id	sid	tid	token	lemma	pos
fsr-3339	1	1	the	the	DET
fsr-3339	1	2	performance	performance	NOUN
fsr-3339	1	3	and	and	CCONJ
fsr-3339	1	4	market	market	NOUN
fsr-3339	1	5	timing	timing	NOUN
fsr-3339	1	6	ability	ability	NOUN
fsr-3339	1	7	of	of	ADP
fsr-3339	1	8	chinese	chinese	ADJ
fsr-3339	1	9	mutual	mutual	ADJ
fsr-3339	1	10	funds	fund	NOUN
fsr-3339	1	11	wei	wei	PROPN
fsr-3339	1	12	hea	hea	PROPN
fsr-3339	1	13	,	,	PUNCT
fsr-3339	1	14	bolong	bolong	NOUN
fsr-3339	1	15	caob	caob	PROPN
fsr-3339	1	16	,	,	PUNCT
fsr-3339	1	17	h.	h.	PROPN
fsr-3339	1	18	kent	kent	PROPN
fsr-3339	1	19	bakerc	bakerc	PROPN
fsr-3339	1	20	,	,	PUNCT
fsr-3339	1	21	*	*	PUNCT
fsr-3339	1	22	amississippi	amississippi	PROPN
fsr-3339	1	23	state	state	PROPN
fsr-3339	1	24	university	university	PROPN
fsr-3339	1	25	,	,	PUNCT
fsr-3339	1	26	mississippi	mississippi	PROPN
fsr-3339	1	27	state	state	PROPN
fsr-3339	1	28	,	,	PUNCT
fsr-3339	1	29	department	department	NOUN
fsr-3339	1	30	of	of	ADP
fsr-3339	1	31	finance	finance	NOUN
fsr-3339	1	32	and	and	CCONJ
fsr-3339	1	33	economics	economic	NOUN
fsr-3339	1	34	,	,	PUNCT
fsr-3339	1	35	310	310	NUM
fsr-3339	1	36	mccool	mccool	PROPN
fsr-3339	1	37	hall	hall	PROPN
fsr-3339	1	38	,	,	PUNCT
fsr-3339	1	39	mississippi	mississippi	PROPN
fsr-3339	1	40	state	state	PROPN
fsr-3339	1	41	,	,	PUNCT
fsr-3339	1	42	ms	ms	PROPN
fsr-3339	1	43	39762	39762	NUM
fsr-3339	1	44	,	,	PUNCT
fsr-3339	1	45	usa	usa	PROPN
fsr-3339	1	46	bohio	bohio	PROPN
fsr-3339	1	47	university	university	PROPN
fsr-3339	1	48	,	,	PUNCT
fsr-3339	1	49	ohio	ohio	PROPN
fsr-3339	1	50	university	university	PROPN
fsr-3339	1	51	,	,	PUNCT
fsr-3339	1	52	department	department	NOUN
fsr-3339	1	53	of	of	ADP
fsr-3339	1	54	economics	economic	NOUN
fsr-3339	1	55	,	,	PUNCT
fsr-3339	1	56	331	331	NUM
fsr-3339	1	57	bentley	bentley	PROPN
fsr-3339	1	58	hall	hall	PROPN
fsr-3339	1	59	annex	annex	PROPN
fsr-3339	1	60	,	,	PUNCT
fsr-3339	1	61	athens	athens	PROPN
fsr-3339	1	62	,	,	PUNCT
fsr-3339	1	63	oh	oh	NOUN
fsr-3339	1	64	45701	45701	NUM
fsr-3339	1	65	,	,	PUNCT
fsr-3339	1	66	usa	usa	PROPN
fsr-3339	1	67	camerican	camerican	PROPN
fsr-3339	1	68	university	university	PROPN
fsr-3339	1	69	,	,	PUNCT
fsr-3339	1	70	kogod	kogod	PROPN
fsr-3339	1	71	school	school	NOUN
fsr-3339	1	72	of	of	ADP
fsr-3339	1	73	business	business	NOUN
fsr-3339	1	74	,	,	PUNCT
fsr-3339	1	75	department	department	NOUN
fsr-3339	1	76	of	of	ADP
fsr-3339	1	77	finance	finance	NOUN
fsr-3339	1	78	and	and	CCONJ
fsr-3339	1	79	real	real	ADJ
fsr-3339	1	80	estate	estate	NOUN
fsr-3339	1	81	,	,	PUNCT
fsr-3339	1	82	4400	4400	NUM
fsr-3339	1	83	massachusetts	massachusetts	PROPN
fsr-3339	1	84	avenue	avenue	PROPN
fsr-3339	1	85	,	,	PUNCT
fsr-3339	1	86	nw	nw	PROPN
fsr-3339	1	87	,	,	PUNCT
fsr-3339	1	88	washington	washington	PROPN
fsr-3339	1	89	,	,	PUNCT
fsr-3339	1	90	dc	dc	PROPN
fsr-3339	1	91	20016	20016	NUM
fsr-3339	1	92	,	,	PUNCT
fsr-3339	1	93	usa	usa	PROPN
fsr-3339	1	94	abstract	abstract	NOUN
fsr-3339	1	95	we	we	PRON
fsr-3339	1	96	examine	examine	VERB
fsr-3339	1	97	the	the	DET
fsr-3339	1	98	performance	performance	NOUN
fsr-3339	1	99	and	and	CCONJ
fsr-3339	1	100	market	market	NOUN
fsr-3339	1	101	timing	timing	NOUN
fsr-3339	1	102	ability	ability	NOUN
fsr-3339	1	103	of	of	ADP
fsr-3339	1	104	actively	actively	ADV
fsr-3339	1	105	managed	manage	VERB
fsr-3339	1	106	chinese	chinese	ADJ
fsr-3339	1	107	stock	stock	NOUN
fsr-3339	1	108	mutual	mutual	ADJ
fsr-3339	1	109	funds	fund	NOUN
fsr-3339	1	110	and	and	CCONJ
fsr-3339	1	111	investigate	investigate	VERB
fsr-3339	1	112	how	how	SCONJ
fsr-3339	1	113	fund	fund	NOUN
fsr-3339	1	114	characteristics	characteristic	NOUN
fsr-3339	1	115	and	and	CCONJ
fsr-3339	1	116	fund	fund	NOUN
fsr-3339	1	117	flows	flow	NOUN
fsr-3339	1	118	relate	relate	VERB
fsr-3339	1	119	to	to	ADP
fsr-3339	1	120	performance	performance	NOUN
fsr-3339	1	121	and	and	CCONJ
fsr-3339	1	122	market	market	NOUN
fsr-3339	1	123	timing	timing	NOUN
fsr-3339	1	124	ability	ability	NOUN
fsr-3339	1	125	.	.	PUNCT
fsr-3339	2	1	based	base	VERB
fsr-3339	2	2	on	on	ADP
fsr-3339	2	3	daily	daily	ADJ
fsr-3339	2	4	return	return	NOUN
fsr-3339	2	5	data	datum	NOUN
fsr-3339	2	6	and	and	CCONJ
fsr-3339	2	7	several	several	ADJ
fsr-3339	2	8	four	four	NUM
fsr-3339	2	9	-	-	PUNCT
fsr-3339	2	10	factor	factor	NOUN
fsr-3339	2	11	models	model	NOUN
fsr-3339	2	12	,	,	PUNCT
fsr-3339	2	13	only	only	ADV
fsr-3339	2	14	about	about	ADV
fsr-3339	2	15	7.5	7.5	NUM
fsr-3339	2	16	%	%	NOUN
fsr-3339	2	17	of	of	ADP
fsr-3339	2	18	these	these	DET
fsr-3339	2	19	funds	fund	NOUN
fsr-3339	2	20	have	have	VERB
fsr-3339	2	21	statistically	statistically	ADV
fsr-3339	2	22	significant	significant	ADJ
fsr-3339	2	23	risk	risk	NOUN
fsr-3339	2	24	-	-	PUNCT
fsr-3339	2	25	adjusted	adjust	VERB
fsr-3339	2	26	abnormal	abnormal	ADJ
fsr-3339	2	27	returns	return	NOUN
fsr-3339	2	28	and	and	CCONJ
fsr-3339	2	29	even	even	ADV
fsr-3339	2	30	fewer	few	ADJ
fsr-3339	2	31	demonstrate	demonstrate	VERB
fsr-3339	2	32	market	market	NOUN
fsr-3339	2	33	timing	timing	NOUN
fsr-3339	2	34	ability	ability	NOUN
fsr-3339	2	35	.	.	PUNCT
fsr-3339	3	1	after	after	ADP
fsr-3339	3	2	controlling	control	VERB
fsr-3339	3	3	for	for	ADP
fsr-3339	3	4	fund	fund	NOUN
fsr-3339	3	5	size	size	NOUN
fsr-3339	3	6	,	,	PUNCT
fsr-3339	3	7	management	management	NOUN
fsr-3339	3	8	fees	fee	NOUN
fsr-3339	3	9	,	,	PUNCT
fsr-3339	3	10	average	average	ADJ
fsr-3339	3	11	amount	amount	NOUN
fsr-3339	3	12	,	,	PUNCT
fsr-3339	3	13	and	and	CCONJ
fsr-3339	3	14	volatility	volatility	NOUN
fsr-3339	3	15	of	of	ADP
fsr-3339	3	16	fund	fund	NOUN
fsr-3339	3	17	flows	flow	NOUN
fsr-3339	3	18	,	,	PUNCT
fsr-3339	3	19	older	old	ADJ
fsr-3339	3	20	funds	fund	NOUN
fsr-3339	3	21	show	show	VERB
fsr-3339	3	22	higher	high	ADJ
fsr-3339	3	23	sharpe	sharpe	PROPN
fsr-3339	3	24	ratios	ratio	NOUN
fsr-3339	3	25	.	.	PUNCT
fsr-3339	4	1	our	our	PRON
fsr-3339	4	2	evidence	evidence	NOUN
fsr-3339	4	3	also	also	ADV
fsr-3339	4	4	reveals	reveal	VERB
fsr-3339	4	5	the	the	DET
fsr-3339	4	6	volatility	volatility	NOUN
fsr-3339	4	7	of	of	ADP
fsr-3339	4	8	fund	fund	NOUN
fsr-3339	4	9	flows	flow	NOUN
fsr-3339	4	10	has	have	VERB
fsr-3339	4	11	an	an	DET
fsr-3339	4	12	inverted	invert	VERB
fsr-3339	4	13	-	-	PUNCT
fsr-3339	4	14	u	u	NOUN
fsr-3339	4	15	shape	shape	NOUN
fsr-3339	4	16	relationship	relationship	NOUN
fsr-3339	4	17	with	with	ADP
fsr-3339	4	18	fund	fund	NOUN
fsr-3339	4	19	performance	performance	NOUN
fsr-3339	4	20	.	.	PUNCT
fsr-3339	5	1	©	©	PROPN
fsr-3339	5	2	2015	2015	NUM
fsr-3339	5	3	academy	academy	NOUN
fsr-3339	5	4	of	of	ADP
fsr-3339	5	5	financial	financial	ADJ
fsr-3339	5	6	services	service	NOUN
fsr-3339	5	7	.	.	PUNCT
fsr-3339	6	1	all	all	DET
fsr-3339	6	2	rights	right	NOUN
fsr-3339	6	3	reserved	reserve	VERB
fsr-3339	6	4	.	.	PUNCT
fsr-3339	7	1	jel	jel	PROPN
fsr-3339	7	2	classification	classification	NOUN
fsr-3339	7	3	:	:	PUNCT
fsr-3339	7	4	g11	g11	NOUN
fsr-3339	7	5	;	;	PUNCT
fsr-3339	7	6	g23	g23	NOUN
fsr-3339	7	7	keywords	keyword	NOUN
fsr-3339	7	8	:	:	PUNCT
fsr-3339	7	9	chinese	chinese	ADJ
fsr-3339	7	10	mutual	mutual	ADJ
fsr-3339	7	11	funds	fund	NOUN
fsr-3339	7	12	;	;	PUNCT
fsr-3339	7	13	sharpe	sharpe	PROPN
fsr-3339	7	14	ratio	ratio	NOUN
fsr-3339	7	15	;	;	PUNCT
fsr-3339	7	16	treynor	treynor	NOUN
fsr-3339	7	17	ratio	ratio	NOUN
fsr-3339	7	18	;	;	PUNCT
fsr-3339	7	19	alpha	alpha	NOUN
fsr-3339	7	20	;	;	PUNCT
fsr-3339	7	21	market	market	NOUN
fsr-3339	7	22	timing	timing	NOUN
fsr-3339	7	23	1	1	NUM
fsr-3339	7	24	.	.	PUNCT
fsr-3339	7	25	introduction	introduction	NOUN
fsr-3339	7	26	although	although	SCONJ
fsr-3339	7	27	the	the	DET
fsr-3339	7	28	chinese	chinese	ADJ
fsr-3339	7	29	mutual	mutual	ADJ
fsr-3339	7	30	fund	fund	NOUN
fsr-3339	7	31	industry	industry	NOUN
fsr-3339	7	32	started	start	VERB
fsr-3339	7	33	in	in	ADP
fsr-3339	7	34	1991	1991	NUM
fsr-3339	7	35	with	with	ADP
fsr-3339	7	36	the	the	DET
fsr-3339	7	37	establishment	establishment	NOUN
fsr-3339	7	38	of	of	ADP
fsr-3339	7	39	the	the	DET
fsr-3339	7	40	first	first	ADJ
fsr-3339	7	41	closed	close	VERB
fsr-3339	7	42	-	-	PUNCT
fsr-3339	7	43	end	end	NOUN
fsr-3339	7	44	fund	fund	NOUN
fsr-3339	7	45	,	,	PUNCT
fsr-3339	7	46	it	it	PRON
fsr-3339	7	47	became	become	VERB
fsr-3339	7	48	stagnant	stagnant	ADJ
fsr-3339	7	49	because	because	SCONJ
fsr-3339	7	50	of	of	ADP
fsr-3339	7	51	lack	lack	NOUN
fsr-3339	7	52	of	of	ADP
fsr-3339	7	53	product	product	NOUN
fsr-3339	7	54	diversity	diversity	NOUN
fsr-3339	7	55	and	and	CCONJ
fsr-3339	7	56	investor	investor	NOUN
fsr-3339	7	57	interest	interest	NOUN
fsr-3339	7	58	.	.	PUNCT
fsr-3339	8	1	the	the	DET
fsr-3339	8	2	lack	lack	NOUN
fsr-3339	8	3	of	of	ADP
fsr-3339	8	4	professional	professional	ADJ
fsr-3339	8	5	management	management	NOUN
fsr-3339	8	6	and	and	CCONJ
fsr-3339	8	7	insufficient	insufficient	ADJ
fsr-3339	8	8	supervision	supervision	NOUN
fsr-3339	8	9	from	from	ADP
fsr-3339	8	10	the	the	DET
fsr-3339	8	11	regu	regu	NOUN
fsr-3339	8	12	*	*	PUNCT
fsr-3339	8	13	corresponding	correspond	VERB
fsr-3339	8	14	author	author	NOUN
fsr-3339	8	15	.	.	PUNCT
fsr-3339	9	1	tel	tel	PROPN
fsr-3339	9	2	.	.	PUNCT
fsr-3339	9	3	:	:	PUNCT
fsr-3339	10	1	�	�	PROPN
fsr-3339	10	2	1	1	NUM
fsr-3339	10	3	-	-	SYM
fsr-3339	10	4	202	202	NUM
fsr-3339	10	5	-	-	PUNCT
fsr-3339	10	6	885	885	NUM
fsr-3339	10	7	-	-	SYM
fsr-3339	10	8	1949	1949	NUM
fsr-3339	10	9	;	;	PUNCT
fsr-3339	10	10	fax	fax	NOUN
fsr-3339	10	11	:	:	PUNCT
fsr-3339	10	12	�	�	PROPN
fsr-3339	10	13	1	1	NUM
fsr-3339	10	14	-	-	SYM
fsr-3339	10	15	202	202	NUM
fsr-3339	10	16	-	-	PUNCT
fsr-3339	10	17	885	885	NUM
fsr-3339	10	18	-	-	SYM
fsr-3339	10	19	1949	1949	NUM
fsr-3339	10	20	.	.	PUNCT
fsr-3339	11	1	e	e	X
fsr-3339	11	2	-	-	NOUN
fsr-3339	11	3	mail	mail	NOUN
fsr-3339	11	4	address	address	NOUN
fsr-3339	11	5	:	:	PUNCT
fsr-3339	11	6	kbaker@american.edu	kbaker@american.edu	PROPN
fsr-3339	11	7	(	(	PUNCT
fsr-3339	11	8	h.	h.	PROPN
fsr-3339	11	9	k.	k.	PROPN
fsr-3339	11	10	baker	baker	PROPN
fsr-3339	11	11	)	)	PUNCT
fsr-3339	11	12	financial	financial	ADJ
fsr-3339	11	13	services	service	NOUN
fsr-3339	11	14	review	review	VERB
fsr-3339	11	15	24	24	NUM
fsr-3339	11	16	(	(	PUNCT
fsr-3339	11	17	2015	2015	NUM
fsr-3339	11	18	)	)	PUNCT
fsr-3339	11	19	289–311	289–311	NUM
fsr-3339	11	20	1057	1057	NUM
fsr-3339	11	21	-	-	SYM
fsr-3339	11	22	0810/15/$	0810/15/$	NUM
fsr-3339	11	23	–	–	PUNCT
fsr-3339	11	24	see	see	VERB
fsr-3339	11	25	front	front	ADJ
fsr-3339	11	26	matter	matter	NOUN
fsr-3339	11	27	©	©	PROPN
fsr-3339	11	28	2015	2015	NUM
fsr-3339	11	29	academy	academy	NOUN
fsr-3339	11	30	of	of	ADP
fsr-3339	11	31	financial	financial	ADJ
fsr-3339	11	32	services	service	NOUN
fsr-3339	11	33	.	.	PUNCT
fsr-3339	12	1	all	all	DET
fsr-3339	12	2	rights	right	NOUN
fsr-3339	12	3	reserved	reserve	VERB
fsr-3339	12	4	.	.	PUNCT
fsr-3339	13	1	lators	lator	NOUN
fsr-3339	13	2	also	also	ADV
fsr-3339	13	3	contributed	contribute	VERB
fsr-3339	13	4	to	to	ADP
fsr-3339	13	5	the	the	DET
fsr-3339	13	6	sluggish	sluggish	ADJ
fsr-3339	13	7	performance	performance	NOUN
fsr-3339	13	8	.	.	PUNCT
fsr-3339	14	1	in	in	ADP
fsr-3339	14	2	1997	1997	NUM
fsr-3339	14	3	,	,	PUNCT
fsr-3339	14	4	china	china	PROPN
fsr-3339	14	5	introduced	introduce	VERB
fsr-3339	14	6	the	the	DET
fsr-3339	14	7	interim	interim	ADJ
fsr-3339	14	8	regulations	regulation	NOUN
fsr-3339	14	9	on	on	ADP
fsr-3339	14	10	the	the	DET
fsr-3339	14	11	securities	security	NOUN
fsr-3339	14	12	investment	investment	NOUN
fsr-3339	14	13	funds	fund	NOUN
fsr-3339	14	14	,	,	PUNCT
fsr-3339	14	15	which	which	PRON
fsr-3339	14	16	revitalized	revitalize	VERB
fsr-3339	14	17	the	the	DET
fsr-3339	14	18	industry	industry	NOUN
fsr-3339	14	19	’s	’s	PART
fsr-3339	14	20	growth	growth	NOUN
fsr-3339	14	21	by	by	ADP
fsr-3339	14	22	providing	provide	VERB
fsr-3339	14	23	a	a	DET
fsr-3339	14	24	new	new	ADJ
fsr-3339	14	25	framework	framework	NOUN
fsr-3339	14	26	for	for	ADP
fsr-3339	14	27	developing	develop	VERB
fsr-3339	14	28	the	the	DET
fsr-3339	14	29	investment	investment	NOUN
fsr-3339	14	30	management	management	NOUN
fsr-3339	14	31	industry	industry	NOUN
fsr-3339	14	32	.	.	PUNCT
fsr-3339	15	1	after	after	SCONJ
fsr-3339	15	2	china	china	PROPN
fsr-3339	15	3	joined	join	VERB
fsr-3339	15	4	the	the	DET
fsr-3339	15	5	world	world	NOUN
fsr-3339	15	6	trade	trade	NOUN
fsr-3339	15	7	organization	organization	NOUN
fsr-3339	15	8	in	in	ADP
fsr-3339	15	9	2001	2001	NUM
fsr-3339	15	10	,	,	PUNCT
fsr-3339	15	11	open	open	ADJ
fsr-3339	15	12	-	-	PUNCT
fsr-3339	15	13	end	end	NOUN
fsr-3339	15	14	mutual	mutual	ADJ
fsr-3339	15	15	funds	fund	NOUN
fsr-3339	15	16	started	start	VERB
fsr-3339	15	17	to	to	PART
fsr-3339	15	18	thrive	thrive	VERB
fsr-3339	15	19	as	as	SCONJ
fsr-3339	15	20	foreign	foreign	ADJ
fsr-3339	15	21	investment	investment	NOUN
fsr-3339	15	22	management	management	NOUN
fsr-3339	15	23	firms	firm	NOUN
fsr-3339	15	24	brought	bring	VERB
fsr-3339	15	25	their	their	PRON
fsr-3339	15	26	practices	practice	NOUN
fsr-3339	15	27	and	and	CCONJ
fsr-3339	15	28	expertise	expertise	NOUN
fsr-3339	15	29	into	into	ADP
fsr-3339	15	30	the	the	DET
fsr-3339	15	31	chinese	chinese	ADJ
fsr-3339	15	32	capital	capital	NOUN
fsr-3339	15	33	market	market	NOUN
fsr-3339	15	34	and	and	CCONJ
fsr-3339	15	35	setup	setup	VERB
fsr-3339	15	36	joint	joint	ADJ
fsr-3339	15	37	ventures	venture	NOUN
fsr-3339	15	38	with	with	ADP
fsr-3339	15	39	chinese	chinese	ADJ
fsr-3339	15	40	firms	firm	NOUN
fsr-3339	15	41	.	.	PUNCT
fsr-3339	16	1	since	since	SCONJ
fsr-3339	16	2	then	then	ADV
fsr-3339	16	3	,	,	PUNCT
fsr-3339	16	4	the	the	DET
fsr-3339	16	5	chinese	chinese	ADJ
fsr-3339	16	6	mutual	mutual	ADJ
fsr-3339	16	7	fund	fund	NOUN
fsr-3339	16	8	industry	industry	NOUN
fsr-3339	16	9	has	have	AUX
fsr-3339	16	10	become	become	VERB
fsr-3339	16	11	the	the	DET
fsr-3339	16	12	biggest	big	ADJ
fsr-3339	16	13	institutional	institutional	ADJ
fsr-3339	16	14	investor	investor	NOUN
fsr-3339	16	15	in	in	ADP
fsr-3339	16	16	one	one	NUM
fsr-3339	16	17	of	of	ADP
fsr-3339	16	18	the	the	DET
fsr-3339	16	19	world	world	NOUN
fsr-3339	16	20	’s	’s	PART
fsr-3339	16	21	largest	large	ADJ
fsr-3339	16	22	emerging	emerge	VERB
fsr-3339	16	23	markets	market	NOUN
fsr-3339	16	24	.	.	PUNCT
fsr-3339	17	1	currently	currently	ADV
fsr-3339	17	2	,	,	PUNCT
fsr-3339	17	3	china	china	PROPN
fsr-3339	17	4	’s	’s	PART
fsr-3339	17	5	mutual	mutual	ADJ
fsr-3339	17	6	fund	fund	NOUN
fsr-3339	17	7	industry	industry	NOUN
fsr-3339	17	8	is	be	AUX
fsr-3339	17	9	only	only	ADV
fsr-3339	17	10	about	about	ADV
fsr-3339	17	11	one	one	NUM
fsr-3339	17	12	-	-	PUNCT
fsr-3339	17	13	tenth	tenth	NOUN
fsr-3339	17	14	the	the	DET
fsr-3339	17	15	size	size	NOUN
fsr-3339	17	16	of	of	ADP
fsr-3339	17	17	the	the	DET
fsr-3339	17	18	u.s	u.s	PROPN
fsr-3339	17	19	.	.	PROPN
fsr-3339	17	20	market	market	NOUN
fsr-3339	17	21	but	but	CCONJ
fsr-3339	17	22	is	be	AUX
fsr-3339	17	23	likely	likely	ADJ
fsr-3339	17	24	to	to	PART
fsr-3339	17	25	grow	grow	VERB
fsr-3339	17	26	because	because	SCONJ
fsr-3339	17	27	of	of	ADP
fsr-3339	17	28	its	its	PRON
fsr-3339	17	29	potential	potential	NOUN
fsr-3339	17	30	to	to	PART
fsr-3339	17	31	attract	attract	VERB
fsr-3339	17	32	foreign	foreign	ADJ
fsr-3339	17	33	and	and	CCONJ
fsr-3339	17	34	domestic	domestic	ADJ
fsr-3339	17	35	investors	investor	NOUN
fsr-3339	17	36	.	.	PUNCT
fsr-3339	18	1	many	many	ADJ
fsr-3339	18	2	chinese	chinese	ADJ
fsr-3339	18	3	mutual	mutual	ADJ
fsr-3339	18	4	funds	fund	NOUN
fsr-3339	18	5	,	,	PUNCT
fsr-3339	18	6	such	such	ADJ
fsr-3339	18	7	as	as	ADP
fsr-3339	18	8	the	the	DET
fsr-3339	18	9	china	china	PROPN
fsr-3339	18	10	index	index	PROPN
fsr-3339	18	11	fund	fund	NOUN
fsr-3339	18	12	(	(	PUNCT
fsr-3339	18	13	fxi	fxi	NOUN
fsr-3339	18	14	)	)	PUNCT
fsr-3339	18	15	,	,	PUNCT
fsr-3339	18	16	provide	provide	VERB
fsr-3339	18	17	a	a	DET
fsr-3339	18	18	way	way	NOUN
fsr-3339	18	19	to	to	PART
fsr-3339	18	20	invest	invest	VERB
fsr-3339	18	21	in	in	ADP
fsr-3339	18	22	china	china	PROPN
fsr-3339	18	23	and	and	CCONJ
fsr-3339	18	24	potentially	potentially	ADV
fsr-3339	18	25	the	the	DET
fsr-3339	18	26	ability	ability	NOUN
fsr-3339	18	27	to	to	PART
fsr-3339	18	28	ride	ride	VERB
fsr-3339	18	29	china	china	PROPN
fsr-3339	18	30	’s	’s	PART
fsr-3339	18	31	growth	growth	NOUN
fsr-3339	18	32	wave	wave	NOUN
fsr-3339	18	33	.	.	PUNCT
fsr-3339	19	1	the	the	DET
fsr-3339	19	2	possible	possible	ADJ
fsr-3339	19	3	appreciation	appreciation	NOUN
fsr-3339	19	4	of	of	ADP
fsr-3339	19	5	the	the	DET
fsr-3339	19	6	chinese	chinese	PROPN
fsr-3339	19	7	yuan	yuan	PROPN
fsr-3339	19	8	against	against	ADP
fsr-3339	19	9	the	the	DET
fsr-3339	19	10	u.s	u.s	PROPN
fsr-3339	19	11	.	.	PROPN
fsr-3339	19	12	dollar	dollar	NOUN
fsr-3339	19	13	makes	make	VERB
fsr-3339	19	14	investments	investment	NOUN
fsr-3339	19	15	in	in	ADP
fsr-3339	19	16	chinese	chinese	ADJ
fsr-3339	19	17	mutual	mutual	ADJ
fsr-3339	19	18	funds	fund	NOUN
fsr-3339	19	19	even	even	ADV
fsr-3339	19	20	more	more	ADV
fsr-3339	19	21	attractive	attractive	ADJ
fsr-3339	19	22	to	to	ADP
fsr-3339	19	23	international	international	ADJ
fsr-3339	19	24	investors	investor	NOUN
fsr-3339	19	25	.	.	PUNCT
fsr-3339	20	1	meanwhile	meanwhile	ADV
fsr-3339	20	2	,	,	PUNCT
fsr-3339	20	3	if	if	SCONJ
fsr-3339	20	4	the	the	DET
fsr-3339	20	5	chinese	chinese	ADJ
fsr-3339	20	6	middle	middle	ADJ
fsr-3339	20	7	class	class	NOUN
fsr-3339	20	8	continues	continue	VERB
fsr-3339	20	9	to	to	PART
fsr-3339	20	10	expand	expand	VERB
fsr-3339	20	11	and	and	CCONJ
fsr-3339	20	12	increasingly	increasingly	ADV
fsr-3339	20	13	invest	invest	VERB
fsr-3339	20	14	in	in	ADP
fsr-3339	20	15	stock	stock	NOUN
fsr-3339	20	16	through	through	ADP
fsr-3339	20	17	mutual	mutual	ADJ
fsr-3339	20	18	funds	fund	NOUN
fsr-3339	20	19	,	,	PUNCT
fsr-3339	20	20	the	the	DET
fsr-3339	20	21	chinese	chinese	ADJ
fsr-3339	20	22	mutual	mutual	ADJ
fsr-3339	20	23	fund	fund	NOUN
fsr-3339	20	24	market	market	NOUN
fsr-3339	20	25	has	have	VERB
fsr-3339	20	26	the	the	DET
fsr-3339	20	27	potential	potential	NOUN
fsr-3339	20	28	to	to	PART
fsr-3339	20	29	become	become	VERB
fsr-3339	20	30	one	one	NUM
fsr-3339	20	31	of	of	ADP
fsr-3339	20	32	the	the	DET
fsr-3339	20	33	biggest	big	ADJ
fsr-3339	20	34	in	in	ADP
fsr-3339	20	35	the	the	DET
fsr-3339	20	36	world	world	NOUN
fsr-3339	20	37	.	.	PUNCT
fsr-3339	21	1	much	much	ADJ
fsr-3339	21	2	of	of	ADP
fsr-3339	21	3	the	the	DET
fsr-3339	21	4	previous	previous	ADJ
fsr-3339	21	5	research	research	NOUN
fsr-3339	21	6	on	on	ADP
fsr-3339	21	7	chinese	chinese	ADJ
fsr-3339	21	8	mutual	mutual	ADJ
fsr-3339	21	9	fund	fund	NOUN
fsr-3339	21	10	performance	performance	NOUN
fsr-3339	21	11	and	and	CCONJ
fsr-3339	21	12	market	market	NOUN
fsr-3339	21	13	timing	timing	NOUN
fsr-3339	21	14	skills	skill	NOUN
fsr-3339	21	15	is	be	AUX
fsr-3339	21	16	written	write	VERB
fsr-3339	21	17	in	in	ADP
fsr-3339	21	18	chinese	chinese	PROPN
fsr-3339	21	19	.	.	PUNCT
fsr-3339	22	1	for	for	ADP
fsr-3339	22	2	example	example	NOUN
fsr-3339	22	3	,	,	PUNCT
fsr-3339	22	4	shen	shen	PROPN
fsr-3339	22	5	and	and	CCONJ
fsr-3339	22	6	huang	huang	PROPN
fsr-3339	22	7	(	(	PUNCT
fsr-3339	22	8	2001	2001	NUM
fsr-3339	22	9	)	)	PUNCT
fsr-3339	22	10	and	and	CCONJ
fsr-3339	22	11	zhang	zhang	PROPN
fsr-3339	22	12	and	and	CCONJ
fsr-3339	22	13	du	du	PROPN
fsr-3339	22	14	(	(	PUNCT
fsr-3339	22	15	2002	2002	NUM
fsr-3339	22	16	)	)	PUNCT
fsr-3339	22	17	consider	consider	VERB
fsr-3339	22	18	only	only	ADV
fsr-3339	22	19	the	the	DET
fsr-3339	22	20	market	market	NOUN
fsr-3339	22	21	factor	factor	NOUN
fsr-3339	22	22	and	and	CCONJ
fsr-3339	22	23	a	a	DET
fsr-3339	22	24	very	very	ADV
fsr-3339	22	25	limited	limited	ADJ
fsr-3339	22	26	number	number	NOUN
fsr-3339	22	27	of	of	ADP
fsr-3339	22	28	closed	closed	ADJ
fsr-3339	22	29	-	-	PUNCT
fsr-3339	22	30	end	end	NOUN
fsr-3339	22	31	funds	fund	NOUN
fsr-3339	22	32	.	.	PUNCT
fsr-3339	23	1	li	li	PROPN
fsr-3339	23	2	and	and	CCONJ
fsr-3339	23	3	ma	ma	PROPN
fsr-3339	23	4	(	(	PUNCT
fsr-3339	23	5	2004	2004	NUM
fsr-3339	23	6	)	)	PUNCT
fsr-3339	23	7	and	and	CCONJ
fsr-3339	23	8	zou	zou	PROPN
fsr-3339	23	9	and	and	CCONJ
fsr-3339	23	10	lin	lin	PROPN
fsr-3339	23	11	(	(	PUNCT
fsr-3339	23	12	2004	2004	NUM
fsr-3339	23	13	)	)	PUNCT
fsr-3339	23	14	expand	expand	VERB
fsr-3339	23	15	the	the	DET
fsr-3339	23	16	fama	fama	NOUN
fsr-3339	23	17	-	-	PUNCT
fsr-3339	23	18	french	french	ADJ
fsr-3339	23	19	three	three	NUM
fsr-3339	23	20	-	-	PUNCT
fsr-3339	23	21	factor	factor	NOUN
fsr-3339	23	22	model	model	NOUN
fsr-3339	23	23	but	but	CCONJ
fsr-3339	23	24	their	their	PRON
fsr-3339	23	25	sample	sample	NOUN
fsr-3339	23	26	size	size	NOUN
fsr-3339	23	27	remains	remain	VERB
fsr-3339	23	28	small	small	ADJ
fsr-3339	23	29	because	because	SCONJ
fsr-3339	23	30	of	of	ADP
fsr-3339	23	31	the	the	DET
fsr-3339	23	32	short	short	ADJ
fsr-3339	23	33	history	history	NOUN
fsr-3339	23	34	in	in	ADP
fsr-3339	23	35	the	the	DET
fsr-3339	23	36	early	early	ADJ
fsr-3339	23	37	stage	stage	NOUN
fsr-3339	23	38	of	of	ADP
fsr-3339	23	39	the	the	DET
fsr-3339	23	40	chinese	chinese	ADJ
fsr-3339	23	41	mutual	mutual	ADJ
fsr-3339	23	42	fund	fund	NOUN
fsr-3339	23	43	industry	industry	NOUN
fsr-3339	23	44	.	.	PUNCT
fsr-3339	24	1	guo	guo	PROPN
fsr-3339	24	2	(	(	PUNCT
fsr-3339	24	3	2010	2010	NUM
fsr-3339	24	4	)	)	PUNCT
fsr-3339	24	5	has	have	VERB
fsr-3339	24	6	a	a	DET
fsr-3339	24	7	much	much	ADV
fsr-3339	24	8	larger	large	ADJ
fsr-3339	24	9	sample	sample	NOUN
fsr-3339	24	10	than	than	ADP
fsr-3339	24	11	the	the	DET
fsr-3339	24	12	previous	previous	ADJ
fsr-3339	24	13	studies	study	NOUN
fsr-3339	24	14	but	but	CCONJ
fsr-3339	24	15	the	the	DET
fsr-3339	24	16	regression	regression	NOUN
fsr-3339	24	17	model	model	NOUN
fsr-3339	24	18	is	be	AUX
fsr-3339	24	19	limited	limit	VERB
fsr-3339	24	20	to	to	ADP
fsr-3339	24	21	the	the	DET
fsr-3339	24	22	market	market	NOUN
fsr-3339	24	23	factor	factor	NOUN
fsr-3339	24	24	.	.	PUNCT
fsr-3339	25	1	extending	extend	VERB
fsr-3339	25	2	the	the	DET
fsr-3339	25	3	sample	sample	NOUN
fsr-3339	25	4	period	period	NOUN
fsr-3339	25	5	to	to	ADP
fsr-3339	25	6	the	the	DET
fsr-3339	25	7	first	first	ADJ
fsr-3339	25	8	half	half	NOUN
fsr-3339	25	9	of	of	ADP
fsr-3339	25	10	2010	2010	NUM
fsr-3339	25	11	,	,	PUNCT
fsr-3339	25	12	tang	tang	X
fsr-3339	25	13	et	et	PROPN
fsr-3339	25	14	al	al	PROPN
fsr-3339	25	15	.	.	PROPN
fsr-3339	26	1	(	(	PUNCT
fsr-3339	26	2	2012	2012	NUM
fsr-3339	26	3	)	)	PUNCT
fsr-3339	26	4	find	find	VERB
fsr-3339	26	5	that	that	DET
fsr-3339	26	6	fund	fund	NOUN
fsr-3339	26	7	size	size	NOUN
fsr-3339	26	8	and	and	CCONJ
fsr-3339	26	9	performance	performance	NOUN
fsr-3339	26	10	exhibits	exhibit	VERB
fsr-3339	26	11	an	an	DET
fsr-3339	26	12	inverted	invert	VERB
fsr-3339	26	13	-	-	PUNCT
fsr-3339	26	14	u	u	NOUN
fsr-3339	26	15	shape	shape	NOUN
fsr-3339	26	16	relationship	relationship	NOUN
fsr-3339	26	17	.	.	PUNCT
fsr-3339	27	1	however	however	ADV
fsr-3339	27	2	,	,	PUNCT
fsr-3339	27	3	their	their	PRON
fsr-3339	27	4	performance	performance	NOUN
fsr-3339	27	5	measures	measure	NOUN
fsr-3339	27	6	are	be	AUX
fsr-3339	27	7	limited	limit	VERB
fsr-3339	27	8	to	to	ADP
fsr-3339	27	9	the	the	DET
fsr-3339	27	10	capital	capital	NOUN
fsr-3339	27	11	asset	asset	NOUN
fsr-3339	27	12	pricing	pricing	NOUN
fsr-3339	27	13	model	model	NOUN
fsr-3339	27	14	(	(	PUNCT
fsr-3339	27	15	capm	capm	PROPN
fsr-3339	27	16	)	)	PUNCT
fsr-3339	27	17	alpha	alpha	NOUN
fsr-3339	27	18	,	,	PUNCT
fsr-3339	27	19	fama	fama	PROPN
fsr-3339	27	20	-	-	PUNCT
fsr-3339	27	21	french	french	ADJ
fsr-3339	27	22	three	three	NUM
fsr-3339	27	23	-	-	PUNCT
fsr-3339	27	24	factor	factor	NOUN
fsr-3339	27	25	alpha	alpha	NOUN
fsr-3339	27	26	,	,	PUNCT
fsr-3339	27	27	and	and	CCONJ
fsr-3339	27	28	style	style	NOUN
fsr-3339	27	29	benchmark	benchmark	NOUN
fsr-3339	27	30	-	-	PUNCT
fsr-3339	27	31	adjusted	adjust	VERB
fsr-3339	27	32	return	return	NOUN
fsr-3339	27	33	,	,	PUNCT
fsr-3339	27	34	but	but	CCONJ
fsr-3339	27	35	the	the	DET
fsr-3339	27	36	last	last	ADJ
fsr-3339	27	37	measure	measure	NOUN
fsr-3339	27	38	does	do	AUX
fsr-3339	27	39	not	not	PART
fsr-3339	27	40	show	show	VERB
fsr-3339	27	41	the	the	DET
fsr-3339	27	42	inverted	invert	VERB
fsr-3339	27	43	-	-	PUNCT
fsr-3339	27	44	u	u	NOUN
fsr-3339	27	45	shape	shape	NOUN
fsr-3339	27	46	relationship	relationship	NOUN
fsr-3339	27	47	between	between	ADP
fsr-3339	27	48	size	size	NOUN
fsr-3339	27	49	and	and	CCONJ
fsr-3339	27	50	performance	performance	NOUN
fsr-3339	27	51	.	.	PUNCT
fsr-3339	28	1	understanding	understand	VERB
fsr-3339	28	2	the	the	DET
fsr-3339	28	3	behavior	behavior	NOUN
fsr-3339	28	4	and	and	CCONJ
fsr-3339	28	5	characteristics	characteristic	NOUN
fsr-3339	28	6	of	of	ADP
fsr-3339	28	7	chinese	chinese	ADJ
fsr-3339	28	8	mutual	mutual	ADJ
fsr-3339	28	9	funds	fund	NOUN
fsr-3339	28	10	can	can	AUX
fsr-3339	28	11	supply	supply	VERB
fsr-3339	28	12	crucial	crucial	ADJ
fsr-3339	28	13	knowledge	knowledge	NOUN
fsr-3339	28	14	of	of	ADP
fsr-3339	28	15	the	the	DET
fsr-3339	28	16	financial	financial	ADJ
fsr-3339	28	17	development	development	NOUN
fsr-3339	28	18	dynamics	dynamic	NOUN
fsr-3339	28	19	in	in	ADP
fsr-3339	28	20	emerging	emerge	VERB
fsr-3339	28	21	markets	market	NOUN
fsr-3339	28	22	.	.	PUNCT
fsr-3339	29	1	to	to	PART
fsr-3339	29	2	facilitate	facilitate	VERB
fsr-3339	29	3	our	our	PRON
fsr-3339	29	4	understanding	understanding	NOUN
fsr-3339	29	5	of	of	ADP
fsr-3339	29	6	this	this	DET
fsr-3339	29	7	industry	industry	NOUN
fsr-3339	29	8	,	,	PUNCT
fsr-3339	29	9	we	we	PRON
fsr-3339	29	10	provide	provide	VERB
fsr-3339	29	11	baseline	baseline	ADJ
fsr-3339	29	12	empirical	empirical	ADJ
fsr-3339	29	13	facts	fact	NOUN
fsr-3339	29	14	on	on	ADP
fsr-3339	29	15	the	the	DET
fsr-3339	29	16	performance	performance	NOUN
fsr-3339	29	17	of	of	ADP
fsr-3339	29	18	actively	actively	ADV
fsr-3339	29	19	managed	manage	VERB
fsr-3339	29	20	chinese	chinese	ADJ
fsr-3339	29	21	stock	stock	NOUN
fsr-3339	29	22	mutual	mutual	ADJ
fsr-3339	29	23	funds	fund	NOUN
fsr-3339	29	24	.	.	PUNCT
fsr-3339	30	1	in	in	ADP
fsr-3339	30	2	this	this	DET
fsr-3339	30	3	study	study	NOUN
fsr-3339	30	4	,	,	PUNCT
fsr-3339	30	5	we	we	PRON
fsr-3339	30	6	investigate	investigate	VERB
fsr-3339	30	7	the	the	DET
fsr-3339	30	8	performance	performance	NOUN
fsr-3339	30	9	and	and	CCONJ
fsr-3339	30	10	market	market	NOUN
fsr-3339	30	11	timing	timing	NOUN
fsr-3339	30	12	ability	ability	NOUN
fsr-3339	30	13	of	of	ADP
fsr-3339	30	14	these	these	DET
fsr-3339	30	15	funds	fund	NOUN
fsr-3339	30	16	using	use	VERB
fsr-3339	30	17	an	an	DET
fsr-3339	30	18	updated	update	VERB
fsr-3339	30	19	sample	sample	NOUN
fsr-3339	30	20	extracted	extract	VERB
fsr-3339	30	21	from	from	ADP
fsr-3339	30	22	the	the	DET
fsr-3339	30	23	csmar	csmar	PROPN
fsr-3339	30	24	china	china	PROPN
fsr-3339	30	25	funds	funds	PROPN
fsr-3339	30	26	market	market	NOUN
fsr-3339	30	27	research	research	NOUN
fsr-3339	30	28	database	database	NOUN
fsr-3339	30	29	–	–	PUNCT
fsr-3339	30	30	open	open	ADJ
fsr-3339	30	31	-	-	PUNCT
fsr-3339	30	32	end	end	NOUN
fsr-3339	30	33	funds	fund	NOUN
fsr-3339	30	34	.	.	PUNCT
fsr-3339	31	1	we	we	PRON
fsr-3339	31	2	also	also	ADV
fsr-3339	31	3	examine	examine	VERB
fsr-3339	31	4	how	how	SCONJ
fsr-3339	31	5	some	some	DET
fsr-3339	31	6	basic	basic	ADJ
fsr-3339	31	7	fund	fund	NOUN
fsr-3339	31	8	characteristics	characteristic	NOUN
fsr-3339	31	9	and	and	CCONJ
fsr-3339	31	10	fund	fund	NOUN
fsr-3339	31	11	flows	flow	NOUN
fsr-3339	31	12	influence	influence	VERB
fsr-3339	31	13	the	the	DET
fsr-3339	31	14	performance	performance	NOUN
fsr-3339	31	15	of	of	ADP
fsr-3339	31	16	these	these	DET
fsr-3339	31	17	mutual	mutual	ADJ
fsr-3339	31	18	funds	fund	NOUN
fsr-3339	31	19	.	.	PUNCT
fsr-3339	32	1	we	we	PRON
fsr-3339	32	2	use	use	VERB
fsr-3339	32	3	a	a	DET
fsr-3339	32	4	standard	standard	ADJ
fsr-3339	32	5	four	four	NUM
fsr-3339	32	6	-	-	PUNCT
fsr-3339	32	7	factor	factor	NOUN
fsr-3339	32	8	model	model	NOUN
fsr-3339	32	9	to	to	PART
fsr-3339	32	10	evaluate	evaluate	VERB
fsr-3339	32	11	the	the	DET
fsr-3339	32	12	daily	daily	ADJ
fsr-3339	32	13	performance	performance	NOUN
fsr-3339	32	14	of	of	ADP
fsr-3339	32	15	chinese	chinese	ADJ
fsr-3339	32	16	mutual	mutual	ADJ
fsr-3339	32	17	funds	fund	NOUN
fsr-3339	32	18	.	.	PUNCT
fsr-3339	33	1	we	we	PRON
fsr-3339	33	2	also	also	ADV
fsr-3339	33	3	provide	provide	VERB
fsr-3339	33	4	and	and	CCONJ
fsr-3339	33	5	analyze	analyze	VERB
fsr-3339	33	6	the	the	DET
fsr-3339	33	7	sharpe	sharpe	PROPN
fsr-3339	33	8	ratio	ratio	NOUN
fsr-3339	33	9	,	,	PUNCT
fsr-3339	33	10	treynor	treynor	NOUN
fsr-3339	33	11	ratio	ratio	NOUN
fsr-3339	33	12	,	,	PUNCT
fsr-3339	33	13	alphas	alpha	NOUN
fsr-3339	33	14	,	,	PUNCT
fsr-3339	33	15	and	and	CCONJ
fsr-3339	33	16	market	market	NOUN
fsr-3339	33	17	timing	timing	NOUN
fsr-3339	33	18	skill	skill	NOUN
fsr-3339	33	19	coefficients	coefficient	NOUN
fsr-3339	33	20	in	in	ADP
fsr-3339	33	21	our	our	PRON
fsr-3339	33	22	market	market	NOUN
fsr-3339	33	23	timing	timing	NOUN
fsr-3339	33	24	models	model	NOUN
fsr-3339	33	25	between	between	ADP
fsr-3339	33	26	2001	2001	NUM
fsr-3339	33	27	and	and	CCONJ
fsr-3339	33	28	2011	2011	NUM
fsr-3339	33	29	.	.	PUNCT
fsr-3339	34	1	we	we	PRON
fsr-3339	34	2	further	far	ADV
fsr-3339	34	3	examine	examine	VERB
fsr-3339	34	4	how	how	SCONJ
fsr-3339	34	5	some	some	DET
fsr-3339	34	6	fund	fund	NOUN
fsr-3339	34	7	characteristics	characteristic	NOUN
fsr-3339	34	8	,	,	PUNCT
fsr-3339	34	9	such	such	ADJ
fsr-3339	34	10	as	as	ADP
fsr-3339	34	11	fund	fund	NOUN
fsr-3339	34	12	size	size	NOUN
fsr-3339	34	13	,	,	PUNCT
fsr-3339	34	14	management	management	NOUN
fsr-3339	34	15	fees	fee	NOUN
fsr-3339	34	16	,	,	PUNCT
fsr-3339	34	17	fund	fund	NOUN
fsr-3339	34	18	age	age	NOUN
fsr-3339	34	19	,	,	PUNCT
fsr-3339	34	20	together	together	ADV
fsr-3339	34	21	with	with	ADP
fsr-3339	34	22	the	the	DET
fsr-3339	34	23	average	average	ADJ
fsr-3339	34	24	fund	fund	NOUN
fsr-3339	34	25	flows	flow	NOUN
fsr-3339	34	26	and	and	CCONJ
fsr-3339	34	27	volatility	volatility	NOUN
fsr-3339	34	28	of	of	ADP
fsr-3339	34	29	fund	fund	NOUN
fsr-3339	34	30	flows	flow	NOUN
fsr-3339	34	31	,	,	PUNCT
fsr-3339	34	32	relate	relate	VERB
fsr-3339	34	33	to	to	ADP
fsr-3339	34	34	the	the	DET
fsr-3339	34	35	performance	performance	NOUN
fsr-3339	34	36	of	of	ADP
fsr-3339	34	37	the	the	DET
fsr-3339	34	38	actively	actively	ADV
fsr-3339	34	39	managed	manage	VERB
fsr-3339	34	40	chinese	chinese	ADJ
fsr-3339	34	41	stock	stock	NOUN
fsr-3339	34	42	mutual	mutual	ADJ
fsr-3339	34	43	funds	fund	NOUN
fsr-3339	34	44	.	.	PUNCT
fsr-3339	35	1	we	we	PRON
fsr-3339	35	2	then	then	ADV
fsr-3339	35	3	split	split	VERB
fsr-3339	35	4	our	our	PRON
fsr-3339	35	5	full	full	ADJ
fsr-3339	35	6	sample	sample	NOUN
fsr-3339	35	7	into	into	ADP
fsr-3339	35	8	two	two	NUM
fsr-3339	35	9	sub	sub	NOUN
fsr-3339	35	10	-	-	ADJ
fsr-3339	35	11	periods	period	NOUN
fsr-3339	35	12	to	to	PART
fsr-3339	35	13	check	check	VERB
fsr-3339	35	14	the	the	DET
fsr-3339	35	15	robustness	robustness	NOUN
fsr-3339	35	16	of	of	ADP
fsr-3339	35	17	our	our	PRON
fsr-3339	35	18	results	result	NOUN
fsr-3339	35	19	on	on	ADP
fsr-3339	35	20	these	these	DET
fsr-3339	35	21	relationships	relationship	NOUN
fsr-3339	35	22	.	.	PUNCT
fsr-3339	36	1	we	we	PRON
fsr-3339	36	2	apply	apply	VERB
fsr-3339	36	3	the	the	DET
fsr-3339	36	4	robust	robust	ADJ
fsr-3339	36	5	standard	standard	ADJ
fsr-3339	36	6	error	error	NOUN
fsr-3339	36	7	formula	formula	NOUN
fsr-3339	36	8	hc2	hc2	NOUN
fsr-3339	36	9	in	in	ADP
fsr-3339	36	10	mackinnon	mackinnon	PROPN
fsr-3339	36	11	and	and	CCONJ
fsr-3339	36	12	white	white	ADJ
fsr-3339	36	13	(	(	PUNCT
fsr-3339	36	14	1985	1985	NUM
fsr-3339	36	15	)	)	PUNCT
fsr-3339	36	16	in	in	ADP
fsr-3339	36	17	all	all	PRON
fsr-3339	36	18	of	of	ADP
fsr-3339	36	19	our	our	PRON
fsr-3339	36	20	regressions	regression	NOUN
fsr-3339	36	21	to	to	ADP
fsr-3339	36	22	290	290	NUM
fsr-3339	36	23	w.	w.	NOUN
fsr-3339	36	24	he	he	PRON
fsr-3339	36	25	et	et	PROPN
fsr-3339	36	26	al	al	PROPN
fsr-3339	36	27	.	.	PUNCT
fsr-3339	36	28	/	/	SYM
fsr-3339	36	29	financial	financial	ADJ
fsr-3339	36	30	services	service	NOUN
fsr-3339	36	31	review	review	VERB
fsr-3339	36	32	24	24	NUM
fsr-3339	36	33	(	(	PUNCT
fsr-3339	36	34	2015	2015	NUM
fsr-3339	36	35	)	)	PUNCT
fsr-3339	36	36	289–311	289–311	NUM
fsr-3339	36	37	control	control	NOUN
fsr-3339	36	38	for	for	ADP
fsr-3339	36	39	heteroskedasticity	heteroskedasticity	NOUN
fsr-3339	36	40	.	.	PUNCT
fsr-3339	37	1	using	use	VERB
fsr-3339	37	2	daily	daily	ADJ
fsr-3339	37	3	mutual	mutual	ADJ
fsr-3339	37	4	fund	fund	NOUN
fsr-3339	37	5	return	return	NOUN
fsr-3339	37	6	data	datum	NOUN
fsr-3339	37	7	between	between	ADP
fsr-3339	37	8	2001	2001	NUM
fsr-3339	37	9	and	and	CCONJ
fsr-3339	37	10	2011	2011	NUM
fsr-3339	37	11	,	,	PUNCT
fsr-3339	37	12	we	we	PRON
fsr-3339	37	13	find	find	VERB
fsr-3339	37	14	that	that	SCONJ
fsr-3339	37	15	only	only	ADV
fsr-3339	37	16	about	about	ADV
fsr-3339	37	17	7.5	7.5	NUM
fsr-3339	37	18	%	%	NOUN
fsr-3339	37	19	of	of	ADP
fsr-3339	37	20	active	active	ADJ
fsr-3339	37	21	chinese	chinese	ADJ
fsr-3339	37	22	mutual	mutual	ADJ
fsr-3339	37	23	funds	fund	NOUN
fsr-3339	37	24	have	have	VERB
fsr-3339	37	25	statistically	statistically	ADV
fsr-3339	37	26	significant	significant	ADJ
fsr-3339	37	27	positive	positive	ADJ
fsr-3339	37	28	�	�	PROPN
fsr-3339	37	29	s.	s.	PROPN
fsr-3339	37	30	this	this	DET
fsr-3339	37	31	finding	finding	NOUN
fsr-3339	37	32	is	be	AUX
fsr-3339	37	33	similar	similar	ADJ
fsr-3339	37	34	to	to	ADP
fsr-3339	37	35	the	the	DET
fsr-3339	37	36	results	result	NOUN
fsr-3339	37	37	of	of	ADP
fsr-3339	37	38	eling	eling	PROPN
fsr-3339	37	39	and	and	CCONJ
fsr-3339	37	40	faust	faust	PROPN
fsr-3339	37	41	(	(	PUNCT
fsr-3339	37	42	2010	2010	NUM
fsr-3339	37	43	)	)	PUNCT
fsr-3339	37	44	on	on	ADP
fsr-3339	37	45	emerging	emerge	VERB
fsr-3339	37	46	market	market	NOUN
fsr-3339	37	47	mutual	mutual	ADJ
fsr-3339	37	48	funds	fund	NOUN
fsr-3339	37	49	.	.	PUNCT
fsr-3339	38	1	furthermore	furthermore	ADV
fsr-3339	38	2	,	,	PUNCT
fsr-3339	38	3	older	old	ADJ
fsr-3339	38	4	funds	fund	NOUN
fsr-3339	38	5	tend	tend	VERB
fsr-3339	38	6	to	to	PART
fsr-3339	38	7	have	have	VERB
fsr-3339	38	8	higher	high	ADJ
fsr-3339	38	9	sharpe	sharpe	NOUN
fsr-3339	38	10	ratios	ratio	NOUN
fsr-3339	38	11	.	.	PUNCT
fsr-3339	39	1	our	our	PRON
fsr-3339	39	2	results	result	NOUN
fsr-3339	39	3	also	also	ADV
fsr-3339	39	4	confirm	confirm	VERB
fsr-3339	39	5	a	a	DET
fsr-3339	39	6	positive	positive	ADJ
fsr-3339	39	7	correlation	correlation	NOUN
fsr-3339	39	8	between	between	ADP
fsr-3339	39	9	average	average	ADJ
fsr-3339	39	10	fund	fund	NOUN
fsr-3339	39	11	flows	flow	NOUN
fsr-3339	39	12	and	and	CCONJ
fsr-3339	39	13	fund	fund	NOUN
fsr-3339	39	14	performance	performance	NOUN
fsr-3339	39	15	and	and	CCONJ
fsr-3339	39	16	the	the	DET
fsr-3339	39	17	volatility	volatility	NOUN
fsr-3339	39	18	of	of	ADP
fsr-3339	39	19	fund	fund	NOUN
fsr-3339	39	20	flows	flow	NOUN
fsr-3339	39	21	shows	show	VERB
fsr-3339	39	22	an	an	DET
fsr-3339	39	23	inverted	invert	VERB
fsr-3339	39	24	-	-	PUNCT
fsr-3339	39	25	u	u	NOUN
fsr-3339	39	26	shape	shape	NOUN
fsr-3339	39	27	relationship	relationship	NOUN
fsr-3339	39	28	with	with	ADP
fsr-3339	39	29	performance	performance	NOUN
fsr-3339	39	30	.	.	PUNCT
fsr-3339	40	1	our	our	PRON
fsr-3339	40	2	study	study	NOUN
fsr-3339	40	3	differs	differ	VERB
fsr-3339	40	4	from	from	ADP
fsr-3339	40	5	previous	previous	ADJ
fsr-3339	40	6	studies	study	NOUN
fsr-3339	40	7	of	of	ADP
fsr-3339	40	8	chinese	chinese	ADJ
fsr-3339	40	9	mutual	mutual	ADJ
fsr-3339	40	10	funds	fund	NOUN
fsr-3339	40	11	in	in	ADP
fsr-3339	40	12	several	several	ADJ
fsr-3339	40	13	ways	way	NOUN
fsr-3339	40	14	.	.	PUNCT
fsr-3339	41	1	first	first	ADV
fsr-3339	41	2	,	,	PUNCT
fsr-3339	41	3	to	to	ADP
fsr-3339	41	4	our	our	PRON
fsr-3339	41	5	knowledge	knowledge	NOUN
fsr-3339	41	6	,	,	PUNCT
fsr-3339	41	7	we	we	PRON
fsr-3339	41	8	are	be	AUX
fsr-3339	41	9	the	the	DET
fsr-3339	41	10	first	first	ADJ
fsr-3339	41	11	to	to	PART
fsr-3339	41	12	use	use	VERB
fsr-3339	41	13	a	a	DET
fsr-3339	41	14	four	four	NUM
fsr-3339	41	15	-	-	PUNCT
fsr-3339	41	16	factor	factor	NOUN
fsr-3339	41	17	model	model	NOUN
fsr-3339	41	18	to	to	PART
fsr-3339	41	19	analyze	analyze	VERB
fsr-3339	41	20	the	the	DET
fsr-3339	41	21	performance	performance	NOUN
fsr-3339	41	22	of	of	ADP
fsr-3339	41	23	actively	actively	ADV
fsr-3339	41	24	managed	manage	VERB
fsr-3339	41	25	chinese	chinese	ADJ
fsr-3339	41	26	stock	stock	NOUN
fsr-3339	41	27	mutual	mutual	ADJ
fsr-3339	41	28	funds	fund	NOUN
fsr-3339	41	29	.	.	PUNCT
fsr-3339	42	1	our	our	PRON
fsr-3339	42	2	model	model	NOUN
fsr-3339	42	3	leads	lead	VERB
fsr-3339	42	4	to	to	ADP
fsr-3339	42	5	a	a	DET
fsr-3339	42	6	more	more	ADV
fsr-3339	42	7	accurate	accurate	ADJ
fsr-3339	42	8	calculation	calculation	NOUN
fsr-3339	42	9	of	of	ADP
fsr-3339	42	10	mutual	mutual	ADJ
fsr-3339	42	11	fund	fund	NOUN
fsr-3339	42	12	abnormal	abnormal	ADJ
fsr-3339	42	13	returns	return	NOUN
fsr-3339	42	14	.	.	PUNCT
fsr-3339	43	1	second	second	ADJ
fsr-3339	43	2	,	,	PUNCT
fsr-3339	43	3	our	our	PRON
fsr-3339	43	4	sample	sample	NOUN
fsr-3339	43	5	is	be	AUX
fsr-3339	43	6	larger	large	ADJ
fsr-3339	43	7	,	,	PUNCT
fsr-3339	43	8	covers	cover	VERB
fsr-3339	43	9	a	a	DET
fsr-3339	43	10	longer	long	ADJ
fsr-3339	43	11	time	time	NOUN
fsr-3339	43	12	period	period	NOUN
fsr-3339	43	13	,	,	PUNCT
fsr-3339	43	14	and	and	CCONJ
fsr-3339	43	15	includes	include	VERB
fsr-3339	43	16	more	more	ADJ
fsr-3339	43	17	recent	recent	ADJ
fsr-3339	43	18	data	datum	NOUN
fsr-3339	43	19	(	(	PUNCT
fsr-3339	43	20	until	until	ADP
fsr-3339	43	21	the	the	DET
fsr-3339	43	22	end	end	NOUN
fsr-3339	43	23	of	of	ADP
fsr-3339	43	24	2011	2011	NUM
fsr-3339	43	25	)	)	PUNCT
fsr-3339	43	26	than	than	ADP
fsr-3339	43	27	previous	previous	ADJ
fsr-3339	43	28	studies	study	NOUN
fsr-3339	43	29	of	of	ADP
fsr-3339	43	30	chinese	chinese	ADJ
fsr-3339	43	31	mutual	mutual	ADJ
fsr-3339	43	32	funds	fund	NOUN
fsr-3339	43	33	.	.	PUNCT
fsr-3339	44	1	third	third	ADJ
fsr-3339	44	2	,	,	PUNCT
fsr-3339	44	3	we	we	PRON
fsr-3339	44	4	focus	focus	VERB
fsr-3339	44	5	on	on	ADP
fsr-3339	44	6	daily	daily	ADJ
fsr-3339	44	7	returns	return	NOUN
fsr-3339	44	8	whereas	whereas	SCONJ
fsr-3339	44	9	previous	previous	ADJ
fsr-3339	44	10	studies	study	NOUN
fsr-3339	44	11	use	use	VERB
fsr-3339	44	12	weekly	weekly	ADJ
fsr-3339	44	13	returns	return	NOUN
fsr-3339	44	14	.	.	PUNCT
fsr-3339	45	1	bollen	bollen	PROPN
fsr-3339	45	2	and	and	CCONJ
fsr-3339	45	3	busse	busse	PROPN
fsr-3339	45	4	(	(	PUNCT
fsr-3339	45	5	2001	2001	NUM
fsr-3339	45	6	)	)	PUNCT
fsr-3339	45	7	show	show	VERB
fsr-3339	45	8	that	that	SCONJ
fsr-3339	45	9	using	use	VERB
fsr-3339	45	10	daily	daily	ADJ
fsr-3339	45	11	returns	return	NOUN
fsr-3339	45	12	to	to	PART
fsr-3339	45	13	examine	examine	VERB
fsr-3339	45	14	the	the	DET
fsr-3339	45	15	market	market	NOUN
fsr-3339	45	16	timing	timing	NOUN
fsr-3339	45	17	skill	skill	NOUN
fsr-3339	45	18	is	be	AUX
fsr-3339	45	19	more	more	ADV
fsr-3339	45	20	appropriate	appropriate	ADJ
fsr-3339	45	21	.	.	PUNCT
fsr-3339	46	1	these	these	DET
fsr-3339	46	2	enhancements	enhancement	NOUN
fsr-3339	46	3	result	result	VERB
fsr-3339	46	4	in	in	ADP
fsr-3339	46	5	a	a	DET
fsr-3339	46	6	more	more	ADV
fsr-3339	46	7	comprehensive	comprehensive	ADJ
fsr-3339	46	8	and	and	CCONJ
fsr-3339	46	9	refined	refined	ADJ
fsr-3339	46	10	study	study	NOUN
fsr-3339	46	11	with	with	ADP
fsr-3339	46	12	more	more	ADV
fsr-3339	46	13	robust	robust	ADJ
fsr-3339	46	14	findings	finding	NOUN
fsr-3339	46	15	.	.	PUNCT
fsr-3339	47	1	we	we	PRON
fsr-3339	47	2	also	also	ADV
fsr-3339	47	3	pay	pay	VERB
fsr-3339	47	4	particular	particular	ADJ
fsr-3339	47	5	attention	attention	NOUN
fsr-3339	47	6	to	to	ADP
fsr-3339	47	7	fund	fund	NOUN
fsr-3339	47	8	flows	flow	NOUN
fsr-3339	47	9	by	by	ADP
fsr-3339	47	10	incorporating	incorporate	VERB
fsr-3339	47	11	both	both	CCONJ
fsr-3339	47	12	their	their	PRON
fsr-3339	47	13	mean	mean	ADJ
fsr-3339	47	14	and	and	CCONJ
fsr-3339	47	15	standard	standard	ADJ
fsr-3339	47	16	deviation	deviation	NOUN
fsr-3339	47	17	when	when	SCONJ
fsr-3339	47	18	examining	examine	VERB
fsr-3339	47	19	their	their	PRON
fsr-3339	47	20	relationships	relationship	NOUN
fsr-3339	47	21	to	to	ADP
fsr-3339	47	22	performance	performance	NOUN
fsr-3339	47	23	jointly	jointly	ADV
fsr-3339	47	24	with	with	ADP
fsr-3339	47	25	other	other	ADJ
fsr-3339	47	26	fund	fund	NOUN
fsr-3339	47	27	characteristics	characteristic	NOUN
fsr-3339	47	28	.	.	PUNCT
fsr-3339	48	1	our	our	PRON
fsr-3339	48	2	study	study	NOUN
fsr-3339	48	3	contributes	contribute	VERB
fsr-3339	48	4	to	to	ADP
fsr-3339	48	5	the	the	DET
fsr-3339	48	6	literature	literature	NOUN
fsr-3339	48	7	on	on	ADP
fsr-3339	48	8	mutual	mutual	ADJ
fsr-3339	48	9	funds	fund	NOUN
fsr-3339	48	10	in	in	ADP
fsr-3339	48	11	several	several	ADJ
fsr-3339	48	12	ways	way	NOUN
fsr-3339	48	13	.	.	PUNCT
fsr-3339	49	1	first	first	ADV
fsr-3339	49	2	,	,	PUNCT
fsr-3339	49	3	we	we	PRON
fsr-3339	49	4	establish	establish	VERB
fsr-3339	49	5	a	a	DET
fsr-3339	49	6	performance	performance	NOUN
fsr-3339	49	7	profile	profile	NOUN
fsr-3339	49	8	of	of	ADP
fsr-3339	49	9	the	the	DET
fsr-3339	49	10	chinese	chinese	ADJ
fsr-3339	49	11	mutual	mutual	ADJ
fsr-3339	49	12	fund	fund	NOUN
fsr-3339	49	13	industry	industry	NOUN
fsr-3339	49	14	in	in	ADP
fsr-3339	49	15	its	its	PRON
fsr-3339	49	16	early	early	ADJ
fsr-3339	49	17	years	year	NOUN
fsr-3339	49	18	,	,	PUNCT
fsr-3339	49	19	which	which	PRON
fsr-3339	49	20	can	can	AUX
fsr-3339	49	21	help	help	VERB
fsr-3339	49	22	researchers	researcher	NOUN
fsr-3339	49	23	interested	interested	ADJ
fsr-3339	49	24	in	in	ADP
fsr-3339	49	25	examining	examine	VERB
fsr-3339	49	26	the	the	DET
fsr-3339	49	27	evolution	evolution	NOUN
fsr-3339	49	28	of	of	ADP
fsr-3339	49	29	this	this	DET
fsr-3339	49	30	industry	industry	NOUN
fsr-3339	49	31	together	together	ADV
fsr-3339	49	32	with	with	ADP
fsr-3339	49	33	the	the	DET
fsr-3339	49	34	development	development	NOUN
fsr-3339	49	35	of	of	ADP
fsr-3339	49	36	china	china	PROPN
fsr-3339	49	37	’s	’s	PART
fsr-3339	49	38	capital	capital	NOUN
fsr-3339	49	39	market	market	NOUN
fsr-3339	49	40	.	.	PUNCT
fsr-3339	50	1	on	on	ADP
fsr-3339	50	2	average	average	ADJ
fsr-3339	50	3	,	,	PUNCT
fsr-3339	50	4	the	the	DET
fsr-3339	50	5	more	more	ADJ
fsr-3339	50	6	than	than	ADP
fsr-3339	50	7	300	300	NUM
fsr-3339	50	8	actively	actively	ADV
fsr-3339	50	9	managed	manage	VERB
fsr-3339	50	10	stock	stock	NOUN
fsr-3339	50	11	mutual	mutual	ADJ
fsr-3339	50	12	funds	fund	NOUN
fsr-3339	50	13	in	in	ADP
fsr-3339	50	14	our	our	PRON
fsr-3339	50	15	sample	sample	NOUN
fsr-3339	50	16	period	period	NOUN
fsr-3339	50	17	fail	fail	VERB
fsr-3339	50	18	to	to	PART
fsr-3339	50	19	beat	beat	VERB
fsr-3339	50	20	the	the	DET
fsr-3339	50	21	market	market	NOUN
fsr-3339	50	22	after	after	ADP
fsr-3339	50	23	the	the	DET
fsr-3339	50	24	fees	fee	NOUN
fsr-3339	50	25	.	.	PUNCT
fsr-3339	51	1	the	the	DET
fsr-3339	51	2	average	average	ADJ
fsr-3339	51	3	risk	risk	NOUN
fsr-3339	51	4	-	-	PUNCT
fsr-3339	51	5	adjusted	adjust	VERB
fsr-3339	51	6	return	return	NOUN
fsr-3339	51	7	(	(	PUNCT
fsr-3339	51	8	�	�	PROPN
fsr-3339	51	9	in	in	ADP
fsr-3339	51	10	the	the	DET
fsr-3339	51	11	four	four	NUM
fsr-3339	51	12	-	-	PUNCT
fsr-3339	51	13	factor	factor	NOUN
fsr-3339	51	14	model	model	NOUN
fsr-3339	51	15	)	)	PUNCT
fsr-3339	51	16	is	be	AUX
fsr-3339	51	17	very	very	ADV
fsr-3339	51	18	close	close	ADJ
fsr-3339	51	19	to	to	ADP
fsr-3339	51	20	zero	zero	NUM
fsr-3339	51	21	.	.	PUNCT
fsr-3339	52	1	our	our	PRON
fsr-3339	52	2	results	result	NOUN
fsr-3339	52	3	show	show	VERB
fsr-3339	52	4	that	that	SCONJ
fsr-3339	52	5	only	only	ADV
fsr-3339	52	6	about	about	ADV
fsr-3339	52	7	7.5	7.5	NUM
fsr-3339	52	8	%	%	NOUN
fsr-3339	52	9	of	of	ADP
fsr-3339	52	10	the	the	DET
fsr-3339	52	11	funds	fund	NOUN
fsr-3339	52	12	produce	produce	VERB
fsr-3339	52	13	positive	positive	ADJ
fsr-3339	52	14	and	and	CCONJ
fsr-3339	52	15	statistically	statistically	ADV
fsr-3339	52	16	significant	significant	ADJ
fsr-3339	52	17	�	�	PROPN
fsr-3339	52	18	s.	s.	PROPN
fsr-3339	52	19	this	this	DET
fsr-3339	52	20	inability	inability	NOUN
fsr-3339	52	21	to	to	PART
fsr-3339	52	22	generate	generate	VERB
fsr-3339	52	23	superior	superior	ADJ
fsr-3339	52	24	net	net	NOUN
fsr-3339	52	25	-	-	PUNCT
fsr-3339	52	26	of	of	ADP
fsr-3339	52	27	-	-	PUNCT
fsr-3339	52	28	fees	fee	NOUN
fsr-3339	52	29	returns	return	NOUN
fsr-3339	52	30	or	or	CCONJ
fsr-3339	52	31	risk	risk	NOUN
fsr-3339	52	32	-	-	PUNCT
fsr-3339	52	33	adjusted	adjust	VERB
fsr-3339	52	34	returns	return	NOUN
fsr-3339	52	35	is	be	AUX
fsr-3339	52	36	consistent	consistent	ADJ
fsr-3339	52	37	with	with	ADP
fsr-3339	52	38	the	the	DET
fsr-3339	52	39	literature	literature	NOUN
fsr-3339	52	40	on	on	ADP
fsr-3339	52	41	mutual	mutual	ADJ
fsr-3339	52	42	fund	fund	NOUN
fsr-3339	52	43	performance	performance	NOUN
fsr-3339	52	44	in	in	ADP
fsr-3339	52	45	both	both	CCONJ
fsr-3339	52	46	developed	developed	ADJ
fsr-3339	52	47	and	and	CCONJ
fsr-3339	52	48	emerging	emerge	VERB
fsr-3339	52	49	markets	market	NOUN
fsr-3339	52	50	(	(	PUNCT
fsr-3339	52	51	eling	eling	NOUN
fsr-3339	52	52	and	and	CCONJ
fsr-3339	52	53	faust	faust	PROPN
fsr-3339	52	54	,	,	PUNCT
fsr-3339	52	55	2010	2010	NUM
fsr-3339	52	56	;	;	PUNCT
fsr-3339	52	57	fama	fama	PROPN
fsr-3339	52	58	and	and	CCONJ
fsr-3339	52	59	french	french	ADJ
fsr-3339	52	60	,	,	PUNCT
fsr-3339	52	61	2010	2010	NUM
fsr-3339	52	62	;	;	PUNCT
fsr-3339	52	63	french	french	PROPN
fsr-3339	52	64	,	,	PUNCT
fsr-3339	52	65	2008	2008	NUM
fsr-3339	52	66	)	)	PUNCT
fsr-3339	52	67	.	.	PUNCT
fsr-3339	53	1	furthermore	furthermore	ADV
fsr-3339	53	2	,	,	PUNCT
fsr-3339	53	3	we	we	PRON
fsr-3339	53	4	find	find	VERB
fsr-3339	53	5	that	that	SCONJ
fsr-3339	53	6	less	less	ADJ
fsr-3339	53	7	than	than	ADP
fsr-3339	53	8	5	5	NUM
fsr-3339	53	9	%	%	NOUN
fsr-3339	53	10	of	of	ADP
fsr-3339	53	11	our	our	PRON
fsr-3339	53	12	funds	fund	NOUN
fsr-3339	53	13	demonstrate	demonstrate	VERB
fsr-3339	53	14	market	market	NOUN
fsr-3339	53	15	timing	timing	NOUN
fsr-3339	53	16	ability	ability	NOUN
fsr-3339	53	17	with	with	ADP
fsr-3339	53	18	statistical	statistical	ADJ
fsr-3339	53	19	significance	significance	NOUN
fsr-3339	53	20	,	,	PUNCT
fsr-3339	53	21	which	which	PRON
fsr-3339	53	22	is	be	AUX
fsr-3339	53	23	similar	similar	ADJ
fsr-3339	53	24	to	to	ADP
fsr-3339	53	25	the	the	DET
fsr-3339	53	26	6.6	6.6	NUM
fsr-3339	53	27	%	%	NOUN
fsr-3339	53	28	in	in	ADP
fsr-3339	53	29	cao	cao	PROPN
fsr-3339	53	30	and	and	CCONJ
fsr-3339	53	31	jayasuriya	jayasuriya	PROPN
fsr-3339	53	32	(	(	PUNCT
fsr-3339	53	33	2012	2012	NUM
fsr-3339	53	34	)	)	PUNCT
fsr-3339	53	35	for	for	ADP
fsr-3339	53	36	emerging	emerge	VERB
fsr-3339	53	37	market	market	NOUN
fsr-3339	53	38	hedge	hedge	NOUN
fsr-3339	53	39	funds	fund	NOUN
fsr-3339	53	40	and	and	CCONJ
fsr-3339	53	41	the	the	DET
fsr-3339	53	42	2	2	NUM
fsr-3339	53	43	%	%	NOUN
fsr-3339	53	44	in	in	ADP
fsr-3339	53	45	fung	fung	PROPN
fsr-3339	53	46	et	et	PROPN
fsr-3339	53	47	al	al	PROPN
fsr-3339	53	48	.	.	PROPN
fsr-3339	54	1	(	(	PUNCT
fsr-3339	54	2	2002	2002	NUM
fsr-3339	54	3	)	)	PUNCT
fsr-3339	54	4	for	for	ADP
fsr-3339	54	5	global	global	ADJ
fsr-3339	54	6	hedge	hedge	NOUN
fsr-3339	54	7	funds	fund	NOUN
fsr-3339	54	8	.	.	PUNCT
fsr-3339	55	1	this	this	DET
fsr-3339	55	2	result	result	NOUN
fsr-3339	55	3	,	,	PUNCT
fsr-3339	55	4	however	however	ADV
fsr-3339	55	5	,	,	PUNCT
fsr-3339	55	6	is	be	AUX
fsr-3339	55	7	in	in	ADP
fsr-3339	55	8	stark	stark	ADJ
fsr-3339	55	9	contrast	contrast	NOUN
fsr-3339	55	10	with	with	ADP
fsr-3339	55	11	the	the	DET
fsr-3339	55	12	findings	finding	NOUN
fsr-3339	55	13	on	on	ADP
fsr-3339	55	14	managed	manage	VERB
fsr-3339	55	15	portfolios	portfolio	NOUN
fsr-3339	55	16	in	in	ADP
fsr-3339	55	17	the	the	DET
fsr-3339	55	18	united	united	PROPN
fsr-3339	55	19	states	states	PROPN
fsr-3339	55	20	.	.	PUNCT
fsr-3339	56	1	for	for	ADP
fsr-3339	56	2	example	example	NOUN
fsr-3339	56	3	,	,	PUNCT
fsr-3339	56	4	bollen	bollen	PROPN
fsr-3339	56	5	and	and	CCONJ
fsr-3339	56	6	busse	busse	PROPN
fsr-3339	56	7	(	(	PUNCT
fsr-3339	56	8	2001	2001	NUM
fsr-3339	56	9	)	)	PUNCT
fsr-3339	56	10	show	show	VERB
fsr-3339	56	11	that	that	SCONJ
fsr-3339	56	12	more	more	ADJ
fsr-3339	56	13	than	than	ADP
fsr-3339	56	14	40	40	NUM
fsr-3339	56	15	%	%	NOUN
fsr-3339	56	16	of	of	ADP
fsr-3339	56	17	mutual	mutual	ADJ
fsr-3339	56	18	funds	fund	NOUN
fsr-3339	56	19	of	of	ADP
fsr-3339	56	20	their	their	PRON
fsr-3339	56	21	actively	actively	ADV
fsr-3339	56	22	managed	manage	VERB
fsr-3339	56	23	stock	stock	NOUN
fsr-3339	56	24	mutual	mutual	ADJ
fsr-3339	56	25	funds	fund	NOUN
fsr-3339	56	26	in	in	ADP
fsr-3339	56	27	the	the	DET
fsr-3339	56	28	united	united	PROPN
fsr-3339	56	29	states	states	PROPN
fsr-3339	56	30	(	(	PUNCT
fsr-3339	56	31	u.s	u.s	PROPN
fsr-3339	56	32	.	.	PROPN
fsr-3339	56	33	)	)	PUNCT
fsr-3339	56	34	demonstrate	demonstrate	VERB
fsr-3339	56	35	statistically	statistically	ADV
fsr-3339	56	36	significant	significant	ADJ
fsr-3339	56	37	market	market	NOUN
fsr-3339	56	38	timing	timing	NOUN
fsr-3339	56	39	skill	skill	NOUN
fsr-3339	56	40	.	.	PUNCT
fsr-3339	57	1	these	these	DET
fsr-3339	57	2	findings	finding	NOUN
fsr-3339	57	3	indicate	indicate	VERB
fsr-3339	57	4	that	that	SCONJ
fsr-3339	57	5	actively	actively	ADV
fsr-3339	57	6	managed	manage	VERB
fsr-3339	57	7	chinese	chinese	ADJ
fsr-3339	57	8	stock	stock	NOUN
fsr-3339	57	9	mutual	mutual	ADJ
fsr-3339	57	10	funds	fund	NOUN
fsr-3339	57	11	have	have	VERB
fsr-3339	57	12	a	a	DET
fsr-3339	57	13	long	long	ADJ
fsr-3339	57	14	way	way	NOUN
fsr-3339	57	15	to	to	PART
fsr-3339	57	16	go	go	VERB
fsr-3339	57	17	to	to	PART
fsr-3339	57	18	catch	catch	VERB
fsr-3339	57	19	up	up	ADP
fsr-3339	57	20	with	with	ADP
fsr-3339	57	21	their	their	PRON
fsr-3339	57	22	developed	develop	VERB
fsr-3339	57	23	world	world	NOUN
fsr-3339	57	24	counterparts	counterpart	NOUN
fsr-3339	57	25	.	.	PUNCT
fsr-3339	58	1	secondly	secondly	ADV
fsr-3339	58	2	,	,	PUNCT
fsr-3339	58	3	the	the	DET
fsr-3339	58	4	relationship	relationship	NOUN
fsr-3339	58	5	among	among	ADP
fsr-3339	58	6	fund	fund	NOUN
fsr-3339	58	7	characteristics	characteristic	NOUN
fsr-3339	58	8	,	,	PUNCT
fsr-3339	58	9	fund	fund	NOUN
fsr-3339	58	10	flows	flow	NOUN
fsr-3339	58	11	,	,	PUNCT
fsr-3339	58	12	and	and	CCONJ
fsr-3339	58	13	performance	performance	NOUN
fsr-3339	58	14	contributes	contribute	VERB
fsr-3339	58	15	to	to	ADP
fsr-3339	58	16	our	our	PRON
fsr-3339	58	17	understanding	understanding	NOUN
fsr-3339	58	18	of	of	ADP
fsr-3339	58	19	how	how	SCONJ
fsr-3339	58	20	the	the	DET
fsr-3339	58	21	mutual	mutual	ADJ
fsr-3339	58	22	fund	fund	NOUN
fsr-3339	58	23	industry	industry	NOUN
fsr-3339	58	24	behaves	behave	VERB
fsr-3339	58	25	both	both	PRON
fsr-3339	58	26	in	in	ADP
fsr-3339	58	27	general	general	ADJ
fsr-3339	58	28	and	and	CCONJ
fsr-3339	58	29	in	in	ADP
fsr-3339	58	30	a	a	DET
fsr-3339	58	31	large	large	ADJ
fsr-3339	58	32	emerging	emerge	VERB
fsr-3339	58	33	economy	economy	NOUN
fsr-3339	58	34	in	in	ADP
fsr-3339	58	35	particular	particular	ADJ
fsr-3339	58	36	.	.	PUNCT
fsr-3339	59	1	in	in	ADP
fsr-3339	59	2	our	our	PRON
fsr-3339	59	3	sample	sample	NOUN
fsr-3339	59	4	,	,	PUNCT
fsr-3339	59	5	chinese	chinese	ADJ
fsr-3339	59	6	funds	fund	NOUN
fsr-3339	59	7	established	establish	VERB
fsr-3339	59	8	earlier	early	ADV
fsr-3339	59	9	produce	produce	VERB
fsr-3339	59	10	higher	high	ADJ
fsr-3339	59	11	sharpe	sharpe	NOUN
fsr-3339	59	12	ratios	ratio	NOUN
fsr-3339	59	13	and	and	CCONJ
fsr-3339	59	14	four	four	NUM
fsr-3339	59	15	-	-	PUNCT
fsr-3339	59	16	factor	factor	NOUN
fsr-3339	59	17	�	�	NOUN
fsr-3339	59	18	s	s	PART
fsr-3339	59	19	,	,	PUNCT
fsr-3339	59	20	which	which	PRON
fsr-3339	59	21	is	be	AUX
fsr-3339	59	22	consistent	consistent	ADJ
fsr-3339	59	23	with	with	ADP
fsr-3339	59	24	the	the	DET
fsr-3339	59	25	concept	concept	NOUN
fsr-3339	59	26	of	of	ADP
fsr-3339	59	27	the	the	DET
fsr-3339	59	28	learning	learning	NOUN
fsr-3339	59	29	effect	effect	NOUN
fsr-3339	59	30	in	in	ADP
fsr-3339	59	31	bauer	bauer	PROPN
fsr-3339	59	32	et	et	PROPN
fsr-3339	59	33	al	al	PROPN
fsr-3339	59	34	.	.	PROPN
fsr-3339	60	1	(	(	PUNCT
fsr-3339	60	2	2005	2005	NUM
fsr-3339	60	3	)	)	PUNCT
fsr-3339	60	4	.	.	PUNCT
fsr-3339	61	1	the	the	DET
fsr-3339	61	2	positive	positive	ADJ
fsr-3339	61	3	relationship	relationship	NOUN
fsr-3339	61	4	between	between	ADP
fsr-3339	61	5	average	average	ADJ
fsr-3339	61	6	fund	fund	NOUN
fsr-3339	61	7	flows	flow	NOUN
fsr-3339	61	8	and	and	CCONJ
fsr-3339	61	9	performance	performance	NOUN
fsr-3339	61	10	is	be	AUX
fsr-3339	61	11	consistent	consistent	ADJ
fsr-3339	61	12	with	with	ADP
fsr-3339	61	13	performance	performance	NOUN
fsr-3339	61	14	chasing	chasing	NOUN
fsr-3339	61	15	behavior	behavior	NOUN
fsr-3339	61	16	considered	consider	VERB
fsr-3339	61	17	in	in	ADP
fsr-3339	61	18	berk	berk	PROPN
fsr-3339	61	19	291w	291w	PROPN
fsr-3339	61	20	.	.	PUNCT
fsr-3339	62	1	he	he	PRON
fsr-3339	62	2	et	et	PROPN
fsr-3339	62	3	al	al	PROPN
fsr-3339	62	4	.	.	PUNCT
fsr-3339	62	5	/	/	SYM
fsr-3339	62	6	financial	financial	ADJ
fsr-3339	62	7	services	service	NOUN
fsr-3339	62	8	review	review	VERB
fsr-3339	62	9	24	24	NUM
fsr-3339	62	10	(	(	PUNCT
fsr-3339	62	11	2015	2015	NUM
fsr-3339	62	12	)	)	PUNCT
fsr-3339	62	13	289–311	289–311	NUM
fsr-3339	62	14	and	and	CCONJ
fsr-3339	62	15	green	green	ADJ
fsr-3339	62	16	(	(	PUNCT
fsr-3339	62	17	2004	2004	NUM
fsr-3339	62	18	)	)	PUNCT
fsr-3339	62	19	and	and	CCONJ
fsr-3339	62	20	the	the	DET
fsr-3339	62	21	empirical	empirical	ADJ
fsr-3339	62	22	findings	finding	NOUN
fsr-3339	62	23	in	in	ADP
fsr-3339	62	24	rakowski	rakowski	PROPN
fsr-3339	62	25	and	and	CCONJ
fsr-3339	62	26	wang	wang	PROPN
fsr-3339	62	27	(	(	PUNCT
fsr-3339	62	28	2009	2009	NUM
fsr-3339	62	29	)	)	PUNCT
fsr-3339	62	30	and	and	CCONJ
fsr-3339	62	31	rakowski	rakowski	NOUN
fsr-3339	62	32	(	(	PUNCT
fsr-3339	62	33	2010	2010	NUM
fsr-3339	62	34	)	)	PUNCT
fsr-3339	62	35	.	.	PUNCT
fsr-3339	63	1	besides	besides	SCONJ
fsr-3339	63	2	smart	smart	ADJ
fsr-3339	63	3	money	money	NOUN
fsr-3339	63	4	chasing	chase	VERB
fsr-3339	63	5	good	good	ADJ
fsr-3339	63	6	performance	performance	NOUN
fsr-3339	63	7	,	,	PUNCT
fsr-3339	63	8	we	we	PRON
fsr-3339	63	9	also	also	ADV
fsr-3339	63	10	believe	believe	VERB
fsr-3339	63	11	that	that	SCONJ
fsr-3339	63	12	the	the	DET
fsr-3339	63	13	redemptions	redemption	NOUN
fsr-3339	63	14	from	from	ADP
fsr-3339	63	15	poor	poor	ADJ
fsr-3339	63	16	performing	performing	NOUN
fsr-3339	63	17	funds	fund	NOUN
fsr-3339	63	18	after	after	ADP
fsr-3339	63	19	the	the	DET
fsr-3339	63	20	collapse	collapse	NOUN
fsr-3339	63	21	of	of	ADP
fsr-3339	63	22	the	the	DET
fsr-3339	63	23	chinese	chinese	ADJ
fsr-3339	63	24	stock	stock	NOUN
fsr-3339	63	25	market	market	NOUN
fsr-3339	63	26	in	in	ADP
fsr-3339	63	27	2008	2008	NUM
fsr-3339	63	28	contribute	contribute	VERB
fsr-3339	63	29	to	to	ADP
fsr-3339	63	30	this	this	DET
fsr-3339	63	31	result	result	NOUN
fsr-3339	63	32	.	.	PUNCT
fsr-3339	64	1	the	the	DET
fsr-3339	64	2	inverted	invert	VERB
fsr-3339	64	3	-	-	PUNCT
fsr-3339	64	4	u	u	NOUN
fsr-3339	64	5	relationship	relationship	NOUN
fsr-3339	64	6	between	between	ADP
fsr-3339	64	7	volatility	volatility	NOUN
fsr-3339	64	8	of	of	ADP
fsr-3339	64	9	fund	fund	NOUN
fsr-3339	64	10	flows	flow	NOUN
fsr-3339	64	11	and	and	CCONJ
fsr-3339	64	12	performance	performance	NOUN
fsr-3339	64	13	indicates	indicate	VERB
fsr-3339	64	14	that	that	SCONJ
fsr-3339	64	15	both	both	DET
fsr-3339	64	16	very	very	ADV
fsr-3339	64	17	high	high	ADJ
fsr-3339	64	18	and	and	CCONJ
fsr-3339	64	19	very	very	ADV
fsr-3339	64	20	low	low	ADJ
fsr-3339	64	21	volatility	volatility	NOUN
fsr-3339	64	22	in	in	ADP
fsr-3339	64	23	fund	fund	NOUN
fsr-3339	64	24	flows	flow	NOUN
fsr-3339	64	25	are	be	AUX
fsr-3339	64	26	related	relate	VERB
fsr-3339	64	27	to	to	ADP
fsr-3339	64	28	poor	poor	ADJ
fsr-3339	64	29	performance	performance	NOUN
fsr-3339	64	30	.	.	PUNCT
fsr-3339	65	1	for	for	ADP
fsr-3339	65	2	high	high	ADJ
fsr-3339	65	3	flow	flow	NOUN
fsr-3339	65	4	volatility	volatility	NOUN
fsr-3339	65	5	,	,	PUNCT
fsr-3339	65	6	we	we	PRON
fsr-3339	65	7	find	find	VERB
fsr-3339	65	8	the	the	DET
fsr-3339	65	9	same	same	ADJ
fsr-3339	65	10	performance	performance	NOUN
fsr-3339	65	11	dragging	drag	VERB
fsr-3339	65	12	effect	effect	NOUN
fsr-3339	65	13	as	as	ADP
fsr-3339	65	14	in	in	ADP
fsr-3339	65	15	rakowski	rakowski	NOUN
fsr-3339	65	16	(	(	PUNCT
fsr-3339	65	17	2010	2010	NUM
fsr-3339	65	18	)	)	PUNCT
fsr-3339	65	19	.	.	PUNCT
fsr-3339	66	1	as	as	SCONJ
fsr-3339	66	2	we	we	PRON
fsr-3339	66	3	discuss	discuss	VERB
fsr-3339	66	4	in	in	ADP
fsr-3339	66	5	more	more	ADJ
fsr-3339	66	6	details	detail	NOUN
fsr-3339	66	7	later	later	ADV
fsr-3339	66	8	,	,	PUNCT
fsr-3339	66	9	the	the	DET
fsr-3339	66	10	low	low	ADJ
fsr-3339	66	11	volatility	volatility	NOUN
fsr-3339	66	12	of	of	ADP
fsr-3339	66	13	fund	fund	NOUN
fsr-3339	66	14	flows	flow	NOUN
fsr-3339	66	15	in	in	ADP
fsr-3339	66	16	our	our	PRON
fsr-3339	66	17	sample	sample	NOUN
fsr-3339	66	18	may	may	AUX
fsr-3339	66	19	result	result	VERB
fsr-3339	66	20	from	from	ADP
fsr-3339	66	21	steady	steady	ADJ
fsr-3339	66	22	outflows	outflow	NOUN
fsr-3339	66	23	from	from	ADP
fsr-3339	66	24	the	the	DET
fsr-3339	66	25	poor	poor	ADJ
fsr-3339	66	26	performing	performing	NOUN
fsr-3339	66	27	funds	fund	NOUN
fsr-3339	66	28	,	,	PUNCT
fsr-3339	66	29	which	which	PRON
fsr-3339	66	30	is	be	AUX
fsr-3339	66	31	another	another	DET
fsr-3339	66	32	consequence	consequence	NOUN
fsr-3339	66	33	of	of	ADP
fsr-3339	66	34	the	the	DET
fsr-3339	66	35	2008	2008	NUM
fsr-3339	66	36	collapse	collapse	NOUN
fsr-3339	66	37	.	.	PUNCT
fsr-3339	67	1	rakowski	rakowski	PROPN
fsr-3339	67	2	’s	’s	PART
fsr-3339	67	3	sample	sample	NOUN
fsr-3339	67	4	ends	end	VERB
fsr-3339	67	5	in	in	ADP
fsr-3339	67	6	2006	2006	NUM
fsr-3339	67	7	.	.	PUNCT
fsr-3339	68	1	in	in	ADP
fsr-3339	68	2	contrast	contrast	NOUN
fsr-3339	68	3	,	,	PUNCT
fsr-3339	68	4	our	our	PRON
fsr-3339	68	5	sample	sample	NOUN
fsr-3339	68	6	ends	end	VERB
fsr-3339	68	7	in	in	ADP
fsr-3339	68	8	2011	2011	NUM
fsr-3339	68	9	so	so	SCONJ
fsr-3339	68	10	our	our	PRON
fsr-3339	68	11	results	result	NOUN
fsr-3339	68	12	add	add	VERB
fsr-3339	68	13	to	to	ADP
fsr-3339	68	14	our	our	PRON
fsr-3339	68	15	understanding	understanding	NOUN
fsr-3339	68	16	in	in	ADP
fsr-3339	68	17	this	this	DET
fsr-3339	68	18	issue	issue	NOUN
fsr-3339	68	19	by	by	ADP
fsr-3339	68	20	looking	look	VERB
fsr-3339	68	21	at	at	ADP
fsr-3339	68	22	post	post	ADJ
fsr-3339	68	23	financial	financial	ADJ
fsr-3339	68	24	crisis	crisis	NOUN
fsr-3339	68	25	fund	fund	NOUN
fsr-3339	68	26	behavior	behavior	NOUN
fsr-3339	68	27	.	.	PUNCT
fsr-3339	69	1	third	third	ADV
fsr-3339	69	2	,	,	PUNCT
fsr-3339	69	3	our	our	PRON
fsr-3339	69	4	findings	finding	NOUN
fsr-3339	69	5	have	have	VERB
fsr-3339	69	6	important	important	ADJ
fsr-3339	69	7	implications	implication	NOUN
fsr-3339	69	8	for	for	ADP
fsr-3339	69	9	the	the	DET
fsr-3339	69	10	investment	investment	NOUN
fsr-3339	69	11	decisions	decision	NOUN
fsr-3339	69	12	made	make	VERB
fsr-3339	69	13	by	by	ADP
fsr-3339	69	14	both	both	DET
fsr-3339	69	15	individual	individual	ADJ
fsr-3339	69	16	and	and	CCONJ
fsr-3339	69	17	institutional	institutional	ADJ
fsr-3339	69	18	investors	investor	NOUN
fsr-3339	69	19	.	.	PUNCT
fsr-3339	70	1	our	our	PRON
fsr-3339	70	2	evidence	evidence	NOUN
fsr-3339	70	3	on	on	ADP
fsr-3339	70	4	the	the	DET
fsr-3339	70	5	current	current	ADJ
fsr-3339	70	6	performance	performance	NOUN
fsr-3339	70	7	profile	profile	NOUN
fsr-3339	70	8	of	of	ADP
fsr-3339	70	9	the	the	DET
fsr-3339	70	10	actively	actively	ADV
fsr-3339	70	11	managed	manage	VERB
fsr-3339	70	12	chinese	chinese	ADJ
fsr-3339	70	13	stock	stock	NOUN
fsr-3339	70	14	mutual	mutual	ADJ
fsr-3339	70	15	funds	fund	NOUN
fsr-3339	70	16	indicates	indicate	VERB
fsr-3339	70	17	that	that	SCONJ
fsr-3339	70	18	investors	investor	NOUN
fsr-3339	70	19	should	should	AUX
fsr-3339	70	20	focus	focus	VERB
fsr-3339	70	21	on	on	ADP
fsr-3339	70	22	index	index	NOUN
fsr-3339	70	23	funds	fund	NOUN
fsr-3339	70	24	in	in	ADP
fsr-3339	70	25	china	china	PROPN
fsr-3339	70	26	unless	unless	SCONJ
fsr-3339	70	27	they	they	PRON
fsr-3339	70	28	have	have	VERB
fsr-3339	70	29	solid	solid	ADJ
fsr-3339	70	30	evidence	evidence	NOUN
fsr-3339	70	31	that	that	SCONJ
fsr-3339	70	32	some	some	DET
fsr-3339	70	33	active	active	ADJ
fsr-3339	70	34	managers	manager	NOUN
fsr-3339	70	35	have	have	AUX
fsr-3339	70	36	the	the	DET
fsr-3339	70	37	ability	ability	NOUN
fsr-3339	70	38	to	to	PART
fsr-3339	70	39	consistently	consistently	ADV
fsr-3339	70	40	generate	generate	VERB
fsr-3339	70	41	excess	excess	ADJ
fsr-3339	70	42	risk	risk	NOUN
fsr-3339	70	43	-	-	PUNCT
fsr-3339	70	44	adjusted	adjust	VERB
fsr-3339	70	45	returns	return	NOUN
fsr-3339	70	46	.	.	PUNCT
fsr-3339	71	1	investors	investor	NOUN
fsr-3339	71	2	interested	interested	ADJ
fsr-3339	71	3	in	in	ADP
fsr-3339	71	4	these	these	DET
fsr-3339	71	5	actively	actively	ADV
fsr-3339	71	6	managed	manage	VERB
fsr-3339	71	7	funds	fund	NOUN
fsr-3339	71	8	need	need	VERB
fsr-3339	71	9	to	to	PART
fsr-3339	71	10	learn	learn	VERB
fsr-3339	71	11	how	how	SCONJ
fsr-3339	71	12	to	to	PART
fsr-3339	71	13	identify	identify	VERB
fsr-3339	71	14	the	the	DET
fsr-3339	71	15	different	different	ADJ
fsr-3339	71	16	sources	source	NOUN
fsr-3339	71	17	of	of	ADP
fsr-3339	71	18	returns	return	NOUN
fsr-3339	71	19	,	,	PUNCT
fsr-3339	71	20	such	such	ADJ
fsr-3339	71	21	as	as	ADP
fsr-3339	71	22	pure	pure	ADJ
fsr-3339	71	23	luck	luck	NOUN
fsr-3339	71	24	,	,	PUNCT
fsr-3339	71	25	rewards	reward	VERB
fsr-3339	71	26	for	for	ADP
fsr-3339	71	27	various	various	ADJ
fsr-3339	71	28	risk	risk	NOUN
fsr-3339	71	29	exposures	exposure	NOUN
fsr-3339	71	30	,	,	PUNCT
fsr-3339	71	31	and	and	CCONJ
fsr-3339	71	32	genuine	genuine	ADJ
fsr-3339	71	33	skills	skill	NOUN
fsr-3339	71	34	.	.	PUNCT
fsr-3339	72	1	on	on	ADP
fsr-3339	72	2	the	the	DET
fsr-3339	72	3	other	other	ADJ
fsr-3339	72	4	hand	hand	NOUN
fsr-3339	72	5	,	,	PUNCT
fsr-3339	72	6	chinese	chinese	ADJ
fsr-3339	72	7	active	active	ADJ
fsr-3339	72	8	fund	fund	NOUN
fsr-3339	72	9	managers	manager	NOUN
fsr-3339	72	10	could	could	AUX
fsr-3339	72	11	improve	improve	VERB
fsr-3339	72	12	their	their	PRON
fsr-3339	72	13	skills	skill	NOUN
fsr-3339	72	14	by	by	ADP
fsr-3339	72	15	learning	learn	VERB
fsr-3339	72	16	from	from	ADP
fsr-3339	72	17	their	their	PRON
fsr-3339	72	18	international	international	ADJ
fsr-3339	72	19	and	and	CCONJ
fsr-3339	72	20	domestic	domestic	ADJ
fsr-3339	72	21	predecessors	predecessor	NOUN
fsr-3339	72	22	when	when	SCONJ
fsr-3339	72	23	developing	develop	VERB
fsr-3339	72	24	their	their	PRON
fsr-3339	72	25	investment	investment	NOUN
fsr-3339	72	26	strategies	strategy	NOUN
fsr-3339	72	27	.	.	PUNCT
fsr-3339	73	1	finally	finally	ADV
fsr-3339	73	2	,	,	PUNCT
fsr-3339	73	3	the	the	DET
fsr-3339	73	4	regulators	regulator	NOUN
fsr-3339	73	5	of	of	ADP
fsr-3339	73	6	the	the	DET
fsr-3339	73	7	chinese	chinese	ADJ
fsr-3339	73	8	mutual	mutual	ADJ
fsr-3339	73	9	fund	fund	NOUN
fsr-3339	73	10	industry	industry	NOUN
fsr-3339	73	11	can	can	AUX
fsr-3339	73	12	set	set	VERB
fsr-3339	73	13	higher	high	ADJ
fsr-3339	73	14	professional	professional	ADJ
fsr-3339	73	15	conduct	conduct	NOUN
fsr-3339	73	16	standards	standard	NOUN
fsr-3339	73	17	to	to	PART
fsr-3339	73	18	ensure	ensure	VERB
fsr-3339	73	19	quality	quality	NOUN
fsr-3339	73	20	work	work	NOUN
fsr-3339	73	21	and	and	CCONJ
fsr-3339	73	22	establish	establish	VERB
fsr-3339	73	23	better	well	ADJ
fsr-3339	73	24	disclosure	disclosure	NOUN
fsr-3339	73	25	requirements	requirement	NOUN
fsr-3339	73	26	to	to	PART
fsr-3339	73	27	educate	educate	VERB
fsr-3339	73	28	the	the	DET
fsr-3339	73	29	investing	investing	NOUN
fsr-3339	73	30	public	public	NOUN
fsr-3339	73	31	about	about	ADP
fsr-3339	73	32	the	the	DET
fsr-3339	73	33	sources	source	NOUN
fsr-3339	73	34	of	of	ADP
fsr-3339	73	35	returns	return	NOUN
fsr-3339	73	36	.	.	PUNCT
fsr-3339	74	1	the	the	DET
fsr-3339	74	2	article	article	NOUN
fsr-3339	74	3	proceeds	proceed	VERB
fsr-3339	74	4	as	as	SCONJ
fsr-3339	74	5	follows	follow	VERB
fsr-3339	74	6	.	.	PUNCT
fsr-3339	75	1	section	section	NOUN
fsr-3339	75	2	2	2	NUM
fsr-3339	75	3	discusses	discuss	VERB
fsr-3339	75	4	the	the	DET
fsr-3339	75	5	development	development	NOUN
fsr-3339	75	6	of	of	ADP
fsr-3339	75	7	the	the	DET
fsr-3339	75	8	chinese	chinese	ADJ
fsr-3339	75	9	mutual	mutual	ADJ
fsr-3339	75	10	fund	fund	NOUN
fsr-3339	75	11	industry	industry	NOUN
fsr-3339	75	12	and	and	CCONJ
fsr-3339	75	13	provides	provide	VERB
fsr-3339	75	14	a	a	DET
fsr-3339	75	15	broad	broad	ADJ
fsr-3339	75	16	context	context	NOUN
fsr-3339	75	17	for	for	ADP
fsr-3339	75	18	our	our	PRON
fsr-3339	75	19	study	study	NOUN
fsr-3339	75	20	.	.	PUNCT
fsr-3339	76	1	section	section	NOUN
fsr-3339	76	2	3	3	NUM
fsr-3339	76	3	examines	examine	VERB
fsr-3339	76	4	performance	performance	NOUN
fsr-3339	76	5	and	and	CCONJ
fsr-3339	76	6	market	market	NOUN
fsr-3339	76	7	timing	timing	NOUN
fsr-3339	76	8	measures	measure	NOUN
fsr-3339	76	9	.	.	PUNCT
fsr-3339	77	1	section	section	NOUN
fsr-3339	77	2	4	4	NUM
fsr-3339	77	3	describes	describe	VERB
fsr-3339	77	4	the	the	DET
fsr-3339	77	5	data	datum	NOUN
fsr-3339	77	6	and	and	CCONJ
fsr-3339	77	7	sample	sample	NOUN
fsr-3339	77	8	selection	selection	NOUN
fsr-3339	77	9	.	.	PUNCT
fsr-3339	78	1	section	section	NOUN
fsr-3339	78	2	5	5	NUM
fsr-3339	78	3	reports	report	VERB
fsr-3339	78	4	the	the	DET
fsr-3339	78	5	empirical	empirical	ADJ
fsr-3339	78	6	findings	finding	NOUN
fsr-3339	78	7	and	and	CCONJ
fsr-3339	78	8	section	section	NOUN
fsr-3339	78	9	6	6	NUM
fsr-3339	78	10	offers	offer	VERB
fsr-3339	78	11	a	a	DET
fsr-3339	78	12	summary	summary	NOUN
fsr-3339	78	13	and	and	CCONJ
fsr-3339	78	14	conclusions	conclusion	NOUN
fsr-3339	78	15	.	.	PUNCT
fsr-3339	79	1	2	2	X
fsr-3339	79	2	.	.	X
fsr-3339	79	3	the	the	DET
fsr-3339	79	4	chinese	chinese	PROPN
fsr-3339	79	5	mutual	mutual	ADJ
fsr-3339	79	6	fund	fund	NOUN
fsr-3339	79	7	market	market	NOUN
fsr-3339	79	8	the	the	DET
fsr-3339	79	9	development	development	NOUN
fsr-3339	79	10	of	of	ADP
fsr-3339	79	11	the	the	DET
fsr-3339	79	12	chinese	chinese	ADJ
fsr-3339	79	13	mutual	mutual	ADJ
fsr-3339	79	14	fund	fund	NOUN
fsr-3339	79	15	industry	industry	NOUN
fsr-3339	79	16	consists	consist	VERB
fsr-3339	79	17	of	of	ADP
fsr-3339	79	18	three	three	NUM
fsr-3339	79	19	stages	stage	NOUN
fsr-3339	79	20	:	:	PUNCT
fsr-3339	79	21	(	(	PUNCT
fsr-3339	79	22	1	1	X
fsr-3339	79	23	)	)	PUNCT
fsr-3339	79	24	the	the	DET
fsr-3339	79	25	exploration	exploration	NOUN
fsr-3339	79	26	stage	stage	NOUN
fsr-3339	79	27	(	(	PUNCT
fsr-3339	79	28	1991–1997	1991–1997	NUM
fsr-3339	79	29	)	)	PUNCT
fsr-3339	79	30	,	,	PUNCT
fsr-3339	79	31	(	(	PUNCT
fsr-3339	79	32	2	2	X
fsr-3339	79	33	)	)	PUNCT
fsr-3339	79	34	the	the	DET
fsr-3339	79	35	experimental	experimental	ADJ
fsr-3339	79	36	and	and	CCONJ
fsr-3339	79	37	learning	learning	NOUN
fsr-3339	79	38	stage	stage	NOUN
fsr-3339	79	39	(	(	PUNCT
fsr-3339	79	40	1998–2004	1998–2004	NUM
fsr-3339	79	41	)	)	PUNCT
fsr-3339	79	42	,	,	PUNCT
fsr-3339	79	43	and	and	CCONJ
fsr-3339	79	44	(	(	PUNCT
fsr-3339	79	45	3	3	X
fsr-3339	79	46	)	)	PUNCT
fsr-3339	79	47	the	the	DET
fsr-3339	79	48	growth	growth	NOUN
fsr-3339	79	49	stage	stage	NOUN
fsr-3339	79	50	(	(	PUNCT
fsr-3339	79	51	post	post	NOUN
fsr-3339	79	52	2004	2004	NUM
fsr-3339	79	53	)	)	PUNCT
fsr-3339	79	54	.	.	PUNCT
fsr-3339	80	1	during	during	ADP
fsr-3339	80	2	the	the	DET
fsr-3339	80	3	first	first	ADJ
fsr-3339	80	4	stage	stage	NOUN
fsr-3339	80	5	,	,	PUNCT
fsr-3339	80	6	the	the	DET
fsr-3339	80	7	zhuxin	zhuxin	PROPN
fsr-3339	80	8	fund	fund	NOUN
fsr-3339	80	9	emerged	emerge	VERB
fsr-3339	80	10	as	as	ADP
fsr-3339	80	11	the	the	DET
fsr-3339	80	12	first	first	ADJ
fsr-3339	80	13	closed	close	VERB
fsr-3339	80	14	-	-	PUNCT
fsr-3339	80	15	end	end	NOUN
fsr-3339	80	16	fund	fund	NOUN
fsr-3339	80	17	in	in	ADP
fsr-3339	80	18	august	august	PROPN
fsr-3339	80	19	1991	1991	NUM
fsr-3339	80	20	shortly	shortly	ADV
fsr-3339	80	21	after	after	ADP
fsr-3339	80	22	the	the	DET
fsr-3339	80	23	establishment	establishment	NOUN
fsr-3339	80	24	of	of	ADP
fsr-3339	80	25	chinese	chinese	ADJ
fsr-3339	80	26	stock	stock	NOUN
fsr-3339	80	27	market	market	NOUN
fsr-3339	80	28	.	.	PUNCT
fsr-3339	81	1	zhuhai	zhuhai	PROPN
fsr-3339	81	2	international	international	PROPN
fsr-3339	81	3	trust	trust	PROPN
fsr-3339	81	4	and	and	CCONJ
fsr-3339	81	5	investment	investment	NOUN
fsr-3339	81	6	corporation	corporation	NOUN
fsr-3339	81	7	sponsored	sponsor	VERB
fsr-3339	81	8	the	the	DET
fsr-3339	81	9	zhuxin	zhuxin	PROPN
fsr-3339	81	10	fund	fund	PROPN
fsr-3339	81	11	.	.	PUNCT
fsr-3339	82	1	the	the	DET
fsr-3339	82	2	wuhan	wuhan	PROPN
fsr-3339	82	3	securities	securities	PROPN
fsr-3339	82	4	investment	investment	PROPN
fsr-3339	82	5	fund	fund	NOUN
fsr-3339	82	6	and	and	CCONJ
fsr-3339	82	7	the	the	DET
fsr-3339	82	8	shenzhen	shenzhen	PROPN
fsr-3339	82	9	nanshan	nanshan	PROPN
fsr-3339	82	10	venture	venture	PROPN
fsr-3339	82	11	capital	capital	PROPN
fsr-3339	82	12	fund	fund	PROPN
fsr-3339	82	13	started	start	VERB
fsr-3339	82	14	in	in	ADP
fsr-3339	82	15	october	october	PROPN
fsr-3339	82	16	1991	1991	NUM
fsr-3339	82	17	.	.	PUNCT
fsr-3339	83	1	by	by	ADP
fsr-3339	83	2	1992	1992	NUM
fsr-3339	83	3	,	,	PUNCT
fsr-3339	83	4	china	china	PROPN
fsr-3339	83	5	had	have	VERB
fsr-3339	83	6	37	37	NUM
fsr-3339	83	7	closed	closed	ADJ
fsr-3339	83	8	-	-	PUNCT
fsr-3339	83	9	end	end	NOUN
fsr-3339	83	10	funds	fund	NOUN
fsr-3339	83	11	.	.	PUNCT
fsr-3339	84	1	several	several	ADJ
fsr-3339	84	2	factors	factor	NOUN
fsr-3339	84	3	hindered	hinder	VERB
fsr-3339	84	4	further	further	ADJ
fsr-3339	84	5	development	development	NOUN
fsr-3339	84	6	of	of	ADP
fsr-3339	84	7	the	the	DET
fsr-3339	84	8	closed	close	VERB
fsr-3339	84	9	-	-	PUNCT
fsr-3339	84	10	end	end	NOUN
fsr-3339	84	11	fund	fund	NOUN
fsr-3339	84	12	market	market	NOUN
fsr-3339	84	13	including	include	VERB
fsr-3339	84	14	the	the	DET
fsr-3339	84	15	lack	lack	NOUN
fsr-3339	84	16	of	of	ADP
fsr-3339	84	17	professional	professional	ADJ
fsr-3339	84	18	management	management	NOUN
fsr-3339	84	19	,	,	PUNCT
fsr-3339	84	20	illiquidity	illiquidity	NOUN
fsr-3339	84	21	,	,	PUNCT
fsr-3339	84	22	fund	fund	NOUN
fsr-3339	84	23	product	product	NOUN
fsr-3339	84	24	homogeneity	homogeneity	NOUN
fsr-3339	84	25	,	,	PUNCT
fsr-3339	84	26	and	and	CCONJ
fsr-3339	84	27	the	the	DET
fsr-3339	84	28	lack	lack	NOUN
fsr-3339	84	29	of	of	ADP
fsr-3339	84	30	systematic	systematic	ADJ
fsr-3339	84	31	supervision	supervision	NOUN
fsr-3339	84	32	of	of	ADP
fsr-3339	84	33	the	the	DET
fsr-3339	84	34	fund	fund	NOUN
fsr-3339	84	35	managers	manager	NOUN
fsr-3339	84	36	’	’	PART
fsr-3339	84	37	behavior	behavior	NOUN
fsr-3339	84	38	.	.	PUNCT
fsr-3339	85	1	a	a	DET
fsr-3339	85	2	breakthrough	breakthrough	NOUN
fsr-3339	85	3	occurred	occur	VERB
fsr-3339	85	4	in	in	ADP
fsr-3339	85	5	1997	1997	NUM
fsr-3339	85	6	when	when	SCONJ
fsr-3339	85	7	the	the	DET
fsr-3339	85	8	china	china	PROPN
fsr-3339	85	9	securities	securities	PROPN
fsr-3339	85	10	regulatory	regulatory	PROPN
fsr-3339	85	11	commission	commission	PROPN
fsr-3339	85	12	issued	issue	VERB
fsr-3339	85	13	interim	interim	ADJ
fsr-3339	85	14	regulations	regulation	NOUN
fsr-3339	85	15	on	on	ADP
fsr-3339	85	16	the	the	DET
fsr-3339	85	17	securities	security	NOUN
fsr-3339	85	18	investment	investment	NOUN
fsr-3339	85	19	funds	fund	NOUN
fsr-3339	85	20	.	.	PUNCT
fsr-3339	86	1	this	this	DET
fsr-3339	86	2	document	document	NOUN
fsr-3339	86	3	provided	provide	VERB
fsr-3339	86	4	a	a	DET
fsr-3339	86	5	framework	framework	NOUN
fsr-3339	86	6	for	for	ADP
fsr-3339	86	7	promoting	promote	VERB
fsr-3339	86	8	the	the	DET
fsr-3339	86	9	growth	growth	NOUN
fsr-3339	86	10	of	of	ADP
fsr-3339	86	11	investment	investment	NOUN
fsr-3339	86	12	funds	fund	NOUN
fsr-3339	86	13	.	.	PUNCT
fsr-3339	87	1	the	the	DET
fsr-3339	87	2	end	end	NOUN
fsr-3339	87	3	of	of	ADP
fsr-3339	87	4	the	the	DET
fsr-3339	87	5	closed	close	VERB
fsr-3339	87	6	-	-	PUNCT
fsr-3339	87	7	end	end	NOUN
fsr-3339	87	8	fund	fund	NOUN
fsr-3339	87	9	era	era	NOUN
fsr-3339	87	10	292	292	NUM
fsr-3339	87	11	w.	w.	NOUN
fsr-3339	87	12	he	he	PRON
fsr-3339	87	13	et	et	PROPN
fsr-3339	87	14	al	al	PROPN
fsr-3339	87	15	.	.	PUNCT
fsr-3339	87	16	/	/	SYM
fsr-3339	87	17	financial	financial	ADJ
fsr-3339	87	18	services	service	NOUN
fsr-3339	87	19	review	review	VERB
fsr-3339	87	20	24	24	NUM
fsr-3339	87	21	(	(	PUNCT
fsr-3339	87	22	2015	2015	NUM
fsr-3339	87	23	)	)	PUNCT
fsr-3339	88	1	289–311	289–311	NUM
fsr-3339	88	2	occurred	occur	VERB
fsr-3339	88	3	in	in	ADP
fsr-3339	88	4	1997	1997	NUM
fsr-3339	88	5	with	with	ADP
fsr-3339	88	6	a	a	DET
fsr-3339	88	7	transition	transition	NOUN
fsr-3339	88	8	toward	toward	ADP
fsr-3339	88	9	open	open	ADJ
fsr-3339	88	10	-	-	PUNCT
fsr-3339	88	11	end	end	NOUN
fsr-3339	88	12	mutual	mutual	ADJ
fsr-3339	88	13	funds	fund	NOUN
fsr-3339	88	14	.	.	PUNCT
fsr-3339	89	1	over	over	ADP
fsr-3339	89	2	the	the	DET
fsr-3339	89	3	last	last	ADJ
fsr-3339	89	4	decade	decade	NOUN
fsr-3339	89	5	,	,	PUNCT
fsr-3339	89	6	open	open	ADJ
fsr-3339	89	7	-	-	PUNCT
fsr-3339	89	8	end	end	NOUN
fsr-3339	89	9	mutual	mutual	ADJ
fsr-3339	89	10	funds	fund	NOUN
fsr-3339	89	11	gradually	gradually	ADV
fsr-3339	89	12	replaced	replace	VERB
fsr-3339	89	13	closed	closed	ADJ
fsr-3339	89	14	-	-	PUNCT
fsr-3339	89	15	end	end	NOUN
fsr-3339	89	16	funds	fund	NOUN
fsr-3339	89	17	and	and	CCONJ
fsr-3339	89	18	became	become	VERB
fsr-3339	89	19	the	the	DET
fsr-3339	89	20	primary	primary	ADJ
fsr-3339	89	21	and	and	CCONJ
fsr-3339	89	22	largest	large	ADJ
fsr-3339	89	23	type	type	NOUN
fsr-3339	89	24	of	of	ADP
fsr-3339	89	25	fund	fund	NOUN
fsr-3339	89	26	investment	investment	NOUN
fsr-3339	89	27	.	.	PUNCT
fsr-3339	90	1	the	the	DET
fsr-3339	90	2	china	china	PROPN
fsr-3339	90	3	securities	securities	PROPN
fsr-3339	90	4	regulatory	regulatory	PROPN
fsr-3339	90	5	commission	commission	NOUN
fsr-3339	90	6	has	have	AUX
fsr-3339	90	7	offered	offer	VERB
fsr-3339	90	8	extensive	extensive	ADJ
fsr-3339	90	9	support	support	NOUN
fsr-3339	90	10	to	to	ADP
fsr-3339	90	11	the	the	DET
fsr-3339	90	12	industry	industry	NOUN
fsr-3339	90	13	by	by	ADP
fsr-3339	90	14	intensively	intensively	ADV
fsr-3339	90	15	monitoring	monitor	VERB
fsr-3339	90	16	and	and	CCONJ
fsr-3339	90	17	implementing	implement	VERB
fsr-3339	90	18	regulations	regulation	NOUN
fsr-3339	90	19	that	that	PRON
fsr-3339	90	20	are	be	AUX
fsr-3339	90	21	similar	similar	ADJ
fsr-3339	90	22	to	to	ADP
fsr-3339	90	23	those	those	PRON
fsr-3339	90	24	of	of	ADP
fsr-3339	90	25	the	the	DET
fsr-3339	90	26	u.s	u.s	PROPN
fsr-3339	90	27	.	.	PROPN
fsr-3339	90	28	securities	securities	PROPN
fsr-3339	90	29	and	and	CCONJ
fsr-3339	90	30	exchange	exchange	PROPN
fsr-3339	90	31	commission	commission	PROPN
fsr-3339	90	32	(	(	PUNCT
fsr-3339	90	33	sec	sec	PROPN
fsr-3339	90	34	)	)	PUNCT
fsr-3339	90	35	.	.	PUNCT
fsr-3339	91	1	the	the	DET
fsr-3339	91	2	next	next	ADJ
fsr-3339	91	3	stage	stage	NOUN
fsr-3339	91	4	in	in	ADP
fsr-3339	91	5	the	the	DET
fsr-3339	91	6	development	development	NOUN
fsr-3339	91	7	of	of	ADP
fsr-3339	91	8	the	the	DET
fsr-3339	91	9	chinese	chinese	ADJ
fsr-3339	91	10	mutual	mutual	ADJ
fsr-3339	91	11	fund	fund	NOUN
fsr-3339	91	12	industry	industry	NOUN
fsr-3339	91	13	occurred	occur	VERB
fsr-3339	91	14	between	between	ADP
fsr-3339	91	15	1998	1998	NUM
fsr-3339	91	16	and	and	CCONJ
fsr-3339	91	17	2004	2004	NUM
fsr-3339	91	18	.	.	PUNCT
fsr-3339	92	1	after	after	SCONJ
fsr-3339	92	2	china	china	PROPN
fsr-3339	92	3	joined	join	VERB
fsr-3339	92	4	the	the	DET
fsr-3339	92	5	world	world	NOUN
fsr-3339	92	6	trade	trade	NOUN
fsr-3339	92	7	organization	organization	NOUN
fsr-3339	92	8	in	in	ADP
fsr-3339	92	9	2001	2001	NUM
fsr-3339	92	10	,	,	PUNCT
fsr-3339	92	11	the	the	DET
fsr-3339	92	12	chinese	chinese	ADJ
fsr-3339	92	13	government	government	NOUN
fsr-3339	92	14	gradually	gradually	ADV
fsr-3339	92	15	opened	open	VERB
fsr-3339	92	16	up	up	ADP
fsr-3339	92	17	access	access	NOUN
fsr-3339	92	18	to	to	ADP
fsr-3339	92	19	china	china	PROPN
fsr-3339	92	20	’s	’s	PART
fsr-3339	92	21	capital	capital	NOUN
fsr-3339	92	22	markets	market	NOUN
fsr-3339	92	23	to	to	ADP
fsr-3339	92	24	foreign	foreign	ADJ
fsr-3339	92	25	financial	financial	ADJ
fsr-3339	92	26	firms	firm	NOUN
fsr-3339	92	27	.	.	PUNCT
fsr-3339	93	1	since	since	SCONJ
fsr-3339	93	2	then	then	ADV
fsr-3339	93	3	chinese	chinese	ADJ
fsr-3339	93	4	open	open	ADJ
fsr-3339	93	5	-	-	PUNCT
fsr-3339	93	6	end	end	NOUN
fsr-3339	93	7	mutual	mutual	ADJ
fsr-3339	93	8	funds	fund	NOUN
fsr-3339	93	9	have	have	AUX
fsr-3339	93	10	actively	actively	ADV
fsr-3339	93	11	sought	seek	VERB
fsr-3339	93	12	to	to	PART
fsr-3339	93	13	collaborate	collaborate	VERB
fsr-3339	93	14	with	with	ADP
fsr-3339	93	15	successful	successful	ADJ
fsr-3339	93	16	investment	investment	NOUN
fsr-3339	93	17	management	management	NOUN
fsr-3339	93	18	firms	firm	NOUN
fsr-3339	93	19	in	in	ADP
fsr-3339	93	20	the	the	DET
fsr-3339	93	21	developed	develop	VERB
fsr-3339	93	22	markets	market	NOUN
fsr-3339	93	23	to	to	PART
fsr-3339	93	24	develop	develop	VERB
fsr-3339	93	25	innovative	innovative	ADJ
fsr-3339	93	26	fund	fund	NOUN
fsr-3339	93	27	products	product	NOUN
fsr-3339	93	28	and	and	CCONJ
fsr-3339	93	29	improve	improve	VERB
fsr-3339	93	30	management	management	NOUN
fsr-3339	93	31	skills	skill	NOUN
fsr-3339	93	32	.	.	PUNCT
fsr-3339	94	1	the	the	DET
fsr-3339	94	2	forms	form	NOUN
fsr-3339	94	3	of	of	ADP
fsr-3339	94	4	collaboration	collaboration	NOUN
fsr-3339	94	5	range	range	NOUN
fsr-3339	94	6	from	from	ADP
fsr-3339	94	7	technical	technical	ADJ
fsr-3339	94	8	support	support	NOUN
fsr-3339	94	9	to	to	ADP
fsr-3339	94	10	joint	joint	ADJ
fsr-3339	94	11	ventures	venture	NOUN
fsr-3339	94	12	.	.	PUNCT
fsr-3339	95	1	the	the	DET
fsr-3339	95	2	management	management	NOUN
fsr-3339	95	3	teams	team	NOUN
fsr-3339	95	4	of	of	ADP
fsr-3339	95	5	these	these	DET
fsr-3339	95	6	new	new	ADJ
fsr-3339	95	7	funds	fund	NOUN
fsr-3339	95	8	include	include	VERB
fsr-3339	95	9	many	many	ADJ
fsr-3339	95	10	chinese	chinese	ADJ
fsr-3339	95	11	portfolio	portfolio	NOUN
fsr-3339	95	12	managers	manager	NOUN
fsr-3339	95	13	who	who	PRON
fsr-3339	95	14	returned	return	VERB
fsr-3339	95	15	to	to	ADP
fsr-3339	95	16	china	china	PROPN
fsr-3339	95	17	with	with	ADP
fsr-3339	95	18	their	their	PRON
fsr-3339	95	19	experiences	experience	NOUN
fsr-3339	95	20	from	from	ADP
fsr-3339	95	21	the	the	DET
fsr-3339	95	22	world	world	NOUN
fsr-3339	95	23	’s	’s	PART
fsr-3339	95	24	leading	lead	VERB
fsr-3339	95	25	investment	investment	NOUN
fsr-3339	95	26	management	management	NOUN
fsr-3339	95	27	firms	firm	NOUN
fsr-3339	95	28	.	.	PUNCT
fsr-3339	96	1	with	with	ADP
fsr-3339	96	2	the	the	DET
fsr-3339	96	3	support	support	NOUN
fsr-3339	96	4	from	from	ADP
fsr-3339	96	5	jpmorgan	jpmorgan	PROPN
fsr-3339	96	6	fleming	fleming	PROPN
fsr-3339	96	7	asset	asset	PROPN
fsr-3339	96	8	management	management	NOUN
fsr-3339	96	9	,	,	PUNCT
fsr-3339	96	10	the	the	DET
fsr-3339	96	11	first	first	ADJ
fsr-3339	96	12	open	open	ADJ
fsr-3339	96	13	-	-	PUNCT
fsr-3339	96	14	end	end	NOUN
fsr-3339	96	15	mutual	mutual	ADJ
fsr-3339	96	16	fund	fund	NOUN
fsr-3339	96	17	called	call	VERB
fsr-3339	96	18	huaan	huaan	PROPN
fsr-3339	96	19	innovations	innovation	NOUN
fsr-3339	96	20	fund	fund	NOUN
fsr-3339	96	21	started	start	VERB
fsr-3339	96	22	in	in	ADP
fsr-3339	96	23	september	september	PROPN
fsr-3339	96	24	2001	2001	NUM
fsr-3339	96	25	.	.	PUNCT
fsr-3339	97	1	this	this	DET
fsr-3339	97	2	event	event	NOUN
fsr-3339	97	3	is	be	AUX
fsr-3339	97	4	a	a	DET
fsr-3339	97	5	milestone	milestone	NOUN
fsr-3339	97	6	in	in	ADP
fsr-3339	97	7	the	the	DET
fsr-3339	97	8	chinese	chinese	ADJ
fsr-3339	97	9	mutual	mutual	ADJ
fsr-3339	97	10	fund	fund	NOUN
fsr-3339	97	11	history	history	NOUN
fsr-3339	97	12	.	.	PUNCT
fsr-3339	98	1	by	by	ADP
fsr-3339	98	2	november	november	PROPN
fsr-3339	98	3	2002	2002	NUM
fsr-3339	98	4	,	,	PUNCT
fsr-3339	98	5	china	china	PROPN
fsr-3339	98	6	had	have	VERB
fsr-3339	98	7	17	17	NUM
fsr-3339	98	8	mutual	mutual	ADJ
fsr-3339	98	9	funds	fund	NOUN
fsr-3339	98	10	with	with	ADP
fsr-3339	98	11	an	an	DET
fsr-3339	98	12	asset	asset	NOUN
fsr-3339	98	13	value	value	NOUN
fsr-3339	98	14	approaching	approach	VERB
fsr-3339	98	15	56.4	56.4	NUM
fsr-3339	98	16	billion	billion	NUM
fsr-3339	98	17	yuan	yuan	NOUN
fsr-3339	98	18	.	.	PUNCT
fsr-3339	99	1	meanwhile	meanwhile	ADV
fsr-3339	99	2	,	,	PUNCT
fsr-3339	99	3	the	the	DET
fsr-3339	99	4	regulatory	regulatory	ADJ
fsr-3339	99	5	authority	authority	NOUN
fsr-3339	99	6	in	in	ADP
fsr-3339	99	7	china	china	PROPN
fsr-3339	99	8	realized	realize	VERB
fsr-3339	99	9	the	the	DET
fsr-3339	99	10	importance	importance	NOUN
fsr-3339	99	11	of	of	ADP
fsr-3339	99	12	regulating	regulate	VERB
fsr-3339	99	13	the	the	DET
fsr-3339	99	14	mutual	mutual	ADJ
fsr-3339	99	15	fund	fund	NOUN
fsr-3339	99	16	industry	industry	NOUN
fsr-3339	99	17	.	.	PUNCT
fsr-3339	100	1	china	china	PROPN
fsr-3339	100	2	’s	’s	PART
fsr-3339	100	3	national	national	ADJ
fsr-3339	100	4	legislature	legislature	NOUN
fsr-3339	100	5	,	,	PUNCT
fsr-3339	100	6	the	the	DET
fsr-3339	100	7	national	national	ADJ
fsr-3339	100	8	people	people	PROPN
fsr-3339	100	9	’s	’s	PART
fsr-3339	100	10	congress	congress	PROPN
fsr-3339	100	11	,	,	PUNCT
fsr-3339	100	12	issued	issue	VERB
fsr-3339	100	13	the	the	DET
fsr-3339	100	14	law	law	NOUN
fsr-3339	100	15	of	of	ADP
fsr-3339	100	16	the	the	DET
fsr-3339	100	17	people	people	NOUN
fsr-3339	100	18	’s	’s	PART
fsr-3339	100	19	republic	republic	PROPN
fsr-3339	100	20	of	of	ADP
fsr-3339	100	21	china	china	PROPN
fsr-3339	100	22	’s	’s	PART
fsr-3339	100	23	securities	security	NOUN
fsr-3339	100	24	investment	investment	NOUN
fsr-3339	100	25	funds	fund	NOUN
fsr-3339	100	26	on	on	ADP
fsr-3339	100	27	october	october	PROPN
fsr-3339	100	28	28	28	NUM
fsr-3339	100	29	,	,	PUNCT
fsr-3339	100	30	2003	2003	NUM
fsr-3339	100	31	and	and	CCONJ
fsr-3339	100	32	it	it	PRON
fsr-3339	100	33	went	go	VERB
fsr-3339	100	34	into	into	ADP
fsr-3339	100	35	effect	effect	NOUN
fsr-3339	100	36	on	on	ADP
fsr-3339	100	37	june	june	PROPN
fsr-3339	100	38	1	1	NUM
fsr-3339	100	39	,	,	PUNCT
fsr-3339	100	40	2004	2004	NUM
fsr-3339	100	41	.	.	PUNCT
fsr-3339	101	1	this	this	DET
fsr-3339	101	2	law	law	NOUN
fsr-3339	101	3	established	establish	VERB
fsr-3339	101	4	a	a	DET
fsr-3339	101	5	formal	formal	ADJ
fsr-3339	101	6	legal	legal	ADJ
fsr-3339	101	7	framework	framework	NOUN
fsr-3339	101	8	for	for	ADP
fsr-3339	101	9	china	china	PROPN
fsr-3339	101	10	’s	’s	PART
fsr-3339	101	11	investment	investment	PROPN
fsr-3339	101	12	fund	fund	NOUN
fsr-3339	101	13	industry	industry	NOUN
fsr-3339	101	14	.	.	PUNCT
fsr-3339	102	1	as	as	ADP
fsr-3339	102	2	a	a	DET
fsr-3339	102	3	result	result	NOUN
fsr-3339	102	4	,	,	PUNCT
fsr-3339	102	5	nanfang	nanfang	PROPN
fsr-3339	102	6	progressive	progressive	PROPN
fsr-3339	102	7	allocation	allocation	NOUN
fsr-3339	102	8	fund	fund	NOUN
fsr-3339	102	9	became	become	VERB
fsr-3339	102	10	the	the	DET
fsr-3339	102	11	first	first	ADJ
fsr-3339	102	12	listed	list	VERB
fsr-3339	102	13	mutual	mutual	ADJ
fsr-3339	102	14	fund	fund	NOUN
fsr-3339	102	15	in	in	ADP
fsr-3339	102	16	october	october	PROPN
fsr-3339	102	17	2004	2004	NUM
fsr-3339	102	18	.	.	PUNCT
fsr-3339	103	1	china	china	PROPN
fsr-3339	103	2	’s	’s	PART
fsr-3339	103	3	first	first	ADJ
fsr-3339	103	4	exchange	exchange	NOUN
fsr-3339	103	5	-	-	PUNCT
fsr-3339	103	6	traded	trade	VERB
fsr-3339	103	7	fund	fund	NOUN
fsr-3339	103	8	(	(	PUNCT
fsr-3339	103	9	etf	etf	NOUN
fsr-3339	103	10	)	)	PUNCT
fsr-3339	103	11	,	,	PUNCT
fsr-3339	103	12	the	the	DET
fsr-3339	103	13	sse	sse	PROPN
fsr-3339	103	14	50	50	NUM
fsr-3339	103	15	etf	etf	NOUN
fsr-3339	103	16	,	,	PUNCT
fsr-3339	103	17	started	start	VERB
fsr-3339	103	18	in	in	ADP
fsr-3339	103	19	late	late	ADJ
fsr-3339	103	20	2004	2004	NUM
fsr-3339	103	21	.	.	PUNCT
fsr-3339	104	1	as	as	SCONJ
fsr-3339	104	2	chinese	chinese	ADJ
fsr-3339	104	3	investors	investor	NOUN
fsr-3339	104	4	recognized	recognize	VERB
fsr-3339	104	5	the	the	DET
fsr-3339	104	6	benefits	benefit	NOUN
fsr-3339	104	7	of	of	ADP
fsr-3339	104	8	etfs	etfs	PROPN
fsr-3339	104	9	as	as	ADP
fsr-3339	104	10	a	a	DET
fsr-3339	104	11	form	form	NOUN
fsr-3339	104	12	of	of	ADP
fsr-3339	104	13	low	low	ADJ
fsr-3339	104	14	cost	cost	NOUN
fsr-3339	104	15	indexing	indexing	NOUN
fsr-3339	104	16	alternative	alternative	NOUN
fsr-3339	104	17	,	,	PUNCT
fsr-3339	104	18	the	the	DET
fsr-3339	104	19	etf	etf	NOUN
fsr-3339	104	20	sector	sector	NOUN
fsr-3339	104	21	continued	continue	VERB
fsr-3339	104	22	to	to	PART
fsr-3339	104	23	grow	grow	VERB
fsr-3339	104	24	.	.	PUNCT
fsr-3339	105	1	several	several	ADJ
fsr-3339	105	2	events	event	NOUN
fsr-3339	105	3	characterize	characterize	VERB
fsr-3339	105	4	the	the	DET
fsr-3339	105	5	third	third	ADJ
fsr-3339	105	6	development	development	NOUN
fsr-3339	105	7	phase	phase	NOUN
fsr-3339	105	8	of	of	ADP
fsr-3339	105	9	the	the	DET
fsr-3339	105	10	chinese	chinese	ADJ
fsr-3339	105	11	mutual	mutual	ADJ
fsr-3339	105	12	fund	fund	NOUN
fsr-3339	105	13	industry	industry	NOUN
fsr-3339	105	14	,	,	PUNCT
fsr-3339	105	15	which	which	PRON
fsr-3339	105	16	started	start	VERB
fsr-3339	105	17	in	in	ADP
fsr-3339	105	18	2005	2005	NUM
fsr-3339	105	19	.	.	PUNCT
fsr-3339	106	1	to	to	PART
fsr-3339	106	2	better	well	ADV
fsr-3339	106	3	monitor	monitor	VERB
fsr-3339	106	4	the	the	DET
fsr-3339	106	5	excessive	excessive	ADJ
fsr-3339	106	6	risk	risk	NOUN
fsr-3339	106	7	-	-	PUNCT
fsr-3339	106	8	taking	take	VERB
fsr-3339	106	9	behaviors	behavior	NOUN
fsr-3339	106	10	of	of	ADP
fsr-3339	106	11	fund	fund	NOUN
fsr-3339	106	12	managers	manager	NOUN
fsr-3339	106	13	and	and	CCONJ
fsr-3339	106	14	to	to	PART
fsr-3339	106	15	motivate	motivate	VERB
fsr-3339	106	16	the	the	DET
fsr-3339	106	17	funds	fund	NOUN
fsr-3339	106	18	to	to	PART
fsr-3339	106	19	diversify	diversify	VERB
fsr-3339	106	20	their	their	PRON
fsr-3339	106	21	portfolio	portfolio	NOUN
fsr-3339	106	22	in	in	ADP
fsr-3339	106	23	the	the	DET
fsr-3339	106	24	international	international	ADJ
fsr-3339	106	25	market	market	NOUN
fsr-3339	106	26	,	,	PUNCT
fsr-3339	106	27	the	the	DET
fsr-3339	106	28	china	china	PROPN
fsr-3339	106	29	securities	securities	PROPN
fsr-3339	106	30	regulatory	regulatory	PROPN
fsr-3339	106	31	commission	commission	PROPN
fsr-3339	106	32	,	,	PUNCT
fsr-3339	106	33	people	people	NOUN
fsr-3339	106	34	’s	’s	PART
fsr-3339	106	35	bank	bank	PROPN
fsr-3339	106	36	of	of	ADP
fsr-3339	106	37	china	china	PROPN
fsr-3339	106	38	,	,	PUNCT
fsr-3339	106	39	and	and	CCONJ
fsr-3339	106	40	state	state	PROPN
fsr-3339	106	41	administration	administration	NOUN
fsr-3339	106	42	of	of	ADP
fsr-3339	106	43	foreign	foreign	ADJ
fsr-3339	106	44	exchange	exchange	NOUN
fsr-3339	106	45	jointly	jointly	ADV
fsr-3339	106	46	issued	issue	VERB
fsr-3339	106	47	measures	measure	NOUN
fsr-3339	106	48	on	on	ADP
fsr-3339	106	49	admission	admission	NOUN
fsr-3339	106	50	of	of	ADP
fsr-3339	106	51	domestic	domestic	ADJ
fsr-3339	106	52	securities	security	NOUN
fsr-3339	106	53	investments	investment	NOUN
fsr-3339	106	54	of	of	ADP
fsr-3339	106	55	qualified	qualified	ADJ
fsr-3339	106	56	domestic	domestic	ADJ
fsr-3339	106	57	institutional	institutional	ADJ
fsr-3339	106	58	investor	investor	NOUN
fsr-3339	106	59	(	(	PUNCT
fsr-3339	106	60	qdii	qdii	NOUN
fsr-3339	106	61	)	)	PUNCT
fsr-3339	106	62	in	in	ADP
fsr-3339	106	63	2006	2006	NUM
fsr-3339	106	64	.	.	PUNCT
fsr-3339	107	1	in	in	ADP
fsr-3339	107	2	2007	2007	NUM
fsr-3339	107	3	,	,	PUNCT
fsr-3339	107	4	the	the	DET
fsr-3339	107	5	asset	asset	NOUN
fsr-3339	107	6	value	value	NOUN
fsr-3339	107	7	of	of	ADP
fsr-3339	107	8	the	the	DET
fsr-3339	107	9	investment	investment	NOUN
fsr-3339	107	10	fund	fund	NOUN
fsr-3339	107	11	industry	industry	NOUN
fsr-3339	107	12	reached	reach	VERB
fsr-3339	107	13	3.28	3.28	NUM
fsr-3339	107	14	trillion	trillion	NUM
fsr-3339	107	15	yuan	yuan	NOUN
fsr-3339	107	16	.	.	PUNCT
fsr-3339	108	1	starting	start	VERB
fsr-3339	108	2	in	in	ADP
fsr-3339	108	3	2008	2008	NUM
fsr-3339	108	4	,	,	PUNCT
fsr-3339	108	5	the	the	DET
fsr-3339	108	6	chinese	chinese	ADJ
fsr-3339	108	7	mutual	mutual	ADJ
fsr-3339	108	8	fund	fund	NOUN
fsr-3339	108	9	industry	industry	NOUN
fsr-3339	108	10	has	have	AUX
fsr-3339	108	11	undergone	undergo	VERB
fsr-3339	108	12	dramatic	dramatic	ADJ
fsr-3339	108	13	structural	structural	ADJ
fsr-3339	108	14	changes	change	NOUN
fsr-3339	108	15	as	as	SCONJ
fsr-3339	108	16	evidenced	evidence	VERB
fsr-3339	108	17	by	by	ADP
fsr-3339	108	18	the	the	DET
fsr-3339	108	19	emergence	emergence	NOUN
fsr-3339	108	20	of	of	ADP
fsr-3339	108	21	different	different	ADJ
fsr-3339	108	22	investment	investment	NOUN
fsr-3339	108	23	philosophies	philosophy	NOUN
fsr-3339	108	24	,	,	PUNCT
fsr-3339	108	25	fund	fund	NOUN
fsr-3339	108	26	structures	structure	NOUN
fsr-3339	108	27	,	,	PUNCT
fsr-3339	108	28	and	and	CCONJ
fsr-3339	108	29	behaviors	behavior	NOUN
fsr-3339	108	30	.	.	PUNCT
fsr-3339	109	1	fund	fund	NOUN
fsr-3339	109	2	managers	manager	NOUN
fsr-3339	109	3	started	start	VERB
fsr-3339	109	4	seeking	seek	VERB
fsr-3339	109	5	both	both	DET
fsr-3339	109	6	returns	return	NOUN
fsr-3339	109	7	and	and	CCONJ
fsr-3339	109	8	fund	fund	NOUN
fsr-3339	109	9	flows	flow	NOUN
fsr-3339	109	10	and	and	CCONJ
fsr-3339	109	11	incorporating	incorporate	VERB
fsr-3339	109	12	international	international	ADJ
fsr-3339	109	13	bonds	bond	NOUN
fsr-3339	109	14	and	and	CCONJ
fsr-3339	109	15	stocks	stock	NOUN
fsr-3339	109	16	into	into	ADP
fsr-3339	109	17	their	their	PRON
fsr-3339	109	18	portfolio	portfolio	NOUN
fsr-3339	109	19	.	.	PUNCT
fsr-3339	110	1	consequently	consequently	ADV
fsr-3339	110	2	,	,	PUNCT
fsr-3339	110	3	these	these	DET
fsr-3339	110	4	funds	fund	NOUN
fsr-3339	110	5	began	begin	VERB
fsr-3339	110	6	to	to	PART
fsr-3339	110	7	attract	attract	VERB
fsr-3339	110	8	more	more	ADJ
fsr-3339	110	9	institutional	institutional	ADJ
fsr-3339	110	10	investors	investor	NOUN
fsr-3339	110	11	.	.	PUNCT
fsr-3339	111	1	in	in	ADP
fsr-3339	111	2	2008	2008	NUM
fsr-3339	111	3	,	,	PUNCT
fsr-3339	111	4	china	china	PROPN
fsr-3339	111	5	and	and	CCONJ
fsr-3339	111	6	the	the	DET
fsr-3339	111	7	united	united	PROPN
fsr-3339	111	8	states	states	PROPN
fsr-3339	111	9	agreed	agree	VERB
fsr-3339	111	10	to	to	PART
fsr-3339	111	11	allow	allow	VERB
fsr-3339	111	12	chinese	chinese	ADJ
fsr-3339	111	13	citizens	citizen	NOUN
fsr-3339	111	14	to	to	PART
fsr-3339	111	15	invest	invest	VERB
fsr-3339	111	16	in	in	ADP
fsr-3339	111	17	the	the	DET
fsr-3339	111	18	u.s	u.s	PROPN
fsr-3339	111	19	.	.	PROPN
fsr-3339	111	20	stock	stock	NOUN
fsr-3339	111	21	market	market	NOUN
fsr-3339	111	22	through	through	ADP
fsr-3339	111	23	mutual	mutual	ADJ
fsr-3339	111	24	fund	fund	NOUN
fsr-3339	111	25	organizations	organization	NOUN
fsr-3339	111	26	or	or	CCONJ
fsr-3339	111	27	other	other	ADJ
fsr-3339	111	28	asset	asset	NOUN
fsr-3339	111	29	fund	fund	NOUN
fsr-3339	111	30	companies	company	NOUN
fsr-3339	111	31	in	in	ADP
fsr-3339	111	32	china	china	PROPN
fsr-3339	111	33	.	.	PUNCT
fsr-3339	112	1	for	for	ADP
fsr-3339	112	2	the	the	DET
fsr-3339	112	3	first	first	ADJ
fsr-3339	112	4	time	time	NOUN
fsr-3339	112	5	,	,	PUNCT
fsr-3339	112	6	domestic	domestic	ADJ
fsr-3339	112	7	chinese	chinese	ADJ
fsr-3339	112	8	citizens	citizen	NOUN
fsr-3339	112	9	could	could	AUX
fsr-3339	112	10	invest	invest	VERB
fsr-3339	112	11	in	in	ADP
fsr-3339	112	12	the	the	DET
fsr-3339	112	13	u.s	u.s	PROPN
fsr-3339	112	14	.	.	PROPN
fsr-3339	112	15	stock	stock	NOUN
fsr-3339	112	16	market	market	NOUN
fsr-3339	112	17	(	(	PUNCT
fsr-3339	112	18	rodier	rodier	X
fsr-3339	112	19	,	,	PUNCT
fsr-3339	112	20	2009	2009	NUM
fsr-3339	112	21	)	)	PUNCT
fsr-3339	112	22	.	.	PUNCT
fsr-3339	113	1	like	like	ADP
fsr-3339	113	2	most	most	ADJ
fsr-3339	113	3	major	major	ADJ
fsr-3339	113	4	economies	economy	NOUN
fsr-3339	113	5	,	,	PUNCT
fsr-3339	113	6	the	the	DET
fsr-3339	113	7	global	global	ADJ
fsr-3339	113	8	financial	financial	ADJ
fsr-3339	113	9	crisis	crisis	NOUN
fsr-3339	113	10	of	of	ADP
fsr-3339	113	11	2007–2009	2007–2009	NUM
fsr-3339	113	12	adversely	adversely	ADV
fsr-3339	113	13	affected	affect	VERB
fsr-3339	113	14	the	the	DET
fsr-3339	113	15	chinese	chinese	ADJ
fsr-3339	113	16	economy	economy	NOUN
fsr-3339	113	17	.	.	PUNCT
fsr-3339	114	1	for	for	ADP
fsr-3339	114	2	example	example	NOUN
fsr-3339	114	3	,	,	PUNCT
fsr-3339	114	4	the	the	DET
fsr-3339	114	5	asset	asset	NOUN
fsr-3339	114	6	value	value	NOUN
fsr-3339	114	7	of	of	ADP
fsr-3339	114	8	the	the	DET
fsr-3339	114	9	chinese	chinese	ADJ
fsr-3339	114	10	mutual	mutual	ADJ
fsr-3339	114	11	fund	fund	NOUN
fsr-3339	114	12	industry	industry	NOUN
fsr-3339	114	13	decreased	decrease	VERB
fsr-3339	114	14	to	to	ADP
fsr-3339	114	15	2.21	2.21	NUM
fsr-3339	114	16	trillion	trillion	NUM
fsr-3339	114	17	yuan	yuan	NOUN
fsr-3339	114	18	(	(	PUNCT
fsr-3339	114	19	equivalent	equivalent	ADJ
fsr-3339	114	20	to	to	ADP
fsr-3339	114	21	$	$	SYM
fsr-3339	114	22	351	351	NUM
fsr-3339	114	23	billion	billion	NUM
fsr-3339	114	24	)	)	PUNCT
fsr-3339	114	25	on	on	ADP
fsr-3339	114	26	march	march	PROPN
fsr-3339	114	27	31	31	NUM
fsr-3339	114	28	,	,	PUNCT
fsr-3339	114	29	2012	2012	NUM
fsr-3339	114	30	from	from	ADP
fsr-3339	114	31	its	its	PRON
fsr-3339	114	32	peak	peak	NOUN
fsr-3339	114	33	293w	293w	PROPN
fsr-3339	114	34	.	.	PUNCT
fsr-3339	115	1	he	he	PRON
fsr-3339	115	2	et	et	PROPN
fsr-3339	115	3	al	al	PROPN
fsr-3339	115	4	.	.	PUNCT
fsr-3339	115	5	/	/	SYM
fsr-3339	115	6	financial	financial	ADJ
fsr-3339	115	7	services	service	NOUN
fsr-3339	115	8	review	review	VERB
fsr-3339	115	9	24	24	NUM
fsr-3339	115	10	(	(	PUNCT
fsr-3339	115	11	2015	2015	NUM
fsr-3339	115	12	)	)	PUNCT
fsr-3339	115	13	289–311	289–311	NUM
fsr-3339	115	14	of	of	ADP
fsr-3339	115	15	around	around	ADV
fsr-3339	115	16	3.28	3.28	NUM
fsr-3339	115	17	trillion	trillion	NUM
fsr-3339	115	18	yuan	yuan	NOUN
fsr-3339	115	19	(	(	PUNCT
fsr-3339	115	20	equivalent	equivalent	ADJ
fsr-3339	115	21	to	to	ADP
fsr-3339	115	22	$	$	SYM
fsr-3339	115	23	448	448	NUM
fsr-3339	115	24	billion	billion	NUM
fsr-3339	115	25	)	)	PUNCT
fsr-3339	115	26	on	on	ADP
fsr-3339	115	27	december	december	PROPN
fsr-3339	115	28	13	13	NUM
fsr-3339	115	29	,	,	PUNCT
fsr-3339	115	30	2007	2007	NUM
fsr-3339	115	31	.	.	PUNCT
fsr-3339	116	1	by	by	ADP
fsr-3339	116	2	the	the	DET
fsr-3339	116	3	end	end	NOUN
fsr-3339	116	4	of	of	ADP
fsr-3339	116	5	2012	2012	NUM
fsr-3339	116	6	,	,	PUNCT
fsr-3339	116	7	1241	1241	NUM
fsr-3339	116	8	mutual	mutual	ADJ
fsr-3339	116	9	funds	fund	NOUN
fsr-3339	116	10	had	have	VERB
fsr-3339	116	11	a	a	DET
fsr-3339	116	12	total	total	NOUN
fsr-3339	116	13	of	of	ADP
fsr-3339	116	14	2.865	2.865	NUM
fsr-3339	116	15	trillion	trillion	NUM
fsr-3339	116	16	chinese	chinese	ADJ
fsr-3339	116	17	yuan	yuan	NOUN
fsr-3339	116	18	(	(	PUNCT
fsr-3339	116	19	around	around	ADP
fsr-3339	116	20	$	$	SYM
fsr-3339	116	21	460	460	NUM
fsr-3339	116	22	billion	billion	NUM
fsr-3339	116	23	)	)	PUNCT
fsr-3339	116	24	of	of	ADP
fsr-3339	116	25	assets	asset	NOUN
fsr-3339	116	26	under	under	ADP
fsr-3339	116	27	management	management	NOUN
fsr-3339	116	28	(	(	PUNCT
fsr-3339	116	29	aum	aum	NOUN
fsr-3339	116	30	)	)	PUNCT
fsr-3339	116	31	in	in	ADP
fsr-3339	116	32	the	the	DET
fsr-3339	116	33	chinese	chinese	ADJ
fsr-3339	116	34	mutual	mutual	ADJ
fsr-3339	116	35	fund	fund	NOUN
fsr-3339	116	36	industry	industry	NOUN
fsr-3339	116	37	.	.	PUNCT
fsr-3339	117	1	a	a	DET
fsr-3339	117	2	diverse	diverse	ADJ
fsr-3339	117	3	group	group	NOUN
fsr-3339	117	4	of	of	ADP
fsr-3339	117	5	both	both	CCONJ
fsr-3339	117	6	individual	individual	ADJ
fsr-3339	117	7	and	and	CCONJ
fsr-3339	117	8	institutional	institutional	ADJ
fsr-3339	117	9	investors	investor	NOUN
fsr-3339	117	10	contributed	contribute	VERB
fsr-3339	117	11	to	to	ADP
fsr-3339	117	12	the	the	DET
fsr-3339	117	13	rapid	rapid	ADJ
fsr-3339	117	14	growth	growth	NOUN
fsr-3339	117	15	of	of	ADP
fsr-3339	117	16	the	the	DET
fsr-3339	117	17	chinese	chinese	ADJ
fsr-3339	117	18	mutual	mutual	ADJ
fsr-3339	117	19	fund	fund	NOUN
fsr-3339	117	20	industry	industry	NOUN
fsr-3339	117	21	through	through	ADP
fsr-3339	117	22	active	active	ADJ
fsr-3339	117	23	participation	participation	NOUN
fsr-3339	117	24	in	in	ADP
fsr-3339	117	25	various	various	ADJ
fsr-3339	117	26	mutual	mutual	ADJ
fsr-3339	117	27	fund	fund	NOUN
fsr-3339	117	28	families	family	NOUN
fsr-3339	117	29	.	.	PUNCT
fsr-3339	118	1	by	by	ADP
fsr-3339	118	2	the	the	DET
fsr-3339	118	3	end	end	NOUN
fsr-3339	118	4	of	of	ADP
fsr-3339	118	5	2006	2006	NUM
fsr-3339	118	6	,	,	PUNCT
fsr-3339	118	7	the	the	DET
fsr-3339	118	8	number	number	NOUN
fsr-3339	118	9	of	of	ADP
fsr-3339	118	10	mutual	mutual	ADJ
fsr-3339	118	11	fund	fund	NOUN
fsr-3339	118	12	shareholders	shareholder	NOUN
fsr-3339	118	13	reached	reach	VERB
fsr-3339	118	14	14.27	14.27	NUM
fsr-3339	118	15	million	million	NUM
fsr-3339	118	16	with	with	ADP
fsr-3339	118	17	a	a	DET
fsr-3339	118	18	growth	growth	NOUN
fsr-3339	118	19	rate	rate	NOUN
fsr-3339	118	20	of	of	ADP
fsr-3339	118	21	166	166	NUM
fsr-3339	118	22	%	%	NOUN
fsr-3339	118	23	compared	compare	VERB
fsr-3339	118	24	with	with	ADP
fsr-3339	118	25	2005	2005	NUM
fsr-3339	118	26	.	.	PUNCT
fsr-3339	119	1	over	over	ADP
fsr-3339	119	2	the	the	DET
fsr-3339	119	3	next	next	ADJ
fsr-3339	119	4	several	several	ADJ
fsr-3339	119	5	years	year	NOUN
fsr-3339	119	6	,	,	PUNCT
fsr-3339	119	7	the	the	DET
fsr-3339	119	8	desire	desire	NOUN
fsr-3339	119	9	to	to	PART
fsr-3339	119	10	meet	meet	VERB
fsr-3339	119	11	investor	investor	NOUN
fsr-3339	119	12	needs	need	NOUN
fsr-3339	119	13	led	lead	VERB
fsr-3339	119	14	to	to	ADP
fsr-3339	119	15	creating	create	VERB
fsr-3339	119	16	many	many	ADJ
fsr-3339	119	17	fund	fund	NOUN
fsr-3339	119	18	forms	form	NOUN
fsr-3339	119	19	such	such	ADJ
fsr-3339	119	20	as	as	ADP
fsr-3339	119	21	balanced	balanced	ADJ
fsr-3339	119	22	funds	fund	NOUN
fsr-3339	119	23	,	,	PUNCT
fsr-3339	119	24	index	index	NOUN
fsr-3339	119	25	funds	fund	NOUN
fsr-3339	119	26	,	,	PUNCT
fsr-3339	119	27	and	and	CCONJ
fsr-3339	119	28	social	social	ADJ
fsr-3339	119	29	security	security	NOUN
fsr-3339	119	30	funds	fund	NOUN
fsr-3339	119	31	.	.	PUNCT
fsr-3339	120	1	these	these	DET
fsr-3339	120	2	new	new	ADJ
fsr-3339	120	3	varieties	variety	NOUN
fsr-3339	120	4	are	be	AUX
fsr-3339	120	5	mainly	mainly	ADV
fsr-3339	120	6	responsible	responsible	ADJ
fsr-3339	120	7	for	for	ADP
fsr-3339	120	8	attracting	attract	VERB
fsr-3339	120	9	the	the	DET
fsr-3339	120	10	new	new	ADJ
fsr-3339	120	11	investors	investor	NOUN
fsr-3339	120	12	.	.	PUNCT
fsr-3339	121	1	by	by	ADP
fsr-3339	121	2	june	june	PROPN
fsr-3339	121	3	2011	2011	NUM
fsr-3339	121	4	,	,	PUNCT
fsr-3339	121	5	the	the	DET
fsr-3339	121	6	chinese	chinese	ADJ
fsr-3339	121	7	mutual	mutual	ADJ
fsr-3339	121	8	fund	fund	NOUN
fsr-3339	121	9	industry	industry	NOUN
fsr-3339	121	10	had	have	VERB
fsr-3339	121	11	91.6	91.6	NUM
fsr-3339	121	12	million	million	NUM
fsr-3339	121	13	shareholders	shareholder	NOUN
fsr-3339	121	14	.	.	PUNCT
fsr-3339	122	1	chinese	chinese	ADJ
fsr-3339	122	2	mutual	mutual	ADJ
fsr-3339	122	3	funds	fund	NOUN
fsr-3339	122	4	may	may	AUX
fsr-3339	122	5	become	become	VERB
fsr-3339	122	6	attractive	attractive	ADJ
fsr-3339	122	7	for	for	ADP
fsr-3339	122	8	international	international	ADJ
fsr-3339	122	9	investors	investor	NOUN
fsr-3339	122	10	as	as	SCONJ
fsr-3339	122	11	they	they	PRON
fsr-3339	122	12	seek	seek	VERB
fsr-3339	122	13	opportunities	opportunity	NOUN
fsr-3339	122	14	in	in	ADP
fsr-3339	122	15	the	the	DET
fsr-3339	122	16	emerging	emerge	VERB
fsr-3339	122	17	markets	market	NOUN
fsr-3339	122	18	and	and	CCONJ
fsr-3339	122	19	international	international	ADJ
fsr-3339	122	20	diversification	diversification	NOUN
fsr-3339	122	21	if	if	SCONJ
fsr-3339	122	22	the	the	DET
fsr-3339	122	23	following	follow	VERB
fsr-3339	122	24	events	event	NOUN
fsr-3339	122	25	occur	occur	VERB
fsr-3339	122	26	.	.	PUNCT
fsr-3339	123	1	first	first	ADV
fsr-3339	123	2	,	,	PUNCT
fsr-3339	123	3	the	the	DET
fsr-3339	123	4	chinese	chinese	ADJ
fsr-3339	123	5	economy	economy	NOUN
fsr-3339	123	6	must	must	AUX
fsr-3339	123	7	continue	continue	VERB
fsr-3339	123	8	to	to	PART
fsr-3339	123	9	grow	grow	VERB
fsr-3339	123	10	.	.	PUNCT
fsr-3339	124	1	second	second	ADV
fsr-3339	124	2	,	,	PUNCT
fsr-3339	124	3	maturing	mature	VERB
fsr-3339	124	4	chinese	chinese	ADJ
fsr-3339	124	5	capital	capital	NOUN
fsr-3339	124	6	markets	market	NOUN
fsr-3339	124	7	must	must	AUX
fsr-3339	124	8	bring	bring	VERB
fsr-3339	124	9	higher	high	ADJ
fsr-3339	124	10	efficiency	efficiency	NOUN
fsr-3339	124	11	,	,	PUNCT
fsr-3339	124	12	more	more	ADJ
fsr-3339	124	13	transparency	transparency	NOUN
fsr-3339	124	14	,	,	PUNCT
fsr-3339	124	15	and	and	CCONJ
fsr-3339	124	16	better	well	ADJ
fsr-3339	124	17	regulation	regulation	NOUN
fsr-3339	124	18	.	.	PUNCT
fsr-3339	125	1	finally	finally	ADV
fsr-3339	125	2	,	,	PUNCT
fsr-3339	125	3	the	the	DET
fsr-3339	125	4	chinese	chinese	PROPN
fsr-3339	125	5	yuan	yuan	PROPN
fsr-3339	125	6	needs	need	VERB
fsr-3339	125	7	to	to	PART
fsr-3339	125	8	maintain	maintain	VERB
fsr-3339	125	9	a	a	DET
fsr-3339	125	10	steady	steady	ADJ
fsr-3339	125	11	exchange	exchange	NOUN
fsr-3339	125	12	rate	rate	NOUN
fsr-3339	125	13	.	.	PUNCT
fsr-3339	126	1	another	another	DET
fsr-3339	126	2	factor	factor	NOUN
fsr-3339	126	3	triggering	trigger	VERB
fsr-3339	126	4	the	the	DET
fsr-3339	126	5	growth	growth	NOUN
fsr-3339	126	6	of	of	ADP
fsr-3339	126	7	mutual	mutual	ADJ
fsr-3339	126	8	funds	fund	NOUN
fsr-3339	126	9	in	in	ADP
fsr-3339	126	10	china	china	PROPN
fsr-3339	126	11	is	be	AUX
fsr-3339	126	12	its	its	PRON
fsr-3339	126	13	unique	unique	ADJ
fsr-3339	126	14	investor	investor	NOUN
fsr-3339	126	15	clientele	clientele	NOUN
fsr-3339	126	16	.	.	PUNCT
fsr-3339	127	1	chinese	chinese	ADJ
fsr-3339	127	2	investors	investor	NOUN
fsr-3339	127	3	,	,	PUNCT
fsr-3339	127	4	unlike	unlike	ADP
fsr-3339	127	5	investors	investor	NOUN
fsr-3339	127	6	in	in	ADP
fsr-3339	127	7	many	many	ADJ
fsr-3339	127	8	western	western	ADJ
fsr-3339	127	9	countries	country	NOUN
fsr-3339	127	10	,	,	PUNCT
fsr-3339	127	11	have	have	VERB
fsr-3339	127	12	a	a	DET
fsr-3339	127	13	long	long	ADJ
fsr-3339	127	14	history	history	NOUN
fsr-3339	127	15	of	of	ADP
fsr-3339	127	16	saving	save	VERB
fsr-3339	127	17	for	for	ADP
fsr-3339	127	18	future	future	ADJ
fsr-3339	127	19	uncertainties	uncertainty	NOUN
fsr-3339	127	20	.	.	PUNCT
fsr-3339	128	1	the	the	DET
fsr-3339	128	2	chinese	chinese	PROPN
fsr-3339	128	3	are	be	AUX
fsr-3339	128	4	accustomed	accustom	VERB
fsr-3339	128	5	to	to	ADP
fsr-3339	128	6	saving	save	VERB
fsr-3339	128	7	30	30	NUM
fsr-3339	128	8	%	%	NOUN
fsr-3339	128	9	to	to	PART
fsr-3339	128	10	40	40	NUM
fsr-3339	128	11	%	%	NOUN
fsr-3339	128	12	of	of	ADP
fsr-3339	128	13	their	their	PRON
fsr-3339	128	14	disposable	disposable	ADJ
fsr-3339	128	15	income	income	NOUN
fsr-3339	128	16	,	,	PUNCT
fsr-3339	128	17	which	which	PRON
fsr-3339	128	18	is	be	AUX
fsr-3339	128	19	much	much	ADV
fsr-3339	128	20	higher	high	ADJ
fsr-3339	128	21	than	than	ADP
fsr-3339	128	22	the	the	DET
fsr-3339	128	23	savings	saving	NOUN
fsr-3339	128	24	rate	rate	NOUN
fsr-3339	128	25	in	in	ADP
fsr-3339	128	26	many	many	ADJ
fsr-3339	128	27	western	western	ADJ
fsr-3339	128	28	countries	country	NOUN
fsr-3339	128	29	.	.	PUNCT
fsr-3339	129	1	the	the	DET
fsr-3339	129	2	chinese	chinese	PROPN
fsr-3339	129	3	are	be	AUX
fsr-3339	129	4	responsible	responsible	ADJ
fsr-3339	129	5	for	for	ADP
fsr-3339	129	6	making	make	VERB
fsr-3339	129	7	their	their	PRON
fsr-3339	129	8	retirement	retirement	NOUN
fsr-3339	129	9	plans	plan	NOUN
fsr-3339	129	10	.	.	PUNCT
fsr-3339	130	1	given	give	VERB
fsr-3339	130	2	the	the	DET
fsr-3339	130	3	low	low	ADJ
fsr-3339	130	4	yields	yield	NOUN
fsr-3339	130	5	on	on	ADP
fsr-3339	130	6	bank	bank	NOUN
fsr-3339	130	7	accounts	account	NOUN
fsr-3339	130	8	,	,	PUNCT
fsr-3339	130	9	mutual	mutual	ADJ
fsr-3339	130	10	funds	fund	NOUN
fsr-3339	130	11	appear	appear	VERB
fsr-3339	130	12	to	to	PART
fsr-3339	130	13	be	be	AUX
fsr-3339	130	14	attractive	attractive	ADJ
fsr-3339	130	15	for	for	ADP
fsr-3339	130	16	small	small	ADJ
fsr-3339	130	17	investors	investor	NOUN
fsr-3339	130	18	.	.	PUNCT
fsr-3339	131	1	the	the	DET
fsr-3339	131	2	chinese	chinese	ADJ
fsr-3339	131	3	government	government	NOUN
fsr-3339	131	4	is	be	AUX
fsr-3339	131	5	promoting	promote	VERB
fsr-3339	131	6	private	private	ADJ
fsr-3339	131	7	retirement	retirement	NOUN
fsr-3339	131	8	planning	planning	NOUN
fsr-3339	131	9	,	,	PUNCT
fsr-3339	131	10	leading	lead	VERB
fsr-3339	131	11	to	to	ADP
fsr-3339	131	12	potential	potential	ADJ
fsr-3339	131	13	growth	growth	NOUN
fsr-3339	131	14	in	in	ADP
fsr-3339	131	15	the	the	DET
fsr-3339	131	16	mutual	mutual	ADJ
fsr-3339	131	17	fund	fund	NOUN
fsr-3339	131	18	industry	industry	NOUN
fsr-3339	131	19	to	to	PART
fsr-3339	131	20	accommodate	accommodate	VERB
fsr-3339	131	21	the	the	DET
fsr-3339	131	22	needs	need	NOUN
fsr-3339	131	23	of	of	ADP
fsr-3339	131	24	investors	investor	NOUN
fsr-3339	131	25	for	for	ADP
fsr-3339	131	26	pension	pension	NOUN
fsr-3339	131	27	funds	fund	NOUN
fsr-3339	131	28	and	and	CCONJ
fsr-3339	131	29	special	special	ADJ
fsr-3339	131	30	purpose	purpose	NOUN
fsr-3339	131	31	funds	fund	NOUN
fsr-3339	131	32	.	.	PUNCT
fsr-3339	132	1	if	if	SCONJ
fsr-3339	132	2	the	the	DET
fsr-3339	132	3	chinese	chinese	ADJ
fsr-3339	132	4	middle	middle	ADJ
fsr-3339	132	5	class	class	NOUN
fsr-3339	132	6	continues	continue	VERB
fsr-3339	132	7	to	to	PART
fsr-3339	132	8	expand	expand	VERB
fsr-3339	132	9	and	and	CCONJ
fsr-3339	132	10	increasingly	increasingly	ADV
fsr-3339	132	11	invest	invest	VERB
fsr-3339	132	12	in	in	ADP
fsr-3339	132	13	mutual	mutual	ADJ
fsr-3339	132	14	funds	fund	NOUN
fsr-3339	132	15	,	,	PUNCT
fsr-3339	132	16	this	this	PRON
fsr-3339	132	17	creates	create	VERB
fsr-3339	132	18	an	an	DET
fsr-3339	132	19	opportunity	opportunity	NOUN
fsr-3339	132	20	for	for	SCONJ
fsr-3339	132	21	mutual	mutual	ADJ
fsr-3339	132	22	funds	fund	NOUN
fsr-3339	132	23	to	to	PART
fsr-3339	132	24	launch	launch	VERB
fsr-3339	132	25	more	more	ADJ
fsr-3339	132	26	innovative	innovative	ADJ
fsr-3339	132	27	products	product	NOUN
fsr-3339	132	28	to	to	PART
fsr-3339	132	29	meet	meet	VERB
fsr-3339	132	30	investor	investor	NOUN
fsr-3339	132	31	demand	demand	NOUN
fsr-3339	132	32	.	.	PUNCT
fsr-3339	133	1	however	however	ADV
fsr-3339	133	2	,	,	PUNCT
fsr-3339	133	3	the	the	DET
fsr-3339	133	4	chinese	chinese	ADJ
fsr-3339	133	5	mutual	mutual	ADJ
fsr-3339	133	6	fund	fund	NOUN
fsr-3339	133	7	industry	industry	NOUN
fsr-3339	133	8	is	be	AUX
fsr-3339	133	9	relatively	relatively	ADV
fsr-3339	133	10	young	young	ADJ
fsr-3339	133	11	.	.	PUNCT
fsr-3339	134	1	our	our	PRON
fsr-3339	134	2	results	result	NOUN
fsr-3339	134	3	show	show	VERB
fsr-3339	134	4	that	that	SCONJ
fsr-3339	134	5	the	the	DET
fsr-3339	134	6	mutual	mutual	ADJ
fsr-3339	134	7	fund	fund	NOUN
fsr-3339	134	8	managers	manager	NOUN
fsr-3339	134	9	in	in	ADP
fsr-3339	134	10	china	china	PROPN
fsr-3339	134	11	need	need	VERB
fsr-3339	134	12	to	to	PART
fsr-3339	134	13	improve	improve	VERB
fsr-3339	134	14	their	their	PRON
fsr-3339	134	15	portfolio	portfolio	NOUN
fsr-3339	134	16	management	management	NOUN
fsr-3339	134	17	skills	skill	NOUN
fsr-3339	134	18	to	to	PART
fsr-3339	134	19	draw	draw	VERB
fsr-3339	134	20	closer	close	ADV
fsr-3339	134	21	to	to	ADP
fsr-3339	134	22	their	their	PRON
fsr-3339	134	23	peers	peer	NOUN
fsr-3339	134	24	.	.	PUNCT
fsr-3339	135	1	3	3	X
fsr-3339	135	2	.	.	X
fsr-3339	135	3	issues	issue	NOUN
fsr-3339	135	4	about	about	ADP
fsr-3339	135	5	fund	fund	NOUN
fsr-3339	135	6	performance	performance	NOUN
fsr-3339	135	7	and	and	CCONJ
fsr-3339	135	8	market	market	NOUN
fsr-3339	135	9	timing	timing	NOUN
fsr-3339	135	10	3.1	3.1	NUM
fsr-3339	135	11	.	.	PUNCT
fsr-3339	136	1	performance	performance	NOUN
fsr-3339	136	2	and	and	CCONJ
fsr-3339	136	3	market	market	NOUN
fsr-3339	136	4	timing	timing	NOUN
fsr-3339	136	5	measures	measure	NOUN
fsr-3339	136	6	we	we	PRON
fsr-3339	136	7	use	use	VERB
fsr-3339	136	8	conventional	conventional	ADJ
fsr-3339	136	9	measures	measure	NOUN
fsr-3339	136	10	of	of	ADP
fsr-3339	136	11	portfolio	portfolio	NOUN
fsr-3339	136	12	performance	performance	NOUN
fsr-3339	136	13	and	and	CCONJ
fsr-3339	136	14	market	market	NOUN
fsr-3339	136	15	timing	timing	NOUN
fsr-3339	136	16	to	to	PART
fsr-3339	136	17	study	study	VERB
fsr-3339	136	18	chinese	chinese	ADJ
fsr-3339	136	19	mutual	mutual	ADJ
fsr-3339	136	20	funds	fund	NOUN
fsr-3339	136	21	.	.	PUNCT
fsr-3339	137	1	then	then	ADV
fsr-3339	137	2	we	we	PRON
fsr-3339	137	3	examine	examine	VERB
fsr-3339	137	4	how	how	SCONJ
fsr-3339	137	5	fund	fund	NOUN
fsr-3339	137	6	characteristics	characteristic	NOUN
fsr-3339	137	7	and	and	CCONJ
fsr-3339	137	8	fund	fund	NOUN
fsr-3339	137	9	flows	flow	NOUN
fsr-3339	137	10	might	might	AUX
fsr-3339	137	11	influence	influence	VERB
fsr-3339	137	12	a	a	DET
fsr-3339	137	13	fund	fund	NOUN
fsr-3339	137	14	’s	’s	PART
fsr-3339	137	15	performance	performance	NOUN
fsr-3339	137	16	and	and	CCONJ
fsr-3339	137	17	market	market	NOUN
fsr-3339	137	18	timing	timing	NOUN
fsr-3339	137	19	ability	ability	NOUN
fsr-3339	137	20	.	.	PUNCT
fsr-3339	138	1	our	our	PRON
fsr-3339	138	2	study	study	NOUN
fsr-3339	138	3	has	have	VERB
fsr-3339	138	4	three	three	NUM
fsr-3339	138	5	major	major	ADJ
fsr-3339	138	6	objectives	objective	NOUN
fsr-3339	138	7	.	.	PUNCT
fsr-3339	139	1	the	the	DET
fsr-3339	139	2	first	first	ADJ
fsr-3339	139	3	objective	objective	NOUN
fsr-3339	139	4	is	be	AUX
fsr-3339	139	5	to	to	PART
fsr-3339	139	6	determine	determine	VERB
fsr-3339	139	7	whether	whether	SCONJ
fsr-3339	139	8	active	active	ADJ
fsr-3339	139	9	chinese	chinese	ADJ
fsr-3339	139	10	stock	stock	NOUN
fsr-3339	139	11	mutual	mutual	ADJ
fsr-3339	139	12	funds	fund	NOUN
fsr-3339	139	13	can	can	AUX
fsr-3339	139	14	generate	generate	VERB
fsr-3339	139	15	superior	superior	ADJ
fsr-3339	139	16	risk	risk	NOUN
fsr-3339	139	17	-	-	PUNCT
fsr-3339	139	18	adjusted	adjust	VERB
fsr-3339	139	19	returns	return	NOUN
fsr-3339	139	20	.	.	PUNCT
fsr-3339	140	1	three	three	NUM
fsr-3339	140	2	widely	widely	ADV
fsr-3339	140	3	used	use	VERB
fsr-3339	140	4	risk	risk	NOUN
fsr-3339	140	5	-	-	PUNCT
fsr-3339	140	6	adjusted	adjust	VERB
fsr-3339	140	7	performance	performance	NOUN
fsr-3339	140	8	appraisal	appraisal	NOUN
fsr-3339	140	9	measures	measure	NOUN
fsr-3339	140	10	are	be	AUX
fsr-3339	140	11	:	:	PUNCT
fsr-3339	140	12	(	(	PUNCT
fsr-3339	140	13	1	1	X
fsr-3339	140	14	)	)	PUNCT
fsr-3339	140	15	the	the	DET
fsr-3339	140	16	sharpe	sharpe	PROPN
fsr-3339	140	17	ratio	ratio	PROPN
fsr-3339	140	18	(	(	PUNCT
fsr-3339	140	19	also	also	ADV
fsr-3339	140	20	known	know	VERB
fsr-3339	140	21	as	as	ADP
fsr-3339	140	22	rewardto	rewardto	NOUN
fsr-3339	140	23	-	-	PUNCT
fsr-3339	140	24	variability	variability	NOUN
fsr-3339	140	25	)	)	PUNCT
fsr-3339	140	26	,	,	PUNCT
fsr-3339	140	27	(	(	PUNCT
fsr-3339	140	28	2	2	X
fsr-3339	140	29	)	)	PUNCT
fsr-3339	140	30	the	the	DET
fsr-3339	140	31	treynor	treynor	NOUN
fsr-3339	140	32	ratio	ratio	NOUN
fsr-3339	140	33	(	(	PUNCT
fsr-3339	140	34	also	also	ADV
fsr-3339	140	35	known	know	VERB
fsr-3339	140	36	as	as	ADP
fsr-3339	140	37	reward	reward	NOUN
fsr-3339	140	38	-	-	PUNCT
fsr-3339	140	39	to	to	ADP
fsr-3339	140	40	-	-	PUNCT
fsr-3339	140	41	volatility	volatility	NOUN
fsr-3339	140	42	or	or	CCONJ
fsr-3339	140	43	excess	excess	ADJ
fsr-3339	140	44	return	return	NOUN
fsr-3339	140	45	to	to	ADP
fsr-3339	140	46	non	non	ADJ
fsr-3339	140	47	-	-	ADJ
fsr-3339	140	48	diversifiable	diversifiable	ADJ
fsr-3339	140	49	risk	risk	NOUN
fsr-3339	140	50	)	)	PUNCT
fsr-3339	140	51	,	,	PUNCT
fsr-3339	140	52	and	and	CCONJ
fsr-3339	140	53	(	(	PUNCT
fsr-3339	140	54	3	3	X
fsr-3339	140	55	)	)	PUNCT
fsr-3339	140	56	ex	ex	X
fsr-3339	140	57	post	post	PROPN
fsr-3339	140	58	�	�	PROPN
fsr-3339	140	59	(	(	PUNCT
fsr-3339	140	60	also	also	ADV
fsr-3339	140	61	known	know	VERB
fsr-3339	140	62	as	as	ADP
fsr-3339	140	63	jensen	jensen	PROPN
fsr-3339	140	64	’s	’s	PART
fsr-3339	140	65	�	�	PROPN
fsr-3339	140	66	)	)	PUNCT
fsr-3339	140	67	(	(	PUNCT
fsr-3339	140	68	maginn	maginn	NOUN
fsr-3339	140	69	et	et	PROPN
fsr-3339	140	70	al	al	PROPN
fsr-3339	140	71	.	.	PROPN
fsr-3339	140	72	,	,	PUNCT
fsr-3339	140	73	2007	2007	NUM
fsr-3339	140	74	)	)	PUNCT
fsr-3339	140	75	.	.	PUNCT
fsr-3339	141	1	the	the	DET
fsr-3339	141	2	sharpe	sharpe	PROPN
fsr-3339	141	3	ratio	ratio	PROPN
fsr-3339	141	4	(	(	PUNCT
fsr-3339	141	5	sharpe	sharpe	PROPN
fsr-3339	141	6	,	,	PUNCT
fsr-3339	141	7	1966	1966	NUM
fsr-3339	141	8	)	)	PUNCT
fsr-3339	141	9	has	have	AUX
fsr-3339	141	10	become	become	VERB
fsr-3339	141	11	an	an	DET
fsr-3339	141	12	industry	industry	NOUN
fsr-3339	141	13	standard	standard	NOUN
fsr-3339	141	14	in	in	ADP
fsr-3339	141	15	measuring	measure	VERB
fsr-3339	141	16	risk294	risk294	PROPN
fsr-3339	141	17	w.	w.	PROPN
fsr-3339	141	18	he	he	PRON
fsr-3339	141	19	et	et	PROPN
fsr-3339	141	20	al	al	PROPN
fsr-3339	141	21	.	.	PUNCT
fsr-3339	141	22	/	/	SYM
fsr-3339	141	23	financial	financial	ADJ
fsr-3339	141	24	services	service	NOUN
fsr-3339	141	25	review	review	VERB
fsr-3339	141	26	24	24	NUM
fsr-3339	141	27	(	(	PUNCT
fsr-3339	141	28	2015	2015	NUM
fsr-3339	141	29	)	)	PUNCT
fsr-3339	141	30	289–311	289–311	NUM
fsr-3339	141	31	adjusted	adjust	VERB
fsr-3339	141	32	performance	performance	NOUN
fsr-3339	141	33	.	.	PUNCT
fsr-3339	142	1	the	the	DET
fsr-3339	142	2	sharpe	sharpe	PROPN
fsr-3339	142	3	ratio	ratio	PROPN
fsr-3339	142	4	compares	compare	VERB
fsr-3339	142	5	excess	excess	ADJ
fsr-3339	142	6	returns	return	NOUN
fsr-3339	142	7	to	to	ADP
fsr-3339	142	8	the	the	DET
fsr-3339	142	9	fund	fund	NOUN
fsr-3339	142	10	’s	’s	PART
fsr-3339	142	11	total	total	ADJ
fsr-3339	142	12	risk	risk	NOUN
fsr-3339	142	13	as	as	SCONJ
fsr-3339	142	14	measured	measure	VERB
fsr-3339	142	15	by	by	ADP
fsr-3339	142	16	its	its	PRON
fsr-3339	142	17	standard	standard	ADJ
fsr-3339	142	18	deviation	deviation	NOUN
fsr-3339	142	19	of	of	ADP
fsr-3339	142	20	excess	excess	ADJ
fsr-3339	142	21	returns	return	NOUN
fsr-3339	142	22	.	.	PUNCT
fsr-3339	143	1	traditionally	traditionally	ADV
fsr-3339	143	2	,	,	PUNCT
fsr-3339	143	3	the	the	DET
fsr-3339	143	4	ex	ex	ADJ
fsr-3339	143	5	post	post	PROPN
fsr-3339	143	6	sharpe	sharpe	PROPN
fsr-3339	143	7	ratio	ratio	PROPN
fsr-3339	143	8	is	be	AUX
fsr-3339	143	9	given	give	VERB
fsr-3339	143	10	by	by	ADP
fsr-3339	143	11	:	:	PUNCT
fsr-3339	143	12	sp	sp	ADP
fsr-3339	143	13	�	�	PROPN
fsr-3339	143	14	r	r	PROPN
fsr-3339	143	15	�	�	PROPN
fsr-3339	143	16	p	p	NOUN
fsr-3339	143	17	�	�	PROPN
fsr-3339	143	18	r	r	PROPN
fsr-3339	143	19	�	�	PROPN
fsr-3339	143	20	f	f	PROPN
fsr-3339	143	21	�	�	PROPN
fsr-3339	143	22	̂p	̂p	PROPN
fsr-3339	143	23	(	(	PUNCT
fsr-3339	143	24	1	1	NUM
fsr-3339	143	25	)	)	PUNCT
fsr-3339	143	26	where	where	SCONJ
fsr-3339	143	27	r	r	NOUN
fsr-3339	143	28	�	�	PROPN
fsr-3339	143	29	p	p	NOUN
fsr-3339	143	30	is	be	AUX
fsr-3339	143	31	the	the	DET
fsr-3339	143	32	average	average	ADJ
fsr-3339	143	33	fund	fund	NOUN
fsr-3339	143	34	return	return	NOUN
fsr-3339	143	35	;	;	PUNCT
fsr-3339	143	36	r	r	X
fsr-3339	143	37	�	�	NOUN
fsr-3339	143	38	f	f	PROPN
fsr-3339	143	39	is	be	AUX
fsr-3339	143	40	the	the	DET
fsr-3339	143	41	average	average	ADJ
fsr-3339	143	42	risk	risk	NOUN
fsr-3339	143	43	-	-	PUNCT
fsr-3339	143	44	free	free	ADJ
fsr-3339	143	45	rate	rate	NOUN
fsr-3339	143	46	;	;	PUNCT
fsr-3339	143	47	and	and	CCONJ
fsr-3339	143	48	�	�	PROPN
fsr-3339	143	49	̂p	̂p	PROPN
fsr-3339	143	50	is	be	AUX
fsr-3339	143	51	the	the	DET
fsr-3339	143	52	standard	standard	ADJ
fsr-3339	143	53	deviation	deviation	NOUN
fsr-3339	143	54	of	of	ADP
fsr-3339	143	55	the	the	DET
fsr-3339	143	56	excess	excess	ADJ
fsr-3339	143	57	return	return	NOUN
fsr-3339	143	58	�	�	NOUN
fsr-3339	143	59	rp	rp	NOUN
fsr-3339	143	60	,	,	PUNCT
fsr-3339	143	61	t	t	PROPN
fsr-3339	143	62	�	�	PROPN
fsr-3339	143	63	rf	rf	PROPN
fsr-3339	143	64	,	,	PUNCT
fsr-3339	143	65	t	t	PROPN
fsr-3339	143	66	�	�	PROPN
fsr-3339	143	67	.	.	PUNCT
fsr-3339	144	1	in	in	ADP
fsr-3339	144	2	the	the	DET
fsr-3339	144	3	case	case	NOUN
fsr-3339	144	4	of	of	ADP
fsr-3339	144	5	the	the	DET
fsr-3339	144	6	sharpe	sharpe	PROPN
fsr-3339	144	7	ratio	ratio	NOUN
fsr-3339	144	8	,	,	PUNCT
fsr-3339	144	9	the	the	DET
fsr-3339	144	10	benchmark	benchmark	NOUN
fsr-3339	144	11	is	be	AUX
fsr-3339	144	12	based	base	VERB
fsr-3339	144	13	on	on	ADP
fsr-3339	144	14	the	the	DET
fsr-3339	144	15	ex	ex	ADJ
fsr-3339	144	16	post	post	PROPN
fsr-3339	144	17	capital	capital	NOUN
fsr-3339	144	18	market	market	NOUN
fsr-3339	144	19	line	line	NOUN
fsr-3339	144	20	(	(	PUNCT
fsr-3339	144	21	cml	cml	PROPN
fsr-3339	144	22	)	)	PUNCT
fsr-3339	144	23	.	.	PUNCT
fsr-3339	145	1	a	a	DET
fsr-3339	145	2	skillful	skillful	ADJ
fsr-3339	145	3	fund	fund	NOUN
fsr-3339	145	4	manager	manager	NOUN
fsr-3339	145	5	will	will	AUX
fsr-3339	145	6	produce	produce	VERB
fsr-3339	145	7	returns	return	NOUN
fsr-3339	145	8	that	that	PRON
fsr-3339	145	9	place	place	VERB
fsr-3339	145	10	the	the	DET
fsr-3339	145	11	fund	fund	NOUN
fsr-3339	145	12	above	above	ADP
fsr-3339	145	13	the	the	DET
fsr-3339	145	14	cml	cml	PROPN
fsr-3339	145	15	.	.	PUNCT
fsr-3339	146	1	in	in	ADP
fsr-3339	146	2	contrast	contrast	NOUN
fsr-3339	146	3	,	,	PUNCT
fsr-3339	146	4	the	the	DET
fsr-3339	146	5	treynor	treynor	NOUN
fsr-3339	146	6	measure	measure	NOUN
fsr-3339	146	7	(	(	PUNCT
fsr-3339	146	8	treynor	treynor	NOUN
fsr-3339	146	9	,	,	PUNCT
fsr-3339	146	10	1965	1965	NUM
fsr-3339	146	11	)	)	PUNCT
fsr-3339	146	12	relates	relate	VERB
fsr-3339	146	13	a	a	DET
fsr-3339	146	14	fund	fund	NOUN
fsr-3339	146	15	’s	’s	PART
fsr-3339	146	16	excess	excess	ADJ
fsr-3339	146	17	returns	return	NOUN
fsr-3339	146	18	to	to	ADP
fsr-3339	146	19	the	the	DET
fsr-3339	146	20	fund	fund	NOUN
fsr-3339	146	21	’s	’s	PART
fsr-3339	146	22	systematic	systematic	ADJ
fsr-3339	146	23	risk	risk	NOUN
fsr-3339	146	24	(	(	PUNCT
fsr-3339	146	25	beta	beta	NOUN
fsr-3339	146	26	or	or	CCONJ
fsr-3339	146	27	�	�	PROPN
fsr-3339	146	28	)	)	PUNCT
fsr-3339	146	29	.	.	PUNCT
fsr-3339	147	1	the	the	DET
fsr-3339	147	2	calculation	calculation	NOUN
fsr-3339	147	3	of	of	ADP
fsr-3339	147	4	the	the	DET
fsr-3339	147	5	treynor	treynor	NOUN
fsr-3339	147	6	ratio	ratio	NOUN
fsr-3339	147	7	is	be	AUX
fsr-3339	147	8	given	give	VERB
fsr-3339	147	9	as	as	ADP
fsr-3339	147	10	:	:	PUNCT
fsr-3339	147	11	tp	tp	PART
fsr-3339	147	12	�	�	PROPN
fsr-3339	147	13	r	r	PROPN
fsr-3339	147	14	�	�	PROPN
fsr-3339	147	15	p	p	NOUN
fsr-3339	147	16	�	�	PROPN
fsr-3339	147	17	r	r	PROPN
fsr-3339	147	18	�	�	PROPN
fsr-3339	147	19	f	f	PROPN
fsr-3339	147	20	�	�	PROPN
fsr-3339	147	21	̂p	̂p	PROPN
fsr-3339	147	22	(	(	PUNCT
fsr-3339	147	23	2	2	NUM
fsr-3339	147	24	)	)	PUNCT
fsr-3339	147	25	where	where	SCONJ
fsr-3339	147	26	r	r	VERB
fsr-3339	147	27	�	�	PROPN
fsr-3339	147	28	p	p	NOUN
fsr-3339	147	29	and	and	CCONJ
fsr-3339	147	30	r	r	NOUN
fsr-3339	147	31	�	�	NOUN
fsr-3339	147	32	f	f	NOUN
fsr-3339	147	33	are	be	AUX
fsr-3339	147	34	the	the	DET
fsr-3339	147	35	average	average	ADJ
fsr-3339	147	36	values	value	NOUN
fsr-3339	147	37	of	of	ADP
fsr-3339	147	38	each	each	DET
fsr-3339	147	39	variable	variable	NOUN
fsr-3339	147	40	over	over	ADP
fsr-3339	147	41	the	the	DET
fsr-3339	147	42	evaluation	evaluation	NOUN
fsr-3339	147	43	period	period	NOUN
fsr-3339	147	44	and	and	CCONJ
fsr-3339	147	45	�	�	NOUN
fsr-3339	147	46	̂p	̂p	NOUN
fsr-3339	147	47	is	be	AUX
fsr-3339	147	48	the	the	DET
fsr-3339	147	49	fund	fund	NOUN
fsr-3339	147	50	’s	’s	PART
fsr-3339	147	51	�	�	PROPN
fsr-3339	147	52	.	.	PUNCT
fsr-3339	148	1	the	the	DET
fsr-3339	148	2	treynor	treynor	NOUN
fsr-3339	148	3	ratio	ratio	NOUN
fsr-3339	148	4	of	of	ADP
fsr-3339	148	5	the	the	DET
fsr-3339	148	6	market	market	NOUN
fsr-3339	148	7	portfolio	portfolio	NOUN
fsr-3339	148	8	is	be	AUX
fsr-3339	148	9	the	the	DET
fsr-3339	148	10	slope	slope	NOUN
fsr-3339	148	11	of	of	ADP
fsr-3339	148	12	the	the	DET
fsr-3339	148	13	security	security	NOUN
fsr-3339	148	14	market	market	NOUN
fsr-3339	148	15	line	line	NOUN
fsr-3339	148	16	(	(	PUNCT
fsr-3339	148	17	sml	sml	PROPN
fsr-3339	148	18	)	)	PUNCT
fsr-3339	148	19	.	.	PUNCT
fsr-3339	149	1	thus	thus	ADV
fsr-3339	149	2	,	,	PUNCT
fsr-3339	149	3	a	a	DET
fsr-3339	149	4	skillful	skillful	ADJ
fsr-3339	149	5	manager	manager	NOUN
fsr-3339	149	6	will	will	AUX
fsr-3339	149	7	produce	produce	VERB
fsr-3339	149	8	a	a	DET
fsr-3339	149	9	treynor	treynor	NOUN
fsr-3339	149	10	ratio	ratio	NOUN
fsr-3339	149	11	greater	great	ADJ
fsr-3339	149	12	than	than	ADP
fsr-3339	149	13	that	that	PRON
fsr-3339	149	14	of	of	ADP
fsr-3339	149	15	the	the	DET
fsr-3339	149	16	ex	ex	X
fsr-3339	149	17	post	post	PROPN
fsr-3339	149	18	sml	sml	PROPN
fsr-3339	149	19	.	.	PROPN
fsr-3339	150	1	researchers	researcher	NOUN
fsr-3339	150	2	use	use	VERB
fsr-3339	150	3	various	various	ADJ
fsr-3339	150	4	risk	risk	NOUN
fsr-3339	150	5	factors	factor	NOUN
fsr-3339	150	6	to	to	PART
fsr-3339	150	7	analyze	analyze	VERB
fsr-3339	150	8	the	the	DET
fsr-3339	150	9	performance	performance	NOUN
fsr-3339	150	10	of	of	ADP
fsr-3339	150	11	mutual	mutual	ADJ
fsr-3339	150	12	funds	fund	NOUN
fsr-3339	150	13	.	.	PUNCT
fsr-3339	151	1	building	build	VERB
fsr-3339	151	2	upon	upon	SCONJ
fsr-3339	151	3	the	the	DET
fsr-3339	151	4	work	work	NOUN
fsr-3339	151	5	of	of	ADP
fsr-3339	151	6	fama	fama	NOUN
fsr-3339	151	7	and	and	CCONJ
fsr-3339	151	8	french	french	ADJ
fsr-3339	151	9	(	(	PUNCT
fsr-3339	151	10	1993	1993	NUM
fsr-3339	151	11	)	)	PUNCT
fsr-3339	151	12	where	where	SCONJ
fsr-3339	151	13	size	size	NOUN
fsr-3339	151	14	(	(	PUNCT
fsr-3339	151	15	smb	smb	NOUN
fsr-3339	151	16	for	for	ADP
fsr-3339	151	17	small	small	ADJ
fsr-3339	151	18	minus	minus	CCONJ
fsr-3339	151	19	big	big	ADJ
fsr-3339	151	20	)	)	PUNCT
fsr-3339	151	21	and	and	CCONJ
fsr-3339	151	22	value	value	NOUN
fsr-3339	151	23	or	or	CCONJ
fsr-3339	151	24	book	book	NOUN
fsr-3339	151	25	-	-	PUNCT
fsr-3339	151	26	to	to	ADP
fsr-3339	151	27	-	-	PUNCT
fsr-3339	151	28	market	market	NOUN
fsr-3339	151	29	equity	equity	NOUN
fsr-3339	151	30	(	(	PUNCT
fsr-3339	151	31	hml	hml	PROPN
fsr-3339	151	32	for	for	ADP
fsr-3339	151	33	high	high	ADJ
fsr-3339	151	34	minus	minus	CCONJ
fsr-3339	151	35	low	low	ADJ
fsr-3339	151	36	)	)	PUNCT
fsr-3339	151	37	factors	factor	NOUN
fsr-3339	151	38	are	be	AUX
fsr-3339	151	39	first	first	ADV
fsr-3339	151	40	introduced	introduce	VERB
fsr-3339	151	41	,	,	PUNCT
fsr-3339	151	42	carhart	carhart	NOUN
fsr-3339	151	43	(	(	PUNCT
fsr-3339	151	44	1997	1997	NUM
fsr-3339	151	45	)	)	PUNCT
fsr-3339	151	46	uses	use	VERB
fsr-3339	151	47	an	an	DET
fsr-3339	151	48	additional	additional	ADJ
fsr-3339	151	49	momentum	momentum	NOUN
fsr-3339	151	50	factor	factor	NOUN
fsr-3339	151	51	(	(	PUNCT
fsr-3339	151	52	mom	mom	NOUN
fsr-3339	151	53	)	)	PUNCT
fsr-3339	151	54	besides	besides	SCONJ
fsr-3339	151	55	the	the	DET
fsr-3339	151	56	market	market	NOUN
fsr-3339	151	57	,	,	PUNCT
fsr-3339	151	58	smb	smb	NOUN
fsr-3339	151	59	,	,	PUNCT
fsr-3339	151	60	and	and	CCONJ
fsr-3339	151	61	hml	hml	PROPN
fsr-3339	151	62	factors	factor	NOUN
fsr-3339	151	63	to	to	PART
fsr-3339	151	64	study	study	VERB
fsr-3339	151	65	the	the	DET
fsr-3339	151	66	performance	performance	NOUN
fsr-3339	151	67	persistence	persistence	NOUN
fsr-3339	151	68	of	of	ADP
fsr-3339	151	69	u.s	u.s	PROPN
fsr-3339	151	70	.	.	PROPN
fsr-3339	151	71	mutual	mutual	ADJ
fsr-3339	151	72	funds	fund	NOUN
fsr-3339	151	73	.	.	PUNCT
fsr-3339	152	1	researchers	researcher	NOUN
fsr-3339	152	2	widely	widely	ADV
fsr-3339	152	3	follow	follow	VERB
fsr-3339	152	4	this	this	DET
fsr-3339	152	5	methodology	methodology	NOUN
fsr-3339	152	6	.	.	PUNCT
fsr-3339	153	1	our	our	PRON
fsr-3339	153	2	standard	standard	ADJ
fsr-3339	153	3	four	four	NUM
fsr-3339	153	4	-	-	PUNCT
fsr-3339	153	5	factor	factor	NOUN
fsr-3339	153	6	model	model	NOUN
fsr-3339	153	7	takes	take	VERB
fsr-3339	153	8	the	the	DET
fsr-3339	153	9	following	follow	VERB
fsr-3339	153	10	form	form	NOUN
fsr-3339	153	11	:	:	PUNCT
fsr-3339	153	12	rpt	rpt	PROPN
fsr-3339	153	13	�	�	PROPN
fsr-3339	153	14	rft	rft	PROPN
fsr-3339	153	15	�	�	PROPN
fsr-3339	153	16	�	�	PROPN
fsr-3339	153	17	p	p	PROPN
fsr-3339	153	18	�	�	PROPN
fsr-3339	153	19	�	�	PROPN
fsr-3339	153	20	p	p	NOUN
fsr-3339	153	21	�	�	PROPN
fsr-3339	153	22	rmt	rmt	NOUN
fsr-3339	153	23	�	�	PROPN
fsr-3339	153	24	rft	rft	PROPN
fsr-3339	153	25	�	�	PROPN
fsr-3339	153	26	�	�	PROPN
fsr-3339	153	27	�	�	PROPN
fsr-3339	153	28	ssmbt	ssmbt	VERB
fsr-3339	153	29	�	�	PROPN
fsr-3339	153	30	�	�	PROPN
fsr-3339	153	31	vhmlt	vhmlt	PROPN
fsr-3339	153	32	�	�	PROPN
fsr-3339	153	33	�	�	PROPN
fsr-3339	153	34	mmomt	mmomt	PROPN
fsr-3339	153	35	�	�	PROPN
fsr-3339	153	36	�	�	PROPN
fsr-3339	153	37	pt	pt	PROPN
fsr-3339	153	38	(	(	PUNCT
fsr-3339	153	39	3	3	NUM
fsr-3339	153	40	)	)	PUNCT
fsr-3339	153	41	where	where	SCONJ
fsr-3339	153	42	for	for	ADP
fsr-3339	153	43	period	period	NOUN
fsr-3339	153	44	t	t	PROPN
fsr-3339	153	45	,	,	PUNCT
fsr-3339	153	46	rpt	rpt	PROPN
fsr-3339	153	47	is	be	AUX
fsr-3339	153	48	the	the	DET
fsr-3339	153	49	fund	fund	NOUN
fsr-3339	153	50	’s	’s	PART
fsr-3339	153	51	return	return	NOUN
fsr-3339	153	52	;	;	PUNCT
fsr-3339	153	53	rft	rft	NOUN
fsr-3339	153	54	is	be	AUX
fsr-3339	153	55	the	the	DET
fsr-3339	153	56	risk	risk	NOUN
fsr-3339	153	57	-	-	PUNCT
fsr-3339	153	58	free	free	ADJ
fsr-3339	153	59	rate	rate	NOUN
fsr-3339	153	60	;	;	PUNCT
fsr-3339	153	61	rmt	rmt	NOUN
fsr-3339	153	62	is	be	AUX
fsr-3339	153	63	the	the	DET
fsr-3339	153	64	return	return	NOUN
fsr-3339	153	65	on	on	ADP
fsr-3339	153	66	the	the	DET
fsr-3339	153	67	market	market	NOUN
fsr-3339	153	68	index	index	NOUN
fsr-3339	153	69	;	;	PUNCT
fsr-3339	153	70	and	and	CCONJ
fsr-3339	153	71	smbt	smbt	NOUN
fsr-3339	153	72	,	,	PUNCT
fsr-3339	153	73	hmlt	hmlt	NOUN
fsr-3339	153	74	,	,	PUNCT
fsr-3339	153	75	and	and	CCONJ
fsr-3339	153	76	momt	momt	NOUN
fsr-3339	153	77	are	be	AUX
fsr-3339	153	78	returns	return	NOUN
fsr-3339	153	79	on	on	ADP
fsr-3339	153	80	value	value	NOUN
fsr-3339	153	81	-	-	PUNCT
fsr-3339	153	82	weighted	weight	VERB
fsr-3339	153	83	,	,	PUNCT
fsr-3339	153	84	zero	zero	NUM
fsr-3339	153	85	-	-	PUNCT
fsr-3339	153	86	investment	investment	NOUN
fsr-3339	153	87	,	,	PUNCT
fsr-3339	153	88	factor	factor	NOUN
fsr-3339	153	89	-	-	PUNCT
fsr-3339	153	90	mimicking	mimic	VERB
fsr-3339	153	91	portfolios	portfolio	NOUN
fsr-3339	153	92	for	for	ADP
fsr-3339	153	93	size	size	NOUN
fsr-3339	153	94	,	,	PUNCT
fsr-3339	153	95	book	book	NOUN
fsr-3339	153	96	-	-	PUNCT
fsr-3339	153	97	to	to	ADP
fsr-3339	153	98	-	-	PUNCT
fsr-3339	153	99	market	market	NOUN
fsr-3339	153	100	equity	equity	NOUN
fsr-3339	153	101	,	,	PUNCT
fsr-3339	153	102	and	and	CCONJ
fsr-3339	153	103	momentum	momentum	NOUN
fsr-3339	153	104	,	,	PUNCT
fsr-3339	153	105	respectively	respectively	ADV
fsr-3339	153	106	.	.	PUNCT
fsr-3339	154	1	the	the	DET
fsr-3339	154	2	term	term	NOUN
fsr-3339	154	3	�	�	PROPN
fsr-3339	154	4	p	p	NOUN
fsr-3339	154	5	is	be	AUX
fsr-3339	154	6	the	the	DET
fsr-3339	154	7	intercept	intercept	NOUN
fsr-3339	154	8	of	of	ADP
fsr-3339	154	9	the	the	DET
fsr-3339	154	10	regression	regression	NOUN
fsr-3339	154	11	;	;	PUNCT
fsr-3339	154	12	the	the	DET
fsr-3339	154	13	�	�	PROPN
fsr-3339	154	14	s	s	PART
fsr-3339	154	15	are	be	AUX
fsr-3339	154	16	the	the	DET
fsr-3339	154	17	fund	fund	NOUN
fsr-3339	154	18	’s	’s	PART
fsr-3339	154	19	sensitivity	sensitivity	NOUN
fsr-3339	154	20	to	to	ADP
fsr-3339	154	21	different	different	ADJ
fsr-3339	154	22	risk	risk	NOUN
fsr-3339	154	23	factors	factor	NOUN
fsr-3339	154	24	;	;	PUNCT
fsr-3339	154	25	and	and	CCONJ
fsr-3339	154	26	�	�	NOUN
fsr-3339	154	27	pt	pt	PROPN
fsr-3339	154	28	is	be	AUX
fsr-3339	154	29	the	the	DET
fsr-3339	154	30	random	random	ADJ
fsr-3339	154	31	error	error	NOUN
fsr-3339	154	32	term	term	NOUN
fsr-3339	154	33	.	.	PUNCT
fsr-3339	155	1	the	the	DET
fsr-3339	155	2	sign	sign	NOUN
fsr-3339	155	3	and	and	CCONJ
fsr-3339	155	4	value	value	NOUN
fsr-3339	155	5	of	of	ADP
fsr-3339	155	6	the	the	DET
fsr-3339	155	7	ex	ex	X
fsr-3339	155	8	post	post	PROPN
fsr-3339	155	9	�	�	PROPN
fsr-3339	155	10	(	(	PUNCT
fsr-3339	155	11	�	�	PROPN
fsr-3339	155	12	p	p	NOUN
fsr-3339	155	13	)	)	PUNCT
fsr-3339	155	14	indicates	indicate	VERB
fsr-3339	155	15	the	the	DET
fsr-3339	155	16	ability	ability	NOUN
fsr-3339	155	17	of	of	ADP
fsr-3339	155	18	the	the	DET
fsr-3339	155	19	manager	manager	NOUN
fsr-3339	155	20	to	to	PART
fsr-3339	155	21	generate	generate	VERB
fsr-3339	155	22	abnormal	abnormal	ADJ
fsr-3339	155	23	risk	risk	NOUN
fsr-3339	155	24	-	-	PUNCT
fsr-3339	155	25	adjusted	adjust	VERB
fsr-3339	155	26	returns	return	NOUN
fsr-3339	155	27	.	.	PUNCT
fsr-3339	156	1	our	our	PRON
fsr-3339	156	2	second	second	ADJ
fsr-3339	156	3	objective	objective	NOUN
fsr-3339	156	4	is	be	AUX
fsr-3339	156	5	to	to	PART
fsr-3339	156	6	investigate	investigate	VERB
fsr-3339	156	7	the	the	DET
fsr-3339	156	8	market	market	NOUN
fsr-3339	156	9	timing	timing	NOUN
fsr-3339	156	10	abilities	ability	NOUN
fsr-3339	156	11	of	of	ADP
fsr-3339	156	12	fund	fund	NOUN
fsr-3339	156	13	managers	manager	NOUN
fsr-3339	156	14	.	.	PUNCT
fsr-3339	157	1	in	in	ADP
fsr-3339	157	2	terms	term	NOUN
fsr-3339	157	3	of	of	ADP
fsr-3339	157	4	total	total	ADJ
fsr-3339	157	5	returns	return	NOUN
fsr-3339	157	6	instead	instead	ADV
fsr-3339	157	7	of	of	ADP
fsr-3339	157	8	relative	relative	ADJ
fsr-3339	157	9	returns	return	NOUN
fsr-3339	157	10	,	,	PUNCT
fsr-3339	157	11	a	a	DET
fsr-3339	157	12	fund	fund	NOUN
fsr-3339	157	13	’s	’s	PART
fsr-3339	157	14	performance	performance	NOUN
fsr-3339	157	15	comes	come	VERB
fsr-3339	157	16	from	from	ADP
fsr-3339	157	17	three	three	NUM
fsr-3339	157	18	sources	source	NOUN
fsr-3339	157	19	:	:	PUNCT
fsr-3339	157	20	(	(	PUNCT
fsr-3339	157	21	1	1	X
fsr-3339	157	22	)	)	PUNCT
fsr-3339	157	23	decisions	decision	NOUN
fsr-3339	157	24	involving	involve	VERB
fsr-3339	157	25	the	the	DET
fsr-3339	157	26	strategic	strategic	ADJ
fsr-3339	157	27	allocation	allocation	NOUN
fsr-3339	157	28	,	,	PUNCT
fsr-3339	157	29	(	(	PUNCT
fsr-3339	157	30	2	2	X
fsr-3339	157	31	)	)	PUNCT
fsr-3339	157	32	market	market	NOUN
fsr-3339	157	33	timing	timing	NOUN
fsr-3339	157	34	(	(	PUNCT
fsr-3339	157	35	i.e.	i.e.	X
fsr-3339	157	36	,	,	PUNCT
fsr-3339	157	37	returns	return	VERB
fsr-3339	157	38	attributable	attributable	ADJ
fsr-3339	157	39	to	to	ADP
fsr-3339	157	40	shorter	short	ADJ
fsr-3339	157	41	-	-	PUNCT
fsr-3339	157	42	term	term	NOUN
fsr-3339	157	43	tactical	tactical	ADJ
fsr-3339	157	44	deviations	deviation	NOUN
fsr-3339	157	45	from	from	ADP
fsr-3339	157	46	the	the	DET
fsr-3339	157	47	strategic	strategic	ADJ
fsr-3339	157	48	asset	asset	NOUN
fsr-3339	157	49	allocation	allocation	NOUN
fsr-3339	157	50	)	)	PUNCT
fsr-3339	157	51	,	,	PUNCT
fsr-3339	157	52	and	and	CCONJ
fsr-3339	157	53	(	(	PUNCT
fsr-3339	157	54	3	3	X
fsr-3339	157	55	)	)	PUNCT
fsr-3339	157	56	security	security	NOUN
fsr-3339	157	57	selection	selection	NOUN
fsr-3339	157	58	(	(	PUNCT
fsr-3339	157	59	i.e.	i.e.	X
fsr-3339	157	60	,	,	PUNCT
fsr-3339	157	61	skill	skill	NOUN
fsr-3339	157	62	in	in	ADP
fsr-3339	157	63	selecting	select	VERB
fsr-3339	157	64	individual	individual	ADJ
fsr-3339	157	65	securities	security	NOUN
fsr-3339	157	66	within	within	ADP
fsr-3339	157	67	an	an	DET
fsr-3339	157	68	asset	asset	NOUN
fsr-3339	157	69	class	class	NOUN
fsr-3339	157	70	)	)	PUNCT
fsr-3339	157	71	(	(	PUNCT
fsr-3339	157	72	maginn	maginn	NOUN
fsr-3339	157	73	et	et	PROPN
fsr-3339	157	74	al	al	PROPN
fsr-3339	157	75	.	.	PROPN
fsr-3339	157	76	,	,	PUNCT
fsr-3339	157	77	2007	2007	NUM
fsr-3339	157	78	)	)	PUNCT
fsr-3339	157	79	.	.	PUNCT
fsr-3339	158	1	if	if	SCONJ
fsr-3339	158	2	fund	fund	NOUN
fsr-3339	158	3	managers	manager	NOUN
fsr-3339	158	4	have	have	VERB
fsr-3339	158	5	market	market	NOUN
fsr-3339	158	6	timing	timing	NOUN
fsr-3339	158	7	ability	ability	NOUN
fsr-3339	158	8	,	,	PUNCT
fsr-3339	158	9	they	they	PRON
fsr-3339	158	10	should	should	AUX
fsr-3339	158	11	increase	increase	VERB
fsr-3339	158	12	portfolio	portfolio	NOUN
fsr-3339	158	13	exposure	exposure	NOUN
fsr-3339	158	14	to	to	ADP
fsr-3339	158	15	the	the	DET
fsr-3339	158	16	market	market	NOUN
fsr-3339	158	17	before	before	SCONJ
fsr-3339	158	18	the	the	DET
fsr-3339	158	19	market	market	NOUN
fsr-3339	158	20	advances	advance	VERB
fsr-3339	158	21	and	and	CCONJ
fsr-3339	158	22	reduce	reduce	VERB
fsr-3339	158	23	market	market	NOUN
fsr-3339	158	24	exposure	exposure	NOUN
fsr-3339	158	25	before	before	SCONJ
fsr-3339	158	26	the	the	DET
fsr-3339	158	27	market	market	NOUN
fsr-3339	158	28	declines	decline	VERB
fsr-3339	158	29	.	.	PUNCT
fsr-3339	159	1	earlier	early	ADJ
fsr-3339	159	2	literature	literature	NOUN
fsr-3339	159	3	on	on	ADP
fsr-3339	159	4	the	the	DET
fsr-3339	159	5	market	market	NOUN
fsr-3339	159	6	timing	timing	NOUN
fsr-3339	159	7	skills	skill	NOUN
fsr-3339	159	8	finds	find	VERB
fsr-3339	159	9	little	little	ADJ
fsr-3339	159	10	evidence	evidence	NOUN
fsr-3339	159	11	of	of	ADP
fsr-3339	159	12	fund	fund	NOUN
fsr-3339	159	13	managers	manager	NOUN
fsr-3339	159	14	possessing	possess	VERB
fsr-3339	159	15	this	this	DET
fsr-3339	159	16	skill	skill	NOUN
fsr-3339	159	17	(	(	PUNCT
fsr-3339	159	18	elton	elton	PROPN
fsr-3339	159	19	et	et	PROPN
fsr-3339	159	20	al	al	PROPN
fsr-3339	159	21	.	.	PROPN
fsr-3339	159	22	,	,	PUNCT
fsr-3339	159	23	1993	1993	NUM
fsr-3339	159	24	;	;	PUNCT
fsr-3339	159	25	henriksson	henriksson	NOUN
fsr-3339	159	26	,	,	PUNCT
fsr-3339	159	27	1984	1984	NUM
fsr-3339	159	28	;	;	PUNCT
fsr-3339	159	29	jensen	jensen	PROPN
fsr-3339	159	30	,	,	PUNCT
fsr-3339	159	31	1969	1969	NUM
fsr-3339	159	32	;	;	PUNCT
fsr-3339	159	33	treynor	treynor	NOUN
fsr-3339	159	34	295w	295w	PROPN
fsr-3339	159	35	.	.	PUNCT
fsr-3339	160	1	he	he	PRON
fsr-3339	160	2	et	et	PROPN
fsr-3339	160	3	al	al	PROPN
fsr-3339	160	4	.	.	PUNCT
fsr-3339	160	5	/	/	SYM
fsr-3339	160	6	financial	financial	ADJ
fsr-3339	160	7	services	service	NOUN
fsr-3339	160	8	review	review	VERB
fsr-3339	160	9	24	24	NUM
fsr-3339	160	10	(	(	PUNCT
fsr-3339	160	11	2015	2015	NUM
fsr-3339	160	12	)	)	PUNCT
fsr-3339	160	13	289–311	289–311	NUM
fsr-3339	160	14	and	and	CCONJ
fsr-3339	160	15	mazuy	mazuy	PROPN
fsr-3339	160	16	,	,	PUNCT
fsr-3339	160	17	1966	1966	NUM
fsr-3339	160	18	)	)	PUNCT
fsr-3339	160	19	.	.	PUNCT
fsr-3339	161	1	more	more	ADV
fsr-3339	161	2	recently	recently	ADV
fsr-3339	161	3	,	,	PUNCT
fsr-3339	161	4	using	use	VERB
fsr-3339	161	5	daily	daily	ADJ
fsr-3339	161	6	data	datum	NOUN
fsr-3339	161	7	,	,	PUNCT
fsr-3339	161	8	bollen	bollen	PROPN
fsr-3339	161	9	and	and	CCONJ
fsr-3339	161	10	busse	busse	PROPN
fsr-3339	161	11	(	(	PUNCT
fsr-3339	161	12	2001	2001	NUM
fsr-3339	161	13	)	)	PUNCT
fsr-3339	161	14	and	and	CCONJ
fsr-3339	161	15	chance	chance	NOUN
fsr-3339	161	16	and	and	CCONJ
fsr-3339	161	17	hemler	hemler	NOUN
fsr-3339	161	18	(	(	PUNCT
fsr-3339	161	19	2001	2001	NUM
fsr-3339	161	20	)	)	PUNCT
fsr-3339	161	21	find	find	VERB
fsr-3339	161	22	evidence	evidence	NOUN
fsr-3339	161	23	of	of	ADP
fsr-3339	161	24	market	market	NOUN
fsr-3339	161	25	timing	timing	NOUN
fsr-3339	161	26	for	for	ADP
fsr-3339	161	27	a	a	DET
fsr-3339	161	28	substantial	substantial	ADJ
fsr-3339	161	29	number	number	NOUN
fsr-3339	161	30	of	of	ADP
fsr-3339	161	31	funds	fund	NOUN
fsr-3339	161	32	in	in	ADP
fsr-3339	161	33	the	the	DET
fsr-3339	161	34	united	united	PROPN
fsr-3339	161	35	states	states	PROPN
fsr-3339	161	36	.	.	PUNCT
fsr-3339	162	1	based	base	VERB
fsr-3339	162	2	on	on	ADP
fsr-3339	162	3	the	the	DET
fsr-3339	162	4	standard	standard	ADJ
fsr-3339	162	5	four	four	NUM
fsr-3339	162	6	-	-	PUNCT
fsr-3339	162	7	factor	factor	NOUN
fsr-3339	162	8	model	model	NOUN
fsr-3339	162	9	,	,	PUNCT
fsr-3339	162	10	we	we	PRON
fsr-3339	162	11	extend	extend	VERB
fsr-3339	162	12	the	the	DET
fsr-3339	162	13	treynor	treynor	NOUN
fsr-3339	162	14	and	and	CCONJ
fsr-3339	162	15	mazuy	mazuy	PROPN
fsr-3339	162	16	(	(	PUNCT
fsr-3339	162	17	1966	1966	NUM
fsr-3339	162	18	)	)	PUNCT
fsr-3339	162	19	(	(	PUNCT
fsr-3339	162	20	hereafter	hereafter	ADV
fsr-3339	162	21	referred	refer	VERB
fsr-3339	162	22	to	to	ADP
fsr-3339	162	23	as	as	ADP
fsr-3339	162	24	tm	tm	NOUN
fsr-3339	162	25	)	)	PUNCT
fsr-3339	162	26	approach	approach	NOUN
fsr-3339	162	27	in	in	ADP
fsr-3339	162	28	detecting	detect	VERB
fsr-3339	162	29	market	market	NOUN
fsr-3339	162	30	timing	timing	NOUN
fsr-3339	162	31	ability	ability	NOUN
fsr-3339	162	32	using	use	VERB
fsr-3339	162	33	the	the	DET
fsr-3339	162	34	following	follow	VERB
fsr-3339	162	35	regression	regression	NOUN
fsr-3339	162	36	equation	equation	NOUN
fsr-3339	162	37	.	.	PUNCT
fsr-3339	163	1	rp	rp	NOUN
fsr-3339	163	2	,	,	PUNCT
fsr-3339	163	3	t	t	PROPN
fsr-3339	163	4	�	�	PROPN
fsr-3339	163	5	�	�	PROPN
fsr-3339	163	6	p	p	PROPN
fsr-3339	163	7	�	�	PROPN
fsr-3339	163	8	�	�	PROPN
fsr-3339	163	9	prm	prm	PROPN
fsr-3339	163	10	,	,	PUNCT
fsr-3339	163	11	t	t	PROPN
fsr-3339	163	12	�	�	PROPN
fsr-3339	163	13	�	�	PROPN
fsr-3339	163	14	prm	prm	PROPN
fsr-3339	163	15	,	,	PUNCT
fsr-3339	163	16	t	t	PROPN
fsr-3339	163	17	2	2	NUM
fsr-3339	163	18	�	�	PROPN
fsr-3339	163	19	f	f	PROPN
fsr-3339	163	20	�	�	PROPN
fsr-3339	163	21	smbt	smbt	NOUN
fsr-3339	163	22	,	,	PUNCT
fsr-3339	163	23	hmlt	hmlt	NOUN
fsr-3339	163	24	,	,	PUNCT
fsr-3339	163	25	momt	momt	PROPN
fsr-3339	163	26	�	�	PROPN
fsr-3339	163	27	�	�	PROPN
fsr-3339	163	28	�	�	PROPN
fsr-3339	163	29	pt	pt	PROPN
fsr-3339	163	30	(	(	PUNCT
fsr-3339	163	31	4	4	NUM
fsr-3339	163	32	)	)	PUNCT
fsr-3339	163	33	where	where	SCONJ
fsr-3339	163	34	rp	rp	NOUN
fsr-3339	163	35	,	,	PUNCT
fsr-3339	163	36	t	t	PROPN
fsr-3339	163	37	is	be	AUX
fsr-3339	163	38	the	the	DET
fsr-3339	163	39	excess	excess	ADJ
fsr-3339	163	40	return	return	NOUN
fsr-3339	163	41	on	on	ADP
fsr-3339	163	42	a	a	DET
fsr-3339	163	43	portfolio	portfolio	NOUN
fsr-3339	163	44	at	at	ADP
fsr-3339	163	45	time	time	NOUN
fsr-3339	163	46	t	t	PROPN
fsr-3339	163	47	;	;	PUNCT
fsr-3339	163	48	rm	rm	PROPN
fsr-3339	163	49	,	,	PUNCT
fsr-3339	163	50	t	t	PROPN
fsr-3339	163	51	is	be	AUX
fsr-3339	163	52	the	the	DET
fsr-3339	163	53	excess	excess	ADJ
fsr-3339	163	54	return	return	NOUN
fsr-3339	163	55	on	on	ADP
fsr-3339	163	56	the	the	DET
fsr-3339	163	57	market	market	NOUN
fsr-3339	163	58	;	;	PUNCT
fsr-3339	163	59	f	f	X
fsr-3339	163	60	�	�	NOUN
fsr-3339	163	61	smbt	smbt	NOUN
fsr-3339	163	62	,	,	PUNCT
fsr-3339	163	63	hmlt	hmlt	NOUN
fsr-3339	163	64	,	,	PUNCT
fsr-3339	163	65	momt	momt	PROPN
fsr-3339	163	66	�	�	PROPN
fsr-3339	163	67	is	be	AUX
fsr-3339	163	68	the	the	DET
fsr-3339	163	69	linear	linear	ADJ
fsr-3339	163	70	combination	combination	NOUN
fsr-3339	163	71	of	of	ADP
fsr-3339	163	72	these	these	DET
fsr-3339	163	73	risk	risk	NOUN
fsr-3339	163	74	factors	factor	NOUN
fsr-3339	163	75	as	as	SCONJ
fsr-3339	163	76	expressed	express	VERB
fsr-3339	163	77	in	in	ADP
fsr-3339	163	78	eq	eq	ADP
fsr-3339	163	79	.	.	PUNCT
fsr-3339	164	1	(	(	PUNCT
fsr-3339	164	2	3	3	NUM
fsr-3339	164	3	)	)	PUNCT
fsr-3339	164	4	;	;	PUNCT
fsr-3339	164	5	and	and	CCONJ
fsr-3339	164	6	�	�	PROPN
fsr-3339	164	7	p	p	NOUN
fsr-3339	164	8	measures	measure	NOUN
fsr-3339	164	9	market	market	NOUN
fsr-3339	164	10	timing	timing	NOUN
fsr-3339	164	11	ability	ability	NOUN
fsr-3339	164	12	.	.	PUNCT
fsr-3339	165	1	the	the	DET
fsr-3339	165	2	coefficient	coefficient	NOUN
fsr-3339	165	3	on	on	ADP
fsr-3339	165	4	the	the	DET
fsr-3339	165	5	quadratic	quadratic	ADJ
fsr-3339	165	6	term	term	NOUN
fsr-3339	165	7	of	of	ADP
fsr-3339	165	8	fund	fund	NOUN
fsr-3339	165	9	returns	return	NOUN
fsr-3339	165	10	,	,	PUNCT
fsr-3339	165	11	�	�	PROPN
fsr-3339	165	12	p	p	NOUN
fsr-3339	165	13	should	should	AUX
fsr-3339	165	14	be	be	AUX
fsr-3339	165	15	positive	positive	ADJ
fsr-3339	165	16	if	if	SCONJ
fsr-3339	165	17	mutual	mutual	ADJ
fsr-3339	165	18	fund	fund	NOUN
fsr-3339	165	19	managers	manager	NOUN
fsr-3339	165	20	exhibit	exhibit	VERB
fsr-3339	165	21	the	the	DET
fsr-3339	165	22	market	market	NOUN
fsr-3339	165	23	timing	timing	NOUN
fsr-3339	165	24	ability	ability	NOUN
fsr-3339	165	25	by	by	ADP
fsr-3339	165	26	adjusting	adjust	VERB
fsr-3339	165	27	their	their	PRON
fsr-3339	165	28	portfolio	portfolio	NOUN
fsr-3339	165	29	’s	’s	PART
fsr-3339	165	30	market	market	NOUN
fsr-3339	165	31	exposures	exposure	NOUN
fsr-3339	165	32	before	before	ADP
fsr-3339	165	33	the	the	DET
fsr-3339	165	34	market	market	NOUN
fsr-3339	165	35	swings	swing	NOUN
fsr-3339	165	36	to	to	PART
fsr-3339	165	37	capture	capture	VERB
fsr-3339	165	38	the	the	DET
fsr-3339	165	39	upside	upside	NOUN
fsr-3339	165	40	and	and	CCONJ
fsr-3339	165	41	avoid	avoid	VERB
fsr-3339	165	42	the	the	DET
fsr-3339	165	43	downside	downside	NOUN
fsr-3339	165	44	.	.	PUNCT
fsr-3339	166	1	henriksson	henriksson	NOUN
fsr-3339	166	2	and	and	CCONJ
fsr-3339	166	3	merton	merton	PROPN
fsr-3339	166	4	(	(	PUNCT
fsr-3339	166	5	1981	1981	NUM
fsr-3339	166	6	)	)	PUNCT
fsr-3339	166	7	(	(	PUNCT
fsr-3339	166	8	hereafter	hereafter	ADV
fsr-3339	166	9	referred	refer	VERB
fsr-3339	166	10	to	to	ADP
fsr-3339	166	11	as	as	SCONJ
fsr-3339	166	12	hm	hm	INTJ
fsr-3339	166	13	)	)	PUNCT
fsr-3339	166	14	propose	propose	VERB
fsr-3339	166	15	another	another	DET
fsr-3339	166	16	approach	approach	NOUN
fsr-3339	166	17	of	of	ADP
fsr-3339	166	18	modeling	model	VERB
fsr-3339	166	19	market	market	NOUN
fsr-3339	166	20	timing	timing	NOUN
fsr-3339	166	21	.	.	PUNCT
fsr-3339	167	1	we	we	PRON
fsr-3339	167	2	also	also	ADV
fsr-3339	167	3	examine	examine	VERB
fsr-3339	167	4	their	their	PRON
fsr-3339	167	5	timing	timing	NOUN
fsr-3339	167	6	coefficient	coefficient	NOUN
fsr-3339	167	7	in	in	ADP
fsr-3339	167	8	our	our	PRON
fsr-3339	167	9	four	four	NUM
fsr-3339	167	10	-	-	PUNCT
fsr-3339	167	11	factor	factor	NOUN
fsr-3339	167	12	model	model	NOUN
fsr-3339	167	13	as	as	ADP
fsr-3339	167	14	eq	eq	ADP
fsr-3339	167	15	.	.	PUNCT
fsr-3339	168	1	(	(	PUNCT
fsr-3339	168	2	5	5	X
fsr-3339	168	3	)	)	PUNCT
fsr-3339	168	4	shows	show	VERB
fsr-3339	168	5	:	:	PUNCT
fsr-3339	168	6	rp	rp	NOUN
fsr-3339	168	7	,	,	PUNCT
fsr-3339	168	8	t	t	PROPN
fsr-3339	168	9	�	�	PROPN
fsr-3339	168	10	�	�	PROPN
fsr-3339	168	11	p	p	PROPN
fsr-3339	168	12	�	�	PROPN
fsr-3339	168	13	�	�	PROPN
fsr-3339	168	14	prm	prm	PROPN
fsr-3339	168	15	,	,	PUNCT
fsr-3339	168	16	t	t	PROPN
fsr-3339	168	17	�	�	PROPN
fsr-3339	168	18	�	�	PROPN
fsr-3339	168	19	pitrm	pitrm	PROPN
fsr-3339	168	20	,	,	PUNCT
fsr-3339	168	21	t	t	PROPN
fsr-3339	168	22	�	�	PROPN
fsr-3339	168	23	f	f	PROPN
fsr-3339	168	24	�	�	PROPN
fsr-3339	168	25	smbt	smbt	NOUN
fsr-3339	168	26	,	,	PUNCT
fsr-3339	168	27	hmlt	hmlt	NOUN
fsr-3339	168	28	,	,	PUNCT
fsr-3339	168	29	momt	momt	PROPN
fsr-3339	168	30	�	�	PROPN
fsr-3339	168	31	�	�	PROPN
fsr-3339	168	32	�	�	PROPN
fsr-3339	168	33	pt	pt	PROPN
fsr-3339	168	34	(	(	PUNCT
fsr-3339	168	35	5	5	NUM
fsr-3339	168	36	)	)	PUNCT
fsr-3339	168	37	where	where	SCONJ
fsr-3339	168	38	it	it	PRON
fsr-3339	168	39	equals	equal	VERB
fsr-3339	168	40	one	one	NUM
fsr-3339	168	41	if	if	SCONJ
fsr-3339	168	42	the	the	DET
fsr-3339	168	43	market	market	NOUN
fsr-3339	168	44	’s	’s	PART
fsr-3339	168	45	excess	excess	ADJ
fsr-3339	168	46	return	return	NOUN
fsr-3339	168	47	and	and	CCONJ
fsr-3339	168	48	rm	rm	PROPN
fsr-3339	168	49	,	,	PUNCT
fsr-3339	168	50	t	t	PROPN
fsr-3339	168	51	is	be	AUX
fsr-3339	168	52	positive	positive	ADJ
fsr-3339	168	53	and	and	CCONJ
fsr-3339	168	54	zero	zero	NUM
fsr-3339	168	55	otherwise	otherwise	ADV
fsr-3339	168	56	.	.	PUNCT
fsr-3339	169	1	the	the	DET
fsr-3339	169	2	hm	hm	INTJ
fsr-3339	169	3	regression	regression	NOUN
fsr-3339	169	4	allows	allow	VERB
fsr-3339	169	5	for	for	SCONJ
fsr-3339	169	6	the	the	DET
fsr-3339	169	7	�	�	PROPN
fsr-3339	169	8	risk	risk	NOUN
fsr-3339	169	9	to	to	PART
fsr-3339	169	10	be	be	AUX
fsr-3339	169	11	different	different	ADJ
fsr-3339	169	12	in	in	ADP
fsr-3339	169	13	ex	ex	PRON
fsr-3339	169	14	post	post	NOUN
fsr-3339	169	15	up	up	ADP
fsr-3339	169	16	and	and	CCONJ
fsr-3339	169	17	down	down	ADP
fsr-3339	169	18	markets	market	NOUN
fsr-3339	169	19	.	.	PUNCT
fsr-3339	170	1	the	the	DET
fsr-3339	170	2	term	term	NOUN
fsr-3339	170	3	�	�	PROPN
fsr-3339	170	4	p	p	NOUN
fsr-3339	170	5	measures	measure	NOUN
fsr-3339	170	6	fund	fund	NOUN
fsr-3339	170	7	managers	manager	NOUN
fsr-3339	170	8	’	’	PART
fsr-3339	170	9	ability	ability	NOUN
fsr-3339	170	10	to	to	PART
fsr-3339	170	11	time	time	VERB
fsr-3339	170	12	the	the	DET
fsr-3339	170	13	market	market	NOUN
fsr-3339	170	14	by	by	ADP
fsr-3339	170	15	altering	alter	VERB
fsr-3339	170	16	the	the	DET
fsr-3339	170	17	portfolio	portfolio	NOUN
fsr-3339	170	18	’s	’s	PART
fsr-3339	170	19	�	�	PROPN
fsr-3339	170	20	.	.	PUNCT
fsr-3339	171	1	researchers	researcher	NOUN
fsr-3339	171	2	often	often	ADV
fsr-3339	171	3	consider	consider	VERB
fsr-3339	171	4	the	the	DET
fsr-3339	171	5	�	�	NOUN
fsr-3339	171	6	s	s	PART
fsr-3339	171	7	in	in	ADP
fsr-3339	171	8	the	the	DET
fsr-3339	171	9	tm	tm	PROPN
fsr-3339	171	10	and	and	CCONJ
fsr-3339	171	11	hm	hm	PROPN
fsr-3339	171	12	models	model	NOUN
fsr-3339	171	13	as	as	ADP
fsr-3339	171	14	evidence	evidence	NOUN
fsr-3339	171	15	of	of	ADP
fsr-3339	171	16	security	security	NOUN
fsr-3339	171	17	selection	selection	NOUN
fsr-3339	171	18	skill	skill	NOUN
fsr-3339	171	19	if	if	SCONJ
fsr-3339	171	20	the	the	DET
fsr-3339	171	21	estimated	estimate	VERB
fsr-3339	171	22	value	value	NOUN
fsr-3339	171	23	is	be	AUX
fsr-3339	171	24	positive	positive	ADJ
fsr-3339	171	25	and	and	CCONJ
fsr-3339	171	26	statistically	statistically	ADV
fsr-3339	171	27	significant	significant	ADJ
fsr-3339	171	28	.	.	PUNCT
fsr-3339	172	1	3.2	3.2	NUM
fsr-3339	172	2	.	.	PUNCT
fsr-3339	173	1	fund	fund	NOUN
fsr-3339	173	2	characteristics	characteristic	NOUN
fsr-3339	173	3	,	,	PUNCT
fsr-3339	173	4	fund	fund	NOUN
fsr-3339	173	5	flows	flow	NOUN
fsr-3339	173	6	,	,	PUNCT
fsr-3339	173	7	and	and	CCONJ
fsr-3339	173	8	fund	fund	NOUN
fsr-3339	173	9	performance	performance	NOUN
fsr-3339	173	10	the	the	DET
fsr-3339	173	11	third	third	ADJ
fsr-3339	173	12	objective	objective	NOUN
fsr-3339	173	13	of	of	ADP
fsr-3339	173	14	this	this	DET
fsr-3339	173	15	study	study	NOUN
fsr-3339	173	16	is	be	AUX
fsr-3339	173	17	to	to	PART
fsr-3339	173	18	examine	examine	VERB
fsr-3339	173	19	how	how	SCONJ
fsr-3339	173	20	the	the	DET
fsr-3339	173	21	characteristics	characteristic	NOUN
fsr-3339	173	22	and	and	CCONJ
fsr-3339	173	23	flows	flow	NOUN
fsr-3339	173	24	of	of	ADP
fsr-3339	173	25	actively	actively	ADV
fsr-3339	173	26	managed	manage	VERB
fsr-3339	173	27	chinese	chinese	ADJ
fsr-3339	173	28	stock	stock	NOUN
fsr-3339	173	29	mutual	mutual	ADJ
fsr-3339	173	30	funds	fund	NOUN
fsr-3339	173	31	explain	explain	VERB
fsr-3339	173	32	fund	fund	NOUN
fsr-3339	173	33	performance	performance	NOUN
fsr-3339	173	34	and	and	CCONJ
fsr-3339	173	35	market	market	NOUN
fsr-3339	173	36	timing	timing	NOUN
fsr-3339	173	37	ability	ability	NOUN
fsr-3339	173	38	.	.	PUNCT
fsr-3339	174	1	many	many	ADJ
fsr-3339	174	2	studies	study	NOUN
fsr-3339	174	3	attempt	attempt	VERB
fsr-3339	174	4	to	to	PART
fsr-3339	174	5	explain	explain	VERB
fsr-3339	174	6	how	how	SCONJ
fsr-3339	174	7	fund	fund	NOUN
fsr-3339	174	8	characteristics	characteristic	NOUN
fsr-3339	174	9	such	such	ADJ
fsr-3339	174	10	as	as	ADP
fsr-3339	174	11	fund	fund	NOUN
fsr-3339	174	12	size	size	NOUN
fsr-3339	174	13	,	,	PUNCT
fsr-3339	174	14	age	age	NOUN
fsr-3339	174	15	,	,	PUNCT
fsr-3339	174	16	expense	expense	NOUN
fsr-3339	174	17	ratios	ratio	NOUN
fsr-3339	174	18	or	or	CCONJ
fsr-3339	174	19	management	management	NOUN
fsr-3339	174	20	fees	fee	NOUN
fsr-3339	174	21	,	,	PUNCT
fsr-3339	174	22	and	and	CCONJ
fsr-3339	174	23	investment	investment	NOUN
fsr-3339	174	24	style	style	NOUN
fsr-3339	174	25	help	help	VERB
fsr-3339	174	26	to	to	PART
fsr-3339	174	27	explain	explain	VERB
fsr-3339	174	28	fund	fund	NOUN
fsr-3339	174	29	performance	performance	NOUN
fsr-3339	174	30	.	.	PUNCT
fsr-3339	175	1	with	with	ADP
fsr-3339	175	2	some	some	DET
fsr-3339	175	3	exceptions	exception	NOUN
fsr-3339	175	4	,	,	PUNCT
fsr-3339	175	5	the	the	DET
fsr-3339	175	6	previous	previous	ADJ
fsr-3339	175	7	literature	literature	NOUN
fsr-3339	175	8	generally	generally	ADV
fsr-3339	175	9	supports	support	VERB
fsr-3339	175	10	an	an	DET
fsr-3339	175	11	inverse	inverse	NOUN
fsr-3339	175	12	relationship	relationship	NOUN
fsr-3339	175	13	between	between	ADP
fsr-3339	175	14	scale	scale	NOUN
fsr-3339	175	15	and	and	CCONJ
fsr-3339	175	16	fund	fund	NOUN
fsr-3339	175	17	returns	return	NOUN
fsr-3339	175	18	.	.	PUNCT
fsr-3339	176	1	according	accord	VERB
fsr-3339	176	2	to	to	ADP
fsr-3339	176	3	the	the	DET
fsr-3339	176	4	“	"	PUNCT
fsr-3339	176	5	liquidity	liquidity	NOUN
fsr-3339	176	6	hypothesis	hypothesis	NOUN
fsr-3339	176	7	,	,	PUNCT
fsr-3339	176	8	”	"	PUNCT
fsr-3339	176	9	fund	fund	NOUN
fsr-3339	176	10	size	size	NOUN
fsr-3339	176	11	erodes	erode	VERB
fsr-3339	176	12	performance	performance	NOUN
fsr-3339	176	13	because	because	SCONJ
fsr-3339	176	14	of	of	ADP
fsr-3339	176	15	the	the	DET
fsr-3339	176	16	higher	high	ADJ
fsr-3339	176	17	trading	trading	NOUN
fsr-3339	176	18	costs	cost	NOUN
fsr-3339	176	19	associated	associate	VERB
fsr-3339	176	20	with	with	ADP
fsr-3339	176	21	illiquid	illiquid	ADJ
fsr-3339	176	22	stocks	stock	NOUN
fsr-3339	176	23	.	.	PUNCT
fsr-3339	177	1	large	large	ADJ
fsr-3339	177	2	funds	fund	NOUN
fsr-3339	177	3	are	be	AUX
fsr-3339	177	4	not	not	PART
fsr-3339	177	5	as	as	ADV
fsr-3339	177	6	flexible	flexible	ADJ
fsr-3339	177	7	as	as	ADP
fsr-3339	177	8	small	small	ADJ
fsr-3339	177	9	funds	fund	NOUN
fsr-3339	177	10	in	in	ADP
fsr-3339	177	11	divesting	divest	VERB
fsr-3339	177	12	illiquid	illiquid	ADJ
fsr-3339	177	13	stocks	stock	NOUN
fsr-3339	177	14	(	(	PUNCT
fsr-3339	177	15	perold	perold	NOUN
fsr-3339	177	16	and	and	CCONJ
fsr-3339	177	17	salomon	salomon	NOUN
fsr-3339	177	18	,	,	PUNCT
fsr-3339	177	19	1991	1991	NUM
fsr-3339	177	20	)	)	PUNCT
fsr-3339	177	21	.	.	PUNCT
fsr-3339	178	1	chen	chen	PROPN
fsr-3339	178	2	et	et	PROPN
fsr-3339	178	3	al	al	PROPN
fsr-3339	178	4	.	.	PROPN
fsr-3339	178	5	(	(	PUNCT
fsr-3339	178	6	2004	2004	NUM
fsr-3339	178	7	)	)	PUNCT
fsr-3339	178	8	reinforce	reinforce	VERB
fsr-3339	178	9	the	the	DET
fsr-3339	178	10	inverse	inverse	NOUN
fsr-3339	178	11	relationship	relationship	NOUN
fsr-3339	178	12	between	between	ADP
fsr-3339	178	13	fund	fund	NOUN
fsr-3339	178	14	size	size	NOUN
fsr-3339	178	15	and	and	CCONJ
fsr-3339	178	16	returns	return	NOUN
fsr-3339	178	17	for	for	ADP
fsr-3339	178	18	various	various	ADJ
fsr-3339	178	19	performance	performance	NOUN
fsr-3339	178	20	benchmarks	benchmark	NOUN
fsr-3339	178	21	and	and	CCONJ
fsr-3339	178	22	attribute	attribute	VERB
fsr-3339	178	23	the	the	DET
fsr-3339	178	24	adverse	adverse	ADJ
fsr-3339	178	25	scale	scale	NOUN
fsr-3339	178	26	effects	effect	NOUN
fsr-3339	178	27	to	to	PART
fsr-3339	178	28	lack	lack	NOUN
fsr-3339	178	29	of	of	ADP
fsr-3339	178	30	liquidity	liquidity	NOUN
fsr-3339	178	31	and	and	CCONJ
fsr-3339	178	32	organizational	organizational	ADJ
fsr-3339	178	33	diseconomies	diseconomie	NOUN
fsr-3339	178	34	.	.	PUNCT
fsr-3339	179	1	in	in	ADP
fsr-3339	179	2	contrast	contrast	NOUN
fsr-3339	179	3	,	,	PUNCT
fsr-3339	179	4	grinblatt	grinblatt	NOUN
fsr-3339	179	5	and	and	CCONJ
fsr-3339	179	6	titman	titman	NOUN
fsr-3339	179	7	(	(	PUNCT
fsr-3339	179	8	1989	1989	NUM
fsr-3339	179	9	)	)	PUNCT
fsr-3339	179	10	find	find	VERB
fsr-3339	179	11	mixed	mixed	ADJ
fsr-3339	179	12	evidence	evidence	NOUN
fsr-3339	179	13	that	that	PRON
fsr-3339	179	14	fund	fund	NOUN
fsr-3339	179	15	returns	return	NOUN
fsr-3339	179	16	decline	decline	VERB
fsr-3339	179	17	with	with	ADP
fsr-3339	179	18	fund	fund	NOUN
fsr-3339	179	19	size	size	NOUN
fsr-3339	179	20	.	.	PUNCT
fsr-3339	180	1	otten	otten	PROPN
fsr-3339	180	2	and	and	CCONJ
fsr-3339	180	3	bams	bams	PROPN
fsr-3339	180	4	(	(	PUNCT
fsr-3339	180	5	2002	2002	NUM
fsr-3339	180	6	)	)	PUNCT
fsr-3339	180	7	also	also	ADV
fsr-3339	180	8	report	report	VERB
fsr-3339	180	9	a	a	DET
fsr-3339	180	10	positive	positive	ADJ
fsr-3339	180	11	relationship	relationship	NOUN
fsr-3339	180	12	between	between	ADP
fsr-3339	180	13	size	size	NOUN
fsr-3339	180	14	and	and	CCONJ
fsr-3339	180	15	fund	fund	NOUN
fsr-3339	180	16	abnormal	abnormal	ADJ
fsr-3339	180	17	performance	performance	NOUN
fsr-3339	180	18	for	for	ADP
fsr-3339	180	19	european	european	ADJ
fsr-3339	180	20	mutual	mutual	ADJ
fsr-3339	180	21	funds	fund	NOUN
fsr-3339	180	22	.	.	PUNCT
fsr-3339	181	1	because	because	SCONJ
fsr-3339	181	2	the	the	DET
fsr-3339	181	3	chinese	chinese	ADJ
fsr-3339	181	4	mutual	mutual	ADJ
fsr-3339	181	5	fund	fund	NOUN
fsr-3339	181	6	industry	industry	NOUN
fsr-3339	181	7	only	only	ADV
fsr-3339	181	8	has	have	VERB
fsr-3339	181	9	a	a	DET
fsr-3339	181	10	short	short	ADJ
fsr-3339	181	11	history	history	NOUN
fsr-3339	181	12	,	,	PUNCT
fsr-3339	181	13	their	their	PRON
fsr-3339	181	14	sizes	size	NOUN
fsr-3339	181	15	are	be	AUX
fsr-3339	181	16	potentially	potentially	ADV
fsr-3339	181	17	relatively	relatively	ADV
fsr-3339	181	18	small	small	ADJ
fsr-3339	181	19	to	to	PART
fsr-3339	181	20	generate	generate	VERB
fsr-3339	181	21	a	a	DET
fsr-3339	181	22	price	price	NOUN
fsr-3339	181	23	impact	impact	NOUN
fsr-3339	181	24	on	on	ADP
fsr-3339	181	25	illiquid	illiquid	ADJ
fsr-3339	181	26	stocks	stock	NOUN
fsr-3339	181	27	.	.	PUNCT
fsr-3339	182	1	furthermore	furthermore	ADV
fsr-3339	182	2	,	,	PUNCT
fsr-3339	182	3	unlike	unlike	ADP
fsr-3339	182	4	manufacturing	manufacture	VERB
fsr-3339	182	5	corporations	corporation	NOUN
fsr-3339	182	6	,	,	PUNCT
fsr-3339	182	7	at	at	ADP
fsr-3339	182	8	the	the	DET
fsr-3339	182	9	fund	fund	NOUN
fsr-3339	182	10	level	level	NOUN
fsr-3339	182	11	,	,	PUNCT
fsr-3339	182	12	the	the	DET
fsr-3339	182	13	size	size	NOUN
fsr-3339	182	14	of	of	ADP
fsr-3339	182	15	the	the	DET
fsr-3339	182	16	fund	fund	NOUN
fsr-3339	182	17	management	management	NOUN
fsr-3339	182	18	team	team	NOUN
fsr-3339	182	19	does	do	AUX
fsr-3339	182	20	not	not	PART
fsr-3339	182	21	296	296	NUM
fsr-3339	182	22	w.	w.	NOUN
fsr-3339	182	23	he	he	PRON
fsr-3339	182	24	et	et	PROPN
fsr-3339	182	25	al	al	PROPN
fsr-3339	182	26	.	.	PUNCT
fsr-3339	182	27	/	/	SYM
fsr-3339	182	28	financial	financial	ADJ
fsr-3339	182	29	services	service	NOUN
fsr-3339	182	30	review	review	VERB
fsr-3339	182	31	24	24	NUM
fsr-3339	182	32	(	(	PUNCT
fsr-3339	182	33	2015	2015	NUM
fsr-3339	182	34	)	)	PUNCT
fsr-3339	182	35	289–311	289–311	NUM
fsr-3339	182	36	have	have	VERB
fsr-3339	182	37	to	to	PART
fsr-3339	182	38	increase	increase	VERB
fsr-3339	182	39	together	together	ADV
fsr-3339	182	40	with	with	ADP
fsr-3339	182	41	the	the	DET
fsr-3339	182	42	size	size	NOUN
fsr-3339	182	43	of	of	ADP
fsr-3339	182	44	aum	aum	PROPN
fsr-3339	182	45	,	,	PUNCT
fsr-3339	182	46	especially	especially	ADV
fsr-3339	182	47	when	when	SCONJ
fsr-3339	182	48	the	the	DET
fsr-3339	182	49	funds	fund	NOUN
fsr-3339	182	50	are	be	AUX
fsr-3339	182	51	relatively	relatively	ADV
fsr-3339	182	52	small	small	ADJ
fsr-3339	182	53	.	.	PUNCT
fsr-3339	183	1	the	the	DET
fsr-3339	183	2	fund	fund	NOUN
fsr-3339	183	3	management	management	NOUN
fsr-3339	183	4	company	company	NOUN
fsr-3339	183	5	can	can	AUX
fsr-3339	183	6	also	also	ADV
fsr-3339	183	7	provide	provide	VERB
fsr-3339	183	8	basic	basic	ADJ
fsr-3339	183	9	infrastructure	infrastructure	NOUN
fsr-3339	183	10	and	and	CCONJ
fsr-3339	183	11	services	service	NOUN
fsr-3339	183	12	to	to	ADP
fsr-3339	183	13	its	its	PRON
fsr-3339	183	14	mutual	mutual	ADJ
fsr-3339	183	15	funds	fund	NOUN
fsr-3339	183	16	so	so	SCONJ
fsr-3339	183	17	as	as	SCONJ
fsr-3339	183	18	to	to	PART
fsr-3339	183	19	gain	gain	VERB
fsr-3339	183	20	economies	economy	NOUN
fsr-3339	183	21	of	of	ADP
fsr-3339	183	22	scale	scale	NOUN
fsr-3339	183	23	that	that	PRON
fsr-3339	183	24	can	can	AUX
fsr-3339	183	25	offset	offset	VERB
fsr-3339	183	26	the	the	DET
fsr-3339	183	27	organizational	organizational	ADJ
fsr-3339	183	28	diseconomies	diseconomie	NOUN
fsr-3339	183	29	.	.	PUNCT
fsr-3339	184	1	consequently	consequently	ADV
fsr-3339	184	2	,	,	PUNCT
fsr-3339	184	3	we	we	PRON
fsr-3339	184	4	do	do	AUX
fsr-3339	184	5	not	not	PART
fsr-3339	184	6	expect	expect	VERB
fsr-3339	184	7	that	that	DET
fsr-3339	184	8	fund	fund	NOUN
fsr-3339	184	9	size	size	NOUN
fsr-3339	184	10	has	have	VERB
fsr-3339	184	11	much	much	ADJ
fsr-3339	184	12	influence	influence	NOUN
fsr-3339	184	13	on	on	ADP
fsr-3339	184	14	the	the	DET
fsr-3339	184	15	mutual	mutual	ADJ
fsr-3339	184	16	funds	fund	NOUN
fsr-3339	184	17	in	in	ADP
fsr-3339	184	18	our	our	PRON
fsr-3339	184	19	sample	sample	NOUN
fsr-3339	184	20	.	.	PUNCT
fsr-3339	185	1	another	another	DET
fsr-3339	185	2	fund	fund	NOUN
fsr-3339	185	3	characteristic	characteristic	ADJ
fsr-3339	185	4	that	that	PRON
fsr-3339	185	5	draws	draw	VERB
fsr-3339	185	6	researchers	researcher	NOUN
fsr-3339	185	7	’	’	PART
fsr-3339	185	8	attention	attention	NOUN
fsr-3339	185	9	is	be	AUX
fsr-3339	185	10	the	the	DET
fsr-3339	185	11	fund	fund	NOUN
fsr-3339	185	12	’s	’s	PART
fsr-3339	185	13	age	age	NOUN
fsr-3339	185	14	.	.	PUNCT
fsr-3339	186	1	fund	fund	NOUN
fsr-3339	186	2	performance	performance	NOUN
fsr-3339	186	3	may	may	AUX
fsr-3339	186	4	improve	improve	VERB
fsr-3339	186	5	over	over	ADP
fsr-3339	186	6	time	time	NOUN
fsr-3339	186	7	as	as	SCONJ
fsr-3339	186	8	the	the	DET
fsr-3339	186	9	fund	fund	NOUN
fsr-3339	186	10	managers	manager	NOUN
fsr-3339	186	11	accumulate	accumulate	VERB
fsr-3339	186	12	more	more	ADJ
fsr-3339	186	13	experience	experience	NOUN
fsr-3339	186	14	in	in	ADP
fsr-3339	186	15	managing	manage	VERB
fsr-3339	186	16	their	their	PRON
fsr-3339	186	17	portfolios	portfolio	NOUN
fsr-3339	186	18	and	and	CCONJ
fsr-3339	186	19	operating	operate	VERB
fsr-3339	186	20	their	their	PRON
fsr-3339	186	21	funds	fund	NOUN
fsr-3339	186	22	.	.	PUNCT
fsr-3339	187	1	bauer	bauer	PROPN
fsr-3339	187	2	et	et	PROPN
fsr-3339	187	3	al	al	PROPN
fsr-3339	187	4	.	.	PROPN
fsr-3339	188	1	(	(	PUNCT
fsr-3339	188	2	2005	2005	NUM
fsr-3339	188	3	)	)	PUNCT
fsr-3339	188	4	hypothesize	hypothesize	VERB
fsr-3339	188	5	the	the	DET
fsr-3339	188	6	presence	presence	NOUN
fsr-3339	188	7	of	of	ADP
fsr-3339	188	8	a	a	DET
fsr-3339	188	9	learning	learning	NOUN
fsr-3339	188	10	effect	effect	NOUN
fsr-3339	188	11	for	for	ADP
fsr-3339	188	12	fund	fund	NOUN
fsr-3339	188	13	managers	manager	NOUN
fsr-3339	188	14	.	.	PUNCT
fsr-3339	189	1	they	they	PRON
fsr-3339	189	2	also	also	ADV
fsr-3339	189	3	recognize	recognize	VERB
fsr-3339	189	4	the	the	DET
fsr-3339	189	5	high	high	ADJ
fsr-3339	189	6	startup	startup	NOUN
fsr-3339	189	7	costs	cost	NOUN
fsr-3339	189	8	associated	associate	VERB
fsr-3339	189	9	with	with	ADP
fsr-3339	189	10	newly	newly	ADV
fsr-3339	189	11	launched	launch	VERB
fsr-3339	189	12	funds	fund	NOUN
fsr-3339	189	13	,	,	PUNCT
fsr-3339	189	14	which	which	PRON
fsr-3339	189	15	potentially	potentially	ADV
fsr-3339	189	16	offsets	offset	VERB
fsr-3339	189	17	the	the	DET
fsr-3339	189	18	advantages	advantage	NOUN
fsr-3339	189	19	of	of	ADP
fsr-3339	189	20	organizational	organizational	ADJ
fsr-3339	189	21	simplicity	simplicity	NOUN
fsr-3339	189	22	.	.	PUNCT
fsr-3339	190	1	thus	thus	ADV
fsr-3339	190	2	,	,	PUNCT
fsr-3339	190	3	we	we	PRON
fsr-3339	190	4	expect	expect	VERB
fsr-3339	190	5	older	old	ADJ
fsr-3339	190	6	funds	fund	NOUN
fsr-3339	190	7	to	to	PART
fsr-3339	190	8	outperform	outperform	VERB
fsr-3339	190	9	younger	young	ADJ
fsr-3339	190	10	funds	fund	NOUN
fsr-3339	190	11	.	.	PUNCT
fsr-3339	191	1	researchers	researcher	NOUN
fsr-3339	191	2	such	such	ADJ
fsr-3339	191	3	as	as	ADP
fsr-3339	191	4	sharpe	sharpe	PROPN
fsr-3339	191	5	(	(	PUNCT
fsr-3339	191	6	1966	1966	NUM
fsr-3339	191	7	)	)	PUNCT
fsr-3339	191	8	,	,	PUNCT
fsr-3339	191	9	golec	golec	NOUN
fsr-3339	191	10	(	(	PUNCT
fsr-3339	191	11	1996	1996	NUM
fsr-3339	191	12	)	)	PUNCT
fsr-3339	191	13	,	,	PUNCT
fsr-3339	191	14	droms	drom	NOUN
fsr-3339	191	15	and	and	CCONJ
fsr-3339	191	16	walker	walker	NOUN
fsr-3339	191	17	(	(	PUNCT
fsr-3339	191	18	1996	1996	NUM
fsr-3339	191	19	)	)	PUNCT
fsr-3339	191	20	,	,	PUNCT
fsr-3339	191	21	carhart	carhart	NOUN
fsr-3339	191	22	(	(	PUNCT
fsr-3339	191	23	1997	1997	NUM
fsr-3339	191	24	)	)	PUNCT
fsr-3339	191	25	,	,	PUNCT
fsr-3339	191	26	and	and	CCONJ
fsr-3339	191	27	jan	jan	PROPN
fsr-3339	191	28	and	and	CCONJ
fsr-3339	191	29	hung	hung	PROPN
fsr-3339	191	30	(	(	PUNCT
fsr-3339	191	31	2003	2003	NUM
fsr-3339	191	32	)	)	PUNCT
fsr-3339	191	33	find	find	VERB
fsr-3339	191	34	that	that	SCONJ
fsr-3339	191	35	expense	expense	NOUN
fsr-3339	191	36	ratios	ratio	NOUN
fsr-3339	191	37	or	or	CCONJ
fsr-3339	191	38	management	management	NOUN
fsr-3339	191	39	fees	fee	NOUN
fsr-3339	191	40	are	be	AUX
fsr-3339	191	41	the	the	DET
fsr-3339	191	42	largest	large	ADJ
fsr-3339	191	43	component	component	NOUN
fsr-3339	191	44	of	of	ADP
fsr-3339	191	45	expenses	expense	NOUN
fsr-3339	191	46	and	and	CCONJ
fsr-3339	191	47	reduce	reduce	VERB
fsr-3339	191	48	fund	fund	NOUN
fsr-3339	191	49	performance	performance	NOUN
fsr-3339	191	50	.	.	PUNCT
fsr-3339	192	1	haslem	haslem	PROPN
fsr-3339	192	2	et	et	PROPN
fsr-3339	192	3	al	al	PROPN
fsr-3339	192	4	.	.	PROPN
fsr-3339	193	1	(	(	PUNCT
fsr-3339	193	2	2008	2008	NUM
fsr-3339	193	3	)	)	PUNCT
fsr-3339	193	4	also	also	ADV
fsr-3339	193	5	find	find	VERB
fsr-3339	193	6	that	that	SCONJ
fsr-3339	193	7	u.s	u.s	PROPN
fsr-3339	193	8	.	.	PROPN
fsr-3339	193	9	mutual	mutual	ADJ
fsr-3339	193	10	funds	fund	NOUN
fsr-3339	193	11	with	with	ADP
fsr-3339	193	12	low	low	ADJ
fsr-3339	193	13	expense	expense	NOUN
fsr-3339	193	14	ratios	ratio	NOUN
fsr-3339	193	15	outperform	outperform	VERB
fsr-3339	193	16	those	those	PRON
fsr-3339	193	17	with	with	ADP
fsr-3339	193	18	higher	high	ADJ
fsr-3339	193	19	expense	expense	NOUN
fsr-3339	193	20	ratios	ratio	NOUN
fsr-3339	193	21	.	.	PUNCT
fsr-3339	194	1	however	however	ADV
fsr-3339	194	2	,	,	PUNCT
fsr-3339	194	3	elton	elton	PROPN
fsr-3339	194	4	et	et	PROPN
fsr-3339	194	5	al	al	PROPN
fsr-3339	194	6	.	.	PROPN
fsr-3339	194	7	(	(	PUNCT
fsr-3339	194	8	1996	1996	NUM
fsr-3339	194	9	)	)	PUNCT
fsr-3339	194	10	find	find	VERB
fsr-3339	194	11	that	that	SCONJ
fsr-3339	194	12	expense	expense	NOUN
fsr-3339	194	13	ratios	ratio	NOUN
fsr-3339	194	14	are	be	AUX
fsr-3339	194	15	virtually	virtually	ADV
fsr-3339	194	16	the	the	DET
fsr-3339	194	17	same	same	ADJ
fsr-3339	194	18	for	for	ADP
fsr-3339	194	19	all	all	DET
fsr-3339	194	20	mutual	mutual	ADJ
fsr-3339	194	21	funds	fund	NOUN
fsr-3339	194	22	in	in	ADP
fsr-3339	194	23	different	different	ADJ
fsr-3339	194	24	deciles	decile	NOUN
fsr-3339	194	25	and	and	CCONJ
fsr-3339	194	26	are	be	AUX
fsr-3339	194	27	only	only	ADV
fsr-3339	194	28	slightly	slightly	ADV
fsr-3339	194	29	responsible	responsible	ADJ
fsr-3339	194	30	for	for	ADP
fsr-3339	194	31	the	the	DET
fsr-3339	194	32	differences	difference	NOUN
fsr-3339	194	33	in	in	ADP
fsr-3339	194	34	performance	performance	NOUN
fsr-3339	194	35	between	between	ADP
fsr-3339	194	36	high	high	ADJ
fsr-3339	194	37	ranked	rank	VERB
fsr-3339	194	38	and	and	CCONJ
fsr-3339	194	39	low	low	ADJ
fsr-3339	194	40	ranked	rank	VERB
fsr-3339	194	41	funds	fund	NOUN
fsr-3339	194	42	in	in	ADP
fsr-3339	194	43	general	general	ADJ
fsr-3339	194	44	.	.	PUNCT
fsr-3339	195	1	researchers	researcher	NOUN
fsr-3339	195	2	also	also	ADV
fsr-3339	195	3	recognize	recognize	VERB
fsr-3339	195	4	that	that	SCONJ
fsr-3339	195	5	fund	fund	NOUN
fsr-3339	195	6	flows	flow	NOUN
fsr-3339	195	7	can	can	AUX
fsr-3339	195	8	influence	influence	VERB
fsr-3339	195	9	the	the	DET
fsr-3339	195	10	performance	performance	NOUN
fsr-3339	195	11	of	of	ADP
fsr-3339	195	12	mutual	mutual	ADJ
fsr-3339	195	13	funds	fund	NOUN
fsr-3339	195	14	.	.	PUNCT
fsr-3339	196	1	berk	berk	PROPN
fsr-3339	196	2	and	and	CCONJ
fsr-3339	196	3	green	green	PROPN
fsr-3339	196	4	(	(	PUNCT
fsr-3339	196	5	2004	2004	NUM
fsr-3339	196	6	)	)	PUNCT
fsr-3339	196	7	provide	provide	VERB
fsr-3339	196	8	a	a	DET
fsr-3339	196	9	theory	theory	NOUN
fsr-3339	196	10	suggesting	suggest	VERB
fsr-3339	196	11	that	that	SCONJ
fsr-3339	196	12	fund	fund	NOUN
fsr-3339	196	13	inflows	inflow	NOUN
fsr-3339	196	14	can	can	AUX
fsr-3339	196	15	erode	erode	VERB
fsr-3339	196	16	the	the	DET
fsr-3339	196	17	performance	performance	NOUN
fsr-3339	196	18	of	of	ADP
fsr-3339	196	19	the	the	DET
fsr-3339	196	20	mutual	mutual	ADJ
fsr-3339	196	21	funds	fund	NOUN
fsr-3339	196	22	.	.	PUNCT
fsr-3339	197	1	furthermore	furthermore	ADV
fsr-3339	197	2	,	,	PUNCT
fsr-3339	197	3	some	some	DET
fsr-3339	197	4	empirical	empirical	ADJ
fsr-3339	197	5	evidence	evidence	NOUN
fsr-3339	197	6	supports	support	VERB
fsr-3339	197	7	this	this	DET
fsr-3339	197	8	negative	negative	ADJ
fsr-3339	197	9	relationship	relationship	NOUN
fsr-3339	197	10	(	(	PUNCT
fsr-3339	197	11	frazzini	frazzini	PROPN
fsr-3339	197	12	and	and	CCONJ
fsr-3339	197	13	lamont	lamont	PROPN
fsr-3339	197	14	,	,	PUNCT
fsr-3339	197	15	2008	2008	NUM
fsr-3339	197	16	;	;	PUNCT
fsr-3339	197	17	friesen	friesen	PROPN
fsr-3339	197	18	and	and	CCONJ
fsr-3339	197	19	sapp	sapp	PROPN
fsr-3339	197	20	,	,	PUNCT
fsr-3339	197	21	2007	2007	NUM
fsr-3339	197	22	)	)	PUNCT
fsr-3339	197	23	.	.	PUNCT
fsr-3339	198	1	in	in	ADP
fsr-3339	198	2	a	a	DET
fsr-3339	198	3	study	study	NOUN
fsr-3339	198	4	on	on	ADP
fsr-3339	198	5	daily	daily	ADJ
fsr-3339	198	6	mutual	mutual	ADJ
fsr-3339	198	7	fund	fund	NOUN
fsr-3339	198	8	flows	flow	NOUN
fsr-3339	198	9	,	,	PUNCT
fsr-3339	198	10	rakowski	rakowski	NOUN
fsr-3339	198	11	and	and	CCONJ
fsr-3339	198	12	wang	wang	PROPN
fsr-3339	198	13	(	(	PUNCT
fsr-3339	198	14	2009	2009	NUM
fsr-3339	198	15	)	)	PUNCT
fsr-3339	198	16	find	find	VERB
fsr-3339	198	17	that	that	SCONJ
fsr-3339	198	18	past	past	ADJ
fsr-3339	198	19	flows	flow	NOUN
fsr-3339	198	20	have	have	VERB
fsr-3339	198	21	a	a	DET
fsr-3339	198	22	positive	positive	ADJ
fsr-3339	198	23	impact	impact	NOUN
fsr-3339	198	24	on	on	ADP
fsr-3339	198	25	future	future	ADJ
fsr-3339	198	26	returns	return	NOUN
fsr-3339	198	27	and	and	CCONJ
fsr-3339	198	28	an	an	DET
fsr-3339	198	29	information	information	NOUN
fsr-3339	198	30	effect	effect	NOUN
fsr-3339	198	31	drives	drive	VERB
fsr-3339	198	32	this	this	DET
fsr-3339	198	33	relationship	relationship	NOUN
fsr-3339	198	34	.	.	PUNCT
fsr-3339	199	1	furthermore	furthermore	ADV
fsr-3339	199	2	,	,	PUNCT
fsr-3339	199	3	rakowski	rakowski	PROPN
fsr-3339	199	4	(	(	PUNCT
fsr-3339	199	5	2010	2010	NUM
fsr-3339	199	6	)	)	PUNCT
fsr-3339	199	7	shows	show	VERB
fsr-3339	199	8	that	that	SCONJ
fsr-3339	199	9	volatility	volatility	NOUN
fsr-3339	199	10	of	of	ADP
fsr-3339	199	11	fund	fund	NOUN
fsr-3339	199	12	flows	flow	NOUN
fsr-3339	199	13	can	can	AUX
fsr-3339	199	14	hurt	hurt	VERB
fsr-3339	199	15	the	the	DET
fsr-3339	199	16	performance	performance	NOUN
fsr-3339	199	17	of	of	ADP
fsr-3339	199	18	the	the	DET
fsr-3339	199	19	mutual	mutual	ADJ
fsr-3339	199	20	funds	fund	NOUN
fsr-3339	199	21	as	as	SCONJ
fsr-3339	199	22	dramatic	dramatic	ADJ
fsr-3339	199	23	changes	change	NOUN
fsr-3339	199	24	in	in	ADP
fsr-3339	199	25	the	the	DET
fsr-3339	199	26	flow	flow	NOUN
fsr-3339	199	27	pattern	pattern	NOUN
fsr-3339	199	28	can	can	AUX
fsr-3339	199	29	force	force	VERB
fsr-3339	199	30	the	the	DET
fsr-3339	199	31	fund	fund	NOUN
fsr-3339	199	32	manager	manager	NOUN
fsr-3339	199	33	to	to	PART
fsr-3339	199	34	engage	engage	VERB
fsr-3339	199	35	in	in	ADP
fsr-3339	199	36	costly	costly	ADJ
fsr-3339	199	37	trading	trading	NOUN
fsr-3339	199	38	.	.	PUNCT
fsr-3339	200	1	4	4	X
fsr-3339	200	2	.	.	X
fsr-3339	200	3	data	datum	NOUN
fsr-3339	200	4	and	and	CCONJ
fsr-3339	200	5	methodology	methodology	NOUN
fsr-3339	200	6	we	we	PRON
fsr-3339	200	7	obtain	obtain	VERB
fsr-3339	200	8	the	the	DET
fsr-3339	200	9	sample	sample	NOUN
fsr-3339	200	10	from	from	ADP
fsr-3339	200	11	the	the	DET
fsr-3339	200	12	csmar	csmar	PROPN
fsr-3339	200	13	china	china	PROPN
fsr-3339	200	14	funds	funds	PROPN
fsr-3339	200	15	market	market	NOUN
fsr-3339	200	16	research	research	NOUN
fsr-3339	200	17	database	database	NOUN
fsr-3339	200	18	–	–	PUNCT
fsr-3339	200	19	openend	openend	ADJ
fsr-3339	200	20	funds	fund	NOUN
fsr-3339	200	21	.	.	PUNCT
fsr-3339	201	1	for	for	ADP
fsr-3339	201	2	the	the	DET
fsr-3339	201	3	time	time	NOUN
fsr-3339	201	4	period	period	NOUN
fsr-3339	201	5	ending	end	VERB
fsr-3339	201	6	on	on	ADP
fsr-3339	201	7	december	december	PROPN
fsr-3339	201	8	31	31	NUM
fsr-3339	201	9	,	,	PUNCT
fsr-3339	201	10	2011	2011	NUM
fsr-3339	201	11	,	,	PUNCT
fsr-3339	201	12	this	this	DET
fsr-3339	201	13	database	database	NOUN
fsr-3339	201	14	contains	contain	VERB
fsr-3339	201	15	1,005	1,005	NUM
fsr-3339	201	16	open	open	ADJ
fsr-3339	201	17	-	-	PUNCT
fsr-3339	201	18	end	end	NOUN
fsr-3339	201	19	funds	fund	NOUN
fsr-3339	201	20	including	include	VERB
fsr-3339	201	21	529	529	NUM
fsr-3339	201	22	stock	stock	NOUN
fsr-3339	201	23	mutual	mutual	ADJ
fsr-3339	201	24	funds	fund	NOUN
fsr-3339	201	25	,	,	PUNCT
fsr-3339	201	26	which	which	PRON
fsr-3339	201	27	consist	consist	VERB
fsr-3339	201	28	of	of	ADP
fsr-3339	201	29	433	433	NUM
fsr-3339	201	30	contractual	contractual	ADJ
fsr-3339	201	31	mutual	mutual	ADJ
fsr-3339	201	32	funds	fund	NOUN
fsr-3339	201	33	,	,	PUNCT
fsr-3339	201	34	55	55	NUM
fsr-3339	201	35	listed	list	VERB
fsr-3339	201	36	open	open	ADJ
fsr-3339	201	37	-	-	PUNCT
fsr-3339	201	38	end	end	NOUN
fsr-3339	201	39	funds	fund	NOUN
fsr-3339	201	40	,	,	PUNCT
fsr-3339	201	41	and	and	CCONJ
fsr-3339	201	42	41	41	NUM
fsr-3339	201	43	etfs	etfs	NOUN
fsr-3339	201	44	.	.	PUNCT
fsr-3339	202	1	we	we	PRON
fsr-3339	202	2	focus	focus	VERB
fsr-3339	202	3	on	on	ADP
fsr-3339	202	4	stock	stock	NOUN
fsr-3339	202	5	funds	fund	NOUN
fsr-3339	202	6	because	because	SCONJ
fsr-3339	202	7	no	no	DET
fsr-3339	202	8	chinese	chinese	ADJ
fsr-3339	202	9	bond	bond	NOUN
fsr-3339	202	10	indices	index	NOUN
fsr-3339	202	11	have	have	VERB
fsr-3339	202	12	a	a	DET
fsr-3339	202	13	sufficiently	sufficiently	ADV
fsr-3339	202	14	long	long	ADJ
fsr-3339	202	15	history	history	NOUN
fsr-3339	202	16	to	to	PART
fsr-3339	202	17	be	be	AUX
fsr-3339	202	18	useful	useful	ADJ
fsr-3339	202	19	for	for	ADP
fsr-3339	202	20	our	our	PRON
fsr-3339	202	21	analysis	analysis	NOUN
fsr-3339	202	22	.	.	PUNCT
fsr-3339	203	1	furthermore	furthermore	ADV
fsr-3339	203	2	,	,	PUNCT
fsr-3339	203	3	to	to	PART
fsr-3339	203	4	select	select	VERB
fsr-3339	203	5	the	the	DET
fsr-3339	203	6	active	active	ADJ
fsr-3339	203	7	funds	fund	NOUN
fsr-3339	203	8	,	,	PUNCT
fsr-3339	203	9	we	we	PRON
fsr-3339	203	10	drop	drop	VERB
fsr-3339	203	11	index	index	NOUN
fsr-3339	203	12	funds	fund	NOUN
fsr-3339	203	13	(	(	PUNCT
fsr-3339	203	14	164	164	NUM
fsr-3339	203	15	including	include	VERB
fsr-3339	203	16	40	40	NUM
fsr-3339	203	17	etfs	etfs	NOUN
fsr-3339	203	18	)	)	PUNCT
fsr-3339	203	19	,	,	PUNCT
fsr-3339	203	20	an	an	DET
fsr-3339	203	21	etf	etf	NOUN
fsr-3339	203	22	following	follow	VERB
fsr-3339	203	23	an	an	DET
fsr-3339	203	24	aggressive	aggressive	ADJ
fsr-3339	203	25	growth	growth	NOUN
fsr-3339	203	26	index	index	NOUN
fsr-3339	203	27	(	(	PUNCT
fsr-3339	203	28	1	1	NUM
fsr-3339	203	29	)	)	PUNCT
fsr-3339	203	30	,	,	PUNCT
fsr-3339	203	31	balanced	balanced	ADJ
fsr-3339	203	32	funds	fund	NOUN
fsr-3339	203	33	(	(	PUNCT
fsr-3339	203	34	8)	8)	NUM
fsr-3339	203	35	,	,	PUNCT
fsr-3339	203	36	and	and	CCONJ
fsr-3339	203	37	new	new	ADJ
fsr-3339	203	38	funds	fund	NOUN
fsr-3339	203	39	(	(	PUNCT
fsr-3339	203	40	9	9	NUM
fsr-3339	203	41	)	)	PUNCT
fsr-3339	203	42	that	that	PRON
fsr-3339	203	43	started	start	VERB
fsr-3339	203	44	in	in	ADP
fsr-3339	203	45	2012	2012	NUM
fsr-3339	203	46	with	with	ADP
fsr-3339	203	47	insufficient	insufficient	ADJ
fsr-3339	203	48	performance	performance	NOUN
fsr-3339	203	49	records	record	NOUN
fsr-3339	203	50	in	in	ADP
fsr-3339	203	51	the	the	DET
fsr-3339	203	52	csmar	csmar	PROPN
fsr-3339	203	53	database	database	NOUN
fsr-3339	203	54	.	.	PUNCT
fsr-3339	204	1	thus	thus	ADV
fsr-3339	204	2	,	,	PUNCT
fsr-3339	204	3	of	of	ADP
fsr-3339	204	4	the	the	DET
fsr-3339	204	5	529	529	NUM
fsr-3339	204	6	stock	stock	NOUN
fsr-3339	204	7	mutual	mutual	ADJ
fsr-3339	204	8	funds	fund	NOUN
fsr-3339	204	9	,	,	PUNCT
fsr-3339	204	10	we	we	PRON
fsr-3339	204	11	have	have	VERB
fsr-3339	204	12	347	347	NUM
fsr-3339	204	13	actively	actively	ADV
fsr-3339	204	14	managed	manage	VERB
fsr-3339	204	15	stock	stock	NOUN
fsr-3339	204	16	mutual	mutual	ADJ
fsr-3339	204	17	funds	fund	NOUN
fsr-3339	204	18	in	in	ADP
fsr-3339	204	19	our	our	PRON
fsr-3339	204	20	sample	sample	NOUN
fsr-3339	204	21	between	between	ADP
fsr-3339	204	22	2001	2001	NUM
fsr-3339	204	23	and	and	CCONJ
fsr-3339	204	24	2011	2011	NUM
fsr-3339	204	25	.	.	PUNCT
fsr-3339	205	1	to	to	PART
fsr-3339	205	2	ensure	ensure	VERB
fsr-3339	205	3	the	the	DET
fsr-3339	205	4	reliability	reliability	NOUN
fsr-3339	205	5	of	of	ADP
fsr-3339	205	6	the	the	DET
fsr-3339	205	7	performance	performance	NOUN
fsr-3339	205	8	measures	measure	NOUN
fsr-3339	205	9	estimated	estimate	VERB
fsr-3339	205	10	,	,	PUNCT
fsr-3339	205	11	we	we	PRON
fsr-3339	205	12	require	require	VERB
fsr-3339	205	13	a	a	DET
fsr-3339	205	14	fund	fund	NOUN
fsr-3339	205	15	to	to	PART
fsr-3339	205	16	have	have	VERB
fsr-3339	205	17	at	at	ADV
fsr-3339	205	18	least	least	ADV
fsr-3339	205	19	100	100	NUM
fsr-3339	205	20	daily	daily	ADJ
fsr-3339	205	21	returns	return	NOUN
fsr-3339	205	22	on	on	ADP
fsr-3339	205	23	record	record	NOUN
fsr-3339	205	24	to	to	PART
fsr-3339	205	25	be	be	AUX
fsr-3339	205	26	included	include	VERB
fsr-3339	205	27	in	in	ADP
fsr-3339	205	28	our	our	PRON
fsr-3339	205	29	sample	sample	NOUN
fsr-3339	205	30	.	.	PUNCT
fsr-3339	206	1	this	this	DET
fsr-3339	206	2	filter	filter	NOUN
fsr-3339	206	3	results	result	VERB
fsr-3339	206	4	in	in	ADP
fsr-3339	206	5	excluding	exclude	VERB
fsr-3339	206	6	39	39	NUM
fsr-3339	206	7	of	of	ADP
fsr-3339	206	8	the	the	DET
fsr-3339	206	9	347	347	NUM
fsr-3339	206	10	stock	stock	NOUN
fsr-3339	206	11	funds	fund	NOUN
fsr-3339	206	12	.	.	PUNCT
fsr-3339	207	1	we	we	PRON
fsr-3339	207	2	first	first	ADV
fsr-3339	207	3	summarize	summarize	VERB
fsr-3339	207	4	some	some	DET
fsr-3339	207	5	basic	basic	ADJ
fsr-3339	207	6	information	information	NOUN
fsr-3339	207	7	on	on	ADP
fsr-3339	207	8	our	our	PRON
fsr-3339	207	9	347	347	NUM
fsr-3339	207	10	297w	297w	NOUN
fsr-3339	207	11	.	.	PUNCT
fsr-3339	208	1	he	he	PRON
fsr-3339	208	2	et	et	PROPN
fsr-3339	208	3	al	al	PROPN
fsr-3339	208	4	.	.	PUNCT
fsr-3339	208	5	/	/	SYM
fsr-3339	208	6	financial	financial	ADJ
fsr-3339	208	7	services	service	NOUN
fsr-3339	208	8	review	review	VERB
fsr-3339	208	9	24	24	NUM
fsr-3339	208	10	(	(	PUNCT
fsr-3339	208	11	2015	2015	NUM
fsr-3339	208	12	)	)	PUNCT
fsr-3339	208	13	289–311	289–311	NUM
fsr-3339	208	14	funds	fund	NOUN
fsr-3339	208	15	in	in	ADP
fsr-3339	208	16	tables	table	NOUN
fsr-3339	208	17	1	1	NUM
fsr-3339	208	18	,	,	PUNCT
fsr-3339	208	19	2	2	NUM
fsr-3339	208	20	,	,	PUNCT
fsr-3339	208	21	and	and	CCONJ
fsr-3339	209	1	3	3	X
fsr-3339	209	2	.	.	PUNCT
fsr-3339	209	3	then	then	ADV
fsr-3339	209	4	we	we	PRON
fsr-3339	209	5	analyze	analyze	VERB
fsr-3339	209	6	the	the	DET
fsr-3339	209	7	performances	performance	NOUN
fsr-3339	209	8	of	of	ADP
fsr-3339	209	9	the	the	DET
fsr-3339	209	10	308	308	NUM
fsr-3339	209	11	funds	fund	NOUN
fsr-3339	209	12	with	with	ADP
fsr-3339	209	13	sufficient	sufficient	ADJ
fsr-3339	209	14	return	return	NOUN
fsr-3339	209	15	history	history	NOUN
fsr-3339	209	16	and	and	CCONJ
fsr-3339	209	17	examine	examine	VERB
fsr-3339	209	18	how	how	SCONJ
fsr-3339	209	19	the	the	DET
fsr-3339	209	20	fund	fund	NOUN
fsr-3339	209	21	characteristics	characteristic	NOUN
fsr-3339	209	22	and	and	CCONJ
fsr-3339	209	23	flows	flow	NOUN
fsr-3339	209	24	are	be	AUX
fsr-3339	209	25	related	relate	VERB
fsr-3339	209	26	to	to	ADP
fsr-3339	209	27	their	their	PRON
fsr-3339	209	28	performances	performance	NOUN
fsr-3339	209	29	and	and	CCONJ
fsr-3339	209	30	skill	skill	NOUN
fsr-3339	209	31	coefficients	coefficient	NOUN
fsr-3339	209	32	.	.	PUNCT
fsr-3339	210	1	table	table	NOUN
fsr-3339	210	2	1	1	NUM
fsr-3339	210	3	contains	contain	VERB
fsr-3339	210	4	the	the	DET
fsr-3339	210	5	self	self	NOUN
fsr-3339	210	6	-	-	PUNCT
fsr-3339	210	7	reported	report	VERB
fsr-3339	210	8	investment	investment	NOUN
fsr-3339	210	9	styles	style	NOUN
fsr-3339	210	10	and	and	CCONJ
fsr-3339	210	11	the	the	DET
fsr-3339	210	12	organizational	organizational	ADJ
fsr-3339	210	13	forms	form	NOUN
fsr-3339	210	14	of	of	ADP
fsr-3339	210	15	the	the	DET
fsr-3339	210	16	347	347	NUM
fsr-3339	210	17	active	active	ADJ
fsr-3339	210	18	chinese	chinese	ADJ
fsr-3339	210	19	stock	stock	NOUN
fsr-3339	210	20	mutual	mutual	ADJ
fsr-3339	210	21	funds	fund	NOUN
fsr-3339	210	22	.	.	PUNCT
fsr-3339	211	1	most	most	ADJ
fsr-3339	211	2	of	of	ADP
fsr-3339	211	3	these	these	DET
fsr-3339	211	4	funds	fund	NOUN
fsr-3339	211	5	(	(	PUNCT
fsr-3339	211	6	317	317	NUM
fsr-3339	211	7	of	of	ADP
fsr-3339	211	8	347	347	NUM
fsr-3339	211	9	)	)	PUNCT
fsr-3339	211	10	are	be	AUX
fsr-3339	211	11	contractual	contractual	ADJ
fsr-3339	211	12	open	open	ADJ
fsr-3339	211	13	-	-	PUNCT
fsr-3339	211	14	end	end	NOUN
fsr-3339	211	15	funds	fund	NOUN
fsr-3339	211	16	,	,	PUNCT
fsr-3339	211	17	which	which	PRON
fsr-3339	211	18	are	be	AUX
fsr-3339	211	19	open	open	ADJ
fsr-3339	211	20	-	-	PUNCT
fsr-3339	211	21	end	end	NOUN
fsr-3339	211	22	investment	investment	NOUN
fsr-3339	211	23	trusts	trust	NOUN
fsr-3339	211	24	.	.	PUNCT
fsr-3339	212	1	a	a	DET
fsr-3339	212	2	contractual	contractual	ADJ
fsr-3339	212	3	fund	fund	NOUN
fsr-3339	212	4	is	be	AUX
fsr-3339	212	5	set	set	VERB
fsr-3339	212	6	up	up	ADP
fsr-3339	212	7	as	as	ADP
fsr-3339	212	8	an	an	DET
fsr-3339	212	9	agreement	agreement	NOUN
fsr-3339	212	10	among	among	ADP
fsr-3339	212	11	fund	fund	NOUN
fsr-3339	212	12	managers	manager	NOUN
fsr-3339	212	13	,	,	PUNCT
fsr-3339	212	14	the	the	DET
fsr-3339	212	15	fund	fund	NOUN
fsr-3339	212	16	trustee	trustee	NOUN
fsr-3339	212	17	,	,	PUNCT
fsr-3339	212	18	and	and	CCONJ
fsr-3339	212	19	investors	investor	NOUN
fsr-3339	212	20	specifying	specify	VERB
fsr-3339	212	21	the	the	DET
fsr-3339	212	22	rights	right	NOUN
fsr-3339	212	23	and	and	CCONJ
fsr-3339	212	24	obligations	obligation	NOUN
fsr-3339	212	25	of	of	ADP
fsr-3339	212	26	the	the	DET
fsr-3339	212	27	three	three	NUM
fsr-3339	212	28	parties	party	NOUN
fsr-3339	212	29	.	.	PUNCT
fsr-3339	213	1	investors	investor	NOUN
fsr-3339	213	2	can	can	AUX
fsr-3339	213	3	purchase	purchase	VERB
fsr-3339	213	4	or	or	CCONJ
fsr-3339	213	5	redeem	redeem	VERB
fsr-3339	213	6	the	the	DET
fsr-3339	213	7	shares	share	NOUN
fsr-3339	213	8	of	of	ADP
fsr-3339	213	9	these	these	DET
fsr-3339	213	10	funds	fund	NOUN
fsr-3339	213	11	at	at	ADP
fsr-3339	213	12	most	most	ADJ
fsr-3339	213	13	chinese	chinese	ADJ
fsr-3339	213	14	commercial	commercial	ADJ
fsr-3339	213	15	banks	bank	NOUN
fsr-3339	213	16	,	,	PUNCT
fsr-3339	213	17	which	which	PRON
fsr-3339	213	18	provide	provide	VERB
fsr-3339	213	19	over	over	ADP
fsr-3339	213	20	-	-	PUNCT
fsr-3339	213	21	the	the	DET
fsr-3339	213	22	-	-	PUNCT
fsr-3339	213	23	counter	counter	NOUN
fsr-3339	213	24	(	(	PUNCT
fsr-3339	213	25	otc	otc	PROPN
fsr-3339	213	26	)	)	PUNCT
fsr-3339	213	27	transaction	transaction	NOUN
fsr-3339	213	28	services	service	NOUN
fsr-3339	213	29	,	,	PUNCT
fsr-3339	213	30	at	at	ADP
fsr-3339	213	31	their	their	PRON
fsr-3339	213	32	net	net	ADJ
fsr-3339	213	33	asset	asset	NOUN
fsr-3339	213	34	value	value	NOUN
fsr-3339	213	35	(	(	PUNCT
fsr-3339	213	36	nav	nav	NOUN
fsr-3339	213	37	)	)	PUNCT
fsr-3339	213	38	plus	plus	CCONJ
fsr-3339	213	39	some	some	DET
fsr-3339	213	40	fees	fee	NOUN
fsr-3339	213	41	.	.	PUNCT
fsr-3339	214	1	to	to	ADP
fsr-3339	214	2	some	some	DET
fsr-3339	214	3	extent	extent	NOUN
fsr-3339	214	4	,	,	PUNCT
fsr-3339	214	5	such	such	ADJ
fsr-3339	214	6	funds	fund	NOUN
fsr-3339	214	7	are	be	AUX
fsr-3339	214	8	closer	close	ADJ
fsr-3339	214	9	in	in	ADP
fsr-3339	214	10	nature	nature	NOUN
fsr-3339	214	11	to	to	ADP
fsr-3339	214	12	u.s	u.s	PROPN
fsr-3339	214	13	.	.	PROPN
fsr-3339	214	14	closed	close	VERB
fsr-3339	214	15	-	-	PUNCT
fsr-3339	214	16	end	end	NOUN
fsr-3339	214	17	funds	fund	NOUN
fsr-3339	214	18	except	except	SCONJ
fsr-3339	214	19	that	that	SCONJ
fsr-3339	214	20	these	these	DET
fsr-3339	214	21	funds	fund	NOUN
fsr-3339	214	22	continuously	continuously	ADV
fsr-3339	214	23	offer	offer	VERB
fsr-3339	214	24	shares	share	NOUN
fsr-3339	214	25	to	to	ADP
fsr-3339	214	26	table	table	NOUN
fsr-3339	214	27	1	1	NUM
fsr-3339	214	28	actively	actively	ADV
fsr-3339	214	29	managed	manage	VERB
fsr-3339	214	30	chinese	chinese	ADJ
fsr-3339	214	31	stock	stock	NOUN
fsr-3339	214	32	mutual	mutual	ADJ
fsr-3339	214	33	funds	fund	NOUN
fsr-3339	214	34	:	:	PUNCT
fsr-3339	214	35	investment	investment	NOUN
fsr-3339	214	36	style	style	NOUN
fsr-3339	214	37	and	and	CCONJ
fsr-3339	214	38	fund	fund	NOUN
fsr-3339	214	39	type	type	NOUN
fsr-3339	214	40	investment	investment	NOUN
fsr-3339	214	41	style	style	NOUN
fsr-3339	214	42	fund	fund	NOUN
fsr-3339	214	43	type	type	NOUN
fsr-3339	214	44	total	total	ADJ
fsr-3339	214	45	contractual	contractual	ADJ
fsr-3339	214	46	open	open	ADJ
fsr-3339	214	47	-	-	PUNCT
fsr-3339	214	48	end	end	NOUN
fsr-3339	214	49	funds	fund	NOUN
fsr-3339	214	50	listed	list	VERB
fsr-3339	214	51	open	open	ADJ
fsr-3339	214	52	-	-	PUNCT
fsr-3339	214	53	end	end	NOUN
fsr-3339	214	54	funds	fund	NOUN
fsr-3339	214	55	active	active	ADJ
fsr-3339	214	56	1	1	NUM
fsr-3339	214	57	0	0	NUM
fsr-3339	214	58	1	1	NUM
fsr-3339	214	59	aggressive	aggressive	ADJ
fsr-3339	214	60	growth	growth	NOUN
fsr-3339	214	61	27	27	NUM
fsr-3339	214	62	8	8	NUM
fsr-3339	214	63	35	35	NUM
fsr-3339	214	64	appreciation	appreciation	NOUN
fsr-3339	214	65	35	35	NUM
fsr-3339	214	66	4	4	NUM
fsr-3339	214	67	39	39	NUM
fsr-3339	214	68	enhanced	enhance	VERB
fsr-3339	214	69	index	index	NOUN
fsr-3339	214	70	0	0	NUM
fsr-3339	214	71	1	1	NUM
fsr-3339	214	72	1	1	NUM
fsr-3339	214	73	growth	growth	NOUN
fsr-3339	214	74	68	68	NUM
fsr-3339	214	75	6	6	NUM
fsr-3339	214	76	74	74	NUM
fsr-3339	214	77	income	income	NOUN
fsr-3339	214	78	19	19	NUM
fsr-3339	214	79	0	0	NUM
fsr-3339	214	80	19	19	NUM
fsr-3339	214	81	stable	stable	ADJ
fsr-3339	214	82	appreciation	appreciation	NOUN
fsr-3339	214	83	3	3	NUM
fsr-3339	214	84	0	0	SYM
fsr-3339	214	85	3	3	NUM
fsr-3339	214	86	stable	stable	ADJ
fsr-3339	214	87	growth	growth	NOUN
fsr-3339	214	88	126	126	NUM
fsr-3339	214	89	8	8	NUM
fsr-3339	214	90	134	134	NUM
fsr-3339	214	91	stable	stable	ADJ
fsr-3339	214	92	value	value	NOUN
fsr-3339	214	93	-	-	PUNCT
fsr-3339	214	94	added	add	VERB
fsr-3339	214	95	2	2	NUM
fsr-3339	214	96	0	0	NUM
fsr-3339	214	97	2	2	NUM
fsr-3339	214	98	value	value	NOUN
fsr-3339	214	99	36	36	NUM
fsr-3339	214	100	3	3	NUM
fsr-3339	214	101	39	39	NUM
fsr-3339	214	102	total	total	NOUN
fsr-3339	214	103	317	317	NUM
fsr-3339	214	104	30	30	NUM
fsr-3339	214	105	347	347	NUM
fsr-3339	214	106	this	this	DET
fsr-3339	214	107	table	table	NOUN
fsr-3339	214	108	reports	report	VERB
fsr-3339	214	109	the	the	DET
fsr-3339	214	110	number	number	NOUN
fsr-3339	214	111	of	of	ADP
fsr-3339	214	112	actively	actively	ADV
fsr-3339	214	113	managed	manage	VERB
fsr-3339	214	114	chinese	chinese	ADJ
fsr-3339	214	115	stock	stock	NOUN
fsr-3339	214	116	mutual	mutual	ADJ
fsr-3339	214	117	funds	fund	NOUN
fsr-3339	214	118	classified	classify	VERB
fsr-3339	214	119	by	by	ADP
fsr-3339	214	120	investment	investment	NOUN
fsr-3339	214	121	styles	style	NOUN
fsr-3339	214	122	and	and	CCONJ
fsr-3339	214	123	fund	fund	NOUN
fsr-3339	214	124	type	type	NOUN
fsr-3339	214	125	between	between	ADP
fsr-3339	214	126	2001	2001	NUM
fsr-3339	214	127	and	and	CCONJ
fsr-3339	214	128	2011	2011	NUM
fsr-3339	214	129	.	.	PUNCT
fsr-3339	215	1	table	table	NOUN
fsr-3339	215	2	2	2	NUM
fsr-3339	215	3	number	number	NOUN
fsr-3339	215	4	of	of	ADP
fsr-3339	215	5	new	new	ADJ
fsr-3339	215	6	actively	actively	ADV
fsr-3339	215	7	managed	manage	VERB
fsr-3339	215	8	chinese	chinese	ADJ
fsr-3339	215	9	stock	stock	NOUN
fsr-3339	215	10	mutual	mutual	ADJ
fsr-3339	215	11	funds	fund	NOUN
fsr-3339	215	12	between	between	ADP
fsr-3339	215	13	2001	2001	NUM
fsr-3339	215	14	to	to	ADP
fsr-3339	215	15	2011	2011	NUM
fsr-3339	215	16	year	year	NOUN
fsr-3339	215	17	n	n	NUM
fsr-3339	215	18	%	%	NOUN
fsr-3339	215	19	cumulative	cumulative	ADJ
fsr-3339	215	20	%	%	NOUN
fsr-3339	215	21	total	total	ADJ
fsr-3339	215	22	assets	asset	NOUN
fsr-3339	215	23	(	(	PUNCT
fsr-3339	215	24	billions	billion	NOUN
fsr-3339	215	25	of	of	ADP
fsr-3339	215	26	rmb	rmb	NOUN
fsr-3339	215	27	)	)	PUNCT
fsr-3339	215	28	gta	gta	PROPN
fsr-3339	215	29	a	a	DET
fsr-3339	215	30	-	-	PUNCT
fsr-3339	215	31	share	share	NOUN
fsr-3339	215	32	index	index	NOUN
fsr-3339	215	33	return	return	NOUN
fsr-3339	215	34	(	(	PUNCT
fsr-3339	215	35	%	%	INTJ
fsr-3339	215	36	)	)	PUNCT
fsr-3339	215	37	2001	2001	NUM
fsr-3339	216	1	2	2	NUM
fsr-3339	216	2	0.58	0.58	NUM
fsr-3339	216	3	0.58	0.58	NUM
fsr-3339	216	4	5.06	5.06	NUM
fsr-3339	216	5	�	�	PROPN
fsr-3339	216	6	24.66	24.66	NUM
fsr-3339	216	7	2002	2002	NUM
fsr-3339	216	8	2	2	NUM
fsr-3339	216	9	0.58	0.58	NUM
fsr-3339	216	10	1.15	1.15	NUM
fsr-3339	216	11	10.52	10.52	NUM
fsr-3339	216	12	�	�	PROPN
fsr-3339	216	13	19.80	19.80	NUM
fsr-3339	216	14	2003	2003	NUM
fsr-3339	216	15	12	12	NUM
fsr-3339	216	16	3.46	3.46	NUM
fsr-3339	216	17	4.61	4.61	NUM
fsr-3339	216	18	20.71	20.71	NUM
fsr-3339	216	19	�	�	PROPN
fsr-3339	216	20	4.02	4.02	NUM
fsr-3339	216	21	2004	2004	NUM
fsr-3339	216	22	12	12	NUM
fsr-3339	216	23	3.46	3.46	NUM
fsr-3339	216	24	8.07	8.07	NUM
fsr-3339	216	25	46.73	46.73	NUM
fsr-3339	216	26	�	�	NOUN
fsr-3339	216	27	17.61	17.61	NUM
fsr-3339	216	28	2005	2005	NUM
fsr-3339	216	29	21	21	NUM
fsr-3339	216	30	6.05	6.05	NUM
fsr-3339	216	31	14.12	14.12	NUM
fsr-3339	216	32	51.66	51.66	NUM
fsr-3339	216	33	�	�	PROPN
fsr-3339	216	34	11.75	11.75	NUM
fsr-3339	216	35	2006	2006	NUM
fsr-3339	216	36	39	39	NUM
fsr-3339	216	37	11.24	11.24	NUM
fsr-3339	216	38	25.36	25.36	NUM
fsr-3339	216	39	211.64	211.64	NUM
fsr-3339	216	40	133.63	133.63	NUM
fsr-3339	216	41	2007	2007	NUM
fsr-3339	216	42	39	39	NUM
fsr-3339	216	43	11.24	11.24	NUM
fsr-3339	216	44	36.60	36.60	NUM
fsr-3339	216	45	1708.76	1708.76	NUM
fsr-3339	216	46	182.03	182.03	NUM
fsr-3339	216	47	2008	2008	NUM
fsr-3339	216	48	35	35	NUM
fsr-3339	216	49	10.09	10.09	NUM
fsr-3339	216	50	46.69	46.69	NUM
fsr-3339	216	51	751.14	751.14	NUM
fsr-3339	216	52	�	�	PROPN
fsr-3339	216	53	65.23	65.23	NUM
fsr-3339	216	54	2009	2009	NUM
fsr-3339	216	55	47	47	NUM
fsr-3339	216	56	13.54	13.54	NUM
fsr-3339	216	57	60.23	60.23	NUM
fsr-3339	216	58	1174.14	1174.14	NUM
fsr-3339	216	59	106.36	106.36	NUM
fsr-3339	216	60	2010	2010	NUM
fsr-3339	216	61	66	66	NUM
fsr-3339	216	62	19.02	19.02	NUM
fsr-3339	216	63	79.25	79.25	NUM
fsr-3339	216	64	1103.10	1103.10	NUM
fsr-3339	216	65	�	�	PROPN
fsr-3339	216	66	8.87	8.87	NUM
fsr-3339	216	67	2011	2011	NUM
fsr-3339	216	68	72	72	NUM
fsr-3339	216	69	20.75	20.75	NUM
fsr-3339	216	70	100.00	100.00	NUM
fsr-3339	216	71	851.55	851.55	NUM
fsr-3339	216	72	�	�	NOUN
fsr-3339	216	73	23.82	23.82	NUM
fsr-3339	216	74	total	total	NOUN
fsr-3339	216	75	347	347	NUM
fsr-3339	216	76	100.00	100.00	NUM
fsr-3339	216	77	this	this	DET
fsr-3339	216	78	table	table	NOUN
fsr-3339	216	79	is	be	AUX
fsr-3339	216	80	a	a	DET
fsr-3339	216	81	summary	summary	NOUN
fsr-3339	216	82	of	of	ADP
fsr-3339	216	83	the	the	DET
fsr-3339	216	84	number	number	NOUN
fsr-3339	216	85	of	of	ADP
fsr-3339	216	86	new	new	ADJ
fsr-3339	216	87	actively	actively	ADV
fsr-3339	216	88	managed	manage	VERB
fsr-3339	216	89	chinese	chinese	ADJ
fsr-3339	216	90	stock	stock	NOUN
fsr-3339	216	91	mutual	mutual	ADJ
fsr-3339	216	92	funds	fund	NOUN
fsr-3339	216	93	between	between	ADP
fsr-3339	216	94	2001	2001	NUM
fsr-3339	216	95	and	and	CCONJ
fsr-3339	216	96	2011	2011	NUM
fsr-3339	216	97	,	,	PUNCT
fsr-3339	216	98	total	total	ADJ
fsr-3339	216	99	fund	fund	NOUN
fsr-3339	216	100	size	size	NOUN
fsr-3339	216	101	,	,	PUNCT
fsr-3339	216	102	and	and	CCONJ
fsr-3339	216	103	annual	annual	ADJ
fsr-3339	216	104	market	market	NOUN
fsr-3339	216	105	returns	return	NOUN
fsr-3339	216	106	.	.	PUNCT
fsr-3339	217	1	not	not	PART
fsr-3339	217	2	all	all	DET
fsr-3339	217	3	funds	fund	NOUN
fsr-3339	217	4	have	have	VERB
fsr-3339	217	5	total	total	ADJ
fsr-3339	217	6	assets	asset	NOUN
fsr-3339	217	7	recorded	record	VERB
fsr-3339	217	8	in	in	ADP
fsr-3339	217	9	the	the	DET
fsr-3339	217	10	gta	gta	PROPN
fsr-3339	217	11	china	china	PROPN
fsr-3339	217	12	funds	funds	PROPN
fsr-3339	217	13	database	database	NOUN
fsr-3339	217	14	.	.	PUNCT
fsr-3339	218	1	298	298	NUM
fsr-3339	218	2	w.	w.	NOUN
fsr-3339	218	3	he	he	PRON
fsr-3339	218	4	et	et	PROPN
fsr-3339	218	5	al	al	PROPN
fsr-3339	218	6	.	.	PUNCT
fsr-3339	218	7	/	/	SYM
fsr-3339	218	8	financial	financial	ADJ
fsr-3339	218	9	services	service	NOUN
fsr-3339	218	10	review	review	VERB
fsr-3339	218	11	24	24	NUM
fsr-3339	218	12	(	(	PUNCT
fsr-3339	218	13	2015	2015	NUM
fsr-3339	218	14	)	)	PUNCT
fsr-3339	218	15	289–311	289–311	NUM
fsr-3339	218	16	investors	investor	NOUN
fsr-3339	218	17	upon	upon	SCONJ
fsr-3339	218	18	demand	demand	NOUN
fsr-3339	218	19	.	.	PUNCT
fsr-3339	219	1	a	a	DET
fsr-3339	219	2	listed	list	VERB
fsr-3339	219	3	open	open	ADJ
fsr-3339	219	4	-	-	PUNCT
fsr-3339	219	5	end	end	NOUN
fsr-3339	219	6	fund	fund	NOUN
fsr-3339	219	7	(	(	PUNCT
fsr-3339	219	8	lof	lof	PROPN
fsr-3339	219	9	)	)	PUNCT
fsr-3339	219	10	,	,	PUNCT
fsr-3339	219	11	which	which	PRON
fsr-3339	219	12	is	be	AUX
fsr-3339	219	13	a	a	DET
fsr-3339	219	14	special	special	ADJ
fsr-3339	219	15	form	form	NOUN
fsr-3339	219	16	of	of	ADP
fsr-3339	219	17	chinese	chinese	ADJ
fsr-3339	219	18	open	open	ADJ
fsr-3339	219	19	-	-	PUNCT
fsr-3339	219	20	end	end	NOUN
fsr-3339	219	21	fund	fund	NOUN
fsr-3339	219	22	,	,	PUNCT
fsr-3339	219	23	can	can	AUX
fsr-3339	219	24	be	be	AUX
fsr-3339	219	25	traded	trade	VERB
fsr-3339	219	26	in	in	ADP
fsr-3339	219	27	a	a	DET
fsr-3339	219	28	stock	stock	NOUN
fsr-3339	219	29	exchange	exchange	NOUN
fsr-3339	219	30	like	like	ADP
fsr-3339	219	31	a	a	DET
fsr-3339	219	32	closed	close	VERB
fsr-3339	219	33	-	-	PUNCT
fsr-3339	219	34	end	end	NOUN
fsr-3339	219	35	fund	fund	NOUN
fsr-3339	219	36	.	.	PUNCT
fsr-3339	220	1	investors	investor	NOUN
fsr-3339	220	2	can	can	AUX
fsr-3339	220	3	either	either	CCONJ
fsr-3339	220	4	invest	invest	VERB
fsr-3339	220	5	in	in	ADP
fsr-3339	220	6	the	the	DET
fsr-3339	220	7	funds	fund	NOUN
fsr-3339	220	8	through	through	ADP
fsr-3339	220	9	the	the	DET
fsr-3339	220	10	otc	otc	PROPN
fsr-3339	220	11	market	market	NOUN
fsr-3339	220	12	provided	provide	VERB
fsr-3339	220	13	by	by	ADP
fsr-3339	220	14	chinese	chinese	ADJ
fsr-3339	220	15	commercial	commercial	ADJ
fsr-3339	220	16	banks	bank	NOUN
fsr-3339	220	17	or	or	CCONJ
fsr-3339	220	18	trade	trade	VERB
fsr-3339	220	19	their	their	PRON
fsr-3339	220	20	shares	share	NOUN
fsr-3339	220	21	on	on	ADP
fsr-3339	220	22	an	an	DET
fsr-3339	220	23	exchange	exchange	NOUN
fsr-3339	220	24	.	.	PUNCT
fsr-3339	221	1	through	through	ADP
fsr-3339	221	2	a	a	DET
fsr-3339	221	3	transfer	transfer	NOUN
fsr-3339	221	4	process	process	NOUN
fsr-3339	221	5	,	,	PUNCT
fsr-3339	221	6	investors	investor	NOUN
fsr-3339	221	7	can	can	AUX
fsr-3339	221	8	convert	convert	VERB
fsr-3339	221	9	their	their	PRON
fsr-3339	221	10	nontradable	nontradable	ADJ
fsr-3339	221	11	shares	share	NOUN
fsr-3339	221	12	of	of	ADP
fsr-3339	221	13	a	a	DET
fsr-3339	221	14	mutual	mutual	ADJ
fsr-3339	221	15	fund	fund	NOUN
fsr-3339	221	16	into	into	ADP
fsr-3339	221	17	tradable	tradable	ADJ
fsr-3339	221	18	shares	share	NOUN
fsr-3339	221	19	on	on	ADP
fsr-3339	221	20	an	an	DET
fsr-3339	221	21	exchange	exchange	NOUN
fsr-3339	221	22	.	.	PUNCT
fsr-3339	222	1	table	table	NOUN
fsr-3339	222	2	1	1	NUM
fsr-3339	222	3	also	also	ADV
fsr-3339	222	4	shows	show	VERB
fsr-3339	222	5	that	that	SCONJ
fsr-3339	222	6	most	most	ADJ
fsr-3339	222	7	funds	fund	NOUN
fsr-3339	222	8	are	be	AUX
fsr-3339	222	9	concentrated	concentrate	VERB
fsr-3339	222	10	in	in	ADP
fsr-3339	222	11	six	six	NUM
fsr-3339	222	12	major	major	ADJ
fsr-3339	222	13	investment	investment	NOUN
fsr-3339	222	14	styles	style	NOUN
fsr-3339	222	15	:	:	PUNCT
fsr-3339	222	16	aggressive	aggressive	ADJ
fsr-3339	222	17	growth	growth	NOUN
fsr-3339	222	18	,	,	PUNCT
fsr-3339	222	19	appreciation	appreciation	NOUN
fsr-3339	222	20	,	,	PUNCT
fsr-3339	222	21	growth	growth	NOUN
fsr-3339	222	22	,	,	PUNCT
fsr-3339	222	23	income	income	NOUN
fsr-3339	222	24	,	,	PUNCT
fsr-3339	222	25	stable	stable	ADJ
fsr-3339	222	26	growth	growth	NOUN
fsr-3339	222	27	,	,	PUNCT
fsr-3339	222	28	and	and	CCONJ
fsr-3339	222	29	value	value	NOUN
fsr-3339	222	30	.	.	PUNCT
fsr-3339	223	1	each	each	PRON
fsr-3339	223	2	of	of	ADP
fsr-3339	223	3	these	these	DET
fsr-3339	223	4	styles	style	NOUN
fsr-3339	223	5	has	have	VERB
fsr-3339	223	6	more	more	ADJ
fsr-3339	223	7	than	than	ADP
fsr-3339	223	8	10	10	NUM
fsr-3339	223	9	funds	fund	NOUN
fsr-3339	223	10	under	under	ADP
fsr-3339	223	11	its	its	PRON
fsr-3339	223	12	respective	respective	ADJ
fsr-3339	223	13	category	category	NOUN
fsr-3339	223	14	.	.	PUNCT
fsr-3339	224	1	table	table	NOUN
fsr-3339	224	2	2	2	NUM
fsr-3339	224	3	shows	show	VERB
fsr-3339	224	4	the	the	DET
fsr-3339	224	5	number	number	NOUN
fsr-3339	224	6	of	of	ADP
fsr-3339	224	7	funds	fund	NOUN
fsr-3339	224	8	established	establish	VERB
fsr-3339	224	9	each	each	DET
fsr-3339	224	10	year	year	NOUN
fsr-3339	224	11	,	,	PUNCT
fsr-3339	224	12	aum	aum	PROPN
fsr-3339	224	13	for	for	ADP
fsr-3339	224	14	the	the	DET
fsr-3339	224	15	347	347	NUM
fsr-3339	224	16	funds	fund	NOUN
fsr-3339	224	17	in	in	ADP
fsr-3339	224	18	our	our	PRON
fsr-3339	224	19	sample	sample	NOUN
fsr-3339	224	20	,	,	PUNCT
fsr-3339	224	21	and	and	CCONJ
fsr-3339	224	22	annual	annual	ADJ
fsr-3339	224	23	market	market	NOUN
fsr-3339	224	24	index	index	NOUN
fsr-3339	224	25	return	return	NOUN
fsr-3339	224	26	between	between	ADP
fsr-3339	224	27	2001	2001	NUM
fsr-3339	224	28	and	and	CCONJ
fsr-3339	224	29	2011	2011	NUM
fsr-3339	224	30	.	.	PUNCT
fsr-3339	225	1	only	only	ADV
fsr-3339	225	2	49	49	NUM
fsr-3339	225	3	funds	fund	NOUN
fsr-3339	225	4	or	or	CCONJ
fsr-3339	225	5	14	14	NUM
fsr-3339	225	6	%	%	NOUN
fsr-3339	225	7	of	of	ADP
fsr-3339	225	8	our	our	PRON
fsr-3339	225	9	sample	sample	NOUN
fsr-3339	225	10	funds	fund	NOUN
fsr-3339	225	11	started	start	VERB
fsr-3339	225	12	before	before	ADP
fsr-3339	225	13	2006	2006	NUM
fsr-3339	225	14	.	.	PUNCT
fsr-3339	226	1	by	by	ADP
fsr-3339	226	2	january	january	PROPN
fsr-3339	226	3	2006	2006	NUM
fsr-3339	226	4	,	,	PUNCT
fsr-3339	226	5	the	the	DET
fsr-3339	226	6	chinese	chinese	ADJ
fsr-3339	226	7	mutual	mutual	ADJ
fsr-3339	226	8	funds	fund	NOUN
fsr-3339	226	9	market	market	NOUN
fsr-3339	226	10	had	have	AUX
fsr-3339	226	11	entered	enter	VERB
fsr-3339	226	12	into	into	ADP
fsr-3339	226	13	a	a	DET
fsr-3339	226	14	growth	growth	NOUN
fsr-3339	226	15	stage	stage	NOUN
fsr-3339	226	16	for	for	ADP
fsr-3339	226	17	more	more	ADJ
fsr-3339	226	18	than	than	ADP
fsr-3339	226	19	a	a	PRON
fsr-3339	226	20	year	year	NOUN
fsr-3339	226	21	and	and	CCONJ
fsr-3339	226	22	was	be	AUX
fsr-3339	226	23	ready	ready	ADJ
fsr-3339	226	24	to	to	PART
fsr-3339	226	25	take	take	VERB
fsr-3339	226	26	off	off	ADP
fsr-3339	226	27	under	under	ADP
fsr-3339	226	28	an	an	DET
fsr-3339	226	29	established	established	ADJ
fsr-3339	226	30	operating	operating	NOUN
fsr-3339	226	31	environment	environment	NOUN
fsr-3339	226	32	.	.	PUNCT
fsr-3339	227	1	as	as	ADP
fsr-3339	227	2	table	table	NOUN
fsr-3339	227	3	2	2	NUM
fsr-3339	227	4	shows	show	NOUN
fsr-3339	227	5	,	,	PUNCT
fsr-3339	227	6	the	the	DET
fsr-3339	227	7	aum	aum	PROPN
fsr-3339	227	8	for	for	ADP
fsr-3339	227	9	the	the	DET
fsr-3339	227	10	sample	sample	NOUN
fsr-3339	227	11	funds	fund	NOUN
fsr-3339	227	12	increased	increase	VERB
fsr-3339	227	13	from	from	ADP
fsr-3339	227	14	51.66	51.66	NUM
fsr-3339	227	15	billion	billion	NUM
fsr-3339	227	16	of	of	ADP
fsr-3339	227	17	rmb	rmb	NOUN
fsr-3339	227	18	in	in	ADP
fsr-3339	227	19	2005	2005	NUM
fsr-3339	227	20	to	to	ADP
fsr-3339	227	21	211.64	211.64	NUM
fsr-3339	227	22	billion	billion	NUM
fsr-3339	227	23	in	in	ADP
fsr-3339	227	24	2006	2006	NUM
fsr-3339	227	25	,	,	PUNCT
fsr-3339	227	26	together	together	ADV
fsr-3339	227	27	with	with	ADP
fsr-3339	227	28	the	the	DET
fsr-3339	227	29	substantial	substantial	ADJ
fsr-3339	227	30	increase	increase	NOUN
fsr-3339	227	31	in	in	ADP
fsr-3339	227	32	the	the	DET
fsr-3339	227	33	market	market	NOUN
fsr-3339	227	34	price	price	NOUN
fsr-3339	227	35	level	level	NOUN
fsr-3339	227	36	as	as	SCONJ
fsr-3339	227	37	seen	see	VERB
fsr-3339	227	38	from	from	ADP
fsr-3339	227	39	the	the	DET
fsr-3339	227	40	133.63	133.63	NUM
fsr-3339	227	41	%	%	NOUN
fsr-3339	227	42	gta	gta	PROPN
fsr-3339	227	43	a	a	DET
fsr-3339	227	44	-	-	PUNCT
fsr-3339	227	45	share	share	NOUN
fsr-3339	227	46	index	index	NOUN
fsr-3339	227	47	return	return	NOUN
fsr-3339	227	48	in	in	ADP
fsr-3339	227	49	2006	2006	NUM
fsr-3339	227	50	.	.	PUNCT
fsr-3339	228	1	this	this	DET
fsr-3339	228	2	boom	boom	NOUN
fsr-3339	228	3	ended	end	VERB
fsr-3339	228	4	in	in	ADP
fsr-3339	228	5	2008	2008	NUM
fsr-3339	228	6	as	as	SCONJ
fsr-3339	228	7	the	the	DET
fsr-3339	228	8	global	global	ADJ
fsr-3339	228	9	financial	financial	ADJ
fsr-3339	228	10	crisis	crisis	NOUN
fsr-3339	228	11	spread	spread	VERB
fsr-3339	228	12	from	from	ADP
fsr-3339	228	13	the	the	DET
fsr-3339	228	14	developed	develop	VERB
fsr-3339	228	15	markets	market	NOUN
fsr-3339	228	16	to	to	ADP
fsr-3339	228	17	emerging	emerge	VERB
fsr-3339	228	18	markets	market	NOUN
fsr-3339	228	19	.	.	PUNCT
fsr-3339	229	1	shortly	shortly	ADV
fsr-3339	229	2	after	after	ADP
fsr-3339	229	3	a	a	DET
fsr-3339	229	4	limited	limited	ADJ
fsr-3339	229	5	rebound	rebound	NOUN
fsr-3339	229	6	in	in	ADP
fsr-3339	229	7	2009	2009	NUM
fsr-3339	229	8	,	,	PUNCT
fsr-3339	229	9	the	the	DET
fsr-3339	229	10	chinese	chinese	ADJ
fsr-3339	229	11	stock	stock	NOUN
fsr-3339	229	12	market	market	NOUN
fsr-3339	229	13	entered	enter	VERB
fsr-3339	229	14	into	into	ADP
fsr-3339	229	15	a	a	DET
fsr-3339	229	16	sideways	sideways	ADJ
fsr-3339	229	17	mode	mode	NOUN
fsr-3339	229	18	with	with	ADP
fsr-3339	229	19	a	a	DET
fsr-3339	229	20	moderate	moderate	ADJ
fsr-3339	229	21	downward	downward	ADJ
fsr-3339	229	22	trend	trend	NOUN
fsr-3339	229	23	.	.	PUNCT
fsr-3339	230	1	thus	thus	ADV
fsr-3339	230	2	,	,	PUNCT
fsr-3339	230	3	the	the	DET
fsr-3339	230	4	period	period	NOUN
fsr-3339	230	5	between	between	ADP
fsr-3339	230	6	2006	2006	NUM
fsr-3339	230	7	and	and	CCONJ
fsr-3339	230	8	2011	2011	NUM
fsr-3339	230	9	provides	provide	VERB
fsr-3339	230	10	a	a	DET
fsr-3339	230	11	rich	rich	ADJ
fsr-3339	230	12	market	market	NOUN
fsr-3339	230	13	environment	environment	NOUN
fsr-3339	230	14	to	to	PART
fsr-3339	230	15	study	study	VERB
fsr-3339	230	16	how	how	SCONJ
fsr-3339	230	17	fund	fund	NOUN
fsr-3339	230	18	characteristics	characteristic	NOUN
fsr-3339	230	19	and	and	CCONJ
fsr-3339	230	20	flows	flow	NOUN
fsr-3339	230	21	are	be	AUX
fsr-3339	230	22	related	relate	VERB
fsr-3339	230	23	to	to	ADP
fsr-3339	230	24	fund	fund	NOUN
fsr-3339	230	25	performance	performance	NOUN
fsr-3339	230	26	.	.	PUNCT
fsr-3339	231	1	furthermore	furthermore	ADV
fsr-3339	231	2	,	,	PUNCT
fsr-3339	231	3	the	the	DET
fsr-3339	231	4	2006–2008	2006–2008	NUM
fsr-3339	231	5	and	and	CCONJ
fsr-3339	231	6	2009–2011	2009–2011	NUM
fsr-3339	231	7	sub	sub	NOUN
fsr-3339	231	8	-	-	ADJ
fsr-3339	231	9	periods	period	NOUN
fsr-3339	231	10	can	can	AUX
fsr-3339	231	11	provide	provide	VERB
fsr-3339	231	12	a	a	DET
fsr-3339	231	13	contrast	contrast	NOUN
fsr-3339	231	14	of	of	ADP
fsr-3339	231	15	fund	fund	NOUN
fsr-3339	231	16	behavior	behavior	NOUN
fsr-3339	231	17	in	in	ADP
fsr-3339	231	18	different	different	ADJ
fsr-3339	231	19	market	market	NOUN
fsr-3339	231	20	cycles	cycle	NOUN
fsr-3339	231	21	.	.	PUNCT
fsr-3339	232	1	for	for	ADP
fsr-3339	232	2	the	the	DET
fsr-3339	232	3	above	above	ADJ
fsr-3339	232	4	reasons	reason	NOUN
fsr-3339	232	5	,	,	PUNCT
fsr-3339	232	6	we	we	PRON
fsr-3339	232	7	choose	choose	VERB
fsr-3339	232	8	the	the	DET
fsr-3339	232	9	period	period	NOUN
fsr-3339	232	10	between	between	ADP
fsr-3339	232	11	2006	2006	NUM
fsr-3339	232	12	and	and	CCONJ
fsr-3339	232	13	2011	2011	NUM
fsr-3339	232	14	to	to	PART
fsr-3339	232	15	study	study	VERB
fsr-3339	232	16	the	the	DET
fsr-3339	232	17	relationship	relationship	NOUN
fsr-3339	232	18	between	between	ADP
fsr-3339	232	19	fund	fund	NOUN
fsr-3339	232	20	characteristics	characteristic	NOUN
fsr-3339	232	21	,	,	PUNCT
fsr-3339	232	22	fund	fund	NOUN
fsr-3339	232	23	flows	flow	NOUN
fsr-3339	232	24	,	,	PUNCT
fsr-3339	232	25	and	and	CCONJ
fsr-3339	232	26	fund	fund	NOUN
fsr-3339	232	27	performance	performance	NOUN
fsr-3339	232	28	.	.	PUNCT
fsr-3339	233	1	despite	despite	SCONJ
fsr-3339	233	2	lackluster	lackluster	ADJ
fsr-3339	233	3	stock	stock	NOUN
fsr-3339	233	4	table	table	NOUN
fsr-3339	233	5	3	3	NUM
fsr-3339	233	6	descriptive	descriptive	ADJ
fsr-3339	233	7	statistics	statistic	NOUN
fsr-3339	233	8	for	for	ADP
fsr-3339	233	9	daily	daily	ADJ
fsr-3339	233	10	returns	return	NOUN
fsr-3339	233	11	from	from	ADP
fsr-3339	233	12	october	october	PROPN
fsr-3339	233	13	19	19	NUM
fsr-3339	233	14	,	,	PUNCT
fsr-3339	233	15	2001	2001	NUM
fsr-3339	233	16	to	to	ADP
fsr-3339	233	17	december	december	PROPN
fsr-3339	233	18	31	31	NUM
fsr-3339	233	19	,	,	PUNCT
fsr-3339	233	20	2011	2011	NUM
fsr-3339	233	21	strategy	strategy	NOUN
fsr-3339	234	1	n	n	PRON
fsr-3339	234	2	mean	mean	VERB
fsr-3339	234	3	(	(	PUNCT
fsr-3339	234	4	%	%	INTJ
fsr-3339	234	5	)	)	PUNCT
fsr-3339	234	6	median	median	NOUN
fsr-3339	234	7	(	(	PUNCT
fsr-3339	234	8	%	%	INTJ
fsr-3339	234	9	)	)	PUNCT
fsr-3339	234	10	min	min	NOUN
fsr-3339	234	11	(	(	PUNCT
fsr-3339	234	12	%	%	INTJ
fsr-3339	234	13	)	)	PUNCT
fsr-3339	234	14	1	1	NUM
fsr-3339	234	15	%	%	NOUN
fsr-3339	234	16	99	99	NUM
fsr-3339	234	17	%	%	NOUN
fsr-3339	234	18	max	max	PROPN
fsr-3339	234	19	(	(	PUNCT
fsr-3339	234	20	%	%	INTJ
fsr-3339	234	21	)	)	PUNCT
fsr-3339	234	22	sd	sd	NOUN
fsr-3339	234	23	(	(	PUNCT
fsr-3339	234	24	%	%	INTJ
fsr-3339	234	25	)	)	PUNCT
fsr-3339	234	26	panel	panel	NOUN
fsr-3339	234	27	a	a	DET
fsr-3339	234	28	:	:	PUNCT
fsr-3339	234	29	mutual	mutual	ADJ
fsr-3339	234	30	fund	fund	NOUN
fsr-3339	234	31	returns	return	VERB
fsr-3339	234	32	aggressive	aggressive	ADJ
fsr-3339	234	33	growth	growth	NOUN
fsr-3339	234	34	35,525	35,525	NUM
fsr-3339	234	35	0.039	0.039	NUM
fsr-3339	234	36	0.057	0.057	NUM
fsr-3339	234	37	�	�	PROPN
fsr-3339	234	38	14.401	14.401	NUM
fsr-3339	234	39	�	�	PROPN
fsr-3339	234	40	3.584	3.584	NUM
fsr-3339	234	41	3.312	3.312	NUM
fsr-3339	234	42	13.280	13.280	NUM
fsr-3339	234	43	1.225	1.225	NUM
fsr-3339	234	44	appreciation	appreciation	NOUN
fsr-3339	234	45	34,604	34,604	NUM
fsr-3339	234	46	0.025	0.025	NUM
fsr-3339	234	47	0.057	0.057	NUM
fsr-3339	234	48	�	�	NOUN
fsr-3339	234	49	13.163	13.163	NUM
fsr-3339	234	50	�	�	NOUN
fsr-3339	234	51	3.922	3.922	NUM
fsr-3339	234	52	3.562	3.562	NUM
fsr-3339	234	53	15.112	15.112	NUM
fsr-3339	234	54	1.376	1.376	NUM
fsr-3339	234	55	growth	growth	NOUN
fsr-3339	234	56	59,253	59,253	NUM
fsr-3339	234	57	0.031	0.031	NUM
fsr-3339	234	58	0.060	0.060	NUM
fsr-3339	234	59	�	�	PROPN
fsr-3339	234	60	8.987	8.987	NUM
fsr-3339	234	61	�	�	PROPN
fsr-3339	234	62	3.667	3.667	NUM
fsr-3339	234	63	3.223	3.223	NUM
fsr-3339	234	64	8.705	8.705	NUM
fsr-3339	234	65	1.271	1.271	NUM
fsr-3339	234	66	stable	stable	ADJ
fsr-3339	234	67	growth	growth	NOUN
fsr-3339	234	68	70,777	70,777	NUM
fsr-3339	234	69	0.005	0.005	NUM
fsr-3339	234	70	0.030	0.030	NUM
fsr-3339	234	71	�	�	PROPN
fsr-3339	234	72	11.647	11.647	NUM
fsr-3339	234	73	�	�	NOUN
fsr-3339	234	74	3.836	3.836	NUM
fsr-3339	234	75	3.368	3.368	NUM
fsr-3339	234	76	12.603	12.603	NUM
fsr-3339	234	77	1.349	1.349	NUM
fsr-3339	234	78	value	value	NOUN
fsr-3339	234	79	44,243	44,243	NUM
fsr-3339	234	80	0.057	0.057	NUM
fsr-3339	234	81	0.060	0.060	NUM
fsr-3339	234	82	�	�	PROPN
fsr-3339	234	83	9.131	9.131	NUM
fsr-3339	234	84	�	�	NOUN
fsr-3339	234	85	3.452	3.452	NUM
fsr-3339	234	86	3.188	3.188	NUM
fsr-3339	234	87	8.481	8.481	NUM
fsr-3339	234	88	1.170	1.170	NUM
fsr-3339	234	89	others	other	NOUN
fsr-3339	234	90	20,211	20,211	NUM
fsr-3339	234	91	0.031	0.031	NUM
fsr-3339	234	92	0.045	0.045	NUM
fsr-3339	234	93	�	�	PROPN
fsr-3339	234	94	7.761	7.761	NUM
fsr-3339	234	95	�	�	PROPN
fsr-3339	234	96	3.385	3.385	NUM
fsr-3339	234	97	3.049	3.049	NUM
fsr-3339	234	98	7.468	7.468	NUM
fsr-3339	234	99	1.170	1.170	NUM
fsr-3339	234	100	all	all	DET
fsr-3339	234	101	strategies	strategy	NOUN
fsr-3339	234	102	264,613	264,613	NUM
fsr-3339	234	103	0.029	0.029	NUM
fsr-3339	234	104	0.052	0.052	NUM
fsr-3339	234	105	�	�	PROPN
fsr-3339	234	106	14.401	14.401	NUM
fsr-3339	234	107	�	�	NOUN
fsr-3339	234	108	3.695	3.695	NUM
fsr-3339	234	109	3.306	3.306	NUM
fsr-3339	234	110	15.112	15.112	NUM
fsr-3339	234	111	1.277	1.277	NUM
fsr-3339	234	112	panel	panel	NOUN
fsr-3339	234	113	b	b	NOUN
fsr-3339	234	114	:	:	PUNCT
fsr-3339	234	115	market	market	NOUN
fsr-3339	234	116	return	return	NOUN
fsr-3339	234	117	and	and	CCONJ
fsr-3339	234	118	the	the	DET
fsr-3339	234	119	risk	risk	NOUN
fsr-3339	234	120	-	-	PUNCT
fsr-3339	234	121	free	free	ADJ
fsr-3339	234	122	rate	rate	NOUN
fsr-3339	234	123	gta	gta	PROPN
fsr-3339	234	124	a	a	DET
fsr-3339	234	125	-	-	PUNCT
fsr-3339	234	126	share	share	NOUN
fsr-3339	234	127	index	index	NOUN
fsr-3339	234	128	2379	2379	NUM
fsr-3339	234	129	0.032	0.032	NUM
fsr-3339	234	130	0.091	0.091	NUM
fsr-3339	234	131	�	�	PROPN
fsr-3339	234	132	9.125	9.125	NUM
fsr-3339	234	133	�	�	NOUN
fsr-3339	234	134	5.611	5.611	NUM
fsr-3339	234	135	4.945	4.945	NUM
fsr-3339	234	136	9.917	9.917	NUM
fsr-3339	234	137	1.894	1.894	NUM
fsr-3339	234	138	risk	risk	NOUN
fsr-3339	234	139	-	-	PUNCT
fsr-3339	234	140	free	free	ADJ
fsr-3339	234	141	rate	rate	NOUN
fsr-3339	234	142	2379	2379	NUM
fsr-3339	234	143	0.007	0.007	NUM
fsr-3339	234	144	0.006	0.006	NUM
fsr-3339	234	145	0.005	0.005	NUM
fsr-3339	234	146	0.005	0.005	NUM
fsr-3339	234	147	0.011	0.011	NUM
fsr-3339	234	148	0.011	0.011	NUM
fsr-3339	234	149	0.002	0.002	NUM
fsr-3339	234	150	panel	panel	NOUN
fsr-3339	234	151	a	a	PRON
fsr-3339	234	152	of	of	ADP
fsr-3339	234	153	this	this	DET
fsr-3339	234	154	table	table	NOUN
fsr-3339	234	155	reports	report	VERB
fsr-3339	234	156	the	the	DET
fsr-3339	234	157	summary	summary	NOUN
fsr-3339	234	158	statistics	statistic	NOUN
fsr-3339	234	159	of	of	ADP
fsr-3339	234	160	daily	daily	ADJ
fsr-3339	234	161	returns	return	NOUN
fsr-3339	234	162	of	of	ADP
fsr-3339	234	163	actively	actively	ADV
fsr-3339	234	164	managed	manage	VERB
fsr-3339	234	165	chinese	chinese	ADJ
fsr-3339	234	166	stock	stock	NOUN
fsr-3339	234	167	mutual	mutual	ADJ
fsr-3339	234	168	funds	fund	NOUN
fsr-3339	234	169	by	by	ADP
fsr-3339	234	170	investment	investment	NOUN
fsr-3339	234	171	style	style	NOUN
fsr-3339	234	172	:	:	PUNCT
fsr-3339	234	173	aggressive	aggressive	ADJ
fsr-3339	234	174	growth	growth	NOUN
fsr-3339	234	175	,	,	PUNCT
fsr-3339	234	176	appreciation	appreciation	NOUN
fsr-3339	234	177	,	,	PUNCT
fsr-3339	234	178	growth	growth	NOUN
fsr-3339	234	179	,	,	PUNCT
fsr-3339	234	180	stable	stable	ADJ
fsr-3339	234	181	growth	growth	NOUN
fsr-3339	234	182	,	,	PUNCT
fsr-3339	234	183	value	value	NOUN
fsr-3339	234	184	,	,	PUNCT
fsr-3339	234	185	and	and	CCONJ
fsr-3339	234	186	others	other	NOUN
fsr-3339	234	187	.	.	PUNCT
fsr-3339	235	1	panel	panel	NOUN
fsr-3339	235	2	b	b	PROPN
fsr-3339	235	3	shows	show	VERB
fsr-3339	235	4	the	the	DET
fsr-3339	235	5	market	market	NOUN
fsr-3339	235	6	return	return	NOUN
fsr-3339	235	7	and	and	CCONJ
fsr-3339	235	8	the	the	DET
fsr-3339	235	9	risk	risk	NOUN
fsr-3339	235	10	-	-	PUNCT
fsr-3339	235	11	free	free	ADJ
fsr-3339	235	12	rate	rate	NOUN
fsr-3339	235	13	.	.	PUNCT
fsr-3339	236	1	the	the	DET
fsr-3339	236	2	gta	gta	PROPN
fsr-3339	236	3	a	a	DET
fsr-3339	236	4	-	-	PUNCT
fsr-3339	236	5	share	share	NOUN
fsr-3339	236	6	index	index	NOUN
fsr-3339	236	7	is	be	AUX
fsr-3339	236	8	a	a	DET
fsr-3339	236	9	value	value	NOUN
fsr-3339	236	10	-	-	PUNCT
fsr-3339	236	11	weighted	weight	VERB
fsr-3339	236	12	index	index	NOUN
fsr-3339	236	13	using	use	VERB
fsr-3339	236	14	the	the	DET
fsr-3339	236	15	market	market	NOUN
fsr-3339	236	16	capitalization	capitalization	NOUN
fsr-3339	236	17	calculated	calculate	VERB
fsr-3339	236	18	with	with	ADP
fsr-3339	236	19	the	the	DET
fsr-3339	236	20	outstanding	outstanding	ADJ
fsr-3339	236	21	negotiable	negotiable	ADJ
fsr-3339	236	22	a	a	DET
fsr-3339	236	23	shares	share	NOUN
fsr-3339	236	24	and	and	CCONJ
fsr-3339	236	25	the	the	DET
fsr-3339	236	26	closing	closing	NOUN
fsr-3339	236	27	price	price	NOUN
fsr-3339	236	28	.	.	PUNCT
fsr-3339	237	1	the	the	DET
fsr-3339	237	2	proxy	proxy	NOUN
fsr-3339	237	3	for	for	ADP
fsr-3339	237	4	the	the	DET
fsr-3339	237	5	chinese	chinese	ADJ
fsr-3339	237	6	market	market	NOUN
fsr-3339	237	7	risk	risk	NOUN
fsr-3339	237	8	-	-	PUNCT
fsr-3339	237	9	free	free	ADJ
fsr-3339	237	10	rate	rate	NOUN
fsr-3339	237	11	is	be	AUX
fsr-3339	237	12	a	a	DET
fsr-3339	237	13	one	one	NUM
fsr-3339	237	14	-	-	PUNCT
fsr-3339	237	15	year	year	NOUN
fsr-3339	237	16	large	large	ADJ
fsr-3339	237	17	denomination	denomination	NOUN
fsr-3339	237	18	time	time	NOUN
fsr-3339	237	19	deposit	deposit	NOUN
fsr-3339	237	20	rate	rate	NOUN
fsr-3339	237	21	.	.	PUNCT
fsr-3339	238	1	all	all	DET
fsr-3339	238	2	returns	return	NOUN
fsr-3339	238	3	are	be	AUX
fsr-3339	238	4	in	in	ADP
fsr-3339	238	5	percentages	percentage	NOUN
fsr-3339	238	6	.	.	PUNCT
fsr-3339	239	1	299w	299w	NUM
fsr-3339	239	2	.	.	PUNCT
fsr-3339	240	1	he	he	PRON
fsr-3339	240	2	et	et	PROPN
fsr-3339	240	3	al	al	PROPN
fsr-3339	240	4	.	.	PUNCT
fsr-3339	240	5	/	/	SYM
fsr-3339	240	6	financial	financial	ADJ
fsr-3339	240	7	services	service	NOUN
fsr-3339	240	8	review	review	VERB
fsr-3339	240	9	24	24	NUM
fsr-3339	240	10	(	(	PUNCT
fsr-3339	240	11	2015	2015	NUM
fsr-3339	240	12	)	)	PUNCT
fsr-3339	240	13	289–311	289–311	NUM
fsr-3339	240	14	market	market	NOUN
fsr-3339	240	15	performance	performance	NOUN
fsr-3339	240	16	after	after	ADP
fsr-3339	240	17	2008	2008	NUM
fsr-3339	240	18	,	,	PUNCT
fsr-3339	240	19	the	the	DET
fsr-3339	240	20	number	number	NOUN
fsr-3339	240	21	of	of	ADP
fsr-3339	240	22	actively	actively	ADV
fsr-3339	240	23	managed	manage	VERB
fsr-3339	240	24	chinese	chinese	ADJ
fsr-3339	240	25	stock	stock	NOUN
fsr-3339	240	26	mutual	mutual	ADJ
fsr-3339	240	27	funds	fund	NOUN
fsr-3339	240	28	keeps	keep	VERB
fsr-3339	240	29	growing	grow	VERB
fsr-3339	240	30	and	and	CCONJ
fsr-3339	240	31	their	their	PRON
fsr-3339	240	32	aum	aum	NOUN
fsr-3339	240	33	remains	remain	VERB
fsr-3339	240	34	much	much	ADV
fsr-3339	240	35	higher	high	ADJ
fsr-3339	240	36	than	than	ADP
fsr-3339	240	37	before	before	ADP
fsr-3339	240	38	2006	2006	NUM
fsr-3339	240	39	.	.	PUNCT
fsr-3339	241	1	to	to	PART
fsr-3339	241	2	guard	guard	VERB
fsr-3339	241	3	against	against	ADP
fsr-3339	241	4	possible	possible	ADJ
fsr-3339	241	5	data	datum	NOUN
fsr-3339	241	6	errors	error	NOUN
fsr-3339	241	7	on	on	ADP
fsr-3339	241	8	mutual	mutual	ADJ
fsr-3339	241	9	fund	fund	NOUN
fsr-3339	241	10	returns	return	NOUN
fsr-3339	241	11	in	in	ADP
fsr-3339	241	12	the	the	DET
fsr-3339	241	13	csmar	csmar	PROPN
fsr-3339	241	14	database	database	NOUN
fsr-3339	241	15	,	,	PUNCT
fsr-3339	241	16	we	we	PRON
fsr-3339	241	17	clean	clean	VERB
fsr-3339	241	18	the	the	DET
fsr-3339	241	19	mutual	mutual	ADJ
fsr-3339	241	20	fund	fund	NOUN
fsr-3339	241	21	return	return	NOUN
fsr-3339	241	22	data	datum	NOUN
fsr-3339	241	23	in	in	ADP
fsr-3339	241	24	the	the	DET
fsr-3339	241	25	following	following	ADJ
fsr-3339	241	26	ways	way	NOUN
fsr-3339	241	27	.	.	PUNCT
fsr-3339	242	1	first	first	ADV
fsr-3339	242	2	,	,	PUNCT
fsr-3339	242	3	we	we	PRON
fsr-3339	242	4	drop	drop	VERB
fsr-3339	242	5	fund	fund	NOUN
fsr-3339	242	6	returns	return	NOUN
fsr-3339	242	7	showing	show	VERB
fsr-3339	242	8	no	no	DET
fsr-3339	242	9	activity	activity	NOUN
fsr-3339	242	10	,	,	PUNCT
fsr-3339	242	11	(	(	PUNCT
fsr-3339	242	12	i.e.	i.e.	X
fsr-3339	242	13	,	,	PUNCT
fsr-3339	242	14	the	the	DET
fsr-3339	242	15	fund	fund	NOUN
fsr-3339	242	16	nav	nav	NOUN
fsr-3339	242	17	remains	remain	VERB
fsr-3339	242	18	unchanged	unchanged	ADJ
fsr-3339	242	19	at	at	ADP
fsr-3339	242	20	1	1	NUM
fsr-3339	242	21	yuan	yuan	NOUN
fsr-3339	242	22	within	within	ADP
fsr-3339	242	23	the	the	DET
fsr-3339	242	24	first	first	ADJ
fsr-3339	242	25	20	20	NUM
fsr-3339	242	26	days	day	NOUN
fsr-3339	242	27	of	of	ADP
fsr-3339	242	28	the	the	DET
fsr-3339	242	29	fund	fund	NOUN
fsr-3339	242	30	performance	performance	NOUN
fsr-3339	242	31	record	record	NOUN
fsr-3339	242	32	)	)	PUNCT
fsr-3339	242	33	.	.	PUNCT
fsr-3339	243	1	second	second	ADJ
fsr-3339	243	2	,	,	PUNCT
fsr-3339	243	3	we	we	PRON
fsr-3339	243	4	identify	identify	VERB
fsr-3339	243	5	erroneous	erroneous	ADJ
fsr-3339	243	6	“	"	PUNCT
fsr-3339	243	7	reverse	reverse	ADJ
fsr-3339	243	8	”	"	PUNCT
fsr-3339	243	9	values	value	NOUN
fsr-3339	243	10	in	in	ADP
fsr-3339	243	11	nav	nav	NOUN
fsr-3339	243	12	records	record	NOUN
fsr-3339	243	13	(	(	PUNCT
fsr-3339	243	14	i.e.	i.e.	X
fsr-3339	243	15	,	,	PUNCT
fsr-3339	243	16	consecutive	consecutive	ADJ
fsr-3339	243	17	extreme	extreme	ADJ
fsr-3339	243	18	values	value	NOUN
fsr-3339	243	19	(	(	PUNCT
fsr-3339	243	20	i.e.	i.e.	X
fsr-3339	243	21	,	,	PUNCT
fsr-3339	243	22	�	�	PROPN
fsr-3339	243	23	99.9	99.9	NUM
fsr-3339	243	24	percentile	percentile	ADJ
fsr-3339	243	25	or	or	CCONJ
fsr-3339	243	26	�	�	PROPN
fsr-3339	243	27	0.1	0.1	NUM
fsr-3339	243	28	percentile	percentile	ADJ
fsr-3339	243	29	)	)	PUNCT
fsr-3339	243	30	with	with	ADP
fsr-3339	243	31	opposite	opposite	ADJ
fsr-3339	243	32	signs	sign	NOUN
fsr-3339	243	33	in	in	ADP
fsr-3339	243	34	either	either	PRON
fsr-3339	243	35	unit	unit	NOUN
fsr-3339	243	36	nav	nav	NOUN
fsr-3339	243	37	returns	return	NOUN
fsr-3339	243	38	or	or	CCONJ
fsr-3339	243	39	accumulated	accumulate	VERB
fsr-3339	243	40	nav	nav	NOUN
fsr-3339	243	41	returns	return	NOUN
fsr-3339	243	42	)	)	PUNCT
fsr-3339	243	43	.	.	PUNCT
fsr-3339	244	1	we	we	PRON
fsr-3339	244	2	eliminate	eliminate	VERB
fsr-3339	244	3	returns	return	NOUN
fsr-3339	244	4	related	relate	VERB
fsr-3339	244	5	to	to	ADP
fsr-3339	244	6	this	this	DET
fsr-3339	244	7	kind	kind	NOUN
fsr-3339	244	8	of	of	ADP
fsr-3339	244	9	error	error	NOUN
fsr-3339	244	10	from	from	ADP
fsr-3339	244	11	our	our	PRON
fsr-3339	244	12	sample	sample	NOUN
fsr-3339	244	13	.	.	PUNCT
fsr-3339	245	1	we	we	PRON
fsr-3339	245	2	use	use	VERB
fsr-3339	245	3	accumulated	accumulate	VERB
fsr-3339	245	4	nav	nav	NOUN
fsr-3339	245	5	returns	return	NOUN
fsr-3339	245	6	with	with	ADP
fsr-3339	245	7	share	share	NOUN
fsr-3339	245	8	splits	split	NOUN
fsr-3339	245	9	and	and	CCONJ
fsr-3339	245	10	cash	cash	NOUN
fsr-3339	245	11	dividends	dividend	NOUN
fsr-3339	245	12	considered	consider	VERB
fsr-3339	245	13	as	as	ADP
fsr-3339	245	14	our	our	PRON
fsr-3339	245	15	mutual	mutual	ADJ
fsr-3339	245	16	fund	fund	NOUN
fsr-3339	245	17	returns	return	NOUN
fsr-3339	245	18	as	as	ADV
fsr-3339	245	19	long	long	ADV
fsr-3339	245	20	as	as	SCONJ
fsr-3339	245	21	they	they	PRON
fsr-3339	245	22	are	be	AUX
fsr-3339	245	23	not	not	PART
fsr-3339	245	24	extreme	extreme	ADJ
fsr-3339	245	25	(	(	PUNCT
fsr-3339	245	26	i.e.	i.e.	X
fsr-3339	245	27	,	,	PUNCT
fsr-3339	245	28	outside	outside	ADP
fsr-3339	245	29	of	of	ADP
fsr-3339	245	30	the	the	DET
fsr-3339	245	31	0.002	0.002	NUM
fsr-3339	245	32	%	%	NOUN
fsr-3339	245	33	to	to	ADP
fsr-3339	245	34	99.998	99.998	NUM
fsr-3339	245	35	%	%	NOUN
fsr-3339	245	36	range	range	NOUN
fsr-3339	245	37	)	)	PUNCT
fsr-3339	245	38	.	.	PUNCT
fsr-3339	246	1	the	the	DET
fsr-3339	246	2	erroneous	erroneous	ADJ
fsr-3339	246	3	or	or	CCONJ
fsr-3339	246	4	extreme	extreme	ADJ
fsr-3339	246	5	values	value	NOUN
fsr-3339	246	6	are	be	AUX
fsr-3339	246	7	set	set	VERB
fsr-3339	246	8	as	as	ADP
fsr-3339	246	9	missing	miss	VERB
fsr-3339	246	10	instead	instead	ADV
fsr-3339	246	11	of	of	ADP
fsr-3339	246	12	being	be	AUX
fsr-3339	246	13	winsorized	winsorize	VERB
fsr-3339	246	14	to	to	PART
fsr-3339	246	15	ensure	ensure	VERB
fsr-3339	246	16	the	the	DET
fsr-3339	246	17	reliability	reliability	NOUN
fsr-3339	246	18	of	of	ADP
fsr-3339	246	19	our	our	PRON
fsr-3339	246	20	results	result	NOUN
fsr-3339	246	21	.	.	PUNCT
fsr-3339	247	1	this	this	DET
fsr-3339	247	2	cleaning	clean	VERB
fsr-3339	247	3	procedure	procedure	NOUN
fsr-3339	247	4	gives	give	VERB
fsr-3339	247	5	missing	miss	VERB
fsr-3339	247	6	values	value	NOUN
fsr-3339	247	7	to	to	ADP
fsr-3339	247	8	about	about	ADV
fsr-3339	247	9	0.037	0.037	NUM
fsr-3339	247	10	%	%	NOUN
fsr-3339	247	11	of	of	ADP
fsr-3339	247	12	all	all	DET
fsr-3339	247	13	daily	daily	ADJ
fsr-3339	247	14	unit	unit	NOUN
fsr-3339	247	15	nav	nav	NOUN
fsr-3339	247	16	returns	return	VERB
fsr-3339	247	17	in	in	ADP
fsr-3339	247	18	the	the	DET
fsr-3339	247	19	csmar	csmar	PROPN
fsr-3339	247	20	database	database	PROPN
fsr-3339	247	21	regardless	regardless	ADV
fsr-3339	247	22	of	of	ADP
fsr-3339	247	23	fund	fund	NOUN
fsr-3339	247	24	types	type	NOUN
fsr-3339	247	25	.	.	PUNCT
fsr-3339	248	1	table	table	NOUN
fsr-3339	248	2	3	3	NUM
fsr-3339	248	3	provides	provide	VERB
fsr-3339	248	4	a	a	DET
fsr-3339	248	5	summary	summary	NOUN
fsr-3339	248	6	of	of	ADP
fsr-3339	248	7	descriptive	descriptive	ADJ
fsr-3339	248	8	statistics	statistic	NOUN
fsr-3339	248	9	for	for	ADP
fsr-3339	248	10	the	the	DET
fsr-3339	248	11	cleaned	clean	VERB
fsr-3339	248	12	daily	daily	ADJ
fsr-3339	248	13	returns	return	NOUN
fsr-3339	248	14	for	for	ADP
fsr-3339	248	15	different	different	ADJ
fsr-3339	248	16	investment	investment	NOUN
fsr-3339	248	17	styles	style	NOUN
fsr-3339	248	18	,	,	PUNCT
fsr-3339	248	19	the	the	DET
fsr-3339	248	20	gta	gta	PROPN
fsr-3339	248	21	a	a	DET
fsr-3339	248	22	-	-	PUNCT
fsr-3339	248	23	share	share	NOUN
fsr-3339	248	24	index	index	NOUN
fsr-3339	248	25	,	,	PUNCT
fsr-3339	248	26	and	and	CCONJ
fsr-3339	248	27	the	the	DET
fsr-3339	248	28	risk	risk	NOUN
fsr-3339	248	29	-	-	PUNCT
fsr-3339	248	30	free	free	ADJ
fsr-3339	248	31	rate	rate	NOUN
fsr-3339	248	32	in	in	ADP
fsr-3339	248	33	china	china	PROPN
fsr-3339	248	34	.	.	PUNCT
fsr-3339	249	1	these	these	DET
fsr-3339	249	2	daily	daily	ADJ
fsr-3339	249	3	returns	return	NOUN
fsr-3339	249	4	are	be	AUX
fsr-3339	249	5	net	net	ADJ
fsr-3339	249	6	of	of	ADP
fsr-3339	249	7	fee	fee	NOUN
fsr-3339	249	8	returns	return	NOUN
fsr-3339	249	9	,	,	PUNCT
fsr-3339	249	10	which	which	PRON
fsr-3339	249	11	are	be	AUX
fsr-3339	249	12	the	the	DET
fsr-3339	249	13	returns	return	NOUN
fsr-3339	249	14	on	on	ADP
fsr-3339	249	15	the	the	DET
fsr-3339	249	16	nav	nav	NOUN
fsr-3339	249	17	per	per	ADP
fsr-3339	249	18	share	share	NOUN
fsr-3339	249	19	of	of	ADP
fsr-3339	249	20	the	the	DET
fsr-3339	249	21	funds	fund	NOUN
fsr-3339	249	22	fully	fully	ADV
fsr-3339	249	23	adjusted	adjust	VERB
fsr-3339	249	24	for	for	ADP
fsr-3339	249	25	share	share	NOUN
fsr-3339	249	26	split	split	NOUN
fsr-3339	249	27	/	/	SYM
fsr-3339	249	28	consolidation	consolidation	NOUN
fsr-3339	249	29	and	and	CCONJ
fsr-3339	249	30	cash	cash	NOUN
fsr-3339	249	31	dividends	dividend	NOUN
fsr-3339	249	32	.	.	PUNCT
fsr-3339	250	1	as	as	SCONJ
fsr-3339	250	2	panel	panel	NOUN
fsr-3339	250	3	a	a	DET
fsr-3339	250	4	shows	show	NOUN
fsr-3339	250	5	,	,	PUNCT
fsr-3339	250	6	the	the	DET
fsr-3339	250	7	value	value	NOUN
fsr-3339	250	8	and	and	CCONJ
fsr-3339	250	9	aggressive	aggressive	ADJ
fsr-3339	250	10	growth	growth	NOUN
fsr-3339	250	11	styles	style	NOUN
fsr-3339	250	12	have	have	VERB
fsr-3339	250	13	the	the	DET
fsr-3339	250	14	highest	high	ADJ
fsr-3339	250	15	mean	mean	ADJ
fsr-3339	250	16	daily	daily	ADJ
fsr-3339	250	17	returns	return	NOUN
fsr-3339	250	18	at	at	ADP
fsr-3339	250	19	0.057	0.057	NUM
fsr-3339	250	20	%	%	NOUN
fsr-3339	250	21	and	and	CCONJ
fsr-3339	250	22	0.039	0.039	NUM
fsr-3339	250	23	%	%	NOUN
fsr-3339	250	24	,	,	PUNCT
fsr-3339	250	25	respectively	respectively	ADV
fsr-3339	250	26	,	,	PUNCT
fsr-3339	250	27	whereas	whereas	SCONJ
fsr-3339	250	28	the	the	DET
fsr-3339	250	29	stable	stable	ADJ
fsr-3339	250	30	growth	growth	NOUN
fsr-3339	250	31	style	style	NOUN
fsr-3339	250	32	has	have	VERB
fsr-3339	250	33	the	the	DET
fsr-3339	250	34	lowest	low	ADJ
fsr-3339	250	35	mean	mean	ADJ
fsr-3339	250	36	daily	daily	ADJ
fsr-3339	250	37	return	return	NOUN
fsr-3339	250	38	at	at	ADP
fsr-3339	250	39	0.005	0.005	NUM
fsr-3339	250	40	%	%	NOUN
fsr-3339	250	41	.	.	PUNCT
fsr-3339	251	1	from	from	ADP
fsr-3339	251	2	both	both	CCONJ
fsr-3339	251	3	the	the	DET
fsr-3339	251	4	standard	standard	ADJ
fsr-3339	251	5	deviation	deviation	NOUN
fsr-3339	251	6	and	and	CCONJ
fsr-3339	251	7	the	the	DET
fsr-3339	251	8	range	range	NOUN
fsr-3339	251	9	between	between	ADP
fsr-3339	251	10	the	the	DET
fsr-3339	251	11	1st	1st	ADJ
fsr-3339	251	12	percentile	percentile	NOUN
fsr-3339	251	13	and	and	CCONJ
fsr-3339	251	14	99th	99th	ADJ
fsr-3339	251	15	percentile	percentile	NOUN
fsr-3339	251	16	,	,	PUNCT
fsr-3339	251	17	we	we	PRON
fsr-3339	251	18	observe	observe	VERB
fsr-3339	251	19	the	the	DET
fsr-3339	251	20	appreciation	appreciation	NOUN
fsr-3339	251	21	followed	follow	VERB
fsr-3339	251	22	by	by	ADP
fsr-3339	251	23	the	the	DET
fsr-3339	251	24	aggressive	aggressive	ADJ
fsr-3339	251	25	growth	growth	NOUN
fsr-3339	251	26	styles	style	NOUN
fsr-3339	251	27	have	have	VERB
fsr-3339	251	28	the	the	DET
fsr-3339	251	29	most	most	ADV
fsr-3339	251	30	volatile	volatile	ADJ
fsr-3339	251	31	return	return	NOUN
fsr-3339	251	32	profiles	profile	NOUN
fsr-3339	251	33	.	.	PUNCT
fsr-3339	252	1	as	as	ADP
fsr-3339	252	2	panel	panel	NOUN
fsr-3339	252	3	b	b	PROPN
fsr-3339	252	4	of	of	ADP
fsr-3339	252	5	table	table	NOUN
fsr-3339	252	6	3	3	NUM
fsr-3339	252	7	shows	show	NOUN
fsr-3339	252	8	,	,	PUNCT
fsr-3339	252	9	we	we	PRON
fsr-3339	252	10	use	use	VERB
fsr-3339	252	11	the	the	DET
fsr-3339	252	12	market	market	NOUN
fsr-3339	252	13	index	index	NOUN
fsr-3339	252	14	for	for	ADP
fsr-3339	252	15	all	all	DET
fsr-3339	252	16	negotiable	negotiable	ADJ
fsr-3339	252	17	gta	gta	PROPN
fsr-3339	252	18	a	a	PRON
fsr-3339	252	19	-	-	PUNCT
fsr-3339	252	20	shares	share	NOUN
fsr-3339	252	21	provided	provide	VERB
fsr-3339	252	22	by	by	ADP
fsr-3339	252	23	the	the	DET
fsr-3339	252	24	csmar	csmar	PROPN
fsr-3339	252	25	database	database	NOUN
fsr-3339	252	26	as	as	ADP
fsr-3339	252	27	the	the	DET
fsr-3339	252	28	market	market	NOUN
fsr-3339	252	29	benchmark	benchmark	NOUN
fsr-3339	252	30	.	.	PUNCT
fsr-3339	253	1	gta	gta	PROPN
fsr-3339	253	2	a	a	DET
fsr-3339	253	3	-	-	PUNCT
fsr-3339	253	4	share	share	NOUN
fsr-3339	253	5	stocks	stock	NOUN
fsr-3339	253	6	are	be	AUX
fsr-3339	253	7	stocks	stock	NOUN
fsr-3339	253	8	listed	list	VERB
fsr-3339	253	9	on	on	ADP
fsr-3339	253	10	the	the	DET
fsr-3339	253	11	chinese	chinese	ADJ
fsr-3339	253	12	exchanges	exchange	NOUN
fsr-3339	253	13	that	that	PRON
fsr-3339	253	14	are	be	AUX
fsr-3339	253	15	denominated	denominate	VERB
fsr-3339	253	16	and	and	CCONJ
fsr-3339	253	17	traded	trade	VERB
fsr-3339	253	18	in	in	ADP
fsr-3339	253	19	chinese	chinese	PROPN
fsr-3339	253	20	yuan	yuan	PROPN
fsr-3339	253	21	.	.	PUNCT
fsr-3339	254	1	the	the	DET
fsr-3339	254	2	negotiable	negotiable	ADJ
fsr-3339	254	3	shares	share	NOUN
fsr-3339	254	4	of	of	ADP
fsr-3339	254	5	a	a	DET
fsr-3339	254	6	company	company	NOUN
fsr-3339	254	7	are	be	AUX
fsr-3339	254	8	the	the	DET
fsr-3339	254	9	shares	share	NOUN
fsr-3339	254	10	that	that	PRON
fsr-3339	254	11	can	can	AUX
fsr-3339	254	12	be	be	AUX
fsr-3339	254	13	traded	trade	VERB
fsr-3339	254	14	in	in	ADP
fsr-3339	254	15	the	the	DET
fsr-3339	254	16	secondary	secondary	ADJ
fsr-3339	254	17	market	market	NOUN
fsr-3339	254	18	.	.	PUNCT
fsr-3339	255	1	for	for	ADP
fsr-3339	255	2	some	some	DET
fsr-3339	255	3	chinese	chinese	ADJ
fsr-3339	255	4	firms	firm	NOUN
fsr-3339	255	5	,	,	PUNCT
fsr-3339	255	6	especially	especially	ADV
fsr-3339	255	7	those	those	DET
fsr-3339	255	8	state	state	NOUN
fsr-3339	255	9	-	-	PUNCT
fsr-3339	255	10	owned	own	VERB
fsr-3339	255	11	or	or	CCONJ
fsr-3339	255	12	subsidiaries	subsidiary	NOUN
fsr-3339	255	13	of	of	ADP
fsr-3339	255	14	state	state	NOUN
fsr-3339	255	15	-	-	PUNCT
fsr-3339	255	16	owned	own	VERB
fsr-3339	255	17	companies	company	NOUN
fsr-3339	255	18	,	,	PUNCT
fsr-3339	255	19	part	part	NOUN
fsr-3339	255	20	of	of	ADP
fsr-3339	255	21	their	their	PRON
fsr-3339	255	22	common	common	ADJ
fsr-3339	255	23	equities	equity	NOUN
fsr-3339	255	24	can	can	AUX
fsr-3339	255	25	not	not	PART
fsr-3339	255	26	be	be	AUX
fsr-3339	255	27	traded	trade	VERB
fsr-3339	255	28	in	in	ADP
fsr-3339	255	29	the	the	DET
fsr-3339	255	30	secondary	secondary	ADJ
fsr-3339	255	31	market	market	NOUN
fsr-3339	255	32	without	without	ADP
fsr-3339	255	33	the	the	DET
fsr-3339	255	34	approval	approval	NOUN
fsr-3339	255	35	of	of	ADP
fsr-3339	255	36	governmental	governmental	ADJ
fsr-3339	255	37	authorities	authority	NOUN
fsr-3339	255	38	.	.	PUNCT
fsr-3339	256	1	the	the	DET
fsr-3339	256	2	state	state	NOUN
fsr-3339	256	3	usually	usually	ADV
fsr-3339	256	4	owns	own	VERB
fsr-3339	256	5	these	these	DET
fsr-3339	256	6	non	non	ADJ
fsr-3339	256	7	-	-	ADJ
fsr-3339	256	8	negotiable	negotiable	ADJ
fsr-3339	256	9	shares	share	NOUN
fsr-3339	256	10	.	.	PUNCT
fsr-3339	257	1	we	we	PRON
fsr-3339	257	2	use	use	VERB
fsr-3339	257	3	the	the	DET
fsr-3339	257	4	current	current	ADJ
fsr-3339	257	5	-	-	PUNCT
fsr-3339	257	6	value	value	NOUN
fsr-3339	257	7	-	-	PUNCT
fsr-3339	257	8	weighted	weight	VERB
fsr-3339	257	9	daily	daily	ADJ
fsr-3339	257	10	aggregated	aggregate	VERB
fsr-3339	257	11	market	market	NOUN
fsr-3339	257	12	returns	return	NOUN
fsr-3339	257	13	with	with	ADP
fsr-3339	257	14	cash	cash	NOUN
fsr-3339	257	15	dividends	dividend	NOUN
fsr-3339	257	16	reinvested	reinveste	VERB
fsr-3339	257	17	of	of	ADP
fsr-3339	257	18	all	all	DET
fsr-3339	257	19	the	the	DET
fsr-3339	257	20	negotiable	negotiable	ADJ
fsr-3339	257	21	gta	gta	PROPN
fsr-3339	257	22	a	a	DET
fsr-3339	257	23	-	-	PUNCT
fsr-3339	257	24	shares	share	NOUN
fsr-3339	257	25	as	as	ADP
fsr-3339	257	26	our	our	PRON
fsr-3339	257	27	benchmark	benchmark	NOUN
fsr-3339	257	28	index	index	NOUN
fsr-3339	257	29	.	.	PUNCT
fsr-3339	258	1	the	the	DET
fsr-3339	258	2	current	current	ADJ
fsr-3339	258	3	value	value	NOUN
fsr-3339	258	4	refers	refer	VERB
fsr-3339	258	5	to	to	ADP
fsr-3339	258	6	the	the	DET
fsr-3339	258	7	market	market	NOUN
fsr-3339	258	8	capitalization	capitalization	NOUN
fsr-3339	258	9	calculated	calculate	VERB
fsr-3339	258	10	as	as	ADP
fsr-3339	258	11	the	the	DET
fsr-3339	258	12	product	product	NOUN
fsr-3339	258	13	of	of	ADP
fsr-3339	258	14	the	the	DET
fsr-3339	258	15	negotiable	negotiable	ADJ
fsr-3339	258	16	shares	share	NOUN
fsr-3339	258	17	outstanding	outstanding	ADJ
fsr-3339	258	18	and	and	CCONJ
fsr-3339	258	19	the	the	DET
fsr-3339	258	20	firm	firm	NOUN
fsr-3339	258	21	’s	’s	PART
fsr-3339	258	22	closing	close	VERB
fsr-3339	258	23	stock	stock	NOUN
fsr-3339	258	24	price	price	NOUN
fsr-3339	258	25	.	.	PUNCT
fsr-3339	259	1	this	this	DET
fsr-3339	259	2	index	index	NOUN
fsr-3339	259	3	includes	include	VERB
fsr-3339	259	4	the	the	DET
fsr-3339	259	5	stocks	stock	NOUN
fsr-3339	259	6	on	on	ADP
fsr-3339	259	7	both	both	CCONJ
fsr-3339	259	8	the	the	DET
fsr-3339	259	9	shanghai	shanghai	PROPN
fsr-3339	259	10	stock	stock	PROPN
fsr-3339	259	11	exchange	exchange	PROPN
fsr-3339	259	12	and	and	CCONJ
fsr-3339	259	13	shenzhen	shenzhen	PROPN
fsr-3339	259	14	stock	stock	PROPN
fsr-3339	259	15	exchange	exchange	PROPN
fsr-3339	259	16	.	.	PUNCT
fsr-3339	260	1	our	our	PRON
fsr-3339	260	2	proxy	proxy	NOUN
fsr-3339	260	3	for	for	ADP
fsr-3339	260	4	the	the	DET
fsr-3339	260	5	chinese	chinese	ADJ
fsr-3339	260	6	market	market	NOUN
fsr-3339	260	7	risk	risk	NOUN
fsr-3339	260	8	-	-	PUNCT
fsr-3339	260	9	free	free	ADJ
fsr-3339	260	10	rate	rate	NOUN
fsr-3339	260	11	is	be	AUX
fsr-3339	260	12	a	a	DET
fsr-3339	260	13	one	one	NUM
fsr-3339	260	14	-	-	PUNCT
fsr-3339	260	15	year	year	NOUN
fsr-3339	260	16	large	large	ADJ
fsr-3339	260	17	denomination	denomination	NOUN
fsr-3339	260	18	time	time	NOUN
fsr-3339	260	19	deposit	deposit	NOUN
fsr-3339	260	20	rate	rate	NOUN
fsr-3339	260	21	.	.	PUNCT
fsr-3339	261	1	the	the	DET
fsr-3339	261	2	returns	return	NOUN
fsr-3339	261	3	reported	report	VERB
fsr-3339	261	4	in	in	ADP
fsr-3339	261	5	table	table	NOUN
fsr-3339	261	6	3	3	NUM
fsr-3339	261	7	represent	represent	VERB
fsr-3339	261	8	daily	daily	ADJ
fsr-3339	261	9	rates	rate	NOUN
fsr-3339	261	10	.	.	PUNCT
fsr-3339	262	1	as	as	SCONJ
fsr-3339	262	2	table	table	NOUN
fsr-3339	262	3	3	3	NUM
fsr-3339	262	4	shows	show	NOUN
fsr-3339	262	5	,	,	PUNCT
fsr-3339	262	6	the	the	DET
fsr-3339	262	7	average	average	ADJ
fsr-3339	262	8	daily	daily	ADJ
fsr-3339	262	9	return	return	NOUN
fsr-3339	262	10	on	on	ADP
fsr-3339	262	11	the	the	DET
fsr-3339	262	12	gta	gta	PROPN
fsr-3339	262	13	a	a	DET
fsr-3339	262	14	-	-	PUNCT
fsr-3339	262	15	share	share	NOUN
fsr-3339	262	16	index	index	NOUN
fsr-3339	262	17	is	be	AUX
fsr-3339	262	18	3.2	3.2	NUM
fsr-3339	262	19	basis	basis	NOUN
fsr-3339	262	20	points	point	NOUN
fsr-3339	262	21	,	,	PUNCT
fsr-3339	262	22	yet	yet	CCONJ
fsr-3339	262	23	the	the	DET
fsr-3339	262	24	net	net	ADJ
fsr-3339	262	25	-	-	PUNCT
fsr-3339	262	26	of	of	ADP
fsr-3339	262	27	-	-	PUNCT
fsr-3339	262	28	fees	fee	NOUN
fsr-3339	262	29	daily	daily	ADJ
fsr-3339	262	30	return	return	NOUN
fsr-3339	262	31	on	on	ADP
fsr-3339	262	32	actively	actively	ADV
fsr-3339	262	33	managed	manage	VERB
fsr-3339	262	34	chinese	chinese	ADJ
fsr-3339	262	35	stock	stock	NOUN
fsr-3339	262	36	mutual	mutual	ADJ
fsr-3339	262	37	funds	fund	NOUN
fsr-3339	262	38	is	be	AUX
fsr-3339	262	39	2.9	2.9	NUM
fsr-3339	262	40	basis	basis	NOUN
fsr-3339	262	41	points	point	NOUN
fsr-3339	262	42	.	.	PUNCT
fsr-3339	263	1	we	we	PRON
fsr-3339	263	2	calculate	calculate	VERB
fsr-3339	263	3	the	the	DET
fsr-3339	263	4	average	average	ADJ
fsr-3339	263	5	daily	daily	ADJ
fsr-3339	263	6	total	total	ADJ
fsr-3339	263	7	expense	expense	NOUN
fsr-3339	263	8	ratio	ratio	NOUN
fsr-3339	263	9	from	from	ADP
fsr-3339	263	10	our	our	PRON
fsr-3339	263	11	database	database	NOUN
fsr-3339	263	12	,	,	PUNCT
fsr-3339	263	13	which	which	PRON
fsr-3339	263	14	is	be	AUX
fsr-3339	263	15	about	about	ADV
fsr-3339	263	16	0.7	0.7	NUM
fsr-3339	263	17	basis	basis	NOUN
fsr-3339	263	18	points	point	NOUN
fsr-3339	263	19	.	.	PUNCT
fsr-3339	264	1	therefore	therefore	ADV
fsr-3339	264	2	,	,	PUNCT
fsr-3339	264	3	the	the	DET
fsr-3339	264	4	average	average	ADJ
fsr-3339	264	5	gross	gross	ADJ
fsr-3339	264	6	daily	daily	ADJ
fsr-3339	264	7	return	return	NOUN
fsr-3339	264	8	for	for	ADP
fsr-3339	264	9	these	these	DET
fsr-3339	264	10	mutual	mutual	ADJ
fsr-3339	264	11	funds	fund	NOUN
fsr-3339	264	12	is	be	AUX
fsr-3339	264	13	3.6	3.6	NUM
fsr-3339	264	14	basis	basis	NOUN
fsr-3339	264	15	points	point	NOUN
fsr-3339	264	16	(	(	PUNCT
fsr-3339	264	17	i.e.	i.e.	X
fsr-3339	264	18	,	,	PUNCT
fsr-3339	264	19	0.4	0.4	NUM
fsr-3339	264	20	basis	basis	NOUN
fsr-3339	264	21	points	point	NOUN
fsr-3339	264	22	above	above	ADP
fsr-3339	264	23	the	the	DET
fsr-3339	264	24	daily	daily	ADJ
fsr-3339	264	25	average	average	ADJ
fsr-3339	264	26	index	index	NOUN
fsr-3339	264	27	return	return	NOUN
fsr-3339	264	28	)	)	PUNCT
fsr-3339	264	29	.	.	PUNCT
fsr-3339	265	1	this	this	DET
fsr-3339	265	2	calculation	calculation	NOUN
fsr-3339	265	3	shows	show	VERB
fsr-3339	265	4	that	that	SCONJ
fsr-3339	265	5	these	these	DET
fsr-3339	265	6	funds	fund	NOUN
fsr-3339	265	7	on	on	ADP
fsr-3339	265	8	average	average	ADJ
fsr-3339	265	9	perform	perform	NOUN
fsr-3339	265	10	slightly	slightly	ADV
fsr-3339	265	11	better	well	ADJ
fsr-3339	265	12	than	than	ADP
fsr-3339	265	13	the	the	DET
fsr-3339	265	14	market	market	NOUN
fsr-3339	265	15	before	before	ADP
fsr-3339	265	16	the	the	DET
fsr-3339	265	17	fees	fee	NOUN
fsr-3339	265	18	but	but	CCONJ
fsr-3339	265	19	not	not	PART
fsr-3339	265	20	after	after	ADP
fsr-3339	265	21	.	.	PUNCT
fsr-3339	266	1	in	in	ADP
fsr-3339	266	2	the	the	DET
fsr-3339	266	3	spirit	spirit	NOUN
fsr-3339	266	4	of	of	ADP
fsr-3339	266	5	french	french	ADJ
fsr-3339	266	6	(	(	PUNCT
fsr-3339	266	7	2008	2008	NUM
fsr-3339	266	8	)	)	PUNCT
fsr-3339	266	9	,	,	PUNCT
fsr-3339	266	10	chinese	chinese	ADJ
fsr-3339	266	11	investors	investor	NOUN
fsr-3339	266	12	pay	pay	VERB
fsr-3339	266	13	about	about	ADV
fsr-3339	266	14	0.3	0.3	NUM
fsr-3339	266	15	basis	basis	NOUN
fsr-3339	266	16	points	point	NOUN
fsr-3339	266	17	(	(	PUNCT
fsr-3339	266	18	3.2	3.2	NUM
fsr-3339	266	19	minus	minus	ADP
fsr-3339	266	20	2.9	2.9	NUM
fsr-3339	266	21	)	)	PUNCT
fsr-3339	266	22	per	per	ADP
fsr-3339	266	23	day	day	NOUN
fsr-3339	266	24	for	for	ADP
fsr-3339	266	25	price	price	NOUN
fsr-3339	266	26	discovery	discovery	NOUN
fsr-3339	266	27	in	in	ADP
fsr-3339	266	28	the	the	DET
fsr-3339	266	29	chinese	chinese	ADJ
fsr-3339	266	30	stock	stock	NOUN
fsr-3339	266	31	market	market	NOUN
fsr-3339	266	32	.	.	PUNCT
fsr-3339	267	1	300	300	NUM
fsr-3339	267	2	w.	w.	NOUN
fsr-3339	267	3	he	he	PRON
fsr-3339	267	4	et	et	PROPN
fsr-3339	267	5	al	al	PROPN
fsr-3339	267	6	.	.	PUNCT
fsr-3339	267	7	/	/	SYM
fsr-3339	267	8	financial	financial	ADJ
fsr-3339	267	9	services	service	NOUN
fsr-3339	267	10	review	review	VERB
fsr-3339	267	11	24	24	NUM
fsr-3339	267	12	(	(	PUNCT
fsr-3339	267	13	2015	2015	NUM
fsr-3339	267	14	)	)	PUNCT
fsr-3339	267	15	289–311	289–311	NUM
fsr-3339	267	16	besides	besides	SCONJ
fsr-3339	267	17	the	the	DET
fsr-3339	267	18	market	market	NOUN
fsr-3339	267	19	factor	factor	NOUN
fsr-3339	267	20	,	,	PUNCT
fsr-3339	267	21	we	we	PRON
fsr-3339	267	22	also	also	ADV
fsr-3339	267	23	include	include	VERB
fsr-3339	267	24	popular	popular	ADJ
fsr-3339	267	25	risk	risk	NOUN
fsr-3339	267	26	factors	factor	NOUN
fsr-3339	267	27	for	for	ADP
fsr-3339	267	28	mutual	mutual	ADJ
fsr-3339	267	29	fund	fund	NOUN
fsr-3339	267	30	performance	performance	NOUN
fsr-3339	267	31	analysis	analysis	NOUN
fsr-3339	267	32	in	in	ADP
fsr-3339	267	33	our	our	PRON
fsr-3339	267	34	study	study	NOUN
fsr-3339	267	35	.	.	PUNCT
fsr-3339	268	1	following	follow	VERB
fsr-3339	268	2	tang	tang	PROPN
fsr-3339	268	3	et	et	PROPN
fsr-3339	268	4	al	al	PROPN
fsr-3339	268	5	.	.	PROPN
fsr-3339	269	1	(	(	PUNCT
fsr-3339	269	2	2012	2012	NUM
fsr-3339	269	3	)	)	PUNCT
fsr-3339	269	4	,	,	PUNCT
fsr-3339	269	5	we	we	PRON
fsr-3339	269	6	use	use	VERB
fsr-3339	269	7	the	the	DET
fsr-3339	269	8	size	size	NOUN
fsr-3339	269	9	(	(	PUNCT
fsr-3339	269	10	small	small	ADJ
fsr-3339	269	11	minus	minus	CCONJ
fsr-3339	269	12	big	big	ADJ
fsr-3339	269	13	,	,	PUNCT
fsr-3339	269	14	smb	smb	NOUN
fsr-3339	269	15	)	)	PUNCT
fsr-3339	269	16	and	and	CCONJ
fsr-3339	269	17	value	value	NOUN
fsr-3339	269	18	(	(	PUNCT
fsr-3339	269	19	high	high	ADJ
fsr-3339	269	20	minus	minus	CCONJ
fsr-3339	269	21	low	low	ADJ
fsr-3339	269	22	,	,	PUNCT
fsr-3339	269	23	hml	hml	PROPN
fsr-3339	269	24	)	)	PUNCT
fsr-3339	269	25	factors	factor	NOUN
fsr-3339	269	26	provided	provide	VERB
fsr-3339	269	27	by	by	ADP
fsr-3339	269	28	the	the	DET
fsr-3339	269	29	tianxiang	tianxiang	PROPN
fsr-3339	269	30	investment	investment	NOUN
fsr-3339	269	31	analysis	analysis	NOUN
fsr-3339	269	32	system	system	NOUN
fsr-3339	269	33	.	.	PUNCT
fsr-3339	270	1	using	use	VERB
fsr-3339	270	2	the	the	DET
fsr-3339	270	3	data	datum	NOUN
fsr-3339	270	4	provided	provide	VERB
fsr-3339	270	5	in	in	ADP
fsr-3339	270	6	the	the	DET
fsr-3339	270	7	csmar	csmar	PROPN
fsr-3339	270	8	china	china	PROPN
fsr-3339	270	9	stock	stock	PROPN
fsr-3339	270	10	market	market	PROPN
fsr-3339	270	11	trading	trading	NOUN
fsr-3339	270	12	database	database	NOUN
fsr-3339	270	13	,	,	PUNCT
fsr-3339	270	14	we	we	PRON
fsr-3339	270	15	also	also	ADV
fsr-3339	270	16	calculate	calculate	VERB
fsr-3339	270	17	the	the	DET
fsr-3339	270	18	zero	zero	NUM
fsr-3339	270	19	investment	investment	NOUN
fsr-3339	270	20	portfolio	portfolio	NOUN
fsr-3339	270	21	returns	return	VERB
fsr-3339	270	22	on	on	ADP
fsr-3339	270	23	the	the	DET
fsr-3339	270	24	momentum	momentum	NOUN
fsr-3339	270	25	factor	factor	NOUN
fsr-3339	270	26	and	and	CCONJ
fsr-3339	270	27	the	the	DET
fsr-3339	270	28	cash	cash	NOUN
fsr-3339	270	29	flows	flow	VERB
fsr-3339	270	30	factor	factor	NOUN
fsr-3339	270	31	.	.	PUNCT
fsr-3339	271	1	to	to	PART
fsr-3339	271	2	construct	construct	VERB
fsr-3339	271	3	the	the	DET
fsr-3339	271	4	momentum	momentum	NOUN
fsr-3339	271	5	factor	factor	NOUN
fsr-3339	271	6	returns	return	NOUN
fsr-3339	271	7	,	,	PUNCT
fsr-3339	271	8	we	we	PRON
fsr-3339	271	9	follow	follow	VERB
fsr-3339	271	10	the	the	DET
fsr-3339	271	11	fama	fama	NOUN
fsr-3339	271	12	-	-	PUNCT
fsr-3339	271	13	french	french	ADJ
fsr-3339	271	14	approach	approach	NOUN
fsr-3339	271	15	described	describe	VERB
fsr-3339	271	16	on	on	ADP
fsr-3339	271	17	kenneth	kenneth	PROPN
fsr-3339	271	18	french	french	PROPN
fsr-3339	271	19	’s	’s	PART
fsr-3339	271	20	website.1	website.1	INTJ
fsr-3339	271	21	we	we	PRON
fsr-3339	271	22	form	form	VERB
fsr-3339	271	23	six	six	NUM
fsr-3339	271	24	valueweighted	valueweighted	ADJ
fsr-3339	271	25	portfolios	portfolio	NOUN
fsr-3339	271	26	based	base	VERB
fsr-3339	271	27	on	on	ADP
fsr-3339	271	28	size	size	NOUN
fsr-3339	271	29	and	and	CCONJ
fsr-3339	271	30	prior	prior	ADV
fsr-3339	271	31	(	(	PUNCT
fsr-3339	271	32	2–12	2–12	NOUN
fsr-3339	271	33	)	)	PUNCT
fsr-3339	271	34	monthly	monthly	ADJ
fsr-3339	271	35	returns	return	NOUN
fsr-3339	271	36	,	,	PUNCT
fsr-3339	271	37	with	with	ADP
fsr-3339	271	38	the	the	DET
fsr-3339	271	39	median	median	ADJ
fsr-3339	271	40	size	size	NOUN
fsr-3339	271	41	as	as	ADP
fsr-3339	271	42	the	the	DET
fsr-3339	271	43	break	break	NOUN
fsr-3339	271	44	point	point	NOUN
fsr-3339	271	45	for	for	ADP
fsr-3339	271	46	size	size	NOUN
fsr-3339	271	47	and	and	CCONJ
fsr-3339	271	48	the	the	DET
fsr-3339	271	49	30th	30th	ADJ
fsr-3339	271	50	percentile	percentile	ADJ
fsr-3339	271	51	and	and	CCONJ
fsr-3339	271	52	70th	70th	ADJ
fsr-3339	271	53	percentile	percentile	NOUN
fsr-3339	271	54	as	as	ADP
fsr-3339	271	55	the	the	DET
fsr-3339	271	56	break	break	NOUN
fsr-3339	271	57	points	point	NOUN
fsr-3339	271	58	for	for	ADP
fsr-3339	271	59	prior	prior	ADV
fsr-3339	271	60	(	(	PUNCT
fsr-3339	271	61	2–12	2–12	NOUN
fsr-3339	271	62	)	)	PUNCT
fsr-3339	271	63	monthly	monthly	ADJ
fsr-3339	271	64	returns	return	NOUN
fsr-3339	271	65	.	.	PUNCT
fsr-3339	272	1	we	we	PRON
fsr-3339	272	2	then	then	ADV
fsr-3339	272	3	calculate	calculate	VERB
fsr-3339	272	4	the	the	DET
fsr-3339	272	5	zero	zero	NUM
fsr-3339	272	6	-	-	PUNCT
fsr-3339	272	7	investment	investment	NOUN
fsr-3339	272	8	momentum	momentum	NOUN
fsr-3339	272	9	factor	factor	NOUN
fsr-3339	272	10	return	return	NOUN
fsr-3339	272	11	as	as	ADP
fsr-3339	272	12	the	the	DET
fsr-3339	272	13	average	average	ADJ
fsr-3339	272	14	return	return	NOUN
fsr-3339	272	15	on	on	ADP
fsr-3339	272	16	the	the	DET
fsr-3339	272	17	two	two	NUM
fsr-3339	272	18	high	high	ADJ
fsr-3339	272	19	prior	prior	ADJ
fsr-3339	272	20	return	return	NOUN
fsr-3339	272	21	portfolios	portfolio	NOUN
fsr-3339	272	22	(	(	PUNCT
fsr-3339	272	23	small	small	ADJ
fsr-3339	272	24	high	high	ADJ
fsr-3339	272	25	and	and	CCONJ
fsr-3339	272	26	big	big	ADJ
fsr-3339	272	27	high	high	ADJ
fsr-3339	272	28	)	)	PUNCT
fsr-3339	272	29	minus	minus	CCONJ
fsr-3339	272	30	the	the	DET
fsr-3339	272	31	average	average	ADJ
fsr-3339	272	32	return	return	NOUN
fsr-3339	272	33	on	on	ADP
fsr-3339	272	34	the	the	DET
fsr-3339	272	35	two	two	NUM
fsr-3339	272	36	low	low	ADJ
fsr-3339	272	37	prior	prior	ADJ
fsr-3339	272	38	return	return	NOUN
fsr-3339	272	39	portfolios	portfolio	NOUN
fsr-3339	272	40	(	(	PUNCT
fsr-3339	272	41	small	small	ADJ
fsr-3339	272	42	low	low	ADJ
fsr-3339	272	43	and	and	CCONJ
fsr-3339	272	44	big	big	ADJ
fsr-3339	272	45	low	low	NOUN
fsr-3339	272	46	)	)	PUNCT
fsr-3339	272	47	.	.	PUNCT
fsr-3339	273	1	to	to	PART
fsr-3339	273	2	study	study	VERB
fsr-3339	273	3	the	the	DET
fsr-3339	273	4	relationship	relationship	NOUN
fsr-3339	273	5	between	between	ADP
fsr-3339	273	6	fund	fund	NOUN
fsr-3339	273	7	characteristics	characteristic	NOUN
fsr-3339	273	8	and	and	CCONJ
fsr-3339	273	9	fund	fund	NOUN
fsr-3339	273	10	performance	performance	NOUN
fsr-3339	273	11	,	,	PUNCT
fsr-3339	273	12	we	we	PRON
fsr-3339	273	13	use	use	VERB
fsr-3339	273	14	2006	2006	NUM
fsr-3339	273	15	to	to	ADP
fsr-3339	273	16	2011	2011	NUM
fsr-3339	273	17	as	as	ADP
fsr-3339	273	18	the	the	DET
fsr-3339	273	19	observation	observation	NOUN
fsr-3339	273	20	period	period	NOUN
fsr-3339	273	21	for	for	ADP
fsr-3339	273	22	performance	performance	NOUN
fsr-3339	273	23	(	(	PUNCT
fsr-3339	273	24	hereafter	hereafter	ADV
fsr-3339	273	25	called	call	VERB
fsr-3339	273	26	the	the	DET
fsr-3339	273	27	full	full	ADJ
fsr-3339	273	28	period	period	NOUN
fsr-3339	273	29	)	)	PUNCT
fsr-3339	273	30	.	.	PUNCT
fsr-3339	274	1	to	to	PART
fsr-3339	274	2	test	test	VERB
fsr-3339	274	3	the	the	DET
fsr-3339	274	4	robustness	robustness	NOUN
fsr-3339	274	5	of	of	ADP
fsr-3339	274	6	our	our	PRON
fsr-3339	274	7	results	result	NOUN
fsr-3339	274	8	,	,	PUNCT
fsr-3339	274	9	we	we	PRON
fsr-3339	274	10	further	far	ADV
fsr-3339	274	11	split	split	VERB
fsr-3339	274	12	our	our	PRON
fsr-3339	274	13	sample	sample	NOUN
fsr-3339	274	14	into	into	ADP
fsr-3339	274	15	the	the	DET
fsr-3339	274	16	2006–2008	2006–2008	NUM
fsr-3339	274	17	and	and	CCONJ
fsr-3339	274	18	2009–2011	2009–2011	NUM
fsr-3339	274	19	sub	sub	NOUN
fsr-3339	274	20	-	-	NOUN
fsr-3339	274	21	periods	period	NOUN
fsr-3339	274	22	.	.	PUNCT
fsr-3339	275	1	because	because	SCONJ
fsr-3339	275	2	the	the	DET
fsr-3339	275	3	mutual	mutual	ADJ
fsr-3339	275	4	funds	fund	NOUN
fsr-3339	275	5	in	in	ADP
fsr-3339	275	6	china	china	PROPN
fsr-3339	275	7	report	report	VERB
fsr-3339	275	8	their	their	PRON
fsr-3339	275	9	fund	fund	NOUN
fsr-3339	275	10	information	information	NOUN
fsr-3339	275	11	on	on	ADP
fsr-3339	275	12	a	a	DET
fsr-3339	275	13	quarterly	quarterly	ADJ
fsr-3339	275	14	basis	basis	NOUN
fsr-3339	275	15	,	,	PUNCT
fsr-3339	275	16	most	most	ADJ
fsr-3339	275	17	fund	fund	NOUN
fsr-3339	275	18	characteristics	characteristic	NOUN
fsr-3339	275	19	summarized	summarize	VERB
fsr-3339	275	20	in	in	ADP
fsr-3339	275	21	table	table	NOUN
fsr-3339	275	22	4	4	NUM
fsr-3339	275	23	are	be	AUX
fsr-3339	275	24	quarterly	quarterly	ADJ
fsr-3339	275	25	data	datum	NOUN
fsr-3339	275	26	.	.	PUNCT
fsr-3339	276	1	the	the	DET
fsr-3339	276	2	exception	exception	NOUN
fsr-3339	276	3	is	be	AUX
fsr-3339	276	4	management	management	NOUN
fsr-3339	276	5	fees	fee	NOUN
fsr-3339	276	6	,	,	PUNCT
fsr-3339	276	7	which	which	PRON
fsr-3339	276	8	are	be	AUX
fsr-3339	276	9	an	an	DET
fsr-3339	276	10	annualized	annualize	VERB
fsr-3339	276	11	percentage	percentage	NOUN
fsr-3339	276	12	rate	rate	NOUN
fsr-3339	276	13	charged	charge	VERB
fsr-3339	276	14	as	as	ADP
fsr-3339	276	15	a	a	DET
fsr-3339	276	16	percentage	percentage	NOUN
fsr-3339	276	17	of	of	ADP
fsr-3339	276	18	daily	daily	ADJ
fsr-3339	276	19	nav	nav	NOUN
fsr-3339	276	20	.	.	PUNCT
fsr-3339	277	1	that	that	PRON
fsr-3339	277	2	is	is	ADV
fsr-3339	277	3	,	,	PUNCT
fsr-3339	277	4	the	the	DET
fsr-3339	277	5	rate	rate	NOUN
fsr-3339	277	6	is	be	AUX
fsr-3339	277	7	an	an	DET
fsr-3339	277	8	annual	annual	ADJ
fsr-3339	277	9	rate	rate	NOUN
fsr-3339	277	10	but	but	CCONJ
fsr-3339	277	11	when	when	SCONJ
fsr-3339	277	12	the	the	DET
fsr-3339	277	13	fee	fee	NOUN
fsr-3339	277	14	is	be	AUX
fsr-3339	277	15	charged	charge	VERB
fsr-3339	277	16	to	to	PART
fsr-3339	277	17	fund	fund	VERB
fsr-3339	277	18	investors	investor	NOUN
fsr-3339	277	19	,	,	PUNCT
fsr-3339	277	20	it	it	PRON
fsr-3339	277	21	typically	typically	ADV
fsr-3339	277	22	accrues	accrue	VERB
fsr-3339	277	23	on	on	ADP
fsr-3339	277	24	a	a	DET
fsr-3339	277	25	daily	daily	ADJ
fsr-3339	277	26	basis	basis	NOUN
fsr-3339	277	27	.	.	PUNCT
fsr-3339	278	1	we	we	PRON
fsr-3339	278	2	report	report	VERB
fsr-3339	278	3	the	the	DET
fsr-3339	278	4	average	average	ADJ
fsr-3339	278	5	management	management	NOUN
fsr-3339	278	6	fee	fee	NOUN
fsr-3339	278	7	rate	rate	NOUN
fsr-3339	278	8	over	over	ADP
fsr-3339	278	9	the	the	DET
fsr-3339	278	10	period	period	NOUN
fsr-3339	278	11	in	in	ADP
fsr-3339	278	12	which	which	PRON
fsr-3339	278	13	the	the	DET
fsr-3339	278	14	fund	fund	NOUN
fsr-3339	278	15	performance	performance	NOUN
fsr-3339	278	16	is	be	AUX
fsr-3339	278	17	measured	measure	VERB
fsr-3339	278	18	because	because	SCONJ
fsr-3339	278	19	some	some	DET
fsr-3339	278	20	funds	fund	NOUN
fsr-3339	278	21	adjust	adjust	VERB
fsr-3339	278	22	their	their	PRON
fsr-3339	278	23	management	management	NOUN
fsr-3339	278	24	fees	fee	NOUN
fsr-3339	278	25	during	during	ADP
fsr-3339	278	26	these	these	DET
fsr-3339	278	27	periods	period	NOUN
fsr-3339	278	28	.	.	PUNCT
fsr-3339	279	1	as	as	SCONJ
fsr-3339	279	2	this	this	DET
fsr-3339	279	3	expense	expense	NOUN
fsr-3339	279	4	item	item	NOUN
fsr-3339	279	5	provides	provide	VERB
fsr-3339	279	6	compensation	compensation	NOUN
fsr-3339	279	7	for	for	ADP
fsr-3339	279	8	the	the	DET
fsr-3339	279	9	fund	fund	NOUN
fsr-3339	279	10	managers	manager	NOUN
fsr-3339	279	11	,	,	PUNCT
fsr-3339	279	12	it	it	PRON
fsr-3339	279	13	should	should	AUX
fsr-3339	279	14	have	have	VERB
fsr-3339	279	15	some	some	DET
fsr-3339	279	16	implications	implication	NOUN
fsr-3339	279	17	for	for	ADP
fsr-3339	279	18	fund	fund	NOUN
fsr-3339	279	19	performance	performance	NOUN
fsr-3339	279	20	.	.	PUNCT
fsr-3339	280	1	chinese	chinese	ADJ
fsr-3339	280	2	mutual	mutual	ADJ
fsr-3339	280	3	funds	fund	NOUN
fsr-3339	280	4	incur	incur	VERB
fsr-3339	280	5	other	other	ADJ
fsr-3339	280	6	expenses	expense	NOUN
fsr-3339	280	7	table	table	NOUN
fsr-3339	280	8	4	4	NUM
fsr-3339	280	9	descriptive	descriptive	ADJ
fsr-3339	280	10	statistics	statistic	NOUN
fsr-3339	280	11	for	for	ADP
fsr-3339	280	12	actively	actively	ADV
fsr-3339	280	13	managed	manage	VERB
fsr-3339	280	14	chinese	chinese	ADJ
fsr-3339	280	15	stock	stock	PROPN
fsr-3339	280	16	mutual	mutual	ADJ
fsr-3339	280	17	fund	fund	NOUN
fsr-3339	280	18	characteristics	characteristic	NOUN
fsr-3339	280	19	and	and	CCONJ
fsr-3339	280	20	flows	flow	VERB
fsr-3339	280	21	fund	fund	NOUN
fsr-3339	280	22	characteristics	characteristic	NOUN
fsr-3339	281	1	n	n	PRON
fsr-3339	281	2	mean	mean	VERB
fsr-3339	281	3	min	min	PROPN
fsr-3339	281	4	max	max	PROPN
fsr-3339	281	5	sd	sd	PROPN
fsr-3339	281	6	panel	panel	PROPN
fsr-3339	281	7	a	a	DET
fsr-3339	281	8	:	:	PUNCT
fsr-3339	281	9	basic	basic	ADJ
fsr-3339	281	10	statistics	statistic	NOUN
fsr-3339	281	11	management	management	NOUN
fsr-3339	281	12	fees	fee	NOUN
fsr-3339	281	13	(	(	PUNCT
fsr-3339	281	14	%	%	INTJ
fsr-3339	281	15	)	)	PUNCT
fsr-3339	281	16	(	(	PUNCT
fsr-3339	281	17	2006–2011	2006–2011	NUM
fsr-3339	281	18	)	)	PUNCT
fsr-3339	281	19	308	308	NUM
fsr-3339	281	20	1.527	1.527	NUM
fsr-3339	281	21	0.500	0.500	NUM
fsr-3339	281	22	8.250	8.250	NUM
fsr-3339	281	23	0.403	0.403	NUM
fsr-3339	281	24	median	median	ADJ
fsr-3339	281	25	fund	fund	NOUN
fsr-3339	281	26	size	size	NOUN
fsr-3339	281	27	(	(	PUNCT
fsr-3339	281	28	10	10	NUM
fsr-3339	281	29	billions	billion	NOUN
fsr-3339	281	30	of	of	ADP
fsr-3339	281	31	yuan	yuan	NOUN
fsr-3339	281	32	)	)	PUNCT
fsr-3339	281	33	308	308	NUM
fsr-3339	281	34	0.362	0.362	NUM
fsr-3339	281	35	0.006	0.006	NUM
fsr-3339	281	36	2.303	2.303	NUM
fsr-3339	281	37	0.441	0.441	NUM
fsr-3339	281	38	fund	fund	NOUN
fsr-3339	281	39	age	age	NOUN
fsr-3339	281	40	(	(	PUNCT
fsr-3339	281	41	years	year	NOUN
fsr-3339	281	42	)	)	PUNCT
fsr-3339	281	43	308	308	NUM
fsr-3339	281	44	3.592	3.592	NUM
fsr-3339	281	45	0.471	0.471	NUM
fsr-3339	281	46	10.285	10.285	NUM
fsr-3339	281	47	2.288	2.288	NUM
fsr-3339	281	48	mean	mean	NOUN
fsr-3339	281	49	net	net	ADJ
fsr-3339	281	50	flows	flow	NOUN
fsr-3339	281	51	(	(	PUNCT
fsr-3339	281	52	%	%	INTJ
fsr-3339	281	53	)	)	PUNCT
fsr-3339	281	54	308	308	NUM
fsr-3339	281	55	�	�	PROPN
fsr-3339	281	56	0.057	0.057	NUM
fsr-3339	281	57	�	�	NOUN
fsr-3339	281	58	0.473	0.473	NUM
fsr-3339	281	59	0.179	0.179	NUM
fsr-3339	281	60	0.114	0.114	NUM
fsr-3339	281	61	standard	standard	ADJ
fsr-3339	281	62	deviation	deviation	NOUN
fsr-3339	281	63	of	of	ADP
fsr-3339	281	64	net	net	NOUN
fsr-3339	281	65	flows	flow	VERB
fsr-3339	281	66	308	308	NUM
fsr-3339	281	67	0.274	0.274	NUM
fsr-3339	281	68	0.017	0.017	NUM
fsr-3339	281	69	0.692	0.692	NUM
fsr-3339	281	70	0.151	0.151	NUM
fsr-3339	281	71	management	management	NOUN
fsr-3339	281	72	fees	fee	NOUN
fsr-3339	281	73	median	median	PROPN
fsr-3339	281	74	fund	fund	NOUN
fsr-3339	281	75	size	size	NOUN
fsr-3339	281	76	fund	fund	NOUN
fsr-3339	281	77	age	age	NOUN
fsr-3339	281	78	mean	mean	VERB
fsr-3339	281	79	net	net	PROPN
fsr-3339	281	80	flows	flow	VERB
fsr-3339	281	81	panel	panel	NOUN
fsr-3339	281	82	b	b	NOUN
fsr-3339	281	83	:	:	PUNCT
fsr-3339	281	84	correlation	correlation	NOUN
fsr-3339	281	85	coefficients	coefficient	NOUN
fsr-3339	281	86	median	median	PROPN
fsr-3339	281	87	fund	fund	NOUN
fsr-3339	281	88	size	size	NOUN
fsr-3339	281	89	(	(	PUNCT
fsr-3339	281	90	10	10	NUM
fsr-3339	281	91	billions	billion	NOUN
fsr-3339	281	92	of	of	ADP
fsr-3339	281	93	yuan	yuan	NOUN
fsr-3339	281	94	)	)	PUNCT
fsr-3339	281	95	�	�	PROPN
fsr-3339	281	96	0.022	0.022	NUM
fsr-3339	281	97	fund	fund	NOUN
fsr-3339	281	98	age	age	NOUN
fsr-3339	281	99	(	(	PUNCT
fsr-3339	281	100	years	year	NOUN
fsr-3339	281	101	)	)	PUNCT
fsr-3339	281	102	�	�	PROPN
fsr-3339	281	103	0.082	0.082	NUM
fsr-3339	281	104	0.494	0.494	NUM
fsr-3339	281	105	*	*	PUNCT
fsr-3339	281	106	mean	mean	ADJ
fsr-3339	281	107	net	net	ADJ
fsr-3339	281	108	flows	flow	NOUN
fsr-3339	281	109	(	(	PUNCT
fsr-3339	281	110	%	%	INTJ
fsr-3339	281	111	)	)	PUNCT
fsr-3339	281	112	�	�	PROPN
fsr-3339	281	113	0.163	0.163	NUM
fsr-3339	281	114	*	*	NOUN
fsr-3339	281	115	0.468	0.468	NUM
fsr-3339	281	116	*	*	SYM
fsr-3339	281	117	0.632	0.632	NUM
fsr-3339	281	118	*	*	NOUN
fsr-3339	281	119	standard	standard	ADJ
fsr-3339	281	120	deviation	deviation	NOUN
fsr-3339	281	121	of	of	ADP
fsr-3339	281	122	mean	mean	ADJ
fsr-3339	281	123	net	net	ADJ
fsr-3339	281	124	flows	flow	VERB
fsr-3339	281	125	�	�	PROPN
fsr-3339	281	126	0.023	0.023	NUM
fsr-3339	281	127	0.035	0.035	NUM
fsr-3339	281	128	0.268	0.268	NUM
fsr-3339	281	129	*	*	SYM
fsr-3339	281	130	0.192	0.192	NUM
fsr-3339	281	131	*	*	NUM
fsr-3339	281	132	this	this	DET
fsr-3339	281	133	table	table	NOUN
fsr-3339	281	134	summarizes	summarize	VERB
fsr-3339	281	135	the	the	DET
fsr-3339	281	136	characteristics	characteristic	NOUN
fsr-3339	281	137	of	of	ADP
fsr-3339	281	138	actively	actively	ADV
fsr-3339	281	139	managed	manage	VERB
fsr-3339	281	140	chinese	chinese	ADJ
fsr-3339	281	141	stock	stock	NOUN
fsr-3339	281	142	mutual	mutual	ADJ
fsr-3339	281	143	funds	fund	NOUN
fsr-3339	281	144	including	include	VERB
fsr-3339	281	145	management	management	NOUN
fsr-3339	281	146	fees	fee	NOUN
fsr-3339	281	147	,	,	PUNCT
fsr-3339	281	148	fund	fund	NOUN
fsr-3339	281	149	size	size	NOUN
fsr-3339	281	150	,	,	PUNCT
fsr-3339	281	151	the	the	DET
fsr-3339	281	152	mean	mean	NOUN
fsr-3339	281	153	,	,	PUNCT
fsr-3339	281	154	and	and	CCONJ
fsr-3339	281	155	the	the	DET
fsr-3339	281	156	standard	standard	ADJ
fsr-3339	281	157	deviation	deviation	NOUN
fsr-3339	281	158	(	(	PUNCT
fsr-3339	281	159	sd	sd	NOUN
fsr-3339	281	160	)	)	PUNCT
fsr-3339	281	161	of	of	ADP
fsr-3339	281	162	net	net	ADJ
fsr-3339	281	163	flows	flow	NOUN
fsr-3339	281	164	,	,	PUNCT
fsr-3339	281	165	and	and	CCONJ
fsr-3339	281	166	fund	fund	NOUN
fsr-3339	281	167	age	age	NOUN
fsr-3339	281	168	for	for	ADP
fsr-3339	281	169	the	the	DET
fsr-3339	281	170	full	full	ADJ
fsr-3339	281	171	sample	sample	NOUN
fsr-3339	281	172	.	.	PUNCT
fsr-3339	282	1	management	management	NOUN
fsr-3339	282	2	fees	fee	NOUN
fsr-3339	282	3	and	and	CCONJ
fsr-3339	282	4	net	net	ADJ
fsr-3339	282	5	flows	flow	NOUN
fsr-3339	282	6	are	be	AUX
fsr-3339	282	7	in	in	ADP
fsr-3339	282	8	percentages	percentage	NOUN
fsr-3339	282	9	and	and	CCONJ
fsr-3339	282	10	fund	fund	NOUN
fsr-3339	282	11	size	size	NOUN
fsr-3339	282	12	is	be	AUX
fsr-3339	282	13	measured	measure	VERB
fsr-3339	282	14	in	in	ADP
fsr-3339	282	15	10	10	NUM
fsr-3339	282	16	billion	billion	NUM
fsr-3339	282	17	yuan	yuan	NOUN
fsr-3339	282	18	.	.	PUNCT
fsr-3339	283	1	fund	fund	NOUN
fsr-3339	283	2	age	age	NOUN
fsr-3339	283	3	is	be	AUX
fsr-3339	283	4	the	the	DET
fsr-3339	283	5	length	length	NOUN
fsr-3339	283	6	of	of	ADP
fsr-3339	283	7	time	time	NOUN
fsr-3339	283	8	since	since	SCONJ
fsr-3339	283	9	fund	fund	NOUN
fsr-3339	283	10	inception	inception	NOUN
fsr-3339	283	11	.	.	PUNCT
fsr-3339	284	1	*	*	PUNCT
fsr-3339	284	2	significant	significant	ADJ
fsr-3339	284	3	at	at	ADP
fsr-3339	284	4	the	the	DET
fsr-3339	284	5	0.01	0.01	NUM
fsr-3339	284	6	level	level	NOUN
fsr-3339	284	7	.	.	PUNCT
fsr-3339	285	1	301w	301w	NOUN
fsr-3339	285	2	.	.	PUNCT
fsr-3339	286	1	he	he	PRON
fsr-3339	286	2	et	et	PROPN
fsr-3339	286	3	al	al	PROPN
fsr-3339	286	4	.	.	PUNCT
fsr-3339	286	5	/	/	SYM
fsr-3339	286	6	financial	financial	ADJ
fsr-3339	286	7	services	service	NOUN
fsr-3339	286	8	review	review	VERB
fsr-3339	286	9	24	24	NUM
fsr-3339	286	10	(	(	PUNCT
fsr-3339	286	11	2015	2015	NUM
fsr-3339	286	12	)	)	PUNCT
fsr-3339	286	13	289–311	289–311	NUM
fsr-3339	286	14	such	such	ADJ
fsr-3339	286	15	as	as	ADP
fsr-3339	286	16	sales	sale	NOUN
fsr-3339	286	17	service	service	NOUN
fsr-3339	286	18	fees	fee	NOUN
fsr-3339	286	19	and	and	CCONJ
fsr-3339	286	20	custody	custody	NOUN
fsr-3339	286	21	fees	fee	NOUN
fsr-3339	286	22	but	but	CCONJ
fsr-3339	286	23	they	they	PRON
fsr-3339	286	24	are	be	AUX
fsr-3339	286	25	not	not	PART
fsr-3339	286	26	directly	directly	ADV
fsr-3339	286	27	related	relate	VERB
fsr-3339	286	28	to	to	ADP
fsr-3339	286	29	the	the	DET
fsr-3339	286	30	incentives	incentive	NOUN
fsr-3339	286	31	provided	provide	VERB
fsr-3339	286	32	to	to	PART
fsr-3339	286	33	fund	fund	NOUN
fsr-3339	286	34	managers	manager	NOUN
fsr-3339	286	35	.	.	PUNCT
fsr-3339	287	1	as	as	SCONJ
fsr-3339	287	2	table	table	NOUN
fsr-3339	287	3	4	4	NUM
fsr-3339	287	4	shows	show	NOUN
fsr-3339	287	5	,	,	PUNCT
fsr-3339	287	6	the	the	DET
fsr-3339	287	7	management	management	NOUN
fsr-3339	287	8	fees	fee	NOUN
fsr-3339	287	9	have	have	VERB
fsr-3339	287	10	an	an	DET
fsr-3339	287	11	average	average	NOUN
fsr-3339	287	12	of	of	ADP
fsr-3339	287	13	about	about	ADP
fsr-3339	287	14	1.527	1.527	NUM
fsr-3339	287	15	%	%	NOUN
fsr-3339	287	16	.	.	PUNCT
fsr-3339	288	1	despite	despite	SCONJ
fsr-3339	288	2	the	the	DET
fsr-3339	288	3	wide	wide	ADJ
fsr-3339	288	4	range	range	NOUN
fsr-3339	288	5	shown	show	VERB
fsr-3339	288	6	in	in	ADP
fsr-3339	288	7	table	table	NOUN
fsr-3339	288	8	4	4	NUM
fsr-3339	288	9	,	,	PUNCT
fsr-3339	288	10	funds	fund	NOUN
fsr-3339	288	11	typically	typically	ADV
fsr-3339	288	12	set	set	VERB
fsr-3339	288	13	the	the	DET
fsr-3339	288	14	management	management	NOUN
fsr-3339	288	15	fee	fee	NOUN
fsr-3339	288	16	at	at	ADP
fsr-3339	288	17	1.5	1.5	NUM
fsr-3339	288	18	%	%	NOUN
fsr-3339	288	19	for	for	ADP
fsr-3339	288	20	most	most	ADJ
fsr-3339	288	21	of	of	ADP
fsr-3339	288	22	the	the	DET
fsr-3339	288	23	sample	sample	NOUN
fsr-3339	288	24	period	period	NOUN
fsr-3339	288	25	,	,	PUNCT
fsr-3339	288	26	which	which	PRON
fsr-3339	288	27	may	may	AUX
fsr-3339	288	28	contribute	contribute	VERB
fsr-3339	288	29	to	to	ADP
fsr-3339	288	30	our	our	PRON
fsr-3339	288	31	result	result	NOUN
fsr-3339	288	32	that	that	SCONJ
fsr-3339	288	33	this	this	DET
fsr-3339	288	34	item	item	NOUN
fsr-3339	288	35	has	have	AUX
fsr-3339	288	36	no	no	DET
fsr-3339	288	37	significant	significant	ADJ
fsr-3339	288	38	relationship	relationship	NOUN
fsr-3339	288	39	with	with	ADP
fsr-3339	288	40	performance	performance	NOUN
fsr-3339	288	41	.	.	PUNCT
fsr-3339	289	1	we	we	PRON
fsr-3339	289	2	measure	measure	VERB
fsr-3339	289	3	fund	fund	NOUN
fsr-3339	289	4	size	size	NOUN
fsr-3339	289	5	as	as	SCONJ
fsr-3339	289	6	the	the	DET
fsr-3339	289	7	median	median	PROPN
fsr-3339	289	8	aum	aum	PROPN
fsr-3339	289	9	over	over	ADP
fsr-3339	289	10	the	the	DET
fsr-3339	289	11	sample	sample	NOUN
fsr-3339	289	12	period	period	NOUN
fsr-3339	289	13	or	or	CCONJ
fsr-3339	289	14	sub	sub	NOUN
fsr-3339	289	15	-	-	NOUN
fsr-3339	289	16	periods	period	NOUN
fsr-3339	289	17	to	to	PART
fsr-3339	289	18	avoid	avoid	VERB
fsr-3339	289	19	the	the	DET
fsr-3339	289	20	influence	influence	NOUN
fsr-3339	289	21	of	of	ADP
fsr-3339	289	22	small	small	ADJ
fsr-3339	289	23	initial	initial	ADJ
fsr-3339	289	24	sizes	size	NOUN
fsr-3339	289	25	because	because	SCONJ
fsr-3339	289	26	the	the	DET
fsr-3339	289	27	older	old	ADJ
fsr-3339	289	28	funds	fund	NOUN
fsr-3339	289	29	tend	tend	VERB
fsr-3339	289	30	to	to	PART
fsr-3339	289	31	experience	experience	VERB
fsr-3339	289	32	fast	fast	ADJ
fsr-3339	289	33	growth	growth	NOUN
fsr-3339	289	34	during	during	ADP
fsr-3339	289	35	the	the	DET
fsr-3339	289	36	market	market	NOUN
fsr-3339	289	37	boom	boom	NOUN
fsr-3339	289	38	in	in	ADP
fsr-3339	289	39	2006	2006	NUM
fsr-3339	289	40	and	and	CCONJ
fsr-3339	289	41	2007	2007	NUM
fsr-3339	289	42	.	.	PUNCT
fsr-3339	290	1	however	however	ADV
fsr-3339	290	2	,	,	PUNCT
fsr-3339	290	3	the	the	DET
fsr-3339	290	4	initial	initial	ADJ
fsr-3339	290	5	sizes	size	NOUN
fsr-3339	290	6	of	of	ADP
fsr-3339	290	7	the	the	DET
fsr-3339	290	8	younger	young	ADJ
fsr-3339	290	9	funds	fund	NOUN
fsr-3339	290	10	may	may	AUX
fsr-3339	290	11	be	be	AUX
fsr-3339	290	12	too	too	ADV
fsr-3339	290	13	large	large	ADJ
fsr-3339	290	14	because	because	SCONJ
fsr-3339	290	15	they	they	PRON
fsr-3339	290	16	may	may	AUX
fsr-3339	290	17	have	have	AUX
fsr-3339	290	18	dwindled	dwindle	VERB
fsr-3339	290	19	since	since	SCONJ
fsr-3339	290	20	establishment	establishment	NOUN
fsr-3339	290	21	in	in	ADP
fsr-3339	290	22	the	the	DET
fsr-3339	290	23	sluggish	sluggish	ADJ
fsr-3339	290	24	markets	market	NOUN
fsr-3339	290	25	after	after	ADP
fsr-3339	290	26	2009	2009	NUM
fsr-3339	290	27	.	.	PUNCT
fsr-3339	291	1	we	we	PRON
fsr-3339	291	2	measure	measure	VERB
fsr-3339	291	3	fund	fund	NOUN
fsr-3339	291	4	age	age	NOUN
fsr-3339	291	5	as	as	ADP
fsr-3339	291	6	the	the	DET
fsr-3339	291	7	number	number	NOUN
fsr-3339	291	8	of	of	ADP
fsr-3339	291	9	years	year	NOUN
fsr-3339	291	10	between	between	ADP
fsr-3339	291	11	a	a	DET
fsr-3339	291	12	fund	fund	NOUN
fsr-3339	291	13	’s	’s	PART
fsr-3339	291	14	establishment	establishment	NOUN
fsr-3339	291	15	date	date	NOUN
fsr-3339	291	16	and	and	CCONJ
fsr-3339	291	17	january	january	PROPN
fsr-3339	291	18	1	1	NUM
fsr-3339	291	19	,	,	PUNCT
fsr-3339	291	20	2012	2012	NUM
fsr-3339	291	21	.	.	PUNCT
fsr-3339	292	1	for	for	ADP
fsr-3339	292	2	these	these	DET
fsr-3339	292	3	308	308	NUM
fsr-3339	292	4	funds	fund	NOUN
fsr-3339	292	5	,	,	PUNCT
fsr-3339	292	6	the	the	DET
fsr-3339	292	7	average	average	ADJ
fsr-3339	292	8	size	size	NOUN
fsr-3339	292	9	is	be	AUX
fsr-3339	292	10	3.62	3.62	NUM
fsr-3339	292	11	billion	billion	NUM
fsr-3339	292	12	rmb	rmb	NOUN
fsr-3339	292	13	and	and	CCONJ
fsr-3339	292	14	the	the	DET
fsr-3339	292	15	average	average	ADJ
fsr-3339	292	16	age	age	NOUN
fsr-3339	292	17	is	be	AUX
fsr-3339	292	18	3.59	3.59	NUM
fsr-3339	292	19	years	year	NOUN
fsr-3339	292	20	.	.	PUNCT
fsr-3339	293	1	the	the	DET
fsr-3339	293	2	csmar	csmar	PROPN
fsr-3339	293	3	china	china	PROPN
fsr-3339	293	4	open	open	ADJ
fsr-3339	293	5	-	-	PUNCT
fsr-3339	293	6	end	end	NOUN
fsr-3339	293	7	funds	fund	NOUN
fsr-3339	293	8	database	database	NOUN
fsr-3339	293	9	provides	provide	VERB
fsr-3339	293	10	quarterly	quarterly	ADJ
fsr-3339	293	11	data	datum	NOUN
fsr-3339	293	12	on	on	ADP
fsr-3339	293	13	fund	fund	NOUN
fsr-3339	293	14	share	share	NOUN
fsr-3339	293	15	flows	flow	NOUN
fsr-3339	293	16	.	.	PUNCT
fsr-3339	294	1	we	we	PRON
fsr-3339	294	2	use	use	VERB
fsr-3339	294	3	the	the	DET
fsr-3339	294	4	difference	difference	NOUN
fsr-3339	294	5	between	between	ADP
fsr-3339	294	6	shares	share	NOUN
fsr-3339	294	7	subscribed	subscribe	VERB
fsr-3339	294	8	(	(	PUNCT
fsr-3339	294	9	sold	sell	VERB
fsr-3339	294	10	to	to	ADP
fsr-3339	294	11	investors	investor	NOUN
fsr-3339	294	12	)	)	PUNCT
fsr-3339	294	13	and	and	CCONJ
fsr-3339	294	14	shares	share	NOUN
fsr-3339	294	15	redeemed	redeem	VERB
fsr-3339	294	16	as	as	SCONJ
fsr-3339	294	17	the	the	DET
fsr-3339	294	18	net	net	ADJ
fsr-3339	294	19	fund	fund	NOUN
fsr-3339	294	20	flows	flow	VERB
fsr-3339	294	21	in	in	ADP
fsr-3339	294	22	a	a	DET
fsr-3339	294	23	quarter	quarter	NOUN
fsr-3339	294	24	and	and	CCONJ
fsr-3339	294	25	normalize	normalize	VERB
fsr-3339	294	26	the	the	DET
fsr-3339	294	27	net	net	ADJ
fsr-3339	294	28	fund	fund	NOUN
fsr-3339	294	29	flows	flow	VERB
fsr-3339	294	30	using	use	VERB
fsr-3339	294	31	the	the	DET
fsr-3339	294	32	average	average	NOUN
fsr-3339	294	33	of	of	ADP
fsr-3339	294	34	shares	share	NOUN
fsr-3339	294	35	outstanding	outstanding	ADJ
fsr-3339	294	36	at	at	ADP
fsr-3339	294	37	the	the	DET
fsr-3339	294	38	beginning	beginning	NOUN
fsr-3339	294	39	and	and	CCONJ
fsr-3339	294	40	end	end	NOUN
fsr-3339	294	41	of	of	ADP
fsr-3339	294	42	that	that	DET
fsr-3339	294	43	quarter	quarter	NOUN
fsr-3339	294	44	.	.	PUNCT
fsr-3339	295	1	we	we	PRON
fsr-3339	295	2	then	then	ADV
fsr-3339	295	3	calculate	calculate	VERB
fsr-3339	295	4	mean	mean	VERB
fsr-3339	295	5	net	net	ADJ
fsr-3339	295	6	flow	flow	NOUN
fsr-3339	295	7	for	for	ADP
fsr-3339	295	8	a	a	DET
fsr-3339	295	9	fund	fund	NOUN
fsr-3339	295	10	over	over	ADP
fsr-3339	295	11	the	the	DET
fsr-3339	295	12	sample	sample	NOUN
fsr-3339	295	13	period	period	NOUN
fsr-3339	295	14	.	.	PUNCT
fsr-3339	296	1	as	as	SCONJ
fsr-3339	296	2	table	table	NOUN
fsr-3339	296	3	4	4	NUM
fsr-3339	296	4	shows	show	NOUN
fsr-3339	296	5	,	,	PUNCT
fsr-3339	296	6	on	on	ADP
fsr-3339	296	7	average	average	ADJ
fsr-3339	296	8	,	,	PUNCT
fsr-3339	296	9	the	the	DET
fsr-3339	296	10	308	308	NUM
fsr-3339	296	11	funds	fund	NOUN
fsr-3339	296	12	lost	lose	VERB
fsr-3339	296	13	0.057	0.057	NUM
fsr-3339	296	14	%	%	NOUN
fsr-3339	296	15	of	of	ADP
fsr-3339	296	16	their	their	PRON
fsr-3339	296	17	shares	share	NOUN
fsr-3339	296	18	outstanding	outstanding	ADJ
fsr-3339	296	19	each	each	DET
fsr-3339	296	20	quarter	quarter	NOUN
fsr-3339	296	21	,	,	PUNCT
fsr-3339	296	22	which	which	PRON
fsr-3339	296	23	may	may	AUX
fsr-3339	296	24	result	result	VERB
fsr-3339	296	25	from	from	ADP
fsr-3339	296	26	a	a	DET
fsr-3339	296	27	loss	loss	NOUN
fsr-3339	296	28	of	of	ADP
fsr-3339	296	29	investor	investor	NOUN
fsr-3339	296	30	interest	interest	NOUN
fsr-3339	296	31	during	during	ADP
fsr-3339	296	32	the	the	DET
fsr-3339	296	33	market	market	NOUN
fsr-3339	296	34	crash	crash	NOUN
fsr-3339	296	35	in	in	ADP
fsr-3339	296	36	2008	2008	NUM
fsr-3339	296	37	and	and	CCONJ
fsr-3339	296	38	the	the	DET
fsr-3339	296	39	prolonged	prolonged	ADJ
fsr-3339	296	40	downward	downward	ADJ
fsr-3339	296	41	trend	trend	NOUN
fsr-3339	296	42	since	since	SCONJ
fsr-3339	296	43	2009	2009	NUM
fsr-3339	296	44	.	.	PUNCT
fsr-3339	297	1	we	we	PRON
fsr-3339	297	2	measure	measure	VERB
fsr-3339	297	3	the	the	DET
fsr-3339	297	4	volatility	volatility	NOUN
fsr-3339	297	5	of	of	ADP
fsr-3339	297	6	the	the	DET
fsr-3339	297	7	net	net	NOUN
fsr-3339	297	8	flows	flow	NOUN
fsr-3339	297	9	with	with	ADP
fsr-3339	297	10	their	their	PRON
fsr-3339	297	11	standard	standard	ADJ
fsr-3339	297	12	deviations	deviation	NOUN
fsr-3339	297	13	,	,	PUNCT
fsr-3339	297	14	which	which	PRON
fsr-3339	297	15	have	have	VERB
fsr-3339	297	16	an	an	DET
fsr-3339	297	17	average	average	NOUN
fsr-3339	297	18	of	of	ADP
fsr-3339	297	19	0.274	0.274	NUM
fsr-3339	297	20	%	%	NOUN
fsr-3339	297	21	,	,	PUNCT
fsr-3339	297	22	almost	almost	ADV
fsr-3339	297	23	five	five	NUM
fsr-3339	297	24	times	time	NOUN
fsr-3339	297	25	larger	large	ADJ
fsr-3339	297	26	than	than	ADP
fsr-3339	297	27	the	the	DET
fsr-3339	297	28	average	average	ADJ
fsr-3339	297	29	mean	mean	NOUN
fsr-3339	297	30	net	net	ADJ
fsr-3339	297	31	flows	flow	NOUN
fsr-3339	297	32	.	.	PUNCT
fsr-3339	298	1	as	as	ADP
fsr-3339	298	2	panel	panel	NOUN
fsr-3339	298	3	b	b	PROPN
fsr-3339	298	4	in	in	ADP
fsr-3339	298	5	table	table	NOUN
fsr-3339	298	6	4	4	NUM
fsr-3339	298	7	shows	show	NOUN
fsr-3339	298	8	,	,	PUNCT
fsr-3339	298	9	fund	fund	NOUN
fsr-3339	298	10	size	size	NOUN
fsr-3339	298	11	is	be	AUX
fsr-3339	298	12	positively	positively	ADV
fsr-3339	298	13	correlated	correlate	VERB
fsr-3339	298	14	to	to	PART
fsr-3339	298	15	fund	fund	VERB
fsr-3339	298	16	age	age	NOUN
fsr-3339	298	17	and	and	CCONJ
fsr-3339	298	18	mean	mean	VERB
fsr-3339	298	19	net	net	ADJ
fsr-3339	298	20	flows	flow	NOUN
fsr-3339	298	21	,	,	PUNCT
fsr-3339	298	22	whereas	whereas	SCONJ
fsr-3339	298	23	fund	fund	NOUN
fsr-3339	298	24	age	age	NOUN
fsr-3339	298	25	and	and	CCONJ
fsr-3339	298	26	mean	mean	VERB
fsr-3339	298	27	net	net	ADJ
fsr-3339	298	28	flows	flow	NOUN
fsr-3339	298	29	are	be	AUX
fsr-3339	298	30	also	also	ADV
fsr-3339	298	31	statistically	statistically	ADV
fsr-3339	298	32	positively	positively	ADV
fsr-3339	298	33	correlated	correlate	VERB
fsr-3339	298	34	.	.	PUNCT
fsr-3339	299	1	in	in	ADP
fsr-3339	299	2	other	other	ADJ
fsr-3339	299	3	words	word	NOUN
fsr-3339	299	4	,	,	PUNCT
fsr-3339	299	5	older	old	ADJ
fsr-3339	299	6	funds	fund	NOUN
fsr-3339	299	7	tend	tend	VERB
fsr-3339	299	8	to	to	PART
fsr-3339	299	9	be	be	AUX
fsr-3339	299	10	larger	large	ADJ
fsr-3339	299	11	and	and	CCONJ
fsr-3339	299	12	attract	attract	VERB
fsr-3339	299	13	higher	high	ADJ
fsr-3339	299	14	net	net	ADJ
fsr-3339	299	15	flows	flow	NOUN
fsr-3339	299	16	.	.	PUNCT
fsr-3339	300	1	this	this	PRON
fsr-3339	300	2	is	be	AUX
fsr-3339	300	3	not	not	PART
fsr-3339	300	4	surprising	surprising	ADJ
fsr-3339	300	5	considering	consider	VERB
fsr-3339	300	6	that	that	SCONJ
fsr-3339	300	7	younger	young	ADJ
fsr-3339	300	8	funds	fund	NOUN
fsr-3339	300	9	may	may	AUX
fsr-3339	300	10	have	have	AUX
fsr-3339	300	11	been	be	AUX
fsr-3339	300	12	operating	operate	VERB
fsr-3339	300	13	in	in	ADP
fsr-3339	300	14	a	a	DET
fsr-3339	300	15	depressed	depressed	ADJ
fsr-3339	300	16	market	market	NOUN
fsr-3339	300	17	since	since	SCONJ
fsr-3339	300	18	they	they	PRON
fsr-3339	300	19	started	start	VERB
fsr-3339	300	20	after	after	ADP
fsr-3339	300	21	the	the	DET
fsr-3339	300	22	market	market	NOUN
fsr-3339	300	23	crash	crash	NOUN
fsr-3339	300	24	,	,	PUNCT
fsr-3339	300	25	which	which	PRON
fsr-3339	300	26	increased	increase	VERB
fsr-3339	300	27	the	the	DET
fsr-3339	300	28	difficulty	difficulty	NOUN
fsr-3339	300	29	of	of	ADP
fsr-3339	300	30	attracting	attract	VERB
fsr-3339	300	31	positive	positive	ADJ
fsr-3339	300	32	net	net	ADJ
fsr-3339	300	33	flows	flow	NOUN
fsr-3339	300	34	.	.	PUNCT
fsr-3339	301	1	by	by	ADP
fsr-3339	301	2	contrast	contrast	NOUN
fsr-3339	301	3	,	,	PUNCT
fsr-3339	301	4	management	management	NOUN
fsr-3339	301	5	fees	fee	NOUN
fsr-3339	301	6	are	be	AUX
fsr-3339	301	7	slightly	slightly	ADV
fsr-3339	301	8	negatively	negatively	ADV
fsr-3339	301	9	related	relate	VERB
fsr-3339	301	10	to	to	ADP
fsr-3339	301	11	the	the	DET
fsr-3339	301	12	mean	mean	ADJ
fsr-3339	301	13	net	net	ADJ
fsr-3339	301	14	flows	flow	NOUN
fsr-3339	301	15	and	and	CCONJ
fsr-3339	301	16	statistically	statistically	ADV
fsr-3339	301	17	significant	significant	ADJ
fsr-3339	301	18	.	.	PUNCT
fsr-3339	302	1	the	the	DET
fsr-3339	302	2	standard	standard	ADJ
fsr-3339	302	3	deviation	deviation	NOUN
fsr-3339	302	4	of	of	ADP
fsr-3339	302	5	net	net	ADJ
fsr-3339	302	6	flows	flow	NOUN
fsr-3339	302	7	is	be	AUX
fsr-3339	302	8	positively	positively	ADV
fsr-3339	302	9	related	relate	VERB
fsr-3339	302	10	to	to	PART
fsr-3339	302	11	fund	fund	VERB
fsr-3339	302	12	age	age	NOUN
fsr-3339	302	13	and	and	CCONJ
fsr-3339	302	14	the	the	DET
fsr-3339	302	15	mean	mean	ADJ
fsr-3339	302	16	net	net	ADJ
fsr-3339	302	17	flows	flow	NOUN
fsr-3339	302	18	with	with	ADP
fsr-3339	302	19	statistical	statistical	ADJ
fsr-3339	302	20	significance	significance	NOUN
fsr-3339	302	21	.	.	PUNCT
fsr-3339	303	1	thus	thus	ADV
fsr-3339	303	2	,	,	PUNCT
fsr-3339	303	3	older	old	ADJ
fsr-3339	303	4	funds	fund	NOUN
fsr-3339	303	5	attract	attract	VERB
fsr-3339	303	6	higher	high	ADJ
fsr-3339	303	7	net	net	ADJ
fsr-3339	303	8	flows	flow	NOUN
fsr-3339	303	9	and	and	CCONJ
fsr-3339	303	10	the	the	DET
fsr-3339	303	11	volatility	volatility	NOUN
fsr-3339	303	12	of	of	ADP
fsr-3339	303	13	their	their	PRON
fsr-3339	303	14	net	net	ADJ
fsr-3339	303	15	flows	flow	NOUN
fsr-3339	303	16	is	be	AUX
fsr-3339	303	17	also	also	ADV
fsr-3339	303	18	higher	high	ADJ
fsr-3339	303	19	.	.	PUNCT
fsr-3339	304	1	the	the	DET
fsr-3339	304	2	positive	positive	ADJ
fsr-3339	304	3	correlation	correlation	NOUN
fsr-3339	304	4	between	between	ADP
fsr-3339	304	5	mean	mean	ADJ
fsr-3339	304	6	net	net	ADJ
fsr-3339	304	7	flows	flow	NOUN
fsr-3339	304	8	and	and	CCONJ
fsr-3339	304	9	the	the	DET
fsr-3339	304	10	standard	standard	ADJ
fsr-3339	304	11	deviation	deviation	NOUN
fsr-3339	304	12	of	of	ADP
fsr-3339	304	13	net	net	ADJ
fsr-3339	304	14	flows	flow	NOUN
fsr-3339	304	15	also	also	ADV
fsr-3339	304	16	indicates	indicate	VERB
fsr-3339	304	17	funds	fund	NOUN
fsr-3339	304	18	with	with	ADP
fsr-3339	304	19	a	a	DET
fsr-3339	304	20	low	low	ADJ
fsr-3339	304	21	standard	standard	ADJ
fsr-3339	304	22	deviation	deviation	NOUN
fsr-3339	304	23	in	in	ADP
fsr-3339	304	24	net	net	ADJ
fsr-3339	304	25	flows	flow	NOUN
fsr-3339	304	26	have	have	AUX
fsr-3339	304	27	mean	mean	VERB
fsr-3339	304	28	negative	negative	ADJ
fsr-3339	304	29	net	net	ADJ
fsr-3339	304	30	flows	flow	NOUN
fsr-3339	304	31	,	,	PUNCT
fsr-3339	304	32	which	which	PRON
fsr-3339	304	33	we	we	PRON
fsr-3339	304	34	observe	observe	VERB
fsr-3339	304	35	from	from	ADP
fsr-3339	304	36	our	our	PRON
fsr-3339	304	37	data	datum	NOUN
fsr-3339	304	38	.	.	PUNCT
fsr-3339	305	1	the	the	DET
fsr-3339	305	2	low	low	ADJ
fsr-3339	305	3	volatility	volatility	NOUN
fsr-3339	305	4	results	result	NOUN
fsr-3339	305	5	from	from	ADP
fsr-3339	305	6	the	the	DET
fsr-3339	305	7	steady	steady	ADJ
fsr-3339	305	8	negative	negative	ADJ
fsr-3339	305	9	net	net	ADJ
fsr-3339	305	10	flows	flow	NOUN
fsr-3339	305	11	.	.	PUNCT
fsr-3339	306	1	as	as	SCONJ
fsr-3339	306	2	mentioned	mention	VERB
fsr-3339	306	3	earlier	early	ADV
fsr-3339	306	4	,	,	PUNCT
fsr-3339	306	5	we	we	PRON
fsr-3339	306	6	believe	believe	VERB
fsr-3339	306	7	this	this	PRON
fsr-3339	306	8	is	be	AUX
fsr-3339	306	9	one	one	NUM
fsr-3339	306	10	of	of	ADP
fsr-3339	306	11	the	the	DET
fsr-3339	306	12	underlying	underlying	ADJ
fsr-3339	306	13	reasons	reason	NOUN
fsr-3339	306	14	for	for	ADP
fsr-3339	306	15	the	the	DET
fsr-3339	306	16	inverted	invert	VERB
fsr-3339	306	17	-	-	PUNCT
fsr-3339	306	18	u	u	NOUN
fsr-3339	306	19	shape	shape	NOUN
fsr-3339	306	20	relationship	relationship	NOUN
fsr-3339	306	21	between	between	ADP
fsr-3339	306	22	fund	fund	NOUN
fsr-3339	306	23	flow	flow	NOUN
fsr-3339	306	24	volatility	volatility	NOUN
fsr-3339	306	25	and	and	CCONJ
fsr-3339	306	26	fund	fund	NOUN
fsr-3339	306	27	performance	performance	NOUN
fsr-3339	306	28	.	.	PUNCT
fsr-3339	307	1	the	the	DET
fsr-3339	307	2	csmar	csmar	PROPN
fsr-3339	307	3	database	database	NOUN
fsr-3339	307	4	does	do	AUX
fsr-3339	307	5	not	not	PART
fsr-3339	307	6	provide	provide	VERB
fsr-3339	307	7	a	a	DET
fsr-3339	307	8	data	data	NOUN
fsr-3339	307	9	field	field	NOUN
fsr-3339	307	10	to	to	PART
fsr-3339	307	11	identify	identify	VERB
fsr-3339	307	12	whether	whether	SCONJ
fsr-3339	307	13	a	a	DET
fsr-3339	307	14	fund	fund	NOUN
fsr-3339	307	15	is	be	AUX
fsr-3339	307	16	“	"	PUNCT
fsr-3339	307	17	dead	dead	ADJ
fsr-3339	307	18	”	"	PUNCT
fsr-3339	307	19	or	or	CCONJ
fsr-3339	307	20	“	"	PUNCT
fsr-3339	307	21	alive	alive	ADJ
fsr-3339	307	22	”	"	PUNCT
fsr-3339	307	23	(	(	PUNCT
fsr-3339	307	24	i.e.	i.e.	X
fsr-3339	307	25	,	,	PUNCT
fsr-3339	307	26	no	no	ADV
fsr-3339	307	27	longer	long	ADV
fsr-3339	307	28	exists	exist	VERB
fsr-3339	307	29	or	or	CCONJ
fsr-3339	307	30	still	still	ADV
fsr-3339	307	31	operates	operate	VERB
fsr-3339	307	32	)	)	PUNCT
fsr-3339	307	33	.	.	PUNCT
fsr-3339	308	1	thus	thus	ADV
fsr-3339	308	2	,	,	PUNCT
fsr-3339	308	3	we	we	PRON
fsr-3339	308	4	check	check	VERB
fsr-3339	308	5	to	to	PART
fsr-3339	308	6	determine	determine	VERB
fsr-3339	308	7	whether	whether	SCONJ
fsr-3339	308	8	a	a	DET
fsr-3339	308	9	fund	fund	NOUN
fsr-3339	308	10	’s	’s	PART
fsr-3339	308	11	daily	daily	ADJ
fsr-3339	308	12	returns	return	NOUN
fsr-3339	308	13	are	be	AUX
fsr-3339	308	14	reported	report	VERB
fsr-3339	308	15	until	until	ADP
fsr-3339	308	16	the	the	DET
fsr-3339	308	17	last	last	ADJ
fsr-3339	308	18	trading	trading	NOUN
fsr-3339	308	19	day	day	NOUN
fsr-3339	308	20	of	of	ADP
fsr-3339	308	21	2011	2011	NUM
fsr-3339	308	22	(	(	PUNCT
fsr-3339	308	23	december	december	PROPN
fsr-3339	308	24	30	30	NUM
fsr-3339	308	25	,	,	PUNCT
fsr-3339	308	26	2011	2011	NUM
fsr-3339	308	27	)	)	PUNCT
fsr-3339	308	28	to	to	PART
fsr-3339	308	29	infer	infer	VERB
fsr-3339	308	30	the	the	DET
fsr-3339	308	31	fund	fund	NOUN
fsr-3339	308	32	’s	’s	PART
fsr-3339	308	33	status	status	NOUN
fsr-3339	308	34	.	.	PUNCT
fsr-3339	309	1	our	our	PRON
fsr-3339	309	2	analysis	analysis	NOUN
fsr-3339	309	3	reveals	reveal	VERB
fsr-3339	309	4	that	that	SCONJ
fsr-3339	309	5	the	the	DET
fsr-3339	309	6	database	database	NOUN
fsr-3339	309	7	contains	contain	VERB
fsr-3339	309	8	four	four	NUM
fsr-3339	309	9	dead	dead	ADJ
fsr-3339	309	10	blend	blend	NOUN
fsr-3339	309	11	funds	fund	NOUN
fsr-3339	309	12	.	.	PUNCT
fsr-3339	310	1	thus	thus	ADV
fsr-3339	310	2	,	,	PUNCT
fsr-3339	310	3	all	all	DET
fsr-3339	310	4	stock	stock	NOUN
fsr-3339	310	5	funds	fund	NOUN
fsr-3339	310	6	,	,	PUNCT
fsr-3339	310	7	active	active	ADJ
fsr-3339	310	8	or	or	CCONJ
fsr-3339	310	9	indexed	index	VERB
fsr-3339	310	10	,	,	PUNCT
fsr-3339	310	11	were	be	AUX
fsr-3339	310	12	still	still	ADV
fsr-3339	310	13	operating	operate	VERB
fsr-3339	310	14	at	at	ADP
fsr-3339	310	15	year	year	NOUN
fsr-3339	310	16	-	-	PUNCT
fsr-3339	310	17	end	end	NOUN
fsr-3339	310	18	2011	2011	NUM
fsr-3339	310	19	.	.	PUNCT
fsr-3339	311	1	because	because	SCONJ
fsr-3339	311	2	our	our	PRON
fsr-3339	311	3	sample	sample	NOUN
fsr-3339	311	4	is	be	AUX
fsr-3339	311	5	a	a	DET
fsr-3339	311	6	subset	subset	NOUN
fsr-3339	311	7	of	of	ADP
fsr-3339	311	8	stock	stock	NOUN
fsr-3339	311	9	funds	fund	NOUN
fsr-3339	311	10	,	,	PUNCT
fsr-3339	311	11	it	it	PRON
fsr-3339	311	12	contains	contain	VERB
fsr-3339	311	13	no	no	DET
fsr-3339	311	14	dead	dead	ADJ
fsr-3339	311	15	funds	fund	NOUN
fsr-3339	311	16	.	.	PUNCT
fsr-3339	312	1	this	this	DET
fsr-3339	312	2	result	result	NOUN
fsr-3339	312	3	is	be	AUX
fsr-3339	312	4	not	not	PART
fsr-3339	312	5	surprising	surprising	ADJ
fsr-3339	312	6	because	because	SCONJ
fsr-3339	312	7	all	all	DET
fsr-3339	312	8	funds	fund	NOUN
fsr-3339	312	9	in	in	ADP
fsr-3339	312	10	our	our	PRON
fsr-3339	312	11	sample	sample	NOUN
fsr-3339	312	12	are	be	AUX
fsr-3339	312	13	relatively	relatively	ADV
fsr-3339	312	14	young	young	ADJ
fsr-3339	312	15	compared	compare	VERB
fsr-3339	312	16	with	with	ADP
fsr-3339	312	17	those	those	PRON
fsr-3339	312	18	in	in	ADP
fsr-3339	312	19	developed	develop	VERB
fsr-3339	312	20	markets	market	NOUN
fsr-3339	312	21	.	.	PUNCT
fsr-3339	313	1	the	the	DET
fsr-3339	313	2	csmar	csmar	PROPN
fsr-3339	313	3	open	open	ADJ
fsr-3339	313	4	-	-	PUNCT
fsr-3339	313	5	end	end	NOUN
fsr-3339	313	6	funds	fund	NOUN
fsr-3339	313	7	database	database	NOUN
fsr-3339	313	8	,	,	PUNCT
fsr-3339	313	9	which	which	PRON
fsr-3339	313	10	is	be	AUX
fsr-3339	313	11	now	now	ADV
fsr-3339	313	12	part	part	NOUN
fsr-3339	313	13	of	of	ADP
fsr-3339	313	14	wharton	wharton	PROPN
fsr-3339	313	15	research	research	NOUN
fsr-3339	313	16	data	datum	NOUN
fsr-3339	313	17	services	service	NOUN
fsr-3339	313	18	(	(	PUNCT
fsr-3339	313	19	wrds	wrd	NOUN
fsr-3339	313	20	)	)	PUNCT
fsr-3339	313	21	,	,	PUNCT
fsr-3339	313	22	maintains	maintain	VERB
fsr-3339	313	23	the	the	DET
fsr-3339	313	24	records	record	NOUN
fsr-3339	313	25	for	for	ADP
fsr-3339	313	26	all	all	DET
fsr-3339	313	27	funds	fund	NOUN
fsr-3339	313	28	whether	whether	SCONJ
fsr-3339	313	29	they	they	PRON
fsr-3339	313	30	are	be	AUX
fsr-3339	313	31	dead	dead	ADJ
fsr-3339	313	32	or	or	CCONJ
fsr-3339	313	33	alive	alive	ADJ
fsr-3339	313	34	.	.	PUNCT
fsr-3339	314	1	therefore	therefore	ADV
fsr-3339	314	2	,	,	PUNCT
fsr-3339	314	3	having	have	VERB
fsr-3339	314	4	no	no	DET
fsr-3339	314	5	dead	dead	ADJ
fsr-3339	314	6	funds	fund	NOUN
fsr-3339	314	7	in	in	ADP
fsr-3339	314	8	our	our	PRON
fsr-3339	314	9	sample	sample	NOUN
fsr-3339	314	10	is	be	AUX
fsr-3339	314	11	neither	neither	CCONJ
fsr-3339	314	12	a	a	DET
fsr-3339	314	13	consequence	consequence	NOUN
fsr-3339	314	14	of	of	ADP
fsr-3339	314	15	our	our	PRON
fsr-3339	314	16	sample	sample	NOUN
fsr-3339	314	17	302	302	NUM
fsr-3339	314	18	w.	w.	NOUN
fsr-3339	314	19	he	he	PRON
fsr-3339	314	20	et	et	PROPN
fsr-3339	314	21	al	al	PROPN
fsr-3339	314	22	.	.	PUNCT
fsr-3339	314	23	/	/	SYM
fsr-3339	314	24	financial	financial	ADJ
fsr-3339	314	25	services	service	NOUN
fsr-3339	314	26	review	review	VERB
fsr-3339	314	27	24	24	NUM
fsr-3339	314	28	(	(	PUNCT
fsr-3339	314	29	2015	2015	NUM
fsr-3339	314	30	)	)	PUNCT
fsr-3339	314	31	289–311	289–311	NUM
fsr-3339	314	32	selection	selection	NOUN
fsr-3339	314	33	process	process	NOUN
fsr-3339	314	34	nor	nor	CCONJ
fsr-3339	314	35	a	a	DET
fsr-3339	314	36	database	database	NOUN
fsr-3339	314	37	issue	issue	NOUN
fsr-3339	314	38	.	.	PUNCT
fsr-3339	315	1	consequently	consequently	ADV
fsr-3339	315	2	,	,	PUNCT
fsr-3339	315	3	we	we	PRON
fsr-3339	315	4	do	do	AUX
fsr-3339	315	5	not	not	PART
fsr-3339	315	6	believe	believe	VERB
fsr-3339	315	7	that	that	SCONJ
fsr-3339	315	8	our	our	PRON
fsr-3339	315	9	sample	sample	NOUN
fsr-3339	315	10	suffers	suffer	VERB
fsr-3339	315	11	from	from	ADP
fsr-3339	315	12	survivorship	survivorship	NOUN
fsr-3339	315	13	bias	bias	NOUN
fsr-3339	315	14	.	.	PUNCT
fsr-3339	316	1	5	5	X
fsr-3339	316	2	.	.	X
fsr-3339	316	3	empirical	empirical	ADJ
fsr-3339	316	4	results	result	NOUN
fsr-3339	316	5	in	in	ADP
fsr-3339	316	6	this	this	DET
fsr-3339	316	7	section	section	NOUN
fsr-3339	316	8	,	,	PUNCT
fsr-3339	316	9	we	we	PRON
fsr-3339	316	10	first	first	ADV
fsr-3339	316	11	examine	examine	VERB
fsr-3339	316	12	the	the	DET
fsr-3339	316	13	performance	performance	NOUN
fsr-3339	316	14	of	of	ADP
fsr-3339	316	15	actively	actively	ADV
fsr-3339	316	16	managed	manage	VERB
fsr-3339	316	17	chinese	chinese	ADJ
fsr-3339	316	18	stock	stock	NOUN
fsr-3339	316	19	mutual	mutual	ADJ
fsr-3339	316	20	funds	fund	NOUN
fsr-3339	316	21	for	for	ADP
fsr-3339	316	22	the	the	DET
fsr-3339	316	23	full	full	ADJ
fsr-3339	316	24	sample	sample	NOUN
fsr-3339	316	25	period	period	NOUN
fsr-3339	316	26	and	and	CCONJ
fsr-3339	316	27	the	the	DET
fsr-3339	316	28	two	two	NUM
fsr-3339	316	29	sub	sub	NOUN
fsr-3339	316	30	-	-	NOUN
fsr-3339	316	31	periods	period	NOUN
fsr-3339	316	32	.	.	PUNCT
fsr-3339	317	1	next	next	ADV
fsr-3339	317	2	,	,	PUNCT
fsr-3339	317	3	we	we	PRON
fsr-3339	317	4	analyze	analyze	VERB
fsr-3339	317	5	the	the	DET
fsr-3339	317	6	results	result	NOUN
fsr-3339	317	7	of	of	ADP
fsr-3339	317	8	cross	cross	ADJ
fsr-3339	317	9	-	-	ADJ
fsr-3339	317	10	sectional	sectional	ADJ
fsr-3339	317	11	regressions	regression	NOUN
fsr-3339	317	12	on	on	ADP
fsr-3339	317	13	how	how	SCONJ
fsr-3339	317	14	fund	fund	NOUN
fsr-3339	317	15	characteristics	characteristic	NOUN
fsr-3339	317	16	and	and	CCONJ
fsr-3339	317	17	fund	fund	NOUN
fsr-3339	317	18	flows	flow	NOUN
fsr-3339	317	19	are	be	AUX
fsr-3339	317	20	related	relate	VERB
fsr-3339	317	21	to	to	ADP
fsr-3339	317	22	fund	fund	NOUN
fsr-3339	317	23	performance	performance	NOUN
fsr-3339	317	24	.	.	PUNCT
fsr-3339	318	1	5.1	5.1	NUM
fsr-3339	318	2	.	.	PUNCT
fsr-3339	319	1	chinese	chinese	ADJ
fsr-3339	319	2	stock	stock	PROPN
fsr-3339	319	3	mutual	mutual	ADJ
fsr-3339	319	4	fund	fund	NOUN
fsr-3339	319	5	performance	performance	NOUN
fsr-3339	319	6	:	:	PUNCT
fsr-3339	319	7	2001–2011	2001–2011	NUM
fsr-3339	319	8	we	we	PRON
fsr-3339	319	9	first	first	ADV
fsr-3339	319	10	present	present	VERB
fsr-3339	319	11	the	the	DET
fsr-3339	319	12	performance	performance	NOUN
fsr-3339	319	13	of	of	ADP
fsr-3339	319	14	actively	actively	ADV
fsr-3339	319	15	managed	manage	VERB
fsr-3339	319	16	chinese	chinese	ADJ
fsr-3339	319	17	open	open	ADJ
fsr-3339	319	18	-	-	PUNCT
fsr-3339	319	19	end	end	NOUN
fsr-3339	319	20	stock	stock	NOUN
fsr-3339	319	21	mutual	mutual	ADJ
fsr-3339	319	22	funds	fund	NOUN
fsr-3339	319	23	between	between	ADP
fsr-3339	319	24	october	october	PROPN
fsr-3339	319	25	19	19	NUM
fsr-3339	319	26	,	,	PUNCT
fsr-3339	319	27	2001	2001	NUM
fsr-3339	319	28	and	and	CCONJ
fsr-3339	319	29	december	december	PROPN
fsr-3339	319	30	31	31	NUM
fsr-3339	319	31	,	,	PUNCT
fsr-3339	319	32	2011	2011	NUM
fsr-3339	319	33	.	.	PUNCT
fsr-3339	320	1	panel	panel	NOUN
fsr-3339	320	2	a	a	PRON
fsr-3339	320	3	of	of	ADP
fsr-3339	320	4	table	table	NOUN
fsr-3339	320	5	5a	5a	NUM
fsr-3339	320	6	presents	present	VERB
fsr-3339	320	7	the	the	DET
fsr-3339	320	8	results	result	NOUN
fsr-3339	320	9	for	for	ADP
fsr-3339	320	10	the	the	DET
fsr-3339	320	11	sharpe	sharpe	PROPN
fsr-3339	320	12	ratio	ratio	NOUN
fsr-3339	320	13	,	,	PUNCT
fsr-3339	320	14	treynor	treynor	NOUN
fsr-3339	320	15	ratio	ratio	NOUN
fsr-3339	320	16	,	,	PUNCT
fsr-3339	320	17	four	four	NUM
fsr-3339	320	18	-	-	PUNCT
fsr-3339	320	19	factor	factor	NOUN
fsr-3339	320	20	�	�	PROPN
fsr-3339	320	21	,	,	PUNCT
fsr-3339	320	22	�	�	PROPN
fsr-3339	320	23	s	s	PART
fsr-3339	320	24	,	,	PUNCT
fsr-3339	320	25	and	and	CCONJ
fsr-3339	320	26	adjusted	adjust	VERB
fsr-3339	320	27	-	-	PUNCT
fsr-3339	320	28	r2	r2	NOUN
fsr-3339	320	29	in	in	ADP
fsr-3339	320	30	the	the	DET
fsr-3339	320	31	fourfactor	fourfactor	NOUN
fsr-3339	320	32	model	model	NOUN
fsr-3339	320	33	regressions	regression	NOUN
fsr-3339	320	34	.	.	PUNCT
fsr-3339	321	1	panel	panel	NOUN
fsr-3339	321	2	b	b	PROPN
fsr-3339	321	3	of	of	ADP
fsr-3339	321	4	table	table	NOUN
fsr-3339	321	5	5a	5a	NUM
fsr-3339	321	6	reports	report	VERB
fsr-3339	321	7	the	the	DET
fsr-3339	321	8	�	�	PROPN
fsr-3339	321	9	and	and	CCONJ
fsr-3339	321	10	hm	hm	PRON
fsr-3339	321	11	timing	timing	NOUN
fsr-3339	321	12	coefficients	coefficient	NOUN
fsr-3339	321	13	for	for	ADP
fsr-3339	321	14	the	the	DET
fsr-3339	321	15	four	four	NUM
fsr-3339	321	16	-	-	PUNCT
fsr-3339	321	17	factor	factor	NOUN
fsr-3339	321	18	hm	hm	NOUN
fsr-3339	321	19	model	model	PROPN
fsr-3339	321	20	.	.	PUNCT
fsr-3339	322	1	panel	panel	NOUN
fsr-3339	322	2	c	c	PROPN
fsr-3339	322	3	presents	present	VERB
fsr-3339	322	4	the	the	DET
fsr-3339	322	5	�	�	PROPN
fsr-3339	322	6	and	and	CCONJ
fsr-3339	322	7	the	the	DET
fsr-3339	322	8	timing	timing	NOUN
fsr-3339	322	9	coefficients	coefficient	NOUN
fsr-3339	322	10	for	for	ADP
fsr-3339	322	11	the	the	DET
fsr-3339	322	12	table	table	NOUN
fsr-3339	322	13	5	5	NUM
fsr-3339	322	14	a.	a.	NOUN
fsr-3339	322	15	risk	risk	NOUN
fsr-3339	322	16	-	-	PUNCT
fsr-3339	322	17	adjusted	adjust	VERB
fsr-3339	322	18	performance	performance	NOUN
fsr-3339	322	19	appraisal	appraisal	NOUN
fsr-3339	322	20	methods	method	NOUN
fsr-3339	322	21	applied	apply	VERB
fsr-3339	322	22	to	to	ADP
fsr-3339	322	23	308	308	NUM
fsr-3339	322	24	actively	actively	ADV
fsr-3339	322	25	managed	manage	VERB
fsr-3339	322	26	chinese	chinese	ADJ
fsr-3339	322	27	stock	stock	NOUN
fsr-3339	322	28	mutual	mutual	ADJ
fsr-3339	322	29	funds	fund	NOUN
fsr-3339	322	30	between	between	ADP
fsr-3339	322	31	2006	2006	NUM
fsr-3339	322	32	and	and	CCONJ
fsr-3339	322	33	2011	2011	NUM
fsr-3339	322	34	performance	performance	NOUN
fsr-3339	322	35	measures	measure	NOUN
fsr-3339	322	36	and	and	CCONJ
fsr-3339	322	37	coefficients	coefficient	NOUN
fsr-3339	322	38	n	n	PRON
fsr-3339	322	39	mean	mean	VERB
fsr-3339	322	40	median	median	ADJ
fsr-3339	322	41	min	min	NOUN
fsr-3339	322	42	5	5	NUM
fsr-3339	322	43	%	%	NOUN
fsr-3339	322	44	95	95	NUM
fsr-3339	322	45	%	%	NOUN
fsr-3339	322	46	max	max	PROPN
fsr-3339	322	47	sd	sd	PROPN
fsr-3339	322	48	panel	panel	PROPN
fsr-3339	322	49	a	a	DET
fsr-3339	322	50	:	:	PUNCT
fsr-3339	322	51	four	four	NUM
fsr-3339	322	52	-	-	PUNCT
fsr-3339	322	53	factor	factor	NOUN
fsr-3339	322	54	model	model	NOUN
fsr-3339	322	55	sharpe	sharpe	PROPN
fsr-3339	322	56	ratio	ratio	PROPN
fsr-3339	322	57	(	(	PUNCT
fsr-3339	322	58	%	%	NOUN
fsr-3339	322	59	)	)	PUNCT
fsr-3339	322	60	308	308	NUM
fsr-3339	322	61	�	�	SYM
fsr-3339	322	62	1.86	1.86	NUM
fsr-3339	322	63	�	�	PROPN
fsr-3339	322	64	0.92	0.92	NUM
fsr-3339	322	65	�	�	PROPN
fsr-3339	322	66	19.35	19.35	NUM
fsr-3339	322	67	�	�	PROPN
fsr-3339	322	68	12.89	12.89	NUM
fsr-3339	322	69	4.52	4.52	NUM
fsr-3339	322	70	37.49	37.49	NUM
fsr-3339	322	71	6.04	6.04	NUM
fsr-3339	322	72	treynor	treynor	NOUN
fsr-3339	322	73	ratio	ratio	NOUN
fsr-3339	322	74	(	(	PUNCT
fsr-3339	322	75	%	%	NOUN
fsr-3339	322	76	)	)	PUNCT
fsr-3339	323	1	308	308	NUM
fsr-3339	323	2	�	�	PROPN
fsr-3339	323	3	0.27	0.27	NUM
fsr-3339	323	4	�	�	PROPN
fsr-3339	323	5	0.02	0.02	NUM
fsr-3339	323	6	�	�	PROPN
fsr-3339	323	7	72.45	72.45	NUM
fsr-3339	323	8	�	�	NOUN
fsr-3339	323	9	0.21	0.21	NUM
fsr-3339	323	10	0.10	0.10	NUM
fsr-3339	323	11	0.15	0.15	NUM
fsr-3339	323	12	4.13	4.13	NUM
fsr-3339	323	13	four	four	NUM
fsr-3339	323	14	-	-	PUNCT
fsr-3339	323	15	factor	factor	NOUN
fsr-3339	323	16	�	�	PROPN
fsr-3339	323	17	(	(	PUNCT
fsr-3339	323	18	%	%	NOUN
fsr-3339	323	19	)	)	PUNCT
fsr-3339	323	20	308	308	NUM
fsr-3339	323	21	0.00	0.00	NUM
fsr-3339	323	22	0.00	0.00	NUM
fsr-3339	323	23	�	�	PROPN
fsr-3339	323	24	0.15	0.15	NUM
fsr-3339	323	25	�	�	PROPN
fsr-3339	323	26	0.06	0.06	NUM
fsr-3339	323	27	0.04	0.04	NUM
fsr-3339	323	28	0.07	0.07	NUM
fsr-3339	323	29	0.03	0.03	NUM
fsr-3339	323	30	gta	gta	PROPN
fsr-3339	323	31	a	a	DET
fsr-3339	323	32	-	-	PUNCT
fsr-3339	323	33	share	share	NOUN
fsr-3339	323	34	index	index	NOUN
fsr-3339	323	35	308	308	NUM
fsr-3339	323	36	0.69	0.69	NUM
fsr-3339	323	37	0.71	0.71	NUM
fsr-3339	323	38	0.00	0.00	NUM
fsr-3339	323	39	0.44	0.44	NUM
fsr-3339	323	40	0.89	0.89	NUM
fsr-3339	323	41	1.25	1.25	NUM
fsr-3339	323	42	0.14	0.14	NUM
fsr-3339	323	43	smb	smb	NOUN
fsr-3339	323	44	308	308	NUM
fsr-3339	323	45	0.07	0.07	NUM
fsr-3339	323	46	0.06	0.06	NUM
fsr-3339	323	47	�	�	PROPN
fsr-3339	323	48	0.51	0.51	NUM
fsr-3339	323	49	�	�	PROPN
fsr-3339	323	50	0.22	0.22	NUM
fsr-3339	323	51	0.35	0.35	NUM
fsr-3339	323	52	0.52	0.52	NUM
fsr-3339	323	53	0.18	0.18	NUM
fsr-3339	323	54	hml	hml	PROPN
fsr-3339	323	55	308	308	NUM
fsr-3339	323	56	�	�	PROPN
fsr-3339	323	57	0.27	0.27	NUM
fsr-3339	323	58	�	�	PROPN
fsr-3339	323	59	0.24	0.24	NUM
fsr-3339	323	60	�	�	PROPN
fsr-3339	323	61	1.16	1.16	NUM
fsr-3339	323	62	�	�	PROPN
fsr-3339	323	63	0.60	0.60	NUM
fsr-3339	323	64	�	�	PROPN
fsr-3339	323	65	0.03	0.03	NUM
fsr-3339	323	66	0.42	0.42	NUM
fsr-3339	323	67	0.19	0.19	NUM
fsr-3339	323	68	mom	mom	NOUN
fsr-3339	323	69	308	308	NUM
fsr-3339	323	70	0.02	0.02	NUM
fsr-3339	323	71	0.02	0.02	NUM
fsr-3339	323	72	�	�	NOUN
fsr-3339	323	73	0.08	0.08	NUM
fsr-3339	323	74	�	�	NOUN
fsr-3339	323	75	0.02	0.02	NUM
fsr-3339	323	76	0.05	0.05	NUM
fsr-3339	323	77	0.06	0.06	NUM
fsr-3339	323	78	0.02	0.02	NUM
fsr-3339	323	79	adjusted	adjust	VERB
fsr-3339	323	80	r2	r2	NOUN
fsr-3339	323	81	308	308	NUM
fsr-3339	323	82	0.78	0.78	NUM
fsr-3339	323	83	0.84	0.84	NUM
fsr-3339	323	84	�	�	NOUN
fsr-3339	323	85	0.01	0.01	NUM
fsr-3339	323	86	0.28	0.28	NUM
fsr-3339	323	87	0.92	0.92	NUM
fsr-3339	323	88	0.96	0.96	NUM
fsr-3339	323	89	0.18	0.18	NUM
fsr-3339	323	90	panel	panel	NOUN
fsr-3339	323	91	b	b	PROPN
fsr-3339	323	92	:	:	PUNCT
fsr-3339	323	93	four	four	NUM
fsr-3339	323	94	-	-	PUNCT
fsr-3339	323	95	factor	factor	NOUN
fsr-3339	323	96	hm	hm	INTJ
fsr-3339	323	97	model	model	NOUN
fsr-3339	324	1	hm	hm	INTJ
fsr-3339	324	2	�	�	PROPN
fsr-3339	324	3	(	(	PUNCT
fsr-3339	324	4	%	%	NOUN
fsr-3339	324	5	)	)	PUNCT
fsr-3339	324	6	308	308	NUM
fsr-3339	324	7	�	�	PROPN
fsr-3339	324	8	0.01	0.01	NUM
fsr-3339	324	9	�	�	PROPN
fsr-3339	324	10	0.01	0.01	NUM
fsr-3339	324	11	�	�	PROPN
fsr-3339	324	12	0.26	0.26	NUM
fsr-3339	324	13	�	�	NOUN
fsr-3339	324	14	0.07	0.07	NUM
fsr-3339	324	15	0.08	0.08	NUM
fsr-3339	324	16	0.17	0.17	NUM
fsr-3339	324	17	0.05	0.05	NUM
fsr-3339	324	18	hm	hm	INTJ
fsr-3339	324	19	timing	time	VERB
fsr-3339	324	20	308	308	NUM
fsr-3339	324	21	0.01	0.01	NUM
fsr-3339	324	22	0.02	0.02	NUM
fsr-3339	324	23	�	�	PROPN
fsr-3339	324	24	0.39	0.39	NUM
fsr-3339	324	25	�	�	PROPN
fsr-3339	324	26	0.16	0.16	NUM
fsr-3339	324	27	0.11	0.11	NUM
fsr-3339	324	28	0.25	0.25	NUM
fsr-3339	324	29	0.08	0.08	NUM
fsr-3339	324	30	adjusted	adjust	VERB
fsr-3339	324	31	r2	r2	NOUN
fsr-3339	324	32	308	308	NUM
fsr-3339	324	33	0.78	0.78	NUM
fsr-3339	324	34	0.84	0.84	NUM
fsr-3339	324	35	�	�	PROPN
fsr-3339	324	36	0.02	0.02	NUM
fsr-3339	324	37	0.29	0.29	NUM
fsr-3339	324	38	0.92	0.92	NUM
fsr-3339	324	39	0.96	0.96	NUM
fsr-3339	324	40	0.18	0.18	NUM
fsr-3339	324	41	panel	panel	NOUN
fsr-3339	324	42	c	c	NOUN
fsr-3339	324	43	:	:	PUNCT
fsr-3339	324	44	four	four	NUM
fsr-3339	324	45	-	-	PUNCT
fsr-3339	324	46	factor	factor	NOUN
fsr-3339	324	47	tm	tm	PROPN
fsr-3339	324	48	model	model	NOUN
fsr-3339	324	49	tm	tm	PROPN
fsr-3339	324	50	�	�	PROPN
fsr-3339	324	51	(	(	PUNCT
fsr-3339	324	52	%	%	NOUN
fsr-3339	324	53	)	)	PUNCT
fsr-3339	324	54	308	308	NUM
fsr-3339	324	55	�	�	PROPN
fsr-3339	324	56	0.001	0.001	NUM
fsr-3339	324	57	0.001	0.001	NUM
fsr-3339	324	58	�	�	PROPN
fsr-3339	324	59	0.22	0.22	NUM
fsr-3339	324	60	�	�	PROPN
fsr-3339	324	61	0.06	0.06	NUM
fsr-3339	324	62	0.05	0.05	NUM
fsr-3339	324	63	0.12	0.12	NUM
fsr-3339	324	64	0.04	0.04	NUM
fsr-3339	324	65	tm	tm	PRON
fsr-3339	324	66	timing	time	VERB
fsr-3339	324	67	308	308	NUM
fsr-3339	324	68	0.002	0.002	NUM
fsr-3339	324	69	0.06	0.06	NUM
fsr-3339	324	70	�	�	PROPN
fsr-3339	324	71	5.25	5.25	NUM
fsr-3339	324	72	�	�	PROPN
fsr-3339	324	73	2.68	2.68	NUM
fsr-3339	324	74	2.34	2.34	NUM
fsr-3339	324	75	5.42	5.42	NUM
fsr-3339	324	76	1.40	1.40	NUM
fsr-3339	324	77	adjusted	adjust	VERB
fsr-3339	324	78	r2	r2	NOUN
fsr-3339	324	79	308	308	NUM
fsr-3339	324	80	0.78	0.78	NUM
fsr-3339	324	81	0.84	0.84	NUM
fsr-3339	324	82	�	�	PROPN
fsr-3339	324	83	0.02	0.02	NUM
fsr-3339	324	84	0.29	0.29	NUM
fsr-3339	324	85	0.92	0.92	NUM
fsr-3339	324	86	0.96	0.96	NUM
fsr-3339	324	87	0.18	0.18	NUM
fsr-3339	324	88	this	this	DET
fsr-3339	324	89	table	table	NOUN
fsr-3339	324	90	reports	report	VERB
fsr-3339	324	91	the	the	DET
fsr-3339	324	92	risk	risk	NOUN
fsr-3339	324	93	-	-	PUNCT
fsr-3339	324	94	adjusted	adjust	VERB
fsr-3339	324	95	performance	performance	NOUN
fsr-3339	324	96	of	of	ADP
fsr-3339	324	97	actively	actively	ADV
fsr-3339	324	98	managed	manage	VERB
fsr-3339	324	99	chinese	chinese	ADJ
fsr-3339	324	100	open	open	ADJ
fsr-3339	324	101	-	-	PUNCT
fsr-3339	324	102	end	end	NOUN
fsr-3339	324	103	stock	stock	NOUN
fsr-3339	324	104	mutual	mutual	ADJ
fsr-3339	324	105	funds	fund	NOUN
fsr-3339	324	106	using	use	VERB
fsr-3339	324	107	four	four	NUM
fsr-3339	324	108	-	-	PUNCT
fsr-3339	324	109	factor	factor	NOUN
fsr-3339	324	110	models	model	NOUN
fsr-3339	324	111	between	between	ADP
fsr-3339	324	112	2006	2006	NUM
fsr-3339	324	113	and	and	CCONJ
fsr-3339	324	114	2011	2011	NUM
fsr-3339	324	115	.	.	PUNCT
fsr-3339	325	1	panel	panel	NOUN
fsr-3339	325	2	a	a	DET
fsr-3339	325	3	shows	show	NOUN
fsr-3339	325	4	the	the	DET
fsr-3339	325	5	performance	performance	NOUN
fsr-3339	325	6	measures	measure	NOUN
fsr-3339	325	7	are	be	AUX
fsr-3339	325	8	the	the	DET
fsr-3339	325	9	sharpe	sharpe	NOUN
fsr-3339	325	10	ratio	ratio	NOUN
fsr-3339	325	11	,	,	PUNCT
fsr-3339	325	12	treynor	treynor	NOUN
fsr-3339	325	13	ratio	ratio	NOUN
fsr-3339	325	14	,	,	PUNCT
fsr-3339	325	15	and	and	CCONJ
fsr-3339	325	16	jensen	jensen	PROPN
fsr-3339	325	17	’s	’s	PART
fsr-3339	325	18	�	�	PROPN
fsr-3339	325	19	in	in	ADP
fsr-3339	325	20	the	the	DET
fsr-3339	325	21	four	four	NUM
fsr-3339	325	22	-	-	PUNCT
fsr-3339	325	23	factor	factor	NOUN
fsr-3339	325	24	model	model	NOUN
fsr-3339	325	25	.	.	PUNCT
fsr-3339	326	1	the	the	DET
fsr-3339	326	2	coefficients	coefficient	NOUN
fsr-3339	326	3	on	on	ADP
fsr-3339	326	4	the	the	DET
fsr-3339	326	5	market	market	NOUN
fsr-3339	326	6	(	(	PUNCT
fsr-3339	326	7	excess	excess	ADJ
fsr-3339	326	8	return	return	NOUN
fsr-3339	326	9	on	on	ADP
fsr-3339	326	10	the	the	DET
fsr-3339	326	11	gta	gta	PROPN
fsr-3339	326	12	a	a	DET
fsr-3339	326	13	-	-	PUNCT
fsr-3339	326	14	share	share	NOUN
fsr-3339	326	15	index	index	NOUN
fsr-3339	326	16	)	)	PUNCT
fsr-3339	326	17	,	,	PUNCT
fsr-3339	326	18	size	size	NOUN
fsr-3339	326	19	(	(	PUNCT
fsr-3339	326	20	smb	smb	PROPN
fsr-3339	326	21	)	)	PUNCT
fsr-3339	326	22	,	,	PUNCT
fsr-3339	326	23	book	book	NOUN
fsr-3339	326	24	-	-	PUNCT
fsr-3339	326	25	to	to	ADP
fsr-3339	326	26	-	-	PUNCT
fsr-3339	326	27	market	market	NOUN
fsr-3339	326	28	equity	equity	NOUN
fsr-3339	326	29	(	(	PUNCT
fsr-3339	326	30	hml	hml	PROPN
fsr-3339	326	31	)	)	PUNCT
fsr-3339	326	32	,	,	PUNCT
fsr-3339	326	33	and	and	CCONJ
fsr-3339	326	34	momentum	momentum	NOUN
fsr-3339	326	35	(	(	PUNCT
fsr-3339	326	36	mom	mom	NOUN
fsr-3339	326	37	)	)	PUNCT
fsr-3339	326	38	factors	factor	NOUN
fsr-3339	326	39	are	be	AUX
fsr-3339	326	40	also	also	ADV
fsr-3339	326	41	shown	show	VERB
fsr-3339	326	42	for	for	ADP
fsr-3339	326	43	the	the	DET
fsr-3339	326	44	four	four	NUM
fsr-3339	326	45	-	-	PUNCT
fsr-3339	326	46	factor	factor	NOUN
fsr-3339	326	47	model	model	NOUN
fsr-3339	326	48	.	.	PUNCT
fsr-3339	327	1	panel	panel	NOUN
fsr-3339	327	2	b	b	PROPN
fsr-3339	327	3	lists	list	VERB
fsr-3339	327	4	the	the	DET
fsr-3339	327	5	�	�	PROPN
fsr-3339	327	6	and	and	CCONJ
fsr-3339	327	7	the	the	DET
fsr-3339	327	8	hm	hm	INTJ
fsr-3339	327	9	timing	timing	NOUN
fsr-3339	327	10	coefficients	coefficient	NOUN
fsr-3339	327	11	for	for	ADP
fsr-3339	327	12	the	the	DET
fsr-3339	327	13	four	four	NUM
fsr-3339	327	14	-	-	PUNCT
fsr-3339	327	15	factor	factor	NOUN
fsr-3339	327	16	henriksson	henriksson	NOUN
fsr-3339	327	17	and	and	CCONJ
fsr-3339	327	18	merton	merton	PROPN
fsr-3339	327	19	(	(	PUNCT
fsr-3339	327	20	1981	1981	NUM
fsr-3339	327	21	)	)	PUNCT
fsr-3339	327	22	model	model	NOUN
fsr-3339	327	23	.	.	PUNCT
fsr-3339	328	1	panel	panel	NOUN
fsr-3339	328	2	c	c	PROPN
fsr-3339	328	3	presents	present	VERB
fsr-3339	328	4	the	the	DET
fsr-3339	328	5	�	�	PROPN
fsr-3339	328	6	and	and	CCONJ
fsr-3339	328	7	the	the	DET
fsr-3339	328	8	tm	tm	PROPN
fsr-3339	328	9	timing	timing	NOUN
fsr-3339	328	10	coefficients	coefficient	NOUN
fsr-3339	328	11	for	for	ADP
fsr-3339	328	12	the	the	DET
fsr-3339	328	13	four	four	NUM
fsr-3339	328	14	-	-	PUNCT
fsr-3339	328	15	factor	factor	NOUN
fsr-3339	328	16	treynor	treynor	NOUN
fsr-3339	328	17	and	and	CCONJ
fsr-3339	328	18	mazuy	mazuy	PROPN
fsr-3339	328	19	(	(	PUNCT
fsr-3339	328	20	1966	1966	NUM
fsr-3339	328	21	)	)	PUNCT
fsr-3339	328	22	model	model	NOUN
fsr-3339	328	23	.	.	PUNCT
fsr-3339	329	1	n	n	PRON
fsr-3339	329	2	is	be	AUX
fsr-3339	329	3	the	the	DET
fsr-3339	329	4	number	number	NOUN
fsr-3339	329	5	of	of	ADP
fsr-3339	329	6	funds	fund	NOUN
fsr-3339	329	7	.	.	PUNCT
fsr-3339	330	1	mean	mean	VERB
fsr-3339	330	2	,	,	PUNCT
fsr-3339	330	3	median	median	NOUN
fsr-3339	330	4	,	,	PUNCT
fsr-3339	330	5	min	min	PROPN
fsr-3339	330	6	,	,	PUNCT
fsr-3339	330	7	5	5	NUM
fsr-3339	330	8	%	%	NOUN
fsr-3339	330	9	,	,	PUNCT
fsr-3339	330	10	95	95	NUM
fsr-3339	330	11	%	%	NOUN
fsr-3339	330	12	,	,	PUNCT
fsr-3339	330	13	max	max	PROPN
fsr-3339	330	14	,	,	PUNCT
fsr-3339	330	15	and	and	CCONJ
fsr-3339	330	16	sd	sd	NOUN
fsr-3339	330	17	are	be	AUX
fsr-3339	330	18	the	the	DET
fsr-3339	330	19	mean	mean	ADJ
fsr-3339	330	20	,	,	PUNCT
fsr-3339	330	21	median	median	ADJ
fsr-3339	330	22	,	,	PUNCT
fsr-3339	330	23	minimum	minimum	ADJ
fsr-3339	330	24	,	,	PUNCT
fsr-3339	330	25	5th	5th	ADJ
fsr-3339	330	26	percentile	percentile	ADJ
fsr-3339	330	27	,	,	PUNCT
fsr-3339	330	28	95th	95th	ADJ
fsr-3339	330	29	percentile	percentile	ADJ
fsr-3339	330	30	,	,	PUNCT
fsr-3339	330	31	maximum	maximum	ADJ
fsr-3339	330	32	,	,	PUNCT
fsr-3339	330	33	and	and	CCONJ
fsr-3339	330	34	standard	standard	ADJ
fsr-3339	330	35	deviation	deviation	NOUN
fsr-3339	330	36	.	.	PUNCT
fsr-3339	331	1	303w	303w	NOUN
fsr-3339	331	2	.	.	PUNCT
fsr-3339	332	1	he	he	PRON
fsr-3339	332	2	et	et	PROPN
fsr-3339	332	3	al	al	PROPN
fsr-3339	332	4	.	.	PUNCT
fsr-3339	332	5	/	/	SYM
fsr-3339	332	6	financial	financial	ADJ
fsr-3339	332	7	services	service	NOUN
fsr-3339	332	8	review	review	VERB
fsr-3339	332	9	24	24	NUM
fsr-3339	332	10	(	(	PUNCT
fsr-3339	332	11	2015	2015	NUM
fsr-3339	332	12	)	)	PUNCT
fsr-3339	332	13	289–311	289–311	NUM
fsr-3339	332	14	four	four	NUM
fsr-3339	332	15	-	-	PUNCT
fsr-3339	332	16	factor	factor	NOUN
fsr-3339	332	17	tm	tm	NOUN
fsr-3339	332	18	model	model	NOUN
fsr-3339	332	19	.	.	PUNCT
fsr-3339	333	1	to	to	PART
fsr-3339	333	2	ensure	ensure	VERB
fsr-3339	333	3	the	the	DET
fsr-3339	333	4	validity	validity	NOUN
fsr-3339	333	5	of	of	ADP
fsr-3339	333	6	our	our	PRON
fsr-3339	333	7	results	result	NOUN
fsr-3339	333	8	,	,	PUNCT
fsr-3339	333	9	we	we	PRON
fsr-3339	333	10	use	use	VERB
fsr-3339	333	11	the	the	DET
fsr-3339	333	12	robust	robust	ADJ
fsr-3339	333	13	standard	standard	ADJ
fsr-3339	333	14	error	error	NOUN
fsr-3339	333	15	formula	formula	NOUN
fsr-3339	333	16	hc2	hc2	NOUN
fsr-3339	333	17	in	in	ADP
fsr-3339	333	18	mackinnon	mackinnon	PROPN
fsr-3339	333	19	and	and	CCONJ
fsr-3339	333	20	white	white	ADJ
fsr-3339	333	21	(	(	PUNCT
fsr-3339	333	22	1985	1985	NUM
fsr-3339	333	23	)	)	PUNCT
fsr-3339	333	24	for	for	ADP
fsr-3339	333	25	all	all	DET
fsr-3339	333	26	regressions	regression	NOUN
fsr-3339	333	27	.	.	PUNCT
fsr-3339	334	1	in	in	ADP
fsr-3339	334	2	table	table	NOUN
fsr-3339	334	3	5a	5a	NUM
fsr-3339	334	4	,	,	PUNCT
fsr-3339	334	5	the	the	DET
fsr-3339	334	6	average	average	ADJ
fsr-3339	334	7	adjusted	adjust	VERB
fsr-3339	334	8	r2	r2	NOUN
fsr-3339	334	9	is	be	AUX
fsr-3339	334	10	78	78	NUM
fsr-3339	334	11	%	%	NOUN
fsr-3339	334	12	in	in	ADP
fsr-3339	334	13	all	all	DET
fsr-3339	334	14	three	three	NUM
fsr-3339	334	15	panels	panel	NOUN
fsr-3339	334	16	,	,	PUNCT
fsr-3339	334	17	which	which	PRON
fsr-3339	334	18	indicates	indicate	VERB
fsr-3339	334	19	that	that	SCONJ
fsr-3339	334	20	our	our	PRON
fsr-3339	334	21	standard	standard	ADJ
fsr-3339	334	22	four	four	NUM
fsr-3339	334	23	-	-	PUNCT
fsr-3339	334	24	factor	factor	NOUN
fsr-3339	334	25	model	model	NOUN
fsr-3339	334	26	has	have	VERB
fsr-3339	334	27	strong	strong	ADJ
fsr-3339	334	28	explanatory	explanatory	ADJ
fsr-3339	334	29	power	power	NOUN
fsr-3339	334	30	of	of	ADP
fsr-3339	334	31	the	the	DET
fsr-3339	334	32	performance	performance	NOUN
fsr-3339	334	33	of	of	ADP
fsr-3339	334	34	these	these	DET
fsr-3339	334	35	mutual	mutual	ADJ
fsr-3339	334	36	funds	fund	NOUN
fsr-3339	334	37	.	.	PUNCT
fsr-3339	335	1	table	table	NOUN
fsr-3339	335	2	5a	5a	PROPN
fsr-3339	335	3	also	also	ADV
fsr-3339	335	4	shows	show	VERB
fsr-3339	335	5	that	that	SCONJ
fsr-3339	335	6	the	the	DET
fsr-3339	335	7	average	average	ADJ
fsr-3339	335	8	daily	daily	ADJ
fsr-3339	335	9	�	�	PROPN
fsr-3339	335	10	is	be	AUX
fsr-3339	335	11	basically	basically	ADV
fsr-3339	335	12	zero	zero	NUM
fsr-3339	335	13	.	.	PUNCT
fsr-3339	336	1	among	among	ADP
fsr-3339	336	2	the	the	DET
fsr-3339	336	3	four	four	NUM
fsr-3339	336	4	factors	factor	NOUN
fsr-3339	336	5	,	,	PUNCT
fsr-3339	336	6	the	the	DET
fsr-3339	336	7	gta	gta	PROPN
fsr-3339	336	8	a	a	DET
fsr-3339	336	9	-	-	PUNCT
fsr-3339	336	10	share	share	NOUN
fsr-3339	336	11	index	index	NOUN
fsr-3339	336	12	has	have	VERB
fsr-3339	336	13	the	the	DET
fsr-3339	336	14	largest	large	ADJ
fsr-3339	336	15	average	average	ADJ
fsr-3339	336	16	coefficient	coefficient	NOUN
fsr-3339	336	17	value	value	NOUN
fsr-3339	336	18	,	,	PUNCT
fsr-3339	336	19	which	which	PRON
fsr-3339	336	20	is	be	AUX
fsr-3339	336	21	not	not	PART
fsr-3339	336	22	surprising	surprising	ADJ
fsr-3339	336	23	because	because	SCONJ
fsr-3339	336	24	these	these	DET
fsr-3339	336	25	funds	fund	NOUN
fsr-3339	336	26	are	be	AUX
fsr-3339	336	27	actively	actively	ADV
fsr-3339	336	28	managed	manage	VERB
fsr-3339	336	29	stock	stock	NOUN
fsr-3339	336	30	mutual	mutual	ADJ
fsr-3339	336	31	funds	fund	NOUN
fsr-3339	336	32	that	that	PRON
fsr-3339	336	33	should	should	AUX
fsr-3339	336	34	have	have	VERB
fsr-3339	336	35	substantial	substantial	ADJ
fsr-3339	336	36	market	market	NOUN
fsr-3339	336	37	exposure	exposure	NOUN
fsr-3339	336	38	.	.	PUNCT
fsr-3339	337	1	the	the	DET
fsr-3339	337	2	coefficients	coefficient	NOUN
fsr-3339	337	3	of	of	ADP
fsr-3339	337	4	size	size	NOUN
fsr-3339	337	5	(	(	PUNCT
fsr-3339	337	6	smb	smb	NOUN
fsr-3339	337	7	)	)	PUNCT
fsr-3339	337	8	tend	tend	VERB
fsr-3339	337	9	to	to	PART
fsr-3339	337	10	center	center	VERB
fsr-3339	337	11	more	more	ADV
fsr-3339	337	12	around	around	ADP
fsr-3339	337	13	zero	zero	NUM
fsr-3339	337	14	compared	compare	VERB
fsr-3339	337	15	with	with	ADP
fsr-3339	337	16	those	those	PRON
fsr-3339	337	17	of	of	ADP
fsr-3339	337	18	value	value	NOUN
fsr-3339	337	19	(	(	PUNCT
fsr-3339	337	20	hml	hml	PROPN
fsr-3339	337	21	)	)	PUNCT
fsr-3339	337	22	,	,	PUNCT
fsr-3339	337	23	which	which	PRON
fsr-3339	337	24	are	be	AUX
fsr-3339	337	25	overwhelmingly	overwhelmingly	ADV
fsr-3339	337	26	negative	negative	ADJ
fsr-3339	337	27	.	.	PUNCT
fsr-3339	338	1	according	accord	VERB
fsr-3339	338	2	to	to	ADP
fsr-3339	338	3	this	this	DET
fsr-3339	338	4	evidence	evidence	NOUN
fsr-3339	338	5	,	,	PUNCT
fsr-3339	338	6	these	these	DET
fsr-3339	338	7	funds	fund	NOUN
fsr-3339	338	8	place	place	VERB
fsr-3339	338	9	more	more	ADJ
fsr-3339	338	10	weight	weight	NOUN
fsr-3339	338	11	on	on	ADP
fsr-3339	338	12	growth	growth	NOUN
fsr-3339	338	13	stocks	stock	NOUN
fsr-3339	338	14	,	,	PUNCT
fsr-3339	338	15	which	which	PRON
fsr-3339	338	16	is	be	AUX
fsr-3339	338	17	reasonable	reasonable	ADJ
fsr-3339	338	18	in	in	ADP
fsr-3339	338	19	an	an	DET
fsr-3339	338	20	emerging	emerge	VERB
fsr-3339	338	21	economy	economy	NOUN
fsr-3339	338	22	.	.	PUNCT
fsr-3339	339	1	the	the	DET
fsr-3339	339	2	momentum	momentum	NOUN
fsr-3339	339	3	(	(	PUNCT
fsr-3339	339	4	mom	mom	NOUN
fsr-3339	339	5	)	)	PUNCT
fsr-3339	339	6	factor	factor	NOUN
fsr-3339	339	7	has	have	VERB
fsr-3339	339	8	coefficients	coefficient	NOUN
fsr-3339	339	9	that	that	PRON
fsr-3339	339	10	are	be	AUX
fsr-3339	339	11	distributed	distribute	VERB
fsr-3339	339	12	around	around	ADP
fsr-3339	339	13	zero	zero	NUM
fsr-3339	339	14	in	in	ADP
fsr-3339	339	15	a	a	DET
fsr-3339	339	16	relatively	relatively	ADV
fsr-3339	339	17	small	small	ADJ
fsr-3339	339	18	range	range	NOUN
fsr-3339	339	19	indicating	indicate	VERB
fsr-3339	339	20	that	that	SCONJ
fsr-3339	339	21	managers	manager	NOUN
fsr-3339	339	22	of	of	ADP
fsr-3339	339	23	chinese	chinese	ADJ
fsr-3339	339	24	mutual	mutual	ADJ
fsr-3339	339	25	funds	fund	NOUN
fsr-3339	339	26	do	do	AUX
fsr-3339	339	27	not	not	PART
fsr-3339	339	28	place	place	VERB
fsr-3339	339	29	much	much	ADJ
fsr-3339	339	30	emphasis	emphasis	NOUN
fsr-3339	339	31	on	on	ADP
fsr-3339	339	32	this	this	DET
fsr-3339	339	33	factor	factor	NOUN
fsr-3339	339	34	when	when	SCONJ
fsr-3339	339	35	making	make	VERB
fsr-3339	339	36	portfolio	portfolio	NOUN
fsr-3339	339	37	allocations	allocation	NOUN
fsr-3339	339	38	.	.	PUNCT
fsr-3339	340	1	in	in	ADP
fsr-3339	340	2	panels	panel	NOUN
fsr-3339	340	3	b	b	PROPN
fsr-3339	340	4	and	and	CCONJ
fsr-3339	340	5	c	c	NOUN
fsr-3339	340	6	,	,	PUNCT
fsr-3339	340	7	the	the	DET
fsr-3339	340	8	average	average	ADJ
fsr-3339	340	9	�	�	PROPN
fsr-3339	340	10	s	s	PART
fsr-3339	340	11	for	for	ADP
fsr-3339	340	12	both	both	DET
fsr-3339	340	13	market	market	NOUN
fsr-3339	340	14	timing	timing	NOUN
fsr-3339	340	15	models	model	NOUN
fsr-3339	340	16	are	be	AUX
fsr-3339	340	17	slightly	slightly	ADV
fsr-3339	340	18	negative	negative	ADJ
fsr-3339	340	19	and	and	CCONJ
fsr-3339	340	20	the	the	DET
fsr-3339	340	21	average	average	ADJ
fsr-3339	340	22	timing	timing	NOUN
fsr-3339	340	23	coefficients	coefficient	NOUN
fsr-3339	340	24	are	be	AUX
fsr-3339	340	25	slightly	slightly	ADV
fsr-3339	340	26	above	above	ADP
fsr-3339	340	27	zero	zero	NUM
fsr-3339	340	28	.	.	PUNCT
fsr-3339	341	1	table	table	NOUN
fsr-3339	341	2	5b	5b	PROPN
fsr-3339	341	3	shows	show	VERB
fsr-3339	341	4	the	the	DET
fsr-3339	341	5	number	number	NOUN
fsr-3339	341	6	of	of	ADP
fsr-3339	341	7	statistically	statistically	ADV
fsr-3339	341	8	significant	significant	ADJ
fsr-3339	341	9	coefficients	coefficient	NOUN
fsr-3339	341	10	in	in	ADP
fsr-3339	341	11	the	the	DET
fsr-3339	341	12	four	four	NUM
fsr-3339	341	13	-	-	PUNCT
fsr-3339	341	14	factor	factor	NOUN
fsr-3339	341	15	models	model	NOUN
fsr-3339	341	16	for	for	ADP
fsr-3339	341	17	our	our	PRON
fsr-3339	341	18	mutual	mutual	ADJ
fsr-3339	341	19	fund	fund	NOUN
fsr-3339	341	20	sample	sample	NOUN
fsr-3339	341	21	based	base	VERB
fsr-3339	341	22	on	on	ADP
fsr-3339	341	23	the	the	DET
fsr-3339	341	24	0.05	0.05	NUM
fsr-3339	341	25	level	level	NOUN
fsr-3339	341	26	.	.	PUNCT
fsr-3339	342	1	as	as	ADP
fsr-3339	342	2	panel	panel	NOUN
fsr-3339	342	3	a	a	PRON
fsr-3339	342	4	of	of	ADP
fsr-3339	342	5	table	table	NOUN
fsr-3339	342	6	5b	5b	NUM
fsr-3339	342	7	shows	show	NOUN
fsr-3339	342	8	,	,	PUNCT
fsr-3339	342	9	23	23	NUM
fsr-3339	342	10	of	of	ADP
fsr-3339	342	11	308	308	NUM
fsr-3339	342	12	active	active	ADJ
fsr-3339	342	13	funds	fund	NOUN
fsr-3339	342	14	have	have	VERB
fsr-3339	342	15	significantly	significantly	ADV
fsr-3339	342	16	positive	positive	ADJ
fsr-3339	342	17	(	(	PUNCT
fsr-3339	342	18	n	n	X
fsr-3339	342	19	�	�	PROPN
fsr-3339	342	20	*	*	NOUN
fsr-3339	342	21	)	)	PUNCT
fsr-3339	342	22	�	�	PROPN
fsr-3339	342	23	s	s	PART
fsr-3339	342	24	in	in	ADP
fsr-3339	342	25	our	our	PRON
fsr-3339	342	26	baseline	baseline	NOUN
fsr-3339	342	27	model	model	NOUN
fsr-3339	342	28	but	but	CCONJ
fsr-3339	342	29	this	this	DET
fsr-3339	342	30	number	number	NOUN
fsr-3339	342	31	decreases	decrease	VERB
fsr-3339	342	32	in	in	ADP
fsr-3339	342	33	the	the	DET
fsr-3339	342	34	market	market	NOUN
fsr-3339	342	35	timing	timing	NOUN
fsr-3339	342	36	regressions	regression	NOUN
fsr-3339	342	37	.	.	PUNCT
fsr-3339	343	1	almost	almost	ADV
fsr-3339	343	2	all	all	DET
fsr-3339	343	3	funds	fund	NOUN
fsr-3339	343	4	have	have	VERB
fsr-3339	343	5	statistically	statistically	ADV
fsr-3339	343	6	significant	significant	ADJ
fsr-3339	343	7	and	and	CCONJ
fsr-3339	343	8	positive	positive	ADJ
fsr-3339	343	9	exposure	exposure	NOUN
fsr-3339	343	10	to	to	ADP
fsr-3339	343	11	the	the	DET
fsr-3339	343	12	market	market	NOUN
fsr-3339	343	13	factor	factor	NOUN
fsr-3339	343	14	.	.	PUNCT
fsr-3339	344	1	for	for	ADP
fsr-3339	344	2	the	the	DET
fsr-3339	344	3	size	size	NOUN
fsr-3339	344	4	factor	factor	NOUN
fsr-3339	344	5	(	(	PUNCT
fsr-3339	344	6	smb	smb	PROPN
fsr-3339	344	7	)	)	PUNCT
fsr-3339	344	8	,	,	PUNCT
fsr-3339	344	9	165	165	NUM
fsr-3339	344	10	funds	fund	NOUN
fsr-3339	344	11	have	have	VERB
fsr-3339	344	12	statistically	statistically	ADV
fsr-3339	344	13	significant	significant	ADJ
fsr-3339	344	14	and	and	CCONJ
fsr-3339	344	15	positive	positive	ADJ
fsr-3339	344	16	exposure	exposure	NOUN
fsr-3339	344	17	,	,	PUNCT
fsr-3339	344	18	which	which	PRON
fsr-3339	344	19	is	be	AUX
fsr-3339	344	20	almost	almost	ADV
fsr-3339	344	21	twice	twice	DET
fsr-3339	344	22	the	the	DET
fsr-3339	344	23	number	number	NOUN
fsr-3339	344	24	of	of	ADP
fsr-3339	344	25	funds	fund	NOUN
fsr-3339	344	26	having	have	VERB
fsr-3339	344	27	statistically	statistically	ADV
fsr-3339	344	28	significant	significant	ADJ
fsr-3339	344	29	and	and	CCONJ
fsr-3339	344	30	negative	negative	ADJ
fsr-3339	344	31	exposure	exposure	NOUN
fsr-3339	344	32	.	.	PUNCT
fsr-3339	345	1	however	however	ADV
fsr-3339	345	2	,	,	PUNCT
fsr-3339	345	3	96	96	NUM
fsr-3339	345	4	%	%	NOUN
fsr-3339	345	5	of	of	ADP
fsr-3339	345	6	the	the	DET
fsr-3339	345	7	funds	fund	NOUN
fsr-3339	345	8	(	(	PUNCT
fsr-3339	345	9	297	297	NUM
fsr-3339	345	10	of	of	ADP
fsr-3339	345	11	308	308	NUM
fsr-3339	345	12	)	)	PUNCT
fsr-3339	345	13	have	have	VERB
fsr-3339	345	14	statistically	statistically	ADV
fsr-3339	345	15	significant	significant	ADJ
fsr-3339	345	16	and	and	CCONJ
fsr-3339	345	17	negative	negative	ADJ
fsr-3339	345	18	exposure	exposure	NOUN
fsr-3339	345	19	to	to	ADP
fsr-3339	345	20	the	the	DET
fsr-3339	345	21	value	value	NOUN
fsr-3339	345	22	table	table	NOUN
fsr-3339	345	23	5	5	NUM
fsr-3339	345	24	b.	b.	NOUN
fsr-3339	345	25	risk	risk	NOUN
fsr-3339	345	26	-	-	PUNCT
fsr-3339	345	27	adjusted	adjust	VERB
fsr-3339	345	28	performance	performance	NOUN
fsr-3339	345	29	appraisal	appraisal	NOUN
fsr-3339	345	30	methods	method	NOUN
fsr-3339	345	31	applied	apply	VERB
fsr-3339	345	32	to	to	ADP
fsr-3339	345	33	170	170	NUM
fsr-3339	345	34	actively	actively	ADV
fsr-3339	345	35	managed	manage	VERB
fsr-3339	345	36	chinese	chinese	ADJ
fsr-3339	345	37	stock	stock	NOUN
fsr-3339	345	38	mutual	mutual	ADJ
fsr-3339	345	39	funds	fund	NOUN
fsr-3339	345	40	between	between	ADP
fsr-3339	345	41	october	october	PROPN
fsr-3339	345	42	19	19	NUM
fsr-3339	345	43	,	,	PUNCT
fsr-3339	345	44	2001	2001	NUM
fsr-3339	345	45	and	and	CCONJ
fsr-3339	345	46	december	december	PROPN
fsr-3339	345	47	30	30	NUM
fsr-3339	345	48	,	,	PUNCT
fsr-3339	345	49	2011	2011	NUM
fsr-3339	345	50	performance	performance	NOUN
fsr-3339	345	51	measures	measure	NOUN
fsr-3339	345	52	and	and	CCONJ
fsr-3339	345	53	coefficients	coefficient	NOUN
fsr-3339	345	54	n	n	CCONJ
fsr-3339	345	55	�	�	PROPN
fsr-3339	345	56	n	n	CCONJ
fsr-3339	345	57	�	�	PROPN
fsr-3339	345	58	*	*	PUNCT
fsr-3339	345	59	n	n	CCONJ
fsr-3339	345	60	�	�	PROPN
fsr-3339	345	61	n	n	CCONJ
fsr-3339	345	62	�	�	PROPN
fsr-3339	345	63	*	*	PROPN
fsr-3339	345	64	panel	panel	NOUN
fsr-3339	345	65	a	a	DET
fsr-3339	345	66	:	:	PUNCT
fsr-3339	345	67	four	four	NUM
fsr-3339	345	68	-	-	PUNCT
fsr-3339	345	69	factor	factor	NOUN
fsr-3339	345	70	model	model	NOUN
fsr-3339	345	71	four	four	NUM
fsr-3339	345	72	-	-	PUNCT
fsr-3339	345	73	factor	factor	NOUN
fsr-3339	345	74	�	�	PROPN
fsr-3339	345	75	(	(	PUNCT
fsr-3339	345	76	%	%	NOUN
fsr-3339	345	77	)	)	PUNCT
fsr-3339	345	78	175	175	NUM
fsr-3339	345	79	23	23	NUM
fsr-3339	345	80	133	133	NUM
fsr-3339	345	81	11	11	NUM
fsr-3339	345	82	gta	gta	PROPN
fsr-3339	345	83	a	a	DET
fsr-3339	345	84	-	-	PUNCT
fsr-3339	345	85	share	share	NOUN
fsr-3339	345	86	index	index	NOUN
fsr-3339	345	87	308	308	NUM
fsr-3339	345	88	306	306	NUM
fsr-3339	345	89	0	0	NUM
fsr-3339	345	90	0	0	NUM
fsr-3339	345	91	smb	smb	NOUN
fsr-3339	345	92	183	183	NUM
fsr-3339	345	93	165	165	NUM
fsr-3339	345	94	125	125	NUM
fsr-3339	345	95	92	92	NUM
fsr-3339	345	96	hml	hml	NOUN
fsr-3339	345	97	11	11	NUM
fsr-3339	345	98	1	1	NUM
fsr-3339	345	99	297	297	NUM
fsr-3339	345	100	252	252	NUM
fsr-3339	345	101	mom	mom	NOUN
fsr-3339	345	102	259	259	NUM
fsr-3339	345	103	124	124	NUM
fsr-3339	345	104	49	49	NUM
fsr-3339	345	105	3	3	NUM
fsr-3339	345	106	panel	panel	NOUN
fsr-3339	345	107	b	b	NOUN
fsr-3339	345	108	:	:	PUNCT
fsr-3339	345	109	four	four	NUM
fsr-3339	345	110	-	-	PUNCT
fsr-3339	345	111	factor	factor	NOUN
fsr-3339	345	112	hm	hm	INTJ
fsr-3339	345	113	model	model	NOUN
fsr-3339	346	1	hm	hm	INTJ
fsr-3339	346	2	�	�	PROPN
fsr-3339	346	3	(	(	PUNCT
fsr-3339	346	4	%	%	NOUN
fsr-3339	346	5	)	)	PUNCT
fsr-3339	346	6	128	128	NUM
fsr-3339	346	7	7	7	NUM
fsr-3339	346	8	180	180	NUM
fsr-3339	346	9	17	17	NUM
fsr-3339	346	10	hm	hm	INTJ
fsr-3339	346	11	timing	time	VERB
fsr-3339	346	12	204	204	NUM
fsr-3339	346	13	14	14	NUM
fsr-3339	346	14	104	104	NUM
fsr-3339	346	15	10	10	NUM
fsr-3339	346	16	panel	panel	NOUN
fsr-3339	346	17	c	c	NOUN
fsr-3339	346	18	:	:	PUNCT
fsr-3339	346	19	four	four	NUM
fsr-3339	346	20	-	-	PUNCT
fsr-3339	346	21	factor	factor	NOUN
fsr-3339	346	22	tm	tm	PROPN
fsr-3339	346	23	model	model	NOUN
fsr-3339	346	24	tm	tm	PROPN
fsr-3339	346	25	�	�	PROPN
fsr-3339	346	26	(	(	PUNCT
fsr-3339	346	27	%	%	NOUN
fsr-3339	346	28	)	)	PUNCT
fsr-3339	346	29	159	159	NUM
fsr-3339	346	30	18	18	NUM
fsr-3339	346	31	149	149	NUM
fsr-3339	346	32	14	14	NUM
fsr-3339	346	33	tm	tm	NOUN
fsr-3339	346	34	timing	time	VERB
fsr-3339	346	35	172	172	NUM
fsr-3339	346	36	8	8	NUM
fsr-3339	346	37	136	136	NUM
fsr-3339	346	38	7	7	NUM
fsr-3339	346	39	this	this	DET
fsr-3339	346	40	table	table	NOUN
fsr-3339	346	41	summarizes	summarize	VERB
fsr-3339	346	42	the	the	DET
fsr-3339	346	43	signs	sign	NOUN
fsr-3339	346	44	and	and	CCONJ
fsr-3339	346	45	statistical	statistical	ADJ
fsr-3339	346	46	significance	significance	NOUN
fsr-3339	346	47	of	of	ADP
fsr-3339	346	48	the	the	DET
fsr-3339	346	49	coefficients	coefficient	NOUN
fsr-3339	346	50	in	in	ADP
fsr-3339	346	51	three	three	NUM
fsr-3339	346	52	four	four	NUM
fsr-3339	346	53	-	-	PUNCT
fsr-3339	346	54	factor	factor	NOUN
fsr-3339	346	55	models	model	NOUN
fsr-3339	346	56	of	of	ADP
fsr-3339	346	57	actively	actively	ADV
fsr-3339	346	58	managed	manage	VERB
fsr-3339	346	59	chinese	chinese	ADJ
fsr-3339	346	60	open	open	ADJ
fsr-3339	346	61	-	-	PUNCT
fsr-3339	346	62	end	end	NOUN
fsr-3339	346	63	stock	stock	NOUN
fsr-3339	346	64	mutual	mutual	ADJ
fsr-3339	346	65	funds	fund	NOUN
fsr-3339	346	66	between	between	ADP
fsr-3339	346	67	october	october	PROPN
fsr-3339	346	68	19	19	NUM
fsr-3339	346	69	,	,	PUNCT
fsr-3339	346	70	2001	2001	NUM
fsr-3339	346	71	and	and	CCONJ
fsr-3339	346	72	december	december	PROPN
fsr-3339	346	73	30	30	NUM
fsr-3339	346	74	,	,	PUNCT
fsr-3339	346	75	2011	2011	NUM
fsr-3339	346	76	.	.	PUNCT
fsr-3339	347	1	panel	panel	NOUN
fsr-3339	347	2	a	a	DET
fsr-3339	347	3	shows	show	VERB
fsr-3339	347	4	the	the	DET
fsr-3339	347	5	�	�	PROPN
fsr-3339	347	6	,	,	PUNCT
fsr-3339	347	7	coefficients	coefficient	NOUN
fsr-3339	347	8	on	on	ADP
fsr-3339	347	9	the	the	DET
fsr-3339	347	10	market	market	NOUN
fsr-3339	347	11	(	(	PUNCT
fsr-3339	347	12	excess	excess	ADJ
fsr-3339	347	13	return	return	NOUN
fsr-3339	347	14	on	on	ADP
fsr-3339	347	15	the	the	DET
fsr-3339	347	16	gta	gta	PROPN
fsr-3339	347	17	a	a	DET
fsr-3339	347	18	-	-	PUNCT
fsr-3339	347	19	share	share	NOUN
fsr-3339	347	20	index	index	NOUN
fsr-3339	347	21	)	)	PUNCT
fsr-3339	347	22	,	,	PUNCT
fsr-3339	347	23	size	size	NOUN
fsr-3339	347	24	(	(	PUNCT
fsr-3339	347	25	smb	smb	PROPN
fsr-3339	347	26	)	)	PUNCT
fsr-3339	347	27	,	,	PUNCT
fsr-3339	347	28	book	book	NOUN
fsr-3339	347	29	-	-	PUNCT
fsr-3339	347	30	to	to	ADP
fsr-3339	347	31	-	-	PUNCT
fsr-3339	347	32	market	market	NOUN
fsr-3339	347	33	equity	equity	NOUN
fsr-3339	347	34	(	(	PUNCT
fsr-3339	347	35	hml	hml	PROPN
fsr-3339	347	36	)	)	PUNCT
fsr-3339	347	37	,	,	PUNCT
fsr-3339	347	38	and	and	CCONJ
fsr-3339	347	39	momentum	momentum	NOUN
fsr-3339	347	40	(	(	PUNCT
fsr-3339	347	41	mom	mom	NOUN
fsr-3339	347	42	)	)	PUNCT
fsr-3339	347	43	factors	factor	NOUN
fsr-3339	347	44	for	for	ADP
fsr-3339	347	45	the	the	DET
fsr-3339	347	46	four	four	NUM
fsr-3339	347	47	-	-	PUNCT
fsr-3339	347	48	factor	factor	NOUN
fsr-3339	347	49	model	model	NOUN
fsr-3339	347	50	.	.	PUNCT
fsr-3339	348	1	panel	panel	NOUN
fsr-3339	348	2	b	b	PROPN
fsr-3339	348	3	lists	list	VERB
fsr-3339	348	4	the	the	DET
fsr-3339	348	5	�	�	PROPN
fsr-3339	348	6	and	and	CCONJ
fsr-3339	348	7	the	the	DET
fsr-3339	348	8	hm	hm	INTJ
fsr-3339	348	9	timing	timing	NOUN
fsr-3339	348	10	coefficients	coefficient	NOUN
fsr-3339	348	11	for	for	ADP
fsr-3339	348	12	the	the	DET
fsr-3339	348	13	four	four	NUM
fsr-3339	348	14	-	-	PUNCT
fsr-3339	348	15	factor	factor	NOUN
fsr-3339	348	16	henriksson	henriksson	NOUN
fsr-3339	348	17	and	and	CCONJ
fsr-3339	348	18	merton	merton	PROPN
fsr-3339	348	19	(	(	PUNCT
fsr-3339	348	20	1981	1981	NUM
fsr-3339	348	21	)	)	PUNCT
fsr-3339	348	22	model	model	NOUN
fsr-3339	348	23	.	.	PUNCT
fsr-3339	349	1	panel	panel	NOUN
fsr-3339	349	2	c	c	PROPN
fsr-3339	349	3	presents	present	VERB
fsr-3339	349	4	the	the	DET
fsr-3339	349	5	�	�	PROPN
fsr-3339	349	6	and	and	CCONJ
fsr-3339	349	7	the	the	DET
fsr-3339	349	8	tm	tm	PROPN
fsr-3339	349	9	timing	timing	NOUN
fsr-3339	349	10	coefficients	coefficient	NOUN
fsr-3339	349	11	for	for	ADP
fsr-3339	349	12	the	the	DET
fsr-3339	349	13	four	four	NUM
fsr-3339	349	14	-	-	PUNCT
fsr-3339	349	15	factor	factor	NOUN
fsr-3339	349	16	treynor	treynor	NOUN
fsr-3339	349	17	and	and	CCONJ
fsr-3339	349	18	mazuy	mazuy	PROPN
fsr-3339	349	19	(	(	PUNCT
fsr-3339	349	20	1966	1966	NUM
fsr-3339	349	21	)	)	PUNCT
fsr-3339	349	22	model	model	NOUN
fsr-3339	349	23	.	.	PUNCT
fsr-3339	350	1	n	n	CCONJ
fsr-3339	350	2	�	�	PROPN
fsr-3339	350	3	and	and	CCONJ
fsr-3339	350	4	n	n	CCONJ
fsr-3339	350	5	�	�	PROPN
fsr-3339	350	6	are	be	AUX
fsr-3339	350	7	the	the	DET
fsr-3339	350	8	numbers	number	NOUN
fsr-3339	350	9	of	of	ADP
fsr-3339	350	10	funds	fund	NOUN
fsr-3339	350	11	with	with	ADP
fsr-3339	350	12	positive	positive	ADJ
fsr-3339	350	13	and	and	CCONJ
fsr-3339	350	14	negative	negative	ADJ
fsr-3339	350	15	coefficients	coefficient	NOUN
fsr-3339	350	16	,	,	PUNCT
fsr-3339	350	17	respectively	respectively	ADV
fsr-3339	350	18	.	.	PUNCT
fsr-3339	351	1	n	n	CCONJ
fsr-3339	351	2	�	�	PROPN
fsr-3339	351	3	*	*	PROPN
fsr-3339	351	4	and	and	CCONJ
fsr-3339	351	5	n	n	PRON
fsr-3339	351	6	�	�	PROPN
fsr-3339	351	7	*	*	NOUN
fsr-3339	351	8	are	be	AUX
fsr-3339	351	9	the	the	DET
fsr-3339	351	10	number	number	NOUN
fsr-3339	351	11	of	of	ADP
fsr-3339	351	12	funds	fund	NOUN
fsr-3339	351	13	that	that	PRON
fsr-3339	351	14	report	report	VERB
fsr-3339	351	15	significantly	significantly	ADV
fsr-3339	351	16	positive	positive	ADJ
fsr-3339	351	17	or	or	CCONJ
fsr-3339	351	18	significantly	significantly	ADV
fsr-3339	351	19	negative	negative	ADJ
fsr-3339	351	20	coefficients	coefficient	NOUN
fsr-3339	351	21	,	,	PUNCT
fsr-3339	351	22	respectively	respectively	ADV
fsr-3339	351	23	.	.	PUNCT
fsr-3339	352	1	304	304	NUM
fsr-3339	352	2	w.	w.	NOUN
fsr-3339	352	3	he	he	PRON
fsr-3339	352	4	et	et	PROPN
fsr-3339	352	5	al	al	PROPN
fsr-3339	352	6	.	.	PUNCT
fsr-3339	352	7	/	/	SYM
fsr-3339	352	8	financial	financial	ADJ
fsr-3339	352	9	services	service	NOUN
fsr-3339	352	10	review	review	VERB
fsr-3339	352	11	24	24	NUM
fsr-3339	352	12	(	(	PUNCT
fsr-3339	352	13	2015	2015	NUM
fsr-3339	352	14	)	)	PUNCT
fsr-3339	352	15	289–311	289–311	NUM
fsr-3339	352	16	factor	factor	NOUN
fsr-3339	352	17	(	(	PUNCT
fsr-3339	352	18	hml	hml	PROPN
fsr-3339	352	19	)	)	PUNCT
fsr-3339	352	20	.	.	PUNCT
fsr-3339	353	1	although	although	SCONJ
fsr-3339	353	2	the	the	DET
fsr-3339	353	3	momentum	momentum	NOUN
fsr-3339	353	4	(	(	PUNCT
fsr-3339	353	5	mom	mom	NOUN
fsr-3339	353	6	)	)	PUNCT
fsr-3339	353	7	factor	factor	NOUN
fsr-3339	353	8	may	may	AUX
fsr-3339	353	9	not	not	PART
fsr-3339	353	10	be	be	AUX
fsr-3339	353	11	economically	economically	ADV
fsr-3339	353	12	significant	significant	ADJ
fsr-3339	353	13	for	for	ADP
fsr-3339	353	14	these	these	DET
fsr-3339	353	15	mutual	mutual	ADJ
fsr-3339	353	16	funds	fund	NOUN
fsr-3339	353	17	,	,	PUNCT
fsr-3339	353	18	compared	compare	VERB
fsr-3339	353	19	with	with	ADP
fsr-3339	353	20	the	the	DET
fsr-3339	353	21	size	size	NOUN
fsr-3339	353	22	(	(	PUNCT
fsr-3339	353	23	smb	smb	NOUN
fsr-3339	353	24	)	)	PUNCT
fsr-3339	353	25	and	and	CCONJ
fsr-3339	353	26	value	value	NOUN
fsr-3339	353	27	(	(	PUNCT
fsr-3339	353	28	hml	hml	PROPN
fsr-3339	353	29	)	)	PUNCT
fsr-3339	353	30	factors	factor	NOUN
fsr-3339	353	31	,	,	PUNCT
fsr-3339	353	32	more	more	ADJ
fsr-3339	353	33	than	than	ADP
fsr-3339	353	34	a	a	PRON
fsr-3339	353	35	third	third	ADJ
fsr-3339	353	36	(	(	PUNCT
fsr-3339	353	37	124	124	NUM
fsr-3339	353	38	out	out	ADP
fsr-3339	353	39	of	of	ADP
fsr-3339	353	40	308	308	NUM
fsr-3339	353	41	)	)	PUNCT
fsr-3339	353	42	of	of	ADP
fsr-3339	353	43	the	the	DET
fsr-3339	353	44	funds	fund	NOUN
fsr-3339	353	45	demonstrate	demonstrate	VERB
fsr-3339	353	46	positive	positive	ADJ
fsr-3339	353	47	and	and	CCONJ
fsr-3339	353	48	significant	significant	ADJ
fsr-3339	353	49	exposures	exposure	NOUN
fsr-3339	353	50	to	to	ADP
fsr-3339	353	51	this	this	DET
fsr-3339	353	52	factor	factor	NOUN
fsr-3339	353	53	.	.	PUNCT
fsr-3339	354	1	panels	panel	NOUN
fsr-3339	354	2	b	b	PROPN
fsr-3339	354	3	and	and	CCONJ
fsr-3339	354	4	c	c	PROPN
fsr-3339	354	5	of	of	ADP
fsr-3339	354	6	table	table	NOUN
fsr-3339	354	7	5b	5b	NOUN
fsr-3339	354	8	indicate	indicate	VERB
fsr-3339	354	9	both	both	CCONJ
fsr-3339	354	10	the	the	DET
fsr-3339	354	11	market	market	NOUN
fsr-3339	354	12	timing	timing	NOUN
fsr-3339	354	13	and	and	CCONJ
fsr-3339	354	14	security	security	NOUN
fsr-3339	354	15	selection	selection	NOUN
fsr-3339	354	16	skills	skill	NOUN
fsr-3339	354	17	of	of	ADP
fsr-3339	354	18	these	these	DET
fsr-3339	354	19	active	active	ADJ
fsr-3339	354	20	funds	fund	NOUN
fsr-3339	354	21	.	.	PUNCT
fsr-3339	355	1	the	the	DET
fsr-3339	355	2	four	four	NUM
fsr-3339	355	3	-	-	PUNCT
fsr-3339	355	4	factor	factor	NOUN
fsr-3339	355	5	hm	hm	NOUN
fsr-3339	355	6	model	model	NOUN
fsr-3339	355	7	shows	show	VERB
fsr-3339	355	8	more	more	ADV
fsr-3339	355	9	significantly	significantly	ADV
fsr-3339	355	10	positive	positive	ADJ
fsr-3339	355	11	market	market	NOUN
fsr-3339	355	12	timing	timing	NOUN
fsr-3339	355	13	coefficients	coefficient	NOUN
fsr-3339	355	14	(	(	PUNCT
fsr-3339	355	15	14	14	NUM
fsr-3339	355	16	or	or	CCONJ
fsr-3339	355	17	4.5	4.5	NUM
fsr-3339	355	18	%	%	NOUN
fsr-3339	355	19	of	of	ADP
fsr-3339	355	20	308	308	NUM
fsr-3339	355	21	)	)	PUNCT
fsr-3339	355	22	than	than	ADP
fsr-3339	355	23	the	the	DET
fsr-3339	355	24	tm	tm	PROPN
fsr-3339	355	25	model	model	NOUN
fsr-3339	355	26	(	(	PUNCT
fsr-3339	355	27	8	8	NUM
fsr-3339	355	28	or	or	CCONJ
fsr-3339	355	29	2.6	2.6	NUM
fsr-3339	355	30	%	%	NOUN
fsr-3339	355	31	of	of	ADP
fsr-3339	355	32	308	308	NUM
fsr-3339	355	33	)	)	PUNCT
fsr-3339	355	34	.	.	PUNCT
fsr-3339	356	1	although	although	SCONJ
fsr-3339	356	2	not	not	PART
fsr-3339	356	3	shown	show	VERB
fsr-3339	356	4	in	in	ADP
fsr-3339	356	5	table	table	NOUN
fsr-3339	356	6	5	5	NUM
fsr-3339	356	7	,	,	PUNCT
fsr-3339	356	8	our	our	PRON
fsr-3339	356	9	further	further	ADJ
fsr-3339	356	10	investigation	investigation	NOUN
fsr-3339	356	11	of	of	ADP
fsr-3339	356	12	the	the	DET
fsr-3339	356	13	results	result	NOUN
fsr-3339	356	14	shows	show	VERB
fsr-3339	356	15	that	that	SCONJ
fsr-3339	356	16	only	only	ADV
fsr-3339	356	17	five	five	NUM
fsr-3339	356	18	funds	fund	NOUN
fsr-3339	356	19	(	(	PUNCT
fsr-3339	356	20	1.6	1.6	NUM
fsr-3339	356	21	%	%	NOUN
fsr-3339	356	22	of	of	ADP
fsr-3339	356	23	308	308	NUM
fsr-3339	356	24	)	)	PUNCT
fsr-3339	356	25	appear	appear	VERB
fsr-3339	356	26	to	to	PART
fsr-3339	356	27	have	have	VERB
fsr-3339	356	28	market	market	NOUN
fsr-3339	356	29	timing	timing	NOUN
fsr-3339	356	30	ability	ability	NOUN
fsr-3339	356	31	in	in	ADP
fsr-3339	356	32	both	both	DET
fsr-3339	356	33	models	model	NOUN
fsr-3339	356	34	.	.	PUNCT
fsr-3339	357	1	we	we	PRON
fsr-3339	357	2	observe	observe	VERB
fsr-3339	357	3	that	that	SCONJ
fsr-3339	357	4	seven	seven	NUM
fsr-3339	357	5	funds	fund	NOUN
fsr-3339	357	6	in	in	ADP
fsr-3339	357	7	the	the	DET
fsr-3339	357	8	hm	hm	PROPN
fsr-3339	357	9	model	model	NOUN
fsr-3339	357	10	and	and	CCONJ
fsr-3339	357	11	18	18	NUM
fsr-3339	357	12	funds	fund	NOUN
fsr-3339	357	13	in	in	ADP
fsr-3339	357	14	the	the	DET
fsr-3339	357	15	tm	tm	PROPN
fsr-3339	357	16	model	model	NOUN
fsr-3339	357	17	demonstrate	demonstrate	VERB
fsr-3339	357	18	positive	positive	ADJ
fsr-3339	357	19	and	and	CCONJ
fsr-3339	357	20	statistically	statistically	ADV
fsr-3339	357	21	significant	significant	ADJ
fsr-3339	357	22	�	�	NOUN
fsr-3339	357	23	s	s	PART
fsr-3339	357	24	,	,	PUNCT
fsr-3339	357	25	which	which	PRON
fsr-3339	357	26	indicate	indicate	VERB
fsr-3339	357	27	security	security	NOUN
fsr-3339	357	28	selection	selection	NOUN
fsr-3339	357	29	skills	skill	NOUN
fsr-3339	357	30	.	.	PUNCT
fsr-3339	358	1	after	after	ADP
fsr-3339	358	2	further	further	ADJ
fsr-3339	358	3	analysis	analysis	NOUN
fsr-3339	358	4	,	,	PUNCT
fsr-3339	358	5	we	we	PRON
fsr-3339	358	6	find	find	VERB
fsr-3339	358	7	that	that	SCONJ
fsr-3339	358	8	among	among	ADP
fsr-3339	358	9	these	these	DET
fsr-3339	358	10	funds	fund	NOUN
fsr-3339	358	11	,	,	PUNCT
fsr-3339	358	12	only	only	ADV
fsr-3339	358	13	six	six	NUM
fsr-3339	358	14	(	(	PUNCT
fsr-3339	358	15	2	2	NUM
fsr-3339	358	16	%	%	NOUN
fsr-3339	358	17	of	of	ADP
fsr-3339	358	18	308	308	NUM
fsr-3339	358	19	)	)	PUNCT
fsr-3339	358	20	show	show	NOUN
fsr-3339	358	21	selection	selection	NOUN
fsr-3339	358	22	skills	skill	NOUN
fsr-3339	358	23	in	in	ADP
fsr-3339	358	24	both	both	DET
fsr-3339	358	25	models	model	NOUN
fsr-3339	358	26	.	.	PUNCT
fsr-3339	359	1	however	however	ADV
fsr-3339	359	2	,	,	PUNCT
fsr-3339	359	3	no	no	DET
fsr-3339	359	4	fund	fund	NOUN
fsr-3339	359	5	shows	show	VERB
fsr-3339	359	6	both	both	DET
fsr-3339	359	7	security	security	NOUN
fsr-3339	359	8	selection	selection	NOUN
fsr-3339	359	9	and	and	CCONJ
fsr-3339	359	10	market	market	NOUN
fsr-3339	359	11	timing	timing	NOUN
fsr-3339	359	12	skills	skill	NOUN
fsr-3339	359	13	.	.	PUNCT
fsr-3339	360	1	overall	overall	ADJ
fsr-3339	360	2	,	,	PUNCT
fsr-3339	360	3	only	only	ADV
fsr-3339	360	4	a	a	DET
fsr-3339	360	5	very	very	ADV
fsr-3339	360	6	small	small	ADJ
fsr-3339	360	7	fraction	fraction	NOUN
fsr-3339	360	8	of	of	ADP
fsr-3339	360	9	these	these	DET
fsr-3339	360	10	fund	fund	NOUN
fsr-3339	360	11	managers	manager	NOUN
fsr-3339	360	12	appear	appear	VERB
fsr-3339	360	13	to	to	PART
fsr-3339	360	14	have	have	VERB
fsr-3339	360	15	either	either	CCONJ
fsr-3339	360	16	market	market	NOUN
fsr-3339	360	17	timing	timing	NOUN
fsr-3339	360	18	skills	skill	NOUN
fsr-3339	360	19	or	or	CCONJ
fsr-3339	360	20	security	security	NOUN
fsr-3339	360	21	selection	selection	NOUN
fsr-3339	360	22	skills	skill	NOUN
fsr-3339	360	23	.	.	PUNCT
fsr-3339	361	1	5.2	5.2	NUM
fsr-3339	361	2	.	.	PUNCT
fsr-3339	362	1	fund	fund	NOUN
fsr-3339	362	2	characteristics	characteristic	NOUN
fsr-3339	362	3	,	,	PUNCT
fsr-3339	362	4	fund	fund	NOUN
fsr-3339	362	5	flows	flow	NOUN
fsr-3339	362	6	,	,	PUNCT
fsr-3339	362	7	and	and	CCONJ
fsr-3339	362	8	fund	fund	NOUN
fsr-3339	362	9	performance	performance	NOUN
fsr-3339	362	10	:	:	PUNCT
fsr-3339	362	11	2006–2011	2006–2011	NUM
fsr-3339	362	12	tables	table	NOUN
fsr-3339	362	13	6	6	NUM
fsr-3339	362	14	through	through	ADP
fsr-3339	362	15	8	8	NUM
fsr-3339	362	16	show	show	VERB
fsr-3339	362	17	the	the	DET
fsr-3339	362	18	relationship	relationship	NOUN
fsr-3339	362	19	among	among	ADP
fsr-3339	362	20	characteristics	characteristic	NOUN
fsr-3339	362	21	,	,	PUNCT
fsr-3339	362	22	fund	fund	NOUN
fsr-3339	362	23	flows	flow	NOUN
fsr-3339	362	24	,	,	PUNCT
fsr-3339	362	25	and	and	CCONJ
fsr-3339	362	26	the	the	DET
fsr-3339	362	27	performance	performance	NOUN
fsr-3339	362	28	measures	measure	NOUN
fsr-3339	362	29	observed	observe	VERB
fsr-3339	362	30	between	between	ADP
fsr-3339	362	31	2006	2006	NUM
fsr-3339	362	32	and	and	CCONJ
fsr-3339	362	33	2011	2011	NUM
fsr-3339	362	34	.	.	PUNCT
fsr-3339	363	1	table	table	NOUN
fsr-3339	363	2	6	6	NUM
fsr-3339	363	3	presents	present	VERB
fsr-3339	363	4	the	the	DET
fsr-3339	363	5	results	result	NOUN
fsr-3339	363	6	for	for	ADP
fsr-3339	363	7	the	the	DET
fsr-3339	363	8	whole	whole	ADJ
fsr-3339	363	9	period	period	NOUN
fsr-3339	363	10	while	while	SCONJ
fsr-3339	363	11	tables	table	NOUN
fsr-3339	363	12	7	7	NUM
fsr-3339	363	13	and	and	CCONJ
fsr-3339	363	14	8	8	NUM
fsr-3339	363	15	present	present	ADJ
fsr-3339	363	16	evidence	evidence	NOUN
fsr-3339	363	17	for	for	ADP
fsr-3339	363	18	the	the	DET
fsr-3339	363	19	first	first	ADJ
fsr-3339	363	20	and	and	CCONJ
fsr-3339	363	21	second	second	ADJ
fsr-3339	363	22	sub	sub	NOUN
fsr-3339	363	23	-	-	ADJ
fsr-3339	363	24	periods	period	NOUN
fsr-3339	363	25	,	,	PUNCT
fsr-3339	363	26	respectively	respectively	ADV
fsr-3339	363	27	.	.	PUNCT
fsr-3339	364	1	the	the	DET
fsr-3339	364	2	adjusted	adjust	VERB
fsr-3339	364	3	r2s	r2	NOUN
fsr-3339	364	4	are	be	AUX
fsr-3339	364	5	positive	positive	ADJ
fsr-3339	364	6	for	for	ADP
fsr-3339	364	7	all	all	DET
fsr-3339	364	8	regressions	regression	NOUN
fsr-3339	364	9	in	in	ADP
fsr-3339	364	10	tables	table	NOUN
fsr-3339	364	11	6	6	NUM
fsr-3339	364	12	through	through	ADP
fsr-3339	364	13	8	8	NUM
fsr-3339	364	14	.	.	PUNCT
fsr-3339	365	1	the	the	DET
fsr-3339	365	2	fund	fund	NOUN
fsr-3339	365	3	table	table	NOUN
fsr-3339	365	4	6	6	NUM
fsr-3339	365	5	regressions	regression	NOUN
fsr-3339	365	6	on	on	ADP
fsr-3339	365	7	actively	actively	ADV
fsr-3339	365	8	managed	manage	VERB
fsr-3339	365	9	chinese	chinese	ADJ
fsr-3339	365	10	stock	stock	PROPN
fsr-3339	365	11	mutual	mutual	ADJ
fsr-3339	365	12	fund	fund	NOUN
fsr-3339	365	13	characteristics	characteristic	NOUN
fsr-3339	365	14	and	and	CCONJ
fsr-3339	365	15	performance	performance	NOUN
fsr-3339	365	16	measures	measure	NOUN
fsr-3339	365	17	between	between	ADP
fsr-3339	365	18	2006	2006	NUM
fsr-3339	365	19	and	and	CCONJ
fsr-3339	365	20	2011	2011	NUM
fsr-3339	365	21	fund	fund	NOUN
fsr-3339	365	22	characteristics	characteristics	PROPN
fsr-3339	365	23	sharpe	sharpe	PROPN
fsr-3339	365	24	ratio	ratio	PROPN
fsr-3339	365	25	treynor	treynor	PROPN
fsr-3339	365	26	ratio	ratio	NOUN
fsr-3339	365	27	four	four	NUM
fsr-3339	365	28	-	-	PUNCT
fsr-3339	365	29	factor	factor	NOUN
fsr-3339	365	30	�	�	PROPN
fsr-3339	365	31	four	four	NUM
fsr-3339	365	32	-	-	PUNCT
fsr-3339	365	33	factor	factor	NOUN
fsr-3339	365	34	hm	hm	INTJ
fsr-3339	365	35	�	�	PROPN
fsr-3339	365	36	four	four	NUM
fsr-3339	365	37	-	-	PUNCT
fsr-3339	365	38	factor	factor	NOUN
fsr-3339	365	39	hm	hm	INTJ
fsr-3339	365	40	timing	time	VERB
fsr-3339	365	41	four	four	NUM
fsr-3339	365	42	-	-	PUNCT
fsr-3339	365	43	factor	factor	NOUN
fsr-3339	365	44	tm	tm	PROPN
fsr-3339	365	45	�	�	PROPN
fsr-3339	365	46	four	four	NUM
fsr-3339	365	47	-	-	PUNCT
fsr-3339	365	48	factor	factor	NOUN
fsr-3339	365	49	tm	tm	NOUN
fsr-3339	365	50	timing	timing	NOUN
fsr-3339	365	51	management	management	NOUN
fsr-3339	365	52	fees	fee	NOUN
fsr-3339	365	53	�	�	VERB
fsr-3339	365	54	0.120	0.120	NUM
fsr-3339	365	55	0.280	0.280	NUM
fsr-3339	365	56	0.000	0.000	NUM
fsr-3339	365	57	0.001	0.001	NUM
fsr-3339	365	58	�	�	PROPN
fsr-3339	365	59	0.002	0.002	NUM
fsr-3339	365	60	0.238	0.238	NUM
fsr-3339	365	61	(	(	PUNCT
fsr-3339	365	62	1.222	1.222	NUM
fsr-3339	365	63	)	)	PUNCT
fsr-3339	365	64	(	(	PUNCT
fsr-3339	365	65	0.414	0.414	NUM
fsr-3339	365	66	)	)	PUNCT
fsr-3339	365	67	(	(	PUNCT
fsr-3339	365	68	0.002	0.002	NUM
fsr-3339	365	69	)	)	PUNCT
fsr-3339	365	70	(	(	PUNCT
fsr-3339	365	71	0.060	0.060	NUM
fsr-3339	365	72	)	)	PUNCT
fsr-3339	365	73	(	(	PUNCT
fsr-3339	365	74	0.017	0.017	NUM
fsr-3339	365	75	)	)	PUNCT
fsr-3339	365	76	(	(	PUNCT
fsr-3339	365	77	0.802	0.802	NUM
fsr-3339	365	78	)	)	PUNCT
fsr-3339	365	79	fund	fund	NOUN
fsr-3339	365	80	size	size	NOUN
fsr-3339	365	81	�	�	PROPN
fsr-3339	365	82	0.627	0.627	NUM
fsr-3339	365	83	�	�	PROPN
fsr-3339	365	84	0.286	0.286	NUM
fsr-3339	365	85	0.000	0.000	NUM
fsr-3339	365	86	0.005	0.005	NUM
fsr-3339	365	87	�	�	NOUN
fsr-3339	365	88	0.004	0.004	NUM
fsr-3339	365	89	0.223	0.223	NUM
fsr-3339	365	90	(	(	PUNCT
fsr-3339	365	91	0.427	0.427	NUM
fsr-3339	365	92	)	)	PUNCT
fsr-3339	365	93	(	(	PUNCT
fsr-3339	365	94	0.284	0.284	NUM
fsr-3339	365	95	)	)	PUNCT
fsr-3339	365	96	(	(	PUNCT
fsr-3339	365	97	0.003	0.003	NUM
fsr-3339	365	98	)	)	PUNCT
fsr-3339	365	99	(	(	PUNCT
fsr-3339	365	100	0.010	0.010	NUM
fsr-3339	365	101	)	)	PUNCT
fsr-3339	365	102	(	(	PUNCT
fsr-3339	365	103	0.004	0.004	NUM
fsr-3339	365	104	)	)	PUNCT
fsr-3339	365	105	(	(	PUNCT
fsr-3339	365	106	0.135	0.135	NUM
fsr-3339	365	107	)	)	PUNCT
fsr-3339	365	108	age	age	NOUN
fsr-3339	365	109	1.517	1.517	NUM
fsr-3339	365	110	*	*	PUNCT
fsr-3339	365	111	*	*	PUNCT
fsr-3339	365	112	*	*	PUNCT
fsr-3339	365	113	�	�	PROPN
fsr-3339	365	114	0.057	0.057	NUM
fsr-3339	365	115	0.002	0.002	NUM
fsr-3339	365	116	*	*	PUNCT
fsr-3339	365	117	*	*	PUNCT
fsr-3339	365	118	0.002	0.002	NUM
fsr-3339	365	119	*	*	SYM
fsr-3339	365	120	�	�	PROPN
fsr-3339	365	121	0.001	0.001	NUM
fsr-3339	365	122	0.003	0.003	NUM
fsr-3339	365	123	*	*	PUNCT
fsr-3339	365	124	*	*	PUNCT
fsr-3339	365	125	*	*	PUNCT
fsr-3339	365	126	�	�	PROPN
fsr-3339	365	127	0.069	0.069	NUM
fsr-3339	365	128	*	*	NOUN
fsr-3339	365	129	*	*	PUNCT
fsr-3339	365	130	(	(	PUNCT
fsr-3339	365	131	0.133	0.133	NUM
fsr-3339	365	132	)	)	PUNCT
fsr-3339	365	133	(	(	PUNCT
fsr-3339	365	134	0.083	0.083	NUM
fsr-3339	365	135	)	)	PUNCT
fsr-3339	365	136	(	(	PUNCT
fsr-3339	365	137	0.001	0.001	NUM
fsr-3339	365	138	)	)	PUNCT
fsr-3339	365	139	(	(	PUNCT
fsr-3339	365	140	0.001	0.001	NUM
fsr-3339	365	141	)	)	PUNCT
fsr-3339	365	142	(	(	PUNCT
fsr-3339	365	143	0.002	0.002	NUM
fsr-3339	365	144	)	)	PUNCT
fsr-3339	365	145	(	(	PUNCT
fsr-3339	365	146	0.001	0.001	NUM
fsr-3339	365	147	)	)	PUNCT
fsr-3339	365	148	(	(	PUNCT
fsr-3339	365	149	0.034	0.034	NUM
fsr-3339	365	150	)	)	PUNCT
fsr-3339	365	151	mean	mean	VERB
fsr-3339	365	152	net	net	NOUN
fsr-3339	365	153	flows	flow	VERB
fsr-3339	365	154	11.530	11.530	NUM
fsr-3339	365	155	*	*	X
fsr-3339	365	156	*	*	PUNCT
fsr-3339	365	157	6.707	6.707	NUM
fsr-3339	365	158	0.095	0.095	NUM
fsr-3339	365	159	*	*	PUNCT
fsr-3339	365	160	*	*	PUNCT
fsr-3339	365	161	*	*	NOUN
fsr-3339	365	162	0.139	0.139	NUM
fsr-3339	365	163	*	*	PUNCT
fsr-3339	365	164	0.076	0.076	NUM
fsr-3339	365	165	*	*	X
fsr-3339	365	166	*	*	PROPN
fsr-3339	365	167	1.338	1.338	NUM
fsr-3339	365	168	(	(	PUNCT
fsr-3339	365	169	4.952	4.952	NUM
fsr-3339	365	170	)	)	PUNCT
fsr-3339	365	171	(	(	PUNCT
fsr-3339	365	172	6.117	6.117	NUM
fsr-3339	365	173	)	)	PUNCT
fsr-3339	365	174	(	(	PUNCT
fsr-3339	365	175	0.023	0.023	NUM
fsr-3339	365	176	)	)	PUNCT
fsr-3339	365	177	(	(	PUNCT
fsr-3339	365	178	0.077	0.077	NUM
fsr-3339	365	179	)	)	PUNCT
fsr-3339	365	180	(	(	PUNCT
fsr-3339	365	181	0.035	0.035	NUM
fsr-3339	365	182	)	)	PUNCT
fsr-3339	365	183	(	(	PUNCT
fsr-3339	365	184	1.501	1.501	NUM
fsr-3339	365	185	)	)	PUNCT
fsr-3339	365	186	sd	sd	NOUN
fsr-3339	365	187	of	of	ADP
fsr-3339	365	188	net	net	NOUN
fsr-3339	365	189	flows	flow	NOUN
fsr-3339	365	190	12.310	12.310	NUM
fsr-3339	365	191	10.190	10.190	NUM
fsr-3339	365	192	0.097	0.097	NUM
fsr-3339	365	193	*	*	PUNCT
fsr-3339	365	194	*	*	PUNCT
fsr-3339	365	195	0.038	0.038	NUM
fsr-3339	365	196	0.056	0.056	NUM
fsr-3339	365	197	0.109	0.109	NUM
fsr-3339	365	198	*	*	PUNCT
fsr-3339	365	199	*	*	PUNCT
fsr-3339	365	200	�	�	PROPN
fsr-3339	365	201	1.661	1.661	NUM
fsr-3339	365	202	(	(	PUNCT
fsr-3339	365	203	7.982	7.982	NUM
fsr-3339	365	204	)	)	PUNCT
fsr-3339	365	205	(	(	PUNCT
fsr-3339	365	206	9.716	9.716	NUM
fsr-3339	365	207	)	)	PUNCT
fsr-3339	365	208	(	(	PUNCT
fsr-3339	365	209	0.046	0.046	NUM
fsr-3339	365	210	)	)	PUNCT
fsr-3339	365	211	(	(	PUNCT
fsr-3339	365	212	0.080	0.080	NUM
fsr-3339	365	213	)	)	PUNCT
fsr-3339	365	214	(	(	PUNCT
fsr-3339	365	215	0.139	0.139	NUM
fsr-3339	365	216	)	)	PUNCT
fsr-3339	365	217	(	(	PUNCT
fsr-3339	365	218	0.054	0.054	NUM
fsr-3339	365	219	)	)	PUNCT
fsr-3339	365	220	(	(	PUNCT
fsr-3339	365	221	2.398	2.398	NUM
fsr-3339	365	222	)	)	PUNCT
fsr-3339	365	223	(	(	PUNCT
fsr-3339	365	224	sd	sd	NOUN
fsr-3339	365	225	of	of	ADP
fsr-3339	365	226	net	net	ADJ
fsr-3339	365	227	flows)2	flows)2	NOUN
fsr-3339	365	228	�	�	PROPN
fsr-3339	365	229	18.06	18.06	NUM
fsr-3339	365	230	�	�	PROPN
fsr-3339	365	231	14.37	14.37	NUM
fsr-3339	365	232	�	�	PROPN
fsr-3339	365	233	0.186	0.186	NUM
fsr-3339	365	234	*	*	PUNCT
fsr-3339	365	235	*	*	PROPN
fsr-3339	365	236	�	�	PROPN
fsr-3339	365	237	0.071	0.071	NUM
fsr-3339	365	238	�	�	PROPN
fsr-3339	365	239	0.127	0.127	NUM
fsr-3339	365	240	�	�	NOUN
fsr-3339	365	241	0.190	0.190	NUM
fsr-3339	365	242	*	*	NOUN
fsr-3339	365	243	*	*	PROPN
fsr-3339	366	1	1.845	1.845	NUM
fsr-3339	366	2	(	(	PUNCT
fsr-3339	366	3	11.640	11.640	NUM
fsr-3339	366	4	)	)	PUNCT
fsr-3339	366	5	(	(	PUNCT
fsr-3339	366	6	13.600	13.600	NUM
fsr-3339	366	7	)	)	PUNCT
fsr-3339	366	8	(	(	PUNCT
fsr-3339	366	9	0.076	0.076	NUM
fsr-3339	366	10	)	)	PUNCT
fsr-3339	366	11	(	(	PUNCT
fsr-3339	366	12	0.133	0.133	NUM
fsr-3339	366	13	)	)	PUNCT
fsr-3339	366	14	(	(	PUNCT
fsr-3339	366	15	0.230	0.230	NUM
fsr-3339	366	16	)	)	PUNCT
fsr-3339	366	17	(	(	PUNCT
fsr-3339	366	18	0.092	0.092	NUM
fsr-3339	366	19	)	)	PUNCT
fsr-3339	366	20	(	(	PUNCT
fsr-3339	366	21	3.825	3.825	NUM
fsr-3339	366	22	)	)	PUNCT
fsr-3339	366	23	constant	constant	ADJ
fsr-3339	366	24	�	�	NOUN
fsr-3339	366	25	7.852	7.852	NUM
fsr-3339	366	26	*	*	NOUN
fsr-3339	366	27	*	*	PUNCT
fsr-3339	366	28	*	*	PROPN
fsr-3339	366	29	�	�	PROPN
fsr-3339	366	30	1.389	1.389	NUM
fsr-3339	366	31	�	�	PROPN
fsr-3339	366	32	0.011	0.011	NUM
fsr-3339	366	33	�	�	PROPN
fsr-3339	366	34	0.018	0.018	NUM
fsr-3339	366	35	*	*	NOUN
fsr-3339	366	36	0.0132	0.0132	NUM
fsr-3339	366	37	�	�	PROPN
fsr-3339	366	38	0.013	0.013	NUM
fsr-3339	366	39	0.157	0.157	NUM
fsr-3339	366	40	(	(	PUNCT
fsr-3339	366	41	2.149	2.149	NUM
fsr-3339	366	42	)	)	PUNCT
fsr-3339	366	43	(	(	PUNCT
fsr-3339	366	44	1.341	1.341	NUM
fsr-3339	366	45	)	)	PUNCT
fsr-3339	366	46	(	(	PUNCT
fsr-3339	366	47	0.009	0.009	NUM
fsr-3339	366	48	)	)	PUNCT
fsr-3339	366	49	(	(	PUNCT
fsr-3339	366	50	0.011	0.011	NUM
fsr-3339	366	51	)	)	PUNCT
fsr-3339	366	52	(	(	PUNCT
fsr-3339	366	53	0.090	0.090	NUM
fsr-3339	366	54	)	)	PUNCT
fsr-3339	366	55	(	(	PUNCT
fsr-3339	366	56	0.026	0.026	NUM
fsr-3339	366	57	)	)	PUNCT
fsr-3339	366	58	(	(	PUNCT
fsr-3339	366	59	1.256	1.256	NUM
fsr-3339	366	60	)	)	PUNCT
fsr-3339	366	61	n	n	ADV
fsr-3339	366	62	308	308	NUM
fsr-3339	366	63	308	308	NUM
fsr-3339	366	64	308	308	NUM
fsr-3339	366	65	308	308	NUM
fsr-3339	366	66	308	308	NUM
fsr-3339	366	67	308	308	NUM
fsr-3339	366	68	308	308	NUM
fsr-3339	366	69	adjusted	adjust	VERB
fsr-3339	366	70	r2	r2	NOUN
fsr-3339	366	71	0.528	0.528	NUM
fsr-3339	366	72	0.018	0.018	NUM
fsr-3339	366	73	0.201	0.201	NUM
fsr-3339	366	74	0.002	0.002	NUM
fsr-3339	366	75	0.014	0.014	NUM
fsr-3339	366	76	0.12	0.12	NUM
fsr-3339	366	77	0.004	0.004	NUM
fsr-3339	366	78	this	this	DET
fsr-3339	366	79	table	table	NOUN
fsr-3339	366	80	shows	show	VERB
fsr-3339	366	81	the	the	DET
fsr-3339	366	82	regression	regression	NOUN
fsr-3339	366	83	results	result	NOUN
fsr-3339	366	84	of	of	ADP
fsr-3339	366	85	actively	actively	ADV
fsr-3339	366	86	managed	manage	VERB
fsr-3339	366	87	chinese	chinese	ADJ
fsr-3339	366	88	open	open	ADJ
fsr-3339	366	89	-	-	PUNCT
fsr-3339	366	90	end	end	NOUN
fsr-3339	366	91	stock	stock	NOUN
fsr-3339	366	92	mutual	mutual	ADJ
fsr-3339	366	93	fund	fund	NOUN
fsr-3339	366	94	performance	performance	NOUN
fsr-3339	366	95	on	on	ADP
fsr-3339	366	96	fund	fund	NOUN
fsr-3339	366	97	characteristics	characteristic	NOUN
fsr-3339	366	98	and	and	CCONJ
fsr-3339	366	99	investment	investment	NOUN
fsr-3339	366	100	styles	style	NOUN
fsr-3339	366	101	between	between	ADP
fsr-3339	366	102	2006	2006	NUM
fsr-3339	366	103	and	and	CCONJ
fsr-3339	366	104	2011	2011	NUM
fsr-3339	366	105	.	.	PUNCT
fsr-3339	367	1	the	the	DET
fsr-3339	367	2	dependent	dependent	ADJ
fsr-3339	367	3	variable	variable	NOUN
fsr-3339	367	4	is	be	AUX
fsr-3339	367	5	fund	fund	NOUN
fsr-3339	367	6	performance	performance	NOUN
fsr-3339	367	7	as	as	SCONJ
fsr-3339	367	8	measured	measure	VERB
fsr-3339	367	9	by	by	ADP
fsr-3339	367	10	the	the	DET
fsr-3339	367	11	sharpe	sharpe	PROPN
fsr-3339	367	12	ratio	ratio	NOUN
fsr-3339	367	13	,	,	PUNCT
fsr-3339	367	14	treynor	treynor	NOUN
fsr-3339	367	15	ratio	ratio	NOUN
fsr-3339	367	16	,	,	PUNCT
fsr-3339	367	17	four	four	NUM
fsr-3339	367	18	-	-	PUNCT
fsr-3339	367	19	factor	factor	NOUN
fsr-3339	367	20	�	�	PROPN
fsr-3339	367	21	,	,	PUNCT
fsr-3339	367	22	four	four	NUM
fsr-3339	367	23	-	-	PUNCT
fsr-3339	367	24	factor	factor	NOUN
fsr-3339	367	25	hm	hm	NOUN
fsr-3339	367	26	�	�	PROPN
fsr-3339	367	27	,	,	PUNCT
fsr-3339	367	28	four	four	NUM
fsr-3339	367	29	-	-	PUNCT
fsr-3339	367	30	factor	factor	NOUN
fsr-3339	367	31	hm	hm	NOUN
fsr-3339	367	32	timing	timing	NOUN
fsr-3339	367	33	,	,	PUNCT
fsr-3339	367	34	four	four	NUM
fsr-3339	367	35	-	-	PUNCT
fsr-3339	367	36	factor	factor	NOUN
fsr-3339	367	37	tm	tm	PROPN
fsr-3339	367	38	�	�	PROPN
fsr-3339	367	39	,	,	PUNCT
fsr-3339	367	40	and	and	CCONJ
fsr-3339	367	41	four	four	NUM
fsr-3339	367	42	-	-	PUNCT
fsr-3339	367	43	factor	factor	NOUN
fsr-3339	367	44	tm	tm	NOUN
fsr-3339	367	45	timing	timing	NOUN
fsr-3339	367	46	.	.	PUNCT
fsr-3339	368	1	the	the	DET
fsr-3339	368	2	independent	independent	ADJ
fsr-3339	368	3	variables	variable	NOUN
fsr-3339	368	4	are	be	AUX
fsr-3339	368	5	various	various	ADJ
fsr-3339	368	6	fund	fund	NOUN
fsr-3339	368	7	characteristics	characteristic	NOUN
fsr-3339	368	8	.	.	PUNCT
fsr-3339	369	1	management	management	NOUN
fsr-3339	369	2	fees	fee	NOUN
fsr-3339	369	3	and	and	CCONJ
fsr-3339	369	4	mean	mean	VERB
fsr-3339	369	5	net	net	ADJ
fsr-3339	369	6	flows	flow	NOUN
fsr-3339	369	7	are	be	AUX
fsr-3339	369	8	in	in	ADP
fsr-3339	369	9	percentages	percentage	NOUN
fsr-3339	369	10	and	and	CCONJ
fsr-3339	369	11	fund	fund	NOUN
fsr-3339	369	12	size	size	NOUN
fsr-3339	369	13	is	be	AUX
fsr-3339	369	14	measured	measure	VERB
fsr-3339	369	15	in	in	ADP
fsr-3339	369	16	10	10	NUM
fsr-3339	369	17	billion	billion	NUM
fsr-3339	369	18	yuan	yuan	NOUN
fsr-3339	369	19	.	.	PUNCT
fsr-3339	370	1	fund	fund	NOUN
fsr-3339	370	2	age	age	NOUN
fsr-3339	370	3	is	be	AUX
fsr-3339	370	4	the	the	DET
fsr-3339	370	5	length	length	NOUN
fsr-3339	370	6	of	of	ADP
fsr-3339	370	7	time	time	NOUN
fsr-3339	370	8	since	since	SCONJ
fsr-3339	370	9	fund	fund	NOUN
fsr-3339	370	10	inception	inception	NOUN
fsr-3339	370	11	.	.	PUNCT
fsr-3339	371	1	standard	standard	ADJ
fsr-3339	371	2	errors	error	NOUN
fsr-3339	371	3	are	be	AUX
fsr-3339	371	4	in	in	ADP
fsr-3339	371	5	parentheses	parenthesis	NOUN
fsr-3339	371	6	.	.	PUNCT
fsr-3339	372	1	*	*	PUNCT
fsr-3339	373	1	*	*	PUNCT
fsr-3339	373	2	*	*	PUNCT
fsr-3339	373	3	,	,	PUNCT
fsr-3339	373	4	*	*	PUNCT
fsr-3339	373	5	*	*	PUNCT
fsr-3339	373	6	,	,	PUNCT
fsr-3339	373	7	and	and	CCONJ
fsr-3339	373	8	*	*	PUNCT
fsr-3339	373	9	indicate	indicate	VERB
fsr-3339	373	10	significance	significance	NOUN
fsr-3339	373	11	at	at	ADP
fsr-3339	373	12	the	the	DET
fsr-3339	373	13	0.01	0.01	NUM
fsr-3339	373	14	,	,	PUNCT
fsr-3339	373	15	0.05	0.05	NUM
fsr-3339	373	16	,	,	PUNCT
fsr-3339	373	17	and	and	CCONJ
fsr-3339	373	18	0.10	0.10	NUM
fsr-3339	373	19	levels	level	NOUN
fsr-3339	373	20	,	,	PUNCT
fsr-3339	373	21	respectively	respectively	ADV
fsr-3339	373	22	.	.	PUNCT
fsr-3339	374	1	305w	305w	NUM
fsr-3339	374	2	.	.	PUNCT
fsr-3339	375	1	he	he	PRON
fsr-3339	375	2	et	et	PROPN
fsr-3339	375	3	al	al	PROPN
fsr-3339	375	4	.	.	PUNCT
fsr-3339	375	5	/	/	SYM
fsr-3339	375	6	financial	financial	ADJ
fsr-3339	375	7	services	service	NOUN
fsr-3339	375	8	review	review	VERB
fsr-3339	375	9	24	24	NUM
fsr-3339	375	10	(	(	PUNCT
fsr-3339	375	11	2015	2015	NUM
fsr-3339	375	12	)	)	PUNCT
fsr-3339	376	1	289–311	289–311	NUM
fsr-3339	376	2	performance	performance	NOUN
fsr-3339	376	3	measures	measure	NOUN
fsr-3339	376	4	as	as	SCONJ
fsr-3339	376	5	defined	define	VERB
fsr-3339	376	6	in	in	ADP
fsr-3339	376	7	section	section	NOUN
fsr-3339	376	8	4	4	NUM
fsr-3339	376	9	are	be	AUX
fsr-3339	376	10	the	the	DET
fsr-3339	376	11	dependent	dependent	ADJ
fsr-3339	376	12	variables	variable	NOUN
fsr-3339	376	13	.	.	PUNCT
fsr-3339	377	1	to	to	PART
fsr-3339	377	2	avoid	avoid	VERB
fsr-3339	377	3	data	datum	NOUN
fsr-3339	377	4	mining	mining	NOUN
fsr-3339	377	5	,	,	PUNCT
fsr-3339	377	6	we	we	PRON
fsr-3339	377	7	keep	keep	VERB
fsr-3339	377	8	all	all	DET
fsr-3339	377	9	fund	fund	NOUN
fsr-3339	377	10	characteristics	characteristic	NOUN
fsr-3339	377	11	and	and	CCONJ
fsr-3339	377	12	flow	flow	NOUN
fsr-3339	377	13	variables	variable	NOUN
fsr-3339	377	14	as	as	ADP
fsr-3339	377	15	explanatory	explanatory	ADJ
fsr-3339	377	16	variables	variable	NOUN
fsr-3339	377	17	when	when	SCONJ
fsr-3339	377	18	possible	possible	ADJ
fsr-3339	377	19	.	.	PUNCT
fsr-3339	378	1	table	table	NOUN
fsr-3339	378	2	6	6	NUM
fsr-3339	378	3	shows	show	VERB
fsr-3339	378	4	the	the	DET
fsr-3339	378	5	one	one	NUM
fsr-3339	378	6	exception	exception	NOUN
fsr-3339	378	7	,	,	PUNCT
fsr-3339	378	8	which	which	PRON
fsr-3339	378	9	is	be	AUX
fsr-3339	378	10	the	the	DET
fsr-3339	378	11	regression	regression	NOUN
fsr-3339	378	12	for	for	ADP
fsr-3339	378	13	the	the	DET
fsr-3339	378	14	hm	hm	INTJ
fsr-3339	378	15	�	�	PROPN
fsr-3339	378	16	in	in	ADP
fsr-3339	378	17	table	table	NOUN
fsr-3339	378	18	6	6	NUM
fsr-3339	378	19	.	.	PUNCT
fsr-3339	379	1	in	in	ADP
fsr-3339	379	2	this	this	DET
fsr-3339	379	3	situation	situation	NOUN
fsr-3339	379	4	,	,	PUNCT
fsr-3339	379	5	we	we	PRON
fsr-3339	379	6	drop	drop	VERB
fsr-3339	379	7	management	management	NOUN
fsr-3339	379	8	fees	fee	NOUN
fsr-3339	379	9	,	,	PUNCT
fsr-3339	379	10	fund	fund	NOUN
fsr-3339	379	11	size	size	NOUN
fsr-3339	379	12	,	,	PUNCT
fsr-3339	379	13	and	and	CCONJ
fsr-3339	379	14	mean	mean	VERB
fsr-3339	379	15	net	net	ADJ
fsr-3339	379	16	flows	flow	NOUN
fsr-3339	379	17	because	because	SCONJ
fsr-3339	379	18	the	the	DET
fsr-3339	379	19	values	value	NOUN
fsr-3339	379	20	of	of	ADP
fsr-3339	379	21	their	their	PRON
fsr-3339	379	22	t	t	NOUN
fsr-3339	379	23	-	-	PUNCT
fsr-3339	379	24	statistic	statistic	NOUN
fsr-3339	379	25	are	be	AUX
fsr-3339	379	26	almost	almost	ADV
fsr-3339	379	27	zero	zero	NUM
fsr-3339	379	28	.	.	PUNCT
fsr-3339	380	1	thus	thus	ADV
fsr-3339	380	2	,	,	PUNCT
fsr-3339	380	3	including	include	VERB
fsr-3339	380	4	them	they	PRON
fsr-3339	380	5	would	would	AUX
fsr-3339	380	6	result	result	VERB
fsr-3339	380	7	in	in	ADP
fsr-3339	380	8	a	a	DET
fsr-3339	380	9	negative	negative	ADJ
fsr-3339	380	10	or	or	CCONJ
fsr-3339	380	11	lower	low	ADJ
fsr-3339	380	12	adjusted	adjusted	ADJ
fsr-3339	380	13	r2	r2	NOUN
fsr-3339	380	14	.	.	PUNCT
fsr-3339	381	1	the	the	DET
fsr-3339	381	2	adjusted	adjust	VERB
fsr-3339	381	3	r2s	r2s	NOUN
fsr-3339	381	4	for	for	ADP
fsr-3339	381	5	the	the	DET
fsr-3339	381	6	sharpe	sharpe	PROPN
fsr-3339	381	7	ratio	ratio	NOUN
fsr-3339	381	8	,	,	PUNCT
fsr-3339	381	9	four	four	NUM
fsr-3339	381	10	-	-	PUNCT
fsr-3339	381	11	factor	factor	NOUN
fsr-3339	381	12	�	�	NOUN
fsr-3339	381	13	,	,	PUNCT
fsr-3339	381	14	and	and	CCONJ
fsr-3339	381	15	tm	tm	DET
fsr-3339	381	16	�	�	PROPN
fsr-3339	381	17	are	be	AUX
fsr-3339	381	18	comparable	comparable	ADJ
fsr-3339	381	19	with	with	ADP
fsr-3339	381	20	those	those	PRON
fsr-3339	381	21	reported	report	VERB
fsr-3339	381	22	in	in	ADP
fsr-3339	381	23	fung	fung	PROPN
fsr-3339	381	24	et	et	PROPN
fsr-3339	381	25	al	al	PROPN
fsr-3339	381	26	.	.	PROPN
fsr-3339	382	1	(	(	PUNCT
fsr-3339	382	2	2002	2002	NUM
fsr-3339	382	3	)	)	PUNCT
fsr-3339	382	4	.	.	PUNCT
fsr-3339	383	1	however	however	ADV
fsr-3339	383	2	,	,	PUNCT
fsr-3339	383	3	the	the	DET
fsr-3339	383	4	adjusted	adjust	VERB
fsr-3339	383	5	r2s	r2	NOUN
fsr-3339	383	6	are	be	AUX
fsr-3339	383	7	not	not	PART
fsr-3339	383	8	very	very	ADV
fsr-3339	383	9	high	high	ADJ
fsr-3339	383	10	for	for	ADP
fsr-3339	383	11	other	other	ADJ
fsr-3339	383	12	risk	risk	NOUN
fsr-3339	383	13	-	-	PUNCT
fsr-3339	383	14	adjusted	adjust	VERB
fsr-3339	383	15	performance	performance	NOUN
fsr-3339	383	16	measures	measure	NOUN
fsr-3339	383	17	.	.	PUNCT
fsr-3339	384	1	one	one	PRON
fsr-3339	384	2	may	may	AUX
fsr-3339	384	3	expect	expect	VERB
fsr-3339	384	4	to	to	PART
fsr-3339	384	5	see	see	VERB
fsr-3339	384	6	this	this	DET
fsr-3339	384	7	kind	kind	NOUN
fsr-3339	384	8	of	of	ADP
fsr-3339	384	9	result	result	NOUN
fsr-3339	384	10	from	from	ADP
fsr-3339	384	11	a	a	DET
fsr-3339	384	12	market	market	NOUN
fsr-3339	384	13	equilibrium	equilibrium	NOUN
fsr-3339	384	14	perspective	perspective	NOUN
fsr-3339	384	15	.	.	PUNCT
fsr-3339	385	1	if	if	SCONJ
fsr-3339	385	2	a	a	DET
fsr-3339	385	3	fund	fund	NOUN
fsr-3339	385	4	characteristic	characteristic	ADJ
fsr-3339	385	5	indicates	indicate	VERB
fsr-3339	385	6	better	well	ADJ
fsr-3339	385	7	risk	risk	NOUN
fsr-3339	385	8	-	-	PUNCT
fsr-3339	385	9	adjusted	adjust	VERB
fsr-3339	385	10	performance	performance	NOUN
fsr-3339	385	11	,	,	PUNCT
fsr-3339	385	12	investment	investment	NOUN
fsr-3339	385	13	inflows	inflow	NOUN
fsr-3339	385	14	may	may	AUX
fsr-3339	385	15	chase	chase	VERB
fsr-3339	385	16	the	the	DET
fsr-3339	385	17	characteristic	characteristic	NOUN
fsr-3339	385	18	until	until	SCONJ
fsr-3339	385	19	it	it	PRON
fsr-3339	385	20	disappears	disappear	VERB
fsr-3339	385	21	(	(	PUNCT
fsr-3339	385	22	berk	berk	PROPN
fsr-3339	385	23	and	and	CCONJ
fsr-3339	385	24	green	green	ADJ
fsr-3339	385	25	,	,	PUNCT
fsr-3339	385	26	2004	2004	NUM
fsr-3339	385	27	)	)	PUNCT
fsr-3339	385	28	.	.	PUNCT
fsr-3339	386	1	in	in	ADP
fsr-3339	386	2	table	table	NOUN
fsr-3339	386	3	6	6	NUM
fsr-3339	386	4	,	,	PUNCT
fsr-3339	386	5	fund	fund	NOUN
fsr-3339	386	6	age	age	NOUN
fsr-3339	386	7	is	be	AUX
fsr-3339	386	8	positively	positively	ADV
fsr-3339	386	9	related	relate	VERB
fsr-3339	386	10	to	to	ADP
fsr-3339	386	11	the	the	DET
fsr-3339	386	12	sharpe	sharpe	PROPN
fsr-3339	386	13	ratio	ratio	NOUN
fsr-3339	386	14	,	,	PUNCT
fsr-3339	386	15	four	four	NUM
fsr-3339	386	16	-	-	PUNCT
fsr-3339	386	17	factor	factor	NOUN
fsr-3339	386	18	�	�	NOUN
fsr-3339	386	19	s	s	PART
fsr-3339	386	20	in	in	ADP
fsr-3339	386	21	both	both	CCONJ
fsr-3339	386	22	the	the	DET
fsr-3339	386	23	standard	standard	NOUN
fsr-3339	386	24	and	and	CCONJ
fsr-3339	386	25	tm	tm	NOUN
fsr-3339	386	26	models	model	NOUN
fsr-3339	386	27	with	with	ADP
fsr-3339	386	28	a	a	DET
fsr-3339	386	29	statistical	statistical	ADJ
fsr-3339	386	30	significance	significance	NOUN
fsr-3339	386	31	above	above	ADP
fsr-3339	386	32	the	the	DET
fsr-3339	386	33	0.05	0.05	NUM
fsr-3339	386	34	level	level	NOUN
fsr-3339	386	35	.	.	PUNCT
fsr-3339	387	1	the	the	DET
fsr-3339	387	2	adjusted	adjusted	ADJ
fsr-3339	387	3	r2	r2	NOUN
fsr-3339	387	4	of	of	ADP
fsr-3339	387	5	these	these	DET
fsr-3339	387	6	regressions	regression	NOUN
fsr-3339	387	7	ranges	range	VERB
fsr-3339	387	8	from	from	ADP
fsr-3339	387	9	12	12	NUM
fsr-3339	387	10	%	%	NOUN
fsr-3339	387	11	to	to	ADP
fsr-3339	387	12	53	53	NUM
fsr-3339	387	13	%	%	NOUN
fsr-3339	387	14	.	.	PUNCT
fsr-3339	388	1	furthermore	furthermore	ADV
fsr-3339	388	2	,	,	PUNCT
fsr-3339	388	3	tables	table	VERB
fsr-3339	388	4	7	7	NUM
fsr-3339	388	5	and	and	CCONJ
fsr-3339	388	6	8	8	NUM
fsr-3339	388	7	show	show	VERB
fsr-3339	388	8	this	this	DET
fsr-3339	388	9	significantly	significantly	ADV
fsr-3339	388	10	positive	positive	ADJ
fsr-3339	388	11	effect	effect	NOUN
fsr-3339	388	12	for	for	ADP
fsr-3339	388	13	the	the	DET
fsr-3339	388	14	sharpe	sharpe	PROPN
fsr-3339	388	15	ratio	ratio	NOUN
fsr-3339	388	16	for	for	ADP
fsr-3339	388	17	both	both	DET
fsr-3339	388	18	sub	sub	NOUN
fsr-3339	388	19	-	-	NOUN
fsr-3339	388	20	periods	period	NOUN
fsr-3339	388	21	at	at	ADP
fsr-3339	388	22	the	the	DET
fsr-3339	388	23	0.01	0.01	NUM
fsr-3339	388	24	level	level	NOUN
fsr-3339	388	25	.	.	PUNCT
fsr-3339	389	1	for	for	ADP
fsr-3339	389	2	the	the	DET
fsr-3339	389	3	four	four	NUM
fsr-3339	389	4	-	-	PUNCT
fsr-3339	389	5	factor	factor	NOUN
fsr-3339	389	6	�	�	NOUN
fsr-3339	389	7	,	,	PUNCT
fsr-3339	389	8	this	this	DET
fsr-3339	389	9	positive	positive	ADJ
fsr-3339	389	10	effect	effect	NOUN
fsr-3339	389	11	appears	appear	VERB
fsr-3339	389	12	in	in	ADP
fsr-3339	389	13	the	the	DET
fsr-3339	389	14	first	first	ADJ
fsr-3339	389	15	sub	sub	NOUN
fsr-3339	389	16	-	-	NOUN
fsr-3339	389	17	period	period	NOUN
fsr-3339	389	18	in	in	ADP
fsr-3339	389	19	table	table	NOUN
fsr-3339	389	20	7	7	NUM
fsr-3339	389	21	at	at	ADP
fsr-3339	389	22	the	the	DET
fsr-3339	389	23	0.10	0.10	NUM
fsr-3339	389	24	level	level	NOUN
fsr-3339	389	25	.	.	PUNCT
fsr-3339	390	1	these	these	DET
fsr-3339	390	2	findings	finding	NOUN
fsr-3339	390	3	support	support	VERB
fsr-3339	390	4	the	the	DET
fsr-3339	390	5	idea	idea	NOUN
fsr-3339	390	6	that	that	SCONJ
fsr-3339	390	7	funds	fund	NOUN
fsr-3339	390	8	with	with	ADP
fsr-3339	390	9	a	a	DET
fsr-3339	390	10	longer	long	ADV
fsr-3339	390	11	operating	operate	VERB
fsr-3339	390	12	history	history	NOUN
fsr-3339	390	13	can	can	AUX
fsr-3339	390	14	generate	generate	VERB
fsr-3339	390	15	better	well	ADJ
fsr-3339	390	16	risk	risk	NOUN
fsr-3339	390	17	-	-	PUNCT
fsr-3339	390	18	adjusted	adjust	VERB
fsr-3339	390	19	returns	return	NOUN
fsr-3339	390	20	.	.	PUNCT
fsr-3339	391	1	by	by	ADP
fsr-3339	391	2	contrast	contrast	NOUN
fsr-3339	391	3	,	,	PUNCT
fsr-3339	391	4	fund	fund	NOUN
fsr-3339	391	5	age	age	NOUN
fsr-3339	391	6	is	be	AUX
fsr-3339	391	7	negatively	negatively	ADV
fsr-3339	391	8	related	relate	VERB
fsr-3339	391	9	to	to	ADP
fsr-3339	391	10	the	the	DET
fsr-3339	391	11	tm	tm	PROPN
fsr-3339	391	12	timing	timing	NOUN
fsr-3339	391	13	coefficients	coefficient	NOUN
fsr-3339	391	14	and	and	CCONJ
fsr-3339	391	15	table	table	NOUN
fsr-3339	391	16	8	8	NUM
fsr-3339	391	17	shows	show	VERB
fsr-3339	391	18	a	a	DET
fsr-3339	391	19	similar	similar	ADJ
fsr-3339	391	20	result	result	NOUN
fsr-3339	391	21	for	for	ADP
fsr-3339	391	22	the	the	DET
fsr-3339	391	23	second	second	ADJ
fsr-3339	391	24	sub	sub	NOUN
fsr-3339	391	25	-	-	NOUN
fsr-3339	391	26	period	period	NOUN
fsr-3339	391	27	.	.	PUNCT
fsr-3339	392	1	because	because	SCONJ
fsr-3339	392	2	the	the	DET
fsr-3339	392	3	adjusted	adjust	VERB
fsr-3339	392	4	r2	r2	NOUN
fsr-3339	392	5	values	value	NOUN
fsr-3339	392	6	are	be	AUX
fsr-3339	392	7	quite	quite	ADV
fsr-3339	392	8	low	low	ADJ
fsr-3339	392	9	in	in	ADP
fsr-3339	392	10	both	both	DET
fsr-3339	392	11	regressions	regression	NOUN
fsr-3339	392	12	,	,	PUNCT
fsr-3339	392	13	we	we	PRON
fsr-3339	392	14	hesitate	hesitate	VERB
fsr-3339	392	15	to	to	PART
fsr-3339	392	16	interpret	interpret	VERB
fsr-3339	392	17	too	too	ADV
fsr-3339	392	18	much	much	ADV
fsr-3339	392	19	out	out	ADP
fsr-3339	392	20	of	of	ADP
fsr-3339	392	21	this	this	DET
fsr-3339	392	22	negative	negative	ADJ
fsr-3339	392	23	impact	impact	NOUN
fsr-3339	392	24	of	of	ADP
fsr-3339	392	25	age	age	NOUN
fsr-3339	392	26	on	on	ADP
fsr-3339	392	27	the	the	DET
fsr-3339	392	28	tm	tm	PROPN
fsr-3339	392	29	timing	timing	NOUN
fsr-3339	392	30	coefficient	coefficient	NOUN
fsr-3339	392	31	.	.	PUNCT
fsr-3339	393	1	mean	mean	VERB
fsr-3339	393	2	net	net	ADJ
fsr-3339	393	3	flows	flow	NOUN
fsr-3339	393	4	are	be	AUX
fsr-3339	393	5	positively	positively	ADV
fsr-3339	393	6	related	relate	VERB
fsr-3339	393	7	to	to	ADP
fsr-3339	393	8	the	the	DET
fsr-3339	393	9	sharpe	sharpe	PROPN
fsr-3339	393	10	ratio	ratio	NOUN
fsr-3339	393	11	,	,	PUNCT
fsr-3339	393	12	as	as	ADV
fsr-3339	393	13	well	well	ADV
fsr-3339	393	14	as	as	ADP
fsr-3339	393	15	to	to	ADP
fsr-3339	393	16	the	the	DET
fsr-3339	393	17	�	�	PROPN
fsr-3339	393	18	s	s	PART
fsr-3339	393	19	in	in	ADP
fsr-3339	393	20	both	both	CCONJ
fsr-3339	393	21	the	the	DET
fsr-3339	393	22	table	table	NOUN
fsr-3339	393	23	7	7	NUM
fsr-3339	393	24	regressions	regression	NOUN
fsr-3339	393	25	on	on	ADP
fsr-3339	393	26	actively	actively	ADV
fsr-3339	393	27	managed	manage	VERB
fsr-3339	393	28	chinese	chinese	ADJ
fsr-3339	393	29	stock	stock	PROPN
fsr-3339	393	30	mutual	mutual	ADJ
fsr-3339	393	31	fund	fund	NOUN
fsr-3339	393	32	characteristics	characteristic	NOUN
fsr-3339	393	33	and	and	CCONJ
fsr-3339	393	34	performance	performance	NOUN
fsr-3339	393	35	measures	measure	NOUN
fsr-3339	393	36	between	between	ADP
fsr-3339	393	37	2006	2006	NUM
fsr-3339	393	38	and	and	CCONJ
fsr-3339	393	39	2008	2008	NUM
fsr-3339	393	40	fund	fund	NOUN
fsr-3339	393	41	characteristics	characteristics	PROPN
fsr-3339	393	42	sharpe	sharpe	PROPN
fsr-3339	393	43	ratio	ratio	PROPN
fsr-3339	393	44	treynor	treynor	PROPN
fsr-3339	393	45	ratio	ratio	NOUN
fsr-3339	393	46	four	four	NUM
fsr-3339	393	47	-	-	PUNCT
fsr-3339	393	48	factor	factor	NOUN
fsr-3339	393	49	�	�	PROPN
fsr-3339	393	50	four	four	NUM
fsr-3339	393	51	-	-	PUNCT
fsr-3339	393	52	factor	factor	NOUN
fsr-3339	393	53	hm	hm	INTJ
fsr-3339	393	54	�	�	PROPN
fsr-3339	393	55	four	four	NUM
fsr-3339	393	56	-	-	PUNCT
fsr-3339	393	57	factor	factor	NOUN
fsr-3339	393	58	hm	hm	INTJ
fsr-3339	393	59	timing	time	VERB
fsr-3339	393	60	four	four	NUM
fsr-3339	393	61	-	-	PUNCT
fsr-3339	393	62	factor	factor	NOUN
fsr-3339	393	63	tm	tm	PROPN
fsr-3339	393	64	�	�	PROPN
fsr-3339	393	65	four	four	NUM
fsr-3339	393	66	-	-	PUNCT
fsr-3339	393	67	factor	factor	NOUN
fsr-3339	393	68	tm	tm	NOUN
fsr-3339	393	69	timing	timing	NOUN
fsr-3339	393	70	management	management	NOUN
fsr-3339	393	71	fees	fee	NOUN
fsr-3339	393	72	�	�	PROPN
fsr-3339	393	73	3.874	3.874	NUM
fsr-3339	393	74	�	�	PROPN
fsr-3339	393	75	0.539	0.539	NUM
fsr-3339	393	76	�	�	PROPN
fsr-3339	393	77	0.087	0.087	NUM
fsr-3339	393	78	0.125	0.125	NUM
fsr-3339	393	79	�	�	NOUN
fsr-3339	393	80	0.176	0.176	NUM
fsr-3339	393	81	0.013	0.013	NUM
fsr-3339	393	82	�	�	PROPN
fsr-3339	393	83	1.014	1.014	NUM
fsr-3339	393	84	(	(	PUNCT
fsr-3339	393	85	8.169	8.169	NUM
fsr-3339	393	86	)	)	PUNCT
fsr-3339	393	87	(	(	PUNCT
fsr-3339	393	88	0.659	0.659	NUM
fsr-3339	393	89	)	)	PUNCT
fsr-3339	393	90	(	(	PUNCT
fsr-3339	393	91	0.157	0.157	NUM
fsr-3339	393	92	)	)	PUNCT
fsr-3339	393	93	(	(	PUNCT
fsr-3339	393	94	0.092	0.092	NUM
fsr-3339	393	95	)	)	PUNCT
fsr-3339	393	96	(	(	PUNCT
fsr-3339	393	97	0.195	0.195	NUM
fsr-3339	393	98	)	)	PUNCT
fsr-3339	393	99	(	(	PUNCT
fsr-3339	393	100	0.064	0.064	NUM
fsr-3339	393	101	)	)	PUNCT
fsr-3339	393	102	(	(	PUNCT
fsr-3339	393	103	1.039	1.039	NUM
fsr-3339	393	104	)	)	PUNCT
fsr-3339	393	105	fund	fund	NOUN
fsr-3339	393	106	size	size	NOUN
fsr-3339	393	107	0.783	0.783	NUM
fsr-3339	393	108	0.031	0.031	NUM
fsr-3339	393	109	0.001	0.001	NUM
fsr-3339	393	110	0.034	0.034	NUM
fsr-3339	393	111	*	*	PUNCT
fsr-3339	393	112	*	*	PUNCT
fsr-3339	393	113	*	*	PUNCT
fsr-3339	393	114	�	�	PROPN
fsr-3339	393	115	0.027	0.027	NUM
fsr-3339	393	116	*	*	NOUN
fsr-3339	393	117	*	*	PROPN
fsr-3339	393	118	0.021	0.021	NUM
fsr-3339	393	119	*	*	PUNCT
fsr-3339	393	120	*	*	PUNCT
fsr-3339	393	121	�	�	PROPN
fsr-3339	393	122	0.195	0.195	NUM
fsr-3339	393	123	*	*	PUNCT
fsr-3339	393	124	*	*	PUNCT
fsr-3339	393	125	*	*	PUNCT
fsr-3339	393	126	(	(	PUNCT
fsr-3339	393	127	0.732	0.732	NUM
fsr-3339	393	128	)	)	PUNCT
fsr-3339	393	129	(	(	PUNCT
fsr-3339	393	130	0.033	0.033	NUM
fsr-3339	393	131	)	)	PUNCT
fsr-3339	393	132	(	(	PUNCT
fsr-3339	393	133	0.009	0.009	NUM
fsr-3339	393	134	)	)	PUNCT
fsr-3339	393	135	(	(	PUNCT
fsr-3339	393	136	0.012	0.012	NUM
fsr-3339	393	137	)	)	PUNCT
fsr-3339	393	138	(	(	PUNCT
fsr-3339	393	139	0.011	0.011	NUM
fsr-3339	393	140	)	)	PUNCT
fsr-3339	393	141	(	(	PUNCT
fsr-3339	393	142	0.010	0.010	NUM
fsr-3339	393	143	)	)	PUNCT
fsr-3339	393	144	(	(	PUNCT
fsr-3339	393	145	0.072	0.072	NUM
fsr-3339	393	146	)	)	PUNCT
fsr-3339	393	147	age	age	NOUN
fsr-3339	393	148	1.981	1.981	NUM
fsr-3339	393	149	*	*	PUNCT
fsr-3339	393	150	*	*	PUNCT
fsr-3339	393	151	*	*	PUNCT
fsr-3339	393	152	0.059	0.059	NUM
fsr-3339	393	153	*	*	PUNCT
fsr-3339	393	154	*	*	PUNCT
fsr-3339	393	155	*	*	NOUN
fsr-3339	393	156	0.005	0.005	NUM
fsr-3339	393	157	*	*	NOUN
fsr-3339	393	158	0.005	0.005	NUM
fsr-3339	393	159	0.001	0.001	NUM
fsr-3339	393	160	0.005	0.005	NUM
fsr-3339	393	161	�	�	NOUN
fsr-3339	393	162	0.025	0.025	NUM
fsr-3339	393	163	(	(	PUNCT
fsr-3339	393	164	0.310	0.310	NUM
fsr-3339	393	165	)	)	PUNCT
fsr-3339	393	166	(	(	PUNCT
fsr-3339	393	167	0.011	0.011	NUM
fsr-3339	393	168	)	)	PUNCT
fsr-3339	393	169	(	(	PUNCT
fsr-3339	393	170	0.003	0.003	NUM
fsr-3339	393	171	)	)	PUNCT
fsr-3339	393	172	(	(	PUNCT
fsr-3339	393	173	0.004	0.004	NUM
fsr-3339	393	174	)	)	PUNCT
fsr-3339	393	175	(	(	PUNCT
fsr-3339	393	176	0.003	0.003	NUM
fsr-3339	393	177	)	)	PUNCT
fsr-3339	393	178	(	(	PUNCT
fsr-3339	393	179	0.004	0.004	NUM
fsr-3339	393	180	)	)	PUNCT
fsr-3339	393	181	(	(	PUNCT
fsr-3339	393	182	0.023	0.023	NUM
fsr-3339	393	183	)	)	PUNCT
fsr-3339	394	1	mean	mean	VERB
fsr-3339	394	2	net	net	PROPN
fsr-3339	394	3	flows	flow	VERB
fsr-3339	394	4	�	�	ADP
fsr-3339	394	5	5.098	5.098	NUM
fsr-3339	394	6	*	*	SYM
fsr-3339	394	7	*	*	PROPN
fsr-3339	394	8	�	�	PROPN
fsr-3339	394	9	0.185	0.185	NUM
fsr-3339	394	10	*	*	SYM
fsr-3339	394	11	�	�	PROPN
fsr-3339	394	12	0.074	0.074	NUM
fsr-3339	394	13	�	�	PROPN
fsr-3339	394	14	0.291	0.291	NUM
fsr-3339	394	15	*	*	SYM
fsr-3339	394	16	0.172	0.172	NUM
fsr-3339	394	17	*	*	SYM
fsr-3339	394	18	�	�	PROPN
fsr-3339	394	19	0.208	0.208	NUM
fsr-3339	394	20	*	*	NUM
fsr-3339	394	21	1.238	1.238	NUM
fsr-3339	394	22	*	*	SYM
fsr-3339	394	23	(	(	PUNCT
fsr-3339	394	24	2.520	2.520	NUM
fsr-3339	394	25	)	)	PUNCT
fsr-3339	394	26	(	(	PUNCT
fsr-3339	394	27	0.096	0.096	NUM
fsr-3339	394	28	)	)	PUNCT
fsr-3339	394	29	(	(	PUNCT
fsr-3339	394	30	0.051	0.051	NUM
fsr-3339	394	31	)	)	PUNCT
fsr-3339	394	32	(	(	PUNCT
fsr-3339	394	33	0.163	0.163	NUM
fsr-3339	394	34	)	)	PUNCT
fsr-3339	394	35	(	(	PUNCT
fsr-3339	394	36	0.098	0.098	NUM
fsr-3339	394	37	)	)	PUNCT
fsr-3339	394	38	(	(	PUNCT
fsr-3339	394	39	0.113	0.113	NUM
fsr-3339	394	40	)	)	PUNCT
fsr-3339	394	41	(	(	PUNCT
fsr-3339	394	42	0.640	0.640	NUM
fsr-3339	394	43	)	)	PUNCT
fsr-3339	394	44	sd	sd	NOUN
fsr-3339	394	45	of	of	ADP
fsr-3339	394	46	net	net	NOUN
fsr-3339	394	47	flows	flow	VERB
fsr-3339	394	48	44.36	44.36	NUM
fsr-3339	394	49	*	*	PUNCT
fsr-3339	394	50	*	*	PUNCT
fsr-3339	394	51	*	*	PUNCT
fsr-3339	394	52	1.814	1.814	NUM
fsr-3339	394	53	*	*	PUNCT
fsr-3339	394	54	*	*	PUNCT
fsr-3339	394	55	*	*	PUNCT
fsr-3339	394	56	0.096	0.096	NUM
fsr-3339	394	57	0.246	0.246	NUM
fsr-3339	394	58	*	*	PUNCT
fsr-3339	394	59	*	*	PUNCT
fsr-3339	394	60	�	�	PROPN
fsr-3339	394	61	0.123	0.123	NUM
fsr-3339	394	62	0.257	0.257	NUM
fsr-3339	394	63	*	*	PUNCT
fsr-3339	394	64	*	*	NOUN
fsr-3339	394	65	�	�	X
fsr-3339	394	66	1.659	1.659	NUM
fsr-3339	394	67	*	*	NOUN
fsr-3339	394	68	*	*	PUNCT
fsr-3339	394	69	(	(	PUNCT
fsr-3339	394	70	6.895	6.895	NUM
fsr-3339	394	71	)	)	PUNCT
fsr-3339	394	72	(	(	PUNCT
fsr-3339	394	73	0.341	0.341	NUM
fsr-3339	394	74	)	)	PUNCT
fsr-3339	394	75	(	(	PUNCT
fsr-3339	394	76	0.119	0.119	NUM
fsr-3339	394	77	)	)	PUNCT
fsr-3339	394	78	(	(	PUNCT
fsr-3339	394	79	0.121	0.121	NUM
fsr-3339	394	80	)	)	PUNCT
fsr-3339	394	81	(	(	PUNCT
fsr-3339	394	82	0.115	0.115	NUM
fsr-3339	394	83	)	)	PUNCT
fsr-3339	394	84	(	(	PUNCT
fsr-3339	394	85	0.114	0.114	NUM
fsr-3339	394	86	)	)	PUNCT
fsr-3339	394	87	(	(	PUNCT
fsr-3339	394	88	0.762	0.762	NUM
fsr-3339	394	89	)	)	PUNCT
fsr-3339	394	90	(	(	PUNCT
fsr-3339	394	91	sd	sd	NOUN
fsr-3339	394	92	of	of	ADP
fsr-3339	394	93	net	net	ADJ
fsr-3339	394	94	flows)2	flows)2	NOUN
fsr-3339	394	95	�	�	PROPN
fsr-3339	394	96	49.65	49.65	NUM
fsr-3339	394	97	*	*	PUNCT
fsr-3339	394	98	*	*	PUNCT
fsr-3339	394	99	*	*	PUNCT
fsr-3339	394	100	�	�	PROPN
fsr-3339	394	101	2.012	2.012	NUM
fsr-3339	394	102	*	*	PUNCT
fsr-3339	394	103	*	*	PUNCT
fsr-3339	394	104	*	*	PROPN
fsr-3339	394	105	�	�	PROPN
fsr-3339	394	106	0.097	0.097	NUM
fsr-3339	394	107	�	�	NOUN
fsr-3339	394	108	0.153	0.153	NUM
fsr-3339	394	109	0.050	0.050	NUM
fsr-3339	394	110	�	�	NOUN
fsr-3339	394	111	0.213	0.213	NUM
fsr-3339	394	112	*	*	NUM
fsr-3339	394	113	1.271	1.271	NUM
fsr-3339	394	114	(	(	PUNCT
fsr-3339	394	115	7.885	7.885	NUM
fsr-3339	394	116	)	)	PUNCT
fsr-3339	394	117	(	(	PUNCT
fsr-3339	394	118	0.382	0.382	NUM
fsr-3339	394	119	)	)	PUNCT
fsr-3339	394	120	(	(	PUNCT
fsr-3339	394	121	0.129	0.129	NUM
fsr-3339	394	122	)	)	PUNCT
fsr-3339	394	123	(	(	PUNCT
fsr-3339	394	124	0.122	0.122	NUM
fsr-3339	394	125	)	)	PUNCT
fsr-3339	394	126	(	(	PUNCT
fsr-3339	394	127	0.123	0.123	NUM
fsr-3339	394	128	)	)	PUNCT
fsr-3339	394	129	(	(	PUNCT
fsr-3339	394	130	0.118	0.118	NUM
fsr-3339	394	131	)	)	PUNCT
fsr-3339	394	132	(	(	PUNCT
fsr-3339	394	133	0.801	0.801	NUM
fsr-3339	394	134	)	)	PUNCT
fsr-3339	394	135	constant	constant	ADJ
fsr-3339	394	136	�	�	PROPN
fsr-3339	394	137	12.60	12.60	NUM
fsr-3339	394	138	0.139	0.139	NUM
fsr-3339	394	139	0.103	0.103	NUM
fsr-3339	394	140	�	�	NOUN
fsr-3339	394	141	0.283	0.283	NUM
fsr-3339	394	142	*	*	NOUN
fsr-3339	394	143	*	*	X
fsr-3339	394	144	0.318	0.318	NUM
fsr-3339	394	145	�	�	PROPN
fsr-3339	394	146	0.093	0.093	NUM
fsr-3339	394	147	2.066	2.066	NUM
fsr-3339	394	148	(	(	PUNCT
fsr-3339	394	149	12.680	12.680	NUM
fsr-3339	394	150	)	)	PUNCT
fsr-3339	394	151	(	(	PUNCT
fsr-3339	394	152	1.020	1.020	NUM
fsr-3339	394	153	)	)	PUNCT
fsr-3339	394	154	(	(	PUNCT
fsr-3339	394	155	0.243	0.243	NUM
fsr-3339	394	156	)	)	PUNCT
fsr-3339	394	157	(	(	PUNCT
fsr-3339	394	158	0.140	0.140	NUM
fsr-3339	394	159	)	)	PUNCT
fsr-3339	394	160	(	(	PUNCT
fsr-3339	394	161	0.301	0.301	NUM
fsr-3339	394	162	)	)	PUNCT
fsr-3339	394	163	(	(	PUNCT
fsr-3339	394	164	0.097	0.097	NUM
fsr-3339	394	165	)	)	PUNCT
fsr-3339	394	166	(	(	PUNCT
fsr-3339	394	167	1.609	1.609	NUM
fsr-3339	394	168	)	)	PUNCT
fsr-3339	394	169	n	n	CCONJ
fsr-3339	394	170	147	147	NUM
fsr-3339	394	171	147	147	NUM
fsr-3339	394	172	147	147	NUM
fsr-3339	394	173	147	147	NUM
fsr-3339	394	174	147	147	NUM
fsr-3339	394	175	147	147	NUM
fsr-3339	394	176	147	147	NUM
fsr-3339	394	177	adjusted	adjust	VERB
fsr-3339	394	178	r2	r2	NOUN
fsr-3339	394	179	0.577	0.577	NUM
fsr-3339	394	180	0.544	0.544	NUM
fsr-3339	394	181	0.062	0.062	NUM
fsr-3339	394	182	0.302	0.302	NUM
fsr-3339	394	183	0.253	0.253	NUM
fsr-3339	394	184	0.241	0.241	NUM
fsr-3339	394	185	0.280	0.280	NUM
fsr-3339	394	186	this	this	DET
fsr-3339	394	187	table	table	NOUN
fsr-3339	394	188	shows	show	VERB
fsr-3339	394	189	the	the	DET
fsr-3339	394	190	regression	regression	NOUN
fsr-3339	394	191	results	result	NOUN
fsr-3339	394	192	of	of	ADP
fsr-3339	394	193	actively	actively	ADV
fsr-3339	394	194	managed	manage	VERB
fsr-3339	394	195	chinese	chinese	ADJ
fsr-3339	394	196	open	open	ADJ
fsr-3339	394	197	-	-	PUNCT
fsr-3339	394	198	end	end	NOUN
fsr-3339	394	199	stock	stock	NOUN
fsr-3339	394	200	mutual	mutual	ADJ
fsr-3339	394	201	fund	fund	NOUN
fsr-3339	394	202	performance	performance	NOUN
fsr-3339	394	203	on	on	ADP
fsr-3339	394	204	fund	fund	NOUN
fsr-3339	394	205	characteristics	characteristic	NOUN
fsr-3339	394	206	and	and	CCONJ
fsr-3339	394	207	investment	investment	NOUN
fsr-3339	394	208	styles	style	NOUN
fsr-3339	394	209	between	between	ADP
fsr-3339	394	210	2006	2006	NUM
fsr-3339	394	211	and	and	CCONJ
fsr-3339	394	212	2008	2008	NUM
fsr-3339	394	213	.	.	PUNCT
fsr-3339	395	1	the	the	DET
fsr-3339	395	2	dependent	dependent	ADJ
fsr-3339	395	3	variable	variable	NOUN
fsr-3339	395	4	is	be	AUX
fsr-3339	395	5	fund	fund	NOUN
fsr-3339	395	6	performance	performance	NOUN
fsr-3339	395	7	as	as	SCONJ
fsr-3339	395	8	measured	measure	VERB
fsr-3339	395	9	by	by	ADP
fsr-3339	395	10	the	the	DET
fsr-3339	395	11	sharpe	sharpe	PROPN
fsr-3339	395	12	ratio	ratio	NOUN
fsr-3339	395	13	,	,	PUNCT
fsr-3339	395	14	treynor	treynor	NOUN
fsr-3339	395	15	ratio	ratio	NOUN
fsr-3339	395	16	,	,	PUNCT
fsr-3339	395	17	four	four	NUM
fsr-3339	395	18	-	-	PUNCT
fsr-3339	395	19	factor	factor	NOUN
fsr-3339	395	20	�	�	PROPN
fsr-3339	395	21	,	,	PUNCT
fsr-3339	395	22	four	four	NUM
fsr-3339	395	23	-	-	PUNCT
fsr-3339	395	24	factor	factor	NOUN
fsr-3339	395	25	hm	hm	NOUN
fsr-3339	395	26	�	�	PROPN
fsr-3339	395	27	,	,	PUNCT
fsr-3339	395	28	four	four	NUM
fsr-3339	395	29	-	-	PUNCT
fsr-3339	395	30	factor	factor	NOUN
fsr-3339	395	31	hm	hm	NOUN
fsr-3339	395	32	timing	timing	NOUN
fsr-3339	395	33	,	,	PUNCT
fsr-3339	395	34	four	four	NUM
fsr-3339	395	35	-	-	PUNCT
fsr-3339	395	36	factor	factor	NOUN
fsr-3339	395	37	tm	tm	PROPN
fsr-3339	395	38	�	�	PROPN
fsr-3339	395	39	,	,	PUNCT
fsr-3339	395	40	and	and	CCONJ
fsr-3339	395	41	four	four	NUM
fsr-3339	395	42	-	-	PUNCT
fsr-3339	395	43	factor	factor	NOUN
fsr-3339	395	44	tm	tm	NOUN
fsr-3339	395	45	timing	timing	NOUN
fsr-3339	395	46	.	.	PUNCT
fsr-3339	396	1	the	the	DET
fsr-3339	396	2	independent	independent	ADJ
fsr-3339	396	3	variables	variable	NOUN
fsr-3339	396	4	are	be	AUX
fsr-3339	396	5	various	various	ADJ
fsr-3339	396	6	fund	fund	NOUN
fsr-3339	396	7	characteristics	characteristic	NOUN
fsr-3339	396	8	.	.	PUNCT
fsr-3339	397	1	management	management	NOUN
fsr-3339	397	2	fees	fee	NOUN
fsr-3339	397	3	and	and	CCONJ
fsr-3339	397	4	mean	mean	VERB
fsr-3339	397	5	net	net	ADJ
fsr-3339	397	6	flows	flow	NOUN
fsr-3339	397	7	are	be	AUX
fsr-3339	397	8	in	in	ADP
fsr-3339	397	9	percentages	percentage	NOUN
fsr-3339	397	10	and	and	CCONJ
fsr-3339	397	11	fund	fund	NOUN
fsr-3339	397	12	size	size	NOUN
fsr-3339	397	13	is	be	AUX
fsr-3339	397	14	measured	measure	VERB
fsr-3339	397	15	in	in	ADP
fsr-3339	397	16	10	10	NUM
fsr-3339	397	17	billion	billion	NUM
fsr-3339	397	18	yuan	yuan	NOUN
fsr-3339	397	19	.	.	PUNCT
fsr-3339	398	1	fund	fund	NOUN
fsr-3339	398	2	age	age	NOUN
fsr-3339	398	3	is	be	AUX
fsr-3339	398	4	the	the	DET
fsr-3339	398	5	length	length	NOUN
fsr-3339	398	6	of	of	ADP
fsr-3339	398	7	time	time	NOUN
fsr-3339	398	8	since	since	SCONJ
fsr-3339	398	9	fund	fund	NOUN
fsr-3339	398	10	inception	inception	NOUN
fsr-3339	398	11	.	.	PUNCT
fsr-3339	399	1	standard	standard	ADJ
fsr-3339	399	2	errors	error	NOUN
fsr-3339	399	3	are	be	AUX
fsr-3339	399	4	in	in	ADP
fsr-3339	399	5	parentheses	parenthesis	NOUN
fsr-3339	399	6	.	.	PUNCT
fsr-3339	400	1	*	*	PUNCT
fsr-3339	401	1	*	*	PUNCT
fsr-3339	401	2	*	*	PUNCT
fsr-3339	401	3	,	,	PUNCT
fsr-3339	401	4	*	*	PUNCT
fsr-3339	401	5	*	*	PUNCT
fsr-3339	401	6	,	,	PUNCT
fsr-3339	401	7	and	and	CCONJ
fsr-3339	401	8	*	*	PUNCT
fsr-3339	401	9	indicate	indicate	VERB
fsr-3339	401	10	significance	significance	NOUN
fsr-3339	401	11	at	at	ADP
fsr-3339	401	12	the	the	DET
fsr-3339	401	13	0.01	0.01	NUM
fsr-3339	401	14	,	,	PUNCT
fsr-3339	401	15	0.05	0.05	NUM
fsr-3339	401	16	,	,	PUNCT
fsr-3339	401	17	and	and	CCONJ
fsr-3339	401	18	0.10	0.10	NUM
fsr-3339	401	19	levels	level	NOUN
fsr-3339	401	20	,	,	PUNCT
fsr-3339	401	21	respectively	respectively	ADV
fsr-3339	401	22	.	.	PUNCT
fsr-3339	402	1	306	306	NUM
fsr-3339	402	2	w.	w.	NOUN
fsr-3339	402	3	he	he	PRON
fsr-3339	402	4	et	et	PROPN
fsr-3339	402	5	al	al	PROPN
fsr-3339	402	6	.	.	PUNCT
fsr-3339	402	7	/	/	SYM
fsr-3339	402	8	financial	financial	ADJ
fsr-3339	402	9	services	service	NOUN
fsr-3339	402	10	review	review	VERB
fsr-3339	402	11	24	24	NUM
fsr-3339	402	12	(	(	PUNCT
fsr-3339	402	13	2015	2015	NUM
fsr-3339	402	14	)	)	PUNCT
fsr-3339	402	15	289–311	289–311	NUM
fsr-3339	402	16	four	four	NUM
fsr-3339	402	17	-	-	PUNCT
fsr-3339	402	18	factor	factor	NOUN
fsr-3339	402	19	standard	standard	NOUN
fsr-3339	402	20	and	and	CCONJ
fsr-3339	402	21	tm	tm	NOUN
fsr-3339	402	22	models	model	NOUN
fsr-3339	402	23	with	with	ADP
fsr-3339	402	24	high	high	ADJ
fsr-3339	402	25	levels	level	NOUN
fsr-3339	402	26	of	of	ADP
fsr-3339	402	27	statistical	statistical	ADJ
fsr-3339	402	28	significance	significance	NOUN
fsr-3339	402	29	.	.	PUNCT
fsr-3339	403	1	table	table	NOUN
fsr-3339	403	2	8	8	NUM
fsr-3339	403	3	shows	show	VERB
fsr-3339	403	4	similar	similar	ADJ
fsr-3339	403	5	findings	finding	NOUN
fsr-3339	403	6	for	for	ADP
fsr-3339	403	7	mean	mean	ADJ
fsr-3339	403	8	net	net	ADJ
fsr-3339	403	9	flows	flow	NOUN
fsr-3339	403	10	on	on	ADP
fsr-3339	403	11	these	these	DET
fsr-3339	403	12	performance	performance	NOUN
fsr-3339	403	13	measures	measure	NOUN
fsr-3339	403	14	in	in	ADP
fsr-3339	403	15	the	the	DET
fsr-3339	403	16	second	second	ADJ
fsr-3339	403	17	sub	sub	NOUN
fsr-3339	403	18	-	-	NOUN
fsr-3339	403	19	period	period	NOUN
fsr-3339	403	20	.	.	PUNCT
fsr-3339	404	1	furthermore	furthermore	ADV
fsr-3339	404	2	,	,	PUNCT
fsr-3339	404	3	the	the	DET
fsr-3339	404	4	mean	mean	ADJ
fsr-3339	404	5	net	net	ADJ
fsr-3339	404	6	flows	flow	NOUN
fsr-3339	404	7	have	have	VERB
fsr-3339	404	8	a	a	DET
fsr-3339	404	9	positive	positive	ADJ
fsr-3339	404	10	and	and	CCONJ
fsr-3339	404	11	statistically	statistically	ADV
fsr-3339	404	12	significant	significant	ADJ
fsr-3339	404	13	relationship	relationship	NOUN
fsr-3339	404	14	with	with	ADP
fsr-3339	404	15	the	the	DET
fsr-3339	404	16	hm	hm	INTJ
fsr-3339	404	17	timing	timing	NOUN
fsr-3339	404	18	coefficients	coefficient	NOUN
fsr-3339	404	19	at	at	ADP
fsr-3339	404	20	the	the	DET
fsr-3339	404	21	0.10	0.10	NUM
fsr-3339	404	22	level	level	NOUN
fsr-3339	404	23	,	,	PUNCT
fsr-3339	404	24	which	which	PRON
fsr-3339	404	25	also	also	ADV
fsr-3339	404	26	occurs	occur	VERB
fsr-3339	404	27	in	in	ADP
fsr-3339	404	28	both	both	DET
fsr-3339	404	29	sub	sub	NOUN
fsr-3339	404	30	-	-	NOUN
fsr-3339	404	31	periods	period	NOUN
fsr-3339	404	32	.	.	PUNCT
fsr-3339	405	1	even	even	ADV
fsr-3339	405	2	for	for	ADP
fsr-3339	405	3	the	the	DET
fsr-3339	405	4	tm	tm	PROPN
fsr-3339	405	5	timing	timing	NOUN
fsr-3339	405	6	coefficient	coefficient	NOUN
fsr-3339	405	7	,	,	PUNCT
fsr-3339	405	8	this	this	DET
fsr-3339	405	9	positive	positive	ADJ
fsr-3339	405	10	relationship	relationship	NOUN
fsr-3339	405	11	appears	appear	VERB
fsr-3339	405	12	in	in	ADP
fsr-3339	405	13	the	the	DET
fsr-3339	405	14	first	first	ADJ
fsr-3339	405	15	sub	sub	NOUN
fsr-3339	405	16	-	-	NOUN
fsr-3339	405	17	period	period	NOUN
fsr-3339	405	18	at	at	ADP
fsr-3339	405	19	the	the	DET
fsr-3339	405	20	0.10	0.10	NUM
fsr-3339	405	21	level	level	NOUN
fsr-3339	405	22	and	and	CCONJ
fsr-3339	405	23	for	for	ADP
fsr-3339	405	24	the	the	DET
fsr-3339	405	25	whole	whole	ADJ
fsr-3339	405	26	period	period	NOUN
fsr-3339	405	27	.	.	PUNCT
fsr-3339	406	1	although	although	SCONJ
fsr-3339	406	2	the	the	DET
fsr-3339	406	3	sign	sign	NOUN
fsr-3339	406	4	is	be	AUX
fsr-3339	406	5	positive	positive	ADJ
fsr-3339	406	6	in	in	ADP
fsr-3339	406	7	the	the	DET
fsr-3339	406	8	second	second	ADJ
fsr-3339	406	9	sub	sub	NOUN
fsr-3339	406	10	-	-	NOUN
fsr-3339	406	11	period	period	NOUN
fsr-3339	406	12	,	,	PUNCT
fsr-3339	406	13	it	it	PRON
fsr-3339	406	14	is	be	AUX
fsr-3339	406	15	not	not	PART
fsr-3339	406	16	statistically	statistically	ADV
fsr-3339	406	17	significance	significance	NOUN
fsr-3339	406	18	at	at	ADP
fsr-3339	406	19	normal	normal	ADJ
fsr-3339	406	20	levels	level	NOUN
fsr-3339	406	21	.	.	PUNCT
fsr-3339	407	1	this	this	DET
fsr-3339	407	2	evidence	evidence	NOUN
fsr-3339	407	3	is	be	AUX
fsr-3339	407	4	consistent	consistent	ADJ
fsr-3339	407	5	with	with	ADP
fsr-3339	407	6	the	the	DET
fsr-3339	407	7	performance	performance	NOUN
fsr-3339	407	8	chasing	chase	VERB
fsr-3339	407	9	behavior	behavior	NOUN
fsr-3339	407	10	of	of	ADP
fsr-3339	407	11	investors	investor	NOUN
fsr-3339	407	12	.	.	PUNCT
fsr-3339	408	1	although	although	SCONJ
fsr-3339	408	2	fund	fund	NOUN
fsr-3339	408	3	flows	flow	NOUN
fsr-3339	408	4	often	often	ADV
fsr-3339	408	5	chase	chase	VERB
fsr-3339	408	6	good	good	ADJ
fsr-3339	408	7	performance	performance	NOUN
fsr-3339	408	8	,	,	PUNCT
fsr-3339	408	9	the	the	DET
fsr-3339	408	10	negative	negative	ADJ
fsr-3339	408	11	fund	fund	NOUN
fsr-3339	408	12	flows	flow	VERB
fsr-3339	408	13	from	from	ADP
fsr-3339	408	14	underperforming	underperform	VERB
fsr-3339	408	15	funds	fund	NOUN
fsr-3339	408	16	in	in	ADP
fsr-3339	408	17	the	the	DET
fsr-3339	408	18	sluggish	sluggish	ADJ
fsr-3339	408	19	sideways	sideways	ADJ
fsr-3339	408	20	market	market	NOUN
fsr-3339	408	21	after	after	ADP
fsr-3339	408	22	the	the	DET
fsr-3339	408	23	global	global	ADJ
fsr-3339	408	24	financial	financial	ADJ
fsr-3339	408	25	crisis	crisis	NOUN
fsr-3339	408	26	of	of	ADP
fsr-3339	408	27	2007–2009	2007–2009	NUM
fsr-3339	408	28	also	also	ADV
fsr-3339	408	29	merit	merit	VERB
fsr-3339	408	30	attention	attention	NOUN
fsr-3339	408	31	.	.	PUNCT
fsr-3339	409	1	as	as	SCONJ
fsr-3339	409	2	table	table	NOUN
fsr-3339	409	3	6	6	NUM
fsr-3339	409	4	shows	show	NOUN
fsr-3339	409	5	,	,	PUNCT
fsr-3339	409	6	the	the	DET
fsr-3339	409	7	positive	positive	ADJ
fsr-3339	409	8	coefficient	coefficient	NOUN
fsr-3339	409	9	on	on	ADP
fsr-3339	409	10	the	the	DET
fsr-3339	409	11	standard	standard	ADJ
fsr-3339	409	12	deviation	deviation	NOUN
fsr-3339	409	13	of	of	ADP
fsr-3339	409	14	net	net	ADJ
fsr-3339	409	15	flows	flow	NOUN
fsr-3339	409	16	and	and	CCONJ
fsr-3339	409	17	the	the	DET
fsr-3339	409	18	negative	negative	ADJ
fsr-3339	409	19	coefficients	coefficient	NOUN
fsr-3339	409	20	on	on	ADP
fsr-3339	409	21	its	its	PRON
fsr-3339	409	22	quadratic	quadratic	ADJ
fsr-3339	409	23	term	term	NOUN
fsr-3339	409	24	indicate	indicate	VERB
fsr-3339	409	25	an	an	DET
fsr-3339	409	26	inverted	invert	VERB
fsr-3339	409	27	-	-	PUNCT
fsr-3339	409	28	u	u	NOUN
fsr-3339	409	29	shape	shape	NOUN
fsr-3339	409	30	relationship	relationship	NOUN
fsr-3339	409	31	.	.	PUNCT
fsr-3339	410	1	this	this	PRON
fsr-3339	410	2	is	be	AUX
fsr-3339	410	3	significant	significant	ADJ
fsr-3339	410	4	at	at	ADP
fsr-3339	410	5	the	the	DET
fsr-3339	410	6	0.05	0.05	NUM
fsr-3339	410	7	level	level	NOUN
fsr-3339	410	8	for	for	ADP
fsr-3339	410	9	the	the	DET
fsr-3339	410	10	�	�	PROPN
fsr-3339	410	11	s	s	PART
fsr-3339	410	12	in	in	ADP
fsr-3339	410	13	both	both	CCONJ
fsr-3339	410	14	the	the	DET
fsr-3339	410	15	four	four	NUM
fsr-3339	410	16	-	-	PUNCT
fsr-3339	410	17	factor	factor	NOUN
fsr-3339	410	18	standard	standard	NOUN
fsr-3339	410	19	and	and	CCONJ
fsr-3339	410	20	tm	tm	PROPN
fsr-3339	410	21	models	model	NOUN
fsr-3339	410	22	.	.	PUNCT
fsr-3339	411	1	the	the	DET
fsr-3339	411	2	signs	sign	NOUN
fsr-3339	411	3	are	be	AUX
fsr-3339	411	4	consistent	consistent	ADJ
fsr-3339	411	5	for	for	ADP
fsr-3339	411	6	this	this	DET
fsr-3339	411	7	pair	pair	NOUN
fsr-3339	411	8	of	of	ADP
fsr-3339	411	9	coefficients	coefficient	NOUN
fsr-3339	411	10	across	across	ADP
fsr-3339	411	11	all	all	DET
fsr-3339	411	12	regressions	regression	NOUN
fsr-3339	411	13	except	except	SCONJ
fsr-3339	411	14	the	the	DET
fsr-3339	411	15	tm	tm	PROPN
fsr-3339	411	16	timing	timing	NOUN
fsr-3339	411	17	coefficient	coefficient	NOUN
fsr-3339	411	18	,	,	PUNCT
fsr-3339	411	19	which	which	PRON
fsr-3339	411	20	shows	show	VERB
fsr-3339	411	21	no	no	DET
fsr-3339	411	22	statistical	statistical	ADJ
fsr-3339	411	23	significance	significance	NOUN
fsr-3339	411	24	.	.	PUNCT
fsr-3339	412	1	furthermore	furthermore	ADV
fsr-3339	412	2	,	,	PUNCT
fsr-3339	412	3	both	both	DET
fsr-3339	412	4	sub	sub	NOUN
fsr-3339	412	5	-	-	ADJ
fsr-3339	412	6	periods	period	NOUN
fsr-3339	412	7	have	have	VERB
fsr-3339	412	8	similar	similar	ADJ
fsr-3339	412	9	results	result	NOUN
fsr-3339	412	10	for	for	ADP
fsr-3339	412	11	the	the	DET
fsr-3339	412	12	four	four	NUM
fsr-3339	412	13	-	-	PUNCT
fsr-3339	412	14	factor	factor	NOUN
fsr-3339	412	15	tm	tm	PROPN
fsr-3339	412	16	�	�	PROPN
fsr-3339	412	17	.	.	PUNCT
fsr-3339	413	1	the	the	DET
fsr-3339	413	2	second	second	ADJ
fsr-3339	413	3	sub	sub	NOUN
fsr-3339	413	4	-	-	NOUN
fsr-3339	413	5	period	period	NOUN
fsr-3339	413	6	provides	provide	VERB
fsr-3339	413	7	a	a	DET
fsr-3339	413	8	similar	similar	ADJ
fsr-3339	413	9	conclusion	conclusion	NOUN
fsr-3339	413	10	for	for	ADP
fsr-3339	413	11	the	the	DET
fsr-3339	413	12	�	�	PROPN
fsr-3339	413	13	in	in	ADP
fsr-3339	413	14	the	the	DET
fsr-3339	413	15	four	four	NUM
fsr-3339	413	16	-	-	PUNCT
fsr-3339	413	17	factor	factor	NOUN
fsr-3339	413	18	standard	standard	ADJ
fsr-3339	413	19	model	model	NOUN
fsr-3339	413	20	.	.	PUNCT
fsr-3339	414	1	table	table	NOUN
fsr-3339	414	2	6	6	NUM
fsr-3339	414	3	also	also	ADV
fsr-3339	414	4	shows	show	VERB
fsr-3339	414	5	that	that	SCONJ
fsr-3339	414	6	management	management	NOUN
fsr-3339	414	7	fees	fee	NOUN
fsr-3339	414	8	and	and	CCONJ
fsr-3339	414	9	fund	fund	NOUN
fsr-3339	414	10	size	size	NOUN
fsr-3339	414	11	do	do	AUX
fsr-3339	414	12	not	not	PART
fsr-3339	414	13	have	have	VERB
fsr-3339	414	14	any	any	DET
fsr-3339	414	15	statistically	statistically	ADJ
fsr-3339	414	16	significance	significance	NOUN
fsr-3339	414	17	coefficients	coefficient	NOUN
fsr-3339	414	18	for	for	ADP
fsr-3339	414	19	any	any	PRON
fsr-3339	414	20	of	of	ADP
fsr-3339	414	21	the	the	DET
fsr-3339	414	22	regressions	regression	NOUN
fsr-3339	414	23	.	.	PUNCT
fsr-3339	415	1	moreover	moreover	ADV
fsr-3339	415	2	,	,	PUNCT
fsr-3339	415	3	the	the	DET
fsr-3339	415	4	signs	sign	NOUN
fsr-3339	415	5	of	of	ADP
fsr-3339	415	6	these	these	DET
fsr-3339	415	7	coefficients	coefficient	NOUN
fsr-3339	415	8	are	be	AUX
fsr-3339	415	9	in	in	ADP
fsr-3339	415	10	different	different	ADJ
fsr-3339	415	11	directions	direction	NOUN
fsr-3339	415	12	for	for	ADP
fsr-3339	415	13	the	the	DET
fsr-3339	415	14	various	various	ADJ
fsr-3339	415	15	performance	performance	NOUN
fsr-3339	415	16	measures	measure	NOUN
fsr-3339	415	17	.	.	PUNCT
fsr-3339	416	1	as	as	SCONJ
fsr-3339	416	2	table	table	NOUN
fsr-3339	416	3	7	7	NUM
fsr-3339	416	4	shows	show	NOUN
fsr-3339	416	5	,	,	PUNCT
fsr-3339	416	6	the	the	DET
fsr-3339	416	7	first	first	ADJ
fsr-3339	416	8	sub	sub	ADJ
fsr-3339	416	9	-	-	NOUN
fsr-3339	416	10	period	period	NOUN
fsr-3339	416	11	yields	yield	NOUN
fsr-3339	416	12	similar	similar	ADJ
fsr-3339	416	13	effects	effect	NOUN
fsr-3339	416	14	for	for	ADP
fsr-3339	416	15	the	the	DET
fsr-3339	416	16	volatility	volatility	NOUN
fsr-3339	416	17	of	of	ADP
fsr-3339	416	18	fund	fund	NOUN
fsr-3339	416	19	flows	flow	NOUN
fsr-3339	416	20	on	on	ADP
fsr-3339	416	21	the	the	DET
fsr-3339	416	22	sharpe	sharpe	NOUN
fsr-3339	416	23	and	and	CCONJ
fsr-3339	416	24	treynor	treynor	NOUN
fsr-3339	416	25	ratios	ratio	NOUN
fsr-3339	416	26	.	.	PUNCT
fsr-3339	417	1	as	as	SCONJ
fsr-3339	417	2	previously	previously	ADV
fsr-3339	417	3	discussed	discuss	VERB
fsr-3339	417	4	,	,	PUNCT
fsr-3339	417	5	this	this	DET
fsr-3339	417	6	inverted	invert	VERB
fsr-3339	417	7	-	-	PUNCT
fsr-3339	417	8	u	u	NOUN
fsr-3339	417	9	relationship	relationship	NOUN
fsr-3339	417	10	is	be	AUX
fsr-3339	417	11	table	table	NOUN
fsr-3339	417	12	8	8	NUM
fsr-3339	417	13	regressions	regression	NOUN
fsr-3339	417	14	on	on	ADP
fsr-3339	417	15	actively	actively	ADV
fsr-3339	417	16	managed	manage	VERB
fsr-3339	417	17	chinese	chinese	ADJ
fsr-3339	417	18	stock	stock	PROPN
fsr-3339	417	19	mutual	mutual	ADJ
fsr-3339	417	20	fund	fund	NOUN
fsr-3339	417	21	characteristics	characteristic	NOUN
fsr-3339	417	22	and	and	CCONJ
fsr-3339	417	23	performance	performance	NOUN
fsr-3339	417	24	measures	measure	NOUN
fsr-3339	417	25	between	between	ADP
fsr-3339	417	26	2009	2009	NUM
fsr-3339	417	27	and	and	CCONJ
fsr-3339	417	28	2011	2011	NUM
fsr-3339	417	29	fund	fund	NOUN
fsr-3339	417	30	characteristics	characteristics	PROPN
fsr-3339	417	31	sharpe	sharpe	PROPN
fsr-3339	417	32	ratio	ratio	PROPN
fsr-3339	417	33	treynor	treynor	PROPN
fsr-3339	417	34	ratio	ratio	NOUN
fsr-3339	417	35	four	four	NUM
fsr-3339	417	36	-	-	PUNCT
fsr-3339	417	37	factor	factor	NOUN
fsr-3339	417	38	�	�	PROPN
fsr-3339	417	39	four	four	NUM
fsr-3339	417	40	-	-	PUNCT
fsr-3339	417	41	factor	factor	NOUN
fsr-3339	417	42	hm	hm	INTJ
fsr-3339	417	43	�	�	PROPN
fsr-3339	417	44	four	four	NUM
fsr-3339	417	45	-	-	PUNCT
fsr-3339	417	46	factor	factor	NOUN
fsr-3339	417	47	hm	hm	INTJ
fsr-3339	417	48	timing	time	VERB
fsr-3339	417	49	four	four	NUM
fsr-3339	417	50	-	-	PUNCT
fsr-3339	417	51	factor	factor	NOUN
fsr-3339	418	1	tm	tm	PROPN
fsr-3339	418	2	�	�	PROPN
fsr-3339	418	3	four	four	NUM
fsr-3339	418	4	-	-	PUNCT
fsr-3339	418	5	factor	factor	NOUN
fsr-3339	418	6	tm	tm	NOUN
fsr-3339	418	7	timing	timing	NOUN
fsr-3339	418	8	management	management	NOUN
fsr-3339	418	9	fees	fee	NOUN
fsr-3339	418	10	�	�	PROPN
fsr-3339	418	11	0.155	0.155	NUM
fsr-3339	418	12	0.225	0.225	NUM
fsr-3339	418	13	�	�	PROPN
fsr-3339	418	14	0.000	0.000	NUM
fsr-3339	418	15	�	�	PROPN
fsr-3339	418	16	0.002	0.002	NUM
fsr-3339	418	17	0.003	0.003	NUM
fsr-3339	418	18	�	�	PROPN
fsr-3339	418	19	0.004	0.004	NUM
fsr-3339	418	20	0.278	0.278	NUM
fsr-3339	418	21	(	(	PUNCT
fsr-3339	418	22	1.067	1.067	NUM
fsr-3339	418	23	)	)	PUNCT
fsr-3339	418	24	(	(	PUNCT
fsr-3339	418	25	0.239	0.239	NUM
fsr-3339	418	26	)	)	PUNCT
fsr-3339	418	27	(	(	PUNCT
fsr-3339	418	28	0.002	0.002	NUM
fsr-3339	418	29	)	)	PUNCT
fsr-3339	418	30	(	(	PUNCT
fsr-3339	418	31	0.027	0.027	NUM
fsr-3339	418	32	)	)	PUNCT
fsr-3339	418	33	(	(	PUNCT
fsr-3339	418	34	0.051	0.051	NUM
fsr-3339	418	35	)	)	PUNCT
fsr-3339	418	36	(	(	PUNCT
fsr-3339	418	37	0.012	0.012	NUM
fsr-3339	418	38	)	)	PUNCT
fsr-3339	418	39	(	(	PUNCT
fsr-3339	418	40	0.669	0.669	NUM
fsr-3339	418	41	)	)	PUNCT
fsr-3339	418	42	fund	fund	NOUN
fsr-3339	418	43	size	size	NOUN
fsr-3339	418	44	1.562	1.562	NUM
fsr-3339	418	45	*	*	PUNCT
fsr-3339	418	46	*	*	PUNCT
fsr-3339	419	1	*	*	PUNCT
fsr-3339	419	2	0.360	0.360	NUM
fsr-3339	419	3	0.012	0.012	NUM
fsr-3339	419	4	*	*	PUNCT
fsr-3339	419	5	*	*	PUNCT
fsr-3339	419	6	*	*	PUNCT
fsr-3339	419	7	0.003	0.003	NUM
fsr-3339	419	8	0.017	0.017	NUM
fsr-3339	419	9	0.006	0.006	NUM
fsr-3339	419	10	0.258	0.258	NUM
fsr-3339	419	11	(	(	PUNCT
fsr-3339	419	12	0.520	0.520	NUM
fsr-3339	419	13	)	)	PUNCT
fsr-3339	419	14	(	(	PUNCT
fsr-3339	419	15	0.346	0.346	NUM
fsr-3339	419	16	)	)	PUNCT
fsr-3339	419	17	(	(	PUNCT
fsr-3339	419	18	0.004	0.004	NUM
fsr-3339	419	19	)	)	PUNCT
fsr-3339	419	20	(	(	PUNCT
fsr-3339	419	21	0.007	0.007	NUM
fsr-3339	419	22	)	)	PUNCT
fsr-3339	419	23	(	(	PUNCT
fsr-3339	419	24	0.010	0.010	NUM
fsr-3339	419	25	)	)	PUNCT
fsr-3339	419	26	(	(	PUNCT
fsr-3339	419	27	0.005	0.005	NUM
fsr-3339	419	28	)	)	PUNCT
fsr-3339	419	29	(	(	PUNCT
fsr-3339	419	30	0.165	0.165	NUM
fsr-3339	419	31	)	)	PUNCT
fsr-3339	419	32	age	age	NOUN
fsr-3339	419	33	1.357	1.357	NUM
fsr-3339	419	34	*	*	PUNCT
fsr-3339	419	35	*	*	PUNCT
fsr-3339	419	36	*	*	X
fsr-3339	419	37	0.112	0.112	NUM
fsr-3339	419	38	�	�	NOUN
fsr-3339	419	39	0.002	0.002	NUM
fsr-3339	419	40	*	*	PUNCT
fsr-3339	419	41	*	*	PUNCT
fsr-3339	419	42	*	*	PUNCT
fsr-3339	419	43	�	�	PROPN
fsr-3339	419	44	0.002	0.002	NUM
fsr-3339	419	45	*	*	SYM
fsr-3339	419	46	�	�	PROPN
fsr-3339	419	47	0.001	0.001	NUM
fsr-3339	419	48	�	�	PROPN
fsr-3339	419	49	0.001	0.001	NUM
fsr-3339	419	50	�	�	NOUN
fsr-3339	419	51	0.098	0.098	NUM
fsr-3339	419	52	*	*	NOUN
fsr-3339	419	53	*	*	PUNCT
fsr-3339	419	54	(	(	PUNCT
fsr-3339	419	55	0.158	0.158	NUM
fsr-3339	419	56	)	)	PUNCT
fsr-3339	419	57	(	(	PUNCT
fsr-3339	419	58	0.097	0.097	NUM
fsr-3339	419	59	)	)	PUNCT
fsr-3339	419	60	(	(	PUNCT
fsr-3339	419	61	0.001	0.001	NUM
fsr-3339	419	62	)	)	PUNCT
fsr-3339	419	63	(	(	PUNCT
fsr-3339	419	64	0.0014	0.0014	NUM
fsr-3339	419	65	)	)	PUNCT
fsr-3339	419	66	(	(	PUNCT
fsr-3339	419	67	0.002	0.002	NUM
fsr-3339	419	68	)	)	PUNCT
fsr-3339	419	69	(	(	PUNCT
fsr-3339	419	70	0.001	0.001	NUM
fsr-3339	419	71	)	)	PUNCT
fsr-3339	419	72	(	(	PUNCT
fsr-3339	419	73	0.046	0.046	NUM
fsr-3339	419	74	)	)	PUNCT
fsr-3339	419	75	mean	mean	VERB
fsr-3339	419	76	net	net	NOUN
fsr-3339	419	77	flows	flow	VERB
fsr-3339	419	78	15.500	15.500	NUM
fsr-3339	419	79	*	*	NOUN
fsr-3339	419	80	*	*	PUNCT
fsr-3339	419	81	*	*	PUNCT
fsr-3339	419	82	5.895	5.895	NUM
fsr-3339	419	83	0.087	0.087	NUM
fsr-3339	419	84	*	*	PUNCT
fsr-3339	419	85	*	*	PUNCT
fsr-3339	419	86	*	*	PUNCT
fsr-3339	419	87	0.019	0.019	NUM
fsr-3339	419	88	0.136	0.136	NUM
fsr-3339	419	89	*	*	PUNCT
fsr-3339	419	90	0.059	0.059	NUM
fsr-3339	419	91	*	*	SYM
fsr-3339	419	92	1.698	1.698	NUM
fsr-3339	419	93	(	(	PUNCT
fsr-3339	419	94	4.378	4.378	NUM
fsr-3339	419	95	)	)	PUNCT
fsr-3339	419	96	(	(	PUNCT
fsr-3339	419	97	5.292	5.292	NUM
fsr-3339	419	98	)	)	PUNCT
fsr-3339	419	99	(	(	PUNCT
fsr-3339	419	100	0.021	0.021	NUM
fsr-3339	419	101	)	)	PUNCT
fsr-3339	419	102	(	(	PUNCT
fsr-3339	419	103	0.042	0.042	NUM
fsr-3339	419	104	)	)	PUNCT
fsr-3339	419	105	(	(	PUNCT
fsr-3339	419	106	0.073	0.073	NUM
fsr-3339	419	107	)	)	PUNCT
fsr-3339	419	108	(	(	PUNCT
fsr-3339	419	109	0.031	0.031	NUM
fsr-3339	419	110	)	)	PUNCT
fsr-3339	419	111	(	(	PUNCT
fsr-3339	419	112	1.401	1.401	NUM
fsr-3339	419	113	)	)	PUNCT
fsr-3339	419	114	sd	sd	NOUN
fsr-3339	419	115	of	of	ADP
fsr-3339	419	116	net	net	NOUN
fsr-3339	419	117	flows	flow	VERB
fsr-3339	419	118	11.90	11.90	NUM
fsr-3339	419	119	8.508	8.508	NUM
fsr-3339	419	120	0.131	0.131	NUM
fsr-3339	419	121	*	*	PUNCT
fsr-3339	419	122	*	*	PUNCT
fsr-3339	419	123	*	*	PUNCT
fsr-3339	419	124	0.102	0.102	NUM
fsr-3339	419	125	0.029	0.029	NUM
fsr-3339	419	126	0.139	0.139	NUM
fsr-3339	419	127	*	*	PUNCT
fsr-3339	419	128	*	*	PUNCT
fsr-3339	419	129	*	*	PUNCT
fsr-3339	419	130	�	�	X
fsr-3339	419	131	1.311	1.311	NUM
fsr-3339	419	132	(	(	PUNCT
fsr-3339	419	133	7.377	7.377	NUM
fsr-3339	419	134	)	)	PUNCT
fsr-3339	419	135	(	(	PUNCT
fsr-3339	419	136	8.175	8.175	NUM
fsr-3339	419	137	)	)	PUNCT
fsr-3339	419	138	(	(	PUNCT
fsr-3339	419	139	0.043	0.043	NUM
fsr-3339	419	140	)	)	PUNCT
fsr-3339	419	141	(	(	PUNCT
fsr-3339	419	142	0.067	0.067	NUM
fsr-3339	419	143	)	)	PUNCT
fsr-3339	419	144	(	(	PUNCT
fsr-3339	419	145	0.122	0.122	NUM
fsr-3339	419	146	)	)	PUNCT
fsr-3339	419	147	(	(	PUNCT
fsr-3339	419	148	0.047	0.047	NUM
fsr-3339	419	149	)	)	PUNCT
fsr-3339	419	150	(	(	PUNCT
fsr-3339	419	151	2.183	2.183	NUM
fsr-3339	419	152	)	)	PUNCT
fsr-3339	419	153	(	(	PUNCT
fsr-3339	419	154	sd	sd	NOUN
fsr-3339	419	155	of	of	ADP
fsr-3339	419	156	net	net	ADJ
fsr-3339	419	157	flows)2	flows)2	NOUN
fsr-3339	419	158	�	�	PROPN
fsr-3339	419	159	14.69	14.69	NUM
fsr-3339	419	160	�	�	PROPN
fsr-3339	419	161	10.04	10.04	NUM
fsr-3339	419	162	�	�	NOUN
fsr-3339	419	163	0.232	0.232	NUM
fsr-3339	419	164	*	*	PUNCT
fsr-3339	419	165	*	*	PUNCT
fsr-3339	419	166	*	*	PUNCT
fsr-3339	419	167	�	�	PROPN
fsr-3339	419	168	0.174	0.174	NUM
fsr-3339	419	169	�	�	PROPN
fsr-3339	419	170	0.075	0.075	NUM
fsr-3339	419	171	�	�	NOUN
fsr-3339	419	172	0.236	0.236	NUM
fsr-3339	419	173	*	*	PUNCT
fsr-3339	419	174	*	*	PUNCT
fsr-3339	419	175	*	*	X
fsr-3339	419	176	1.295	1.295	NUM
fsr-3339	419	177	(	(	PUNCT
fsr-3339	419	178	9.604	9.604	NUM
fsr-3339	419	179	)	)	PUNCT
fsr-3339	419	180	(	(	PUNCT
fsr-3339	419	181	9.544	9.544	NUM
fsr-3339	419	182	)	)	PUNCT
fsr-3339	419	183	(	(	PUNCT
fsr-3339	419	184	0.072	0.072	NUM
fsr-3339	419	185	)	)	PUNCT
fsr-3339	419	186	(	(	PUNCT
fsr-3339	419	187	0.121	0.121	NUM
fsr-3339	419	188	)	)	PUNCT
fsr-3339	419	189	(	(	PUNCT
fsr-3339	419	190	0.218	0.218	NUM
fsr-3339	419	191	)	)	PUNCT
fsr-3339	419	192	(	(	PUNCT
fsr-3339	419	193	0.083	0.083	NUM
fsr-3339	419	194	)	)	PUNCT
fsr-3339	419	195	(	(	PUNCT
fsr-3339	419	196	3.566	3.566	NUM
fsr-3339	419	197	)	)	PUNCT
fsr-3339	419	198	constant	constant	ADJ
fsr-3339	419	199	�	�	NOUN
fsr-3339	419	200	7.081	7.081	NUM
fsr-3339	419	201	*	*	PUNCT
fsr-3339	419	202	*	*	PUNCT
fsr-3339	419	203	*	*	PUNCT
fsr-3339	419	204	�	�	PROPN
fsr-3339	419	205	1.699	1.699	NUM
fsr-3339	419	206	�	�	PROPN
fsr-3339	419	207	0.012	0.012	NUM
fsr-3339	419	208	�	�	PROPN
fsr-3339	419	209	0.015	0.015	NUM
fsr-3339	419	210	0.010	0.010	NUM
fsr-3339	419	211	�	�	PROPN
fsr-3339	419	212	0.013	0.013	NUM
fsr-3339	419	213	0.168	0.168	NUM
fsr-3339	419	214	(	(	PUNCT
fsr-3339	419	215	2.180	2.180	NUM
fsr-3339	419	216	)	)	PUNCT
fsr-3339	419	217	(	(	PUNCT
fsr-3339	419	218	1.601	1.601	NUM
fsr-3339	419	219	)	)	PUNCT
fsr-3339	419	220	(	(	PUNCT
fsr-3339	419	221	0.009	0.009	NUM
fsr-3339	419	222	)	)	PUNCT
fsr-3339	419	223	(	(	PUNCT
fsr-3339	419	224	0.040	0.040	NUM
fsr-3339	419	225	)	)	PUNCT
fsr-3339	419	226	(	(	PUNCT
fsr-3339	419	227	0.077	0.077	NUM
fsr-3339	419	228	)	)	PUNCT
fsr-3339	419	229	(	(	PUNCT
fsr-3339	419	230	0.020	0.020	NUM
fsr-3339	419	231	)	)	PUNCT
fsr-3339	419	232	(	(	PUNCT
fsr-3339	419	233	1.081	1.081	NUM
fsr-3339	419	234	)	)	PUNCT
fsr-3339	419	235	n	n	CCONJ
fsr-3339	419	236	308	308	NUM
fsr-3339	419	237	308	308	NUM
fsr-3339	419	238	308	308	NUM
fsr-3339	419	239	308	308	NUM
fsr-3339	419	240	308	308	NUM
fsr-3339	419	241	308	308	NUM
fsr-3339	419	242	308	308	NUM
fsr-3339	419	243	adjusted	adjust	VERB
fsr-3339	419	244	r2	r2	NOUN
fsr-3339	419	245	0.491	0.491	NUM
fsr-3339	419	246	0.018	0.018	NUM
fsr-3339	419	247	0.118	0.118	NUM
fsr-3339	419	248	0.004	0.004	NUM
fsr-3339	419	249	0.021	0.021	NUM
fsr-3339	419	250	0.045	0.045	NUM
fsr-3339	419	251	0.010	0.010	NUM
fsr-3339	419	252	this	this	DET
fsr-3339	419	253	table	table	NOUN
fsr-3339	419	254	shows	show	VERB
fsr-3339	419	255	the	the	DET
fsr-3339	419	256	regression	regression	NOUN
fsr-3339	419	257	results	result	NOUN
fsr-3339	419	258	of	of	ADP
fsr-3339	419	259	actively	actively	ADV
fsr-3339	419	260	managed	manage	VERB
fsr-3339	419	261	chinese	chinese	ADJ
fsr-3339	419	262	open	open	ADJ
fsr-3339	419	263	-	-	PUNCT
fsr-3339	419	264	end	end	NOUN
fsr-3339	419	265	stock	stock	NOUN
fsr-3339	419	266	mutual	mutual	ADJ
fsr-3339	419	267	fund	fund	NOUN
fsr-3339	419	268	performance	performance	NOUN
fsr-3339	419	269	on	on	ADP
fsr-3339	419	270	fund	fund	NOUN
fsr-3339	419	271	characteristics	characteristic	NOUN
fsr-3339	419	272	and	and	CCONJ
fsr-3339	419	273	investment	investment	NOUN
fsr-3339	419	274	styles	style	NOUN
fsr-3339	419	275	between	between	ADP
fsr-3339	419	276	2009	2009	NUM
fsr-3339	419	277	and	and	CCONJ
fsr-3339	419	278	2011	2011	NUM
fsr-3339	419	279	.	.	PUNCT
fsr-3339	420	1	the	the	DET
fsr-3339	420	2	dependent	dependent	ADJ
fsr-3339	420	3	variable	variable	NOUN
fsr-3339	420	4	is	be	AUX
fsr-3339	420	5	fund	fund	NOUN
fsr-3339	420	6	performance	performance	NOUN
fsr-3339	420	7	as	as	SCONJ
fsr-3339	420	8	measured	measure	VERB
fsr-3339	420	9	by	by	ADP
fsr-3339	420	10	the	the	DET
fsr-3339	420	11	sharpe	sharpe	PROPN
fsr-3339	420	12	ratio	ratio	NOUN
fsr-3339	420	13	,	,	PUNCT
fsr-3339	420	14	treynor	treynor	NOUN
fsr-3339	420	15	ratio	ratio	NOUN
fsr-3339	420	16	,	,	PUNCT
fsr-3339	420	17	four	four	NUM
fsr-3339	420	18	-	-	PUNCT
fsr-3339	420	19	factor	factor	NOUN
fsr-3339	420	20	�	�	PROPN
fsr-3339	420	21	,	,	PUNCT
fsr-3339	420	22	four	four	NUM
fsr-3339	420	23	-	-	PUNCT
fsr-3339	420	24	factor	factor	NOUN
fsr-3339	420	25	hm	hm	NOUN
fsr-3339	420	26	�	�	PROPN
fsr-3339	420	27	,	,	PUNCT
fsr-3339	420	28	four	four	NUM
fsr-3339	420	29	-	-	PUNCT
fsr-3339	420	30	factor	factor	NOUN
fsr-3339	420	31	hm	hm	NOUN
fsr-3339	420	32	timing	timing	NOUN
fsr-3339	420	33	,	,	PUNCT
fsr-3339	420	34	four	four	NUM
fsr-3339	420	35	-	-	PUNCT
fsr-3339	420	36	factor	factor	NOUN
fsr-3339	420	37	tm	tm	PROPN
fsr-3339	420	38	�	�	PROPN
fsr-3339	420	39	,	,	PUNCT
fsr-3339	420	40	and	and	CCONJ
fsr-3339	420	41	four	four	NUM
fsr-3339	420	42	-	-	PUNCT
fsr-3339	420	43	factor	factor	NOUN
fsr-3339	420	44	tm	tm	NOUN
fsr-3339	420	45	timing	timing	NOUN
fsr-3339	420	46	.	.	PUNCT
fsr-3339	421	1	the	the	DET
fsr-3339	421	2	independent	independent	ADJ
fsr-3339	421	3	variables	variable	NOUN
fsr-3339	421	4	are	be	AUX
fsr-3339	421	5	various	various	ADJ
fsr-3339	421	6	fund	fund	NOUN
fsr-3339	421	7	characteristics	characteristic	NOUN
fsr-3339	421	8	.	.	PUNCT
fsr-3339	422	1	management	management	NOUN
fsr-3339	422	2	fees	fee	NOUN
fsr-3339	422	3	and	and	CCONJ
fsr-3339	422	4	mean	mean	VERB
fsr-3339	422	5	net	net	ADJ
fsr-3339	422	6	flows	flow	NOUN
fsr-3339	422	7	are	be	AUX
fsr-3339	422	8	in	in	ADP
fsr-3339	422	9	percentages	percentage	NOUN
fsr-3339	422	10	and	and	CCONJ
fsr-3339	422	11	fund	fund	NOUN
fsr-3339	422	12	size	size	NOUN
fsr-3339	422	13	is	be	AUX
fsr-3339	422	14	measured	measure	VERB
fsr-3339	422	15	in	in	ADP
fsr-3339	422	16	10	10	NUM
fsr-3339	422	17	billion	billion	NUM
fsr-3339	422	18	yuan	yuan	NOUN
fsr-3339	422	19	.	.	PUNCT
fsr-3339	423	1	fund	fund	NOUN
fsr-3339	423	2	age	age	NOUN
fsr-3339	423	3	is	be	AUX
fsr-3339	423	4	the	the	DET
fsr-3339	423	5	length	length	NOUN
fsr-3339	423	6	of	of	ADP
fsr-3339	423	7	time	time	NOUN
fsr-3339	423	8	since	since	SCONJ
fsr-3339	423	9	fund	fund	NOUN
fsr-3339	423	10	inception	inception	NOUN
fsr-3339	423	11	.	.	PUNCT
fsr-3339	424	1	standard	standard	ADJ
fsr-3339	424	2	errors	error	NOUN
fsr-3339	424	3	are	be	AUX
fsr-3339	424	4	in	in	ADP
fsr-3339	424	5	parentheses	parenthesis	NOUN
fsr-3339	424	6	.	.	PUNCT
fsr-3339	425	1	*	*	PUNCT
fsr-3339	426	1	*	*	PUNCT
fsr-3339	426	2	*	*	PUNCT
fsr-3339	426	3	,	,	PUNCT
fsr-3339	426	4	*	*	PUNCT
fsr-3339	426	5	*	*	PUNCT
fsr-3339	426	6	,	,	PUNCT
fsr-3339	426	7	and	and	CCONJ
fsr-3339	426	8	*	*	PUNCT
fsr-3339	426	9	indicate	indicate	VERB
fsr-3339	426	10	significance	significance	NOUN
fsr-3339	426	11	at	at	ADP
fsr-3339	426	12	the	the	DET
fsr-3339	426	13	0.01	0.01	NUM
fsr-3339	426	14	,	,	PUNCT
fsr-3339	426	15	0.05	0.05	NUM
fsr-3339	426	16	,	,	PUNCT
fsr-3339	426	17	and	and	CCONJ
fsr-3339	426	18	0.10	0.10	NUM
fsr-3339	426	19	levels	level	NOUN
fsr-3339	426	20	,	,	PUNCT
fsr-3339	426	21	respectively	respectively	ADV
fsr-3339	426	22	.	.	PUNCT
fsr-3339	427	1	307w	307w	NUM
fsr-3339	427	2	.	.	PUNCT
fsr-3339	428	1	he	he	PRON
fsr-3339	428	2	et	et	PROPN
fsr-3339	428	3	al	al	PROPN
fsr-3339	428	4	.	.	PUNCT
fsr-3339	428	5	/	/	SYM
fsr-3339	428	6	financial	financial	ADJ
fsr-3339	428	7	services	service	NOUN
fsr-3339	428	8	review	review	VERB
fsr-3339	428	9	24	24	NUM
fsr-3339	428	10	(	(	PUNCT
fsr-3339	428	11	2015	2015	NUM
fsr-3339	428	12	)	)	PUNCT
fsr-3339	428	13	289–311	289–311	NUM
fsr-3339	428	14	consistent	consistent	ADJ
fsr-3339	428	15	with	with	ADP
fsr-3339	428	16	the	the	DET
fsr-3339	428	17	idea	idea	NOUN
fsr-3339	428	18	that	that	SCONJ
fsr-3339	428	19	high	high	ADJ
fsr-3339	428	20	flow	flow	NOUN
fsr-3339	428	21	volatility	volatility	NOUN
fsr-3339	428	22	hurts	hurt	VERB
fsr-3339	428	23	fund	fund	NOUN
fsr-3339	428	24	performance	performance	NOUN
fsr-3339	428	25	by	by	ADP
fsr-3339	428	26	disrupting	disrupt	VERB
fsr-3339	428	27	the	the	DET
fsr-3339	428	28	portfolio	portfolio	NOUN
fsr-3339	428	29	managers	manager	NOUN
fsr-3339	428	30	’	’	PART
fsr-3339	428	31	operations	operation	NOUN
fsr-3339	428	32	with	with	ADP
fsr-3339	428	33	costly	costly	ADJ
fsr-3339	428	34	trading	trading	NOUN
fsr-3339	428	35	.	.	PUNCT
fsr-3339	429	1	by	by	ADP
fsr-3339	429	2	contrast	contrast	NOUN
fsr-3339	429	3	,	,	PUNCT
fsr-3339	429	4	low	low	ADJ
fsr-3339	429	5	flow	flow	NOUN
fsr-3339	429	6	volatility	volatility	NOUN
fsr-3339	429	7	is	be	AUX
fsr-3339	429	8	correlated	correlate	VERB
fsr-3339	429	9	with	with	ADP
fsr-3339	429	10	poor	poor	ADJ
fsr-3339	429	11	performance	performance	NOUN
fsr-3339	429	12	because	because	SCONJ
fsr-3339	429	13	the	the	DET
fsr-3339	429	14	net	net	ADJ
fsr-3339	429	15	negative	negative	ADJ
fsr-3339	429	16	flows	flow	NOUN
fsr-3339	429	17	from	from	ADP
fsr-3339	429	18	the	the	DET
fsr-3339	429	19	underperforming	underperforming	ADJ
fsr-3339	429	20	funds	fund	NOUN
fsr-3339	429	21	can	can	AUX
fsr-3339	429	22	be	be	AUX
fsr-3339	429	23	relatively	relatively	ADV
fsr-3339	429	24	steady	steady	ADJ
fsr-3339	429	25	.	.	PUNCT
fsr-3339	430	1	as	as	SCONJ
fsr-3339	430	2	previously	previously	ADV
fsr-3339	430	3	noted	note	VERB
fsr-3339	430	4	,	,	PUNCT
fsr-3339	430	5	the	the	DET
fsr-3339	430	6	two	two	NUM
fsr-3339	430	7	sub	sub	NOUN
fsr-3339	430	8	-	-	ADJ
fsr-3339	430	9	periods	period	NOUN
fsr-3339	430	10	(	(	PUNCT
fsr-3339	430	11	2006–2008	2006–2008	NUM
fsr-3339	430	12	and	and	CCONJ
fsr-3339	430	13	2009–2011	2009–2011	NUM
fsr-3339	430	14	)	)	PUNCT
fsr-3339	430	15	generally	generally	ADV
fsr-3339	430	16	provide	provide	VERB
fsr-3339	430	17	evidence	evidence	NOUN
fsr-3339	430	18	supporting	support	VERB
fsr-3339	430	19	the	the	DET
fsr-3339	430	20	main	main	ADJ
fsr-3339	430	21	findings	finding	NOUN
fsr-3339	430	22	in	in	ADP
fsr-3339	430	23	table	table	NOUN
fsr-3339	430	24	6	6	NUM
fsr-3339	430	25	for	for	ADP
fsr-3339	430	26	the	the	DET
fsr-3339	430	27	full	full	ADJ
fsr-3339	430	28	sample	sample	NOUN
fsr-3339	430	29	period	period	NOUN
fsr-3339	430	30	.	.	PUNCT
fsr-3339	431	1	however	however	ADV
fsr-3339	431	2	,	,	PUNCT
fsr-3339	431	3	some	some	DET
fsr-3339	431	4	results	result	NOUN
fsr-3339	431	5	differ	differ	VERB
fsr-3339	431	6	among	among	ADP
fsr-3339	431	7	the	the	DET
fsr-3339	431	8	sub	sub	NOUN
fsr-3339	431	9	-	-	NOUN
fsr-3339	431	10	periods	period	NOUN
fsr-3339	431	11	.	.	PUNCT
fsr-3339	432	1	for	for	ADP
fsr-3339	432	2	example	example	NOUN
fsr-3339	432	3	,	,	PUNCT
fsr-3339	432	4	fund	fund	NOUN
fsr-3339	432	5	size	size	NOUN
fsr-3339	432	6	in	in	ADP
fsr-3339	432	7	table	table	NOUN
fsr-3339	432	8	7	7	NUM
fsr-3339	432	9	is	be	AUX
fsr-3339	432	10	positively	positively	ADV
fsr-3339	432	11	related	relate	VERB
fsr-3339	432	12	to	to	ADP
fsr-3339	432	13	the	the	DET
fsr-3339	432	14	�	�	PROPN
fsr-3339	432	15	s	s	PART
fsr-3339	432	16	in	in	ADP
fsr-3339	432	17	the	the	DET
fsr-3339	432	18	two	two	NUM
fsr-3339	432	19	timing	timing	NOUN
fsr-3339	432	20	models	model	NOUN
fsr-3339	432	21	and	and	CCONJ
fsr-3339	432	22	its	its	PRON
fsr-3339	432	23	coefficients	coefficient	NOUN
fsr-3339	432	24	are	be	AUX
fsr-3339	432	25	statistically	statistically	ADV
fsr-3339	432	26	significant	significant	ADJ
fsr-3339	432	27	.	.	PUNCT
fsr-3339	433	1	because	because	SCONJ
fsr-3339	433	2	some	some	PRON
fsr-3339	433	3	of	of	ADP
fsr-3339	433	4	these	these	DET
fsr-3339	433	5	results	result	NOUN
fsr-3339	433	6	can	can	AUX
fsr-3339	433	7	not	not	PART
fsr-3339	433	8	be	be	AUX
fsr-3339	433	9	cross	cross	ADJ
fsr-3339	433	10	-	-	ADJ
fsr-3339	433	11	validated	validated	ADJ
fsr-3339	433	12	or	or	CCONJ
fsr-3339	433	13	supported	support	VERB
fsr-3339	433	14	by	by	ADP
fsr-3339	433	15	theory	theory	NOUN
fsr-3339	433	16	,	,	PUNCT
fsr-3339	433	17	we	we	PRON
fsr-3339	433	18	refrain	refrain	VERB
fsr-3339	433	19	from	from	ADP
fsr-3339	433	20	over	over	ADP
fsr-3339	433	21	speculating	speculate	VERB
fsr-3339	433	22	on	on	ADP
fsr-3339	433	23	their	their	PRON
fsr-3339	433	24	meaning	meaning	NOUN
fsr-3339	433	25	.	.	PUNCT
fsr-3339	434	1	nonetheless	nonetheless	ADV
fsr-3339	434	2	,	,	PUNCT
fsr-3339	434	3	some	some	DET
fsr-3339	434	4	results	result	NOUN
fsr-3339	434	5	still	still	ADV
fsr-3339	434	6	merit	merit	VERB
fsr-3339	434	7	worth	worth	ADJ
fsr-3339	434	8	discussion	discussion	NOUN
fsr-3339	434	9	.	.	PUNCT
fsr-3339	435	1	first	first	ADV
fsr-3339	435	2	,	,	PUNCT
fsr-3339	435	3	the	the	DET
fsr-3339	435	4	regression	regression	NOUN
fsr-3339	435	5	for	for	ADP
fsr-3339	435	6	the	the	DET
fsr-3339	435	7	treynor	treynor	NOUN
fsr-3339	435	8	ratio	ratio	NOUN
fsr-3339	435	9	in	in	ADP
fsr-3339	435	10	table	table	NOUN
fsr-3339	435	11	7	7	NUM
fsr-3339	435	12	contains	contain	VERB
fsr-3339	435	13	highly	highly	ADV
fsr-3339	435	14	statistically	statistically	ADV
fsr-3339	435	15	significant	significant	ADJ
fsr-3339	435	16	coefficients	coefficient	NOUN
fsr-3339	435	17	,	,	PUNCT
fsr-3339	435	18	which	which	PRON
fsr-3339	435	19	support	support	VERB
fsr-3339	435	20	similar	similar	ADJ
fsr-3339	435	21	conclusions	conclusion	NOUN
fsr-3339	435	22	on	on	ADP
fsr-3339	435	23	fund	fund	NOUN
fsr-3339	435	24	age	age	NOUN
fsr-3339	435	25	and	and	CCONJ
fsr-3339	435	26	fund	fund	NOUN
fsr-3339	435	27	flow	flow	NOUN
fsr-3339	435	28	volatility	volatility	NOUN
fsr-3339	435	29	for	for	ADP
fsr-3339	435	30	other	other	ADJ
fsr-3339	435	31	performance	performance	NOUN
fsr-3339	435	32	measures	measure	NOUN
fsr-3339	435	33	in	in	ADP
fsr-3339	435	34	table	table	NOUN
fsr-3339	435	35	6	6	NUM
fsr-3339	435	36	.	.	PUNCT
fsr-3339	436	1	furthermore	furthermore	ADV
fsr-3339	436	2	,	,	PUNCT
fsr-3339	436	3	in	in	ADP
fsr-3339	436	4	table	table	NOUN
fsr-3339	436	5	7	7	NUM
fsr-3339	436	6	,	,	PUNCT
fsr-3339	436	7	fund	fund	NOUN
fsr-3339	436	8	size	size	NOUN
fsr-3339	436	9	and	and	CCONJ
fsr-3339	436	10	fund	fund	NOUN
fsr-3339	436	11	flow	flow	NOUN
fsr-3339	436	12	volatility	volatility	NOUN
fsr-3339	436	13	can	can	AUX
fsr-3339	436	14	negatively	negatively	ADV
fsr-3339	436	15	affect	affect	VERB
fsr-3339	436	16	the	the	DET
fsr-3339	436	17	timing	timing	NOUN
fsr-3339	436	18	coefficients	coefficient	NOUN
fsr-3339	436	19	in	in	ADP
fsr-3339	436	20	both	both	CCONJ
fsr-3339	436	21	the	the	DET
fsr-3339	436	22	hm	hm	INTJ
fsr-3339	436	23	and	and	CCONJ
fsr-3339	436	24	tm	tm	PROPN
fsr-3339	436	25	models	model	NOUN
fsr-3339	436	26	.	.	PUNCT
fsr-3339	437	1	this	this	PRON
fsr-3339	437	2	is	be	AUX
fsr-3339	437	3	consistent	consistent	ADJ
fsr-3339	437	4	with	with	ADP
fsr-3339	437	5	our	our	PRON
fsr-3339	437	6	expectation	expectation	NOUN
fsr-3339	437	7	that	that	SCONJ
fsr-3339	437	8	the	the	DET
fsr-3339	437	9	price	price	NOUN
fsr-3339	437	10	impact	impact	NOUN
fsr-3339	437	11	from	from	ADP
fsr-3339	437	12	larger	large	ADJ
fsr-3339	437	13	fund	fund	NOUN
fsr-3339	437	14	sizes	size	NOUN
fsr-3339	437	15	or	or	CCONJ
fsr-3339	437	16	disruptive	disruptive	ADJ
fsr-3339	437	17	fund	fund	NOUN
fsr-3339	437	18	flows	flow	NOUN
fsr-3339	437	19	can	can	AUX
fsr-3339	437	20	negatively	negatively	ADV
fsr-3339	437	21	influence	influence	VERB
fsr-3339	437	22	timing	timing	NOUN
fsr-3339	437	23	ability	ability	NOUN
fsr-3339	437	24	.	.	PUNCT
fsr-3339	438	1	table	table	NOUN
fsr-3339	438	2	7	7	NUM
fsr-3339	438	3	also	also	ADV
fsr-3339	438	4	shows	show	VERB
fsr-3339	438	5	that	that	SCONJ
fsr-3339	438	6	the	the	DET
fsr-3339	438	7	mean	mean	ADJ
fsr-3339	438	8	net	net	ADJ
fsr-3339	438	9	flows	flow	NOUN
fsr-3339	438	10	are	be	AUX
fsr-3339	438	11	negatively	negatively	ADV
fsr-3339	438	12	and	and	CCONJ
fsr-3339	438	13	significantly	significantly	ADV
fsr-3339	438	14	related	relate	VERB
fsr-3339	438	15	to	to	ADP
fsr-3339	438	16	the	the	DET
fsr-3339	438	17	sharpe	sharpe	PROPN
fsr-3339	438	18	ratio	ratio	NOUN
fsr-3339	438	19	,	,	PUNCT
fsr-3339	438	20	treynor	treynor	NOUN
fsr-3339	438	21	ratio	ratio	NOUN
fsr-3339	438	22	,	,	PUNCT
fsr-3339	438	23	and	and	CCONJ
fsr-3339	438	24	�	�	NOUN
fsr-3339	438	25	s	s	PART
fsr-3339	438	26	in	in	ADP
fsr-3339	438	27	the	the	DET
fsr-3339	438	28	two	two	NUM
fsr-3339	438	29	timing	timing	NOUN
fsr-3339	438	30	models	model	NOUN
fsr-3339	438	31	.	.	PUNCT
fsr-3339	439	1	a	a	DET
fsr-3339	439	2	plausible	plausible	ADJ
fsr-3339	439	3	explanation	explanation	NOUN
fsr-3339	439	4	is	be	AUX
fsr-3339	439	5	that	that	SCONJ
fsr-3339	439	6	heavy	heavy	ADJ
fsr-3339	439	7	cash	cash	NOUN
fsr-3339	439	8	flows	flow	NOUN
fsr-3339	439	9	poured	pour	VERB
fsr-3339	439	10	into	into	ADP
fsr-3339	439	11	the	the	DET
fsr-3339	439	12	new	new	ADJ
fsr-3339	439	13	funds	fund	NOUN
fsr-3339	439	14	before	before	ADP
fsr-3339	439	15	the	the	DET
fsr-3339	439	16	peak	peak	NOUN
fsr-3339	439	17	in	in	ADP
fsr-3339	439	18	2007	2007	NUM
fsr-3339	439	19	,	,	PUNCT
fsr-3339	439	20	then	then	ADV
fsr-3339	439	21	the	the	DET
fsr-3339	439	22	market	market	NOUN
fsr-3339	439	23	crashed	crash	VERB
fsr-3339	439	24	(	(	PUNCT
fsr-3339	439	25	post	post	VERB
fsr-3339	439	26	october	october	PROPN
fsr-3339	439	27	2007	2007	NUM
fsr-3339	439	28	to	to	ADP
fsr-3339	439	29	december	december	PROPN
fsr-3339	439	30	2008	2008	NUM
fsr-3339	439	31	)	)	PUNCT
fsr-3339	439	32	and	and	CCONJ
fsr-3339	439	33	these	these	DET
fsr-3339	439	34	funds	fund	NOUN
fsr-3339	439	35	performed	perform	VERB
fsr-3339	439	36	poorly	poorly	ADV
fsr-3339	439	37	.	.	PUNCT
fsr-3339	440	1	thus	thus	ADV
fsr-3339	440	2	,	,	PUNCT
fsr-3339	440	3	the	the	DET
fsr-3339	440	4	high	high	ADJ
fsr-3339	440	5	mean	mean	NOUN
fsr-3339	440	6	net	net	ADJ
fsr-3339	440	7	flows	flow	NOUN
fsr-3339	440	8	may	may	AUX
fsr-3339	440	9	be	be	AUX
fsr-3339	440	10	correlated	correlate	VERB
fsr-3339	440	11	with	with	ADP
fsr-3339	440	12	inferior	inferior	ADJ
fsr-3339	440	13	risk	risk	NOUN
fsr-3339	440	14	-	-	PUNCT
fsr-3339	440	15	adjusted	adjust	VERB
fsr-3339	440	16	performance	performance	NOUN
fsr-3339	440	17	.	.	PUNCT
fsr-3339	441	1	for	for	ADP
fsr-3339	441	2	the	the	DET
fsr-3339	441	3	majority	majority	NOUN
fsr-3339	441	4	of	of	ADP
fsr-3339	441	5	the	the	DET
fsr-3339	441	6	statistically	statistically	ADV
fsr-3339	441	7	significant	significant	ADJ
fsr-3339	441	8	coefficients	coefficient	NOUN
fsr-3339	441	9	in	in	ADP
fsr-3339	441	10	table	table	NOUN
fsr-3339	441	11	8	8	NUM
fsr-3339	441	12	,	,	PUNCT
fsr-3339	441	13	the	the	DET
fsr-3339	441	14	results	result	NOUN
fsr-3339	441	15	are	be	AUX
fsr-3339	441	16	consistent	consistent	ADJ
fsr-3339	441	17	with	with	ADP
fsr-3339	441	18	table	table	NOUN
fsr-3339	441	19	6	6	NUM
fsr-3339	441	20	.	.	NOUN
fsr-3339	442	1	5.3	5.3	NUM
fsr-3339	442	2	.	.	PUNCT
fsr-3339	443	1	robustness	robustness	NOUN
fsr-3339	443	2	checks	check	NOUN
fsr-3339	443	3	we	we	PRON
fsr-3339	443	4	run	run	VERB
fsr-3339	443	5	similar	similar	ADJ
fsr-3339	443	6	regressions	regression	NOUN
fsr-3339	443	7	using	use	VERB
fsr-3339	443	8	the	the	DET
fsr-3339	443	9	fund	fund	NOUN
fsr-3339	443	10	characteristics	characteristic	NOUN
fsr-3339	443	11	and	and	CCONJ
fsr-3339	443	12	fund	fund	NOUN
fsr-3339	443	13	flows	flow	NOUN
fsr-3339	443	14	with	with	ADP
fsr-3339	443	15	other	other	ADJ
fsr-3339	443	16	dummy	dummy	ADJ
fsr-3339	443	17	variables	variable	NOUN
fsr-3339	443	18	on	on	ADP
fsr-3339	443	19	fund	fund	NOUN
fsr-3339	443	20	investment	investment	NOUN
fsr-3339	443	21	styles	style	NOUN
fsr-3339	443	22	or	or	CCONJ
fsr-3339	443	23	fund	fund	NOUN
fsr-3339	443	24	types	type	NOUN
fsr-3339	443	25	(	(	PUNCT
fsr-3339	443	26	lof	lof	NOUN
fsr-3339	443	27	or	or	CCONJ
fsr-3339	443	28	contractual	contractual	ADJ
fsr-3339	443	29	)	)	PUNCT
fsr-3339	443	30	as	as	ADP
fsr-3339	443	31	robustness	robustness	NOUN
fsr-3339	443	32	checks	check	NOUN
fsr-3339	443	33	.	.	PUNCT
fsr-3339	444	1	the	the	DET
fsr-3339	444	2	results	result	NOUN
fsr-3339	444	3	for	for	ADP
fsr-3339	444	4	the	the	DET
fsr-3339	444	5	fund	fund	NOUN
fsr-3339	444	6	characteristics	characteristic	NOUN
fsr-3339	444	7	and	and	CCONJ
fsr-3339	444	8	fund	fund	NOUN
fsr-3339	444	9	flows	flow	NOUN
fsr-3339	444	10	are	be	AUX
fsr-3339	444	11	similar	similar	ADJ
fsr-3339	444	12	.	.	PUNCT
fsr-3339	445	1	however	however	ADV
fsr-3339	445	2	,	,	PUNCT
fsr-3339	445	3	the	the	DET
fsr-3339	445	4	regression	regression	NOUN
fsr-3339	445	5	results	result	NOUN
fsr-3339	445	6	show	show	VERB
fsr-3339	445	7	very	very	ADV
fsr-3339	445	8	few	few	ADJ
fsr-3339	445	9	statistically	statistically	ADV
fsr-3339	445	10	significant	significant	ADJ
fsr-3339	445	11	and	and	CCONJ
fsr-3339	445	12	consistent	consistent	ADJ
fsr-3339	445	13	coefficients	coefficient	NOUN
fsr-3339	445	14	for	for	ADP
fsr-3339	445	15	various	various	ADJ
fsr-3339	445	16	investment	investment	NOUN
fsr-3339	445	17	styles	style	NOUN
fsr-3339	445	18	.	.	PUNCT
fsr-3339	446	1	the	the	DET
fsr-3339	446	2	fund	fund	NOUN
fsr-3339	446	3	type	type	NOUN
fsr-3339	446	4	dummy	dummy	NOUN
fsr-3339	446	5	in	in	ADP
fsr-3339	446	6	the	the	DET
fsr-3339	446	7	performance	performance	NOUN
fsr-3339	446	8	or	or	CCONJ
fsr-3339	446	9	skill	skill	NOUN
fsr-3339	446	10	regressions	regression	NOUN
fsr-3339	446	11	has	have	VERB
fsr-3339	446	12	no	no	DET
fsr-3339	446	13	statistically	statistically	ADV
fsr-3339	446	14	significant	significant	ADJ
fsr-3339	446	15	coefficients	coefficient	NOUN
fsr-3339	446	16	.	.	PUNCT
fsr-3339	447	1	therefore	therefore	ADV
fsr-3339	447	2	,	,	PUNCT
fsr-3339	447	3	we	we	PRON
fsr-3339	447	4	omit	omit	VERB
fsr-3339	447	5	reporting	report	VERB
fsr-3339	447	6	these	these	DET
fsr-3339	447	7	results	result	NOUN
fsr-3339	447	8	,	,	PUNCT
fsr-3339	447	9	which	which	PRON
fsr-3339	447	10	are	be	AUX
fsr-3339	447	11	available	available	ADJ
fsr-3339	447	12	on	on	ADP
fsr-3339	447	13	request	request	NOUN
fsr-3339	447	14	.	.	PUNCT
fsr-3339	448	1	6	6	X
fsr-3339	448	2	.	.	X
fsr-3339	448	3	summary	summary	NOUN
fsr-3339	448	4	and	and	CCONJ
fsr-3339	448	5	conclusions	conclusion	NOUN
fsr-3339	448	6	we	we	PRON
fsr-3339	448	7	examine	examine	VERB
fsr-3339	448	8	the	the	DET
fsr-3339	448	9	performance	performance	NOUN
fsr-3339	448	10	and	and	CCONJ
fsr-3339	448	11	market	market	NOUN
fsr-3339	448	12	timing	timing	NOUN
fsr-3339	448	13	ability	ability	NOUN
fsr-3339	448	14	of	of	ADP
fsr-3339	448	15	actively	actively	ADV
fsr-3339	448	16	managed	manage	VERB
fsr-3339	448	17	chinese	chinese	ADJ
fsr-3339	448	18	open	open	ADJ
fsr-3339	448	19	-	-	PUNCT
fsr-3339	448	20	end	end	NOUN
fsr-3339	448	21	stock	stock	NOUN
fsr-3339	448	22	mutual	mutual	ADJ
fsr-3339	448	23	funds	fund	NOUN
fsr-3339	448	24	using	use	VERB
fsr-3339	448	25	daily	daily	ADJ
fsr-3339	448	26	return	return	NOUN
fsr-3339	448	27	data	datum	NOUN
fsr-3339	448	28	.	.	PUNCT
fsr-3339	449	1	we	we	PRON
fsr-3339	449	2	also	also	ADV
fsr-3339	449	3	study	study	VERB
fsr-3339	449	4	the	the	DET
fsr-3339	449	5	relationship	relationship	NOUN
fsr-3339	449	6	between	between	ADP
fsr-3339	449	7	fund	fund	NOUN
fsr-3339	449	8	characteristics	characteristic	NOUN
fsr-3339	449	9	,	,	PUNCT
fsr-3339	449	10	fund	fund	NOUN
fsr-3339	449	11	flows	flow	NOUN
fsr-3339	449	12	,	,	PUNCT
fsr-3339	449	13	and	and	CCONJ
fsr-3339	449	14	various	various	ADJ
fsr-3339	449	15	risk	risk	NOUN
fsr-3339	449	16	-	-	PUNCT
fsr-3339	449	17	adjusted	adjust	VERB
fsr-3339	449	18	performance	performance	NOUN
fsr-3339	449	19	measures	measure	NOUN
fsr-3339	449	20	and	and	CCONJ
fsr-3339	449	21	market	market	NOUN
fsr-3339	449	22	timing	timing	NOUN
fsr-3339	449	23	skills	skill	NOUN
fsr-3339	449	24	.	.	PUNCT
fsr-3339	450	1	to	to	ADP
fsr-3339	450	2	our	our	PRON
fsr-3339	450	3	knowledge	knowledge	NOUN
fsr-3339	450	4	,	,	PUNCT
fsr-3339	450	5	we	we	PRON
fsr-3339	450	6	are	be	AUX
fsr-3339	450	7	the	the	DET
fsr-3339	450	8	first	first	ADJ
fsr-3339	450	9	to	to	PART
fsr-3339	450	10	examine	examine	VERB
fsr-3339	450	11	the	the	DET
fsr-3339	450	12	performance	performance	NOUN
fsr-3339	450	13	of	of	ADP
fsr-3339	450	14	such	such	ADJ
fsr-3339	450	15	mutual	mutual	ADJ
fsr-3339	450	16	funds	fund	NOUN
fsr-3339	450	17	using	use	VERB
fsr-3339	450	18	the	the	DET
fsr-3339	450	19	csmar	csmar	PROPN
fsr-3339	450	20	database	database	NOUN
fsr-3339	450	21	based	base	VERB
fsr-3339	450	22	on	on	ADP
fsr-3339	450	23	a	a	DET
fsr-3339	450	24	four	four	NUM
fsr-3339	450	25	-	-	PUNCT
fsr-3339	450	26	factor	factor	NOUN
fsr-3339	450	27	model	model	NOUN
fsr-3339	450	28	.	.	PUNCT
fsr-3339	451	1	the	the	DET
fsr-3339	451	2	background	background	NOUN
fsr-3339	451	3	information	information	NOUN
fsr-3339	451	4	that	that	PRON
fsr-3339	451	5	we	we	PRON
fsr-3339	451	6	provide	provide	VERB
fsr-3339	451	7	on	on	ADP
fsr-3339	451	8	the	the	DET
fsr-3339	451	9	development	development	NOUN
fsr-3339	451	10	of	of	ADP
fsr-3339	451	11	the	the	DET
fsr-3339	451	12	chinese	chinese	ADJ
fsr-3339	451	13	mutual	mutual	ADJ
fsr-3339	451	14	fund	fund	NOUN
fsr-3339	451	15	industry	industry	NOUN
fsr-3339	451	16	and	and	CCONJ
fsr-3339	451	17	its	its	PRON
fsr-3339	451	18	unique	unique	ADJ
fsr-3339	451	19	features	feature	NOUN
fsr-3339	451	20	may	may	AUX
fsr-3339	451	21	help	help	VERB
fsr-3339	451	22	future	future	ADJ
fsr-3339	451	23	researchers	researcher	NOUN
fsr-3339	451	24	design	design	VERB
fsr-3339	451	25	new	new	ADJ
fsr-3339	451	26	studies	study	NOUN
fsr-3339	451	27	involving	involve	VERB
fsr-3339	451	28	this	this	DET
fsr-3339	451	29	expanding	expand	VERB
fsr-3339	451	30	sector	sector	NOUN
fsr-3339	451	31	of	of	ADP
fsr-3339	451	32	the	the	DET
fsr-3339	451	33	global	global	ADJ
fsr-3339	451	34	capital	capital	NOUN
fsr-3339	451	35	market	market	NOUN
fsr-3339	451	36	.	.	PUNCT
fsr-3339	452	1	308	308	NUM
fsr-3339	452	2	w.	w.	NOUN
fsr-3339	452	3	he	he	PRON
fsr-3339	452	4	et	et	PROPN
fsr-3339	452	5	al	al	PROPN
fsr-3339	452	6	.	.	PUNCT
fsr-3339	452	7	/	/	SYM
fsr-3339	452	8	financial	financial	ADJ
fsr-3339	452	9	services	service	NOUN
fsr-3339	452	10	review	review	VERB
fsr-3339	452	11	24	24	NUM
fsr-3339	452	12	(	(	PUNCT
fsr-3339	452	13	2015	2015	NUM
fsr-3339	452	14	)	)	PUNCT
fsr-3339	452	15	289–311	289–311	NUM
fsr-3339	452	16	based	base	VERB
fsr-3339	452	17	on	on	ADP
fsr-3339	452	18	our	our	PRON
fsr-3339	452	19	results	result	NOUN
fsr-3339	452	20	,	,	PUNCT
fsr-3339	452	21	only	only	ADV
fsr-3339	452	22	about	about	ADV
fsr-3339	452	23	7.5	7.5	NUM
fsr-3339	452	24	%	%	NOUN
fsr-3339	452	25	of	of	ADP
fsr-3339	452	26	the	the	DET
fsr-3339	452	27	actively	actively	ADV
fsr-3339	452	28	managed	manage	VERB
fsr-3339	452	29	chinese	chinese	ADJ
fsr-3339	452	30	stock	stock	NOUN
fsr-3339	452	31	mutual	mutual	ADJ
fsr-3339	452	32	funds	fund	NOUN
fsr-3339	452	33	in	in	ADP
fsr-3339	452	34	our	our	PRON
fsr-3339	452	35	sample	sample	NOUN
fsr-3339	452	36	have	have	VERB
fsr-3339	452	37	positive	positive	ADJ
fsr-3339	452	38	and	and	CCONJ
fsr-3339	452	39	statistically	statistically	ADV
fsr-3339	452	40	significant	significant	ADJ
fsr-3339	452	41	risk	risk	NOUN
fsr-3339	452	42	-	-	PUNCT
fsr-3339	452	43	adjusted	adjust	VERB
fsr-3339	452	44	returns	return	NOUN
fsr-3339	452	45	based	base	VERB
fsr-3339	452	46	on	on	ADP
fsr-3339	452	47	a	a	DET
fsr-3339	452	48	four	four	NUM
fsr-3339	452	49	-	-	PUNCT
fsr-3339	452	50	factor	factor	NOUN
fsr-3339	452	51	model	model	NOUN
fsr-3339	452	52	.	.	PUNCT
fsr-3339	453	1	less	less	ADJ
fsr-3339	453	2	than	than	ADP
fsr-3339	453	3	5	5	NUM
fsr-3339	453	4	%	%	NOUN
fsr-3339	453	5	of	of	ADP
fsr-3339	453	6	the	the	DET
fsr-3339	453	7	funds	fund	NOUN
fsr-3339	453	8	show	show	VERB
fsr-3339	453	9	statistically	statistically	ADV
fsr-3339	453	10	significant	significant	ADJ
fsr-3339	453	11	market	market	NOUN
fsr-3339	453	12	timing	timing	NOUN
fsr-3339	453	13	skills	skill	NOUN
fsr-3339	453	14	or	or	CCONJ
fsr-3339	453	15	stock	stock	NOUN
fsr-3339	453	16	selection	selection	NOUN
fsr-3339	453	17	skills	skill	NOUN
fsr-3339	453	18	.	.	PUNCT
fsr-3339	454	1	our	our	PRON
fsr-3339	454	2	investigation	investigation	NOUN
fsr-3339	454	3	of	of	ADP
fsr-3339	454	4	the	the	DET
fsr-3339	454	5	relationship	relationship	NOUN
fsr-3339	454	6	of	of	ADP
fsr-3339	454	7	fund	fund	NOUN
fsr-3339	454	8	characteristics	characteristic	NOUN
fsr-3339	454	9	,	,	PUNCT
fsr-3339	454	10	fund	fund	NOUN
fsr-3339	454	11	flows	flow	NOUN
fsr-3339	454	12	,	,	PUNCT
fsr-3339	454	13	and	and	CCONJ
fsr-3339	454	14	fund	fund	NOUN
fsr-3339	454	15	performance	performance	NOUN
fsr-3339	454	16	indicates	indicate	VERB
fsr-3339	454	17	that	that	SCONJ
fsr-3339	454	18	older	old	ADJ
fsr-3339	454	19	funds	fund	NOUN
fsr-3339	454	20	tend	tend	VERB
fsr-3339	454	21	to	to	PART
fsr-3339	454	22	perform	perform	VERB
fsr-3339	454	23	better	well	ADV
fsr-3339	454	24	,	,	PUNCT
fsr-3339	454	25	especially	especially	ADV
fsr-3339	454	26	using	use	VERB
fsr-3339	454	27	the	the	DET
fsr-3339	454	28	sharpe	sharpe	NOUN
fsr-3339	454	29	ratio	ratio	NOUN
fsr-3339	454	30	.	.	PUNCT
fsr-3339	455	1	this	this	DET
fsr-3339	455	2	finding	finding	NOUN
fsr-3339	455	3	may	may	AUX
fsr-3339	455	4	reflect	reflect	VERB
fsr-3339	455	5	the	the	DET
fsr-3339	455	6	presence	presence	NOUN
fsr-3339	455	7	of	of	ADP
fsr-3339	455	8	a	a	DET
fsr-3339	455	9	learning	learning	NOUN
fsr-3339	455	10	effect	effect	NOUN
fsr-3339	455	11	.	.	PUNCT
fsr-3339	456	1	net	net	ADJ
fsr-3339	456	2	flows	flow	NOUN
fsr-3339	456	3	are	be	AUX
fsr-3339	456	4	positively	positively	ADV
fsr-3339	456	5	related	relate	VERB
fsr-3339	456	6	to	to	ADP
fsr-3339	456	7	performance	performance	NOUN
fsr-3339	456	8	,	,	PUNCT
fsr-3339	456	9	which	which	PRON
fsr-3339	456	10	relates	relate	VERB
fsr-3339	456	11	not	not	PART
fsr-3339	456	12	only	only	ADV
fsr-3339	456	13	to	to	ADP
fsr-3339	456	14	investors	investor	NOUN
fsr-3339	456	15	chasing	chase	VERB
fsr-3339	456	16	good	good	ADJ
fsr-3339	456	17	performance	performance	NOUN
fsr-3339	456	18	but	but	CCONJ
fsr-3339	456	19	also	also	ADV
fsr-3339	456	20	to	to	ADP
fsr-3339	456	21	redemptions	redemption	NOUN
fsr-3339	456	22	from	from	ADP
fsr-3339	456	23	underperforming	underperform	VERB
fsr-3339	456	24	funds	fund	NOUN
fsr-3339	456	25	.	.	PUNCT
fsr-3339	457	1	we	we	PRON
fsr-3339	457	2	find	find	VERB
fsr-3339	457	3	an	an	DET
fsr-3339	457	4	inverted	invert	VERB
fsr-3339	457	5	-	-	PUNCT
fsr-3339	457	6	u	u	NOUN
fsr-3339	457	7	shape	shape	NOUN
fsr-3339	457	8	relationship	relationship	NOUN
fsr-3339	457	9	between	between	ADP
fsr-3339	457	10	fund	fund	NOUN
fsr-3339	457	11	flow	flow	NOUN
fsr-3339	457	12	volatility	volatility	NOUN
fsr-3339	457	13	and	and	CCONJ
fsr-3339	457	14	performance	performance	NOUN
fsr-3339	457	15	.	.	PUNCT
fsr-3339	458	1	this	this	DET
fsr-3339	458	2	relationship	relationship	NOUN
fsr-3339	458	3	suggests	suggest	VERB
fsr-3339	458	4	that	that	SCONJ
fsr-3339	458	5	poor	poor	ADJ
fsr-3339	458	6	performance	performance	NOUN
fsr-3339	458	7	is	be	AUX
fsr-3339	458	8	related	relate	VERB
fsr-3339	458	9	both	both	CCONJ
fsr-3339	458	10	to	to	ADP
fsr-3339	458	11	disruptive	disruptive	ADJ
fsr-3339	458	12	high	high	ADJ
fsr-3339	458	13	fund	fund	NOUN
fsr-3339	458	14	flow	flow	NOUN
fsr-3339	458	15	volatility	volatility	NOUN
fsr-3339	458	16	and	and	CCONJ
fsr-3339	458	17	relatively	relatively	ADV
fsr-3339	458	18	steady	steady	ADJ
fsr-3339	458	19	net	net	ADJ
fsr-3339	458	20	outflows	outflow	NOUN
fsr-3339	458	21	as	as	SCONJ
fsr-3339	458	22	investors	investor	NOUN
fsr-3339	458	23	withdraw	withdraw	VERB
fsr-3339	458	24	their	their	PRON
fsr-3339	458	25	money	money	NOUN
fsr-3339	458	26	from	from	ADP
fsr-3339	458	27	underperforming	underperform	VERB
fsr-3339	458	28	funds	fund	NOUN
fsr-3339	458	29	.	.	PUNCT
fsr-3339	459	1	overall	overall	ADV
fsr-3339	459	2	,	,	PUNCT
fsr-3339	459	3	our	our	PRON
fsr-3339	459	4	results	result	NOUN
fsr-3339	459	5	provide	provide	VERB
fsr-3339	459	6	a	a	DET
fsr-3339	459	7	broad	broad	ADJ
fsr-3339	459	8	look	look	NOUN
fsr-3339	459	9	at	at	ADP
fsr-3339	459	10	the	the	DET
fsr-3339	459	11	performance	performance	NOUN
fsr-3339	459	12	and	and	CCONJ
fsr-3339	459	13	market	market	NOUN
fsr-3339	459	14	timing	timing	NOUN
fsr-3339	459	15	skills	skill	NOUN
fsr-3339	459	16	of	of	ADP
fsr-3339	459	17	actively	actively	ADV
fsr-3339	459	18	managed	manage	VERB
fsr-3339	459	19	chinese	chinese	ADJ
fsr-3339	459	20	stock	stock	NOUN
fsr-3339	459	21	mutual	mutual	ADJ
fsr-3339	459	22	funds	fund	NOUN
fsr-3339	459	23	.	.	PUNCT
fsr-3339	460	1	our	our	PRON
fsr-3339	460	2	study	study	NOUN
fsr-3339	460	3	may	may	AUX
fsr-3339	460	4	serve	serve	VERB
fsr-3339	460	5	as	as	ADP
fsr-3339	460	6	a	a	DET
fsr-3339	460	7	catalyst	catalyst	NOUN
fsr-3339	460	8	for	for	ADP
fsr-3339	460	9	others	other	NOUN
fsr-3339	460	10	who	who	PRON
fsr-3339	460	11	address	address	VERB
fsr-3339	460	12	such	such	ADJ
fsr-3339	460	13	questions	question	NOUN
fsr-3339	460	14	as	as	ADP
fsr-3339	460	15	:	:	PUNCT
fsr-3339	460	16	have	have	AUX
fsr-3339	460	17	managers	manager	NOUN
fsr-3339	460	18	of	of	ADP
fsr-3339	460	19	actively	actively	ADV
fsr-3339	460	20	managed	manage	VERB
fsr-3339	460	21	chinese	chinese	ADJ
fsr-3339	460	22	stock	stock	NOUN
fsr-3339	460	23	mutual	mutual	ADJ
fsr-3339	460	24	funds	fund	NOUN
fsr-3339	460	25	improved	improve	VERB
fsr-3339	460	26	their	their	PRON
fsr-3339	460	27	portfolio	portfolio	NOUN
fsr-3339	460	28	management	management	NOUN
fsr-3339	460	29	skills	skill	NOUN
fsr-3339	460	30	over	over	ADP
fsr-3339	460	31	time	time	NOUN
fsr-3339	460	32	?	?	PUNCT
fsr-3339	461	1	what	what	PRON
fsr-3339	461	2	is	be	AUX
fsr-3339	461	3	the	the	DET
fsr-3339	461	4	dynamic	dynamic	ADJ
fsr-3339	461	5	relationship	relationship	NOUN
fsr-3339	461	6	among	among	ADP
fsr-3339	461	7	the	the	DET
fsr-3339	461	8	fund	fund	NOUN
fsr-3339	461	9	performance	performance	NOUN
fsr-3339	461	10	,	,	PUNCT
fsr-3339	461	11	manager	manager	NOUN
fsr-3339	461	12	skills	skill	NOUN
fsr-3339	461	13	,	,	PUNCT
fsr-3339	461	14	and	and	CCONJ
fsr-3339	461	15	fund	fund	NOUN
fsr-3339	461	16	flows	flow	VERB
fsr-3339	461	17	?	?	PUNCT
fsr-3339	462	1	as	as	SCONJ
fsr-3339	462	2	the	the	DET
fsr-3339	462	3	chinese	chinese	ADJ
fsr-3339	462	4	mutual	mutual	ADJ
fsr-3339	462	5	fund	fund	NOUN
fsr-3339	462	6	industry	industry	NOUN
fsr-3339	462	7	continues	continue	VERB
fsr-3339	462	8	to	to	PART
fsr-3339	462	9	grow	grow	VERB
fsr-3339	462	10	,	,	PUNCT
fsr-3339	462	11	our	our	PRON
fsr-3339	462	12	study	study	NOUN
fsr-3339	462	13	may	may	AUX
fsr-3339	462	14	help	help	VERB
fsr-3339	462	15	academic	academic	ADJ
fsr-3339	462	16	researchers	researcher	NOUN
fsr-3339	462	17	,	,	PUNCT
fsr-3339	462	18	policy	policy	NOUN
fsr-3339	462	19	makers	maker	NOUN
fsr-3339	462	20	,	,	PUNCT
fsr-3339	462	21	and	and	CCONJ
fsr-3339	462	22	investors	investor	NOUN
fsr-3339	462	23	better	well	ADV
fsr-3339	462	24	understand	understand	VERB
fsr-3339	462	25	this	this	DET
fsr-3339	462	26	potentially	potentially	ADV
fsr-3339	462	27	important	important	ADJ
fsr-3339	462	28	sector	sector	NOUN
fsr-3339	462	29	in	in	ADP
fsr-3339	462	30	the	the	DET
fsr-3339	462	31	world	world	NOUN
fsr-3339	462	32	capital	capital	NOUN
fsr-3339	462	33	markets	market	NOUN
fsr-3339	462	34	.	.	PUNCT
fsr-3339	463	1	notes	note	VERB
fsr-3339	463	2	1	1	NUM
fsr-3339	463	3	this	this	DET
fsr-3339	463	4	website	website	NOUN
fsr-3339	463	5	is	be	AUX
fsr-3339	463	6	http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library/	http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library/	ADJ
fsr-3339	463	7	det_mom_factor.html	det_mom_factor.html	NOUN
fsr-3339	463	8	.	.	PUNCT
fsr-3339	464	1	references	reference	NOUN
fsr-3339	464	2	bauer	bauer	PROPN
fsr-3339	464	3	r.	r.	PROPN
fsr-3339	464	4	,	,	PUNCT
fsr-3339	464	5	koedijk	koedijk	PROPN
fsr-3339	464	6	k.	k.	PROPN
fsr-3339	464	7	,	,	PUNCT
fsr-3339	464	8	&	&	CCONJ
fsr-3339	464	9	otten	otten	PROPN
fsr-3339	464	10	,	,	PUNCT
fsr-3339	464	11	r.	r.	PROPN
fsr-3339	464	12	(	(	PUNCT
fsr-3339	464	13	2005	2005	NUM
fsr-3339	464	14	)	)	PUNCT
fsr-3339	464	15	.	.	PUNCT
fsr-3339	465	1	international	international	ADJ
fsr-3339	465	2	evidence	evidence	NOUN
fsr-3339	465	3	on	on	ADP
fsr-3339	465	4	ethical	ethical	ADJ
fsr-3339	465	5	mutual	mutual	ADJ
fsr-3339	465	6	fund	fund	NOUN
fsr-3339	465	7	performance	performance	NOUN
fsr-3339	465	8	and	and	CCONJ
fsr-3339	465	9	investment	investment	NOUN
fsr-3339	465	10	style	style	NOUN
fsr-3339	465	11	.	.	PUNCT
fsr-3339	466	1	journal	journal	NOUN
fsr-3339	466	2	of	of	ADP
fsr-3339	466	3	banking	banking	NOUN
fsr-3339	466	4	&	&	CCONJ
fsr-3339	466	5	finance	finance	PROPN
fsr-3339	466	6	,	,	PUNCT
fsr-3339	466	7	29	29	NUM
fsr-3339	466	8	,	,	PUNCT
fsr-3339	466	9	1751–1761	1751–1761	NUM
fsr-3339	466	10	.	.	PUNCT
fsr-3339	467	1	berk	berk	PROPN
fsr-3339	467	2	,	,	PUNCT
fsr-3339	467	3	j.	j.	PROPN
fsr-3339	467	4	,	,	PUNCT
fsr-3339	467	5	&	&	CCONJ
fsr-3339	467	6	green	green	PROPN
fsr-3339	467	7	,	,	PUNCT
fsr-3339	467	8	r.	r.	PROPN
fsr-3339	467	9	(	(	PUNCT
fsr-3339	467	10	2004	2004	NUM
fsr-3339	467	11	)	)	PUNCT
fsr-3339	467	12	.	.	PUNCT
fsr-3339	468	1	mutual	mutual	ADJ
fsr-3339	468	2	fund	fund	NOUN
fsr-3339	468	3	flows	flow	NOUN
fsr-3339	468	4	and	and	CCONJ
fsr-3339	468	5	performance	performance	NOUN
fsr-3339	468	6	in	in	ADP
fsr-3339	468	7	rational	rational	ADJ
fsr-3339	468	8	markets	market	NOUN
fsr-3339	468	9	.	.	PUNCT
fsr-3339	469	1	journal	journal	NOUN
fsr-3339	469	2	of	of	ADP
fsr-3339	469	3	political	political	ADJ
fsr-3339	469	4	economy	economy	NOUN
fsr-3339	469	5	,	,	PUNCT
fsr-3339	469	6	112	112	NUM
fsr-3339	469	7	,	,	PUNCT
fsr-3339	469	8	1269–1295	1269–1295	NUM
fsr-3339	469	9	.	.	PUNCT
fsr-3339	470	1	bollen	bollen	PROPN
fsr-3339	470	2	,	,	PUNCT
fsr-3339	470	3	n.	n.	PROPN
fsr-3339	470	4	,	,	PUNCT
fsr-3339	470	5	&	&	CCONJ
fsr-3339	470	6	busse	busse	PROPN
fsr-3339	470	7	,	,	PUNCT
fsr-3339	470	8	j.	j.	PROPN
fsr-3339	470	9	(	(	PUNCT
fsr-3339	470	10	2001	2001	NUM
fsr-3339	470	11	)	)	PUNCT
fsr-3339	470	12	.	.	PUNCT
fsr-3339	471	1	on	on	ADP
fsr-3339	471	2	the	the	DET
fsr-3339	471	3	timing	timing	NOUN
fsr-3339	471	4	ability	ability	NOUN
fsr-3339	471	5	of	of	ADP
fsr-3339	471	6	mutual	mutual	ADJ
fsr-3339	471	7	fund	fund	NOUN
fsr-3339	471	8	managers	manager	NOUN
fsr-3339	471	9	.	.	PUNCT
fsr-3339	472	1	journal	journal	PROPN
fsr-3339	472	2	of	of	ADP
fsr-3339	472	3	finance	finance	NOUN
fsr-3339	472	4	,	,	PUNCT
fsr-3339	472	5	56	56	NUM
fsr-3339	472	6	,	,	PUNCT
fsr-3339	472	7	1075–1094	1075–1094	NUM
fsr-3339	472	8	.	.	PUNCT
fsr-3339	473	1	cao	cao	PROPN
fsr-3339	473	2	,	,	PUNCT
fsr-3339	473	3	b.	b.	PROPN
fsr-3339	473	4	,	,	PUNCT
fsr-3339	473	5	&	&	CCONJ
fsr-3339	473	6	jayasuriya	jayasuriya	PROPN
fsr-3339	473	7	,	,	PUNCT
fsr-3339	473	8	s.	s.	PROPN
fsr-3339	473	9	(	(	PUNCT
fsr-3339	473	10	2012	2012	NUM
fsr-3339	473	11	)	)	PUNCT
fsr-3339	473	12	.	.	PUNCT
fsr-3339	474	1	volatility	volatility	NOUN
fsr-3339	474	2	and	and	CCONJ
fsr-3339	474	3	the	the	DET
fsr-3339	474	4	cross	cross	ADJ
fsr-3339	474	5	-	-	ADJ
fsr-3339	474	6	sectional	sectional	ADJ
fsr-3339	474	7	performance	performance	NOUN
fsr-3339	474	8	of	of	ADP
fsr-3339	474	9	emerging	emerge	VERB
fsr-3339	474	10	market	market	NOUN
fsr-3339	474	11	hedge	hedge	NOUN
fsr-3339	474	12	funds	fund	NOUN
fsr-3339	474	13	.	.	PUNCT
fsr-3339	475	1	journal	journal	NOUN
fsr-3339	475	2	of	of	ADP
fsr-3339	475	3	alternative	alternative	ADJ
fsr-3339	475	4	investments	investment	NOUN
fsr-3339	475	5	,	,	PUNCT
fsr-3339	475	6	14	14	NUM
fsr-3339	475	7	,	,	PUNCT
fsr-3339	475	8	40–50	40–50	NUM
fsr-3339	475	9	.	.	PUNCT
fsr-3339	476	1	carhart	carhart	NOUN
fsr-3339	476	2	,	,	PUNCT
fsr-3339	476	3	m.	m.	NOUN
fsr-3339	476	4	(	(	PUNCT
fsr-3339	476	5	1997	1997	NUM
fsr-3339	476	6	)	)	PUNCT
fsr-3339	476	7	.	.	PUNCT
fsr-3339	477	1	on	on	ADP
fsr-3339	477	2	persistence	persistence	NOUN
fsr-3339	477	3	in	in	ADP
fsr-3339	477	4	mutual	mutual	ADJ
fsr-3339	477	5	fund	fund	NOUN
fsr-3339	477	6	performance	performance	NOUN
fsr-3339	477	7	.	.	PUNCT
fsr-3339	478	1	journal	journal	PROPN
fsr-3339	478	2	of	of	ADP
fsr-3339	478	3	finance	finance	NOUN
fsr-3339	478	4	,	,	PUNCT
fsr-3339	478	5	52	52	NUM
fsr-3339	478	6	,	,	PUNCT
fsr-3339	478	7	57–82	57–82	NUM
fsr-3339	478	8	.	.	PUNCT
fsr-3339	478	9	chance	chance	PROPN
fsr-3339	478	10	,	,	PUNCT
fsr-3339	478	11	d.	d.	PROPN
fsr-3339	478	12	,	,	PUNCT
fsr-3339	478	13	&	&	CCONJ
fsr-3339	478	14	hemler	hemler	NOUN
fsr-3339	478	15	,	,	PUNCT
fsr-3339	478	16	m.	m.	NOUN
fsr-3339	478	17	(	(	PUNCT
fsr-3339	478	18	2001	2001	NUM
fsr-3339	478	19	)	)	PUNCT
fsr-3339	478	20	.	.	PUNCT
fsr-3339	479	1	the	the	DET
fsr-3339	479	2	performance	performance	NOUN
fsr-3339	479	3	of	of	ADP
fsr-3339	479	4	professional	professional	ADJ
fsr-3339	479	5	market	market	NOUN
fsr-3339	479	6	timers	timer	NOUN
fsr-3339	479	7	:	:	PUNCT
fsr-3339	479	8	daily	daily	ADJ
fsr-3339	479	9	evidence	evidence	NOUN
fsr-3339	479	10	from	from	ADP
fsr-3339	479	11	executed	execute	VERB
fsr-3339	479	12	strategies	strategy	NOUN
fsr-3339	479	13	.	.	PUNCT
fsr-3339	480	1	journal	journal	NOUN
fsr-3339	480	2	of	of	ADP
fsr-3339	480	3	financial	financial	ADJ
fsr-3339	480	4	economics	economic	NOUN
fsr-3339	480	5	,	,	PUNCT
fsr-3339	480	6	62	62	NUM
fsr-3339	480	7	,	,	PUNCT
fsr-3339	480	8	377–411	377–411	NUM
fsr-3339	480	9	.	.	PUNCT
fsr-3339	481	1	chen	chen	PROPN
fsr-3339	481	2	,	,	PUNCT
fsr-3339	481	3	j.	j.	PROPN
fsr-3339	481	4	,	,	PUNCT
fsr-3339	481	5	hong	hong	PROPN
fsr-3339	481	6	,	,	PUNCT
fsr-3339	481	7	h.	h.	PROPN
fsr-3339	481	8	,	,	PUNCT
fsr-3339	481	9	huang	huang	PROPN
fsr-3339	481	10	,	,	PUNCT
fsr-3339	481	11	m.	m.	NOUN
fsr-3339	481	12	,	,	PUNCT
fsr-3339	481	13	&	&	CCONJ
fsr-3339	481	14	kubik	kubik	PROPN
fsr-3339	481	15	,	,	PUNCT
fsr-3339	481	16	j.	j.	PROPN
fsr-3339	481	17	(	(	PUNCT
fsr-3339	481	18	2004	2004	NUM
fsr-3339	481	19	)	)	PUNCT
fsr-3339	481	20	.	.	PUNCT
fsr-3339	482	1	does	do	AUX
fsr-3339	482	2	fund	fund	VERB
fsr-3339	482	3	size	size	NOUN
fsr-3339	482	4	erode	erode	VERB
fsr-3339	482	5	mutual	mutual	ADJ
fsr-3339	482	6	fund	fund	NOUN
fsr-3339	482	7	performance	performance	NOUN
fsr-3339	482	8	?	?	PUNCT
fsr-3339	483	1	the	the	DET
fsr-3339	483	2	role	role	NOUN
fsr-3339	483	3	of	of	ADP
fsr-3339	483	4	liquidity	liquidity	NOUN
fsr-3339	483	5	and	and	CCONJ
fsr-3339	483	6	organization	organization	NOUN
fsr-3339	483	7	.	.	PUNCT
fsr-3339	484	1	american	american	PROPN
fsr-3339	484	2	economic	economic	PROPN
fsr-3339	484	3	review	review	PROPN
fsr-3339	484	4	,	,	PUNCT
fsr-3339	484	5	94	94	NUM
fsr-3339	484	6	,	,	PUNCT
fsr-3339	484	7	1276–1302	1276–1302	NUM
fsr-3339	484	8	.	.	PUNCT
fsr-3339	485	1	droms	drom	NOUN
fsr-3339	485	2	,	,	PUNCT
fsr-3339	485	3	w.	w.	PROPN
fsr-3339	485	4	,	,	PUNCT
fsr-3339	485	5	&	&	CCONJ
fsr-3339	485	6	walker	walker	PROPN
fsr-3339	485	7	,	,	PUNCT
fsr-3339	485	8	d.	d.	PROPN
fsr-3339	485	9	(	(	PUNCT
fsr-3339	485	10	1996	1996	NUM
fsr-3339	485	11	)	)	PUNCT
fsr-3339	485	12	.	.	PUNCT
fsr-3339	486	1	mutual	mutual	ADJ
fsr-3339	486	2	fund	fund	NOUN
fsr-3339	486	3	investment	investment	NOUN
fsr-3339	486	4	performance	performance	NOUN
fsr-3339	486	5	.	.	PUNCT
fsr-3339	487	1	quarterly	quarterly	ADJ
fsr-3339	487	2	review	review	NOUN
fsr-3339	487	3	of	of	ADP
fsr-3339	487	4	economics	economic	NOUN
fsr-3339	487	5	and	and	CCONJ
fsr-3339	487	6	finance	finance	NOUN
fsr-3339	487	7	,	,	PUNCT
fsr-3339	487	8	36	36	NUM
fsr-3339	487	9	,	,	PUNCT
fsr-3339	487	10	347–364	347–364	NUM
fsr-3339	487	11	.	.	PUNCT
fsr-3339	488	1	eling	eling	PROPN
fsr-3339	488	2	,	,	PUNCT
fsr-3339	488	3	m.	m.	NOUN
fsr-3339	488	4	,	,	PUNCT
fsr-3339	488	5	&	&	CCONJ
fsr-3339	488	6	faust	faust	PROPN
fsr-3339	488	7	,	,	PUNCT
fsr-3339	488	8	r.	r.	PROPN
fsr-3339	488	9	(	(	PUNCT
fsr-3339	488	10	2010	2010	NUM
fsr-3339	488	11	)	)	PUNCT
fsr-3339	488	12	.	.	PUNCT
fsr-3339	489	1	the	the	DET
fsr-3339	489	2	performance	performance	NOUN
fsr-3339	489	3	of	of	ADP
fsr-3339	489	4	hedge	hedge	NOUN
fsr-3339	489	5	funds	fund	NOUN
fsr-3339	489	6	and	and	CCONJ
fsr-3339	489	7	mutual	mutual	ADJ
fsr-3339	489	8	funds	fund	NOUN
fsr-3339	489	9	in	in	ADP
fsr-3339	489	10	emerging	emerge	VERB
fsr-3339	489	11	markets	market	NOUN
fsr-3339	489	12	.	.	PUNCT
fsr-3339	490	1	journal	journal	NOUN
fsr-3339	490	2	of	of	ADP
fsr-3339	490	3	banking	banking	NOUN
fsr-3339	490	4	and	and	CCONJ
fsr-3339	490	5	finance	finance	NOUN
fsr-3339	490	6	,	,	PUNCT
fsr-3339	490	7	34	34	NUM
fsr-3339	490	8	,	,	PUNCT
fsr-3339	490	9	1993–2009	1993–2009	NUM
fsr-3339	490	10	.	.	PUNCT
fsr-3339	491	1	309w	309w	NOUN
fsr-3339	491	2	.	.	PUNCT
fsr-3339	492	1	he	he	PRON
fsr-3339	492	2	et	et	PROPN
fsr-3339	492	3	al	al	PROPN
fsr-3339	492	4	.	.	PUNCT
fsr-3339	492	5	/	/	SYM
fsr-3339	492	6	financial	financial	ADJ
fsr-3339	492	7	services	service	NOUN
fsr-3339	492	8	review	review	VERB
fsr-3339	492	9	24	24	NUM
fsr-3339	492	10	(	(	PUNCT
fsr-3339	492	11	2015	2015	NUM
fsr-3339	492	12	)	)	PUNCT
fsr-3339	492	13	289–311	289–311	NUM
fsr-3339	492	14	elton	elton	NOUN
fsr-3339	492	15	,	,	PUNCT
fsr-3339	492	16	e.	e.	PROPN
fsr-3339	492	17	j.	j.	PROPN
fsr-3339	492	18	,	,	PUNCT
fsr-3339	492	19	gruber	gruber	PROPN
fsr-3339	492	20	,	,	PUNCT
fsr-3339	492	21	m.	m.	NOUN
fsr-3339	492	22	j.	j.	PROPN
fsr-3339	492	23	,	,	PUNCT
fsr-3339	492	24	&	&	CCONJ
fsr-3339	492	25	blake	blake	PROPN
fsr-3339	492	26	,	,	PUNCT
fsr-3339	492	27	c.	c.	PROPN
fsr-3339	492	28	r.	r.	PROPN
fsr-3339	492	29	(	(	PUNCT
fsr-3339	492	30	1996	1996	NUM
fsr-3339	492	31	)	)	PUNCT
fsr-3339	492	32	.	.	PUNCT
fsr-3339	493	1	the	the	DET
fsr-3339	493	2	persistence	persistence	NOUN
fsr-3339	493	3	of	of	ADP
fsr-3339	493	4	risk	risk	NOUN
fsr-3339	493	5	-	-	PUNCT
fsr-3339	493	6	adjusted	adjust	VERB
fsr-3339	493	7	mutual	mutual	ADJ
fsr-3339	493	8	fund	fund	NOUN
fsr-3339	493	9	performance	performance	NOUN
fsr-3339	493	10	.	.	PUNCT
fsr-3339	494	1	journal	journal	NOUN
fsr-3339	494	2	of	of	ADP
fsr-3339	494	3	business	business	NOUN
fsr-3339	494	4	,	,	PUNCT
fsr-3339	494	5	69	69	NUM
fsr-3339	494	6	,	,	PUNCT
fsr-3339	494	7	133–157	133–157	NUM
fsr-3339	494	8	.	.	PUNCT
fsr-3339	495	1	elton	elton	PROPN
fsr-3339	495	2	,	,	PUNCT
fsr-3339	495	3	e.	e.	PROPN
fsr-3339	495	4	j.	j.	PROPN
fsr-3339	495	5	,	,	PUNCT
fsr-3339	495	6	gruber	gruber	PROPN
fsr-3339	495	7	,	,	PUNCT
fsr-3339	495	8	m.	m.	PROPN
fsr-3339	495	9	j.	j.	PROPN
fsr-3339	495	10	,	,	PUNCT
fsr-3339	495	11	das	das	PROPN
fsr-3339	495	12	,	,	PUNCT
fsr-3339	495	13	s.	s.	PROPN
fsr-3339	495	14	,	,	PUNCT
fsr-3339	495	15	&	&	CCONJ
fsr-3339	495	16	hlavka	hlavka	PROPN
fsr-3339	495	17	,	,	PUNCT
fsr-3339	495	18	m.	m.	NOUN
fsr-3339	495	19	(	(	PUNCT
fsr-3339	495	20	1993	1993	NUM
fsr-3339	495	21	)	)	PUNCT
fsr-3339	495	22	.	.	PUNCT
fsr-3339	496	1	efficiency	efficiency	NOUN
fsr-3339	496	2	with	with	ADP
fsr-3339	496	3	costly	costly	ADJ
fsr-3339	496	4	information	information	NOUN
fsr-3339	496	5	:	:	PUNCT
fsr-3339	496	6	a	a	DET
fsr-3339	496	7	reinterpretation	reinterpretation	NOUN
fsr-3339	496	8	of	of	ADP
fsr-3339	496	9	the	the	DET
fsr-3339	496	10	evidence	evidence	NOUN
fsr-3339	496	11	for	for	ADP
fsr-3339	496	12	managed	manage	VERB
fsr-3339	496	13	portfolios	portfolio	NOUN
fsr-3339	496	14	.	.	PUNCT
fsr-3339	497	1	review	review	NOUN
fsr-3339	497	2	of	of	ADP
fsr-3339	497	3	financial	financial	ADJ
fsr-3339	497	4	studies	study	NOUN
fsr-3339	497	5	,	,	PUNCT
fsr-3339	497	6	6	6	NUM
fsr-3339	497	7	,	,	PUNCT
fsr-3339	497	8	1–22	1–22	NOUN
fsr-3339	497	9	.	.	PUNCT
fsr-3339	498	1	fama	fama	PROPN
fsr-3339	498	2	,	,	PUNCT
fsr-3339	498	3	e.	e.	PROPN
fsr-3339	498	4	f.	f.	PROPN
fsr-3339	498	5	,	,	PUNCT
fsr-3339	498	6	&	&	CCONJ
fsr-3339	498	7	french	french	PROPN
fsr-3339	498	8	,	,	PUNCT
fsr-3339	498	9	k.	k.	PROPN
fsr-3339	498	10	r.	r.	PROPN
fsr-3339	498	11	(	(	PUNCT
fsr-3339	498	12	1993	1993	NUM
fsr-3339	498	13	)	)	PUNCT
fsr-3339	498	14	.	.	PUNCT
fsr-3339	499	1	common	common	ADJ
fsr-3339	499	2	risk	risk	NOUN
fsr-3339	499	3	factors	factor	NOUN
fsr-3339	499	4	in	in	ADP
fsr-3339	499	5	the	the	DET
fsr-3339	499	6	returns	return	NOUN
fsr-3339	499	7	on	on	ADP
fsr-3339	499	8	bonds	bond	NOUN
fsr-3339	499	9	and	and	CCONJ
fsr-3339	499	10	stocks	stock	NOUN
fsr-3339	499	11	.	.	PUNCT
fsr-3339	500	1	journal	journal	NOUN
fsr-3339	500	2	of	of	ADP
fsr-3339	500	3	financial	financial	ADJ
fsr-3339	500	4	economics	economic	NOUN
fsr-3339	500	5	,	,	PUNCT
fsr-3339	500	6	33	33	NUM
fsr-3339	500	7	,	,	PUNCT
fsr-3339	500	8	3–53	3–53	NOUN
fsr-3339	500	9	.	.	PUNCT
fsr-3339	501	1	fama	fama	PROPN
fsr-3339	501	2	,	,	PUNCT
fsr-3339	501	3	e.	e.	PROPN
fsr-3339	501	4	f.	f.	PROPN
fsr-3339	501	5	,	,	PUNCT
fsr-3339	501	6	&	&	CCONJ
fsr-3339	501	7	french	french	PROPN
fsr-3339	501	8	,	,	PUNCT
fsr-3339	501	9	k.	k.	PROPN
fsr-3339	501	10	r.	r.	PROPN
fsr-3339	501	11	(	(	PUNCT
fsr-3339	501	12	2010	2010	NUM
fsr-3339	501	13	)	)	PUNCT
fsr-3339	501	14	.	.	PUNCT
fsr-3339	502	1	luck	luck	NOUN
fsr-3339	502	2	versus	versus	ADP
fsr-3339	502	3	skill	skill	NOUN
fsr-3339	502	4	in	in	ADP
fsr-3339	502	5	the	the	DET
fsr-3339	502	6	cross	cross	NOUN
fsr-3339	502	7	-	-	NOUN
fsr-3339	502	8	section	section	NOUN
fsr-3339	502	9	of	of	ADP
fsr-3339	502	10	mutual	mutual	ADJ
fsr-3339	502	11	fund	fund	NOUN
fsr-3339	502	12	returns	return	NOUN
fsr-3339	502	13	.	.	PUNCT
fsr-3339	503	1	journal	journal	NOUN
fsr-3339	503	2	of	of	ADP
fsr-3339	503	3	finance	finance	NOUN
fsr-3339	503	4	,	,	PUNCT
fsr-3339	503	5	65	65	NUM
fsr-3339	503	6	,	,	PUNCT
fsr-3339	503	7	1915–1947	1915–1947	NUM
fsr-3339	503	8	.	.	PUNCT
fsr-3339	504	1	frazzini	frazzini	PROPN
fsr-3339	504	2	,	,	PUNCT
fsr-3339	504	3	a.	a.	NOUN
fsr-3339	504	4	,	,	PUNCT
fsr-3339	504	5	&	&	CCONJ
fsr-3339	504	6	lamont	lamont	PROPN
fsr-3339	504	7	,	,	PUNCT
fsr-3339	504	8	o.	o.	PROPN
fsr-3339	504	9	(	(	PUNCT
fsr-3339	504	10	2008	2008	NUM
fsr-3339	504	11	)	)	PUNCT
fsr-3339	504	12	.	.	PUNCT
fsr-3339	505	1	dumb	dumb	ADJ
fsr-3339	505	2	money	money	NOUN
fsr-3339	505	3	:	:	PUNCT
fsr-3339	505	4	mutual	mutual	ADJ
fsr-3339	505	5	fund	fund	NOUN
fsr-3339	505	6	flows	flow	NOUN
fsr-3339	505	7	and	and	CCONJ
fsr-3339	505	8	the	the	DET
fsr-3339	505	9	cross	cross	NOUN
fsr-3339	505	10	-	-	NOUN
fsr-3339	505	11	section	section	NOUN
fsr-3339	505	12	of	of	ADP
fsr-3339	505	13	stock	stock	NOUN
fsr-3339	505	14	returns	return	NOUN
fsr-3339	505	15	.	.	PUNCT
fsr-3339	506	1	journal	journal	NOUN
fsr-3339	506	2	of	of	ADP
fsr-3339	506	3	financial	financial	ADJ
fsr-3339	506	4	economics	economic	NOUN
fsr-3339	506	5	,	,	PUNCT
fsr-3339	506	6	88	88	NUM
fsr-3339	506	7	,	,	PUNCT
fsr-3339	506	8	299–322	299–322	NUM
fsr-3339	506	9	.	.	PUNCT
fsr-3339	506	10	french	french	PROPN
fsr-3339	506	11	,	,	PUNCT
fsr-3339	506	12	k.	k.	PROPN
fsr-3339	506	13	r.	r.	PROPN
fsr-3339	506	14	(	(	PUNCT
fsr-3339	506	15	2008	2008	NUM
fsr-3339	506	16	)	)	PUNCT
fsr-3339	506	17	.	.	PUNCT
fsr-3339	507	1	presidential	presidential	ADJ
fsr-3339	507	2	address	address	NOUN
fsr-3339	507	3	:	:	PUNCT
fsr-3339	507	4	the	the	DET
fsr-3339	507	5	cost	cost	NOUN
fsr-3339	507	6	of	of	ADP
fsr-3339	507	7	active	active	ADJ
fsr-3339	507	8	investing	investing	NOUN
fsr-3339	507	9	.	.	PUNCT
fsr-3339	508	1	journal	journal	PROPN
fsr-3339	508	2	of	of	ADP
fsr-3339	508	3	finance	finance	NOUN
fsr-3339	508	4	,	,	PUNCT
fsr-3339	508	5	63	63	NUM
fsr-3339	508	6	,	,	PUNCT
fsr-3339	508	7	1537–1573	1537–1573	NUM
fsr-3339	508	8	.	.	PUNCT
fsr-3339	509	1	friesen	friesen	PROPN
fsr-3339	509	2	,	,	PUNCT
fsr-3339	509	3	g.	g.	PROPN
fsr-3339	509	4	,	,	PUNCT
fsr-3339	509	5	&	&	CCONJ
fsr-3339	509	6	sapp	sapp	PROPN
fsr-3339	509	7	,	,	PUNCT
fsr-3339	509	8	t.	t.	PROPN
fsr-3339	509	9	(	(	PUNCT
fsr-3339	509	10	2007	2007	NUM
fsr-3339	509	11	)	)	PUNCT
fsr-3339	509	12	.	.	PUNCT
fsr-3339	510	1	mutual	mutual	ADJ
fsr-3339	510	2	fund	fund	NOUN
fsr-3339	510	3	flows	flow	NOUN
fsr-3339	510	4	and	and	CCONJ
fsr-3339	510	5	investor	investor	NOUN
fsr-3339	510	6	returns	return	NOUN
fsr-3339	510	7	:	:	PUNCT
fsr-3339	510	8	an	an	DET
fsr-3339	510	9	empirical	empirical	ADJ
fsr-3339	510	10	examination	examination	NOUN
fsr-3339	510	11	of	of	ADP
fsr-3339	510	12	fund	fund	NOUN
fsr-3339	510	13	investor	investor	NOUN
fsr-3339	510	14	timing	timing	NOUN
fsr-3339	510	15	ability	ability	NOUN
fsr-3339	510	16	.	.	PUNCT
fsr-3339	511	1	journal	journal	NOUN
fsr-3339	511	2	of	of	ADP
fsr-3339	511	3	banking	banking	NOUN
fsr-3339	511	4	and	and	CCONJ
fsr-3339	511	5	finance	finance	NOUN
fsr-3339	511	6	,	,	PUNCT
fsr-3339	511	7	31	31	NUM
fsr-3339	511	8	,	,	PUNCT
fsr-3339	511	9	2796–2816	2796–2816	NUM
fsr-3339	511	10	.	.	PUNCT
fsr-3339	512	1	fung	fung	PROPN
fsr-3339	512	2	,	,	PUNCT
fsr-3339	512	3	h.	h.	PROPN
fsr-3339	512	4	g.	g.	PROPN
fsr-3339	512	5	,	,	PUNCT
fsr-3339	512	6	xu	xu	PROPN
fsr-3339	512	7	.	.	PUNCT
fsr-3339	512	8	x.	x.	PROPN
fsr-3339	512	9	e.	e.	PROPN
fsr-3339	512	10	,	,	PUNCT
fsr-3339	512	11	&	&	CCONJ
fsr-3339	512	12	yau	yau	PROPN
fsr-3339	512	13	,	,	PUNCT
fsr-3339	512	14	j.	j.	PROPN
fsr-3339	512	15	(	(	PUNCT
fsr-3339	512	16	2002	2002	NUM
fsr-3339	512	17	)	)	PUNCT
fsr-3339	512	18	.	.	PUNCT
fsr-3339	513	1	global	global	ADJ
fsr-3339	513	2	hedge	hedge	NOUN
fsr-3339	513	3	funds	fund	NOUN
fsr-3339	513	4	:	:	PUNCT
fsr-3339	513	5	risk	risk	NOUN
fsr-3339	513	6	,	,	PUNCT
fsr-3339	513	7	return	return	NOUN
fsr-3339	513	8	,	,	PUNCT
fsr-3339	513	9	and	and	CCONJ
fsr-3339	513	10	market	market	NOUN
fsr-3339	513	11	timing	timing	NOUN
fsr-3339	513	12	.	.	PUNCT
fsr-3339	514	1	financial	financial	ADJ
fsr-3339	514	2	analysts	analyst	NOUN
fsr-3339	514	3	journal	journal	NOUN
fsr-3339	514	4	,	,	PUNCT
fsr-3339	514	5	58	58	NUM
fsr-3339	514	6	,	,	PUNCT
fsr-3339	514	7	19–30	19–30	NUM
fsr-3339	514	8	.	.	PUNCT
fsr-3339	515	1	golec	golec	PROPN
fsr-3339	515	2	,	,	PUNCT
fsr-3339	515	3	j.	j.	PROPN
fsr-3339	515	4	h.	h.	PROPN
fsr-3339	515	5	(	(	PUNCT
fsr-3339	515	6	1996	1996	NUM
fsr-3339	515	7	)	)	PUNCT
fsr-3339	515	8	.	.	PUNCT
fsr-3339	516	1	the	the	DET
fsr-3339	516	2	effect	effect	NOUN
fsr-3339	516	3	of	of	ADP
fsr-3339	516	4	mutual	mutual	ADJ
fsr-3339	516	5	fund	fund	NOUN
fsr-3339	516	6	managers	manager	NOUN
fsr-3339	516	7	’	’	PART
fsr-3339	516	8	characteristics	characteristic	NOUN
fsr-3339	516	9	on	on	ADP
fsr-3339	516	10	their	their	PRON
fsr-3339	516	11	portfolio	portfolio	NOUN
fsr-3339	516	12	performance	performance	NOUN
fsr-3339	516	13	,	,	PUNCT
fsr-3339	516	14	risk	risk	NOUN
fsr-3339	516	15	and	and	CCONJ
fsr-3339	516	16	fees	fee	NOUN
fsr-3339	516	17	.	.	PUNCT
fsr-3339	517	1	financial	financial	ADJ
fsr-3339	517	2	services	service	NOUN
fsr-3339	517	3	review	review	PROPN
fsr-3339	517	4	,	,	PUNCT
fsr-3339	517	5	5	5	NUM
fsr-3339	517	6	,	,	PUNCT
fsr-3339	517	7	133–148	133–148	NUM
fsr-3339	517	8	.	.	PUNCT
fsr-3339	518	1	grinblatt	grinblatt	PROPN
fsr-3339	518	2	,	,	PUNCT
fsr-3339	518	3	m.	m.	NOUN
fsr-3339	518	4	,	,	PUNCT
fsr-3339	518	5	&	&	CCONJ
fsr-3339	518	6	titman	titman	PROPN
fsr-3339	518	7	,	,	PUNCT
fsr-3339	518	8	s.	s.	PROPN
fsr-3339	518	9	(	(	PUNCT
fsr-3339	518	10	1989	1989	NUM
fsr-3339	518	11	)	)	PUNCT
fsr-3339	518	12	.	.	PUNCT
fsr-3339	519	1	mutual	mutual	ADJ
fsr-3339	519	2	fund	fund	NOUN
fsr-3339	519	3	performance	performance	NOUN
fsr-3339	519	4	:	:	PUNCT
fsr-3339	519	5	an	an	DET
fsr-3339	519	6	analysis	analysis	NOUN
fsr-3339	519	7	of	of	ADP
fsr-3339	519	8	quarterly	quarterly	ADJ
fsr-3339	519	9	portfolio	portfolio	NOUN
fsr-3339	519	10	holdings	holding	NOUN
fsr-3339	519	11	.	.	PUNCT
fsr-3339	520	1	journal	journal	PROPN
fsr-3339	520	2	of	of	ADP
fsr-3339	520	3	business	business	NOUN
fsr-3339	520	4	,	,	PUNCT
fsr-3339	520	5	62	62	NUM
fsr-3339	520	6	,	,	PUNCT
fsr-3339	520	7	393–416	393–416	NUM
fsr-3339	520	8	.	.	PUNCT
fsr-3339	521	1	guo	guo	PROPN
fsr-3339	521	2	,	,	PUNCT
fsr-3339	521	3	f.	f.	PROPN
fsr-3339	521	4	(	(	PUNCT
fsr-3339	521	5	2010	2010	NUM
fsr-3339	521	6	)	)	PUNCT
fsr-3339	521	7	.	.	PUNCT
fsr-3339	522	1	an	an	DET
fsr-3339	522	2	empirical	empirical	ADJ
fsr-3339	522	3	study	study	NOUN
fsr-3339	522	4	on	on	ADP
fsr-3339	522	5	the	the	DET
fsr-3339	522	6	performance	performance	NOUN
fsr-3339	522	7	and	and	CCONJ
fsr-3339	522	8	market	market	NOUN
fsr-3339	522	9	timing	timing	NOUN
fsr-3339	522	10	ability	ability	NOUN
fsr-3339	522	11	of	of	ADP
fsr-3339	522	12	chinese	chinese	ADJ
fsr-3339	522	13	mutual	mutual	ADJ
fsr-3339	522	14	funds	fund	NOUN
fsr-3339	522	15	.	.	PUNCT
fsr-3339	523	1	journal	journal	PROPN
fsr-3339	523	2	of	of	ADP
fsr-3339	523	3	harbin	harbin	PROPN
fsr-3339	523	4	university	university	PROPN
fsr-3339	523	5	of	of	ADP
fsr-3339	523	6	commerce	commerce	PROPN
fsr-3339	523	7	(	(	PUNCT
fsr-3339	523	8	social	social	ADJ
fsr-3339	523	9	science	science	NOUN
fsr-3339	523	10	edition	edition	PROPN
fsr-3339	523	11	)	)	PUNCT
fsr-3339	523	12	,	,	PUNCT
fsr-3339	523	13	6	6	NUM
fsr-3339	523	14	,	,	PUNCT
fsr-3339	523	15	22–27	22–27	NUM
fsr-3339	523	16	.	.	PUNCT
fsr-3339	524	1	haslem	haslem	PROPN
fsr-3339	524	2	,	,	PUNCT
fsr-3339	524	3	j.	j.	PROPN
fsr-3339	524	4	a.	a.	PROPN
fsr-3339	524	5	,	,	PUNCT
fsr-3339	524	6	baker	baker	PROPN
fsr-3339	524	7	,	,	PUNCT
fsr-3339	524	8	h.	h.	PROPN
fsr-3339	524	9	k.	k.	PROPN
fsr-3339	524	10	,	,	PUNCT
fsr-3339	524	11	&	&	CCONJ
fsr-3339	524	12	smith	smith	PROPN
fsr-3339	524	13	,	,	PUNCT
fsr-3339	524	14	d.	d.	PROPN
fsr-3339	524	15	m.	m.	PROPN
fsr-3339	524	16	(	(	PUNCT
fsr-3339	524	17	2008	2008	NUM
fsr-3339	524	18	)	)	PUNCT
fsr-3339	524	19	.	.	PUNCT
fsr-3339	525	1	performance	performance	NOUN
fsr-3339	525	2	and	and	CCONJ
fsr-3339	525	3	characteristics	characteristic	NOUN
fsr-3339	525	4	of	of	ADP
fsr-3339	525	5	actively	actively	ADV
fsr-3339	525	6	managed	manage	VERB
fsr-3339	525	7	retail	retail	ADJ
fsr-3339	525	8	equity	equity	NOUN
fsr-3339	525	9	mutual	mutual	ADJ
fsr-3339	525	10	funds	fund	NOUN
fsr-3339	525	11	with	with	ADP
fsr-3339	525	12	diverse	diverse	ADJ
fsr-3339	525	13	expense	expense	NOUN
fsr-3339	525	14	ratios	ratio	NOUN
fsr-3339	525	15	.	.	PUNCT
fsr-3339	526	1	financial	financial	ADJ
fsr-3339	526	2	services	service	NOUN
fsr-3339	526	3	review	review	PROPN
fsr-3339	526	4	,	,	PUNCT
fsr-3339	526	5	17	17	NUM
fsr-3339	526	6	,	,	PUNCT
fsr-3339	526	7	49–68	49–68	NUM
fsr-3339	526	8	.	.	PUNCT
fsr-3339	526	9	henriksson	henriksson	PROPN
fsr-3339	526	10	,	,	PUNCT
fsr-3339	526	11	r.	r.	PROPN
fsr-3339	526	12	a.	a.	PROPN
fsr-3339	526	13	(	(	PUNCT
fsr-3339	526	14	1984	1984	NUM
fsr-3339	526	15	)	)	PUNCT
fsr-3339	526	16	.	.	PUNCT
fsr-3339	527	1	market	market	NOUN
fsr-3339	527	2	timing	timing	NOUN
fsr-3339	527	3	and	and	CCONJ
fsr-3339	527	4	mutual	mutual	ADJ
fsr-3339	527	5	fund	fund	NOUN
fsr-3339	527	6	performance	performance	NOUN
fsr-3339	527	7	:	:	PUNCT
fsr-3339	527	8	an	an	DET
fsr-3339	527	9	empirical	empirical	ADJ
fsr-3339	527	10	investigation	investigation	NOUN
fsr-3339	527	11	.	.	PUNCT
fsr-3339	528	1	journal	journal	NOUN
fsr-3339	528	2	of	of	ADP
fsr-3339	528	3	business	business	NOUN
fsr-3339	528	4	,	,	PUNCT
fsr-3339	528	5	57	57	NUM
fsr-3339	528	6	,	,	PUNCT
fsr-3339	528	7	73–97	73–97	NUM
fsr-3339	528	8	.	.	PUNCT
fsr-3339	529	1	henriksson	henriksson	PROPN
fsr-3339	529	2	,	,	PUNCT
fsr-3339	529	3	r.	r.	PROPN
fsr-3339	529	4	a.	a.	PROPN
fsr-3339	529	5	,	,	PUNCT
fsr-3339	529	6	&	&	CCONJ
fsr-3339	529	7	merton	merton	PROPN
fsr-3339	529	8	,	,	PUNCT
fsr-3339	529	9	r.	r.	PROPN
fsr-3339	529	10	c.	c.	PROPN
fsr-3339	529	11	(	(	PUNCT
fsr-3339	529	12	1981	1981	NUM
fsr-3339	529	13	)	)	PUNCT
fsr-3339	529	14	.	.	PUNCT
fsr-3339	530	1	on	on	ADP
fsr-3339	530	2	market	market	NOUN
fsr-3339	530	3	timing	timing	NOUN
fsr-3339	530	4	and	and	CCONJ
fsr-3339	530	5	investment	investment	NOUN
fsr-3339	530	6	performance	performance	NOUN
fsr-3339	530	7	ii	ii	PROPN
fsr-3339	530	8	.	.	PUNCT
fsr-3339	531	1	statistical	statistical	ADJ
fsr-3339	531	2	procedures	procedure	NOUN
fsr-3339	531	3	for	for	ADP
fsr-3339	531	4	evaluating	evaluate	VERB
fsr-3339	531	5	forecasting	forecasting	NOUN
fsr-3339	531	6	skills	skill	NOUN
fsr-3339	531	7	.	.	PUNCT
fsr-3339	532	1	journal	journal	NOUN
fsr-3339	532	2	of	of	ADP
fsr-3339	532	3	business	business	NOUN
fsr-3339	532	4	,	,	PUNCT
fsr-3339	532	5	54	54	NUM
fsr-3339	532	6	,	,	PUNCT
fsr-3339	532	7	513–533	513–533	NUM
fsr-3339	532	8	.	.	PUNCT
fsr-3339	533	1	jan	jan	PROPN
fsr-3339	533	2	,	,	PUNCT
fsr-3339	533	3	y.	y.	PROPN
fsr-3339	533	4	,	,	PUNCT
fsr-3339	533	5	&	&	CCONJ
fsr-3339	533	6	hung	hung	PROPN
fsr-3339	533	7	,	,	PUNCT
fsr-3339	533	8	m.	m.	NOUN
fsr-3339	533	9	(	(	PUNCT
fsr-3339	533	10	2003	2003	NUM
fsr-3339	533	11	)	)	PUNCT
fsr-3339	533	12	.	.	PUNCT
fsr-3339	534	1	mutual	mutual	ADJ
fsr-3339	534	2	fund	fund	NOUN
fsr-3339	534	3	attributes	attribute	NOUN
fsr-3339	534	4	and	and	CCONJ
fsr-3339	534	5	performance	performance	NOUN
fsr-3339	534	6	.	.	PUNCT
fsr-3339	535	1	financial	financial	ADJ
fsr-3339	535	2	services	service	NOUN
fsr-3339	535	3	review	review	PROPN
fsr-3339	535	4	,	,	PUNCT
fsr-3339	535	5	12	12	NUM
fsr-3339	535	6	,	,	PUNCT
fsr-3339	535	7	165–178	165–178	NUM
fsr-3339	535	8	.	.	PUNCT
fsr-3339	536	1	jensen	jensen	PROPN
fsr-3339	536	2	,	,	PUNCT
fsr-3339	536	3	m.	m.	NOUN
fsr-3339	536	4	(	(	PUNCT
fsr-3339	536	5	1969	1969	NUM
fsr-3339	536	6	)	)	PUNCT
fsr-3339	536	7	.	.	PUNCT
fsr-3339	537	1	risk	risk	NOUN
fsr-3339	537	2	,	,	PUNCT
fsr-3339	537	3	the	the	DET
fsr-3339	537	4	pricing	pricing	NOUN
fsr-3339	537	5	of	of	ADP
fsr-3339	537	6	capital	capital	NOUN
fsr-3339	537	7	assets	asset	NOUN
fsr-3339	537	8	,	,	PUNCT
fsr-3339	537	9	and	and	CCONJ
fsr-3339	537	10	the	the	DET
fsr-3339	537	11	evaluation	evaluation	NOUN
fsr-3339	537	12	of	of	ADP
fsr-3339	537	13	investment	investment	NOUN
fsr-3339	537	14	portfolios	portfolio	NOUN
fsr-3339	537	15	.	.	PUNCT
fsr-3339	538	1	journal	journal	NOUN
fsr-3339	538	2	of	of	ADP
fsr-3339	538	3	business	business	NOUN
fsr-3339	538	4	,	,	PUNCT
fsr-3339	538	5	42	42	NUM
fsr-3339	538	6	,	,	PUNCT
fsr-3339	538	7	167–185	167–185	NUM
fsr-3339	538	8	.	.	PUNCT
fsr-3339	539	1	li	li	PROPN
fsr-3339	539	2	,	,	PUNCT
fsr-3339	539	3	h.	h.	PROPN
fsr-3339	539	4	q.	q.	PROPN
fsr-3339	539	5	,	,	PUNCT
fsr-3339	539	6	&	&	CCONJ
fsr-3339	539	7	ma	ma	PROPN
fsr-3339	539	8	,	,	PUNCT
fsr-3339	539	9	c.	c.	PROPN
fsr-3339	539	10	q.	q.	PROPN
fsr-3339	539	11	(	(	PUNCT
fsr-3339	539	12	2004	2004	NUM
fsr-3339	539	13	)	)	PUNCT
fsr-3339	539	14	.	.	PUNCT
fsr-3339	540	1	a	a	DET
fsr-3339	540	2	theoretical	theoretical	ADJ
fsr-3339	540	3	and	and	CCONJ
fsr-3339	540	4	empirical	empirical	ADJ
fsr-3339	540	5	study	study	NOUN
fsr-3339	540	6	on	on	ADP
fsr-3339	540	7	the	the	DET
fsr-3339	540	8	performance	performance	NOUN
fsr-3339	540	9	evaluation	evaluation	NOUN
fsr-3339	540	10	of	of	ADP
fsr-3339	540	11	chinese	chinese	ADJ
fsr-3339	540	12	mutual	mutual	ADJ
fsr-3339	540	13	funds	fund	NOUN
fsr-3339	540	14	.	.	PUNCT
fsr-3339	541	1	journal	journal	NOUN
fsr-3339	541	2	of	of	ADP
fsr-3339	541	3	finance	finance	NOUN
fsr-3339	541	4	and	and	CCONJ
fsr-3339	541	5	economics	economic	NOUN
fsr-3339	541	6	,	,	PUNCT
fsr-3339	541	7	7	7	NUM
fsr-3339	541	8	,	,	PUNCT
fsr-3339	541	9	56–65	56–65	NUM
fsr-3339	541	10	.	.	PUNCT
fsr-3339	542	1	(	(	PUNCT
fsr-3339	542	2	in	in	ADP
fsr-3339	542	3	chinese	chinese	PROPN
fsr-3339	542	4	)	)	PUNCT
fsr-3339	542	5	.	.	PUNCT
fsr-3339	543	1	mackinnon	mackinnon	PROPN
fsr-3339	543	2	,	,	PUNCT
fsr-3339	543	3	j.	j.	PROPN
fsr-3339	543	4	g.	g.	PROPN
fsr-3339	543	5	,	,	PUNCT
fsr-3339	543	6	&	&	CCONJ
fsr-3339	543	7	white	white	PROPN
fsr-3339	543	8	,	,	PUNCT
fsr-3339	543	9	h.	h.	PROPN
fsr-3339	543	10	(	(	PUNCT
fsr-3339	543	11	1985	1985	NUM
fsr-3339	543	12	)	)	PUNCT
fsr-3339	543	13	.	.	PUNCT
fsr-3339	544	1	some	some	DET
fsr-3339	544	2	heteroskedasticity	heteroskedasticity	NOUN
fsr-3339	544	3	-	-	PUNCT
fsr-3339	544	4	consistent	consistent	ADJ
fsr-3339	544	5	covariance	covariance	NOUN
fsr-3339	544	6	matrix	matrix	NOUN
fsr-3339	544	7	estimators	estimator	NOUN
fsr-3339	544	8	with	with	ADP
fsr-3339	544	9	improved	improve	VERB
fsr-3339	544	10	finite	finite	ADJ
fsr-3339	544	11	sample	sample	NOUN
fsr-3339	544	12	properties	property	NOUN
fsr-3339	544	13	.	.	PUNCT
fsr-3339	545	1	journal	journal	PROPN
fsr-3339	545	2	of	of	ADP
fsr-3339	545	3	econometrics	econometric	NOUN
fsr-3339	545	4	,	,	PUNCT
fsr-3339	545	5	29	29	NUM
fsr-3339	545	6	,	,	PUNCT
fsr-3339	545	7	305–325	305–325	NUM
fsr-3339	545	8	.	.	PUNCT
fsr-3339	546	1	maginn	maginn	PROPN
fsr-3339	546	2	,	,	PUNCT
fsr-3339	546	3	j.	j.	PROPN
fsr-3339	546	4	l.	l.	PROPN
fsr-3339	546	5	,	,	PUNCT
fsr-3339	546	6	tuttle	tuttle	PROPN
fsr-3339	546	7	,	,	PUNCT
fsr-3339	546	8	d.	d.	PROPN
fsr-3339	546	9	l.	l.	PROPN
fsr-3339	546	10	,	,	PUNCT
fsr-3339	546	11	pinto	pinto	PROPN
fsr-3339	546	12	,	,	PUNCT
fsr-3339	546	13	j.	j.	PROPN
fsr-3339	546	14	e.	e.	PROPN
fsr-3339	546	15	,	,	PUNCT
fsr-3339	546	16	&	&	CCONJ
fsr-3339	546	17	mcleavey	mcleavey	PROPN
fsr-3339	546	18	,	,	PUNCT
fsr-3339	546	19	d.	d.	PROPN
fsr-3339	546	20	w.	w.	PROPN
fsr-3339	546	21	(	(	PUNCT
fsr-3339	546	22	2007	2007	NUM
fsr-3339	546	23	)	)	PUNCT
fsr-3339	546	24	.	.	PUNCT
fsr-3339	547	1	managing	manage	VERB
fsr-3339	547	2	investment	investment	NOUN
fsr-3339	547	3	portfolios	portfolio	NOUN
fsr-3339	547	4	–	–	PUNCT
fsr-3339	547	5	a	a	DET
fsr-3339	547	6	dynamic	dynamic	ADJ
fsr-3339	547	7	process	process	NOUN
fsr-3339	547	8	.	.	PUNCT
fsr-3339	548	1	hoboken	hoboken	PROPN
fsr-3339	548	2	,	,	PUNCT
fsr-3339	548	3	nj	nj	PROPN
fsr-3339	548	4	:	:	PUNCT
fsr-3339	548	5	john	john	PROPN
fsr-3339	548	6	wiley	wiley	PROPN
fsr-3339	548	7	&	&	CCONJ
fsr-3339	548	8	sons	sons	PROPN
fsr-3339	548	9	,	,	PUNCT
fsr-3339	548	10	inc	inc	PROPN
fsr-3339	548	11	.	.	PROPN
fsr-3339	548	12	otten	otten	PROPN
fsr-3339	548	13	,	,	PUNCT
fsr-3339	548	14	r.	r.	PROPN
fsr-3339	548	15	,	,	PUNCT
fsr-3339	548	16	&	&	CCONJ
fsr-3339	548	17	bams	bams	PROPN
fsr-3339	548	18	,	,	PUNCT
fsr-3339	548	19	d.	d.	PROPN
fsr-3339	548	20	(	(	PUNCT
fsr-3339	548	21	2002	2002	NUM
fsr-3339	548	22	)	)	PUNCT
fsr-3339	548	23	.	.	PUNCT
fsr-3339	549	1	european	european	ADJ
fsr-3339	549	2	mutual	mutual	ADJ
fsr-3339	549	3	fund	fund	NOUN
fsr-3339	549	4	performance	performance	NOUN
fsr-3339	549	5	.	.	PUNCT
fsr-3339	550	1	european	european	ADJ
fsr-3339	550	2	financial	financial	ADJ
fsr-3339	550	3	management	management	NOUN
fsr-3339	550	4	,	,	PUNCT
fsr-3339	550	5	8	8	NUM
fsr-3339	550	6	,	,	PUNCT
fsr-3339	550	7	75–101	75–101	NUM
fsr-3339	550	8	.	.	PUNCT
fsr-3339	551	1	perold	perold	PROPN
fsr-3339	551	2	,	,	PUNCT
fsr-3339	551	3	a.	a.	NOUN
fsr-3339	551	4	,	,	PUNCT
fsr-3339	551	5	&	&	CCONJ
fsr-3339	551	6	salomon	salomon	PROPN
fsr-3339	551	7	,	,	PUNCT
fsr-3339	551	8	r.	r.	PROPN
fsr-3339	551	9	s.	s.	PROPN
fsr-3339	551	10	(	(	PUNCT
fsr-3339	551	11	1991	1991	NUM
fsr-3339	551	12	)	)	PUNCT
fsr-3339	551	13	.	.	PUNCT
fsr-3339	552	1	the	the	DET
fsr-3339	552	2	right	right	ADJ
fsr-3339	552	3	amount	amount	NOUN
fsr-3339	552	4	of	of	ADP
fsr-3339	552	5	assets	asset	NOUN
fsr-3339	552	6	under	under	ADP
fsr-3339	552	7	management	management	NOUN
fsr-3339	552	8	.	.	PUNCT
fsr-3339	553	1	financial	financial	ADJ
fsr-3339	553	2	analysts	analyst	NOUN
fsr-3339	553	3	journal	journal	NOUN
fsr-3339	553	4	,	,	PUNCT
fsr-3339	553	5	47	47	NUM
fsr-3339	553	6	,	,	PUNCT
fsr-3339	553	7	31–39	31–39	NUM
fsr-3339	553	8	.	.	PUNCT
fsr-3339	554	1	rakowski	rakowski	PROPN
fsr-3339	554	2	,	,	PUNCT
fsr-3339	554	3	d.	d.	PROPN
fsr-3339	554	4	(	(	PUNCT
fsr-3339	554	5	2010	2010	NUM
fsr-3339	554	6	)	)	PUNCT
fsr-3339	554	7	.	.	PUNCT
fsr-3339	555	1	fund	fund	PROPN
fsr-3339	555	2	flows	flow	VERB
fsr-3339	555	3	volatility	volatility	NOUN
fsr-3339	555	4	and	and	CCONJ
fsr-3339	555	5	performance	performance	NOUN
fsr-3339	555	6	.	.	PUNCT
fsr-3339	556	1	journal	journal	NOUN
fsr-3339	556	2	of	of	ADP
fsr-3339	556	3	financial	financial	PROPN
fsr-3339	556	4	&	&	CCONJ
fsr-3339	556	5	quantitative	quantitative	ADJ
fsr-3339	556	6	analysis	analysis	NOUN
fsr-3339	556	7	,	,	PUNCT
fsr-3339	556	8	45	45	NUM
fsr-3339	556	9	,	,	PUNCT
fsr-3339	556	10	223–237	223–237	NUM
fsr-3339	556	11	.	.	PUNCT
fsr-3339	557	1	rakowski	rakowski	PROPN
fsr-3339	557	2	,	,	PUNCT
fsr-3339	557	3	d.	d.	PROPN
fsr-3339	557	4	,	,	PUNCT
fsr-3339	557	5	&	&	CCONJ
fsr-3339	557	6	wang	wang	PROPN
fsr-3339	557	7	,	,	PUNCT
fsr-3339	557	8	x.	x.	NOUN
fsr-3339	557	9	(	(	PUNCT
fsr-3339	557	10	2009	2009	NUM
fsr-3339	557	11	)	)	PUNCT
fsr-3339	557	12	.	.	PUNCT
fsr-3339	558	1	the	the	DET
fsr-3339	558	2	dynamics	dynamic	NOUN
fsr-3339	558	3	of	of	ADP
fsr-3339	558	4	short	short	ADJ
fsr-3339	558	5	-	-	PUNCT
fsr-3339	558	6	term	term	NOUN
fsr-3339	558	7	mutual	mutual	ADJ
fsr-3339	558	8	fund	fund	NOUN
fsr-3339	558	9	flows	flow	NOUN
fsr-3339	558	10	and	and	CCONJ
fsr-3339	558	11	returns	return	NOUN
fsr-3339	558	12	:	:	PUNCT
fsr-3339	558	13	a	a	DET
fsr-3339	558	14	time	time	NOUN
fsr-3339	558	15	-	-	PUNCT
fsr-3339	558	16	series	series	NOUN
fsr-3339	558	17	and	and	CCONJ
fsr-3339	558	18	cross	cross	ADJ
fsr-3339	558	19	-	-	ADJ
fsr-3339	558	20	sectional	sectional	ADJ
fsr-3339	558	21	investigation	investigation	NOUN
fsr-3339	558	22	.	.	PUNCT
fsr-3339	559	1	journal	journal	NOUN
fsr-3339	559	2	of	of	ADP
fsr-3339	559	3	banking	banking	NOUN
fsr-3339	559	4	&	&	CCONJ
fsr-3339	559	5	finance	finance	PROPN
fsr-3339	559	6	,	,	PUNCT
fsr-3339	559	7	33	33	NUM
fsr-3339	559	8	,	,	PUNCT
fsr-3339	559	9	2102–2109	2102–2109	NUM
fsr-3339	559	10	.	.	PUNCT
fsr-3339	560	1	rodier	rodi	ADJ
fsr-3339	560	2	,	,	PUNCT
fsr-3339	560	3	m.	m.	NOUN
fsr-3339	560	4	(	(	PUNCT
fsr-3339	560	5	2009	2009	NUM
fsr-3339	560	6	)	)	PUNCT
fsr-3339	560	7	.	.	PUNCT
fsr-3339	561	1	china	china	PROPN
fsr-3339	561	2	’s	’s	PART
fsr-3339	561	3	mutual	mutual	ADJ
fsr-3339	561	4	fund	fund	NOUN
fsr-3339	561	5	industry	industry	NOUN
fsr-3339	561	6	goes	go	VERB
fsr-3339	561	7	international	international	ADJ
fsr-3339	561	8	.	.	PUNCT
fsr-3339	562	1	(	(	PUNCT
fsr-3339	562	2	available	available	ADJ
fsr-3339	562	3	at	at	ADP
fsr-3339	562	4	http://www.wallstreetandtech.com/articles/217701673	http://www.wallstreetandtech.com/articles/217701673	PROPN
fsr-3339	562	5	)	)	PUNCT
fsr-3339	562	6	.	.	PUNCT
fsr-3339	563	1	sharpe	sharpe	PROPN
fsr-3339	563	2	,	,	PUNCT
fsr-3339	563	3	w.	w.	PROPN
fsr-3339	563	4	f.	f.	PROPN
fsr-3339	563	5	(	(	PUNCT
fsr-3339	563	6	1966	1966	NUM
fsr-3339	563	7	)	)	PUNCT
fsr-3339	563	8	.	.	PUNCT
fsr-3339	564	1	mutual	mutual	ADJ
fsr-3339	564	2	fund	fund	NOUN
fsr-3339	564	3	performance	performance	NOUN
fsr-3339	564	4	.	.	PUNCT
fsr-3339	565	1	journal	journal	NOUN
fsr-3339	565	2	of	of	ADP
fsr-3339	565	3	business	business	NOUN
fsr-3339	565	4	,	,	PUNCT
fsr-3339	565	5	39	39	NUM
fsr-3339	565	6	,	,	PUNCT
fsr-3339	565	7	119–138	119–138	NUM
fsr-3339	565	8	.	.	PUNCT
fsr-3339	566	1	shen	shen	PROPN
fsr-3339	566	2	,	,	PUNCT
fsr-3339	566	3	w.	w.	PROPN
fsr-3339	566	4	t.	t.	PROPN
fsr-3339	566	5	,	,	PUNCT
fsr-3339	566	6	&	&	CCONJ
fsr-3339	566	7	huang	huang	PROPN
fsr-3339	566	8	,	,	PUNCT
fsr-3339	566	9	x.	x.	PROPN
fsr-3339	566	10	r.	r.	PROPN
fsr-3339	566	11	(	(	PUNCT
fsr-3339	566	12	2001	2001	NUM
fsr-3339	566	13	)	)	PUNCT
fsr-3339	566	14	.	.	PUNCT
fsr-3339	567	1	an	an	DET
fsr-3339	567	2	empirical	empirical	ADJ
fsr-3339	567	3	study	study	NOUN
fsr-3339	567	4	and	and	CCONJ
fsr-3339	567	5	appraisal	appraisal	NOUN
fsr-3339	567	6	on	on	ADP
fsr-3339	567	7	the	the	DET
fsr-3339	567	8	performance	performance	NOUN
fsr-3339	567	9	of	of	ADP
fsr-3339	567	10	chinese	chinese	ADJ
fsr-3339	567	11	mutual	mutual	ADJ
fsr-3339	567	12	funds	fund	NOUN
fsr-3339	567	13	.	.	PUNCT
fsr-3339	568	1	economic	economic	ADJ
fsr-3339	568	2	research	research	NOUN
fsr-3339	568	3	journal	journal	NOUN
fsr-3339	568	4	,	,	PUNCT
fsr-3339	568	5	9	9	NUM
fsr-3339	568	6	,	,	PUNCT
fsr-3339	568	7	22–30	22–30	NUM
fsr-3339	568	8	.	.	PUNCT
fsr-3339	568	9	tang	tang	PROPN
fsr-3339	568	10	,	,	PUNCT
fsr-3339	568	11	k.	k.	PROPN
fsr-3339	568	12	,	,	PUNCT
fsr-3339	568	13	wang	wang	PROPN
fsr-3339	568	14	,	,	PUNCT
fsr-3339	568	15	w.	w.	PROPN
fsr-3339	568	16	,	,	PUNCT
fsr-3339	568	17	&	&	CCONJ
fsr-3339	568	18	xu	xu	PROPN
fsr-3339	568	19	,	,	PUNCT
fsr-3339	568	20	r.	r.	PROPN
fsr-3339	568	21	(	(	PUNCT
fsr-3339	568	22	2012	2012	NUM
fsr-3339	568	23	)	)	PUNCT
fsr-3339	568	24	.	.	PUNCT
fsr-3339	569	1	size	size	NOUN
fsr-3339	569	2	and	and	CCONJ
fsr-3339	569	3	performance	performance	NOUN
fsr-3339	569	4	of	of	ADP
fsr-3339	569	5	chinese	chinese	ADJ
fsr-3339	569	6	mutual	mutual	ADJ
fsr-3339	569	7	funds	fund	NOUN
fsr-3339	569	8	:	:	PUNCT
fsr-3339	569	9	the	the	DET
fsr-3339	569	10	role	role	NOUN
fsr-3339	569	11	of	of	ADP
fsr-3339	569	12	economy	economy	NOUN
fsr-3339	569	13	of	of	ADP
fsr-3339	569	14	scale	scale	NOUN
fsr-3339	569	15	and	and	CCONJ
fsr-3339	569	16	liquidity	liquidity	NOUN
fsr-3339	569	17	.	.	PUNCT
fsr-3339	570	1	pacific	pacific	ADJ
fsr-3339	570	2	-	-	PUNCT
fsr-3339	570	3	basin	basin	NOUN
fsr-3339	570	4	finance	finance	NOUN
fsr-3339	570	5	journal	journal	NOUN
fsr-3339	570	6	,	,	PUNCT
fsr-3339	570	7	20	20	NUM
fsr-3339	570	8	,	,	PUNCT
fsr-3339	570	9	228–246	228–246	NUM
fsr-3339	570	10	.	.	PUNCT
fsr-3339	571	1	treynor	treynor	PROPN
fsr-3339	571	2	,	,	PUNCT
fsr-3339	571	3	j.	j.	PROPN
fsr-3339	571	4	l.	l.	PROPN
fsr-3339	571	5	(	(	PUNCT
fsr-3339	571	6	1965	1965	NUM
fsr-3339	571	7	)	)	PUNCT
fsr-3339	571	8	.	.	PUNCT
fsr-3339	572	1	how	how	SCONJ
fsr-3339	572	2	to	to	PART
fsr-3339	572	3	rate	rate	VERB
fsr-3339	572	4	management	management	NOUN
fsr-3339	572	5	of	of	ADP
fsr-3339	572	6	investment	investment	NOUN
fsr-3339	572	7	funds	fund	NOUN
fsr-3339	572	8	.	.	PUNCT
fsr-3339	573	1	harvard	harvard	PROPN
fsr-3339	573	2	business	business	PROPN
fsr-3339	573	3	review	review	PROPN
fsr-3339	573	4	,	,	PUNCT
fsr-3339	573	5	43	43	NUM
fsr-3339	573	6	,	,	PUNCT
fsr-3339	573	7	63–75	63–75	NUM
fsr-3339	573	8	.	.	PUNCT
fsr-3339	574	1	310	310	NUM
fsr-3339	574	2	w.	w.	NOUN
fsr-3339	574	3	he	he	PRON
fsr-3339	574	4	et	et	PROPN
fsr-3339	574	5	al	al	PROPN
fsr-3339	574	6	.	.	PUNCT
fsr-3339	574	7	/	/	SYM
fsr-3339	574	8	financial	financial	ADJ
fsr-3339	574	9	services	service	NOUN
fsr-3339	574	10	review	review	VERB
fsr-3339	574	11	24	24	NUM
fsr-3339	574	12	(	(	PUNCT
fsr-3339	574	13	2015	2015	NUM
fsr-3339	574	14	)	)	PUNCT
fsr-3339	574	15	289–311	289–311	NUM
fsr-3339	574	16	treynor	treynor	NOUN
fsr-3339	574	17	,	,	PUNCT
fsr-3339	574	18	j.	j.	PROPN
fsr-3339	574	19	l.	l.	PROPN
fsr-3339	574	20	,	,	PUNCT
fsr-3339	574	21	&	&	CCONJ
fsr-3339	574	22	mazuy	mazuy	PROPN
fsr-3339	574	23	,	,	PUNCT
fsr-3339	574	24	k.	k.	PROPN
fsr-3339	574	25	k.	k.	PROPN
fsr-3339	574	26	(	(	PUNCT
fsr-3339	574	27	1966	1966	NUM
fsr-3339	574	28	)	)	PUNCT
fsr-3339	574	29	.	.	PUNCT
fsr-3339	575	1	can	can	AUX
fsr-3339	575	2	mutual	mutual	ADJ
fsr-3339	575	3	funds	fund	NOUN
fsr-3339	575	4	outguess	outguess	VERB
fsr-3339	575	5	the	the	DET
fsr-3339	575	6	market	market	NOUN
fsr-3339	575	7	?	?	PUNCT
fsr-3339	576	1	harvard	harvard	PROPN
fsr-3339	576	2	business	business	PROPN
fsr-3339	576	3	review	review	PROPN
fsr-3339	576	4	,	,	PUNCT
fsr-3339	576	5	44	44	NUM
fsr-3339	576	6	,	,	PUNCT
fsr-3339	576	7	131–136	131–136	NUM
fsr-3339	576	8	.	.	PUNCT
fsr-3339	577	1	zhang	zhang	PROPN
fsr-3339	577	2	,	,	PUNCT
fsr-3339	577	3	x.	x.	PROPN
fsr-3339	577	4	,	,	PUNCT
fsr-3339	577	5	&	&	CCONJ
fsr-3339	577	6	du	du	PROPN
fsr-3339	577	7	,	,	PUNCT
fsr-3339	577	8	s.	s.	PROPN
fsr-3339	577	9	m.	m.	PROPN
fsr-3339	577	10	(	(	PUNCT
fsr-3339	577	11	2002	2002	NUM
fsr-3339	577	12	)	)	PUNCT
fsr-3339	577	13	.	.	PUNCT
fsr-3339	578	1	can	can	AUX
fsr-3339	578	2	chinese	chinese	ADJ
fsr-3339	578	3	mutual	mutual	ADJ
fsr-3339	578	4	funds	fund	NOUN
fsr-3339	578	5	beat	beat	VERB
fsr-3339	578	6	the	the	DET
fsr-3339	578	7	market	market	NOUN
fsr-3339	578	8	?	?	PUNCT
fsr-3339	579	1	journal	journal	NOUN
fsr-3339	579	2	of	of	ADP
fsr-3339	579	3	financial	financial	ADJ
fsr-3339	579	4	research	research	NOUN
fsr-3339	579	5	,	,	PUNCT
fsr-3339	579	6	1	1	NUM
fsr-3339	579	7	,	,	PUNCT
fsr-3339	579	8	1–22	1–22	NOUN
fsr-3339	579	9	.	.	PUNCT
fsr-3339	580	1	zou	zou	PROPN
fsr-3339	580	2	,	,	PUNCT
fsr-3339	580	3	j.	j.	PROPN
fsr-3339	580	4	f.	f.	PROPN
fsr-3339	580	5	,	,	PUNCT
fsr-3339	580	6	&	&	CCONJ
fsr-3339	580	7	lin	lin	PROPN
fsr-3339	580	8	,	,	PUNCT
fsr-3339	580	9	y.	y.	PROPN
fsr-3339	580	10	r.	r.	PROPN
fsr-3339	580	11	(	(	PUNCT
fsr-3339	580	12	2004	2004	NUM
fsr-3339	580	13	)	)	PUNCT
fsr-3339	580	14	.	.	PUNCT
fsr-3339	581	1	an	an	DET
fsr-3339	581	2	empirical	empirical	ADJ
fsr-3339	581	3	analysis	analysis	NOUN
fsr-3339	581	4	of	of	ADP
fsr-3339	581	5	market	market	NOUN
fsr-3339	581	6	timing	timing	NOUN
fsr-3339	581	7	and	and	CCONJ
fsr-3339	581	8	stock	stock	NOUN
fsr-3339	581	9	choosing	choose	VERB
fsr-3339	581	10	ability	ability	NOUN
fsr-3339	581	11	of	of	ADP
fsr-3339	581	12	chinese	chinese	ADJ
fsr-3339	581	13	mutual	mutual	ADJ
fsr-3339	581	14	funds	fund	NOUN
fsr-3339	581	15	.	.	PUNCT
fsr-3339	582	1	journal	journal	NOUN
fsr-3339	582	2	of	of	ADP
fsr-3339	582	3	central	central	PROPN
fsr-3339	582	4	university	university	PROPN
fsr-3339	582	5	of	of	ADP
fsr-3339	582	6	finance	finance	NOUN
fsr-3339	582	7	and	and	CCONJ
fsr-3339	582	8	economics	economic	NOUN
fsr-3339	582	9	,	,	PUNCT
fsr-3339	582	10	11	11	NUM
fsr-3339	582	11	,	,	PUNCT
fsr-3339	582	12	26–30	26–30	NUM
fsr-3339	582	13	.	.	PUNCT
fsr-3339	583	1	311w	311w	NOUN
fsr-3339	583	2	.	.	PUNCT
fsr-3339	584	1	he	he	PRON
fsr-3339	584	2	et	et	PROPN
fsr-3339	584	3	al	al	PROPN
fsr-3339	584	4	.	.	PUNCT
fsr-3339	584	5	/	/	SYM
fsr-3339	584	6	financial	financial	ADJ
fsr-3339	584	7	services	service	NOUN
fsr-3339	584	8	review	review	VERB
fsr-3339	584	9	24	24	NUM
fsr-3339	584	10	(	(	PUNCT
fsr-3339	584	11	2015	2015	NUM
fsr-3339	584	12	)	)	PUNCT
fsr-3339	584	13	289–311	289–311	NUM