id	sid	tid	token	lemma	pos
fsr-3306	1	1	active	active	ADJ
fsr-3306	1	2	asset	asset	NOUN
fsr-3306	1	3	allocation	allocation	NOUN
fsr-3306	1	4	for	for	ADP
fsr-3306	1	5	retirement	retirement	NOUN
fsr-3306	1	6	funds	fund	NOUN
fsr-3306	1	7	using	use	VERB
fsr-3306	1	8	the	the	DET
fsr-3306	1	9	fed	fed	PROPN
fsr-3306	1	10	model	model	NOUN
fsr-3306	1	11	john	john	PROPN
fsr-3306	1	12	m.	m.	PROPN
fsr-3306	1	13	clinebella	clinebella	PROPN
fsr-3306	1	14	,	,	PUNCT
fsr-3306	1	15	douglas	douglas	PROPN
fsr-3306	1	16	r.	r.	PROPN
fsr-3306	1	17	kahlb	kahlb	PROPN
fsr-3306	1	18	,	,	PUNCT
fsr-3306	1	19	jerry	jerry	PROPN
fsr-3306	1	20	l.	l.	PROPN
fsr-3306	1	21	stevensc	stevensc	PROPN
fsr-3306	1	22	,	,	PUNCT
fsr-3306	1	23	*	*	PUNCT
fsr-3306	1	24	adepartment	adepartment	NOUN
fsr-3306	1	25	of	of	ADP
fsr-3306	1	26	finance	finance	NOUN
fsr-3306	1	27	,	,	PUNCT
fsr-3306	1	28	kenneth	kenneth	PROPN
fsr-3306	1	29	w.	w.	PROPN
fsr-3306	1	30	monfort	monfort	PROPN
fsr-3306	1	31	school	school	PROPN
fsr-3306	1	32	of	of	ADP
fsr-3306	1	33	business	business	NOUN
fsr-3306	1	34	,	,	PUNCT
fsr-3306	1	35	university	university	NOUN
fsr-3306	1	36	of	of	ADP
fsr-3306	1	37	northern	northern	PROPN
fsr-3306	1	38	colorado	colorado	PROPN
fsr-3306	1	39	,	,	PUNCT
fsr-3306	1	40	greeley	greeley	PROPN
fsr-3306	1	41	,	,	PUNCT
fsr-3306	1	42	co	co	NOUN
fsr-3306	1	43	80639	80639	NUM
fsr-3306	1	44	,	,	PUNCT
fsr-3306	1	45	usa	usa	PROPN
fsr-3306	1	46	bdepartment	bdepartment	PROPN
fsr-3306	1	47	of	of	ADP
fsr-3306	1	48	finance	finance	NOUN
fsr-3306	1	49	,	,	PUNCT
fsr-3306	1	50	university	university	PROPN
fsr-3306	1	51	of	of	ADP
fsr-3306	1	52	akron	akron	PROPN
fsr-3306	1	53	,	,	PUNCT
fsr-3306	1	54	akron	akron	PROPN
fsr-3306	1	55	,	,	PUNCT
fsr-3306	1	56	oh	oh	INTJ
fsr-3306	1	57	44325	44325	NUM
fsr-3306	1	58	-	-	SYM
fsr-3306	1	59	4803	4803	NUM
fsr-3306	1	60	,	,	PUNCT
fsr-3306	1	61	usa	usa	PROPN
fsr-3306	1	62	cdepartment	cdepartment	PROPN
fsr-3306	1	63	of	of	ADP
fsr-3306	1	64	finance	finance	NOUN
fsr-3306	1	65	,	,	PUNCT
fsr-3306	1	66	distinguished	distinguished	ADJ
fsr-3306	1	67	teaching	teach	VERB
fsr-3306	1	68	fellow	fellow	NOUN
fsr-3306	1	69	,	,	PUNCT
fsr-3306	1	70	e.	e.	PROPN
fsr-3306	1	71	c.	c.	PROPN
fsr-3306	1	72	robins	robins	PROPN
fsr-3306	1	73	school	school	NOUN
fsr-3306	1	74	of	of	ADP
fsr-3306	1	75	business	business	NOUN
fsr-3306	1	76	,	,	PUNCT
fsr-3306	1	77	university	university	PROPN
fsr-3306	1	78	of	of	ADP
fsr-3306	1	79	richmond	richmond	PROPN
fsr-3306	1	80	,	,	PUNCT
fsr-3306	1	81	richmond	richmond	PROPN
fsr-3306	1	82	,	,	PUNCT
fsr-3306	1	83	va	va	PROPN
fsr-3306	1	84	23173	23173	NUM
fsr-3306	1	85	,	,	PUNCT
fsr-3306	1	86	usa	usa	PROPN
fsr-3306	1	87	abstract	abstract	ADJ
fsr-3306	1	88	active	active	ADJ
fsr-3306	1	89	asset	asset	NOUN
fsr-3306	1	90	allocation	allocation	NOUN
fsr-3306	1	91	,	,	PUNCT
fsr-3306	1	92	also	also	ADV
fsr-3306	1	93	known	know	VERB
fsr-3306	1	94	as	as	ADP
fsr-3306	1	95	market	market	NOUN
fsr-3306	1	96	timing	timing	NOUN
fsr-3306	1	97	,	,	PUNCT
fsr-3306	1	98	is	be	AUX
fsr-3306	1	99	controversial	controversial	ADJ
fsr-3306	1	100	but	but	CCONJ
fsr-3306	1	101	potentially	potentially	ADV
fsr-3306	1	102	effective	effective	ADJ
fsr-3306	1	103	for	for	ADP
fsr-3306	1	104	individual	individual	ADJ
fsr-3306	1	105	investors	investor	NOUN
fsr-3306	1	106	and	and	CCONJ
fsr-3306	1	107	financial	financial	ADJ
fsr-3306	1	108	advisors	advisor	NOUN
fsr-3306	1	109	.	.	PUNCT
fsr-3306	2	1	many	many	ADJ
fsr-3306	2	2	studies	study	NOUN
fsr-3306	2	3	support	support	VERB
fsr-3306	2	4	market	market	NOUN
fsr-3306	2	5	timing	timing	NOUN
fsr-3306	2	6	based	base	VERB
fsr-3306	2	7	on	on	ADP
fsr-3306	2	8	the	the	DET
fsr-3306	2	9	relationship	relationship	NOUN
fsr-3306	2	10	between	between	ADP
fsr-3306	2	11	the	the	DET
fsr-3306	2	12	aggregate	aggregate	ADJ
fsr-3306	2	13	earnings	earning	NOUN
fsr-3306	2	14	yield	yield	NOUN
fsr-3306	2	15	on	on	ADP
fsr-3306	2	16	equities	equity	NOUN
fsr-3306	2	17	and	and	CCONJ
fsr-3306	2	18	the	the	DET
fsr-3306	2	19	intermediate	intermediate	ADJ
fsr-3306	2	20	treasury	treasury	NOUN
fsr-3306	2	21	bond	bond	NOUN
fsr-3306	2	22	yield	yield	NOUN
fsr-3306	2	23	,	,	PUNCT
fsr-3306	2	24	known	know	VERB
fsr-3306	2	25	as	as	ADP
fsr-3306	2	26	the	the	DET
fsr-3306	2	27	fed	fed	PROPN
fsr-3306	2	28	model	model	NOUN
fsr-3306	2	29	.	.	PUNCT
fsr-3306	3	1	nevertheless	nevertheless	ADV
fsr-3306	3	2	,	,	PUNCT
fsr-3306	3	3	skeptics	skeptic	NOUN
fsr-3306	3	4	point	point	VERB
fsr-3306	3	5	to	to	ADP
fsr-3306	3	6	common	common	ADJ
fsr-3306	3	7	flaws	flaw	NOUN
fsr-3306	3	8	in	in	ADP
fsr-3306	3	9	these	these	DET
fsr-3306	3	10	studies	study	NOUN
fsr-3306	3	11	and	and	CCONJ
fsr-3306	3	12	challenge	challenge	VERB
fsr-3306	3	13	the	the	DET
fsr-3306	3	14	validity	validity	NOUN
fsr-3306	3	15	of	of	ADP
fsr-3306	3	16	the	the	DET
fsr-3306	3	17	fed	fed	PROPN
fsr-3306	3	18	model	model	NOUN
fsr-3306	3	19	.	.	PUNCT
fsr-3306	4	1	in	in	ADP
fsr-3306	4	2	general	general	ADJ
fsr-3306	4	3	,	,	PUNCT
fsr-3306	4	4	returns	return	NOUN
fsr-3306	4	5	from	from	ADP
fsr-3306	4	6	timing	timing	NOUN
fsr-3306	4	7	models	model	NOUN
fsr-3306	4	8	are	be	AUX
fsr-3306	4	9	difficult	difficult	ADJ
fsr-3306	4	10	to	to	PART
fsr-3306	4	11	adjust	adjust	VERB
fsr-3306	4	12	for	for	ADP
fsr-3306	4	13	transaction	transaction	NOUN
fsr-3306	4	14	costs	cost	NOUN
fsr-3306	4	15	and	and	CCONJ
fsr-3306	4	16	tax	tax	NOUN
fsr-3306	4	17	effects	effect	NOUN
fsr-3306	4	18	from	from	ADP
fsr-3306	4	19	short	short	ADJ
fsr-3306	4	20	term	term	NOUN
fsr-3306	4	21	gains	gain	NOUN
fsr-3306	4	22	and	and	CCONJ
fsr-3306	4	23	losses	loss	NOUN
fsr-3306	4	24	.	.	PUNCT
fsr-3306	5	1	in	in	ADP
fsr-3306	5	2	almost	almost	ADV
fsr-3306	5	3	all	all	PRON
fsr-3306	5	4	cases	case	NOUN
fsr-3306	5	5	,	,	PUNCT
fsr-3306	5	6	there	there	PRON
fsr-3306	5	7	is	be	VERB
fsr-3306	5	8	data	datum	NOUN
fsr-3306	5	9	mining	mining	NOUN
fsr-3306	5	10	from	from	ADP
fsr-3306	5	11	reporting	report	VERB
fsr-3306	5	12	results	result	NOUN
fsr-3306	5	13	over	over	ADP
fsr-3306	5	14	the	the	DET
fsr-3306	5	15	same	same	ADJ
fsr-3306	5	16	period	period	NOUN
fsr-3306	5	17	used	use	VERB
fsr-3306	5	18	to	to	PART
fsr-3306	5	19	build	build	VERB
fsr-3306	5	20	the	the	DET
fsr-3306	5	21	timing	timing	NOUN
fsr-3306	5	22	model	model	NOUN
fsr-3306	5	23	.	.	PUNCT
fsr-3306	6	1	our	our	PRON
fsr-3306	6	2	study	study	NOUN
fsr-3306	6	3	addresses	address	VERB
fsr-3306	6	4	these	these	DET
fsr-3306	6	5	concerns	concern	NOUN
fsr-3306	6	6	directly	directly	ADV
fsr-3306	6	7	.	.	PUNCT
fsr-3306	7	1	we	we	PRON
fsr-3306	7	2	control	control	VERB
fsr-3306	7	3	the	the	DET
fsr-3306	7	4	transaction	transaction	NOUN
fsr-3306	7	5	costs	cost	NOUN
fsr-3306	7	6	and	and	CCONJ
fsr-3306	7	7	tax	tax	NOUN
fsr-3306	7	8	effects	effect	NOUN
fsr-3306	7	9	by	by	ADP
fsr-3306	7	10	focusing	focus	VERB
fsr-3306	7	11	on	on	ADP
fsr-3306	7	12	funds	fund	NOUN
fsr-3306	7	13	available	available	ADJ
fsr-3306	7	14	for	for	ADP
fsr-3306	7	15	retirement	retirement	NOUN
fsr-3306	7	16	accounts	account	NOUN
fsr-3306	7	17	within	within	ADP
fsr-3306	7	18	a	a	DET
fsr-3306	7	19	vanguard	vanguard	NOUN
fsr-3306	7	20	fund	fund	NOUN
fsr-3306	7	21	family	family	NOUN
fsr-3306	7	22	allowing	allow	VERB
fsr-3306	7	23	costless	costless	NOUN
fsr-3306	7	24	monthly	monthly	ADJ
fsr-3306	7	25	transfers	transfer	NOUN
fsr-3306	7	26	.	.	PUNCT
fsr-3306	8	1	we	we	PRON
fsr-3306	8	2	use	use	VERB
fsr-3306	8	3	a	a	DET
fsr-3306	8	4	“	"	PUNCT
fsr-3306	8	5	risk	risk	NOUN
fsr-3306	8	6	on	on	ADP
fsr-3306	8	7	”	"	PUNCT
fsr-3306	8	8	or	or	CCONJ
fsr-3306	8	9	“	"	PUNCT
fsr-3306	8	10	risk	risk	VERB
fsr-3306	8	11	off	off	ADP
fsr-3306	8	12	”	"	PUNCT
fsr-3306	8	13	approach	approach	NOUN
fsr-3306	8	14	rather	rather	ADV
fsr-3306	8	15	than	than	ADP
fsr-3306	8	16	experiment	experiment	NOUN
fsr-3306	8	17	with	with	ADP
fsr-3306	8	18	arbitrary	arbitrary	ADJ
fsr-3306	8	19	cutoff	cutoff	NOUN
fsr-3306	8	20	rules	rule	NOUN
fsr-3306	8	21	for	for	ADP
fsr-3306	8	22	switching	switch	VERB
fsr-3306	8	23	funds	fund	NOUN
fsr-3306	8	24	.	.	PUNCT
fsr-3306	9	1	we	we	PRON
fsr-3306	9	2	first	first	ADV
fsr-3306	9	3	test	test	VERB
fsr-3306	9	4	for	for	ADP
fsr-3306	9	5	the	the	DET
fsr-3306	9	6	time	time	NOUN
fsr-3306	9	7	series	series	NOUN
fsr-3306	9	8	properties	property	NOUN
fsr-3306	9	9	of	of	ADP
fsr-3306	9	10	the	the	DET
fsr-3306	9	11	fed	fed	PROPN
fsr-3306	9	12	model	model	NOUN
fsr-3306	9	13	to	to	PART
fsr-3306	9	14	build	build	VERB
fsr-3306	9	15	a	a	DET
fsr-3306	9	16	prediction	prediction	NOUN
fsr-3306	9	17	model	model	NOUN
fsr-3306	9	18	and	and	CCONJ
fsr-3306	9	19	then	then	ADV
fsr-3306	9	20	apply	apply	VERB
fsr-3306	9	21	it	it	PRON
fsr-3306	9	22	over	over	ADP
fsr-3306	9	23	a	a	DET
fsr-3306	9	24	recent	recent	ADJ
fsr-3306	9	25	five	five	NUM
fsr-3306	9	26	-	-	PUNCT
fsr-3306	9	27	year	year	NOUN
fsr-3306	9	28	holdout	holdout	NOUN
fsr-3306	9	29	of	of	ADP
fsr-3306	9	30	period	period	NOUN
fsr-3306	9	31	.	.	PUNCT
fsr-3306	10	1	our	our	PRON
fsr-3306	10	2	findings	finding	NOUN
fsr-3306	10	3	show	show	VERB
fsr-3306	10	4	that	that	SCONJ
fsr-3306	10	5	the	the	DET
fsr-3306	10	6	switching	switch	VERB
fsr-3306	10	7	portfolio	portfolio	NOUN
fsr-3306	10	8	offers	offer	VERB
fsr-3306	10	9	attractive	attractive	ADJ
fsr-3306	10	10	performance	performance	NOUN
fsr-3306	10	11	compared	compare	VERB
fsr-3306	10	12	to	to	ADP
fsr-3306	10	13	either	either	PRON
fsr-3306	10	14	of	of	ADP
fsr-3306	10	15	the	the	DET
fsr-3306	10	16	vanguard	vanguard	NOUN
fsr-3306	10	17	funds	fund	NOUN
fsr-3306	10	18	,	,	PUNCT
fsr-3306	10	19	especially	especially	ADV
fsr-3306	10	20	with	with	ADP
fsr-3306	10	21	respect	respect	NOUN
fsr-3306	10	22	to	to	ADP
fsr-3306	10	23	enhancing	enhance	VERB
fsr-3306	10	24	upside	upside	ADV
fsr-3306	10	25	to	to	PART
fsr-3306	10	26	downside	downside	VERB
fsr-3306	10	27	risk	risk	NOUN
fsr-3306	10	28	ratios	ratio	NOUN
fsr-3306	10	29	.	.	PUNCT
fsr-3306	11	1	©	©	PROPN
fsr-3306	11	2	2017	2017	NUM
fsr-3306	11	3	academy	academy	NOUN
fsr-3306	11	4	of	of	ADP
fsr-3306	11	5	financial	financial	ADJ
fsr-3306	11	6	services	service	NOUN
fsr-3306	11	7	.	.	PUNCT
fsr-3306	12	1	all	all	DET
fsr-3306	12	2	rights	right	NOUN
fsr-3306	12	3	reserved	reserve	VERB
fsr-3306	12	4	.	.	PUNCT
fsr-3306	13	1	keywords	keyword	NOUN
fsr-3306	13	2	:	:	PUNCT
fsr-3306	13	3	market	market	NOUN
fsr-3306	13	4	timing	timing	NOUN
fsr-3306	13	5	;	;	PUNCT
fsr-3306	13	6	kalman	kalman	NOUN
fsr-3306	13	7	filter	filter	PROPN
fsr-3306	13	8	;	;	PUNCT
fsr-3306	13	9	active	active	ADJ
fsr-3306	13	10	asset	asset	NOUN
fsr-3306	13	11	allocation	allocation	NOUN
fsr-3306	13	12	*	*	PUNCT
fsr-3306	13	13	corresponding	correspond	VERB
fsr-3306	13	14	author	author	NOUN
fsr-3306	13	15	.	.	PUNCT
fsr-3306	14	1	tel	tel	PROPN
fsr-3306	14	2	.	.	PUNCT
fsr-3306	14	3	:	:	PUNCT
fsr-3306	15	1	�	�	PROPN
fsr-3306	15	2	1	1	NUM
fsr-3306	15	3	-	-	SYM
fsr-3306	15	4	804	804	NUM
fsr-3306	15	5	-	-	PUNCT
fsr-3306	15	6	289	289	NUM
fsr-3306	15	7	-	-	PUNCT
fsr-3306	15	8	8597	8597	NUM
fsr-3306	15	9	;	;	PUNCT
fsr-3306	15	10	fax	fax	NOUN
fsr-3306	15	11	:	:	PUNCT
fsr-3306	15	12	�	�	PROPN
fsr-3306	15	13	1	1	NUM
fsr-3306	15	14	-	-	SYM
fsr-3306	15	15	804	804	NUM
fsr-3306	15	16	-	-	PUNCT
fsr-3306	15	17	289	289	NUM
fsr-3306	15	18	-	-	PUNCT
fsr-3306	15	19	8878	8878	NUM
fsr-3306	15	20	.	.	PUNCT
fsr-3306	16	1	e	e	X
fsr-3306	16	2	-	-	NOUN
fsr-3306	16	3	mail	mail	NOUN
fsr-3306	16	4	address	address	NOUN
fsr-3306	16	5	:	:	PUNCT
fsr-3306	16	6	jstevens@richmond.edu	jstevens@richmond.edu	PROPN
fsr-3306	16	7	(	(	PUNCT
fsr-3306	16	8	j.	j.	PROPN
fsr-3306	16	9	l.	l.	PROPN
fsr-3306	16	10	stevens	stevens	PROPN
fsr-3306	16	11	)	)	PUNCT
fsr-3306	16	12	.	.	PUNCT
fsr-3306	17	1	financial	financial	ADJ
fsr-3306	17	2	services	service	NOUN
fsr-3306	17	3	review	review	VERB
fsr-3306	17	4	26	26	NUM
fsr-3306	17	5	(	(	PUNCT
fsr-3306	17	6	2017	2017	NUM
fsr-3306	17	7	)	)	PUNCT
fsr-3306	18	1	167–180	167–180	NUM
fsr-3306	18	2	1057	1057	NUM
fsr-3306	18	3	-	-	SYM
fsr-3306	18	4	0810/17/$	0810/17/$	NUM
fsr-3306	18	5	–	–	PUNCT
fsr-3306	18	6	see	see	VERB
fsr-3306	18	7	front	front	ADJ
fsr-3306	18	8	matter	matter	NOUN
fsr-3306	18	9	©	©	PROPN
fsr-3306	18	10	2017	2017	NUM
fsr-3306	18	11	academy	academy	NOUN
fsr-3306	18	12	of	of	ADP
fsr-3306	18	13	financial	financial	ADJ
fsr-3306	18	14	services	service	NOUN
fsr-3306	18	15	.	.	PUNCT
fsr-3306	19	1	all	all	DET
fsr-3306	19	2	rights	right	NOUN
fsr-3306	19	3	reserved	reserve	VERB
fsr-3306	19	4	.	.	PUNCT
fsr-3306	20	1	1	1	X
fsr-3306	20	2	.	.	X
fsr-3306	20	3	introduction	introduction	NOUN
fsr-3306	20	4	individual	individual	ADJ
fsr-3306	20	5	investors	investor	NOUN
fsr-3306	20	6	and	and	CCONJ
fsr-3306	20	7	investment	investment	NOUN
fsr-3306	20	8	advisors	advisor	NOUN
fsr-3306	20	9	make	make	VERB
fsr-3306	20	10	asset	asset	NOUN
fsr-3306	20	11	allocation	allocation	NOUN
fsr-3306	20	12	decisions	decision	NOUN
fsr-3306	20	13	as	as	ADP
fsr-3306	20	14	part	part	NOUN
fsr-3306	20	15	of	of	ADP
fsr-3306	20	16	an	an	DET
fsr-3306	20	17	overall	overall	ADJ
fsr-3306	20	18	investment	investment	NOUN
fsr-3306	20	19	strategy	strategy	NOUN
fsr-3306	20	20	.	.	PUNCT
fsr-3306	21	1	efficient	efficient	ADJ
fsr-3306	21	2	market	market	NOUN
fsr-3306	21	3	theory	theory	NOUN
fsr-3306	21	4	supports	support	VERB
fsr-3306	21	5	using	use	VERB
fsr-3306	21	6	a	a	DET
fsr-3306	21	7	passive	passive	ADJ
fsr-3306	21	8	buy	buy	NOUN
fsr-3306	21	9	and	and	CCONJ
fsr-3306	21	10	hold	hold	VERB
fsr-3306	21	11	approach	approach	NOUN
fsr-3306	21	12	linked	link	VERB
fsr-3306	21	13	to	to	ADP
fsr-3306	21	14	long	long	ADJ
fsr-3306	21	15	run	run	NOUN
fsr-3306	21	16	objectives	objective	NOUN
fsr-3306	21	17	and	and	CCONJ
fsr-3306	21	18	investment	investment	NOUN
fsr-3306	21	19	horizons	horizon	NOUN
fsr-3306	21	20	with	with	ADP
fsr-3306	21	21	periodic	periodic	ADJ
fsr-3306	21	22	rebalancing	rebalancing	NOUN
fsr-3306	21	23	as	as	ADP
fsr-3306	21	24	objectives	objective	NOUN
fsr-3306	21	25	and	and	CCONJ
fsr-3306	21	26	horizons	horizon	NOUN
fsr-3306	21	27	change	change	NOUN
fsr-3306	21	28	.	.	PUNCT
fsr-3306	22	1	on	on	ADP
fsr-3306	22	2	the	the	DET
fsr-3306	22	3	other	other	ADJ
fsr-3306	22	4	hand	hand	NOUN
fsr-3306	22	5	,	,	PUNCT
fsr-3306	22	6	active	active	ADJ
fsr-3306	22	7	asset	asset	NOUN
fsr-3306	22	8	allocation	allocation	NOUN
fsr-3306	22	9	has	have	VERB
fsr-3306	22	10	the	the	DET
fsr-3306	22	11	potential	potential	NOUN
fsr-3306	22	12	to	to	PART
fsr-3306	22	13	increase	increase	VERB
fsr-3306	22	14	portfolio	portfolio	NOUN
fsr-3306	22	15	returns	return	NOUN
fsr-3306	22	16	dramatically	dramatically	ADV
fsr-3306	22	17	if	if	SCONJ
fsr-3306	22	18	executed	execute	VERB
fsr-3306	22	19	successfully	successfully	ADV
fsr-3306	22	20	.	.	PUNCT
fsr-3306	23	1	xiong	xiong	PROPN
fsr-3306	23	2	,	,	PUNCT
fsr-3306	23	3	ibbotson	ibbotson	PROPN
fsr-3306	23	4	,	,	PUNCT
fsr-3306	23	5	idzorek	idzorek	NOUN
fsr-3306	23	6	,	,	PUNCT
fsr-3306	23	7	and	and	CCONJ
fsr-3306	23	8	chen	chen	PROPN
fsr-3306	23	9	(	(	PUNCT
fsr-3306	23	10	2010	2010	NUM
fsr-3306	23	11	)	)	PUNCT
fsr-3306	23	12	show	show	VERB
fsr-3306	23	13	that	that	SCONJ
fsr-3306	23	14	portfolio	portfolio	NOUN
fsr-3306	23	15	returns	return	NOUN
fsr-3306	23	16	split	split	VERB
fsr-3306	23	17	evenly	evenly	ADV
fsr-3306	23	18	between	between	ADP
fsr-3306	23	19	asset	asset	NOUN
fsr-3306	23	20	allocation	allocation	NOUN
fsr-3306	23	21	and	and	CCONJ
fsr-3306	23	22	active	active	ADJ
fsr-3306	23	23	management	management	NOUN
fsr-3306	23	24	when	when	SCONJ
fsr-3306	23	25	overall	overall	ADJ
fsr-3306	23	26	market	market	NOUN
fsr-3306	23	27	moves	move	NOUN
fsr-3306	23	28	are	be	AUX
fsr-3306	23	29	accounted	account	VERB
fsr-3306	23	30	for	for	ADP
fsr-3306	23	31	.	.	PUNCT
fsr-3306	24	1	shilling	shilling	PROPN
fsr-3306	24	2	(	(	PUNCT
fsr-3306	24	3	1992	1992	NUM
fsr-3306	24	4	)	)	PUNCT
fsr-3306	24	5	concludes	conclude	VERB
fsr-3306	24	6	that	that	SCONJ
fsr-3306	24	7	avoiding	avoid	VERB
fsr-3306	24	8	the	the	DET
fsr-3306	24	9	50	50	NUM
fsr-3306	24	10	weakest	weak	ADJ
fsr-3306	24	11	months	month	NOUN
fsr-3306	24	12	of	of	ADP
fsr-3306	24	13	the	the	DET
fsr-3306	24	14	stock	stock	NOUN
fsr-3306	24	15	market	market	NOUN
fsr-3306	24	16	would	would	AUX
fsr-3306	24	17	have	have	AUX
fsr-3306	24	18	doubled	double	VERB
fsr-3306	24	19	investor	investor	NOUN
fsr-3306	24	20	returns	return	NOUN
fsr-3306	24	21	.	.	PUNCT
fsr-3306	25	1	there	there	PRON
fsr-3306	25	2	is	be	VERB
fsr-3306	25	3	a	a	DET
fsr-3306	25	4	vast	vast	ADJ
fsr-3306	25	5	literature	literature	NOUN
fsr-3306	25	6	on	on	ADP
fsr-3306	25	7	active	active	ADJ
fsr-3306	25	8	asset	asset	NOUN
fsr-3306	25	9	allocation	allocation	NOUN
fsr-3306	25	10	,	,	PUNCT
fsr-3306	25	11	often	often	ADV
fsr-3306	25	12	called	call	VERB
fsr-3306	25	13	market	market	NOUN
fsr-3306	25	14	timing	timing	NOUN
fsr-3306	25	15	,	,	PUNCT
fsr-3306	25	16	with	with	ADP
fsr-3306	25	17	few	few	ADJ
fsr-3306	25	18	definitive	definitive	ADJ
fsr-3306	25	19	conclusions	conclusion	NOUN
fsr-3306	25	20	.	.	PUNCT
fsr-3306	26	1	the	the	DET
fsr-3306	26	2	volume	volume	NOUN
fsr-3306	26	3	of	of	ADP
fsr-3306	26	4	timing	timing	NOUN
fsr-3306	26	5	research	research	NOUN
fsr-3306	26	6	is	be	AUX
fsr-3306	26	7	a	a	DET
fsr-3306	26	8	testament	testament	NOUN
fsr-3306	26	9	to	to	ADP
fsr-3306	26	10	the	the	DET
fsr-3306	26	11	importance	importance	NOUN
fsr-3306	26	12	of	of	ADP
fsr-3306	26	13	the	the	DET
fsr-3306	26	14	topic	topic	NOUN
fsr-3306	26	15	to	to	ADP
fsr-3306	26	16	investors	investor	NOUN
fsr-3306	26	17	.	.	PUNCT
fsr-3306	27	1	in	in	ADP
fsr-3306	27	2	this	this	DET
fsr-3306	27	3	article	article	NOUN
fsr-3306	27	4	,	,	PUNCT
fsr-3306	27	5	we	we	PRON
fsr-3306	27	6	examine	examine	VERB
fsr-3306	27	7	the	the	DET
fsr-3306	27	8	investment	investment	NOUN
fsr-3306	27	9	performance	performance	NOUN
fsr-3306	27	10	of	of	ADP
fsr-3306	27	11	an	an	DET
fsr-3306	27	12	active	active	ADJ
fsr-3306	27	13	asset	asset	NOUN
fsr-3306	27	14	allocation	allocation	NOUN
fsr-3306	27	15	model	model	NOUN
fsr-3306	27	16	based	base	VERB
fsr-3306	27	17	on	on	ADP
fsr-3306	27	18	monthly	monthly	ADJ
fsr-3306	27	19	signals	signal	NOUN
fsr-3306	27	20	from	from	ADP
fsr-3306	27	21	the	the	DET
fsr-3306	27	22	time	time	NOUN
fsr-3306	27	23	varying	vary	VERB
fsr-3306	27	24	relationship	relationship	NOUN
fsr-3306	27	25	between	between	ADP
fsr-3306	27	26	the	the	DET
fsr-3306	27	27	aggregate	aggregate	ADJ
fsr-3306	27	28	equity	equity	NOUN
fsr-3306	27	29	earnings	earning	NOUN
fsr-3306	27	30	yield	yield	NOUN
fsr-3306	27	31	and	and	CCONJ
fsr-3306	27	32	the	the	DET
fsr-3306	27	33	10	10	NUM
fsr-3306	27	34	-	-	PUNCT
fsr-3306	27	35	year	year	NOUN
fsr-3306	27	36	treasury	treasury	NOUN
fsr-3306	27	37	yield	yield	NOUN
fsr-3306	27	38	,	,	PUNCT
fsr-3306	27	39	often	often	ADV
fsr-3306	27	40	called	call	VERB
fsr-3306	27	41	the	the	DET
fsr-3306	27	42	fed	fed	PROPN
fsr-3306	27	43	model	model	NOUN
fsr-3306	27	44	.	.	PUNCT
fsr-3306	28	1	we	we	PRON
fsr-3306	28	2	address	address	VERB
fsr-3306	28	3	key	key	ADJ
fsr-3306	28	4	criticisms	criticism	NOUN
fsr-3306	28	5	of	of	ADP
fsr-3306	28	6	prior	prior	ADJ
fsr-3306	28	7	work	work	NOUN
fsr-3306	28	8	to	to	PART
fsr-3306	28	9	build	build	VERB
fsr-3306	28	10	and	and	CCONJ
fsr-3306	28	11	then	then	ADV
fsr-3306	28	12	test	test	NOUN
fsr-3306	28	13	timing	timing	NOUN
fsr-3306	28	14	performance	performance	NOUN
fsr-3306	28	15	of	of	ADP
fsr-3306	28	16	the	the	DET
fsr-3306	28	17	fed	fed	PROPN
fsr-3306	28	18	model	model	NOUN
fsr-3306	28	19	.	.	PUNCT
fsr-3306	29	1	first	first	ADV
fsr-3306	29	2	,	,	PUNCT
fsr-3306	29	3	we	we	PRON
fsr-3306	29	4	test	test	VERB
fsr-3306	29	5	for	for	ADP
fsr-3306	29	6	the	the	DET
fsr-3306	29	7	appropriate	appropriate	ADJ
fsr-3306	29	8	time	time	NOUN
fsr-3306	29	9	series	series	NOUN
fsr-3306	29	10	of	of	ADP
fsr-3306	29	11	the	the	DET
fsr-3306	29	12	fed	fed	PROPN
fsr-3306	29	13	model	model	NOUN
fsr-3306	29	14	to	to	PART
fsr-3306	29	15	define	define	VERB
fsr-3306	29	16	the	the	DET
fsr-3306	29	17	switch	switch	NOUN
fsr-3306	29	18	points	point	NOUN
fsr-3306	29	19	for	for	ADP
fsr-3306	29	20	asset	asset	NOUN
fsr-3306	29	21	allocation	allocation	NOUN
fsr-3306	29	22	,	,	PUNCT
fsr-3306	29	23	rather	rather	ADV
fsr-3306	29	24	than	than	ADP
fsr-3306	29	25	experiment	experiment	NOUN
fsr-3306	29	26	to	to	PART
fsr-3306	29	27	find	find	VERB
fsr-3306	29	28	points	point	NOUN
fsr-3306	29	29	that	that	PRON
fsr-3306	29	30	worked	work	VERB
fsr-3306	29	31	in	in	ADP
fsr-3306	29	32	past	past	ADJ
fsr-3306	29	33	data	datum	NOUN
fsr-3306	29	34	or	or	CCONJ
fsr-3306	29	35	simply	simply	ADV
fsr-3306	29	36	assume	assume	VERB
fsr-3306	29	37	the	the	DET
fsr-3306	29	38	spread	spread	NOUN
fsr-3306	29	39	is	be	AUX
fsr-3306	29	40	a	a	DET
fsr-3306	29	41	random	random	ADJ
fsr-3306	29	42	variable	variable	NOUN
fsr-3306	29	43	.	.	PUNCT
fsr-3306	30	1	next	next	ADJ
fsr-3306	30	2	,	,	PUNCT
fsr-3306	30	3	important	important	ADJ
fsr-3306	30	4	deficiencies	deficiency	NOUN
fsr-3306	30	5	of	of	ADP
fsr-3306	30	6	prior	prior	ADJ
fsr-3306	30	7	studies	study	NOUN
fsr-3306	30	8	come	come	VERB
fsr-3306	30	9	from	from	ADP
fsr-3306	30	10	a	a	DET
fsr-3306	30	11	failure	failure	NOUN
fsr-3306	30	12	to	to	AUX
fsr-3306	30	13	adequately	adequately	ADV
fsr-3306	30	14	control	control	VERB
fsr-3306	30	15	for	for	ADP
fsr-3306	30	16	transaction	transaction	NOUN
fsr-3306	30	17	costs	cost	NOUN
fsr-3306	30	18	and	and	CCONJ
fsr-3306	30	19	tax	tax	NOUN
fsr-3306	30	20	effects	effect	NOUN
fsr-3306	30	21	from	from	ADP
fsr-3306	30	22	gains	gain	NOUN
fsr-3306	30	23	and	and	CCONJ
fsr-3306	30	24	losses	loss	NOUN
fsr-3306	30	25	because	because	SCONJ
fsr-3306	30	26	of	of	ADP
fsr-3306	30	27	switches	switch	NOUN
fsr-3306	30	28	.	.	PUNCT
fsr-3306	31	1	we	we	PRON
fsr-3306	31	2	control	control	VERB
fsr-3306	31	3	for	for	ADP
fsr-3306	31	4	these	these	DET
fsr-3306	31	5	effects	effect	NOUN
fsr-3306	31	6	by	by	ADP
fsr-3306	31	7	using	use	VERB
fsr-3306	31	8	vanguard	vanguard	PROPN
fsr-3306	31	9	’s	’s	PART
fsr-3306	31	10	s&p500	s&p500	PROPN
fsr-3306	31	11	index	index	NOUN
fsr-3306	31	12	fund	fund	NOUN
fsr-3306	31	13	(	(	PUNCT
fsr-3306	31	14	vfinx	vfinx	NOUN
fsr-3306	31	15	)	)	PUNCT
fsr-3306	31	16	and	and	CCONJ
fsr-3306	31	17	treasury	treasury	PROPN
fsr-3306	31	18	index	index	NOUN
fsr-3306	31	19	fund	fund	NOUN
fsr-3306	31	20	(	(	PUNCT
fsr-3306	31	21	vfitx	vfitx	ADJ
fsr-3306	31	22	)	)	PUNCT
fsr-3306	31	23	.	.	PUNCT
fsr-3306	32	1	because	because	SCONJ
fsr-3306	32	2	transfers	transfer	NOUN
fsr-3306	32	3	between	between	ADP
fsr-3306	32	4	these	these	DET
fsr-3306	32	5	funds	fund	NOUN
fsr-3306	32	6	in	in	ADP
fsr-3306	32	7	the	the	DET
fsr-3306	32	8	vanguard	vanguard	NOUN
fsr-3306	32	9	family	family	NOUN
fsr-3306	32	10	do	do	AUX
fsr-3306	32	11	not	not	PART
fsr-3306	32	12	have	have	VERB
fsr-3306	32	13	buying	buy	VERB
fsr-3306	32	14	and	and	CCONJ
fsr-3306	32	15	selling	sell	VERB
fsr-3306	32	16	costs	cost	NOUN
fsr-3306	32	17	for	for	ADP
fsr-3306	32	18	the	the	DET
fsr-3306	32	19	investor	investor	NOUN
fsr-3306	32	20	,	,	PUNCT
fsr-3306	32	21	we	we	PRON
fsr-3306	32	22	avoid	avoid	VERB
fsr-3306	32	23	the	the	DET
fsr-3306	32	24	criticism	criticism	NOUN
fsr-3306	32	25	of	of	ADP
fsr-3306	32	26	not	not	PART
fsr-3306	32	27	accounting	account	VERB
fsr-3306	32	28	for	for	ADP
fsr-3306	32	29	transaction	transaction	NOUN
fsr-3306	32	30	costs	cost	NOUN
fsr-3306	32	31	from	from	ADP
fsr-3306	32	32	asset	asset	NOUN
fsr-3306	32	33	switches.1	switches.1	NOUN
fsr-3306	32	34	changes	change	NOUN
fsr-3306	32	35	in	in	ADP
fsr-3306	32	36	asset	asset	NOUN
fsr-3306	32	37	allocation	allocation	NOUN
fsr-3306	32	38	result	result	NOUN
fsr-3306	32	39	in	in	ADP
fsr-3306	32	40	short	short	ADJ
fsr-3306	32	41	term	term	NOUN
fsr-3306	32	42	realized	realize	VERB
fsr-3306	32	43	gains	gain	NOUN
fsr-3306	32	44	and	and	CCONJ
fsr-3306	32	45	losses	loss	NOUN
fsr-3306	32	46	that	that	PRON
fsr-3306	32	47	lead	lead	VERB
fsr-3306	32	48	to	to	ADP
fsr-3306	32	49	tax	tax	NOUN
fsr-3306	32	50	effects	effect	NOUN
fsr-3306	32	51	that	that	PRON
fsr-3306	32	52	many	many	ADJ
fsr-3306	32	53	studies	study	NOUN
fsr-3306	32	54	ignore	ignore	VERB
fsr-3306	32	55	.	.	PUNCT
fsr-3306	33	1	since	since	SCONJ
fsr-3306	33	2	the	the	DET
fsr-3306	33	3	vanguard	vanguard	PROPN
fsr-3306	33	4	family	family	NOUN
fsr-3306	33	5	of	of	ADP
fsr-3306	33	6	funds	fund	NOUN
fsr-3306	33	7	is	be	AUX
fsr-3306	33	8	widely	widely	ADV
fsr-3306	33	9	used	use	VERB
fsr-3306	33	10	in	in	ADP
fsr-3306	33	11	tax	tax	NOUN
fsr-3306	33	12	deferred	defer	VERB
fsr-3306	33	13	retirement	retirement	NOUN
fsr-3306	33	14	accounts	account	NOUN
fsr-3306	33	15	,	,	PUNCT
fsr-3306	33	16	the	the	DET
fsr-3306	33	17	tax	tax	NOUN
fsr-3306	33	18	effects	effect	NOUN
fsr-3306	33	19	from	from	ADP
fsr-3306	33	20	realized	realize	VERB
fsr-3306	33	21	gains	gain	NOUN
fsr-3306	33	22	and	and	CCONJ
fsr-3306	33	23	losses	loss	NOUN
fsr-3306	33	24	because	because	SCONJ
fsr-3306	33	25	of	of	ADP
fsr-3306	33	26	switches	switch	NOUN
fsr-3306	33	27	are	be	AUX
fsr-3306	33	28	irrelevant	irrelevant	ADJ
fsr-3306	33	29	for	for	ADP
fsr-3306	33	30	tax	tax	NOUN
fsr-3306	33	31	-	-	PUNCT
fsr-3306	33	32	exempt	exempt	ADJ
fsr-3306	33	33	retirement	retirement	NOUN
fsr-3306	33	34	fund	fund	NOUN
fsr-3306	33	35	investors	investor	NOUN
fsr-3306	33	36	.	.	PUNCT
fsr-3306	34	1	the	the	DET
fsr-3306	34	2	analysis	analysis	NOUN
fsr-3306	34	3	is	be	AUX
fsr-3306	34	4	limited	limit	VERB
fsr-3306	34	5	to	to	ADP
fsr-3306	34	6	retirement	retirement	NOUN
fsr-3306	34	7	fund	fund	NOUN
fsr-3306	34	8	investors	investor	NOUN
fsr-3306	34	9	using	use	VERB
fsr-3306	34	10	a	a	DET
fsr-3306	34	11	family	family	NOUN
fsr-3306	34	12	of	of	ADP
fsr-3306	34	13	funds	fund	NOUN
fsr-3306	34	14	but	but	CCONJ
fsr-3306	34	15	that	that	DET
fsr-3306	34	16	segment	segment	NOUN
fsr-3306	34	17	of	of	ADP
fsr-3306	34	18	the	the	DET
fsr-3306	34	19	investing	investing	NOUN
fsr-3306	34	20	population	population	NOUN
fsr-3306	34	21	is	be	AUX
fsr-3306	34	22	significant	significant	ADJ
fsr-3306	34	23	and	and	CCONJ
fsr-3306	34	24	growing	grow	VERB
fsr-3306	34	25	.	.	PUNCT
fsr-3306	35	1	many	many	ADJ
fsr-3306	35	2	studies	study	NOUN
fsr-3306	35	3	report	report	VERB
fsr-3306	35	4	attractive	attractive	ADJ
fsr-3306	35	5	performance	performance	NOUN
fsr-3306	35	6	after	after	ADP
fsr-3306	35	7	searching	search	VERB
fsr-3306	35	8	through	through	ADP
fsr-3306	35	9	past	past	ADJ
fsr-3306	35	10	data	datum	NOUN
fsr-3306	35	11	with	with	ADP
fsr-3306	35	12	multiple	multiple	ADJ
fsr-3306	35	13	models	model	NOUN
fsr-3306	35	14	and	and	CCONJ
fsr-3306	35	15	arbitrary	arbitrary	ADJ
fsr-3306	35	16	switch	switch	NOUN
fsr-3306	35	17	points	point	NOUN
fsr-3306	35	18	.	.	PUNCT
fsr-3306	36	1	critics	critic	NOUN
fsr-3306	36	2	point	point	VERB
fsr-3306	36	3	out	out	ADP
fsr-3306	36	4	that	that	SCONJ
fsr-3306	36	5	a	a	DET
fsr-3306	36	6	regularity	regularity	NOUN
fsr-3306	36	7	in	in	ADP
fsr-3306	36	8	past	past	ADJ
fsr-3306	36	9	data	datum	NOUN
fsr-3306	36	10	discovered	discover	VERB
fsr-3306	36	11	in	in	ADP
fsr-3306	36	12	this	this	DET
fsr-3306	36	13	way	way	NOUN
fsr-3306	36	14	does	do	AUX
fsr-3306	36	15	not	not	PART
fsr-3306	36	16	mean	mean	VERB
fsr-3306	36	17	the	the	DET
fsr-3306	36	18	model	model	NOUN
fsr-3306	36	19	that	that	PRON
fsr-3306	36	20	works	work	VERB
fsr-3306	36	21	best	well	ADV
fsr-3306	36	22	in	in	ADP
fsr-3306	36	23	past	past	ADJ
fsr-3306	36	24	periods	period	NOUN
fsr-3306	36	25	is	be	AUX
fsr-3306	36	26	predictable	predictable	ADJ
fsr-3306	36	27	going	go	VERB
fsr-3306	36	28	forward	forward	ADV
fsr-3306	36	29	.	.	PUNCT
fsr-3306	37	1	to	to	PART
fsr-3306	37	2	avoid	avoid	VERB
fsr-3306	37	3	this	this	DET
fsr-3306	37	4	data	datum	NOUN
fsr-3306	37	5	mining	mining	NOUN
fsr-3306	37	6	criticism	criticism	NOUN
fsr-3306	37	7	,	,	PUNCT
fsr-3306	37	8	we	we	PRON
fsr-3306	37	9	test	test	VERB
fsr-3306	37	10	for	for	ADP
fsr-3306	37	11	the	the	DET
fsr-3306	37	12	time	time	NOUN
fsr-3306	37	13	series	series	NOUN
fsr-3306	37	14	properties	property	NOUN
fsr-3306	37	15	of	of	ADP
fsr-3306	37	16	the	the	DET
fsr-3306	37	17	fed	fed	PROPN
fsr-3306	37	18	model	model	NOUN
fsr-3306	37	19	over	over	ADP
fsr-3306	37	20	long	long	ADJ
fsr-3306	37	21	periods	period	NOUN
fsr-3306	37	22	of	of	ADP
fsr-3306	37	23	time	time	NOUN
fsr-3306	37	24	and	and	CCONJ
fsr-3306	37	25	then	then	ADV
fsr-3306	37	26	use	use	VERB
fsr-3306	37	27	out	out	ADP
fsr-3306	37	28	of	of	ADP
fsr-3306	37	29	sample	sample	NOUN
fsr-3306	37	30	data	datum	NOUN
fsr-3306	37	31	from	from	ADP
fsr-3306	37	32	january	january	PROPN
fsr-3306	37	33	2012	2012	NUM
fsr-3306	37	34	through	through	ADP
fsr-3306	37	35	december	december	PROPN
fsr-3306	37	36	2016	2016	NUM
fsr-3306	37	37	to	to	PART
fsr-3306	37	38	test	test	VERB
fsr-3306	37	39	the	the	DET
fsr-3306	37	40	investment	investment	NOUN
fsr-3306	37	41	performance	performance	NOUN
fsr-3306	37	42	of	of	ADP
fsr-3306	37	43	the	the	DET
fsr-3306	37	44	model	model	NOUN
fsr-3306	37	45	.	.	PUNCT
fsr-3306	38	1	we	we	PRON
fsr-3306	38	2	find	find	VERB
fsr-3306	38	3	the	the	DET
fsr-3306	38	4	performance	performance	NOUN
fsr-3306	38	5	characteristics	characteristic	NOUN
fsr-3306	38	6	of	of	ADP
fsr-3306	38	7	the	the	DET
fsr-3306	38	8	active	active	ADJ
fsr-3306	38	9	asset	asset	NOUN
fsr-3306	38	10	allocation	allocation	NOUN
fsr-3306	38	11	portfolio	portfolio	NOUN
fsr-3306	38	12	to	to	PART
fsr-3306	38	13	be	be	AUX
fsr-3306	38	14	attractive	attractive	ADJ
fsr-3306	38	15	to	to	ADP
fsr-3306	38	16	many	many	ADJ
fsr-3306	38	17	investors	investor	NOUN
fsr-3306	38	18	seeking	seek	VERB
fsr-3306	38	19	higher	high	ADJ
fsr-3306	38	20	returns	return	NOUN
fsr-3306	38	21	than	than	ADP
fsr-3306	38	22	a	a	DET
fsr-3306	38	23	buy	buy	NOUN
fsr-3306	38	24	and	and	CCONJ
fsr-3306	38	25	hold	hold	VERB
fsr-3306	38	26	equity	equity	NOUN
fsr-3306	38	27	fund	fund	NOUN
fsr-3306	38	28	with	with	ADP
fsr-3306	38	29	only	only	ADV
fsr-3306	38	30	moderately	moderately	ADV
fsr-3306	38	31	more	more	ADJ
fsr-3306	38	32	risk	risk	NOUN
fsr-3306	38	33	than	than	ADP
fsr-3306	38	34	a	a	DET
fsr-3306	38	35	buy	buy	NOUN
fsr-3306	38	36	and	and	CCONJ
fsr-3306	38	37	hold	hold	VERB
fsr-3306	38	38	10	10	NUM
fsr-3306	38	39	-	-	PUNCT
fsr-3306	38	40	year	year	NOUN
fsr-3306	38	41	treasury	treasury	NOUN
fsr-3306	38	42	fund	fund	NOUN
fsr-3306	38	43	.	.	PUNCT
fsr-3306	39	1	potentially	potentially	ADV
fsr-3306	39	2	more	more	ADV
fsr-3306	39	3	important	important	ADJ
fsr-3306	39	4	,	,	PUNCT
fsr-3306	39	5	the	the	DET
fsr-3306	39	6	investment	investment	NOUN
fsr-3306	39	7	performance	performance	NOUN
fsr-3306	39	8	results	result	VERB
fsr-3306	39	9	in	in	ADP
fsr-3306	39	10	a	a	DET
fsr-3306	39	11	more	more	ADV
fsr-3306	39	12	favorable	favorable	ADJ
fsr-3306	39	13	upside	upside	NOUN
fsr-3306	39	14	to	to	PART
fsr-3306	39	15	downside	downside	VERB
fsr-3306	39	16	volatility	volatility	NOUN
fsr-3306	39	17	ratio	ratio	NOUN
fsr-3306	39	18	favored	favor	VERB
fsr-3306	39	19	by	by	ADP
fsr-3306	39	20	investors	investor	NOUN
fsr-3306	39	21	who	who	PRON
fsr-3306	39	22	fear	fear	VERB
fsr-3306	39	23	losses	loss	NOUN
fsr-3306	39	24	more	more	ADJ
fsr-3306	39	25	than	than	SCONJ
fsr-3306	39	26	they	they	PRON
fsr-3306	39	27	covet	covet	VERB
fsr-3306	39	28	gains	gain	NOUN
fsr-3306	39	29	.	.	PUNCT
fsr-3306	40	1	we	we	PRON
fsr-3306	40	2	use	use	VERB
fsr-3306	40	3	the	the	DET
fsr-3306	40	4	following	follow	VERB
fsr-3306	40	5	organization	organization	NOUN
fsr-3306	40	6	for	for	ADP
fsr-3306	40	7	the	the	DET
fsr-3306	40	8	article	article	NOUN
fsr-3306	40	9	.	.	PUNCT
fsr-3306	41	1	section	section	NOUN
fsr-3306	41	2	2	2	NUM
fsr-3306	41	3	provides	provide	VERB
fsr-3306	41	4	a	a	DET
fsr-3306	41	5	review	review	NOUN
fsr-3306	41	6	of	of	ADP
fsr-3306	41	7	the	the	DET
fsr-3306	41	8	literature	literature	NOUN
fsr-3306	41	9	on	on	ADP
fsr-3306	41	10	active	active	ADJ
fsr-3306	41	11	asset	asset	NOUN
fsr-3306	41	12	allocation	allocation	NOUN
fsr-3306	41	13	and	and	CCONJ
fsr-3306	41	14	the	the	DET
fsr-3306	41	15	criticisms	criticism	NOUN
fsr-3306	41	16	leveled	level	VERB
fsr-3306	41	17	at	at	ADP
fsr-3306	41	18	these	these	DET
fsr-3306	41	19	studies	study	NOUN
fsr-3306	41	20	.	.	PUNCT
fsr-3306	42	1	we	we	PRON
fsr-3306	42	2	follow	follow	VERB
fsr-3306	42	3	in	in	ADP
fsr-3306	42	4	section	section	NOUN
fsr-3306	42	5	3	3	NUM
fsr-3306	42	6	by	by	ADP
fsr-3306	42	7	reviewing	review	VERB
fsr-3306	42	8	the	the	DET
fsr-3306	42	9	traditional	traditional	ADJ
fsr-3306	42	10	use	use	NOUN
fsr-3306	42	11	of	of	ADP
fsr-3306	42	12	the	the	DET
fsr-3306	42	13	fed	fed	PROPN
fsr-3306	42	14	model	model	NOUN
fsr-3306	42	15	to	to	PART
fsr-3306	42	16	time	time	NOUN
fsr-3306	42	17	the	the	DET
fsr-3306	42	18	markets	market	NOUN
fsr-3306	42	19	.	.	PUNCT
fsr-3306	43	1	we	we	PRON
fsr-3306	43	2	also	also	ADV
fsr-3306	43	3	168	168	NUM
fsr-3306	43	4	j.m	j.m	PROPN
fsr-3306	43	5	.	.	PROPN
fsr-3306	43	6	clinebell	clinebell	PROPN
fsr-3306	43	7	et	et	PROPN
fsr-3306	43	8	al	al	PROPN
fsr-3306	43	9	.	.	PUNCT
fsr-3306	43	10	/	/	SYM
fsr-3306	43	11	financial	financial	ADJ
fsr-3306	43	12	services	service	NOUN
fsr-3306	43	13	review	review	VERB
fsr-3306	43	14	26	26	NUM
fsr-3306	43	15	(	(	PUNCT
fsr-3306	43	16	2017	2017	NUM
fsr-3306	43	17	)	)	PUNCT
fsr-3306	43	18	167–180	167–180	NUM
fsr-3306	43	19	present	present	ADJ
fsr-3306	43	20	the	the	DET
fsr-3306	43	21	conceptual	conceptual	ADJ
fsr-3306	43	22	arguments	argument	NOUN
fsr-3306	43	23	for	for	ADP
fsr-3306	43	24	using	use	VERB
fsr-3306	43	25	the	the	DET
fsr-3306	43	26	fed	fed	PROPN
fsr-3306	43	27	model	model	NOUN
fsr-3306	43	28	and	and	CCONJ
fsr-3306	43	29	address	address	VERB
fsr-3306	43	30	the	the	DET
fsr-3306	43	31	common	common	ADJ
fsr-3306	43	32	problems	problem	NOUN
fsr-3306	43	33	with	with	ADP
fsr-3306	43	34	the	the	DET
fsr-3306	43	35	way	way	NOUN
fsr-3306	43	36	it	it	PRON
fsr-3306	43	37	has	have	AUX
fsr-3306	43	38	been	be	AUX
fsr-3306	43	39	tested	test	VERB
fsr-3306	43	40	and	and	CCONJ
fsr-3306	43	41	applied	apply	VERB
fsr-3306	43	42	in	in	ADP
fsr-3306	43	43	other	other	ADJ
fsr-3306	43	44	studies	study	NOUN
fsr-3306	43	45	.	.	PUNCT
fsr-3306	44	1	we	we	PRON
fsr-3306	44	2	present	present	VERB
fsr-3306	44	3	the	the	DET
fsr-3306	44	4	time	time	NOUN
fsr-3306	44	5	series	series	PROPN
fsr-3306	44	6	version	version	NOUN
fsr-3306	44	7	of	of	ADP
fsr-3306	44	8	the	the	DET
fsr-3306	44	9	fed	fed	PROPN
fsr-3306	44	10	model	model	NOUN
fsr-3306	44	11	in	in	ADP
fsr-3306	44	12	section	section	NOUN
fsr-3306	44	13	4	4	NUM
fsr-3306	44	14	along	along	ADP
fsr-3306	44	15	with	with	ADP
fsr-3306	44	16	the	the	DET
fsr-3306	44	17	estimated	estimate	VERB
fsr-3306	44	18	parameters	parameter	NOUN
fsr-3306	44	19	that	that	PRON
fsr-3306	44	20	define	define	VERB
fsr-3306	44	21	the	the	DET
fsr-3306	44	22	switch	switch	NOUN
fsr-3306	44	23	points	point	NOUN
fsr-3306	44	24	for	for	ADP
fsr-3306	44	25	the	the	DET
fsr-3306	44	26	active	active	ADJ
fsr-3306	44	27	asset	asset	NOUN
fsr-3306	44	28	allocation	allocation	NOUN
fsr-3306	44	29	moves	move	NOUN
fsr-3306	44	30	.	.	PUNCT
fsr-3306	45	1	portfolio	portfolio	NOUN
fsr-3306	45	2	performance	performance	NOUN
fsr-3306	45	3	from	from	ADP
fsr-3306	45	4	applying	apply	VERB
fsr-3306	45	5	the	the	DET
fsr-3306	45	6	fed	fed	PROPN
fsr-3306	45	7	model	model	NOUN
fsr-3306	45	8	in	in	ADP
fsr-3306	45	9	an	an	DET
fsr-3306	45	10	out	out	ADJ
fsr-3306	45	11	-	-	PUNCT
fsr-3306	45	12	of	of	ADP
fsr-3306	45	13	-	-	PUNCT
fsr-3306	45	14	sample	sample	NOUN
fsr-3306	45	15	investment	investment	NOUN
fsr-3306	45	16	period	period	NOUN
fsr-3306	45	17	of	of	ADP
fsr-3306	45	18	recent	recent	ADJ
fsr-3306	45	19	markets	market	NOUN
fsr-3306	45	20	using	use	VERB
fsr-3306	45	21	the	the	DET
fsr-3306	45	22	vanguard	vanguard	NOUN
fsr-3306	45	23	index	index	NOUN
fsr-3306	45	24	funds	fund	NOUN
fsr-3306	45	25	appears	appear	VERB
fsr-3306	45	26	in	in	ADP
fsr-3306	45	27	section	section	NOUN
fsr-3306	45	28	5	5	NUM
fsr-3306	45	29	.	.	PUNCT
fsr-3306	46	1	the	the	DET
fsr-3306	46	2	final	final	ADJ
fsr-3306	46	3	section	section	NOUN
fsr-3306	46	4	contains	contain	VERB
fsr-3306	46	5	the	the	DET
fsr-3306	46	6	conclusions	conclusion	NOUN
fsr-3306	46	7	and	and	CCONJ
fsr-3306	46	8	suggestions	suggestion	NOUN
fsr-3306	46	9	for	for	ADP
fsr-3306	46	10	added	add	VERB
fsr-3306	46	11	research	research	NOUN
fsr-3306	46	12	.	.	PUNCT
fsr-3306	47	1	2	2	X
fsr-3306	47	2	.	.	X
fsr-3306	47	3	literature	literature	NOUN
fsr-3306	47	4	review	review	PROPN
fsr-3306	47	5	while	while	SCONJ
fsr-3306	47	6	many	many	ADJ
fsr-3306	47	7	studies	study	NOUN
fsr-3306	47	8	find	find	VERB
fsr-3306	47	9	return	return	NOUN
fsr-3306	47	10	enhancement	enhancement	NOUN
fsr-3306	47	11	from	from	ADP
fsr-3306	47	12	active	active	ADJ
fsr-3306	47	13	asset	asset	NOUN
fsr-3306	47	14	allocation	allocation	NOUN
fsr-3306	47	15	,	,	PUNCT
fsr-3306	47	16	other	other	ADJ
fsr-3306	47	17	studies	study	NOUN
fsr-3306	47	18	point	point	VERB
fsr-3306	47	19	out	out	ADP
fsr-3306	47	20	critical	critical	ADJ
fsr-3306	47	21	measurement	measurement	NOUN
fsr-3306	47	22	and	and	CCONJ
fsr-3306	47	23	research	research	NOUN
fsr-3306	47	24	design	design	NOUN
fsr-3306	47	25	flaws	flaw	NOUN
fsr-3306	47	26	affecting	affect	VERB
fsr-3306	47	27	the	the	DET
fsr-3306	47	28	findings	finding	NOUN
fsr-3306	47	29	.	.	PUNCT
fsr-3306	48	1	sharpe	sharpe	PROPN
fsr-3306	48	2	(	(	PUNCT
fsr-3306	48	3	1975	1975	NUM
fsr-3306	48	4	)	)	PUNCT
fsr-3306	48	5	was	be	AUX
fsr-3306	48	6	one	one	NUM
fsr-3306	48	7	of	of	ADP
fsr-3306	48	8	the	the	DET
fsr-3306	48	9	first	first	ADJ
fsr-3306	48	10	to	to	PART
fsr-3306	48	11	point	point	VERB
fsr-3306	48	12	out	out	ADP
fsr-3306	48	13	the	the	DET
fsr-3306	48	14	difficulty	difficulty	NOUN
fsr-3306	48	15	of	of	ADP
fsr-3306	48	16	timing	time	VERB
fsr-3306	48	17	the	the	DET
fsr-3306	48	18	market	market	NOUN
fsr-3306	48	19	and	and	CCONJ
fsr-3306	48	20	reported	report	VERB
fsr-3306	48	21	that	that	SCONJ
fsr-3306	48	22	an	an	DET
fsr-3306	48	23	investor	investor	NOUN
fsr-3306	48	24	would	would	AUX
fsr-3306	48	25	need	need	VERB
fsr-3306	48	26	to	to	PART
fsr-3306	48	27	tell	tell	VERB
fsr-3306	48	28	a	a	DET
fsr-3306	48	29	good	good	ADJ
fsr-3306	48	30	year	year	NOUN
fsr-3306	48	31	from	from	ADP
fsr-3306	48	32	a	a	DET
fsr-3306	48	33	bad	bad	ADJ
fsr-3306	48	34	year	year	NOUN
fsr-3306	48	35	seven	seven	NUM
fsr-3306	48	36	out	out	ADP
fsr-3306	48	37	of	of	ADP
fsr-3306	48	38	10	10	NUM
fsr-3306	48	39	times	time	NOUN
fsr-3306	48	40	to	to	PART
fsr-3306	48	41	be	be	AUX
fsr-3306	48	42	successful	successful	ADJ
fsr-3306	48	43	.	.	PUNCT
fsr-3306	49	1	more	more	ADV
fsr-3306	49	2	recently	recently	ADV
fsr-3306	49	3	,	,	PUNCT
fsr-3306	49	4	bauer	bauer	NOUN
fsr-3306	49	5	and	and	CCONJ
fsr-3306	49	6	dahlquist	dahlquist	PROPN
fsr-3306	49	7	(	(	PUNCT
fsr-3306	49	8	2001	2001	NUM
fsr-3306	49	9	)	)	PUNCT
fsr-3306	49	10	calculate	calculate	NOUN
fsr-3306	49	11	that	that	SCONJ
fsr-3306	49	12	an	an	DET
fsr-3306	49	13	investor	investor	NOUN
fsr-3306	49	14	would	would	AUX
fsr-3306	49	15	need	need	VERB
fsr-3306	49	16	to	to	PART
fsr-3306	49	17	be	be	AUX
fsr-3306	49	18	able	able	ADJ
fsr-3306	49	19	to	to	PART
fsr-3306	49	20	switch	switch	VERB
fsr-3306	49	21	correctly	correctly	ADV
fsr-3306	49	22	66	66	NUM
fsr-3306	49	23	%	%	NOUN
fsr-3306	49	24	of	of	ADP
fsr-3306	49	25	the	the	DET
fsr-3306	49	26	time	time	NOUN
fsr-3306	49	27	on	on	ADP
fsr-3306	49	28	a	a	DET
fsr-3306	49	29	monthly	monthly	ADJ
fsr-3306	49	30	basis	basis	NOUN
fsr-3306	49	31	to	to	PART
fsr-3306	49	32	outperform	outperform	VERB
fsr-3306	49	33	a	a	DET
fsr-3306	49	34	buy	buy	NOUN
fsr-3306	49	35	and	and	CCONJ
fsr-3306	49	36	hold	hold	VERB
fsr-3306	49	37	strategy	strategy	NOUN
fsr-3306	49	38	.	.	PUNCT
fsr-3306	50	1	early	early	ADJ
fsr-3306	50	2	studies	study	NOUN
fsr-3306	50	3	of	of	ADP
fsr-3306	50	4	timing	timing	NOUN
fsr-3306	50	5	ability	ability	NOUN
fsr-3306	50	6	outlined	outline	VERB
fsr-3306	50	7	by	by	ADP
fsr-3306	50	8	pinches	pinche	NOUN
fsr-3306	50	9	(	(	PUNCT
fsr-3306	50	10	1970	1970	NUM
fsr-3306	50	11	)	)	PUNCT
fsr-3306	50	12	generated	generate	VERB
fsr-3306	50	13	mixed	mixed	ADJ
fsr-3306	50	14	results	result	NOUN
fsr-3306	50	15	where	where	SCONJ
fsr-3306	50	16	superior	superior	ADJ
fsr-3306	50	17	performance	performance	NOUN
fsr-3306	50	18	from	from	ADP
fsr-3306	50	19	timing	timing	NOUN
fsr-3306	50	20	rules	rule	NOUN
fsr-3306	50	21	tended	tend	VERB
fsr-3306	50	22	to	to	PART
fsr-3306	50	23	be	be	AUX
fsr-3306	50	24	offset	offset	VERB
fsr-3306	50	25	by	by	ADP
fsr-3306	50	26	trading	trading	NOUN
fsr-3306	50	27	costs	cost	NOUN
fsr-3306	50	28	.	.	PUNCT
fsr-3306	51	1	the	the	DET
fsr-3306	51	2	literature	literature	NOUN
fsr-3306	51	3	on	on	ADP
fsr-3306	51	4	timing	timing	NOUN
fsr-3306	51	5	continues	continue	VERB
fsr-3306	51	6	to	to	PART
fsr-3306	51	7	grow	grow	VERB
fsr-3306	51	8	with	with	ADP
fsr-3306	51	9	new	new	ADJ
fsr-3306	51	10	and	and	CCONJ
fsr-3306	51	11	more	more	ADV
fsr-3306	51	12	complex	complex	ADJ
fsr-3306	51	13	trading	trading	NOUN
fsr-3306	51	14	rules	rule	NOUN
fsr-3306	51	15	based	base	VERB
fsr-3306	51	16	on	on	ADP
fsr-3306	51	17	fundamentals	fundamental	NOUN
fsr-3306	51	18	(	(	PUNCT
fsr-3306	51	19	feldman	feldman	PROPN
fsr-3306	51	20	,	,	PUNCT
fsr-3306	51	21	jung	jung	PROPN
fsr-3306	51	22	,	,	PUNCT
fsr-3306	51	23	&	&	CCONJ
fsr-3306	51	24	klein	klein	PROPN
fsr-3306	51	25	,	,	PUNCT
fsr-3306	51	26	2015	2015	NUM
fsr-3306	51	27	)	)	PUNCT
fsr-3306	51	28	,	,	PUNCT
fsr-3306	51	29	macroeconomic	macroeconomic	ADJ
fsr-3306	51	30	variables	variable	NOUN
fsr-3306	51	31	(	(	PUNCT
fsr-3306	51	32	breen	breen	NOUN
fsr-3306	51	33	,	,	PUNCT
fsr-3306	51	34	glosten	glosten	ADJ
fsr-3306	51	35	,	,	PUNCT
fsr-3306	51	36	&	&	CCONJ
fsr-3306	51	37	jagamathan	jagamathan	PROPN
fsr-3306	51	38	,	,	PUNCT
fsr-3306	51	39	1989	1989	NUM
fsr-3306	51	40	and	and	CCONJ
fsr-3306	51	41	guido	guido	NOUN
fsr-3306	51	42	,	,	PUNCT
fsr-3306	51	43	peral	peral	NOUN
fsr-3306	51	44	,	,	PUNCT
fsr-3306	51	45	&	&	CCONJ
fsr-3306	51	46	walsh	walsh	PROPN
fsr-3306	51	47	,	,	PUNCT
fsr-3306	51	48	2011	2011	NUM
fsr-3306	51	49	)	)	PUNCT
fsr-3306	51	50	,	,	PUNCT
fsr-3306	51	51	nonfinancial	nonfinancial	ADJ
fsr-3306	51	52	indicators	indicator	NOUN
fsr-3306	51	53	(	(	PUNCT
fsr-3306	51	54	krueger	krueger	PROPN
fsr-3306	51	55	&	&	CCONJ
fsr-3306	51	56	kennedy	kennedy	PROPN
fsr-3306	51	57	,	,	PUNCT
fsr-3306	51	58	1990	1990	NUM
fsr-3306	51	59	)	)	PUNCT
fsr-3306	51	60	,	,	PUNCT
fsr-3306	51	61	mean	mean	VERB
fsr-3306	51	62	reversion	reversion	NOUN
fsr-3306	51	63	(	(	PUNCT
fsr-3306	51	64	campbell	campbell	PROPN
fsr-3306	51	65	,	,	PUNCT
fsr-3306	51	66	andrew	andrew	PROPN
fsr-3306	51	67	,	,	PUNCT
fsr-3306	51	68	&	&	CCONJ
fsr-3306	51	69	mckinley	mckinley	PROPN
fsr-3306	51	70	,	,	PUNCT
fsr-3306	51	71	1999	1999	NUM
fsr-3306	51	72	)	)	PUNCT
fsr-3306	51	73	,	,	PUNCT
fsr-3306	51	74	and	and	CCONJ
fsr-3306	51	75	technical	technical	ADJ
fsr-3306	51	76	indicators	indicator	NOUN
fsr-3306	51	77	(	(	PUNCT
fsr-3306	51	78	lo	lo	NOUN
fsr-3306	51	79	,	,	PUNCT
fsr-3306	51	80	mamaysky	mamaysky	ADJ
fsr-3306	51	81	,	,	PUNCT
fsr-3306	51	82	&	&	CCONJ
fsr-3306	51	83	wang	wang	PROPN
fsr-3306	51	84	,	,	PUNCT
fsr-3306	51	85	2000	2000	NUM
fsr-3306	51	86	)	)	PUNCT
fsr-3306	51	87	.	.	PUNCT
fsr-3306	52	1	critics	critic	NOUN
fsr-3306	52	2	of	of	ADP
fsr-3306	52	3	these	these	DET
fsr-3306	52	4	studies	study	NOUN
fsr-3306	52	5	point	point	VERB
fsr-3306	52	6	to	to	ADP
fsr-3306	52	7	problems	problem	NOUN
fsr-3306	52	8	of	of	ADP
fsr-3306	52	9	transaction	transaction	NOUN
fsr-3306	52	10	costs	cost	NOUN
fsr-3306	52	11	,	,	PUNCT
fsr-3306	52	12	tax	tax	NOUN
fsr-3306	52	13	effects	effect	NOUN
fsr-3306	52	14	,	,	PUNCT
fsr-3306	52	15	and	and	CCONJ
fsr-3306	52	16	data	datum	NOUN
fsr-3306	52	17	mining	mining	NOUN
fsr-3306	52	18	(	(	PUNCT
fsr-3306	52	19	aronson	aronson	PROPN
fsr-3306	52	20	,	,	PUNCT
fsr-3306	52	21	2006	2006	NUM
fsr-3306	52	22	;	;	PUNCT
fsr-3306	52	23	asness	asness	PROPN
fsr-3306	52	24	,	,	PUNCT
fsr-3306	52	25	2003	2003	NUM
fsr-3306	52	26	;	;	PUNCT
fsr-3306	52	27	and	and	CCONJ
fsr-3306	52	28	sullivan	sullivan	PROPN
fsr-3306	52	29	,	,	PUNCT
fsr-3306	52	30	timmerman	timmerman	PROPN
fsr-3306	52	31	,	,	PUNCT
fsr-3306	52	32	&	&	CCONJ
fsr-3306	52	33	white	white	ADJ
fsr-3306	52	34	,	,	PUNCT
fsr-3306	52	35	1999	1999	NUM
fsr-3306	52	36	)	)	PUNCT
fsr-3306	52	37	.	.	PUNCT
fsr-3306	53	1	a	a	DET
fsr-3306	53	2	good	good	ADJ
fsr-3306	53	3	example	example	NOUN
fsr-3306	53	4	of	of	ADP
fsr-3306	53	5	the	the	DET
fsr-3306	53	6	dialogue	dialogue	NOUN
fsr-3306	53	7	on	on	ADP
fsr-3306	53	8	timing	timing	NOUN
fsr-3306	53	9	appears	appear	VERB
fsr-3306	53	10	in	in	ADP
fsr-3306	53	11	the	the	DET
fsr-3306	53	12	journal	journal	NOUN
fsr-3306	53	13	of	of	ADP
fsr-3306	53	14	portfolio	portfolio	NOUN
fsr-3306	53	15	management	management	NOUN
fsr-3306	53	16	where	where	SCONJ
fsr-3306	53	17	pruitt	pruitt	PROPN
fsr-3306	53	18	and	and	CCONJ
fsr-3306	53	19	white	white	ADJ
fsr-3306	53	20	(	(	PUNCT
fsr-3306	53	21	1988	1988	NUM
fsr-3306	53	22	)	)	PUNCT
fsr-3306	53	23	provide	provide	VERB
fsr-3306	53	24	a	a	DET
fsr-3306	53	25	defense	defense	NOUN
fsr-3306	53	26	for	for	ADP
fsr-3306	53	27	technical	technical	ADJ
fsr-3306	53	28	analysis	analysis	NOUN
fsr-3306	53	29	to	to	PART
fsr-3306	53	30	beat	beat	VERB
fsr-3306	53	31	the	the	DET
fsr-3306	53	32	market	market	NOUN
fsr-3306	53	33	while	while	SCONJ
fsr-3306	53	34	ball	ball	NOUN
fsr-3306	53	35	,	,	PUNCT
fsr-3306	53	36	kothari	kothari	PROPN
fsr-3306	53	37	,	,	PUNCT
fsr-3306	53	38	and	and	CCONJ
fsr-3306	53	39	wasley	wasley	NOUN
fsr-3306	53	40	(	(	PUNCT
fsr-3306	53	41	1995	1995	NUM
fsr-3306	53	42	)	)	PUNCT
fsr-3306	53	43	present	present	VERB
fsr-3306	53	44	the	the	DET
fsr-3306	53	45	problems	problem	NOUN
fsr-3306	53	46	of	of	ADP
fsr-3306	53	47	actually	actually	ADV
fsr-3306	53	48	implementing	implement	VERB
fsr-3306	53	49	technical	technical	ADJ
fsr-3306	53	50	trading	trading	NOUN
fsr-3306	53	51	rules	rule	NOUN
fsr-3306	53	52	in	in	ADP
fsr-3306	53	53	the	the	DET
fsr-3306	53	54	real	real	ADJ
fsr-3306	53	55	world	world	NOUN
fsr-3306	53	56	.	.	PUNCT
fsr-3306	54	1	proponents	proponent	NOUN
fsr-3306	54	2	of	of	ADP
fsr-3306	54	3	the	the	DET
fsr-3306	54	4	efficient	efficient	ADJ
fsr-3306	54	5	market	market	NOUN
fsr-3306	54	6	hypothesis	hypothesis	NOUN
fsr-3306	54	7	refute	refute	VERB
fsr-3306	54	8	the	the	DET
fsr-3306	54	9	view	view	NOUN
fsr-3306	54	10	that	that	SCONJ
fsr-3306	54	11	the	the	DET
fsr-3306	54	12	equity	equity	NOUN
fsr-3306	54	13	market	market	NOUN
fsr-3306	54	14	could	could	AUX
fsr-3306	54	15	overand	overand	VERB
fsr-3306	54	16	under	under	NOUN
fsr-3306	54	17	-	-	PUNCT
fsr-3306	54	18	react	react	NOUN
fsr-3306	54	19	in	in	ADP
fsr-3306	54	20	a	a	DET
fsr-3306	54	21	predictable	predictable	ADJ
fsr-3306	54	22	way	way	NOUN
fsr-3306	54	23	to	to	PART
fsr-3306	54	24	allow	allow	VERB
fsr-3306	54	25	successful	successful	ADJ
fsr-3306	54	26	timing	timing	NOUN
fsr-3306	54	27	strategies	strategy	NOUN
fsr-3306	54	28	(	(	PUNCT
fsr-3306	54	29	fama	fama	NOUN
fsr-3306	54	30	,	,	PUNCT
fsr-3306	54	31	1998	1998	NUM
fsr-3306	54	32	and	and	CCONJ
fsr-3306	54	33	malkiel	malkiel	PROPN
fsr-3306	54	34	,	,	PUNCT
fsr-3306	54	35	2003	2003	NUM
fsr-3306	54	36	)	)	PUNCT
fsr-3306	54	37	.	.	PUNCT
fsr-3306	55	1	the	the	DET
fsr-3306	55	2	blending	blending	NOUN
fsr-3306	55	3	of	of	ADP
fsr-3306	55	4	psychology	psychology	NOUN
fsr-3306	55	5	and	and	CCONJ
fsr-3306	55	6	finance	finance	NOUN
fsr-3306	55	7	by	by	ADP
fsr-3306	55	8	kahneman	kahneman	NOUN
fsr-3306	55	9	and	and	CCONJ
fsr-3306	55	10	tversky	tversky	PROPN
fsr-3306	55	11	provides	provide	VERB
fsr-3306	55	12	a	a	DET
fsr-3306	55	13	paradigm	paradigm	NOUN
fsr-3306	55	14	to	to	PART
fsr-3306	55	15	counterbalance	counterbalance	VERB
fsr-3306	55	16	the	the	DET
fsr-3306	55	17	efficient	efficient	ADJ
fsr-3306	55	18	market	market	NOUN
fsr-3306	55	19	hypothesis	hypothesis	NOUN
fsr-3306	55	20	and	and	CCONJ
fsr-3306	55	21	offers	offer	VERB
fsr-3306	55	22	a	a	DET
fsr-3306	55	23	conceptual	conceptual	ADJ
fsr-3306	55	24	foundation	foundation	NOUN
fsr-3306	55	25	for	for	ADP
fsr-3306	55	26	potential	potential	ADJ
fsr-3306	55	27	market	market	NOUN
fsr-3306	55	28	timing	timing	NOUN
fsr-3306	55	29	anomalies.2	anomalies.2	VERB
fsr-3306	55	30	behavioral	behavioral	ADJ
fsr-3306	55	31	biases	bias	NOUN
fsr-3306	55	32	and	and	CCONJ
fsr-3306	55	33	heuristics	heuristic	NOUN
fsr-3306	55	34	make	make	VERB
fsr-3306	55	35	predictably	predictably	ADV
fsr-3306	55	36	irrational	irrational	ADJ
fsr-3306	55	37	outcomes	outcome	NOUN
fsr-3306	55	38	in	in	ADP
fsr-3306	55	39	the	the	DET
fsr-3306	55	40	market	market	NOUN
fsr-3306	55	41	possible	possible	ADJ
fsr-3306	55	42	.	.	PUNCT
fsr-3306	56	1	campbell	campbell	PROPN
fsr-3306	56	2	(	(	PUNCT
fsr-3306	56	3	2000	2000	NUM
fsr-3306	56	4	)	)	PUNCT
fsr-3306	56	5	,	,	PUNCT
fsr-3306	56	6	campbell	campbell	PROPN
fsr-3306	56	7	,	,	PUNCT
fsr-3306	56	8	andrew	andrew	PROPN
fsr-3306	56	9	,	,	PUNCT
fsr-3306	56	10	and	and	CCONJ
fsr-3306	56	11	mckinley	mckinley	PROPN
fsr-3306	56	12	(	(	PUNCT
fsr-3306	56	13	1999	1999	NUM
fsr-3306	56	14	)	)	PUNCT
fsr-3306	56	15	,	,	PUNCT
fsr-3306	56	16	daniel	daniel	PROPN
fsr-3306	56	17	,	,	PUNCT
fsr-3306	56	18	hirshleifer	hirshleifer	NOUN
fsr-3306	56	19	,	,	PUNCT
fsr-3306	56	20	and	and	CCONJ
fsr-3306	56	21	subrahmanyam	subrahmanyam	NOUN
fsr-3306	56	22	(	(	PUNCT
fsr-3306	56	23	1998	1998	NUM
fsr-3306	56	24	)	)	PUNCT
fsr-3306	56	25	,	,	PUNCT
fsr-3306	56	26	debont	debont	NOUN
fsr-3306	56	27	and	and	CCONJ
fsr-3306	56	28	thaler	thaler	NOUN
fsr-3306	56	29	(	(	PUNCT
fsr-3306	56	30	1985	1985	NUM
fsr-3306	56	31	)	)	PUNCT
fsr-3306	56	32	,	,	PUNCT
fsr-3306	56	33	and	and	CCONJ
fsr-3306	56	34	shleifer	shleifer	NOUN
fsr-3306	56	35	(	(	PUNCT
fsr-3306	56	36	2000	2000	NUM
fsr-3306	56	37	)	)	PUNCT
fsr-3306	56	38	are	be	AUX
fsr-3306	56	39	a	a	DET
fsr-3306	56	40	few	few	ADJ
fsr-3306	56	41	of	of	ADP
fsr-3306	56	42	the	the	DET
fsr-3306	56	43	studies	study	NOUN
fsr-3306	56	44	suggesting	suggest	VERB
fsr-3306	56	45	that	that	DET
fsr-3306	56	46	overreaction	overreaction	NOUN
fsr-3306	56	47	to	to	ADP
fsr-3306	56	48	information	information	NOUN
fsr-3306	56	49	makes	make	VERB
fsr-3306	56	50	the	the	DET
fsr-3306	56	51	stock	stock	NOUN
fsr-3306	56	52	market	market	NOUN
fsr-3306	56	53	deviate	deviate	NOUN
fsr-3306	56	54	from	from	ADP
fsr-3306	56	55	fundamentals	fundamental	NOUN
fsr-3306	56	56	,	,	PUNCT
fsr-3306	56	57	allowing	allow	VERB
fsr-3306	56	58	potential	potential	ADJ
fsr-3306	56	59	gains	gain	NOUN
fsr-3306	56	60	from	from	ADP
fsr-3306	56	61	market	market	NOUN
fsr-3306	56	62	timing	timing	NOUN
fsr-3306	56	63	.	.	PUNCT
fsr-3306	57	1	the	the	DET
fsr-3306	57	2	overreaction	overreaction	NOUN
fsr-3306	57	3	hypothesis	hypothesis	NOUN
fsr-3306	57	4	,	,	PUNCT
fsr-3306	57	5	based	base	VERB
fsr-3306	57	6	on	on	ADP
fsr-3306	57	7	“	"	PUNCT
fsr-3306	57	8	follow	follow	VERB
fsr-3306	57	9	the	the	DET
fsr-3306	57	10	herd	herd	NOUN
fsr-3306	57	11	”	"	PUNCT
fsr-3306	57	12	and	and	CCONJ
fsr-3306	57	13	“	"	PUNCT
fsr-3306	57	14	regret	regret	NOUN
fsr-3306	57	15	aversion	aversion	NOUN
fsr-3306	57	16	”	"	PUNCT
fsr-3306	57	17	concepts	concept	NOUN
fsr-3306	57	18	originally	originally	ADV
fsr-3306	57	19	developed	develop	VERB
fsr-3306	57	20	in	in	ADP
fsr-3306	57	21	psychology	psychology	NOUN
fsr-3306	57	22	,	,	PUNCT
fsr-3306	57	23	is	be	AUX
fsr-3306	57	24	now	now	ADV
fsr-3306	57	25	part	part	NOUN
fsr-3306	57	26	of	of	ADP
fsr-3306	57	27	the	the	DET
fsr-3306	57	28	mainstream	mainstream	NOUN
fsr-3306	57	29	literature	literature	NOUN
fsr-3306	57	30	.	.	PUNCT
fsr-3306	58	1	recent	recent	ADJ
fsr-3306	58	2	overreaction	overreaction	NOUN
fsr-3306	58	3	in	in	ADP
fsr-3306	58	4	the	the	DET
fsr-3306	58	5	stock	stock	NOUN
fsr-3306	58	6	market	market	NOUN
fsr-3306	58	7	during	during	ADP
fsr-3306	58	8	the	the	DET
fsr-3306	58	9	late	late	ADJ
fsr-3306	58	10	1990s	1990	NOUN
fsr-3306	58	11	and	and	CCONJ
fsr-3306	58	12	in	in	ADP
fsr-3306	58	13	the	the	DET
fsr-3306	58	14	housing	housing	NOUN
fsr-3306	58	15	market	market	NOUN
fsr-3306	58	16	in	in	ADP
fsr-3306	58	17	the	the	DET
fsr-3306	58	18	2005–2008	2005–2008	NUM
fsr-3306	58	19	period	period	NOUN
fsr-3306	58	20	reinforces	reinforce	VERB
fsr-3306	58	21	the	the	DET
fsr-3306	58	22	view	view	NOUN
fsr-3306	58	23	that	that	SCONJ
fsr-3306	58	24	predictable	predictable	ADJ
fsr-3306	58	25	irrationality	irrationality	NOUN
fsr-3306	58	26	in	in	ADP
fsr-3306	58	27	the	the	DET
fsr-3306	58	28	market	market	NOUN
fsr-3306	58	29	may	may	AUX
fsr-3306	58	30	be	be	AUX
fsr-3306	58	31	viable	viable	ADJ
fsr-3306	58	32	,	,	PUNCT
fsr-3306	58	33	encouraging	encourage	VERB
fsr-3306	58	34	more	more	ADJ
fsr-3306	58	35	study	study	NOUN
fsr-3306	58	36	of	of	ADP
fsr-3306	58	37	timing	timing	NOUN
fsr-3306	58	38	rules	rule	NOUN
fsr-3306	58	39	.	.	PUNCT
fsr-3306	59	1	169j.m	169j.m	X
fsr-3306	59	2	.	.	PUNCT
fsr-3306	60	1	clinebell	clinebell	PROPN
fsr-3306	60	2	et	et	PROPN
fsr-3306	60	3	al	al	PROPN
fsr-3306	60	4	.	.	PUNCT
fsr-3306	60	5	/	/	SYM
fsr-3306	60	6	financial	financial	ADJ
fsr-3306	60	7	services	service	NOUN
fsr-3306	60	8	review	review	VERB
fsr-3306	60	9	26	26	NUM
fsr-3306	60	10	(	(	PUNCT
fsr-3306	60	11	2017	2017	NUM
fsr-3306	60	12	)	)	PUNCT
fsr-3306	61	1	167–180	167–180	NUM
fsr-3306	61	2	3	3	NUM
fsr-3306	61	3	.	.	PUNCT
fsr-3306	62	1	the	the	DET
fsr-3306	62	2	fed	fed	PROPN
fsr-3306	62	3	model	model	NOUN
fsr-3306	62	4	in	in	ADP
fsr-3306	62	5	a	a	DET
fsr-3306	62	6	speech	speech	NOUN
fsr-3306	62	7	on	on	ADP
fsr-3306	62	8	irrational	irrational	ADJ
fsr-3306	62	9	exuberance	exuberance	NOUN
fsr-3306	62	10	in	in	ADP
fsr-3306	62	11	1991	1991	NUM
fsr-3306	62	12	,	,	PUNCT
fsr-3306	62	13	alan	alan	PROPN
fsr-3306	62	14	greenspan	greenspan	PROPN
fsr-3306	62	15	used	use	VERB
fsr-3306	62	16	the	the	DET
fsr-3306	62	17	relationship	relationship	NOUN
fsr-3306	62	18	between	between	ADP
fsr-3306	62	19	the	the	DET
fsr-3306	62	20	aggregate	aggregate	ADJ
fsr-3306	62	21	equity	equity	NOUN
fsr-3306	62	22	earnings	earning	NOUN
fsr-3306	62	23	yield	yield	NOUN
fsr-3306	62	24	and	and	CCONJ
fsr-3306	62	25	the	the	DET
fsr-3306	62	26	10	10	NUM
fsr-3306	62	27	-	-	PUNCT
fsr-3306	62	28	year	year	NOUN
fsr-3306	62	29	treasury	treasury	NOUN
fsr-3306	62	30	yield	yield	NOUN
fsr-3306	62	31	to	to	PART
fsr-3306	62	32	evaluate	evaluate	VERB
fsr-3306	62	33	“	"	PUNCT
fsr-3306	62	34	abnormal	abnormal	ADJ
fsr-3306	62	35	”	"	PUNCT
fsr-3306	62	36	market	market	NOUN
fsr-3306	62	37	conditions.3	conditions.3	NOUN
fsr-3306	62	38	when	when	SCONJ
fsr-3306	62	39	the	the	DET
fsr-3306	62	40	stock	stock	NOUN
fsr-3306	62	41	market	market	NOUN
fsr-3306	62	42	is	be	AUX
fsr-3306	62	43	abnormally	abnormally	ADV
fsr-3306	62	44	high	high	ADJ
fsr-3306	62	45	the	the	DET
fsr-3306	62	46	earnings	earning	NOUN
fsr-3306	62	47	yield	yield	NOUN
fsr-3306	62	48	(	(	PUNCT
fsr-3306	62	49	aggregate	aggregate	ADJ
fsr-3306	62	50	earnings	earning	NOUN
fsr-3306	62	51	divided	divide	VERB
fsr-3306	62	52	by	by	ADP
fsr-3306	62	53	the	the	DET
fsr-3306	62	54	market	market	NOUN
fsr-3306	62	55	index	index	NOUN
fsr-3306	62	56	price	price	NOUN
fsr-3306	62	57	)	)	PUNCT
fsr-3306	62	58	is	be	AUX
fsr-3306	62	59	low	low	ADJ
fsr-3306	62	60	relative	relative	ADJ
fsr-3306	62	61	to	to	ADP
fsr-3306	62	62	the	the	DET
fsr-3306	62	63	long	long	ADJ
fsr-3306	62	64	term	term	NOUN
fsr-3306	62	65	bond	bond	NOUN
fsr-3306	62	66	yield	yield	NOUN
fsr-3306	62	67	.	.	PUNCT
fsr-3306	63	1	this	this	DET
fsr-3306	63	2	interpretation	interpretation	NOUN
fsr-3306	63	3	of	of	ADP
fsr-3306	63	4	the	the	DET
fsr-3306	63	5	relationship	relationship	NOUN
fsr-3306	63	6	between	between	ADP
fsr-3306	63	7	the	the	DET
fsr-3306	63	8	equity	equity	NOUN
fsr-3306	63	9	yield	yield	NOUN
fsr-3306	63	10	and	and	CCONJ
fsr-3306	63	11	the	the	DET
fsr-3306	63	12	treasury	treasury	NOUN
fsr-3306	63	13	yield	yield	NOUN
fsr-3306	63	14	suggests	suggest	VERB
fsr-3306	63	15	a	a	DET
fsr-3306	63	16	predictive	predictive	ADJ
fsr-3306	63	17	model	model	NOUN
fsr-3306	63	18	for	for	ADP
fsr-3306	63	19	stock	stock	NOUN
fsr-3306	63	20	market	market	NOUN
fsr-3306	63	21	valuation	valuation	NOUN
fsr-3306	63	22	commonly	commonly	ADV
fsr-3306	63	23	called	call	VERB
fsr-3306	63	24	the	the	DET
fsr-3306	63	25	“	"	PUNCT
fsr-3306	63	26	fed	fed	PROPN
fsr-3306	63	27	”	"	PUNCT
fsr-3306	63	28	model	model	NOUN
fsr-3306	63	29	,	,	PUNCT
fsr-3306	63	30	even	even	ADV
fsr-3306	63	31	though	though	SCONJ
fsr-3306	63	32	the	the	DET
fsr-3306	63	33	fed	fed	PROPN
fsr-3306	63	34	never	never	ADV
fsr-3306	63	35	officially	officially	ADV
fsr-3306	63	36	recognized	recognize	VERB
fsr-3306	63	37	that	that	DET
fsr-3306	63	38	usage	usage	NOUN
fsr-3306	63	39	.	.	PUNCT
fsr-3306	64	1	the	the	DET
fsr-3306	64	2	fed	fed	PROPN
fsr-3306	64	3	model	model	NOUN
fsr-3306	64	4	specification	specification	NOUN
fsr-3306	64	5	appears	appear	VERB
fsr-3306	64	6	as	as	ADP
fsr-3306	64	7	eq	eq	ADP
fsr-3306	64	8	.	.	PUNCT
fsr-3306	65	1	(	(	PUNCT
fsr-3306	65	2	1	1	X
fsr-3306	65	3	)	)	PUNCT
fsr-3306	65	4	below	below	ADV
fsr-3306	65	5	.	.	PUNCT
fsr-3306	66	1	(	(	PUNCT
fsr-3306	66	2	e	e	X
fsr-3306	66	3	/	/	SYM
fsr-3306	66	4	p)t	p)t	ADJ
fsr-3306	66	5	�	�	PROPN
fsr-3306	66	6	�	�	PROPN
fsr-3306	66	7	(	(	PUNCT
fsr-3306	66	8	y10)t	y10)t	PROPN
fsr-3306	66	9	(	(	PUNCT
fsr-3306	66	10	1	1	NUM
fsr-3306	66	11	)	)	PUNCT
fsr-3306	66	12	for	for	ADP
fsr-3306	66	13	each	each	DET
fsr-3306	66	14	point	point	NOUN
fsr-3306	66	15	in	in	ADP
fsr-3306	66	16	time	time	NOUN
fsr-3306	66	17	(	(	PUNCT
fsr-3306	66	18	t	t	NOUN
fsr-3306	66	19	)	)	PUNCT
fsr-3306	66	20	,	,	PUNCT
fsr-3306	66	21	the	the	DET
fsr-3306	66	22	measure	measure	NOUN
fsr-3306	66	23	of	of	ADP
fsr-3306	66	24	the	the	DET
fsr-3306	66	25	equity	equity	NOUN
fsr-3306	66	26	market	market	NOUN
fsr-3306	66	27	yield	yield	NOUN
fsr-3306	66	28	is	be	AUX
fsr-3306	66	29	the	the	DET
fsr-3306	66	30	ratio	ratio	NOUN
fsr-3306	66	31	of	of	ADP
fsr-3306	66	32	trailing	trail	VERB
fsr-3306	66	33	aggregate	aggregate	ADJ
fsr-3306	66	34	equity	equity	NOUN
fsr-3306	66	35	market	market	NOUN
fsr-3306	66	36	earnings	earning	NOUN
fsr-3306	66	37	to	to	ADP
fsr-3306	66	38	the	the	DET
fsr-3306	66	39	aggregate	aggregate	ADJ
fsr-3306	66	40	equity	equity	NOUN
fsr-3306	66	41	market	market	NOUN
fsr-3306	66	42	price	price	NOUN
fsr-3306	66	43	index	index	NOUN
fsr-3306	66	44	(	(	PUNCT
fsr-3306	66	45	e	e	NOUN
fsr-3306	66	46	/	/	SYM
fsr-3306	66	47	p	p	NOUN
fsr-3306	66	48	)	)	PUNCT
fsr-3306	66	49	.	.	PUNCT
fsr-3306	67	1	the	the	DET
fsr-3306	67	2	right	right	ADJ
fsr-3306	67	3	side	side	NOUN
fsr-3306	67	4	of	of	ADP
fsr-3306	67	5	eq	eq	PROPN
fsr-3306	67	6	.	.	PUNCT
fsr-3306	68	1	(	(	PUNCT
fsr-3306	68	2	1	1	X
fsr-3306	68	3	)	)	PUNCT
fsr-3306	68	4	is	be	AUX
fsr-3306	68	5	the	the	DET
fsr-3306	68	6	10	10	NUM
fsr-3306	68	7	-	-	PUNCT
fsr-3306	68	8	year	year	NOUN
fsr-3306	68	9	treasury	treasury	NOUN
fsr-3306	68	10	bond	bond	NOUN
fsr-3306	68	11	yield	yield	NOUN
fsr-3306	68	12	(	(	PUNCT
fsr-3306	68	13	y10	y10	NOUN
fsr-3306	68	14	)	)	PUNCT
fsr-3306	68	15	times	time	NOUN
fsr-3306	68	16	a	a	DET
fsr-3306	68	17	multiplier	multipli	ADJ
fsr-3306	68	18	(	(	PUNCT
fsr-3306	68	19	�	�	PROPN
fsr-3306	68	20	)	)	PUNCT
fsr-3306	68	21	.4	.4	NUM
fsr-3306	68	22	in	in	ADP
fsr-3306	68	23	the	the	DET
fsr-3306	68	24	strict	strict	ADJ
fsr-3306	68	25	version	version	NOUN
fsr-3306	68	26	of	of	ADP
fsr-3306	68	27	the	the	DET
fsr-3306	68	28	fed	fed	PROPN
fsr-3306	68	29	model	model	NOUN
fsr-3306	68	30	,	,	PUNCT
fsr-3306	68	31	the	the	DET
fsr-3306	68	32	equilibrium	equilibrium	NOUN
fsr-3306	68	33	multiplier	multiplier	ADV
fsr-3306	68	34	(	(	PUNCT
fsr-3306	68	35	�	�	PROPN
fsr-3306	68	36	)	)	PUNCT
fsr-3306	68	37	is	be	AUX
fsr-3306	68	38	one	one	NUM
fsr-3306	68	39	,	,	PUNCT
fsr-3306	68	40	but	but	CCONJ
fsr-3306	68	41	this	this	PRON
fsr-3306	68	42	need	need	AUX
fsr-3306	68	43	not	not	PART
fsr-3306	68	44	be	be	AUX
fsr-3306	68	45	the	the	DET
fsr-3306	68	46	case	case	NOUN
fsr-3306	68	47	.	.	PUNCT
fsr-3306	69	1	most	most	ADJ
fsr-3306	69	2	uses	use	NOUN
fsr-3306	69	3	of	of	ADP
fsr-3306	69	4	the	the	DET
fsr-3306	69	5	model	model	NOUN
fsr-3306	69	6	assume	assume	VERB
fsr-3306	69	7	that	that	SCONJ
fsr-3306	69	8	the	the	DET
fsr-3306	69	9	multiplier	multipli	ADJ
fsr-3306	69	10	is	be	AUX
fsr-3306	69	11	a	a	DET
fsr-3306	69	12	random	random	ADJ
fsr-3306	69	13	variable	variable	NOUN
fsr-3306	69	14	,	,	PUNCT
fsr-3306	69	15	making	make	VERB
fsr-3306	69	16	the	the	DET
fsr-3306	69	17	mean	mean	NOUN
fsr-3306	69	18	of	of	ADP
fsr-3306	69	19	�	�	PROPN
fsr-3306	69	20	t	t	PROPN
fsr-3306	69	21	the	the	DET
fsr-3306	69	22	best	good	ADJ
fsr-3306	69	23	estimate	estimate	NOUN
fsr-3306	69	24	of	of	ADP
fsr-3306	69	25	the	the	DET
fsr-3306	69	26	equilibrium	equilibrium	NOUN
fsr-3306	69	27	relationship	relationship	NOUN
fsr-3306	69	28	in	in	ADP
fsr-3306	69	29	eq	eq	ADP
fsr-3306	69	30	.	.	PUNCT
fsr-3306	70	1	(	(	PUNCT
fsr-3306	70	2	1	1	NUM
fsr-3306	70	3	)	)	PUNCT
fsr-3306	70	4	.	.	PUNCT
fsr-3306	71	1	deviations	deviation	NOUN
fsr-3306	71	2	from	from	ADP
fsr-3306	71	3	the	the	DET
fsr-3306	71	4	mean	mean	ADJ
fsr-3306	71	5	value	value	NOUN
fsr-3306	71	6	of	of	ADP
fsr-3306	71	7	the	the	DET
fsr-3306	71	8	multiplier	multipli	ADJ
fsr-3306	71	9	represent	represent	VERB
fsr-3306	71	10	abnormalities	abnormality	NOUN
fsr-3306	71	11	and	and	CCONJ
fsr-3306	71	12	mispricings	mispricing	NOUN
fsr-3306	71	13	.	.	PUNCT
fsr-3306	72	1	for	for	ADP
fsr-3306	72	2	example	example	NOUN
fsr-3306	72	3	,	,	PUNCT
fsr-3306	72	4	bodie	bodie	PROPN
fsr-3306	72	5	,	,	PUNCT
fsr-3306	72	6	kane	kane	PROPN
fsr-3306	72	7	,	,	PUNCT
fsr-3306	72	8	and	and	CCONJ
fsr-3306	72	9	marcus	marcus	PROPN
fsr-3306	72	10	(	(	PUNCT
fsr-3306	72	11	noted	note	VERB
fsr-3306	72	12	as	as	ADP
fsr-3306	72	13	bkm	bkm	PROPN
fsr-3306	72	14	,	,	PUNCT
fsr-3306	72	15	2014	2014	NUM
fsr-3306	72	16	)	)	PUNCT
fsr-3306	72	17	make	make	VERB
fsr-3306	72	18	the	the	DET
fsr-3306	72	19	following	follow	VERB
fsr-3306	72	20	statement	statement	NOUN
fsr-3306	72	21	in	in	ADP
fsr-3306	72	22	their	their	PRON
fsr-3306	72	23	popular	popular	ADJ
fsr-3306	72	24	investments	investment	NOUN
fsr-3306	72	25	textbook	textbook	NOUN
fsr-3306	72	26	:	:	PUNCT
fsr-3306	72	27	the	the	DET
fsr-3306	72	28	most	most	ADV
fsr-3306	72	29	popular	popular	ADJ
fsr-3306	72	30	approach	approach	NOUN
fsr-3306	72	31	to	to	ADP
fsr-3306	72	32	forecasting	forecast	VERB
fsr-3306	72	33	the	the	DET
fsr-3306	72	34	overall	overall	ADJ
fsr-3306	72	35	stock	stock	NOUN
fsr-3306	72	36	market	market	NOUN
fsr-3306	72	37	is	be	AUX
fsr-3306	72	38	the	the	DET
fsr-3306	72	39	earnings	earning	NOUN
fsr-3306	72	40	multiplier	multipli	ADJ
fsr-3306	72	41	approach	approach	NOUN
fsr-3306	72	42	applied	apply	VERB
fsr-3306	72	43	at	at	ADP
fsr-3306	72	44	the	the	DET
fsr-3306	72	45	aggregate	aggregate	ADJ
fsr-3306	72	46	level	level	NOUN
fsr-3306	72	47	.	.	PUNCT
fsr-3306	73	1	(	(	PUNCT
fsr-3306	73	2	p.	p.	NOUN
fsr-3306	73	3	429	429	NUM
fsr-3306	73	4	)	)	PUNCT
fsr-3306	73	5	as	as	ADP
fsr-3306	73	6	an	an	DET
fsr-3306	73	7	illustration	illustration	NOUN
fsr-3306	73	8	,	,	PUNCT
fsr-3306	73	9	if	if	SCONJ
fsr-3306	73	10	the	the	DET
fsr-3306	73	11	long	long	ADJ
fsr-3306	73	12	run	run	NOUN
fsr-3306	73	13	average	average	NOUN
fsr-3306	73	14	of	of	ADP
fsr-3306	73	15	the	the	DET
fsr-3306	73	16	equity	equity	NOUN
fsr-3306	73	17	market	market	NOUN
fsr-3306	73	18	p	p	X
fsr-3306	73	19	/	/	SYM
fsr-3306	73	20	e	e	NOUN
fsr-3306	73	21	is	be	AUX
fsr-3306	73	22	15	15	NUM
fsr-3306	73	23	the	the	DET
fsr-3306	73	24	long	long	ADJ
fsr-3306	73	25	run	run	NOUN
fsr-3306	73	26	average	average	ADJ
fsr-3306	73	27	for	for	ADP
fsr-3306	73	28	the	the	DET
fsr-3306	73	29	earnings	earning	NOUN
fsr-3306	73	30	yield	yield	NOUN
fsr-3306	73	31	(	(	PUNCT
fsr-3306	73	32	e	e	NOUN
fsr-3306	73	33	/	/	SYM
fsr-3306	73	34	p	p	NOUN
fsr-3306	73	35	)	)	PUNCT
fsr-3306	73	36	is	be	AUX
fsr-3306	73	37	6.67	6.67	NUM
fsr-3306	73	38	%	%	NOUN
fsr-3306	73	39	.	.	PUNCT
fsr-3306	74	1	if	if	SCONJ
fsr-3306	74	2	the	the	DET
fsr-3306	74	3	long	long	ADJ
fsr-3306	74	4	run	run	NOUN
fsr-3306	74	5	average	average	NOUN
fsr-3306	74	6	of	of	ADP
fsr-3306	74	7	the	the	DET
fsr-3306	74	8	10	10	NUM
fsr-3306	74	9	-	-	PUNCT
fsr-3306	74	10	year	year	NOUN
fsr-3306	74	11	treasury	treasury	NOUN
fsr-3306	74	12	yield	yield	NOUN
fsr-3306	74	13	is	be	AUX
fsr-3306	74	14	5	5	NUM
fsr-3306	74	15	%	%	NOUN
fsr-3306	74	16	the	the	DET
fsr-3306	74	17	long	long	ADJ
fsr-3306	74	18	run	run	NOUN
fsr-3306	74	19	average	average	NOUN
fsr-3306	74	20	of	of	ADP
fsr-3306	74	21	the	the	DET
fsr-3306	74	22	fed	fed	PROPN
fsr-3306	74	23	model	model	NOUN
fsr-3306	74	24	multiplier	multiplier	ADV
fsr-3306	74	25	is	be	AUX
fsr-3306	74	26	1.334	1.334	NUM
fsr-3306	74	27	(	(	PUNCT
fsr-3306	74	28	0.0667	0.0667	NUM
fsr-3306	74	29	/	/	SYM
fsr-3306	74	30	0.05	0.05	NUM
fsr-3306	74	31	�	�	PROPN
fsr-3306	74	32	1.334).5	1.334).5	NUM
fsr-3306	74	33	if	if	SCONJ
fsr-3306	74	34	the	the	DET
fsr-3306	74	35	current	current	ADJ
fsr-3306	74	36	10	10	NUM
fsr-3306	74	37	-	-	PUNCT
fsr-3306	74	38	year	year	NOUN
fsr-3306	74	39	treasury	treasury	NOUN
fsr-3306	74	40	yield	yield	NOUN
fsr-3306	74	41	is	be	AUX
fsr-3306	74	42	2.3	2.3	NUM
fsr-3306	74	43	%	%	NOUN
fsr-3306	74	44	,	,	PUNCT
fsr-3306	74	45	the	the	DET
fsr-3306	74	46	expected	expect	VERB
fsr-3306	74	47	value	value	NOUN
fsr-3306	74	48	of	of	ADP
fsr-3306	74	49	the	the	DET
fsr-3306	74	50	e	e	NOUN
fsr-3306	74	51	/	/	SYM
fsr-3306	74	52	p	p	X
fsr-3306	74	53	today	today	NOUN
fsr-3306	74	54	is	be	AUX
fsr-3306	74	55	3.068	3.068	NUM
fsr-3306	74	56	%	%	NOUN
fsr-3306	74	57	(	(	PUNCT
fsr-3306	74	58	1.334	1.334	NUM
fsr-3306	74	59	�	�	PROPN
fsr-3306	74	60	0.023	0.023	NUM
fsr-3306	74	61	)	)	PUNCT
fsr-3306	74	62	.	.	PUNCT
fsr-3306	75	1	based	base	VERB
fsr-3306	75	2	on	on	ADP
fsr-3306	75	3	this	this	DET
fsr-3306	75	4	logic	logic	NOUN
fsr-3306	75	5	the	the	DET
fsr-3306	75	6	current	current	ADJ
fsr-3306	75	7	market	market	NOUN
fsr-3306	75	8	value	value	NOUN
fsr-3306	75	9	of	of	ADP
fsr-3306	75	10	equities	equity	NOUN
fsr-3306	75	11	should	should	AUX
fsr-3306	75	12	be	be	AUX
fsr-3306	75	13	32.59	32.59	NUM
fsr-3306	75	14	times	time	NOUN
fsr-3306	75	15	aggregate	aggregate	ADJ
fsr-3306	75	16	earnings	earning	NOUN
fsr-3306	75	17	(	(	PUNCT
fsr-3306	75	18	1/0.03068	1/0.03068	NUM
fsr-3306	75	19	�	�	PROPN
fsr-3306	75	20	32.59	32.59	NUM
fsr-3306	75	21	�	�	PROPN
fsr-3306	75	22	p	p	X
fsr-3306	75	23	/	/	SYM
fsr-3306	75	24	e	e	NOUN
fsr-3306	75	25	)	)	PUNCT
fsr-3306	75	26	.	.	PUNCT
fsr-3306	76	1	if	if	SCONJ
fsr-3306	76	2	the	the	DET
fsr-3306	76	3	current	current	ADJ
fsr-3306	76	4	market	market	NOUN
fsr-3306	76	5	p	p	X
fsr-3306	76	6	/	/	SYM
fsr-3306	76	7	e	e	NOUN
fsr-3306	76	8	is	be	AUX
fsr-3306	76	9	below	below	ADP
fsr-3306	76	10	32.59	32.59	NUM
fsr-3306	76	11	,	,	PUNCT
fsr-3306	76	12	the	the	DET
fsr-3306	76	13	fed	fed	PROPN
fsr-3306	76	14	model	model	NOUN
fsr-3306	76	15	would	would	AUX
fsr-3306	76	16	predict	predict	VERB
fsr-3306	76	17	undervaluation	undervaluation	NOUN
fsr-3306	76	18	and	and	CCONJ
fsr-3306	76	19	a	a	DET
fsr-3306	76	20	buy	buy	NOUN
fsr-3306	76	21	signal	signal	NOUN
fsr-3306	76	22	would	would	AUX
fsr-3306	76	23	be	be	AUX
fsr-3306	76	24	appropriate	appropriate	ADJ
fsr-3306	76	25	.	.	PUNCT
fsr-3306	77	1	the	the	DET
fsr-3306	77	2	fed	fed	PROPN
fsr-3306	77	3	model	model	NOUN
fsr-3306	77	4	offers	offer	VERB
fsr-3306	77	5	a	a	DET
fsr-3306	77	6	benchmark	benchmark	NOUN
fsr-3306	77	7	for	for	ADP
fsr-3306	77	8	fair	fair	ADJ
fsr-3306	77	9	value	value	NOUN
fsr-3306	77	10	but	but	CCONJ
fsr-3306	77	11	the	the	DET
fsr-3306	77	12	time	time	NOUN
fsr-3306	77	13	series	series	NOUN
fsr-3306	77	14	properties	property	NOUN
fsr-3306	77	15	of	of	ADP
fsr-3306	77	16	the	the	DET
fsr-3306	77	17	multiplier	multipli	ADJ
fsr-3306	77	18	plays	play	VERB
fsr-3306	77	19	a	a	DET
fsr-3306	77	20	crucial	crucial	ADJ
fsr-3306	77	21	role	role	NOUN
fsr-3306	77	22	.	.	PUNCT
fsr-3306	78	1	the	the	DET
fsr-3306	78	2	example	example	NOUN
fsr-3306	78	3	only	only	ADV
fsr-3306	78	4	holds	hold	VERB
fsr-3306	78	5	if	if	SCONJ
fsr-3306	78	6	the	the	DET
fsr-3306	78	7	multiplier	multipli	ADJ
fsr-3306	78	8	is	be	AUX
fsr-3306	78	9	a	a	DET
fsr-3306	78	10	random	random	ADJ
fsr-3306	78	11	variable	variable	NOUN
fsr-3306	78	12	,	,	PUNCT
fsr-3306	78	13	making	make	VERB
fsr-3306	78	14	the	the	DET
fsr-3306	78	15	long	long	ADJ
fsr-3306	78	16	run	run	NOUN
fsr-3306	78	17	mean	mean	VERB
fsr-3306	78	18	the	the	DET
fsr-3306	78	19	best	good	ADJ
fsr-3306	78	20	estimate	estimate	NOUN
fsr-3306	78	21	of	of	ADP
fsr-3306	78	22	the	the	DET
fsr-3306	78	23	expected	expect	VERB
fsr-3306	78	24	multiple	multiple	NOUN
fsr-3306	78	25	in	in	ADP
fsr-3306	78	26	the	the	DET
fsr-3306	78	27	next	next	ADJ
fsr-3306	78	28	period	period	NOUN
fsr-3306	78	29	.	.	PUNCT
fsr-3306	79	1	3.1	3.1	NUM
fsr-3306	79	2	.	.	PUNCT
fsr-3306	80	1	why	why	SCONJ
fsr-3306	80	2	the	the	DET
fsr-3306	80	3	fed	fed	PROPN
fsr-3306	80	4	model	model	NOUN
fsr-3306	80	5	might	might	AUX
fsr-3306	80	6	work	work	VERB
fsr-3306	80	7	the	the	DET
fsr-3306	80	8	basic	basic	ADJ
fsr-3306	80	9	argument	argument	NOUN
fsr-3306	80	10	for	for	ADP
fsr-3306	80	11	using	use	VERB
fsr-3306	80	12	the	the	DET
fsr-3306	80	13	fed	fed	PROPN
fsr-3306	80	14	model	model	NOUN
fsr-3306	80	15	as	as	ADP
fsr-3306	80	16	a	a	DET
fsr-3306	80	17	measure	measure	NOUN
fsr-3306	80	18	of	of	ADP
fsr-3306	80	19	normal	normal	ADJ
fsr-3306	80	20	market	market	NOUN
fsr-3306	80	21	relationships	relationship	NOUN
fsr-3306	80	22	rests	rest	VERB
fsr-3306	80	23	on	on	ADP
fsr-3306	80	24	the	the	DET
fsr-3306	80	25	view	view	NOUN
fsr-3306	80	26	that	that	SCONJ
fsr-3306	80	27	stocks	stock	NOUN
fsr-3306	80	28	and	and	CCONJ
fsr-3306	80	29	bonds	bond	NOUN
fsr-3306	80	30	are	be	AUX
fsr-3306	80	31	competing	compete	VERB
fsr-3306	80	32	asset	asset	NOUN
fsr-3306	80	33	classes	class	NOUN
fsr-3306	80	34	,	,	PUNCT
fsr-3306	80	35	prompting	prompt	VERB
fsr-3306	80	36	investors	investor	NOUN
fsr-3306	80	37	to	to	PART
fsr-3306	80	38	make	make	VERB
fsr-3306	80	39	yield	yield	NOUN
fsr-3306	80	40	comparisons	comparison	NOUN
fsr-3306	80	41	when	when	SCONJ
fsr-3306	80	42	allocating	allocate	VERB
fsr-3306	80	43	assets	asset	NOUN
fsr-3306	80	44	.	.	PUNCT
fsr-3306	81	1	when	when	SCONJ
fsr-3306	81	2	stock	stock	NOUN
fsr-3306	81	3	yields	yield	NOUN
fsr-3306	81	4	are	be	AUX
fsr-3306	81	5	high	high	ADJ
fsr-3306	81	6	relative	relative	ADJ
fsr-3306	81	7	to	to	ADP
fsr-3306	81	8	bond	bond	NOUN
fsr-3306	81	9	yields	yield	NOUN
fsr-3306	81	10	(	(	PUNCT
fsr-3306	81	11	e	e	NOUN
fsr-3306	81	12	/	/	SYM
fsr-3306	81	13	p	p	X
fsr-3306	81	14	�	�	PROPN
fsr-3306	81	15	yt10	yt10	PROPN
fsr-3306	81	16	)	)	PUNCT
fsr-3306	81	17	,	,	PUNCT
fsr-3306	81	18	investors	investor	NOUN
fsr-3306	81	19	buy	buy	VERB
fsr-3306	81	20	stocks	stock	NOUN
fsr-3306	81	21	and	and	CCONJ
fsr-3306	81	22	funds	fund	NOUN
fsr-3306	81	23	flow	flow	VERB
fsr-3306	81	24	away	away	ADV
fsr-3306	81	25	from	from	ADP
fsr-3306	81	26	bonds	bond	NOUN
fsr-3306	81	27	to	to	ADP
fsr-3306	81	28	stocks	stock	NOUN
fsr-3306	81	29	.	.	PUNCT
fsr-3306	82	1	the	the	DET
fsr-3306	82	2	process	process	NOUN
fsr-3306	82	3	will	will	AUX
fsr-3306	82	4	bring	bring	VERB
fsr-3306	82	5	stock	stock	NOUN
fsr-3306	82	6	prices	price	NOUN
fsr-3306	82	7	up	up	ADP
fsr-3306	82	8	and	and	CCONJ
fsr-3306	82	9	equity	equity	NOUN
fsr-3306	82	10	yields	yield	NOUN
fsr-3306	82	11	down	down	ADP
fsr-3306	82	12	back	back	ADV
fsr-3306	82	13	in	in	ADP
fsr-3306	82	14	line	line	NOUN
fsr-3306	82	15	with	with	ADP
fsr-3306	82	16	bond	bond	NOUN
fsr-3306	82	17	yields	yield	NOUN
fsr-3306	82	18	.	.	PUNCT
fsr-3306	83	1	critics	critic	NOUN
fsr-3306	83	2	point	point	VERB
fsr-3306	83	3	out	out	ADP
fsr-3306	83	4	that	that	SCONJ
fsr-3306	83	5	the	the	DET
fsr-3306	83	6	earnings	earning	NOUN
fsr-3306	83	7	yield	yield	NOUN
fsr-3306	83	8	is	be	AUX
fsr-3306	83	9	a	a	DET
fsr-3306	83	10	real	real	ADJ
fsr-3306	83	11	return	return	NOUN
fsr-3306	83	12	while	while	SCONJ
fsr-3306	83	13	the	the	DET
fsr-3306	83	14	treasury	treasury	NOUN
fsr-3306	83	15	yield	yield	NOUN
fsr-3306	83	16	is	be	AUX
fsr-3306	83	17	in	in	ADP
fsr-3306	83	18	nominal	nominal	ADJ
fsr-3306	83	19	terms	term	NOUN
fsr-3306	83	20	,	,	PUNCT
fsr-3306	83	21	suggesting	suggest	VERB
fsr-3306	83	22	that	that	SCONJ
fsr-3306	83	23	the	the	DET
fsr-3306	83	24	competing	compete	VERB
fsr-3306	83	25	asset	asset	NOUN
fsr-3306	83	26	explanation	explanation	NOUN
fsr-3306	83	27	is	be	AUX
fsr-3306	83	28	flawed	flawed	ADJ
fsr-3306	83	29	(	(	PUNCT
fsr-3306	83	30	asness	asness	PROPN
fsr-3306	83	31	,	,	PUNCT
fsr-3306	83	32	2003	2003	NUM
fsr-3306	83	33	)	)	PUNCT
fsr-3306	83	34	.	.	PUNCT
fsr-3306	84	1	nevertheless	nevertheless	ADV
fsr-3306	84	2	,	,	PUNCT
fsr-3306	84	3	investors	investor	NOUN
fsr-3306	84	4	170	170	NUM
fsr-3306	84	5	j.m	j.m	PROPN
fsr-3306	84	6	.	.	PROPN
fsr-3306	84	7	clinebell	clinebell	PROPN
fsr-3306	84	8	et	et	PROPN
fsr-3306	84	9	al	al	PROPN
fsr-3306	84	10	.	.	PUNCT
fsr-3306	84	11	/	/	SYM
fsr-3306	84	12	financial	financial	ADJ
fsr-3306	84	13	services	service	NOUN
fsr-3306	84	14	review	review	VERB
fsr-3306	84	15	26	26	NUM
fsr-3306	84	16	(	(	PUNCT
fsr-3306	84	17	2017	2017	NUM
fsr-3306	84	18	)	)	PUNCT
fsr-3306	85	1	167–180	167–180	NUM
fsr-3306	85	2	may	may	AUX
fsr-3306	85	3	follow	follow	VERB
fsr-3306	85	4	the	the	DET
fsr-3306	85	5	fed	fed	PROPN
fsr-3306	85	6	model	model	NOUN
fsr-3306	85	7	because	because	SCONJ
fsr-3306	85	8	of	of	ADP
fsr-3306	85	9	money	money	NOUN
fsr-3306	85	10	illusion	illusion	NOUN
fsr-3306	85	11	,	,	PUNCT
fsr-3306	85	12	at	at	ADP
fsr-3306	85	13	least	least	ADJ
fsr-3306	85	14	in	in	ADP
fsr-3306	85	15	the	the	DET
fsr-3306	85	16	short	short	ADJ
fsr-3306	85	17	run	run	NOUN
fsr-3306	85	18	.	.	PUNCT
fsr-3306	86	1	practitioners	practitioner	NOUN
fsr-3306	86	2	emphasize	emphasize	VERB
fsr-3306	86	3	the	the	DET
fsr-3306	86	4	descriptive	descriptive	ADJ
fsr-3306	86	5	validity	validity	NOUN
fsr-3306	86	6	of	of	ADP
fsr-3306	86	7	the	the	DET
fsr-3306	86	8	fed	fed	PROPN
fsr-3306	86	9	model	model	NOUN
fsr-3306	86	10	rather	rather	ADV
fsr-3306	86	11	than	than	ADP
fsr-3306	86	12	its	its	PRON
fsr-3306	86	13	theoretical	theoretical	ADJ
fsr-3306	86	14	validity	validity	NOUN
fsr-3306	86	15	.	.	PUNCT
fsr-3306	87	1	another	another	DET
fsr-3306	87	2	justification	justification	NOUN
fsr-3306	87	3	for	for	ADP
fsr-3306	87	4	using	use	VERB
fsr-3306	87	5	the	the	DET
fsr-3306	87	6	fed	fed	PROPN
fsr-3306	87	7	model	model	NOUN
fsr-3306	87	8	to	to	PART
fsr-3306	87	9	evaluate	evaluate	VERB
fsr-3306	87	10	market	market	NOUN
fsr-3306	87	11	valuation	valuation	NOUN
fsr-3306	87	12	builds	build	VERB
fsr-3306	87	13	on	on	ADP
fsr-3306	87	14	the	the	DET
fsr-3306	87	15	discounted	discount	VERB
fsr-3306	87	16	cash	cash	NOUN
fsr-3306	87	17	flow	flow	NOUN
fsr-3306	87	18	model	model	NOUN
fsr-3306	87	19	for	for	ADP
fsr-3306	87	20	equity	equity	NOUN
fsr-3306	87	21	valuation	valuation	NOUN
fsr-3306	87	22	.	.	PUNCT
fsr-3306	88	1	the	the	DET
fsr-3306	88	2	discount	discount	NOUN
fsr-3306	88	3	rate	rate	NOUN
fsr-3306	88	4	in	in	ADP
fsr-3306	88	5	this	this	DET
fsr-3306	88	6	valuation	valuation	NOUN
fsr-3306	88	7	process	process	NOUN
fsr-3306	88	8	is	be	AUX
fsr-3306	88	9	a	a	DET
fsr-3306	88	10	risk	risk	NOUN
fsr-3306	88	11	free	free	ADJ
fsr-3306	88	12	rate	rate	NOUN
fsr-3306	88	13	plus	plus	CCONJ
fsr-3306	88	14	an	an	DET
fsr-3306	88	15	equity	equity	NOUN
fsr-3306	88	16	risk	risk	NOUN
fsr-3306	88	17	premium	premium	NOUN
fsr-3306	88	18	.	.	PUNCT
fsr-3306	89	1	the	the	DET
fsr-3306	89	2	long	long	ADJ
fsr-3306	89	3	run	run	NOUN
fsr-3306	89	4	treasury	treasury	NOUN
fsr-3306	89	5	yield	yield	NOUN
fsr-3306	89	6	is	be	AUX
fsr-3306	89	7	a	a	DET
fsr-3306	89	8	proxy	proxy	NOUN
fsr-3306	89	9	for	for	ADP
fsr-3306	89	10	the	the	DET
fsr-3306	89	11	risk	risk	NOUN
fsr-3306	89	12	free	free	ADJ
fsr-3306	89	13	rate	rate	NOUN
fsr-3306	89	14	in	in	ADP
fsr-3306	89	15	this	this	DET
fsr-3306	89	16	calculation	calculation	NOUN
fsr-3306	89	17	.	.	PUNCT
fsr-3306	90	1	as	as	SCONJ
fsr-3306	90	2	the	the	DET
fsr-3306	90	3	treasury	treasury	NOUN
fsr-3306	90	4	yield	yield	NOUN
fsr-3306	90	5	falls	fall	VERB
fsr-3306	90	6	the	the	DET
fsr-3306	90	7	present	present	ADJ
fsr-3306	90	8	value	value	NOUN
fsr-3306	90	9	of	of	ADP
fsr-3306	90	10	equity	equity	NOUN
fsr-3306	90	11	cash	cash	NOUN
fsr-3306	90	12	flows	flow	NOUN
fsr-3306	90	13	(	(	PUNCT
fsr-3306	90	14	p	p	NOUN
fsr-3306	90	15	)	)	PUNCT
fsr-3306	90	16	increases	increase	NOUN
fsr-3306	90	17	and	and	CCONJ
fsr-3306	90	18	the	the	DET
fsr-3306	90	19	earnings	earning	NOUN
fsr-3306	90	20	yield	yield	NOUN
fsr-3306	90	21	(	(	PUNCT
fsr-3306	90	22	e	e	NOUN
fsr-3306	90	23	/	/	SYM
fsr-3306	90	24	p	p	NOUN
fsr-3306	90	25	)	)	PUNCT
fsr-3306	90	26	falls	fall	VERB
fsr-3306	90	27	as	as	ADP
fsr-3306	90	28	the	the	DET
fsr-3306	90	29	fed	fed	PROPN
fsr-3306	90	30	model	model	NOUN
fsr-3306	90	31	predicts	predict	NOUN
fsr-3306	90	32	.	.	PUNCT
fsr-3306	91	1	critics	critic	NOUN
fsr-3306	91	2	point	point	VERB
fsr-3306	91	3	to	to	ADP
fsr-3306	91	4	the	the	DET
fsr-3306	91	5	potential	potential	NOUN
fsr-3306	91	6	for	for	ADP
fsr-3306	91	7	time	time	NOUN
fsr-3306	91	8	varying	vary	VERB
fsr-3306	91	9	risk	risk	NOUN
fsr-3306	91	10	premiums	premium	NOUN
fsr-3306	91	11	,	,	PUNCT
fsr-3306	91	12	which	which	PRON
fsr-3306	91	13	are	be	AUX
fsr-3306	91	14	not	not	PART
fsr-3306	91	15	in	in	ADP
fsr-3306	91	16	the	the	DET
fsr-3306	91	17	fed	fed	PROPN
fsr-3306	91	18	model	model	NOUN
fsr-3306	91	19	.	.	PUNCT
fsr-3306	92	1	a	a	DET
fsr-3306	92	2	counter	counter	NOUN
fsr-3306	92	3	to	to	ADP
fsr-3306	92	4	this	this	DET
fsr-3306	92	5	argument	argument	NOUN
fsr-3306	92	6	is	be	AUX
fsr-3306	92	7	that	that	SCONJ
fsr-3306	92	8	risk	risk	NOUN
fsr-3306	92	9	premiums	premium	NOUN
fsr-3306	92	10	are	be	AUX
fsr-3306	92	11	very	very	ADV
fsr-3306	92	12	difficult	difficult	ADJ
fsr-3306	92	13	to	to	PART
fsr-3306	92	14	predict	predict	VERB
fsr-3306	92	15	(	(	PUNCT
fsr-3306	92	16	fernandez	fernandez	PROPN
fsr-3306	92	17	,	,	PUNCT
fsr-3306	92	18	aguirremalloa	aguirremalloa	ADJ
fsr-3306	92	19	,	,	PUNCT
fsr-3306	92	20	&	&	CCONJ
fsr-3306	92	21	corres	corre	NOUN
fsr-3306	92	22	,	,	PUNCT
fsr-3306	92	23	2011	2011	NUM
fsr-3306	92	24	)	)	PUNCT
fsr-3306	92	25	and	and	CCONJ
fsr-3306	92	26	implementation	implementation	NOUN
fsr-3306	92	27	of	of	ADP
fsr-3306	92	28	valuation	valuation	NOUN
fsr-3306	92	29	theory	theory	NOUN
fsr-3306	92	30	in	in	ADP
fsr-3306	92	31	the	the	DET
fsr-3306	92	32	real	real	ADJ
fsr-3306	92	33	world	world	NOUN
fsr-3306	92	34	uses	use	VERB
fsr-3306	92	35	a	a	DET
fsr-3306	92	36	stable	stable	ADJ
fsr-3306	92	37	long	long	ADJ
fsr-3306	92	38	run	run	NOUN
fsr-3306	92	39	average	average	ADJ
fsr-3306	92	40	risk	risk	NOUN
fsr-3306	92	41	premium	premium	NOUN
fsr-3306	92	42	rather	rather	ADV
fsr-3306	92	43	than	than	ADP
fsr-3306	92	44	time	time	NOUN
fsr-3306	92	45	varying	vary	VERB
fsr-3306	92	46	forward	forward	ADJ
fsr-3306	92	47	estimates	estimate	NOUN
fsr-3306	92	48	.	.	PUNCT
fsr-3306	93	1	finally	finally	ADV
fsr-3306	93	2	,	,	PUNCT
fsr-3306	93	3	the	the	DET
fsr-3306	93	4	fed	fed	PROPN
fsr-3306	93	5	model	model	NOUN
fsr-3306	93	6	could	could	AUX
fsr-3306	93	7	be	be	AUX
fsr-3306	93	8	valid	valid	ADJ
fsr-3306	93	9	simply	simply	ADV
fsr-3306	93	10	because	because	SCONJ
fsr-3306	93	11	practitioners	practitioner	NOUN
fsr-3306	93	12	use	use	VERB
fsr-3306	93	13	it	it	PRON
fsr-3306	93	14	.	.	PUNCT
fsr-3306	94	1	the	the	DET
fsr-3306	94	2	market	market	NOUN
fsr-3306	94	3	moves	move	VERB
fsr-3306	94	4	when	when	SCONJ
fsr-3306	94	5	the	the	DET
fsr-3306	94	6	ratio	ratio	NOUN
fsr-3306	94	7	of	of	ADP
fsr-3306	94	8	the	the	DET
fsr-3306	94	9	earnings	earning	NOUN
fsr-3306	94	10	yield	yield	NOUN
fsr-3306	94	11	to	to	ADP
fsr-3306	94	12	the	the	DET
fsr-3306	94	13	treasury	treasury	NOUN
fsr-3306	94	14	yield	yield	NOUN
fsr-3306	94	15	reaches	reach	VERB
fsr-3306	94	16	an	an	DET
fsr-3306	94	17	inflection	inflection	NOUN
fsr-3306	94	18	point	point	NOUN
fsr-3306	94	19	if	if	SCONJ
fsr-3306	94	20	investors	investor	NOUN
fsr-3306	94	21	move	move	VERB
fsr-3306	94	22	funds	fund	NOUN
fsr-3306	94	23	in	in	ADP
fsr-3306	94	24	responses	response	NOUN
fsr-3306	94	25	to	to	ADP
fsr-3306	94	26	that	that	DET
fsr-3306	94	27	ratio	ratio	NOUN
fsr-3306	94	28	,	,	PUNCT
fsr-3306	94	29	for	for	ADP
fsr-3306	94	30	whatever	whatever	DET
fsr-3306	94	31	reason	reason	NOUN
fsr-3306	94	32	.	.	PUNCT
fsr-3306	95	1	3.2	3.2	NUM
fsr-3306	95	2	.	.	PUNCT
fsr-3306	96	1	prior	prior	ADJ
fsr-3306	96	2	use	use	NOUN
fsr-3306	96	3	of	of	ADP
fsr-3306	96	4	the	the	DET
fsr-3306	96	5	fed	fed	PROPN
fsr-3306	96	6	model	model	NOUN
fsr-3306	96	7	for	for	ADP
fsr-3306	96	8	asset	asset	NOUN
fsr-3306	96	9	allocation	allocation	NOUN
fsr-3306	96	10	the	the	DET
fsr-3306	96	11	original	original	ADJ
fsr-3306	96	12	version	version	NOUN
fsr-3306	96	13	of	of	ADP
fsr-3306	96	14	the	the	DET
fsr-3306	96	15	fed	fed	PROPN
fsr-3306	96	16	model	model	NOUN
fsr-3306	96	17	in	in	ADP
fsr-3306	96	18	eq	eq	PROPN
fsr-3306	96	19	.	.	PUNCT
fsr-3306	97	1	(	(	PUNCT
fsr-3306	97	2	1	1	X
fsr-3306	97	3	)	)	PUNCT
fsr-3306	97	4	has	have	AUX
fsr-3306	97	5	been	be	AUX
fsr-3306	97	6	tested	test	VERB
fsr-3306	97	7	using	use	VERB
fsr-3306	97	8	monthly	monthly	ADJ
fsr-3306	97	9	data	datum	NOUN
fsr-3306	97	10	by	by	ADP
fsr-3306	97	11	koiva	koiva	PROPN
fsr-3306	97	12	,	,	PUNCT
fsr-3306	97	13	pennanen	pennanen	NOUN
fsr-3306	97	14	,	,	PUNCT
fsr-3306	97	15	and	and	CCONJ
fsr-3306	97	16	ziemba	ziemba	PROPN
fsr-3306	97	17	(	(	PUNCT
fsr-3306	97	18	2005	2005	NUM
fsr-3306	97	19	)	)	PUNCT
fsr-3306	97	20	,	,	PUNCT
fsr-3306	97	21	shen	shen	NOUN
fsr-3306	97	22	(	(	PUNCT
fsr-3306	97	23	2003	2003	NUM
fsr-3306	97	24	)	)	PUNCT
fsr-3306	97	25	,	,	PUNCT
fsr-3306	97	26	and	and	CCONJ
fsr-3306	97	27	ziemba	ziemba	PROPN
fsr-3306	97	28	and	and	CCONJ
fsr-3306	97	29	schwartz	schwartz	PROPN
fsr-3306	97	30	(	(	PUNCT
fsr-3306	97	31	1991	1991	NUM
fsr-3306	97	32	)	)	PUNCT
fsr-3306	97	33	.	.	PUNCT
fsr-3306	98	1	these	these	DET
fsr-3306	98	2	studies	study	NOUN
fsr-3306	98	3	find	find	VERB
fsr-3306	98	4	that	that	SCONJ
fsr-3306	98	5	timing	timing	NOUN
fsr-3306	98	6	based	base	VERB
fsr-3306	98	7	on	on	ADP
fsr-3306	98	8	extreme	extreme	ADJ
fsr-3306	98	9	value	value	NOUN
fsr-3306	98	10	switch	switch	NOUN
fsr-3306	98	11	points	point	NOUN
fsr-3306	98	12	using	use	VERB
fsr-3306	98	13	the	the	DET
fsr-3306	98	14	traditional	traditional	ADJ
fsr-3306	98	15	fed	fed	NOUN
fsr-3306	98	16	model	model	NOUN
fsr-3306	98	17	adds	add	VERB
fsr-3306	98	18	value	value	NOUN
fsr-3306	98	19	beyond	beyond	ADP
fsr-3306	98	20	a	a	DET
fsr-3306	98	21	buy	buy	NOUN
fsr-3306	98	22	and	and	CCONJ
fsr-3306	98	23	hold	hold	VERB
fsr-3306	98	24	strategy	strategy	NOUN
fsr-3306	98	25	.	.	PUNCT
fsr-3306	99	1	even	even	ADV
fsr-3306	99	2	so	so	ADV
fsr-3306	99	3	,	,	PUNCT
fsr-3306	99	4	the	the	DET
fsr-3306	99	5	studies	study	NOUN
fsr-3306	99	6	are	be	AUX
fsr-3306	99	7	subject	subject	ADJ
fsr-3306	99	8	to	to	ADP
fsr-3306	99	9	various	various	ADJ
fsr-3306	99	10	criticisms	criticism	NOUN
fsr-3306	99	11	such	such	ADJ
fsr-3306	99	12	as	as	ADP
fsr-3306	99	13	data	data	NOUN
fsr-3306	99	14	mining	mining	NOUN
fsr-3306	99	15	with	with	ADP
fsr-3306	99	16	multiple	multiple	ADJ
fsr-3306	99	17	models	model	NOUN
fsr-3306	99	18	,	,	PUNCT
fsr-3306	99	19	failure	failure	NOUN
fsr-3306	99	20	to	to	PART
fsr-3306	99	21	adjust	adjust	VERB
fsr-3306	99	22	for	for	ADP
fsr-3306	99	23	taxes	taxis	NOUN
fsr-3306	99	24	and	and	CCONJ
fsr-3306	99	25	transaction	transaction	NOUN
fsr-3306	99	26	costs	cost	NOUN
fsr-3306	99	27	,	,	PUNCT
fsr-3306	99	28	and	and	CCONJ
fsr-3306	99	29	not	not	PART
fsr-3306	99	30	covering	cover	VERB
fsr-3306	99	31	the	the	DET
fsr-3306	99	32	financial	financial	ADJ
fsr-3306	99	33	crisis	crisis	NOUN
fsr-3306	99	34	period	period	NOUN
fsr-3306	99	35	in	in	ADP
fsr-3306	99	36	the	the	DET
fsr-3306	99	37	post-2008	post-2008	NOUN
fsr-3306	99	38	period	period	NOUN
fsr-3306	99	39	.	.	PUNCT
fsr-3306	100	1	4	4	X
fsr-3306	100	2	.	.	NOUN
fsr-3306	100	3	time	time	NOUN
fsr-3306	100	4	varying	vary	VERB
fsr-3306	100	5	fed	fed	PROPN
fsr-3306	100	6	model	model	NOUN
fsr-3306	100	7	rather	rather	ADV
fsr-3306	100	8	than	than	ADP
fsr-3306	100	9	pick	pick	VERB
fsr-3306	100	10	an	an	DET
fsr-3306	100	11	arbitrary	arbitrary	ADJ
fsr-3306	100	12	value	value	NOUN
fsr-3306	100	13	of	of	ADP
fsr-3306	100	14	�	�	PROPN
fsr-3306	100	15	as	as	ADP
fsr-3306	100	16	the	the	DET
fsr-3306	100	17	switch	switch	NOUN
fsr-3306	100	18	point	point	NOUN
fsr-3306	100	19	for	for	ADP
fsr-3306	100	20	asset	asset	NOUN
fsr-3306	100	21	allocation	allocation	NOUN
fsr-3306	100	22	or	or	CCONJ
fsr-3306	100	23	use	use	VERB
fsr-3306	100	24	the	the	DET
fsr-3306	100	25	mean	mean	NOUN
fsr-3306	100	26	based	base	VERB
fsr-3306	100	27	on	on	ADP
fsr-3306	100	28	the	the	DET
fsr-3306	100	29	assumption	assumption	NOUN
fsr-3306	100	30	that	that	SCONJ
fsr-3306	100	31	�	�	PROPN
fsr-3306	100	32	t	t	PROPN
fsr-3306	100	33	is	be	AUX
fsr-3306	100	34	a	a	DET
fsr-3306	100	35	random	random	ADJ
fsr-3306	100	36	variable	variable	NOUN
fsr-3306	100	37	,	,	PUNCT
fsr-3306	100	38	we	we	PRON
fsr-3306	100	39	test	test	VERB
fsr-3306	100	40	for	for	ADP
fsr-3306	100	41	the	the	DET
fsr-3306	100	42	time	time	NOUN
fsr-3306	100	43	series	series	NOUN
fsr-3306	100	44	properties	property	NOUN
fsr-3306	100	45	of	of	ADP
fsr-3306	100	46	the	the	DET
fsr-3306	100	47	fed	fed	PROPN
fsr-3306	100	48	model	model	NOUN
fsr-3306	100	49	.	.	PUNCT
fsr-3306	101	1	the	the	DET
fsr-3306	101	2	strict	strict	ADJ
fsr-3306	101	3	version	version	NOUN
fsr-3306	101	4	of	of	ADP
fsr-3306	101	5	the	the	DET
fsr-3306	101	6	fed	fed	PROPN
fsr-3306	101	7	model	model	NOUN
fsr-3306	101	8	suggests	suggest	VERB
fsr-3306	101	9	that	that	SCONJ
fsr-3306	101	10	the	the	DET
fsr-3306	101	11	multiplier	multipli	ADJ
fsr-3306	101	12	�	�	PROPN
fsr-3306	101	13	t	t	PROPN
fsr-3306	101	14	is	be	AUX
fsr-3306	101	15	one	one	NUM
fsr-3306	101	16	,	,	PUNCT
fsr-3306	101	17	but	but	CCONJ
fsr-3306	101	18	there	there	PRON
fsr-3306	101	19	is	be	VERB
fsr-3306	101	20	no	no	DET
fsr-3306	101	21	prediction	prediction	NOUN
fsr-3306	101	22	of	of	ADP
fsr-3306	101	23	how	how	SCONJ
fsr-3306	101	24	deviations	deviation	NOUN
fsr-3306	101	25	will	will	AUX
fsr-3306	101	26	adjust	adjust	VERB
fsr-3306	101	27	back	back	ADV
fsr-3306	101	28	to	to	ADP
fsr-3306	101	29	one	one	NUM
fsr-3306	101	30	over	over	ADP
fsr-3306	101	31	time	time	NOUN
fsr-3306	101	32	.	.	PUNCT
fsr-3306	102	1	less	less	ADV
fsr-3306	102	2	strict	strict	ADJ
fsr-3306	102	3	views	view	NOUN
fsr-3306	102	4	of	of	ADP
fsr-3306	102	5	the	the	DET
fsr-3306	102	6	fed	fed	PROPN
fsr-3306	102	7	model	model	NOUN
fsr-3306	102	8	would	would	AUX
fsr-3306	102	9	allow	allow	VERB
fsr-3306	102	10	for	for	ADP
fsr-3306	102	11	persistent	persistent	ADJ
fsr-3306	102	12	deviations	deviation	NOUN
fsr-3306	102	13	from	from	ADP
fsr-3306	102	14	one	one	NUM
fsr-3306	102	15	because	because	SCONJ
fsr-3306	102	16	of	of	ADP
fsr-3306	102	17	differences	difference	NOUN
fsr-3306	102	18	in	in	ADP
fsr-3306	102	19	equity	equity	NOUN
fsr-3306	102	20	risk	risk	NOUN
fsr-3306	102	21	premiums	premium	NOUN
fsr-3306	102	22	or	or	CCONJ
fsr-3306	102	23	changes	change	NOUN
fsr-3306	102	24	in	in	ADP
fsr-3306	102	25	growth	growth	NOUN
fsr-3306	102	26	.	.	PUNCT
fsr-3306	103	1	the	the	DET
fsr-3306	103	2	time	time	NOUN
fsr-3306	103	3	series	series	NOUN
fsr-3306	103	4	for	for	ADP
fsr-3306	103	5	the	the	DET
fsr-3306	103	6	multiplier	multipli	ADJ
fsr-3306	103	7	is	be	AUX
fsr-3306	103	8	subject	subject	ADJ
fsr-3306	103	9	to	to	ADP
fsr-3306	103	10	empirical	empirical	ADJ
fsr-3306	103	11	testing	testing	NOUN
fsr-3306	103	12	.	.	PUNCT
fsr-3306	104	1	the	the	DET
fsr-3306	104	2	information	information	NOUN
fsr-3306	104	3	content	content	NOUN
fsr-3306	104	4	of	of	ADP
fsr-3306	104	5	the	the	DET
fsr-3306	104	6	fed	fed	PROPN
fsr-3306	104	7	multiplier	multiplier	ADV
fsr-3306	104	8	(	(	PUNCT
fsr-3306	104	9	�	�	NOUN
fsr-3306	104	10	t	t	PROPN
fsr-3306	104	11	)	)	PUNCT
fsr-3306	104	12	may	may	AUX
fsr-3306	104	13	follow	follow	VERB
fsr-3306	104	14	a	a	DET
fsr-3306	104	15	random	random	ADJ
fsr-3306	104	16	variable	variable	NOUN
fsr-3306	104	17	,	,	PUNCT
fsr-3306	104	18	random	random	ADJ
fsr-3306	104	19	walk	walk	NOUN
fsr-3306	104	20	,	,	PUNCT
fsr-3306	104	21	or	or	CCONJ
fsr-3306	104	22	autoregressive	autoregressive	ADJ
fsr-3306	104	23	series	series	NOUN
fsr-3306	104	24	.	.	PUNCT
fsr-3306	105	1	eq	eq	ADJ
fsr-3306	105	2	.	.	PUNCT
fsr-3306	106	1	(	(	PUNCT
fsr-3306	106	2	2	2	X
fsr-3306	106	3	)	)	PUNCT
fsr-3306	106	4	is	be	AUX
fsr-3306	106	5	the	the	DET
fsr-3306	106	6	constant	constant	ADJ
fsr-3306	106	7	coefficient	coefficient	NOUN
fsr-3306	106	8	benchmark	benchmark	NOUN
fsr-3306	106	9	model	model	NOUN
fsr-3306	106	10	in	in	ADP
fsr-3306	106	11	our	our	PRON
fsr-3306	106	12	empirical	empirical	ADJ
fsr-3306	106	13	analysis	analysis	NOUN
fsr-3306	106	14	.	.	PUNCT
fsr-3306	107	1	(	(	PUNCT
fsr-3306	107	2	e	e	X
fsr-3306	107	3	/	/	SYM
fsr-3306	107	4	p)t	p)t	ADJ
fsr-3306	107	5	�	�	PROPN
fsr-3306	107	6	�	�	PROPN
fsr-3306	107	7	(	(	PUNCT
fsr-3306	107	8	y10)t	y10)t	PROPN
fsr-3306	107	9	�	�	PROPN
fsr-3306	107	10	�	�	PROPN
fsr-3306	107	11	t	t	PROPN
fsr-3306	107	12	(	(	PUNCT
fsr-3306	107	13	2	2	NUM
fsr-3306	107	14	)	)	PUNCT
fsr-3306	107	15	the	the	DET
fsr-3306	107	16	specification	specification	NOUN
fsr-3306	107	17	of	of	ADP
fsr-3306	107	18	eq	eq	PROPN
fsr-3306	107	19	.	.	PUNCT
fsr-3306	108	1	(	(	PUNCT
fsr-3306	108	2	2	2	X
fsr-3306	108	3	)	)	PUNCT
fsr-3306	108	4	implicitly	implicitly	ADV
fsr-3306	108	5	places	place	VERB
fsr-3306	108	6	a	a	DET
fsr-3306	108	7	restriction	restriction	NOUN
fsr-3306	108	8	on	on	ADP
fsr-3306	108	9	the	the	DET
fsr-3306	108	10	multiplier	multipli	ADJ
fsr-3306	108	11	coefficient	coefficient	NOUN
fsr-3306	108	12	(	(	PUNCT
fsr-3306	108	13	�	�	PROPN
fsr-3306	108	14	)	)	PUNCT
fsr-3306	108	15	by	by	ADP
fsr-3306	108	16	assuming	assume	VERB
fsr-3306	108	17	it	it	PRON
fsr-3306	108	18	is	be	AUX
fsr-3306	108	19	a	a	DET
fsr-3306	108	20	constant	constant	ADJ
fsr-3306	108	21	.	.	PUNCT
fsr-3306	109	1	there	there	PRON
fsr-3306	109	2	is	be	VERB
fsr-3306	109	3	good	good	ADJ
fsr-3306	109	4	reason	reason	NOUN
fsr-3306	109	5	to	to	PART
fsr-3306	109	6	suspect	suspect	VERB
fsr-3306	109	7	that	that	SCONJ
fsr-3306	109	8	the	the	DET
fsr-3306	109	9	multiplier	multipli	ADJ
fsr-3306	109	10	(	(	PUNCT
fsr-3306	109	11	�	�	NOUN
fsr-3306	109	12	)	)	PUNCT
fsr-3306	109	13	may	may	AUX
fsr-3306	109	14	change	change	VERB
fsr-3306	109	15	over	over	ADP
fsr-3306	109	16	time	time	NOUN
fsr-3306	109	17	.	.	PUNCT
fsr-3306	110	1	for	for	ADP
fsr-3306	110	2	example	example	NOUN
fsr-3306	110	3	,	,	PUNCT
fsr-3306	110	4	federal	federal	PROPN
fsr-3306	110	5	reserve	reserve	NOUN
fsr-3306	110	6	intervention	intervention	NOUN
fsr-3306	110	7	may	may	AUX
fsr-3306	110	8	artificially	artificially	ADV
fsr-3306	110	9	keep	keep	VERB
fsr-3306	110	10	the	the	DET
fsr-3306	110	11	treasury	treasury	NOUN
fsr-3306	110	12	yield	yield	NOUN
fsr-3306	110	13	from	from	ADP
fsr-3306	110	14	adjusting	adjust	VERB
fsr-3306	110	15	when	when	SCONJ
fsr-3306	110	16	equity	equity	NOUN
fsr-3306	110	17	earnings	earning	NOUN
fsr-3306	110	18	yields	yield	NOUN
fsr-3306	110	19	are	be	AUX
fsr-3306	110	20	abnormally	abnormally	ADV
fsr-3306	110	21	high	high	ADJ
fsr-3306	110	22	or	or	CCONJ
fsr-3306	110	23	low	low	ADJ
fsr-3306	110	24	.	.	PUNCT
fsr-3306	111	1	other	other	ADJ
fsr-3306	111	2	arguments	argument	NOUN
fsr-3306	111	3	for	for	ADP
fsr-3306	111	4	time	time	NOUN
fsr-3306	111	5	variation	variation	NOUN
fsr-3306	111	6	in	in	ADP
fsr-3306	111	7	the	the	DET
fsr-3306	111	8	multiple	multiple	ADJ
fsr-3306	111	9	(	(	PUNCT
fsr-3306	111	10	�	�	NOUN
fsr-3306	111	11	)	)	PUNCT
fsr-3306	111	12	rest	rest	NOUN
fsr-3306	111	13	on	on	ADP
fsr-3306	111	14	the	the	DET
fsr-3306	111	15	discount	discount	NOUN
fsr-3306	111	16	model	model	NOUN
fsr-3306	111	17	approach	approach	NOUN
fsr-3306	111	18	to	to	ADP
fsr-3306	111	19	equity	equity	NOUN
fsr-3306	111	20	valuation	valuation	NOUN
fsr-3306	111	21	if	if	SCONJ
fsr-3306	111	22	changing	change	VERB
fsr-3306	111	23	171j.m	171j.m	NOUN
fsr-3306	111	24	.	.	PUNCT
fsr-3306	112	1	clinebell	clinebell	PROPN
fsr-3306	112	2	et	et	PROPN
fsr-3306	112	3	al	al	PROPN
fsr-3306	112	4	.	.	PUNCT
fsr-3306	112	5	/	/	SYM
fsr-3306	112	6	financial	financial	ADJ
fsr-3306	112	7	services	service	NOUN
fsr-3306	112	8	review	review	VERB
fsr-3306	112	9	26	26	NUM
fsr-3306	112	10	(	(	PUNCT
fsr-3306	112	11	2017	2017	NUM
fsr-3306	112	12	)	)	PUNCT
fsr-3306	113	1	167–180	167–180	NUM
fsr-3306	113	2	risk	risk	NOUN
fsr-3306	113	3	premiums	premium	NOUN
fsr-3306	113	4	or	or	CCONJ
fsr-3306	113	5	growth	growth	NOUN
fsr-3306	113	6	affect	affect	VERB
fsr-3306	113	7	the	the	DET
fsr-3306	113	8	relationship	relationship	NOUN
fsr-3306	113	9	between	between	ADP
fsr-3306	113	10	equity	equity	NOUN
fsr-3306	113	11	earnings	earning	NOUN
fsr-3306	113	12	yields	yield	NOUN
fsr-3306	113	13	and	and	CCONJ
fsr-3306	113	14	treasury	treasury	PROPN
fsr-3306	113	15	yields.6	yields.6	PROPN
fsr-3306	113	16	kalman	kalman	PROPN
fsr-3306	113	17	’s	’s	PART
fsr-3306	113	18	(	(	PUNCT
fsr-3306	113	19	1960	1960	NUM
fsr-3306	113	20	)	)	PUNCT
fsr-3306	113	21	estimation	estimation	NOUN
fsr-3306	113	22	procedure	procedure	NOUN
fsr-3306	113	23	,	,	PUNCT
fsr-3306	113	24	known	know	VERB
fsr-3306	113	25	as	as	ADP
fsr-3306	113	26	the	the	DET
fsr-3306	113	27	kalman	kalman	PROPN
fsr-3306	113	28	filter	filter	NOUN
fsr-3306	113	29	,	,	PUNCT
fsr-3306	113	30	provides	provide	VERB
fsr-3306	113	31	a	a	DET
fsr-3306	113	32	flexible	flexible	ADJ
fsr-3306	113	33	model	model	NOUN
fsr-3306	113	34	for	for	ADP
fsr-3306	113	35	testing	testing	NOUN
fsr-3306	113	36	and	and	CCONJ
fsr-3306	113	37	estimating	estimate	VERB
fsr-3306	113	38	a	a	DET
fsr-3306	113	39	model	model	NOUN
fsr-3306	113	40	’s	’s	PART
fsr-3306	113	41	time	time	NOUN
fsr-3306	113	42	varying	vary	VERB
fsr-3306	113	43	coefficients	coefficient	NOUN
fsr-3306	113	44	.	.	PUNCT
fsr-3306	114	1	in	in	ADP
fsr-3306	114	2	our	our	PRON
fsr-3306	114	3	context	context	NOUN
fsr-3306	114	4	,	,	PUNCT
fsr-3306	114	5	kalman	kalman	PROPN
fsr-3306	114	6	’s	’s	PART
fsr-3306	114	7	time	time	NOUN
fsr-3306	114	8	varying	vary	VERB
fsr-3306	114	9	parameter	parameter	NOUN
fsr-3306	114	10	model	model	NOUN
fsr-3306	114	11	relaxes	relax	VERB
fsr-3306	114	12	the	the	DET
fsr-3306	114	13	assumption	assumption	NOUN
fsr-3306	114	14	that	that	SCONJ
fsr-3306	114	15	�	�	PROPN
fsr-3306	114	16	is	be	AUX
fsr-3306	114	17	constant	constant	ADJ
fsr-3306	114	18	and	and	CCONJ
fsr-3306	114	19	allows	allow	VERB
fsr-3306	114	20	testing	testing	NOUN
fsr-3306	114	21	of	of	ADP
fsr-3306	114	22	the	the	DET
fsr-3306	114	23	hypothesis	hypothesis	NOUN
fsr-3306	114	24	that	that	PRON
fsr-3306	114	25	time	time	NOUN
fsr-3306	114	26	variation	variation	NOUN
fsr-3306	114	27	occurs	occur	VERB
fsr-3306	114	28	in	in	ADP
fsr-3306	114	29	the	the	DET
fsr-3306	114	30	parameter	parameter	NOUN
fsr-3306	114	31	(	(	PUNCT
fsr-3306	114	32	�	�	PROPN
fsr-3306	114	33	t	t	PROPN
fsr-3306	114	34	)	)	PUNCT
fsr-3306	114	35	versus	versus	ADP
fsr-3306	114	36	the	the	DET
fsr-3306	114	37	null	null	ADJ
fsr-3306	114	38	hypothesis	hypothesis	NOUN
fsr-3306	114	39	that	that	PRON
fsr-3306	114	40	the	the	DET
fsr-3306	114	41	parameter	parameter	NOUN
fsr-3306	114	42	is	be	AUX
fsr-3306	114	43	constant	constant	ADJ
fsr-3306	114	44	(	(	PUNCT
fsr-3306	114	45	�	�	PROPN
fsr-3306	114	46	t	t	PROPN
fsr-3306	114	47	)	)	PUNCT
fsr-3306	114	48	.	.	PUNCT
fsr-3306	115	1	we	we	PRON
fsr-3306	115	2	modify	modify	VERB
fsr-3306	115	3	eq	eq	ADP
fsr-3306	115	4	.	.	PUNCT
fsr-3306	116	1	(	(	PUNCT
fsr-3306	116	2	2	2	NUM
fsr-3306	116	3	)	)	PUNCT
fsr-3306	116	4	to	to	PART
fsr-3306	116	5	create	create	VERB
fsr-3306	116	6	a	a	DET
fsr-3306	116	7	measurement	measurement	NOUN
fsr-3306	116	8	equation	equation	NOUN
fsr-3306	116	9	with	with	ADP
fsr-3306	116	10	a	a	DET
fsr-3306	116	11	time	time	NOUN
fsr-3306	116	12	-	-	PUNCT
fsr-3306	116	13	varying	vary	VERB
fsr-3306	116	14	coefficient	coefficient	NOUN
fsr-3306	116	15	as	as	ADP
fsr-3306	116	16	eq	eq	ADP
fsr-3306	116	17	.	.	PUNCT
fsr-3306	117	1	(	(	PUNCT
fsr-3306	117	2	3	3	NUM
fsr-3306	117	3	)	)	PUNCT
fsr-3306	117	4	.	.	PUNCT
fsr-3306	118	1	(	(	PUNCT
fsr-3306	118	2	e	e	X
fsr-3306	118	3	/	/	SYM
fsr-3306	118	4	p)t	p)t	ADJ
fsr-3306	118	5	�	�	PROPN
fsr-3306	118	6	�	�	PROPN
fsr-3306	118	7	t(y10)t	t(y10)t	PROPN
fsr-3306	118	8	�	�	PROPN
fsr-3306	118	9	�	�	PROPN
fsr-3306	118	10	t	t	PROPN
fsr-3306	118	11	(	(	PUNCT
fsr-3306	118	12	3	3	X
fsr-3306	118	13	)	)	PUNCT
fsr-3306	118	14	a	a	DET
fsr-3306	118	15	state	state	NOUN
fsr-3306	118	16	equation	equation	NOUN
fsr-3306	118	17	models	model	VERB
fsr-3306	118	18	the	the	DET
fsr-3306	118	19	time	time	NOUN
fsr-3306	118	20	variation	variation	NOUN
fsr-3306	118	21	of	of	ADP
fsr-3306	118	22	�	�	PROPN
fsr-3306	118	23	t.	t.	PROPN
fsr-3306	118	24	in	in	ADP
fsr-3306	118	25	our	our	PRON
fsr-3306	118	26	empirical	empirical	ADJ
fsr-3306	118	27	work	work	NOUN
fsr-3306	118	28	,	,	PUNCT
fsr-3306	118	29	we	we	PRON
fsr-3306	118	30	test	test	VERB
fsr-3306	118	31	the	the	DET
fsr-3306	118	32	following	follow	VERB
fsr-3306	118	33	specification	specification	NOUN
fsr-3306	118	34	for	for	ADP
fsr-3306	118	35	time	time	NOUN
fsr-3306	118	36	variation	variation	NOUN
fsr-3306	118	37	of	of	ADP
fsr-3306	118	38	the	the	DET
fsr-3306	118	39	fed	fed	PROPN
fsr-3306	118	40	multiple	multiple	ADJ
fsr-3306	118	41	(	(	PUNCT
fsr-3306	118	42	�	�	PROPN
fsr-3306	118	43	):	):	PUNCT
fsr-3306	118	44	�	�	PROPN
fsr-3306	118	45	t	t	PROPN
fsr-3306	118	46	�	�	PROPN
fsr-3306	118	47	�	�	PROPN
fsr-3306	118	48	0	0	PROPN
fsr-3306	118	49	�	�	PROPN
fsr-3306	118	50	�	�	PROPN
fsr-3306	118	51	1	1	NUM
fsr-3306	118	52	�	�	PROPN
fsr-3306	118	53	t	t	PROPN
fsr-3306	118	54	�	�	PROPN
fsr-3306	118	55	1	1	NUM
fsr-3306	118	56	�	�	PROPN
fsr-3306	118	57	�	�	PROPN
fsr-3306	118	58	t	t	PROPN
fsr-3306	118	59	(	(	PUNCT
fsr-3306	118	60	4	4	NUM
fsr-3306	118	61	)	)	PUNCT
fsr-3306	118	62	where	where	SCONJ
fsr-3306	118	63	the	the	DET
fsr-3306	118	64	disturbance	disturbance	NOUN
fsr-3306	118	65	term	term	NOUN
fsr-3306	118	66	in	in	ADP
fsr-3306	118	67	the	the	DET
fsr-3306	118	68	state	state	NOUN
fsr-3306	118	69	equation	equation	NOUN
fsr-3306	118	70	(	(	PUNCT
fsr-3306	118	71	�	�	NOUN
fsr-3306	118	72	t	t	PROPN
fsr-3306	118	73	)	)	PUNCT
fsr-3306	118	74	has	have	VERB
fsr-3306	118	75	a	a	DET
fsr-3306	118	76	normal	normal	ADJ
fsr-3306	118	77	distribution	distribution	NOUN
fsr-3306	118	78	with	with	ADP
fsr-3306	118	79	a	a	DET
fsr-3306	118	80	mean	mean	NOUN
fsr-3306	118	81	of	of	ADP
fsr-3306	118	82	zero	zero	NUM
fsr-3306	118	83	and	and	CCONJ
fsr-3306	118	84	a	a	DET
fsr-3306	118	85	constant	constant	ADJ
fsr-3306	118	86	standard	standard	ADJ
fsr-3306	118	87	error	error	NOUN
fsr-3306	118	88	(	(	PUNCT
fsr-3306	118	89	eq	eq	NOUN
fsr-3306	118	90	.	.	PROPN
fsr-3306	118	91	5	5	NUM
fsr-3306	118	92	)	)	PUNCT
fsr-3306	118	93	.	.	PUNCT
fsr-3306	119	1	�	�	PROPN
fsr-3306	119	2	t	t	PROPN
fsr-3306	119	3	�	�	PROPN
fsr-3306	119	4	n(0	n(0	PROPN
fsr-3306	119	5	,	,	PUNCT
fsr-3306	119	6	�	�	PROPN
fsr-3306	119	7	)	)	PUNCT
fsr-3306	119	8	(	(	PUNCT
fsr-3306	119	9	5	5	X
fsr-3306	119	10	)	)	PUNCT
fsr-3306	119	11	time	time	NOUN
fsr-3306	119	12	variation	variation	NOUN
fsr-3306	119	13	in	in	ADP
fsr-3306	119	14	the	the	DET
fsr-3306	119	15	fed	fed	PROPN
fsr-3306	119	16	multiplier	multiplier	ADV
fsr-3306	119	17	(	(	PUNCT
fsr-3306	119	18	�	�	NOUN
fsr-3306	119	19	t	t	PROPN
fsr-3306	119	20	)	)	PUNCT
fsr-3306	119	21	may	may	AUX
fsr-3306	119	22	follow	follow	VERB
fsr-3306	119	23	a	a	DET
fsr-3306	119	24	random	random	ADJ
fsr-3306	119	25	walk	walk	NOUN
fsr-3306	119	26	,	,	PUNCT
fsr-3306	119	27	random	random	ADJ
fsr-3306	119	28	variable	variable	NOUN
fsr-3306	119	29	,	,	PUNCT
fsr-3306	119	30	or	or	CCONJ
fsr-3306	119	31	an	an	DET
fsr-3306	119	32	autoregressive	autoregressive	ADJ
fsr-3306	119	33	form	form	NOUN
fsr-3306	119	34	.	.	PUNCT
fsr-3306	120	1	the	the	DET
fsr-3306	120	2	constant	constant	ADJ
fsr-3306	120	3	coefficient	coefficient	NOUN
fsr-3306	120	4	model	model	NOUN
fsr-3306	120	5	of	of	ADP
fsr-3306	120	6	eq	eq	PROPN
fsr-3306	120	7	.	.	PUNCT
fsr-3306	121	1	(	(	PUNCT
fsr-3306	121	2	2	2	X
fsr-3306	121	3	)	)	PUNCT
fsr-3306	121	4	is	be	AUX
fsr-3306	121	5	a	a	DET
fsr-3306	121	6	special	special	ADJ
fsr-3306	121	7	case	case	NOUN
fsr-3306	121	8	of	of	ADP
fsr-3306	121	9	the	the	DET
fsr-3306	121	10	model	model	NOUN
fsr-3306	121	11	in	in	ADP
fsr-3306	121	12	eqs	eqs	PROPN
fsr-3306	121	13	.	.	PUNCT
fsr-3306	122	1	(	(	PUNCT
fsr-3306	122	2	3	3	X
fsr-3306	122	3	)	)	PUNCT
fsr-3306	122	4	and	and	CCONJ
fsr-3306	122	5	(	(	PUNCT
fsr-3306	122	6	4	4	NUM
fsr-3306	122	7	)	)	PUNCT
fsr-3306	122	8	.	.	PUNCT
fsr-3306	123	1	the	the	DET
fsr-3306	123	2	coefficient	coefficient	NOUN
fsr-3306	123	3	(	(	PUNCT
fsr-3306	123	4	�	�	PROPN
fsr-3306	123	5	)	)	PUNCT
fsr-3306	123	6	is	be	AUX
fsr-3306	123	7	constant	constant	ADJ
fsr-3306	123	8	if	if	SCONJ
fsr-3306	123	9	the	the	DET
fsr-3306	123	10	standard	standard	ADJ
fsr-3306	123	11	error	error	NOUN
fsr-3306	123	12	(	(	PUNCT
fsr-3306	123	13	�	�	PROPN
fsr-3306	123	14	)	)	PUNCT
fsr-3306	123	15	from	from	ADP
fsr-3306	123	16	eq	eq	ADP
fsr-3306	123	17	.	.	PUNCT
fsr-3306	124	1	(	(	PUNCT
fsr-3306	124	2	4	4	X
fsr-3306	124	3	)	)	PUNCT
fsr-3306	124	4	is	be	AUX
fsr-3306	124	5	zero	zero	NUM
fsr-3306	124	6	.	.	PUNCT
fsr-3306	125	1	the	the	DET
fsr-3306	125	2	coefficient	coefficient	NOUN
fsr-3306	125	3	(	(	PUNCT
fsr-3306	125	4	�	�	NOUN
fsr-3306	125	5	t	t	PRON
fsr-3306	125	6	)	)	PUNCT
fsr-3306	125	7	follows	follow	VERB
fsr-3306	125	8	a	a	DET
fsr-3306	125	9	random	random	ADJ
fsr-3306	125	10	walk	walk	NOUN
fsr-3306	125	11	if	if	SCONJ
fsr-3306	125	12	the	the	DET
fsr-3306	125	13	standard	standard	ADJ
fsr-3306	125	14	error	error	NOUN
fsr-3306	125	15	is	be	AUX
fsr-3306	125	16	not	not	PART
fsr-3306	125	17	zero	zero	NUM
fsr-3306	125	18	and	and	CCONJ
fsr-3306	125	19	the	the	DET
fsr-3306	125	20	intercept	intercept	NOUN
fsr-3306	125	21	coefficient	coefficient	NOUN
fsr-3306	125	22	is	be	AUX
fsr-3306	125	23	zero	zero	NUM
fsr-3306	125	24	(	(	PUNCT
fsr-3306	125	25	�	�	PROPN
fsr-3306	125	26	0	0	NUM
fsr-3306	125	27	�	�	PROPN
fsr-3306	125	28	0	0	NUM
fsr-3306	125	29	)	)	PUNCT
fsr-3306	125	30	while	while	SCONJ
fsr-3306	125	31	the	the	DET
fsr-3306	125	32	slope	slope	NOUN
fsr-3306	125	33	coefficient	coefficient	NOUN
fsr-3306	125	34	estimate	estimate	NOUN
fsr-3306	125	35	is	be	AUX
fsr-3306	125	36	equal	equal	ADJ
fsr-3306	125	37	to	to	ADP
fsr-3306	125	38	one	one	NUM
fsr-3306	125	39	(	(	PUNCT
fsr-3306	125	40	�	�	PROPN
fsr-3306	125	41	1	1	NUM
fsr-3306	125	42	�	�	PROPN
fsr-3306	125	43	1	1	NUM
fsr-3306	125	44	)	)	PUNCT
fsr-3306	125	45	.	.	PUNCT
fsr-3306	126	1	if	if	SCONJ
fsr-3306	126	2	the	the	DET
fsr-3306	126	3	standard	standard	ADJ
fsr-3306	126	4	error	error	NOUN
fsr-3306	126	5	�	�	NOUN
fsr-3306	126	6	is	be	AUX
fsr-3306	126	7	not	not	PART
fsr-3306	126	8	zero	zero	NUM
fsr-3306	126	9	and	and	CCONJ
fsr-3306	126	10	the	the	DET
fsr-3306	126	11	estimate	estimate	NOUN
fsr-3306	126	12	of	of	ADP
fsr-3306	126	13	coefficient	coefficient	NOUN
fsr-3306	126	14	�	�	PROPN
fsr-3306	126	15	1	1	NUM
fsr-3306	126	16	is	be	AUX
fsr-3306	126	17	zero	zero	NUM
fsr-3306	126	18	,	,	PUNCT
fsr-3306	126	19	the	the	DET
fsr-3306	126	20	multiplier	multipli	ADJ
fsr-3306	126	21	�	�	PROPN
fsr-3306	126	22	t	t	PROPN
fsr-3306	126	23	in	in	ADP
fsr-3306	126	24	eq	eq	ADP
fsr-3306	126	25	.	.	PUNCT
fsr-3306	127	1	(	(	PUNCT
fsr-3306	127	2	3	3	X
fsr-3306	127	3	)	)	PUNCT
fsr-3306	127	4	is	be	AUX
fsr-3306	127	5	a	a	DET
fsr-3306	127	6	random	random	ADJ
fsr-3306	127	7	variable	variable	NOUN
fsr-3306	127	8	with	with	ADP
fsr-3306	127	9	a	a	DET
fsr-3306	127	10	mean	mean	NOUN
fsr-3306	127	11	of	of	ADP
fsr-3306	127	12	�	�	PROPN
fsr-3306	127	13	0	0	NUM
fsr-3306	127	14	.	.	PUNCT
fsr-3306	128	1	the	the	DET
fsr-3306	128	2	fed	fed	PROPN
fsr-3306	128	3	multiplier	multipli	ADJ
fsr-3306	128	4	�	�	PROPN
fsr-3306	128	5	t	t	PROPN
fsr-3306	128	6	is	be	AUX
fsr-3306	128	7	autoregressive	autoregressive	ADJ
fsr-3306	128	8	if	if	SCONJ
fsr-3306	128	9	the	the	DET
fsr-3306	128	10	standard	standard	ADJ
fsr-3306	128	11	error	error	NOUN
fsr-3306	128	12	�	�	NOUN
fsr-3306	128	13	is	be	AUX
fsr-3306	128	14	not	not	PART
fsr-3306	128	15	zero	zero	NUM
fsr-3306	128	16	,	,	PUNCT
fsr-3306	128	17	the	the	DET
fsr-3306	128	18	intercept	intercept	NOUN
fsr-3306	128	19	coefficient	coefficient	NOUN
fsr-3306	128	20	is	be	AUX
fsr-3306	128	21	not	not	PART
fsr-3306	128	22	zero	zero	NUM
fsr-3306	128	23	(	(	PUNCT
fsr-3306	128	24	�	�	PROPN
fsr-3306	128	25	0	0	NUM
fsr-3306	128	26	�	�	PROPN
fsr-3306	128	27	0	0	NUM
fsr-3306	128	28	)	)	PUNCT
fsr-3306	128	29	,	,	PUNCT
fsr-3306	128	30	and	and	CCONJ
fsr-3306	128	31	the	the	PRON
fsr-3306	128	32	coefficient	coefficient	NOUN
fsr-3306	128	33	�	�	PROPN
fsr-3306	128	34	1	1	NUM
fsr-3306	128	35	is	be	AUX
fsr-3306	128	36	between	between	ADP
fsr-3306	128	37	zero	zero	NUM
fsr-3306	128	38	and	and	CCONJ
fsr-3306	128	39	one.7	one.7	PRON
fsr-3306	128	40	the	the	DET
fsr-3306	128	41	model	model	NOUN
fsr-3306	128	42	in	in	ADP
fsr-3306	128	43	eqs	eqs	PROPN
fsr-3306	128	44	.	.	PUNCT
fsr-3306	129	1	(	(	PUNCT
fsr-3306	129	2	3	3	X
fsr-3306	129	3	)	)	PUNCT
fsr-3306	129	4	and	and	CCONJ
fsr-3306	129	5	(	(	PUNCT
fsr-3306	129	6	4	4	X
fsr-3306	129	7	)	)	PUNCT
fsr-3306	129	8	represents	represent	VERB
fsr-3306	129	9	a	a	DET
fsr-3306	129	10	kalman	kalman	NOUN
fsr-3306	129	11	filter	filter	NOUN
fsr-3306	129	12	specification	specification	NOUN
fsr-3306	129	13	of	of	ADP
fsr-3306	129	14	the	the	DET
fsr-3306	129	15	state	state	NOUN
fsr-3306	129	16	equation	equation	NOUN
fsr-3306	129	17	following	follow	VERB
fsr-3306	129	18	the	the	DET
fsr-3306	129	19	cooley	cooley	NOUN
fsr-3306	129	20	-	-	PUNCT
fsr-3306	129	21	prescott	prescott	PROPN
fsr-3306	129	22	(	(	PUNCT
fsr-3306	129	23	1973	1973	NUM
fsr-3306	129	24	)	)	PUNCT
fsr-3306	129	25	adaptive	adaptive	ADJ
fsr-3306	129	26	regression	regression	NOUN
fsr-3306	129	27	approach	approach	NOUN
fsr-3306	129	28	.	.	PUNCT
fsr-3306	130	1	estimation	estimation	NOUN
fsr-3306	130	2	of	of	ADP
fsr-3306	130	3	the	the	DET
fsr-3306	130	4	model	model	NOUN
fsr-3306	130	5	follows	follow	VERB
fsr-3306	130	6	a	a	DET
fsr-3306	130	7	recursive	recursive	ADJ
fsr-3306	130	8	maximum	maximum	ADJ
fsr-3306	130	9	likelihood	likelihood	NOUN
fsr-3306	130	10	process	process	NOUN
fsr-3306	130	11	.	.	PUNCT
fsr-3306	131	1	the	the	DET
fsr-3306	131	2	process	process	NOUN
fsr-3306	131	3	uses	use	VERB
fsr-3306	131	4	an	an	DET
fsr-3306	131	5	updating	updating	NOUN
fsr-3306	131	6	method	method	NOUN
fsr-3306	131	7	that	that	PRON
fsr-3306	131	8	bases	base	VERB
fsr-3306	131	9	the	the	DET
fsr-3306	131	10	regression	regression	NOUN
fsr-3306	131	11	estimates	estimate	NOUN
fsr-3306	131	12	for	for	ADP
fsr-3306	131	13	each	each	DET
fsr-3306	131	14	period	period	NOUN
fsr-3306	131	15	on	on	ADP
fsr-3306	131	16	the	the	DET
fsr-3306	131	17	last	last	ADJ
fsr-3306	131	18	period	period	NOUN
fsr-3306	131	19	’s	’s	PART
fsr-3306	131	20	estimates	estimate	NOUN
fsr-3306	131	21	plus	plus	CCONJ
fsr-3306	131	22	data	datum	NOUN
fsr-3306	131	23	from	from	ADP
fsr-3306	131	24	the	the	DET
fsr-3306	131	25	current	current	ADJ
fsr-3306	131	26	period	period	NOUN
fsr-3306	131	27	.	.	PUNCT
fsr-3306	132	1	kahl	kahl	NOUN
fsr-3306	132	2	and	and	CCONJ
fsr-3306	132	3	ledolter	ledolter	PROPN
fsr-3306	132	4	(	(	PUNCT
fsr-3306	132	5	1983	1983	NUM
fsr-3306	132	6	)	)	PUNCT
fsr-3306	132	7	show	show	VERB
fsr-3306	132	8	that	that	SCONJ
fsr-3306	132	9	a	a	DET
fsr-3306	132	10	recursive	recursive	ADJ
fsr-3306	132	11	kalman	kalman	NOUN
fsr-3306	132	12	filter	filter	NOUN
fsr-3306	132	13	approach	approach	NOUN
fsr-3306	132	14	obtains	obtain	VERB
fsr-3306	132	15	simultaneous	simultaneous	ADJ
fsr-3306	132	16	maximum	maximum	ADJ
fsr-3306	132	17	likelihood	likelihood	NOUN
fsr-3306	132	18	estimates	estimate	NOUN
fsr-3306	132	19	of	of	ADP
fsr-3306	132	20	the	the	DET
fsr-3306	132	21	parameters	parameter	NOUN
fsr-3306	132	22	in	in	ADP
fsr-3306	132	23	eqs	eqs	PROPN
fsr-3306	132	24	.	.	PUNCT
fsr-3306	133	1	(	(	PUNCT
fsr-3306	133	2	3	3	X
fsr-3306	133	3	)	)	PUNCT
fsr-3306	133	4	and	and	CCONJ
fsr-3306	133	5	(	(	PUNCT
fsr-3306	133	6	4	4	NUM
fsr-3306	133	7	)	)	PUNCT
fsr-3306	133	8	.	.	PUNCT
fsr-3306	134	1	a	a	DET
fsr-3306	134	2	likelihood	likelihood	NOUN
fsr-3306	134	3	ratio	ratio	NOUN
fsr-3306	134	4	test	test	NOUN
fsr-3306	134	5	statistic	statistic	NOUN
fsr-3306	134	6	with	with	ADP
fsr-3306	134	7	a	a	DET
fsr-3306	134	8	�	�	NOUN
fsr-3306	134	9	2	2	NUM
fsr-3306	134	10	distribution	distribution	NOUN
fsr-3306	134	11	provides	provide	VERB
fsr-3306	134	12	a	a	DET
fsr-3306	134	13	test	test	NOUN
fsr-3306	134	14	of	of	ADP
fsr-3306	134	15	the	the	DET
fsr-3306	134	16	null	null	ADJ
fsr-3306	134	17	hypothesis	hypothesis	NOUN
fsr-3306	134	18	(	(	PUNCT
fsr-3306	134	19	�	�	PROPN
fsr-3306	134	20	�	�	PROPN
fsr-3306	134	21	0	0	NUM
fsr-3306	134	22	)	)	PUNCT
fsr-3306	134	23	,	,	PUNCT
fsr-3306	134	24	which	which	PRON
fsr-3306	134	25	implies	imply	VERB
fsr-3306	134	26	that	that	SCONJ
fsr-3306	134	27	the	the	DET
fsr-3306	134	28	coefficient	coefficient	NOUN
fsr-3306	134	29	of	of	ADP
fsr-3306	134	30	the	the	DET
fsr-3306	134	31	model	model	NOUN
fsr-3306	134	32	(	(	PUNCT
fsr-3306	134	33	l	l	NOUN
fsr-3306	134	34	)	)	PUNCT
fsr-3306	134	35	is	be	AUX
fsr-3306	134	36	constant	constant	ADJ
fsr-3306	134	37	.	.	PUNCT
fsr-3306	135	1	in	in	ADP
fsr-3306	135	2	general	general	ADJ
fsr-3306	135	3	,	,	PUNCT
fsr-3306	135	4	our	our	PRON
fsr-3306	135	5	empirical	empirical	ADJ
fsr-3306	135	6	models	model	NOUN
fsr-3306	135	7	allow	allow	VERB
fsr-3306	135	8	us	we	PRON
fsr-3306	135	9	to	to	ADP
fsr-3306	135	10	first	first	ADJ
fsr-3306	135	11	test	test	NOUN
fsr-3306	135	12	for	for	ADP
fsr-3306	135	13	the	the	DET
fsr-3306	135	14	time	time	NOUN
fsr-3306	135	15	series	series	PROPN
fsr-3306	135	16	model	model	NOUN
fsr-3306	135	17	up	up	ADP
fsr-3306	135	18	to	to	ADP
fsr-3306	135	19	the	the	DET
fsr-3306	135	20	holdout	holdout	NOUN
fsr-3306	135	21	period	period	NOUN
fsr-3306	135	22	and	and	CCONJ
fsr-3306	135	23	then	then	ADV
fsr-3306	135	24	implement	implement	VERB
fsr-3306	135	25	the	the	DET
fsr-3306	135	26	fed	fed	PROPN
fsr-3306	135	27	model	model	NOUN
fsr-3306	135	28	using	use	VERB
fsr-3306	135	29	the	the	DET
fsr-3306	135	30	vanguard	vanguard	NOUN
fsr-3306	135	31	fund	fund	NOUN
fsr-3306	135	32	indexes	index	NOUN
fsr-3306	135	33	and	and	CCONJ
fsr-3306	135	34	the	the	DET
fsr-3306	135	35	appropriate	appropriate	ADJ
fsr-3306	135	36	benchmark	benchmark	NOUN
fsr-3306	135	37	for	for	ADP
fsr-3306	135	38	a	a	DET
fsr-3306	135	39	switch	switch	NOUN
fsr-3306	135	40	point	point	NOUN
fsr-3306	135	41	(	(	PUNCT
fsr-3306	135	42	�	�	NOUN
fsr-3306	135	43	t	t	PROPN
fsr-3306	135	44	)	)	PUNCT
fsr-3306	135	45	.	.	PUNCT
fsr-3306	136	1	5	5	X
fsr-3306	136	2	.	.	X
fsr-3306	136	3	test	test	NOUN
fsr-3306	136	4	for	for	ADP
fsr-3306	136	5	time	time	NOUN
fsr-3306	136	6	series	series	NOUN
fsr-3306	136	7	properties	property	NOUN
fsr-3306	136	8	of	of	ADP
fsr-3306	136	9	the	the	DET
fsr-3306	136	10	fed	fed	PROPN
fsr-3306	136	11	multiplier	multiplier	ADV
fsr-3306	136	12	we	we	PRON
fsr-3306	136	13	use	use	VERB
fsr-3306	136	14	shiller	shiller	PROPN
fsr-3306	136	15	’s	’s	PART
fsr-3306	136	16	monthly	monthly	ADJ
fsr-3306	136	17	data	datum	NOUN
fsr-3306	136	18	for	for	ADP
fsr-3306	136	19	aggregate	aggregate	ADJ
fsr-3306	136	20	earnings	earning	NOUN
fsr-3306	136	21	,	,	PUNCT
fsr-3306	136	22	s&p	s&p	PROPN
fsr-3306	136	23	500	500	NUM
fsr-3306	136	24	price	price	NOUN
fsr-3306	136	25	,	,	PUNCT
fsr-3306	136	26	and	and	CCONJ
fsr-3306	136	27	the	the	DET
fsr-3306	136	28	10	10	NUM
fsr-3306	136	29	-	-	PUNCT
fsr-3306	136	30	year	year	NOUN
fsr-3306	136	31	treasury	treasury	NOUN
fsr-3306	136	32	yield	yield	NOUN
fsr-3306	136	33	to	to	ADP
fsr-3306	136	34	first	first	ADJ
fsr-3306	136	35	test	test	NOUN
fsr-3306	136	36	time	time	NOUN
fsr-3306	136	37	series	series	NOUN
fsr-3306	136	38	models	model	NOUN
fsr-3306	136	39	of	of	ADP
fsr-3306	136	40	the	the	DET
fsr-3306	136	41	fed	fed	PROPN
fsr-3306	136	42	multiplier	multiplier	ADV
fsr-3306	136	43	over	over	ADP
fsr-3306	136	44	diverse	diverse	ADJ
fsr-3306	136	45	markets.8	markets.8	PROPN
fsr-3306	136	46	we	we	PRON
fsr-3306	136	47	172	172	NUM
fsr-3306	136	48	j.m	j.m	PROPN
fsr-3306	136	49	.	.	PROPN
fsr-3306	137	1	clinebell	clinebell	PROPN
fsr-3306	137	2	et	et	PROPN
fsr-3306	137	3	al	al	PROPN
fsr-3306	137	4	.	.	PUNCT
fsr-3306	137	5	/	/	SYM
fsr-3306	137	6	financial	financial	ADJ
fsr-3306	137	7	services	service	NOUN
fsr-3306	137	8	review	review	VERB
fsr-3306	137	9	26	26	NUM
fsr-3306	137	10	(	(	PUNCT
fsr-3306	137	11	2017	2017	NUM
fsr-3306	137	12	)	)	PUNCT
fsr-3306	137	13	167–180	167–180	NUM
fsr-3306	137	14	end	end	VERB
fsr-3306	137	15	the	the	DET
fsr-3306	137	16	test	test	NOUN
fsr-3306	137	17	period	period	NOUN
fsr-3306	137	18	analysis	analysis	NOUN
fsr-3306	137	19	with	with	ADP
fsr-3306	137	20	shiller	shiller	PROPN
fsr-3306	137	21	’s	’s	PART
fsr-3306	137	22	data	datum	NOUN
fsr-3306	137	23	in	in	ADP
fsr-3306	137	24	december	december	PROPN
fsr-3306	137	25	2011	2011	NUM
fsr-3306	137	26	,	,	PUNCT
fsr-3306	137	27	because	because	SCONJ
fsr-3306	137	28	we	we	PRON
fsr-3306	137	29	later	later	ADV
fsr-3306	137	30	use	use	VERB
fsr-3306	137	31	the	the	DET
fsr-3306	137	32	vanguard	vanguard	PROPN
fsr-3306	137	33	index	index	PROPN
fsr-3306	137	34	fund	fund	PROPN
fsr-3306	137	35	data	datum	NOUN
fsr-3306	137	36	from	from	ADP
fsr-3306	137	37	january	january	PROPN
fsr-3306	137	38	2012	2012	NUM
fsr-3306	137	39	through	through	ADP
fsr-3306	137	40	december	december	PROPN
fsr-3306	137	41	2016	2016	NUM
fsr-3306	137	42	as	as	ADP
fsr-3306	137	43	our	our	PRON
fsr-3306	137	44	out	out	ADP
fsr-3306	137	45	of	of	ADP
fsr-3306	137	46	sample	sample	NOUN
fsr-3306	137	47	investment	investment	NOUN
fsr-3306	137	48	period	period	NOUN
fsr-3306	137	49	.	.	PUNCT
fsr-3306	138	1	shiller	shiller	PROPN
fsr-3306	138	2	computes	compute	VERB
fsr-3306	138	3	monthly	monthly	ADJ
fsr-3306	138	4	earnings	earning	NOUN
fsr-3306	138	5	data	datum	NOUN
fsr-3306	138	6	from	from	ADP
fsr-3306	138	7	the	the	DET
fsr-3306	138	8	s&p	s&p	PROPN
fsr-3306	138	9	four	four	NUM
fsr-3306	138	10	-	-	PUNCT
fsr-3306	138	11	quarter	quarter	NOUN
fsr-3306	138	12	totals	total	NOUN
fsr-3306	138	13	with	with	ADP
fsr-3306	138	14	linear	linear	ADJ
fsr-3306	138	15	interpolation	interpolation	NOUN
fsr-3306	138	16	to	to	ADP
fsr-3306	138	17	monthly	monthly	ADJ
fsr-3306	138	18	figures	figure	NOUN
fsr-3306	138	19	over	over	ADP
fsr-3306	138	20	a	a	DET
fsr-3306	138	21	very	very	ADV
fsr-3306	138	22	long	long	ADJ
fsr-3306	138	23	time	time	NOUN
fsr-3306	138	24	span	span	NOUN
fsr-3306	138	25	starting	start	VERB
fsr-3306	138	26	in	in	ADP
fsr-3306	138	27	1871	1871	NUM
fsr-3306	138	28	.	.	PUNCT
fsr-3306	139	1	stock	stock	NOUN
fsr-3306	139	2	price	price	NOUN
fsr-3306	139	3	data	datum	NOUN
fsr-3306	139	4	are	be	AUX
fsr-3306	139	5	monthly	monthly	ADJ
fsr-3306	139	6	averages	average	NOUN
fsr-3306	139	7	of	of	ADP
fsr-3306	139	8	daily	daily	ADJ
fsr-3306	139	9	closing	closing	NOUN
fsr-3306	139	10	prices	price	NOUN
fsr-3306	139	11	.	.	PUNCT
fsr-3306	140	1	one	one	NUM
fsr-3306	140	2	advantage	advantage	NOUN
fsr-3306	140	3	of	of	ADP
fsr-3306	140	4	using	use	VERB
fsr-3306	140	5	the	the	DET
fsr-3306	140	6	shiller	shiller	PROPN
fsr-3306	140	7	data	datum	NOUN
fsr-3306	140	8	source	source	NOUN
fsr-3306	140	9	is	be	AUX
fsr-3306	140	10	that	that	SCONJ
fsr-3306	140	11	it	it	PRON
fsr-3306	140	12	is	be	AUX
fsr-3306	140	13	readily	readily	ADV
fsr-3306	140	14	available	available	ADJ
fsr-3306	140	15	and	and	CCONJ
fsr-3306	140	16	often	often	ADV
fsr-3306	140	17	used	use	VERB
fsr-3306	140	18	in	in	ADP
fsr-3306	140	19	academic	academic	ADJ
fsr-3306	140	20	studies	study	NOUN
fsr-3306	140	21	,	,	PUNCT
fsr-3306	140	22	avoiding	avoid	VERB
fsr-3306	140	23	data	datum	NOUN
fsr-3306	140	24	construction	construction	NOUN
fsr-3306	140	25	as	as	ADP
fsr-3306	140	26	a	a	DET
fsr-3306	140	27	source	source	NOUN
fsr-3306	140	28	of	of	ADP
fsr-3306	140	29	different	different	ADJ
fsr-3306	140	30	findings	finding	NOUN
fsr-3306	140	31	.	.	PUNCT
fsr-3306	141	1	the	the	DET
fsr-3306	141	2	center	center	NOUN
fsr-3306	141	3	plots	plot	VERB
fsr-3306	141	4	in	in	ADP
fsr-3306	141	5	fig	fig	NOUN
fsr-3306	141	6	.	.	PUNCT
fsr-3306	142	1	1	1	NUM
fsr-3306	142	2	represent	represent	VERB
fsr-3306	142	3	the	the	DET
fsr-3306	142	4	kalman	kalman	PROPN
fsr-3306	142	5	filter	filter	NOUN
fsr-3306	142	6	estimates	estimate	NOUN
fsr-3306	142	7	(	(	PUNCT
fsr-3306	142	8	�	�	PROPN
fsr-3306	142	9	t	t	PROPN
fsr-3306	142	10	�	�	PROPN
fsr-3306	142	11	1	1	NUM
fsr-3306	142	12	,	,	PUNCT
fsr-3306	142	13	t	t	PROPN
fsr-3306	142	14	)	)	PUNCT
fsr-3306	142	15	of	of	ADP
fsr-3306	142	16	the	the	DET
fsr-3306	142	17	fed	fed	PROPN
fsr-3306	142	18	multiplier	multiplier	ADV
fsr-3306	142	19	in	in	ADP
fsr-3306	142	20	eqs	eqs	PROPN
fsr-3306	142	21	.	.	PUNCT
fsr-3306	143	1	(	(	PUNCT
fsr-3306	143	2	3	3	X
fsr-3306	143	3	)	)	PUNCT
fsr-3306	143	4	and	and	CCONJ
fsr-3306	143	5	(	(	PUNCT
fsr-3306	143	6	4	4	NUM
fsr-3306	143	7	)	)	PUNCT
fsr-3306	143	8	from	from	ADP
fsr-3306	143	9	1871	1871	NUM
fsr-3306	143	10	through	through	ADP
fsr-3306	143	11	2011	2011	NUM
fsr-3306	143	12	.	.	PUNCT
fsr-3306	144	1	a	a	DET
fsr-3306	144	2	95	95	NUM
fsr-3306	144	3	%	%	NOUN
fsr-3306	144	4	confidence	confidence	NOUN
fsr-3306	144	5	interval	interval	NOUN
fsr-3306	144	6	around	around	ADP
fsr-3306	144	7	the	the	DET
fsr-3306	144	8	center	center	NOUN
fsr-3306	144	9	plots	plot	NOUN
fsr-3306	144	10	also	also	ADV
fsr-3306	144	11	appears	appear	VERB
fsr-3306	144	12	in	in	ADP
fsr-3306	144	13	fig	fig	NOUN
fsr-3306	144	14	.	.	PUNCT
fsr-3306	145	1	1	1	NUM
fsr-3306	145	2	with	with	ADP
fsr-3306	145	3	a	a	DET
fsr-3306	145	4	dark	dark	ADJ
fsr-3306	145	5	arrow	arrow	NOUN
fsr-3306	145	6	representing	represent	VERB
fsr-3306	145	7	a	a	DET
fsr-3306	145	8	multiplier	multiplier	NOUN
fsr-3306	145	9	of	of	ADP
fsr-3306	145	10	one	one	NUM
fsr-3306	145	11	,	,	PUNCT
fsr-3306	145	12	as	as	SCONJ
fsr-3306	145	13	predicted	predict	VERB
fsr-3306	145	14	by	by	ADP
fsr-3306	145	15	the	the	DET
fsr-3306	145	16	strict	strict	ADJ
fsr-3306	145	17	version	version	NOUN
fsr-3306	145	18	of	of	ADP
fsr-3306	145	19	the	the	DET
fsr-3306	145	20	fed	fed	PROPN
fsr-3306	145	21	model	model	NOUN
fsr-3306	145	22	.	.	PUNCT
fsr-3306	146	1	the	the	DET
fsr-3306	146	2	only	only	ADJ
fsr-3306	146	3	time	time	NOUN
fsr-3306	146	4	the	the	DET
fsr-3306	146	5	95	95	NUM
fsr-3306	146	6	%	%	NOUN
fsr-3306	146	7	confidence	confidence	NOUN
fsr-3306	146	8	interval	interval	NOUN
fsr-3306	146	9	does	do	AUX
fsr-3306	146	10	not	not	PART
fsr-3306	146	11	contain	contain	VERB
fsr-3306	146	12	the	the	DET
fsr-3306	146	13	strict	strict	ADJ
fsr-3306	146	14	fed	feed	VERB
fsr-3306	146	15	multiplier	multipli	ADJ
fsr-3306	146	16	value	value	NOUN
fsr-3306	146	17	of	of	ADP
fsr-3306	146	18	one	one	NUM
fsr-3306	146	19	occurs	occur	VERB
fsr-3306	146	20	briefly	briefly	ADV
fsr-3306	146	21	at	at	ADP
fsr-3306	146	22	the	the	DET
fsr-3306	146	23	end	end	NOUN
fsr-3306	146	24	of	of	ADP
fsr-3306	146	25	wwii	wwii	PROPN
fsr-3306	146	26	.	.	PUNCT
fsr-3306	147	1	fig	fig	NOUN
fsr-3306	147	2	.	.	PUNCT
fsr-3306	148	1	1	1	NUM
fsr-3306	148	2	illustrates	illustrate	VERB
fsr-3306	148	3	time	time	NOUN
fsr-3306	148	4	variation	variation	NOUN
fsr-3306	148	5	in	in	ADP
fsr-3306	148	6	the	the	DET
fsr-3306	148	7	fed	fed	PROPN
fsr-3306	148	8	multiplier	multiplier	ADV
fsr-3306	148	9	but	but	CCONJ
fsr-3306	148	10	the	the	DET
fsr-3306	148	11	multiplier	multipli	ADJ
fsr-3306	148	12	is	be	AUX
fsr-3306	148	13	much	much	ADV
fsr-3306	148	14	more	more	ADV
fsr-3306	148	15	stable	stable	ADJ
fsr-3306	148	16	and	and	CCONJ
fsr-3306	148	17	consistent	consistent	ADJ
fsr-3306	148	18	with	with	ADP
fsr-3306	148	19	the	the	DET
fsr-3306	148	20	strict	strict	ADJ
fsr-3306	148	21	fed	fed	PROPN
fsr-3306	148	22	model	model	NOUN
fsr-3306	148	23	(	(	PUNCT
fsr-3306	148	24	�	�	PROPN
fsr-3306	148	25	t	t	PROPN
fsr-3306	148	26	�	�	PROPN
fsr-3306	148	27	1	1	NUM
fsr-3306	148	28	,	,	PUNCT
fsr-3306	148	29	t	t	PROPN
fsr-3306	148	30	�	�	PROPN
fsr-3306	148	31	1	1	NUM
fsr-3306	148	32	)	)	PUNCT
fsr-3306	148	33	before	before	ADP
fsr-3306	148	34	and	and	CCONJ
fsr-3306	148	35	after	after	ADP
fsr-3306	148	36	the	the	DET
fsr-3306	148	37	period	period	NOUN
fsr-3306	148	38	from	from	ADP
fsr-3306	148	39	1912	1912	NUM
fsr-3306	148	40	to	to	ADP
fsr-3306	148	41	1954	1954	NUM
fsr-3306	148	42	.	.	PUNCT
fsr-3306	149	1	this	this	DET
fsr-3306	149	2	period	period	NOUN
fsr-3306	149	3	contains	contain	VERB
fsr-3306	149	4	the	the	DET
fsr-3306	149	5	great	great	ADJ
fsr-3306	149	6	depression	depression	NOUN
fsr-3306	149	7	,	,	PUNCT
fsr-3306	149	8	wwi	wwi	PROPN
fsr-3306	149	9	,	,	PUNCT
fsr-3306	149	10	wwii	wwii	PROPN
fsr-3306	149	11	,	,	PUNCT
fsr-3306	149	12	and	and	CCONJ
fsr-3306	149	13	the	the	DET
fsr-3306	149	14	korean	korean	PROPN
fsr-3306	149	15	war	war	PROPN
fsr-3306	149	16	.	.	PUNCT
fsr-3306	150	1	the	the	DET
fsr-3306	150	2	multiplier	multipli	ADJ
fsr-3306	150	3	is	be	AUX
fsr-3306	150	4	stable	stable	ADJ
fsr-3306	150	5	and	and	CCONJ
fsr-3306	150	6	close	close	ADJ
fsr-3306	150	7	to	to	ADP
fsr-3306	150	8	the	the	DET
fsr-3306	150	9	strict	strict	ADJ
fsr-3306	150	10	fed	fed	PROPN
fsr-3306	150	11	model	model	NOUN
fsr-3306	150	12	prediction	prediction	NOUN
fsr-3306	150	13	in	in	ADP
fsr-3306	150	14	the	the	DET
fsr-3306	150	15	modern	modern	ADJ
fsr-3306	150	16	era	era	NOUN
fsr-3306	150	17	after	after	ADP
fsr-3306	150	18	1954	1954	NUM
fsr-3306	150	19	.	.	PUNCT
fsr-3306	151	1	table	table	NOUN
fsr-3306	151	2	1	1	NUM
fsr-3306	151	3	provides	provide	VERB
fsr-3306	151	4	specific	specific	ADJ
fsr-3306	151	5	tests	test	NOUN
fsr-3306	151	6	for	for	ADP
fsr-3306	151	7	time	time	NOUN
fsr-3306	151	8	variation	variation	NOUN
fsr-3306	151	9	in	in	ADP
fsr-3306	151	10	the	the	DET
fsr-3306	151	11	multiplier	multiplier	NOUN
fsr-3306	151	12	and	and	CCONJ
fsr-3306	151	13	for	for	ADP
fsr-3306	151	14	the	the	DET
fsr-3306	151	15	time	time	NOUN
fsr-3306	151	16	series	series	NOUN
fsr-3306	151	17	properties	property	NOUN
fsr-3306	151	18	of	of	ADP
fsr-3306	151	19	the	the	DET
fsr-3306	151	20	varying	vary	VERB
fsr-3306	151	21	coefficients	coefficient	NOUN
fsr-3306	151	22	(	(	PUNCT
fsr-3306	151	23	multipliers	multiplier	NOUN
fsr-3306	151	24	)	)	PUNCT
fsr-3306	151	25	.	.	PUNCT
fsr-3306	152	1	the	the	DET
fsr-3306	152	2	test	test	NOUN
fsr-3306	152	3	uses	use	VERB
fsr-3306	152	4	shiller	shiller	PROPN
fsr-3306	152	5	’s	’s	PART
fsr-3306	152	6	data	datum	NOUN
fsr-3306	152	7	for	for	ADP
fsr-3306	152	8	the	the	DET
fsr-3306	152	9	period	period	NOUN
fsr-3306	152	10	from	from	ADP
fsr-3306	152	11	1988	1988	NUM
fsr-3306	152	12	through	through	ADP
fsr-3306	152	13	2011	2011	NUM
fsr-3306	152	14	,	,	PUNCT
fsr-3306	152	15	leading	lead	VERB
fsr-3306	152	16	up	up	ADP
fsr-3306	152	17	to	to	ADP
fsr-3306	152	18	our	our	PRON
fsr-3306	152	19	holdout	holdout	NOUN
fsr-3306	152	20	investment	investment	NOUN
fsr-3306	152	21	period	period	NOUN
fsr-3306	152	22	.	.	PUNCT
fsr-3306	153	1	the	the	DET
fsr-3306	153	2	choice	choice	NOUN
fsr-3306	153	3	of	of	ADP
fsr-3306	153	4	the	the	DET
fsr-3306	153	5	test	test	NOUN
fsr-3306	153	6	period	period	NOUN
fsr-3306	153	7	focused	focus	VERB
fsr-3306	153	8	on	on	ADP
fsr-3306	153	9	modern	modern	ADJ
fsr-3306	153	10	markets	market	NOUN
fsr-3306	153	11	while	while	SCONJ
fsr-3306	153	12	still	still	ADV
fsr-3306	153	13	allowing	allow	VERB
fsr-3306	153	14	for	for	ADP
fsr-3306	153	15	a	a	DET
fsr-3306	153	16	long	long	ADJ
fsr-3306	153	17	time	time	NOUN
fsr-3306	153	18	span	span	NOUN
fsr-3306	153	19	.	.	PUNCT
fsr-3306	154	1	four	four	NUM
fsr-3306	154	2	different	different	ADJ
fsr-3306	154	3	models	model	NOUN
fsr-3306	154	4	of	of	ADP
fsr-3306	154	5	the	the	DET
fsr-3306	154	6	time	time	NOUN
fsr-3306	154	7	series	series	NOUN
fsr-3306	154	8	for	for	ADP
fsr-3306	154	9	the	the	DET
fsr-3306	154	10	multiplier	multipli	ADJ
fsr-3306	154	11	(	(	PUNCT
fsr-3306	154	12	�	�	NOUN
fsr-3306	154	13	t	t	PRON
fsr-3306	154	14	)	)	PUNCT
fsr-3306	154	15	appear	appear	VERB
fsr-3306	154	16	in	in	ADP
fsr-3306	154	17	the	the	DET
fsr-3306	154	18	table	table	NOUN
fsr-3306	154	19	to	to	PART
fsr-3306	154	20	include	include	VERB
fsr-3306	154	21	constant	constant	ADJ
fsr-3306	154	22	coefficient	coefficient	NOUN
fsr-3306	154	23	,	,	PUNCT
fsr-3306	154	24	random	random	ADJ
fsr-3306	154	25	variable	variable	NOUN
fsr-3306	154	26	,	,	PUNCT
fsr-3306	154	27	autoregressive	autoregressive	ADJ
fsr-3306	154	28	,	,	PUNCT
fsr-3306	154	29	and	and	CCONJ
fsr-3306	154	30	random	random	ADJ
fsr-3306	154	31	walk	walk	NOUN
fsr-3306	154	32	specifications	specification	NOUN
fsr-3306	154	33	.	.	PUNCT
fsr-3306	155	1	the	the	DET
fsr-3306	155	2	�	�	PROPN
fsr-3306	155	3	2	2	NUM
fsr-3306	155	4	test	test	NOUN
fsr-3306	155	5	statistic	statistic	NOUN
fsr-3306	155	6	in	in	ADP
fsr-3306	155	7	the	the	DET
fsr-3306	155	8	second	second	ADJ
fsr-3306	155	9	column	column	NOUN
fsr-3306	155	10	of	of	ADP
fsr-3306	155	11	table	table	NOUN
fsr-3306	155	12	1	1	NUM
fsr-3306	155	13	offers	offer	VERB
fsr-3306	155	14	a	a	DET
fsr-3306	155	15	test	test	NOUN
fsr-3306	155	16	for	for	ADP
fsr-3306	155	17	time	time	NOUN
fsr-3306	155	18	varying	vary	VERB
fsr-3306	155	19	coefficients	coefficient	NOUN
fsr-3306	155	20	,	,	PUNCT
fsr-3306	155	21	based	base	VERB
fsr-3306	155	22	on	on	ADP
fsr-3306	155	23	the	the	DET
fsr-3306	155	24	value	value	NOUN
fsr-3306	155	25	of	of	ADP
fsr-3306	155	26	the	the	DET
fsr-3306	155	27	standard	standard	ADJ
fsr-3306	155	28	error	error	NOUN
fsr-3306	155	29	(	(	PUNCT
fsr-3306	155	30	�	�	NOUN
fsr-3306	155	31	)	)	PUNCT
fsr-3306	155	32	in	in	ADP
fsr-3306	155	33	eq	eq	ADP
fsr-3306	155	34	.	.	PUNCT
fsr-3306	156	1	(	(	PUNCT
fsr-3306	156	2	4	4	NUM
fsr-3306	156	3	)	)	PUNCT
fsr-3306	156	4	.	.	PUNCT
fsr-3306	157	1	a	a	DET
fsr-3306	157	2	statistically	statistically	ADV
fsr-3306	157	3	significant	significant	ADJ
fsr-3306	157	4	�	�	NOUN
fsr-3306	157	5	2	2	NUM
fsr-3306	157	6	value	value	NOUN
fsr-3306	157	7	supports	support	VERB
fsr-3306	157	8	rejection	rejection	NOUN
fsr-3306	157	9	of	of	ADP
fsr-3306	157	10	the	the	DET
fsr-3306	157	11	hypothesis	hypothesis	NOUN
fsr-3306	157	12	that	that	PRON
fsr-3306	157	13	the	the	DET
fsr-3306	157	14	standard	standard	ADJ
fsr-3306	157	15	error	error	NOUN
fsr-3306	157	16	is	be	AUX
fsr-3306	157	17	zero	zero	NUM
fsr-3306	157	18	and	and	CCONJ
fsr-3306	157	19	the	the	DET
fsr-3306	157	20	coefficient	coefficient	NOUN
fsr-3306	157	21	(	(	PUNCT
fsr-3306	157	22	�	�	NOUN
fsr-3306	157	23	t	t	PROPN
fsr-3306	157	24	)	)	PUNCT
fsr-3306	157	25	is	be	AUX
fsr-3306	157	26	fig	fig	NOUN
fsr-3306	157	27	.	.	PUNCT
fsr-3306	158	1	1	1	X
fsr-3306	158	2	.	.	X
fsr-3306	158	3	kalman	kalman	NOUN
fsr-3306	158	4	filter	filter	NOUN
fsr-3306	158	5	estimates	estimate	NOUN
fsr-3306	158	6	of	of	ADP
fsr-3306	158	7	the	the	DET
fsr-3306	158	8	fed	fed	PROPN
fsr-3306	158	9	multiplier	multiplier	ADV
fsr-3306	158	10	(	(	PUNCT
fsr-3306	158	11	�	�	PROPN
fsr-3306	158	12	t	t	PROPN
fsr-3306	158	13	�	�	PROPN
fsr-3306	158	14	1	1	NUM
fsr-3306	158	15	,	,	PUNCT
fsr-3306	158	16	t	t	PROPN
fsr-3306	158	17	)	)	PUNCT
fsr-3306	158	18	and	and	CCONJ
fsr-3306	158	19	the	the	DET
fsr-3306	158	20	95	95	NUM
fsr-3306	158	21	%	%	NOUN
fsr-3306	158	22	confidence	confidence	NOUN
fsr-3306	158	23	interval	interval	NOUN
fsr-3306	158	24	(	(	PUNCT
fsr-3306	158	25	�	�	PROPN
fsr-3306	158	26	t	t	PROPN
fsr-3306	158	27	�	�	PROPN
fsr-3306	158	28	1	1	NUM
fsr-3306	158	29	,	,	PUNCT
fsr-3306	158	30	t	t	PROPN
fsr-3306	158	31	�	�	PROPN
fsr-3306	158	32	2	2	NUM
fsr-3306	158	33	rmse	rmse	NOUN
fsr-3306	158	34	)	)	PUNCT
fsr-3306	158	35	using	use	VERB
fsr-3306	158	36	shiller	shiller	PROPN
fsr-3306	158	37	’s	’s	PART
fsr-3306	158	38	data	datum	NOUN
fsr-3306	158	39	from	from	ADP
fsr-3306	158	40	1871	1871	NUM
fsr-3306	158	41	through	through	ADP
fsr-3306	158	42	2011	2011	NUM
fsr-3306	158	43	.	.	PUNCT
fsr-3306	159	1	notes	note	VERB
fsr-3306	159	2	:	:	PUNCT
fsr-3306	159	3	y	y	PROPN
fsr-3306	159	4	the	the	DET
fsr-3306	159	5	dark	dark	ADJ
fsr-3306	159	6	arrow	arrow	NOUN
fsr-3306	159	7	represents	represent	VERB
fsr-3306	159	8	a	a	DET
fsr-3306	159	9	multiplier	multipli	ADJ
fsr-3306	159	10	value	value	NOUN
fsr-3306	159	11	of	of	ADP
fsr-3306	159	12	1	1	NUM
fsr-3306	159	13	,	,	PUNCT
fsr-3306	159	14	consistent	consistent	ADJ
fsr-3306	159	15	with	with	ADP
fsr-3306	159	16	the	the	DET
fsr-3306	159	17	strict	strict	ADJ
fsr-3306	159	18	version	version	NOUN
fsr-3306	159	19	of	of	ADP
fsr-3306	159	20	the	the	DET
fsr-3306	159	21	fed	fed	PROPN
fsr-3306	159	22	model	model	NOUN
fsr-3306	159	23	.	.	PUNCT
fsr-3306	160	1	y	y	PROPN
fsr-3306	160	2	the	the	DET
fsr-3306	160	3	strict	strict	ADJ
fsr-3306	160	4	form	form	NOUN
fsr-3306	160	5	of	of	ADP
fsr-3306	160	6	the	the	DET
fsr-3306	160	7	fed	fed	PROPN
fsr-3306	160	8	model	model	NOUN
fsr-3306	160	9	multiplier	multiplier	ADV
fsr-3306	160	10	(	(	PUNCT
fsr-3306	160	11	�	�	PROPN
fsr-3306	160	12	�	�	PROPN
fsr-3306	160	13	1	1	NUM
fsr-3306	160	14	)	)	PUNCT
fsr-3306	160	15	is	be	AUX
fsr-3306	160	16	contained	contain	VERB
fsr-3306	160	17	in	in	ADP
fsr-3306	160	18	the	the	DET
fsr-3306	160	19	95	95	NUM
fsr-3306	160	20	%	%	NOUN
fsr-3306	160	21	confidence	confidence	NOUN
fsr-3306	160	22	interval	interval	NOUN
fsr-3306	160	23	throughout	throughout	ADP
fsr-3306	160	24	the	the	DET
fsr-3306	160	25	long	long	ADJ
fsr-3306	160	26	history	history	NOUN
fsr-3306	160	27	of	of	ADP
fsr-3306	160	28	the	the	DET
fsr-3306	160	29	shiller	shiller	PROPN
fsr-3306	160	30	data	data	VERB
fsr-3306	160	31	up	up	ADP
fsr-3306	160	32	to	to	ADP
fsr-3306	160	33	the	the	DET
fsr-3306	160	34	investment	investment	NOUN
fsr-3306	160	35	holdout	holdout	NOUN
fsr-3306	160	36	period	period	NOUN
fsr-3306	160	37	.	.	PUNCT
fsr-3306	161	1	the	the	DET
fsr-3306	161	2	rmse	rmse	PROPN
fsr-3306	161	3	notation	notation	NOUN
fsr-3306	161	4	represents	represent	VERB
fsr-3306	161	5	the	the	DET
fsr-3306	161	6	root	root	NOUN
fsr-3306	161	7	mean	mean	ADJ
fsr-3306	161	8	square	square	ADJ
fsr-3306	161	9	error	error	NOUN
fsr-3306	161	10	.	.	PUNCT
fsr-3306	162	1	y	y	PROPN
fsr-3306	162	2	the	the	DET
fsr-3306	162	3	vertical	vertical	ADJ
fsr-3306	162	4	lines	line	NOUN
fsr-3306	162	5	represent	represent	VERB
fsr-3306	162	6	the	the	DET
fsr-3306	162	7	period	period	NOUN
fsr-3306	162	8	from	from	ADP
fsr-3306	162	9	1912	1912	NUM
fsr-3306	162	10	to	to	ADP
fsr-3306	162	11	1954	1954	NUM
fsr-3306	162	12	where	where	SCONJ
fsr-3306	162	13	the	the	DET
fsr-3306	162	14	multipliers	multiplier	NOUN
fsr-3306	162	15	were	be	AUX
fsr-3306	162	16	higher	high	ADJ
fsr-3306	162	17	and	and	CCONJ
fsr-3306	162	18	more	more	ADV
fsr-3306	162	19	volatile	volatile	ADJ
fsr-3306	162	20	.	.	PUNCT
fsr-3306	163	1	this	this	DET
fsr-3306	163	2	period	period	NOUN
fsr-3306	163	3	contains	contain	VERB
fsr-3306	163	4	the	the	DET
fsr-3306	163	5	great	great	ADJ
fsr-3306	163	6	depression	depression	NOUN
fsr-3306	163	7	,	,	PUNCT
fsr-3306	163	8	two	two	NUM
fsr-3306	163	9	world	world	NOUN
fsr-3306	163	10	wars	war	NOUN
fsr-3306	163	11	,	,	PUNCT
fsr-3306	163	12	and	and	CCONJ
fsr-3306	163	13	the	the	DET
fsr-3306	163	14	korean	korean	PROPN
fsr-3306	163	15	war	war	PROPN
fsr-3306	163	16	.	.	PUNCT
fsr-3306	164	1	173j.m	173j.m	X
fsr-3306	164	2	.	.	PUNCT
fsr-3306	164	3	clinebell	clinebell	PROPN
fsr-3306	164	4	et	et	PROPN
fsr-3306	164	5	al	al	PROPN
fsr-3306	164	6	.	.	PUNCT
fsr-3306	164	7	/	/	SYM
fsr-3306	164	8	financial	financial	ADJ
fsr-3306	164	9	services	service	NOUN
fsr-3306	164	10	review	review	VERB
fsr-3306	164	11	26	26	NUM
fsr-3306	164	12	(	(	PUNCT
fsr-3306	164	13	2017	2017	NUM
fsr-3306	164	14	)	)	PUNCT
fsr-3306	164	15	167–180	167–180	NUM
fsr-3306	164	16	a	a	DET
fsr-3306	164	17	constant	constant	ADJ
fsr-3306	164	18	in	in	ADP
fsr-3306	164	19	eq	eq	ADP
fsr-3306	164	20	.	.	PUNCT
fsr-3306	165	1	(	(	PUNCT
fsr-3306	165	2	3	3	NUM
fsr-3306	165	3	)	)	PUNCT
fsr-3306	165	4	.	.	PUNCT
fsr-3306	166	1	the	the	DET
fsr-3306	166	2	�	�	PROPN
fsr-3306	166	3	2	2	NUM
fsr-3306	166	4	values	value	NOUN
fsr-3306	166	5	rest	rest	VERB
fsr-3306	166	6	on	on	ADP
fsr-3306	166	7	differences	difference	NOUN
fsr-3306	166	8	in	in	ADP
fsr-3306	166	9	the	the	DET
fsr-3306	166	10	log	log	NOUN
fsr-3306	166	11	likelihood	likelihood	NOUN
fsr-3306	166	12	values	value	NOUN
fsr-3306	166	13	of	of	ADP
fsr-3306	166	14	a	a	DET
fsr-3306	166	15	constant	constant	ADJ
fsr-3306	166	16	coefficient	coefficient	NOUN
fsr-3306	166	17	specification	specification	NOUN
fsr-3306	166	18	in	in	ADP
fsr-3306	166	19	eq	eq	ADP
fsr-3306	166	20	.	.	PUNCT
fsr-3306	167	1	(	(	PUNCT
fsr-3306	167	2	4	4	NUM
fsr-3306	167	3	)	)	PUNCT
fsr-3306	167	4	versus	versus	ADP
fsr-3306	167	5	a	a	DET
fsr-3306	167	6	time	time	NOUN
fsr-3306	167	7	varying	vary	VERB
fsr-3306	167	8	specification	specification	NOUN
fsr-3306	167	9	.	.	PUNCT
fsr-3306	168	1	for	for	ADP
fsr-3306	168	2	every	every	DET
fsr-3306	168	3	alternative	alternative	ADJ
fsr-3306	168	4	time	time	NOUN
fsr-3306	168	5	varying	vary	VERB
fsr-3306	168	6	model	model	NOUN
fsr-3306	168	7	,	,	PUNCT
fsr-3306	168	8	the	the	DET
fsr-3306	168	9	�	�	PROPN
fsr-3306	168	10	2	2	NUM
fsr-3306	168	11	statistic	statistic	NOUN
fsr-3306	168	12	is	be	AUX
fsr-3306	168	13	highly	highly	ADV
fsr-3306	168	14	significant	significant	ADJ
fsr-3306	168	15	,	,	PUNCT
fsr-3306	168	16	supporting	support	VERB
fsr-3306	168	17	rejection	rejection	NOUN
fsr-3306	168	18	of	of	ADP
fsr-3306	168	19	the	the	DET
fsr-3306	168	20	hypothesis	hypothesis	NOUN
fsr-3306	168	21	of	of	ADP
fsr-3306	168	22	a	a	DET
fsr-3306	168	23	constant	constant	ADJ
fsr-3306	168	24	coefficient	coefficient	NOUN
fsr-3306	168	25	(	(	PUNCT
fsr-3306	168	26	multiplier	multiplier	NOUN
fsr-3306	168	27	)	)	PUNCT
fsr-3306	168	28	.	.	PUNCT
fsr-3306	169	1	both	both	CCONJ
fsr-3306	169	2	the	the	DET
fsr-3306	169	3	log	log	NOUN
fsr-3306	169	4	likelihood	likelihood	NOUN
fsr-3306	169	5	values	value	NOUN
fsr-3306	169	6	and	and	CCONJ
fsr-3306	169	7	akaike	akaike	ADJ
fsr-3306	169	8	(	(	PUNCT
fsr-3306	169	9	1974	1974	NUM
fsr-3306	169	10	)	)	PUNCT
fsr-3306	169	11	goodness	goodness	NOUN
fsr-3306	169	12	of	of	ADP
fsr-3306	169	13	fit	fit	ADJ
fsr-3306	169	14	measures	measure	NOUN
fsr-3306	169	15	in	in	ADP
fsr-3306	169	16	table	table	NOUN
fsr-3306	169	17	1	1	NUM
fsr-3306	169	18	support	support	NOUN
fsr-3306	169	19	a	a	DET
fsr-3306	169	20	kalman	kalman	NOUN
fsr-3306	169	21	filter	filter	NOUN
fsr-3306	169	22	model	model	NOUN
fsr-3306	169	23	where	where	SCONJ
fsr-3306	169	24	the	the	DET
fsr-3306	169	25	next	next	ADJ
fsr-3306	169	26	month	month	NOUN
fsr-3306	169	27	’s	’s	PART
fsr-3306	169	28	expected	expect	VERB
fsr-3306	169	29	multiplier	multipli	ADJ
fsr-3306	169	30	is	be	AUX
fsr-3306	169	31	equal	equal	ADJ
fsr-3306	169	32	to	to	ADP
fsr-3306	169	33	the	the	DET
fsr-3306	169	34	last	last	ADJ
fsr-3306	169	35	month	month	NOUN
fsr-3306	169	36	’s	’s	PART
fsr-3306	169	37	multiplier	multipli	ADJ
fsr-3306	169	38	.	.	PUNCT
fsr-3306	170	1	because	because	SCONJ
fsr-3306	170	2	the	the	DET
fsr-3306	170	3	random	random	ADJ
fsr-3306	170	4	variable	variable	ADJ
fsr-3306	170	5	model	model	NOUN
fsr-3306	170	6	also	also	ADV
fsr-3306	170	7	provides	provide	VERB
fsr-3306	170	8	a	a	DET
fsr-3306	170	9	good	good	ADJ
fsr-3306	170	10	fit	fit	NOUN
fsr-3306	170	11	,	,	PUNCT
fsr-3306	170	12	the	the	DET
fsr-3306	170	13	average	average	ADJ
fsr-3306	170	14	multiplier	multiplier	NOUN
fsr-3306	170	15	is	be	AUX
fsr-3306	170	16	also	also	ADV
fsr-3306	170	17	close	close	ADJ
fsr-3306	170	18	to	to	ADP
fsr-3306	170	19	the	the	DET
fsr-3306	170	20	best	good	ADJ
fsr-3306	170	21	estimate	estimate	NOUN
fsr-3306	170	22	.	.	PUNCT
fsr-3306	171	1	the	the	DET
fsr-3306	171	2	goodness	goodness	NOUN
fsr-3306	171	3	of	of	ADP
fsr-3306	171	4	fit	fit	ADJ
fsr-3306	171	5	results	result	NOUN
fsr-3306	171	6	suggest	suggest	VERB
fsr-3306	171	7	that	that	SCONJ
fsr-3306	171	8	the	the	DET
fsr-3306	171	9	last	last	ADJ
fsr-3306	171	10	observed	observed	ADJ
fsr-3306	171	11	multipliers	multiplier	NOUN
fsr-3306	171	12	remain	remain	VERB
fsr-3306	171	13	close	close	ADJ
fsr-3306	171	14	to	to	ADP
fsr-3306	171	15	the	the	DET
fsr-3306	171	16	long	long	ADJ
fsr-3306	171	17	run	run	NOUN
fsr-3306	171	18	mean	mean	VERB
fsr-3306	171	19	multiplier	multiplier	ADV
fsr-3306	171	20	,	,	PUNCT
fsr-3306	171	21	but	but	CCONJ
fsr-3306	171	22	the	the	DET
fsr-3306	171	23	multiplier	multipli	ADJ
fsr-3306	171	24	is	be	AUX
fsr-3306	171	25	not	not	PART
fsr-3306	171	26	a	a	DET
fsr-3306	171	27	constant	constant	ADJ
fsr-3306	171	28	.	.	PUNCT
fsr-3306	172	1	fig	fig	NOUN
fsr-3306	172	2	.	.	PUNCT
fsr-3306	173	1	2	2	NUM
fsr-3306	173	2	shows	show	VERB
fsr-3306	173	3	the	the	DET
fsr-3306	173	4	estimated	estimate	VERB
fsr-3306	173	5	values	value	NOUN
fsr-3306	173	6	of	of	ADP
fsr-3306	173	7	the	the	DET
fsr-3306	173	8	fed	fed	PROPN
fsr-3306	173	9	multiplier	multiplier	ADV
fsr-3306	173	10	using	use	VERB
fsr-3306	173	11	the	the	DET
fsr-3306	173	12	kalman	kalman	NOUN
fsr-3306	173	13	filter	filter	NOUN
fsr-3306	173	14	over	over	ADP
fsr-3306	173	15	the	the	DET
fsr-3306	173	16	test	test	NOUN
fsr-3306	173	17	period	period	NOUN
fsr-3306	173	18	from	from	ADP
fsr-3306	173	19	1988	1988	NUM
fsr-3306	173	20	through	through	ADP
fsr-3306	173	21	2011	2011	NUM
fsr-3306	173	22	.	.	PUNCT
fsr-3306	174	1	the	the	DET
fsr-3306	174	2	multiplier	multipli	ADJ
fsr-3306	174	3	is	be	AUX
fsr-3306	174	4	time	time	NOUN
fsr-3306	174	5	varying	vary	VERB
fsr-3306	174	6	but	but	CCONJ
fsr-3306	174	7	does	do	AUX
fsr-3306	174	8	not	not	PART
fsr-3306	174	9	stray	stray	VERB
fsr-3306	174	10	far	far	ADV
fsr-3306	174	11	from	from	ADP
fsr-3306	174	12	one	one	NUM
fsr-3306	174	13	,	,	PUNCT
fsr-3306	174	14	ranging	range	VERB
fsr-3306	174	15	from	from	ADP
fsr-3306	174	16	a	a	DET
fsr-3306	174	17	high	high	NOUN
fsr-3306	174	18	of	of	ADP
fsr-3306	174	19	1.1	1.1	NUM
fsr-3306	174	20	to	to	ADP
fsr-3306	174	21	a	a	DET
fsr-3306	174	22	low	low	NOUN
fsr-3306	174	23	of	of	ADP
fsr-3306	174	24	just	just	ADV
fsr-3306	174	25	over	over	ADP
fsr-3306	174	26	0.85	0.85	NUM
fsr-3306	174	27	.	.	PUNCT
fsr-3306	175	1	the	the	DET
fsr-3306	175	2	combined	combine	VERB
fsr-3306	175	3	findings	finding	NOUN
fsr-3306	175	4	of	of	ADP
fsr-3306	175	5	fig	fig	NOUN
fsr-3306	175	6	.	.	PUNCT
fsr-3306	176	1	1	1	NUM
fsr-3306	176	2	,	,	PUNCT
fsr-3306	176	3	table	table	NOUN
fsr-3306	176	4	1	1	NUM
fsr-3306	176	5	,	,	PUNCT
fsr-3306	176	6	and	and	CCONJ
fsr-3306	176	7	table	table	NOUN
fsr-3306	176	8	2	2	NUM
fsr-3306	176	9	support	support	NOUN
fsr-3306	176	10	a	a	DET
fsr-3306	176	11	stable	stable	ADJ
fsr-3306	176	12	,	,	PUNCT
fsr-3306	176	13	but	but	CCONJ
fsr-3306	176	14	not	not	PART
fsr-3306	176	15	constant	constant	ADJ
fsr-3306	176	16	multiplier	multiplier	ADV
fsr-3306	176	17	in	in	ADP
fsr-3306	176	18	the	the	DET
fsr-3306	176	19	24	24	NUM
fsr-3306	176	20	years	year	NOUN
fsr-3306	176	21	leading	lead	VERB
fsr-3306	176	22	up	up	ADP
fsr-3306	176	23	to	to	ADP
fsr-3306	176	24	our	our	PRON
fsr-3306	176	25	investment	investment	NOUN
fsr-3306	176	26	holdout	holdout	NOUN
fsr-3306	176	27	period	period	NOUN
fsr-3306	176	28	.	.	PUNCT
fsr-3306	177	1	the	the	DET
fsr-3306	177	2	best	good	ADJ
fsr-3306	177	3	estimate	estimate	NOUN
fsr-3306	177	4	of	of	ADP
fsr-3306	177	5	the	the	DET
fsr-3306	177	6	next	next	ADJ
fsr-3306	177	7	period	period	NOUN
fsr-3306	177	8	’s	’s	PART
fsr-3306	177	9	multiplier	multipli	ADJ
fsr-3306	177	10	table	table	NOUN
fsr-3306	177	11	1	1	NUM
fsr-3306	177	12	test	test	NOUN
fsr-3306	177	13	results	result	NOUN
fsr-3306	177	14	for	for	ADP
fsr-3306	177	15	alternative	alternative	ADJ
fsr-3306	177	16	time	time	NOUN
fsr-3306	177	17	varying	vary	VERB
fsr-3306	177	18	kalman	kalman	PROPN
fsr-3306	177	19	filter	filter	NOUN
fsr-3306	177	20	coefficient	coefficient	NOUN
fsr-3306	177	21	models	model	NOUN
fsr-3306	177	22	using	use	VERB
fsr-3306	177	23	shiller	shiller	PROPN
fsr-3306	177	24	’s	’s	PART
fsr-3306	177	25	data	datum	NOUN
fsr-3306	177	26	from	from	ADP
fsr-3306	177	27	january	january	PROPN
fsr-3306	177	28	1988	1988	NUM
fsr-3306	177	29	through	through	ADP
fsr-3306	177	30	2011	2011	NUM
fsr-3306	177	31	coefficient	coefficient	PROPN
fsr-3306	177	32	test	test	NOUN
fsr-3306	177	33	model	model	NOUN
fsr-3306	177	34	�	�	PROPN
fsr-3306	177	35	2	2	NUM
fsr-3306	177	36	�	�	PROPN
fsr-3306	177	37	2(llconstant	2(llconstant	NUM
fsr-3306	177	38	�	�	PROPN
fsr-3306	177	39	llvariable	llvariable	ADJ
fsr-3306	177	40	)	)	PUNCT
fsr-3306	177	41	log	log	NOUN
fsr-3306	177	42	likelihood	likelihood	NOUN
fsr-3306	177	43	(	(	PUNCT
fsr-3306	177	44	ll	ll	NOUN
fsr-3306	177	45	)	)	PUNCT
fsr-3306	177	46	akaike	akaike	ADJ
fsr-3306	177	47	criterion	criterion	NOUN
fsr-3306	177	48	constant	constant	ADJ
fsr-3306	177	49	n	n	CCONJ
fsr-3306	177	50	/	/	SYM
fsr-3306	177	51	a	a	DET
fsr-3306	177	52	n	n	NOUN
fsr-3306	177	53	/	/	SYM
fsr-3306	177	54	a	a	PRON
fsr-3306	177	55	n	n	NOUN
fsr-3306	177	56	/	/	SYM
fsr-3306	177	57	a	a	DET
fsr-3306	177	58	random	random	ADJ
fsr-3306	177	59	variable	variable	ADJ
fsr-3306	177	60	2,516a	2,516a	NUM
fsr-3306	177	61	�	�	NOUN
fsr-3306	177	62	5,986b	5,986b	NUM
fsr-3306	177	63	7.088c	7.088c	NUM
fsr-3306	177	64	autoregressive	autoregressive	ADJ
fsr-3306	177	65	17,542a	17,542a	NUM
fsr-3306	177	66	�	�	PROPN
fsr-3306	177	67	13,499	13,499	NUM
fsr-3306	177	68	15.985	15.985	NUM
fsr-3306	177	69	random	random	ADJ
fsr-3306	177	70	walk	walk	NOUN
fsr-3306	177	71	2,030a	2,030a	NUM
fsr-3306	177	72	�	�	PROPN
fsr-3306	177	73	5,743b	5,743b	NUM
fsr-3306	177	74	6.801c	6.801c	NUM
fsr-3306	177	75	notes	note	NOUN
fsr-3306	177	76	:	:	PUNCT
fsr-3306	177	77	athe	athe	PROPN
fsr-3306	177	78	�	�	PROPN
fsr-3306	177	79	2	2	NUM
fsr-3306	177	80	statistic	statistic	NOUN
fsr-3306	177	81	is	be	AUX
fsr-3306	177	82	significant	significant	ADJ
fsr-3306	177	83	at	at	ADP
fsr-3306	177	84	the	the	DET
fsr-3306	177	85	0.001	0.001	NUM
fsr-3306	177	86	level	level	NOUN
fsr-3306	177	87	,	,	PUNCT
fsr-3306	177	88	supporting	support	VERB
fsr-3306	177	89	rejection	rejection	NOUN
fsr-3306	177	90	of	of	ADP
fsr-3306	177	91	the	the	DET
fsr-3306	177	92	constant	constant	ADJ
fsr-3306	177	93	coefficient	coefficient	NOUN
fsr-3306	177	94	specifications	specification	NOUN
fsr-3306	177	95	.	.	PUNCT
fsr-3306	178	1	bthe	bthe	DET
fsr-3306	178	2	higher	high	ADJ
fsr-3306	178	3	log	log	NOUN
fsr-3306	178	4	-	-	PUNCT
fsr-3306	178	5	likelihood	likelihood	NOUN
fsr-3306	178	6	value	value	NOUN
fsr-3306	178	7	corresponds	correspond	VERB
fsr-3306	178	8	to	to	ADP
fsr-3306	178	9	the	the	DET
fsr-3306	178	10	model	model	NOUN
fsr-3306	178	11	with	with	ADP
fsr-3306	178	12	the	the	DET
fsr-3306	178	13	best	good	ADJ
fsr-3306	178	14	fit	fit	NOUN
fsr-3306	178	15	to	to	ADP
fsr-3306	178	16	the	the	DET
fsr-3306	178	17	data	datum	NOUN
fsr-3306	178	18	.	.	PUNCT
fsr-3306	179	1	the	the	DET
fsr-3306	179	2	random	random	ADJ
fsr-3306	179	3	walk	walk	NOUN
fsr-3306	179	4	offers	offer	VERB
fsr-3306	179	5	the	the	DET
fsr-3306	179	6	best	good	ADJ
fsr-3306	179	7	fit	fit	ADJ
fsr-3306	179	8	but	but	CCONJ
fsr-3306	179	9	the	the	DET
fsr-3306	179	10	random	random	ADJ
fsr-3306	179	11	variable	variable	ADJ
fsr-3306	179	12	model	model	NOUN
fsr-3306	179	13	is	be	AUX
fsr-3306	179	14	a	a	DET
fsr-3306	179	15	close	close	ADJ
fsr-3306	179	16	second	second	NOUN
fsr-3306	179	17	.	.	PUNCT
fsr-3306	180	1	cthe	cthe	ADJ
fsr-3306	180	2	lowest	low	ADJ
fsr-3306	180	3	akaike	akaike	ADJ
fsr-3306	180	4	value	value	NOUN
fsr-3306	180	5	corresponds	correspond	VERB
fsr-3306	180	6	to	to	ADP
fsr-3306	180	7	the	the	DET
fsr-3306	180	8	model	model	NOUN
fsr-3306	180	9	with	with	ADP
fsr-3306	180	10	the	the	DET
fsr-3306	180	11	best	good	ADJ
fsr-3306	180	12	fit	fit	NOUN
fsr-3306	180	13	to	to	ADP
fsr-3306	180	14	the	the	DET
fsr-3306	180	15	data	datum	NOUN
fsr-3306	180	16	.	.	PUNCT
fsr-3306	181	1	the	the	DET
fsr-3306	181	2	random	random	ADJ
fsr-3306	181	3	walk	walk	NOUN
fsr-3306	181	4	is	be	AUX
fsr-3306	181	5	the	the	DET
fsr-3306	181	6	best	good	ADJ
fsr-3306	181	7	fit	fit	ADJ
fsr-3306	181	8	but	but	CCONJ
fsr-3306	181	9	the	the	DET
fsr-3306	181	10	random	random	ADJ
fsr-3306	181	11	variable	variable	NOUN
fsr-3306	181	12	is	be	AUX
fsr-3306	181	13	again	again	ADV
fsr-3306	181	14	a	a	DET
fsr-3306	181	15	close	close	ADJ
fsr-3306	181	16	second	second	ADJ
fsr-3306	181	17	.	.	PUNCT
fsr-3306	182	1	fig	fig	NOUN
fsr-3306	182	2	.	.	PUNCT
fsr-3306	183	1	2	2	X
fsr-3306	183	2	.	.	X
fsr-3306	183	3	test	test	NOUN
fsr-3306	183	4	period	period	NOUN
fsr-3306	183	5	estimates	estimate	NOUN
fsr-3306	183	6	of	of	ADP
fsr-3306	183	7	the	the	DET
fsr-3306	183	8	fed	fed	PROPN
fsr-3306	183	9	multiplier	multiplier	ADV
fsr-3306	183	10	(	(	PUNCT
fsr-3306	183	11	1988	1988	NUM
fsr-3306	183	12	through	through	ADP
fsr-3306	183	13	2011	2011	NUM
fsr-3306	183	14	period	period	NOUN
fsr-3306	183	15	)	)	PUNCT
fsr-3306	183	16	.	.	PUNCT
fsr-3306	184	1	174	174	NUM
fsr-3306	184	2	j.m	j.m	PROPN
fsr-3306	184	3	.	.	PROPN
fsr-3306	184	4	clinebell	clinebell	PROPN
fsr-3306	184	5	et	et	PROPN
fsr-3306	184	6	al	al	PROPN
fsr-3306	184	7	.	.	PUNCT
fsr-3306	184	8	/	/	SYM
fsr-3306	184	9	financial	financial	ADJ
fsr-3306	184	10	services	service	NOUN
fsr-3306	184	11	review	review	VERB
fsr-3306	184	12	26	26	NUM
fsr-3306	184	13	(	(	PUNCT
fsr-3306	184	14	2017	2017	NUM
fsr-3306	184	15	)	)	PUNCT
fsr-3306	184	16	167–180	167–180	NUM
fsr-3306	184	17	would	would	AUX
fsr-3306	184	18	be	be	AUX
fsr-3306	184	19	the	the	DET
fsr-3306	184	20	last	last	ADJ
fsr-3306	184	21	observed	observe	VERB
fsr-3306	184	22	multiplier	multiplier	ADV
fsr-3306	184	23	based	base	VERB
fsr-3306	184	24	on	on	ADP
fsr-3306	184	25	these	these	DET
fsr-3306	184	26	findings	finding	NOUN
fsr-3306	184	27	but	but	CCONJ
fsr-3306	184	28	we	we	PRON
fsr-3306	184	29	would	would	AUX
fsr-3306	184	30	not	not	PART
fsr-3306	184	31	expect	expect	VERB
fsr-3306	184	32	it	it	PRON
fsr-3306	184	33	to	to	PART
fsr-3306	184	34	deviate	deviate	VERB
fsr-3306	184	35	more	more	ADJ
fsr-3306	184	36	than	than	ADP
fsr-3306	184	37	0.15	0.15	NUM
fsr-3306	184	38	from	from	ADP
fsr-3306	184	39	one	one	NUM
fsr-3306	184	40	.	.	PUNCT
fsr-3306	185	1	the	the	DET
fsr-3306	185	2	caveat	caveat	NOUN
fsr-3306	185	3	is	be	AUX
fsr-3306	185	4	that	that	SCONJ
fsr-3306	185	5	in	in	ADP
fsr-3306	185	6	fig	fig	NOUN
fsr-3306	185	7	.	.	PUNCT
fsr-3306	186	1	1	1	NUM
fsr-3306	186	2	we	we	PRON
fsr-3306	186	3	see	see	VERB
fsr-3306	186	4	that	that	SCONJ
fsr-3306	186	5	periods	period	NOUN
fsr-3306	186	6	of	of	ADP
fsr-3306	186	7	major	major	ADJ
fsr-3306	186	8	global	global	ADJ
fsr-3306	186	9	disruptions	disruption	NOUN
fsr-3306	186	10	,	,	PUNCT
fsr-3306	186	11	unlike	unlike	ADP
fsr-3306	186	12	anything	anything	PRON
fsr-3306	186	13	we	we	PRON
fsr-3306	186	14	have	have	AUX
fsr-3306	186	15	seen	see	VERB
fsr-3306	186	16	since	since	SCONJ
fsr-3306	186	17	the	the	DET
fsr-3306	186	18	late	late	ADJ
fsr-3306	186	19	1940s	1940	NOUN
fsr-3306	186	20	and	and	CCONJ
fsr-3306	186	21	early	early	ADJ
fsr-3306	186	22	1950s	1950s	NUM
fsr-3306	186	23	,	,	PUNCT
fsr-3306	186	24	appear	appear	VERB
fsr-3306	186	25	to	to	PART
fsr-3306	186	26	affect	affect	VERB
fsr-3306	186	27	the	the	DET
fsr-3306	186	28	multiplier	multipli	ADJ
fsr-3306	186	29	relationship	relationship	NOUN
fsr-3306	186	30	with	with	ADP
fsr-3306	186	31	equity	equity	NOUN
fsr-3306	186	32	and	and	CCONJ
fsr-3306	186	33	bond	bond	NOUN
fsr-3306	186	34	yields	yield	NOUN
fsr-3306	186	35	.	.	PUNCT
fsr-3306	187	1	6	6	X
fsr-3306	187	2	.	.	X
fsr-3306	187	3	investment	investment	NOUN
fsr-3306	187	4	results	result	NOUN
fsr-3306	187	5	in	in	ADP
fsr-3306	187	6	out	out	ADV
fsr-3306	187	7	-	-	PUNCT
fsr-3306	187	8	of	of	ADP
fsr-3306	187	9	-	-	PUNCT
fsr-3306	187	10	sample	sample	NOUN
fsr-3306	187	11	markets	market	NOUN
fsr-3306	187	12	a	a	DET
fsr-3306	187	13	model	model	NOUN
fsr-3306	187	14	that	that	PRON
fsr-3306	187	15	offers	offer	VERB
fsr-3306	187	16	a	a	DET
fsr-3306	187	17	good	good	ADJ
fsr-3306	187	18	fit	fit	NOUN
fsr-3306	187	19	to	to	ADP
fsr-3306	187	20	the	the	DET
fsr-3306	187	21	data	datum	NOUN
fsr-3306	187	22	in	in	ADP
fsr-3306	187	23	a	a	DET
fsr-3306	187	24	test	test	NOUN
fsr-3306	187	25	period	period	NOUN
fsr-3306	187	26	may	may	AUX
fsr-3306	187	27	offer	offer	VERB
fsr-3306	187	28	good	good	ADJ
fsr-3306	187	29	investment	investment	NOUN
fsr-3306	187	30	performance	performance	NOUN
fsr-3306	187	31	over	over	ADP
fsr-3306	187	32	that	that	DET
fsr-3306	187	33	same	same	ADJ
fsr-3306	187	34	period	period	NOUN
fsr-3306	187	35	,	,	PUNCT
fsr-3306	187	36	but	but	CCONJ
fsr-3306	187	37	may	may	AUX
fsr-3306	187	38	not	not	PART
fsr-3306	187	39	offer	offer	VERB
fsr-3306	187	40	good	good	ADJ
fsr-3306	187	41	predictions	prediction	NOUN
fsr-3306	187	42	or	or	CCONJ
fsr-3306	187	43	investment	investment	NOUN
fsr-3306	187	44	performance	performance	NOUN
fsr-3306	187	45	in	in	ADP
fsr-3306	187	46	another	another	DET
fsr-3306	187	47	market	market	NOUN
fsr-3306	187	48	period	period	NOUN
fsr-3306	187	49	.	.	PUNCT
fsr-3306	188	1	this	this	PRON
fsr-3306	188	2	is	be	AUX
fsr-3306	188	3	a	a	DET
fsr-3306	188	4	key	key	ADJ
fsr-3306	188	5	criticism	criticism	NOUN
fsr-3306	188	6	of	of	ADP
fsr-3306	188	7	studies	study	NOUN
fsr-3306	188	8	that	that	PRON
fsr-3306	188	9	find	find	VERB
fsr-3306	188	10	a	a	DET
fsr-3306	188	11	predictable	predictable	ADJ
fsr-3306	188	12	relationship	relationship	NOUN
fsr-3306	188	13	over	over	ADP
fsr-3306	188	14	a	a	DET
fsr-3306	188	15	period	period	NOUN
fsr-3306	188	16	and	and	CCONJ
fsr-3306	188	17	then	then	ADV
fsr-3306	188	18	report	report	VERB
fsr-3306	188	19	the	the	DET
fsr-3306	188	20	investment	investment	NOUN
fsr-3306	188	21	performance	performance	NOUN
fsr-3306	188	22	from	from	ADP
fsr-3306	188	23	only	only	ADV
fsr-3306	188	24	that	that	DET
fsr-3306	188	25	period	period	NOUN
fsr-3306	188	26	.	.	PUNCT
fsr-3306	189	1	we	we	PRON
fsr-3306	189	2	first	first	ADV
fsr-3306	189	3	examine	examine	VERB
fsr-3306	189	4	the	the	DET
fsr-3306	189	5	robustness	robustness	NOUN
fsr-3306	189	6	of	of	ADP
fsr-3306	189	7	the	the	DET
fsr-3306	189	8	kalman	kalman	PROPN
fsr-3306	189	9	filter	filter	PROPN
fsr-3306	189	10	test	test	NOUN
fsr-3306	189	11	findings	finding	NOUN
fsr-3306	189	12	from	from	ADP
fsr-3306	189	13	the	the	DET
fsr-3306	189	14	long	long	ADJ
fsr-3306	189	15	run	run	NOUN
fsr-3306	189	16	test	test	NOUN
fsr-3306	189	17	period	period	NOUN
fsr-3306	189	18	in	in	ADP
fsr-3306	189	19	table	table	NOUN
fsr-3306	189	20	1	1	NUM
fsr-3306	189	21	by	by	ADP
fsr-3306	189	22	replicating	replicate	VERB
fsr-3306	189	23	the	the	DET
fsr-3306	189	24	analysis	analysis	NOUN
fsr-3306	189	25	in	in	ADP
fsr-3306	189	26	our	our	PRON
fsr-3306	189	27	investment	investment	NOUN
fsr-3306	189	28	period	period	NOUN
fsr-3306	189	29	from	from	ADP
fsr-3306	189	30	january	january	PROPN
fsr-3306	189	31	2012	2012	NUM
fsr-3306	189	32	through	through	ADP
fsr-3306	189	33	december	december	PROPN
fsr-3306	189	34	2016	2016	NUM
fsr-3306	189	35	using	use	VERB
fsr-3306	189	36	the	the	DET
fsr-3306	189	37	vanguard	vanguard	NOUN
fsr-3306	189	38	mutual	mutual	ADJ
fsr-3306	189	39	fund	fund	NOUN
fsr-3306	189	40	data	datum	NOUN
fsr-3306	189	41	.	.	PUNCT
fsr-3306	190	1	we	we	PRON
fsr-3306	190	2	then	then	ADV
fsr-3306	190	3	test	test	VERB
fsr-3306	190	4	the	the	DET
fsr-3306	190	5	investment	investment	NOUN
fsr-3306	190	6	performance	performance	NOUN
fsr-3306	190	7	of	of	ADP
fsr-3306	190	8	the	the	DET
fsr-3306	190	9	kalman	kalman	NOUN
fsr-3306	190	10	filter	filter	NOUN
fsr-3306	190	11	by	by	ADP
fsr-3306	190	12	creating	create	VERB
fsr-3306	190	13	a	a	DET
fsr-3306	190	14	portfolio	portfolio	NOUN
fsr-3306	190	15	based	base	VERB
fsr-3306	190	16	on	on	ADP
fsr-3306	190	17	switches	switch	NOUN
fsr-3306	190	18	between	between	ADP
fsr-3306	190	19	vanguard	vanguard	NOUN
fsr-3306	190	20	funds	fund	NOUN
fsr-3306	190	21	using	use	VERB
fsr-3306	190	22	estimated	estimate	VERB
fsr-3306	190	23	multipliers	multiplier	NOUN
fsr-3306	190	24	and	and	CCONJ
fsr-3306	190	25	the	the	DET
fsr-3306	190	26	strict	strict	ADJ
fsr-3306	190	27	fed	fed	PROPN
fsr-3306	190	28	model	model	NOUN
fsr-3306	190	29	.	.	PUNCT
fsr-3306	191	1	ultimately	ultimately	ADV
fsr-3306	191	2	,	,	PUNCT
fsr-3306	191	3	the	the	DET
fsr-3306	191	4	issue	issue	NOUN
fsr-3306	191	5	is	be	AUX
fsr-3306	191	6	whether	whether	SCONJ
fsr-3306	191	7	the	the	DET
fsr-3306	191	8	switching	switch	VERB
fsr-3306	191	9	information	information	NOUN
fsr-3306	191	10	from	from	ADP
fsr-3306	191	11	the	the	DET
fsr-3306	191	12	kalman	kalman	PROPN
fsr-3306	191	13	filter	filter	NOUN
fsr-3306	191	14	model	model	NOUN
fsr-3306	191	15	translates	translate	VERB
fsr-3306	191	16	into	into	ADP
fsr-3306	191	17	better	well	ADJ
fsr-3306	191	18	investment	investment	NOUN
fsr-3306	191	19	performance	performance	NOUN
fsr-3306	191	20	than	than	ADP
fsr-3306	191	21	buying	buy	VERB
fsr-3306	191	22	and	and	CCONJ
fsr-3306	191	23	holding	hold	VERB
fsr-3306	191	24	either	either	CCONJ
fsr-3306	191	25	the	the	DET
fsr-3306	191	26	vanguard	vanguard	PROPN
fsr-3306	191	27	equity	equity	NOUN
fsr-3306	191	28	or	or	CCONJ
fsr-3306	191	29	the	the	DET
fsr-3306	191	30	bond	bond	NOUN
fsr-3306	191	31	index	index	NOUN
fsr-3306	191	32	mutual	mutual	ADJ
fsr-3306	191	33	funds	fund	NOUN
fsr-3306	191	34	.	.	PUNCT
fsr-3306	192	1	6.1	6.1	NUM
fsr-3306	192	2	.	.	PUNCT
fsr-3306	193	1	robustness	robustness	NOUN
fsr-3306	193	2	of	of	ADP
fsr-3306	193	3	kalman	kalman	NOUN
fsr-3306	193	4	filter	filter	NOUN
fsr-3306	193	5	tests	test	NOUN
fsr-3306	193	6	table	table	NOUN
fsr-3306	193	7	2	2	NUM
fsr-3306	193	8	reproduces	reproduce	VERB
fsr-3306	193	9	the	the	DET
fsr-3306	193	10	tests	test	NOUN
fsr-3306	193	11	of	of	ADP
fsr-3306	193	12	time	time	NOUN
fsr-3306	193	13	variation	variation	NOUN
fsr-3306	193	14	in	in	ADP
fsr-3306	193	15	the	the	DET
fsr-3306	193	16	fed	fed	PROPN
fsr-3306	193	17	model	model	NOUN
fsr-3306	193	18	reported	report	VERB
fsr-3306	193	19	in	in	ADP
fsr-3306	193	20	table	table	NOUN
fsr-3306	193	21	1	1	NUM
fsr-3306	193	22	but	but	CCONJ
fsr-3306	193	23	with	with	ADP
fsr-3306	193	24	the	the	DET
fsr-3306	193	25	vanguard	vanguard	PROPN
fsr-3306	193	26	mutual	mutual	ADJ
fsr-3306	193	27	fund	fund	NOUN
fsr-3306	193	28	data	datum	NOUN
fsr-3306	193	29	and	and	CCONJ
fsr-3306	193	30	our	our	PRON
fsr-3306	193	31	holdout	holdout	NOUN
fsr-3306	193	32	investment	investment	NOUN
fsr-3306	193	33	period	period	NOUN
fsr-3306	193	34	from	from	ADP
fsr-3306	193	35	january	january	PROPN
fsr-3306	193	36	2012	2012	NUM
fsr-3306	193	37	through	through	ADP
fsr-3306	193	38	december	december	PROPN
fsr-3306	193	39	2016	2016	NUM
fsr-3306	193	40	.	.	PUNCT
fsr-3306	194	1	we	we	PRON
fsr-3306	194	2	now	now	ADV
fsr-3306	194	3	use	use	VERB
fsr-3306	194	4	the	the	DET
fsr-3306	194	5	monthly	monthly	ADJ
fsr-3306	194	6	holding	holding	NOUN
fsr-3306	194	7	period	period	NOUN
fsr-3306	194	8	return	return	VERB
fsr-3306	194	9	relatives	relative	NOUN
fsr-3306	194	10	for	for	ADP
fsr-3306	194	11	each	each	PRON
fsr-3306	194	12	of	of	ADP
fsr-3306	194	13	the	the	DET
fsr-3306	194	14	vanguard	vanguard	NOUN
fsr-3306	194	15	funds	fund	NOUN
fsr-3306	194	16	over	over	ADP
fsr-3306	194	17	the	the	DET
fsr-3306	194	18	recent	recent	ADJ
fsr-3306	194	19	holdout	holdout	NOUN
fsr-3306	194	20	period	period	NOUN
fsr-3306	194	21	rather	rather	ADV
fsr-3306	194	22	than	than	ADP
fsr-3306	194	23	shiller	shiller	PROPN
fsr-3306	194	24	’s	’s	PART
fsr-3306	194	25	data	data	PROPN
fsr-3306	194	26	.	.	PUNCT
fsr-3306	195	1	our	our	PRON
fsr-3306	195	2	findings	finding	NOUN
fsr-3306	195	3	in	in	ADP
fsr-3306	195	4	table	table	NOUN
fsr-3306	195	5	2	2	NUM
fsr-3306	195	6	mirror	mirror	NOUN
fsr-3306	195	7	the	the	DET
fsr-3306	195	8	findings	finding	NOUN
fsr-3306	195	9	from	from	ADP
fsr-3306	195	10	table	table	NOUN
fsr-3306	195	11	1	1	NUM
fsr-3306	195	12	.	.	PUNCT
fsr-3306	196	1	the	the	DET
fsr-3306	196	2	�	�	PROPN
fsr-3306	196	3	2	2	NUM
fsr-3306	196	4	tests	test	NOUN
fsr-3306	196	5	support	support	VERB
fsr-3306	196	6	time	time	NOUN
fsr-3306	196	7	varying	vary	VERB
fsr-3306	196	8	coefficient	coefficient	NOUN
fsr-3306	196	9	models	model	NOUN
fsr-3306	196	10	over	over	ADP
fsr-3306	196	11	a	a	DET
fsr-3306	196	12	constant	constant	ADJ
fsr-3306	196	13	coefficient	coefficient	NOUN
fsr-3306	196	14	model	model	NOUN
fsr-3306	196	15	.	.	PUNCT
fsr-3306	197	1	both	both	CCONJ
fsr-3306	197	2	the	the	DET
fsr-3306	197	3	log	log	NOUN
fsr-3306	197	4	likelihood	likelihood	NOUN
fsr-3306	197	5	and	and	CCONJ
fsr-3306	197	6	akaike	akaike	ADJ
fsr-3306	197	7	goodness	goodness	NOUN
fsr-3306	197	8	of	of	ADP
fsr-3306	197	9	fit	fit	ADJ
fsr-3306	197	10	measures	measure	NOUN
fsr-3306	197	11	support	support	VERB
fsr-3306	197	12	a	a	DET
fsr-3306	197	13	random	random	ADJ
fsr-3306	197	14	walk	walk	NOUN
fsr-3306	197	15	specification	specification	NOUN
fsr-3306	197	16	of	of	ADP
fsr-3306	197	17	the	the	DET
fsr-3306	197	18	multiplier	multipli	ADJ
fsr-3306	197	19	in	in	ADP
fsr-3306	197	20	the	the	DET
fsr-3306	197	21	kalman	kalman	NOUN
fsr-3306	197	22	filter	filter	PROPN
fsr-3306	197	23	model	model	NOUN
fsr-3306	197	24	closely	closely	ADV
fsr-3306	197	25	followed	follow	VERB
fsr-3306	197	26	by	by	ADP
fsr-3306	197	27	a	a	DET
fsr-3306	197	28	random	random	ADJ
fsr-3306	197	29	variable	variable	NOUN
fsr-3306	197	30	.	.	PUNCT
fsr-3306	198	1	the	the	DET
fsr-3306	198	2	model	model	NOUN
fsr-3306	198	3	performs	perform	VERB
fsr-3306	198	4	consistently	consistently	ADV
fsr-3306	198	5	over	over	ADP
fsr-3306	198	6	different	different	ADJ
fsr-3306	198	7	periods	period	NOUN
fsr-3306	198	8	and	and	CCONJ
fsr-3306	198	9	with	with	ADP
fsr-3306	198	10	different	different	ADJ
fsr-3306	198	11	data	datum	NOUN
fsr-3306	198	12	sources	source	NOUN
fsr-3306	198	13	.	.	PUNCT
fsr-3306	199	1	table	table	NOUN
fsr-3306	199	2	2	2	NUM
fsr-3306	199	3	test	test	NOUN
fsr-3306	199	4	results	result	NOUN
fsr-3306	199	5	for	for	ADP
fsr-3306	199	6	the	the	DET
fsr-3306	199	7	kalman	kalman	PROPN
fsr-3306	199	8	filter	filter	NOUN
fsr-3306	199	9	time	time	NOUN
fsr-3306	199	10	varying	vary	VERB
fsr-3306	199	11	coefficient	coefficient	NOUN
fsr-3306	199	12	models	model	NOUN
fsr-3306	199	13	using	use	VERB
fsr-3306	199	14	vanguard	vanguard	NOUN
fsr-3306	199	15	mutual	mutual	ADJ
fsr-3306	199	16	fund	fund	NOUN
fsr-3306	199	17	data	datum	NOUN
fsr-3306	199	18	over	over	ADP
fsr-3306	199	19	the	the	DET
fsr-3306	199	20	january	january	PROPN
fsr-3306	199	21	2012	2012	NUM
fsr-3306	199	22	through	through	ADP
fsr-3306	199	23	december	december	PROPN
fsr-3306	199	24	2016	2016	NUM
fsr-3306	199	25	out	out	ADP
fsr-3306	199	26	of	of	ADP
fsr-3306	199	27	sample	sample	NOUN
fsr-3306	199	28	investment	investment	NOUN
fsr-3306	199	29	period	period	NOUN
fsr-3306	199	30	coefficient	coefficient	NOUN
fsr-3306	199	31	model	model	NOUN
fsr-3306	199	32	�	�	PROPN
fsr-3306	199	33	2	2	NUM
fsr-3306	199	34	�	�	PROPN
fsr-3306	199	35	2	2	NUM
fsr-3306	199	36	�	�	PROPN
fsr-3306	199	37	llconstant	llconstant	PROPN
fsr-3306	199	38	�	�	PROPN
fsr-3306	199	39	llvariable	llvariable	PROPN
fsr-3306	199	40	�	�	PROPN
fsr-3306	199	41	log	log	PROPN
fsr-3306	199	42	likelihood	likelihood	NOUN
fsr-3306	199	43	(	(	PUNCT
fsr-3306	199	44	ll	ll	NOUN
fsr-3306	199	45	)	)	PUNCT
fsr-3306	199	46	akaike	akaike	ADJ
fsr-3306	199	47	criterion	criterion	NOUN
fsr-3306	199	48	constant	constant	ADJ
fsr-3306	199	49	n	n	CCONJ
fsr-3306	199	50	/	/	SYM
fsr-3306	199	51	a	a	DET
fsr-3306	199	52	n	n	NOUN
fsr-3306	199	53	/	/	SYM
fsr-3306	199	54	a	a	PRON
fsr-3306	199	55	n	n	NOUN
fsr-3306	199	56	/	/	SYM
fsr-3306	199	57	a	a	DET
fsr-3306	199	58	random	random	ADJ
fsr-3306	199	59	variable	variable	NOUN
fsr-3306	199	60	2,178a	2,178a	NUM
fsr-3306	199	61	�	�	PROPN
fsr-3306	199	62	628b	628b	PROPN
fsr-3306	199	63	4.5537c	4.5537c	PROPN
fsr-3306	199	64	autoregressive	autoregressive	ADJ
fsr-3306	199	65	2,842a	2,842a	NUM
fsr-3306	199	66	�	�	NOUN
fsr-3306	199	67	960	960	NUM
fsr-3306	199	68	6.9568	6.9568	NUM
fsr-3306	199	69	random	random	ADJ
fsr-3306	199	70	walk	walk	NOUN
fsr-3306	199	71	2,134a	2,134a	PROPN
fsr-3306	199	72	�	�	NOUN
fsr-3306	199	73	606b	606b	NOUN
fsr-3306	199	74	4.3458c	4.3458c	PROPN
fsr-3306	199	75	notes	note	NOUN
fsr-3306	199	76	:	:	PUNCT
fsr-3306	199	77	athe	athe	PROPN
fsr-3306	199	78	�	�	PROPN
fsr-3306	199	79	2	2	NUM
fsr-3306	199	80	statistic	statistic	NOUN
fsr-3306	199	81	is	be	AUX
fsr-3306	199	82	significant	significant	ADJ
fsr-3306	199	83	at	at	ADP
fsr-3306	199	84	the	the	DET
fsr-3306	199	85	0.001	0.001	NUM
fsr-3306	199	86	level	level	NOUN
fsr-3306	199	87	,	,	PUNCT
fsr-3306	199	88	supporting	support	VERB
fsr-3306	199	89	rejection	rejection	NOUN
fsr-3306	199	90	of	of	ADP
fsr-3306	199	91	the	the	DET
fsr-3306	199	92	constant	constant	ADJ
fsr-3306	199	93	coefficient	coefficient	NOUN
fsr-3306	199	94	specifications	specification	NOUN
fsr-3306	199	95	.	.	PUNCT
fsr-3306	200	1	bthe	bthe	DET
fsr-3306	200	2	higher	high	ADJ
fsr-3306	200	3	log	log	NOUN
fsr-3306	200	4	-	-	PUNCT
fsr-3306	200	5	likelihood	likelihood	NOUN
fsr-3306	200	6	value	value	NOUN
fsr-3306	200	7	corresponds	correspond	VERB
fsr-3306	200	8	to	to	ADP
fsr-3306	200	9	the	the	DET
fsr-3306	200	10	model	model	NOUN
fsr-3306	200	11	with	with	ADP
fsr-3306	200	12	the	the	DET
fsr-3306	200	13	best	good	ADJ
fsr-3306	200	14	fit	fit	NOUN
fsr-3306	200	15	to	to	ADP
fsr-3306	200	16	the	the	DET
fsr-3306	200	17	data	datum	NOUN
fsr-3306	200	18	.	.	PUNCT
fsr-3306	201	1	the	the	DET
fsr-3306	201	2	random	random	ADJ
fsr-3306	201	3	walk	walk	NOUN
fsr-3306	201	4	offers	offer	VERB
fsr-3306	201	5	the	the	DET
fsr-3306	201	6	best	good	ADJ
fsr-3306	201	7	fit	fit	ADJ
fsr-3306	201	8	but	but	CCONJ
fsr-3306	201	9	the	the	DET
fsr-3306	201	10	random	random	ADJ
fsr-3306	201	11	variable	variable	ADJ
fsr-3306	201	12	model	model	NOUN
fsr-3306	201	13	is	be	AUX
fsr-3306	201	14	a	a	DET
fsr-3306	201	15	close	close	ADJ
fsr-3306	201	16	second	second	NOUN
fsr-3306	201	17	.	.	PUNCT
fsr-3306	202	1	cthe	cthe	ADJ
fsr-3306	202	2	lowest	low	ADJ
fsr-3306	202	3	akaike	akaike	ADJ
fsr-3306	202	4	value	value	NOUN
fsr-3306	202	5	corresponds	correspond	VERB
fsr-3306	202	6	to	to	ADP
fsr-3306	202	7	the	the	DET
fsr-3306	202	8	model	model	NOUN
fsr-3306	202	9	with	with	ADP
fsr-3306	202	10	the	the	DET
fsr-3306	202	11	best	good	ADJ
fsr-3306	202	12	fit	fit	NOUN
fsr-3306	202	13	to	to	ADP
fsr-3306	202	14	the	the	DET
fsr-3306	202	15	data	datum	NOUN
fsr-3306	202	16	.	.	PUNCT
fsr-3306	203	1	the	the	DET
fsr-3306	203	2	random	random	ADJ
fsr-3306	203	3	walk	walk	NOUN
fsr-3306	203	4	offers	offer	VERB
fsr-3306	203	5	the	the	DET
fsr-3306	203	6	best	good	ADJ
fsr-3306	203	7	fit	fit	ADJ
fsr-3306	203	8	but	but	CCONJ
fsr-3306	203	9	the	the	DET
fsr-3306	203	10	random	random	ADJ
fsr-3306	203	11	variable	variable	ADJ
fsr-3306	203	12	model	model	NOUN
fsr-3306	203	13	is	be	AUX
fsr-3306	203	14	again	again	ADV
fsr-3306	203	15	a	a	DET
fsr-3306	203	16	close	close	ADJ
fsr-3306	203	17	second	second	NOUN
fsr-3306	203	18	.	.	PUNCT
fsr-3306	204	1	175j.m	175j.m	X
fsr-3306	204	2	.	.	PUNCT
fsr-3306	204	3	clinebell	clinebell	PROPN
fsr-3306	204	4	et	et	PROPN
fsr-3306	204	5	al	al	PROPN
fsr-3306	204	6	.	.	PUNCT
fsr-3306	204	7	/	/	SYM
fsr-3306	204	8	financial	financial	ADJ
fsr-3306	204	9	services	service	NOUN
fsr-3306	204	10	review	review	VERB
fsr-3306	204	11	26	26	NUM
fsr-3306	204	12	(	(	PUNCT
fsr-3306	204	13	2017	2017	NUM
fsr-3306	204	14	)	)	PUNCT
fsr-3306	204	15	167–180	167–180	NUM
fsr-3306	204	16	6.2	6.2	NUM
fsr-3306	204	17	.	.	PUNCT
fsr-3306	205	1	investment	investment	NOUN
fsr-3306	205	2	performance	performance	NOUN
fsr-3306	205	3	results	result	VERB
fsr-3306	205	4	from	from	ADP
fsr-3306	205	5	the	the	DET
fsr-3306	205	6	strict	strict	ADJ
fsr-3306	205	7	fed	fed	PROPN
fsr-3306	205	8	model	model	NOUN
fsr-3306	205	9	our	our	PRON
fsr-3306	205	10	findings	finding	NOUN
fsr-3306	205	11	up	up	ADP
fsr-3306	205	12	to	to	ADP
fsr-3306	205	13	this	this	DET
fsr-3306	205	14	point	point	NOUN
fsr-3306	205	15	suggest	suggest	VERB
fsr-3306	205	16	that	that	SCONJ
fsr-3306	205	17	the	the	DET
fsr-3306	205	18	fed	fed	PROPN
fsr-3306	205	19	multiplier	multiplier	ADV
fsr-3306	205	20	does	do	AUX
fsr-3306	205	21	not	not	PART
fsr-3306	205	22	exhibit	exhibit	VERB
fsr-3306	205	23	a	a	DET
fsr-3306	205	24	trend	trend	NOUN
fsr-3306	205	25	and	and	CCONJ
fsr-3306	205	26	deviations	deviation	NOUN
fsr-3306	205	27	of	of	ADP
fsr-3306	205	28	the	the	DET
fsr-3306	205	29	multiplier	multipli	ADJ
fsr-3306	205	30	from	from	ADP
fsr-3306	205	31	month	month	NOUN
fsr-3306	205	32	to	to	ADP
fsr-3306	205	33	month	month	NOUN
fsr-3306	205	34	are	be	AUX
fsr-3306	205	35	relatively	relatively	ADV
fsr-3306	205	36	small	small	ADJ
fsr-3306	205	37	leading	lead	VERB
fsr-3306	205	38	up	up	ADP
fsr-3306	205	39	to	to	ADP
fsr-3306	205	40	our	our	PRON
fsr-3306	205	41	investment	investment	NOUN
fsr-3306	205	42	holdout	holdout	NOUN
fsr-3306	205	43	period	period	NOUN
fsr-3306	205	44	.	.	PUNCT
fsr-3306	206	1	our	our	PRON
fsr-3306	206	2	long	long	ADJ
fsr-3306	206	3	run	run	NOUN
fsr-3306	206	4	analysis	analysis	NOUN
fsr-3306	206	5	of	of	ADP
fsr-3306	206	6	kalman	kalman	NOUN
fsr-3306	206	7	filter	filter	NOUN
fsr-3306	206	8	estimates	estimate	NOUN
fsr-3306	206	9	of	of	ADP
fsr-3306	206	10	the	the	DET
fsr-3306	206	11	fed	fed	PROPN
fsr-3306	206	12	multiplier	multiplier	ADV
fsr-3306	206	13	suggests	suggest	VERB
fsr-3306	206	14	that	that	SCONJ
fsr-3306	206	15	the	the	DET
fsr-3306	206	16	strict	strict	ADJ
fsr-3306	206	17	version	version	NOUN
fsr-3306	206	18	of	of	ADP
fsr-3306	206	19	the	the	DET
fsr-3306	206	20	fed	fed	PROPN
fsr-3306	206	21	model	model	NOUN
fsr-3306	206	22	provides	provide	VERB
fsr-3306	206	23	a	a	DET
fsr-3306	206	24	reasonable	reasonable	ADJ
fsr-3306	206	25	benchmark	benchmark	NOUN
fsr-3306	206	26	for	for	ADP
fsr-3306	206	27	making	make	VERB
fsr-3306	206	28	switching	switch	VERB
fsr-3306	206	29	decisions	decision	NOUN
fsr-3306	206	30	.	.	PUNCT
fsr-3306	207	1	the	the	DET
fsr-3306	207	2	kalman	kalman	PROPN
fsr-3306	207	3	filter	filter	NOUN
fsr-3306	207	4	provided	provide	VERB
fsr-3306	207	5	a	a	DET
fsr-3306	207	6	robust	robust	ADJ
fsr-3306	207	7	prediction	prediction	NOUN
fsr-3306	207	8	model	model	NOUN
fsr-3306	207	9	for	for	ADP
fsr-3306	207	10	the	the	DET
fsr-3306	207	11	fed	fed	PROPN
fsr-3306	207	12	multiplier	multiplier	ADV
fsr-3306	207	13	.	.	PUNCT
fsr-3306	208	1	the	the	DET
fsr-3306	208	2	next	next	ADJ
fsr-3306	208	3	step	step	NOUN
fsr-3306	208	4	is	be	AUX
fsr-3306	208	5	to	to	PART
fsr-3306	208	6	evaluate	evaluate	VERB
fsr-3306	208	7	whether	whether	SCONJ
fsr-3306	208	8	using	use	VERB
fsr-3306	208	9	the	the	DET
fsr-3306	208	10	model	model	NOUN
fsr-3306	208	11	to	to	PART
fsr-3306	208	12	switch	switch	VERB
fsr-3306	208	13	between	between	ADP
fsr-3306	208	14	vanguard	vanguard	NOUN
fsr-3306	208	15	index	index	NOUN
fsr-3306	208	16	funds	fund	NOUN
fsr-3306	208	17	in	in	ADP
fsr-3306	208	18	recent	recent	ADJ
fsr-3306	208	19	markets	market	NOUN
fsr-3306	208	20	provides	provide	VERB
fsr-3306	208	21	attractive	attractive	ADJ
fsr-3306	208	22	investment	investment	NOUN
fsr-3306	208	23	performance	performance	NOUN
fsr-3306	208	24	.	.	PUNCT
fsr-3306	209	1	we	we	PRON
fsr-3306	209	2	constructed	construct	VERB
fsr-3306	209	3	an	an	DET
fsr-3306	209	4	active	active	ADJ
fsr-3306	209	5	switching	switch	VERB
fsr-3306	209	6	portfolio	portfolio	NOUN
fsr-3306	209	7	by	by	ADP
fsr-3306	209	8	making	make	VERB
fsr-3306	209	9	asset	asset	NOUN
fsr-3306	209	10	allocation	allocation	NOUN
fsr-3306	209	11	shifts	shift	NOUN
fsr-3306	209	12	to	to	ADP
fsr-3306	209	13	the	the	DET
fsr-3306	209	14	vfinx	vfinx	NOUN
fsr-3306	209	15	when	when	SCONJ
fsr-3306	209	16	the	the	DET
fsr-3306	209	17	expected	expect	VERB
fsr-3306	209	18	multiplier	multiplier	ADV
fsr-3306	209	19	from	from	ADP
fsr-3306	209	20	the	the	DET
fsr-3306	209	21	kalman	kalman	PROPN
fsr-3306	209	22	filter	filter	NOUN
fsr-3306	209	23	model	model	NOUN
fsr-3306	209	24	is	be	AUX
fsr-3306	209	25	greater	great	ADJ
fsr-3306	209	26	than	than	ADP
fsr-3306	209	27	one	one	NUM
fsr-3306	209	28	(	(	PUNCT
fsr-3306	209	29	�	�	PROPN
fsr-3306	209	30	t	t	PROPN
fsr-3306	209	31	�	�	PROPN
fsr-3306	209	32	1	1	NUM
fsr-3306	209	33	,	,	PUNCT
fsr-3306	209	34	t	t	PROPN
fsr-3306	209	35	�	�	PROPN
fsr-3306	209	36	1	1	NUM
fsr-3306	209	37	)	)	PUNCT
fsr-3306	209	38	.	.	PUNCT
fsr-3306	210	1	in	in	ADP
fsr-3306	210	2	this	this	DET
fsr-3306	210	3	case	case	NOUN
fsr-3306	210	4	,	,	PUNCT
fsr-3306	210	5	the	the	DET
fsr-3306	210	6	expected	expect	VERB
fsr-3306	210	7	aggregate	aggregate	ADJ
fsr-3306	210	8	equity	equity	NOUN
fsr-3306	210	9	yield	yield	NOUN
fsr-3306	210	10	,	,	PUNCT
fsr-3306	210	11	using	use	VERB
fsr-3306	210	12	the	the	DET
fsr-3306	210	13	vanguard	vanguard	PROPN
fsr-3306	210	14	s&p500	s&p500	PROPN
fsr-3306	210	15	index	index	PROPN
fsr-3306	210	16	fund	fund	NOUN
fsr-3306	210	17	as	as	ADP
fsr-3306	210	18	the	the	DET
fsr-3306	210	19	price	price	NOUN
fsr-3306	210	20	index	index	NOUN
fsr-3306	210	21	,	,	PUNCT
fsr-3306	210	22	exceeds	exceed	VERB
fsr-3306	210	23	the	the	DET
fsr-3306	210	24	expected	expect	VERB
fsr-3306	210	25	yield	yield	NOUN
fsr-3306	210	26	on	on	ADP
fsr-3306	210	27	the	the	DET
fsr-3306	210	28	vfitx	vfitx	NOUN
fsr-3306	210	29	.	.	PUNCT
fsr-3306	211	1	this	this	DET
fsr-3306	211	2	position	position	NOUN
fsr-3306	211	3	is	be	AUX
fsr-3306	211	4	held	hold	VERB
fsr-3306	211	5	until	until	SCONJ
fsr-3306	211	6	the	the	DET
fsr-3306	211	7	expected	expect	VERB
fsr-3306	211	8	multiplier	multipli	ADJ
fsr-3306	211	9	is	be	AUX
fsr-3306	211	10	less	less	ADJ
fsr-3306	211	11	than	than	ADP
fsr-3306	211	12	one	one	NUM
fsr-3306	211	13	(	(	PUNCT
fsr-3306	211	14	�	�	PROPN
fsr-3306	211	15	t	t	PROPN
fsr-3306	211	16	�	�	PROPN
fsr-3306	211	17	1	1	NUM
fsr-3306	211	18	,	,	PUNCT
fsr-3306	211	19	t	t	PROPN
fsr-3306	211	20	�	�	PROPN
fsr-3306	211	21	1	1	NUM
fsr-3306	211	22	)	)	PUNCT
fsr-3306	211	23	,	,	PUNCT
fsr-3306	211	24	calling	call	VERB
fsr-3306	211	25	for	for	ADP
fsr-3306	211	26	a	a	DET
fsr-3306	211	27	switch	switch	NOUN
fsr-3306	211	28	from	from	ADP
fsr-3306	211	29	the	the	DET
fsr-3306	211	30	vanguard	vanguard	PROPN
fsr-3306	211	31	s&p500	s&p500	PROPN
fsr-3306	211	32	index	index	PROPN
fsr-3306	211	33	fund	fund	NOUN
fsr-3306	211	34	to	to	ADP
fsr-3306	211	35	the	the	DET
fsr-3306	211	36	vfitx	vfitx	NOUN
fsr-3306	211	37	.	.	PUNCT
fsr-3306	212	1	there	there	PRON
fsr-3306	212	2	is	be	VERB
fsr-3306	212	3	potential	potential	ADJ
fsr-3306	212	4	for	for	ADP
fsr-3306	212	5	as	as	ADV
fsr-3306	212	6	many	many	ADJ
fsr-3306	212	7	as	as	ADP
fsr-3306	212	8	12	12	NUM
fsr-3306	212	9	switches	switch	NOUN
fsr-3306	212	10	per	per	ADP
fsr-3306	212	11	year	year	NOUN
fsr-3306	212	12	in	in	ADP
fsr-3306	212	13	this	this	DET
fsr-3306	212	14	five	five	NUM
fsr-3306	212	15	-	-	PUNCT
fsr-3306	212	16	year	year	NOUN
fsr-3306	212	17	period	period	NOUN
fsr-3306	212	18	.	.	PUNCT
fsr-3306	213	1	however	however	ADV
fsr-3306	213	2	,	,	PUNCT
fsr-3306	213	3	movement	movement	NOUN
fsr-3306	213	4	of	of	ADP
fsr-3306	213	5	funds	fund	NOUN
fsr-3306	213	6	monthly	monthly	ADV
fsr-3306	213	7	within	within	ADP
fsr-3306	213	8	the	the	DET
fsr-3306	213	9	vanguard	vanguard	NOUN
fsr-3306	213	10	family	family	NOUN
fsr-3306	213	11	does	do	AUX
fsr-3306	213	12	not	not	PART
fsr-3306	213	13	carry	carry	VERB
fsr-3306	213	14	a	a	DET
fsr-3306	213	15	transaction	transaction	NOUN
fsr-3306	213	16	cost	cost	NOUN
fsr-3306	213	17	for	for	ADP
fsr-3306	213	18	trading	trading	NOUN
fsr-3306	213	19	.	.	PUNCT
fsr-3306	214	1	furthermore	furthermore	ADV
fsr-3306	214	2	,	,	PUNCT
fsr-3306	214	3	any	any	DET
fsr-3306	214	4	capital	capital	NOUN
fsr-3306	214	5	gains	gain	NOUN
fsr-3306	214	6	or	or	CCONJ
fsr-3306	214	7	losses	loss	NOUN
fsr-3306	214	8	would	would	AUX
fsr-3306	214	9	be	be	AUX
fsr-3306	214	10	irrelevant	irrelevant	ADJ
fsr-3306	214	11	for	for	ADP
fsr-3306	214	12	retirement	retirement	NOUN
fsr-3306	214	13	fund	fund	NOUN
fsr-3306	214	14	investments	investment	NOUN
fsr-3306	214	15	.	.	PUNCT
fsr-3306	215	1	table	table	NOUN
fsr-3306	215	2	3	3	NUM
fsr-3306	215	3	summarizes	summarize	NOUN
fsr-3306	215	4	the	the	DET
fsr-3306	215	5	investment	investment	NOUN
fsr-3306	215	6	performance	performance	NOUN
fsr-3306	215	7	using	use	VERB
fsr-3306	215	8	the	the	DET
fsr-3306	215	9	buy	buy	NOUN
fsr-3306	215	10	and	and	CCONJ
fsr-3306	215	11	hold	hold	VERB
fsr-3306	215	12	vanguard	vanguard	NOUN
fsr-3306	215	13	funds	fund	NOUN
fsr-3306	215	14	and	and	CCONJ
fsr-3306	215	15	the	the	DET
fsr-3306	215	16	active	active	ADJ
fsr-3306	215	17	switching	switch	VERB
fsr-3306	215	18	portfolio	portfolio	NOUN
fsr-3306	215	19	over	over	ADP
fsr-3306	215	20	the	the	DET
fsr-3306	215	21	holdout	holdout	NOUN
fsr-3306	215	22	investment	investment	NOUN
fsr-3306	215	23	period	period	NOUN
fsr-3306	215	24	.	.	PUNCT
fsr-3306	216	1	the	the	DET
fsr-3306	216	2	switching	switch	VERB
fsr-3306	216	3	portfolio	portfolio	NOUN
fsr-3306	216	4	has	have	VERB
fsr-3306	216	5	an	an	DET
fsr-3306	216	6	average	average	ADJ
fsr-3306	216	7	monthly	monthly	ADJ
fsr-3306	216	8	rate	rate	NOUN
fsr-3306	216	9	of	of	ADP
fsr-3306	216	10	return	return	NOUN
fsr-3306	216	11	of	of	ADP
fsr-3306	216	12	1.96	1.96	NUM
fsr-3306	216	13	%	%	NOUN
fsr-3306	216	14	(	(	PUNCT
fsr-3306	216	15	26.23	26.23	NUM
fsr-3306	216	16	%	%	NOUN
fsr-3306	216	17	effective	effective	ADJ
fsr-3306	216	18	annual	annual	ADJ
fsr-3306	216	19	rate	rate	NOUN
fsr-3306	216	20	)	)	PUNCT
fsr-3306	216	21	,	,	PUNCT
fsr-3306	216	22	which	which	PRON
fsr-3306	216	23	is	be	AUX
fsr-3306	216	24	higher	high	ADJ
fsr-3306	216	25	than	than	ADP
fsr-3306	216	26	the	the	DET
fsr-3306	216	27	average	average	ADJ
fsr-3306	216	28	monthly	monthly	ADJ
fsr-3306	216	29	returns	return	NOUN
fsr-3306	216	30	for	for	ADP
fsr-3306	216	31	either	either	PRON
fsr-3306	216	32	of	of	ADP
fsr-3306	216	33	the	the	DET
fsr-3306	216	34	vanguard	vanguard	PROPN
fsr-3306	216	35	fund	fund	NOUN
fsr-3306	216	36	returns	return	NOUN
fsr-3306	216	37	.	.	PUNCT
fsr-3306	217	1	the	the	DET
fsr-3306	217	2	monthly	monthly	ADJ
fsr-3306	217	3	standard	standard	ADJ
fsr-3306	217	4	deviation	deviation	NOUN
fsr-3306	217	5	and	and	CCONJ
fsr-3306	217	6	monthly	monthly	ADJ
fsr-3306	217	7	rate	rate	NOUN
fsr-3306	217	8	of	of	ADP
fsr-3306	217	9	return	return	NOUN
fsr-3306	217	10	of	of	ADP
fsr-3306	217	11	the	the	DET
fsr-3306	217	12	vanguard	vanguard	PROPN
fsr-3306	217	13	index	index	PROPN
fsr-3306	217	14	treasury	treasury	PROPN
fsr-3306	217	15	bond	bond	NOUN
fsr-3306	217	16	fund	fund	NOUN
fsr-3306	217	17	is	be	AUX
fsr-3306	217	18	the	the	DET
fsr-3306	217	19	lowest	low	ADJ
fsr-3306	217	20	,	,	PUNCT
fsr-3306	217	21	as	as	SCONJ
fsr-3306	217	22	expected	expect	VERB
fsr-3306	217	23	.	.	PUNCT
fsr-3306	218	1	however	however	ADV
fsr-3306	218	2	,	,	PUNCT
fsr-3306	218	3	on	on	ADP
fsr-3306	218	4	a	a	DET
fsr-3306	218	5	reward	reward	NOUN
fsr-3306	218	6	for	for	ADP
fsr-3306	218	7	risk	risk	NOUN
fsr-3306	218	8	basis	basis	NOUN
fsr-3306	218	9	,	,	PUNCT
fsr-3306	218	10	the	the	DET
fsr-3306	218	11	switching	switch	VERB
fsr-3306	218	12	portfolio	portfolio	NOUN
fsr-3306	218	13	has	have	VERB
fsr-3306	218	14	the	the	DET
fsr-3306	218	15	highest	high	ADJ
fsr-3306	218	16	ratio	ratio	NOUN
fsr-3306	218	17	of	of	ADP
fsr-3306	218	18	monthly	monthly	ADJ
fsr-3306	218	19	returns	return	NOUN
fsr-3306	218	20	to	to	ADP
fsr-3306	218	21	monthly	monthly	ADJ
fsr-3306	218	22	standard	standard	ADJ
fsr-3306	218	23	deviation	deviation	NOUN
fsr-3306	218	24	(	(	PUNCT
fsr-3306	218	25	0.985	0.985	NUM
fsr-3306	218	26	)	)	PUNCT
fsr-3306	218	27	.	.	PUNCT
fsr-3306	219	1	the	the	DET
fsr-3306	219	2	switching	switch	VERB
fsr-3306	219	3	portfolio	portfolio	NOUN
fsr-3306	219	4	also	also	ADV
fsr-3306	219	5	offers	offer	VERB
fsr-3306	219	6	the	the	DET
fsr-3306	219	7	best	good	ADJ
fsr-3306	219	8	upside	upside	ADJ
fsr-3306	219	9	gain	gain	NOUN
fsr-3306	219	10	relative	relative	ADJ
fsr-3306	219	11	to	to	ADP
fsr-3306	219	12	the	the	DET
fsr-3306	219	13	downside	downside	ADJ
fsr-3306	219	14	risk	risk	NOUN
fsr-3306	219	15	,	,	PUNCT
fsr-3306	219	16	providing	provide	VERB
fsr-3306	219	17	favorable	favorable	ADJ
fsr-3306	219	18	positive	positive	ADJ
fsr-3306	219	19	skewing	skewing	NOUN
fsr-3306	219	20	of	of	ADP
fsr-3306	219	21	the	the	DET
fsr-3306	219	22	return	return	NOUN
fsr-3306	219	23	performance.9	performance.9	VERB
fsr-3306	219	24	the	the	DET
fsr-3306	219	25	ratio	ratio	NOUN
fsr-3306	219	26	of	of	ADP
fsr-3306	219	27	upside	upside	ADJ
fsr-3306	219	28	monthly	monthly	ADJ
fsr-3306	219	29	standard	standard	ADJ
fsr-3306	219	30	deviation	deviation	NOUN
fsr-3306	219	31	to	to	PART
fsr-3306	219	32	downside	downside	VERB
fsr-3306	219	33	monthly	monthly	ADJ
fsr-3306	219	34	standard	standard	ADJ
fsr-3306	219	35	deviation	deviation	NOUN
fsr-3306	219	36	is	be	AUX
fsr-3306	219	37	1.29	1.29	NUM
fsr-3306	219	38	for	for	SCONJ
fsr-3306	219	39	the	the	DET
fsr-3306	219	40	switching	switch	VERB
fsr-3306	219	41	portfolio	portfolio	NOUN
fsr-3306	219	42	relative	relative	ADJ
fsr-3306	219	43	to	to	ADP
fsr-3306	219	44	1.113	1.113	NUM
fsr-3306	219	45	for	for	ADP
fsr-3306	219	46	the	the	DET
fsr-3306	219	47	vanguard	vanguard	PROPN
fsr-3306	219	48	index	index	PROPN
fsr-3306	219	49	treasury	treasury	PROPN
fsr-3306	219	50	bond	bond	NOUN
fsr-3306	219	51	fund	fund	NOUN
fsr-3306	219	52	and	and	CCONJ
fsr-3306	219	53	only	only	ADV
fsr-3306	219	54	0.902	0.902	NUM
fsr-3306	219	55	for	for	ADP
fsr-3306	219	56	the	the	DET
fsr-3306	219	57	vanguard	vanguard	NOUN
fsr-3306	219	58	s&p	s&p	PROPN
fsr-3306	219	59	500	500	NUM
fsr-3306	219	60	table	table	NOUN
fsr-3306	219	61	3	3	NUM
fsr-3306	219	62	investment	investment	NOUN
fsr-3306	219	63	performance	performance	NOUN
fsr-3306	219	64	in	in	ADP
fsr-3306	219	65	the	the	DET
fsr-3306	219	66	holdout	holdout	NOUN
fsr-3306	219	67	period	period	NOUN
fsr-3306	219	68	january	january	PROPN
fsr-3306	219	69	2012	2012	NUM
fsr-3306	219	70	through	through	ADP
fsr-3306	219	71	december	december	PROPN
fsr-3306	219	72	2016	2016	NUM
fsr-3306	219	73	for	for	ADP
fsr-3306	219	74	the	the	DET
fsr-3306	219	75	vanguard	vanguard	PROPN
fsr-3306	219	76	index	index	NOUN
fsr-3306	219	77	fund	fund	NOUN
fsr-3306	219	78	portfolios	portfolio	NOUN
fsr-3306	219	79	and	and	CCONJ
fsr-3306	219	80	the	the	DET
fsr-3306	219	81	active	active	ADJ
fsr-3306	219	82	switching	switching	NOUN
fsr-3306	219	83	portfolio	portfolio	NOUN
fsr-3306	219	84	based	base	VERB
fsr-3306	219	85	on	on	ADP
fsr-3306	219	86	the	the	DET
fsr-3306	219	87	strict	strict	ADJ
fsr-3306	219	88	fed	fed	PROPN
fsr-3306	219	89	model	model	NOUN
fsr-3306	219	90	portfolio	portfolio	NOUN
fsr-3306	219	91	measure	measure	PROPN
fsr-3306	219	92	vfinx	vfinx	PROPN
fsr-3306	219	93	portfolio	portfolio	NOUN
fsr-3306	219	94	vfitx	vfitx	PROPN
fsr-3306	219	95	portfolio	portfolio	PROPN
fsr-3306	219	96	active	active	ADJ
fsr-3306	219	97	switching	switch	VERB
fsr-3306	219	98	portfolio	portfolio	NOUN
fsr-3306	219	99	average	average	ADJ
fsr-3306	219	100	monthly	monthly	ADJ
fsr-3306	219	101	return	return	NOUN
fsr-3306	220	1	.01074	.01074	PROPN
fsr-3306	220	2	.00093	.00093	PUNCT
fsr-3306	220	3	0.0196a	0.0196a	PUNCT
fsr-3306	220	4	effective	effective	ADJ
fsr-3306	220	5	annual	annual	ADJ
fsr-3306	220	6	rate	rate	NOUN
fsr-3306	220	7	of	of	ADP
fsr-3306	220	8	return	return	NOUN
fsr-3306	220	9	.1368	.1368	PUNCT
fsr-3306	221	1	.0112	.0112	PROPN
fsr-3306	221	2	.2623b	.2623b	PROPN
fsr-3306	221	3	standard	standard	ADJ
fsr-3306	221	4	deviation	deviation	NOUN
fsr-3306	221	5	of	of	ADP
fsr-3306	221	6	monthly	monthly	ADJ
fsr-3306	221	7	return	return	NOUN
fsr-3306	221	8	0.0298	0.0298	NUM
fsr-3306	221	9	0.0102c	0.0102c	NUM
fsr-3306	221	10	0.0199	0.0199	NUM
fsr-3306	221	11	average	average	ADJ
fsr-3306	221	12	monthly	monthly	ADJ
fsr-3306	221	13	return	return	NOUN
fsr-3306	221	14	/	/	SYM
fsr-3306	221	15	standard	standard	ADJ
fsr-3306	221	16	deviation	deviation	NOUN
fsr-3306	221	17	0.360	0.360	NUM
fsr-3306	221	18	0.0912	0.0912	NUM
fsr-3306	221	19	0.985d	0.985d	NOUN
fsr-3306	221	20	upside	upside	ADV
fsr-3306	221	21	to	to	PART
fsr-3306	221	22	downside	downside	VERB
fsr-3306	221	23	monthly	monthly	ADJ
fsr-3306	221	24	volatility	volatility	NOUN
fsr-3306	221	25	.902	.902	NUM
fsr-3306	221	26	1.113	1.113	NUM
fsr-3306	221	27	1.291e	1.291e	NUM
fsr-3306	221	28	notes	note	NOUN
fsr-3306	221	29	:	:	PUNCT
fsr-3306	221	30	vfinx	vfinx	PROPN
fsr-3306	221	31	�	�	PROPN
fsr-3306	221	32	vanguard	vanguard	PROPN
fsr-3306	221	33	’s	’s	PART
fsr-3306	221	34	s&p500	s&p500	PROPN
fsr-3306	221	35	index	index	NOUN
fsr-3306	221	36	fund	fund	NOUN
fsr-3306	221	37	;	;	PUNCT
fsr-3306	221	38	vfitx	vfitx	PROPN
fsr-3306	221	39	�	�	PROPN
fsr-3306	221	40	vanguard	vanguard	PROPN
fsr-3306	221	41	’s	’s	PART
fsr-3306	221	42	treasury	treasury	PROPN
fsr-3306	221	43	index	index	NOUN
fsr-3306	221	44	fund	fund	PROPN
fsr-3306	221	45	.	.	PUNCT
fsr-3306	222	1	athe	athe	PROPN
fsr-3306	222	2	active	active	ADJ
fsr-3306	222	3	switching	switch	VERB
fsr-3306	222	4	portfolio	portfolio	NOUN
fsr-3306	222	5	has	have	VERB
fsr-3306	222	6	the	the	DET
fsr-3306	222	7	highest	high	ADJ
fsr-3306	222	8	average	average	ADJ
fsr-3306	222	9	monthly	monthly	ADJ
fsr-3306	222	10	return	return	NOUN
fsr-3306	222	11	.	.	PUNCT
fsr-3306	223	1	bthe	bthe	DET
fsr-3306	223	2	active	active	ADJ
fsr-3306	223	3	switching	switch	VERB
fsr-3306	223	4	portfolio	portfolio	NOUN
fsr-3306	223	5	has	have	VERB
fsr-3306	223	6	the	the	DET
fsr-3306	223	7	highest	high	ADJ
fsr-3306	223	8	effective	effective	ADJ
fsr-3306	223	9	annual	annual	ADJ
fsr-3306	223	10	rate	rate	NOUN
fsr-3306	223	11	of	of	ADP
fsr-3306	223	12	return	return	NOUN
fsr-3306	223	13	.	.	PUNCT
fsr-3306	224	1	cthe	cthe	PROPN
fsr-3306	224	2	vanguard	vanguard	PROPN
fsr-3306	224	3	index	index	PROPN
fsr-3306	224	4	intermediate	intermediate	PROPN
fsr-3306	224	5	bond	bond	NOUN
fsr-3306	224	6	fund	fund	NOUN
fsr-3306	224	7	has	have	VERB
fsr-3306	224	8	the	the	DET
fsr-3306	224	9	lowest	low	ADJ
fsr-3306	224	10	monthly	monthly	ADJ
fsr-3306	224	11	volatility	volatility	NOUN
fsr-3306	224	12	of	of	ADP
fsr-3306	224	13	monthly	monthly	ADJ
fsr-3306	224	14	returns	return	NOUN
fsr-3306	224	15	.	.	PUNCT
fsr-3306	225	1	dthe	dthe	ADJ
fsr-3306	225	2	switching	switch	VERB
fsr-3306	225	3	portfolio	portfolio	NOUN
fsr-3306	225	4	provides	provide	VERB
fsr-3306	225	5	the	the	DET
fsr-3306	225	6	best	good	ADJ
fsr-3306	225	7	return	return	NOUN
fsr-3306	225	8	for	for	ADP
fsr-3306	225	9	risk	risk	NOUN
fsr-3306	225	10	tradeoff	tradeoff	NOUN
fsr-3306	225	11	.	.	PUNCT
fsr-3306	226	1	ethe	ethe	PRON
fsr-3306	226	2	switching	switch	VERB
fsr-3306	226	3	portfolio	portfolio	NOUN
fsr-3306	226	4	provides	provide	VERB
fsr-3306	226	5	the	the	DET
fsr-3306	226	6	best	good	ADJ
fsr-3306	226	7	upside	upside	NOUN
fsr-3306	226	8	to	to	PART
fsr-3306	226	9	downside	downside	VERB
fsr-3306	226	10	volatility	volatility	NOUN
fsr-3306	226	11	.	.	PUNCT
fsr-3306	227	1	176	176	NUM
fsr-3306	227	2	j.m	j.m	PROPN
fsr-3306	227	3	.	.	PROPN
fsr-3306	227	4	clinebell	clinebell	PROPN
fsr-3306	227	5	et	et	PROPN
fsr-3306	227	6	al	al	PROPN
fsr-3306	227	7	.	.	PUNCT
fsr-3306	227	8	/	/	SYM
fsr-3306	227	9	financial	financial	ADJ
fsr-3306	227	10	services	service	NOUN
fsr-3306	227	11	review	review	VERB
fsr-3306	227	12	26	26	NUM
fsr-3306	227	13	(	(	PUNCT
fsr-3306	227	14	2017	2017	NUM
fsr-3306	227	15	)	)	PUNCT
fsr-3306	227	16	167–180	167–180	NUM
fsr-3306	227	17	index	index	NOUN
fsr-3306	227	18	fund	fund	NOUN
fsr-3306	227	19	.	.	PUNCT
fsr-3306	228	1	for	for	ADP
fsr-3306	228	2	many	many	ADJ
fsr-3306	228	3	investors	investor	NOUN
fsr-3306	228	4	,	,	PUNCT
fsr-3306	228	5	the	the	DET
fsr-3306	228	6	favorable	favorable	ADJ
fsr-3306	228	7	positive	positive	ADJ
fsr-3306	228	8	skewing	skewing	NOUN
fsr-3306	228	9	of	of	ADP
fsr-3306	228	10	return	return	NOUN
fsr-3306	228	11	performance	performance	NOUN
fsr-3306	228	12	from	from	ADP
fsr-3306	228	13	the	the	DET
fsr-3306	228	14	switching	switch	VERB
fsr-3306	228	15	portfolio	portfolio	NOUN
fsr-3306	228	16	is	be	AUX
fsr-3306	228	17	especially	especially	ADV
fsr-3306	228	18	important	important	ADJ
fsr-3306	228	19	.	.	PUNCT
fsr-3306	229	1	pfeifer	pfeifer	PROPN
fsr-3306	229	2	(	(	PUNCT
fsr-3306	229	3	1985	1985	NUM
fsr-3306	229	4	)	)	PUNCT
fsr-3306	229	5	demonstrates	demonstrate	VERB
fsr-3306	229	6	how	how	SCONJ
fsr-3306	229	7	an	an	DET
fsr-3306	229	8	investor	investor	NOUN
fsr-3306	229	9	’s	’s	PART
fsr-3306	229	10	utility	utility	NOUN
fsr-3306	229	11	function	function	NOUN
fsr-3306	229	12	with	with	ADP
fsr-3306	229	13	respect	respect	NOUN
fsr-3306	229	14	to	to	ADP
fsr-3306	229	15	loss	loss	NOUN
fsr-3306	229	16	aversion	aversion	NOUN
fsr-3306	229	17	should	should	AUX
fsr-3306	229	18	be	be	AUX
fsr-3306	229	19	included	include	VERB
fsr-3306	229	20	in	in	ADP
fsr-3306	229	21	investment	investment	NOUN
fsr-3306	229	22	performance	performance	NOUN
fsr-3306	229	23	.	.	PUNCT
fsr-3306	230	1	prospect	prospect	NOUN
fsr-3306	230	2	theory	theory	NOUN
fsr-3306	230	3	(	(	PUNCT
fsr-3306	230	4	kahneman	kahneman	PROPN
fsr-3306	230	5	&	&	CCONJ
fsr-3306	230	6	tversky	tversky	PROPN
fsr-3306	230	7	,	,	PUNCT
fsr-3306	230	8	1979	1979	NUM
fsr-3306	230	9	)	)	PUNCT
fsr-3306	230	10	suggests	suggest	VERB
fsr-3306	230	11	investors	investor	NOUN
fsr-3306	230	12	fear	fear	VERB
fsr-3306	230	13	losses	loss	NOUN
fsr-3306	230	14	more	more	ADJ
fsr-3306	230	15	than	than	SCONJ
fsr-3306	230	16	they	they	PRON
fsr-3306	230	17	enjoy	enjoy	VERB
fsr-3306	230	18	gains	gain	NOUN
fsr-3306	230	19	,	,	PUNCT
fsr-3306	230	20	making	make	VERB
fsr-3306	230	21	a	a	DET
fsr-3306	230	22	simple	simple	ADJ
fsr-3306	230	23	reward	reward	NOUN
fsr-3306	230	24	to	to	PART
fsr-3306	230	25	risk	risk	VERB
fsr-3306	230	26	metric	metric	ADJ
fsr-3306	230	27	insufficient	insufficient	NOUN
fsr-3306	230	28	for	for	ADP
fsr-3306	230	29	investment	investment	NOUN
fsr-3306	230	30	performance	performance	NOUN
fsr-3306	230	31	.	.	PUNCT
fsr-3306	231	1	investors	investor	NOUN
fsr-3306	231	2	who	who	PRON
fsr-3306	231	3	chase	chase	VERB
fsr-3306	231	4	winners	winner	NOUN
fsr-3306	231	5	play	play	VERB
fsr-3306	231	6	a	a	DET
fsr-3306	231	7	losing	losing	ADJ
fsr-3306	231	8	game	game	NOUN
fsr-3306	231	9	by	by	ADP
fsr-3306	231	10	buying	buy	VERB
fsr-3306	231	11	stocks	stock	NOUN
fsr-3306	231	12	when	when	SCONJ
fsr-3306	231	13	they	they	PRON
fsr-3306	231	14	are	be	AUX
fsr-3306	231	15	high	high	ADJ
fsr-3306	231	16	and	and	CCONJ
fsr-3306	231	17	selling	sell	VERB
fsr-3306	231	18	when	when	SCONJ
fsr-3306	231	19	stocks	stock	NOUN
fsr-3306	231	20	are	be	AUX
fsr-3306	231	21	low	low	ADJ
fsr-3306	231	22	.	.	PUNCT
fsr-3306	232	1	the	the	DET
fsr-3306	232	2	switching	switch	VERB
fsr-3306	232	3	portfolio	portfolio	NOUN
fsr-3306	232	4	offers	offer	VERB
fsr-3306	232	5	a	a	DET
fsr-3306	232	6	counterbalance	counterbalance	NOUN
fsr-3306	232	7	to	to	ADP
fsr-3306	232	8	the	the	DET
fsr-3306	232	9	tendency	tendency	NOUN
fsr-3306	232	10	to	to	PART
fsr-3306	232	11	chase	chase	VERB
fsr-3306	232	12	winners	winner	NOUN
fsr-3306	232	13	.	.	PUNCT
fsr-3306	233	1	when	when	SCONJ
fsr-3306	233	2	the	the	DET
fsr-3306	233	3	earnings	earning	NOUN
fsr-3306	233	4	yield	yield	NOUN
fsr-3306	233	5	(	(	PUNCT
fsr-3306	233	6	e	e	NOUN
fsr-3306	233	7	/	/	SYM
fsr-3306	233	8	p	p	NOUN
fsr-3306	233	9	)	)	PUNCT
fsr-3306	233	10	is	be	AUX
fsr-3306	233	11	high	high	ADJ
fsr-3306	233	12	,	,	PUNCT
fsr-3306	233	13	the	the	DET
fsr-3306	233	14	market	market	NOUN
fsr-3306	233	15	price	price	NOUN
fsr-3306	233	16	is	be	AUX
fsr-3306	233	17	low	low	ADJ
fsr-3306	233	18	relative	relative	ADJ
fsr-3306	233	19	to	to	ADP
fsr-3306	233	20	earnings	earning	NOUN
fsr-3306	233	21	.	.	PUNCT
fsr-3306	234	1	rather	rather	ADV
fsr-3306	234	2	than	than	SCONJ
fsr-3306	234	3	sell	sell	VERB
fsr-3306	234	4	stocks	stock	NOUN
fsr-3306	234	5	in	in	ADP
fsr-3306	234	6	a	a	DET
fsr-3306	234	7	falling	fall	VERB
fsr-3306	234	8	market	market	NOUN
fsr-3306	234	9	,	,	PUNCT
fsr-3306	234	10	the	the	DET
fsr-3306	234	11	switching	switch	VERB
fsr-3306	234	12	portfolio	portfolio	NOUN
fsr-3306	234	13	buys	buy	VERB
fsr-3306	234	14	stocks	stock	NOUN
fsr-3306	234	15	.	.	PUNCT
fsr-3306	235	1	this	this	DET
fsr-3306	235	2	contrarian	contrarian	ADJ
fsr-3306	235	3	aspect	aspect	NOUN
fsr-3306	235	4	of	of	ADP
fsr-3306	235	5	investing	invest	VERB
fsr-3306	235	6	with	with	ADP
fsr-3306	235	7	the	the	DET
fsr-3306	235	8	fed	fed	PROPN
fsr-3306	235	9	model	model	NOUN
fsr-3306	235	10	is	be	AUX
fsr-3306	235	11	an	an	DET
fsr-3306	235	12	attractive	attractive	ADJ
fsr-3306	235	13	feature	feature	NOUN
fsr-3306	235	14	for	for	ADP
fsr-3306	235	15	investors	investor	NOUN
fsr-3306	235	16	subject	subject	ADJ
fsr-3306	235	17	to	to	ADP
fsr-3306	235	18	recency	recency	NOUN
fsr-3306	235	19	,	,	PUNCT
fsr-3306	235	20	herding	herding	NOUN
fsr-3306	235	21	,	,	PUNCT
fsr-3306	235	22	and	and	CCONJ
fsr-3306	235	23	regret	regret	VERB
fsr-3306	235	24	aversion	aversion	NOUN
fsr-3306	235	25	biases	bias	NOUN
fsr-3306	235	26	outlined	outline	VERB
fsr-3306	235	27	in	in	ADP
fsr-3306	235	28	the	the	DET
fsr-3306	235	29	behavioral	behavioral	ADJ
fsr-3306	235	30	finance	finance	NOUN
fsr-3306	235	31	literature	literature	NOUN
fsr-3306	235	32	(	(	PUNCT
fsr-3306	235	33	nofsinger	nofsinger	NOUN
fsr-3306	235	34	,	,	PUNCT
fsr-3306	235	35	2013	2013	NUM
fsr-3306	235	36	)	)	PUNCT
fsr-3306	235	37	.	.	PUNCT
fsr-3306	236	1	6.3	6.3	NUM
fsr-3306	236	2	.	.	PUNCT
fsr-3306	237	1	switches	switch	NOUN
fsr-3306	237	2	in	in	ADP
fsr-3306	237	3	the	the	DET
fsr-3306	237	4	strict	strict	ADJ
fsr-3306	237	5	fed	fed	PROPN
fsr-3306	237	6	model	model	PROPN
fsr-3306	237	7	fig	fig	PROPN
fsr-3306	237	8	.	.	PUNCT
fsr-3306	238	1	3	3	NUM
fsr-3306	238	2	shows	show	VERB
fsr-3306	238	3	the	the	DET
fsr-3306	238	4	variation	variation	NOUN
fsr-3306	238	5	in	in	ADP
fsr-3306	238	6	the	the	DET
fsr-3306	238	7	kalman	kalman	NOUN
fsr-3306	238	8	filter	filter	NOUN
fsr-3306	238	9	estimates	estimate	NOUN
fsr-3306	238	10	of	of	ADP
fsr-3306	238	11	the	the	DET
fsr-3306	238	12	fed	fed	PROPN
fsr-3306	238	13	multiplier	multiplier	ADV
fsr-3306	238	14	(	(	PUNCT
fsr-3306	238	15	�	�	PROPN
fsr-3306	238	16	t	t	PROPN
fsr-3306	238	17	�	�	PROPN
fsr-3306	238	18	1	1	NUM
fsr-3306	238	19	,	,	PUNCT
fsr-3306	238	20	t	t	PROPN
fsr-3306	238	21	)	)	PUNCT
fsr-3306	238	22	over	over	ADP
fsr-3306	238	23	the	the	DET
fsr-3306	238	24	investment	investment	NOUN
fsr-3306	238	25	performance	performance	NOUN
fsr-3306	238	26	period	period	NOUN
fsr-3306	238	27	from	from	ADP
fsr-3306	238	28	january	january	PROPN
fsr-3306	238	29	2012	2012	NUM
fsr-3306	238	30	through	through	ADP
fsr-3306	238	31	december	december	PROPN
fsr-3306	238	32	of	of	ADP
fsr-3306	238	33	2016	2016	NUM
fsr-3306	238	34	.	.	PUNCT
fsr-3306	239	1	the	the	DET
fsr-3306	239	2	multiplier	multipli	ADJ
fsr-3306	239	3	estimate	estimate	NOUN
fsr-3306	239	4	moved	move	VERB
fsr-3306	239	5	within	within	ADP
fsr-3306	239	6	a	a	DET
fsr-3306	239	7	tight	tight	ADJ
fsr-3306	239	8	range	range	NOUN
fsr-3306	239	9	from	from	ADP
fsr-3306	239	10	1.05	1.05	NUM
fsr-3306	239	11	to	to	PART
fsr-3306	239	12	0.95	0.95	NUM
fsr-3306	239	13	.	.	PUNCT
fsr-3306	240	1	each	each	DET
fsr-3306	240	2	crossing	crossing	NOUN
fsr-3306	240	3	of	of	ADP
fsr-3306	240	4	the	the	DET
fsr-3306	240	5	estimate	estimate	NOUN
fsr-3306	240	6	over	over	ADP
fsr-3306	240	7	the	the	DET
fsr-3306	240	8	strict	strict	ADJ
fsr-3306	240	9	fed	fed	PROPN
fsr-3306	240	10	multiplier	multiplier	ADV
fsr-3306	240	11	of	of	ADP
fsr-3306	240	12	one	one	NUM
fsr-3306	240	13	represents	represent	VERB
fsr-3306	240	14	a	a	DET
fsr-3306	240	15	portfolio	portfolio	NOUN
fsr-3306	240	16	switch	switch	NOUN
fsr-3306	240	17	in	in	ADP
fsr-3306	240	18	vanguard	vanguard	NOUN
fsr-3306	240	19	funds	fund	NOUN
fsr-3306	240	20	.	.	PUNCT
fsr-3306	241	1	we	we	PRON
fsr-3306	241	2	assumed	assume	VERB
fsr-3306	241	3	a	a	DET
fsr-3306	241	4	priori	priori	NOUN
fsr-3306	241	5	that	that	SCONJ
fsr-3306	241	6	the	the	DET
fsr-3306	241	7	strict	strict	ADJ
fsr-3306	241	8	version	version	NOUN
fsr-3306	241	9	of	of	ADP
fsr-3306	241	10	the	the	DET
fsr-3306	241	11	fed	fed	PROPN
fsr-3306	241	12	model	model	NOUN
fsr-3306	241	13	would	would	AUX
fsr-3306	241	14	be	be	AUX
fsr-3306	241	15	an	an	DET
fsr-3306	241	16	appropriate	appropriate	ADJ
fsr-3306	241	17	benchmark	benchmark	NOUN
fsr-3306	241	18	for	for	ADP
fsr-3306	241	19	our	our	PRON
fsr-3306	241	20	switching	switch	VERB
fsr-3306	241	21	portfolio	portfolio	NOUN
fsr-3306	241	22	rather	rather	ADV
fsr-3306	241	23	than	than	ADP
fsr-3306	241	24	mine	mine	VERB
fsr-3306	241	25	the	the	DET
fsr-3306	241	26	data	datum	NOUN
fsr-3306	241	27	to	to	PART
fsr-3306	241	28	find	find	VERB
fsr-3306	241	29	an	an	DET
fsr-3306	241	30	optimal	optimal	ADJ
fsr-3306	241	31	switch	switch	NOUN
fsr-3306	241	32	benchmark	benchmark	NOUN
fsr-3306	241	33	.	.	PUNCT
fsr-3306	242	1	our	our	PRON
fsr-3306	242	2	decision	decision	NOUN
fsr-3306	242	3	to	to	PART
fsr-3306	242	4	use	use	VERB
fsr-3306	242	5	the	the	DET
fsr-3306	242	6	strict	strict	ADJ
fsr-3306	242	7	fed	fed	PROPN
fsr-3306	242	8	model	model	NOUN
fsr-3306	242	9	is	be	AUX
fsr-3306	242	10	consistent	consistent	ADJ
fsr-3306	242	11	with	with	ADP
fsr-3306	242	12	the	the	DET
fsr-3306	242	13	long	long	ADJ
fsr-3306	242	14	run	run	NOUN
fsr-3306	242	15	performance	performance	NOUN
fsr-3306	242	16	of	of	ADP
fsr-3306	242	17	the	the	DET
fsr-3306	242	18	kalman	kalman	PROPN
fsr-3306	242	19	filter	filter	NOUN
fsr-3306	242	20	found	find	VERB
fsr-3306	242	21	in	in	ADP
fsr-3306	242	22	the	the	DET
fsr-3306	242	23	test	test	NOUN
fsr-3306	242	24	period	period	NOUN
fsr-3306	242	25	.	.	PUNCT
fsr-3306	243	1	we	we	PRON
fsr-3306	243	2	did	do	AUX
fsr-3306	243	3	not	not	PART
fsr-3306	243	4	find	find	VERB
fsr-3306	243	5	that	that	SCONJ
fsr-3306	243	6	changing	change	VERB
fsr-3306	243	7	risk	risk	NOUN
fsr-3306	243	8	premiums	premium	NOUN
fsr-3306	243	9	,	,	PUNCT
fsr-3306	243	10	revisions	revision	NOUN
fsr-3306	243	11	of	of	ADP
fsr-3306	243	12	growth	growth	NOUN
fsr-3306	243	13	estimates	estimate	NOUN
fsr-3306	243	14	,	,	PUNCT
fsr-3306	243	15	absence	absence	NOUN
fsr-3306	243	16	of	of	ADP
fsr-3306	243	17	money	money	NOUN
fsr-3306	243	18	illusion	illusion	NOUN
fsr-3306	243	19	,	,	PUNCT
fsr-3306	243	20	or	or	CCONJ
fsr-3306	243	21	other	other	ADJ
fsr-3306	243	22	criticisms	criticism	NOUN
fsr-3306	243	23	of	of	ADP
fsr-3306	243	24	the	the	DET
fsr-3306	243	25	theoretical	theoretical	ADJ
fsr-3306	243	26	arguments	argument	NOUN
fsr-3306	243	27	invalidated	invalidate	VERB
fsr-3306	243	28	the	the	DET
fsr-3306	243	29	strict	strict	ADJ
fsr-3306	243	30	fed	fed	PROPN
fsr-3306	243	31	model	model	NOUN
fsr-3306	243	32	interpretation	interpretation	NOUN
fsr-3306	243	33	.	.	PUNCT
fsr-3306	244	1	fig	fig	NOUN
fsr-3306	244	2	.	.	PUNCT
fsr-3306	245	1	3	3	X
fsr-3306	245	2	.	.	X
fsr-3306	245	3	fed	feed	VERB
fsr-3306	245	4	multiplier	multipli	ADJ
fsr-3306	245	5	estimates	estimate	NOUN
fsr-3306	245	6	(	(	PUNCT
fsr-3306	245	7	�	�	PROPN
fsr-3306	245	8	t	t	PROPN
fsr-3306	245	9	�	�	PROPN
fsr-3306	245	10	1	1	NUM
fsr-3306	245	11	,	,	PUNCT
fsr-3306	245	12	t	t	PROPN
fsr-3306	245	13	)	)	PUNCT
fsr-3306	245	14	using	use	VERB
fsr-3306	245	15	vanguard	vanguard	PROPN
fsr-3306	245	16	index	index	NOUN
fsr-3306	245	17	fund	fund	NOUN
fsr-3306	245	18	data	datum	NOUN
fsr-3306	245	19	over	over	ADP
fsr-3306	245	20	the	the	DET
fsr-3306	245	21	january	january	PROPN
fsr-3306	245	22	2012	2012	NUM
fsr-3306	245	23	through	through	ADP
fsr-3306	245	24	december	december	PROPN
fsr-3306	245	25	2016	2016	NUM
fsr-3306	245	26	out	out	ADP
fsr-3306	245	27	of	of	ADP
fsr-3306	245	28	sample	sample	NOUN
fsr-3306	245	29	investment	investment	NOUN
fsr-3306	245	30	period	period	NOUN
fsr-3306	245	31	.	.	PUNCT
fsr-3306	246	1	notes	note	VERB
fsr-3306	246	2	:	:	PUNCT
fsr-3306	246	3	y	y	PROPN
fsr-3306	246	4	estimation	estimation	NOUN
fsr-3306	246	5	of	of	ADP
fsr-3306	246	6	the	the	DET
fsr-3306	246	7	fed	fed	PROPN
fsr-3306	246	8	multiplier	multiplier	ADV
fsr-3306	246	9	with	with	ADP
fsr-3306	246	10	the	the	DET
fsr-3306	246	11	kalman	kalman	PROPN
fsr-3306	246	12	filter	filter	PROPN
fsr-3306	246	13	uses	use	VERB
fsr-3306	246	14	the	the	DET
fsr-3306	246	15	vanguard	vanguard	PROPN
fsr-3306	246	16	treasury	treasury	PROPN
fsr-3306	246	17	index	index	PROPN
fsr-3306	246	18	fund	fund	NOUN
fsr-3306	246	19	(	(	PUNCT
fsr-3306	246	20	vfitx	vfitx	ADJ
fsr-3306	246	21	)	)	PUNCT
fsr-3306	246	22	and	and	CCONJ
fsr-3306	246	23	the	the	DET
fsr-3306	246	24	vanguard	vanguard	NOUN
fsr-3306	246	25	s&p	s&p	PROPN
fsr-3306	246	26	500	500	NUM
fsr-3306	246	27	index	index	NOUN
fsr-3306	246	28	fund	fund	NOUN
fsr-3306	246	29	(	(	PUNCT
fsr-3306	246	30	vfinx	vfinx	NOUN
fsr-3306	246	31	)	)	PUNCT
fsr-3306	246	32	data	datum	NOUN
fsr-3306	246	33	over	over	ADP
fsr-3306	246	34	the	the	DET
fsr-3306	246	35	investment	investment	NOUN
fsr-3306	246	36	period	period	NOUN
fsr-3306	246	37	.	.	PUNCT
fsr-3306	247	1	y	y	PROPN
fsr-3306	247	2	the	the	DET
fsr-3306	247	3	multiplier	multipli	ADJ
fsr-3306	247	4	has	have	VERB
fsr-3306	247	5	a	a	DET
fsr-3306	247	6	lack	lack	NOUN
fsr-3306	247	7	of	of	ADP
fsr-3306	247	8	trend	trend	NOUN
fsr-3306	247	9	with	with	ADP
fsr-3306	247	10	volatility	volatility	NOUN
fsr-3306	247	11	around	around	ADP
fsr-3306	247	12	a	a	DET
fsr-3306	247	13	multiplier	multiplier	NOUN
fsr-3306	247	14	of	of	ADP
fsr-3306	247	15	�	�	PROPN
fsr-3306	247	16	t	t	PROPN
fsr-3306	247	17	�	�	PROPN
fsr-3306	247	18	1	1	NUM
fsr-3306	247	19	,	,	PUNCT
fsr-3306	247	20	t	t	PROPN
fsr-3306	247	21	�	�	PROPN
fsr-3306	247	22	0	0	NUM
fsr-3306	247	23	0.95	0.95	NUM
fsr-3306	247	24	and	and	CCONJ
fsr-3306	247	25	a	a	DET
fsr-3306	247	26	range	range	NOUN
fsr-3306	247	27	of	of	ADP
fsr-3306	247	28	multiplier	multipli	ADJ
fsr-3306	247	29	values	value	NOUN
fsr-3306	247	30	from	from	ADP
fsr-3306	247	31	1.05	1.05	NUM
fsr-3306	247	32	to	to	PART
fsr-3306	247	33	0.95	0.95	NUM
fsr-3306	247	34	.	.	PUNCT
fsr-3306	248	1	177j.m	177j.m	X
fsr-3306	248	2	.	.	PUNCT
fsr-3306	249	1	clinebell	clinebell	PROPN
fsr-3306	249	2	et	et	PROPN
fsr-3306	249	3	al	al	PROPN
fsr-3306	249	4	.	.	PUNCT
fsr-3306	249	5	/	/	SYM
fsr-3306	249	6	financial	financial	ADJ
fsr-3306	249	7	services	service	NOUN
fsr-3306	249	8	review	review	VERB
fsr-3306	249	9	26	26	NUM
fsr-3306	249	10	(	(	PUNCT
fsr-3306	249	11	2017	2017	NUM
fsr-3306	249	12	)	)	PUNCT
fsr-3306	249	13	167–180	167–180	NUM
fsr-3306	249	14	7	7	NUM
fsr-3306	249	15	.	.	PUNCT
fsr-3306	249	16	conclusions	conclusion	NOUN
fsr-3306	249	17	and	and	CCONJ
fsr-3306	249	18	implications	implication	VERB
fsr-3306	249	19	the	the	DET
fsr-3306	249	20	controversy	controversy	NOUN
fsr-3306	249	21	over	over	ADP
fsr-3306	249	22	the	the	DET
fsr-3306	249	23	potential	potential	NOUN
fsr-3306	249	24	for	for	ADP
fsr-3306	249	25	active	active	ADJ
fsr-3306	249	26	asset	asset	NOUN
fsr-3306	249	27	allocation	allocation	NOUN
fsr-3306	249	28	to	to	PART
fsr-3306	249	29	enhance	enhance	VERB
fsr-3306	249	30	investment	investment	NOUN
fsr-3306	249	31	performance	performance	NOUN
fsr-3306	249	32	is	be	AUX
fsr-3306	249	33	likely	likely	ADJ
fsr-3306	249	34	to	to	PART
fsr-3306	249	35	continue	continue	VERB
fsr-3306	249	36	with	with	ADP
fsr-3306	249	37	a	a	DET
fsr-3306	249	38	debate	debate	NOUN
fsr-3306	249	39	over	over	ADP
fsr-3306	249	40	methods	method	NOUN
fsr-3306	249	41	,	,	PUNCT
fsr-3306	249	42	data	datum	NOUN
fsr-3306	249	43	,	,	PUNCT
fsr-3306	249	44	return	return	VERB
fsr-3306	249	45	adjustments	adjustment	NOUN
fsr-3306	249	46	and	and	CCONJ
fsr-3306	249	47	interpretations	interpretation	NOUN
fsr-3306	249	48	of	of	ADP
fsr-3306	249	49	findings	finding	NOUN
fsr-3306	249	50	.	.	PUNCT
fsr-3306	250	1	in	in	ADP
fsr-3306	250	2	this	this	DET
fsr-3306	250	3	article	article	NOUN
fsr-3306	250	4	,	,	PUNCT
fsr-3306	250	5	we	we	PRON
fsr-3306	250	6	first	first	ADV
fsr-3306	250	7	focused	focus	VERB
fsr-3306	250	8	the	the	DET
fsr-3306	250	9	debate	debate	NOUN
fsr-3306	250	10	on	on	ADP
fsr-3306	250	11	switching	switch	VERB
fsr-3306	250	12	funds	fund	NOUN
fsr-3306	250	13	within	within	ADP
fsr-3306	250	14	a	a	DET
fsr-3306	250	15	family	family	NOUN
fsr-3306	250	16	of	of	ADP
fsr-3306	250	17	funds	fund	NOUN
fsr-3306	250	18	to	to	PART
fsr-3306	250	19	bypass	bypass	VERB
fsr-3306	250	20	concerns	concern	NOUN
fsr-3306	250	21	over	over	ADP
fsr-3306	250	22	transaction	transaction	NOUN
fsr-3306	250	23	costs	cost	NOUN
fsr-3306	250	24	and	and	CCONJ
fsr-3306	250	25	tax	tax	NOUN
fsr-3306	250	26	effects	effect	NOUN
fsr-3306	250	27	.	.	PUNCT
fsr-3306	251	1	this	this	DET
fsr-3306	251	2	focus	focus	NOUN
fsr-3306	251	3	did	do	AUX
fsr-3306	251	4	not	not	PART
fsr-3306	251	5	reduce	reduce	VERB
fsr-3306	251	6	the	the	DET
fsr-3306	251	7	relevance	relevance	NOUN
fsr-3306	251	8	of	of	ADP
fsr-3306	251	9	the	the	DET
fsr-3306	251	10	study	study	NOUN
fsr-3306	251	11	,	,	PUNCT
fsr-3306	251	12	given	give	VERB
fsr-3306	251	13	the	the	DET
fsr-3306	251	14	large	large	ADJ
fsr-3306	251	15	retirement	retirement	NOUN
fsr-3306	251	16	fund	fund	NOUN
fsr-3306	251	17	universe	universe	NOUN
fsr-3306	251	18	.	.	PUNCT
fsr-3306	252	1	we	we	PRON
fsr-3306	252	2	used	use	VERB
fsr-3306	252	3	a	a	DET
fsr-3306	252	4	simple	simple	ADJ
fsr-3306	252	5	“	"	PUNCT
fsr-3306	252	6	risk	risk	NOUN
fsr-3306	252	7	on	on	ADP
fsr-3306	252	8	”	"	PUNCT
fsr-3306	252	9	and	and	CCONJ
fsr-3306	252	10	“	"	PUNCT
fsr-3306	252	11	risk	risk	VERB
fsr-3306	252	12	off	off	ADP
fsr-3306	252	13	”	"	PUNCT
fsr-3306	252	14	approach	approach	NOUN
fsr-3306	252	15	with	with	ADP
fsr-3306	252	16	a	a	DET
fsr-3306	252	17	basic	basic	ADJ
fsr-3306	252	18	switch	switch	NOUN
fsr-3306	252	19	rule	rule	NOUN
fsr-3306	252	20	defined	define	VERB
fsr-3306	252	21	by	by	ADP
fsr-3306	252	22	the	the	DET
fsr-3306	252	23	strict	strict	ADJ
fsr-3306	252	24	fed	fed	PROPN
fsr-3306	252	25	model	model	PROPN
fsr-3306	252	26	.	.	PUNCT
fsr-3306	253	1	shiller	shiller	PROPN
fsr-3306	253	2	’s	’s	PART
fsr-3306	253	3	data	datum	NOUN
fsr-3306	253	4	allowed	allow	VERB
fsr-3306	253	5	a	a	DET
fsr-3306	253	6	very	very	ADV
fsr-3306	253	7	long	long	ADJ
fsr-3306	253	8	run	run	NOUN
fsr-3306	253	9	test	test	NOUN
fsr-3306	253	10	period	period	NOUN
fsr-3306	253	11	of	of	ADP
fsr-3306	253	12	the	the	DET
fsr-3306	253	13	time	time	NOUN
fsr-3306	253	14	varying	vary	VERB
fsr-3306	253	15	properties	property	NOUN
fsr-3306	253	16	of	of	ADP
fsr-3306	253	17	the	the	DET
fsr-3306	253	18	fed	fed	PROPN
fsr-3306	253	19	model	model	NOUN
fsr-3306	253	20	rather	rather	ADV
fsr-3306	253	21	than	than	ADP
fsr-3306	253	22	assuming	assume	VERB
fsr-3306	253	23	mean	mean	ADJ
fsr-3306	253	24	reversion	reversion	NOUN
fsr-3306	253	25	or	or	CCONJ
fsr-3306	253	26	other	other	ADJ
fsr-3306	253	27	forms	form	NOUN
fsr-3306	253	28	of	of	ADP
fsr-3306	253	29	moving	move	VERB
fsr-3306	253	30	averages	average	NOUN
fsr-3306	253	31	.	.	PUNCT
fsr-3306	254	1	the	the	DET
fsr-3306	254	2	flexible	flexible	PROPN
fsr-3306	254	3	kalman	kalman	PROPN
fsr-3306	254	4	filter	filter	PROPN
fsr-3306	254	5	model	model	PROPN
fsr-3306	254	6	offered	offer	VERB
fsr-3306	254	7	time	time	NOUN
fsr-3306	254	8	varying	vary	VERB
fsr-3306	254	9	estimates	estimate	NOUN
fsr-3306	254	10	of	of	ADP
fsr-3306	254	11	the	the	DET
fsr-3306	254	12	relevant	relevant	ADJ
fsr-3306	254	13	fed	fed	PROPN
fsr-3306	254	14	model	model	NOUN
fsr-3306	254	15	multiplier	multiplier	ADV
fsr-3306	254	16	in	in	ADP
fsr-3306	254	17	the	the	DET
fsr-3306	254	18	test	test	NOUN
fsr-3306	254	19	period	period	NOUN
fsr-3306	254	20	.	.	PUNCT
fsr-3306	255	1	in	in	ADP
fsr-3306	255	2	a	a	DET
fsr-3306	255	3	holdout	holdout	NOUN
fsr-3306	255	4	investment	investment	NOUN
fsr-3306	255	5	period	period	NOUN
fsr-3306	255	6	of	of	ADP
fsr-3306	255	7	recent	recent	ADJ
fsr-3306	255	8	markets	market	NOUN
fsr-3306	255	9	,	,	PUNCT
fsr-3306	255	10	investment	investment	NOUN
fsr-3306	255	11	performance	performance	NOUN
fsr-3306	255	12	from	from	ADP
fsr-3306	255	13	switching	switch	VERB
fsr-3306	255	14	between	between	ADP
fsr-3306	255	15	index	index	NOUN
fsr-3306	255	16	funds	fund	NOUN
fsr-3306	255	17	in	in	ADP
fsr-3306	255	18	the	the	DET
fsr-3306	255	19	vanguard	vanguard	NOUN
fsr-3306	255	20	family	family	NOUN
fsr-3306	255	21	of	of	ADP
fsr-3306	255	22	funds	fund	NOUN
fsr-3306	255	23	resulted	result	VERB
fsr-3306	255	24	in	in	ADP
fsr-3306	255	25	attractive	attractive	ADJ
fsr-3306	255	26	investment	investment	NOUN
fsr-3306	255	27	performance	performance	NOUN
fsr-3306	255	28	relative	relative	ADJ
fsr-3306	255	29	to	to	ADP
fsr-3306	255	30	a	a	DET
fsr-3306	255	31	buy	buy	NOUN
fsr-3306	255	32	and	and	CCONJ
fsr-3306	255	33	hold	hold	VERB
fsr-3306	255	34	of	of	ADP
fsr-3306	255	35	either	either	DET
fsr-3306	255	36	index	index	NOUN
fsr-3306	255	37	fund	fund	NOUN
fsr-3306	255	38	separately	separately	ADV
fsr-3306	255	39	.	.	PUNCT
fsr-3306	256	1	the	the	DET
fsr-3306	256	2	performance	performance	NOUN
fsr-3306	256	3	was	be	AUX
fsr-3306	256	4	especially	especially	ADV
fsr-3306	256	5	attractive	attractive	ADJ
fsr-3306	256	6	for	for	ADP
fsr-3306	256	7	investors	investor	NOUN
fsr-3306	256	8	seeking	seek	VERB
fsr-3306	256	9	positively	positively	ADV
fsr-3306	256	10	skewed	skew	VERB
fsr-3306	256	11	investment	investment	NOUN
fsr-3306	256	12	performance	performance	NOUN
fsr-3306	256	13	consistent	consistent	ADJ
fsr-3306	256	14	with	with	ADP
fsr-3306	256	15	prospect	prospect	NOUN
fsr-3306	256	16	theory	theory	NOUN
fsr-3306	256	17	where	where	SCONJ
fsr-3306	256	18	the	the	DET
fsr-3306	256	19	investor	investor	NOUN
fsr-3306	256	20	values	value	VERB
fsr-3306	256	21	gains	gain	VERB
fsr-3306	256	22	less	less	ADJ
fsr-3306	256	23	than	than	ADP
fsr-3306	256	24	avoidance	avoidance	NOUN
fsr-3306	256	25	of	of	ADP
fsr-3306	256	26	losses	loss	NOUN
fsr-3306	256	27	.	.	PUNCT
fsr-3306	257	1	added	add	VERB
fsr-3306	257	2	research	research	NOUN
fsr-3306	257	3	could	could	AUX
fsr-3306	257	4	enhance	enhance	VERB
fsr-3306	257	5	the	the	DET
fsr-3306	257	6	switching	switch	VERB
fsr-3306	257	7	methods	method	NOUN
fsr-3306	257	8	outlined	outline	VERB
fsr-3306	257	9	here	here	ADV
fsr-3306	257	10	.	.	PUNCT
fsr-3306	258	1	we	we	PRON
fsr-3306	258	2	limited	limit	VERB
fsr-3306	258	3	our	our	PRON
fsr-3306	258	4	analysis	analysis	NOUN
fsr-3306	258	5	to	to	ADP
fsr-3306	258	6	a	a	DET
fsr-3306	258	7	“	"	PUNCT
fsr-3306	258	8	risk	risk	NOUN
fsr-3306	258	9	on	on	ADP
fsr-3306	258	10	”	"	PUNCT
fsr-3306	258	11	and	and	CCONJ
fsr-3306	258	12	“	"	PUNCT
fsr-3306	258	13	risk	risk	VERB
fsr-3306	258	14	off	off	ADP
fsr-3306	258	15	”	"	PUNCT
fsr-3306	258	16	approach	approach	NOUN
fsr-3306	258	17	,	,	PUNCT
fsr-3306	258	18	but	but	CCONJ
fsr-3306	258	19	switching	switch	VERB
fsr-3306	258	20	at	at	ADP
fsr-3306	258	21	only	only	ADV
fsr-3306	258	22	extreme	extreme	ADJ
fsr-3306	258	23	multiplier	multipli	ADJ
fsr-3306	258	24	values	value	NOUN
fsr-3306	258	25	may	may	AUX
fsr-3306	258	26	offer	offer	VERB
fsr-3306	258	27	added	add	VERB
fsr-3306	258	28	enhancements	enhancement	NOUN
fsr-3306	258	29	to	to	ADP
fsr-3306	258	30	performance	performance	NOUN
fsr-3306	258	31	.	.	PUNCT
fsr-3306	259	1	however	however	ADV
fsr-3306	259	2	,	,	PUNCT
fsr-3306	259	3	such	such	ADJ
fsr-3306	259	4	extreme	extreme	ADJ
fsr-3306	259	5	value	value	NOUN
fsr-3306	259	6	switch	switch	NOUN
fsr-3306	259	7	rules	rule	NOUN
fsr-3306	259	8	would	would	AUX
fsr-3306	259	9	need	need	VERB
fsr-3306	259	10	to	to	PART
fsr-3306	259	11	be	be	AUX
fsr-3306	259	12	determined	determine	VERB
fsr-3306	259	13	in	in	ADP
fsr-3306	259	14	out	out	ADV
fsr-3306	259	15	-	-	PUNCT
fsr-3306	259	16	of	of	ADP
fsr-3306	259	17	-	-	PUNCT
fsr-3306	259	18	sample	sample	NOUN
fsr-3306	259	19	test	test	NOUN
fsr-3306	259	20	periods	period	NOUN
fsr-3306	259	21	.	.	PUNCT
fsr-3306	260	1	we	we	PRON
fsr-3306	260	2	also	also	ADV
fsr-3306	260	3	know	know	VERB
fsr-3306	260	4	that	that	SCONJ
fsr-3306	260	5	our	our	PRON
fsr-3306	260	6	reported	report	VERB
fsr-3306	260	7	performance	performance	NOUN
fsr-3306	260	8	in	in	ADP
fsr-3306	260	9	the	the	DET
fsr-3306	260	10	2012	2012	NUM
fsr-3306	260	11	to	to	ADP
fsr-3306	260	12	2016	2016	NUM
fsr-3306	260	13	period	period	NOUN
fsr-3306	260	14	may	may	AUX
fsr-3306	260	15	not	not	PART
fsr-3306	260	16	be	be	AUX
fsr-3306	260	17	representative	representative	ADJ
fsr-3306	260	18	of	of	ADP
fsr-3306	260	19	performance	performance	NOUN
fsr-3306	260	20	going	go	VERB
fsr-3306	260	21	forward	forward	ADV
fsr-3306	260	22	.	.	PUNCT
fsr-3306	261	1	even	even	ADV
fsr-3306	261	2	so	so	ADV
fsr-3306	261	3	,	,	PUNCT
fsr-3306	261	4	our	our	PRON
fsr-3306	261	5	analysis	analysis	NOUN
fsr-3306	261	6	suggests	suggest	VERB
fsr-3306	261	7	that	that	SCONJ
fsr-3306	261	8	the	the	DET
fsr-3306	261	9	fed	fed	PROPN
fsr-3306	261	10	model	model	NOUN
fsr-3306	261	11	is	be	AUX
fsr-3306	261	12	stable	stable	ADJ
fsr-3306	261	13	outside	outside	ADP
fsr-3306	261	14	the	the	DET
fsr-3306	261	15	1912	1912	NUM
fsr-3306	261	16	to	to	ADP
fsr-3306	261	17	1954	1954	NUM
fsr-3306	261	18	period	period	NOUN
fsr-3306	261	19	where	where	SCONJ
fsr-3306	261	20	major	major	ADJ
fsr-3306	261	21	global	global	ADJ
fsr-3306	261	22	disruptions	disruption	NOUN
fsr-3306	261	23	occurred	occur	VERB
fsr-3306	261	24	.	.	PUNCT
fsr-3306	262	1	we	we	PRON
fsr-3306	262	2	used	use	VERB
fsr-3306	262	3	monthly	monthly	ADJ
fsr-3306	262	4	switch	switch	NOUN
fsr-3306	262	5	points	point	NOUN
fsr-3306	262	6	that	that	PRON
fsr-3306	262	7	might	might	AUX
fsr-3306	262	8	be	be	AUX
fsr-3306	262	9	excessive	excessive	ADJ
fsr-3306	262	10	for	for	ADP
fsr-3306	262	11	many	many	ADJ
fsr-3306	262	12	individual	individual	ADJ
fsr-3306	262	13	investors	investor	NOUN
fsr-3306	262	14	,	,	PUNCT
fsr-3306	262	15	calling	call	VERB
fsr-3306	262	16	for	for	ADP
fsr-3306	262	17	additional	additional	ADJ
fsr-3306	262	18	work	work	NOUN
fsr-3306	262	19	on	on	ADP
fsr-3306	262	20	quarterly	quarterly	ADJ
fsr-3306	262	21	or	or	CCONJ
fsr-3306	262	22	annual	annual	ADJ
fsr-3306	262	23	switch	switch	NOUN
fsr-3306	262	24	point	point	NOUN
fsr-3306	262	25	analysis	analysis	NOUN
fsr-3306	262	26	with	with	ADP
fsr-3306	262	27	the	the	DET
fsr-3306	262	28	kalman	kalman	PROPN
fsr-3306	262	29	filter	filter	NOUN
fsr-3306	262	30	model	model	NOUN
fsr-3306	262	31	.	.	PUNCT
fsr-3306	263	1	it	it	PRON
fsr-3306	263	2	is	be	AUX
fsr-3306	263	3	common	common	ADJ
fsr-3306	263	4	to	to	PART
fsr-3306	263	5	find	find	VERB
fsr-3306	263	6	changing	change	VERB
fsr-3306	263	7	time	time	NOUN
fsr-3306	263	8	series	series	NOUN
fsr-3306	263	9	patterns	pattern	NOUN
fsr-3306	263	10	by	by	ADP
fsr-3306	263	11	changing	change	VERB
fsr-3306	263	12	the	the	DET
fsr-3306	263	13	holding	hold	VERB
fsr-3306	263	14	period	period	NOUN
fsr-3306	263	15	of	of	ADP
fsr-3306	263	16	returns	return	NOUN
fsr-3306	263	17	.	.	PUNCT
fsr-3306	264	1	this	this	DET
fsr-3306	264	2	issue	issue	NOUN
fsr-3306	264	3	merits	merit	VERB
fsr-3306	264	4	more	more	ADJ
fsr-3306	264	5	attention	attention	NOUN
fsr-3306	264	6	in	in	ADP
fsr-3306	264	7	the	the	DET
fsr-3306	264	8	context	context	NOUN
fsr-3306	264	9	of	of	ADP
fsr-3306	264	10	the	the	DET
fsr-3306	264	11	fed	fed	PROPN
fsr-3306	264	12	model	model	NOUN
fsr-3306	264	13	.	.	PUNCT
fsr-3306	265	1	while	while	SCONJ
fsr-3306	265	2	we	we	PRON
fsr-3306	265	3	used	use	VERB
fsr-3306	265	4	the	the	DET
fsr-3306	265	5	vanguard	vanguard	NOUN
fsr-3306	265	6	index	index	NOUN
fsr-3306	265	7	funds	fund	NOUN
fsr-3306	265	8	in	in	ADP
fsr-3306	265	9	this	this	DET
fsr-3306	265	10	analysis	analysis	NOUN
fsr-3306	265	11	,	,	PUNCT
fsr-3306	265	12	it	it	PRON
fsr-3306	265	13	would	would	AUX
fsr-3306	265	14	be	be	AUX
fsr-3306	265	15	possible	possible	ADJ
fsr-3306	265	16	to	to	PART
fsr-3306	265	17	use	use	VERB
fsr-3306	265	18	etfs	etfs	NOUN
fsr-3306	265	19	rather	rather	ADV
fsr-3306	265	20	than	than	ADP
fsr-3306	265	21	mutual	mutual	ADJ
fsr-3306	265	22	funds	fund	NOUN
fsr-3306	265	23	and	and	CCONJ
fsr-3306	265	24	gain	gain	VERB
fsr-3306	265	25	added	add	VERB
fsr-3306	265	26	performance	performance	NOUN
fsr-3306	265	27	.	.	PUNCT
fsr-3306	266	1	the	the	DET
fsr-3306	266	2	equivalent	equivalent	ADJ
fsr-3306	266	3	etfs	etfs	NOUN
fsr-3306	266	4	would	would	AUX
fsr-3306	266	5	be	be	AUX
fsr-3306	266	6	the	the	DET
fsr-3306	266	7	vanguard	vanguard	PROPN
fsr-3306	266	8	s&p500	s&p500	PROPN
fsr-3306	266	9	etf	etf	PROPN
fsr-3306	266	10	(	(	PUNCT
fsr-3306	266	11	voo	voo	NOUN
fsr-3306	266	12	)	)	PUNCT
fsr-3306	266	13	,	,	PUNCT
fsr-3306	266	14	for	for	ADP
fsr-3306	266	15	the	the	DET
fsr-3306	266	16	vfinx	vfinx	ADJ
fsr-3306	266	17	mutual	mutual	ADJ
fsr-3306	266	18	fund	fund	NOUN
fsr-3306	266	19	and	and	CCONJ
fsr-3306	266	20	the	the	DET
fsr-3306	266	21	vanguard	vanguard	NOUN
fsr-3306	266	22	intermediate	intermediate	ADJ
fsr-3306	266	23	-	-	PUNCT
fsr-3306	266	24	term	term	NOUN
fsr-3306	266	25	government	government	NOUN
fsr-3306	266	26	bond	bond	NOUN
fsr-3306	266	27	etf	etf	NOUN
fsr-3306	266	28	(	(	PUNCT
fsr-3306	266	29	vgit	vgit	NOUN
fsr-3306	266	30	)	)	PUNCT
fsr-3306	266	31	,	,	PUNCT
fsr-3306	266	32	for	for	ADP
fsr-3306	266	33	the	the	DET
fsr-3306	266	34	vfitx	vfitx	ADJ
fsr-3306	266	35	mutual	mutual	ADJ
fsr-3306	266	36	fund	fund	NOUN
fsr-3306	266	37	.	.	PUNCT
fsr-3306	267	1	notes	note	VERB
fsr-3306	267	2	1	1	NUM
fsr-3306	267	3	vanguard	vanguard	NOUN
fsr-3306	267	4	(	(	PUNCT
fsr-3306	267	5	2015	2015	NUM
fsr-3306	267	6	)	)	PUNCT
fsr-3306	267	7	allows	allow	VERB
fsr-3306	267	8	an	an	DET
fsr-3306	267	9	investor	investor	NOUN
fsr-3306	267	10	to	to	PART
fsr-3306	267	11	buy	buy	VERB
fsr-3306	267	12	or	or	CCONJ
fsr-3306	267	13	exchange	exchange	VERB
fsr-3306	267	14	back	back	ADV
fsr-3306	267	15	into	into	ADP
fsr-3306	267	16	the	the	DET
fsr-3306	267	17	same	same	ADJ
fsr-3306	267	18	fund	fund	NOUN
fsr-3306	267	19	,	,	PUNCT
fsr-3306	267	20	in	in	ADP
fsr-3306	267	21	the	the	DET
fsr-3306	267	22	same	same	ADJ
fsr-3306	267	23	account	account	NOUN
fsr-3306	267	24	,	,	PUNCT
fsr-3306	267	25	every	every	DET
fsr-3306	267	26	30	30	NUM
fsr-3306	267	27	calendar	calendar	NOUN
fsr-3306	267	28	days	day	NOUN
fsr-3306	267	29	.	.	PUNCT
fsr-3306	268	1	there	there	PRON
fsr-3306	268	2	is	be	VERB
fsr-3306	268	3	no	no	DET
fsr-3306	268	4	limitation	limitation	NOUN
fsr-3306	268	5	for	for	ADP
fsr-3306	268	6	etfs	etfs	NOUN
fsr-3306	268	7	.	.	PUNCT
fsr-3306	269	1	see	see	VERB
fsr-3306	269	2	https://personal.vanguard.com/us/whatweoffer/overview/redemptionpolicy	https://personal.vanguard.com/us/whatweoffer/overview/redemptionpolicy	PROPN
fsr-3306	269	3	2	2	NUM
fsr-3306	269	4	kahneman	kahneman	NOUN
fsr-3306	269	5	and	and	CCONJ
fsr-3306	269	6	tversky	tversky	NOUN
fsr-3306	269	7	generated	generate	VERB
fsr-3306	269	8	volumes	volume	NOUN
fsr-3306	269	9	of	of	ADP
fsr-3306	269	10	research	research	NOUN
fsr-3306	269	11	that	that	PRON
fsr-3306	269	12	define	define	VERB
fsr-3306	269	13	behavioral	behavioral	ADJ
fsr-3306	269	14	finance	finance	NOUN
fsr-3306	269	15	.	.	PUNCT
fsr-3306	270	1	for	for	ADP
fsr-3306	270	2	a	a	DET
fsr-3306	270	3	very	very	ADV
fsr-3306	270	4	readable	readable	ADJ
fsr-3306	270	5	reference	reference	NOUN
fsr-3306	270	6	to	to	ADP
fsr-3306	270	7	the	the	DET
fsr-3306	270	8	totality	totality	NOUN
fsr-3306	270	9	of	of	ADP
fsr-3306	270	10	the	the	DET
fsr-3306	270	11	work	work	NOUN
fsr-3306	270	12	of	of	ADP
fsr-3306	270	13	kahneman	kahneman	NOUN
fsr-3306	270	14	and	and	CCONJ
fsr-3306	270	15	tversky	tversky	PROPN
fsr-3306	270	16	,	,	PUNCT
fsr-3306	270	17	see	see	VERB
fsr-3306	270	18	lewis	lewis	PROPN
fsr-3306	270	19	(	(	PUNCT
fsr-3306	270	20	2016	2016	NUM
fsr-3306	270	21	)	)	PUNCT
fsr-3306	270	22	.	.	PUNCT
fsr-3306	271	1	3	3	NUM
fsr-3306	271	2	the	the	DET
fsr-3306	271	3	original	original	ADJ
fsr-3306	271	4	impetus	impetus	NOUN
fsr-3306	271	5	for	for	ADP
fsr-3306	271	6	the	the	DET
fsr-3306	271	7	fed	fed	PROPN
fsr-3306	271	8	model	model	NOUN
fsr-3306	271	9	came	come	VERB
fsr-3306	271	10	from	from	ADP
fsr-3306	271	11	the	the	DET
fsr-3306	271	12	“	"	PUNCT
fsr-3306	271	13	monetary	monetary	ADJ
fsr-3306	271	14	policy	policy	NOUN
fsr-3306	271	15	report	report	NOUN
fsr-3306	271	16	to	to	ADP
fsr-3306	271	17	congress	congress	PROPN
fsr-3306	271	18	pursuant	pursuant	VERB
fsr-3306	271	19	to	to	ADP
fsr-3306	271	20	the	the	DET
fsr-3306	271	21	full	full	ADJ
fsr-3306	271	22	employment	employment	NOUN
fsr-3306	271	23	and	and	CCONJ
fsr-3306	271	24	balanced	balanced	ADJ
fsr-3306	271	25	growth	growth	NOUN
fsr-3306	271	26	act	act	NOUN
fsr-3306	271	27	of	of	ADP
fsr-3306	271	28	1978	1978	NUM
fsr-3306	271	29	.	.	PUNCT
fsr-3306	271	30	”	"	PUNCT
fsr-3306	272	1	the	the	DET
fsr-3306	272	2	178	178	NUM
fsr-3306	272	3	j.m	j.m	PROPN
fsr-3306	272	4	.	.	PROPN
fsr-3306	272	5	clinebell	clinebell	PROPN
fsr-3306	272	6	et	et	PROPN
fsr-3306	272	7	al	al	PROPN
fsr-3306	272	8	.	.	PUNCT
fsr-3306	272	9	/	/	SYM
fsr-3306	272	10	financial	financial	ADJ
fsr-3306	272	11	services	service	NOUN
fsr-3306	272	12	review	review	VERB
fsr-3306	272	13	26	26	NUM
fsr-3306	272	14	(	(	PUNCT
fsr-3306	272	15	2017	2017	NUM
fsr-3306	272	16	)	)	PUNCT
fsr-3306	272	17	167–180	167–180	NUM
fsr-3306	272	18	federal	federal	PROPN
fsr-3306	272	19	reserve	reserve	PROPN
fsr-3306	272	20	bank	bank	PROPN
fsr-3306	272	21	never	never	ADV
fsr-3306	272	22	officially	officially	ADV
fsr-3306	272	23	adopted	adopt	VERB
fsr-3306	272	24	the	the	DET
fsr-3306	272	25	fed	fed	PROPN
fsr-3306	272	26	model	model	NOUN
fsr-3306	272	27	but	but	CCONJ
fsr-3306	272	28	greenspan	greenspan	PROPN
fsr-3306	272	29	(	(	PUNCT
fsr-3306	272	30	2007	2007	NUM
fsr-3306	272	31	)	)	PUNCT
fsr-3306	272	32	references	reference	NOUN
fsr-3306	272	33	the	the	DET
fsr-3306	272	34	model	model	NOUN
fsr-3306	272	35	in	in	ADP
fsr-3306	272	36	his	his	PRON
fsr-3306	272	37	writings	writing	NOUN
fsr-3306	272	38	.	.	PUNCT
fsr-3306	273	1	4	4	NUM
fsr-3306	273	2	some	some	DET
fsr-3306	273	3	applications	application	NOUN
fsr-3306	273	4	of	of	ADP
fsr-3306	273	5	the	the	DET
fsr-3306	273	6	fed	fed	PROPN
fsr-3306	273	7	model	model	NOUN
fsr-3306	273	8	use	use	VERB
fsr-3306	273	9	the	the	DET
fsr-3306	273	10	spread	spread	NOUN
fsr-3306	273	11	between	between	ADP
fsr-3306	273	12	the	the	DET
fsr-3306	273	13	earnings	earning	NOUN
fsr-3306	273	14	yield	yield	NOUN
fsr-3306	273	15	(	(	PUNCT
fsr-3306	273	16	e	e	NOUN
fsr-3306	273	17	/	/	SYM
fsr-3306	273	18	p	p	NOUN
fsr-3306	273	19	)	)	PUNCT
fsr-3306	273	20	and	and	CCONJ
fsr-3306	273	21	the	the	DET
fsr-3306	273	22	treasury	treasury	NOUN
fsr-3306	273	23	yield	yield	NOUN
fsr-3306	273	24	(	(	PUNCT
fsr-3306	273	25	y10	y10	NOUN
fsr-3306	273	26	)	)	PUNCT
fsr-3306	273	27	rather	rather	ADV
fsr-3306	273	28	than	than	ADP
fsr-3306	273	29	the	the	DET
fsr-3306	273	30	ratio	ratio	NOUN
fsr-3306	273	31	.	.	PUNCT
fsr-3306	274	1	in	in	ADP
fsr-3306	274	2	this	this	DET
fsr-3306	274	3	case	case	NOUN
fsr-3306	274	4	the	the	DET
fsr-3306	274	5	fed	fed	PROPN
fsr-3306	274	6	model	model	NOUN
fsr-3306	274	7	is	be	AUX
fsr-3306	274	8	[	[	X
fsr-3306	274	9	e	e	NOUN
fsr-3306	274	10	/	/	SYM
fsr-3306	274	11	p	p	X
fsr-3306	274	12	�	�	PROPN
fsr-3306	274	13	�	�	PROPN
fsr-3306	274	14	y10	y10	NOUN
fsr-3306	274	15	]	]	X
fsr-3306	274	16	�	�	PROPN
fsr-3306	274	17	0	0	NUM
fsr-3306	274	18	.	.	PUNCT
fsr-3306	275	1	again	again	ADV
fsr-3306	275	2	,	,	PUNCT
fsr-3306	275	3	when	when	SCONJ
fsr-3306	275	4	�	�	PROPN
fsr-3306	275	5	�	�	PROPN
fsr-3306	275	6	one	one	NUM
fsr-3306	275	7	the	the	DET
fsr-3306	275	8	strict	strict	ADJ
fsr-3306	275	9	fed	fed	PROPN
fsr-3306	275	10	model	model	NOUN
fsr-3306	275	11	holds	hold	VERB
fsr-3306	275	12	.	.	PUNCT
fsr-3306	276	1	5	5	NUM
fsr-3306	276	2	the	the	DET
fsr-3306	276	3	example	example	NOUN
fsr-3306	276	4	in	in	ADP
fsr-3306	276	5	bodie	bodie	PROPN
fsr-3306	276	6	,	,	PUNCT
fsr-3306	276	7	kane	kane	PROPN
fsr-3306	276	8	,	,	PUNCT
fsr-3306	276	9	and	and	CCONJ
fsr-3306	276	10	marcus	marcus	PROPN
fsr-3306	276	11	(	(	PUNCT
fsr-3306	276	12	2014	2014	NUM
fsr-3306	276	13	)	)	PUNCT
fsr-3306	276	14	use	use	VERB
fsr-3306	276	15	the	the	DET
fsr-3306	276	16	spread	spread	NOUN
fsr-3306	276	17	between	between	ADP
fsr-3306	276	18	the	the	DET
fsr-3306	276	19	equity	equity	NOUN
fsr-3306	276	20	earnings	earning	NOUN
fsr-3306	276	21	yield	yield	NOUN
fsr-3306	276	22	and	and	CCONJ
fsr-3306	276	23	the	the	DET
fsr-3306	276	24	treasury	treasury	NOUN
fsr-3306	276	25	bond	bond	NOUN
fsr-3306	276	26	yield	yield	NOUN
fsr-3306	276	27	in	in	ADP
fsr-3306	276	28	their	their	PRON
fsr-3306	276	29	example	example	NOUN
fsr-3306	276	30	.	.	PUNCT
fsr-3306	277	1	6	6	NUM
fsr-3306	277	2	a	a	DET
fsr-3306	277	3	manipulating	manipulating	NOUN
fsr-3306	277	4	of	of	ADP
fsr-3306	277	5	the	the	DET
fsr-3306	277	6	dividend	dividend	NOUN
fsr-3306	277	7	discount	discount	NOUN
fsr-3306	277	8	model	model	NOUN
fsr-3306	277	9	shows	show	VERB
fsr-3306	277	10	that	that	SCONJ
fsr-3306	277	11	the	the	DET
fsr-3306	277	12	equity	equity	NOUN
fsr-3306	277	13	earnings	earning	NOUN
fsr-3306	277	14	yield	yield	NOUN
fsr-3306	277	15	(	(	PUNCT
fsr-3306	277	16	e	e	NOUN
fsr-3306	277	17	/	/	SYM
fsr-3306	277	18	p	p	NOUN
fsr-3306	277	19	)	)	PUNCT
fsr-3306	277	20	is	be	AUX
fsr-3306	277	21	a	a	DET
fsr-3306	277	22	function	function	NOUN
fsr-3306	277	23	of	of	ADP
fsr-3306	277	24	the	the	DET
fsr-3306	277	25	risk	risk	NOUN
fsr-3306	277	26	free	free	ADJ
fsr-3306	277	27	rate	rate	NOUN
fsr-3306	277	28	,	,	PUNCT
fsr-3306	277	29	equity	equity	NOUN
fsr-3306	277	30	risk	risk	NOUN
fsr-3306	277	31	premium	premium	NOUN
fsr-3306	277	32	,	,	PUNCT
fsr-3306	277	33	and	and	CCONJ
fsr-3306	277	34	earnings	earning	NOUN
fsr-3306	277	35	growth	growth	NOUN
fsr-3306	277	36	rate	rate	NOUN
fsr-3306	277	37	.	.	PUNCT
fsr-3306	278	1	the	the	DET
fsr-3306	278	2	fed	fed	PROPN
fsr-3306	278	3	model	model	NOUN
fsr-3306	278	4	focuses	focus	VERB
fsr-3306	278	5	on	on	ADP
fsr-3306	278	6	the	the	DET
fsr-3306	278	7	relationship	relationship	NOUN
fsr-3306	278	8	between	between	ADP
fsr-3306	278	9	(	(	PUNCT
fsr-3306	278	10	e	e	NOUN
fsr-3306	278	11	/	/	SYM
fsr-3306	278	12	p	p	NOUN
fsr-3306	278	13	)	)	PUNCT
fsr-3306	278	14	and	and	CCONJ
fsr-3306	278	15	the	the	DET
fsr-3306	278	16	risk	risk	NOUN
fsr-3306	278	17	free	free	ADJ
fsr-3306	278	18	rate	rate	NOUN
fsr-3306	278	19	,	,	PUNCT
fsr-3306	278	20	assuming	assume	VERB
fsr-3306	278	21	that	that	SCONJ
fsr-3306	278	22	variation	variation	NOUN
fsr-3306	278	23	in	in	ADP
fsr-3306	278	24	the	the	DET
fsr-3306	278	25	risk	risk	NOUN
fsr-3306	278	26	premium	premium	NOUN
fsr-3306	278	27	and	and	CCONJ
fsr-3306	278	28	earnings	earning	NOUN
fsr-3306	278	29	growth	growth	NOUN
fsr-3306	278	30	either	either	CCONJ
fsr-3306	278	31	remain	remain	VERB
fsr-3306	278	32	stable	stable	ADJ
fsr-3306	278	33	or	or	CCONJ
fsr-3306	278	34	investors	investor	NOUN
fsr-3306	278	35	do	do	AUX
fsr-3306	278	36	not	not	PART
fsr-3306	278	37	consider	consider	VERB
fsr-3306	278	38	them	they	PRON
fsr-3306	278	39	in	in	ADP
fsr-3306	278	40	short	short	ADJ
fsr-3306	278	41	run	run	NOUN
fsr-3306	278	42	monthly	monthly	ADJ
fsr-3306	278	43	investment	investment	NOUN
fsr-3306	278	44	decisions	decision	NOUN
fsr-3306	278	45	.	.	PUNCT
fsr-3306	279	1	7	7	NUM
fsr-3306	279	2	the	the	DET
fsr-3306	279	3	estimates	estimate	NOUN
fsr-3306	279	4	of	of	ADP
fsr-3306	279	5	the	the	DET
fsr-3306	279	6	slope	slope	NOUN
fsr-3306	279	7	and	and	CCONJ
fsr-3306	279	8	intercept	intercept	NOUN
fsr-3306	279	9	coefficients	coefficient	NOUN
fsr-3306	279	10	determine	determine	VERB
fsr-3306	279	11	the	the	DET
fsr-3306	279	12	time	time	NOUN
fsr-3306	279	13	series	series	PROPN
fsr-3306	279	14	model	model	NOUN
fsr-3306	279	15	at	at	ADP
fsr-3306	279	16	work	work	NOUN
fsr-3306	279	17	with	with	ADP
fsr-3306	279	18	the	the	DET
fsr-3306	279	19	data	datum	NOUN
fsr-3306	279	20	.	.	PUNCT
fsr-3306	280	1	if	if	SCONJ
fsr-3306	280	2	both	both	CCONJ
fsr-3306	280	3	the	the	DET
fsr-3306	280	4	intercept	intercept	NOUN
fsr-3306	280	5	and	and	CCONJ
fsr-3306	280	6	slope	slope	NOUN
fsr-3306	280	7	are	be	AUX
fsr-3306	280	8	significant	significant	ADJ
fsr-3306	280	9	,	,	PUNCT
fsr-3306	280	10	both	both	CCONJ
fsr-3306	280	11	the	the	DET
fsr-3306	280	12	mean	mean	NOUN
fsr-3306	280	13	and	and	CCONJ
fsr-3306	280	14	the	the	DET
fsr-3306	280	15	last	last	ADJ
fsr-3306	280	16	observation	observation	NOUN
fsr-3306	280	17	determine	determine	VERB
fsr-3306	280	18	the	the	DET
fsr-3306	280	19	next	next	ADJ
fsr-3306	280	20	period	period	NOUN
fsr-3306	280	21	’s	’s	PART
fsr-3306	280	22	multiplier	multipli	ADJ
fsr-3306	280	23	.	.	PUNCT
fsr-3306	281	1	if	if	SCONJ
fsr-3306	281	2	the	the	DET
fsr-3306	281	3	intercept	intercept	NOUN
fsr-3306	281	4	is	be	AUX
fsr-3306	281	5	insignificant	insignificant	ADJ
fsr-3306	281	6	with	with	ADP
fsr-3306	281	7	a	a	DET
fsr-3306	281	8	significant	significant	ADJ
fsr-3306	281	9	slope	slope	NOUN
fsr-3306	281	10	of	of	ADP
fsr-3306	281	11	about	about	ADP
fsr-3306	281	12	one	one	NUM
fsr-3306	281	13	,	,	PUNCT
fsr-3306	281	14	the	the	DET
fsr-3306	281	15	last	last	ADJ
fsr-3306	281	16	observation	observation	NOUN
fsr-3306	281	17	determines	determine	VERB
fsr-3306	281	18	the	the	DET
fsr-3306	281	19	next	next	ADJ
fsr-3306	281	20	period	period	NOUN
fsr-3306	281	21	’s	’s	PART
fsr-3306	281	22	multiplier	multipli	ADJ
fsr-3306	281	23	.	.	PUNCT
fsr-3306	282	1	with	with	ADP
fsr-3306	282	2	a	a	DET
fsr-3306	282	3	significant	significant	ADJ
fsr-3306	282	4	intercept	intercept	NOUN
fsr-3306	282	5	and	and	CCONJ
fsr-3306	282	6	insignificant	insignificant	ADJ
fsr-3306	282	7	slope	slope	NOUN
fsr-3306	282	8	coefficient	coefficient	NOUN
fsr-3306	282	9	,	,	PUNCT
fsr-3306	282	10	the	the	DET
fsr-3306	282	11	mean	mean	NOUN
fsr-3306	282	12	is	be	AUX
fsr-3306	282	13	the	the	DET
fsr-3306	282	14	best	good	ADJ
fsr-3306	282	15	estimate	estimate	NOUN
fsr-3306	282	16	of	of	ADP
fsr-3306	282	17	next	next	ADJ
fsr-3306	282	18	period	period	NOUN
fsr-3306	282	19	’s	’s	PART
fsr-3306	282	20	multiplier	multipli	ADJ
fsr-3306	282	21	.	.	PUNCT
fsr-3306	283	1	8	8	NUM
fsr-3306	283	2	to	to	PART
fsr-3306	283	3	obtain	obtain	VERB
fsr-3306	283	4	shiller	shiller	PROPN
fsr-3306	283	5	’s	’s	PART
fsr-3306	283	6	data	datum	NOUN
fsr-3306	283	7	see	see	VERB
fsr-3306	283	8	(	(	PUNCT
fsr-3306	283	9	http://www.econ.yale.edu/�shiller/data.htm	http://www.econ.yale.edu/�shiller/data.htm	PROPN
fsr-3306	283	10	)	)	PUNCT
fsr-3306	283	11	.	.	PUNCT
fsr-3306	284	1	9	9	NUM
fsr-3306	284	2	see	see	VERB
fsr-3306	284	3	sortino	sortino	NOUN
fsr-3306	284	4	(	(	PUNCT
fsr-3306	284	5	1994	1994	NUM
fsr-3306	284	6	)	)	PUNCT
fsr-3306	284	7	for	for	ADP
fsr-3306	284	8	a	a	DET
fsr-3306	284	9	more	more	ADJ
fsr-3306	284	10	in	in	ADP
fsr-3306	284	11	-	-	PUNCT
fsr-3306	284	12	depth	depth	NOUN
fsr-3306	284	13	treatment	treatment	NOUN
fsr-3306	284	14	of	of	ADP
fsr-3306	284	15	the	the	DET
fsr-3306	284	16	use	use	NOUN
fsr-3306	284	17	of	of	ADP
fsr-3306	284	18	upside	upside	NOUN
fsr-3306	284	19	to	to	PART
fsr-3306	284	20	downside	downside	VERB
fsr-3306	284	21	standard	standard	ADJ
fsr-3306	284	22	deviation	deviation	NOUN
fsr-3306	284	23	relationships	relationship	NOUN
fsr-3306	284	24	.	.	PUNCT
fsr-3306	285	1	references	reference	NOUN
fsr-3306	285	2	akaike	akaike	ADJ
fsr-3306	285	3	,	,	PUNCT
fsr-3306	285	4	h.	h.	PROPN
fsr-3306	285	5	(	(	PUNCT
fsr-3306	285	6	1974	1974	NUM
fsr-3306	285	7	)	)	PUNCT
fsr-3306	285	8	.	.	PUNCT
fsr-3306	286	1	a	a	DET
fsr-3306	286	2	new	new	ADJ
fsr-3306	286	3	look	look	NOUN
fsr-3306	286	4	at	at	ADP
fsr-3306	286	5	the	the	DET
fsr-3306	286	6	statistical	statistical	ADJ
fsr-3306	286	7	model	model	NOUN
fsr-3306	286	8	identification	identification	NOUN
fsr-3306	286	9	.	.	PUNCT
fsr-3306	287	1	ieee	ieee	NOUN
fsr-3306	287	2	transactions	transaction	NOUN
fsr-3306	287	3	on	on	ADP
fsr-3306	287	4	automatic	automatic	ADJ
fsr-3306	287	5	control	control	NOUN
fsr-3306	287	6	,	,	PUNCT
fsr-3306	287	7	19	19	NUM
fsr-3306	287	8	,	,	PUNCT
fsr-3306	287	9	716–723	716–723	NUM
fsr-3306	287	10	.	.	PUNCT
fsr-3306	288	1	aronson	aronson	PROPN
fsr-3306	288	2	,	,	PUNCT
fsr-3306	288	3	d.	d.	PROPN
fsr-3306	288	4	(	(	PUNCT
fsr-3306	288	5	2006	2006	NUM
fsr-3306	288	6	)	)	PUNCT
fsr-3306	288	7	.	.	PUNCT
fsr-3306	289	1	evidence	evidence	NOUN
fsr-3306	289	2	-	-	PUNCT
fsr-3306	289	3	based	base	VERB
fsr-3306	289	4	technical	technical	ADJ
fsr-3306	289	5	analysis	analysis	NOUN
fsr-3306	289	6	:	:	PUNCT
fsr-3306	289	7	applying	apply	VERB
fsr-3306	289	8	the	the	DET
fsr-3306	289	9	scientific	scientific	ADJ
fsr-3306	289	10	method	method	NOUN
fsr-3306	289	11	and	and	CCONJ
fsr-3306	289	12	statistical	statistical	ADJ
fsr-3306	289	13	inference	inference	NOUN
fsr-3306	289	14	in	in	ADP
fsr-3306	289	15	trading	trading	NOUN
fsr-3306	289	16	signals	signal	NOUN
fsr-3306	289	17	.	.	PUNCT
fsr-3306	290	1	summerset	summerset	NOUN
fsr-3306	290	2	,	,	PUNCT
fsr-3306	290	3	nj	nj	PROPN
fsr-3306	290	4	:	:	PUNCT
fsr-3306	290	5	john	john	PROPN
fsr-3306	290	6	wiley	wiley	PROPN
fsr-3306	290	7	&	&	CCONJ
fsr-3306	290	8	sons	son	NOUN
fsr-3306	290	9	.	.	PUNCT
fsr-3306	291	1	asness	asness	PROPN
fsr-3306	291	2	,	,	PUNCT
fsr-3306	291	3	c.	c.	PROPN
fsr-3306	291	4	s.	s.	PROPN
fsr-3306	291	5	(	(	PUNCT
fsr-3306	291	6	2003	2003	NUM
fsr-3306	291	7	)	)	PUNCT
fsr-3306	291	8	.	.	PUNCT
fsr-3306	292	1	fight	fight	VERB
fsr-3306	292	2	the	the	DET
fsr-3306	292	3	fed	fed	PROPN
fsr-3306	292	4	model	model	PROPN
fsr-3306	292	5	.	.	PUNCT
fsr-3306	293	1	journal	journal	PROPN
fsr-3306	293	2	of	of	ADP
fsr-3306	293	3	portfolio	portfolio	NOUN
fsr-3306	293	4	management	management	NOUN
fsr-3306	293	5	,	,	PUNCT
fsr-3306	293	6	30	30	NUM
fsr-3306	293	7	,	,	PUNCT
fsr-3306	293	8	11–24	11–24	NUM
fsr-3306	293	9	.	.	PUNCT
fsr-3306	294	1	ball	ball	PROPN
fsr-3306	294	2	,	,	PUNCT
fsr-3306	294	3	r.	r.	PROPN
fsr-3306	294	4	,	,	PUNCT
fsr-3306	294	5	kothari	kothari	PROPN
fsr-3306	294	6	,	,	PUNCT
fsr-3306	294	7	s.	s.	PROPN
fsr-3306	294	8	p.	p.	PROPN
fsr-3306	294	9	,	,	PUNCT
fsr-3306	294	10	&	&	CCONJ
fsr-3306	294	11	wasley	wasley	PROPN
fsr-3306	294	12	,	,	PUNCT
fsr-3306	294	13	e.	e.	PROPN
fsr-3306	294	14	c.	c.	PROPN
fsr-3306	294	15	(	(	PUNCT
fsr-3306	294	16	1995	1995	NUM
fsr-3306	294	17	)	)	PUNCT
fsr-3306	294	18	.	.	PUNCT
fsr-3306	295	1	can	can	AUX
fsr-3306	295	2	we	we	PRON
fsr-3306	295	3	implement	implement	VERB
fsr-3306	295	4	research	research	NOUN
fsr-3306	295	5	on	on	ADP
fsr-3306	295	6	stock	stock	NOUN
fsr-3306	295	7	trading	trading	NOUN
fsr-3306	295	8	rules	rule	NOUN
fsr-3306	295	9	?	?	PUNCT
fsr-3306	296	1	journal	journal	NOUN
fsr-3306	296	2	of	of	ADP
fsr-3306	296	3	portfolio	portfolio	NOUN
fsr-3306	296	4	management	management	NOUN
fsr-3306	296	5	,	,	PUNCT
fsr-3306	296	6	21	21	NUM
fsr-3306	296	7	,	,	PUNCT
fsr-3306	296	8	54–63	54–63	NUM
fsr-3306	296	9	.	.	PUNCT
fsr-3306	297	1	bauer	bauer	PROPN
fsr-3306	297	2	,	,	PUNCT
fsr-3306	297	3	r.	r.	PROPN
fsr-3306	297	4	,	,	PUNCT
fsr-3306	297	5	&	&	CCONJ
fsr-3306	297	6	dahlquist	dahlquist	PROPN
fsr-3306	297	7	,	,	PUNCT
fsr-3306	297	8	j.	j.	PROPN
fsr-3306	297	9	(	(	PUNCT
fsr-3306	297	10	2001	2001	NUM
fsr-3306	297	11	)	)	PUNCT
fsr-3306	297	12	.	.	PUNCT
fsr-3306	298	1	market	market	NOUN
fsr-3306	298	2	timing	timing	NOUN
fsr-3306	298	3	and	and	CCONJ
fsr-3306	298	4	roulette	roulette	NOUN
fsr-3306	298	5	wheels	wheel	NOUN
fsr-3306	298	6	.	.	PUNCT
fsr-3306	299	1	financial	financial	ADJ
fsr-3306	299	2	analysts	analyst	NOUN
fsr-3306	299	3	journal	journal	NOUN
fsr-3306	299	4	,	,	PUNCT
fsr-3306	299	5	57	57	NUM
fsr-3306	299	6	,	,	PUNCT
fsr-3306	299	7	28–40	28–40	NUM
fsr-3306	299	8	.	.	PUNCT
fsr-3306	300	1	bodie	bodie	PROPN
fsr-3306	300	2	,	,	PUNCT
fsr-3306	300	3	z.	z.	PROPN
fsr-3306	300	4	,	,	PUNCT
fsr-3306	300	5	kane	kane	PROPN
fsr-3306	300	6	,	,	PUNCT
fsr-3306	300	7	a.	a.	PROPN
fsr-3306	300	8	,	,	PUNCT
fsr-3306	300	9	&	&	CCONJ
fsr-3306	300	10	marcus	marcus	PROPN
fsr-3306	300	11	,	,	PUNCT
fsr-3306	300	12	a.	a.	PROPN
fsr-3306	300	13	j.	j.	PROPN
fsr-3306	300	14	(	(	PUNCT
fsr-3306	300	15	2014	2014	NUM
fsr-3306	300	16	)	)	PUNCT
fsr-3306	300	17	.	.	PUNCT
fsr-3306	301	1	essentials	essential	NOUN
fsr-3306	301	2	of	of	ADP
fsr-3306	301	3	investments	investment	NOUN
fsr-3306	301	4	(	(	PUNCT
fsr-3306	301	5	10th	10th	ADJ
fsr-3306	301	6	ed	ed	NOUN
fsr-3306	301	7	.	.	PUNCT
fsr-3306	301	8	,	,	PUNCT
fsr-3306	301	9	p.	p.	NOUN
fsr-3306	301	10	429	429	NUM
fsr-3306	301	11	)	)	PUNCT
fsr-3306	301	12	.	.	PUNCT
fsr-3306	302	1	new	new	PROPN
fsr-3306	302	2	york	york	PROPN
fsr-3306	302	3	,	,	PUNCT
fsr-3306	302	4	ny	ny	PROPN
fsr-3306	302	5	:	:	PUNCT
fsr-3306	302	6	mcgraw	mcgraw	PROPN
fsr-3306	302	7	-	-	PUNCT
fsr-3306	302	8	hill	hill	PROPN
fsr-3306	302	9	.	.	PUNCT
fsr-3306	303	1	breen	breen	PROPN
fsr-3306	303	2	,	,	PUNCT
fsr-3306	303	3	w.	w.	PROPN
fsr-3306	303	4	,	,	PUNCT
fsr-3306	303	5	glosten	glosten	PROPN
fsr-3306	303	6	,	,	PUNCT
fsr-3306	303	7	l.	l.	PROPN
fsr-3306	303	8	r.	r.	PROPN
fsr-3306	303	9	,	,	PUNCT
fsr-3306	303	10	&	&	CCONJ
fsr-3306	303	11	jagamathan	jagamathan	PROPN
fsr-3306	303	12	,	,	PUNCT
fsr-3306	303	13	r.	r.	PROPN
fsr-3306	303	14	(	(	PUNCT
fsr-3306	303	15	1989	1989	NUM
fsr-3306	303	16	)	)	PUNCT
fsr-3306	303	17	.	.	PUNCT
fsr-3306	304	1	economic	economic	ADJ
fsr-3306	304	2	significance	significance	NOUN
fsr-3306	304	3	of	of	ADP
fsr-3306	304	4	predictable	predictable	ADJ
fsr-3306	304	5	variations	variation	NOUN
fsr-3306	304	6	in	in	ADP
fsr-3306	304	7	stock	stock	NOUN
fsr-3306	304	8	index	index	NOUN
fsr-3306	304	9	returns	return	NOUN
fsr-3306	304	10	.	.	PUNCT
fsr-3306	305	1	journal	journal	NOUN
fsr-3306	305	2	of	of	ADP
fsr-3306	305	3	finance	finance	NOUN
fsr-3306	305	4	,	,	PUNCT
fsr-3306	305	5	44	44	NUM
fsr-3306	305	6	,	,	PUNCT
fsr-3306	305	7	1177–1189	1177–1189	NUM
fsr-3306	305	8	.	.	PUNCT
fsr-3306	306	1	campbell	campbell	PROPN
fsr-3306	306	2	,	,	PUNCT
fsr-3306	306	3	j.	j.	PROPN
fsr-3306	306	4	y.	y.	PROPN
fsr-3306	306	5	(	(	PUNCT
fsr-3306	306	6	2000	2000	NUM
fsr-3306	306	7	)	)	PUNCT
fsr-3306	306	8	.	.	PUNCT
fsr-3306	307	1	asset	asset	NOUN
fsr-3306	307	2	pricing	pricing	NOUN
fsr-3306	307	3	in	in	ADP
fsr-3306	307	4	the	the	DET
fsr-3306	307	5	millennium	millennium	NOUN
fsr-3306	307	6	.	.	PUNCT
fsr-3306	308	1	journal	journal	PROPN
fsr-3306	308	2	of	of	ADP
fsr-3306	308	3	finance	finance	NOUN
fsr-3306	308	4	,	,	PUNCT
fsr-3306	308	5	55	55	NUM
fsr-3306	308	6	,	,	PUNCT
fsr-3306	308	7	1515–1567	1515–1567	NUM
fsr-3306	308	8	.	.	PUNCT
fsr-3306	309	1	campbell	campbell	PROPN
fsr-3306	309	2	,	,	PUNCT
fsr-3306	309	3	j.	j.	PROPN
fsr-3306	309	4	y.	y.	PROPN
fsr-3306	309	5	,	,	PUNCT
fsr-3306	309	6	andrew	andrew	PROPN
fsr-3306	309	7	,	,	PUNCT
fsr-3306	309	8	l.	l.	PROPN
fsr-3306	309	9	,	,	PUNCT
fsr-3306	309	10	&	&	CCONJ
fsr-3306	309	11	mckinley	mckinley	PROPN
fsr-3306	309	12	,	,	PUNCT
fsr-3306	309	13	c.	c.	PROPN
fsr-3306	309	14	(	(	PUNCT
fsr-3306	309	15	1999	1999	NUM
fsr-3306	309	16	)	)	PUNCT
fsr-3306	309	17	.	.	PUNCT
fsr-3306	310	1	the	the	DET
fsr-3306	310	2	econometrics	econometric	NOUN
fsr-3306	310	3	of	of	ADP
fsr-3306	310	4	financial	financial	ADJ
fsr-3306	310	5	markets	market	NOUN
fsr-3306	310	6	.	.	PUNCT
fsr-3306	311	1	princeton	princeton	PROPN
fsr-3306	311	2	,	,	PUNCT
fsr-3306	311	3	nj	nj	PROPN
fsr-3306	311	4	:	:	PUNCT
fsr-3306	311	5	princeton	princeton	PROPN
fsr-3306	311	6	university	university	PROPN
fsr-3306	311	7	press	press	NOUN
fsr-3306	311	8	.	.	PUNCT
fsr-3306	312	1	cooley	cooley	PROPN
fsr-3306	312	2	,	,	PUNCT
fsr-3306	312	3	t.	t.	PROPN
fsr-3306	312	4	,	,	PUNCT
fsr-3306	312	5	&	&	CCONJ
fsr-3306	312	6	prescott	prescott	PROPN
fsr-3306	312	7	,	,	PUNCT
fsr-3306	312	8	e.	e.	PROPN
fsr-3306	312	9	(	(	PUNCT
fsr-3306	312	10	1973	1973	NUM
fsr-3306	312	11	)	)	PUNCT
fsr-3306	312	12	.	.	PUNCT
fsr-3306	313	1	tests	test	NOUN
fsr-3306	313	2	of	of	ADP
fsr-3306	313	3	an	an	DET
fsr-3306	313	4	adaptive	adaptive	ADJ
fsr-3306	313	5	regression	regression	NOUN
fsr-3306	313	6	model	model	NOUN
fsr-3306	313	7	.	.	PUNCT
fsr-3306	314	1	review	review	NOUN
fsr-3306	314	2	of	of	ADP
fsr-3306	314	3	economics	economic	NOUN
fsr-3306	314	4	and	and	CCONJ
fsr-3306	314	5	statistics	statistic	NOUN
fsr-3306	314	6	.	.	PUNCT
fsr-3306	315	1	february	february	PROPN
fsr-3306	315	2	,	,	PUNCT
fsr-3306	315	3	248–256	248–256	NUM
fsr-3306	315	4	.	.	PUNCT
fsr-3306	316	1	daniel	daniel	PROPN
fsr-3306	316	2	,	,	PUNCT
fsr-3306	316	3	k.	k.	PROPN
fsr-3306	316	4	,	,	PUNCT
fsr-3306	316	5	hirshleifer	hirshleifer	PROPN
fsr-3306	316	6	,	,	PUNCT
fsr-3306	316	7	d.	d.	PROPN
fsr-3306	316	8	,	,	PUNCT
fsr-3306	316	9	&	&	CCONJ
fsr-3306	316	10	subrahamanyam	subrahamanyam	PROPN
fsr-3306	316	11	,	,	PUNCT
fsr-3306	316	12	a.	a.	NOUN
fsr-3306	316	13	(	(	PUNCT
fsr-3306	316	14	1998	1998	NUM
fsr-3306	316	15	)	)	PUNCT
fsr-3306	316	16	.	.	PUNCT
fsr-3306	317	1	investor	investor	NOUN
fsr-3306	317	2	psychology	psychology	NOUN
fsr-3306	317	3	and	and	CCONJ
fsr-3306	317	4	investor	investor	NOUN
fsr-3306	317	5	security	security	NOUN
fsr-3306	317	6	market	market	NOUN
fsr-3306	317	7	underand	underand	NOUN
fsr-3306	317	8	overreaction	overreaction	NOUN
fsr-3306	317	9	.	.	PUNCT
fsr-3306	318	1	journal	journal	NOUN
fsr-3306	318	2	of	of	ADP
fsr-3306	318	3	finance	finance	NOUN
fsr-3306	318	4	,	,	PUNCT
fsr-3306	318	5	53	53	NUM
fsr-3306	318	6	,	,	PUNCT
fsr-3306	318	7	139–209	139–209	NUM
fsr-3306	318	8	.	.	PUNCT
fsr-3306	319	1	debondt	debondt	PROPN
fsr-3306	319	2	,	,	PUNCT
fsr-3306	319	3	w.	w.	PROPN
fsr-3306	319	4	f.	f.	PROPN
fsr-3306	319	5	m.	m.	PROPN
fsr-3306	319	6	,	,	PUNCT
fsr-3306	319	7	&	&	CCONJ
fsr-3306	319	8	thaler	thaler	PROPN
fsr-3306	319	9	,	,	PUNCT
fsr-3306	319	10	r.	r.	PROPN
fsr-3306	319	11	(	(	PUNCT
fsr-3306	319	12	1985	1985	NUM
fsr-3306	319	13	)	)	PUNCT
fsr-3306	319	14	.	.	PUNCT
fsr-3306	320	1	does	do	VERB
fsr-3306	320	2	the	the	DET
fsr-3306	320	3	stock	stock	NOUN
fsr-3306	320	4	market	market	NOUN
fsr-3306	320	5	overreact	overreact	NOUN
fsr-3306	320	6	?	?	PUNCT
fsr-3306	321	1	journal	journal	NOUN
fsr-3306	321	2	of	of	ADP
fsr-3306	321	3	finance	finance	NOUN
fsr-3306	321	4	,	,	PUNCT
fsr-3306	321	5	40	40	NUM
fsr-3306	321	6	,	,	PUNCT
fsr-3306	321	7	793–805	793–805	NUM
fsr-3306	321	8	.	.	PUNCT
fsr-3306	322	1	fama	fama	PROPN
fsr-3306	322	2	,	,	PUNCT
fsr-3306	322	3	e.	e.	PROPN
fsr-3306	322	4	(	(	PUNCT
fsr-3306	322	5	1998	1998	NUM
fsr-3306	322	6	)	)	PUNCT
fsr-3306	322	7	.	.	PUNCT
fsr-3306	323	1	market	market	NOUN
fsr-3306	323	2	efficiency	efficiency	NOUN
fsr-3306	323	3	,	,	PUNCT
fsr-3306	323	4	long	long	ADJ
fsr-3306	323	5	-	-	PUNCT
fsr-3306	323	6	term	term	NOUN
fsr-3306	323	7	returns	return	NOUN
fsr-3306	323	8	,	,	PUNCT
fsr-3306	323	9	and	and	CCONJ
fsr-3306	323	10	behavioral	behavioral	ADJ
fsr-3306	323	11	finance	finance	NOUN
fsr-3306	323	12	.	.	PUNCT
fsr-3306	324	1	journal	journal	NOUN
fsr-3306	324	2	of	of	ADP
fsr-3306	324	3	financial	financial	ADJ
fsr-3306	324	4	economics	economic	NOUN
fsr-3306	324	5	,	,	PUNCT
fsr-3306	324	6	49	49	NUM
fsr-3306	324	7	,	,	PUNCT
fsr-3306	324	8	283–306	283–306	NUM
fsr-3306	324	9	.	.	PUNCT
fsr-3306	325	1	179j.m	179j.m	X
fsr-3306	325	2	.	.	PUNCT
fsr-3306	326	1	clinebell	clinebell	PROPN
fsr-3306	326	2	et	et	PROPN
fsr-3306	326	3	al	al	PROPN
fsr-3306	326	4	.	.	PUNCT
fsr-3306	326	5	/	/	SYM
fsr-3306	326	6	financial	financial	ADJ
fsr-3306	326	7	services	service	NOUN
fsr-3306	326	8	review	review	VERB
fsr-3306	326	9	26	26	NUM
fsr-3306	326	10	(	(	PUNCT
fsr-3306	326	11	2017	2017	NUM
fsr-3306	326	12	)	)	PUNCT
fsr-3306	326	13	167–180	167–180	NUM
fsr-3306	326	14	feldman	feldman	NOUN
fsr-3306	326	15	,	,	PUNCT
fsr-3306	326	16	t.	t.	PROPN
fsr-3306	326	17	,	,	PUNCT
fsr-3306	326	18	jung	jung	PROPN
fsr-3306	326	19	,	,	PUNCT
fsr-3306	326	20	a.	a.	PROPN
fsr-3306	326	21	,	,	PUNCT
fsr-3306	326	22	&	&	CCONJ
fsr-3306	326	23	klein	klein	PROPN
fsr-3306	326	24	,	,	PUNCT
fsr-3306	326	25	j.	j.	PROPN
fsr-3306	326	26	(	(	PUNCT
fsr-3306	326	27	2015	2015	NUM
fsr-3306	326	28	)	)	PUNCT
fsr-3306	326	29	.	.	PUNCT
fsr-3306	327	1	buy	buy	VERB
fsr-3306	327	2	and	and	CCONJ
fsr-3306	327	3	hold	hold	VERB
fsr-3306	327	4	versus	versus	ADP
fsr-3306	327	5	timing	timing	NOUN
fsr-3306	327	6	strategies	strategy	NOUN
fsr-3306	327	7	:	:	PUNCT
fsr-3306	327	8	the	the	DET
fsr-3306	327	9	winner	winner	NOUN
fsr-3306	327	10	is	be	AUX
fsr-3306	327	11	…	…	PUNCT
fsr-3306	327	12	journal	journal	NOUN
fsr-3306	327	13	of	of	ADP
fsr-3306	327	14	portfolio	portfolio	NOUN
fsr-3306	327	15	management	management	NOUN
fsr-3306	327	16	,	,	PUNCT
fsr-3306	327	17	42	42	NUM
fsr-3306	327	18	,	,	PUNCT
fsr-3306	327	19	110–118	110–118	NUM
fsr-3306	327	20	.	.	PUNCT
fsr-3306	328	1	fernandez	fernandez	PROPN
fsr-3306	328	2	,	,	PUNCT
fsr-3306	328	3	p.	p.	NOUN
fsr-3306	328	4	,	,	PUNCT
fsr-3306	328	5	aguirreamalloa	aguirreamalloa	PROPN
fsr-3306	328	6	,	,	PUNCT
fsr-3306	328	7	j.	j.	PROPN
fsr-3306	328	8	,	,	PUNCT
fsr-3306	328	9	&	&	CCONJ
fsr-3306	328	10	corres	corres	PROPN
fsr-3306	328	11	,	,	PUNCT
fsr-3306	328	12	l.	l.	PROPN
fsr-3306	328	13	(	(	PUNCT
fsr-3306	328	14	2011	2011	NUM
fsr-3306	328	15	)	)	PUNCT
fsr-3306	328	16	.	.	PUNCT
fsr-3306	329	1	u.s	u.s	PROPN
fsr-3306	329	2	.	.	PROPN
fsr-3306	329	3	market	market	NOUN
fsr-3306	329	4	risk	risk	NOUN
fsr-3306	329	5	premium	premium	NOUN
fsr-3306	329	6	used	use	VERB
fsr-3306	329	7	in	in	ADP
fsr-3306	329	8	2001	2001	NUM
fsr-3306	329	9	by	by	ADP
fsr-3306	329	10	professors	professor	NOUN
fsr-3306	329	11	,	,	PUNCT
fsr-3306	329	12	analysts	analyst	NOUN
fsr-3306	329	13	,	,	PUNCT
fsr-3306	329	14	and	and	CCONJ
fsr-3306	329	15	companies	company	NOUN
fsr-3306	329	16	:	:	PUNCT
fsr-3306	329	17	a	a	DET
fsr-3306	329	18	survey	survey	NOUN
fsr-3306	329	19	with	with	ADP
fsr-3306	329	20	5,731	5,731	NUM
fsr-3306	329	21	answers	answer	NOUN
fsr-3306	329	22	.	.	PUNCT
fsr-3306	330	1	(	(	PUNCT
fsr-3306	330	2	available	available	ADJ
fsr-3306	330	3	at	at	ADP
fsr-3306	330	4	http://srrn.com/abstract�1805852	http://srrn.com/abstract�1805852	NOUN
fsr-3306	330	5	)	)	PUNCT
fsr-3306	330	6	.	.	PUNCT
fsr-3306	331	1	greenspan	greenspan	PROPN
fsr-3306	331	2	,	,	PUNCT
fsr-3306	331	3	a.	a.	NOUN
fsr-3306	331	4	(	(	PUNCT
fsr-3306	331	5	2007	2007	NUM
fsr-3306	331	6	)	)	PUNCT
fsr-3306	331	7	.	.	PUNCT
fsr-3306	332	1	the	the	DET
fsr-3306	332	2	age	age	NOUN
fsr-3306	332	3	of	of	ADP
fsr-3306	332	4	turbulence	turbulence	NOUN
fsr-3306	332	5	:	:	PUNCT
fsr-3306	332	6	adventures	adventure	NOUN
fsr-3306	332	7	in	in	ADP
fsr-3306	332	8	a	a	DET
fsr-3306	332	9	new	new	ADJ
fsr-3306	332	10	world	world	NOUN
fsr-3306	332	11	.	.	PUNCT
fsr-3306	333	1	new	new	PROPN
fsr-3306	333	2	york	york	PROPN
fsr-3306	333	3	,	,	PUNCT
fsr-3306	333	4	ny	ny	PROPN
fsr-3306	333	5	:	:	PUNCT
fsr-3306	333	6	penguin	penguin	PROPN
fsr-3306	333	7	press	press	PROPN
fsr-3306	333	8	.	.	PUNCT
fsr-3306	334	1	guido	guido	PROPN
fsr-3306	334	2	,	,	PUNCT
fsr-3306	334	3	r.	r.	PROPN
fsr-3306	334	4	,	,	PUNCT
fsr-3306	334	5	peral	peral	NOUN
fsr-3306	334	6	,	,	PUNCT
fsr-3306	334	7	j.	j.	PROPN
fsr-3306	334	8	,	,	PUNCT
fsr-3306	334	9	&	&	CCONJ
fsr-3306	334	10	walsh	walsh	PROPN
fsr-3306	334	11	,	,	PUNCT
fsr-3306	334	12	k.	k.	PROPN
fsr-3306	334	13	(	(	PUNCT
fsr-3306	334	14	2011	2011	NUM
fsr-3306	334	15	)	)	PUNCT
fsr-3306	334	16	.	.	PUNCT
fsr-3306	335	1	market	market	NOUN
fsr-3306	335	2	timing	timing	NOUN
fsr-3306	335	3	under	under	ADP
fsr-3306	335	4	multiple	multiple	ADJ
fsr-3306	335	5	economic	economic	ADJ
fsr-3306	335	6	regimes	regime	NOUN
fsr-3306	335	7	.	.	PUNCT
fsr-3306	336	1	accounting	accounting	NOUN
fsr-3306	336	2	and	and	CCONJ
fsr-3306	336	3	finance	finance	NOUN
fsr-3306	336	4	,	,	PUNCT
fsr-3306	336	5	51	51	NUM
fsr-3306	336	6	,	,	PUNCT
fsr-3306	336	7	501–515	501–515	NUM
fsr-3306	336	8	.	.	PUNCT
fsr-3306	337	1	kahl	kahl	PROPN
fsr-3306	337	2	,	,	PUNCT
fsr-3306	337	3	d.	d.	PROPN
fsr-3306	337	4	r.	r.	PROPN
fsr-3306	337	5	,	,	PUNCT
fsr-3306	337	6	&	&	CCONJ
fsr-3306	337	7	ledolter	ledolter	PROPN
fsr-3306	337	8	,	,	PUNCT
fsr-3306	337	9	j.	j.	PROPN
fsr-3306	337	10	(	(	PUNCT
fsr-3306	337	11	1983	1983	NUM
fsr-3306	337	12	)	)	PUNCT
fsr-3306	337	13	.	.	PUNCT
fsr-3306	338	1	a	a	DET
fsr-3306	338	2	recursive	recursive	ADJ
fsr-3306	338	3	kalman	kalman	NOUN
fsr-3306	338	4	filter	filter	NOUN
fsr-3306	338	5	forecasting	forecasting	NOUN
fsr-3306	338	6	approach	approach	NOUN
fsr-3306	338	7	.	.	PUNCT
fsr-3306	339	1	management	management	NOUN
fsr-3306	339	2	science	science	NOUN
fsr-3306	339	3	,	,	PUNCT
fsr-3306	339	4	29	29	NUM
fsr-3306	339	5	,	,	PUNCT
fsr-3306	339	6	1325–1333	1325–1333	NUM
fsr-3306	339	7	.	.	PUNCT
fsr-3306	340	1	kahneman	kahneman	PROPN
fsr-3306	340	2	,	,	PUNCT
fsr-3306	340	3	d.	d.	PROPN
fsr-3306	340	4	,	,	PUNCT
fsr-3306	340	5	&	&	CCONJ
fsr-3306	340	6	tversky	tversky	PROPN
fsr-3306	340	7	,	,	PUNCT
fsr-3306	340	8	a.	a.	NOUN
fsr-3306	340	9	(	(	PUNCT
fsr-3306	340	10	1979	1979	NUM
fsr-3306	340	11	)	)	PUNCT
fsr-3306	340	12	.	.	PUNCT
fsr-3306	341	1	prospect	prospect	PROPN
fsr-3306	341	2	theory	theory	NOUN
fsr-3306	341	3	:	:	PUNCT
fsr-3306	341	4	an	an	DET
fsr-3306	341	5	analysis	analysis	NOUN
fsr-3306	341	6	of	of	ADP
fsr-3306	341	7	decisions	decision	NOUN
fsr-3306	341	8	under	under	ADP
fsr-3306	341	9	risk	risk	NOUN
fsr-3306	341	10	.	.	PUNCT
fsr-3306	342	1	econometrica	econometrica	PROPN
fsr-3306	342	2	,	,	PUNCT
fsr-3306	342	3	47	47	NUM
fsr-3306	342	4	,	,	PUNCT
fsr-3306	342	5	263–329	263–329	NUM
fsr-3306	342	6	.	.	PUNCT
fsr-3306	343	1	kalman	kalman	PROPN
fsr-3306	343	2	,	,	PUNCT
fsr-3306	343	3	r.	r.	PROPN
fsr-3306	343	4	e.	e.	PROPN
fsr-3306	343	5	(	(	PUNCT
fsr-3306	343	6	1960	1960	NUM
fsr-3306	343	7	)	)	PUNCT
fsr-3306	343	8	.	.	PUNCT
fsr-3306	344	1	a	a	DET
fsr-3306	344	2	new	new	ADJ
fsr-3306	344	3	approach	approach	NOUN
fsr-3306	344	4	to	to	ADP
fsr-3306	344	5	linear	linear	ADJ
fsr-3306	344	6	filtering	filtering	NOUN
fsr-3306	344	7	and	and	CCONJ
fsr-3306	344	8	prediction	prediction	NOUN
fsr-3306	344	9	problems	problem	NOUN
fsr-3306	344	10	.	.	PUNCT
fsr-3306	345	1	journal	journal	NOUN
fsr-3306	345	2	of	of	ADP
fsr-3306	345	3	basic	basic	ADJ
fsr-3306	345	4	engineering	engineering	NOUN
fsr-3306	345	5	,	,	PUNCT
fsr-3306	345	6	82	82	NUM
fsr-3306	345	7	,	,	PUNCT
fsr-3306	345	8	35–45	35–45	NUM
fsr-3306	345	9	.	.	PUNCT
fsr-3306	346	1	koivu	koivu	PROPN
fsr-3306	346	2	,	,	PUNCT
fsr-3306	346	3	m.	m.	NOUN
fsr-3306	346	4	,	,	PUNCT
fsr-3306	346	5	pennanen	pennanen	NOUN
fsr-3306	346	6	,	,	PUNCT
fsr-3306	346	7	t.	t.	PROPN
fsr-3306	346	8	,	,	PUNCT
fsr-3306	346	9	&	&	CCONJ
fsr-3306	346	10	ziemba	ziemba	PROPN
fsr-3306	346	11	,	,	PUNCT
fsr-3306	346	12	w.	w.	PROPN
fsr-3306	346	13	t.	t.	PROPN
fsr-3306	346	14	(	(	PUNCT
fsr-3306	346	15	2005	2005	NUM
fsr-3306	346	16	)	)	PUNCT
fsr-3306	346	17	.	.	PUNCT
fsr-3306	347	1	cointegration	cointegration	NOUN
fsr-3306	347	2	analysis	analysis	NOUN
fsr-3306	347	3	of	of	ADP
fsr-3306	347	4	the	the	DET
fsr-3306	347	5	fed	fed	PROPN
fsr-3306	347	6	model	model	NOUN
fsr-3306	347	7	.	.	PUNCT
fsr-3306	348	1	finance	finance	NOUN
fsr-3306	348	2	research	research	NOUN
fsr-3306	348	3	letters	letter	NOUN
fsr-3306	348	4	,	,	PUNCT
fsr-3306	348	5	2	2	NUM
fsr-3306	348	6	,	,	PUNCT
fsr-3306	348	7	248–259	248–259	NUM
fsr-3306	348	8	.	.	PUNCT
fsr-3306	349	1	krueger	krueger	PROPN
fsr-3306	349	2	,	,	PUNCT
fsr-3306	349	3	t.	t.	PROPN
fsr-3306	349	4	m.	m.	NOUN
fsr-3306	349	5	,	,	PUNCT
fsr-3306	349	6	&	&	CCONJ
fsr-3306	349	7	kennedy	kennedy	PROPN
fsr-3306	349	8	,	,	PUNCT
fsr-3306	349	9	w.	w.	PROPN
fsr-3306	349	10	f.	f.	PROPN
fsr-3306	349	11	(	(	PUNCT
fsr-3306	349	12	1990	1990	NUM
fsr-3306	349	13	)	)	PUNCT
fsr-3306	349	14	.	.	PUNCT
fsr-3306	350	1	an	an	DET
fsr-3306	350	2	examination	examination	NOUN
fsr-3306	350	3	of	of	ADP
fsr-3306	350	4	the	the	DET
fsr-3306	350	5	super	super	PROPN
fsr-3306	350	6	bowl	bowl	NOUN
fsr-3306	350	7	stock	stock	NOUN
fsr-3306	350	8	market	market	NOUN
fsr-3306	350	9	predictor	predictor	NOUN
fsr-3306	350	10	.	.	PUNCT
fsr-3306	351	1	journal	journal	PROPN
fsr-3306	351	2	of	of	ADP
fsr-3306	351	3	finance	finance	NOUN
fsr-3306	351	4	,	,	PUNCT
fsr-3306	351	5	45	45	NUM
fsr-3306	351	6	,	,	PUNCT
fsr-3306	351	7	691–697	691–697	NUM
fsr-3306	351	8	.	.	PUNCT
fsr-3306	352	1	lewis	lewis	PROPN
fsr-3306	352	2	,	,	PUNCT
fsr-3306	352	3	m.	m.	NOUN
fsr-3306	352	4	(	(	PUNCT
fsr-3306	352	5	2016	2016	NUM
fsr-3306	352	6	)	)	PUNCT
fsr-3306	352	7	.	.	PUNCT
fsr-3306	353	1	the	the	DET
fsr-3306	353	2	undoing	undoing	ADJ
fsr-3306	353	3	project	project	NOUN
fsr-3306	353	4	:	:	PUNCT
fsr-3306	353	5	a	a	DET
fsr-3306	353	6	friendship	friendship	NOUN
fsr-3306	353	7	that	that	PRON
fsr-3306	353	8	changed	change	VERB
fsr-3306	353	9	our	our	PRON
fsr-3306	353	10	minds	mind	NOUN
fsr-3306	353	11	.	.	PUNCT
fsr-3306	354	1	new	new	PROPN
fsr-3306	354	2	york	york	PROPN
fsr-3306	354	3	,	,	PUNCT
fsr-3306	354	4	ny	ny	PROPN
fsr-3306	354	5	:	:	PUNCT
fsr-3306	354	6	w.	w.	PROPN
fsr-3306	354	7	w.	w.	PROPN
fsr-3306	354	8	norton	norton	PROPN
fsr-3306	354	9	&	&	CCONJ
fsr-3306	354	10	company	company	PROPN
fsr-3306	354	11	,	,	PUNCT
fsr-3306	354	12	inc	inc	PROPN
fsr-3306	354	13	.	.	PROPN
fsr-3306	354	14	lo	lo	PROPN
fsr-3306	354	15	,	,	PUNCT
fsr-3306	354	16	a.	a.	PROPN
fsr-3306	354	17	w.	w.	PROPN
fsr-3306	354	18	,	,	PUNCT
fsr-3306	354	19	mamaysky	mamaysky	PROPN
fsr-3306	354	20	,	,	PUNCT
fsr-3306	354	21	h.	h.	PROPN
fsr-3306	354	22	,	,	PUNCT
fsr-3306	354	23	&	&	CCONJ
fsr-3306	354	24	wang	wang	PROPN
fsr-3306	354	25	,	,	PUNCT
fsr-3306	354	26	j.	j.	PROPN
fsr-3306	354	27	(	(	PUNCT
fsr-3306	354	28	2000	2000	NUM
fsr-3306	354	29	)	)	PUNCT
fsr-3306	354	30	.	.	PUNCT
fsr-3306	355	1	foundations	foundation	NOUN
fsr-3306	355	2	of	of	ADP
fsr-3306	355	3	technical	technical	ADJ
fsr-3306	355	4	analysis	analysis	NOUN
fsr-3306	355	5	:	:	PUNCT
fsr-3306	355	6	computational	computational	ADJ
fsr-3306	355	7	algorithms	algorithm	NOUN
fsr-3306	355	8	,	,	PUNCT
fsr-3306	355	9	statistical	statistical	ADJ
fsr-3306	355	10	inference	inference	NOUN
fsr-3306	355	11	,	,	PUNCT
fsr-3306	355	12	and	and	CCONJ
fsr-3306	355	13	empirical	empirical	ADJ
fsr-3306	355	14	implementation	implementation	NOUN
fsr-3306	355	15	.	.	PUNCT
fsr-3306	356	1	the	the	DET
fsr-3306	356	2	journal	journal	PROPN
fsr-3306	356	3	of	of	ADP
fsr-3306	356	4	finance	finance	NOUN
fsr-3306	356	5	,	,	PUNCT
fsr-3306	356	6	55	55	NUM
fsr-3306	356	7	,	,	PUNCT
fsr-3306	356	8	1705–1770	1705–1770	NUM
fsr-3306	356	9	.	.	PUNCT
fsr-3306	357	1	malkiel	malkiel	PROPN
fsr-3306	357	2	,	,	PUNCT
fsr-3306	357	3	b.	b.	PROPN
fsr-3306	357	4	g.	g.	PROPN
fsr-3306	357	5	(	(	PUNCT
fsr-3306	357	6	2003	2003	NUM
fsr-3306	357	7	)	)	PUNCT
fsr-3306	357	8	.	.	PUNCT
fsr-3306	358	1	the	the	DET
fsr-3306	358	2	efficient	efficient	ADJ
fsr-3306	358	3	market	market	NOUN
fsr-3306	358	4	hypothesis	hypothesis	NOUN
fsr-3306	358	5	and	and	CCONJ
fsr-3306	358	6	its	its	PRON
fsr-3306	358	7	critics	critic	NOUN
fsr-3306	358	8	.	.	PUNCT
fsr-3306	359	1	journal	journal	NOUN
fsr-3306	359	2	of	of	ADP
fsr-3306	359	3	economic	economic	ADJ
fsr-3306	359	4	perspectives	perspective	NOUN
fsr-3306	359	5	,	,	PUNCT
fsr-3306	359	6	17	17	NUM
fsr-3306	359	7	,	,	PUNCT
fsr-3306	359	8	59–82	59–82	NUM
fsr-3306	359	9	.	.	PUNCT
fsr-3306	359	10	nofsinger	nofsinger	PROPN
fsr-3306	359	11	,	,	PUNCT
fsr-3306	359	12	j.	j.	PROPN
fsr-3306	359	13	j.	j.	PROPN
fsr-3306	359	14	(	(	PUNCT
fsr-3306	359	15	2014	2014	NUM
fsr-3306	359	16	)	)	PUNCT
fsr-3306	359	17	.	.	PUNCT
fsr-3306	360	1	the	the	DET
fsr-3306	360	2	psychology	psychology	NOUN
fsr-3306	360	3	of	of	ADP
fsr-3306	360	4	investing	investing	NOUN
fsr-3306	360	5	(	(	PUNCT
fsr-3306	360	6	5th	5th	ADJ
fsr-3306	360	7	ed	ed	NOUN
fsr-3306	360	8	.	.	PUNCT
fsr-3306	360	9	)	)	PUNCT
fsr-3306	360	10	.	.	PUNCT
fsr-3306	361	1	upper	upper	ADJ
fsr-3306	361	2	saddle	saddle	PROPN
fsr-3306	361	3	river	river	PROPN
fsr-3306	361	4	,	,	PUNCT
fsr-3306	361	5	nj	nj	PROPN
fsr-3306	361	6	:	:	PUNCT
fsr-3306	361	7	pearson	pearson	PROPN
fsr-3306	361	8	education	education	PROPN
fsr-3306	361	9	,	,	PUNCT
fsr-3306	361	10	inc	inc	PROPN
fsr-3306	361	11	.	.	PROPN
fsr-3306	361	12	pfeifer	pfeifer	PROPN
fsr-3306	361	13	,	,	PUNCT
fsr-3306	361	14	p.	p.	NOUN
fsr-3306	361	15	(	(	PUNCT
fsr-3306	361	16	1985	1985	NUM
fsr-3306	361	17	)	)	PUNCT
fsr-3306	361	18	.	.	PUNCT
fsr-3306	362	1	market	market	NOUN
fsr-3306	362	2	timing	timing	NOUN
fsr-3306	362	3	and	and	CCONJ
fsr-3306	362	4	risk	risk	NOUN
fsr-3306	362	5	reduction	reduction	NOUN
fsr-3306	362	6	.	.	PUNCT
fsr-3306	363	1	journal	journal	NOUN
fsr-3306	363	2	of	of	ADP
fsr-3306	363	3	financial	financial	ADJ
fsr-3306	363	4	and	and	CCONJ
fsr-3306	363	5	quantitative	quantitative	ADJ
fsr-3306	363	6	analysis	analysis	NOUN
fsr-3306	363	7	,	,	PUNCT
fsr-3306	363	8	20	20	NUM
fsr-3306	363	9	,	,	PUNCT
fsr-3306	363	10	46–50	46–50	NOUN
fsr-3306	363	11	.	.	PUNCT
fsr-3306	364	1	pinches	pinche	NOUN
fsr-3306	364	2	,	,	PUNCT
fsr-3306	364	3	g.	g.	PROPN
fsr-3306	364	4	(	(	PUNCT
fsr-3306	364	5	1970	1970	NUM
fsr-3306	364	6	)	)	PUNCT
fsr-3306	364	7	.	.	PUNCT
fsr-3306	365	1	the	the	DET
fsr-3306	365	2	random	random	ADJ
fsr-3306	365	3	walk	walk	NOUN
fsr-3306	365	4	hypothesis	hypothesis	NOUN
fsr-3306	365	5	and	and	CCONJ
fsr-3306	365	6	technical	technical	ADJ
fsr-3306	365	7	analysis	analysis	NOUN
fsr-3306	365	8	.	.	PUNCT
fsr-3306	366	1	financial	financial	ADJ
fsr-3306	366	2	analysts	analyst	NOUN
fsr-3306	366	3	journal	journal	NOUN
fsr-3306	366	4	,	,	PUNCT
fsr-3306	366	5	26	26	NUM
fsr-3306	366	6	,	,	PUNCT
fsr-3306	366	7	104–110	104–110	NUM
fsr-3306	366	8	.	.	PUNCT
fsr-3306	367	1	pruitt	pruitt	PROPN
fsr-3306	367	2	,	,	PUNCT
fsr-3306	367	3	s.	s.	PROPN
fsr-3306	367	4	w.	w.	PROPN
fsr-3306	367	5	,	,	PUNCT
fsr-3306	367	6	&	&	CCONJ
fsr-3306	367	7	white	white	PROPN
fsr-3306	367	8	,	,	PUNCT
fsr-3306	367	9	r.	r.	PROPN
fsr-3306	367	10	e.	e.	PROPN
fsr-3306	367	11	(	(	PUNCT
fsr-3306	367	12	1988	1988	NUM
fsr-3306	367	13	)	)	PUNCT
fsr-3306	367	14	.	.	PUNCT
fsr-3306	368	1	the	the	DET
fsr-3306	368	2	crisma	crisma	NOUN
fsr-3306	368	3	trading	trading	NOUN
fsr-3306	368	4	system	system	NOUN
fsr-3306	368	5	:	:	PUNCT
fsr-3306	368	6	who	who	PRON
fsr-3306	368	7	says	say	VERB
fsr-3306	368	8	technical	technical	ADJ
fsr-3306	368	9	analysis	analysis	NOUN
fsr-3306	368	10	ca	can	AUX
fsr-3306	368	11	n’t	not	PART
fsr-3306	368	12	beat	beat	VERB
fsr-3306	368	13	the	the	DET
fsr-3306	368	14	market	market	NOUN
fsr-3306	368	15	?	?	PUNCT
fsr-3306	369	1	journal	journal	NOUN
fsr-3306	369	2	of	of	ADP
fsr-3306	369	3	portfolio	portfolio	NOUN
fsr-3306	369	4	management	management	NOUN
fsr-3306	369	5	,	,	PUNCT
fsr-3306	369	6	14	14	NUM
fsr-3306	369	7	,	,	PUNCT
fsr-3306	369	8	55–58	55–58	NUM
fsr-3306	369	9	.	.	PUNCT
fsr-3306	370	1	sharpe	sharpe	PROPN
fsr-3306	370	2	,	,	PUNCT
fsr-3306	370	3	w.	w.	PROPN
fsr-3306	370	4	(	(	PUNCT
fsr-3306	370	5	1975	1975	NUM
fsr-3306	370	6	)	)	PUNCT
fsr-3306	370	7	.	.	PUNCT
fsr-3306	371	1	likely	likely	ADJ
fsr-3306	371	2	gains	gain	NOUN
fsr-3306	371	3	from	from	ADP
fsr-3306	371	4	market	market	NOUN
fsr-3306	371	5	timing	timing	NOUN
fsr-3306	371	6	.	.	PUNCT
fsr-3306	372	1	financial	financial	ADJ
fsr-3306	372	2	analysts	analyst	NOUN
fsr-3306	372	3	journal	journal	NOUN
fsr-3306	372	4	,	,	PUNCT
fsr-3306	372	5	31	31	NUM
fsr-3306	372	6	,	,	PUNCT
fsr-3306	372	7	60–69	60–69	NUM
fsr-3306	372	8	.	.	PUNCT
fsr-3306	373	1	shen	shen	PROPN
fsr-3306	373	2	,	,	PUNCT
fsr-3306	373	3	p.	p.	NOUN
fsr-3306	373	4	(	(	PUNCT
fsr-3306	373	5	2003	2003	NUM
fsr-3306	373	6	)	)	PUNCT
fsr-3306	373	7	.	.	PUNCT
fsr-3306	374	1	market	market	NOUN
fsr-3306	374	2	timing	timing	NOUN
fsr-3306	374	3	strategies	strategy	NOUN
fsr-3306	374	4	that	that	PRON
fsr-3306	374	5	worked	work	VERB
fsr-3306	374	6	.	.	PUNCT
fsr-3306	375	1	the	the	DET
fsr-3306	375	2	journal	journal	PROPN
fsr-3306	375	3	of	of	ADP
fsr-3306	375	4	portfolio	portfolio	NOUN
fsr-3306	375	5	management	management	NOUN
fsr-3306	375	6	,	,	PUNCT
fsr-3306	375	7	29	29	NUM
fsr-3306	375	8	,	,	PUNCT
fsr-3306	375	9	57–68	57–68	NUM
fsr-3306	375	10	.	.	PUNCT
fsr-3306	376	1	shilling	shilling	PROPN
fsr-3306	376	2	,	,	PUNCT
fsr-3306	376	3	g.	g.	PROPN
fsr-3306	376	4	(	(	PUNCT
fsr-3306	376	5	1992	1992	NUM
fsr-3306	376	6	)	)	PUNCT
fsr-3306	376	7	.	.	PUNCT
fsr-3306	377	1	market	market	NOUN
fsr-3306	377	2	timing	timing	NOUN
fsr-3306	377	3	better	well	ADJ
fsr-3306	377	4	than	than	ADP
fsr-3306	377	5	a	a	DET
fsr-3306	377	6	buy	buy	VERB
fsr-3306	377	7	-	-	PUNCT
fsr-3306	377	8	and	and	CCONJ
fsr-3306	377	9	-	-	PUNCT
fsr-3306	377	10	hold	hold	VERB
fsr-3306	377	11	strategy	strategy	NOUN
fsr-3306	377	12	.	.	PUNCT
fsr-3306	378	1	financial	financial	ADJ
fsr-3306	378	2	analysts	analyst	NOUN
fsr-3306	378	3	journal	journal	NOUN
fsr-3306	378	4	,	,	PUNCT
fsr-3306	378	5	48	48	NUM
fsr-3306	378	6	,	,	PUNCT
fsr-3306	378	7	46–50	46–50	NOUN
fsr-3306	378	8	.	.	PUNCT
fsr-3306	379	1	shleifer	shleifer	PROPN
fsr-3306	379	2	,	,	PUNCT
fsr-3306	379	3	a.	a.	NOUN
fsr-3306	379	4	(	(	PUNCT
fsr-3306	379	5	2000	2000	NUM
fsr-3306	379	6	)	)	PUNCT
fsr-3306	379	7	.	.	PUNCT
fsr-3306	380	1	inefficient	inefficient	ADJ
fsr-3306	380	2	markets	market	NOUN
fsr-3306	380	3	:	:	PUNCT
fsr-3306	380	4	an	an	DET
fsr-3306	380	5	introduction	introduction	NOUN
fsr-3306	380	6	to	to	ADP
fsr-3306	380	7	behavioral	behavioral	ADJ
fsr-3306	380	8	finance	finance	NOUN
fsr-3306	380	9	.	.	PUNCT
fsr-3306	381	1	oxford	oxford	PROPN
fsr-3306	381	2	,	,	PUNCT
fsr-3306	381	3	uk	uk	PROPN
fsr-3306	381	4	:	:	PUNCT
fsr-3306	381	5	oxford	oxford	PROPN
fsr-3306	381	6	university	university	PROPN
fsr-3306	381	7	press	press	NOUN
fsr-3306	381	8	.	.	PUNCT
fsr-3306	382	1	sortino	sortino	PROPN
fsr-3306	382	2	,	,	PUNCT
fsr-3306	382	3	f.	f.	PROPN
fsr-3306	382	4	a.	a.	PROPN
fsr-3306	382	5	(	(	PUNCT
fsr-3306	382	6	1994	1994	NUM
fsr-3306	382	7	)	)	PUNCT
fsr-3306	382	8	.	.	PUNCT
fsr-3306	383	1	performance	performance	NOUN
fsr-3306	383	2	measurement	measurement	NOUN
fsr-3306	383	3	in	in	ADP
fsr-3306	383	4	a	a	DET
fsr-3306	383	5	downside	downside	ADJ
fsr-3306	383	6	risk	risk	NOUN
fsr-3306	383	7	framework	framework	NOUN
fsr-3306	383	8	.	.	PUNCT
fsr-3306	384	1	journal	journal	NOUN
fsr-3306	384	2	of	of	ADP
fsr-3306	384	3	investing	investing	NOUN
fsr-3306	384	4	,	,	PUNCT
fsr-3306	384	5	3	3	NUM
fsr-3306	384	6	,	,	PUNCT
fsr-3306	384	7	59–65	59–65	NUM
fsr-3306	384	8	.	.	PUNCT
fsr-3306	385	1	the	the	DET
fsr-3306	385	2	vanguard	vanguard	PROPN
fsr-3306	385	3	group	group	NOUN
fsr-3306	385	4	.	.	PUNCT
fsr-3306	386	1	(	(	PUNCT
fsr-3306	386	2	2015	2015	NUM
fsr-3306	386	3	)	)	PUNCT
fsr-3306	386	4	.	.	PUNCT
fsr-3306	387	1	vanguard	vanguard	NOUN
fsr-3306	387	2	costs	cost	NOUN
fsr-3306	387	3	,	,	PUNCT
fsr-3306	387	4	fees	fee	NOUN
fsr-3306	387	5	,	,	PUNCT
fsr-3306	387	6	and	and	CCONJ
fsr-3306	387	7	minimums	minimum	NOUN
fsr-3306	387	8	.	.	PUNCT
fsr-3306	388	1	(	(	PUNCT
fsr-3306	388	2	available	available	ADJ
fsr-3306	388	3	at	at	ADP
fsr-3306	388	4	https://investor.vanguard.com/	https://investor.vanguard.com/	ADJ
fsr-3306	388	5	etf	etf	NOUN
fsr-3306	388	6	/	/	SYM
fsr-3306	388	7	fees	fee	NOUN
fsr-3306	388	8	)	)	PUNCT
fsr-3306	388	9	.	.	PUNCT
fsr-3306	389	1	sullivan	sullivan	PROPN
fsr-3306	389	2	,	,	PUNCT
fsr-3306	389	3	r.	r.	PROPN
fsr-3306	389	4	,	,	PUNCT
fsr-3306	389	5	timmerman	timmerman	PROPN
fsr-3306	389	6	,	,	PUNCT
fsr-3306	389	7	a.	a.	PROPN
fsr-3306	389	8	,	,	PUNCT
fsr-3306	389	9	&	&	CCONJ
fsr-3306	389	10	white	white	PROPN
fsr-3306	389	11	,	,	PUNCT
fsr-3306	389	12	h.	h.	PROPN
fsr-3306	389	13	(	(	PUNCT
fsr-3306	389	14	1999	1999	NUM
fsr-3306	389	15	)	)	PUNCT
fsr-3306	389	16	.	.	PUNCT
fsr-3306	390	1	data	data	NOUN
fsr-3306	390	2	-	-	PUNCT
fsr-3306	390	3	snooping	snoop	VERB
fsr-3306	390	4	,	,	PUNCT
fsr-3306	390	5	technical	technical	ADJ
fsr-3306	390	6	trading	trading	NOUN
fsr-3306	390	7	rule	rule	NOUN
fsr-3306	390	8	performance	performance	NOUN
fsr-3306	390	9	,	,	PUNCT
fsr-3306	390	10	and	and	CCONJ
fsr-3306	390	11	the	the	DET
fsr-3306	390	12	bootstrap	bootstrap	NOUN
fsr-3306	390	13	.	.	PUNCT
fsr-3306	391	1	journal	journal	PROPN
fsr-3306	391	2	of	of	ADP
fsr-3306	391	3	finance	finance	NOUN
fsr-3306	391	4	,	,	PUNCT
fsr-3306	391	5	54	54	NUM
fsr-3306	391	6	,	,	PUNCT
fsr-3306	391	7	1647–1691	1647–1691	NUM
fsr-3306	391	8	.	.	PUNCT
fsr-3306	392	1	xiong	xiong	PROPN
fsr-3306	392	2	,	,	PUNCT
fsr-3306	392	3	j.	j.	PROPN
fsr-3306	392	4	,	,	PUNCT
fsr-3306	392	5	ibbotson	ibbotson	PROPN
fsr-3306	392	6	,	,	PUNCT
fsr-3306	392	7	r.	r.	PROPN
fsr-3306	392	8	g.	g.	PROPN
fsr-3306	392	9	,	,	PUNCT
fsr-3306	392	10	idzorek	idzorek	NOUN
fsr-3306	392	11	,	,	PUNCT
fsr-3306	392	12	t.	t.	PROPN
fsr-3306	392	13	,	,	PUNCT
fsr-3306	392	14	&	&	CCONJ
fsr-3306	392	15	chen	chen	PROPN
fsr-3306	392	16	,	,	PUNCT
fsr-3306	392	17	p.	p.	NOUN
fsr-3306	392	18	(	(	PUNCT
fsr-3306	392	19	2010	2010	NUM
fsr-3306	392	20	)	)	PUNCT
fsr-3306	392	21	.	.	PUNCT
fsr-3306	393	1	the	the	DET
fsr-3306	393	2	equal	equal	ADJ
fsr-3306	393	3	importance	importance	NOUN
fsr-3306	393	4	of	of	ADP
fsr-3306	393	5	asset	asset	NOUN
fsr-3306	393	6	allocation	allocation	NOUN
fsr-3306	393	7	and	and	CCONJ
fsr-3306	393	8	active	active	ADJ
fsr-3306	393	9	management	management	NOUN
fsr-3306	393	10	.	.	PUNCT
fsr-3306	394	1	financial	financial	ADJ
fsr-3306	394	2	analyst	analyst	NOUN
fsr-3306	394	3	journal	journal	NOUN
fsr-3306	394	4	,	,	PUNCT
fsr-3306	394	5	66	66	NUM
fsr-3306	394	6	,	,	PUNCT
fsr-3306	394	7	22–30	22–30	NUM
fsr-3306	394	8	.	.	PUNCT
fsr-3306	395	1	ziemba	ziemba	PROPN
fsr-3306	395	2	,	,	PUNCT
fsr-3306	395	3	w.	w.	PROPN
fsr-3306	395	4	t.	t.	PROPN
fsr-3306	395	5	,	,	PUNCT
fsr-3306	395	6	&	&	CCONJ
fsr-3306	395	7	schwarz	schwarz	PROPN
fsr-3306	395	8	,	,	PUNCT
fsr-3306	395	9	s.	s.	PROPN
fsr-3306	395	10	l.	l.	PROPN
fsr-3306	395	11	(	(	PUNCT
fsr-3306	395	12	1991	1991	NUM
fsr-3306	395	13	)	)	PUNCT
fsr-3306	395	14	.	.	PUNCT
fsr-3306	396	1	invest	invest	VERB
fsr-3306	396	2	japan	japan	PROPN
fsr-3306	396	3	:	:	PUNCT
fsr-3306	397	1	the	the	DET
fsr-3306	397	2	structure	structure	NOUN
fsr-3306	397	3	,	,	PUNCT
fsr-3306	397	4	performance	performance	NOUN
fsr-3306	397	5	and	and	CCONJ
fsr-3306	397	6	opportunities	opportunity	NOUN
fsr-3306	397	7	of	of	ADP
fsr-3306	397	8	japan	japan	PROPN
fsr-3306	397	9	’s	’s	PART
fsr-3306	397	10	stock	stock	NOUN
fsr-3306	397	11	,	,	PUNCT
fsr-3306	397	12	bond	bond	NOUN
fsr-3306	397	13	and	and	CCONJ
fsr-3306	397	14	fund	fund	NOUN
fsr-3306	397	15	markets	market	NOUN
fsr-3306	397	16	.	.	PUNCT
fsr-3306	398	1	chicago	chicago	PROPN
fsr-3306	398	2	,	,	PUNCT
fsr-3306	398	3	il	il	PROPN
fsr-3306	398	4	:	:	PUNCT
fsr-3306	398	5	probus	probus	PROPN
fsr-3306	398	6	publishing	publishing	NOUN
fsr-3306	398	7	.	.	PUNCT
fsr-3306	399	1	180	180	NUM
fsr-3306	399	2	j.m	j.m	PROPN
fsr-3306	399	3	.	.	PROPN
fsr-3306	399	4	clinebell	clinebell	PROPN
fsr-3306	399	5	et	et	PROPN
fsr-3306	399	6	al	al	PROPN
fsr-3306	399	7	.	.	PUNCT
fsr-3306	399	8	/	/	SYM
fsr-3306	399	9	financial	financial	ADJ
fsr-3306	399	10	services	service	NOUN
fsr-3306	399	11	review	review	VERB
fsr-3306	399	12	26	26	NUM
fsr-3306	399	13	(	(	PUNCT
fsr-3306	399	14	2017	2017	NUM
fsr-3306	399	15	)	)	PUNCT
fsr-3306	399	16	167–180	167–180	NUM