id	sid	tid	token	lemma	pos
fsr-3307	1	1	bond	bond	NOUN
fsr-3307	1	2	laddering	laddering	NOUN
fsr-3307	1	3	and	and	CCONJ
fsr-3307	1	4	bond	bond	NOUN
fsr-3307	1	5	indexing	indexing	NOUN
fsr-3307	1	6	:	:	PUNCT
fsr-3307	1	7	an	an	DET
fsr-3307	1	8	empirical	empirical	ADJ
fsr-3307	1	9	comparison	comparison	NOUN
fsr-3307	1	10	c.	c.	PROPN
fsr-3307	1	11	sherman	sherman	PROPN
fsr-3307	1	12	cheunga	cheunga	PROPN
fsr-3307	1	13	,	,	PUNCT
fsr-3307	1	14	peter	peter	PROPN
fsr-3307	1	15	miua	miua	PROPN
fsr-3307	1	16	,	,	PUNCT
fsr-3307	1	17	*	*	PUNCT
fsr-3307	1	18	adegroote	adegroote	NOUN
fsr-3307	1	19	school	school	NOUN
fsr-3307	1	20	of	of	ADP
fsr-3307	1	21	business	business	NOUN
fsr-3307	1	22	,	,	PUNCT
fsr-3307	1	23	mcmaster	mcmaster	PROPN
fsr-3307	1	24	university	university	PROPN
fsr-3307	1	25	,	,	PUNCT
fsr-3307	1	26	hamilton	hamilton	PROPN
fsr-3307	1	27	,	,	PUNCT
fsr-3307	1	28	ontario	ontario	PROPN
fsr-3307	1	29	l8s	l8s	NUM
fsr-3307	1	30	4m4	4m4	PROPN
fsr-3307	1	31	,	,	PUNCT
fsr-3307	1	32	canada	canada	PROPN
fsr-3307	1	33	abstract	abstract	ADJ
fsr-3307	1	34	bond	bond	NOUN
fsr-3307	1	35	laddering	ladder	VERB
fsr-3307	1	36	and	and	CCONJ
fsr-3307	1	37	bond	bond	NOUN
fsr-3307	1	38	indexing	indexing	NOUN
fsr-3307	1	39	have	have	AUX
fsr-3307	1	40	been	be	AUX
fsr-3307	1	41	widely	widely	ADV
fsr-3307	1	42	accepted	accept	VERB
fsr-3307	1	43	approaches	approach	NOUN
fsr-3307	1	44	to	to	ADP
fsr-3307	1	45	bond	bond	NOUN
fsr-3307	1	46	investing	invest	VERB
fsr-3307	1	47	among	among	ADP
fsr-3307	1	48	retail	retail	ADJ
fsr-3307	1	49	investors	investor	NOUN
fsr-3307	1	50	.	.	PUNCT
fsr-3307	2	1	however	however	ADV
fsr-3307	2	2	,	,	PUNCT
fsr-3307	2	3	bond	bond	NOUN
fsr-3307	2	4	laddering	laddering	NOUN
fsr-3307	2	5	has	have	AUX
fsr-3307	2	6	virtually	virtually	ADV
fsr-3307	2	7	been	be	AUX
fsr-3307	2	8	ignored	ignore	VERB
fsr-3307	2	9	in	in	ADP
fsr-3307	2	10	both	both	CCONJ
fsr-3307	2	11	the	the	DET
fsr-3307	2	12	academic	academic	ADJ
fsr-3307	2	13	literature	literature	NOUN
fsr-3307	2	14	and	and	CCONJ
fsr-3307	2	15	most	most	ADJ
fsr-3307	2	16	of	of	ADP
fsr-3307	2	17	the	the	DET
fsr-3307	2	18	popular	popular	ADJ
fsr-3307	2	19	investment	investment	NOUN
fsr-3307	2	20	textbooks	textbook	NOUN
fsr-3307	2	21	.	.	PUNCT
fsr-3307	3	1	one	one	NUM
fsr-3307	3	2	thing	thing	NOUN
fsr-3307	3	3	both	both	DET
fsr-3307	3	4	approaches	approach	NOUN
fsr-3307	3	5	have	have	VERB
fsr-3307	3	6	in	in	ADP
fsr-3307	3	7	common	common	ADJ
fsr-3307	3	8	is	be	AUX
fsr-3307	3	9	that	that	SCONJ
fsr-3307	3	10	they	they	PRON
fsr-3307	3	11	are	be	AUX
fsr-3307	3	12	passive	passive	ADJ
fsr-3307	3	13	strategies	strategy	NOUN
fsr-3307	3	14	with	with	ADP
fsr-3307	3	15	no	no	DET
fsr-3307	3	16	attempt	attempt	NOUN
fsr-3307	3	17	whatsoever	whatsoever	ADV
fsr-3307	3	18	to	to	PART
fsr-3307	3	19	beat	beat	VERB
fsr-3307	3	20	the	the	DET
fsr-3307	3	21	market	market	NOUN
fsr-3307	3	22	.	.	PUNCT
fsr-3307	4	1	there	there	PRON
fsr-3307	4	2	are	be	VERB
fsr-3307	4	3	many	many	ADJ
fsr-3307	4	4	unresolved	unresolved	ADJ
fsr-3307	4	5	issues	issue	NOUN
fsr-3307	4	6	about	about	ADP
fsr-3307	4	7	the	the	DET
fsr-3307	4	8	two	two	NUM
fsr-3307	4	9	seemingly	seemingly	ADV
fsr-3307	4	10	similar	similar	ADJ
fsr-3307	4	11	approaches	approach	NOUN
fsr-3307	4	12	.	.	PUNCT
fsr-3307	5	1	first	first	ADV
fsr-3307	5	2	,	,	PUNCT
fsr-3307	5	3	which	which	DET
fsr-3307	5	4	approach	approach	NOUN
fsr-3307	5	5	should	should	AUX
fsr-3307	5	6	an	an	DET
fsr-3307	5	7	investor	investor	NOUN
fsr-3307	5	8	favor	favor	NOUN
fsr-3307	5	9	?	?	PUNCT
fsr-3307	6	1	is	be	AUX
fsr-3307	6	2	there	there	PRON
fsr-3307	6	3	any	any	DET
fsr-3307	6	4	room	room	NOUN
fsr-3307	6	5	for	for	SCONJ
fsr-3307	6	6	both	both	PRON
fsr-3307	6	7	to	to	PART
fsr-3307	6	8	be	be	AUX
fsr-3307	6	9	used	use	VERB
fsr-3307	6	10	at	at	ADP
fsr-3307	6	11	the	the	DET
fsr-3307	6	12	same	same	ADJ
fsr-3307	6	13	time	time	NOUN
fsr-3307	6	14	?	?	PUNCT
fsr-3307	7	1	second	second	ADJ
fsr-3307	7	2	,	,	PUNCT
fsr-3307	7	3	if	if	SCONJ
fsr-3307	7	4	an	an	DET
fsr-3307	7	5	investor	investor	NOUN
fsr-3307	7	6	decides	decide	VERB
fsr-3307	7	7	to	to	PART
fsr-3307	7	8	use	use	VERB
fsr-3307	7	9	a	a	DET
fsr-3307	7	10	ladder	ladder	NOUN
fsr-3307	7	11	,	,	PUNCT
fsr-3307	7	12	what	what	PRON
fsr-3307	7	13	is	be	AUX
fsr-3307	7	14	the	the	DET
fsr-3307	7	15	appropriate	appropriate	ADJ
fsr-3307	7	16	term	term	NOUN
fsr-3307	7	17	to	to	ADP
fsr-3307	7	18	maturity	maturity	NOUN
fsr-3307	7	19	for	for	ADP
fsr-3307	7	20	the	the	DET
fsr-3307	7	21	ladder	ladder	NOUN
fsr-3307	7	22	?	?	PUNCT
fsr-3307	8	1	there	there	PRON
fsr-3307	8	2	is	be	VERB
fsr-3307	8	3	hardly	hardly	ADV
fsr-3307	8	4	any	any	DET
fsr-3307	8	5	theoretical	theoretical	ADJ
fsr-3307	8	6	or	or	CCONJ
fsr-3307	8	7	empirical	empirical	ADJ
fsr-3307	8	8	guidance	guidance	NOUN
fsr-3307	8	9	as	as	ADP
fsr-3307	8	10	to	to	ADP
fsr-3307	8	11	which	which	PRON
fsr-3307	8	12	is	be	AUX
fsr-3307	8	13	a	a	DET
fsr-3307	8	14	better	well	ADJ
fsr-3307	8	15	approach	approach	NOUN
fsr-3307	8	16	to	to	PART
fsr-3307	8	17	use	use	VERB
fsr-3307	8	18	and	and	CCONJ
fsr-3307	8	19	the	the	DET
fsr-3307	8	20	right	right	ADJ
fsr-3307	8	21	term	term	NOUN
fsr-3307	8	22	of	of	ADP
fsr-3307	8	23	a	a	DET
fsr-3307	8	24	ladder	ladder	NOUN
fsr-3307	8	25	.	.	PUNCT
fsr-3307	9	1	the	the	DET
fsr-3307	9	2	relative	relative	ADJ
fsr-3307	9	3	attractiveness	attractiveness	NOUN
fsr-3307	9	4	of	of	ADP
fsr-3307	9	5	the	the	DET
fsr-3307	9	6	above	above	ADJ
fsr-3307	9	7	two	two	NUM
fsr-3307	9	8	approaches	approach	NOUN
fsr-3307	9	9	are	be	AUX
fsr-3307	9	10	empirically	empirically	ADV
fsr-3307	9	11	examined	examine	VERB
fsr-3307	9	12	in	in	ADP
fsr-3307	9	13	this	this	DET
fsr-3307	9	14	study	study	NOUN
fsr-3307	9	15	.	.	PUNCT
fsr-3307	10	1	we	we	PRON
fsr-3307	10	2	identify	identify	VERB
fsr-3307	10	3	conditions	condition	NOUN
fsr-3307	10	4	that	that	PRON
fsr-3307	10	5	favor	favor	VERB
fsr-3307	10	6	one	one	NUM
fsr-3307	10	7	over	over	ADP
fsr-3307	10	8	the	the	DET
fsr-3307	10	9	other	other	ADJ
fsr-3307	10	10	.	.	PUNCT
fsr-3307	11	1	conditions	condition	NOUN
fsr-3307	11	2	under	under	ADP
fsr-3307	11	3	which	which	PRON
fsr-3307	11	4	both	both	DET
fsr-3307	11	5	instruments	instrument	NOUN
fsr-3307	11	6	should	should	AUX
fsr-3307	11	7	be	be	AUX
fsr-3307	11	8	held	hold	VERB
fsr-3307	11	9	within	within	ADP
fsr-3307	11	10	an	an	DET
fsr-3307	11	11	optimal	optimal	ADJ
fsr-3307	11	12	portfolio	portfolio	NOUN
fsr-3307	11	13	are	be	AUX
fsr-3307	11	14	also	also	ADV
fsr-3307	11	15	identified	identify	VERB
fsr-3307	11	16	.	.	PUNCT
fsr-3307	12	1	we	we	PRON
fsr-3307	12	2	also	also	ADV
fsr-3307	12	3	identify	identify	VERB
fsr-3307	12	4	conditions	condition	NOUN
fsr-3307	12	5	in	in	ADP
fsr-3307	12	6	which	which	PRON
fsr-3307	12	7	a	a	DET
fsr-3307	12	8	longer	long	ADJ
fsr-3307	12	9	term	term	NOUN
fsr-3307	12	10	ladder	ladder	NOUN
fsr-3307	12	11	is	be	AUX
fsr-3307	12	12	more	more	ADV
fsr-3307	12	13	appropriate	appropriate	ADJ
fsr-3307	12	14	than	than	ADP
fsr-3307	12	15	a	a	DET
fsr-3307	12	16	shorter	short	ADJ
fsr-3307	12	17	term	term	NOUN
fsr-3307	12	18	ladder	ladder	NOUN
fsr-3307	12	19	.	.	PUNCT
fsr-3307	13	1	©	©	PROPN
fsr-3307	13	2	2017	2017	NUM
fsr-3307	13	3	academy	academy	NOUN
fsr-3307	13	4	of	of	ADP
fsr-3307	13	5	financial	financial	ADJ
fsr-3307	13	6	services	service	NOUN
fsr-3307	13	7	.	.	PUNCT
fsr-3307	14	1	all	all	DET
fsr-3307	14	2	rights	right	NOUN
fsr-3307	14	3	reserved	reserve	VERB
fsr-3307	14	4	.	.	PUNCT
fsr-3307	15	1	jel	jel	PROPN
fsr-3307	15	2	classification	classification	PROPN
fsr-3307	15	3	:	:	PUNCT
fsr-3307	15	4	g10	g10	PROPN
fsr-3307	15	5	;	;	PUNCT
fsr-3307	15	6	g11	g11	PROPN
fsr-3307	15	7	keywords	keyword	NOUN
fsr-3307	15	8	:	:	PUNCT
fsr-3307	15	9	ladder	ladder	NOUN
fsr-3307	15	10	bond	bond	NOUN
fsr-3307	15	11	portfolio	portfolio	NOUN
fsr-3307	15	12	;	;	PUNCT
fsr-3307	15	13	passive	passive	ADJ
fsr-3307	15	14	bond	bond	NOUN
fsr-3307	15	15	investments	investment	NOUN
fsr-3307	15	16	1	1	NUM
fsr-3307	15	17	.	.	PUNCT
fsr-3307	16	1	introduction	introduction	NOUN
fsr-3307	16	2	both	both	PRON
fsr-3307	16	3	laddering	ladder	VERB
fsr-3307	16	4	and	and	CCONJ
fsr-3307	16	5	indexing	indexing	NOUN
fsr-3307	16	6	are	be	AUX
fsr-3307	16	7	popular	popular	ADJ
fsr-3307	16	8	approaches	approach	NOUN
fsr-3307	16	9	to	to	ADP
fsr-3307	16	10	bond	bond	NOUN
fsr-3307	16	11	investing	investing	NOUN
fsr-3307	16	12	.	.	PUNCT
fsr-3307	17	1	holding	hold	VERB
fsr-3307	17	2	a	a	DET
fsr-3307	17	3	bond	bond	NOUN
fsr-3307	17	4	portfolio	portfolio	NOUN
fsr-3307	17	5	that	that	PRON
fsr-3307	17	6	replicates	replicate	VERB
fsr-3307	17	7	an	an	DET
fsr-3307	17	8	index	index	NOUN
fsr-3307	17	9	can	can	AUX
fsr-3307	17	10	be	be	AUX
fsr-3307	17	11	entirely	entirely	ADV
fsr-3307	17	12	consistent	consistent	ADJ
fsr-3307	17	13	with	with	ADP
fsr-3307	17	14	asset	asset	NOUN
fsr-3307	17	15	pricing	pricing	NOUN
fsr-3307	17	16	theories	theory	NOUN
fsr-3307	17	17	in	in	ADP
fsr-3307	17	18	which	which	PRON
fsr-3307	17	19	an	an	DET
fsr-3307	17	20	investor	investor	NOUN
fsr-3307	17	21	in	in	ADP
fsr-3307	17	22	equilibrium	equilibrium	NOUN
fsr-3307	17	23	holds	hold	VERB
fsr-3307	17	24	a	a	DET
fsr-3307	17	25	market	market	NOUN
fsr-3307	17	26	portfolio	portfolio	NOUN
fsr-3307	17	27	of	of	ADP
fsr-3307	17	28	stocks	stock	NOUN
fsr-3307	17	29	and	and	CCONJ
fsr-3307	17	30	bonds	bond	NOUN
fsr-3307	17	31	.	.	PUNCT
fsr-3307	18	1	bond	bond	NOUN
fsr-3307	18	2	*	*	PUNCT
fsr-3307	18	3	corresponding	correspond	VERB
fsr-3307	18	4	author	author	NOUN
fsr-3307	18	5	.	.	PUNCT
fsr-3307	19	1	tel	tel	PROPN
fsr-3307	19	2	.	.	PUNCT
fsr-3307	19	3	:	:	PUNCT
fsr-3307	20	1	�	�	PROPN
fsr-3307	20	2	1	1	NUM
fsr-3307	20	3	-	-	PUNCT
fsr-3307	20	4	905	905	NUM
fsr-3307	20	5	-	-	PUNCT
fsr-3307	20	6	525	525	NUM
fsr-3307	20	7	-	-	PUNCT
fsr-3307	20	8	9140	9140	NUM
fsr-3307	20	9	ext	ext	NOUN
fsr-3307	20	10	.	.	PROPN
fsr-3307	21	1	23981	23981	NUM
fsr-3307	21	2	;	;	PUNCT
fsr-3307	21	3	fax	fax	NOUN
fsr-3307	21	4	:	:	PUNCT
fsr-3307	21	5	�	�	PROPN
fsr-3307	21	6	1	1	NUM
fsr-3307	21	7	-	-	PUNCT
fsr-3307	21	8	905	905	NUM
fsr-3307	21	9	-	-	PUNCT
fsr-3307	21	10	521	521	NUM
fsr-3307	21	11	-	-	PUNCT
fsr-3307	21	12	8995	8995	NUM
fsr-3307	21	13	.	.	PUNCT
fsr-3307	22	1	e	e	X
fsr-3307	22	2	-	-	NOUN
fsr-3307	22	3	mail	mail	NOUN
fsr-3307	22	4	address	address	NOUN
fsr-3307	22	5	:	:	PUNCT
fsr-3307	22	6	miupete@mcmaster.ca	miupete@mcmaster.ca	NOUN
fsr-3307	22	7	(	(	PUNCT
fsr-3307	22	8	p.	p.	NOUN
fsr-3307	22	9	miu	miu	PROPN
fsr-3307	22	10	)	)	PUNCT
fsr-3307	22	11	.	.	PUNCT
fsr-3307	23	1	financial	financial	ADJ
fsr-3307	23	2	services	service	NOUN
fsr-3307	23	3	review	review	VERB
fsr-3307	23	4	26	26	NUM
fsr-3307	23	5	(	(	PUNCT
fsr-3307	23	6	2017	2017	NUM
fsr-3307	23	7	)	)	PUNCT
fsr-3307	23	8	181–203	181–203	NUM
fsr-3307	23	9	1057	1057	NUM
fsr-3307	23	10	-	-	SYM
fsr-3307	23	11	0810/17/$	0810/17/$	NUM
fsr-3307	23	12	–	–	PUNCT
fsr-3307	23	13	see	see	VERB
fsr-3307	23	14	front	front	ADJ
fsr-3307	23	15	matter	matter	NOUN
fsr-3307	23	16	©	©	PROPN
fsr-3307	23	17	2017	2017	NUM
fsr-3307	23	18	academy	academy	NOUN
fsr-3307	23	19	of	of	ADP
fsr-3307	23	20	financial	financial	ADJ
fsr-3307	23	21	services	service	NOUN
fsr-3307	23	22	.	.	PUNCT
fsr-3307	24	1	all	all	DET
fsr-3307	24	2	rights	right	NOUN
fsr-3307	24	3	reserved	reserve	VERB
fsr-3307	24	4	.	.	PUNCT
fsr-3307	25	1	laddering	ladder	VERB
fsr-3307	25	2	is	be	AUX
fsr-3307	25	3	somewhat	somewhat	ADV
fsr-3307	25	4	of	of	ADP
fsr-3307	25	5	an	an	DET
fsr-3307	25	6	enigma	enigma	NOUN
fsr-3307	25	7	to	to	ADP
fsr-3307	25	8	the	the	DET
fsr-3307	25	9	academic	academic	ADJ
fsr-3307	25	10	profession	profession	NOUN
fsr-3307	25	11	.	.	PUNCT
fsr-3307	26	1	bond	bond	NOUN
fsr-3307	26	2	laddering	laddering	NOUN
fsr-3307	26	3	consists	consist	VERB
fsr-3307	26	4	of	of	ADP
fsr-3307	26	5	investing	invest	VERB
fsr-3307	26	6	a	a	DET
fsr-3307	26	7	roughly	roughly	ADV
fsr-3307	26	8	equal	equal	ADJ
fsr-3307	26	9	dollar	dollar	NOUN
fsr-3307	26	10	amount	amount	NOUN
fsr-3307	26	11	in	in	ADP
fsr-3307	26	12	bonds	bond	NOUN
fsr-3307	26	13	with	with	ADP
fsr-3307	26	14	different	different	ADJ
fsr-3307	26	15	maturities	maturity	NOUN
fsr-3307	26	16	and	and	CCONJ
fsr-3307	26	17	holding	hold	VERB
fsr-3307	26	18	the	the	DET
fsr-3307	26	19	bonds	bond	NOUN
fsr-3307	26	20	until	until	ADP
fsr-3307	26	21	maturity	maturity	NOUN
fsr-3307	26	22	.	.	PUNCT
fsr-3307	27	1	when	when	SCONJ
fsr-3307	27	2	the	the	DET
fsr-3307	27	3	shortest	short	ADJ
fsr-3307	27	4	term	term	NOUN
fsr-3307	27	5	bond	bond	NOUN
fsr-3307	27	6	matures	mature	NOUN
fsr-3307	27	7	,	,	PUNCT
fsr-3307	27	8	the	the	DET
fsr-3307	27	9	proceeds	proceed	NOUN
fsr-3307	27	10	will	will	AUX
fsr-3307	27	11	be	be	AUX
fsr-3307	27	12	reinvested	reinveste	VERB
fsr-3307	27	13	in	in	ADP
fsr-3307	27	14	the	the	DET
fsr-3307	27	15	longest	long	ADJ
fsr-3307	27	16	term	term	NOUN
fsr-3307	27	17	bond	bond	NOUN
fsr-3307	27	18	to	to	PART
fsr-3307	27	19	maintain	maintain	VERB
fsr-3307	27	20	the	the	DET
fsr-3307	27	21	same	same	ADJ
fsr-3307	27	22	maturity	maturity	NOUN
fsr-3307	27	23	structure	structure	NOUN
fsr-3307	27	24	of	of	ADP
fsr-3307	27	25	the	the	DET
fsr-3307	27	26	bond	bond	NOUN
fsr-3307	27	27	portfolio	portfolio	NOUN
fsr-3307	27	28	over	over	ADP
fsr-3307	27	29	time	time	NOUN
fsr-3307	27	30	.	.	PUNCT
fsr-3307	28	1	the	the	DET
fsr-3307	28	2	idea	idea	NOUN
fsr-3307	28	3	is	be	AUX
fsr-3307	28	4	to	to	PART
fsr-3307	28	5	avoid	avoid	VERB
fsr-3307	28	6	locking	lock	VERB
fsr-3307	28	7	into	into	ADP
fsr-3307	28	8	a	a	DET
fsr-3307	28	9	low	low	ADJ
fsr-3307	28	10	return	return	NOUN
fsr-3307	28	11	bond	bond	NOUN
fsr-3307	28	12	for	for	ADP
fsr-3307	28	13	a	a	DET
fsr-3307	28	14	long	long	ADJ
fsr-3307	28	15	period	period	NOUN
fsr-3307	28	16	of	of	ADP
fsr-3307	28	17	time	time	NOUN
fsr-3307	28	18	.	.	PUNCT
fsr-3307	29	1	the	the	DET
fsr-3307	29	2	ladder	ladder	NOUN
fsr-3307	29	3	approach	approach	NOUN
fsr-3307	29	4	allows	allow	VERB
fsr-3307	29	5	investors	investor	NOUN
fsr-3307	29	6	to	to	PART
fsr-3307	29	7	stay	stay	VERB
fsr-3307	29	8	fully	fully	ADV
fsr-3307	29	9	invested	invest	VERB
fsr-3307	29	10	and	and	CCONJ
fsr-3307	29	11	take	take	VERB
fsr-3307	29	12	advantage	advantage	NOUN
fsr-3307	29	13	of	of	ADP
fsr-3307	29	14	rising	rise	VERB
fsr-3307	29	15	yields	yield	NOUN
fsr-3307	29	16	when	when	SCONJ
fsr-3307	29	17	the	the	DET
fsr-3307	29	18	opportunity	opportunity	NOUN
fsr-3307	29	19	arises	arise	VERB
fsr-3307	29	20	.	.	PUNCT
fsr-3307	30	1	the	the	DET
fsr-3307	30	2	approach	approach	NOUN
fsr-3307	30	3	is	be	AUX
fsr-3307	30	4	widely	widely	ADV
fsr-3307	30	5	accepted	accept	VERB
fsr-3307	30	6	by	by	ADP
fsr-3307	30	7	practitioners	practitioner	NOUN
fsr-3307	30	8	but	but	CCONJ
fsr-3307	30	9	virtually	virtually	ADV
fsr-3307	30	10	ignored	ignore	VERB
fsr-3307	30	11	in	in	ADP
fsr-3307	30	12	investment	investment	NOUN
fsr-3307	30	13	textbooks.1	textbooks.1	NOUN
fsr-3307	30	14	except	except	SCONJ
fsr-3307	30	15	the	the	DET
fsr-3307	30	16	few	few	ADJ
fsr-3307	30	17	studies	study	NOUN
fsr-3307	30	18	mentioned	mention	VERB
fsr-3307	30	19	below	below	ADV
fsr-3307	30	20	,	,	PUNCT
fsr-3307	30	21	the	the	DET
fsr-3307	30	22	academic	academic	ADJ
fsr-3307	30	23	literature	literature	NOUN
fsr-3307	30	24	contains	contain	VERB
fsr-3307	30	25	virtually	virtually	ADV
fsr-3307	30	26	no	no	DET
fsr-3307	30	27	serious	serious	ADJ
fsr-3307	30	28	discussions	discussion	NOUN
fsr-3307	30	29	of	of	ADP
fsr-3307	30	30	the	the	DET
fsr-3307	30	31	laddering	ladder	VERB
fsr-3307	30	32	approach	approach	NOUN
fsr-3307	30	33	to	to	ADP
fsr-3307	30	34	bond	bond	NOUN
fsr-3307	30	35	investing	investing	NOUN
fsr-3307	30	36	.	.	PUNCT
fsr-3307	31	1	for	for	ADP
fsr-3307	31	2	example	example	NOUN
fsr-3307	31	3	,	,	PUNCT
fsr-3307	31	4	specialized	specialized	ADJ
fsr-3307	31	5	fixed	fix	VERB
fsr-3307	31	6	-	-	PUNCT
fsr-3307	31	7	income	income	NOUN
fsr-3307	31	8	books	book	NOUN
fsr-3307	31	9	by	by	ADP
fsr-3307	31	10	garbade	garbade	NOUN
fsr-3307	31	11	(	(	PUNCT
fsr-3307	31	12	1996	1996	NUM
fsr-3307	31	13	)	)	PUNCT
fsr-3307	31	14	,	,	PUNCT
fsr-3307	31	15	kaufman	kaufman	PROPN
fsr-3307	31	16	,	,	PUNCT
fsr-3307	31	17	bierwag	bierwag	PROPN
fsr-3307	31	18	,	,	PUNCT
fsr-3307	31	19	and	and	CCONJ
fsr-3307	31	20	toevs	toevs	VERB
fsr-3307	31	21	(	(	PUNCT
fsr-3307	31	22	1983	1983	NUM
fsr-3307	31	23	)	)	PUNCT
fsr-3307	31	24	,	,	PUNCT
fsr-3307	31	25	and	and	CCONJ
fsr-3307	31	26	sundaresan	sundaresan	ADJ
fsr-3307	31	27	(	(	PUNCT
fsr-3307	31	28	1997	1997	NUM
fsr-3307	31	29	)	)	PUNCT
fsr-3307	31	30	and	and	CCONJ
fsr-3307	31	31	make	make	VERB
fsr-3307	31	32	no	no	DET
fsr-3307	31	33	mention	mention	NOUN
fsr-3307	31	34	of	of	ADP
fsr-3307	31	35	the	the	DET
fsr-3307	31	36	topic.2	topic.2	PROPN
fsr-3307	31	37	the	the	DET
fsr-3307	31	38	ladder	ladder	NOUN
fsr-3307	31	39	approach	approach	NOUN
fsr-3307	31	40	is	be	AUX
fsr-3307	31	41	not	not	PART
fsr-3307	31	42	considered	consider	VERB
fsr-3307	31	43	to	to	PART
fsr-3307	31	44	be	be	AUX
fsr-3307	31	45	important	important	ADJ
fsr-3307	31	46	enough	enough	ADV
fsr-3307	31	47	to	to	PART
fsr-3307	31	48	be	be	AUX
fsr-3307	31	49	mentioned	mention	VERB
fsr-3307	31	50	in	in	ADP
fsr-3307	31	51	some	some	PRON
fsr-3307	31	52	of	of	ADP
fsr-3307	31	53	the	the	DET
fsr-3307	31	54	most	most	ADV
fsr-3307	31	55	popular	popular	ADJ
fsr-3307	31	56	investment	investment	NOUN
fsr-3307	31	57	textbooks	textbook	NOUN
fsr-3307	31	58	,	,	PUNCT
fsr-3307	31	59	such	such	ADJ
fsr-3307	31	60	as	as	ADP
fsr-3307	31	61	alexander	alexander	PROPN
fsr-3307	31	62	,	,	PUNCT
fsr-3307	31	63	sharpe	sharpe	PROPN
fsr-3307	31	64	,	,	PUNCT
fsr-3307	31	65	and	and	CCONJ
fsr-3307	31	66	bailey	bailey	PROPN
fsr-3307	31	67	(	(	PUNCT
fsr-3307	31	68	2001	2001	NUM
fsr-3307	31	69	)	)	PUNCT
fsr-3307	31	70	,	,	PUNCT
fsr-3307	31	71	bodie	bodie	PROPN
fsr-3307	31	72	,	,	PUNCT
fsr-3307	31	73	kane	kane	PROPN
fsr-3307	31	74	,	,	PUNCT
fsr-3307	31	75	and	and	CCONJ
fsr-3307	31	76	marcus	marcus	PROPN
fsr-3307	31	77	(	(	PUNCT
fsr-3307	31	78	2007	2007	NUM
fsr-3307	31	79	)	)	PUNCT
fsr-3307	31	80	,	,	PUNCT
fsr-3307	31	81	and	and	CCONJ
fsr-3307	31	82	jones	jones	PROPN
fsr-3307	31	83	(	(	PUNCT
fsr-3307	31	84	1996).3	1996).3	NUM
fsr-3307	31	85	one	one	NUM
fsr-3307	31	86	thing	thing	NOUN
fsr-3307	31	87	both	both	CCONJ
fsr-3307	31	88	the	the	DET
fsr-3307	31	89	approaches	approach	NOUN
fsr-3307	31	90	of	of	ADP
fsr-3307	31	91	bond	bond	NOUN
fsr-3307	31	92	laddering	ladder	VERB
fsr-3307	31	93	and	and	CCONJ
fsr-3307	31	94	indexing	indexing	NOUN
fsr-3307	31	95	have	have	AUX
fsr-3307	31	96	in	in	ADP
fsr-3307	31	97	common	common	ADJ
fsr-3307	31	98	is	be	AUX
fsr-3307	31	99	that	that	SCONJ
fsr-3307	31	100	they	they	PRON
fsr-3307	31	101	are	be	AUX
fsr-3307	31	102	passive	passive	ADJ
fsr-3307	31	103	strategies	strategy	NOUN
fsr-3307	31	104	with	with	ADP
fsr-3307	31	105	no	no	DET
fsr-3307	31	106	attempt	attempt	NOUN
fsr-3307	31	107	whatsoever	whatsoever	ADV
fsr-3307	31	108	to	to	PART
fsr-3307	31	109	add	add	VERB
fsr-3307	31	110	value	value	NOUN
fsr-3307	31	111	by	by	ADP
fsr-3307	31	112	betting	bet	VERB
fsr-3307	31	113	on	on	ADP
fsr-3307	31	114	interest	interest	NOUN
fsr-3307	31	115	rate	rate	NOUN
fsr-3307	31	116	movements	movement	NOUN
fsr-3307	31	117	or	or	CCONJ
fsr-3307	31	118	the	the	DET
fsr-3307	31	119	selectivity	selectivity	NOUN
fsr-3307	31	120	of	of	ADP
fsr-3307	31	121	individual	individual	ADJ
fsr-3307	31	122	bonds	bond	NOUN
fsr-3307	31	123	.	.	PUNCT
fsr-3307	32	1	while	while	SCONJ
fsr-3307	32	2	laddering	ladder	VERB
fsr-3307	32	3	may	may	AUX
fsr-3307	32	4	be	be	AUX
fsr-3307	32	5	a	a	DET
fsr-3307	32	6	lower	low	ADJ
fsr-3307	32	7	risk	risk	NOUN
fsr-3307	32	8	approach	approach	NOUN
fsr-3307	32	9	as	as	ADP
fsr-3307	32	10	maturities	maturity	NOUN
fsr-3307	32	11	are	be	AUX
fsr-3307	32	12	shorter	short	ADJ
fsr-3307	32	13	,	,	PUNCT
fsr-3307	32	14	its	its	PRON
fsr-3307	32	15	return	return	NOUN
fsr-3307	32	16	at	at	ADP
fsr-3307	32	17	the	the	DET
fsr-3307	32	18	same	same	ADJ
fsr-3307	32	19	time	time	NOUN
fsr-3307	32	20	may	may	AUX
fsr-3307	32	21	be	be	AUX
fsr-3307	32	22	lower	low	ADJ
fsr-3307	32	23	.	.	PUNCT
fsr-3307	33	1	how	how	SCONJ
fsr-3307	33	2	an	an	DET
fsr-3307	33	3	investor	investor	NOUN
fsr-3307	33	4	should	should	AUX
fsr-3307	33	5	choose	choose	VERB
fsr-3307	33	6	between	between	ADP
fsr-3307	33	7	these	these	DET
fsr-3307	33	8	two	two	NUM
fsr-3307	33	9	passive	passive	ADJ
fsr-3307	33	10	strategies	strategy	NOUN
fsr-3307	33	11	is	be	AUX
fsr-3307	33	12	far	far	ADV
fsr-3307	33	13	from	from	ADP
fsr-3307	33	14	obvious	obvious	ADJ
fsr-3307	33	15	.	.	PUNCT
fsr-3307	34	1	this	this	DET
fsr-3307	34	2	study	study	NOUN
fsr-3307	34	3	provides	provide	VERB
fsr-3307	34	4	an	an	DET
fsr-3307	34	5	empirical	empirical	ADJ
fsr-3307	34	6	guide	guide	NOUN
fsr-3307	34	7	.	.	PUNCT
fsr-3307	35	1	judd	judd	PROPN
fsr-3307	35	2	,	,	PUNCT
fsr-3307	35	3	kubler	kubler	NOUN
fsr-3307	35	4	,	,	PUNCT
fsr-3307	35	5	and	and	CCONJ
fsr-3307	35	6	schmedders	schmedder	NOUN
fsr-3307	35	7	(	(	PUNCT
fsr-3307	35	8	2011	2011	NUM
fsr-3307	35	9	)	)	PUNCT
fsr-3307	35	10	build	build	VERB
fsr-3307	35	11	an	an	DET
fsr-3307	35	12	intertemporal	intertemporal	ADJ
fsr-3307	35	13	model	model	NOUN
fsr-3307	35	14	that	that	PRON
fsr-3307	35	15	justifies	justify	VERB
fsr-3307	35	16	the	the	DET
fsr-3307	35	17	use	use	NOUN
fsr-3307	35	18	of	of	ADP
fsr-3307	35	19	a	a	DET
fsr-3307	35	20	ladder	ladder	NOUN
fsr-3307	35	21	bond	bond	NOUN
fsr-3307	35	22	portfolio	portfolio	NOUN
fsr-3307	35	23	in	in	ADP
fsr-3307	35	24	an	an	DET
fsr-3307	35	25	investor	investor	NOUN
fsr-3307	35	26	’s	’s	PART
fsr-3307	35	27	investment	investment	NOUN
fsr-3307	35	28	holding	holding	NOUN
fsr-3307	35	29	.	.	PUNCT
fsr-3307	36	1	their	their	PRON
fsr-3307	36	2	model	model	NOUN
fsr-3307	36	3	shows	show	VERB
fsr-3307	36	4	the	the	DET
fsr-3307	36	5	familiar	familiar	ADJ
fsr-3307	36	6	separation	separation	NOUN
fsr-3307	36	7	theorem	theorem	VERB
fsr-3307	36	8	in	in	ADP
fsr-3307	36	9	which	which	PRON
fsr-3307	36	10	an	an	DET
fsr-3307	36	11	investor	investor	NOUN
fsr-3307	36	12	will	will	AUX
fsr-3307	36	13	hold	hold	VERB
fsr-3307	36	14	a	a	DET
fsr-3307	36	15	risk	risk	NOUN
fsr-3307	36	16	-	-	PUNCT
fsr-3307	36	17	free	free	ADJ
fsr-3307	36	18	asset	asset	NOUN
fsr-3307	36	19	and	and	CCONJ
fsr-3307	36	20	a	a	DET
fsr-3307	36	21	common	common	ADJ
fsr-3307	36	22	risky	risky	ADJ
fsr-3307	36	23	portfolio	portfolio	NOUN
fsr-3307	36	24	.	.	PUNCT
fsr-3307	37	1	the	the	DET
fsr-3307	37	2	ladder	ladder	NOUN
fsr-3307	37	3	bond	bond	NOUN
fsr-3307	37	4	portfolio	portfolio	NOUN
fsr-3307	37	5	acts	act	VERB
fsr-3307	37	6	like	like	ADP
fsr-3307	37	7	a	a	DET
fsr-3307	37	8	risk	risk	NOUN
fsr-3307	37	9	-	-	PUNCT
fsr-3307	37	10	free	free	ADJ
fsr-3307	37	11	asset	asset	NOUN
fsr-3307	37	12	delivering	deliver	VERB
fsr-3307	37	13	a	a	DET
fsr-3307	37	14	steady	steady	ADJ
fsr-3307	37	15	stream	stream	NOUN
fsr-3307	37	16	of	of	ADP
fsr-3307	37	17	income	income	NOUN
fsr-3307	37	18	in	in	ADP
fsr-3307	37	19	an	an	DET
fsr-3307	37	20	intertemporal	intertemporal	ADJ
fsr-3307	37	21	world	world	NOUN
fsr-3307	37	22	.	.	PUNCT
fsr-3307	38	1	their	their	PRON
fsr-3307	38	2	model	model	NOUN
fsr-3307	38	3	assumes	assume	VERB
fsr-3307	38	4	no	no	DET
fsr-3307	38	5	human	human	ADJ
fsr-3307	38	6	capital	capital	NOUN
fsr-3307	38	7	,	,	PUNCT
fsr-3307	38	8	labor	labor	NOUN
fsr-3307	38	9	income	income	NOUN
fsr-3307	38	10	,	,	PUNCT
fsr-3307	38	11	and	and	CCONJ
fsr-3307	38	12	inflation	inflation	NOUN
fsr-3307	38	13	.	.	PUNCT
fsr-3307	39	1	it	it	PRON
fsr-3307	39	2	is	be	AUX
fsr-3307	39	3	entirely	entirely	ADV
fsr-3307	39	4	possible	possible	ADJ
fsr-3307	39	5	any	any	DET
fsr-3307	39	6	labor	labor	NOUN
fsr-3307	39	7	income	income	NOUN
fsr-3307	39	8	from	from	ADP
fsr-3307	39	9	the	the	DET
fsr-3307	39	10	human	human	ADJ
fsr-3307	39	11	capital	capital	NOUN
fsr-3307	39	12	will	will	AUX
fsr-3307	39	13	serve	serve	VERB
fsr-3307	39	14	the	the	DET
fsr-3307	39	15	same	same	ADJ
fsr-3307	39	16	purpose	purpose	NOUN
fsr-3307	39	17	,	,	PUNCT
fsr-3307	39	18	thus	thus	ADV
fsr-3307	39	19	negating	negate	VERB
fsr-3307	39	20	the	the	DET
fsr-3307	39	21	need	need	NOUN
fsr-3307	39	22	for	for	ADP
fsr-3307	39	23	a	a	DET
fsr-3307	39	24	ladder	ladder	NOUN
fsr-3307	39	25	bond	bond	NOUN
fsr-3307	39	26	portfolio	portfolio	NOUN
fsr-3307	39	27	.	.	PUNCT
fsr-3307	40	1	further	far	ADV
fsr-3307	40	2	,	,	PUNCT
fsr-3307	40	3	as	as	SCONJ
fsr-3307	40	4	pointed	point	VERB
fsr-3307	40	5	out	out	ADP
fsr-3307	40	6	by	by	ADP
fsr-3307	40	7	campbell	campbell	PROPN
fsr-3307	40	8	and	and	CCONJ
fsr-3307	40	9	viceira	viceira	PROPN
fsr-3307	40	10	(	(	PUNCT
fsr-3307	40	11	2001	2001	NUM
fsr-3307	40	12	)	)	PUNCT
fsr-3307	40	13	,	,	PUNCT
fsr-3307	40	14	inflation	inflation	NOUN
fsr-3307	40	15	makes	make	VERB
fsr-3307	40	16	nominal	nominal	ADJ
fsr-3307	40	17	bonds	bond	NOUN
fsr-3307	40	18	used	use	VERB
fsr-3307	40	19	in	in	ADP
fsr-3307	40	20	the	the	DET
fsr-3307	40	21	ladder	ladder	NOUN
fsr-3307	40	22	portfolio	portfolio	NOUN
fsr-3307	40	23	risky	risky	ADJ
fsr-3307	40	24	in	in	ADP
fsr-3307	40	25	real	real	ADJ
fsr-3307	40	26	term	term	NOUN
fsr-3307	40	27	.	.	PUNCT
fsr-3307	41	1	more	more	ADV
fsr-3307	41	2	important	important	ADJ
fsr-3307	41	3	,	,	PUNCT
fsr-3307	41	4	canner	canner	NOUN
fsr-3307	41	5	,	,	PUNCT
fsr-3307	41	6	mankin	mankin	NOUN
fsr-3307	41	7	,	,	PUNCT
fsr-3307	41	8	and	and	CCONJ
fsr-3307	41	9	weil	weil	PROPN
fsr-3307	41	10	(	(	PUNCT
fsr-3307	41	11	1997	1997	NUM
fsr-3307	41	12	)	)	PUNCT
fsr-3307	41	13	have	have	AUX
fsr-3307	41	14	documented	document	VERB
fsr-3307	41	15	empirically	empirically	ADV
fsr-3307	41	16	that	that	SCONJ
fsr-3307	41	17	separation	separation	NOUN
fsr-3307	41	18	theorem	theorem	VERB
fsr-3307	41	19	judd	judd	PROPN
fsr-3307	41	20	,	,	PUNCT
fsr-3307	41	21	kubler	kubler	NOUN
fsr-3307	41	22	,	,	PUNCT
fsr-3307	41	23	and	and	CCONJ
fsr-3307	41	24	schmedders	schmedder	NOUN
fsr-3307	41	25	rely	rely	VERB
fsr-3307	41	26	on	on	ADP
fsr-3307	41	27	to	to	PART
fsr-3307	41	28	justify	justify	VERB
fsr-3307	41	29	the	the	DET
fsr-3307	41	30	existence	existence	NOUN
fsr-3307	41	31	of	of	ADP
fsr-3307	41	32	a	a	DET
fsr-3307	41	33	bond	bond	NOUN
fsr-3307	41	34	ladder	ladder	NOUN
fsr-3307	41	35	portfolio	portfolio	NOUN
fsr-3307	41	36	has	have	VERB
fsr-3307	41	37	no	no	DET
fsr-3307	41	38	empirical	empirical	ADJ
fsr-3307	41	39	support	support	NOUN
fsr-3307	41	40	in	in	ADP
fsr-3307	41	41	the	the	DET
fsr-3307	41	42	real	real	ADJ
fsr-3307	41	43	world	world	NOUN
fsr-3307	41	44	.	.	PUNCT
fsr-3307	42	1	cheung	cheung	PROPN
fsr-3307	42	2	,	,	PUNCT
fsr-3307	42	3	kwan	kwan	PROPN
fsr-3307	42	4	,	,	PUNCT
fsr-3307	42	5	and	and	CCONJ
fsr-3307	42	6	sarkar	sarkar	PROPN
fsr-3307	42	7	(	(	PUNCT
fsr-3307	42	8	2010	2010	NUM
fsr-3307	42	9	)	)	PUNCT
fsr-3307	42	10	justify	justify	VERB
fsr-3307	42	11	the	the	DET
fsr-3307	42	12	existence	existence	NOUN
fsr-3307	42	13	of	of	ADP
fsr-3307	42	14	bond	bond	NOUN
fsr-3307	42	15	ladders	ladder	NOUN
fsr-3307	42	16	based	base	VERB
fsr-3307	42	17	on	on	ADP
fsr-3307	42	18	bound	bind	VERB
fsr-3307	42	19	rationality	rationality	NOUN
fsr-3307	42	20	.	.	PUNCT
fsr-3307	43	1	a	a	DET
fsr-3307	43	2	rationale	rationale	NOUN
fsr-3307	43	3	for	for	ADP
fsr-3307	43	4	the	the	DET
fsr-3307	43	5	existence	existence	NOUN
fsr-3307	43	6	of	of	ADP
fsr-3307	43	7	ladders	ladder	NOUN
fsr-3307	43	8	,	,	PUNCT
fsr-3307	43	9	however	however	ADV
fsr-3307	43	10	,	,	PUNCT
fsr-3307	43	11	does	do	AUX
fsr-3307	43	12	not	not	PART
fsr-3307	43	13	help	help	VERB
fsr-3307	43	14	investors	investor	NOUN
fsr-3307	43	15	to	to	PART
fsr-3307	43	16	choose	choose	VERB
fsr-3307	43	17	between	between	ADP
fsr-3307	43	18	seemingly	seemingly	ADV
fsr-3307	43	19	similar	similar	ADJ
fsr-3307	43	20	alternatives	alternative	NOUN
fsr-3307	43	21	.	.	PUNCT
fsr-3307	44	1	the	the	DET
fsr-3307	44	2	present	present	ADJ
fsr-3307	44	3	study	study	NOUN
fsr-3307	44	4	on	on	ADP
fsr-3307	44	5	bond	bond	NOUN
fsr-3307	44	6	indexing	indexing	NOUN
fsr-3307	44	7	complements	complement	VERB
fsr-3307	44	8	the	the	DET
fsr-3307	44	9	growing	grow	VERB
fsr-3307	44	10	literature	literature	NOUN
fsr-3307	44	11	on	on	ADP
fsr-3307	44	12	stock	stock	NOUN
fsr-3307	44	13	indexing	indexing	NOUN
fsr-3307	44	14	.	.	PUNCT
fsr-3307	45	1	the	the	DET
fsr-3307	45	2	performance	performance	NOUN
fsr-3307	45	3	of	of	ADP
fsr-3307	45	4	stock	stock	NOUN
fsr-3307	45	5	indexing	indexing	NOUN
fsr-3307	45	6	has	have	AUX
fsr-3307	45	7	been	be	AUX
fsr-3307	45	8	investigated	investigate	VERB
fsr-3307	45	9	in	in	ADP
fsr-3307	45	10	many	many	ADJ
fsr-3307	45	11	studies	study	NOUN
fsr-3307	45	12	.	.	PUNCT
fsr-3307	46	1	prather	prather	PROPN
fsr-3307	46	2	,	,	PUNCT
fsr-3307	46	3	chu	chu	PROPN
fsr-3307	46	4	,	,	PUNCT
fsr-3307	46	5	mazumder	mazumder	NOUN
fsr-3307	46	6	,	,	PUNCT
fsr-3307	46	7	and	and	CCONJ
fsr-3307	46	8	topuz	topuz	NOUN
fsr-3307	46	9	(	(	PUNCT
fsr-3307	46	10	2009	2009	NUM
fsr-3307	46	11	)	)	PUNCT
fsr-3307	46	12	compare	compare	VERB
fsr-3307	46	13	alternative	alternative	ADJ
fsr-3307	46	14	passive	passive	ADJ
fsr-3307	46	15	ways	way	NOUN
fsr-3307	46	16	to	to	PART
fsr-3307	46	17	invest	invest	VERB
fsr-3307	46	18	in	in	ADP
fsr-3307	46	19	the	the	DET
fsr-3307	46	20	standard	standard	NOUN
fsr-3307	46	21	and	and	CCONJ
fsr-3307	46	22	poor	poor	ADJ
fsr-3307	46	23	’s	’s	PART
fsr-3307	46	24	(	(	PUNCT
fsr-3307	46	25	s&p	s&p	PROPN
fsr-3307	46	26	)	)	PUNCT
fsr-3307	46	27	500	500	NUM
fsr-3307	46	28	index	index	NOUN
fsr-3307	46	29	.	.	PUNCT
fsr-3307	47	1	while	while	SCONJ
fsr-3307	47	2	the	the	DET
fsr-3307	47	3	standard	standard	NOUN
fsr-3307	47	4	and	and	CCONJ
fsr-3307	47	5	poor	poor	ADJ
fsr-3307	47	6	’s	’s	PART
fsr-3307	47	7	depository	depository	NOUN
fsr-3307	47	8	receipts	receipt	NOUN
fsr-3307	47	9	(	(	PUNCT
fsr-3307	47	10	spdrs	spdr	NOUN
fsr-3307	47	11	)	)	PUNCT
fsr-3307	47	12	have	have	VERB
fsr-3307	47	13	lower	low	ADJ
fsr-3307	47	14	advertised	advertised	ADJ
fsr-3307	47	15	annual	annual	ADJ
fsr-3307	47	16	expenses	expense	NOUN
fsr-3307	47	17	,	,	PUNCT
fsr-3307	47	18	investors	investor	NOUN
fsr-3307	47	19	in	in	ADP
fsr-3307	47	20	spdrs	spdr	NOUN
fsr-3307	47	21	face	face	NOUN
fsr-3307	47	22	bid	bid	NOUN
fsr-3307	47	23	-	-	PUNCT
fsr-3307	47	24	ask	ask	VERB
fsr-3307	47	25	spreads	spread	NOUN
fsr-3307	47	26	and	and	CCONJ
fsr-3307	47	27	commissions	commission	NOUN
fsr-3307	47	28	.	.	PUNCT
fsr-3307	48	1	the	the	DET
fsr-3307	48	2	s&p	s&p	PROPN
fsr-3307	48	3	500	500	NUM
fsr-3307	48	4	index	index	NOUN
fsr-3307	48	5	mutual	mutual	ADJ
fsr-3307	48	6	funds	fund	NOUN
fsr-3307	48	7	involve	involve	VERB
fsr-3307	48	8	no	no	DET
fsr-3307	48	9	additional	additional	ADJ
fsr-3307	48	10	trading	trading	NOUN
fsr-3307	48	11	costs	cost	NOUN
fsr-3307	48	12	.	.	PUNCT
fsr-3307	49	1	the	the	DET
fsr-3307	49	2	question	question	NOUN
fsr-3307	49	3	for	for	ADP
fsr-3307	49	4	them	they	PRON
fsr-3307	49	5	is	be	AUX
fsr-3307	49	6	whether	whether	SCONJ
fsr-3307	49	7	the	the	DET
fsr-3307	49	8	undisclosed	undisclosed	ADJ
fsr-3307	49	9	trading	trading	NOUN
fsr-3307	49	10	costs	cost	NOUN
fsr-3307	49	11	alter	alter	VERB
fsr-3307	49	12	the	the	DET
fsr-3307	49	13	choice	choice	NOUN
fsr-3307	49	14	between	between	ADP
fsr-3307	49	15	spdrs	spdr	NOUN
fsr-3307	49	16	and	and	CCONJ
fsr-3307	49	17	the	the	DET
fsr-3307	49	18	s&p	s&p	PROPN
fsr-3307	49	19	500	500	NUM
fsr-3307	49	20	index	index	NOUN
fsr-3307	49	21	mutual	mutual	ADJ
fsr-3307	49	22	funds	fund	NOUN
fsr-3307	49	23	.	.	PUNCT
fsr-3307	50	1	chang	chang	PROPN
fsr-3307	50	2	and	and	CCONJ
fsr-3307	50	3	krueger	krueger	PROPN
fsr-3307	50	4	(	(	PUNCT
fsr-3307	50	5	2010	2010	NUM
fsr-3307	50	6	)	)	PUNCT
fsr-3307	50	7	examine	examine	VERB
fsr-3307	50	8	whether	whether	SCONJ
fsr-3307	50	9	enhanced	enhanced	ADJ
fsr-3307	50	10	index	index	NOUN
fsr-3307	50	11	funds	fund	NOUN
fsr-3307	50	12	(	(	PUNCT
fsr-3307	50	13	eifs	eifs	PROPN
fsr-3307	50	14	)	)	PUNCT
fsr-3307	50	15	live	live	VERB
fsr-3307	50	16	up	up	ADP
fsr-3307	50	17	to	to	ADP
fsr-3307	50	18	their	their	PRON
fsr-3307	50	19	name	name	NOUN
fsr-3307	50	20	and	and	CCONJ
fsr-3307	50	21	enhance	enhance	VERB
fsr-3307	50	22	portfolio	portfolio	NOUN
fsr-3307	50	23	performance	performance	NOUN
fsr-3307	50	24	.	.	PUNCT
fsr-3307	51	1	they	they	PRON
fsr-3307	51	2	find	find	VERB
fsr-3307	51	3	that	that	SCONJ
fsr-3307	51	4	eifs	eif	NOUN
fsr-3307	51	5	have	have	VERB
fsr-3307	51	6	mostly	mostly	ADV
fsr-3307	51	7	lower	low	ADJ
fsr-3307	51	8	returns	return	NOUN
fsr-3307	51	9	,	,	PUNCT
fsr-3307	51	10	much	much	ADV
fsr-3307	51	11	higher	high	ADJ
fsr-3307	51	12	risks	risk	NOUN
fsr-3307	51	13	,	,	PUNCT
fsr-3307	51	14	and	and	CCONJ
fsr-3307	51	15	lower	low	ADJ
fsr-3307	51	16	risk	risk	NOUN
fsr-3307	51	17	-	-	PUNCT
fsr-3307	51	18	adjusted	adjust	VERB
fsr-3307	51	19	returns	return	NOUN
fsr-3307	51	20	.	.	PUNCT
fsr-3307	52	1	lu	lu	PROPN
fsr-3307	52	2	,	,	PUNCT
fsr-3307	52	3	wang	wang	PROPN
fsr-3307	52	4	,	,	PUNCT
fsr-3307	52	5	and	and	CCONJ
fsr-3307	52	6	182	182	NUM
fsr-3307	52	7	c.s	c.s	PROPN
fsr-3307	52	8	.	.	PROPN
fsr-3307	52	9	cheung	cheung	PROPN
fsr-3307	52	10	,	,	PUNCT
fsr-3307	52	11	p.	p.	PROPN
fsr-3307	52	12	miu	miu	PROPN
fsr-3307	52	13	/	/	SYM
fsr-3307	52	14	financial	financial	ADJ
fsr-3307	52	15	services	service	NOUN
fsr-3307	52	16	review	review	VERB
fsr-3307	52	17	26	26	NUM
fsr-3307	52	18	(	(	PUNCT
fsr-3307	52	19	2017	2017	NUM
fsr-3307	52	20	)	)	PUNCT
fsr-3307	52	21	181–203	181–203	NUM
fsr-3307	52	22	zhang	zhang	X
fsr-3307	52	23	(	(	PUNCT
fsr-3307	52	24	2012	2012	NUM
fsr-3307	52	25	)	)	PUNCT
fsr-3307	52	26	examine	examine	VERB
fsr-3307	52	27	leveraged	leveraged	ADJ
fsr-3307	52	28	and	and	CCONJ
fsr-3307	52	29	inverse	inverse	NOUN
fsr-3307	52	30	exchange	exchange	NOUN
fsr-3307	52	31	trade	trade	NOUN
fsr-3307	52	32	funds	fund	NOUN
fsr-3307	52	33	(	(	PUNCT
fsr-3307	52	34	etfs	etfs	PROPN
fsr-3307	52	35	)	)	PUNCT
fsr-3307	52	36	and	and	CCONJ
fsr-3307	52	37	note	note	VERB
fsr-3307	52	38	how	how	SCONJ
fsr-3307	52	39	,	,	PUNCT
fsr-3307	52	40	over	over	ADP
fsr-3307	52	41	time	time	NOUN
fsr-3307	52	42	,	,	PUNCT
fsr-3307	52	43	these	these	DET
fsr-3307	52	44	products	product	NOUN
fsr-3307	52	45	do	do	AUX
fsr-3307	52	46	not	not	PART
fsr-3307	52	47	accurately	accurately	ADV
fsr-3307	52	48	track	track	VERB
fsr-3307	52	49	the	the	DET
fsr-3307	52	50	leveraged	leveraged	ADJ
fsr-3307	52	51	or	or	CCONJ
fsr-3307	52	52	inverse	inverse	ADJ
fsr-3307	52	53	return	return	NOUN
fsr-3307	52	54	of	of	ADP
fsr-3307	52	55	the	the	DET
fsr-3307	52	56	benchmark	benchmark	NOUN
fsr-3307	52	57	they	they	PRON
fsr-3307	52	58	are	be	AUX
fsr-3307	52	59	designed	design	VERB
fsr-3307	52	60	to	to	PART
fsr-3307	52	61	mimic	mimic	VERB
fsr-3307	52	62	.	.	PUNCT
fsr-3307	53	1	dilellio	dilellio	PROPN
fsr-3307	53	2	and	and	CCONJ
fsr-3307	53	3	stanley	stanley	PROPN
fsr-3307	53	4	(	(	PUNCT
fsr-3307	53	5	2011	2011	NUM
fsr-3307	53	6	)	)	PUNCT
fsr-3307	53	7	look	look	VERB
fsr-3307	53	8	at	at	ADP
fsr-3307	53	9	actively	actively	ADV
fsr-3307	53	10	and	and	CCONJ
fsr-3307	53	11	passively	passively	ADV
fsr-3307	53	12	managed	manage	VERB
fsr-3307	53	13	investment	investment	NOUN
fsr-3307	53	14	strategies	strategy	NOUN
fsr-3307	53	15	utilizing	utilize	VERB
fsr-3307	53	16	only	only	ADV
fsr-3307	53	17	etfs	etfs	NOUN
fsr-3307	53	18	.	.	PUNCT
fsr-3307	54	1	they	they	PRON
fsr-3307	54	2	test	test	VERB
fsr-3307	54	3	whether	whether	SCONJ
fsr-3307	54	4	etf	etf	NOUN
fsr-3307	54	5	-	-	PUNCT
fsr-3307	54	6	only	only	ADJ
fsr-3307	54	7	strategies	strategy	NOUN
fsr-3307	54	8	such	such	ADJ
fsr-3307	54	9	as	as	ADP
fsr-3307	54	10	sector	sector	NOUN
fsr-3307	54	11	rotation	rotation	NOUN
fsr-3307	54	12	strategy	strategy	NOUN
fsr-3307	54	13	can	can	AUX
fsr-3307	54	14	typically	typically	ADV
fsr-3307	54	15	outperform	outperform	VERB
fsr-3307	54	16	the	the	DET
fsr-3307	54	17	s&p	s&p	PROPN
fsr-3307	54	18	500	500	NUM
fsr-3307	54	19	index	index	NOUN
fsr-3307	54	20	,	,	PUNCT
fsr-3307	54	21	and	and	CCONJ
fsr-3307	54	22	more	more	ADV
fsr-3307	54	23	appropriately	appropriately	ADV
fsr-3307	54	24	a	a	DET
fsr-3307	54	25	representative	representative	ADJ
fsr-3307	54	26	benchmark	benchmark	NOUN
fsr-3307	54	27	on	on	ADP
fsr-3307	54	28	an	an	DET
fsr-3307	54	29	absolute	absolute	ADJ
fsr-3307	54	30	and/or	and/or	CCONJ
fsr-3307	54	31	risk	risk	NOUN
fsr-3307	54	32	-	-	PUNCT
fsr-3307	54	33	adjusted	adjust	VERB
fsr-3307	54	34	basis	basis	NOUN
fsr-3307	54	35	and	and	CCONJ
fsr-3307	54	36	find	find	VERB
fsr-3307	54	37	that	that	SCONJ
fsr-3307	54	38	these	these	DET
fsr-3307	54	39	strategies	strategy	NOUN
fsr-3307	54	40	may	may	AUX
fsr-3307	54	41	allow	allow	VERB
fsr-3307	54	42	investors	investor	NOUN
fsr-3307	54	43	to	to	PART
fsr-3307	54	44	capture	capture	VERB
fsr-3307	54	45	inefficiencies	inefficiency	NOUN
fsr-3307	54	46	in	in	ADP
fsr-3307	54	47	equity	equity	NOUN
fsr-3307	54	48	markets	market	NOUN
fsr-3307	54	49	.	.	PUNCT
fsr-3307	55	1	2	2	X
fsr-3307	55	2	.	.	X
fsr-3307	55	3	optimal	optimal	ADJ
fsr-3307	55	4	portfolio	portfolio	NOUN
fsr-3307	55	5	of	of	ADP
fsr-3307	55	6	a	a	DET
fsr-3307	55	7	representative	representative	ADJ
fsr-3307	55	8	united	united	PROPN
fsr-3307	55	9	states	states	PROPN
fsr-3307	55	10	investor	investor	NOUN
fsr-3307	55	11	to	to	PART
fsr-3307	55	12	examine	examine	VERB
fsr-3307	55	13	the	the	DET
fsr-3307	55	14	contribution	contribution	NOUN
fsr-3307	55	15	of	of	ADP
fsr-3307	55	16	a	a	DET
fsr-3307	55	17	bond	bond	NOUN
fsr-3307	55	18	index	index	NOUN
fsr-3307	55	19	or	or	CCONJ
fsr-3307	55	20	a	a	DET
fsr-3307	55	21	bond	bond	NOUN
fsr-3307	55	22	ladder	ladder	NOUN
fsr-3307	55	23	in	in	ADP
fsr-3307	55	24	an	an	DET
fsr-3307	55	25	investment	investment	NOUN
fsr-3307	55	26	portfolio	portfolio	NOUN
fsr-3307	55	27	,	,	PUNCT
fsr-3307	55	28	we	we	PRON
fsr-3307	55	29	consider	consider	VERB
fsr-3307	55	30	a	a	DET
fsr-3307	55	31	representative	representative	ADJ
fsr-3307	55	32	u.s	u.s	PROPN
fsr-3307	55	33	.	.	PROPN
fsr-3307	55	34	investor	investor	NOUN
fsr-3307	55	35	who	who	PRON
fsr-3307	55	36	is	be	AUX
fsr-3307	55	37	interested	interested	ADJ
fsr-3307	55	38	in	in	ADP
fsr-3307	55	39	holding	hold	VERB
fsr-3307	55	40	an	an	DET
fsr-3307	55	41	optimal	optimal	ADJ
fsr-3307	55	42	portfolio	portfolio	NOUN
fsr-3307	55	43	consisting	consist	VERB
fsr-3307	55	44	of	of	ADP
fsr-3307	55	45	u.s	u.s	PROPN
fsr-3307	55	46	.	.	PROPN
fsr-3307	55	47	equities	equities	PROPN
fsr-3307	55	48	,	,	PUNCT
fsr-3307	55	49	non	non	ADJ
fsr-3307	55	50	-	-	ADJ
fsr-3307	55	51	north	north	ADJ
fsr-3307	55	52	american	american	ADJ
fsr-3307	55	53	equities	equity	NOUN
fsr-3307	55	54	,	,	PUNCT
fsr-3307	55	55	and	and	CCONJ
fsr-3307	55	56	u.s	u.s	PROPN
fsr-3307	55	57	.	.	PROPN
fsr-3307	55	58	bonds	bond	NOUN
fsr-3307	55	59	.	.	PUNCT
fsr-3307	56	1	for	for	ADP
fsr-3307	56	2	this	this	DET
fsr-3307	56	3	investor	investor	NOUN
fsr-3307	56	4	,	,	PUNCT
fsr-3307	56	5	we	we	PRON
fsr-3307	56	6	examine	examine	VERB
fsr-3307	56	7	the	the	DET
fsr-3307	56	8	effects	effect	NOUN
fsr-3307	56	9	of	of	ADP
fsr-3307	56	10	using	use	VERB
fsr-3307	56	11	either	either	CCONJ
fsr-3307	56	12	a	a	DET
fsr-3307	56	13	bond	bond	NOUN
fsr-3307	56	14	index	index	NOUN
fsr-3307	56	15	or	or	CCONJ
fsr-3307	56	16	a	a	DET
fsr-3307	56	17	bond	bond	NOUN
fsr-3307	56	18	ladder	ladder	NOUN
fsr-3307	56	19	on	on	ADP
fsr-3307	56	20	the	the	DET
fsr-3307	56	21	risk	risk	NOUN
fsr-3307	56	22	-	-	PUNCT
fsr-3307	56	23	return	return	NOUN
fsr-3307	56	24	tradeoff	tradeoff	NOUN
fsr-3307	56	25	of	of	ADP
fsr-3307	56	26	the	the	DET
fsr-3307	56	27	portfolio	portfolio	NOUN
fsr-3307	56	28	.	.	PUNCT
fsr-3307	57	1	specifically	specifically	ADV
fsr-3307	57	2	,	,	PUNCT
fsr-3307	57	3	we	we	PRON
fsr-3307	57	4	estimate	estimate	VERB
fsr-3307	57	5	the	the	DET
fsr-3307	57	6	sharpe	sharpe	PROPN
fsr-3307	57	7	ratio	ratio	NOUN
fsr-3307	57	8	of	of	ADP
fsr-3307	57	9	the	the	DET
fsr-3307	57	10	optimal	optimal	ADJ
fsr-3307	57	11	portfolio	portfolio	NOUN
fsr-3307	57	12	under	under	ADP
fsr-3307	57	13	a	a	DET
fsr-3307	57	14	mean	mean	ADJ
fsr-3307	57	15	-	-	PUNCT
fsr-3307	57	16	variance	variance	NOUN
fsr-3307	57	17	optimization	optimization	NOUN
fsr-3307	57	18	framework	framework	NOUN
fsr-3307	57	19	when	when	SCONJ
fsr-3307	57	20	either	either	CCONJ
fsr-3307	57	21	the	the	DET
fsr-3307	57	22	bond	bond	NOUN
fsr-3307	57	23	index	index	NOUN
fsr-3307	57	24	or	or	CCONJ
fsr-3307	57	25	the	the	DET
fsr-3307	57	26	bond	bond	NOUN
fsr-3307	57	27	ladder	ladder	NOUN
fsr-3307	57	28	is	be	AUX
fsr-3307	57	29	held	hold	VERB
fsr-3307	57	30	with	with	ADP
fsr-3307	57	31	u.s	u.s	PROPN
fsr-3307	57	32	.	.	PROPN
fsr-3307	57	33	equities	equity	NOUN
fsr-3307	57	34	and	and	CCONJ
fsr-3307	57	35	non	non	ADJ
fsr-3307	57	36	-	-	ADJ
fsr-3307	57	37	north	north	ADJ
fsr-3307	57	38	american	american	ADJ
fsr-3307	57	39	equities	equity	NOUN
fsr-3307	57	40	.	.	PUNCT
fsr-3307	58	1	therefore	therefore	ADV
fsr-3307	58	2	,	,	PUNCT
fsr-3307	58	3	we	we	PRON
fsr-3307	58	4	compare	compare	VERB
fsr-3307	58	5	:	:	PUNCT
fsr-3307	58	6	(	(	PUNCT
fsr-3307	58	7	1	1	X
fsr-3307	58	8	)	)	PUNCT
fsr-3307	58	9	the	the	DET
fsr-3307	58	10	maximum	maximum	PROPN
fsr-3307	58	11	sharpe	sharpe	PROPN
fsr-3307	58	12	ratio	ratio	NOUN
fsr-3307	58	13	of	of	ADP
fsr-3307	58	14	the	the	DET
fsr-3307	58	15	portfolio	portfolio	NOUN
fsr-3307	58	16	with	with	ADP
fsr-3307	58	17	the	the	DET
fsr-3307	58	18	two	two	NUM
fsr-3307	58	19	equities	equity	NOUN
fsr-3307	58	20	and	and	CCONJ
fsr-3307	58	21	the	the	DET
fsr-3307	58	22	bond	bond	NOUN
fsr-3307	58	23	index	index	NOUN
fsr-3307	58	24	,	,	PUNCT
fsr-3307	58	25	and	and	CCONJ
fsr-3307	58	26	(	(	PUNCT
fsr-3307	58	27	2	2	X
fsr-3307	58	28	)	)	PUNCT
fsr-3307	58	29	the	the	DET
fsr-3307	58	30	maximum	maximum	PROPN
fsr-3307	58	31	sharpe	sharpe	PROPN
fsr-3307	58	32	ratio	ratio	NOUN
fsr-3307	58	33	of	of	ADP
fsr-3307	58	34	the	the	DET
fsr-3307	58	35	portfolio	portfolio	NOUN
fsr-3307	58	36	with	with	ADP
fsr-3307	58	37	the	the	DET
fsr-3307	58	38	two	two	NUM
fsr-3307	58	39	equities	equity	NOUN
fsr-3307	58	40	and	and	CCONJ
fsr-3307	58	41	the	the	DET
fsr-3307	58	42	ladder	ladder	NOUN
fsr-3307	58	43	strategy	strategy	NOUN
fsr-3307	58	44	.	.	PUNCT
fsr-3307	59	1	the	the	DET
fsr-3307	59	2	bond	bond	NOUN
fsr-3307	59	3	strategy	strategy	NOUN
fsr-3307	59	4	that	that	PRON
fsr-3307	59	5	offers	offer	VERB
fsr-3307	59	6	the	the	DET
fsr-3307	59	7	higher	high	ADJ
fsr-3307	59	8	sharpe	sharpe	PROPN
fsr-3307	59	9	ratio	ratio	NOUN
fsr-3307	59	10	is	be	AUX
fsr-3307	59	11	the	the	DET
fsr-3307	59	12	superior	superior	ADJ
fsr-3307	59	13	approach	approach	NOUN
fsr-3307	59	14	to	to	PART
fsr-3307	59	15	adopt	adopt	VERB
fsr-3307	59	16	.	.	PUNCT
fsr-3307	60	1	to	to	PART
fsr-3307	60	2	ensure	ensure	VERB
fsr-3307	60	3	that	that	SCONJ
fsr-3307	60	4	any	any	DET
fsr-3307	60	5	difference	difference	NOUN
fsr-3307	60	6	in	in	ADP
fsr-3307	60	7	the	the	DET
fsr-3307	60	8	attractiveness	attractiveness	NOUN
fsr-3307	60	9	between	between	ADP
fsr-3307	60	10	the	the	DET
fsr-3307	60	11	bond	bond	NOUN
fsr-3307	60	12	ladder	ladder	NOUN
fsr-3307	60	13	and	and	CCONJ
fsr-3307	60	14	the	the	DET
fsr-3307	60	15	bond	bond	NOUN
fsr-3307	60	16	index	index	NOUN
fsr-3307	60	17	is	be	AUX
fsr-3307	60	18	not	not	PART
fsr-3307	60	19	because	because	SCONJ
fsr-3307	60	20	of	of	ADP
fsr-3307	60	21	sampling	sample	VERB
fsr-3307	60	22	errors	error	NOUN
fsr-3307	60	23	,	,	PUNCT
fsr-3307	60	24	we	we	PRON
fsr-3307	60	25	test	test	VERB
fsr-3307	60	26	if	if	SCONJ
fsr-3307	60	27	the	the	DET
fsr-3307	60	28	extra	extra	ADJ
fsr-3307	60	29	diversification	diversification	NOUN
fsr-3307	60	30	benefit	benefit	NOUN
fsr-3307	60	31	offered	offer	VERB
fsr-3307	60	32	by	by	ADP
fsr-3307	60	33	either	either	DET
fsr-3307	60	34	approach	approach	NOUN
fsr-3307	60	35	is	be	AUX
fsr-3307	60	36	indeed	indeed	ADV
fsr-3307	60	37	statistically	statistically	ADV
fsr-3307	60	38	significant	significant	ADJ
fsr-3307	60	39	.	.	PUNCT
fsr-3307	61	1	if	if	SCONJ
fsr-3307	61	2	short	short	ADJ
fsr-3307	61	3	selling	selling	NOUN
fsr-3307	61	4	is	be	AUX
fsr-3307	61	5	allowed	allow	VERB
fsr-3307	61	6	,	,	PUNCT
fsr-3307	61	7	the	the	DET
fsr-3307	61	8	maximum	maximum	PROPN
fsr-3307	61	9	sharpe	sharpe	PROPN
fsr-3307	61	10	ratio	ratio	NOUN
fsr-3307	61	11	can	can	AUX
fsr-3307	61	12	be	be	AUX
fsr-3307	61	13	derived	derive	VERB
fsr-3307	61	14	by	by	ADP
fsr-3307	61	15	first	first	ADV
fsr-3307	61	16	finding	find	VERB
fsr-3307	61	17	out	out	ADP
fsr-3307	61	18	the	the	DET
fsr-3307	61	19	weights	weight	NOUN
fsr-3307	61	20	w	w	PROPN
fsr-3307	61	21	of	of	ADP
fsr-3307	61	22	the	the	DET
fsr-3307	61	23	tangency	tangency	NOUN
fsr-3307	61	24	portfolio.4	portfolio.4	PROPN
fsr-3307	61	25	w	w	PROPN
fsr-3307	61	26	�	�	PROPN
fsr-3307	61	27	�	�	PROPN
fsr-3307	61	28	�	�	PROPN
fsr-3307	61	29	1	1	NUM
fsr-3307	61	30	�	�	PROPN
fsr-3307	61	31	z	z	PROPN
fsr-3307	61	32	�	�	PROPN
fsr-3307	61	33	�	�	PROPN
fsr-3307	61	34	rf	rf	NOUN
fsr-3307	61	35	�	�	PROPN
fsr-3307	61	36	1	1	NUM
fsr-3307	61	37	�	�	PROPN
fsr-3307	61	38	b	b	PROPN
fsr-3307	61	39	�	�	PROPN
fsr-3307	61	40	a	a	DET
fsr-3307	61	41	�	�	PROPN
fsr-3307	61	42	rf	rf	NOUN
fsr-3307	61	43	,	,	PUNCT
fsr-3307	61	44	(	(	PUNCT
fsr-3307	61	45	1	1	X
fsr-3307	61	46	)	)	PUNCT
fsr-3307	61	47	where	where	SCONJ
fsr-3307	61	48	z	z	PROPN
fsr-3307	61	49	�	�	PROPN
fsr-3307	61	50	is	be	AUX
fsr-3307	61	51	the	the	DET
fsr-3307	61	52	vector	vector	NOUN
fsr-3307	61	53	of	of	ADP
fsr-3307	61	54	the	the	DET
fsr-3307	61	55	mean	mean	ADJ
fsr-3307	61	56	returns	return	NOUN
fsr-3307	61	57	of	of	ADP
fsr-3307	61	58	assets	asset	NOUN
fsr-3307	61	59	�	�	PROPN
fsr-3307	61	60	is	be	AUX
fsr-3307	61	61	the	the	DET
fsr-3307	61	62	variance	variance	NOUN
fsr-3307	61	63	-	-	PUNCT
fsr-3307	61	64	covariance	covariance	NOUN
fsr-3307	61	65	matrix	matrix	NOUN
fsr-3307	61	66	of	of	ADP
fsr-3307	61	67	asset	asset	NOUN
fsr-3307	61	68	returns	return	NOUN
fsr-3307	61	69	1	1	NUM
fsr-3307	61	70	is	be	AUX
fsr-3307	61	71	the	the	DET
fsr-3307	61	72	unit	unit	NOUN
fsr-3307	61	73	vector	vector	NOUN
fsr-3307	61	74	rf	rf	VERB
fsr-3307	61	75	is	be	AUX
fsr-3307	61	76	the	the	DET
fsr-3307	61	77	constant	constant	ADJ
fsr-3307	61	78	risk	risk	NOUN
fsr-3307	61	79	-	-	PUNCT
fsr-3307	61	80	free	free	ADJ
fsr-3307	61	81	rate	rate	NOUN
fsr-3307	61	82	a	a	DET
fsr-3307	61	83	�	�	PROPN
fsr-3307	61	84	1	1	NUM
fsr-3307	61	85	�	�	PROPN
fsr-3307	61	86	�	�	PROPN
fsr-3307	61	87	�	�	PROPN
fsr-3307	61	88	�	�	PROPN
fsr-3307	61	89	1	1	NUM
fsr-3307	61	90	�	�	PROPN
fsr-3307	61	91	1	1	NUM
fsr-3307	61	92	b	b	PROPN
fsr-3307	61	93	�	�	PROPN
fsr-3307	61	94	1	1	NUM
fsr-3307	61	95	�	�	PROPN
fsr-3307	61	96	�	�	PROPN
fsr-3307	61	97	�	�	PROPN
fsr-3307	61	98	�	�	PROPN
fsr-3307	61	99	1	1	NUM
fsr-3307	61	100	�	�	PROPN
fsr-3307	61	101	z	z	PROPN
fsr-3307	61	102	�	�	PROPN
fsr-3307	61	103	the	the	DET
fsr-3307	61	104	sharpe	sharpe	PROPN
fsr-3307	61	105	ratio	ratio	NOUN
fsr-3307	61	106	of	of	ADP
fsr-3307	61	107	the	the	DET
fsr-3307	61	108	tangency	tangency	NOUN
fsr-3307	61	109	portfolio	portfolio	NOUN
fsr-3307	61	110	is	be	AUX
fsr-3307	61	111	then	then	ADV
fsr-3307	61	112	equal	equal	ADJ
fsr-3307	61	113	to	to	ADP
fsr-3307	61	114	:	:	PUNCT
fsr-3307	61	115	�	�	PROPN
fsr-3307	61	116	p	p	PROPN
fsr-3307	61	117	�	�	PROPN
fsr-3307	61	118	z	z	PROPN
fsr-3307	61	119	�	�	PROPN
fsr-3307	61	120	p	p	PROPN
fsr-3307	61	121	�	�	PROPN
fsr-3307	61	122	rf	rf	PROPN
fsr-3307	61	123	�	�	PROPN
fsr-3307	61	124	p	p	PROPN
fsr-3307	61	125	�	�	PROPN
fsr-3307	61	126	z	z	PROPN
fsr-3307	61	127	�	�	PROPN
fsr-3307	61	128	�	�	PROPN
fsr-3307	61	129	�	�	PROPN
fsr-3307	61	130	w	w	PROPN
fsr-3307	61	131	�	�	PROPN
fsr-3307	61	132	rf	rf	PROPN
fsr-3307	61	133	�	�	PROPN
fsr-3307	61	134	w	w	PROPN
fsr-3307	61	135	�	�	PROPN
fsr-3307	61	136	�	�	PROPN
fsr-3307	61	137	�	�	PROPN
fsr-3307	61	138	�	�	PROPN
fsr-3307	61	139	w	w	PROPN
fsr-3307	61	140	�	�	PROPN
fsr-3307	61	141	0.5	0.5	NUM
fsr-3307	61	142	(	(	PUNCT
fsr-3307	61	143	2	2	NUM
fsr-3307	61	144	)	)	PUNCT
fsr-3307	61	145	where	where	SCONJ
fsr-3307	61	146	z	z	NOUN
fsr-3307	61	147	�	�	PROPN
fsr-3307	61	148	p	p	NOUN
fsr-3307	61	149	and	and	CCONJ
fsr-3307	61	150	�	�	PROPN
fsr-3307	61	151	p	p	NOUN
fsr-3307	61	152	are	be	AUX
fsr-3307	61	153	,	,	PUNCT
fsr-3307	61	154	respectively	respectively	ADV
fsr-3307	61	155	,	,	PUNCT
fsr-3307	61	156	the	the	DET
fsr-3307	61	157	mean	mean	ADJ
fsr-3307	61	158	and	and	CCONJ
fsr-3307	61	159	standard	standard	ADJ
fsr-3307	61	160	deviation	deviation	NOUN
fsr-3307	61	161	of	of	ADP
fsr-3307	61	162	the	the	DET
fsr-3307	61	163	return	return	NOUN
fsr-3307	61	164	of	of	ADP
fsr-3307	61	165	the	the	DET
fsr-3307	61	166	tangency	tangency	NOUN
fsr-3307	61	167	portfolio	portfolio	NOUN
fsr-3307	61	168	.	.	PUNCT
fsr-3307	62	1	because	because	SCONJ
fsr-3307	62	2	most	most	ADJ
fsr-3307	62	3	investors	investor	NOUN
fsr-3307	62	4	do	do	AUX
fsr-3307	62	5	not	not	PART
fsr-3307	62	6	short	short	ADV
fsr-3307	62	7	sell	sell	VERB
fsr-3307	62	8	an	an	DET
fsr-3307	62	9	entire	entire	ADJ
fsr-3307	62	10	asset	asset	NOUN
fsr-3307	62	11	class	class	NOUN
fsr-3307	62	12	even	even	ADV
fsr-3307	62	13	they	they	PRON
fsr-3307	62	14	183c.s	183c.s	VERB
fsr-3307	62	15	.	.	PUNCT
fsr-3307	63	1	cheung	cheung	PROPN
fsr-3307	63	2	,	,	PUNCT
fsr-3307	63	3	p.	p.	PROPN
fsr-3307	63	4	miu	miu	PROPN
fsr-3307	63	5	/	/	SYM
fsr-3307	63	6	financial	financial	ADJ
fsr-3307	63	7	services	service	NOUN
fsr-3307	63	8	review	review	VERB
fsr-3307	63	9	26	26	NUM
fsr-3307	63	10	(	(	PUNCT
fsr-3307	63	11	2017	2017	NUM
fsr-3307	63	12	)	)	PUNCT
fsr-3307	63	13	181–203	181–203	NUM
fsr-3307	63	14	may	may	AUX
fsr-3307	63	15	short	short	VERB
fsr-3307	63	16	a	a	DET
fsr-3307	63	17	stock	stock	NOUN
fsr-3307	63	18	occasionally	occasionally	ADV
fsr-3307	63	19	,	,	PUNCT
fsr-3307	63	20	we	we	PRON
fsr-3307	63	21	consider	consider	VERB
fsr-3307	63	22	the	the	DET
fsr-3307	63	23	portfolio	portfolio	NOUN
fsr-3307	63	24	allocations	allocation	NOUN
fsr-3307	63	25	where	where	SCONJ
fsr-3307	63	26	short	short	ADJ
fsr-3307	63	27	selling	selling	NOUN
fsr-3307	63	28	is	be	AUX
fsr-3307	63	29	disallowed	disallow	VERB
fsr-3307	63	30	throughout	throughout	ADP
fsr-3307	63	31	this	this	DET
fsr-3307	63	32	article	article	NOUN
fsr-3307	63	33	.	.	PUNCT
fsr-3307	64	1	when	when	SCONJ
fsr-3307	64	2	short	short	ADJ
fsr-3307	64	3	selling	selling	NOUN
fsr-3307	64	4	is	be	AUX
fsr-3307	64	5	disallowed	disallow	VERB
fsr-3307	64	6	,	,	PUNCT
fsr-3307	64	7	the	the	DET
fsr-3307	64	8	weights	weight	NOUN
fsr-3307	64	9	of	of	ADP
fsr-3307	64	10	the	the	DET
fsr-3307	64	11	tangency	tangency	NOUN
fsr-3307	64	12	portfolio	portfolio	NOUN
fsr-3307	64	13	can	can	AUX
fsr-3307	64	14	be	be	AUX
fsr-3307	64	15	solved	solve	VERB
fsr-3307	64	16	with	with	ADP
fsr-3307	64	17	the	the	DET
fsr-3307	64	18	extra	extra	ADJ
fsr-3307	64	19	inequality	inequality	NOUN
fsr-3307	64	20	constraint	constraint	NOUN
fsr-3307	64	21	that	that	SCONJ
fsr-3307	64	22	the	the	DET
fsr-3307	64	23	vector	vector	NOUN
fsr-3307	64	24	of	of	ADP
fsr-3307	64	25	weights	weight	NOUN
fsr-3307	64	26	is	be	AUX
fsr-3307	64	27	nonnegative	nonnegative	ADJ
fsr-3307	64	28	.	.	PUNCT
fsr-3307	65	1	3	3	X
fsr-3307	65	2	.	.	X
fsr-3307	65	3	data	datum	NOUN
fsr-3307	65	4	the	the	DET
fsr-3307	65	5	test	test	NOUN
fsr-3307	65	6	period	period	NOUN
fsr-3307	65	7	covered	cover	VERB
fsr-3307	65	8	in	in	ADP
fsr-3307	65	9	this	this	DET
fsr-3307	65	10	study	study	NOUN
fsr-3307	65	11	is	be	AUX
fsr-3307	65	12	from	from	ADP
fsr-3307	65	13	1980	1980	NUM
fsr-3307	65	14	to	to	ADP
fsr-3307	65	15	2015	2015	NUM
fsr-3307	65	16	inclusively	inclusively	ADV
fsr-3307	65	17	.	.	PUNCT
fsr-3307	66	1	unlike	unlike	ADP
fsr-3307	66	2	other	other	ADJ
fsr-3307	66	3	asset	asset	NOUN
fsr-3307	66	4	classes	class	NOUN
fsr-3307	66	5	such	such	ADJ
fsr-3307	66	6	as	as	ADP
fsr-3307	66	7	stock	stock	NOUN
fsr-3307	66	8	and	and	CCONJ
fsr-3307	66	9	bond	bond	NOUN
fsr-3307	66	10	indices	index	NOUN
fsr-3307	66	11	where	where	SCONJ
fsr-3307	66	12	returns	return	NOUN
fsr-3307	66	13	can	can	AUX
fsr-3307	66	14	be	be	AUX
fsr-3307	66	15	readily	readily	ADV
fsr-3307	66	16	obtained	obtain	VERB
fsr-3307	66	17	,	,	PUNCT
fsr-3307	66	18	returns	return	NOUN
fsr-3307	66	19	on	on	ADP
fsr-3307	66	20	ladder	ladder	NOUN
fsr-3307	66	21	strategies	strategy	NOUN
fsr-3307	66	22	must	must	AUX
fsr-3307	66	23	be	be	AUX
fsr-3307	66	24	constructed	construct	VERB
fsr-3307	66	25	from	from	ADP
fsr-3307	66	26	individual	individual	ADJ
fsr-3307	66	27	bonds	bond	NOUN
fsr-3307	66	28	.	.	PUNCT
fsr-3307	67	1	let	let	VERB
fsr-3307	67	2	us	we	PRON
fsr-3307	67	3	take	take	VERB
fsr-3307	67	4	the	the	DET
fsr-3307	67	5	five	five	NUM
fsr-3307	67	6	-	-	PUNCT
fsr-3307	67	7	year	year	NOUN
fsr-3307	67	8	ladder	ladder	NOUN
fsr-3307	67	9	as	as	ADP
fsr-3307	67	10	an	an	DET
fsr-3307	67	11	example	example	NOUN
fsr-3307	67	12	.	.	PUNCT
fsr-3307	68	1	the	the	DET
fsr-3307	68	2	return	return	NOUN
fsr-3307	68	3	on	on	ADP
fsr-3307	68	4	the	the	DET
fsr-3307	68	5	ladder	ladder	NOUN
fsr-3307	68	6	at	at	ADP
fsr-3307	68	7	time	time	NOUN
fsr-3307	68	8	t	t	PROPN
fsr-3307	68	9	can	can	AUX
fsr-3307	68	10	be	be	AUX
fsr-3307	68	11	calculated	calculate	VERB
fsr-3307	68	12	as	as	ADP
fsr-3307	68	13	the	the	DET
fsr-3307	68	14	equally	equally	ADV
fsr-3307	68	15	weighted	weight	VERB
fsr-3307	68	16	average	average	ADJ
fsr-3307	68	17	return	return	NOUN
fsr-3307	68	18	of	of	ADP
fsr-3307	68	19	the	the	DET
fsr-3307	68	20	one	one	NUM
fsr-3307	68	21	-	-	PUNCT
fsr-3307	68	22	year	year	NOUN
fsr-3307	68	23	,	,	PUNCT
fsr-3307	68	24	two	two	NUM
fsr-3307	68	25	-	-	PUNCT
fsr-3307	68	26	year	year	NOUN
fsr-3307	68	27	,	,	PUNCT
fsr-3307	68	28	three	three	NUM
fsr-3307	68	29	-	-	PUNCT
fsr-3307	68	30	year	year	NOUN
fsr-3307	68	31	,	,	PUNCT
fsr-3307	68	32	four	four	NUM
fsr-3307	68	33	-	-	PUNCT
fsr-3307	68	34	year	year	NOUN
fsr-3307	68	35	,	,	PUNCT
fsr-3307	68	36	and	and	CCONJ
fsr-3307	68	37	five	five	NUM
fsr-3307	68	38	-	-	PUNCT
fsr-3307	68	39	year	year	NOUN
fsr-3307	68	40	bonds	bond	NOUN
fsr-3307	68	41	at	at	ADP
fsr-3307	68	42	time	time	NOUN
fsr-3307	68	43	t.	t.	NOUN
fsr-3307	68	44	this	this	DET
fsr-3307	68	45	ladder	ladder	NOUN
fsr-3307	68	46	portfolio	portfolio	NOUN
fsr-3307	68	47	will	will	AUX
fsr-3307	68	48	be	be	AUX
fsr-3307	68	49	updated	update	VERB
fsr-3307	68	50	at	at	ADP
fsr-3307	68	51	time	time	NOUN
fsr-3307	68	52	t	t	PROPN
fsr-3307	68	53	�	�	PROPN
fsr-3307	68	54	1	1	NUM
fsr-3307	68	55	by	by	ADP
fsr-3307	68	56	dropping	drop	VERB
fsr-3307	68	57	the	the	DET
fsr-3307	68	58	return	return	NOUN
fsr-3307	68	59	of	of	ADP
fsr-3307	68	60	the	the	DET
fsr-3307	68	61	one	one	NUM
fsr-3307	68	62	-	-	PUNCT
fsr-3307	68	63	year	year	NOUN
fsr-3307	68	64	bond	bond	NOUN
fsr-3307	68	65	that	that	PRON
fsr-3307	68	66	is	be	AUX
fsr-3307	68	67	maturing	mature	VERB
fsr-3307	68	68	while	while	SCONJ
fsr-3307	68	69	adding	add	VERB
fsr-3307	68	70	the	the	DET
fsr-3307	68	71	five	five	NUM
fsr-3307	68	72	-	-	PUNCT
fsr-3307	68	73	year	year	NOUN
fsr-3307	68	74	bond	bond	NOUN
fsr-3307	68	75	return	return	NOUN
fsr-3307	68	76	observed	observe	VERB
fsr-3307	68	77	at	at	ADP
fsr-3307	68	78	time	time	NOUN
fsr-3307	68	79	t	t	PROPN
fsr-3307	68	80	�	�	PROPN
fsr-3307	69	1	1	1	NUM
fsr-3307	69	2	.	.	PUNCT
fsr-3307	70	1	this	this	DET
fsr-3307	70	2	process	process	NOUN
fsr-3307	70	3	will	will	AUX
fsr-3307	70	4	be	be	AUX
fsr-3307	70	5	repeated	repeat	VERB
fsr-3307	70	6	over	over	ADP
fsr-3307	70	7	time	time	NOUN
fsr-3307	70	8	.	.	PUNCT
fsr-3307	71	1	by	by	ADP
fsr-3307	71	2	adding	add	VERB
fsr-3307	71	3	five	five	NUM
fsr-3307	71	4	-	-	PUNCT
fsr-3307	71	5	year	year	NOUN
fsr-3307	71	6	bonds	bond	NOUN
fsr-3307	71	7	repeatedly	repeatedly	ADV
fsr-3307	71	8	as	as	SCONJ
fsr-3307	71	9	we	we	PRON
fsr-3307	71	10	roll	roll	VERB
fsr-3307	71	11	over	over	ADP
fsr-3307	71	12	the	the	DET
fsr-3307	71	13	ladder	ladder	NOUN
fsr-3307	71	14	strategy	strategy	NOUN
fsr-3307	71	15	,	,	PUNCT
fsr-3307	71	16	the	the	DET
fsr-3307	71	17	portfolio	portfolio	NOUN
fsr-3307	71	18	eventually	eventually	ADV
fsr-3307	71	19	consists	consist	VERB
fsr-3307	71	20	of	of	ADP
fsr-3307	71	21	four	four	NUM
fsr-3307	71	22	past	past	ADJ
fsr-3307	71	23	five	five	NUM
fsr-3307	71	24	-	-	PUNCT
fsr-3307	71	25	year	year	NOUN
fsr-3307	71	26	bonds	bond	NOUN
fsr-3307	71	27	and	and	CCONJ
fsr-3307	71	28	a	a	DET
fsr-3307	71	29	current	current	ADJ
fsr-3307	71	30	five	five	NUM
fsr-3307	71	31	-	-	PUNCT
fsr-3307	71	32	year	year	NOUN
fsr-3307	71	33	bond	bond	NOUN
fsr-3307	71	34	.	.	PUNCT
fsr-3307	72	1	thus	thus	ADV
fsr-3307	72	2	,	,	PUNCT
fsr-3307	72	3	the	the	DET
fsr-3307	72	4	return	return	NOUN
fsr-3307	72	5	on	on	ADP
fsr-3307	72	6	the	the	DET
fsr-3307	72	7	ladder	ladder	NOUN
fsr-3307	72	8	portfolio	portfolio	NOUN
fsr-3307	72	9	is	be	AUX
fsr-3307	72	10	simply	simply	ADV
fsr-3307	72	11	an	an	DET
fsr-3307	72	12	equally	equally	ADV
fsr-3307	72	13	weighted	weight	VERB
fsr-3307	72	14	average	average	NOUN
fsr-3307	72	15	of	of	ADP
fsr-3307	72	16	past	past	NOUN
fsr-3307	72	17	and	and	CCONJ
fsr-3307	72	18	current	current	ADJ
fsr-3307	72	19	five	five	NUM
fsr-3307	72	20	-	-	PUNCT
fsr-3307	72	21	year	year	NOUN
fsr-3307	72	22	bond	bond	NOUN
fsr-3307	72	23	returns.5	returns.5	NOUN
fsr-3307	72	24	likewise	likewise	ADV
fsr-3307	72	25	,	,	PUNCT
fsr-3307	72	26	the	the	DET
fsr-3307	72	27	return	return	NOUN
fsr-3307	72	28	on	on	ADP
fsr-3307	72	29	a	a	DET
fsr-3307	72	30	seven	seven	NUM
fsr-3307	72	31	-	-	PUNCT
fsr-3307	72	32	year	year	NOUN
fsr-3307	72	33	ladder	ladder	NOUN
fsr-3307	72	34	is	be	AUX
fsr-3307	72	35	the	the	DET
fsr-3307	72	36	equally	equally	ADV
fsr-3307	72	37	weighted	weight	VERB
fsr-3307	72	38	average	average	NOUN
fsr-3307	72	39	of	of	ADP
fsr-3307	72	40	past	past	NOUN
fsr-3307	72	41	and	and	CCONJ
fsr-3307	72	42	current	current	ADJ
fsr-3307	72	43	seven	seven	NUM
fsr-3307	72	44	-	-	PUNCT
fsr-3307	72	45	year	year	NOUN
fsr-3307	72	46	bond	bond	NOUN
fsr-3307	72	47	returns	return	NOUN
fsr-3307	72	48	.	.	PUNCT
fsr-3307	73	1	to	to	ADP
fsr-3307	73	2	the	the	DET
fsr-3307	73	3	extent	extent	NOUN
fsr-3307	73	4	that	that	PRON
fsr-3307	73	5	longer	long	ADJ
fsr-3307	73	6	term	term	NOUN
fsr-3307	73	7	bonds	bond	NOUN
fsr-3307	73	8	tend	tend	VERB
fsr-3307	73	9	to	to	PART
fsr-3307	73	10	offer	offer	VERB
fsr-3307	73	11	a	a	DET
fsr-3307	73	12	higher	high	ADJ
fsr-3307	73	13	coupon	coupon	NOUN
fsr-3307	73	14	,	,	PUNCT
fsr-3307	73	15	longer	long	ADJ
fsr-3307	73	16	term	term	NOUN
fsr-3307	73	17	ladders	ladder	NOUN
fsr-3307	73	18	will	will	AUX
fsr-3307	73	19	offer	offer	VERB
fsr-3307	73	20	a	a	DET
fsr-3307	73	21	higher	high	ADJ
fsr-3307	73	22	coupon	coupon	NOUN
fsr-3307	73	23	returns	return	NOUN
fsr-3307	73	24	.	.	PUNCT
fsr-3307	74	1	the	the	DET
fsr-3307	74	2	bond	bond	NOUN
fsr-3307	74	3	yields	yield	NOUN
fsr-3307	74	4	used	use	VERB
fsr-3307	74	5	in	in	ADP
fsr-3307	74	6	calculating	calculate	VERB
fsr-3307	74	7	the	the	DET
fsr-3307	74	8	time	time	NOUN
fsr-3307	74	9	-	-	PUNCT
fsr-3307	74	10	series	series	NOUN
fsr-3307	74	11	of	of	ADP
fsr-3307	74	12	ladder	ladder	NOUN
fsr-3307	74	13	returns	return	NOUN
fsr-3307	74	14	of	of	ADP
fsr-3307	74	15	various	various	ADJ
fsr-3307	74	16	maturities	maturity	NOUN
fsr-3307	74	17	are	be	AUX
fsr-3307	74	18	obtained	obtain	VERB
fsr-3307	74	19	from	from	ADP
fsr-3307	74	20	the	the	DET
fsr-3307	74	21	federal	federal	PROPN
fsr-3307	74	22	reserve	reserve	PROPN
fsr-3307	74	23	website	website	NOUN
fsr-3307	74	24	.	.	PUNCT
fsr-3307	75	1	specifically	specifically	ADV
fsr-3307	75	2	,	,	PUNCT
fsr-3307	75	3	historical	historical	ADJ
fsr-3307	75	4	annual	annual	ADJ
fsr-3307	75	5	yield	yield	NOUN
fsr-3307	75	6	data	datum	NOUN
fsr-3307	75	7	on	on	ADP
fsr-3307	75	8	three	three	NUM
fsr-3307	75	9	-	-	PUNCT
fsr-3307	75	10	year	year	NOUN
fsr-3307	75	11	bonds	bond	NOUN
fsr-3307	75	12	,	,	PUNCT
fsr-3307	75	13	five	five	NUM
fsr-3307	75	14	-	-	PUNCT
fsr-3307	75	15	year	year	NOUN
fsr-3307	75	16	bonds	bond	NOUN
fsr-3307	75	17	,	,	PUNCT
fsr-3307	75	18	and	and	CCONJ
fsr-3307	75	19	seven	seven	NUM
fsr-3307	75	20	-	-	PUNCT
fsr-3307	75	21	year	year	NOUN
fsr-3307	75	22	bonds	bond	NOUN
fsr-3307	75	23	are	be	AUX
fsr-3307	75	24	obtained	obtain	VERB
fsr-3307	75	25	to	to	PART
fsr-3307	75	26	construct	construct	VERB
fsr-3307	75	27	a	a	DET
fsr-3307	75	28	three	three	NUM
fsr-3307	75	29	-	-	PUNCT
fsr-3307	75	30	year	year	NOUN
fsr-3307	75	31	ladder	ladder	NOUN
fsr-3307	75	32	,	,	PUNCT
fsr-3307	75	33	a	a	DET
fsr-3307	75	34	five	five	NUM
fsr-3307	75	35	-	-	PUNCT
fsr-3307	75	36	year	year	NOUN
fsr-3307	75	37	ladder	ladder	NOUN
fsr-3307	75	38	,	,	PUNCT
fsr-3307	75	39	and	and	CCONJ
fsr-3307	75	40	a	a	DET
fsr-3307	75	41	seven	seven	NUM
fsr-3307	75	42	-	-	PUNCT
fsr-3307	75	43	year	year	NOUN
fsr-3307	75	44	ladder	ladder	NOUN
fsr-3307	75	45	,	,	PUNCT
fsr-3307	75	46	respectively.6	respectively.6	VERB
fsr-3307	75	47	annual	annual	ADJ
fsr-3307	75	48	return	return	NOUN
fsr-3307	75	49	data	datum	NOUN
fsr-3307	75	50	are	be	AUX
fsr-3307	75	51	used	use	VERB
fsr-3307	75	52	as	as	ADP
fsr-3307	75	53	the	the	DET
fsr-3307	75	54	maturing	mature	VERB
fsr-3307	75	55	bonds	bond	NOUN
fsr-3307	75	56	in	in	ADP
fsr-3307	75	57	ladders	ladder	NOUN
fsr-3307	75	58	tend	tend	VERB
fsr-3307	75	59	to	to	PART
fsr-3307	75	60	be	be	AUX
fsr-3307	75	61	reinvested	reinveste	VERB
fsr-3307	75	62	annually	annually	ADV
fsr-3307	75	63	.	.	PUNCT
fsr-3307	76	1	by	by	ADP
fsr-3307	76	2	using	use	VERB
fsr-3307	76	3	an	an	DET
fsr-3307	76	4	equally	equally	ADV
fsr-3307	76	5	weighted	weight	VERB
fsr-3307	76	6	average	average	NOUN
fsr-3307	76	7	of	of	ADP
fsr-3307	76	8	current	current	ADJ
fsr-3307	76	9	and	and	CCONJ
fsr-3307	76	10	past	past	ADJ
fsr-3307	76	11	five	five	NUM
fsr-3307	76	12	-	-	PUNCT
fsr-3307	76	13	year	year	NOUN
fsr-3307	76	14	bonds	bond	NOUN
fsr-3307	76	15	as	as	ADP
fsr-3307	76	16	the	the	DET
fsr-3307	76	17	return	return	NOUN
fsr-3307	76	18	on	on	ADP
fsr-3307	76	19	the	the	DET
fsr-3307	76	20	five	five	NUM
fsr-3307	76	21	-	-	PUNCT
fsr-3307	76	22	year	year	NOUN
fsr-3307	76	23	ladder	ladder	NOUN
fsr-3307	76	24	,	,	PUNCT
fsr-3307	76	25	we	we	PRON
fsr-3307	76	26	implicitly	implicitly	ADV
fsr-3307	76	27	ignore	ignore	VERB
fsr-3307	76	28	any	any	DET
fsr-3307	76	29	mark	mark	NOUN
fsr-3307	76	30	-	-	PUNCT
fsr-3307	76	31	to	to	ADP
fsr-3307	76	32	-	-	PUNCT
fsr-3307	76	33	the	the	DET
fsr-3307	76	34	-	-	PUNCT
fsr-3307	76	35	market	market	NOUN
fsr-3307	76	36	price	price	NOUN
fsr-3307	76	37	changes	change	NOUN
fsr-3307	76	38	before	before	ADP
fsr-3307	76	39	the	the	DET
fsr-3307	76	40	maturity	maturity	NOUN
fsr-3307	76	41	dates	date	NOUN
fsr-3307	76	42	of	of	ADP
fsr-3307	76	43	the	the	DET
fsr-3307	76	44	bonds	bond	NOUN
fsr-3307	76	45	.	.	PUNCT
fsr-3307	77	1	consider	consider	VERB
fsr-3307	77	2	a	a	DET
fsr-3307	77	3	five	five	NUM
fsr-3307	77	4	-	-	PUNCT
fsr-3307	77	5	year	year	NOUN
fsr-3307	77	6	bond	bond	NOUN
fsr-3307	77	7	issued	issue	VERB
fsr-3307	77	8	now	now	ADV
fsr-3307	77	9	at	at	ADP
fsr-3307	77	10	par	par	NOUN
fsr-3307	77	11	with	with	ADP
fsr-3307	77	12	the	the	DET
fsr-3307	77	13	yield	yield	NOUN
fsr-3307	77	14	-	-	PUNCT
fsr-3307	77	15	tomaturity	tomaturity	NOUN
fsr-3307	77	16	equals	equal	VERB
fsr-3307	77	17	to	to	ADP
fsr-3307	77	18	its	its	PRON
fsr-3307	77	19	coupon	coupon	NOUN
fsr-3307	77	20	rate	rate	NOUN
fsr-3307	77	21	.	.	PUNCT
fsr-3307	78	1	this	this	DET
fsr-3307	78	2	yield	yield	NOUN
fsr-3307	78	3	-	-	PUNCT
fsr-3307	78	4	to	to	ADP
fsr-3307	78	5	-	-	PUNCT
fsr-3307	78	6	maturity	maturity	NOUN
fsr-3307	78	7	will	will	AUX
fsr-3307	78	8	be	be	AUX
fsr-3307	78	9	used	use	VERB
fsr-3307	78	10	in	in	ADP
fsr-3307	78	11	computing	compute	VERB
fsr-3307	78	12	the	the	DET
fsr-3307	78	13	return	return	NOUN
fsr-3307	78	14	on	on	ADP
fsr-3307	78	15	the	the	DET
fsr-3307	78	16	ladder	ladder	NOUN
fsr-3307	78	17	for	for	ADP
fsr-3307	78	18	the	the	DET
fsr-3307	78	19	current	current	ADJ
fsr-3307	78	20	and	and	CCONJ
fsr-3307	78	21	also	also	ADV
fsr-3307	78	22	the	the	DET
fsr-3307	78	23	next	next	ADJ
fsr-3307	78	24	four	four	NUM
fsr-3307	78	25	periods	period	NOUN
fsr-3307	78	26	.	.	PUNCT
fsr-3307	79	1	this	this	DET
fsr-3307	79	2	approach	approach	NOUN
fsr-3307	79	3	ignores	ignore	VERB
fsr-3307	79	4	the	the	DET
fsr-3307	79	5	price	price	NOUN
fsr-3307	79	6	gain	gain	NOUN
fsr-3307	79	7	or	or	CCONJ
fsr-3307	79	8	loss	loss	NOUN
fsr-3307	79	9	of	of	ADP
fsr-3307	79	10	the	the	DET
fsr-3307	79	11	bond	bond	NOUN
fsr-3307	79	12	in	in	ADP
fsr-3307	79	13	the	the	DET
fsr-3307	79	14	next	next	ADJ
fsr-3307	79	15	four	four	NUM
fsr-3307	79	16	periods	period	NOUN
fsr-3307	79	17	as	as	ADP
fsr-3307	79	18	a	a	DET
fsr-3307	79	19	result	result	NOUN
fsr-3307	79	20	of	of	ADP
fsr-3307	79	21	any	any	DET
fsr-3307	79	22	changes	change	NOUN
fsr-3307	79	23	in	in	ADP
fsr-3307	79	24	the	the	DET
fsr-3307	79	25	market	market	NOUN
fsr-3307	79	26	interest	interest	NOUN
fsr-3307	79	27	rates.7	rates.7	VERB
fsr-3307	79	28	this	this	DET
fsr-3307	79	29	approach	approach	NOUN
fsr-3307	79	30	is	be	AUX
fsr-3307	79	31	deemed	deem	VERB
fsr-3307	79	32	to	to	PART
fsr-3307	79	33	be	be	AUX
fsr-3307	79	34	valid	valid	ADJ
fsr-3307	79	35	if	if	SCONJ
fsr-3307	79	36	the	the	DET
fsr-3307	79	37	investor	investor	NOUN
fsr-3307	79	38	holds	hold	VERB
fsr-3307	79	39	the	the	DET
fsr-3307	79	40	bond	bond	NOUN
fsr-3307	79	41	until	until	ADP
fsr-3307	79	42	maturity	maturity	NOUN
fsr-3307	79	43	as	as	ADP
fsr-3307	79	44	in	in	ADP
fsr-3307	79	45	the	the	DET
fsr-3307	79	46	case	case	NOUN
fsr-3307	79	47	of	of	ADP
fsr-3307	79	48	a	a	DET
fsr-3307	79	49	ladder	ladder	NOUN
fsr-3307	79	50	and	and	CCONJ
fsr-3307	79	51	is	be	AUX
fsr-3307	79	52	adopted	adopt	VERB
fsr-3307	79	53	in	in	ADP
fsr-3307	79	54	our	our	PRON
fsr-3307	79	55	main	main	ADJ
fsr-3307	79	56	analysis	analysis	NOUN
fsr-3307	79	57	.	.	PUNCT
fsr-3307	80	1	we	we	PRON
fsr-3307	80	2	will	will	AUX
fsr-3307	80	3	consider	consider	VERB
fsr-3307	80	4	the	the	DET
fsr-3307	80	5	implications	implication	NOUN
fsr-3307	80	6	of	of	ADP
fsr-3307	80	7	mark	mark	NOUN
fsr-3307	80	8	-	-	PUNCT
fsr-3307	80	9	to	to	ADP
fsr-3307	80	10	-	-	PUNCT
fsr-3307	80	11	market	market	NOUN
fsr-3307	80	12	price	price	NOUN
fsr-3307	80	13	changes	change	NOUN
fsr-3307	80	14	on	on	ADP
fsr-3307	80	15	the	the	DET
fsr-3307	80	16	performance	performance	NOUN
fsr-3307	80	17	of	of	ADP
fsr-3307	80	18	the	the	DET
fsr-3307	80	19	ladder	ladder	NOUN
fsr-3307	80	20	strategy	strategy	NOUN
fsr-3307	80	21	later	later	ADV
fsr-3307	80	22	in	in	ADP
fsr-3307	80	23	our	our	PRON
fsr-3307	80	24	analysis	analysis	NOUN
fsr-3307	80	25	.	.	PUNCT
fsr-3307	81	1	the	the	DET
fsr-3307	81	2	bond	bond	NOUN
fsr-3307	81	3	index	index	NOUN
fsr-3307	81	4	used	use	VERB
fsr-3307	81	5	as	as	ADP
fsr-3307	81	6	an	an	DET
fsr-3307	81	7	alternative	alternative	NOUN
fsr-3307	81	8	to	to	ADP
fsr-3307	81	9	the	the	DET
fsr-3307	81	10	ladder	ladder	NOUN
fsr-3307	81	11	strategy	strategy	NOUN
fsr-3307	81	12	is	be	AUX
fsr-3307	81	13	the	the	DET
fsr-3307	81	14	barclays	barclay	NOUN
fsr-3307	81	15	u.s	u.s	PROPN
fsr-3307	81	16	.	.	PROPN
fsr-3307	81	17	aggregate	aggregate	ADJ
fsr-3307	81	18	bond	bond	NOUN
fsr-3307	81	19	index	index	NOUN
fsr-3307	81	20	,	,	PUNCT
fsr-3307	81	21	a	a	DET
fsr-3307	81	22	leading	lead	VERB
fsr-3307	81	23	benchmark	benchmark	NOUN
fsr-3307	81	24	for	for	ADP
fsr-3307	81	25	fixed	fix	VERB
fsr-3307	81	26	-	-	PUNCT
fsr-3307	81	27	income	income	NOUN
fsr-3307	81	28	investors.8,9	investors.8,9	NOUN
fsr-3307	81	29	we	we	PRON
fsr-3307	81	30	obtain	obtain	VERB
fsr-3307	81	31	the	the	DET
fsr-3307	81	32	annual	annual	ADJ
fsr-3307	81	33	index	index	NOUN
fsr-3307	81	34	returns	return	NOUN
fsr-3307	81	35	over	over	ADP
fsr-3307	81	36	our	our	PRON
fsr-3307	81	37	sample	sample	NOUN
fsr-3307	81	38	period	period	NOUN
fsr-3307	81	39	of	of	ADP
fsr-3307	81	40	1980–2015	1980–2015	NUM
fsr-3307	81	41	from	from	ADP
fsr-3307	81	42	bloomberg	bloomberg	PROPN
fsr-3307	81	43	.	.	PUNCT
fsr-3307	82	1	we	we	PRON
fsr-3307	82	2	use	use	VERB
fsr-3307	82	3	the	the	DET
fsr-3307	82	4	annual	annual	ADJ
fsr-3307	82	5	total	total	ADJ
fsr-3307	82	6	return	return	NOUN
fsr-3307	82	7	series	series	NOUN
fsr-3307	82	8	of	of	ADP
fsr-3307	82	9	the	the	DET
fsr-3307	82	10	center	center	NOUN
fsr-3307	82	11	for	for	ADP
fsr-3307	82	12	research	research	NOUN
fsr-3307	82	13	in	in	ADP
fsr-3307	82	14	security	security	NOUN
fsr-3307	82	15	prices	price	NOUN
fsr-3307	82	16	’	'	PUNCT
fsr-3307	82	17	(	(	PUNCT
fsr-3307	82	18	crsp	crsp	PROPN
fsr-3307	82	19	’s	’s	PART
fsr-3307	82	20	)	)	PUNCT
fsr-3307	82	21	value	value	NOUN
fsr-3307	82	22	-	-	PUNCT
fsr-3307	82	23	weighted	weight	VERB
fsr-3307	82	24	index	index	NOUN
fsr-3307	82	25	and	and	CCONJ
fsr-3307	82	26	the	the	DET
fsr-3307	82	27	msci	msci	PROPN
fsr-3307	82	28	europe	europe	PROPN
fsr-3307	82	29	,	,	PUNCT
fsr-3307	82	30	australasia	australasia	PROPN
fsr-3307	82	31	and	and	CCONJ
fsr-3307	82	32	far	far	ADV
fsr-3307	82	33	east	east	NOUN
fsr-3307	82	34	(	(	PUNCT
fsr-3307	82	35	eafe	eafe	PROPN
fsr-3307	82	36	)	)	PUNCT
fsr-3307	82	37	index	index	NOUN
fsr-3307	82	38	to	to	AUX
fsr-3307	82	39	proxy	proxy	VERB
fsr-3307	82	40	for	for	ADP
fsr-3307	82	41	the	the	DET
fsr-3307	82	42	united	united	PROPN
fsr-3307	82	43	states	states	PROPN
fsr-3307	82	44	and	and	CCONJ
fsr-3307	82	45	non	non	ADJ
fsr-3307	82	46	-	-	ADJ
fsr-3307	82	47	north	north	ADJ
fsr-3307	82	48	american	american	ADJ
fsr-3307	82	49	equity	equity	NOUN
fsr-3307	82	50	returns	return	NOUN
fsr-3307	82	51	,	,	PUNCT
fsr-3307	82	52	respectively	respectively	ADV
fsr-3307	82	53	.	.	PUNCT
fsr-3307	83	1	184	184	NUM
fsr-3307	83	2	c.s	c.s	PROPN
fsr-3307	83	3	.	.	PROPN
fsr-3307	83	4	cheung	cheung	PROPN
fsr-3307	83	5	,	,	PUNCT
fsr-3307	83	6	p.	p.	PROPN
fsr-3307	83	7	miu	miu	PROPN
fsr-3307	83	8	/	/	SYM
fsr-3307	83	9	financial	financial	ADJ
fsr-3307	83	10	services	service	NOUN
fsr-3307	83	11	review	review	VERB
fsr-3307	83	12	26	26	NUM
fsr-3307	83	13	(	(	PUNCT
fsr-3307	83	14	2017	2017	NUM
fsr-3307	83	15	)	)	PUNCT
fsr-3307	83	16	181–203	181–203	NUM
fsr-3307	83	17	4	4	NUM
fsr-3307	83	18	.	.	PUNCT
fsr-3307	83	19	analytical	analytical	ADJ
fsr-3307	83	20	framework	framework	NOUN
fsr-3307	83	21	we	we	PRON
fsr-3307	83	22	perform	perform	VERB
fsr-3307	83	23	five	five	NUM
fsr-3307	83	24	types	type	NOUN
fsr-3307	83	25	of	of	ADP
fsr-3307	83	26	analyses	analysis	NOUN
fsr-3307	83	27	on	on	ADP
fsr-3307	83	28	bond	bond	NOUN
fsr-3307	83	29	laddering	laddering	NOUN
fsr-3307	83	30	and	and	CCONJ
fsr-3307	83	31	bond	bond	NOUN
fsr-3307	83	32	indexing	indexing	NOUN
fsr-3307	83	33	.	.	PUNCT
fsr-3307	84	1	first	first	ADV
fsr-3307	84	2	we	we	PRON
fsr-3307	84	3	examine	examine	VERB
fsr-3307	84	4	the	the	DET
fsr-3307	84	5	historical	historical	ADJ
fsr-3307	84	6	risk	risk	NOUN
fsr-3307	84	7	,	,	PUNCT
fsr-3307	84	8	return	return	NOUN
fsr-3307	84	9	,	,	PUNCT
fsr-3307	84	10	and	and	CCONJ
fsr-3307	84	11	the	the	DET
fsr-3307	84	12	sharpe	sharpe	PROPN
fsr-3307	84	13	ratio	ratio	NOUN
fsr-3307	84	14	for	for	ADP
fsr-3307	84	15	each	each	PRON
fsr-3307	84	16	of	of	ADP
fsr-3307	84	17	the	the	DET
fsr-3307	84	18	two	two	NUM
fsr-3307	84	19	alternatives	alternative	NOUN
fsr-3307	84	20	to	to	PART
fsr-3307	84	21	study	study	VERB
fsr-3307	84	22	their	their	PRON
fsr-3307	84	23	risk	risk	NOUN
fsr-3307	84	24	and	and	CCONJ
fsr-3307	84	25	return	return	VERB
fsr-3307	84	26	characteristics	characteristic	NOUN
fsr-3307	84	27	in	in	ADP
fsr-3307	84	28	isolation	isolation	NOUN
fsr-3307	84	29	.	.	PUNCT
fsr-3307	85	1	this	this	DET
fsr-3307	85	2	univariate	univariate	ADJ
fsr-3307	85	3	analysis	analysis	NOUN
fsr-3307	85	4	allows	allow	VERB
fsr-3307	85	5	us	we	PRON
fsr-3307	85	6	to	to	PART
fsr-3307	85	7	determine	determine	VERB
fsr-3307	85	8	the	the	DET
fsr-3307	85	9	attractiveness	attractiveness	NOUN
fsr-3307	85	10	of	of	ADP
fsr-3307	85	11	each	each	DET
fsr-3307	85	12	asset	asset	NOUN
fsr-3307	85	13	class	class	NOUN
fsr-3307	85	14	.	.	PUNCT
fsr-3307	86	1	while	while	SCONJ
fsr-3307	86	2	bond	bond	NOUN
fsr-3307	86	3	laddering	laddering	NOUN
fsr-3307	86	4	and	and	CCONJ
fsr-3307	86	5	bond	bond	NOUN
fsr-3307	86	6	indexing	indexing	NOUN
fsr-3307	86	7	are	be	AUX
fsr-3307	86	8	similar	similar	ADJ
fsr-3307	86	9	in	in	SCONJ
fsr-3307	86	10	that	that	SCONJ
fsr-3307	86	11	they	they	PRON
fsr-3307	86	12	are	be	AUX
fsr-3307	86	13	both	both	ADV
fsr-3307	86	14	passive	passive	ADJ
fsr-3307	86	15	in	in	ADP
fsr-3307	86	16	style	style	NOUN
fsr-3307	86	17	with	with	ADP
fsr-3307	86	18	no	no	DET
fsr-3307	86	19	attempt	attempt	NOUN
fsr-3307	86	20	to	to	PART
fsr-3307	86	21	beat	beat	VERB
fsr-3307	86	22	the	the	DET
fsr-3307	86	23	market	market	NOUN
fsr-3307	86	24	,	,	PUNCT
fsr-3307	86	25	they	they	PRON
fsr-3307	86	26	are	be	AUX
fsr-3307	86	27	not	not	PART
fsr-3307	86	28	identical	identical	ADJ
fsr-3307	86	29	.	.	PUNCT
fsr-3307	87	1	the	the	DET
fsr-3307	87	2	bond	bond	NOUN
fsr-3307	87	3	index	index	NOUN
fsr-3307	87	4	contains	contain	VERB
fsr-3307	87	5	bond	bond	NOUN
fsr-3307	87	6	assets	asset	NOUN
fsr-3307	87	7	with	with	ADP
fsr-3307	87	8	a	a	DET
fsr-3307	87	9	higher	high	ADJ
fsr-3307	87	10	credit	credit	NOUN
fsr-3307	87	11	risk	risk	NOUN
fsr-3307	87	12	and	and	CCONJ
fsr-3307	87	13	a	a	DET
fsr-3307	87	14	longer	long	ADJ
fsr-3307	87	15	duration	duration	NOUN
fsr-3307	87	16	and	and	CCONJ
fsr-3307	87	17	,	,	PUNCT
fsr-3307	87	18	therefore	therefore	ADV
fsr-3307	87	19	,	,	PUNCT
fsr-3307	87	20	it	it	PRON
fsr-3307	87	21	is	be	AUX
fsr-3307	87	22	important	important	ADJ
fsr-3307	87	23	to	to	PART
fsr-3307	87	24	quantify	quantify	VERB
fsr-3307	87	25	the	the	DET
fsr-3307	87	26	resulting	result	VERB
fsr-3307	87	27	difference	difference	NOUN
fsr-3307	87	28	in	in	ADP
fsr-3307	87	29	the	the	DET
fsr-3307	87	30	risk	risk	NOUN
fsr-3307	87	31	and	and	CCONJ
fsr-3307	87	32	return	return	VERB
fsr-3307	87	33	characteristics	characteristic	NOUN
fsr-3307	87	34	because	because	SCONJ
fsr-3307	87	35	of	of	ADP
fsr-3307	87	36	credit	credit	NOUN
fsr-3307	87	37	risk	risk	NOUN
fsr-3307	87	38	and	and	CCONJ
fsr-3307	87	39	duration.10	duration.10	NOUN
fsr-3307	87	40	second	second	ADJ
fsr-3307	87	41	,	,	PUNCT
fsr-3307	87	42	we	we	PRON
fsr-3307	87	43	compare	compare	VERB
fsr-3307	87	44	the	the	DET
fsr-3307	87	45	performance	performance	NOUN
fsr-3307	87	46	of	of	ADP
fsr-3307	87	47	ladder	ladder	NOUN
fsr-3307	87	48	strategies	strategy	NOUN
fsr-3307	87	49	of	of	ADP
fsr-3307	87	50	different	different	ADJ
fsr-3307	87	51	term	term	NOUN
fsr-3307	87	52	structures	structure	NOUN
fsr-3307	87	53	.	.	PUNCT
fsr-3307	88	1	for	for	ADP
fsr-3307	88	2	investors	investor	NOUN
fsr-3307	88	3	who	who	PRON
fsr-3307	88	4	pursue	pursue	VERB
fsr-3307	88	5	the	the	DET
fsr-3307	88	6	ladder	ladder	NOUN
fsr-3307	88	7	approach	approach	NOUN
fsr-3307	88	8	,	,	PUNCT
fsr-3307	88	9	what	what	PRON
fsr-3307	88	10	should	should	AUX
fsr-3307	88	11	be	be	AUX
fsr-3307	88	12	the	the	DET
fsr-3307	88	13	ideal	ideal	ADJ
fsr-3307	88	14	term	term	NOUN
fsr-3307	88	15	structure	structure	NOUN
fsr-3307	88	16	?	?	PUNCT
fsr-3307	89	1	should	should	AUX
fsr-3307	89	2	the	the	DET
fsr-3307	89	3	investor	investor	NOUN
fsr-3307	89	4	pursue	pursue	VERB
fsr-3307	89	5	a	a	DET
fsr-3307	89	6	five	five	NUM
fsr-3307	89	7	-	-	PUNCT
fsr-3307	89	8	year	year	NOUN
fsr-3307	89	9	ladder	ladder	NOUN
fsr-3307	89	10	instead	instead	ADV
fsr-3307	89	11	of	of	ADP
fsr-3307	89	12	a	a	DET
fsr-3307	89	13	seven	seven	NUM
fsr-3307	89	14	-	-	PUNCT
fsr-3307	89	15	year	year	NOUN
fsr-3307	89	16	ladder	ladder	NOUN
fsr-3307	89	17	?	?	PUNCT
fsr-3307	90	1	there	there	PRON
fsr-3307	90	2	is	be	VERB
fsr-3307	90	3	no	no	DET
fsr-3307	90	4	theoretical	theoretical	ADJ
fsr-3307	90	5	guidance	guidance	NOUN
fsr-3307	90	6	in	in	ADP
fsr-3307	90	7	the	the	DET
fsr-3307	90	8	literature	literature	NOUN
fsr-3307	90	9	.	.	PUNCT
fsr-3307	91	1	we	we	PRON
fsr-3307	91	2	intend	intend	VERB
fsr-3307	91	3	to	to	PART
fsr-3307	91	4	provide	provide	VERB
fsr-3307	91	5	some	some	DET
fsr-3307	91	6	empirical	empirical	ADJ
fsr-3307	91	7	guidance	guidance	NOUN
fsr-3307	91	8	on	on	ADP
fsr-3307	91	9	this	this	DET
fsr-3307	91	10	issue	issue	NOUN
fsr-3307	91	11	by	by	ADP
fsr-3307	91	12	examining	examine	VERB
fsr-3307	91	13	the	the	DET
fsr-3307	91	14	attractiveness	attractiveness	NOUN
fsr-3307	91	15	of	of	ADP
fsr-3307	91	16	a	a	DET
fsr-3307	91	17	three	three	NUM
fsr-3307	91	18	-	-	PUNCT
fsr-3307	91	19	year	year	NOUN
fsr-3307	91	20	ladder	ladder	NOUN
fsr-3307	91	21	,	,	PUNCT
fsr-3307	91	22	a	a	DET
fsr-3307	91	23	five	five	NUM
fsr-3307	91	24	-	-	PUNCT
fsr-3307	91	25	year	year	NOUN
fsr-3307	91	26	ladder	ladder	NOUN
fsr-3307	91	27	,	,	PUNCT
fsr-3307	91	28	and	and	CCONJ
fsr-3307	91	29	a	a	DET
fsr-3307	91	30	seven	seven	NUM
fsr-3307	91	31	-	-	PUNCT
fsr-3307	91	32	year	year	NOUN
fsr-3307	91	33	ladder	ladder	NOUN
fsr-3307	91	34	versus	versus	ADP
fsr-3307	91	35	a	a	DET
fsr-3307	91	36	passive	passive	ADJ
fsr-3307	91	37	bond	bond	NOUN
fsr-3307	91	38	index	index	NOUN
fsr-3307	91	39	.	.	PUNCT
fsr-3307	92	1	third	third	ADJ
fsr-3307	92	2	,	,	PUNCT
fsr-3307	92	3	the	the	DET
fsr-3307	92	4	attractiveness	attractiveness	NOUN
fsr-3307	92	5	of	of	ADP
fsr-3307	92	6	each	each	DET
fsr-3307	92	7	bond	bond	NOUN
fsr-3307	92	8	strategy	strategy	NOUN
fsr-3307	92	9	is	be	AUX
fsr-3307	92	10	examined	examine	VERB
fsr-3307	92	11	in	in	ADP
fsr-3307	92	12	a	a	DET
fsr-3307	92	13	portfolio	portfolio	NOUN
fsr-3307	92	14	context	context	NOUN
fsr-3307	92	15	.	.	PUNCT
fsr-3307	93	1	because	because	SCONJ
fsr-3307	93	2	most	most	ADJ
fsr-3307	93	3	investors	investor	NOUN
fsr-3307	93	4	own	own	VERB
fsr-3307	93	5	both	both	DET
fsr-3307	93	6	bonds	bond	NOUN
fsr-3307	93	7	and	and	CCONJ
fsr-3307	93	8	stocks	stock	NOUN
fsr-3307	93	9	,	,	PUNCT
fsr-3307	93	10	the	the	DET
fsr-3307	93	11	modern	modern	ADJ
fsr-3307	93	12	portfolio	portfolio	NOUN
fsr-3307	93	13	approach	approach	NOUN
fsr-3307	93	14	demands	demand	VERB
fsr-3307	93	15	that	that	SCONJ
fsr-3307	93	16	any	any	DET
fsr-3307	93	17	bond	bond	NOUN
fsr-3307	93	18	strategy	strategy	NOUN
fsr-3307	93	19	must	must	AUX
fsr-3307	93	20	be	be	AUX
fsr-3307	93	21	judged	judge	VERB
fsr-3307	93	22	by	by	ADP
fsr-3307	93	23	its	its	PRON
fsr-3307	93	24	contribution	contribution	NOUN
fsr-3307	93	25	to	to	ADP
fsr-3307	93	26	an	an	DET
fsr-3307	93	27	overall	overall	ADJ
fsr-3307	93	28	diversified	diversified	ADJ
fsr-3307	93	29	portfolio	portfolio	NOUN
fsr-3307	93	30	.	.	PUNCT
fsr-3307	94	1	fourth	fourth	ADJ
fsr-3307	94	2	,	,	PUNCT
fsr-3307	94	3	it	it	PRON
fsr-3307	94	4	is	be	AUX
fsr-3307	94	5	quite	quite	ADV
fsr-3307	94	6	possible	possible	ADJ
fsr-3307	94	7	that	that	SCONJ
fsr-3307	94	8	neither	neither	CCONJ
fsr-3307	94	9	the	the	DET
fsr-3307	94	10	ladder	ladder	NOUN
fsr-3307	94	11	nor	nor	CCONJ
fsr-3307	94	12	the	the	DET
fsr-3307	94	13	bond	bond	NOUN
fsr-3307	94	14	index	index	NOUN
fsr-3307	94	15	dominates	dominate	VERB
fsr-3307	94	16	each	each	DET
fsr-3307	94	17	other	other	ADJ
fsr-3307	94	18	uniformly	uniformly	ADV
fsr-3307	94	19	for	for	ADP
fsr-3307	94	20	all	all	DET
fsr-3307	94	21	investors	investor	NOUN
fsr-3307	94	22	with	with	ADP
fsr-3307	94	23	different	different	ADJ
fsr-3307	94	24	risk	risk	NOUN
fsr-3307	94	25	preferences	preference	NOUN
fsr-3307	94	26	.	.	PUNCT
fsr-3307	95	1	the	the	DET
fsr-3307	95	2	difference	difference	NOUN
fsr-3307	95	3	in	in	ADP
fsr-3307	95	4	their	their	PRON
fsr-3307	95	5	risk	risk	NOUN
fsr-3307	95	6	and	and	CCONJ
fsr-3307	95	7	return	return	NOUN
fsr-3307	95	8	characteristics	characteristic	NOUN
fsr-3307	95	9	could	could	AUX
fsr-3307	95	10	be	be	AUX
fsr-3307	95	11	in	in	ADP
fsr-3307	95	12	such	such	DET
fsr-3307	95	13	a	a	DET
fsr-3307	95	14	way	way	NOUN
fsr-3307	95	15	that	that	PRON
fsr-3307	95	16	they	they	PRON
fsr-3307	95	17	are	be	AUX
fsr-3307	95	18	both	both	ADV
fsr-3307	95	19	appropriate	appropriate	ADJ
fsr-3307	95	20	depending	depend	VERB
fsr-3307	95	21	on	on	ADP
fsr-3307	95	22	the	the	DET
fsr-3307	95	23	risk	risk	NOUN
fsr-3307	95	24	aversion	aversion	NOUN
fsr-3307	95	25	of	of	ADP
fsr-3307	95	26	the	the	DET
fsr-3307	95	27	individual	individual	ADJ
fsr-3307	95	28	investor	investor	NOUN
fsr-3307	95	29	.	.	PUNCT
fsr-3307	96	1	to	to	PART
fsr-3307	96	2	examine	examine	VERB
fsr-3307	96	3	this	this	DET
fsr-3307	96	4	possibility	possibility	NOUN
fsr-3307	96	5	,	,	PUNCT
fsr-3307	96	6	we	we	PRON
fsr-3307	96	7	investigate	investigate	VERB
fsr-3307	96	8	the	the	DET
fsr-3307	96	9	ladder	ladder	NOUN
fsr-3307	96	10	with	with	ADP
fsr-3307	96	11	different	different	ADJ
fsr-3307	96	12	maturities	maturity	NOUN
fsr-3307	96	13	versus	versus	ADP
fsr-3307	96	14	the	the	DET
fsr-3307	96	15	bond	bond	NOUN
fsr-3307	96	16	index	index	NOUN
fsr-3307	96	17	in	in	ADP
fsr-3307	96	18	a	a	DET
fsr-3307	96	19	portfolio	portfolio	NOUN
fsr-3307	96	20	context	context	NOUN
fsr-3307	96	21	for	for	ADP
fsr-3307	96	22	investors	investor	NOUN
fsr-3307	96	23	with	with	ADP
fsr-3307	96	24	different	different	ADJ
fsr-3307	96	25	risk	risk	NOUN
fsr-3307	96	26	aversion	aversion	NOUN
fsr-3307	96	27	parameters	parameter	NOUN
fsr-3307	96	28	.	.	PUNCT
fsr-3307	97	1	finally	finally	ADV
fsr-3307	97	2	,	,	PUNCT
fsr-3307	97	3	we	we	PRON
fsr-3307	97	4	also	also	ADV
fsr-3307	97	5	perform	perform	VERB
fsr-3307	97	6	statistical	statistical	ADJ
fsr-3307	97	7	tests	test	NOUN
fsr-3307	97	8	to	to	PART
fsr-3307	97	9	ensure	ensure	VERB
fsr-3307	97	10	any	any	DET
fsr-3307	97	11	difference	difference	NOUN
fsr-3307	97	12	in	in	ADP
fsr-3307	97	13	the	the	DET
fsr-3307	97	14	attractiveness	attractiveness	NOUN
fsr-3307	97	15	of	of	ADP
fsr-3307	97	16	the	the	DET
fsr-3307	97	17	two	two	NUM
fsr-3307	97	18	passive	passive	ADJ
fsr-3307	97	19	fixed	fix	VERB
fsr-3307	97	20	-	-	PUNCT
fsr-3307	97	21	income	income	NOUN
fsr-3307	97	22	approaches	approach	NOUN
fsr-3307	97	23	is	be	AUX
fsr-3307	97	24	not	not	PART
fsr-3307	97	25	because	because	SCONJ
fsr-3307	97	26	of	of	ADP
fsr-3307	97	27	sampling	sample	VERB
fsr-3307	97	28	variations	variation	NOUN
fsr-3307	97	29	.	.	PUNCT
fsr-3307	98	1	5	5	X
fsr-3307	98	2	.	.	NOUN
fsr-3307	98	3	results	result	NOUN
fsr-3307	98	4	table	table	NOUN
fsr-3307	98	5	1	1	NUM
fsr-3307	98	6	provides	provide	VERB
fsr-3307	98	7	the	the	DET
fsr-3307	98	8	descriptive	descriptive	ADJ
fsr-3307	98	9	statistics	statistic	NOUN
fsr-3307	98	10	for	for	ADP
fsr-3307	98	11	the	the	DET
fsr-3307	98	12	key	key	ADJ
fsr-3307	98	13	individual	individual	ADJ
fsr-3307	98	14	asset	asset	NOUN
fsr-3307	98	15	classes	class	NOUN
fsr-3307	98	16	.	.	PUNCT
fsr-3307	99	1	here	here	ADV
fsr-3307	99	2	we	we	PRON
fsr-3307	99	3	focus	focus	VERB
fsr-3307	99	4	on	on	ADP
fsr-3307	99	5	the	the	DET
fsr-3307	99	6	five	five	NUM
fsr-3307	99	7	-	-	PUNCT
fsr-3307	99	8	year	year	NOUN
fsr-3307	99	9	ladder	ladder	NOUN
fsr-3307	99	10	without	without	ADP
fsr-3307	99	11	marking	mark	VERB
fsr-3307	99	12	to	to	ADP
fsr-3307	99	13	market.11	market.11	NOUN
fsr-3307	99	14	later	later	ADV
fsr-3307	99	15	in	in	ADP
fsr-3307	99	16	the	the	DET
fsr-3307	99	17	article	article	NOUN
fsr-3307	99	18	we	we	PRON
fsr-3307	99	19	will	will	AUX
fsr-3307	99	20	table	table	VERB
fsr-3307	99	21	1	1	NUM
fsr-3307	99	22	summary	summary	NOUN
fsr-3307	99	23	statistics	statistic	NOUN
fsr-3307	99	24	of	of	ADP
fsr-3307	99	25	annual	annual	ADJ
fsr-3307	99	26	returns	return	NOUN
fsr-3307	99	27	on	on	ADP
fsr-3307	99	28	different	different	ADJ
fsr-3307	99	29	assets	asset	NOUN
fsr-3307	99	30	(	(	PUNCT
fsr-3307	99	31	36	36	NUM
fsr-3307	99	32	years	year	NOUN
fsr-3307	99	33	from	from	ADP
fsr-3307	99	34	1980	1980	NUM
fsr-3307	99	35	to	to	ADP
fsr-3307	99	36	2015	2015	NUM
fsr-3307	99	37	)	)	PUNCT
fsr-3307	99	38	crsp	crsp	PROPN
fsr-3307	99	39	vw	vw	PROPN
fsr-3307	99	40	msci	msci	PROPN
fsr-3307	99	41	-	-	PUNCT
fsr-3307	99	42	eafe	eafe	ADJ
fsr-3307	99	43	five	five	NUM
fsr-3307	99	44	-	-	PUNCT
fsr-3307	99	45	year	year	NOUN
fsr-3307	99	46	ladder	ladder	NOUN
fsr-3307	99	47	barclays	barclay	NOUN
fsr-3307	99	48	bond	bond	NOUN
fsr-3307	99	49	index	index	NOUN
fsr-3307	99	50	mean	mean	VERB
fsr-3307	99	51	0.1252	0.1252	NUM
fsr-3307	99	52	0.1106	0.1106	NUM
fsr-3307	99	53	0.0631	0.0631	NUM
fsr-3307	99	54	0.0814	0.0814	NUM
fsr-3307	99	55	standard	standard	ADJ
fsr-3307	99	56	deviation	deviation	NOUN
fsr-3307	99	57	0.1715	0.1715	NUM
fsr-3307	99	58	0.2219	0.2219	NUM
fsr-3307	99	59	0.0307	0.0307	NUM
fsr-3307	99	60	0.0694	0.0694	NUM
fsr-3307	99	61	sharpe	sharpe	PROPN
fsr-3307	99	62	ratioa	ratioa	VERB
fsr-3307	99	63	0.4645	0.4645	NUM
fsr-3307	99	64	0.2929	0.2929	NUM
fsr-3307	99	65	0.5704	0.5704	NUM
fsr-3307	99	66	0.5163	0.5163	NUM
fsr-3307	99	67	correlation	correlation	NOUN
fsr-3307	99	68	crsp	crsp	NOUN
fsr-3307	99	69	vw	vw	PROPN
fsr-3307	99	70	1.000	1.000	NUM
fsr-3307	99	71	0.683	0.683	NUM
fsr-3307	99	72	0.155	0.155	NUM
fsr-3307	99	73	0.169	0.169	NUM
fsr-3307	99	74	msci	msci	PROPN
fsr-3307	99	75	-	-	PUNCT
fsr-3307	99	76	eafe	eafe	PROPN
fsr-3307	99	77	1.000	1.000	NUM
fsr-3307	99	78	0.292	0.292	NUM
fsr-3307	99	79	0.048	0.048	NUM
fsr-3307	99	80	five	five	NUM
fsr-3307	99	81	-	-	PUNCT
fsr-3307	99	82	year	year	NOUN
fsr-3307	99	83	ladder	ladder	NOUN
fsr-3307	99	84	1.000	1.000	NUM
fsr-3307	99	85	0.575	0.575	NUM
fsr-3307	99	86	barclays	barclay	NOUN
fsr-3307	99	87	bond	bond	NOUN
fsr-3307	99	88	index	index	NOUN
fsr-3307	99	89	1.000	1.000	NUM
fsr-3307	99	90	note	note	NOUN
fsr-3307	99	91	:	:	PUNCT
fsr-3307	99	92	asharpe	asharpe	NOUN
fsr-3307	99	93	ratio	ratio	NOUN
fsr-3307	99	94	calculated	calculate	VERB
fsr-3307	99	95	based	base	VERB
fsr-3307	99	96	on	on	ADP
fsr-3307	99	97	a	a	DET
fsr-3307	99	98	risk	risk	NOUN
fsr-3307	99	99	-	-	PUNCT
fsr-3307	99	100	free	free	ADJ
fsr-3307	99	101	rate	rate	NOUN
fsr-3307	99	102	of	of	ADP
fsr-3307	99	103	4.56	4.56	NUM
fsr-3307	99	104	%	%	NOUN
fsr-3307	99	105	,	,	PUNCT
fsr-3307	99	106	which	which	PRON
fsr-3307	99	107	is	be	AUX
fsr-3307	99	108	the	the	DET
fsr-3307	99	109	average	average	ADJ
fsr-3307	99	110	yield	yield	NOUN
fsr-3307	99	111	of	of	ADP
fsr-3307	99	112	the	the	DET
fsr-3307	99	113	three	three	NUM
fsr-3307	99	114	-	-	PUNCT
fsr-3307	99	115	month	month	NOUN
fsr-3307	99	116	t	t	NOUN
fsr-3307	99	117	-	-	PUNCT
fsr-3307	99	118	bill	bill	NOUN
fsr-3307	99	119	over	over	ADP
fsr-3307	99	120	the	the	DET
fsr-3307	99	121	sample	sample	NOUN
fsr-3307	99	122	period	period	NOUN
fsr-3307	99	123	.	.	PUNCT
fsr-3307	100	1	185c.s	185c.s	X
fsr-3307	100	2	.	.	PUNCT
fsr-3307	101	1	cheung	cheung	PROPN
fsr-3307	101	2	,	,	PUNCT
fsr-3307	101	3	p.	p.	PROPN
fsr-3307	101	4	miu	miu	PROPN
fsr-3307	101	5	/	/	SYM
fsr-3307	101	6	financial	financial	ADJ
fsr-3307	101	7	services	service	NOUN
fsr-3307	101	8	review	review	VERB
fsr-3307	101	9	26	26	NUM
fsr-3307	101	10	(	(	PUNCT
fsr-3307	101	11	2017	2017	NUM
fsr-3307	101	12	)	)	PUNCT
fsr-3307	101	13	181–203	181–203	NUM
fsr-3307	101	14	consider	consider	VERB
fsr-3307	101	15	ladders	ladder	NOUN
fsr-3307	101	16	of	of	ADP
fsr-3307	101	17	other	other	ADJ
fsr-3307	101	18	maturities	maturity	NOUN
fsr-3307	101	19	and	and	CCONJ
fsr-3307	101	20	ladders	ladder	NOUN
fsr-3307	101	21	that	that	PRON
fsr-3307	101	22	are	be	AUX
fsr-3307	101	23	marked	mark	VERB
fsr-3307	101	24	to	to	ADP
fsr-3307	101	25	market	market	NOUN
fsr-3307	101	26	.	.	PUNCT
fsr-3307	102	1	among	among	ADP
fsr-3307	102	2	the	the	DET
fsr-3307	102	3	four	four	NUM
fsr-3307	102	4	asset	asset	NOUN
fsr-3307	102	5	classes	class	NOUN
fsr-3307	102	6	under	under	ADP
fsr-3307	102	7	consideration	consideration	NOUN
fsr-3307	102	8	here	here	ADV
fsr-3307	102	9	,	,	PUNCT
fsr-3307	102	10	u.s	u.s	PROPN
fsr-3307	102	11	.	.	PROPN
fsr-3307	102	12	equities	equity	NOUN
fsr-3307	102	13	and	and	CCONJ
fsr-3307	102	14	international	international	ADJ
fsr-3307	102	15	equities	equity	NOUN
fsr-3307	102	16	offer	offer	VERB
fsr-3307	102	17	the	the	DET
fsr-3307	102	18	best	good	ADJ
fsr-3307	102	19	average	average	ADJ
fsr-3307	102	20	annual	annual	ADJ
fsr-3307	102	21	returns	return	NOUN
fsr-3307	102	22	at	at	ADP
fsr-3307	102	23	12.52	12.52	NUM
fsr-3307	102	24	and	and	CCONJ
fsr-3307	102	25	11.06	11.06	NUM
fsr-3307	102	26	%	%	NOUN
fsr-3307	102	27	,	,	PUNCT
fsr-3307	102	28	respectively	respectively	ADV
fsr-3307	102	29	.	.	PUNCT
fsr-3307	103	1	as	as	SCONJ
fsr-3307	103	2	expected	expect	VERB
fsr-3307	103	3	,	,	PUNCT
fsr-3307	103	4	these	these	DET
fsr-3307	103	5	two	two	NUM
fsr-3307	103	6	asset	asset	NOUN
fsr-3307	103	7	classes	class	NOUN
fsr-3307	103	8	also	also	ADV
fsr-3307	103	9	have	have	VERB
fsr-3307	103	10	the	the	DET
fsr-3307	103	11	highest	high	ADJ
fsr-3307	103	12	risk	risk	NOUN
fsr-3307	103	13	based	base	VERB
fsr-3307	103	14	on	on	ADP
fsr-3307	103	15	the	the	DET
fsr-3307	103	16	standard	standard	ADJ
fsr-3307	103	17	deviations	deviation	NOUN
fsr-3307	103	18	of	of	ADP
fsr-3307	103	19	their	their	PRON
fsr-3307	103	20	returns	return	NOUN
fsr-3307	103	21	.	.	PUNCT
fsr-3307	104	1	between	between	ADP
fsr-3307	104	2	the	the	DET
fsr-3307	104	3	two	two	NUM
fsr-3307	104	4	fixed	fix	VERB
fsr-3307	104	5	-	-	PUNCT
fsr-3307	104	6	income	income	NOUN
fsr-3307	104	7	assets	asset	NOUN
fsr-3307	104	8	,	,	PUNCT
fsr-3307	104	9	the	the	DET
fsr-3307	104	10	bond	bond	NOUN
fsr-3307	104	11	index	index	NOUN
fsr-3307	104	12	has	have	VERB
fsr-3307	104	13	a	a	DET
fsr-3307	104	14	higher	high	ADJ
fsr-3307	104	15	return	return	NOUN
fsr-3307	104	16	but	but	CCONJ
fsr-3307	104	17	also	also	ADV
fsr-3307	104	18	comes	come	VERB
fsr-3307	104	19	with	with	ADP
fsr-3307	104	20	a	a	DET
fsr-3307	104	21	higher	high	ADJ
fsr-3307	104	22	risk	risk	NOUN
fsr-3307	104	23	.	.	PUNCT
fsr-3307	105	1	the	the	DET
fsr-3307	105	2	five	five	NUM
fsr-3307	105	3	-	-	PUNCT
fsr-3307	105	4	year	year	NOUN
fsr-3307	105	5	ladder	ladder	NOUN
fsr-3307	105	6	is	be	AUX
fsr-3307	105	7	the	the	DET
fsr-3307	105	8	safest	safe	ADJ
fsr-3307	105	9	asset	asset	NOUN
fsr-3307	105	10	class	class	NOUN
fsr-3307	105	11	with	with	ADP
fsr-3307	105	12	the	the	DET
fsr-3307	105	13	worst	bad	ADJ
fsr-3307	105	14	return	return	NOUN
fsr-3307	105	15	.	.	PUNCT
fsr-3307	106	1	the	the	DET
fsr-3307	106	2	difference	difference	NOUN
fsr-3307	106	3	in	in	ADP
fsr-3307	106	4	the	the	DET
fsr-3307	106	5	risk	risk	NOUN
fsr-3307	106	6	and	and	CCONJ
fsr-3307	106	7	return	return	VERB
fsr-3307	106	8	between	between	ADP
fsr-3307	106	9	the	the	DET
fsr-3307	106	10	two	two	NUM
fsr-3307	106	11	fixed	fix	VERB
fsr-3307	106	12	income	income	NOUN
fsr-3307	106	13	approaches	approach	NOUN
fsr-3307	106	14	is	be	AUX
fsr-3307	106	15	probably	probably	ADV
fsr-3307	106	16	because	because	SCONJ
fsr-3307	106	17	of	of	ADP
fsr-3307	106	18	the	the	DET
fsr-3307	106	19	higher	high	ADJ
fsr-3307	106	20	credit	credit	NOUN
fsr-3307	106	21	risk	risk	NOUN
fsr-3307	106	22	and	and	CCONJ
fsr-3307	106	23	longer	long	ADJ
fsr-3307	106	24	duration	duration	NOUN
fsr-3307	106	25	associated	associate	VERB
fsr-3307	106	26	with	with	ADP
fsr-3307	106	27	the	the	DET
fsr-3307	106	28	bond	bond	NOUN
fsr-3307	106	29	index	index	NOUN
fsr-3307	106	30	.	.	PUNCT
fsr-3307	107	1	the	the	DET
fsr-3307	107	2	sharpe	sharpe	PROPN
fsr-3307	107	3	ratio	ratio	PROPN
fsr-3307	107	4	points	point	NOUN
fsr-3307	107	5	to	to	ADP
fsr-3307	107	6	the	the	DET
fsr-3307	107	7	five	five	NUM
fsr-3307	107	8	-	-	PUNCT
fsr-3307	107	9	year	year	NOUN
fsr-3307	107	10	ladder	ladder	NOUN
fsr-3307	107	11	being	be	AUX
fsr-3307	107	12	the	the	DET
fsr-3307	107	13	best	good	ADJ
fsr-3307	107	14	asset	asset	NOUN
fsr-3307	107	15	class	class	NOUN
fsr-3307	107	16	because	because	SCONJ
fsr-3307	107	17	of	of	ADP
fsr-3307	107	18	its	its	PRON
fsr-3307	107	19	extremely	extremely	ADV
fsr-3307	107	20	low	low	ADJ
fsr-3307	107	21	risk	risk	NOUN
fsr-3307	107	22	.	.	PUNCT
fsr-3307	108	1	as	as	SCONJ
fsr-3307	108	2	expected	expect	VERB
fsr-3307	108	3	,	,	PUNCT
fsr-3307	108	4	the	the	DET
fsr-3307	108	5	correlation	correlation	NOUN
fsr-3307	108	6	coefficients	coefficient	VERB
fsr-3307	108	7	between	between	ADP
fsr-3307	108	8	equities	equity	NOUN
fsr-3307	108	9	and	and	CCONJ
fsr-3307	108	10	the	the	DET
fsr-3307	108	11	two	two	NUM
fsr-3307	108	12	fixed	fix	VERB
fsr-3307	108	13	-	-	PUNCT
fsr-3307	108	14	income	income	NOUN
fsr-3307	108	15	assets	asset	NOUN
fsr-3307	108	16	are	be	AUX
fsr-3307	108	17	in	in	ADP
fsr-3307	108	18	general	general	ADJ
fsr-3307	108	19	quite	quite	ADV
fsr-3307	108	20	low	low	ADJ
fsr-3307	108	21	.	.	PUNCT
fsr-3307	109	1	the	the	DET
fsr-3307	109	2	next	next	ADJ
fsr-3307	109	3	step	step	NOUN
fsr-3307	109	4	is	be	AUX
fsr-3307	109	5	to	to	PART
fsr-3307	109	6	examine	examine	VERB
fsr-3307	109	7	the	the	DET
fsr-3307	109	8	attractiveness	attractiveness	NOUN
fsr-3307	109	9	of	of	ADP
fsr-3307	109	10	the	the	DET
fsr-3307	109	11	five	five	NUM
fsr-3307	109	12	-	-	PUNCT
fsr-3307	109	13	year	year	NOUN
fsr-3307	109	14	ladder	ladder	NOUN
fsr-3307	109	15	versus	versus	ADP
fsr-3307	109	16	the	the	DET
fsr-3307	109	17	bond	bond	NOUN
fsr-3307	109	18	index	index	NOUN
fsr-3307	109	19	in	in	ADP
fsr-3307	109	20	a	a	DET
fsr-3307	109	21	portfolio	portfolio	NOUN
fsr-3307	109	22	context	context	NOUN
fsr-3307	109	23	.	.	PUNCT
fsr-3307	110	1	we	we	PRON
fsr-3307	110	2	gauge	gauge	VERB
fsr-3307	110	3	their	their	PRON
fsr-3307	110	4	attractiveness	attractiveness	NOUN
fsr-3307	110	5	by	by	ADP
fsr-3307	110	6	comparing	compare	VERB
fsr-3307	110	7	the	the	DET
fsr-3307	110	8	sharpe	sharpe	NOUN
fsr-3307	110	9	ratios	ratio	NOUN
fsr-3307	110	10	of	of	ADP
fsr-3307	110	11	optimal	optimal	ADJ
fsr-3307	110	12	portfolios	portfolio	NOUN
fsr-3307	110	13	making	make	VERB
fsr-3307	110	14	up	up	ADP
fsr-3307	110	15	of	of	ADP
fsr-3307	110	16	u.s	u.s	PROPN
fsr-3307	110	17	.	.	PROPN
fsr-3307	110	18	equities	equities	PROPN
fsr-3307	110	19	,	,	PUNCT
fsr-3307	110	20	international	international	ADJ
fsr-3307	110	21	equities	equity	NOUN
fsr-3307	110	22	,	,	PUNCT
fsr-3307	110	23	and	and	CCONJ
fsr-3307	110	24	each	each	PRON
fsr-3307	110	25	of	of	ADP
fsr-3307	110	26	the	the	DET
fsr-3307	110	27	two	two	NUM
fsr-3307	110	28	fixed	fix	VERB
fsr-3307	110	29	-	-	PUNCT
fsr-3307	110	30	income	income	NOUN
fsr-3307	110	31	assets	asset	NOUN
fsr-3307	110	32	.	.	PUNCT
fsr-3307	111	1	the	the	DET
fsr-3307	111	2	correlation	correlation	NOUN
fsr-3307	111	3	structure	structure	NOUN
fsr-3307	111	4	between	between	ADP
fsr-3307	111	5	the	the	DET
fsr-3307	111	6	ladder	ladder	NOUN
fsr-3307	111	7	and	and	CCONJ
fsr-3307	111	8	the	the	DET
fsr-3307	111	9	two	two	NUM
fsr-3307	111	10	equity	equity	NOUN
fsr-3307	111	11	asset	asset	NOUN
fsr-3307	111	12	classes	class	NOUN
fsr-3307	111	13	and	and	CCONJ
fsr-3307	111	14	the	the	DET
fsr-3307	111	15	ladder	ladder	NOUN
fsr-3307	111	16	’s	’s	PART
fsr-3307	111	17	low	low	ADJ
fsr-3307	111	18	standard	standard	ADJ
fsr-3307	111	19	deviation	deviation	NOUN
fsr-3307	111	20	may	may	AUX
fsr-3307	111	21	make	make	VERB
fsr-3307	111	22	the	the	DET
fsr-3307	111	23	ladder	ladder	NOUN
fsr-3307	111	24	more	more	ADV
fsr-3307	111	25	attractive	attractive	ADJ
fsr-3307	111	26	despite	despite	SCONJ
fsr-3307	111	27	its	its	PRON
fsr-3307	111	28	low	low	ADJ
fsr-3307	111	29	return	return	NOUN
fsr-3307	111	30	.	.	PUNCT
fsr-3307	112	1	the	the	DET
fsr-3307	112	2	most	most	ADV
fsr-3307	112	3	common	common	ADJ
fsr-3307	112	4	way	way	NOUN
fsr-3307	112	5	to	to	PART
fsr-3307	112	6	construct	construct	VERB
fsr-3307	112	7	the	the	DET
fsr-3307	112	8	optimal	optimal	ADJ
fsr-3307	112	9	portfolio	portfolio	NOUN
fsr-3307	112	10	is	be	AUX
fsr-3307	112	11	the	the	DET
fsr-3307	112	12	ex	ex	ADJ
fsr-3307	112	13	post	post	NOUN
fsr-3307	112	14	approach	approach	NOUN
fsr-3307	112	15	.	.	PUNCT
fsr-3307	113	1	specifically	specifically	ADV
fsr-3307	113	2	,	,	PUNCT
fsr-3307	113	3	the	the	DET
fsr-3307	113	4	tangency	tangency	NOUN
fsr-3307	113	5	portfolio	portfolio	NOUN
fsr-3307	113	6	on	on	ADP
fsr-3307	113	7	the	the	DET
fsr-3307	113	8	efficient	efficient	ADJ
fsr-3307	113	9	frontier	frontier	NOUN
fsr-3307	113	10	is	be	AUX
fsr-3307	113	11	obtained	obtain	VERB
fsr-3307	113	12	by	by	ADP
fsr-3307	113	13	using	use	VERB
fsr-3307	113	14	the	the	DET
fsr-3307	113	15	historical	historical	ADJ
fsr-3307	113	16	average	average	ADJ
fsr-3307	113	17	return	return	NOUN
fsr-3307	113	18	of	of	ADP
fsr-3307	113	19	t	t	PROPN
fsr-3307	113	20	-	-	PUNCT
fsr-3307	113	21	bill	bill	NOUN
fsr-3307	113	22	as	as	ADP
fsr-3307	113	23	the	the	DET
fsr-3307	113	24	risk	risk	NOUN
fsr-3307	113	25	-	-	PUNCT
fsr-3307	113	26	free	free	ADJ
fsr-3307	113	27	interest	interest	NOUN
fsr-3307	113	28	rate	rate	NOUN
fsr-3307	113	29	.	.	PUNCT
fsr-3307	114	1	we	we	PRON
fsr-3307	114	2	then	then	ADV
fsr-3307	114	3	examine	examine	VERB
fsr-3307	114	4	the	the	DET
fsr-3307	114	5	relative	relative	ADJ
fsr-3307	114	6	attractiveness	attractiveness	NOUN
fsr-3307	114	7	of	of	ADP
fsr-3307	114	8	the	the	DET
fsr-3307	114	9	two	two	NUM
fsr-3307	114	10	fixed	fix	VERB
fsr-3307	114	11	-	-	PUNCT
fsr-3307	114	12	income	income	NOUN
fsr-3307	114	13	assets	asset	NOUN
fsr-3307	114	14	by	by	ADP
fsr-3307	114	15	comparing	compare	VERB
fsr-3307	114	16	the	the	DET
fsr-3307	114	17	sharpe	sharpe	NOUN
fsr-3307	114	18	ratios	ratio	NOUN
fsr-3307	114	19	of	of	ADP
fsr-3307	114	20	the	the	DET
fsr-3307	114	21	tangency	tangency	NOUN
fsr-3307	114	22	portfolios	portfolio	NOUN
fsr-3307	114	23	based	base	VERB
fsr-3307	114	24	on	on	ADP
fsr-3307	114	25	a	a	DET
fsr-3307	114	26	ladder	ladder	NOUN
fsr-3307	114	27	with	with	ADP
fsr-3307	114	28	united	united	PROPN
fsr-3307	114	29	states	states	PROPN
fsr-3307	114	30	and	and	CCONJ
fsr-3307	114	31	international	international	ADJ
fsr-3307	114	32	equities	equity	NOUN
fsr-3307	114	33	and	and	CCONJ
fsr-3307	114	34	the	the	DET
fsr-3307	114	35	bond	bond	NOUN
fsr-3307	114	36	index	index	NOUN
fsr-3307	114	37	with	with	ADP
fsr-3307	114	38	united	united	PROPN
fsr-3307	114	39	states	states	PROPN
fsr-3307	114	40	and	and	CCONJ
fsr-3307	114	41	international	international	ADJ
fsr-3307	114	42	equities	equity	NOUN
fsr-3307	114	43	according	accord	VERB
fsr-3307	114	44	to	to	ADP
fsr-3307	114	45	eq	eq	PROPN
fsr-3307	114	46	.	.	PUNCT
fsr-3307	115	1	(	(	PUNCT
fsr-3307	115	2	2	2	NUM
fsr-3307	115	3	)	)	PUNCT
fsr-3307	115	4	.	.	PUNCT
fsr-3307	116	1	in	in	ADP
fsr-3307	116	2	addition	addition	NOUN
fsr-3307	116	3	to	to	ADP
fsr-3307	116	4	the	the	DET
fsr-3307	116	5	ex	ex	ADJ
fsr-3307	116	6	post	post	NOUN
fsr-3307	116	7	approach	approach	NOUN
fsr-3307	116	8	,	,	PUNCT
fsr-3307	116	9	we	we	PRON
fsr-3307	116	10	also	also	ADV
fsr-3307	116	11	consider	consider	VERB
fsr-3307	116	12	the	the	DET
fsr-3307	116	13	resulting	result	VERB
fsr-3307	116	14	sharpe	sharpe	NOUN
fsr-3307	116	15	ratios	ratio	NOUN
fsr-3307	116	16	at	at	ADP
fsr-3307	116	17	different	different	ADJ
fsr-3307	116	18	values	value	NOUN
fsr-3307	116	19	of	of	ADP
fsr-3307	116	20	the	the	DET
fsr-3307	116	21	risk	risk	NOUN
fsr-3307	116	22	-	-	PUNCT
fsr-3307	116	23	free	free	ADJ
fsr-3307	116	24	rate	rate	NOUN
fsr-3307	116	25	rf	rf	NOUN
fsr-3307	116	26	in	in	ADP
fsr-3307	116	27	eq	eq	ADP
fsr-3307	116	28	.	.	PUNCT
fsr-3307	117	1	(	(	PUNCT
fsr-3307	117	2	2	2	NUM
fsr-3307	117	3	)	)	PUNCT
fsr-3307	117	4	.	.	PUNCT
fsr-3307	118	1	by	by	ADP
fsr-3307	118	2	varying	vary	VERB
fsr-3307	118	3	rf	rf	NOUN
fsr-3307	118	4	,	,	PUNCT
fsr-3307	118	5	we	we	PRON
fsr-3307	118	6	in	in	ADP
fsr-3307	118	7	effect	effect	NOUN
fsr-3307	118	8	trace	trace	NOUN
fsr-3307	118	9	out	out	ADP
fsr-3307	118	10	the	the	DET
fsr-3307	118	11	efficient	efficient	ADJ
fsr-3307	118	12	frontier	frontier	NOUN
fsr-3307	118	13	by	by	ADP
fsr-3307	118	14	solving	solve	VERB
fsr-3307	118	15	for	for	ADP
fsr-3307	118	16	different	different	ADJ
fsr-3307	118	17	tangency	tangency	NOUN
fsr-3307	118	18	portfolios.12	portfolios.12	NOUN
fsr-3307	118	19	this	this	DET
fsr-3307	118	20	approach	approach	NOUN
fsr-3307	118	21	allows	allow	VERB
fsr-3307	118	22	us	we	PRON
fsr-3307	118	23	to	to	PART
fsr-3307	118	24	solve	solve	VERB
fsr-3307	118	25	for	for	ADP
fsr-3307	118	26	different	different	ADJ
fsr-3307	118	27	optimal	optimal	ADJ
fsr-3307	118	28	portfolios	portfolio	NOUN
fsr-3307	118	29	on	on	ADP
fsr-3307	118	30	the	the	DET
fsr-3307	118	31	frontier	frontier	NOUN
fsr-3307	118	32	for	for	ADP
fsr-3307	118	33	investors	investor	NOUN
fsr-3307	118	34	with	with	ADP
fsr-3307	118	35	different	different	ADJ
fsr-3307	118	36	risk	risk	NOUN
fsr-3307	118	37	aversion	aversion	NOUN
fsr-3307	118	38	parameters	parameter	NOUN
fsr-3307	118	39	.	.	PUNCT
fsr-3307	119	1	thus	thus	ADV
fsr-3307	119	2	,	,	PUNCT
fsr-3307	119	3	we	we	PRON
fsr-3307	119	4	can	can	AUX
fsr-3307	119	5	ascertain	ascertain	VERB
fsr-3307	119	6	the	the	DET
fsr-3307	119	7	diversification	diversification	NOUN
fsr-3307	119	8	benefits	benefit	NOUN
fsr-3307	119	9	to	to	ADP
fsr-3307	119	10	investors	investor	NOUN
fsr-3307	119	11	with	with	ADP
fsr-3307	119	12	different	different	ADJ
fsr-3307	119	13	degrees	degree	NOUN
fsr-3307	119	14	of	of	ADP
fsr-3307	119	15	risk	risk	NOUN
fsr-3307	119	16	aversion	aversion	NOUN
fsr-3307	119	17	based	base	VERB
fsr-3307	119	18	on	on	ADP
fsr-3307	119	19	the	the	DET
fsr-3307	119	20	sharpe	sharpe	PROPN
fsr-3307	119	21	ratios	ratio	NOUN
fsr-3307	119	22	and	and	CCONJ
fsr-3307	119	23	their	their	PRON
fsr-3307	119	24	statistical	statistical	ADJ
fsr-3307	119	25	significance	significance	NOUN
fsr-3307	119	26	.	.	PUNCT
fsr-3307	120	1	this	this	PRON
fsr-3307	120	2	should	should	AUX
fsr-3307	120	3	be	be	AUX
fsr-3307	120	4	a	a	DET
fsr-3307	120	5	useful	useful	ADJ
fsr-3307	120	6	exercise	exercise	NOUN
fsr-3307	120	7	for	for	ADP
fsr-3307	120	8	dissecting	dissect	VERB
fsr-3307	120	9	the	the	DET
fsr-3307	120	10	performance	performance	NOUN
fsr-3307	120	11	of	of	ADP
fsr-3307	120	12	the	the	DET
fsr-3307	120	13	ladder	ladder	NOUN
fsr-3307	120	14	strategy	strategy	NOUN
fsr-3307	120	15	since	since	SCONJ
fsr-3307	120	16	its	its	PRON
fsr-3307	120	17	lower	low	ADJ
fsr-3307	120	18	standard	standard	ADJ
fsr-3307	120	19	deviation	deviation	NOUN
fsr-3307	120	20	of	of	ADP
fsr-3307	120	21	returns	return	NOUN
fsr-3307	120	22	(	(	PUNCT
fsr-3307	120	23	table	table	NOUN
fsr-3307	120	24	1	1	NUM
fsr-3307	120	25	)	)	PUNCT
fsr-3307	120	26	suggests	suggest	VERB
fsr-3307	120	27	it	it	PRON
fsr-3307	120	28	is	be	AUX
fsr-3307	120	29	a	a	DET
fsr-3307	120	30	somewhat	somewhat	ADV
fsr-3307	120	31	less	less	ADV
fsr-3307	120	32	risky	risky	ADJ
fsr-3307	120	33	way	way	NOUN
fsr-3307	120	34	to	to	PART
fsr-3307	120	35	invest	invest	VERB
fsr-3307	120	36	in	in	ADP
fsr-3307	120	37	bonds	bond	NOUN
fsr-3307	120	38	relative	relative	ADJ
fsr-3307	120	39	to	to	ADP
fsr-3307	120	40	simple	simple	ADJ
fsr-3307	120	41	bond	bond	NOUN
fsr-3307	120	42	indexing	indexing	NOUN
fsr-3307	120	43	.	.	PUNCT
fsr-3307	121	1	this	this	PRON
fsr-3307	121	2	may	may	AUX
fsr-3307	121	3	make	make	VERB
fsr-3307	121	4	laddering	ladder	VERB
fsr-3307	121	5	a	a	DET
fsr-3307	121	6	more	more	ADV
fsr-3307	121	7	suitable	suitable	ADJ
fsr-3307	121	8	bond	bond	NOUN
fsr-3307	121	9	strategy	strategy	NOUN
fsr-3307	121	10	for	for	ADP
fsr-3307	121	11	conservative	conservative	ADJ
fsr-3307	121	12	investors	investor	NOUN
fsr-3307	121	13	holding	hold	VERB
fsr-3307	121	14	a	a	DET
fsr-3307	121	15	diversified	diversified	ADJ
fsr-3307	121	16	portfolio	portfolio	NOUN
fsr-3307	121	17	of	of	ADP
fsr-3307	121	18	equity	equity	NOUN
fsr-3307	121	19	and	and	CCONJ
fsr-3307	121	20	fixed	fix	VERB
fsr-3307	121	21	-	-	PUNCT
fsr-3307	121	22	income	income	NOUN
fsr-3307	121	23	assets	asset	NOUN
fsr-3307	121	24	.	.	PUNCT
fsr-3307	122	1	by	by	ADP
fsr-3307	122	2	allowing	allow	VERB
fsr-3307	122	3	for	for	ADP
fsr-3307	122	4	different	different	ADJ
fsr-3307	122	5	degrees	degree	NOUN
fsr-3307	122	6	of	of	ADP
fsr-3307	122	7	risk	risk	NOUN
fsr-3307	122	8	aversion	aversion	NOUN
fsr-3307	122	9	,	,	PUNCT
fsr-3307	122	10	we	we	PRON
fsr-3307	122	11	will	will	AUX
fsr-3307	122	12	be	be	AUX
fsr-3307	122	13	able	able	ADJ
fsr-3307	122	14	to	to	PART
fsr-3307	122	15	examine	examine	VERB
fsr-3307	122	16	the	the	DET
fsr-3307	122	17	suitability	suitability	NOUN
fsr-3307	122	18	of	of	ADP
fsr-3307	122	19	the	the	DET
fsr-3307	122	20	two	two	NUM
fsr-3307	122	21	bond	bond	NOUN
fsr-3307	122	22	strategies	strategy	NOUN
fsr-3307	122	23	for	for	ADP
fsr-3307	122	24	investors	investor	NOUN
fsr-3307	122	25	of	of	ADP
fsr-3307	122	26	different	different	ADJ
fsr-3307	122	27	risk	risk	NOUN
fsr-3307	122	28	preferences	preference	NOUN
fsr-3307	122	29	.	.	PUNCT
fsr-3307	123	1	table	table	NOUN
fsr-3307	123	2	2	2	NUM
fsr-3307	123	3	reports	report	VERB
fsr-3307	123	4	the	the	DET
fsr-3307	123	5	attractiveness	attractiveness	NOUN
fsr-3307	123	6	of	of	ADP
fsr-3307	123	7	the	the	DET
fsr-3307	123	8	ladder	ladder	NOUN
fsr-3307	123	9	approach	approach	NOUN
fsr-3307	123	10	versus	versus	ADP
fsr-3307	123	11	the	the	DET
fsr-3307	123	12	bond	bond	NOUN
fsr-3307	123	13	index	index	NOUN
fsr-3307	123	14	in	in	ADP
fsr-3307	123	15	a	a	DET
fsr-3307	123	16	portfolio	portfolio	NOUN
fsr-3307	123	17	context	context	NOUN
fsr-3307	123	18	.	.	PUNCT
fsr-3307	124	1	the	the	DET
fsr-3307	124	2	results	result	NOUN
fsr-3307	124	3	are	be	AUX
fsr-3307	124	4	consistent	consistent	ADJ
fsr-3307	124	5	with	with	ADP
fsr-3307	124	6	the	the	DET
fsr-3307	124	7	univariate	univariate	ADJ
fsr-3307	124	8	results	result	NOUN
fsr-3307	124	9	in	in	ADP
fsr-3307	124	10	table	table	NOUN
fsr-3307	124	11	1	1	NUM
fsr-3307	124	12	,	,	PUNCT
fsr-3307	124	13	which	which	PRON
fsr-3307	124	14	show	show	VERB
fsr-3307	124	15	that	that	SCONJ
fsr-3307	124	16	both	both	DET
fsr-3307	124	17	fixed	fix	VERB
fsr-3307	124	18	-	-	PUNCT
fsr-3307	124	19	income	income	NOUN
fsr-3307	124	20	assets	asset	NOUN
fsr-3307	124	21	have	have	VERB
fsr-3307	124	22	the	the	DET
fsr-3307	124	23	highest	high	ADJ
fsr-3307	124	24	sharpe	sharpe	NOUN
fsr-3307	124	25	ratios	ratio	NOUN
fsr-3307	124	26	among	among	ADP
fsr-3307	124	27	all	all	DET
fsr-3307	124	28	asset	asset	NOUN
fsr-3307	124	29	classes	class	NOUN
fsr-3307	124	30	.	.	PUNCT
fsr-3307	125	1	they	they	PRON
fsr-3307	125	2	continue	continue	VERB
fsr-3307	125	3	to	to	PART
fsr-3307	125	4	play	play	VERB
fsr-3307	125	5	a	a	DET
fsr-3307	125	6	dominant	dominant	ADJ
fsr-3307	125	7	role	role	NOUN
fsr-3307	125	8	in	in	ADP
fsr-3307	125	9	the	the	DET
fsr-3307	125	10	optimal	optimal	ADJ
fsr-3307	125	11	portfolios	portfolio	NOUN
fsr-3307	125	12	.	.	PUNCT
fsr-3307	126	1	panel	panel	NOUN
fsr-3307	126	2	a	a	PRON
fsr-3307	126	3	in	in	ADP
fsr-3307	126	4	table	table	NOUN
fsr-3307	126	5	2	2	NUM
fsr-3307	126	6	pertains	pertain	NOUN
fsr-3307	126	7	to	to	ADP
fsr-3307	126	8	the	the	DET
fsr-3307	126	9	case	case	NOUN
fsr-3307	126	10	where	where	SCONJ
fsr-3307	126	11	portfolios	portfolio	NOUN
fsr-3307	126	12	are	be	AUX
fsr-3307	126	13	formed	form	VERB
fsr-3307	126	14	with	with	ADP
fsr-3307	126	15	the	the	DET
fsr-3307	126	16	two	two	NUM
fsr-3307	126	17	equity	equity	NOUN
fsr-3307	126	18	assets	asset	NOUN
fsr-3307	126	19	and	and	CCONJ
fsr-3307	126	20	the	the	DET
fsr-3307	126	21	five	five	NUM
fsr-3307	126	22	-	-	PUNCT
fsr-3307	126	23	year	year	NOUN
fsr-3307	126	24	ladder	ladder	NOUN
fsr-3307	126	25	.	.	PUNCT
fsr-3307	127	1	when	when	SCONJ
fsr-3307	127	2	the	the	DET
fsr-3307	127	3	risk	risk	NOUN
fsr-3307	127	4	-	-	PUNCT
fsr-3307	127	5	free	free	ADJ
fsr-3307	127	6	rate	rate	NOUN
fsr-3307	127	7	is	be	AUX
fsr-3307	127	8	zero	zero	NUM
fsr-3307	127	9	,	,	PUNCT
fsr-3307	127	10	the	the	DET
fsr-3307	127	11	ladder	ladder	NOUN
fsr-3307	127	12	makes	make	VERB
fsr-3307	127	13	up	up	ADP
fsr-3307	127	14	about	about	ADV
fsr-3307	127	15	96	96	NUM
fsr-3307	127	16	%	%	NOUN
fsr-3307	127	17	of	of	ADP
fsr-3307	127	18	the	the	DET
fsr-3307	127	19	optimal	optimal	ADJ
fsr-3307	127	20	portfolio	portfolio	NOUN
fsr-3307	127	21	.	.	PUNCT
fsr-3307	128	1	note	note	VERB
fsr-3307	128	2	that	that	SCONJ
fsr-3307	128	3	a	a	DET
fsr-3307	128	4	zero	zero	NUM
fsr-3307	128	5	risk	risk	NOUN
fsr-3307	128	6	-	-	PUNCT
fsr-3307	128	7	free	free	ADJ
fsr-3307	128	8	rate	rate	NOUN
fsr-3307	128	9	corresponds	correspond	VERB
fsr-3307	128	10	to	to	ADP
fsr-3307	128	11	a	a	DET
fsr-3307	128	12	highly	highly	ADV
fsr-3307	128	13	risk	risk	NOUN
fsr-3307	128	14	averse	averse	ADJ
fsr-3307	128	15	investor	investor	NOUN
fsr-3307	128	16	who	who	PRON
fsr-3307	128	17	loads	load	VERB
fsr-3307	128	18	up	up	ADP
fsr-3307	128	19	with	with	ADP
fsr-3307	128	20	bonds	bond	NOUN
fsr-3307	128	21	at	at	ADP
fsr-3307	128	22	the	the	DET
fsr-3307	128	23	expense	expense	NOUN
fsr-3307	128	24	of	of	ADP
fsr-3307	128	25	equities	equity	NOUN
fsr-3307	128	26	.	.	PUNCT
fsr-3307	129	1	as	as	ADP
fsr-3307	129	2	the	the	DET
fsr-3307	129	3	risk	risk	NOUN
fsr-3307	129	4	-	-	PUNCT
fsr-3307	129	5	free	free	ADJ
fsr-3307	129	6	rate	rate	NOUN
fsr-3307	129	7	increases	increase	NOUN
fsr-3307	129	8	,	,	PUNCT
fsr-3307	129	9	u.s	u.s	PROPN
fsr-3307	129	10	.	.	PROPN
fsr-3307	129	11	equities	equity	NOUN
fsr-3307	129	12	start	start	VERB
fsr-3307	129	13	entering	enter	VERB
fsr-3307	129	14	into	into	ADP
fsr-3307	129	15	the	the	DET
fsr-3307	129	16	optimal	optimal	ADJ
fsr-3307	129	17	portfolios	portfolio	NOUN
fsr-3307	129	18	.	.	PUNCT
fsr-3307	130	1	higher	high	ADJ
fsr-3307	130	2	risk	risk	NOUN
fsr-3307	130	3	-	-	PUNCT
fsr-3307	130	4	free	free	ADJ
fsr-3307	130	5	rates	rate	NOUN
fsr-3307	130	6	correspond	correspond	VERB
fsr-3307	130	7	to	to	ADP
fsr-3307	130	8	investors	investor	NOUN
fsr-3307	130	9	with	with	ADP
fsr-3307	130	10	higher	high	ADJ
fsr-3307	130	11	risk	risk	NOUN
fsr-3307	130	12	tolerance	tolerance	NOUN
fsr-3307	130	13	.	.	PUNCT
fsr-3307	131	1	186	186	NUM
fsr-3307	131	2	c.s	c.s	PROPN
fsr-3307	131	3	.	.	PROPN
fsr-3307	131	4	cheung	cheung	PROPN
fsr-3307	131	5	,	,	PUNCT
fsr-3307	131	6	p.	p.	PROPN
fsr-3307	131	7	miu	miu	PROPN
fsr-3307	131	8	/	/	SYM
fsr-3307	131	9	financial	financial	ADJ
fsr-3307	131	10	services	service	NOUN
fsr-3307	131	11	review	review	VERB
fsr-3307	131	12	26	26	NUM
fsr-3307	131	13	(	(	PUNCT
fsr-3307	131	14	2017	2017	NUM
fsr-3307	131	15	)	)	PUNCT
fsr-3307	131	16	181–203	181–203	NUM
fsr-3307	131	17	based	base	VERB
fsr-3307	131	18	on	on	ADP
fsr-3307	131	19	the	the	DET
fsr-3307	131	20	annual	annual	ADJ
fsr-3307	131	21	ex	ex	ADJ
fsr-3307	131	22	post	post	NOUN
fsr-3307	131	23	risk	risk	NOUN
fsr-3307	131	24	-	-	PUNCT
fsr-3307	131	25	free	free	ADJ
fsr-3307	131	26	rate	rate	NOUN
fsr-3307	131	27	of	of	ADP
fsr-3307	131	28	4.56	4.56	NUM
fsr-3307	131	29	%	%	NOUN
fsr-3307	131	30	,	,	PUNCT
fsr-3307	131	31	the	the	DET
fsr-3307	131	32	optimal	optimal	ADJ
fsr-3307	131	33	portfolio	portfolio	NOUN
fsr-3307	131	34	consists	consist	VERB
fsr-3307	131	35	of	of	ADP
fsr-3307	131	36	about	about	ADV
fsr-3307	131	37	12	12	NUM
fsr-3307	131	38	%	%	NOUN
fsr-3307	131	39	in	in	ADP
fsr-3307	131	40	u.s	u.s	PROPN
fsr-3307	131	41	.	.	PROPN
fsr-3307	131	42	equities	equity	NOUN
fsr-3307	131	43	and	and	CCONJ
fsr-3307	131	44	88	88	NUM
fsr-3307	131	45	%	%	NOUN
fsr-3307	131	46	in	in	ADP
fsr-3307	131	47	the	the	DET
fsr-3307	131	48	five	five	NUM
fsr-3307	131	49	-	-	PUNCT
fsr-3307	131	50	year	year	NOUN
fsr-3307	131	51	ladder	ladder	NOUN
fsr-3307	131	52	.	.	PUNCT
fsr-3307	132	1	international	international	ADJ
fsr-3307	132	2	equities	equity	NOUN
fsr-3307	132	3	do	do	AUX
fsr-3307	132	4	not	not	PART
fsr-3307	132	5	play	play	VERB
fsr-3307	132	6	any	any	DET
fsr-3307	132	7	role	role	NOUN
fsr-3307	132	8	in	in	ADP
fsr-3307	132	9	the	the	DET
fsr-3307	132	10	optimal	optimal	ADJ
fsr-3307	132	11	portfolios	portfolio	NOUN
fsr-3307	132	12	.	.	PUNCT
fsr-3307	133	1	an	an	DET
fsr-3307	133	2	interesting	interesting	ADJ
fsr-3307	133	3	finding	finding	NOUN
fsr-3307	133	4	is	be	AUX
fsr-3307	133	5	that	that	SCONJ
fsr-3307	133	6	the	the	DET
fsr-3307	133	7	home	home	NOUN
fsr-3307	133	8	bias	bias	NOUN
fsr-3307	133	9	,	,	PUNCT
fsr-3307	133	10	which	which	PRON
fsr-3307	133	11	is	be	AUX
fsr-3307	133	12	deemed	deem	VERB
fsr-3307	133	13	to	to	PART
fsr-3307	133	14	be	be	AUX
fsr-3307	133	15	undesirable	undesirable	ADJ
fsr-3307	133	16	in	in	ADP
fsr-3307	133	17	the	the	DET
fsr-3307	133	18	finance	finance	NOUN
fsr-3307	133	19	literature	literature	NOUN
fsr-3307	133	20	,	,	PUNCT
fsr-3307	133	21	virtually	virtually	ADV
fsr-3307	133	22	causes	cause	VERB
fsr-3307	133	23	no	no	DET
fsr-3307	133	24	harm	harm	NOUN
fsr-3307	133	25	here	here	ADV
fsr-3307	133	26	because	because	SCONJ
fsr-3307	133	27	of	of	ADP
fsr-3307	133	28	the	the	DET
fsr-3307	133	29	unattractive	unattractive	ADJ
fsr-3307	133	30	risk	risk	NOUN
fsr-3307	133	31	-	-	PUNCT
fsr-3307	133	32	return	return	NOUN
fsr-3307	133	33	characteristics	characteristic	NOUN
fsr-3307	133	34	of	of	ADP
fsr-3307	133	35	the	the	DET
fsr-3307	133	36	international	international	ADJ
fsr-3307	133	37	equities	equity	NOUN
fsr-3307	133	38	during	during	ADP
fsr-3307	133	39	our	our	PRON
fsr-3307	133	40	sample	sample	NOUN
fsr-3307	133	41	period	period	NOUN
fsr-3307	133	42	.	.	PUNCT
fsr-3307	134	1	panel	panel	NOUN
fsr-3307	134	2	b	b	PROPN
fsr-3307	134	3	in	in	ADP
fsr-3307	134	4	table	table	NOUN
fsr-3307	134	5	2	2	NUM
fsr-3307	134	6	contains	contain	VERB
fsr-3307	134	7	the	the	DET
fsr-3307	134	8	results	result	NOUN
fsr-3307	134	9	for	for	ADP
fsr-3307	134	10	the	the	DET
fsr-3307	134	11	bond	bond	NOUN
fsr-3307	134	12	index	index	NOUN
fsr-3307	134	13	.	.	PUNCT
fsr-3307	135	1	similar	similar	ADJ
fsr-3307	135	2	to	to	ADP
fsr-3307	135	3	the	the	DET
fsr-3307	135	4	above	above	ADJ
fsr-3307	135	5	portfolio	portfolio	NOUN
fsr-3307	135	6	results	result	NOUN
fsr-3307	135	7	for	for	ADP
fsr-3307	135	8	the	the	DET
fsr-3307	135	9	five	five	NUM
fsr-3307	135	10	-	-	PUNCT
fsr-3307	135	11	year	year	NOUN
fsr-3307	135	12	ladder	ladder	NOUN
fsr-3307	135	13	,	,	PUNCT
fsr-3307	135	14	the	the	DET
fsr-3307	135	15	bond	bond	NOUN
fsr-3307	135	16	index	index	NOUN
fsr-3307	135	17	is	be	AUX
fsr-3307	135	18	a	a	DET
fsr-3307	135	19	dominant	dominant	ADJ
fsr-3307	135	20	asset	asset	NOUN
fsr-3307	135	21	class	class	NOUN
fsr-3307	135	22	especially	especially	ADV
fsr-3307	135	23	at	at	ADP
fsr-3307	135	24	lower	low	ADJ
fsr-3307	135	25	levels	level	NOUN
fsr-3307	135	26	of	of	ADP
fsr-3307	135	27	risk	risk	NOUN
fsr-3307	135	28	-	-	PUNCT
fsr-3307	135	29	free	free	ADJ
fsr-3307	135	30	rates	rate	NOUN
fsr-3307	135	31	.	.	PUNCT
fsr-3307	136	1	this	this	PRON
fsr-3307	136	2	comes	come	VERB
fsr-3307	136	3	as	as	ADP
fsr-3307	136	4	no	no	DET
fsr-3307	136	5	surprise	surprise	NOUN
fsr-3307	136	6	as	as	ADP
fsr-3307	136	7	low	low	ADJ
fsr-3307	136	8	levels	level	NOUN
fsr-3307	136	9	of	of	ADP
fsr-3307	136	10	risk	risk	NOUN
fsr-3307	136	11	-	-	PUNCT
fsr-3307	136	12	free	free	ADJ
fsr-3307	136	13	rates	rate	NOUN
fsr-3307	136	14	correspond	correspond	VERB
fsr-3307	136	15	to	to	ADP
fsr-3307	136	16	investors	investor	NOUN
fsr-3307	136	17	with	with	ADP
fsr-3307	136	18	high	high	ADJ
fsr-3307	136	19	risk	risk	NOUN
fsr-3307	136	20	aversion	aversion	NOUN
fsr-3307	136	21	.	.	PUNCT
fsr-3307	137	1	comparing	compare	VERB
fsr-3307	137	2	the	the	DET
fsr-3307	137	3	ladder	ladder	NOUN
fsr-3307	137	4	portfolio	portfolio	NOUN
fsr-3307	137	5	results	result	VERB
fsr-3307	137	6	in	in	ADP
fsr-3307	137	7	panel	panel	NOUN
fsr-3307	137	8	a	a	PRON
fsr-3307	137	9	with	with	ADP
fsr-3307	137	10	those	those	PRON
fsr-3307	137	11	for	for	ADP
fsr-3307	137	12	the	the	DET
fsr-3307	137	13	bond	bond	NOUN
fsr-3307	137	14	index	index	NOUN
fsr-3307	137	15	in	in	ADP
fsr-3307	137	16	panel	panel	NOUN
fsr-3307	137	17	b	b	PROPN
fsr-3307	137	18	,	,	PUNCT
fsr-3307	137	19	note	note	VERB
fsr-3307	137	20	that	that	SCONJ
fsr-3307	137	21	the	the	DET
fsr-3307	137	22	efficient	efficient	ADJ
fsr-3307	137	23	frontier	frontier	NOUN
fsr-3307	137	24	with	with	ADP
fsr-3307	137	25	the	the	DET
fsr-3307	137	26	ladder	ladder	NOUN
fsr-3307	137	27	intersects	intersect	VERB
fsr-3307	137	28	the	the	DET
fsr-3307	137	29	efficient	efficient	ADJ
fsr-3307	137	30	frontier	frontier	NOUN
fsr-3307	137	31	with	with	ADP
fsr-3307	137	32	the	the	DET
fsr-3307	137	33	bond	bond	NOUN
fsr-3307	137	34	table	table	NOUN
fsr-3307	137	35	2	2	NUM
fsr-3307	137	36	optimal	optimal	ADJ
fsr-3307	137	37	portfolio	portfolio	NOUN
fsr-3307	137	38	allocations	allocation	NOUN
fsr-3307	137	39	with	with	ADP
fsr-3307	137	40	short	short	ADJ
fsr-3307	137	41	sale	sale	NOUN
fsr-3307	137	42	disallowed	disallow	VERB
fsr-3307	137	43	at	at	ADP
fsr-3307	137	44	different	different	ADJ
fsr-3307	137	45	levels	level	NOUN
fsr-3307	137	46	of	of	ADP
fsr-3307	137	47	risk	risk	NOUN
fsr-3307	137	48	-	-	PUNCT
fsr-3307	137	49	free	free	ADJ
fsr-3307	137	50	interest	interest	NOUN
fsr-3307	137	51	rates	rate	NOUN
fsr-3307	137	52	panel	panel	VERB
fsr-3307	137	53	a	a	X
fsr-3307	137	54	:	:	PUNCT
fsr-3307	137	55	with	with	ADP
fsr-3307	137	56	five	five	NUM
fsr-3307	137	57	-	-	PUNCT
fsr-3307	137	58	year	year	NOUN
fsr-3307	137	59	ladder	ladder	NOUN
fsr-3307	137	60	strategy	strategy	NOUN
fsr-3307	137	61	risk	risk	NOUN
fsr-3307	137	62	-	-	PUNCT
fsr-3307	137	63	free	free	ADJ
fsr-3307	137	64	rate	rate	NOUN
fsr-3307	137	65	portfolio	portfolio	NOUN
fsr-3307	137	66	weights	weight	NOUN
fsr-3307	137	67	mean	mean	VERB
fsr-3307	137	68	return	return	VERB
fsr-3307	137	69	standard	standard	ADJ
fsr-3307	137	70	deviation	deviation	NOUN
fsr-3307	137	71	of	of	ADP
fsr-3307	137	72	return	return	NOUN
fsr-3307	137	73	sharpe	sharpe	PROPN
fsr-3307	137	74	ratiocrsp	ratiocrsp	PROPN
fsr-3307	137	75	vw	vw	PROPN
fsr-3307	137	76	msci	msci	PROPN
fsr-3307	137	77	-	-	PUNCT
fsr-3307	137	78	eafe	eafe	ADJ
fsr-3307	137	79	five	five	NUM
fsr-3307	137	80	-	-	PUNCT
fsr-3307	137	81	year	year	NOUN
fsr-3307	137	82	ladder	ladder	NOUN
fsr-3307	137	83	0.0000	0.0000	NUM
fsr-3307	138	1	0.0366	0.0366	NUM
fsr-3307	138	2	0.0000	0.0000	NUM
fsr-3307	138	3	0.9634	0.9634	NUM
fsr-3307	138	4	0.0654	0.0654	NUM
fsr-3307	138	5	0.0312	0.0312	NUM
fsr-3307	138	6	2.096	2.096	NUM
fsr-3307	138	7	0.0100	0.0100	NUM
fsr-3307	138	8	0.0426	0.0426	NUM
fsr-3307	138	9	0.0000	0.0000	NUM
fsr-3307	138	10	0.9574	0.9574	NUM
fsr-3307	138	11	0.0658	0.0658	NUM
fsr-3307	138	12	0.0314	0.0314	NUM
fsr-3307	138	13	1.776	1.776	NUM
fsr-3307	138	14	0.0200	0.0200	NUM
fsr-3307	138	15	0.0515	0.0515	NUM
fsr-3307	138	16	0.0000	0.0000	NUM
fsr-3307	138	17	0.9485	0.9485	NUM
fsr-3307	138	18	0.0663	0.0663	NUM
fsr-3307	138	19	0.0317	0.0317	NUM
fsr-3307	138	20	1.459	1.459	NUM
fsr-3307	138	21	0.0300	0.0300	NUM
fsr-3307	138	22	0.0656	0.0656	NUM
fsr-3307	138	23	0.0000	0.0000	NUM
fsr-3307	138	24	0.9344	0.9344	NUM
fsr-3307	138	25	0.0672	0.0672	NUM
fsr-3307	138	26	0.0324	0.0324	NUM
fsr-3307	138	27	1.147	1.147	NUM
fsr-3307	138	28	0.0400	0.0400	NUM
fsr-3307	138	29	0.0917	0.0917	NUM
fsr-3307	138	30	0.0000	0.0000	NUM
fsr-3307	138	31	0.9083	0.9083	NUM
fsr-3307	138	32	0.0688	0.0688	NUM
fsr-3307	138	33	0.0341	0.0341	NUM
fsr-3307	138	34	0.845	0.845	NUM
fsr-3307	138	35	0.0500	0.0500	NUM
fsr-3307	138	36	0.1569	0.1569	NUM
fsr-3307	138	37	0.0000	0.0000	NUM
fsr-3307	138	38	0.8431	0.8431	NUM
fsr-3307	138	39	0.0729	0.0729	NUM
fsr-3307	138	40	0.0401	0.0401	NUM
fsr-3307	138	41	0.570	0.570	NUM
fsr-3307	138	42	0.0600	0.0600	NUM
fsr-3307	138	43	0.6074	0.6074	NUM
fsr-3307	138	44	0.0000	0.0000	NUM
fsr-3307	138	45	0.3926	0.3926	NUM
fsr-3307	138	46	0.1008	0.1008	NUM
fsr-3307	138	47	0.1067	0.1067	NUM
fsr-3307	138	48	0.383	0.383	NUM
fsr-3307	138	49	0.0700	0.0700	NUM
fsr-3307	138	50	1.0000	1.0000	NUM
fsr-3307	138	51	0.0000	0.0000	NUM
fsr-3307	138	52	0.0000	0.0000	NUM
fsr-3307	138	53	0.1252	0.1252	NUM
fsr-3307	138	54	0.1715	0.1715	NUM
fsr-3307	138	55	0.322	0.322	NUM
fsr-3307	138	56	0.0456a	0.0456a	PROPN
fsr-3307	138	57	0.1191	0.1191	NUM
fsr-3307	138	58	0.0000	0.0000	NUM
fsr-3307	138	59	0.8809	0.8809	NUM
fsr-3307	138	60	0.0705	0.0705	NUM
fsr-3307	138	61	0.0363	0.0363	NUM
fsr-3307	138	62	0.686	0.686	NUM
fsr-3307	138	63	panel	panel	NOUN
fsr-3307	138	64	b	b	NOUN
fsr-3307	138	65	:	:	PUNCT
fsr-3307	138	66	with	with	ADP
fsr-3307	138	67	barclays	barclays	PROPN
fsr-3307	138	68	u.s	u.s	PROPN
fsr-3307	138	69	.	.	PROPN
fsr-3307	138	70	aggregated	aggregate	VERB
fsr-3307	138	71	bond	bond	NOUN
fsr-3307	138	72	index	index	NOUN
fsr-3307	138	73	risk	risk	NOUN
fsr-3307	138	74	-	-	PUNCT
fsr-3307	138	75	free	free	ADJ
fsr-3307	138	76	rate	rate	NOUN
fsr-3307	138	77	portfolio	portfolio	NOUN
fsr-3307	138	78	weights	weight	NOUN
fsr-3307	138	79	mean	mean	VERB
fsr-3307	138	80	return	return	VERB
fsr-3307	138	81	standard	standard	ADJ
fsr-3307	138	82	deviation	deviation	NOUN
fsr-3307	138	83	of	of	ADP
fsr-3307	138	84	return	return	NOUN
fsr-3307	138	85	sharpe	sharpe	PROPN
fsr-3307	138	86	ratiocrsp	ratiocrsp	PROPN
fsr-3307	138	87	vw	vw	PROPN
fsr-3307	138	88	msci	msci	PROPN
fsr-3307	138	89	-	-	PUNCT
fsr-3307	138	90	eafe	eafe	PROPN
fsr-3307	138	91	barclays	barclays	PROPN
fsr-3307	138	92	bond	bond	NOUN
fsr-3307	138	93	index	index	NOUN
fsr-3307	138	94	0.0000	0.0000	NUM
fsr-3307	138	95	0.1397	0.1397	NUM
fsr-3307	139	1	0.0323	0.0323	NUM
fsr-3307	139	2	0.8281	0.8281	NUM
fsr-3307	139	3	0.0885	0.0885	NUM
fsr-3307	139	4	0.0683	0.0683	NUM
fsr-3307	139	5	1.295	1.295	NUM
fsr-3307	139	6	0.0100	0.0100	NUM
fsr-3307	139	7	0.1527	0.1527	NUM
fsr-3307	139	8	0.0292	0.0292	NUM
fsr-3307	139	9	0.8181	0.8181	NUM
fsr-3307	139	10	0.0890	0.0890	NUM
fsr-3307	139	11	0.0687	0.0687	NUM
fsr-3307	139	12	1.149	1.149	NUM
fsr-3307	139	13	0.0200	0.0200	NUM
fsr-3307	139	14	0.1699	0.1699	NUM
fsr-3307	139	15	0.0252	0.0252	NUM
fsr-3307	140	1	0.8050	0.8050	NUM
fsr-3307	140	2	0.0896	0.0896	NUM
fsr-3307	140	3	0.0693	0.0693	NUM
fsr-3307	140	4	1.004	1.004	NUM
fsr-3307	140	5	0.0300	0.0300	NUM
fsr-3307	140	6	0.1932	0.1932	NUM
fsr-3307	140	7	0.0197	0.0197	NUM
fsr-3307	140	8	0.7871	0.7871	NUM
fsr-3307	140	9	0.0905	0.0905	NUM
fsr-3307	140	10	0.0703	0.0703	NUM
fsr-3307	140	11	0.861	0.861	NUM
fsr-3307	140	12	0.0400	0.0400	NUM
fsr-3307	140	13	0.2270	0.2270	NUM
fsr-3307	140	14	0.0117	0.0117	NUM
fsr-3307	140	15	0.7613	0.7613	NUM
fsr-3307	140	16	0.0917	0.0917	NUM
fsr-3307	140	17	0.0719	0.0719	NUM
fsr-3307	140	18	0.720	0.720	NUM
fsr-3307	140	19	0.0500	0.0500	NUM
fsr-3307	140	20	0.2792	0.2792	NUM
fsr-3307	140	21	0.0002	0.0002	NUM
fsr-3307	140	22	0.7207	0.7207	NUM
fsr-3307	140	23	0.0937	0.0937	NUM
fsr-3307	140	24	0.0749	0.0749	NUM
fsr-3307	140	25	0.583	0.583	NUM
fsr-3307	140	26	0.0600	0.0600	NUM
fsr-3307	140	27	0.3523	0.3523	NUM
fsr-3307	140	28	0.0000	0.0000	NUM
fsr-3307	140	29	0.6477	0.6477	NUM
fsr-3307	140	30	0.0969	0.0969	NUM
fsr-3307	140	31	0.0812	0.0812	NUM
fsr-3307	140	32	0.454	0.454	NUM
fsr-3307	140	33	0.0700	0.0700	NUM
fsr-3307	140	34	0.5193	0.5193	NUM
fsr-3307	140	35	0.0000	0.0000	NUM
fsr-3307	140	36	0.4807	0.4807	NUM
fsr-3307	140	37	0.1042	0.1042	NUM
fsr-3307	140	38	0.1002	0.1002	NUM
fsr-3307	140	39	0.341	0.341	NUM
fsr-3307	140	40	0.0456a	0.0456a	PROPN
fsr-3307	140	41	0.2533	0.2533	NUM
fsr-3307	140	42	0.0055	0.0055	NUM
fsr-3307	140	43	0.7412	0.7412	NUM
fsr-3307	140	44	0.0927	0.0927	NUM
fsr-3307	140	45	0.0733	0.0733	NUM
fsr-3307	140	46	0.643	0.643	NUM
fsr-3307	140	47	note	note	NOUN
fsr-3307	140	48	:	:	PUNCT
fsr-3307	140	49	optimal	optimal	ADJ
fsr-3307	140	50	portfolios	portfolio	NOUN
fsr-3307	140	51	are	be	AUX
fsr-3307	140	52	constructed	construct	VERB
fsr-3307	140	53	based	base	VERB
fsr-3307	140	54	on	on	ADP
fsr-3307	140	55	the	the	DET
fsr-3307	140	56	estimated	estimate	VERB
fsr-3307	140	57	risk	risk	NOUN
fsr-3307	140	58	-	-	PUNCT
fsr-3307	140	59	return	return	NOUN
fsr-3307	140	60	parameters	parameter	NOUN
fsr-3307	140	61	of	of	ADP
fsr-3307	140	62	the	the	DET
fsr-3307	140	63	asset	asset	NOUN
fsr-3307	140	64	classes	class	NOUN
fsr-3307	140	65	during	during	ADP
fsr-3307	140	66	the	the	DET
fsr-3307	140	67	sample	sample	NOUN
fsr-3307	140	68	period	period	NOUN
fsr-3307	140	69	of	of	ADP
fsr-3307	140	70	1980–2015	1980–2015	NUM
fsr-3307	140	71	as	as	SCONJ
fsr-3307	140	72	reported	report	VERB
fsr-3307	140	73	in	in	ADP
fsr-3307	140	74	table	table	NOUN
fsr-3307	140	75	1	1	NUM
fsr-3307	140	76	.	.	PUNCT
fsr-3307	141	1	athe	athe	PROPN
fsr-3307	141	2	optimal	optimal	ADJ
fsr-3307	141	3	portfolio	portfolio	NOUN
fsr-3307	141	4	weights	weight	VERB
fsr-3307	141	5	in	in	ADP
fsr-3307	141	6	the	the	DET
fsr-3307	141	7	last	last	ADJ
fsr-3307	141	8	row	row	NOUN
fsr-3307	141	9	are	be	AUX
fsr-3307	141	10	obtained	obtain	VERB
fsr-3307	141	11	by	by	ADP
fsr-3307	141	12	assuming	assume	VERB
fsr-3307	141	13	a	a	DET
fsr-3307	141	14	risk	risk	NOUN
fsr-3307	141	15	-	-	PUNCT
fsr-3307	141	16	free	free	ADJ
fsr-3307	141	17	rate	rate	NOUN
fsr-3307	141	18	equals	equal	VERB
fsr-3307	141	19	to	to	ADP
fsr-3307	141	20	the	the	DET
fsr-3307	141	21	average	average	ADJ
fsr-3307	141	22	three	three	NUM
fsr-3307	141	23	-	-	PUNCT
fsr-3307	141	24	month	month	NOUN
fsr-3307	141	25	t	t	PROPN
fsr-3307	141	26	-	-	PUNCT
fsr-3307	141	27	bill	bill	NOUN
fsr-3307	141	28	yield	yield	NOUN
fsr-3307	141	29	of	of	ADP
fsr-3307	141	30	4.56	4.56	NUM
fsr-3307	141	31	%	%	NOUN
fsr-3307	141	32	over	over	ADP
fsr-3307	141	33	the	the	DET
fsr-3307	141	34	sample	sample	NOUN
fsr-3307	141	35	period	period	NOUN
fsr-3307	141	36	of	of	ADP
fsr-3307	141	37	1980–2015	1980–2015	NUM
fsr-3307	141	38	.	.	PUNCT
fsr-3307	142	1	187c.s	187c.s	X
fsr-3307	142	2	.	.	PUNCT
fsr-3307	142	3	cheung	cheung	PROPN
fsr-3307	142	4	,	,	PUNCT
fsr-3307	142	5	p.	p.	PROPN
fsr-3307	142	6	miu	miu	PROPN
fsr-3307	142	7	/	/	SYM
fsr-3307	142	8	financial	financial	ADJ
fsr-3307	142	9	services	service	NOUN
fsr-3307	142	10	review	review	VERB
fsr-3307	142	11	26	26	NUM
fsr-3307	142	12	(	(	PUNCT
fsr-3307	142	13	2017	2017	NUM
fsr-3307	142	14	)	)	PUNCT
fsr-3307	142	15	181–203	181–203	NUM
fsr-3307	142	16	index	index	NOUN
fsr-3307	142	17	at	at	ADP
fsr-3307	142	18	about	about	ADP
fsr-3307	142	19	the	the	DET
fsr-3307	142	20	ex	ex	ADJ
fsr-3307	142	21	post	post	NOUN
fsr-3307	142	22	risk	risk	NOUN
fsr-3307	142	23	-	-	PUNCT
fsr-3307	142	24	free	free	ADJ
fsr-3307	142	25	rate	rate	NOUN
fsr-3307	142	26	.	.	PUNCT
fsr-3307	143	1	below	below	ADP
fsr-3307	143	2	the	the	DET
fsr-3307	143	3	ex	ex	ADJ
fsr-3307	143	4	post	post	NOUN
fsr-3307	143	5	level	level	NOUN
fsr-3307	143	6	,	,	PUNCT
fsr-3307	143	7	the	the	DET
fsr-3307	143	8	frontier	frontier	NOUN
fsr-3307	143	9	with	with	ADP
fsr-3307	143	10	the	the	DET
fsr-3307	143	11	ladder	ladder	NOUN
fsr-3307	143	12	dominates	dominate	VERB
fsr-3307	143	13	(	(	PUNCT
fsr-3307	143	14	higher	high	ADJ
fsr-3307	143	15	sharpe	sharpe	NOUN
fsr-3307	143	16	ratios	ratio	NOUN
fsr-3307	143	17	)	)	PUNCT
fsr-3307	143	18	;	;	PUNCT
fsr-3307	143	19	whereas	whereas	SCONJ
fsr-3307	143	20	the	the	DET
fsr-3307	143	21	frontier	frontier	NOUN
fsr-3307	143	22	with	with	ADP
fsr-3307	143	23	the	the	DET
fsr-3307	143	24	bond	bond	NOUN
fsr-3307	143	25	index	index	NOUN
fsr-3307	143	26	dominates	dominate	VERB
fsr-3307	143	27	when	when	SCONJ
fsr-3307	143	28	the	the	DET
fsr-3307	143	29	risk	risk	NOUN
fsr-3307	143	30	-	-	PUNCT
fsr-3307	143	31	free	free	ADJ
fsr-3307	143	32	rate	rate	NOUN
fsr-3307	143	33	is	be	AUX
fsr-3307	143	34	above	above	ADP
fsr-3307	143	35	the	the	DET
fsr-3307	143	36	ex	ex	ADJ
fsr-3307	143	37	post	post	NOUN
fsr-3307	143	38	level	level	NOUN
fsr-3307	143	39	(	(	PUNCT
fsr-3307	143	40	higher	high	ADJ
fsr-3307	143	41	sharpe	sharpe	NOUN
fsr-3307	143	42	ratios	ratio	NOUN
fsr-3307	143	43	)	)	PUNCT
fsr-3307	143	44	.	.	PUNCT
fsr-3307	144	1	the	the	DET
fsr-3307	144	2	reason	reason	NOUN
fsr-3307	144	3	for	for	ADP
fsr-3307	144	4	this	this	DET
fsr-3307	144	5	result	result	NOUN
fsr-3307	144	6	is	be	AUX
fsr-3307	144	7	because	because	SCONJ
fsr-3307	144	8	of	of	ADP
fsr-3307	144	9	the	the	DET
fsr-3307	144	10	ability	ability	NOUN
fsr-3307	144	11	of	of	ADP
fsr-3307	144	12	the	the	DET
fsr-3307	144	13	ladder	ladder	NOUN
fsr-3307	144	14	in	in	ADP
fsr-3307	144	15	risk	risk	NOUN
fsr-3307	144	16	reduction	reduction	NOUN
fsr-3307	144	17	.	.	PUNCT
fsr-3307	145	1	as	as	SCONJ
fsr-3307	145	2	reported	report	VERB
fsr-3307	145	3	in	in	ADP
fsr-3307	145	4	table	table	NOUN
fsr-3307	145	5	1	1	NUM
fsr-3307	145	6	,	,	PUNCT
fsr-3307	145	7	the	the	DET
fsr-3307	145	8	risk	risk	NOUN
fsr-3307	145	9	level	level	NOUN
fsr-3307	145	10	of	of	ADP
fsr-3307	145	11	the	the	DET
fsr-3307	145	12	ladder	ladder	NOUN
fsr-3307	145	13	in	in	ADP
fsr-3307	145	14	isolation	isolation	NOUN
fsr-3307	145	15	is	be	AUX
fsr-3307	145	16	about	about	ADV
fsr-3307	145	17	one	one	NUM
fsr-3307	145	18	half	half	NOUN
fsr-3307	145	19	of	of	ADP
fsr-3307	145	20	the	the	DET
fsr-3307	145	21	bond	bond	NOUN
fsr-3307	145	22	index	index	NOUN
fsr-3307	145	23	(	(	PUNCT
fsr-3307	145	24	standard	standard	ADJ
fsr-3307	145	25	deviation	deviation	NOUN
fsr-3307	145	26	of	of	ADP
fsr-3307	145	27	3.07	3.07	NUM
fsr-3307	145	28	%	%	NOUN
fsr-3307	145	29	vs.	vs.	ADP
fsr-3307	145	30	6.94	6.94	NUM
fsr-3307	145	31	%	%	NOUN
fsr-3307	145	32	)	)	PUNCT
fsr-3307	145	33	and	and	CCONJ
fsr-3307	145	34	thus	thus	ADV
fsr-3307	145	35	becomes	become	VERB
fsr-3307	145	36	very	very	ADV
fsr-3307	145	37	attractive	attractive	ADJ
fsr-3307	145	38	to	to	PART
fsr-3307	145	39	own	own	VERB
fsr-3307	145	40	for	for	ADP
fsr-3307	145	41	a	a	DET
fsr-3307	145	42	risk	risk	NOUN
fsr-3307	145	43	averse	averse	ADJ
fsr-3307	145	44	investor	investor	NOUN
fsr-3307	145	45	.	.	PUNCT
fsr-3307	146	1	hence	hence	ADV
fsr-3307	146	2	the	the	DET
fsr-3307	146	3	frontier	frontier	NOUN
fsr-3307	146	4	with	with	ADP
fsr-3307	146	5	the	the	DET
fsr-3307	146	6	ladder	ladder	NOUN
fsr-3307	146	7	dominates	dominate	VERB
fsr-3307	146	8	at	at	ADP
fsr-3307	146	9	lower	low	ADJ
fsr-3307	146	10	level	level	NOUN
fsr-3307	146	11	of	of	ADP
fsr-3307	146	12	risk	risk	NOUN
fsr-3307	146	13	-	-	PUNCT
fsr-3307	146	14	free	free	ADJ
fsr-3307	146	15	rates	rate	NOUN
fsr-3307	146	16	.	.	PUNCT
fsr-3307	147	1	for	for	ADP
fsr-3307	147	2	example	example	NOUN
fsr-3307	147	3	,	,	PUNCT
fsr-3307	147	4	table	table	NOUN
fsr-3307	147	5	2	2	NUM
fsr-3307	147	6	indicates	indicate	VERB
fsr-3307	147	7	that	that	SCONJ
fsr-3307	147	8	,	,	PUNCT
fsr-3307	147	9	at	at	ADP
fsr-3307	147	10	the	the	DET
fsr-3307	147	11	zero	zero	NUM
fsr-3307	147	12	risk	risk	NOUN
fsr-3307	147	13	-	-	PUNCT
fsr-3307	147	14	free	free	ADJ
fsr-3307	147	15	rate	rate	NOUN
fsr-3307	147	16	,	,	PUNCT
fsr-3307	147	17	the	the	DET
fsr-3307	147	18	portfolio	portfolio	NOUN
fsr-3307	147	19	risk	risk	NOUN
fsr-3307	147	20	(	(	PUNCT
fsr-3307	147	21	i.e.	i.e.	X
fsr-3307	147	22	,	,	PUNCT
fsr-3307	147	23	standard	standard	ADJ
fsr-3307	147	24	deviation	deviation	NOUN
fsr-3307	147	25	of	of	ADP
fsr-3307	147	26	return	return	NOUN
fsr-3307	147	27	)	)	PUNCT
fsr-3307	147	28	with	with	ADP
fsr-3307	147	29	ladder	ladder	NOUN
fsr-3307	147	30	is	be	AUX
fsr-3307	147	31	3.12	3.12	NUM
fsr-3307	147	32	%	%	NOUN
fsr-3307	147	33	versus	versus	ADP
fsr-3307	147	34	that	that	PRON
fsr-3307	147	35	of	of	ADP
fsr-3307	147	36	6.83	6.83	NUM
fsr-3307	147	37	%	%	NOUN
fsr-3307	147	38	for	for	ADP
fsr-3307	147	39	the	the	DET
fsr-3307	147	40	bond	bond	NOUN
fsr-3307	147	41	index	index	NOUN
fsr-3307	147	42	portfolio	portfolio	NOUN
fsr-3307	147	43	.	.	PUNCT
fsr-3307	148	1	this	this	DET
fsr-3307	148	2	meaningful	meaningful	ADJ
fsr-3307	148	3	risk	risk	NOUN
fsr-3307	148	4	reduction	reduction	NOUN
fsr-3307	148	5	leads	lead	VERB
fsr-3307	148	6	to	to	ADP
fsr-3307	148	7	a	a	DET
fsr-3307	148	8	much	much	ADV
fsr-3307	148	9	better	well	ADJ
fsr-3307	148	10	sharpe	sharpe	NOUN
fsr-3307	148	11	ratio	ratio	NOUN
fsr-3307	148	12	for	for	ADP
fsr-3307	148	13	the	the	DET
fsr-3307	148	14	ladder	ladder	NOUN
fsr-3307	148	15	portfolio	portfolio	NOUN
fsr-3307	148	16	than	than	ADP
fsr-3307	148	17	the	the	DET
fsr-3307	148	18	bond	bond	NOUN
fsr-3307	148	19	index	index	NOUN
fsr-3307	148	20	portfolio	portfolio	NOUN
fsr-3307	148	21	(	(	PUNCT
fsr-3307	148	22	2.10	2.10	NUM
fsr-3307	148	23	vs.	vs.	ADP
fsr-3307	148	24	1.30	1.30	NUM
fsr-3307	148	25	)	)	PUNCT
fsr-3307	148	26	.	.	PUNCT
fsr-3307	149	1	for	for	ADP
fsr-3307	149	2	an	an	DET
fsr-3307	149	3	investor	investor	NOUN
fsr-3307	149	4	with	with	ADP
fsr-3307	149	5	higher	high	ADJ
fsr-3307	149	6	risk	risk	NOUN
fsr-3307	149	7	tolerance	tolerance	NOUN
fsr-3307	149	8	,	,	PUNCT
fsr-3307	149	9	the	the	DET
fsr-3307	149	10	lower	low	ADJ
fsr-3307	149	11	risk	risk	NOUN
fsr-3307	149	12	associated	associate	VERB
fsr-3307	149	13	with	with	ADP
fsr-3307	149	14	the	the	DET
fsr-3307	149	15	ladder	ladder	NOUN
fsr-3307	149	16	becomes	become	VERB
fsr-3307	149	17	less	less	ADJ
fsr-3307	149	18	of	of	ADP
fsr-3307	149	19	an	an	DET
fsr-3307	149	20	attraction	attraction	NOUN
fsr-3307	149	21	.	.	PUNCT
fsr-3307	150	1	the	the	DET
fsr-3307	150	2	ladder	ladder	NOUN
fsr-3307	150	3	has	have	VERB
fsr-3307	150	4	the	the	DET
fsr-3307	150	5	lowest	low	ADJ
fsr-3307	150	6	return	return	NOUN
fsr-3307	150	7	among	among	ADP
fsr-3307	150	8	all	all	DET
fsr-3307	150	9	asset	asset	NOUN
fsr-3307	150	10	classes	class	NOUN
fsr-3307	150	11	under	under	ADP
fsr-3307	150	12	consideration	consideration	NOUN
fsr-3307	150	13	and	and	CCONJ
fsr-3307	150	14	its	its	PRON
fsr-3307	150	15	significance	significance	NOUN
fsr-3307	150	16	in	in	ADP
fsr-3307	150	17	the	the	DET
fsr-3307	150	18	optimal	optimal	ADJ
fsr-3307	150	19	portfolios	portfolio	NOUN
fsr-3307	150	20	drops	drop	VERB
fsr-3307	150	21	at	at	ADP
fsr-3307	150	22	risk	risk	NOUN
fsr-3307	150	23	-	-	PUNCT
fsr-3307	150	24	free	free	ADJ
fsr-3307	150	25	rates	rate	NOUN
fsr-3307	150	26	above	above	ADP
fsr-3307	150	27	the	the	DET
fsr-3307	150	28	ex	ex	ADJ
fsr-3307	150	29	post	post	NOUN
fsr-3307	150	30	level	level	NOUN
fsr-3307	150	31	of	of	ADP
fsr-3307	150	32	4.56	4.56	NUM
fsr-3307	150	33	%	%	NOUN
fsr-3307	150	34	.	.	PUNCT
fsr-3307	151	1	in	in	ADP
fsr-3307	151	2	fact	fact	NOUN
fsr-3307	151	3	,	,	PUNCT
fsr-3307	151	4	u.s	u.s	PROPN
fsr-3307	151	5	.	.	PROPN
fsr-3307	151	6	equities	equity	NOUN
fsr-3307	151	7	become	become	VERB
fsr-3307	151	8	the	the	DET
fsr-3307	151	9	dominant	dominant	ADJ
fsr-3307	151	10	assets	asset	NOUN
fsr-3307	151	11	for	for	ADP
fsr-3307	151	12	investors	investor	NOUN
fsr-3307	151	13	with	with	ADP
fsr-3307	151	14	somewhat	somewhat	ADV
fsr-3307	151	15	high	high	ADJ
fsr-3307	151	16	risk	risk	NOUN
fsr-3307	151	17	tolerance	tolerance	NOUN
fsr-3307	151	18	.	.	PUNCT
fsr-3307	152	1	because	because	SCONJ
fsr-3307	152	2	u.s	u.s	PROPN
fsr-3307	152	3	.	.	PROPN
fsr-3307	152	4	equites	equite	NOUN
fsr-3307	152	5	have	have	VERB
fsr-3307	152	6	a	a	DET
fsr-3307	152	7	lower	low	ADJ
fsr-3307	152	8	standalone	standalone	NOUN
fsr-3307	152	9	sharpe	sharpe	NOUN
fsr-3307	152	10	ratio	ratio	NOUN
fsr-3307	152	11	than	than	ADP
fsr-3307	152	12	the	the	DET
fsr-3307	152	13	ladder	ladder	NOUN
fsr-3307	152	14	(	(	PUNCT
fsr-3307	152	15	see	see	VERB
fsr-3307	152	16	table	table	NOUN
fsr-3307	152	17	1	1	NUM
fsr-3307	152	18	)	)	PUNCT
fsr-3307	152	19	,	,	PUNCT
fsr-3307	152	20	the	the	DET
fsr-3307	152	21	introduction	introduction	NOUN
fsr-3307	152	22	of	of	ADP
fsr-3307	152	23	this	this	DET
fsr-3307	152	24	asset	asset	NOUN
fsr-3307	152	25	class	class	NOUN
fsr-3307	152	26	results	result	NOUN
fsr-3307	152	27	in	in	ADP
fsr-3307	152	28	lower	low	ADJ
fsr-3307	152	29	portfolio	portfolio	NOUN
fsr-3307	152	30	sharpe	sharpe	PROPN
fsr-3307	152	31	ratios	ratio	NOUN
fsr-3307	152	32	under	under	ADP
fsr-3307	152	33	the	the	DET
fsr-3307	152	34	higher	high	ADJ
fsr-3307	152	35	risk	risk	NOUN
fsr-3307	152	36	tolerance	tolerance	NOUN
fsr-3307	152	37	cases	case	NOUN
fsr-3307	152	38	.	.	PUNCT
fsr-3307	153	1	it	it	PRON
fsr-3307	153	2	is	be	AUX
fsr-3307	153	3	this	this	DET
fsr-3307	153	4	dominance	dominance	NOUN
fsr-3307	153	5	of	of	ADP
fsr-3307	153	6	u.s	u.s	PROPN
fsr-3307	153	7	.	.	PROPN
fsr-3307	153	8	equities	equity	NOUN
fsr-3307	153	9	that	that	PRON
fsr-3307	153	10	causes	cause	VERB
fsr-3307	153	11	the	the	DET
fsr-3307	153	12	sharpe	sharpe	NOUN
fsr-3307	153	13	ratios	ratio	NOUN
fsr-3307	153	14	of	of	ADP
fsr-3307	153	15	the	the	DET
fsr-3307	153	16	ladder	ladder	NOUN
fsr-3307	153	17	portfolios	portfolio	NOUN
fsr-3307	153	18	to	to	PART
fsr-3307	153	19	be	be	AUX
fsr-3307	153	20	below	below	ADP
fsr-3307	153	21	those	those	PRON
fsr-3307	153	22	of	of	ADP
fsr-3307	153	23	the	the	DET
fsr-3307	153	24	bond	bond	NOUN
fsr-3307	153	25	index	index	NOUN
fsr-3307	153	26	portfolios	portfolio	NOUN
fsr-3307	153	27	in	in	ADP
fsr-3307	153	28	high	high	ADJ
fsr-3307	153	29	risk	risk	NOUN
fsr-3307	153	30	tolerance	tolerance	NOUN
fsr-3307	153	31	cases	case	NOUN
fsr-3307	153	32	.	.	PUNCT
fsr-3307	154	1	the	the	DET
fsr-3307	154	2	evidence	evidence	NOUN
fsr-3307	154	3	so	so	ADV
fsr-3307	154	4	far	far	ADV
fsr-3307	154	5	points	point	NOUN
fsr-3307	154	6	to	to	ADP
fsr-3307	154	7	the	the	DET
fsr-3307	154	8	superiority	superiority	NOUN
fsr-3307	154	9	of	of	ADP
fsr-3307	154	10	the	the	DET
fsr-3307	154	11	ladder	ladder	NOUN
fsr-3307	154	12	over	over	ADP
fsr-3307	154	13	the	the	DET
fsr-3307	154	14	bond	bond	NOUN
fsr-3307	154	15	index	index	NOUN
fsr-3307	154	16	for	for	ADP
fsr-3307	154	17	risk	risk	NOUN
fsr-3307	154	18	averse	averse	ADJ
fsr-3307	154	19	investors	investor	NOUN
fsr-3307	154	20	as	as	SCONJ
fsr-3307	154	21	our	our	PRON
fsr-3307	154	22	five	five	NUM
fsr-3307	154	23	-	-	PUNCT
fsr-3307	154	24	year	year	NOUN
fsr-3307	154	25	ladder	ladder	NOUN
fsr-3307	154	26	offers	offer	VERB
fsr-3307	154	27	more	more	ADV
fsr-3307	154	28	meaningful	meaningful	ADJ
fsr-3307	154	29	risk	risk	NOUN
fsr-3307	154	30	reduction	reduction	NOUN
fsr-3307	154	31	and	and	CCONJ
fsr-3307	154	32	hence	hence	ADV
fsr-3307	154	33	better	well	ADJ
fsr-3307	154	34	sharpe	sharpe	NOUN
fsr-3307	154	35	ratios	ratio	NOUN
fsr-3307	154	36	at	at	ADP
fsr-3307	154	37	lower	low	ADJ
fsr-3307	154	38	levels	level	NOUN
fsr-3307	154	39	of	of	ADP
fsr-3307	154	40	risk	risk	NOUN
fsr-3307	154	41	-	-	PUNCT
fsr-3307	154	42	free	free	ADJ
fsr-3307	154	43	rates	rate	NOUN
fsr-3307	154	44	.	.	PUNCT
fsr-3307	155	1	the	the	DET
fsr-3307	155	2	next	next	ADJ
fsr-3307	155	3	question	question	NOUN
fsr-3307	155	4	is	be	AUX
fsr-3307	155	5	whether	whether	SCONJ
fsr-3307	155	6	the	the	DET
fsr-3307	155	7	difference	difference	NOUN
fsr-3307	155	8	in	in	ADP
fsr-3307	155	9	the	the	DET
fsr-3307	155	10	two	two	NUM
fsr-3307	155	11	efficient	efficient	ADJ
fsr-3307	155	12	frontiers	frontier	NOUN
fsr-3307	155	13	(	(	PUNCT
fsr-3307	155	14	or	or	CCONJ
fsr-3307	155	15	sharpe	sharpe	PROPN
fsr-3307	155	16	ratios	ratio	NOUN
fsr-3307	155	17	)	)	PUNCT
fsr-3307	155	18	is	be	AUX
fsr-3307	155	19	indeed	indeed	ADV
fsr-3307	155	20	statistically	statistically	ADV
fsr-3307	155	21	significant	significant	ADJ
fsr-3307	155	22	.	.	PUNCT
fsr-3307	156	1	the	the	DET
fsr-3307	156	2	statistical	statistical	ADJ
fsr-3307	156	3	technique	technique	NOUN
fsr-3307	156	4	used	use	VERB
fsr-3307	156	5	here	here	ADV
fsr-3307	156	6	builds	build	VERB
fsr-3307	156	7	on	on	ADP
fsr-3307	156	8	the	the	DET
fsr-3307	156	9	spanning	span	VERB
fsr-3307	156	10	tests	test	NOUN
fsr-3307	156	11	used	use	VERB
fsr-3307	156	12	in	in	ADP
fsr-3307	156	13	the	the	DET
fsr-3307	156	14	finance	finance	NOUN
fsr-3307	156	15	literature.13	literature.13	NOUN
fsr-3307	156	16	the	the	DET
fsr-3307	156	17	spanning	span	VERB
fsr-3307	156	18	tests	test	NOUN
fsr-3307	156	19	address	address	VERB
fsr-3307	156	20	the	the	DET
fsr-3307	156	21	question	question	NOUN
fsr-3307	156	22	that	that	SCONJ
fsr-3307	156	23	when	when	SCONJ
fsr-3307	156	24	an	an	DET
fsr-3307	156	25	additional	additional	ADJ
fsr-3307	156	26	asset	asset	NOUN
fsr-3307	156	27	class	class	NOUN
fsr-3307	156	28	is	be	AUX
fsr-3307	156	29	added	add	VERB
fsr-3307	156	30	to	to	ADP
fsr-3307	156	31	a	a	DET
fsr-3307	156	32	benchmark	benchmark	ADJ
fsr-3307	156	33	portfolio	portfolio	NOUN
fsr-3307	156	34	of	of	ADP
fsr-3307	156	35	existing	exist	VERB
fsr-3307	156	36	asset	asset	NOUN
fsr-3307	156	37	classes	class	NOUN
fsr-3307	156	38	,	,	PUNCT
fsr-3307	156	39	does	do	AUX
fsr-3307	156	40	the	the	DET
fsr-3307	156	41	resulting	result	VERB
fsr-3307	156	42	efficient	efficient	ADJ
fsr-3307	156	43	frontier	frontier	NOUN
fsr-3307	156	44	of	of	ADP
fsr-3307	156	45	the	the	DET
fsr-3307	156	46	combined	combined	ADJ
fsr-3307	156	47	asset	asset	NOUN
fsr-3307	156	48	classes	class	NOUN
fsr-3307	156	49	indeed	indeed	ADV
fsr-3307	156	50	display	display	VERB
fsr-3307	156	51	a	a	DET
fsr-3307	156	52	statistically	statistically	ADV
fsr-3307	156	53	significant	significant	ADJ
fsr-3307	156	54	improvement	improvement	NOUN
fsr-3307	156	55	over	over	ADP
fsr-3307	156	56	that	that	PRON
fsr-3307	156	57	of	of	ADP
fsr-3307	156	58	the	the	DET
fsr-3307	156	59	original	original	ADJ
fsr-3307	156	60	benchmark	benchmark	NOUN
fsr-3307	156	61	asset	asset	NOUN
fsr-3307	156	62	classes	class	NOUN
fsr-3307	156	63	?	?	PUNCT
fsr-3307	157	1	if	if	SCONJ
fsr-3307	157	2	the	the	DET
fsr-3307	157	3	frontier	frontier	NOUN
fsr-3307	157	4	of	of	ADP
fsr-3307	157	5	the	the	DET
fsr-3307	157	6	combined	combine	VERB
fsr-3307	157	7	asset	asset	NOUN
fsr-3307	157	8	classes	class	NOUN
fsr-3307	157	9	displays	display	VERB
fsr-3307	157	10	a	a	DET
fsr-3307	157	11	statistically	statistically	ADV
fsr-3307	157	12	significant	significant	ADJ
fsr-3307	157	13	shift	shift	NOUN
fsr-3307	157	14	to	to	ADP
fsr-3307	157	15	the	the	DET
fsr-3307	157	16	left	left	NOUN
fsr-3307	157	17	,	,	PUNCT
fsr-3307	157	18	the	the	DET
fsr-3307	157	19	additional	additional	ADJ
fsr-3307	157	20	asset	asset	NOUN
fsr-3307	157	21	class	class	NOUN
fsr-3307	157	22	should	should	AUX
fsr-3307	157	23	be	be	AUX
fsr-3307	157	24	added	add	VERB
fsr-3307	157	25	to	to	ADP
fsr-3307	157	26	the	the	DET
fsr-3307	157	27	investor	investor	NOUN
fsr-3307	157	28	’s	’s	PART
fsr-3307	157	29	benchmark	benchmark	NOUN
fsr-3307	157	30	portfolio	portfolio	NOUN
fsr-3307	157	31	.	.	PUNCT
fsr-3307	158	1	the	the	DET
fsr-3307	158	2	usual	usual	ADJ
fsr-3307	158	3	spanning	span	VERB
fsr-3307	158	4	tests	test	NOUN
fsr-3307	158	5	are	be	AUX
fsr-3307	158	6	not	not	PART
fsr-3307	158	7	used	use	VERB
fsr-3307	158	8	here	here	ADV
fsr-3307	158	9	as	as	SCONJ
fsr-3307	158	10	they	they	PRON
fsr-3307	158	11	require	require	VERB
fsr-3307	158	12	the	the	DET
fsr-3307	158	13	testing	testing	NOUN
fsr-3307	158	14	of	of	ADP
fsr-3307	158	15	the	the	DET
fsr-3307	158	16	entire	entire	ADJ
fsr-3307	158	17	frontier	frontier	NOUN
fsr-3307	158	18	.	.	PUNCT
fsr-3307	159	1	as	as	SCONJ
fsr-3307	159	2	mentioned	mention	VERB
fsr-3307	159	3	earlier	early	ADV
fsr-3307	159	4	,	,	PUNCT
fsr-3307	159	5	we	we	PRON
fsr-3307	159	6	are	be	AUX
fsr-3307	159	7	interested	interested	ADJ
fsr-3307	159	8	in	in	ADP
fsr-3307	159	9	the	the	DET
fsr-3307	159	10	suitability	suitability	NOUN
fsr-3307	159	11	of	of	ADP
fsr-3307	159	12	the	the	DET
fsr-3307	159	13	ladder	ladder	NOUN
fsr-3307	159	14	versus	versus	ADP
fsr-3307	159	15	bond	bond	NOUN
fsr-3307	159	16	indexing	indexing	NOUN
fsr-3307	159	17	for	for	ADP
fsr-3307	159	18	investors	investor	NOUN
fsr-3307	159	19	with	with	ADP
fsr-3307	159	20	different	different	ADJ
fsr-3307	159	21	risk	risk	NOUN
fsr-3307	159	22	aversion	aversion	NOUN
fsr-3307	159	23	.	.	PUNCT
fsr-3307	160	1	this	this	PRON
fsr-3307	160	2	requires	require	VERB
fsr-3307	160	3	the	the	DET
fsr-3307	160	4	test	test	NOUN
fsr-3307	160	5	of	of	ADP
fsr-3307	160	6	difference	difference	NOUN
fsr-3307	160	7	in	in	ADP
fsr-3307	160	8	the	the	DET
fsr-3307	160	9	sharpe	sharpe	NOUN
fsr-3307	160	10	ratios	ratio	NOUN
fsr-3307	160	11	given	give	VERB
fsr-3307	160	12	by	by	ADP
fsr-3307	160	13	eq	eq	PROPN
fsr-3307	160	14	.	.	PUNCT
fsr-3307	161	1	(	(	PUNCT
fsr-3307	161	2	2	2	NUM
fsr-3307	161	3	)	)	PUNCT
fsr-3307	161	4	at	at	ADP
fsr-3307	161	5	different	different	ADJ
fsr-3307	161	6	levels	level	NOUN
fsr-3307	161	7	of	of	ADP
fsr-3307	161	8	risk	risk	NOUN
fsr-3307	161	9	-	-	PUNCT
fsr-3307	161	10	free	free	ADJ
fsr-3307	161	11	rates	rate	NOUN
fsr-3307	161	12	.	.	PUNCT
fsr-3307	162	1	let	let	VERB
fsr-3307	162	2	�	�	PROPN
fsr-3307	162	3	1	1	NUM
fsr-3307	162	4	defined	define	VERB
fsr-3307	162	5	by	by	ADP
fsr-3307	162	6	eq	eq	PROPN
fsr-3307	162	7	.	.	PUNCT
fsr-3307	163	1	(	(	PUNCT
fsr-3307	163	2	2	2	X
fsr-3307	163	3	)	)	PUNCT
fsr-3307	163	4	be	be	AUX
fsr-3307	163	5	the	the	DET
fsr-3307	163	6	sharpe	sharpe	PROPN
fsr-3307	163	7	ratio	ratio	NOUN
fsr-3307	163	8	of	of	ADP
fsr-3307	163	9	the	the	DET
fsr-3307	163	10	tangency	tangency	NOUN
fsr-3307	163	11	portfolio	portfolio	NOUN
fsr-3307	163	12	based	base	VERB
fsr-3307	163	13	on	on	ADP
fsr-3307	163	14	the	the	DET
fsr-3307	163	15	benchmark	benchmark	ADJ
fsr-3307	163	16	asset	asset	NOUN
fsr-3307	163	17	classes	class	NOUN
fsr-3307	163	18	and	and	CCONJ
fsr-3307	163	19	�	�	PROPN
fsr-3307	163	20	2	2	NUM
fsr-3307	163	21	be	be	VERB
fsr-3307	163	22	that	that	SCONJ
fsr-3307	163	23	after	after	ADP
fsr-3307	163	24	the	the	DET
fsr-3307	163	25	addition	addition	NOUN
fsr-3307	163	26	of	of	ADP
fsr-3307	163	27	another	another	DET
fsr-3307	163	28	asset	asset	NOUN
fsr-3307	163	29	class	class	NOUN
fsr-3307	163	30	corresponding	correspond	VERB
fsr-3307	163	31	to	to	ADP
fsr-3307	163	32	the	the	DET
fsr-3307	163	33	same	same	ADJ
fsr-3307	163	34	risk	risk	NOUN
fsr-3307	163	35	-	-	PUNCT
fsr-3307	163	36	free	free	ADJ
fsr-3307	163	37	rate	rate	NOUN
fsr-3307	163	38	.	.	PUNCT
fsr-3307	164	1	the	the	DET
fsr-3307	164	2	null	null	ADJ
fsr-3307	164	3	hypothesis	hypothesis	NOUN
fsr-3307	164	4	to	to	PART
fsr-3307	164	5	be	be	AUX
fsr-3307	164	6	tested	test	VERB
fsr-3307	164	7	is	be	AUX
fsr-3307	164	8	h0	h0	NOUN
fsr-3307	164	9	:	:	PUNCT
fsr-3307	164	10	�	�	PROPN
fsr-3307	164	11	1	1	NUM
fsr-3307	164	12	�	�	PROPN
fsr-3307	164	13	�	�	PROPN
fsr-3307	164	14	2	2	NUM
fsr-3307	164	15	.	.	PUNCT
fsr-3307	165	1	the	the	DET
fsr-3307	165	2	benchmark	benchmark	NOUN
fsr-3307	165	3	portfolio	portfolio	NOUN
fsr-3307	165	4	consists	consist	VERB
fsr-3307	165	5	of	of	ADP
fsr-3307	165	6	u.s	u.s	PROPN
fsr-3307	165	7	.	.	PROPN
fsr-3307	165	8	equities	equities	PROPN
fsr-3307	165	9	,	,	PUNCT
fsr-3307	165	10	international	international	ADJ
fsr-3307	165	11	equities	equity	NOUN
fsr-3307	165	12	(	(	PUNCT
fsr-3307	165	13	i.e.	i.e.	X
fsr-3307	165	14	,	,	PUNCT
fsr-3307	165	15	non	non	ADJ
fsr-3307	165	16	-	-	ADJ
fsr-3307	165	17	north	north	ADJ
fsr-3307	165	18	american	american	ADJ
fsr-3307	165	19	equities	equity	NOUN
fsr-3307	165	20	as	as	SCONJ
fsr-3307	165	21	proxied	proxie	VERB
fsr-3307	165	22	by	by	ADP
fsr-3307	165	23	eafe	eafe	PROPN
fsr-3307	165	24	)	)	PUNCT
fsr-3307	165	25	,	,	PUNCT
fsr-3307	165	26	and	and	CCONJ
fsr-3307	165	27	the	the	DET
fsr-3307	165	28	barclays	barclay	NOUN
fsr-3307	165	29	bond	bond	NOUN
fsr-3307	165	30	index	index	NOUN
fsr-3307	165	31	.	.	PUNCT
fsr-3307	166	1	we	we	PRON
fsr-3307	166	2	estimate	estimate	VERB
fsr-3307	166	3	the	the	DET
fsr-3307	166	4	maximum	maximum	PROPN
fsr-3307	166	5	sharpe	sharpe	PROPN
fsr-3307	166	6	ratio	ratio	PROPN
fsr-3307	166	7	corresponding	correspond	VERB
fsr-3307	166	8	to	to	ADP
fsr-3307	166	9	a	a	DET
fsr-3307	166	10	given	give	VERB
fsr-3307	166	11	level	level	NOUN
fsr-3307	166	12	of	of	ADP
fsr-3307	166	13	risk	risk	NOUN
fsr-3307	166	14	-	-	PUNCT
fsr-3307	166	15	free	free	ADJ
fsr-3307	166	16	rate	rate	NOUN
fsr-3307	166	17	for	for	ADP
fsr-3307	166	18	this	this	DET
fsr-3307	166	19	benchmark	benchmark	NOUN
fsr-3307	166	20	portfolio	portfolio	NOUN
fsr-3307	166	21	.	.	PUNCT
fsr-3307	167	1	the	the	DET
fsr-3307	167	2	combined	combined	ADJ
fsr-3307	167	3	portfolio	portfolio	NOUN
fsr-3307	167	4	then	then	ADV
fsr-3307	167	5	contains	contain	VERB
fsr-3307	167	6	the	the	DET
fsr-3307	167	7	benchmark	benchmark	ADJ
fsr-3307	167	8	asset	asset	NOUN
fsr-3307	167	9	classes	class	NOUN
fsr-3307	167	10	plus	plus	CCONJ
fsr-3307	167	11	the	the	DET
fsr-3307	167	12	five	five	NUM
fsr-3307	167	13	-	-	PUNCT
fsr-3307	167	14	year	year	NOUN
fsr-3307	167	15	ladder	ladder	NOUN
fsr-3307	167	16	.	.	PUNCT
fsr-3307	168	1	if	if	SCONJ
fsr-3307	168	2	the	the	DET
fsr-3307	168	3	sharpe	sharpe	PROPN
fsr-3307	168	4	ratio	ratio	NOUN
fsr-3307	168	5	for	for	ADP
fsr-3307	168	6	the	the	DET
fsr-3307	168	7	combined	combined	ADJ
fsr-3307	168	8	portfolio	portfolio	NOUN
fsr-3307	168	9	is	be	AUX
fsr-3307	168	10	statistically	statistically	ADV
fsr-3307	168	11	no	no	ADV
fsr-3307	168	12	different	different	ADJ
fsr-3307	168	13	from	from	ADP
fsr-3307	168	14	that	that	PRON
fsr-3307	168	15	of	of	ADP
fsr-3307	168	16	the	the	DET
fsr-3307	168	17	benchmark	benchmark	NOUN
fsr-3307	168	18	at	at	ADP
fsr-3307	168	19	the	the	DET
fsr-3307	168	20	same	same	ADJ
fsr-3307	168	21	level	level	NOUN
fsr-3307	168	22	of	of	ADP
fsr-3307	168	23	risk	risk	NOUN
fsr-3307	168	24	-	-	PUNCT
fsr-3307	168	25	free	free	ADJ
fsr-3307	168	26	rate	rate	NOUN
fsr-3307	168	27	,	,	PUNCT
fsr-3307	168	28	the	the	DET
fsr-3307	168	29	ladder	ladder	NOUN
fsr-3307	168	30	will	will	AUX
fsr-3307	168	31	be	be	AUX
fsr-3307	168	32	considered	consider	VERB
fsr-3307	168	33	as	as	ADP
fsr-3307	168	34	a	a	DET
fsr-3307	168	35	redundant	redundant	ADJ
fsr-3307	168	36	asset	asset	NOUN
fsr-3307	168	37	.	.	PUNCT
fsr-3307	169	1	this	this	DET
fsr-3307	169	2	test	test	NOUN
fsr-3307	169	3	is	be	AUX
fsr-3307	169	4	repeated	repeat	VERB
fsr-3307	169	5	at	at	ADP
fsr-3307	169	6	different	different	ADJ
fsr-3307	169	7	levels	level	NOUN
fsr-3307	169	8	of	of	ADP
fsr-3307	169	9	risk	risk	NOUN
fsr-3307	169	10	-	-	PUNCT
fsr-3307	169	11	free	free	ADJ
fsr-3307	169	12	rates	rate	NOUN
fsr-3307	169	13	.	.	PUNCT
fsr-3307	170	1	if	if	SCONJ
fsr-3307	170	2	the	the	DET
fsr-3307	170	3	ladder	ladder	NOUN
fsr-3307	170	4	is	be	AUX
fsr-3307	170	5	shown	show	VERB
fsr-3307	170	6	to	to	PART
fsr-3307	170	7	be	be	AUX
fsr-3307	170	8	redundant	redundant	ADJ
fsr-3307	170	9	at	at	ADP
fsr-3307	170	10	all	all	DET
fsr-3307	170	11	levels	level	NOUN
fsr-3307	170	12	of	of	ADP
fsr-3307	170	13	risk	risk	NOUN
fsr-3307	170	14	-	-	PUNCT
fsr-3307	170	15	free	free	ADJ
fsr-3307	170	16	rates	rate	NOUN
fsr-3307	170	17	,	,	PUNCT
fsr-3307	170	18	portfolio	portfolio	NOUN
fsr-3307	170	19	investors	investor	NOUN
fsr-3307	170	20	should	should	AUX
fsr-3307	170	21	be	be	AUX
fsr-3307	170	22	content	content	ADJ
fsr-3307	170	23	with	with	ADP
fsr-3307	170	24	only	only	ADV
fsr-3307	170	25	holding	hold	VERB
fsr-3307	170	26	bond	bond	NOUN
fsr-3307	170	27	index	index	NOUN
fsr-3307	170	28	,	,	PUNCT
fsr-3307	170	29	188	188	NUM
fsr-3307	170	30	c.s	c.s	PROPN
fsr-3307	170	31	.	.	PROPN
fsr-3307	170	32	cheung	cheung	PROPN
fsr-3307	170	33	,	,	PUNCT
fsr-3307	170	34	p.	p.	PROPN
fsr-3307	170	35	miu	miu	PROPN
fsr-3307	170	36	/	/	SYM
fsr-3307	170	37	financial	financial	ADJ
fsr-3307	170	38	services	service	NOUN
fsr-3307	170	39	review	review	VERB
fsr-3307	170	40	26	26	NUM
fsr-3307	170	41	(	(	PUNCT
fsr-3307	170	42	2017	2017	NUM
fsr-3307	170	43	)	)	PUNCT
fsr-3307	170	44	181–203	181–203	NUM
fsr-3307	170	45	without	without	ADP
fsr-3307	170	46	bothering	bother	VERB
fsr-3307	170	47	with	with	ADP
fsr-3307	170	48	bond	bond	NOUN
fsr-3307	170	49	laddering	ladder	VERB
fsr-3307	170	50	.	.	PUNCT
fsr-3307	171	1	in	in	ADP
fsr-3307	171	2	designing	design	VERB
fsr-3307	171	3	the	the	DET
fsr-3307	171	4	test	test	NOUN
fsr-3307	171	5	this	this	DET
fsr-3307	171	6	way	way	NOUN
fsr-3307	171	7	rather	rather	ADV
fsr-3307	171	8	than	than	ADP
fsr-3307	171	9	directly	directly	ADV
fsr-3307	171	10	testing	test	VERB
fsr-3307	171	11	the	the	DET
fsr-3307	171	12	statistical	statistical	ADJ
fsr-3307	171	13	significance	significance	NOUN
fsr-3307	171	14	of	of	ADP
fsr-3307	171	15	the	the	DET
fsr-3307	171	16	difference	difference	NOUN
fsr-3307	171	17	in	in	ADP
fsr-3307	171	18	the	the	DET
fsr-3307	171	19	two	two	NUM
fsr-3307	171	20	sharpe	sharpe	NOUN
fsr-3307	171	21	ratios	ratio	NOUN
fsr-3307	171	22	in	in	ADP
fsr-3307	171	23	each	each	DET
fsr-3307	171	24	row	row	NOUN
fsr-3307	171	25	across	across	ADP
fsr-3307	171	26	panels	panel	NOUN
fsr-3307	171	27	a	a	PRON
fsr-3307	171	28	and	and	CCONJ
fsr-3307	171	29	b	b	NOUN
fsr-3307	171	30	of	of	ADP
fsr-3307	171	31	table	table	NOUN
fsr-3307	171	32	2	2	NUM
fsr-3307	171	33	,	,	PUNCT
fsr-3307	171	34	we	we	PRON
fsr-3307	171	35	can	can	AUX
fsr-3307	171	36	also	also	ADV
fsr-3307	171	37	entertain	entertain	VERB
fsr-3307	171	38	the	the	DET
fsr-3307	171	39	possibility	possibility	NOUN
fsr-3307	171	40	that	that	SCONJ
fsr-3307	171	41	both	both	CCONJ
fsr-3307	171	42	the	the	DET
fsr-3307	171	43	ladder	ladder	NOUN
fsr-3307	171	44	and	and	CCONJ
fsr-3307	171	45	the	the	DET
fsr-3307	171	46	bond	bond	NOUN
fsr-3307	171	47	index	index	NOUN
fsr-3307	171	48	may	may	AUX
fsr-3307	171	49	coexist	coexist	VERB
fsr-3307	171	50	in	in	ADP
fsr-3307	171	51	an	an	DET
fsr-3307	171	52	investor	investor	NOUN
fsr-3307	171	53	’s	’s	PART
fsr-3307	171	54	optimal	optimal	ADJ
fsr-3307	171	55	portfolio	portfolio	NOUN
fsr-3307	171	56	to	to	PART
fsr-3307	171	57	enhance	enhance	VERB
fsr-3307	171	58	performance	performance	NOUN
fsr-3307	171	59	in	in	ADP
fsr-3307	171	60	a	a	DET
fsr-3307	171	61	way	way	NOUN
fsr-3307	171	62	that	that	SCONJ
fsr-3307	171	63	either	either	DET
fsr-3307	171	64	one	one	NOUN
fsr-3307	171	65	alone	alone	ADV
fsr-3307	171	66	can	can	AUX
fsr-3307	171	67	not	not	PART
fsr-3307	171	68	do	do	VERB
fsr-3307	171	69	.	.	PUNCT
fsr-3307	172	1	the	the	DET
fsr-3307	172	2	details	detail	NOUN
fsr-3307	172	3	of	of	ADP
fsr-3307	172	4	the	the	DET
fsr-3307	172	5	test	test	NOUN
fsr-3307	172	6	procedure	procedure	NOUN
fsr-3307	172	7	as	as	SCONJ
fsr-3307	172	8	developed	develop	VERB
fsr-3307	172	9	by	by	ADP
fsr-3307	172	10	glen	glen	PROPN
fsr-3307	172	11	and	and	CCONJ
fsr-3307	172	12	jorion	jorion	NOUN
fsr-3307	172	13	(	(	PUNCT
fsr-3307	172	14	1993	1993	NUM
fsr-3307	172	15	)	)	PUNCT
fsr-3307	172	16	are	be	AUX
fsr-3307	172	17	outlined	outline	VERB
fsr-3307	172	18	in	in	ADP
fsr-3307	172	19	the	the	DET
fsr-3307	172	20	appendix	appendix	ADJ
fsr-3307	172	21	a.	a.	NOUN
fsr-3307	172	22	table	table	NOUN
fsr-3307	172	23	3	3	NUM
fsr-3307	172	24	reports	report	VERB
fsr-3307	172	25	the	the	DET
fsr-3307	172	26	test	test	NOUN
fsr-3307	172	27	results	result	NOUN
fsr-3307	172	28	.	.	PUNCT
fsr-3307	173	1	columns	column	NOUN
fsr-3307	173	2	7–9	7–9	NUM
fsr-3307	173	3	are	be	AUX
fsr-3307	173	4	the	the	DET
fsr-3307	173	5	portfolio	portfolio	NOUN
fsr-3307	173	6	allocations	allocation	NOUN
fsr-3307	173	7	for	for	ADP
fsr-3307	173	8	the	the	DET
fsr-3307	173	9	benchmark	benchmark	ADJ
fsr-3307	173	10	asset	asset	NOUN
fsr-3307	173	11	classes	class	NOUN
fsr-3307	173	12	at	at	ADP
fsr-3307	173	13	various	various	ADJ
fsr-3307	173	14	levels	level	NOUN
fsr-3307	173	15	of	of	ADP
fsr-3307	173	16	risk	risk	NOUN
fsr-3307	173	17	-	-	PUNCT
fsr-3307	173	18	free	free	ADJ
fsr-3307	173	19	rates	rate	NOUN
fsr-3307	173	20	and	and	CCONJ
fsr-3307	173	21	columns	column	NOUN
fsr-3307	173	22	2–5	2–5	PROPN
fsr-3307	173	23	are	be	AUX
fsr-3307	173	24	allocations	allocation	NOUN
fsr-3307	173	25	for	for	ADP
fsr-3307	173	26	the	the	DET
fsr-3307	173	27	combined	combined	ADJ
fsr-3307	173	28	asset	asset	NOUN
fsr-3307	173	29	classes	class	NOUN
fsr-3307	173	30	.	.	PUNCT
fsr-3307	174	1	the	the	DET
fsr-3307	174	2	results	result	NOUN
fsr-3307	174	3	for	for	ADP
fsr-3307	174	4	the	the	DET
fsr-3307	174	5	combined	combined	ADJ
fsr-3307	174	6	asset	asset	NOUN
fsr-3307	174	7	classes	class	NOUN
fsr-3307	174	8	in	in	ADP
fsr-3307	174	9	columns	column	NOUN
fsr-3307	174	10	4–5	4–5	PROPN
fsr-3307	174	11	are	be	AUX
fsr-3307	174	12	most	most	ADV
fsr-3307	174	13	interesting	interesting	ADJ
fsr-3307	174	14	.	.	PUNCT
fsr-3307	175	1	at	at	ADP
fsr-3307	175	2	very	very	ADV
fsr-3307	175	3	low	low	ADJ
fsr-3307	175	4	levels	level	NOUN
fsr-3307	175	5	of	of	ADP
fsr-3307	175	6	risk	risk	NOUN
fsr-3307	175	7	-	-	PUNCT
fsr-3307	175	8	free	free	ADJ
fsr-3307	175	9	rates	rate	NOUN
fsr-3307	175	10	,	,	PUNCT
fsr-3307	175	11	the	the	DET
fsr-3307	175	12	bond	bond	NOUN
fsr-3307	175	13	index	index	NOUN
fsr-3307	175	14	is	be	AUX
fsr-3307	175	15	completely	completely	ADV
fsr-3307	175	16	displaced	displace	VERB
fsr-3307	175	17	by	by	ADP
fsr-3307	175	18	the	the	DET
fsr-3307	175	19	ladder	ladder	NOUN
fsr-3307	175	20	and	and	CCONJ
fsr-3307	175	21	the	the	DET
fsr-3307	175	22	opposite	opposite	NOUN
fsr-3307	175	23	is	be	AUX
fsr-3307	175	24	true	true	ADJ
fsr-3307	175	25	at	at	ADP
fsr-3307	175	26	high	high	ADJ
fsr-3307	175	27	levels	level	NOUN
fsr-3307	175	28	of	of	ADP
fsr-3307	175	29	risk	risk	NOUN
fsr-3307	175	30	-	-	PUNCT
fsr-3307	175	31	free	free	ADJ
fsr-3307	175	32	rates	rate	NOUN
fsr-3307	175	33	.	.	PUNCT
fsr-3307	176	1	at	at	ADP
fsr-3307	176	2	moderate	moderate	ADJ
fsr-3307	176	3	risk	risk	NOUN
fsr-3307	176	4	-	-	PUNCT
fsr-3307	176	5	free	free	ADJ
fsr-3307	176	6	rates	rate	NOUN
fsr-3307	176	7	,	,	PUNCT
fsr-3307	176	8	both	both	DET
fsr-3307	176	9	fixed	fix	VERB
fsr-3307	176	10	-	-	PUNCT
fsr-3307	176	11	income	income	NOUN
fsr-3307	176	12	assets	asset	NOUN
fsr-3307	176	13	coexist	coexist	VERB
fsr-3307	176	14	.	.	PUNCT
fsr-3307	177	1	the	the	DET
fsr-3307	177	2	last	last	ADJ
fsr-3307	177	3	column	column	NOUN
fsr-3307	177	4	reports	report	VERB
fsr-3307	177	5	the	the	DET
fsr-3307	177	6	p	p	NOUN
fsr-3307	177	7	-	-	PUNCT
fsr-3307	177	8	value	value	NOUN
fsr-3307	177	9	of	of	ADP
fsr-3307	177	10	the	the	DET
fsr-3307	177	11	null	null	ADJ
fsr-3307	177	12	hypothesis	hypothesis	NOUN
fsr-3307	177	13	that	that	PRON
fsr-3307	177	14	the	the	DET
fsr-3307	177	15	sharpe	sharpe	PROPN
fsr-3307	177	16	ratio	ratio	NOUN
fsr-3307	177	17	for	for	ADP
fsr-3307	177	18	the	the	DET
fsr-3307	177	19	benchmark	benchmark	NOUN
fsr-3307	177	20	case	case	NOUN
fsr-3307	177	21	is	be	AUX
fsr-3307	177	22	equal	equal	ADJ
fsr-3307	177	23	to	to	ADP
fsr-3307	177	24	that	that	PRON
fsr-3307	177	25	for	for	ADP
fsr-3307	177	26	the	the	DET
fsr-3307	177	27	combined	combine	VERB
fsr-3307	177	28	case	case	NOUN
fsr-3307	177	29	.	.	PUNCT
fsr-3307	178	1	a	a	DET
fsr-3307	178	2	p	p	NOUN
fsr-3307	178	3	-	-	PUNCT
fsr-3307	178	4	value	value	NOUN
fsr-3307	178	5	of	of	ADP
fsr-3307	178	6	0.05	0.05	NUM
fsr-3307	178	7	means	mean	NOUN
fsr-3307	178	8	that	that	SCONJ
fsr-3307	178	9	the	the	DET
fsr-3307	178	10	equality	equality	NOUN
fsr-3307	178	11	can	can	AUX
fsr-3307	178	12	be	be	AUX
fsr-3307	178	13	rejected	reject	VERB
fsr-3307	178	14	at	at	ADP
fsr-3307	178	15	five	five	NUM
fsr-3307	178	16	-	-	PUNCT
fsr-3307	178	17	percent	percent	NOUN
fsr-3307	178	18	level	level	NOUN
fsr-3307	178	19	.	.	PUNCT
fsr-3307	179	1	at	at	ADP
fsr-3307	179	2	both	both	DET
fsr-3307	179	3	zero	zero	NUM
fsr-3307	179	4	and	and	CCONJ
fsr-3307	179	5	one	one	NUM
fsr-3307	179	6	percentage	percentage	NOUN
fsr-3307	179	7	risk	risk	NOUN
fsr-3307	179	8	-	-	PUNCT
fsr-3307	179	9	free	free	ADJ
fsr-3307	179	10	rates	rate	NOUN
fsr-3307	179	11	,	,	PUNCT
fsr-3307	179	12	the	the	DET
fsr-3307	179	13	sharpe	sharpe	PROPN
fsr-3307	179	14	ratio	ratio	NOUN
fsr-3307	179	15	for	for	ADP
fsr-3307	179	16	the	the	DET
fsr-3307	179	17	combined	combined	ADJ
fsr-3307	179	18	portfolio	portfolio	NOUN
fsr-3307	179	19	that	that	PRON
fsr-3307	179	20	happens	happen	VERB
fsr-3307	179	21	to	to	PART
fsr-3307	179	22	contain	contain	VERB
fsr-3307	179	23	no	no	DET
fsr-3307	179	24	bond	bond	NOUN
fsr-3307	179	25	index	index	NOUN
fsr-3307	179	26	is	be	AUX
fsr-3307	179	27	indeed	indeed	ADV
fsr-3307	179	28	statistically	statistically	ADV
fsr-3307	179	29	better	well	ADJ
fsr-3307	179	30	than	than	ADP
fsr-3307	179	31	that	that	PRON
fsr-3307	179	32	of	of	ADP
fsr-3307	179	33	the	the	DET
fsr-3307	179	34	benchmark	benchmark	NOUN
fsr-3307	179	35	portfolio	portfolio	NOUN
fsr-3307	179	36	.	.	PUNCT
fsr-3307	180	1	at	at	ADP
fsr-3307	180	2	six	six	NUM
fsr-3307	180	3	percent	percent	NOUN
fsr-3307	180	4	and	and	CCONJ
fsr-3307	180	5	seven	seven	NUM
fsr-3307	180	6	percent	percent	NOUN
fsr-3307	180	7	risk	risk	NOUN
fsr-3307	180	8	-	-	PUNCT
fsr-3307	180	9	free	free	ADJ
fsr-3307	180	10	rates	rate	NOUN
fsr-3307	180	11	,	,	PUNCT
fsr-3307	180	12	the	the	DET
fsr-3307	180	13	combined	combined	ADJ
fsr-3307	180	14	portfolio	portfolio	NOUN
fsr-3307	180	15	contains	contain	VERB
fsr-3307	180	16	no	no	DET
fsr-3307	180	17	ladder	ladder	NOUN
fsr-3307	180	18	.	.	PUNCT
fsr-3307	181	1	the	the	DET
fsr-3307	181	2	combined	combine	VERB
fsr-3307	181	3	and	and	CCONJ
fsr-3307	181	4	benchmark	benchmark	ADJ
fsr-3307	181	5	portfolios	portfolio	NOUN
fsr-3307	181	6	are	be	AUX
fsr-3307	181	7	in	in	ADP
fsr-3307	181	8	effect	effect	NOUN
fsr-3307	181	9	the	the	DET
fsr-3307	181	10	same	same	ADJ
fsr-3307	181	11	with	with	ADP
fsr-3307	181	12	the	the	DET
fsr-3307	181	13	same	same	ADJ
fsr-3307	181	14	asset	asset	NOUN
fsr-3307	181	15	allocations	allocation	NOUN
fsr-3307	181	16	and	and	CCONJ
fsr-3307	181	17	the	the	DET
fsr-3307	181	18	same	same	ADJ
fsr-3307	181	19	sharpe	sharpe	NOUN
fsr-3307	181	20	ratios	ratio	NOUN
fsr-3307	181	21	.	.	PUNCT
fsr-3307	182	1	the	the	DET
fsr-3307	182	2	test	test	NOUN
fsr-3307	182	3	of	of	ADP
fsr-3307	182	4	equal	equal	ADJ
fsr-3307	182	5	sharpe	sharpe	NOUN
fsr-3307	182	6	ratios	ratio	NOUN
fsr-3307	182	7	is	be	AUX
fsr-3307	182	8	therefore	therefore	ADV
fsr-3307	182	9	irrelevant	irrelevant	ADJ
fsr-3307	182	10	at	at	ADP
fsr-3307	182	11	these	these	DET
fsr-3307	182	12	two	two	NUM
fsr-3307	182	13	levels	level	NOUN
fsr-3307	182	14	of	of	ADP
fsr-3307	182	15	risk	risk	NOUN
fsr-3307	182	16	-	-	PUNCT
fsr-3307	182	17	free	free	ADJ
fsr-3307	182	18	rates	rate	NOUN
fsr-3307	182	19	.	.	PUNCT
fsr-3307	183	1	between	between	ADP
fsr-3307	183	2	two	two	NUM
fsr-3307	183	3	percent	percent	NOUN
fsr-3307	183	4	and	and	CCONJ
fsr-3307	183	5	four	four	NUM
fsr-3307	183	6	percent	percent	NOUN
fsr-3307	183	7	risk	risk	NOUN
fsr-3307	183	8	-	-	PUNCT
fsr-3307	183	9	free	free	ADJ
fsr-3307	183	10	rates	rate	NOUN
fsr-3307	183	11	,	,	PUNCT
fsr-3307	183	12	the	the	DET
fsr-3307	183	13	difference	difference	NOUN
fsr-3307	183	14	between	between	ADP
fsr-3307	183	15	the	the	DET
fsr-3307	183	16	sharpe	sharpe	NOUN
fsr-3307	183	17	ratios	ratio	NOUN
fsr-3307	183	18	are	be	AUX
fsr-3307	183	19	statistically	statistically	ADV
fsr-3307	183	20	significant	significant	ADJ
fsr-3307	183	21	.	.	PUNCT
fsr-3307	184	1	the	the	DET
fsr-3307	184	2	two	two	NUM
fsr-3307	184	3	fixed	fix	VERB
fsr-3307	184	4	-	-	PUNCT
fsr-3307	184	5	income	income	NOUN
fsr-3307	184	6	assets	asset	NOUN
fsr-3307	184	7	together	together	ADV
fsr-3307	184	8	in	in	ADP
fsr-3307	184	9	fact	fact	NOUN
fsr-3307	184	10	do	do	VERB
fsr-3307	184	11	a	a	DET
fsr-3307	184	12	better	well	ADJ
fsr-3307	184	13	job	job	NOUN
fsr-3307	184	14	than	than	ADP
fsr-3307	184	15	either	either	DET
fsr-3307	184	16	one	one	NUM
fsr-3307	184	17	alone	alone	ADV
fsr-3307	184	18	.	.	PUNCT
fsr-3307	185	1	at	at	ADP
fsr-3307	185	2	five	five	NUM
fsr-3307	185	3	percent	percent	NOUN
fsr-3307	185	4	risk	risk	NOUN
fsr-3307	185	5	-	-	PUNCT
fsr-3307	185	6	free	free	ADJ
fsr-3307	185	7	rate	rate	NOUN
fsr-3307	185	8	,	,	PUNCT
fsr-3307	185	9	the	the	DET
fsr-3307	185	10	difference	difference	NOUN
fsr-3307	185	11	between	between	ADP
fsr-3307	185	12	the	the	DET
fsr-3307	185	13	two	two	NUM
fsr-3307	185	14	sharpe	sharpe	NOUN
fsr-3307	185	15	ratios	ratio	NOUN
fsr-3307	185	16	is	be	AUX
fsr-3307	185	17	no	no	ADV
fsr-3307	185	18	longer	long	ADV
fsr-3307	185	19	statistically	statistically	ADV
fsr-3307	185	20	significant	significant	ADJ
fsr-3307	185	21	.	.	PUNCT
fsr-3307	186	1	finally	finally	ADV
fsr-3307	186	2	,	,	PUNCT
fsr-3307	186	3	at	at	ADP
fsr-3307	186	4	the	the	DET
fsr-3307	186	5	ex	ex	ADJ
fsr-3307	186	6	post	post	NOUN
fsr-3307	186	7	risk	risk	NOUN
fsr-3307	186	8	-	-	PUNCT
fsr-3307	186	9	free	free	ADJ
fsr-3307	186	10	rate	rate	NOUN
fsr-3307	186	11	of	of	ADP
fsr-3307	186	12	4.56	4.56	NUM
fsr-3307	186	13	%	%	NOUN
fsr-3307	186	14	,	,	PUNCT
fsr-3307	186	15	the	the	DET
fsr-3307	186	16	difference	difference	NOUN
fsr-3307	186	17	is	be	AUX
fsr-3307	186	18	marginally	marginally	ADV
fsr-3307	186	19	significant	significant	ADJ
fsr-3307	186	20	(	(	PUNCT
fsr-3307	186	21	p	p	NOUN
fsr-3307	186	22	-	-	PUNCT
fsr-3307	186	23	value	value	NOUN
fsr-3307	186	24	equals	equal	VERB
fsr-3307	186	25	to	to	ADP
fsr-3307	186	26	0.057	0.057	NUM
fsr-3307	186	27	)	)	PUNCT
fsr-3307	186	28	.	.	PUNCT
fsr-3307	187	1	table	table	NOUN
fsr-3307	187	2	3	3	NUM
fsr-3307	187	3	diversification	diversification	NOUN
fsr-3307	187	4	benefits	benefit	NOUN
fsr-3307	187	5	of	of	ADP
fsr-3307	187	6	five	five	NUM
fsr-3307	187	7	-	-	PUNCT
fsr-3307	187	8	year	year	NOUN
fsr-3307	187	9	ladder	ladder	NOUN
fsr-3307	187	10	:	:	PUNCT
fsr-3307	187	11	portfolio	portfolio	NOUN
fsr-3307	187	12	weights	weight	NOUN
fsr-3307	187	13	and	and	CCONJ
fsr-3307	187	14	sharpe	sharpe	NOUN
fsr-3307	187	15	ratios	ratio	NOUN
fsr-3307	187	16	of	of	ADP
fsr-3307	187	17	tangency	tangency	NOUN
fsr-3307	187	18	portfolios	portfolio	NOUN
fsr-3307	187	19	with	with	ADP
fsr-3307	187	20	and	and	CCONJ
fsr-3307	187	21	without	without	ADP
fsr-3307	187	22	ladder	ladder	NOUN
fsr-3307	187	23	are	be	AUX
fsr-3307	187	24	reported	report	VERB
fsr-3307	187	25	at	at	ADP
fsr-3307	187	26	different	different	ADJ
fsr-3307	187	27	levels	level	NOUN
fsr-3307	187	28	of	of	ADP
fsr-3307	187	29	annual	annual	ADJ
fsr-3307	187	30	risk	risk	NOUN
fsr-3307	187	31	-	-	PUNCT
fsr-3307	187	32	free	free	ADJ
fsr-3307	187	33	interest	interest	NOUN
fsr-3307	187	34	rates	rate	NOUN
fsr-3307	187	35	risk	risk	NOUN
fsr-3307	187	36	-	-	PUNCT
fsr-3307	187	37	free	free	ADJ
fsr-3307	187	38	rate	rate	NOUN
fsr-3307	187	39	portfolios	portfolio	NOUN
fsr-3307	187	40	with	with	ADP
fsr-3307	187	41	five	five	NUM
fsr-3307	187	42	-	-	PUNCT
fsr-3307	187	43	year	year	NOUN
fsr-3307	187	44	ladder	ladder	NOUN
fsr-3307	187	45	portfolios	portfolio	NOUN
fsr-3307	187	46	without	without	ADP
fsr-3307	187	47	five	five	NUM
fsr-3307	187	48	-	-	PUNCT
fsr-3307	187	49	year	year	NOUN
fsr-3307	187	50	ladder	ladder	NOUN
fsr-3307	187	51	gj	gj	NOUN
fsr-3307	187	52	p	p	NOUN
fsr-3307	187	53	-	-	PUNCT
fsr-3307	187	54	value	value	NOUN
fsr-3307	187	55	portfolio	portfolio	NOUN
fsr-3307	187	56	weights	weight	VERB
fsr-3307	187	57	sharpe	sharpe	PROPN
fsr-3307	187	58	ratio	ratio	PROPN
fsr-3307	187	59	portfolio	portfolio	PROPN
fsr-3307	187	60	weights	weight	VERB
fsr-3307	187	61	sharpe	sharpe	PROPN
fsr-3307	187	62	ratio	ratio	PROPN
fsr-3307	187	63	crsp	crsp	PROPN
fsr-3307	187	64	vw	vw	PROPN
fsr-3307	187	65	msci	msci	PROPN
fsr-3307	187	66	-	-	PUNCT
fsr-3307	187	67	eafe	eafe	PROPN
fsr-3307	187	68	barclays	barclays	PROPN
fsr-3307	187	69	bond	bond	NOUN
fsr-3307	187	70	index	index	NOUN
fsr-3307	187	71	five	five	NUM
fsr-3307	187	72	-	-	PUNCT
fsr-3307	187	73	year	year	NOUN
fsr-3307	187	74	ladder	ladder	NOUN
fsr-3307	187	75	crsp	crsp	PROPN
fsr-3307	187	76	vw	vw	PROPN
fsr-3307	187	77	msci	msci	PROPN
fsr-3307	187	78	-	-	PUNCT
fsr-3307	187	79	eafe	eafe	PROPN
fsr-3307	187	80	barclays	barclays	PROPN
fsr-3307	187	81	bond	bond	NOUN
fsr-3307	187	82	index	index	NOUN
fsr-3307	187	83	0.0000	0.0000	NUM
fsr-3307	187	84	0.0366	0.0366	NUM
fsr-3307	188	1	0.0000	0.0000	NUM
fsr-3307	188	2	0.0000	0.0000	NUM
fsr-3307	188	3	0.9634	0.9634	NUM
fsr-3307	188	4	2.096	2.096	NUM
fsr-3307	188	5	0.1397	0.1397	NUM
fsr-3307	188	6	0.0323	0.0323	NUM
fsr-3307	188	7	0.8281	0.8281	NUM
fsr-3307	188	8	1.295	1.295	NUM
fsr-3307	188	9	0.000	0.000	NUM
fsr-3307	188	10	0.0100	0.0100	NUM
fsr-3307	188	11	0.0426	0.0426	NUM
fsr-3307	188	12	0.0000	0.0000	NUM
fsr-3307	188	13	0.0007	0.0007	NUM
fsr-3307	188	14	0.9567	0.9567	NUM
fsr-3307	188	15	1.776	1.776	NUM
fsr-3307	188	16	0.1527	0.1527	NUM
fsr-3307	188	17	0.0292	0.0292	NUM
fsr-3307	188	18	0.8181	0.8181	NUM
fsr-3307	188	19	1.149	1.149	NUM
fsr-3307	188	20	0.000	0.000	NUM
fsr-3307	188	21	0.0200	0.0200	NUM
fsr-3307	188	22	0.0511	0.0511	NUM
fsr-3307	188	23	0.0000	0.0000	NUM
fsr-3307	188	24	0.0214	0.0214	NUM
fsr-3307	188	25	0.9275	0.9275	NUM
fsr-3307	188	26	1.460	1.460	NUM
fsr-3307	188	27	0.1699	0.1699	NUM
fsr-3307	188	28	0.0252	0.0252	NUM
fsr-3307	188	29	0.8050	0.8050	NUM
fsr-3307	188	30	1.004	1.004	NUM
fsr-3307	188	31	0.000	0.000	NUM
fsr-3307	188	32	0.0300	0.0300	NUM
fsr-3307	188	33	0.0648	0.0648	NUM
fsr-3307	188	34	0.0000	0.0000	NUM
fsr-3307	188	35	0.0555	0.0555	NUM
fsr-3307	188	36	0.8797	0.8797	NUM
fsr-3307	188	37	1.152	1.152	NUM
fsr-3307	188	38	0.1932	0.1932	NUM
fsr-3307	188	39	0.0197	0.0197	NUM
fsr-3307	188	40	0.7871	0.7871	NUM
fsr-3307	188	41	0.861	0.861	NUM
fsr-3307	188	42	0.001	0.001	NUM
fsr-3307	188	43	0.0400	0.0400	NUM
fsr-3307	188	44	0.0911	0.0911	NUM
fsr-3307	188	45	0.0000	0.0000	NUM
fsr-3307	188	46	0.1208	0.1208	NUM
fsr-3307	188	47	0.7881	0.7881	NUM
fsr-3307	188	48	0.861	0.861	NUM
fsr-3307	188	49	0.2270	0.2270	NUM
fsr-3307	188	50	0.0117	0.0117	NUM
fsr-3307	188	51	0.7613	0.7613	NUM
fsr-3307	188	52	0.720	0.720	NUM
fsr-3307	188	53	0.016	0.016	NUM
fsr-3307	188	54	0.0500	0.0500	NUM
fsr-3307	188	55	0.1613	0.1613	NUM
fsr-3307	188	56	0.0000	0.0000	NUM
fsr-3307	188	57	0.2952	0.2952	NUM
fsr-3307	188	58	0.5435	0.5435	NUM
fsr-3307	188	59	0.610	0.610	NUM
fsr-3307	188	60	0.2792	0.2792	NUM
fsr-3307	188	61	0.0002	0.0002	NUM
fsr-3307	188	62	0.7207	0.7207	NUM
fsr-3307	188	63	0.583	0.583	NUM
fsr-3307	188	64	0.135	0.135	NUM
fsr-3307	188	65	0.0600	0.0600	NUM
fsr-3307	188	66	0.3523	0.3523	NUM
fsr-3307	188	67	0.0000	0.0000	NUM
fsr-3307	188	68	0.6477	0.6477	NUM
fsr-3307	188	69	0.0000	0.0000	NUM
fsr-3307	188	70	0.454	0.454	NUM
fsr-3307	188	71	0.3523	0.3523	NUM
fsr-3307	188	72	0.0000	0.0000	NUM
fsr-3307	188	73	0.6477	0.6477	NUM
fsr-3307	188	74	0.454	0.454	NUM
fsr-3307	188	75	—	—	PUNCT
fsr-3307	189	1	0.0700	0.0700	NUM
fsr-3307	189	2	0.5193	0.5193	NUM
fsr-3307	189	3	0.0000	0.0000	NUM
fsr-3307	189	4	0.4807	0.4807	NUM
fsr-3307	189	5	0.0000	0.0000	NUM
fsr-3307	189	6	0.341	0.341	NUM
fsr-3307	189	7	0.5193	0.5193	NUM
fsr-3307	189	8	0.0000	0.0000	NUM
fsr-3307	189	9	0.4807	0.4807	NUM
fsr-3307	189	10	0.341	0.341	NUM
fsr-3307	189	11	—	—	PUNCT
fsr-3307	189	12	0.0456a	0.0456a	PROPN
fsr-3307	189	13	0.1198	0.1198	NUM
fsr-3307	189	14	0.0000	0.0000	NUM
fsr-3307	189	15	0.1920	0.1920	NUM
fsr-3307	189	16	0.6883	0.6883	NUM
fsr-3307	189	17	0.712	0.712	NUM
fsr-3307	189	18	0.2533	0.2533	NUM
fsr-3307	189	19	0.0055	0.0055	NUM
fsr-3307	189	20	0.7412	0.7412	NUM
fsr-3307	189	21	0.643	0.643	NUM
fsr-3307	189	22	0.057	0.057	NUM
fsr-3307	189	23	note	note	NOUN
fsr-3307	189	24	:	:	PUNCT
fsr-3307	189	25	optimal	optimal	ADJ
fsr-3307	189	26	portfolios	portfolio	NOUN
fsr-3307	189	27	are	be	AUX
fsr-3307	189	28	obtained	obtain	VERB
fsr-3307	189	29	with	with	ADP
fsr-3307	189	30	short	short	ADJ
fsr-3307	189	31	-	-	PUNCT
fsr-3307	189	32	sale	sale	NOUN
fsr-3307	189	33	disallowed	disallow	VERB
fsr-3307	189	34	and	and	CCONJ
fsr-3307	189	35	based	base	VERB
fsr-3307	189	36	on	on	ADP
fsr-3307	189	37	risk	risk	NOUN
fsr-3307	189	38	-	-	PUNCT
fsr-3307	189	39	return	return	NOUN
fsr-3307	189	40	parameters	parameter	NOUN
fsr-3307	189	41	estimated	estimate	VERB
fsr-3307	189	42	over	over	ADP
fsr-3307	189	43	the	the	DET
fsr-3307	189	44	sample	sample	NOUN
fsr-3307	189	45	period	period	NOUN
fsr-3307	189	46	of	of	ADP
fsr-3307	189	47	1980–2015	1980–2015	NUM
fsr-3307	189	48	.	.	PUNCT
fsr-3307	190	1	the	the	DET
fsr-3307	190	2	p	p	NOUN
fsr-3307	190	3	-	-	PUNCT
fsr-3307	190	4	values	value	NOUN
fsr-3307	190	5	of	of	ADP
fsr-3307	190	6	glen	glen	PROPN
fsr-3307	190	7	and	and	CCONJ
fsr-3307	190	8	jorion	jorion	NOUN
fsr-3307	190	9	(	(	PUNCT
fsr-3307	190	10	gj	gj	NOUN
fsr-3307	190	11	)	)	PUNCT
fsr-3307	190	12	tests	test	NOUN
fsr-3307	190	13	on	on	ADP
fsr-3307	190	14	equal	equal	ADJ
fsr-3307	190	15	sharpe	sharpe	NOUN
fsr-3307	190	16	ratios	ratio	NOUN
fsr-3307	190	17	are	be	AUX
fsr-3307	190	18	reported	report	VERB
fsr-3307	190	19	in	in	ADP
fsr-3307	190	20	the	the	DET
fsr-3307	190	21	last	last	ADJ
fsr-3307	190	22	column	column	NOUN
fsr-3307	190	23	of	of	ADP
fsr-3307	190	24	the	the	DET
fsr-3307	190	25	table	table	NOUN
fsr-3307	190	26	.	.	PUNCT
fsr-3307	191	1	athe	athe	PROPN
fsr-3307	191	2	portfolio	portfolio	PROPN
fsr-3307	191	3	results	result	NOUN
fsr-3307	191	4	presented	present	VERB
fsr-3307	191	5	in	in	ADP
fsr-3307	191	6	the	the	DET
fsr-3307	191	7	last	last	ADJ
fsr-3307	191	8	row	row	NOUN
fsr-3307	191	9	are	be	AUX
fsr-3307	191	10	obtained	obtain	VERB
fsr-3307	191	11	by	by	ADP
fsr-3307	191	12	assuming	assume	VERB
fsr-3307	191	13	a	a	DET
fsr-3307	191	14	risk	risk	NOUN
fsr-3307	191	15	-	-	PUNCT
fsr-3307	191	16	free	free	ADJ
fsr-3307	191	17	rate	rate	NOUN
fsr-3307	191	18	equals	equal	VERB
fsr-3307	191	19	to	to	ADP
fsr-3307	191	20	the	the	DET
fsr-3307	191	21	average	average	ADJ
fsr-3307	191	22	three	three	NUM
fsr-3307	191	23	-	-	PUNCT
fsr-3307	191	24	month	month	NOUN
fsr-3307	191	25	t	t	PROPN
fsr-3307	191	26	-	-	PUNCT
fsr-3307	191	27	bill	bill	NOUN
fsr-3307	191	28	yield	yield	NOUN
fsr-3307	191	29	of	of	ADP
fsr-3307	191	30	4.56	4.56	NUM
fsr-3307	191	31	%	%	NOUN
fsr-3307	191	32	over	over	ADP
fsr-3307	191	33	the	the	DET
fsr-3307	191	34	sample	sample	NOUN
fsr-3307	191	35	period	period	NOUN
fsr-3307	191	36	of	of	ADP
fsr-3307	191	37	1980–2015	1980–2015	NUM
fsr-3307	191	38	.	.	PUNCT
fsr-3307	192	1	189c.s	189c.s	NUM
fsr-3307	192	2	.	.	PUNCT
fsr-3307	193	1	cheung	cheung	PROPN
fsr-3307	193	2	,	,	PUNCT
fsr-3307	193	3	p.	p.	PROPN
fsr-3307	193	4	miu	miu	PROPN
fsr-3307	193	5	/	/	SYM
fsr-3307	193	6	financial	financial	ADJ
fsr-3307	193	7	services	service	NOUN
fsr-3307	193	8	review	review	VERB
fsr-3307	193	9	26	26	NUM
fsr-3307	193	10	(	(	PUNCT
fsr-3307	193	11	2017	2017	NUM
fsr-3307	193	12	)	)	PUNCT
fsr-3307	193	13	181–203	181–203	NUM
fsr-3307	193	14	in	in	ADP
fsr-3307	193	15	summary	summary	NOUN
fsr-3307	193	16	,	,	PUNCT
fsr-3307	193	17	the	the	DET
fsr-3307	193	18	above	above	ADJ
fsr-3307	193	19	empirical	empirical	ADJ
fsr-3307	193	20	evidence	evidence	NOUN
fsr-3307	193	21	based	base	VERB
fsr-3307	193	22	on	on	ADP
fsr-3307	193	23	the	the	DET
fsr-3307	193	24	five	five	NUM
fsr-3307	193	25	-	-	PUNCT
fsr-3307	193	26	year	year	NOUN
fsr-3307	193	27	ladder	ladder	NOUN
fsr-3307	193	28	conclusively	conclusively	ADV
fsr-3307	193	29	supports	support	VERB
fsr-3307	193	30	the	the	DET
fsr-3307	193	31	argument	argument	NOUN
fsr-3307	193	32	for	for	ADP
fsr-3307	193	33	adding	add	VERB
fsr-3307	193	34	the	the	DET
fsr-3307	193	35	ladder	ladder	NOUN
fsr-3307	193	36	to	to	ADP
fsr-3307	193	37	a	a	DET
fsr-3307	193	38	diversified	diversify	VERB
fsr-3307	193	39	equity	equity	NOUN
fsr-3307	193	40	portfolio	portfolio	NOUN
fsr-3307	193	41	for	for	ADP
fsr-3307	193	42	risk	risk	NOUN
fsr-3307	193	43	averse	averse	ADJ
fsr-3307	193	44	and	and	CCONJ
fsr-3307	193	45	moderately	moderately	ADV
fsr-3307	193	46	risk	risk	VERB
fsr-3307	193	47	averse	averse	ADJ
fsr-3307	193	48	investors	investor	NOUN
fsr-3307	193	49	.	.	PUNCT
fsr-3307	194	1	5.1	5.1	NUM
fsr-3307	194	2	.	.	PUNCT
fsr-3307	194	3	optimal	optimal	ADJ
fsr-3307	194	4	term	term	NOUN
fsr-3307	194	5	structure	structure	NOUN
fsr-3307	194	6	of	of	ADP
fsr-3307	194	7	a	a	DET
fsr-3307	194	8	ladder	ladder	NOUN
fsr-3307	194	9	portfolio	portfolio	NOUN
fsr-3307	194	10	the	the	DET
fsr-3307	194	11	choice	choice	NOUN
fsr-3307	194	12	of	of	ADP
fsr-3307	194	13	the	the	DET
fsr-3307	194	14	five	five	NUM
fsr-3307	194	15	-	-	PUNCT
fsr-3307	194	16	year	year	NOUN
fsr-3307	194	17	maturity	maturity	NOUN
fsr-3307	194	18	for	for	ADP
fsr-3307	194	19	our	our	PRON
fsr-3307	194	20	ladder	ladder	NOUN
fsr-3307	194	21	is	be	AUX
fsr-3307	194	22	somewhat	somewhat	ADV
fsr-3307	194	23	arbitrary	arbitrary	ADJ
fsr-3307	194	24	.	.	PUNCT
fsr-3307	195	1	the	the	DET
fsr-3307	195	2	practitioners	practitioner	NOUN
fsr-3307	195	3	’	'	PUNCT
fsr-3307	195	4	literature	literature	NOUN
fsr-3307	195	5	is	be	AUX
fsr-3307	195	6	silent	silent	ADJ
fsr-3307	195	7	on	on	ADP
fsr-3307	195	8	the	the	DET
fsr-3307	195	9	optimal	optimal	ADJ
fsr-3307	195	10	term	term	NOUN
fsr-3307	195	11	.	.	PUNCT
fsr-3307	196	1	as	as	SCONJ
fsr-3307	196	2	mentioned	mention	VERB
fsr-3307	196	3	earlier	early	ADV
fsr-3307	196	4	,	,	PUNCT
fsr-3307	196	5	the	the	DET
fsr-3307	196	6	return	return	NOUN
fsr-3307	196	7	on	on	ADP
fsr-3307	196	8	the	the	DET
fsr-3307	196	9	five	five	NUM
fsr-3307	196	10	-	-	PUNCT
fsr-3307	196	11	year	year	NOUN
fsr-3307	196	12	ladder	ladder	NOUN
fsr-3307	196	13	portfolio	portfolio	NOUN
fsr-3307	196	14	is	be	AUX
fsr-3307	196	15	simply	simply	ADV
fsr-3307	196	16	an	an	DET
fsr-3307	196	17	equally	equally	ADV
fsr-3307	196	18	weighted	weight	VERB
fsr-3307	196	19	average	average	NOUN
fsr-3307	196	20	of	of	ADP
fsr-3307	196	21	past	past	NOUN
fsr-3307	196	22	and	and	CCONJ
fsr-3307	196	23	current	current	ADJ
fsr-3307	196	24	five	five	NUM
fsr-3307	196	25	-	-	PUNCT
fsr-3307	196	26	year	year	NOUN
fsr-3307	196	27	bond	bond	NOUN
fsr-3307	196	28	returns	return	NOUN
fsr-3307	196	29	.	.	PUNCT
fsr-3307	197	1	likewise	likewise	ADV
fsr-3307	197	2	,	,	PUNCT
fsr-3307	197	3	the	the	DET
fsr-3307	197	4	return	return	NOUN
fsr-3307	197	5	on	on	ADP
fsr-3307	197	6	a	a	DET
fsr-3307	197	7	seven	seven	NUM
fsr-3307	197	8	-	-	PUNCT
fsr-3307	197	9	year	year	NOUN
fsr-3307	197	10	ladder	ladder	NOUN
fsr-3307	197	11	is	be	AUX
fsr-3307	197	12	the	the	DET
fsr-3307	197	13	equally	equally	ADV
fsr-3307	197	14	weighted	weight	VERB
fsr-3307	197	15	average	average	NOUN
fsr-3307	197	16	of	of	ADP
fsr-3307	197	17	past	past	NOUN
fsr-3307	197	18	and	and	CCONJ
fsr-3307	197	19	current	current	ADJ
fsr-3307	197	20	seven	seven	NUM
fsr-3307	197	21	-	-	PUNCT
fsr-3307	197	22	year	year	NOUN
fsr-3307	197	23	bond	bond	NOUN
fsr-3307	197	24	returns	return	NOUN
fsr-3307	197	25	.	.	PUNCT
fsr-3307	198	1	to	to	ADP
fsr-3307	198	2	the	the	DET
fsr-3307	198	3	extent	extent	NOUN
fsr-3307	198	4	that	that	PRON
fsr-3307	198	5	longer	long	ADJ
fsr-3307	198	6	term	term	NOUN
fsr-3307	198	7	bond	bond	NOUN
fsr-3307	198	8	tends	tend	VERB
fsr-3307	198	9	to	to	PART
fsr-3307	198	10	offer	offer	VERB
fsr-3307	198	11	a	a	DET
fsr-3307	198	12	higher	high	ADJ
fsr-3307	198	13	coupon	coupon	NOUN
fsr-3307	198	14	,	,	PUNCT
fsr-3307	198	15	the	the	DET
fsr-3307	198	16	longer	long	ADJ
fsr-3307	198	17	term	term	NOUN
fsr-3307	198	18	ladder	ladder	NOUN
fsr-3307	198	19	will	will	AUX
fsr-3307	198	20	offer	offer	VERB
fsr-3307	198	21	a	a	DET
fsr-3307	198	22	higher	high	ADJ
fsr-3307	198	23	coupon	coupon	NOUN
fsr-3307	198	24	return	return	NOUN
fsr-3307	198	25	.	.	PUNCT
fsr-3307	199	1	one	one	PRON
fsr-3307	199	2	would	would	AUX
fsr-3307	199	3	therefore	therefore	ADV
fsr-3307	199	4	expect	expect	VERB
fsr-3307	199	5	a	a	DET
fsr-3307	199	6	longer	long	ADJ
fsr-3307	199	7	term	term	NOUN
fsr-3307	199	8	ladder	ladder	NOUN
fsr-3307	199	9	such	such	ADJ
fsr-3307	199	10	as	as	ADP
fsr-3307	199	11	a	a	DET
fsr-3307	199	12	seven	seven	NUM
fsr-3307	199	13	-	-	PUNCT
fsr-3307	199	14	year	year	NOUN
fsr-3307	199	15	ladder	ladder	NOUN
fsr-3307	199	16	to	to	PART
fsr-3307	199	17	deliver	deliver	VERB
fsr-3307	199	18	a	a	DET
fsr-3307	199	19	higher	high	ADJ
fsr-3307	199	20	return	return	NOUN
fsr-3307	199	21	than	than	ADP
fsr-3307	199	22	a	a	DET
fsr-3307	199	23	three	three	NUM
fsr-3307	199	24	-	-	PUNCT
fsr-3307	199	25	year	year	NOUN
fsr-3307	199	26	ladder	ladder	NOUN
fsr-3307	199	27	.	.	PUNCT
fsr-3307	200	1	at	at	ADP
fsr-3307	200	2	the	the	DET
fsr-3307	200	3	same	same	ADJ
fsr-3307	200	4	time	time	NOUN
fsr-3307	200	5	,	,	PUNCT
fsr-3307	200	6	the	the	DET
fsr-3307	200	7	conventional	conventional	ADJ
fsr-3307	200	8	wisdom	wisdom	NOUN
fsr-3307	200	9	is	be	AUX
fsr-3307	200	10	that	that	ADV
fsr-3307	200	11	longer	long	ADJ
fsr-3307	200	12	term	term	NOUN
fsr-3307	200	13	fixedincome	fixedincome	ADJ
fsr-3307	200	14	assets	asset	NOUN
fsr-3307	200	15	are	be	AUX
fsr-3307	200	16	deemed	deem	VERB
fsr-3307	200	17	to	to	PART
fsr-3307	200	18	be	be	AUX
fsr-3307	200	19	more	more	ADV
fsr-3307	200	20	volatile	volatile	ADJ
fsr-3307	200	21	than	than	ADP
fsr-3307	200	22	shorter	short	ADJ
fsr-3307	200	23	term	term	NOUN
fsr-3307	200	24	ones	one	NOUN
fsr-3307	200	25	.	.	PUNCT
fsr-3307	201	1	the	the	DET
fsr-3307	201	2	question	question	NOUN
fsr-3307	201	3	is	be	AUX
fsr-3307	201	4	whether	whether	SCONJ
fsr-3307	201	5	the	the	DET
fsr-3307	201	6	extra	extra	ADJ
fsr-3307	201	7	return	return	NOUN
fsr-3307	201	8	associated	associate	VERB
fsr-3307	201	9	with	with	ADP
fsr-3307	201	10	the	the	DET
fsr-3307	201	11	longer	long	ADJ
fsr-3307	201	12	term	term	NOUN
fsr-3307	201	13	ladder	ladder	NOUN
fsr-3307	201	14	is	be	AUX
fsr-3307	201	15	high	high	ADJ
fsr-3307	201	16	enough	enough	ADV
fsr-3307	201	17	to	to	PART
fsr-3307	201	18	justify	justify	VERB
fsr-3307	201	19	its	its	PRON
fsr-3307	201	20	higher	high	ADJ
fsr-3307	201	21	risk	risk	NOUN
fsr-3307	201	22	.	.	PUNCT
fsr-3307	202	1	this	this	PRON
fsr-3307	202	2	is	be	AUX
fsr-3307	202	3	essentially	essentially	ADV
fsr-3307	202	4	an	an	DET
fsr-3307	202	5	empirical	empirical	ADJ
fsr-3307	202	6	question	question	NOUN
fsr-3307	202	7	.	.	PUNCT
fsr-3307	203	1	table	table	NOUN
fsr-3307	203	2	4	4	NUM
fsr-3307	203	3	provides	provide	VERB
fsr-3307	203	4	the	the	DET
fsr-3307	203	5	summary	summary	NOUN
fsr-3307	203	6	statistics	statistic	NOUN
fsr-3307	203	7	for	for	ADP
fsr-3307	203	8	the	the	DET
fsr-3307	203	9	three	three	NUM
fsr-3307	203	10	-	-	PUNCT
fsr-3307	203	11	year	year	NOUN
fsr-3307	203	12	and	and	CCONJ
fsr-3307	203	13	seven	seven	NUM
fsr-3307	203	14	-	-	PUNCT
fsr-3307	203	15	year	year	NOUN
fsr-3307	203	16	ladders	ladder	NOUN
fsr-3307	203	17	together	together	ADV
fsr-3307	203	18	with	with	ADP
fsr-3307	203	19	other	other	ADJ
fsr-3307	203	20	asset	asset	NOUN
fsr-3307	203	21	classes	class	NOUN
fsr-3307	203	22	being	be	AUX
fsr-3307	203	23	considered	consider	VERB
fsr-3307	203	24	earlier	early	ADV
fsr-3307	203	25	.	.	PUNCT
fsr-3307	204	1	again	again	ADV
fsr-3307	204	2	,	,	PUNCT
fsr-3307	204	3	we	we	PRON
fsr-3307	204	4	assume	assume	VERB
fsr-3307	204	5	each	each	DET
fsr-3307	204	6	bond	bond	NOUN
fsr-3307	204	7	in	in	ADP
fsr-3307	204	8	the	the	DET
fsr-3307	204	9	ladder	ladder	NOUN
fsr-3307	204	10	portfolio	portfolio	NOUN
fsr-3307	204	11	is	be	AUX
fsr-3307	204	12	held	hold	VERB
fsr-3307	204	13	till	till	SCONJ
fsr-3307	204	14	maturity	maturity	NOUN
fsr-3307	204	15	and	and	CCONJ
fsr-3307	204	16	make	make	VERB
fsr-3307	204	17	no	no	DET
fsr-3307	204	18	attempt	attempt	NOUN
fsr-3307	204	19	to	to	PART
fsr-3307	204	20	mark	mark	VERB
fsr-3307	204	21	the	the	DET
fsr-3307	204	22	value	value	NOUN
fsr-3307	204	23	of	of	ADP
fsr-3307	204	24	each	each	DET
fsr-3307	204	25	bond	bond	NOUN
fsr-3307	204	26	to	to	ADP
fsr-3307	204	27	its	its	PRON
fsr-3307	204	28	market	market	NOUN
fsr-3307	204	29	value	value	NOUN
fsr-3307	204	30	as	as	SCONJ
fsr-3307	204	31	interest	interest	NOUN
fsr-3307	204	32	rates	rate	NOUN
fsr-3307	204	33	change	change	VERB
fsr-3307	204	34	.	.	PUNCT
fsr-3307	205	1	the	the	DET
fsr-3307	205	2	mark	mark	NOUN
fsr-3307	205	3	-	-	PUNCT
fsr-3307	205	4	to	to	ADP
fsr-3307	205	5	-	-	PUNCT
fsr-3307	205	6	the	the	DET
fsr-3307	205	7	-	-	PUNCT
fsr-3307	205	8	market	market	NOUN
fsr-3307	205	9	issue	issue	NOUN
fsr-3307	205	10	will	will	AUX
fsr-3307	205	11	be	be	AUX
fsr-3307	205	12	addressed	address	VERB
fsr-3307	205	13	in	in	ADP
fsr-3307	205	14	the	the	DET
fsr-3307	205	15	next	next	ADJ
fsr-3307	205	16	section	section	NOUN
fsr-3307	205	17	.	.	PUNCT
fsr-3307	206	1	the	the	DET
fsr-3307	206	2	surprise	surprise	NOUN
fsr-3307	206	3	here	here	ADV
fsr-3307	206	4	is	be	AUX
fsr-3307	206	5	the	the	DET
fsr-3307	206	6	higher	high	ADJ
fsr-3307	206	7	return	return	NOUN
fsr-3307	206	8	at	at	ADP
fsr-3307	206	9	lower	low	ADJ
fsr-3307	206	10	risk	risk	NOUN
fsr-3307	206	11	for	for	ADP
fsr-3307	206	12	the	the	DET
fsr-3307	206	13	longer	long	ADJ
fsr-3307	206	14	term	term	NOUN
fsr-3307	206	15	ladder	ladder	NOUN
fsr-3307	206	16	.	.	PUNCT
fsr-3307	207	1	although	although	SCONJ
fsr-3307	207	2	we	we	PRON
fsr-3307	207	3	expect	expect	VERB
fsr-3307	207	4	longer	long	ADJ
fsr-3307	207	5	term	term	NOUN
fsr-3307	207	6	ladders	ladder	NOUN
fsr-3307	207	7	to	to	PART
fsr-3307	207	8	earn	earn	VERB
fsr-3307	207	9	higher	high	ADJ
fsr-3307	207	10	returns	return	NOUN
fsr-3307	207	11	,	,	PUNCT
fsr-3307	207	12	we	we	PRON
fsr-3307	207	13	do	do	AUX
fsr-3307	207	14	not	not	PART
fsr-3307	207	15	expect	expect	VERB
fsr-3307	207	16	at	at	ADP
fsr-3307	207	17	the	the	DET
fsr-3307	207	18	same	same	ADJ
fsr-3307	207	19	time	time	NOUN
fsr-3307	207	20	they	they	PRON
fsr-3307	207	21	exhibit	exhibit	VERB
fsr-3307	207	22	lower	low	ADJ
fsr-3307	207	23	return	return	NOUN
fsr-3307	207	24	volatility	volatility	NOUN
fsr-3307	207	25	.	.	PUNCT
fsr-3307	208	1	how	how	SCONJ
fsr-3307	208	2	can	can	AUX
fsr-3307	208	3	we	we	PRON
fsr-3307	208	4	explain	explain	VERB
fsr-3307	208	5	this	this	DET
fsr-3307	208	6	seemingly	seemingly	ADV
fsr-3307	208	7	counterintuitive	counterintuitive	ADJ
fsr-3307	208	8	finding	finding	NOUN
fsr-3307	208	9	?	?	PUNCT
fsr-3307	209	1	first	first	ADV
fsr-3307	209	2	,	,	PUNCT
fsr-3307	209	3	we	we	PRON
fsr-3307	209	4	need	need	VERB
fsr-3307	209	5	to	to	PART
fsr-3307	209	6	realize	realize	VERB
fsr-3307	209	7	that	that	SCONJ
fsr-3307	209	8	,	,	PUNCT
fsr-3307	209	9	since	since	SCONJ
fsr-3307	209	10	all	all	DET
fsr-3307	209	11	bonds	bond	NOUN
fsr-3307	209	12	in	in	ADP
fsr-3307	209	13	each	each	DET
fsr-3307	209	14	ladder	ladder	NOUN
fsr-3307	209	15	are	be	AUX
fsr-3307	209	16	held	hold	VERB
fsr-3307	209	17	till	till	SCONJ
fsr-3307	209	18	maturity	maturity	NOUN
fsr-3307	209	19	without	without	ADP
fsr-3307	209	20	marking	mark	VERB
fsr-3307	209	21	to	to	ADP
fsr-3307	209	22	the	the	DET
fsr-3307	209	23	market	market	NOUN
fsr-3307	209	24	,	,	PUNCT
fsr-3307	209	25	the	the	DET
fsr-3307	209	26	current	current	ADJ
fsr-3307	209	27	interest	interest	NOUN
fsr-3307	209	28	rate	rate	NOUN
fsr-3307	209	29	environment	environment	NOUN
fsr-3307	209	30	has	have	VERB
fsr-3307	209	31	no	no	DET
fsr-3307	209	32	impact	impact	NOUN
fsr-3307	209	33	on	on	ADP
fsr-3307	209	34	the	the	DET
fsr-3307	209	35	returns	return	NOUN
fsr-3307	209	36	of	of	ADP
fsr-3307	209	37	the	the	DET
fsr-3307	209	38	bonds	bond	NOUN
fsr-3307	209	39	already	already	ADV
fsr-3307	209	40	in	in	ADP
fsr-3307	209	41	the	the	DET
fsr-3307	209	42	ladder	ladder	NOUN
fsr-3307	209	43	.	.	PUNCT
fsr-3307	210	1	thus	thus	ADV
fsr-3307	210	2	,	,	PUNCT
fsr-3307	210	3	the	the	DET
fsr-3307	210	4	only	only	ADJ
fsr-3307	210	5	reason	reason	NOUN
fsr-3307	210	6	why	why	SCONJ
fsr-3307	210	7	the	the	DET
fsr-3307	210	8	return	return	NOUN
fsr-3307	210	9	on	on	ADP
fsr-3307	210	10	a	a	DET
fsr-3307	210	11	five	five	NUM
fsr-3307	210	12	-	-	PUNCT
fsr-3307	210	13	year	year	NOUN
fsr-3307	210	14	ladder	ladder	NOUN
fsr-3307	210	15	changes	change	NOUN
fsr-3307	210	16	from	from	ADP
fsr-3307	210	17	one	one	NUM
fsr-3307	210	18	period	period	NOUN
fsr-3307	210	19	to	to	ADP
fsr-3307	210	20	the	the	DET
fsr-3307	210	21	next	next	NOUN
fsr-3307	210	22	is	be	AUX
fsr-3307	210	23	because	because	SCONJ
fsr-3307	210	24	of	of	ADP
fsr-3307	210	25	the	the	DET
fsr-3307	210	26	reinvestment	reinvestment	NOUN
fsr-3307	210	27	of	of	ADP
fsr-3307	210	28	the	the	DET
fsr-3307	210	29	proceeds	proceed	NOUN
fsr-3307	210	30	obtained	obtain	VERB
fsr-3307	210	31	when	when	SCONJ
fsr-3307	210	32	the	the	DET
fsr-3307	210	33	oldest	old	ADJ
fsr-3307	210	34	five	five	NUM
fsr-3307	210	35	-	-	PUNCT
fsr-3307	210	36	year	year	NOUN
fsr-3307	210	37	bond	bond	NOUN
fsr-3307	210	38	matures	mature	NOUN
fsr-3307	210	39	.	.	PUNCT
fsr-3307	211	1	this	this	DET
fsr-3307	211	2	reinvestment	reinvestment	NOUN
fsr-3307	211	3	risk	risk	NOUN
fsr-3307	211	4	for	for	ADP
fsr-3307	211	5	most	most	ADJ
fsr-3307	211	6	part	part	NOUN
fsr-3307	211	7	drives	drive	VERB
fsr-3307	211	8	the	the	DET
fsr-3307	211	9	risk	risk	NOUN
fsr-3307	211	10	of	of	ADP
fsr-3307	211	11	the	the	DET
fsr-3307	211	12	ladder	ladder	NOUN
fsr-3307	211	13	.	.	PUNCT
fsr-3307	212	1	the	the	DET
fsr-3307	212	2	key	key	NOUN
fsr-3307	212	3	to	to	PART
fsr-3307	212	4	understand	understand	VERB
fsr-3307	212	5	the	the	DET
fsr-3307	212	6	absence	absence	NOUN
fsr-3307	212	7	of	of	ADP
fsr-3307	212	8	the	the	DET
fsr-3307	212	9	expected	expect	VERB
fsr-3307	212	10	result	result	NOUN
fsr-3307	212	11	is	be	AUX
fsr-3307	212	12	the	the	DET
fsr-3307	212	13	amount	amount	NOUN
fsr-3307	212	14	of	of	ADP
fsr-3307	212	15	reinvestment	reinvestment	NOUN
fsr-3307	212	16	associated	associate	VERB
fsr-3307	212	17	with	with	ADP
fsr-3307	212	18	ladders	ladder	NOUN
fsr-3307	212	19	of	of	ADP
fsr-3307	212	20	various	various	ADJ
fsr-3307	212	21	maturities	maturity	NOUN
fsr-3307	212	22	.	.	PUNCT
fsr-3307	213	1	a	a	DET
fsr-3307	213	2	three	three	NUM
fsr-3307	213	3	-	-	PUNCT
fsr-3307	213	4	year	year	NOUN
fsr-3307	213	5	ladder	ladder	NOUN
fsr-3307	213	6	intable	intable	ADJ
fsr-3307	213	7	4	4	NUM
fsr-3307	213	8	summary	summary	NOUN
fsr-3307	213	9	statistics	statistic	NOUN
fsr-3307	213	10	of	of	ADP
fsr-3307	213	11	annual	annual	ADJ
fsr-3307	213	12	returns	return	NOUN
fsr-3307	213	13	on	on	ADP
fsr-3307	213	14	different	different	ADJ
fsr-3307	213	15	assets	asset	NOUN
fsr-3307	213	16	(	(	PUNCT
fsr-3307	213	17	36	36	NUM
fsr-3307	213	18	years	year	NOUN
fsr-3307	213	19	from	from	ADP
fsr-3307	213	20	1980	1980	NUM
fsr-3307	213	21	to	to	ADP
fsr-3307	213	22	2015	2015	NUM
fsr-3307	213	23	)	)	PUNCT
fsr-3307	213	24	crsp	crsp	PROPN
fsr-3307	213	25	vw	vw	PROPN
fsr-3307	213	26	msci	msci	PROPN
fsr-3307	213	27	-	-	PUNCT
fsr-3307	213	28	eafe	eafe	ADJ
fsr-3307	213	29	three	three	NUM
fsr-3307	213	30	-	-	PUNCT
fsr-3307	213	31	year	year	NOUN
fsr-3307	213	32	ladder	ladder	NOUN
fsr-3307	213	33	five	five	NUM
fsr-3307	213	34	-	-	PUNCT
fsr-3307	213	35	year	year	NOUN
fsr-3307	213	36	ladder	ladder	NOUN
fsr-3307	213	37	seven	seven	NUM
fsr-3307	213	38	-	-	PUNCT
fsr-3307	213	39	year	year	NOUN
fsr-3307	213	40	ladder	ladder	NOUN
fsr-3307	213	41	barclays	barclay	NOUN
fsr-3307	213	42	bond	bond	NOUN
fsr-3307	213	43	index	index	NOUN
fsr-3307	213	44	mean	mean	VERB
fsr-3307	213	45	0.1252	0.1252	NUM
fsr-3307	213	46	0.1106	0.1106	NUM
fsr-3307	213	47	0.0583	0.0583	NUM
fsr-3307	213	48	0.0631	0.0631	NUM
fsr-3307	213	49	0.0672	0.0672	NUM
fsr-3307	213	50	0.0814	0.0814	NUM
fsr-3307	213	51	standard	standard	ADJ
fsr-3307	213	52	deviation	deviation	NOUN
fsr-3307	213	53	0.1715	0.1715	NUM
fsr-3307	213	54	0.2219	0.2219	NUM
fsr-3307	213	55	0.0347	0.0347	NUM
fsr-3307	213	56	0.0307	0.0307	NUM
fsr-3307	213	57	0.0278	0.0278	NUM
fsr-3307	213	58	0.0694	0.0694	NUM
fsr-3307	213	59	sharpe	sharpe	PROPN
fsr-3307	213	60	ratioa	ratioa	VERB
fsr-3307	214	1	0.4645	0.4645	NUM
fsr-3307	214	2	0.2929	0.2929	NUM
fsr-3307	214	3	0.3660	0.3660	NUM
fsr-3307	214	4	0.5704	0.5704	NUM
fsr-3307	214	5	0.7770	0.7770	NUM
fsr-3307	214	6	0.5163	0.5163	NUM
fsr-3307	214	7	correlation	correlation	NOUN
fsr-3307	214	8	crsp	crsp	NOUN
fsr-3307	214	9	vw	vw	PROPN
fsr-3307	214	10	1.000	1.000	NUM
fsr-3307	214	11	0.683	0.683	NUM
fsr-3307	214	12	0.118	0.118	NUM
fsr-3307	215	1	0.155	0.155	NUM
fsr-3307	215	2	0.158	0.158	NUM
fsr-3307	215	3	0.169	0.169	NUM
fsr-3307	215	4	msci	msci	PROPN
fsr-3307	215	5	-	-	PUNCT
fsr-3307	215	6	eafe	eafe	ADJ
fsr-3307	215	7	1.000	1.000	NUM
fsr-3307	215	8	0.177	0.177	NUM
fsr-3307	215	9	0.292	0.292	NUM
fsr-3307	215	10	0.306	0.306	NUM
fsr-3307	215	11	0.048	0.048	NUM
fsr-3307	215	12	three	three	NUM
fsr-3307	215	13	-	-	PUNCT
fsr-3307	215	14	year	year	NOUN
fsr-3307	215	15	ladder	ladder	NOUN
fsr-3307	215	16	1.000	1.000	NUM
fsr-3307	215	17	0.968	0.968	NUM
fsr-3307	215	18	0.928	0.928	NUM
fsr-3307	215	19	0.590	0.590	NUM
fsr-3307	215	20	five	five	NUM
fsr-3307	215	21	-	-	PUNCT
fsr-3307	215	22	year	year	NOUN
fsr-3307	215	23	ladder	ladder	NOUN
fsr-3307	215	24	1.000	1.000	NUM
fsr-3307	215	25	0.983	0.983	NUM
fsr-3307	215	26	0.575	0.575	NUM
fsr-3307	215	27	seven	seven	NUM
fsr-3307	215	28	-	-	PUNCT
fsr-3307	215	29	year	year	NOUN
fsr-3307	215	30	ladder	ladder	NOUN
fsr-3307	215	31	1.000	1.000	NUM
fsr-3307	215	32	0.532	0.532	NUM
fsr-3307	215	33	barclays	barclay	NOUN
fsr-3307	215	34	bond	bond	NOUN
fsr-3307	215	35	index	index	NOUN
fsr-3307	215	36	1.000	1.000	NUM
fsr-3307	215	37	note	note	NOUN
fsr-3307	215	38	:	:	PUNCT
fsr-3307	215	39	asharpe	asharpe	NOUN
fsr-3307	215	40	ratio	ratio	NOUN
fsr-3307	215	41	calculated	calculate	VERB
fsr-3307	215	42	based	base	VERB
fsr-3307	215	43	on	on	ADP
fsr-3307	215	44	a	a	DET
fsr-3307	215	45	risk	risk	NOUN
fsr-3307	215	46	-	-	PUNCT
fsr-3307	215	47	free	free	ADJ
fsr-3307	215	48	rate	rate	NOUN
fsr-3307	215	49	of	of	ADP
fsr-3307	215	50	4.56	4.56	NUM
fsr-3307	215	51	%	%	NOUN
fsr-3307	215	52	,	,	PUNCT
fsr-3307	215	53	which	which	PRON
fsr-3307	215	54	is	be	AUX
fsr-3307	215	55	the	the	DET
fsr-3307	215	56	average	average	ADJ
fsr-3307	215	57	yield	yield	NOUN
fsr-3307	215	58	of	of	ADP
fsr-3307	215	59	the	the	DET
fsr-3307	215	60	three	three	NUM
fsr-3307	215	61	-	-	PUNCT
fsr-3307	215	62	month	month	NOUN
fsr-3307	215	63	t	t	NOUN
fsr-3307	215	64	-	-	PUNCT
fsr-3307	215	65	bill	bill	NOUN
fsr-3307	215	66	over	over	ADP
fsr-3307	215	67	the	the	DET
fsr-3307	215	68	sample	sample	NOUN
fsr-3307	215	69	period	period	NOUN
fsr-3307	215	70	.	.	PUNCT
fsr-3307	216	1	190	190	NUM
fsr-3307	216	2	c.s	c.s	PROPN
fsr-3307	216	3	.	.	PROPN
fsr-3307	216	4	cheung	cheung	PROPN
fsr-3307	216	5	,	,	PUNCT
fsr-3307	216	6	p.	p.	PROPN
fsr-3307	216	7	miu	miu	PROPN
fsr-3307	216	8	/	/	SYM
fsr-3307	216	9	financial	financial	ADJ
fsr-3307	216	10	services	service	NOUN
fsr-3307	216	11	review	review	VERB
fsr-3307	216	12	26	26	NUM
fsr-3307	216	13	(	(	PUNCT
fsr-3307	216	14	2017	2017	NUM
fsr-3307	216	15	)	)	PUNCT
fsr-3307	216	16	181–203	181–203	NUM
fsr-3307	216	17	volves	volve	NOUN
fsr-3307	216	18	one	one	NUM
fsr-3307	216	19	third	third	NOUN
fsr-3307	216	20	of	of	ADP
fsr-3307	216	21	the	the	DET
fsr-3307	216	22	portfolio	portfolio	NOUN
fsr-3307	216	23	to	to	PART
fsr-3307	216	24	be	be	AUX
fsr-3307	216	25	reinvested	reinveste	VERB
fsr-3307	216	26	each	each	DET
fsr-3307	216	27	year	year	NOUN
fsr-3307	216	28	;	;	PUNCT
fsr-3307	216	29	whereas	whereas	SCONJ
fsr-3307	216	30	a	a	DET
fsr-3307	216	31	seven	seven	NUM
fsr-3307	216	32	-	-	PUNCT
fsr-3307	216	33	year	year	NOUN
fsr-3307	216	34	ladder	ladder	NOUN
fsr-3307	216	35	churns	churn	NOUN
fsr-3307	216	36	over	over	ADP
fsr-3307	216	37	only	only	ADV
fsr-3307	216	38	one	one	NUM
fsr-3307	216	39	seventh	seventh	NOUN
fsr-3307	216	40	of	of	ADP
fsr-3307	216	41	its	its	PRON
fsr-3307	216	42	portfolio	portfolio	NOUN
fsr-3307	216	43	every	every	DET
fsr-3307	216	44	year	year	NOUN
fsr-3307	216	45	.	.	PUNCT
fsr-3307	217	1	hence	hence	ADV
fsr-3307	217	2	the	the	DET
fsr-3307	217	3	three	three	NUM
fsr-3307	217	4	-	-	PUNCT
fsr-3307	217	5	year	year	NOUN
fsr-3307	217	6	ladder	ladder	NOUN
fsr-3307	217	7	exposes	expose	VERB
fsr-3307	217	8	one	one	NUM
fsr-3307	217	9	third	third	NOUN
fsr-3307	217	10	of	of	ADP
fsr-3307	217	11	its	its	PRON
fsr-3307	217	12	portfolio	portfolio	NOUN
fsr-3307	217	13	to	to	PART
fsr-3307	217	14	reinvestment	reinvestment	NOUN
fsr-3307	217	15	risk	risk	NOUN
fsr-3307	217	16	,	,	PUNCT
fsr-3307	217	17	comparing	compare	VERB
fsr-3307	217	18	to	to	ADP
fsr-3307	217	19	one	one	NUM
fsr-3307	217	20	seventh	seventh	NOUN
fsr-3307	217	21	for	for	ADP
fsr-3307	217	22	a	a	DET
fsr-3307	217	23	seven	seven	NUM
fsr-3307	217	24	-	-	PUNCT
fsr-3307	217	25	year	year	NOUN
fsr-3307	217	26	ladder	ladder	NOUN
fsr-3307	217	27	.	.	PUNCT
fsr-3307	218	1	the	the	PRON
fsr-3307	218	2	longer	long	ADJ
fsr-3307	218	3	the	the	DET
fsr-3307	218	4	term	term	NOUN
fsr-3307	218	5	of	of	ADP
fsr-3307	218	6	a	a	DET
fsr-3307	218	7	ladder	ladder	NOUN
fsr-3307	218	8	,	,	PUNCT
fsr-3307	218	9	the	the	DET
fsr-3307	218	10	smaller	small	ADJ
fsr-3307	218	11	amount	amount	NOUN
fsr-3307	218	12	of	of	ADP
fsr-3307	218	13	reinvestment	reinvestment	NOUN
fsr-3307	218	14	is	be	AUX
fsr-3307	218	15	required	require	VERB
fsr-3307	218	16	each	each	DET
fsr-3307	218	17	year	year	NOUN
fsr-3307	218	18	and	and	CCONJ
fsr-3307	218	19	thus	thus	ADV
fsr-3307	218	20	the	the	PRON
fsr-3307	218	21	smaller	small	ADJ
fsr-3307	218	22	its	its	PRON
fsr-3307	218	23	exposure	exposure	NOUN
fsr-3307	218	24	to	to	ADP
fsr-3307	218	25	interest	interest	NOUN
fsr-3307	218	26	rate	rate	NOUN
fsr-3307	218	27	risk	risk	NOUN
fsr-3307	218	28	.	.	PUNCT
fsr-3307	219	1	this	this	PRON
fsr-3307	219	2	explains	explain	VERB
fsr-3307	219	3	why	why	SCONJ
fsr-3307	219	4	,	,	PUNCT
fsr-3307	219	5	in	in	ADP
fsr-3307	219	6	table	table	NOUN
fsr-3307	219	7	4	4	NUM
fsr-3307	219	8	,	,	PUNCT
fsr-3307	219	9	we	we	PRON
fsr-3307	219	10	observe	observe	VERB
fsr-3307	219	11	a	a	DET
fsr-3307	219	12	monotonic	monotonic	ADJ
fsr-3307	219	13	decreasing	decrease	VERB
fsr-3307	219	14	standard	standard	ADJ
fsr-3307	219	15	deviation	deviation	NOUN
fsr-3307	219	16	of	of	ADP
fsr-3307	219	17	return	return	NOUN
fsr-3307	219	18	as	as	ADP
fsr-3307	219	19	the	the	DET
fsr-3307	219	20	term	term	NOUN
fsr-3307	219	21	of	of	ADP
fsr-3307	219	22	the	the	DET
fsr-3307	219	23	ladder	ladder	NOUN
fsr-3307	219	24	increases	increase	NOUN
fsr-3307	219	25	.	.	PUNCT
fsr-3307	220	1	analogous	analogous	ADJ
fsr-3307	220	2	to	to	ADP
fsr-3307	220	3	table	table	VERB
fsr-3307	220	4	3	3	NUM
fsr-3307	220	5	for	for	ADP
fsr-3307	220	6	the	the	DET
fsr-3307	220	7	five	five	NUM
fsr-3307	220	8	-	-	PUNCT
fsr-3307	220	9	year	year	NOUN
fsr-3307	220	10	ladder	ladder	NOUN
fsr-3307	220	11	,	,	PUNCT
fsr-3307	220	12	tables	table	VERB
fsr-3307	220	13	5	5	NUM
fsr-3307	220	14	and	and	CCONJ
fsr-3307	220	15	6	6	NUM
fsr-3307	220	16	provide	provide	VERB
fsr-3307	220	17	the	the	DET
fsr-3307	220	18	portfolio	portfolio	NOUN
fsr-3307	220	19	results	result	NOUN
fsr-3307	220	20	for	for	ADP
fsr-3307	220	21	the	the	DET
fsr-3307	220	22	three	three	NUM
fsr-3307	220	23	-	-	PUNCT
fsr-3307	220	24	year	year	NOUN
fsr-3307	220	25	and	and	CCONJ
fsr-3307	220	26	seven	seven	NUM
fsr-3307	220	27	-	-	PUNCT
fsr-3307	220	28	year	year	NOUN
fsr-3307	220	29	ladders	ladder	NOUN
fsr-3307	220	30	,	,	PUNCT
fsr-3307	220	31	respectively	respectively	ADV
fsr-3307	220	32	.	.	PUNCT
fsr-3307	221	1	the	the	DET
fsr-3307	221	2	seven	seven	NUM
fsr-3307	221	3	-	-	PUNCT
fsr-3307	221	4	year	year	NOUN
fsr-3307	221	5	ladder	ladder	NOUN
fsr-3307	221	6	in	in	ADP
fsr-3307	221	7	table	table	NOUN
fsr-3307	221	8	6	6	NUM
fsr-3307	221	9	completely	completely	ADV
fsr-3307	221	10	displaces	displace	VERB
fsr-3307	221	11	the	the	DET
fsr-3307	221	12	bond	bond	NOUN
fsr-3307	221	13	index	index	NOUN
fsr-3307	221	14	in	in	ADP
fsr-3307	221	15	the	the	DET
fsr-3307	221	16	combined	combined	ADJ
fsr-3307	221	17	portfolio	portfolio	NOUN
fsr-3307	221	18	at	at	ADP
fsr-3307	221	19	risk	risk	NOUN
fsr-3307	221	20	-	-	PUNCT
fsr-3307	221	21	free	free	ADJ
fsr-3307	221	22	rates	rate	NOUN
fsr-3307	221	23	up	up	ADP
fsr-3307	221	24	to	to	PART
fsr-3307	221	25	three	three	NUM
fsr-3307	221	26	percent	percent	NOUN
fsr-3307	221	27	.	.	PUNCT
fsr-3307	222	1	the	the	DET
fsr-3307	222	2	sharpe	sharpe	PROPN
fsr-3307	222	3	ratio	ratio	NOUN
fsr-3307	222	4	for	for	ADP
fsr-3307	222	5	the	the	DET
fsr-3307	222	6	combined	combined	ADJ
fsr-3307	222	7	portfolio	portfolio	NOUN
fsr-3307	222	8	without	without	ADP
fsr-3307	222	9	bond	bond	NOUN
fsr-3307	222	10	index	index	NOUN
fsr-3307	222	11	at	at	ADP
fsr-3307	222	12	the	the	DET
fsr-3307	222	13	zero	zero	NUM
fsr-3307	222	14	risk	risk	NOUN
fsr-3307	222	15	-	-	PUNCT
fsr-3307	222	16	free	free	ADJ
fsr-3307	222	17	rate	rate	NOUN
fsr-3307	222	18	is	be	AUX
fsr-3307	222	19	almost	almost	ADV
fsr-3307	222	20	twice	twice	DET
fsr-3307	222	21	that	that	DET
fsr-3307	222	22	of	of	ADP
fsr-3307	222	23	the	the	DET
fsr-3307	222	24	benchmark	benchmark	ADJ
fsr-3307	222	25	one	one	NOUN
fsr-3307	222	26	with	with	ADP
fsr-3307	222	27	bond	bond	NOUN
fsr-3307	222	28	index	index	NOUN
fsr-3307	222	29	(	(	PUNCT
fsr-3307	222	30	2.44	2.44	NUM
fsr-3307	222	31	vs.	vs.	ADP
fsr-3307	222	32	1.30	1.30	NUM
fsr-3307	222	33	)	)	PUNCT
fsr-3307	222	34	.	.	PUNCT
fsr-3307	223	1	the	the	DET
fsr-3307	223	2	dominance	dominance	NOUN
fsr-3307	223	3	of	of	ADP
fsr-3307	223	4	the	the	DET
fsr-3307	223	5	ladder	ladder	NOUN
fsr-3307	223	6	at	at	ADP
fsr-3307	223	7	these	these	DET
fsr-3307	223	8	levels	level	NOUN
fsr-3307	223	9	of	of	ADP
fsr-3307	223	10	risk	risk	NOUN
fsr-3307	223	11	-	-	PUNCT
fsr-3307	223	12	free	free	ADJ
fsr-3307	223	13	rates	rate	NOUN
fsr-3307	223	14	is	be	AUX
fsr-3307	223	15	statistically	statistically	ADV
fsr-3307	223	16	significant	significant	ADJ
fsr-3307	223	17	according	accord	VERB
fsr-3307	223	18	to	to	ADP
fsr-3307	223	19	the	the	DET
fsr-3307	223	20	p	p	NOUN
fsr-3307	223	21	-	-	PUNCT
fsr-3307	223	22	values	value	NOUN
fsr-3307	223	23	of	of	ADP
fsr-3307	223	24	glen	glen	PROPN
fsr-3307	223	25	-	-	PUNCT
fsr-3307	223	26	jorion	jorion	NOUN
fsr-3307	223	27	test	test	NOUN
fsr-3307	223	28	(	(	PUNCT
fsr-3307	223	29	last	last	ADJ
fsr-3307	223	30	column	column	NOUN
fsr-3307	223	31	in	in	ADP
fsr-3307	223	32	table	table	NOUN
fsr-3307	223	33	6	6	NUM
fsr-3307	223	34	)	)	PUNCT
fsr-3307	223	35	.	.	PUNCT
fsr-3307	224	1	at	at	ADP
fsr-3307	224	2	the	the	DET
fsr-3307	224	3	very	very	ADV
fsr-3307	224	4	high	high	ADJ
fsr-3307	224	5	risk	risk	NOUN
fsr-3307	224	6	-	-	PUNCT
fsr-3307	224	7	free	free	ADJ
fsr-3307	224	8	rate	rate	NOUN
fsr-3307	224	9	of	of	ADP
fsr-3307	224	10	seven	seven	NUM
fsr-3307	224	11	percent	percent	NOUN
fsr-3307	224	12	,	,	PUNCT
fsr-3307	224	13	the	the	DET
fsr-3307	224	14	bond	bond	NOUN
fsr-3307	224	15	index	index	NOUN
fsr-3307	224	16	becomes	become	VERB
fsr-3307	224	17	more	more	ADV
fsr-3307	224	18	important	important	ADJ
fsr-3307	224	19	again	again	ADV
fsr-3307	224	20	as	as	SCONJ
fsr-3307	224	21	this	this	DET
fsr-3307	224	22	aggressive	aggressive	ADJ
fsr-3307	224	23	investor	investor	NOUN
fsr-3307	224	24	pursues	pursue	VERB
fsr-3307	224	25	return	return	NOUN
fsr-3307	224	26	at	at	ADP
fsr-3307	224	27	the	the	DET
fsr-3307	224	28	expense	expense	NOUN
fsr-3307	224	29	of	of	ADP
fsr-3307	224	30	risk	risk	NOUN
fsr-3307	224	31	and	and	CCONJ
fsr-3307	224	32	the	the	DET
fsr-3307	224	33	safe	safe	ADJ
fsr-3307	224	34	seven	seven	NUM
fsr-3307	224	35	-	-	PUNCT
fsr-3307	224	36	year	year	NOUN
fsr-3307	224	37	ladder	ladder	NOUN
fsr-3307	224	38	no	no	ADV
fsr-3307	224	39	longer	long	ADV
fsr-3307	224	40	fits	fit	VERB
fsr-3307	224	41	her	her	PRON
fsr-3307	224	42	high	high	ADJ
fsr-3307	224	43	risk	risk	NOUN
fsr-3307	224	44	preference	preference	NOUN
fsr-3307	224	45	profile	profile	NOUN
fsr-3307	224	46	.	.	PUNCT
fsr-3307	225	1	at	at	ADP
fsr-3307	225	2	the	the	DET
fsr-3307	225	3	ex	ex	ADJ
fsr-3307	225	4	post	post	NOUN
fsr-3307	225	5	risk	risk	NOUN
fsr-3307	225	6	-	-	PUNCT
fsr-3307	225	7	free	free	ADJ
fsr-3307	225	8	rate	rate	NOUN
fsr-3307	225	9	of	of	ADP
fsr-3307	225	10	4.56	4.56	NUM
fsr-3307	225	11	%	%	NOUN
fsr-3307	225	12	,	,	PUNCT
fsr-3307	225	13	both	both	CCONJ
fsr-3307	225	14	fixed	fix	VERB
fsr-3307	225	15	-	-	PUNCT
fsr-3307	225	16	income	income	NOUN
fsr-3307	225	17	assets	asset	NOUN
fsr-3307	225	18	coexist	coexist	VERB
fsr-3307	225	19	to	to	PART
fsr-3307	225	20	provide	provide	VERB
fsr-3307	225	21	a	a	DET
fsr-3307	225	22	statistically	statistically	ADV
fsr-3307	225	23	better	well	ADJ
fsr-3307	225	24	sharpe	sharpe	NOUN
fsr-3307	225	25	ratio	ratio	NOUN
fsr-3307	225	26	than	than	ADP
fsr-3307	225	27	the	the	DET
fsr-3307	225	28	benchmark	benchmark	NOUN
fsr-3307	225	29	with	with	ADP
fsr-3307	225	30	the	the	DET
fsr-3307	225	31	bond	bond	NOUN
fsr-3307	225	32	index	index	NOUN
fsr-3307	225	33	alone	alone	ADV
fsr-3307	225	34	.	.	PUNCT
fsr-3307	226	1	note	note	VERB
fsr-3307	226	2	that	that	SCONJ
fsr-3307	226	3	,	,	PUNCT
fsr-3307	226	4	in	in	ADP
fsr-3307	226	5	this	this	DET
fsr-3307	226	6	case	case	NOUN
fsr-3307	226	7	,	,	PUNCT
fsr-3307	226	8	the	the	DET
fsr-3307	226	9	presence	presence	NOUN
fsr-3307	226	10	of	of	ADP
fsr-3307	226	11	the	the	DET
fsr-3307	226	12	bond	bond	NOUN
fsr-3307	226	13	index	index	NOUN
fsr-3307	226	14	in	in	ADP
fsr-3307	226	15	the	the	DET
fsr-3307	226	16	combined	combined	ADJ
fsr-3307	226	17	portfolio	portfolio	NOUN
fsr-3307	226	18	is	be	AUX
fsr-3307	226	19	somewhat	somewhat	ADV
fsr-3307	226	20	low	low	ADJ
fsr-3307	226	21	at	at	ADP
fsr-3307	226	22	merely	merely	ADV
fsr-3307	226	23	5.4	5.4	NUM
fsr-3307	226	24	%	%	NOUN
fsr-3307	226	25	of	of	ADP
fsr-3307	226	26	the	the	DET
fsr-3307	226	27	overall	overall	ADJ
fsr-3307	226	28	combined	combined	ADJ
fsr-3307	226	29	portfolio	portfolio	NOUN
fsr-3307	226	30	.	.	PUNCT
fsr-3307	227	1	the	the	DET
fsr-3307	227	2	three	three	NUM
fsr-3307	227	3	-	-	PUNCT
fsr-3307	227	4	year	year	NOUN
fsr-3307	227	5	ladder	ladder	NOUN
fsr-3307	227	6	in	in	ADP
fsr-3307	227	7	table	table	NOUN
fsr-3307	227	8	5	5	NUM
fsr-3307	227	9	does	do	AUX
fsr-3307	227	10	contribute	contribute	VERB
fsr-3307	227	11	significantly	significantly	ADV
fsr-3307	227	12	to	to	ADP
fsr-3307	227	13	the	the	DET
fsr-3307	227	14	sharpe	sharpe	PROPN
fsr-3307	227	15	ratio	ratio	NOUN
fsr-3307	227	16	of	of	ADP
fsr-3307	227	17	the	the	DET
fsr-3307	227	18	combined	combined	ADJ
fsr-3307	227	19	portfolio	portfolio	NOUN
fsr-3307	227	20	at	at	ADP
fsr-3307	227	21	risk	risk	NOUN
fsr-3307	227	22	-	-	PUNCT
fsr-3307	227	23	free	free	ADJ
fsr-3307	227	24	rates	rate	NOUN
fsr-3307	227	25	up	up	ADP
fsr-3307	227	26	to	to	PART
fsr-3307	227	27	three	three	NUM
fsr-3307	227	28	percent	percent	NOUN
fsr-3307	227	29	,	,	PUNCT
fsr-3307	227	30	demonstrating	demonstrate	VERB
fsr-3307	227	31	its	its	PRON
fsr-3307	227	32	attractiveness	attractiveness	NOUN
fsr-3307	227	33	to	to	PART
fsr-3307	227	34	risk	risk	VERB
fsr-3307	227	35	averse	averse	ADJ
fsr-3307	227	36	portfolio	portfolio	NOUN
fsr-3307	227	37	investors	investor	NOUN
fsr-3307	227	38	.	.	PUNCT
fsr-3307	228	1	however	however	ADV
fsr-3307	228	2	,	,	PUNCT
fsr-3307	228	3	this	this	DET
fsr-3307	228	4	superiority	superiority	NOUN
fsr-3307	228	5	is	be	AUX
fsr-3307	228	6	achieved	achieve	VERB
fsr-3307	228	7	with	with	ADP
fsr-3307	228	8	the	the	DET
fsr-3307	228	9	presence	presence	NOUN
fsr-3307	228	10	of	of	ADP
fsr-3307	228	11	the	the	DET
fsr-3307	228	12	bond	bond	NOUN
fsr-3307	228	13	index	index	NOUN
fsr-3307	228	14	in	in	ADP
fsr-3307	228	15	the	the	DET
fsr-3307	228	16	combined	combined	ADJ
fsr-3307	228	17	portfolio	portfolio	NOUN
fsr-3307	228	18	,	,	PUNCT
fsr-3307	228	19	whereas	whereas	SCONJ
fsr-3307	228	20	the	the	DET
fsr-3307	228	21	seven	seven	NUM
fsr-3307	228	22	-	-	PUNCT
fsr-3307	228	23	year	year	NOUN
fsr-3307	228	24	ladder	ladder	NOUN
fsr-3307	228	25	delivers	deliver	VERB
fsr-3307	228	26	the	the	DET
fsr-3307	228	27	superiority	superiority	NOUN
fsr-3307	228	28	without	without	ADP
fsr-3307	228	29	any	any	DET
fsr-3307	228	30	help	help	NOUN
fsr-3307	228	31	from	from	ADP
fsr-3307	228	32	the	the	DET
fsr-3307	228	33	bond	bond	NOUN
fsr-3307	228	34	index	index	NOUN
fsr-3307	228	35	(	(	PUNCT
fsr-3307	228	36	see	see	VERB
fsr-3307	228	37	table	table	NOUN
fsr-3307	228	38	6	6	NUM
fsr-3307	228	39	)	)	PUNCT
fsr-3307	228	40	.	.	PUNCT
fsr-3307	229	1	table	table	NOUN
fsr-3307	229	2	5	5	NUM
fsr-3307	229	3	diversification	diversification	NOUN
fsr-3307	229	4	benefits	benefit	NOUN
fsr-3307	229	5	of	of	ADP
fsr-3307	229	6	three	three	NUM
fsr-3307	229	7	-	-	PUNCT
fsr-3307	229	8	year	year	NOUN
fsr-3307	229	9	ladder	ladder	NOUN
fsr-3307	229	10	:	:	PUNCT
fsr-3307	229	11	portfolio	portfolio	NOUN
fsr-3307	229	12	weights	weight	NOUN
fsr-3307	229	13	and	and	CCONJ
fsr-3307	229	14	sharpe	sharpe	NOUN
fsr-3307	229	15	ratios	ratio	NOUN
fsr-3307	229	16	of	of	ADP
fsr-3307	229	17	tangency	tangency	NOUN
fsr-3307	229	18	portfolios	portfolio	NOUN
fsr-3307	229	19	with	with	ADP
fsr-3307	229	20	and	and	CCONJ
fsr-3307	229	21	without	without	ADP
fsr-3307	229	22	ladder	ladder	NOUN
fsr-3307	229	23	are	be	AUX
fsr-3307	229	24	reported	report	VERB
fsr-3307	229	25	at	at	ADP
fsr-3307	229	26	different	different	ADJ
fsr-3307	229	27	levels	level	NOUN
fsr-3307	229	28	of	of	ADP
fsr-3307	229	29	annual	annual	ADJ
fsr-3307	229	30	risk	risk	NOUN
fsr-3307	229	31	-	-	PUNCT
fsr-3307	229	32	free	free	ADJ
fsr-3307	229	33	interest	interest	NOUN
fsr-3307	229	34	rates	rate	NOUN
fsr-3307	229	35	risk	risk	NOUN
fsr-3307	229	36	-	-	PUNCT
fsr-3307	229	37	free	free	ADJ
fsr-3307	229	38	rate	rate	NOUN
fsr-3307	229	39	portfolios	portfolio	NOUN
fsr-3307	229	40	with	with	ADP
fsr-3307	229	41	three	three	NUM
fsr-3307	229	42	-	-	PUNCT
fsr-3307	229	43	year	year	NOUN
fsr-3307	229	44	ladder	ladder	NOUN
fsr-3307	229	45	portfolios	portfolio	NOUN
fsr-3307	229	46	without	without	ADP
fsr-3307	229	47	three	three	NUM
fsr-3307	229	48	-	-	PUNCT
fsr-3307	229	49	year	year	NOUN
fsr-3307	229	50	ladder	ladder	NOUN
fsr-3307	229	51	gj	gj	NOUN
fsr-3307	229	52	p	p	NOUN
fsr-3307	229	53	-	-	PUNCT
fsr-3307	229	54	value	value	NOUN
fsr-3307	229	55	portfolio	portfolio	NOUN
fsr-3307	229	56	weights	weight	VERB
fsr-3307	229	57	sharpe	sharpe	PROPN
fsr-3307	229	58	ratio	ratio	PROPN
fsr-3307	229	59	portfolio	portfolio	PROPN
fsr-3307	229	60	weights	weight	VERB
fsr-3307	229	61	sharpe	sharpe	PROPN
fsr-3307	229	62	ratio	ratio	PROPN
fsr-3307	229	63	crsp	crsp	PROPN
fsr-3307	229	64	vw	vw	PROPN
fsr-3307	229	65	msci	msci	PROPN
fsr-3307	229	66	-	-	PUNCT
fsr-3307	229	67	eafe	eafe	PROPN
fsr-3307	229	68	barclays	barclays	PROPN
fsr-3307	229	69	bond	bond	NOUN
fsr-3307	229	70	index	index	NOUN
fsr-3307	229	71	three	three	NUM
fsr-3307	229	72	-	-	PUNCT
fsr-3307	229	73	year	year	NOUN
fsr-3307	229	74	ladder	ladder	NOUN
fsr-3307	229	75	crsp	crsp	PROPN
fsr-3307	229	76	vw	vw	PROPN
fsr-3307	229	77	msci	msci	PROPN
fsr-3307	229	78	-	-	PUNCT
fsr-3307	229	79	eafe	eafe	PROPN
fsr-3307	229	80	barclays	barclays	PROPN
fsr-3307	229	81	bond	bond	NOUN
fsr-3307	229	82	index	index	NOUN
fsr-3307	229	83	0.0000	0.0000	NUM
fsr-3307	229	84	0.0616	0.0616	NUM
fsr-3307	230	1	0.0000	0.0000	NUM
fsr-3307	230	2	0.0584	0.0584	NUM
fsr-3307	230	3	0.8800	0.8800	NUM
fsr-3307	230	4	1.771	1.771	NUM
fsr-3307	230	5	0.1397	0.1397	NUM
fsr-3307	230	6	0.0323	0.0323	NUM
fsr-3307	230	7	0.8281	0.8281	NUM
fsr-3307	230	8	1.295	1.295	NUM
fsr-3307	230	9	0.000	0.000	NUM
fsr-3307	230	10	0.0100	0.0100	NUM
fsr-3307	230	11	0.0703	0.0703	NUM
fsr-3307	230	12	0.0000	0.0000	NUM
fsr-3307	230	13	0.0862	0.0862	NUM
fsr-3307	230	14	0.8435	0.8435	NUM
fsr-3307	230	15	1.496	1.496	NUM
fsr-3307	230	16	0.1527	0.1527	NUM
fsr-3307	230	17	0.0292	0.0292	NUM
fsr-3307	230	18	0.8181	0.8181	NUM
fsr-3307	230	19	1.149	1.149	NUM
fsr-3307	230	20	0.001	0.001	NUM
fsr-3307	230	21	0.0200	0.0200	NUM
fsr-3307	230	22	0.0835	0.0835	NUM
fsr-3307	230	23	0.0000	0.0000	NUM
fsr-3307	230	24	0.1287	0.1287	NUM
fsr-3307	230	25	0.7878	0.7878	NUM
fsr-3307	230	26	1.229	1.229	NUM
fsr-3307	230	27	0.1699	0.1699	NUM
fsr-3307	230	28	0.0252	0.0252	NUM
fsr-3307	231	1	0.8050	0.8050	NUM
fsr-3307	231	2	1.004	1.004	NUM
fsr-3307	231	3	0.003	0.003	NUM
fsr-3307	231	4	0.0300	0.0300	NUM
fsr-3307	231	5	0.1063	0.1063	NUM
fsr-3307	231	6	0.0000	0.0000	NUM
fsr-3307	231	7	0.2016	0.2016	NUM
fsr-3307	231	8	0.6921	0.6921	NUM
fsr-3307	231	9	0.975	0.975	NUM
fsr-3307	231	10	0.1932	0.1932	NUM
fsr-3307	231	11	0.0197	0.0197	NUM
fsr-3307	231	12	0.7871	0.7871	NUM
fsr-3307	231	13	0.861	0.861	NUM
fsr-3307	231	14	0.028	0.028	NUM
fsr-3307	231	15	0.0400	0.0400	NUM
fsr-3307	231	16	0.1545	0.1545	NUM
fsr-3307	231	17	0.0000	0.0000	NUM
fsr-3307	231	18	0.3560	0.3560	NUM
fsr-3307	231	19	0.4895	0.4895	NUM
fsr-3307	231	20	0.749	0.749	NUM
fsr-3307	231	21	0.2270	0.2270	NUM
fsr-3307	231	22	0.0117	0.0117	NUM
fsr-3307	231	23	0.7613	0.7613	NUM
fsr-3307	231	24	0.720	0.720	NUM
fsr-3307	231	25	0.135	0.135	NUM
fsr-3307	231	26	0.0500	0.0500	NUM
fsr-3307	231	27	0.2792	0.2792	NUM
fsr-3307	231	28	0.0001	0.0001	NUM
fsr-3307	231	29	0.7207	0.7207	NUM
fsr-3307	231	30	0.0000	0.0000	NUM
fsr-3307	231	31	0.583	0.583	NUM
fsr-3307	231	32	0.2792	0.2792	NUM
fsr-3307	231	33	0.0002	0.0002	NUM
fsr-3307	231	34	0.7207	0.7207	NUM
fsr-3307	231	35	0.583	0.583	NUM
fsr-3307	231	36	—	—	PUNCT
fsr-3307	231	37	0.0600	0.0600	NUM
fsr-3307	231	38	0.3523	0.3523	NUM
fsr-3307	231	39	0.0000	0.0000	NUM
fsr-3307	231	40	0.6477	0.6477	NUM
fsr-3307	231	41	0.0000	0.0000	NUM
fsr-3307	231	42	0.454	0.454	NUM
fsr-3307	231	43	0.3523	0.3523	NUM
fsr-3307	231	44	0.0000	0.0000	NUM
fsr-3307	231	45	0.6477	0.6477	NUM
fsr-3307	231	46	0.454	0.454	NUM
fsr-3307	231	47	—	—	PUNCT
fsr-3307	231	48	0.0700	0.0700	NUM
fsr-3307	231	49	0.5193	0.5193	NUM
fsr-3307	231	50	0.0000	0.0000	NUM
fsr-3307	231	51	0.4807	0.4807	NUM
fsr-3307	231	52	0.0000	0.0000	NUM
fsr-3307	231	53	0.341	0.341	NUM
fsr-3307	231	54	0.5193	0.5193	NUM
fsr-3307	231	55	0.0000	0.0000	NUM
fsr-3307	231	56	0.4807	0.4807	NUM
fsr-3307	231	57	0.341	0.341	NUM
fsr-3307	231	58	—	—	PUNCT
fsr-3307	231	59	0.0456a	0.0456a	PROPN
fsr-3307	232	1	0.2154	0.2154	NUM
fsr-3307	232	2	0.0000	0.0000	NUM
fsr-3307	232	3	0.5514	0.5514	NUM
fsr-3307	232	4	0.2332	0.2332	NUM
fsr-3307	232	5	0.646	0.646	NUM
fsr-3307	232	6	0.2533	0.2533	NUM
fsr-3307	233	1	0.0055	0.0055	NUM
fsr-3307	233	2	0.7412	0.7412	NUM
fsr-3307	233	3	0.643	0.643	NUM
fsr-3307	233	4	0.328	0.328	NUM
fsr-3307	233	5	note	note	NOUN
fsr-3307	233	6	:	:	PUNCT
fsr-3307	233	7	optimal	optimal	ADJ
fsr-3307	233	8	portfolios	portfolio	NOUN
fsr-3307	233	9	are	be	AUX
fsr-3307	233	10	obtained	obtain	VERB
fsr-3307	233	11	with	with	ADP
fsr-3307	233	12	short	short	ADJ
fsr-3307	233	13	-	-	PUNCT
fsr-3307	233	14	sale	sale	NOUN
fsr-3307	233	15	disallowed	disallow	VERB
fsr-3307	233	16	and	and	CCONJ
fsr-3307	233	17	based	base	VERB
fsr-3307	233	18	on	on	ADP
fsr-3307	233	19	risk	risk	NOUN
fsr-3307	233	20	-	-	PUNCT
fsr-3307	233	21	return	return	NOUN
fsr-3307	233	22	parameters	parameter	NOUN
fsr-3307	233	23	estimated	estimate	VERB
fsr-3307	233	24	over	over	ADP
fsr-3307	233	25	the	the	DET
fsr-3307	233	26	sample	sample	NOUN
fsr-3307	233	27	period	period	NOUN
fsr-3307	233	28	of	of	ADP
fsr-3307	233	29	1980–2015	1980–2015	NUM
fsr-3307	233	30	.	.	PUNCT
fsr-3307	234	1	the	the	DET
fsr-3307	234	2	p	p	NOUN
fsr-3307	234	3	-	-	PUNCT
fsr-3307	234	4	values	value	NOUN
fsr-3307	234	5	of	of	ADP
fsr-3307	234	6	glen	glen	PROPN
fsr-3307	234	7	and	and	CCONJ
fsr-3307	234	8	jorion	jorion	NOUN
fsr-3307	234	9	(	(	PUNCT
fsr-3307	234	10	gj	gj	NOUN
fsr-3307	234	11	)	)	PUNCT
fsr-3307	234	12	tests	test	NOUN
fsr-3307	234	13	on	on	ADP
fsr-3307	234	14	equal	equal	ADJ
fsr-3307	234	15	sharpe	sharpe	NOUN
fsr-3307	234	16	ratios	ratio	NOUN
fsr-3307	234	17	are	be	AUX
fsr-3307	234	18	reported	report	VERB
fsr-3307	234	19	in	in	ADP
fsr-3307	234	20	the	the	DET
fsr-3307	234	21	last	last	ADJ
fsr-3307	234	22	column	column	NOUN
fsr-3307	234	23	of	of	ADP
fsr-3307	234	24	the	the	DET
fsr-3307	234	25	table	table	NOUN
fsr-3307	234	26	.	.	PUNCT
fsr-3307	235	1	athe	athe	PROPN
fsr-3307	235	2	portfolio	portfolio	PROPN
fsr-3307	235	3	results	result	NOUN
fsr-3307	235	4	presented	present	VERB
fsr-3307	235	5	in	in	ADP
fsr-3307	235	6	the	the	DET
fsr-3307	235	7	last	last	ADJ
fsr-3307	235	8	row	row	NOUN
fsr-3307	235	9	are	be	AUX
fsr-3307	235	10	obtained	obtain	VERB
fsr-3307	235	11	by	by	ADP
fsr-3307	235	12	assuming	assume	VERB
fsr-3307	235	13	a	a	DET
fsr-3307	235	14	risk	risk	NOUN
fsr-3307	235	15	-	-	PUNCT
fsr-3307	235	16	free	free	ADJ
fsr-3307	235	17	rate	rate	NOUN
fsr-3307	235	18	equals	equal	VERB
fsr-3307	235	19	to	to	ADP
fsr-3307	235	20	the	the	DET
fsr-3307	235	21	average	average	ADJ
fsr-3307	235	22	three	three	NUM
fsr-3307	235	23	-	-	PUNCT
fsr-3307	235	24	month	month	NOUN
fsr-3307	235	25	t	t	PROPN
fsr-3307	235	26	-	-	PUNCT
fsr-3307	235	27	bill	bill	NOUN
fsr-3307	235	28	yield	yield	NOUN
fsr-3307	235	29	of	of	ADP
fsr-3307	235	30	4.56	4.56	NUM
fsr-3307	235	31	%	%	NOUN
fsr-3307	235	32	over	over	ADP
fsr-3307	235	33	the	the	DET
fsr-3307	235	34	sample	sample	NOUN
fsr-3307	235	35	period	period	NOUN
fsr-3307	235	36	of	of	ADP
fsr-3307	235	37	1980–2015	1980–2015	NUM
fsr-3307	235	38	.	.	PUNCT
fsr-3307	236	1	191c.s	191c.s	X
fsr-3307	236	2	.	.	PUNCT
fsr-3307	237	1	cheung	cheung	PROPN
fsr-3307	237	2	,	,	PUNCT
fsr-3307	237	3	p.	p.	PROPN
fsr-3307	237	4	miu	miu	PROPN
fsr-3307	237	5	/	/	SYM
fsr-3307	237	6	financial	financial	ADJ
fsr-3307	237	7	services	service	NOUN
fsr-3307	237	8	review	review	VERB
fsr-3307	237	9	26	26	NUM
fsr-3307	237	10	(	(	PUNCT
fsr-3307	237	11	2017	2017	NUM
fsr-3307	237	12	)	)	PUNCT
fsr-3307	237	13	181–203	181–203	NUM
fsr-3307	237	14	the	the	DET
fsr-3307	237	15	evidence	evidence	NOUN
fsr-3307	237	16	so	so	ADV
fsr-3307	237	17	far	far	ADV
fsr-3307	237	18	points	point	NOUN
fsr-3307	237	19	to	to	ADP
fsr-3307	237	20	the	the	DET
fsr-3307	237	21	dominance	dominance	NOUN
fsr-3307	237	22	of	of	ADP
fsr-3307	237	23	longer	long	ADJ
fsr-3307	237	24	term	term	NOUN
fsr-3307	237	25	ladders	ladder	NOUN
fsr-3307	237	26	for	for	ADP
fsr-3307	237	27	risk	risk	NOUN
fsr-3307	237	28	averse	averse	ADJ
fsr-3307	237	29	investors	investor	NOUN
fsr-3307	237	30	.	.	PUNCT
fsr-3307	238	1	for	for	ADP
fsr-3307	238	2	the	the	DET
fsr-3307	238	3	shorter	short	ADJ
fsr-3307	238	4	term	term	NOUN
fsr-3307	238	5	ladder	ladder	NOUN
fsr-3307	238	6	,	,	PUNCT
fsr-3307	238	7	an	an	DET
fsr-3307	238	8	investor	investor	NOUN
fsr-3307	238	9	will	will	AUX
fsr-3307	238	10	also	also	ADV
fsr-3307	238	11	need	need	VERB
fsr-3307	238	12	to	to	PART
fsr-3307	238	13	invest	invest	VERB
fsr-3307	238	14	in	in	ADP
fsr-3307	238	15	the	the	DET
fsr-3307	238	16	bond	bond	NOUN
fsr-3307	238	17	index	index	NOUN
fsr-3307	238	18	for	for	ADP
fsr-3307	238	19	its	its	PRON
fsr-3307	238	20	higher	high	ADJ
fsr-3307	238	21	return	return	NOUN
fsr-3307	238	22	and	and	CCONJ
fsr-3307	238	23	yet	yet	ADV
fsr-3307	238	24	to	to	PART
fsr-3307	238	25	retain	retain	VERB
fsr-3307	238	26	the	the	DET
fsr-3307	238	27	stability	stability	NOUN
fsr-3307	238	28	of	of	ADP
fsr-3307	238	29	the	the	DET
fsr-3307	238	30	fixed	fix	VERB
fsr-3307	238	31	-	-	PUNCT
fsr-3307	238	32	income	income	NOUN
fsr-3307	238	33	asset	asset	NOUN
fsr-3307	238	34	class	class	NOUN
fsr-3307	238	35	.	.	PUNCT
fsr-3307	239	1	5.2	5.2	NUM
fsr-3307	239	2	.	.	PUNCT
fsr-3307	240	1	mark	mark	PROPN
fsr-3307	240	2	to	to	ADP
fsr-3307	240	3	the	the	DET
fsr-3307	240	4	market	market	NOUN
fsr-3307	240	5	effects	effect	NOUN
fsr-3307	240	6	one	one	NUM
fsr-3307	240	7	potential	potential	ADJ
fsr-3307	240	8	criticism	criticism	NOUN
fsr-3307	240	9	of	of	ADP
fsr-3307	240	10	the	the	DET
fsr-3307	240	11	above	above	ADJ
fsr-3307	240	12	analysis	analysis	NOUN
fsr-3307	240	13	is	be	AUX
fsr-3307	240	14	that	that	SCONJ
fsr-3307	240	15	we	we	PRON
fsr-3307	240	16	have	have	AUX
fsr-3307	240	17	ignored	ignore	VERB
fsr-3307	240	18	marked	mark	VERB
fsr-3307	240	19	-	-	PUNCT
fsr-3307	240	20	to	to	ADP
fsr-3307	240	21	-	-	PUNCT
fsr-3307	240	22	market	market	NOUN
fsr-3307	240	23	(	(	PUNCT
fsr-3307	240	24	mtm	mtm	ADJ
fsr-3307	240	25	)	)	PUNCT
fsr-3307	240	26	price	price	NOUN
fsr-3307	240	27	changes	change	NOUN
fsr-3307	240	28	.	.	PUNCT
fsr-3307	241	1	a	a	DET
fsr-3307	241	2	falling	fall	VERB
fsr-3307	241	3	interest	interest	NOUN
fsr-3307	241	4	rate	rate	NOUN
fsr-3307	241	5	will	will	AUX
fsr-3307	241	6	not	not	PART
fsr-3307	241	7	only	only	ADV
fsr-3307	241	8	lower	lower	VERB
fsr-3307	241	9	the	the	DET
fsr-3307	241	10	reinvestment	reinvestment	NOUN
fsr-3307	241	11	return	return	NOUN
fsr-3307	241	12	for	for	ADP
fsr-3307	241	13	a	a	DET
fsr-3307	241	14	ladder	ladder	NOUN
fsr-3307	241	15	but	but	CCONJ
fsr-3307	241	16	also	also	ADV
fsr-3307	241	17	produce	produce	VERB
fsr-3307	241	18	price	price	NOUN
fsr-3307	241	19	gain	gain	NOUN
fsr-3307	241	20	if	if	SCONJ
fsr-3307	241	21	the	the	DET
fsr-3307	241	22	bond	bond	NOUN
fsr-3307	241	23	portfolio	portfolio	NOUN
fsr-3307	241	24	is	be	AUX
fsr-3307	241	25	to	to	PART
fsr-3307	241	26	be	be	AUX
fsr-3307	241	27	liquidated	liquidate	VERB
fsr-3307	241	28	.	.	PUNCT
fsr-3307	242	1	given	give	VERB
fsr-3307	242	2	the	the	DET
fsr-3307	242	3	longer	long	ADJ
fsr-3307	242	4	time	time	NOUN
fsr-3307	242	5	to	to	ADP
fsr-3307	242	6	maturity	maturity	NOUN
fsr-3307	242	7	of	of	ADP
fsr-3307	242	8	its	its	PRON
fsr-3307	242	9	constituent	constituent	NOUN
fsr-3307	242	10	bonds	bond	NOUN
fsr-3307	242	11	,	,	PUNCT
fsr-3307	242	12	such	such	ADJ
fsr-3307	242	13	price	price	NOUN
fsr-3307	242	14	gain	gain	NOUN
fsr-3307	242	15	should	should	AUX
fsr-3307	242	16	be	be	AUX
fsr-3307	242	17	larger	large	ADJ
fsr-3307	242	18	for	for	ADP
fsr-3307	242	19	a	a	DET
fsr-3307	242	20	longer	long	ADJ
fsr-3307	242	21	term	term	NOUN
fsr-3307	242	22	ladder	ladder	NOUN
fsr-3307	242	23	.	.	PUNCT
fsr-3307	243	1	in	in	ADP
fsr-3307	243	2	the	the	DET
fsr-3307	243	3	above	above	ADJ
fsr-3307	243	4	analysis	analysis	NOUN
fsr-3307	243	5	,	,	PUNCT
fsr-3307	243	6	we	we	PRON
fsr-3307	243	7	ignore	ignore	VERB
fsr-3307	243	8	the	the	DET
fsr-3307	243	9	pricing	pricing	NOUN
fsr-3307	243	10	impact	impact	NOUN
fsr-3307	243	11	while	while	SCONJ
fsr-3307	243	12	focusing	focus	VERB
fsr-3307	243	13	only	only	ADV
fsr-3307	243	14	on	on	ADP
fsr-3307	243	15	the	the	DET
fsr-3307	243	16	reinvestment	reinvestment	NOUN
fsr-3307	243	17	return	return	NOUN
fsr-3307	243	18	.	.	PUNCT
fsr-3307	244	1	this	this	DET
fsr-3307	244	2	approach	approach	NOUN
fsr-3307	244	3	can	can	AUX
fsr-3307	244	4	be	be	AUX
fsr-3307	244	5	justified	justify	VERB
fsr-3307	244	6	by	by	ADP
fsr-3307	244	7	the	the	DET
fsr-3307	244	8	assumption	assumption	NOUN
fsr-3307	244	9	that	that	SCONJ
fsr-3307	244	10	all	all	DET
fsr-3307	244	11	bonds	bond	NOUN
fsr-3307	244	12	in	in	ADP
fsr-3307	244	13	a	a	DET
fsr-3307	244	14	ladder	ladder	NOUN
fsr-3307	244	15	portfolio	portfolio	NOUN
fsr-3307	244	16	are	be	AUX
fsr-3307	244	17	held	hold	VERB
fsr-3307	244	18	to	to	ADP
fsr-3307	244	19	maturity	maturity	NOUN
fsr-3307	244	20	,	,	PUNCT
fsr-3307	244	21	which	which	PRON
fsr-3307	244	22	automatically	automatically	ADV
fsr-3307	244	23	eliminates	eliminate	VERB
fsr-3307	244	24	any	any	DET
fsr-3307	244	25	price	price	NOUN
fsr-3307	244	26	risk	risk	NOUN
fsr-3307	244	27	from	from	ADP
fsr-3307	244	28	the	the	DET
fsr-3307	244	29	ladder	ladder	NOUN
fsr-3307	244	30	portfolio.14	portfolio.14	PRON
fsr-3307	244	31	what	what	PRON
fsr-3307	244	32	will	will	AUX
fsr-3307	244	33	be	be	AUX
fsr-3307	244	34	the	the	DET
fsr-3307	244	35	implications	implication	NOUN
fsr-3307	244	36	if	if	SCONJ
fsr-3307	244	37	we	we	PRON
fsr-3307	244	38	also	also	ADV
fsr-3307	244	39	take	take	VERB
fsr-3307	244	40	the	the	DET
fsr-3307	244	41	pricing	pricing	NOUN
fsr-3307	244	42	effect	effect	NOUN
fsr-3307	244	43	into	into	ADP
fsr-3307	244	44	account	account	NOUN
fsr-3307	244	45	when	when	SCONJ
fsr-3307	244	46	we	we	PRON
fsr-3307	244	47	measure	measure	VERB
fsr-3307	244	48	the	the	DET
fsr-3307	244	49	risk	risk	NOUN
fsr-3307	244	50	-	-	PUNCT
fsr-3307	244	51	return	return	NOUN
fsr-3307	244	52	characteristics	characteristic	NOUN
fsr-3307	244	53	of	of	ADP
fsr-3307	244	54	our	our	PRON
fsr-3307	244	55	ladders	ladder	NOUN
fsr-3307	244	56	?	?	PUNCT
fsr-3307	245	1	it	it	PRON
fsr-3307	245	2	is	be	AUX
fsr-3307	245	3	natural	natural	ADJ
fsr-3307	245	4	to	to	PART
fsr-3307	245	5	expect	expect	VERB
fsr-3307	245	6	return	return	NOUN
fsr-3307	245	7	to	to	PART
fsr-3307	245	8	be	be	AUX
fsr-3307	245	9	more	more	ADV
fsr-3307	245	10	volatile	volatile	ADJ
fsr-3307	245	11	as	as	SCONJ
fsr-3307	245	12	the	the	DET
fsr-3307	245	13	price	price	NOUN
fsr-3307	245	14	risk	risk	NOUN
fsr-3307	245	15	also	also	ADV
fsr-3307	245	16	comes	come	VERB
fsr-3307	245	17	into	into	ADP
fsr-3307	245	18	play	play	NOUN
fsr-3307	245	19	.	.	PUNCT
fsr-3307	246	1	more	more	ADV
fsr-3307	246	2	important	important	ADJ
fsr-3307	246	3	,	,	PUNCT
fsr-3307	246	4	the	the	DET
fsr-3307	246	5	significance	significance	NOUN
fsr-3307	246	6	of	of	ADP
fsr-3307	246	7	the	the	DET
fsr-3307	246	8	mtm	mtm	ADJ
fsr-3307	246	9	effect	effect	NOUN
fsr-3307	246	10	is	be	AUX
fsr-3307	246	11	expected	expect	VERB
fsr-3307	246	12	to	to	PART
fsr-3307	246	13	be	be	AUX
fsr-3307	246	14	different	different	ADJ
fsr-3307	246	15	for	for	ADP
fsr-3307	246	16	ladders	ladder	NOUN
fsr-3307	246	17	of	of	ADP
fsr-3307	246	18	different	different	ADJ
fsr-3307	246	19	terms	term	NOUN
fsr-3307	246	20	.	.	PUNCT
fsr-3307	247	1	given	give	VERB
fsr-3307	247	2	the	the	DET
fsr-3307	247	3	longer	long	ADJ
fsr-3307	247	4	time	time	NOUN
fsr-3307	247	5	to	to	ADP
fsr-3307	247	6	maturity	maturity	NOUN
fsr-3307	247	7	of	of	ADP
fsr-3307	247	8	its	its	PRON
fsr-3307	247	9	constituent	constituent	NOUN
fsr-3307	247	10	bonds	bond	NOUN
fsr-3307	247	11	,	,	PUNCT
fsr-3307	247	12	the	the	DET
fsr-3307	247	13	mtm	mtm	ADJ
fsr-3307	247	14	effect	effect	NOUN
fsr-3307	247	15	should	should	AUX
fsr-3307	247	16	be	be	AUX
fsr-3307	247	17	stronger	strong	ADJ
fsr-3307	247	18	for	for	ADP
fsr-3307	247	19	longer	long	ADJ
fsr-3307	247	20	term	term	NOUN
fsr-3307	247	21	ladders	ladder	NOUN
fsr-3307	247	22	.	.	PUNCT
fsr-3307	248	1	will	will	AUX
fsr-3307	248	2	the	the	DET
fsr-3307	248	3	consideration	consideration	NOUN
fsr-3307	248	4	of	of	ADP
fsr-3307	248	5	the	the	DET
fsr-3307	248	6	mtm	mtm	ADJ
fsr-3307	248	7	effect	effect	NOUN
fsr-3307	248	8	invalidate	invalidate	VERB
fsr-3307	248	9	our	our	PRON
fsr-3307	248	10	previous	previous	ADJ
fsr-3307	248	11	conclusions	conclusion	NOUN
fsr-3307	248	12	drawn	draw	VERB
fsr-3307	248	13	regarding	regard	VERB
fsr-3307	248	14	the	the	DET
fsr-3307	248	15	attractiveness	attractiveness	NOUN
fsr-3307	248	16	of	of	ADP
fsr-3307	248	17	a	a	DET
fsr-3307	248	18	ladder	ladder	NOUN
fsr-3307	248	19	to	to	ADP
fsr-3307	248	20	a	a	DET
fsr-3307	248	21	portfolio	portfolio	NOUN
fsr-3307	248	22	investor	investor	NOUN
fsr-3307	248	23	?	?	PUNCT
fsr-3307	249	1	to	to	PART
fsr-3307	249	2	address	address	VERB
fsr-3307	249	3	this	this	DET
fsr-3307	249	4	question	question	NOUN
fsr-3307	249	5	,	,	PUNCT
fsr-3307	249	6	we	we	PRON
fsr-3307	249	7	replicate	replicate	VERB
fsr-3307	249	8	the	the	DET
fsr-3307	249	9	mtm	mtm	PROPN
fsr-3307	249	10	annual	annual	ADJ
fsr-3307	249	11	returns	return	NOUN
fsr-3307	249	12	of	of	ADP
fsr-3307	249	13	our	our	PRON
fsr-3307	249	14	three	three	NUM
fsr-3307	249	15	-	-	PUNCT
fsr-3307	249	16	year	year	NOUN
fsr-3307	249	17	,	,	PUNCT
fsr-3307	249	18	five	five	NUM
fsr-3307	249	19	-	-	PUNCT
fsr-3307	249	20	year	year	NOUN
fsr-3307	249	21	,	,	PUNCT
fsr-3307	249	22	and	and	CCONJ
fsr-3307	249	23	sevenyear	sevenyear	ADJ
fsr-3307	249	24	ladders	ladder	NOUN
fsr-3307	249	25	over	over	ADP
fsr-3307	249	26	our	our	PRON
fsr-3307	249	27	sample	sample	NOUN
fsr-3307	249	28	period	period	NOUN
fsr-3307	249	29	of	of	ADP
fsr-3307	249	30	1980–2015	1980–2015	NUM
fsr-3307	249	31	using	use	VERB
fsr-3307	249	32	the	the	DET
fsr-3307	249	33	yields	yield	NOUN
fsr-3307	249	34	of	of	ADP
fsr-3307	249	35	one	one	NUM
fsr-3307	249	36	-	-	PUNCT
fsr-3307	249	37	year	year	NOUN
fsr-3307	249	38	,	,	PUNCT
fsr-3307	249	39	two	two	NUM
fsr-3307	249	40	-	-	PUNCT
fsr-3307	249	41	year	year	NOUN
fsr-3307	249	42	,	,	PUNCT
fsr-3307	249	43	three	three	NUM
fsr-3307	249	44	-	-	PUNCT
fsr-3307	249	45	year	year	NOUN
fsr-3307	249	46	,	,	PUNCT
fsr-3307	249	47	five	five	NUM
fsr-3307	249	48	-	-	PUNCT
fsr-3307	249	49	year	year	NOUN
fsr-3307	249	50	,	,	PUNCT
fsr-3307	249	51	and	and	CCONJ
fsr-3307	249	52	seven	seven	NUM
fsr-3307	249	53	-	-	PUNCT
fsr-3307	249	54	year	year	NOUN
fsr-3307	249	55	bonds	bond	NOUN
fsr-3307	249	56	obtained	obtain	VERB
fsr-3307	249	57	from	from	ADP
fsr-3307	249	58	the	the	DET
fsr-3307	249	59	federal	federal	PROPN
fsr-3307	249	60	reserve	reserve	PROPN
fsr-3307	249	61	website.15	website.15	AUX
fsr-3307	249	62	let	let	VERB
fsr-3307	249	63	us	we	PRON
fsr-3307	249	64	take	take	VERB
fsr-3307	249	65	a	a	DET
fsr-3307	249	66	three	three	NUM
fsr-3307	249	67	-	-	PUNCT
fsr-3307	249	68	year	year	NOUN
fsr-3307	249	69	ladder	ladder	NOUN
fsr-3307	249	70	as	as	ADP
fsr-3307	249	71	an	an	DET
fsr-3307	249	72	example	example	NOUN
fsr-3307	249	73	.	.	PUNCT
fsr-3307	250	1	a	a	DET
fsr-3307	250	2	three	three	NUM
fsr-3307	250	3	-	-	PUNCT
fsr-3307	250	4	year	year	NOUN
fsr-3307	250	5	ladder	ladder	NOUN
fsr-3307	250	6	makes	make	VERB
fsr-3307	250	7	up	up	ADP
fsr-3307	250	8	of	of	ADP
fsr-3307	250	9	three	three	NUM
fsr-3307	250	10	bonds	bond	NOUN
fsr-3307	250	11	that	that	PRON
fsr-3307	250	12	mature	mature	VERB
fsr-3307	250	13	in	in	ADP
fsr-3307	250	14	one	one	NUM
fsr-3307	250	15	,	,	PUNCT
fsr-3307	250	16	two	two	NUM
fsr-3307	250	17	,	,	PUNCT
fsr-3307	250	18	and	and	CCONJ
fsr-3307	250	19	three	three	NUM
fsr-3307	250	20	years	year	NOUN
fsr-3307	250	21	,	,	PUNCT
fsr-3307	250	22	respectively	respectively	ADV
fsr-3307	250	23	.	.	PUNCT
fsr-3307	251	1	at	at	ADP
fsr-3307	251	2	the	the	DET
fsr-3307	251	3	beginning	beginning	NOUN
fsr-3307	251	4	of	of	ADP
fsr-3307	251	5	each	each	DET
fsr-3307	251	6	year	year	NOUN
fsr-3307	251	7	,	,	PUNCT
fsr-3307	251	8	we	we	PRON
fsr-3307	251	9	find	find	VERB
fsr-3307	251	10	out	out	ADP
fsr-3307	251	11	table	table	NOUN
fsr-3307	251	12	6	6	NUM
fsr-3307	251	13	diversification	diversification	NOUN
fsr-3307	251	14	benefits	benefit	NOUN
fsr-3307	251	15	of	of	ADP
fsr-3307	251	16	seven	seven	NUM
fsr-3307	251	17	-	-	PUNCT
fsr-3307	251	18	year	year	NOUN
fsr-3307	251	19	ladder	ladder	NOUN
fsr-3307	251	20	:	:	PUNCT
fsr-3307	251	21	portfolio	portfolio	NOUN
fsr-3307	251	22	weights	weight	NOUN
fsr-3307	251	23	and	and	CCONJ
fsr-3307	251	24	sharpe	sharpe	NOUN
fsr-3307	251	25	ratios	ratio	NOUN
fsr-3307	251	26	of	of	ADP
fsr-3307	251	27	tangency	tangency	NOUN
fsr-3307	251	28	portfolios	portfolio	NOUN
fsr-3307	251	29	with	with	ADP
fsr-3307	251	30	and	and	CCONJ
fsr-3307	251	31	without	without	ADP
fsr-3307	251	32	ladder	ladder	NOUN
fsr-3307	251	33	are	be	AUX
fsr-3307	251	34	reported	report	VERB
fsr-3307	251	35	at	at	ADP
fsr-3307	251	36	different	different	ADJ
fsr-3307	251	37	levels	level	NOUN
fsr-3307	251	38	of	of	ADP
fsr-3307	251	39	annual	annual	ADJ
fsr-3307	251	40	risk	risk	NOUN
fsr-3307	251	41	-	-	PUNCT
fsr-3307	251	42	free	free	ADJ
fsr-3307	251	43	interest	interest	NOUN
fsr-3307	251	44	rates	rate	NOUN
fsr-3307	251	45	risk	risk	NOUN
fsr-3307	251	46	-	-	PUNCT
fsr-3307	251	47	free	free	ADJ
fsr-3307	251	48	rate	rate	NOUN
fsr-3307	251	49	portfolios	portfolio	NOUN
fsr-3307	251	50	with	with	ADP
fsr-3307	251	51	seven	seven	NUM
fsr-3307	251	52	-	-	PUNCT
fsr-3307	251	53	year	year	NOUN
fsr-3307	251	54	ladder	ladder	NOUN
fsr-3307	251	55	portfolios	portfolio	NOUN
fsr-3307	251	56	without	without	ADP
fsr-3307	251	57	seven	seven	NUM
fsr-3307	251	58	-	-	PUNCT
fsr-3307	251	59	year	year	NOUN
fsr-3307	251	60	ladder	ladder	NOUN
fsr-3307	251	61	gj	gj	NOUN
fsr-3307	251	62	p	p	NOUN
fsr-3307	251	63	-	-	PUNCT
fsr-3307	251	64	value	value	NOUN
fsr-3307	251	65	portfolio	portfolio	NOUN
fsr-3307	251	66	weights	weight	VERB
fsr-3307	251	67	sharpe	sharpe	PROPN
fsr-3307	251	68	ratio	ratio	PROPN
fsr-3307	251	69	portfolio	portfolio	PROPN
fsr-3307	251	70	weights	weight	VERB
fsr-3307	251	71	sharpe	sharpe	PROPN
fsr-3307	251	72	ratio	ratio	PROPN
fsr-3307	251	73	crsp	crsp	PROPN
fsr-3307	251	74	vw	vw	PROPN
fsr-3307	251	75	msci	msci	PROPN
fsr-3307	251	76	-	-	PUNCT
fsr-3307	251	77	eafe	eafe	PROPN
fsr-3307	251	78	barclays	barclays	PROPN
fsr-3307	251	79	bond	bond	NOUN
fsr-3307	251	80	index	index	NOUN
fsr-3307	251	81	seven	seven	NUM
fsr-3307	251	82	-	-	PUNCT
fsr-3307	251	83	year	year	NOUN
fsr-3307	251	84	ladder	ladder	NOUN
fsr-3307	251	85	crsp	crsp	PROPN
fsr-3307	251	86	vw	vw	PROPN
fsr-3307	251	87	msci	msci	PROPN
fsr-3307	251	88	-	-	PUNCT
fsr-3307	251	89	eafe	eafe	PROPN
fsr-3307	251	90	barclays	barclays	PROPN
fsr-3307	251	91	bond	bond	NOUN
fsr-3307	251	92	index	index	NOUN
fsr-3307	251	93	0.0000	0.0000	NUM
fsr-3307	252	1	0.0240	0.0240	NUM
fsr-3307	252	2	0.0000	0.0000	NUM
fsr-3307	252	3	0.0000	0.0000	NUM
fsr-3307	252	4	0.9760	0.9760	NUM
fsr-3307	252	5	2.442	2.442	NUM
fsr-3307	252	6	0.1397	0.1397	NUM
fsr-3307	252	7	0.0323	0.0323	NUM
fsr-3307	252	8	0.8281	0.8281	NUM
fsr-3307	252	9	1.295	1.295	NUM
fsr-3307	252	10	0.000	0.000	NUM
fsr-3307	252	11	0.0100	0.0100	NUM
fsr-3307	252	12	0.0280	0.0280	NUM
fsr-3307	252	13	0.0000	0.0000	NUM
fsr-3307	252	14	0.0000	0.0000	NUM
fsr-3307	252	15	0.9719	0.9719	NUM
fsr-3307	252	16	2.086	2.086	NUM
fsr-3307	253	1	0.1527	0.1527	NUM
fsr-3307	253	2	0.0292	0.0292	NUM
fsr-3307	253	3	0.8181	0.8181	NUM
fsr-3307	253	4	1.149	1.149	NUM
fsr-3307	253	5	0.000	0.000	NUM
fsr-3307	253	6	0.0200	0.0200	NUM
fsr-3307	253	7	0.0338	0.0338	NUM
fsr-3307	253	8	0.0000	0.0000	NUM
fsr-3307	253	9	0.0000	0.0000	NUM
fsr-3307	253	10	0.9662	0.9662	NUM
fsr-3307	253	11	1.733	1.733	NUM
fsr-3307	253	12	0.1699	0.1699	NUM
fsr-3307	253	13	0.0252	0.0252	NUM
fsr-3307	254	1	0.8050	0.8050	NUM
fsr-3307	254	2	1.004	1.004	NUM
fsr-3307	254	3	0.000	0.000	NUM
fsr-3307	254	4	0.0300	0.0300	NUM
fsr-3307	254	5	0.0427	0.0427	NUM
fsr-3307	254	6	0.0000	0.0000	NUM
fsr-3307	254	7	0.0002	0.0002	NUM
fsr-3307	254	8	0.9571	0.9571	NUM
fsr-3307	254	9	1.382	1.382	NUM
fsr-3307	254	10	0.1932	0.1932	NUM
fsr-3307	254	11	0.0197	0.0197	NUM
fsr-3307	254	12	0.7871	0.7871	NUM
fsr-3307	254	13	0.861	0.861	NUM
fsr-3307	254	14	0.000	0.000	NUM
fsr-3307	254	15	0.0400	0.0400	NUM
fsr-3307	254	16	0.0578	0.0578	NUM
fsr-3307	255	1	0.0000	0.0000	NUM
fsr-3307	255	2	0.0274	0.0274	NUM
fsr-3307	255	3	0.9149	0.9149	NUM
fsr-3307	255	4	1.039	1.039	NUM
fsr-3307	255	5	0.2270	0.2270	NUM
fsr-3307	255	6	0.0117	0.0117	NUM
fsr-3307	255	7	0.7613	0.7613	NUM
fsr-3307	255	8	0.720	0.720	NUM
fsr-3307	255	9	0.003	0.003	NUM
fsr-3307	255	10	0.0500	0.0500	NUM
fsr-3307	255	11	0.0911	0.0911	NUM
fsr-3307	255	12	0.0000	0.0000	NUM
fsr-3307	255	13	0.0885	0.0885	NUM
fsr-3307	255	14	0.8204	0.8204	NUM
fsr-3307	255	15	0.717	0.717	NUM
fsr-3307	255	16	0.2792	0.2792	NUM
fsr-3307	255	17	0.0002	0.0002	NUM
fsr-3307	255	18	0.7207	0.7207	NUM
fsr-3307	255	19	0.583	0.583	NUM
fsr-3307	255	20	0.015	0.015	NUM
fsr-3307	255	21	0.0600	0.0600	NUM
fsr-3307	255	22	0.2298	0.2298	NUM
fsr-3307	255	23	0.0000	0.0000	NUM
fsr-3307	255	24	0.3423	0.3423	NUM
fsr-3307	255	25	0.4279	0.4279	NUM
fsr-3307	255	26	0.462	0.462	NUM
fsr-3307	255	27	0.3523	0.3523	NUM
fsr-3307	255	28	0.0000	0.0000	NUM
fsr-3307	255	29	0.6477	0.6477	NUM
fsr-3307	255	30	0.454	0.454	NUM
fsr-3307	255	31	0.267	0.267	NUM
fsr-3307	255	32	0.0700	0.0700	NUM
fsr-3307	255	33	0.5193	0.5193	NUM
fsr-3307	255	34	0.0000	0.0000	NUM
fsr-3307	255	35	0.4807	0.4807	NUM
fsr-3307	255	36	0.0000	0.0000	NUM
fsr-3307	255	37	0.341	0.341	NUM
fsr-3307	255	38	0.5193	0.5193	NUM
fsr-3307	255	39	0.0000	0.0000	NUM
fsr-3307	255	40	0.4807	0.4807	NUM
fsr-3307	255	41	0.341	0.341	NUM
fsr-3307	255	42	—	—	PUNCT
fsr-3307	255	43	0.0456a	0.0456a	PROPN
fsr-3307	255	44	0.0724	0.0724	NUM
fsr-3307	255	45	0.0000	0.0000	NUM
fsr-3307	255	46	0.0543	0.0543	NUM
fsr-3307	255	47	0.8733	0.8733	NUM
fsr-3307	255	48	0.855	0.855	NUM
fsr-3307	255	49	0.2533	0.2533	NUM
fsr-3307	255	50	0.0055	0.0055	NUM
fsr-3307	255	51	0.7412	0.7412	NUM
fsr-3307	255	52	0.643	0.643	NUM
fsr-3307	255	53	0.002	0.002	NUM
fsr-3307	255	54	note	note	NOUN
fsr-3307	255	55	:	:	PUNCT
fsr-3307	255	56	optimal	optimal	ADJ
fsr-3307	255	57	portfolios	portfolio	NOUN
fsr-3307	255	58	are	be	AUX
fsr-3307	255	59	obtained	obtain	VERB
fsr-3307	255	60	with	with	ADP
fsr-3307	255	61	short	short	ADJ
fsr-3307	255	62	-	-	PUNCT
fsr-3307	255	63	sale	sale	NOUN
fsr-3307	255	64	disallowed	disallow	VERB
fsr-3307	255	65	and	and	CCONJ
fsr-3307	255	66	based	base	VERB
fsr-3307	255	67	on	on	ADP
fsr-3307	255	68	risk	risk	NOUN
fsr-3307	255	69	-	-	PUNCT
fsr-3307	255	70	return	return	NOUN
fsr-3307	255	71	parameters	parameter	NOUN
fsr-3307	255	72	estimated	estimate	VERB
fsr-3307	255	73	over	over	ADP
fsr-3307	255	74	the	the	DET
fsr-3307	255	75	sample	sample	NOUN
fsr-3307	255	76	period	period	NOUN
fsr-3307	255	77	of	of	ADP
fsr-3307	255	78	1980–2015	1980–2015	NUM
fsr-3307	255	79	.	.	PUNCT
fsr-3307	256	1	the	the	DET
fsr-3307	256	2	p	p	NOUN
fsr-3307	256	3	-	-	PUNCT
fsr-3307	256	4	values	value	NOUN
fsr-3307	256	5	of	of	ADP
fsr-3307	256	6	glen	glen	PROPN
fsr-3307	256	7	and	and	CCONJ
fsr-3307	256	8	jorion	jorion	NOUN
fsr-3307	256	9	(	(	PUNCT
fsr-3307	256	10	gj	gj	NOUN
fsr-3307	256	11	)	)	PUNCT
fsr-3307	256	12	tests	test	NOUN
fsr-3307	256	13	on	on	ADP
fsr-3307	256	14	equal	equal	ADJ
fsr-3307	256	15	sharpe	sharpe	NOUN
fsr-3307	256	16	ratios	ratio	NOUN
fsr-3307	256	17	are	be	AUX
fsr-3307	256	18	reported	report	VERB
fsr-3307	256	19	in	in	ADP
fsr-3307	256	20	the	the	DET
fsr-3307	256	21	last	last	ADJ
fsr-3307	256	22	column	column	NOUN
fsr-3307	256	23	of	of	ADP
fsr-3307	256	24	the	the	DET
fsr-3307	256	25	table	table	NOUN
fsr-3307	256	26	.	.	PUNCT
fsr-3307	257	1	athe	athe	PROPN
fsr-3307	257	2	portfolio	portfolio	PROPN
fsr-3307	257	3	results	result	NOUN
fsr-3307	257	4	presented	present	VERB
fsr-3307	257	5	in	in	ADP
fsr-3307	257	6	the	the	DET
fsr-3307	257	7	last	last	ADJ
fsr-3307	257	8	row	row	NOUN
fsr-3307	257	9	are	be	AUX
fsr-3307	257	10	obtained	obtain	VERB
fsr-3307	257	11	by	by	ADP
fsr-3307	257	12	assuming	assume	VERB
fsr-3307	257	13	a	a	DET
fsr-3307	257	14	risk	risk	NOUN
fsr-3307	257	15	-	-	PUNCT
fsr-3307	257	16	free	free	ADJ
fsr-3307	257	17	rate	rate	NOUN
fsr-3307	257	18	equals	equal	VERB
fsr-3307	257	19	to	to	ADP
fsr-3307	257	20	the	the	DET
fsr-3307	257	21	average	average	ADJ
fsr-3307	257	22	three	three	NUM
fsr-3307	257	23	-	-	PUNCT
fsr-3307	257	24	month	month	NOUN
fsr-3307	257	25	t	t	PROPN
fsr-3307	257	26	-	-	PUNCT
fsr-3307	257	27	bill	bill	NOUN
fsr-3307	257	28	yield	yield	NOUN
fsr-3307	257	29	of	of	ADP
fsr-3307	257	30	4.56	4.56	NUM
fsr-3307	257	31	%	%	NOUN
fsr-3307	257	32	over	over	ADP
fsr-3307	257	33	the	the	DET
fsr-3307	257	34	sample	sample	NOUN
fsr-3307	257	35	period	period	NOUN
fsr-3307	257	36	of	of	ADP
fsr-3307	257	37	1980–2015	1980–2015	NUM
fsr-3307	257	38	.	.	PUNCT
fsr-3307	258	1	192	192	NUM
fsr-3307	258	2	c.s	c.s	PROPN
fsr-3307	258	3	.	.	PROPN
fsr-3307	258	4	cheung	cheung	PROPN
fsr-3307	258	5	,	,	PUNCT
fsr-3307	258	6	p.	p.	PROPN
fsr-3307	258	7	miu	miu	PROPN
fsr-3307	258	8	/	/	SYM
fsr-3307	258	9	financial	financial	ADJ
fsr-3307	258	10	services	service	NOUN
fsr-3307	258	11	review	review	VERB
fsr-3307	258	12	26	26	NUM
fsr-3307	258	13	(	(	PUNCT
fsr-3307	258	14	2017	2017	NUM
fsr-3307	258	15	)	)	PUNCT
fsr-3307	258	16	181–203	181–203	NUM
fsr-3307	258	17	the	the	DET
fsr-3307	258	18	initial	initial	ADJ
fsr-3307	258	19	value	value	NOUN
fsr-3307	258	20	of	of	ADP
fsr-3307	258	21	the	the	DET
fsr-3307	258	22	ladder	ladder	NOUN
fsr-3307	258	23	by	by	ADP
fsr-3307	258	24	calculating	calculate	VERB
fsr-3307	258	25	the	the	DET
fsr-3307	258	26	prices	price	NOUN
fsr-3307	258	27	of	of	ADP
fsr-3307	258	28	the	the	DET
fsr-3307	258	29	three	three	NUM
fsr-3307	258	30	bonds	bond	NOUN
fsr-3307	258	31	with	with	ADP
fsr-3307	258	32	the	the	DET
fsr-3307	258	33	prevailing	prevail	VERB
fsr-3307	258	34	one	one	NUM
fsr-3307	258	35	-	-	PUNCT
fsr-3307	258	36	year	year	NOUN
fsr-3307	258	37	,	,	PUNCT
fsr-3307	258	38	two	two	NUM
fsr-3307	258	39	-	-	PUNCT
fsr-3307	258	40	year	year	NOUN
fsr-3307	258	41	,	,	PUNCT
fsr-3307	258	42	and	and	CCONJ
fsr-3307	258	43	three	three	NUM
fsr-3307	258	44	-	-	PUNCT
fsr-3307	258	45	year	year	NOUN
fsr-3307	258	46	yields	yield	NOUN
fsr-3307	258	47	,	,	PUNCT
fsr-3307	258	48	respectively	respectively	ADV
fsr-3307	258	49	.	.	PUNCT
fsr-3307	259	1	without	without	ADP
fsr-3307	259	2	any	any	DET
fsr-3307	259	3	information	information	NOUN
fsr-3307	259	4	regarding	regard	VERB
fsr-3307	259	5	the	the	DET
fsr-3307	259	6	specific	specific	ADJ
fsr-3307	259	7	coupon	coupon	NOUN
fsr-3307	259	8	structure	structure	NOUN
fsr-3307	259	9	of	of	ADP
fsr-3307	259	10	the	the	DET
fsr-3307	259	11	constituent	constituent	NOUN
fsr-3307	259	12	bonds	bond	NOUN
fsr-3307	259	13	,	,	PUNCT
fsr-3307	259	14	here	here	ADV
fsr-3307	259	15	we	we	PRON
fsr-3307	259	16	assume	assume	VERB
fsr-3307	259	17	they	they	PRON
fsr-3307	259	18	are	be	AUX
fsr-3307	259	19	all	all	PRON
fsr-3307	259	20	zerocoupon	zerocoupon	NOUN
fsr-3307	259	21	bonds	bond	NOUN
fsr-3307	259	22	and	and	CCONJ
fsr-3307	259	23	the	the	DET
fsr-3307	259	24	observed	observed	ADJ
fsr-3307	259	25	yields	yield	NOUN
fsr-3307	259	26	are	be	AUX
fsr-3307	259	27	all	all	PRON
fsr-3307	259	28	zero	zero	NUM
fsr-3307	259	29	-	-	PUNCT
fsr-3307	259	30	yields	yield	NOUN
fsr-3307	259	31	.	.	PUNCT
fsr-3307	260	1	to	to	PART
fsr-3307	260	2	find	find	VERB
fsr-3307	260	3	out	out	ADP
fsr-3307	260	4	the	the	DET
fsr-3307	260	5	year	year	NOUN
fsr-3307	260	6	-	-	PUNCT
fsr-3307	260	7	end	end	NOUN
fsr-3307	260	8	value	value	NOUN
fsr-3307	260	9	of	of	ADP
fsr-3307	260	10	the	the	DET
fsr-3307	260	11	ladder	ladder	NOUN
fsr-3307	260	12	,	,	PUNCT
fsr-3307	260	13	we	we	PRON
fsr-3307	260	14	revalue	revalue	VERB
fsr-3307	260	15	the	the	DET
fsr-3307	260	16	originally	originally	ADV
fsr-3307	260	17	two	two	NUM
fsr-3307	260	18	-	-	PUNCT
fsr-3307	260	19	year	year	NOUN
fsr-3307	260	20	(	(	PUNCT
fsr-3307	260	21	three	three	NUM
fsr-3307	260	22	-	-	PUNCT
fsr-3307	260	23	year	year	NOUN
fsr-3307	260	24	)	)	PUNCT
fsr-3307	260	25	bond	bond	NOUN
fsr-3307	260	26	with	with	ADP
fsr-3307	260	27	the	the	DET
fsr-3307	260	28	one	one	NUM
fsr-3307	260	29	-	-	PUNCT
fsr-3307	260	30	year	year	NOUN
fsr-3307	260	31	(	(	PUNCT
fsr-3307	260	32	two	two	NUM
fsr-3307	260	33	-	-	PUNCT
fsr-3307	260	34	year	year	NOUN
fsr-3307	260	35	)	)	PUNCT
fsr-3307	260	36	yield	yield	NOUN
fsr-3307	260	37	observed	observe	VERB
fsr-3307	260	38	at	at	ADP
fsr-3307	260	39	the	the	DET
fsr-3307	260	40	end	end	NOUN
fsr-3307	260	41	of	of	ADP
fsr-3307	260	42	that	that	DET
fsr-3307	260	43	year	year	NOUN
fsr-3307	260	44	.	.	PUNCT
fsr-3307	261	1	note	note	VERB
fsr-3307	261	2	that	that	SCONJ
fsr-3307	261	3	the	the	DET
fsr-3307	261	4	one	one	NUM
fsr-3307	261	5	-	-	PUNCT
fsr-3307	261	6	year	year	NOUN
fsr-3307	261	7	bond	bond	NOUN
fsr-3307	261	8	held	hold	VERB
fsr-3307	261	9	at	at	ADP
fsr-3307	261	10	the	the	DET
fsr-3307	261	11	beginning	beginning	NOUN
fsr-3307	261	12	of	of	ADP
fsr-3307	261	13	the	the	DET
fsr-3307	261	14	year	year	NOUN
fsr-3307	261	15	matures	mature	NOUN
fsr-3307	261	16	at	at	ADP
fsr-3307	261	17	year	year	NOUN
fsr-3307	261	18	end	end	NOUN
fsr-3307	261	19	yielding	yield	VERB
fsr-3307	261	20	the	the	DET
fsr-3307	261	21	par	par	NOUN
fsr-3307	261	22	value	value	NOUN
fsr-3307	261	23	and	and	CCONJ
fsr-3307	261	24	hence	hence	ADV
fsr-3307	261	25	requiring	require	VERB
fsr-3307	261	26	no	no	DET
fsr-3307	261	27	mtm	mtm	PROPN
fsr-3307	261	28	.	.	PROPN
fsr-3307	261	29	with	with	ADP
fsr-3307	261	30	the	the	DET
fsr-3307	261	31	values	value	NOUN
fsr-3307	261	32	of	of	ADP
fsr-3307	261	33	the	the	DET
fsr-3307	261	34	ladder	ladder	NOUN
fsr-3307	261	35	at	at	ADP
fsr-3307	261	36	the	the	DET
fsr-3307	261	37	beginning	beginning	NOUN
fsr-3307	261	38	and	and	CCONJ
fsr-3307	261	39	the	the	DET
fsr-3307	261	40	end	end	NOUN
fsr-3307	261	41	of	of	ADP
fsr-3307	261	42	the	the	DET
fsr-3307	261	43	year	year	NOUN
fsr-3307	261	44	,	,	PUNCT
fsr-3307	261	45	we	we	PRON
fsr-3307	261	46	can	can	AUX
fsr-3307	261	47	then	then	ADV
fsr-3307	261	48	calculate	calculate	VERB
fsr-3307	261	49	its	its	PRON
fsr-3307	261	50	mtm	mtm	ADJ
fsr-3307	261	51	annual	annual	ADJ
fsr-3307	261	52	return	return	NOUN
fsr-3307	261	53	for	for	ADP
fsr-3307	261	54	that	that	DET
fsr-3307	261	55	year	year	NOUN
fsr-3307	261	56	.	.	PUNCT
fsr-3307	262	1	in	in	ADP
fsr-3307	262	2	doing	do	VERB
fsr-3307	262	3	so	so	ADV
fsr-3307	262	4	,	,	PUNCT
fsr-3307	262	5	we	we	PRON
fsr-3307	262	6	recognize	recognize	VERB
fsr-3307	262	7	the	the	DET
fsr-3307	262	8	fact	fact	NOUN
fsr-3307	262	9	that	that	SCONJ
fsr-3307	262	10	,	,	PUNCT
fsr-3307	262	11	at	at	ADP
fsr-3307	262	12	the	the	DET
fsr-3307	262	13	end	end	NOUN
fsr-3307	262	14	of	of	ADP
fsr-3307	262	15	each	each	DET
fsr-3307	262	16	year	year	NOUN
fsr-3307	262	17	,	,	PUNCT
fsr-3307	262	18	the	the	DET
fsr-3307	262	19	shortest	short	ADJ
fsr-3307	262	20	term	term	NOUN
fsr-3307	262	21	bond	bond	NOUN
fsr-3307	262	22	will	will	AUX
fsr-3307	262	23	mature	mature	VERB
fsr-3307	262	24	and	and	CCONJ
fsr-3307	262	25	the	the	DET
fsr-3307	262	26	proceeds	proceed	NOUN
fsr-3307	262	27	received	receive	VERB
fsr-3307	262	28	will	will	AUX
fsr-3307	262	29	be	be	AUX
fsr-3307	262	30	reinvested	reinveste	VERB
fsr-3307	262	31	in	in	ADP
fsr-3307	262	32	a	a	DET
fsr-3307	262	33	new	new	ADJ
fsr-3307	262	34	three	three	NUM
fsr-3307	262	35	-	-	PUNCT
fsr-3307	262	36	year	year	NOUN
fsr-3307	262	37	bond	bond	NOUN
fsr-3307	262	38	.	.	PUNCT
fsr-3307	263	1	the	the	DET
fsr-3307	263	2	above	above	ADJ
fsr-3307	263	3	calculations	calculation	NOUN
fsr-3307	263	4	are	be	AUX
fsr-3307	263	5	repeated	repeat	VERB
fsr-3307	263	6	for	for	ADP
fsr-3307	263	7	each	each	PRON
fsr-3307	263	8	of	of	ADP
fsr-3307	263	9	the	the	DET
fsr-3307	263	10	years	year	NOUN
fsr-3307	263	11	so	so	SCONJ
fsr-3307	263	12	as	as	SCONJ
fsr-3307	263	13	to	to	PART
fsr-3307	263	14	replicate	replicate	VERB
fsr-3307	263	15	the	the	DET
fsr-3307	263	16	historical	historical	ADJ
fsr-3307	263	17	annual	annual	ADJ
fsr-3307	263	18	mtm	mtm	PROPN
fsr-3307	263	19	returns	return	NOUN
fsr-3307	263	20	of	of	ADP
fsr-3307	263	21	the	the	DET
fsr-3307	263	22	three	three	NUM
fsr-3307	263	23	-	-	PUNCT
fsr-3307	263	24	year	year	NOUN
fsr-3307	263	25	ladder	ladder	NOUN
fsr-3307	263	26	over	over	ADP
fsr-3307	263	27	our	our	PRON
fsr-3307	263	28	sample	sample	NOUN
fsr-3307	263	29	period.16	period.16	NOUN
fsr-3307	263	30	the	the	DET
fsr-3307	263	31	historical	historical	ADJ
fsr-3307	263	32	mtm	mtm	PROPN
fsr-3307	263	33	returns	return	NOUN
fsr-3307	263	34	for	for	ADP
fsr-3307	263	35	the	the	DET
fsr-3307	263	36	five	five	NUM
fsr-3307	263	37	-	-	PUNCT
fsr-3307	263	38	year	year	NOUN
fsr-3307	263	39	and	and	CCONJ
fsr-3307	263	40	seven	seven	NUM
fsr-3307	263	41	-	-	PUNCT
fsr-3307	263	42	year	year	NOUN
fsr-3307	263	43	ladders	ladder	NOUN
fsr-3307	263	44	are	be	AUX
fsr-3307	263	45	calculated	calculate	VERB
fsr-3307	263	46	in	in	ADP
fsr-3307	263	47	a	a	DET
fsr-3307	263	48	similar	similar	ADJ
fsr-3307	263	49	fashion	fashion	NOUN
fsr-3307	263	50	.	.	PUNCT
fsr-3307	264	1	analogous	analogous	ADJ
fsr-3307	264	2	to	to	ADP
fsr-3307	264	3	tables	table	NOUN
fsr-3307	264	4	1	1	NUM
fsr-3307	264	5	and	and	CCONJ
fsr-3307	264	6	4	4	NUM
fsr-3307	264	7	,	,	PUNCT
fsr-3307	264	8	table	table	NOUN
fsr-3307	264	9	7	7	NUM
fsr-3307	264	10	presents	present	VERB
fsr-3307	264	11	the	the	DET
fsr-3307	264	12	summary	summary	NOUN
fsr-3307	264	13	statistics	statistic	NOUN
fsr-3307	264	14	of	of	ADP
fsr-3307	264	15	our	our	PRON
fsr-3307	264	16	three	three	NUM
fsr-3307	264	17	mtm	mtm	ADJ
fsr-3307	264	18	ladders	ladder	NOUN
fsr-3307	264	19	together	together	ADV
fsr-3307	264	20	with	with	ADP
fsr-3307	264	21	all	all	DET
fsr-3307	264	22	other	other	ADJ
fsr-3307	264	23	asset	asset	NOUN
fsr-3307	264	24	classes	class	NOUN
fsr-3307	264	25	under	under	ADP
fsr-3307	264	26	consideration	consideration	NOUN
fsr-3307	264	27	.	.	PUNCT
fsr-3307	265	1	the	the	DET
fsr-3307	265	2	mtm	mtm	PROPN
fsr-3307	265	3	consideration	consideration	NOUN
fsr-3307	265	4	seems	seem	VERB
fsr-3307	265	5	to	to	PART
fsr-3307	265	6	have	have	VERB
fsr-3307	265	7	very	very	ADV
fsr-3307	265	8	little	little	ADJ
fsr-3307	265	9	effect	effect	NOUN
fsr-3307	265	10	on	on	ADP
fsr-3307	265	11	the	the	DET
fsr-3307	265	12	return	return	NOUN
fsr-3307	265	13	.	.	PUNCT
fsr-3307	266	1	the	the	DET
fsr-3307	266	2	five	five	NUM
fsr-3307	266	3	-	-	PUNCT
fsr-3307	266	4	year	year	NOUN
fsr-3307	266	5	mtm	mtm	PROPN
fsr-3307	266	6	ladder	ladder	NOUN
fsr-3307	266	7	has	have	VERB
fsr-3307	266	8	roughly	roughly	ADV
fsr-3307	266	9	the	the	DET
fsr-3307	266	10	same	same	ADJ
fsr-3307	266	11	return	return	NOUN
fsr-3307	266	12	as	as	ADP
fsr-3307	266	13	the	the	DET
fsr-3307	266	14	one	one	NUM
fsr-3307	266	15	without	without	ADP
fsr-3307	266	16	mtm	mtm	PROPN
fsr-3307	266	17	at	at	ADP
fsr-3307	266	18	about	about	ADP
fsr-3307	266	19	6.5	6.5	NUM
fsr-3307	266	20	%	%	NOUN
fsr-3307	266	21	per	per	ADP
fsr-3307	266	22	annum	annum	NOUN
fsr-3307	266	23	.	.	PUNCT
fsr-3307	267	1	likewise	likewise	ADV
fsr-3307	267	2	,	,	PUNCT
fsr-3307	267	3	the	the	DET
fsr-3307	267	4	three	three	NUM
fsr-3307	267	5	-	-	PUNCT
fsr-3307	267	6	year	year	NOUN
fsr-3307	267	7	ladder	ladder	NOUN
fsr-3307	267	8	with	with	ADP
fsr-3307	267	9	or	or	CCONJ
fsr-3307	267	10	without	without	ADP
fsr-3307	267	11	mtm	mtm	PROPN
fsr-3307	267	12	offers	offer	VERB
fsr-3307	267	13	an	an	DET
fsr-3307	267	14	annual	annual	ADJ
fsr-3307	267	15	return	return	NOUN
fsr-3307	267	16	of	of	ADP
fsr-3307	267	17	about	about	ADP
fsr-3307	267	18	5.9	5.9	NUM
fsr-3307	267	19	%	%	NOUN
fsr-3307	267	20	.	.	PUNCT
fsr-3307	268	1	the	the	DET
fsr-3307	268	2	major	major	ADJ
fsr-3307	268	3	difference	difference	NOUN
fsr-3307	268	4	the	the	DET
fsr-3307	268	5	mtm	mtm	PROPN
fsr-3307	268	6	makes	make	VERB
fsr-3307	268	7	is	be	AUX
fsr-3307	268	8	on	on	ADP
fsr-3307	268	9	risk	risk	NOUN
fsr-3307	268	10	.	.	PUNCT
fsr-3307	269	1	not	not	PART
fsr-3307	269	2	surprisingly	surprisingly	ADV
fsr-3307	269	3	,	,	PUNCT
fsr-3307	269	4	the	the	DET
fsr-3307	269	5	risk	risk	NOUN
fsr-3307	269	6	difference	difference	NOUN
fsr-3307	269	7	gets	get	VERB
fsr-3307	269	8	more	more	ADV
fsr-3307	269	9	pronounced	pronounce	VERB
fsr-3307	269	10	as	as	ADP
fsr-3307	269	11	the	the	DET
fsr-3307	269	12	term	term	NOUN
fsr-3307	269	13	of	of	ADP
fsr-3307	269	14	the	the	DET
fsr-3307	269	15	ladder	ladder	NOUN
fsr-3307	269	16	increases	increase	NOUN
fsr-3307	269	17	,	,	PUNCT
fsr-3307	269	18	as	as	ADP
fsr-3307	269	19	the	the	DET
fsr-3307	269	20	price	price	NOUN
fsr-3307	269	21	risk	risk	NOUN
fsr-3307	269	22	being	be	AUX
fsr-3307	269	23	amplified	amplify	VERB
fsr-3307	269	24	by	by	ADP
fsr-3307	269	25	the	the	DET
fsr-3307	269	26	longer	long	ADJ
fsr-3307	269	27	time	time	NOUN
fsr-3307	269	28	to	to	ADP
fsr-3307	269	29	maturity	maturity	NOUN
fsr-3307	269	30	of	of	ADP
fsr-3307	269	31	the	the	DET
fsr-3307	269	32	constituent	constituent	NOUN
fsr-3307	269	33	bonds	bond	NOUN
fsr-3307	269	34	.	.	PUNCT
fsr-3307	270	1	for	for	ADP
fsr-3307	270	2	example	example	NOUN
fsr-3307	270	3	,	,	PUNCT
fsr-3307	270	4	the	the	DET
fsr-3307	270	5	standard	standard	ADJ
fsr-3307	270	6	deviation	deviation	NOUN
fsr-3307	270	7	of	of	ADP
fsr-3307	270	8	the	the	DET
fsr-3307	270	9	seven	seven	NUM
fsr-3307	270	10	-	-	PUNCT
fsr-3307	270	11	year	year	NOUN
fsr-3307	270	12	ladder	ladder	NOUN
fsr-3307	270	13	with	with	ADP
fsr-3307	270	14	mtm	mtm	PROPN
fsr-3307	270	15	at	at	ADP
fsr-3307	270	16	5.96	5.96	NUM
fsr-3307	270	17	%	%	NOUN
fsr-3307	270	18	is	be	AUX
fsr-3307	270	19	about	about	ADV
fsr-3307	270	20	twice	twice	DET
fsr-3307	270	21	that	that	DET
fsr-3307	270	22	of	of	ADP
fsr-3307	270	23	the	the	DET
fsr-3307	270	24	one	one	NUM
fsr-3307	270	25	without	without	ADP
fsr-3307	270	26	mtm	mtm	PROPN
fsr-3307	270	27	at	at	ADP
fsr-3307	270	28	2.78	2.78	NUM
fsr-3307	270	29	%	%	NOUN
fsr-3307	270	30	.	.	PUNCT
fsr-3307	271	1	in	in	ADP
fsr-3307	271	2	the	the	DET
fsr-3307	271	3	case	case	NOUN
fsr-3307	271	4	of	of	ADP
fsr-3307	271	5	a	a	DET
fsr-3307	271	6	three	three	NUM
fsr-3307	271	7	-	-	PUNCT
fsr-3307	271	8	year	year	NOUN
fsr-3307	271	9	ladder	ladder	NOUN
fsr-3307	271	10	,	,	PUNCT
fsr-3307	271	11	the	the	DET
fsr-3307	271	12	risk	risk	NOUN
fsr-3307	271	13	for	for	ADP
fsr-3307	271	14	the	the	DET
fsr-3307	271	15	three	three	NUM
fsr-3307	271	16	-	-	PUNCT
fsr-3307	271	17	year	year	NOUN
fsr-3307	271	18	ladder	ladder	NOUN
fsr-3307	271	19	without	without	ADP
fsr-3307	271	20	mtm	mtm	PROPN
fsr-3307	271	21	is	be	AUX
fsr-3307	271	22	3.47	3.47	NUM
fsr-3307	271	23	%	%	NOUN
fsr-3307	271	24	,	,	PUNCT
fsr-3307	271	25	which	which	PRON
fsr-3307	271	26	is	be	AUX
fsr-3307	271	27	not	not	PART
fsr-3307	271	28	much	much	ADV
fsr-3307	271	29	lower	low	ADJ
fsr-3307	271	30	than	than	ADP
fsr-3307	271	31	the	the	DET
fsr-3307	271	32	standard	standard	ADJ
fsr-3307	271	33	deviation	deviation	NOUN
fsr-3307	271	34	of	of	ADP
fsr-3307	271	35	4.39	4.39	NUM
fsr-3307	271	36	%	%	NOUN
fsr-3307	271	37	for	for	ADP
fsr-3307	271	38	the	the	DET
fsr-3307	271	39	three	three	NUM
fsr-3307	271	40	-	-	PUNCT
fsr-3307	271	41	year	year	NOUN
fsr-3307	271	42	ladder	ladder	NOUN
fsr-3307	271	43	with	with	ADP
fsr-3307	271	44	mtm	mtm	PROPN
fsr-3307	271	45	.	.	PROPN
fsr-3307	271	46	note	note	NOUN
fsr-3307	271	47	that	that	SCONJ
fsr-3307	271	48	all	all	DET
fsr-3307	271	49	ladders	ladder	NOUN
fsr-3307	271	50	with	with	ADP
fsr-3307	271	51	or	or	CCONJ
fsr-3307	271	52	without	without	ADP
fsr-3307	271	53	mtm	mtm	PROPN
fsr-3307	271	54	still	still	ADV
fsr-3307	271	55	have	have	VERB
fsr-3307	271	56	lower	low	ADJ
fsr-3307	271	57	risk	risk	NOUN
fsr-3307	271	58	but	but	CCONJ
fsr-3307	271	59	also	also	ADV
fsr-3307	271	60	have	have	VERB
fsr-3307	271	61	lower	low	ADJ
fsr-3307	271	62	return	return	NOUN
fsr-3307	271	63	than	than	ADP
fsr-3307	271	64	the	the	DET
fsr-3307	271	65	barclay	barclay	PROPN
fsr-3307	271	66	bond	bond	PROPN
fsr-3307	271	67	index	index	NOUN
fsr-3307	271	68	.	.	PUNCT
fsr-3307	272	1	the	the	DET
fsr-3307	272	2	sharpe	sharpe	PROPN
fsr-3307	272	3	ratio	ratio	NOUN
fsr-3307	272	4	of	of	ADP
fsr-3307	272	5	ladders	ladder	NOUN
fsr-3307	272	6	with	with	ADP
fsr-3307	272	7	mtm	mtm	PROPN
fsr-3307	272	8	is	be	AUX
fsr-3307	272	9	a	a	DET
fsr-3307	272	10	monotonic	monotonic	ADJ
fsr-3307	272	11	increasing	increase	VERB
fsr-3307	272	12	function	function	NOUN
fsr-3307	272	13	as	as	ADP
fsr-3307	272	14	the	the	DET
fsr-3307	272	15	term	term	NOUN
fsr-3307	272	16	increases	increase	VERB
fsr-3307	272	17	,	,	PUNCT
fsr-3307	272	18	albeit	albeit	SCONJ
fsr-3307	272	19	at	at	ADP
fsr-3307	272	20	a	a	DET
fsr-3307	272	21	slower	slow	ADJ
fsr-3307	272	22	rate	rate	NOUN
fsr-3307	272	23	than	than	ADP
fsr-3307	272	24	ladders	ladder	NOUN
fsr-3307	272	25	without	without	ADP
fsr-3307	272	26	mtm	mtm	PROPN
fsr-3307	272	27	.	.	PUNCT
fsr-3307	273	1	in	in	ADP
fsr-3307	273	2	fact	fact	NOUN
fsr-3307	273	3	,	,	PUNCT
fsr-3307	273	4	the	the	DET
fsr-3307	273	5	sharpe	sharpe	PROPN
fsr-3307	273	6	ratio	ratio	NOUN
fsr-3307	273	7	for	for	ADP
fsr-3307	273	8	the	the	DET
fsr-3307	273	9	seven	seven	NUM
fsr-3307	273	10	-	-	PUNCT
fsr-3307	273	11	year	year	NOUN
fsr-3307	273	12	mtm	mtm	PROPN
fsr-3307	273	13	ladder	ladder	NOUN
fsr-3307	273	14	at	at	ADP
fsr-3307	273	15	0.436	0.436	NUM
fsr-3307	273	16	is	be	AUX
fsr-3307	273	17	much	much	ADV
fsr-3307	273	18	higher	high	ADJ
fsr-3307	273	19	than	than	ADP
fsr-3307	273	20	that	that	PRON
fsr-3307	273	21	of	of	ADP
fsr-3307	273	22	the	the	DET
fsr-3307	273	23	three	three	NUM
fsr-3307	273	24	-	-	PUNCT
fsr-3307	273	25	year	year	NOUN
fsr-3307	273	26	mtm	mtm	PROPN
fsr-3307	273	27	ladder	ladder	NOUN
fsr-3307	273	28	at	at	ADP
fsr-3307	273	29	0.317	0.317	NUM
fsr-3307	273	30	.	.	PUNCT
fsr-3307	274	1	this	this	PRON
fsr-3307	274	2	suggests	suggest	VERB
fsr-3307	274	3	that	that	SCONJ
fsr-3307	274	4	the	the	DET
fsr-3307	274	5	longer	long	ADJ
fsr-3307	274	6	term	term	NOUN
fsr-3307	274	7	ladder	ladder	NOUN
fsr-3307	274	8	is	be	AUX
fsr-3307	274	9	more	more	ADV
fsr-3307	274	10	attractive	attractive	ADJ
fsr-3307	274	11	than	than	ADP
fsr-3307	274	12	the	the	DET
fsr-3307	274	13	shorter	short	ADJ
fsr-3307	274	14	term	term	NOUN
fsr-3307	274	15	one	one	NUM
fsr-3307	274	16	if	if	SCONJ
fsr-3307	274	17	they	they	PRON
fsr-3307	274	18	are	be	AUX
fsr-3307	274	19	held	hold	VERB
fsr-3307	274	20	in	in	ADP
fsr-3307	274	21	isolation	isolation	NOUN
fsr-3307	274	22	of	of	ADP
fsr-3307	274	23	a	a	DET
fsr-3307	274	24	portfolio	portfolio	NOUN
fsr-3307	274	25	.	.	PUNCT
fsr-3307	275	1	to	to	PART
fsr-3307	275	2	assess	assess	VERB
fsr-3307	275	3	the	the	DET
fsr-3307	275	4	value	value	NOUN
fsr-3307	275	5	-	-	PUNCT
fsr-3307	275	6	adding	add	VERB
fsr-3307	275	7	ability	ability	NOUN
fsr-3307	275	8	of	of	ADP
fsr-3307	275	9	mtm	mtm	PROPN
fsr-3307	275	10	ladders	ladder	NOUN
fsr-3307	275	11	in	in	ADP
fsr-3307	275	12	a	a	DET
fsr-3307	275	13	portfolio	portfolio	NOUN
fsr-3307	275	14	setting	setting	NOUN
fsr-3307	275	15	,	,	PUNCT
fsr-3307	275	16	we	we	PRON
fsr-3307	275	17	repeat	repeat	VERB
fsr-3307	275	18	the	the	DET
fsr-3307	275	19	above	above	ADJ
fsr-3307	275	20	portfolio	portfolio	NOUN
fsr-3307	275	21	analysis	analysis	NOUN
fsr-3307	275	22	on	on	ADP
fsr-3307	275	23	our	our	PRON
fsr-3307	275	24	three	three	NUM
fsr-3307	275	25	mtm	mtm	ADJ
fsr-3307	275	26	ladders	ladder	NOUN
fsr-3307	275	27	.	.	PUNCT
fsr-3307	276	1	the	the	DET
fsr-3307	276	2	results	result	NOUN
fsr-3307	276	3	are	be	AUX
fsr-3307	276	4	reported	report	VERB
fsr-3307	276	5	in	in	ADP
fsr-3307	276	6	tables	table	NOUN
fsr-3307	276	7	8	8	NUM
fsr-3307	276	8	to	to	PART
fsr-3307	276	9	10	10	NUM
fsr-3307	276	10	.	.	PUNCT
fsr-3307	277	1	based	base	VERB
fsr-3307	277	2	on	on	ADP
fsr-3307	277	3	the	the	DET
fsr-3307	277	4	p	p	NOUN
fsr-3307	277	5	-	-	PUNCT
fsr-3307	277	6	value	value	NOUN
fsr-3307	277	7	of	of	ADP
fsr-3307	277	8	the	the	DET
fsr-3307	277	9	glen	glen	PROPN
fsr-3307	277	10	-	-	PUNCT
fsr-3307	277	11	jorion	jorion	NOUN
fsr-3307	277	12	test	test	NOUN
fsr-3307	277	13	reported	report	VERB
fsr-3307	277	14	in	in	ADP
fsr-3307	277	15	the	the	DET
fsr-3307	277	16	last	last	ADJ
fsr-3307	277	17	column	column	NOUN
fsr-3307	277	18	of	of	ADP
fsr-3307	277	19	table	table	NOUN
fsr-3307	277	20	8	8	NUM
fsr-3307	277	21	,	,	PUNCT
fsr-3307	277	22	the	the	DET
fsr-3307	277	23	three	three	NUM
fsr-3307	277	24	-	-	PUNCT
fsr-3307	277	25	year	year	NOUN
fsr-3307	277	26	mtm	mtm	PROPN
fsr-3307	277	27	ladder	ladder	NOUN
fsr-3307	277	28	contributes	contribute	VERB
fsr-3307	277	29	significantly	significantly	ADV
fsr-3307	277	30	to	to	ADP
fsr-3307	277	31	the	the	DET
fsr-3307	277	32	optimal	optimal	ADJ
fsr-3307	277	33	portfolio	portfolio	NOUN
fsr-3307	277	34	performance	performance	NOUN
fsr-3307	277	35	at	at	ADP
fsr-3307	277	36	risk	risk	NOUN
fsr-3307	277	37	-	-	PUNCT
fsr-3307	277	38	free	free	ADJ
fsr-3307	277	39	rates	rate	NOUN
fsr-3307	277	40	up	up	ADP
fsr-3307	277	41	to	to	ADP
fsr-3307	277	42	about	about	ADV
fsr-3307	277	43	two	two	NUM
fsr-3307	277	44	percent	percent	NOUN
fsr-3307	277	45	,	,	PUNCT
fsr-3307	277	46	whereas	whereas	SCONJ
fsr-3307	277	47	the	the	DET
fsr-3307	277	48	same	same	ADJ
fsr-3307	277	49	ladder	ladder	NOUN
fsr-3307	277	50	but	but	CCONJ
fsr-3307	277	51	without	without	ADP
fsr-3307	277	52	mtm	mtm	PROPN
fsr-3307	277	53	consideration	consideration	NOUN
fsr-3307	277	54	(	(	PUNCT
fsr-3307	277	55	see	see	VERB
fsr-3307	277	56	table	table	NOUN
fsr-3307	277	57	5	5	NUM
fsr-3307	277	58	)	)	PUNCT
fsr-3307	277	59	offers	offer	VERB
fsr-3307	277	60	diversification	diversification	NOUN
fsr-3307	277	61	benefit	benefit	NOUN
fsr-3307	277	62	at	at	ADP
fsr-3307	277	63	risk	risk	NOUN
fsr-3307	277	64	-	-	PUNCT
fsr-3307	277	65	free	free	ADJ
fsr-3307	277	66	rates	rate	NOUN
fsr-3307	277	67	up	up	ADP
fsr-3307	277	68	to	to	PART
fsr-3307	277	69	three	three	NUM
fsr-3307	277	70	percent	percent	NOUN
fsr-3307	277	71	.	.	PUNCT
fsr-3307	278	1	note	note	VERB
fsr-3307	278	2	that	that	SCONJ
fsr-3307	278	3	the	the	DET
fsr-3307	278	4	three	three	NUM
fsr-3307	278	5	-	-	PUNCT
fsr-3307	278	6	year	year	NOUN
fsr-3307	278	7	ladder	ladder	NOUN
fsr-3307	278	8	with	with	ADP
fsr-3307	278	9	mtm	mtm	PROPN
fsr-3307	278	10	is	be	AUX
fsr-3307	278	11	completely	completely	ADV
fsr-3307	278	12	displaced	displace	VERB
fsr-3307	278	13	from	from	ADP
fsr-3307	278	14	the	the	DET
fsr-3307	278	15	combined	combined	ADJ
fsr-3307	278	16	portfolio	portfolio	NOUN
fsr-3307	278	17	at	at	ADP
fsr-3307	278	18	risk	risk	NOUN
fsr-3307	278	19	-	-	PUNCT
fsr-3307	278	20	free	free	ADJ
fsr-3307	278	21	rates	rate	NOUN
fsr-3307	278	22	four	four	NUM
fsr-3307	278	23	percent	percent	NOUN
fsr-3307	278	24	or	or	CCONJ
fsr-3307	278	25	higher	high	ADJ
fsr-3307	278	26	.	.	PUNCT
fsr-3307	279	1	with	with	ADP
fsr-3307	279	2	mtm	mtm	PROPN
fsr-3307	279	3	,	,	PUNCT
fsr-3307	279	4	the	the	DET
fsr-3307	279	5	three	three	NUM
fsr-3307	279	6	-	-	PUNCT
fsr-3307	279	7	year	year	NOUN
fsr-3307	279	8	ladder	ladder	NOUN
fsr-3307	279	9	is	be	AUX
fsr-3307	279	10	attractive	attractive	ADJ
fsr-3307	279	11	to	to	ADP
fsr-3307	279	12	the	the	DET
fsr-3307	279	13	more	more	ADJ
fsr-3307	279	14	risk	risk	NOUN
fsr-3307	279	15	averse	averse	ADJ
fsr-3307	279	16	investors	investor	NOUN
fsr-3307	279	17	comparing	compare	VERB
fsr-3307	279	18	to	to	ADP
fsr-3307	279	19	the	the	DET
fsr-3307	279	20	case	case	NOUN
fsr-3307	279	21	without	without	ADP
fsr-3307	279	22	mtm	mtm	PROPN
fsr-3307	279	23	.	.	PROPN
fsr-3307	280	1	while	while	SCONJ
fsr-3307	280	2	it	it	PRON
fsr-3307	280	3	is	be	AUX
fsr-3307	280	4	obvious	obvious	ADJ
fsr-3307	280	5	that	that	SCONJ
fsr-3307	280	6	fixed	fix	VERB
fsr-3307	280	7	income	income	NOUN
fsr-3307	280	8	assets	asset	NOUN
fsr-3307	280	9	should	should	AUX
fsr-3307	280	10	play	play	VERB
fsr-3307	280	11	a	a	DET
fsr-3307	280	12	prominent	prominent	ADJ
fsr-3307	280	13	role	role	NOUN
fsr-3307	280	14	in	in	ADP
fsr-3307	280	15	the	the	DET
fsr-3307	280	16	portfolio	portfolio	NOUN
fsr-3307	280	17	of	of	ADP
fsr-3307	280	18	a	a	DET
fsr-3307	280	19	risk	risk	NOUN
fsr-3307	280	20	averse	averse	ADJ
fsr-3307	280	21	or	or	CCONJ
fsr-3307	280	22	moderately	moderately	ADV
fsr-3307	280	23	risk	risk	VERB
fsr-3307	280	24	averse	averse	ADJ
fsr-3307	280	25	investor	investor	NOUN
fsr-3307	280	26	,	,	PUNCT
fsr-3307	280	27	what	what	PRON
fsr-3307	280	28	should	should	AUX
fsr-3307	280	29	be	be	AUX
fsr-3307	280	30	the	the	DET
fsr-3307	280	31	composition	composition	NOUN
fsr-3307	280	32	of	of	ADP
fsr-3307	280	33	the	the	DET
fsr-3307	280	34	fixed	fix	VERB
fsr-3307	280	35	income	income	NOUN
fsr-3307	280	36	assets	asset	NOUN
fsr-3307	280	37	and	and	CCONJ
fsr-3307	280	38	the	the	DET
fsr-3307	280	39	effect	effect	NOUN
fsr-3307	280	40	of	of	ADP
fsr-3307	280	41	mtm	mtm	PROPN
fsr-3307	280	42	on	on	ADP
fsr-3307	280	43	the	the	DET
fsr-3307	280	44	composition	composition	NOUN
fsr-3307	280	45	is	be	AUX
fsr-3307	280	46	less	less	ADV
fsr-3307	280	47	obvious	obvious	ADJ
fsr-3307	280	48	.	.	PUNCT
fsr-3307	281	1	tables	table	NOUN
fsr-3307	281	2	5	5	NUM
fsr-3307	281	3	and	and	CCONJ
fsr-3307	281	4	8	8	NUM
fsr-3307	281	5	address	address	NOUN
fsr-3307	281	6	the	the	DET
fsr-3307	281	7	proper	proper	ADJ
fsr-3307	281	8	composition	composition	NOUN
fsr-3307	281	9	of	of	ADP
fsr-3307	281	10	fixed	fix	VERB
fsr-3307	281	11	income	income	NOUN
fsr-3307	281	12	assets	asset	NOUN
fsr-3307	281	13	and	and	CCONJ
fsr-3307	281	14	the	the	DET
fsr-3307	281	15	mtm	mtm	ADJ
fsr-3307	281	16	effect	effect	NOUN
fsr-3307	281	17	on	on	ADP
fsr-3307	281	18	the	the	DET
fsr-3307	281	19	composition	composition	NOUN
fsr-3307	281	20	.	.	PUNCT
fsr-3307	282	1	first	first	ADV
fsr-3307	282	2	,	,	PUNCT
fsr-3307	282	3	both	both	DET
fsr-3307	282	4	ladders	ladder	NOUN
fsr-3307	282	5	(	(	PUNCT
fsr-3307	282	6	with	with	ADP
fsr-3307	282	7	or	or	CCONJ
fsr-3307	282	8	193c.s	193c.s	PROPN
fsr-3307	282	9	.	.	PUNCT
fsr-3307	282	10	cheung	cheung	PROPN
fsr-3307	282	11	,	,	PUNCT
fsr-3307	282	12	p.	p.	PROPN
fsr-3307	282	13	miu	miu	PROPN
fsr-3307	282	14	/	/	SYM
fsr-3307	282	15	financial	financial	ADJ
fsr-3307	282	16	services	service	NOUN
fsr-3307	282	17	review	review	VERB
fsr-3307	282	18	26	26	NUM
fsr-3307	282	19	(	(	PUNCT
fsr-3307	282	20	2017	2017	NUM
fsr-3307	282	21	)	)	PUNCT
fsr-3307	282	22	181–203	181–203	NUM
fsr-3307	282	23	t	t	PROPN
fsr-3307	282	24	ab	ab	PROPN
fsr-3307	282	25	le	le	PROPN
fsr-3307	282	26	7	7	NUM
fsr-3307	282	27	su	su	PROPN
fsr-3307	282	28	m	m	PROPN
fsr-3307	282	29	m	m	PROPN
fsr-3307	282	30	ar	ar	PROPN
fsr-3307	282	31	y	y	PROPN
fsr-3307	282	32	st	st	PROPN
fsr-3307	283	1	at	at	ADP
fsr-3307	283	2	is	be	AUX
fsr-3307	283	3	tic	tic	ADJ
fsr-3307	283	4	s	s	NOUN
fsr-3307	283	5	of	of	ADP
fsr-3307	283	6	an	an	DET
fsr-3307	283	7	nu	nu	PROPN
fsr-3307	283	8	al	al	PROPN
fsr-3307	283	9	re	re	PROPN
fsr-3307	283	10	tu	tu	PROPN
fsr-3307	283	11	rn	rn	PROPN
fsr-3307	283	12	s	s	PROPN
fsr-3307	283	13	on	on	ADP
fsr-3307	283	14	di	di	X
fsr-3307	283	15	ff	ff	INTJ
fsr-3307	283	16	er	er	INTJ
fsr-3307	283	17	en	en	ADP
fsr-3307	283	18	t	t	PROPN
fsr-3307	283	19	as	as	ADP
fsr-3307	283	20	se	se	PROPN
fsr-3307	283	21	ts	ts	X
fsr-3307	283	22	(	(	PUNCT
fsr-3307	283	23	3	3	NUM
fsr-3307	283	24	6	6	NUM
fsr-3307	283	25	ye	ye	PROPN
fsr-3307	283	26	ar	ar	PROPN
fsr-3307	283	27	s	s	PART
fsr-3307	284	1	fr	fr	INTJ
fsr-3307	284	2	om	om	PROPN
fsr-3307	284	3	19	19	NUM
fsr-3307	284	4	80	80	NUM
fsr-3307	284	5	to	to	PART
fsr-3307	284	6	20	20	NUM
fsr-3307	284	7	15	15	NUM
fsr-3307	284	8	)	)	PUNCT
fsr-3307	284	9	c	c	NOUN
fsr-3307	284	10	r	r	NOUN
fsr-3307	284	11	sp	sp	ADP
fsr-3307	284	12	v	v	PROPN
fsr-3307	284	13	w	w	PROPN
fsr-3307	284	14	m	m	PROPN
fsr-3307	284	15	sc	sc	PROPN
fsr-3307	284	16	ie	ie	ADP
fsr-3307	284	17	a	a	DET
fsr-3307	284	18	fe	fe	X
fsr-3307	284	19	t	t	X
fsr-3307	284	20	hr	hr	NOUN
fsr-3307	284	21	ee	ee	INTJ
fsr-3307	284	22	-y	-y	PROPN
fsr-3307	284	23	ea	ea	PROPN
fsr-3307	284	24	r	r	NOUN
fsr-3307	284	25	la	la	NOUN
fsr-3307	284	26	dd	dd	NOUN
fsr-3307	284	27	er	er	INTJ
fsr-3307	284	28	t	t	X
fsr-3307	284	29	hr	hr	NOUN
fsr-3307	284	30	ee	ee	INTJ
fsr-3307	284	31	-y	-y	PROPN
fsr-3307	284	32	ea	ea	PROPN
fsr-3307	284	33	r	r	NOUN
fsr-3307	284	34	m	m	PROPN
fsr-3307	284	35	t	t	NOUN
fsr-3307	284	36	m	m	NOUN
fsr-3307	284	37	la	la	ADV
fsr-3307	284	38	dd	dd	ADJ
fsr-3307	284	39	er	er	INTJ
fsr-3307	284	40	fi	fi	NOUN
fsr-3307	284	41	ve	ve	NOUN
fsr-3307	284	42	-y	-y	NUM
fsr-3307	284	43	ea	ea	NOUN
fsr-3307	284	44	r	r	NOUN
fsr-3307	284	45	la	la	VERB
fsr-3307	284	46	dd	dd	NOUN
fsr-3307	284	47	er	er	INTJ
fsr-3307	284	48	fi	fi	NOUN
fsr-3307	284	49	ve	ve	NOUN
fsr-3307	284	50	-y	-y	NUM
fsr-3307	284	51	ea	ea	NOUN
fsr-3307	284	52	r	r	NOUN
fsr-3307	284	53	m	m	PROPN
fsr-3307	284	54	t	t	NOUN
fsr-3307	284	55	m	m	NOUN
fsr-3307	284	56	la	la	NOUN
fsr-3307	284	57	dd	dd	PROPN
fsr-3307	284	58	er	er	INTJ
fsr-3307	284	59	se	se	X
fsr-3307	284	60	ve	ve	PROPN
fsr-3307	284	61	nye	nye	PROPN
fsr-3307	284	62	ar	ar	PROPN
fsr-3307	284	63	la	la	PROPN
fsr-3307	284	64	dd	dd	PROPN
fsr-3307	284	65	er	er	INTJ
fsr-3307	284	66	se	se	X
fsr-3307	284	67	ve	ve	PROPN
fsr-3307	284	68	nye	nye	PROPN
fsr-3307	284	69	ar	ar	PROPN
fsr-3307	284	70	m	m	PROPN
fsr-3307	284	71	t	t	PROPN
fsr-3307	284	72	m	m	NOUN
fsr-3307	284	73	la	la	NOUN
fsr-3307	284	74	dd	dd	PROPN
fsr-3307	284	75	er	er	INTJ
fsr-3307	284	76	b	b	X
fsr-3307	284	77	ar	ar	NOUN
fsr-3307	284	78	cl	cl	NOUN
fsr-3307	284	79	ay	ay	NOUN
fsr-3307	285	1	s	s	VERB
fsr-3307	285	2	bo	bo	PROPN
fsr-3307	285	3	nd	nd	INTJ
fsr-3307	285	4	in	in	ADP
fsr-3307	285	5	de	de	X
fsr-3307	285	6	x	x	X
fsr-3307	285	7	m	m	PROPN
fsr-3307	285	8	ea	ea	NOUN
fsr-3307	285	9	n	n	PROPN
fsr-3307	285	10	0	0	NUM
fsr-3307	285	11	.	.	PROPN
fsr-3307	286	1	12	12	NUM
fsr-3307	286	2	52	52	NUM
fsr-3307	286	3	0	0	NUM
fsr-3307	286	4	.	.	PUNCT
fsr-3307	286	5	11	11	NUM
fsr-3307	286	6	06	06	NUM
fsr-3307	286	7	0	0	NUM
fsr-3307	286	8	.	.	PUNCT
fsr-3307	287	1	05	05	NUM
fsr-3307	288	1	83	83	NUM
fsr-3307	288	2	0	0	NUM
fsr-3307	288	3	.	.	PUNCT
fsr-3307	289	1	05	05	NUM
fsr-3307	289	2	95	95	NUM
fsr-3307	289	3	0	0	NUM
fsr-3307	289	4	.	.	PUNCT
fsr-3307	290	1	06	06	NUM
fsr-3307	291	1	31	31	NUM
fsr-3307	291	2	0	0	NUM
fsr-3307	291	3	.	.	PUNCT
fsr-3307	291	4	06	06	NUM
fsr-3307	292	1	58	58	NUM
fsr-3307	292	2	0	0	NUM
fsr-3307	292	3	.	.	PUNCT
fsr-3307	292	4	06	06	NUM
fsr-3307	293	1	72	72	NUM
fsr-3307	293	2	0	0	NUM
fsr-3307	293	3	.	.	PUNCT
fsr-3307	294	1	07	07	NUM
fsr-3307	294	2	16	16	NUM
fsr-3307	294	3	0	0	NUM
fsr-3307	294	4	.	.	PUNCT
fsr-3307	294	5	08	08	NUM
fsr-3307	294	6	14	14	NUM
fsr-3307	294	7	st	st	PROPN
fsr-3307	294	8	an	an	DET
fsr-3307	294	9	da	da	PROPN
fsr-3307	294	10	rd	rd	PROPN
fsr-3307	294	11	de	de	PROPN
fsr-3307	294	12	vi	vi	PROPN
fsr-3307	294	13	at	at	ADP
fsr-3307	294	14	io	io	PROPN
fsr-3307	294	15	n	n	PROPN
fsr-3307	294	16	0	0	NUM
fsr-3307	294	17	.	.	PROPN
fsr-3307	295	1	17	17	NUM
fsr-3307	295	2	15	15	NUM
fsr-3307	295	3	0	0	NUM
fsr-3307	295	4	.	.	PUNCT
fsr-3307	296	1	22	22	NUM
fsr-3307	296	2	19	19	NUM
fsr-3307	296	3	0	0	NUM
fsr-3307	296	4	.	.	PUNCT
fsr-3307	296	5	03	03	NUM
fsr-3307	297	1	47	47	NUM
fsr-3307	297	2	0	0	NUM
fsr-3307	297	3	.	.	PUNCT
fsr-3307	297	4	04	04	NUM
fsr-3307	298	1	39	39	NUM
fsr-3307	298	2	0	0	NUM
fsr-3307	298	3	.	.	PUNCT
fsr-3307	299	1	03	03	NUM
fsr-3307	300	1	07	07	NUM
fsr-3307	300	2	0	0	NUM
fsr-3307	300	3	.	.	PUNCT
fsr-3307	301	1	05	05	NUM
fsr-3307	302	1	07	07	NUM
fsr-3307	302	2	0	0	NUM
fsr-3307	302	3	.	.	PUNCT
fsr-3307	303	1	02	02	NUM
fsr-3307	303	2	78	78	NUM
fsr-3307	303	3	0	0	NUM
fsr-3307	303	4	.	.	PUNCT
fsr-3307	304	1	05	05	NUM
fsr-3307	305	1	96	96	NUM
fsr-3307	305	2	0	0	NUM
fsr-3307	305	3	.	.	NUM
fsr-3307	306	1	06	06	NUM
fsr-3307	306	2	94	94	NUM
fsr-3307	306	3	sh	sh	PROPN
fsr-3307	306	4	ar	ar	PROPN
fsr-3307	306	5	pe	pe	PROPN
fsr-3307	306	6	ra	ra	PROPN
fsr-3307	306	7	tio	tio	VERB
fsr-3307	306	8	a	a	DET
fsr-3307	306	9	0	0	NUM
fsr-3307	306	10	.	.	NOUN
fsr-3307	306	11	46	46	NUM
fsr-3307	306	12	45	45	NUM
fsr-3307	306	13	0	0	NUM
fsr-3307	306	14	.	.	PUNCT
fsr-3307	306	15	29	29	NUM
fsr-3307	306	16	29	29	NUM
fsr-3307	306	17	0	0	NUM
fsr-3307	306	18	.	.	PUNCT
fsr-3307	307	1	36	36	NUM
fsr-3307	307	2	60	60	NUM
fsr-3307	307	3	0	0	NUM
fsr-3307	307	4	.	.	PUNCT
fsr-3307	307	5	31	31	NUM
fsr-3307	307	6	66	66	NUM
fsr-3307	307	7	0	0	NUM
fsr-3307	307	8	.	.	PUNCT
fsr-3307	308	1	57	57	NUM
fsr-3307	308	2	04	04	NUM
fsr-3307	308	3	0	0	NUM
fsr-3307	308	4	.	.	PUNCT
fsr-3307	308	5	39	39	NUM
fsr-3307	308	6	84	84	NUM
fsr-3307	308	7	0	0	NUM
fsr-3307	308	8	.	.	PUNCT
fsr-3307	309	1	77	77	NUM
fsr-3307	309	2	70	70	NUM
fsr-3307	309	3	0	0	NUM
fsr-3307	309	4	.	.	PUNCT
fsr-3307	310	1	43	43	NUM
fsr-3307	310	2	62	62	NUM
fsr-3307	310	3	0	0	NUM
fsr-3307	310	4	.	.	PUNCT
fsr-3307	311	1	51	51	NUM
fsr-3307	311	2	63	63	NUM
fsr-3307	311	3	c	c	NOUN
fsr-3307	311	4	or	or	CCONJ
fsr-3307	311	5	re	re	ADJ
fsr-3307	311	6	la	la	X
fsr-3307	311	7	tio	tio	NOUN
fsr-3307	311	8	n	n	NOUN
fsr-3307	311	9	c	c	NOUN
fsr-3307	311	10	r	r	NOUN
fsr-3307	311	11	sp	sp	ADP
fsr-3307	311	12	v	v	NOUN
fsr-3307	311	13	w	w	PROPN
fsr-3307	311	14	1	1	NUM
fsr-3307	311	15	.	.	PUNCT
fsr-3307	311	16	00	00	NUM
fsr-3307	311	17	0	0	NUM
fsr-3307	311	18	0	0	NUM
fsr-3307	311	19	.	.	PUNCT
fsr-3307	312	1	68	68	NUM
fsr-3307	312	2	3	3	NUM
fsr-3307	312	3	0	0	NUM
fsr-3307	312	4	.	.	NOUN
fsr-3307	312	5	11	11	NUM
fsr-3307	312	6	8	8	NUM
fsr-3307	312	7	0	0	NUM
fsr-3307	312	8	.	.	PUNCT
fsr-3307	312	9	08	08	NUM
fsr-3307	312	10	2	2	NUM
fsr-3307	312	11	0	0	NUM
fsr-3307	312	12	.	.	NOUN
fsr-3307	312	13	15	15	NUM
fsr-3307	312	14	5	5	NUM
fsr-3307	312	15	0	0	NUM
fsr-3307	312	16	.	.	PUNCT
fsr-3307	313	1	02	02	NUM
fsr-3307	313	2	9	9	NUM
fsr-3307	313	3	0	0	NUM
fsr-3307	313	4	.	.	NOUN
fsr-3307	313	5	15	15	NUM
fsr-3307	313	6	8	8	NUM
fsr-3307	313	7	0	0	NUM
fsr-3307	313	8	.	.	PUNCT
fsr-3307	314	1	02	02	NUM
fsr-3307	314	2	9	9	NUM
fsr-3307	314	3	0	0	NUM
fsr-3307	314	4	.	.	PUNCT
fsr-3307	315	1	16	16	NUM
fsr-3307	315	2	9	9	NUM
fsr-3307	315	3	m	m	PROPN
fsr-3307	315	4	sc	sc	PROPN
fsr-3307	315	5	ie	ie	ADP
fsr-3307	315	6	a	a	DET
fsr-3307	315	7	fe	fe	NOUN
fsr-3307	315	8	1	1	NUM
fsr-3307	315	9	.	.	PUNCT
fsr-3307	315	10	00	00	NUM
fsr-3307	315	11	0	0	NUM
fsr-3307	315	12	0	0	NUM
fsr-3307	315	13	.	.	NUM
fsr-3307	315	14	17	17	NUM
fsr-3307	315	15	7	7	NUM
fsr-3307	315	16	0	0	NUM
fsr-3307	315	17	.	.	PUNCT
fsr-3307	315	18	02	02	NUM
fsr-3307	315	19	6	6	NUM
fsr-3307	315	20	0	0	NUM
fsr-3307	315	21	.	.	NOUN
fsr-3307	315	22	29	29	NUM
fsr-3307	315	23	2	2	NUM
fsr-3307	315	24	-0	-0	SYM
fsr-3307	315	25	.0	.0	NUM
fsr-3307	315	26	21	21	NUM
fsr-3307	315	27	0	0	NUM
fsr-3307	315	28	.	.	NOUN
fsr-3307	315	29	30	30	NUM
fsr-3307	315	30	6	6	NUM
fsr-3307	315	31	-0	-0	SYM
fsr-3307	315	32	.0	.0	NUM
fsr-3307	315	33	18	18	NUM
fsr-3307	315	34	0	0	NUM
fsr-3307	315	35	.	.	NOUN
fsr-3307	315	36	04	04	NUM
fsr-3307	316	1	8	8	NUM
fsr-3307	316	2	t	t	PROPN
fsr-3307	316	3	hr	hr	NOUN
fsr-3307	316	4	ee	ee	INTJ
fsr-3307	316	5	-y	-y	PROPN
fsr-3307	316	6	ea	ea	PROPN
fsr-3307	316	7	r	r	NOUN
fsr-3307	316	8	la	la	NOUN
fsr-3307	316	9	dd	dd	NOUN
fsr-3307	316	10	er	er	INTJ
fsr-3307	316	11	1	1	NUM
fsr-3307	316	12	.	.	PUNCT
fsr-3307	316	13	00	00	NUM
fsr-3307	316	14	0	0	NUM
fsr-3307	316	15	0	0	NUM
fsr-3307	316	16	.	.	NOUN
fsr-3307	316	17	88	88	NUM
fsr-3307	316	18	8	8	NUM
fsr-3307	316	19	0	0	NUM
fsr-3307	316	20	.	.	PUNCT
fsr-3307	316	21	96	96	NUM
fsr-3307	316	22	8	8	NUM
fsr-3307	316	23	0	0	NUM
fsr-3307	316	24	.	.	PUNCT
fsr-3307	316	25	78	78	NUM
fsr-3307	316	26	1	1	NUM
fsr-3307	316	27	0	0	NUM
fsr-3307	316	28	.	.	PUNCT
fsr-3307	317	1	92	92	NUM
fsr-3307	317	2	8	8	NUM
fsr-3307	317	3	0	0	NUM
fsr-3307	317	4	.	.	PUNCT
fsr-3307	318	1	68	68	NUM
fsr-3307	318	2	5	5	NUM
fsr-3307	318	3	0	0	NUM
fsr-3307	318	4	.	.	PUNCT
fsr-3307	319	1	59	59	NUM
fsr-3307	319	2	0	0	NUM
fsr-3307	319	3	t	t	PROPN
fsr-3307	319	4	hr	hr	NOUN
fsr-3307	319	5	ee	ee	INTJ
fsr-3307	319	6	-y	-y	PROPN
fsr-3307	319	7	ea	ea	PROPN
fsr-3307	319	8	r	r	NOUN
fsr-3307	319	9	m	m	PROPN
fsr-3307	319	10	t	t	NOUN
fsr-3307	319	11	m	m	NOUN
fsr-3307	319	12	la	la	NOUN
fsr-3307	319	13	dd	dd	NOUN
fsr-3307	319	14	er	er	INTJ
fsr-3307	319	15	1	1	NUM
fsr-3307	319	16	.	.	PUNCT
fsr-3307	319	17	00	00	NUM
fsr-3307	319	18	0	0	NUM
fsr-3307	319	19	0	0	NUM
fsr-3307	319	20	.	.	PUNCT
fsr-3307	320	1	81	81	NUM
fsr-3307	320	2	8	8	NUM
fsr-3307	320	3	0	0	NUM
fsr-3307	320	4	.	.	PUNCT
fsr-3307	321	1	96	96	NUM
fsr-3307	321	2	1	1	NUM
fsr-3307	321	3	0	0	NUM
fsr-3307	321	4	.	.	PUNCT
fsr-3307	322	1	77	77	NUM
fsr-3307	322	2	2	2	NUM
fsr-3307	322	3	0	0	NUM
fsr-3307	322	4	.	.	PUNCT
fsr-3307	323	1	90	90	NUM
fsr-3307	323	2	0	0	NUM
fsr-3307	323	3	0	0	NUM
fsr-3307	323	4	.	.	PUNCT
fsr-3307	323	5	78	78	NUM
fsr-3307	323	6	5	5	NUM
fsr-3307	323	7	fi	fi	NOUN
fsr-3307	323	8	ve	ve	NOUN
fsr-3307	323	9	-y	-y	NUM
fsr-3307	323	10	ea	ea	NOUN
fsr-3307	323	11	r	r	NOUN
fsr-3307	323	12	la	la	NOUN
fsr-3307	323	13	dd	dd	NOUN
fsr-3307	323	14	er	er	INTJ
fsr-3307	323	15	1	1	NUM
fsr-3307	323	16	.	.	PUNCT
fsr-3307	323	17	00	00	NUM
fsr-3307	323	18	0	0	NUM
fsr-3307	323	19	0	0	NUM
fsr-3307	323	20	.	.	X
fsr-3307	323	21	72	72	NUM
fsr-3307	323	22	2	2	NUM
fsr-3307	323	23	0	0	NUM
fsr-3307	323	24	.	.	PUNCT
fsr-3307	324	1	98	98	NUM
fsr-3307	324	2	3	3	NUM
fsr-3307	324	3	0	0	NUM
fsr-3307	324	4	.	.	PUNCT
fsr-3307	325	1	64	64	NUM
fsr-3307	325	2	8	8	NUM
fsr-3307	325	3	0	0	NUM
fsr-3307	325	4	.	.	PUNCT
fsr-3307	325	5	57	57	NUM
fsr-3307	325	6	5	5	NUM
fsr-3307	325	7	fi	fi	NOUN
fsr-3307	325	8	ve	ve	NOUN
fsr-3307	325	9	-y	-y	NUM
fsr-3307	325	10	ea	ea	NOUN
fsr-3307	325	11	r	r	NOUN
fsr-3307	325	12	m	m	PROPN
fsr-3307	325	13	t	t	NOUN
fsr-3307	325	14	m	m	NOUN
fsr-3307	325	15	la	la	NOUN
fsr-3307	325	16	dd	dd	NOUN
fsr-3307	326	1	er	er	INTJ
fsr-3307	326	2	1	1	NUM
fsr-3307	326	3	.	.	PUNCT
fsr-3307	326	4	00	00	NUM
fsr-3307	326	5	0	0	NUM
fsr-3307	326	6	0	0	NUM
fsr-3307	326	7	.	.	NOUN
fsr-3307	327	1	67	67	NUM
fsr-3307	327	2	5	5	NUM
fsr-3307	327	3	0	0	NUM
fsr-3307	327	4	.	.	PUNCT
fsr-3307	328	1	98	98	NUM
fsr-3307	328	2	2	2	NUM
fsr-3307	328	3	0	0	NUM
fsr-3307	328	4	.	.	NOUN
fsr-3307	328	5	89	89	NUM
fsr-3307	328	6	2	2	NUM
fsr-3307	328	7	se	se	X
fsr-3307	328	8	ve	ve	PROPN
fsr-3307	328	9	nye	nye	PROPN
fsr-3307	328	10	ar	ar	PROPN
fsr-3307	328	11	la	la	PROPN
fsr-3307	328	12	dd	dd	PROPN
fsr-3307	329	1	er	er	INTJ
fsr-3307	329	2	1	1	NUM
fsr-3307	329	3	.	.	PUNCT
fsr-3307	329	4	00	00	NUM
fsr-3307	329	5	0	0	NUM
fsr-3307	329	6	0	0	NUM
fsr-3307	329	7	.	.	NOUN
fsr-3307	330	1	60	60	NUM
fsr-3307	330	2	6	6	NUM
fsr-3307	330	3	0	0	NUM
fsr-3307	330	4	.	.	PUNCT
fsr-3307	331	1	53	53	NUM
fsr-3307	331	2	2	2	NUM
fsr-3307	331	3	se	se	X
fsr-3307	331	4	ve	ve	PROPN
fsr-3307	331	5	nye	nye	PROPN
fsr-3307	331	6	ar	ar	PROPN
fsr-3307	331	7	m	m	PROPN
fsr-3307	331	8	t	t	PROPN
fsr-3307	331	9	m	m	NOUN
fsr-3307	331	10	la	la	NOUN
fsr-3307	331	11	dd	dd	NOUN
fsr-3307	331	12	er	er	INTJ
fsr-3307	331	13	1	1	NUM
fsr-3307	331	14	.	.	PUNCT
fsr-3307	331	15	00	00	NUM
fsr-3307	331	16	0	0	NUM
fsr-3307	331	17	0	0	NUM
fsr-3307	331	18	.	.	PUNCT
fsr-3307	332	1	93	93	NUM
fsr-3307	332	2	7	7	NUM
fsr-3307	332	3	b	b	X
fsr-3307	332	4	ar	ar	NOUN
fsr-3307	332	5	cl	cl	NOUN
fsr-3307	332	6	ay	ay	NOUN
fsr-3307	332	7	s	s	VERB
fsr-3307	332	8	bo	bo	PROPN
fsr-3307	332	9	nd	nd	INTJ
fsr-3307	332	10	in	in	ADP
fsr-3307	332	11	de	de	X
fsr-3307	332	12	x	x	X
fsr-3307	332	13	1	1	NUM
fsr-3307	332	14	.	.	PUNCT
fsr-3307	332	15	00	00	NUM
fsr-3307	332	16	0	0	NUM
fsr-3307	333	1	n	n	PRON
fsr-3307	333	2	ot	ot	NOUN
fsr-3307	333	3	e	e	NOUN
fsr-3307	333	4	:	:	PUNCT
fsr-3307	333	5	a	a	DET
fsr-3307	333	6	sh	sh	PROPN
fsr-3307	333	7	ar	ar	PROPN
fsr-3307	333	8	pe	pe	PROPN
fsr-3307	333	9	ra	ra	PROPN
fsr-3307	333	10	tio	tio	NOUN
fsr-3307	334	1	ca	can	AUX
fsr-3307	334	2	lc	lc	PROPN
fsr-3307	334	3	ul	ul	INTJ
fsr-3307	334	4	at	at	ADP
fsr-3307	334	5	ed	ed	PROPN
fsr-3307	334	6	ba	ba	PROPN
fsr-3307	334	7	se	se	PROPN
fsr-3307	335	1	d	d	PROPN
fsr-3307	335	2	on	on	ADP
fsr-3307	335	3	a	a	DET
fsr-3307	335	4	ri	ri	NOUN
fsr-3307	335	5	sk	sk	NOUN
fsr-3307	335	6	-f	-f	PROPN
fsr-3307	335	7	re	re	X
fsr-3307	335	8	e	e	X
fsr-3307	335	9	ra	ra	PROPN
fsr-3307	335	10	te	te	INTJ
fsr-3307	335	11	of	of	ADP
fsr-3307	335	12	4	4	NUM
fsr-3307	335	13	.	.	PUNCT
fsr-3307	335	14	56	56	NUM
fsr-3307	335	15	%	%	NOUN
fsr-3307	335	16	,	,	PUNCT
fsr-3307	335	17	w	w	PROPN
fsr-3307	335	18	hi	hi	INTJ
fsr-3307	335	19	ch	ch	NOUN
fsr-3307	335	20	is	be	AUX
fsr-3307	335	21	th	th	X
fsr-3307	335	22	e	e	X
fsr-3307	335	23	av	av	PROPN
fsr-3307	335	24	er	er	INTJ
fsr-3307	335	25	ag	ag	PROPN
fsr-3307	335	26	e	e	PROPN
fsr-3307	335	27	yi	yi	PROPN
fsr-3307	335	28	el	el	PROPN
fsr-3307	335	29	d	d	PROPN
fsr-3307	335	30	of	of	ADP
fsr-3307	335	31	th	th	X
fsr-3307	335	32	e	e	X
fsr-3307	335	33	th	th	X
fsr-3307	335	34	re	re	VERB
fsr-3307	335	35	em	em	PRON
fsr-3307	335	36	on	on	ADP
fsr-3307	335	37	th	th	NUM
fsr-3307	335	38	t	t	PROPN
fsr-3307	335	39	-b	-b	PUNCT
fsr-3307	335	40	ill	ill	ADJ
fsr-3307	336	1	ov	ov	INTJ
fsr-3307	336	2	er	er	INTJ
fsr-3307	336	3	th	th	X
fsr-3307	336	4	e	e	X
fsr-3307	336	5	sa	sa	NOUN
fsr-3307	336	6	m	m	PROPN
fsr-3307	336	7	pl	pl	PROPN
fsr-3307	336	8	e	e	X
fsr-3307	336	9	pe	pe	NOUN
fsr-3307	336	10	ri	ri	PROPN
fsr-3307	336	11	od	od	PROPN
fsr-3307	336	12	.	.	PUNCT
fsr-3307	337	1	194	194	NUM
fsr-3307	337	2	c.s	c.s	PROPN
fsr-3307	337	3	.	.	PROPN
fsr-3307	337	4	cheung	cheung	PROPN
fsr-3307	337	5	,	,	PUNCT
fsr-3307	337	6	p.	p.	PROPN
fsr-3307	337	7	miu	miu	PROPN
fsr-3307	337	8	/	/	SYM
fsr-3307	337	9	financial	financial	ADJ
fsr-3307	337	10	services	service	NOUN
fsr-3307	337	11	review	review	VERB
fsr-3307	337	12	26	26	NUM
fsr-3307	337	13	(	(	PUNCT
fsr-3307	337	14	2017	2017	NUM
fsr-3307	337	15	)	)	PUNCT
fsr-3307	337	16	181–203	181–203	NUM
fsr-3307	337	17	without	without	ADP
fsr-3307	337	18	mtm	mtm	PROPN
fsr-3307	337	19	)	)	PUNCT
fsr-3307	337	20	and	and	CCONJ
fsr-3307	337	21	the	the	DET
fsr-3307	337	22	bond	bond	NOUN
fsr-3307	337	23	index	index	NOUN
fsr-3307	337	24	coexist	coexist	VERB
fsr-3307	337	25	in	in	ADP
fsr-3307	337	26	the	the	DET
fsr-3307	337	27	optimal	optimal	ADJ
fsr-3307	337	28	portfolio	portfolio	NOUN
fsr-3307	337	29	of	of	ADP
fsr-3307	337	30	a	a	DET
fsr-3307	337	31	risk	risk	NOUN
fsr-3307	337	32	averse	averse	ADJ
fsr-3307	337	33	or	or	CCONJ
fsr-3307	337	34	moderately	moderately	ADV
fsr-3307	337	35	risk	risk	VERB
fsr-3307	337	36	averse	averse	ADJ
fsr-3307	337	37	investor	investor	NOUN
fsr-3307	337	38	.	.	PUNCT
fsr-3307	338	1	secondly	secondly	ADV
fsr-3307	338	2	,	,	PUNCT
fsr-3307	338	3	comparing	compare	VERB
fsr-3307	338	4	tables	table	NOUN
fsr-3307	338	5	5	5	NUM
fsr-3307	338	6	and	and	CCONJ
fsr-3307	338	7	8	8	NUM
fsr-3307	338	8	,	,	PUNCT
fsr-3307	338	9	the	the	DET
fsr-3307	338	10	allocation	allocation	NOUN
fsr-3307	338	11	to	to	ADP
fsr-3307	338	12	the	the	DET
fsr-3307	338	13	bond	bond	NOUN
fsr-3307	338	14	index	index	NOUN
fsr-3307	338	15	increases	increase	VERB
fsr-3307	338	16	at	at	ADP
fsr-3307	338	17	the	the	DET
fsr-3307	338	18	expense	expense	NOUN
fsr-3307	338	19	of	of	ADP
fsr-3307	338	20	the	the	DET
fsr-3307	338	21	ladder	ladder	NOUN
fsr-3307	338	22	when	when	SCONJ
fsr-3307	338	23	the	the	DET
fsr-3307	338	24	mtm	mtm	PROPN
fsr-3307	338	25	is	be	AUX
fsr-3307	338	26	introduced	introduce	VERB
fsr-3307	338	27	in	in	ADP
fsr-3307	338	28	table	table	NOUN
fsr-3307	338	29	8	8	NUM
fsr-3307	338	30	.	.	PUNCT
fsr-3307	339	1	for	for	ADP
fsr-3307	339	2	example	example	NOUN
fsr-3307	339	3	,	,	PUNCT
fsr-3307	339	4	at	at	ADP
fsr-3307	339	5	the	the	DET
fsr-3307	339	6	risk	risk	NOUN
fsr-3307	339	7	-	-	PUNCT
fsr-3307	339	8	free	free	ADJ
fsr-3307	339	9	rate	rate	NOUN
fsr-3307	339	10	of	of	ADP
fsr-3307	339	11	two	two	NUM
fsr-3307	339	12	percent	percent	NOUN
fsr-3307	339	13	,	,	PUNCT
fsr-3307	339	14	the	the	DET
fsr-3307	339	15	optimal	optimal	ADJ
fsr-3307	339	16	allocation	allocation	NOUN
fsr-3307	339	17	to	to	ADP
fsr-3307	339	18	the	the	DET
fsr-3307	339	19	bond	bond	NOUN
fsr-3307	339	20	index	index	NOUN
fsr-3307	339	21	increases	increase	VERB
fsr-3307	339	22	from	from	ADP
fsr-3307	339	23	12.9	12.9	NUM
fsr-3307	339	24	%	%	NOUN
fsr-3307	339	25	to	to	ADP
fsr-3307	339	26	22.4	22.4	NUM
fsr-3307	339	27	%	%	NOUN
fsr-3307	339	28	when	when	SCONJ
fsr-3307	339	29	we	we	PRON
fsr-3307	339	30	incorporate	incorporate	VERB
fsr-3307	339	31	the	the	DET
fsr-3307	339	32	mtm	mtm	ADJ
fsr-3307	339	33	effect	effect	NOUN
fsr-3307	339	34	in	in	ADP
fsr-3307	339	35	the	the	DET
fsr-3307	339	36	returns	return	NOUN
fsr-3307	339	37	of	of	ADP
fsr-3307	339	38	the	the	DET
fsr-3307	339	39	three	three	NUM
fsr-3307	339	40	-	-	PUNCT
fsr-3307	339	41	year	year	NOUN
fsr-3307	339	42	ladder	ladder	NOUN
fsr-3307	339	43	.	.	PUNCT
fsr-3307	340	1	the	the	DET
fsr-3307	340	2	reasons	reason	NOUN
fsr-3307	340	3	are	be	AUX
fsr-3307	340	4	the	the	DET
fsr-3307	340	5	increase	increase	NOUN
fsr-3307	340	6	in	in	ADP
fsr-3307	340	7	the	the	DET
fsr-3307	340	8	correlation	correlation	NOUN
fsr-3307	340	9	between	between	ADP
fsr-3307	340	10	the	the	DET
fsr-3307	340	11	three	three	NUM
fsr-3307	340	12	-	-	PUNCT
fsr-3307	340	13	year	year	NOUN
fsr-3307	340	14	ladder	ladder	NOUN
fsr-3307	340	15	and	and	CCONJ
fsr-3307	340	16	the	the	DET
fsr-3307	340	17	bond	bond	NOUN
fsr-3307	340	18	index	index	NOUN
fsr-3307	340	19	caused	cause	VERB
fsr-3307	340	20	by	by	ADP
fsr-3307	340	21	the	the	DET
fsr-3307	340	22	mtm	mtm	PROPN
fsr-3307	340	23	from	from	ADP
fsr-3307	340	24	0.590	0.590	NUM
fsr-3307	340	25	to	to	ADP
fsr-3307	340	26	0.785	0.785	NUM
fsr-3307	340	27	and	and	CCONJ
fsr-3307	340	28	also	also	ADV
fsr-3307	340	29	the	the	DET
fsr-3307	340	30	increase	increase	NOUN
fsr-3307	340	31	in	in	ADP
fsr-3307	340	32	the	the	DET
fsr-3307	340	33	standard	standard	ADJ
fsr-3307	340	34	deviation	deviation	NOUN
fsr-3307	340	35	of	of	ADP
fsr-3307	340	36	the	the	DET
fsr-3307	340	37	three	three	NUM
fsr-3307	340	38	-	-	PUNCT
fsr-3307	340	39	year	year	NOUN
fsr-3307	340	40	ladder	ladder	NOUN
fsr-3307	340	41	from	from	ADP
fsr-3307	340	42	3.47	3.47	NUM
fsr-3307	340	43	%	%	NOUN
fsr-3307	340	44	to	to	PART
fsr-3307	340	45	4.39	4.39	NUM
fsr-3307	340	46	%	%	NOUN
fsr-3307	340	47	(	(	PUNCT
fsr-3307	340	48	see	see	VERB
fsr-3307	340	49	table	table	NOUN
fsr-3307	340	50	7	7	NUM
fsr-3307	340	51	)	)	PUNCT
fsr-3307	340	52	.	.	PUNCT
fsr-3307	341	1	these	these	DET
fsr-3307	341	2	increases	increase	NOUN
fsr-3307	341	3	in	in	ADP
fsr-3307	341	4	correlation	correlation	NOUN
fsr-3307	341	5	and	and	CCONJ
fsr-3307	341	6	risk	risk	NOUN
fsr-3307	341	7	dampen	dampen	VERB
fsr-3307	341	8	the	the	DET
fsr-3307	341	9	conservative	conservative	ADJ
fsr-3307	341	10	investor	investor	NOUN
fsr-3307	341	11	’s	’s	PART
fsr-3307	341	12	enthusiasm	enthusiasm	NOUN
fsr-3307	341	13	for	for	ADP
fsr-3307	341	14	the	the	DET
fsr-3307	341	15	three	three	NUM
fsr-3307	341	16	-	-	PUNCT
fsr-3307	341	17	year	year	NOUN
fsr-3307	341	18	ladder	ladder	NOUN
fsr-3307	341	19	in	in	ADP
fsr-3307	341	20	favor	favor	NOUN
fsr-3307	341	21	of	of	ADP
fsr-3307	341	22	the	the	DET
fsr-3307	341	23	bond	bond	NOUN
fsr-3307	341	24	index	index	NOUN
fsr-3307	341	25	.	.	PUNCT
fsr-3307	342	1	note	note	VERB
fsr-3307	342	2	that	that	SCONJ
fsr-3307	342	3	mtm	mtm	PROPN
fsr-3307	342	4	also	also	ADV
fsr-3307	342	5	reduces	reduce	VERB
fsr-3307	342	6	the	the	DET
fsr-3307	342	7	overall	overall	ADJ
fsr-3307	342	8	demand	demand	NOUN
fsr-3307	342	9	for	for	ADP
fsr-3307	342	10	fixed	fix	VERB
fsr-3307	342	11	income	income	NOUN
fsr-3307	342	12	assets	asset	NOUN
fsr-3307	342	13	.	.	PUNCT
fsr-3307	343	1	the	the	DET
fsr-3307	343	2	total	total	ADJ
fsr-3307	343	3	fixed	fix	VERB
fsr-3307	343	4	income	income	NOUN
fsr-3307	343	5	holding	holding	NOUN
fsr-3307	343	6	at	at	ADP
fsr-3307	343	7	the	the	DET
fsr-3307	343	8	zero	zero	NUM
fsr-3307	343	9	,	,	PUNCT
fsr-3307	343	10	one	one	NUM
fsr-3307	343	11	-	-	PUNCT
fsr-3307	343	12	percent	percent	NOUN
fsr-3307	343	13	,	,	PUNCT
fsr-3307	343	14	and	and	CCONJ
fsr-3307	343	15	two	two	NUM
fsr-3307	343	16	-	-	PUNCT
fsr-3307	343	17	percent	percent	NOUN
fsr-3307	343	18	risk	risk	NOUN
fsr-3307	343	19	-	-	PUNCT
fsr-3307	343	20	free	free	ADJ
fsr-3307	343	21	rates	rate	NOUN
fsr-3307	343	22	are	be	AUX
fsr-3307	343	23	94	94	NUM
fsr-3307	343	24	%	%	NOUN
fsr-3307	343	25	,	,	PUNCT
fsr-3307	343	26	93	93	NUM
fsr-3307	343	27	%	%	NOUN
fsr-3307	343	28	,	,	PUNCT
fsr-3307	343	29	and	and	CCONJ
fsr-3307	343	30	92	92	NUM
fsr-3307	343	31	%	%	NOUN
fsr-3307	343	32	of	of	ADP
fsr-3307	343	33	the	the	DET
fsr-3307	343	34	overall	overall	ADJ
fsr-3307	343	35	portfolio	portfolio	NOUN
fsr-3307	343	36	,	,	PUNCT
fsr-3307	343	37	respectively	respectively	ADV
fsr-3307	343	38	,	,	PUNCT
fsr-3307	343	39	without	without	ADP
fsr-3307	343	40	mtm	mtm	PROPN
fsr-3307	343	41	(	(	PUNCT
fsr-3307	343	42	table	table	NOUN
fsr-3307	343	43	5	5	NUM
fsr-3307	343	44	)	)	PUNCT
fsr-3307	343	45	.	.	PUNCT
fsr-3307	344	1	table	table	NOUN
fsr-3307	344	2	8	8	NUM
fsr-3307	344	3	shows	show	VERB
fsr-3307	344	4	the	the	DET
fsr-3307	344	5	total	total	ADJ
fsr-3307	344	6	fixed	fix	VERB
fsr-3307	344	7	income	income	NOUN
fsr-3307	344	8	holding	holding	NOUN
fsr-3307	344	9	now	now	ADV
fsr-3307	344	10	drops	drop	VERB
fsr-3307	344	11	to	to	ADP
fsr-3307	344	12	89	89	NUM
fsr-3307	344	13	%	%	NOUN
fsr-3307	344	14	,	,	PUNCT
fsr-3307	344	15	88	88	NUM
fsr-3307	344	16	%	%	NOUN
fsr-3307	344	17	,	,	PUNCT
fsr-3307	344	18	and	and	CCONJ
fsr-3307	344	19	86	86	NUM
fsr-3307	344	20	%	%	NOUN
fsr-3307	344	21	at	at	ADP
fsr-3307	344	22	the	the	DET
fsr-3307	344	23	same	same	ADJ
fsr-3307	344	24	respective	respective	ADJ
fsr-3307	344	25	risk	risk	NOUN
fsr-3307	344	26	-	-	PUNCT
fsr-3307	344	27	free	free	ADJ
fsr-3307	344	28	rates	rate	NOUN
fsr-3307	344	29	because	because	SCONJ
fsr-3307	344	30	of	of	ADP
fsr-3307	344	31	the	the	DET
fsr-3307	344	32	less	less	ADV
fsr-3307	344	33	attractive	attractive	ADJ
fsr-3307	344	34	risk	risk	NOUN
fsr-3307	344	35	profile	profile	NOUN
fsr-3307	344	36	of	of	ADP
fsr-3307	344	37	the	the	DET
fsr-3307	344	38	mtm	mtm	PROPN
fsr-3307	344	39	ladder	ladder	NOUN
fsr-3307	344	40	.	.	PUNCT
fsr-3307	345	1	in	in	ADP
fsr-3307	345	2	the	the	DET
fsr-3307	345	3	case	case	NOUN
fsr-3307	345	4	of	of	ADP
fsr-3307	345	5	the	the	DET
fsr-3307	345	6	five	five	NUM
fsr-3307	345	7	-	-	PUNCT
fsr-3307	345	8	year	year	NOUN
fsr-3307	345	9	ladder	ladder	NOUN
fsr-3307	345	10	results	result	NOUN
fsr-3307	345	11	reported	report	VERB
fsr-3307	345	12	in	in	ADP
fsr-3307	345	13	table	table	NOUN
fsr-3307	345	14	9	9	NUM
fsr-3307	345	15	,	,	PUNCT
fsr-3307	345	16	the	the	DET
fsr-3307	345	17	optimal	optimal	ADJ
fsr-3307	345	18	portfolio	portfolio	NOUN
fsr-3307	345	19	based	base	VERB
fsr-3307	345	20	on	on	ADP
fsr-3307	345	21	the	the	DET
fsr-3307	345	22	ex	ex	ADJ
fsr-3307	345	23	post	post	NOUN
fsr-3307	345	24	risk	risk	NOUN
fsr-3307	345	25	-	-	PUNCT
fsr-3307	345	26	free	free	ADJ
fsr-3307	345	27	rate	rate	NOUN
fsr-3307	345	28	contains	contain	VERB
fsr-3307	345	29	no	no	DET
fsr-3307	345	30	five	five	NUM
fsr-3307	345	31	-	-	PUNCT
fsr-3307	345	32	year	year	NOUN
fsr-3307	345	33	mtm	mtm	PROPN
fsr-3307	345	34	ladder	ladder	NOUN
fsr-3307	345	35	,	,	PUNCT
fsr-3307	345	36	whereas	whereas	SCONJ
fsr-3307	345	37	the	the	DET
fsr-3307	345	38	five	five	NUM
fsr-3307	345	39	-	-	PUNCT
fsr-3307	345	40	year	year	NOUN
fsr-3307	345	41	ladder	ladder	NOUN
fsr-3307	345	42	without	without	ADP
fsr-3307	345	43	mtm	mtm	PROPN
fsr-3307	345	44	makes	make	VERB
fsr-3307	345	45	up	up	ADP
fsr-3307	345	46	about	about	ADV
fsr-3307	345	47	69	69	NUM
fsr-3307	345	48	%	%	NOUN
fsr-3307	345	49	of	of	ADP
fsr-3307	345	50	the	the	DET
fsr-3307	345	51	portfolio	portfolio	NOUN
fsr-3307	345	52	allocation	allocation	NOUN
fsr-3307	345	53	at	at	ADP
fsr-3307	345	54	the	the	DET
fsr-3307	345	55	same	same	ADJ
fsr-3307	345	56	risk	risk	NOUN
fsr-3307	345	57	-	-	PUNCT
fsr-3307	345	58	free	free	ADJ
fsr-3307	345	59	rate	rate	NOUN
fsr-3307	345	60	(	(	PUNCT
fsr-3307	345	61	see	see	VERB
fsr-3307	345	62	table	table	NOUN
fsr-3307	345	63	3	3	NUM
fsr-3307	345	64	)	)	PUNCT
fsr-3307	345	65	.	.	PUNCT
fsr-3307	346	1	note	note	VERB
fsr-3307	346	2	that	that	SCONJ
fsr-3307	346	3	the	the	DET
fsr-3307	346	4	absence	absence	NOUN
fsr-3307	346	5	of	of	ADP
fsr-3307	346	6	the	the	DET
fsr-3307	346	7	five	five	NUM
fsr-3307	346	8	-	-	PUNCT
fsr-3307	346	9	year	year	NOUN
fsr-3307	346	10	mtm	mtm	PROPN
fsr-3307	346	11	ladder	ladder	NOUN
fsr-3307	346	12	in	in	ADP
fsr-3307	346	13	the	the	DET
fsr-3307	346	14	portfolio	portfolio	NOUN
fsr-3307	346	15	at	at	ADP
fsr-3307	346	16	the	the	DET
fsr-3307	346	17	ex	ex	ADJ
fsr-3307	346	18	post	post	NOUN
fsr-3307	346	19	risk	risk	NOUN
fsr-3307	346	20	-	-	PUNCT
fsr-3307	346	21	free	free	ADJ
fsr-3307	346	22	rate	rate	NOUN
fsr-3307	346	23	is	be	AUX
fsr-3307	346	24	replaced	replace	VERB
fsr-3307	346	25	by	by	ADP
fsr-3307	346	26	about	about	ADV
fsr-3307	346	27	74	74	NUM
fsr-3307	346	28	%	%	NOUN
fsr-3307	346	29	of	of	ADP
fsr-3307	346	30	the	the	DET
fsr-3307	346	31	portfolio	portfolio	NOUN
fsr-3307	346	32	in	in	ADP
fsr-3307	346	33	the	the	DET
fsr-3307	346	34	bond	bond	NOUN
fsr-3307	346	35	index	index	NOUN
fsr-3307	346	36	(	(	PUNCT
fsr-3307	346	37	see	see	VERB
fsr-3307	346	38	last	last	ADJ
fsr-3307	346	39	row	row	NOUN
fsr-3307	346	40	in	in	ADP
fsr-3307	346	41	table	table	NOUN
fsr-3307	346	42	9	9	NUM
fsr-3307	346	43	)	)	PUNCT
fsr-3307	346	44	.	.	PUNCT
fsr-3307	347	1	the	the	DET
fsr-3307	347	2	five	five	NUM
fsr-3307	347	3	-	-	PUNCT
fsr-3307	347	4	year	year	NOUN
fsr-3307	347	5	mtm	mtm	PROPN
fsr-3307	347	6	ladder	ladder	NOUN
fsr-3307	347	7	is	be	AUX
fsr-3307	347	8	clearly	clearly	ADV
fsr-3307	347	9	an	an	DET
fsr-3307	347	10	inferior	inferior	ADJ
fsr-3307	347	11	fixed	fix	VERB
fsr-3307	347	12	-	-	PUNCT
fsr-3307	347	13	income	income	NOUN
fsr-3307	347	14	product	product	NOUN
fsr-3307	347	15	comparing	compare	VERB
fsr-3307	347	16	to	to	ADP
fsr-3307	347	17	the	the	DET
fsr-3307	347	18	bond	bond	NOUN
fsr-3307	347	19	index	index	NOUN
fsr-3307	347	20	.	.	PUNCT
fsr-3307	348	1	the	the	DET
fsr-3307	348	2	reason	reason	NOUN
fsr-3307	348	3	for	for	ADP
fsr-3307	348	4	this	this	DET
fsr-3307	348	5	outcome	outcome	NOUN
fsr-3307	348	6	is	be	AUX
fsr-3307	348	7	not	not	PART
fsr-3307	348	8	difficult	difficult	ADJ
fsr-3307	348	9	to	to	PART
fsr-3307	348	10	understand	understand	VERB
fsr-3307	348	11	.	.	PUNCT
fsr-3307	349	1	the	the	DET
fsr-3307	349	2	five	five	NUM
fsr-3307	349	3	-	-	PUNCT
fsr-3307	349	4	year	year	NOUN
fsr-3307	349	5	mtm	mtm	PROPN
fsr-3307	349	6	ladder	ladder	NOUN
fsr-3307	349	7	and	and	CCONJ
fsr-3307	349	8	the	the	DET
fsr-3307	349	9	bond	bond	NOUN
fsr-3307	349	10	index	index	NOUN
fsr-3307	349	11	has	have	VERB
fsr-3307	349	12	a	a	DET
fsr-3307	349	13	high	high	ADJ
fsr-3307	349	14	correlation	correlation	NOUN
fsr-3307	349	15	at	at	ADP
fsr-3307	349	16	0.892	0.892	NUM
fsr-3307	349	17	(	(	PUNCT
fsr-3307	349	18	see	see	VERB
fsr-3307	349	19	last	last	ADJ
fsr-3307	349	20	column	column	NOUN
fsr-3307	349	21	of	of	ADP
fsr-3307	349	22	table	table	NOUN
fsr-3307	349	23	7	7	NUM
fsr-3307	349	24	)	)	PUNCT
fsr-3307	349	25	.	.	PUNCT
fsr-3307	350	1	in	in	ADP
fsr-3307	350	2	effect	effect	NOUN
fsr-3307	350	3	,	,	PUNCT
fsr-3307	350	4	the	the	DET
fsr-3307	350	5	five	five	NUM
fsr-3307	350	6	-	-	PUNCT
fsr-3307	350	7	year	year	NOUN
fsr-3307	350	8	mtm	mtm	PROPN
fsr-3307	350	9	ladder	ladder	NOUN
fsr-3307	350	10	and	and	CCONJ
fsr-3307	350	11	the	the	DET
fsr-3307	350	12	bond	bond	NOUN
fsr-3307	350	13	index	index	NOUN
fsr-3307	350	14	are	be	AUX
fsr-3307	350	15	close	close	ADJ
fsr-3307	350	16	substitutes	substitute	NOUN
fsr-3307	350	17	of	of	ADP
fsr-3307	350	18	each	each	DET
fsr-3307	350	19	other	other	ADJ
fsr-3307	350	20	.	.	PUNCT
fsr-3307	351	1	yet	yet	CCONJ
fsr-3307	351	2	the	the	DET
fsr-3307	351	3	bond	bond	NOUN
fsr-3307	351	4	index	index	NOUN
fsr-3307	351	5	has	have	VERB
fsr-3307	351	6	a	a	DET
fsr-3307	351	7	higher	high	ADJ
fsr-3307	351	8	sharpe	sharpe	NOUN
fsr-3307	351	9	ratio	ratio	NOUN
fsr-3307	351	10	(	(	PUNCT
fsr-3307	351	11	0.516	0.516	NUM
fsr-3307	351	12	vs.	vs.	ADP
fsr-3307	351	13	0.398	0.398	NUM
fsr-3307	351	14	)	)	PUNCT
fsr-3307	351	15	.	.	PUNCT
fsr-3307	352	1	hence	hence	ADV
fsr-3307	352	2	it	it	PRON
fsr-3307	352	3	is	be	AUX
fsr-3307	352	4	no	no	DET
fsr-3307	352	5	surprise	surprise	NOUN
fsr-3307	352	6	that	that	SCONJ
fsr-3307	352	7	the	the	DET
fsr-3307	352	8	five	five	NUM
fsr-3307	352	9	-	-	PUNCT
fsr-3307	352	10	year	year	NOUN
fsr-3307	352	11	mtm	mtm	PROPN
fsr-3307	352	12	ladder	ladder	NOUN
fsr-3307	352	13	fails	fail	VERB
fsr-3307	352	14	to	to	PART
fsr-3307	352	15	make	make	VERB
fsr-3307	352	16	the	the	DET
fsr-3307	352	17	cut	cut	NOUN
fsr-3307	352	18	when	when	SCONJ
fsr-3307	352	19	comparing	compare	VERB
fsr-3307	352	20	to	to	ADP
fsr-3307	352	21	the	the	DET
fsr-3307	352	22	bond	bond	NOUN
fsr-3307	352	23	index	index	NOUN
fsr-3307	352	24	.	.	PUNCT
fsr-3307	353	1	nevertheless	nevertheless	ADV
fsr-3307	353	2	,	,	PUNCT
fsr-3307	353	3	table	table	NOUN
fsr-3307	353	4	8	8	NUM
fsr-3307	353	5	diversification	diversification	NOUN
fsr-3307	353	6	benefits	benefit	NOUN
fsr-3307	353	7	of	of	ADP
fsr-3307	353	8	three	three	NUM
fsr-3307	353	9	-	-	PUNCT
fsr-3307	353	10	year	year	NOUN
fsr-3307	353	11	mtm	mtm	PROPN
fsr-3307	353	12	ladder	ladder	NOUN
fsr-3307	353	13	:	:	PUNCT
fsr-3307	353	14	portfolio	portfolio	NOUN
fsr-3307	353	15	weights	weight	NOUN
fsr-3307	353	16	and	and	CCONJ
fsr-3307	353	17	sharpe	sharpe	NOUN
fsr-3307	353	18	ratios	ratio	NOUN
fsr-3307	353	19	of	of	ADP
fsr-3307	353	20	tangency	tangency	NOUN
fsr-3307	353	21	portfolios	portfolio	NOUN
fsr-3307	353	22	with	with	ADP
fsr-3307	353	23	and	and	CCONJ
fsr-3307	353	24	without	without	ADP
fsr-3307	353	25	ladder	ladder	NOUN
fsr-3307	353	26	are	be	AUX
fsr-3307	353	27	reported	report	VERB
fsr-3307	353	28	at	at	ADP
fsr-3307	353	29	different	different	ADJ
fsr-3307	353	30	levels	level	NOUN
fsr-3307	353	31	of	of	ADP
fsr-3307	353	32	annual	annual	ADJ
fsr-3307	353	33	risk	risk	NOUN
fsr-3307	353	34	-	-	PUNCT
fsr-3307	353	35	free	free	ADJ
fsr-3307	353	36	interest	interest	NOUN
fsr-3307	353	37	rates	rate	NOUN
fsr-3307	353	38	risk	risk	NOUN
fsr-3307	353	39	-	-	PUNCT
fsr-3307	353	40	free	free	ADJ
fsr-3307	353	41	rate	rate	NOUN
fsr-3307	353	42	portfolios	portfolio	NOUN
fsr-3307	353	43	with	with	ADP
fsr-3307	353	44	3	3	NUM
fsr-3307	353	45	-	-	PUNCT
fsr-3307	353	46	year	year	NOUN
fsr-3307	353	47	mtm	mtm	PROPN
fsr-3307	353	48	ladder	ladder	NOUN
fsr-3307	353	49	portfolios	portfolio	NOUN
fsr-3307	353	50	without	without	ADP
fsr-3307	353	51	3	3	NUM
fsr-3307	353	52	-	-	PUNCT
fsr-3307	353	53	year	year	NOUN
fsr-3307	353	54	mtm	mtm	PROPN
fsr-3307	353	55	ladder	ladder	NOUN
fsr-3307	353	56	gj	gj	NOUN
fsr-3307	353	57	p	p	NOUN
fsr-3307	353	58	-	-	PUNCT
fsr-3307	353	59	value	value	NOUN
fsr-3307	353	60	portfolio	portfolio	NOUN
fsr-3307	353	61	weights	weight	VERB
fsr-3307	353	62	sharpe	sharpe	PROPN
fsr-3307	353	63	ratio	ratio	PROPN
fsr-3307	353	64	portfolio	portfolio	PROPN
fsr-3307	353	65	weights	weight	VERB
fsr-3307	353	66	sharpe	sharpe	PROPN
fsr-3307	353	67	ratio	ratio	PROPN
fsr-3307	353	68	crsp	crsp	PROPN
fsr-3307	353	69	vw	vw	PROPN
fsr-3307	353	70	msci	msci	PROPN
fsr-3307	353	71	-	-	PUNCT
fsr-3307	353	72	eafe	eafe	PROPN
fsr-3307	353	73	barclays	barclays	PROPN
fsr-3307	353	74	bond	bond	NOUN
fsr-3307	353	75	index	index	NOUN
fsr-3307	353	76	three	three	NUM
fsr-3307	353	77	-	-	PUNCT
fsr-3307	353	78	year	year	NOUN
fsr-3307	353	79	mtm	mtm	PROPN
fsr-3307	353	80	ladder	ladder	NOUN
fsr-3307	353	81	crsp	crsp	PROPN
fsr-3307	353	82	vw	vw	PROPN
fsr-3307	353	83	msci	msci	PROPN
fsr-3307	353	84	-	-	PUNCT
fsr-3307	353	85	eafe	eafe	PROPN
fsr-3307	353	86	barclays	barclays	PROPN
fsr-3307	353	87	bond	bond	NOUN
fsr-3307	353	88	index	index	NOUN
fsr-3307	353	89	0.0000	0.0000	NUM
fsr-3307	354	1	0.0978	0.0978	NUM
fsr-3307	354	2	0.0114	0.0114	NUM
fsr-3307	354	3	0.0560	0.0560	NUM
fsr-3307	354	4	0.8347	0.8347	NUM
fsr-3307	354	5	1.494	1.494	NUM
fsr-3307	354	6	0.1397	0.1397	NUM
fsr-3307	354	7	0.0323	0.0323	NUM
fsr-3307	354	8	0.8281	0.8281	NUM
fsr-3307	354	9	1.295	1.295	NUM
fsr-3307	354	10	0.009	0.009	NUM
fsr-3307	354	11	0.0100	0.0100	NUM
fsr-3307	354	12	0.1098	0.1098	NUM
fsr-3307	354	13	0.0115	0.0115	NUM
fsr-3307	354	14	0.1223	0.1223	NUM
fsr-3307	354	15	0.7564	0.7564	NUM
fsr-3307	354	16	1.277	1.277	NUM
fsr-3307	354	17	0.1527	0.1527	NUM
fsr-3307	354	18	0.0292	0.0292	NUM
fsr-3307	354	19	0.8181	0.8181	NUM
fsr-3307	354	20	1.149	1.149	NUM
fsr-3307	354	21	0.022	0.022	NUM
fsr-3307	354	22	0.0200	0.0200	NUM
fsr-3307	354	23	0.1282	0.1282	NUM
fsr-3307	354	24	0.0116	0.0116	NUM
fsr-3307	354	25	0.2243	0.2243	NUM
fsr-3307	354	26	0.6359	0.6359	NUM
fsr-3307	354	27	1.070	1.070	NUM
fsr-3307	354	28	0.1699	0.1699	NUM
fsr-3307	354	29	0.0252	0.0252	NUM
fsr-3307	354	30	0.8050	0.8050	NUM
fsr-3307	354	31	1.004	1.004	NUM
fsr-3307	354	32	0.067	0.067	NUM
fsr-3307	354	33	0.0300	0.0300	NUM
fsr-3307	354	34	0.1602	0.1602	NUM
fsr-3307	354	35	0.0118	0.0118	NUM
fsr-3307	354	36	0.4015	0.4015	NUM
fsr-3307	354	37	0.4266	0.4266	NUM
fsr-3307	354	38	0.880	0.880	NUM
fsr-3307	354	39	0.1932	0.1932	NUM
fsr-3307	354	40	0.0197	0.0197	NUM
fsr-3307	354	41	0.7871	0.7871	NUM
fsr-3307	354	42	0.861	0.861	NUM
fsr-3307	354	43	0.203	0.203	NUM
fsr-3307	354	44	0.0400	0.0400	NUM
fsr-3307	354	45	0.2270	0.2270	NUM
fsr-3307	354	46	0.0117	0.0117	NUM
fsr-3307	354	47	0.7613	0.7613	NUM
fsr-3307	354	48	0.0000	0.0000	NUM
fsr-3307	354	49	0.720	0.720	NUM
fsr-3307	354	50	0.2270	0.2270	NUM
fsr-3307	354	51	0.0117	0.0117	NUM
fsr-3307	354	52	0.7613	0.7613	NUM
fsr-3307	354	53	0.720	0.720	NUM
fsr-3307	354	54	—	—	PUNCT
fsr-3307	354	55	0.0500	0.0500	NUM
fsr-3307	354	56	0.2792	0.2792	NUM
fsr-3307	354	57	0.0002	0.0002	NUM
fsr-3307	354	58	0.7207	0.7207	NUM
fsr-3307	354	59	0.0000	0.0000	NUM
fsr-3307	354	60	0.583	0.583	NUM
fsr-3307	354	61	0.2792	0.2792	NUM
fsr-3307	354	62	0.0002	0.0002	NUM
fsr-3307	354	63	0.7207	0.7207	NUM
fsr-3307	354	64	0.583	0.583	NUM
fsr-3307	354	65	—	—	PUNCT
fsr-3307	354	66	0.0600	0.0600	NUM
fsr-3307	354	67	0.3523	0.3523	NUM
fsr-3307	354	68	0.0000	0.0000	NUM
fsr-3307	354	69	0.6477	0.6477	NUM
fsr-3307	354	70	0.0000	0.0000	NUM
fsr-3307	354	71	0.454	0.454	NUM
fsr-3307	354	72	0.3523	0.3523	NUM
fsr-3307	354	73	0.0000	0.0000	NUM
fsr-3307	354	74	0.6477	0.6477	NUM
fsr-3307	354	75	0.454	0.454	NUM
fsr-3307	354	76	—	—	PUNCT
fsr-3307	354	77	0.0700	0.0700	NUM
fsr-3307	354	78	0.5193	0.5193	NUM
fsr-3307	354	79	0.0000	0.0000	NUM
fsr-3307	354	80	0.4807	0.4807	NUM
fsr-3307	354	81	0.0000	0.0000	NUM
fsr-3307	354	82	0.341	0.341	NUM
fsr-3307	354	83	0.5193	0.5193	NUM
fsr-3307	354	84	0.0000	0.0000	NUM
fsr-3307	354	85	0.4807	0.4807	NUM
fsr-3307	354	86	0.341	0.341	NUM
fsr-3307	354	87	—	—	PUNCT
fsr-3307	354	88	0.0456a	0.0456a	PROPN
fsr-3307	354	89	0.2533	0.2533	NUM
fsr-3307	355	1	0.0055	0.0055	NUM
fsr-3307	355	2	0.7412	0.7412	NUM
fsr-3307	355	3	0.0000	0.0000	NUM
fsr-3307	355	4	0.643	0.643	NUM
fsr-3307	355	5	0.2533	0.2533	NUM
fsr-3307	355	6	0.0055	0.0055	NUM
fsr-3307	355	7	0.7412	0.7412	NUM
fsr-3307	355	8	0.643	0.643	NUM
fsr-3307	355	9	—	—	PUNCT
fsr-3307	355	10	note	note	NOUN
fsr-3307	355	11	:	:	PUNCT
fsr-3307	355	12	optimal	optimal	ADJ
fsr-3307	355	13	portfolios	portfolio	NOUN
fsr-3307	355	14	are	be	AUX
fsr-3307	355	15	obtained	obtain	VERB
fsr-3307	355	16	with	with	ADP
fsr-3307	355	17	short	short	ADJ
fsr-3307	355	18	-	-	PUNCT
fsr-3307	355	19	sale	sale	NOUN
fsr-3307	355	20	disallowed	disallow	VERB
fsr-3307	355	21	and	and	CCONJ
fsr-3307	355	22	based	base	VERB
fsr-3307	355	23	on	on	ADP
fsr-3307	355	24	risk	risk	NOUN
fsr-3307	355	25	-	-	PUNCT
fsr-3307	355	26	return	return	NOUN
fsr-3307	355	27	parameters	parameter	NOUN
fsr-3307	355	28	estimated	estimate	VERB
fsr-3307	355	29	over	over	ADP
fsr-3307	355	30	the	the	DET
fsr-3307	355	31	sample	sample	NOUN
fsr-3307	355	32	period	period	NOUN
fsr-3307	355	33	of	of	ADP
fsr-3307	355	34	1980–2015	1980–2015	NUM
fsr-3307	355	35	.	.	PUNCT
fsr-3307	356	1	the	the	DET
fsr-3307	356	2	p	p	NOUN
fsr-3307	356	3	-	-	PUNCT
fsr-3307	356	4	values	value	NOUN
fsr-3307	356	5	of	of	ADP
fsr-3307	356	6	glen	glen	PROPN
fsr-3307	356	7	and	and	CCONJ
fsr-3307	356	8	jorion	jorion	NOUN
fsr-3307	356	9	(	(	PUNCT
fsr-3307	356	10	gj	gj	NOUN
fsr-3307	356	11	)	)	PUNCT
fsr-3307	356	12	tests	test	NOUN
fsr-3307	356	13	on	on	ADP
fsr-3307	356	14	equal	equal	ADJ
fsr-3307	356	15	sharpe	sharpe	NOUN
fsr-3307	356	16	ratios	ratio	NOUN
fsr-3307	356	17	are	be	AUX
fsr-3307	356	18	reported	report	VERB
fsr-3307	356	19	in	in	ADP
fsr-3307	356	20	the	the	DET
fsr-3307	356	21	last	last	ADJ
fsr-3307	356	22	column	column	NOUN
fsr-3307	356	23	of	of	ADP
fsr-3307	356	24	the	the	DET
fsr-3307	356	25	table	table	NOUN
fsr-3307	356	26	.	.	PUNCT
fsr-3307	357	1	athe	athe	PROPN
fsr-3307	357	2	portfolio	portfolio	PROPN
fsr-3307	357	3	results	result	NOUN
fsr-3307	357	4	presented	present	VERB
fsr-3307	357	5	in	in	ADP
fsr-3307	357	6	the	the	DET
fsr-3307	357	7	last	last	ADJ
fsr-3307	357	8	row	row	NOUN
fsr-3307	357	9	are	be	AUX
fsr-3307	357	10	obtained	obtain	VERB
fsr-3307	357	11	by	by	ADP
fsr-3307	357	12	assuming	assume	VERB
fsr-3307	357	13	a	a	DET
fsr-3307	357	14	risk	risk	NOUN
fsr-3307	357	15	-	-	PUNCT
fsr-3307	357	16	free	free	ADJ
fsr-3307	357	17	rate	rate	NOUN
fsr-3307	357	18	equals	equal	VERB
fsr-3307	357	19	to	to	ADP
fsr-3307	357	20	the	the	DET
fsr-3307	357	21	average	average	ADJ
fsr-3307	357	22	three	three	NUM
fsr-3307	357	23	-	-	PUNCT
fsr-3307	357	24	month	month	NOUN
fsr-3307	357	25	t	t	PROPN
fsr-3307	357	26	-	-	PUNCT
fsr-3307	357	27	bill	bill	NOUN
fsr-3307	357	28	yield	yield	NOUN
fsr-3307	357	29	of	of	ADP
fsr-3307	357	30	4.56	4.56	NUM
fsr-3307	357	31	%	%	NOUN
fsr-3307	357	32	over	over	ADP
fsr-3307	357	33	the	the	DET
fsr-3307	357	34	sample	sample	NOUN
fsr-3307	357	35	period	period	NOUN
fsr-3307	357	36	of	of	ADP
fsr-3307	357	37	1980–2015	1980–2015	NUM
fsr-3307	357	38	.	.	PUNCT
fsr-3307	358	1	195c.s	195c.s	X
fsr-3307	358	2	.	.	PUNCT
fsr-3307	359	1	cheung	cheung	PROPN
fsr-3307	359	2	,	,	PUNCT
fsr-3307	359	3	p.	p.	PROPN
fsr-3307	359	4	miu	miu	PROPN
fsr-3307	359	5	/	/	SYM
fsr-3307	359	6	financial	financial	ADJ
fsr-3307	359	7	services	service	NOUN
fsr-3307	359	8	review	review	VERB
fsr-3307	359	9	26	26	NUM
fsr-3307	359	10	(	(	PUNCT
fsr-3307	359	11	2017	2017	NUM
fsr-3307	359	12	)	)	PUNCT
fsr-3307	359	13	181–203	181–203	NUM
fsr-3307	359	14	the	the	DET
fsr-3307	359	15	five	five	NUM
fsr-3307	359	16	-	-	PUNCT
fsr-3307	359	17	year	year	NOUN
fsr-3307	359	18	mtm	mtm	PROPN
fsr-3307	359	19	ladder	ladder	NOUN
fsr-3307	359	20	completely	completely	ADV
fsr-3307	359	21	replaces	replace	VERB
fsr-3307	359	22	the	the	DET
fsr-3307	359	23	bond	bond	NOUN
fsr-3307	359	24	index	index	NOUN
fsr-3307	359	25	at	at	ADP
fsr-3307	359	26	risk	risk	NOUN
fsr-3307	359	27	-	-	PUNCT
fsr-3307	359	28	free	free	ADJ
fsr-3307	359	29	rates	rate	NOUN
fsr-3307	359	30	up	up	ADP
fsr-3307	359	31	to	to	PART
fsr-3307	359	32	two	two	NUM
fsr-3307	359	33	percent	percent	NOUN
fsr-3307	359	34	.	.	PUNCT
fsr-3307	360	1	thus	thus	ADV
fsr-3307	360	2	,	,	PUNCT
fsr-3307	360	3	the	the	DET
fsr-3307	360	4	five	five	NUM
fsr-3307	360	5	-	-	PUNCT
fsr-3307	360	6	year	year	NOUN
fsr-3307	360	7	mtm	mtm	PROPN
fsr-3307	360	8	ladder	ladder	NOUN
fsr-3307	360	9	is	be	AUX
fsr-3307	360	10	still	still	ADV
fsr-3307	360	11	very	very	ADV
fsr-3307	360	12	attractive	attractive	ADJ
fsr-3307	360	13	to	to	ADP
fsr-3307	360	14	investors	investor	NOUN
fsr-3307	360	15	with	with	ADP
fsr-3307	360	16	high	high	ADJ
fsr-3307	360	17	risk	risk	NOUN
fsr-3307	360	18	aversion	aversion	NOUN
fsr-3307	360	19	.	.	PUNCT
fsr-3307	361	1	as	as	ADP
fsr-3307	361	2	in	in	ADP
fsr-3307	361	3	the	the	DET
fsr-3307	361	4	case	case	NOUN
fsr-3307	361	5	of	of	ADP
fsr-3307	361	6	the	the	DET
fsr-3307	361	7	three	three	NUM
fsr-3307	361	8	-	-	PUNCT
fsr-3307	361	9	year	year	NOUN
fsr-3307	361	10	ladder	ladder	NOUN
fsr-3307	361	11	,	,	PUNCT
fsr-3307	361	12	the	the	DET
fsr-3307	361	13	mtm	mtm	PROPN
fsr-3307	361	14	reduces	reduce	VERB
fsr-3307	361	15	the	the	DET
fsr-3307	361	16	percentage	percentage	NOUN
fsr-3307	361	17	allocation	allocation	NOUN
fsr-3307	361	18	to	to	ADP
fsr-3307	361	19	the	the	DET
fsr-3307	361	20	total	total	ADJ
fsr-3307	361	21	fixed	fix	VERB
fsr-3307	361	22	income	income	NOUN
fsr-3307	361	23	holding	holding	NOUN
fsr-3307	361	24	and	and	CCONJ
fsr-3307	361	25	also	also	ADV
fsr-3307	361	26	tilts	tilt	VERB
fsr-3307	361	27	the	the	DET
fsr-3307	361	28	composition	composition	NOUN
fsr-3307	361	29	of	of	ADP
fsr-3307	361	30	the	the	DET
fsr-3307	361	31	fixed	fix	VERB
fsr-3307	361	32	income	income	NOUN
fsr-3307	361	33	asset	asset	NOUN
fsr-3307	361	34	away	away	ADV
fsr-3307	361	35	from	from	ADP
fsr-3307	361	36	the	the	DET
fsr-3307	361	37	less	less	ADV
fsr-3307	361	38	attractive	attractive	ADJ
fsr-3307	361	39	ladder	ladder	NOUN
fsr-3307	361	40	toward	toward	ADP
fsr-3307	361	41	bond	bond	NOUN
fsr-3307	361	42	index	index	NOUN
fsr-3307	361	43	for	for	ADP
fsr-3307	361	44	the	the	DET
fsr-3307	361	45	moderately	moderately	ADJ
fsr-3307	361	46	risk	risk	NOUN
fsr-3307	361	47	averse	averse	ADJ
fsr-3307	361	48	investors	investor	NOUN
fsr-3307	361	49	.	.	PUNCT
fsr-3307	362	1	in	in	ADP
fsr-3307	362	2	the	the	DET
fsr-3307	362	3	only	only	ADJ
fsr-3307	362	4	two	two	NUM
fsr-3307	362	5	cases	case	NOUN
fsr-3307	362	6	in	in	ADP
fsr-3307	362	7	table	table	NOUN
fsr-3307	362	8	9	9	NUM
fsr-3307	362	9	where	where	SCONJ
fsr-3307	362	10	the	the	DET
fsr-3307	362	11	two	two	NUM
fsr-3307	362	12	fixed	fix	VERB
fsr-3307	362	13	income	income	NOUN
fsr-3307	362	14	assets	asset	NOUN
fsr-3307	362	15	coexist	coexist	VERB
fsr-3307	362	16	at	at	ADP
fsr-3307	362	17	the	the	DET
fsr-3307	362	18	risk	risk	NOUN
fsr-3307	362	19	-	-	PUNCT
fsr-3307	362	20	free	free	ADJ
fsr-3307	362	21	rates	rate	NOUN
fsr-3307	362	22	of	of	ADP
fsr-3307	362	23	three	three	NUM
fsr-3307	362	24	percent	percent	NOUN
fsr-3307	362	25	and	and	CCONJ
fsr-3307	362	26	four	four	NUM
fsr-3307	362	27	percent	percent	NOUN
fsr-3307	362	28	,	,	PUNCT
fsr-3307	362	29	the	the	DET
fsr-3307	362	30	p	p	NOUN
fsr-3307	362	31	-	-	PUNCT
fsr-3307	362	32	values	value	NOUN
fsr-3307	362	33	indicate	indicate	VERB
fsr-3307	362	34	that	that	SCONJ
fsr-3307	362	35	the	the	DET
fsr-3307	362	36	coexistence	coexistence	NOUN
fsr-3307	362	37	of	of	ADP
fsr-3307	362	38	the	the	DET
fsr-3307	362	39	two	two	NUM
fsr-3307	362	40	fixed	fix	VERB
fsr-3307	362	41	income	income	NOUN
fsr-3307	362	42	components	component	NOUN
fsr-3307	362	43	adds	add	VERB
fsr-3307	362	44	no	no	DET
fsr-3307	362	45	statistically	statistically	ADV
fsr-3307	362	46	significant	significant	ADJ
fsr-3307	362	47	diversification	diversification	NOUN
fsr-3307	362	48	benefit	benefit	NOUN
fsr-3307	362	49	.	.	PUNCT
fsr-3307	363	1	the	the	DET
fsr-3307	363	2	results	result	NOUN
fsr-3307	363	3	in	in	ADP
fsr-3307	363	4	table	table	NOUN
fsr-3307	363	5	9	9	NUM
fsr-3307	363	6	favor	favor	NOUN
fsr-3307	363	7	the	the	DET
fsr-3307	363	8	five	five	NUM
fsr-3307	363	9	-	-	PUNCT
fsr-3307	363	10	year	year	NOUN
fsr-3307	363	11	mtm	mtm	PROPN
fsr-3307	363	12	ladder	ladder	NOUN
fsr-3307	363	13	for	for	ADP
fsr-3307	363	14	the	the	DET
fsr-3307	363	15	risk	risk	NOUN
fsr-3307	363	16	averse	averse	ADJ
fsr-3307	363	17	investors	investor	NOUN
fsr-3307	363	18	and	and	CCONJ
fsr-3307	363	19	the	the	DET
fsr-3307	363	20	bond	bond	NOUN
fsr-3307	363	21	index	index	NOUN
fsr-3307	363	22	otherwise.17	otherwise.17	NOUN
fsr-3307	363	23	the	the	DET
fsr-3307	363	24	results	result	NOUN
fsr-3307	363	25	in	in	ADP
fsr-3307	363	26	table	table	NOUN
fsr-3307	363	27	10	10	NUM
fsr-3307	363	28	provide	provide	VERB
fsr-3307	363	29	the	the	DET
fsr-3307	363	30	case	case	NOUN
fsr-3307	363	31	of	of	ADP
fsr-3307	363	32	the	the	DET
fsr-3307	363	33	seven	seven	NUM
fsr-3307	363	34	-	-	PUNCT
fsr-3307	363	35	year	year	NOUN
fsr-3307	363	36	mtm	mtm	PROPN
fsr-3307	363	37	ladder	ladder	NOUN
fsr-3307	363	38	in	in	ADP
fsr-3307	363	39	which	which	PRON
fsr-3307	363	40	the	the	DET
fsr-3307	363	41	effect	effect	NOUN
fsr-3307	363	42	of	of	ADP
fsr-3307	363	43	the	the	DET
fsr-3307	363	44	mtm	mtm	PROPN
fsr-3307	363	45	is	be	AUX
fsr-3307	363	46	strongly	strongly	ADV
fsr-3307	363	47	felt	feel	VERB
fsr-3307	363	48	.	.	PUNCT
fsr-3307	364	1	at	at	ADP
fsr-3307	364	2	first	first	ADJ
fsr-3307	364	3	brush	brush	NOUN
fsr-3307	364	4	,	,	PUNCT
fsr-3307	364	5	the	the	DET
fsr-3307	364	6	seven	seven	NUM
fsr-3307	364	7	-	-	PUNCT
fsr-3307	364	8	year	year	NOUN
fsr-3307	364	9	mtm	mtm	PROPN
fsr-3307	364	10	ladder	ladder	NOUN
fsr-3307	364	11	appears	appear	VERB
fsr-3307	364	12	to	to	PART
fsr-3307	364	13	be	be	AUX
fsr-3307	364	14	very	very	ADV
fsr-3307	364	15	dominant	dominant	ADJ
fsr-3307	364	16	as	as	SCONJ
fsr-3307	364	17	it	it	PRON
fsr-3307	364	18	completely	completely	ADV
fsr-3307	364	19	or	or	CCONJ
fsr-3307	364	20	almost	almost	ADV
fsr-3307	364	21	completely	completely	ADV
fsr-3307	364	22	displaces	displace	VERB
fsr-3307	364	23	the	the	DET
fsr-3307	364	24	bond	bond	NOUN
fsr-3307	364	25	index	index	NOUN
fsr-3307	364	26	at	at	ADP
fsr-3307	364	27	risk	risk	NOUN
fsr-3307	364	28	-	-	PUNCT
fsr-3307	364	29	free	free	ADJ
fsr-3307	364	30	rates	rate	NOUN
fsr-3307	364	31	up	up	ADP
fsr-3307	364	32	to	to	PART
fsr-3307	364	33	three	three	NUM
fsr-3307	364	34	percent	percent	NOUN
fsr-3307	364	35	.	.	PUNCT
fsr-3307	365	1	also	also	ADV
fsr-3307	365	2	recall	recall	VERB
fsr-3307	365	3	from	from	ADP
fsr-3307	365	4	the	the	DET
fsr-3307	365	5	summary	summary	NOUN
fsr-3307	365	6	statistics	statistic	NOUN
fsr-3307	365	7	reported	report	VERB
fsr-3307	365	8	in	in	ADP
fsr-3307	365	9	table	table	NOUN
fsr-3307	365	10	7	7	NUM
fsr-3307	365	11	that	that	SCONJ
fsr-3307	365	12	the	the	DET
fsr-3307	365	13	seven	seven	NUM
fsr-3307	365	14	-	-	PUNCT
fsr-3307	365	15	year	year	NOUN
fsr-3307	365	16	mtm	mtm	PROPN
fsr-3307	365	17	ladder	ladder	NOUN
fsr-3307	365	18	has	have	VERB
fsr-3307	365	19	the	the	DET
fsr-3307	365	20	best	good	ADJ
fsr-3307	365	21	sharpe	sharpe	NOUN
fsr-3307	365	22	ratio	ratio	NOUN
fsr-3307	365	23	among	among	ADP
fsr-3307	365	24	the	the	DET
fsr-3307	365	25	three	three	NUM
fsr-3307	365	26	mtm	mtm	ADJ
fsr-3307	365	27	ladder	ladder	NOUN
fsr-3307	365	28	strategies	strategy	NOUN
fsr-3307	365	29	.	.	PUNCT
fsr-3307	366	1	it	it	PRON
fsr-3307	366	2	therefore	therefore	ADV
fsr-3307	366	3	manages	manage	VERB
fsr-3307	366	4	to	to	PART
fsr-3307	366	5	make	make	VERB
fsr-3307	366	6	a	a	DET
fsr-3307	366	7	presence	presence	NOUN
fsr-3307	366	8	,	,	PUNCT
fsr-3307	366	9	albeit	albeit	SCONJ
fsr-3307	366	10	small	small	ADJ
fsr-3307	366	11	,	,	PUNCT
fsr-3307	366	12	in	in	ADP
fsr-3307	366	13	the	the	DET
fsr-3307	366	14	optimal	optimal	ADJ
fsr-3307	366	15	portfolio	portfolio	NOUN
fsr-3307	366	16	at	at	ADP
fsr-3307	366	17	the	the	DET
fsr-3307	366	18	ex	ex	ADJ
fsr-3307	366	19	post	post	NOUN
fsr-3307	366	20	risk	risk	NOUN
fsr-3307	366	21	-	-	PUNCT
fsr-3307	366	22	free	free	ADJ
fsr-3307	366	23	rate	rate	NOUN
fsr-3307	366	24	in	in	ADP
fsr-3307	366	25	table	table	NOUN
fsr-3307	366	26	10	10	NUM
fsr-3307	366	27	,	,	PUNCT
fsr-3307	366	28	as	as	SCONJ
fsr-3307	366	29	opposed	oppose	VERB
fsr-3307	366	30	to	to	ADP
fsr-3307	366	31	the	the	DET
fsr-3307	366	32	cases	case	NOUN
fsr-3307	366	33	for	for	ADP
fsr-3307	366	34	the	the	DET
fsr-3307	366	35	three	three	NUM
fsr-3307	366	36	-	-	PUNCT
fsr-3307	366	37	year	year	NOUN
fsr-3307	366	38	and	and	CCONJ
fsr-3307	366	39	five	five	NUM
fsr-3307	366	40	-	-	PUNCT
fsr-3307	366	41	year	year	NOUN
fsr-3307	366	42	mtm	mtm	PROPN
fsr-3307	366	43	ladders	ladder	NOUN
fsr-3307	366	44	that	that	PRON
fsr-3307	366	45	are	be	AUX
fsr-3307	366	46	completely	completely	ADV
fsr-3307	366	47	absence	absence	NOUN
fsr-3307	366	48	at	at	ADP
fsr-3307	366	49	the	the	DET
fsr-3307	366	50	same	same	ADJ
fsr-3307	366	51	ex	ex	ADJ
fsr-3307	366	52	post	post	NOUN
fsr-3307	366	53	rate	rate	NOUN
fsr-3307	366	54	.	.	PUNCT
fsr-3307	367	1	unfortunately	unfortunately	ADV
fsr-3307	367	2	,	,	PUNCT
fsr-3307	367	3	the	the	DET
fsr-3307	367	4	p	p	NOUN
fsr-3307	367	5	-	-	PUNCT
fsr-3307	367	6	values	value	NOUN
fsr-3307	367	7	indicate	indicate	VERB
fsr-3307	367	8	the	the	DET
fsr-3307	367	9	presence	presence	NOUN
fsr-3307	367	10	of	of	ADP
fsr-3307	367	11	the	the	DET
fsr-3307	367	12	seven	seven	NUM
fsr-3307	367	13	-	-	PUNCT
fsr-3307	367	14	year	year	NOUN
fsr-3307	367	15	mtm	mtm	PROPN
fsr-3307	367	16	ladder	ladder	NOUN
fsr-3307	367	17	adds	add	VERB
fsr-3307	367	18	no	no	DET
fsr-3307	367	19	statistically	statistically	ADV
fsr-3307	367	20	significant	significant	ADJ
fsr-3307	367	21	benefit	benefit	NOUN
fsr-3307	367	22	except	except	SCONJ
fsr-3307	367	23	at	at	ADP
fsr-3307	367	24	the	the	DET
fsr-3307	367	25	zero	zero	NUM
fsr-3307	367	26	risk	risk	NOUN
fsr-3307	367	27	-	-	PUNCT
fsr-3307	367	28	free	free	ADJ
fsr-3307	367	29	rate	rate	NOUN
fsr-3307	367	30	.	.	PUNCT
fsr-3307	368	1	its	its	PRON
fsr-3307	368	2	dominance	dominance	NOUN
fsr-3307	368	3	at	at	ADP
fsr-3307	368	4	one	one	NUM
fsr-3307	368	5	-	-	PUNCT
fsr-3307	368	6	percent	percent	NOUN
fsr-3307	368	7	risk	risk	NOUN
fsr-3307	368	8	-	-	PUNCT
fsr-3307	368	9	free	free	ADJ
fsr-3307	368	10	rate	rate	NOUN
fsr-3307	368	11	is	be	AUX
fsr-3307	368	12	weakly	weakly	ADV
fsr-3307	368	13	statistically	statistically	ADV
fsr-3307	368	14	significant	significant	ADJ
fsr-3307	368	15	at	at	ADP
fsr-3307	368	16	the	the	DET
fsr-3307	368	17	10	10	NUM
fsr-3307	368	18	%	%	NOUN
fsr-3307	368	19	level	level	NOUN
fsr-3307	368	20	.	.	PUNCT
fsr-3307	369	1	for	for	ADP
fsr-3307	369	2	most	most	ADJ
fsr-3307	369	3	part	part	NOUN
fsr-3307	369	4	,	,	PUNCT
fsr-3307	369	5	the	the	DET
fsr-3307	369	6	ladder	ladder	NOUN
fsr-3307	369	7	is	be	AUX
fsr-3307	369	8	not	not	PART
fsr-3307	369	9	a	a	DET
fsr-3307	369	10	potent	potent	ADJ
fsr-3307	369	11	instrument	instrument	NOUN
fsr-3307	369	12	except	except	SCONJ
fsr-3307	369	13	to	to	ADP
fsr-3307	369	14	the	the	DET
fsr-3307	369	15	most	most	ADJ
fsr-3307	369	16	risk	risk	NOUN
fsr-3307	369	17	averse	averse	ADJ
fsr-3307	369	18	investors	investor	NOUN
fsr-3307	369	19	.	.	PUNCT
fsr-3307	370	1	as	as	ADP
fsr-3307	370	2	in	in	ADP
fsr-3307	370	3	the	the	DET
fsr-3307	370	4	cases	case	NOUN
fsr-3307	370	5	of	of	ADP
fsr-3307	370	6	the	the	DET
fsr-3307	370	7	three	three	NUM
fsr-3307	370	8	-	-	PUNCT
fsr-3307	370	9	year	year	NOUN
fsr-3307	370	10	and	and	CCONJ
fsr-3307	370	11	five	five	NUM
fsr-3307	370	12	-	-	PUNCT
fsr-3307	370	13	year	year	NOUN
fsr-3307	370	14	ladder	ladder	NOUN
fsr-3307	370	15	,	,	PUNCT
fsr-3307	370	16	the	the	DET
fsr-3307	370	17	mtm	mtm	PROPN
fsr-3307	370	18	reduces	reduce	VERB
fsr-3307	370	19	the	the	DET
fsr-3307	370	20	percentage	percentage	NOUN
fsr-3307	370	21	allocation	allocation	NOUN
fsr-3307	370	22	to	to	ADP
fsr-3307	370	23	the	the	DET
fsr-3307	370	24	total	total	ADJ
fsr-3307	370	25	fixed	fix	VERB
fsr-3307	370	26	income	income	NOUN
fsr-3307	370	27	holding	holding	NOUN
fsr-3307	370	28	and	and	CCONJ
fsr-3307	370	29	also	also	ADV
fsr-3307	370	30	tilts	tilt	VERB
fsr-3307	370	31	the	the	DET
fsr-3307	370	32	composition	composition	NOUN
fsr-3307	370	33	of	of	ADP
fsr-3307	370	34	the	the	DET
fsr-3307	370	35	fixed	fix	VERB
fsr-3307	370	36	income	income	NOUN
fsr-3307	370	37	asset	asset	NOUN
fsr-3307	370	38	away	away	ADV
fsr-3307	370	39	from	from	ADP
fsr-3307	370	40	the	the	DET
fsr-3307	370	41	less	less	ADV
fsr-3307	370	42	attractive	attractive	ADJ
fsr-3307	370	43	ladder	ladder	NOUN
fsr-3307	370	44	toward	toward	ADP
fsr-3307	370	45	bond	bond	NOUN
fsr-3307	370	46	index	index	NOUN
fsr-3307	370	47	for	for	ADP
fsr-3307	370	48	the	the	DET
fsr-3307	370	49	moderately	moderately	ADJ
fsr-3307	370	50	risk	risk	NOUN
fsr-3307	370	51	averse	averse	ADJ
fsr-3307	370	52	investors	investor	NOUN
fsr-3307	370	53	.	.	PUNCT
fsr-3307	371	1	among	among	ADP
fsr-3307	371	2	the	the	DET
fsr-3307	371	3	cases	case	NOUN
fsr-3307	371	4	of	of	ADP
fsr-3307	371	5	risk	risk	NOUN
fsr-3307	371	6	-	-	PUNCT
fsr-3307	371	7	free	free	ADJ
fsr-3307	371	8	rates	rate	NOUN
fsr-3307	371	9	being	be	AUX
fsr-3307	371	10	considered	consider	VERB
fsr-3307	371	11	,	,	PUNCT
fsr-3307	371	12	the	the	DET
fsr-3307	371	13	two	two	NUM
fsr-3307	371	14	fixed	fix	VERB
fsr-3307	371	15	income	income	NOUN
fsr-3307	371	16	assets	asset	NOUN
fsr-3307	371	17	coexist	coexist	VERB
fsr-3307	371	18	only	only	ADV
fsr-3307	371	19	at	at	ADP
fsr-3307	371	20	risk	risk	NOUN
fsr-3307	371	21	-	-	PUNCT
fsr-3307	371	22	free	free	ADJ
fsr-3307	371	23	rates	rate	NOUN
fsr-3307	371	24	of	of	ADP
fsr-3307	371	25	three	three	NUM
fsr-3307	371	26	percent	percent	NOUN
fsr-3307	371	27	and	and	CCONJ
fsr-3307	371	28	table	table	NOUN
fsr-3307	371	29	9	9	NUM
fsr-3307	371	30	diversification	diversification	NOUN
fsr-3307	371	31	benefits	benefit	NOUN
fsr-3307	371	32	of	of	ADP
fsr-3307	371	33	five	five	NUM
fsr-3307	371	34	-	-	PUNCT
fsr-3307	371	35	year	year	NOUN
fsr-3307	371	36	mtm	mtm	PROPN
fsr-3307	371	37	ladder	ladder	NOUN
fsr-3307	371	38	:	:	PUNCT
fsr-3307	371	39	portfolio	portfolio	NOUN
fsr-3307	371	40	weights	weight	NOUN
fsr-3307	371	41	and	and	CCONJ
fsr-3307	371	42	sharpe	sharpe	NOUN
fsr-3307	371	43	ratios	ratio	NOUN
fsr-3307	371	44	of	of	ADP
fsr-3307	371	45	tangency	tangency	NOUN
fsr-3307	371	46	portfolios	portfolio	NOUN
fsr-3307	371	47	with	with	ADP
fsr-3307	371	48	and	and	CCONJ
fsr-3307	371	49	without	without	ADP
fsr-3307	371	50	ladder	ladder	NOUN
fsr-3307	371	51	are	be	AUX
fsr-3307	371	52	reported	report	VERB
fsr-3307	371	53	at	at	ADP
fsr-3307	371	54	different	different	ADJ
fsr-3307	371	55	levels	level	NOUN
fsr-3307	371	56	of	of	ADP
fsr-3307	371	57	annual	annual	ADJ
fsr-3307	371	58	risk	risk	NOUN
fsr-3307	371	59	-	-	PUNCT
fsr-3307	371	60	free	free	ADJ
fsr-3307	371	61	interest	interest	NOUN
fsr-3307	371	62	rates	rate	NOUN
fsr-3307	371	63	risk	risk	NOUN
fsr-3307	371	64	-	-	PUNCT
fsr-3307	371	65	free	free	ADJ
fsr-3307	371	66	rate	rate	NOUN
fsr-3307	371	67	portfolios	portfolio	NOUN
fsr-3307	371	68	with	with	ADP
fsr-3307	371	69	five	five	NUM
fsr-3307	371	70	-	-	PUNCT
fsr-3307	371	71	year	year	NOUN
fsr-3307	371	72	mtm	mtm	PROPN
fsr-3307	371	73	ladder	ladder	NOUN
fsr-3307	371	74	portfolios	portfolio	NOUN
fsr-3307	371	75	without	without	ADP
fsr-3307	371	76	five	five	NUM
fsr-3307	371	77	-	-	PUNCT
fsr-3307	371	78	year	year	NOUN
fsr-3307	371	79	mtm	mtm	PROPN
fsr-3307	371	80	ladder	ladder	NOUN
fsr-3307	371	81	gj	gj	NOUN
fsr-3307	371	82	p	p	NOUN
fsr-3307	371	83	-	-	PUNCT
fsr-3307	371	84	value	value	NOUN
fsr-3307	371	85	portfolio	portfolio	NOUN
fsr-3307	371	86	weights	weight	VERB
fsr-3307	371	87	sharpe	sharpe	PROPN
fsr-3307	371	88	ratio	ratio	PROPN
fsr-3307	371	89	portfolio	portfolio	PROPN
fsr-3307	371	90	weights	weight	VERB
fsr-3307	371	91	sharpe	sharpe	PROPN
fsr-3307	371	92	ratio	ratio	PROPN
fsr-3307	371	93	crsp	crsp	PROPN
fsr-3307	371	94	vw	vw	PROPN
fsr-3307	371	95	msci	msci	PROPN
fsr-3307	371	96	-	-	PUNCT
fsr-3307	371	97	eafe	eafe	PROPN
fsr-3307	371	98	barclays	barclays	PROPN
fsr-3307	371	99	bond	bond	NOUN
fsr-3307	371	100	index	index	NOUN
fsr-3307	371	101	five	five	NUM
fsr-3307	371	102	-	-	PUNCT
fsr-3307	371	103	year	year	NOUN
fsr-3307	371	104	mtm	mtm	PROPN
fsr-3307	371	105	ladder	ladder	NOUN
fsr-3307	371	106	crsp	crsp	PROPN
fsr-3307	371	107	vw	vw	PROPN
fsr-3307	371	108	msci	msci	PROPN
fsr-3307	371	109	-	-	PUNCT
fsr-3307	371	110	eafe	eafe	PROPN
fsr-3307	371	111	barclays	barclays	PROPN
fsr-3307	371	112	bond	bond	NOUN
fsr-3307	371	113	index	index	NOUN
fsr-3307	371	114	0.0000	0.0000	NUM
fsr-3307	371	115	0.1244	0.1244	NUM
fsr-3307	371	116	0.0149	0.0149	NUM
fsr-3307	371	117	0.0000	0.0000	NUM
fsr-3307	371	118	0.8607	0.8607	NUM
fsr-3307	371	119	1.473	1.473	NUM
fsr-3307	371	120	0.1397	0.1397	NUM
fsr-3307	371	121	0.0323	0.0323	NUM
fsr-3307	371	122	0.8281	0.8281	NUM
fsr-3307	371	123	1.295	1.295	NUM
fsr-3307	371	124	0.009	0.009	NUM
fsr-3307	371	125	0.0100	0.0100	NUM
fsr-3307	371	126	0.1369	0.1369	NUM
fsr-3307	371	127	0.0130	0.0130	NUM
fsr-3307	371	128	0.0000	0.0000	NUM
fsr-3307	371	129	0.8501	0.8501	NUM
fsr-3307	371	130	1.274	1.274	NUM
fsr-3307	371	131	0.1527	0.1527	NUM
fsr-3307	371	132	0.0292	0.0292	NUM
fsr-3307	371	133	0.8181	0.8181	NUM
fsr-3307	371	134	1.149	1.149	NUM
fsr-3307	371	135	0.021	0.021	NUM
fsr-3307	371	136	0.0200	0.0200	NUM
fsr-3307	371	137	0.1545	0.1545	NUM
fsr-3307	371	138	0.0102	0.0102	NUM
fsr-3307	371	139	0.0000	0.0000	NUM
fsr-3307	371	140	0.8353	0.8353	NUM
fsr-3307	371	141	1.078	1.078	NUM
fsr-3307	371	142	0.1699	0.1699	NUM
fsr-3307	371	143	0.0252	0.0252	NUM
fsr-3307	371	144	0.8050	0.8050	NUM
fsr-3307	371	145	1.004	1.004	NUM
fsr-3307	371	146	0.061	0.061	NUM
fsr-3307	371	147	0.0300	0.0300	NUM
fsr-3307	371	148	0.1765	0.1765	NUM
fsr-3307	371	149	0.0095	0.0095	NUM
fsr-3307	371	150	0.1739	0.1739	NUM
fsr-3307	371	151	0.6402	0.6402	NUM
fsr-3307	371	152	0.890	0.890	NUM
fsr-3307	371	153	0.1932	0.1932	NUM
fsr-3307	371	154	0.0197	0.0197	NUM
fsr-3307	371	155	0.7871	0.7871	NUM
fsr-3307	371	156	0.861	0.861	NUM
fsr-3307	371	157	0.151	0.151	NUM
fsr-3307	371	158	0.0400	0.0400	NUM
fsr-3307	371	159	0.2177	0.2177	NUM
fsr-3307	372	1	0.0086	0.0086	NUM
fsr-3307	372	2	0.5333	0.5333	NUM
fsr-3307	372	3	0.2404	0.2404	NUM
fsr-3307	372	4	0.722	0.722	NUM
fsr-3307	372	5	0.2270	0.2270	NUM
fsr-3307	372	6	0.0117	0.0117	NUM
fsr-3307	372	7	0.7613	0.7613	NUM
fsr-3307	372	8	0.720	0.720	NUM
fsr-3307	372	9	0.375	0.375	NUM
fsr-3307	372	10	0.0500	0.0500	NUM
fsr-3307	372	11	0.2792	0.2792	NUM
fsr-3307	372	12	0.0002	0.0002	NUM
fsr-3307	372	13	0.7207	0.7207	NUM
fsr-3307	372	14	0.0000	0.0000	NUM
fsr-3307	372	15	0.583	0.583	NUM
fsr-3307	372	16	0.2792	0.2792	NUM
fsr-3307	372	17	0.0002	0.0002	NUM
fsr-3307	372	18	0.7207	0.7207	NUM
fsr-3307	372	19	0.583	0.583	NUM
fsr-3307	372	20	—	—	PUNCT
fsr-3307	372	21	0.0600	0.0600	NUM
fsr-3307	372	22	0.3523	0.3523	NUM
fsr-3307	372	23	0.0000	0.0000	NUM
fsr-3307	372	24	0.6477	0.6477	NUM
fsr-3307	372	25	0.0000	0.0000	NUM
fsr-3307	372	26	0.454	0.454	NUM
fsr-3307	372	27	0.3523	0.3523	NUM
fsr-3307	372	28	0.0000	0.0000	NUM
fsr-3307	372	29	0.6477	0.6477	NUM
fsr-3307	372	30	0.454	0.454	NUM
fsr-3307	372	31	—	—	PUNCT
fsr-3307	373	1	0.0700	0.0700	NUM
fsr-3307	373	2	0.5193	0.5193	NUM
fsr-3307	373	3	0.0000	0.0000	NUM
fsr-3307	373	4	0.4807	0.4807	NUM
fsr-3307	373	5	0.0000	0.0000	NUM
fsr-3307	373	6	0.341	0.341	NUM
fsr-3307	373	7	0.5193	0.5193	NUM
fsr-3307	373	8	0.0000	0.0000	NUM
fsr-3307	373	9	0.4807	0.4807	NUM
fsr-3307	373	10	0.341	0.341	NUM
fsr-3307	373	11	—	—	PUNCT
fsr-3307	373	12	0.0456a	0.0456a	PROPN
fsr-3307	373	13	0.2533	0.2533	NUM
fsr-3307	374	1	0.0055	0.0055	NUM
fsr-3307	374	2	0.7412	0.7412	NUM
fsr-3307	374	3	0.0000	0.0000	NUM
fsr-3307	374	4	0.643	0.643	NUM
fsr-3307	374	5	0.2533	0.2533	NUM
fsr-3307	374	6	0.0055	0.0055	NUM
fsr-3307	374	7	0.7412	0.7412	NUM
fsr-3307	374	8	0.643	0.643	NUM
fsr-3307	374	9	—	—	PUNCT
fsr-3307	374	10	note	note	NOUN
fsr-3307	374	11	:	:	PUNCT
fsr-3307	374	12	optimal	optimal	ADJ
fsr-3307	374	13	portfolios	portfolio	NOUN
fsr-3307	374	14	are	be	AUX
fsr-3307	374	15	obtained	obtain	VERB
fsr-3307	374	16	with	with	ADP
fsr-3307	374	17	short	short	ADJ
fsr-3307	374	18	-	-	PUNCT
fsr-3307	374	19	sale	sale	NOUN
fsr-3307	374	20	disallowed	disallow	VERB
fsr-3307	374	21	and	and	CCONJ
fsr-3307	374	22	based	base	VERB
fsr-3307	374	23	on	on	ADP
fsr-3307	374	24	risk	risk	NOUN
fsr-3307	374	25	-	-	PUNCT
fsr-3307	374	26	return	return	NOUN
fsr-3307	374	27	parameters	parameter	NOUN
fsr-3307	374	28	estimated	estimate	VERB
fsr-3307	374	29	over	over	ADP
fsr-3307	374	30	the	the	DET
fsr-3307	374	31	sample	sample	NOUN
fsr-3307	374	32	period	period	NOUN
fsr-3307	374	33	of	of	ADP
fsr-3307	374	34	1980–2015	1980–2015	NUM
fsr-3307	374	35	.	.	PUNCT
fsr-3307	375	1	the	the	DET
fsr-3307	375	2	p	p	NOUN
fsr-3307	375	3	-	-	PUNCT
fsr-3307	375	4	values	value	NOUN
fsr-3307	375	5	of	of	ADP
fsr-3307	375	6	glen	glen	PROPN
fsr-3307	375	7	and	and	CCONJ
fsr-3307	375	8	jorion	jorion	NOUN
fsr-3307	375	9	(	(	PUNCT
fsr-3307	375	10	gj	gj	NOUN
fsr-3307	375	11	)	)	PUNCT
fsr-3307	375	12	tests	test	NOUN
fsr-3307	375	13	on	on	ADP
fsr-3307	375	14	equal	equal	ADJ
fsr-3307	375	15	sharpe	sharpe	NOUN
fsr-3307	375	16	ratios	ratio	NOUN
fsr-3307	375	17	are	be	AUX
fsr-3307	375	18	reported	report	VERB
fsr-3307	375	19	in	in	ADP
fsr-3307	375	20	the	the	DET
fsr-3307	375	21	last	last	ADJ
fsr-3307	375	22	column	column	NOUN
fsr-3307	375	23	of	of	ADP
fsr-3307	375	24	the	the	DET
fsr-3307	375	25	table	table	NOUN
fsr-3307	375	26	.	.	PUNCT
fsr-3307	376	1	athe	athe	PROPN
fsr-3307	376	2	portfolio	portfolio	PROPN
fsr-3307	376	3	results	result	NOUN
fsr-3307	376	4	presented	present	VERB
fsr-3307	376	5	in	in	ADP
fsr-3307	376	6	the	the	DET
fsr-3307	376	7	last	last	ADJ
fsr-3307	376	8	row	row	NOUN
fsr-3307	376	9	are	be	AUX
fsr-3307	376	10	obtained	obtain	VERB
fsr-3307	376	11	by	by	ADP
fsr-3307	376	12	assuming	assume	VERB
fsr-3307	376	13	a	a	DET
fsr-3307	376	14	risk	risk	NOUN
fsr-3307	376	15	-	-	PUNCT
fsr-3307	376	16	free	free	ADJ
fsr-3307	376	17	rate	rate	NOUN
fsr-3307	376	18	equals	equal	VERB
fsr-3307	376	19	to	to	ADP
fsr-3307	376	20	the	the	DET
fsr-3307	376	21	average	average	ADJ
fsr-3307	376	22	three	three	NUM
fsr-3307	376	23	-	-	PUNCT
fsr-3307	376	24	month	month	NOUN
fsr-3307	376	25	t	t	PROPN
fsr-3307	376	26	-	-	PUNCT
fsr-3307	376	27	bill	bill	NOUN
fsr-3307	376	28	yield	yield	NOUN
fsr-3307	376	29	of	of	ADP
fsr-3307	376	30	4.56	4.56	NUM
fsr-3307	376	31	%	%	NOUN
fsr-3307	376	32	over	over	ADP
fsr-3307	376	33	the	the	DET
fsr-3307	376	34	sample	sample	NOUN
fsr-3307	376	35	period	period	NOUN
fsr-3307	376	36	of	of	ADP
fsr-3307	376	37	1980–2015	1980–2015	NUM
fsr-3307	376	38	.	.	PUNCT
fsr-3307	377	1	196	196	NUM
fsr-3307	377	2	c.s	c.s	PROPN
fsr-3307	377	3	.	.	PROPN
fsr-3307	377	4	cheung	cheung	PROPN
fsr-3307	377	5	,	,	PUNCT
fsr-3307	377	6	p.	p.	PROPN
fsr-3307	377	7	miu	miu	PROPN
fsr-3307	377	8	/	/	SYM
fsr-3307	377	9	financial	financial	ADJ
fsr-3307	377	10	services	service	NOUN
fsr-3307	377	11	review	review	VERB
fsr-3307	377	12	26	26	NUM
fsr-3307	377	13	(	(	PUNCT
fsr-3307	377	14	2017	2017	NUM
fsr-3307	377	15	)	)	PUNCT
fsr-3307	377	16	181–203	181–203	NUM
fsr-3307	377	17	four	four	NUM
fsr-3307	377	18	percent	percent	NOUN
fsr-3307	377	19	.	.	PUNCT
fsr-3307	378	1	however	however	ADV
fsr-3307	378	2	,	,	PUNCT
fsr-3307	378	3	the	the	DET
fsr-3307	378	4	p	p	NOUN
fsr-3307	378	5	-	-	PUNCT
fsr-3307	378	6	values	value	NOUN
fsr-3307	378	7	indicate	indicate	VERB
fsr-3307	378	8	that	that	SCONJ
fsr-3307	378	9	the	the	DET
fsr-3307	378	10	coexistence	coexistence	NOUN
fsr-3307	378	11	of	of	ADP
fsr-3307	378	12	the	the	DET
fsr-3307	378	13	two	two	NUM
fsr-3307	378	14	fixed	fix	VERB
fsr-3307	378	15	income	income	NOUN
fsr-3307	378	16	components	component	NOUN
fsr-3307	378	17	adds	add	VERB
fsr-3307	378	18	no	no	DET
fsr-3307	378	19	statistically	statistically	ADV
fsr-3307	378	20	significant	significant	ADJ
fsr-3307	378	21	diversification	diversification	NOUN
fsr-3307	378	22	benefit	benefit	NOUN
fsr-3307	378	23	.	.	PUNCT
fsr-3307	379	1	the	the	DET
fsr-3307	379	2	results	result	NOUN
fsr-3307	379	3	in	in	ADP
fsr-3307	379	4	table	table	NOUN
fsr-3307	379	5	10	10	NUM
fsr-3307	379	6	also	also	ADV
fsr-3307	379	7	favor	favor	VERB
fsr-3307	379	8	the	the	DET
fsr-3307	379	9	seven	seven	NUM
fsr-3307	379	10	-	-	PUNCT
fsr-3307	379	11	year	year	NOUN
fsr-3307	379	12	mtm	mtm	PROPN
fsr-3307	379	13	ladder	ladder	NOUN
fsr-3307	379	14	for	for	ADP
fsr-3307	379	15	the	the	DET
fsr-3307	379	16	risk	risk	NOUN
fsr-3307	379	17	averse	averse	ADJ
fsr-3307	379	18	investors	investor	NOUN
fsr-3307	379	19	and	and	CCONJ
fsr-3307	379	20	the	the	DET
fsr-3307	379	21	bond	bond	NOUN
fsr-3307	379	22	index	index	NOUN
fsr-3307	379	23	otherwise	otherwise	ADV
fsr-3307	379	24	.	.	PUNCT
fsr-3307	380	1	what	what	PRON
fsr-3307	380	2	can	can	AUX
fsr-3307	380	3	we	we	PRON
fsr-3307	380	4	say	say	VERB
fsr-3307	380	5	about	about	ADP
fsr-3307	380	6	the	the	DET
fsr-3307	380	7	implication	implication	NOUN
fsr-3307	380	8	of	of	ADP
fsr-3307	380	9	the	the	DET
fsr-3307	380	10	mtm	mtm	ADJ
fsr-3307	380	11	effect	effect	NOUN
fsr-3307	380	12	across	across	ADP
fsr-3307	380	13	ladders	ladder	NOUN
fsr-3307	380	14	of	of	ADP
fsr-3307	380	15	different	different	ADJ
fsr-3307	380	16	terms	term	NOUN
fsr-3307	380	17	?	?	PUNCT
fsr-3307	381	1	first	first	ADV
fsr-3307	381	2	,	,	PUNCT
fsr-3307	381	3	note	note	VERB
fsr-3307	381	4	that	that	SCONJ
fsr-3307	381	5	none	none	NOUN
fsr-3307	381	6	of	of	ADP
fsr-3307	381	7	the	the	DET
fsr-3307	381	8	shorter	short	ADJ
fsr-3307	381	9	term	term	NOUN
fsr-3307	381	10	mtm	mtm	PROPN
fsr-3307	381	11	ladders	ladder	NOUN
fsr-3307	381	12	enters	enter	VERB
fsr-3307	381	13	the	the	DET
fsr-3307	381	14	optimal	optimal	ADJ
fsr-3307	381	15	portfolio	portfolio	NOUN
fsr-3307	381	16	at	at	ADP
fsr-3307	381	17	the	the	DET
fsr-3307	381	18	ex	ex	ADJ
fsr-3307	381	19	post	post	NOUN
fsr-3307	381	20	risk	risk	NOUN
fsr-3307	381	21	-	-	PUNCT
fsr-3307	381	22	free	free	ADJ
fsr-3307	381	23	rate	rate	NOUN
fsr-3307	381	24	.	.	PUNCT
fsr-3307	382	1	moreover	moreover	ADV
fsr-3307	382	2	,	,	PUNCT
fsr-3307	382	3	the	the	DET
fsr-3307	382	4	weights	weight	NOUN
fsr-3307	382	5	of	of	ADP
fsr-3307	382	6	mtm	mtm	PROPN
fsr-3307	382	7	ladders	ladder	NOUN
fsr-3307	382	8	drop	drop	VERB
fsr-3307	382	9	quite	quite	ADV
fsr-3307	382	10	dramatically	dramatically	ADV
fsr-3307	382	11	at	at	ADP
fsr-3307	382	12	higher	high	ADJ
fsr-3307	382	13	risk	risk	NOUN
fsr-3307	382	14	-	-	PUNCT
fsr-3307	382	15	free	free	ADJ
fsr-3307	382	16	rates	rate	NOUN
fsr-3307	382	17	including	include	VERB
fsr-3307	382	18	the	the	DET
fsr-3307	382	19	ex	ex	ADJ
fsr-3307	382	20	post	post	NOUN
fsr-3307	382	21	risk	risk	NOUN
fsr-3307	382	22	-	-	PUNCT
fsr-3307	382	23	free	free	ADJ
fsr-3307	382	24	rate	rate	NOUN
fsr-3307	382	25	comparing	compare	VERB
fsr-3307	382	26	to	to	ADP
fsr-3307	382	27	the	the	DET
fsr-3307	382	28	ladders	ladder	NOUN
fsr-3307	382	29	without	without	ADP
fsr-3307	382	30	mtm	mtm	PROPN
fsr-3307	382	31	.	.	PUNCT
fsr-3307	383	1	the	the	DET
fsr-3307	383	2	weights	weight	NOUN
fsr-3307	383	3	at	at	ADP
fsr-3307	383	4	the	the	DET
fsr-3307	383	5	ex	ex	ADJ
fsr-3307	383	6	post	post	NOUN
fsr-3307	383	7	risk	risk	NOUN
fsr-3307	383	8	-	-	PUNCT
fsr-3307	383	9	free	free	ADJ
fsr-3307	383	10	rate	rate	NOUN
fsr-3307	383	11	for	for	ADP
fsr-3307	383	12	the	the	DET
fsr-3307	383	13	three	three	NUM
fsr-3307	383	14	-	-	PUNCT
fsr-3307	383	15	year	year	NOUN
fsr-3307	383	16	,	,	PUNCT
fsr-3307	383	17	five	five	NUM
fsr-3307	383	18	-	-	PUNCT
fsr-3307	383	19	year	year	NOUN
fsr-3307	383	20	,	,	PUNCT
fsr-3307	383	21	and	and	CCONJ
fsr-3307	383	22	seven	seven	NUM
fsr-3307	383	23	-	-	PUNCT
fsr-3307	383	24	year	year	NOUN
fsr-3307	383	25	ladders	ladder	NOUN
fsr-3307	383	26	without	without	ADP
fsr-3307	383	27	mtm	mtm	PROPN
fsr-3307	383	28	are	be	AUX
fsr-3307	383	29	23.32	23.32	NUM
fsr-3307	383	30	%	%	NOUN
fsr-3307	383	31	,	,	PUNCT
fsr-3307	383	32	68.83	68.83	NUM
fsr-3307	383	33	%	%	NOUN
fsr-3307	383	34	,	,	PUNCT
fsr-3307	383	35	and	and	CCONJ
fsr-3307	383	36	87.33	87.33	NUM
fsr-3307	383	37	%	%	NOUN
fsr-3307	383	38	,	,	PUNCT
fsr-3307	383	39	respectively	respectively	ADV
fsr-3307	383	40	.	.	PUNCT
fsr-3307	384	1	the	the	DET
fsr-3307	384	2	mtm	mtm	PROPN
fsr-3307	384	3	effect	effect	NOUN
fsr-3307	384	4	reduces	reduce	VERB
fsr-3307	384	5	the	the	DET
fsr-3307	384	6	weights	weight	NOUN
fsr-3307	384	7	of	of	ADP
fsr-3307	384	8	first	first	ADJ
fsr-3307	384	9	two	two	NUM
fsr-3307	384	10	ladders	ladder	NOUN
fsr-3307	384	11	to	to	ADP
fsr-3307	384	12	zero	zero	NUM
fsr-3307	384	13	and	and	CCONJ
fsr-3307	384	14	the	the	DET
fsr-3307	384	15	seven	seven	NUM
fsr-3307	384	16	-	-	PUNCT
fsr-3307	384	17	year	year	NOUN
fsr-3307	384	18	ladder	ladder	NOUN
fsr-3307	384	19	to	to	ADP
fsr-3307	384	20	a	a	DET
fsr-3307	384	21	mere	mere	ADJ
fsr-3307	384	22	3.9	3.9	NUM
fsr-3307	384	23	%	%	NOUN
fsr-3307	384	24	.	.	PUNCT
fsr-3307	385	1	there	there	PRON
fsr-3307	385	2	seems	seem	VERB
fsr-3307	385	3	to	to	PART
fsr-3307	385	4	be	be	AUX
fsr-3307	385	5	a	a	DET
fsr-3307	385	6	relationship	relationship	NOUN
fsr-3307	385	7	between	between	ADP
fsr-3307	385	8	the	the	DET
fsr-3307	385	9	magnitude	magnitude	NOUN
fsr-3307	385	10	of	of	ADP
fsr-3307	385	11	the	the	DET
fsr-3307	385	12	impact	impact	NOUN
fsr-3307	385	13	caused	cause	VERB
fsr-3307	385	14	by	by	ADP
fsr-3307	385	15	the	the	DET
fsr-3307	385	16	mtm	mtm	PROPN
fsr-3307	385	17	and	and	CCONJ
fsr-3307	385	18	the	the	DET
fsr-3307	385	19	term	term	NOUN
fsr-3307	385	20	of	of	ADP
fsr-3307	385	21	the	the	DET
fsr-3307	385	22	ladder	ladder	NOUN
fsr-3307	385	23	with	with	ADP
fsr-3307	385	24	a	a	DET
fsr-3307	385	25	greater	great	ADJ
fsr-3307	385	26	reduction	reduction	NOUN
fsr-3307	385	27	in	in	ADP
fsr-3307	385	28	the	the	DET
fsr-3307	385	29	weight	weight	NOUN
fsr-3307	385	30	of	of	ADP
fsr-3307	385	31	the	the	DET
fsr-3307	385	32	longer	long	ADJ
fsr-3307	385	33	term	term	NOUN
fsr-3307	385	34	ladder	ladder	NOUN
fsr-3307	385	35	.	.	PUNCT
fsr-3307	386	1	to	to	PART
fsr-3307	386	2	understand	understand	VERB
fsr-3307	386	3	the	the	DET
fsr-3307	386	4	above	above	ADJ
fsr-3307	386	5	effect	effect	NOUN
fsr-3307	386	6	of	of	ADP
fsr-3307	386	7	mtm	mtm	PROPN
fsr-3307	386	8	on	on	ADP
fsr-3307	386	9	the	the	DET
fsr-3307	386	10	allocation	allocation	NOUN
fsr-3307	386	11	of	of	ADP
fsr-3307	386	12	money	money	NOUN
fsr-3307	386	13	to	to	ADP
fsr-3307	386	14	ladders	ladder	NOUN
fsr-3307	386	15	,	,	PUNCT
fsr-3307	386	16	one	one	PRON
fsr-3307	386	17	has	have	VERB
fsr-3307	386	18	to	to	PART
fsr-3307	386	19	see	see	VERB
fsr-3307	386	20	the	the	DET
fsr-3307	386	21	allocation	allocation	NOUN
fsr-3307	386	22	behavior	behavior	NOUN
fsr-3307	386	23	with	with	ADP
fsr-3307	386	24	mtm	mtm	PROPN
fsr-3307	386	25	and	and	CCONJ
fsr-3307	386	26	then	then	ADV
fsr-3307	386	27	the	the	DET
fsr-3307	386	28	allocation	allocation	NOUN
fsr-3307	386	29	behavior	behavior	NOUN
fsr-3307	386	30	without	without	ADP
fsr-3307	386	31	mtm	mtm	PROPN
fsr-3307	386	32	.	.	PROPN
fsr-3307	386	33	first	first	ADV
fsr-3307	386	34	,	,	PUNCT
fsr-3307	386	35	in	in	ADP
fsr-3307	386	36	the	the	DET
fsr-3307	386	37	case	case	NOUN
fsr-3307	386	38	of	of	ADP
fsr-3307	386	39	allocations	allocation	NOUN
fsr-3307	386	40	with	with	ADP
fsr-3307	386	41	mtm	mtm	PROPN
fsr-3307	386	42	,	,	PUNCT
fsr-3307	386	43	notice	notice	VERB
fsr-3307	386	44	that	that	SCONJ
fsr-3307	386	45	the	the	DET
fsr-3307	386	46	correlation	correlation	NOUN
fsr-3307	386	47	between	between	ADP
fsr-3307	386	48	the	the	DET
fsr-3307	386	49	mtm	mtm	PROPN
fsr-3307	386	50	ladders	ladder	NOUN
fsr-3307	386	51	and	and	CCONJ
fsr-3307	386	52	the	the	DET
fsr-3307	386	53	bond	bond	NOUN
fsr-3307	386	54	index	index	NOUN
fsr-3307	386	55	rises	rise	VERB
fsr-3307	386	56	as	as	ADP
fsr-3307	386	57	the	the	DET
fsr-3307	386	58	term	term	NOUN
fsr-3307	386	59	increases	increase	VERB
fsr-3307	386	60	.	.	PUNCT
fsr-3307	387	1	the	the	DET
fsr-3307	387	2	correlation	correlation	NOUN
fsr-3307	387	3	coefficient	coefficient	NOUN
fsr-3307	387	4	increases	increase	VERB
fsr-3307	387	5	monotonically	monotonically	ADV
fsr-3307	387	6	with	with	ADP
fsr-3307	387	7	the	the	DET
fsr-3307	387	8	term	term	NOUN
fsr-3307	387	9	ranging	range	VERB
fsr-3307	387	10	from	from	ADP
fsr-3307	387	11	0.785	0.785	NUM
fsr-3307	387	12	for	for	ADP
fsr-3307	387	13	the	the	DET
fsr-3307	387	14	three	three	NUM
fsr-3307	387	15	-	-	PUNCT
fsr-3307	387	16	year	year	NOUN
fsr-3307	387	17	mtm	mtm	PROPN
fsr-3307	387	18	ladder	ladder	NOUN
fsr-3307	387	19	to	to	ADP
fsr-3307	387	20	0.937	0.937	NUM
fsr-3307	387	21	for	for	ADP
fsr-3307	387	22	the	the	DET
fsr-3307	387	23	seven	seven	NUM
fsr-3307	387	24	-	-	PUNCT
fsr-3307	387	25	year	year	NOUN
fsr-3307	387	26	mtm	mtm	PROPN
fsr-3307	387	27	ladder	ladder	NOUN
fsr-3307	387	28	according	accord	VERB
fsr-3307	387	29	to	to	ADP
fsr-3307	387	30	table	table	NOUN
fsr-3307	387	31	7	7	NUM
fsr-3307	387	32	,	,	PUNCT
fsr-3307	387	33	whereas	whereas	SCONJ
fsr-3307	387	34	the	the	DET
fsr-3307	387	35	correlations	correlation	NOUN
fsr-3307	387	36	between	between	ADP
fsr-3307	387	37	the	the	DET
fsr-3307	387	38	ladders	ladder	NOUN
fsr-3307	387	39	without	without	ADP
fsr-3307	387	40	mtm	mtm	PROPN
fsr-3307	387	41	and	and	CCONJ
fsr-3307	387	42	the	the	DET
fsr-3307	387	43	bond	bond	NOUN
fsr-3307	387	44	index	index	NOUN
fsr-3307	387	45	are	be	AUX
fsr-3307	387	46	no	no	ADV
fsr-3307	387	47	higher	high	ADJ
fsr-3307	387	48	than	than	ADP
fsr-3307	387	49	0.6	0.6	NUM
fsr-3307	387	50	.	.	PUNCT
fsr-3307	388	1	the	the	DET
fsr-3307	388	2	seven	seven	NUM
fsr-3307	388	3	-	-	PUNCT
fsr-3307	388	4	year	year	NOUN
fsr-3307	388	5	mtm	mtm	PROPN
fsr-3307	388	6	ladder	ladder	NOUN
fsr-3307	388	7	is	be	AUX
fsr-3307	388	8	an	an	DET
fsr-3307	388	9	almost	almost	ADV
fsr-3307	388	10	perfect	perfect	ADJ
fsr-3307	388	11	substitute	substitute	NOUN
fsr-3307	388	12	for	for	ADP
fsr-3307	388	13	the	the	DET
fsr-3307	388	14	bond	bond	NOUN
fsr-3307	388	15	index	index	NOUN
fsr-3307	388	16	.	.	PUNCT
fsr-3307	389	1	the	the	DET
fsr-3307	389	2	high	high	ADJ
fsr-3307	389	3	correlations	correlation	NOUN
fsr-3307	389	4	reduce	reduce	VERB
fsr-3307	389	5	any	any	DET
fsr-3307	389	6	potential	potential	ADJ
fsr-3307	389	7	diversification	diversification	NOUN
fsr-3307	389	8	benefit	benefit	NOUN
fsr-3307	389	9	of	of	ADP
fsr-3307	389	10	holding	hold	VERB
fsr-3307	389	11	both	both	DET
fsr-3307	389	12	fixed	fix	VERB
fsr-3307	389	13	income	income	NOUN
fsr-3307	389	14	assets	asset	NOUN
fsr-3307	389	15	simultaneously	simultaneously	ADV
fsr-3307	389	16	and	and	CCONJ
fsr-3307	389	17	invalidate	invalidate	VERB
fsr-3307	389	18	the	the	DET
fsr-3307	389	19	rationale	rationale	NOUN
fsr-3307	389	20	for	for	SCONJ
fsr-3307	389	21	both	both	DET
fsr-3307	389	22	fixed	fix	VERB
fsr-3307	389	23	income	income	NOUN
fsr-3307	389	24	assets	asset	NOUN
fsr-3307	389	25	to	to	PART
fsr-3307	389	26	coexist	coexist	VERB
fsr-3307	389	27	.	.	PUNCT
fsr-3307	390	1	the	the	DET
fsr-3307	390	2	decision	decision	NOUN
fsr-3307	390	3	to	to	PART
fsr-3307	390	4	own	own	VERB
fsr-3307	390	5	predominantly	predominantly	ADV
fsr-3307	390	6	only	only	ADV
fsr-3307	390	7	one	one	NUM
fsr-3307	390	8	fixed	fix	VERB
fsr-3307	390	9	income	income	NOUN
fsr-3307	390	10	asset	asset	NOUN
fsr-3307	390	11	depends	depend	VERB
fsr-3307	390	12	on	on	ADP
fsr-3307	390	13	the	the	DET
fsr-3307	390	14	risk	risk	NOUN
fsr-3307	390	15	preference	preference	NOUN
fsr-3307	390	16	of	of	ADP
fsr-3307	390	17	the	the	DET
fsr-3307	390	18	individual	individual	ADJ
fsr-3307	390	19	investor	investor	NOUN
fsr-3307	390	20	.	.	PUNCT
fsr-3307	391	1	at	at	ADP
fsr-3307	391	2	higher	high	ADJ
fsr-3307	391	3	risk	risk	NOUN
fsr-3307	391	4	-	-	PUNCT
fsr-3307	391	5	free	free	ADJ
fsr-3307	391	6	rates	rate	NOUN
fsr-3307	391	7	,	,	PUNCT
fsr-3307	391	8	the	the	DET
fsr-3307	391	9	bond	bond	NOUN
fsr-3307	391	10	index	index	NOUN
fsr-3307	391	11	offers	offer	VERB
fsr-3307	391	12	the	the	DET
fsr-3307	391	13	investor	investor	NOUN
fsr-3307	391	14	with	with	ADP
fsr-3307	391	15	higher	high	ADJ
fsr-3307	391	16	risk	risk	NOUN
fsr-3307	391	17	tolerance	tolerance	NOUN
fsr-3307	391	18	a	a	DET
fsr-3307	391	19	better	well	ADJ
fsr-3307	391	20	return	return	NOUN
fsr-3307	391	21	and	and	CCONJ
fsr-3307	391	22	table	table	NOUN
fsr-3307	391	23	10	10	NUM
fsr-3307	391	24	diversification	diversification	NOUN
fsr-3307	391	25	benefits	benefit	NOUN
fsr-3307	391	26	of	of	ADP
fsr-3307	391	27	seven	seven	NUM
fsr-3307	391	28	-	-	PUNCT
fsr-3307	391	29	year	year	NOUN
fsr-3307	391	30	mtm	mtm	PROPN
fsr-3307	391	31	ladder	ladder	NOUN
fsr-3307	391	32	:	:	PUNCT
fsr-3307	391	33	portfolio	portfolio	NOUN
fsr-3307	391	34	weights	weight	NOUN
fsr-3307	391	35	and	and	CCONJ
fsr-3307	391	36	sharpe	sharpe	NOUN
fsr-3307	391	37	ratios	ratio	NOUN
fsr-3307	391	38	of	of	ADP
fsr-3307	391	39	tangency	tangency	NOUN
fsr-3307	391	40	portfolios	portfolio	NOUN
fsr-3307	391	41	with	with	ADP
fsr-3307	391	42	and	and	CCONJ
fsr-3307	391	43	without	without	ADP
fsr-3307	391	44	ladder	ladder	NOUN
fsr-3307	391	45	are	be	AUX
fsr-3307	391	46	reported	report	VERB
fsr-3307	391	47	at	at	ADP
fsr-3307	391	48	different	different	ADJ
fsr-3307	391	49	levels	level	NOUN
fsr-3307	391	50	of	of	ADP
fsr-3307	391	51	annual	annual	ADJ
fsr-3307	391	52	risk	risk	NOUN
fsr-3307	391	53	-	-	PUNCT
fsr-3307	391	54	free	free	ADJ
fsr-3307	391	55	interest	interest	NOUN
fsr-3307	391	56	rate	rate	NOUN
fsr-3307	391	57	risk	risk	NOUN
fsr-3307	391	58	-	-	PUNCT
fsr-3307	391	59	free	free	ADJ
fsr-3307	391	60	rate	rate	NOUN
fsr-3307	391	61	portfolios	portfolio	NOUN
fsr-3307	391	62	with	with	ADP
fsr-3307	391	63	seven	seven	NUM
fsr-3307	391	64	-	-	PUNCT
fsr-3307	391	65	year	year	NOUN
fsr-3307	391	66	mtm	mtm	PROPN
fsr-3307	391	67	ladder	ladder	NOUN
fsr-3307	391	68	portfolios	portfolio	NOUN
fsr-3307	391	69	without	without	ADP
fsr-3307	391	70	seven	seven	NUM
fsr-3307	391	71	-	-	PUNCT
fsr-3307	391	72	year	year	NOUN
fsr-3307	391	73	mtm	mtm	PROPN
fsr-3307	391	74	ladder	ladder	NOUN
fsr-3307	391	75	gj	gj	NOUN
fsr-3307	391	76	p	p	NOUN
fsr-3307	391	77	-	-	PUNCT
fsr-3307	391	78	value	value	NOUN
fsr-3307	391	79	portfolio	portfolio	NOUN
fsr-3307	391	80	weights	weight	VERB
fsr-3307	391	81	sharpe	sharpe	PROPN
fsr-3307	391	82	ratio	ratio	PROPN
fsr-3307	391	83	portfolio	portfolio	PROPN
fsr-3307	391	84	weights	weight	VERB
fsr-3307	391	85	sharpe	sharpe	PROPN
fsr-3307	391	86	ratio	ratio	PROPN
fsr-3307	391	87	crsp	crsp	PROPN
fsr-3307	391	88	vw	vw	PROPN
fsr-3307	391	89	msci	msci	PROPN
fsr-3307	391	90	-	-	PUNCT
fsr-3307	391	91	eafe	eafe	PROPN
fsr-3307	391	92	barclays	barclays	PROPN
fsr-3307	391	93	bond	bond	NOUN
fsr-3307	391	94	index	index	NOUN
fsr-3307	391	95	seven	seven	NUM
fsr-3307	391	96	-	-	PUNCT
fsr-3307	391	97	year	year	NOUN
fsr-3307	391	98	mtm	mtm	PROPN
fsr-3307	391	99	ladder	ladder	NOUN
fsr-3307	391	100	crsp	crsp	PROPN
fsr-3307	391	101	vw	vw	PROPN
fsr-3307	391	102	msci	msci	PROPN
fsr-3307	391	103	-	-	PUNCT
fsr-3307	391	104	eafe	eafe	PROPN
fsr-3307	391	105	barclays	barclays	PROPN
fsr-3307	391	106	bond	bond	NOUN
fsr-3307	391	107	index	index	NOUN
fsr-3307	391	108	0.0000	0.0000	NUM
fsr-3307	392	1	0.1555	0.1555	NUM
fsr-3307	392	2	0.0156	0.0156	NUM
fsr-3307	392	3	0.0000	0.0000	NUM
fsr-3307	392	4	0.8289	0.8289	NUM
fsr-3307	392	5	1.389	1.389	NUM
fsr-3307	392	6	0.1397	0.1397	NUM
fsr-3307	392	7	0.0323	0.0323	NUM
fsr-3307	392	8	0.8281	0.8281	NUM
fsr-3307	392	9	1.295	1.295	NUM
fsr-3307	392	10	0.039	0.039	NUM
fsr-3307	392	11	0.0100	0.0100	NUM
fsr-3307	392	12	0.1680	0.1680	NUM
fsr-3307	392	13	0.0133	0.0133	NUM
fsr-3307	392	14	0.0000	0.0000	NUM
fsr-3307	392	15	0.8187	0.8187	NUM
fsr-3307	392	16	1.217	1.217	NUM
fsr-3307	392	17	0.1527	0.1527	NUM
fsr-3307	392	18	0.0292	0.0292	NUM
fsr-3307	392	19	0.8181	0.8181	NUM
fsr-3307	392	20	1.149	1.149	NUM
fsr-3307	392	21	0.064	0.064	NUM
fsr-3307	392	22	0.0200	0.0200	NUM
fsr-3307	392	23	0.1850	0.1850	NUM
fsr-3307	392	24	0.0101	0.0101	NUM
fsr-3307	392	25	0.0000	0.0000	NUM
fsr-3307	392	26	0.8049	0.8049	NUM
fsr-3307	392	27	1.047	1.047	NUM
fsr-3307	392	28	0.1699	0.1699	NUM
fsr-3307	392	29	0.0252	0.0252	NUM
fsr-3307	393	1	0.8050	0.8050	NUM
fsr-3307	393	2	1.004	1.004	NUM
fsr-3307	393	3	0.097	0.097	NUM
fsr-3307	393	4	0.0300	0.0300	NUM
fsr-3307	393	5	0.2039	0.2039	NUM
fsr-3307	393	6	0.0079	0.0079	NUM
fsr-3307	393	7	0.1187	0.1187	NUM
fsr-3307	393	8	0.6696	0.6696	NUM
fsr-3307	393	9	0.880	0.880	NUM
fsr-3307	393	10	0.1932	0.1932	NUM
fsr-3307	393	11	0.0197	0.0197	NUM
fsr-3307	393	12	0.7871	0.7871	NUM
fsr-3307	393	13	0.861	0.861	NUM
fsr-3307	393	14	0.192	0.192	NUM
fsr-3307	393	15	0.0400	0.0400	NUM
fsr-3307	393	16	0.2299	0.2299	NUM
fsr-3307	393	17	0.0063	0.0063	NUM
fsr-3307	393	18	0.4250	0.4250	NUM
fsr-3307	393	19	0.3388	0.3388	NUM
fsr-3307	393	20	0.723	0.723	NUM
fsr-3307	393	21	0.2270	0.2270	NUM
fsr-3307	394	1	0.0117	0.0117	NUM
fsr-3307	394	2	0.7613	0.7613	NUM
fsr-3307	394	3	0.720	0.720	NUM
fsr-3307	394	4	0.351	0.351	NUM
fsr-3307	394	5	0.0500	0.0500	NUM
fsr-3307	394	6	0.2792	0.2792	NUM
fsr-3307	394	7	0.0002	0.0002	NUM
fsr-3307	394	8	0.7207	0.7207	NUM
fsr-3307	394	9	0.0000	0.0000	NUM
fsr-3307	394	10	0.583	0.583	NUM
fsr-3307	394	11	0.2792	0.2792	NUM
fsr-3307	394	12	0.0002	0.0002	NUM
fsr-3307	394	13	0.7207	0.7207	NUM
fsr-3307	394	14	0.583	0.583	NUM
fsr-3307	394	15	—	—	PUNCT
fsr-3307	394	16	0.0600	0.0600	NUM
fsr-3307	394	17	0.3523	0.3523	NUM
fsr-3307	394	18	0.0000	0.0000	NUM
fsr-3307	394	19	0.6477	0.6477	NUM
fsr-3307	394	20	0.0000	0.0000	NUM
fsr-3307	394	21	0.454	0.454	NUM
fsr-3307	394	22	0.3523	0.3523	NUM
fsr-3307	394	23	0.0000	0.0000	NUM
fsr-3307	394	24	0.6477	0.6477	NUM
fsr-3307	394	25	0.454	0.454	NUM
fsr-3307	394	26	—	—	PUNCT
fsr-3307	394	27	0.0700	0.0700	NUM
fsr-3307	394	28	0.5193	0.5193	NUM
fsr-3307	394	29	0.0000	0.0000	NUM
fsr-3307	394	30	0.4807	0.4807	NUM
fsr-3307	394	31	0.0000	0.0000	NUM
fsr-3307	394	32	0.341	0.341	NUM
fsr-3307	394	33	0.5193	0.5193	NUM
fsr-3307	394	34	0.0000	0.0000	NUM
fsr-3307	394	35	0.4807	0.4807	NUM
fsr-3307	394	36	0.341	0.341	NUM
fsr-3307	394	37	—	—	PUNCT
fsr-3307	394	38	0.0456a	0.0456a	PROPN
fsr-3307	394	39	0.2534	0.2534	NUM
fsr-3307	394	40	0.0050	0.0050	NUM
fsr-3307	394	41	0.7026	0.7026	NUM
fsr-3307	394	42	0.0390	0.0390	NUM
fsr-3307	394	43	0.643	0.643	NUM
fsr-3307	394	44	0.2533	0.2533	NUM
fsr-3307	394	45	0.0055	0.0055	NUM
fsr-3307	394	46	0.7412	0.7412	NUM
fsr-3307	394	47	0.643	0.643	NUM
fsr-3307	394	48	0.473	0.473	NUM
fsr-3307	394	49	note	note	NOUN
fsr-3307	394	50	:	:	PUNCT
fsr-3307	394	51	optimal	optimal	ADJ
fsr-3307	394	52	portfolios	portfolio	NOUN
fsr-3307	394	53	are	be	AUX
fsr-3307	394	54	obtained	obtain	VERB
fsr-3307	394	55	with	with	ADP
fsr-3307	394	56	short	short	ADJ
fsr-3307	394	57	-	-	PUNCT
fsr-3307	394	58	sale	sale	NOUN
fsr-3307	394	59	disallowed	disallow	VERB
fsr-3307	394	60	and	and	CCONJ
fsr-3307	394	61	based	base	VERB
fsr-3307	394	62	on	on	ADP
fsr-3307	394	63	risk	risk	NOUN
fsr-3307	394	64	-	-	PUNCT
fsr-3307	394	65	return	return	NOUN
fsr-3307	394	66	parameters	parameter	NOUN
fsr-3307	394	67	estimated	estimate	VERB
fsr-3307	394	68	over	over	ADP
fsr-3307	394	69	the	the	DET
fsr-3307	394	70	sample	sample	NOUN
fsr-3307	394	71	period	period	NOUN
fsr-3307	394	72	of	of	ADP
fsr-3307	394	73	1980–2015	1980–2015	NUM
fsr-3307	394	74	.	.	PUNCT
fsr-3307	395	1	the	the	DET
fsr-3307	395	2	p	p	NOUN
fsr-3307	395	3	-	-	PUNCT
fsr-3307	395	4	values	value	NOUN
fsr-3307	395	5	of	of	ADP
fsr-3307	395	6	glen	glen	PROPN
fsr-3307	395	7	and	and	CCONJ
fsr-3307	395	8	jorion	jorion	NOUN
fsr-3307	395	9	(	(	PUNCT
fsr-3307	395	10	gj	gj	NOUN
fsr-3307	395	11	)	)	PUNCT
fsr-3307	395	12	tests	test	NOUN
fsr-3307	395	13	on	on	ADP
fsr-3307	395	14	equal	equal	ADJ
fsr-3307	395	15	sharpe	sharpe	NOUN
fsr-3307	395	16	ratios	ratio	NOUN
fsr-3307	395	17	are	be	AUX
fsr-3307	395	18	reported	report	VERB
fsr-3307	395	19	in	in	ADP
fsr-3307	395	20	the	the	DET
fsr-3307	395	21	last	last	ADJ
fsr-3307	395	22	column	column	NOUN
fsr-3307	395	23	of	of	ADP
fsr-3307	395	24	the	the	DET
fsr-3307	395	25	table	table	NOUN
fsr-3307	395	26	.	.	PUNCT
fsr-3307	396	1	athe	athe	PROPN
fsr-3307	396	2	portfolio	portfolio	PROPN
fsr-3307	396	3	results	result	NOUN
fsr-3307	396	4	presented	present	VERB
fsr-3307	396	5	in	in	ADP
fsr-3307	396	6	the	the	DET
fsr-3307	396	7	last	last	ADJ
fsr-3307	396	8	row	row	NOUN
fsr-3307	396	9	are	be	AUX
fsr-3307	396	10	obtained	obtain	VERB
fsr-3307	396	11	by	by	ADP
fsr-3307	396	12	assuming	assume	VERB
fsr-3307	396	13	a	a	DET
fsr-3307	396	14	risk	risk	NOUN
fsr-3307	396	15	-	-	PUNCT
fsr-3307	396	16	free	free	ADJ
fsr-3307	396	17	rate	rate	NOUN
fsr-3307	396	18	equals	equal	VERB
fsr-3307	396	19	to	to	ADP
fsr-3307	396	20	the	the	DET
fsr-3307	396	21	average	average	ADJ
fsr-3307	396	22	three	three	NUM
fsr-3307	396	23	-	-	PUNCT
fsr-3307	396	24	month	month	NOUN
fsr-3307	396	25	t	t	PROPN
fsr-3307	396	26	-	-	PUNCT
fsr-3307	396	27	bill	bill	NOUN
fsr-3307	396	28	yield	yield	NOUN
fsr-3307	396	29	of	of	ADP
fsr-3307	396	30	4.56	4.56	NUM
fsr-3307	396	31	%	%	NOUN
fsr-3307	396	32	over	over	ADP
fsr-3307	396	33	the	the	DET
fsr-3307	396	34	sample	sample	NOUN
fsr-3307	396	35	period	period	NOUN
fsr-3307	396	36	of	of	ADP
fsr-3307	396	37	1980–2015	1980–2015	NUM
fsr-3307	396	38	.	.	PUNCT
fsr-3307	397	1	197c.s	197c.s	X
fsr-3307	397	2	.	.	PUNCT
fsr-3307	398	1	cheung	cheung	PROPN
fsr-3307	398	2	,	,	PUNCT
fsr-3307	398	3	p.	p.	PROPN
fsr-3307	398	4	miu	miu	PROPN
fsr-3307	398	5	/	/	SYM
fsr-3307	398	6	financial	financial	ADJ
fsr-3307	398	7	services	service	NOUN
fsr-3307	398	8	review	review	VERB
fsr-3307	398	9	26	26	NUM
fsr-3307	398	10	(	(	PUNCT
fsr-3307	398	11	2017	2017	NUM
fsr-3307	398	12	)	)	PUNCT
fsr-3307	398	13	181–203	181–203	NUM
fsr-3307	398	14	thus	thus	ADV
fsr-3307	398	15	dominates	dominate	VERB
fsr-3307	398	16	the	the	DET
fsr-3307	398	17	longer	long	ADJ
fsr-3307	398	18	-	-	PUNCT
fsr-3307	398	19	term	term	NOUN
fsr-3307	398	20	ladders	ladder	NOUN
fsr-3307	398	21	with	with	ADP
fsr-3307	398	22	mtm	mtm	PROPN
fsr-3307	398	23	.	.	PUNCT
fsr-3307	399	1	this	this	PRON
fsr-3307	399	2	explains	explain	VERB
fsr-3307	399	3	in	in	ADP
fsr-3307	399	4	part	part	NOUN
fsr-3307	399	5	the	the	DET
fsr-3307	399	6	drop	drop	NOUN
fsr-3307	399	7	in	in	ADP
fsr-3307	399	8	the	the	DET
fsr-3307	399	9	weight	weight	NOUN
fsr-3307	399	10	of	of	ADP
fsr-3307	399	11	the	the	DET
fsr-3307	399	12	seven	seven	NUM
fsr-3307	399	13	-	-	PUNCT
fsr-3307	399	14	year	year	NOUN
fsr-3307	399	15	ladder	ladder	NOUN
fsr-3307	399	16	from	from	ADP
fsr-3307	399	17	87.33	87.33	NUM
fsr-3307	399	18	%	%	NOUN
fsr-3307	399	19	to	to	ADP
fsr-3307	399	20	a	a	DET
fsr-3307	399	21	mere	mere	ADJ
fsr-3307	399	22	3.9	3.9	NUM
fsr-3307	399	23	%	%	NOUN
fsr-3307	399	24	when	when	SCONJ
fsr-3307	399	25	mtm	mtm	PROPN
fsr-3307	399	26	is	be	AUX
fsr-3307	399	27	considered	consider	VERB
fsr-3307	399	28	.	.	PUNCT
fsr-3307	400	1	this	this	PRON
fsr-3307	400	2	also	also	ADV
fsr-3307	400	3	explains	explain	VERB
fsr-3307	400	4	the	the	DET
fsr-3307	400	5	earlier	early	ADJ
fsr-3307	400	6	result	result	NOUN
fsr-3307	400	7	that	that	SCONJ
fsr-3307	400	8	the	the	DET
fsr-3307	400	9	seven	seven	NUM
fsr-3307	400	10	-	-	PUNCT
fsr-3307	400	11	year	year	NOUN
fsr-3307	400	12	mtm	mtm	PROPN
fsr-3307	400	13	ladder	ladder	NOUN
fsr-3307	400	14	with	with	ADP
fsr-3307	400	15	a	a	DET
fsr-3307	400	16	lower	low	ADJ
fsr-3307	400	17	risk	risk	NOUN
fsr-3307	400	18	and	and	CCONJ
fsr-3307	400	19	lower	low	ADJ
fsr-3307	400	20	return	return	NOUN
fsr-3307	400	21	profile	profile	NOUN
fsr-3307	400	22	is	be	AUX
fsr-3307	400	23	preferred	prefer	VERB
fsr-3307	400	24	at	at	ADP
fsr-3307	400	25	lower	low	ADJ
fsr-3307	400	26	risk	risk	NOUN
fsr-3307	400	27	-	-	PUNCT
fsr-3307	400	28	free	free	ADJ
fsr-3307	400	29	rates	rate	NOUN
fsr-3307	400	30	.	.	PUNCT
fsr-3307	401	1	the	the	DET
fsr-3307	401	2	net	net	ADJ
fsr-3307	401	3	outcome	outcome	NOUN
fsr-3307	401	4	is	be	AUX
fsr-3307	401	5	to	to	PART
fsr-3307	401	6	hold	hold	VERB
fsr-3307	401	7	either	either	CCONJ
fsr-3307	401	8	the	the	DET
fsr-3307	401	9	bond	bond	NOUN
fsr-3307	401	10	index	index	NOUN
fsr-3307	401	11	or	or	CCONJ
fsr-3307	401	12	the	the	DET
fsr-3307	401	13	seven	seven	NUM
fsr-3307	401	14	-	-	PUNCT
fsr-3307	401	15	year	year	NOUN
fsr-3307	401	16	ladder	ladder	NOUN
fsr-3307	401	17	depending	depend	VERB
fsr-3307	401	18	on	on	ADP
fsr-3307	401	19	the	the	DET
fsr-3307	401	20	levels	level	NOUN
fsr-3307	401	21	of	of	ADP
fsr-3307	401	22	the	the	DET
fsr-3307	401	23	risk	risk	NOUN
fsr-3307	401	24	-	-	PUNCT
fsr-3307	401	25	free	free	ADJ
fsr-3307	401	26	rates	rate	NOUN
fsr-3307	401	27	.	.	PUNCT
fsr-3307	402	1	the	the	DET
fsr-3307	402	2	second	second	ADJ
fsr-3307	402	3	reason	reason	NOUN
fsr-3307	402	4	for	for	ADP
fsr-3307	402	5	the	the	DET
fsr-3307	402	6	larger	large	ADJ
fsr-3307	402	7	drop	drop	NOUN
fsr-3307	402	8	in	in	ADP
fsr-3307	402	9	the	the	DET
fsr-3307	402	10	allocations	allocation	NOUN
fsr-3307	402	11	for	for	ADP
fsr-3307	402	12	the	the	DET
fsr-3307	402	13	longer	long	ADJ
fsr-3307	402	14	term	term	NOUN
fsr-3307	402	15	ladders	ladder	NOUN
fsr-3307	402	16	in	in	ADP
fsr-3307	402	17	the	the	DET
fsr-3307	402	18	presence	presence	NOUN
fsr-3307	402	19	of	of	ADP
fsr-3307	402	20	mtm	mtm	PROPN
fsr-3307	402	21	can	can	AUX
fsr-3307	402	22	be	be	AUX
fsr-3307	402	23	explained	explain	VERB
fsr-3307	402	24	by	by	ADP
fsr-3307	402	25	examining	examine	VERB
fsr-3307	402	26	the	the	DET
fsr-3307	402	27	allocation	allocation	NOUN
fsr-3307	402	28	behavior	behavior	NOUN
fsr-3307	402	29	without	without	ADP
fsr-3307	402	30	the	the	DET
fsr-3307	402	31	mtm	mtm	PROPN
fsr-3307	402	32	.	.	PUNCT
fsr-3307	403	1	the	the	DET
fsr-3307	403	2	longer	long	ADJ
fsr-3307	403	3	term	term	NOUN
fsr-3307	403	4	ladders	ladder	NOUN
fsr-3307	403	5	without	without	ADP
fsr-3307	403	6	mtm	mtm	PROPN
fsr-3307	403	7	not	not	PART
fsr-3307	403	8	only	only	ADV
fsr-3307	403	9	have	have	VERB
fsr-3307	403	10	lower	low	ADJ
fsr-3307	403	11	risk	risk	NOUN
fsr-3307	403	12	than	than	ADP
fsr-3307	403	13	the	the	DET
fsr-3307	403	14	shorter	short	ADJ
fsr-3307	403	15	term	term	NOUN
fsr-3307	403	16	ladders	ladder	NOUN
fsr-3307	403	17	without	without	ADP
fsr-3307	403	18	mtm	mtm	PROPN
fsr-3307	403	19	because	because	SCONJ
fsr-3307	403	20	of	of	ADP
fsr-3307	403	21	the	the	DET
fsr-3307	403	22	lower	low	ADJ
fsr-3307	403	23	reinvestment	reinvestment	NOUN
fsr-3307	403	24	risk	risk	NOUN
fsr-3307	403	25	mentioned	mention	VERB
fsr-3307	403	26	earlier	early	ADV
fsr-3307	403	27	,	,	PUNCT
fsr-3307	403	28	they	they	PRON
fsr-3307	403	29	also	also	ADV
fsr-3307	403	30	have	have	VERB
fsr-3307	403	31	slightly	slightly	ADV
fsr-3307	403	32	lower	low	ADJ
fsr-3307	403	33	correlations	correlation	NOUN
fsr-3307	403	34	with	with	ADP
fsr-3307	403	35	the	the	DET
fsr-3307	403	36	bond	bond	NOUN
fsr-3307	403	37	index	index	NOUN
fsr-3307	403	38	.	.	PUNCT
fsr-3307	404	1	these	these	DET
fsr-3307	404	2	attractive	attractive	ADJ
fsr-3307	404	3	risk	risk	NOUN
fsr-3307	404	4	and	and	CCONJ
fsr-3307	404	5	correlation	correlation	NOUN
fsr-3307	404	6	characteristics	characteristic	NOUN
fsr-3307	404	7	translate	translate	VERB
fsr-3307	404	8	into	into	ADP
fsr-3307	404	9	a	a	DET
fsr-3307	404	10	greater	great	ADJ
fsr-3307	404	11	diversification	diversification	NOUN
fsr-3307	404	12	benefit	benefit	NOUN
fsr-3307	404	13	as	as	ADP
fsr-3307	404	14	the	the	DET
fsr-3307	404	15	term	term	NOUN
fsr-3307	404	16	increases	increase	VERB
fsr-3307	404	17	.	.	PUNCT
fsr-3307	405	1	in	in	ADP
fsr-3307	405	2	fact	fact	NOUN
fsr-3307	405	3	,	,	PUNCT
fsr-3307	405	4	one	one	PRON
fsr-3307	405	5	can	can	AUX
fsr-3307	405	6	argue	argue	VERB
fsr-3307	405	7	that	that	SCONJ
fsr-3307	405	8	it	it	PRON
fsr-3307	405	9	is	be	AUX
fsr-3307	405	10	the	the	DET
fsr-3307	405	11	lack	lack	NOUN
fsr-3307	405	12	of	of	ADP
fsr-3307	405	13	mtm	mtm	PROPN
fsr-3307	405	14	consideration	consideration	NOUN
fsr-3307	405	15	that	that	PRON
fsr-3307	405	16	makes	make	VERB
fsr-3307	405	17	ladders	ladder	NOUN
fsr-3307	405	18	unusually	unusually	ADV
fsr-3307	405	19	attractive	attractive	ADJ
fsr-3307	405	20	.	.	PUNCT
fsr-3307	406	1	this	this	PRON
fsr-3307	406	2	is	be	AUX
fsr-3307	406	3	especially	especially	ADV
fsr-3307	406	4	true	true	ADJ
fsr-3307	406	5	in	in	ADP
fsr-3307	406	6	the	the	DET
fsr-3307	406	7	case	case	NOUN
fsr-3307	406	8	of	of	ADP
fsr-3307	406	9	the	the	DET
fsr-3307	406	10	seven	seven	NUM
fsr-3307	406	11	-	-	PUNCT
fsr-3307	406	12	year	year	NOUN
fsr-3307	406	13	ladder	ladder	NOUN
fsr-3307	406	14	without	without	ADP
fsr-3307	406	15	the	the	DET
fsr-3307	406	16	mtm	mtm	PROPN
fsr-3307	406	17	.	.	PUNCT
fsr-3307	407	1	the	the	DET
fsr-3307	407	2	seven	seven	NUM
fsr-3307	407	3	-	-	PUNCT
fsr-3307	407	4	year	year	NOUN
fsr-3307	407	5	ladder	ladder	NOUN
fsr-3307	407	6	without	without	ADP
fsr-3307	407	7	mtm	mtm	PROPN
fsr-3307	407	8	has	have	VERB
fsr-3307	407	9	the	the	DET
fsr-3307	407	10	lowest	low	ADJ
fsr-3307	407	11	standard	standard	ADJ
fsr-3307	407	12	deviation	deviation	NOUN
fsr-3307	407	13	among	among	ADP
fsr-3307	407	14	all	all	DET
fsr-3307	407	15	fixed	fix	VERB
fsr-3307	407	16	income	income	NOUN
fsr-3307	407	17	assets	asset	NOUN
fsr-3307	407	18	at	at	ADP
fsr-3307	407	19	2.78	2.78	NUM
fsr-3307	407	20	%	%	NOUN
fsr-3307	407	21	and	and	CCONJ
fsr-3307	407	22	at	at	ADP
fsr-3307	407	23	the	the	DET
fsr-3307	407	24	same	same	ADJ
fsr-3307	407	25	time	time	NOUN
fsr-3307	407	26	the	the	DET
fsr-3307	407	27	lowest	low	ADJ
fsr-3307	407	28	correlation	correlation	NOUN
fsr-3307	407	29	with	with	ADP
fsr-3307	407	30	the	the	DET
fsr-3307	407	31	bond	bond	NOUN
fsr-3307	407	32	index	index	NOUN
fsr-3307	407	33	.	.	PUNCT
fsr-3307	408	1	the	the	DET
fsr-3307	408	2	above	above	ADJ
fsr-3307	408	3	attractive	attractive	ADJ
fsr-3307	408	4	risk	risk	NOUN
fsr-3307	408	5	-	-	PUNCT
fsr-3307	408	6	return	return	NOUN
fsr-3307	408	7	characteristics	characteristic	NOUN
fsr-3307	408	8	brought	bring	VERB
fsr-3307	408	9	about	about	ADP
fsr-3307	408	10	by	by	ADP
fsr-3307	408	11	the	the	DET
fsr-3307	408	12	absence	absence	NOUN
fsr-3307	408	13	of	of	ADP
fsr-3307	408	14	the	the	DET
fsr-3307	408	15	mtm	mtm	PROPN
fsr-3307	408	16	consideration	consideration	NOUN
fsr-3307	408	17	make	make	VERB
fsr-3307	408	18	the	the	DET
fsr-3307	408	19	seven	seven	NUM
fsr-3307	408	20	-	-	PUNCT
fsr-3307	408	21	year	year	NOUN
fsr-3307	408	22	ladder	ladder	NOUN
fsr-3307	408	23	the	the	DET
fsr-3307	408	24	most	most	ADV
fsr-3307	408	25	dominant	dominant	ADJ
fsr-3307	408	26	asset	asset	NOUN
fsr-3307	408	27	at	at	ADP
fsr-3307	408	28	87.33	87.33	NUM
fsr-3307	408	29	%	%	NOUN
fsr-3307	408	30	in	in	ADP
fsr-3307	408	31	the	the	DET
fsr-3307	408	32	optimal	optimal	ADJ
fsr-3307	408	33	portfolio	portfolio	NOUN
fsr-3307	408	34	at	at	ADP
fsr-3307	408	35	the	the	DET
fsr-3307	408	36	ex	ex	ADJ
fsr-3307	408	37	post	post	NOUN
fsr-3307	408	38	risk	risk	NOUN
fsr-3307	408	39	-	-	PUNCT
fsr-3307	408	40	free	free	ADJ
fsr-3307	408	41	rate	rate	NOUN
fsr-3307	408	42	.	.	PUNCT
fsr-3307	409	1	this	this	DET
fsr-3307	409	2	unusual	unusual	ADJ
fsr-3307	409	3	advantage	advantage	NOUN
fsr-3307	409	4	disappears	disappear	VERB
fsr-3307	409	5	with	with	ADP
fsr-3307	409	6	mtm	mtm	PROPN
fsr-3307	409	7	and	and	CCONJ
fsr-3307	409	8	hence	hence	ADV
fsr-3307	409	9	the	the	DET
fsr-3307	409	10	dramatic	dramatic	ADJ
fsr-3307	409	11	reduction	reduction	NOUN
fsr-3307	409	12	in	in	ADP
fsr-3307	409	13	portfolio	portfolio	NOUN
fsr-3307	409	14	weight	weight	NOUN
fsr-3307	409	15	.	.	PUNCT
fsr-3307	410	1	the	the	DET
fsr-3307	410	2	above	above	ADJ
fsr-3307	410	3	results	result	NOUN
fsr-3307	410	4	of	of	ADP
fsr-3307	410	5	higher	high	ADJ
fsr-3307	410	6	correlations	correlation	NOUN
fsr-3307	410	7	between	between	ADP
fsr-3307	410	8	longer	long	ADJ
fsr-3307	410	9	term	term	NOUN
fsr-3307	410	10	mtm	mtm	PROPN
fsr-3307	410	11	ladders	ladder	NOUN
fsr-3307	410	12	and	and	CCONJ
fsr-3307	410	13	the	the	DET
fsr-3307	410	14	bond	bond	NOUN
fsr-3307	410	15	index	index	NOUN
fsr-3307	410	16	also	also	ADV
fsr-3307	410	17	lead	lead	VERB
fsr-3307	410	18	to	to	ADP
fsr-3307	410	19	another	another	DET
fsr-3307	410	20	interesting	interesting	ADJ
fsr-3307	410	21	result	result	NOUN
fsr-3307	410	22	.	.	PUNCT
fsr-3307	411	1	longer	long	ADJ
fsr-3307	411	2	term	term	VERB
fsr-3307	411	3	mtm	mtm	PROPN
fsr-3307	411	4	ladders	ladder	NOUN
fsr-3307	411	5	do	do	AUX
fsr-3307	411	6	not	not	PART
fsr-3307	411	7	statistically	statistically	ADV
fsr-3307	411	8	add	add	VERB
fsr-3307	411	9	significant	significant	ADJ
fsr-3307	411	10	diversification	diversification	NOUN
fsr-3307	411	11	benefit	benefit	NOUN
fsr-3307	411	12	to	to	ADP
fsr-3307	411	13	the	the	DET
fsr-3307	411	14	benchmark	benchmark	NOUN
fsr-3307	411	15	portfolio	portfolio	NOUN
fsr-3307	411	16	with	with	ADP
fsr-3307	411	17	the	the	DET
fsr-3307	411	18	bond	bond	NOUN
fsr-3307	411	19	index	index	NOUN
fsr-3307	411	20	.	.	PUNCT
fsr-3307	412	1	none	none	NOUN
fsr-3307	412	2	of	of	ADP
fsr-3307	412	3	the	the	DET
fsr-3307	412	4	p	p	NOUN
fsr-3307	412	5	-	-	PUNCT
fsr-3307	412	6	values	value	NOUN
fsr-3307	412	7	supports	support	VERB
fsr-3307	412	8	the	the	DET
fsr-3307	412	9	coexistence	coexistence	NOUN
fsr-3307	412	10	of	of	ADP
fsr-3307	412	11	a	a	DET
fsr-3307	412	12	seven	seven	NUM
fsr-3307	412	13	-	-	PUNCT
fsr-3307	412	14	year	year	NOUN
fsr-3307	412	15	ladder	ladder	NOUN
fsr-3307	412	16	or	or	CCONJ
fsr-3307	412	17	a	a	DET
fsr-3307	412	18	five	five	NUM
fsr-3307	412	19	-	-	PUNCT
fsr-3307	412	20	year	year	NOUN
fsr-3307	412	21	ladder	ladder	NOUN
fsr-3307	412	22	with	with	ADP
fsr-3307	412	23	the	the	DET
fsr-3307	412	24	bond	bond	NOUN
fsr-3307	412	25	index	index	NOUN
fsr-3307	412	26	whenever	whenever	SCONJ
fsr-3307	412	27	mtm	mtm	PROPN
fsr-3307	412	28	is	be	AUX
fsr-3307	412	29	introduced	introduce	VERB
fsr-3307	412	30	.	.	PUNCT
fsr-3307	413	1	in	in	ADP
fsr-3307	413	2	the	the	DET
fsr-3307	413	3	absence	absence	NOUN
fsr-3307	413	4	of	of	ADP
fsr-3307	413	5	mtm	mtm	PROPN
fsr-3307	413	6	,	,	PUNCT
fsr-3307	413	7	the	the	DET
fsr-3307	413	8	p	p	NOUN
fsr-3307	413	9	-	-	PUNCT
fsr-3307	413	10	values	value	NOUN
fsr-3307	413	11	support	support	VERB
fsr-3307	413	12	far	far	ADV
fsr-3307	413	13	more	more	ADJ
fsr-3307	413	14	incidences	incidence	NOUN
fsr-3307	413	15	of	of	ADP
fsr-3307	413	16	statistically	statistically	ADV
fsr-3307	413	17	significant	significant	ADJ
fsr-3307	413	18	improvement	improvement	NOUN
fsr-3307	413	19	in	in	ADP
fsr-3307	413	20	the	the	DET
fsr-3307	413	21	shape	shape	NOUN
fsr-3307	413	22	ratios	ratio	NOUN
fsr-3307	413	23	when	when	SCONJ
fsr-3307	413	24	the	the	DET
fsr-3307	413	25	ladders	ladder	NOUN
fsr-3307	413	26	and	and	CCONJ
fsr-3307	413	27	the	the	DET
fsr-3307	413	28	bond	bond	NOUN
fsr-3307	413	29	index	index	NOUN
fsr-3307	413	30	coexist	coexist	VERB
fsr-3307	413	31	for	for	ADP
fsr-3307	413	32	investors	investor	NOUN
fsr-3307	413	33	with	with	ADP
fsr-3307	413	34	moderate	moderate	ADJ
fsr-3307	413	35	risk	risk	NOUN
fsr-3307	413	36	aversion	aversion	NOUN
fsr-3307	413	37	.	.	PUNCT
fsr-3307	414	1	the	the	DET
fsr-3307	414	2	above	above	ADJ
fsr-3307	414	3	insights	insight	NOUN
fsr-3307	414	4	can	can	AUX
fsr-3307	414	5	only	only	ADV
fsr-3307	414	6	be	be	AUX
fsr-3307	414	7	gained	gain	VERB
fsr-3307	414	8	through	through	ADP
fsr-3307	414	9	our	our	PRON
fsr-3307	414	10	use	use	NOUN
fsr-3307	414	11	of	of	ADP
fsr-3307	414	12	tests	test	NOUN
fsr-3307	414	13	of	of	ADP
fsr-3307	414	14	statistical	statistical	ADJ
fsr-3307	414	15	significance	significance	NOUN
fsr-3307	414	16	.	.	PUNCT
fsr-3307	415	1	it	it	PRON
fsr-3307	415	2	is	be	AUX
fsr-3307	415	3	our	our	PRON
fsr-3307	415	4	statistical	statistical	ADJ
fsr-3307	415	5	tests	test	NOUN
fsr-3307	415	6	that	that	PRON
fsr-3307	415	7	pinpoint	pinpoint	VERB
fsr-3307	415	8	the	the	DET
fsr-3307	415	9	effect	effect	NOUN
fsr-3307	415	10	of	of	ADP
fsr-3307	415	11	mtm	mtm	PROPN
fsr-3307	415	12	of	of	ADP
fsr-3307	415	13	longer	long	ADJ
fsr-3307	415	14	term	term	NOUN
fsr-3307	415	15	ladders	ladder	NOUN
fsr-3307	415	16	and	and	CCONJ
fsr-3307	415	17	its	its	PRON
fsr-3307	415	18	investment	investment	NOUN
fsr-3307	415	19	implications	implication	NOUN
fsr-3307	415	20	.	.	PUNCT
fsr-3307	416	1	the	the	DET
fsr-3307	416	2	previous	previous	ADJ
fsr-3307	416	3	conclusion	conclusion	NOUN
fsr-3307	416	4	that	that	SCONJ
fsr-3307	416	5	ladder	ladder	NOUN
fsr-3307	416	6	portfolios	portfolio	NOUN
fsr-3307	416	7	are	be	AUX
fsr-3307	416	8	more	more	ADV
fsr-3307	416	9	attractive	attractive	ADJ
fsr-3307	416	10	to	to	ADP
fsr-3307	416	11	more	more	ADJ
fsr-3307	416	12	risk	risk	NOUN
fsr-3307	416	13	averse	averse	ADJ
fsr-3307	416	14	investors	investor	NOUN
fsr-3307	416	15	still	still	ADV
fsr-3307	416	16	holds	hold	VERB
fsr-3307	416	17	when	when	SCONJ
fsr-3307	416	18	the	the	DET
fsr-3307	416	19	mtm	mtm	PROPN
fsr-3307	416	20	is	be	AUX
fsr-3307	416	21	introduced	introduce	VERB
fsr-3307	416	22	.	.	PUNCT
fsr-3307	417	1	the	the	DET
fsr-3307	417	2	mtm	mtm	PROPN
fsr-3307	417	3	also	also	ADV
fsr-3307	417	4	increases	increase	VERB
fsr-3307	417	5	the	the	DET
fsr-3307	417	6	correlations	correlation	NOUN
fsr-3307	417	7	and	and	CCONJ
fsr-3307	417	8	the	the	DET
fsr-3307	417	9	standard	standard	ADJ
fsr-3307	417	10	deviations	deviation	NOUN
fsr-3307	417	11	of	of	ADP
fsr-3307	417	12	longer	long	ADJ
fsr-3307	417	13	term	term	NOUN
fsr-3307	417	14	ladders	ladder	NOUN
fsr-3307	417	15	and	and	CCONJ
fsr-3307	417	16	reduces	reduce	VERB
fsr-3307	417	17	its	its	PRON
fsr-3307	417	18	attractiveness	attractiveness	NOUN
fsr-3307	417	19	in	in	ADP
fsr-3307	417	20	a	a	DET
fsr-3307	417	21	portfolio	portfolio	NOUN
fsr-3307	417	22	context	context	NOUN
fsr-3307	417	23	.	.	PUNCT
fsr-3307	418	1	these	these	DET
fsr-3307	418	2	two	two	NUM
fsr-3307	418	3	factors	factor	NOUN
fsr-3307	418	4	lead	lead	VERB
fsr-3307	418	5	to	to	ADP
fsr-3307	418	6	binary	binary	ADJ
fsr-3307	418	7	outcomes	outcome	NOUN
fsr-3307	418	8	for	for	ADP
fsr-3307	418	9	longer	long	ADJ
fsr-3307	418	10	term	term	NOUN
fsr-3307	418	11	ladders	ladder	NOUN
fsr-3307	418	12	in	in	ADP
fsr-3307	418	13	which	which	PRON
fsr-3307	418	14	an	an	DET
fsr-3307	418	15	investor	investor	NOUN
fsr-3307	418	16	will	will	AUX
fsr-3307	418	17	hold	hold	VERB
fsr-3307	418	18	either	either	CCONJ
fsr-3307	418	19	the	the	DET
fsr-3307	418	20	bond	bond	NOUN
fsr-3307	418	21	index	index	NOUN
fsr-3307	418	22	or	or	CCONJ
fsr-3307	418	23	the	the	DET
fsr-3307	418	24	longer	long	ADJ
fsr-3307	418	25	term	term	NOUN
fsr-3307	418	26	ladders	ladder	NOUN
fsr-3307	418	27	depending	depend	VERB
fsr-3307	418	28	on	on	ADP
fsr-3307	418	29	the	the	DET
fsr-3307	418	30	investor	investor	NOUN
fsr-3307	418	31	’s	’s	PART
fsr-3307	418	32	risk	risk	NOUN
fsr-3307	418	33	aversion	aversion	NOUN
fsr-3307	418	34	but	but	CCONJ
fsr-3307	418	35	not	not	PART
fsr-3307	418	36	both	both	PRON
fsr-3307	418	37	fixed	fix	VERB
fsr-3307	418	38	income	income	NOUN
fsr-3307	418	39	assets	asset	NOUN
fsr-3307	418	40	at	at	ADP
fsr-3307	418	41	the	the	DET
fsr-3307	418	42	same	same	ADJ
fsr-3307	418	43	time	time	NOUN
fsr-3307	418	44	.	.	PUNCT
fsr-3307	419	1	6	6	X
fsr-3307	419	2	.	.	X
fsr-3307	419	3	conclusion	conclusion	NOUN
fsr-3307	419	4	this	this	DET
fsr-3307	419	5	article	article	NOUN
fsr-3307	419	6	attempts	attempt	VERB
fsr-3307	419	7	to	to	PART
fsr-3307	419	8	bridge	bridge	VERB
fsr-3307	419	9	a	a	DET
fsr-3307	419	10	major	major	ADJ
fsr-3307	419	11	gap	gap	NOUN
fsr-3307	419	12	in	in	ADP
fsr-3307	419	13	personal	personal	ADJ
fsr-3307	419	14	finance	finance	NOUN
fsr-3307	419	15	by	by	ADP
fsr-3307	419	16	addressing	address	VERB
fsr-3307	419	17	a	a	DET
fsr-3307	419	18	popular	popular	ADJ
fsr-3307	419	19	approach	approach	NOUN
fsr-3307	419	20	to	to	ADP
fsr-3307	419	21	bond	bond	NOUN
fsr-3307	419	22	investing	investing	NOUN
fsr-3307	419	23	that	that	PRON
fsr-3307	419	24	is	be	AUX
fsr-3307	419	25	rarely	rarely	ADV
fsr-3307	419	26	mentioned	mention	VERB
fsr-3307	419	27	in	in	ADP
fsr-3307	419	28	the	the	DET
fsr-3307	419	29	academic	academic	ADJ
fsr-3307	419	30	literature	literature	NOUN
fsr-3307	419	31	.	.	PUNCT
fsr-3307	420	1	investors	investor	NOUN
fsr-3307	420	2	are	be	AUX
fsr-3307	420	3	confronted	confront	VERB
fsr-3307	420	4	with	with	ADP
fsr-3307	420	5	a	a	DET
fsr-3307	420	6	choice	choice	NOUN
fsr-3307	420	7	between	between	ADP
fsr-3307	420	8	two	two	NUM
fsr-3307	420	9	similar	similar	ADJ
fsr-3307	420	10	fixed	fix	VERB
fsr-3307	420	11	-	-	PUNCT
fsr-3307	420	12	income	income	NOUN
fsr-3307	420	13	investment	investment	NOUN
fsr-3307	420	14	instruments	instrument	NOUN
fsr-3307	420	15	that	that	PRON
fsr-3307	420	16	are	be	AUX
fsr-3307	420	17	passive	passive	ADJ
fsr-3307	420	18	in	in	ADP
fsr-3307	420	19	nature	nature	NOUN
fsr-3307	420	20	with	with	ADP
fsr-3307	420	21	no	no	DET
fsr-3307	420	22	way	way	NOUN
fsr-3307	420	23	to	to	PART
fsr-3307	420	24	choose	choose	VERB
fsr-3307	420	25	either	either	PRON
fsr-3307	420	26	one	one	NUM
fsr-3307	420	27	or	or	CCONJ
fsr-3307	420	28	both	both	PRON
fsr-3307	420	29	together	together	ADV
fsr-3307	420	30	.	.	PUNCT
fsr-3307	421	1	further	far	ADV
fsr-3307	421	2	,	,	PUNCT
fsr-3307	421	3	there	there	PRON
fsr-3307	421	4	is	be	VERB
fsr-3307	421	5	absolutely	absolutely	ADV
fsr-3307	421	6	no	no	DET
fsr-3307	421	7	objective	objective	ADJ
fsr-3307	421	8	guidance	guidance	NOUN
fsr-3307	421	9	as	as	ADP
fsr-3307	421	10	to	to	ADP
fsr-3307	421	11	the	the	DET
fsr-3307	421	12	proper	proper	ADJ
fsr-3307	421	13	term	term	NOUN
fsr-3307	421	14	of	of	ADP
fsr-3307	421	15	the	the	DET
fsr-3307	421	16	ladder	ladder	NOUN
fsr-3307	421	17	strategy	strategy	NOUN
fsr-3307	421	18	in	in	ADP
fsr-3307	421	19	the	the	DET
fsr-3307	421	20	existing	exist	VERB
fsr-3307	421	21	literature	literature	NOUN
fsr-3307	421	22	.	.	PUNCT
fsr-3307	422	1	198	198	NUM
fsr-3307	422	2	c.s	c.s	PROPN
fsr-3307	422	3	.	.	PROPN
fsr-3307	422	4	cheung	cheung	PROPN
fsr-3307	422	5	,	,	PUNCT
fsr-3307	422	6	p.	p.	PROPN
fsr-3307	422	7	miu	miu	PROPN
fsr-3307	422	8	/	/	SYM
fsr-3307	422	9	financial	financial	ADJ
fsr-3307	422	10	services	service	NOUN
fsr-3307	422	11	review	review	VERB
fsr-3307	422	12	26	26	NUM
fsr-3307	422	13	(	(	PUNCT
fsr-3307	422	14	2017	2017	NUM
fsr-3307	422	15	)	)	PUNCT
fsr-3307	422	16	181–203	181–203	NUM
fsr-3307	422	17	this	this	DET
fsr-3307	422	18	article	article	NOUN
fsr-3307	422	19	offers	offer	VERB
fsr-3307	422	20	insights	insight	NOUN
fsr-3307	422	21	into	into	ADP
fsr-3307	422	22	the	the	DET
fsr-3307	422	23	above	above	ADJ
fsr-3307	422	24	missing	miss	VERB
fsr-3307	422	25	pieces	piece	NOUN
fsr-3307	422	26	.	.	PUNCT
fsr-3307	423	1	first	first	ADV
fsr-3307	423	2	,	,	PUNCT
fsr-3307	423	3	by	by	ADP
fsr-3307	423	4	allowing	allow	VERB
fsr-3307	423	5	the	the	DET
fsr-3307	423	6	risk	risk	NOUN
fsr-3307	423	7	aversion	aversion	NOUN
fsr-3307	423	8	behavior	behavior	NOUN
fsr-3307	423	9	to	to	PART
fsr-3307	423	10	change	change	VERB
fsr-3307	423	11	,	,	PUNCT
fsr-3307	423	12	we	we	PRON
fsr-3307	423	13	show	show	VERB
fsr-3307	423	14	that	that	SCONJ
fsr-3307	423	15	the	the	DET
fsr-3307	423	16	two	two	NUM
fsr-3307	423	17	instruments	instrument	NOUN
fsr-3307	423	18	are	be	AUX
fsr-3307	423	19	suitable	suitable	ADJ
fsr-3307	423	20	for	for	ADP
fsr-3307	423	21	investors	investor	NOUN
fsr-3307	423	22	with	with	ADP
fsr-3307	423	23	different	different	ADJ
fsr-3307	423	24	risk	risk	NOUN
fsr-3307	423	25	preference	preference	NOUN
fsr-3307	423	26	.	.	PUNCT
fsr-3307	424	1	because	because	SCONJ
fsr-3307	424	2	of	of	ADP
fsr-3307	424	3	their	their	PRON
fsr-3307	424	4	risk	risk	NOUN
fsr-3307	424	5	reduction	reduction	NOUN
fsr-3307	424	6	ability	ability	NOUN
fsr-3307	424	7	,	,	PUNCT
fsr-3307	424	8	ladders	ladder	NOUN
fsr-3307	424	9	are	be	AUX
fsr-3307	424	10	particularly	particularly	ADV
fsr-3307	424	11	suitable	suitable	ADJ
fsr-3307	424	12	for	for	ADP
fsr-3307	424	13	conservative	conservative	ADJ
fsr-3307	424	14	investors	investor	NOUN
fsr-3307	424	15	with	with	ADP
fsr-3307	424	16	somewhat	somewhat	ADV
fsr-3307	424	17	higher	high	ADJ
fsr-3307	424	18	degrees	degree	NOUN
fsr-3307	424	19	of	of	ADP
fsr-3307	424	20	risk	risk	NOUN
fsr-3307	424	21	aversion	aversion	NOUN
fsr-3307	424	22	.	.	PUNCT
fsr-3307	425	1	second	second	ADJ
fsr-3307	425	2	,	,	PUNCT
fsr-3307	425	3	longer	long	ADJ
fsr-3307	425	4	term	term	NOUN
fsr-3307	425	5	ladders	ladder	NOUN
fsr-3307	425	6	appear	appear	VERB
fsr-3307	425	7	to	to	PART
fsr-3307	425	8	offer	offer	VERB
fsr-3307	425	9	investors	investor	NOUN
fsr-3307	425	10	a	a	DET
fsr-3307	425	11	better	well	ADJ
fsr-3307	425	12	risk	risk	NOUN
fsr-3307	425	13	-	-	PUNCT
fsr-3307	425	14	return	return	NOUN
fsr-3307	425	15	tradeoff	tradeoff	NOUN
fsr-3307	425	16	than	than	ADP
fsr-3307	425	17	shorter	short	ADJ
fsr-3307	425	18	term	term	NOUN
fsr-3307	425	19	ladders	ladder	NOUN
fsr-3307	425	20	.	.	PUNCT
fsr-3307	426	1	this	this	PRON
fsr-3307	426	2	is	be	AUX
fsr-3307	426	3	especially	especially	ADV
fsr-3307	426	4	true	true	ADJ
fsr-3307	426	5	for	for	ADP
fsr-3307	426	6	investors	investor	NOUN
fsr-3307	426	7	who	who	PRON
fsr-3307	426	8	believe	believe	VERB
fsr-3307	426	9	that	that	SCONJ
fsr-3307	426	10	marking	mark	VERB
fsr-3307	426	11	to	to	ADP
fsr-3307	426	12	market	market	NOUN
fsr-3307	426	13	is	be	AUX
fsr-3307	426	14	not	not	PART
fsr-3307	426	15	necessary	necessary	ADJ
fsr-3307	426	16	as	as	SCONJ
fsr-3307	426	17	all	all	DET
fsr-3307	426	18	bonds	bond	NOUN
fsr-3307	426	19	are	be	AUX
fsr-3307	426	20	held	hold	VERB
fsr-3307	426	21	till	till	SCONJ
fsr-3307	426	22	maturity	maturity	NOUN
fsr-3307	426	23	.	.	PUNCT
fsr-3307	427	1	third	third	ADJ
fsr-3307	427	2	,	,	PUNCT
fsr-3307	427	3	marking	mark	VERB
fsr-3307	427	4	to	to	ADP
fsr-3307	427	5	the	the	DET
fsr-3307	427	6	market	market	NOUN
fsr-3307	427	7	in	in	ADP
fsr-3307	427	8	general	general	ADJ
fsr-3307	427	9	raises	raise	VERB
fsr-3307	427	10	the	the	DET
fsr-3307	427	11	correlations	correlation	NOUN
fsr-3307	427	12	between	between	ADP
fsr-3307	427	13	ladders	ladder	NOUN
fsr-3307	427	14	and	and	CCONJ
fsr-3307	427	15	the	the	DET
fsr-3307	427	16	bond	bond	NOUN
fsr-3307	427	17	index	index	NOUN
fsr-3307	427	18	,	,	PUNCT
fsr-3307	427	19	and	and	CCONJ
fsr-3307	427	20	increases	increase	VERB
fsr-3307	427	21	the	the	DET
fsr-3307	427	22	risk	risk	NOUN
fsr-3307	427	23	of	of	ADP
fsr-3307	427	24	ladders	ladder	NOUN
fsr-3307	427	25	as	as	ADP
fsr-3307	427	26	the	the	DET
fsr-3307	427	27	term	term	NOUN
fsr-3307	427	28	increases	increase	VERB
fsr-3307	427	29	.	.	PUNCT
fsr-3307	428	1	this	this	PRON
fsr-3307	428	2	dampens	dampen	VERB
fsr-3307	428	3	the	the	DET
fsr-3307	428	4	usefulness	usefulness	NOUN
fsr-3307	428	5	of	of	ADP
fsr-3307	428	6	longer	long	ADJ
fsr-3307	428	7	term	term	NOUN
fsr-3307	428	8	ladders	ladder	NOUN
fsr-3307	428	9	except	except	SCONJ
fsr-3307	428	10	for	for	ADP
fsr-3307	428	11	the	the	DET
fsr-3307	428	12	most	most	ADV
fsr-3307	428	13	conservative	conservative	ADJ
fsr-3307	428	14	investors	investor	NOUN
fsr-3307	428	15	.	.	PUNCT
fsr-3307	429	1	the	the	DET
fsr-3307	429	2	higher	high	ADJ
fsr-3307	429	3	correlations	correlation	NOUN
fsr-3307	429	4	also	also	ADV
fsr-3307	429	5	make	make	VERB
fsr-3307	429	6	the	the	DET
fsr-3307	429	7	coexistence	coexistence	NOUN
fsr-3307	429	8	of	of	ADP
fsr-3307	429	9	longer	long	ADJ
fsr-3307	429	10	term	term	NOUN
fsr-3307	429	11	ladders	ladder	NOUN
fsr-3307	429	12	and	and	CCONJ
fsr-3307	429	13	the	the	DET
fsr-3307	429	14	bond	bond	NOUN
fsr-3307	429	15	index	index	NOUN
fsr-3307	429	16	less	less	ADV
fsr-3307	429	17	likely	likely	ADV
fsr-3307	429	18	.	.	PUNCT
fsr-3307	430	1	fourth	fourth	ADJ
fsr-3307	430	2	,	,	PUNCT
fsr-3307	430	3	ladders	ladder	NOUN
fsr-3307	430	4	and	and	CCONJ
fsr-3307	430	5	bond	bond	NOUN
fsr-3307	430	6	index	index	NOUN
fsr-3307	430	7	may	may	AUX
fsr-3307	430	8	coexist	coexist	VERB
fsr-3307	430	9	within	within	ADP
fsr-3307	430	10	an	an	DET
fsr-3307	430	11	optimal	optimal	ADJ
fsr-3307	430	12	portfolio	portfolio	NOUN
fsr-3307	430	13	to	to	PART
fsr-3307	430	14	improve	improve	VERB
fsr-3307	430	15	the	the	DET
fsr-3307	430	16	risk	risk	NOUN
fsr-3307	430	17	-	-	PUNCT
fsr-3307	430	18	adjusted	adjust	VERB
fsr-3307	430	19	return	return	NOUN
fsr-3307	430	20	especially	especially	ADV
fsr-3307	430	21	for	for	ADP
fsr-3307	430	22	investors	investor	NOUN
fsr-3307	430	23	with	with	ADP
fsr-3307	430	24	moderate	moderate	ADJ
fsr-3307	430	25	risk	risk	NOUN
fsr-3307	430	26	aversion	aversion	NOUN
fsr-3307	430	27	in	in	ADP
fsr-3307	430	28	the	the	DET
fsr-3307	430	29	world	world	NOUN
fsr-3307	430	30	without	without	ADP
fsr-3307	430	31	mtm	mtm	PROPN
fsr-3307	430	32	.	.	PROPN
fsr-3307	430	33	in	in	ADP
fsr-3307	430	34	the	the	DET
fsr-3307	430	35	case	case	NOUN
fsr-3307	430	36	of	of	ADP
fsr-3307	430	37	mtm	mtm	PROPN
fsr-3307	430	38	,	,	PUNCT
fsr-3307	430	39	the	the	DET
fsr-3307	430	40	coexistence	coexistence	NOUN
fsr-3307	430	41	of	of	ADP
fsr-3307	430	42	both	both	DET
fsr-3307	430	43	fixed	fix	VERB
fsr-3307	430	44	income	income	NOUN
fsr-3307	430	45	assets	asset	NOUN
fsr-3307	430	46	is	be	AUX
fsr-3307	430	47	likely	likely	ADJ
fsr-3307	430	48	only	only	ADV
fsr-3307	430	49	for	for	ADP
fsr-3307	430	50	shorter	short	ADJ
fsr-3307	430	51	term	term	NOUN
fsr-3307	430	52	ladders	ladder	NOUN
fsr-3307	430	53	.	.	PUNCT
fsr-3307	431	1	marking	mark	VERB
fsr-3307	431	2	to	to	ADP
fsr-3307	431	3	the	the	DET
fsr-3307	431	4	market	market	NOUN
fsr-3307	431	5	has	have	VERB
fsr-3307	431	6	a	a	DET
fsr-3307	431	7	profound	profound	ADJ
fsr-3307	431	8	effect	effect	NOUN
fsr-3307	431	9	on	on	ADP
fsr-3307	431	10	the	the	DET
fsr-3307	431	11	composition	composition	NOUN
fsr-3307	431	12	of	of	ADP
fsr-3307	431	13	the	the	DET
fsr-3307	431	14	fixed	fix	VERB
fsr-3307	431	15	-	-	PUNCT
fsr-3307	431	16	income	income	NOUN
fsr-3307	431	17	assets	asset	NOUN
fsr-3307	431	18	in	in	ADP
fsr-3307	431	19	an	an	DET
fsr-3307	431	20	optimal	optimal	ADJ
fsr-3307	431	21	portfolio	portfolio	NOUN
fsr-3307	431	22	.	.	PUNCT
fsr-3307	432	1	first	first	ADV
fsr-3307	432	2	,	,	PUNCT
fsr-3307	432	3	it	it	PRON
fsr-3307	432	4	makes	make	VERB
fsr-3307	432	5	fixed	fix	VERB
fsr-3307	432	6	-	-	PUNCT
fsr-3307	432	7	income	income	NOUN
fsr-3307	432	8	assets	asset	NOUN
fsr-3307	432	9	as	as	ADP
fsr-3307	432	10	a	a	DET
fsr-3307	432	11	group	group	NOUN
fsr-3307	432	12	less	less	ADV
fsr-3307	432	13	attractive	attractive	ADJ
fsr-3307	432	14	as	as	SCONJ
fsr-3307	432	15	mtm	mtm	PROPN
fsr-3307	432	16	heightens	heighten	VERB
fsr-3307	432	17	the	the	DET
fsr-3307	432	18	correlation	correlation	NOUN
fsr-3307	432	19	structure	structure	NOUN
fsr-3307	432	20	of	of	ADP
fsr-3307	432	21	fixed	fix	VERB
fsr-3307	432	22	-	-	PUNCT
fsr-3307	432	23	income	income	NOUN
fsr-3307	432	24	assets	asset	NOUN
fsr-3307	432	25	.	.	PUNCT
fsr-3307	433	1	second	second	ADJ
fsr-3307	433	2	,	,	PUNCT
fsr-3307	433	3	it	it	PRON
fsr-3307	433	4	affects	affect	VERB
fsr-3307	433	5	the	the	DET
fsr-3307	433	6	decision	decision	NOUN
fsr-3307	433	7	to	to	PART
fsr-3307	433	8	go	go	VERB
fsr-3307	433	9	with	with	ADP
fsr-3307	433	10	a	a	DET
fsr-3307	433	11	long	long	ADJ
fsr-3307	433	12	term	term	NOUN
fsr-3307	433	13	ladder	ladder	NOUN
fsr-3307	433	14	or	or	CCONJ
fsr-3307	433	15	a	a	DET
fsr-3307	433	16	short	short	ADJ
fsr-3307	433	17	term	term	NOUN
fsr-3307	433	18	ladder	ladder	NOUN
fsr-3307	433	19	.	.	PUNCT
fsr-3307	434	1	if	if	SCONJ
fsr-3307	434	2	an	an	DET
fsr-3307	434	3	investor	investor	NOUN
fsr-3307	434	4	believes	believe	VERB
fsr-3307	434	5	mtm	mtm	PROPN
fsr-3307	434	6	is	be	AUX
fsr-3307	434	7	unimportant	unimportant	ADJ
fsr-3307	434	8	because	because	SCONJ
fsr-3307	434	9	the	the	DET
fsr-3307	434	10	bonds	bond	NOUN
fsr-3307	434	11	are	be	AUX
fsr-3307	434	12	held	hold	VERB
fsr-3307	434	13	till	till	SCONJ
fsr-3307	434	14	maturity	maturity	NOUN
fsr-3307	434	15	,	,	PUNCT
fsr-3307	434	16	the	the	DET
fsr-3307	434	17	longest	long	ADJ
fsr-3307	434	18	term	term	NOUN
fsr-3307	434	19	ladder	ladder	NOUN
fsr-3307	434	20	offers	offer	VERB
fsr-3307	434	21	the	the	DET
fsr-3307	434	22	best	good	ADJ
fsr-3307	434	23	outcome	outcome	NOUN
fsr-3307	434	24	.	.	PUNCT
fsr-3307	435	1	finally	finally	ADV
fsr-3307	435	2	,	,	PUNCT
fsr-3307	435	3	it	it	PRON
fsr-3307	435	4	reduces	reduce	VERB
fsr-3307	435	5	the	the	DET
fsr-3307	435	6	likelihood	likelihood	NOUN
fsr-3307	435	7	that	that	SCONJ
fsr-3307	435	8	the	the	DET
fsr-3307	435	9	two	two	NUM
fsr-3307	435	10	fixed	fix	VERB
fsr-3307	435	11	-	-	PUNCT
fsr-3307	435	12	income	income	NOUN
fsr-3307	435	13	assets	asset	NOUN
fsr-3307	435	14	will	will	AUX
fsr-3307	435	15	coexist	coexist	VERB
fsr-3307	435	16	in	in	ADP
fsr-3307	435	17	a	a	DET
fsr-3307	435	18	portfolio	portfolio	NOUN
fsr-3307	435	19	as	as	ADP
fsr-3307	435	20	longer	long	ADJ
fsr-3307	435	21	term	term	NOUN
fsr-3307	435	22	ladders	ladder	NOUN
fsr-3307	435	23	act	act	VERB
fsr-3307	435	24	like	like	ADP
fsr-3307	435	25	the	the	DET
fsr-3307	435	26	bond	bond	NOUN
fsr-3307	435	27	index	index	NOUN
fsr-3307	435	28	.	.	PUNCT
fsr-3307	436	1	notes	note	VERB
fsr-3307	436	2	1	1	NUM
fsr-3307	436	3	see	see	VERB
fsr-3307	436	4	,	,	PUNCT
fsr-3307	436	5	for	for	ADP
fsr-3307	436	6	example	example	NOUN
fsr-3307	436	7	,	,	PUNCT
fsr-3307	436	8	the	the	DET
fsr-3307	436	9	coverage	coverage	NOUN
fsr-3307	436	10	of	of	ADP
fsr-3307	436	11	the	the	DET
fsr-3307	436	12	strategy	strategy	NOUN
fsr-3307	436	13	in	in	ADP
fsr-3307	436	14	hirt	hirt	PROPN
fsr-3307	436	15	,	,	PUNCT
fsr-3307	436	16	block	block	NOUN
fsr-3307	436	17	,	,	PUNCT
fsr-3307	436	18	and	and	CCONJ
fsr-3307	436	19	basu	basu	PROPN
fsr-3307	436	20	(	(	PUNCT
fsr-3307	436	21	2008	2008	NUM
fsr-3307	436	22	,	,	PUNCT
fsr-3307	436	23	chapter	chapter	NOUN
fsr-3307	436	24	12	12	NUM
fsr-3307	436	25	)	)	PUNCT
fsr-3307	436	26	,	,	PUNCT
fsr-3307	436	27	bernstein	bernstein	PROPN
fsr-3307	436	28	(	(	PUNCT
fsr-3307	436	29	2003	2003	NUM
fsr-3307	436	30	)	)	PUNCT
fsr-3307	436	31	,	,	PUNCT
fsr-3307	436	32	bohlin	bohlin	PROPN
fsr-3307	436	33	and	and	CCONJ
fsr-3307	436	34	strickland	strickland	PROPN
fsr-3307	436	35	(	(	PUNCT
fsr-3307	436	36	2004	2004	NUM
fsr-3307	436	37	)	)	PUNCT
fsr-3307	436	38	,	,	PUNCT
fsr-3307	436	39	and	and	CCONJ
fsr-3307	436	40	scatizzi	scatizzi	PROPN
fsr-3307	436	41	(	(	PUNCT
fsr-3307	436	42	2009	2009	NUM
fsr-3307	436	43	)	)	PUNCT
fsr-3307	436	44	.	.	PUNCT
fsr-3307	437	1	2	2	NUM
fsr-3307	437	2	fabozzi	fabozzi	NOUN
fsr-3307	437	3	(	(	PUNCT
fsr-3307	437	4	2007	2007	NUM
fsr-3307	437	5	)	)	PUNCT
fsr-3307	437	6	mentions	mention	VERB
fsr-3307	437	7	the	the	DET
fsr-3307	437	8	ladder	ladder	NOUN
fsr-3307	437	9	strategy	strategy	NOUN
fsr-3307	437	10	in	in	ADP
fsr-3307	437	11	the	the	DET
fsr-3307	437	12	context	context	NOUN
fsr-3307	437	13	of	of	ADP
fsr-3307	437	14	active	active	ADJ
fsr-3307	437	15	yield	yield	NOUN
fsr-3307	437	16	curve	curve	NOUN
fsr-3307	437	17	strategies	strategy	NOUN
fsr-3307	437	18	for	for	ADP
fsr-3307	437	19	investment	investment	NOUN
fsr-3307	437	20	professionals	professional	NOUN
fsr-3307	437	21	.	.	PUNCT
fsr-3307	438	1	his	his	PRON
fsr-3307	438	2	focus	focus	NOUN
fsr-3307	438	3	there	there	PRON
fsr-3307	438	4	is	be	VERB
fsr-3307	438	5	on	on	ADP
fsr-3307	438	6	comparing	compare	VERB
fsr-3307	438	7	the	the	DET
fsr-3307	438	8	return	return	NOUN
fsr-3307	438	9	performance	performance	NOUN
fsr-3307	438	10	of	of	ADP
fsr-3307	438	11	a	a	DET
fsr-3307	438	12	barbell	barbell	NOUN
fsr-3307	438	13	strategy	strategy	NOUN
fsr-3307	438	14	versus	versus	ADP
fsr-3307	438	15	a	a	DET
fsr-3307	438	16	bullet	bullet	NOUN
fsr-3307	438	17	strategy	strategy	NOUN
fsr-3307	438	18	when	when	SCONJ
fsr-3307	438	19	the	the	DET
fsr-3307	438	20	yield	yield	NOUN
fsr-3307	438	21	curve	curve	NOUN
fsr-3307	438	22	shifts	shift	NOUN
fsr-3307	438	23	,	,	PUNCT
fsr-3307	438	24	whereas	whereas	SCONJ
fsr-3307	438	25	retail	retail	ADJ
fsr-3307	438	26	investors	investor	NOUN
fsr-3307	438	27	/	/	SYM
fsr-3307	438	28	advisors	advisor	NOUN
fsr-3307	438	29	use	use	VERB
fsr-3307	438	30	laddered	ladder	VERB
fsr-3307	438	31	portfolios	portfolio	NOUN
fsr-3307	438	32	as	as	ADP
fsr-3307	438	33	a	a	DET
fsr-3307	438	34	passive	passive	ADJ
fsr-3307	438	35	strategy	strategy	NOUN
fsr-3307	438	36	.	.	PUNCT
fsr-3307	439	1	laddered	ladder	VERB
fsr-3307	439	2	portfolios	portfolio	NOUN
fsr-3307	439	3	as	as	SCONJ
fsr-3307	439	4	examined	examine	VERB
fsr-3307	439	5	in	in	ADP
fsr-3307	439	6	the	the	DET
fsr-3307	439	7	academic	academic	ADJ
fsr-3307	439	8	literature	literature	NOUN
fsr-3307	439	9	are	be	AUX
fsr-3307	439	10	usually	usually	ADV
fsr-3307	439	11	in	in	ADP
fsr-3307	439	12	conjunction	conjunction	NOUN
fsr-3307	439	13	with	with	ADP
fsr-3307	439	14	barbells	barbell	NOUN
fsr-3307	439	15	and	and	CCONJ
fsr-3307	439	16	bullets	bullet	NOUN
fsr-3307	439	17	.	.	PUNCT
fsr-3307	440	1	again	again	ADV
fsr-3307	440	2	,	,	PUNCT
fsr-3307	440	3	as	as	ADP
fsr-3307	440	4	in	in	ADP
fsr-3307	440	5	the	the	DET
fsr-3307	440	6	case	case	NOUN
fsr-3307	440	7	of	of	ADP
fsr-3307	440	8	fabozzi	fabozzi	NOUN
fsr-3307	440	9	,	,	PUNCT
fsr-3307	440	10	the	the	DET
fsr-3307	440	11	emphasis	emphasis	NOUN
fsr-3307	440	12	is	be	AUX
fsr-3307	440	13	on	on	ADP
fsr-3307	440	14	the	the	DET
fsr-3307	440	15	risk	risk	NOUN
fsr-3307	440	16	-	-	PUNCT
fsr-3307	440	17	return	return	NOUN
fsr-3307	440	18	characteristics	characteristic	NOUN
fsr-3307	440	19	of	of	ADP
fsr-3307	440	20	various	various	ADJ
fsr-3307	440	21	active	active	ADJ
fsr-3307	440	22	bond	bond	NOUN
fsr-3307	440	23	strategies	strategy	NOUN
fsr-3307	440	24	as	as	SCONJ
fsr-3307	440	25	interest	interest	NOUN
fsr-3307	440	26	rates	rate	NOUN
fsr-3307	440	27	changes	change	NOUN
fsr-3307	440	28	.	.	PUNCT
fsr-3307	441	1	3	3	NUM
fsr-3307	441	2	fabozzi	fabozzi	NOUN
fsr-3307	441	3	(	(	PUNCT
fsr-3307	441	4	1995	1995	NUM
fsr-3307	441	5	)	)	PUNCT
fsr-3307	441	6	is	be	AUX
fsr-3307	441	7	the	the	DET
fsr-3307	441	8	refreshing	refreshing	ADJ
fsr-3307	441	9	exception	exception	NOUN
fsr-3307	441	10	in	in	ADP
fsr-3307	441	11	which	which	PRON
fsr-3307	441	12	laddering	ladder	VERB
fsr-3307	441	13	is	be	AUX
fsr-3307	441	14	mentioned	mention	VERB
fsr-3307	441	15	.	.	PUNCT
fsr-3307	442	1	again	again	ADV
fsr-3307	442	2	,	,	PUNCT
fsr-3307	442	3	its	its	PRON
fsr-3307	442	4	mention	mention	NOUN
fsr-3307	442	5	is	be	AUX
fsr-3307	442	6	in	in	ADP
fsr-3307	442	7	the	the	DET
fsr-3307	442	8	context	context	NOUN
fsr-3307	442	9	of	of	ADP
fsr-3307	442	10	interest	interest	NOUN
fsr-3307	442	11	rate	rate	NOUN
fsr-3307	442	12	risk	risk	NOUN
fsr-3307	442	13	and	and	CCONJ
fsr-3307	442	14	the	the	DET
fsr-3307	442	15	comparison	comparison	NOUN
fsr-3307	442	16	is	be	AUX
fsr-3307	442	17	against	against	ADP
fsr-3307	442	18	active	active	ADJ
fsr-3307	442	19	barbell	barbell	NOUN
fsr-3307	442	20	and	and	CCONJ
fsr-3307	442	21	bullet	bullet	NOUN
fsr-3307	442	22	strategies	strategy	NOUN
fsr-3307	442	23	.	.	PUNCT
fsr-3307	443	1	4	4	NUM
fsr-3307	443	2	see	see	VERB
fsr-3307	443	3	,	,	PUNCT
fsr-3307	443	4	for	for	ADP
fsr-3307	443	5	example	example	NOUN
fsr-3307	443	6	,	,	PUNCT
fsr-3307	443	7	ingersoll	ingersoll	PROPN
fsr-3307	443	8	(	(	PUNCT
fsr-3307	443	9	1987	1987	NUM
fsr-3307	443	10	,	,	PUNCT
fsr-3307	443	11	chapter	chapter	NOUN
fsr-3307	443	12	4	4	NUM
fsr-3307	443	13	)	)	PUNCT
fsr-3307	443	14	,	,	PUNCT
fsr-3307	443	15	for	for	ADP
fsr-3307	443	16	the	the	DET
fsr-3307	443	17	derivation	derivation	NOUN
fsr-3307	443	18	.	.	PUNCT
fsr-3307	444	1	5	5	NUM
fsr-3307	444	2	some	some	PRON
fsr-3307	444	3	may	may	AUX
fsr-3307	444	4	construct	construct	VERB
fsr-3307	444	5	a	a	DET
fsr-3307	444	6	ladder	ladder	NOUN
fsr-3307	444	7	by	by	ADP
fsr-3307	444	8	using	use	VERB
fsr-3307	444	9	bonds	bond	NOUN
fsr-3307	444	10	maturing	mature	VERB
fsr-3307	444	11	every	every	DET
fsr-3307	444	12	six	six	NUM
fsr-3307	444	13	months	month	NOUN
fsr-3307	444	14	or	or	CCONJ
fsr-3307	444	15	every	every	DET
fsr-3307	444	16	three	three	NUM
fsr-3307	444	17	months	month	NOUN
fsr-3307	444	18	.	.	PUNCT
fsr-3307	445	1	in	in	ADP
fsr-3307	445	2	the	the	DET
fsr-3307	445	3	case	case	NOUN
fsr-3307	445	4	of	of	ADP
fsr-3307	445	5	a	a	DET
fsr-3307	445	6	five	five	NUM
fsr-3307	445	7	-	-	PUNCT
fsr-3307	445	8	year	year	NOUN
fsr-3307	445	9	ladder	ladder	NOUN
fsr-3307	445	10	using	use	VERB
fsr-3307	445	11	bonds	bond	NOUN
fsr-3307	445	12	maturing	mature	VERB
fsr-3307	445	13	every	every	DET
fsr-3307	445	14	six	six	NUM
fsr-3307	445	15	months	month	NOUN
fsr-3307	445	16	,	,	PUNCT
fsr-3307	445	17	the	the	DET
fsr-3307	445	18	ladder	ladder	NOUN
fsr-3307	445	19	will	will	AUX
fsr-3307	445	20	consist	consist	VERB
fsr-3307	445	21	of	of	ADP
fsr-3307	445	22	the	the	DET
fsr-3307	445	23	six	six	NUM
fsr-3307	445	24	-	-	PUNCT
fsr-3307	445	25	month	month	NOUN
fsr-3307	445	26	bond	bond	NOUN
fsr-3307	445	27	,	,	PUNCT
fsr-3307	445	28	one	one	NUM
fsr-3307	445	29	-	-	PUNCT
fsr-3307	445	30	year	year	NOUN
fsr-3307	445	31	bond	bond	NOUN
fsr-3307	445	32	,	,	PUNCT
fsr-3307	445	33	1	1	NUM
fsr-3307	445	34	1/2	1/2	NUM
fsr-3307	445	35	-	-	PUNCT
fsr-3307	445	36	year	year	NOUN
fsr-3307	445	37	bond	bond	NOUN
fsr-3307	445	38	,	,	PUNCT
fsr-3307	445	39	.	.	PUNCT
fsr-3307	445	40	.	.	PUNCT
fsr-3307	446	1	.	.	PUNCT
fsr-3307	447	1	,	,	PUNCT
fsr-3307	447	2	and	and	CCONJ
fsr-3307	447	3	the	the	DET
fsr-3307	447	4	five	five	NUM
fsr-3307	447	5	-	-	PUNCT
fsr-3307	447	6	year	year	NOUN
fsr-3307	447	7	bond	bond	NOUN
fsr-3307	447	8	.	.	PUNCT
fsr-3307	448	1	the	the	DET
fsr-3307	448	2	six	six	NUM
fsr-3307	448	3	-	-	PUNCT
fsr-3307	448	4	month	month	NOUN
fsr-3307	448	5	bond	bond	NOUN
fsr-3307	448	6	maturing	mature	VERB
fsr-3307	448	7	six	six	NUM
fsr-3307	448	8	month	month	NOUN
fsr-3307	448	9	later	later	ADV
fsr-3307	448	10	will	will	AUX
fsr-3307	448	11	be	be	AUX
fsr-3307	448	12	reinvested	reinveste	VERB
fsr-3307	448	13	in	in	ADP
fsr-3307	448	14	a	a	DET
fsr-3307	448	15	new	new	ADJ
fsr-3307	448	16	five	five	NUM
fsr-3307	448	17	-	-	PUNCT
fsr-3307	448	18	year	year	NOUN
fsr-3307	448	19	bond	bond	NOUN
fsr-3307	448	20	.	.	PUNCT
fsr-3307	449	1	the	the	DET
fsr-3307	449	2	initial	initial	ADJ
fsr-3307	449	3	one	one	NUM
fsr-3307	449	4	-	-	PUNCT
fsr-3307	449	5	year	year	NOUN
fsr-3307	449	6	bond	bond	NOUN
fsr-3307	449	7	maturing	mature	VERB
fsr-3307	449	8	one	one	NUM
fsr-3307	449	9	year	year	NOUN
fsr-3307	449	10	later	later	ADV
fsr-3307	449	11	will	will	AUX
fsr-3307	449	12	be	be	AUX
fsr-3307	449	13	reinvested	reinveste	VERB
fsr-3307	449	14	in	in	ADP
fsr-3307	449	15	a	a	DET
fsr-3307	449	16	five	five	NUM
fsr-3307	449	17	-	-	PUNCT
fsr-3307	449	18	year	year	NOUN
fsr-3307	449	19	bond	bond	NOUN
fsr-3307	449	20	to	to	PART
fsr-3307	449	21	maintain	maintain	VERB
fsr-3307	449	22	the	the	DET
fsr-3307	449	23	same	same	ADJ
fsr-3307	449	24	maturity	maturity	NOUN
fsr-3307	449	25	structure	structure	NOUN
fsr-3307	449	26	.	.	PUNCT
fsr-3307	450	1	a	a	DET
fsr-3307	450	2	new	new	ADJ
fsr-3307	450	3	five	five	NUM
fsr-3307	450	4	-	-	PUNCT
fsr-3307	450	5	year	year	NOUN
fsr-3307	450	6	199c.s	199c.s	NUM
fsr-3307	450	7	.	.	PUNCT
fsr-3307	450	8	cheung	cheung	PROPN
fsr-3307	450	9	,	,	PUNCT
fsr-3307	450	10	p.	p.	PROPN
fsr-3307	450	11	miu	miu	PROPN
fsr-3307	450	12	/	/	SYM
fsr-3307	450	13	financial	financial	ADJ
fsr-3307	450	14	services	service	NOUN
fsr-3307	450	15	review	review	VERB
fsr-3307	450	16	26	26	NUM
fsr-3307	450	17	(	(	PUNCT
fsr-3307	450	18	2017	2017	NUM
fsr-3307	450	19	)	)	PUNCT
fsr-3307	450	20	181–203	181–203	NUM
fsr-3307	450	21	bond	bond	NOUN
fsr-3307	450	22	will	will	AUX
fsr-3307	450	23	be	be	AUX
fsr-3307	450	24	bought	buy	VERB
fsr-3307	450	25	every	every	DET
fsr-3307	450	26	6	6	NUM
fsr-3307	450	27	months	month	NOUN
fsr-3307	450	28	in	in	ADP
fsr-3307	450	29	this	this	DET
fsr-3307	450	30	case	case	NOUN
fsr-3307	450	31	.	.	PUNCT
fsr-3307	451	1	the	the	DET
fsr-3307	451	2	return	return	NOUN
fsr-3307	451	3	on	on	ADP
fsr-3307	451	4	this	this	DET
fsr-3307	451	5	ladder	ladder	NOUN
fsr-3307	451	6	portfolio	portfolio	NOUN
fsr-3307	451	7	is	be	AUX
fsr-3307	451	8	again	again	ADV
fsr-3307	451	9	simply	simply	ADV
fsr-3307	451	10	an	an	DET
fsr-3307	451	11	equally	equally	ADV
fsr-3307	451	12	weighted	weight	VERB
fsr-3307	451	13	average	average	NOUN
fsr-3307	451	14	of	of	ADP
fsr-3307	451	15	past	past	NOUN
fsr-3307	451	16	and	and	CCONJ
fsr-3307	451	17	current	current	ADJ
fsr-3307	451	18	five	five	NUM
fsr-3307	451	19	-	-	PUNCT
fsr-3307	451	20	year	year	NOUN
fsr-3307	451	21	bond	bond	NOUN
fsr-3307	451	22	returns	return	NOUN
fsr-3307	451	23	.	.	PUNCT
fsr-3307	452	1	while	while	SCONJ
fsr-3307	452	2	ladders	ladder	NOUN
fsr-3307	452	3	can	can	AUX
fsr-3307	452	4	be	be	AUX
fsr-3307	452	5	built	build	VERB
fsr-3307	452	6	with	with	ADP
fsr-3307	452	7	different	different	ADJ
fsr-3307	452	8	“	"	PUNCT
fsr-3307	452	9	steps	step	NOUN
fsr-3307	452	10	”	"	PUNCT
fsr-3307	452	11	such	such	ADJ
fsr-3307	452	12	as	as	ADP
fsr-3307	452	13	six	six	NUM
fsr-3307	452	14	months	month	NOUN
fsr-3307	452	15	or	or	CCONJ
fsr-3307	452	16	three	three	NUM
fsr-3307	452	17	months	month	NOUN
fsr-3307	452	18	,	,	PUNCT
fsr-3307	452	19	our	our	PRON
fsr-3307	452	20	statement	statement	NOUN
fsr-3307	452	21	that	that	SCONJ
fsr-3307	452	22	the	the	DET
fsr-3307	452	23	portfolio	portfolio	NOUN
fsr-3307	452	24	return	return	NOUN
fsr-3307	452	25	is	be	AUX
fsr-3307	452	26	simply	simply	ADV
fsr-3307	452	27	an	an	DET
fsr-3307	452	28	equally	equally	ADV
fsr-3307	452	29	weighted	weight	VERB
fsr-3307	452	30	average	average	NOUN
fsr-3307	452	31	of	of	ADP
fsr-3307	452	32	past	past	NOUN
fsr-3307	452	33	and	and	CCONJ
fsr-3307	452	34	current	current	ADJ
fsr-3307	452	35	five	five	NUM
fsr-3307	452	36	-	-	PUNCT
fsr-3307	452	37	year	year	NOUN
fsr-3307	452	38	bond	bond	NOUN
fsr-3307	452	39	returns	return	NOUN
fsr-3307	452	40	remains	remain	VERB
fsr-3307	452	41	true	true	ADJ
fsr-3307	452	42	.	.	PUNCT
fsr-3307	453	1	we	we	PRON
fsr-3307	453	2	use	use	VERB
fsr-3307	453	3	bonds	bond	NOUN
fsr-3307	453	4	maturing	mature	VERB
fsr-3307	453	5	every	every	DET
fsr-3307	453	6	year	year	NOUN
fsr-3307	453	7	in	in	ADP
fsr-3307	453	8	the	the	DET
fsr-3307	453	9	construction	construction	NOUN
fsr-3307	453	10	of	of	ADP
fsr-3307	453	11	ladder	ladder	NOUN
fsr-3307	453	12	portfolios	portfolio	NOUN
fsr-3307	453	13	in	in	ADP
fsr-3307	453	14	this	this	DET
fsr-3307	453	15	article	article	NOUN
fsr-3307	453	16	.	.	PUNCT
fsr-3307	454	1	6	6	NUM
fsr-3307	454	2	the	the	DET
fsr-3307	454	3	annual	annual	ADJ
fsr-3307	454	4	yield	yield	NOUN
fsr-3307	454	5	data	datum	NOUN
fsr-3307	454	6	of	of	ADP
fsr-3307	454	7	bonds	bond	NOUN
fsr-3307	454	8	of	of	ADP
fsr-3307	454	9	other	other	ADJ
fsr-3307	454	10	maturities	maturity	NOUN
fsr-3307	454	11	are	be	AUX
fsr-3307	454	12	also	also	ADV
fsr-3307	454	13	obtained	obtain	VERB
fsr-3307	454	14	to	to	PART
fsr-3307	454	15	address	address	VERB
fsr-3307	454	16	the	the	DET
fsr-3307	454	17	“	"	PUNCT
fsr-3307	454	18	mark	mark	VERB
fsr-3307	454	19	-	-	PUNCT
fsr-3307	454	20	to	to	ADP
fsr-3307	454	21	-	-	PUNCT
fsr-3307	454	22	the	the	DET
fsr-3307	454	23	-	-	PUNCT
fsr-3307	454	24	market	market	NOUN
fsr-3307	454	25	”	"	PUNCT
fsr-3307	454	26	issue	issue	NOUN
fsr-3307	454	27	as	as	SCONJ
fsr-3307	454	28	explained	explain	VERB
fsr-3307	454	29	later	later	ADV
fsr-3307	454	30	.	.	PUNCT
fsr-3307	455	1	7	7	NUM
fsr-3307	455	2	it	it	PRON
fsr-3307	455	3	would	would	AUX
fsr-3307	455	4	appear	appear	VERB
fsr-3307	455	5	that	that	SCONJ
fsr-3307	455	6	we	we	PRON
fsr-3307	455	7	have	have	AUX
fsr-3307	455	8	ignored	ignore	VERB
fsr-3307	455	9	the	the	DET
fsr-3307	455	10	reinvestment	reinvestment	NOUN
fsr-3307	455	11	of	of	ADP
fsr-3307	455	12	coupons	coupon	NOUN
fsr-3307	455	13	at	at	ADP
fsr-3307	455	14	returns	return	NOUN
fsr-3307	455	15	different	different	ADJ
fsr-3307	455	16	form	form	VERB
fsr-3307	455	17	the	the	DET
fsr-3307	455	18	initial	initial	ADJ
fsr-3307	455	19	yield	yield	NOUN
fsr-3307	455	20	.	.	PUNCT
fsr-3307	456	1	this	this	PRON
fsr-3307	456	2	is	be	AUX
fsr-3307	456	3	not	not	PART
fsr-3307	456	4	an	an	DET
fsr-3307	456	5	issue	issue	NOUN
fsr-3307	456	6	if	if	SCONJ
fsr-3307	456	7	the	the	DET
fsr-3307	456	8	investor	investor	NOUN
fsr-3307	456	9	uses	use	VERB
fsr-3307	456	10	certificates	certificate	NOUN
fsr-3307	456	11	of	of	ADP
fsr-3307	456	12	deposit	deposit	NOUN
fsr-3307	456	13	(	(	PUNCT
fsr-3307	456	14	cd	cd	PROPN
fsr-3307	456	15	)	)	PUNCT
fsr-3307	456	16	with	with	ADP
fsr-3307	456	17	compounding	compounding	NOUN
fsr-3307	456	18	of	of	ADP
fsr-3307	456	19	interest	interest	NOUN
fsr-3307	456	20	at	at	ADP
fsr-3307	456	21	the	the	DET
fsr-3307	456	22	initial	initial	ADJ
fsr-3307	456	23	rate	rate	NOUN
fsr-3307	456	24	.	.	PUNCT
fsr-3307	457	1	for	for	ADP
fsr-3307	457	2	investors	investor	NOUN
fsr-3307	457	3	who	who	PRON
fsr-3307	457	4	use	use	VERB
fsr-3307	457	5	treasury	treasury	NOUN
fsr-3307	457	6	notes	note	NOUN
fsr-3307	457	7	with	with	ADP
fsr-3307	457	8	regular	regular	ADJ
fsr-3307	457	9	coupons	coupon	NOUN
fsr-3307	457	10	,	,	PUNCT
fsr-3307	457	11	the	the	DET
fsr-3307	457	12	reinvestment	reinvestment	NOUN
fsr-3307	457	13	returns	return	VERB
fsr-3307	457	14	on	on	ADP
fsr-3307	457	15	the	the	DET
fsr-3307	457	16	intermediate	intermediate	ADJ
fsr-3307	457	17	coupons	coupon	NOUN
fsr-3307	457	18	may	may	AUX
fsr-3307	457	19	be	be	AUX
fsr-3307	457	20	different	different	ADJ
fsr-3307	457	21	from	from	ADP
fsr-3307	457	22	the	the	DET
fsr-3307	457	23	initial	initial	ADJ
fsr-3307	457	24	yield	yield	NOUN
fsr-3307	457	25	.	.	PUNCT
fsr-3307	458	1	we	we	PRON
fsr-3307	458	2	will	will	AUX
fsr-3307	458	3	consider	consider	VERB
fsr-3307	458	4	the	the	DET
fsr-3307	458	5	scenario	scenario	NOUN
fsr-3307	458	6	that	that	SCONJ
fsr-3307	458	7	the	the	DET
fsr-3307	458	8	reinvestment	reinvestment	NOUN
fsr-3307	458	9	returns	return	NOUN
fsr-3307	458	10	happen	happen	VERB
fsr-3307	458	11	to	to	PART
fsr-3307	458	12	be	be	AUX
fsr-3307	458	13	the	the	DET
fsr-3307	458	14	prevailing	prevail	VERB
fsr-3307	458	15	t	t	PROPN
fsr-3307	458	16	-	-	PUNCT
fsr-3307	458	17	bills	bill	NOUN
fsr-3307	458	18	rates	rate	NOUN
fsr-3307	458	19	at	at	ADP
fsr-3307	458	20	the	the	DET
fsr-3307	458	21	time	time	NOUN
fsr-3307	458	22	the	the	DET
fsr-3307	458	23	coupons	coupon	NOUN
fsr-3307	458	24	are	be	AUX
fsr-3307	458	25	received	receive	VERB
fsr-3307	458	26	later	later	ADV
fsr-3307	458	27	in	in	ADP
fsr-3307	458	28	the	the	DET
fsr-3307	458	29	article	article	NOUN
fsr-3307	458	30	.	.	PUNCT
fsr-3307	459	1	see	see	VERB
fsr-3307	459	2	note	note	NOUN
fsr-3307	459	3	17	17	NUM
fsr-3307	459	4	.	.	NOUN
fsr-3307	459	5	8	8	NUM
fsr-3307	459	6	for	for	ADP
fsr-3307	459	7	a	a	DET
fsr-3307	459	8	description	description	NOUN
fsr-3307	459	9	of	of	ADP
fsr-3307	459	10	the	the	DET
fsr-3307	459	11	origin	origin	NOUN
fsr-3307	459	12	of	of	ADP
fsr-3307	459	13	the	the	DET
fsr-3307	459	14	barclays	barclay	NOUN
fsr-3307	459	15	u.s	u.s	PROPN
fsr-3307	459	16	.	.	PROPN
fsr-3307	459	17	aggregate	aggregate	ADJ
fsr-3307	459	18	bond	bond	NOUN
fsr-3307	459	19	index	index	NOUN
fsr-3307	459	20	,	,	PUNCT
fsr-3307	459	21	see	see	VERB
fsr-3307	459	22	cui	cui	NOUN
fsr-3307	459	23	(	(	PUNCT
fsr-3307	459	24	2013	2013	NUM
fsr-3307	459	25	)	)	PUNCT
fsr-3307	459	26	.	.	PUNCT
fsr-3307	460	1	9	9	NUM
fsr-3307	460	2	both	both	CCONJ
fsr-3307	460	3	vanguard	vanguard	NOUN
fsr-3307	460	4	and	and	CCONJ
fsr-3307	460	5	blackrock	blackrock	PROPN
fsr-3307	460	6	offer	offer	PROPN
fsr-3307	460	7	exchange	exchange	PROPN
fsr-3307	460	8	traded	trade	VERB
fsr-3307	460	9	funds	fund	NOUN
fsr-3307	460	10	(	(	PUNCT
fsr-3307	460	11	etfs	etfs	PROPN
fsr-3307	460	12	)	)	PUNCT
fsr-3307	460	13	replicating	replicate	VERB
fsr-3307	460	14	the	the	DET
fsr-3307	460	15	index	index	NOUN
fsr-3307	460	16	.	.	PUNCT
fsr-3307	461	1	the	the	DET
fsr-3307	461	2	ishares	ishares	PROPN
fsr-3307	461	3	core	core	VERB
fsr-3307	461	4	us	we	PRON
fsr-3307	461	5	aggregate	aggregate	ADJ
fsr-3307	461	6	bond	bond	NOUN
fsr-3307	461	7	etf	etf	NOUN
fsr-3307	461	8	offered	offer	VERB
fsr-3307	461	9	by	by	ADP
fsr-3307	461	10	blackrock	blackrock	PROPN
fsr-3307	461	11	is	be	AUX
fsr-3307	461	12	the	the	DET
fsr-3307	461	13	largest	large	ADJ
fsr-3307	461	14	bond	bond	NOUN
fsr-3307	461	15	etf	etf	NOUN
fsr-3307	461	16	among	among	ADP
fsr-3307	461	17	its	its	PRON
fsr-3307	461	18	offerings	offering	NOUN
fsr-3307	461	19	at	at	ADP
fsr-3307	461	20	about	about	ADP
fsr-3307	461	21	$	$	SYM
fsr-3307	461	22	35	35	NUM
fsr-3307	461	23	billion	billion	NUM
fsr-3307	461	24	of	of	ADP
fsr-3307	461	25	assets	asset	NOUN
fsr-3307	461	26	under	under	ADP
fsr-3307	461	27	management	management	NOUN
fsr-3307	461	28	as	as	ADP
fsr-3307	461	29	of	of	ADP
fsr-3307	461	30	march	march	PROPN
fsr-3307	461	31	31	31	NUM
fsr-3307	461	32	,	,	PUNCT
fsr-3307	461	33	2016	2016	NUM
fsr-3307	461	34	.	.	PUNCT
fsr-3307	462	1	it	it	PRON
fsr-3307	462	2	has	have	VERB
fsr-3307	462	3	a	a	DET
fsr-3307	462	4	management	management	NOUN
fsr-3307	462	5	expense	expense	NOUN
fsr-3307	462	6	ratio	ratio	NOUN
fsr-3307	462	7	of	of	ADP
fsr-3307	462	8	0.08	0.08	NUM
fsr-3307	462	9	percent	percent	NOUN
fsr-3307	462	10	.	.	PUNCT
fsr-3307	463	1	10	10	NUM
fsr-3307	463	2	we	we	PRON
fsr-3307	463	3	do	do	AUX
fsr-3307	463	4	not	not	PART
fsr-3307	463	5	expect	expect	VERB
fsr-3307	463	6	the	the	DET
fsr-3307	463	7	bond	bond	NOUN
fsr-3307	463	8	index	index	NOUN
fsr-3307	463	9	to	to	PART
fsr-3307	463	10	be	be	AUX
fsr-3307	463	11	subject	subject	ADJ
fsr-3307	463	12	to	to	ADP
fsr-3307	463	13	much	much	ADJ
fsr-3307	463	14	credit	credit	NOUN
fsr-3307	463	15	risk	risk	NOUN
fsr-3307	463	16	.	.	PUNCT
fsr-3307	464	1	as	as	ADP
fsr-3307	464	2	of	of	ADP
fsr-3307	464	3	december	december	PROPN
fsr-3307	464	4	31	31	NUM
fsr-3307	464	5	,	,	PUNCT
fsr-3307	464	6	2015	2015	NUM
fsr-3307	464	7	,	,	PUNCT
fsr-3307	464	8	about	about	ADV
fsr-3307	464	9	73	73	NUM
fsr-3307	464	10	percent	percent	NOUN
fsr-3307	464	11	of	of	ADP
fsr-3307	464	12	the	the	DET
fsr-3307	464	13	barclays	barclay	NOUN
fsr-3307	464	14	u.s	u.s	PROPN
fsr-3307	464	15	.	.	PROPN
fsr-3307	464	16	aggregate	aggregate	ADJ
fsr-3307	464	17	bond	bond	NOUN
fsr-3307	464	18	index	index	NOUN
fsr-3307	464	19	consists	consist	VERB
fsr-3307	464	20	of	of	ADP
fsr-3307	464	21	aaa	aaa	NOUN
fsr-3307	464	22	bonds	bond	NOUN
fsr-3307	464	23	.	.	PUNCT
fsr-3307	465	1	11	11	NUM
fsr-3307	465	2	while	while	SCONJ
fsr-3307	465	3	the	the	DET
fsr-3307	465	4	choice	choice	NOUN
fsr-3307	465	5	of	of	ADP
fsr-3307	465	6	five	five	NUM
fsr-3307	465	7	-	-	PUNCT
fsr-3307	465	8	year	year	NOUN
fsr-3307	465	9	ladder	ladder	NOUN
fsr-3307	465	10	is	be	AUX
fsr-3307	465	11	somewhat	somewhat	ADV
fsr-3307	465	12	arbitrary	arbitrary	ADJ
fsr-3307	465	13	,	,	PUNCT
fsr-3307	465	14	it	it	PRON
fsr-3307	465	15	is	be	AUX
fsr-3307	465	16	not	not	PART
fsr-3307	465	17	highly	highly	ADV
fsr-3307	465	18	unusual	unusual	ADJ
fsr-3307	465	19	.	.	PUNCT
fsr-3307	466	1	us	us	PROPN
fsr-3307	466	2	treasury	treasury	PROPN
fsr-3307	466	3	notes	note	NOUN
fsr-3307	466	4	,	,	PUNCT
fsr-3307	466	5	which	which	PRON
fsr-3307	466	6	are	be	AUX
fsr-3307	466	7	ideal	ideal	ADJ
fsr-3307	466	8	for	for	ADP
fsr-3307	466	9	the	the	DET
fsr-3307	466	10	construction	construction	NOUN
fsr-3307	466	11	of	of	ADP
fsr-3307	466	12	ladders	ladder	NOUN
fsr-3307	466	13	,	,	PUNCT
fsr-3307	466	14	are	be	AUX
fsr-3307	466	15	available	available	ADJ
fsr-3307	466	16	in	in	ADP
fsr-3307	466	17	terms	term	NOUN
fsr-3307	466	18	of	of	ADP
fsr-3307	466	19	2	2	NUM
fsr-3307	466	20	,	,	PUNCT
fsr-3307	466	21	3	3	NUM
fsr-3307	466	22	,	,	PUNCT
fsr-3307	466	23	5	5	NUM
fsr-3307	466	24	,	,	PUNCT
fsr-3307	466	25	7	7	NUM
fsr-3307	466	26	,	,	PUNCT
fsr-3307	466	27	and	and	CCONJ
fsr-3307	466	28	10	10	NUM
fsr-3307	466	29	years	year	NOUN
fsr-3307	466	30	.	.	PUNCT
fsr-3307	467	1	most	most	ADJ
fsr-3307	467	2	banks	bank	NOUN
fsr-3307	467	3	offer	offer	VERB
fsr-3307	467	4	cds	cd	NOUN
fsr-3307	467	5	with	with	ADP
fsr-3307	467	6	maturities	maturity	NOUN
fsr-3307	467	7	up	up	ADP
fsr-3307	467	8	to	to	PART
fsr-3307	467	9	10	10	NUM
fsr-3307	467	10	years	year	NOUN
fsr-3307	467	11	.	.	PUNCT
fsr-3307	468	1	the	the	DET
fsr-3307	468	2	five	five	NUM
fsr-3307	468	3	-	-	PUNCT
fsr-3307	468	4	year	year	NOUN
fsr-3307	468	5	ladder	ladder	NOUN
fsr-3307	468	6	happens	happen	VERB
fsr-3307	468	7	to	to	PART
fsr-3307	468	8	be	be	AUX
fsr-3307	468	9	the	the	DET
fsr-3307	468	10	medium	medium	ADJ
fsr-3307	468	11	term	term	NOUN
fsr-3307	468	12	of	of	ADP
fsr-3307	468	13	available	available	ADJ
fsr-3307	468	14	treasury	treasury	NOUN
fsr-3307	468	15	notes	note	NOUN
fsr-3307	468	16	or	or	CCONJ
fsr-3307	468	17	cds	cd	NOUN
fsr-3307	468	18	.	.	PUNCT
fsr-3307	469	1	12	12	NUM
fsr-3307	469	2	elton	elton	PROPN
fsr-3307	469	3	,	,	PUNCT
fsr-3307	469	4	gruber	gruber	PROPN
fsr-3307	469	5	,	,	PUNCT
fsr-3307	469	6	brown	brown	ADJ
fsr-3307	469	7	,	,	PUNCT
fsr-3307	469	8	and	and	CCONJ
fsr-3307	469	9	goetzmann	goetzmann	PROPN
fsr-3307	469	10	(	(	PUNCT
fsr-3307	469	11	2006	2006	NUM
fsr-3307	469	12	,	,	PUNCT
fsr-3307	469	13	chapter	chapter	NOUN
fsr-3307	469	14	6	6	NUM
fsr-3307	469	15	)	)	PUNCT
fsr-3307	469	16	suggest	suggest	VERB
fsr-3307	469	17	the	the	DET
fsr-3307	469	18	variation	variation	NOUN
fsr-3307	469	19	of	of	ADP
fsr-3307	469	20	the	the	DET
fsr-3307	469	21	risk	risk	NOUN
fsr-3307	469	22	-	-	PUNCT
fsr-3307	469	23	free	free	ADJ
fsr-3307	469	24	rate	rate	NOUN
fsr-3307	469	25	as	as	ADP
fsr-3307	469	26	a	a	DET
fsr-3307	469	27	way	way	NOUN
fsr-3307	469	28	to	to	PART
fsr-3307	469	29	trace	trace	VERB
fsr-3307	469	30	out	out	ADP
fsr-3307	469	31	the	the	DET
fsr-3307	469	32	frontier	frontier	NOUN
fsr-3307	469	33	.	.	PUNCT
fsr-3307	470	1	13	13	NUM
fsr-3307	470	2	see	see	VERB
fsr-3307	470	3	jobson	jobson	NOUN
fsr-3307	470	4	and	and	CCONJ
fsr-3307	470	5	korkie	korkie	NOUN
fsr-3307	470	6	(	(	PUNCT
fsr-3307	470	7	1989	1989	NUM
fsr-3307	470	8	)	)	PUNCT
fsr-3307	470	9	for	for	ADP
fsr-3307	470	10	a	a	DET
fsr-3307	470	11	discussion	discussion	NOUN
fsr-3307	470	12	of	of	ADP
fsr-3307	470	13	the	the	DET
fsr-3307	470	14	spanning	span	VERB
fsr-3307	470	15	tests	test	NOUN
fsr-3307	470	16	.	.	PUNCT
fsr-3307	471	1	14	14	NUM
fsr-3307	472	1	the	the	DET
fsr-3307	472	2	bond	bond	NOUN
fsr-3307	472	3	index	index	NOUN
fsr-3307	472	4	requires	require	VERB
fsr-3307	472	5	portfolio	portfolio	NOUN
fsr-3307	472	6	re	re	NOUN
fsr-3307	472	7	-	-	VERB
fsr-3307	472	8	balancing	balance	VERB
fsr-3307	472	9	to	to	PART
fsr-3307	472	10	maintain	maintain	VERB
fsr-3307	472	11	its	its	PRON
fsr-3307	472	12	term	term	NOUN
fsr-3307	472	13	structure	structure	NOUN
fsr-3307	472	14	and	and	CCONJ
fsr-3307	472	15	hence	hence	ADV
fsr-3307	472	16	the	the	DET
fsr-3307	472	17	use	use	NOUN
fsr-3307	472	18	of	of	ADP
fsr-3307	472	19	market	market	NOUN
fsr-3307	472	20	prices	price	NOUN
fsr-3307	472	21	for	for	ADP
fsr-3307	472	22	their	their	PRON
fsr-3307	472	23	bond	bond	NOUN
fsr-3307	472	24	holding	holding	NOUN
fsr-3307	472	25	can	can	AUX
fsr-3307	472	26	be	be	AUX
fsr-3307	472	27	justified	justify	VERB
fsr-3307	472	28	.	.	PUNCT
fsr-3307	473	1	15	15	NUM
fsr-3307	473	2	unfortunately	unfortunately	ADV
fsr-3307	473	3	,	,	PUNCT
fsr-3307	473	4	yield	yield	VERB
fsr-3307	473	5	information	information	NOUN
fsr-3307	473	6	for	for	ADP
fsr-3307	473	7	four	four	NUM
fsr-3307	473	8	-	-	PUNCT
fsr-3307	473	9	year	year	NOUN
fsr-3307	473	10	and	and	CCONJ
fsr-3307	473	11	six	six	NUM
fsr-3307	473	12	-	-	PUNCT
fsr-3307	473	13	year	year	NOUN
fsr-3307	473	14	bonds	bond	NOUN
fsr-3307	473	15	are	be	AUX
fsr-3307	473	16	unavailable	unavailable	ADJ
fsr-3307	473	17	from	from	ADP
fsr-3307	473	18	the	the	DET
fsr-3307	473	19	federal	federal	ADJ
fsr-3307	473	20	reserves	reserve	NOUN
fsr-3307	473	21	website	website	NOUN
fsr-3307	473	22	.	.	PUNCT
fsr-3307	474	1	we	we	PRON
fsr-3307	474	2	impute	impute	VERB
fsr-3307	474	3	the	the	DET
fsr-3307	474	4	four	four	NUM
fsr-3307	474	5	-	-	PUNCT
fsr-3307	474	6	year	year	NOUN
fsr-3307	474	7	(	(	PUNCT
fsr-3307	474	8	six	six	NUM
fsr-3307	474	9	-	-	PUNCT
fsr-3307	474	10	year	year	NOUN
fsr-3307	474	11	)	)	PUNCT
fsr-3307	474	12	yield	yield	NOUN
fsr-3307	474	13	by	by	ADP
fsr-3307	474	14	interpolating	interpolate	VERB
fsr-3307	474	15	the	the	DET
fsr-3307	474	16	yields	yield	NOUN
fsr-3307	474	17	between	between	ADP
fsr-3307	474	18	the	the	DET
fsr-3307	474	19	three	three	NUM
fsr-3307	474	20	-	-	PUNCT
fsr-3307	474	21	year	year	NOUN
fsr-3307	474	22	(	(	PUNCT
fsr-3307	474	23	five	five	NUM
fsr-3307	474	24	-	-	PUNCT
fsr-3307	474	25	year	year	NOUN
fsr-3307	474	26	)	)	PUNCT
fsr-3307	474	27	and	and	CCONJ
fsr-3307	474	28	five	five	NUM
fsr-3307	474	29	-	-	PUNCT
fsr-3307	474	30	year	year	NOUN
fsr-3307	474	31	(	(	PUNCT
fsr-3307	474	32	seven	seven	NUM
fsr-3307	474	33	-	-	PUNCT
fsr-3307	474	34	year	year	NOUN
fsr-3307	474	35	)	)	PUNCT
fsr-3307	474	36	bonds	bond	NOUN
fsr-3307	474	37	.	.	PUNCT
fsr-3307	475	1	16	16	NUM
fsr-3307	475	2	see	see	VERB
fsr-3307	475	3	appendix	appendix	NOUN
fsr-3307	475	4	b	b	NOUN
fsr-3307	475	5	for	for	ADP
fsr-3307	475	6	a	a	DET
fsr-3307	475	7	detailed	detailed	ADJ
fsr-3307	475	8	numerical	numerical	ADJ
fsr-3307	475	9	illustration	illustration	NOUN
fsr-3307	475	10	of	of	ADP
fsr-3307	475	11	the	the	DET
fsr-3307	475	12	procedure	procedure	NOUN
fsr-3307	475	13	.	.	PUNCT
fsr-3307	476	1	17	17	NUM
fsr-3307	476	2	instead	instead	ADV
fsr-3307	476	3	of	of	ADP
fsr-3307	476	4	using	use	VERB
fsr-3307	476	5	zero	zero	NUM
fsr-3307	476	6	coupon	coupon	NOUN
fsr-3307	476	7	bonds	bond	NOUN
fsr-3307	476	8	in	in	ADP
fsr-3307	476	9	constructing	construct	VERB
fsr-3307	476	10	the	the	DET
fsr-3307	476	11	marked	mark	VERB
fsr-3307	476	12	-	-	PUNCT
fsr-3307	476	13	to	to	ADP
fsr-3307	476	14	-	-	PUNCT
fsr-3307	476	15	the	the	DET
fsr-3307	476	16	-	-	PUNCT
fsr-3307	476	17	market	market	NOUN
fsr-3307	476	18	portfolio	portfolio	NOUN
fsr-3307	476	19	,	,	PUNCT
fsr-3307	476	20	we	we	PRON
fsr-3307	476	21	repeated	repeat	VERB
fsr-3307	476	22	the	the	DET
fsr-3307	476	23	exercise	exercise	NOUN
fsr-3307	476	24	for	for	ADP
fsr-3307	476	25	the	the	DET
fsr-3307	476	26	five	five	NUM
fsr-3307	476	27	-	-	PUNCT
fsr-3307	476	28	year	year	NOUN
fsr-3307	476	29	ladder	ladder	NOUN
fsr-3307	476	30	using	use	VERB
fsr-3307	476	31	coupon	coupon	NOUN
fsr-3307	476	32	bonds	bond	NOUN
fsr-3307	476	33	issued	issue	VERB
fsr-3307	476	34	at	at	ADP
fsr-3307	476	35	par	par	NOUN
fsr-3307	476	36	and	and	CCONJ
fsr-3307	476	37	the	the	DET
fsr-3307	476	38	coupons	coupon	NOUN
fsr-3307	476	39	are	be	AUX
fsr-3307	476	40	invested	invest	VERB
fsr-3307	476	41	at	at	ADP
fsr-3307	476	42	the	the	DET
fsr-3307	476	43	prevailing	prevail	VERB
fsr-3307	476	44	risk	risk	NOUN
fsr-3307	476	45	-	-	PUNCT
fsr-3307	476	46	free	free	ADJ
fsr-3307	476	47	rates	rate	NOUN
fsr-3307	476	48	until	until	ADP
fsr-3307	476	49	maturity	maturity	NOUN
fsr-3307	476	50	.	.	PUNCT
fsr-3307	477	1	the	the	DET
fsr-3307	477	2	bonds	bond	NOUN
fsr-3307	477	3	are	be	AUX
fsr-3307	477	4	marked	mark	VERB
fsr-3307	477	5	to	to	ADP
fsr-3307	477	6	the	the	DET
fsr-3307	477	7	market	market	NOUN
fsr-3307	477	8	at	at	ADP
fsr-3307	477	9	the	the	DET
fsr-3307	477	10	end	end	NOUN
fsr-3307	477	11	of	of	ADP
fsr-3307	477	12	each	each	DET
fsr-3307	477	13	year	year	NOUN
fsr-3307	477	14	.	.	PUNCT
fsr-3307	478	1	the	the	DET
fsr-3307	478	2	return	return	NOUN
fsr-3307	478	3	on	on	ADP
fsr-3307	478	4	this	this	DET
fsr-3307	478	5	five	five	NUM
fsr-3307	478	6	-	-	PUNCT
fsr-3307	478	7	year	year	NOUN
fsr-3307	478	8	ladder	ladder	NOUN
fsr-3307	478	9	over	over	ADP
fsr-3307	478	10	the	the	DET
fsr-3307	478	11	same	same	ADJ
fsr-3307	478	12	sample	sample	NOUN
fsr-3307	478	13	period	period	NOUN
fsr-3307	478	14	is	be	AUX
fsr-3307	478	15	slightly	slightly	ADV
fsr-3307	478	16	lower	low	ADJ
fsr-3307	478	17	than	than	ADP
fsr-3307	478	18	those	those	PRON
fsr-3307	478	19	reported	report	VERB
fsr-3307	478	20	in	in	ADP
fsr-3307	478	21	tables	table	NOUN
fsr-3307	478	22	7	7	NUM
fsr-3307	478	23	and	and	CCONJ
fsr-3307	478	24	9	9	NUM
fsr-3307	478	25	.	.	PUNCT
fsr-3307	479	1	the	the	DET
fsr-3307	479	2	conclusion	conclusion	NOUN
fsr-3307	479	3	that	that	SCONJ
fsr-3307	479	4	the	the	DET
fsr-3307	479	5	ladder	ladder	NOUN
fsr-3307	479	6	and	and	CCONJ
fsr-3307	479	7	the	the	DET
fsr-3307	479	8	bond	bond	NOUN
fsr-3307	479	9	index	index	NOUN
fsr-3307	479	10	do	do	AUX
fsr-3307	479	11	not	not	PART
fsr-3307	479	12	coexist	coexist	VERB
fsr-3307	479	13	remains	remain	VERB
fsr-3307	479	14	unaffected	unaffected	ADJ
fsr-3307	479	15	.	.	PUNCT
fsr-3307	480	1	to	to	PART
fsr-3307	480	2	conserve	conserve	VERB
fsr-3307	480	3	space	space	NOUN
fsr-3307	480	4	,	,	PUNCT
fsr-3307	480	5	the	the	DET
fsr-3307	480	6	detailed	detailed	ADJ
fsr-3307	480	7	results	result	NOUN
fsr-3307	480	8	are	be	AUX
fsr-3307	480	9	not	not	PART
fsr-3307	480	10	produced	produce	VERB
fsr-3307	480	11	here	here	ADV
fsr-3307	480	12	and	and	CCONJ
fsr-3307	480	13	available	available	ADJ
fsr-3307	480	14	on	on	ADP
fsr-3307	480	15	request	request	NOUN
fsr-3307	480	16	.	.	PUNCT
fsr-3307	481	1	200	200	NUM
fsr-3307	481	2	c.s	c.s	PROPN
fsr-3307	481	3	.	.	PROPN
fsr-3307	481	4	cheung	cheung	PROPN
fsr-3307	481	5	,	,	PUNCT
fsr-3307	481	6	p.	p.	PROPN
fsr-3307	481	7	miu	miu	PROPN
fsr-3307	481	8	/	/	SYM
fsr-3307	481	9	financial	financial	ADJ
fsr-3307	481	10	services	service	NOUN
fsr-3307	481	11	review	review	VERB
fsr-3307	481	12	26	26	NUM
fsr-3307	481	13	(	(	PUNCT
fsr-3307	481	14	2017	2017	NUM
fsr-3307	481	15	)	)	PUNCT
fsr-3307	481	16	181–203	181–203	NUM
fsr-3307	481	17	appendix	appendix	VERB
fsr-3307	481	18	a	a	DET
fsr-3307	481	19	:	:	PUNCT
fsr-3307	481	20	statistical	statistical	ADJ
fsr-3307	481	21	test	test	NOUN
fsr-3307	481	22	for	for	ADP
fsr-3307	481	23	the	the	DET
fsr-3307	481	24	difference	difference	NOUN
fsr-3307	481	25	in	in	ADP
fsr-3307	481	26	portfolio	portfolio	NOUN
fsr-3307	481	27	sharpe	sharpe	PROPN
fsr-3307	481	28	ratios	ratio	NOUN
fsr-3307	481	29	let	let	VERB
fsr-3307	481	30	us	we	PRON
fsr-3307	481	31	define	define	VERB
fsr-3307	481	32	t	t	PROPN
fsr-3307	481	33	as	as	ADP
fsr-3307	481	34	the	the	DET
fsr-3307	481	35	number	number	NOUN
fsr-3307	481	36	of	of	ADP
fsr-3307	481	37	monthly	monthly	ADJ
fsr-3307	481	38	observations	observation	NOUN
fsr-3307	481	39	.	.	PUNCT
fsr-3307	482	1	also	also	ADV
fsr-3307	482	2	,	,	PUNCT
fsr-3307	482	3	let	let	VERB
fsr-3307	482	4	�	�	SYM
fsr-3307	482	5	1	1	NUM
fsr-3307	482	6	be	be	AUX
fsr-3307	482	7	the	the	DET
fsr-3307	482	8	sharpe	sharpe	NOUN
fsr-3307	482	9	ratio	ratio	NOUN
fsr-3307	482	10	of	of	ADP
fsr-3307	482	11	the	the	DET
fsr-3307	482	12	tangency	tangency	NOUN
fsr-3307	482	13	portfolio	portfolio	NOUN
fsr-3307	482	14	based	base	VERB
fsr-3307	482	15	on	on	ADP
fsr-3307	482	16	the	the	DET
fsr-3307	482	17	three	three	NUM
fsr-3307	482	18	benchmark	benchmark	ADJ
fsr-3307	482	19	asset	asset	NOUN
fsr-3307	482	20	classes	class	NOUN
fsr-3307	482	21	and	and	CCONJ
fsr-3307	482	22	�	�	PROPN
fsr-3307	482	23	2	2	NUM
fsr-3307	482	24	be	be	VERB
fsr-3307	482	25	the	the	DET
fsr-3307	482	26	sharpe	sharpe	NOUN
fsr-3307	482	27	ratio	ratio	NOUN
fsr-3307	482	28	after	after	ADP
fsr-3307	482	29	the	the	DET
fsr-3307	482	30	addition	addition	NOUN
fsr-3307	482	31	of	of	ADP
fsr-3307	482	32	an	an	DET
fsr-3307	482	33	addition	addition	NOUN
fsr-3307	482	34	asset	asset	NOUN
fsr-3307	482	35	class	class	NOUN
fsr-3307	482	36	.	.	PUNCT
fsr-3307	483	1	the	the	DET
fsr-3307	483	2	null	null	ADJ
fsr-3307	483	3	hypothesis	hypothesis	NOUN
fsr-3307	483	4	to	to	PART
fsr-3307	483	5	be	be	AUX
fsr-3307	483	6	tested	test	VERB
fsr-3307	483	7	is	be	AUX
fsr-3307	483	8	h0	h0	NOUN
fsr-3307	483	9	:	:	PUNCT
fsr-3307	483	10	�	�	PROPN
fsr-3307	483	11	1	1	NUM
fsr-3307	483	12	�	�	PROPN
fsr-3307	483	13	�	�	PROPN
fsr-3307	483	14	2	2	NUM
fsr-3307	483	15	.	.	PUNCT
fsr-3307	484	1	when	when	SCONJ
fsr-3307	484	2	short	short	ADJ
fsr-3307	484	3	selling	selling	NOUN
fsr-3307	484	4	is	be	AUX
fsr-3307	484	5	allowed	allow	VERB
fsr-3307	484	6	,	,	PUNCT
fsr-3307	484	7	the	the	DET
fsr-3307	484	8	test	test	NOUN
fsr-3307	484	9	statistic	statistic	NOUN
fsr-3307	484	10	presented	present	VERB
fsr-3307	484	11	in	in	ADP
fsr-3307	484	12	gibbons	gibbon	NOUN
fsr-3307	484	13	,	,	PUNCT
fsr-3307	484	14	ross	ross	PROPN
fsr-3307	484	15	,	,	PUNCT
fsr-3307	484	16	and	and	CCONJ
fsr-3307	484	17	shanken	shanken	VERB
fsr-3307	484	18	(	(	PUNCT
fsr-3307	484	19	1989	1989	NUM
fsr-3307	484	20	)	)	PUNCT
fsr-3307	484	21	and	and	CCONJ
fsr-3307	484	22	jobson	jobson	PROPN
fsr-3307	484	23	and	and	CCONJ
fsr-3307	484	24	korkie	korkie	NOUN
fsr-3307	484	25	(	(	PUNCT
fsr-3307	484	26	1989	1989	NUM
fsr-3307	484	27	)	)	PUNCT
fsr-3307	484	28	is	be	AUX
fsr-3307	484	29	:	:	PUNCT
fsr-3307	484	30	f	f	PROPN
fsr-3307	484	31	�	�	PROPN
fsr-3307	484	32	�	�	PROPN
fsr-3307	484	33	t	t	PROPN
fsr-3307	484	34	�	�	PROPN
fsr-3307	484	35	4	4	NUM
fsr-3307	484	36	�	�	PROPN
fsr-3307	484	37	�	�	PROPN
fsr-3307	484	38	�	�	PROPN
fsr-3307	484	39	2	2	NUM
fsr-3307	484	40	2	2	NUM
fsr-3307	484	41	�	�	PROPN
fsr-3307	484	42	�	�	PROPN
fsr-3307	484	43	1	1	NUM
fsr-3307	484	44	2	2	NUM
fsr-3307	484	45	1	1	NUM
fsr-3307	484	46	�	�	PROPN
fsr-3307	484	47	�	�	PROPN
fsr-3307	484	48	1	1	NUM
fsr-3307	484	49	2	2	NUM
fsr-3307	484	50	,	,	PUNCT
fsr-3307	484	51	(	(	PUNCT
fsr-3307	484	52	3	3	X
fsr-3307	484	53	)	)	PUNCT
fsr-3307	484	54	where	where	SCONJ
fsr-3307	484	55	f	f	PROPN
fsr-3307	484	56	follows	follow	VERB
fsr-3307	484	57	a	a	DET
fsr-3307	484	58	f	f	NOUN
fsr-3307	484	59	-	-	PUNCT
fsr-3307	484	60	distribution	distribution	NOUN
fsr-3307	484	61	with	with	ADP
fsr-3307	484	62	1	1	NUM
fsr-3307	484	63	and	and	CCONJ
fsr-3307	484	64	t-4	t-4	NOUN
fsr-3307	484	65	degrees	degree	NOUN
fsr-3307	484	66	of	of	ADP
fsr-3307	484	67	freedom	freedom	NOUN
fsr-3307	484	68	.	.	PUNCT
fsr-3307	485	1	in	in	ADP
fsr-3307	485	2	this	this	DET
fsr-3307	485	3	study	study	NOUN
fsr-3307	485	4	,	,	PUNCT
fsr-3307	485	5	we	we	PRON
fsr-3307	485	6	consider	consider	VERB
fsr-3307	485	7	the	the	DET
fsr-3307	485	8	case	case	NOUN
fsr-3307	485	9	where	where	SCONJ
fsr-3307	485	10	short	short	ADJ
fsr-3307	485	11	selling	selling	NOUN
fsr-3307	485	12	is	be	AUX
fsr-3307	485	13	disallowed	disallow	VERB
fsr-3307	485	14	.	.	PUNCT
fsr-3307	486	1	under	under	ADP
fsr-3307	486	2	this	this	DET
fsr-3307	486	3	condition	condition	NOUN
fsr-3307	486	4	,	,	PUNCT
fsr-3307	486	5	the	the	DET
fsr-3307	486	6	f	f	PROPN
fsr-3307	486	7	statistic	statistic	NOUN
fsr-3307	486	8	of	of	ADP
fsr-3307	486	9	eq	eq	PROPN
fsr-3307	486	10	.	.	PUNCT
fsr-3307	487	1	(	(	PUNCT
fsr-3307	487	2	3	3	X
fsr-3307	487	3	)	)	PUNCT
fsr-3307	487	4	will	will	AUX
fsr-3307	487	5	not	not	PART
fsr-3307	487	6	be	be	AUX
fsr-3307	487	7	following	follow	VERB
fsr-3307	487	8	the	the	DET
fsr-3307	487	9	f	f	NOUN
fsr-3307	487	10	-	-	PUNCT
fsr-3307	487	11	distribution	distribution	NOUN
fsr-3307	487	12	and	and	CCONJ
fsr-3307	487	13	needs	need	VERB
fsr-3307	487	14	to	to	PART
fsr-3307	487	15	be	be	AUX
fsr-3307	487	16	simulated	simulate	VERB
fsr-3307	487	17	before	before	SCONJ
fsr-3307	487	18	hypothesis	hypothesis	NOUN
fsr-3307	487	19	tests	test	NOUN
fsr-3307	487	20	can	can	AUX
fsr-3307	487	21	be	be	AUX
fsr-3307	487	22	conducted	conduct	VERB
fsr-3307	487	23	.	.	PUNCT
fsr-3307	488	1	we	we	PRON
fsr-3307	488	2	conduct	conduct	VERB
fsr-3307	488	3	the	the	DET
fsr-3307	488	4	simulations	simulation	NOUN
fsr-3307	488	5	by	by	ADP
fsr-3307	488	6	following	follow	VERB
fsr-3307	488	7	the	the	DET
fsr-3307	488	8	method	method	NOUN
fsr-3307	488	9	proposed	propose	VERB
fsr-3307	488	10	by	by	ADP
fsr-3307	488	11	glen	glen	PROPN
fsr-3307	488	12	and	and	CCONJ
fsr-3307	488	13	jorion	jorion	NOUN
fsr-3307	488	14	(	(	PUNCT
fsr-3307	488	15	1993	1993	NUM
fsr-3307	488	16	)	)	PUNCT
fsr-3307	488	17	.	.	PUNCT
fsr-3307	489	1	we	we	PRON
fsr-3307	489	2	first	first	ADV
fsr-3307	489	3	estimate	estimate	VERB
fsr-3307	489	4	the	the	DET
fsr-3307	489	5	means	mean	NOUN
fsr-3307	489	6	,	,	PUNCT
fsr-3307	489	7	variances	variance	NOUN
fsr-3307	489	8	,	,	PUNCT
fsr-3307	489	9	and	and	CCONJ
fsr-3307	489	10	the	the	DET
fsr-3307	489	11	covariances	covariance	NOUN
fsr-3307	489	12	using	use	VERB
fsr-3307	489	13	historical	historical	ADJ
fsr-3307	489	14	return	return	NOUN
fsr-3307	489	15	data	datum	NOUN
fsr-3307	489	16	.	.	PUNCT
fsr-3307	490	1	the	the	DET
fsr-3307	490	2	expected	expect	VERB
fsr-3307	490	3	return	return	NOUN
fsr-3307	490	4	of	of	ADP
fsr-3307	490	5	the	the	DET
fsr-3307	490	6	additional	additional	ADJ
fsr-3307	490	7	asset	asset	NOUN
fsr-3307	490	8	class	class	NOUN
fsr-3307	490	9	(	(	PUNCT
fsr-3307	490	10	i.e.	i.e.	X
fsr-3307	490	11	,	,	PUNCT
fsr-3307	490	12	a	a	DET
fsr-3307	490	13	ladder	ladder	NOUN
fsr-3307	490	14	strategy	strategy	NOUN
fsr-3307	490	15	in	in	ADP
fsr-3307	490	16	this	this	DET
fsr-3307	490	17	study	study	NOUN
fsr-3307	490	18	)	)	PUNCT
fsr-3307	490	19	is	be	AUX
fsr-3307	490	20	then	then	ADV
fsr-3307	490	21	modified	modify	VERB
fsr-3307	490	22	so	so	SCONJ
fsr-3307	490	23	that	that	SCONJ
fsr-3307	490	24	the	the	DET
fsr-3307	490	25	original	original	ADJ
fsr-3307	490	26	tangency	tangency	NOUN
fsr-3307	490	27	portfolio	portfolio	NOUN
fsr-3307	490	28	is	be	AUX
fsr-3307	490	29	still	still	ADV
fsr-3307	490	30	mean	mean	ADJ
fsr-3307	490	31	-	-	PUNCT
fsr-3307	490	32	variance	variance	NOUN
fsr-3307	490	33	efficient	efficient	ADJ
fsr-3307	490	34	after	after	SCONJ
fsr-3307	490	35	this	this	DET
fsr-3307	490	36	additional	additional	ADJ
fsr-3307	490	37	asset	asset	NOUN
fsr-3307	490	38	class	class	NOUN
fsr-3307	490	39	is	be	AUX
fsr-3307	490	40	included	include	VERB
fsr-3307	490	41	.	.	PUNCT
fsr-3307	491	1	this	this	PRON
fsr-3307	491	2	in	in	ADP
fsr-3307	491	3	effect	effect	NOUN
fsr-3307	491	4	ensures	ensure	VERB
fsr-3307	491	5	the	the	DET
fsr-3307	491	6	null	null	ADJ
fsr-3307	491	7	hypothesis	hypothesis	NOUN
fsr-3307	491	8	is	be	AUX
fsr-3307	491	9	satisfied	satisfied	ADJ
fsr-3307	491	10	in	in	ADP
fsr-3307	491	11	the	the	DET
fsr-3307	491	12	subsequent	subsequent	ADJ
fsr-3307	491	13	simulation	simulation	NOUN
fsr-3307	491	14	exercise	exercise	NOUN
fsr-3307	491	15	.	.	PUNCT
fsr-3307	492	1	with	with	ADP
fsr-3307	492	2	these	these	DET
fsr-3307	492	3	modified	modify	VERB
fsr-3307	492	4	parameters	parameter	NOUN
fsr-3307	492	5	,	,	PUNCT
fsr-3307	492	6	t	t	NOUN
fsr-3307	492	7	random	random	ADJ
fsr-3307	492	8	samples	sample	NOUN
fsr-3307	492	9	of	of	ADP
fsr-3307	492	10	joint	joint	ADJ
fsr-3307	492	11	returns	return	NOUN
fsr-3307	492	12	are	be	AUX
fsr-3307	492	13	drawn	draw	VERB
fsr-3307	492	14	from	from	ADP
fsr-3307	492	15	a	a	DET
fsr-3307	492	16	multivariate	multivariate	NOUN
fsr-3307	492	17	normal	normal	ADJ
fsr-3307	492	18	distribution	distribution	NOUN
fsr-3307	492	19	.	.	PUNCT
fsr-3307	493	1	based	base	VERB
fsr-3307	493	2	on	on	ADP
fsr-3307	493	3	these	these	DET
fsr-3307	493	4	simulated	simulate	VERB
fsr-3307	493	5	returns	return	NOUN
fsr-3307	493	6	,	,	PUNCT
fsr-3307	493	7	a	a	DET
fsr-3307	493	8	new	new	ADJ
fsr-3307	493	9	set	set	NOUN
fsr-3307	493	10	of	of	ADP
fsr-3307	493	11	means	mean	NOUN
fsr-3307	493	12	and	and	CCONJ
fsr-3307	493	13	variance	variance	NOUN
fsr-3307	493	14	-	-	PUNCT
fsr-3307	493	15	covariance	covariance	NOUN
fsr-3307	493	16	matrix	matrix	NOUN
fsr-3307	493	17	are	be	AUX
fsr-3307	493	18	estimated	estimate	VERB
fsr-3307	493	19	.	.	PUNCT
fsr-3307	494	1	sharpe	sharpe	PROPN
fsr-3307	494	2	ratios	ratio	NOUN
fsr-3307	494	3	of	of	ADP
fsr-3307	494	4	the	the	DET
fsr-3307	494	5	tangency	tangency	NOUN
fsr-3307	494	6	portfolios	portfolio	NOUN
fsr-3307	494	7	with	with	ADP
fsr-3307	494	8	and	and	CCONJ
fsr-3307	494	9	without	without	ADP
fsr-3307	494	10	the	the	DET
fsr-3307	494	11	additional	additional	ADJ
fsr-3307	494	12	asset	asset	NOUN
fsr-3307	494	13	class	class	NOUN
fsr-3307	494	14	can	can	AUX
fsr-3307	494	15	then	then	ADV
fsr-3307	494	16	be	be	AUX
fsr-3307	494	17	estimated	estimate	VERB
fsr-3307	494	18	.	.	PUNCT
fsr-3307	495	1	finally	finally	ADV
fsr-3307	495	2	,	,	PUNCT
fsr-3307	495	3	the	the	DET
fsr-3307	495	4	value	value	NOUN
fsr-3307	495	5	of	of	ADP
fsr-3307	495	6	the	the	DET
fsr-3307	495	7	test	test	NOUN
fsr-3307	495	8	statistic	statistic	NOUN
fsr-3307	495	9	of	of	ADP
fsr-3307	495	10	eq	eq	PROPN
fsr-3307	495	11	.	.	PUNCT
fsr-3307	496	1	(	(	PUNCT
fsr-3307	496	2	3	3	X
fsr-3307	496	3	)	)	PUNCT
fsr-3307	496	4	is	be	AUX
fsr-3307	496	5	computed	compute	VERB
fsr-3307	496	6	and	and	CCONJ
fsr-3307	496	7	recorded	record	VERB
fsr-3307	496	8	.	.	PUNCT
fsr-3307	497	1	the	the	DET
fsr-3307	497	2	empirical	empirical	ADJ
fsr-3307	497	3	distribution	distribution	NOUN
fsr-3307	497	4	of	of	ADP
fsr-3307	497	5	the	the	DET
fsr-3307	497	6	statistic	statistic	NOUN
fsr-3307	497	7	is	be	AUX
fsr-3307	497	8	generated	generate	VERB
fsr-3307	497	9	under	under	ADP
fsr-3307	497	10	the	the	DET
fsr-3307	497	11	null	null	ADJ
fsr-3307	497	12	hypothesis	hypothesis	NOUN
fsr-3307	497	13	by	by	ADP
fsr-3307	497	14	repeating	repeat	VERB
fsr-3307	497	15	this	this	DET
fsr-3307	497	16	process	process	NOUN
fsr-3307	497	17	1,000	1,000	NUM
fsr-3307	497	18	times	time	NOUN
fsr-3307	497	19	.	.	PUNCT
fsr-3307	498	1	appendix	appendix	VERB
fsr-3307	498	2	b	b	NOUN
fsr-3307	498	3	:	:	PUNCT
fsr-3307	498	4	a	a	DET
fsr-3307	498	5	numerical	numerical	ADJ
fsr-3307	498	6	example	example	NOUN
fsr-3307	498	7	of	of	ADP
fsr-3307	498	8	calculating	calculate	VERB
fsr-3307	498	9	the	the	DET
fsr-3307	498	10	annual	annual	ADJ
fsr-3307	498	11	mtm	mtm	PROPN
fsr-3307	498	12	ladder	ladder	NOUN
fsr-3307	498	13	return	return	NOUN
fsr-3307	498	14	suppose	suppose	VERB
fsr-3307	498	15	we	we	PRON
fsr-3307	498	16	start	start	VERB
fsr-3307	498	17	implementing	implement	VERB
fsr-3307	498	18	a	a	DET
fsr-3307	498	19	three	three	NUM
fsr-3307	498	20	-	-	PUNCT
fsr-3307	498	21	year	year	NOUN
fsr-3307	498	22	ladder	ladder	NOUN
fsr-3307	498	23	strategy	strategy	NOUN
fsr-3307	498	24	at	at	ADP
fsr-3307	498	25	the	the	DET
fsr-3307	498	26	end	end	NOUN
fsr-3307	498	27	of	of	ADP
fsr-3307	498	28	1979	1979	NUM
fsr-3307	498	29	.	.	PUNCT
fsr-3307	499	1	by	by	ADP
fsr-3307	499	2	assuming	assume	VERB
fsr-3307	499	3	the	the	DET
fsr-3307	499	4	observed	observe	VERB
fsr-3307	499	5	one	one	NUM
fsr-3307	499	6	-	-	PUNCT
fsr-3307	499	7	year	year	NOUN
fsr-3307	499	8	,	,	PUNCT
fsr-3307	499	9	two	two	NUM
fsr-3307	499	10	-	-	PUNCT
fsr-3307	499	11	year	year	NOUN
fsr-3307	499	12	,	,	PUNCT
fsr-3307	499	13	and	and	CCONJ
fsr-3307	499	14	three	three	NUM
fsr-3307	499	15	-	-	PUNCT
fsr-3307	499	16	year	year	NOUN
fsr-3307	499	17	bond	bond	NOUN
fsr-3307	499	18	yields	yield	NOUN
fsr-3307	499	19	of	of	ADP
fsr-3307	499	20	11.98	11.98	NUM
fsr-3307	499	21	%	%	NOUN
fsr-3307	499	22	,	,	PUNCT
fsr-3307	499	23	11.39	11.39	NUM
fsr-3307	499	24	%	%	NOUN
fsr-3307	499	25	,	,	PUNCT
fsr-3307	499	26	and	and	CCONJ
fsr-3307	499	27	10.71	10.71	NUM
fsr-3307	499	28	%	%	NOUN
fsr-3307	499	29	as	as	ADP
fsr-3307	499	30	zero	zero	NUM
fsr-3307	499	31	yields	yield	NOUN
fsr-3307	499	32	,	,	PUNCT
fsr-3307	499	33	the	the	DET
fsr-3307	499	34	prevailing	prevail	VERB
fsr-3307	499	35	prices	price	NOUN
fsr-3307	499	36	of	of	ADP
fsr-3307	499	37	the	the	DET
fsr-3307	499	38	one	one	NUM
fsr-3307	499	39	-	-	PUNCT
fsr-3307	499	40	year	year	NOUN
fsr-3307	499	41	,	,	PUNCT
fsr-3307	499	42	two	two	NUM
fsr-3307	499	43	-	-	PUNCT
fsr-3307	499	44	year	year	NOUN
fsr-3307	499	45	,	,	PUNCT
fsr-3307	499	46	and	and	CCONJ
fsr-3307	499	47	three	three	NUM
fsr-3307	499	48	-	-	PUNCT
fsr-3307	499	49	year	year	NOUN
fsr-3307	499	50	zero	zero	NUM
fsr-3307	499	51	-	-	PUNCT
fsr-3307	499	52	coupon	coupon	NOUN
fsr-3307	499	53	bonds	bond	NOUN
fsr-3307	499	54	with	with	ADP
fsr-3307	499	55	face	face	NOUN
fsr-3307	499	56	value	value	NOUN
fsr-3307	499	57	of	of	ADP
fsr-3307	499	58	$	$	SYM
fsr-3307	499	59	100	100	NUM
fsr-3307	499	60	are	be	AUX
fsr-3307	499	61	$	$	SYM
fsr-3307	499	62	89.30	89.30	NUM
fsr-3307	499	63	,	,	PUNCT
fsr-3307	499	64	$	$	SYM
fsr-3307	499	65	80.59	80.59	NUM
fsr-3307	499	66	,	,	PUNCT
fsr-3307	499	67	and	and	CCONJ
fsr-3307	499	68	$	$	SYM
fsr-3307	499	69	73.70	73.70	NUM
fsr-3307	499	70	,	,	PUNCT
fsr-3307	499	71	respectively	respectively	ADV
fsr-3307	499	72	.	.	PUNCT
fsr-3307	500	1	consider	consider	VERB
fsr-3307	500	2	a	a	DET
fsr-3307	500	3	notional	notional	ADJ
fsr-3307	500	4	starting	starting	NOUN
fsr-3307	500	5	investment	investment	NOUN
fsr-3307	500	6	value	value	NOUN
fsr-3307	500	7	of	of	ADP
fsr-3307	500	8	$	$	SYM
fsr-3307	500	9	100	100	NUM
fsr-3307	500	10	for	for	ADP
fsr-3307	500	11	our	our	PRON
fsr-3307	500	12	three	three	NUM
fsr-3307	500	13	-	-	PUNCT
fsr-3307	500	14	year	year	NOUN
fsr-3307	500	15	ladder	ladder	NOUN
fsr-3307	500	16	portfolio	portfolio	NOUN
fsr-3307	500	17	.	.	PUNCT
fsr-3307	501	1	it	it	PRON
fsr-3307	501	2	is	be	AUX
fsr-3307	501	3	equally	equally	ADV
fsr-3307	501	4	split	split	VERB
fsr-3307	501	5	among	among	ADP
fsr-3307	501	6	the	the	DET
fsr-3307	501	7	three	three	NUM
fsr-3307	501	8	bonds	bond	NOUN
fsr-3307	501	9	(	(	PUNCT
fsr-3307	501	10	i.e.	i.e.	X
fsr-3307	501	11	,	,	PUNCT
fsr-3307	501	12	we	we	PRON
fsr-3307	501	13	are	be	AUX
fsr-3307	501	14	investing	invest	VERB
fsr-3307	501	15	$	$	SYM
fsr-3307	501	16	33.33	33.33	NUM
fsr-3307	501	17	in	in	ADP
fsr-3307	501	18	each	each	PRON
fsr-3307	501	19	of	of	ADP
fsr-3307	501	20	the	the	DET
fsr-3307	501	21	three	three	NUM
fsr-3307	501	22	bonds	bond	NOUN
fsr-3307	501	23	)	)	PUNCT
fsr-3307	501	24	.	.	PUNCT
fsr-3307	502	1	after	after	ADP
fsr-3307	502	2	one	one	NUM
fsr-3307	502	3	year	year	NOUN
fsr-3307	502	4	(	(	PUNCT
fsr-3307	502	5	i.e.	i.e.	X
fsr-3307	502	6	,	,	PUNCT
fsr-3307	502	7	at	at	ADP
fsr-3307	502	8	the	the	DET
fsr-3307	502	9	end	end	NOUN
fsr-3307	502	10	of	of	ADP
fsr-3307	502	11	1980	1980	NUM
fsr-3307	502	12	)	)	PUNCT
fsr-3307	502	13	,	,	PUNCT
fsr-3307	502	14	the	the	DET
fsr-3307	502	15	first	first	ADJ
fsr-3307	502	16	bond	bond	NOUN
fsr-3307	502	17	matures	mature	NOUN
fsr-3307	502	18	and	and	CCONJ
fsr-3307	502	19	its	its	PRON
fsr-3307	502	20	price	price	NOUN
fsr-3307	502	21	is	be	AUX
fsr-3307	502	22	$	$	SYM
fsr-3307	502	23	100	100	NUM
fsr-3307	502	24	.	.	PUNCT
fsr-3307	503	1	the	the	DET
fsr-3307	503	2	second	second	ADJ
fsr-3307	503	3	bond	bond	NOUN
fsr-3307	503	4	now	now	ADV
fsr-3307	503	5	has	have	VERB
fsr-3307	503	6	a	a	DET
fsr-3307	503	7	remaining	remain	VERB
fsr-3307	503	8	time	time	NOUN
fsr-3307	503	9	to	to	ADP
fsr-3307	503	10	maturity	maturity	NOUN
fsr-3307	503	11	of	of	ADP
fsr-3307	503	12	one	one	NUM
fsr-3307	503	13	year	year	NOUN
fsr-3307	503	14	;	;	PUNCT
fsr-3307	503	15	whereas	whereas	SCONJ
fsr-3307	503	16	the	the	DET
fsr-3307	503	17	third	third	ADJ
fsr-3307	503	18	bond	bond	NOUN
fsr-3307	503	19	will	will	AUX
fsr-3307	503	20	mature	mature	VERB
fsr-3307	503	21	in	in	ADP
fsr-3307	503	22	two	two	NUM
fsr-3307	503	23	years	year	NOUN
fsr-3307	503	24	.	.	PUNCT
fsr-3307	504	1	suppose	suppose	VERB
fsr-3307	504	2	the	the	DET
fsr-3307	504	3	one	one	NUM
fsr-3307	504	4	-	-	PUNCT
fsr-3307	504	5	year	year	NOUN
fsr-3307	504	6	and	and	CCONJ
fsr-3307	504	7	two	two	NUM
fsr-3307	504	8	-	-	PUNCT
fsr-3307	504	9	year	year	NOUN
fsr-3307	504	10	bond	bond	NOUN
fsr-3307	504	11	yields	yield	NOUN
fsr-3307	504	12	are	be	AUX
fsr-3307	504	13	now	now	ADV
fsr-3307	504	14	14.88	14.88	NUM
fsr-3307	504	15	%	%	NOUN
fsr-3307	504	16	and	and	CCONJ
fsr-3307	504	17	14.08	14.08	NUM
fsr-3307	504	18	%	%	NOUN
fsr-3307	504	19	.	.	PUNCT
fsr-3307	505	1	based	base	VERB
fsr-3307	505	2	on	on	ADP
fsr-3307	505	3	these	these	DET
fsr-3307	505	4	yields	yield	NOUN
fsr-3307	505	5	,	,	PUNCT
fsr-3307	505	6	the	the	DET
fsr-3307	505	7	prevailing	prevail	VERB
fsr-3307	505	8	market	market	NOUN
fsr-3307	505	9	prices	price	NOUN
fsr-3307	505	10	of	of	ADP
fsr-3307	505	11	the	the	DET
fsr-3307	505	12	second	second	ADJ
fsr-3307	505	13	and	and	CCONJ
fsr-3307	505	14	third	third	ADJ
fsr-3307	505	15	bonds	bond	NOUN
fsr-3307	505	16	become	become	VERB
fsr-3307	505	17	$	$	SYM
fsr-3307	505	18	87.05	87.05	NUM
fsr-3307	505	19	and	and	CCONJ
fsr-3307	505	20	$	$	SYM
fsr-3307	505	21	76.84	76.84	NUM
fsr-3307	505	22	.	.	PUNCT
fsr-3307	506	1	the	the	DET
fsr-3307	506	2	annual	annual	ADJ
fsr-3307	506	3	mtm	mtm	PROPN
fsr-3307	506	4	return	return	NOUN
fsr-3307	506	5	of	of	ADP
fsr-3307	506	6	the	the	DET
fsr-3307	506	7	ladder	ladder	NOUN
fsr-3307	506	8	portfolio	portfolio	NOUN
fsr-3307	506	9	in	in	ADP
fsr-3307	506	10	1980	1980	NUM
fsr-3307	506	11	is	be	AUX
fsr-3307	506	12	,	,	PUNCT
fsr-3307	506	13	therefore	therefore	ADV
fsr-3307	506	14	,	,	PUNCT
fsr-3307	506	15	the	the	DET
fsr-3307	506	16	weighted	weighted	ADJ
fsr-3307	506	17	average	average	ADJ
fsr-3307	506	18	return	return	NOUN
fsr-3307	506	19	of	of	ADP
fsr-3307	506	20	the	the	DET
fsr-3307	506	21	three	three	NUM
fsr-3307	506	22	bonds	bond	NOUN
fsr-3307	506	23	over	over	ADP
fsr-3307	506	24	that	that	DET
fsr-3307	506	25	year	year	NOUN
fsr-3307	506	26	,	,	PUNCT
fsr-3307	506	27	i.e.	i.e.	X
fsr-3307	506	28	,	,	PUNCT
fsr-3307	506	29	201c.s	201c.s	PROPN
fsr-3307	506	30	.	.	PUNCT
fsr-3307	506	31	cheung	cheung	PROPN
fsr-3307	506	32	,	,	PUNCT
fsr-3307	506	33	p.	p.	PROPN
fsr-3307	506	34	miu	miu	PROPN
fsr-3307	506	35	/	/	SYM
fsr-3307	506	36	financial	financial	ADJ
fsr-3307	506	37	services	service	NOUN
fsr-3307	506	38	review	review	VERB
fsr-3307	506	39	26	26	NUM
fsr-3307	506	40	(	(	PUNCT
fsr-3307	506	41	2017	2017	NUM
fsr-3307	506	42	)	)	PUNCT
fsr-3307	507	1	181–203	181–203	NUM
fsr-3307	507	2	$	$	SYM
fsr-3307	507	3	33.33	33.33	NUM
fsr-3307	507	4	$	$	SYM
fsr-3307	507	5	100	100	NUM
fsr-3307	507	6	�	�	PROPN
fsr-3307	507	7	�	�	PROPN
fsr-3307	507	8	$	$	SYM
fsr-3307	507	9	100.00	100.00	NUM
fsr-3307	507	10	�	�	NOUN
fsr-3307	507	11	$	$	SYM
fsr-3307	507	12	89.30	89.30	NUM
fsr-3307	507	13	�	�	PROPN
fsr-3307	507	14	$	$	SYM
fsr-3307	507	15	89.30	89.30	NUM
fsr-3307	507	16	�	�	PROPN
fsr-3307	507	17	$	$	SYM
fsr-3307	507	18	33.33	33.33	NUM
fsr-3307	507	19	$	$	SYM
fsr-3307	507	20	100	100	NUM
fsr-3307	507	21	�	�	PROPN
fsr-3307	507	22	�	�	PROPN
fsr-3307	507	23	$	$	SYM
fsr-3307	507	24	87.05	87.05	NUM
fsr-3307	507	25	�	�	PROPN
fsr-3307	507	26	$	$	SYM
fsr-3307	507	27	80.59	80.59	NUM
fsr-3307	507	28	�	�	PROPN
fsr-3307	507	29	$	$	SYM
fsr-3307	507	30	80.59	80.59	NUM
fsr-3307	507	31	�	�	PROPN
fsr-3307	507	32	$	$	SYM
fsr-3307	507	33	33.33	33.33	NUM
fsr-3307	507	34	$	$	SYM
fsr-3307	507	35	100	100	NUM
fsr-3307	507	36	�	�	PROPN
fsr-3307	507	37	�	�	PROPN
fsr-3307	507	38	$	$	SYM
fsr-3307	507	39	76.84	76.84	NUM
fsr-3307	507	40	�	�	NOUN
fsr-3307	507	41	$	$	SYM
fsr-3307	507	42	73.70	73.70	NUM
fsr-3307	507	43	�	�	NOUN
fsr-3307	507	44	$	$	SYM
fsr-3307	507	45	73.70	73.70	NUM
fsr-3307	507	46	�	�	NOUN
fsr-3307	507	47	8.09	8.09	NUM
fsr-3307	507	48	%	%	NOUN
fsr-3307	507	49	at	at	ADP
fsr-3307	507	50	the	the	DET
fsr-3307	507	51	end	end	NOUN
fsr-3307	507	52	of	of	ADP
fsr-3307	507	53	1980	1980	NUM
fsr-3307	507	54	,	,	PUNCT
fsr-3307	507	55	the	the	DET
fsr-3307	507	56	market	market	NOUN
fsr-3307	507	57	values	value	NOUN
fsr-3307	507	58	of	of	ADP
fsr-3307	507	59	the	the	DET
fsr-3307	507	60	positions	position	NOUN
fsr-3307	507	61	on	on	ADP
fsr-3307	507	62	the	the	DET
fsr-3307	507	63	three	three	NUM
fsr-3307	507	64	bonds	bond	NOUN
fsr-3307	507	65	are	be	AUX
fsr-3307	507	66	respectively	respectively	ADV
fsr-3307	507	67	$	$	SYM
fsr-3307	507	68	37.33	37.33	NUM
fsr-3307	507	69	(	(	PUNCT
fsr-3307	507	70	�	�	PROPN
fsr-3307	507	71	$	$	SYM
fsr-3307	507	72	33.33	33.33	NUM
fsr-3307	507	73	�	�	PROPN
fsr-3307	507	74	100/89.30	100/89.30	NUM
fsr-3307	507	75	)	)	PUNCT
fsr-3307	507	76	,	,	PUNCT
fsr-3307	507	77	$	$	SYM
fsr-3307	507	78	36.01	36.01	NUM
fsr-3307	507	79	(	(	PUNCT
fsr-3307	507	80	�	�	PROPN
fsr-3307	507	81	$	$	SYM
fsr-3307	507	82	33.33	33.33	NUM
fsr-3307	507	83	�	�	NUM
fsr-3307	507	84	87.05/80.59	87.05/80.59	NUM
fsr-3307	507	85	)	)	PUNCT
fsr-3307	507	86	,	,	PUNCT
fsr-3307	507	87	and	and	CCONJ
fsr-3307	507	88	$	$	SYM
fsr-3307	507	89	34.75	34.75	NUM
fsr-3307	507	90	�	�	X
fsr-3307	507	91	�	�	PROPN
fsr-3307	507	92	$	$	SYM
fsr-3307	507	93	33.33	33.33	NUM
fsr-3307	507	94	�	�	PROPN
fsr-3307	507	95	76.84	76.84	NUM
fsr-3307	507	96	73.70	73.70	NUM
fsr-3307	507	97	�	�	NOUN
fsr-3307	507	98	.	.	PUNCT
fsr-3307	508	1	the	the	DET
fsr-3307	508	2	overall	overall	ADJ
fsr-3307	508	3	value	value	NOUN
fsr-3307	508	4	of	of	ADP
fsr-3307	508	5	the	the	DET
fsr-3307	508	6	ladder	ladder	NOUN
fsr-3307	508	7	portfolio	portfolio	NOUN
fsr-3307	508	8	is	be	AUX
fsr-3307	508	9	,	,	PUNCT
fsr-3307	508	10	therefore	therefore	ADV
fsr-3307	508	11	,	,	PUNCT
fsr-3307	508	12	$	$	SYM
fsr-3307	508	13	108.09	108.09	NUM
fsr-3307	508	14	.	.	PUNCT
fsr-3307	509	1	as	as	SCONJ
fsr-3307	509	2	the	the	DET
fsr-3307	509	3	first	first	ADJ
fsr-3307	509	4	bond	bond	NOUN
fsr-3307	509	5	has	have	AUX
fsr-3307	509	6	matured	mature	VERB
fsr-3307	509	7	,	,	PUNCT
fsr-3307	509	8	the	the	DET
fsr-3307	509	9	$	$	SYM
fsr-3307	509	10	37.33	37.33	NUM
fsr-3307	509	11	is	be	AUX
fsr-3307	509	12	reinvested	reinveste	VERB
fsr-3307	509	13	in	in	ADP
fsr-3307	509	14	a	a	DET
fsr-3307	509	15	newly	newly	ADV
fsr-3307	509	16	issued	issue	VERB
fsr-3307	509	17	three	three	NUM
fsr-3307	509	18	-	-	PUNCT
fsr-3307	509	19	year	year	NOUN
fsr-3307	509	20	bond	bond	NOUN
fsr-3307	509	21	.	.	PUNCT
fsr-3307	510	1	with	with	ADP
fsr-3307	510	2	a	a	DET
fsr-3307	510	3	three	three	NUM
fsr-3307	510	4	-	-	PUNCT
fsr-3307	510	5	year	year	NOUN
fsr-3307	510	6	bond	bond	NOUN
fsr-3307	510	7	yield	yield	NOUN
fsr-3307	510	8	of	of	ADP
fsr-3307	510	9	13.65	13.65	NUM
fsr-3307	510	10	%	%	NOUN
fsr-3307	510	11	,	,	PUNCT
fsr-3307	510	12	a	a	DET
fsr-3307	510	13	newly	newly	ADV
fsr-3307	510	14	issued	issue	VERB
fsr-3307	510	15	three	three	NUM
fsr-3307	510	16	-	-	PUNCT
fsr-3307	510	17	year	year	NOUN
fsr-3307	510	18	zero	zero	NUM
fsr-3307	510	19	-	-	PUNCT
fsr-3307	510	20	coupon	coupon	NOUN
fsr-3307	510	21	bond	bond	NOUN
fsr-3307	510	22	should	should	AUX
fsr-3307	510	23	be	be	AUX
fsr-3307	510	24	selling	sell	VERB
fsr-3307	510	25	at	at	ADP
fsr-3307	510	26	$	$	SYM
fsr-3307	510	27	68.12	68.12	NUM
fsr-3307	510	28	.	.	PUNCT
fsr-3307	511	1	now	now	ADV
fsr-3307	511	2	,	,	PUNCT
fsr-3307	511	3	the	the	DET
fsr-3307	511	4	ladder	ladder	NOUN
fsr-3307	511	5	portfolio	portfolio	NOUN
fsr-3307	511	6	consists	consist	VERB
fsr-3307	511	7	of	of	ADP
fsr-3307	511	8	a	a	DET
fsr-3307	511	9	three	three	NUM
fsr-3307	511	10	-	-	PUNCT
fsr-3307	511	11	year	year	NOUN
fsr-3307	511	12	bond	bond	NOUN
fsr-3307	511	13	(	(	PUNCT
fsr-3307	511	14	the	the	DET
fsr-3307	511	15	first	first	ADJ
fsr-3307	511	16	bond	bond	NOUN
fsr-3307	511	17	)	)	PUNCT
fsr-3307	511	18	,	,	PUNCT
fsr-3307	511	19	a	a	DET
fsr-3307	511	20	one	one	NUM
fsr-3307	511	21	-	-	PUNCT
fsr-3307	511	22	year	year	NOUN
fsr-3307	511	23	bond	bond	NOUN
fsr-3307	511	24	(	(	PUNCT
fsr-3307	511	25	the	the	DET
fsr-3307	511	26	second	second	ADJ
fsr-3307	511	27	bond	bond	NOUN
fsr-3307	511	28	)	)	PUNCT
fsr-3307	511	29	,	,	PUNCT
fsr-3307	511	30	and	and	CCONJ
fsr-3307	511	31	a	a	DET
fsr-3307	511	32	two	two	NUM
fsr-3307	511	33	-	-	PUNCT
fsr-3307	511	34	year	year	NOUN
fsr-3307	511	35	bond	bond	NOUN
fsr-3307	511	36	(	(	PUNCT
fsr-3307	511	37	the	the	DET
fsr-3307	511	38	third	third	ADJ
fsr-3307	511	39	bond	bond	NOUN
fsr-3307	511	40	)	)	PUNCT
fsr-3307	511	41	.	.	PUNCT
fsr-3307	512	1	after	after	ADP
fsr-3307	512	2	another	another	DET
fsr-3307	512	3	year	year	NOUN
fsr-3307	512	4	(	(	PUNCT
fsr-3307	512	5	i.e.	i.e.	X
fsr-3307	512	6	,	,	PUNCT
fsr-3307	512	7	at	at	ADP
fsr-3307	512	8	the	the	DET
fsr-3307	512	9	end	end	NOUN
fsr-3307	512	10	of	of	ADP
fsr-3307	512	11	1981	1981	NUM
fsr-3307	512	12	)	)	PUNCT
fsr-3307	512	13	,	,	PUNCT
fsr-3307	512	14	the	the	DET
fsr-3307	512	15	second	second	ADJ
fsr-3307	512	16	bond	bond	NOUN
fsr-3307	512	17	matures	mature	NOUN
fsr-3307	512	18	and	and	CCONJ
fsr-3307	512	19	its	its	PRON
fsr-3307	512	20	value	value	NOUN
fsr-3307	512	21	is	be	AUX
fsr-3307	512	22	$	$	SYM
fsr-3307	512	23	100	100	NUM
fsr-3307	512	24	.	.	PUNCT
fsr-3307	513	1	the	the	DET
fsr-3307	513	2	third	third	ADJ
fsr-3307	513	3	bond	bond	NOUN
fsr-3307	513	4	now	now	ADV
fsr-3307	513	5	has	have	VERB
fsr-3307	513	6	a	a	DET
fsr-3307	513	7	remaining	remain	VERB
fsr-3307	513	8	time	time	NOUN
fsr-3307	513	9	to	to	ADP
fsr-3307	513	10	maturity	maturity	NOUN
fsr-3307	513	11	of	of	ADP
fsr-3307	513	12	one	one	NUM
fsr-3307	513	13	year	year	NOUN
fsr-3307	513	14	;	;	PUNCT
fsr-3307	513	15	whereas	whereas	SCONJ
fsr-3307	513	16	the	the	DET
fsr-3307	513	17	first	first	ADJ
fsr-3307	513	18	bond	bond	NOUN
fsr-3307	513	19	will	will	AUX
fsr-3307	513	20	mature	mature	VERB
fsr-3307	513	21	in	in	ADP
fsr-3307	513	22	two	two	NUM
fsr-3307	513	23	years	year	NOUN
fsr-3307	513	24	.	.	PUNCT
fsr-3307	514	1	suppose	suppose	VERB
fsr-3307	514	2	the	the	DET
fsr-3307	514	3	one	one	NUM
fsr-3307	514	4	-	-	PUNCT
fsr-3307	514	5	year	year	NOUN
fsr-3307	514	6	and	and	CCONJ
fsr-3307	514	7	two	two	NUM
fsr-3307	514	8	-	-	PUNCT
fsr-3307	514	9	year	year	NOUN
fsr-3307	514	10	bond	bond	NOUN
fsr-3307	514	11	yields	yield	NOUN
fsr-3307	514	12	are	be	AUX
fsr-3307	514	13	now	now	ADV
fsr-3307	514	14	12.85	12.85	NUM
fsr-3307	514	15	%	%	NOUN
fsr-3307	514	16	and	and	CCONJ
fsr-3307	514	17	13.29	13.29	NUM
fsr-3307	514	18	%	%	NOUN
fsr-3307	514	19	.	.	PUNCT
fsr-3307	515	1	based	base	VERB
fsr-3307	515	2	on	on	ADP
fsr-3307	515	3	these	these	DET
fsr-3307	515	4	yields	yield	NOUN
fsr-3307	515	5	,	,	PUNCT
fsr-3307	515	6	the	the	DET
fsr-3307	515	7	prevailing	prevail	VERB
fsr-3307	515	8	market	market	NOUN
fsr-3307	515	9	prices	price	NOUN
fsr-3307	515	10	of	of	ADP
fsr-3307	515	11	the	the	DET
fsr-3307	515	12	first	first	ADJ
fsr-3307	515	13	and	and	CCONJ
fsr-3307	515	14	third	third	ADJ
fsr-3307	515	15	bonds	bond	NOUN
fsr-3307	515	16	become	become	VERB
fsr-3307	515	17	$	$	SYM
fsr-3307	515	18	77.91	77.91	NUM
fsr-3307	515	19	and	and	CCONJ
fsr-3307	515	20	$	$	SYM
fsr-3307	515	21	88.61	88.61	NUM
fsr-3307	515	22	.	.	PUNCT
fsr-3307	516	1	the	the	DET
fsr-3307	516	2	annual	annual	ADJ
fsr-3307	516	3	mtm	mtm	PROPN
fsr-3307	516	4	return	return	NOUN
fsr-3307	516	5	of	of	ADP
fsr-3307	516	6	the	the	DET
fsr-3307	516	7	ladder	ladder	NOUN
fsr-3307	516	8	portfolio	portfolio	NOUN
fsr-3307	516	9	in	in	ADP
fsr-3307	516	10	1981	1981	NUM
fsr-3307	516	11	is	be	AUX
fsr-3307	516	12	,	,	PUNCT
fsr-3307	516	13	therefore	therefore	ADV
fsr-3307	516	14	,	,	PUNCT
fsr-3307	516	15	the	the	DET
fsr-3307	516	16	weighted	weighted	ADJ
fsr-3307	516	17	average	average	ADJ
fsr-3307	516	18	return	return	NOUN
fsr-3307	516	19	of	of	ADP
fsr-3307	516	20	the	the	DET
fsr-3307	516	21	three	three	NUM
fsr-3307	516	22	bonds	bond	NOUN
fsr-3307	516	23	over	over	ADP
fsr-3307	516	24	that	that	DET
fsr-3307	516	25	year	year	NOUN
fsr-3307	516	26	,	,	PUNCT
fsr-3307	516	27	i.e.	i.e.	X
fsr-3307	516	28	,	,	PUNCT
fsr-3307	516	29	$	$	SYM
fsr-3307	516	30	37.33	37.33	NUM
fsr-3307	516	31	$	$	SYM
fsr-3307	516	32	108.09	108.09	NUM
fsr-3307	516	33	�	�	PROPN
fsr-3307	516	34	�	�	PROPN
fsr-3307	516	35	$	$	SYM
fsr-3307	516	36	77.91	77.91	NUM
fsr-3307	516	37	�	�	PROPN
fsr-3307	516	38	$	$	SYM
fsr-3307	516	39	68.12	68.12	NUM
fsr-3307	516	40	�	�	PROPN
fsr-3307	516	41	$	$	SYM
fsr-3307	516	42	68.12	68.12	NUM
fsr-3307	516	43	�	�	PROPN
fsr-3307	516	44	$	$	SYM
fsr-3307	516	45	36.01	36.01	NUM
fsr-3307	516	46	$	$	SYM
fsr-3307	516	47	108.09	108.09	NUM
fsr-3307	516	48	�	�	PROPN
fsr-3307	516	49	�	�	PROPN
fsr-3307	516	50	$	$	SYM
fsr-3307	516	51	100.00	100.00	NUM
fsr-3307	516	52	�	�	NOUN
fsr-3307	516	53	$	$	SYM
fsr-3307	516	54	87.05	87.05	NUM
fsr-3307	516	55	�	�	PROPN
fsr-3307	516	56	$	$	SYM
fsr-3307	516	57	87.05	87.05	NUM
fsr-3307	516	58	�	�	PROPN
fsr-3307	516	59	$	$	SYM
fsr-3307	516	60	34.75	34.75	NUM
fsr-3307	516	61	$	$	SYM
fsr-3307	516	62	108.09	108.09	NUM
fsr-3307	516	63	�	�	PROPN
fsr-3307	516	64	�	�	PROPN
fsr-3307	516	65	$	$	SYM
fsr-3307	516	66	88.61	88.61	NUM
fsr-3307	516	67	�	�	NOUN
fsr-3307	516	68	$	$	SYM
fsr-3307	516	69	76.84	76.84	NUM
fsr-3307	516	70	�	�	PROPN
fsr-3307	516	71	$	$	SYM
fsr-3307	516	72	76.84	76.84	NUM
fsr-3307	516	73	�	�	NOUN
fsr-3307	516	74	14.84	14.84	NUM
fsr-3307	516	75	%	%	NOUN
fsr-3307	516	76	at	at	ADP
fsr-3307	516	77	the	the	DET
fsr-3307	516	78	end	end	NOUN
fsr-3307	516	79	of	of	ADP
fsr-3307	516	80	1981	1981	NUM
fsr-3307	516	81	,	,	PUNCT
fsr-3307	516	82	the	the	DET
fsr-3307	516	83	market	market	NOUN
fsr-3307	516	84	values	value	NOUN
fsr-3307	516	85	of	of	ADP
fsr-3307	516	86	the	the	DET
fsr-3307	516	87	positions	position	NOUN
fsr-3307	516	88	on	on	ADP
fsr-3307	516	89	the	the	DET
fsr-3307	516	90	three	three	NUM
fsr-3307	516	91	bonds	bond	NOUN
fsr-3307	516	92	are	be	AUX
fsr-3307	516	93	respectively	respectively	ADV
fsr-3307	516	94	$	$	SYM
fsr-3307	516	95	42.69	42.69	NUM
fsr-3307	516	96	(	(	PUNCT
fsr-3307	516	97	�	�	PROPN
fsr-3307	516	98	$	$	SYM
fsr-3307	516	99	37.33	37.33	NUM
fsr-3307	516	100	�	�	NOUN
fsr-3307	516	101	77.91/68.12	77.91/68.12	NOUN
fsr-3307	516	102	)	)	PUNCT
fsr-3307	516	103	,	,	PUNCT
fsr-3307	516	104	$	$	SYM
fsr-3307	516	105	41.37	41.37	NUM
fsr-3307	516	106	(	(	PUNCT
fsr-3307	516	107	�	�	PROPN
fsr-3307	516	108	$	$	SYM
fsr-3307	516	109	36.01	36.01	NUM
fsr-3307	516	110	�	�	PROPN
fsr-3307	516	111	100.00/87.05	100.00/87.05	NUM
fsr-3307	516	112	)	)	PUNCT
fsr-3307	516	113	,	,	PUNCT
fsr-3307	516	114	and	and	CCONJ
fsr-3307	516	115	$	$	SYM
fsr-3307	516	116	40.07	40.07	NUM
fsr-3307	516	117	�	�	PROPN
fsr-3307	516	118	�	�	PROPN
fsr-3307	516	119	$	$	SYM
fsr-3307	516	120	34.75	34.75	NUM
fsr-3307	516	121	�	�	PROPN
fsr-3307	516	122	88.61	88.61	NUM
fsr-3307	516	123	76.84	76.84	NUM
fsr-3307	516	124	�	�	PROPN
fsr-3307	516	125	.	.	PUNCT
fsr-3307	517	1	as	as	SCONJ
fsr-3307	517	2	the	the	DET
fsr-3307	517	3	second	second	ADJ
fsr-3307	517	4	bond	bond	NOUN
fsr-3307	517	5	has	have	AUX
fsr-3307	517	6	matured	mature	VERB
fsr-3307	517	7	,	,	PUNCT
fsr-3307	517	8	the	the	DET
fsr-3307	517	9	$	$	SYM
fsr-3307	517	10	41.37	41.37	NUM
fsr-3307	517	11	is	be	AUX
fsr-3307	517	12	reinvested	reinveste	VERB
fsr-3307	517	13	in	in	ADP
fsr-3307	517	14	a	a	DET
fsr-3307	517	15	newly	newly	ADV
fsr-3307	517	16	issued	issue	VERB
fsr-3307	517	17	three	three	NUM
fsr-3307	517	18	-	-	PUNCT
fsr-3307	517	19	year	year	NOUN
fsr-3307	517	20	bond	bond	NOUN
fsr-3307	517	21	.	.	PUNCT
fsr-3307	518	1	now	now	ADV
fsr-3307	518	2	,	,	PUNCT
fsr-3307	518	3	the	the	DET
fsr-3307	518	4	ladder	ladder	NOUN
fsr-3307	518	5	portfolio	portfolio	NOUN
fsr-3307	518	6	consists	consist	VERB
fsr-3307	518	7	of	of	ADP
fsr-3307	518	8	a	a	DET
fsr-3307	518	9	two	two	NUM
fsr-3307	518	10	-	-	PUNCT
fsr-3307	518	11	year	year	NOUN
fsr-3307	518	12	bond	bond	NOUN
fsr-3307	518	13	(	(	PUNCT
fsr-3307	518	14	the	the	DET
fsr-3307	518	15	first	first	ADJ
fsr-3307	518	16	bond	bond	NOUN
fsr-3307	518	17	)	)	PUNCT
fsr-3307	518	18	,	,	PUNCT
fsr-3307	518	19	a	a	DET
fsr-3307	518	20	three	three	NUM
fsr-3307	518	21	-	-	PUNCT
fsr-3307	518	22	year	year	NOUN
fsr-3307	518	23	bond	bond	NOUN
fsr-3307	518	24	(	(	PUNCT
fsr-3307	518	25	the	the	DET
fsr-3307	518	26	second	second	ADJ
fsr-3307	518	27	bond	bond	NOUN
fsr-3307	518	28	)	)	PUNCT
fsr-3307	518	29	,	,	PUNCT
fsr-3307	518	30	and	and	CCONJ
fsr-3307	518	31	a	a	DET
fsr-3307	518	32	1	1	NUM
fsr-3307	518	33	-	-	PUNCT
fsr-3307	518	34	year	year	NOUN
fsr-3307	518	35	bond	bond	NOUN
fsr-3307	518	36	(	(	PUNCT
fsr-3307	518	37	the	the	DET
fsr-3307	518	38	third	third	ADJ
fsr-3307	518	39	bond	bond	NOUN
fsr-3307	518	40	)	)	PUNCT
fsr-3307	518	41	.	.	PUNCT
fsr-3307	519	1	the	the	DET
fsr-3307	519	2	above	above	ADJ
fsr-3307	519	3	calculations	calculation	NOUN
fsr-3307	519	4	are	be	AUX
fsr-3307	519	5	repeated	repeat	VERB
fsr-3307	519	6	for	for	ADP
fsr-3307	519	7	each	each	PRON
fsr-3307	519	8	of	of	ADP
fsr-3307	519	9	the	the	DET
fsr-3307	519	10	subsequent	subsequent	ADJ
fsr-3307	519	11	years	year	NOUN
fsr-3307	519	12	of	of	ADP
fsr-3307	519	13	the	the	DET
fsr-3307	519	14	sample	sample	NOUN
fsr-3307	519	15	period	period	NOUN
fsr-3307	519	16	to	to	PART
fsr-3307	519	17	obtain	obtain	VERB
fsr-3307	519	18	the	the	DET
fsr-3307	519	19	time	time	NOUN
fsr-3307	519	20	-	-	PUNCT
fsr-3307	519	21	series	series	NOUN
fsr-3307	519	22	of	of	ADP
fsr-3307	519	23	annual	annual	ADJ
fsr-3307	519	24	mtm	mtm	PROPN
fsr-3307	519	25	return	return	NOUN
fsr-3307	519	26	of	of	ADP
fsr-3307	519	27	the	the	DET
fsr-3307	519	28	three	three	NUM
fsr-3307	519	29	-	-	PUNCT
fsr-3307	519	30	year	year	NOUN
fsr-3307	519	31	ladder	ladder	NOUN
fsr-3307	519	32	.	.	PUNCT
fsr-3307	520	1	references	reference	NOUN
fsr-3307	520	2	alexander	alexander	PROPN
fsr-3307	520	3	,	,	PUNCT
fsr-3307	520	4	g.	g.	PROPN
fsr-3307	520	5	j.	j.	PROPN
fsr-3307	520	6	,	,	PUNCT
fsr-3307	520	7	sharpe	sharpe	PROPN
fsr-3307	520	8	,	,	PUNCT
fsr-3307	520	9	w.	w.	PROPN
fsr-3307	520	10	f.	f.	PROPN
fsr-3307	520	11	,	,	PUNCT
fsr-3307	520	12	&	&	CCONJ
fsr-3307	520	13	bailey	bailey	PROPN
fsr-3307	520	14	,	,	PUNCT
fsr-3307	520	15	j.	j.	PROPN
fsr-3307	520	16	v.	v.	PROPN
fsr-3307	520	17	(	(	PUNCT
fsr-3307	520	18	2001	2001	NUM
fsr-3307	520	19	)	)	PUNCT
fsr-3307	520	20	.	.	PUNCT
fsr-3307	521	1	fundamentals	fundamental	NOUN
fsr-3307	521	2	of	of	ADP
fsr-3307	521	3	investments	investment	NOUN
fsr-3307	521	4	.	.	PUNCT
fsr-3307	522	1	upper	upper	ADJ
fsr-3307	522	2	saddle	saddle	PROPN
fsr-3307	522	3	river	river	PROPN
fsr-3307	522	4	,	,	PUNCT
fsr-3307	522	5	nj	nj	PROPN
fsr-3307	522	6	:	:	PUNCT
fsr-3307	522	7	prentice	prentice	PROPN
fsr-3307	522	8	hall	hall	PROPN
fsr-3307	522	9	.	.	PUNCT
fsr-3307	523	1	bernstein	bernstein	PROPN
fsr-3307	523	2	,	,	PUNCT
fsr-3307	523	3	p.	p.	PROPN
fsr-3307	523	4	j.	j.	PROPN
fsr-3307	524	1	(	(	PUNCT
fsr-3307	524	2	2003	2003	NUM
fsr-3307	524	3	)	)	PUNCT
fsr-3307	524	4	.	.	PUNCT
fsr-3307	525	1	investing	invest	VERB
fsr-3307	525	2	after	after	ADP
fsr-3307	525	3	50	50	NUM
fsr-3307	525	4	.	.	PUNCT
fsr-3307	526	1	journal	journal	PROPN
fsr-3307	526	2	of	of	ADP
fsr-3307	526	3	accountancy	accountancy	NOUN
fsr-3307	526	4	,	,	PUNCT
fsr-3307	526	5	195	195	NUM
fsr-3307	526	6	,	,	PUNCT
fsr-3307	526	7	20–27	20–27	NUM
fsr-3307	526	8	.	.	PUNCT
fsr-3307	527	1	bodie	bodie	PROPN
fsr-3307	527	2	,	,	PUNCT
fsr-3307	527	3	z.	z.	PROPN
fsr-3307	527	4	,	,	PUNCT
fsr-3307	527	5	kane	kane	PROPN
fsr-3307	527	6	a.	a.	PROPN
fsr-3307	527	7	,	,	PUNCT
fsr-3307	527	8	&	&	CCONJ
fsr-3307	527	9	marcus	marcus	PROPN
fsr-3307	527	10	,	,	PUNCT
fsr-3307	527	11	a.	a.	PROPN
fsr-3307	527	12	j.	j.	PROPN
fsr-3307	527	13	(	(	PUNCT
fsr-3307	527	14	2007	2007	NUM
fsr-3307	527	15	)	)	PUNCT
fsr-3307	527	16	.	.	PUNCT
fsr-3307	528	1	essentials	essential	NOUN
fsr-3307	528	2	of	of	ADP
fsr-3307	528	3	investments	investment	NOUN
fsr-3307	528	4	.	.	PUNCT
fsr-3307	529	1	new	new	PROPN
fsr-3307	529	2	york	york	PROPN
fsr-3307	529	3	,	,	PUNCT
fsr-3307	529	4	ny	ny	PROPN
fsr-3307	529	5	:	:	PUNCT
fsr-3307	529	6	mcgraw	mcgraw	PROPN
fsr-3307	529	7	hill	hill	PROPN
fsr-3307	529	8	.	.	PUNCT
fsr-3307	530	1	bohlin	bohlin	PROPN
fsr-3307	530	2	,	,	PUNCT
fsr-3307	530	3	s.	s.	PROPN
fsr-3307	530	4	,	,	PUNCT
fsr-3307	530	5	&	&	CCONJ
fsr-3307	530	6	strickland	strickland	PROPN
fsr-3307	530	7	,	,	PUNCT
fsr-3307	530	8	g.	g.	PROPN
fsr-3307	530	9	(	(	PUNCT
fsr-3307	530	10	2004	2004	NUM
fsr-3307	530	11	)	)	PUNCT
fsr-3307	530	12	.	.	PUNCT
fsr-3307	531	1	climbing	climb	VERB
fsr-3307	531	2	the	the	DET
fsr-3307	531	3	ladder	ladder	NOUN
fsr-3307	531	4	:	:	PUNCT
fsr-3307	531	5	how	how	SCONJ
fsr-3307	531	6	to	to	PART
fsr-3307	531	7	manage	manage	VERB
fsr-3307	531	8	risk	risk	NOUN
fsr-3307	531	9	in	in	ADP
fsr-3307	531	10	your	your	PRON
fsr-3307	531	11	bond	bond	NOUN
fsr-3307	531	12	portfolio	portfolio	NOUN
fsr-3307	531	13	.	.	PUNCT
fsr-3307	532	1	aaii	aaii	PROPN
fsr-3307	532	2	journal	journal	PROPN
fsr-3307	532	3	,	,	PUNCT
fsr-3307	532	4	5–8	5–8	PROPN
fsr-3307	532	5	.	.	PUNCT
fsr-3307	532	6	campbell	campbell	PROPN
fsr-3307	532	7	,	,	PUNCT
fsr-3307	532	8	j.	j.	PROPN
fsr-3307	532	9	y.	y.	PROPN
fsr-3307	532	10	,	,	PUNCT
fsr-3307	532	11	&	&	CCONJ
fsr-3307	532	12	viceira	viceira	PROPN
fsr-3307	532	13	,	,	PUNCT
fsr-3307	532	14	l.	l.	PROPN
fsr-3307	532	15	m.	m.	PROPN
fsr-3307	532	16	(	(	PUNCT
fsr-3307	532	17	2001	2001	NUM
fsr-3307	532	18	)	)	PUNCT
fsr-3307	532	19	.	.	PUNCT
fsr-3307	533	1	who	who	PRON
fsr-3307	533	2	should	should	AUX
fsr-3307	533	3	buy	buy	VERB
fsr-3307	533	4	long	long	ADJ
fsr-3307	533	5	-	-	PUNCT
fsr-3307	533	6	term	term	NOUN
fsr-3307	533	7	bonds	bond	NOUN
fsr-3307	533	8	?	?	PUNCT
fsr-3307	534	1	the	the	DET
fsr-3307	534	2	american	american	PROPN
fsr-3307	534	3	economic	economic	PROPN
fsr-3307	534	4	review	review	PROPN
fsr-3307	534	5	,	,	PUNCT
fsr-3307	534	6	91	91	NUM
fsr-3307	534	7	,	,	PUNCT
fsr-3307	534	8	99–127	99–127	PROPN
fsr-3307	534	9	.	.	PUNCT
fsr-3307	535	1	202	202	NUM
fsr-3307	535	2	c.s	c.s	PROPN
fsr-3307	535	3	.	.	PROPN
fsr-3307	535	4	cheung	cheung	PROPN
fsr-3307	535	5	,	,	PUNCT
fsr-3307	535	6	p.	p.	PROPN
fsr-3307	535	7	miu	miu	PROPN
fsr-3307	535	8	/	/	SYM
fsr-3307	535	9	financial	financial	ADJ
fsr-3307	535	10	services	service	NOUN
fsr-3307	535	11	review	review	VERB
fsr-3307	535	12	26	26	NUM
fsr-3307	535	13	(	(	PUNCT
fsr-3307	535	14	2017	2017	NUM
fsr-3307	535	15	)	)	PUNCT
fsr-3307	535	16	181–203	181–203	NUM
fsr-3307	535	17	canner	canner	NOUN
fsr-3307	535	18	,	,	PUNCT
fsr-3307	535	19	n.	n.	NOUN
fsr-3307	535	20	,	,	PUNCT
fsr-3307	535	21	mankin	mankin	NOUN
fsr-3307	535	22	,	,	PUNCT
fsr-3307	535	23	n.	n.	PROPN
fsr-3307	535	24	g.	g.	PROPN
fsr-3307	535	25	,	,	PUNCT
fsr-3307	535	26	&	&	CCONJ
fsr-3307	535	27	weil	weil	PROPN
fsr-3307	535	28	,	,	PUNCT
fsr-3307	535	29	d.	d.	PROPN
fsr-3307	535	30	n.	n.	PROPN
fsr-3307	535	31	(	(	PUNCT
fsr-3307	535	32	1997	1997	NUM
fsr-3307	535	33	)	)	PUNCT
fsr-3307	535	34	.	.	PUNCT
fsr-3307	536	1	an	an	DET
fsr-3307	536	2	asset	asset	NOUN
fsr-3307	536	3	allocation	allocation	NOUN
fsr-3307	536	4	puzzle	puzzle	NOUN
fsr-3307	536	5	.	.	PUNCT
fsr-3307	537	1	the	the	DET
fsr-3307	537	2	american	american	PROPN
fsr-3307	537	3	economic	economic	PROPN
fsr-3307	537	4	review	review	PROPN
fsr-3307	537	5	,	,	PUNCT
fsr-3307	537	6	87	87	NUM
fsr-3307	537	7	,	,	PUNCT
fsr-3307	537	8	181–191	181–191	NUM
fsr-3307	537	9	.	.	X
fsr-3307	538	1	chang	chang	PROPN
fsr-3307	538	2	,	,	PUNCT
fsr-3307	538	3	c.	c.	PROPN
fsr-3307	538	4	e.	e.	PROPN
fsr-3307	538	5	,	,	PUNCT
fsr-3307	538	6	&	&	CCONJ
fsr-3307	538	7	krueger	krueger	PROPN
fsr-3307	538	8	,	,	PUNCT
fsr-3307	538	9	t.	t.	PROPN
fsr-3307	538	10	(	(	PUNCT
fsr-3307	538	11	2010	2010	NUM
fsr-3307	538	12	)	)	PUNCT
fsr-3307	538	13	.	.	PUNCT
fsr-3307	539	1	do	do	AUX
fsr-3307	539	2	enhanced	enhance	VERB
fsr-3307	539	3	index	index	NOUN
fsr-3307	539	4	funds	fund	NOUN
fsr-3307	539	5	live	live	VERB
fsr-3307	539	6	up	up	ADP
fsr-3307	539	7	to	to	ADP
fsr-3307	539	8	their	their	PRON
fsr-3307	539	9	name	name	NOUN
fsr-3307	539	10	?	?	PUNCT
fsr-3307	540	1	financial	financial	ADJ
fsr-3307	540	2	services	service	NOUN
fsr-3307	540	3	review	review	PROPN
fsr-3307	540	4	,	,	PUNCT
fsr-3307	540	5	19	19	NUM
fsr-3307	540	6	,	,	PUNCT
fsr-3307	540	7	145–162	145–162	NUM
fsr-3307	540	8	.	.	PUNCT
fsr-3307	541	1	cheung	cheung	PROPN
fsr-3307	541	2	,	,	PUNCT
fsr-3307	541	3	c.	c.	PROPN
fsr-3307	541	4	s.	s.	PROPN
fsr-3307	541	5	,	,	PUNCT
fsr-3307	541	6	kwan	kwan	PROPN
fsr-3307	541	7	,	,	PUNCT
fsr-3307	541	8	c.	c.	PROPN
fsr-3307	541	9	c.	c.	PROPN
fsr-3307	541	10	y.	y.	PROPN
fsr-3307	541	11	,	,	PUNCT
fsr-3307	541	12	&	&	CCONJ
fsr-3307	541	13	sarkar	sarkar	PROPN
fsr-3307	541	14	,	,	PUNCT
fsr-3307	541	15	s.	s.	PROPN
fsr-3307	541	16	(	(	PUNCT
fsr-3307	541	17	2010	2010	NUM
fsr-3307	541	18	)	)	PUNCT
fsr-3307	541	19	.	.	PUNCT
fsr-3307	542	1	bond	bond	NOUN
fsr-3307	542	2	portfolio	portfolio	NOUN
fsr-3307	542	3	laddering	ladder	VERB
fsr-3307	542	4	:	:	PUNCT
fsr-3307	542	5	a	a	DET
fsr-3307	542	6	mean	mean	ADJ
fsr-3307	542	7	-	-	PUNCT
fsr-3307	542	8	variance	variance	NOUN
fsr-3307	542	9	perspective	perspective	NOUN
fsr-3307	542	10	.	.	PUNCT
fsr-3307	543	1	journal	journal	PROPN
fsr-3307	543	2	of	of	ADP
fsr-3307	543	3	applied	apply	VERB
fsr-3307	543	4	finance	finance	NOUN
fsr-3307	543	5	,	,	PUNCT
fsr-3307	543	6	1	1	NUM
fsr-3307	543	7	,	,	PUNCT
fsr-3307	543	8	103–109	103–109	NUM
fsr-3307	543	9	.	.	PUNCT
fsr-3307	544	1	cui	cui	PROPN
fsr-3307	544	2	,	,	PUNCT
fsr-3307	544	3	c.	c.	PROPN
fsr-3307	544	4	(	(	PUNCT
fsr-3307	544	5	2013	2013	NUM
fsr-3307	544	6	)	)	PUNCT
fsr-3307	544	7	.	.	PUNCT
fsr-3307	545	1	barclays	barclay	NOUN
fsr-3307	545	2	agg	agg	PROPN
fsr-3307	545	3	had	have	VERB
fsr-3307	545	4	modest	modest	ADJ
fsr-3307	545	5	origin	origin	NOUN
fsr-3307	545	6	.	.	PUNCT
fsr-3307	546	1	wall	wall	PROPN
fsr-3307	546	2	street	street	PROPN
fsr-3307	546	3	journal	journal	PROPN
fsr-3307	546	4	(	(	PUNCT
fsr-3307	546	5	03	03	NUM
fsr-3307	546	6	apr	apr	NOUN
fsr-3307	546	7	2013	2013	NUM
fsr-3307	546	8	:	:	PUNCT
fsr-3307	546	9	c.2	c.2	NOUN
fsr-3307	546	10	)	)	PUNCT
fsr-3307	546	11	.	.	PUNCT
fsr-3307	547	1	dilellio	dilellio	PROPN
fsr-3307	547	2	,	,	PUNCT
fsr-3307	547	3	j.	j.	PROPN
fsr-3307	547	4	a.	a.	PROPN
fsr-3307	547	5	,	,	PUNCT
fsr-3307	547	6	&	&	CCONJ
fsr-3307	547	7	stanley	stanley	PROPN
fsr-3307	547	8	,	,	PUNCT
fsr-3307	547	9	d.	d.	PROPN
fsr-3307	547	10	j.	j.	PROPN
fsr-3307	547	11	(	(	PUNCT
fsr-3307	547	12	2011	2011	NUM
fsr-3307	547	13	)	)	PUNCT
fsr-3307	547	14	.	.	PUNCT
fsr-3307	548	1	etf	etf	NOUN
fsr-3307	548	2	trading	trading	NOUN
fsr-3307	548	3	strategies	strategy	NOUN
fsr-3307	548	4	to	to	PART
fsr-3307	548	5	enhance	enhance	VERB
fsr-3307	548	6	client	client	NOUN
fsr-3307	548	7	wealth	wealth	NOUN
fsr-3307	548	8	maximization	maximization	NOUN
fsr-3307	548	9	.	.	PUNCT
fsr-3307	549	1	financial	financial	ADJ
fsr-3307	549	2	services	service	NOUN
fsr-3307	549	3	review	review	PROPN
fsr-3307	549	4	,	,	PUNCT
fsr-3307	549	5	20	20	NUM
fsr-3307	549	6	,	,	PUNCT
fsr-3307	549	7	145–163	145–163	NUM
fsr-3307	549	8	.	.	PUNCT
fsr-3307	550	1	elton	elton	PROPN
fsr-3307	550	2	,	,	PUNCT
fsr-3307	550	3	e.	e.	PROPN
fsr-3307	550	4	j.	j.	PROPN
fsr-3307	550	5	,	,	PUNCT
fsr-3307	550	6	gruber	gruber	PROPN
fsr-3307	550	7	,	,	PUNCT
fsr-3307	550	8	m.	m.	NOUN
fsr-3307	550	9	j.	j.	PROPN
fsr-3307	550	10	,	,	PUNCT
fsr-3307	550	11	brown	brown	PROPN
fsr-3307	550	12	,	,	PUNCT
fsr-3307	550	13	s.	s.	PROPN
fsr-3307	550	14	j.	j.	PROPN
fsr-3307	550	15	,	,	PUNCT
fsr-3307	550	16	&	&	CCONJ
fsr-3307	550	17	goetzmann	goetzmann	PROPN
fsr-3307	550	18	,	,	PUNCT
fsr-3307	550	19	w.	w.	PROPN
fsr-3307	550	20	n.	n.	PROPN
fsr-3307	550	21	(	(	PUNCT
fsr-3307	550	22	2006	2006	NUM
fsr-3307	550	23	)	)	PUNCT
fsr-3307	550	24	.	.	PUNCT
fsr-3307	551	1	modern	modern	ADJ
fsr-3307	551	2	portfolio	portfolio	NOUN
fsr-3307	551	3	theory	theory	NOUN
fsr-3307	551	4	and	and	CCONJ
fsr-3307	551	5	investment	investment	NOUN
fsr-3307	551	6	analysis	analysis	NOUN
fsr-3307	551	7	(	(	PUNCT
fsr-3307	551	8	7th	7th	ADJ
fsr-3307	551	9	ed	ed	NOUN
fsr-3307	551	10	.	.	PUNCT
fsr-3307	551	11	)	)	PUNCT
fsr-3307	551	12	.	.	PUNCT
fsr-3307	552	1	new	new	PROPN
fsr-3307	552	2	york	york	PROPN
fsr-3307	552	3	,	,	PUNCT
fsr-3307	552	4	ny	ny	PROPN
fsr-3307	552	5	:	:	PUNCT
fsr-3307	552	6	wiley	wiley	PROPN
fsr-3307	552	7	.	.	PUNCT
fsr-3307	553	1	fabozzi	fabozzi	PROPN
fsr-3307	553	2	,	,	PUNCT
fsr-3307	553	3	f.	f.	PROPN
fsr-3307	553	4	j.	j.	PROPN
fsr-3307	553	5	(	(	PUNCT
fsr-3307	553	6	2007	2007	NUM
fsr-3307	553	7	)	)	PUNCT
fsr-3307	553	8	.	.	PUNCT
fsr-3307	554	1	bond	bond	NOUN
fsr-3307	554	2	markets	market	NOUN
fsr-3307	554	3	,	,	PUNCT
fsr-3307	554	4	analysis	analysis	NOUN
fsr-3307	554	5	,	,	PUNCT
fsr-3307	554	6	and	and	CCONJ
fsr-3307	554	7	strategies	strategy	NOUN
fsr-3307	554	8	(	(	PUNCT
fsr-3307	554	9	6th	6th	ADJ
fsr-3307	554	10	ed	ed	NOUN
fsr-3307	554	11	.	.	PUNCT
fsr-3307	554	12	)	)	PUNCT
fsr-3307	554	13	.	.	PUNCT
fsr-3307	555	1	upper	upper	ADJ
fsr-3307	555	2	saddle	saddle	PROPN
fsr-3307	555	3	river	river	PROPN
fsr-3307	555	4	,	,	PUNCT
fsr-3307	555	5	nj	nj	PROPN
fsr-3307	555	6	:	:	PUNCT
fsr-3307	555	7	pearson	pearson	PROPN
fsr-3307	555	8	.	.	PROPN
fsr-3307	555	9	fabozzi	fabozzi	PROPN
fsr-3307	555	10	,	,	PUNCT
fsr-3307	555	11	f.	f.	PROPN
fsr-3307	555	12	j.	j.	PROPN
fsr-3307	555	13	(	(	PUNCT
fsr-3307	555	14	1995	1995	NUM
fsr-3307	555	15	)	)	PUNCT
fsr-3307	555	16	.	.	PUNCT
fsr-3307	556	1	investment	investment	NOUN
fsr-3307	556	2	management	management	NOUN
fsr-3307	556	3	.	.	PUNCT
fsr-3307	557	1	englewood	englewood	PROPN
fsr-3307	557	2	cliffs	cliffs	PROPN
fsr-3307	557	3	,	,	PUNCT
fsr-3307	557	4	nj	nj	PROPN
fsr-3307	557	5	:	:	PUNCT
fsr-3307	557	6	prentice	prentice	PROPN
fsr-3307	557	7	hall	hall	PROPN
fsr-3307	557	8	.	.	PUNCT
fsr-3307	558	1	garbade	garbade	PROPN
fsr-3307	558	2	,	,	PUNCT
fsr-3307	558	3	k.	k.	PROPN
fsr-3307	558	4	d.	d.	PROPN
fsr-3307	558	5	(	(	PUNCT
fsr-3307	558	6	1996	1996	NUM
fsr-3307	558	7	)	)	PUNCT
fsr-3307	558	8	.	.	PUNCT
fsr-3307	559	1	fixed	fix	VERB
fsr-3307	559	2	income	income	NOUN
fsr-3307	559	3	analytics	analytic	NOUN
fsr-3307	559	4	.	.	PUNCT
fsr-3307	560	1	cambridge	cambridge	PROPN
fsr-3307	560	2	,	,	PUNCT
fsr-3307	560	3	ma	ma	PROPN
fsr-3307	560	4	:	:	PUNCT
fsr-3307	560	5	the	the	DET
fsr-3307	560	6	mit	mit	PROPN
fsr-3307	560	7	press	press	NOUN
fsr-3307	560	8	.	.	PUNCT
fsr-3307	561	1	gibbons	gibbon	NOUN
fsr-3307	561	2	,	,	PUNCT
fsr-3307	561	3	m.	m.	PROPN
fsr-3307	561	4	r.	r.	PROPN
fsr-3307	561	5	,	,	PUNCT
fsr-3307	561	6	ross	ross	PROPN
fsr-3307	561	7	,	,	PUNCT
fsr-3307	561	8	s.	s.	PROPN
fsr-3307	561	9	a.	a.	PROPN
fsr-3307	561	10	,	,	PUNCT
fsr-3307	561	11	&	&	CCONJ
fsr-3307	561	12	shanken	shanken	PROPN
fsr-3307	561	13	,	,	PUNCT
fsr-3307	561	14	j.	j.	PROPN
fsr-3307	561	15	(	(	PUNCT
fsr-3307	561	16	1989	1989	NUM
fsr-3307	561	17	)	)	PUNCT
fsr-3307	561	18	.	.	PUNCT
fsr-3307	562	1	a	a	DET
fsr-3307	562	2	test	test	NOUN
fsr-3307	562	3	of	of	ADP
fsr-3307	562	4	the	the	DET
fsr-3307	562	5	efficiency	efficiency	NOUN
fsr-3307	562	6	of	of	ADP
fsr-3307	562	7	a	a	DET
fsr-3307	562	8	given	give	VERB
fsr-3307	562	9	portfolio	portfolio	NOUN
fsr-3307	562	10	.	.	PUNCT
fsr-3307	563	1	econometrica	econometrica	PROPN
fsr-3307	563	2	,	,	PUNCT
fsr-3307	563	3	57	57	NUM
fsr-3307	563	4	,	,	PUNCT
fsr-3307	563	5	1121–1152	1121–1152	NUM
fsr-3307	563	6	.	.	PUNCT
fsr-3307	564	1	glen	glen	PROPN
fsr-3307	564	2	,	,	PUNCT
fsr-3307	564	3	j.	j.	PROPN
fsr-3307	564	4	,	,	PUNCT
fsr-3307	564	5	&	&	CCONJ
fsr-3307	564	6	jorion	jorion	PROPN
fsr-3307	564	7	,	,	PUNCT
fsr-3307	564	8	p.	p.	NOUN
fsr-3307	564	9	(	(	PUNCT
fsr-3307	564	10	1993	1993	NUM
fsr-3307	564	11	)	)	PUNCT
fsr-3307	564	12	.	.	PUNCT
fsr-3307	565	1	currency	currency	NOUN
fsr-3307	565	2	hedging	hedge	VERB
fsr-3307	565	3	for	for	ADP
fsr-3307	565	4	international	international	ADJ
fsr-3307	565	5	portfolios	portfolio	NOUN
fsr-3307	565	6	.	.	PUNCT
fsr-3307	566	1	journal	journal	NOUN
fsr-3307	566	2	of	of	ADP
fsr-3307	566	3	finance	finance	NOUN
fsr-3307	566	4	,	,	PUNCT
fsr-3307	566	5	48	48	NUM
fsr-3307	566	6	,	,	PUNCT
fsr-3307	566	7	1865–1886	1865–1886	NUM
fsr-3307	566	8	.	.	PUNCT
fsr-3307	567	1	hirt	hirt	PROPN
fsr-3307	567	2	,	,	PUNCT
fsr-3307	567	3	g.a	g.a	PROPN
fsr-3307	567	4	.	.	PROPN
fsr-3307	567	5	,	,	PUNCT
fsr-3307	567	6	block	block	NOUN
fsr-3307	567	7	,	,	PUNCT
fsr-3307	567	8	s.	s.	PROPN
fsr-3307	567	9	b.	b.	PROPN
fsr-3307	567	10	,	,	PUNCT
fsr-3307	567	11	&	&	CCONJ
fsr-3307	567	12	basu	basu	PROPN
fsr-3307	567	13	,	,	PUNCT
fsr-3307	567	14	s.	s.	PROPN
fsr-3307	567	15	(	(	PUNCT
fsr-3307	567	16	2008	2008	NUM
fsr-3307	567	17	)	)	PUNCT
fsr-3307	567	18	.	.	PUNCT
fsr-3307	568	1	investment	investment	NOUN
fsr-3307	568	2	planning	planning	NOUN
fsr-3307	568	3	for	for	ADP
fsr-3307	568	4	financial	financial	ADJ
fsr-3307	568	5	professionals	professional	NOUN
fsr-3307	568	6	.	.	PUNCT
fsr-3307	569	1	new	new	PROPN
fsr-3307	569	2	york	york	PROPN
fsr-3307	569	3	,	,	PUNCT
fsr-3307	569	4	ny	ny	PROPN
fsr-3307	569	5	:	:	PUNCT
fsr-3307	569	6	mcgraw	mcgraw	PROPN
fsr-3307	569	7	-	-	PUNCT
fsr-3307	569	8	hill	hill	PROPN
fsr-3307	569	9	.	.	PUNCT
fsr-3307	570	1	ingersoll	ingersoll	PROPN
fsr-3307	570	2	jr	jr	PROPN
fsr-3307	570	3	.	.	PROPN
fsr-3307	570	4	,	,	PUNCT
fsr-3307	570	5	j.	j.	PROPN
fsr-3307	570	6	e.	e.	PROPN
fsr-3307	570	7	(	(	PUNCT
fsr-3307	570	8	1987	1987	NUM
fsr-3307	570	9	)	)	PUNCT
fsr-3307	570	10	.	.	PUNCT
fsr-3307	571	1	theory	theory	NOUN
fsr-3307	571	2	of	of	ADP
fsr-3307	571	3	financial	financial	ADJ
fsr-3307	571	4	decision	decision	NOUN
fsr-3307	571	5	making	making	NOUN
fsr-3307	571	6	.	.	PUNCT
fsr-3307	572	1	lanham	lanham	PROPN
fsr-3307	572	2	,	,	PUNCT
fsr-3307	572	3	md	md	PROPN
fsr-3307	572	4	:	:	PUNCT
fsr-3307	572	5	rowman	rowman	PROPN
fsr-3307	572	6	&	&	CCONJ
fsr-3307	572	7	littlefield	littlefield	PROPN
fsr-3307	572	8	publishers	publisher	NOUN
fsr-3307	572	9	.	.	PUNCT
fsr-3307	573	1	jobson	jobson	PROPN
fsr-3307	573	2	,	,	PUNCT
fsr-3307	573	3	d.	d.	PROPN
fsr-3307	573	4	,	,	PUNCT
fsr-3307	573	5	&	&	CCONJ
fsr-3307	573	6	korkie	korkie	PROPN
fsr-3307	573	7	,	,	PUNCT
fsr-3307	573	8	b.	b.	PROPN
fsr-3307	573	9	(	(	PUNCT
fsr-3307	573	10	1989	1989	NUM
fsr-3307	573	11	)	)	PUNCT
fsr-3307	573	12	.	.	PUNCT
fsr-3307	574	1	a	a	DET
fsr-3307	574	2	performance	performance	NOUN
fsr-3307	574	3	interpretation	interpretation	NOUN
fsr-3307	574	4	of	of	ADP
fsr-3307	574	5	multivariate	multivariate	NOUN
fsr-3307	574	6	tests	test	NOUN
fsr-3307	574	7	of	of	ADP
fsr-3307	574	8	asset	asset	NOUN
fsr-3307	574	9	set	set	NOUN
fsr-3307	574	10	intersection	intersection	NOUN
fsr-3307	574	11	,	,	PUNCT
fsr-3307	574	12	spanning	span	VERB
fsr-3307	574	13	,	,	PUNCT
fsr-3307	574	14	and	and	CCONJ
fsr-3307	574	15	mean	mean	ADJ
fsr-3307	574	16	variance	variance	NOUN
fsr-3307	574	17	efficiency	efficiency	NOUN
fsr-3307	574	18	.	.	PUNCT
fsr-3307	575	1	journal	journal	NOUN
fsr-3307	575	2	of	of	ADP
fsr-3307	575	3	financial	financial	ADJ
fsr-3307	575	4	and	and	CCONJ
fsr-3307	575	5	quantitative	quantitative	ADJ
fsr-3307	575	6	analysis	analysis	NOUN
fsr-3307	575	7	,	,	PUNCT
fsr-3307	575	8	24	24	NUM
fsr-3307	575	9	,	,	PUNCT
fsr-3307	575	10	185–204	185–204	NUM
fsr-3307	575	11	.	.	PUNCT
fsr-3307	576	1	jones	jones	PROPN
fsr-3307	576	2	,	,	PUNCT
fsr-3307	576	3	c.	c.	PROPN
fsr-3307	576	4	p.	p.	PROPN
fsr-3307	576	5	(	(	PUNCT
fsr-3307	576	6	1996	1996	NUM
fsr-3307	576	7	)	)	PUNCT
fsr-3307	576	8	.	.	PUNCT
fsr-3307	577	1	investments	investment	NOUN
fsr-3307	577	2	(	(	PUNCT
fsr-3307	577	3	5th	5th	ADJ
fsr-3307	577	4	ed	ed	NOUN
fsr-3307	577	5	.	.	PUNCT
fsr-3307	577	6	)	)	PUNCT
fsr-3307	577	7	.	.	PUNCT
fsr-3307	578	1	new	new	PROPN
fsr-3307	578	2	york	york	PROPN
fsr-3307	578	3	,	,	PUNCT
fsr-3307	578	4	ny	ny	PROPN
fsr-3307	578	5	:	:	PUNCT
fsr-3307	578	6	wiley	wiley	PROPN
fsr-3307	578	7	.	.	PUNCT
fsr-3307	579	1	judd	judd	PROPN
fsr-3307	579	2	,	,	PUNCT
fsr-3307	579	3	k.	k.	PROPN
fsr-3307	579	4	l.	l.	PROPN
fsr-3307	579	5	,	,	PUNCT
fsr-3307	579	6	kubler	kubler	PROPN
fsr-3307	579	7	,	,	PUNCT
fsr-3307	579	8	f.	f.	PROPN
fsr-3307	579	9	,	,	PUNCT
fsr-3307	579	10	&	&	CCONJ
fsr-3307	579	11	schmedders	schmedder	NOUN
fsr-3307	579	12	,	,	PUNCT
fsr-3307	579	13	k	k	PROPN
fsr-3307	579	14	.(2011	.(2011	PROPN
fsr-3307	579	15	)	)	PUNCT
fsr-3307	579	16	.	.	PUNCT
fsr-3307	580	1	bond	bond	NOUN
fsr-3307	580	2	ladders	ladder	NOUN
fsr-3307	580	3	and	and	CCONJ
fsr-3307	580	4	optimal	optimal	ADJ
fsr-3307	580	5	portfolios	portfolio	NOUN
fsr-3307	580	6	.	.	PUNCT
fsr-3307	581	1	the	the	DET
fsr-3307	581	2	review	review	NOUN
fsr-3307	581	3	of	of	ADP
fsr-3307	581	4	financial	financial	ADJ
fsr-3307	581	5	studies	study	NOUN
fsr-3307	581	6	,	,	PUNCT
fsr-3307	581	7	24	24	NUM
fsr-3307	581	8	,	,	PUNCT
fsr-3307	581	9	4123–4166	4123–4166	NOUN
fsr-3307	581	10	.	.	PUNCT
fsr-3307	582	1	kaufman	kaufman	PROPN
fsr-3307	582	2	,	,	PUNCT
fsr-3307	582	3	g.	g.	PROPN
fsr-3307	582	4	,	,	PUNCT
fsr-3307	582	5	bierwag	bierwag	PROPN
fsr-3307	582	6	,	,	PUNCT
fsr-3307	582	7	g.	g.	PROPN
fsr-3307	582	8	o.	o.	PROPN
fsr-3307	582	9	,	,	PUNCT
fsr-3307	582	10	&	&	CCONJ
fsr-3307	582	11	toevs	toevs	VERB
fsr-3307	582	12	,	,	PUNCT
fsr-3307	582	13	a.	a.	NOUN
fsr-3307	582	14	(	(	PUNCT
fsr-3307	582	15	1983	1983	NUM
fsr-3307	582	16	)	)	PUNCT
fsr-3307	582	17	.	.	PUNCT
fsr-3307	583	1	innovations	innovation	NOUN
fsr-3307	583	2	in	in	ADP
fsr-3307	583	3	bond	bond	NOUN
fsr-3307	583	4	portfolio	portfolio	NOUN
fsr-3307	583	5	management	management	NOUN
fsr-3307	583	6	:	:	PUNCT
fsr-3307	583	7	duration	duration	NOUN
fsr-3307	583	8	and	and	CCONJ
fsr-3307	583	9	immunization	immunization	NOUN
fsr-3307	583	10	.	.	PUNCT
fsr-3307	584	1	greenwich	greenwich	PROPN
fsr-3307	584	2	,	,	PUNCT
fsr-3307	584	3	ct	ct	PROPN
fsr-3307	584	4	:	:	PUNCT
fsr-3307	584	5	jai	jai	PROPN
fsr-3307	584	6	press	press	PROPN
fsr-3307	584	7	.	.	PUNCT
fsr-3307	585	1	lu	lu	PROPN
fsr-3307	585	2	,	,	PUNCT
fsr-3307	585	3	l.	l.	PROPN
fsr-3307	585	4	,	,	PUNCT
fsr-3307	585	5	wang	wang	PROPN
fsr-3307	585	6	,	,	PUNCT
fsr-3307	585	7	j.	j.	PROPN
fsr-3307	585	8	,	,	PUNCT
fsr-3307	585	9	&	&	CCONJ
fsr-3307	585	10	zhang	zhang	PROPN
fsr-3307	585	11	,	,	PUNCT
fsr-3307	585	12	g.	g.	PROPN
fsr-3307	585	13	(	(	PUNCT
fsr-3307	585	14	2012	2012	NUM
fsr-3307	585	15	)	)	PUNCT
fsr-3307	585	16	.	.	PUNCT
fsr-3307	586	1	long	long	ADJ
fsr-3307	586	2	term	term	NOUN
fsr-3307	586	3	performance	performance	NOUN
fsr-3307	586	4	of	of	ADP
fsr-3307	586	5	leveraged	leveraged	ADJ
fsr-3307	586	6	etfs	etfs	NOUN
fsr-3307	586	7	.	.	PUNCT
fsr-3307	587	1	financial	financial	ADJ
fsr-3307	587	2	services	services	PROPN
fsr-3307	587	3	review	review	PROPN
fsr-3307	587	4	,	,	PUNCT
fsr-3307	587	5	21	21	NUM
fsr-3307	587	6	,	,	PUNCT
fsr-3307	587	7	63–80	63–80	PROPN
fsr-3307	587	8	.	.	PUNCT
fsr-3307	588	1	prather	prather	PROPN
fsr-3307	588	2	,	,	PUNCT
fsr-3307	588	3	l.	l.	PROPN
fsr-3307	588	4	j.	j.	PROPN
fsr-3307	588	5	,	,	PUNCT
fsr-3307	588	6	chu	chu	PROPN
fsr-3307	588	7	,	,	PUNCT
fsr-3307	588	8	t	t	PROPN
fsr-3307	588	9	,	,	PUNCT
fsr-3307	588	10	mazumder	mazumder	NOUN
fsr-3307	588	11	,	,	PUNCT
fsr-3307	588	12	m.	m.	NOUN
fsr-3307	588	13	i.	i.	PROPN
fsr-3307	588	14	,	,	PUNCT
fsr-3307	588	15	&	&	CCONJ
fsr-3307	588	16	topuz	topuz	PROPN
fsr-3307	588	17	,	,	PUNCT
fsr-3307	588	18	j.	j.	PROPN
fsr-3307	588	19	c.	c.	PROPN
fsr-3307	588	20	(	(	PUNCT
fsr-3307	588	21	2009	2009	NUM
fsr-3307	588	22	)	)	PUNCT
fsr-3307	588	23	.	.	PUNCT
fsr-3307	589	1	index	index	NOUN
fsr-3307	589	2	funds	fund	NOUN
fsr-3307	589	3	or	or	CCONJ
fsr-3307	589	4	etfs	etfs	NOUN
fsr-3307	589	5	:	:	PUNCT
fsr-3307	589	6	the	the	DET
fsr-3307	589	7	case	case	NOUN
fsr-3307	589	8	of	of	ADP
fsr-3307	589	9	the	the	DET
fsr-3307	589	10	s&p	s&p	PROPN
fsr-3307	589	11	500	500	NUM
fsr-3307	589	12	for	for	ADP
fsr-3307	589	13	individual	individual	ADJ
fsr-3307	589	14	investors	investor	NOUN
fsr-3307	589	15	.	.	PUNCT
fsr-3307	590	1	financial	financial	ADJ
fsr-3307	590	2	services	service	NOUN
fsr-3307	590	3	review	review	PROPN
fsr-3307	590	4	,	,	PUNCT
fsr-3307	590	5	18	18	NUM
fsr-3307	590	6	,	,	PUNCT
fsr-3307	590	7	213–230	213–230	NUM
fsr-3307	590	8	.	.	PUNCT
fsr-3307	591	1	scatizzi	scatizzi	PROPN
fsr-3307	591	2	,	,	PUNCT
fsr-3307	591	3	c.	c.	PROPN
fsr-3307	591	4	(	(	PUNCT
fsr-3307	591	5	2009	2009	NUM
fsr-3307	591	6	)	)	PUNCT
fsr-3307	591	7	.	.	PUNCT
fsr-3307	592	1	laddered	ladder	VERB
fsr-3307	592	2	bond	bond	NOUN
fsr-3307	592	3	portfolios	portfolio	NOUN
fsr-3307	592	4	.	.	PUNCT
fsr-3307	593	1	aaii	aaii	NOUN
fsr-3307	593	2	journal	journal	PROPN
fsr-3307	593	3	,	,	PUNCT
fsr-3307	593	4	june	june	PROPN
fsr-3307	593	5	2009	2009	NUM
fsr-3307	593	6	.	.	PUNCT
fsr-3307	594	1	http://www.aaii.com/journal/article/	http://www.aaii.com/journal/article/	PROPN
fsr-3307	594	2	laddered	ladder	VERB
fsr-3307	594	3	-	-	PUNCT
fsr-3307	594	4	bond	bond	NOUN
fsr-3307	594	5	-	-	PUNCT
fsr-3307	594	6	portfolios	portfolio	NOUN
fsr-3307	594	7	sundaresan	sundaresan	NOUN
fsr-3307	594	8	,	,	PUNCT
fsr-3307	594	9	s.	s.	PROPN
fsr-3307	594	10	(	(	PUNCT
fsr-3307	594	11	1997	1997	NUM
fsr-3307	594	12	)	)	PUNCT
fsr-3307	594	13	.	.	PUNCT
fsr-3307	595	1	fixed	fix	VERB
fsr-3307	595	2	income	income	NOUN
fsr-3307	595	3	markets	market	NOUN
fsr-3307	595	4	and	and	CCONJ
fsr-3307	595	5	their	their	PRON
fsr-3307	595	6	derivatives	derivative	NOUN
fsr-3307	595	7	.	.	PUNCT
fsr-3307	596	1	cincinnati	cincinnati	PROPN
fsr-3307	596	2	,	,	PUNCT
fsr-3307	596	3	oh	oh	INTJ
fsr-3307	596	4	:	:	PUNCT
fsr-3307	596	5	southwestern	southwestern	ADJ
fsr-3307	596	6	publishing	publishing	NOUN
fsr-3307	596	7	.	.	PUNCT
fsr-3307	597	1	203c.s	203c.s	X
fsr-3307	597	2	.	.	PUNCT
fsr-3307	598	1	cheung	cheung	PROPN
fsr-3307	598	2	,	,	PUNCT
fsr-3307	598	3	p.	p.	PROPN
fsr-3307	598	4	miu	miu	PROPN
fsr-3307	598	5	/	/	SYM
fsr-3307	598	6	financial	financial	ADJ
fsr-3307	598	7	services	service	NOUN
fsr-3307	598	8	review	review	VERB
fsr-3307	598	9	26	26	NUM
fsr-3307	598	10	(	(	PUNCT
fsr-3307	598	11	2017	2017	NUM
fsr-3307	598	12	)	)	PUNCT
fsr-3307	598	13	181–203	181–203	NUM