id	sid	tid	token	lemma	pos
fsr-3338	1	1	return	return	NOUN
fsr-3338	1	2	-	-	PUNCT
fsr-3338	1	3	enhancing	enhance	VERB
fsr-3338	1	4	strategies	strategy	NOUN
fsr-3338	1	5	with	with	ADP
fsr-3338	1	6	international	international	ADJ
fsr-3338	1	7	etfs	etfs	NOUN
fsr-3338	1	8	:	:	PUNCT
fsr-3338	1	9	exploiting	exploit	VERB
fsr-3338	1	10	the	the	DET
fsr-3338	1	11	turn	turn	VERB
fsr-3338	1	12	-	-	PUNCT
fsr-3338	1	13	of	of	ADP
fsr-3338	1	14	-	-	PUNCT
fsr-3338	1	15	the	the	DET
fsr-3338	1	16	-	-	PUNCT
fsr-3338	1	17	month	month	NOUN
fsr-3338	1	18	effect	effect	NOUN
fsr-3338	1	19	haiwei	haiwei	PROPN
fsr-3338	1	20	chena	chena	PROPN
fsr-3338	1	21	,	,	PUNCT
fsr-3338	1	22	sang	sing	VERB
fsr-3338	1	23	heon	heon	PROPN
fsr-3338	1	24	shinb	shinb	PROPN
fsr-3338	1	25	,	,	PUNCT
fsr-3338	1	26	xu	xu	PROPN
fsr-3338	1	27	sunc	sunc	PROPN
fsr-3338	1	28	,	,	PUNCT
fsr-3338	1	29	*	*	PUNCT
fsr-3338	1	30	auniversity	auniversity	NOUN
fsr-3338	1	31	of	of	ADP
fsr-3338	1	32	alaska	alaska	PROPN
fsr-3338	1	33	fairbanks	fairbanks	PROPN
fsr-3338	1	34	,	,	PUNCT
fsr-3338	1	35	303	303	NUM
fsr-3338	1	36	tanana	tanana	PROPN
fsr-3338	1	37	loop	loop	PROPN
fsr-3338	1	38	,	,	PUNCT
fsr-3338	1	39	street	street	NOUN
fsr-3338	1	40	201	201	NUM
fsr-3338	1	41	,	,	PUNCT
fsr-3338	1	42	school	school	NOUN
fsr-3338	1	43	of	of	ADP
fsr-3338	1	44	management	management	NOUN
fsr-3338	1	45	,	,	PUNCT
fsr-3338	1	46	uaf	uaf	INTJ
fsr-3338	1	47	,	,	PUNCT
fsr-3338	1	48	fairbanks	fairbank	NOUN
fsr-3338	1	49	,	,	PUNCT
fsr-3338	1	50	ak	ak	PROPN
fsr-3338	1	51	99775	99775	NUM
fsr-3338	1	52	,	,	PUNCT
fsr-3338	1	53	usa	usa	PROPN
fsr-3338	1	54	balabama	balabama	PROPN
fsr-3338	1	55	state	state	PROPN
fsr-3338	1	56	university	university	PROPN
fsr-3338	1	57	,	,	PUNCT
fsr-3338	1	58	department	department	NOUN
fsr-3338	1	59	of	of	ADP
fsr-3338	1	60	accounting	accounting	NOUN
fsr-3338	1	61	and	and	CCONJ
fsr-3338	1	62	finance	finance	NOUN
fsr-3338	1	63	,	,	PUNCT
fsr-3338	1	64	915	915	NUM
fsr-3338	1	65	s.	s.	PROPN
fsr-3338	1	66	jackson	jackson	PROPN
fsr-3338	1	67	street	street	PROPN
fsr-3338	1	68	,	,	PUNCT
fsr-3338	1	69	montgomery	montgomery	PROPN
fsr-3338	1	70	,	,	PUNCT
fsr-3338	1	71	al	al	PROPN
fsr-3338	1	72	36104	36104	PROPN
fsr-3338	1	73	,	,	PUNCT
fsr-3338	1	74	usa	usa	PROPN
fsr-3338	1	75	cutah	cutah	PROPN
fsr-3338	1	76	valley	valley	PROPN
fsr-3338	1	77	university	university	PROPN
fsr-3338	1	78	,	,	PUNCT
fsr-3338	1	79	department	department	NOUN
fsr-3338	1	80	of	of	ADP
fsr-3338	1	81	finance	finance	NOUN
fsr-3338	1	82	and	and	CCONJ
fsr-3338	1	83	economics	economic	NOUN
fsr-3338	1	84	,	,	PUNCT
fsr-3338	1	85	800	800	NUM
fsr-3338	1	86	west	west	PROPN
fsr-3338	1	87	university	university	PROPN
fsr-3338	1	88	parkway	parkway	NOUN
fsr-3338	1	89	,	,	PUNCT
fsr-3338	1	90	orem	orem	PROPN
fsr-3338	1	91	,	,	PUNCT
fsr-3338	1	92	ut	ut	PROPN
fsr-3338	1	93	84058	84058	NUM
fsr-3338	1	94	,	,	PUNCT
fsr-3338	1	95	usa	usa	PROPN
fsr-3338	1	96	abstract	abstract	NOUN
fsr-3338	1	97	we	we	PRON
fsr-3338	1	98	show	show	VERB
fsr-3338	1	99	that	that	SCONJ
fsr-3338	1	100	the	the	DET
fsr-3338	1	101	average	average	ADJ
fsr-3338	1	102	return	return	NOUN
fsr-3338	1	103	over	over	ADP
fsr-3338	1	104	the	the	DET
fsr-3338	1	105	four	four	NUM
fsr-3338	1	106	-	-	PUNCT
fsr-3338	1	107	day	day	NOUN
fsr-3338	1	108	period	period	NOUN
fsr-3338	1	109	surrounding	surround	VERB
fsr-3338	1	110	the	the	DET
fsr-3338	1	111	turn	turn	NOUN
fsr-3338	1	112	of	of	ADP
fsr-3338	1	113	the	the	DET
fsr-3338	1	114	month	month	NOUN
fsr-3338	1	115	is	be	AUX
fsr-3338	1	116	significantly	significantly	ADV
fsr-3338	1	117	positive	positive	ADJ
fsr-3338	1	118	in	in	ADP
fsr-3338	1	119	eight	eight	NUM
fsr-3338	1	120	out	out	ADP
fsr-3338	1	121	of	of	ADP
fsr-3338	1	122	the	the	DET
fsr-3338	1	123	nine	nine	NUM
fsr-3338	1	124	international	international	ADJ
fsr-3338	1	125	exchange	exchange	NOUN
fsr-3338	1	126	-	-	PUNCT
fsr-3338	1	127	traded	trade	VERB
fsr-3338	1	128	funds	fund	NOUN
fsr-3338	1	129	(	(	PUNCT
fsr-3338	1	130	etfs	etfs	PROPN
fsr-3338	1	131	)	)	PUNCT
fsr-3338	1	132	.	.	PUNCT
fsr-3338	2	1	the	the	DET
fsr-3338	2	2	strategy	strategy	NOUN
fsr-3338	2	3	of	of	ADP
fsr-3338	2	4	buying	buying	NOUN
fsr-3338	2	5	-	-	PUNCT
fsr-3338	2	6	and	and	CCONJ
fsr-3338	2	7	-	-	PUNCT
fsr-3338	2	8	holding	hold	VERB
fsr-3338	2	9	an	an	DET
fsr-3338	2	10	etf	etf	NOUN
fsr-3338	2	11	during	during	ADP
fsr-3338	2	12	turn	turn	NOUN
fsr-3338	2	13	-	-	PUNCT
fsr-3338	2	14	of	of	ADP
fsr-3338	2	15	-	-	PUNCT
fsr-3338	2	16	the	the	DET
fsr-3338	2	17	-	-	PUNCT
fsr-3338	2	18	month	month	NOUN
fsr-3338	2	19	(	(	PUNCT
fsr-3338	2	20	tom	tom	PROPN
fsr-3338	2	21	)	)	PUNCT
fsr-3338	2	22	period	period	NOUN
fsr-3338	2	23	and	and	CCONJ
fsr-3338	2	24	switching	switch	VERB
fsr-3338	2	25	to	to	ADP
fsr-3338	2	26	holding	hold	VERB
fsr-3338	2	27	t	t	PROPN
fsr-3338	2	28	-	-	PUNCT
fsr-3338	2	29	bills	bill	NOUN
fsr-3338	2	30	during	during	ADP
fsr-3338	2	31	non	non	ADJ
fsr-3338	2	32	-	-	ADJ
fsr-3338	2	33	tom	tom	ADJ
fsr-3338	2	34	period	period	NOUN
fsr-3338	2	35	produces	produce	VERB
fsr-3338	2	36	significantly	significantly	ADV
fsr-3338	2	37	positive	positive	ADJ
fsr-3338	2	38	monthly	monthly	ADJ
fsr-3338	2	39	average	average	ADJ
fsr-3338	2	40	returns	return	NOUN
fsr-3338	2	41	.	.	PUNCT
fsr-3338	3	1	this	this	PRON
fsr-3338	3	2	etft	etft	ADJ
fsr-3338	3	3	-	-	PUNCT
fsr-3338	3	4	bills	bill	NOUN
fsr-3338	3	5	switching	switch	VERB
fsr-3338	3	6	strategy	strategy	NOUN
fsr-3338	3	7	also	also	ADV
fsr-3338	3	8	has	have	VERB
fsr-3338	3	9	the	the	DET
fsr-3338	3	10	lowest	low	ADJ
fsr-3338	3	11	risk	risk	NOUN
fsr-3338	3	12	and	and	CCONJ
fsr-3338	3	13	highest	high	ADJ
fsr-3338	3	14	sharpe	sharpe	PROPN
fsr-3338	3	15	ratio	ratio	PROPN
fsr-3338	3	16	and	and	CCONJ
fsr-3338	3	17	sortino	sortino	ADJ
fsr-3338	3	18	ratio	ratio	NOUN
fsr-3338	3	19	than	than	ADP
fsr-3338	3	20	the	the	DET
fsr-3338	3	21	traditional	traditional	ADJ
fsr-3338	3	22	strategy	strategy	NOUN
fsr-3338	3	23	of	of	ADP
fsr-3338	3	24	buying	buying	NOUN
fsr-3338	3	25	-	-	PUNCT
fsr-3338	3	26	and	and	CCONJ
fsr-3338	3	27	-	-	PUNCT
fsr-3338	3	28	holding	holding	NOUN
fsr-3338	3	29	either	either	CCONJ
fsr-3338	3	30	an	an	DET
fsr-3338	3	31	index	index	NOUN
fsr-3338	3	32	fund	fund	NOUN
fsr-3338	3	33	or	or	CCONJ
fsr-3338	3	34	an	an	DET
fsr-3338	3	35	etf	etf	NOUN
fsr-3338	3	36	.	.	PUNCT
fsr-3338	4	1	investors	investor	NOUN
fsr-3338	4	2	pursuing	pursue	VERB
fsr-3338	4	3	this	this	DET
fsr-3338	4	4	switching	switch	VERB
fsr-3338	4	5	strategy	strategy	NOUN
fsr-3338	4	6	generate	generate	VERB
fsr-3338	4	7	a	a	DET
fsr-3338	4	8	terminal	terminal	ADJ
fsr-3338	4	9	value	value	NOUN
fsr-3338	4	10	twice	twice	ADV
fsr-3338	4	11	larger	large	ADJ
fsr-3338	4	12	than	than	ADP
fsr-3338	4	13	the	the	DET
fsr-3338	4	14	next	next	ADJ
fsr-3338	4	15	best	good	ADJ
fsr-3338	4	16	strategy	strategy	NOUN
fsr-3338	4	17	of	of	ADP
fsr-3338	4	18	buying	buying	NOUN
fsr-3338	4	19	-	-	PUNCT
fsr-3338	4	20	andholding	andholde	VERB
fsr-3338	4	21	an	an	DET
fsr-3338	4	22	etf	etf	NOUN
fsr-3338	4	23	.	.	PUNCT
fsr-3338	5	1	©	©	PROPN
fsr-3338	5	2	2015	2015	NUM
fsr-3338	5	3	academy	academy	NOUN
fsr-3338	5	4	of	of	ADP
fsr-3338	5	5	financial	financial	ADJ
fsr-3338	5	6	services	service	NOUN
fsr-3338	5	7	.	.	PUNCT
fsr-3338	6	1	all	all	DET
fsr-3338	6	2	rights	right	NOUN
fsr-3338	6	3	reserved	reserve	VERB
fsr-3338	6	4	.	.	PUNCT
fsr-3338	7	1	jel	jel	PROPN
fsr-3338	7	2	classification	classification	NOUN
fsr-3338	7	3	:	:	PUNCT
fsr-3338	7	4	f3	f3	ADJ
fsr-3338	7	5	;	;	PUNCT
fsr-3338	7	6	g1	g1	PROPN
fsr-3338	7	7	keywords	keyword	NOUN
fsr-3338	7	8	:	:	PUNCT
fsr-3338	7	9	etf	etf	NOUN
fsr-3338	7	10	;	;	PUNCT
fsr-3338	7	11	international	international	ADJ
fsr-3338	7	12	equity	equity	NOUN
fsr-3338	7	13	;	;	PUNCT
fsr-3338	7	14	turn	turn	NOUN
fsr-3338	7	15	-	-	PUNCT
fsr-3338	7	16	of	of	ADP
fsr-3338	7	17	-	-	PUNCT
fsr-3338	7	18	the	the	DET
fsr-3338	7	19	-	-	PUNCT
fsr-3338	7	20	month	month	NOUN
fsr-3338	7	21	;	;	PUNCT
fsr-3338	7	22	return	return	NOUN
fsr-3338	7	23	;	;	PUNCT
fsr-3338	7	24	risk	risk	NOUN
fsr-3338	7	25	1	1	NUM
fsr-3338	7	26	.	.	PUNCT
fsr-3338	8	1	introduction	introduction	NOUN
fsr-3338	8	2	exchange	exchange	NOUN
fsr-3338	8	3	-	-	PUNCT
fsr-3338	8	4	traded	trade	VERB
fsr-3338	8	5	funds	fund	NOUN
fsr-3338	8	6	(	(	PUNCT
fsr-3338	8	7	etfs	etfs	PROPN
fsr-3338	8	8	)	)	PUNCT
fsr-3338	8	9	become	become	VERB
fsr-3338	8	10	a	a	DET
fsr-3338	8	11	valuable	valuable	ADJ
fsr-3338	8	12	tool	tool	NOUN
fsr-3338	8	13	for	for	ADP
fsr-3338	8	14	individual	individual	ADJ
fsr-3338	8	15	investors	investor	NOUN
fsr-3338	8	16	and	and	CCONJ
fsr-3338	8	17	financial	financial	ADJ
fsr-3338	8	18	advisors	advisor	NOUN
fsr-3338	8	19	in	in	ADP
fsr-3338	8	20	the	the	DET
fsr-3338	8	21	pursuit	pursuit	NOUN
fsr-3338	8	22	of	of	ADP
fsr-3338	8	23	higher	high	ADJ
fsr-3338	8	24	returns	return	NOUN
fsr-3338	8	25	and	and	CCONJ
fsr-3338	8	26	more	more	ADV
fsr-3338	8	27	effective	effective	ADJ
fsr-3338	8	28	diversification	diversification	NOUN
fsr-3338	8	29	.	.	PUNCT
fsr-3338	9	1	in	in	ADP
fsr-3338	9	2	this	this	DET
fsr-3338	9	3	article	article	NOUN
fsr-3338	9	4	,	,	PUNCT
fsr-3338	9	5	we	we	PRON
fsr-3338	9	6	study	study	VERB
fsr-3338	9	7	whether	whether	SCONJ
fsr-3338	9	8	investors	investor	NOUN
fsr-3338	9	9	can	can	AUX
fsr-3338	9	10	take	take	VERB
fsr-3338	9	11	advantage	advantage	NOUN
fsr-3338	9	12	of	of	ADP
fsr-3338	9	13	the	the	DET
fsr-3338	9	14	turn	turn	NOUN
fsr-3338	9	15	-	-	PUNCT
fsr-3338	9	16	of	of	ADP
fsr-3338	9	17	-	-	PUNCT
fsr-3338	9	18	the	the	DET
fsr-3338	9	19	-	-	PUNCT
fsr-3338	9	20	month	month	NOUN
fsr-3338	9	21	(	(	PUNCT
fsr-3338	9	22	tom	tom	PROPN
fsr-3338	9	23	)	)	PUNCT
fsr-3338	9	24	effect	effect	NOUN
fsr-3338	9	25	*	*	PUNCT
fsr-3338	9	26	corresponding	correspond	VERB
fsr-3338	9	27	author	author	NOUN
fsr-3338	9	28	.	.	PUNCT
fsr-3338	10	1	tel	tel	PROPN
fsr-3338	10	2	.	.	PUNCT
fsr-3338	10	3	:	:	PUNCT
fsr-3338	11	1	�	�	PROPN
fsr-3338	11	2	1	1	NUM
fsr-3338	11	3	-	-	SYM
fsr-3338	11	4	801	801	NUM
fsr-3338	11	5	-	-	NUM
fsr-3338	11	6	863	863	NUM
fsr-3338	11	7	-	-	PUNCT
fsr-3338	11	8	8807	8807	NUM
fsr-3338	11	9	;	;	PUNCT
fsr-3338	11	10	fax	fax	NOUN
fsr-3338	11	11	:	:	PUNCT
fsr-3338	11	12	�	�	PROPN
fsr-3338	11	13	1	1	NUM
fsr-3338	11	14	-	-	SYM
fsr-3338	11	15	801	801	NUM
fsr-3338	11	16	-	-	NUM
fsr-3338	11	17	863	863	NUM
fsr-3338	11	18	-	-	SYM
fsr-3338	11	19	7218	7218	NUM
fsr-3338	11	20	.	.	PUNCT
fsr-3338	12	1	e	e	X
fsr-3338	12	2	-	-	NOUN
fsr-3338	12	3	mail	mail	NOUN
fsr-3338	12	4	address	address	NOUN
fsr-3338	12	5	:	:	PUNCT
fsr-3338	12	6	sunxufin@gmail.com	sunxufin@gmail.com	X
fsr-3338	13	1	(	(	PUNCT
fsr-3338	13	2	x.	x.	NOUN
fsr-3338	13	3	sun	sun	PROPN
fsr-3338	13	4	)	)	PUNCT
fsr-3338	13	5	financial	financial	ADJ
fsr-3338	13	6	services	service	NOUN
fsr-3338	13	7	review	review	VERB
fsr-3338	13	8	24	24	NUM
fsr-3338	13	9	(	(	PUNCT
fsr-3338	13	10	2015	2015	NUM
fsr-3338	13	11	)	)	PUNCT
fsr-3338	14	1	271–288	271–288	NUM
fsr-3338	14	2	1057	1057	NUM
fsr-3338	14	3	-	-	SYM
fsr-3338	14	4	0810/15/$	0810/15/$	NUM
fsr-3338	14	5	–	–	PUNCT
fsr-3338	14	6	see	see	VERB
fsr-3338	14	7	front	front	ADJ
fsr-3338	14	8	matter	matter	NOUN
fsr-3338	14	9	©	©	PROPN
fsr-3338	14	10	2015	2015	NUM
fsr-3338	14	11	academy	academy	NOUN
fsr-3338	14	12	of	of	ADP
fsr-3338	14	13	financial	financial	ADJ
fsr-3338	14	14	services	service	NOUN
fsr-3338	14	15	.	.	PUNCT
fsr-3338	15	1	all	all	DET
fsr-3338	15	2	rights	right	NOUN
fsr-3338	15	3	reserved	reserve	VERB
fsr-3338	15	4	.	.	PUNCT
fsr-3338	16	1	in	in	ADP
fsr-3338	16	2	international	international	ADJ
fsr-3338	16	3	etfs	etfs	PROPN
fsr-3338	16	4	.	.	PUNCT
fsr-3338	17	1	the	the	DET
fsr-3338	17	2	tom	tom	PROPN
fsr-3338	17	3	effect	effect	NOUN
fsr-3338	17	4	refers	refer	VERB
fsr-3338	17	5	to	to	ADP
fsr-3338	17	6	the	the	DET
fsr-3338	17	7	phenomenon	phenomenon	NOUN
fsr-3338	17	8	that	that	SCONJ
fsr-3338	17	9	stock	stock	NOUN
fsr-3338	17	10	returns	return	NOUN
fsr-3338	17	11	are	be	AUX
fsr-3338	17	12	higher	high	ADJ
fsr-3338	17	13	surrounding	surround	VERB
fsr-3338	17	14	the	the	DET
fsr-3338	17	15	turn	turn	NOUN
fsr-3338	17	16	of	of	ADP
fsr-3338	17	17	the	the	DET
fsr-3338	17	18	month	month	NOUN
fsr-3338	17	19	.	.	PUNCT
fsr-3338	18	1	early	early	ADJ
fsr-3338	18	2	studies	study	NOUN
fsr-3338	18	3	in	in	ADP
fsr-3338	18	4	ziemba	ziemba	PROPN
fsr-3338	18	5	(	(	PUNCT
fsr-3338	18	6	1991	1991	NUM
fsr-3338	18	7	)	)	PUNCT
fsr-3338	18	8	and	and	CCONJ
fsr-3338	18	9	cadsby	cadsby	NOUN
fsr-3338	18	10	and	and	CCONJ
fsr-3338	18	11	ratner	ratner	X
fsr-3338	18	12	(	(	PUNCT
fsr-3338	18	13	1992	1992	NUM
fsr-3338	18	14	)	)	PUNCT
fsr-3338	18	15	document	document	NOUN
fsr-3338	18	16	that	that	PRON
fsr-3338	18	17	the	the	DET
fsr-3338	18	18	tom	tom	PROPN
fsr-3338	18	19	effect	effect	NOUN
fsr-3338	18	20	exists	exist	VERB
fsr-3338	18	21	in	in	ADP
fsr-3338	18	22	several	several	ADJ
fsr-3338	18	23	international	international	ADJ
fsr-3338	18	24	stock	stock	NOUN
fsr-3338	18	25	returns	return	NOUN
fsr-3338	18	26	.	.	PUNCT
fsr-3338	19	1	recently	recently	ADV
fsr-3338	19	2	,	,	PUNCT
fsr-3338	19	3	mcconnell	mcconnell	PROPN
fsr-3338	19	4	and	and	CCONJ
fsr-3338	19	5	xu	xu	PROPN
fsr-3338	19	6	(	(	PUNCT
fsr-3338	19	7	2008	2008	NUM
fsr-3338	19	8	)	)	PUNCT
fsr-3338	19	9	reconfirm	reconfirm	VERB
fsr-3338	19	10	the	the	DET
fsr-3338	19	11	existence	existence	NOUN
fsr-3338	19	12	of	of	ADP
fsr-3338	19	13	the	the	DET
fsr-3338	19	14	tom	tom	PROPN
fsr-3338	19	15	effect	effect	NOUN
fsr-3338	19	16	in	in	ADP
fsr-3338	19	17	34	34	NUM
fsr-3338	19	18	out	out	ADP
fsr-3338	19	19	of	of	ADP
fsr-3338	19	20	38	38	NUM
fsr-3338	19	21	international	international	ADJ
fsr-3338	19	22	market	market	NOUN
fsr-3338	19	23	indexes	index	NOUN
fsr-3338	19	24	.	.	PUNCT
fsr-3338	20	1	hensel	hensel	PROPN
fsr-3338	20	2	and	and	CCONJ
fsr-3338	20	3	ziemba	ziemba	PROPN
fsr-3338	20	4	(	(	PUNCT
fsr-3338	20	5	1996	1996	NUM
fsr-3338	20	6	)	)	PUNCT
fsr-3338	20	7	and	and	CCONJ
fsr-3338	20	8	kunkel	kunkel	PROPN
fsr-3338	20	9	and	and	CCONJ
fsr-3338	20	10	compton	compton	PROPN
fsr-3338	20	11	(	(	PUNCT
fsr-3338	20	12	1998	1998	NUM
fsr-3338	20	13	)	)	PUNCT
fsr-3338	20	14	show	show	VERB
fsr-3338	20	15	that	that	SCONJ
fsr-3338	20	16	the	the	DET
fsr-3338	20	17	trading	trading	NOUN
fsr-3338	20	18	strategy	strategy	NOUN
fsr-3338	20	19	of	of	ADP
fsr-3338	20	20	investing	invest	VERB
fsr-3338	20	21	in	in	ADP
fsr-3338	20	22	low	low	ADJ
fsr-3338	20	23	risk	risk	NOUN
fsr-3338	20	24	fixed	fix	VERB
fsr-3338	20	25	-	-	PUNCT
fsr-3338	20	26	income	income	NOUN
fsr-3338	20	27	account	account	NOUN
fsr-3338	20	28	during	during	ADP
fsr-3338	20	29	non	non	ADJ
fsr-3338	20	30	-	-	ADJ
fsr-3338	20	31	tom	tom	ADJ
fsr-3338	20	32	period	period	NOUN
fsr-3338	20	33	and	and	CCONJ
fsr-3338	20	34	switching	switch	VERB
fsr-3338	20	35	to	to	ADP
fsr-3338	20	36	investing	invest	VERB
fsr-3338	20	37	in	in	ADP
fsr-3338	20	38	stocks	stock	NOUN
fsr-3338	20	39	during	during	ADP
fsr-3338	20	40	tom	tom	PROPN
fsr-3338	20	41	period	period	NOUN
fsr-3338	20	42	produces	produce	VERB
fsr-3338	20	43	a	a	DET
fsr-3338	20	44	higher	high	ADJ
fsr-3338	20	45	return	return	NOUN
fsr-3338	20	46	than	than	ADP
fsr-3338	20	47	the	the	DET
fsr-3338	20	48	traditional	traditional	ADJ
fsr-3338	20	49	strategy	strategy	NOUN
fsr-3338	20	50	of	of	ADP
fsr-3338	20	51	buying	buying	NOUN
fsr-3338	20	52	-	-	PUNCT
fsr-3338	20	53	and	and	CCONJ
fsr-3338	20	54	-	-	PUNCT
fsr-3338	20	55	holding	hold	VERB
fsr-3338	20	56	stocks	stock	NOUN
fsr-3338	20	57	.	.	PUNCT
fsr-3338	21	1	however	however	ADV
fsr-3338	21	2	,	,	PUNCT
fsr-3338	21	3	chen	chen	PROPN
fsr-3338	21	4	and	and	CCONJ
fsr-3338	21	5	chua	chua	PROPN
fsr-3338	21	6	(	(	PUNCT
fsr-3338	21	7	2011	2011	NUM
fsr-3338	21	8	)	)	PUNCT
fsr-3338	21	9	show	show	VERB
fsr-3338	21	10	that	that	SCONJ
fsr-3338	21	11	the	the	DET
fsr-3338	21	12	trading	trading	NOUN
fsr-3338	21	13	strategy	strategy	NOUN
fsr-3338	21	14	of	of	ADP
fsr-3338	21	15	holding	hold	VERB
fsr-3338	21	16	a	a	DET
fsr-3338	21	17	standard	standard	ADJ
fsr-3338	21	18	&	&	CCONJ
fsr-3338	21	19	poor	poor	PROPN
fsr-3338	21	20	’s	’s	PART
fsr-3338	21	21	depositary	depositary	ADJ
fsr-3338	21	22	receipt	receipt	NOUN
fsr-3338	21	23	(	(	PUNCT
fsr-3338	21	24	spdr	spdr	PROPN
fsr-3338	21	25	)	)	PUNCT
fsr-3338	21	26	,	,	PUNCT
fsr-3338	21	27	the	the	DET
fsr-3338	21	28	corresponding	correspond	VERB
fsr-3338	21	29	etf	etf	NOUN
fsr-3338	21	30	for	for	ADP
fsr-3338	21	31	the	the	DET
fsr-3338	21	32	standard	standard	PROPN
fsr-3338	21	33	&	&	CCONJ
fsr-3338	21	34	poor	poor	PROPN
fsr-3338	21	35	’s	’s	PART
fsr-3338	21	36	(	(	PUNCT
fsr-3338	21	37	s&p	s&p	PROPN
fsr-3338	21	38	)	)	PUNCT
fsr-3338	21	39	500	500	NUM
fsr-3338	21	40	index	index	NOUN
fsr-3338	21	41	,	,	PUNCT
fsr-3338	21	42	during	during	ADP
fsr-3338	21	43	tom	tom	PROPN
fsr-3338	21	44	period	period	NOUN
fsr-3338	21	45	and	and	CCONJ
fsr-3338	21	46	switching	switch	VERB
fsr-3338	21	47	to	to	ADP
fsr-3338	21	48	holding	hold	VERB
fsr-3338	21	49	t	t	PROPN
fsr-3338	21	50	-	-	PUNCT
fsr-3338	21	51	bills	bill	NOUN
fsr-3338	21	52	during	during	ADP
fsr-3338	21	53	non	non	ADJ
fsr-3338	21	54	-	-	ADJ
fsr-3338	21	55	tom	tom	ADJ
fsr-3338	21	56	period	period	NOUN
fsr-3338	21	57	does	do	AUX
fsr-3338	21	58	not	not	PART
fsr-3338	21	59	produce	produce	VERB
fsr-3338	21	60	a	a	DET
fsr-3338	21	61	higher	high	ADJ
fsr-3338	21	62	return	return	NOUN
fsr-3338	21	63	than	than	ADP
fsr-3338	21	64	the	the	DET
fsr-3338	21	65	strategy	strategy	NOUN
fsr-3338	21	66	of	of	ADP
fsr-3338	21	67	investing	invest	VERB
fsr-3338	21	68	in	in	ADP
fsr-3338	21	69	spdr	spdr	NOUN
fsr-3338	21	70	throughout	throughout	ADP
fsr-3338	21	71	the	the	DET
fsr-3338	21	72	month	month	NOUN
fsr-3338	21	73	.	.	PUNCT
fsr-3338	22	1	given	give	VERB
fsr-3338	22	2	that	that	DET
fsr-3338	22	3	etfs	etfs	NOUN
fsr-3338	22	4	have	have	VERB
fsr-3338	22	5	high	high	ADJ
fsr-3338	22	6	liquidity	liquidity	NOUN
fsr-3338	22	7	and	and	CCONJ
fsr-3338	22	8	extremely	extremely	ADV
fsr-3338	22	9	low	low	ADJ
fsr-3338	22	10	trading	trading	NOUN
fsr-3338	22	11	cost	cost	NOUN
fsr-3338	22	12	,	,	PUNCT
fsr-3338	22	13	can	can	AUX
fsr-3338	22	14	individual	individual	ADJ
fsr-3338	22	15	investors	investor	NOUN
fsr-3338	22	16	exploit	exploit	VERB
fsr-3338	22	17	the	the	DET
fsr-3338	22	18	tom	tom	PROPN
fsr-3338	22	19	effect	effect	NOUN
fsr-3338	22	20	in	in	ADP
fsr-3338	22	21	ishares	ishare	NOUN
fsr-3338	22	22	?	?	PUNCT
fsr-3338	23	1	we	we	PRON
fsr-3338	23	2	examine	examine	VERB
fsr-3338	23	3	the	the	DET
fsr-3338	23	4	following	follow	VERB
fsr-3338	23	5	markets	market	NOUN
fsr-3338	23	6	:	:	PUNCT
fsr-3338	23	7	australia	australia	PROPN
fsr-3338	23	8	,	,	PUNCT
fsr-3338	23	9	brazil	brazil	PROPN
fsr-3338	23	10	,	,	PUNCT
fsr-3338	23	11	canada	canada	PROPN
fsr-3338	23	12	,	,	PUNCT
fsr-3338	23	13	france	france	PROPN
fsr-3338	23	14	,	,	PUNCT
fsr-3338	23	15	germany	germany	PROPN
fsr-3338	23	16	,	,	PUNCT
fsr-3338	23	17	japan	japan	PROPN
fsr-3338	23	18	,	,	PUNCT
fsr-3338	23	19	hong	hong	PROPN
fsr-3338	23	20	kong	kong	PROPN
fsr-3338	23	21	,	,	PUNCT
fsr-3338	23	22	sweden	sweden	PROPN
fsr-3338	23	23	,	,	PUNCT
fsr-3338	23	24	and	and	CCONJ
fsr-3338	23	25	united	united	ADJ
fsr-3338	23	26	kingdom	kingdom	PROPN
fsr-3338	23	27	.	.	PUNCT
fsr-3338	24	1	all	all	PRON
fsr-3338	24	2	of	of	ADP
fsr-3338	24	3	them	they	PRON
fsr-3338	24	4	allow	allow	VERB
fsr-3338	24	5	foreign	foreign	ADJ
fsr-3338	24	6	investors	investor	NOUN
fsr-3338	24	7	without	without	ADP
fsr-3338	24	8	much	much	ADJ
fsr-3338	24	9	restriction	restriction	NOUN
fsr-3338	24	10	.	.	PUNCT
fsr-3338	25	1	we	we	PRON
fsr-3338	25	2	first	first	ADV
fsr-3338	25	3	show	show	VERB
fsr-3338	25	4	that	that	SCONJ
fsr-3338	25	5	the	the	DET
fsr-3338	25	6	tom	tom	PROPN
fsr-3338	25	7	effect	effect	NOUN
fsr-3338	25	8	exists	exist	VERB
fsr-3338	25	9	in	in	ADP
fsr-3338	25	10	index	index	NOUN
fsr-3338	25	11	returns	return	NOUN
fsr-3338	25	12	in	in	ADP
fsr-3338	25	13	all	all	DET
fsr-3338	25	14	markets	market	NOUN
fsr-3338	25	15	except	except	SCONJ
fsr-3338	25	16	for	for	ADP
fsr-3338	25	17	the	the	DET
fsr-3338	25	18	japanese	japanese	ADJ
fsr-3338	25	19	market	market	NOUN
fsr-3338	25	20	,	,	PUNCT
fsr-3338	25	21	whereas	whereas	SCONJ
fsr-3338	25	22	the	the	DET
fsr-3338	25	23	tom	tom	PROPN
fsr-3338	25	24	effect	effect	NOUN
fsr-3338	25	25	exists	exist	VERB
fsr-3338	25	26	in	in	ADP
fsr-3338	25	27	all	all	DET
fsr-3338	25	28	nine	nine	NUM
fsr-3338	25	29	etf	etf	NOUN
fsr-3338	25	30	returns	return	NOUN
fsr-3338	25	31	.	.	PUNCT
fsr-3338	26	1	when	when	SCONJ
fsr-3338	26	2	we	we	PRON
fsr-3338	26	3	control	control	VERB
fsr-3338	26	4	for	for	ADP
fsr-3338	26	5	other	other	ADJ
fsr-3338	26	6	known	know	VERB
fsr-3338	26	7	confounding	confound	VERB
fsr-3338	26	8	factors	factor	NOUN
fsr-3338	26	9	such	such	ADJ
fsr-3338	26	10	as	as	ADP
fsr-3338	26	11	the	the	DET
fsr-3338	26	12	january	january	PROPN
fsr-3338	26	13	effect	effect	NOUN
fsr-3338	26	14	and	and	CCONJ
fsr-3338	26	15	the	the	DET
fsr-3338	26	16	weekend	weekend	NOUN
fsr-3338	26	17	effect	effect	NOUN
fsr-3338	26	18	,	,	PUNCT
fsr-3338	26	19	the	the	DET
fsr-3338	26	20	tom	tom	PROPN
fsr-3338	26	21	effect	effect	NOUN
fsr-3338	26	22	still	still	ADV
fsr-3338	26	23	exists	exist	VERB
fsr-3338	26	24	in	in	ADP
fsr-3338	26	25	all	all	DET
fsr-3338	26	26	nine	nine	NUM
fsr-3338	26	27	etf	etf	NOUN
fsr-3338	26	28	returns	return	NOUN
fsr-3338	26	29	except	except	SCONJ
fsr-3338	26	30	for	for	ADP
fsr-3338	26	31	the	the	DET
fsr-3338	26	32	japanese	japanese	ADJ
fsr-3338	26	33	market	market	NOUN
fsr-3338	26	34	and	and	CCONJ
fsr-3338	26	35	in	in	ADP
fsr-3338	26	36	six	six	NUM
fsr-3338	26	37	index	index	NOUN
fsr-3338	26	38	returns	return	NOUN
fsr-3338	26	39	.	.	PUNCT
fsr-3338	27	1	in	in	ADP
fsr-3338	27	2	addition	addition	NOUN
fsr-3338	27	3	,	,	PUNCT
fsr-3338	27	4	we	we	PRON
fsr-3338	27	5	find	find	VERB
fsr-3338	27	6	that	that	SCONJ
fsr-3338	27	7	the	the	DET
fsr-3338	27	8	risk	risk	NOUN
fsr-3338	27	9	level	level	NOUN
fsr-3338	27	10	is	be	AUX
fsr-3338	27	11	lower	low	ADJ
fsr-3338	27	12	during	during	ADP
fsr-3338	27	13	tom	tom	PROPN
fsr-3338	27	14	period	period	NOUN
fsr-3338	27	15	than	than	ADP
fsr-3338	27	16	during	during	ADP
fsr-3338	27	17	non	non	ADJ
fsr-3338	27	18	-	-	ADJ
fsr-3338	27	19	tom	tom	ADJ
fsr-3338	27	20	period	period	NOUN
fsr-3338	27	21	for	for	ADP
fsr-3338	27	22	both	both	PRON
fsr-3338	27	23	index	index	NOUN
fsr-3338	27	24	and	and	CCONJ
fsr-3338	27	25	etf	etf	NOUN
fsr-3338	27	26	returns	return	NOUN
fsr-3338	27	27	in	in	ADP
fsr-3338	27	28	all	all	DET
fsr-3338	27	29	nine	nine	NUM
fsr-3338	27	30	markets	market	NOUN
fsr-3338	27	31	.	.	PUNCT
fsr-3338	28	1	following	follow	VERB
fsr-3338	28	2	chen	chen	PROPN
fsr-3338	28	3	and	and	CCONJ
fsr-3338	28	4	chua	chua	PROPN
fsr-3338	28	5	(	(	PUNCT
fsr-3338	28	6	2011	2011	NUM
fsr-3338	28	7	)	)	PUNCT
fsr-3338	28	8	,	,	PUNCT
fsr-3338	28	9	we	we	PRON
fsr-3338	28	10	compare	compare	VERB
fsr-3338	28	11	the	the	DET
fsr-3338	28	12	performance	performance	NOUN
fsr-3338	28	13	of	of	ADP
fsr-3338	28	14	the	the	DET
fsr-3338	28	15	following	follow	VERB
fsr-3338	28	16	three	three	NUM
fsr-3338	28	17	strategies	strategy	NOUN
fsr-3338	28	18	for	for	ADP
fsr-3338	28	19	individual	individual	ADJ
fsr-3338	28	20	investors	investor	NOUN
fsr-3338	28	21	.	.	PUNCT
fsr-3338	29	1	the	the	DET
fsr-3338	29	2	first	first	ADJ
fsr-3338	29	3	strategy	strategy	NOUN
fsr-3338	29	4	is	be	AUX
fsr-3338	29	5	for	for	ADP
fsr-3338	29	6	investors	investor	NOUN
fsr-3338	29	7	who	who	PRON
fsr-3338	29	8	buy	buy	VERB
fsr-3338	29	9	and	and	CCONJ
fsr-3338	29	10	hold	hold	VERB
fsr-3338	29	11	an	an	DET
fsr-3338	29	12	index	index	NOUN
fsr-3338	29	13	fund	fund	NOUN
fsr-3338	29	14	mimicking	mimic	VERB
fsr-3338	29	15	a	a	DET
fsr-3338	29	16	foreign	foreign	ADJ
fsr-3338	29	17	stock	stock	NOUN
fsr-3338	29	18	market	market	NOUN
fsr-3338	29	19	index	index	NOUN
fsr-3338	29	20	throughout	throughout	ADP
fsr-3338	29	21	the	the	DET
fsr-3338	29	22	month	month	NOUN
fsr-3338	29	23	.	.	PUNCT
fsr-3338	30	1	the	the	DET
fsr-3338	30	2	second	second	ADJ
fsr-3338	30	3	strategy	strategy	NOUN
fsr-3338	30	4	is	be	AUX
fsr-3338	30	5	for	for	ADP
fsr-3338	30	6	investors	investor	NOUN
fsr-3338	30	7	who	who	PRON
fsr-3338	30	8	buy	buy	VERB
fsr-3338	30	9	and	and	CCONJ
fsr-3338	30	10	hold	hold	VERB
fsr-3338	30	11	the	the	DET
fsr-3338	30	12	corresponding	correspond	VERB
fsr-3338	30	13	etf	etf	NOUN
fsr-3338	30	14	throughout	throughout	ADP
fsr-3338	30	15	the	the	DET
fsr-3338	30	16	month	month	NOUN
fsr-3338	30	17	.	.	PUNCT
fsr-3338	31	1	the	the	DET
fsr-3338	31	2	third	third	ADJ
fsr-3338	31	3	strategy	strategy	NOUN
fsr-3338	31	4	is	be	AUX
fsr-3338	31	5	for	for	ADP
fsr-3338	31	6	investors	investor	NOUN
fsr-3338	31	7	who	who	PRON
fsr-3338	31	8	invest	invest	VERB
fsr-3338	31	9	in	in	ADP
fsr-3338	31	10	the	the	DET
fsr-3338	31	11	etf	etf	NOUN
fsr-3338	31	12	during	during	ADP
fsr-3338	31	13	tom	tom	PROPN
fsr-3338	31	14	period	period	NOUN
fsr-3338	31	15	and	and	CCONJ
fsr-3338	31	16	switch	switch	VERB
fsr-3338	31	17	to	to	ADP
fsr-3338	31	18	holding	hold	VERB
fsr-3338	31	19	t	t	PROPN
fsr-3338	31	20	-	-	PUNCT
fsr-3338	31	21	bills	bill	NOUN
fsr-3338	31	22	during	during	ADP
fsr-3338	31	23	non	non	ADJ
fsr-3338	31	24	-	-	ADJ
fsr-3338	31	25	tom	tom	ADJ
fsr-3338	31	26	period	period	NOUN
fsr-3338	31	27	.	.	PUNCT
fsr-3338	32	1	we	we	PRON
fsr-3338	32	2	show	show	VERB
fsr-3338	32	3	that	that	SCONJ
fsr-3338	32	4	this	this	DET
fsr-3338	32	5	etf	etf	PROPN
fsr-3338	32	6	-	-	PUNCT
fsr-3338	32	7	t	t	NOUN
fsr-3338	32	8	-	-	PUNCT
fsr-3338	32	9	bills	bill	NOUN
fsr-3338	32	10	switching	switch	VERB
fsr-3338	32	11	strategy	strategy	NOUN
fsr-3338	32	12	produces	produce	VERB
fsr-3338	32	13	the	the	DET
fsr-3338	32	14	highest	high	ADJ
fsr-3338	32	15	return	return	NOUN
fsr-3338	32	16	and	and	CCONJ
fsr-3338	32	17	has	have	VERB
fsr-3338	32	18	the	the	DET
fsr-3338	32	19	lowest	low	ADJ
fsr-3338	32	20	risk	risk	NOUN
fsr-3338	32	21	compared	compare	VERB
fsr-3338	32	22	to	to	ADP
fsr-3338	32	23	the	the	DET
fsr-3338	32	24	other	other	ADJ
fsr-3338	32	25	two	two	NUM
fsr-3338	32	26	strategies	strategy	NOUN
fsr-3338	32	27	.	.	PUNCT
fsr-3338	33	1	statistically	statistically	ADV
fsr-3338	33	2	,	,	PUNCT
fsr-3338	33	3	the	the	DET
fsr-3338	33	4	mean	mean	ADJ
fsr-3338	33	5	monthly	monthly	ADJ
fsr-3338	33	6	return	return	NOUN
fsr-3338	33	7	from	from	ADP
fsr-3338	33	8	the	the	DET
fsr-3338	33	9	switching	switch	VERB
fsr-3338	33	10	strategy	strategy	NOUN
fsr-3338	33	11	is	be	AUX
fsr-3338	33	12	significantly	significantly	ADV
fsr-3338	33	13	positive	positive	ADJ
fsr-3338	33	14	,	,	PUNCT
fsr-3338	33	15	whereas	whereas	SCONJ
fsr-3338	33	16	those	those	PRON
fsr-3338	33	17	from	from	ADP
fsr-3338	33	18	the	the	DET
fsr-3338	33	19	other	other	ADJ
fsr-3338	33	20	two	two	NUM
fsr-3338	33	21	strategies	strategy	NOUN
fsr-3338	33	22	are	be	AUX
fsr-3338	33	23	not	not	PART
fsr-3338	33	24	significant	significant	ADJ
fsr-3338	33	25	.	.	PUNCT
fsr-3338	34	1	economically	economically	ADV
fsr-3338	34	2	,	,	PUNCT
fsr-3338	34	3	this	this	DET
fsr-3338	34	4	switching	switch	VERB
fsr-3338	34	5	strategy	strategy	NOUN
fsr-3338	34	6	produces	produce	VERB
fsr-3338	34	7	a	a	DET
fsr-3338	34	8	terminal	terminal	ADJ
fsr-3338	34	9	value	value	NOUN
fsr-3338	34	10	that	that	PRON
fsr-3338	34	11	is	be	AUX
fsr-3338	34	12	at	at	ADV
fsr-3338	34	13	least	least	ADJ
fsr-3338	34	14	50	50	NUM
fsr-3338	34	15	%	%	NOUN
fsr-3338	34	16	higher	high	ADJ
fsr-3338	34	17	than	than	ADP
fsr-3338	34	18	the	the	DET
fsr-3338	34	19	other	other	ADJ
fsr-3338	34	20	two	two	NUM
fsr-3338	34	21	strategies	strategy	NOUN
fsr-3338	34	22	.	.	PUNCT
fsr-3338	35	1	therefore	therefore	ADV
fsr-3338	35	2	,	,	PUNCT
fsr-3338	35	3	our	our	PRON
fsr-3338	35	4	results	result	NOUN
fsr-3338	35	5	show	show	VERB
fsr-3338	35	6	that	that	SCONJ
fsr-3338	35	7	investors	investor	NOUN
fsr-3338	35	8	can	can	AUX
fsr-3338	35	9	exploit	exploit	VERB
fsr-3338	35	10	the	the	DET
fsr-3338	35	11	tom	tom	PROPN
fsr-3338	35	12	effect	effect	NOUN
fsr-3338	35	13	in	in	ADP
fsr-3338	35	14	international	international	ADJ
fsr-3338	35	15	etfs	etfs	NOUN
fsr-3338	35	16	.	.	PUNCT
fsr-3338	36	1	the	the	DET
fsr-3338	36	2	following	following	NOUN
fsr-3338	36	3	of	of	ADP
fsr-3338	36	4	the	the	DET
fsr-3338	36	5	article	article	NOUN
fsr-3338	36	6	is	be	AUX
fsr-3338	36	7	organized	organize	VERB
fsr-3338	36	8	as	as	SCONJ
fsr-3338	36	9	follows	follow	VERB
fsr-3338	36	10	.	.	PUNCT
fsr-3338	37	1	section	section	NOUN
fsr-3338	37	2	2	2	NUM
fsr-3338	37	3	reviews	review	NOUN
fsr-3338	37	4	previous	previous	ADJ
fsr-3338	37	5	literatures	literature	NOUN
fsr-3338	37	6	on	on	ADP
fsr-3338	37	7	tom	tom	PROPN
fsr-3338	37	8	calendar	calendar	PROPN
fsr-3338	37	9	anomaly	anomaly	PROPN
fsr-3338	37	10	and	and	CCONJ
fsr-3338	37	11	etfs	etfs	PROPN
fsr-3338	37	12	.	.	PUNCT
fsr-3338	38	1	section	section	NOUN
fsr-3338	38	2	3	3	NUM
fsr-3338	38	3	describes	describe	VERB
fsr-3338	38	4	data	datum	NOUN
fsr-3338	38	5	and	and	CCONJ
fsr-3338	38	6	methodology	methodology	NOUN
fsr-3338	38	7	used	use	VERB
fsr-3338	38	8	in	in	ADP
fsr-3338	38	9	this	this	DET
fsr-3338	38	10	study	study	NOUN
fsr-3338	38	11	.	.	PUNCT
fsr-3338	39	1	empirical	empirical	ADJ
fsr-3338	39	2	results	result	NOUN
fsr-3338	39	3	are	be	AUX
fsr-3338	39	4	presented	present	VERB
fsr-3338	39	5	in	in	ADP
fsr-3338	39	6	section	section	NOUN
fsr-3338	39	7	4	4	NUM
fsr-3338	39	8	.	.	PUNCT
fsr-3338	39	9	section	section	NOUN
fsr-3338	39	10	5	5	NUM
fsr-3338	39	11	summarizes	summarize	NOUN
fsr-3338	39	12	and	and	CCONJ
fsr-3338	39	13	concludes	conclude	VERB
fsr-3338	39	14	.	.	PUNCT
fsr-3338	40	1	2	2	X
fsr-3338	40	2	.	.	NUM
fsr-3338	40	3	related	relate	VERB
fsr-3338	40	4	studies	study	NOUN
fsr-3338	40	5	2.1	2.1	NUM
fsr-3338	40	6	.	.	PUNCT
fsr-3338	41	1	calendar	calendar	NOUN
fsr-3338	41	2	anomaly	anomaly	PROPN
fsr-3338	41	3	ariel	ariel	PROPN
fsr-3338	41	4	(	(	PUNCT
fsr-3338	41	5	1987	1987	NUM
fsr-3338	41	6	)	)	PUNCT
fsr-3338	41	7	shows	show	VERB
fsr-3338	41	8	that	that	SCONJ
fsr-3338	41	9	the	the	DET
fsr-3338	41	10	cumulative	cumulative	ADJ
fsr-3338	41	11	returns	return	NOUN
fsr-3338	41	12	during	during	ADP
fsr-3338	41	13	a	a	DET
fsr-3338	41	14	window	window	NOUN
fsr-3338	41	15	of	of	ADP
fsr-3338	41	16	(	(	PUNCT
fsr-3338	41	17	�	�	PROPN
fsr-3338	41	18	9	9	NUM
fsr-3338	41	19	,	,	PUNCT
fsr-3338	41	20	�	�	NOUN
fsr-3338	41	21	9	9	NUM
fsr-3338	41	22	)	)	PUNCT
fsr-3338	41	23	around	around	ADP
fsr-3338	41	24	the	the	DET
fsr-3338	41	25	first	first	ADJ
fsr-3338	41	26	day	day	NOUN
fsr-3338	41	27	of	of	ADP
fsr-3338	41	28	the	the	DET
fsr-3338	41	29	month	month	NOUN
fsr-3338	41	30	are	be	AUX
fsr-3338	41	31	non	non	ADJ
fsr-3338	41	32	-	-	ADJ
fsr-3338	41	33	negligible	negligible	ADJ
fsr-3338	41	34	even	even	ADV
fsr-3338	41	35	after	after	ADP
fsr-3338	41	36	controlling	control	VERB
fsr-3338	41	37	for	for	ADP
fsr-3338	41	38	the	the	DET
fsr-3338	41	39	impact	impact	NOUN
fsr-3338	41	40	of	of	ADP
fsr-3338	41	41	the	the	DET
fsr-3338	41	42	january	january	PROPN
fsr-3338	41	43	272	272	NUM
fsr-3338	42	1	h.	h.	PROPN
fsr-3338	42	2	chen	chen	PROPN
fsr-3338	42	3	et	et	PROPN
fsr-3338	42	4	al	al	PROPN
fsr-3338	42	5	.	.	PUNCT
fsr-3338	42	6	/	/	SYM
fsr-3338	42	7	financial	financial	ADJ
fsr-3338	42	8	services	service	NOUN
fsr-3338	42	9	review	review	VERB
fsr-3338	42	10	24	24	NUM
fsr-3338	42	11	(	(	PUNCT
fsr-3338	42	12	2015	2015	NUM
fsr-3338	42	13	)	)	PUNCT
fsr-3338	43	1	271–288	271–288	NUM
fsr-3338	43	2	effect	effect	NOUN
fsr-3338	43	3	.	.	PUNCT
fsr-3338	44	1	examining	examine	VERB
fsr-3338	44	2	the	the	DET
fsr-3338	44	3	monthly	monthly	ADJ
fsr-3338	44	4	dow	dow	PROPN
fsr-3338	44	5	jones	jones	PROPN
fsr-3338	44	6	industrial	industrial	PROPN
fsr-3338	44	7	average	average	PROPN
fsr-3338	44	8	(	(	PUNCT
fsr-3338	44	9	djia	djia	NOUN
fsr-3338	44	10	)	)	PUNCT
fsr-3338	44	11	returns	return	NOUN
fsr-3338	44	12	over	over	ADP
fsr-3338	44	13	the	the	DET
fsr-3338	44	14	period	period	NOUN
fsr-3338	44	15	of	of	ADP
fsr-3338	44	16	1987	1987	NUM
fsr-3338	44	17	through	through	ADP
fsr-3338	44	18	1986	1986	NUM
fsr-3338	44	19	,	,	PUNCT
fsr-3338	44	20	lakonishok	lakonishok	NOUN
fsr-3338	44	21	and	and	CCONJ
fsr-3338	44	22	smidt	smidt	NOUN
fsr-3338	44	23	(	(	PUNCT
fsr-3338	44	24	1988	1988	NUM
fsr-3338	44	25	)	)	PUNCT
fsr-3338	44	26	find	find	VERB
fsr-3338	44	27	an	an	DET
fsr-3338	44	28	average	average	NOUN
fsr-3338	44	29	of	of	ADP
fsr-3338	44	30	0.473	0.473	NUM
fsr-3338	44	31	%	%	NOUN
fsr-3338	44	32	return	return	NOUN
fsr-3338	44	33	cumulated	cumulate	VERB
fsr-3338	44	34	during	during	ADP
fsr-3338	44	35	the	the	DET
fsr-3338	44	36	four	four	NUM
fsr-3338	44	37	-	-	PUNCT
fsr-3338	44	38	day	day	NOUN
fsr-3338	44	39	period	period	NOUN
fsr-3338	44	40	at	at	ADP
fsr-3338	44	41	the	the	DET
fsr-3338	44	42	turn	turn	NOUN
fsr-3338	44	43	of	of	ADP
fsr-3338	44	44	month	month	NOUN
fsr-3338	44	45	,	,	PUNCT
fsr-3338	44	46	which	which	PRON
fsr-3338	44	47	is	be	AUX
fsr-3338	44	48	higher	high	ADJ
fsr-3338	44	49	than	than	ADP
fsr-3338	44	50	the	the	DET
fsr-3338	44	51	average	average	ADJ
fsr-3338	44	52	cumulative	cumulative	ADJ
fsr-3338	44	53	return	return	NOUN
fsr-3338	44	54	of	of	ADP
fsr-3338	44	55	0.349	0.349	NUM
fsr-3338	44	56	%	%	NOUN
fsr-3338	44	57	in	in	ADP
fsr-3338	44	58	the	the	DET
fsr-3338	44	59	whole	whole	ADJ
fsr-3338	44	60	month	month	NOUN
fsr-3338	44	61	.	.	PUNCT
fsr-3338	45	1	similarly	similarly	ADV
fsr-3338	45	2	,	,	PUNCT
fsr-3338	45	3	cadsby	cadsby	NOUN
fsr-3338	45	4	and	and	CCONJ
fsr-3338	45	5	ratner	ratner	X
fsr-3338	45	6	(	(	PUNCT
fsr-3338	45	7	1992	1992	NUM
fsr-3338	45	8	)	)	PUNCT
fsr-3338	45	9	document	document	NOUN
fsr-3338	45	10	a	a	DET
fsr-3338	45	11	tom	tom	PROPN
fsr-3338	45	12	effect	effect	NOUN
fsr-3338	45	13	in	in	ADP
fsr-3338	45	14	australia	australia	PROPN
fsr-3338	45	15	,	,	PUNCT
fsr-3338	45	16	canada	canada	PROPN
fsr-3338	45	17	,	,	PUNCT
fsr-3338	45	18	hong	hong	PROPN
fsr-3338	45	19	kong	kong	PROPN
fsr-3338	45	20	,	,	PUNCT
fsr-3338	45	21	germany	germany	PROPN
fsr-3338	45	22	,	,	PUNCT
fsr-3338	45	23	the	the	DET
fsr-3338	45	24	united	united	PROPN
fsr-3338	45	25	states	states	PROPN
fsr-3338	45	26	,	,	PUNCT
fsr-3338	45	27	and	and	CCONJ
fsr-3338	45	28	the	the	DET
fsr-3338	45	29	united	united	ADJ
fsr-3338	45	30	kingdom	kingdom	PROPN
fsr-3338	45	31	.	.	PUNCT
fsr-3338	46	1	ziemba	ziemba	PROPN
fsr-3338	46	2	(	(	PUNCT
fsr-3338	46	3	1991	1991	NUM
fsr-3338	46	4	)	)	PUNCT
fsr-3338	46	5	also	also	ADV
fsr-3338	46	6	finds	find	VERB
fsr-3338	46	7	a	a	DET
fsr-3338	46	8	tom	tom	PROPN
fsr-3338	46	9	effect	effect	NOUN
fsr-3338	46	10	in	in	ADP
fsr-3338	46	11	a	a	DET
fsr-3338	46	12	(	(	PUNCT
fsr-3338	46	13	�	�	PROPN
fsr-3338	46	14	5	5	NUM
fsr-3338	46	15	,	,	PUNCT
fsr-3338	46	16	�	�	NOUN
fsr-3338	46	17	2	2	NUM
fsr-3338	46	18	)	)	PUNCT
fsr-3338	46	19	window	window	NOUN
fsr-3338	46	20	for	for	ADP
fsr-3338	46	21	the	the	DET
fsr-3338	46	22	japanese	japanese	ADJ
fsr-3338	46	23	stock	stock	NOUN
fsr-3338	46	24	market	market	NOUN
fsr-3338	46	25	during	during	ADP
fsr-3338	46	26	1949–1988	1949–1988	NUM
fsr-3338	46	27	.	.	PUNCT
fsr-3338	47	1	ogden	ogden	PROPN
fsr-3338	47	2	(	(	PUNCT
fsr-3338	47	3	1990	1990	NUM
fsr-3338	47	4	)	)	PUNCT
fsr-3338	47	5	hypothesizes	hypothesize	VERB
fsr-3338	47	6	that	that	SCONJ
fsr-3338	47	7	the	the	DET
fsr-3338	47	8	standardization	standardization	NOUN
fsr-3338	47	9	of	of	ADP
fsr-3338	47	10	payment	payment	NOUN
fsr-3338	47	11	system	system	NOUN
fsr-3338	47	12	in	in	ADP
fsr-3338	47	13	the	the	DET
fsr-3338	47	14	united	united	PROPN
fsr-3338	47	15	states	states	PROPN
fsr-3338	47	16	causes	cause	VERB
fsr-3338	47	17	the	the	DET
fsr-3338	47	18	tom	tom	PROPN
fsr-3338	47	19	effect	effect	NOUN
fsr-3338	47	20	.	.	PUNCT
fsr-3338	48	1	at	at	ADP
fsr-3338	48	2	the	the	DET
fsr-3338	48	3	turn	turn	NOUN
fsr-3338	48	4	of	of	ADP
fsr-3338	48	5	each	each	DET
fsr-3338	48	6	month	month	NOUN
fsr-3338	48	7	,	,	PUNCT
fsr-3338	48	8	the	the	DET
fsr-3338	48	9	concentrated	concentrated	ADJ
fsr-3338	48	10	payment	payment	NOUN
fsr-3338	48	11	of	of	ADP
fsr-3338	48	12	wages	wage	NOUN
fsr-3338	48	13	,	,	PUNCT
fsr-3338	48	14	dividends	dividend	NOUN
fsr-3338	48	15	,	,	PUNCT
fsr-3338	48	16	interests	interest	NOUN
fsr-3338	48	17	,	,	PUNCT
fsr-3338	48	18	and	and	CCONJ
fsr-3338	48	19	other	other	ADJ
fsr-3338	48	20	liabilities	liability	NOUN
fsr-3338	48	21	give	give	VERB
fsr-3338	48	22	rise	rise	NOUN
fsr-3338	48	23	to	to	ADP
fsr-3338	48	24	a	a	DET
fsr-3338	48	25	surge	surge	NOUN
fsr-3338	48	26	of	of	ADP
fsr-3338	48	27	cash	cash	NOUN
fsr-3338	48	28	flow	flow	NOUN
fsr-3338	48	29	that	that	PRON
fsr-3338	48	30	is	be	AUX
fsr-3338	48	31	used	use	VERB
fsr-3338	48	32	for	for	ADP
fsr-3338	48	33	subsequent	subsequent	ADJ
fsr-3338	48	34	investment	investment	NOUN
fsr-3338	48	35	,	,	PUNCT
fsr-3338	48	36	which	which	PRON
fsr-3338	48	37	in	in	ADP
fsr-3338	48	38	turn	turn	NOUN
fsr-3338	48	39	pushes	push	VERB
fsr-3338	48	40	up	up	ADP
fsr-3338	48	41	the	the	DET
fsr-3338	48	42	stock	stock	NOUN
fsr-3338	48	43	returns	return	NOUN
fsr-3338	48	44	.	.	PUNCT
fsr-3338	49	1	more	more	ADV
fsr-3338	49	2	recently	recently	ADV
fsr-3338	49	3	,	,	PUNCT
fsr-3338	49	4	mcconnell	mcconnell	PROPN
fsr-3338	49	5	and	and	CCONJ
fsr-3338	49	6	xu	xu	PROPN
fsr-3338	49	7	(	(	PUNCT
fsr-3338	49	8	2008	2008	NUM
fsr-3338	49	9	)	)	PUNCT
fsr-3338	49	10	reconfirm	reconfirm	VERB
fsr-3338	49	11	the	the	DET
fsr-3338	49	12	existence	existence	NOUN
fsr-3338	49	13	of	of	ADP
fsr-3338	49	14	tom	tom	PROPN
fsr-3338	49	15	effect	effect	NOUN
fsr-3338	49	16	in	in	ADP
fsr-3338	49	17	a	a	DET
fsr-3338	49	18	four	four	NUM
fsr-3338	49	19	-	-	PUNCT
fsr-3338	49	20	day	day	NOUN
fsr-3338	49	21	window	window	NOUN
fsr-3338	49	22	starting	start	VERB
fsr-3338	49	23	from	from	ADP
fsr-3338	49	24	the	the	DET
fsr-3338	49	25	last	last	ADJ
fsr-3338	49	26	day	day	NOUN
fsr-3338	49	27	of	of	ADP
fsr-3338	49	28	the	the	DET
fsr-3338	49	29	month	month	NOUN
fsr-3338	49	30	to	to	ADP
fsr-3338	49	31	the	the	DET
fsr-3338	49	32	third	third	ADJ
fsr-3338	49	33	day	day	NOUN
fsr-3338	49	34	of	of	ADP
fsr-3338	49	35	the	the	DET
fsr-3338	49	36	following	follow	VERB
fsr-3338	49	37	month	month	NOUN
fsr-3338	49	38	using	use	VERB
fsr-3338	49	39	the	the	DET
fsr-3338	49	40	crsp	crsp	PROPN
fsr-3338	49	41	value	value	NOUN
fsr-3338	49	42	-	-	PUNCT
fsr-3338	49	43	weighted	weight	VERB
fsr-3338	49	44	and	and	CCONJ
fsr-3338	49	45	equal	equal	ADV
fsr-3338	49	46	-	-	PUNCT
fsr-3338	49	47	weighted	weight	VERB
fsr-3338	49	48	indexes	index	NOUN
fsr-3338	49	49	for	for	ADP
fsr-3338	49	50	the	the	DET
fsr-3338	49	51	period	period	NOUN
fsr-3338	49	52	of	of	ADP
fsr-3338	49	53	1987	1987	NUM
fsr-3338	49	54	through	through	ADP
fsr-3338	49	55	2005	2005	NUM
fsr-3338	49	56	.	.	PUNCT
fsr-3338	50	1	they	they	PRON
fsr-3338	50	2	also	also	ADV
fsr-3338	50	3	show	show	VERB
fsr-3338	50	4	that	that	SCONJ
fsr-3338	50	5	the	the	DET
fsr-3338	50	6	tom	tom	PROPN
fsr-3338	50	7	effect	effect	NOUN
fsr-3338	50	8	exists	exist	VERB
fsr-3338	50	9	in	in	ADP
fsr-3338	50	10	index	index	NOUN
fsr-3338	50	11	returns	return	NOUN
fsr-3338	50	12	in	in	ADP
fsr-3338	50	13	34	34	NUM
fsr-3338	50	14	out	out	ADP
fsr-3338	50	15	of	of	ADP
fsr-3338	50	16	the	the	DET
fsr-3338	50	17	38	38	NUM
fsr-3338	50	18	countries	country	NOUN
fsr-3338	50	19	examined	examine	VERB
fsr-3338	50	20	.	.	PUNCT
fsr-3338	51	1	they	they	PRON
fsr-3338	51	2	find	find	VERB
fsr-3338	51	3	that	that	SCONJ
fsr-3338	51	4	the	the	DET
fsr-3338	51	5	tom	tom	PROPN
fsr-3338	51	6	effect	effect	NOUN
fsr-3338	51	7	is	be	AUX
fsr-3338	51	8	not	not	PART
fsr-3338	51	9	caused	cause	VERB
fsr-3338	51	10	by	by	ADP
fsr-3338	51	11	the	the	DET
fsr-3338	51	12	influence	influence	NOUN
fsr-3338	51	13	of	of	ADP
fsr-3338	51	14	stocks	stock	NOUN
fsr-3338	51	15	with	with	ADP
fsr-3338	51	16	small	small	ADJ
fsr-3338	51	17	capitalization	capitalization	NOUN
fsr-3338	51	18	or	or	CCONJ
fsr-3338	51	19	low	low	ADJ
fsr-3338	51	20	price	price	NOUN
fsr-3338	51	21	,	,	PUNCT
fsr-3338	51	22	or	or	CCONJ
fsr-3338	51	23	higher	high	ADJ
fsr-3338	51	24	volatility	volatility	NOUN
fsr-3338	51	25	at	at	ADP
fsr-3338	51	26	the	the	DET
fsr-3338	51	27	end	end	NOUN
fsr-3338	51	28	of	of	ADP
fsr-3338	51	29	the	the	DET
fsr-3338	51	30	month	month	NOUN
fsr-3338	51	31	.	.	PUNCT
fsr-3338	52	1	however	however	ADV
fsr-3338	52	2	,	,	PUNCT
fsr-3338	52	3	they	they	PRON
fsr-3338	52	4	show	show	VERB
fsr-3338	52	5	that	that	SCONJ
fsr-3338	52	6	the	the	DET
fsr-3338	52	7	trading	trading	NOUN
fsr-3338	52	8	volume	volume	NOUN
fsr-3338	52	9	and	and	CCONJ
fsr-3338	52	10	the	the	DET
fsr-3338	52	11	net	net	ADJ
fsr-3338	52	12	funds	fund	NOUN
fsr-3338	52	13	flows	flow	VERB
fsr-3338	52	14	at	at	ADP
fsr-3338	52	15	the	the	DET
fsr-3338	52	16	turn	turn	NOUN
fsr-3338	52	17	of	of	ADP
fsr-3338	52	18	the	the	DET
fsr-3338	52	19	month	month	NOUN
fsr-3338	52	20	are	be	AUX
fsr-3338	52	21	not	not	PART
fsr-3338	52	22	significantly	significantly	ADV
fsr-3338	52	23	higher	high	ADJ
fsr-3338	52	24	than	than	ADP
fsr-3338	52	25	those	those	PRON
fsr-3338	52	26	during	during	ADP
fsr-3338	52	27	the	the	DET
fsr-3338	52	28	rest	rest	NOUN
fsr-3338	52	29	of	of	ADP
fsr-3338	52	30	the	the	DET
fsr-3338	52	31	month	month	NOUN
fsr-3338	52	32	,	,	PUNCT
fsr-3338	52	33	questioning	question	VERB
fsr-3338	52	34	the	the	DET
fsr-3338	52	35	explanation	explanation	NOUN
fsr-3338	52	36	by	by	ADP
fsr-3338	52	37	odgen	odgen	X
fsr-3338	52	38	(	(	PUNCT
fsr-3338	52	39	1990	1990	NUM
fsr-3338	52	40	)	)	PUNCT
fsr-3338	52	41	.	.	PUNCT
fsr-3338	53	1	studies	study	NOUN
fsr-3338	53	2	have	have	AUX
fsr-3338	53	3	been	be	AUX
fsr-3338	53	4	conducted	conduct	VERB
fsr-3338	53	5	to	to	PART
fsr-3338	53	6	examine	examine	VERB
fsr-3338	53	7	the	the	DET
fsr-3338	53	8	performance	performance	NOUN
fsr-3338	53	9	of	of	ADP
fsr-3338	53	10	various	various	ADJ
fsr-3338	53	11	trading	trading	NOUN
fsr-3338	53	12	strategies	strategy	NOUN
fsr-3338	53	13	designed	design	VERB
fsr-3338	53	14	to	to	PART
fsr-3338	53	15	exploit	exploit	VERB
fsr-3338	53	16	the	the	DET
fsr-3338	53	17	tom	tom	PROPN
fsr-3338	53	18	effect	effect	NOUN
fsr-3338	53	19	in	in	ADP
fsr-3338	53	20	stock	stock	NOUN
fsr-3338	53	21	returns	return	NOUN
fsr-3338	53	22	.	.	PUNCT
fsr-3338	54	1	for	for	ADP
fsr-3338	54	2	example	example	NOUN
fsr-3338	54	3	,	,	PUNCT
fsr-3338	54	4	henzel	henzel	PROPN
fsr-3338	54	5	and	and	CCONJ
fsr-3338	54	6	ziemba	ziemba	PROPN
fsr-3338	54	7	(	(	PUNCT
fsr-3338	54	8	1996	1996	NUM
fsr-3338	54	9	)	)	PUNCT
fsr-3338	54	10	show	show	VERB
fsr-3338	54	11	that	that	SCONJ
fsr-3338	54	12	the	the	DET
fsr-3338	54	13	strategy	strategy	NOUN
fsr-3338	54	14	of	of	ADP
fsr-3338	54	15	investing	invest	VERB
fsr-3338	54	16	in	in	ADP
fsr-3338	54	17	a	a	DET
fsr-3338	54	18	s&p	s&p	PROPN
fsr-3338	54	19	500	500	NUM
fsr-3338	54	20	index	index	NOUN
fsr-3338	54	21	fund	fund	NOUN
fsr-3338	54	22	during	during	ADP
fsr-3338	54	23	tom	tom	PROPN
fsr-3338	54	24	period	period	NOUN
fsr-3338	54	25	and	and	CCONJ
fsr-3338	54	26	switching	switch	VERB
fsr-3338	54	27	to	to	ADP
fsr-3338	54	28	bonds	bond	NOUN
fsr-3338	54	29	during	during	ADP
fsr-3338	54	30	non	non	ADJ
fsr-3338	54	31	-	-	ADJ
fsr-3338	54	32	tom	tom	ADJ
fsr-3338	54	33	period	period	NOUN
fsr-3338	54	34	outperforms	outperform	VERB
fsr-3338	54	35	the	the	DET
fsr-3338	54	36	strategy	strategy	NOUN
fsr-3338	54	37	of	of	ADP
fsr-3338	54	38	investing	invest	VERB
fsr-3338	54	39	in	in	ADP
fsr-3338	54	40	the	the	DET
fsr-3338	54	41	stock	stock	NOUN
fsr-3338	54	42	index	index	NOUN
fsr-3338	54	43	fund	fund	NOUN
fsr-3338	54	44	throughout	throughout	ADP
fsr-3338	54	45	the	the	DET
fsr-3338	54	46	month	month	NOUN
fsr-3338	54	47	.	.	PUNCT
fsr-3338	55	1	similarly	similarly	ADV
fsr-3338	55	2	,	,	PUNCT
fsr-3338	55	3	kunkel	kunkel	PROPN
fsr-3338	55	4	and	and	CCONJ
fsr-3338	55	5	compton	compton	PROPN
fsr-3338	55	6	(	(	PUNCT
fsr-3338	55	7	1998	1998	NUM
fsr-3338	55	8	)	)	PUNCT
fsr-3338	55	9	show	show	VERB
fsr-3338	55	10	that	that	SCONJ
fsr-3338	55	11	the	the	DET
fsr-3338	55	12	strategy	strategy	NOUN
fsr-3338	55	13	of	of	ADP
fsr-3338	55	14	investing	invest	VERB
fsr-3338	55	15	in	in	ADP
fsr-3338	55	16	a	a	DET
fsr-3338	55	17	stock	stock	NOUN
fsr-3338	55	18	fund	fund	NOUN
fsr-3338	55	19	during	during	ADP
fsr-3338	55	20	tom	tom	PROPN
fsr-3338	55	21	period	period	NOUN
fsr-3338	55	22	and	and	CCONJ
fsr-3338	55	23	switching	switch	VERB
fsr-3338	55	24	to	to	ADP
fsr-3338	55	25	a	a	DET
fsr-3338	55	26	money	money	NOUN
fsr-3338	55	27	market	market	NOUN
fsr-3338	55	28	account	account	NOUN
fsr-3338	55	29	during	during	ADP
fsr-3338	55	30	non	non	ADJ
fsr-3338	55	31	-	-	ADJ
fsr-3338	55	32	tom	tom	ADJ
fsr-3338	55	33	period	period	NOUN
fsr-3338	55	34	within	within	ADP
fsr-3338	55	35	the	the	DET
fsr-3338	55	36	teachers	teacher	NOUN
fsr-3338	55	37	insurance	insurance	PROPN
fsr-3338	55	38	and	and	CCONJ
fsr-3338	55	39	annuity	annuity	NOUN
fsr-3338	55	40	association	association	NOUN
fsr-3338	55	41	—	—	PUNCT
fsr-3338	55	42	college	college	NOUN
fsr-3338	55	43	retirement	retirement	PROPN
fsr-3338	55	44	equities	equities	PROPN
fsr-3338	55	45	fund	fund	PROPN
fsr-3338	55	46	(	(	PUNCT
fsr-3338	55	47	tiaa	tiaa	NOUN
fsr-3338	55	48	-	-	PUNCT
fsr-3338	55	49	cref	cref	NOUN
fsr-3338	55	50	)	)	PUNCT
fsr-3338	55	51	fund	fund	NOUN
fsr-3338	55	52	family	family	NOUN
fsr-3338	55	53	with	with	ADP
fsr-3338	55	54	no	no	DET
fsr-3338	55	55	transaction	transaction	NOUN
fsr-3338	55	56	costs	cost	NOUN
fsr-3338	55	57	produces	produce	VERB
fsr-3338	55	58	2.1	2.1	NUM
fsr-3338	55	59	%	%	NOUN
fsr-3338	55	60	higher	high	ADJ
fsr-3338	55	61	return	return	NOUN
fsr-3338	55	62	than	than	ADP
fsr-3338	55	63	the	the	DET
fsr-3338	55	64	strategy	strategy	NOUN
fsr-3338	55	65	of	of	ADP
fsr-3338	55	66	buy	buy	VERB
fsr-3338	55	67	-	-	PUNCT
fsr-3338	55	68	and	and	CCONJ
fsr-3338	55	69	-	-	PUNCT
fsr-3338	55	70	hold	hold	VERB
fsr-3338	55	71	stocks	stock	NOUN
fsr-3338	55	72	.	.	PUNCT
fsr-3338	56	1	zwergel	zwergel	NOUN
fsr-3338	56	2	(	(	PUNCT
fsr-3338	56	3	2010	2010	NUM
fsr-3338	56	4	)	)	PUNCT
fsr-3338	56	5	shows	show	VERB
fsr-3338	56	6	that	that	SCONJ
fsr-3338	56	7	the	the	DET
fsr-3338	56	8	tom	tom	PROPN
fsr-3338	56	9	effect	effect	NOUN
fsr-3338	56	10	also	also	ADV
fsr-3338	56	11	exists	exist	VERB
fsr-3338	56	12	in	in	ADP
fsr-3338	56	13	the	the	DET
fsr-3338	56	14	stock	stock	NOUN
fsr-3338	56	15	index	index	NOUN
fsr-3338	56	16	and	and	CCONJ
fsr-3338	56	17	the	the	DET
fsr-3338	56	18	corresponding	correspond	VERB
fsr-3338	56	19	futures	future	NOUN
fsr-3338	56	20	in	in	ADP
fsr-3338	56	21	germany	germany	PROPN
fsr-3338	56	22	,	,	PUNCT
fsr-3338	56	23	japan	japan	PROPN
fsr-3338	56	24	,	,	PUNCT
fsr-3338	56	25	united	united	ADJ
fsr-3338	56	26	kingdom	kingdom	PROPN
fsr-3338	56	27	,	,	PUNCT
fsr-3338	56	28	and	and	CCONJ
fsr-3338	56	29	united	united	PROPN
fsr-3338	56	30	states	states	PROPN
fsr-3338	56	31	,	,	PUNCT
fsr-3338	56	32	and	and	CCONJ
fsr-3338	56	33	that	that	SCONJ
fsr-3338	56	34	trading	trading	NOUN
fsr-3338	56	35	strategies	strategy	NOUN
fsr-3338	56	36	designed	design	VERB
fsr-3338	56	37	to	to	PART
fsr-3338	56	38	exploit	exploit	VERB
fsr-3338	56	39	the	the	DET
fsr-3338	56	40	tom	tom	PROPN
fsr-3338	56	41	effect	effect	NOUN
fsr-3338	56	42	are	be	AUX
fsr-3338	56	43	profitable	profitable	ADJ
fsr-3338	56	44	even	even	ADV
fsr-3338	56	45	after	after	ADP
fsr-3338	56	46	adjusting	adjust	VERB
fsr-3338	56	47	for	for	ADP
fsr-3338	56	48	transaction	transaction	NOUN
fsr-3338	56	49	costs	cost	NOUN
fsr-3338	56	50	.	.	PUNCT
fsr-3338	57	1	2.2	2.2	NUM
fsr-3338	57	2	.	.	PUNCT
fsr-3338	57	3	etfs	etfs	PROPN
fsr-3338	57	4	and	and	CCONJ
fsr-3338	57	5	calendar	calendar	NOUN
fsr-3338	57	6	anomaly	anomaly	PROPN
fsr-3338	57	7	etfs	etfs	PROPN
fsr-3338	57	8	are	be	AUX
fsr-3338	57	9	created	create	VERB
fsr-3338	57	10	to	to	PART
fsr-3338	57	11	mimic	mimic	VERB
fsr-3338	57	12	a	a	DET
fsr-3338	57	13	stock	stock	NOUN
fsr-3338	57	14	index	index	NOUN
fsr-3338	57	15	.	.	PUNCT
fsr-3338	58	1	grossmann	grossmann	PROPN
fsr-3338	58	2	and	and	CCONJ
fsr-3338	58	3	beach	beach	NOUN
fsr-3338	58	4	(	(	PUNCT
fsr-3338	58	5	2010	2010	NUM
fsr-3338	58	6	)	)	PUNCT
fsr-3338	58	7	show	show	VERB
fsr-3338	58	8	that	that	SCONJ
fsr-3338	58	9	ishares	ishare	NOUN
fsr-3338	58	10	in	in	ADP
fsr-3338	58	11	four	four	NUM
fsr-3338	58	12	out	out	ADP
fsr-3338	58	13	of	of	ADP
fsr-3338	58	14	six	six	NUM
fsr-3338	58	15	countries	country	NOUN
fsr-3338	58	16	examined	examine	VERB
fsr-3338	58	17	are	be	AUX
fsr-3338	58	18	more	more	ADV
fsr-3338	58	19	correlated	correlate	VERB
fsr-3338	58	20	with	with	ADP
fsr-3338	58	21	a	a	DET
fsr-3338	58	22	sample	sample	NOUN
fsr-3338	58	23	of	of	ADP
fsr-3338	58	24	foreign	foreign	ADJ
fsr-3338	58	25	stocks	stock	NOUN
fsr-3338	58	26	than	than	ADP
fsr-3338	58	27	with	with	ADP
fsr-3338	58	28	the	the	DET
fsr-3338	58	29	sample	sample	NOUN
fsr-3338	58	30	of	of	ADP
fsr-3338	58	31	corresponding	correspond	VERB
fsr-3338	58	32	adrs	adr	NOUN
fsr-3338	58	33	.	.	PUNCT
fsr-3338	59	1	for	for	ADP
fsr-3338	59	2	investors	investor	NOUN
fsr-3338	59	3	in	in	ADP
fsr-3338	59	4	the	the	DET
fsr-3338	59	5	united	united	PROPN
fsr-3338	59	6	states	states	PROPN
fsr-3338	59	7	,	,	PUNCT
fsr-3338	59	8	etfs	etfs	PROPN
fsr-3338	59	9	also	also	ADV
fsr-3338	59	10	have	have	VERB
fsr-3338	59	11	the	the	DET
fsr-3338	59	12	advantages	advantage	NOUN
fsr-3338	59	13	of	of	ADP
fsr-3338	59	14	low	low	ADJ
fsr-3338	59	15	costs	cost	NOUN
fsr-3338	59	16	and	and	CCONJ
fsr-3338	59	17	tax	tax	NOUN
fsr-3338	59	18	efficiency	efficiency	NOUN
fsr-3338	59	19	over	over	ADP
fsr-3338	59	20	the	the	DET
fsr-3338	59	21	traditional	traditional	ADJ
fsr-3338	59	22	index	index	NOUN
fsr-3338	59	23	funds	fund	NOUN
fsr-3338	59	24	,	,	PUNCT
fsr-3338	59	25	as	as	SCONJ
fsr-3338	59	26	shown	show	VERB
fsr-3338	59	27	in	in	ADP
fsr-3338	59	28	olienyk	olienyk	ADJ
fsr-3338	59	29	,	,	PUNCT
fsr-3338	59	30	schwebach	schwebach	NOUN
fsr-3338	59	31	,	,	PUNCT
fsr-3338	59	32	and	and	CCONJ
fsr-3338	59	33	zumwalt	zumwalt	PROPN
fsr-3338	59	34	(	(	PUNCT
fsr-3338	59	35	1999	1999	NUM
fsr-3338	59	36	)	)	PUNCT
fsr-3338	59	37	and	and	CCONJ
fsr-3338	59	38	in	in	ADP
fsr-3338	59	39	poterba	poterba	NOUN
fsr-3338	59	40	and	and	CCONJ
fsr-3338	59	41	shoven	shoven	ADJ
fsr-3338	59	42	(	(	PUNCT
fsr-3338	59	43	2002	2002	NUM
fsr-3338	59	44	)	)	PUNCT
fsr-3338	59	45	.	.	PUNCT
fsr-3338	60	1	unlike	unlike	ADP
fsr-3338	60	2	index	index	NOUN
fsr-3338	60	3	funds	fund	NOUN
fsr-3338	60	4	,	,	PUNCT
fsr-3338	60	5	etfs	etfs	PROPN
fsr-3338	60	6	are	be	AUX
fsr-3338	60	7	traded	trade	VERB
fsr-3338	60	8	as	as	ADP
fsr-3338	60	9	regular	regular	ADJ
fsr-3338	60	10	stocks	stock	NOUN
fsr-3338	60	11	in	in	ADP
fsr-3338	60	12	the	the	DET
fsr-3338	60	13	exchanges	exchange	NOUN
fsr-3338	60	14	.	.	PUNCT
fsr-3338	61	1	investors	investor	NOUN
fsr-3338	61	2	who	who	PRON
fsr-3338	61	3	invest	invest	VERB
fsr-3338	61	4	with	with	ADP
fsr-3338	61	5	index	index	NOUN
fsr-3338	61	6	funds	fund	NOUN
fsr-3338	61	7	have	have	VERB
fsr-3338	61	8	to	to	PART
fsr-3338	61	9	wait	wait	VERB
fsr-3338	61	10	until	until	ADP
fsr-3338	61	11	the	the	DET
fsr-3338	61	12	end	end	NOUN
fsr-3338	61	13	of	of	ADP
fsr-3338	61	14	the	the	DET
fsr-3338	61	15	day	day	NOUN
fsr-3338	61	16	to	to	PART
fsr-3338	61	17	purchase	purchase	VERB
fsr-3338	61	18	or	or	CCONJ
fsr-3338	61	19	redeem	redeem	VERB
fsr-3338	61	20	shares	share	NOUN
fsr-3338	61	21	at	at	ADP
fsr-3338	61	22	the	the	DET
fsr-3338	61	23	net	net	ADJ
fsr-3338	61	24	asset	asset	NOUN
fsr-3338	61	25	value	value	NOUN
fsr-3338	61	26	,	,	PUNCT
fsr-3338	61	27	which	which	PRON
fsr-3338	61	28	is	be	AUX
fsr-3338	61	29	determined	determine	VERB
fsr-3338	61	30	by	by	ADP
fsr-3338	61	31	the	the	DET
fsr-3338	61	32	closing	closing	NOUN
fsr-3338	61	33	prices	price	NOUN
fsr-3338	61	34	.	.	PUNCT
fsr-3338	62	1	in	in	ADP
fsr-3338	62	2	contrast	contrast	NOUN
fsr-3338	62	3	,	,	PUNCT
fsr-3338	62	4	investors	investor	NOUN
fsr-3338	62	5	can	can	AUX
fsr-3338	62	6	buy	buy	VERB
fsr-3338	62	7	or	or	CCONJ
fsr-3338	62	8	sell	sell	VERB
fsr-3338	62	9	etfs	etfs	NOUN
fsr-3338	62	10	any	any	DET
fsr-3338	62	11	time	time	NOUN
fsr-3338	62	12	during	during	ADP
fsr-3338	62	13	the	the	DET
fsr-3338	62	14	regular	regular	ADJ
fsr-3338	62	15	trading	trading	NOUN
fsr-3338	62	16	hours	hour	NOUN
fsr-3338	62	17	.	.	PUNCT
fsr-3338	63	1	273h	273h	NUM
fsr-3338	63	2	.	.	PUNCT
fsr-3338	64	1	chen	chen	PROPN
fsr-3338	64	2	et	et	PROPN
fsr-3338	64	3	al	al	PROPN
fsr-3338	64	4	.	.	PUNCT
fsr-3338	64	5	/	/	SYM
fsr-3338	64	6	financial	financial	ADJ
fsr-3338	64	7	services	service	NOUN
fsr-3338	64	8	review	review	VERB
fsr-3338	64	9	24	24	NUM
fsr-3338	64	10	(	(	PUNCT
fsr-3338	64	11	2015	2015	NUM
fsr-3338	64	12	)	)	PUNCT
fsr-3338	65	1	271–288	271–288	NUM
fsr-3338	65	2	several	several	ADJ
fsr-3338	65	3	studies	study	NOUN
fsr-3338	65	4	compare	compare	VERB
fsr-3338	65	5	the	the	DET
fsr-3338	65	6	performance	performance	NOUN
fsr-3338	65	7	of	of	ADP
fsr-3338	65	8	etfs	etfs	PROPN
fsr-3338	65	9	with	with	ADP
fsr-3338	65	10	the	the	DET
fsr-3338	65	11	performance	performance	NOUN
fsr-3338	65	12	of	of	ADP
fsr-3338	65	13	other	other	ADJ
fsr-3338	65	14	instruments	instrument	NOUN
fsr-3338	65	15	.	.	PUNCT
fsr-3338	66	1	for	for	ADP
fsr-3338	66	2	example	example	NOUN
fsr-3338	66	3	,	,	PUNCT
fsr-3338	66	4	pennathur	pennathur	ADJ
fsr-3338	66	5	,	,	PUNCT
fsr-3338	66	6	delcoure	delcoure	NOUN
fsr-3338	66	7	,	,	PUNCT
fsr-3338	66	8	and	and	CCONJ
fsr-3338	66	9	anderson	anderson	PROPN
fsr-3338	66	10	(	(	PUNCT
fsr-3338	66	11	2002	2002	NUM
fsr-3338	66	12	)	)	PUNCT
fsr-3338	66	13	find	find	VERB
fsr-3338	66	14	that	that	SCONJ
fsr-3338	66	15	international	international	ADJ
fsr-3338	66	16	ishares	ishare	NOUN
fsr-3338	66	17	replicate	replicate	VERB
fsr-3338	66	18	the	the	DET
fsr-3338	66	19	foreign	foreign	ADJ
fsr-3338	66	20	index	index	NOUN
fsr-3338	66	21	but	but	CCONJ
fsr-3338	66	22	also	also	ADV
fsr-3338	66	23	have	have	VERB
fsr-3338	66	24	a	a	DET
fsr-3338	66	25	high	high	ADJ
fsr-3338	66	26	degree	degree	NOUN
fsr-3338	66	27	of	of	ADP
fsr-3338	66	28	exposure	exposure	NOUN
fsr-3338	66	29	to	to	ADP
fsr-3338	66	30	the	the	DET
fsr-3338	66	31	u.s	u.s	PROPN
fsr-3338	66	32	.	.	PROPN
fsr-3338	66	33	market	market	NOUN
fsr-3338	66	34	,	,	PUNCT
fsr-3338	66	35	which	which	PRON
fsr-3338	66	36	limits	limit	VERB
fsr-3338	66	37	the	the	DET
fsr-3338	66	38	diversification	diversification	NOUN
fsr-3338	66	39	potential	potential	NOUN
fsr-3338	66	40	.	.	PUNCT
fsr-3338	67	1	examining	examine	VERB
fsr-3338	67	2	the	the	DET
fsr-3338	67	3	performance	performance	NOUN
fsr-3338	67	4	of	of	ADP
fsr-3338	67	5	etfs	etfs	NOUN
fsr-3338	67	6	and	and	CCONJ
fsr-3338	67	7	closed	closed	ADJ
fsr-3338	67	8	-	-	PUNCT
fsr-3338	67	9	end	end	NOUN
fsr-3338	67	10	funds	fund	NOUN
fsr-3338	67	11	for	for	ADP
fsr-3338	67	12	14	14	NUM
fsr-3338	67	13	countries	country	NOUN
fsr-3338	67	14	,	,	PUNCT
fsr-3338	67	15	harper	harper	NOUN
fsr-3338	67	16	,	,	PUNCT
fsr-3338	67	17	madura	madura	NOUN
fsr-3338	67	18	,	,	PUNCT
fsr-3338	67	19	and	and	CCONJ
fsr-3338	67	20	schnusenberg	schnusenberg	NOUN
fsr-3338	67	21	(	(	PUNCT
fsr-3338	67	22	2006	2006	NUM
fsr-3338	67	23	)	)	PUNCT
fsr-3338	67	24	conclude	conclude	VERB
fsr-3338	67	25	that	that	SCONJ
fsr-3338	67	26	etfs	etfs	PROPN
fsr-3338	67	27	give	give	VERB
fsr-3338	67	28	investors	investor	NOUN
fsr-3338	67	29	better	well	ADJ
fsr-3338	67	30	returns	return	NOUN
fsr-3338	67	31	with	with	ADP
fsr-3338	67	32	a	a	DET
fsr-3338	67	33	higher	high	ADJ
fsr-3338	67	34	sharpe	sharpe	NOUN
fsr-3338	67	35	ratio	ratio	NOUN
fsr-3338	67	36	and	and	CCONJ
fsr-3338	67	37	a	a	DET
fsr-3338	67	38	positive	positive	ADJ
fsr-3338	67	39	jensen	jensen	PROPN
fsr-3338	67	40	’s	’s	PROPN
fsr-3338	67	41	�	�	PROPN
fsr-3338	67	42	.	.	PROPN
fsr-3338	67	43	chu	chu	PROPN
fsr-3338	67	44	,	,	PUNCT
fsr-3338	67	45	mazumder	mazumder	NOUN
fsr-3338	67	46	,	,	PUNCT
fsr-3338	67	47	miller	miller	PROPN
fsr-3338	67	48	,	,	PUNCT
fsr-3338	67	49	and	and	CCONJ
fsr-3338	67	50	prather	prather	NOUN
fsr-3338	67	51	(	(	PUNCT
fsr-3338	67	52	2007	2007	NUM
fsr-3338	67	53	)	)	PUNCT
fsr-3338	67	54	show	show	VERB
fsr-3338	67	55	that	that	SCONJ
fsr-3338	67	56	a	a	DET
fsr-3338	67	57	strategy	strategy	NOUN
fsr-3338	67	58	designed	design	VERB
fsr-3338	67	59	to	to	PART
fsr-3338	67	60	exploit	exploit	VERB
fsr-3338	67	61	the	the	DET
fsr-3338	67	62	lead	lead	ADJ
fsr-3338	67	63	-	-	PUNCT
fsr-3338	67	64	lag	lag	NOUN
fsr-3338	67	65	relation	relation	NOUN
fsr-3338	67	66	between	between	ADP
fsr-3338	67	67	ishares	ishare	NOUN
fsr-3338	67	68	delivers	deliver	VERB
fsr-3338	67	69	significantly	significantly	ADV
fsr-3338	67	70	higher	high	ADJ
fsr-3338	67	71	returns	return	NOUN
fsr-3338	67	72	in	in	ADP
fsr-3338	67	73	7	7	NUM
fsr-3338	67	74	out	out	ADP
fsr-3338	67	75	of	of	ADP
fsr-3338	67	76	12	12	NUM
fsr-3338	67	77	pairs	pair	NOUN
fsr-3338	67	78	.	.	PUNCT
fsr-3338	68	1	chen	chen	PROPN
fsr-3338	68	2	and	and	CCONJ
fsr-3338	68	3	chua	chua	PROPN
fsr-3338	68	4	(	(	PUNCT
fsr-3338	68	5	2011	2011	NUM
fsr-3338	68	6	)	)	PUNCT
fsr-3338	68	7	,	,	PUNCT
fsr-3338	68	8	using	use	VERB
fsr-3338	68	9	a	a	DET
fsr-3338	68	10	window	window	NOUN
fsr-3338	68	11	of	of	ADP
fsr-3338	68	12	(	(	PUNCT
fsr-3338	68	13	�	�	PROPN
fsr-3338	68	14	1	1	NUM
fsr-3338	68	15	,	,	PUNCT
fsr-3338	68	16	�	�	NOUN
fsr-3338	68	17	3	3	NUM
fsr-3338	68	18	)	)	PUNCT
fsr-3338	68	19	,	,	PUNCT
fsr-3338	68	20	find	find	VERB
fsr-3338	68	21	that	that	SCONJ
fsr-3338	68	22	returns	return	NOUN
fsr-3338	68	23	are	be	AUX
fsr-3338	68	24	significantly	significantly	ADV
fsr-3338	68	25	higher	high	ADJ
fsr-3338	68	26	during	during	ADP
fsr-3338	68	27	the	the	DET
fsr-3338	68	28	four	four	NUM
fsr-3338	68	29	-	-	PUNCT
fsr-3338	68	30	day	day	NOUN
fsr-3338	68	31	tom	tom	PROPN
fsr-3338	68	32	window	window	NOUN
fsr-3338	68	33	than	than	ADP
fsr-3338	68	34	during	during	ADP
fsr-3338	68	35	the	the	DET
fsr-3338	68	36	rest	rest	NOUN
fsr-3338	68	37	of	of	ADP
fsr-3338	68	38	the	the	DET
fsr-3338	68	39	month	month	NOUN
fsr-3338	68	40	for	for	ADP
fsr-3338	68	41	both	both	DET
fsr-3338	68	42	spdr	spdr	NOUN
fsr-3338	68	43	and	and	CCONJ
fsr-3338	68	44	the	the	DET
fsr-3338	68	45	s&p	s&p	PROPN
fsr-3338	68	46	500	500	NUM
fsr-3338	68	47	index	index	NOUN
fsr-3338	68	48	.	.	PUNCT
fsr-3338	69	1	they	they	PRON
fsr-3338	69	2	compare	compare	VERB
fsr-3338	69	3	five	five	NUM
fsr-3338	69	4	trading	trading	NOUN
fsr-3338	69	5	strategies	strategy	NOUN
fsr-3338	69	6	and	and	CCONJ
fsr-3338	69	7	conclude	conclude	VERB
fsr-3338	69	8	that	that	SCONJ
fsr-3338	69	9	the	the	DET
fsr-3338	69	10	etfbuy	etfbuy	VERB
fsr-3338	69	11	-	-	PUNCT
fsr-3338	69	12	and	and	CCONJ
fsr-3338	69	13	-	-	PUNCT
fsr-3338	69	14	hold	hold	VERB
fsr-3338	69	15	strategy	strategy	NOUN
fsr-3338	69	16	produces	produce	VERB
fsr-3338	69	17	higher	high	ADJ
fsr-3338	69	18	returns	return	NOUN
fsr-3338	69	19	than	than	ADP
fsr-3338	69	20	the	the	DET
fsr-3338	69	21	index	index	NOUN
fsr-3338	69	22	-	-	PUNCT
fsr-3338	69	23	fund	fund	NOUN
fsr-3338	69	24	-	-	PUNCT
fsr-3338	69	25	buy	buy	NOUN
fsr-3338	69	26	-	-	PUNCT
fsr-3338	69	27	and	and	CCONJ
fsr-3338	69	28	-	-	PUNCT
fsr-3338	69	29	hold	hold	VERB
fsr-3338	69	30	strategy	strategy	NOUN
fsr-3338	69	31	.	.	PUNCT
fsr-3338	70	1	however	however	ADV
fsr-3338	70	2	,	,	PUNCT
fsr-3338	70	3	the	the	DET
fsr-3338	70	4	strategy	strategy	NOUN
fsr-3338	70	5	of	of	ADP
fsr-3338	70	6	holding	hold	VERB
fsr-3338	70	7	t	t	PROPN
fsr-3338	70	8	-	-	PUNCT
fsr-3338	70	9	bills	bill	NOUN
fsr-3338	70	10	during	during	ADP
fsr-3338	70	11	non	non	ADJ
fsr-3338	70	12	-	-	ADJ
fsr-3338	70	13	tom	tom	ADJ
fsr-3338	70	14	period	period	NOUN
fsr-3338	70	15	and	and	CCONJ
fsr-3338	70	16	then	then	ADV
fsr-3338	70	17	switching	switch	VERB
fsr-3338	70	18	to	to	ADP
fsr-3338	70	19	investing	invest	VERB
fsr-3338	70	20	in	in	ADP
fsr-3338	70	21	spdr	spdr	NOUN
fsr-3338	70	22	during	during	ADP
fsr-3338	70	23	tom	tom	PROPN
fsr-3338	70	24	period	period	NOUN
fsr-3338	70	25	produces	produce	VERB
fsr-3338	70	26	the	the	DET
fsr-3338	70	27	highest	high	ADJ
fsr-3338	70	28	sharpe	sharpe	NOUN
fsr-3338	70	29	ratio	ratio	NOUN
fsr-3338	70	30	.	.	PUNCT
fsr-3338	71	1	chen	chen	PROPN
fsr-3338	71	2	and	and	CCONJ
fsr-3338	71	3	chua	chua	PROPN
fsr-3338	71	4	,	,	PUNCT
fsr-3338	71	5	therefore	therefore	ADV
fsr-3338	71	6	,	,	PUNCT
fsr-3338	71	7	suggest	suggest	VERB
fsr-3338	71	8	that	that	SCONJ
fsr-3338	71	9	investors	investor	NOUN
fsr-3338	71	10	should	should	AUX
fsr-3338	71	11	choose	choose	VERB
fsr-3338	71	12	different	different	ADJ
fsr-3338	71	13	strategies	strategy	NOUN
fsr-3338	71	14	based	base	VERB
fsr-3338	71	15	on	on	ADP
fsr-3338	71	16	the	the	DET
fsr-3338	71	17	consideration	consideration	NOUN
fsr-3338	71	18	of	of	ADP
fsr-3338	71	19	their	their	PRON
fsr-3338	71	20	tax	tax	NOUN
fsr-3338	71	21	status	status	NOUN
fsr-3338	71	22	and	and	CCONJ
fsr-3338	71	23	risk	risk	NOUN
fsr-3338	71	24	aversion	aversion	NOUN
fsr-3338	71	25	.	.	PUNCT
fsr-3338	72	1	there	there	PRON
fsr-3338	72	2	is	be	VERB
fsr-3338	72	3	no	no	DET
fsr-3338	72	4	study	study	NOUN
fsr-3338	72	5	examining	examine	VERB
fsr-3338	72	6	the	the	DET
fsr-3338	72	7	presence	presence	NOUN
fsr-3338	72	8	of	of	ADP
fsr-3338	72	9	the	the	DET
fsr-3338	72	10	tom	tom	PROPN
fsr-3338	72	11	effect	effect	NOUN
fsr-3338	72	12	in	in	ADP
fsr-3338	72	13	international	international	ADJ
fsr-3338	72	14	etf	etf	NOUN
fsr-3338	72	15	returns	return	NOUN
fsr-3338	72	16	.	.	PUNCT
fsr-3338	73	1	as	as	ADP
fsr-3338	73	2	a	a	DET
fsr-3338	73	3	result	result	NOUN
fsr-3338	73	4	,	,	PUNCT
fsr-3338	73	5	we	we	PRON
fsr-3338	73	6	aim	aim	VERB
fsr-3338	73	7	to	to	PART
fsr-3338	73	8	fill	fill	VERB
fsr-3338	73	9	this	this	DET
fsr-3338	73	10	gap	gap	NOUN
fsr-3338	73	11	in	in	ADP
fsr-3338	73	12	the	the	DET
fsr-3338	73	13	literature	literature	NOUN
fsr-3338	73	14	.	.	PUNCT
fsr-3338	74	1	by	by	ADP
fsr-3338	74	2	comparing	compare	VERB
fsr-3338	74	3	the	the	DET
fsr-3338	74	4	performance	performance	NOUN
fsr-3338	74	5	of	of	ADP
fsr-3338	74	6	trading	trading	NOUN
fsr-3338	74	7	strategies	strategy	NOUN
fsr-3338	74	8	designed	design	VERB
fsr-3338	74	9	to	to	PART
fsr-3338	74	10	exploit	exploit	VERB
fsr-3338	74	11	the	the	DET
fsr-3338	74	12	tom	tom	PROPN
fsr-3338	74	13	effect	effect	NOUN
fsr-3338	74	14	in	in	ADP
fsr-3338	74	15	the	the	DET
fsr-3338	74	16	returns	return	NOUN
fsr-3338	74	17	of	of	ADP
fsr-3338	74	18	etfs	etfs	PROPN
fsr-3338	74	19	and	and	CCONJ
fsr-3338	74	20	their	their	PRON
fsr-3338	74	21	domestic	domestic	ADJ
fsr-3338	74	22	indexes	index	NOUN
fsr-3338	74	23	,	,	PUNCT
fsr-3338	74	24	we	we	PRON
fsr-3338	74	25	provide	provide	VERB
fsr-3338	74	26	guidance	guidance	NOUN
fsr-3338	74	27	for	for	ADP
fsr-3338	74	28	u.s	u.s	PROPN
fsr-3338	74	29	.	.	PROPN
fsr-3338	74	30	investors	investor	NOUN
fsr-3338	74	31	interested	interested	ADJ
fsr-3338	74	32	in	in	ADP
fsr-3338	74	33	international	international	ADJ
fsr-3338	74	34	diversification	diversification	NOUN
fsr-3338	74	35	and	and	CCONJ
fsr-3338	74	36	return	return	NOUN
fsr-3338	74	37	enhancement	enhancement	NOUN
fsr-3338	74	38	.	.	PUNCT
fsr-3338	75	1	3	3	X
fsr-3338	75	2	.	.	X
fsr-3338	75	3	data	datum	NOUN
fsr-3338	75	4	we	we	PRON
fsr-3338	75	5	obtain	obtain	VERB
fsr-3338	75	6	from	from	ADP
fsr-3338	75	7	datastream	datastream	VERB
fsr-3338	75	8	the	the	DET
fsr-3338	75	9	daily	daily	ADJ
fsr-3338	75	10	data	datum	NOUN
fsr-3338	75	11	for	for	ADP
fsr-3338	75	12	the	the	DET
fsr-3338	75	13	ishares	ishare	NOUN
fsr-3338	75	14	for	for	ADP
fsr-3338	75	15	the	the	DET
fsr-3338	75	16	following	follow	VERB
fsr-3338	75	17	markets	market	NOUN
fsr-3338	75	18	:	:	PUNCT
fsr-3338	75	19	australia	australia	PROPN
fsr-3338	75	20	,	,	PUNCT
fsr-3338	75	21	brazil	brazil	PROPN
fsr-3338	75	22	,	,	PUNCT
fsr-3338	75	23	canada	canada	PROPN
fsr-3338	75	24	,	,	PUNCT
fsr-3338	75	25	france	france	PROPN
fsr-3338	75	26	,	,	PUNCT
fsr-3338	75	27	germany	germany	PROPN
fsr-3338	75	28	,	,	PUNCT
fsr-3338	75	29	hong	hong	PROPN
fsr-3338	75	30	kong	kong	PROPN
fsr-3338	75	31	,	,	PUNCT
fsr-3338	75	32	japan	japan	PROPN
fsr-3338	75	33	,	,	PUNCT
fsr-3338	75	34	sweden	sweden	PROPN
fsr-3338	75	35	,	,	PUNCT
fsr-3338	75	36	and	and	CCONJ
fsr-3338	75	37	the	the	DET
fsr-3338	75	38	united	united	ADJ
fsr-3338	75	39	kingdom	kingdom	PROPN
fsr-3338	75	40	.	.	PUNCT
fsr-3338	76	1	brazil	brazil	PROPN
fsr-3338	76	2	is	be	AUX
fsr-3338	76	3	an	an	DET
fsr-3338	76	4	emerging	emerge	VERB
fsr-3338	76	5	market	market	NOUN
fsr-3338	76	6	with	with	ADP
fsr-3338	76	7	an	an	DET
fsr-3338	76	8	active	active	ADJ
fsr-3338	76	9	stock	stock	NOUN
fsr-3338	76	10	market	market	NOUN
fsr-3338	76	11	and	and	CCONJ
fsr-3338	76	12	relatively	relatively	ADV
fsr-3338	76	13	less	less	ADJ
fsr-3338	76	14	restriction	restriction	NOUN
fsr-3338	76	15	on	on	ADP
fsr-3338	76	16	foreign	foreign	ADJ
fsr-3338	76	17	investors	investor	NOUN
fsr-3338	76	18	.	.	PUNCT
fsr-3338	77	1	all	all	DET
fsr-3338	77	2	others	other	NOUN
fsr-3338	77	3	are	be	AUX
fsr-3338	77	4	developed	develop	VERB
fsr-3338	77	5	markets	market	NOUN
fsr-3338	77	6	.	.	PUNCT
fsr-3338	78	1	these	these	DET
fsr-3338	78	2	etfs	etfs	PROPN
fsr-3338	78	3	are	be	AUX
fsr-3338	78	4	actively	actively	ADV
fsr-3338	78	5	traded	trade	VERB
fsr-3338	78	6	on	on	ADP
fsr-3338	78	7	the	the	DET
fsr-3338	78	8	american	american	PROPN
fsr-3338	78	9	stock	stock	PROPN
fsr-3338	78	10	exchange	exchange	PROPN
fsr-3338	78	11	(	(	PUNCT
fsr-3338	78	12	amex	amex	PROPN
fsr-3338	78	13	)	)	PUNCT
fsr-3338	78	14	.	.	PUNCT
fsr-3338	79	1	we	we	PRON
fsr-3338	79	2	also	also	ADV
fsr-3338	79	3	obtain	obtain	VERB
fsr-3338	79	4	the	the	DET
fsr-3338	79	5	dollar	dollar	NOUN
fsr-3338	79	6	returns	return	NOUN
fsr-3338	79	7	for	for	ADP
fsr-3338	79	8	the	the	DET
fsr-3338	79	9	nine	nine	NUM
fsr-3338	79	10	stock	stock	NOUN
fsr-3338	79	11	market	market	NOUN
fsr-3338	79	12	indexes	index	NOUN
fsr-3338	79	13	from	from	ADP
fsr-3338	79	14	datastream.1	datastream.1	PROPN
fsr-3338	79	15	as	as	SCONJ
fsr-3338	79	16	shown	show	VERB
fsr-3338	79	17	in	in	ADP
fsr-3338	79	18	table	table	NOUN
fsr-3338	79	19	1	1	NUM
fsr-3338	79	20	,	,	PUNCT
fsr-3338	79	21	except	except	SCONJ
fsr-3338	79	22	for	for	ADP
fsr-3338	79	23	the	the	DET
fsr-3338	79	24	brazilian	brazilian	ADJ
fsr-3338	79	25	market	market	NOUN
fsr-3338	79	26	,	,	PUNCT
fsr-3338	79	27	the	the	DET
fsr-3338	79	28	data	datum	NOUN
fsr-3338	79	29	range	range	NOUN
fsr-3338	79	30	is	be	AUX
fsr-3338	79	31	from	from	ADP
fsr-3338	79	32	march	march	PROPN
fsr-3338	79	33	29	29	NUM
fsr-3338	79	34	,	,	PUNCT
fsr-3338	79	35	1996	1996	NUM
fsr-3338	79	36	to	to	ADP
fsr-3338	79	37	august	august	PROPN
fsr-3338	79	38	10	10	NUM
fsr-3338	79	39	,	,	PUNCT
fsr-3338	79	40	2012	2012	NUM
fsr-3338	79	41	.	.	PUNCT
fsr-3338	80	1	because	because	SCONJ
fsr-3338	80	2	of	of	ADP
fsr-3338	80	3	different	different	ADJ
fsr-3338	80	4	holiday	holiday	NOUN
fsr-3338	80	5	scheduling	scheduling	NOUN
fsr-3338	80	6	by	by	ADP
fsr-3338	80	7	different	different	ADJ
fsr-3338	80	8	exchanges	exchange	NOUN
fsr-3338	80	9	,	,	PUNCT
fsr-3338	80	10	trading	trading	NOUN
fsr-3338	80	11	is	be	AUX
fsr-3338	80	12	not	not	PART
fsr-3338	80	13	synchronized	synchronize	VERB
fsr-3338	80	14	between	between	ADP
fsr-3338	80	15	an	an	DET
fsr-3338	80	16	etf	etf	NOUN
fsr-3338	80	17	in	in	ADP
fsr-3338	80	18	the	the	DET
fsr-3338	80	19	u.s	u.s	PROPN
fsr-3338	80	20	.	.	PROPN
fsr-3338	80	21	market	market	NOUN
fsr-3338	80	22	and	and	CCONJ
fsr-3338	80	23	its	its	PRON
fsr-3338	80	24	corresponding	corresponding	ADJ
fsr-3338	80	25	foreign	foreign	ADJ
fsr-3338	80	26	index	index	NOUN
fsr-3338	80	27	in	in	ADP
fsr-3338	80	28	an	an	DET
fsr-3338	80	29	oversee	oversee	NOUN
fsr-3338	80	30	market	market	NOUN
fsr-3338	80	31	.	.	PUNCT
fsr-3338	81	1	there	there	PRON
fsr-3338	81	2	are	be	VERB
fsr-3338	81	3	more	more	ADJ
fsr-3338	81	4	trading	trading	NOUN
fsr-3338	81	5	days	day	NOUN
fsr-3338	81	6	from	from	ADP
fsr-3338	81	7	etfs	etfs	PROPN
fsr-3338	81	8	than	than	ADP
fsr-3338	81	9	from	from	ADP
fsr-3338	81	10	the	the	DET
fsr-3338	81	11	underlying	underlie	VERB
fsr-3338	81	12	indexes	index	NOUN
fsr-3338	81	13	.	.	PUNCT
fsr-3338	82	1	in	in	ADP
fsr-3338	82	2	this	this	DET
fsr-3338	82	3	study	study	NOUN
fsr-3338	82	4	,	,	PUNCT
fsr-3338	82	5	we	we	PRON
fsr-3338	82	6	merge	merge	VERB
fsr-3338	82	7	the	the	DET
fsr-3338	82	8	etf	etf	NOUN
fsr-3338	82	9	and	and	CCONJ
fsr-3338	82	10	index	index	NOUN
fsr-3338	82	11	time	time	NOUN
fsr-3338	82	12	series	series	NOUN
fsr-3338	82	13	by	by	ADP
fsr-3338	82	14	excluding	exclude	VERB
fsr-3338	82	15	missing	miss	VERB
fsr-3338	82	16	value	value	NOUN
fsr-3338	82	17	on	on	ADP
fsr-3338	82	18	either	either	DET
fsr-3338	82	19	side	side	NOUN
fsr-3338	82	20	of	of	ADP
fsr-3338	82	21	the	the	DET
fsr-3338	82	22	pair	pair	NOUN
fsr-3338	82	23	,	,	PUNCT
fsr-3338	82	24	that	that	ADV
fsr-3338	82	25	is	is	ADV
fsr-3338	82	26	,	,	PUNCT
fsr-3338	82	27	an	an	DET
fsr-3338	82	28	etf	etf	NOUN
fsr-3338	82	29	and	and	CCONJ
fsr-3338	82	30	its	its	PRON
fsr-3338	82	31	corresponding	corresponding	ADJ
fsr-3338	82	32	foreign	foreign	ADJ
fsr-3338	82	33	stock	stock	NOUN
fsr-3338	83	1	index.2	index.2	PROPN
fsr-3338	83	2	table	table	NOUN
fsr-3338	83	3	2	2	NUM
fsr-3338	83	4	presents	present	VERB
fsr-3338	83	5	the	the	DET
fsr-3338	83	6	summary	summary	NOUN
fsr-3338	83	7	statistics	statistic	NOUN
fsr-3338	83	8	.	.	PUNCT
fsr-3338	84	1	for	for	ADP
fsr-3338	84	2	returns	return	NOUN
fsr-3338	84	3	,	,	PUNCT
fsr-3338	84	4	we	we	PRON
fsr-3338	84	5	calculate	calculate	VERB
fsr-3338	84	6	the	the	DET
fsr-3338	84	7	simple	simple	ADJ
fsr-3338	84	8	percentage	percentage	NOUN
fsr-3338	84	9	changes	change	NOUN
fsr-3338	84	10	in	in	ADP
fsr-3338	84	11	the	the	DET
fsr-3338	84	12	underlying	underlying	ADJ
fsr-3338	84	13	index	index	NOUN
fsr-3338	84	14	/	/	SYM
fsr-3338	84	15	etf	etf	NOUN
fsr-3338	84	16	level	level	NOUN
fsr-3338	84	17	.	.	PUNCT
fsr-3338	85	1	among	among	ADP
fsr-3338	85	2	the	the	DET
fsr-3338	85	3	nine	nine	NUM
fsr-3338	85	4	markets	market	NOUN
fsr-3338	85	5	,	,	PUNCT
fsr-3338	85	6	brazil	brazil	PROPN
fsr-3338	85	7	has	have	VERB
fsr-3338	85	8	the	the	DET
fsr-3338	85	9	largest	large	ADJ
fsr-3338	85	10	average	average	ADJ
fsr-3338	85	11	daily	daily	ADJ
fsr-3338	85	12	returns	return	NOUN
fsr-3338	85	13	and	and	CCONJ
fsr-3338	85	14	the	the	DET
fsr-3338	85	15	highest	high	ADJ
fsr-3338	85	16	standard	standard	ADJ
fsr-3338	85	17	deviation	deviation	NOUN
fsr-3338	85	18	for	for	ADP
fsr-3338	85	19	both	both	DET
fsr-3338	85	20	market	market	NOUN
fsr-3338	85	21	index	index	NOUN
fsr-3338	85	22	and	and	CCONJ
fsr-3338	85	23	etf	etf	NOUN
fsr-3338	85	24	.	.	PUNCT
fsr-3338	86	1	the	the	DET
fsr-3338	86	2	mean	mean	ADJ
fsr-3338	86	3	daily	daily	ADJ
fsr-3338	86	4	dollar	dollar	NOUN
fsr-3338	86	5	index	index	NOUN
fsr-3338	86	6	return	return	NOUN
fsr-3338	86	7	is	be	AUX
fsr-3338	86	8	significantly	significantly	ADV
fsr-3338	86	9	positive	positive	ADJ
fsr-3338	86	10	only	only	ADV
fsr-3338	86	11	in	in	ADP
fsr-3338	86	12	the	the	DET
fsr-3338	86	13	german	german	ADJ
fsr-3338	86	14	market	market	NOUN
fsr-3338	86	15	.	.	PUNCT
fsr-3338	87	1	for	for	ADP
fsr-3338	87	2	etfs	etfs	PROPN
fsr-3338	87	3	,	,	PUNCT
fsr-3338	87	4	the	the	DET
fsr-3338	87	5	mean	mean	ADJ
fsr-3338	87	6	daily	daily	ADJ
fsr-3338	87	7	dollar	dollar	NOUN
fsr-3338	87	8	return	return	NOUN
fsr-3338	87	9	is	be	AUX
fsr-3338	87	10	insignificant	insignificant	ADJ
fsr-3338	87	11	in	in	ADP
fsr-3338	87	12	all	all	DET
fsr-3338	87	13	nine	nine	NUM
fsr-3338	87	14	markets	market	NOUN
fsr-3338	87	15	.	.	PUNCT
fsr-3338	88	1	274	274	NUM
fsr-3338	88	2	h.	h.	PROPN
fsr-3338	88	3	chen	chen	PROPN
fsr-3338	88	4	et	et	PROPN
fsr-3338	88	5	al	al	PROPN
fsr-3338	88	6	.	.	PUNCT
fsr-3338	88	7	/	/	SYM
fsr-3338	88	8	financial	financial	ADJ
fsr-3338	88	9	services	service	NOUN
fsr-3338	88	10	review	review	VERB
fsr-3338	88	11	24	24	NUM
fsr-3338	88	12	(	(	PUNCT
fsr-3338	88	13	2015	2015	NUM
fsr-3338	88	14	)	)	PUNCT
fsr-3338	88	15	271–288	271–288	NUM
fsr-3338	88	16	table	table	NOUN
fsr-3338	88	17	1	1	NUM
fsr-3338	88	18	etfs	etfs	NOUN
fsr-3338	88	19	and	and	CCONJ
fsr-3338	88	20	indexes	index	NOUN
fsr-3338	88	21	country	country	NOUN
fsr-3338	88	22	period	period	NOUN
fsr-3338	88	23	etf	etf	NOUN
fsr-3338	88	24	/	/	SYM
fsr-3338	88	25	ticker	ticker	NOUN
fsr-3338	88	26	market	market	NOUN
fsr-3338	88	27	/	/	SYM
fsr-3338	88	28	index	index	NOUN
fsr-3338	88	29	australia	australia	PROPN
fsr-3338	88	30	3/29/1996	3/29/1996	NUM
fsr-3338	88	31	to	to	ADP
fsr-3338	88	32	8/10/2012	8/10/2012	NUM
fsr-3338	88	33	ewa	ewa	NOUN
fsr-3338	88	34	s&p	s&p	PROPN
fsr-3338	88	35	/	/	SYM
fsr-3338	88	36	asx	asx	NOUN
fsr-3338	88	37	200	200	NUM
fsr-3338	88	38	index	index	NOUN
fsr-3338	88	39	brazil	brazil	NOUN
fsr-3338	88	40	7/31/2000	7/31/2000	NUM
fsr-3338	88	41	to	to	ADP
fsr-3338	88	42	8/10/2012	8/10/2012	NUM
fsr-3338	88	43	ewz	ewz	PROPN
fsr-3338	88	44	brazil	brazil	PROPN
fsr-3338	88	45	bovespa	bovespa	PROPN
fsr-3338	88	46	index	index	PROPN
fsr-3338	88	47	canada	canada	PROPN
fsr-3338	88	48	3/29/1996	3/29/1996	NUM
fsr-3338	88	49	to	to	ADP
fsr-3338	88	50	8/10/2012	8/10/2012	NUM
fsr-3338	88	51	ewc	ewc	NOUN
fsr-3338	88	52	s&p	s&p	PROPN
fsr-3338	88	53	/	/	SYM
fsr-3338	88	54	tsx	tsx	PROPN
fsr-3338	88	55	composite	composite	ADJ
fsr-3338	88	56	index	index	NOUN
fsr-3338	88	57	france	france	PROPN
fsr-3338	88	58	3/29/1996	3/29/1996	NUM
fsr-3338	88	59	to	to	ADP
fsr-3338	88	60	8/10/2012	8/10/2012	NUM
fsr-3338	88	61	ewq	ewq	NOUN
fsr-3338	88	62	france	france	PROPN
fsr-3338	88	63	cac	cac	PROPN
fsr-3338	88	64	40	40	NUM
fsr-3338	88	65	index	index	NOUN
fsr-3338	88	66	germany	germany	PROPN
fsr-3338	88	67	3/29/1996	3/29/1996	NUM
fsr-3338	88	68	to	to	ADP
fsr-3338	88	69	8/10/2012	8/10/2012	NUM
fsr-3338	88	70	ewg	ewg	NOUN
fsr-3338	88	71	dax	dax	PROPN
fsr-3338	88	72	30	30	NUM
fsr-3338	88	73	index	index	NOUN
fsr-3338	88	74	hong	hong	PROPN
fsr-3338	88	75	kong	kong	PROPN
fsr-3338	88	76	3/29/1996	3/29/1996	NUM
fsr-3338	88	77	to	to	ADP
fsr-3338	88	78	8/10/2012	8/10/2012	NUM
fsr-3338	88	79	ewh	ewh	PROPN
fsr-3338	88	80	hang	hang	PROPN
fsr-3338	88	81	seng	seng	PROPN
fsr-3338	88	82	index	index	PROPN
fsr-3338	88	83	japan	japan	PROPN
fsr-3338	88	84	3/29/1996	3/29/1996	NUM
fsr-3338	88	85	to	to	ADP
fsr-3338	88	86	8/10/2012	8/10/2012	NUM
fsr-3338	88	87	ewj	ewj	NOUN
fsr-3338	88	88	nikkei	nikkei	PROPN
fsr-3338	88	89	225	225	NUM
fsr-3338	88	90	index	index	NOUN
fsr-3338	88	91	sweden	sweden	PROPN
fsr-3338	88	92	3/29/1996	3/29/1996	NUM
fsr-3338	88	93	to	to	ADP
fsr-3338	88	94	8/10/2012	8/10/2012	NUM
fsr-3338	88	95	ewd	ewd	NOUN
fsr-3338	88	96	omxs	omxs	PROPN
fsr-3338	88	97	index	index	PROPN
fsr-3338	88	98	u.k	u.k	PROPN
fsr-3338	88	99	.	.	PROPN
fsr-3338	88	100	3/29/1996	3/29/1996	NUM
fsr-3338	88	101	to	to	ADP
fsr-3338	88	102	8/10/2012	8/10/2012	NUM
fsr-3338	88	103	ewu	ewu	NOUN
fsr-3338	88	104	ftse	ftse	NOUN
fsr-3338	88	105	100	100	NUM
fsr-3338	88	106	index	index	NOUN
fsr-3338	88	107	data	datum	NOUN
fsr-3338	88	108	source	source	NOUN
fsr-3338	88	109	:	:	PUNCT
fsr-3338	88	110	datastream	datastream	ADJ
fsr-3338	88	111	.	.	PUNCT
fsr-3338	88	112	table	table	NOUN
fsr-3338	88	113	2	2	NUM
fsr-3338	88	114	descriptive	descriptive	ADJ
fsr-3338	88	115	statistics	statistic	NOUN
fsr-3338	88	116	this	this	DET
fsr-3338	88	117	table	table	NOUN
fsr-3338	88	118	gives	give	VERB
fsr-3338	88	119	the	the	DET
fsr-3338	88	120	brief	brief	ADJ
fsr-3338	88	121	statistic	statistic	ADJ
fsr-3338	88	122	summary	summary	NOUN
fsr-3338	88	123	for	for	ADP
fsr-3338	88	124	etfs	etfs	PROPN
fsr-3338	88	125	daily	daily	ADJ
fsr-3338	88	126	dollar	dollar	NOUN
fsr-3338	88	127	returns	return	NOUN
fsr-3338	88	128	and	and	CCONJ
fsr-3338	88	129	their	their	PRON
fsr-3338	88	130	underlying	underlie	VERB
fsr-3338	88	131	indexes	index	NOUN
fsr-3338	88	132	in	in	ADP
fsr-3338	88	133	nine	nine	NUM
fsr-3338	88	134	countries	country	NOUN
fsr-3338	88	135	.	.	PUNCT
fsr-3338	89	1	for	for	ADP
fsr-3338	89	2	returns	return	NOUN
fsr-3338	89	3	,	,	PUNCT
fsr-3338	89	4	we	we	PRON
fsr-3338	89	5	calculate	calculate	VERB
fsr-3338	89	6	the	the	DET
fsr-3338	89	7	simple	simple	ADJ
fsr-3338	89	8	percentage	percentage	NOUN
fsr-3338	89	9	changes	change	NOUN
fsr-3338	89	10	in	in	ADP
fsr-3338	89	11	the	the	DET
fsr-3338	89	12	underlying	underlying	ADJ
fsr-3338	89	13	index	index	NOUN
fsr-3338	89	14	/	/	SYM
fsr-3338	89	15	etf	etf	NOUN
fsr-3338	89	16	level	level	NOUN
fsr-3338	89	17	.	.	PUNCT
fsr-3338	90	1	difference	difference	NOUN
fsr-3338	90	2	is	be	AUX
fsr-3338	90	3	the	the	DET
fsr-3338	90	4	difference	difference	NOUN
fsr-3338	90	5	between	between	ADP
fsr-3338	90	6	the	the	DET
fsr-3338	90	7	returns	return	NOUN
fsr-3338	90	8	on	on	ADP
fsr-3338	90	9	etf	etf	NOUN
fsr-3338	90	10	and	and	CCONJ
fsr-3338	90	11	its	its	PRON
fsr-3338	90	12	corresponding	corresponding	ADJ
fsr-3338	90	13	index	index	NOUN
fsr-3338	90	14	.	.	PUNCT
fsr-3338	91	1	except	except	SCONJ
fsr-3338	91	2	for	for	ADP
fsr-3338	91	3	brazil	brazil	PROPN
fsr-3338	91	4	which	which	PRON
fsr-3338	91	5	starts	start	VERB
fsr-3338	91	6	from	from	ADP
fsr-3338	91	7	july	july	PROPN
fsr-3338	91	8	31	31	NUM
fsr-3338	91	9	,	,	PUNCT
fsr-3338	91	10	2000	2000	NUM
fsr-3338	91	11	,	,	PUNCT
fsr-3338	91	12	countries	country	NOUN
fsr-3338	91	13	cover	cover	VERB
fsr-3338	91	14	a	a	DET
fsr-3338	91	15	sample	sample	NOUN
fsr-3338	91	16	period	period	NOUN
fsr-3338	91	17	from	from	ADP
fsr-3338	91	18	march	march	PROPN
fsr-3338	91	19	29	29	NUM
fsr-3338	91	20	,	,	PUNCT
fsr-3338	91	21	1996	1996	NUM
fsr-3338	91	22	to	to	ADP
fsr-3338	91	23	august	august	PROPN
fsr-3338	91	24	10	10	NUM
fsr-3338	91	25	,	,	PUNCT
fsr-3338	91	26	2012	2012	NUM
fsr-3338	91	27	.	.	PUNCT
fsr-3338	92	1	return	return	NOUN
fsr-3338	92	2	numbers	number	NOUN
fsr-3338	92	3	in	in	ADP
fsr-3338	92	4	the	the	DET
fsr-3338	92	5	table	table	NOUN
fsr-3338	92	6	are	be	AUX
fsr-3338	92	7	in	in	ADP
fsr-3338	92	8	percentage	percentage	NOUN
fsr-3338	92	9	.	.	PUNCT
fsr-3338	93	1	country	country	NOUN
fsr-3338	93	2	variable	variable	NOUN
fsr-3338	93	3	n	n	CCONJ
fsr-3338	93	4	mean	mean	VERB
fsr-3338	93	5	median	median	ADJ
fsr-3338	93	6	minimum	minimum	ADJ
fsr-3338	93	7	maximum	maximum	PROPN
fsr-3338	93	8	sd	sd	PROPN
fsr-3338	93	9	australia	australia	PROPN
fsr-3338	93	10	etf	etf	PROPN
fsr-3338	93	11	3,975	3,975	NUM
fsr-3338	93	12	0.0395	0.0395	NUM
fsr-3338	93	13	0.0000	0.0000	NUM
fsr-3338	93	14	�	�	NOUN
fsr-3338	93	15	12.3898	12.3898	NUM
fsr-3338	93	16	20.7495	20.7495	NUM
fsr-3338	93	17	1.8470	1.8470	NUM
fsr-3338	93	18	index	index	NOUN
fsr-3338	93	19	3,975	3,975	NUM
fsr-3338	93	20	0.0358	0.0358	NUM
fsr-3338	93	21	0.0769	0.0769	NUM
fsr-3338	93	22	�	�	NOUN
fsr-3338	93	23	14.7872	14.7872	NUM
fsr-3338	93	24	8.8817	8.8817	NUM
fsr-3338	93	25	1.5029	1.5029	NUM
fsr-3338	93	26	difference	difference	NOUN
fsr-3338	93	27	0.0037	0.0037	NUM
fsr-3338	93	28	�	�	PROPN
fsr-3338	93	29	0.0843	0.0843	NUM
fsr-3338	93	30	brazil	brazil	PROPN
fsr-3338	93	31	etf	etf	NOUN
fsr-3338	93	32	2,915	2,915	NUM
fsr-3338	93	33	0.0884	0.0884	NUM
fsr-3338	93	34	0.1389	0.1389	NUM
fsr-3338	93	35	�	�	PROPN
fsr-3338	93	36	19.6277	19.6277	NUM
fsr-3338	93	37	25.5807	25.5807	NUM
fsr-3338	93	38	2.6171	2.6171	NUM
fsr-3338	93	39	index	index	NOUN
fsr-3338	93	40	2,915	2,915	NUM
fsr-3338	93	41	0.0796	0.0796	NUM
fsr-3338	93	42	0.1383	0.1383	NUM
fsr-3338	93	43	�	�	PROPN
fsr-3338	93	44	16.4422	16.4422	NUM
fsr-3338	93	45	18.3611	18.3611	NUM
fsr-3338	93	46	2.4563	2.4563	NUM
fsr-3338	93	47	difference	difference	NOUN
fsr-3338	93	48	0.0087	0.0087	NUM
fsr-3338	93	49	�	�	NOUN
fsr-3338	93	50	0.0251	0.0251	NUM
fsr-3338	93	51	canada	canada	PROPN
fsr-3338	93	52	etf	etf	NOUN
fsr-3338	93	53	3,969	3,969	NUM
fsr-3338	93	54	0.0348	0.0348	NUM
fsr-3338	93	55	0.0000	0.0000	NUM
fsr-3338	93	56	�	�	NOUN
fsr-3338	93	57	23.1213	23.1213	NUM
fsr-3338	93	58	12.3607	12.3607	NUM
fsr-3338	93	59	1.6084	1.6084	NUM
fsr-3338	93	60	index	index	NOUN
fsr-3338	93	61	3,969	3,969	NUM
fsr-3338	93	62	0.0320	0.0320	NUM
fsr-3338	93	63	0.1088	0.1088	NUM
fsr-3338	93	64	�	�	NOUN
fsr-3338	93	65	12.8809	12.8809	NUM
fsr-3338	93	66	10.4345	10.4345	NUM
fsr-3338	93	67	1.4125	1.4125	NUM
fsr-3338	93	68	difference	difference	NOUN
fsr-3338	93	69	0.0028	0.0028	NUM
fsr-3338	93	70	0.0041	0.0041	NUM
fsr-3338	93	71	france	france	PROPN
fsr-3338	93	72	etf	etf	NOUN
fsr-3338	93	73	3,977	3,977	NUM
fsr-3338	93	74	0.0246	0.0246	NUM
fsr-3338	93	75	0.0000	0.0000	NUM
fsr-3338	93	76	�	�	PROPN
fsr-3338	93	77	10.9457	10.9457	NUM
fsr-3338	93	78	13.0777	13.0777	NUM
fsr-3338	93	79	1.7342	1.7342	NUM
fsr-3338	93	80	index	index	NOUN
fsr-3338	93	81	3,977	3,977	NUM
fsr-3338	93	82	0.0218	0.0218	NUM
fsr-3338	93	83	0.0566	0.0566	NUM
fsr-3338	93	84	�	�	NOUN
fsr-3338	93	85	11.0744	11.0744	NUM
fsr-3338	93	86	12.9115	12.9115	NUM
fsr-3338	93	87	1.6497	1.6497	NUM
fsr-3338	93	88	difference	difference	NOUN
fsr-3338	93	89	0.0027	0.0027	NUM
fsr-3338	93	90	�	�	PROPN
fsr-3338	93	91	0.0129	0.0129	NUM
fsr-3338	93	92	germany	germany	PROPN
fsr-3338	93	93	etf	etf	NOUN
fsr-3338	93	94	3,977	3,977	NUM
fsr-3338	93	95	0.0191	0.0191	NUM
fsr-3338	93	96	0.0000	0.0000	NUM
fsr-3338	93	97	�	�	NOUN
fsr-3338	93	98	11.2864	11.2864	NUM
fsr-3338	93	99	19.7896	19.7896	NUM
fsr-3338	93	100	1.8068	1.8068	NUM
fsr-3338	93	101	index	index	NOUN
fsr-3338	93	102	3,977	3,977	NUM
fsr-3338	93	103	0.0274	0.0274	NUM
fsr-3338	93	104	*	*	PUNCT
fsr-3338	93	105	*	*	PROPN
fsr-3338	93	106	0.0271	0.0271	NUM
fsr-3338	93	107	�	�	PROPN
fsr-3338	93	108	3.9172	3.9172	NUM
fsr-3338	93	109	5.8000	5.8000	NUM
fsr-3338	93	110	0.6510	0.6510	NUM
fsr-3338	93	111	difference	difference	NOUN
fsr-3338	93	112	�	�	PROPN
fsr-3338	93	113	0.0083	0.0083	NUM
fsr-3338	93	114	�	�	PROPN
fsr-3338	93	115	0.0154	0.0154	NUM
fsr-3338	93	116	hong	hong	PROPN
fsr-3338	93	117	kong	kong	PROPN
fsr-3338	93	118	etf	etf	NOUN
fsr-3338	93	119	3,977	3,977	NUM
fsr-3338	93	120	0.0185	0.0185	NUM
fsr-3338	93	121	0.0000	0.0000	NUM
fsr-3338	93	122	�	�	NOUN
fsr-3338	93	123	12.3762	12.3762	NUM
fsr-3338	93	124	20.2381	20.2381	NUM
fsr-3338	93	125	2.0461	2.0461	NUM
fsr-3338	93	126	index	index	NOUN
fsr-3338	93	127	3,977	3,977	NUM
fsr-3338	93	128	0.0313	0.0313	NUM
fsr-3338	93	129	0.0011	0.0011	NUM
fsr-3338	93	130	�	�	PROPN
fsr-3338	93	131	13.6820	13.6820	NUM
fsr-3338	93	132	18.8512	18.8512	NUM
fsr-3338	93	133	1.7493	1.7493	NUM
fsr-3338	93	134	difference	difference	NOUN
fsr-3338	93	135	�	�	PROPN
fsr-3338	93	136	0.0030	0.0030	NUM
fsr-3338	93	137	�	�	PROPN
fsr-3338	93	138	0.0040	0.0040	NUM
fsr-3338	93	139	japan	japan	PROPN
fsr-3338	93	140	etf	etf	PROPN
fsr-3338	93	141	3,977	3,977	NUM
fsr-3338	93	142	0.0075	0.0075	NUM
fsr-3338	93	143	0.0000	0.0000	NUM
fsr-3338	93	144	�	�	PROPN
fsr-3338	93	145	10.4077	10.4077	NUM
fsr-3338	93	146	17.1817	17.1817	NUM
fsr-3338	93	147	1.6336	1.6336	NUM
fsr-3338	93	148	index	index	NOUN
fsr-3338	93	149	3,977	3,977	NUM
fsr-3338	93	150	0.0051	0.0051	NUM
fsr-3338	93	151	�	�	PROPN
fsr-3338	93	152	0.0088	0.0088	NUM
fsr-3338	93	153	�	�	PROPN
fsr-3338	93	154	10.5827	10.5827	NUM
fsr-3338	93	155	13.3955	13.3955	NUM
fsr-3338	93	156	1.6183	1.6183	NUM
fsr-3338	93	157	difference	difference	NOUN
fsr-3338	93	158	0.0024	0.0024	NUM
fsr-3338	93	159	�	�	PROPN
fsr-3338	93	160	0.0021	0.0021	NUM
fsr-3338	93	161	sweden	sweden	PROPN
fsr-3338	93	162	etf	etf	PROPN
fsr-3338	93	163	3,941	3,941	NUM
fsr-3338	93	164	0.0303	0.0303	NUM
fsr-3338	93	165	0.0028	0.0028	NUM
fsr-3338	93	166	�	�	NOUN
fsr-3338	93	167	19.1579	19.1579	NUM
fsr-3338	93	168	13.2918	13.2918	NUM
fsr-3338	93	169	2.2152	2.2152	NUM
fsr-3338	93	170	index	index	NOUN
fsr-3338	93	171	3,941	3,941	NUM
fsr-3338	93	172	0.0350	0.0350	NUM
fsr-3338	93	173	0.0054	0.0054	NUM
fsr-3338	93	174	�	�	PROPN
fsr-3338	93	175	9.6050	9.6050	NUM
fsr-3338	93	176	13.3513	13.3513	NUM
fsr-3338	93	177	1.7941	1.7941	NUM
fsr-3338	93	178	difference	difference	NOUN
fsr-3338	93	179	�	�	PROPN
fsr-3338	93	180	0.0048	0.0048	NUM
fsr-3338	93	181	�	�	PROPN
fsr-3338	93	182	0.0082	0.0082	NUM
fsr-3338	93	183	uk	uk	PROPN
fsr-3338	93	184	etf	etf	NOUN
fsr-3338	93	185	3,977	3,977	NUM
fsr-3338	93	186	0.0215	0.0215	NUM
fsr-3338	93	187	0.0000	0.0000	NUM
fsr-3338	93	188	�	�	NOUN
fsr-3338	93	189	12.0225	12.0225	NUM
fsr-3338	93	190	17.0642	17.0642	NUM
fsr-3338	93	191	1.6133	1.6133	NUM
fsr-3338	93	192	index	index	NOUN
fsr-3338	93	193	3,977	3,977	NUM
fsr-3338	93	194	0.0200	0.0200	NUM
fsr-3338	93	195	0.0594	0.0594	NUM
fsr-3338	93	196	�	�	NOUN
fsr-3338	93	197	10.0018	10.0018	NUM
fsr-3338	93	198	12.9967	12.9967	NUM
fsr-3338	93	199	1.4115	1.4115	NUM
fsr-3338	93	200	difference	difference	NOUN
fsr-3338	93	201	0.0015	0.0015	NUM
fsr-3338	93	202	�	�	NOUN
fsr-3338	93	203	0.0000	0.0000	NUM
fsr-3338	93	204	*	*	PUNCT
fsr-3338	93	205	*	*	PUNCT
fsr-3338	93	206	and	and	CCONJ
fsr-3338	93	207	*	*	PUNCT
fsr-3338	93	208	denote	denote	VERB
fsr-3338	93	209	for	for	ADP
fsr-3338	93	210	significance	significance	NOUN
fsr-3338	93	211	levels	level	NOUN
fsr-3338	93	212	at	at	ADP
fsr-3338	93	213	1	1	NUM
fsr-3338	93	214	%	%	NOUN
fsr-3338	93	215	and	and	CCONJ
fsr-3338	93	216	5	5	NUM
fsr-3338	93	217	%	%	NOUN
fsr-3338	93	218	,	,	PUNCT
fsr-3338	93	219	respectively	respectively	ADV
fsr-3338	93	220	.	.	PUNCT
fsr-3338	94	1	275h	275h	NOUN
fsr-3338	94	2	.	.	PUNCT
fsr-3338	95	1	chen	chen	PROPN
fsr-3338	95	2	et	et	PROPN
fsr-3338	95	3	al	al	PROPN
fsr-3338	95	4	.	.	PUNCT
fsr-3338	95	5	/	/	SYM
fsr-3338	95	6	financial	financial	ADJ
fsr-3338	95	7	services	service	NOUN
fsr-3338	95	8	review	review	VERB
fsr-3338	95	9	24	24	NUM
fsr-3338	95	10	(	(	PUNCT
fsr-3338	95	11	2015	2015	NUM
fsr-3338	95	12	)	)	PUNCT
fsr-3338	96	1	271–288	271–288	NUM
fsr-3338	96	2	4	4	NUM
fsr-3338	96	3	.	.	PUNCT
fsr-3338	96	4	empirical	empirical	ADJ
fsr-3338	96	5	results	result	NOUN
fsr-3338	96	6	4.1	4.1	NUM
fsr-3338	96	7	.	.	PUNCT
fsr-3338	97	1	the	the	DET
fsr-3338	97	2	tom	tom	PROPN
fsr-3338	97	3	effect	effect	NOUN
fsr-3338	97	4	following	follow	VERB
fsr-3338	97	5	mcconnell	mcconnell	PROPN
fsr-3338	97	6	and	and	CCONJ
fsr-3338	97	7	xu	xu	PROPN
fsr-3338	97	8	(	(	PUNCT
fsr-3338	97	9	2008	2008	NUM
fsr-3338	97	10	)	)	PUNCT
fsr-3338	97	11	and	and	CCONJ
fsr-3338	97	12	chen	chen	PROPN
fsr-3338	97	13	and	and	CCONJ
fsr-3338	97	14	chua	chua	PROPN
fsr-3338	97	15	(	(	PUNCT
fsr-3338	97	16	2011	2011	NUM
fsr-3338	97	17	)	)	PUNCT
fsr-3338	97	18	,	,	PUNCT
fsr-3338	97	19	we	we	PRON
fsr-3338	97	20	use	use	VERB
fsr-3338	97	21	the	the	DET
fsr-3338	97	22	(	(	PUNCT
fsr-3338	97	23	�	�	PROPN
fsr-3338	97	24	1	1	NUM
fsr-3338	97	25	,	,	PUNCT
fsr-3338	97	26	�	�	NOUN
fsr-3338	97	27	3	3	NUM
fsr-3338	97	28	)	)	PUNCT
fsr-3338	97	29	four	four	NUM
fsr-3338	97	30	-	-	PUNCT
fsr-3338	97	31	day	day	NOUN
fsr-3338	97	32	tom	tom	PROPN
fsr-3338	97	33	window	window	NOUN
fsr-3338	97	34	at	at	ADP
fsr-3338	97	35	the	the	DET
fsr-3338	97	36	turn	turn	NOUN
fsr-3338	97	37	of	of	ADP
fsr-3338	97	38	the	the	DET
fsr-3338	97	39	month	month	NOUN
fsr-3338	97	40	.	.	PUNCT
fsr-3338	98	1	table	table	NOUN
fsr-3338	98	2	3	3	NUM
fsr-3338	98	3	presents	present	VERB
fsr-3338	98	4	the	the	DET
fsr-3338	98	5	mean	mean	ADJ
fsr-3338	98	6	daily	daily	ADJ
fsr-3338	98	7	returns	return	NOUN
fsr-3338	98	8	.	.	PUNCT
fsr-3338	99	1	as	as	ADP
fsr-3338	99	2	table	table	NOUN
fsr-3338	99	3	3	3	NUM
fsr-3338	99	4	return	return	NOUN
fsr-3338	99	5	by	by	ADP
fsr-3338	99	6	day	day	NOUN
fsr-3338	99	7	of	of	ADP
fsr-3338	99	8	the	the	DET
fsr-3338	99	9	month	month	NOUN
fsr-3338	99	10	the	the	DET
fsr-3338	99	11	table	table	NOUN
fsr-3338	99	12	below	below	ADP
fsr-3338	99	13	presents	present	VERB
fsr-3338	99	14	the	the	DET
fsr-3338	99	15	average	average	ADJ
fsr-3338	99	16	return	return	NOUN
fsr-3338	99	17	over	over	ADP
fsr-3338	99	18	the	the	DET
fsr-3338	99	19	four	four	NUM
fsr-3338	99	20	-	-	PUNCT
fsr-3338	99	21	day	day	NOUN
fsr-3338	99	22	turn	turn	NOUN
fsr-3338	99	23	of	of	ADP
fsr-3338	99	24	month	month	NOUN
fsr-3338	99	25	(	(	PUNCT
fsr-3338	99	26	tom	tom	PROPN
fsr-3338	99	27	)	)	PUNCT
fsr-3338	99	28	window	window	NOUN
fsr-3338	99	29	,	,	PUNCT
fsr-3338	99	30	that	that	ADV
fsr-3338	99	31	is	is	ADV
fsr-3338	99	32	,	,	PUNCT
fsr-3338	99	33	from	from	ADP
fsr-3338	99	34	the	the	DET
fsr-3338	99	35	last	last	ADJ
fsr-3338	99	36	day	day	NOUN
fsr-3338	99	37	of	of	ADP
fsr-3338	99	38	the	the	DET
fsr-3338	99	39	month	month	NOUN
fsr-3338	99	40	day	day	NOUN
fsr-3338	99	41	(	(	PUNCT
fsr-3338	99	42	�	�	NOUN
fsr-3338	99	43	1	1	NUM
fsr-3338	99	44	)	)	PUNCT
fsr-3338	99	45	to	to	ADP
fsr-3338	99	46	the	the	DET
fsr-3338	99	47	first	first	ADJ
fsr-3338	99	48	three	three	NUM
fsr-3338	99	49	days	day	NOUN
fsr-3338	99	50	of	of	ADP
fsr-3338	99	51	the	the	DET
fsr-3338	99	52	following	following	ADJ
fsr-3338	99	53	month	month	NOUN
fsr-3338	99	54	:	:	PUNCT
fsr-3338	99	55	day	day	NOUN
fsr-3338	99	56	(	(	PUNCT
fsr-3338	99	57	�	�	PROPN
fsr-3338	99	58	1	1	NUM
fsr-3338	99	59	)	)	PUNCT
fsr-3338	99	60	,	,	PUNCT
fsr-3338	99	61	day	day	NOUN
fsr-3338	99	62	(	(	PUNCT
fsr-3338	99	63	�	�	PROPN
fsr-3338	99	64	2	2	NUM
fsr-3338	99	65	)	)	PUNCT
fsr-3338	99	66	,	,	PUNCT
fsr-3338	99	67	and	and	CCONJ
fsr-3338	99	68	day	day	NOUN
fsr-3338	99	69	(	(	PUNCT
fsr-3338	99	70	�	�	NOUN
fsr-3338	99	71	3	3	NUM
fsr-3338	99	72	)	)	PUNCT
fsr-3338	99	73	.	.	PUNCT
fsr-3338	100	1	difference	difference	NOUN
fsr-3338	100	2	is	be	AUX
fsr-3338	100	3	the	the	DET
fsr-3338	100	4	difference	difference	NOUN
fsr-3338	100	5	between	between	ADP
fsr-3338	100	6	returns	return	NOUN
fsr-3338	100	7	in	in	ADP
fsr-3338	100	8	tom	tom	PROPN
fsr-3338	100	9	period	period	NOUN
fsr-3338	100	10	and	and	CCONJ
fsr-3338	100	11	non	non	ADJ
fsr-3338	100	12	-	-	ADJ
fsr-3338	100	13	tom	tom	ADJ
fsr-3338	100	14	period	period	NOUN
fsr-3338	100	15	.	.	PUNCT
fsr-3338	101	1	�	�	NOUN
fsr-3338	101	2	return	return	NOUN
fsr-3338	101	3	is	be	AUX
fsr-3338	101	4	the	the	DET
fsr-3338	101	5	difference	difference	NOUN
fsr-3338	101	6	between	between	ADP
fsr-3338	101	7	etf	etf	NOUN
fsr-3338	101	8	returns	return	NOUN
fsr-3338	101	9	and	and	CCONJ
fsr-3338	101	10	the	the	DET
fsr-3338	101	11	corresponding	correspond	VERB
fsr-3338	101	12	stock	stock	NOUN
fsr-3338	101	13	index	index	NOUN
fsr-3338	101	14	returns	return	NOUN
fsr-3338	101	15	.	.	PUNCT
fsr-3338	102	1	numbers	number	NOUN
fsr-3338	102	2	in	in	ADP
fsr-3338	102	3	the	the	DET
fsr-3338	102	4	table	table	NOUN
fsr-3338	102	5	are	be	AUX
fsr-3338	102	6	in	in	ADP
fsr-3338	102	7	percentage	percentage	NOUN
fsr-3338	102	8	.	.	PUNCT
fsr-3338	103	1	country	country	NOUN
fsr-3338	103	2	day	day	PROPN
fsr-3338	103	3	(	(	PUNCT
fsr-3338	103	4	�	�	NOUN
fsr-3338	103	5	1	1	NUM
fsr-3338	103	6	)	)	PUNCT
fsr-3338	103	7	day	day	NOUN
fsr-3338	103	8	(	(	PUNCT
fsr-3338	103	9	�	�	NOUN
fsr-3338	103	10	1	1	NUM
fsr-3338	103	11	)	)	PUNCT
fsr-3338	103	12	day	day	NOUN
fsr-3338	103	13	(	(	PUNCT
fsr-3338	103	14	�	�	NOUN
fsr-3338	103	15	2	2	NUM
fsr-3338	103	16	)	)	PUNCT
fsr-3338	103	17	day	day	NOUN
fsr-3338	103	18	(	(	PUNCT
fsr-3338	103	19	�	�	NOUN
fsr-3338	103	20	3	3	NUM
fsr-3338	103	21	)	)	PUNCT
fsr-3338	103	22	tom	tom	PROPN
fsr-3338	103	23	non	non	PROPN
fsr-3338	103	24	-	-	PROPN
fsr-3338	103	25	tom	tom	PROPN
fsr-3338	103	26	difference	difference	PROPN
fsr-3338	103	27	australia	australia	PROPN
fsr-3338	103	28	etf	etf	NOUN
fsr-3338	103	29	0.255	0.255	NUM
fsr-3338	103	30	*	*	PUNCT
fsr-3338	103	31	0.354	0.354	NUM
fsr-3338	103	32	*	*	PUNCT
fsr-3338	103	33	*	*	PUNCT
fsr-3338	103	34	0.168	0.168	NUM
fsr-3338	103	35	�	�	PROPN
fsr-3338	103	36	0.095	0.095	NUM
fsr-3338	103	37	0.171	0.171	NUM
fsr-3338	103	38	*	*	PUNCT
fsr-3338	103	39	*	*	NOUN
fsr-3338	103	40	0.005	0.005	NUM
fsr-3338	103	41	0.166	0.166	NUM
fsr-3338	103	42	*	*	PUNCT
fsr-3338	103	43	*	*	PROPN
fsr-3338	103	44	index	index	NOUN
fsr-3338	103	45	0.218	0.218	NUM
fsr-3338	103	46	*	*	NOUN
fsr-3338	103	47	0.174	0.174	NUM
fsr-3338	103	48	0.231	0.231	NUM
fsr-3338	103	49	*	*	PUNCT
fsr-3338	103	50	�	�	PROPN
fsr-3338	103	51	0.108	0.108	NUM
fsr-3338	103	52	0.129	0.129	NUM
fsr-3338	103	53	*	*	PUNCT
fsr-3338	104	1	0.012	0.012	NUM
fsr-3338	104	2	0.117	0.117	NUM
fsr-3338	104	3	�	�	NOUN
fsr-3338	104	4	return	return	VERB
fsr-3338	104	5	0.037	0.037	NUM
fsr-3338	104	6	0.181	0.181	NUM
fsr-3338	104	7	�	�	PROPN
fsr-3338	104	8	0.063	0.063	NUM
fsr-3338	104	9	0.013	0.013	NUM
fsr-3338	104	10	0.027	0.027	NUM
fsr-3338	104	11	�	�	PROPN
fsr-3338	104	12	0.003	0.003	NUM
fsr-3338	104	13	brazil	brazil	PROPN
fsr-3338	104	14	etf	etf	NOUN
fsr-3338	104	15	0.600	0.600	NUM
fsr-3338	104	16	*	*	NOUN
fsr-3338	104	17	*	*	NOUN
fsr-3338	104	18	0.810	0.810	NUM
fsr-3338	104	19	*	*	SYM
fsr-3338	104	20	*	*	SYM
fsr-3338	104	21	0.103	0.103	NUM
fsr-3338	104	22	�	�	PROPN
fsr-3338	104	23	0.063	0.063	NUM
fsr-3338	104	24	0.363	0.363	NUM
fsr-3338	104	25	*	*	PUNCT
fsr-3338	104	26	*	*	PUNCT
fsr-3338	104	27	�	�	PROPN
fsr-3338	104	28	0.023	0.023	NUM
fsr-3338	104	29	0.340	0.340	NUM
fsr-3338	104	30	*	*	SYM
fsr-3338	104	31	*	*	NOUN
fsr-3338	104	32	index	index	NOUN
fsr-3338	104	33	0.610	0.610	NUM
fsr-3338	104	34	*	*	NOUN
fsr-3338	104	35	*	*	PUNCT
fsr-3338	104	36	0.676	0.676	NUM
fsr-3338	104	37	*	*	PUNCT
fsr-3338	104	38	*	*	X
fsr-3338	104	39	0.140	0.140	NUM
fsr-3338	104	40	0.065	0.065	NUM
fsr-3338	104	41	0.372	0.372	NUM
fsr-3338	104	42	*	*	PUNCT
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fsr-3338	104	46	*	*	PUNCT
fsr-3338	104	47	*	*	PUNCT
fsr-3338	104	48	�	�	PROPN
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fsr-3338	104	50	�	�	NOUN
fsr-3338	104	51	0.010	0.010	NUM
fsr-3338	104	52	0.134	0.134	NUM
fsr-3338	104	53	�	�	PROPN
fsr-3338	104	54	0.037	0.037	NUM
fsr-3338	104	55	�	�	PROPN
fsr-3338	104	56	0.128	0.128	NUM
fsr-3338	104	57	�	�	NOUN
fsr-3338	104	58	0.026	0.026	NUM
fsr-3338	104	59	0.006	0.006	NUM
fsr-3338	104	60	canada	canada	PROPN
fsr-3338	104	61	etf	etf	PROPN
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fsr-3338	104	63	*	*	PUNCT
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fsr-3338	104	65	*	*	PUNCT
fsr-3338	104	66	*	*	NOUN
fsr-3338	104	67	0.122	0.122	NUM
fsr-3338	104	68	0.063	0.063	NUM
fsr-3338	104	69	0.173	0.173	NUM
fsr-3338	104	70	*	*	PUNCT
fsr-3338	104	71	*	*	NOUN
fsr-3338	104	72	0.001	0.001	NUM
fsr-3338	104	73	0.172	0.172	NUM
fsr-3338	104	74	*	*	PUNCT
fsr-3338	104	75	*	*	NOUN
fsr-3338	104	76	index	index	NOUN
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fsr-3338	104	78	*	*	NOUN
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fsr-3338	104	80	*	*	PUNCT
fsr-3338	104	81	*	*	PROPN
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fsr-3338	104	83	�	�	PROPN
fsr-3338	104	84	0.009	0.009	NUM
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fsr-3338	104	86	*	*	SYM
fsr-3338	104	87	*	*	NOUN
fsr-3338	104	88	0.005	0.005	NUM
fsr-3338	104	89	0.135	0.135	NUM
fsr-3338	104	90	*	*	PUNCT
fsr-3338	104	91	�	�	PROPN
fsr-3338	104	92	return	return	VERB
fsr-3338	104	93	0.011	0.011	NUM
fsr-3338	104	94	�	�	PROPN
fsr-3338	104	95	0.018	0.018	NUM
fsr-3338	104	96	0.066	0.066	NUM
fsr-3338	104	97	0.072	0.072	NUM
fsr-3338	104	98	0.002	0.002	NUM
fsr-3338	104	99	�	�	PROPN
fsr-3338	104	100	0.004	0.004	NUM
fsr-3338	104	101	france	france	PROPN
fsr-3338	104	102	etf	etf	NOUN
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fsr-3338	104	104	*	*	NOUN
fsr-3338	104	105	*	*	NOUN
fsr-3338	104	106	0.262	0.262	NUM
fsr-3338	104	107	*	*	PUNCT
fsr-3338	104	108	�	�	PROPN
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fsr-3338	104	110	0.063	0.063	NUM
fsr-3338	104	111	0.150	0.150	NUM
fsr-3338	104	112	*	*	PUNCT
fsr-3338	104	113	*	*	X
fsr-3338	104	114	�	�	PROPN
fsr-3338	104	115	0.006	0.006	NUM
fsr-3338	104	116	0.156	0.156	NUM
fsr-3338	104	117	*	*	PUNCT
fsr-3338	104	118	index	index	NOUN
fsr-3338	104	119	0.324	0.324	NUM
fsr-3338	104	120	*	*	PUNCT
fsr-3338	104	121	*	*	NOUN
fsr-3338	104	122	0.108	0.108	NUM
fsr-3338	104	123	0.036	0.036	NUM
fsr-3338	104	124	0.008	0.008	NUM
fsr-3338	104	125	0.119	0.119	NUM
fsr-3338	104	126	*	*	PUNCT
fsr-3338	104	127	�	�	PROPN
fsr-3338	104	128	0.003	0.003	NUM
fsr-3338	104	129	0.122	0.122	NUM
fsr-3338	104	130	�	�	PROPN
fsr-3338	104	131	return	return	NOUN
fsr-3338	104	132	�	�	NOUN
fsr-3338	104	133	0.013	0.013	NUM
fsr-3338	104	134	0.154	0.154	NUM
fsr-3338	104	135	*	*	PUNCT
fsr-3338	104	136	�	�	X
fsr-3338	104	137	0.073	0.073	NUM
fsr-3338	104	138	0.055	0.055	NUM
fsr-3338	104	139	0.030	0.030	NUM
fsr-3338	104	140	�	�	PROPN
fsr-3338	104	141	0.006	0.006	NUM
fsr-3338	104	142	germany	germany	PROPN
fsr-3338	104	143	etf	etf	PROPN
fsr-3338	104	144	0.268	0.268	NUM
fsr-3338	104	145	*	*	NOUN
fsr-3338	104	146	0.253	0.253	NUM
fsr-3338	104	147	0.066	0.066	NUM
fsr-3338	104	148	�	�	NOUN
fsr-3338	104	149	0.031	0.031	NUM
fsr-3338	104	150	0.139	0.139	NUM
fsr-3338	104	151	*	*	PUNCT
fsr-3338	104	152	�	�	PROPN
fsr-3338	104	153	0.012	0.012	NUM
fsr-3338	104	154	0.151	0.151	NUM
fsr-3338	104	155	*	*	NOUN
fsr-3338	104	156	index	index	NOUN
fsr-3338	104	157	0.112	0.112	NUM
fsr-3338	104	158	*	*	SYM
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fsr-3338	104	162	0.035	0.035	NUM
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fsr-3338	104	164	*	*	PUNCT
fsr-3338	104	165	0.021	0.021	NUM
fsr-3338	104	166	0.029	0.029	NUM
fsr-3338	104	167	�	�	PROPN
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fsr-3338	104	169	0.156	0.156	NUM
fsr-3338	104	170	0.257	0.257	NUM
fsr-3338	104	171	0.008	0.008	NUM
fsr-3338	104	172	�	�	NOUN
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fsr-3338	104	175	*	*	PUNCT
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fsr-3338	104	177	�	�	PROPN
fsr-3338	104	178	0.029	0.029	NUM
fsr-3338	104	179	hong	hong	PROPN
fsr-3338	104	180	kong	kong	PROPN
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fsr-3338	104	188	0.038	0.038	NUM
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fsr-3338	104	192	�	�	PROPN
fsr-3338	104	193	0.023	0.023	NUM
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fsr-3338	104	197	index	index	NOUN
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fsr-3338	104	202	*	*	PUNCT
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fsr-3338	104	204	�	�	PROPN
fsr-3338	104	205	0.128	0.128	NUM
fsr-3338	104	206	0.168	0.168	NUM
fsr-3338	104	207	*	*	PUNCT
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fsr-3338	104	209	�	�	PROPN
fsr-3338	104	210	0.002	0.002	NUM
fsr-3338	104	211	0.170	0.170	NUM
fsr-3338	104	212	*	*	PUNCT
fsr-3338	104	213	�	�	PRON
fsr-3338	104	214	return	return	VERB
fsr-3338	104	215	0.013	0.013	NUM
fsr-3338	104	216	0.254	0.254	NUM
fsr-3338	104	217	�	�	NOUN
fsr-3338	104	218	0.359	0.359	NUM
fsr-3338	104	219	*	*	PUNCT
fsr-3338	104	220	0.166	0.166	NUM
fsr-3338	104	221	0.038	0.038	NUM
fsr-3338	104	222	�	�	PROPN
fsr-3338	104	223	0.012	0.012	NUM
fsr-3338	104	224	japan	japan	PROPN
fsr-3338	104	225	etf	etf	PROPN
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fsr-3338	104	227	0.443	0.443	NUM
fsr-3338	104	228	*	*	PUNCT
fsr-3338	104	229	*	*	X
fsr-3338	104	230	0.090	0.090	NUM
fsr-3338	104	231	�	�	PROPN
fsr-3338	104	232	0.067	0.067	NUM
fsr-3338	104	233	0.102	0.102	NUM
fsr-3338	104	234	�	�	PROPN
fsr-3338	104	235	0.015	0.015	NUM
fsr-3338	104	236	0.117	0.117	NUM
fsr-3338	104	237	index	index	NOUN
fsr-3338	104	238	0.047	0.047	NUM
fsr-3338	104	239	0.175	0.175	NUM
fsr-3338	104	240	0.088	0.088	NUM
fsr-3338	104	241	�	�	PROPN
fsr-3338	104	242	0.108	0.108	NUM
fsr-3338	104	243	0.051	0.051	NUM
fsr-3338	104	244	�	�	NOUN
fsr-3338	104	245	0.005	0.005	NUM
fsr-3338	104	246	0.006	0.006	NUM
fsr-3338	104	247	�	�	NOUN
fsr-3338	104	248	return	return	VERB
fsr-3338	104	249	0.074	0.074	NUM
fsr-3338	104	250	0.267	0.267	NUM
fsr-3338	104	251	*	*	PUNCT
fsr-3338	104	252	�	�	PROPN
fsr-3338	104	253	0.178	0.178	NUM
fsr-3338	104	254	0.041	0.041	NUM
fsr-3338	104	255	0.062	0.062	NUM
fsr-3338	104	256	�	�	PROPN
fsr-3338	104	257	0.013	0.013	NUM
fsr-3338	104	258	sweden	sweden	PROPN
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fsr-3338	104	261	0.318	0.318	NUM
fsr-3338	104	262	*	*	PUNCT
fsr-3338	104	263	0.143	0.143	NUM
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fsr-3338	104	268	0.156	0.156	NUM
fsr-3338	104	269	*	*	NOUN
fsr-3338	104	270	index	index	NOUN
fsr-3338	104	271	0.240	0.240	NUM
fsr-3338	104	272	*	*	NOUN
fsr-3338	104	273	0.215	0.215	NUM
fsr-3338	104	274	0.364	0.364	NUM
fsr-3338	104	275	0.031	0.031	NUM
fsr-3338	104	276	0.162	0.162	NUM
fsr-3338	104	277	*	*	PUNCT
fsr-3338	104	278	*	*	PUNCT
fsr-3338	105	1	0.004	0.004	NUM
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fsr-3338	105	3	*	*	PUNCT
fsr-3338	105	4	�	�	PROPN
fsr-3338	105	5	return	return	NOUN
fsr-3338	105	6	�	�	NOUN
fsr-3338	105	7	0.131	0.131	NUM
fsr-3338	105	8	0.104	0.104	DET
fsr-3338	105	9	�	�	PROPN
fsr-3338	105	10	0.021	0.021	NUM
fsr-3338	105	11	0.025	0.025	NUM
fsr-3338	105	12	0.032	0.032	NUM
fsr-3338	105	13	�	�	PROPN
fsr-3338	105	14	0.009	0.009	NUM
fsr-3338	105	15	uk	uk	PROPN
fsr-3338	105	16	etf	etf	PROPN
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fsr-3338	105	18	0.384	0.384	NUM
fsr-3338	105	19	*	*	SYM
fsr-3338	105	20	*	*	X
fsr-3338	105	21	0.051	0.051	NUM
fsr-3338	105	22	�	�	PROPN
fsr-3338	105	23	0.042	0.042	NUM
fsr-3338	105	24	0.151	0.151	NUM
fsr-3338	105	25	*	*	SYM
fsr-3338	105	26	*	*	PUNCT
fsr-3338	105	27	�	�	PROPN
fsr-3338	105	28	0.011	0.011	NUM
fsr-3338	105	29	0.162	0.162	NUM
fsr-3338	105	30	*	*	PUNCT
fsr-3338	105	31	*	*	NOUN
fsr-3338	105	32	index	index	NOUN
fsr-3338	105	33	0.178	0.178	NUM
fsr-3338	105	34	*	*	NUM
fsr-3338	105	35	0.237	0.237	NUM
fsr-3338	105	36	*	*	NUM
fsr-3338	105	37	0.130	0.130	NUM
fsr-3338	105	38	0.002	0.002	NUM
fsr-3338	105	39	0.137	0.137	NUM
fsr-3338	105	40	*	*	PUNCT
fsr-3338	105	41	*	*	PUNCT
fsr-3338	105	42	�	�	PROPN
fsr-3338	105	43	0.010	0.010	NUM
fsr-3338	105	44	0.147	0.147	NUM
fsr-3338	105	45	*	*	PUNCT
fsr-3338	105	46	*	*	PUNCT
fsr-3338	105	47	�	�	PROPN
fsr-3338	105	48	return	return	VERB
fsr-3338	105	49	0.033	0.033	NUM
fsr-3338	105	50	0.147	0.147	NUM
fsr-3338	105	51	�	�	PROPN
fsr-3338	105	52	0.079	0.079	NUM
fsr-3338	105	53	�	�	PROPN
fsr-3338	105	54	0.044	0.044	NUM
fsr-3338	105	55	0.036	0.036	NUM
fsr-3338	105	56	�	�	NOUN
fsr-3338	105	57	0.009	0.009	NUM
fsr-3338	105	58	*	*	PUNCT
fsr-3338	105	59	*	*	PUNCT
fsr-3338	105	60	and	and	CCONJ
fsr-3338	105	61	*	*	PUNCT
fsr-3338	105	62	denote	denote	VERB
fsr-3338	105	63	for	for	ADP
fsr-3338	105	64	significance	significance	NOUN
fsr-3338	105	65	levels	level	NOUN
fsr-3338	105	66	at	at	ADP
fsr-3338	105	67	1	1	NUM
fsr-3338	105	68	%	%	NOUN
fsr-3338	105	69	and	and	CCONJ
fsr-3338	105	70	5	5	NUM
fsr-3338	105	71	%	%	NOUN
fsr-3338	105	72	,	,	PUNCT
fsr-3338	105	73	respectively	respectively	ADV
fsr-3338	105	74	.	.	PUNCT
fsr-3338	106	1	276	276	NUM
fsr-3338	106	2	h.	h.	PROPN
fsr-3338	106	3	chen	chen	PROPN
fsr-3338	106	4	et	et	PROPN
fsr-3338	106	5	al	al	PROPN
fsr-3338	106	6	.	.	PUNCT
fsr-3338	106	7	/	/	SYM
fsr-3338	106	8	financial	financial	ADJ
fsr-3338	106	9	services	service	NOUN
fsr-3338	106	10	review	review	VERB
fsr-3338	106	11	24	24	NUM
fsr-3338	106	12	(	(	PUNCT
fsr-3338	106	13	2015	2015	NUM
fsr-3338	106	14	)	)	PUNCT
fsr-3338	107	1	271–288	271–288	NUM
fsr-3338	107	2	can	can	AUX
fsr-3338	107	3	be	be	AUX
fsr-3338	107	4	seen	see	VERB
fsr-3338	107	5	in	in	ADP
fsr-3338	107	6	the	the	DET
fsr-3338	107	7	table	table	NOUN
fsr-3338	107	8	,	,	PUNCT
fsr-3338	107	9	the	the	DET
fsr-3338	107	10	tom	tom	PROPN
fsr-3338	107	11	effect	effect	NOUN
fsr-3338	107	12	is	be	AUX
fsr-3338	107	13	most	most	ADV
fsr-3338	107	14	pronounced	pronounce	VERB
fsr-3338	107	15	during	during	ADP
fsr-3338	107	16	the	the	DET
fsr-3338	107	17	first	first	ADJ
fsr-3338	107	18	two	two	NUM
fsr-3338	107	19	days	day	NOUN
fsr-3338	107	20	for	for	ADP
fsr-3338	107	21	both	both	PRON
fsr-3338	107	22	etfs	etfs	PROPN
fsr-3338	107	23	and	and	CCONJ
fsr-3338	107	24	the	the	DET
fsr-3338	107	25	indexes	index	NOUN
fsr-3338	107	26	.	.	PUNCT
fsr-3338	108	1	more	more	ADV
fsr-3338	108	2	important	important	ADJ
fsr-3338	108	3	,	,	PUNCT
fsr-3338	108	4	as	as	SCONJ
fsr-3338	108	5	shown	show	VERB
fsr-3338	108	6	in	in	ADP
fsr-3338	108	7	the	the	DET
fsr-3338	108	8	tom	tom	PROPN
fsr-3338	108	9	column	column	PROPN
fsr-3338	108	10	,	,	PUNCT
fsr-3338	108	11	the	the	DET
fsr-3338	108	12	average	average	ADJ
fsr-3338	108	13	daily	daily	ADJ
fsr-3338	108	14	return	return	NOUN
fsr-3338	108	15	during	during	ADP
fsr-3338	108	16	tom	tom	PROPN
fsr-3338	108	17	period	period	NOUN
fsr-3338	108	18	is	be	AUX
fsr-3338	108	19	significantly	significantly	ADV
fsr-3338	108	20	positive	positive	ADJ
fsr-3338	108	21	for	for	ADP
fsr-3338	108	22	both	both	DET
fsr-3338	108	23	index	index	NOUN
fsr-3338	108	24	and	and	CCONJ
fsr-3338	108	25	etf	etf	NOUN
fsr-3338	108	26	in	in	ADP
fsr-3338	108	27	all	all	DET
fsr-3338	108	28	markets	market	NOUN
fsr-3338	108	29	except	except	SCONJ
fsr-3338	108	30	for	for	ADP
fsr-3338	108	31	the	the	DET
fsr-3338	108	32	japanese	japanese	ADJ
fsr-3338	108	33	market	market	NOUN
fsr-3338	108	34	.	.	PUNCT
fsr-3338	109	1	our	our	PRON
fsr-3338	109	2	findings	finding	NOUN
fsr-3338	109	3	are	be	AUX
fsr-3338	109	4	consistent	consistent	ADJ
fsr-3338	109	5	with	with	ADP
fsr-3338	109	6	those	those	PRON
fsr-3338	109	7	in	in	ADP
fsr-3338	109	8	mcconnell	mcconnell	PROPN
fsr-3338	109	9	and	and	CCONJ
fsr-3338	109	10	xu	xu	PROPN
fsr-3338	109	11	(	(	PUNCT
fsr-3338	109	12	2008	2008	NUM
fsr-3338	109	13	)	)	PUNCT
fsr-3338	109	14	and	and	CCONJ
fsr-3338	109	15	chen	chen	PROPN
fsr-3338	109	16	and	and	CCONJ
fsr-3338	109	17	chua	chua	PROPN
fsr-3338	109	18	(	(	PUNCT
fsr-3338	109	19	2011	2011	NUM
fsr-3338	109	20	)	)	PUNCT
fsr-3338	109	21	.	.	PUNCT
fsr-3338	110	1	as	as	SCONJ
fsr-3338	110	2	the	the	DET
fsr-3338	110	3	last	last	ADJ
fsr-3338	110	4	column	column	NOUN
fsr-3338	110	5	in	in	ADP
fsr-3338	110	6	table	table	NOUN
fsr-3338	110	7	3	3	NUM
fsr-3338	110	8	shows	show	NOUN
fsr-3338	110	9	,	,	PUNCT
fsr-3338	110	10	the	the	DET
fsr-3338	110	11	return	return	NOUN
fsr-3338	110	12	difference	difference	NOUN
fsr-3338	110	13	between	between	ADP
fsr-3338	110	14	tom	tom	PROPN
fsr-3338	110	15	period	period	NOUN
fsr-3338	110	16	and	and	CCONJ
fsr-3338	110	17	non	non	ADJ
fsr-3338	110	18	-	-	ADJ
fsr-3338	110	19	tom	tom	ADJ
fsr-3338	110	20	period	period	NOUN
fsr-3338	110	21	is	be	AUX
fsr-3338	110	22	significantly	significantly	ADV
fsr-3338	110	23	positive	positive	ADJ
fsr-3338	110	24	for	for	ADP
fsr-3338	110	25	etfs	etfs	NOUN
fsr-3338	110	26	in	in	ADP
fsr-3338	110	27	all	all	DET
fsr-3338	110	28	markets	market	NOUN
fsr-3338	110	29	except	except	SCONJ
fsr-3338	110	30	for	for	ADP
fsr-3338	110	31	the	the	DET
fsr-3338	110	32	japanese	japanese	ADJ
fsr-3338	110	33	market	market	NOUN
fsr-3338	110	34	.	.	PUNCT
fsr-3338	111	1	on	on	ADP
fsr-3338	111	2	the	the	DET
fsr-3338	111	3	other	other	ADJ
fsr-3338	111	4	hand	hand	NOUN
fsr-3338	111	5	,	,	PUNCT
fsr-3338	111	6	for	for	ADP
fsr-3338	111	7	index	index	NOUN
fsr-3338	111	8	returns	return	NOUN
fsr-3338	111	9	,	,	PUNCT
fsr-3338	111	10	the	the	DET
fsr-3338	111	11	return	return	NOUN
fsr-3338	111	12	difference	difference	NOUN
fsr-3338	111	13	between	between	ADP
fsr-3338	111	14	tom	tom	PROPN
fsr-3338	111	15	period	period	NOUN
fsr-3338	111	16	returns	return	NOUN
fsr-3338	111	17	and	and	CCONJ
fsr-3338	111	18	non	non	ADJ
fsr-3338	111	19	-	-	ADJ
fsr-3338	111	20	tom	tom	ADJ
fsr-3338	111	21	period	period	NOUN
fsr-3338	111	22	is	be	AUX
fsr-3338	111	23	significantly	significantly	ADV
fsr-3338	111	24	positive	positive	ADJ
fsr-3338	111	25	only	only	ADV
fsr-3338	111	26	in	in	ADP
fsr-3338	111	27	five	five	NUM
fsr-3338	111	28	markets	market	NOUN
fsr-3338	111	29	.	.	PUNCT
fsr-3338	112	1	table	table	NOUN
fsr-3338	112	2	3	3	NUM
fsr-3338	112	3	also	also	ADV
fsr-3338	112	4	reports	report	VERB
fsr-3338	112	5	the	the	DET
fsr-3338	112	6	return	return	NOUN
fsr-3338	112	7	differences	difference	NOUN
fsr-3338	112	8	on	on	ADP
fsr-3338	112	9	each	each	PRON
fsr-3338	112	10	of	of	ADP
fsr-3338	112	11	the	the	DET
fsr-3338	112	12	four	four	NUM
fsr-3338	112	13	days	day	NOUN
fsr-3338	112	14	at	at	ADP
fsr-3338	112	15	the	the	DET
fsr-3338	112	16	turn	turn	NOUN
fsr-3338	112	17	of	of	ADP
fsr-3338	112	18	each	each	DET
fsr-3338	112	19	month	month	NOUN
fsr-3338	112	20	.	.	PUNCT
fsr-3338	113	1	the	the	DET
fsr-3338	113	2	differences	difference	NOUN
fsr-3338	113	3	are	be	AUX
fsr-3338	113	4	largely	largely	ADV
fsr-3338	113	5	insignificant	insignificant	ADJ
fsr-3338	113	6	for	for	ADP
fsr-3338	113	7	most	most	ADJ
fsr-3338	113	8	of	of	ADP
fsr-3338	113	9	the	the	DET
fsr-3338	113	10	days	day	NOUN
fsr-3338	113	11	.	.	PUNCT
fsr-3338	114	1	for	for	ADP
fsr-3338	114	2	all	all	DET
fsr-3338	114	3	nine	nine	NUM
fsr-3338	114	4	markets	market	NOUN
fsr-3338	114	5	,	,	PUNCT
fsr-3338	114	6	there	there	PRON
fsr-3338	114	7	is	be	VERB
fsr-3338	114	8	no	no	DET
fsr-3338	114	9	statistical	statistical	ADJ
fsr-3338	114	10	difference	difference	NOUN
fsr-3338	114	11	between	between	ADP
fsr-3338	114	12	the	the	DET
fsr-3338	114	13	index	index	NOUN
fsr-3338	114	14	returns	return	NOUN
fsr-3338	114	15	and	and	CCONJ
fsr-3338	114	16	the	the	DET
fsr-3338	114	17	etf	etf	NOUN
fsr-3338	114	18	returns	return	NOUN
fsr-3338	114	19	,	,	PUNCT
fsr-3338	114	20	indicating	indicate	VERB
fsr-3338	114	21	that	that	SCONJ
fsr-3338	114	22	etfs	etfs	PROPN
fsr-3338	114	23	track	track	VERB
fsr-3338	114	24	the	the	DET
fsr-3338	114	25	underlying	underlie	VERB
fsr-3338	114	26	market	market	NOUN
fsr-3338	114	27	index	index	NOUN
fsr-3338	114	28	very	very	ADV
fsr-3338	114	29	closely	closely	ADV
fsr-3338	114	30	even	even	ADV
fsr-3338	114	31	though	though	SCONJ
fsr-3338	114	32	there	there	PRON
fsr-3338	114	33	is	be	VERB
fsr-3338	114	34	a	a	DET
fsr-3338	114	35	difference	difference	NOUN
fsr-3338	114	36	in	in	ADP
fsr-3338	114	37	trading	trading	NOUN
fsr-3338	114	38	hours.3	hours.3	PROPN
fsr-3338	114	39	to	to	PART
fsr-3338	114	40	account	account	VERB
fsr-3338	114	41	for	for	ADP
fsr-3338	114	42	known	known	ADJ
fsr-3338	114	43	factors	factor	NOUN
fsr-3338	114	44	such	such	ADJ
fsr-3338	114	45	as	as	ADP
fsr-3338	114	46	the	the	DET
fsr-3338	114	47	january	january	PROPN
fsr-3338	114	48	effect	effect	NOUN
fsr-3338	114	49	and	and	CCONJ
fsr-3338	114	50	the	the	DET
fsr-3338	114	51	weekend	weekend	NOUN
fsr-3338	114	52	effect	effect	NOUN
fsr-3338	114	53	,	,	PUNCT
fsr-3338	114	54	we	we	PRON
fsr-3338	114	55	conduct	conduct	VERB
fsr-3338	114	56	a	a	DET
fsr-3338	114	57	regression	regression	NOUN
fsr-3338	114	58	analysis	analysis	NOUN
fsr-3338	114	59	to	to	PART
fsr-3338	114	60	test	test	VERB
fsr-3338	114	61	whether	whether	SCONJ
fsr-3338	114	62	the	the	DET
fsr-3338	114	63	tom	tom	PROPN
fsr-3338	114	64	effect	effect	NOUN
fsr-3338	114	65	still	still	ADV
fsr-3338	114	66	exists	exist	VERB
fsr-3338	114	67	in	in	ADP
fsr-3338	114	68	return	return	NOUN
fsr-3338	114	69	after	after	ADP
fsr-3338	114	70	controlling	control	VERB
fsr-3338	114	71	for	for	ADP
fsr-3338	114	72	these	these	DET
fsr-3338	114	73	factors	factor	NOUN
fsr-3338	114	74	.	.	PUNCT
fsr-3338	115	1	as	as	SCONJ
fsr-3338	115	2	shown	show	VERB
fsr-3338	115	3	in	in	ADP
fsr-3338	115	4	eq	eq	ADP
fsr-3338	115	5	.	.	PUNCT
fsr-3338	116	1	(	(	PUNCT
fsr-3338	116	2	1	1	NUM
fsr-3338	116	3	)	)	PUNCT
fsr-3338	116	4	,	,	PUNCT
fsr-3338	116	5	we	we	PRON
fsr-3338	116	6	include	include	VERB
fsr-3338	116	7	the	the	DET
fsr-3338	116	8	two	two	NUM
fsr-3338	116	9	additional	additional	ADJ
fsr-3338	116	10	control	control	NOUN
fsr-3338	116	11	variables	variable	NOUN
fsr-3338	116	12	.	.	PUNCT
fsr-3338	117	1	rit	rit	PROPN
fsr-3338	117	2	�	�	PROPN
fsr-3338	117	3	a0	a0	PROPN
fsr-3338	117	4	�	�	PROPN
fsr-3338	117	5	a1tomit	a1tomit	VERB
fsr-3338	117	6	�	�	PROPN
fsr-3338	117	7	a2januaryit	a2januaryit	PROPN
fsr-3338	117	8	�	�	PROPN
fsr-3338	117	9	a3weekendit	a3weekendit	PROPN
fsr-3338	117	10	�	�	PROPN
fsr-3338	117	11	eit	eit	PROPN
fsr-3338	117	12	where	where	SCONJ
fsr-3338	117	13	rit	rit	PROPN
fsr-3338	117	14	denotes	denote	VERB
fsr-3338	117	15	the	the	DET
fsr-3338	117	16	daily	daily	ADJ
fsr-3338	117	17	returns	return	NOUN
fsr-3338	117	18	of	of	ADP
fsr-3338	117	19	etfs	etfs	NOUN
fsr-3338	117	20	or	or	CCONJ
fsr-3338	117	21	stock	stock	NOUN
fsr-3338	117	22	indexes	index	NOUN
fsr-3338	117	23	.	.	PUNCT
fsr-3338	118	1	tom	tom	PROPN
fsr-3338	118	2	is	be	AUX
fsr-3338	118	3	a	a	DET
fsr-3338	118	4	dummy	dummy	ADJ
fsr-3338	118	5	variable	variable	NOUN
fsr-3338	118	6	that	that	PRON
fsr-3338	118	7	takes	take	VERB
fsr-3338	118	8	a	a	DET
fsr-3338	118	9	value	value	NOUN
fsr-3338	118	10	of	of	ADP
fsr-3338	118	11	1	1	NUM
fsr-3338	118	12	if	if	SCONJ
fsr-3338	118	13	a	a	DET
fsr-3338	118	14	trading	trading	NOUN
fsr-3338	118	15	day	day	NOUN
fsr-3338	118	16	belongs	belong	VERB
fsr-3338	118	17	to	to	ADP
fsr-3338	118	18	the	the	DET
fsr-3338	118	19	four	four	NUM
fsr-3338	118	20	-	-	PUNCT
fsr-3338	118	21	day	day	NOUN
fsr-3338	118	22	tom	tom	PROPN
fsr-3338	118	23	window	window	NOUN
fsr-3338	118	24	and	and	CCONJ
fsr-3338	118	25	otherwise	otherwise	ADV
fsr-3338	118	26	0	0	NUM
fsr-3338	118	27	.	.	PUNCT
fsr-3338	119	1	other	other	ADJ
fsr-3338	119	2	control	control	NOUN
fsr-3338	119	3	variables	variable	NOUN
fsr-3338	119	4	such	such	ADJ
fsr-3338	119	5	as	as	ADP
fsr-3338	119	6	january	january	PROPN
fsr-3338	119	7	and	and	CCONJ
fsr-3338	119	8	weekend	weekend	NOUN
fsr-3338	119	9	are	be	AUX
fsr-3338	119	10	also	also	ADV
fsr-3338	119	11	dummy	dummy	ADJ
fsr-3338	119	12	variables	variable	NOUN
fsr-3338	119	13	.	.	PUNCT
fsr-3338	120	1	january	january	PROPN
fsr-3338	120	2	takes	take	VERB
fsr-3338	120	3	a	a	DET
fsr-3338	120	4	value	value	NOUN
fsr-3338	120	5	of	of	ADP
fsr-3338	120	6	1	1	NUM
fsr-3338	120	7	if	if	SCONJ
fsr-3338	120	8	a	a	DET
fsr-3338	120	9	day	day	NOUN
fsr-3338	120	10	is	be	AUX
fsr-3338	120	11	in	in	ADP
fsr-3338	120	12	january	january	PROPN
fsr-3338	120	13	and	and	CCONJ
fsr-3338	120	14	0	0	NUM
fsr-3338	120	15	otherwise	otherwise	ADV
fsr-3338	120	16	.	.	PUNCT
fsr-3338	121	1	similarly	similarly	ADV
fsr-3338	121	2	,	,	PUNCT
fsr-3338	121	3	weekend	weekend	NOUN
fsr-3338	121	4	takes	take	VERB
fsr-3338	121	5	a	a	DET
fsr-3338	121	6	value	value	NOUN
fsr-3338	121	7	of	of	ADP
fsr-3338	121	8	1	1	NUM
fsr-3338	121	9	if	if	SCONJ
fsr-3338	121	10	it	it	PRON
fsr-3338	121	11	is	be	AUX
fsr-3338	121	12	a	a	DET
fsr-3338	121	13	monday	monday	PROPN
fsr-3338	121	14	and	and	CCONJ
fsr-3338	121	15	0	0	NUM
fsr-3338	121	16	otherwise	otherwise	ADV
fsr-3338	121	17	.	.	PUNCT
fsr-3338	122	1	the	the	DET
fsr-3338	122	2	null	null	ADJ
fsr-3338	122	3	hypothesis	hypothesis	NOUN
fsr-3338	122	4	is	be	AUX
fsr-3338	122	5	that	that	SCONJ
fsr-3338	122	6	there	there	PRON
fsr-3338	122	7	is	be	VERB
fsr-3338	122	8	no	no	DET
fsr-3338	122	9	tom	tom	PROPN
fsr-3338	122	10	effect	effect	NOUN
fsr-3338	122	11	,	,	PUNCT
fsr-3338	122	12	that	that	ADV
fsr-3338	122	13	is	is	ADV
fsr-3338	122	14	,	,	PUNCT
fsr-3338	122	15	�	�	PROPN
fsr-3338	122	16	1	1	NUM
fsr-3338	122	17	�	�	PROPN
fsr-3338	122	18	0	0	NUM
fsr-3338	122	19	.	.	PUNCT
fsr-3338	123	1	as	as	SCONJ
fsr-3338	123	2	shown	show	VERB
fsr-3338	123	3	in	in	ADP
fsr-3338	123	4	table	table	NOUN
fsr-3338	123	5	4	4	NUM
fsr-3338	123	6	,	,	PUNCT
fsr-3338	123	7	the	the	DET
fsr-3338	123	8	etf	etf	NOUN
fsr-3338	123	9	regression	regression	NOUN
fsr-3338	123	10	shows	show	VERB
fsr-3338	123	11	that	that	SCONJ
fsr-3338	123	12	the	the	DET
fsr-3338	123	13	coefficient	coefficient	NOUN
fsr-3338	123	14	for	for	ADP
fsr-3338	123	15	tom	tom	PROPN
fsr-3338	123	16	is	be	AUX
fsr-3338	123	17	significantly	significantly	ADV
fsr-3338	123	18	positive	positive	ADJ
fsr-3338	123	19	in	in	ADP
fsr-3338	123	20	all	all	DET
fsr-3338	123	21	markets	market	NOUN
fsr-3338	123	22	except	except	SCONJ
fsr-3338	123	23	for	for	ADP
fsr-3338	123	24	the	the	DET
fsr-3338	123	25	japanese	japanese	ADJ
fsr-3338	123	26	market	market	NOUN
fsr-3338	123	27	and	and	CCONJ
fsr-3338	123	28	the	the	DET
fsr-3338	123	29	swedish	swedish	ADJ
fsr-3338	123	30	market	market	NOUN
fsr-3338	123	31	.	.	PUNCT
fsr-3338	124	1	the	the	DET
fsr-3338	124	2	index	index	NOUN
fsr-3338	124	3	regression	regression	NOUN
fsr-3338	124	4	shows	show	VERB
fsr-3338	124	5	that	that	SCONJ
fsr-3338	124	6	the	the	DET
fsr-3338	124	7	coefficient	coefficient	NOUN
fsr-3338	124	8	for	for	ADP
fsr-3338	124	9	tom	tom	PROPN
fsr-3338	124	10	is	be	AUX
fsr-3338	124	11	significantly	significantly	ADV
fsr-3338	124	12	positive	positive	ADJ
fsr-3338	124	13	in	in	ADP
fsr-3338	124	14	six	six	NUM
fsr-3338	124	15	markets	market	NOUN
fsr-3338	124	16	but	but	CCONJ
fsr-3338	124	17	not	not	PART
fsr-3338	124	18	in	in	ADP
fsr-3338	124	19	the	the	DET
fsr-3338	124	20	french	french	PROPN
fsr-3338	124	21	,	,	PUNCT
fsr-3338	124	22	germany	germany	PROPN
fsr-3338	124	23	,	,	PUNCT
fsr-3338	124	24	and	and	CCONJ
fsr-3338	124	25	japanese	japanese	ADJ
fsr-3338	124	26	markets	market	NOUN
fsr-3338	124	27	.	.	PUNCT
fsr-3338	125	1	therefore	therefore	ADV
fsr-3338	125	2	,	,	PUNCT
fsr-3338	125	3	after	after	ADP
fsr-3338	125	4	controlling	control	VERB
fsr-3338	125	5	for	for	ADP
fsr-3338	125	6	other	other	ADJ
fsr-3338	125	7	factors	factor	NOUN
fsr-3338	125	8	,	,	PUNCT
fsr-3338	125	9	the	the	DET
fsr-3338	125	10	results	result	NOUN
fsr-3338	125	11	in	in	ADP
fsr-3338	125	12	table	table	NOUN
fsr-3338	125	13	4	4	NUM
fsr-3338	125	14	are	be	AUX
fsr-3338	125	15	largely	largely	ADV
fsr-3338	125	16	consistent	consistent	ADJ
fsr-3338	125	17	with	with	ADP
fsr-3338	125	18	those	those	PRON
fsr-3338	125	19	in	in	ADP
fsr-3338	125	20	table	table	NOUN
fsr-3338	125	21	3	3	NUM
fsr-3338	125	22	,	,	PUNCT
fsr-3338	125	23	confirming	confirm	VERB
fsr-3338	125	24	that	that	SCONJ
fsr-3338	125	25	the	the	DET
fsr-3338	125	26	tom	tom	PROPN
fsr-3338	125	27	effect	effect	NOUN
fsr-3338	125	28	exists	exist	VERB
fsr-3338	125	29	in	in	ADP
fsr-3338	125	30	the	the	DET
fsr-3338	125	31	returns	return	NOUN
fsr-3338	125	32	of	of	ADP
fsr-3338	125	33	both	both	DET
fsr-3338	125	34	index	index	NOUN
fsr-3338	125	35	and	and	CCONJ
fsr-3338	125	36	etfs	etfs	NOUN
fsr-3338	125	37	in	in	ADP
fsr-3338	125	38	most	most	ADJ
fsr-3338	125	39	of	of	ADP
fsr-3338	125	40	the	the	DET
fsr-3338	125	41	markets	market	NOUN
fsr-3338	125	42	examined	examine	VERB
fsr-3338	125	43	.	.	PUNCT
fsr-3338	126	1	fig	fig	NOUN
fsr-3338	126	2	.	.	PUNCT
fsr-3338	127	1	1	1	NUM
fsr-3338	127	2	presents	present	VERB
fsr-3338	127	3	a	a	DET
fsr-3338	127	4	comparison	comparison	NOUN
fsr-3338	127	5	of	of	ADP
fsr-3338	127	6	the	the	DET
fsr-3338	127	7	cumulative	cumulative	ADJ
fsr-3338	127	8	returns	return	NOUN
fsr-3338	127	9	during	during	ADP
fsr-3338	127	10	the	the	DET
fsr-3338	127	11	four	four	NUM
fsr-3338	127	12	-	-	PUNCT
fsr-3338	127	13	day	day	NOUN
fsr-3338	127	14	tom	tom	PROPN
fsr-3338	127	15	period	period	NOUN
fsr-3338	127	16	and	and	CCONJ
fsr-3338	127	17	those	those	PRON
fsr-3338	127	18	during	during	ADP
fsr-3338	127	19	the	the	DET
fsr-3338	127	20	rest	rest	NOUN
fsr-3338	127	21	of	of	ADP
fsr-3338	127	22	the	the	DET
fsr-3338	127	23	month	month	NOUN
fsr-3338	127	24	for	for	ADP
fsr-3338	127	25	the	the	DET
fsr-3338	127	26	nine	nine	NUM
fsr-3338	127	27	etfs	etfs	NOUN
fsr-3338	127	28	.	.	PUNCT
fsr-3338	128	1	as	as	SCONJ
fsr-3338	128	2	can	can	AUX
fsr-3338	128	3	be	be	AUX
fsr-3338	128	4	seen	see	VERB
fsr-3338	128	5	,	,	PUNCT
fsr-3338	128	6	the	the	DET
fsr-3338	128	7	average	average	ADJ
fsr-3338	128	8	cumulative	cumulative	ADJ
fsr-3338	128	9	returns	return	NOUN
fsr-3338	128	10	in	in	ADP
fsr-3338	128	11	non	non	ADJ
fsr-3338	128	12	-	-	ADJ
fsr-3338	128	13	tom	tom	ADJ
fsr-3338	128	14	period	period	NOUN
fsr-3338	128	15	are	be	AUX
fsr-3338	128	16	negative	negative	ADJ
fsr-3338	128	17	in	in	ADP
fsr-3338	128	18	five	five	NUM
fsr-3338	128	19	markets	market	NOUN
fsr-3338	128	20	;	;	PUNCT
fsr-3338	128	21	in	in	ADP
fsr-3338	128	22	contrast	contrast	NOUN
fsr-3338	128	23	,	,	PUNCT
fsr-3338	128	24	the	the	DET
fsr-3338	128	25	average	average	ADJ
fsr-3338	128	26	cumulative	cumulative	ADJ
fsr-3338	128	27	return	return	NOUN
fsr-3338	128	28	over	over	ADP
fsr-3338	128	29	tom	tom	PROPN
fsr-3338	128	30	period	period	NOUN
fsr-3338	128	31	is	be	AUX
fsr-3338	128	32	positive	positive	ADJ
fsr-3338	128	33	in	in	ADP
fsr-3338	128	34	all	all	DET
fsr-3338	128	35	markets	market	NOUN
fsr-3338	128	36	.	.	PUNCT
fsr-3338	129	1	the	the	DET
fsr-3338	129	2	sheer	sheer	ADJ
fsr-3338	129	3	magnitude	magnitude	NOUN
fsr-3338	129	4	indicates	indicate	VERB
fsr-3338	129	5	the	the	DET
fsr-3338	129	6	importance	importance	NOUN
fsr-3338	129	7	of	of	ADP
fsr-3338	129	8	the	the	DET
fsr-3338	129	9	tom	tom	PROPN
fsr-3338	129	10	effect	effect	NOUN
fsr-3338	129	11	in	in	ADP
fsr-3338	129	12	determining	determine	VERB
fsr-3338	129	13	the	the	DET
fsr-3338	129	14	overall	overall	ADJ
fsr-3338	129	15	performance	performance	NOUN
fsr-3338	129	16	for	for	ADP
fsr-3338	129	17	the	the	DET
fsr-3338	129	18	whole	whole	ADJ
fsr-3338	129	19	month	month	NOUN
fsr-3338	129	20	.	.	PUNCT
fsr-3338	130	1	are	be	AUX
fsr-3338	130	2	returns	return	NOUN
fsr-3338	130	3	more	more	ADV
fsr-3338	130	4	volatile	volatile	ADJ
fsr-3338	130	5	during	during	ADP
fsr-3338	130	6	tom	tom	PROPN
fsr-3338	130	7	period	period	NOUN
fsr-3338	130	8	than	than	ADP
fsr-3338	130	9	during	during	ADP
fsr-3338	130	10	non	non	ADJ
fsr-3338	130	11	-	-	ADJ
fsr-3338	130	12	tom	tom	ADJ
fsr-3338	130	13	period	period	NOUN
fsr-3338	130	14	?	?	PUNCT
fsr-3338	131	1	table	table	NOUN
fsr-3338	131	2	5	5	NUM
fsr-3338	131	3	presents	present	VERB
fsr-3338	131	4	the	the	DET
fsr-3338	131	5	return	return	NOUN
fsr-3338	131	6	standard	standard	ADJ
fsr-3338	131	7	deviations	deviation	NOUN
fsr-3338	131	8	on	on	ADP
fsr-3338	131	9	(	(	PUNCT
fsr-3338	131	10	1	1	X
fsr-3338	131	11	)	)	PUNCT
fsr-3338	131	12	each	each	DET
fsr-3338	131	13	day	day	NOUN
fsr-3338	131	14	of	of	ADP
fsr-3338	131	15	the	the	DET
fsr-3338	131	16	four	four	NUM
fsr-3338	131	17	-	-	PUNCT
fsr-3338	131	18	day	day	NOUN
fsr-3338	131	19	tom	tom	PROPN
fsr-3338	131	20	period	period	NOUN
fsr-3338	131	21	,	,	PUNCT
fsr-3338	131	22	(	(	PUNCT
fsr-3338	131	23	2	2	X
fsr-3338	131	24	)	)	PUNCT
fsr-3338	131	25	during	during	ADP
fsr-3338	131	26	tom	tom	PROPN
fsr-3338	131	27	period	period	NOUN
fsr-3338	131	28	,	,	PUNCT
fsr-3338	131	29	and	and	CCONJ
fsr-3338	131	30	(	(	PUNCT
fsr-3338	131	31	3	3	X
fsr-3338	131	32	)	)	PUNCT
fsr-3338	131	33	during	during	ADP
fsr-3338	131	34	the	the	DET
fsr-3338	131	35	rest	rest	NOUN
fsr-3338	131	36	of	of	ADP
fsr-3338	131	37	the	the	DET
fsr-3338	131	38	month	month	NOUN
fsr-3338	131	39	for	for	ADP
fsr-3338	131	40	both	both	CCONJ
fsr-3338	131	41	etfs	etfs	NOUN
fsr-3338	131	42	and	and	CCONJ
fsr-3338	131	43	stock	stock	NOUN
fsr-3338	131	44	indexes	index	NOUN
fsr-3338	131	45	.	.	PUNCT
fsr-3338	132	1	the	the	DET
fsr-3338	132	2	results	result	NOUN
fsr-3338	132	3	show	show	VERB
fsr-3338	132	4	several	several	ADJ
fsr-3338	132	5	patterns	pattern	NOUN
fsr-3338	132	6	.	.	PUNCT
fsr-3338	133	1	first	first	ADV
fsr-3338	133	2	,	,	PUNCT
fsr-3338	133	3	return	return	VERB
fsr-3338	133	4	standard	standard	ADJ
fsr-3338	133	5	deviation	deviation	NOUN
fsr-3338	133	6	is	be	AUX
fsr-3338	133	7	higher	high	ADJ
fsr-3338	133	8	for	for	ADP
fsr-3338	133	9	etfs	etfs	PROPN
fsr-3338	133	10	than	than	ADP
fsr-3338	133	11	for	for	ADP
fsr-3338	133	12	the	the	DET
fsr-3338	133	13	indexes	index	NOUN
fsr-3338	133	14	in	in	ADP
fsr-3338	133	15	all	all	DET
fsr-3338	133	16	markets	market	NOUN
fsr-3338	133	17	,	,	PUNCT
fsr-3338	133	18	a	a	DET
fsr-3338	133	19	finding	finding	NOUN
fsr-3338	133	20	consistent	consistent	ADJ
fsr-3338	133	21	with	with	ADP
fsr-3338	133	22	those	those	PRON
fsr-3338	133	23	in	in	ADP
fsr-3338	133	24	chen	chen	PROPN
fsr-3338	133	25	and	and	CCONJ
fsr-3338	133	26	chua	chua	PROPN
fsr-3338	133	27	(	(	PUNCT
fsr-3338	133	28	2011	2011	NUM
fsr-3338	133	29	)	)	PUNCT
fsr-3338	133	30	,	,	PUNCT
fsr-3338	133	31	which	which	PRON
fsr-3338	133	32	277h	277h	NUM
fsr-3338	133	33	.	.	PUNCT
fsr-3338	134	1	chen	chen	PROPN
fsr-3338	134	2	et	et	PROPN
fsr-3338	134	3	al	al	PROPN
fsr-3338	134	4	.	.	PUNCT
fsr-3338	134	5	/	/	SYM
fsr-3338	134	6	financial	financial	ADJ
fsr-3338	134	7	services	service	NOUN
fsr-3338	134	8	review	review	VERB
fsr-3338	134	9	24	24	NUM
fsr-3338	134	10	(	(	PUNCT
fsr-3338	134	11	2015	2015	NUM
fsr-3338	134	12	)	)	PUNCT
fsr-3338	135	1	271–288	271–288	NUM
fsr-3338	135	2	reports	report	NOUN
fsr-3338	135	3	that	that	SCONJ
fsr-3338	135	4	spdr	spdr	NOUN
fsr-3338	135	5	has	have	AUX
fsr-3338	135	6	a	a	DET
fsr-3338	135	7	higher	high	ADJ
fsr-3338	135	8	standard	standard	ADJ
fsr-3338	135	9	deviation	deviation	NOUN
fsr-3338	135	10	during	during	ADP
fsr-3338	135	11	both	both	DET
fsr-3338	135	12	tom	tom	PROPN
fsr-3338	135	13	period	period	NOUN
fsr-3338	135	14	and	and	CCONJ
fsr-3338	135	15	the	the	DET
fsr-3338	135	16	rest	rest	NOUN
fsr-3338	135	17	of	of	ADP
fsr-3338	135	18	the	the	DET
fsr-3338	135	19	month	month	NOUN
fsr-3338	135	20	than	than	ADP
fsr-3338	135	21	its	its	PRON
fsr-3338	135	22	underlying	underlying	ADJ
fsr-3338	135	23	s&p	s&p	PROPN
fsr-3338	135	24	500	500	NUM
fsr-3338	135	25	index	index	NOUN
fsr-3338	135	26	.	.	PUNCT
fsr-3338	136	1	second	second	ADJ
fsr-3338	136	2	,	,	PUNCT
fsr-3338	136	3	the	the	DET
fsr-3338	136	4	standard	standard	ADJ
fsr-3338	136	5	deviation	deviation	NOUN
fsr-3338	136	6	is	be	AUX
fsr-3338	136	7	no	no	ADV
fsr-3338	136	8	higher	high	ADJ
fsr-3338	136	9	during	during	ADP
fsr-3338	136	10	tom	tom	PROPN
fsr-3338	136	11	period	period	NOUN
fsr-3338	136	12	than	than	ADP
fsr-3338	136	13	during	during	ADP
fsr-3338	136	14	the	the	DET
fsr-3338	136	15	rest	rest	NOUN
fsr-3338	136	16	of	of	ADP
fsr-3338	136	17	the	the	DET
fsr-3338	136	18	month	month	NOUN
fsr-3338	136	19	for	for	ADP
fsr-3338	136	20	both	both	DET
fsr-3338	136	21	indexes	index	NOUN
fsr-3338	136	22	and	and	CCONJ
fsr-3338	136	23	etfs	etfs	NOUN
fsr-3338	136	24	.	.	PUNCT
fsr-3338	137	1	in	in	ADP
fsr-3338	137	2	the	the	DET
fsr-3338	137	3	australian	australian	ADJ
fsr-3338	137	4	market	market	NOUN
fsr-3338	137	5	,	,	PUNCT
fsr-3338	137	6	returns	return	NOUN
fsr-3338	137	7	are	be	AUX
fsr-3338	137	8	less	less	ADV
fsr-3338	137	9	volatile	volatile	ADJ
fsr-3338	137	10	during	during	ADP
fsr-3338	137	11	tom	tom	PROPN
fsr-3338	137	12	period	period	NOUN
fsr-3338	137	13	than	than	ADP
fsr-3338	137	14	during	during	ADP
fsr-3338	137	15	non	non	ADJ
fsr-3338	137	16	-	-	ADJ
fsr-3338	137	17	tom	tom	ADJ
fsr-3338	137	18	period	period	NOUN
fsr-3338	137	19	for	for	ADP
fsr-3338	137	20	both	both	CCONJ
fsr-3338	137	21	the	the	DET
fsr-3338	137	22	etf	etf	NOUN
fsr-3338	137	23	and	and	CCONJ
fsr-3338	137	24	the	the	DET
fsr-3338	137	25	index	index	NOUN
fsr-3338	137	26	.	.	PUNCT
fsr-3338	138	1	similarly	similarly	ADV
fsr-3338	138	2	,	,	PUNCT
fsr-3338	138	3	risk	risk	NOUN
fsr-3338	138	4	is	be	AUX
fsr-3338	138	5	significantly	significantly	ADV
fsr-3338	138	6	lower	low	ADJ
fsr-3338	138	7	during	during	ADP
fsr-3338	138	8	tom	tom	PROPN
fsr-3338	138	9	period	period	NOUN
fsr-3338	138	10	than	than	ADP
fsr-3338	138	11	during	during	ADP
fsr-3338	138	12	non	non	ADJ
fsr-3338	138	13	-	-	ADJ
fsr-3338	138	14	tom	tom	ADJ
fsr-3338	138	15	period	period	NOUN
fsr-3338	138	16	for	for	ADP
fsr-3338	138	17	the	the	DET
fsr-3338	138	18	swedish	swedish	ADJ
fsr-3338	138	19	etf	etf	NOUN
fsr-3338	138	20	returns	return	NOUN
fsr-3338	138	21	and	and	CCONJ
fsr-3338	138	22	the	the	DET
fsr-3338	138	23	japanese	japanese	ADJ
fsr-3338	138	24	index	index	NOUN
fsr-3338	138	25	returns	return	NOUN
fsr-3338	138	26	.	.	PUNCT
fsr-3338	139	1	4.2	4.2	NUM
fsr-3338	139	2	.	.	PUNCT
fsr-3338	140	1	tom	tom	PROPN
fsr-3338	140	2	effect	effect	PROPN
fsr-3338	140	3	:	:	PUNCT
fsr-3338	140	4	robustness	robustness	NOUN
fsr-3338	140	5	check	check	NOUN
fsr-3338	140	6	4.2.1	4.2.1	NUM
fsr-3338	140	7	.	.	PUNCT
fsr-3338	141	1	tests	test	NOUN
fsr-3338	141	2	on	on	ADP
fsr-3338	141	3	subsamples	subsample	NOUN
fsr-3338	141	4	does	do	AUX
fsr-3338	141	5	the	the	DET
fsr-3338	141	6	tom	tom	PROPN
fsr-3338	141	7	effect	effect	NOUN
fsr-3338	141	8	exist	exist	VERB
fsr-3338	141	9	in	in	ADP
fsr-3338	141	10	recent	recent	ADJ
fsr-3338	141	11	data	datum	NOUN
fsr-3338	141	12	?	?	PUNCT
fsr-3338	142	1	as	as	ADP
fsr-3338	142	2	a	a	DET
fsr-3338	142	3	robustness	robustness	NOUN
fsr-3338	142	4	check	check	NOUN
fsr-3338	142	5	,	,	PUNCT
fsr-3338	142	6	we	we	PRON
fsr-3338	142	7	evenly	evenly	ADV
fsr-3338	142	8	divide	divide	VERB
fsr-3338	142	9	our	our	PRON
fsr-3338	142	10	whole	whole	ADJ
fsr-3338	142	11	sample	sample	NOUN
fsr-3338	142	12	into	into	ADP
fsr-3338	142	13	two	two	NUM
fsr-3338	142	14	subsamples	subsample	NOUN
fsr-3338	142	15	and	and	CCONJ
fsr-3338	142	16	retest	retest	VERB
fsr-3338	142	17	the	the	DET
fsr-3338	142	18	tom	tom	PROPN
fsr-3338	142	19	effect	effect	NOUN
fsr-3338	142	20	in	in	ADP
fsr-3338	142	21	each	each	DET
fsr-3338	142	22	subsample	subsample	NOUN
fsr-3338	142	23	.	.	PUNCT
fsr-3338	143	1	as	as	SCONJ
fsr-3338	143	2	shown	show	VERB
fsr-3338	143	3	in	in	ADP
fsr-3338	143	4	table	table	NOUN
fsr-3338	143	5	6	6	NUM
fsr-3338	143	6	,	,	PUNCT
fsr-3338	143	7	in	in	ADP
fsr-3338	143	8	the	the	DET
fsr-3338	143	9	early	early	ADJ
fsr-3338	143	10	sample	sample	NOUN
fsr-3338	143	11	,	,	PUNCT
fsr-3338	143	12	the	the	DET
fsr-3338	143	13	tom	tom	PROPN
fsr-3338	143	14	effect	effect	NOUN
fsr-3338	143	15	exists	exist	VERB
fsr-3338	143	16	in	in	ADP
fsr-3338	143	17	both	both	CCONJ
fsr-3338	143	18	etf	etf	NOUN
fsr-3338	143	19	and	and	CCONJ
fsr-3338	143	20	index	index	NOUN
fsr-3338	143	21	returns	return	NOUN
fsr-3338	143	22	only	only	ADV
fsr-3338	143	23	in	in	ADP
fsr-3338	143	24	the	the	DET
fsr-3338	143	25	brazilian	brazilian	ADJ
fsr-3338	143	26	market	market	NOUN
fsr-3338	143	27	.	.	PUNCT
fsr-3338	144	1	in	in	ADP
fsr-3338	144	2	contrast	contrast	NOUN
fsr-3338	144	3	,	,	PUNCT
fsr-3338	144	4	in	in	ADP
fsr-3338	144	5	the	the	DET
fsr-3338	144	6	more	more	ADV
fsr-3338	144	7	recent	recent	ADJ
fsr-3338	144	8	subsample	subsample	NOUN
fsr-3338	144	9	,	,	PUNCT
fsr-3338	144	10	returns	return	NOUN
fsr-3338	144	11	are	be	AUX
fsr-3338	144	12	significantly	significantly	ADV
fsr-3338	144	13	table	table	NOUN
fsr-3338	144	14	4	4	NUM
fsr-3338	144	15	regression	regression	NOUN
fsr-3338	144	16	analysis	analysis	NOUN
fsr-3338	144	17	for	for	ADP
fsr-3338	144	18	each	each	DET
fsr-3338	144	19	market	market	NOUN
fsr-3338	144	20	,	,	PUNCT
fsr-3338	144	21	the	the	DET
fsr-3338	144	22	dependent	dependent	ADJ
fsr-3338	144	23	variable	variable	NOUN
fsr-3338	144	24	is	be	AUX
fsr-3338	144	25	the	the	DET
fsr-3338	144	26	daily	daily	ADJ
fsr-3338	144	27	return	return	NOUN
fsr-3338	144	28	of	of	ADP
fsr-3338	144	29	the	the	DET
fsr-3338	144	30	etf	etf	NOUN
fsr-3338	144	31	and	and	CCONJ
fsr-3338	144	32	the	the	DET
fsr-3338	144	33	stock	stock	NOUN
fsr-3338	144	34	index	index	NOUN
fsr-3338	144	35	,	,	PUNCT
fsr-3338	144	36	respectively	respectively	ADV
fsr-3338	144	37	.	.	PUNCT
fsr-3338	145	1	tom	tom	PROPN
fsr-3338	145	2	,	,	PUNCT
fsr-3338	145	3	january	january	PROPN
fsr-3338	145	4	,	,	PUNCT
fsr-3338	145	5	and	and	CCONJ
fsr-3338	145	6	weekend	weekend	NOUN
fsr-3338	145	7	are	be	AUX
fsr-3338	145	8	dummy	dummy	ADJ
fsr-3338	145	9	variables	variable	NOUN
fsr-3338	145	10	if	if	SCONJ
fsr-3338	145	11	a	a	DET
fsr-3338	145	12	trading	trading	NOUN
fsr-3338	145	13	day	day	NOUN
fsr-3338	145	14	is	be	AUX
fsr-3338	145	15	during	during	ADP
fsr-3338	145	16	the	the	DET
fsr-3338	145	17	turn	turn	NOUN
fsr-3338	145	18	of	of	ADP
fsr-3338	145	19	the	the	DET
fsr-3338	145	20	month	month	NOUN
fsr-3338	145	21	period	period	NOUN
fsr-3338	145	22	,	,	PUNCT
fsr-3338	145	23	in	in	ADP
fsr-3338	145	24	january	january	PROPN
fsr-3338	145	25	,	,	PUNCT
fsr-3338	145	26	and	and	CCONJ
fsr-3338	145	27	a	a	DET
fsr-3338	145	28	monday	monday	PROPN
fsr-3338	145	29	,	,	PUNCT
fsr-3338	145	30	respectively	respectively	ADV
fsr-3338	145	31	.	.	PUNCT
fsr-3338	146	1	regression	regression	NOUN
fsr-3338	146	2	coefficients	coefficient	NOUN
fsr-3338	146	3	use	use	VERB
fsr-3338	146	4	a	a	DET
fsr-3338	146	5	newey	newey	PROPN
fsr-3338	146	6	-	-	PUNCT
fsr-3338	146	7	west	west	PROPN
fsr-3338	146	8	correction	correction	NOUN
fsr-3338	146	9	of	of	ADP
fsr-3338	146	10	standard	standard	ADJ
fsr-3338	146	11	errors	error	NOUN
fsr-3338	146	12	for	for	ADP
fsr-3338	146	13	heteroscedasticity	heteroscedasticity	NOUN
fsr-3338	146	14	and	and	CCONJ
fsr-3338	146	15	autocorrelation	autocorrelation	NOUN
fsr-3338	146	16	.	.	PUNCT
fsr-3338	147	1	country	country	NOUN
fsr-3338	147	2	constant	constant	ADJ
fsr-3338	147	3	tom	tom	PROPN
fsr-3338	147	4	january	january	PROPN
fsr-3338	147	5	weekend	weekend	PROPN
fsr-3338	147	6	n	n	PROPN
fsr-3338	147	7	r2	r2	PROPN
fsr-3338	147	8	australia	australia	PROPN
fsr-3338	147	9	etf	etf	PROPN
fsr-3338	147	10	0.0003	0.0003	NUM
fsr-3338	147	11	0.0016	0.0016	NUM
fsr-3338	147	12	*	*	SYM
fsr-3338	147	13	�	�	PROPN
fsr-3338	147	14	0.0008	0.0008	NUM
fsr-3338	147	15	�	�	PROPN
fsr-3338	147	16	0.0006	0.0006	NUM
fsr-3338	147	17	3,975	3,975	NUM
fsr-3338	147	18	0.001	0.001	NUM
fsr-3338	147	19	index	index	NOUN
fsr-3338	147	20	0.0002	0.0002	NUM
fsr-3338	147	21	0.0012	0.0012	NUM
fsr-3338	147	22	*	*	SYM
fsr-3338	147	23	�	�	PROPN
fsr-3338	147	24	0.0008	0.0008	NUM
fsr-3338	147	25	�	�	NOUN
fsr-3338	147	26	0.0000	0.0000	NUM
fsr-3338	147	27	3,975	3,975	NUM
fsr-3338	147	28	0.001	0.001	NUM
fsr-3338	147	29	brazil	brazil	PROPN
fsr-3338	147	30	etf	etf	NOUN
fsr-3338	147	31	0.0008	0.0008	NUM
fsr-3338	147	32	0.0034	0.0034	NUM
fsr-3338	147	33	*	*	PUNCT
fsr-3338	147	34	*	*	PUNCT
fsr-3338	147	35	�	�	PROPN
fsr-3338	147	36	0.0010	0.0010	NUM
fsr-3338	147	37	0.0028	0.0028	NUM
fsr-3338	147	38	2,915	2,915	NUM
fsr-3338	147	39	0.004	0.004	NUM
fsr-3338	147	40	index	index	NOUN
fsr-3338	147	41	0.0004	0.0004	NUM
fsr-3338	147	42	0.0036	0.0036	NUM
fsr-3338	147	43	*	*	PUNCT
fsr-3338	147	44	*	*	PUNCT
fsr-3338	147	45	�	�	PROPN
fsr-3338	147	46	0.0001	0.0001	NUM
fsr-3338	147	47	0.0015	0.0015	NUM
fsr-3338	147	48	2,915	2,915	NUM
fsr-3338	147	49	0.003	0.003	NUM
fsr-3338	147	50	canada	canada	PROPN
fsr-3338	147	51	etf	etf	PROPN
fsr-3338	147	52	�	�	PROPN
fsr-3338	147	53	0.0000	0.0000	NUM
fsr-3338	147	54	0.0017	0.0017	NUM
fsr-3338	147	55	*	*	PUNCT
fsr-3338	147	56	*	*	PUNCT
fsr-3338	147	57	�	�	PROPN
fsr-3338	147	58	0.0001	0.0001	NUM
fsr-3338	147	59	0.0000	0.0000	NUM
fsr-3338	147	60	3,969	3,969	NUM
fsr-3338	147	61	0.001	0.001	NUM
fsr-3338	147	62	index	index	NOUN
fsr-3338	147	63	0.0002	0.0002	NUM
fsr-3338	147	64	0.0014	0.0014	NUM
fsr-3338	147	65	*	*	SYM
fsr-3338	147	66	�	�	PROPN
fsr-3338	147	67	0.0005	0.0005	NUM
fsr-3338	147	68	0.0005	0.0005	NUM
fsr-3338	147	69	3,969	3,969	NUM
fsr-3338	147	70	0.001	0.001	NUM
fsr-3338	147	71	france	france	PROPN
fsr-3338	147	72	etf	etf	PROPN
fsr-3338	147	73	0.0003	0.0003	NUM
fsr-3338	147	74	0.0016	0.0016	NUM
fsr-3338	147	75	*	*	SYM
fsr-3338	147	76	�	�	PROPN
fsr-3338	147	77	0.0015	0.0015	NUM
fsr-3338	147	78	�	�	PROPN
fsr-3338	147	79	0.0012	0.0012	NUM
fsr-3338	147	80	3,977	3,977	NUM
fsr-3338	147	81	0.002	0.002	NUM
fsr-3338	147	82	index	index	NOUN
fsr-3338	147	83	0.0002	0.0002	NUM
fsr-3338	147	84	0.0012	0.0012	NUM
fsr-3338	147	85	�	�	PROPN
fsr-3338	147	86	0.0014	0.0014	NUM
fsr-3338	147	87	�	�	PROPN
fsr-3338	147	88	0.0005	0.0005	NUM
fsr-3338	147	89	3,977	3,977	NUM
fsr-3338	147	90	0.001	0.001	NUM
fsr-3338	147	91	germany	germany	PROPN
fsr-3338	147	92	etf	etf	NOUN
fsr-3338	147	93	0.0001	0.0001	NUM
fsr-3338	147	94	0.0015	0.0015	NUM
fsr-3338	147	95	*	*	PROPN
fsr-3338	147	96	*	*	PROPN
fsr-3338	147	97	�	�	PROPN
fsr-3338	147	98	0.0015	0.0015	NUM
fsr-3338	147	99	�	�	PROPN
fsr-3338	147	100	0.0006	0.0006	NUM
fsr-3338	147	101	3,977	3,977	NUM
fsr-3338	147	102	0.002	0.002	NUM
fsr-3338	147	103	index	index	NOUN
fsr-3338	147	104	0.0004	0.0004	NUM
fsr-3338	147	105	*	*	NOUN
fsr-3338	147	106	*	*	SYM
fsr-3338	147	107	0.0003	0.0003	NUM
fsr-3338	147	108	�	�	PROPN
fsr-3338	147	109	0.0011	0.0011	NUM
fsr-3338	147	110	*	*	PUNCT
fsr-3338	147	111	�	�	PROPN
fsr-3338	147	112	0.0005	0.0005	NUM
fsr-3338	147	113	3,977	3,977	NUM
fsr-3338	147	114	0.002	0.002	NUM
fsr-3338	147	115	hong	hong	PROPN
fsr-3338	147	116	kong	kong	PROPN
fsr-3338	147	117	etf	etf	PROPN
fsr-3338	147	118	0.0002	0.0002	NUM
fsr-3338	147	119	0.0021	0.0021	NUM
fsr-3338	147	120	*	*	PUNCT
fsr-3338	147	121	*	*	PROPN
fsr-3338	147	122	�	�	PROPN
fsr-3338	147	123	0.0010	0.0010	NUM
fsr-3338	147	124	�	�	PROPN
fsr-3338	147	125	0.0017	0.0017	NUM
fsr-3338	147	126	3,977	3,977	NUM
fsr-3338	147	127	0.004	0.004	NUM
fsr-3338	147	128	index	index	NOUN
fsr-3338	147	129	0.0001	0.0001	NUM
fsr-3338	147	130	0.0018	0.0018	NUM
fsr-3338	147	131	*	*	PUNCT
fsr-3338	147	132	�	�	PROPN
fsr-3338	147	133	0.0018	0.0018	NUM
fsr-3338	147	134	0.0002	0.0002	NUM
fsr-3338	147	135	3,977	3,977	NUM
fsr-3338	147	136	0.003	0.003	NUM
fsr-3338	147	137	japan	japan	PROPN
fsr-3338	147	138	etf	etf	PROPN
fsr-3338	147	139	0.0001	0.0001	NUM
fsr-3338	147	140	0.0012	0.0012	NUM
fsr-3338	147	141	�	�	PROPN
fsr-3338	147	142	0.0008	0.0008	NUM
fsr-3338	147	143	�	�	PROPN
fsr-3338	147	144	0.0010	0.0010	NUM
fsr-3338	147	145	3,977	3,977	NUM
fsr-3338	147	146	0.002	0.002	NUM
fsr-3338	147	147	index	index	NOUN
fsr-3338	147	148	0.0000	0.0000	NUM
fsr-3338	147	149	0.0006	0.0006	NUM
fsr-3338	147	150	�	�	PROPN
fsr-3338	147	151	0.0001	0.0001	NUM
fsr-3338	147	152	�	�	NOUN
fsr-3338	147	153	0.0014	0.0014	NUM
fsr-3338	147	154	*	*	NUM
fsr-3338	147	155	3,977	3,977	NUM
fsr-3338	147	156	0.002	0.002	NUM
fsr-3338	147	157	sweden	sweden	PROPN
fsr-3338	147	158	etf	etf	PROPN
fsr-3338	147	159	0.0002	0.0002	NUM
fsr-3338	147	160	0.0016	0.0016	NUM
fsr-3338	147	161	�	�	NOUN
fsr-3338	147	162	0.0013	0.0013	NUM
fsr-3338	147	163	0.0005	0.0005	NUM
fsr-3338	147	164	3,941	3,941	NUM
fsr-3338	147	165	0.002	0.002	NUM
fsr-3338	147	166	index	index	NOUN
fsr-3338	147	167	0.0002	0.0002	NUM
fsr-3338	147	168	0.0016	0.0016	NUM
fsr-3338	147	169	*	*	SYM
fsr-3338	147	170	�	�	PROPN
fsr-3338	147	171	0.0012	0.0012	NUM
fsr-3338	147	172	�	�	PROPN
fsr-3338	147	173	0.0004	0.0004	NUM
fsr-3338	147	174	3,941	3,941	NUM
fsr-3338	147	175	0.001	0.001	NUM
fsr-3338	147	176	u.k	u.k	PROPN
fsr-3338	147	177	.	.	PROPN
fsr-3338	147	178	etf	etf	NOUN
fsr-3338	147	179	0.0001	0.0001	NUM
fsr-3338	147	180	0.0016	0.0016	NUM
fsr-3338	147	181	*	*	SYM
fsr-3338	147	182	�	�	PROPN
fsr-3338	147	183	0.0011	0.0011	NUM
fsr-3338	147	184	�	�	NOUN
fsr-3338	147	185	0.0005	0.0005	NUM
fsr-3338	147	186	3,977	3,977	NUM
fsr-3338	147	187	0.003	0.003	NUM
fsr-3338	147	188	index	index	NOUN
fsr-3338	147	189	0.0000	0.0000	NUM
fsr-3338	147	190	0.0015	0.0015	NUM
fsr-3338	147	191	*	*	PROPN
fsr-3338	147	192	*	*	PUNCT
fsr-3338	147	193	�	�	PROPN
fsr-3338	147	194	0.0013	0.0013	NUM
fsr-3338	147	195	0.0002	0.0002	NUM
fsr-3338	147	196	3,977	3,977	NUM
fsr-3338	147	197	0.002	0.002	NUM
fsr-3338	147	198	*	*	PUNCT
fsr-3338	147	199	*	*	PUNCT
fsr-3338	147	200	and	and	CCONJ
fsr-3338	147	201	*	*	PUNCT
fsr-3338	147	202	denote	denote	VERB
fsr-3338	147	203	for	for	ADP
fsr-3338	147	204	significance	significance	NOUN
fsr-3338	147	205	levels	level	NOUN
fsr-3338	147	206	at	at	ADP
fsr-3338	147	207	1	1	NUM
fsr-3338	147	208	%	%	NOUN
fsr-3338	147	209	and	and	CCONJ
fsr-3338	147	210	5	5	NUM
fsr-3338	147	211	%	%	NOUN
fsr-3338	147	212	,	,	PUNCT
fsr-3338	147	213	respectively	respectively	ADV
fsr-3338	147	214	.	.	PUNCT
fsr-3338	148	1	278	278	NUM
fsr-3338	148	2	h.	h.	PROPN
fsr-3338	148	3	chen	chen	PROPN
fsr-3338	148	4	et	et	PROPN
fsr-3338	148	5	al	al	PROPN
fsr-3338	148	6	.	.	PUNCT
fsr-3338	148	7	/	/	SYM
fsr-3338	148	8	financial	financial	ADJ
fsr-3338	148	9	services	service	NOUN
fsr-3338	148	10	review	review	VERB
fsr-3338	148	11	24	24	NUM
fsr-3338	148	12	(	(	PUNCT
fsr-3338	148	13	2015	2015	NUM
fsr-3338	148	14	)	)	PUNCT
fsr-3338	148	15	271–288	271–288	NUM
fsr-3338	148	16	higher	high	ADJ
fsr-3338	148	17	during	during	ADP
fsr-3338	148	18	tom	tom	PROPN
fsr-3338	148	19	period	period	NOUN
fsr-3338	148	20	than	than	ADP
fsr-3338	148	21	during	during	ADP
fsr-3338	148	22	non	non	ADJ
fsr-3338	148	23	-	-	PROPN
fsr-3338	148	24	tom	tom	PROPN
fsr-3338	148	25	for	for	ADP
fsr-3338	148	26	etfs	etfs	NOUN
fsr-3338	148	27	in	in	ADP
fsr-3338	148	28	four	four	NUM
fsr-3338	148	29	markets	market	NOUN
fsr-3338	148	30	.	.	PUNCT
fsr-3338	149	1	similarly	similarly	ADV
fsr-3338	149	2	,	,	PUNCT
fsr-3338	149	3	index	index	NOUN
fsr-3338	149	4	returns	return	NOUN
fsr-3338	149	5	are	be	AUX
fsr-3338	149	6	significantly	significantly	ADV
fsr-3338	149	7	higher	high	ADJ
fsr-3338	149	8	during	during	ADP
fsr-3338	149	9	tom	tom	PROPN
fsr-3338	149	10	period	period	NOUN
fsr-3338	149	11	than	than	ADP
fsr-3338	149	12	during	during	ADP
fsr-3338	149	13	non	non	ADJ
fsr-3338	149	14	-	-	ADJ
fsr-3338	149	15	tom	tom	ADJ
fsr-3338	149	16	period	period	NOUN
fsr-3338	149	17	in	in	ADP
fsr-3338	149	18	four	four	NUM
fsr-3338	149	19	markets	market	NOUN
fsr-3338	149	20	.	.	PUNCT
fsr-3338	150	1	it	it	PRON
fsr-3338	150	2	is	be	AUX
fsr-3338	150	3	an	an	DET
fsr-3338	150	4	open	open	ADJ
fsr-3338	150	5	question	question	NOUN
fsr-3338	150	6	whether	whether	SCONJ
fsr-3338	150	7	publicity	publicity	NOUN
fsr-3338	150	8	from	from	ADP
fsr-3338	150	9	the	the	DET
fsr-3338	150	10	researches	research	NOUN
fsr-3338	150	11	on	on	ADP
fsr-3338	150	12	this	this	DET
fsr-3338	150	13	phenomenon	phenomenon	NOUN
fsr-3338	150	14	and	and	CCONJ
fsr-3338	150	15	subsequent	subsequent	ADJ
fsr-3338	150	16	trading	trading	NOUN
fsr-3338	150	17	by	by	ADP
fsr-3338	150	18	investors	investor	NOUN
fsr-3338	150	19	to	to	PART
fsr-3338	150	20	exploit	exploit	VERB
fsr-3338	150	21	such	such	ADJ
fsr-3338	150	22	return	return	NOUN
fsr-3338	150	23	anomaly	anomaly	NOUN
fsr-3338	150	24	contributes	contribute	VERB
fsr-3338	150	25	to	to	ADP
fsr-3338	150	26	a	a	DET
fsr-3338	150	27	more	more	ADV
fsr-3338	150	28	recent	recent	ADJ
fsr-3338	150	29	prevalence	prevalence	NOUN
fsr-3338	150	30	of	of	ADP
fsr-3338	150	31	the	the	DET
fsr-3338	150	32	tom	tom	PROPN
fsr-3338	150	33	effect	effect	NOUN
fsr-3338	150	34	in	in	ADP
fsr-3338	150	35	data	datum	NOUN
fsr-3338	150	36	.	.	PUNCT
fsr-3338	151	1	4.2.2	4.2.2	X
fsr-3338	151	2	.	.	PUNCT
fsr-3338	152	1	the	the	DET
fsr-3338	152	2	tom	tom	PROPN
fsr-3338	152	3	effect	effect	NOUN
fsr-3338	152	4	in	in	ADP
fsr-3338	152	5	local	local	ADJ
fsr-3338	152	6	etfs4	etfs4	NOUN
fsr-3338	152	7	previous	previous	ADJ
fsr-3338	152	8	results	result	NOUN
fsr-3338	152	9	are	be	AUX
fsr-3338	152	10	for	for	ADP
fsr-3338	152	11	etfs	etfs	NOUN
fsr-3338	152	12	traded	trade	VERB
fsr-3338	152	13	on	on	ADP
fsr-3338	152	14	the	the	DET
fsr-3338	152	15	u.s	u.s	PROPN
fsr-3338	152	16	.	.	PROPN
fsr-3338	152	17	exchanges	exchange	NOUN
fsr-3338	152	18	.	.	PUNCT
fsr-3338	153	1	because	because	SCONJ
fsr-3338	153	2	ishares	ishare	NOUN
fsr-3338	153	3	also	also	ADV
fsr-3338	153	4	issue	issue	VERB
fsr-3338	153	5	etfs	etfs	PROPN
fsr-3338	153	6	aboard	aboard	ADV
fsr-3338	153	7	,	,	PUNCT
fsr-3338	153	8	we	we	PRON
fsr-3338	153	9	examine	examine	VERB
fsr-3338	153	10	if	if	SCONJ
fsr-3338	153	11	the	the	DET
fsr-3338	153	12	tom	tom	PROPN
fsr-3338	153	13	effect	effect	NOUN
fsr-3338	153	14	also	also	ADV
fsr-3338	153	15	exists	exist	VERB
fsr-3338	153	16	in	in	ADP
fsr-3338	153	17	local	local	ADJ
fsr-3338	153	18	etfs	etfs	NOUN
fsr-3338	153	19	returns	return	NOUN
fsr-3338	153	20	.	.	PUNCT
fsr-3338	154	1	only	only	ADV
fsr-3338	154	2	three	three	NUM
fsr-3338	154	3	local	local	ADJ
fsr-3338	154	4	etfs	etfs	NOUN
fsr-3338	154	5	,	,	PUNCT
fsr-3338	154	6	that	that	ADV
fsr-3338	154	7	is	is	ADV
fsr-3338	154	8	,	,	PUNCT
fsr-3338	154	9	germany	germany	PROPN
fsr-3338	154	10	,	,	PUNCT
fsr-3338	154	11	hong	hong	PROPN
fsr-3338	154	12	kong	kong	PROPN
fsr-3338	154	13	,	,	PUNCT
fsr-3338	154	14	and	and	CCONJ
fsr-3338	154	15	united	united	ADJ
fsr-3338	154	16	kingdom	kingdom	PROPN
fsr-3338	154	17	,	,	PUNCT
fsr-3338	154	18	have	have	VERB
fsr-3338	154	19	daily	daily	ADJ
fsr-3338	154	20	prices	price	NOUN
fsr-3338	154	21	longer	long	ADV
fsr-3338	154	22	than	than	ADP
fsr-3338	154	23	three	three	NUM
fsr-3338	154	24	years.5	years.5	PROPN
fsr-3338	154	25	as	as	ADP
fsr-3338	154	26	a	a	DET
fsr-3338	154	27	result	result	NOUN
fsr-3338	154	28	,	,	PUNCT
fsr-3338	154	29	we	we	PRON
fsr-3338	154	30	examine	examine	VERB
fsr-3338	154	31	only	only	ADV
fsr-3338	154	32	these	these	DET
fsr-3338	154	33	three	three	NUM
fsr-3338	154	34	markets	market	NOUN
fsr-3338	154	35	and	and	CCONJ
fsr-3338	154	36	the	the	DET
fsr-3338	154	37	results	result	NOUN
fsr-3338	154	38	are	be	AUX
fsr-3338	154	39	shown	show	VERB
fsr-3338	154	40	in	in	ADP
fsr-3338	154	41	table	table	NOUN
fsr-3338	154	42	7	7	NUM
fsr-3338	154	43	.	.	PUNCT
fsr-3338	155	1	returns	return	NOUN
fsr-3338	155	2	during	during	ADP
fsr-3338	155	3	tom	tom	PROPN
fsr-3338	155	4	period	period	NOUN
fsr-3338	155	5	are	be	AUX
fsr-3338	155	6	insignificant	insignificant	ADJ
fsr-3338	155	7	for	for	ADP
fsr-3338	155	8	the	the	DET
fsr-3338	155	9	local	local	ADJ
fsr-3338	155	10	etf	etf	NOUN
fsr-3338	155	11	in	in	ADP
fsr-3338	155	12	germany	germany	PROPN
fsr-3338	155	13	,	,	PUNCT
fsr-3338	155	14	whereas	whereas	SCONJ
fsr-3338	155	15	they	they	PRON
fsr-3338	155	16	are	be	AUX
fsr-3338	155	17	significantly	significantly	ADV
fsr-3338	155	18	positive	positive	ADJ
fsr-3338	155	19	in	in	ADP
fsr-3338	155	20	both	both	DET
fsr-3338	155	21	hong	hong	PROPN
fsr-3338	155	22	kong	kong	PROPN
fsr-3338	155	23	and	and	CCONJ
fsr-3338	155	24	united	united	ADJ
fsr-3338	155	25	kingdom	kingdom	PROPN
fsr-3338	155	26	.	.	PUNCT
fsr-3338	156	1	for	for	ADP
fsr-3338	156	2	united	united	PROPN
fsr-3338	156	3	kingdom	kingdom	PROPN
fsr-3338	156	4	’s	’s	PART
fsr-3338	156	5	local	local	ADJ
fsr-3338	156	6	etf	etf	NOUN
fsr-3338	156	7	,	,	PUNCT
fsr-3338	156	8	daily	daily	ADJ
fsr-3338	156	9	returns	return	NOUN
fsr-3338	156	10	on	on	ADP
fsr-3338	156	11	the	the	DET
fsr-3338	156	12	first	first	ADJ
fsr-3338	156	13	and	and	CCONJ
fsr-3338	156	14	the	the	DET
fsr-3338	156	15	second	second	ADJ
fsr-3338	156	16	day	day	NOUN
fsr-3338	156	17	of	of	ADP
fsr-3338	156	18	each	each	DET
fsr-3338	156	19	month	month	NOUN
fsr-3338	156	20	are	be	AUX
fsr-3338	156	21	significantly	significantly	ADV
fsr-3338	156	22	positive	positive	ADJ
fsr-3338	156	23	.	.	PUNCT
fsr-3338	157	1	however	however	ADV
fsr-3338	157	2	,	,	PUNCT
fsr-3338	157	3	only	only	ADV
fsr-3338	157	4	united	united	PROPN
fsr-3338	157	5	kingdom	kingdom	PROPN
fsr-3338	157	6	’s	’s	PART
fsr-3338	157	7	local	local	ADJ
fsr-3338	157	8	etf	etf	NOUN
fsr-3338	157	9	returns	return	NOUN
fsr-3338	157	10	statistically	statistically	ADV
fsr-3338	157	11	exhibit	exhibit	VERB
fsr-3338	157	12	the	the	DET
fsr-3338	157	13	tom	tom	PROPN
fsr-3338	157	14	effect	effect	NOUN
fsr-3338	157	15	.	.	PUNCT
fsr-3338	158	1	fig	fig	NOUN
fsr-3338	158	2	.	.	PUNCT
fsr-3338	159	1	2	2	NUM
fsr-3338	159	2	plots	plot	NOUN
fsr-3338	159	3	the	the	DET
fsr-3338	159	4	cumulative	cumulative	ADJ
fsr-3338	159	5	returns	return	NOUN
fsr-3338	159	6	of	of	ADP
fsr-3338	159	7	both	both	CCONJ
fsr-3338	159	8	the	the	DET
fsr-3338	159	9	four	four	NUM
fsr-3338	159	10	-	-	PUNCT
fsr-3338	159	11	day	day	NOUN
fsr-3338	159	12	tom	tom	PROPN
fsr-3338	159	13	period	period	NOUN
fsr-3338	159	14	and	and	CCONJ
fsr-3338	159	15	the	the	DET
fsr-3338	159	16	remainder	remainder	NOUN
fsr-3338	159	17	of	of	ADP
fsr-3338	159	18	the	the	DET
fsr-3338	159	19	same	same	ADJ
fsr-3338	159	20	month	month	NOUN
fsr-3338	159	21	.	.	PUNCT
fsr-3338	160	1	similar	similar	ADJ
fsr-3338	160	2	to	to	ADP
fsr-3338	160	3	the	the	DET
fsr-3338	160	4	results	result	NOUN
fsr-3338	160	5	in	in	ADP
fsr-3338	160	6	fig	fig	NOUN
fsr-3338	160	7	.	.	PUNCT
fsr-3338	161	1	1	1	NUM
fsr-3338	161	2	,	,	PUNCT
fsr-3338	161	3	the	the	DET
fsr-3338	161	4	returns	return	NOUN
fsr-3338	161	5	generated	generate	VERB
fsr-3338	161	6	from	from	ADP
fsr-3338	161	7	the	the	DET
fsr-3338	161	8	four	four	NUM
fsr-3338	161	9	days	day	NOUN
fsr-3338	161	10	at	at	ADP
fsr-3338	161	11	the	the	DET
fsr-3338	161	12	turn	turn	NOUN
fsr-3338	161	13	of	of	ADP
fsr-3338	161	14	the	the	DET
fsr-3338	161	15	month	month	NOUN
fsr-3338	161	16	are	be	AUX
fsr-3338	161	17	all	all	ADV
fsr-3338	161	18	positive	positive	ADJ
fsr-3338	161	19	and	and	CCONJ
fsr-3338	161	20	account	account	VERB
fsr-3338	161	21	for	for	ADP
fsr-3338	161	22	a	a	DET
fsr-3338	161	23	large	large	ADJ
fsr-3338	161	24	portion	portion	NOUN
fsr-3338	161	25	of	of	ADP
fsr-3338	161	26	the	the	DET
fsr-3338	161	27	total	total	ADJ
fsr-3338	161	28	returns	return	NOUN
fsr-3338	161	29	of	of	ADP
fsr-3338	161	30	the	the	DET
fsr-3338	161	31	entire	entire	ADJ
fsr-3338	161	32	month	month	NOUN
fsr-3338	161	33	.	.	PUNCT
fsr-3338	162	1	because	because	SCONJ
fsr-3338	162	2	these	these	DET
fsr-3338	162	3	local	local	ADJ
fsr-3338	162	4	etfs	etfs	NOUN
fsr-3338	162	5	are	be	AUX
fsr-3338	162	6	most	most	ADV
fsr-3338	162	7	likely	likely	ADV
fsr-3338	162	8	traded	trade	VERB
fsr-3338	162	9	by	by	ADP
fsr-3338	162	10	domestic	domestic	ADJ
fsr-3338	162	11	investors	investor	NOUN
fsr-3338	162	12	,	,	PUNCT
fsr-3338	162	13	the	the	DET
fsr-3338	162	14	lack	lack	NOUN
fsr-3338	162	15	of	of	ADP
fsr-3338	162	16	evidence	evidence	NOUN
fsr-3338	162	17	for	for	ADP
fsr-3338	162	18	the	the	DET
fsr-3338	162	19	tom	tom	PROPN
fsr-3338	162	20	effect	effect	NOUN
fsr-3338	162	21	in	in	ADP
fsr-3338	162	22	local	local	ADJ
fsr-3338	162	23	etf	etf	NOUN
fsr-3338	162	24	returns	return	NOUN
fsr-3338	162	25	in	in	ADP
fsr-3338	162	26	hong	hong	PROPN
fsr-3338	162	27	kong	kong	PROPN
fsr-3338	162	28	and	and	CCONJ
fsr-3338	162	29	germany	germany	PROPN
fsr-3338	162	30	could	could	AUX
fsr-3338	162	31	be	be	AUX
fsr-3338	162	32	a	a	DET
fsr-3338	162	33	result	result	NOUN
fsr-3338	162	34	of	of	ADP
fsr-3338	162	35	differences	difference	NOUN
fsr-3338	162	36	in	in	ADP
fsr-3338	162	37	the	the	DET
fsr-3338	162	38	payment	payment	NOUN
fsr-3338	162	39	systems	system	NOUN
fsr-3338	162	40	or	or	CCONJ
fsr-3338	162	41	investor	investor	NOUN
fsr-3338	162	42	behavioral	behavioral	ADJ
fsr-3338	162	43	difference	difference	NOUN
fsr-3338	162	44	.	.	PUNCT
fsr-3338	163	1	although	although	SCONJ
fsr-3338	163	2	it	it	PRON
fsr-3338	163	3	fig	fig	VERB
fsr-3338	163	4	.	.	PUNCT
fsr-3338	164	1	1	1	X
fsr-3338	164	2	.	.	X
fsr-3338	164	3	cumulative	cumulative	ADJ
fsr-3338	164	4	returns	return	NOUN
fsr-3338	164	5	during	during	ADP
fsr-3338	164	6	tom	tom	PROPN
fsr-3338	164	7	period	period	NOUN
fsr-3338	164	8	and	and	CCONJ
fsr-3338	164	9	non	non	ADJ
fsr-3338	164	10	-	-	ADJ
fsr-3338	164	11	tom	tom	ADJ
fsr-3338	164	12	period	period	NOUN
fsr-3338	164	13	for	for	ADP
fsr-3338	164	14	etfs	etfs	NOUN
fsr-3338	164	15	.	.	PUNCT
fsr-3338	165	1	279h	279h	PROPN
fsr-3338	165	2	.	.	PUNCT
fsr-3338	166	1	chen	chen	PROPN
fsr-3338	166	2	et	et	PROPN
fsr-3338	166	3	al	al	PROPN
fsr-3338	166	4	.	.	PUNCT
fsr-3338	166	5	/	/	SYM
fsr-3338	166	6	financial	financial	ADJ
fsr-3338	166	7	services	service	NOUN
fsr-3338	166	8	review	review	VERB
fsr-3338	166	9	24	24	NUM
fsr-3338	166	10	(	(	PUNCT
fsr-3338	166	11	2015	2015	NUM
fsr-3338	166	12	)	)	PUNCT
fsr-3338	167	1	271–288	271–288	NUM
fsr-3338	167	2	may	may	AUX
fsr-3338	167	3	be	be	AUX
fsr-3338	167	4	difficult	difficult	ADJ
fsr-3338	167	5	to	to	PART
fsr-3338	167	6	document	document	VERB
fsr-3338	167	7	the	the	DET
fsr-3338	167	8	difference	difference	NOUN
fsr-3338	167	9	in	in	ADP
fsr-3338	167	10	investor	investor	NOUN
fsr-3338	167	11	behavior	behavior	NOUN
fsr-3338	167	12	,	,	PUNCT
fsr-3338	167	13	it	it	PRON
fsr-3338	167	14	will	will	AUX
fsr-3338	167	15	be	be	AUX
fsr-3338	167	16	interesting	interesting	ADJ
fsr-3338	167	17	to	to	PART
fsr-3338	167	18	examine	examine	VERB
fsr-3338	167	19	how	how	SCONJ
fsr-3338	167	20	the	the	DET
fsr-3338	167	21	three	three	NUM
fsr-3338	167	22	countries	country	NOUN
fsr-3338	167	23	differ	differ	VERB
fsr-3338	167	24	in	in	ADP
fsr-3338	167	25	the	the	DET
fsr-3338	167	26	payment	payment	NOUN
fsr-3338	167	27	system	system	NOUN
fsr-3338	167	28	,	,	PUNCT
fsr-3338	167	29	for	for	ADP
fsr-3338	167	30	example	example	NOUN
fsr-3338	167	31	,	,	PUNCT
fsr-3338	167	32	the	the	DET
fsr-3338	167	33	frequency	frequency	NOUN
fsr-3338	167	34	by	by	ADP
fsr-3338	167	35	which	which	PRON
fsr-3338	167	36	wages	wage	NOUN
fsr-3338	167	37	and	and	CCONJ
fsr-3338	167	38	salary	salary	NOUN
fsr-3338	167	39	are	be	AUX
fsr-3338	167	40	distributed	distribute	VERB
fsr-3338	167	41	to	to	ADP
fsr-3338	167	42	employees	employee	NOUN
fsr-3338	167	43	.	.	PUNCT
fsr-3338	168	1	4.3	4.3	NUM
fsr-3338	168	2	.	.	PUNCT
fsr-3338	169	1	the	the	DET
fsr-3338	169	2	performance	performance	NOUN
fsr-3338	169	3	of	of	ADP
fsr-3338	169	4	three	three	NUM
fsr-3338	169	5	trading	trading	NOUN
fsr-3338	169	6	strategies	strategy	NOUN
fsr-3338	169	7	chen	chen	PROPN
fsr-3338	169	8	and	and	CCONJ
fsr-3338	169	9	chua	chua	PROPN
fsr-3338	169	10	(	(	PUNCT
fsr-3338	169	11	2011	2011	NUM
fsr-3338	169	12	)	)	PUNCT
fsr-3338	169	13	document	document	NOUN
fsr-3338	169	14	that	that	PRON
fsr-3338	169	15	the	the	DET
fsr-3338	169	16	trading	trading	NOUN
fsr-3338	169	17	strategy	strategy	NOUN
fsr-3338	169	18	of	of	ADP
fsr-3338	169	19	buying	buying	NOUN
fsr-3338	169	20	-	-	PUNCT
fsr-3338	169	21	and	and	CCONJ
fsr-3338	169	22	-	-	PUNCT
fsr-3338	169	23	holding	hold	VERB
fsr-3338	169	24	spdr	spdr	NOUN
fsr-3338	169	25	significantly	significantly	ADV
fsr-3338	169	26	outperforms	outperform	VERB
fsr-3338	169	27	the	the	DET
fsr-3338	169	28	strategy	strategy	NOUN
fsr-3338	169	29	of	of	ADP
fsr-3338	169	30	buying	buying	NOUN
fsr-3338	169	31	-	-	PUNCT
fsr-3338	169	32	and	and	CCONJ
fsr-3338	169	33	-	-	PUNCT
fsr-3338	169	34	holding	hold	VERB
fsr-3338	169	35	a	a	DET
fsr-3338	169	36	s&p	s&p	PROPN
fsr-3338	169	37	500	500	NUM
fsr-3338	169	38	index	index	NOUN
fsr-3338	169	39	fund	fund	NOUN
fsr-3338	169	40	by	by	ADP
fsr-3338	169	41	0.145	0.145	NUM
fsr-3338	169	42	%	%	NOUN
fsr-3338	169	43	.	.	PUNCT
fsr-3338	170	1	they	they	PRON
fsr-3338	170	2	also	also	ADV
fsr-3338	170	3	show	show	VERB
fsr-3338	170	4	that	that	SCONJ
fsr-3338	170	5	the	the	DET
fsr-3338	170	6	strategy	strategy	NOUN
fsr-3338	170	7	of	of	ADP
fsr-3338	170	8	holding	hold	VERB
fsr-3338	170	9	a	a	DET
fsr-3338	170	10	s&p	s&p	PROPN
fsr-3338	170	11	500	500	NUM
fsr-3338	170	12	index	index	NOUN
fsr-3338	170	13	fund	fund	NOUN
fsr-3338	170	14	during	during	ADP
fsr-3338	170	15	non	non	ADJ
fsr-3338	170	16	-	-	ADJ
fsr-3338	170	17	tom	tom	ADJ
fsr-3338	170	18	period	period	NOUN
fsr-3338	170	19	and	and	CCONJ
fsr-3338	170	20	then	then	ADV
fsr-3338	170	21	switching	switch	VERB
fsr-3338	170	22	to	to	ADP
fsr-3338	170	23	holding	hold	VERB
fsr-3338	170	24	spdr	spdr	NOUN
fsr-3338	170	25	during	during	ADP
fsr-3338	170	26	tom	tom	PROPN
fsr-3338	170	27	period	period	NOUN
fsr-3338	170	28	outperforms	outperform	VERB
fsr-3338	170	29	the	the	DET
fsr-3338	170	30	traditional	traditional	ADJ
fsr-3338	170	31	strategy	strategy	NOUN
fsr-3338	170	32	of	of	ADP
fsr-3338	170	33	buying	buying	NOUN
fsr-3338	170	34	-	-	PUNCT
fsr-3338	170	35	and	and	CCONJ
fsr-3338	170	36	-	-	PUNCT
fsr-3338	170	37	holding	hold	VERB
fsr-3338	170	38	a	a	DET
fsr-3338	170	39	s&p	s&p	PROPN
fsr-3338	170	40	500	500	NUM
fsr-3338	170	41	index	index	NOUN
fsr-3338	170	42	fund	fund	NOUN
fsr-3338	170	43	by	by	ADP
fsr-3338	170	44	0.068	0.068	NUM
fsr-3338	170	45	%	%	NOUN
fsr-3338	170	46	.	.	PUNCT
fsr-3338	171	1	in	in	ADP
fsr-3338	171	2	this	this	DET
fsr-3338	171	3	article	article	NOUN
fsr-3338	171	4	,	,	PUNCT
fsr-3338	171	5	we	we	PRON
fsr-3338	171	6	examine	examine	VERB
fsr-3338	171	7	the	the	DET
fsr-3338	171	8	performances	performance	NOUN
fsr-3338	171	9	and	and	CCONJ
fsr-3338	171	10	risks	risk	NOUN
fsr-3338	171	11	of	of	ADP
fsr-3338	171	12	the	the	DET
fsr-3338	171	13	following	follow	VERB
fsr-3338	171	14	three	three	NUM
fsr-3338	171	15	trading	trading	NOUN
fsr-3338	171	16	strategies:6	strategies:6	NOUN
fsr-3338	171	17	table	table	NOUN
fsr-3338	171	18	5	5	NUM
fsr-3338	171	19	risk	risk	NOUN
fsr-3338	171	20	by	by	ADP
fsr-3338	171	21	day	day	NOUN
fsr-3338	171	22	of	of	ADP
fsr-3338	171	23	the	the	DET
fsr-3338	171	24	month	month	NOUN
fsr-3338	171	25	the	the	DET
fsr-3338	171	26	table	table	NOUN
fsr-3338	171	27	below	below	ADP
fsr-3338	171	28	presents	present	VERB
fsr-3338	171	29	the	the	DET
fsr-3338	171	30	risk	risk	NOUN
fsr-3338	171	31	as	as	SCONJ
fsr-3338	171	32	measured	measure	VERB
fsr-3338	171	33	by	by	ADP
fsr-3338	171	34	daily	daily	ADJ
fsr-3338	171	35	return	return	NOUN
fsr-3338	171	36	standard	standard	ADJ
fsr-3338	171	37	deviation	deviation	NOUN
fsr-3338	171	38	at	at	ADP
fsr-3338	171	39	the	the	DET
fsr-3338	171	40	turn	turn	NOUN
fsr-3338	171	41	of	of	ADP
fsr-3338	171	42	the	the	DET
fsr-3338	171	43	month	month	NOUN
fsr-3338	171	44	from	from	ADP
fsr-3338	171	45	the	the	DET
fsr-3338	171	46	last	last	ADJ
fsr-3338	171	47	day	day	NOUN
fsr-3338	171	48	of	of	ADP
fsr-3338	171	49	the	the	DET
fsr-3338	171	50	month	month	NOUN
fsr-3338	171	51	to	to	ADP
fsr-3338	171	52	the	the	DET
fsr-3338	171	53	first	first	ADJ
fsr-3338	171	54	three	three	NUM
fsr-3338	171	55	days	day	NOUN
fsr-3338	171	56	of	of	ADP
fsr-3338	171	57	the	the	DET
fsr-3338	171	58	following	following	ADJ
fsr-3338	171	59	month	month	NOUN
fsr-3338	171	60	:	:	PUNCT
fsr-3338	171	61	day	day	NOUN
fsr-3338	171	62	(	(	PUNCT
fsr-3338	171	63	�	�	PROPN
fsr-3338	171	64	1	1	NUM
fsr-3338	171	65	)	)	PUNCT
fsr-3338	171	66	,	,	PUNCT
fsr-3338	171	67	day	day	NOUN
fsr-3338	171	68	(	(	PUNCT
fsr-3338	171	69	�	�	PROPN
fsr-3338	171	70	2	2	NUM
fsr-3338	171	71	)	)	PUNCT
fsr-3338	171	72	,	,	PUNCT
fsr-3338	171	73	and	and	CCONJ
fsr-3338	171	74	day	day	NOUN
fsr-3338	171	75	(	(	PUNCT
fsr-3338	171	76	�	�	NOUN
fsr-3338	171	77	3	3	NUM
fsr-3338	171	78	)	)	PUNCT
fsr-3338	171	79	.	.	PUNCT
fsr-3338	172	1	tom	tom	PROPN
fsr-3338	172	2	and	and	CCONJ
fsr-3338	172	3	non	non	PROPN
fsr-3338	172	4	-	-	PROPN
fsr-3338	172	5	tom	tom	ADJ
fsr-3338	172	6	stand	stand	NOUN
fsr-3338	172	7	for	for	ADP
fsr-3338	172	8	tom	tom	PROPN
fsr-3338	172	9	period	period	NOUN
fsr-3338	172	10	and	and	CCONJ
fsr-3338	172	11	the	the	DET
fsr-3338	172	12	remainder	remainder	NOUN
fsr-3338	172	13	of	of	ADP
fsr-3338	172	14	the	the	DET
fsr-3338	172	15	month	month	NOUN
fsr-3338	172	16	period	period	NOUN
fsr-3338	172	17	,	,	PUNCT
fsr-3338	172	18	respectively	respectively	ADV
fsr-3338	172	19	.	.	PUNCT
fsr-3338	173	1	difference	difference	NOUN
fsr-3338	173	2	is	be	AUX
fsr-3338	173	3	the	the	DET
fsr-3338	173	4	difference	difference	NOUN
fsr-3338	173	5	between	between	ADP
fsr-3338	173	6	returns	return	NOUN
fsr-3338	173	7	in	in	ADP
fsr-3338	173	8	tom	tom	PROPN
fsr-3338	173	9	period	period	NOUN
fsr-3338	173	10	and	and	CCONJ
fsr-3338	173	11	non	non	ADJ
fsr-3338	173	12	-	-	ADJ
fsr-3338	173	13	tom	tom	ADJ
fsr-3338	173	14	period	period	NOUN
fsr-3338	173	15	.	.	PUNCT
fsr-3338	174	1	numbers	number	NOUN
fsr-3338	174	2	in	in	ADP
fsr-3338	174	3	the	the	DET
fsr-3338	174	4	table	table	NOUN
fsr-3338	174	5	are	be	AUX
fsr-3338	174	6	in	in	ADP
fsr-3338	174	7	percentage	percentage	NOUN
fsr-3338	174	8	.	.	PUNCT
fsr-3338	175	1	country	country	NOUN
fsr-3338	175	2	day	day	PROPN
fsr-3338	175	3	(	(	PUNCT
fsr-3338	175	4	�	�	NOUN
fsr-3338	175	5	1	1	NUM
fsr-3338	175	6	)	)	PUNCT
fsr-3338	175	7	day	day	NOUN
fsr-3338	175	8	(	(	PUNCT
fsr-3338	175	9	�	�	NOUN
fsr-3338	175	10	1	1	NUM
fsr-3338	175	11	)	)	PUNCT
fsr-3338	175	12	day	day	NOUN
fsr-3338	175	13	(	(	PUNCT
fsr-3338	175	14	�	�	NOUN
fsr-3338	175	15	2	2	NUM
fsr-3338	175	16	)	)	PUNCT
fsr-3338	175	17	day	day	NOUN
fsr-3338	175	18	(	(	PUNCT
fsr-3338	175	19	�	�	NOUN
fsr-3338	175	20	3	3	NUM
fsr-3338	175	21	)	)	PUNCT
fsr-3338	175	22	tom	tom	PROPN
fsr-3338	175	23	non	non	PROPN
fsr-3338	175	24	-	-	PROPN
fsr-3338	175	25	tom	tom	PROPN
fsr-3338	175	26	difference	difference	PROPN
fsr-3338	175	27	australia	australia	PROPN
fsr-3338	175	28	etf	etf	NOUN
fsr-3338	175	29	1.601	1.601	NUM
fsr-3338	175	30	1.882	1.882	NUM
fsr-3338	175	31	1.847	1.847	NUM
fsr-3338	175	32	1.683	1.683	NUM
fsr-3338	175	33	1.762	1.762	NUM
fsr-3338	175	34	1.870	1.870	NUM
fsr-3338	175	35	�	�	NOUN
fsr-3338	175	36	0.152	0.152	NUM
fsr-3338	175	37	*	*	NOUN
fsr-3338	175	38	index	index	NOUN
fsr-3338	175	39	1.406	1.406	NUM
fsr-3338	175	40	1.506	1.506	NUM
fsr-3338	175	41	1.426	1.426	NUM
fsr-3338	175	42	1.238	1.238	NUM
fsr-3338	175	43	1.402	1.402	NUM
fsr-3338	175	44	1.526	1.526	NUM
fsr-3338	175	45	�	�	NOUN
fsr-3338	175	46	0.145	0.145	NUM
fsr-3338	175	47	*	*	SYM
fsr-3338	175	48	*	*	PROPN
fsr-3338	175	49	brazil	brazil	PROPN
fsr-3338	175	50	etf	etf	NOUN
fsr-3338	175	51	2.212	2.212	NUM
fsr-3338	175	52	2.722	2.722	NUM
fsr-3338	175	53	2.623	2.623	NUM
fsr-3338	175	54	2.478	2.478	NUM
fsr-3338	175	55	2.525	2.525	NUM
fsr-3338	175	56	2.633	2.633	NUM
fsr-3338	175	57	�	�	PROPN
fsr-3338	175	58	0.167	0.167	NUM
fsr-3338	175	59	index	index	NOUN
fsr-3338	175	60	1.946	1.946	NUM
fsr-3338	175	61	2.555	2.555	NUM
fsr-3338	175	62	2.766	2.766	NUM
fsr-3338	175	63	2.259	2.259	NUM
fsr-3338	175	64	2.412	2.412	NUM
fsr-3338	175	65	2.462	2.462	NUM
fsr-3338	175	66	�	�	PROPN
fsr-3338	175	67	0.070	0.070	NUM
fsr-3338	175	68	canada	canada	PROPN
fsr-3338	175	69	etf	etf	PROPN
fsr-3338	175	70	1.371	1.371	NUM
fsr-3338	175	71	1.554	1.554	NUM
fsr-3338	175	72	1.820	1.820	NUM
fsr-3338	175	73	1.439	1.439	NUM
fsr-3338	175	74	1.555	1.555	NUM
fsr-3338	175	75	1.620	1.620	NUM
fsr-3338	175	76	�	�	PROPN
fsr-3338	175	77	0.087	0.087	NUM
fsr-3338	175	78	index	index	NOUN
fsr-3338	175	79	1.208	1.208	NUM
fsr-3338	175	80	1.473	1.473	NUM
fsr-3338	175	81	1.541	1.541	NUM
fsr-3338	175	82	1.278	1.278	NUM
fsr-3338	175	83	1.385	1.385	NUM
fsr-3338	175	84	1.418	1.418	NUM
fsr-3338	175	85	�	�	PROPN
fsr-3338	175	86	0.027	0.027	NUM
fsr-3338	175	87	france	france	PROPN
fsr-3338	175	88	etf	etf	NOUN
fsr-3338	175	89	1.591	1.591	NUM
fsr-3338	175	90	1.802	1.802	NUM
fsr-3338	175	91	1.834	1.834	NUM
fsr-3338	175	92	1.774	1.774	NUM
fsr-3338	175	93	1.755	1.755	NUM
fsr-3338	175	94	1.728	1.728	NUM
fsr-3338	175	95	0.011	0.011	NUM
fsr-3338	175	96	index	index	NOUN
fsr-3338	175	97	1.509	1.509	NUM
fsr-3338	175	98	1.686	1.686	NUM
fsr-3338	175	99	1.670	1.670	NUM
fsr-3338	175	100	1.679	1.679	NUM
fsr-3338	175	101	1.639	1.639	NUM
fsr-3338	175	102	1.652	1.652	NUM
fsr-3338	175	103	0.006	0.006	NUM
fsr-3338	175	104	germany	germany	PROPN
fsr-3338	175	105	etf	etf	NOUN
fsr-3338	175	106	1.606	1.606	NUM
fsr-3338	175	107	1.930	1.930	NUM
fsr-3338	175	108	1.926	1.926	NUM
fsr-3338	175	109	1.838	1.838	NUM
fsr-3338	175	110	1.831	1.831	NUM
fsr-3338	175	111	1.800	1.800	NUM
fsr-3338	175	112	0.000	0.000	NUM
fsr-3338	175	113	index	index	NOUN
fsr-3338	175	114	0.673	0.673	NUM
fsr-3338	175	115	0.643	0.643	NUM
fsr-3338	175	116	0.646	0.646	NUM
fsr-3338	175	117	0.659	0.659	NUM
fsr-3338	175	118	0.655	0.655	NUM
fsr-3338	175	119	0.650	0.650	NUM
fsr-3338	175	120	0.007	0.007	NUM
fsr-3338	175	121	hong	hong	PROPN
fsr-3338	175	122	kong	kong	PROPN
fsr-3338	175	123	etf	etf	PROPN
fsr-3338	175	124	1.867	1.867	NUM
fsr-3338	175	125	2.187	2.187	NUM
fsr-3338	175	126	2.048	2.048	NUM
fsr-3338	175	127	1.966	1.966	NUM
fsr-3338	175	128	2.027	2.027	NUM
fsr-3338	175	129	2.049	2.049	NUM
fsr-3338	175	130	�	�	PROPN
fsr-3338	175	131	0.096	0.096	NUM
fsr-3338	175	132	index	index	NOUN
fsr-3338	175	133	1.513	1.513	NUM
fsr-3338	175	134	1.923	1.923	NUM
fsr-3338	175	135	1.692	1.692	NUM
fsr-3338	175	136	1.609	1.609	NUM
fsr-3338	175	137	1.697	1.697	NUM
fsr-3338	175	138	1.761	1.761	NUM
fsr-3338	175	139	�	�	PROPN
fsr-3338	175	140	0.091	0.091	NUM
fsr-3338	175	141	japan	japan	PROPN
fsr-3338	175	142	etf	etf	PROPN
fsr-3338	175	143	1.513	1.513	NUM
fsr-3338	175	144	1.843	1.843	NUM
fsr-3338	175	145	1.674	1.674	NUM
fsr-3338	175	146	1.346	1.346	NUM
fsr-3338	175	147	1.616	1.616	NUM
fsr-3338	175	148	1.638	1.638	NUM
fsr-3338	175	149	�	�	NOUN
fsr-3338	175	150	0.004	0.004	NUM
fsr-3338	175	151	index	index	NOUN
fsr-3338	175	152	1.681	1.681	NUM
fsr-3338	175	153	1.553	1.553	NUM
fsr-3338	175	154	1.579	1.579	NUM
fsr-3338	175	155	1.272	1.272	NUM
fsr-3338	175	156	1.529	1.529	NUM
fsr-3338	175	157	1.640	1.640	NUM
fsr-3338	175	158	�	�	PROPN
fsr-3338	175	159	0.100	0.100	NUM
fsr-3338	175	160	*	*	PUNCT
fsr-3338	175	161	sweden	sweden	PROPN
fsr-3338	175	162	etf	etf	PROPN
fsr-3338	175	163	1.872	1.872	NUM
fsr-3338	175	164	2.265	2.265	NUM
fsr-3338	175	165	2.144	2.144	NUM
fsr-3338	175	166	2.082	2.082	NUM
fsr-3338	175	167	2.094	2.094	NUM
fsr-3338	175	168	2.244	2.244	NUM
fsr-3338	175	169	�	�	NOUN
fsr-3338	175	170	0.125	0.125	NUM
fsr-3338	175	171	*	*	NOUN
fsr-3338	175	172	index	index	NOUN
fsr-3338	175	173	1.531	1.531	NUM
fsr-3338	175	174	1.877	1.877	NUM
fsr-3338	175	175	1.803	1.803	NUM
fsr-3338	175	176	1.731	1.731	NUM
fsr-3338	175	177	1.739	1.739	NUM
fsr-3338	175	178	1.806	1.806	NUM
fsr-3338	175	179	�	�	PROPN
fsr-3338	175	180	0.057	0.057	NUM
fsr-3338	175	181	u.k	u.k	PROPN
fsr-3338	175	182	.	.	PROPN
fsr-3338	175	183	etf	etf	NOUN
fsr-3338	175	184	1.546	1.546	NUM
fsr-3338	175	185	1.738	1.738	NUM
fsr-3338	175	186	1.591	1.591	NUM
fsr-3338	175	187	1.561	1.561	NUM
fsr-3338	175	188	1.612	1.612	NUM
fsr-3338	175	189	1.611	1.611	NUM
fsr-3338	175	190	�	�	NOUN
fsr-3338	175	191	0.003	0.003	NUM
fsr-3338	175	192	index	index	NOUN
fsr-3338	175	193	1.117	1.117	NUM
fsr-3338	175	194	1.639	1.639	NUM
fsr-3338	175	195	1.391	1.391	NUM
fsr-3338	175	196	1.348	1.348	NUM
fsr-3338	175	197	1.397	1.397	NUM
fsr-3338	175	198	1.414	1.414	NUM
fsr-3338	175	199	�	�	NOUN
fsr-3338	175	200	0.012	0.012	NUM
fsr-3338	175	201	*	*	PUNCT
fsr-3338	175	202	*	*	PUNCT
fsr-3338	175	203	and	and	CCONJ
fsr-3338	175	204	*	*	PUNCT
fsr-3338	175	205	denote	denote	VERB
fsr-3338	175	206	for	for	ADP
fsr-3338	175	207	significance	significance	NOUN
fsr-3338	175	208	levels	level	NOUN
fsr-3338	175	209	at	at	ADP
fsr-3338	175	210	1	1	NUM
fsr-3338	175	211	%	%	NOUN
fsr-3338	175	212	and	and	CCONJ
fsr-3338	175	213	5	5	NUM
fsr-3338	175	214	%	%	NOUN
fsr-3338	175	215	,	,	PUNCT
fsr-3338	175	216	respectively	respectively	ADV
fsr-3338	175	217	.	.	PUNCT
fsr-3338	176	1	280	280	NUM
fsr-3338	176	2	h.	h.	PROPN
fsr-3338	176	3	chen	chen	PROPN
fsr-3338	176	4	et	et	PROPN
fsr-3338	176	5	al	al	PROPN
fsr-3338	176	6	.	.	PUNCT
fsr-3338	176	7	/	/	SYM
fsr-3338	176	8	financial	financial	ADJ
fsr-3338	176	9	services	service	NOUN
fsr-3338	176	10	review	review	VERB
fsr-3338	176	11	24	24	NUM
fsr-3338	176	12	(	(	PUNCT
fsr-3338	176	13	2015	2015	NUM
fsr-3338	176	14	)	)	PUNCT
fsr-3338	176	15	271–288	271–288	NUM
fsr-3338	176	16	table	table	NOUN
fsr-3338	176	17	6	6	NUM
fsr-3338	176	18	robustness	robustness	NOUN
fsr-3338	176	19	check	check	NOUN
fsr-3338	176	20	–	–	PUNCT
fsr-3338	176	21	tom	tom	PROPN
fsr-3338	176	22	effect	effect	NOUN
fsr-3338	176	23	in	in	ADP
fsr-3338	176	24	two	two	NUM
fsr-3338	176	25	subsamples	subsample	NOUN
fsr-3338	176	26	the	the	DET
fsr-3338	176	27	table	table	NOUN
fsr-3338	176	28	presents	present	VERB
fsr-3338	176	29	the	the	DET
fsr-3338	176	30	average	average	ADJ
fsr-3338	176	31	daily	daily	ADJ
fsr-3338	176	32	return	return	NOUN
fsr-3338	176	33	at	at	ADP
fsr-3338	176	34	the	the	DET
fsr-3338	176	35	turn	turn	NOUN
fsr-3338	176	36	of	of	ADP
fsr-3338	176	37	the	the	DET
fsr-3338	176	38	month	month	NOUN
fsr-3338	176	39	(	(	PUNCT
fsr-3338	176	40	tom	tom	PROPN
fsr-3338	176	41	)	)	PUNCT
fsr-3338	176	42	defined	define	VERB
fsr-3338	176	43	as	as	ADP
fsr-3338	176	44	from	from	ADP
fsr-3338	176	45	the	the	DET
fsr-3338	176	46	last	last	ADJ
fsr-3338	176	47	day	day	NOUN
fsr-3338	176	48	of	of	ADP
fsr-3338	176	49	the	the	DET
fsr-3338	176	50	month	month	NOUN
fsr-3338	176	51	to	to	ADP
fsr-3338	176	52	the	the	DET
fsr-3338	176	53	first	first	ADJ
fsr-3338	176	54	three	three	NUM
fsr-3338	176	55	days	day	NOUN
fsr-3338	176	56	of	of	ADP
fsr-3338	176	57	the	the	DET
fsr-3338	176	58	following	following	ADJ
fsr-3338	176	59	month	month	NOUN
fsr-3338	176	60	,	,	PUNCT
fsr-3338	176	61	and	and	CCONJ
fsr-3338	176	62	the	the	DET
fsr-3338	176	63	rest	rest	NOUN
fsr-3338	176	64	of	of	ADP
fsr-3338	176	65	the	the	DET
fsr-3338	176	66	month	month	NOUN
fsr-3338	176	67	(	(	PUNCT
fsr-3338	176	68	non	non	ADJ
fsr-3338	176	69	-	-	PROPN
fsr-3338	176	70	tom	tom	NOUN
fsr-3338	176	71	)	)	PUNCT
fsr-3338	176	72	,	,	PUNCT
fsr-3338	176	73	respectively	respectively	ADV
fsr-3338	176	74	.	.	PUNCT
fsr-3338	177	1	panel	panel	NOUN
fsr-3338	177	2	a	a	PRON
fsr-3338	177	3	is	be	AUX
fsr-3338	177	4	for	for	ADP
fsr-3338	177	5	the	the	DET
fsr-3338	177	6	first	first	ADJ
fsr-3338	177	7	subsample	subsample	NOUN
fsr-3338	177	8	(	(	PUNCT
fsr-3338	177	9	before	before	ADP
fsr-3338	177	10	2006	2006	NUM
fsr-3338	177	11	for	for	ADP
fsr-3338	177	12	brazil	brazil	PROPN
fsr-3338	177	13	and	and	CCONJ
fsr-3338	177	14	before	before	ADP
fsr-3338	177	15	2002	2002	NUM
fsr-3338	177	16	for	for	ADP
fsr-3338	177	17	the	the	DET
fsr-3338	177	18	other	other	ADJ
fsr-3338	177	19	markets	market	NOUN
fsr-3338	177	20	)	)	PUNCT
fsr-3338	177	21	.	.	PUNCT
fsr-3338	178	1	numbers	number	NOUN
fsr-3338	178	2	in	in	ADP
fsr-3338	178	3	the	the	DET
fsr-3338	178	4	table	table	NOUN
fsr-3338	178	5	are	be	AUX
fsr-3338	178	6	in	in	ADP
fsr-3338	178	7	percentage	percentage	NOUN
fsr-3338	178	8	.	.	PUNCT
fsr-3338	179	1	country	country	NOUN
fsr-3338	179	2	tom	tom	PROPN
fsr-3338	179	3	non	non	PROPN
fsr-3338	179	4	-	-	PROPN
fsr-3338	179	5	tom	tom	ADJ
fsr-3338	179	6	difference	difference	NOUN
fsr-3338	179	7	panel	panel	NOUN
fsr-3338	179	8	a	a	DET
fsr-3338	179	9	australia	australia	PROPN
fsr-3338	179	10	etf	etf	NOUN
fsr-3338	179	11	0.128	0.128	NUM
fsr-3338	179	12	0.039	0.039	NUM
fsr-3338	179	13	0.089	0.089	NUM
fsr-3338	179	14	index	index	NOUN
fsr-3338	179	15	0.122	0.122	NUM
fsr-3338	179	16	0.040	0.040	NUM
fsr-3338	179	17	0.082	0.082	NUM
fsr-3338	179	18	brazil	brazil	PROPN
fsr-3338	179	19	etf	etf	NOUN
fsr-3338	179	20	0.372	0.372	NOUN
fsr-3338	179	21	*	*	PUNCT
fsr-3338	179	22	*	*	PROPN
fsr-3338	179	23	0.059	0.059	NUM
fsr-3338	179	24	0.313	0.313	NUM
fsr-3338	179	25	*	*	NOUN
fsr-3338	179	26	index	index	NOUN
fsr-3338	179	27	0.425	0.425	NUM
fsr-3338	179	28	*	*	PUNCT
fsr-3338	179	29	*	*	PUNCT
fsr-3338	179	30	0.051	0.051	NUM
fsr-3338	180	1	0.374	0.374	NUM
fsr-3338	180	2	*	*	PUNCT
fsr-3338	180	3	*	*	PUNCT
fsr-3338	180	4	canada	canada	PROPN
fsr-3338	180	5	etf	etf	NOUN
fsr-3338	180	6	0.127	0.127	NUM
fsr-3338	180	7	0.036	0.036	NUM
fsr-3338	180	8	0.091	0.091	NUM
fsr-3338	180	9	index	index	NOUN
fsr-3338	180	10	0.098	0.098	NUM
fsr-3338	180	11	0.032	0.032	NUM
fsr-3338	180	12	0.066	0.066	NUM
fsr-3338	180	13	france	france	PROPN
fsr-3338	180	14	etf	etf	NOUN
fsr-3338	180	15	0.143	0.143	NUM
fsr-3338	180	16	0.004	0.004	NUM
fsr-3338	180	17	0.139	0.139	NUM
fsr-3338	180	18	index	index	NOUN
fsr-3338	180	19	0.133	0.133	NUM
fsr-3338	180	20	0.004	0.004	NUM
fsr-3338	180	21	0.108	0.108	NUM
fsr-3338	180	22	germany	germany	PROPN
fsr-3338	180	23	etf	etf	NOUN
fsr-3338	180	24	0.127	0.127	NUM
fsr-3338	180	25	0.028	0.028	NUM
fsr-3338	180	26	0.009	0.009	NUM
fsr-3338	180	27	index	index	NOUN
fsr-3338	180	28	0.039	0.039	NUM
fsr-3338	180	29	0.030	0.030	NUM
fsr-3338	180	30	0.009	0.009	NUM
fsr-3338	180	31	hong	hong	PROPN
fsr-3338	180	32	kong	kong	PROPN
fsr-3338	180	33	etf	etf	NOUN
fsr-3338	180	34	0.158	0.158	NUM
fsr-3338	180	35	0.008	0.008	NUM
fsr-3338	180	36	0.149	0.149	NUM
fsr-3338	180	37	index	index	NOUN
fsr-3338	180	38	0.143	0.143	NUM
fsr-3338	180	39	*	*	NOUN
fsr-3338	180	40	0.022	0.022	NUM
fsr-3338	180	41	0.121	0.121	NUM
fsr-3338	180	42	japan	japan	PROPN
fsr-3338	180	43	etf	etf	PROPN
fsr-3338	180	44	0.072	0.072	NUM
fsr-3338	180	45	0.007	0.007	NUM
fsr-3338	180	46	0.065	0.065	NUM
fsr-3338	180	47	index	index	NOUN
fsr-3338	180	48	0.067	0.067	NUM
fsr-3338	180	49	0.024	0.024	NUM
fsr-3338	180	50	0.042	0.042	NUM
fsr-3338	180	51	sweden	sweden	PROPN
fsr-3338	180	52	etf	etf	PROPN
fsr-3338	180	53	0.147	0.147	NUM
fsr-3338	180	54	0.042	0.042	NUM
fsr-3338	180	55	0.105	0.105	NUM
fsr-3338	180	56	index	index	NOUN
fsr-3338	180	57	0.153	0.153	NUM
fsr-3338	180	58	0.027	0.027	NUM
fsr-3338	180	59	0.125	0.125	NUM
fsr-3338	180	60	u.k	u.k	PROPN
fsr-3338	180	61	.	.	PROPN
fsr-3338	180	62	etf	etf	PROPN
fsr-3338	180	63	0.160	0.160	NUM
fsr-3338	180	64	*	*	SYM
fsr-3338	180	65	�	�	PROPN
fsr-3338	180	66	0.004	0.004	NUM
fsr-3338	180	67	0.164	0.164	NUM
fsr-3338	180	68	index	index	NOUN
fsr-3338	180	69	0.149	0.149	NUM
fsr-3338	180	70	*	*	SYM
fsr-3338	180	71	�	�	PROPN
fsr-3338	180	72	0.008	0.008	NUM
fsr-3338	180	73	0.156	0.156	NUM
fsr-3338	180	74	panel	panel	PROPN
fsr-3338	180	75	b	b	PROPN
fsr-3338	180	76	australia	australia	PROPN
fsr-3338	180	77	etf	etf	PROPN
fsr-3338	180	78	0.232	0.232	NUM
fsr-3338	180	79	*	*	SYM
fsr-3338	180	80	�	�	PROPN
fsr-3338	180	81	0.038	0.038	NUM
fsr-3338	180	82	0.270	0.270	NUM
fsr-3338	180	83	*	*	NOUN
fsr-3338	180	84	*	*	PROPN
fsr-3338	180	85	index	index	NOUN
fsr-3338	180	86	0.138	0.138	NUM
fsr-3338	180	87	*	*	SYM
fsr-3338	180	88	�	�	PROPN
fsr-3338	180	89	0.026	0.026	NUM
fsr-3338	180	90	0.164	0.164	NUM
fsr-3338	180	91	*	*	PUNCT
fsr-3338	180	92	brazil	brazil	PROPN
fsr-3338	180	93	etf	etf	NOUN
fsr-3338	180	94	0.323	0.323	NUM
fsr-3338	180	95	�	�	NOUN
fsr-3338	180	96	0.138	0.138	NUM
fsr-3338	180	97	0.461	0.461	NUM
fsr-3338	180	98	index	index	NOUN
fsr-3338	180	99	0.171	0.171	NUM
fsr-3338	180	100	�	�	PROPN
fsr-3338	180	101	0.173	0.173	NUM
fsr-3338	180	102	0.344	0.344	NUM
fsr-3338	180	103	canada	canada	PROPN
fsr-3338	180	104	etf	etf	PROPN
fsr-3338	180	105	0.238	0.238	NUM
fsr-3338	180	106	*	*	PROPN
fsr-3338	180	107	*	*	PROPN
fsr-3338	180	108	�	�	PROPN
fsr-3338	180	109	0.049	0.049	NUM
fsr-3338	180	110	0.288	0.288	NUM
fsr-3338	180	111	*	*	NOUN
fsr-3338	180	112	*	*	NOUN
fsr-3338	180	113	index	index	NOUN
fsr-3338	180	114	0.199	0.199	NUM
fsr-3338	180	115	*	*	PUNCT
fsr-3338	180	116	*	*	PUNCT
fsr-3338	180	117	�	�	PROPN
fsr-3338	180	118	0.033	0.033	NUM
fsr-3338	180	119	0.233	0.233	NUM
fsr-3338	180	120	*	*	PUNCT
fsr-3338	180	121	*	*	PUNCT
fsr-3338	180	122	france	france	PROPN
fsr-3338	180	123	etf	etf	PROPN
fsr-3338	180	124	0.160	0.160	NUM
fsr-3338	180	125	�	�	PROPN
fsr-3338	180	126	0.021	0.021	NUM
fsr-3338	180	127	0.181	0.181	NUM
fsr-3338	180	128	index	index	NOUN
fsr-3338	180	129	0.128	0.128	NUM
fsr-3338	180	130	�	�	PROPN
fsr-3338	180	131	0.011	0.011	NUM
fsr-3338	180	132	0.139	0.139	NUM
fsr-3338	180	133	germany	germany	PROPN
fsr-3338	180	134	etf	etf	PROPN
fsr-3338	180	135	0.156	0.156	NUM
fsr-3338	180	136	�	�	PROPN
fsr-3338	180	137	0.066	0.066	NUM
fsr-3338	180	138	0.221	0.221	NUM
fsr-3338	180	139	*	*	PUNCT
fsr-3338	180	140	index	index	NOUN
fsr-3338	180	141	0.066	0.066	NUM
fsr-3338	180	142	*	*	NOUN
fsr-3338	180	143	0.010	0.010	NUM
fsr-3338	180	144	0.056	0.056	NUM
fsr-3338	180	145	hong	hong	PROPN
fsr-3338	180	146	kong	kong	PROPN
fsr-3338	180	147	etf	etf	NOUN
fsr-3338	180	148	0.226	0.226	NUM
fsr-3338	180	149	0.068	0.068	NUM
fsr-3338	180	150	0.295	0.295	NUM
fsr-3338	180	151	*	*	NOUN
fsr-3338	180	152	index	index	NOUN
fsr-3338	180	153	0.204	0.204	NUM
fsr-3338	180	154	�	�	PROPN
fsr-3338	180	155	0.037	0.037	NUM
fsr-3338	180	156	0.240	0.240	NUM
fsr-3338	180	157	*	*	PUNCT
fsr-3338	180	158	(	(	PUNCT
fsr-3338	180	159	continued	continue	VERB
fsr-3338	180	160	on	on	ADP
fsr-3338	180	161	next	next	ADJ
fsr-3338	180	162	page	page	NOUN
fsr-3338	180	163	)	)	PUNCT
fsr-3338	180	164	281h	281h	PROPN
fsr-3338	180	165	.	.	PUNCT
fsr-3338	181	1	chen	chen	PROPN
fsr-3338	181	2	et	et	PROPN
fsr-3338	181	3	al	al	PROPN
fsr-3338	181	4	.	.	PUNCT
fsr-3338	181	5	/	/	SYM
fsr-3338	181	6	financial	financial	ADJ
fsr-3338	181	7	services	service	NOUN
fsr-3338	181	8	review	review	VERB
fsr-3338	181	9	24	24	NUM
fsr-3338	181	10	(	(	PUNCT
fsr-3338	181	11	2015	2015	NUM
fsr-3338	181	12	)	)	PUNCT
fsr-3338	181	13	271–288	271–288	NUM
fsr-3338	181	14	strategy	strategy	NOUN
fsr-3338	181	15	1	1	NUM
fsr-3338	181	16	:	:	PUNCT
fsr-3338	181	17	buy	buy	VERB
fsr-3338	181	18	and	and	CCONJ
fsr-3338	181	19	hold	hold	VERB
fsr-3338	181	20	a	a	DET
fsr-3338	181	21	stock	stock	NOUN
fsr-3338	181	22	index	index	NOUN
fsr-3338	181	23	fund	fund	NOUN
fsr-3338	181	24	each	each	DET
fsr-3338	181	25	month	month	NOUN
fsr-3338	181	26	.	.	PUNCT
fsr-3338	182	1	strategy	strategy	NOUN
fsr-3338	182	2	2	2	NUM
fsr-3338	182	3	:	:	PUNCT
fsr-3338	182	4	buy	buy	VERB
fsr-3338	182	5	and	and	CCONJ
fsr-3338	182	6	hold	hold	VERB
fsr-3338	182	7	a	a	DET
fsr-3338	182	8	corresponding	correspond	VERB
fsr-3338	182	9	etf	etf	NOUN
fsr-3338	182	10	each	each	DET
fsr-3338	182	11	month	month	NOUN
fsr-3338	182	12	.	.	PUNCT
fsr-3338	183	1	strategy	strategy	NOUN
fsr-3338	183	2	3	3	NUM
fsr-3338	183	3	:	:	PUNCT
fsr-3338	183	4	invest	invest	VERB
fsr-3338	183	5	in	in	ADP
fsr-3338	183	6	the	the	DET
fsr-3338	183	7	etf	etf	NOUN
fsr-3338	183	8	during	during	ADP
fsr-3338	183	9	tom	tom	PROPN
fsr-3338	183	10	period	period	NOUN
fsr-3338	183	11	and	and	CCONJ
fsr-3338	183	12	then	then	ADV
fsr-3338	183	13	switch	switch	VERB
fsr-3338	183	14	to	to	ADP
fsr-3338	183	15	investing	invest	VERB
fsr-3338	183	16	in	in	ADP
fsr-3338	183	17	t	t	NOUN
fsr-3338	183	18	-	-	PUNCT
fsr-3338	183	19	bills	bill	NOUN
fsr-3338	183	20	during	during	ADP
fsr-3338	183	21	non	non	ADJ
fsr-3338	183	22	-	-	ADJ
fsr-3338	183	23	tom	tom	ADJ
fsr-3338	183	24	period	period	NOUN
fsr-3338	183	25	.	.	PUNCT
fsr-3338	184	1	some	some	DET
fsr-3338	184	2	brokerage	brokerage	NOUN
fsr-3338	184	3	firms	firm	NOUN
fsr-3338	184	4	such	such	ADJ
fsr-3338	184	5	as	as	ADP
fsr-3338	184	6	fidelity	fidelity	NOUN
fsr-3338	184	7	and	and	CCONJ
fsr-3338	184	8	vanguard	vanguard	NOUN
fsr-3338	184	9	have	have	AUX
fsr-3338	184	10	launched	launch	VERB
fsr-3338	184	11	their	their	PRON
fsr-3338	184	12	own	own	ADJ
fsr-3338	184	13	etfs	etfs	NOUN
fsr-3338	184	14	and	and	CCONJ
fsr-3338	184	15	allow	allow	VERB
fsr-3338	184	16	their	their	PRON
fsr-3338	184	17	customers	customer	NOUN
fsr-3338	184	18	to	to	PART
fsr-3338	184	19	trade	trade	VERB
fsr-3338	184	20	etfs	etfs	PROPN
fsr-3338	184	21	commission	commission	PROPN
fsr-3338	184	22	-	-	PUNCT
fsr-3338	184	23	free	free	ADJ
fsr-3338	184	24	(	(	PUNCT
fsr-3338	184	25	with	with	ADP
fsr-3338	184	26	some	some	DET
fsr-3338	184	27	restriction	restriction	NOUN
fsr-3338	184	28	,	,	PUNCT
fsr-3338	184	29	of	of	ADP
fsr-3338	184	30	course	course	NOUN
fsr-3338	184	31	)	)	PUNCT
fsr-3338	184	32	.	.	PUNCT
fsr-3338	185	1	therefore	therefore	ADV
fsr-3338	185	2	,	,	PUNCT
fsr-3338	185	3	we	we	PRON
fsr-3338	185	4	do	do	AUX
fsr-3338	185	5	not	not	PART
fsr-3338	185	6	take	take	VERB
fsr-3338	185	7	transaction	transaction	NOUN
fsr-3338	185	8	costs	cost	NOUN
fsr-3338	185	9	into	into	ADP
fsr-3338	185	10	consideration.7	consideration.7	PROPN
fsr-3338	185	11	table	table	NOUN
fsr-3338	185	12	8	8	NUM
fsr-3338	185	13	reports	report	NOUN
fsr-3338	185	14	the	the	DET
fsr-3338	185	15	mean	mean	ADJ
fsr-3338	185	16	returns	return	NOUN
fsr-3338	185	17	and	and	CCONJ
fsr-3338	185	18	the	the	DET
fsr-3338	185	19	standard	standard	ADJ
fsr-3338	185	20	deviation	deviation	NOUN
fsr-3338	185	21	for	for	ADP
fsr-3338	185	22	each	each	PRON
fsr-3338	185	23	of	of	ADP
fsr-3338	185	24	the	the	DET
fsr-3338	185	25	three	three	NUM
fsr-3338	185	26	trading	trading	NOUN
fsr-3338	185	27	strategies	strategy	NOUN
fsr-3338	185	28	in	in	ADP
fsr-3338	185	29	nine	nine	NUM
fsr-3338	185	30	countries	country	NOUN
fsr-3338	185	31	.	.	PUNCT
fsr-3338	186	1	the	the	DET
fsr-3338	186	2	strategy	strategy	NOUN
fsr-3338	186	3	of	of	ADP
fsr-3338	186	4	buying	buying	NOUN
fsr-3338	186	5	-	-	PUNCT
fsr-3338	186	6	and	and	CCONJ
fsr-3338	186	7	-	-	PUNCT
fsr-3338	186	8	holding	hold	VERB
fsr-3338	186	9	an	an	DET
fsr-3338	186	10	index	index	NOUN
fsr-3338	186	11	fund	fund	NOUN
fsr-3338	186	12	does	do	AUX
fsr-3338	186	13	produce	produce	VERB
fsr-3338	186	14	a	a	DET
fsr-3338	186	15	positive	positive	ADJ
fsr-3338	186	16	but	but	CCONJ
fsr-3338	186	17	statistically	statistically	ADV
fsr-3338	186	18	insignificant	insignificant	ADJ
fsr-3338	186	19	return	return	NOUN
fsr-3338	186	20	—	—	PUNCT
fsr-3338	186	21	except	except	SCONJ
fsr-3338	186	22	for	for	ADP
fsr-3338	186	23	the	the	DET
fsr-3338	186	24	german	german	ADJ
fsr-3338	186	25	market	market	NOUN
fsr-3338	186	26	.	.	PUNCT
fsr-3338	187	1	similarly	similarly	ADV
fsr-3338	187	2	,	,	PUNCT
fsr-3338	187	3	the	the	DET
fsr-3338	187	4	strategy	strategy	NOUN
fsr-3338	187	5	of	of	ADP
fsr-3338	187	6	buying	buying	NOUN
fsr-3338	187	7	-	-	PUNCT
fsr-3338	187	8	and	and	CCONJ
fsr-3338	187	9	-	-	PUNCT
fsr-3338	187	10	holding	hold	VERB
fsr-3338	187	11	a	a	DET
fsr-3338	187	12	corresponding	correspond	VERB
fsr-3338	187	13	etf	etf	NOUN
fsr-3338	187	14	produces	produce	VERB
fsr-3338	187	15	a	a	DET
fsr-3338	187	16	positive	positive	ADJ
fsr-3338	187	17	but	but	CCONJ
fsr-3338	187	18	statistically	statistically	ADV
fsr-3338	187	19	insignificant	insignificant	ADJ
fsr-3338	187	20	average	average	ADJ
fsr-3338	187	21	return	return	NOUN
fsr-3338	187	22	in	in	ADP
fsr-3338	187	23	all	all	PRON
fsr-3338	187	24	but	but	SCONJ
fsr-3338	187	25	the	the	DET
fsr-3338	187	26	brazilian	brazilian	ADJ
fsr-3338	187	27	market	market	NOUN
fsr-3338	187	28	.	.	PUNCT
fsr-3338	188	1	such	such	DET
fsr-3338	188	2	a	a	DET
fsr-3338	188	3	result	result	NOUN
fsr-3338	188	4	reflects	reflect	VERB
fsr-3338	188	5	the	the	DET
fsr-3338	188	6	fact	fact	NOUN
fsr-3338	188	7	that	that	SCONJ
fsr-3338	188	8	returns	return	NOUN
fsr-3338	188	9	are	be	AUX
fsr-3338	188	10	negative	negative	ADJ
fsr-3338	188	11	during	during	ADP
fsr-3338	188	12	non	non	ADJ
fsr-3338	188	13	-	-	ADJ
fsr-3338	188	14	tom	tom	ADJ
fsr-3338	188	15	period	period	NOUN
fsr-3338	188	16	as	as	SCONJ
fsr-3338	188	17	shown	show	VERB
fsr-3338	188	18	in	in	ADP
fsr-3338	188	19	table	table	NOUN
fsr-3338	188	20	6	6	NUM
fsr-3338	188	21	,	,	PUNCT
fsr-3338	188	22	which	which	PRON
fsr-3338	188	23	offsets	offset	VERB
fsr-3338	188	24	the	the	DET
fsr-3338	188	25	positive	positive	ADJ
fsr-3338	188	26	table	table	NOUN
fsr-3338	188	27	6	6	NUM
fsr-3338	188	28	continued	continue	VERB
fsr-3338	188	29	country	country	NOUN
fsr-3338	188	30	tom	tom	PROPN
fsr-3338	188	31	non	non	PROPN
fsr-3338	188	32	-	-	PROPN
fsr-3338	188	33	tom	tom	PROPN
fsr-3338	188	34	difference	difference	PROPN
fsr-3338	188	35	japan	japan	PROPN
fsr-3338	188	36	etf	etf	PROPN
fsr-3338	188	37	0.144	0.144	NUM
fsr-3338	188	38	�	�	PROPN
fsr-3338	188	39	0.048	0.048	NUM
fsr-3338	188	40	0.192	0.192	NUM
fsr-3338	188	41	index	index	NOUN
fsr-3338	188	42	0.028	0.028	NUM
fsr-3338	188	43	�	�	PROPN
fsr-3338	188	44	0.049	0.049	NUM
fsr-3338	188	45	0.077	0.077	NUM
fsr-3338	188	46	sweden	sweden	PROPN
fsr-3338	188	47	etf	etf	PROPN
fsr-3338	188	48	0.170	0.170	NUM
fsr-3338	188	49	�	�	PROPN
fsr-3338	188	50	0.065	0.065	NUM
fsr-3338	188	51	0.235	0.235	NUM
fsr-3338	188	52	index	index	NOUN
fsr-3338	188	53	0.176	0.176	NUM
fsr-3338	188	54	*	*	SYM
fsr-3338	188	55	�	�	PROPN
fsr-3338	188	56	0.032	0.032	NUM
fsr-3338	188	57	0.208	0.208	NUM
fsr-3338	188	58	*	*	SYM
fsr-3338	188	59	u.k	u.k	PROPN
fsr-3338	188	60	.	.	PROPN
fsr-3338	188	61	etf	etf	PROPN
fsr-3338	188	62	0.138	0.138	NUM
fsr-3338	188	63	�	�	PROPN
fsr-3338	188	64	0.019	0.019	NUM
fsr-3338	188	65	0.158	0.158	NUM
fsr-3338	188	66	index	index	NOUN
fsr-3338	188	67	0.119	0.119	NUM
fsr-3338	188	68	�	�	PROPN
fsr-3338	188	69	0.011	0.011	NUM
fsr-3338	188	70	0.130	0.130	NUM
fsr-3338	188	71	*	*	PUNCT
fsr-3338	188	72	*	*	PUNCT
fsr-3338	188	73	and	and	CCONJ
fsr-3338	188	74	*	*	PUNCT
fsr-3338	188	75	denote	denote	VERB
fsr-3338	188	76	for	for	ADP
fsr-3338	188	77	significance	significance	NOUN
fsr-3338	188	78	levels	level	NOUN
fsr-3338	188	79	at	at	ADP
fsr-3338	188	80	1	1	NUM
fsr-3338	188	81	%	%	NOUN
fsr-3338	188	82	and	and	CCONJ
fsr-3338	188	83	5	5	NUM
fsr-3338	188	84	%	%	NOUN
fsr-3338	188	85	,	,	PUNCT
fsr-3338	188	86	respectively	respectively	ADV
fsr-3338	188	87	.	.	PUNCT
fsr-3338	189	1	table	table	NOUN
fsr-3338	189	2	7	7	NUM
fsr-3338	189	3	return	return	NOUN
fsr-3338	189	4	by	by	ADP
fsr-3338	189	5	day	day	NOUN
fsr-3338	189	6	of	of	ADP
fsr-3338	189	7	the	the	DET
fsr-3338	189	8	month	month	NOUN
fsr-3338	189	9	–	–	PUNCT
fsr-3338	189	10	local	local	ADJ
fsr-3338	189	11	etfs	etfs	NOUN
fsr-3338	189	12	the	the	DET
fsr-3338	189	13	table	table	NOUN
fsr-3338	189	14	below	below	ADP
fsr-3338	189	15	presents	present	VERB
fsr-3338	189	16	the	the	DET
fsr-3338	189	17	average	average	ADJ
fsr-3338	189	18	daily	daily	ADJ
fsr-3338	189	19	return	return	NOUN
fsr-3338	189	20	of	of	ADP
fsr-3338	189	21	etfs	etfs	PROPN
fsr-3338	189	22	at	at	ADP
fsr-3338	189	23	the	the	DET
fsr-3338	189	24	turn	turn	NOUN
fsr-3338	189	25	of	of	ADP
fsr-3338	189	26	month	month	NOUN
fsr-3338	189	27	(	(	PUNCT
fsr-3338	189	28	tom	tom	PROPN
fsr-3338	189	29	)	)	PUNCT
fsr-3338	189	30	from	from	ADP
fsr-3338	189	31	the	the	DET
fsr-3338	189	32	last	last	ADJ
fsr-3338	189	33	day	day	NOUN
fsr-3338	189	34	of	of	ADP
fsr-3338	189	35	the	the	DET
fsr-3338	189	36	month	month	NOUN
fsr-3338	189	37	,	,	PUNCT
fsr-3338	189	38	day	day	NOUN
fsr-3338	189	39	(	(	PUNCT
fsr-3338	189	40	�	�	PROPN
fsr-3338	189	41	1	1	NUM
fsr-3338	189	42	)	)	PUNCT
fsr-3338	189	43	,	,	PUNCT
fsr-3338	189	44	to	to	ADP
fsr-3338	189	45	the	the	DET
fsr-3338	189	46	first	first	ADJ
fsr-3338	189	47	three	three	NUM
fsr-3338	189	48	days	day	NOUN
fsr-3338	189	49	of	of	ADP
fsr-3338	189	50	the	the	DET
fsr-3338	189	51	following	following	ADJ
fsr-3338	189	52	month	month	NOUN
fsr-3338	189	53	,	,	PUNCT
fsr-3338	189	54	day	day	NOUN
fsr-3338	189	55	(	(	PUNCT
fsr-3338	189	56	�	�	PROPN
fsr-3338	189	57	1	1	NUM
fsr-3338	189	58	)	)	PUNCT
fsr-3338	189	59	,	,	PUNCT
fsr-3338	189	60	day	day	NOUN
fsr-3338	189	61	(	(	PUNCT
fsr-3338	189	62	�	�	PROPN
fsr-3338	189	63	2	2	NUM
fsr-3338	189	64	)	)	PUNCT
fsr-3338	189	65	,	,	PUNCT
fsr-3338	189	66	and	and	CCONJ
fsr-3338	189	67	day	day	NOUN
fsr-3338	189	68	(	(	PUNCT
fsr-3338	189	69	�	�	NOUN
fsr-3338	189	70	3	3	NUM
fsr-3338	189	71	)	)	PUNCT
fsr-3338	189	72	.	.	PUNCT
fsr-3338	190	1	only	only	ADV
fsr-3338	190	2	these	these	DET
fsr-3338	190	3	three	three	NUM
fsr-3338	190	4	local	local	ADJ
fsr-3338	190	5	etfs	etfs	NOUN
fsr-3338	190	6	have	have	VERB
fsr-3338	190	7	sufficient	sufficient	ADJ
fsr-3338	190	8	data	datum	NOUN
fsr-3338	190	9	.	.	PUNCT
fsr-3338	191	1	return	return	NOUN
fsr-3338	191	2	stands	stand	VERB
fsr-3338	191	3	for	for	ADP
fsr-3338	191	4	the	the	DET
fsr-3338	191	5	mean	mean	ADJ
fsr-3338	191	6	daily	daily	ADJ
fsr-3338	191	7	return	return	NOUN
fsr-3338	191	8	of	of	ADP
fsr-3338	191	9	corresponding	corresponding	ADJ
fsr-3338	191	10	period	period	NOUN
fsr-3338	191	11	,	,	PUNCT
fsr-3338	191	12	and	and	CCONJ
fsr-3338	191	13	risk	risk	NOUN
fsr-3338	191	14	is	be	AUX
fsr-3338	191	15	measured	measure	VERB
fsr-3338	191	16	by	by	ADP
fsr-3338	191	17	the	the	DET
fsr-3338	191	18	standard	standard	ADJ
fsr-3338	191	19	deviation	deviation	NOUN
fsr-3338	191	20	of	of	ADP
fsr-3338	191	21	daily	daily	ADJ
fsr-3338	191	22	returns	return	NOUN
fsr-3338	191	23	.	.	PUNCT
fsr-3338	192	1	tom	tom	PROPN
fsr-3338	192	2	and	and	CCONJ
fsr-3338	192	3	non	non	PROPN
fsr-3338	192	4	-	-	PROPN
fsr-3338	192	5	tom	tom	ADJ
fsr-3338	192	6	stand	stand	NOUN
fsr-3338	192	7	for	for	ADP
fsr-3338	192	8	the	the	DET
fsr-3338	192	9	mean	mean	ADJ
fsr-3338	192	10	return	return	NOUN
fsr-3338	192	11	during	during	ADP
fsr-3338	192	12	tom	tom	PROPN
fsr-3338	192	13	period	period	NOUN
fsr-3338	192	14	and	and	CCONJ
fsr-3338	192	15	the	the	DET
fsr-3338	192	16	remainder	remainder	NOUN
fsr-3338	192	17	of	of	ADP
fsr-3338	192	18	the	the	DET
fsr-3338	192	19	month	month	NOUN
fsr-3338	192	20	period	period	NOUN
fsr-3338	192	21	,	,	PUNCT
fsr-3338	192	22	respectively	respectively	ADV
fsr-3338	192	23	.	.	PUNCT
fsr-3338	193	1	difference	difference	NOUN
fsr-3338	193	2	in	in	ADP
fsr-3338	193	3	the	the	DET
fsr-3338	193	4	last	last	ADJ
fsr-3338	193	5	column	column	NOUN
fsr-3338	193	6	is	be	AUX
fsr-3338	193	7	the	the	DET
fsr-3338	193	8	difference	difference	NOUN
fsr-3338	193	9	between	between	ADP
fsr-3338	193	10	returns	return	NOUN
fsr-3338	193	11	in	in	ADP
fsr-3338	193	12	tom	tom	PROPN
fsr-3338	193	13	and	and	CCONJ
fsr-3338	193	14	non	non	ADJ
fsr-3338	193	15	-	-	ADJ
fsr-3338	193	16	tom	tom	ADJ
fsr-3338	193	17	period	period	NOUN
fsr-3338	193	18	.	.	PUNCT
fsr-3338	194	1	numbers	number	NOUN
fsr-3338	194	2	in	in	ADP
fsr-3338	194	3	the	the	DET
fsr-3338	194	4	table	table	NOUN
fsr-3338	194	5	are	be	AUX
fsr-3338	194	6	in	in	ADP
fsr-3338	194	7	percentage	percentage	NOUN
fsr-3338	194	8	.	.	PUNCT
fsr-3338	195	1	country	country	NOUN
fsr-3338	195	2	day	day	PROPN
fsr-3338	195	3	(	(	PUNCT
fsr-3338	195	4	�	�	NOUN
fsr-3338	195	5	1	1	NUM
fsr-3338	195	6	)	)	PUNCT
fsr-3338	195	7	day	day	NOUN
fsr-3338	195	8	(	(	PUNCT
fsr-3338	195	9	�	�	NOUN
fsr-3338	195	10	1	1	NUM
fsr-3338	195	11	)	)	PUNCT
fsr-3338	195	12	day	day	NOUN
fsr-3338	195	13	(	(	PUNCT
fsr-3338	195	14	�	�	NOUN
fsr-3338	195	15	2	2	NUM
fsr-3338	195	16	)	)	PUNCT
fsr-3338	195	17	day	day	NOUN
fsr-3338	195	18	(	(	PUNCT
fsr-3338	195	19	�	�	NOUN
fsr-3338	195	20	3	3	NUM
fsr-3338	195	21	)	)	PUNCT
fsr-3338	195	22	tom	tom	PROPN
fsr-3338	195	23	non	non	PROPN
fsr-3338	195	24	-	-	PROPN
fsr-3338	195	25	tom	tom	PROPN
fsr-3338	195	26	difference	difference	PROPN
fsr-3338	195	27	germany	germany	PROPN
fsr-3338	195	28	return	return	VERB
fsr-3338	195	29	0.169	0.169	NUM
fsr-3338	195	30	0.037	0.037	NUM
fsr-3338	195	31	0.037	0.037	NUM
fsr-3338	195	32	0.153	0.153	NUM
fsr-3338	195	33	0.118	0.118	NUM
fsr-3338	195	34	�	�	NOUN
fsr-3338	195	35	0.003	0.003	NUM
fsr-3338	195	36	0.122	0.122	NUM
fsr-3338	195	37	risk	risk	NOUN
fsr-3338	195	38	1.421	1.421	NUM
fsr-3338	195	39	1.789	1.789	NUM
fsr-3338	195	40	1.789	1.789	NUM
fsr-3338	195	41	1.553	1.553	NUM
fsr-3338	195	42	1.594	1.594	NUM
fsr-3338	195	43	1.525	1.525	NUM
fsr-3338	195	44	0.069	0.069	NUM
fsr-3338	195	45	hong	hong	PROPN
fsr-3338	195	46	kong	kong	PROPN
fsr-3338	195	47	return	return	VERB
fsr-3338	195	48	0.207	0.207	NUM
fsr-3338	195	49	0.037	0.037	NUM
fsr-3338	195	50	0.469	0.469	NUM
fsr-3338	195	51	*	*	PUNCT
fsr-3338	195	52	*	*	X
fsr-3338	195	53	�	�	PROPN
fsr-3338	195	54	0.026	0.026	NUM
fsr-3338	195	55	0.225	0.225	NUM
fsr-3338	195	56	*	*	PUNCT
fsr-3338	195	57	*	*	PUNCT
fsr-3338	195	58	0.024	0.024	NUM
fsr-3338	195	59	0.201	0.201	NUM
fsr-3338	195	60	risk	risk	NOUN
fsr-3338	195	61	1.418	1.418	NUM
fsr-3338	195	62	1.789	1.789	NUM
fsr-3338	195	63	1.987	1.987	NUM
fsr-3338	195	64	1.902	1.902	NUM
fsr-3338	195	65	1.759	1.759	NUM
fsr-3338	195	66	2.022	2.022	NUM
fsr-3338	195	67	�	�	PROPN
fsr-3338	195	68	0.263	0.263	NUM
fsr-3338	195	69	u.k	u.k	PROPN
fsr-3338	195	70	.	.	PROPN
fsr-3338	195	71	return	return	PROPN
fsr-3338	195	72	�	�	PROPN
fsr-3338	195	73	0.056	0.056	NUM
fsr-3338	195	74	0.271	0.271	NUM
fsr-3338	195	75	*	*	NOUN
fsr-3338	195	76	0.271	0.271	NUM
fsr-3338	195	77	*	*	PUNCT
fsr-3338	195	78	*	*	PUNCT
fsr-3338	195	79	�	�	PROPN
fsr-3338	195	80	0.028	0.028	NUM
fsr-3338	195	81	0.109	0.109	NUM
fsr-3338	195	82	*	*	SYM
fsr-3338	195	83	�	�	PROPN
fsr-3338	195	84	0.011	0.011	NUM
fsr-3338	195	85	0.119	0.119	NUM
fsr-3338	195	86	*	*	PUNCT
fsr-3338	195	87	risk	risk	NOUN
fsr-3338	195	88	1.161	1.161	NUM
fsr-3338	195	89	1.303	1.303	NUM
fsr-3338	195	90	1.303	1.303	NUM
fsr-3338	195	91	1.224	1.224	NUM
fsr-3338	195	92	1.261	1.261	NUM
fsr-3338	195	93	1.306	1.306	NUM
fsr-3338	195	94	�	�	NOUN
fsr-3338	195	95	0.045	0.045	NUM
fsr-3338	195	96	*	*	PUNCT
fsr-3338	195	97	*	*	PUNCT
fsr-3338	195	98	and	and	CCONJ
fsr-3338	195	99	*	*	PUNCT
fsr-3338	195	100	denote	denote	VERB
fsr-3338	195	101	for	for	ADP
fsr-3338	195	102	significance	significance	NOUN
fsr-3338	195	103	levels	level	NOUN
fsr-3338	195	104	at	at	ADP
fsr-3338	195	105	1	1	NUM
fsr-3338	195	106	%	%	NOUN
fsr-3338	195	107	and	and	CCONJ
fsr-3338	195	108	5	5	NUM
fsr-3338	195	109	%	%	NOUN
fsr-3338	195	110	,	,	PUNCT
fsr-3338	195	111	respectively	respectively	ADV
fsr-3338	195	112	.	.	PUNCT
fsr-3338	196	1	282	282	NUM
fsr-3338	196	2	h.	h.	PROPN
fsr-3338	196	3	chen	chen	PROPN
fsr-3338	196	4	et	et	PROPN
fsr-3338	196	5	al	al	PROPN
fsr-3338	196	6	.	.	PUNCT
fsr-3338	196	7	/	/	SYM
fsr-3338	196	8	financial	financial	ADJ
fsr-3338	196	9	services	service	NOUN
fsr-3338	196	10	review	review	VERB
fsr-3338	196	11	24	24	NUM
fsr-3338	196	12	(	(	PUNCT
fsr-3338	196	13	2015	2015	NUM
fsr-3338	196	14	)	)	PUNCT
fsr-3338	196	15	271–288	271–288	NUM
fsr-3338	196	16	returns	return	NOUN
fsr-3338	196	17	during	during	ADP
fsr-3338	196	18	tom	tom	PROPN
fsr-3338	196	19	period	period	NOUN
fsr-3338	196	20	.	.	PUNCT
fsr-3338	197	1	in	in	ADP
fsr-3338	197	2	contrast	contrast	NOUN
fsr-3338	197	3	,	,	PUNCT
fsr-3338	197	4	the	the	DET
fsr-3338	197	5	etf	etf	PROPN
fsr-3338	197	6	-	-	PUNCT
fsr-3338	197	7	t	t	NOUN
fsr-3338	197	8	-	-	PUNCT
fsr-3338	197	9	bills	bill	NOUN
fsr-3338	197	10	switching	switching	NOUN
fsr-3338	197	11	produces	produce	VERB
fsr-3338	197	12	significantly	significantly	ADV
fsr-3338	197	13	positive	positive	ADJ
fsr-3338	197	14	returns	return	NOUN
fsr-3338	197	15	in	in	ADP
fsr-3338	197	16	all	all	DET
fsr-3338	197	17	nine	nine	NUM
fsr-3338	197	18	markets.8	markets.8	PROPN
fsr-3338	197	19	equally	equally	ADV
fsr-3338	197	20	important	important	ADJ
fsr-3338	197	21	,	,	PUNCT
fsr-3338	197	22	as	as	SCONJ
fsr-3338	197	23	shown	show	VERB
fsr-3338	197	24	in	in	ADP
fsr-3338	197	25	table	table	NOUN
fsr-3338	197	26	8	8	NUM
fsr-3338	197	27	,	,	PUNCT
fsr-3338	197	28	returns	return	NOUN
fsr-3338	197	29	from	from	ADP
fsr-3338	197	30	the	the	DET
fsr-3338	197	31	etf	etf	NOUN
fsr-3338	197	32	-	-	PUNCT
fsr-3338	197	33	t	t	NOUN
fsr-3338	197	34	-	-	PUNCT
fsr-3338	197	35	bills	bill	NOUN
fsr-3338	197	36	switching	switch	VERB
fsr-3338	197	37	strategy	strategy	NOUN
fsr-3338	197	38	have	have	VERB
fsr-3338	197	39	a	a	DET
fsr-3338	197	40	much	much	ADV
fsr-3338	197	41	lower	low	ADJ
fsr-3338	197	42	standard	standard	ADJ
fsr-3338	197	43	deviation	deviation	NOUN
fsr-3338	197	44	than	than	ADP
fsr-3338	197	45	those	those	PRON
fsr-3338	197	46	from	from	ADP
fsr-3338	197	47	the	the	DET
fsr-3338	197	48	other	other	ADJ
fsr-3338	197	49	two	two	NUM
fsr-3338	197	50	strategies	strategy	NOUN
fsr-3338	197	51	—	—	PUNCT
fsr-3338	197	52	again	again	ADV
fsr-3338	197	53	across	across	ADP
fsr-3338	197	54	all	all	DET
fsr-3338	197	55	nine	nine	NUM
fsr-3338	197	56	markets	market	NOUN
fsr-3338	197	57	.	.	PUNCT
fsr-3338	198	1	in	in	ADP
fsr-3338	198	2	australia	australia	PROPN
fsr-3338	198	3	,	,	PUNCT
fsr-3338	198	4	canada	canada	PROPN
fsr-3338	198	5	,	,	PUNCT
fsr-3338	198	6	german	german	ADJ
fsr-3338	198	7	,	,	PUNCT
fsr-3338	198	8	and	and	CCONJ
fsr-3338	198	9	sweden	sweden	PROPN
fsr-3338	198	10	,	,	PUNCT
fsr-3338	198	11	the	the	DET
fsr-3338	198	12	standard	standard	ADJ
fsr-3338	198	13	deviation	deviation	NOUN
fsr-3338	198	14	of	of	ADP
fsr-3338	198	15	returns	return	NOUN
fsr-3338	198	16	from	from	ADP
fsr-3338	198	17	this	this	DET
fsr-3338	198	18	switching	switch	VERB
fsr-3338	198	19	strategy	strategy	NOUN
fsr-3338	198	20	is	be	AUX
fsr-3338	198	21	more	more	ADJ
fsr-3338	198	22	than	than	ADP
fsr-3338	198	23	twice	twice	ADV
fsr-3338	198	24	lower	low	ADJ
fsr-3338	198	25	than	than	ADP
fsr-3338	198	26	that	that	PRON
fsr-3338	198	27	from	from	ADP
fsr-3338	198	28	the	the	DET
fsr-3338	198	29	other	other	ADJ
fsr-3338	198	30	two	two	NUM
fsr-3338	198	31	strategies	strategy	NOUN
fsr-3338	198	32	.	.	PUNCT
fsr-3338	199	1	as	as	SCONJ
fsr-3338	199	2	shown	show	VERB
fsr-3338	199	3	in	in	ADP
fsr-3338	199	4	fig	fig	NOUN
fsr-3338	199	5	.	.	PUNCT
fsr-3338	200	1	3	3	NUM
fsr-3338	200	2	,	,	PUNCT
fsr-3338	200	3	we	we	PRON
fsr-3338	200	4	use	use	VERB
fsr-3338	200	5	the	the	DET
fsr-3338	200	6	monthly	monthly	ADJ
fsr-3338	200	7	returns	return	NOUN
fsr-3338	200	8	to	to	PART
fsr-3338	200	9	calculate	calculate	VERB
fsr-3338	200	10	the	the	DET
fsr-3338	200	11	sharpe	sharpe	PROPN
fsr-3338	200	12	ratio	ratio	NOUN
fsr-3338	200	13	for	for	ADP
fsr-3338	200	14	these	these	DET
fsr-3338	200	15	three	three	NUM
fsr-3338	200	16	strategies	strategy	NOUN
fsr-3338	200	17	in	in	ADP
fsr-3338	200	18	all	all	DET
fsr-3338	200	19	markets	market	NOUN
fsr-3338	200	20	.	.	PUNCT
fsr-3338	201	1	the	the	DET
fsr-3338	201	2	sharpe	sharpe	PROPN
fsr-3338	201	3	ratio	ratio	NOUN
fsr-3338	201	4	provides	provide	VERB
fsr-3338	201	5	a	a	DET
fsr-3338	201	6	measure	measure	NOUN
fsr-3338	201	7	for	for	ADP
fsr-3338	201	8	the	the	DET
fsr-3338	201	9	risk	risk	NOUN
fsr-3338	201	10	-	-	PUNCT
fsr-3338	201	11	adjusted	adjust	VERB
fsr-3338	201	12	performance	performance	NOUN
fsr-3338	201	13	of	of	ADP
fsr-3338	201	14	an	an	DET
fsr-3338	201	15	investment	investment	NOUN
fsr-3338	201	16	.	.	PUNCT
fsr-3338	202	1	fig	fig	NOUN
fsr-3338	202	2	.	.	PUNCT
fsr-3338	203	1	3	3	NUM
fsr-3338	203	2	shows	show	VERB
fsr-3338	203	3	that	that	SCONJ
fsr-3338	203	4	the	the	DET
fsr-3338	203	5	etf	etf	PROPN
fsr-3338	203	6	-	-	PUNCT
fsr-3338	203	7	t	t	NOUN
fsr-3338	203	8	-	-	PUNCT
fsr-3338	203	9	bills	bill	NOUN
fsr-3338	203	10	switching	switch	VERB
fsr-3338	203	11	strategy	strategy	NOUN
fsr-3338	203	12	has	have	VERB
fsr-3338	203	13	the	the	DET
fsr-3338	203	14	highest	high	ADJ
fsr-3338	203	15	sharpe	sharpe	NOUN
fsr-3338	203	16	ratio	ratio	NOUN
fsr-3338	203	17	,	,	PUNCT
fsr-3338	203	18	easily	easily	ADV
fsr-3338	203	19	beating	beat	VERB
fsr-3338	203	20	the	the	DET
fsr-3338	203	21	two	two	NUM
fsr-3338	203	22	buy	buy	VERB
fsr-3338	203	23	-	-	PUNCT
fsr-3338	203	24	and	and	CCONJ
fsr-3338	203	25	-	-	PUNCT
fsr-3338	203	26	hold	hold	VERB
fsr-3338	203	27	strategies	strategy	NOUN
fsr-3338	203	28	.	.	PUNCT
fsr-3338	204	1	in	in	ADP
fsr-3338	204	2	france	france	PROPN
fsr-3338	204	3	,	,	PUNCT
fsr-3338	204	4	hong	hong	PROPN
fsr-3338	204	5	kong	kong	PROPN
fsr-3338	204	6	,	,	PUNCT
fsr-3338	204	7	japan	japan	PROPN
fsr-3338	204	8	,	,	PUNCT
fsr-3338	204	9	and	and	CCONJ
fsr-3338	204	10	united	united	PROPN
fsr-3338	204	11	kingdom	kingdom	PROPN
fsr-3338	204	12	,	,	PUNCT
fsr-3338	204	13	the	the	DET
fsr-3338	204	14	sharpe	sharpe	PROPN
fsr-3338	204	15	ratio	ratio	NOUN
fsr-3338	204	16	from	from	ADP
fsr-3338	204	17	this	this	DET
fsr-3338	204	18	switching	switch	VERB
fsr-3338	204	19	strategy	strategy	NOUN
fsr-3338	204	20	is	be	AUX
fsr-3338	204	21	almost	almost	ADV
fsr-3338	204	22	three	three	NUM
fsr-3338	204	23	times	time	NOUN
fsr-3338	204	24	higher	high	ADJ
fsr-3338	204	25	than	than	ADP
fsr-3338	204	26	that	that	PRON
fsr-3338	204	27	from	from	ADP
fsr-3338	204	28	the	the	DET
fsr-3338	204	29	two	two	NUM
fsr-3338	204	30	buy	buy	VERB
fsr-3338	204	31	-	-	PUNCT
fsr-3338	204	32	and	and	CCONJ
fsr-3338	204	33	-	-	PUNCT
fsr-3338	204	34	hold	hold	VERB
fsr-3338	204	35	strategies	strategy	NOUN
fsr-3338	204	36	.	.	PUNCT
fsr-3338	205	1	in	in	ADP
fsr-3338	205	2	other	other	ADJ
fsr-3338	205	3	markets	market	NOUN
fsr-3338	205	4	,	,	PUNCT
fsr-3338	205	5	the	the	DET
fsr-3338	205	6	sharpe	sharpe	PROPN
fsr-3338	205	7	ratio	ratio	NOUN
fsr-3338	205	8	from	from	ADP
fsr-3338	205	9	this	this	DET
fsr-3338	205	10	etf	etf	NOUN
fsr-3338	205	11	-	-	PUNCT
fsr-3338	205	12	t	t	NOUN
fsr-3338	205	13	-	-	PUNCT
fsr-3338	205	14	bills	bill	NOUN
fsr-3338	205	15	switching	switch	VERB
fsr-3338	205	16	strategy	strategy	NOUN
fsr-3338	205	17	is	be	AUX
fsr-3338	205	18	about	about	ADV
fsr-3338	205	19	twice	twice	ADV
fsr-3338	205	20	larger	large	ADJ
fsr-3338	205	21	than	than	ADP
fsr-3338	205	22	that	that	PRON
fsr-3338	205	23	from	from	ADP
fsr-3338	205	24	the	the	DET
fsr-3338	205	25	other	other	ADJ
fsr-3338	205	26	two	two	NUM
fsr-3338	205	27	strategies	strategy	NOUN
fsr-3338	205	28	.	.	PUNCT
fsr-3338	206	1	therefore	therefore	ADV
fsr-3338	206	2	,	,	PUNCT
fsr-3338	206	3	on	on	ADP
fsr-3338	206	4	a	a	DET
fsr-3338	206	5	risk	risk	NOUN
fsr-3338	206	6	adjusted	adjust	VERB
fsr-3338	206	7	basis	basis	NOUN
fsr-3338	206	8	,	,	PUNCT
fsr-3338	206	9	investors	investor	NOUN
fsr-3338	206	10	are	be	AUX
fsr-3338	206	11	better	well	ADJ
fsr-3338	206	12	off	off	ADP
fsr-3338	206	13	pursuing	pursue	VERB
fsr-3338	206	14	a	a	DET
fsr-3338	206	15	strategy	strategy	NOUN
fsr-3338	206	16	of	of	ADP
fsr-3338	206	17	investing	invest	VERB
fsr-3338	206	18	in	in	ADP
fsr-3338	206	19	t	t	NOUN
fsr-3338	206	20	-	-	PUNCT
fsr-3338	206	21	bills	bill	NOUN
fsr-3338	206	22	in	in	ADP
fsr-3338	206	23	non	non	ADJ
fsr-3338	206	24	-	-	ADJ
fsr-3338	206	25	tom	tom	ADJ
fsr-3338	206	26	period	period	NOUN
fsr-3338	206	27	and	and	CCONJ
fsr-3338	206	28	switching	switch	VERB
fsr-3338	206	29	to	to	ADP
fsr-3338	206	30	holding	hold	VERB
fsr-3338	206	31	etf	etf	NOUN
fsr-3338	206	32	during	during	ADP
fsr-3338	206	33	tom	tom	PROPN
fsr-3338	206	34	period	period	NOUN
fsr-3338	206	35	than	than	ADP
fsr-3338	206	36	simply	simply	ADV
fsr-3338	206	37	buying	buy	VERB
fsr-3338	206	38	and	and	CCONJ
fsr-3338	206	39	holding	hold	VERB
fsr-3338	206	40	either	either	CCONJ
fsr-3338	206	41	an	an	DET
fsr-3338	206	42	index	index	NOUN
fsr-3338	206	43	fund	fund	NOUN
fsr-3338	206	44	or	or	CCONJ
fsr-3338	206	45	an	an	DET
fsr-3338	206	46	etf	etf	NOUN
fsr-3338	206	47	.	.	PUNCT
fsr-3338	207	1	we	we	PRON
fsr-3338	207	2	also	also	ADV
fsr-3338	207	3	calculate	calculate	VERB
fsr-3338	207	4	the	the	DET
fsr-3338	207	5	sortino	sortino	ADJ
fsr-3338	207	6	ratio	ratio	NOUN
fsr-3338	207	7	,	,	PUNCT
fsr-3338	207	8	which	which	PRON
fsr-3338	207	9	differs	differ	VERB
fsr-3338	207	10	from	from	ADP
fsr-3338	207	11	the	the	DET
fsr-3338	207	12	sharpe	sharpe	PROPN
fsr-3338	207	13	ratio	ratio	NOUN
fsr-3338	207	14	by	by	ADP
fsr-3338	207	15	replacing	replace	VERB
fsr-3338	207	16	the	the	DET
fsr-3338	207	17	standard	standard	ADJ
fsr-3338	207	18	deviation	deviation	NOUN
fsr-3338	207	19	with	with	ADP
fsr-3338	207	20	the	the	DET
fsr-3338	207	21	downside	downside	ADJ
fsr-3338	207	22	risk	risk	NOUN
fsr-3338	207	23	.	.	PUNCT
fsr-3338	208	1	the	the	DET
fsr-3338	208	2	downside	downside	ADJ
fsr-3338	208	3	risk	risk	NOUN
fsr-3338	208	4	is	be	AUX
fsr-3338	208	5	defined	define	VERB
fsr-3338	208	6	as	as	ADP
fsr-3338	208	7	the	the	DET
fsr-3338	208	8	standard	standard	ADJ
fsr-3338	208	9	deviation	deviation	NOUN
fsr-3338	208	10	of	of	ADP
fsr-3338	208	11	returns	return	NOUN
fsr-3338	208	12	below	below	ADP
fsr-3338	208	13	the	the	DET
fsr-3338	208	14	target	target	NOUN
fsr-3338	208	15	return	return	NOUN
fsr-3338	208	16	.	.	PUNCT
fsr-3338	209	1	by	by	ADP
fsr-3338	209	2	using	use	VERB
fsr-3338	209	3	the	the	DET
fsr-3338	209	4	downside	downside	ADJ
fsr-3338	209	5	risk	risk	NOUN
fsr-3338	209	6	,	,	PUNCT
fsr-3338	209	7	the	the	DET
fsr-3338	209	8	sortino	sortino	ADJ
fsr-3338	209	9	ratio	ratio	NOUN
fsr-3338	209	10	focuses	focus	VERB
fsr-3338	209	11	on	on	ADP
fsr-3338	209	12	the	the	DET
fsr-3338	209	13	risk	risk	NOUN
fsr-3338	209	14	that	that	SCONJ
fsr-3338	209	15	an	an	DET
fsr-3338	209	16	investor	investor	NOUN
fsr-3338	209	17	may	may	AUX
fsr-3338	209	18	be	be	AUX
fsr-3338	209	19	short	short	ADJ
fsr-3338	209	20	of	of	ADP
fsr-3338	209	21	reaching	reach	VERB
fsr-3338	209	22	the	the	DET
fsr-3338	209	23	investment	investment	NOUN
fsr-3338	209	24	target	target	NOUN
fsr-3338	209	25	.	.	PUNCT
fsr-3338	210	1	we	we	PRON
fsr-3338	210	2	use	use	VERB
fsr-3338	210	3	the	the	DET
fsr-3338	210	4	s&p	s&p	PROPN
fsr-3338	210	5	500	500	NUM
fsr-3338	210	6	index	index	NOUN
fsr-3338	210	7	return	return	NOUN
fsr-3338	210	8	as	as	ADP
fsr-3338	210	9	the	the	DET
fsr-3338	210	10	target	target	NOUN
fsr-3338	210	11	return	return	NOUN
fsr-3338	210	12	in	in	ADP
fsr-3338	210	13	each	each	DET
fsr-3338	210	14	month	month	NOUN
fsr-3338	210	15	in	in	ADP
fsr-3338	210	16	the	the	DET
fsr-3338	210	17	calculation	calculation	NOUN
fsr-3338	210	18	of	of	ADP
fsr-3338	210	19	the	the	DET
fsr-3338	210	20	downside	downside	ADJ
fsr-3338	210	21	risk	risk	NOUN
fsr-3338	210	22	.	.	PUNCT
fsr-3338	211	1	fig	fig	NOUN
fsr-3338	211	2	.	.	PUNCT
fsr-3338	212	1	4	4	NUM
fsr-3338	212	2	exhibits	exhibit	VERB
fsr-3338	212	3	the	the	DET
fsr-3338	212	4	sortino	sortino	ADJ
fsr-3338	212	5	ratio	ratio	NOUN
fsr-3338	212	6	for	for	ADP
fsr-3338	212	7	the	the	DET
fsr-3338	212	8	three	three	NUM
fsr-3338	212	9	strategies	strategy	NOUN
fsr-3338	212	10	.	.	PUNCT
fsr-3338	213	1	consistent	consistent	ADJ
fsr-3338	213	2	with	with	ADP
fsr-3338	213	3	the	the	DET
fsr-3338	213	4	sharpe	sharpe	PROPN
fsr-3338	213	5	ratio	ratio	NOUN
fsr-3338	213	6	in	in	ADP
fsr-3338	213	7	fig	fig	NOUN
fsr-3338	213	8	.	.	PUNCT
fsr-3338	214	1	3	3	NUM
fsr-3338	214	2	,	,	PUNCT
fsr-3338	214	3	the	the	DET
fsr-3338	214	4	etf	etf	PROPN
fsr-3338	214	5	-	-	PUNCT
fsr-3338	214	6	t	t	NOUN
fsr-3338	214	7	-	-	PUNCT
fsr-3338	214	8	bills	bill	NOUN
fsr-3338	214	9	switching	switch	VERB
fsr-3338	214	10	strategy	strategy	NOUN
fsr-3338	214	11	has	have	VERB
fsr-3338	214	12	the	the	DET
fsr-3338	214	13	highest	high	ADJ
fsr-3338	214	14	sortino	sortino	ADJ
fsr-3338	214	15	ratio	ratio	NOUN
fsr-3338	214	16	,	,	PUNCT
fsr-3338	214	17	outperforming	outperform	VERB
fsr-3338	214	18	the	the	DET
fsr-3338	214	19	other	other	ADJ
fsr-3338	214	20	two	two	NUM
fsr-3338	214	21	buy	buy	VERB
fsr-3338	214	22	-	-	PUNCT
fsr-3338	214	23	and	and	CCONJ
fsr-3338	214	24	-	-	PUNCT
fsr-3338	214	25	hold	hold	VERB
fsr-3338	214	26	strategies	strategy	NOUN
fsr-3338	214	27	on	on	ADP
fsr-3338	214	28	a	a	DET
fsr-3338	214	29	riskadjusted	riskadjusted	ADJ
fsr-3338	214	30	basis	basis	NOUN
fsr-3338	214	31	.	.	PUNCT
fsr-3338	215	1	although	although	SCONJ
fsr-3338	215	2	the	the	DET
fsr-3338	215	3	return	return	NOUN
fsr-3338	215	4	difference	difference	NOUN
fsr-3338	215	5	between	between	ADP
fsr-3338	215	6	the	the	DET
fsr-3338	215	7	three	three	NUM
fsr-3338	215	8	strategies	strategy	NOUN
fsr-3338	215	9	is	be	AUX
fsr-3338	215	10	statistically	statistically	ADV
fsr-3338	215	11	insignificant	insignificant	ADJ
fsr-3338	215	12	,	,	PUNCT
fsr-3338	215	13	different	different	ADJ
fsr-3338	215	14	strategies	strategy	NOUN
fsr-3338	215	15	can	can	AUX
fsr-3338	215	16	still	still	ADV
fsr-3338	215	17	generate	generate	VERB
fsr-3338	215	18	returns	return	NOUN
fsr-3338	215	19	that	that	PRON
fsr-3338	215	20	are	be	AUX
fsr-3338	215	21	economically	economically	ADV
fsr-3338	215	22	significant	significant	ADJ
fsr-3338	215	23	.	.	PUNCT
fsr-3338	216	1	to	to	PART
fsr-3338	216	2	fig	fig	VERB
fsr-3338	216	3	.	.	PUNCT
fsr-3338	217	1	2	2	X
fsr-3338	217	2	.	.	X
fsr-3338	217	3	cumulative	cumulative	ADJ
fsr-3338	217	4	return	return	NOUN
fsr-3338	217	5	between	between	ADP
fsr-3338	217	6	four	four	NUM
fsr-3338	217	7	-	-	PUNCT
fsr-3338	217	8	day	day	NOUN
fsr-3338	217	9	tom	tom	PROPN
fsr-3338	217	10	and	and	CCONJ
fsr-3338	217	11	non	non	ADJ
fsr-3338	217	12	-	-	ADJ
fsr-3338	217	13	tom	tom	ADJ
fsr-3338	217	14	period	period	NOUN
fsr-3338	217	15	for	for	ADP
fsr-3338	217	16	three	three	NUM
fsr-3338	217	17	local	local	ADJ
fsr-3338	217	18	etfs	etfs	NOUN
fsr-3338	217	19	.	.	PUNCT
fsr-3338	218	1	283h	283h	PROPN
fsr-3338	218	2	.	.	PUNCT
fsr-3338	219	1	chen	chen	PROPN
fsr-3338	219	2	et	et	PROPN
fsr-3338	219	3	al	al	PROPN
fsr-3338	219	4	.	.	PUNCT
fsr-3338	219	5	/	/	SYM
fsr-3338	219	6	financial	financial	ADJ
fsr-3338	219	7	services	service	NOUN
fsr-3338	219	8	review	review	VERB
fsr-3338	219	9	24	24	NUM
fsr-3338	219	10	(	(	PUNCT
fsr-3338	219	11	2015	2015	NUM
fsr-3338	219	12	)	)	PUNCT
fsr-3338	220	1	271–288	271–288	NUM
fsr-3338	220	2	assess	assess	VERB
fsr-3338	220	3	the	the	DET
fsr-3338	220	4	economic	economic	ADJ
fsr-3338	220	5	significance	significance	NOUN
fsr-3338	220	6	,	,	PUNCT
fsr-3338	220	7	we	we	PRON
fsr-3338	220	8	calculate	calculate	VERB
fsr-3338	220	9	the	the	DET
fsr-3338	220	10	terminal	terminal	ADJ
fsr-3338	220	11	value	value	NOUN
fsr-3338	220	12	of	of	ADP
fsr-3338	220	13	one	one	NUM
fsr-3338	220	14	dollar	dollar	NOUN
fsr-3338	220	15	invested	invest	VERB
fsr-3338	220	16	following	follow	VERB
fsr-3338	220	17	each	each	PRON
fsr-3338	220	18	of	of	ADP
fsr-3338	220	19	the	the	DET
fsr-3338	220	20	three	three	NUM
fsr-3338	220	21	strategies	strategy	NOUN
fsr-3338	220	22	.	.	PUNCT
fsr-3338	221	1	as	as	ADP
fsr-3338	221	2	fig	fig	NOUN
fsr-3338	221	3	.	.	PUNCT
fsr-3338	222	1	5	5	NUM
fsr-3338	222	2	shows	show	NOUN
fsr-3338	222	3	,	,	PUNCT
fsr-3338	222	4	the	the	DET
fsr-3338	222	5	etf	etf	PROPN
fsr-3338	222	6	-	-	PUNCT
fsr-3338	222	7	t	t	NOUN
fsr-3338	222	8	-	-	PUNCT
fsr-3338	222	9	bills	bill	NOUN
fsr-3338	222	10	switching	switch	VERB
fsr-3338	222	11	strategy	strategy	NOUN
fsr-3338	222	12	produces	produce	VERB
fsr-3338	222	13	a	a	DET
fsr-3338	222	14	higher	high	ADJ
fsr-3338	222	15	terminal	terminal	ADJ
fsr-3338	222	16	value	value	NOUN
fsr-3338	222	17	than	than	ADP
fsr-3338	222	18	the	the	DET
fsr-3338	222	19	other	other	ADJ
fsr-3338	222	20	two	two	NUM
fsr-3338	222	21	traditional	traditional	ADJ
fsr-3338	222	22	buy	buy	NOUN
fsr-3338	222	23	-	-	PUNCT
fsr-3338	222	24	and	and	CCONJ
fsr-3338	222	25	-	-	PUNCT
fsr-3338	222	26	hold	hold	VERB
fsr-3338	222	27	strategies	strategy	NOUN
fsr-3338	222	28	in	in	ADP
fsr-3338	222	29	all	all	DET
fsr-3338	222	30	markets	market	NOUN
fsr-3338	222	31	.	.	PUNCT
fsr-3338	223	1	this	this	DET
fsr-3338	223	2	etf	etf	PROPN
fsr-3338	223	3	-	-	PUNCT
fsr-3338	223	4	t	t	NOUN
fsr-3338	223	5	-	-	PUNCT
fsr-3338	223	6	bills	bill	NOUN
fsr-3338	223	7	switching	switch	VERB
fsr-3338	223	8	strategy	strategy	NOUN
fsr-3338	223	9	produces	produce	VERB
fsr-3338	223	10	a	a	DET
fsr-3338	223	11	terminal	terminal	ADJ
fsr-3338	223	12	value	value	NOUN
fsr-3338	223	13	twice	twice	ADV
fsr-3338	223	14	larger	large	ADJ
fsr-3338	223	15	than	than	ADP
fsr-3338	223	16	the	the	DET
fsr-3338	223	17	etf	etf	NOUN
fsr-3338	223	18	-	-	PUNCT
fsr-3338	223	19	buy	buy	NOUN
fsr-3338	223	20	-	-	PUNCT
fsr-3338	223	21	and	and	CCONJ
fsr-3338	223	22	-	-	PUNCT
fsr-3338	223	23	hold	hold	NOUN
fsr-3338	223	24	strategy	strategy	NOUN
fsr-3338	223	25	,	,	PUNCT
fsr-3338	223	26	the	the	DET
fsr-3338	223	27	next	next	ADJ
fsr-3338	223	28	best	good	ADJ
fsr-3338	223	29	strategy	strategy	NOUN
fsr-3338	223	30	,	,	PUNCT
fsr-3338	223	31	in	in	ADP
fsr-3338	223	32	canada	canada	PROPN
fsr-3338	223	33	,	,	PUNCT
fsr-3338	223	34	france	france	PROPN
fsr-3338	223	35	,	,	PUNCT
fsr-3338	223	36	hong	hong	PROPN
fsr-3338	223	37	kong	kong	PROPN
fsr-3338	223	38	,	,	PUNCT
fsr-3338	223	39	japan	japan	PROPN
fsr-3338	223	40	,	,	PUNCT
fsr-3338	223	41	and	and	CCONJ
fsr-3338	223	42	united	united	ADJ
fsr-3338	223	43	kingdom	kingdom	PROPN
fsr-3338	223	44	.	.	PUNCT
fsr-3338	224	1	in	in	ADP
fsr-3338	224	2	the	the	DET
fsr-3338	224	3	other	other	ADJ
fsr-3338	224	4	four	four	NUM
fsr-3338	224	5	markets	market	NOUN
fsr-3338	224	6	,	,	PUNCT
fsr-3338	224	7	this	this	DET
fsr-3338	224	8	etf	etf	NOUN
fsr-3338	224	9	-	-	PUNCT
fsr-3338	224	10	t	t	NOUN
fsr-3338	224	11	-	-	PUNCT
fsr-3338	224	12	bills	bill	NOUN
fsr-3338	224	13	switching	switch	VERB
fsr-3338	224	14	strategy	strategy	NOUN
fsr-3338	224	15	produces	produce	VERB
fsr-3338	224	16	a	a	DET
fsr-3338	224	17	terminal	terminal	ADJ
fsr-3338	224	18	value	value	NOUN
fsr-3338	224	19	about	about	ADV
fsr-3338	224	20	50	50	NUM
fsr-3338	224	21	%	%	NOUN
fsr-3338	224	22	larger	large	ADJ
fsr-3338	224	23	than	than	ADP
fsr-3338	224	24	the	the	DET
fsr-3338	224	25	next	next	ADJ
fsr-3338	224	26	best	good	ADJ
fsr-3338	224	27	strategy	strategy	NOUN
fsr-3338	224	28	.	.	PUNCT
fsr-3338	225	1	notice	notice	VERB
fsr-3338	225	2	that	that	SCONJ
fsr-3338	225	3	the	the	DET
fsr-3338	225	4	etf	etf	NOUN
fsr-3338	225	5	-	-	PUNCT
fsr-3338	225	6	buy	buy	NOUN
fsr-3338	225	7	-	-	PUNCT
fsr-3338	225	8	and	and	CCONJ
fsr-3338	225	9	-	-	PUNCT
fsr-3338	225	10	hold	hold	VERB
fsr-3338	225	11	strategy	strategy	NOUN
fsr-3338	225	12	underperforms	underperform	VERB
fsr-3338	225	13	the	the	DET
fsr-3338	225	14	index	index	NOUN
fsr-3338	225	15	-	-	PUNCT
fsr-3338	225	16	fundbuy	fundbuy	NOUN
fsr-3338	225	17	-	-	PUNCT
fsr-3338	225	18	and	and	CCONJ
fsr-3338	225	19	-	-	PUNCT
fsr-3338	225	20	hold	hold	VERB
fsr-3338	225	21	strategy	strategy	NOUN
fsr-3338	225	22	in	in	ADP
fsr-3338	225	23	german	german	ADJ
fsr-3338	225	24	,	,	PUNCT
fsr-3338	225	25	hong	hong	PROPN
fsr-3338	225	26	kong	kong	PROPN
fsr-3338	225	27	,	,	PUNCT
fsr-3338	225	28	and	and	CCONJ
fsr-3338	225	29	sweden	sweden	ADJ
fsr-3338	225	30	.	.	PUNCT
fsr-3338	226	1	in	in	ADP
fsr-3338	226	2	these	these	DET
fsr-3338	226	3	three	three	NUM
fsr-3338	226	4	markets	market	NOUN
fsr-3338	226	5	,	,	PUNCT
fsr-3338	226	6	the	the	DET
fsr-3338	226	7	index	index	NOUN
fsr-3338	226	8	-	-	PUNCT
fsr-3338	226	9	fund	fund	NOUN
fsr-3338	226	10	-	-	PUNCT
fsr-3338	226	11	buy	buy	NOUN
fsr-3338	226	12	-	-	PUNCT
fsr-3338	226	13	and	and	CCONJ
fsr-3338	226	14	-	-	PUNCT
fsr-3338	226	15	hold	hold	VERB
fsr-3338	226	16	strategy	strategy	NOUN
fsr-3338	226	17	has	have	VERB
fsr-3338	226	18	a	a	DET
fsr-3338	226	19	higher	high	ADJ
fsr-3338	226	20	sharpe	sharpe	NOUN
fsr-3338	226	21	ratio	ratio	NOUN
fsr-3338	226	22	and	and	CCONJ
fsr-3338	226	23	sortino	sortino	ADJ
fsr-3338	226	24	ratio	ratio	NOUN
fsr-3338	226	25	than	than	ADP
fsr-3338	226	26	the	the	DET
fsr-3338	226	27	etf	etf	NOUN
fsr-3338	226	28	-	-	PUNCT
fsr-3338	226	29	buy	buy	NOUN
fsr-3338	226	30	-	-	PUNCT
fsr-3338	226	31	and	and	CCONJ
fsr-3338	226	32	-	-	PUNCT
fsr-3338	226	33	hold	hold	VERB
fsr-3338	226	34	strategy	strategy	NOUN
fsr-3338	226	35	.	.	PUNCT
fsr-3338	227	1	overall	overall	ADJ
fsr-3338	227	2	,	,	PUNCT
fsr-3338	227	3	fig	fig	NOUN
fsr-3338	227	4	.	.	PUNCT
fsr-3338	227	5	5	5	NUM
fsr-3338	227	6	demonstrates	demonstrate	VERB
fsr-3338	227	7	the	the	DET
fsr-3338	227	8	economic	economic	ADJ
fsr-3338	227	9	significance	significance	NOUN
fsr-3338	227	10	of	of	ADP
fsr-3338	227	11	exploiting	exploit	VERB
fsr-3338	227	12	the	the	DET
fsr-3338	227	13	tom	tom	PROPN
fsr-3338	227	14	effect	effect	NOUN
fsr-3338	227	15	in	in	ADP
fsr-3338	227	16	etfs	etfs	PROPN
fsr-3338	227	17	.	.	PUNCT
fsr-3338	228	1	table	table	NOUN
fsr-3338	228	2	8	8	NUM
fsr-3338	228	3	trading	trading	NOUN
fsr-3338	228	4	strategies	strategy	NOUN
fsr-3338	228	5	comparison	comparison	NOUN
fsr-3338	228	6	this	this	DET
fsr-3338	228	7	table	table	NOUN
fsr-3338	228	8	shows	show	VERB
fsr-3338	228	9	the	the	DET
fsr-3338	228	10	monthly	monthly	ADJ
fsr-3338	228	11	mean	mean	NOUN
fsr-3338	228	12	return	return	NOUN
fsr-3338	228	13	and	and	CCONJ
fsr-3338	228	14	standard	standard	ADJ
fsr-3338	228	15	deviation	deviation	NOUN
fsr-3338	228	16	for	for	ADP
fsr-3338	228	17	three	three	NUM
fsr-3338	228	18	trading	trading	NOUN
fsr-3338	228	19	strategies	strategy	NOUN
fsr-3338	228	20	:	:	PUNCT
fsr-3338	228	21	strategy	strategy	NOUN
fsr-3338	228	22	1	1	NUM
fsr-3338	228	23	of	of	ADP
fsr-3338	228	24	buy	buy	NOUN
fsr-3338	228	25	-	-	PUNCT
fsr-3338	228	26	and	and	CCONJ
fsr-3338	228	27	-	-	PUNCT
fsr-3338	228	28	hold	hold	VERB
fsr-3338	228	29	a	a	DET
fsr-3338	228	30	stock	stock	NOUN
fsr-3338	228	31	index	index	NOUN
fsr-3338	228	32	fund	fund	NOUN
fsr-3338	228	33	throughout	throughout	ADP
fsr-3338	228	34	each	each	DET
fsr-3338	228	35	month	month	NOUN
fsr-3338	228	36	,	,	PUNCT
fsr-3338	228	37	strategy	strategy	NOUN
fsr-3338	228	38	2	2	NUM
fsr-3338	228	39	of	of	ADP
fsr-3338	228	40	buy	buy	NOUN
fsr-3338	228	41	-	-	PUNCT
fsr-3338	228	42	and	and	CCONJ
fsr-3338	228	43	-	-	PUNCT
fsr-3338	228	44	hold	hold	VERB
fsr-3338	228	45	an	an	DET
fsr-3338	228	46	etf	etf	NOUN
fsr-3338	228	47	throughout	throughout	ADP
fsr-3338	228	48	each	each	DET
fsr-3338	228	49	month	month	NOUN
fsr-3338	228	50	,	,	PUNCT
fsr-3338	228	51	and	and	CCONJ
fsr-3338	228	52	strategy	strategy	NOUN
fsr-3338	228	53	3	3	NUM
fsr-3338	228	54	of	of	ADP
fsr-3338	228	55	investing	invest	VERB
fsr-3338	228	56	in	in	ADP
fsr-3338	228	57	the	the	DET
fsr-3338	228	58	corresponding	correspond	VERB
fsr-3338	228	59	etf	etf	NOUN
fsr-3338	228	60	during	during	ADP
fsr-3338	228	61	tom	tom	PROPN
fsr-3338	228	62	period	period	NOUN
fsr-3338	228	63	and	and	CCONJ
fsr-3338	228	64	then	then	ADV
fsr-3338	228	65	switching	switch	VERB
fsr-3338	228	66	to	to	ADP
fsr-3338	228	67	investing	invest	VERB
fsr-3338	228	68	in	in	ADP
fsr-3338	228	69	t	t	NOUN
fsr-3338	228	70	-	-	PUNCT
fsr-3338	228	71	bills	bill	NOUN
fsr-3338	228	72	during	during	ADP
fsr-3338	228	73	non	non	ADJ
fsr-3338	228	74	-	-	ADJ
fsr-3338	228	75	tom	tom	ADJ
fsr-3338	228	76	period	period	NOUN
fsr-3338	228	77	.	.	PUNCT
fsr-3338	229	1	numbers	number	NOUN
fsr-3338	229	2	in	in	ADP
fsr-3338	229	3	the	the	DET
fsr-3338	229	4	table	table	NOUN
fsr-3338	229	5	are	be	AUX
fsr-3338	229	6	in	in	ADP
fsr-3338	229	7	percentage	percentage	NOUN
fsr-3338	229	8	.	.	PUNCT
fsr-3338	230	1	country	country	NOUN
fsr-3338	230	2	strategy	strategy	NOUN
fsr-3338	230	3	1	1	NUM
fsr-3338	230	4	strategy	strategy	NOUN
fsr-3338	230	5	2	2	NUM
fsr-3338	230	6	strategy	strategy	NOUN
fsr-3338	230	7	3	3	NUM
fsr-3338	230	8	(	(	PUNCT
fsr-3338	230	9	index	index	NOUN
fsr-3338	230	10	buy	buy	NOUN
fsr-3338	230	11	-	-	PUNCT
fsr-3338	230	12	and	and	CCONJ
fsr-3338	230	13	-	-	PUNCT
fsr-3338	230	14	hold	hold	VERB
fsr-3338	230	15	)	)	PUNCT
fsr-3338	230	16	(	(	PUNCT
fsr-3338	230	17	etf	etf	NOUN
fsr-3338	230	18	buy	buy	VERB
fsr-3338	230	19	-	-	PUNCT
fsr-3338	230	20	and	and	CCONJ
fsr-3338	230	21	-	-	PUNCT
fsr-3338	230	22	hold	hold	VERB
fsr-3338	230	23	)	)	PUNCT
fsr-3338	230	24	(	(	PUNCT
fsr-3338	230	25	etf	etf	NOUN
fsr-3338	230	26	-	-	PUNCT
fsr-3338	230	27	t	t	NOUN
fsr-3338	230	28	-	-	PUNCT
fsr-3338	230	29	bills	bill	NOUN
fsr-3338	230	30	switching	switching	NOUN
fsr-3338	230	31	)	)	PUNCT
fsr-3338	230	32	australia	australia	PROPN
fsr-3338	230	33	mean	mean	VERB
fsr-3338	230	34	0.722	0.722	NUM
fsr-3338	230	35	0.798	0.798	NUM
fsr-3338	230	36	0.806	0.806	NUM
fsr-3338	230	37	*	*	PUNCT
fsr-3338	230	38	*	*	NOUN
fsr-3338	230	39	sd	sd	ADP
fsr-3338	230	40	6.17	6.17	NUM
fsr-3338	230	41	6.40	6.40	NUM
fsr-3338	230	42	3.19	3.19	NUM
fsr-3338	230	43	brazil	brazil	PROPN
fsr-3338	230	44	mean	mean	VERB
fsr-3338	230	45	1.590	1.590	NUM
fsr-3338	230	46	1.764	1.764	NUM
fsr-3338	230	47	*	*	SYM
fsr-3338	230	48	1.532	1.532	NUM
fsr-3338	230	49	*	*	NOUN
fsr-3338	230	50	*	*	NOUN
fsr-3338	230	51	sd	sd	ADP
fsr-3338	230	52	10.67	10.67	NUM
fsr-3338	230	53	10.24	10.24	NUM
fsr-3338	230	54	4.50	4.50	NUM
fsr-3338	230	55	canada	canada	PROPN
fsr-3338	230	56	mean	mean	VERB
fsr-3338	230	57	0.645	0.645	NUM
fsr-3338	230	58	0.702	0.702	NUM
fsr-3338	230	59	0.813	0.813	NUM
fsr-3338	230	60	*	*	PUNCT
fsr-3338	230	61	*	*	NOUN
fsr-3338	230	62	sd	sd	ADP
fsr-3338	230	63	6.23	6.23	NUM
fsr-3338	230	64	6.49	6.49	NUM
fsr-3338	230	65	2.91	2.91	NUM
fsr-3338	230	66	france	france	NOUN
fsr-3338	230	67	mean	mean	VERB
fsr-3338	230	68	0.438	0.438	NUM
fsr-3338	230	69	0.43	0.43	NUM
fsr-3338	230	70	0.723	0.723	NUM
fsr-3338	230	71	*	*	PUNCT
fsr-3338	230	72	*	*	NOUN
fsr-3338	230	73	sd	sd	ADP
fsr-3338	230	74	6.322	6.322	NUM
fsr-3338	230	75	6.396	6.396	NUM
fsr-3338	230	76	3.22	3.22	NUM
fsr-3338	230	77	germany	germany	NOUN
fsr-3338	230	78	mean	mean	VERB
fsr-3338	230	79	0.554	0.554	NUM
fsr-3338	230	80	*	*	NUM
fsr-3338	230	81	0.386	0.386	NUM
fsr-3338	230	82	0.790	0.790	NUM
fsr-3338	230	83	*	*	SYM
fsr-3338	230	84	*	*	NOUN
fsr-3338	230	85	sd	sd	ADP
fsr-3338	230	86	3.64	3.64	NUM
fsr-3338	230	87	6.75	6.75	NUM
fsr-3338	230	88	3.37	3.37	NUM
fsr-3338	230	89	hong	hong	PROPN
fsr-3338	230	90	kong	kong	PROPN
fsr-3338	230	91	mean	mean	VERB
fsr-3338	230	92	0.632	0.632	NUM
fsr-3338	230	93	0.373	0.373	NUM
fsr-3338	230	94	0.868	0.868	NUM
fsr-3338	230	95	*	*	PUNCT
fsr-3338	230	96	*	*	NOUN
fsr-3338	230	97	sd	sd	ADP
fsr-3338	230	98	7.32	7.32	NUM
fsr-3338	230	99	7.27	7.27	NUM
fsr-3338	230	100	3.62	3.62	NUM
fsr-3338	230	101	japan	japan	PROPN
fsr-3338	230	102	mean	mean	VERB
fsr-3338	230	103	0.103	0.103	NUM
fsr-3338	230	104	0.151	0.151	NUM
fsr-3338	230	105	0.530	0.530	NUM
fsr-3338	230	106	*	*	SYM
fsr-3338	230	107	sd	sd	ADP
fsr-3338	230	108	6.32	6.32	NUM
fsr-3338	230	109	5.74	5.74	NUM
fsr-3338	230	110	2.99	2.99	NUM
fsr-3338	230	111	sweden	sweden	NOUN
fsr-3338	230	112	mean	mean	NOUN
fsr-3338	230	113	0.701	0.701	NUM
fsr-3338	230	114	0.605	0.605	NUM
fsr-3338	230	115	0.748	0.748	NUM
fsr-3338	230	116	*	*	PUNCT
fsr-3338	230	117	*	*	NOUN
fsr-3338	230	118	sd	sd	ADP
fsr-3338	230	119	7.10	7.10	NUM
fsr-3338	230	120	7.98	7.98	NUM
fsr-3338	230	121	3.82	3.82	NUM
fsr-3338	230	122	u.k	u.k	NOUN
fsr-3338	230	123	.	.	PROPN
fsr-3338	230	124	mean	mean	VERB
fsr-3338	230	125	0.403	0.403	NUM
fsr-3338	230	126	0.434	0.434	NUM
fsr-3338	230	127	0.727	0.727	NUM
fsr-3338	231	1	*	*	PUNCT
fsr-3338	231	2	*	*	NOUN
fsr-3338	231	3	sd	sd	ADP
fsr-3338	231	4	4.79	4.79	NUM
fsr-3338	231	5	4.96	4.96	NUM
fsr-3338	231	6	2.89	2.89	NUM
fsr-3338	231	7	*	*	PUNCT
fsr-3338	231	8	*	*	PUNCT
fsr-3338	231	9	and	and	CCONJ
fsr-3338	231	10	*	*	PUNCT
fsr-3338	231	11	denote	denote	VERB
fsr-3338	231	12	for	for	ADP
fsr-3338	231	13	significance	significance	NOUN
fsr-3338	231	14	at	at	ADP
fsr-3338	231	15	1	1	NUM
fsr-3338	231	16	%	%	NOUN
fsr-3338	231	17	and	and	CCONJ
fsr-3338	231	18	5	5	NUM
fsr-3338	231	19	%	%	NOUN
fsr-3338	231	20	,	,	PUNCT
fsr-3338	231	21	respectively	respectively	ADV
fsr-3338	231	22	.	.	PUNCT
fsr-3338	232	1	284	284	NUM
fsr-3338	232	2	h.	h.	PROPN
fsr-3338	232	3	chen	chen	PROPN
fsr-3338	232	4	et	et	PROPN
fsr-3338	232	5	al	al	PROPN
fsr-3338	232	6	.	.	PUNCT
fsr-3338	232	7	/	/	SYM
fsr-3338	232	8	financial	financial	ADJ
fsr-3338	232	9	services	service	NOUN
fsr-3338	232	10	review	review	VERB
fsr-3338	232	11	24	24	NUM
fsr-3338	232	12	(	(	PUNCT
fsr-3338	232	13	2015	2015	NUM
fsr-3338	232	14	)	)	PUNCT
fsr-3338	232	15	271–288	271–288	NUM
fsr-3338	232	16	5	5	NUM
fsr-3338	232	17	.	.	PUNCT
fsr-3338	233	1	summary	summary	NOUN
fsr-3338	233	2	and	and	CCONJ
fsr-3338	233	3	conclusion	conclusion	NOUN
fsr-3338	233	4	this	this	DET
fsr-3338	233	5	article	article	NOUN
fsr-3338	233	6	documents	document	VERB
fsr-3338	233	7	that	that	PRON
fsr-3338	233	8	etf	etf	NOUN
fsr-3338	233	9	returns	return	NOUN
fsr-3338	233	10	are	be	AUX
fsr-3338	233	11	higher	high	ADJ
fsr-3338	233	12	during	during	ADP
fsr-3338	233	13	the	the	DET
fsr-3338	233	14	four	four	NUM
fsr-3338	233	15	-	-	PUNCT
fsr-3338	233	16	day	day	NOUN
fsr-3338	233	17	tom	tom	PROPN
fsr-3338	233	18	window	window	NOUN
fsr-3338	233	19	than	than	ADP
fsr-3338	233	20	the	the	DET
fsr-3338	233	21	rest	rest	NOUN
fsr-3338	233	22	of	of	ADP
fsr-3338	233	23	the	the	DET
fsr-3338	233	24	month	month	NOUN
fsr-3338	233	25	in	in	ADP
fsr-3338	233	26	eight	eight	NUM
fsr-3338	233	27	out	out	ADP
fsr-3338	233	28	of	of	ADP
fsr-3338	233	29	the	the	DET
fsr-3338	233	30	nine	nine	NUM
fsr-3338	233	31	markets	market	NOUN
fsr-3338	233	32	examined	examine	VERB
fsr-3338	233	33	.	.	PUNCT
fsr-3338	234	1	regression	regression	NOUN
fsr-3338	234	2	analysis	analysis	NOUN
fsr-3338	234	3	shows	show	VERB
fsr-3338	234	4	that	that	SCONJ
fsr-3338	234	5	such	such	DET
fsr-3338	234	6	an	an	DET
fsr-3338	234	7	effect	effect	NOUN
fsr-3338	234	8	is	be	AUX
fsr-3338	234	9	still	still	ADV
fsr-3338	234	10	present	present	ADJ
fsr-3338	234	11	in	in	ADP
fsr-3338	234	12	etf	etf	NOUN
fsr-3338	234	13	returns	return	NOUN
fsr-3338	234	14	after	after	ADP
fsr-3338	234	15	controlling	control	VERB
fsr-3338	234	16	for	for	ADP
fsr-3338	234	17	known	known	ADJ
fsr-3338	234	18	factors	factor	NOUN
fsr-3338	234	19	such	such	ADJ
fsr-3338	234	20	as	as	ADP
fsr-3338	234	21	the	the	DET
fsr-3338	234	22	january	january	PROPN
fsr-3338	234	23	effect	effect	NOUN
fsr-3338	234	24	and	and	CCONJ
fsr-3338	234	25	the	the	DET
fsr-3338	234	26	weekend	weekend	NOUN
fsr-3338	234	27	effect	effect	NOUN
fsr-3338	234	28	.	.	PUNCT
fsr-3338	235	1	the	the	DET
fsr-3338	235	2	four	four	NUM
fsr-3338	235	3	-	-	PUNCT
fsr-3338	235	4	day	day	NOUN
fsr-3338	235	5	window	window	NOUN
fsr-3338	235	6	accounts	account	NOUN
fsr-3338	235	7	for	for	ADP
fsr-3338	235	8	most	most	ADJ
fsr-3338	235	9	of	of	ADP
fsr-3338	235	10	the	the	DET
fsr-3338	235	11	positive	positive	ADJ
fsr-3338	235	12	returns	return	NOUN
fsr-3338	235	13	of	of	ADP
fsr-3338	235	14	the	the	DET
fsr-3338	235	15	month	month	NOUN
fsr-3338	235	16	.	.	PUNCT
fsr-3338	236	1	the	the	DET
fsr-3338	236	2	rest	rest	NOUN
fsr-3338	236	3	of	of	ADP
fsr-3338	236	4	the	the	DET
fsr-3338	236	5	month	month	NOUN
fsr-3338	236	6	typically	typically	ADV
fsr-3338	236	7	has	have	VERB
fsr-3338	236	8	either	either	CCONJ
fsr-3338	236	9	lower	low	ADJ
fsr-3338	236	10	returns	return	NOUN
fsr-3338	236	11	or	or	CCONJ
fsr-3338	236	12	negative	negative	ADJ
fsr-3338	236	13	returns	return	NOUN
fsr-3338	236	14	.	.	PUNCT
fsr-3338	237	1	we	we	PRON
fsr-3338	237	2	also	also	ADV
fsr-3338	237	3	find	find	VERB
fsr-3338	237	4	that	that	SCONJ
fsr-3338	237	5	there	there	PRON
fsr-3338	237	6	is	be	VERB
fsr-3338	237	7	generally	generally	ADV
fsr-3338	237	8	no	no	DET
fsr-3338	237	9	difference	difference	NOUN
fsr-3338	237	10	between	between	ADP
fsr-3338	237	11	the	the	DET
fsr-3338	237	12	etf	etf	NOUN
fsr-3338	237	13	returns	return	NOUN
fsr-3338	237	14	and	and	CCONJ
fsr-3338	237	15	the	the	DET
fsr-3338	237	16	underlying	underlying	ADJ
fsr-3338	237	17	index	index	NOUN
fsr-3338	237	18	returns	return	NOUN
fsr-3338	237	19	across	across	ADP
fsr-3338	237	20	the	the	DET
fsr-3338	237	21	different	different	ADJ
fsr-3338	237	22	days	day	NOUN
fsr-3338	237	23	of	of	ADP
fsr-3338	237	24	the	the	DET
fsr-3338	237	25	month	month	NOUN
fsr-3338	237	26	.	.	PUNCT
fsr-3338	238	1	however	however	ADV
fsr-3338	238	2	,	,	PUNCT
fsr-3338	238	3	etf	etf	NOUN
fsr-3338	238	4	returns	return	NOUN
fsr-3338	238	5	have	have	VERB
fsr-3338	238	6	a	a	DET
fsr-3338	238	7	higher	high	ADJ
fsr-3338	238	8	standard	standard	ADJ
fsr-3338	238	9	deviation	deviation	NOUN
fsr-3338	238	10	than	than	ADP
fsr-3338	238	11	the	the	DET
fsr-3338	238	12	index	index	NOUN
fsr-3338	238	13	returns	return	NOUN
fsr-3338	238	14	.	.	PUNCT
fsr-3338	239	1	these	these	DET
fsr-3338	239	2	findings	finding	NOUN
fsr-3338	239	3	are	be	AUX
fsr-3338	239	4	consistent	consistent	ADJ
fsr-3338	239	5	with	with	ADP
fsr-3338	239	6	the	the	DET
fsr-3338	239	7	previous	previous	ADJ
fsr-3338	239	8	literature	literature	NOUN
fsr-3338	239	9	.	.	PUNCT
fsr-3338	240	1	for	for	ADP
fsr-3338	240	2	investors	investor	NOUN
fsr-3338	240	3	interested	interested	ADJ
fsr-3338	240	4	in	in	ADP
fsr-3338	240	5	exploiting	exploit	VERB
fsr-3338	240	6	the	the	DET
fsr-3338	240	7	tom	tom	PROPN
fsr-3338	240	8	effect	effect	NOUN
fsr-3338	240	9	,	,	PUNCT
fsr-3338	240	10	we	we	PRON
fsr-3338	240	11	compare	compare	VERB
fsr-3338	240	12	the	the	DET
fsr-3338	240	13	strategy	strategy	NOUN
fsr-3338	240	14	of	of	ADP
fsr-3338	240	15	holding	hold	VERB
fsr-3338	240	16	t	t	PROPN
fsr-3338	240	17	-	-	PUNCT
fsr-3338	240	18	bills	bill	NOUN
fsr-3338	240	19	during	during	ADP
fsr-3338	240	20	non	non	ADJ
fsr-3338	240	21	-	-	ADJ
fsr-3338	240	22	tom	tom	ADJ
fsr-3338	240	23	period	period	NOUN
fsr-3338	240	24	and	and	CCONJ
fsr-3338	240	25	then	then	ADV
fsr-3338	240	26	switching	switch	VERB
fsr-3338	240	27	to	to	ADP
fsr-3338	240	28	etfs	etfs	PROPN
fsr-3338	240	29	during	during	ADP
fsr-3338	240	30	tom	tom	PROPN
fsr-3338	240	31	period	period	NOUN
fsr-3338	240	32	against	against	ADP
fsr-3338	240	33	the	the	DET
fsr-3338	240	34	two	two	NUM
fsr-3338	240	35	strategies	strategy	NOUN
fsr-3338	240	36	of	of	ADP
fsr-3338	240	37	buy	buy	NOUN
fsr-3338	240	38	-	-	PUNCT
fsr-3338	240	39	and	and	CCONJ
fsr-3338	240	40	-	-	PUNCT
fsr-3338	240	41	hold	hold	VERB
fsr-3338	240	42	either	either	CCONJ
fsr-3338	240	43	an	an	DET
fsr-3338	240	44	index	index	NOUN
fsr-3338	240	45	fund	fund	NOUN
fsr-3338	240	46	or	or	CCONJ
fsr-3338	240	47	an	an	DET
fsr-3338	240	48	etf	etf	NOUN
fsr-3338	240	49	,	,	PUNCT
fsr-3338	240	50	respectively	respectively	ADV
fsr-3338	240	51	.	.	PUNCT
fsr-3338	241	1	it	it	PRON
fsr-3338	241	2	is	be	AUX
fsr-3338	241	3	shown	show	VERB
fsr-3338	241	4	that	that	SCONJ
fsr-3338	241	5	only	only	ADV
fsr-3338	241	6	this	this	DET
fsr-3338	241	7	etf	etf	PROPN
fsr-3338	241	8	-	-	PUNCT
fsr-3338	241	9	t	t	NOUN
fsr-3338	241	10	-	-	PUNCT
fsr-3338	241	11	bills	bill	NOUN
fsr-3338	241	12	switching	switch	VERB
fsr-3338	241	13	strategy	strategy	NOUN
fsr-3338	241	14	produces	produce	VERB
fsr-3338	241	15	significantly	significantly	ADV
fsr-3338	241	16	positive	positive	ADJ
fsr-3338	241	17	average	average	ADJ
fsr-3338	241	18	monthly	monthly	ADJ
fsr-3338	241	19	returns	return	NOUN
fsr-3338	241	20	.	.	PUNCT
fsr-3338	242	1	the	the	DET
fsr-3338	242	2	other	other	ADJ
fsr-3338	242	3	two	two	NUM
fsr-3338	242	4	buy	buy	VERB
fsr-3338	242	5	-	-	PUNCT
fsr-3338	242	6	and	and	CCONJ
fsr-3338	242	7	-	-	PUNCT
fsr-3338	242	8	hold	hold	NOUN
fsr-3338	242	9	strategies	strategy	NOUN
fsr-3338	242	10	generate	generate	VERB
fsr-3338	242	11	positive	positive	ADJ
fsr-3338	242	12	but	but	CCONJ
fsr-3338	242	13	insignificant	insignificant	ADJ
fsr-3338	242	14	monthly	monthly	ADJ
fsr-3338	242	15	average	average	ADJ
fsr-3338	242	16	returns	return	NOUN
fsr-3338	242	17	.	.	PUNCT
fsr-3338	243	1	we	we	PRON
fsr-3338	243	2	further	far	ADV
fsr-3338	243	3	show	show	VERB
fsr-3338	243	4	that	that	SCONJ
fsr-3338	243	5	this	this	DET
fsr-3338	243	6	switching	switch	VERB
fsr-3338	243	7	strategy	strategy	NOUN
fsr-3338	243	8	produces	produce	VERB
fsr-3338	243	9	the	the	DET
fsr-3338	243	10	highest	high	ADJ
fsr-3338	243	11	riskadjusted	riskadjuste	VERB
fsr-3338	243	12	returns	return	NOUN
fsr-3338	243	13	as	as	SCONJ
fsr-3338	243	14	indicated	indicate	VERB
fsr-3338	243	15	by	by	ADP
fsr-3338	243	16	a	a	DET
fsr-3338	243	17	higher	high	ADJ
fsr-3338	243	18	sharpe	sharpe	NOUN
fsr-3338	243	19	ratio	ratio	NOUN
fsr-3338	243	20	and	and	CCONJ
fsr-3338	243	21	a	a	DET
fsr-3338	243	22	higher	high	ADJ
fsr-3338	243	23	sortino	sortino	ADJ
fsr-3338	243	24	ratio	ratio	NOUN
fsr-3338	243	25	.	.	PUNCT
fsr-3338	244	1	in	in	ADP
fsr-3338	244	2	terms	term	NOUN
fsr-3338	244	3	of	of	ADP
fsr-3338	244	4	economic	economic	ADJ
fsr-3338	244	5	significance	significance	NOUN
fsr-3338	244	6	,	,	PUNCT
fsr-3338	244	7	investors	investor	NOUN
fsr-3338	244	8	pursuing	pursue	VERB
fsr-3338	244	9	this	this	DET
fsr-3338	244	10	etf	etf	NOUN
fsr-3338	244	11	-	-	PUNCT
fsr-3338	244	12	t	t	NOUN
fsr-3338	244	13	-	-	PUNCT
fsr-3338	244	14	bills	bill	NOUN
fsr-3338	244	15	switching	switch	VERB
fsr-3338	244	16	strategy	strategy	NOUN
fsr-3338	244	17	on	on	ADP
fsr-3338	244	18	average	average	ADJ
fsr-3338	244	19	achieve	achieve	VERB
fsr-3338	244	20	a	a	DET
fsr-3338	244	21	terminal	terminal	ADJ
fsr-3338	244	22	value	value	NOUN
fsr-3338	244	23	that	that	PRON
fsr-3338	244	24	is	be	AUX
fsr-3338	244	25	at	at	ADV
fsr-3338	244	26	least	least	ADJ
fsr-3338	244	27	50	50	NUM
fsr-3338	244	28	%	%	NOUN
fsr-3338	244	29	larger	large	ADJ
fsr-3338	244	30	than	than	ADP
fsr-3338	244	31	the	the	DET
fsr-3338	244	32	traditional	traditional	ADJ
fsr-3338	244	33	buy	buy	NOUN
fsr-3338	244	34	-	-	PUNCT
fsr-3338	244	35	andhold	andhold	VERB
fsr-3338	244	36	strategy	strategy	NOUN
fsr-3338	244	37	,	,	PUNCT
fsr-3338	244	38	in	in	ADP
fsr-3338	244	39	either	either	CCONJ
fsr-3338	244	40	an	an	DET
fsr-3338	244	41	index	index	NOUN
fsr-3338	244	42	fund	fund	NOUN
fsr-3338	244	43	or	or	CCONJ
fsr-3338	244	44	an	an	DET
fsr-3338	244	45	etf	etf	NOUN
fsr-3338	244	46	.	.	PUNCT
fsr-3338	245	1	because	because	SCONJ
fsr-3338	245	2	investors	investor	NOUN
fsr-3338	245	3	can	can	AUX
fsr-3338	245	4	trade	trade	VERB
fsr-3338	245	5	etfs	etfs	NOUN
fsr-3338	245	6	on	on	ADP
fsr-3338	245	7	the	the	DET
fsr-3338	245	8	exchange	exchange	NOUN
fsr-3338	245	9	at	at	ADP
fsr-3338	245	10	extremely	extremely	ADV
fsr-3338	245	11	low	low	ADJ
fsr-3338	245	12	transaction	transaction	NOUN
fsr-3338	245	13	costs	cost	NOUN
fsr-3338	245	14	and	and	CCONJ
fsr-3338	245	15	with	with	ADP
fsr-3338	245	16	high	high	ADJ
fsr-3338	245	17	liquidity	liquidity	NOUN
fsr-3338	245	18	,	,	PUNCT
fsr-3338	245	19	investing	invest	VERB
fsr-3338	245	20	in	in	ADP
fsr-3338	245	21	etfs	etfs	PROPN
fsr-3338	245	22	is	be	AUX
fsr-3338	245	23	an	an	DET
fsr-3338	245	24	attractive	attractive	ADJ
fsr-3338	245	25	alternative	alternative	NOUN
fsr-3338	245	26	to	to	ADP
fsr-3338	245	27	investing	invest	VERB
fsr-3338	245	28	in	in	ADP
fsr-3338	245	29	traditional	traditional	ADJ
fsr-3338	245	30	mutual	mutual	ADJ
fsr-3338	245	31	funds	fund	NOUN
fsr-3338	245	32	.	.	PUNCT
fsr-3338	246	1	our	our	PRON
fsr-3338	246	2	results	result	NOUN
fsr-3338	246	3	show	show	VERB
fsr-3338	246	4	that	that	SCONJ
fsr-3338	246	5	u.s	u.s	PROPN
fsr-3338	246	6	.	.	PROPN
fsr-3338	246	7	fig	fig	PROPN
fsr-3338	246	8	.	.	PUNCT
fsr-3338	247	1	3	3	X
fsr-3338	247	2	.	.	X
fsr-3338	247	3	sharpe	sharpe	NOUN
fsr-3338	247	4	ratios	ratio	NOUN
fsr-3338	247	5	for	for	ADP
fsr-3338	247	6	the	the	DET
fsr-3338	247	7	three	three	NUM
fsr-3338	247	8	strategies	strategy	NOUN
fsr-3338	247	9	.	.	PUNCT
fsr-3338	248	1	note	note	NOUN
fsr-3338	248	2	:	:	PUNCT
fsr-3338	248	3	in	in	ADP
fsr-3338	248	4	strategy	strategy	NOUN
fsr-3338	248	5	1	1	NUM
fsr-3338	248	6	,	,	PUNCT
fsr-3338	248	7	investors	investor	NOUN
fsr-3338	248	8	buy	buy	VERB
fsr-3338	248	9	and	and	CCONJ
fsr-3338	248	10	hold	hold	VERB
fsr-3338	248	11	the	the	DET
fsr-3338	248	12	index	index	NOUN
fsr-3338	248	13	fund	fund	NOUN
fsr-3338	248	14	.	.	PUNCT
fsr-3338	249	1	in	in	ADP
fsr-3338	249	2	strategy	strategy	NOUN
fsr-3338	249	3	2	2	NUM
fsr-3338	249	4	,	,	PUNCT
fsr-3338	249	5	investors	investor	NOUN
fsr-3338	249	6	buy	buy	VERB
fsr-3338	249	7	and	and	CCONJ
fsr-3338	249	8	hold	hold	VERB
fsr-3338	249	9	the	the	DET
fsr-3338	249	10	etf	etf	NOUN
fsr-3338	249	11	.	.	PUNCT
fsr-3338	250	1	in	in	ADP
fsr-3338	250	2	strategy	strategy	NOUN
fsr-3338	250	3	3	3	NUM
fsr-3338	250	4	,	,	PUNCT
fsr-3338	250	5	investors	investor	NOUN
fsr-3338	250	6	hold	hold	VERB
fsr-3338	250	7	the	the	DET
fsr-3338	250	8	etf	etf	NOUN
fsr-3338	250	9	during	during	ADP
fsr-3338	250	10	tom	tom	PROPN
fsr-3338	250	11	period	period	NOUN
fsr-3338	250	12	and	and	CCONJ
fsr-3338	250	13	switch	switch	VERB
fsr-3338	250	14	to	to	ADP
fsr-3338	250	15	holding	hold	VERB
fsr-3338	250	16	the	the	DET
fsr-3338	250	17	t	t	NOUN
fsr-3338	250	18	-	-	PUNCT
fsr-3338	250	19	bills	bill	NOUN
fsr-3338	250	20	during	during	ADP
fsr-3338	250	21	non	non	ADJ
fsr-3338	250	22	-	-	ADJ
fsr-3338	250	23	tom	tom	ADJ
fsr-3338	250	24	period	period	NOUN
fsr-3338	250	25	.	.	PUNCT
fsr-3338	251	1	in	in	ADP
fsr-3338	251	2	calculating	calculate	VERB
fsr-3338	251	3	the	the	DET
fsr-3338	251	4	sharpe	sharpe	PROPN
fsr-3338	251	5	ratio	ratio	NOUN
fsr-3338	251	6	,	,	PUNCT
fsr-3338	251	7	the	the	DET
fsr-3338	251	8	excess	excess	ADJ
fsr-3338	251	9	return	return	NOUN
fsr-3338	251	10	is	be	AUX
fsr-3338	251	11	defined	define	VERB
fsr-3338	251	12	as	as	ADP
fsr-3338	251	13	the	the	DET
fsr-3338	251	14	difference	difference	NOUN
fsr-3338	251	15	between	between	ADP
fsr-3338	251	16	the	the	DET
fsr-3338	251	17	monthly	monthly	ADJ
fsr-3338	251	18	strategy	strategy	NOUN
fsr-3338	251	19	return	return	NOUN
fsr-3338	251	20	and	and	CCONJ
fsr-3338	251	21	the	the	DET
fsr-3338	251	22	monthly	monthly	ADJ
fsr-3338	251	23	t	t	PROPN
fsr-3338	251	24	-	-	PUNCT
fsr-3338	251	25	bills	bill	NOUN
fsr-3338	251	26	return	return	NOUN
fsr-3338	251	27	.	.	PUNCT
fsr-3338	252	1	285h	285h	NOUN
fsr-3338	252	2	.	.	PUNCT
fsr-3338	253	1	chen	chen	PROPN
fsr-3338	253	2	et	et	PROPN
fsr-3338	253	3	al	al	PROPN
fsr-3338	253	4	.	.	PUNCT
fsr-3338	253	5	/	/	SYM
fsr-3338	253	6	financial	financial	ADJ
fsr-3338	253	7	services	service	NOUN
fsr-3338	253	8	review	review	VERB
fsr-3338	253	9	24	24	NUM
fsr-3338	253	10	(	(	PUNCT
fsr-3338	253	11	2015	2015	NUM
fsr-3338	253	12	)	)	PUNCT
fsr-3338	253	13	271–288	271–288	NUM
fsr-3338	253	14	fig	fig	NOUN
fsr-3338	253	15	.	.	PUNCT
fsr-3338	254	1	4	4	NUM
fsr-3338	254	2	.	.	X
fsr-3338	254	3	sortino	sortino	ADJ
fsr-3338	254	4	ratio	ratio	NOUN
fsr-3338	254	5	for	for	ADP
fsr-3338	254	6	different	different	ADJ
fsr-3338	254	7	strategies	strategy	NOUN
fsr-3338	254	8	.	.	PUNCT
fsr-3338	255	1	note	note	NOUN
fsr-3338	255	2	:	:	PUNCT
fsr-3338	255	3	in	in	ADP
fsr-3338	255	4	strategy	strategy	NOUN
fsr-3338	255	5	1	1	NUM
fsr-3338	255	6	,	,	PUNCT
fsr-3338	255	7	investors	investor	NOUN
fsr-3338	255	8	buy	buy	VERB
fsr-3338	255	9	and	and	CCONJ
fsr-3338	255	10	hold	hold	VERB
fsr-3338	255	11	the	the	DET
fsr-3338	255	12	index	index	NOUN
fsr-3338	255	13	fund	fund	NOUN
fsr-3338	255	14	.	.	PUNCT
fsr-3338	256	1	in	in	ADP
fsr-3338	256	2	strategy	strategy	NOUN
fsr-3338	256	3	2	2	NUM
fsr-3338	256	4	,	,	PUNCT
fsr-3338	256	5	investors	investor	NOUN
fsr-3338	256	6	buy	buy	VERB
fsr-3338	256	7	and	and	CCONJ
fsr-3338	256	8	hold	hold	VERB
fsr-3338	256	9	the	the	DET
fsr-3338	256	10	etf	etf	NOUN
fsr-3338	256	11	.	.	PUNCT
fsr-3338	257	1	in	in	ADP
fsr-3338	257	2	strategy	strategy	NOUN
fsr-3338	257	3	3	3	NUM
fsr-3338	257	4	,	,	PUNCT
fsr-3338	257	5	investors	investor	NOUN
fsr-3338	257	6	hold	hold	VERB
fsr-3338	257	7	the	the	DET
fsr-3338	257	8	etf	etf	NOUN
fsr-3338	257	9	during	during	ADP
fsr-3338	257	10	tom	tom	PROPN
fsr-3338	257	11	period	period	NOUN
fsr-3338	257	12	and	and	CCONJ
fsr-3338	257	13	switch	switch	VERB
fsr-3338	257	14	to	to	ADP
fsr-3338	257	15	holding	hold	VERB
fsr-3338	257	16	the	the	DET
fsr-3338	257	17	t	t	NOUN
fsr-3338	257	18	-	-	PUNCT
fsr-3338	257	19	bills	bill	NOUN
fsr-3338	257	20	during	during	ADP
fsr-3338	257	21	non	non	ADJ
fsr-3338	257	22	-	-	ADJ
fsr-3338	257	23	tom	tom	ADJ
fsr-3338	257	24	period	period	NOUN
fsr-3338	257	25	.	.	PUNCT
fsr-3338	258	1	in	in	ADP
fsr-3338	258	2	calculating	calculate	VERB
fsr-3338	258	3	the	the	DET
fsr-3338	258	4	sortino	sortino	ADJ
fsr-3338	258	5	ratio	ratio	NOUN
fsr-3338	258	6	,	,	PUNCT
fsr-3338	258	7	the	the	DET
fsr-3338	258	8	monthly	monthly	ADJ
fsr-3338	258	9	s&p	s&p	PROPN
fsr-3338	258	10	500	500	NUM
fsr-3338	258	11	index	index	NOUN
fsr-3338	258	12	return	return	NOUN
fsr-3338	258	13	is	be	AUX
fsr-3338	258	14	used	use	VERB
fsr-3338	258	15	as	as	ADP
fsr-3338	258	16	the	the	DET
fsr-3338	258	17	target	target	NOUN
fsr-3338	258	18	return	return	NOUN
fsr-3338	258	19	and	and	CCONJ
fsr-3338	258	20	the	the	DET
fsr-3338	258	21	excess	excess	ADJ
fsr-3338	258	22	return	return	NOUN
fsr-3338	258	23	is	be	AUX
fsr-3338	258	24	defined	define	VERB
fsr-3338	258	25	as	as	ADP
fsr-3338	258	26	the	the	DET
fsr-3338	258	27	difference	difference	NOUN
fsr-3338	258	28	between	between	ADP
fsr-3338	258	29	the	the	DET
fsr-3338	258	30	monthly	monthly	ADJ
fsr-3338	258	31	strategy	strategy	NOUN
fsr-3338	258	32	return	return	NOUN
fsr-3338	258	33	and	and	CCONJ
fsr-3338	258	34	the	the	DET
fsr-3338	258	35	monthly	monthly	ADJ
fsr-3338	258	36	t	t	PROPN
fsr-3338	258	37	-	-	PUNCT
fsr-3338	258	38	bills	bill	NOUN
fsr-3338	258	39	return	return	NOUN
fsr-3338	258	40	.	.	PUNCT
fsr-3338	259	1	fig	fig	NOUN
fsr-3338	259	2	.	.	PUNCT
fsr-3338	260	1	5	5	X
fsr-3338	260	2	.	.	X
fsr-3338	260	3	terminal	terminal	ADJ
fsr-3338	260	4	values	value	NOUN
fsr-3338	260	5	for	for	ADP
fsr-3338	260	6	the	the	DET
fsr-3338	260	7	etf	etf	NOUN
fsr-3338	260	8	investment	investment	NOUN
fsr-3338	260	9	strategies	strategy	NOUN
fsr-3338	260	10	.	.	PUNCT
fsr-3338	261	1	note	note	NOUN
fsr-3338	261	2	:	:	PUNCT
fsr-3338	261	3	this	this	DET
fsr-3338	261	4	figure	figure	NOUN
fsr-3338	261	5	exhibits	exhibit	VERB
fsr-3338	261	6	the	the	DET
fsr-3338	261	7	ending	end	VERB
fsr-3338	261	8	balance	balance	NOUN
fsr-3338	261	9	of	of	ADP
fsr-3338	261	10	one	one	NUM
fsr-3338	261	11	dollar	dollar	NOUN
fsr-3338	261	12	invested	invest	VERB
fsr-3338	261	13	under	under	ADP
fsr-3338	261	14	the	the	DET
fsr-3338	261	15	three	three	NUM
fsr-3338	261	16	strategies	strategy	NOUN
fsr-3338	261	17	over	over	ADP
fsr-3338	261	18	the	the	DET
fsr-3338	261	19	sample	sample	NOUN
fsr-3338	261	20	period	period	NOUN
fsr-3338	261	21	.	.	PUNCT
fsr-3338	262	1	in	in	ADP
fsr-3338	262	2	strategy	strategy	NOUN
fsr-3338	262	3	1	1	NUM
fsr-3338	262	4	,	,	PUNCT
fsr-3338	262	5	investors	investor	NOUN
fsr-3338	262	6	buy	buy	VERB
fsr-3338	262	7	and	and	CCONJ
fsr-3338	262	8	hold	hold	VERB
fsr-3338	262	9	the	the	DET
fsr-3338	262	10	index	index	NOUN
fsr-3338	262	11	fund	fund	NOUN
fsr-3338	262	12	.	.	PUNCT
fsr-3338	263	1	in	in	ADP
fsr-3338	263	2	strategy	strategy	NOUN
fsr-3338	263	3	2	2	NUM
fsr-3338	263	4	,	,	PUNCT
fsr-3338	263	5	investors	investor	NOUN
fsr-3338	263	6	buy	buy	VERB
fsr-3338	263	7	and	and	CCONJ
fsr-3338	263	8	hold	hold	VERB
fsr-3338	263	9	the	the	DET
fsr-3338	263	10	etf	etf	NOUN
fsr-3338	263	11	.	.	PUNCT
fsr-3338	264	1	in	in	ADP
fsr-3338	264	2	strategy	strategy	NOUN
fsr-3338	264	3	3	3	NUM
fsr-3338	264	4	,	,	PUNCT
fsr-3338	264	5	investors	investor	NOUN
fsr-3338	264	6	hold	hold	VERB
fsr-3338	264	7	the	the	DET
fsr-3338	264	8	etf	etf	NOUN
fsr-3338	264	9	during	during	ADP
fsr-3338	264	10	tom	tom	PROPN
fsr-3338	264	11	period	period	NOUN
fsr-3338	264	12	and	and	CCONJ
fsr-3338	264	13	switch	switch	VERB
fsr-3338	264	14	to	to	ADP
fsr-3338	264	15	holding	hold	VERB
fsr-3338	264	16	the	the	DET
fsr-3338	264	17	t	t	NOUN
fsr-3338	264	18	-	-	PUNCT
fsr-3338	264	19	bills	bill	NOUN
fsr-3338	264	20	during	during	ADP
fsr-3338	264	21	non	non	ADJ
fsr-3338	264	22	-	-	ADJ
fsr-3338	264	23	tom	tom	ADJ
fsr-3338	264	24	period	period	NOUN
fsr-3338	264	25	.	.	PUNCT
fsr-3338	265	1	286	286	NUM
fsr-3338	265	2	h.	h.	PROPN
fsr-3338	265	3	chen	chen	PROPN
fsr-3338	265	4	et	et	PROPN
fsr-3338	265	5	al	al	PROPN
fsr-3338	265	6	.	.	PUNCT
fsr-3338	265	7	/	/	SYM
fsr-3338	265	8	financial	financial	ADJ
fsr-3338	265	9	services	service	NOUN
fsr-3338	265	10	review	review	VERB
fsr-3338	265	11	24	24	NUM
fsr-3338	265	12	(	(	PUNCT
fsr-3338	265	13	2015	2015	NUM
fsr-3338	265	14	)	)	PUNCT
fsr-3338	266	1	271–288	271–288	NUM
fsr-3338	266	2	investors	investor	NOUN
fsr-3338	266	3	can	can	AUX
fsr-3338	266	4	benefit	benefit	VERB
fsr-3338	266	5	from	from	ADP
fsr-3338	266	6	using	use	VERB
fsr-3338	266	7	ishares	ishare	NOUN
fsr-3338	266	8	to	to	PART
fsr-3338	266	9	exploit	exploit	VERB
fsr-3338	266	10	the	the	DET
fsr-3338	266	11	well	well	ADV
fsr-3338	266	12	-	-	PUNCT
fsr-3338	266	13	known	know	VERB
fsr-3338	266	14	tom	tom	PROPN
fsr-3338	266	15	effect	effect	NOUN
fsr-3338	266	16	in	in	ADP
fsr-3338	266	17	their	their	PRON
fsr-3338	266	18	pursuit	pursuit	NOUN
fsr-3338	266	19	of	of	ADP
fsr-3338	266	20	higher	high	ADJ
fsr-3338	266	21	return	return	NOUN
fsr-3338	266	22	and	and	CCONJ
fsr-3338	266	23	more	more	ADV
fsr-3338	266	24	effective	effective	ADJ
fsr-3338	266	25	international	international	ADJ
fsr-3338	266	26	diversification	diversification	NOUN
fsr-3338	266	27	.	.	PUNCT
fsr-3338	267	1	notes	note	NOUN
fsr-3338	267	2	1	1	NUM
fsr-3338	267	3	we	we	PRON
fsr-3338	267	4	check	check	VERB
fsr-3338	267	5	for	for	ADP
fsr-3338	267	6	holidays	holiday	NOUN
fsr-3338	267	7	in	in	ADP
fsr-3338	267	8	those	those	DET
fsr-3338	267	9	markets	market	NOUN
fsr-3338	267	10	to	to	PART
fsr-3338	267	11	avoid	avoid	VERB
fsr-3338	267	12	the	the	DET
fsr-3338	267	13	“	"	PUNCT
fsr-3338	267	14	holiday	holiday	NOUN
fsr-3338	267	15	return	return	NOUN
fsr-3338	267	16	effect	effect	NOUN
fsr-3338	267	17	”	"	PUNCT
fsr-3338	267	18	as	as	SCONJ
fsr-3338	267	19	pointed	point	VERB
fsr-3338	267	20	out	out	ADP
fsr-3338	267	21	in	in	ADP
fsr-3338	267	22	klein	klein	PROPN
fsr-3338	267	23	,	,	PUNCT
fsr-3338	267	24	zwergel	zwergel	NOUN
fsr-3338	267	25	,	,	PUNCT
fsr-3338	267	26	and	and	CCONJ
fsr-3338	267	27	fock	fock	ADJ
fsr-3338	267	28	(	(	PUNCT
fsr-3338	267	29	2009	2009	NUM
fsr-3338	267	30	)	)	PUNCT
fsr-3338	267	31	.	.	PUNCT
fsr-3338	268	1	2	2	NUM
fsr-3338	268	2	we	we	PRON
fsr-3338	268	3	also	also	ADV
fsr-3338	268	4	conduct	conduct	VERB
fsr-3338	268	5	analyses	analysis	NOUN
fsr-3338	268	6	separately	separately	ADV
fsr-3338	268	7	for	for	ADP
fsr-3338	268	8	an	an	DET
fsr-3338	268	9	etf	etf	NOUN
fsr-3338	268	10	and	and	CCONJ
fsr-3338	268	11	its	its	PRON
fsr-3338	268	12	corresponding	corresponding	ADJ
fsr-3338	268	13	index	index	NOUN
fsr-3338	268	14	.	.	PUNCT
fsr-3338	269	1	results	result	NOUN
fsr-3338	269	2	remain	remain	VERB
fsr-3338	269	3	the	the	DET
fsr-3338	269	4	same	same	ADJ
fsr-3338	269	5	for	for	ADP
fsr-3338	269	6	etfs	etfs	NOUN
fsr-3338	269	7	in	in	SCONJ
fsr-3338	269	8	that	that	SCONJ
fsr-3338	269	9	the	the	DET
fsr-3338	269	10	tom	tom	PROPN
fsr-3338	269	11	effect	effect	NOUN
fsr-3338	269	12	exits	exit	VERB
fsr-3338	269	13	on	on	ADP
fsr-3338	269	14	all	all	DET
fsr-3338	269	15	markets	market	NOUN
fsr-3338	269	16	except	except	SCONJ
fsr-3338	269	17	for	for	ADP
fsr-3338	269	18	the	the	DET
fsr-3338	269	19	japanese	japanese	ADJ
fsr-3338	269	20	market	market	NOUN
fsr-3338	269	21	,	,	PUNCT
fsr-3338	269	22	which	which	PRON
fsr-3338	269	23	is	be	AUX
fsr-3338	269	24	consistent	consistent	ADJ
fsr-3338	269	25	with	with	ADP
fsr-3338	269	26	the	the	DET
fsr-3338	269	27	results	result	NOUN
fsr-3338	269	28	reported	report	VERB
fsr-3338	269	29	in	in	ADP
fsr-3338	269	30	table	table	NOUN
fsr-3338	269	31	3	3	NUM
fsr-3338	269	32	.	.	X
fsr-3338	270	1	for	for	ADP
fsr-3338	270	2	index	index	NOUN
fsr-3338	270	3	returns	return	NOUN
fsr-3338	270	4	,	,	PUNCT
fsr-3338	270	5	the	the	DET
fsr-3338	270	6	tom	tom	PROPN
fsr-3338	270	7	effect	effect	NOUN
fsr-3338	270	8	exists	exist	VERB
fsr-3338	270	9	in	in	ADP
fsr-3338	270	10	all	all	DET
fsr-3338	270	11	markets	market	NOUN
fsr-3338	270	12	except	except	SCONJ
fsr-3338	270	13	for	for	ADP
fsr-3338	270	14	the	the	DET
fsr-3338	270	15	japanese	japanese	ADJ
fsr-3338	270	16	market	market	NOUN
fsr-3338	270	17	,	,	PUNCT
fsr-3338	270	18	which	which	PRON
fsr-3338	270	19	shows	show	VERB
fsr-3338	270	20	more	more	ADJ
fsr-3338	270	21	a	a	DET
fsr-3338	270	22	potent	potent	ADJ
fsr-3338	270	23	tom	tom	PROPN
fsr-3338	270	24	effect	effect	NOUN
fsr-3338	270	25	since	since	SCONJ
fsr-3338	270	26	table	table	NOUN
fsr-3338	270	27	3	3	NUM
fsr-3338	270	28	shows	show	VERB
fsr-3338	270	29	no	no	DET
fsr-3338	270	30	tom	tom	PROPN
fsr-3338	270	31	effect	effect	NOUN
fsr-3338	270	32	in	in	ADP
fsr-3338	270	33	the	the	DET
fsr-3338	270	34	german	german	ADJ
fsr-3338	270	35	market	market	NOUN
fsr-3338	270	36	.	.	PUNCT
fsr-3338	271	1	there	there	PRON
fsr-3338	271	2	is	be	VERB
fsr-3338	271	3	no	no	DET
fsr-3338	271	4	significant	significant	ADJ
fsr-3338	271	5	qualitative	qualitative	ADJ
fsr-3338	271	6	changes	change	NOUN
fsr-3338	271	7	for	for	ADP
fsr-3338	271	8	results	result	NOUN
fsr-3338	271	9	in	in	ADP
fsr-3338	271	10	other	other	ADJ
fsr-3338	271	11	tables	table	NOUN
fsr-3338	271	12	.	.	PUNCT
fsr-3338	272	1	as	as	ADP
fsr-3338	272	2	a	a	DET
fsr-3338	272	3	result	result	NOUN
fsr-3338	272	4	,	,	PUNCT
fsr-3338	272	5	they	they	PRON
fsr-3338	272	6	are	be	AUX
fsr-3338	272	7	not	not	PART
fsr-3338	272	8	reported	report	VERB
fsr-3338	272	9	for	for	ADP
fsr-3338	272	10	brevity	brevity	NOUN
fsr-3338	272	11	and	and	CCONJ
fsr-3338	272	12	are	be	AUX
fsr-3338	272	13	available	available	ADJ
fsr-3338	272	14	upon	upon	SCONJ
fsr-3338	272	15	request	request	NOUN
fsr-3338	272	16	.	.	PUNCT
fsr-3338	273	1	3	3	NUM
fsr-3338	273	2	see	see	VERB
fsr-3338	273	3	http://www.ishares.com/us/products/product-list#categoryid�129&lvl2�overview	http://www.ishares.com/us/products/product-list#categoryid�129&lvl2�overview	NOUN
fsr-3338	273	4	,	,	PUNCT
fsr-3338	273	5	for	for	ADP
fsr-3338	273	6	more	more	ADJ
fsr-3338	273	7	about	about	ADP
fsr-3338	273	8	the	the	DET
fsr-3338	273	9	underlying	underlie	VERB
fsr-3338	273	10	index	index	NOUN
fsr-3338	273	11	.	.	PUNCT
fsr-3338	274	1	4	4	NUM
fsr-3338	274	2	we	we	PRON
fsr-3338	274	3	thank	thank	VERB
fsr-3338	274	4	stephen	stephen	PROPN
fsr-3338	274	5	spathe	spathe	PROPN
fsr-3338	274	6	for	for	ADP
fsr-3338	274	7	pointing	point	VERB
fsr-3338	274	8	out	out	ADP
fsr-3338	274	9	to	to	ADP
fsr-3338	274	10	us	we	PRON
fsr-3338	274	11	and	and	CCONJ
fsr-3338	274	12	for	for	ADP
fsr-3338	274	13	suggesting	suggest	VERB
fsr-3338	274	14	this	this	DET
fsr-3338	274	15	robustness	robustness	NOUN
fsr-3338	274	16	check	check	NOUN
fsr-3338	274	17	.	.	PUNCT
fsr-3338	275	1	5	5	NUM
fsr-3338	275	2	specifically	specifically	ADV
fsr-3338	275	3	,	,	PUNCT
fsr-3338	275	4	data	datum	NOUN
fsr-3338	275	5	is	be	AUX
fsr-3338	275	6	available	available	ADJ
fsr-3338	275	7	since	since	SCONJ
fsr-3338	275	8	january	january	PROPN
fsr-3338	275	9	2001	2001	NUM
fsr-3338	275	10	for	for	ADP
fsr-3338	275	11	germany	germany	PROPN
fsr-3338	275	12	,	,	PUNCT
fsr-3338	275	13	november	november	PROPN
fsr-3338	275	14	2001	2001	NUM
fsr-3338	275	15	for	for	ADP
fsr-3338	275	16	hong	hong	PROPN
fsr-3338	275	17	kong	kong	PROPN
fsr-3338	275	18	,	,	PUNCT
fsr-3338	275	19	and	and	CCONJ
fsr-3338	275	20	may	may	AUX
fsr-3338	275	21	2000	2000	NUM
fsr-3338	275	22	for	for	ADP
fsr-3338	275	23	united	united	ADJ
fsr-3338	275	24	kingdom	kingdom	PROPN
fsr-3338	275	25	,	,	PUNCT
fsr-3338	275	26	respectively	respectively	ADV
fsr-3338	275	27	.	.	PUNCT
fsr-3338	276	1	6	6	NUM
fsr-3338	276	2	although	although	SCONJ
fsr-3338	276	3	not	not	PART
fsr-3338	276	4	reported	report	VERB
fsr-3338	276	5	in	in	ADP
fsr-3338	276	6	the	the	DET
fsr-3338	276	7	article	article	NOUN
fsr-3338	276	8	,	,	PUNCT
fsr-3338	276	9	the	the	DET
fsr-3338	276	10	strategy	strategy	NOUN
fsr-3338	276	11	of	of	ADP
fsr-3338	276	12	holding	hold	VERB
fsr-3338	276	13	t	t	PROPN
fsr-3338	276	14	-	-	PUNCT
fsr-3338	276	15	bills	bill	NOUN
fsr-3338	276	16	during	during	ADP
fsr-3338	276	17	non	non	ADJ
fsr-3338	276	18	-	-	ADJ
fsr-3338	276	19	tom	tom	ADJ
fsr-3338	276	20	period	period	NOUN
fsr-3338	276	21	and	and	CCONJ
fsr-3338	276	22	switching	switch	VERB
fsr-3338	276	23	to	to	ADP
fsr-3338	276	24	holding	hold	VERB
fsr-3338	276	25	an	an	DET
fsr-3338	276	26	index	index	NOUN
fsr-3338	276	27	fund	fund	NOUN
fsr-3338	276	28	underperforms	underperform	VERB
fsr-3338	276	29	the	the	DET
fsr-3338	276	30	etf	etf	PROPN
fsr-3338	276	31	-	-	PUNCT
fsr-3338	276	32	t	t	NOUN
fsr-3338	276	33	-	-	PUNCT
fsr-3338	276	34	bills	bill	NOUN
fsr-3338	276	35	switching	switch	VERB
fsr-3338	276	36	strategy	strategy	NOUN
fsr-3338	276	37	.	.	PUNCT
fsr-3338	277	1	7	7	NUM
fsr-3338	277	2	there	there	PRON
fsr-3338	277	3	can	can	AUX
fsr-3338	277	4	be	be	AUX
fsr-3338	277	5	other	other	ADJ
fsr-3338	277	6	costs	cost	NOUN
fsr-3338	277	7	such	such	ADJ
fsr-3338	277	8	as	as	ADP
fsr-3338	277	9	slippage	slippage	NOUN
fsr-3338	277	10	.	.	PUNCT
fsr-3338	278	1	we	we	PRON
fsr-3338	278	2	thank	thank	VERB
fsr-3338	278	3	an	an	DET
fsr-3338	278	4	anonymous	anonymous	ADJ
fsr-3338	278	5	referee	referee	NOUN
fsr-3338	278	6	for	for	ADP
fsr-3338	278	7	pointing	point	VERB
fsr-3338	278	8	out	out	ADP
fsr-3338	278	9	this	this	DET
fsr-3338	278	10	cautionary	cautionary	ADJ
fsr-3338	278	11	note	note	NOUN
fsr-3338	278	12	.	.	PUNCT
fsr-3338	279	1	8	8	NUM
fsr-3338	279	2	there	there	PRON
fsr-3338	279	3	are	be	VERB
fsr-3338	279	4	some	some	DET
fsr-3338	279	5	mutations	mutation	NOUN
fsr-3338	279	6	in	in	ADP
fsr-3338	279	7	the	the	DET
fsr-3338	279	8	results	result	NOUN
fsr-3338	279	9	in	in	ADP
fsr-3338	279	10	the	the	DET
fsr-3338	279	11	subsamples	subsample	NOUN
fsr-3338	279	12	.	.	PUNCT
fsr-3338	280	1	for	for	ADP
fsr-3338	280	2	the	the	DET
fsr-3338	280	3	index	index	NOUN
fsr-3338	280	4	-	-	PUNCT
fsr-3338	280	5	t	t	NOUN
fsr-3338	280	6	-	-	PUNCT
fsr-3338	280	7	bill	bill	NOUN
fsr-3338	280	8	switching	switching	NOUN
fsr-3338	280	9	strategy	strategy	NOUN
fsr-3338	280	10	,	,	PUNCT
fsr-3338	280	11	significantly	significantly	ADV
fsr-3338	280	12	positive	positive	ADJ
fsr-3338	280	13	returns	return	NOUN
fsr-3338	280	14	are	be	AUX
fsr-3338	280	15	found	find	VERB
fsr-3338	280	16	in	in	ADP
fsr-3338	280	17	australian	australian	ADJ
fsr-3338	280	18	,	,	PUNCT
fsr-3338	280	19	brazilian	brazilian	ADJ
fsr-3338	280	20	,	,	PUNCT
fsr-3338	280	21	canadian	canadian	ADJ
fsr-3338	280	22	,	,	PUNCT
fsr-3338	280	23	and	and	CCONJ
fsr-3338	280	24	german	german	ADJ
fsr-3338	280	25	markets	market	NOUN
fsr-3338	280	26	in	in	ADP
fsr-3338	280	27	the	the	DET
fsr-3338	280	28	first	first	ADJ
fsr-3338	280	29	subsample	subsample	NOUN
fsr-3338	280	30	,	,	PUNCT
fsr-3338	280	31	but	but	CCONJ
fsr-3338	280	32	only	only	ADV
fsr-3338	280	33	in	in	ADP
fsr-3338	280	34	markets	market	NOUN
fsr-3338	280	35	in	in	ADP
fsr-3338	280	36	hong	hong	PROPN
fsr-3338	280	37	kong	kong	PROPN
fsr-3338	280	38	,	,	PUNCT
fsr-3338	280	39	sweden	sweden	PROPN
fsr-3338	280	40	,	,	PUNCT
fsr-3338	280	41	and	and	CCONJ
fsr-3338	280	42	united	united	ADJ
fsr-3338	280	43	kingdom	kingdom	NOUN
fsr-3338	280	44	in	in	ADP
fsr-3338	280	45	the	the	DET
fsr-3338	280	46	second	second	ADJ
fsr-3338	280	47	subsample	subsample	NOUN
fsr-3338	280	48	.	.	PUNCT
fsr-3338	281	1	for	for	ADP
fsr-3338	281	2	the	the	DET
fsr-3338	281	3	etf	etf	PROPN
fsr-3338	281	4	-	-	PUNCT
fsr-3338	281	5	t	t	NOUN
fsr-3338	281	6	-	-	PUNCT
fsr-3338	281	7	bill	bill	NOUN
fsr-3338	281	8	switching	switching	NOUN
fsr-3338	281	9	strategy	strategy	NOUN
fsr-3338	281	10	,	,	PUNCT
fsr-3338	281	11	significantly	significantly	ADV
fsr-3338	281	12	positive	positive	ADJ
fsr-3338	281	13	returns	return	NOUN
fsr-3338	281	14	are	be	AUX
fsr-3338	281	15	found	find	VERB
fsr-3338	281	16	in	in	ADP
fsr-3338	281	17	markets	market	NOUN
fsr-3338	281	18	in	in	ADP
fsr-3338	281	19	australia	australia	PROPN
fsr-3338	281	20	,	,	PUNCT
fsr-3338	281	21	brazil	brazil	PROPN
fsr-3338	281	22	,	,	PUNCT
fsr-3338	281	23	canada	canada	PROPN
fsr-3338	281	24	,	,	PUNCT
fsr-3338	281	25	and	and	CCONJ
fsr-3338	281	26	united	united	ADJ
fsr-3338	281	27	kingdom	kingdom	NOUN
fsr-3338	281	28	in	in	ADP
fsr-3338	281	29	the	the	DET
fsr-3338	281	30	first	first	ADJ
fsr-3338	281	31	subsample	subsample	NOUN
fsr-3338	281	32	,	,	PUNCT
fsr-3338	281	33	but	but	CCONJ
fsr-3338	281	34	in	in	ADP
fsr-3338	281	35	canada	canada	PROPN
fsr-3338	281	36	,	,	PUNCT
fsr-3338	281	37	france	france	PROPN
fsr-3338	281	38	,	,	PUNCT
fsr-3338	281	39	germany	germany	PROPN
fsr-3338	281	40	,	,	PUNCT
fsr-3338	281	41	hong	hong	PROPN
fsr-3338	281	42	kong	kong	PROPN
fsr-3338	281	43	,	,	PUNCT
fsr-3338	281	44	sweden	sweden	PROPN
fsr-3338	281	45	,	,	PUNCT
fsr-3338	281	46	and	and	CCONJ
fsr-3338	281	47	united	united	ADJ
fsr-3338	281	48	kingdom	kingdom	NOUN
fsr-3338	281	49	in	in	ADP
fsr-3338	281	50	the	the	DET
fsr-3338	281	51	second	second	ADJ
fsr-3338	281	52	subsample	subsample	NOUN
fsr-3338	281	53	.	.	PUNCT
fsr-3338	282	1	it	it	PRON
fsr-3338	282	2	is	be	AUX
fsr-3338	282	3	the	the	DET
fsr-3338	282	4	same	same	ADJ
fsr-3338	282	5	pattern	pattern	NOUN
fsr-3338	282	6	when	when	SCONJ
fsr-3338	282	7	the	the	DET
fsr-3338	282	8	strategies	strategy	NOUN
fsr-3338	282	9	are	be	AUX
fsr-3338	282	10	applied	apply	VERB
fsr-3338	282	11	to	to	ADP
fsr-3338	282	12	etfs	etfs	NOUN
fsr-3338	282	13	and	and	CCONJ
fsr-3338	282	14	indexes	index	NOUN
fsr-3338	282	15	separately	separately	ADV
fsr-3338	282	16	without	without	ADP
fsr-3338	282	17	merging	merge	VERB
fsr-3338	282	18	the	the	DET
fsr-3338	282	19	data	datum	NOUN
fsr-3338	282	20	.	.	PUNCT
fsr-3338	283	1	as	as	ADP
fsr-3338	283	2	a	a	DET
fsr-3338	283	3	result	result	NOUN
fsr-3338	283	4	,	,	PUNCT
fsr-3338	283	5	it	it	PRON
fsr-3338	283	6	seems	seem	VERB
fsr-3338	283	7	that	that	SCONJ
fsr-3338	283	8	the	the	DET
fsr-3338	283	9	etf	etf	NOUN
fsr-3338	283	10	-	-	PUNCT
fsr-3338	283	11	switching	switch	VERB
fsr-3338	283	12	strategy	strategy	NOUN
fsr-3338	283	13	is	be	AUX
fsr-3338	283	14	consistently	consistently	ADV
fsr-3338	283	15	profitable	profitable	ADJ
fsr-3338	283	16	in	in	ADP
fsr-3338	283	17	the	the	DET
fsr-3338	283	18	more	more	ADV
fsr-3338	283	19	recent	recent	ADJ
fsr-3338	283	20	period	period	NOUN
fsr-3338	283	21	.	.	PUNCT
fsr-3338	284	1	acknowledgments	acknowledgment	NOUN
fsr-3338	284	2	we	we	PRON
fsr-3338	284	3	thank	thank	VERB
fsr-3338	284	4	dr	dr	PROPN
fsr-3338	284	5	.	.	PROPN
fsr-3338	284	6	stuart	stuart	PROPN
fsr-3338	284	7	michelson	michelson	PROPN
fsr-3338	284	8	(	(	PUNCT
fsr-3338	284	9	editor	editor	NOUN
fsr-3338	284	10	)	)	PUNCT
fsr-3338	284	11	and	and	CCONJ
fsr-3338	284	12	two	two	NUM
fsr-3338	284	13	anonymous	anonymous	ADJ
fsr-3338	284	14	referees	referee	NOUN
fsr-3338	284	15	for	for	ADP
fsr-3338	284	16	detailed	detailed	ADJ
fsr-3338	284	17	suggestions	suggestion	NOUN
fsr-3338	284	18	.	.	PUNCT
fsr-3338	285	1	we	we	PRON
fsr-3338	285	2	also	also	ADV
fsr-3338	285	3	gratefully	gratefully	ADV
fsr-3338	285	4	acknowledge	acknowledge	VERB
fsr-3338	285	5	the	the	DET
fsr-3338	285	6	assistance	assistance	NOUN
fsr-3338	285	7	of	of	ADP
fsr-3338	285	8	cathy	cathy	PROPN
fsr-3338	285	9	anson	anson	PROPN
fsr-3338	285	10	in	in	ADP
fsr-3338	285	11	editing	edit	VERB
fsr-3338	285	12	the	the	DET
fsr-3338	285	13	manuscript	manuscript	NOUN
fsr-3338	285	14	.	.	PUNCT
fsr-3338	286	1	helpful	helpful	ADJ
fsr-3338	286	2	comments	comment	NOUN
fsr-3338	286	3	are	be	AUX
fsr-3338	286	4	also	also	ADV
fsr-3338	286	5	received	receive	VERB
fsr-3338	286	6	from	from	ADP
fsr-3338	286	7	stephen	stephen	PROPN
fsr-3338	286	8	spathe	spathe	PROPN
fsr-3338	286	9	and	and	CCONJ
fsr-3338	286	10	participants	participant	NOUN
fsr-3338	286	11	of	of	ADP
fsr-3338	286	12	the	the	DET
fsr-3338	286	13	2013	2013	NUM
fsr-3338	286	14	academy	academy	NOUN
fsr-3338	286	15	of	of	ADP
fsr-3338	286	16	financial	financial	ADJ
fsr-3338	286	17	services	service	NOUN
fsr-3338	286	18	annual	annual	ADJ
fsr-3338	286	19	meeting	meeting	NOUN
fsr-3338	286	20	in	in	ADP
fsr-3338	286	21	chicago	chicago	PROPN
fsr-3338	286	22	.	.	PUNCT
fsr-3338	287	1	287h	287h	NOUN
fsr-3338	287	2	.	.	PUNCT
fsr-3338	288	1	chen	chen	PROPN
fsr-3338	288	2	et	et	PROPN
fsr-3338	288	3	al	al	PROPN
fsr-3338	288	4	.	.	PUNCT
fsr-3338	288	5	/	/	SYM
fsr-3338	288	6	financial	financial	ADJ
fsr-3338	288	7	services	service	NOUN
fsr-3338	288	8	review	review	VERB
fsr-3338	288	9	24	24	NUM
fsr-3338	288	10	(	(	PUNCT
fsr-3338	288	11	2015	2015	NUM
fsr-3338	288	12	)	)	PUNCT
fsr-3338	288	13	271–288	271–288	NUM
fsr-3338	288	14	references	reference	NOUN
fsr-3338	288	15	ariel	ariel	PROPN
fsr-3338	288	16	,	,	PUNCT
fsr-3338	288	17	r.	r.	PROPN
fsr-3338	288	18	(	(	PUNCT
fsr-3338	288	19	1987	1987	NUM
fsr-3338	288	20	)	)	PUNCT
fsr-3338	288	21	.	.	PUNCT
fsr-3338	289	1	a	a	DET
fsr-3338	289	2	monthly	monthly	ADJ
fsr-3338	289	3	effect	effect	NOUN
fsr-3338	289	4	in	in	ADP
fsr-3338	289	5	stock	stock	NOUN
fsr-3338	289	6	returns	return	NOUN
fsr-3338	289	7	.	.	PUNCT
fsr-3338	290	1	journal	journal	NOUN
fsr-3338	290	2	of	of	ADP
fsr-3338	290	3	financial	financial	ADJ
fsr-3338	290	4	economics	economic	NOUN
fsr-3338	290	5	,	,	PUNCT
fsr-3338	290	6	18	18	NUM
fsr-3338	290	7	,	,	PUNCT
fsr-3338	290	8	161–174	161–174	NUM
fsr-3338	290	9	.	.	PUNCT
fsr-3338	291	1	cadsby	cadsby	PROPN
fsr-3338	291	2	,	,	PUNCT
fsr-3338	291	3	c.	c.	PROPN
fsr-3338	291	4	,	,	PUNCT
fsr-3338	291	5	&	&	CCONJ
fsr-3338	291	6	ranter	ranter	NOUN
fsr-3338	291	7	,	,	PUNCT
fsr-3338	291	8	m.	m.	NOUN
fsr-3338	291	9	(	(	PUNCT
fsr-3338	291	10	1992	1992	NUM
fsr-3338	291	11	)	)	PUNCT
fsr-3338	291	12	.	.	PUNCT
fsr-3338	292	1	turn	turn	VERB
fsr-3338	292	2	-	-	PUNCT
fsr-3338	292	3	of	of	ADP
fsr-3338	292	4	-	-	PUNCT
fsr-3338	292	5	month	month	NOUN
fsr-3338	292	6	and	and	CCONJ
fsr-3338	292	7	pre	pre	ADJ
fsr-3338	292	8	-	-	ADJ
fsr-3338	292	9	holiday	holiday	ADJ
fsr-3338	292	10	effects	effect	NOUN
fsr-3338	292	11	on	on	ADP
fsr-3338	292	12	stock	stock	NOUN
fsr-3338	292	13	returns	return	NOUN
fsr-3338	292	14	:	:	PUNCT
fsr-3338	292	15	some	some	DET
fsr-3338	292	16	international	international	ADJ
fsr-3338	292	17	evidence	evidence	NOUN
fsr-3338	292	18	.	.	PUNCT
fsr-3338	293	1	journal	journal	NOUN
fsr-3338	293	2	of	of	ADP
fsr-3338	293	3	banking	banking	NOUN
fsr-3338	293	4	&	&	CCONJ
fsr-3338	293	5	finance	finance	PROPN
fsr-3338	293	6	,	,	PUNCT
fsr-3338	293	7	16	16	NUM
fsr-3338	293	8	,	,	PUNCT
fsr-3338	293	9	497–509	497–509	NUM
fsr-3338	293	10	.	.	PUNCT
fsr-3338	294	1	chen	chen	PROPN
fsr-3338	294	2	,	,	PUNCT
fsr-3338	294	3	h.	h.	PROPN
fsr-3338	294	4	,	,	PUNCT
fsr-3338	294	5	&	&	CCONJ
fsr-3338	294	6	chua	chua	PROPN
fsr-3338	294	7	,	,	PUNCT
fsr-3338	294	8	c.	c.	PROPN
fsr-3338	294	9	a.	a.	PROPN
fsr-3338	294	10	(	(	PUNCT
fsr-3338	294	11	2011	2011	NUM
fsr-3338	294	12	)	)	PUNCT
fsr-3338	294	13	.	.	PUNCT
fsr-3338	295	1	the	the	DET
fsr-3338	295	2	turn	turn	VERB
fsr-3338	295	3	-	-	PUNCT
fsr-3338	295	4	of	of	ADP
fsr-3338	295	5	-	-	PUNCT
fsr-3338	295	6	the	the	DET
fsr-3338	295	7	-	-	PUNCT
fsr-3338	295	8	month	month	NOUN
fsr-3338	295	9	anomaly	anomaly	NOUN
fsr-3338	295	10	in	in	ADP
fsr-3338	295	11	the	the	DET
fsr-3338	295	12	age	age	NOUN
fsr-3338	295	13	of	of	ADP
fsr-3338	295	14	etfs	etfs	PROPN
fsr-3338	295	15	:	:	PUNCT
fsr-3338	295	16	a	a	DET
fsr-3338	295	17	reexamination	reexamination	NOUN
fsr-3338	295	18	of	of	ADP
fsr-3338	295	19	return	return	NOUN
fsr-3338	295	20	-	-	PUNCT
fsr-3338	295	21	enhancement	enhancement	NOUN
fsr-3338	295	22	strategies	strategy	NOUN
fsr-3338	295	23	.	.	PUNCT
fsr-3338	296	1	journal	journal	NOUN
fsr-3338	296	2	of	of	ADP
fsr-3338	296	3	financial	financial	ADJ
fsr-3338	296	4	planning	planning	NOUN
fsr-3338	296	5	,	,	PUNCT
fsr-3338	296	6	24	24	NUM
fsr-3338	296	7	,	,	PUNCT
fsr-3338	296	8	62–67	62–67	NUM
fsr-3338	296	9	.	.	PUNCT
fsr-3338	297	1	chu	chu	PROPN
fsr-3338	297	2	,	,	PUNCT
fsr-3338	297	3	t.	t.	PROPN
fsr-3338	297	4	,	,	PUNCT
fsr-3338	297	5	mazumder	mazumder	PROPN
fsr-3338	297	6	,	,	PUNCT
fsr-3338	297	7	i.	i.	PROPN
fsr-3338	297	8	,	,	PUNCT
fsr-3338	297	9	miller	miller	PROPN
fsr-3338	297	10	,	,	PUNCT
fsr-3338	297	11	e.	e.	PROPN
fsr-3338	297	12	,	,	PUNCT
fsr-3338	297	13	&	&	CCONJ
fsr-3338	297	14	prather	prather	PROPN
fsr-3338	297	15	,	,	PUNCT
fsr-3338	297	16	l.	l.	PROPN
fsr-3338	297	17	(	(	PUNCT
fsr-3338	297	18	2007	2007	NUM
fsr-3338	297	19	)	)	PUNCT
fsr-3338	297	20	.	.	PUNCT
fsr-3338	298	1	exploitable	exploitable	VERB
fsr-3338	298	2	cross	cross	NOUN
fsr-3338	298	3	autocorrelation	autocorrelation	NOUN
fsr-3338	298	4	among	among	ADP
fsr-3338	298	5	ishares	ishare	NOUN
fsr-3338	298	6	.	.	PUNCT
fsr-3338	299	1	financial	financial	PROPN
fsr-3338	299	2	services	services	PROPN
fsr-3338	299	3	review	review	PROPN
fsr-3338	299	4	,	,	PUNCT
fsr-3338	299	5	16	16	NUM
fsr-3338	299	6	,	,	PUNCT
fsr-3338	299	7	293–308	293–308	NUM
fsr-3338	299	8	.	.	PUNCT
fsr-3338	300	1	grossmann	grossmann	PROPN
fsr-3338	300	2	,	,	PUNCT
fsr-3338	300	3	a.	a.	PROPN
fsr-3338	300	4	,	,	PUNCT
fsr-3338	300	5	&	&	CCONJ
fsr-3338	300	6	beach	beach	PROPN
fsr-3338	300	7	,	,	PUNCT
fsr-3338	300	8	s.	s.	PROPN
fsr-3338	300	9	(	(	PUNCT
fsr-3338	300	10	2010	2010	NUM
fsr-3338	300	11	)	)	PUNCT
fsr-3338	300	12	.	.	PUNCT
fsr-3338	301	1	expanding	expand	VERB
fsr-3338	301	2	a	a	DET
fsr-3338	301	3	u.s	u.s	PROPN
fsr-3338	301	4	.	.	PROPN
fsr-3338	301	5	portfolio	portfolio	NOUN
fsr-3338	301	6	internationally	internationally	ADV
fsr-3338	301	7	:	:	PUNCT
fsr-3338	301	8	adrs	adr	VERB
fsr-3338	301	9	their	their	PRON
fsr-3338	301	10	underlying	underlie	VERB
fsr-3338	301	11	assets	asset	NOUN
fsr-3338	301	12	,	,	PUNCT
fsr-3338	301	13	and	and	CCONJ
fsr-3338	301	14	etfs	etfs	PROPN
fsr-3338	301	15	.	.	PUNCT
fsr-3338	302	1	financial	financial	ADJ
fsr-3338	302	2	services	services	PROPN
fsr-3338	302	3	review	review	PROPN
fsr-3338	302	4	,	,	PUNCT
fsr-3338	302	5	19	19	NUM
fsr-3338	302	6	,	,	PUNCT
fsr-3338	302	7	163–185	163–185	NUM
fsr-3338	302	8	.	.	PUNCT
fsr-3338	303	1	harper	harper	PROPN
fsr-3338	303	2	j.	j.	PROPN
fsr-3338	303	3	,	,	PUNCT
fsr-3338	303	4	madura	madura	PROPN
fsr-3338	303	5	,	,	PUNCT
fsr-3338	303	6	j.	j.	PROPN
fsr-3338	303	7	,	,	PUNCT
fsr-3338	303	8	&	&	CCONJ
fsr-3338	303	9	schnusenberg	schnusenberg	PROPN
fsr-3338	303	10	,	,	PUNCT
fsr-3338	303	11	o.	o.	NOUN
fsr-3338	303	12	(	(	PUNCT
fsr-3338	303	13	2006	2006	NUM
fsr-3338	303	14	)	)	PUNCT
fsr-3338	303	15	.	.	PUNCT
fsr-3338	304	1	performance	performance	NOUN
fsr-3338	304	2	comparison	comparison	NOUN
fsr-3338	304	3	between	between	ADP
fsr-3338	304	4	exchange	exchange	NOUN
fsr-3338	304	5	-	-	PUNCT
fsr-3338	304	6	traded	trade	VERB
fsr-3338	304	7	funds	fund	NOUN
fsr-3338	304	8	and	and	CCONJ
fsr-3338	304	9	closed	closed	ADJ
fsr-3338	304	10	-	-	PUNCT
fsr-3338	304	11	end	end	NOUN
fsr-3338	304	12	country	country	NOUN
fsr-3338	304	13	funds	fund	NOUN
fsr-3338	304	14	.	.	PUNCT
fsr-3338	305	1	journal	journal	PROPN
fsr-3338	305	2	of	of	ADP
fsr-3338	305	3	international	international	ADJ
fsr-3338	305	4	financial	financial	ADJ
fsr-3338	305	5	markets	market	NOUN
fsr-3338	305	6	,	,	PUNCT
fsr-3338	305	7	institutions	institution	NOUN
fsr-3338	305	8	and	and	CCONJ
fsr-3338	305	9	money	money	NOUN
fsr-3338	305	10	,	,	PUNCT
fsr-3338	305	11	16	16	NUM
fsr-3338	305	12	,	,	PUNCT
fsr-3338	305	13	104–122	104–122	NUM
fsr-3338	305	14	.	.	PUNCT
fsr-3338	306	1	hensel	hensel	PROPN
fsr-3338	306	2	,	,	PUNCT
fsr-3338	306	3	c.	c.	PROPN
fsr-3338	306	4	,	,	PUNCT
fsr-3338	306	5	&	&	CCONJ
fsr-3338	306	6	ziemba	ziemba	PROPN
fsr-3338	306	7	,	,	PUNCT
fsr-3338	306	8	w.	w.	PROPN
fsr-3338	306	9	(	(	PUNCT
fsr-3338	306	10	1996	1996	NUM
fsr-3338	306	11	)	)	PUNCT
fsr-3338	306	12	.	.	PUNCT
fsr-3338	307	1	investment	investment	NOUN
fsr-3338	307	2	results	result	NOUN
fsr-3338	307	3	from	from	ADP
fsr-3338	307	4	exploiting	exploit	VERB
fsr-3338	307	5	turn	turn	NOUN
fsr-3338	307	6	-	-	PUNCT
fsr-3338	307	7	of	of	ADP
fsr-3338	307	8	-	-	PUNCT
fsr-3338	307	9	the	the	DET
fsr-3338	307	10	-	-	PUNCT
fsr-3338	307	11	month	month	NOUN
fsr-3338	307	12	effects	effect	NOUN
fsr-3338	307	13	.	.	PUNCT
fsr-3338	308	1	journal	journal	PROPN
fsr-3338	308	2	of	of	ADP
fsr-3338	308	3	portfolio	portfolio	NOUN
fsr-3338	308	4	management	management	NOUN
fsr-3338	308	5	,	,	PUNCT
fsr-3338	308	6	22	22	NUM
fsr-3338	308	7	,	,	PUNCT
fsr-3338	308	8	17–23	17–23	NUM
fsr-3338	308	9	.	.	PUNCT
fsr-3338	309	1	klein	klein	PROPN
fsr-3338	309	2	,	,	PUNCT
fsr-3338	309	3	c.	c.	PROPN
fsr-3338	309	4	,	,	PUNCT
fsr-3338	309	5	zwergel	zwergel	NOUN
fsr-3338	309	6	,	,	PUNCT
fsr-3338	309	7	b.	b.	PROPN
fsr-3338	309	8	,	,	PUNCT
fsr-3338	309	9	&	&	CCONJ
fsr-3338	309	10	fock	fock	PROPN
fsr-3338	309	11	,	,	PUNCT
fsr-3338	309	12	j.	j.	PROPN
fsr-3338	309	13	(	(	PUNCT
fsr-3338	309	14	2009	2009	NUM
fsr-3338	309	15	)	)	PUNCT
fsr-3338	309	16	.	.	PUNCT
fsr-3338	310	1	reconsidering	reconsider	VERB
fsr-3338	310	2	the	the	DET
fsr-3338	310	3	impact	impact	NOUN
fsr-3338	310	4	of	of	ADP
fsr-3338	310	5	national	national	ADJ
fsr-3338	310	6	soccer	soccer	NOUN
fsr-3338	310	7	results	result	NOUN
fsr-3338	310	8	on	on	ADP
fsr-3338	310	9	the	the	DET
fsr-3338	310	10	ftse	ftse	PROPN
fsr-3338	310	11	100	100	NUM
fsr-3338	310	12	.	.	PUNCT
fsr-3338	310	13	applied	apply	VERB
fsr-3338	310	14	economics	economic	NOUN
fsr-3338	310	15	,	,	PUNCT
fsr-3338	310	16	41	41	NUM
fsr-3338	310	17	,	,	PUNCT
fsr-3338	310	18	3287–3294	3287–3294	NUM
fsr-3338	310	19	.	.	PUNCT
fsr-3338	311	1	kunkel	kunkel	PROPN
fsr-3338	311	2	,	,	PUNCT
fsr-3338	311	3	r.	r.	PROPN
fsr-3338	311	4	a.	a.	PROPN
fsr-3338	311	5	,	,	PUNCT
fsr-3338	311	6	&	&	CCONJ
fsr-3338	311	7	compton	compton	PROPN
fsr-3338	311	8	,	,	PUNCT
fsr-3338	311	9	w.	w.	PROPN
fsr-3338	311	10	(	(	PUNCT
fsr-3338	311	11	1998	1998	NUM
fsr-3338	311	12	)	)	PUNCT
fsr-3338	311	13	.	.	PUNCT
fsr-3338	312	1	a	a	DET
fsr-3338	312	2	tax	tax	NOUN
fsr-3338	312	3	-	-	PUNCT
fsr-3338	312	4	free	free	ADJ
fsr-3338	312	5	exploitation	exploitation	NOUN
fsr-3338	312	6	of	of	ADP
fsr-3338	312	7	the	the	DET
fsr-3338	312	8	turn	turn	NOUN
fsr-3338	312	9	-	-	PUNCT
fsr-3338	312	10	of	of	ADP
fsr-3338	312	11	-	-	PUNCT
fsr-3338	312	12	the	the	DET
fsr-3338	312	13	-	-	PUNCT
fsr-3338	312	14	month	month	NOUN
fsr-3338	312	15	effect	effect	NOUN
fsr-3338	312	16	:	:	PUNCT
fsr-3338	312	17	c.r.e.f	c.r.e.f	PROPN
fsr-3338	312	18	.	.	PUNCT
fsr-3338	312	19	financial	financial	PROPN
fsr-3338	312	20	services	services	PROPN
fsr-3338	312	21	review	review	PROPN
fsr-3338	312	22	,	,	PUNCT
fsr-3338	312	23	7	7	NUM
fsr-3338	312	24	,	,	PUNCT
fsr-3338	312	25	11–23	11–23	NUM
fsr-3338	312	26	.	.	PUNCT
fsr-3338	313	1	lakonishok	lakonishok	PROPN
fsr-3338	313	2	,	,	PUNCT
fsr-3338	313	3	j.	j.	PROPN
fsr-3338	313	4	,	,	PUNCT
fsr-3338	313	5	&	&	CCONJ
fsr-3338	313	6	smidt	smidt	PROPN
fsr-3338	313	7	,	,	PUNCT
fsr-3338	313	8	s.	s.	PROPN
fsr-3338	313	9	(	(	PUNCT
fsr-3338	313	10	1988	1988	NUM
fsr-3338	313	11	)	)	PUNCT
fsr-3338	313	12	.	.	PUNCT
fsr-3338	314	1	are	be	AUX
fsr-3338	314	2	seasonal	seasonal	ADJ
fsr-3338	314	3	anomalies	anomaly	NOUN
fsr-3338	314	4	real	real	ADJ
fsr-3338	314	5	?	?	PUNCT
fsr-3338	315	1	a	a	DET
fsr-3338	315	2	ninety	ninety	NUM
fsr-3338	315	3	-	-	PUNCT
fsr-3338	315	4	year	year	NOUN
fsr-3338	315	5	perspective	perspective	NOUN
fsr-3338	315	6	.	.	PUNCT
fsr-3338	316	1	review	review	NOUN
fsr-3338	316	2	of	of	ADP
fsr-3338	316	3	financial	financial	ADJ
fsr-3338	316	4	studies	study	NOUN
fsr-3338	316	5	,	,	PUNCT
fsr-3338	316	6	1	1	NUM
fsr-3338	316	7	,	,	PUNCT
fsr-3338	316	8	403–425	403–425	NUM
fsr-3338	316	9	.	.	PUNCT
fsr-3338	317	1	mcconnnell	mcconnnell	PROPN
fsr-3338	317	2	,	,	PUNCT
fsr-3338	317	3	j.	j.	PROPN
fsr-3338	317	4	,	,	PUNCT
fsr-3338	317	5	&	&	CCONJ
fsr-3338	317	6	xu	xu	PROPN
fsr-3338	317	7	,	,	PUNCT
fsr-3338	317	8	w.	w.	PROPN
fsr-3338	317	9	(	(	PUNCT
fsr-3338	317	10	2008	2008	NUM
fsr-3338	317	11	)	)	PUNCT
fsr-3338	317	12	.	.	PUNCT
fsr-3338	318	1	equity	equity	NOUN
fsr-3338	318	2	returns	return	NOUN
fsr-3338	318	3	at	at	ADP
fsr-3338	318	4	the	the	DET
fsr-3338	318	5	turn	turn	NOUN
fsr-3338	318	6	of	of	ADP
fsr-3338	318	7	the	the	DET
fsr-3338	318	8	month	month	NOUN
fsr-3338	318	9	.	.	PUNCT
fsr-3338	319	1	financial	financial	ADJ
fsr-3338	319	2	analysts	analyst	NOUN
fsr-3338	319	3	journal	journal	NOUN
fsr-3338	319	4	,	,	PUNCT
fsr-3338	319	5	64	64	NUM
fsr-3338	319	6	,	,	PUNCT
fsr-3338	319	7	49–64	49–64	PROPN
fsr-3338	319	8	.	.	PUNCT
fsr-3338	319	9	ogden	ogden	PROPN
fsr-3338	319	10	,	,	PUNCT
fsr-3338	319	11	j.	j.	PROPN
fsr-3338	319	12	(	(	PUNCT
fsr-3338	319	13	1990	1990	NUM
fsr-3338	319	14	)	)	PUNCT
fsr-3338	319	15	.	.	PUNCT
fsr-3338	320	1	turn	turn	VERB
fsr-3338	320	2	-	-	PUNCT
fsr-3338	320	3	of	of	ADP
fsr-3338	320	4	-	-	PUNCT
fsr-3338	320	5	month	month	NOUN
fsr-3338	320	6	evaluations	evaluation	NOUN
fsr-3338	320	7	of	of	ADP
fsr-3338	320	8	liquid	liquid	ADJ
fsr-3338	320	9	profits	profit	NOUN
fsr-3338	320	10	and	and	CCONJ
fsr-3338	320	11	stock	stock	NOUN
fsr-3338	320	12	returns	return	NOUN
fsr-3338	320	13	:	:	PUNCT
fsr-3338	320	14	a	a	DET
fsr-3338	320	15	common	common	ADJ
fsr-3338	320	16	explanation	explanation	NOUN
fsr-3338	320	17	for	for	ADP
fsr-3338	320	18	the	the	DET
fsr-3338	320	19	monthly	monthly	ADJ
fsr-3338	320	20	and	and	CCONJ
fsr-3338	320	21	january	january	PROPN
fsr-3338	320	22	effects	effect	NOUN
fsr-3338	320	23	.	.	PUNCT
fsr-3338	321	1	journal	journal	PROPN
fsr-3338	321	2	of	of	ADP
fsr-3338	321	3	finance	finance	NOUN
fsr-3338	321	4	,	,	PUNCT
fsr-3338	321	5	45	45	NUM
fsr-3338	321	6	,	,	PUNCT
fsr-3338	321	7	1259–1272	1259–1272	NUM
fsr-3338	321	8	.	.	PUNCT
fsr-3338	322	1	olienyk	olienyk	PROPN
fsr-3338	322	2	,	,	PUNCT
fsr-3338	322	3	j.	j.	PROPN
fsr-3338	322	4	,	,	PUNCT
fsr-3338	322	5	schwebach	schwebach	PROPN
fsr-3338	322	6	,	,	PUNCT
fsr-3338	322	7	r.	r.	PROPN
fsr-3338	322	8	,	,	PUNCT
fsr-3338	322	9	&	&	CCONJ
fsr-3338	322	10	zumwalt	zumwalt	PROPN
fsr-3338	322	11	,	,	PUNCT
fsr-3338	322	12	j.	j.	PROPN
fsr-3338	322	13	(	(	PUNCT
fsr-3338	322	14	1999	1999	NUM
fsr-3338	322	15	)	)	PUNCT
fsr-3338	322	16	.	.	PUNCT
fsr-3338	323	1	webs	webs	NOUN
fsr-3338	323	2	,	,	PUNCT
fsr-3338	323	3	spdrs	spdr	VERB
fsr-3338	323	4	,	,	PUNCT
fsr-3338	323	5	and	and	CCONJ
fsr-3338	323	6	country	country	NOUN
fsr-3338	323	7	funds	fund	NOUN
fsr-3338	323	8	:	:	PUNCT
fsr-3338	323	9	an	an	DET
fsr-3338	323	10	analysis	analysis	NOUN
fsr-3338	323	11	of	of	ADP
fsr-3338	323	12	international	international	ADJ
fsr-3338	323	13	cointegration	cointegration	NOUN
fsr-3338	323	14	.	.	PUNCT
fsr-3338	324	1	journal	journal	NOUN
fsr-3338	324	2	of	of	ADP
fsr-3338	324	3	multinational	multinational	ADJ
fsr-3338	324	4	financial	financial	ADJ
fsr-3338	324	5	management	management	NOUN
fsr-3338	324	6	,	,	PUNCT
fsr-3338	324	7	9	9	NUM
fsr-3338	324	8	,	,	PUNCT
fsr-3338	324	9	217–232	217–232	NUM
fsr-3338	324	10	.	.	PUNCT
fsr-3338	325	1	pennathur	pennathur	PROPN
fsr-3338	325	2	,	,	PUNCT
fsr-3338	325	3	a.	a.	NOUN
fsr-3338	325	4	,	,	PUNCT
fsr-3338	325	5	delcoure	delcoure	NOUN
fsr-3338	325	6	,	,	PUNCT
fsr-3338	325	7	n.	n.	NOUN
fsr-3338	325	8	,	,	PUNCT
fsr-3338	325	9	&	&	CCONJ
fsr-3338	325	10	anderson	anderson	PROPN
fsr-3338	325	11	,	,	PUNCT
fsr-3338	325	12	d.	d.	PROPN
fsr-3338	325	13	(	(	PUNCT
fsr-3338	325	14	2002	2002	NUM
fsr-3338	325	15	)	)	PUNCT
fsr-3338	325	16	.	.	PUNCT
fsr-3338	326	1	diversification	diversification	NOUN
fsr-3338	326	2	benefits	benefit	NOUN
fsr-3338	326	3	of	of	ADP
fsr-3338	326	4	ishares	ishare	NOUN
fsr-3338	326	5	and	and	CCONJ
fsr-3338	326	6	closed	closed	ADJ
fsr-3338	326	7	-	-	PUNCT
fsr-3338	326	8	end	end	NOUN
fsr-3338	326	9	country	country	NOUN
fsr-3338	326	10	funds	fund	NOUN
fsr-3338	326	11	.	.	PUNCT
fsr-3338	327	1	journal	journal	NOUN
fsr-3338	327	2	of	of	ADP
fsr-3338	327	3	financial	financial	ADJ
fsr-3338	327	4	research	research	NOUN
fsr-3338	327	5	,	,	PUNCT
fsr-3338	327	6	25	25	NUM
fsr-3338	327	7	,	,	PUNCT
fsr-3338	327	8	541–557	541–557	NUM
fsr-3338	327	9	.	.	PUNCT
fsr-3338	328	1	poterba	poterba	PROPN
fsr-3338	328	2	,	,	PUNCT
fsr-3338	328	3	j.	j.	PROPN
fsr-3338	328	4	,	,	PUNCT
fsr-3338	328	5	&	&	CCONJ
fsr-3338	328	6	shoven	shoven	PROPN
fsr-3338	328	7	,	,	PUNCT
fsr-3338	328	8	j.	j.	PROPN
fsr-3338	328	9	(	(	PUNCT
fsr-3338	328	10	2002	2002	NUM
fsr-3338	328	11	)	)	PUNCT
fsr-3338	328	12	.	.	PUNCT
fsr-3338	329	1	exchanges	exchange	NOUN
fsr-3338	329	2	-	-	PUNCT
fsr-3338	329	3	traded	trade	VERB
fsr-3338	329	4	funds	fund	NOUN
fsr-3338	329	5	:	:	PUNCT
fsr-3338	329	6	a	a	DET
fsr-3338	329	7	new	new	ADJ
fsr-3338	329	8	investment	investment	NOUN
fsr-3338	329	9	option	option	NOUN
fsr-3338	329	10	for	for	ADP
fsr-3338	329	11	taxable	taxable	ADJ
fsr-3338	329	12	investors	investor	NOUN
fsr-3338	329	13	.	.	PUNCT
fsr-3338	330	1	american	american	PROPN
fsr-3338	330	2	economic	economic	PROPN
fsr-3338	330	3	review	review	PROPN
fsr-3338	330	4	,	,	PUNCT
fsr-3338	330	5	92	92	NUM
fsr-3338	330	6	.	.	PUNCT
fsr-3338	331	1	papers	paper	NOUN
fsr-3338	331	2	and	and	CCONJ
fsr-3338	331	3	proceedings	proceeding	NOUN
fsr-3338	331	4	of	of	ADP
fsr-3338	331	5	the	the	DET
fsr-3338	331	6	one	one	NUM
fsr-3338	331	7	hundred	hundred	NUM
fsr-3338	331	8	fourteenth	fourteenth	ADJ
fsr-3338	331	9	annual	annual	ADJ
fsr-3338	331	10	meeting	meeting	NOUN
fsr-3338	331	11	of	of	ADP
fsr-3338	331	12	the	the	DET
fsr-3338	331	13	american	american	PROPN
fsr-3338	331	14	economic	economic	PROPN
fsr-3338	331	15	association	association	PROPN
fsr-3338	331	16	,	,	PUNCT
fsr-3338	331	17	422–427	422–427	NUM
fsr-3338	331	18	.	.	PUNCT
fsr-3338	331	19	zwergel	zwergel	NOUN
fsr-3338	331	20	,	,	PUNCT
fsr-3338	331	21	b.	b.	PROPN
fsr-3338	331	22	(	(	PUNCT
fsr-3338	331	23	2010	2010	NUM
fsr-3338	331	24	)	)	PUNCT
fsr-3338	331	25	.	.	PUNCT
fsr-3338	332	1	on	on	ADP
fsr-3338	332	2	the	the	DET
fsr-3338	332	3	exploitability	exploitability	NOUN
fsr-3338	332	4	of	of	ADP
fsr-3338	332	5	the	the	DET
fsr-3338	332	6	turn	turn	NOUN
fsr-3338	332	7	-	-	PUNCT
fsr-3338	332	8	of	of	ADP
fsr-3338	332	9	-	-	PUNCT
fsr-3338	332	10	the	the	DET
fsr-3338	332	11	-	-	PUNCT
fsr-3338	332	12	month	month	NOUN
fsr-3338	332	13	effect	effect	NOUN
fsr-3338	332	14	—	—	PUNCT
fsr-3338	332	15	an	an	DET
fsr-3338	332	16	international	international	ADJ
fsr-3338	332	17	perspective	perspective	NOUN
fsr-3338	332	18	.	.	PUNCT
fsr-3338	333	1	applied	apply	VERB
fsr-3338	333	2	financial	financial	ADJ
fsr-3338	333	3	economics	economic	NOUN
fsr-3338	333	4	,	,	PUNCT
fsr-3338	333	5	20	20	NUM
fsr-3338	333	6	,	,	PUNCT
fsr-3338	333	7	911–922	911–922	NUM
fsr-3338	333	8	.	.	PUNCT
fsr-3338	333	9	ziemba	ziemba	PROPN
fsr-3338	333	10	,	,	PUNCT
fsr-3338	333	11	w.	w.	NOUN
fsr-3338	333	12	(	(	PUNCT
fsr-3338	333	13	1991	1991	NUM
fsr-3338	333	14	)	)	PUNCT
fsr-3338	333	15	.	.	PUNCT
fsr-3338	334	1	japanese	japanese	ADJ
fsr-3338	334	2	security	security	NOUN
fsr-3338	334	3	market	market	NOUN
fsr-3338	334	4	regularities	regularity	NOUN
fsr-3338	334	5	:	:	PUNCT
fsr-3338	334	6	monthly	monthly	ADV
fsr-3338	334	7	,	,	PUNCT
fsr-3338	334	8	turn	turn	NOUN
fsr-3338	334	9	-	-	PUNCT
fsr-3338	334	10	of	of	ADP
fsr-3338	334	11	-	-	PUNCT
fsr-3338	334	12	the	the	DET
fsr-3338	334	13	-	-	PUNCT
fsr-3338	334	14	month	month	NOUN
fsr-3338	334	15	and	and	CCONJ
fsr-3338	334	16	year	year	NOUN
fsr-3338	334	17	,	,	PUNCT
fsr-3338	334	18	holiday	holiday	NOUN
fsr-3338	334	19	and	and	CCONJ
fsr-3338	334	20	golden	golden	ADJ
fsr-3338	334	21	week	week	NOUN
fsr-3338	334	22	effects	effect	NOUN
fsr-3338	334	23	.	.	PUNCT
fsr-3338	335	1	japan	japan	PROPN
fsr-3338	335	2	and	and	CCONJ
fsr-3338	335	3	the	the	DET
fsr-3338	335	4	world	world	NOUN
fsr-3338	335	5	economy	economy	NOUN
fsr-3338	335	6	,	,	PUNCT
fsr-3338	335	7	3	3	NUM
fsr-3338	335	8	,	,	PUNCT
fsr-3338	335	9	119–46	119–46	NUM
fsr-3338	335	10	.	.	PUNCT
fsr-3338	336	1	288	288	NUM
fsr-3338	336	2	h.	h.	PROPN
fsr-3338	336	3	chen	chen	PROPN
fsr-3338	336	4	et	et	PROPN
fsr-3338	336	5	al	al	PROPN
fsr-3338	336	6	.	.	PUNCT
fsr-3338	336	7	/	/	SYM
fsr-3338	336	8	financial	financial	ADJ
fsr-3338	336	9	services	service	NOUN
fsr-3338	336	10	review	review	VERB
fsr-3338	336	11	24	24	NUM
fsr-3338	336	12	(	(	PUNCT
fsr-3338	336	13	2015	2015	NUM
fsr-3338	336	14	)	)	PUNCT
fsr-3338	336	15	271–288	271–288	NUM