id	sid	tid	token	lemma	pos
fsr-3287	1	1	determining	determine	VERB
fsr-3287	1	2	the	the	DET
fsr-3287	1	3	return	return	NOUN
fsr-3287	1	4	-	-	PUNCT
fsr-3287	1	5	maximizing	maximize	VERB
fsr-3287	1	6	portfolio	portfolio	NOUN
fsr-3287	1	7	leverage	leverage	NOUN
fsr-3287	1	8	and	and	CCONJ
fsr-3287	1	9	its	its	PRON
fsr-3287	1	10	limitations	limitation	NOUN
fsr-3287	1	11	robert	robert	PROPN
fsr-3287	1	12	a.	a.	PROPN
fsr-3287	1	13	ott	ott	PROPN
fsr-3287	1	14	,	,	PUNCT
fsr-3287	1	15	cfaa	cfaa	NOUN
fsr-3287	1	16	,	,	PUNCT
fsr-3287	1	17	*	*	PROPN
fsr-3287	1	18	,	,	PUNCT
fsr-3287	1	19	timothy	timothy	PROPN
fsr-3287	1	20	e.	e.	PROPN
fsr-3287	1	21	zimmera	zimmera	PROPN
fsr-3287	1	22	aassistant	aassistant	PROPN
fsr-3287	1	23	professor	professor	PROPN
fsr-3287	1	24	,	,	PUNCT
fsr-3287	1	25	school	school	NOUN
fsr-3287	1	26	of	of	ADP
fsr-3287	1	27	business	business	NOUN
fsr-3287	1	28	,	,	PUNCT
fsr-3287	1	29	1400	1400	NUM
fsr-3287	1	30	east	east	PROPN
fsr-3287	1	31	hanna	hanna	PROPN
fsr-3287	1	32	avenue	avenue	PROPN
fsr-3287	1	33	,	,	PUNCT
fsr-3287	1	34	indianapolis	indianapolis	PROPN
fsr-3287	1	35	,	,	PUNCT
fsr-3287	1	36	in	in	ADP
fsr-3287	1	37	46227	46227	NUM
fsr-3287	1	38	,	,	PUNCT
fsr-3287	1	39	usa	usa	PROPN
fsr-3287	1	40	abstract	abstract	ADJ
fsr-3287	1	41	leverage	leverage	NOUN
fsr-3287	1	42	in	in	ADP
fsr-3287	1	43	the	the	DET
fsr-3287	1	44	risk	risk	NOUN
fsr-3287	1	45	allocation	allocation	NOUN
fsr-3287	1	46	of	of	ADP
fsr-3287	1	47	an	an	DET
fsr-3287	1	48	investment	investment	NOUN
fsr-3287	1	49	portfolio	portfolio	NOUN
fsr-3287	1	50	can	can	AUX
fsr-3287	1	51	be	be	AUX
fsr-3287	1	52	an	an	DET
fsr-3287	1	53	effective	effective	ADJ
fsr-3287	1	54	strategy	strategy	NOUN
fsr-3287	1	55	in	in	ADP
fsr-3287	1	56	achieving	achieve	VERB
fsr-3287	1	57	overall	overall	ADJ
fsr-3287	1	58	portfolio	portfolio	NOUN
fsr-3287	1	59	goals	goal	NOUN
fsr-3287	1	60	.	.	PUNCT
fsr-3287	2	1	while	while	SCONJ
fsr-3287	2	2	the	the	DET
fsr-3287	2	3	literature	literature	NOUN
fsr-3287	2	4	on	on	ADP
fsr-3287	2	5	portfolio	portfolio	NOUN
fsr-3287	2	6	leverage	leverage	NOUN
fsr-3287	2	7	is	be	AUX
fsr-3287	2	8	robust	robust	ADJ
fsr-3287	2	9	,	,	PUNCT
fsr-3287	2	10	quantifying	quantify	VERB
fsr-3287	2	11	the	the	DET
fsr-3287	2	12	amount	amount	NOUN
fsr-3287	2	13	and	and	CCONJ
fsr-3287	2	14	discussion	discussion	NOUN
fsr-3287	2	15	of	of	ADP
fsr-3287	2	16	its	its	PRON
fsr-3287	2	17	limitations	limitation	NOUN
fsr-3287	2	18	are	be	AUX
fsr-3287	2	19	often	often	ADV
fsr-3287	2	20	minimized	minimize	VERB
fsr-3287	2	21	.	.	PUNCT
fsr-3287	3	1	this	this	DET
fsr-3287	3	2	article	article	NOUN
fsr-3287	3	3	focuses	focus	VERB
fsr-3287	3	4	on	on	ADP
fsr-3287	3	5	the	the	DET
fsr-3287	3	6	limitations	limitation	NOUN
fsr-3287	3	7	by	by	ADP
fsr-3287	3	8	explicitly	explicitly	ADV
fsr-3287	3	9	including	include	VERB
fsr-3287	3	10	the	the	DET
fsr-3287	3	11	volatility	volatility	NOUN
fsr-3287	3	12	drag	drag	NOUN
fsr-3287	3	13	from	from	ADP
fsr-3287	3	14	leveraging	leverage	VERB
fsr-3287	3	15	the	the	DET
fsr-3287	3	16	expected	expected	ADJ
fsr-3287	3	17	portfolio	portfolio	NOUN
fsr-3287	3	18	returns	return	NOUN
fsr-3287	3	19	.	.	PUNCT
fsr-3287	4	1	maximizing	maximize	VERB
fsr-3287	4	2	the	the	DET
fsr-3287	4	3	expected	expect	VERB
fsr-3287	4	4	portfolio	portfolio	NOUN
fsr-3287	4	5	returns	return	NOUN
fsr-3287	4	6	with	with	ADP
fsr-3287	4	7	respect	respect	NOUN
fsr-3287	4	8	to	to	ADP
fsr-3287	4	9	leverage	leverage	NOUN
fsr-3287	4	10	results	result	NOUN
fsr-3287	4	11	in	in	ADP
fsr-3287	4	12	a	a	DET
fsr-3287	4	13	return	return	NOUN
fsr-3287	4	14	-	-	PUNCT
fsr-3287	4	15	maximizing	maximize	VERB
fsr-3287	4	16	condition	condition	NOUN
fsr-3287	4	17	that	that	PRON
fsr-3287	4	18	balances	balance	VERB
fsr-3287	4	19	the	the	DET
fsr-3287	4	20	gains	gain	NOUN
fsr-3287	4	21	from	from	ADP
fsr-3287	4	22	leverage	leverage	NOUN
fsr-3287	4	23	with	with	ADP
fsr-3287	4	24	the	the	DET
fsr-3287	4	25	losses	loss	NOUN
fsr-3287	4	26	in	in	ADP
fsr-3287	4	27	the	the	DET
fsr-3287	4	28	volatility	volatility	NOUN
fsr-3287	4	29	drag	drag	VERB
fsr-3287	4	30	.	.	PUNCT
fsr-3287	5	1	the	the	DET
fsr-3287	5	2	return	return	NOUN
fsr-3287	5	3	-	-	PUNCT
fsr-3287	5	4	maximizing	maximize	VERB
fsr-3287	5	5	condition	condition	NOUN
fsr-3287	5	6	is	be	AUX
fsr-3287	5	7	graphically	graphically	ADV
fsr-3287	5	8	illustrated	illustrate	VERB
fsr-3287	5	9	over	over	ADP
fsr-3287	5	10	a	a	DET
fsr-3287	5	11	range	range	NOUN
fsr-3287	5	12	of	of	ADP
fsr-3287	5	13	investment	investment	NOUN
fsr-3287	5	14	returns	return	NOUN
fsr-3287	5	15	to	to	PART
fsr-3287	5	16	produce	produce	VERB
fsr-3287	5	17	a	a	DET
fsr-3287	5	18	return	return	NOUN
fsr-3287	5	19	-	-	PUNCT
fsr-3287	5	20	maximizing	maximize	VERB
fsr-3287	5	21	leverage	leverage	NOUN
fsr-3287	5	22	curve	curve	NOUN
fsr-3287	5	23	.	.	PUNCT
fsr-3287	6	1	©	©	PROPN
fsr-3287	6	2	2016	2016	NUM
fsr-3287	6	3	academy	academy	NOUN
fsr-3287	6	4	of	of	ADP
fsr-3287	6	5	financial	financial	ADJ
fsr-3287	6	6	services	service	NOUN
fsr-3287	6	7	.	.	PUNCT
fsr-3287	7	1	all	all	DET
fsr-3287	7	2	rights	right	NOUN
fsr-3287	7	3	reserved	reserve	VERB
fsr-3287	7	4	.	.	PUNCT
fsr-3287	8	1	jel	jel	PROPN
fsr-3287	8	2	classification	classification	NOUN
fsr-3287	8	3	:	:	PUNCT
fsr-3287	8	4	d14	d14	PROPN
fsr-3287	8	5	microeconomics	microeconomics	NOUN
fsr-3287	8	6	:	:	PUNCT
fsr-3287	8	7	personal	personal	ADJ
fsr-3287	8	8	finance	finance	NOUN
fsr-3287	8	9	;	;	PUNCT
fsr-3287	8	10	g00	g00	NUM
fsr-3287	8	11	financial	financial	ADJ
fsr-3287	8	12	economics	economic	NOUN
fsr-3287	8	13	:	:	PUNCT
fsr-3287	8	14	general	general	ADJ
fsr-3287	8	15	keywords	keyword	NOUN
fsr-3287	8	16	:	:	PUNCT
fsr-3287	8	17	investment	investment	NOUN
fsr-3287	8	18	;	;	PUNCT
fsr-3287	8	19	leverage	leverage	NOUN
fsr-3287	8	20	;	;	PUNCT
fsr-3287	8	21	investment	investment	NOUN
fsr-3287	8	22	returns	return	NOUN
fsr-3287	8	23	;	;	PUNCT
fsr-3287	8	24	return	return	NOUN
fsr-3287	8	25	-	-	PUNCT
fsr-3287	8	26	maximizing	maximize	VERB
fsr-3287	8	27	investment	investment	NOUN
fsr-3287	8	28	leverage	leverage	NOUN
fsr-3287	8	29	1	1	NUM
fsr-3287	8	30	.	.	PUNCT
fsr-3287	9	1	introduction	introduction	NOUN
fsr-3287	9	2	behavioral	behavioral	ADJ
fsr-3287	9	3	finance	finance	NOUN
fsr-3287	9	4	recognizes	recognize	VERB
fsr-3287	9	5	the	the	DET
fsr-3287	9	6	limitations	limitation	NOUN
fsr-3287	9	7	of	of	ADP
fsr-3287	9	8	individual	individual	ADJ
fsr-3287	9	9	decision	decision	NOUN
fsr-3287	9	10	making	make	VERB
fsr-3287	9	11	when	when	SCONJ
fsr-3287	9	12	the	the	DET
fsr-3287	9	13	process	process	NOUN
fsr-3287	9	14	is	be	AUX
fsr-3287	9	15	complicated	complicate	VERB
fsr-3287	9	16	by	by	ADP
fsr-3287	9	17	an	an	DET
fsr-3287	9	18	overwhelming	overwhelming	ADJ
fsr-3287	9	19	amount	amount	NOUN
fsr-3287	9	20	of	of	ADP
fsr-3287	9	21	information	information	NOUN
fsr-3287	9	22	.	.	PUNCT
fsr-3287	10	1	rather	rather	ADV
fsr-3287	10	2	than	than	ADP
fsr-3287	10	3	facilitating	facilitate	VERB
fsr-3287	10	4	better	well	ADJ
fsr-3287	10	5	decisions	decision	NOUN
fsr-3287	10	6	,	,	PUNCT
fsr-3287	10	7	the	the	DET
fsr-3287	10	8	profusion	profusion	NOUN
fsr-3287	10	9	of	of	ADP
fsr-3287	10	10	information	information	NOUN
fsr-3287	10	11	can	can	AUX
fsr-3287	10	12	potentially	potentially	ADV
fsr-3287	10	13	lead	lead	VERB
fsr-3287	10	14	to	to	ADP
fsr-3287	10	15	suboptimal	suboptimal	ADJ
fsr-3287	10	16	outcomes	outcome	NOUN
fsr-3287	10	17	by	by	ADP
fsr-3287	10	18	intimidating	intimidate	VERB
fsr-3287	10	19	individual	individual	ADJ
fsr-3287	10	20	investors	investor	NOUN
fsr-3287	10	21	and	and	CCONJ
fsr-3287	10	22	acting	act	VERB
fsr-3287	10	23	as	as	ADP
fsr-3287	10	24	an	an	DET
fsr-3287	10	25	impediment	impediment	NOUN
fsr-3287	10	26	to	to	ADP
fsr-3287	10	27	the	the	DET
fsr-3287	10	28	decision	decision	NOUN
fsr-3287	10	29	-	-	PUNCT
fsr-3287	10	30	making	make	VERB
fsr-3287	10	31	process	process	NOUN
fsr-3287	10	32	.	.	PUNCT
fsr-3287	11	1	in	in	ADP
fsr-3287	11	2	this	this	DET
fsr-3287	11	3	manner	manner	NOUN
fsr-3287	11	4	,	,	PUNCT
fsr-3287	11	5	information	information	NOUN
fsr-3287	11	6	availability	availability	NOUN
fsr-3287	11	7	can	can	AUX
fsr-3287	11	8	be	be	AUX
fsr-3287	11	9	its	its	PRON
fsr-3287	11	10	own	own	ADJ
fsr-3287	11	11	moral	moral	ADJ
fsr-3287	11	12	hazard	hazard	NOUN
fsr-3287	11	13	that	that	PRON
fsr-3287	11	14	restricts	restrict	VERB
fsr-3287	11	15	individual	individual	ADJ
fsr-3287	11	16	access	access	NOUN
fsr-3287	11	17	.	.	PUNCT
fsr-3287	12	1	to	to	PART
fsr-3287	12	2	compensate	compensate	VERB
fsr-3287	12	3	and	and	CCONJ
fsr-3287	12	4	simplify	simplify	VERB
fsr-3287	12	5	the	the	DET
fsr-3287	12	6	decision	decision	NOUN
fsr-3287	12	7	-	-	PUNCT
fsr-3287	12	8	making	make	VERB
fsr-3287	12	9	process	process	NOUN
fsr-3287	12	10	,	,	PUNCT
fsr-3287	12	11	individuals	individual	NOUN
fsr-3287	12	12	*	*	PUNCT
fsr-3287	12	13	corresponding	correspond	VERB
fsr-3287	12	14	author	author	NOUN
fsr-3287	12	15	.	.	PUNCT
fsr-3287	13	1	tel	tel	PROPN
fsr-3287	13	2	.	.	PUNCT
fsr-3287	13	3	:	:	PUNCT
fsr-3287	14	1	�	�	PROPN
fsr-3287	14	2	1	1	NUM
fsr-3287	14	3	-	-	SYM
fsr-3287	14	4	317	317	NUM
fsr-3287	14	5	-	-	PUNCT
fsr-3287	14	6	788	788	NUM
fsr-3287	14	7	-	-	PUNCT
fsr-3287	14	8	3317	3317	NUM
fsr-3287	14	9	;	;	PUNCT
fsr-3287	14	10	fax	fax	NOUN
fsr-3287	14	11	:	:	PUNCT
fsr-3287	14	12	�	�	PROPN
fsr-3287	14	13	1	1	NUM
fsr-3287	14	14	-	-	SYM
fsr-3287	14	15	317	317	NUM
fsr-3287	14	16	-	-	PUNCT
fsr-3287	14	17	788	788	NUM
fsr-3287	14	18	-	-	PUNCT
fsr-3287	14	19	3586	3586	NUM
fsr-3287	14	20	.	.	PUNCT
fsr-3287	15	1	e	e	X
fsr-3287	15	2	-	-	NOUN
fsr-3287	15	3	mail	mail	NOUN
fsr-3287	15	4	address	address	NOUN
fsr-3287	15	5	:	:	PUNCT
fsr-3287	15	6	ottr@uindy.edu	ottr@uindy.edu	PROPN
fsr-3287	15	7	(	(	PUNCT
fsr-3287	15	8	r.	r.	PROPN
fsr-3287	15	9	a.	a.	PROPN
fsr-3287	15	10	ott	ott	PROPN
fsr-3287	15	11	)	)	PUNCT
fsr-3287	15	12	financial	financial	ADJ
fsr-3287	15	13	services	service	NOUN
fsr-3287	15	14	review	review	VERB
fsr-3287	15	15	25	25	NUM
fsr-3287	15	16	(	(	PUNCT
fsr-3287	15	17	2016	2016	NUM
fsr-3287	15	18	)	)	PUNCT
fsr-3287	15	19	415–425	415–425	NUM
fsr-3287	15	20	1057	1057	NUM
fsr-3287	15	21	-	-	SYM
fsr-3287	15	22	0810/16/$	0810/16/$	ADV
fsr-3287	15	23	–	–	PUNCT
fsr-3287	15	24	see	see	VERB
fsr-3287	15	25	front	front	ADJ
fsr-3287	15	26	matter	matter	NOUN
fsr-3287	15	27	©	©	PROPN
fsr-3287	15	28	2016	2016	NUM
fsr-3287	15	29	academy	academy	NOUN
fsr-3287	15	30	of	of	ADP
fsr-3287	15	31	financial	financial	ADJ
fsr-3287	15	32	services	service	NOUN
fsr-3287	15	33	.	.	PUNCT
fsr-3287	16	1	all	all	DET
fsr-3287	16	2	rights	right	NOUN
fsr-3287	16	3	reserved	reserve	VERB
fsr-3287	16	4	.	.	PUNCT
fsr-3287	17	1	frequently	frequently	ADV
fsr-3287	17	2	implement	implement	VERB
fsr-3287	17	3	rules	rule	NOUN
fsr-3287	17	4	-	-	PUNCT
fsr-3287	17	5	of	of	ADP
fsr-3287	17	6	-	-	PUNCT
fsr-3287	17	7	thumb	thumb	NOUN
fsr-3287	17	8	decision	decision	NOUN
fsr-3287	17	9	devices	device	NOUN
fsr-3287	17	10	that	that	PRON
fsr-3287	17	11	approximate	approximate	ADJ
fsr-3287	17	12	value	value	NOUN
fsr-3287	17	13	-	-	PUNCT
fsr-3287	17	14	maximizing	maximize	VERB
fsr-3287	17	15	decisions	decision	NOUN
fsr-3287	17	16	.	.	PUNCT
fsr-3287	18	1	individuals	individual	NOUN
fsr-3287	18	2	increasingly	increasingly	ADV
fsr-3287	18	3	find	find	VERB
fsr-3287	18	4	themselves	themselves	PRON
fsr-3287	18	5	in	in	ADP
fsr-3287	18	6	the	the	DET
fsr-3287	18	7	role	role	NOUN
fsr-3287	18	8	of	of	ADP
fsr-3287	18	9	investment	investment	NOUN
fsr-3287	18	10	decision	decision	NOUN
fsr-3287	18	11	makers	maker	NOUN
fsr-3287	18	12	,	,	PUNCT
fsr-3287	18	13	especially	especially	ADV
fsr-3287	18	14	regarding	regard	VERB
fsr-3287	18	15	retirement	retirement	NOUN
fsr-3287	18	16	funds	fund	NOUN
fsr-3287	18	17	.	.	PUNCT
fsr-3287	19	1	as	as	SCONJ
fsr-3287	19	2	defined	define	VERB
fsr-3287	19	3	contribution	contribution	NOUN
fsr-3287	19	4	retirement	retirement	NOUN
fsr-3287	19	5	vehicles	vehicle	NOUN
fsr-3287	19	6	grow	grow	VERB
fsr-3287	19	7	in	in	ADP
fsr-3287	19	8	number	number	NOUN
fsr-3287	19	9	,	,	PUNCT
fsr-3287	19	10	there	there	PRON
fsr-3287	19	11	is	be	VERB
fsr-3287	19	12	an	an	DET
fsr-3287	19	13	ever	ever	ADV
fsr-3287	19	14	increasing	increase	VERB
fsr-3287	19	15	need	need	NOUN
fsr-3287	19	16	for	for	SCONJ
fsr-3287	19	17	individuals	individual	NOUN
fsr-3287	19	18	to	to	PART
fsr-3287	19	19	gain	gain	VERB
fsr-3287	19	20	the	the	DET
fsr-3287	19	21	required	require	VERB
fsr-3287	19	22	knowledge	knowledge	NOUN
fsr-3287	19	23	to	to	PART
fsr-3287	19	24	appropriately	appropriately	ADV
fsr-3287	19	25	manage	manage	VERB
fsr-3287	19	26	these	these	DET
fsr-3287	19	27	accounts	account	NOUN
fsr-3287	19	28	.	.	PUNCT
fsr-3287	20	1	according	accord	VERB
fsr-3287	20	2	to	to	ADP
fsr-3287	20	3	the	the	DET
fsr-3287	20	4	employment	employment	NOUN
fsr-3287	20	5	benefit	benefit	PROPN
fsr-3287	20	6	research	research	PROPN
fsr-3287	20	7	institute	institute	NOUN
fsr-3287	20	8	(	(	PUNCT
fsr-3287	20	9	2011	2011	NUM
fsr-3287	20	10	)	)	PUNCT
fsr-3287	20	11	,	,	PUNCT
fsr-3287	20	12	the	the	DET
fsr-3287	20	13	use	use	NOUN
fsr-3287	20	14	of	of	ADP
fsr-3287	20	15	401(k	401(k	PROPN
fsr-3287	20	16	)	)	PUNCT
fsr-3287	20	17	and	and	CCONJ
fsr-3287	20	18	individual	individual	ADJ
fsr-3287	20	19	retirement	retirement	NOUN
fsr-3287	20	20	accounts	account	NOUN
fsr-3287	20	21	(	(	PUNCT
fsr-3287	20	22	iras	ira	NOUN
fsr-3287	20	23	)	)	PUNCT
fsr-3287	20	24	among	among	ADP
fsr-3287	20	25	working	work	VERB
fsr-3287	20	26	individuals	individual	NOUN
fsr-3287	20	27	21	21	NUM
fsr-3287	20	28	to	to	PART
fsr-3287	20	29	64	64	NUM
fsr-3287	20	30	has	have	AUX
fsr-3287	20	31	increased	increase	VERB
fsr-3287	20	32	from	from	ADP
fsr-3287	20	33	1996	1996	NUM
fsr-3287	20	34	through	through	ADP
fsr-3287	20	35	2009	2009	NUM
fsr-3287	20	36	in	in	ADP
fsr-3287	20	37	the	the	DET
fsr-3287	20	38	united	united	PROPN
fsr-3287	20	39	states	states	PROPN
fsr-3287	20	40	.	.	PUNCT
fsr-3287	21	1	in	in	ADP
fsr-3287	21	2	2009	2009	NUM
fsr-3287	21	3	,	,	PUNCT
fsr-3287	21	4	about	about	ADV
fsr-3287	21	5	33	33	NUM
fsr-3287	21	6	%	%	NOUN
fsr-3287	21	7	of	of	ADP
fsr-3287	21	8	workers	worker	NOUN
fsr-3287	21	9	utilized	utilize	VERB
fsr-3287	21	10	a	a	DET
fsr-3287	21	11	401(k	401(k	PROPN
fsr-3287	21	12	)	)	PUNCT
fsr-3287	21	13	and	and	CCONJ
fsr-3287	21	14	over	over	ADP
fsr-3287	21	15	20	20	NUM
fsr-3287	21	16	%	%	NOUN
fsr-3287	21	17	used	use	VERB
fsr-3287	21	18	iras	ira	NOUN
fsr-3287	21	19	.	.	PUNCT
fsr-3287	21	20	providing	provide	VERB
fsr-3287	21	21	investment	investment	NOUN
fsr-3287	21	22	tools	tool	NOUN
fsr-3287	21	23	and	and	CCONJ
fsr-3287	21	24	research	research	NOUN
fsr-3287	21	25	in	in	ADP
fsr-3287	21	26	portfolio	portfolio	NOUN
fsr-3287	21	27	management	management	NOUN
fsr-3287	21	28	are	be	AUX
fsr-3287	21	29	essential	essential	ADJ
fsr-3287	21	30	if	if	SCONJ
fsr-3287	21	31	the	the	DET
fsr-3287	21	32	public	public	NOUN
fsr-3287	21	33	are	be	AUX
fsr-3287	21	34	to	to	PART
fsr-3287	21	35	become	become	VERB
fsr-3287	21	36	better	well	ADJ
fsr-3287	21	37	stewards	steward	NOUN
fsr-3287	21	38	of	of	ADP
fsr-3287	21	39	their	their	PRON
fsr-3287	21	40	retirement	retirement	NOUN
fsr-3287	21	41	accounts	account	NOUN
fsr-3287	21	42	.	.	PUNCT
fsr-3287	22	1	a	a	DET
fsr-3287	22	2	key	key	ADJ
fsr-3287	22	3	concern	concern	NOUN
fsr-3287	22	4	for	for	ADP
fsr-3287	22	5	individuals	individual	NOUN
fsr-3287	22	6	managing	manage	VERB
fsr-3287	22	7	retirement	retirement	NOUN
fsr-3287	22	8	accounts	account	NOUN
fsr-3287	22	9	is	be	AUX
fsr-3287	22	10	the	the	DET
fsr-3287	22	11	preservation	preservation	NOUN
fsr-3287	22	12	of	of	ADP
fsr-3287	22	13	retirement	retirement	NOUN
fsr-3287	22	14	funds	fund	NOUN
fsr-3287	22	15	while	while	SCONJ
fsr-3287	22	16	also	also	ADV
fsr-3287	22	17	providing	provide	VERB
fsr-3287	22	18	for	for	ADP
fsr-3287	22	19	sufficient	sufficient	ADJ
fsr-3287	22	20	growth	growth	NOUN
fsr-3287	22	21	to	to	PART
fsr-3287	22	22	maintain	maintain	VERB
fsr-3287	22	23	future	future	ADJ
fsr-3287	22	24	purchasing	purchasing	NOUN
fsr-3287	22	25	power	power	NOUN
fsr-3287	22	26	.	.	PUNCT
fsr-3287	23	1	while	while	SCONJ
fsr-3287	23	2	people	people	NOUN
fsr-3287	23	3	wish	wish	VERB
fsr-3287	23	4	to	to	PART
fsr-3287	23	5	be	be	AUX
fsr-3287	23	6	conservative	conservative	ADJ
fsr-3287	23	7	with	with	ADP
fsr-3287	23	8	retirement	retirement	NOUN
fsr-3287	23	9	funds	fund	NOUN
fsr-3287	23	10	,	,	PUNCT
fsr-3287	23	11	there	there	PRON
fsr-3287	23	12	is	be	VERB
fsr-3287	23	13	a	a	DET
fsr-3287	23	14	real	real	ADJ
fsr-3287	23	15	risk	risk	NOUN
fsr-3287	23	16	of	of	ADP
fsr-3287	23	17	capital	capital	NOUN
fsr-3287	23	18	exhaustion	exhaustion	NOUN
fsr-3287	23	19	during	during	ADP
fsr-3287	23	20	retirement	retirement	NOUN
fsr-3287	23	21	.	.	PUNCT
fsr-3287	24	1	excess	excess	ADJ
fsr-3287	24	2	caution	caution	NOUN
fsr-3287	24	3	with	with	ADP
fsr-3287	24	4	retirement	retirement	NOUN
fsr-3287	24	5	funds	fund	NOUN
fsr-3287	24	6	management	management	NOUN
fsr-3287	24	7	can	can	AUX
fsr-3287	24	8	be	be	AUX
fsr-3287	24	9	as	as	ADV
fsr-3287	24	10	disastrous	disastrous	ADJ
fsr-3287	24	11	to	to	ADP
fsr-3287	24	12	a	a	DET
fsr-3287	24	13	retirement	retirement	NOUN
fsr-3287	24	14	account	account	NOUN
fsr-3287	24	15	as	as	ADP
fsr-3287	24	16	excessive	excessive	ADJ
fsr-3287	24	17	weighting	weighting	NOUN
fsr-3287	24	18	towards	towards	ADP
fsr-3287	24	19	risk	risk	NOUN
fsr-3287	24	20	.	.	PUNCT
fsr-3287	25	1	an	an	DET
fsr-3287	25	2	investment	investment	NOUN
fsr-3287	25	3	portfolio	portfolio	NOUN
fsr-3287	25	4	should	should	AUX
fsr-3287	25	5	appropriately	appropriately	ADV
fsr-3287	25	6	balance	balance	VERB
fsr-3287	25	7	risk	risk	NOUN
fsr-3287	25	8	and	and	CCONJ
fsr-3287	25	9	risk	risk	NOUN
fsr-3287	25	10	-	-	PUNCT
fsr-3287	25	11	free	free	ADJ
fsr-3287	25	12	allocations	allocation	NOUN
fsr-3287	25	13	to	to	PART
fsr-3287	25	14	ensure	ensure	VERB
fsr-3287	25	15	current	current	ADJ
fsr-3287	25	16	income	income	NOUN
fsr-3287	25	17	and	and	CCONJ
fsr-3287	25	18	asset	asset	NOUN
fsr-3287	25	19	growth	growth	NOUN
fsr-3287	25	20	.	.	PUNCT
fsr-3287	26	1	using	use	VERB
fsr-3287	26	2	leveraged	leveraged	ADJ
fsr-3287	26	3	investments	investment	NOUN
fsr-3287	26	4	within	within	ADP
fsr-3287	26	5	the	the	DET
fsr-3287	26	6	risk	risk	NOUN
fsr-3287	26	7	allocation	allocation	NOUN
fsr-3287	26	8	of	of	ADP
fsr-3287	26	9	an	an	DET
fsr-3287	26	10	investment	investment	NOUN
fsr-3287	26	11	portfolio	portfolio	NOUN
fsr-3287	26	12	can	can	AUX
fsr-3287	26	13	help	help	VERB
fsr-3287	26	14	provide	provide	VERB
fsr-3287	26	15	the	the	DET
fsr-3287	26	16	desired	desire	VERB
fsr-3287	26	17	asset	asset	NOUN
fsr-3287	26	18	growth	growth	NOUN
fsr-3287	26	19	.	.	PUNCT
fsr-3287	27	1	current	current	ADJ
fsr-3287	27	2	research	research	NOUN
fsr-3287	27	3	assesses	assess	VERB
fsr-3287	27	4	the	the	DET
fsr-3287	27	5	validity	validity	NOUN
fsr-3287	27	6	of	of	ADP
fsr-3287	27	7	adding	add	VERB
fsr-3287	27	8	leverage	leverage	NOUN
fsr-3287	27	9	to	to	ADP
fsr-3287	27	10	the	the	DET
fsr-3287	27	11	risk	risk	NOUN
fsr-3287	27	12	allocation	allocation	NOUN
fsr-3287	27	13	of	of	ADP
fsr-3287	27	14	an	an	DET
fsr-3287	27	15	investment	investment	NOUN
fsr-3287	27	16	portfolio	portfolio	NOUN
fsr-3287	27	17	.	.	PUNCT
fsr-3287	28	1	this	this	DET
fsr-3287	28	2	article	article	NOUN
fsr-3287	28	3	adds	add	VERB
fsr-3287	28	4	to	to	ADP
fsr-3287	28	5	current	current	ADJ
fsr-3287	28	6	research	research	NOUN
fsr-3287	28	7	by	by	ADP
fsr-3287	28	8	deriving	derive	VERB
fsr-3287	28	9	an	an	DET
fsr-3287	28	10	algebraic	algebraic	ADJ
fsr-3287	28	11	equation	equation	NOUN
fsr-3287	28	12	for	for	ADP
fsr-3287	28	13	the	the	DET
fsr-3287	28	14	return	return	NOUN
fsr-3287	28	15	-	-	PUNCT
fsr-3287	28	16	maximizing	maximize	VERB
fsr-3287	28	17	level	level	NOUN
fsr-3287	28	18	of	of	ADP
fsr-3287	28	19	leverage	leverage	NOUN
fsr-3287	28	20	.	.	PUNCT
fsr-3287	29	1	2	2	X
fsr-3287	29	2	.	.	X
fsr-3287	29	3	review	review	NOUN
fsr-3287	29	4	as	as	SCONJ
fsr-3287	29	5	individuals	individual	NOUN
fsr-3287	29	6	are	be	AUX
fsr-3287	29	7	increasingly	increasingly	ADV
fsr-3287	29	8	responsible	responsible	ADJ
fsr-3287	29	9	for	for	ADP
fsr-3287	29	10	management	management	NOUN
fsr-3287	29	11	of	of	ADP
fsr-3287	29	12	investment	investment	NOUN
fsr-3287	29	13	portfolios	portfolio	NOUN
fsr-3287	29	14	,	,	PUNCT
fsr-3287	29	15	particularly	particularly	ADV
fsr-3287	29	16	retirement	retirement	NOUN
fsr-3287	29	17	portfolios	portfolio	NOUN
fsr-3287	29	18	,	,	PUNCT
fsr-3287	29	19	the	the	DET
fsr-3287	29	20	volume	volume	NOUN
fsr-3287	29	21	of	of	ADP
fsr-3287	29	22	research	research	NOUN
fsr-3287	29	23	examining	examine	VERB
fsr-3287	29	24	the	the	DET
fsr-3287	29	25	methods	method	NOUN
fsr-3287	29	26	of	of	ADP
fsr-3287	29	27	management	management	NOUN
fsr-3287	29	28	has	have	AUX
fsr-3287	29	29	increased	increase	VERB
fsr-3287	29	30	.	.	PUNCT
fsr-3287	30	1	given	give	VERB
fsr-3287	30	2	limited	limited	ADJ
fsr-3287	30	3	interest	interest	NOUN
fsr-3287	30	4	and	and	CCONJ
fsr-3287	30	5	time	time	NOUN
fsr-3287	30	6	availability	availability	NOUN
fsr-3287	30	7	in	in	ADP
fsr-3287	30	8	respect	respect	NOUN
fsr-3287	30	9	to	to	ADP
fsr-3287	30	10	the	the	DET
fsr-3287	30	11	volume	volume	NOUN
fsr-3287	30	12	of	of	ADP
fsr-3287	30	13	research	research	NOUN
fsr-3287	30	14	,	,	PUNCT
fsr-3287	30	15	simplified	simplify	VERB
fsr-3287	30	16	approaches	approach	NOUN
fsr-3287	30	17	which	which	PRON
fsr-3287	30	18	approximate	approximate	ADJ
fsr-3287	30	19	optimized	optimize	VERB
fsr-3287	30	20	strategies	strategy	NOUN
fsr-3287	30	21	are	be	AUX
fsr-3287	30	22	desired	desire	VERB
fsr-3287	30	23	and	and	CCONJ
fsr-3287	30	24	well	well	ADV
fsr-3287	30	25	received	receive	VERB
fsr-3287	30	26	by	by	ADP
fsr-3287	30	27	the	the	DET
fsr-3287	30	28	public	public	NOUN
fsr-3287	30	29	.	.	PUNCT
fsr-3287	31	1	one	one	NUM
fsr-3287	31	2	of	of	ADP
fsr-3287	31	3	the	the	DET
fsr-3287	31	4	most	most	ADV
fsr-3287	31	5	cited	cite	VERB
fsr-3287	31	6	of	of	ADP
fsr-3287	31	7	these	these	DET
fsr-3287	31	8	approaches	approach	NOUN
fsr-3287	31	9	is	be	AUX
fsr-3287	31	10	the	the	DET
fsr-3287	31	11	4	4	NUM
fsr-3287	31	12	%	%	NOUN
fsr-3287	31	13	rule	rule	NOUN
fsr-3287	31	14	provided	provide	VERB
fsr-3287	31	15	by	by	ADP
fsr-3287	31	16	william	william	PROPN
fsr-3287	31	17	bengen	bengen	PROPN
fsr-3287	31	18	(	(	PUNCT
fsr-3287	31	19	1994	1994	NUM
fsr-3287	31	20	)	)	PUNCT
fsr-3287	31	21	.	.	PUNCT
fsr-3287	32	1	according	accord	VERB
fsr-3287	32	2	to	to	ADP
fsr-3287	32	3	this	this	DET
fsr-3287	32	4	rule	rule	NOUN
fsr-3287	32	5	,	,	PUNCT
fsr-3287	32	6	from	from	ADP
fsr-3287	32	7	a	a	DET
fsr-3287	32	8	well	well	ADV
fsr-3287	32	9	-	-	PUNCT
fsr-3287	32	10	constructed	construct	VERB
fsr-3287	32	11	portfolio	portfolio	NOUN
fsr-3287	32	12	,	,	PUNCT
fsr-3287	32	13	4	4	NUM
fsr-3287	32	14	%	%	NOUN
fsr-3287	32	15	annually	annually	ADV
fsr-3287	32	16	can	can	AUX
fsr-3287	32	17	be	be	AUX
fsr-3287	32	18	removed	remove	VERB
fsr-3287	32	19	for	for	ADP
fsr-3287	32	20	consumption	consumption	NOUN
fsr-3287	32	21	.	.	PUNCT
fsr-3287	33	1	it	it	PRON
fsr-3287	33	2	is	be	AUX
fsr-3287	33	3	argued	argue	VERB
fsr-3287	33	4	that	that	SCONJ
fsr-3287	33	5	this	this	DET
fsr-3287	33	6	approach	approach	NOUN
fsr-3287	33	7	will	will	AUX
fsr-3287	33	8	provide	provide	VERB
fsr-3287	33	9	the	the	DET
fsr-3287	33	10	portfolio	portfolio	NOUN
fsr-3287	33	11	owner	owner	NOUN
fsr-3287	33	12	with	with	ADP
fsr-3287	33	13	sustainable	sustainable	ADJ
fsr-3287	33	14	spending	spending	NOUN
fsr-3287	33	15	and	and	CCONJ
fsr-3287	33	16	limit	limit	VERB
fsr-3287	33	17	the	the	DET
fsr-3287	33	18	possibility	possibility	NOUN
fsr-3287	33	19	of	of	ADP
fsr-3287	33	20	portfolio	portfolio	NOUN
fsr-3287	33	21	exhaustion	exhaustion	NOUN
fsr-3287	33	22	.	.	PUNCT
fsr-3287	34	1	in	in	ADP
fsr-3287	34	2	the	the	DET
fsr-3287	34	3	years	year	NOUN
fsr-3287	34	4	since	since	SCONJ
fsr-3287	34	5	publication	publication	NOUN
fsr-3287	34	6	,	,	PUNCT
fsr-3287	34	7	numerous	numerous	ADJ
fsr-3287	34	8	studies	study	NOUN
fsr-3287	34	9	have	have	AUX
fsr-3287	34	10	attempted	attempt	VERB
fsr-3287	34	11	to	to	PART
fsr-3287	34	12	enhance	enhance	VERB
fsr-3287	34	13	the	the	DET
fsr-3287	34	14	approach	approach	NOUN
fsr-3287	34	15	(	(	PUNCT
fsr-3287	34	16	bengen	bengen	NOUN
fsr-3287	34	17	1997	1997	NUM
fsr-3287	34	18	,	,	PUNCT
fsr-3287	34	19	2001	2001	NUM
fsr-3287	34	20	;	;	PUNCT
fsr-3287	34	21	cooley	cooley	PROPN
fsr-3287	34	22	,	,	PUNCT
fsr-3287	34	23	hubbard	hubbard	PROPN
fsr-3287	34	24	,	,	PUNCT
fsr-3287	34	25	and	and	CCONJ
fsr-3287	34	26	walz	walz	PROPN
fsr-3287	34	27	,	,	PUNCT
fsr-3287	34	28	2003	2003	NUM
fsr-3287	34	29	;	;	PUNCT
fsr-3287	34	30	guyton	guyton	PROPN
fsr-3287	34	31	,	,	PUNCT
fsr-3287	34	32	2004	2004	NUM
fsr-3287	34	33	;	;	PUNCT
fsr-3287	34	34	guyton	guyton	PROPN
fsr-3287	34	35	and	and	CCONJ
fsr-3287	34	36	klinger	klinger	PROPN
fsr-3287	34	37	,	,	PUNCT
fsr-3287	34	38	2006	2006	NUM
fsr-3287	34	39	;	;	PUNCT
fsr-3287	34	40	stout	stout	PROPN
fsr-3287	34	41	,	,	PUNCT
fsr-3287	34	42	2006	2006	NUM
fsr-3287	34	43	,	,	PUNCT
fsr-3287	34	44	2008	2008	NUM
fsr-3287	34	45	)	)	PUNCT
fsr-3287	34	46	in	in	ADP
fsr-3287	34	47	response	response	NOUN
fsr-3287	34	48	to	to	ADP
fsr-3287	34	49	critiques	critique	NOUN
fsr-3287	34	50	.	.	PUNCT
fsr-3287	35	1	the	the	DET
fsr-3287	35	2	strategy	strategy	NOUN
fsr-3287	35	3	still	still	ADV
fsr-3287	35	4	maintains	maintain	VERB
fsr-3287	35	5	significant	significant	ADJ
fsr-3287	35	6	interest	interest	NOUN
fsr-3287	35	7	in	in	ADP
fsr-3287	35	8	academic	academic	ADJ
fsr-3287	35	9	literature	literature	NOUN
fsr-3287	35	10	and	and	CCONJ
fsr-3287	35	11	public	public	ADJ
fsr-3287	35	12	use	use	NOUN
fsr-3287	35	13	.	.	PUNCT
fsr-3287	36	1	examinations	examination	NOUN
fsr-3287	36	2	of	of	ADP
fsr-3287	36	3	utility	utility	NOUN
fsr-3287	36	4	models	model	NOUN
fsr-3287	36	5	are	be	AUX
fsr-3287	36	6	some	some	PRON
fsr-3287	36	7	of	of	ADP
fsr-3287	36	8	the	the	DET
fsr-3287	36	9	earliest	early	ADJ
fsr-3287	36	10	forms	form	NOUN
fsr-3287	36	11	of	of	ADP
fsr-3287	36	12	investment	investment	NOUN
fsr-3287	36	13	portfolio	portfolio	NOUN
fsr-3287	36	14	research	research	NOUN
fsr-3287	36	15	.	.	PUNCT
fsr-3287	37	1	seminal	seminal	ADJ
fsr-3287	37	2	works	work	NOUN
fsr-3287	37	3	on	on	ADP
fsr-3287	37	4	utility	utility	NOUN
fsr-3287	37	5	approaches	approach	NOUN
fsr-3287	37	6	include	include	VERB
fsr-3287	37	7	merton	merton	NOUN
fsr-3287	37	8	(	(	PUNCT
fsr-3287	37	9	1969	1969	NUM
fsr-3287	37	10	)	)	PUNCT
fsr-3287	37	11	and	and	CCONJ
fsr-3287	37	12	samuelson	samuelson	PROPN
fsr-3287	37	13	(	(	PUNCT
fsr-3287	37	14	1969	1969	NUM
fsr-3287	37	15	)	)	PUNCT
fsr-3287	37	16	.	.	PUNCT
fsr-3287	38	1	these	these	DET
fsr-3287	38	2	approaches	approach	NOUN
fsr-3287	38	3	advocate	advocate	VERB
fsr-3287	38	4	constant	constant	ADJ
fsr-3287	38	5	risk	risk	NOUN
fsr-3287	38	6	portfolios	portfolio	NOUN
fsr-3287	38	7	with	with	ADP
fsr-3287	38	8	a	a	DET
fsr-3287	38	9	mix	mix	NOUN
fsr-3287	38	10	of	of	ADP
fsr-3287	38	11	fixed	fix	VERB
fsr-3287	38	12	return	return	NOUN
fsr-3287	38	13	assets	asset	NOUN
fsr-3287	38	14	combined	combine	VERB
fsr-3287	38	15	with	with	ADP
fsr-3287	38	16	risk	risk	NOUN
fsr-3287	38	17	assets	asset	NOUN
fsr-3287	38	18	.	.	PUNCT
fsr-3287	39	1	the	the	DET
fsr-3287	39	2	risk	risk	NOUN
fsr-3287	39	3	assets	asset	NOUN
fsr-3287	39	4	such	such	ADJ
fsr-3287	39	5	as	as	ADP
fsr-3287	39	6	stocks	stock	NOUN
fsr-3287	39	7	allow	allow	VERB
fsr-3287	39	8	for	for	ADP
fsr-3287	39	9	growth	growth	NOUN
fsr-3287	39	10	,	,	PUNCT
fsr-3287	39	11	while	while	SCONJ
fsr-3287	39	12	fixed	fix	VERB
fsr-3287	39	13	return	return	NOUN
fsr-3287	39	14	assets	asset	NOUN
fsr-3287	39	15	such	such	ADJ
fsr-3287	39	16	as	as	ADP
fsr-3287	39	17	bonds	bond	NOUN
fsr-3287	39	18	ensure	ensure	VERB
fsr-3287	39	19	a	a	DET
fsr-3287	39	20	positive	positive	ADJ
fsr-3287	39	21	income	income	NOUN
fsr-3287	39	22	stream	stream	NOUN
fsr-3287	39	23	even	even	ADV
fsr-3287	39	24	in	in	ADP
fsr-3287	39	25	the	the	DET
fsr-3287	39	26	event	event	NOUN
fsr-3287	39	27	of	of	ADP
fsr-3287	39	28	investment	investment	NOUN
fsr-3287	39	29	volatility	volatility	NOUN
fsr-3287	39	30	.	.	PUNCT
fsr-3287	40	1	however	however	ADV
fsr-3287	40	2	,	,	PUNCT
fsr-3287	40	3	requiring	require	VERB
fsr-3287	40	4	a	a	DET
fsr-3287	40	5	fixed	fix	VERB
fsr-3287	40	6	ratio	ratio	NOUN
fsr-3287	40	7	between	between	ADP
fsr-3287	40	8	bonds	bond	NOUN
fsr-3287	40	9	and	and	CCONJ
fsr-3287	40	10	stocks	stock	NOUN
fsr-3287	40	11	can	can	AUX
fsr-3287	40	12	be	be	AUX
fsr-3287	40	13	problematic	problematic	ADJ
fsr-3287	40	14	,	,	PUNCT
fsr-3287	40	15	especially	especially	ADV
fsr-3287	40	16	during	during	ADP
fsr-3287	40	17	periods	period	NOUN
fsr-3287	40	18	of	of	ADP
fsr-3287	40	19	market	market	NOUN
fsr-3287	40	20	volatility	volatility	NOUN
fsr-3287	40	21	.	.	PUNCT
fsr-3287	41	1	in	in	ADP
fsr-3287	41	2	periods	period	NOUN
fsr-3287	41	3	of	of	ADP
fsr-3287	41	4	a	a	DET
fsr-3287	41	5	severe	severe	ADJ
fsr-3287	41	6	stock	stock	NOUN
fsr-3287	41	7	market	market	NOUN
fsr-3287	41	8	correction	correction	NOUN
fsr-3287	41	9	,	,	PUNCT
fsr-3287	41	10	416	416	NUM
fsr-3287	41	11	r.a	r.a	PROPN
fsr-3287	41	12	.	.	PROPN
fsr-3287	41	13	ott	ott	PROPN
fsr-3287	41	14	,	,	PUNCT
fsr-3287	41	15	t.e	t.e	PROPN
fsr-3287	41	16	.	.	PROPN
fsr-3287	41	17	zimmer	zimmer	PROPN
fsr-3287	41	18	/	/	SYM
fsr-3287	41	19	financial	financial	ADJ
fsr-3287	41	20	services	service	NOUN
fsr-3287	41	21	review	review	VERB
fsr-3287	41	22	25	25	NUM
fsr-3287	41	23	(	(	PUNCT
fsr-3287	41	24	2016	2016	NUM
fsr-3287	41	25	)	)	PUNCT
fsr-3287	41	26	415–425	415–425	NUM
fsr-3287	42	1	the	the	DET
fsr-3287	42	2	income	income	NOUN
fsr-3287	42	3	generated	generate	VERB
fsr-3287	42	4	from	from	ADP
fsr-3287	42	5	the	the	DET
fsr-3287	42	6	fixed	fix	VERB
fsr-3287	42	7	asset	asset	NOUN
fsr-3287	42	8	portion	portion	NOUN
fsr-3287	42	9	of	of	ADP
fsr-3287	42	10	the	the	DET
fsr-3287	42	11	portfolio	portfolio	NOUN
fsr-3287	42	12	may	may	AUX
fsr-3287	42	13	be	be	AUX
fsr-3287	42	14	unsustainable	unsustainable	ADJ
fsr-3287	42	15	as	as	SCONJ
fsr-3287	42	16	bonds	bond	NOUN
fsr-3287	42	17	are	be	AUX
fsr-3287	42	18	sold	sell	VERB
fsr-3287	42	19	to	to	PART
fsr-3287	42	20	purchase	purchase	VERB
fsr-3287	42	21	stocks	stock	NOUN
fsr-3287	42	22	to	to	PART
fsr-3287	42	23	maintain	maintain	VERB
fsr-3287	42	24	the	the	DET
fsr-3287	42	25	fixed	fixed	ADJ
fsr-3287	42	26	asset	asset	NOUN
fsr-3287	42	27	ratio	ratio	NOUN
fsr-3287	42	28	.	.	PUNCT
fsr-3287	43	1	attempts	attempt	VERB
fsr-3287	43	2	to	to	PART
fsr-3287	43	3	modify	modify	VERB
fsr-3287	43	4	this	this	DET
fsr-3287	43	5	approach	approach	NOUN
fsr-3287	43	6	and	and	CCONJ
fsr-3287	43	7	create	create	VERB
fsr-3287	43	8	a	a	DET
fsr-3287	43	9	sustainable	sustainable	ADJ
fsr-3287	43	10	structure	structure	NOUN
fsr-3287	43	11	during	during	ADP
fsr-3287	43	12	stock	stock	NOUN
fsr-3287	43	13	market	market	NOUN
fsr-3287	43	14	declines	decline	NOUN
fsr-3287	43	15	are	be	AUX
fsr-3287	43	16	introduced	introduce	VERB
fsr-3287	43	17	by	by	ADP
fsr-3287	43	18	perold	perold	NOUN
fsr-3287	43	19	and	and	CCONJ
fsr-3287	43	20	sharpe	sharpe	PROPN
fsr-3287	43	21	(	(	PUNCT
fsr-3287	43	22	1988	1988	NUM
fsr-3287	43	23	)	)	PUNCT
fsr-3287	43	24	.	.	PUNCT
fsr-3287	44	1	they	they	PRON
fsr-3287	44	2	propose	propose	VERB
fsr-3287	44	3	selling	sell	VERB
fsr-3287	44	4	stocks	stock	NOUN
fsr-3287	44	5	and	and	CCONJ
fsr-3287	44	6	buying	buy	VERB
fsr-3287	44	7	bonds	bond	NOUN
fsr-3287	44	8	in	in	ADP
fsr-3287	44	9	market	market	NOUN
fsr-3287	44	10	downturns	downturn	NOUN
fsr-3287	44	11	to	to	PART
fsr-3287	44	12	reduce	reduce	VERB
fsr-3287	44	13	risk	risk	NOUN
fsr-3287	44	14	and	and	CCONJ
fsr-3287	44	15	increase	increase	VERB
fsr-3287	44	16	sustainability	sustainability	NOUN
fsr-3287	44	17	.	.	PUNCT
fsr-3287	45	1	the	the	DET
fsr-3287	45	2	approach	approach	NOUN
fsr-3287	45	3	is	be	AUX
fsr-3287	45	4	called	call	VERB
fsr-3287	45	5	constant	constant	ADJ
fsr-3287	45	6	proportion	proportion	NOUN
fsr-3287	45	7	portfolio	portfolio	NOUN
fsr-3287	45	8	insurance	insurance	NOUN
fsr-3287	45	9	(	(	PUNCT
fsr-3287	45	10	cppi	cppi	NOUN
fsr-3287	45	11	)	)	PUNCT
fsr-3287	45	12	.	.	PUNCT
fsr-3287	46	1	dybvig	dybvig	NOUN
fsr-3287	46	2	(	(	PUNCT
fsr-3287	46	3	1995	1995	NUM
fsr-3287	46	4	,	,	PUNCT
fsr-3287	46	5	1999	1999	NUM
fsr-3287	46	6	)	)	PUNCT
fsr-3287	46	7	uses	use	VERB
fsr-3287	46	8	an	an	DET
fsr-3287	46	9	expected	expect	VERB
fsr-3287	46	10	utility	utility	NOUN
fsr-3287	46	11	maximization	maximization	NOUN
fsr-3287	46	12	model	model	NOUN
fsr-3287	46	13	to	to	PART
fsr-3287	46	14	determine	determine	VERB
fsr-3287	46	15	the	the	DET
fsr-3287	46	16	optimal	optimal	ADJ
fsr-3287	46	17	investment	investment	NOUN
fsr-3287	46	18	strategy	strategy	NOUN
fsr-3287	46	19	that	that	PRON
fsr-3287	46	20	includes	include	VERB
fsr-3287	46	21	the	the	DET
fsr-3287	46	22	preference	preference	NOUN
fsr-3287	46	23	for	for	ADP
fsr-3287	46	24	sustainable	sustainable	ADJ
fsr-3287	46	25	income	income	NOUN
fsr-3287	46	26	.	.	PUNCT
fsr-3287	47	1	however	however	ADV
fsr-3287	47	2	,	,	PUNCT
fsr-3287	47	3	adoption	adoption	NOUN
fsr-3287	47	4	of	of	ADP
fsr-3287	47	5	this	this	DET
fsr-3287	47	6	type	type	NOUN
fsr-3287	47	7	of	of	ADP
fsr-3287	47	8	strategy	strategy	NOUN
fsr-3287	47	9	is	be	AUX
fsr-3287	47	10	often	often	ADV
fsr-3287	47	11	rigorous	rigorous	ADJ
fsr-3287	47	12	,	,	PUNCT
fsr-3287	47	13	complex	complex	ADJ
fsr-3287	47	14	,	,	PUNCT
fsr-3287	47	15	and	and	CCONJ
fsr-3287	47	16	time	time	NOUN
fsr-3287	47	17	-	-	PUNCT
fsr-3287	47	18	consuming	consume	VERB
fsr-3287	47	19	.	.	PUNCT
fsr-3287	48	1	scott	scott	PROPN
fsr-3287	48	2	et	et	PROPN
fsr-3287	48	3	al	al	PROPN
fsr-3287	48	4	.	.	PROPN
fsr-3287	49	1	(	(	PUNCT
fsr-3287	49	2	2009	2009	NUM
fsr-3287	49	3	)	)	PUNCT
fsr-3287	49	4	successfully	successfully	ADV
fsr-3287	49	5	extend	extend	VERB
fsr-3287	49	6	this	this	DET
fsr-3287	49	7	line	line	NOUN
fsr-3287	49	8	of	of	ADP
fsr-3287	49	9	research	research	NOUN
fsr-3287	49	10	by	by	ADP
fsr-3287	49	11	simplifying	simplify	VERB
fsr-3287	49	12	the	the	DET
fsr-3287	49	13	application	application	NOUN
fsr-3287	49	14	.	.	PUNCT
fsr-3287	50	1	the	the	DET
fsr-3287	50	2	authors	author	NOUN
fsr-3287	50	3	propose	propose	VERB
fsr-3287	50	4	a	a	DET
fsr-3287	50	5	rule	rule	NOUN
fsr-3287	50	6	-	-	PUNCT
fsr-3287	50	7	of	of	ADP
fsr-3287	50	8	-	-	PUNCT
fsr-3287	50	9	thumb	thumb	NOUN
fsr-3287	50	10	for	for	ADP
fsr-3287	50	11	managing	manage	VERB
fsr-3287	50	12	retirement	retirement	NOUN
fsr-3287	50	13	funds	fund	NOUN
fsr-3287	50	14	while	while	SCONJ
fsr-3287	50	15	maintaining	maintain	VERB
fsr-3287	50	16	a	a	DET
fsr-3287	50	17	given	give	VERB
fsr-3287	50	18	level	level	NOUN
fsr-3287	50	19	of	of	ADP
fsr-3287	50	20	spending	spending	NOUN
fsr-3287	50	21	which	which	PRON
fsr-3287	50	22	is	be	AUX
fsr-3287	50	23	dubbed	dub	VERB
fsr-3287	50	24	the	the	DET
fsr-3287	50	25	floor	floor	NOUN
fsr-3287	50	26	-	-	PUNCT
fsr-3287	50	27	leverage	leverage	NOUN
fsr-3287	50	28	rule	rule	NOUN
fsr-3287	50	29	.	.	PUNCT
fsr-3287	51	1	under	under	ADP
fsr-3287	51	2	this	this	DET
fsr-3287	51	3	rule	rule	NOUN
fsr-3287	51	4	,	,	PUNCT
fsr-3287	51	5	85	85	NUM
fsr-3287	51	6	%	%	NOUN
fsr-3287	51	7	of	of	ADP
fsr-3287	51	8	the	the	DET
fsr-3287	51	9	retirement	retirement	NOUN
fsr-3287	51	10	assets	asset	NOUN
fsr-3287	51	11	is	be	AUX
fsr-3287	51	12	allocated	allocate	VERB
fsr-3287	51	13	to	to	ADP
fsr-3287	51	14	risk	risk	NOUN
fsr-3287	51	15	-	-	PUNCT
fsr-3287	51	16	free	free	ADJ
fsr-3287	51	17	assets	asset	NOUN
fsr-3287	51	18	such	such	ADJ
fsr-3287	51	19	as	as	ADP
fsr-3287	51	20	bonds	bond	NOUN
fsr-3287	51	21	to	to	PART
fsr-3287	51	22	maintain	maintain	VERB
fsr-3287	51	23	current	current	ADJ
fsr-3287	51	24	spending	spending	NOUN
fsr-3287	51	25	levels	level	NOUN
fsr-3287	51	26	.	.	PUNCT
fsr-3287	52	1	the	the	DET
fsr-3287	52	2	remaining	remain	VERB
fsr-3287	52	3	15	15	NUM
fsr-3287	52	4	%	%	NOUN
fsr-3287	52	5	is	be	AUX
fsr-3287	52	6	allocated	allocate	VERB
fsr-3287	52	7	to	to	ADP
fsr-3287	52	8	a	a	DET
fsr-3287	52	9	risk	risk	NOUN
fsr-3287	52	10	portfolio	portfolio	NOUN
fsr-3287	52	11	such	such	ADJ
fsr-3287	52	12	as	as	ADP
fsr-3287	52	13	stocks	stock	NOUN
fsr-3287	52	14	that	that	PRON
fsr-3287	52	15	is	be	AUX
fsr-3287	52	16	designed	design	VERB
fsr-3287	52	17	to	to	PART
fsr-3287	52	18	build	build	VERB
fsr-3287	52	19	wealth	wealth	NOUN
fsr-3287	52	20	to	to	PART
fsr-3287	52	21	increase	increase	VERB
fsr-3287	52	22	future	future	ADJ
fsr-3287	52	23	consumption	consumption	NOUN
fsr-3287	52	24	.	.	PUNCT
fsr-3287	53	1	the	the	DET
fsr-3287	53	2	authors	author	NOUN
fsr-3287	53	3	demonstrate	demonstrate	VERB
fsr-3287	53	4	that	that	SCONJ
fsr-3287	53	5	this	this	DET
fsr-3287	53	6	method	method	NOUN
fsr-3287	53	7	is	be	AUX
fsr-3287	53	8	at	at	ADV
fsr-3287	53	9	least	least	ADJ
fsr-3287	53	10	as	as	ADV
fsr-3287	53	11	efficient	efficient	ADJ
fsr-3287	53	12	as	as	ADP
fsr-3287	53	13	other	other	ADJ
fsr-3287	53	14	compensation	compensation	NOUN
fsr-3287	53	15	strategies	strategy	NOUN
fsr-3287	53	16	in	in	ADP
fsr-3287	53	17	maximizing	maximize	VERB
fsr-3287	53	18	utility	utility	NOUN
fsr-3287	53	19	.	.	PUNCT
fsr-3287	54	1	to	to	PART
fsr-3287	54	2	increase	increase	VERB
fsr-3287	54	3	the	the	DET
fsr-3287	54	4	growth	growth	NOUN
fsr-3287	54	5	potential	potential	NOUN
fsr-3287	54	6	of	of	ADP
fsr-3287	54	7	the	the	DET
fsr-3287	54	8	risk	risk	NOUN
fsr-3287	54	9	allocation	allocation	NOUN
fsr-3287	54	10	scott	scott	PROPN
fsr-3287	54	11	and	and	CCONJ
fsr-3287	54	12	watson	watson	PROPN
fsr-3287	54	13	(	(	PUNCT
fsr-3287	54	14	2013	2013	NUM
fsr-3287	54	15	)	)	PUNCT
fsr-3287	54	16	recommend	recommend	VERB
fsr-3287	54	17	a	a	DET
fsr-3287	54	18	stock	stock	NOUN
fsr-3287	54	19	portfolio	portfolio	NOUN
fsr-3287	54	20	which	which	PRON
fsr-3287	54	21	is	be	AUX
fsr-3287	54	22	leveraged	leverage	VERB
fsr-3287	54	23	.	.	PUNCT
fsr-3287	55	1	the	the	DET
fsr-3287	55	2	authors	author	NOUN
fsr-3287	55	3	suggest	suggest	VERB
fsr-3287	55	4	investing	invest	VERB
fsr-3287	55	5	in	in	ADP
fsr-3287	55	6	stocks	stock	NOUN
fsr-3287	55	7	leveraged	leverage	VERB
fsr-3287	55	8	three	three	NUM
fsr-3287	55	9	times	time	NOUN
fsr-3287	55	10	through	through	ADP
fsr-3287	55	11	exchanged	exchange	VERB
fsr-3287	55	12	-	-	PUNCT
fsr-3287	55	13	traded	trade	VERB
fsr-3287	55	14	funds	fund	NOUN
fsr-3287	55	15	(	(	PUNCT
fsr-3287	55	16	etfs	etfs	PROPN
fsr-3287	55	17	)	)	PUNCT
fsr-3287	55	18	,	,	PUNCT
fsr-3287	55	19	despite	despite	SCONJ
fsr-3287	55	20	the	the	DET
fsr-3287	55	21	limitations	limitation	NOUN
fsr-3287	55	22	of	of	ADP
fsr-3287	55	23	volatility	volatility	NOUN
fsr-3287	55	24	drag	drag	NOUN
fsr-3287	55	25	as	as	SCONJ
fsr-3287	55	26	noted	note	VERB
fsr-3287	55	27	by	by	ADP
fsr-3287	55	28	jarrow	jarrow	PROPN
fsr-3287	55	29	(	(	PUNCT
fsr-3287	55	30	2010	2010	NUM
fsr-3287	55	31	)	)	PUNCT
fsr-3287	55	32	and	and	CCONJ
fsr-3287	55	33	sullivan	sullivan	PROPN
fsr-3287	55	34	(	(	PUNCT
fsr-3287	55	35	2009	2009	NUM
fsr-3287	55	36	)	)	PUNCT
fsr-3287	55	37	.	.	PUNCT
fsr-3287	56	1	the	the	DET
fsr-3287	56	2	choice	choice	NOUN
fsr-3287	56	3	of	of	ADP
fsr-3287	56	4	leverage	leverage	NOUN
fsr-3287	56	5	in	in	ADP
fsr-3287	56	6	the	the	DET
fsr-3287	56	7	scott	scott	PROPN
fsr-3287	56	8	and	and	CCONJ
fsr-3287	56	9	watson	watson	PROPN
fsr-3287	56	10	model	model	NOUN
fsr-3287	56	11	is	be	AUX
fsr-3287	56	12	exogenously	exogenously	ADV
fsr-3287	56	13	provided	provide	VERB
fsr-3287	56	14	by	by	ADP
fsr-3287	56	15	the	the	DET
fsr-3287	56	16	authors	author	NOUN
fsr-3287	56	17	.	.	PUNCT
fsr-3287	57	1	this	this	DET
fsr-3287	57	2	article	article	NOUN
fsr-3287	57	3	builds	build	VERB
fsr-3287	57	4	on	on	ADP
fsr-3287	57	5	this	this	DET
fsr-3287	57	6	work	work	NOUN
fsr-3287	57	7	by	by	ADP
fsr-3287	57	8	endogenously	endogenously	ADV
fsr-3287	57	9	deriving	derive	VERB
fsr-3287	57	10	an	an	DET
fsr-3287	57	11	equation	equation	NOUN
fsr-3287	57	12	to	to	PART
fsr-3287	57	13	determine	determine	VERB
fsr-3287	57	14	the	the	DET
fsr-3287	57	15	return	return	NOUN
fsr-3287	57	16	-	-	PUNCT
fsr-3287	57	17	maximizing	maximize	VERB
fsr-3287	57	18	level	level	NOUN
fsr-3287	57	19	of	of	ADP
fsr-3287	57	20	leverage	leverage	NOUN
fsr-3287	57	21	unique	unique	ADJ
fsr-3287	57	22	to	to	ADP
fsr-3287	57	23	each	each	DET
fsr-3287	57	24	investment	investment	NOUN
fsr-3287	57	25	scenario	scenario	NOUN
fsr-3287	57	26	.	.	PUNCT
fsr-3287	58	1	the	the	DET
fsr-3287	58	2	equation	equation	NOUN
fsr-3287	58	3	integrates	integrate	VERB
fsr-3287	58	4	the	the	DET
fsr-3287	58	5	presence	presence	NOUN
fsr-3287	58	6	of	of	ADP
fsr-3287	58	7	volatility	volatility	NOUN
fsr-3287	58	8	drag	drag	PROPN
fsr-3287	58	9	,	,	PUNCT
fsr-3287	58	10	which	which	PRON
fsr-3287	58	11	had	have	AUX
fsr-3287	58	12	been	be	AUX
fsr-3287	58	13	previously	previously	ADV
fsr-3287	58	14	noted	note	VERB
fsr-3287	58	15	but	but	CCONJ
fsr-3287	58	16	not	not	PART
fsr-3287	58	17	incorporated	incorporate	VERB
fsr-3287	58	18	.	.	PUNCT
fsr-3287	59	1	the	the	DET
fsr-3287	59	2	proposed	propose	VERB
fsr-3287	59	3	method	method	NOUN
fsr-3287	59	4	is	be	AUX
fsr-3287	59	5	generalized	generalize	VERB
fsr-3287	59	6	and	and	CCONJ
fsr-3287	59	7	available	available	ADJ
fsr-3287	59	8	to	to	ADP
fsr-3287	59	9	multiple	multiple	ADJ
fsr-3287	59	10	applications	application	NOUN
fsr-3287	59	11	.	.	PUNCT
fsr-3287	60	1	3	3	X
fsr-3287	60	2	.	.	X
fsr-3287	60	3	methodology	methodology	NOUN
fsr-3287	60	4	the	the	DET
fsr-3287	60	5	approach	approach	NOUN
fsr-3287	60	6	to	to	ADP
fsr-3287	60	7	managing	manage	VERB
fsr-3287	60	8	retirement	retirement	NOUN
fsr-3287	60	9	assets	asset	NOUN
fsr-3287	60	10	suggested	suggest	VERB
fsr-3287	60	11	by	by	ADP
fsr-3287	60	12	this	this	DET
fsr-3287	60	13	paper	paper	NOUN
fsr-3287	60	14	follows	follow	VERB
fsr-3287	60	15	that	that	PRON
fsr-3287	60	16	of	of	ADP
fsr-3287	60	17	scott	scott	PROPN
fsr-3287	60	18	and	and	CCONJ
fsr-3287	60	19	watson	watson	PROPN
fsr-3287	60	20	(	(	PUNCT
fsr-3287	60	21	2013	2013	NUM
fsr-3287	60	22	)	)	PUNCT
fsr-3287	60	23	by	by	ADP
fsr-3287	60	24	first	first	ADV
fsr-3287	60	25	setting	set	VERB
fsr-3287	60	26	aside	aside	ADP
fsr-3287	60	27	a	a	DET
fsr-3287	60	28	risk	risk	NOUN
fsr-3287	60	29	-	-	PUNCT
fsr-3287	60	30	free	free	ADJ
fsr-3287	60	31	portfolio	portfolio	NOUN
fsr-3287	60	32	to	to	PART
fsr-3287	60	33	guarantee	guarantee	VERB
fsr-3287	60	34	a	a	DET
fsr-3287	60	35	minimum	minimum	ADJ
fsr-3287	60	36	standard	standard	NOUN
fsr-3287	60	37	of	of	ADP
fsr-3287	60	38	living	live	VERB
fsr-3287	60	39	before	before	ADP
fsr-3287	60	40	using	use	VERB
fsr-3287	60	41	leverage	leverage	NOUN
fsr-3287	60	42	to	to	PART
fsr-3287	60	43	optimize	optimize	VERB
fsr-3287	60	44	the	the	DET
fsr-3287	60	45	residual	residual	ADJ
fsr-3287	60	46	portfolio	portfolio	NOUN
fsr-3287	60	47	.	.	PUNCT
fsr-3287	61	1	the	the	DET
fsr-3287	61	2	advantage	advantage	NOUN
fsr-3287	61	3	of	of	ADP
fsr-3287	61	4	this	this	DET
fsr-3287	61	5	approach	approach	NOUN
fsr-3287	61	6	is	be	AUX
fsr-3287	61	7	that	that	SCONJ
fsr-3287	61	8	the	the	DET
fsr-3287	61	9	level	level	NOUN
fsr-3287	61	10	of	of	ADP
fsr-3287	61	11	risk	risk	NOUN
fsr-3287	61	12	-	-	PUNCT
fsr-3287	61	13	taking	taking	NOUN
fsr-3287	61	14	in	in	ADP
fsr-3287	61	15	the	the	DET
fsr-3287	61	16	residual	residual	ADJ
fsr-3287	61	17	portfolio	portfolio	NOUN
fsr-3287	61	18	will	will	AUX
fsr-3287	61	19	have	have	VERB
fsr-3287	61	20	no	no	DET
fsr-3287	61	21	impact	impact	NOUN
fsr-3287	61	22	on	on	ADP
fsr-3287	61	23	the	the	DET
fsr-3287	61	24	risk	risk	NOUN
fsr-3287	61	25	-	-	PUNCT
fsr-3287	61	26	free	free	ADJ
fsr-3287	61	27	portfolio	portfolio	NOUN
fsr-3287	61	28	.	.	PUNCT
fsr-3287	62	1	the	the	DET
fsr-3287	62	2	85	85	NUM
fsr-3287	62	3	%	%	NOUN
fsr-3287	62	4	risk	risk	NOUN
fsr-3287	62	5	-	-	PUNCT
fsr-3287	62	6	free	free	ADJ
fsr-3287	62	7	allocation	allocation	NOUN
fsr-3287	62	8	they	they	PRON
fsr-3287	62	9	suggest	suggest	VERB
fsr-3287	62	10	is	be	AUX
fsr-3287	62	11	a	a	DET
fsr-3287	62	12	useful	useful	ADJ
fsr-3287	62	13	rule	rule	NOUN
fsr-3287	62	14	-	-	PUNCT
fsr-3287	62	15	of	of	ADP
fsr-3287	62	16	-	-	PUNCT
fsr-3287	62	17	thumb	thumb	NOUN
fsr-3287	62	18	but	but	CCONJ
fsr-3287	62	19	may	may	AUX
fsr-3287	62	20	not	not	PART
fsr-3287	62	21	be	be	AUX
fsr-3287	62	22	appropriate	appropriate	ADJ
fsr-3287	62	23	for	for	ADP
fsr-3287	62	24	all	all	DET
fsr-3287	62	25	portfolio	portfolio	NOUN
fsr-3287	62	26	holders	holder	NOUN
fsr-3287	62	27	.	.	PUNCT
fsr-3287	63	1	the	the	DET
fsr-3287	63	2	specific	specific	ADJ
fsr-3287	63	3	allocation	allocation	NOUN
fsr-3287	63	4	should	should	AUX
fsr-3287	63	5	account	account	VERB
fsr-3287	63	6	for	for	ADP
fsr-3287	63	7	the	the	DET
fsr-3287	63	8	size	size	NOUN
fsr-3287	63	9	of	of	ADP
fsr-3287	63	10	the	the	DET
fsr-3287	63	11	portfolio	portfolio	NOUN
fsr-3287	63	12	and	and	CCONJ
fsr-3287	63	13	the	the	DET
fsr-3287	63	14	consumption	consumption	NOUN
fsr-3287	63	15	patterns	pattern	NOUN
fsr-3287	63	16	of	of	ADP
fsr-3287	63	17	the	the	DET
fsr-3287	63	18	portfolio	portfolio	NOUN
fsr-3287	63	19	owner	owner	NOUN
fsr-3287	63	20	.	.	PUNCT
fsr-3287	64	1	the	the	PRON
fsr-3287	64	2	larger	large	ADJ
fsr-3287	64	3	the	the	DET
fsr-3287	64	4	portfolio	portfolio	NOUN
fsr-3287	64	5	and/or	and/or	CCONJ
fsr-3287	64	6	the	the	PRON
fsr-3287	64	7	smaller	small	ADJ
fsr-3287	64	8	the	the	DET
fsr-3287	64	9	minimal	minimal	ADJ
fsr-3287	64	10	consumption	consumption	NOUN
fsr-3287	64	11	needs	need	NOUN
fsr-3287	64	12	,	,	PUNCT
fsr-3287	64	13	the	the	PRON
fsr-3287	64	14	smaller	small	ADJ
fsr-3287	64	15	the	the	DET
fsr-3287	64	16	optimal	optimal	ADJ
fsr-3287	64	17	risk	risk	NOUN
fsr-3287	64	18	-	-	PUNCT
fsr-3287	64	19	free	free	ADJ
fsr-3287	64	20	portfolio	portfolio	NOUN
fsr-3287	64	21	requirement	requirement	NOUN
fsr-3287	64	22	.	.	PUNCT
fsr-3287	65	1	an	an	DET
fsr-3287	65	2	assumption	assumption	NOUN
fsr-3287	65	3	of	of	ADP
fsr-3287	65	4	the	the	DET
fsr-3287	65	5	split	split	ADJ
fsr-3287	65	6	-	-	PUNCT
fsr-3287	65	7	account	account	NOUN
fsr-3287	65	8	portfolio	portfolio	NOUN
fsr-3287	65	9	model	model	NOUN
fsr-3287	65	10	is	be	AUX
fsr-3287	65	11	that	that	SCONJ
fsr-3287	65	12	sufficient	sufficient	ADJ
fsr-3287	65	13	income	income	NOUN
fsr-3287	65	14	can	can	AUX
fsr-3287	65	15	be	be	AUX
fsr-3287	65	16	generated	generate	VERB
fsr-3287	65	17	from	from	ADP
fsr-3287	65	18	the	the	DET
fsr-3287	65	19	risk	risk	NOUN
fsr-3287	65	20	-	-	PUNCT
fsr-3287	65	21	free	free	ADJ
fsr-3287	65	22	assets	asset	NOUN
fsr-3287	65	23	to	to	PART
fsr-3287	65	24	sufficiently	sufficiently	ADV
fsr-3287	65	25	cover	cover	VERB
fsr-3287	65	26	consumption	consumption	NOUN
fsr-3287	65	27	needs	need	NOUN
fsr-3287	65	28	.	.	PUNCT
fsr-3287	66	1	in	in	ADP
fsr-3287	66	2	instances	instance	NOUN
fsr-3287	66	3	where	where	SCONJ
fsr-3287	66	4	this	this	DET
fsr-3287	66	5	assumption	assumption	NOUN
fsr-3287	66	6	does	do	AUX
fsr-3287	66	7	not	not	PART
fsr-3287	66	8	hold	hold	VERB
fsr-3287	66	9	,	,	PUNCT
fsr-3287	66	10	either	either	CCONJ
fsr-3287	66	11	alternate	alternate	ADJ
fsr-3287	66	12	strategies	strategy	NOUN
fsr-3287	66	13	or	or	CCONJ
fsr-3287	66	14	reassessment	reassessment	NOUN
fsr-3287	66	15	of	of	ADP
fsr-3287	66	16	consumption	consumption	NOUN
fsr-3287	66	17	needs	need	NOUN
fsr-3287	66	18	may	may	AUX
fsr-3287	66	19	be	be	AUX
fsr-3287	66	20	required	require	VERB
fsr-3287	66	21	.	.	PUNCT
fsr-3287	67	1	in	in	ADP
fsr-3287	67	2	establishing	establish	VERB
fsr-3287	67	3	an	an	DET
fsr-3287	67	4	appropriate	appropriate	ADJ
fsr-3287	67	5	allocation	allocation	NOUN
fsr-3287	67	6	mix	mix	NOUN
fsr-3287	67	7	to	to	PART
fsr-3287	67	8	achieve	achieve	VERB
fsr-3287	67	9	both	both	CCONJ
fsr-3287	67	10	the	the	DET
fsr-3287	67	11	current	current	ADJ
fsr-3287	67	12	income	income	NOUN
fsr-3287	67	13	needs	need	NOUN
fsr-3287	67	14	and	and	CCONJ
fsr-3287	67	15	growth	growth	NOUN
fsr-3287	67	16	,	,	PUNCT
fsr-3287	67	17	a	a	DET
fsr-3287	67	18	model	model	NOUN
fsr-3287	67	19	should	should	AUX
fsr-3287	67	20	minimally	minimally	ADV
fsr-3287	67	21	consider	consider	VERB
fsr-3287	67	22	the	the	DET
fsr-3287	67	23	consumption	consumption	NOUN
fsr-3287	67	24	needs	need	NOUN
fsr-3287	67	25	of	of	ADP
fsr-3287	67	26	the	the	DET
fsr-3287	67	27	portfolio	portfolio	NOUN
fsr-3287	67	28	owner	owner	NOUN
fsr-3287	67	29	and	and	CCONJ
fsr-3287	67	30	the	the	DET
fsr-3287	67	31	size	size	NOUN
fsr-3287	67	32	of	of	ADP
fsr-3287	67	33	the	the	DET
fsr-3287	67	34	portfolio	portfolio	NOUN
fsr-3287	67	35	.	.	PUNCT
fsr-3287	68	1	if	if	SCONJ
fsr-3287	68	2	the	the	DET
fsr-3287	68	3	goal	goal	NOUN
fsr-3287	68	4	of	of	ADP
fsr-3287	68	5	the	the	DET
fsr-3287	68	6	risk	risk	NOUN
fsr-3287	68	7	-	-	PUNCT
fsr-3287	68	8	free	free	ADJ
fsr-3287	68	9	portfolio	portfolio	NOUN
fsr-3287	68	10	is	be	AUX
fsr-3287	68	11	to	to	PART
fsr-3287	68	12	maintain	maintain	VERB
fsr-3287	68	13	a	a	DET
fsr-3287	68	14	minimal	minimal	ADJ
fsr-3287	68	15	417r.a	417r.a	NOUN
fsr-3287	68	16	.	.	PUNCT
fsr-3287	69	1	ott	ott	PROPN
fsr-3287	69	2	,	,	PUNCT
fsr-3287	69	3	t.e	t.e	PROPN
fsr-3287	69	4	.	.	PROPN
fsr-3287	69	5	zimmer	zimmer	PROPN
fsr-3287	69	6	/	/	SYM
fsr-3287	69	7	financial	financial	ADJ
fsr-3287	69	8	services	service	NOUN
fsr-3287	69	9	review	review	VERB
fsr-3287	69	10	25	25	NUM
fsr-3287	69	11	(	(	PUNCT
fsr-3287	69	12	2016	2016	NUM
fsr-3287	69	13	)	)	PUNCT
fsr-3287	69	14	415–425	415–425	NUM
fsr-3287	69	15	level	level	NOUN
fsr-3287	69	16	of	of	ADP
fsr-3287	69	17	real	real	ADJ
fsr-3287	69	18	purchasing	purchasing	NOUN
fsr-3287	69	19	power	power	NOUN
fsr-3287	69	20	,	,	PUNCT
fsr-3287	69	21	a	a	DET
fsr-3287	69	22	conservative	conservative	ADJ
fsr-3287	69	23	approach	approach	NOUN
fsr-3287	69	24	would	would	AUX
fsr-3287	69	25	simply	simply	ADV
fsr-3287	69	26	capitalize	capitalize	VERB
fsr-3287	69	27	the	the	DET
fsr-3287	69	28	minimum	minimum	ADJ
fsr-3287	69	29	annual	annual	ADJ
fsr-3287	69	30	consumption	consumption	NOUN
fsr-3287	69	31	needs	need	NOUN
fsr-3287	69	32	(	(	PUNCT
fsr-3287	69	33	s	s	X
fsr-3287	69	34	)	)	PUNCT
fsr-3287	69	35	by	by	ADP
fsr-3287	69	36	the	the	DET
fsr-3287	69	37	real	real	ADJ
fsr-3287	69	38	risk	risk	NOUN
fsr-3287	69	39	-	-	PUNCT
fsr-3287	69	40	free	free	ADJ
fsr-3287	69	41	rate	rate	NOUN
fsr-3287	69	42	(	(	PUNCT
fsr-3287	69	43	rf	rf	NOUN
fsr-3287	69	44	)	)	PUNCT
fsr-3287	69	45	.	.	PUNCT
fsr-3287	70	1	dividing	divide	VERB
fsr-3287	70	2	the	the	DET
fsr-3287	70	3	resulting	result	VERB
fsr-3287	70	4	value	value	NOUN
fsr-3287	70	5	by	by	ADP
fsr-3287	70	6	the	the	DET
fsr-3287	70	7	size	size	NOUN
fsr-3287	70	8	of	of	ADP
fsr-3287	70	9	the	the	DET
fsr-3287	70	10	portfolio	portfolio	NOUN
fsr-3287	70	11	(	(	PUNCT
fsr-3287	70	12	p	p	NOUN
fsr-3287	70	13	)	)	PUNCT
fsr-3287	70	14	provides	provide	VERB
fsr-3287	70	15	a	a	DET
fsr-3287	70	16	risk	risk	NOUN
fsr-3287	70	17	-	-	PUNCT
fsr-3287	70	18	free	free	ADJ
fsr-3287	70	19	allocation	allocation	NOUN
fsr-3287	70	20	(	(	PUNCT
fsr-3287	70	21	z	z	NOUN
fsr-3287	70	22	)	)	PUNCT
fsr-3287	70	23	of	of	ADP
fsr-3287	70	24	the	the	DET
fsr-3287	70	25	portfolio	portfolio	NOUN
fsr-3287	70	26	as	as	SCONJ
fsr-3287	70	27	shown	show	VERB
fsr-3287	70	28	in	in	ADP
fsr-3287	70	29	the	the	DET
fsr-3287	70	30	following	follow	VERB
fsr-3287	70	31	equation	equation	NOUN
fsr-3287	70	32	.	.	PUNCT
fsr-3287	71	1	z	z	PROPN
fsr-3287	71	2	�	�	PROPN
fsr-3287	71	3	�	�	PROPN
fsr-3287	71	4	s	s	PART
fsr-3287	71	5	/	/	SYM
fsr-3287	71	6	rf	rf	NOUN
fsr-3287	71	7	�	�	NOUN
fsr-3287	71	8	/p	/p	SYM
fsr-3287	71	9	(	(	PUNCT
fsr-3287	71	10	1	1	X
fsr-3287	71	11	)	)	PUNCT
fsr-3287	71	12	this	this	DET
fsr-3287	71	13	simple	simple	ADJ
fsr-3287	71	14	formulation	formulation	NOUN
fsr-3287	71	15	illustrates	illustrate	VERB
fsr-3287	71	16	that	that	SCONJ
fsr-3287	71	17	the	the	PRON
fsr-3287	71	18	lower	low	ADJ
fsr-3287	71	19	the	the	DET
fsr-3287	71	20	minimum	minimum	ADJ
fsr-3287	71	21	consumption	consumption	NOUN
fsr-3287	71	22	needs	need	NOUN
fsr-3287	71	23	or	or	CCONJ
fsr-3287	71	24	the	the	PRON
fsr-3287	71	25	larger	large	ADJ
fsr-3287	71	26	the	the	DET
fsr-3287	71	27	portfolio	portfolio	NOUN
fsr-3287	71	28	,	,	PUNCT
fsr-3287	71	29	the	the	PRON
fsr-3287	71	30	smaller	small	ADJ
fsr-3287	71	31	the	the	DET
fsr-3287	71	32	allocation	allocation	NOUN
fsr-3287	71	33	to	to	ADP
fsr-3287	71	34	a	a	DET
fsr-3287	71	35	risk	risk	NOUN
fsr-3287	71	36	-	-	PUNCT
fsr-3287	71	37	free	free	ADJ
fsr-3287	71	38	portfolio	portfolio	NOUN
fsr-3287	71	39	.	.	PUNCT
fsr-3287	72	1	the	the	DET
fsr-3287	72	2	risk	risk	NOUN
fsr-3287	72	3	-	-	PUNCT
fsr-3287	72	4	free	free	ADJ
fsr-3287	72	5	allocation	allocation	NOUN
fsr-3287	72	6	of	of	ADP
fsr-3287	72	7	the	the	DET
fsr-3287	72	8	portfolio	portfolio	NOUN
fsr-3287	72	9	would	would	AUX
fsr-3287	72	10	be	be	AUX
fsr-3287	72	11	invested	invest	VERB
fsr-3287	72	12	in	in	ADP
fsr-3287	72	13	real	real	ADJ
fsr-3287	72	14	risk	risk	NOUN
fsr-3287	72	15	-	-	PUNCT
fsr-3287	72	16	free	free	ADJ
fsr-3287	72	17	assets	asset	NOUN
fsr-3287	72	18	,	,	PUNCT
fsr-3287	72	19	such	such	ADJ
fsr-3287	72	20	as	as	ADP
fsr-3287	72	21	tips	tip	NOUN
fsr-3287	72	22	,	,	PUNCT
fsr-3287	72	23	to	to	PART
fsr-3287	72	24	maintain	maintain	VERB
fsr-3287	72	25	its	its	PRON
fsr-3287	72	26	real	real	ADJ
fsr-3287	72	27	purchasing	purchasing	NOUN
fsr-3287	72	28	power	power	NOUN
fsr-3287	72	29	.	.	PUNCT
fsr-3287	73	1	the	the	DET
fsr-3287	73	2	remaining	remain	VERB
fsr-3287	73	3	percentage	percentage	NOUN
fsr-3287	73	4	of	of	ADP
fsr-3287	73	5	the	the	DET
fsr-3287	73	6	portfolio	portfolio	NOUN
fsr-3287	73	7	(	(	PUNCT
fsr-3287	73	8	1	1	NUM
fsr-3287	73	9	–	–	PUNCT
fsr-3287	73	10	z	z	NOUN
fsr-3287	73	11	)	)	PUNCT
fsr-3287	73	12	could	could	AUX
fsr-3287	73	13	be	be	AUX
fsr-3287	73	14	invested	invest	VERB
fsr-3287	73	15	in	in	ADP
fsr-3287	73	16	riskier	risky	ADJ
fsr-3287	73	17	assets	asset	NOUN
fsr-3287	73	18	that	that	PRON
fsr-3287	73	19	focus	focus	VERB
fsr-3287	73	20	on	on	ADP
fsr-3287	73	21	maximizing	maximize	VERB
fsr-3287	73	22	expected	expect	VERB
fsr-3287	73	23	returns	return	NOUN
fsr-3287	73	24	.	.	PUNCT
fsr-3287	74	1	as	as	ADP
fsr-3287	74	2	an	an	DET
fsr-3287	74	3	example	example	NOUN
fsr-3287	74	4	,	,	PUNCT
fsr-3287	74	5	an	an	DET
fsr-3287	74	6	individual	individual	NOUN
fsr-3287	74	7	with	with	ADP
fsr-3287	74	8	an	an	DET
fsr-3287	74	9	investment	investment	NOUN
fsr-3287	74	10	portfolio	portfolio	NOUN
fsr-3287	74	11	of	of	ADP
fsr-3287	74	12	$	$	SYM
fsr-3287	74	13	3	3	NUM
fsr-3287	74	14	million	million	NUM
fsr-3287	74	15	,	,	PUNCT
fsr-3287	74	16	minimal	minimal	ADJ
fsr-3287	74	17	annual	annual	ADJ
fsr-3287	74	18	spending	spending	NOUN
fsr-3287	74	19	needs	need	NOUN
fsr-3287	74	20	of	of	ADP
fsr-3287	74	21	$	$	SYM
fsr-3287	74	22	50,000	50,000	NUM
fsr-3287	74	23	,	,	PUNCT
fsr-3287	74	24	and	and	CCONJ
fsr-3287	74	25	a	a	DET
fsr-3287	74	26	real	real	ADJ
fsr-3287	74	27	risk	risk	NOUN
fsr-3287	74	28	-	-	PUNCT
fsr-3287	74	29	free	free	ADJ
fsr-3287	74	30	rate	rate	NOUN
fsr-3287	74	31	of	of	ADP
fsr-3287	74	32	2	2	NUM
fsr-3287	74	33	%	%	NOUN
fsr-3287	74	34	will	will	AUX
fsr-3287	74	35	have	have	VERB
fsr-3287	74	36	a	a	DET
fsr-3287	74	37	risk	risk	NOUN
fsr-3287	74	38	-	-	PUNCT
fsr-3287	74	39	free	free	ADJ
fsr-3287	74	40	allocation	allocation	NOUN
fsr-3287	74	41	of	of	ADP
fsr-3287	74	42	approximately	approximately	ADV
fsr-3287	74	43	83%.1	83%.1	NUM
fsr-3287	74	44	the	the	DET
fsr-3287	74	45	remaining	remain	VERB
fsr-3287	74	46	17	17	NUM
fsr-3287	74	47	%	%	NOUN
fsr-3287	74	48	of	of	ADP
fsr-3287	74	49	the	the	DET
fsr-3287	74	50	portfolio	portfolio	NOUN
fsr-3287	74	51	would	would	AUX
fsr-3287	74	52	be	be	AUX
fsr-3287	74	53	available	available	ADJ
fsr-3287	74	54	to	to	PART
fsr-3287	74	55	be	be	AUX
fsr-3287	74	56	invested	invest	VERB
fsr-3287	74	57	in	in	ADP
fsr-3287	74	58	riskier	risky	ADJ
fsr-3287	74	59	assets	asset	NOUN
fsr-3287	74	60	that	that	PRON
fsr-3287	74	61	can	can	AUX
fsr-3287	74	62	be	be	AUX
fsr-3287	74	63	leveraged	leverage	VERB
fsr-3287	74	64	to	to	PART
fsr-3287	74	65	maximize	maximize	VERB
fsr-3287	74	66	expected	expect	VERB
fsr-3287	74	67	return	return	NOUN
fsr-3287	74	68	.	.	PUNCT
fsr-3287	75	1	eq	eq	X
fsr-3287	75	2	.	.	PUNCT
fsr-3287	76	1	(	(	PUNCT
fsr-3287	76	2	1	1	X
fsr-3287	76	3	)	)	PUNCT
fsr-3287	76	4	provides	provide	VERB
fsr-3287	76	5	a	a	DET
fsr-3287	76	6	simple	simple	ADJ
fsr-3287	76	7	formula	formula	NOUN
fsr-3287	76	8	for	for	ADP
fsr-3287	76	9	deriving	derive	VERB
fsr-3287	76	10	a	a	DET
fsr-3287	76	11	risk	risk	NOUN
fsr-3287	76	12	-	-	PUNCT
fsr-3287	76	13	free	free	ADJ
fsr-3287	76	14	allocation	allocation	NOUN
fsr-3287	76	15	of	of	ADP
fsr-3287	76	16	a	a	DET
fsr-3287	76	17	portfolio	portfolio	NOUN
fsr-3287	76	18	.	.	PUNCT
fsr-3287	77	1	however	however	ADV
fsr-3287	77	2	,	,	PUNCT
fsr-3287	77	3	the	the	DET
fsr-3287	77	4	assumption	assumption	NOUN
fsr-3287	77	5	of	of	ADP
fsr-3287	77	6	an	an	DET
fsr-3287	77	7	infinite	infinite	ADJ
fsr-3287	77	8	time	time	NOUN
fsr-3287	77	9	horizon	horizon	NOUN
fsr-3287	77	10	,	,	PUNCT
fsr-3287	77	11	thus	thus	ADV
fsr-3287	77	12	guaranteeing	guarantee	VERB
fsr-3287	77	13	the	the	DET
fsr-3287	77	14	preservation	preservation	NOUN
fsr-3287	77	15	of	of	ADP
fsr-3287	77	16	the	the	DET
fsr-3287	77	17	portfolio	portfolio	NOUN
fsr-3287	77	18	’s	’s	PART
fsr-3287	77	19	principle	principle	NOUN
fsr-3287	77	20	in	in	ADP
fsr-3287	77	21	perpetuity	perpetuity	NOUN
fsr-3287	77	22	,	,	PUNCT
fsr-3287	77	23	is	be	AUX
fsr-3287	77	24	overly	overly	ADV
fsr-3287	77	25	restrictive	restrictive	ADJ
fsr-3287	77	26	.	.	PUNCT
fsr-3287	78	1	a	a	DET
fsr-3287	78	2	less	less	ADV
fsr-3287	78	3	stringent	stringent	ADJ
fsr-3287	78	4	assumption	assumption	NOUN
fsr-3287	78	5	would	would	AUX
fsr-3287	78	6	allow	allow	VERB
fsr-3287	78	7	for	for	ADP
fsr-3287	78	8	a	a	DET
fsr-3287	78	9	limited	limited	ADJ
fsr-3287	78	10	time	time	NOUN
fsr-3287	78	11	horizon	horizon	NOUN
fsr-3287	78	12	and	and	CCONJ
fsr-3287	78	13	permitting	permit	VERB
fsr-3287	78	14	the	the	DET
fsr-3287	78	15	principle	principle	NOUN
fsr-3287	78	16	to	to	PART
fsr-3287	78	17	be	be	AUX
fsr-3287	78	18	spent	spend	VERB
fsr-3287	78	19	over	over	ADP
fsr-3287	78	20	time	time	NOUN
fsr-3287	78	21	.	.	PUNCT
fsr-3287	79	1	eq	eq	ADJ
fsr-3287	79	2	.	.	PUNCT
fsr-3287	80	1	(	(	PUNCT
fsr-3287	80	2	1	1	X
fsr-3287	80	3	)	)	PUNCT
fsr-3287	80	4	can	can	AUX
fsr-3287	80	5	be	be	AUX
fsr-3287	80	6	modified	modify	VERB
fsr-3287	80	7	as	as	ADP
fsr-3287	80	8	a	a	DET
fsr-3287	80	9	fixed	fix	VERB
fsr-3287	80	10	annuity	annuity	NOUN
fsr-3287	80	11	adjusted	adjust	VERB
fsr-3287	80	12	for	for	ADP
fsr-3287	80	13	inflation	inflation	NOUN
fsr-3287	80	14	.	.	PUNCT
fsr-3287	81	1	the	the	DET
fsr-3287	81	2	adjustment	adjustment	NOUN
fsr-3287	81	3	allows	allow	VERB
fsr-3287	81	4	for	for	ADP
fsr-3287	81	5	principle	principle	ADJ
fsr-3287	81	6	exhaustion	exhaustion	NOUN
fsr-3287	81	7	at	at	ADP
fsr-3287	81	8	the	the	DET
fsr-3287	81	9	end	end	NOUN
fsr-3287	81	10	of	of	ADP
fsr-3287	81	11	the	the	DET
fsr-3287	81	12	time	time	NOUN
fsr-3287	81	13	horizon	horizon	NOUN
fsr-3287	81	14	(	(	PUNCT
fsr-3287	81	15	t	t	PROPN
fsr-3287	81	16	)	)	PUNCT
fsr-3287	81	17	,	,	PUNCT
fsr-3287	81	18	as	as	SCONJ
fsr-3287	81	19	shown	show	VERB
fsr-3287	81	20	in	in	ADP
fsr-3287	81	21	the	the	DET
fsr-3287	81	22	following	follow	VERB
fsr-3287	81	23	equation	equation	NOUN
fsr-3287	81	24	.	.	PUNCT
fsr-3287	82	1	z	z	PROPN
fsr-3287	82	2	�	�	PROPN
fsr-3287	82	3	�	�	PROPN
fsr-3287	82	4	s	s	PART
fsr-3287	82	5	�	�	PROPN
fsr-3287	82	6	�	�	PROPN
fsr-3287	82	7	1	1	NUM
fsr-3287	82	8	�	�	PROPN
fsr-3287	82	9	�	�	PROPN
fsr-3287	82	10	1	1	NUM
fsr-3287	82	11	�	�	PROPN
fsr-3287	82	12	rf	rf	NOUN
fsr-3287	82	13	�	�	PROPN
fsr-3287	82	14	�	�	PROPN
fsr-3287	82	15	t	t	PROPN
fsr-3287	82	16	�	�	PROPN
fsr-3287	82	17	/rf	/rf	PROPN
fsr-3287	82	18	�	�	PROPN
fsr-3287	82	19	/p.2	/p.2	PROPN
fsr-3287	82	20	(	(	PUNCT
fsr-3287	82	21	2	2	NUM
fsr-3287	82	22	)	)	PUNCT
fsr-3287	82	23	for	for	ADP
fsr-3287	82	24	portfolio	portfolio	NOUN
fsr-3287	82	25	planning	planning	NOUN
fsr-3287	82	26	over	over	ADP
fsr-3287	82	27	a	a	DET
fsr-3287	82	28	finite	finite	ADJ
fsr-3287	82	29	number	number	NOUN
fsr-3287	82	30	of	of	ADP
fsr-3287	82	31	years	year	NOUN
fsr-3287	82	32	,	,	PUNCT
fsr-3287	82	33	eq	eq	NOUN
fsr-3287	82	34	.	.	PUNCT
fsr-3287	83	1	(	(	PUNCT
fsr-3287	83	2	2	2	X
fsr-3287	83	3	)	)	PUNCT
fsr-3287	83	4	provides	provide	VERB
fsr-3287	83	5	a	a	DET
fsr-3287	83	6	reasonable	reasonable	ADJ
fsr-3287	83	7	allocation	allocation	NOUN
fsr-3287	83	8	mix	mix	NOUN
fsr-3287	83	9	.	.	PUNCT
fsr-3287	84	1	as	as	ADP
fsr-3287	84	2	an	an	DET
fsr-3287	84	3	example	example	NOUN
fsr-3287	84	4	,	,	PUNCT
fsr-3287	84	5	by	by	ADP
fsr-3287	84	6	incorporating	incorporate	VERB
fsr-3287	84	7	a	a	DET
fsr-3287	84	8	40	40	NUM
fsr-3287	84	9	-	-	PUNCT
fsr-3287	84	10	year	year	NOUN
fsr-3287	84	11	time	time	NOUN
fsr-3287	84	12	horizon	horizon	NOUN
fsr-3287	84	13	into	into	ADP
fsr-3287	84	14	eq	eq	PROPN
fsr-3287	84	15	.	.	PUNCT
fsr-3287	85	1	(	(	PUNCT
fsr-3287	85	2	2	2	NUM
fsr-3287	85	3	)	)	PUNCT
fsr-3287	85	4	,	,	PUNCT
fsr-3287	85	5	the	the	DET
fsr-3287	85	6	portfolio	portfolio	NOUN
fsr-3287	85	7	allocation	allocation	NOUN
fsr-3287	85	8	of	of	ADP
fsr-3287	85	9	risk	risk	NOUN
fsr-3287	85	10	-	-	PUNCT
fsr-3287	85	11	free	free	ADJ
fsr-3287	85	12	assets	asset	NOUN
fsr-3287	85	13	needed	need	VERB
fsr-3287	85	14	is	be	AUX
fsr-3287	85	15	reduced	reduce	VERB
fsr-3287	85	16	from	from	ADP
fsr-3287	85	17	83	83	NUM
fsr-3287	85	18	%	%	NOUN
fsr-3287	85	19	to	to	ADP
fsr-3287	85	20	46%.3	46%.3	PROPN
fsr-3287	85	21	as	as	SCONJ
fsr-3287	85	22	46	46	NUM
fsr-3287	85	23	%	%	NOUN
fsr-3287	85	24	will	will	AUX
fsr-3287	85	25	now	now	ADV
fsr-3287	85	26	generate	generate	VERB
fsr-3287	85	27	sufficient	sufficient	ADJ
fsr-3287	85	28	income	income	NOUN
fsr-3287	85	29	to	to	PART
fsr-3287	85	30	minimally	minimally	ADV
fsr-3287	85	31	cover	cover	VERB
fsr-3287	85	32	the	the	DET
fsr-3287	85	33	consumption	consumption	NOUN
fsr-3287	85	34	needs	need	NOUN
fsr-3287	85	35	,	,	PUNCT
fsr-3287	85	36	the	the	DET
fsr-3287	85	37	larger	large	ADJ
fsr-3287	85	38	proportion	proportion	NOUN
fsr-3287	85	39	of	of	ADP
fsr-3287	85	40	the	the	DET
fsr-3287	85	41	remaining	remain	VERB
fsr-3287	85	42	assets	asset	NOUN
fsr-3287	85	43	can	can	AUX
fsr-3287	85	44	be	be	AUX
fsr-3287	85	45	invested	invest	VERB
fsr-3287	85	46	in	in	ADP
fsr-3287	85	47	riskier	risky	ADJ
fsr-3287	85	48	assets	asset	NOUN
fsr-3287	85	49	to	to	PART
fsr-3287	85	50	produce	produce	VERB
fsr-3287	85	51	maximum	maximum	ADJ
fsr-3287	85	52	future	future	ADJ
fsr-3287	85	53	purchasing	purchasing	NOUN
fsr-3287	85	54	power	power	NOUN
fsr-3287	85	55	.	.	PUNCT
fsr-3287	86	1	clearly	clearly	ADV
fsr-3287	86	2	,	,	PUNCT
fsr-3287	86	3	the	the	DET
fsr-3287	86	4	decision	decision	NOUN
fsr-3287	86	5	to	to	PART
fsr-3287	86	6	allow	allow	VERB
fsr-3287	86	7	for	for	ADP
fsr-3287	86	8	possible	possible	ADJ
fsr-3287	86	9	principle	principle	ADJ
fsr-3287	86	10	exhaustion	exhaustion	NOUN
fsr-3287	86	11	has	have	VERB
fsr-3287	86	12	a	a	DET
fsr-3287	86	13	significant	significant	ADJ
fsr-3287	86	14	impact	impact	NOUN
fsr-3287	86	15	on	on	ADP
fsr-3287	86	16	the	the	DET
fsr-3287	86	17	allocation	allocation	NOUN
fsr-3287	86	18	decision	decision	NOUN
fsr-3287	86	19	between	between	ADP
fsr-3287	86	20	risk	risk	NOUN
fsr-3287	86	21	and	and	CCONJ
fsr-3287	86	22	risk	risk	NOUN
fsr-3287	86	23	-	-	PUNCT
fsr-3287	86	24	free	free	ADJ
fsr-3287	86	25	assets	asset	NOUN
fsr-3287	86	26	.	.	PUNCT
fsr-3287	87	1	given	give	VERB
fsr-3287	87	2	the	the	DET
fsr-3287	87	3	long	long	ADJ
fsr-3287	87	4	-	-	PUNCT
fsr-3287	87	5	term	term	NOUN
fsr-3287	87	6	application	application	NOUN
fsr-3287	87	7	of	of	ADP
fsr-3287	87	8	this	this	DET
fsr-3287	87	9	method	method	NOUN
fsr-3287	87	10	,	,	PUNCT
fsr-3287	87	11	the	the	DET
fsr-3287	87	12	allocation	allocation	NOUN
fsr-3287	87	13	mix	mix	NOUN
fsr-3287	87	14	can	can	AUX
fsr-3287	87	15	be	be	AUX
fsr-3287	87	16	examined	examine	VERB
fsr-3287	87	17	annually	annually	ADV
fsr-3287	87	18	using	use	VERB
fsr-3287	87	19	eq	eq	NOUN
fsr-3287	87	20	.	.	PUNCT
fsr-3287	88	1	(	(	PUNCT
fsr-3287	88	2	2	2	NUM
fsr-3287	88	3	)	)	PUNCT
fsr-3287	88	4	and	and	CCONJ
fsr-3287	88	5	the	the	DET
fsr-3287	88	6	portfolio	portfolio	NOUN
fsr-3287	88	7	modified	modify	VERB
fsr-3287	88	8	when	when	SCONJ
fsr-3287	88	9	appropriate	appropriate	ADJ
fsr-3287	88	10	.	.	PUNCT
fsr-3287	89	1	annual	annual	ADJ
fsr-3287	89	2	adjustment	adjustment	NOUN
fsr-3287	89	3	ensures	ensure	VERB
fsr-3287	89	4	long	long	ADJ
fsr-3287	89	5	term	term	NOUN
fsr-3287	89	6	sustainability	sustainability	NOUN
fsr-3287	89	7	of	of	ADP
fsr-3287	89	8	the	the	DET
fsr-3287	89	9	portfolio	portfolio	NOUN
fsr-3287	89	10	in	in	ADP
fsr-3287	89	11	line	line	NOUN
fsr-3287	89	12	with	with	ADP
fsr-3287	89	13	spending	spending	NOUN
fsr-3287	89	14	rules	rule	NOUN
fsr-3287	89	15	adjustments	adjustment	NOUN
fsr-3287	89	16	as	as	SCONJ
fsr-3287	89	17	proposed	propose	VERB
fsr-3287	89	18	by	by	ADP
fsr-3287	89	19	waring	waring	NOUN
fsr-3287	89	20	and	and	CCONJ
fsr-3287	89	21	siegel	siegel	PROPN
fsr-3287	89	22	(	(	PUNCT
fsr-3287	89	23	2015).4	2015).4	NUM
fsr-3287	89	24	the	the	DET
fsr-3287	89	25	second	second	ADJ
fsr-3287	89	26	step	step	NOUN
fsr-3287	89	27	in	in	ADP
fsr-3287	89	28	this	this	DET
fsr-3287	89	29	approach	approach	NOUN
fsr-3287	89	30	to	to	ADP
fsr-3287	89	31	managing	manage	VERB
fsr-3287	89	32	retirement	retirement	NOUN
fsr-3287	89	33	assets	asset	NOUN
fsr-3287	89	34	is	be	AUX
fsr-3287	89	35	to	to	PART
fsr-3287	89	36	maximize	maximize	VERB
fsr-3287	89	37	the	the	DET
fsr-3287	89	38	expected	expect	VERB
fsr-3287	89	39	return	return	NOUN
fsr-3287	89	40	by	by	ADP
fsr-3287	89	41	leveraging	leverage	VERB
fsr-3287	89	42	the	the	DET
fsr-3287	89	43	risk	risk	NOUN
fsr-3287	89	44	portion	portion	NOUN
fsr-3287	89	45	of	of	ADP
fsr-3287	89	46	the	the	DET
fsr-3287	89	47	portfolio	portfolio	NOUN
fsr-3287	89	48	.	.	PUNCT
fsr-3287	90	1	using	use	VERB
fsr-3287	90	2	leverage	leverage	NOUN
fsr-3287	90	3	in	in	ADP
fsr-3287	90	4	the	the	DET
fsr-3287	90	5	risk	risk	NOUN
fsr-3287	90	6	allocation	allocation	NOUN
fsr-3287	90	7	of	of	ADP
fsr-3287	90	8	the	the	DET
fsr-3287	90	9	portfolio	portfolio	NOUN
fsr-3287	90	10	can	can	AUX
fsr-3287	90	11	better	well	ADV
fsr-3287	90	12	achieve	achieve	VERB
fsr-3287	90	13	the	the	DET
fsr-3287	90	14	long	long	ADJ
fsr-3287	90	15	term	term	NOUN
fsr-3287	90	16	capital	capital	NOUN
fsr-3287	90	17	preservation	preservation	NOUN
fsr-3287	90	18	aim	aim	NOUN
fsr-3287	90	19	of	of	ADP
fsr-3287	90	20	the	the	DET
fsr-3287	90	21	portfolio	portfolio	NOUN
fsr-3287	90	22	holder	holder	NOUN
fsr-3287	90	23	.	.	PUNCT
fsr-3287	91	1	a	a	DET
fsr-3287	91	2	leveraged	leverage	VERB
fsr-3287	91	3	investment	investment	NOUN
fsr-3287	91	4	provides	provide	VERB
fsr-3287	91	5	benefit	benefit	NOUN
fsr-3287	91	6	to	to	ADP
fsr-3287	91	7	the	the	DET
fsr-3287	91	8	holder	holder	NOUN
fsr-3287	91	9	if	if	SCONJ
fsr-3287	91	10	the	the	DET
fsr-3287	91	11	investment	investment	NOUN
fsr-3287	91	12	return	return	NOUN
fsr-3287	91	13	(	(	PUNCT
fsr-3287	91	14	ri	ri	NOUN
fsr-3287	91	15	)	)	PUNCT
fsr-3287	91	16	exceeds	exceed	VERB
fsr-3287	91	17	the	the	DET
fsr-3287	91	18	cost	cost	NOUN
fsr-3287	91	19	of	of	ADP
fsr-3287	91	20	borrowing	borrowing	NOUN
fsr-3287	91	21	(	(	PUNCT
fsr-3287	91	22	rb	rb	NOUN
fsr-3287	91	23	)	)	PUNCT
fsr-3287	91	24	.	.	PUNCT
fsr-3287	92	1	the	the	DET
fsr-3287	92	2	leverage	leverage	NOUN
fsr-3287	92	3	and	and	CCONJ
fsr-3287	92	4	spread	spread	VERB
fsr-3287	92	5	between	between	ADP
fsr-3287	92	6	return	return	NOUN
fsr-3287	92	7	and	and	CCONJ
fsr-3287	92	8	borrowing	borrowing	NOUN
fsr-3287	92	9	costs	cost	NOUN
fsr-3287	92	10	can	can	AUX
fsr-3287	92	11	add	add	VERB
fsr-3287	92	12	expected	expect	VERB
fsr-3287	92	13	incremental	incremental	ADJ
fsr-3287	92	14	returns	return	NOUN
fsr-3287	92	15	to	to	ADP
fsr-3287	92	16	the	the	DET
fsr-3287	92	17	portfolio	portfolio	NOUN
fsr-3287	92	18	that	that	PRON
fsr-3287	92	19	is	be	AUX
fsr-3287	92	20	expressed	express	VERB
fsr-3287	92	21	in	in	ADP
fsr-3287	92	22	the	the	DET
fsr-3287	92	23	following	follow	VERB
fsr-3287	92	24	equation	equation	NOUN
fsr-3287	92	25	:	:	PUNCT
fsr-3287	92	26	rp	rp	PROPN
fsr-3287	92	27	�	�	PROPN
fsr-3287	92	28	ri	ri	PROPN
fsr-3287	92	29	�	�	PROPN
fsr-3287	92	30	�	�	PROPN
fsr-3287	92	31	ri	ri	PROPN
fsr-3287	92	32	�	�	PROPN
fsr-3287	92	33	rb	rb	PROPN
fsr-3287	92	34	�	�	PROPN
fsr-3287	92	35	�	�	PROPN
fsr-3287	92	36	n	n	CCONJ
fsr-3287	92	37	�	�	PROPN
fsr-3287	92	38	1	1	NUM
fsr-3287	92	39	�	�	PROPN
fsr-3287	92	40	,	,	PUNCT
fsr-3287	92	41	(	(	PUNCT
fsr-3287	92	42	3	3	X
fsr-3287	92	43	)	)	PUNCT
fsr-3287	92	44	418	418	NUM
fsr-3287	93	1	r.a	r.a	PROPN
fsr-3287	93	2	.	.	PROPN
fsr-3287	93	3	ott	ott	PROPN
fsr-3287	93	4	,	,	PUNCT
fsr-3287	93	5	t.e	t.e	PROPN
fsr-3287	93	6	.	.	PROPN
fsr-3287	93	7	zimmer	zimmer	PROPN
fsr-3287	93	8	/	/	SYM
fsr-3287	93	9	financial	financial	ADJ
fsr-3287	93	10	services	service	NOUN
fsr-3287	93	11	review	review	VERB
fsr-3287	93	12	25	25	NUM
fsr-3287	93	13	(	(	PUNCT
fsr-3287	93	14	2016	2016	NUM
fsr-3287	93	15	)	)	PUNCT
fsr-3287	93	16	415–425	415–425	NUM
fsr-3287	93	17	where	where	SCONJ
fsr-3287	93	18	rp	rp	NOUN
fsr-3287	93	19	is	be	AUX
fsr-3287	93	20	the	the	DET
fsr-3287	93	21	expected	expect	VERB
fsr-3287	93	22	return	return	NOUN
fsr-3287	93	23	on	on	ADP
fsr-3287	93	24	the	the	DET
fsr-3287	93	25	portfolio	portfolio	NOUN
fsr-3287	93	26	using	use	VERB
fsr-3287	93	27	a	a	DET
fsr-3287	93	28	leverage	leverage	NOUN
fsr-3287	93	29	multiple	multiple	NOUN
fsr-3287	93	30	of	of	ADP
fsr-3287	93	31	n	n	CCONJ
fsr-3287	93	32	,	,	PUNCT
fsr-3287	93	33	represented	represent	VERB
fsr-3287	93	34	as	as	ADP
fsr-3287	93	35	the	the	DET
fsr-3287	93	36	ratio	ratio	NOUN
fsr-3287	93	37	of	of	ADP
fsr-3287	93	38	the	the	DET
fsr-3287	93	39	portfolio	portfolio	NOUN
fsr-3287	93	40	to	to	ADP
fsr-3287	93	41	the	the	DET
fsr-3287	93	42	equity	equity	NOUN
fsr-3287	93	43	investment	investment	NOUN
fsr-3287	93	44	.	.	PUNCT
fsr-3287	94	1	the	the	DET
fsr-3287	94	2	expression	expression	NOUN
fsr-3287	94	3	n-1	n-1	NOUN
fsr-3287	94	4	in	in	ADP
fsr-3287	94	5	this	this	DET
fsr-3287	94	6	equation	equation	NOUN
fsr-3287	94	7	is	be	AUX
fsr-3287	94	8	the	the	DET
fsr-3287	94	9	debt	debt	NOUN
fsr-3287	94	10	-	-	PUNCT
fsr-3287	94	11	to	to	ADP
fsr-3287	94	12	-	-	PUNCT
fsr-3287	94	13	equity	equity	NOUN
fsr-3287	94	14	ratio	ratio	NOUN
fsr-3287	94	15	.	.	PUNCT
fsr-3287	95	1	as	as	ADP
fsr-3287	95	2	an	an	DET
fsr-3287	95	3	example	example	NOUN
fsr-3287	95	4	,	,	PUNCT
fsr-3287	95	5	an	an	DET
fsr-3287	95	6	investment	investment	NOUN
fsr-3287	95	7	yielding	yield	VERB
fsr-3287	95	8	8	8	NUM
fsr-3287	95	9	%	%	NOUN
fsr-3287	95	10	that	that	PRON
fsr-3287	95	11	is	be	AUX
fsr-3287	95	12	leveraged	leverage	VERB
fsr-3287	95	13	three	three	NUM
fsr-3287	95	14	times	time	NOUN
fsr-3287	95	15	,	,	PUNCT
fsr-3287	95	16	with	with	ADP
fsr-3287	95	17	borrowings	borrowing	NOUN
fsr-3287	95	18	costing	cost	VERB
fsr-3287	95	19	2	2	NUM
fsr-3287	95	20	%	%	NOUN
fsr-3287	95	21	,	,	PUNCT
fsr-3287	95	22	yields	yield	VERB
fsr-3287	95	23	an	an	DET
fsr-3287	95	24	expected	expected	ADJ
fsr-3287	95	25	portfolio	portfolio	NOUN
fsr-3287	95	26	return	return	NOUN
fsr-3287	95	27	of	of	ADP
fsr-3287	95	28	20	20	NUM
fsr-3287	95	29	%	%	NOUN
fsr-3287	96	1	[	[	X
fsr-3287	96	2	8	8	NUM
fsr-3287	96	3	%	%	NOUN
fsr-3287	96	4	�	�	PROPN
fsr-3287	96	5	(	(	PUNCT
fsr-3287	96	6	8%–2	8%–2	NUM
fsr-3287	96	7	%	%	NOUN
fsr-3287	96	8	)	)	PUNCT
fsr-3287	96	9	(	(	PUNCT
fsr-3287	96	10	3–1	3–1	NOUN
fsr-3287	96	11	)	)	PUNCT
fsr-3287	96	12	]	]	PUNCT
fsr-3287	96	13	.	.	PUNCT
fsr-3287	97	1	as	as	ADV
fsr-3287	97	2	long	long	ADV
fsr-3287	97	3	as	as	SCONJ
fsr-3287	97	4	the	the	DET
fsr-3287	97	5	expected	expect	VERB
fsr-3287	97	6	investment	investment	NOUN
fsr-3287	97	7	return	return	NOUN
fsr-3287	97	8	exceeds	exceed	VERB
fsr-3287	97	9	the	the	DET
fsr-3287	97	10	cost	cost	NOUN
fsr-3287	97	11	of	of	ADP
fsr-3287	97	12	borrowing	borrowing	NOUN
fsr-3287	97	13	,	,	PUNCT
fsr-3287	97	14	eq	eq	NOUN
fsr-3287	97	15	.	.	PUNCT
fsr-3287	98	1	(	(	PUNCT
fsr-3287	98	2	2	2	X
fsr-3287	98	3	)	)	PUNCT
fsr-3287	98	4	suggests	suggest	VERB
fsr-3287	98	5	that	that	SCONJ
fsr-3287	98	6	investors	investor	NOUN
fsr-3287	98	7	could	could	AUX
fsr-3287	98	8	benefit	benefit	VERB
fsr-3287	98	9	from	from	ADP
fsr-3287	98	10	ever	ever	ADV
fsr-3287	98	11	-	-	PUNCT
fsr-3287	98	12	increasing	increase	VERB
fsr-3287	98	13	levels	level	NOUN
fsr-3287	98	14	of	of	ADP
fsr-3287	98	15	leverage	leverage	NOUN
fsr-3287	98	16	.	.	PUNCT
fsr-3287	99	1	in	in	ADP
fsr-3287	99	2	a	a	DET
fsr-3287	99	3	world	world	NOUN
fsr-3287	99	4	of	of	ADP
fsr-3287	99	5	constant	constant	ADJ
fsr-3287	99	6	returns	return	NOUN
fsr-3287	99	7	,	,	PUNCT
fsr-3287	99	8	increasing	increase	VERB
fsr-3287	99	9	levels	level	NOUN
fsr-3287	99	10	of	of	ADP
fsr-3287	99	11	leverage	leverage	NOUN
fsr-3287	99	12	generate	generate	VERB
fsr-3287	99	13	infinite	infinite	ADJ
fsr-3287	99	14	returns	return	NOUN
fsr-3287	99	15	on	on	ADP
fsr-3287	99	16	the	the	DET
fsr-3287	99	17	leveraged	leverage	VERB
fsr-3287	99	18	portfolio.5	portfolio.5	NOUN
fsr-3287	99	19	however	however	ADV
fsr-3287	99	20	,	,	PUNCT
fsr-3287	99	21	investment	investment	NOUN
fsr-3287	99	22	returns	return	NOUN
fsr-3287	99	23	are	be	AUX
fsr-3287	99	24	not	not	PART
fsr-3287	99	25	constant	constant	ADJ
fsr-3287	99	26	and	and	CCONJ
fsr-3287	99	27	portfolio	portfolio	NOUN
fsr-3287	99	28	returns	return	NOUN
fsr-3287	99	29	from	from	ADP
fsr-3287	99	30	ever	ever	ADV
fsr-3287	99	31	-	-	PUNCT
fsr-3287	99	32	increasing	increase	VERB
fsr-3287	99	33	leverage	leverage	NOUN
fsr-3287	99	34	are	be	AUX
fsr-3287	99	35	bounded	bound	VERB
fsr-3287	99	36	.	.	PUNCT
fsr-3287	100	1	a	a	DET
fsr-3287	100	2	limiting	limit	VERB
fsr-3287	100	3	factor	factor	NOUN
fsr-3287	100	4	on	on	ADP
fsr-3287	100	5	investment	investment	NOUN
fsr-3287	100	6	leverage	leverage	NOUN
fsr-3287	100	7	is	be	AUX
fsr-3287	100	8	volatility	volatility	NOUN
fsr-3287	100	9	drag	drag	NOUN
fsr-3287	100	10	,	,	PUNCT
fsr-3287	100	11	as	as	SCONJ
fsr-3287	100	12	implied	imply	VERB
fsr-3287	100	13	in	in	ADP
fsr-3287	100	14	the	the	DET
fsr-3287	100	15	scott	scott	PROPN
fsr-3287	100	16	and	and	CCONJ
fsr-3287	100	17	watson	watson	PROPN
fsr-3287	100	18	(	(	PUNCT
fsr-3287	100	19	2013	2013	NUM
fsr-3287	100	20	)	)	PUNCT
fsr-3287	100	21	analysis	analysis	NOUN
fsr-3287	100	22	.	.	PUNCT
fsr-3287	101	1	the	the	DET
fsr-3287	101	2	application	application	NOUN
fsr-3287	101	3	of	of	ADP
fsr-3287	101	4	leverage	leverage	NOUN
fsr-3287	101	5	within	within	ADP
fsr-3287	101	6	a	a	DET
fsr-3287	101	7	portfolio	portfolio	NOUN
fsr-3287	101	8	increases	increase	VERB
fsr-3287	101	9	the	the	DET
fsr-3287	101	10	potential	potential	NOUN
fsr-3287	101	11	of	of	ADP
fsr-3287	101	12	higher	high	ADJ
fsr-3287	101	13	returns	return	NOUN
fsr-3287	101	14	.	.	PUNCT
fsr-3287	102	1	however	however	ADV
fsr-3287	102	2	,	,	PUNCT
fsr-3287	102	3	the	the	DET
fsr-3287	102	4	downside	downside	NOUN
fsr-3287	102	5	of	of	ADP
fsr-3287	102	6	increased	increase	VERB
fsr-3287	102	7	portfolio	portfolio	NOUN
fsr-3287	102	8	leverage	leverage	NOUN
fsr-3287	102	9	is	be	AUX
fsr-3287	102	10	cost	cost	NOUN
fsr-3287	102	11	of	of	ADP
fsr-3287	102	12	volatility	volatility	NOUN
fsr-3287	102	13	drag	drag	NOUN
fsr-3287	102	14	as	as	SCONJ
fsr-3287	102	15	noted	note	VERB
fsr-3287	102	16	by	by	ADP
fsr-3287	102	17	many	many	ADJ
fsr-3287	102	18	including	include	VERB
fsr-3287	102	19	booth	booth	NOUN
fsr-3287	102	20	and	and	CCONJ
fsr-3287	102	21	fama	fama	PROPN
fsr-3287	102	22	(	(	PUNCT
fsr-3287	102	23	1992	1992	NUM
fsr-3287	102	24	)	)	PUNCT
fsr-3287	102	25	,	,	PUNCT
fsr-3287	102	26	messmore	messmore	NOUN
fsr-3287	102	27	(	(	PUNCT
fsr-3287	102	28	1995	1995	NUM
fsr-3287	102	29	)	)	PUNCT
fsr-3287	102	30	,	,	PUNCT
fsr-3287	102	31	sullivan	sullivan	PROPN
fsr-3287	102	32	(	(	PUNCT
fsr-3287	102	33	2009	2009	NUM
fsr-3287	102	34	)	)	PUNCT
fsr-3287	102	35	,	,	PUNCT
fsr-3287	102	36	and	and	CCONJ
fsr-3287	102	37	jarrow	jarrow	PROPN
fsr-3287	102	38	(	(	PUNCT
fsr-3287	102	39	2010	2010	NUM
fsr-3287	102	40	)	)	PUNCT
fsr-3287	102	41	.	.	PUNCT
fsr-3287	103	1	volatility	volatility	NOUN
fsr-3287	103	2	drag	drag	PROPN
fsr-3287	103	3	is	be	AUX
fsr-3287	103	4	the	the	DET
fsr-3287	103	5	difference	difference	NOUN
fsr-3287	103	6	between	between	ADP
fsr-3287	103	7	the	the	DET
fsr-3287	103	8	arithmetic	arithmetic	NOUN
fsr-3287	103	9	and	and	CCONJ
fsr-3287	103	10	the	the	DET
fsr-3287	103	11	geometric	geometric	ADJ
fsr-3287	103	12	average	average	ADJ
fsr-3287	103	13	returns	return	NOUN
fsr-3287	103	14	.	.	PUNCT
fsr-3287	104	1	as	as	ADP
fsr-3287	104	2	an	an	DET
fsr-3287	104	3	illustration	illustration	NOUN
fsr-3287	104	4	,	,	PUNCT
fsr-3287	104	5	scott	scott	PROPN
fsr-3287	104	6	and	and	CCONJ
fsr-3287	104	7	watson	watson	PROPN
fsr-3287	104	8	(	(	PUNCT
fsr-3287	104	9	pp	pp	ADJ
fsr-3287	104	10	.	.	PUNCT
fsr-3287	105	1	55–56	55–56	NUM
fsr-3287	105	2	)	)	PUNCT
fsr-3287	105	3	used	use	VERB
fsr-3287	105	4	the	the	DET
fsr-3287	105	5	example	example	NOUN
fsr-3287	105	6	of	of	ADP
fsr-3287	105	7	an	an	DET
fsr-3287	105	8	investment	investment	NOUN
fsr-3287	105	9	that	that	PRON
fsr-3287	105	10	over	over	ADP
fsr-3287	105	11	the	the	DET
fsr-3287	105	12	course	course	NOUN
fsr-3287	105	13	of	of	ADP
fsr-3287	105	14	250	250	NUM
fsr-3287	105	15	days	day	NOUN
fsr-3287	105	16	randomly	randomly	ADV
fsr-3287	105	17	earns	earn	VERB
fsr-3287	105	18	1	1	NUM
fsr-3287	105	19	%	%	NOUN
fsr-3287	105	20	half	half	DET
fsr-3287	105	21	the	the	DET
fsr-3287	105	22	days	day	NOUN
fsr-3287	105	23	while	while	SCONJ
fsr-3287	105	24	losing	lose	VERB
fsr-3287	105	25	1	1	NUM
fsr-3287	105	26	%	%	NOUN
fsr-3287	105	27	on	on	ADP
fsr-3287	105	28	the	the	DET
fsr-3287	105	29	other	other	ADJ
fsr-3287	105	30	half	half	NOUN
fsr-3287	105	31	.	.	PUNCT
fsr-3287	106	1	while	while	SCONJ
fsr-3287	106	2	this	this	DET
fsr-3287	106	3	investment	investment	NOUN
fsr-3287	106	4	yields	yield	VERB
fsr-3287	106	5	an	an	DET
fsr-3287	106	6	arithmetic	arithmetic	ADJ
fsr-3287	106	7	return	return	NOUN
fsr-3287	106	8	of	of	ADP
fsr-3287	106	9	zero	zero	NUM
fsr-3287	106	10	,	,	PUNCT
fsr-3287	106	11	the	the	DET
fsr-3287	106	12	geometric	geometric	ADJ
fsr-3287	106	13	return	return	NOUN
fsr-3287	106	14	is	be	AUX
fsr-3287	106	15	�	�	NOUN
fsr-3287	106	16	1.24	1.24	NUM
fsr-3287	106	17	%	%	NOUN
fsr-3287	106	18	.	.	PUNCT
fsr-3287	107	1	in	in	ADP
fsr-3287	107	2	this	this	DET
fsr-3287	107	3	example	example	NOUN
fsr-3287	107	4	,	,	PUNCT
fsr-3287	107	5	the	the	DET
fsr-3287	107	6	volatility	volatility	NOUN
fsr-3287	107	7	drag	drag	NOUN
fsr-3287	107	8	is	be	AUX
fsr-3287	107	9	the	the	DET
fsr-3287	107	10	1.24	1.24	NUM
fsr-3287	107	11	%	%	NOUN
fsr-3287	107	12	.	.	PUNCT
fsr-3287	108	1	for	for	ADP
fsr-3287	108	2	normally	normally	ADV
fsr-3287	108	3	distributed	distribute	VERB
fsr-3287	108	4	returns	return	NOUN
fsr-3287	108	5	,	,	PUNCT
fsr-3287	108	6	the	the	DET
fsr-3287	108	7	relationship	relationship	NOUN
fsr-3287	108	8	between	between	ADP
fsr-3287	108	9	the	the	DET
fsr-3287	108	10	arithmetic	arithmetic	ADJ
fsr-3287	108	11	and	and	CCONJ
fsr-3287	108	12	geometric	geometric	ADJ
fsr-3287	108	13	returns	return	NOUN
fsr-3287	108	14	can	can	AUX
fsr-3287	108	15	be	be	AUX
fsr-3287	108	16	expressed	express	VERB
fsr-3287	108	17	more	more	ADV
fsr-3287	108	18	generally	generally	ADV
fsr-3287	108	19	as6	as6	ADP
fsr-3287	108	20	rn	rn	PROPN
fsr-3287	108	21	�	�	PROPN
fsr-3287	108	22	rp	rp	PROPN
fsr-3287	108	23	�	�	PROPN
fsr-3287	108	24	1⁄2	1⁄2	PROPN
fsr-3287	108	25	�	�	PROPN
fsr-3287	108	26	�	�	PROPN
fsr-3287	108	27	n	n	CCONJ
fsr-3287	108	28	2	2	NUM
fsr-3287	108	29	�	�	PROPN
fsr-3287	108	30	,	,	PUNCT
fsr-3287	108	31	(	(	PUNCT
fsr-3287	108	32	4	4	NUM
fsr-3287	108	33	)	)	PUNCT
fsr-3287	108	34	where	where	SCONJ
fsr-3287	108	35	rp	rp	NOUN
fsr-3287	108	36	represents	represent	VERB
fsr-3287	108	37	the	the	DET
fsr-3287	108	38	arithmetic	arithmetic	ADJ
fsr-3287	108	39	return	return	NOUN
fsr-3287	108	40	,	,	PUNCT
fsr-3287	108	41	rn	rn	ADP
fsr-3287	108	42	the	the	DET
fsr-3287	108	43	geometric	geometric	ADJ
fsr-3287	108	44	return	return	NOUN
fsr-3287	108	45	,	,	PUNCT
fsr-3287	108	46	and	and	CCONJ
fsr-3287	108	47	�	�	PROPN
fsr-3287	108	48	n	n	ADP
fsr-3287	108	49	2	2	NUM
fsr-3287	108	50	the	the	DET
fsr-3287	108	51	variance	variance	NOUN
fsr-3287	108	52	of	of	ADP
fsr-3287	108	53	the	the	DET
fsr-3287	108	54	returns	return	NOUN
fsr-3287	108	55	.	.	PUNCT
fsr-3287	109	1	in	in	ADP
fsr-3287	109	2	the	the	DET
fsr-3287	109	3	previous	previous	ADJ
fsr-3287	109	4	example	example	NOUN
fsr-3287	109	5	,	,	PUNCT
fsr-3287	109	6	the	the	DET
fsr-3287	109	7	arthritic	arthritic	ADJ
fsr-3287	109	8	return	return	NOUN
fsr-3287	109	9	is	be	AUX
fsr-3287	109	10	zero	zero	NUM
fsr-3287	109	11	and	and	CCONJ
fsr-3287	109	12	the	the	DET
fsr-3287	109	13	variance	variance	NOUN
fsr-3287	109	14	is	be	AUX
fsr-3287	109	15	2.50%.7	2.50%.7	NUM
fsr-3287	109	16	if	if	SCONJ
fsr-3287	109	17	the	the	DET
fsr-3287	109	18	returns	return	NOUN
fsr-3287	109	19	were	be	AUX
fsr-3287	109	20	normally	normally	ADV
fsr-3287	109	21	distributed	distribute	VERB
fsr-3287	109	22	,	,	PUNCT
fsr-3287	109	23	the	the	DET
fsr-3287	109	24	geometric	geometric	ADJ
fsr-3287	109	25	return	return	NOUN
fsr-3287	109	26	on	on	ADP
fsr-3287	109	27	the	the	DET
fsr-3287	109	28	investment	investment	NOUN
fsr-3287	109	29	would	would	AUX
fsr-3287	109	30	be	be	AUX
fsr-3287	109	31	a	a	DET
fsr-3287	109	32	�	�	NOUN
fsr-3287	109	33	1.25	1.25	NUM
fsr-3287	109	34	%	%	NOUN
fsr-3287	109	35	,	,	PUNCT
fsr-3287	109	36	instead	instead	ADV
fsr-3287	109	37	of	of	ADP
fsr-3287	109	38	the	the	DET
fsr-3287	109	39	actual	actual	ADJ
fsr-3287	109	40	�	�	PROPN
fsr-3287	109	41	1.24	1.24	NUM
fsr-3287	109	42	%	%	NOUN
fsr-3287	109	43	.	.	PUNCT
fsr-3287	110	1	the	the	DET
fsr-3287	110	2	volatility	volatility	NOUN
fsr-3287	110	3	drag	drag	NOUN
fsr-3287	110	4	is	be	AUX
fsr-3287	110	5	one	one	NUM
fsr-3287	110	6	-	-	PUNCT
fsr-3287	110	7	half	half	NOUN
fsr-3287	110	8	the	the	DET
fsr-3287	110	9	variance	variance	NOUN
fsr-3287	110	10	of	of	ADP
fsr-3287	110	11	the	the	DET
fsr-3287	110	12	returns	return	NOUN
fsr-3287	110	13	.	.	PUNCT
fsr-3287	111	1	the	the	DET
fsr-3287	111	2	aim	aim	NOUN
fsr-3287	111	3	of	of	ADP
fsr-3287	111	4	a	a	DET
fsr-3287	111	5	leveraged	leverage	VERB
fsr-3287	111	6	investment	investment	NOUN
fsr-3287	111	7	is	be	AUX
fsr-3287	111	8	to	to	PART
fsr-3287	111	9	increase	increase	VERB
fsr-3287	111	10	the	the	DET
fsr-3287	111	11	expected	expected	ADJ
fsr-3287	111	12	portfolio	portfolio	NOUN
fsr-3287	111	13	return	return	NOUN
fsr-3287	111	14	.	.	PUNCT
fsr-3287	112	1	however	however	ADV
fsr-3287	112	2	,	,	PUNCT
fsr-3287	112	3	a	a	DET
fsr-3287	112	4	leveraged	leverage	VERB
fsr-3287	112	5	investment	investment	NOUN
fsr-3287	112	6	also	also	ADV
fsr-3287	112	7	increases	increase	VERB
fsr-3287	112	8	the	the	DET
fsr-3287	112	9	volatility	volatility	NOUN
fsr-3287	112	10	drag	drag	VERB
fsr-3287	112	11	because	because	SCONJ
fsr-3287	112	12	the	the	DET
fsr-3287	112	13	increase	increase	NOUN
fsr-3287	112	14	in	in	ADP
fsr-3287	112	15	volatility	volatility	NOUN
fsr-3287	112	16	of	of	ADP
fsr-3287	112	17	leveraged	leveraged	ADJ
fsr-3287	112	18	assets	asset	NOUN
fsr-3287	112	19	carries	carry	VERB
fsr-3287	112	20	more	more	ADJ
fsr-3287	112	21	risk	risk	NOUN
fsr-3287	112	22	.	.	PUNCT
fsr-3287	113	1	the	the	DET
fsr-3287	113	2	general	general	ADJ
fsr-3287	113	3	expression	expression	NOUN
fsr-3287	113	4	for	for	ADP
fsr-3287	113	5	the	the	DET
fsr-3287	113	6	variance	variance	NOUN
fsr-3287	113	7	of	of	ADP
fsr-3287	113	8	an	an	DET
fsr-3287	113	9	investment	investment	NOUN
fsr-3287	113	10	leveraged	leverage	VERB
fsr-3287	113	11	n	n	NUM
fsr-3287	113	12	times	time	NOUN
fsr-3287	113	13	is	be	AUX
fsr-3287	113	14	the	the	DET
fsr-3287	113	15	product	product	NOUN
fsr-3287	113	16	of	of	ADP
fsr-3287	113	17	the	the	DET
fsr-3287	113	18	variance	variance	NOUN
fsr-3287	113	19	of	of	ADP
fsr-3287	113	20	the	the	DET
fsr-3287	113	21	investment	investment	NOUN
fsr-3287	113	22	and	and	CCONJ
fsr-3287	113	23	the	the	DET
fsr-3287	113	24	squared	square	VERB
fsr-3287	113	25	multiple	multiple	NOUN
fsr-3287	113	26	as	as	SCONJ
fsr-3287	113	27	shown	show	VERB
fsr-3287	113	28	below	below	ADP
fsr-3287	113	29	.	.	PUNCT
fsr-3287	114	1	�	�	PROPN
fsr-3287	114	2	n	n	CCONJ
fsr-3287	114	3	2	2	NUM
fsr-3287	114	4	�	�	PROPN
fsr-3287	114	5	�	�	PROPN
fsr-3287	114	6	2n2	2n2	NUM
fsr-3287	114	7	.	.	PUNCT
fsr-3287	115	1	(	(	PUNCT
fsr-3287	115	2	5	5	NUM
fsr-3287	115	3	)	)	PUNCT
fsr-3287	115	4	as	as	SCONJ
fsr-3287	115	5	more	more	ADJ
fsr-3287	115	6	leverage	leverage	NOUN
fsr-3287	115	7	is	be	AUX
fsr-3287	115	8	applied	apply	VERB
fsr-3287	115	9	,	,	PUNCT
fsr-3287	115	10	the	the	DET
fsr-3287	115	11	return	return	NOUN
fsr-3287	115	12	volatility	volatility	NOUN
fsr-3287	115	13	of	of	ADP
fsr-3287	115	14	the	the	DET
fsr-3287	115	15	asset	asset	NOUN
fsr-3287	115	16	increases	increase	VERB
fsr-3287	115	17	as	as	ADV
fsr-3287	115	18	well	well	ADV
fsr-3287	115	19	as	as	ADP
fsr-3287	115	20	the	the	DET
fsr-3287	115	21	resulting	result	VERB
fsr-3287	115	22	volatility	volatility	NOUN
fsr-3287	115	23	drag	drag	VERB
fsr-3287	115	24	.	.	PUNCT
fsr-3287	116	1	for	for	ADP
fsr-3287	116	2	example	example	NOUN
fsr-3287	116	3	,	,	PUNCT
fsr-3287	116	4	if	if	SCONJ
fsr-3287	116	5	the	the	DET
fsr-3287	116	6	investment	investment	NOUN
fsr-3287	116	7	example	example	NOUN
fsr-3287	116	8	of	of	ADP
fsr-3287	116	9	scott	scott	PROPN
fsr-3287	116	10	and	and	CCONJ
fsr-3287	116	11	watson	watson	PROPN
fsr-3287	116	12	illustrated	illustrate	VERB
fsr-3287	116	13	above	above	ADV
fsr-3287	116	14	is	be	AUX
fsr-3287	116	15	leveraged	leverage	VERB
fsr-3287	116	16	three	three	NUM
fsr-3287	116	17	times	time	NOUN
fsr-3287	116	18	,	,	PUNCT
fsr-3287	116	19	the	the	DET
fsr-3287	116	20	arithmetic	arithmetic	ADJ
fsr-3287	116	21	return	return	NOUN
fsr-3287	116	22	remains	remain	VERB
fsr-3287	116	23	at	at	ADP
fsr-3287	116	24	zero	zero	NUM
fsr-3287	116	25	percentage	percentage	NOUN
fsr-3287	116	26	,	,	PUNCT
fsr-3287	116	27	while	while	SCONJ
fsr-3287	116	28	the	the	DET
fsr-3287	116	29	geometric	geometric	ADJ
fsr-3287	116	30	return	return	NOUN
fsr-3287	116	31	is	be	AUX
fsr-3287	116	32	estimated	estimate	VERB
fsr-3287	116	33	to	to	PART
fsr-3287	116	34	lose	lose	VERB
fsr-3287	116	35	11.25%.8	11.25%.8	NUM
fsr-3287	116	36	the	the	DET
fsr-3287	116	37	increasing	increase	VERB
fsr-3287	116	38	volatility	volatility	NOUN
fsr-3287	116	39	drag	drag	NOUN
fsr-3287	116	40	functions	function	NOUN
fsr-3287	116	41	as	as	ADP
fsr-3287	116	42	a	a	DET
fsr-3287	116	43	binding	bind	VERB
fsr-3287	116	44	constraint	constraint	NOUN
fsr-3287	116	45	to	to	ADP
fsr-3287	116	46	increases	increase	NOUN
fsr-3287	116	47	in	in	ADP
fsr-3287	116	48	the	the	DET
fsr-3287	116	49	portfolio	portfolio	NOUN
fsr-3287	116	50	return	return	NOUN
fsr-3287	116	51	from	from	ADP
fsr-3287	116	52	the	the	DET
fsr-3287	116	53	deployment	deployment	NOUN
fsr-3287	116	54	of	of	ADP
fsr-3287	116	55	portfolio	portfolio	NOUN
fsr-3287	116	56	leverage	leverage	NOUN
fsr-3287	116	57	.	.	PUNCT
fsr-3287	117	1	the	the	DET
fsr-3287	117	2	return	return	NOUN
fsr-3287	117	3	on	on	ADP
fsr-3287	117	4	an	an	DET
fsr-3287	117	5	investment	investment	NOUN
fsr-3287	117	6	with	with	ADP
fsr-3287	117	7	leverage	leverage	NOUN
fsr-3287	117	8	n	n	NUM
fsr-3287	117	9	can	can	AUX
fsr-3287	117	10	be	be	AUX
fsr-3287	117	11	derived	derive	VERB
fsr-3287	117	12	by	by	ADP
fsr-3287	117	13	combining	combine	VERB
fsr-3287	117	14	eqs	eqs	PROPN
fsr-3287	117	15	.	.	PUNCT
fsr-3287	118	1	(	(	PUNCT
fsr-3287	118	2	3	3	X
fsr-3287	118	3	)	)	PUNCT
fsr-3287	118	4	through	through	ADP
fsr-3287	118	5	(	(	PUNCT
fsr-3287	118	6	5	5	NUM
fsr-3287	118	7	)	)	PUNCT
fsr-3287	118	8	as	as	SCONJ
fsr-3287	118	9	shown	show	VERB
fsr-3287	118	10	in	in	ADP
fsr-3287	118	11	the	the	DET
fsr-3287	118	12	following	follow	VERB
fsr-3287	118	13	expression	expression	NOUN
fsr-3287	118	14	.	.	PUNCT
fsr-3287	119	1	419r.a	419r.a	NOUN
fsr-3287	119	2	.	.	PUNCT
fsr-3287	120	1	ott	ott	PROPN
fsr-3287	120	2	,	,	PUNCT
fsr-3287	120	3	t.e	t.e	PROPN
fsr-3287	120	4	.	.	PROPN
fsr-3287	120	5	zimmer	zimmer	PROPN
fsr-3287	120	6	/	/	SYM
fsr-3287	120	7	financial	financial	ADJ
fsr-3287	120	8	services	service	NOUN
fsr-3287	120	9	review	review	VERB
fsr-3287	120	10	25	25	NUM
fsr-3287	120	11	(	(	PUNCT
fsr-3287	120	12	2016	2016	NUM
fsr-3287	120	13	)	)	PUNCT
fsr-3287	120	14	415–425	415–425	NUM
fsr-3287	120	15	rn	rn	PROPN
fsr-3287	120	16	�	�	PROPN
fsr-3287	120	17	ri	ri	PROPN
fsr-3287	120	18	�	�	PROPN
fsr-3287	120	19	�	�	PROPN
fsr-3287	120	20	ri	ri	PROPN
fsr-3287	120	21	�	�	PROPN
fsr-3287	120	22	rb	rb	PROPN
fsr-3287	120	23	�	�	PROPN
fsr-3287	120	24	�	�	PROPN
fsr-3287	120	25	n-1	n-1	PROPN
fsr-3287	120	26	�	�	PROPN
fsr-3287	120	27	�	�	PROPN
fsr-3287	120	28	1⁄2	1⁄2	PROPN
fsr-3287	120	29	�	�	PROPN
fsr-3287	120	30	�	�	PROPN
fsr-3287	120	31	2n2	2n2	NUM
fsr-3287	120	32	�	�	NOUN
fsr-3287	120	33	,9	,9	PUNCT
fsr-3287	120	34	(	(	PUNCT
fsr-3287	120	35	6	6	NUM
fsr-3287	120	36	)	)	PUNCT
fsr-3287	120	37	where	where	SCONJ
fsr-3287	120	38	one	one	NUM
fsr-3287	120	39	-	-	PUNCT
fsr-3287	120	40	half	half	DET
fsr-3287	120	41	the	the	DET
fsr-3287	120	42	variance	variance	NOUN
fsr-3287	120	43	of	of	ADP
fsr-3287	120	44	the	the	DET
fsr-3287	120	45	leveraged	leverage	VERB
fsr-3287	120	46	investment	investment	NOUN
fsr-3287	120	47	of	of	ADP
fsr-3287	120	48	eq	eq	PROPN
fsr-3287	120	49	.	.	PUNCT
fsr-3287	121	1	(	(	PUNCT
fsr-3287	121	2	5	5	NUM
fsr-3287	121	3	)	)	PUNCT
fsr-3287	121	4	represents	represent	VERB
fsr-3287	121	5	the	the	DET
fsr-3287	121	6	volatility	volatility	NOUN
fsr-3287	121	7	drag	drag	VERB
fsr-3287	121	8	.	.	PUNCT
fsr-3287	122	1	when	when	SCONJ
fsr-3287	122	2	no	no	DET
fsr-3287	122	3	borrowings	borrowing	NOUN
fsr-3287	122	4	are	be	AUX
fsr-3287	122	5	used	use	VERB
fsr-3287	122	6	,	,	PUNCT
fsr-3287	122	7	n	n	PRON
fsr-3287	122	8	equals	equal	VERB
fsr-3287	122	9	one	one	NUM
fsr-3287	122	10	and	and	CCONJ
fsr-3287	122	11	eq	eq	NOUN
fsr-3287	122	12	.	.	PUNCT
fsr-3287	123	1	(	(	PUNCT
fsr-3287	123	2	6	6	NUM
fsr-3287	123	3	)	)	PUNCT
fsr-3287	123	4	simplifies	simplifie	NOUN
fsr-3287	123	5	to	to	ADP
fsr-3287	123	6	eq	eq	PROPN
fsr-3287	123	7	.	.	PUNCT
fsr-3287	124	1	(	(	PUNCT
fsr-3287	124	2	4	4	NUM
fsr-3287	124	3	)	)	PUNCT
fsr-3287	124	4	.	.	PUNCT
fsr-3287	125	1	using	use	VERB
fsr-3287	125	2	the	the	DET
fsr-3287	125	3	assumptions	assumption	NOUN
fsr-3287	125	4	ri	ri	PROPN
fsr-3287	125	5	�	�	PROPN
fsr-3287	125	6	8	8	NUM
fsr-3287	125	7	%	%	NOUN
fsr-3287	125	8	,	,	PUNCT
fsr-3287	125	9	rb	rb	X
fsr-3287	125	10	�	�	PROPN
fsr-3287	125	11	2	2	NUM
fsr-3287	125	12	%	%	NOUN
fsr-3287	125	13	,	,	PUNCT
fsr-3287	125	14	and	and	CCONJ
fsr-3287	125	15	�	�	PROPN
fsr-3287	125	16	�	�	PROPN
fsr-3287	125	17	18	18	NUM
fsr-3287	125	18	%	%	NOUN
fsr-3287	125	19	,	,	PUNCT
fsr-3287	125	20	the	the	DET
fsr-3287	125	21	leveraged	leverage	VERB
fsr-3287	125	22	return	return	NOUN
fsr-3287	125	23	of	of	ADP
fsr-3287	125	24	eq	eq	PROPN
fsr-3287	125	25	.	.	PUNCT
fsr-3287	126	1	(	(	PUNCT
fsr-3287	126	2	6	6	NUM
fsr-3287	126	3	)	)	PUNCT
fsr-3287	126	4	can	can	AUX
fsr-3287	126	5	be	be	AUX
fsr-3287	126	6	expressed	express	VERB
fsr-3287	126	7	as:10	as:10	PROPN
fsr-3287	126	8	rn	rn	PROPN
fsr-3287	126	9	�	�	PROPN
fsr-3287	126	10	8	8	NUM
fsr-3287	126	11	%	%	NOUN
fsr-3287	126	12	�	�	PROPN
fsr-3287	126	13	6	6	NUM
fsr-3287	126	14	%	%	NOUN
fsr-3287	126	15	�	�	NOUN
fsr-3287	126	16	n-1)	n-1)	NOUN
fsr-3287	126	17	�	�	NOUN
fsr-3287	126	18	1.62	1.62	NUM
fsr-3287	126	19	%	%	NOUN
fsr-3287	126	20	n2	n2	NOUN
fsr-3287	126	21	,	,	PUNCT
fsr-3287	126	22	(	(	PUNCT
fsr-3287	126	23	7	7	NUM
fsr-3287	126	24	)	)	PUNCT
fsr-3287	126	25	and	and	CCONJ
fsr-3287	126	26	depicted	depict	VERB
fsr-3287	126	27	in	in	ADP
fsr-3287	126	28	fig	fig	NOUN
fsr-3287	126	29	.	.	PUNCT
fsr-3287	127	1	1	1	NUM
fsr-3287	128	1	as	as	ADP
fsr-3287	128	2	the	the	DET
fsr-3287	128	3	leveraged	leverage	VERB
fsr-3287	128	4	return	return	NOUN
fsr-3287	128	5	curve	curve	NOUN
fsr-3287	128	6	.	.	PUNCT
fsr-3287	129	1	the	the	DET
fsr-3287	129	2	straight	straight	ADJ
fsr-3287	129	3	line	line	NOUN
fsr-3287	129	4	represents	represent	VERB
fsr-3287	129	5	the	the	DET
fsr-3287	129	6	expected	expect	VERB
fsr-3287	129	7	return	return	NOUN
fsr-3287	129	8	from	from	ADP
fsr-3287	129	9	leverage	leverage	NOUN
fsr-3287	129	10	with	with	ADP
fsr-3287	129	11	no	no	DET
fsr-3287	129	12	volatility	volatility	NOUN
fsr-3287	129	13	drag	drag	VERB
fsr-3287	129	14	.	.	PUNCT
fsr-3287	130	1	this	this	DET
fsr-3287	130	2	leveraged	leveraged	ADJ
fsr-3287	130	3	return	return	NOUN
fsr-3287	130	4	curve	curve	NOUN
fsr-3287	130	5	shows	show	VERB
fsr-3287	130	6	that	that	SCONJ
fsr-3287	130	7	the	the	DET
fsr-3287	130	8	expected	expect	VERB
fsr-3287	130	9	gain	gain	NOUN
fsr-3287	130	10	from	from	ADP
fsr-3287	130	11	leveraging	leverage	VERB
fsr-3287	130	12	eventually	eventually	ADV
fsr-3287	130	13	is	be	AUX
fsr-3287	130	14	dominated	dominate	VERB
fsr-3287	130	15	by	by	ADP
fsr-3287	130	16	the	the	DET
fsr-3287	130	17	volatility	volatility	NOUN
fsr-3287	130	18	drag	drag	VERB
fsr-3287	130	19	.	.	PUNCT
fsr-3287	131	1	in	in	ADP
fsr-3287	131	2	this	this	DET
fsr-3287	131	3	case	case	NOUN
fsr-3287	131	4	the	the	DET
fsr-3287	131	5	maximum	maximum	ADJ
fsr-3287	131	6	return	return	NOUN
fsr-3287	131	7	occurs	occur	VERB
fsr-3287	131	8	at	at	ADP
fsr-3287	131	9	a	a	DET
fsr-3287	131	10	leverage	leverage	NOUN
fsr-3287	131	11	multiple	multiple	NOUN
fsr-3287	131	12	of	of	ADP
fsr-3287	131	13	1.85	1.85	NUM
fsr-3287	131	14	times.11	times.11	NOUN
fsr-3287	131	15	when	when	SCONJ
fsr-3287	131	16	estimating	estimate	VERB
fsr-3287	131	17	the	the	DET
fsr-3287	131	18	volatility	volatility	NOUN
fsr-3287	131	19	drag	drag	VERB
fsr-3287	131	20	in	in	ADP
fsr-3287	131	21	eq	eq	ADP
fsr-3287	131	22	.	.	PUNCT
fsr-3287	132	1	(	(	PUNCT
fsr-3287	132	2	6	6	NUM
fsr-3287	132	3	)	)	PUNCT
fsr-3287	132	4	,	,	PUNCT
fsr-3287	132	5	the	the	DET
fsr-3287	132	6	time	time	NOUN
fsr-3287	132	7	horizon	horizon	NOUN
fsr-3287	132	8	of	of	ADP
fsr-3287	132	9	the	the	DET
fsr-3287	132	10	investor	investor	NOUN
fsr-3287	132	11	becomes	become	VERB
fsr-3287	132	12	an	an	DET
fsr-3287	132	13	important	important	ADJ
fsr-3287	132	14	factor	factor	NOUN
fsr-3287	132	15	.	.	PUNCT
fsr-3287	133	1	blume	blume	PROPN
fsr-3287	133	2	(	(	PUNCT
fsr-3287	133	3	1974	1974	NUM
fsr-3287	133	4	)	)	PUNCT
fsr-3287	133	5	showed	show	VERB
fsr-3287	133	6	that	that	SCONJ
fsr-3287	133	7	the	the	DET
fsr-3287	133	8	geometric	geometric	ADJ
fsr-3287	133	9	average	average	ADJ
fsr-3287	133	10	return	return	NOUN
fsr-3287	133	11	r(t	r(t	NOUN
fsr-3287	133	12	)	)	PUNCT
fsr-3287	133	13	for	for	ADP
fsr-3287	133	14	a	a	DET
fsr-3287	133	15	particular	particular	ADJ
fsr-3287	133	16	time	time	NOUN
fsr-3287	133	17	horizon	horizon	PROPN
fsr-3287	133	18	t	t	PROPN
fsr-3287	133	19	can	can	AUX
fsr-3287	133	20	be	be	AUX
fsr-3287	133	21	approximated	approximate	VERB
fsr-3287	133	22	as	as	ADP
fsr-3287	133	23	a	a	DET
fsr-3287	133	24	weighted	weighted	ADJ
fsr-3287	133	25	average	average	NOUN
fsr-3287	133	26	of	of	ADP
fsr-3287	133	27	the	the	DET
fsr-3287	133	28	arithmetic	arithmetic	ADJ
fsr-3287	133	29	average	average	ADJ
fsr-3287	133	30	return	return	NOUN
fsr-3287	133	31	and	and	CCONJ
fsr-3287	133	32	a	a	DET
fsr-3287	133	33	geometric	geometric	ADJ
fsr-3287	133	34	average	average	ADJ
fsr-3287	133	35	return	return	NOUN
fsr-3287	133	36	estimated	estimate	VERB
fsr-3287	133	37	over	over	ADP
fsr-3287	133	38	n	n	NUM
fsr-3287	133	39	years	year	NOUN
fsr-3287	133	40	as	as	SCONJ
fsr-3287	133	41	follows	follow	VERB
fsr-3287	133	42	:	:	PUNCT
fsr-3287	133	43	r	r	X
fsr-3287	133	44	�	�	PROPN
fsr-3287	133	45	t	t	PROPN
fsr-3287	133	46	�	�	PROPN
fsr-3287	133	47	n	n	CCONJ
fsr-3287	133	48	�	�	PROPN
fsr-3287	133	49	rp	rp	PROPN
fsr-3287	133	50	�	�	PROPN
fsr-3287	133	51	n	n	CCONJ
fsr-3287	133	52	-	-	PUNCT
fsr-3287	133	53	t	t	PROPN
fsr-3287	133	54	�	�	PROPN
fsr-3287	133	55	/	/	SYM
fsr-3287	133	56	�	�	PROPN
fsr-3287	133	57	n-1	n-1	PROPN
fsr-3287	133	58	�	�	PROPN
fsr-3287	133	59	�	�	PROPN
fsr-3287	133	60	rn	rn	PROPN
fsr-3287	133	61	�	�	PROPN
fsr-3287	133	62	t-1	t-1	PROPN
fsr-3287	133	63	�	�	PROPN
fsr-3287	133	64	/	/	SYM
fsr-3287	133	65	�	�	NOUN
fsr-3287	133	66	n-1	n-1	NUM
fsr-3287	133	67	)	)	PUNCT
fsr-3287	133	68	.	.	PUNCT
fsr-3287	134	1	(	(	PUNCT
fsr-3287	134	2	8)	8)	NUM
fsr-3287	134	3	if	if	SCONJ
fsr-3287	134	4	t	t	PROPN
fsr-3287	134	5	equals	equal	VERB
fsr-3287	134	6	one	one	NUM
fsr-3287	134	7	,	,	PUNCT
fsr-3287	134	8	the	the	DET
fsr-3287	134	9	average	average	ADJ
fsr-3287	134	10	return	return	NOUN
fsr-3287	134	11	is	be	AUX
fsr-3287	134	12	the	the	DET
fsr-3287	134	13	arithmetic	arithmetic	ADJ
fsr-3287	134	14	return	return	NOUN
fsr-3287	134	15	and	and	CCONJ
fsr-3287	134	16	the	the	DET
fsr-3287	134	17	leveraged	leverage	VERB
fsr-3287	134	18	return	return	NOUN
fsr-3287	134	19	curve	curve	NOUN
fsr-3287	134	20	is	be	AUX
fsr-3287	134	21	the	the	DET
fsr-3287	134	22	straight	straight	ADJ
fsr-3287	134	23	line	line	NOUN
fsr-3287	134	24	in	in	ADP
fsr-3287	134	25	fig	fig	NOUN
fsr-3287	134	26	.	.	PUNCT
fsr-3287	135	1	1	1	X
fsr-3287	135	2	.	.	X
fsr-3287	136	1	if	if	SCONJ
fsr-3287	136	2	t	t	PROPN
fsr-3287	136	3	equals	equal	VERB
fsr-3287	136	4	n	n	PRON
fsr-3287	136	5	,	,	PUNCT
fsr-3287	136	6	the	the	DET
fsr-3287	136	7	average	average	ADJ
fsr-3287	136	8	return	return	NOUN
fsr-3287	136	9	is	be	AUX
fsr-3287	136	10	the	the	DET
fsr-3287	136	11	estimated	estimate	VERB
fsr-3287	136	12	geometric	geometric	ADJ
fsr-3287	136	13	return	return	NOUN
fsr-3287	136	14	and	and	CCONJ
fsr-3287	136	15	the	the	DET
fsr-3287	136	16	leveraged	leverage	VERB
fsr-3287	136	17	return	return	NOUN
fsr-3287	136	18	curve	curve	NOUN
fsr-3287	136	19	is	be	AUX
fsr-3287	136	20	the	the	DET
fsr-3287	136	21	curved	curved	ADJ
fsr-3287	136	22	line	line	NOUN
fsr-3287	136	23	in	in	ADP
fsr-3287	136	24	fig	fig	NOUN
fsr-3287	136	25	.	.	PUNCT
fsr-3287	137	1	1	1	X
fsr-3287	137	2	.	.	X
fsr-3287	137	3	depending	depend	VERB
fsr-3287	137	4	on	on	ADP
fsr-3287	137	5	the	the	DET
fsr-3287	137	6	time	time	NOUN
fsr-3287	137	7	horizon	horizon	NOUN
fsr-3287	137	8	of	of	ADP
fsr-3287	137	9	the	the	DET
fsr-3287	137	10	investor	investor	NOUN
fsr-3287	137	11	,	,	PUNCT
fsr-3287	137	12	the	the	DET
fsr-3287	137	13	average	average	ADJ
fsr-3287	137	14	return	return	NOUN
fsr-3287	137	15	will	will	AUX
fsr-3287	137	16	lie	lie	VERB
fsr-3287	137	17	between	between	ADP
fsr-3287	137	18	the	the	DET
fsr-3287	137	19	arithmetic	arithmetic	ADJ
fsr-3287	137	20	and	and	CCONJ
fsr-3287	137	21	geometric	geometric	ADJ
fsr-3287	137	22	returns	return	NOUN
fsr-3287	137	23	,	,	PUNCT
fsr-3287	137	24	with	with	ADP
fsr-3287	137	25	the	the	DET
fsr-3287	137	26	leverage	leverage	NOUN
fsr-3287	137	27	return	return	NOUN
fsr-3287	137	28	curve	curve	NOUN
fsr-3287	137	29	lying	lie	VERB
fsr-3287	137	30	between	between	ADP
fsr-3287	137	31	the	the	DET
fsr-3287	137	32	two	two	NUM
fsr-3287	137	33	curves	curve	NOUN
fsr-3287	137	34	in	in	ADP
fsr-3287	137	35	fig	fig	NOUN
fsr-3287	137	36	.	.	PUNCT
fsr-3287	138	1	1	1	NUM
fsr-3287	138	2	.	.	X
fsr-3287	138	3	more	more	ADV
fsr-3287	138	4	important	important	ADJ
fsr-3287	138	5	,	,	PUNCT
fsr-3287	138	6	the	the	DET
fsr-3287	138	7	volatility	volatility	NOUN
fsr-3287	138	8	drag	drag	NOUN
fsr-3287	138	9	will	will	AUX
fsr-3287	138	10	lessen	lessen	VERB
fsr-3287	138	11	as	as	ADP
fsr-3287	138	12	the	the	DET
fsr-3287	138	13	investor	investor	NOUN
fsr-3287	138	14	’s	’s	PART
fsr-3287	138	15	time	time	NOUN
fsr-3287	138	16	horizon	horizon	PROPN
fsr-3287	138	17	shortens	shorten	VERB
fsr-3287	138	18	,	,	PUNCT
fsr-3287	138	19	influencing	influence	VERB
fsr-3287	138	20	the	the	DET
fsr-3287	138	21	leverage	leverage	NOUN
fsr-3287	138	22	that	that	PRON
fsr-3287	138	23	achieves	achieve	VERB
fsr-3287	138	24	the	the	DET
fsr-3287	138	25	maximum	maximum	ADJ
fsr-3287	138	26	return	return	NOUN
fsr-3287	138	27	.	.	PUNCT
fsr-3287	139	1	the	the	DET
fsr-3287	139	2	return	return	NOUN
fsr-3287	139	3	on	on	ADP
fsr-3287	139	4	an	an	DET
fsr-3287	139	5	investment	investment	NOUN
fsr-3287	139	6	with	with	ADP
fsr-3287	139	7	leverage	leverage	NOUN
fsr-3287	139	8	n	n	PRON
fsr-3287	139	9	shown	show	VERB
fsr-3287	139	10	in	in	ADP
fsr-3287	139	11	eq	eq	ADP
fsr-3287	139	12	.	.	PUNCT
fsr-3287	140	1	(	(	PUNCT
fsr-3287	140	2	8)	8)	NUM
fsr-3287	140	3	can	can	AUX
fsr-3287	140	4	be	be	AUX
fsr-3287	140	5	modified	modify	VERB
fsr-3287	140	6	for	for	ADP
fsr-3287	140	7	the	the	DET
fsr-3287	140	8	investor	investor	NOUN
fsr-3287	140	9	’s	’s	PART
fsr-3287	140	10	time	time	NOUN
fsr-3287	140	11	horizon	horizon	PROPN
fsr-3287	140	12	t	t	X
fsr-3287	140	13	by	by	ADP
fsr-3287	140	14	substituting	substitute	VERB
fsr-3287	140	15	eqs	eqs	PROPN
fsr-3287	140	16	.	.	PUNCT
fsr-3287	141	1	(	(	PUNCT
fsr-3287	141	2	3	3	X
fsr-3287	141	3	)	)	PUNCT
fsr-3287	141	4	and	and	CCONJ
fsr-3287	141	5	(	(	PUNCT
fsr-3287	141	6	6	6	NUM
fsr-3287	141	7	)	)	PUNCT
fsr-3287	141	8	into	into	ADP
fsr-3287	141	9	eq	eq	NOUN
fsr-3287	141	10	.	.	PUNCT
fsr-3287	142	1	(	(	PUNCT
fsr-3287	142	2	8)	8)	NUM
fsr-3287	142	3	.	.	PUNCT
fsr-3287	143	1	r	r	NOUN
fsr-3287	143	2	�	�	PROPN
fsr-3287	143	3	t)n	t)n	NOUN
fsr-3287	143	4	�	�	PROPN
fsr-3287	143	5	ri	ri	PROPN
fsr-3287	143	6	�	�	PROPN
fsr-3287	143	7	�	�	PROPN
fsr-3287	143	8	ri	ri	PROPN
fsr-3287	143	9	�	�	PROPN
fsr-3287	143	10	rb	rb	PROPN
fsr-3287	143	11	�	�	PROPN
fsr-3287	143	12	�	�	PROPN
fsr-3287	143	13	n-1	n-1	PROPN
fsr-3287	143	14	�	�	PROPN
fsr-3287	143	15	�	�	PROPN
fsr-3287	143	16	1⁄2	1⁄2	PROPN
fsr-3287	143	17	�	�	PROPN
fsr-3287	143	18	�	�	PROPN
fsr-3287	143	19	2n2	2n2	NUM
fsr-3287	143	20	�	�	PROPN
fsr-3287	143	21	�	�	PROPN
fsr-3287	143	22	t-1	t-1	PROPN
fsr-3287	143	23	�	�	PROPN
fsr-3287	143	24	/	/	SYM
fsr-3287	143	25	�	�	PROPN
fsr-3287	143	26	n-1	n-1	NOUN
fsr-3287	143	27	�	�	PROPN
fsr-3287	143	28	.	.	PUNCT
fsr-3287	143	29	(	(	PUNCT
fsr-3287	143	30	9	9	X
fsr-3287	143	31	)	)	PUNCT
fsr-3287	143	32	fig	fig	NOUN
fsr-3287	143	33	.	.	PUNCT
fsr-3287	144	1	1	1	X
fsr-3287	144	2	.	.	X
fsr-3287	144	3	leveraged	leverage	VERB
fsr-3287	144	4	return	return	NOUN
fsr-3287	144	5	curve	curve	NOUN
fsr-3287	144	6	.	.	PUNCT
fsr-3287	145	1	420	420	NUM
fsr-3287	145	2	r.a	r.a	PROPN
fsr-3287	145	3	.	.	PROPN
fsr-3287	145	4	ott	ott	PROPN
fsr-3287	145	5	,	,	PUNCT
fsr-3287	145	6	t.e	t.e	PROPN
fsr-3287	145	7	.	.	PROPN
fsr-3287	145	8	zimmer	zimmer	PROPN
fsr-3287	145	9	/	/	SYM
fsr-3287	145	10	financial	financial	ADJ
fsr-3287	145	11	services	service	NOUN
fsr-3287	145	12	review	review	VERB
fsr-3287	145	13	25	25	NUM
fsr-3287	145	14	(	(	PUNCT
fsr-3287	145	15	2016	2016	NUM
fsr-3287	145	16	)	)	PUNCT
fsr-3287	145	17	415–425	415–425	NUM
fsr-3287	146	1	the	the	DET
fsr-3287	146	2	investor	investor	NOUN
fsr-3287	146	3	’s	’s	PART
fsr-3287	146	4	time	time	NOUN
fsr-3287	146	5	horizon	horizon	PROPN
fsr-3287	146	6	must	must	AUX
fsr-3287	146	7	lie	lie	VERB
fsr-3287	146	8	between	between	ADP
fsr-3287	146	9	1	1	NUM
fsr-3287	146	10	and	and	CCONJ
fsr-3287	146	11	n.	n.	NOUN
fsr-3287	146	12	if	if	SCONJ
fsr-3287	146	13	t	t	PROPN
fsr-3287	146	14	is	be	AUX
fsr-3287	146	15	equal	equal	ADJ
fsr-3287	146	16	to	to	ADP
fsr-3287	146	17	one	one	NUM
fsr-3287	146	18	,	,	PUNCT
fsr-3287	146	19	the	the	DET
fsr-3287	146	20	volatility	volatility	NOUN
fsr-3287	146	21	drag	drag	NOUN
fsr-3287	146	22	is	be	AUX
fsr-3287	146	23	zero	zero	NUM
fsr-3287	146	24	and	and	CCONJ
fsr-3287	146	25	the	the	DET
fsr-3287	146	26	portfolio	portfolio	NOUN
fsr-3287	146	27	return	return	NOUN
fsr-3287	146	28	is	be	AUX
fsr-3287	146	29	the	the	DET
fsr-3287	146	30	arithmetic	arithmetic	ADJ
fsr-3287	146	31	return	return	NOUN
fsr-3287	146	32	.	.	PUNCT
fsr-3287	147	1	as	as	SCONJ
fsr-3287	147	2	t	t	PROPN
fsr-3287	147	3	approaches	approach	VERB
fsr-3287	147	4	n	n	PRON
fsr-3287	147	5	,	,	PUNCT
fsr-3287	147	6	the	the	DET
fsr-3287	147	7	volatility	volatility	NOUN
fsr-3287	147	8	drag	drag	NOUN
fsr-3287	147	9	becomes	become	VERB
fsr-3287	147	10	one	one	NUM
fsr-3287	147	11	-	-	PUNCT
fsr-3287	147	12	half	half	NOUN
fsr-3287	147	13	the	the	DET
fsr-3287	147	14	variance	variance	NOUN
fsr-3287	147	15	of	of	ADP
fsr-3287	147	16	the	the	DET
fsr-3287	147	17	leveraged	leverage	VERB
fsr-3287	147	18	investment	investment	NOUN
fsr-3287	147	19	expressed	express	VERB
fsr-3287	147	20	in	in	ADP
fsr-3287	147	21	eq	eq	PROPN
fsr-3287	147	22	.	.	PUNCT
fsr-3287	148	1	(	(	PUNCT
fsr-3287	148	2	6	6	NUM
fsr-3287	148	3	)	)	PUNCT
fsr-3287	148	4	.	.	PUNCT
fsr-3287	149	1	the	the	DET
fsr-3287	149	2	volatility	volatility	NOUN
fsr-3287	149	3	drag	drag	NOUN
fsr-3287	149	4	of	of	ADP
fsr-3287	149	5	leverage	leverage	NOUN
fsr-3287	149	6	is	be	AUX
fsr-3287	149	7	a	a	DET
fsr-3287	149	8	constraint	constraint	NOUN
fsr-3287	149	9	on	on	ADP
fsr-3287	149	10	the	the	DET
fsr-3287	149	11	portfolio	portfolio	NOUN
fsr-3287	149	12	’s	’s	PART
fsr-3287	149	13	performance	performance	NOUN
fsr-3287	149	14	,	,	PUNCT
fsr-3287	149	15	which	which	PRON
fsr-3287	149	16	is	be	AUX
fsr-3287	149	17	now	now	ADV
fsr-3287	149	18	realized	realize	VERB
fsr-3287	149	19	in	in	ADP
fsr-3287	149	20	the	the	DET
fsr-3287	149	21	equation	equation	NOUN
fsr-3287	149	22	for	for	ADP
fsr-3287	149	23	the	the	DET
fsr-3287	149	24	return	return	NOUN
fsr-3287	149	25	on	on	ADP
fsr-3287	149	26	a	a	DET
fsr-3287	149	27	leveraged	leveraged	ADJ
fsr-3287	149	28	investment	investment	NOUN
fsr-3287	149	29	.	.	PUNCT
fsr-3287	150	1	the	the	DET
fsr-3287	150	2	maximum	maximum	ADJ
fsr-3287	150	3	expected	expected	ADJ
fsr-3287	150	4	return	return	NOUN
fsr-3287	150	5	with	with	ADP
fsr-3287	150	6	respect	respect	NOUN
fsr-3287	150	7	to	to	ADP
fsr-3287	150	8	the	the	DET
fsr-3287	150	9	level	level	NOUN
fsr-3287	150	10	of	of	ADP
fsr-3287	150	11	leverage	leverage	NOUN
fsr-3287	150	12	is	be	AUX
fsr-3287	150	13	determined	determine	VERB
fsr-3287	150	14	by	by	ADP
fsr-3287	150	15	taking	take	VERB
fsr-3287	150	16	the	the	DET
fsr-3287	150	17	first	first	ADJ
fsr-3287	150	18	order	order	NOUN
fsr-3287	150	19	partial	partial	ADJ
fsr-3287	150	20	derivative	derivative	NOUN
fsr-3287	150	21	of	of	ADP
fsr-3287	150	22	eq	eq	PROPN
fsr-3287	150	23	.	.	PUNCT
fsr-3287	151	1	(	(	PUNCT
fsr-3287	151	2	9	9	NUM
fsr-3287	151	3	)	)	PUNCT
fsr-3287	151	4	with	with	ADP
fsr-3287	151	5	respect	respect	NOUN
fsr-3287	151	6	to	to	ADP
fsr-3287	151	7	the	the	DET
fsr-3287	151	8	leverage	leverage	NOUN
fsr-3287	151	9	multiple	multiple	NOUN
fsr-3287	151	10	,	,	PUNCT
fsr-3287	151	11	n	n	CCONJ
fsr-3287	151	12	,	,	PUNCT
fsr-3287	151	13	and	and	CCONJ
fsr-3287	151	14	setting	set	VERB
fsr-3287	151	15	the	the	DET
fsr-3287	151	16	equation	equation	NOUN
fsr-3287	151	17	equal	equal	ADJ
fsr-3287	151	18	to	to	ADP
fsr-3287	151	19	zero	zero	NUM
fsr-3287	151	20	.	.	PUNCT
fsr-3287	152	1	solving	solve	VERB
fsr-3287	152	2	for	for	ADP
fsr-3287	152	3	n	n	PRON
fsr-3287	152	4	provides	provide	VERB
fsr-3287	152	5	the	the	DET
fsr-3287	152	6	following	follow	VERB
fsr-3287	152	7	expression	expression	NOUN
fsr-3287	152	8	for	for	ADP
fsr-3287	152	9	the	the	DET
fsr-3287	152	10	leverage	leverage	NOUN
fsr-3287	152	11	multiple	multiple	NOUN
fsr-3287	152	12	that	that	PRON
fsr-3287	152	13	maximizes	maximize	VERB
fsr-3287	152	14	the	the	DET
fsr-3287	152	15	expected	expect	VERB
fsr-3287	152	16	return.12	return.12	PROPN
fsr-3287	152	17	n	n	PROPN
fsr-3287	152	18	�	�	PROPN
fsr-3287	152	19	�	�	PROPN
fsr-3287	152	20	ri	ri	PROPN
fsr-3287	152	21	�	�	PROPN
fsr-3287	152	22	rb	rb	PROPN
fsr-3287	152	23	�	�	PROPN
fsr-3287	152	24	/	/	SYM
fsr-3287	152	25	�	�	PROPN
fsr-3287	152	26	�	�	PROPN
fsr-3287	152	27	2	2	NUM
fsr-3287	152	28	�	�	PROPN
fsr-3287	152	29	t-1	t-1	PROPN
fsr-3287	152	30	�	�	PROPN
fsr-3287	152	31	/	/	SYM
fsr-3287	152	32	�	�	NOUN
fsr-3287	152	33	n-1	n-1	NUM
fsr-3287	152	34	)	)	PUNCT
fsr-3287	152	35	)	)	PUNCT
fsr-3287	152	36	.	.	PUNCT
fsr-3287	153	1	(	(	PUNCT
fsr-3287	153	2	10	10	NUM
fsr-3287	153	3	)	)	PUNCT
fsr-3287	153	4	an	an	DET
fsr-3287	153	5	interpretation	interpretation	NOUN
fsr-3287	153	6	of	of	ADP
fsr-3287	153	7	eq	eq	PROPN
fsr-3287	153	8	.	.	PUNCT
fsr-3287	154	1	(	(	PUNCT
fsr-3287	154	2	10	10	NUM
fsr-3287	154	3	)	)	PUNCT
fsr-3287	154	4	can	can	AUX
fsr-3287	154	5	be	be	AUX
fsr-3287	154	6	better	well	ADV
fsr-3287	154	7	understood	understand	VERB
fsr-3287	154	8	by	by	ADP
fsr-3287	154	9	rearranging	rearrange	VERB
fsr-3287	154	10	the	the	DET
fsr-3287	154	11	equation	equation	NOUN
fsr-3287	154	12	as	as	ADP
fsr-3287	154	13	the	the	DET
fsr-3287	154	14	following	follow	VERB
fsr-3287	154	15	expression	expression	NOUN
fsr-3287	154	16	.	.	PUNCT
fsr-3287	155	1	�	�	PROPN
fsr-3287	155	2	ri	ri	PROPN
fsr-3287	155	3	�	�	PROPN
fsr-3287	155	4	rb	rb	PROPN
fsr-3287	155	5	�	�	PROPN
fsr-3287	155	6	n	n	CCONJ
fsr-3287	155	7	�	�	PROPN
fsr-3287	155	8	�	�	PROPN
fsr-3287	155	9	2n2	2n2	NUM
fsr-3287	155	10	�	�	NOUN
fsr-3287	155	11	t-1)/(n-1	t-1)/(n-1	ADJ
fsr-3287	155	12	)	)	PUNCT
fsr-3287	155	13	.	.	PUNCT
fsr-3287	156	1	(	(	PUNCT
fsr-3287	156	2	11	11	NUM
fsr-3287	156	3	)	)	PUNCT
fsr-3287	156	4	the	the	DET
fsr-3287	156	5	left	left	ADJ
fsr-3287	156	6	hand	hand	NOUN
fsr-3287	156	7	side	side	NOUN
fsr-3287	156	8	of	of	ADP
fsr-3287	156	9	the	the	DET
fsr-3287	156	10	equation	equation	NOUN
fsr-3287	156	11	represents	represent	VERB
fsr-3287	156	12	the	the	DET
fsr-3287	156	13	return	return	NOUN
fsr-3287	156	14	on	on	ADP
fsr-3287	156	15	the	the	DET
fsr-3287	156	16	leveraged	leveraged	ADJ
fsr-3287	156	17	portfolio	portfolio	NOUN
fsr-3287	156	18	(	(	PUNCT
fsr-3287	156	19	rp	rp	NOUN
fsr-3287	156	20	)	)	PUNCT
fsr-3287	156	21	less	less	ADV
fsr-3287	156	22	the	the	DET
fsr-3287	156	23	borrowing	borrowing	NOUN
fsr-3287	156	24	cost	cost	NOUN
fsr-3287	156	25	while	while	SCONJ
fsr-3287	156	26	the	the	DET
fsr-3287	156	27	right	right	ADJ
fsr-3287	156	28	hand	hand	NOUN
fsr-3287	156	29	side	side	NOUN
fsr-3287	156	30	is	be	AUX
fsr-3287	156	31	the	the	DET
fsr-3287	156	32	variance	variance	NOUN
fsr-3287	156	33	of	of	ADP
fsr-3287	156	34	the	the	DET
fsr-3287	156	35	leveraged	leverage	VERB
fsr-3287	156	36	return	return	NOUN
fsr-3287	156	37	for	for	ADP
fsr-3287	156	38	a	a	DET
fsr-3287	156	39	time	time	NOUN
fsr-3287	156	40	horizon	horizon	NOUN
fsr-3287	156	41	of	of	ADP
fsr-3287	156	42	t.	t.	PROPN
fsr-3287	156	43	an	an	DET
fsr-3287	156	44	investor	investor	NOUN
fsr-3287	156	45	will	will	AUX
fsr-3287	156	46	continue	continue	VERB
fsr-3287	156	47	to	to	PART
fsr-3287	156	48	benefit	benefit	VERB
fsr-3287	156	49	from	from	ADP
fsr-3287	156	50	leveraging	leverage	VERB
fsr-3287	156	51	as	as	ADV
fsr-3287	156	52	long	long	ADV
fsr-3287	156	53	as	as	SCONJ
fsr-3287	156	54	the	the	DET
fsr-3287	156	55	gain	gain	NOUN
fsr-3287	156	56	from	from	ADP
fsr-3287	156	57	leveraging	leverage	VERB
fsr-3287	156	58	is	be	AUX
fsr-3287	156	59	greater	great	ADJ
fsr-3287	156	60	than	than	ADP
fsr-3287	156	61	the	the	DET
fsr-3287	156	62	variance	variance	NOUN
fsr-3287	156	63	of	of	ADP
fsr-3287	156	64	the	the	DET
fsr-3287	156	65	leveraged	leverage	VERB
fsr-3287	156	66	return	return	NOUN
fsr-3287	156	67	.	.	PUNCT
fsr-3287	157	1	substituting	substitute	VERB
fsr-3287	157	2	eq	eq	ADP
fsr-3287	157	3	.	.	PUNCT
fsr-3287	158	1	(	(	PUNCT
fsr-3287	158	2	10	10	NUM
fsr-3287	158	3	)	)	PUNCT
fsr-3287	158	4	into	into	ADP
fsr-3287	158	5	eq	eq	NOUN
fsr-3287	158	6	.	.	PUNCT
fsr-3287	159	1	(	(	PUNCT
fsr-3287	159	2	9	9	X
fsr-3287	159	3	)	)	PUNCT
fsr-3287	159	4	gives	give	VERB
fsr-3287	159	5	the	the	DET
fsr-3287	159	6	maximum	maximum	ADJ
fsr-3287	159	7	return	return	NOUN
fsr-3287	159	8	with	with	ADP
fsr-3287	159	9	leverage	leverage	NOUN
fsr-3287	159	10	as	as	ADP
fsr-3287	159	11	the	the	DET
fsr-3287	159	12	following	follow	VERB
fsr-3287	159	13	expression	expression	NOUN
fsr-3287	159	14	.	.	PUNCT
fsr-3287	160	1	r	r	X
fsr-3287	160	2	�	�	PROPN
fsr-3287	160	3	t	t	PROPN
fsr-3287	160	4	�	�	PROPN
fsr-3287	160	5	n	n	CCONJ
fsr-3287	160	6	�	�	PROPN
fsr-3287	160	7	rb	rb	PROPN
fsr-3287	160	8	�	�	PROPN
fsr-3287	160	9	1⁄2	1⁄2	PROPN
fsr-3287	160	10	�	�	PROPN
fsr-3287	160	11	�	�	PROPN
fsr-3287	160	12	�	�	PROPN
fsr-3287	160	13	2	2	NUM
fsr-3287	160	14	�	�	PROPN
fsr-3287	160	15	�	�	PROPN
fsr-3287	160	16	n2	n2	PROPN
fsr-3287	160	17	�	�	PROPN
fsr-3287	160	18	�	�	PROPN
fsr-3287	160	19	�	�	PROPN
fsr-3287	160	20	t-1)/(n-1))].13	t-1)/(n-1))].13	PROPN
fsr-3287	160	21	(	(	PUNCT
fsr-3287	160	22	12	12	NUM
fsr-3287	160	23	)	)	PUNCT
fsr-3287	160	24	the	the	DET
fsr-3287	160	25	maximum	maximum	ADJ
fsr-3287	160	26	return	return	NOUN
fsr-3287	160	27	equals	equal	VERB
fsr-3287	160	28	the	the	DET
fsr-3287	160	29	borrowing	borrowing	NOUN
fsr-3287	160	30	cost	cost	NOUN
fsr-3287	160	31	plus	plus	CCONJ
fsr-3287	160	32	one	one	NUM
fsr-3287	160	33	-	-	PUNCT
fsr-3287	160	34	half	half	NOUN
fsr-3287	160	35	the	the	DET
fsr-3287	160	36	variance	variance	NOUN
fsr-3287	160	37	of	of	ADP
fsr-3287	160	38	the	the	DET
fsr-3287	160	39	leveraged	leveraged	ADJ
fsr-3287	160	40	returns	return	NOUN
fsr-3287	160	41	.	.	PUNCT
fsr-3287	161	1	this	this	DET
fsr-3287	161	2	equation	equation	NOUN
fsr-3287	161	3	is	be	AUX
fsr-3287	161	4	the	the	DET
fsr-3287	161	5	straight	straight	ADJ
fsr-3287	161	6	line	line	NOUN
fsr-3287	161	7	depicted	depict	VERB
fsr-3287	161	8	in	in	ADP
fsr-3287	161	9	fig	fig	NOUN
fsr-3287	161	10	.	.	PUNCT
fsr-3287	162	1	2	2	NUM
fsr-3287	163	1	as	as	ADP
fsr-3287	163	2	the	the	DET
fsr-3287	163	3	leveraged	leverage	VERB
fsr-3287	163	4	curve	curve	NOUN
fsr-3287	163	5	.	.	PUNCT
fsr-3287	164	1	in	in	ADP
fsr-3287	164	2	examining	examine	VERB
fsr-3287	164	3	the	the	DET
fsr-3287	164	4	application	application	NOUN
fsr-3287	164	5	of	of	ADP
fsr-3287	164	6	leverage	leverage	NOUN
fsr-3287	164	7	within	within	ADP
fsr-3287	164	8	etf	etf	NOUN
fsr-3287	164	9	’s	’s	PART
fsr-3287	164	10	,	,	PUNCT
fsr-3287	164	11	cooper	cooper	NOUN
fsr-3287	164	12	(	(	PUNCT
fsr-3287	164	13	2010	2010	NUM
fsr-3287	164	14	)	)	PUNCT
fsr-3287	164	15	found	find	VERB
fsr-3287	164	16	a	a	DET
fsr-3287	164	17	consistent	consistent	ADJ
fsr-3287	164	18	relationship	relationship	NOUN
fsr-3287	164	19	between	between	ADP
fsr-3287	164	20	leverage	leverage	NOUN
fsr-3287	164	21	and	and	CCONJ
fsr-3287	164	22	returns	return	NOUN
fsr-3287	164	23	over	over	ADP
fsr-3287	164	24	multiple	multiple	ADJ
fsr-3287	164	25	time	time	NOUN
fsr-3287	164	26	periods	period	NOUN
fsr-3287	164	27	and	and	CCONJ
fsr-3287	164	28	indices	index	NOUN
fsr-3287	164	29	as	as	SCONJ
fsr-3287	164	30	that	that	PRON
fsr-3287	164	31	observed	observe	VERB
fsr-3287	164	32	in	in	ADP
fsr-3287	164	33	fig	fig	NOUN
fsr-3287	164	34	.	.	PUNCT
fsr-3287	165	1	2	2	NUM
fsr-3287	165	2	.	.	SYM
fsr-3287	165	3	4	4	NUM
fsr-3287	165	4	.	.	X
fsr-3287	165	5	leveraging	leverage	VERB
fsr-3287	165	6	the	the	DET
fsr-3287	165	7	s&p	s&p	PROPN
fsr-3287	165	8	500	500	NUM
fsr-3287	165	9	to	to	PART
fsr-3287	165	10	test	test	VERB
fsr-3287	165	11	the	the	DET
fsr-3287	165	12	return	return	NOUN
fsr-3287	165	13	maximizing	maximize	VERB
fsr-3287	165	14	leverage	leverage	NOUN
fsr-3287	165	15	of	of	ADP
fsr-3287	165	16	eq	eq	PROPN
fsr-3287	165	17	.	.	PUNCT
fsr-3287	166	1	(	(	PUNCT
fsr-3287	166	2	10	10	NUM
fsr-3287	166	3	)	)	PUNCT
fsr-3287	166	4	,	,	PUNCT
fsr-3287	166	5	we	we	PRON
fsr-3287	166	6	examined	examine	VERB
fsr-3287	166	7	the	the	DET
fsr-3287	166	8	monthly	monthly	ADJ
fsr-3287	166	9	returns	return	NOUN
fsr-3287	166	10	to	to	ADP
fsr-3287	166	11	the	the	DET
fsr-3287	166	12	s&p	s&p	PROPN
fsr-3287	166	13	500	500	NUM
fsr-3287	166	14	index	index	NOUN
fsr-3287	166	15	,	,	PUNCT
fsr-3287	166	16	including	include	VERB
fsr-3287	166	17	dividends	dividend	NOUN
fsr-3287	166	18	,	,	PUNCT
fsr-3287	166	19	over	over	ADP
fsr-3287	166	20	65	65	NUM
fsr-3287	166	21	years	year	NOUN
fsr-3287	166	22	from	from	ADP
fsr-3287	166	23	november	november	PROPN
fsr-3287	166	24	1950	1950	NUM
fsr-3287	166	25	through	through	ADP
fsr-3287	166	26	fig	fig	NOUN
fsr-3287	166	27	.	.	PUNCT
fsr-3287	167	1	2	2	X
fsr-3287	167	2	.	.	X
fsr-3287	167	3	the	the	DET
fsr-3287	167	4	leveraged	leverage	VERB
fsr-3287	167	5	curve	curve	NOUN
fsr-3287	167	6	(	(	PUNCT
fsr-3287	167	7	risk	risk	NOUN
fsr-3287	167	8	measured	measure	VERB
fsr-3287	167	9	with	with	ADP
fsr-3287	167	10	variance	variance	NOUN
fsr-3287	167	11	)	)	PUNCT
fsr-3287	167	12	.	.	PUNCT
fsr-3287	168	1	421r.a	421r.a	X
fsr-3287	168	2	.	.	PUNCT
fsr-3287	169	1	ott	ott	PROPN
fsr-3287	169	2	,	,	PUNCT
fsr-3287	169	3	t.e	t.e	PROPN
fsr-3287	169	4	.	.	PROPN
fsr-3287	169	5	zimmer	zimmer	PROPN
fsr-3287	169	6	/	/	SYM
fsr-3287	169	7	financial	financial	ADJ
fsr-3287	169	8	services	service	NOUN
fsr-3287	169	9	review	review	VERB
fsr-3287	169	10	25	25	NUM
fsr-3287	169	11	(	(	PUNCT
fsr-3287	169	12	2016	2016	NUM
fsr-3287	169	13	)	)	PUNCT
fsr-3287	169	14	415–425	415–425	NUM
fsr-3287	169	15	october	october	NOUN
fsr-3287	169	16	2015.14	2015.14	NUM
fsr-3287	169	17	the	the	DET
fsr-3287	169	18	average	average	ADJ
fsr-3287	169	19	monthly	monthly	ADJ
fsr-3287	169	20	return	return	NOUN
fsr-3287	169	21	was	be	AUX
fsr-3287	169	22	0.688	0.688	NUM
fsr-3287	169	23	%	%	NOUN
fsr-3287	169	24	,	,	PUNCT
fsr-3287	169	25	representing	represent	VERB
fsr-3287	169	26	an	an	DET
fsr-3287	169	27	annual	annual	ADJ
fsr-3287	169	28	percentage	percentage	NOUN
fsr-3287	169	29	rate	rate	NOUN
fsr-3287	169	30	(	(	PUNCT
fsr-3287	169	31	apr	apr	NOUN
fsr-3287	169	32	)	)	PUNCT
fsr-3287	169	33	of	of	ADP
fsr-3287	169	34	8.25	8.25	NUM
fsr-3287	169	35	%	%	NOUN
fsr-3287	169	36	.	.	PUNCT
fsr-3287	170	1	the	the	DET
fsr-3287	170	2	variance	variance	NOUN
fsr-3287	170	3	of	of	ADP
fsr-3287	170	4	these	these	DET
fsr-3287	170	5	monthly	monthly	ADJ
fsr-3287	170	6	returns	return	NOUN
fsr-3287	170	7	was	be	AUX
fsr-3287	170	8	0.173	0.173	NUM
fsr-3287	170	9	%	%	NOUN
fsr-3287	170	10	or	or	CCONJ
fsr-3287	170	11	2.08	2.08	NUM
fsr-3287	170	12	%	%	NOUN
fsr-3287	170	13	annualized	annualize	VERB
fsr-3287	170	14	.	.	PUNCT
fsr-3287	171	1	using	use	VERB
fsr-3287	171	2	eq	eq	ADP
fsr-3287	171	3	.	.	PUNCT
fsr-3287	172	1	(	(	PUNCT
fsr-3287	172	2	4	4	NUM
fsr-3287	172	3	)	)	PUNCT
fsr-3287	172	4	,	,	PUNCT
fsr-3287	172	5	the	the	DET
fsr-3287	172	6	estimated	estimate	VERB
fsr-3287	172	7	geometric	geometric	ADJ
fsr-3287	172	8	return	return	NOUN
fsr-3287	172	9	is	be	AUX
fsr-3287	172	10	0.601	0.601	NUM
fsr-3287	172	11	%	%	NOUN
fsr-3287	172	12	,	,	PUNCT
fsr-3287	172	13	representing	represent	VERB
fsr-3287	172	14	an	an	DET
fsr-3287	172	15	apr	apr	NOUN
fsr-3287	172	16	of	of	ADP
fsr-3287	172	17	7.21	7.21	NUM
fsr-3287	172	18	%	%	NOUN
fsr-3287	172	19	.	.	PUNCT
fsr-3287	173	1	the	the	DET
fsr-3287	173	2	actual	actual	ADJ
fsr-3287	173	3	geometric	geometric	ADJ
fsr-3287	173	4	return	return	NOUN
fsr-3287	173	5	over	over	ADP
fsr-3287	173	6	the	the	DET
fsr-3287	173	7	65	65	NUM
fsr-3287	173	8	years	year	NOUN
fsr-3287	173	9	was	be	AUX
fsr-3287	173	10	0.600	0.600	NUM
fsr-3287	173	11	%	%	NOUN
fsr-3287	173	12	or	or	CCONJ
fsr-3287	173	13	an	an	DET
fsr-3287	173	14	apr	apr	NOUN
fsr-3287	173	15	of	of	ADP
fsr-3287	173	16	7.20	7.20	NUM
fsr-3287	173	17	%	%	NOUN
fsr-3287	173	18	.	.	PUNCT
fsr-3287	174	1	in	in	ADP
fsr-3287	174	2	this	this	DET
fsr-3287	174	3	data	datum	NOUN
fsr-3287	174	4	series	series	NOUN
fsr-3287	174	5	,	,	PUNCT
fsr-3287	174	6	eq	eq	NOUN
fsr-3287	174	7	.	.	PUNCT
fsr-3287	175	1	(	(	PUNCT
fsr-3287	175	2	4	4	X
fsr-3287	175	3	)	)	PUNCT
fsr-3287	175	4	slightly	slightly	ADV
fsr-3287	175	5	overestimates	overestimate	VERB
fsr-3287	175	6	the	the	DET
fsr-3287	175	7	actual	actual	ADJ
fsr-3287	175	8	geometric	geometric	ADJ
fsr-3287	175	9	return.15	return.15	NOUN
fsr-3287	175	10	to	to	PART
fsr-3287	175	11	calculate	calculate	VERB
fsr-3287	175	12	the	the	DET
fsr-3287	175	13	return	return	NOUN
fsr-3287	175	14	maximizing	maximize	VERB
fsr-3287	175	15	leverage	leverage	NOUN
fsr-3287	175	16	,	,	PUNCT
fsr-3287	175	17	a	a	DET
fsr-3287	175	18	borrowing	borrowing	NOUN
fsr-3287	175	19	rate	rate	NOUN
fsr-3287	175	20	must	must	AUX
fsr-3287	175	21	be	be	AUX
fsr-3287	175	22	specified	specify	VERB
fsr-3287	175	23	.	.	PUNCT
fsr-3287	176	1	we	we	PRON
fsr-3287	176	2	chose	choose	VERB
fsr-3287	176	3	to	to	PART
fsr-3287	176	4	simply	simply	ADV
fsr-3287	176	5	use	use	VERB
fsr-3287	176	6	the	the	DET
fsr-3287	176	7	3	3	NUM
fsr-3287	176	8	-	-	PUNCT
fsr-3287	176	9	month	month	NOUN
fsr-3287	176	10	treasury	treasury	NOUN
fsr-3287	176	11	bill	bill	NOUN
fsr-3287	176	12	rate	rate	NOUN
fsr-3287	176	13	as	as	ADP
fsr-3287	176	14	a	a	DET
fsr-3287	176	15	proxy	proxy	NOUN
fsr-3287	176	16	for	for	ADP
fsr-3287	176	17	the	the	DET
fsr-3287	176	18	borrowing	borrowing	NOUN
fsr-3287	176	19	rate	rate	NOUN
fsr-3287	176	20	.	.	PUNCT
fsr-3287	177	1	over	over	ADP
fsr-3287	177	2	the	the	DET
fsr-3287	177	3	65	65	NUM
fsr-3287	177	4	years	year	NOUN
fsr-3287	177	5	,	,	PUNCT
fsr-3287	177	6	the	the	DET
fsr-3287	177	7	3	3	NUM
fsr-3287	177	8	-	-	PUNCT
fsr-3287	177	9	month	month	NOUN
fsr-3287	177	10	treasury	treasury	NOUN
fsr-3287	177	11	bill	bill	NOUN
fsr-3287	177	12	rate	rate	NOUN
fsr-3287	177	13	averaged	average	VERB
fsr-3287	177	14	0.366	0.366	NUM
fsr-3287	177	15	%	%	NOUN
fsr-3287	177	16	monthly	monthly	ADJ
fsr-3287	177	17	or	or	CCONJ
fsr-3287	177	18	4.40	4.40	NUM
fsr-3287	177	19	%	%	NOUN
fsr-3287	177	20	apr	apr	NOUN
fsr-3287	177	21	.	.	PUNCT
fsr-3287	178	1	using	use	VERB
fsr-3287	178	2	the	the	DET
fsr-3287	178	3	s&p	s&p	PROPN
fsr-3287	178	4	500	500	NUM
fsr-3287	178	5	average	average	ADJ
fsr-3287	178	6	return	return	NOUN
fsr-3287	178	7	and	and	CCONJ
fsr-3287	178	8	the	the	DET
fsr-3287	178	9	variance	variance	NOUN
fsr-3287	178	10	,	,	PUNCT
fsr-3287	178	11	the	the	DET
fsr-3287	178	12	return	return	NOUN
fsr-3287	178	13	-	-	PUNCT
fsr-3287	178	14	maximizing	maximize	VERB
fsr-3287	178	15	leverage	leverage	NOUN
fsr-3287	178	16	over	over	ADP
fsr-3287	178	17	the	the	DET
fsr-3287	178	18	65	65	NUM
fsr-3287	178	19	years	year	NOUN
fsr-3287	178	20	implied	imply	VERB
fsr-3287	178	21	by	by	ADP
fsr-3287	178	22	eq	eq	PROPN
fsr-3287	178	23	.	.	PUNCT
fsr-3287	179	1	(	(	PUNCT
fsr-3287	179	2	10	10	NUM
fsr-3287	179	3	)	)	PUNCT
fsr-3287	179	4	was	be	AUX
fsr-3287	179	5	1.85	1.85	NUM
fsr-3287	179	6	times	time	NOUN
fsr-3287	179	7	.	.	PUNCT
fsr-3287	180	1	to	to	PART
fsr-3287	180	2	examine	examine	VERB
fsr-3287	180	3	the	the	DET
fsr-3287	180	4	accuracy	accuracy	NOUN
fsr-3287	180	5	of	of	ADP
fsr-3287	180	6	this	this	DET
fsr-3287	180	7	measure	measure	NOUN
fsr-3287	180	8	,	,	PUNCT
fsr-3287	180	9	we	we	PRON
fsr-3287	180	10	calculated	calculate	VERB
fsr-3287	180	11	the	the	DET
fsr-3287	180	12	leverage	leverage	NOUN
fsr-3287	180	13	that	that	PRON
fsr-3287	180	14	maximizes	maximize	VERB
fsr-3287	180	15	the	the	DET
fsr-3287	180	16	actual	actual	ADJ
fsr-3287	180	17	return	return	NOUN
fsr-3287	180	18	.	.	PUNCT
fsr-3287	181	1	calculating	calculate	VERB
fsr-3287	181	2	the	the	DET
fsr-3287	181	3	actual	actual	ADJ
fsr-3287	181	4	monthly	monthly	ADJ
fsr-3287	181	5	return	return	NOUN
fsr-3287	181	6	on	on	ADP
fsr-3287	181	7	a	a	DET
fsr-3287	181	8	leveraged	leveraged	ADJ
fsr-3287	181	9	portfolio	portfolio	NOUN
fsr-3287	181	10	using	use	VERB
fsr-3287	181	11	eq	eq	X
fsr-3287	181	12	.	.	PUNCT
fsr-3287	182	1	(	(	PUNCT
fsr-3287	182	2	3	3	NUM
fsr-3287	182	3	)	)	PUNCT
fsr-3287	182	4	,	,	PUNCT
fsr-3287	182	5	we	we	PRON
fsr-3287	182	6	solved	solve	VERB
fsr-3287	182	7	for	for	ADP
fsr-3287	182	8	the	the	DET
fsr-3287	182	9	leverage	leverage	NOUN
fsr-3287	182	10	multiple	multiple	NOUN
fsr-3287	182	11	that	that	PRON
fsr-3287	182	12	would	would	AUX
fsr-3287	182	13	have	have	AUX
fsr-3287	182	14	generated	generate	VERB
fsr-3287	182	15	the	the	DET
fsr-3287	182	16	greatest	great	ADJ
fsr-3287	182	17	return	return	NOUN
fsr-3287	182	18	over	over	ADP
fsr-3287	182	19	the	the	DET
fsr-3287	182	20	65	65	NUM
fsr-3287	182	21	years	year	NOUN
fsr-3287	182	22	.	.	PUNCT
fsr-3287	183	1	this	this	DET
fsr-3287	183	2	optimal	optimal	ADJ
fsr-3287	183	3	leverage	leverage	NOUN
fsr-3287	183	4	multiple	multiple	NOUN
fsr-3287	183	5	was	be	AUX
fsr-3287	183	6	1.77	1.77	NUM
fsr-3287	183	7	times	time	NOUN
fsr-3287	183	8	,	,	PUNCT
fsr-3287	183	9	4.3	4.3	NUM
fsr-3287	183	10	%	%	NOUN
fsr-3287	183	11	percent	percent	NOUN
fsr-3287	183	12	less	less	ADJ
fsr-3287	183	13	than	than	ADP
fsr-3287	183	14	our	our	PRON
fsr-3287	183	15	estimated	estimate	VERB
fsr-3287	183	16	value	value	NOUN
fsr-3287	183	17	.	.	PUNCT
fsr-3287	184	1	5	5	X
fsr-3287	184	2	.	.	X
fsr-3287	184	3	discussion	discussion	NOUN
fsr-3287	184	4	the	the	DET
fsr-3287	184	5	derived	derived	ADJ
fsr-3287	184	6	return	return	NOUN
fsr-3287	184	7	-	-	PUNCT
fsr-3287	184	8	maximizing	maximize	VERB
fsr-3287	184	9	leverage	leverage	NOUN
fsr-3287	184	10	in	in	ADP
fsr-3287	184	11	eq	eq	ADP
fsr-3287	184	12	.	.	PUNCT
fsr-3287	185	1	(	(	PUNCT
fsr-3287	185	2	10	10	NUM
fsr-3287	185	3	)	)	PUNCT
fsr-3287	185	4	allows	allow	VERB
fsr-3287	185	5	for	for	ADP
fsr-3287	185	6	easy	easy	ADJ
fsr-3287	185	7	application	application	NOUN
fsr-3287	185	8	within	within	ADP
fsr-3287	185	9	the	the	DET
fsr-3287	185	10	risk	risk	NOUN
fsr-3287	185	11	allocation	allocation	NOUN
fsr-3287	185	12	of	of	ADP
fsr-3287	185	13	an	an	DET
fsr-3287	185	14	investment	investment	NOUN
fsr-3287	185	15	portfolio	portfolio	NOUN
fsr-3287	185	16	.	.	PUNCT
fsr-3287	186	1	using	use	VERB
fsr-3287	186	2	the	the	DET
fsr-3287	186	3	assumptions	assumption	NOUN
fsr-3287	186	4	from	from	ADP
fsr-3287	186	5	eq	eq	NOUN
fsr-3287	186	6	.	.	PUNCT
fsr-3287	187	1	(	(	PUNCT
fsr-3287	187	2	7)16	7)16	NUM
fsr-3287	187	3	in	in	ADP
fsr-3287	187	4	addition	addition	NOUN
fsr-3287	187	5	to	to	ADP
fsr-3287	187	6	n	n	PROPN
fsr-3287	187	7	�	�	PROPN
fsr-3287	187	8	85	85	NUM
fsr-3287	187	9	,	,	PUNCT
fsr-3287	187	10	and	and	CCONJ
fsr-3287	187	11	t	t	PROPN
fsr-3287	187	12	�	�	PROPN
fsr-3287	187	13	40	40	NUM
fsr-3287	187	14	,	,	PUNCT
fsr-3287	187	15	the	the	DET
fsr-3287	187	16	leverage	leverage	NOUN
fsr-3287	187	17	multiple	multiple	NOUN
fsr-3287	187	18	that	that	PRON
fsr-3287	187	19	maximizes	maximize	VERB
fsr-3287	187	20	the	the	DET
fsr-3287	187	21	portfolio	portfolio	NOUN
fsr-3287	187	22	return	return	NOUN
fsr-3287	187	23	is	be	AUX
fsr-3287	187	24	3.99	3.99	NUM
fsr-3287	187	25	times	time	NOUN
fsr-3287	187	26	.	.	PUNCT
fsr-3287	188	1	as	as	SCONJ
fsr-3287	188	2	the	the	DET
fsr-3287	188	3	investor	investor	NOUN
fsr-3287	188	4	’s	’s	PART
fsr-3287	188	5	time	time	NOUN
fsr-3287	188	6	horizon	horizon	PROPN
fsr-3287	188	7	lengthens	lengthen	VERB
fsr-3287	188	8	,	,	PUNCT
fsr-3287	188	9	the	the	DET
fsr-3287	188	10	leverage	leverage	NOUN
fsr-3287	188	11	multiple	multiple	NOUN
fsr-3287	188	12	is	be	AUX
fsr-3287	188	13	reduced	reduce	VERB
fsr-3287	188	14	toward	toward	ADP
fsr-3287	188	15	1.85	1.85	NUM
fsr-3287	188	16	times	time	NOUN
fsr-3287	188	17	,	,	PUNCT
fsr-3287	188	18	the	the	DET
fsr-3287	188	19	leverage	leverage	NOUN
fsr-3287	188	20	multiple	multiple	NOUN
fsr-3287	188	21	if	if	SCONJ
fsr-3287	188	22	t	t	PROPN
fsr-3287	188	23	�	�	PROPN
fsr-3287	188	24	n.	n.	PROPN
fsr-3287	188	25	scott	scott	PROPN
fsr-3287	188	26	and	and	CCONJ
fsr-3287	188	27	watson	watson	PROPN
fsr-3287	188	28	suggest	suggest	VERB
fsr-3287	188	29	a	a	DET
fsr-3287	188	30	leverage	leverage	NOUN
fsr-3287	188	31	multiple	multiple	NOUN
fsr-3287	188	32	of	of	ADP
fsr-3287	188	33	3	3	NUM
fsr-3287	188	34	implies	imply	VERB
fsr-3287	188	35	a	a	DET
fsr-3287	188	36	53	53	NUM
fsr-3287	188	37	-	-	PUNCT
fsr-3287	188	38	year	year	NOUN
fsr-3287	188	39	time	time	NOUN
fsr-3287	188	40	horizon	horizon	NOUN
fsr-3287	188	41	.	.	PUNCT
fsr-3287	189	1	rather	rather	ADV
fsr-3287	189	2	than	than	ADP
fsr-3287	189	3	an	an	DET
fsr-3287	189	4	exogenous	exogenous	ADJ
fsr-3287	189	5	selection	selection	NOUN
fsr-3287	189	6	of	of	ADP
fsr-3287	189	7	leverage	leverage	NOUN
fsr-3287	189	8	,	,	PUNCT
fsr-3287	189	9	eq	eq	NOUN
fsr-3287	189	10	.	.	PUNCT
fsr-3287	190	1	(	(	PUNCT
fsr-3287	190	2	10	10	NUM
fsr-3287	190	3	)	)	PUNCT
fsr-3287	190	4	provides	provide	VERB
fsr-3287	190	5	an	an	DET
fsr-3287	190	6	investor	investor	NOUN
fsr-3287	190	7	the	the	DET
fsr-3287	190	8	means	mean	NOUN
fsr-3287	190	9	to	to	PART
fsr-3287	190	10	tailor	tailor	VERB
fsr-3287	190	11	the	the	DET
fsr-3287	190	12	leverage	leverage	NOUN
fsr-3287	190	13	to	to	ADP
fsr-3287	190	14	the	the	DET
fsr-3287	190	15	specific	specific	ADJ
fsr-3287	190	16	circumstances	circumstance	NOUN
fsr-3287	190	17	.	.	PUNCT
fsr-3287	191	1	the	the	DET
fsr-3287	191	2	introduction	introduction	NOUN
fsr-3287	191	3	of	of	ADP
fsr-3287	191	4	the	the	DET
fsr-3287	191	5	volatility	volatility	NOUN
fsr-3287	191	6	drag	drag	VERB
fsr-3287	191	7	explicitly	explicitly	ADV
fsr-3287	191	8	in	in	ADP
fsr-3287	191	9	the	the	DET
fsr-3287	191	10	portfolio	portfolio	NOUN
fsr-3287	191	11	return	return	NOUN
fsr-3287	191	12	differentiates	differentiate	VERB
fsr-3287	191	13	this	this	DET
fsr-3287	191	14	study	study	NOUN
fsr-3287	191	15	from	from	ADP
fsr-3287	191	16	previous	previous	ADJ
fsr-3287	191	17	studies	study	NOUN
fsr-3287	191	18	.	.	PUNCT
fsr-3287	192	1	without	without	ADP
fsr-3287	192	2	volatility	volatility	NOUN
fsr-3287	192	3	drag	drag	NOUN
fsr-3287	192	4	,	,	PUNCT
fsr-3287	192	5	ever	ever	ADV
fsr-3287	192	6	-	-	PUNCT
fsr-3287	192	7	increasing	increase	VERB
fsr-3287	192	8	levels	level	NOUN
fsr-3287	192	9	of	of	ADP
fsr-3287	192	10	leverage	leverage	NOUN
fsr-3287	192	11	increase	increase	NOUN
fsr-3287	192	12	portfolio	portfolio	NOUN
fsr-3287	192	13	returns	return	NOUN
fsr-3287	192	14	.	.	PUNCT
fsr-3287	193	1	volatility	volatility	NOUN
fsr-3287	193	2	drag	drag	NOUN
fsr-3287	193	3	limits	limit	VERB
fsr-3287	193	4	the	the	DET
fsr-3287	193	5	portfolio	portfolio	NOUN
fsr-3287	193	6	returns	return	VERB
fsr-3287	193	7	from	from	ADP
fsr-3287	193	8	leveraging	leverage	VERB
fsr-3287	193	9	,	,	PUNCT
fsr-3287	193	10	eventually	eventually	ADV
fsr-3287	193	11	outweighing	outweigh	VERB
fsr-3287	193	12	the	the	DET
fsr-3287	193	13	gains	gain	NOUN
fsr-3287	193	14	.	.	PUNCT
fsr-3287	194	1	continuing	continue	VERB
fsr-3287	194	2	the	the	DET
fsr-3287	194	3	same	same	ADJ
fsr-3287	194	4	example	example	NOUN
fsr-3287	194	5	,	,	PUNCT
fsr-3287	194	6	the	the	DET
fsr-3287	194	7	influence	influence	NOUN
fsr-3287	194	8	of	of	ADP
fsr-3287	194	9	volatility	volatility	NOUN
fsr-3287	194	10	drag	drag	NOUN
fsr-3287	194	11	on	on	ADP
fsr-3287	194	12	portfolio	portfolio	NOUN
fsr-3287	194	13	returns	return	NOUN
fsr-3287	194	14	is	be	AUX
fsr-3287	194	15	displayed	display	VERB
fsr-3287	194	16	in	in	ADP
fsr-3287	194	17	fig	fig	NOUN
fsr-3287	194	18	.	.	PUNCT
fsr-3287	195	1	3	3	NUM
fsr-3287	195	2	which	which	PRON
fsr-3287	195	3	illustrates	illustrate	VERB
fsr-3287	195	4	the	the	DET
fsr-3287	195	5	expected	expect	VERB
fsr-3287	195	6	leveraged	leveraged	ADJ
fsr-3287	195	7	return	return	NOUN
fsr-3287	195	8	across	across	ADP
fsr-3287	195	9	the	the	DET
fsr-3287	195	10	variances	variance	NOUN
fsr-3287	195	11	of	of	ADP
fsr-3287	195	12	the	the	DET
fsr-3287	195	13	leveraged	leverage	VERB
fsr-3287	195	14	portfolio.17	portfolio.17	NOUN
fsr-3287	195	15	as	as	ADP
fsr-3287	195	16	the	the	DET
fsr-3287	195	17	expected	expect	VERB
fsr-3287	195	18	investment	investment	NOUN
fsr-3287	195	19	return	return	NOUN
fsr-3287	195	20	increases	increase	NOUN
fsr-3287	195	21	,	,	PUNCT
fsr-3287	195	22	the	the	DET
fsr-3287	195	23	fig	fig	NOUN
fsr-3287	195	24	.	.	PUNCT
fsr-3287	196	1	3	3	X
fsr-3287	196	2	.	.	X
fsr-3287	196	3	risk	risk	NOUN
fsr-3287	196	4	/	/	SYM
fsr-3287	196	5	return	return	NOUN
fsr-3287	196	6	with	with	ADP
fsr-3287	196	7	leverage	leverage	NOUN
fsr-3287	196	8	(	(	PUNCT
fsr-3287	196	9	risk	risk	NOUN
fsr-3287	196	10	measured	measure	VERB
fsr-3287	196	11	with	with	ADP
fsr-3287	196	12	variance	variance	NOUN
fsr-3287	196	13	)	)	PUNCT
fsr-3287	196	14	.	.	PUNCT
fsr-3287	197	1	422	422	NUM
fsr-3287	197	2	r.a	r.a	PROPN
fsr-3287	197	3	.	.	PROPN
fsr-3287	197	4	ott	ott	PROPN
fsr-3287	197	5	,	,	PUNCT
fsr-3287	197	6	t.e	t.e	PROPN
fsr-3287	197	7	.	.	PROPN
fsr-3287	197	8	zimmer	zimmer	PROPN
fsr-3287	197	9	/	/	SYM
fsr-3287	197	10	financial	financial	ADJ
fsr-3287	197	11	services	service	NOUN
fsr-3287	197	12	review	review	VERB
fsr-3287	197	13	25	25	NUM
fsr-3287	197	14	(	(	PUNCT
fsr-3287	197	15	2016	2016	NUM
fsr-3287	197	16	)	)	PUNCT
fsr-3287	197	17	415–425	415–425	NUM
fsr-3287	197	18	leverage	leverage	NOUN
fsr-3287	197	19	multiple	multiple	NOUN
fsr-3287	197	20	that	that	PRON
fsr-3287	197	21	maximizes	maximize	VERB
fsr-3287	197	22	the	the	DET
fsr-3287	197	23	portfolio	portfolio	NOUN
fsr-3287	197	24	return	return	NOUN
fsr-3287	197	25	also	also	ADV
fsr-3287	197	26	increases	increase	VERB
fsr-3287	197	27	,	,	PUNCT
fsr-3287	197	28	as	as	SCONJ
fsr-3287	197	29	expressed	express	VERB
fsr-3287	197	30	in	in	ADP
fsr-3287	197	31	eq	eq	ADP
fsr-3287	197	32	.	.	PUNCT
fsr-3287	198	1	(	(	PUNCT
fsr-3287	198	2	12	12	NUM
fsr-3287	198	3	)	)	PUNCT
fsr-3287	198	4	and	and	CCONJ
fsr-3287	198	5	depicted	depict	VERB
fsr-3287	198	6	in	in	ADP
fsr-3287	198	7	fig	fig	NOUN
fsr-3287	198	8	.	.	PUNCT
fsr-3287	199	1	2	2	X
fsr-3287	199	2	.	.	X
fsr-3287	200	1	once	once	SCONJ
fsr-3287	200	2	the	the	DET
fsr-3287	200	3	return	return	NOUN
fsr-3287	200	4	-	-	PUNCT
fsr-3287	200	5	maximizing	maximize	VERB
fsr-3287	200	6	level	level	NOUN
fsr-3287	200	7	of	of	ADP
fsr-3287	200	8	leverage	leverage	NOUN
fsr-3287	200	9	is	be	AUX
fsr-3287	200	10	determined	determine	VERB
fsr-3287	200	11	,	,	PUNCT
fsr-3287	200	12	scott	scott	PROPN
fsr-3287	200	13	and	and	CCONJ
fsr-3287	200	14	watson	watson	PROPN
fsr-3287	200	15	(	(	PUNCT
fsr-3287	200	16	2013	2013	NUM
fsr-3287	200	17	)	)	PUNCT
fsr-3287	200	18	suggest	suggest	VERB
fsr-3287	200	19	using	use	VERB
fsr-3287	200	20	leveraged	leveraged	ADJ
fsr-3287	200	21	exchange	exchange	NOUN
fsr-3287	200	22	-	-	PUNCT
fsr-3287	200	23	traded	trade	VERB
fsr-3287	200	24	funds	fund	NOUN
fsr-3287	200	25	(	(	PUNCT
fsr-3287	200	26	etfs	etfs	PROPN
fsr-3287	200	27	)	)	PUNCT
fsr-3287	200	28	to	to	PART
fsr-3287	200	29	achieve	achieve	VERB
fsr-3287	200	30	the	the	DET
fsr-3287	200	31	desired	desire	VERB
fsr-3287	200	32	level	level	NOUN
fsr-3287	200	33	of	of	ADP
fsr-3287	200	34	leverage	leverage	NOUN
fsr-3287	200	35	.	.	PUNCT
fsr-3287	201	1	an	an	DET
fsr-3287	201	2	investor	investor	NOUN
fsr-3287	201	3	can	can	AUX
fsr-3287	201	4	simply	simply	ADV
fsr-3287	201	5	choose	choose	VERB
fsr-3287	201	6	the	the	DET
fsr-3287	201	7	etf	etf	NOUN
fsr-3287	201	8	that	that	PRON
fsr-3287	201	9	uses	use	VERB
fsr-3287	201	10	leverage	leverage	NOUN
fsr-3287	201	11	closest	close	ADJ
fsr-3287	201	12	to	to	ADP
fsr-3287	201	13	the	the	DET
fsr-3287	201	14	returnmaximizing	returnmaximize	VERB
fsr-3287	201	15	derived	derived	ADJ
fsr-3287	201	16	leverage	leverage	NOUN
fsr-3287	201	17	.	.	PUNCT
fsr-3287	202	1	if	if	SCONJ
fsr-3287	202	2	the	the	DET
fsr-3287	202	3	exact	exact	ADJ
fsr-3287	202	4	leverage	leverage	NOUN
fsr-3287	202	5	required	require	VERB
fsr-3287	202	6	is	be	AUX
fsr-3287	202	7	not	not	PART
fsr-3287	202	8	available	available	ADJ
fsr-3287	202	9	,	,	PUNCT
fsr-3287	202	10	or	or	CCONJ
fsr-3287	202	11	more	more	ADJ
fsr-3287	202	12	precision	precision	NOUN
fsr-3287	202	13	is	be	AUX
fsr-3287	202	14	sought	seek	VERB
fsr-3287	202	15	,	,	PUNCT
fsr-3287	202	16	it	it	PRON
fsr-3287	202	17	is	be	AUX
fsr-3287	202	18	possible	possible	ADJ
fsr-3287	202	19	to	to	PART
fsr-3287	202	20	invest	invest	VERB
fsr-3287	202	21	in	in	ADP
fsr-3287	202	22	multiple	multiple	ADJ
fsr-3287	202	23	etfs	etfs	NOUN
fsr-3287	202	24	with	with	ADP
fsr-3287	202	25	different	different	ADJ
fsr-3287	202	26	leverages	leverage	NOUN
fsr-3287	202	27	,	,	PUNCT
fsr-3287	202	28	adjusting	adjust	VERB
fsr-3287	202	29	the	the	DET
fsr-3287	202	30	investment	investment	NOUN
fsr-3287	202	31	weight	weight	NOUN
fsr-3287	202	32	between	between	ADP
fsr-3287	202	33	them	they	PRON
fsr-3287	202	34	to	to	PART
fsr-3287	202	35	achieve	achieve	VERB
fsr-3287	202	36	the	the	DET
fsr-3287	202	37	desired	desire	VERB
fsr-3287	202	38	aggregate	aggregate	ADJ
fsr-3287	202	39	leverage	leverage	NOUN
fsr-3287	202	40	.	.	PUNCT
fsr-3287	203	1	the	the	DET
fsr-3287	203	2	approach	approach	NOUN
fsr-3287	203	3	assumes	assume	VERB
fsr-3287	203	4	a	a	DET
fsr-3287	203	5	normal	normal	ADJ
fsr-3287	203	6	long	long	ADJ
fsr-3287	203	7	-	-	PUNCT
fsr-3287	203	8	term	term	NOUN
fsr-3287	203	9	distribution	distribution	NOUN
fsr-3287	203	10	of	of	ADP
fsr-3287	203	11	market	market	NOUN
fsr-3287	203	12	returns	return	NOUN
fsr-3287	203	13	in	in	ADP
fsr-3287	203	14	an	an	DET
fsr-3287	203	15	attempt	attempt	NOUN
fsr-3287	203	16	to	to	PART
fsr-3287	203	17	simplify	simplify	VERB
fsr-3287	203	18	the	the	DET
fsr-3287	203	19	model	model	NOUN
fsr-3287	203	20	.	.	PUNCT
fsr-3287	204	1	acknowledging	acknowledge	VERB
fsr-3287	204	2	the	the	DET
fsr-3287	204	3	non	non	ADJ
fsr-3287	204	4	-	-	ADJ
fsr-3287	204	5	normal	normal	ADJ
fsr-3287	204	6	long	long	ADJ
fsr-3287	204	7	-	-	PUNCT
fsr-3287	204	8	term	term	NOUN
fsr-3287	204	9	market	market	NOUN
fsr-3287	204	10	returns	return	NOUN
fsr-3287	204	11	,	,	PUNCT
fsr-3287	204	12	and	and	CCONJ
fsr-3287	204	13	incorporating	incorporate	VERB
fsr-3287	204	14	terms	term	NOUN
fsr-3287	204	15	to	to	PART
fsr-3287	204	16	account	account	VERB
fsr-3287	204	17	for	for	ADP
fsr-3287	204	18	distribution	distribution	NOUN
fsr-3287	204	19	skewness	skewness	NOUN
fsr-3287	204	20	and	and	CCONJ
fsr-3287	204	21	kurtosis	kurtosis	NOUN
fsr-3287	204	22	within	within	ADP
fsr-3287	204	23	market	market	NOUN
fsr-3287	204	24	returns	return	NOUN
fsr-3287	204	25	would	would	AUX
fsr-3287	204	26	add	add	VERB
fsr-3287	204	27	to	to	ADP
fsr-3287	204	28	the	the	DET
fsr-3287	204	29	basic	basic	ADJ
fsr-3287	204	30	model	model	NOUN
fsr-3287	204	31	.	.	PUNCT
fsr-3287	205	1	this	this	DET
fsr-3287	205	2	area	area	NOUN
fsr-3287	205	3	would	would	AUX
fsr-3287	205	4	be	be	AUX
fsr-3287	205	5	open	open	ADJ
fsr-3287	205	6	to	to	ADP
fsr-3287	205	7	further	further	ADJ
fsr-3287	205	8	research	research	NOUN
fsr-3287	205	9	and	and	CCONJ
fsr-3287	205	10	certainly	certainly	ADV
fsr-3287	205	11	expand	expand	VERB
fsr-3287	205	12	the	the	DET
fsr-3287	205	13	application	application	NOUN
fsr-3287	205	14	of	of	ADP
fsr-3287	205	15	the	the	DET
fsr-3287	205	16	approach	approach	NOUN
fsr-3287	205	17	presented	present	VERB
fsr-3287	205	18	in	in	ADP
fsr-3287	205	19	this	this	DET
fsr-3287	205	20	article	article	NOUN
fsr-3287	205	21	.	.	PUNCT
fsr-3287	206	1	6	6	NUM
fsr-3287	206	2	.	.	X
fsr-3287	206	3	conclusion	conclusion	NOUN
fsr-3287	206	4	this	this	DET
fsr-3287	206	5	article	article	NOUN
fsr-3287	206	6	provides	provide	VERB
fsr-3287	206	7	endogenously	endogenously	ADV
fsr-3287	206	8	derived	derive	VERB
fsr-3287	206	9	equations	equation	NOUN
fsr-3287	206	10	designed	design	VERB
fsr-3287	206	11	to	to	PART
fsr-3287	206	12	assist	assist	VERB
fsr-3287	206	13	in	in	ADP
fsr-3287	206	14	managing	manage	VERB
fsr-3287	206	15	a	a	DET
fsr-3287	206	16	retirement	retirement	NOUN
fsr-3287	206	17	investment	investment	NOUN
fsr-3287	206	18	portfolio	portfolio	NOUN
fsr-3287	206	19	.	.	PUNCT
fsr-3287	207	1	the	the	DET
fsr-3287	207	2	approach	approach	NOUN
fsr-3287	207	3	is	be	AUX
fsr-3287	207	4	to	to	PART
fsr-3287	207	5	allocate	allocate	VERB
fsr-3287	207	6	retirement	retirement	NOUN
fsr-3287	207	7	funds	fund	NOUN
fsr-3287	207	8	between	between	ADP
fsr-3287	207	9	a	a	DET
fsr-3287	207	10	risk	risk	NOUN
fsr-3287	207	11	-	-	PUNCT
fsr-3287	207	12	free	free	ADJ
fsr-3287	207	13	portfolio	portfolio	NOUN
fsr-3287	207	14	to	to	PART
fsr-3287	207	15	support	support	VERB
fsr-3287	207	16	minimum	minimum	ADJ
fsr-3287	207	17	annual	annual	ADJ
fsr-3287	207	18	consumption	consumption	NOUN
fsr-3287	207	19	spending	spending	NOUN
fsr-3287	207	20	and	and	CCONJ
fsr-3287	207	21	a	a	DET
fsr-3287	207	22	risk	risk	NOUN
fsr-3287	207	23	portfolio	portfolio	NOUN
fsr-3287	207	24	leveraged	leverage	VERB
fsr-3287	207	25	to	to	PART
fsr-3287	207	26	provide	provide	VERB
fsr-3287	207	27	long	long	ADJ
fsr-3287	207	28	-	-	PUNCT
fsr-3287	207	29	term	term	NOUN
fsr-3287	207	30	purchasing	purchasing	NOUN
fsr-3287	207	31	power	power	NOUN
fsr-3287	207	32	.	.	PUNCT
fsr-3287	208	1	while	while	SCONJ
fsr-3287	208	2	leveraging	leverage	VERB
fsr-3287	208	3	the	the	DET
fsr-3287	208	4	risk	risk	NOUN
fsr-3287	208	5	portfolio	portfolio	NOUN
fsr-3287	208	6	can	can	AUX
fsr-3287	208	7	enhance	enhance	VERB
fsr-3287	208	8	expected	expect	VERB
fsr-3287	208	9	portfolio	portfolio	NOUN
fsr-3287	208	10	returns	return	NOUN
fsr-3287	208	11	,	,	PUNCT
fsr-3287	208	12	this	this	DET
fsr-3287	208	13	article	article	NOUN
fsr-3287	208	14	emphasizes	emphasize	VERB
fsr-3287	208	15	the	the	DET
fsr-3287	208	16	limitations	limitation	NOUN
fsr-3287	208	17	by	by	ADP
fsr-3287	208	18	explicitly	explicitly	ADV
fsr-3287	208	19	including	include	VERB
fsr-3287	208	20	the	the	DET
fsr-3287	208	21	volatility	volatility	NOUN
fsr-3287	208	22	drag	drag	NOUN
fsr-3287	208	23	of	of	ADP
fsr-3287	208	24	leveraging	leverage	VERB
fsr-3287	208	25	.	.	PUNCT
fsr-3287	209	1	if	if	SCONJ
fsr-3287	209	2	the	the	DET
fsr-3287	209	3	spread	spread	NOUN
fsr-3287	209	4	of	of	ADP
fsr-3287	209	5	the	the	DET
fsr-3287	209	6	leveraged	leveraged	ADJ
fsr-3287	209	7	portfolio	portfolio	NOUN
fsr-3287	209	8	return	return	VERB
fsr-3287	209	9	over	over	ADP
fsr-3287	209	10	the	the	DET
fsr-3287	209	11	borrowing	borrowing	NOUN
fsr-3287	209	12	costs	cost	NOUN
fsr-3287	209	13	is	be	AUX
fsr-3287	209	14	greater	great	ADJ
fsr-3287	209	15	than	than	ADP
fsr-3287	209	16	the	the	DET
fsr-3287	209	17	variance	variance	NOUN
fsr-3287	209	18	of	of	ADP
fsr-3287	209	19	the	the	DET
fsr-3287	209	20	leveraged	leverage	VERB
fsr-3287	209	21	return	return	NOUN
fsr-3287	209	22	,	,	PUNCT
fsr-3287	209	23	then	then	ADV
fsr-3287	209	24	the	the	DET
fsr-3287	209	25	investor	investor	NOUN
fsr-3287	209	26	can	can	AUX
fsr-3287	209	27	enhance	enhance	AUX
fsr-3287	209	28	expected	expect	VERB
fsr-3287	209	29	portfolio	portfolio	NOUN
fsr-3287	209	30	returns	return	NOUN
fsr-3287	209	31	by	by	ADP
fsr-3287	209	32	increasing	increase	VERB
fsr-3287	209	33	leverage	leverage	NOUN
fsr-3287	209	34	.	.	PUNCT
fsr-3287	210	1	otherwise	otherwise	ADV
fsr-3287	210	2	,	,	PUNCT
fsr-3287	210	3	the	the	DET
fsr-3287	210	4	volatility	volatility	NOUN
fsr-3287	210	5	drag	drag	NOUN
fsr-3287	210	6	of	of	ADP
fsr-3287	210	7	leveraging	leverage	VERB
fsr-3287	210	8	diminishes	diminish	VERB
fsr-3287	210	9	the	the	DET
fsr-3287	210	10	expected	expected	ADJ
fsr-3287	210	11	portfolio	portfolio	NOUN
fsr-3287	210	12	returns	return	NOUN
fsr-3287	210	13	.	.	PUNCT
fsr-3287	211	1	this	this	DET
fsr-3287	211	2	limitation	limitation	NOUN
fsr-3287	211	3	occurs	occur	VERB
fsr-3287	211	4	at	at	ADP
fsr-3287	211	5	higher	high	ADJ
fsr-3287	211	6	leverage	leverage	NOUN
fsr-3287	211	7	multiples	multiple	NOUN
fsr-3287	211	8	if	if	SCONJ
fsr-3287	211	9	an	an	DET
fsr-3287	211	10	investor	investor	NOUN
fsr-3287	211	11	has	have	VERB
fsr-3287	211	12	a	a	DET
fsr-3287	211	13	shorter	short	ADJ
fsr-3287	211	14	time	time	NOUN
fsr-3287	211	15	horizon	horizon	NOUN
fsr-3287	211	16	.	.	PUNCT
fsr-3287	212	1	while	while	SCONJ
fsr-3287	212	2	this	this	DET
fsr-3287	212	3	article	article	NOUN
fsr-3287	212	4	focuses	focus	VERB
fsr-3287	212	5	on	on	ADP
fsr-3287	212	6	using	use	VERB
fsr-3287	212	7	leverage	leverage	NOUN
fsr-3287	212	8	in	in	ADP
fsr-3287	212	9	a	a	DET
fsr-3287	212	10	retirement	retirement	NOUN
fsr-3287	212	11	portfolio	portfolio	NOUN
fsr-3287	212	12	,	,	PUNCT
fsr-3287	212	13	the	the	DET
fsr-3287	212	14	approach	approach	NOUN
fsr-3287	212	15	is	be	AUX
fsr-3287	212	16	applicable	applicable	ADJ
fsr-3287	212	17	to	to	ADP
fsr-3287	212	18	other	other	ADJ
fsr-3287	212	19	issues	issue	NOUN
fsr-3287	212	20	involving	involve	VERB
fsr-3287	212	21	the	the	DET
fsr-3287	212	22	use	use	NOUN
fsr-3287	212	23	of	of	ADP
fsr-3287	212	24	leverage	leverage	NOUN
fsr-3287	212	25	to	to	PART
fsr-3287	212	26	enhance	enhance	VERB
fsr-3287	212	27	portfolio	portfolio	NOUN
fsr-3287	212	28	returns	return	NOUN
fsr-3287	212	29	.	.	PUNCT
fsr-3287	213	1	in	in	ADP
fsr-3287	213	2	particular	particular	ADJ
fsr-3287	213	3	,	,	PUNCT
fsr-3287	213	4	hedge	hedge	NOUN
fsr-3287	213	5	fund	fund	NOUN
fsr-3287	213	6	managers	manager	NOUN
fsr-3287	213	7	and	and	CCONJ
fsr-3287	213	8	managers	manager	NOUN
fsr-3287	213	9	of	of	ADP
fsr-3287	213	10	financial	financial	ADJ
fsr-3287	213	11	institutions	institution	NOUN
fsr-3287	213	12	typically	typically	ADV
fsr-3287	213	13	operate	operate	VERB
fsr-3287	213	14	with	with	ADP
fsr-3287	213	15	high	high	ADJ
fsr-3287	213	16	levels	level	NOUN
fsr-3287	213	17	of	of	ADP
fsr-3287	213	18	leverage	leverage	NOUN
fsr-3287	213	19	and	and	CCONJ
fsr-3287	213	20	may	may	AUX
fsr-3287	213	21	experience	experience	VERB
fsr-3287	213	22	the	the	DET
fsr-3287	213	23	limitations	limitation	NOUN
fsr-3287	213	24	from	from	ADP
fsr-3287	213	25	volatility	volatility	NOUN
fsr-3287	213	26	drag	drag	NOUN
fsr-3287	213	27	.	.	PUNCT
fsr-3287	214	1	this	this	DET
fsr-3287	214	2	topic	topic	NOUN
fsr-3287	214	3	is	be	AUX
fsr-3287	214	4	also	also	ADV
fsr-3287	214	5	relevant	relevant	ADJ
fsr-3287	214	6	in	in	ADP
fsr-3287	214	7	addressing	address	VERB
fsr-3287	214	8	the	the	DET
fsr-3287	214	9	optimal	optimal	ADJ
fsr-3287	214	10	capital	capital	NOUN
fsr-3287	214	11	structure	structure	NOUN
fsr-3287	214	12	for	for	ADP
fsr-3287	214	13	a	a	DET
fsr-3287	214	14	firm	firm	NOUN
fsr-3287	214	15	in	in	ADP
fsr-3287	214	16	corporate	corporate	ADJ
fsr-3287	214	17	finance	finance	NOUN
fsr-3287	214	18	.	.	PUNCT
fsr-3287	215	1	notes	note	VERB
fsr-3287	215	2	1	1	NUM
fsr-3287	215	3	this	this	DET
fsr-3287	215	4	allocation	allocation	NOUN
fsr-3287	215	5	is	be	AUX
fsr-3287	215	6	close	close	ADJ
fsr-3287	215	7	to	to	ADP
fsr-3287	215	8	the	the	DET
fsr-3287	215	9	85	85	NUM
fsr-3287	215	10	%	%	NOUN
fsr-3287	215	11	suggested	suggest	VERB
fsr-3287	215	12	by	by	ADP
fsr-3287	215	13	scott	scott	PROPN
fsr-3287	215	14	and	and	CCONJ
fsr-3287	215	15	watson	watson	PROPN
fsr-3287	215	16	(	(	PUNCT
fsr-3287	215	17	2013	2013	NUM
fsr-3287	215	18	)	)	PUNCT
fsr-3287	215	19	.	.	PUNCT
fsr-3287	216	1	2	2	NUM
fsr-3287	216	2	as	as	SCONJ
fsr-3287	216	3	t	t	PROPN
fsr-3287	216	4	approaches	approach	VERB
fsr-3287	216	5	infinity	infinity	NOUN
fsr-3287	216	6	,	,	PUNCT
fsr-3287	216	7	the	the	DET
fsr-3287	216	8	influence	influence	NOUN
fsr-3287	216	9	of	of	ADP
fsr-3287	216	10	the	the	DET
fsr-3287	216	11	annuity	annuity	NOUN
fsr-3287	216	12	diminishes	diminish	VERB
fsr-3287	216	13	back	back	ADV
fsr-3287	216	14	to	to	ADP
fsr-3287	216	15	1	1	NUM
fsr-3287	216	16	/	/	SYM
fsr-3287	216	17	rf	rf	NOUN
fsr-3287	216	18	and	and	CCONJ
fsr-3287	216	19	eq	eq	ADJ
fsr-3287	216	20	.	.	PUNCT
fsr-3287	217	1	(	(	PUNCT
fsr-3287	217	2	2	2	X
fsr-3287	217	3	)	)	PUNCT
fsr-3287	217	4	reverts	revert	VERB
fsr-3287	217	5	back	back	ADV
fsr-3287	217	6	to	to	ADP
fsr-3287	217	7	eq	eq	NOUN
fsr-3287	217	8	.	.	PUNCT
fsr-3287	218	1	(	(	PUNCT
fsr-3287	218	2	1	1	NUM
fsr-3287	218	3	)	)	PUNCT
fsr-3287	218	4	.	.	PUNCT
fsr-3287	219	1	in	in	ADP
fsr-3287	219	2	such	such	DET
fsr-3287	219	3	a	a	DET
fsr-3287	219	4	case	case	NOUN
fsr-3287	219	5	,	,	PUNCT
fsr-3287	219	6	the	the	DET
fsr-3287	219	7	principle	principle	NOUN
fsr-3287	219	8	never	never	ADV
fsr-3287	219	9	depletes	deplete	VERB
fsr-3287	219	10	and	and	CCONJ
fsr-3287	219	11	the	the	DET
fsr-3287	219	12	portfolio	portfolio	NOUN
fsr-3287	219	13	will	will	AUX
fsr-3287	219	14	exist	exist	VERB
fsr-3287	219	15	in	in	ADP
fsr-3287	219	16	perpetuity	perpetuity	NOUN
fsr-3287	219	17	.	.	PUNCT
fsr-3287	220	1	3	3	NUM
fsr-3287	220	2	scott	scott	PROPN
fsr-3287	220	3	and	and	CCONJ
fsr-3287	220	4	watson	watson	PROPN
fsr-3287	220	5	(	(	PUNCT
fsr-3287	220	6	2013	2013	NUM
fsr-3287	220	7	)	)	PUNCT
fsr-3287	220	8	used	use	VERB
fsr-3287	220	9	40	40	NUM
fsr-3287	220	10	years	year	NOUN
fsr-3287	220	11	in	in	ADP
fsr-3287	220	12	their	their	PRON
fsr-3287	220	13	example	example	NOUN
fsr-3287	220	14	.	.	PUNCT
fsr-3287	221	1	4	4	NUM
fsr-3287	221	2	waring	waring	NOUN
fsr-3287	221	3	and	and	CCONJ
fsr-3287	221	4	siegel	siegel	NOUN
fsr-3287	221	5	(	(	PUNCT
fsr-3287	221	6	2015	2015	NUM
fsr-3287	221	7	)	)	PUNCT
fsr-3287	221	8	propose	propose	VERB
fsr-3287	221	9	a	a	DET
fsr-3287	221	10	spending	spending	NOUN
fsr-3287	221	11	rule	rule	NOUN
fsr-3287	221	12	that	that	PRON
fsr-3287	221	13	constantly	constantly	ADV
fsr-3287	221	14	adjusts	adjust	VERB
fsr-3287	221	15	the	the	DET
fsr-3287	221	16	annuity	annuity	NOUN
fsr-3287	221	17	through	through	ADP
fsr-3287	221	18	time	time	NOUN
fsr-3287	221	19	so	so	SCONJ
fsr-3287	221	20	as	as	SCONJ
fsr-3287	221	21	to	to	PART
fsr-3287	221	22	never	never	ADV
fsr-3287	221	23	deplete	deplete	VERB
fsr-3287	221	24	the	the	DET
fsr-3287	221	25	portfolio	portfolio	NOUN
fsr-3287	221	26	.	.	PUNCT
fsr-3287	222	1	5	5	NUM
fsr-3287	222	2	this	this	PRON
fsr-3287	222	3	is	be	AUX
fsr-3287	222	4	modigliani	modigliani	ADJ
fsr-3287	222	5	-	-	PUNCT
fsr-3287	222	6	miller	miller	PROPN
fsr-3287	222	7	’s	’s	PART
fsr-3287	222	8	(	(	PUNCT
fsr-3287	222	9	1958	1958	NUM
fsr-3287	222	10	)	)	PUNCT
fsr-3287	222	11	proposition	proposition	PROPN
fsr-3287	222	12	ii	ii	PROPN
fsr-3287	222	13	.	.	PUNCT
fsr-3287	223	1	423r.a	423r.a	NUM
fsr-3287	223	2	.	.	PUNCT
fsr-3287	224	1	ott	ott	PROPN
fsr-3287	224	2	,	,	PUNCT
fsr-3287	224	3	t.e	t.e	PROPN
fsr-3287	224	4	.	.	PROPN
fsr-3287	224	5	zimmer	zimmer	PROPN
fsr-3287	224	6	/	/	SYM
fsr-3287	224	7	financial	financial	ADJ
fsr-3287	224	8	services	service	NOUN
fsr-3287	224	9	review	review	VERB
fsr-3287	224	10	25	25	NUM
fsr-3287	224	11	(	(	PUNCT
fsr-3287	224	12	2016	2016	NUM
fsr-3287	224	13	)	)	PUNCT
fsr-3287	224	14	415–425	415–425	NUM
fsr-3287	224	15	6	6	NUM
fsr-3287	224	16	bodie	bodie	NOUN
fsr-3287	224	17	,	,	PUNCT
fsr-3287	224	18	kane	kane	PROPN
fsr-3287	224	19	,	,	PUNCT
fsr-3287	224	20	and	and	CCONJ
fsr-3287	224	21	marcus	marcus	PROPN
fsr-3287	224	22	(	(	PUNCT
fsr-3287	224	23	2011	2011	NUM
fsr-3287	224	24	)	)	PUNCT
fsr-3287	225	1	p.	p.	NOUN
fsr-3287	225	2	132	132	NUM
fsr-3287	225	3	.	.	NOUN
fsr-3287	225	4	7	7	NUM
fsr-3287	225	5	�	�	PROPN
fsr-3287	225	6	n	n	CCONJ
fsr-3287	225	7	2	2	NUM
fsr-3287	225	8	�	�	PROPN
fsr-3287	225	9	250	250	NUM
fsr-3287	225	10	�	�	PROPN
fsr-3287	225	11	0.01	0.01	NUM
fsr-3287	225	12	%	%	NOUN
fsr-3287	225	13	�	�	PROPN
fsr-3287	225	14	2.5	2.5	NUM
fsr-3287	225	15	%	%	NOUN
fsr-3287	225	16	.	.	PUNCT
fsr-3287	226	1	8	8	NUM
fsr-3287	226	2	ri	ri	PROPN
fsr-3287	226	3	�	�	PROPN
fsr-3287	226	4	0	0	NUM
fsr-3287	226	5	%	%	NOUN
fsr-3287	226	6	and	and	CCONJ
fsr-3287	226	7	�	�	PROPN
fsr-3287	226	8	2	2	NUM
fsr-3287	226	9	�	�	NOUN
fsr-3287	226	10	22.5	22.5	NUM
fsr-3287	226	11	%	%	NOUN
fsr-3287	227	1	[	[	X
fsr-3287	227	2	or	or	CCONJ
fsr-3287	227	3	250	250	NUM
fsr-3287	227	4	�	�	NOUN
fsr-3287	227	5	0.01	0.01	NUM
fsr-3287	227	6	%	%	NOUN
fsr-3287	227	7	�	�	PROPN
fsr-3287	227	8	9	9	NUM
fsr-3287	227	9	]	]	PUNCT
fsr-3287	227	10	.	.	PUNCT
fsr-3287	228	1	in	in	ADP
fsr-3287	228	2	the	the	DET
fsr-3287	228	3	scott	scott	PROPN
fsr-3287	228	4	and	and	CCONJ
fsr-3287	228	5	watson	watson	PROPN
fsr-3287	228	6	example	example	NOUN
fsr-3287	228	7	,	,	PUNCT
fsr-3287	228	8	the	the	DET
fsr-3287	228	9	actual	actual	ADJ
fsr-3287	228	10	loss	loss	NOUN
fsr-3287	228	11	from	from	ADP
fsr-3287	228	12	3	3	NUM
fsr-3287	228	13	times	time	NOUN
fsr-3287	228	14	leverage	leverage	NOUN
fsr-3287	228	15	is	be	AUX
fsr-3287	228	16	�	�	PROPN
fsr-3287	228	17	10.64	10.64	NUM
fsr-3287	228	18	%	%	NOUN
fsr-3287	228	19	,	,	PUNCT
fsr-3287	228	20	p.	p.	NOUN
fsr-3287	228	21	56	56	NUM
fsr-3287	229	1	.	.	NUM
fsr-3287	229	2	9	9	NUM
fsr-3287	230	1	this	this	DET
fsr-3287	230	2	equation	equation	NOUN
fsr-3287	230	3	can	can	AUX
fsr-3287	230	4	also	also	ADV
fsr-3287	230	5	be	be	AUX
fsr-3287	230	6	expressed	express	VERB
fsr-3287	230	7	as	as	ADP
fsr-3287	230	8	:	:	PUNCT
fsr-3287	230	9	rn	rn	PROPN
fsr-3287	230	10	�	�	PROPN
fsr-3287	230	11	rb	rb	PROPN
fsr-3287	230	12	�	�	PROPN
fsr-3287	230	13	(	(	PUNCT
fsr-3287	230	14	ri	ri	PROPN
fsr-3287	230	15	�	�	PROPN
fsr-3287	230	16	rb	rb	PROPN
fsr-3287	230	17	)	)	PUNCT
fsr-3287	230	18	n	n	PRON
fsr-3287	230	19	�	�	PROPN
fsr-3287	230	20	1⁄2(	1⁄2(	NUM
fsr-3287	230	21	�	�	NOUN
fsr-3287	230	22	2n2	2n2	NUM
fsr-3287	230	23	)	)	PUNCT
fsr-3287	230	24	.	.	PUNCT
fsr-3287	231	1	10	10	NUM
fsr-3287	231	2	these	these	PRON
fsr-3287	231	3	are	be	AUX
fsr-3287	231	4	the	the	DET
fsr-3287	231	5	assumptions	assumption	NOUN
fsr-3287	231	6	used	use	VERB
fsr-3287	231	7	by	by	ADP
fsr-3287	231	8	scott	scott	PROPN
fsr-3287	231	9	and	and	CCONJ
fsr-3287	231	10	watson	watson	PROPN
fsr-3287	231	11	(	(	PUNCT
fsr-3287	231	12	2013	2013	NUM
fsr-3287	231	13	,	,	PUNCT
fsr-3287	231	14	p.	p.	NOUN
fsr-3287	231	15	49	49	NUM
fsr-3287	231	16	)	)	PUNCT
fsr-3287	231	17	.	.	PUNCT
fsr-3287	232	1	11	11	NUM
fsr-3287	232	2	when	when	SCONJ
fsr-3287	232	3	n	n	X
fsr-3287	232	4	�	�	PROPN
fsr-3287	232	5	0	0	NUM
fsr-3287	232	6	,	,	PUNCT
fsr-3287	232	7	the	the	DET
fsr-3287	232	8	portfolio	portfolio	NOUN
fsr-3287	232	9	is	be	AUX
fsr-3287	232	10	leveraged	leverage	VERB
fsr-3287	232	11	�	�	NOUN
fsr-3287	232	12	1	1	NUM
fsr-3287	232	13	times	time	NOUN
fsr-3287	232	14	.	.	PUNCT
fsr-3287	233	1	this	this	PRON
fsr-3287	233	2	is	be	AUX
fsr-3287	233	3	equivalent	equivalent	ADJ
fsr-3287	233	4	to	to	ADP
fsr-3287	233	5	selling	sell	VERB
fsr-3287	233	6	the	the	DET
fsr-3287	233	7	investment	investment	NOUN
fsr-3287	233	8	portfolio	portfolio	NOUN
fsr-3287	233	9	and	and	CCONJ
fsr-3287	233	10	investing	invest	VERB
fsr-3287	233	11	it	it	PRON
fsr-3287	233	12	at	at	ADP
fsr-3287	233	13	the	the	DET
fsr-3287	233	14	borrowing	borrowing	NOUN
fsr-3287	233	15	rate	rate	NOUN
fsr-3287	233	16	.	.	PUNCT
fsr-3287	234	1	12	12	NUM
fsr-3287	234	2	rn	rn	PROPN
fsr-3287	234	3	�	�	PROPN
fsr-3287	234	4	ri	ri	PROPN
fsr-3287	234	5	�	�	PROPN
fsr-3287	234	6	�	�	PROPN
fsr-3287	234	7	ri	ri	PROPN
fsr-3287	234	8	�	�	PROPN
fsr-3287	234	9	rb	rb	PROPN
fsr-3287	234	10	�	�	PROPN
fsr-3287	234	11	�	�	PROPN
fsr-3287	234	12	n-1)	n-1)	NOUN
fsr-3287	234	13	�	�	PROPN
fsr-3287	234	14	(1⁄2	(1⁄2	PROPN
fsr-3287	234	15	�	�	PROPN
fsr-3287	234	16	2)(n2	2)(n2	NUM
fsr-3287	234	17	�	�	PROPN
fsr-3287	234	18	�	�	PROPN
fsr-3287	234	19	�	�	NOUN
fsr-3287	234	20	t-1)/(n-1	t-1)/(n-1	NOUN
fsr-3287	234	21	)	)	PUNCT
fsr-3287	234	22	)	)	PUNCT
fsr-3287	234	23	,	,	PUNCT
fsr-3287	234	24	�	�	PROPN
fsr-3287	234	25	rn/	rn/	NOUN
fsr-3287	234	26	�	�	PROPN
fsr-3287	234	27	n	n	CCONJ
fsr-3287	234	28	�	�	PROPN
fsr-3287	234	29	�	�	PROPN
fsr-3287	234	30	ri	ri	PROPN
fsr-3287	234	31	�	�	PROPN
fsr-3287	234	32	rb	rb	PROPN
fsr-3287	234	33	�	�	PROPN
fsr-3287	234	34	�	�	PROPN
fsr-3287	234	35	�	�	PROPN
fsr-3287	234	36	2n	2n	NUM
fsr-3287	234	37	�	�	PROPN
fsr-3287	234	38	�	�	PROPN
fsr-3287	234	39	1⁄2	1⁄2	PROPN
fsr-3287	234	40	�	�	PROPN
fsr-3287	234	41	2	2	NUM
fsr-3287	234	42	�	�	PROPN
fsr-3287	234	43	�	�	NOUN
fsr-3287	234	44	�	�	NOUN
fsr-3287	234	45	t-1)/(n-1	t-1)/(n-1	NOUN
fsr-3287	234	46	)	)	PUNCT
fsr-3287	234	47	)	)	PUNCT
fsr-3287	235	1	,	,	PUNCT
fsr-3287	235	2	0	0	NUM
fsr-3287	235	3	�	�	PROPN
fsr-3287	235	4	ri	ri	PROPN
fsr-3287	235	5	�	�	PROPN
fsr-3287	235	6	rb	rb	PROPN
fsr-3287	235	7	�	�	PROPN
fsr-3287	235	8	�	�	PROPN
fsr-3287	235	9	n	n	CCONJ
fsr-3287	235	10	�	�	PROPN
fsr-3287	235	11	�	�	PROPN
fsr-3287	235	12	�	�	PROPN
fsr-3287	235	13	2	2	NUM
fsr-3287	235	14	�	�	PROPN
fsr-3287	235	15	�	�	NOUN
fsr-3287	235	16	�	�	NOUN
fsr-3287	235	17	t-1)/(n-1	t-1)/(n-1	NOUN
fsr-3287	235	18	)	)	PUNCT
fsr-3287	235	19	)	)	PUNCT
fsr-3287	235	20	,	,	PUNCT
fsr-3287	235	21	n	n	PROPN
fsr-3287	235	22	�	�	PROPN
fsr-3287	235	23	�	�	PROPN
fsr-3287	235	24	ri	ri	PROPN
fsr-3287	235	25	�	�	PROPN
fsr-3287	235	26	rb	rb	PROPN
fsr-3287	235	27	�	�	PROPN
fsr-3287	235	28	/	/	SYM
fsr-3287	235	29	�	�	PROPN
fsr-3287	235	30	�	�	PROPN
fsr-3287	235	31	2	2	NUM
fsr-3287	235	32	�	�	PROPN
fsr-3287	235	33	�	�	PROPN
fsr-3287	235	34	�	�	PROPN
fsr-3287	235	35	t-1)/(n-1	t-1)/(n-1	NOUN
fsr-3287	235	36	)	)	PUNCT
fsr-3287	235	37	)	)	PUNCT
fsr-3287	235	38	.	.	PUNCT
fsr-3287	236	1	13	13	NUM
fsr-3287	236	2	eq	eq	NOUN
fsr-3287	236	3	.	.	PUNCT
fsr-3287	237	1	(	(	PUNCT
fsr-3287	237	2	12	12	NUM
fsr-3287	237	3	)	)	PUNCT
fsr-3287	237	4	can	can	AUX
fsr-3287	237	5	also	also	ADV
fsr-3287	237	6	be	be	AUX
fsr-3287	237	7	expressed	express	VERB
fsr-3287	237	8	as	as	ADP
fsr-3287	237	9	a	a	DET
fsr-3287	237	10	function	function	NOUN
fsr-3287	237	11	of	of	ADP
fsr-3287	237	12	the	the	DET
fsr-3287	237	13	spread	spread	NOUN
fsr-3287	237	14	between	between	ADP
fsr-3287	237	15	the	the	DET
fsr-3287	237	16	investment	investment	NOUN
fsr-3287	237	17	yield	yield	NOUN
fsr-3287	237	18	and	and	CCONJ
fsr-3287	237	19	the	the	DET
fsr-3287	237	20	borrowing	borrowing	NOUN
fsr-3287	237	21	cost	cost	NOUN
fsr-3287	237	22	as	as	ADP
fsr-3287	237	23	r(t)n	r(t)n	ADP
fsr-3287	237	24	�	�	PROPN
fsr-3287	237	25	rb	rb	PROPN
fsr-3287	237	26	�	�	PROPN
fsr-3287	237	27	1⁄2	1⁄2	PROPN
fsr-3287	237	28	(	(	PUNCT
fsr-3287	237	29	ri	ri	PROPN
fsr-3287	237	30	�	�	PROPN
fsr-3287	237	31	rb)2/	rb)2/	PROPN
fsr-3287	237	32	�	�	PROPN
fsr-3287	237	33	2	2	NUM
fsr-3287	237	34	(	(	PUNCT
fsr-3287	237	35	t-1)/(n-1	t-1)/(n-1	ADJ
fsr-3287	237	36	)	)	PUNCT
fsr-3287	237	37	)	)	PUNCT
fsr-3287	237	38	.	.	PUNCT
fsr-3287	238	1	14	14	NUM
fsr-3287	238	2	data	datum	NOUN
fsr-3287	238	3	series	series	NOUN
fsr-3287	238	4	is	be	AUX
fsr-3287	238	5	from	from	ADP
fsr-3287	238	6	yahoo	yahoo	PROPN
fsr-3287	238	7	finance	finance	NOUN
fsr-3287	238	8	.	.	PUNCT
fsr-3287	239	1	15	15	NUM
fsr-3287	240	1	the	the	DET
fsr-3287	240	2	precise	precise	ADJ
fsr-3287	240	3	relationship	relationship	NOUN
fsr-3287	240	4	is	be	AUX
fsr-3287	240	5	derived	derive	VERB
fsr-3287	240	6	from	from	ADP
fsr-3287	240	7	continuously	continuously	ADV
fsr-3287	240	8	compounded	compound	VERB
fsr-3287	240	9	rates	rate	NOUN
fsr-3287	240	10	that	that	PRON
fsr-3287	240	11	are	be	AUX
fsr-3287	240	12	lognormally	lognormally	ADV
fsr-3287	240	13	distributed	distribute	VERB
fsr-3287	240	14	.	.	PUNCT
fsr-3287	241	1	see	see	VERB
fsr-3287	241	2	jacquier	jacquier	NOUN
fsr-3287	241	3	,	,	PUNCT
fsr-3287	241	4	kane	kane	PROPN
fsr-3287	241	5	,	,	PUNCT
fsr-3287	241	6	and	and	CCONJ
fsr-3287	241	7	marcus	marcus	PROPN
fsr-3287	241	8	(	(	PUNCT
fsr-3287	241	9	2003	2003	NUM
fsr-3287	241	10	)	)	PUNCT
fsr-3287	241	11	.	.	PUNCT
fsr-3287	242	1	16	16	NUM
fsr-3287	242	2	ri	ri	PROPN
fsr-3287	242	3	�	�	PROPN
fsr-3287	242	4	8	8	NUM
fsr-3287	242	5	%	%	NOUN
fsr-3287	242	6	,	,	PUNCT
fsr-3287	242	7	rb	rb	X
fsr-3287	242	8	�	�	PROPN
fsr-3287	242	9	2	2	NUM
fsr-3287	242	10	%	%	NOUN
fsr-3287	242	11	,	,	PUNCT
fsr-3287	242	12	and	and	CCONJ
fsr-3287	242	13	�	�	PROPN
fsr-3287	242	14	�	�	PROPN
fsr-3287	242	15	18	18	NUM
fsr-3287	242	16	%	%	NOUN
fsr-3287	242	17	.	.	PUNCT
fsr-3287	243	1	17	17	NUM
fsr-3287	243	2	figure	figure	NOUN
fsr-3287	243	3	2	2	NUM
fsr-3287	243	4	is	be	AUX
fsr-3287	243	5	the	the	DET
fsr-3287	243	6	same	same	ADJ
fsr-3287	243	7	curve	curve	NOUN
fsr-3287	243	8	as	as	ADP
fsr-3287	243	9	figure	figure	NOUN
fsr-3287	243	10	1	1	NUM
fsr-3287	243	11	,	,	PUNCT
fsr-3287	243	12	but	but	CCONJ
fsr-3287	243	13	with	with	ADP
fsr-3287	243	14	the	the	DET
fsr-3287	243	15	variance	variance	NOUN
fsr-3287	243	16	as	as	ADP
fsr-3287	243	17	the	the	DET
fsr-3287	243	18	dependent	dependent	ADJ
fsr-3287	243	19	variable	variable	NOUN
fsr-3287	243	20	instead	instead	ADV
fsr-3287	243	21	of	of	ADP
fsr-3287	243	22	leverage	leverage	NOUN
fsr-3287	243	23	.	.	PUNCT
fsr-3287	244	1	references	reference	NOUN
fsr-3287	244	2	bengen	bengen	VERB
fsr-3287	244	3	,	,	PUNCT
fsr-3287	244	4	w.	w.	PROPN
fsr-3287	244	5	t.	t.	PROPN
fsr-3287	244	6	(	(	PUNCT
fsr-3287	244	7	1994	1994	NUM
fsr-3287	244	8	)	)	PUNCT
fsr-3287	244	9	.	.	PUNCT
fsr-3287	245	1	determining	determine	VERB
fsr-3287	245	2	withdrawal	withdrawal	NOUN
fsr-3287	245	3	rates	rate	NOUN
fsr-3287	245	4	using	use	VERB
fsr-3287	245	5	historical	historical	ADJ
fsr-3287	245	6	data	datum	NOUN
fsr-3287	245	7	.	.	PUNCT
fsr-3287	246	1	journal	journal	PROPN
fsr-3287	246	2	of	of	ADP
fsr-3287	246	3	financial	financial	ADJ
fsr-3287	246	4	planning	planning	NOUN
fsr-3287	246	5	,	,	PUNCT
fsr-3287	246	6	7	7	NUM
fsr-3287	246	7	,	,	PUNCT
fsr-3287	246	8	171–180	171–180	NUM
fsr-3287	246	9	.	.	PUNCT
fsr-3287	246	10	bengen	bengen	PROPN
fsr-3287	246	11	,	,	PUNCT
fsr-3287	246	12	w.	w.	PROPN
fsr-3287	246	13	t.	t.	PROPN
fsr-3287	246	14	(	(	PUNCT
fsr-3287	246	15	1997	1997	NUM
fsr-3287	246	16	)	)	PUNCT
fsr-3287	246	17	.	.	PUNCT
fsr-3287	247	1	conserving	conserve	VERB
fsr-3287	247	2	client	client	NOUN
fsr-3287	247	3	portfolios	portfolio	NOUN
fsr-3287	247	4	during	during	ADP
fsr-3287	247	5	retirement	retirement	NOUN
fsr-3287	247	6	,	,	PUNCT
fsr-3287	247	7	part	part	NOUN
fsr-3287	247	8	iii	iii	PROPN
fsr-3287	247	9	.	.	PROPN
fsr-3287	247	10	journal	journal	PROPN
fsr-3287	247	11	of	of	ADP
fsr-3287	247	12	financial	financial	ADJ
fsr-3287	247	13	planning	planning	NOUN
fsr-3287	247	14	,	,	PUNCT
fsr-3287	247	15	10	10	NUM
fsr-3287	247	16	,	,	PUNCT
fsr-3287	247	17	84–97	84–97	NUM
fsr-3287	247	18	.	.	PUNCT
fsr-3287	247	19	bengen	bengen	PROPN
fsr-3287	247	20	,	,	PUNCT
fsr-3287	247	21	w.	w.	PROPN
fsr-3287	247	22	t.	t.	PROPN
fsr-3287	247	23	(	(	PUNCT
fsr-3287	247	24	2001	2001	NUM
fsr-3287	247	25	)	)	PUNCT
fsr-3287	247	26	.	.	PUNCT
fsr-3287	248	1	conserving	conserve	VERB
fsr-3287	248	2	client	client	NOUN
fsr-3287	248	3	portfolios	portfolio	NOUN
fsr-3287	248	4	during	during	ADP
fsr-3287	248	5	retirement	retirement	NOUN
fsr-3287	248	6	,	,	PUNCT
fsr-3287	248	7	part	part	NOUN
fsr-3287	248	8	iv	iv	NUM
fsr-3287	248	9	.	.	PUNCT
fsr-3287	248	10	journal	journal	PROPN
fsr-3287	248	11	of	of	ADP
fsr-3287	248	12	financial	financial	ADJ
fsr-3287	248	13	planning	planning	NOUN
fsr-3287	248	14	,	,	PUNCT
fsr-3287	248	15	14	14	NUM
fsr-3287	248	16	,	,	PUNCT
fsr-3287	248	17	110–119	110–119	NUM
fsr-3287	248	18	.	.	PUNCT
fsr-3287	249	1	blume	blume	PROPN
fsr-3287	249	2	,	,	PUNCT
fsr-3287	249	3	m.	m.	PROPN
fsr-3287	249	4	e.	e.	PROPN
fsr-3287	249	5	(	(	PUNCT
fsr-3287	249	6	1974	1974	NUM
fsr-3287	249	7	)	)	PUNCT
fsr-3287	249	8	.	.	PUNCT
fsr-3287	250	1	unbiased	unbiased	ADJ
fsr-3287	250	2	estimators	estimator	NOUN
fsr-3287	250	3	of	of	ADP
fsr-3287	250	4	long	long	ADV
fsr-3287	250	5	-	-	PUNCT
fsr-3287	250	6	run	run	NOUN
fsr-3287	250	7	expected	expect	VERB
fsr-3287	250	8	rates	rate	NOUN
fsr-3287	250	9	of	of	ADP
fsr-3287	250	10	return	return	NOUN
fsr-3287	250	11	.	.	PUNCT
fsr-3287	251	1	journal	journal	NOUN
fsr-3287	251	2	of	of	ADP
fsr-3287	251	3	the	the	DET
fsr-3287	251	4	american	american	PROPN
fsr-3287	251	5	statistical	statistical	PROPN
fsr-3287	251	6	association	association	NOUN
fsr-3287	251	7	,	,	PUNCT
fsr-3287	251	8	69	69	NUM
fsr-3287	251	9	,	,	PUNCT
fsr-3287	251	10	634–638	634–638	NUM
fsr-3287	251	11	.	.	PUNCT
fsr-3287	252	1	bodie	bodie	PROPN
fsr-3287	252	2	,	,	PUNCT
fsr-3287	252	3	z.	z.	PROPN
fsr-3287	252	4	,	,	PUNCT
fsr-3287	252	5	kane	kane	PROPN
fsr-3287	252	6	,	,	PUNCT
fsr-3287	252	7	a.	a.	PROPN
fsr-3287	252	8	,	,	PUNCT
fsr-3287	252	9	&	&	CCONJ
fsr-3287	252	10	marcus	marcus	PROPN
fsr-3287	252	11	,	,	PUNCT
fsr-3287	252	12	a.	a.	PROPN
fsr-3287	252	13	j.	j.	PROPN
fsr-3287	252	14	(	(	PUNCT
fsr-3287	252	15	2011	2011	NUM
fsr-3287	252	16	)	)	PUNCT
fsr-3287	252	17	.	.	PUNCT
fsr-3287	253	1	investments	investment	NOUN
fsr-3287	253	2	(	(	PUNCT
fsr-3287	253	3	9th	9th	ADJ
fsr-3287	253	4	ed	ed	NOUN
fsr-3287	253	5	.	.	PUNCT
fsr-3287	253	6	)	)	PUNCT
fsr-3287	253	7	.	.	PUNCT
fsr-3287	254	1	new	new	PROPN
fsr-3287	254	2	york	york	PROPN
fsr-3287	254	3	,	,	PUNCT
fsr-3287	254	4	ny	ny	PROPN
fsr-3287	254	5	:	:	PUNCT
fsr-3287	254	6	mcgraw	mcgraw	PROPN
fsr-3287	254	7	-	-	PUNCT
fsr-3287	254	8	hill	hill	PROPN
fsr-3287	254	9	.	.	PUNCT
fsr-3287	255	1	booth	booth	PROPN
fsr-3287	255	2	,	,	PUNCT
fsr-3287	255	3	d.	d.	PROPN
fsr-3287	255	4	g.	g.	PROPN
fsr-3287	255	5	,	,	PUNCT
fsr-3287	255	6	&	&	CCONJ
fsr-3287	255	7	fama	fama	PROPN
fsr-3287	255	8	e.	e.	PROPN
fsr-3287	255	9	f.	f.	PROPN
fsr-3287	255	10	(	(	PUNCT
fsr-3287	255	11	1992	1992	NUM
fsr-3287	255	12	)	)	PUNCT
fsr-3287	255	13	.	.	PUNCT
fsr-3287	256	1	diversification	diversification	NOUN
fsr-3287	256	2	returns	return	NOUN
fsr-3287	256	3	and	and	CCONJ
fsr-3287	256	4	asset	asset	NOUN
fsr-3287	256	5	contributions	contribution	NOUN
fsr-3287	256	6	.	.	PUNCT
fsr-3287	257	1	financial	financial	ADJ
fsr-3287	257	2	analysts	analyst	NOUN
fsr-3287	257	3	journal	journal	NOUN
fsr-3287	257	4	,	,	PUNCT
fsr-3287	257	5	48	48	NUM
fsr-3287	257	6	,	,	PUNCT
fsr-3287	257	7	26–32	26–32	NUM
fsr-3287	257	8	.	.	PUNCT
fsr-3287	258	1	cooley	cooley	PROPN
fsr-3287	258	2	,	,	PUNCT
fsr-3287	258	3	p.	p.	PROPN
fsr-3287	258	4	l.	l.	PROPN
fsr-3287	258	5	,	,	PUNCT
fsr-3287	258	6	hubbard	hubbard	PROPN
fsr-3287	258	7	,	,	PUNCT
fsr-3287	258	8	c.	c.	PROPN
fsr-3287	258	9	m.	m.	PROPN
fsr-3287	258	10	,	,	PUNCT
fsr-3287	258	11	&	&	CCONJ
fsr-3287	258	12	walz	walz	PROPN
fsr-3287	258	13	,	,	PUNCT
fsr-3287	258	14	d.	d.	PROPN
fsr-3287	258	15	t.	t.	PROPN
fsr-3287	258	16	(	(	PUNCT
fsr-3287	258	17	2003	2003	NUM
fsr-3287	258	18	)	)	PUNCT
fsr-3287	258	19	.	.	PUNCT
fsr-3287	259	1	a	a	DET
fsr-3287	259	2	comparative	comparative	ADJ
fsr-3287	259	3	analysis	analysis	NOUN
fsr-3287	259	4	of	of	ADP
fsr-3287	259	5	retirement	retirement	NOUN
fsr-3287	259	6	portfolio	portfolio	NOUN
fsr-3287	259	7	success	success	NOUN
fsr-3287	259	8	rate	rate	NOUN
fsr-3287	259	9	:	:	PUNCT
fsr-3287	259	10	simulation	simulation	NOUN
fsr-3287	259	11	versus	versus	ADP
fsr-3287	259	12	overlapping	overlap	VERB
fsr-3287	259	13	periods	period	NOUN
fsr-3287	259	14	.	.	PUNCT
fsr-3287	260	1	financial	financial	ADJ
fsr-3287	260	2	services	service	NOUN
fsr-3287	260	3	review	review	PROPN
fsr-3287	260	4	,	,	PUNCT
fsr-3287	260	5	12	12	NUM
fsr-3287	260	6	,	,	PUNCT
fsr-3287	260	7	115–128	115–128	NUM
fsr-3287	260	8	.	.	PUNCT
fsr-3287	260	9	cooper	cooper	PROPN
fsr-3287	260	10	,	,	PUNCT
fsr-3287	260	11	t.	t.	PROPN
fsr-3287	260	12	(	(	PUNCT
fsr-3287	260	13	2010	2010	NUM
fsr-3287	260	14	)	)	PUNCT
fsr-3287	260	15	.	.	PUNCT
fsr-3287	261	1	alpha	alpha	NOUN
fsr-3287	261	2	generation	generation	NOUN
fsr-3287	261	3	and	and	CCONJ
fsr-3287	261	4	the	the	DET
fsr-3287	261	5	risk	risk	NOUN
fsr-3287	261	6	smoothing	smooth	VERB
fsr-3287	261	7	using	use	VERB
fsr-3287	261	8	managed	manage	VERB
fsr-3287	261	9	volatility	volatility	NOUN
fsr-3287	261	10	(	(	PUNCT
fsr-3287	261	11	available	available	ADJ
fsr-3287	261	12	at	at	ADP
fsr-3287	261	13	ssrn	ssrn	NOUN
fsr-3287	261	14	1664823	1664823	NUM
fsr-3287	261	15	)	)	PUNCT
fsr-3287	261	16	.	.	PUNCT
fsr-3287	262	1	dybvig	dybvig	NOUN
fsr-3287	262	2	,	,	PUNCT
fsr-3287	262	3	p.	p.	NOUN
fsr-3287	262	4	h.	h.	PROPN
fsr-3287	263	1	(	(	PUNCT
fsr-3287	263	2	1995	1995	NUM
fsr-3287	263	3	)	)	PUNCT
fsr-3287	263	4	.	.	PUNCT
fsr-3287	264	1	dusenberry	dusenberry	NOUN
fsr-3287	264	2	’s	’s	PART
fsr-3287	264	3	ratcheting	ratchet	VERB
fsr-3287	264	4	of	of	ADP
fsr-3287	264	5	consumption	consumption	NOUN
fsr-3287	264	6	:	:	PUNCT
fsr-3287	264	7	optimal	optimal	ADJ
fsr-3287	264	8	dynamic	dynamic	ADJ
fsr-3287	264	9	consumption	consumption	NOUN
fsr-3287	264	10	and	and	CCONJ
fsr-3287	264	11	investment	investment	NOUN
fsr-3287	264	12	given	give	VERB
fsr-3287	264	13	intolerance	intolerance	NOUN
fsr-3287	264	14	for	for	ADP
fsr-3287	264	15	any	any	DET
fsr-3287	264	16	decline	decline	NOUN
fsr-3287	264	17	in	in	ADP
fsr-3287	264	18	standard	standard	NOUN
fsr-3287	264	19	of	of	ADP
fsr-3287	264	20	living	living	NOUN
fsr-3287	264	21	.	.	PUNCT
fsr-3287	265	1	review	review	NOUN
fsr-3287	265	2	of	of	ADP
fsr-3287	265	3	economic	economic	ADJ
fsr-3287	265	4	studies	study	NOUN
fsr-3287	265	5	,	,	PUNCT
fsr-3287	265	6	62	62	NUM
fsr-3287	265	7	,	,	PUNCT
fsr-3287	265	8	287–313	287–313	NUM
fsr-3287	265	9	.	.	PUNCT
fsr-3287	266	1	dybvig	dybvig	NOUN
fsr-3287	266	2	,	,	PUNCT
fsr-3287	266	3	p.	p.	NOUN
fsr-3287	266	4	h.	h.	PROPN
fsr-3287	266	5	(	(	PUNCT
fsr-3287	266	6	1999	1999	NUM
fsr-3287	266	7	)	)	PUNCT
fsr-3287	266	8	.	.	PUNCT
fsr-3287	267	1	using	use	VERB
fsr-3287	267	2	asset	asset	NOUN
fsr-3287	267	3	allocation	allocation	NOUN
fsr-3287	267	4	to	to	PART
fsr-3287	267	5	protect	protect	VERB
fsr-3287	267	6	spending	spending	NOUN
fsr-3287	267	7	.	.	PUNCT
fsr-3287	268	1	financial	financial	ADJ
fsr-3287	268	2	analysts	analyst	NOUN
fsr-3287	268	3	journal	journal	NOUN
fsr-3287	268	4	,	,	PUNCT
fsr-3287	268	5	55	55	NUM
fsr-3287	268	6	,	,	PUNCT
fsr-3287	268	7	49–62	49–62	NUM
fsr-3287	268	8	.	.	PUNCT
fsr-3287	269	1	employee	employee	NOUN
fsr-3287	269	2	benefit	benefit	PROPN
fsr-3287	269	3	research	research	PROPN
fsr-3287	269	4	institute	institute	NOUN
fsr-3287	269	5	.	.	PUNCT
fsr-3287	270	1	(	(	PUNCT
fsr-3287	270	2	2011	2011	NUM
fsr-3287	270	3	)	)	PUNCT
fsr-3287	270	4	.	.	PUNCT
fsr-3287	271	1	ebri	ebri	NOUN
fsr-3287	271	2	notes	note	NOUN
fsr-3287	271	3	(	(	PUNCT
fsr-3287	271	4	vol	vol	NOUN
fsr-3287	271	5	.	.	PROPN
fsr-3287	271	6	32	32	NUM
fsr-3287	271	7	,	,	PUNCT
fsr-3287	271	8	october	october	PROPN
fsr-3287	271	9	)	)	PUNCT
fsr-3287	271	10	.	.	PUNCT
fsr-3287	272	1	guyton	guyton	PROPN
fsr-3287	272	2	,	,	PUNCT
fsr-3287	272	3	j.	j.	PROPN
fsr-3287	272	4	t.	t.	PROPN
fsr-3287	272	5	(	(	PUNCT
fsr-3287	272	6	2004	2004	NUM
fsr-3287	272	7	)	)	PUNCT
fsr-3287	272	8	.	.	PUNCT
fsr-3287	273	1	decision	decision	NOUN
fsr-3287	273	2	rules	rule	NOUN
fsr-3287	273	3	and	and	CCONJ
fsr-3287	273	4	portfolio	portfolio	NOUN
fsr-3287	273	5	management	management	NOUN
fsr-3287	273	6	for	for	ADP
fsr-3287	273	7	retirees	retiree	NOUN
fsr-3287	273	8	:	:	PUNCT
fsr-3287	273	9	is	be	AUX
fsr-3287	273	10	the	the	DET
fsr-3287	273	11	‘	'	PUNCT
fsr-3287	273	12	safe	safe	ADJ
fsr-3287	273	13	’	'	PUNCT
fsr-3287	273	14	initial	initial	ADJ
fsr-3287	273	15	withdrawal	withdrawal	NOUN
fsr-3287	273	16	rate	rate	NOUN
fsr-3287	273	17	too	too	ADV
fsr-3287	273	18	safe	safe	ADJ
fsr-3287	273	19	?	?	PUNCT
fsr-3287	274	1	journal	journal	NOUN
fsr-3287	274	2	of	of	ADP
fsr-3287	274	3	financial	financial	ADJ
fsr-3287	274	4	planning	planning	NOUN
fsr-3287	274	5	,	,	PUNCT
fsr-3287	274	6	17	17	NUM
fsr-3287	274	7	,	,	PUNCT
fsr-3287	274	8	54–62	54–62	NUM
fsr-3287	274	9	.	.	PUNCT
fsr-3287	275	1	424	424	NUM
fsr-3287	275	2	r.a	r.a	PROPN
fsr-3287	275	3	.	.	PROPN
fsr-3287	275	4	ott	ott	PROPN
fsr-3287	275	5	,	,	PUNCT
fsr-3287	275	6	t.e	t.e	PROPN
fsr-3287	275	7	.	.	PROPN
fsr-3287	275	8	zimmer	zimmer	PROPN
fsr-3287	275	9	/	/	SYM
fsr-3287	275	10	financial	financial	ADJ
fsr-3287	275	11	services	service	NOUN
fsr-3287	275	12	review	review	VERB
fsr-3287	275	13	25	25	NUM
fsr-3287	275	14	(	(	PUNCT
fsr-3287	275	15	2016	2016	NUM
fsr-3287	275	16	)	)	PUNCT
fsr-3287	275	17	415–425	415–425	NUM
fsr-3287	275	18	guyton	guyton	PROPN
fsr-3287	275	19	,	,	PUNCT
fsr-3287	275	20	j.	j.	PROPN
fsr-3287	275	21	t.	t.	PROPN
fsr-3287	275	22	,	,	PUNCT
fsr-3287	275	23	&	&	CCONJ
fsr-3287	275	24	klinger	klinger	PROPN
fsr-3287	275	25	,	,	PUNCT
fsr-3287	275	26	w.	w.	PROPN
fsr-3287	275	27	j.	j.	PROPN
fsr-3287	275	28	(	(	PUNCT
fsr-3287	275	29	2006	2006	NUM
fsr-3287	275	30	)	)	PUNCT
fsr-3287	275	31	.	.	PUNCT
fsr-3287	276	1	decision	decision	NOUN
fsr-3287	276	2	rules	rule	NOUN
fsr-3287	276	3	and	and	CCONJ
fsr-3287	276	4	maximum	maximum	ADJ
fsr-3287	276	5	initial	initial	ADJ
fsr-3287	276	6	withdrawal	withdrawal	NOUN
fsr-3287	276	7	rates	rate	NOUN
fsr-3287	276	8	.	.	PUNCT
fsr-3287	277	1	journal	journal	NOUN
fsr-3287	277	2	of	of	ADP
fsr-3287	277	3	financial	financial	ADJ
fsr-3287	277	4	planning	planning	NOUN
fsr-3287	277	5	,	,	PUNCT
fsr-3287	277	6	19	19	NUM
fsr-3287	277	7	,	,	PUNCT
fsr-3287	277	8	48–58	48–58	PROPN
fsr-3287	277	9	.	.	PUNCT
fsr-3287	278	1	jacquier	jacquier	NOUN
fsr-3287	278	2	,	,	PUNCT
fsr-3287	278	3	e.	e.	PROPN
fsr-3287	278	4	,	,	PUNCT
fsr-3287	278	5	kane	kane	PROPN
fsr-3287	278	6	,	,	PUNCT
fsr-3287	278	7	a.	a.	PROPN
fsr-3287	278	8	,	,	PUNCT
fsr-3287	278	9	&	&	CCONJ
fsr-3287	278	10	marcus	marcus	PROPN
fsr-3287	278	11	,	,	PUNCT
fsr-3287	278	12	a.	a.	PROPN
fsr-3287	278	13	j.	j.	PROPN
fsr-3287	278	14	(	(	PUNCT
fsr-3287	278	15	2003	2003	NUM
fsr-3287	278	16	)	)	PUNCT
fsr-3287	278	17	.	.	PUNCT
fsr-3287	279	1	geometric	geometric	ADJ
fsr-3287	279	2	or	or	CCONJ
fsr-3287	279	3	arithmetic	arithmetic	ADJ
fsr-3287	279	4	mean	mean	NOUN
fsr-3287	279	5	:	:	PUNCT
fsr-3287	279	6	a	a	DET
fsr-3287	279	7	reconsideration	reconsideration	NOUN
fsr-3287	279	8	.	.	PUNCT
fsr-3287	280	1	financial	financial	ADJ
fsr-3287	280	2	analysts	analyst	NOUN
fsr-3287	280	3	journal	journal	NOUN
fsr-3287	280	4	,	,	PUNCT
fsr-3287	280	5	59	59	NUM
fsr-3287	280	6	,	,	PUNCT
fsr-3287	280	7	46–53	46–53	NUM
fsr-3287	280	8	.	.	PUNCT
fsr-3287	281	1	jarrow	jarrow	PROPN
fsr-3287	281	2	,	,	PUNCT
fsr-3287	281	3	r.	r.	PROPN
fsr-3287	281	4	a.	a.	PROPN
fsr-3287	281	5	(	(	PUNCT
fsr-3287	281	6	2010	2010	NUM
fsr-3287	281	7	)	)	PUNCT
fsr-3287	281	8	.	.	PUNCT
fsr-3287	282	1	understanding	understand	VERB
fsr-3287	282	2	the	the	DET
fsr-3287	282	3	risk	risk	NOUN
fsr-3287	282	4	of	of	ADP
fsr-3287	282	5	leverage	leverage	NOUN
fsr-3287	282	6	etfs	etfs	PROPN
fsr-3287	282	7	.	.	PUNCT
fsr-3287	283	1	finance	finance	NOUN
fsr-3287	283	2	research	research	NOUN
fsr-3287	283	3	letters	letter	NOUN
fsr-3287	283	4	,	,	PUNCT
fsr-3287	283	5	7	7	NUM
fsr-3287	283	6	,	,	PUNCT
fsr-3287	283	7	135–139	135–139	NUM
fsr-3287	283	8	.	.	PUNCT
fsr-3287	284	1	merton	merton	PROPN
fsr-3287	284	2	,	,	PUNCT
fsr-3287	284	3	r.	r.	PROPN
fsr-3287	284	4	c.	c.	PROPN
fsr-3287	284	5	(	(	PUNCT
fsr-3287	284	6	1969	1969	NUM
fsr-3287	284	7	)	)	PUNCT
fsr-3287	284	8	.	.	PUNCT
fsr-3287	285	1	lifetime	lifetime	NOUN
fsr-3287	285	2	portfolio	portfolio	NOUN
fsr-3287	285	3	selection	selection	NOUN
fsr-3287	285	4	under	under	ADP
fsr-3287	285	5	uncertainty	uncertainty	NOUN
fsr-3287	285	6	:	:	PUNCT
fsr-3287	285	7	the	the	DET
fsr-3287	285	8	continuous	continuous	ADJ
fsr-3287	285	9	-	-	PUNCT
fsr-3287	285	10	time	time	NOUN
fsr-3287	285	11	case	case	NOUN
fsr-3287	285	12	.	.	PUNCT
fsr-3287	286	1	review	review	NOUN
fsr-3287	286	2	of	of	ADP
fsr-3287	286	3	economics	economic	NOUN
fsr-3287	286	4	and	and	CCONJ
fsr-3287	286	5	statistics	statistic	NOUN
fsr-3287	286	6	,	,	PUNCT
fsr-3287	286	7	51	51	NUM
fsr-3287	286	8	,	,	PUNCT
fsr-3287	286	9	247–257	247–257	NUM
fsr-3287	286	10	.	.	PUNCT
fsr-3287	287	1	messmore	messmore	ADJ
fsr-3287	287	2	,	,	PUNCT
fsr-3287	287	3	t.	t.	PROPN
fsr-3287	287	4	e.	e.	PROPN
fsr-3287	287	5	(	(	PUNCT
fsr-3287	287	6	1995	1995	NUM
fsr-3287	287	7	)	)	PUNCT
fsr-3287	287	8	.	.	PUNCT
fsr-3287	288	1	variance	variance	NOUN
fsr-3287	288	2	drain	drain	PROPN
fsr-3287	288	3	.	.	PUNCT
fsr-3287	289	1	journal	journal	PROPN
fsr-3287	289	2	of	of	ADP
fsr-3287	289	3	portfolio	portfolio	NOUN
fsr-3287	289	4	management	management	NOUN
fsr-3287	289	5	,	,	PUNCT
fsr-3287	289	6	21	21	NUM
fsr-3287	289	7	,	,	PUNCT
fsr-3287	289	8	104–110	104–110	NUM
fsr-3287	289	9	.	.	PUNCT
fsr-3287	290	1	modigliani	modigliani	PROPN
fsr-3287	290	2	,	,	PUNCT
fsr-3287	290	3	f.	f.	PROPN
fsr-3287	290	4	,	,	PUNCT
fsr-3287	290	5	&	&	CCONJ
fsr-3287	290	6	miller	miller	PROPN
fsr-3287	290	7	,	,	PUNCT
fsr-3287	290	8	m.	m.	NOUN
fsr-3287	290	9	(	(	PUNCT
fsr-3287	290	10	1958	1958	NUM
fsr-3287	290	11	)	)	PUNCT
fsr-3287	290	12	.	.	PUNCT
fsr-3287	291	1	the	the	DET
fsr-3287	291	2	cost	cost	NOUN
fsr-3287	291	3	of	of	ADP
fsr-3287	291	4	capital	capital	NOUN
fsr-3287	291	5	,	,	PUNCT
fsr-3287	291	6	corporate	corporate	ADJ
fsr-3287	291	7	finance	finance	NOUN
fsr-3287	291	8	and	and	CCONJ
fsr-3287	291	9	the	the	DET
fsr-3287	291	10	theory	theory	NOUN
fsr-3287	291	11	of	of	ADP
fsr-3287	291	12	investment	investment	NOUN
fsr-3287	291	13	.	.	PUNCT
fsr-3287	292	1	american	american	PROPN
fsr-3287	292	2	economic	economic	PROPN
fsr-3287	292	3	review	review	PROPN
fsr-3287	292	4	,	,	PUNCT
fsr-3287	292	5	48	48	NUM
fsr-3287	292	6	,	,	PUNCT
fsr-3287	292	7	3:261–297	3:261–297	NUM
fsr-3287	292	8	.	.	PUNCT
fsr-3287	292	9	perold	perold	PROPN
fsr-3287	292	10	,	,	PUNCT
fsr-3287	292	11	a.	a.	PROPN
fsr-3287	292	12	f.	f.	PROPN
fsr-3287	292	13	,	,	PUNCT
fsr-3287	292	14	&	&	CCONJ
fsr-3287	292	15	sharpe	sharpe	PROPN
fsr-3287	292	16	,	,	PUNCT
fsr-3287	292	17	w.	w.	PROPN
fsr-3287	292	18	f.	f.	PROPN
fsr-3287	292	19	(	(	PUNCT
fsr-3287	292	20	1988	1988	NUM
fsr-3287	292	21	)	)	PUNCT
fsr-3287	292	22	.	.	PUNCT
fsr-3287	293	1	dynamic	dynamic	ADJ
fsr-3287	293	2	strategies	strategy	NOUN
fsr-3287	293	3	for	for	ADP
fsr-3287	293	4	asset	asset	NOUN
fsr-3287	293	5	allocation	allocation	NOUN
fsr-3287	293	6	.	.	PUNCT
fsr-3287	294	1	financial	financial	ADJ
fsr-3287	294	2	analysts	analyst	NOUN
fsr-3287	294	3	journal	journal	NOUN
fsr-3287	294	4	,	,	PUNCT
fsr-3287	294	5	44	44	NUM
fsr-3287	294	6	,	,	PUNCT
fsr-3287	294	7	16–27	16–27	NUM
fsr-3287	294	8	.	.	PUNCT
fsr-3287	295	1	samuelson	samuelson	PROPN
fsr-3287	295	2	,	,	PUNCT
fsr-3287	295	3	p.	p.	NOUN
fsr-3287	295	4	a.	a.	NOUN
fsr-3287	295	5	(	(	PUNCT
fsr-3287	295	6	1969	1969	NUM
fsr-3287	295	7	)	)	PUNCT
fsr-3287	295	8	.	.	PUNCT
fsr-3287	296	1	lifetime	lifetime	NOUN
fsr-3287	296	2	portfolio	portfolio	NOUN
fsr-3287	296	3	selection	selection	NOUN
fsr-3287	296	4	by	by	ADP
fsr-3287	296	5	dynamic	dynamic	ADJ
fsr-3287	296	6	stochastic	stochastic	ADJ
fsr-3287	296	7	programming	programming	NOUN
fsr-3287	296	8	.	.	PUNCT
fsr-3287	297	1	review	review	NOUN
fsr-3287	297	2	of	of	ADP
fsr-3287	297	3	economics	economic	NOUN
fsr-3287	297	4	and	and	CCONJ
fsr-3287	297	5	statistics	statistic	NOUN
fsr-3287	297	6	,	,	PUNCT
fsr-3287	297	7	51	51	NUM
fsr-3287	297	8	,	,	PUNCT
fsr-3287	297	9	239–246	239–246	NUM
fsr-3287	297	10	.	.	PUNCT
fsr-3287	298	1	scott	scott	PROPN
fsr-3287	298	2	,	,	PUNCT
fsr-3287	298	3	j.	j.	PROPN
fsr-3287	298	4	s.	s.	PROPN
fsr-3287	298	5	,	,	PUNCT
fsr-3287	298	6	sharpe	sharpe	PROPN
fsr-3287	298	7	,	,	PUNCT
fsr-3287	298	8	w.	w.	PROPN
fsr-3287	298	9	f.	f.	PROPN
fsr-3287	298	10	,	,	PUNCT
fsr-3287	298	11	&	&	CCONJ
fsr-3287	298	12	watson	watson	PROPN
fsr-3287	298	13	,	,	PUNCT
fsr-3287	298	14	j.	j.	PROPN
fsr-3287	298	15	g.	g.	PROPN
fsr-3287	298	16	(	(	PUNCT
fsr-3287	298	17	2009	2009	NUM
fsr-3287	298	18	)	)	PUNCT
fsr-3287	298	19	.	.	PUNCT
fsr-3287	299	1	the	the	DET
fsr-3287	299	2	4	4	NUM
fsr-3287	299	3	%	%	NOUN
fsr-3287	299	4	rule	rule	NOUN
fsr-3287	299	5	:	:	PUNCT
fsr-3287	299	6	at	at	ADP
fsr-3287	299	7	what	what	DET
fsr-3287	299	8	price	price	NOUN
fsr-3287	299	9	?	?	PUNCT
fsr-3287	300	1	journal	journal	NOUN
fsr-3287	300	2	of	of	ADP
fsr-3287	300	3	investment	investment	NOUN
fsr-3287	300	4	management	management	NOUN
fsr-3287	300	5	,	,	PUNCT
fsr-3287	300	6	7	7	NUM
fsr-3287	300	7	,	,	PUNCT
fsr-3287	300	8	1–18	1–18	NUM
fsr-3287	300	9	.	.	PUNCT
fsr-3287	301	1	scott	scott	PROPN
fsr-3287	301	2	,	,	PUNCT
fsr-3287	301	3	j.	j.	PROPN
fsr-3287	301	4	s.	s.	PROPN
fsr-3287	301	5	,	,	PUNCT
fsr-3287	301	6	&	&	CCONJ
fsr-3287	301	7	watson	watson	PROPN
fsr-3287	301	8	,	,	PUNCT
fsr-3287	301	9	j.	j.	PROPN
fsr-3287	301	10	g.	g.	PROPN
fsr-3287	301	11	(	(	PUNCT
fsr-3287	301	12	2013	2013	NUM
fsr-3287	301	13	)	)	PUNCT
fsr-3287	301	14	.	.	PUNCT
fsr-3287	302	1	the	the	DET
fsr-3287	302	2	floor	floor	NOUN
fsr-3287	302	3	-	-	PUNCT
fsr-3287	302	4	leverage	leverage	NOUN
fsr-3287	302	5	rule	rule	NOUN
fsr-3287	302	6	for	for	ADP
fsr-3287	302	7	retirement	retirement	NOUN
fsr-3287	302	8	.	.	PUNCT
fsr-3287	303	1	financial	financial	ADJ
fsr-3287	303	2	analysts	analyst	NOUN
fsr-3287	303	3	journal	journal	NOUN
fsr-3287	303	4	,	,	PUNCT
fsr-3287	303	5	69	69	NUM
fsr-3287	303	6	,	,	PUNCT
fsr-3287	303	7	45–60	45–60	NUM
fsr-3287	303	8	.	.	PUNCT
fsr-3287	304	1	stout	stout	PROPN
fsr-3287	304	2	,	,	PUNCT
fsr-3287	304	3	r.	r.	PROPN
fsr-3287	304	4	g.	g.	PROPN
fsr-3287	304	5	(	(	PUNCT
fsr-3287	304	6	2008	2008	NUM
fsr-3287	304	7	)	)	PUNCT
fsr-3287	304	8	.	.	PUNCT
fsr-3287	305	1	stochastic	stochastic	ADJ
fsr-3287	305	2	optimization	optimization	NOUN
fsr-3287	305	3	of	of	ADP
fsr-3287	305	4	retirement	retirement	NOUN
fsr-3287	305	5	portfolio	portfolio	NOUN
fsr-3287	305	6	asset	asset	NOUN
fsr-3287	305	7	allocations	allocation	NOUN
fsr-3287	305	8	and	and	CCONJ
fsr-3287	305	9	withdrawals	withdrawal	NOUN
fsr-3287	305	10	.	.	PUNCT
fsr-3287	306	1	financial	financial	ADJ
fsr-3287	306	2	services	service	NOUN
fsr-3287	306	3	review	review	PROPN
fsr-3287	306	4	,	,	PUNCT
fsr-3287	306	5	17	17	NUM
fsr-3287	306	6	,	,	PUNCT
fsr-3287	306	7	1–15	1–15	NUM
fsr-3287	306	8	.	.	PUNCT
fsr-3287	307	1	stout	stout	PROPN
fsr-3287	307	2	,	,	PUNCT
fsr-3287	307	3	r.	r.	PROPN
fsr-3287	307	4	g.	g.	PROPN
fsr-3287	307	5	(	(	PUNCT
fsr-3287	307	6	2006	2006	NUM
fsr-3287	307	7	)	)	PUNCT
fsr-3287	307	8	.	.	PUNCT
fsr-3287	308	1	dynamic	dynamic	ADJ
fsr-3287	308	2	retirement	retirement	NOUN
fsr-3287	308	3	withdrawal	withdrawal	NOUN
fsr-3287	308	4	planning	planning	NOUN
fsr-3287	308	5	.	.	PUNCT
fsr-3287	309	1	financial	financial	ADJ
fsr-3287	309	2	services	service	NOUN
fsr-3287	309	3	review	review	PROPN
fsr-3287	309	4	,	,	PUNCT
fsr-3287	309	5	15	15	NUM
fsr-3287	309	6	,	,	PUNCT
fsr-3287	309	7	117–131	117–131	NUM
fsr-3287	309	8	.	.	PUNCT
fsr-3287	310	1	sullivan	sullivan	PROPN
fsr-3287	310	2	,	,	PUNCT
fsr-3287	310	3	r.	r.	PROPN
fsr-3287	310	4	(	(	PUNCT
fsr-3287	310	5	2009	2009	NUM
fsr-3287	310	6	)	)	PUNCT
fsr-3287	310	7	.	.	PUNCT
fsr-3287	311	1	the	the	DET
fsr-3287	311	2	pitfalls	pitfall	NOUN
fsr-3287	311	3	of	of	ADP
fsr-3287	311	4	leveraged	leveraged	ADJ
fsr-3287	311	5	and	and	CCONJ
fsr-3287	311	6	inverse	inverse	NOUN
fsr-3287	311	7	etfs	etfs	NOUN
fsr-3287	311	8	.	.	PUNCT
fsr-3287	312	1	cfa	cfa	PROPN
fsr-3287	312	2	magazine	magazine	PROPN
fsr-3287	312	3	,	,	PUNCT
fsr-3287	312	4	20	20	NUM
fsr-3287	312	5	,	,	PUNCT
fsr-3287	312	6	12	12	NUM
fsr-3287	312	7	.	.	PUNCT
fsr-3287	313	1	waring	waring	NOUN
fsr-3287	313	2	,	,	PUNCT
fsr-3287	313	3	m.	m.	PROPN
fsr-3287	313	4	b.	b.	PROPN
fsr-3287	313	5	,	,	PUNCT
fsr-3287	313	6	&	&	CCONJ
fsr-3287	313	7	siegel	siegel	PROPN
fsr-3287	313	8	,	,	PUNCT
fsr-3287	313	9	l.	l.	PROPN
fsr-3287	313	10	b.	b.	PROPN
fsr-3287	313	11	(	(	PUNCT
fsr-3287	313	12	2015	2015	NUM
fsr-3287	313	13	)	)	PUNCT
fsr-3287	313	14	.	.	PUNCT
fsr-3287	314	1	the	the	DET
fsr-3287	314	2	only	only	ADJ
fsr-3287	314	3	spending	spending	NOUN
fsr-3287	314	4	rule	rule	NOUN
fsr-3287	314	5	article	article	NOUN
fsr-3287	314	6	you	you	PRON
fsr-3287	314	7	will	will	AUX
fsr-3287	314	8	ever	ever	ADV
fsr-3287	314	9	need	need	VERB
fsr-3287	314	10	.	.	PUNCT
fsr-3287	315	1	financial	financial	ADJ
fsr-3287	315	2	analysts	analyst	NOUN
fsr-3287	315	3	journal	journal	NOUN
fsr-3287	315	4	,	,	PUNCT
fsr-3287	315	5	71	71	NUM
fsr-3287	315	6	,	,	PUNCT
fsr-3287	315	7	91–107	91–107	NUM
fsr-3287	315	8	.	.	PUNCT
fsr-3287	315	9	425r.a	425r.a	NOUN
fsr-3287	315	10	.	.	PUNCT
fsr-3287	316	1	ott	ott	PROPN
fsr-3287	316	2	,	,	PUNCT
fsr-3287	316	3	t.e	t.e	PROPN
fsr-3287	316	4	.	.	PROPN
fsr-3287	316	5	zimmer	zimmer	PROPN
fsr-3287	316	6	/	/	SYM
fsr-3287	316	7	financial	financial	ADJ
fsr-3287	316	8	services	service	NOUN
fsr-3287	316	9	review	review	VERB
fsr-3287	316	10	25	25	NUM
fsr-3287	316	11	(	(	PUNCT
fsr-3287	316	12	2016	2016	NUM
fsr-3287	316	13	)	)	PUNCT
fsr-3287	316	14	415–425	415–425	NUM