,	PUNCT
fsr-3280	465	6	100	100	NUM
fsr-3280	465	7	,	,	PUNCT
fsr-3280	465	8	73–92	73–92	NUM
fsr-3280	465	9	.	.	PUNCT
fsr-3280	466	1	bhabra	bhabra	PROPN
fsr-3280	466	2	,	,	PUNCT
fsr-3280	466	3	h.	h.	PROPN
fsr-3280	466	4	,	,	PUNCT
fsr-3280	466	5	dhillon	dhillon	PROPN
fsr-3280	466	6	,	,	PUNCT
fsr-3280	466	7	u.	u.	PROPN
fsr-3280	466	8	,	,	PUNCT
fsr-3280	466	9	&	&	CCONJ
fsr-3280	466	10	ramirez	ramirez	PROPN
fsr-3280	466	11	,	,	PUNCT
fsr-3280	466	12	r.	r.	PROPN
fsr-3280	466	13	(	(	PUNCT
fsr-3280	466	14	1999	1999	NUM
fsr-3280	466	15	)	)	PUNCT
fsr-3280	466	16	.	.	PUNCT
fsr-3280	467	1	a	a	DET
fsr-3280	467	2	november	november	PROPN
fsr-3280	467	3	effect	effect	NOUN
fsr-3280	467	4	?	?	PUNCT
fsr-3280	468	1	revisiting	revisit	VERB
fsr-3280	468	2	the	the	DET
fsr-3280	468	3	tax	tax	NOUN
fsr-3280	468	4	-	-	PUNCT
fsr-3280	468	5	loss	loss	NOUN
fsr-3280	468	6	-	-	PUNCT
fsr-3280	468	7	selling	sell	VERB
fsr-3280	468	8	hypothesis	hypothesis	NOUN
fsr-3280	468	9	.	.	PUNCT
fsr-3280	469	1	financial	financial	ADJ
fsr-3280	469	2	mangement	mangement	NOUN
fsr-3280	469	3	28(4	28(4	NUM
fsr-3280	469	4	)	)	PUNCT
fsr-3280	469	5	,	,	PUNCT
fsr-3280	469	6	5–15	5–15	PROPN
fsr-3280	469	7	.	.	PUNCT
fsr-3280	470	1	brickley	brickley	PROPN
fsr-3280	470	2	,	,	PUNCT
fsr-3280	470	3	j.	j.	PROPN
fsr-3280	470	4	,	,	PUNCT
fsr-3280	470	5	manaster	manaster	PROPN
fsr-3280	470	6	,	,	PUNCT
fsr-3280	470	7	s.	s.	PROPN
fsr-3280	470	8	,	,	PUNCT
fsr-3280	470	9	&	&	CCONJ
fsr-3280	470	10	schallheim	schallheim	PROPN
fsr-3280	470	11	,	,	PUNCT
fsr-3280	470	12	j.	j.	PROPN
fsr-3280	470	13	(	(	PUNCT
fsr-3280	470	14	1991	1991	NUM
fsr-3280	470	15	)	)	PUNCT
fsr-3280	470	16	.	.	PUNCT
fsr-3280	471	1	the	the	DET
fsr-3280	471	2	tax	tax	NOUN
fsr-3280	471	3	timing	timing	NOUN
fsr-3280	471	4	option	option	NOUN
fsr-3280	471	5	and	and	CCONJ
fsr-3280	471	6	the	the	DET
fsr-3280	471	7	discount	discount	NOUN
fsr-3280	471	8	on	on	ADP
fsr-3280	471	9	closed	close	VERB
fsr-3280	471	10	-	-	PUNCT
fsr-3280	471	11	end	end	NOUN
fsr-3280	471	12	investment	investment	NOUN
fsr-3280	471	13	companies	company	NOUN
fsr-3280	471	14	.	.	PUNCT
fsr-3280	472	1	journal	journal	PROPN
fsr-3280	472	2	of	of	ADP
fsr-3280	472	3	business	business	NOUN
fsr-3280	472	4	,	,	PUNCT
fsr-3280	472	5	64	64	NUM
fsr-3280	472	6	,	,	PUNCT
fsr-3280	472	7	287–312	287–312	NUM
fsr-3280	472	8	.	.	PUNCT
fsr-3280	472	9	300	300	NUM
fsr-3280	472	10	m.	m.	NOUN
fsr-3280	472	11	hurst	hurst	PROPN
fsr-3280	472	12	,	,	PUNCT
fsr-3280	472	13	m.	m.	PROPN
fsr-3280	472	14	mendoza	mendoza	PROPN
fsr-3280	472	15	/	/	SYM
fsr-3280	472	16	financial	financial	ADJ
fsr-3280	472	17	services	service	NOUN
fsr-3280	472	18	review	review	VERB
fsr-3280	472	19	25	25	NUM
fsr-3280	472	20	(	(	PUNCT
fsr-3280	472	21	2016	2016	NUM
fsr-3280	472	22	)	)	PUNCT
fsr-3280	473	1	279–301	279–301	PRON
fsr-3280	473	2	constantinides	constantinide	VERB
fsr-3280	473	3	,	,	PUNCT
fsr-3280	473	4	g.	g.	PROPN
fsr-3280	473	5	m.	m.	PROPN
fsr-3280	473	6	(	(	PUNCT
fsr-3280	473	7	1983	1983	NUM
fsr-3280	473	8	)	)	PUNCT
fsr-3280	473	9	.	.	PUNCT
fsr-3280	474	1	capital	capital	NOUN
fsr-3280	474	2	market	market	NOUN
fsr-3280	474	3	equilibrium	equilibrium	NOUN
fsr-3280	474	4	with	with	ADP
fsr-3280	474	5	personal	personal	ADJ
fsr-3280	474	6	tax	tax	NOUN
fsr-3280	474	7	.	.	PUNCT
fsr-3280	475	1	econometrica	econometrica	PROPN
fsr-3280	475	2	,	,	PUNCT
fsr-3280	475	3	51	51	NUM
fsr-3280	475	4	,	,	PUNCT
fsr-3280	475	5	611–636	611–636	NUM
fsr-3280	475	6	.	.	PUNCT
fsr-3280	476	1	constantinides	constantinide	VERB
fsr-3280	476	2	,	,	PUNCT
fsr-3280	476	3	g.	g.	PROPN
fsr-3280	476	4	m.	m.	PROPN
fsr-3280	476	5	(	(	PUNCT
fsr-3280	476	6	1984	1984	NUM
fsr-3280	476	7	)	)	PUNCT
fsr-3280	476	8	.	.	PUNCT
fsr-3280	477	1	optimal	optimal	ADJ
fsr-3280	477	2	stock	stock	NOUN
fsr-3280	477	3	trading	trading	NOUN
fsr-3280	477	4	with	with	ADP
fsr-3280	477	5	personal	personal	ADJ
fsr-3280	477	6	taxes	taxis	NOUN
fsr-3280	477	7	:	:	PUNCT
fsr-3280	477	8	implications	implication	NOUN
fsr-3280	477	9	for	for	ADP
fsr-3280	477	10	prices	price	NOUN
fsr-3280	477	11	and	and	CCONJ
fsr-3280	477	12	the	the	DET
fsr-3280	477	13	abnormal	abnormal	ADJ
fsr-3280	477	14	january	january	PROPN
fsr-3280	477	15	returns	return	NOUN
fsr-3280	477	16	.	.	PUNCT
fsr-3280	478	1	journal	journal	NOUN
fsr-3280	478	2	of	of	ADP
fsr-3280	478	3	financial	financial	ADJ
fsr-3280	478	4	economics	economic	NOUN
fsr-3280	478	5	,	,	PUNCT
fsr-3280	478	6	13	13	NUM
fsr-3280	478	7	,	,	PUNCT
fsr-3280	478	8	65–89	65–89	NUM
fsr-3280	478	9	.	.	PUNCT
fsr-3280	479	1	constantidides	constantidide	NOUN
fsr-3280	479	2	,	,	PUNCT
fsr-3280	479	3	g.	g.	PROPN
fsr-3280	479	4	m.	m.	PROPN
fsr-3280	479	5	,	,	PUNCT
fsr-3280	479	6	&	&	CCONJ
fsr-3280	479	7	scholes	scholes	PROPN
fsr-3280	479	8	,	,	PUNCT
fsr-3280	479	9	m.	m.	NOUN
fsr-3280	479	10	s.	s.	PROPN
fsr-3280	479	11	(	(	PUNCT
fsr-3280	479	12	1980	1980	NUM
fsr-3280	479	13	)	)	PUNCT
fsr-3280	479	14	.	.	PUNCT
fsr-3280	480	1	optimal	optimal	ADJ
fsr-3280	480	2	liquidation	liquidation	NOUN
fsr-3280	480	3	of	of	ADP
fsr-3280	480	4	assets	asset	NOUN
fsr-3280	480	5	in	in	ADP
fsr-3280	480	6	the	the	DET
fsr-3280	480	7	presence	presence	NOUN
fsr-3280	480	8	of	of	ADP
fsr-3280	480	9	personal	personal	ADJ
fsr-3280	480	10	taxes	taxis	NOUN
fsr-3280	480	11	:	:	PUNCT
fsr-3280	480	12	implications	implication	NOUN
fsr-3280	480	13	for	for	ADP
fsr-3280	480	14	asset	asset	NOUN
fsr-3280	480	15	pricing	pricing	NOUN
fsr-3280	480	16	.	.	PUNCT
fsr-3280	481	1	journal	journal	PROPN
fsr-3280	481	2	of	of	ADP
fsr-3280	481	3	finance	finance	NOUN
fsr-3280	481	4	,	,	PUNCT
fsr-3280	481	5	35	35	NUM
fsr-3280	481	6	,	,	PUNCT
fsr-3280	481	7	439–449	439–449	NUM
fsr-3280	481	8	.	.	PUNCT
fsr-3280	482	1	dammon	dammon	PROPN
fsr-3280	482	2	,	,	PUNCT
fsr-3280	482	3	r.	r.	PROPN
fsr-3280	482	4	m.	m.	PROPN
fsr-3280	482	5	,	,	PUNCT
fsr-3280	482	6	dunn	dunn	PROPN
fsr-3280	482	7	,	,	PUNCT
fsr-3280	482	8	k.	k.	PROPN
fsr-3280	482	9	b.	b.	PROPN
fsr-3280	482	10	,	,	PUNCT
fsr-3280	482	11	&	&	CCONJ
fsr-3280	482	12	spatt	spatt	PROPN
fsr-3280	482	13	,	,	PUNCT
fsr-3280	482	14	c.	c.	PROPN
fsr-3280	482	15	s.	s.	PROPN
fsr-3280	482	16	(	(	PUNCT
fsr-3280	482	17	1989	1989	NUM
fsr-3280	482	18	)	)	PUNCT
fsr-3280	482	19	.	.	PUNCT
fsr-3280	483	1	a	a	DET
fsr-3280	483	2	reexamination	reexamination	NOUN
fsr-3280	483	3	of	of	ADP
fsr-3280	483	4	the	the	DET
fsr-3280	483	5	value	value	NOUN
fsr-3280	483	6	of	of	ADP
fsr-3280	483	7	tax	tax	NOUN
fsr-3280	483	8	options	option	NOUN
fsr-3280	483	9	.	.	PUNCT
fsr-3280	484	1	review	review	NOUN
fsr-3280	484	2	of	of	ADP
fsr-3280	484	3	financial	financial	ADJ
fsr-3280	484	4	studies	study	NOUN
fsr-3280	484	5	,	,	PUNCT
fsr-3280	484	6	2	2	NUM
fsr-3280	484	7	,	,	PUNCT
fsr-3280	484	8	341–372	341–372	NUM
fsr-3280	484	9	.	.	PUNCT
fsr-3280	485	1	frazzini	frazzini	PROPN
fsr-3280	485	2	,	,	PUNCT
fsr-3280	485	3	a.	a.	NOUN
fsr-3280	485	4	(	(	PUNCT
fsr-3280	485	5	2006	2006	NUM
fsr-3280	485	6	)	)	PUNCT
fsr-3280	485	7	.	.	PUNCT
fsr-3280	486	1	the	the	DET
fsr-3280	486	2	disposition	disposition	NOUN
fsr-3280	486	3	effect	effect	NOUN
fsr-3280	486	4	and	and	CCONJ
fsr-3280	486	5	underreaction	underreaction	NOUN
fsr-3280	486	6	to	to	ADP
fsr-3280	486	7	news	news	NOUN
fsr-3280	486	8	.	.	PUNCT
fsr-3280	487	1	journal	journal	PROPN
fsr-3280	487	2	of	of	ADP
fsr-3280	487	3	finance	finance	NOUN
fsr-3280	487	4	,	,	PUNCT
fsr-3280	487	5	61	61	NUM
fsr-3280	487	6	,	,	PUNCT
fsr-3280	487	7	2017–2046	2017–2046	NUM
fsr-3280	487	8	.	.	PUNCT
fsr-3280	488	1	grinblatt	grinblatt	PROPN
fsr-3280	488	2	,	,	PUNCT
fsr-3280	488	3	m.	m.	NOUN
fsr-3280	488	4	,	,	PUNCT
fsr-3280	488	5	&	&	CCONJ
fsr-3280	488	6	han	han	PROPN
fsr-3280	488	7	,	,	PUNCT
fsr-3280	488	8	b.	b.	PROPN
fsr-3280	488	9	(	(	PUNCT
fsr-3280	488	10	2005	2005	NUM
fsr-3280	488	11	)	)	PUNCT
fsr-3280	488	12	.	.	PUNCT
fsr-3280	489	1	prospect	prospect	PROPN
fsr-3280	489	2	theory	theory	NOUN
fsr-3280	489	3	,	,	PUNCT
fsr-3280	489	4	mental	mental	ADJ
fsr-3280	489	5	accounting	accounting	NOUN
fsr-3280	489	6	,	,	PUNCT
fsr-3280	489	7	and	and	CCONJ
fsr-3280	489	8	the	the	DET
fsr-3280	489	9	disposition	disposition	NOUN
fsr-3280	489	10	effect	effect	NOUN
fsr-3280	489	11	.	.	PUNCT
fsr-3280	490	1	journal	journal	NOUN
fsr-3280	490	2	of	of	ADP
fsr-3280	490	3	financial	financial	ADJ
fsr-3280	490	4	economics	economic	NOUN
fsr-3280	490	5	,	,	PUNCT
fsr-3280	490	6	78	78	NUM
fsr-3280	490	7	,	,	PUNCT
fsr-3280	490	8	311–339	311–339	NUM
fsr-3280	490	9	.	.	PUNCT
fsr-3280	491	1	kahneman	kahneman	PROPN
fsr-3280	491	2	,	,	PUNCT
fsr-3280	491	3	d.	d.	PROPN
fsr-3280	491	4	,	,	PUNCT
fsr-3280	491	5	&	&	CCONJ
fsr-3280	491	6	tversky	tversky	PROPN
fsr-3280	491	7	,	,	PUNCT
fsr-3280	491	8	a.	a.	NOUN
fsr-3280	491	9	(	(	PUNCT
fsr-3280	491	10	1979	1979	NUM
fsr-3280	491	11	)	)	PUNCT
fsr-3280	491	12	.	.	PUNCT
fsr-3280	492	1	prospect	prospect	PROPN
fsr-3280	492	2	theory	theory	NOUN
fsr-3280	492	3	:	:	PUNCT
fsr-3280	492	4	an	an	DET
fsr-3280	492	5	analysis	analysis	NOUN
fsr-3280	492	6	of	of	ADP
fsr-3280	492	7	decision	decision	NOUN
fsr-3280	492	8	under	under	ADP
fsr-3280	492	9	risk	risk	NOUN
fsr-3280	492	10	.	.	PUNCT
fsr-3280	493	1	econometrica	econometrica	PROPN
fsr-3280	493	2	,	,	PUNCT
fsr-3280	493	3	47	47	NUM
fsr-3280	493	4	,	,	PUNCT
fsr-3280	493	5	263–291	263–291	NUM
fsr-3280	493	6	.	.	PUNCT
fsr-3280	494	1	kahneman	kahneman	PROPN
fsr-3280	494	2	,	,	PUNCT
fsr-3280	494	3	d.	d.	PROPN
fsr-3280	494	4	,	,	PUNCT
fsr-3280	494	5	&	&	CCONJ
fsr-3280	494	6	tversky	tversky	PROPN
fsr-3280	494	7	,	,	PUNCT
fsr-3280	494	8	a.	a.	NOUN
fsr-3280	494	9	(	(	PUNCT
fsr-3280	494	10	1979	1979	NUM
fsr-3280	494	11	)	)	PUNCT
fsr-3280	494	12	.	.	PUNCT
fsr-3280	495	1	prospect	prospect	PROPN
fsr-3280	495	2	theory	theory	NOUN
fsr-3280	495	3	:	:	PUNCT
fsr-3280	495	4	an	an	DET
fsr-3280	495	5	analysis	analysis	NOUN
fsr-3280	495	6	of	of	ADP
fsr-3280	495	7	decision	decision	NOUN
fsr-3280	495	8	under	under	ADP
fsr-3280	495	9	risk	risk	NOUN
fsr-3280	495	10	.	.	PUNCT
fsr-3280	496	1	econometrica	econometrica	PROPN
fsr-3280	496	2	,	,	PUNCT
fsr-3280	496	3	47	47	NUM
fsr-3280	496	4	,	,	PUNCT
fsr-3280	496	5	263–292	263–292	NUM
fsr-3280	496	6	.	.	PUNCT
fsr-3280	497	1	odean	odean	ADJ
fsr-3280	497	2	,	,	PUNCT
fsr-3280	497	3	t.	t.	PROPN
fsr-3280	497	4	(	(	PUNCT
fsr-3280	497	5	1998	1998	NUM
fsr-3280	497	6	)	)	PUNCT
fsr-3280	497	7	.	.	PUNCT
fsr-3280	498	1	are	be	AUX
fsr-3280	498	2	investors	investor	NOUN
fsr-3280	498	3	reluctant	reluctant	ADJ
fsr-3280	498	4	to	to	PART
fsr-3280	498	5	realize	realize	VERB
fsr-3280	498	6	their	their	PRON
fsr-3280	498	7	losses	loss	NOUN
fsr-3280	498	8	.	.	PUNCT
fsr-3280	499	1	journal	journal	NOUN
fsr-3280	499	2	of	of	ADP
fsr-3280	499	3	finance	finance	NOUN
fsr-3280	499	4	,	,	PUNCT
fsr-3280	499	5	october	october	PROPN
fsr-3280	499	6	,	,	PUNCT
fsr-3280	499	7	1775–1798	1775–1798	NUM
fsr-3280	499	8	.	.	PUNCT
fsr-3280	500	1	shefrin	shefrin	NOUN
fsr-3280	500	2	,	,	PUNCT
fsr-3280	500	3	h.	h.	PROPN
fsr-3280	500	4	,	,	PUNCT
fsr-3280	500	5	&	&	CCONJ
fsr-3280	500	6	statman	statman	PROPN
fsr-3280	500	7	,	,	PUNCT
fsr-3280	500	8	m.	m.	NOUN
fsr-3280	500	9	(	(	PUNCT
fsr-3280	500	10	1984	1984	NUM
fsr-3280	500	11	)	)	PUNCT
fsr-3280	500	12	.	.	PUNCT
fsr-3280	501	1	explaining	explain	VERB
fsr-3280	501	2	investor	investor	NOUN
fsr-3280	501	3	preference	preference	NOUN
fsr-3280	501	4	for	for	ADP
fsr-3280	501	5	cash	cash	NOUN
fsr-3280	501	6	dividends	dividend	NOUN
fsr-3280	501	7	.	.	PUNCT
fsr-3280	502	1	journal	journal	NOUN
fsr-3280	502	2	of	of	ADP
fsr-3280	502	3	financial	financial	ADJ
fsr-3280	502	4	economics	economic	NOUN
fsr-3280	502	5	,	,	PUNCT
fsr-3280	502	6	13	13	NUM
fsr-3280	502	7	,	,	PUNCT
fsr-3280	502	8	253–282	253–282	NUM
fsr-3280	502	9	.	.	PUNCT
fsr-3280	503	1	shefrin	shefrin	NOUN
fsr-3280	503	2	,	,	PUNCT
fsr-3280	503	3	h.	h.	PROPN
fsr-3280	503	4	,	,	PUNCT
fsr-3280	503	5	&	&	CCONJ
fsr-3280	503	6	statman	statman	PROPN
fsr-3280	503	7	,	,	PUNCT
fsr-3280	503	8	m.	m.	NOUN
fsr-3280	503	9	(	(	PUNCT
fsr-3280	503	10	1985	1985	NUM
fsr-3280	503	11	)	)	PUNCT
fsr-3280	503	12	.	.	PUNCT
fsr-3280	504	1	the	the	DET
fsr-3280	504	2	disposition	disposition	NOUN
fsr-3280	504	3	to	to	PART
fsr-3280	504	4	sell	sell	VERB
fsr-3280	504	5	winners	winner	NOUN
fsr-3280	504	6	too	too	ADV
fsr-3280	504	7	early	early	ADV
fsr-3280	504	8	and	and	CCONJ
fsr-3280	504	9	ride	ride	VERB
fsr-3280	504	10	losers	loser	NOUN
fsr-3280	504	11	too	too	ADV
fsr-3280	504	12	long	long	ADV
fsr-3280	504	13	:	:	PUNCT
fsr-3280	504	14	theory	theory	NOUN
fsr-3280	504	15	and	and	CCONJ
fsr-3280	504	16	evidence	evidence	NOUN
fsr-3280	504	17	.	.	PUNCT
fsr-3280	505	1	journal	journal	NOUN
fsr-3280	505	2	of	of	ADP
fsr-3280	505	3	finance	finance	NOUN
fsr-3280	505	4	,	,	PUNCT
fsr-3280	505	5	40	40	NUM
fsr-3280	505	6	,	,	PUNCT
fsr-3280	505	7	777–790	777–790	NUM
fsr-3280	505	8	.	.	PUNCT
fsr-3280	505	9	shefrin	shefrin	NOUN
fsr-3280	505	10	,	,	PUNCT
fsr-3280	505	11	h.	h.	PROPN
fsr-3280	505	12	,	,	PUNCT
fsr-3280	505	13	&	&	CCONJ
fsr-3280	505	14	statman	statman	PROPN
fsr-3280	505	15	,	,	PUNCT
fsr-3280	505	16	m.	m.	NOUN
fsr-3280	505	17	(	(	PUNCT
fsr-3280	505	18	1994	1994	NUM
fsr-3280	505	19	)	)	PUNCT
fsr-3280	505	20	.	.	PUNCT
fsr-3280	506	1	behavioral	behavioral	ADJ
fsr-3280	506	2	capital	capital	NOUN
fsr-3280	506	3	asset	asset	NOUN
fsr-3280	506	4	pricing	pricing	NOUN
fsr-3280	506	5	theory	theory	NOUN
fsr-3280	506	6	.	.	PUNCT
fsr-3280	507	1	the	the	DET
fsr-3280	507	2	journal	journal	NOUN
fsr-3280	507	3	of	of	ADP
fsr-3280	507	4	financial	financial	ADJ
fsr-3280	507	5	and	and	CCONJ
fsr-3280	507	6	quantitative	quantitative	ADJ
fsr-3280	507	7	analysis	analysis	NOUN
fsr-3280	507	8	,	,	PUNCT
fsr-3280	507	9	29(3	29(3	NUM
fsr-3280	507	10	)	)	PUNCT
fsr-3280	507	11	,	,	PUNCT
fsr-3280	507	12	323–349	323–349	NUM
fsr-3280	507	13	.	.	PUNCT
fsr-3280	507	14	shefrin	shefrin	NOUN
fsr-3280	507	15	,	,	PUNCT
fsr-3280	507	16	h.	h.	PROPN
fsr-3280	507	17	,	,	PUNCT
fsr-3280	507	18	&	&	CCONJ
fsr-3280	507	19	statman	statman	PROPN
fsr-3280	507	20	,	,	PUNCT
fsr-3280	507	21	m.	m.	NOUN
fsr-3280	507	22	(	(	PUNCT
fsr-3280	507	23	2000	2000	NUM
fsr-3280	507	24	)	)	PUNCT
fsr-3280	507	25	.	.	PUNCT
fsr-3280	508	1	behavioral	behavioral	ADJ
fsr-3280	508	2	portfolio	portfolio	NOUN
fsr-3280	508	3	theory	theory	NOUN
fsr-3280	508	4	.	.	PUNCT
fsr-3280	509	1	the	the	DET
fsr-3280	509	2	journal	journal	NOUN
fsr-3280	509	3	of	of	ADP
fsr-3280	509	4	financial	financial	ADJ
fsr-3280	509	5	and	and	CCONJ
fsr-3280	509	6	quantitative	quantitative	ADJ
fsr-3280	509	7	analysis	analysis	NOUN
fsr-3280	509	8	,	,	PUNCT
fsr-3280	509	9	35	35	NUM
fsr-3280	509	10	,	,	PUNCT
fsr-3280	509	11	127–151	127–151	NUM
fsr-3280	509	12	.	.	PUNCT
fsr-3280	509	13	shefrin	shefrin	NOUN
fsr-3280	509	14	,	,	PUNCT
fsr-3280	509	15	h.	h.	PROPN
fsr-3280	509	16	,	,	PUNCT
fsr-3280	509	17	&	&	CCONJ
fsr-3280	509	18	thaler	thaler	PROPN
fsr-3280	509	19	,	,	PUNCT
fsr-3280	509	20	r.	r.	PROPN
fsr-3280	509	21	(	(	PUNCT
fsr-3280	509	22	1988	1988	NUM
fsr-3280	509	23	)	)	PUNCT
fsr-3280	509	24	.	.	PUNCT
fsr-3280	510	1	the	the	DET
fsr-3280	510	2	behavioral	behavioral	ADJ
fsr-3280	510	3	life	life	NOUN
fsr-3280	510	4	-	-	PUNCT
fsr-3280	510	5	cycle	cycle	NOUN
fsr-3280	510	6	hypothesis	hypothesis	NOUN
fsr-3280	510	7	.	.	PUNCT
fsr-3280	511	1	economic	economic	ADJ
fsr-3280	511	2	inquiry	inquiry	NOUN
fsr-3280	511	3	,	,	PUNCT
fsr-3280	511	4	26	26	NUM
fsr-3280	511	5	,	,	PUNCT
fsr-3280	511	6	609–643	609–643	NUM
fsr-3280	511	7	.	.	PUNCT
fsr-3280	512	1	starks	starks	PROPN
fsr-3280	512	2	,	,	PUNCT
fsr-3280	512	3	l.	l.	PROPN
fsr-3280	512	4	t.	t.	PROPN
fsr-3280	512	5	,	,	PUNCT
fsr-3280	512	6	yong	yong	PROPN
fsr-3280	512	7	,	,	PUNCT
fsr-3280	512	8	l.	l.	PROPN
fsr-3280	512	9	,	,	PUNCT
fsr-3280	512	10	&	&	CCONJ
fsr-3280	512	11	zheng	zheng	PROPN
fsr-3280	512	12	,	,	PUNCT
fsr-3280	512	13	l.	l.	PROPN
fsr-3280	512	14	(	(	PUNCT
fsr-3280	512	15	2006	2006	NUM
fsr-3280	512	16	)	)	PUNCT
fsr-3280	512	17	.	.	PUNCT
fsr-3280	513	1	tax	tax	NOUN
fsr-3280	513	2	-	-	PUNCT
fsr-3280	513	3	loss	loss	NOUN
fsr-3280	513	4	selling	selling	NOUN
fsr-3280	513	5	and	and	CCONJ
fsr-3280	513	6	the	the	DET
fsr-3280	513	7	january	january	PROPN
fsr-3280	513	8	effect	effect	NOUN
fsr-3280	513	9	:	:	PUNCT
fsr-3280	513	10	evidence	evidence	NOUN
fsr-3280	513	11	from	from	ADP
fsr-3280	513	12	municipal	municipal	ADJ
fsr-3280	513	13	bond	bond	NOUN
fsr-3280	513	14	closed	close	VERB
fsr-3280	513	15	-	-	PUNCT
fsr-3280	513	16	end	end	NOUN
fsr-3280	513	17	funds	fund	NOUN
fsr-3280	513	18	.	.	PUNCT
fsr-3280	514	1	journal	journal	PROPN
fsr-3280	514	2	of	of	ADP
fsr-3280	514	3	finance	finance	NOUN
fsr-3280	514	4	,	,	PUNCT
fsr-3280	514	5	61	61	NUM
fsr-3280	514	6	,	,	PUNCT
fsr-3280	514	7	3049–3067	3049–3067	NUM
fsr-3280	514	8	.	.	PUNCT
fsr-3280	515	1	thaler	thaler	PROPN
fsr-3280	515	2	,	,	PUNCT
fsr-3280	515	3	r.	r.	PROPN
fsr-3280	515	4	,	,	PUNCT
fsr-3280	515	5	&	&	CCONJ
fsr-3280	515	6	johnson	johnson	PROPN
fsr-3280	515	7	,	,	PUNCT
fsr-3280	515	8	e.	e.	PROPN
fsr-3280	515	9	j.	j.	PROPN
fsr-3280	515	10	(	(	PUNCT
fsr-3280	515	11	1990	1990	NUM
fsr-3280	515	12	)	)	PUNCT
fsr-3280	515	13	.	.	PUNCT
fsr-3280	516	1	gambling	gamble	VERB
fsr-3280	516	2	with	with	ADP
fsr-3280	516	3	the	the	DET
fsr-3280	516	4	house	house	NOUN
fsr-3280	516	5	money	money	NOUN
fsr-3280	516	6	and	and	CCONJ
fsr-3280	516	7	trying	try	VERB
fsr-3280	516	8	to	to	PART
fsr-3280	516	9	break	break	VERB
fsr-3280	516	10	even	even	ADV
fsr-3280	516	11	:	:	PUNCT
fsr-3280	516	12	the	the	DET
fsr-3280	516	13	effects	effect	NOUN
fsr-3280	516	14	of	of	ADP
fsr-3280	516	15	prior	prior	ADJ
fsr-3280	516	16	outcomes	outcome	NOUN
fsr-3280	516	17	on	on	ADP
fsr-3280	516	18	risky	risky	ADJ
fsr-3280	516	19	choice	choice	NOUN
fsr-3280	516	20	.	.	PUNCT
fsr-3280	517	1	management	management	NOUN
fsr-3280	517	2	science	science	NOUN
fsr-3280	517	3	,	,	PUNCT
fsr-3280	517	4	36	36	NUM
fsr-3280	517	5	,	,	PUNCT
fsr-3280	517	6	643–660	643–660	NUM
fsr-3280	517	7	.	.	PUNCT
fsr-3280	518	1	thaler	thaler	PROPN
fsr-3280	518	2	,	,	PUNCT
fsr-3280	518	3	r.	r.	PROPN
fsr-3280	518	4	(	(	PUNCT
fsr-3280	518	5	1980	1980	NUM
fsr-3280	518	6	)	)	PUNCT
fsr-3280	518	7	.	.	PUNCT
fsr-3280	519	1	toward	toward	ADP
fsr-3280	519	2	a	a	DET
fsr-3280	519	3	positive	positive	ADJ
fsr-3280	519	4	theory	theory	NOUN
fsr-3280	519	5	of	of	ADP
fsr-3280	519	6	consumer	consumer	NOUN
fsr-3280	519	7	choice	choice	NOUN
fsr-3280	519	8	.	.	PUNCT
fsr-3280	520	1	journal	journal	NOUN
fsr-3280	520	2	of	of	ADP
fsr-3280	520	3	economic	economic	ADJ
fsr-3280	520	4	behavior	behavior	NOUN
fsr-3280	520	5	and	and	CCONJ
fsr-3280	520	6	organization	organization	NOUN
fsr-3280	520	7	,	,	PUNCT
fsr-3280	520	8	1	1	NUM
fsr-3280	520	9	,	,	PUNCT
fsr-3280	520	10	39–60	39–60	NUM
fsr-3280	520	11	.	.	PUNCT
fsr-3280	521	1	tversky	tversky	PROPN
fsr-3280	521	2	,	,	PUNCT
fsr-3280	521	3	a.	a.	PROPN
fsr-3280	521	4	,	,	PUNCT
fsr-3280	521	5	&	&	CCONJ
fsr-3280	521	6	kahneman	kahneman	PROPN
fsr-3280	521	7	,	,	PUNCT
fsr-3280	521	8	d.	d.	PROPN
fsr-3280	521	9	(	(	PUNCT
fsr-3280	521	10	1992	1992	NUM
fsr-3280	521	11	)	)	PUNCT
fsr-3280	521	12	.	.	PUNCT
fsr-3280	522	1	advances	advance	NOUN
fsr-3280	522	2	in	in	ADP
fsr-3280	522	3	prospect	prospect	NOUN
fsr-3280	522	4	theory	theory	NOUN
fsr-3280	522	5	:	:	PUNCT
fsr-3280	522	6	cumulative	cumulative	ADJ
fsr-3280	522	7	representation	representation	NOUN
fsr-3280	522	8	of	of	ADP
fsr-3280	522	9	uncertainty	uncertainty	NOUN
fsr-3280	522	10	.	.	PUNCT
fsr-3280	523	1	journal	journal	NOUN
fsr-3280	523	2	of	of	ADP
fsr-3280	523	3	risk	risk	NOUN
fsr-3280	523	4	and	and	CCONJ
fsr-3280	523	5	uncertainty	uncertainty	NOUN
fsr-3280	523	6	,	,	PUNCT
fsr-3280	523	7	5	5	NUM
fsr-3280	523	8	,	,	PUNCT
fsr-3280	523	9	297–323	297–323	NUM
fsr-3280	523	10	.	.	PUNCT
fsr-3280	524	1	301	301	NUM
fsr-3280	524	2	m.	m.	NOUN
fsr-3280	524	3	hurst	hurst	PROPN
fsr-3280	524	4	,	,	PUNCT
fsr-3280	524	5	m.	m.	PROPN
fsr-3280	524	6	mendoza	mendoza	PROPN
fsr-3280	524	7	/	/	SYM
fsr-3280	524	8	financial	financial	ADJ
fsr-3280	524	9	services	service	NOUN
fsr-3280	524	10	review	review	VERB
fsr-3280	524	11	25	25	NUM
fsr-3280	524	12	(	(	PUNCT
fsr-3280	524	13	2016	2016	NUM
fsr-3280	524	14	)	)	PUNCT
fsr-3280	524	15	279–301	279–301	NUM