id	sid	tid	token	lemma	pos
fsr-3383	1	1	expense	expense	NOUN
fsr-3383	1	2	ratios	ratio	NOUN
fsr-3383	1	3	and	and	CCONJ
fsr-3383	1	4	net	net	ADJ
fsr-3383	1	5	alphas	alpha	NOUN
fsr-3383	1	6	of	of	ADP
fsr-3383	1	7	large	large	ADJ
fsr-3383	1	8	cap	cap	NOUN
fsr-3383	1	9	funds	fund	NOUN
fsr-3383	1	10	:	:	PUNCT
fsr-3383	1	11	do	do	AUX
fsr-3383	1	12	expenses	expense	NOUN
fsr-3383	1	13	add	add	VERB
fsr-3383	1	14	value	value	NOUN
fsr-3383	1	15	?	?	PUNCT
fsr-3383	2	1	abhay	abhay	PROPN
fsr-3383	2	2	kaushika	kaushika	PROPN
fsr-3383	2	3	,	,	PUNCT
fsr-3383	2	4	*	*	PROPN
fsr-3383	2	5	,	,	PUNCT
fsr-3383	2	6	raymond	raymond	PROPN
fsr-3383	2	7	boisvertb	boisvertb	VERB
fsr-3383	2	8	adepartment	adepartment	NOUN
fsr-3383	2	9	of	of	ADP
fsr-3383	2	10	accounting	accounting	NOUN
fsr-3383	2	11	,	,	PUNCT
fsr-3383	2	12	finance	finance	NOUN
fsr-3383	2	13	and	and	CCONJ
fsr-3383	2	14	business	business	NOUN
fsr-3383	2	15	law	law	NOUN
fsr-3383	2	16	,	,	PUNCT
fsr-3383	2	17	college	college	NOUN
fsr-3383	2	18	of	of	ADP
fsr-3383	2	19	business	business	NOUN
fsr-3383	2	20	and	and	CCONJ
fsr-3383	2	21	economics	economic	NOUN
fsr-3383	2	22	,	,	PUNCT
fsr-3383	2	23	radford	radford	PROPN
fsr-3383	2	24	university	university	PROPN
fsr-3383	2	25	,	,	PUNCT
fsr-3383	2	26	801	801	NUM
fsr-3383	2	27	east	east	ADJ
fsr-3383	2	28	main	main	ADJ
fsr-3383	2	29	street	street	NOUN
fsr-3383	2	30	,	,	PUNCT
fsr-3383	2	31	radford	radford	PROPN
fsr-3383	2	32	,	,	PUNCT
fsr-3383	2	33	virginia	virginia	PROPN
fsr-3383	2	34	,	,	PUNCT
fsr-3383	2	35	24142	24142	NUM
fsr-3383	2	36	,	,	PUNCT
fsr-3383	2	37	usa	usa	PROPN
fsr-3383	2	38	bdepartment	bdepartment	NOUN
fsr-3383	2	39	of	of	ADP
fsr-3383	2	40	accounting	accounting	NOUN
fsr-3383	2	41	,	,	PUNCT
fsr-3383	2	42	finance	finance	NOUN
fsr-3383	2	43	and	and	CCONJ
fsr-3383	2	44	business	business	NOUN
fsr-3383	2	45	law	law	NOUN
fsr-3383	2	46	,	,	PUNCT
fsr-3383	2	47	college	college	NOUN
fsr-3383	2	48	of	of	ADP
fsr-3383	2	49	business	business	NOUN
fsr-3383	2	50	and	and	CCONJ
fsr-3383	2	51	economics	economic	NOUN
fsr-3383	2	52	,	,	PUNCT
fsr-3383	2	53	radford	radford	PROPN
fsr-3383	2	54	university	university	PROPN
fsr-3383	2	55	,	,	PUNCT
fsr-3383	2	56	801	801	NUM
fsr-3383	2	57	east	east	ADJ
fsr-3383	2	58	main	main	ADJ
fsr-3383	2	59	street	street	NOUN
fsr-3383	2	60	,	,	PUNCT
fsr-3383	2	61	radford	radford	PROPN
fsr-3383	2	62	,	,	PUNCT
fsr-3383	2	63	virginia	virginia	PROPN
fsr-3383	2	64	,	,	PUNCT
fsr-3383	2	65	24142	24142	NUM
fsr-3383	2	66	,	,	PUNCT
fsr-3383	2	67	usa	usa	PROPN
fsr-3383	2	68	abstract	abstract	PROPN
fsr-3383	2	69	global	global	PROPN
fsr-3383	2	70	equity	equity	NOUN
fsr-3383	2	71	markets	market	NOUN
fsr-3383	2	72	witnessed	witness	VERB
fsr-3383	2	73	a	a	DET
fsr-3383	2	74	tumultuous	tumultuous	ADJ
fsr-3383	2	75	time	time	NOUN
fsr-3383	2	76	-	-	PUNCT
fsr-3383	2	77	period	period	NOUN
fsr-3383	2	78	of	of	ADP
fsr-3383	2	79	decline	decline	NOUN
fsr-3383	2	80	followed	follow	VERB
fsr-3383	2	81	by	by	ADP
fsr-3383	2	82	growth	growth	NOUN
fsr-3383	2	83	,	,	PUNCT
fsr-3383	2	84	starting	start	VERB
fsr-3383	2	85	from	from	ADP
fsr-3383	2	86	the	the	DET
fsr-3383	2	87	early	early	ADJ
fsr-3383	2	88	part	part	NOUN
fsr-3383	2	89	of	of	ADP
fsr-3383	2	90	2000	2000	NUM
fsr-3383	2	91	to	to	ADP
fsr-3383	2	92	the	the	DET
fsr-3383	2	93	beginning	beginning	NOUN
fsr-3383	2	94	of	of	ADP
fsr-3383	2	95	the	the	DET
fsr-3383	2	96	current	current	ADJ
fsr-3383	2	97	period	period	NOUN
fsr-3383	2	98	.	.	PUNCT
fsr-3383	3	1	investment	investment	NOUN
fsr-3383	3	2	in	in	ADP
fsr-3383	3	3	actively	actively	ADV
fsr-3383	3	4	managed	manage	VERB
fsr-3383	3	5	mutual	mutual	ADJ
fsr-3383	3	6	funds	fund	NOUN
fsr-3383	3	7	also	also	ADV
fsr-3383	3	8	experienced	experience	VERB
fsr-3383	3	9	a	a	DET
fsr-3383	3	10	decent	decent	ADJ
fsr-3383	3	11	growth	growth	NOUN
fsr-3383	3	12	over	over	ADP
fsr-3383	3	13	the	the	DET
fsr-3383	3	14	same	same	ADJ
fsr-3383	3	15	period	period	NOUN
fsr-3383	3	16	though	though	SCONJ
fsr-3383	3	17	there	there	PRON
fsr-3383	3	18	were	be	VERB
fsr-3383	3	19	times	time	NOUN
fsr-3383	3	20	when	when	SCONJ
fsr-3383	3	21	investors	investor	NOUN
fsr-3383	3	22	especially	especially	ADV
fsr-3383	3	23	retail	retail	ADJ
fsr-3383	3	24	investors	investor	NOUN
fsr-3383	3	25	sat	sit	VERB
fsr-3383	3	26	on	on	ADP
fsr-3383	3	27	the	the	DET
fsr-3383	3	28	sidelines	sideline	NOUN
fsr-3383	3	29	and	and	CCONJ
fsr-3383	3	30	seemed	seem	VERB
fsr-3383	3	31	reluctant	reluctant	ADJ
fsr-3383	3	32	to	to	PART
fsr-3383	3	33	invest	invest	VERB
fsr-3383	3	34	in	in	ADP
fsr-3383	3	35	equity	equity	NOUN
fsr-3383	3	36	funds	fund	NOUN
fsr-3383	3	37	.	.	PUNCT
fsr-3383	4	1	this	this	DET
fsr-3383	4	2	study	study	NOUN
fsr-3383	4	3	analyzes	analyze	VERB
fsr-3383	4	4	the	the	DET
fsr-3383	4	5	performance	performance	NOUN
fsr-3383	4	6	of	of	ADP
fsr-3383	4	7	large	large	ADJ
fsr-3383	4	8	cap	cap	NOUN
fsr-3383	4	9	equity	equity	NOUN
fsr-3383	4	10	funds	fund	NOUN
fsr-3383	4	11	between	between	ADP
fsr-3383	4	12	january	january	PROPN
fsr-3383	4	13	2000	2000	NUM
fsr-3383	4	14	and	and	CCONJ
fsr-3383	4	15	december	december	PROPN
fsr-3383	4	16	2013	2013	NUM
fsr-3383	4	17	.	.	PUNCT
fsr-3383	5	1	the	the	DET
fsr-3383	5	2	main	main	ADJ
fsr-3383	5	3	objective	objective	NOUN
fsr-3383	5	4	is	be	AUX
fsr-3383	5	5	to	to	PART
fsr-3383	5	6	assess	assess	VERB
fsr-3383	5	7	the	the	DET
fsr-3383	5	8	performance	performance	NOUN
fsr-3383	5	9	as	as	SCONJ
fsr-3383	5	10	reflected	reflect	VERB
fsr-3383	5	11	in	in	ADP
fsr-3383	5	12	the	the	DET
fsr-3383	5	13	alpha	alpha	NOUN
fsr-3383	5	14	of	of	ADP
fsr-3383	5	15	funds	fund	NOUN
fsr-3383	5	16	conditioned	condition	VERB
fsr-3383	5	17	on	on	ADP
fsr-3383	5	18	expenses	expense	NOUN
fsr-3383	5	19	.	.	PUNCT
fsr-3383	6	1	we	we	PRON
fsr-3383	6	2	apply	apply	VERB
fsr-3383	6	3	both	both	DET
fsr-3383	6	4	ols	ol	NOUN
fsr-3383	6	5	regression	regression	NOUN
fsr-3383	6	6	and	and	CCONJ
fsr-3383	6	7	ranked	rank	VERB
fsr-3383	6	8	portfolio	portfolio	NOUN
fsr-3383	6	9	approaches	approach	NOUN
fsr-3383	6	10	to	to	PART
fsr-3383	6	11	estimate	estimate	VERB
fsr-3383	6	12	the	the	DET
fsr-3383	6	13	abnormal	abnormal	ADJ
fsr-3383	6	14	performance	performance	NOUN
fsr-3383	6	15	.	.	PUNCT
fsr-3383	7	1	results	result	NOUN
fsr-3383	7	2	of	of	ADP
fsr-3383	7	3	this	this	DET
fsr-3383	7	4	study	study	NOUN
fsr-3383	7	5	show	show	VERB
fsr-3383	7	6	that	that	SCONJ
fsr-3383	7	7	large	large	ADJ
fsr-3383	7	8	cap	cap	NOUN
fsr-3383	7	9	funds	fund	NOUN
fsr-3383	7	10	underperform	underperform	NOUN
fsr-3383	7	11	against	against	ADP
fsr-3383	7	12	benchmarks	benchmark	NOUN
fsr-3383	7	13	after	after	ADP
fsr-3383	7	14	incorporating	incorporate	VERB
fsr-3383	7	15	expenses	expense	NOUN
fsr-3383	7	16	.	.	PUNCT
fsr-3383	8	1	results	result	NOUN
fsr-3383	8	2	also	also	ADV
fsr-3383	8	3	suggest	suggest	VERB
fsr-3383	8	4	that	that	SCONJ
fsr-3383	8	5	expenses	expense	NOUN
fsr-3383	8	6	are	be	AUX
fsr-3383	8	7	not	not	PART
fsr-3383	8	8	the	the	DET
fsr-3383	8	9	only	only	ADJ
fsr-3383	8	10	reason	reason	NOUN
fsr-3383	8	11	behind	behind	ADP
fsr-3383	8	12	their	their	PRON
fsr-3383	8	13	underperformance	underperformance	NOUN
fsr-3383	8	14	.	.	PUNCT
fsr-3383	9	1	©	©	PROPN
fsr-3383	9	2	2018	2018	NUM
fsr-3383	9	3	academy	academy	NOUN
fsr-3383	9	4	of	of	ADP
fsr-3383	9	5	financial	financial	ADJ
fsr-3383	9	6	services	service	NOUN
fsr-3383	9	7	.	.	PUNCT
fsr-3383	10	1	all	all	DET
fsr-3383	10	2	rights	right	NOUN
fsr-3383	10	3	reserved	reserve	VERB
fsr-3383	10	4	.	.	PUNCT
fsr-3383	11	1	keywords	keyword	NOUN
fsr-3383	11	2	:	:	PUNCT
fsr-3383	11	3	mutual	mutual	ADJ
fsr-3383	11	4	funds	fund	NOUN
fsr-3383	11	5	;	;	PUNCT
fsr-3383	11	6	performance	performance	NOUN
fsr-3383	11	7	;	;	PUNCT
fsr-3383	11	8	expense	expense	NOUN
fsr-3383	11	9	ratios	ratio	NOUN
fsr-3383	11	10	1	1	NUM
fsr-3383	11	11	.	.	X
fsr-3383	12	1	introduction	introduction	NOUN
fsr-3383	12	2	mutual	mutual	ADJ
fsr-3383	12	3	funds	fund	NOUN
fsr-3383	12	4	are	be	AUX
fsr-3383	12	5	important	important	ADJ
fsr-3383	12	6	vehicles	vehicle	NOUN
fsr-3383	12	7	used	use	VERB
fsr-3383	12	8	by	by	ADP
fsr-3383	12	9	retail	retail	ADJ
fsr-3383	12	10	investors	investor	NOUN
fsr-3383	12	11	not	not	PART
fsr-3383	12	12	just	just	ADV
fsr-3383	12	13	to	to	PART
fsr-3383	12	14	diversify	diversify	VERB
fsr-3383	12	15	their	their	PRON
fsr-3383	12	16	portfolios	portfolio	NOUN
fsr-3383	12	17	,	,	PUNCT
fsr-3383	12	18	but	but	CCONJ
fsr-3383	12	19	also	also	ADV
fsr-3383	12	20	to	to	PART
fsr-3383	12	21	generate	generate	VERB
fsr-3383	12	22	higher	high	ADJ
fsr-3383	12	23	returns	return	NOUN
fsr-3383	12	24	.	.	PUNCT
fsr-3383	13	1	within	within	ADP
fsr-3383	13	2	the	the	DET
fsr-3383	13	3	space	space	NOUN
fsr-3383	13	4	of	of	ADP
fsr-3383	13	5	mutual	mutual	ADJ
fsr-3383	13	6	funds	fund	NOUN
fsr-3383	13	7	,	,	PUNCT
fsr-3383	13	8	large	large	ADJ
fsr-3383	13	9	cap	cap	NOUN
fsr-3383	13	10	funds	fund	NOUN
fsr-3383	13	11	tend	tend	VERB
fsr-3383	13	12	to	to	PART
fsr-3383	13	13	be	be	AUX
fsr-3383	13	14	more	more	ADV
fsr-3383	13	15	stable	stable	ADJ
fsr-3383	13	16	.	.	PUNCT
fsr-3383	14	1	the	the	DET
fsr-3383	14	2	question	question	NOUN
fsr-3383	14	3	that	that	SCONJ
fsr-3383	14	4	many	many	ADJ
fsr-3383	14	5	participants	participant	NOUN
fsr-3383	14	6	ask	ask	VERB
fsr-3383	14	7	is	be	AUX
fsr-3383	14	8	whether	whether	SCONJ
fsr-3383	14	9	these	these	DET
fsr-3383	14	10	fees	fee	NOUN
fsr-3383	14	11	can	can	AUX
fsr-3383	14	12	be	be	AUX
fsr-3383	14	13	justified	justify	VERB
fsr-3383	14	14	by	by	ADP
fsr-3383	14	15	the	the	DET
fsr-3383	14	16	returns	return	NOUN
fsr-3383	14	17	,	,	PUNCT
fsr-3383	14	18	or	or	CCONJ
fsr-3383	14	19	more	more	ADV
fsr-3383	14	20	importantly	importantly	ADV
fsr-3383	14	21	,	,	PUNCT
fsr-3383	14	22	by	by	ADP
fsr-3383	14	23	the	the	DET
fsr-3383	14	24	net	net	ADJ
fsr-3383	14	25	alphas	alpha	NOUN
fsr-3383	14	26	generated	generate	VERB
fsr-3383	14	27	by	by	ADP
fsr-3383	14	28	these	these	DET
fsr-3383	14	29	funds	fund	NOUN
fsr-3383	14	30	.	.	PUNCT
fsr-3383	15	1	there	there	PRON
fsr-3383	15	2	is	be	VERB
fsr-3383	15	3	overwhelming	overwhelming	ADJ
fsr-3383	15	4	support	support	NOUN
fsr-3383	15	5	in	in	ADP
fsr-3383	15	6	the	the	DET
fsr-3383	15	7	existing	exist	VERB
fsr-3383	15	8	literature	literature	NOUN
fsr-3383	15	9	that	that	PRON
fsr-3383	15	10	actively	actively	ADV
fsr-3383	15	11	managed	manage	VERB
fsr-3383	15	12	funds	fund	NOUN
fsr-3383	15	13	*	*	PUNCT
fsr-3383	15	14	corresponding	correspond	VERB
fsr-3383	15	15	author	author	NOUN
fsr-3383	15	16	.	.	PUNCT
fsr-3383	16	1	tel	tel	PROPN
fsr-3383	16	2	.	.	PUNCT
fsr-3383	16	3	:	:	PUNCT
fsr-3383	17	1	�	�	PROPN
fsr-3383	17	2	1	1	NUM
fsr-3383	17	3	-	-	SYM
fsr-3383	17	4	540	540	NUM
fsr-3383	17	5	-	-	PUNCT
fsr-3383	17	6	831	831	NUM
fsr-3383	17	7	-	-	PUNCT
fsr-3383	17	8	6426	6426	NUM
fsr-3383	17	9	;	;	PUNCT
fsr-3383	17	10	fax	fax	NOUN
fsr-3383	17	11	:	:	PUNCT
fsr-3383	17	12	�	�	PROPN
fsr-3383	17	13	1	1	NUM
fsr-3383	17	14	-	-	SYM
fsr-3383	17	15	540	540	NUM
fsr-3383	17	16	-	-	PUNCT
fsr-3383	17	17	831	831	NUM
fsr-3383	17	18	-	-	PUNCT
fsr-3383	17	19	6209	6209	NUM
fsr-3383	17	20	.	.	PUNCT
fsr-3383	18	1	e	e	X
fsr-3383	18	2	-	-	NOUN
fsr-3383	18	3	mail	mail	NOUN
fsr-3383	18	4	address	address	NOUN
fsr-3383	18	5	:	:	PUNCT
fsr-3383	18	6	akaushik@radford.edu	akaushik@radford.edu	X
fsr-3383	18	7	(	(	PUNCT
fsr-3383	18	8	a.	a.	NOUN
fsr-3383	18	9	kaushik	kaushik	PROPN
fsr-3383	18	10	)	)	PUNCT
fsr-3383	18	11	financial	financial	ADJ
fsr-3383	18	12	services	service	NOUN
fsr-3383	18	13	review	review	VERB
fsr-3383	18	14	27	27	NUM
fsr-3383	18	15	(	(	PUNCT
fsr-3383	18	16	2018	2018	NUM
fsr-3383	18	17	)	)	PUNCT
fsr-3383	18	18	99	99	NUM
fsr-3383	18	19	-	-	SYM
fsr-3383	18	20	113	113	NUM
fsr-3383	18	21	1057	1057	NUM
fsr-3383	18	22	-	-	SYM
fsr-3383	18	23	0810/18/$	0810/18/$	NUM
fsr-3383	18	24	–	–	PUNCT
fsr-3383	18	25	see	see	VERB
fsr-3383	18	26	front	front	ADJ
fsr-3383	18	27	matter	matter	NOUN
fsr-3383	18	28	©	©	PROPN
fsr-3383	18	29	2018	2018	NUM
fsr-3383	18	30	academy	academy	NOUN
fsr-3383	18	31	of	of	ADP
fsr-3383	18	32	financial	financial	ADJ
fsr-3383	18	33	services	service	NOUN
fsr-3383	18	34	.	.	PUNCT
fsr-3383	19	1	all	all	DET
fsr-3383	19	2	rights	right	NOUN
fsr-3383	19	3	reserved	reserve	VERB
fsr-3383	19	4	.	.	PUNCT
fsr-3383	20	1	underperform	underperform	NOUN
fsr-3383	20	2	passive	passive	ADJ
fsr-3383	20	3	indices	index	NOUN
fsr-3383	20	4	especially	especially	ADV
fsr-3383	20	5	after	after	ADP
fsr-3383	20	6	incorporating	incorporate	VERB
fsr-3383	20	7	expenses	expense	NOUN
fsr-3383	20	8	.	.	PUNCT
fsr-3383	21	1	the	the	DET
fsr-3383	21	2	rise	rise	NOUN
fsr-3383	21	3	of	of	ADP
fsr-3383	21	4	low	low	ADJ
fsr-3383	21	5	cost	cost	NOUN
fsr-3383	21	6	exchange	exchange	NOUN
fsr-3383	21	7	traded	trade	VERB
fsr-3383	21	8	funds	fund	NOUN
fsr-3383	21	9	(	(	PUNCT
fsr-3383	21	10	etfs	etfs	PROPN
fsr-3383	21	11	)	)	PUNCT
fsr-3383	21	12	also	also	ADV
fsr-3383	21	13	echoes	echo	VERB
fsr-3383	21	14	the	the	DET
fsr-3383	21	15	same	same	ADJ
fsr-3383	21	16	sentiment	sentiment	NOUN
fsr-3383	21	17	.	.	PUNCT
fsr-3383	22	1	however	however	ADV
fsr-3383	22	2	,	,	PUNCT
fsr-3383	22	3	despite	despite	SCONJ
fsr-3383	22	4	all	all	DET
fsr-3383	22	5	that	that	DET
fsr-3383	22	6	noise	noise	NOUN
fsr-3383	22	7	actively	actively	ADV
fsr-3383	22	8	managed	manage	VERB
fsr-3383	22	9	funds	fund	NOUN
fsr-3383	22	10	have	have	AUX
fsr-3383	22	11	been	be	AUX
fsr-3383	22	12	growing	grow	VERB
fsr-3383	22	13	at	at	ADP
fsr-3383	22	14	a	a	DET
fsr-3383	22	15	remarkable	remarkable	ADJ
fsr-3383	22	16	rate	rate	NOUN
fsr-3383	22	17	for	for	ADP
fsr-3383	22	18	the	the	DET
fsr-3383	22	19	past	past	ADJ
fsr-3383	22	20	several	several	ADJ
fsr-3383	22	21	decades	decade	NOUN
fsr-3383	22	22	,	,	PUNCT
fsr-3383	22	23	which	which	PRON
fsr-3383	22	24	raises	raise	VERB
fsr-3383	22	25	the	the	DET
fsr-3383	22	26	question	question	NOUN
fsr-3383	22	27	of	of	ADP
fsr-3383	22	28	how	how	SCONJ
fsr-3383	22	29	the	the	DET
fsr-3383	22	30	investment	investment	NOUN
fsr-3383	22	31	community	community	NOUN
fsr-3383	22	32	especially	especially	ADV
fsr-3383	22	33	retail	retail	ADJ
fsr-3383	22	34	investors	investor	NOUN
fsr-3383	22	35	view	view	VERB
fsr-3383	22	36	actively	actively	ADV
fsr-3383	22	37	managed	manage	VERB
fsr-3383	22	38	mutual	mutual	ADJ
fsr-3383	22	39	funds	fund	NOUN
fsr-3383	22	40	.	.	PUNCT
fsr-3383	23	1	do	do	AUX
fsr-3383	23	2	they	they	PRON
fsr-3383	23	3	consider	consider	VERB
fsr-3383	23	4	them	they	PRON
fsr-3383	23	5	expenses	expense	NOUN
fsr-3383	23	6	or	or	CCONJ
fsr-3383	23	7	strategic	strategic	ADJ
fsr-3383	23	8	investments	investment	NOUN
fsr-3383	23	9	?	?	PUNCT
fsr-3383	24	1	according	accord	VERB
fsr-3383	24	2	to	to	ADP
fsr-3383	24	3	the	the	DET
fsr-3383	24	4	investment	investment	NOUN
fsr-3383	24	5	company	company	NOUN
fsr-3383	24	6	institute	institute	NOUN
fsr-3383	24	7	’s	’s	PART
fsr-3383	24	8	2013	2013	NUM
fsr-3383	24	9	fact	fact	NOUN
fsr-3383	24	10	book	book	NOUN
fsr-3383	24	11	mutual	mutual	ADJ
fsr-3383	24	12	funds	fund	NOUN
fsr-3383	24	13	are	be	AUX
fsr-3383	24	14	a	a	DET
fsr-3383	24	15	$	$	SYM
fsr-3383	24	16	13.5	13.5	NUM
fsr-3383	24	17	trillion	trillion	NUM
fsr-3383	24	18	industry	industry	NOUN
fsr-3383	24	19	and	and	CCONJ
fsr-3383	24	20	are	be	AUX
fsr-3383	24	21	currently	currently	ADV
fsr-3383	24	22	held	hold	VERB
fsr-3383	24	23	by	by	ADP
fsr-3383	24	24	47.1	47.1	NUM
fsr-3383	24	25	percent	percent	NOUN
fsr-3383	24	26	of	of	ADP
fsr-3383	24	27	american	american	ADJ
fsr-3383	24	28	households	household	NOUN
fsr-3383	24	29	.	.	PUNCT
fsr-3383	25	1	the	the	DET
fsr-3383	25	2	growth	growth	NOUN
fsr-3383	25	3	in	in	ADP
fsr-3383	25	4	the	the	DET
fsr-3383	25	5	number	number	NOUN
fsr-3383	25	6	of	of	ADP
fsr-3383	25	7	mutual	mutual	ADJ
fsr-3383	25	8	funds	fund	NOUN
fsr-3383	25	9	over	over	ADP
fsr-3383	25	10	the	the	DET
fsr-3383	25	11	last	last	ADJ
fsr-3383	25	12	40	40	NUM
fsr-3383	25	13	years	year	NOUN
fsr-3383	25	14	has	have	AUX
fsr-3383	25	15	been	be	AUX
fsr-3383	25	16	impressive	impressive	ADJ
fsr-3383	25	17	—	—	PUNCT
fsr-3383	25	18	from	from	ADP
fsr-3383	25	19	361	361	NUM
fsr-3383	25	20	in	in	ADP
fsr-3383	25	21	1970	1970	NUM
fsr-3383	25	22	to	to	ADP
fsr-3383	25	23	7,596	7,596	NUM
fsr-3383	25	24	in	in	ADP
fsr-3383	25	25	2012	2012	NUM
fsr-3383	25	26	.	.	PUNCT
fsr-3383	26	1	mutual	mutual	ADJ
fsr-3383	26	2	funds	fund	NOUN
fsr-3383	26	3	are	be	AUX
fsr-3383	26	4	attractive	attractive	ADJ
fsr-3383	26	5	investment	investment	NOUN
fsr-3383	26	6	vehicles	vehicle	NOUN
fsr-3383	26	7	to	to	PART
fsr-3383	26	8	novice	novice	VERB
fsr-3383	26	9	and	and	CCONJ
fsr-3383	26	10	sophisticated	sophisticated	ADJ
fsr-3383	26	11	investors	investor	NOUN
fsr-3383	26	12	alike	alike	ADV
fsr-3383	26	13	because	because	SCONJ
fsr-3383	26	14	they	they	PRON
fsr-3383	26	15	offer	offer	VERB
fsr-3383	26	16	a	a	DET
fsr-3383	26	17	highly	highly	ADV
fsr-3383	26	18	diversified	diversify	VERB
fsr-3383	26	19	investment	investment	NOUN
fsr-3383	26	20	and	and	CCONJ
fsr-3383	26	21	access	access	NOUN
fsr-3383	26	22	to	to	ADP
fsr-3383	26	23	professional	professional	ADJ
fsr-3383	26	24	level	level	NOUN
fsr-3383	26	25	management	management	NOUN
fsr-3383	26	26	without	without	ADP
fsr-3383	26	27	having	have	VERB
fsr-3383	26	28	to	to	PART
fsr-3383	26	29	commit	commit	VERB
fsr-3383	26	30	to	to	ADP
fsr-3383	26	31	an	an	DET
fsr-3383	26	32	extensive	extensive	ADJ
fsr-3383	26	33	amount	amount	NOUN
fsr-3383	26	34	of	of	ADP
fsr-3383	26	35	capital	capital	NOUN
fsr-3383	26	36	.	.	PUNCT
fsr-3383	27	1	research	research	NOUN
fsr-3383	27	2	indicates	indicate	VERB
fsr-3383	27	3	that	that	SCONJ
fsr-3383	27	4	the	the	DET
fsr-3383	27	5	rise	rise	NOUN
fsr-3383	27	6	in	in	ADP
fsr-3383	27	7	popularity	popularity	NOUN
fsr-3383	27	8	of	of	ADP
fsr-3383	27	9	mutual	mutual	ADJ
fsr-3383	27	10	funds	fund	NOUN
fsr-3383	27	11	is	be	AUX
fsr-3383	27	12	related	relate	VERB
fsr-3383	27	13	to	to	ADP
fsr-3383	27	14	the	the	DET
fsr-3383	27	15	manner	manner	NOUN
fsr-3383	27	16	in	in	ADP
fsr-3383	27	17	which	which	PRON
fsr-3383	27	18	they	they	PRON
fsr-3383	27	19	are	be	AUX
fsr-3383	27	20	advertised	advertise	VERB
fsr-3383	27	21	.	.	PUNCT
fsr-3383	28	1	the	the	DET
fsr-3383	28	2	marketing	marketing	NOUN
fsr-3383	28	3	emphasis	emphasis	NOUN
fsr-3383	28	4	is	be	AUX
fsr-3383	28	5	placed	place	VERB
fsr-3383	28	6	on	on	ADP
fsr-3383	28	7	past	past	ADJ
fsr-3383	28	8	performance	performance	NOUN
fsr-3383	28	9	versus	versus	ADP
fsr-3383	28	10	other	other	ADJ
fsr-3383	28	11	funds	fund	NOUN
fsr-3383	28	12	and	and	CCONJ
fsr-3383	28	13	the	the	DET
fsr-3383	28	14	market	market	NOUN
fsr-3383	28	15	as	as	ADP
fsr-3383	28	16	a	a	DET
fsr-3383	28	17	whole	whole	NOUN
fsr-3383	28	18	,	,	PUNCT
fsr-3383	28	19	with	with	ADP
fsr-3383	28	20	little	little	ADJ
fsr-3383	28	21	discussion	discussion	NOUN
fsr-3383	28	22	of	of	ADP
fsr-3383	28	23	the	the	DET
fsr-3383	28	24	associated	associated	ADJ
fsr-3383	28	25	fees	fee	NOUN
fsr-3383	28	26	.	.	PUNCT
fsr-3383	29	1	mutual	mutual	ADJ
fsr-3383	29	2	fund	fund	NOUN
fsr-3383	29	3	fee	fee	NOUN
fsr-3383	29	4	structure	structure	NOUN
fsr-3383	29	5	usually	usually	ADV
fsr-3383	29	6	includes	include	VERB
fsr-3383	29	7	some	some	DET
fsr-3383	29	8	sort	sort	NOUN
fsr-3383	29	9	of	of	ADP
fsr-3383	29	10	sales	sale	NOUN
fsr-3383	29	11	charge	charge	NOUN
fsr-3383	29	12	,	,	PUNCT
fsr-3383	29	13	or	or	CCONJ
fsr-3383	29	14	load	load	NOUN
fsr-3383	29	15	,	,	PUNCT
fsr-3383	29	16	administered	administer	VERB
fsr-3383	29	17	at	at	ADP
fsr-3383	29	18	the	the	DET
fsr-3383	29	19	purchase	purchase	NOUN
fsr-3383	29	20	,	,	PUNCT
fsr-3383	29	21	sale	sale	NOUN
fsr-3383	29	22	,	,	PUNCT
fsr-3383	29	23	or	or	CCONJ
fsr-3383	29	24	during	during	ADP
fsr-3383	29	25	the	the	DET
fsr-3383	29	26	life	life	NOUN
fsr-3383	29	27	of	of	ADP
fsr-3383	29	28	an	an	DET
fsr-3383	29	29	investment	investment	NOUN
fsr-3383	29	30	in	in	ADP
fsr-3383	29	31	a	a	DET
fsr-3383	29	32	mutual	mutual	ADJ
fsr-3383	29	33	fund	fund	NOUN
fsr-3383	29	34	.	.	PUNCT
fsr-3383	30	1	subsequently	subsequently	ADV
fsr-3383	30	2	,	,	PUNCT
fsr-3383	30	3	the	the	DET
fsr-3383	30	4	expense	expense	NOUN
fsr-3383	30	5	ratio	ratio	NOUN
fsr-3383	30	6	of	of	ADP
fsr-3383	30	7	the	the	DET
fsr-3383	30	8	fund	fund	NOUN
fsr-3383	30	9	is	be	AUX
fsr-3383	30	10	calculated	calculate	VERB
fsr-3383	30	11	by	by	ADP
fsr-3383	30	12	the	the	DET
fsr-3383	30	13	sum	sum	NOUN
fsr-3383	30	14	of	of	ADP
fsr-3383	30	15	operational	operational	ADJ
fsr-3383	30	16	and	and	CCONJ
fsr-3383	30	17	administrative	administrative	ADJ
fsr-3383	30	18	fees	fee	NOUN
fsr-3383	30	19	(	(	PUNCT
fsr-3383	30	20	also	also	ADV
fsr-3383	30	21	12	12	NUM
fsr-3383	30	22	-	-	PUNCT
fsr-3383	30	23	b1	b1	NOUN
fsr-3383	30	24	fees	fee	NOUN
fsr-3383	30	25	)	)	PUNCT
fsr-3383	30	26	divided	divide	VERB
fsr-3383	30	27	by	by	ADP
fsr-3383	30	28	the	the	DET
fsr-3383	30	29	average	average	ADJ
fsr-3383	30	30	asset	asset	NOUN
fsr-3383	30	31	base	base	NOUN
fsr-3383	30	32	of	of	ADP
fsr-3383	30	33	the	the	DET
fsr-3383	30	34	fund	fund	NOUN
fsr-3383	30	35	.	.	PUNCT
fsr-3383	31	1	over	over	ADP
fsr-3383	31	2	the	the	DET
fsr-3383	31	3	last	last	ADJ
fsr-3383	31	4	20	20	NUM
fsr-3383	31	5	years	year	NOUN
fsr-3383	31	6	,	,	PUNCT
fsr-3383	31	7	the	the	DET
fsr-3383	31	8	trend	trend	NOUN
fsr-3383	31	9	in	in	ADP
fsr-3383	31	10	expense	expense	NOUN
fsr-3383	31	11	ratios	ratio	NOUN
fsr-3383	31	12	has	have	AUX
fsr-3383	31	13	been	be	AUX
fsr-3383	31	14	in	in	ADP
fsr-3383	31	15	a	a	DET
fsr-3383	31	16	steady	steady	ADJ
fsr-3383	31	17	decline	decline	NOUN
fsr-3383	31	18	.	.	PUNCT
fsr-3383	32	1	expense	expense	NOUN
fsr-3383	32	2	ratios	ratio	NOUN
fsr-3383	32	3	for	for	ADP
fsr-3383	32	4	equity	equity	NOUN
fsr-3383	32	5	funds	fund	NOUN
fsr-3383	32	6	decreased	decrease	VERB
fsr-3383	32	7	more	more	ADJ
fsr-3383	32	8	than	than	ADP
fsr-3383	32	9	20	20	NUM
fsr-3383	32	10	%	%	NOUN
fsr-3383	32	11	during	during	ADP
fsr-3383	32	12	the	the	DET
fsr-3383	32	13	period	period	NOUN
fsr-3383	32	14	1990–2012	1990–2012	NUM
fsr-3383	32	15	,	,	PUNCT
fsr-3383	32	16	from	from	ADP
fsr-3383	32	17	99	99	NUM
fsr-3383	32	18	basis	basis	NOUN
fsr-3383	32	19	points	point	NOUN
fsr-3383	32	20	in	in	ADP
fsr-3383	32	21	1990	1990	NUM
fsr-3383	32	22	to	to	ADP
fsr-3383	32	23	77	77	NUM
fsr-3383	32	24	basis	basis	NOUN
fsr-3383	32	25	points	point	NOUN
fsr-3383	32	26	by	by	ADP
fsr-3383	32	27	year	year	NOUN
fsr-3383	32	28	-	-	PUNCT
fsr-3383	32	29	end	end	NOUN
fsr-3383	32	30	2102	2102	NUM
fsr-3383	32	31	.	.	PUNCT
fsr-3383	33	1	many	many	ADJ
fsr-3383	33	2	fund	fund	NOUN
fsr-3383	33	3	costs	cost	NOUN
fsr-3383	33	4	are	be	AUX
fsr-3383	33	5	fixed	fix	VERB
fsr-3383	33	6	;	;	PUNCT
fsr-3383	33	7	therefore	therefore	ADV
fsr-3383	33	8	,	,	PUNCT
fsr-3383	33	9	as	as	SCONJ
fsr-3383	33	10	the	the	DET
fsr-3383	33	11	net	net	ADJ
fsr-3383	33	12	asset	asset	NOUN
fsr-3383	33	13	value	value	NOUN
fsr-3383	33	14	of	of	ADP
fsr-3383	33	15	a	a	DET
fsr-3383	33	16	fund	fund	NOUN
fsr-3383	33	17	rises	rise	VERB
fsr-3383	33	18	the	the	DET
fsr-3383	33	19	expense	expense	NOUN
fsr-3383	33	20	ratio	ratio	NOUN
fsr-3383	33	21	tends	tend	VERB
fsr-3383	33	22	to	to	PART
fsr-3383	33	23	fall	fall	VERB
fsr-3383	33	24	.	.	PUNCT
fsr-3383	34	1	according	accord	VERB
fsr-3383	34	2	to	to	ADP
fsr-3383	34	3	the	the	DET
fsr-3383	34	4	investment	investment	NOUN
fsr-3383	34	5	company	company	NOUN
fsr-3383	34	6	institute	institute	NOUN
fsr-3383	34	7	,	,	PUNCT
fsr-3383	34	8	at	at	ADP
fsr-3383	34	9	the	the	DET
fsr-3383	34	10	end	end	NOUN
fsr-3383	34	11	of	of	ADP
fsr-3383	34	12	2012	2012	NUM
fsr-3383	34	13	equity	equity	NOUN
fsr-3383	34	14	funds	fund	NOUN
fsr-3383	34	15	with	with	ADP
fsr-3383	34	16	expense	expense	NOUN
fsr-3383	34	17	ratios	ratio	NOUN
fsr-3383	34	18	in	in	ADP
fsr-3383	34	19	the	the	DET
fsr-3383	34	20	lowest	low	ADJ
fsr-3383	34	21	quartile	quartile	NOUN
fsr-3383	34	22	managed	manage	VERB
fsr-3383	34	23	72	72	NUM
fsr-3383	34	24	%	%	NOUN
fsr-3383	34	25	of	of	ADP
fsr-3383	34	26	all	all	DET
fsr-3383	34	27	equity	equity	NOUN
fsr-3383	34	28	funds	fund	NOUN
fsr-3383	34	29	’	'	PUNCT
fsr-3383	34	30	total	total	ADJ
fsr-3383	34	31	net	net	ADJ
fsr-3383	34	32	assets	asset	NOUN
fsr-3383	34	33	.	.	PUNCT
fsr-3383	35	1	equity	equity	NOUN
fsr-3383	35	2	index	index	NOUN
fsr-3383	35	3	funds	fund	NOUN
fsr-3383	35	4	had	have	VERB
fsr-3383	35	5	80	80	NUM
fsr-3383	35	6	%	%	NOUN
fsr-3383	35	7	and	and	CCONJ
fsr-3383	35	8	target	target	NOUN
fsr-3383	35	9	date	date	NOUN
fsr-3383	35	10	funds	fund	NOUN
fsr-3383	35	11	held	hold	VERB
fsr-3383	35	12	79	79	NUM
fsr-3383	35	13	%	%	NOUN
fsr-3383	35	14	of	of	ADP
fsr-3383	35	15	total	total	ADJ
fsr-3383	35	16	net	net	ADJ
fsr-3383	35	17	assets	asset	NOUN
fsr-3383	35	18	in	in	ADP
fsr-3383	35	19	the	the	DET
fsr-3383	35	20	lowest	low	ADJ
fsr-3383	35	21	quartile	quartile	NOUN
fsr-3383	35	22	.	.	PUNCT
fsr-3383	36	1	the	the	DET
fsr-3383	36	2	investment	investment	NOUN
fsr-3383	36	3	company	company	NOUN
fsr-3383	36	4	institute	institute	NOUN
fsr-3383	36	5	contends	contend	VERB
fsr-3383	36	6	that	that	SCONJ
fsr-3383	36	7	the	the	DET
fsr-3383	36	8	growth	growth	NOUN
fsr-3383	36	9	in	in	ADP
fsr-3383	36	10	popularity	popularity	NOUN
fsr-3383	36	11	of	of	ADP
fsr-3383	36	12	index	index	NOUN
fsr-3383	36	13	funds	fund	NOUN
fsr-3383	36	14	has	have	AUX
fsr-3383	36	15	driven	drive	VERB
fsr-3383	36	16	down	down	ADP
fsr-3383	36	17	the	the	DET
fsr-3383	36	18	expense	expense	NOUN
fsr-3383	36	19	ratios	ratio	NOUN
fsr-3383	36	20	of	of	ADP
fsr-3383	36	21	actively	actively	ADV
fsr-3383	36	22	managed	manage	VERB
fsr-3383	36	23	funds	fund	NOUN
fsr-3383	36	24	so	so	SCONJ
fsr-3383	36	25	that	that	SCONJ
fsr-3383	36	26	they	they	PRON
fsr-3383	36	27	can	can	AUX
fsr-3383	36	28	remain	remain	VERB
fsr-3383	36	29	competitive	competitive	ADJ
fsr-3383	36	30	.	.	PUNCT
fsr-3383	37	1	there	there	PRON
fsr-3383	37	2	are	be	VERB
fsr-3383	37	3	quite	quite	DET
fsr-3383	37	4	a	a	DET
fsr-3383	37	5	number	number	NOUN
fsr-3383	37	6	of	of	ADP
fsr-3383	37	7	studies	study	NOUN
fsr-3383	37	8	in	in	ADP
fsr-3383	37	9	the	the	DET
fsr-3383	37	10	existing	exist	VERB
fsr-3383	37	11	literature	literature	NOUN
fsr-3383	37	12	that	that	PRON
fsr-3383	37	13	document	document	VERB
fsr-3383	37	14	the	the	DET
fsr-3383	37	15	relationship	relationship	NOUN
fsr-3383	37	16	between	between	ADP
fsr-3383	37	17	performance	performance	NOUN
fsr-3383	37	18	of	of	ADP
fsr-3383	37	19	funds	fund	NOUN
fsr-3383	37	20	and	and	CCONJ
fsr-3383	37	21	expenses	expense	NOUN
fsr-3383	37	22	.	.	PUNCT
fsr-3383	38	1	this	this	DET
fsr-3383	38	2	article	article	NOUN
fsr-3383	38	3	extends	extend	VERB
fsr-3383	38	4	the	the	DET
fsr-3383	38	5	scope	scope	NOUN
fsr-3383	38	6	of	of	ADP
fsr-3383	38	7	earlier	early	ADJ
fsr-3383	38	8	research	research	NOUN
fsr-3383	38	9	.	.	PUNCT
fsr-3383	39	1	the	the	DET
fsr-3383	39	2	objective	objective	NOUN
fsr-3383	39	3	of	of	ADP
fsr-3383	39	4	this	this	DET
fsr-3383	39	5	research	research	NOUN
fsr-3383	39	6	is	be	AUX
fsr-3383	39	7	to	to	PART
fsr-3383	39	8	determine	determine	VERB
fsr-3383	39	9	whether	whether	SCONJ
fsr-3383	39	10	the	the	DET
fsr-3383	39	11	difference	difference	NOUN
fsr-3383	39	12	in	in	ADP
fsr-3383	39	13	management	management	NOUN
fsr-3383	39	14	fees	fee	NOUN
fsr-3383	39	15	associated	associate	VERB
fsr-3383	39	16	with	with	ADP
fsr-3383	39	17	large	large	ADJ
fsr-3383	39	18	cap	cap	NOUN
fsr-3383	39	19	equity	equity	NOUN
fsr-3383	39	20	mutual	mutual	ADJ
fsr-3383	39	21	funds	fund	NOUN
fsr-3383	39	22	should	should	AUX
fsr-3383	39	23	be	be	AUX
fsr-3383	39	24	viewed	view	VERB
fsr-3383	39	25	as	as	ADP
fsr-3383	39	26	an	an	DET
fsr-3383	39	27	investment	investment	NOUN
fsr-3383	39	28	or	or	CCONJ
fsr-3383	39	29	an	an	DET
fsr-3383	39	30	expense	expense	NOUN
fsr-3383	39	31	from	from	ADP
fsr-3383	39	32	the	the	DET
fsr-3383	39	33	perspective	perspective	NOUN
fsr-3383	39	34	of	of	ADP
fsr-3383	39	35	investors	investor	NOUN
fsr-3383	39	36	.	.	PUNCT
fsr-3383	40	1	do	do	AUX
fsr-3383	40	2	funds	fund	NOUN
fsr-3383	40	3	that	that	PRON
fsr-3383	40	4	charge	charge	VERB
fsr-3383	40	5	higher	high	ADJ
fsr-3383	40	6	expense	expense	NOUN
fsr-3383	40	7	ratios	ratio	NOUN
fsr-3383	40	8	offer	offer	VERB
fsr-3383	40	9	commensurately	commensurately	ADV
fsr-3383	40	10	higher	high	ADJ
fsr-3383	40	11	risk	risk	NOUN
fsr-3383	40	12	-	-	PUNCT
fsr-3383	40	13	adjusted	adjust	VERB
fsr-3383	40	14	returns	return	NOUN
fsr-3383	40	15	?	?	PUNCT
fsr-3383	41	1	are	be	AUX
fsr-3383	41	2	higher	high	ADJ
fsr-3383	41	3	expense	expense	NOUN
fsr-3383	41	4	ratios	ratio	NOUN
fsr-3383	41	5	“	"	PUNCT
fsr-3383	41	6	dead	dead	ADJ
fsr-3383	41	7	costs	cost	NOUN
fsr-3383	41	8	”	"	PUNCT
fsr-3383	41	9	that	that	PRON
fsr-3383	41	10	are	be	AUX
fsr-3383	41	11	purely	purely	ADV
fsr-3383	41	12	detrimental	detrimental	ADJ
fsr-3383	41	13	to	to	ADP
fsr-3383	41	14	portfolio	portfolio	NOUN
fsr-3383	41	15	performance	performance	NOUN
fsr-3383	41	16	,	,	PUNCT
fsr-3383	41	17	or	or	CCONJ
fsr-3383	41	18	do	do	AUX
fsr-3383	41	19	they	they	PRON
fsr-3383	41	20	signify	signify	VERB
fsr-3383	41	21	that	that	SCONJ
fsr-3383	41	22	the	the	DET
fsr-3383	41	23	funds	fund	NOUN
fsr-3383	41	24	hire	hire	VERB
fsr-3383	41	25	and	and	CCONJ
fsr-3383	41	26	retain	retain	VERB
fsr-3383	41	27	better	well	ADJ
fsr-3383	41	28	managers	manager	NOUN
fsr-3383	41	29	who	who	PRON
fsr-3383	41	30	can	can	AUX
fsr-3383	41	31	accurately	accurately	ADV
fsr-3383	41	32	time	time	VERB
fsr-3383	41	33	the	the	DET
fsr-3383	41	34	market	market	NOUN
fsr-3383	41	35	or	or	CCONJ
fsr-3383	41	36	otherwise	otherwise	ADV
fsr-3383	41	37	provide	provide	VERB
fsr-3383	41	38	greater	great	ADJ
fsr-3383	41	39	riskadjusted	riskadjusted	ADJ
fsr-3383	41	40	returns	return	NOUN
fsr-3383	41	41	,	,	PUNCT
fsr-3383	41	42	therefore	therefore	ADV
fsr-3383	41	43	allowing	allow	VERB
fsr-3383	41	44	them	they	PRON
fsr-3383	41	45	to	to	PART
fsr-3383	41	46	outperform	outperform	VERB
fsr-3383	41	47	the	the	DET
fsr-3383	41	48	market	market	NOUN
fsr-3383	41	49	in	in	ADP
fsr-3383	41	50	adverse	adverse	ADJ
fsr-3383	41	51	conditions	condition	NOUN
fsr-3383	41	52	?	?	PUNCT
fsr-3383	42	1	this	this	DET
fsr-3383	42	2	study	study	NOUN
fsr-3383	42	3	contributes	contribute	VERB
fsr-3383	42	4	to	to	ADP
fsr-3383	42	5	the	the	DET
fsr-3383	42	6	existing	exist	VERB
fsr-3383	42	7	literature	literature	NOUN
fsr-3383	42	8	in	in	ADP
fsr-3383	42	9	a	a	DET
fsr-3383	42	10	variety	variety	NOUN
fsr-3383	42	11	of	of	ADP
fsr-3383	42	12	ways	way	NOUN
fsr-3383	42	13	.	.	PUNCT
fsr-3383	43	1	first	first	ADV
fsr-3383	43	2	,	,	PUNCT
fsr-3383	43	3	we	we	PRON
fsr-3383	43	4	analyze	analyze	VERB
fsr-3383	43	5	the	the	DET
fsr-3383	43	6	impact	impact	NOUN
fsr-3383	43	7	of	of	ADP
fsr-3383	43	8	expenses	expense	NOUN
fsr-3383	43	9	on	on	ADP
fsr-3383	43	10	funds	fund	NOUN
fsr-3383	43	11	’	'	PUNCT
fsr-3383	43	12	performance	performance	NOUN
fsr-3383	43	13	at	at	ADP
fsr-3383	43	14	a	a	DET
fsr-3383	43	15	period	period	NOUN
fsr-3383	43	16	when	when	SCONJ
fsr-3383	43	17	expense	expense	NOUN
fsr-3383	43	18	ratios	ratio	NOUN
fsr-3383	43	19	charged	charge	VERB
fsr-3383	43	20	by	by	ADP
fsr-3383	43	21	active	active	ADJ
fsr-3383	43	22	funds	fund	NOUN
fsr-3383	43	23	are	be	AUX
fsr-3383	43	24	far	far	ADV
fsr-3383	43	25	less	less	ADJ
fsr-3383	43	26	than	than	SCONJ
fsr-3383	43	27	they	they	PRON
fsr-3383	43	28	used	use	VERB
fsr-3383	43	29	to	to	PART
fsr-3383	43	30	be	be	AUX
fsr-3383	43	31	.	.	PUNCT
fsr-3383	44	1	the	the	DET
fsr-3383	44	2	major	major	ADJ
fsr-3383	44	3	benefit	benefit	NOUN
fsr-3383	44	4	of	of	ADP
fsr-3383	44	5	using	use	VERB
fsr-3383	44	6	the	the	DET
fsr-3383	44	7	current	current	ADJ
fsr-3383	44	8	period	period	NOUN
fsr-3383	44	9	is	be	AUX
fsr-3383	44	10	to	to	PART
fsr-3383	44	11	see	see	VERB
fsr-3383	44	12	whether	whether	SCONJ
fsr-3383	44	13	the	the	DET
fsr-3383	44	14	impact	impact	NOUN
fsr-3383	44	15	is	be	AUX
fsr-3383	44	16	still	still	ADV
fsr-3383	44	17	the	the	DET
fsr-3383	44	18	same	same	ADJ
fsr-3383	44	19	or	or	CCONJ
fsr-3383	44	20	if	if	SCONJ
fsr-3383	44	21	it	it	PRON
fsr-3383	44	22	does	do	AUX
fsr-3383	44	23	not	not	PART
fsr-3383	44	24	really	really	ADV
fsr-3383	44	25	matter	matter	VERB
fsr-3383	44	26	anymore	anymore	ADV
fsr-3383	44	27	.	.	PUNCT
fsr-3383	45	1	secondly	secondly	ADV
fsr-3383	45	2	,	,	PUNCT
fsr-3383	45	3	we	we	PRON
fsr-3383	45	4	are	be	AUX
fsr-3383	45	5	not	not	PART
fsr-3383	45	6	using	use	VERB
fsr-3383	45	7	the	the	DET
fsr-3383	45	8	expense	expense	NOUN
fsr-3383	45	9	ratio	ratio	NOUN
fsr-3383	45	10	as	as	ADP
fsr-3383	45	11	another	another	DET
fsr-3383	45	12	variable	variable	NOUN
fsr-3383	45	13	in	in	ADP
fsr-3383	45	14	cross	cross	ADJ
fsr-3383	45	15	-	-	ADJ
fsr-3383	45	16	sectional	sectional	ADJ
fsr-3383	45	17	analysis	analysis	NOUN
fsr-3383	45	18	to	to	PART
fsr-3383	45	19	see	see	VERB
fsr-3383	45	20	the	the	DET
fsr-3383	45	21	impact	impact	NOUN
fsr-3383	45	22	of	of	ADP
fsr-3383	45	23	expenses	expense	NOUN
fsr-3383	45	24	on	on	ADP
fsr-3383	45	25	a	a	DET
fsr-3383	45	26	fund	fund	NOUN
fsr-3383	45	27	’s	’s	PART
fsr-3383	45	28	alpha	alpha	NOUN
fsr-3383	45	29	.	.	PUNCT
fsr-3383	46	1	we	we	PRON
fsr-3383	46	2	are	be	AUX
fsr-3383	46	3	using	use	VERB
fsr-3383	46	4	the	the	DET
fsr-3383	46	5	rank	rank	NOUN
fsr-3383	46	6	-	-	PUNCT
fsr-3383	46	7	portfolio	portfolio	NOUN
fsr-3383	46	8	approach	approach	NOUN
fsr-3383	46	9	to	to	PART
fsr-3383	46	10	construct	construct	VERB
fsr-3383	46	11	portfolios	portfolio	NOUN
fsr-3383	46	12	purely	purely	ADV
fsr-3383	46	13	based	base	VERB
fsr-3383	46	14	on	on	ADP
fsr-3383	46	15	the	the	DET
fsr-3383	46	16	expense	expense	NOUN
fsr-3383	46	17	ratio	ratio	NOUN
fsr-3383	46	18	charged	charge	VERB
fsr-3383	46	19	by	by	ADP
fsr-3383	46	20	different	different	ADJ
fsr-3383	46	21	funds	fund	NOUN
fsr-3383	46	22	,	,	PUNCT
fsr-3383	46	23	and	and	CCONJ
fsr-3383	46	24	then	then	ADV
fsr-3383	46	25	comparing	compare	VERB
fsr-3383	46	26	the	the	DET
fsr-3383	46	27	alpha	alpha	NOUN
fsr-3383	46	28	of	of	ADP
fsr-3383	46	29	extreme	extreme	ADJ
fsr-3383	46	30	portfolios	portfolio	NOUN
fsr-3383	46	31	to	to	PART
fsr-3383	46	32	analyze	analyze	VERB
fsr-3383	46	33	whether	whether	SCONJ
fsr-3383	46	34	expenses	expense	NOUN
fsr-3383	46	35	are	be	AUX
fsr-3383	46	36	really	really	ADV
fsr-3383	46	37	good	good	ADJ
fsr-3383	46	38	or	or	CCONJ
fsr-3383	46	39	bad	bad	ADJ
fsr-3383	46	40	for	for	ADP
fsr-3383	46	41	fund	fund	NOUN
fsr-3383	46	42	100	100	NUM
fsr-3383	46	43	a.	a.	NOUN
fsr-3383	46	44	kaushik	kaushik	PROPN
fsr-3383	46	45	,	,	PUNCT
fsr-3383	46	46	r.	r.	PROPN
fsr-3383	46	47	boisvert	boisvert	PROPN
fsr-3383	46	48	/	/	SYM
fsr-3383	46	49	financial	financial	ADJ
fsr-3383	46	50	services	service	NOUN
fsr-3383	46	51	review	review	VERB
fsr-3383	46	52	27	27	NUM
fsr-3383	46	53	(	(	PUNCT
fsr-3383	46	54	2018	2018	NUM
fsr-3383	46	55	)	)	PUNCT
fsr-3383	46	56	99	99	NUM
fsr-3383	46	57	-	-	SYM
fsr-3383	46	58	113	113	NUM
fsr-3383	46	59	investors	investor	NOUN
fsr-3383	46	60	.	.	PUNCT
fsr-3383	47	1	we	we	PRON
fsr-3383	47	2	are	be	AUX
fsr-3383	47	3	using	use	VERB
fsr-3383	47	4	a	a	DET
fsr-3383	47	5	dynamic	dynamic	ADJ
fsr-3383	47	6	strategy	strategy	NOUN
fsr-3383	47	7	to	to	PART
fsr-3383	47	8	capture	capture	VERB
fsr-3383	47	9	the	the	DET
fsr-3383	47	10	impact	impact	NOUN
fsr-3383	47	11	of	of	ADP
fsr-3383	47	12	expenses	expense	NOUN
fsr-3383	47	13	on	on	ADP
fsr-3383	47	14	alpha	alpha	NOUN
fsr-3383	47	15	.	.	PUNCT
fsr-3383	48	1	our	our	PRON
fsr-3383	48	2	study	study	NOUN
fsr-3383	48	3	spans	span	VERB
fsr-3383	48	4	14	14	NUM
fsr-3383	48	5	years	year	NOUN
fsr-3383	48	6	and	and	CCONJ
fsr-3383	48	7	funds	fund	NOUN
fsr-3383	48	8	might	might	AUX
fsr-3383	48	9	change	change	VERB
fsr-3383	48	10	their	their	PRON
fsr-3383	48	11	expense	expense	NOUN
fsr-3383	48	12	ratio	ratio	NOUN
fsr-3383	48	13	over	over	ADP
fsr-3383	48	14	time	time	NOUN
fsr-3383	48	15	;	;	PUNCT
fsr-3383	48	16	therefore	therefore	ADV
fsr-3383	48	17	,	,	PUNCT
fsr-3383	48	18	we	we	PRON
fsr-3383	48	19	rebalanced	rebalance	VERB
fsr-3383	48	20	portfolios	portfolio	NOUN
fsr-3383	48	21	every	every	DET
fsr-3383	48	22	year	year	NOUN
fsr-3383	48	23	in	in	ADP
fsr-3383	48	24	order	order	NOUN
fsr-3383	48	25	to	to	PART
fsr-3383	48	26	capture	capture	VERB
fsr-3383	48	27	the	the	DET
fsr-3383	48	28	real	real	ADJ
fsr-3383	48	29	-	-	PUNCT
fsr-3383	48	30	time	time	NOUN
fsr-3383	48	31	impact	impact	NOUN
fsr-3383	48	32	of	of	ADP
fsr-3383	48	33	expenses	expense	NOUN
fsr-3383	48	34	on	on	ADP
fsr-3383	48	35	the	the	DET
fsr-3383	48	36	funds	fund	NOUN
fsr-3383	48	37	’	'	PUNCT
fsr-3383	48	38	alpha	alpha	NOUN
fsr-3383	48	39	.	.	PUNCT
fsr-3383	49	1	since	since	SCONJ
fsr-3383	49	2	expenses	expense	NOUN
fsr-3383	49	3	are	be	AUX
fsr-3383	49	4	vastly	vastly	ADV
fsr-3383	49	5	blamed	blame	VERB
fsr-3383	49	6	for	for	ADP
fsr-3383	49	7	the	the	DET
fsr-3383	49	8	underperformance	underperformance	NOUN
fsr-3383	49	9	of	of	ADP
fsr-3383	49	10	actively	actively	ADV
fsr-3383	49	11	managed	manage	VERB
fsr-3383	49	12	funds	fund	NOUN
fsr-3383	49	13	and	and	CCONJ
fsr-3383	49	14	for	for	ADP
fsr-3383	49	15	the	the	DET
fsr-3383	49	16	growth	growth	NOUN
fsr-3383	49	17	of	of	ADP
fsr-3383	49	18	low	low	ADJ
fsr-3383	49	19	-	-	PUNCT
fsr-3383	49	20	cost	cost	NOUN
fsr-3383	49	21	exchange	exchange	NOUN
fsr-3383	49	22	traded	trade	VERB
fsr-3383	49	23	funds	fund	NOUN
fsr-3383	49	24	(	(	PUNCT
fsr-3383	49	25	etfs	etfs	PROPN
fsr-3383	49	26	)	)	PUNCT
fsr-3383	49	27	,	,	PUNCT
fsr-3383	49	28	we	we	PRON
fsr-3383	49	29	believe	believe	VERB
fsr-3383	49	30	that	that	SCONJ
fsr-3383	49	31	the	the	DET
fsr-3383	49	32	rank	rank	NOUN
fsr-3383	49	33	-	-	PUNCT
fsr-3383	49	34	portfolio	portfolio	NOUN
fsr-3383	49	35	methodology	methodology	NOUN
fsr-3383	49	36	and	and	CCONJ
fsr-3383	49	37	more	more	ADV
fsr-3383	49	38	recent	recent	ADJ
fsr-3383	49	39	time	time	NOUN
fsr-3383	49	40	period	period	NOUN
fsr-3383	49	41	provide	provide	VERB
fsr-3383	49	42	interesting	interesting	ADJ
fsr-3383	49	43	implications	implication	NOUN
fsr-3383	49	44	and	and	CCONJ
fsr-3383	49	45	expand	expand	VERB
fsr-3383	49	46	the	the	DET
fsr-3383	49	47	existing	exist	VERB
fsr-3383	49	48	research	research	NOUN
fsr-3383	49	49	on	on	ADP
fsr-3383	49	50	this	this	DET
fsr-3383	49	51	topic	topic	NOUN
fsr-3383	49	52	.	.	PUNCT
fsr-3383	50	1	the	the	DET
fsr-3383	50	2	answers	answer	NOUN
fsr-3383	50	3	to	to	ADP
fsr-3383	50	4	these	these	DET
fsr-3383	50	5	questions	question	NOUN
fsr-3383	50	6	could	could	AUX
fsr-3383	50	7	make	make	VERB
fsr-3383	50	8	a	a	DET
fsr-3383	50	9	huge	huge	ADJ
fsr-3383	50	10	difference	difference	NOUN
fsr-3383	50	11	in	in	ADP
fsr-3383	50	12	an	an	DET
fsr-3383	50	13	investor	investor	NOUN
fsr-3383	50	14	’s	’s	PART
fsr-3383	50	15	choice	choice	NOUN
fsr-3383	50	16	in	in	ADP
fsr-3383	50	17	fund	fund	NOUN
fsr-3383	50	18	and	and	CCONJ
fsr-3383	50	19	bottom	bottom	ADJ
fsr-3383	50	20	-	-	PUNCT
fsr-3383	50	21	line	line	NOUN
fsr-3383	50	22	.	.	PUNCT
fsr-3383	51	1	what	what	PRON
fsr-3383	51	2	if	if	SCONJ
fsr-3383	51	3	higher	high	ADJ
fsr-3383	51	4	expenses	expense	NOUN
fsr-3383	51	5	also	also	ADV
fsr-3383	51	6	generate	generate	VERB
fsr-3383	51	7	better	well	ADJ
fsr-3383	51	8	returns	return	NOUN
fsr-3383	51	9	and	and	CCONJ
fsr-3383	51	10	not	not	PART
fsr-3383	51	11	just	just	ADV
fsr-3383	51	12	returns	return	NOUN
fsr-3383	51	13	but	but	CCONJ
fsr-3383	51	14	better	well	ADJ
fsr-3383	51	15	alpha	alpha	NOUN
fsr-3383	51	16	?	?	PUNCT
fsr-3383	52	1	if	if	SCONJ
fsr-3383	52	2	that	that	PRON
fsr-3383	52	3	is	be	AUX
fsr-3383	52	4	the	the	DET
fsr-3383	52	5	case	case	NOUN
fsr-3383	52	6	,	,	PUNCT
fsr-3383	52	7	then	then	ADV
fsr-3383	52	8	higher	high	ADJ
fsr-3383	52	9	expenses	expense	NOUN
fsr-3383	52	10	should	should	AUX
fsr-3383	52	11	not	not	PART
fsr-3383	52	12	be	be	AUX
fsr-3383	52	13	viewed	view	VERB
fsr-3383	52	14	as	as	ADP
fsr-3383	52	15	expenses	expense	NOUN
fsr-3383	52	16	but	but	CCONJ
fsr-3383	52	17	as	as	ADP
fsr-3383	52	18	strategic	strategic	ADJ
fsr-3383	52	19	investments	investment	NOUN
fsr-3383	52	20	,	,	PUNCT
fsr-3383	52	21	especially	especially	ADV
fsr-3383	52	22	in	in	ADP
fsr-3383	52	23	the	the	DET
fsr-3383	52	24	case	case	NOUN
fsr-3383	52	25	of	of	ADP
fsr-3383	52	26	portfolio	portfolio	NOUN
fsr-3383	52	27	management	management	NOUN
fsr-3383	52	28	,	,	PUNCT
fsr-3383	52	29	where	where	SCONJ
fsr-3383	52	30	alpha	alpha	NOUN
fsr-3383	52	31	is	be	AUX
fsr-3383	52	32	more	more	ADV
fsr-3383	52	33	relevant	relevant	ADJ
fsr-3383	52	34	than	than	ADP
fsr-3383	52	35	raw	raw	ADJ
fsr-3383	52	36	return	return	NOUN
fsr-3383	52	37	.	.	PUNCT
fsr-3383	53	1	existing	exist	VERB
fsr-3383	53	2	literature	literature	NOUN
fsr-3383	53	3	is	be	AUX
fsr-3383	53	4	divided	divide	VERB
fsr-3383	53	5	on	on	ADP
fsr-3383	53	6	the	the	DET
fsr-3383	53	7	implications	implication	NOUN
fsr-3383	53	8	of	of	ADP
fsr-3383	53	9	expenses	expense	NOUN
fsr-3383	53	10	on	on	ADP
fsr-3383	53	11	the	the	DET
fsr-3383	53	12	net	net	ADJ
fsr-3383	53	13	alpha	alpha	NOUN
fsr-3383	53	14	.	.	PUNCT
fsr-3383	54	1	for	for	ADP
fsr-3383	54	2	example	example	NOUN
fsr-3383	54	3	,	,	PUNCT
fsr-3383	54	4	a	a	DET
fsr-3383	54	5	recent	recent	ADJ
fsr-3383	54	6	research	research	NOUN
fsr-3383	54	7	study	study	NOUN
fsr-3383	54	8	conducted	conduct	VERB
fsr-3383	54	9	by	by	ADP
fsr-3383	54	10	barber	barber	PROPN
fsr-3383	54	11	,	,	PUNCT
fsr-3383	54	12	odean	odean	ADJ
fsr-3383	54	13	,	,	PUNCT
fsr-3383	54	14	and	and	CCONJ
fsr-3383	54	15	zheng	zheng	X
fsr-3383	54	16	(	(	PUNCT
fsr-3383	54	17	2005	2005	NUM
fsr-3383	54	18	)	)	PUNCT
fsr-3383	54	19	indicates	indicate	VERB
fsr-3383	54	20	a	a	DET
fsr-3383	54	21	negative	negative	ADJ
fsr-3383	54	22	correlation	correlation	NOUN
fsr-3383	54	23	between	between	ADP
fsr-3383	54	24	expense	expense	NOUN
fsr-3383	54	25	ratios	ratio	NOUN
fsr-3383	54	26	and	and	CCONJ
fsr-3383	54	27	fund	fund	NOUN
fsr-3383	54	28	performance	performance	NOUN
fsr-3383	54	29	;	;	PUNCT
fsr-3383	54	30	enhancing	enhance	VERB
fsr-3383	54	31	the	the	DET
fsr-3383	54	32	notion	notion	NOUN
fsr-3383	54	33	that	that	SCONJ
fsr-3383	54	34	lower	low	ADJ
fsr-3383	54	35	expense	expense	NOUN
fsr-3383	54	36	ratio	ratio	NOUN
fsr-3383	54	37	funds	fund	NOUN
fsr-3383	54	38	are	be	AUX
fsr-3383	54	39	the	the	DET
fsr-3383	54	40	best	good	ADJ
fsr-3383	54	41	choice	choice	NOUN
fsr-3383	54	42	for	for	ADP
fsr-3383	54	43	investors	investor	NOUN
fsr-3383	54	44	.	.	PUNCT
fsr-3383	55	1	gruber	gruber	NOUN
fsr-3383	55	2	(	(	PUNCT
fsr-3383	55	3	1996	1996	NUM
fsr-3383	55	4	)	)	PUNCT
fsr-3383	55	5	and	and	CCONJ
fsr-3383	55	6	carhart	carhart	NOUN
fsr-3383	55	7	(	(	PUNCT
fsr-3383	55	8	1997	1997	NUM
fsr-3383	55	9	)	)	PUNCT
fsr-3383	55	10	also	also	ADV
fsr-3383	55	11	show	show	VERB
fsr-3383	55	12	that	that	SCONJ
fsr-3383	55	13	a	a	DET
fsr-3383	55	14	fund	fund	NOUN
fsr-3383	55	15	’s	’s	PART
fsr-3383	55	16	net	net	ADJ
fsr-3383	55	17	return	return	NOUN
fsr-3383	55	18	is	be	AUX
fsr-3383	55	19	negatively	negatively	ADV
fsr-3383	55	20	affected	affect	VERB
fsr-3383	55	21	by	by	ADP
fsr-3383	55	22	the	the	DET
fsr-3383	55	23	expense	expense	NOUN
fsr-3383	55	24	ratio	ratio	NOUN
fsr-3383	55	25	.	.	PUNCT
fsr-3383	56	1	sirri	sirri	NOUN
fsr-3383	56	2	and	and	CCONJ
fsr-3383	56	3	tufano	tufano	ADJ
fsr-3383	56	4	(	(	PUNCT
fsr-3383	56	5	1998	1998	NUM
fsr-3383	56	6	)	)	PUNCT
fsr-3383	56	7	further	far	ADV
fsr-3383	56	8	suggest	suggest	VERB
fsr-3383	56	9	that	that	SCONJ
fsr-3383	56	10	expenses	expense	NOUN
fsr-3383	56	11	are	be	AUX
fsr-3383	56	12	not	not	PART
fsr-3383	56	13	only	only	ADV
fsr-3383	56	14	bad	bad	ADJ
fsr-3383	56	15	for	for	ADP
fsr-3383	56	16	existing	exist	VERB
fsr-3383	56	17	investors	investor	NOUN
fsr-3383	56	18	,	,	PUNCT
fsr-3383	56	19	but	but	CCONJ
fsr-3383	56	20	they	they	PRON
fsr-3383	56	21	also	also	ADV
fsr-3383	56	22	act	act	VERB
fsr-3383	56	23	as	as	ADP
fsr-3383	56	24	deterrents	deterrent	NOUN
fsr-3383	56	25	for	for	ADP
fsr-3383	56	26	new	new	ADJ
fsr-3383	56	27	investors	investor	NOUN
fsr-3383	56	28	.	.	PUNCT
fsr-3383	57	1	many	many	ADJ
fsr-3383	57	2	other	other	ADJ
fsr-3383	57	3	studies	study	NOUN
fsr-3383	57	4	also	also	ADV
fsr-3383	57	5	concluded	conclude	VERB
fsr-3383	57	6	that	that	SCONJ
fsr-3383	57	7	higher	high	ADJ
fsr-3383	57	8	expenses	expense	NOUN
fsr-3383	57	9	are	be	AUX
fsr-3383	57	10	not	not	PART
fsr-3383	57	11	justified	justify	VERB
fsr-3383	57	12	by	by	ADP
fsr-3383	57	13	fund	fund	NOUN
fsr-3383	57	14	managers	manager	NOUN
fsr-3383	57	15	and	and	CCONJ
fsr-3383	57	16	that	that	SCONJ
fsr-3383	57	17	the	the	DET
fsr-3383	57	18	net	net	ADJ
fsr-3383	57	19	performance	performance	NOUN
fsr-3383	57	20	depreciates	depreciate	VERB
fsr-3383	57	21	significantly	significantly	ADV
fsr-3383	57	22	for	for	ADP
fsr-3383	57	23	funds	fund	NOUN
fsr-3383	57	24	with	with	ADP
fsr-3383	57	25	higher	high	ADJ
fsr-3383	57	26	expenses	expense	NOUN
fsr-3383	57	27	(	(	PUNCT
fsr-3383	57	28	e.g.	e.g.	ADV
fsr-3383	57	29	,	,	PUNCT
fsr-3383	57	30	bogle	bogle	PROPN
fsr-3383	57	31	,	,	PUNCT
fsr-3383	57	32	1998	1998	NUM
fsr-3383	57	33	;	;	PUNCT
fsr-3383	57	34	bollen	bollen	PROPN
fsr-3383	57	35	and	and	CCONJ
fsr-3383	57	36	busse	busse	NOUN
fsr-3383	57	37	,	,	PUNCT
fsr-3383	57	38	2006	2006	NUM
fsr-3383	57	39	;	;	PUNCT
fsr-3383	57	40	chalmers	chalmer	NOUN
fsr-3383	57	41	,	,	PUNCT
fsr-3383	57	42	edelen	edelen	ADJ
fsr-3383	57	43	,	,	PUNCT
fsr-3383	57	44	and	and	CCONJ
fsr-3383	57	45	kadlec	kadlec	PROPN
fsr-3383	57	46	1999	1999	NUM
fsr-3383	57	47	;	;	PUNCT
fsr-3383	57	48	edelen	edelen	PROPN
fsr-3383	57	49	,	,	PUNCT
fsr-3383	57	50	evans	evan	NOUN
fsr-3383	57	51	,	,	PUNCT
fsr-3383	57	52	and	and	CCONJ
fsr-3383	57	53	kadlec	kadlec	NOUN
fsr-3383	57	54	,	,	PUNCT
fsr-3383	57	55	2013	2013	NUM
fsr-3383	57	56	;	;	PUNCT
fsr-3383	57	57	hooks	hook	NOUN
fsr-3383	57	58	,	,	PUNCT
fsr-3383	57	59	1996	1996	NUM
fsr-3383	57	60	;	;	PUNCT
fsr-3383	57	61	ippolitio	ippolitio	NOUN
fsr-3383	57	62	,	,	PUNCT
fsr-3383	57	63	1989	1989	NUM
fsr-3383	57	64	;	;	PUNCT
fsr-3383	57	65	wermers	wermer	NOUN
fsr-3383	57	66	,	,	PUNCT
fsr-3383	57	67	2000	2000	NUM
fsr-3383	57	68	;	;	PUNCT
fsr-3383	57	69	among	among	ADP
fsr-3383	57	70	others	other	NOUN
fsr-3383	57	71	)	)	PUNCT
fsr-3383	57	72	.	.	PUNCT
fsr-3383	58	1	however	however	ADV
fsr-3383	58	2	,	,	PUNCT
fsr-3383	58	3	not	not	PART
fsr-3383	58	4	all	all	DET
fsr-3383	58	5	studies	study	NOUN
fsr-3383	58	6	view	view	VERB
fsr-3383	58	7	expenses	expense	NOUN
fsr-3383	58	8	negatively	negatively	ADV
fsr-3383	58	9	.	.	PUNCT
fsr-3383	59	1	funds	fund	NOUN
fsr-3383	59	2	that	that	PRON
fsr-3383	59	3	charge	charge	VERB
fsr-3383	59	4	higher	high	ADJ
fsr-3383	59	5	expenses	expense	NOUN
fsr-3383	59	6	may	may	AUX
fsr-3383	59	7	generate	generate	VERB
fsr-3383	59	8	higher	high	ADJ
fsr-3383	59	9	net	net	NOUN
fsr-3383	59	10	of	of	ADP
fsr-3383	59	11	cost	cost	NOUN
fsr-3383	59	12	returns	return	NOUN
fsr-3383	59	13	,	,	PUNCT
fsr-3383	59	14	help	help	VERB
fsr-3383	59	15	existing	exist	VERB
fsr-3383	59	16	shareholders	shareholder	NOUN
fsr-3383	59	17	by	by	ADP
fsr-3383	59	18	deterring	deter	VERB
fsr-3383	59	19	those	those	DET
fsr-3383	59	20	investors	investor	NOUN
fsr-3383	59	21	who	who	PRON
fsr-3383	59	22	are	be	AUX
fsr-3383	59	23	not	not	PART
fsr-3383	59	24	in	in	ADP
fsr-3383	59	25	for	for	ADP
fsr-3383	59	26	the	the	DET
fsr-3383	59	27	long	long	ADJ
fsr-3383	59	28	haul	haul	NOUN
fsr-3383	59	29	,	,	PUNCT
fsr-3383	59	30	or	or	CCONJ
fsr-3383	59	31	attracting	attract	VERB
fsr-3383	59	32	and	and	CCONJ
fsr-3383	59	33	retaining	retain	VERB
fsr-3383	59	34	managers	manager	NOUN
fsr-3383	59	35	that	that	PRON
fsr-3383	59	36	have	have	VERB
fsr-3383	59	37	the	the	DET
fsr-3383	59	38	potential	potential	NOUN
fsr-3383	59	39	to	to	PART
fsr-3383	59	40	outperform	outperform	VERB
fsr-3383	59	41	regardless	regardless	ADV
fsr-3383	59	42	of	of	ADP
fsr-3383	59	43	economic	economic	ADJ
fsr-3383	59	44	conditions	condition	NOUN
fsr-3383	59	45	.	.	PUNCT
fsr-3383	60	1	for	for	ADP
fsr-3383	60	2	example	example	NOUN
fsr-3383	60	3	,	,	PUNCT
fsr-3383	60	4	droms	drom	NOUN
fsr-3383	60	5	and	and	CCONJ
fsr-3383	60	6	walker	walker	NOUN
fsr-3383	60	7	(	(	PUNCT
fsr-3383	60	8	1995	1995	NUM
fsr-3383	60	9	)	)	PUNCT
fsr-3383	60	10	analyzed	analyze	VERB
fsr-3383	60	11	equity	equity	NOUN
fsr-3383	60	12	mutual	mutual	ADJ
fsr-3383	60	13	funds	fund	NOUN
fsr-3383	60	14	by	by	ADP
fsr-3383	60	15	using	use	VERB
fsr-3383	60	16	a	a	DET
fsr-3383	60	17	pooled	pooled	ADJ
fsr-3383	60	18	cross	cross	NOUN
fsr-3383	60	19	-	-	NOUN
fsr-3383	60	20	section	section	ADJ
fsr-3383	60	21	/	/	SYM
fsr-3383	60	22	time	time	NOUN
fsr-3383	60	23	series	series	PROPN
fsr-3383	60	24	regression	regression	NOUN
fsr-3383	60	25	methodology	methodology	NOUN
fsr-3383	60	26	to	to	PART
fsr-3383	60	27	evaluate	evaluate	VERB
fsr-3383	60	28	the	the	DET
fsr-3383	60	29	impact	impact	NOUN
fsr-3383	60	30	of	of	ADP
fsr-3383	60	31	fund	fund	NOUN
fsr-3383	60	32	characteristics	characteristic	NOUN
fsr-3383	60	33	on	on	ADP
fsr-3383	60	34	fund	fund	NOUN
fsr-3383	60	35	performance	performance	NOUN
fsr-3383	60	36	.	.	PUNCT
fsr-3383	61	1	nanigian	nanigian	PROPN
fsr-3383	61	2	(	(	PUNCT
fsr-3383	61	3	2012	2012	NUM
fsr-3383	61	4	)	)	PUNCT
fsr-3383	61	5	suggests	suggest	VERB
fsr-3383	61	6	that	that	SCONJ
fsr-3383	61	7	the	the	DET
fsr-3383	61	8	adverse	adverse	ADJ
fsr-3383	61	9	relationship	relationship	NOUN
fsr-3383	61	10	between	between	ADP
fsr-3383	61	11	expenses	expense	NOUN
fsr-3383	61	12	and	and	CCONJ
fsr-3383	61	13	performance	performance	NOUN
fsr-3383	61	14	tends	tend	VERB
fsr-3383	61	15	to	to	PART
fsr-3383	61	16	dissipate	dissipate	VERB
fsr-3383	61	17	,	,	PUNCT
fsr-3383	61	18	specifically	specifically	ADV
fsr-3383	61	19	for	for	ADP
fsr-3383	61	20	funds	fund	NOUN
fsr-3383	61	21	that	that	PRON
fsr-3383	61	22	serve	serve	VERB
fsr-3383	61	23	sophisticated	sophisticated	ADJ
fsr-3383	61	24	investors	investor	NOUN
fsr-3383	61	25	.	.	PUNCT
fsr-3383	62	1	these	these	DET
fsr-3383	62	2	findings	finding	NOUN
fsr-3383	62	3	support	support	VERB
fsr-3383	62	4	the	the	DET
fsr-3383	62	5	notion	notion	NOUN
fsr-3383	62	6	that	that	SCONJ
fsr-3383	62	7	higher	high	ADJ
fsr-3383	62	8	expenses	expense	NOUN
fsr-3383	62	9	might	might	AUX
fsr-3383	62	10	be	be	AUX
fsr-3383	62	11	able	able	ADJ
fsr-3383	62	12	to	to	PART
fsr-3383	62	13	attract	attract	VERB
fsr-3383	62	14	managers	manager	NOUN
fsr-3383	62	15	who	who	PRON
fsr-3383	62	16	can	can	AUX
fsr-3383	62	17	outperform	outperform	VERB
fsr-3383	62	18	passive	passive	ADJ
fsr-3383	62	19	indices	index	NOUN
fsr-3383	62	20	based	base	VERB
fsr-3383	62	21	on	on	ADP
fsr-3383	62	22	risk	risk	NOUN
fsr-3383	62	23	-	-	PUNCT
fsr-3383	62	24	adjusted	adjust	VERB
fsr-3383	62	25	performance	performance	NOUN
fsr-3383	62	26	.	.	PUNCT
fsr-3383	63	1	higher	high	ADJ
fsr-3383	63	2	expenses	expense	NOUN
fsr-3383	63	3	offer	offer	VERB
fsr-3383	63	4	incentives	incentive	NOUN
fsr-3383	63	5	to	to	ADP
fsr-3383	63	6	portfolio	portfolio	NOUN
fsr-3383	63	7	managers	manager	NOUN
fsr-3383	63	8	to	to	PART
fsr-3383	63	9	use	use	VERB
fsr-3383	63	10	that	that	DET
fsr-3383	63	11	extra	extra	ADJ
fsr-3383	63	12	cash	cash	NOUN
fsr-3383	63	13	to	to	PART
fsr-3383	63	14	invest	invest	VERB
fsr-3383	63	15	for	for	ADP
fsr-3383	63	16	superior	superior	ADJ
fsr-3383	63	17	research	research	NOUN
fsr-3383	63	18	,	,	PUNCT
fsr-3383	63	19	retain	retain	VERB
fsr-3383	63	20	quality	quality	NOUN
fsr-3383	63	21	managers	manager	NOUN
fsr-3383	63	22	,	,	PUNCT
fsr-3383	63	23	generate	generate	VERB
fsr-3383	63	24	better	well	ADJ
fsr-3383	63	25	investment	investment	NOUN
fsr-3383	63	26	ideas	idea	NOUN
fsr-3383	63	27	,	,	PUNCT
fsr-3383	63	28	and	and	CCONJ
fsr-3383	63	29	screen	screen	VERB
fsr-3383	63	30	out	out	ADP
fsr-3383	63	31	short	short	ADJ
fsr-3383	63	32	-	-	PUNCT
fsr-3383	63	33	term	term	NOUN
fsr-3383	63	34	investors	investor	NOUN
fsr-3383	63	35	;	;	PUNCT
fsr-3383	63	36	thus	thus	ADV
fsr-3383	63	37	,	,	PUNCT
fsr-3383	63	38	giving	give	VERB
fsr-3383	63	39	higher	high	ADJ
fsr-3383	63	40	net	net	ADJ
fsr-3383	63	41	returns	return	NOUN
fsr-3383	63	42	to	to	ADP
fsr-3383	63	43	shareholders	shareholder	NOUN
fsr-3383	63	44	(	(	PUNCT
fsr-3383	63	45	e.g.	e.g.	ADV
fsr-3383	63	46	,	,	PUNCT
fsr-3383	63	47	golec	golec	NOUN
fsr-3383	63	48	,	,	PUNCT
fsr-3383	63	49	1996	1996	NUM
fsr-3383	63	50	;	;	PUNCT
fsr-3383	63	51	grinblatt	grinblatt	NOUN
fsr-3383	63	52	and	and	CCONJ
fsr-3383	63	53	titman	titman	NOUN
fsr-3383	63	54	,	,	PUNCT
fsr-3383	63	55	1994	1994	NUM
fsr-3383	63	56	;	;	PUNCT
fsr-3383	63	57	among	among	ADP
fsr-3383	63	58	others	other	NOUN
fsr-3383	63	59	)	)	PUNCT
fsr-3383	63	60	.	.	PUNCT
fsr-3383	64	1	chordia	chordia	NOUN
fsr-3383	64	2	(	(	PUNCT
fsr-3383	64	3	1996	1996	NUM
fsr-3383	64	4	)	)	PUNCT
fsr-3383	64	5	and	and	CCONJ
fsr-3383	64	6	nanda	nanda	ADV
fsr-3383	64	7	,	,	PUNCT
fsr-3383	64	8	narayanan	narayanan	PROPN
fsr-3383	64	9	,	,	PUNCT
fsr-3383	64	10	and	and	CCONJ
fsr-3383	64	11	warther	warther	NOUN
fsr-3383	64	12	(	(	PUNCT
fsr-3383	64	13	2000	2000	NUM
fsr-3383	64	14	)	)	PUNCT
fsr-3383	64	15	find	find	VERB
fsr-3383	64	16	support	support	NOUN
fsr-3383	64	17	for	for	ADP
fsr-3383	64	18	the	the	DET
fsr-3383	64	19	theory	theory	NOUN
fsr-3383	64	20	that	that	SCONJ
fsr-3383	64	21	higher	high	ADJ
fsr-3383	64	22	loads	load	NOUN
fsr-3383	64	23	should	should	AUX
fsr-3383	64	24	accompany	accompany	VERB
fsr-3383	64	25	better	well	ADJ
fsr-3383	64	26	performances	performance	NOUN
fsr-3383	64	27	because	because	SCONJ
fsr-3383	64	28	this	this	PRON
fsr-3383	64	29	helps	help	VERB
fsr-3383	64	30	managers	manager	NOUN
fsr-3383	64	31	screen	screen	VERB
fsr-3383	64	32	out	out	ADP
fsr-3383	64	33	investors	investor	NOUN
fsr-3383	64	34	,	,	PUNCT
fsr-3383	64	35	especially	especially	ADV
fsr-3383	64	36	those	those	PRON
fsr-3383	64	37	who	who	PRON
fsr-3383	64	38	are	be	AUX
fsr-3383	64	39	motivated	motivate	VERB
fsr-3383	64	40	by	by	ADP
fsr-3383	64	41	short	short	ADJ
fsr-3383	64	42	-	-	PUNCT
fsr-3383	64	43	term	term	NOUN
fsr-3383	64	44	gains	gain	NOUN
fsr-3383	64	45	,	,	PUNCT
fsr-3383	64	46	and	and	CCONJ
fsr-3383	64	47	limits	limit	VERB
fsr-3383	64	48	the	the	DET
fsr-3383	64	49	fund	fund	NOUN
fsr-3383	64	50	managers	manager	NOUN
fsr-3383	64	51	’	’	PART
fsr-3383	64	52	unnecessary	unnecessary	ADJ
fsr-3383	64	53	trading	trading	NOUN
fsr-3383	64	54	activities	activity	NOUN
fsr-3383	64	55	;	;	PUNCT
fsr-3383	64	56	thus	thus	ADV
fsr-3383	64	57	,	,	PUNCT
fsr-3383	64	58	reducing	reduce	VERB
fsr-3383	64	59	the	the	DET
fsr-3383	64	60	trading	trading	NOUN
fsr-3383	64	61	and	and	CCONJ
fsr-3383	64	62	transaction	transaction	NOUN
fsr-3383	64	63	costs	cost	NOUN
fsr-3383	64	64	significantly	significantly	ADV
fsr-3383	64	65	.	.	PUNCT
fsr-3383	65	1	lin	lin	PROPN
fsr-3383	65	2	(	(	PUNCT
fsr-3383	65	3	2014	2014	NUM
fsr-3383	65	4	)	)	PUNCT
fsr-3383	65	5	advocates	advocate	VERB
fsr-3383	65	6	that	that	SCONJ
fsr-3383	65	7	sector	sector	NOUN
fsr-3383	65	8	specific	specific	ADJ
fsr-3383	65	9	actively	actively	ADV
fsr-3383	65	10	managed	manage	VERB
fsr-3383	65	11	funds	fund	NOUN
fsr-3383	65	12	not	not	PART
fsr-3383	65	13	only	only	ADV
fsr-3383	65	14	achieve	achieve	VERB
fsr-3383	65	15	higher	high	ADJ
fsr-3383	65	16	returns	return	NOUN
fsr-3383	65	17	,	,	PUNCT
fsr-3383	65	18	but	but	CCONJ
fsr-3383	65	19	also	also	ADV
fsr-3383	65	20	higher	high	ADJ
fsr-3383	65	21	risk	risk	NOUN
fsr-3383	65	22	adjusted	adjust	VERB
fsr-3383	65	23	returns	return	NOUN
fsr-3383	65	24	;	;	PUNCT
fsr-3383	65	25	thus	thus	ADV
fsr-3383	65	26	,	,	PUNCT
fsr-3383	65	27	supporting	support	VERB
fsr-3383	65	28	the	the	DET
fsr-3383	65	29	value	value	NOUN
fsr-3383	65	30	added	add	VERB
fsr-3383	65	31	component	component	NOUN
fsr-3383	65	32	of	of	ADP
fsr-3383	65	33	actively	actively	ADV
fsr-3383	65	34	managed	manage	VERB
fsr-3383	65	35	funds	fund	NOUN
fsr-3383	65	36	.	.	PUNCT
fsr-3383	66	1	tufano	tufano	ADJ
fsr-3383	66	2	and	and	CCONJ
fsr-3383	66	3	sevick	sevick	PROPN
fsr-3383	66	4	(	(	PUNCT
fsr-3383	66	5	1997	1997	NUM
fsr-3383	66	6	)	)	PUNCT
fsr-3383	66	7	suggest	suggest	VERB
fsr-3383	66	8	that	that	SCONJ
fsr-3383	66	9	expense	expense	NOUN
fsr-3383	66	10	ratio	ratio	NOUN
fsr-3383	66	11	declines	decline	VERB
fsr-3383	66	12	with	with	ADP
fsr-3383	66	13	fund	fund	NOUN
fsr-3383	66	14	size	size	NOUN
fsr-3383	66	15	.	.	PUNCT
fsr-3383	67	1	their	their	PRON
fsr-3383	67	2	findings	finding	NOUN
fsr-3383	67	3	are	be	AUX
fsr-3383	67	4	interesting	interesting	ADJ
fsr-3383	67	5	for	for	ADP
fsr-3383	67	6	our	our	PRON
fsr-3383	67	7	research	research	NOUN
fsr-3383	67	8	because	because	SCONJ
fsr-3383	67	9	we	we	PRON
fsr-3383	67	10	are	be	AUX
fsr-3383	67	11	specifically	specifically	ADV
fsr-3383	67	12	analyzing	analyze	VERB
fsr-3383	67	13	the	the	DET
fsr-3383	67	14	interplay	interplay	NOUN
fsr-3383	67	15	between	between	ADP
fsr-3383	67	16	expenses	expense	NOUN
fsr-3383	67	17	101a	101a	PROPN
fsr-3383	67	18	.	.	PUNCT
fsr-3383	68	1	kaushik	kaushik	PROPN
fsr-3383	68	2	,	,	PUNCT
fsr-3383	68	3	r.	r.	PROPN
fsr-3383	68	4	boisvert	boisvert	PROPN
fsr-3383	68	5	/	/	SYM
fsr-3383	68	6	financial	financial	ADJ
fsr-3383	68	7	services	service	NOUN
fsr-3383	68	8	review	review	VERB
fsr-3383	68	9	27	27	NUM
fsr-3383	68	10	(	(	PUNCT
fsr-3383	68	11	2018	2018	NUM
fsr-3383	68	12	)	)	PUNCT
fsr-3383	68	13	99	99	NUM
fsr-3383	68	14	-	-	SYM
fsr-3383	68	15	113	113	NUM
fsr-3383	68	16	and	and	CCONJ
fsr-3383	68	17	performance	performance	NOUN
fsr-3383	68	18	of	of	ADP
fsr-3383	68	19	large	large	ADJ
fsr-3383	68	20	cap	cap	NOUN
fsr-3383	68	21	funds	fund	NOUN
fsr-3383	68	22	.	.	PUNCT
fsr-3383	69	1	moreover	moreover	ADV
fsr-3383	69	2	,	,	PUNCT
fsr-3383	69	3	given	give	VERB
fsr-3383	69	4	the	the	DET
fsr-3383	69	5	excessive	excessive	ADJ
fsr-3383	69	6	volatility	volatility	NOUN
fsr-3383	69	7	experienced	experience	VERB
fsr-3383	69	8	in	in	ADP
fsr-3383	69	9	the	the	DET
fsr-3383	69	10	last	last	ADJ
fsr-3383	69	11	15	15	NUM
fsr-3383	69	12	years	year	NOUN
fsr-3383	69	13	,	,	PUNCT
fsr-3383	69	14	more	more	ADJ
fsr-3383	69	15	current	current	ADJ
fsr-3383	69	16	research	research	NOUN
fsr-3383	69	17	is	be	AUX
fsr-3383	69	18	needed	need	VERB
fsr-3383	69	19	to	to	PART
fsr-3383	69	20	determine	determine	VERB
fsr-3383	69	21	whether	whether	SCONJ
fsr-3383	69	22	fund	fund	NOUN
fsr-3383	69	23	managers	manager	NOUN
fsr-3383	69	24	that	that	PRON
fsr-3383	69	25	charge	charge	VERB
fsr-3383	69	26	higher	high	ADJ
fsr-3383	69	27	expense	expense	NOUN
fsr-3383	69	28	ratios	ratio	NOUN
fsr-3383	69	29	have	have	AUX
fsr-3383	69	30	“	"	PUNCT
fsr-3383	69	31	earned	earn	VERB
fsr-3383	69	32	their	their	PRON
fsr-3383	69	33	keep	keep	NOUN
fsr-3383	69	34	”	"	PUNCT
fsr-3383	69	35	in	in	ADP
fsr-3383	69	36	the	the	DET
fsr-3383	69	37	face	face	NOUN
fsr-3383	69	38	of	of	ADP
fsr-3383	69	39	large	large	ADJ
fsr-3383	69	40	market	market	NOUN
fsr-3383	69	41	fluctuations	fluctuation	NOUN
fsr-3383	69	42	.	.	PUNCT
fsr-3383	70	1	we	we	PRON
fsr-3383	70	2	select	select	VERB
fsr-3383	70	3	january	january	PROPN
fsr-3383	70	4	2000	2000	NUM
fsr-3383	70	5	through	through	ADP
fsr-3383	70	6	december	december	PROPN
fsr-3383	70	7	2013	2013	NUM
fsr-3383	70	8	for	for	ADP
fsr-3383	70	9	this	this	DET
fsr-3383	70	10	research	research	NOUN
fsr-3383	70	11	because	because	SCONJ
fsr-3383	70	12	this	this	DET
fsr-3383	70	13	period	period	NOUN
fsr-3383	70	14	witnessed	witness	VERB
fsr-3383	70	15	some	some	PRON
fsr-3383	70	16	of	of	ADP
fsr-3383	70	17	the	the	DET
fsr-3383	70	18	most	most	ADV
fsr-3383	70	19	volatile	volatile	ADJ
fsr-3383	70	20	and	and	CCONJ
fsr-3383	70	21	important	important	ADJ
fsr-3383	70	22	events	event	NOUN
fsr-3383	70	23	in	in	ADP
fsr-3383	70	24	the	the	DET
fsr-3383	70	25	u.s	u.s	PROPN
fsr-3383	70	26	.	.	PROPN
fsr-3383	70	27	economy	economy	NOUN
fsr-3383	70	28	.	.	PUNCT
fsr-3383	71	1	global	global	ADJ
fsr-3383	71	2	markets	market	NOUN
fsr-3383	71	3	suffered	suffer	VERB
fsr-3383	71	4	several	several	ADJ
fsr-3383	71	5	cataclysmic	cataclysmic	ADJ
fsr-3383	71	6	events	event	NOUN
fsr-3383	71	7	.	.	PUNCT
fsr-3383	72	1	in	in	ADP
fsr-3383	72	2	particular	particular	ADJ
fsr-3383	72	3	,	,	PUNCT
fsr-3383	72	4	the	the	DET
fsr-3383	72	5	u.s	u.s	PROPN
fsr-3383	72	6	.	.	PROPN
fsr-3383	72	7	economy	economy	NOUN
fsr-3383	72	8	suffered	suffer	VERB
fsr-3383	72	9	two	two	NUM
fsr-3383	72	10	recessions	recession	NOUN
fsr-3383	72	11	during	during	ADP
fsr-3383	72	12	this	this	DET
fsr-3383	72	13	time	time	NOUN
fsr-3383	72	14	.	.	PUNCT
fsr-3383	73	1	on	on	ADP
fsr-3383	73	2	october	october	PROPN
fsr-3383	73	3	31	31	NUM
fsr-3383	73	4	,	,	PUNCT
fsr-3383	73	5	2002	2002	NUM
fsr-3383	73	6	,	,	PUNCT
fsr-3383	73	7	the	the	DET
fsr-3383	73	8	s&p	s&p	PROPN
fsr-3383	73	9	500	500	NUM
fsr-3383	73	10	bottomed	bottom	VERB
fsr-3383	73	11	at	at	ADP
fsr-3383	73	12	768.63	768.63	NUM
fsr-3383	73	13	and	and	CCONJ
fsr-3383	73	14	then	then	ADV
fsr-3383	73	15	on	on	ADP
fsr-3383	73	16	march	march	PROPN
fsr-3383	73	17	31	31	NUM
fsr-3383	73	18	,	,	PUNCT
fsr-3383	73	19	2009	2009	NUM
fsr-3383	73	20	it	it	PRON
fsr-3383	73	21	bottomed	bottom	VERB
fsr-3383	73	22	even	even	ADV
fsr-3383	73	23	lower	low	ADJ
fsr-3383	73	24	at	at	ADP
fsr-3383	73	25	an	an	DET
fsr-3383	73	26	ominous	ominous	ADJ
fsr-3383	73	27	666.79	666.79	NUM
fsr-3383	73	28	.	.	PUNCT
fsr-3383	74	1	this	this	DET
fsr-3383	74	2	time	time	NOUN
fsr-3383	74	3	period	period	NOUN
fsr-3383	74	4	also	also	ADV
fsr-3383	74	5	felt	feel	VERB
fsr-3383	74	6	the	the	DET
fsr-3383	74	7	lingering	linger	VERB
fsr-3383	74	8	effects	effect	NOUN
fsr-3383	74	9	of	of	ADP
fsr-3383	74	10	the	the	DET
fsr-3383	74	11	.com	.com	PROPN
fsr-3383	74	12	bubble	bubble	NOUN
fsr-3383	74	13	,	,	PUNCT
fsr-3383	74	14	the	the	DET
fsr-3383	74	15	september	september	PROPN
fsr-3383	74	16	11	11	NUM
fsr-3383	74	17	attack	attack	NOUN
fsr-3383	74	18	on	on	ADP
fsr-3383	74	19	the	the	DET
fsr-3383	74	20	world	world	NOUN
fsr-3383	74	21	trade	trade	NOUN
fsr-3383	74	22	center	center	PROPN
fsr-3383	74	23	and	and	CCONJ
fsr-3383	74	24	pentagon	pentagon	PROPN
fsr-3383	74	25	,	,	PUNCT
fsr-3383	74	26	hurricane	hurricane	PROPN
fsr-3383	74	27	katrina	katrina	PROPN
fsr-3383	74	28	in	in	ADP
fsr-3383	74	29	2005	2005	NUM
fsr-3383	74	30	,	,	PUNCT
fsr-3383	74	31	the	the	DET
fsr-3383	74	32	collapse	collapse	NOUN
fsr-3383	74	33	of	of	ADP
fsr-3383	74	34	the	the	DET
fsr-3383	74	35	mortgage	mortgage	NOUN
fsr-3383	74	36	industry	industry	NOUN
fsr-3383	74	37	in	in	ADP
fsr-3383	74	38	2007	2007	NUM
fsr-3383	74	39	and	and	CCONJ
fsr-3383	74	40	the	the	DET
fsr-3383	74	41	subsequent	subsequent	ADJ
fsr-3383	74	42	shift	shift	NOUN
fsr-3383	74	43	in	in	ADP
fsr-3383	74	44	the	the	DET
fsr-3383	74	45	fed	fed	PROPN
fsr-3383	74	46	’s	’s	PART
fsr-3383	74	47	monetary	monetary	ADJ
fsr-3383	74	48	policy	policy	NOUN
fsr-3383	74	49	,	,	PUNCT
fsr-3383	74	50	the	the	DET
fsr-3383	74	51	highest	high	ADJ
fsr-3383	74	52	unemployment	unemployment	NOUN
fsr-3383	74	53	since	since	SCONJ
fsr-3383	74	54	1983	1983	NUM
fsr-3383	74	55	,	,	PUNCT
fsr-3383	74	56	and	and	CCONJ
fsr-3383	74	57	the	the	DET
fsr-3383	74	58	may	may	PROPN
fsr-3383	74	59	6	6	NUM
fsr-3383	74	60	,	,	PUNCT
fsr-3383	74	61	2010	2010	NUM
fsr-3383	74	62	flash	flash	NOUN
fsr-3383	74	63	crash	crash	NOUN
fsr-3383	74	64	,	,	PUNCT
fsr-3383	74	65	among	among	ADP
fsr-3383	74	66	many	many	ADJ
fsr-3383	74	67	other	other	ADJ
fsr-3383	74	68	market	market	NOUN
fsr-3383	74	69	moving	move	VERB
fsr-3383	74	70	occurrences	occurrence	NOUN
fsr-3383	74	71	.	.	PUNCT
fsr-3383	75	1	specifically	specifically	ADV
fsr-3383	75	2	,	,	PUNCT
fsr-3383	75	3	in	in	ADP
fsr-3383	75	4	this	this	DET
fsr-3383	75	5	study	study	NOUN
fsr-3383	75	6	,	,	PUNCT
fsr-3383	75	7	we	we	PRON
fsr-3383	75	8	analyze	analyze	VERB
fsr-3383	75	9	large	large	ADJ
fsr-3383	75	10	cap	cap	NOUN
fsr-3383	75	11	equity	equity	NOUN
fsr-3383	75	12	funds	fund	NOUN
fsr-3383	75	13	because	because	SCONJ
fsr-3383	75	14	we	we	PRON
fsr-3383	75	15	believe	believe	VERB
fsr-3383	75	16	that	that	SCONJ
fsr-3383	75	17	large	large	ADJ
fsr-3383	75	18	cap	cap	NOUN
fsr-3383	75	19	equity	equity	NOUN
fsr-3383	75	20	fund	fund	NOUN
fsr-3383	75	21	managers	manager	NOUN
fsr-3383	75	22	of	of	ADP
fsr-3383	75	23	high	high	ADJ
fsr-3383	75	24	expense	expense	NOUN
fsr-3383	75	25	funds	fund	NOUN
fsr-3383	75	26	would	would	AUX
fsr-3383	75	27	have	have	AUX
fsr-3383	75	28	used	use	VERB
fsr-3383	75	29	their	their	PRON
fsr-3383	75	30	superior	superior	ADJ
fsr-3383	75	31	market	market	NOUN
fsr-3383	75	32	timing	timing	NOUN
fsr-3383	75	33	and	and	CCONJ
fsr-3383	75	34	stock	stock	NOUN
fsr-3383	75	35	picking	picking	NOUN
fsr-3383	75	36	abilities	ability	NOUN
fsr-3383	75	37	to	to	PART
fsr-3383	75	38	navigate	navigate	VERB
fsr-3383	75	39	their	their	PRON
fsr-3383	75	40	investors	investor	NOUN
fsr-3383	75	41	through	through	ADP
fsr-3383	75	42	adverse	adverse	ADJ
fsr-3383	75	43	market	market	NOUN
fsr-3383	75	44	conditions	condition	NOUN
fsr-3383	75	45	compared	compare	VERB
fsr-3383	75	46	with	with	ADP
fsr-3383	75	47	their	their	PRON
fsr-3383	75	48	low	low	ADJ
fsr-3383	75	49	-	-	PUNCT
fsr-3383	75	50	fee	fee	NOUN
fsr-3383	75	51	counterparts	counterpart	NOUN
fsr-3383	75	52	thus	thus	ADV
fsr-3383	75	53	justifying	justify	VERB
fsr-3383	75	54	the	the	DET
fsr-3383	75	55	premium	premium	NOUN
fsr-3383	75	56	they	they	PRON
fsr-3383	75	57	charge	charge	VERB
fsr-3383	75	58	investors	investor	NOUN
fsr-3383	75	59	.	.	PUNCT
fsr-3383	76	1	this	this	DET
fsr-3383	76	2	paper	paper	NOUN
fsr-3383	76	3	analyzes	analyze	VERB
fsr-3383	76	4	u.s	u.s	PROPN
fsr-3383	76	5	.	.	PROPN
fsr-3383	76	6	domiciled	domicile	VERB
fsr-3383	76	7	large	large	ADJ
fsr-3383	76	8	cap	cap	NOUN
fsr-3383	76	9	actively	actively	ADV
fsr-3383	76	10	managed	manage	VERB
fsr-3383	76	11	equity	equity	NOUN
fsr-3383	76	12	funds	fund	NOUN
fsr-3383	76	13	across	across	ADP
fsr-3383	76	14	all	all	DET
fsr-3383	76	15	three	three	NUM
fsr-3383	76	16	morningstar	morningstar	NOUN
fsr-3383	76	17	classifications	classification	NOUN
fsr-3383	76	18	:	:	PUNCT
fsr-3383	76	19	value	value	NOUN
fsr-3383	76	20	,	,	PUNCT
fsr-3383	76	21	growth	growth	NOUN
fsr-3383	76	22	,	,	PUNCT
fsr-3383	76	23	and	and	CCONJ
fsr-3383	76	24	blend	blend	NOUN
fsr-3383	76	25	.	.	PUNCT
fsr-3383	77	1	the	the	DET
fsr-3383	77	2	funds	fund	NOUN
fsr-3383	77	3	are	be	AUX
fsr-3383	77	4	sorted	sort	VERB
fsr-3383	77	5	based	base	VERB
fsr-3383	77	6	on	on	ADP
fsr-3383	77	7	their	their	PRON
fsr-3383	77	8	expense	expense	NOUN
fsr-3383	77	9	ratios	ratio	NOUN
fsr-3383	77	10	and	and	CCONJ
fsr-3383	77	11	then	then	ADV
fsr-3383	77	12	compared	compare	VERB
fsr-3383	77	13	on	on	ADP
fsr-3383	77	14	the	the	DET
fsr-3383	77	15	basis	basis	NOUN
fsr-3383	77	16	of	of	ADP
fsr-3383	77	17	their	their	PRON
fsr-3383	77	18	risk	risk	NOUN
fsr-3383	77	19	-	-	PUNCT
fsr-3383	77	20	adjusted	adjust	VERB
fsr-3383	77	21	return	return	NOUN
fsr-3383	77	22	during	during	ADP
fsr-3383	77	23	the	the	DET
fsr-3383	77	24	period	period	NOUN
fsr-3383	77	25	january	january	PROPN
fsr-3383	77	26	2000	2000	NUM
fsr-3383	77	27	to	to	ADP
fsr-3383	77	28	december	december	PROPN
fsr-3383	77	29	2013	2013	NUM
fsr-3383	77	30	in	in	ADP
fsr-3383	77	31	an	an	DET
fsr-3383	77	32	effort	effort	NOUN
fsr-3383	77	33	to	to	PART
fsr-3383	77	34	determine	determine	VERB
fsr-3383	77	35	if	if	SCONJ
fsr-3383	77	36	there	there	PRON
fsr-3383	77	37	is	be	VERB
fsr-3383	77	38	any	any	DET
fsr-3383	77	39	value	value	NOUN
fsr-3383	77	40	to	to	ADP
fsr-3383	77	41	investing	invest	VERB
fsr-3383	77	42	in	in	ADP
fsr-3383	77	43	funds	fund	NOUN
fsr-3383	77	44	with	with	ADP
fsr-3383	77	45	higher	high	ADJ
fsr-3383	77	46	expense	expense	NOUN
fsr-3383	77	47	ratios	ratio	NOUN
fsr-3383	77	48	or	or	CCONJ
fsr-3383	77	49	if	if	SCONJ
fsr-3383	77	50	they	they	PRON
fsr-3383	77	51	are	be	AUX
fsr-3383	77	52	just	just	ADV
fsr-3383	77	53	a	a	DET
fsr-3383	77	54	means	means	NOUN
fsr-3383	77	55	to	to	PART
fsr-3383	77	56	take	take	VERB
fsr-3383	77	57	advantage	advantage	NOUN
fsr-3383	77	58	of	of	ADP
fsr-3383	77	59	unsophisticated	unsophisticated	ADJ
fsr-3383	77	60	investors	investor	NOUN
fsr-3383	77	61	.	.	PUNCT
fsr-3383	78	1	this	this	DET
fsr-3383	78	2	paper	paper	NOUN
fsr-3383	78	3	is	be	AUX
fsr-3383	78	4	organized	organize	VERB
fsr-3383	78	5	as	as	SCONJ
fsr-3383	78	6	follows	follow	VERB
fsr-3383	78	7	:	:	PUNCT
fsr-3383	78	8	section	section	NOUN
fsr-3383	78	9	2	2	NUM
fsr-3383	78	10	reviews	review	VERB
fsr-3383	78	11	the	the	DET
fsr-3383	78	12	existing	exist	VERB
fsr-3383	78	13	literature	literature	NOUN
fsr-3383	78	14	on	on	ADP
fsr-3383	78	15	equity	equity	NOUN
fsr-3383	78	16	mutual	mutual	ADJ
fsr-3383	78	17	funds	fund	NOUN
fsr-3383	78	18	;	;	PUNCT
fsr-3383	78	19	section	section	NOUN
fsr-3383	78	20	3	3	NUM
fsr-3383	78	21	describes	describe	VERB
fsr-3383	78	22	the	the	DET
fsr-3383	78	23	data	datum	NOUN
fsr-3383	78	24	;	;	PUNCT
fsr-3383	78	25	section	section	NOUN
fsr-3383	78	26	4	4	NUM
fsr-3383	78	27	describes	describe	VERB
fsr-3383	78	28	the	the	DET
fsr-3383	78	29	methodology	methodology	NOUN
fsr-3383	78	30	;	;	PUNCT
fsr-3383	78	31	section	section	NOUN
fsr-3383	78	32	5	5	NUM
fsr-3383	78	33	summarizes	summarize	VERB
fsr-3383	78	34	the	the	DET
fsr-3383	78	35	empirical	empirical	ADJ
fsr-3383	78	36	results	result	NOUN
fsr-3383	78	37	;	;	PUNCT
fsr-3383	78	38	and	and	CCONJ
fsr-3383	78	39	section	section	NOUN
fsr-3383	78	40	6	6	NUM
fsr-3383	78	41	concludes	conclude	VERB
fsr-3383	78	42	the	the	DET
fsr-3383	78	43	paper	paper	NOUN
fsr-3383	78	44	.	.	PUNCT
fsr-3383	79	1	2	2	X
fsr-3383	79	2	.	.	X
fsr-3383	79	3	literature	literature	PROPN
fsr-3383	79	4	review	review	PROPN
fsr-3383	79	5	prior	prior	ADJ
fsr-3383	79	6	research	research	NOUN
fsr-3383	79	7	shows	show	VERB
fsr-3383	79	8	mixed	mixed	ADJ
fsr-3383	79	9	results	result	NOUN
fsr-3383	79	10	on	on	ADP
fsr-3383	79	11	the	the	DET
fsr-3383	79	12	performance	performance	NOUN
fsr-3383	79	13	of	of	ADP
fsr-3383	79	14	actively	actively	ADV
fsr-3383	79	15	managed	manage	VERB
fsr-3383	79	16	mutual	mutual	ADJ
fsr-3383	79	17	funds	fund	NOUN
fsr-3383	79	18	.	.	PUNCT
fsr-3383	80	1	in	in	ADP
fsr-3383	80	2	a	a	DET
fsr-3383	80	3	seminal	seminal	ADJ
fsr-3383	80	4	paper	paper	NOUN
fsr-3383	80	5	,	,	PUNCT
fsr-3383	80	6	jensen	jensen	PROPN
fsr-3383	80	7	(	(	PUNCT
fsr-3383	80	8	1968	1968	NUM
fsr-3383	80	9	)	)	PUNCT
fsr-3383	80	10	shows	show	VERB
fsr-3383	80	11	that	that	SCONJ
fsr-3383	80	12	fund	fund	NOUN
fsr-3383	80	13	managers	manager	NOUN
fsr-3383	80	14	do	do	AUX
fsr-3383	80	15	not	not	PART
fsr-3383	80	16	possess	possess	VERB
fsr-3383	80	17	any	any	DET
fsr-3383	80	18	superior	superior	ADJ
fsr-3383	80	19	forecasting	forecasting	NOUN
fsr-3383	80	20	abilities	ability	NOUN
fsr-3383	80	21	to	to	PART
fsr-3383	80	22	outperform	outperform	VERB
fsr-3383	80	23	the	the	DET
fsr-3383	80	24	market	market	NOUN
fsr-3383	80	25	and	and	CCONJ
fsr-3383	80	26	any	any	DET
fsr-3383	80	27	abnormal	abnormal	ADJ
fsr-3383	80	28	performance	performance	NOUN
fsr-3383	80	29	by	by	ADP
fsr-3383	80	30	an	an	DET
fsr-3383	80	31	individual	individual	ADJ
fsr-3383	80	32	fund	fund	NOUN
fsr-3383	80	33	is	be	AUX
fsr-3383	80	34	merely	merely	ADV
fsr-3383	80	35	by	by	ADP
fsr-3383	80	36	chance	chance	NOUN
fsr-3383	80	37	.	.	PUNCT
fsr-3383	81	1	jensen	jensen	PROPN
fsr-3383	81	2	’s	’s	PART
fsr-3383	81	3	(	(	PUNCT
fsr-3383	81	4	1968	1968	NUM
fsr-3383	81	5	)	)	PUNCT
fsr-3383	81	6	findings	finding	NOUN
fsr-3383	81	7	are	be	AUX
fsr-3383	81	8	further	far	ADV
fsr-3383	81	9	strengthened	strengthen	VERB
fsr-3383	81	10	by	by	ADP
fsr-3383	81	11	grossman	grossman	PROPN
fsr-3383	81	12	and	and	CCONJ
fsr-3383	81	13	stiglitz	stiglitz	PROPN
fsr-3383	81	14	(	(	PUNCT
fsr-3383	81	15	1980	1980	NUM
fsr-3383	81	16	)	)	PUNCT
fsr-3383	81	17	,	,	PUNCT
fsr-3383	81	18	who	who	PRON
fsr-3383	81	19	examine	examine	VERB
fsr-3383	81	20	the	the	DET
fsr-3383	81	21	mutual	mutual	ADJ
fsr-3383	81	22	funds	fund	NOUN
fsr-3383	81	23	’	'	PUNCT
fsr-3383	81	24	performance	performance	NOUN
fsr-3383	81	25	and	and	CCONJ
fsr-3383	81	26	propose	propose	VERB
fsr-3383	81	27	that	that	SCONJ
fsr-3383	81	28	the	the	DET
fsr-3383	81	29	funds	fund	NOUN
fsr-3383	81	30	’	'	PUNCT
fsr-3383	81	31	excess	excess	ADJ
fsr-3383	81	32	gross	gross	ADJ
fsr-3383	81	33	return	return	NOUN
fsr-3383	81	34	is	be	AUX
fsr-3383	81	35	zero	zero	NUM
fsr-3383	81	36	because	because	SCONJ
fsr-3383	81	37	the	the	DET
fsr-3383	81	38	costs	cost	NOUN
fsr-3383	81	39	associated	associate	VERB
fsr-3383	81	40	with	with	ADP
fsr-3383	81	41	obtaining	obtain	VERB
fsr-3383	81	42	that	that	DET
fsr-3383	81	43	superior	superior	ADJ
fsr-3383	81	44	information	information	NOUN
fsr-3383	81	45	cancel	cancel	VERB
fsr-3383	81	46	out	out	ADP
fsr-3383	81	47	any	any	DET
fsr-3383	81	48	benefits	benefit	NOUN
fsr-3383	81	49	earned	earn	VERB
fsr-3383	81	50	from	from	ADP
fsr-3383	81	51	getting	get	VERB
fsr-3383	81	52	that	that	DET
fsr-3383	81	53	information	information	NOUN
fsr-3383	81	54	.	.	PUNCT
fsr-3383	82	1	malkiel	malkiel	VERB
fsr-3383	82	2	(	(	PUNCT
fsr-3383	82	3	1995	1995	NUM
fsr-3383	82	4	)	)	PUNCT
fsr-3383	82	5	echoes	echo	VERB
fsr-3383	82	6	the	the	DET
fsr-3383	82	7	similar	similar	ADJ
fsr-3383	82	8	sentiments	sentiment	NOUN
fsr-3383	82	9	that	that	PRON
fsr-3383	82	10	markets	market	NOUN
fsr-3383	82	11	are	be	AUX
fsr-3383	82	12	efficient	efficient	ADJ
fsr-3383	82	13	.	.	PUNCT
fsr-3383	83	1	however	however	ADV
fsr-3383	83	2	,	,	PUNCT
fsr-3383	83	3	grinblatt	grinblatt	NOUN
fsr-3383	83	4	and	and	CCONJ
fsr-3383	83	5	titman	titman	NOUN
fsr-3383	83	6	(	(	PUNCT
fsr-3383	83	7	1989	1989	NUM
fsr-3383	83	8	and	and	CCONJ
fsr-3383	83	9	1993	1993	NUM
fsr-3383	83	10	)	)	PUNCT
fsr-3383	83	11	show	show	VERB
fsr-3383	83	12	that	that	SCONJ
fsr-3383	83	13	not	not	PART
fsr-3383	83	14	all	all	PRON
fsr-3383	83	15	but	but	SCONJ
fsr-3383	83	16	some	some	DET
fsr-3383	83	17	managers	manager	NOUN
fsr-3383	83	18	do	do	AUX
fsr-3383	83	19	possess	possess	VERB
fsr-3383	83	20	superior	superior	ADJ
fsr-3383	83	21	skills	skill	NOUN
fsr-3383	83	22	and	and	CCONJ
fsr-3383	83	23	ability	ability	NOUN
fsr-3383	83	24	to	to	PART
fsr-3383	83	25	beat	beat	VERB
fsr-3383	83	26	the	the	DET
fsr-3383	83	27	passive	passive	ADJ
fsr-3383	83	28	benchmark	benchmark	NOUN
fsr-3383	83	29	on	on	ADP
fsr-3383	83	30	a	a	DET
fsr-3383	83	31	gross	gross	ADJ
fsr-3383	83	32	return	return	NOUN
fsr-3383	83	33	basis	basis	NOUN
fsr-3383	83	34	.	.	PUNCT
fsr-3383	84	1	gruber	gruber	NOUN
fsr-3383	84	2	(	(	PUNCT
fsr-3383	84	3	1996	1996	NUM
fsr-3383	84	4	)	)	PUNCT
fsr-3383	84	5	and	and	CCONJ
fsr-3383	84	6	wermers	wermer	NOUN
fsr-3383	84	7	(	(	PUNCT
fsr-3383	84	8	2000	2000	NUM
fsr-3383	84	9	)	)	PUNCT
fsr-3383	84	10	show	show	VERB
fsr-3383	84	11	that	that	SCONJ
fsr-3383	84	12	funds	fund	VERB
fsr-3383	84	13	underperform	underperform	NOUN
fsr-3383	84	14	corresponding	corresponding	ADJ
fsr-3383	84	15	benchmarks	benchmark	NOUN
fsr-3383	84	16	after	after	ADP
fsr-3383	84	17	considering	consider	VERB
fsr-3383	84	18	expenses	expense	NOUN
fsr-3383	84	19	;	;	PUNCT
fsr-3383	84	20	wermers	wermer	NOUN
fsr-3383	84	21	(	(	PUNCT
fsr-3383	84	22	2000	2000	NUM
fsr-3383	84	23	)	)	PUNCT
fsr-3383	84	24	findings	finding	NOUN
fsr-3383	84	25	show	show	VERB
fsr-3383	84	26	that	that	SCONJ
fsr-3383	84	27	funds	fund	NOUN
fsr-3383	84	28	outperform	outperform	VERB
fsr-3383	84	29	corresponding	corresponding	ADJ
fsr-3383	84	30	benchmarks	benchmark	NOUN
fsr-3383	84	31	by	by	ADP
fsr-3383	84	32	1.3	1.3	NUM
fsr-3383	84	33	%	%	NOUN
fsr-3383	84	34	;	;	PUNCT
fsr-3383	84	35	however	however	ADV
fsr-3383	84	36	,	,	PUNCT
fsr-3383	84	37	the	the	DET
fsr-3383	84	38	same	same	ADJ
fsr-3383	84	39	funds	fund	NOUN
fsr-3383	84	40	on	on	ADP
fsr-3383	84	41	a	a	DET
fsr-3383	84	42	net	net	ADJ
fsr-3383	84	43	return	return	NOUN
fsr-3383	84	44	basis	basis	NOUN
fsr-3383	84	45	underperform	underperform	NOUN
fsr-3383	84	46	corresponding	correspond	VERB
fsr-3383	84	47	benchmarks	benchmark	NOUN
fsr-3383	84	48	by	by	ADP
fsr-3383	84	49	1	1	NUM
fsr-3383	84	50	%	%	NOUN
fsr-3383	84	51	.	.	PUNCT
fsr-3383	85	1	however	however	ADV
fsr-3383	85	2	,	,	PUNCT
fsr-3383	85	3	ciccotello	ciccotello	NOUN
fsr-3383	85	4	and	and	CCONJ
fsr-3383	85	5	grant	grant	NOUN
fsr-3383	85	6	(	(	PUNCT
fsr-3383	85	7	1996	1996	NUM
fsr-3383	85	8	)	)	PUNCT
fsr-3383	85	9	analyze	analyze	NOUN
fsr-3383	85	10	performance	performance	NOUN
fsr-3383	85	11	based	base	VERB
fsr-3383	85	12	on	on	ADP
fsr-3383	85	13	size	size	NOUN
fsr-3383	85	14	and	and	CCONJ
fsr-3383	85	15	show	show	VERB
fsr-3383	85	16	that	that	SCONJ
fsr-3383	85	17	large	large	ADJ
fsr-3383	85	18	funds	fund	NOUN
fsr-3383	85	19	,	,	PUNCT
fsr-3383	85	20	especially	especially	ADV
fsr-3383	85	21	those	those	PRON
fsr-3383	85	22	that	that	PRON
fsr-3383	85	23	increase	increase	VERB
fsr-3383	85	24	in	in	ADP
fsr-3383	85	25	assets	asset	NOUN
fsr-3383	85	26	because	because	SCONJ
fsr-3383	85	27	of	of	ADP
fsr-3383	85	28	their	their	PRON
fsr-3383	85	29	past	past	ADJ
fsr-3383	85	30	performance	performance	NOUN
fsr-3383	85	31	,	,	PUNCT
fsr-3383	85	32	might	might	AUX
fsr-3383	85	33	not	not	PART
fsr-3383	85	34	be	be	AUX
fsr-3383	85	35	the	the	DET
fsr-3383	85	36	right	right	ADJ
fsr-3383	85	37	choice	choice	NOUN
fsr-3383	85	38	for	for	ADP
fsr-3383	85	39	individual	individual	ADJ
fsr-3383	85	40	investors	investor	NOUN
fsr-3383	85	41	.	.	PUNCT
fsr-3383	86	1	102	102	NUM
fsr-3383	86	2	a.	a.	NOUN
fsr-3383	86	3	kaushik	kaushik	PROPN
fsr-3383	86	4	,	,	PUNCT
fsr-3383	86	5	r.	r.	PROPN
fsr-3383	86	6	boisvert	boisvert	PROPN
fsr-3383	86	7	/	/	SYM
fsr-3383	86	8	financial	financial	ADJ
fsr-3383	86	9	services	service	NOUN
fsr-3383	86	10	review	review	VERB
fsr-3383	86	11	27	27	NUM
fsr-3383	86	12	(	(	PUNCT
fsr-3383	86	13	2018	2018	NUM
fsr-3383	86	14	)	)	PUNCT
fsr-3383	86	15	99	99	NUM
fsr-3383	86	16	-	-	SYM
fsr-3383	86	17	113	113	NUM
fsr-3383	86	18	mutual	mutual	ADJ
fsr-3383	86	19	fund	fund	NOUN
fsr-3383	86	20	literature	literature	NOUN
fsr-3383	86	21	on	on	ADP
fsr-3383	86	22	actively	actively	ADV
fsr-3383	86	23	managed	manage	VERB
fsr-3383	86	24	funds	fund	NOUN
fsr-3383	86	25	has	have	AUX
fsr-3383	86	26	extensively	extensively	ADV
fsr-3383	86	27	examined	examine	VERB
fsr-3383	86	28	the	the	DET
fsr-3383	86	29	performance	performance	NOUN
fsr-3383	86	30	against	against	ADP
fsr-3383	86	31	passive	passive	ADJ
fsr-3383	86	32	benchmarks	benchmark	NOUN
fsr-3383	86	33	either	either	CCONJ
fsr-3383	86	34	inclusive	inclusive	ADJ
fsr-3383	86	35	of	of	ADP
fsr-3383	86	36	expenses	expense	NOUN
fsr-3383	86	37	or	or	CCONJ
fsr-3383	86	38	net	net	NOUN
fsr-3383	86	39	of	of	ADP
fsr-3383	86	40	expenses	expense	NOUN
fsr-3383	86	41	,	,	PUNCT
fsr-3383	86	42	and	and	CCONJ
fsr-3383	86	43	,	,	PUNCT
fsr-3383	86	44	as	as	SCONJ
fsr-3383	86	45	previously	previously	ADV
fsr-3383	86	46	noted	note	VERB
fsr-3383	86	47	,	,	PUNCT
fsr-3383	86	48	generally	generally	ADV
fsr-3383	86	49	finds	find	VERB
fsr-3383	86	50	that	that	DET
fsr-3383	86	51	actively	actively	ADV
fsr-3383	86	52	managed	manage	VERB
fsr-3383	86	53	funds	fund	NOUN
fsr-3383	86	54	underperform	underperform	VERB
fsr-3383	86	55	the	the	DET
fsr-3383	86	56	benchmarks	benchmark	NOUN
fsr-3383	86	57	on	on	ADP
fsr-3383	86	58	a	a	DET
fsr-3383	86	59	net	net	ADJ
fsr-3383	86	60	basis	basis	NOUN
fsr-3383	86	61	.	.	PUNCT
fsr-3383	87	1	wermers	wermer	NOUN
fsr-3383	87	2	(	(	PUNCT
fsr-3383	87	3	2000	2000	NUM
fsr-3383	87	4	)	)	PUNCT
fsr-3383	87	5	advocates	advocate	VERB
fsr-3383	87	6	that	that	SCONJ
fsr-3383	87	7	even	even	ADV
fsr-3383	87	8	though	though	SCONJ
fsr-3383	87	9	funds	fund	NOUN
fsr-3383	87	10	with	with	ADP
fsr-3383	87	11	higher	high	ADJ
fsr-3383	87	12	turnover	turnover	NOUN
fsr-3383	87	13	ratios	ratio	NOUN
fsr-3383	87	14	experience	experience	VERB
fsr-3383	87	15	higher	high	ADJ
fsr-3383	87	16	transaction	transaction	NOUN
fsr-3383	87	17	costs	cost	NOUN
fsr-3383	87	18	,	,	PUNCT
fsr-3383	87	19	managers	manager	NOUN
fsr-3383	87	20	tend	tend	VERB
fsr-3383	87	21	to	to	PART
fsr-3383	87	22	rebalance	rebalance	VERB
fsr-3383	87	23	their	their	PRON
fsr-3383	87	24	portfolios	portfolio	NOUN
fsr-3383	87	25	with	with	ADP
fsr-3383	87	26	stocks	stock	NOUN
fsr-3383	87	27	with	with	ADP
fsr-3383	87	28	substantially	substantially	ADV
fsr-3383	87	29	higher	high	ADJ
fsr-3383	87	30	returns	return	NOUN
fsr-3383	87	31	compared	compare	VERB
fsr-3383	87	32	to	to	ADP
fsr-3383	87	33	those	those	PRON
fsr-3383	87	34	with	with	ADP
fsr-3383	87	35	fewer	few	ADJ
fsr-3383	87	36	turnover	turnover	NOUN
fsr-3383	87	37	funds	fund	NOUN
fsr-3383	87	38	.	.	PUNCT
fsr-3383	88	1	the	the	DET
fsr-3383	88	2	higher	high	ADJ
fsr-3383	88	3	return	return	NOUN
fsr-3383	88	4	is	be	AUX
fsr-3383	88	5	more	more	ADJ
fsr-3383	88	6	than	than	ADP
fsr-3383	88	7	enough	enough	ADJ
fsr-3383	88	8	to	to	PART
fsr-3383	88	9	offset	offset	VERB
fsr-3383	88	10	any	any	DET
fsr-3383	88	11	additional	additional	ADJ
fsr-3383	88	12	expenses	expense	NOUN
fsr-3383	88	13	these	these	DET
fsr-3383	88	14	higher	high	ADJ
fsr-3383	88	15	turnover	turnover	NOUN
fsr-3383	88	16	funds	fund	NOUN
fsr-3383	88	17	might	might	AUX
fsr-3383	88	18	experience	experience	VERB
fsr-3383	88	19	because	because	SCONJ
fsr-3383	88	20	of	of	ADP
fsr-3383	88	21	trading	trading	NOUN
fsr-3383	88	22	costs	cost	NOUN
fsr-3383	88	23	.	.	PUNCT
fsr-3383	89	1	on	on	ADP
fsr-3383	89	2	the	the	DET
fsr-3383	89	3	other	other	ADJ
fsr-3383	89	4	hand	hand	NOUN
fsr-3383	89	5	,	,	PUNCT
fsr-3383	89	6	a	a	DET
fsr-3383	89	7	sizeable	sizeable	ADJ
fsr-3383	89	8	number	number	NOUN
fsr-3383	89	9	of	of	ADP
fsr-3383	89	10	studies	study	NOUN
fsr-3383	89	11	such	such	ADJ
fsr-3383	89	12	as	as	ADP
fsr-3383	89	13	those	those	PRON
fsr-3383	89	14	conducted	conduct	VERB
fsr-3383	89	15	by	by	ADP
fsr-3383	89	16	carhart	carhart	NOUN
fsr-3383	89	17	(	(	PUNCT
fsr-3383	89	18	1997	1997	NUM
fsr-3383	89	19	)	)	PUNCT
fsr-3383	89	20	,	,	PUNCT
fsr-3383	89	21	chalmers	chalmer	NOUN
fsr-3383	89	22	,	,	PUNCT
fsr-3383	89	23	edelen	edelen	ADJ
fsr-3383	89	24	,	,	PUNCT
fsr-3383	89	25	and	and	CCONJ
fsr-3383	89	26	kadlec	kadlec	PROPN
fsr-3383	89	27	(	(	PUNCT
fsr-3383	89	28	2000	2000	NUM
fsr-3383	89	29	)	)	PUNCT
fsr-3383	89	30	,	,	PUNCT
fsr-3383	89	31	among	among	ADP
fsr-3383	89	32	others	other	NOUN
fsr-3383	89	33	,	,	PUNCT
fsr-3383	89	34	find	find	VERB
fsr-3383	89	35	the	the	DET
fsr-3383	89	36	opposite	opposite	ADJ
fsr-3383	89	37	effect	effect	NOUN
fsr-3383	89	38	:	:	PUNCT
fsr-3383	89	39	turnover	turnover	NOUN
fsr-3383	89	40	ratios	ratio	NOUN
fsr-3383	89	41	have	have	VERB
fsr-3383	89	42	a	a	DET
fsr-3383	89	43	significantly	significantly	ADV
fsr-3383	89	44	negative	negative	ADJ
fsr-3383	89	45	impact	impact	NOUN
fsr-3383	89	46	on	on	ADP
fsr-3383	89	47	the	the	DET
fsr-3383	89	48	funds	fund	NOUN
fsr-3383	89	49	’	'	PUNCT
fsr-3383	89	50	performance	performance	NOUN
fsr-3383	89	51	.	.	PUNCT
fsr-3383	90	1	carhart	carhart	NOUN
fsr-3383	90	2	(	(	PUNCT
fsr-3383	90	3	1997	1997	NUM
fsr-3383	90	4	)	)	PUNCT
fsr-3383	90	5	shows	show	VERB
fsr-3383	90	6	a	a	DET
fsr-3383	90	7	negative	negative	ADJ
fsr-3383	90	8	relationship	relationship	NOUN
fsr-3383	90	9	between	between	ADP
fsr-3383	90	10	a	a	DET
fsr-3383	90	11	fund	fund	NOUN
fsr-3383	90	12	’s	’s	PART
fsr-3383	90	13	expenses	expense	NOUN
fsr-3383	90	14	and	and	CCONJ
fsr-3383	90	15	performance	performance	NOUN
fsr-3383	90	16	.	.	PUNCT
fsr-3383	91	1	similar	similar	ADJ
fsr-3383	91	2	to	to	ADP
fsr-3383	91	3	carhart	carhart	NOUN
fsr-3383	91	4	(	(	PUNCT
fsr-3383	91	5	1997	1997	NUM
fsr-3383	91	6	)	)	PUNCT
fsr-3383	91	7	,	,	PUNCT
fsr-3383	91	8	gruber	gruber	NOUN
fsr-3383	91	9	(	(	PUNCT
fsr-3383	91	10	1996	1996	NUM
fsr-3383	91	11	)	)	PUNCT
fsr-3383	91	12	and	and	CCONJ
fsr-3383	91	13	wermers	wermer	NOUN
fsr-3383	91	14	(	(	PUNCT
fsr-3383	91	15	2000	2000	NUM
fsr-3383	91	16	)	)	PUNCT
fsr-3383	91	17	find	find	VERB
fsr-3383	91	18	that	that	SCONJ
fsr-3383	91	19	funds	fund	NOUN
fsr-3383	91	20	underperform	underperform	VERB
fsr-3383	91	21	passive	passive	ADJ
fsr-3383	91	22	indices	index	NOUN
fsr-3383	91	23	after	after	ADP
fsr-3383	91	24	considering	consider	VERB
fsr-3383	91	25	expenses	expense	NOUN
fsr-3383	91	26	.	.	PUNCT
fsr-3383	92	1	droms	drom	NOUN
fsr-3383	92	2	and	and	CCONJ
fsr-3383	92	3	walker	walker	NOUN
fsr-3383	92	4	(	(	PUNCT
fsr-3383	92	5	1995	1995	NUM
fsr-3383	92	6	)	)	PUNCT
fsr-3383	92	7	analyzed	analyze	VERB
fsr-3383	92	8	150	150	NUM
fsr-3383	92	9	equity	equity	NOUN
fsr-3383	92	10	funds	fund	NOUN
fsr-3383	92	11	.	.	PUNCT
fsr-3383	93	1	they	they	PRON
fsr-3383	93	2	constructed	construct	VERB
fsr-3383	93	3	portfolios	portfolio	NOUN
fsr-3383	93	4	based	base	VERB
fsr-3383	93	5	on	on	ADP
fsr-3383	93	6	riskiness	riskiness	NOUN
fsr-3383	93	7	of	of	ADP
fsr-3383	93	8	funds	fund	NOUN
fsr-3383	93	9	’	'	PUNCT
fsr-3383	93	10	returns	return	NOUN
fsr-3383	93	11	.	.	PUNCT
fsr-3383	94	1	their	their	PRON
fsr-3383	94	2	research	research	NOUN
fsr-3383	94	3	shows	show	VERB
fsr-3383	94	4	that	that	SCONJ
fsr-3383	94	5	funds	fund	NOUN
fsr-3383	94	6	with	with	ADP
fsr-3383	94	7	higher	high	ADJ
fsr-3383	94	8	expenses	expense	NOUN
fsr-3383	94	9	tend	tend	VERB
fsr-3383	94	10	to	to	PART
fsr-3383	94	11	have	have	VERB
fsr-3383	94	12	higher	high	ADJ
fsr-3383	94	13	risk	risk	NOUN
fsr-3383	94	14	,	,	PUNCT
fsr-3383	94	15	but	but	CCONJ
fsr-3383	94	16	the	the	DET
fsr-3383	94	17	findings	finding	NOUN
fsr-3383	94	18	also	also	ADV
fsr-3383	94	19	suggest	suggest	VERB
fsr-3383	94	20	that	that	SCONJ
fsr-3383	94	21	funds	fund	NOUN
fsr-3383	94	22	with	with	ADP
fsr-3383	94	23	higher	high	ADJ
fsr-3383	94	24	expense	expense	NOUN
fsr-3383	94	25	ratios	ratio	NOUN
fsr-3383	94	26	also	also	ADV
fsr-3383	94	27	tend	tend	VERB
fsr-3383	94	28	to	to	PART
fsr-3383	94	29	generate	generate	VERB
fsr-3383	94	30	higher	high	ADJ
fsr-3383	94	31	risk	risk	NOUN
fsr-3383	94	32	-	-	PUNCT
fsr-3383	94	33	adjusted	adjust	VERB
fsr-3383	94	34	returns	return	NOUN
fsr-3383	94	35	.	.	PUNCT
fsr-3383	95	1	their	their	PRON
fsr-3383	95	2	results	result	NOUN
fsr-3383	95	3	find	find	VERB
fsr-3383	95	4	support	support	NOUN
fsr-3383	95	5	in	in	ADP
fsr-3383	95	6	the	the	DET
fsr-3383	95	7	notion	notion	NOUN
fsr-3383	95	8	that	that	SCONJ
fsr-3383	95	9	funds	fund	NOUN
fsr-3383	95	10	that	that	PRON
fsr-3383	95	11	charge	charge	VERB
fsr-3383	95	12	higher	high	ADJ
fsr-3383	95	13	expense	expense	NOUN
fsr-3383	95	14	ratios	ratio	NOUN
fsr-3383	95	15	are	be	AUX
fsr-3383	95	16	able	able	ADJ
fsr-3383	95	17	to	to	PART
fsr-3383	95	18	allocate	allocate	VERB
fsr-3383	95	19	more	more	ADJ
fsr-3383	95	20	money	money	NOUN
fsr-3383	95	21	into	into	ADP
fsr-3383	95	22	quality	quality	NOUN
fsr-3383	95	23	research	research	NOUN
fsr-3383	95	24	and	and	CCONJ
fsr-3383	95	25	,	,	PUNCT
fsr-3383	95	26	thus	thus	ADV
fsr-3383	95	27	,	,	PUNCT
fsr-3383	95	28	are	be	AUX
fsr-3383	95	29	able	able	ADJ
fsr-3383	95	30	to	to	PART
fsr-3383	95	31	generate	generate	VERB
fsr-3383	95	32	superior	superior	ADJ
fsr-3383	95	33	returns	return	NOUN
fsr-3383	95	34	.	.	PUNCT
fsr-3383	96	1	in	in	ADP
fsr-3383	96	2	short	short	ADJ
fsr-3383	96	3	,	,	PUNCT
fsr-3383	96	4	their	their	PRON
fsr-3383	96	5	research	research	NOUN
fsr-3383	96	6	suggests	suggest	VERB
fsr-3383	96	7	that	that	SCONJ
fsr-3383	96	8	higher	high	ADJ
fsr-3383	96	9	expenses	expense	NOUN
fsr-3383	96	10	are	be	AUX
fsr-3383	96	11	not	not	PART
fsr-3383	96	12	really	really	ADV
fsr-3383	96	13	bad	bad	ADJ
fsr-3383	96	14	for	for	ADP
fsr-3383	96	15	investors	investor	NOUN
fsr-3383	96	16	.	.	PUNCT
fsr-3383	97	1	detzel	detzel	PROPN
fsr-3383	97	2	and	and	CCONJ
fsr-3383	97	3	weigand	weigand	PROPN
fsr-3383	97	4	(	(	PUNCT
fsr-3383	97	5	1998	1998	NUM
fsr-3383	97	6	)	)	PUNCT
fsr-3383	97	7	analyze	analyze	VERB
fsr-3383	97	8	equity	equity	NOUN
fsr-3383	97	9	funds	fund	NOUN
fsr-3383	97	10	and	and	CCONJ
fsr-3383	97	11	conclude	conclude	VERB
fsr-3383	97	12	that	that	PRON
fsr-3383	97	13	persistence	persistence	NOUN
fsr-3383	97	14	of	of	ADP
fsr-3383	97	15	performance	performance	NOUN
fsr-3383	97	16	is	be	AUX
fsr-3383	97	17	very	very	ADV
fsr-3383	97	18	much	much	ADV
fsr-3383	97	19	dependent	dependent	ADJ
fsr-3383	97	20	on	on	ADP
fsr-3383	97	21	size	size	NOUN
fsr-3383	97	22	.	.	PUNCT
fsr-3383	98	1	chrodia	chrodia	PROPN
fsr-3383	98	2	(	(	PUNCT
fsr-3383	98	3	1996	1996	NUM
fsr-3383	98	4	)	)	PUNCT
fsr-3383	98	5	advocates	advocate	VERB
fsr-3383	98	6	that	that	SCONJ
fsr-3383	98	7	funds	fund	NOUN
fsr-3383	98	8	that	that	PRON
fsr-3383	98	9	are	be	AUX
fsr-3383	98	10	less	less	ADV
fsr-3383	98	11	susceptible	susceptible	ADJ
fsr-3383	98	12	to	to	ADP
fsr-3383	98	13	redemptions	redemption	NOUN
fsr-3383	98	14	tend	tend	VERB
fsr-3383	98	15	to	to	PART
fsr-3383	98	16	be	be	AUX
fsr-3383	98	17	more	more	ADV
fsr-3383	98	18	profitable	profitable	ADJ
fsr-3383	98	19	.	.	PUNCT
fsr-3383	99	1	his	his	PRON
fsr-3383	99	2	research	research	NOUN
fsr-3383	99	3	findings	finding	NOUN
fsr-3383	99	4	indicate	indicate	VERB
fsr-3383	99	5	that	that	SCONJ
fsr-3383	99	6	higher	high	ADJ
fsr-3383	99	7	expenses	expense	NOUN
fsr-3383	99	8	can	can	AUX
fsr-3383	99	9	be	be	AUX
fsr-3383	99	10	used	use	VERB
fsr-3383	99	11	as	as	ADP
fsr-3383	99	12	tools	tool	NOUN
fsr-3383	99	13	by	by	ADP
fsr-3383	99	14	funds	fund	NOUN
fsr-3383	99	15	to	to	PART
fsr-3383	99	16	dissuade	dissuade	VERB
fsr-3383	99	17	short	short	ADJ
fsr-3383	99	18	-	-	PUNCT
fsr-3383	99	19	term	term	NOUN
fsr-3383	99	20	investors	investor	NOUN
fsr-3383	99	21	who	who	PRON
fsr-3383	99	22	redeem	redeem	VERB
fsr-3383	99	23	their	their	PRON
fsr-3383	99	24	investments	investment	NOUN
fsr-3383	99	25	quickly	quickly	ADV
fsr-3383	99	26	,	,	PUNCT
fsr-3383	99	27	thus	thus	ADV
fsr-3383	99	28	adding	add	VERB
fsr-3383	99	29	costs	cost	NOUN
fsr-3383	99	30	to	to	ADP
fsr-3383	99	31	other	other	ADJ
fsr-3383	99	32	shareholders	shareholder	NOUN
fsr-3383	99	33	.	.	PUNCT
fsr-3383	100	1	3	3	X
fsr-3383	100	2	.	.	X
fsr-3383	100	3	data	datum	NOUN
fsr-3383	100	4	and	and	CCONJ
fsr-3383	100	5	descriptive	descriptive	ADJ
fsr-3383	100	6	statistics	statistic	NOUN
fsr-3383	100	7	we	we	PRON
fsr-3383	100	8	use	use	VERB
fsr-3383	100	9	the	the	DET
fsr-3383	100	10	morningstar	morningstar	PROPN
fsr-3383	100	11	direct	direct	ADJ
fsr-3383	100	12	database	database	NOUN
fsr-3383	100	13	to	to	PART
fsr-3383	100	14	collect	collect	VERB
fsr-3383	100	15	data	datum	NOUN
fsr-3383	100	16	points	point	NOUN
fsr-3383	100	17	related	relate	VERB
fsr-3383	100	18	to	to	ADP
fsr-3383	100	19	our	our	PRON
fsr-3383	100	20	sample	sample	NOUN
fsr-3383	100	21	funds	fund	NOUN
fsr-3383	100	22	during	during	ADP
fsr-3383	100	23	the	the	DET
fsr-3383	100	24	period	period	NOUN
fsr-3383	100	25	january	january	PROPN
fsr-3383	100	26	2000	2000	NUM
fsr-3383	100	27	–	–	PUNCT
fsr-3383	100	28	december	december	PROPN
fsr-3383	100	29	2013	2013	NUM
fsr-3383	100	30	.	.	PUNCT
fsr-3383	101	1	any	any	DET
fsr-3383	101	2	fund	fund	NOUN
fsr-3383	101	3	that	that	PRON
fsr-3383	101	4	is	be	AUX
fsr-3383	101	5	classified	classify	VERB
fsr-3383	101	6	as	as	ADP
fsr-3383	101	7	u.s	u.s	PROPN
fsr-3383	101	8	.	.	PROPN
fsr-3383	101	9	large	large	ADJ
fsr-3383	101	10	cap	cap	NOUN
fsr-3383	101	11	value	value	NOUN
fsr-3383	101	12	/	/	SYM
fsr-3383	101	13	growth	growth	NOUN
fsr-3383	101	14	/	/	SYM
fsr-3383	101	15	blend	blend	NOUN
fsr-3383	101	16	by	by	ADP
fsr-3383	101	17	morningstar	morningstar	PROPN
fsr-3383	101	18	’s	’s	PART
fsr-3383	101	19	global	global	ADJ
fsr-3383	101	20	category	category	NOUN
fsr-3383	101	21	is	be	AUX
fsr-3383	101	22	selected	select	VERB
fsr-3383	101	23	as	as	ADP
fsr-3383	101	24	a	a	DET
fsr-3383	101	25	sample	sample	NOUN
fsr-3383	101	26	fund	fund	NOUN
fsr-3383	101	27	.	.	PUNCT
fsr-3383	102	1	since	since	SCONJ
fsr-3383	102	2	we	we	PRON
fsr-3383	102	3	are	be	AUX
fsr-3383	102	4	interested	interested	ADJ
fsr-3383	102	5	in	in	ADP
fsr-3383	102	6	analyzing	analyze	VERB
fsr-3383	102	7	domestic	domestic	ADJ
fsr-3383	102	8	retail	retail	ADJ
fsr-3383	102	9	funds	fund	NOUN
fsr-3383	102	10	,	,	PUNCT
fsr-3383	102	11	any	any	DET
fsr-3383	102	12	fund	fund	NOUN
fsr-3383	102	13	that	that	PRON
fsr-3383	102	14	is	be	AUX
fsr-3383	102	15	classified	classify	VERB
fsr-3383	102	16	as	as	ADP
fsr-3383	102	17	an	an	DET
fsr-3383	102	18	international	international	ADJ
fsr-3383	102	19	or	or	CCONJ
fsr-3383	102	20	institutional	institutional	ADJ
fsr-3383	102	21	fund	fund	NOUN
fsr-3383	102	22	is	be	AUX
fsr-3383	102	23	removed	remove	VERB
fsr-3383	102	24	from	from	ADP
fsr-3383	102	25	the	the	DET
fsr-3383	102	26	selection	selection	NOUN
fsr-3383	102	27	process	process	NOUN
fsr-3383	102	28	.	.	PUNCT
fsr-3383	103	1	we	we	PRON
fsr-3383	103	2	also	also	ADV
fsr-3383	103	3	ensured	ensure	VERB
fsr-3383	103	4	that	that	SCONJ
fsr-3383	103	5	all	all	DET
fsr-3383	103	6	funds	fund	NOUN
fsr-3383	103	7	are	be	AUX
fsr-3383	103	8	u.s	u.s	PROPN
fsr-3383	103	9	.	.	PROPN
fsr-3383	103	10	domiciled	domicile	VERB
fsr-3383	103	11	and	and	CCONJ
fsr-3383	103	12	have	have	VERB
fsr-3383	103	13	at	at	ADV
fsr-3383	103	14	least	least	ADV
fsr-3383	103	15	90	90	NUM
fsr-3383	103	16	percent	percent	NOUN
fsr-3383	103	17	of	of	ADP
fsr-3383	103	18	money	money	NOUN
fsr-3383	103	19	invested	invest	VERB
fsr-3383	103	20	in	in	ADP
fsr-3383	103	21	stocks	stock	NOUN
fsr-3383	103	22	.	.	PUNCT
fsr-3383	104	1	consistent	consistent	ADJ
fsr-3383	104	2	with	with	ADP
fsr-3383	104	3	the	the	DET
fsr-3383	104	4	existing	exist	VERB
fsr-3383	104	5	literature	literature	NOUN
fsr-3383	104	6	,	,	PUNCT
fsr-3383	104	7	our	our	PRON
fsr-3383	104	8	final	final	ADJ
fsr-3383	104	9	sample	sample	NOUN
fsr-3383	104	10	consists	consist	VERB
fsr-3383	104	11	of	of	ADP
fsr-3383	104	12	only	only	ADV
fsr-3383	104	13	those	those	DET
fsr-3383	104	14	funds	fund	NOUN
fsr-3383	104	15	that	that	PRON
fsr-3383	104	16	have	have	VERB
fsr-3383	104	17	at	at	ADV
fsr-3383	104	18	least	least	ADV
fsr-3383	104	19	36	36	NUM
fsr-3383	104	20	monthly	monthly	ADJ
fsr-3383	104	21	observations	observation	NOUN
fsr-3383	104	22	.	.	PUNCT
fsr-3383	105	1	many	many	ADJ
fsr-3383	105	2	times	time	NOUN
fsr-3383	105	3	funds	fund	NOUN
fsr-3383	105	4	are	be	AUX
fsr-3383	105	5	sold	sell	VERB
fsr-3383	105	6	with	with	ADP
fsr-3383	105	7	multiple	multiple	ADJ
fsr-3383	105	8	share	share	NOUN
fsr-3383	105	9	classes	class	NOUN
fsr-3383	105	10	.	.	PUNCT
fsr-3383	106	1	however	however	ADV
fsr-3383	106	2	,	,	PUNCT
fsr-3383	106	3	all	all	DET
fsr-3383	106	4	different	different	ADJ
fsr-3383	106	5	classes	class	NOUN
fsr-3383	106	6	have	have	VERB
fsr-3383	106	7	the	the	DET
fsr-3383	106	8	same	same	ADJ
fsr-3383	106	9	claims	claim	NOUN
fsr-3383	106	10	and	and	CCONJ
fsr-3383	106	11	holdings	holding	NOUN
fsr-3383	106	12	,	,	PUNCT
fsr-3383	106	13	and	and	CCONJ
fsr-3383	106	14	they	they	PRON
fsr-3383	106	15	only	only	ADV
fsr-3383	106	16	differ	differ	VERB
fsr-3383	106	17	in	in	ADP
fsr-3383	106	18	terms	term	NOUN
fsr-3383	106	19	of	of	ADP
fsr-3383	106	20	their	their	PRON
fsr-3383	106	21	fee	fee	NOUN
fsr-3383	106	22	structure	structure	NOUN
fsr-3383	106	23	.	.	PUNCT
fsr-3383	107	1	therefore	therefore	ADV
fsr-3383	107	2	,	,	PUNCT
fsr-3383	107	3	if	if	SCONJ
fsr-3383	107	4	a	a	DET
fsr-3383	107	5	fund	fund	NOUN
fsr-3383	107	6	has	have	VERB
fsr-3383	107	7	multiple	multiple	ADJ
fsr-3383	107	8	share	share	NOUN
fsr-3383	107	9	classes	class	NOUN
fsr-3383	107	10	,	,	PUNCT
fsr-3383	107	11	we	we	PRON
fsr-3383	107	12	select	select	VERB
fsr-3383	107	13	the	the	DET
fsr-3383	107	14	oldest	old	ADJ
fsr-3383	107	15	share	share	NOUN
fsr-3383	107	16	class	class	NOUN
fsr-3383	107	17	for	for	ADP
fsr-3383	107	18	empirical	empirical	ADJ
fsr-3383	107	19	purposes	purpose	NOUN
fsr-3383	107	20	.	.	PUNCT
fsr-3383	108	1	our	our	PRON
fsr-3383	108	2	final	final	ADJ
fsr-3383	108	3	sample	sample	NOUN
fsr-3383	108	4	consists	consist	VERB
fsr-3383	108	5	of	of	ADP
fsr-3383	108	6	431	431	NUM
fsr-3383	108	7	unique	unique	ADJ
fsr-3383	108	8	funds	fund	NOUN
fsr-3383	108	9	.	.	PUNCT
fsr-3383	109	1	out	out	ADP
fsr-3383	109	2	of	of	ADP
fsr-3383	109	3	431	431	NUM
fsr-3383	109	4	funds	fund	NOUN
fsr-3383	109	5	,	,	PUNCT
fsr-3383	109	6	230	230	NUM
fsr-3383	109	7	are	be	AUX
fsr-3383	109	8	large	large	ADJ
fsr-3383	109	9	cap	cap	NOUN
fsr-3383	109	10	growth	growth	NOUN
fsr-3383	109	11	funds	fund	NOUN
fsr-3383	109	12	,	,	PUNCT
fsr-3383	109	13	while	while	SCONJ
fsr-3383	109	14	149	149	NUM
fsr-3383	109	15	are	be	AUX
fsr-3383	109	16	large	large	ADJ
fsr-3383	109	17	cap	cap	NOUN
fsr-3383	109	18	value	value	NOUN
fsr-3383	109	19	funds	fund	NOUN
fsr-3383	109	20	and	and	CCONJ
fsr-3383	109	21	146	146	NUM
fsr-3383	109	22	are	be	AUX
fsr-3383	109	23	large	large	ADJ
fsr-3383	109	24	cap	cap	NOUN
fsr-3383	109	25	blend	blend	NOUN
fsr-3383	109	26	funds	fund	NOUN
fsr-3383	109	27	.	.	PUNCT
fsr-3383	110	1	descriptive	descriptive	ADJ
fsr-3383	110	2	statistics	statistic	NOUN
fsr-3383	110	3	of	of	ADP
fsr-3383	110	4	sample	sample	NOUN
fsr-3383	110	5	funds	fund	NOUN
fsr-3383	110	6	are	be	AUX
fsr-3383	110	7	reported	report	VERB
fsr-3383	110	8	in	in	ADP
fsr-3383	110	9	table	table	NOUN
fsr-3383	110	10	1	1	NUM
fsr-3383	110	11	panel	panel	NOUN
fsr-3383	110	12	a.	a.	NOUN
fsr-3383	110	13	on	on	ADP
fsr-3383	110	14	average	average	ADJ
fsr-3383	110	15	,	,	PUNCT
fsr-3383	110	16	sample	sample	NOUN
fsr-3383	110	17	funds	fund	NOUN
fsr-3383	110	18	invest	invest	VERB
fsr-3383	110	19	nearly	nearly	ADV
fsr-3383	110	20	96	96	NUM
fsr-3383	110	21	percent	percent	NOUN
fsr-3383	110	22	in	in	ADP
fsr-3383	110	23	stocks	stock	NOUN
fsr-3383	110	24	and	and	CCONJ
fsr-3383	110	25	3	3	NUM
fsr-3383	110	26	percent	percent	NOUN
fsr-3383	110	27	in	in	ADP
fsr-3383	110	28	cash	cash	NOUN
fsr-3383	110	29	holdings	holding	NOUN
fsr-3383	110	30	.	.	PUNCT
fsr-3383	111	1	average	average	ADJ
fsr-3383	111	2	fund	fund	NOUN
fsr-3383	111	3	size	size	NOUN
fsr-3383	111	4	is	be	AUX
fsr-3383	111	5	around	around	ADP
fsr-3383	111	6	$	$	SYM
fsr-3383	111	7	1.2	1.2	NUM
fsr-3383	111	8	billion	billion	NUM
fsr-3383	111	9	over	over	ADP
fsr-3383	111	10	the	the	DET
fsr-3383	111	11	14	14	NUM
fsr-3383	111	12	-	-	PUNCT
fsr-3383	111	13	year	year	NOUN
fsr-3383	111	14	period	period	NOUN
fsr-3383	111	15	.	.	PUNCT
fsr-3383	112	1	the	the	DET
fsr-3383	112	2	highest	high	ADJ
fsr-3383	112	3	average	average	ADJ
fsr-3383	112	4	net	net	ADJ
fsr-3383	112	5	assets	asset	NOUN
fsr-3383	112	6	are	be	AUX
fsr-3383	112	7	observed	observe	VERB
fsr-3383	112	8	in	in	ADP
fsr-3383	112	9	2000	2000	NUM
fsr-3383	112	10	,	,	PUNCT
fsr-3383	112	11	whereas	whereas	SCONJ
fsr-3383	112	12	the	the	DET
fsr-3383	112	13	lowest	low	ADJ
fsr-3383	112	14	are	be	AUX
fsr-3383	112	15	observed	observe	VERB
fsr-3383	112	16	in	in	ADP
fsr-3383	112	17	2009	2009	NUM
fsr-3383	112	18	.	.	PUNCT
fsr-3383	113	1	the	the	DET
fsr-3383	113	2	u.s	u.s	PROPN
fsr-3383	113	3	.	.	PROPN
fsr-3383	113	4	equity	equity	NOUN
fsr-3383	113	5	market	market	NOUN
fsr-3383	113	6	saw	see	VERB
fsr-3383	113	7	a	a	DET
fsr-3383	113	8	steep	steep	ADJ
fsr-3383	113	9	decline	decline	NOUN
fsr-3383	113	10	103a	103a	NOUN
fsr-3383	113	11	.	.	PUNCT
fsr-3383	114	1	kaushik	kaushik	PROPN
fsr-3383	114	2	,	,	PUNCT
fsr-3383	114	3	r.	r.	PROPN
fsr-3383	114	4	boisvert	boisvert	PROPN
fsr-3383	114	5	/	/	SYM
fsr-3383	114	6	financial	financial	ADJ
fsr-3383	114	7	services	service	NOUN
fsr-3383	114	8	review	review	VERB
fsr-3383	114	9	27	27	NUM
fsr-3383	114	10	(	(	PUNCT
fsr-3383	114	11	2018	2018	NUM
fsr-3383	114	12	)	)	PUNCT
fsr-3383	114	13	99	99	NUM
fsr-3383	114	14	-	-	SYM
fsr-3383	114	15	113	113	NUM
fsr-3383	114	16	t	t	PROPN
fsr-3383	114	17	ab	ab	PROPN
fsr-3383	114	18	le	le	PROPN
fsr-3383	114	19	1	1	NUM
fsr-3383	114	20	pa	pa	PROPN
fsr-3383	114	21	ne	ne	PROPN
fsr-3383	114	22	l	l	PROPN
fsr-3383	114	23	a	a	X
fsr-3383	114	24	:	:	PUNCT
fsr-3383	114	25	d	d	X
fsr-3383	114	26	es	es	X
fsr-3383	114	27	cr	cr	ADP
fsr-3383	114	28	ip	ip	VERB
fsr-3383	114	29	tiv	tiv	PROPN
fsr-3383	114	30	e	e	PROPN
fsr-3383	114	31	st	st	PROPN
fsr-3383	115	1	at	at	ADP
fsr-3383	115	2	is	be	AUX
fsr-3383	115	3	tic	tic	ADJ
fsr-3383	115	4	s	s	NOUN
fsr-3383	115	5	fo	fo	ADP
fsr-3383	115	6	r	r	NOUN
fsr-3383	115	7	sa	sa	NOUN
fsr-3383	115	8	m	m	VERB
fsr-3383	115	9	pl	pl	PROPN
fsr-3383	115	10	e	e	PROPN
fsr-3383	115	11	fu	fu	PROPN
fsr-3383	115	12	nd	nd	NOUN
fsr-3383	115	13	s	s	PROPN
fsr-3383	115	14	t	t	NOUN
fsr-3383	116	1	hi	hi	INTJ
fsr-3383	116	2	s	s	X
fsr-3383	116	3	ta	ta	X
fsr-3383	116	4	bl	bl	PROPN
fsr-3383	116	5	e	e	NOUN
fsr-3383	116	6	sh	sh	PROPN
fsr-3383	116	7	ow	ow	PROPN
fsr-3383	116	8	s	s	X
fsr-3383	116	9	th	th	X
fsr-3383	116	10	e	e	NOUN
fsr-3383	116	11	fu	fu	NOUN
fsr-3383	116	12	nd	nd	INTJ
fsr-3383	116	13	sp	sp	ADP
fsr-3383	116	14	ec	ec	PROPN
fsr-3383	116	15	ifi	ifi	PROPN
fsr-3383	116	16	c	c	PROPN
fsr-3383	116	17	va	va	PROPN
fsr-3383	116	18	ri	ri	PROPN
fsr-3383	116	19	ab	ab	PROPN
fsr-3383	116	20	le	le	PROPN
fsr-3383	116	21	s	s	PROPN
fsr-3383	117	1	fo	fo	ADP
fsr-3383	117	2	r	r	NOUN
fsr-3383	117	3	sa	sa	NOUN
fsr-3383	117	4	m	m	VERB
fsr-3383	117	5	pl	pl	PROPN
fsr-3383	117	6	e	e	PROPN
fsr-3383	117	7	fu	fu	PROPN
fsr-3383	117	8	nd	nd	NOUN
fsr-3383	117	9	s	s	X
fsr-3383	117	10	in	in	ADP
fsr-3383	117	11	ex	ex	PROPN
fsr-3383	117	12	is	be	AUX
fsr-3383	117	13	te	te	ADP
fsr-3383	117	14	nc	nc	PROPN
fsr-3383	117	15	e	e	PROPN
fsr-3383	117	16	be	be	AUX
fsr-3383	117	17	tw	tw	INTJ
fsr-3383	117	18	ee	ee	ADP
fsr-3383	117	19	n	n	ADV
fsr-3383	117	20	th	th	X
fsr-3383	117	21	e	e	X
fsr-3383	117	22	ye	ye	PROPN
fsr-3383	117	23	ar	ar	PROPN
fsr-3383	117	24	s	s	PROPN
fsr-3383	117	25	20	20	NUM
fsr-3383	117	26	00	00	NUM
fsr-3383	117	27	an	an	DET
fsr-3383	117	28	d	d	PROPN
fsr-3383	117	29	20	20	NUM
fsr-3383	117	30	13	13	NUM
fsr-3383	117	31	.	.	PUNCT
fsr-3383	118	1	r	r	NOUN
fsr-3383	118	2	et	et	NOUN
fsr-3383	118	3	is	be	AUX
fsr-3383	118	4	th	th	X
fsr-3383	118	5	e	e	X
fsr-3383	118	6	av	av	PROPN
fsr-3383	118	7	er	er	INTJ
fsr-3383	118	8	ag	ag	PROPN
fsr-3383	118	9	e	e	PROPN
fsr-3383	118	10	m	m	PROPN
fsr-3383	118	11	on	on	ADP
fsr-3383	118	12	th	th	INTJ
fsr-3383	118	13	ly	ly	X
fsr-3383	118	14	re	re	ADP
fsr-3383	118	15	tu	tu	PROPN
fsr-3383	118	16	rn	rn	PROPN
fsr-3383	118	17	fo	fo	INTJ
fsr-3383	118	18	r	r	NOUN
fsr-3383	118	19	th	th	X
fsr-3383	118	20	e	e	X
fsr-3383	118	21	gi	gi	INTJ
fsr-3383	118	22	ve	ve	VERB
fsr-3383	118	23	n	n	NUM
fsr-3383	118	24	ye	ye	PROPN
fsr-3383	118	25	ar	ar	PROPN
fsr-3383	118	26	.	.	PUNCT
fsr-3383	119	1	t	t	PROPN
fsr-3383	119	2	ur	ur	INTJ
fsr-3383	119	3	n	n	PROPN
fsr-3383	119	4	is	be	AUX
fsr-3383	119	5	th	th	X
fsr-3383	119	6	e	e	X
fsr-3383	119	7	av	av	PROPN
fsr-3383	119	8	er	er	INTJ
fsr-3383	119	9	ag	ag	PROPN
fsr-3383	119	10	e	e	PROPN
fsr-3383	119	11	tu	tu	PROPN
fsr-3383	119	12	rn	rn	PROPN
fsr-3383	119	13	ov	ov	INTJ
fsr-3383	119	14	er	er	INTJ
fsr-3383	119	15	ra	ra	NOUN
fsr-3383	119	16	tio	tio	NOUN
fsr-3383	119	17	,	,	PUNCT
fsr-3383	120	1	ca	can	AUX
fsr-3383	120	2	lc	lc	PROPN
fsr-3383	120	3	ul	ul	INTJ
fsr-3383	120	4	at	at	ADP
fsr-3383	120	5	ed	ed	PROPN
fsr-3383	120	6	as	as	ADP
fsr-3383	120	7	pu	pu	PROPN
fsr-3383	120	8	rc	rc	PROPN
fsr-3383	120	9	ha	ha	INTJ
fsr-3383	120	10	se	se	PROPN
fsr-3383	120	11	s	s	PROPN
fsr-3383	120	12	or	or	CCONJ
fsr-3383	120	13	sa	sa	ADP
fsr-3383	120	14	le	le	X
fsr-3383	120	15	s	s	PROPN
fsr-3383	120	16	(	(	PUNCT
fsr-3383	120	17	w	w	PROPN
fsr-3383	120	18	hi	hi	INTJ
fsr-3383	120	19	ch	ch	NOUN
fsr-3383	120	20	ev	ev	INTJ
fsr-3383	120	21	er	er	INTJ
fsr-3383	120	22	is	be	AUX
fsr-3383	120	23	le	le	X
fsr-3383	120	24	ss	ss	NOUN
fsr-3383	120	25	)	)	PUNCT
fsr-3383	120	26	di	di	NOUN
fsr-3383	120	27	vi	vi	PROPN
fsr-3383	120	28	de	de	PROPN
fsr-3383	120	29	d	d	PROPN
fsr-3383	120	30	by	by	ADP
fsr-3383	120	31	av	av	PROPN
fsr-3383	120	32	er	er	INTJ
fsr-3383	120	33	ag	ag	PROPN
fsr-3383	121	1	e	e	PROPN
fsr-3383	121	2	m	m	PROPN
fsr-3383	121	3	on	on	ADP
fsr-3383	121	4	th	th	INTJ
fsr-3383	121	5	ly	ly	X
fsr-3383	121	6	ne	ne	PROPN
fsr-3383	121	7	t	t	PROPN
fsr-3383	121	8	as	as	ADV
fsr-3383	121	9	se	se	X
fsr-3383	121	10	ts	ts	X
fsr-3383	121	11	.	.	PUNCT
fsr-3383	122	1	c	c	PROPN
fsr-3383	122	2	as	as	SCONJ
fsr-3383	122	3	h	h	PROPN
fsr-3383	122	4	is	be	AUX
fsr-3383	122	5	th	th	X
fsr-3383	122	6	e	e	X
fsr-3383	122	7	av	av	PROPN
fsr-3383	122	8	er	er	INTJ
fsr-3383	122	9	ag	ag	PROPN
fsr-3383	122	10	e	e	PROPN
fsr-3383	122	11	pe	pe	PROPN
fsr-3383	122	12	rc	rc	PROPN
fsr-3383	122	13	en	en	X
fsr-3383	122	14	ta	ta	X
fsr-3383	122	15	ge	ge	PROPN
fsr-3383	122	16	of	of	ADP
fsr-3383	122	17	po	po	PROPN
fsr-3383	123	1	rt	rt	INTJ
fsr-3383	123	2	fo	fo	INTJ
fsr-3383	123	3	lio	lio	PROPN
fsr-3383	123	4	s	s	X
fsr-3383	123	5	th	th	X
fsr-3383	123	6	at	at	ADP
fsr-3383	123	7	ar	ar	PROPN
fsr-3383	123	8	e	e	PROPN
fsr-3383	123	9	al	al	PROPN
fsr-3383	123	10	lo	lo	PROPN
fsr-3383	123	11	ca	can	AUX
fsr-3383	123	12	te	te	VERB
fsr-3383	123	13	d	d	X
fsr-3383	123	14	to	to	ADP
fsr-3383	123	15	ca	ca	NOUN
fsr-3383	123	16	sh	sh	PROPN
fsr-3383	123	17	.	.	PUNCT
fsr-3383	124	1	e	e	PROPN
fsr-3383	124	2	qu	qu	PROPN
fsr-3383	124	3	ity	ity	PROPN
fsr-3383	124	4	re	re	AUX
fsr-3383	124	5	pr	pr	AUX
fsr-3383	124	6	es	es	X
fsr-3383	124	7	en	en	X
fsr-3383	124	8	ts	ts	X
fsr-3383	124	9	th	th	X
fsr-3383	124	10	e	e	X
fsr-3383	124	11	av	av	PROPN
fsr-3383	124	12	er	er	INTJ
fsr-3383	124	13	ag	ag	PROPN
fsr-3383	124	14	e	e	PROPN
fsr-3383	124	15	pe	pe	PROPN
fsr-3383	124	16	rc	rc	PROPN
fsr-3383	124	17	en	en	X
fsr-3383	124	18	ta	ta	X
fsr-3383	124	19	ge	ge	PROPN
fsr-3383	124	20	of	of	ADP
fsr-3383	124	21	po	po	PROPN
fsr-3383	125	1	rt	rt	INTJ
fsr-3383	125	2	fo	fo	INTJ
fsr-3383	125	3	lio	lio	PROPN
fsr-3383	125	4	s	s	X
fsr-3383	125	5	th	th	X
fsr-3383	125	6	at	at	ADP
fsr-3383	125	7	ar	ar	PROPN
fsr-3383	125	8	e	e	PROPN
fsr-3383	125	9	al	al	PROPN
fsr-3383	125	10	lo	lo	PROPN
fsr-3383	125	11	ca	can	AUX
fsr-3383	125	12	te	te	VERB
fsr-3383	125	13	d	d	X
fsr-3383	125	14	to	to	ADP
fsr-3383	125	15	eq	eq	ADP
fsr-3383	125	16	ui	ui	PROPN
fsr-3383	125	17	ty	ty	INTJ
fsr-3383	125	18	.	.	PUNCT
fsr-3383	126	1	t	t	PROPN
fsr-3383	126	2	t	t	X
fsr-3383	127	1	o	o	X
fsr-3383	127	2	p	p	X
fsr-3383	127	3	is	be	AUX
fsr-3383	127	4	av	av	PROPN
fsr-3383	127	5	er	er	INTJ
fsr-3383	127	6	ag	ag	PROPN
fsr-3383	127	7	e	e	PROPN
fsr-3383	127	8	po	po	PROPN
fsr-3383	127	9	rt	rt	PROPN
fsr-3383	127	10	io	io	PROPN
fsr-3383	127	11	n	n	PROPN
fsr-3383	127	12	of	of	ADP
fsr-3383	127	13	po	po	PROPN
fsr-3383	128	1	rt	rt	INTJ
fsr-3383	128	2	fo	fo	INTJ
fsr-3383	128	3	lio	lio	PROPN
fsr-3383	128	4	s	s	PROPN
fsr-3383	128	5	al	al	PROPN
fsr-3383	128	6	lo	lo	PROPN
fsr-3383	128	7	ca	can	AUX
fsr-3383	128	8	te	te	VERB
fsr-3383	128	9	d	d	X
fsr-3383	128	10	to	to	ADP
fsr-3383	128	11	th	th	ADP
fsr-3383	128	12	e	e	NOUN
fsr-3383	128	13	to	to	ADP
fsr-3383	128	14	p	p	PROPN
fsr-3383	128	15	10	10	NUM
fsr-3383	128	16	ho	ho	PROPN
fsr-3383	128	17	ld	ld	PROPN
fsr-3383	128	18	in	in	ADP
fsr-3383	128	19	gs	gs	PROPN
fsr-3383	128	20	.	.	PUNCT
fsr-3383	129	1	e	e	X
fsr-3383	129	2	x	x	X
fsr-3383	129	3	p	p	NOUN
fsr-3383	129	4	is	be	AUX
fsr-3383	129	5	th	th	X
fsr-3383	129	6	e	e	X
fsr-3383	129	7	av	av	PROPN
fsr-3383	129	8	er	er	INTJ
fsr-3383	129	9	ag	ag	PROPN
fsr-3383	129	10	e	e	PROPN
fsr-3383	129	11	ex	ex	X
fsr-3383	129	12	pe	pe	PROPN
fsr-3383	129	13	ns	ns	NUM
fsr-3383	129	14	e	e	PROPN
fsr-3383	129	15	ra	ra	PROPN
fsr-3383	129	16	tio	tio	PROPN
fsr-3383	129	17	ch	ch	PROPN
fsr-3383	129	18	ar	ar	PROPN
fsr-3383	129	19	ge	ge	PROPN
fsr-3383	129	20	d	d	PROPN
fsr-3383	129	21	by	by	ADP
fsr-3383	129	22	th	th	X
fsr-3383	129	23	e	e	NOUN
fsr-3383	129	24	fu	fu	NOUN
fsr-3383	130	1	nd	nd	INTJ
fsr-3383	130	2	.	.	PUNCT
fsr-3383	131	1	t	t	PROPN
fsr-3383	131	2	n	n	PROPN
fsr-3383	131	3	a	a	PROPN
fsr-3383	131	4	is	be	AUX
fsr-3383	131	5	th	th	X
fsr-3383	131	6	e	e	X
fsr-3383	131	7	av	av	PROPN
fsr-3383	131	8	er	er	INTJ
fsr-3383	131	9	ag	ag	PROPN
fsr-3383	131	10	e	e	PROPN
fsr-3383	131	11	as	as	ADP
fsr-3383	131	12	se	se	PROPN
fsr-3383	131	13	ts	ts	ADP
fsr-3383	131	14	un	un	PROPN
fsr-3383	131	15	de	de	PROPN
fsr-3383	131	16	r	r	PROPN
fsr-3383	131	17	m	m	PROPN
fsr-3383	131	18	an	an	DET
fsr-3383	131	19	ag	ag	PROPN
fsr-3383	131	20	em	em	PRON
fsr-3383	131	21	en	en	PROPN
fsr-3383	131	22	t.	t.	PROPN
fsr-3383	131	23	h	h	PROPN
fsr-3383	131	24	ol	ol	PROPN
fsr-3383	131	25	di	di	PROPN
fsr-3383	131	26	ng	ng	PROPN
fsr-3383	131	27	s	s	PART
fsr-3383	132	1	sh	sh	INTJ
fsr-3383	132	2	ow	ow	INTJ
fsr-3383	132	3	th	th	X
fsr-3383	132	4	e	e	X
fsr-3383	132	5	av	av	PROPN
fsr-3383	132	6	er	er	INTJ
fsr-3383	132	7	ag	ag	PROPN
fsr-3383	132	8	e	e	PROPN
fsr-3383	132	9	nu	nu	PROPN
fsr-3383	132	10	m	m	AUX
fsr-3383	132	11	be	be	VERB
fsr-3383	132	12	r	r	NOUN
fsr-3383	132	13	of	of	ADP
fsr-3383	132	14	ho	ho	PROPN
fsr-3383	132	15	ld	ld	PROPN
fsr-3383	132	16	in	in	ADP
fsr-3383	132	17	gs	gs	ADP
fsr-3383	132	18	th	th	X
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fsr-3383	141	38	.	.	NUM
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fsr-3383	145	25	%	%	NOUN
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fsr-3383	145	30	1	1	NUM
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fsr-3383	170	37	tna	tna	NOUN
fsr-3383	170	38	under	under	ADP
fsr-3383	170	39	management	management	NOUN
fsr-3383	170	40	in	in	ADP
fsr-3383	170	41	2009	2009	NUM
fsr-3383	170	42	.	.	PUNCT
fsr-3383	171	1	most	most	ADJ
fsr-3383	171	2	of	of	ADP
fsr-3383	171	3	these	these	DET
fsr-3383	171	4	funds	fund	NOUN
fsr-3383	171	5	seem	seem	VERB
fsr-3383	171	6	to	to	PART
fsr-3383	171	7	be	be	AUX
fsr-3383	171	8	well	well	ADV
fsr-3383	171	9	-	-	PUNCT
fsr-3383	171	10	diversified	diversify	VERB
fsr-3383	171	11	as	as	SCONJ
fsr-3383	171	12	reflected	reflect	VERB
fsr-3383	171	13	in	in	ADP
fsr-3383	171	14	the	the	DET
fsr-3383	171	15	average	average	ADJ
fsr-3383	171	16	number	number	NOUN
fsr-3383	171	17	of	of	ADP
fsr-3383	171	18	holdings	holding	NOUN
fsr-3383	171	19	during	during	ADP
fsr-3383	171	20	the	the	DET
fsr-3383	171	21	14	14	NUM
fsr-3383	171	22	-	-	PUNCT
fsr-3383	171	23	year	year	NOUN
fsr-3383	171	24	long	long	ADJ
fsr-3383	171	25	period	period	NOUN
fsr-3383	171	26	.	.	PUNCT
fsr-3383	172	1	on	on	ADP
fsr-3383	172	2	average	average	ADJ
fsr-3383	172	3	,	,	PUNCT
fsr-3383	172	4	sample	sample	NOUN
fsr-3383	172	5	funds	fund	NOUN
fsr-3383	172	6	manage	manage	VERB
fsr-3383	172	7	102	102	NUM
fsr-3383	172	8	holdings	holding	NOUN
fsr-3383	172	9	per	per	ADP
fsr-3383	172	10	year	year	NOUN
fsr-3383	172	11	and	and	CCONJ
fsr-3383	172	12	this	this	DET
fsr-3383	172	13	number	number	NOUN
fsr-3383	172	14	is	be	AUX
fsr-3383	172	15	nearly	nearly	ADV
fsr-3383	172	16	consistent	consistent	ADJ
fsr-3383	172	17	every	every	DET
fsr-3383	172	18	year	year	NOUN
fsr-3383	172	19	from	from	ADP
fsr-3383	172	20	2000	2000	NUM
fsr-3383	172	21	to	to	ADP
fsr-3383	172	22	2014	2014	NUM
fsr-3383	172	23	.	.	PUNCT
fsr-3383	173	1	large	large	ADJ
fsr-3383	173	2	cap	cap	NOUN
fsr-3383	173	3	funds	fund	NOUN
fsr-3383	173	4	are	be	AUX
fsr-3383	173	5	supposed	suppose	VERB
fsr-3383	173	6	to	to	PART
fsr-3383	173	7	be	be	AUX
fsr-3383	173	8	stable	stable	ADJ
fsr-3383	173	9	funds	fund	NOUN
fsr-3383	173	10	and	and	CCONJ
fsr-3383	173	11	it	it	PRON
fsr-3383	173	12	is	be	AUX
fsr-3383	173	13	further	far	ADV
fsr-3383	173	14	strengthened	strengthen	VERB
fsr-3383	173	15	from	from	ADP
fsr-3383	173	16	the	the	DET
fsr-3383	173	17	fact	fact	NOUN
fsr-3383	173	18	that	that	SCONJ
fsr-3383	173	19	,	,	PUNCT
fsr-3383	173	20	on	on	ADP
fsr-3383	173	21	average	average	ADJ
fsr-3383	173	22	,	,	PUNCT
fsr-3383	173	23	managers	manager	NOUN
fsr-3383	173	24	stayed	stay	VERB
fsr-3383	173	25	with	with	ADP
fsr-3383	173	26	the	the	DET
fsr-3383	173	27	fund	fund	NOUN
fsr-3383	173	28	for	for	ADP
fsr-3383	173	29	eight	eight	NUM
fsr-3383	173	30	years	year	NOUN
fsr-3383	173	31	when	when	SCONJ
fsr-3383	173	32	we	we	PRON
fsr-3383	173	33	look	look	VERB
fsr-3383	173	34	at	at	ADP
fsr-3383	173	35	the	the	DET
fsr-3383	173	36	average	average	ADJ
fsr-3383	173	37	managerial	managerial	ADJ
fsr-3383	173	38	tenure	tenure	NOUN
fsr-3383	173	39	of	of	ADP
fsr-3383	173	40	all	all	DET
fsr-3383	173	41	431	431	NUM
fsr-3383	173	42	funds	fund	NOUN
fsr-3383	173	43	over	over	ADP
fsr-3383	173	44	the	the	DET
fsr-3383	173	45	14	14	NUM
fsr-3383	173	46	years	year	NOUN
fsr-3383	173	47	of	of	ADP
fsr-3383	173	48	this	this	DET
fsr-3383	173	49	study	study	NOUN
fsr-3383	173	50	.	.	PUNCT
fsr-3383	174	1	the	the	DET
fsr-3383	174	2	data	datum	NOUN
fsr-3383	174	3	further	far	ADV
fsr-3383	174	4	suggest	suggest	VERB
fsr-3383	174	5	that	that	SCONJ
fsr-3383	174	6	large	large	ADJ
fsr-3383	174	7	cap	cap	NOUN
fsr-3383	174	8	funds	fund	NOUN
fsr-3383	174	9	charge	charge	VERB
fsr-3383	174	10	less	less	ADJ
fsr-3383	174	11	fees	fee	NOUN
fsr-3383	174	12	from	from	ADP
fsr-3383	174	13	their	their	PRON
fsr-3383	174	14	investors	investor	NOUN
fsr-3383	174	15	.	.	PUNCT
fsr-3383	175	1	on	on	ADP
fsr-3383	175	2	average	average	ADJ
fsr-3383	175	3	,	,	PUNCT
fsr-3383	175	4	the	the	DET
fsr-3383	175	5	monthly	monthly	ADJ
fsr-3383	175	6	expense	expense	NOUN
fsr-3383	175	7	ratio	ratio	NOUN
fsr-3383	175	8	is	be	AUX
fsr-3383	175	9	0.10	0.10	NUM
fsr-3383	175	10	percent	percent	NOUN
fsr-3383	175	11	table	table	NOUN
fsr-3383	175	12	1	1	NUM
fsr-3383	175	13	panel	panel	NOUN
fsr-3383	175	14	b	b	NOUN
fsr-3383	175	15	:	:	PUNCT
fsr-3383	175	16	descriptive	descriptive	ADJ
fsr-3383	175	17	statistics	statistic	NOUN
fsr-3383	175	18	of	of	ADP
fsr-3383	175	19	individual	individual	ADJ
fsr-3383	175	20	categories	category	NOUN
fsr-3383	175	21	of	of	ADP
fsr-3383	175	22	large	large	ADJ
fsr-3383	175	23	cap	cap	NOUN
fsr-3383	175	24	funds	fund	NOUN
fsr-3383	175	25	the	the	DET
fsr-3383	175	26	table	table	NOUN
fsr-3383	175	27	shows	show	VERB
fsr-3383	175	28	the	the	DET
fsr-3383	175	29	mean	mean	ADJ
fsr-3383	175	30	values	value	NOUN
fsr-3383	175	31	of	of	ADP
fsr-3383	175	32	large	large	ADJ
fsr-3383	175	33	cap	cap	NOUN
fsr-3383	175	34	value	value	NOUN
fsr-3383	175	35	/	/	SYM
fsr-3383	175	36	growth	growth	NOUN
fsr-3383	175	37	/	/	SYM
fsr-3383	175	38	blend	blend	NOUN
fsr-3383	175	39	funds	fund	NOUN
fsr-3383	175	40	over	over	ADP
fsr-3383	175	41	the	the	DET
fsr-3383	175	42	14	14	NUM
fsr-3383	175	43	-	-	PUNCT
fsr-3383	175	44	year	year	NOUN
fsr-3383	175	45	period	period	NOUN
fsr-3383	175	46	(	(	PUNCT
fsr-3383	175	47	01/2000	01/2000	NUM
fsr-3383	175	48	to	to	ADP
fsr-3383	175	49	12/2013	12/2013	NUM
fsr-3383	175	50	)	)	PUNCT
fsr-3383	175	51	.	.	PUNCT
fsr-3383	176	1	ret	ret	PROPN
fsr-3383	176	2	is	be	AUX
fsr-3383	176	3	annual	annual	ADJ
fsr-3383	176	4	return	return	NOUN
fsr-3383	176	5	generated	generate	VERB
fsr-3383	176	6	by	by	ADP
fsr-3383	176	7	sample	sample	NOUN
fsr-3383	176	8	funds	fund	NOUN
fsr-3383	176	9	.	.	PUNCT
fsr-3383	177	1	exp	exp	NOUN
fsr-3383	177	2	is	be	AUX
fsr-3383	177	3	the	the	DET
fsr-3383	177	4	annual	annual	ADJ
fsr-3383	177	5	expense	expense	NOUN
fsr-3383	177	6	ratio	ratio	NOUN
fsr-3383	177	7	.	.	PUNCT
fsr-3383	178	1	turn	turn	NOUN
fsr-3383	178	2	is	be	AUX
fsr-3383	178	3	the	the	DET
fsr-3383	178	4	turnover	turnover	NOUN
fsr-3383	178	5	ratio	ratio	NOUN
fsr-3383	178	6	.	.	PUNCT
fsr-3383	179	1	ttop	ttop	PROPN
fsr-3383	179	2	is	be	AUX
fsr-3383	179	3	the	the	DET
fsr-3383	179	4	funds	fund	NOUN
fsr-3383	179	5	’	'	PUNCT
fsr-3383	179	6	investment	investment	NOUN
fsr-3383	179	7	in	in	ADP
fsr-3383	179	8	their	their	PRON
fsr-3383	179	9	top	top	ADJ
fsr-3383	179	10	10	10	NUM
fsr-3383	179	11	assets	asset	NOUN
fsr-3383	179	12	.	.	PUNCT
fsr-3383	180	1	cash	cash	NOUN
fsr-3383	180	2	is	be	AUX
fsr-3383	180	3	the	the	DET
fsr-3383	180	4	annual	annual	ADJ
fsr-3383	180	5	cash	cash	NOUN
fsr-3383	180	6	holdings	holding	NOUN
fsr-3383	180	7	.	.	PUNCT
fsr-3383	181	1	equity	equity	NOUN
fsr-3383	181	2	is	be	AUX
fsr-3383	181	3	the	the	DET
fsr-3383	181	4	funds	fund	NOUN
fsr-3383	181	5	’	'	PUNCT
fsr-3383	181	6	investments	investment	NOUN
fsr-3383	181	7	in	in	ADP
fsr-3383	181	8	stocks	stock	NOUN
fsr-3383	181	9	.	.	PUNCT
fsr-3383	182	1	holdings	holding	NOUN
fsr-3383	182	2	is	be	AUX
fsr-3383	182	3	the	the	DET
fsr-3383	182	4	number	number	NOUN
fsr-3383	182	5	of	of	ADP
fsr-3383	182	6	holdings	holding	NOUN
fsr-3383	182	7	in	in	ADP
fsr-3383	182	8	an	an	DET
fsr-3383	182	9	average	average	ADJ
fsr-3383	182	10	fund	fund	NOUN
fsr-3383	182	11	.	.	PUNCT
fsr-3383	183	1	tenure	tenure	NOUN
fsr-3383	183	2	is	be	AUX
fsr-3383	183	3	the	the	DET
fsr-3383	183	4	average	average	ADJ
fsr-3383	183	5	managerial	managerial	ADJ
fsr-3383	183	6	tenure	tenure	NOUN
fsr-3383	183	7	with	with	ADP
fsr-3383	183	8	a	a	DET
fsr-3383	183	9	funs	fun	NOUN
fsr-3383	183	10	.	.	PUNCT
fsr-3383	184	1	large	large	ADJ
fsr-3383	184	2	cap	cap	NOUN
fsr-3383	184	3	value	value	VERB
fsr-3383	184	4	large	large	ADJ
fsr-3383	184	5	cap	cap	NOUN
fsr-3383	184	6	growth	growth	NOUN
fsr-3383	184	7	large	large	ADJ
fsr-3383	184	8	cap	cap	NOUN
fsr-3383	184	9	blend	blend	PROPN
fsr-3383	184	10	ret	ret	PROPN
fsr-3383	184	11	7.37	7.37	NUM
fsr-3383	184	12	%	%	NOUN
fsr-3383	184	13	5.50	5.50	NUM
fsr-3383	184	14	%	%	NOUN
fsr-3383	184	15	6.20	6.20	NUM
fsr-3383	184	16	%	%	NOUN
fsr-3383	184	17	exp	exp	NOUN
fsr-3383	184	18	1.11	1.11	NUM
fsr-3383	184	19	%	%	NOUN
fsr-3383	184	20	1.24	1.24	NUM
fsr-3383	184	21	%	%	NOUN
fsr-3383	184	22	1.15	1.15	NUM
fsr-3383	184	23	%	%	NOUN
fsr-3383	184	24	turn	turn	NOUN
fsr-3383	184	25	62.55	62.55	NUM
fsr-3383	184	26	%	%	NOUN
fsr-3383	184	27	79.76	79.76	NUM
fsr-3383	184	28	%	%	NOUN
fsr-3383	184	29	73.63	73.63	NUM
fsr-3383	184	30	%	%	NOUN
fsr-3383	184	31	ttop	ttop	VERB
fsr-3383	184	32	31.50	31.50	NUM
fsr-3383	184	33	%	%	NOUN
fsr-3383	184	34	33.10	33.10	NUM
fsr-3383	184	35	%	%	NOUN
fsr-3383	184	36	28.73	28.73	NUM
fsr-3383	184	37	%	%	NOUN
fsr-3383	184	38	cash	cash	NOUN
fsr-3383	184	39	2.49	2.49	NUM
fsr-3383	184	40	%	%	NOUN
fsr-3383	184	41	2.48	2.48	NUM
fsr-3383	184	42	%	%	NOUN
fsr-3383	184	43	2.30	2.30	NUM
fsr-3383	184	44	%	%	NOUN
fsr-3383	184	45	equity	equity	NOUN
fsr-3383	184	46	96.57	96.57	NUM
fsr-3383	184	47	%	%	NOUN
fsr-3383	184	48	97.19	97.19	NUM
fsr-3383	184	49	%	%	NOUN
fsr-3383	184	50	96.41	96.41	NUM
fsr-3383	184	51	%	%	NOUN
fsr-3383	184	52	holdings	holding	NOUN
fsr-3383	184	53	91.13	91.13	NUM
fsr-3383	184	54	87.49	87.49	NUM
fsr-3383	184	55	136.22	136.22	NUM
fsr-3383	184	56	tenure	tenure	NOUN
fsr-3383	184	57	7.96	7.96	NUM
fsr-3383	184	58	8.24	8.24	NUM
fsr-3383	184	59	7.69	7.69	NUM
fsr-3383	184	60	table	table	NOUN
fsr-3383	184	61	1	1	NUM
fsr-3383	184	62	panel	panel	NOUN
fsr-3383	184	63	c	c	NOUN
fsr-3383	184	64	:	:	PUNCT
fsr-3383	184	65	descriptive	descriptive	ADJ
fsr-3383	184	66	statistics	statistic	NOUN
fsr-3383	184	67	for	for	ADP
fsr-3383	184	68	market	market	NOUN
fsr-3383	184	69	factors	factor	NOUN
fsr-3383	184	70	this	this	DET
fsr-3383	184	71	table	table	NOUN
fsr-3383	184	72	shows	show	VERB
fsr-3383	184	73	the	the	DET
fsr-3383	184	74	return	return	NOUN
fsr-3383	184	75	on	on	ADP
fsr-3383	184	76	the	the	DET
fsr-3383	184	77	market	market	NOUN
fsr-3383	184	78	,	,	PUNCT
fsr-3383	184	79	risk	risk	NOUN
fsr-3383	184	80	free	free	ADJ
fsr-3383	184	81	rate	rate	NOUN
fsr-3383	184	82	,	,	PUNCT
fsr-3383	184	83	small	small	ADJ
fsr-3383	184	84	minus	minus	CCONJ
fsr-3383	184	85	big	big	ADJ
fsr-3383	184	86	,	,	PUNCT
fsr-3383	184	87	high	high	ADJ
fsr-3383	184	88	minus	minus	CCONJ
fsr-3383	184	89	low	low	ADJ
fsr-3383	184	90	,	,	PUNCT
fsr-3383	184	91	and	and	CCONJ
fsr-3383	184	92	momentum	momentum	NOUN
fsr-3383	184	93	factors	factor	NOUN
fsr-3383	184	94	.	.	PUNCT
fsr-3383	185	1	rm	rm	NOUN
fsr-3383	185	2	is	be	AUX
fsr-3383	185	3	the	the	DET
fsr-3383	185	4	average	average	ADJ
fsr-3383	185	5	monthly	monthly	ADJ
fsr-3383	185	6	return	return	NOUN
fsr-3383	185	7	of	of	ADP
fsr-3383	185	8	the	the	DET
fsr-3383	185	9	crsp	crsp	PROPN
fsr-3383	185	10	value	value	NOUN
fsr-3383	185	11	weighted	weight	VERB
fsr-3383	185	12	index	index	NOUN
fsr-3383	185	13	.	.	PUNCT
fsr-3383	186	1	rf	rf	PRON
fsr-3383	186	2	is	be	AUX
fsr-3383	186	3	the	the	DET
fsr-3383	186	4	average	average	ADJ
fsr-3383	186	5	monthly	monthly	ADJ
fsr-3383	186	6	yield	yield	NOUN
fsr-3383	186	7	for	for	ADP
fsr-3383	186	8	a	a	DET
fsr-3383	186	9	one	one	NUM
fsr-3383	186	10	-	-	PUNCT
fsr-3383	186	11	month	month	NOUN
fsr-3383	186	12	treasury	treasury	NOUN
fsr-3383	186	13	bill	bill	NOUN
fsr-3383	186	14	.	.	PUNCT
fsr-3383	187	1	smb	smb	PROPN
fsr-3383	187	2	is	be	AUX
fsr-3383	187	3	the	the	DET
fsr-3383	187	4	difference	difference	NOUN
fsr-3383	187	5	in	in	ADP
fsr-3383	187	6	returns	return	NOUN
fsr-3383	187	7	between	between	ADP
fsr-3383	187	8	small	small	ADJ
fsr-3383	187	9	and	and	CCONJ
fsr-3383	187	10	large	large	ADJ
fsr-3383	187	11	cap	cap	NOUN
fsr-3383	187	12	stocks	stock	NOUN
fsr-3383	187	13	.	.	PUNCT
fsr-3383	188	1	hml	hml	PROPN
fsr-3383	188	2	is	be	AUX
fsr-3383	188	3	the	the	DET
fsr-3383	188	4	difference	difference	NOUN
fsr-3383	188	5	in	in	ADP
fsr-3383	188	6	returns	return	NOUN
fsr-3383	188	7	between	between	ADP
fsr-3383	188	8	high	high	ADJ
fsr-3383	188	9	and	and	CCONJ
fsr-3383	188	10	low	low	ADJ
fsr-3383	188	11	book	book	NOUN
fsr-3383	188	12	-	-	PUNCT
fsr-3383	188	13	to	to	ADP
fsr-3383	188	14	-	-	PUNCT
fsr-3383	188	15	market	market	NOUN
fsr-3383	188	16	stocks	stock	NOUN
fsr-3383	188	17	.	.	PUNCT
fsr-3383	189	1	mom	mom	NOUN
fsr-3383	189	2	is	be	AUX
fsr-3383	189	3	the	the	DET
fsr-3383	189	4	difference	difference	NOUN
fsr-3383	189	5	in	in	ADP
fsr-3383	189	6	returns	return	NOUN
fsr-3383	189	7	between	between	ADP
fsr-3383	189	8	stocks	stock	NOUN
fsr-3383	189	9	with	with	ADP
fsr-3383	189	10	high	high	ADJ
fsr-3383	189	11	and	and	CCONJ
fsr-3383	189	12	low	low	ADJ
fsr-3383	189	13	past	past	ADJ
fsr-3383	189	14	returns	return	NOUN
fsr-3383	189	15	.	.	PUNCT
fsr-3383	190	1	n	n	PRON
fsr-3383	190	2	is	be	AUX
fsr-3383	190	3	the	the	DET
fsr-3383	190	4	number	number	NOUN
fsr-3383	190	5	of	of	ADP
fsr-3383	190	6	monthly	monthly	ADJ
fsr-3383	190	7	observations	observation	NOUN
fsr-3383	190	8	.	.	PUNCT
fsr-3383	191	1	year	year	NOUN
fsr-3383	191	2	rm	rm	PROPN
fsr-3383	191	3	rf	rf	PROPN
fsr-3383	191	4	smb	smb	PROPN
fsr-3383	191	5	hml	hml	PROPN
fsr-3383	191	6	mom	mom	PROPN
fsr-3383	191	7	n	n	PROPN
fsr-3383	191	8	2000	2000	NUM
fsr-3383	191	9	�	�	PROPN
fsr-3383	191	10	0.93	0.93	NUM
fsr-3383	191	11	%	%	NOUN
fsr-3383	191	12	0.48	0.48	NUM
fsr-3383	191	13	%	%	NOUN
fsr-3383	191	14	�	�	NOUN
fsr-3383	191	15	0.02	0.02	NUM
fsr-3383	191	16	%	%	NOUN
fsr-3383	191	17	3.06	3.06	NUM
fsr-3383	191	18	%	%	NOUN
fsr-3383	191	19	1.64	1.64	NUM
fsr-3383	191	20	%	%	NOUN
fsr-3383	191	21	168	168	NUM
fsr-3383	191	22	2001	2001	NUM
fsr-3383	191	23	�	�	NOUN
fsr-3383	191	24	0.82	0.82	NUM
fsr-3383	191	25	%	%	NOUN
fsr-3383	191	26	0.31	0.31	NUM
fsr-3383	191	27	%	%	NOUN
fsr-3383	191	28	1.64	1.64	NUM
fsr-3383	191	29	%	%	NOUN
fsr-3383	191	30	1.29	1.29	NUM
fsr-3383	191	31	%	%	NOUN
fsr-3383	191	32	�	�	NOUN
fsr-3383	191	33	0.27	0.27	NUM
fsr-3383	191	34	%	%	NOUN
fsr-3383	191	35	168	168	NUM
fsr-3383	191	36	2002	2002	NUM
fsr-3383	191	37	�	�	NOUN
fsr-3383	191	38	1.79	1.79	NUM
fsr-3383	191	39	%	%	NOUN
fsr-3383	191	40	0.13	0.13	NUM
fsr-3383	191	41	%	%	NOUN
fsr-3383	191	42	0.37	0.37	NUM
fsr-3383	191	43	%	%	NOUN
fsr-3383	191	44	1.03	1.03	NUM
fsr-3383	191	45	%	%	NOUN
fsr-3383	191	46	2.33	2.33	NUM
fsr-3383	191	47	%	%	NOUN
fsr-3383	191	48	168	168	NUM
fsr-3383	191	49	2003	2003	NUM
fsr-3383	191	50	2.38	2.38	NUM
fsr-3383	191	51	%	%	NOUN
fsr-3383	191	52	0.08	0.08	NUM
fsr-3383	191	53	%	%	NOUN
fsr-3383	191	54	1.69	1.69	NUM
fsr-3383	191	55	%	%	NOUN
fsr-3383	191	56	0.30	0.30	NUM
fsr-3383	191	57	%	%	NOUN
fsr-3383	191	58	�	�	PROPN
fsr-3383	191	59	1.51	1.51	NUM
fsr-3383	191	60	%	%	NOUN
fsr-3383	191	61	168	168	NUM
fsr-3383	191	62	2004	2004	NUM
fsr-3383	191	63	0.97	0.97	NUM
fsr-3383	191	64	%	%	NOUN
fsr-3383	191	65	0.10	0.10	NUM
fsr-3383	191	66	%	%	NOUN
fsr-3383	191	67	0.44	0.44	NUM
fsr-3383	191	68	%	%	NOUN
fsr-3383	191	69	0.71	0.71	NUM
fsr-3383	191	70	%	%	NOUN
fsr-3383	191	71	0.03	0.03	NUM
fsr-3383	191	72	%	%	NOUN
fsr-3383	191	73	168	168	NUM
fsr-3383	191	74	2005	2005	NUM
fsr-3383	191	75	0.53	0.53	NUM
fsr-3383	191	76	%	%	NOUN
fsr-3383	191	77	0.25	0.25	NUM
fsr-3383	191	78	%	%	NOUN
fsr-3383	191	79	�	�	NOUN
fsr-3383	191	80	0.12	0.12	NUM
fsr-3383	191	81	%	%	NOUN
fsr-3383	191	82	0.69	0.69	NUM
fsr-3383	191	83	%	%	NOUN
fsr-3383	191	84	1.16	1.16	NUM
fsr-3383	191	85	%	%	NOUN
fsr-3383	191	86	168	168	NUM
fsr-3383	191	87	2006	2006	NUM
fsr-3383	191	88	1.22	1.22	NUM
fsr-3383	191	89	%	%	NOUN
fsr-3383	191	90	0.39	0.39	NUM
fsr-3383	191	91	%	%	NOUN
fsr-3383	191	92	0.06	0.06	NUM
fsr-3383	191	93	%	%	NOUN
fsr-3383	191	94	1.02	1.02	NUM
fsr-3383	191	95	%	%	NOUN
fsr-3383	191	96	�	�	NOUN
fsr-3383	191	97	0.53	0.53	NUM
fsr-3383	191	98	%	%	NOUN
fsr-3383	191	99	168	168	NUM
fsr-3383	191	100	2007	2007	NUM
fsr-3383	191	101	0.49	0.49	NUM
fsr-3383	191	102	%	%	NOUN
fsr-3383	191	103	0.38	0.38	NUM
fsr-3383	191	104	%	%	NOUN
fsr-3383	191	105	�	�	NOUN
fsr-3383	191	106	0.68	0.68	NUM
fsr-3383	191	107	%	%	NOUN
fsr-3383	191	108	�	�	PROPN
fsr-3383	191	109	1.02	1.02	NUM
fsr-3383	191	110	%	%	NOUN
fsr-3383	191	111	1.78	1.78	NUM
fsr-3383	191	112	%	%	NOUN
fsr-3383	191	113	168	168	NUM
fsr-3383	191	114	2008	2008	NUM
fsr-3383	191	115	�	�	PROPN
fsr-3383	191	116	3.56	3.56	NUM
fsr-3383	191	117	%	%	NOUN
fsr-3383	191	118	0.13	0.13	NUM
fsr-3383	191	119	%	%	NOUN
fsr-3383	191	120	0.60	0.60	NUM
fsr-3383	191	121	%	%	NOUN
fsr-3383	191	122	0.18	0.18	NUM
fsr-3383	191	123	%	%	NOUN
fsr-3383	191	124	1.59	1.59	NUM
fsr-3383	191	125	%	%	NOUN
fsr-3383	191	126	168	168	NUM
fsr-3383	191	127	2009	2009	NUM
fsr-3383	191	128	2.30	2.30	NUM
fsr-3383	191	129	%	%	NOUN
fsr-3383	191	130	0.01	0.01	NUM
fsr-3383	191	131	%	%	NOUN
fsr-3383	191	132	0.68	0.68	NUM
fsr-3383	191	133	%	%	NOUN
fsr-3383	191	134	�	�	NOUN
fsr-3383	191	135	0.02	0.02	NUM
fsr-3383	191	136	%	%	NOUN
fsr-3383	191	137	�	�	NOUN
fsr-3383	191	138	5.33	5.33	NUM
fsr-3383	191	139	%	%	NOUN
fsr-3383	191	140	168	168	NUM
fsr-3383	191	141	2010	2010	NUM
fsr-3383	191	142	1.52	1.52	NUM
fsr-3383	191	143	%	%	NOUN
fsr-3383	191	144	0.01	0.01	NUM
fsr-3383	191	145	%	%	NOUN
fsr-3383	191	146	1.05	1.05	NUM
fsr-3383	191	147	%	%	NOUN
fsr-3383	191	148	�	�	NOUN
fsr-3383	191	149	0.15	0.15	NUM
fsr-3383	191	150	%	%	NOUN
fsr-3383	191	151	0.50	0.50	NUM
fsr-3383	191	152	%	%	NOUN
fsr-3383	191	153	168	168	NUM
fsr-3383	191	154	2011	2011	NUM
fsr-3383	191	155	0.14	0.14	NUM
fsr-3383	191	156	%	%	NOUN
fsr-3383	191	157	0.00	0.00	NUM
fsr-3383	191	158	%	%	NOUN
fsr-3383	191	159	�	�	NOUN
fsr-3383	191	160	0.42	0.42	NUM
fsr-3383	191	161	%	%	NOUN
fsr-3383	191	162	�	�	NOUN
fsr-3383	191	163	0.54	0.54	NUM
fsr-3383	191	164	%	%	NOUN
fsr-3383	191	165	0.69	0.69	NUM
fsr-3383	191	166	%	%	NOUN
fsr-3383	191	167	168	168	NUM
fsr-3383	191	168	2012	2012	NUM
fsr-3383	191	169	1.31	1.31	NUM
fsr-3383	191	170	%	%	NOUN
fsr-3383	191	171	0.01	0.01	NUM
fsr-3383	191	172	%	%	NOUN
fsr-3383	191	173	0.05	0.05	NUM
fsr-3383	191	174	%	%	NOUN
fsr-3383	191	175	0.56	0.56	NUM
fsr-3383	191	176	%	%	NOUN
fsr-3383	191	177	�	�	NOUN
fsr-3383	191	178	0.05	0.05	NUM
fsr-3383	191	179	%	%	NOUN
fsr-3383	191	180	168	168	NUM
fsr-3383	191	181	2013	2013	NUM
fsr-3383	191	182	2.57	2.57	NUM
fsr-3383	191	183	%	%	NOUN
fsr-3383	191	184	0.00	0.00	NUM
fsr-3383	191	185	%	%	NOUN
fsr-3383	191	186	0.50	0.50	NUM
fsr-3383	191	187	%	%	NOUN
fsr-3383	191	188	0.03	0.03	NUM
fsr-3383	191	189	%	%	NOUN
fsr-3383	191	190	0.53	0.53	NUM
fsr-3383	191	191	%	%	NOUN
fsr-3383	191	192	168	168	NUM
fsr-3383	191	193	average	average	NOUN
fsr-3383	191	194	0.45	0.45	NUM
fsr-3383	191	195	%	%	NOUN
fsr-3383	191	196	0.16	0.16	NUM
fsr-3383	191	197	%	%	NOUN
fsr-3383	191	198	0.42	0.42	NUM
fsr-3383	191	199	%	%	NOUN
fsr-3383	191	200	0.51	0.51	NUM
fsr-3383	191	201	%	%	NOUN
fsr-3383	191	202	0.18	0.18	NUM
fsr-3383	191	203	%	%	NOUN
fsr-3383	191	204	168	168	NUM
fsr-3383	191	205	105a	105a	NOUN
fsr-3383	191	206	.	.	PUNCT
fsr-3383	192	1	kaushik	kaushik	PROPN
fsr-3383	192	2	,	,	PUNCT
fsr-3383	192	3	r.	r.	PROPN
fsr-3383	192	4	boisvert	boisvert	PROPN
fsr-3383	192	5	/	/	SYM
fsr-3383	192	6	financial	financial	ADJ
fsr-3383	192	7	services	service	NOUN
fsr-3383	192	8	review	review	VERB
fsr-3383	192	9	27	27	NUM
fsr-3383	192	10	(	(	PUNCT
fsr-3383	192	11	2018	2018	NUM
fsr-3383	192	12	)	)	PUNCT
fsr-3383	192	13	99	99	NUM
fsr-3383	192	14	-	-	SYM
fsr-3383	192	15	113	113	NUM
fsr-3383	192	16	(	(	PUNCT
fsr-3383	192	17	1.2	1.2	NUM
fsr-3383	192	18	percent	percent	NOUN
fsr-3383	192	19	annually	annually	ADV
fsr-3383	192	20	)	)	PUNCT
fsr-3383	192	21	and	and	CCONJ
fsr-3383	192	22	this	this	DET
fsr-3383	192	23	average	average	NOUN
fsr-3383	192	24	is	be	AUX
fsr-3383	192	25	almost	almost	ADV
fsr-3383	192	26	constant	constant	ADJ
fsr-3383	192	27	per	per	ADP
fsr-3383	192	28	year	year	NOUN
fsr-3383	192	29	from	from	ADP
fsr-3383	192	30	2000	2000	NUM
fsr-3383	192	31	to	to	ADP
fsr-3383	192	32	year	year	NOUN
fsr-3383	192	33	-	-	PUNCT
fsr-3383	192	34	end	end	NOUN
fsr-3383	192	35	2013	2013	NUM
fsr-3383	192	36	.	.	PUNCT
fsr-3383	193	1	although	although	SCONJ
fsr-3383	193	2	most	most	ADJ
fsr-3383	193	3	of	of	ADP
fsr-3383	193	4	these	these	DET
fsr-3383	193	5	funds	fund	NOUN
fsr-3383	193	6	manage	manage	VERB
fsr-3383	193	7	a	a	DET
fsr-3383	193	8	good	good	ADJ
fsr-3383	193	9	number	number	NOUN
fsr-3383	193	10	of	of	ADP
fsr-3383	193	11	holdings	holding	NOUN
fsr-3383	193	12	,	,	PUNCT
fsr-3383	193	13	it	it	PRON
fsr-3383	193	14	appears	appear	VERB
fsr-3383	193	15	that	that	SCONJ
fsr-3383	193	16	fund	fund	NOUN
fsr-3383	193	17	managers	manager	NOUN
fsr-3383	193	18	tend	tend	VERB
fsr-3383	193	19	to	to	PART
fsr-3383	193	20	invest	invest	VERB
fsr-3383	193	21	a	a	DET
fsr-3383	193	22	large	large	ADJ
fsr-3383	193	23	portion	portion	NOUN
fsr-3383	193	24	in	in	ADP
fsr-3383	193	25	their	their	PRON
fsr-3383	193	26	top	top	ADJ
fsr-3383	193	27	picks	pick	NOUN
fsr-3383	193	28	.	.	PUNCT
fsr-3383	194	1	the	the	DET
fsr-3383	194	2	data	datum	NOUN
fsr-3383	194	3	show	show	VERB
fsr-3383	194	4	that	that	SCONJ
fsr-3383	194	5	,	,	PUNCT
fsr-3383	194	6	on	on	ADP
fsr-3383	194	7	average	average	ADJ
fsr-3383	194	8	,	,	PUNCT
fsr-3383	194	9	almost	almost	ADV
fsr-3383	194	10	one	one	NUM
fsr-3383	194	11	-	-	PUNCT
fsr-3383	194	12	third	third	NOUN
fsr-3383	194	13	(	(	PUNCT
fsr-3383	194	14	32	32	NUM
fsr-3383	194	15	percent	percent	NOUN
fsr-3383	194	16	)	)	PUNCT
fsr-3383	194	17	of	of	ADP
fsr-3383	194	18	investment	investment	NOUN
fsr-3383	194	19	is	be	AUX
fsr-3383	194	20	made	make	VERB
fsr-3383	194	21	in	in	ADP
fsr-3383	194	22	the	the	DET
fsr-3383	194	23	top	top	ADJ
fsr-3383	194	24	10	10	NUM
fsr-3383	194	25	percent	percent	NOUN
fsr-3383	194	26	holdings	holding	NOUN
fsr-3383	194	27	.	.	PUNCT
fsr-3383	195	1	turnover	turnover	NOUN
fsr-3383	195	2	ratio	ratio	NOUN
fsr-3383	195	3	is	be	AUX
fsr-3383	195	4	less	less	ADJ
fsr-3383	195	5	than	than	ADP
fsr-3383	195	6	100	100	NUM
fsr-3383	195	7	percent	percent	NOUN
fsr-3383	195	8	over	over	ADP
fsr-3383	195	9	the	the	DET
fsr-3383	195	10	14	14	NUM
fsr-3383	195	11	-	-	PUNCT
fsr-3383	195	12	year	year	NOUN
fsr-3383	195	13	period	period	NOUN
fsr-3383	195	14	.	.	PUNCT
fsr-3383	196	1	highest	high	ADJ
fsr-3383	196	2	turnover	turnover	NOUN
fsr-3383	196	3	ratio	ratio	NOUN
fsr-3383	196	4	of	of	ADP
fsr-3383	196	5	127	127	NUM
fsr-3383	196	6	percent	percent	NOUN
fsr-3383	196	7	is	be	AUX
fsr-3383	196	8	seen	see	VERB
fsr-3383	196	9	in	in	ADP
fsr-3383	196	10	2004	2004	NUM
fsr-3383	196	11	,	,	PUNCT
fsr-3383	196	12	whereas	whereas	SCONJ
fsr-3383	196	13	the	the	DET
fsr-3383	196	14	lowest	low	ADJ
fsr-3383	196	15	of	of	ADP
fsr-3383	196	16	64	64	NUM
fsr-3383	196	17	percent	percent	NOUN
fsr-3383	196	18	is	be	AUX
fsr-3383	196	19	observed	observe	VERB
fsr-3383	196	20	in	in	ADP
fsr-3383	196	21	year	year	NOUN
fsr-3383	196	22	-	-	PUNCT
fsr-3383	196	23	end	end	NOUN
fsr-3383	196	24	2013	2013	NUM
fsr-3383	196	25	.	.	PUNCT
fsr-3383	197	1	the	the	DET
fsr-3383	197	2	highest	high	ADJ
fsr-3383	197	3	number	number	NOUN
fsr-3383	197	4	of	of	ADP
fsr-3383	197	5	funds	fund	NOUN
fsr-3383	197	6	(	(	PUNCT
fsr-3383	197	7	431	431	NUM
fsr-3383	197	8	)	)	PUNCT
fsr-3383	197	9	exist	exist	VERB
fsr-3383	197	10	in	in	ADP
fsr-3383	197	11	each	each	DET
fsr-3383	197	12	year	year	NOUN
fsr-3383	197	13	from	from	ADP
fsr-3383	197	14	2010	2010	NUM
fsr-3383	197	15	to	to	ADP
fsr-3383	197	16	2013	2013	NUM
fsr-3383	197	17	whereas	whereas	SCONJ
fsr-3383	197	18	the	the	DET
fsr-3383	197	19	lowest	low	ADJ
fsr-3383	197	20	number	number	NOUN
fsr-3383	197	21	of	of	ADP
fsr-3383	197	22	306	306	NUM
fsr-3383	197	23	funds	fund	NOUN
fsr-3383	197	24	is	be	AUX
fsr-3383	197	25	observed	observe	VERB
fsr-3383	197	26	in	in	ADP
fsr-3383	197	27	2001	2001	NUM
fsr-3383	197	28	.	.	PUNCT
fsr-3383	198	1	on	on	ADP
fsr-3383	198	2	average	average	ADJ
fsr-3383	198	3	,	,	PUNCT
fsr-3383	198	4	381	381	NUM
fsr-3383	198	5	funds	fund	NOUN
fsr-3383	198	6	are	be	AUX
fsr-3383	198	7	observed	observe	VERB
fsr-3383	198	8	per	per	ADP
fsr-3383	198	9	year	year	NOUN
fsr-3383	198	10	over	over	ADP
fsr-3383	198	11	the	the	DET
fsr-3383	198	12	14	14	NUM
fsr-3383	198	13	-	-	PUNCT
fsr-3383	198	14	year	year	NOUN
fsr-3383	198	15	period	period	NOUN
fsr-3383	198	16	.	.	PUNCT
fsr-3383	199	1	table	table	NOUN
fsr-3383	199	2	1	1	NUM
fsr-3383	199	3	panel	panel	NOUN
fsr-3383	199	4	b	b	PROPN
fsr-3383	199	5	shows	show	VERB
fsr-3383	199	6	a	a	DET
fsr-3383	199	7	few	few	ADJ
fsr-3383	199	8	key	key	ADJ
fsr-3383	199	9	descriptive	descriptive	ADJ
fsr-3383	199	10	statistics	statistic	NOUN
fsr-3383	199	11	for	for	ADP
fsr-3383	199	12	individual	individual	ADJ
fsr-3383	199	13	categories	category	NOUN
fsr-3383	199	14	.	.	PUNCT
fsr-3383	200	1	on	on	ADP
fsr-3383	200	2	average	average	ADJ
fsr-3383	200	3	,	,	PUNCT
fsr-3383	200	4	large	large	ADJ
fsr-3383	200	5	cap	cap	NOUN
fsr-3383	200	6	growth	growth	NOUN
fsr-3383	200	7	funds	fund	NOUN
fsr-3383	200	8	earn	earn	VERB
fsr-3383	200	9	5.50	5.50	NUM
fsr-3383	200	10	percent	percent	NOUN
fsr-3383	200	11	return	return	NOUN
fsr-3383	200	12	per	per	ADP
fsr-3383	200	13	year	year	NOUN
fsr-3383	200	14	over	over	ADP
fsr-3383	200	15	the	the	DET
fsr-3383	200	16	14	14	NUM
fsr-3383	200	17	-	-	PUNCT
fsr-3383	200	18	year	year	NOUN
fsr-3383	200	19	period	period	NOUN
fsr-3383	200	20	.	.	PUNCT
fsr-3383	201	1	on	on	ADP
fsr-3383	201	2	average	average	ADJ
fsr-3383	201	3	,	,	PUNCT
fsr-3383	201	4	during	during	ADP
fsr-3383	201	5	the	the	DET
fsr-3383	201	6	14	14	NUM
fsr-3383	201	7	-	-	PUNCT
fsr-3383	201	8	year	year	NOUN
fsr-3383	201	9	period	period	NOUN
fsr-3383	201	10	,	,	PUNCT
fsr-3383	201	11	large	large	ADJ
fsr-3383	201	12	cap	cap	NOUN
fsr-3383	201	13	growth	growth	NOUN
fsr-3383	201	14	funds	fund	NOUN
fsr-3383	201	15	combined	combine	VERB
fsr-3383	201	16	charge	charge	VERB
fsr-3383	201	17	an	an	DET
fsr-3383	201	18	expense	expense	NOUN
fsr-3383	201	19	ratio	ratio	NOUN
fsr-3383	201	20	of	of	ADP
fsr-3383	201	21	approximately	approximately	ADV
fsr-3383	201	22	1.23	1.23	NUM
fsr-3383	201	23	percent	percent	NOUN
fsr-3383	201	24	per	per	ADP
fsr-3383	201	25	year	year	NOUN
fsr-3383	201	26	,	,	PUNCT
fsr-3383	201	27	manage	manage	VERB
fsr-3383	201	28	88	88	NUM
fsr-3383	201	29	holdings	holding	NOUN
fsr-3383	201	30	worth	worth	ADJ
fsr-3383	201	31	$	$	SYM
fsr-3383	201	32	1.445	1.445	NUM
fsr-3383	201	33	billion	billion	NUM
fsr-3383	201	34	in	in	ADP
fsr-3383	201	35	assets	asset	NOUN
fsr-3383	201	36	,	,	PUNCT
fsr-3383	201	37	and	and	CCONJ
fsr-3383	201	38	use	use	VERB
fsr-3383	201	39	roughly	roughly	ADV
fsr-3383	201	40	2.5	2.5	NUM
fsr-3383	201	41	percent	percent	NOUN
fsr-3383	201	42	of	of	ADP
fsr-3383	201	43	assets	asset	NOUN
fsr-3383	201	44	as	as	ADP
fsr-3383	201	45	cash	cash	NOUN
fsr-3383	201	46	holdings	holding	NOUN
fsr-3383	201	47	.	.	PUNCT
fsr-3383	202	1	similar	similar	ADJ
fsr-3383	202	2	statistics	statistic	NOUN
fsr-3383	202	3	are	be	AUX
fsr-3383	202	4	given	give	VERB
fsr-3383	202	5	in	in	ADP
fsr-3383	202	6	table	table	NOUN
fsr-3383	202	7	1	1	NUM
fsr-3383	202	8	panel	panel	NOUN
fsr-3383	202	9	b	b	NOUN
fsr-3383	202	10	for	for	ADP
fsr-3383	202	11	large	large	ADJ
fsr-3383	202	12	cap	cap	NOUN
fsr-3383	202	13	blend	blend	NOUN
fsr-3383	202	14	and	and	CCONJ
fsr-3383	202	15	value	value	NOUN
fsr-3383	202	16	funds	fund	NOUN
fsr-3383	202	17	.	.	PUNCT
fsr-3383	203	1	for	for	ADP
fsr-3383	203	2	example	example	NOUN
fsr-3383	203	3	,	,	PUNCT
fsr-3383	203	4	on	on	ADP
fsr-3383	203	5	average	average	ADJ
fsr-3383	203	6	per	per	ADP
fsr-3383	203	7	year	year	NOUN
fsr-3383	203	8	,	,	PUNCT
fsr-3383	203	9	a	a	DET
fsr-3383	203	10	large	large	ADJ
fsr-3383	203	11	cap	cap	NOUN
fsr-3383	203	12	blend	blend	PROPN
fsr-3383	203	13	fund	fund	PROPN
fsr-3383	203	14	earns	earn	VERB
fsr-3383	203	15	6.20	6.20	NUM
fsr-3383	203	16	percent	percent	NOUN
fsr-3383	203	17	return	return	NOUN
fsr-3383	203	18	,	,	PUNCT
fsr-3383	203	19	managing	manage	VERB
fsr-3383	203	20	136	136	NUM
fsr-3383	203	21	holdings	holding	NOUN
fsr-3383	203	22	with	with	ADP
fsr-3383	203	23	over	over	ADP
fsr-3383	203	24	$	$	SYM
fsr-3383	203	25	833	833	NUM
fsr-3383	203	26	million	million	NUM
fsr-3383	203	27	in	in	ADP
fsr-3383	203	28	assets	asset	NOUN
fsr-3383	203	29	and	and	CCONJ
fsr-3383	203	30	charges	charge	NOUN
fsr-3383	203	31	1.15	1.15	NUM
fsr-3383	203	32	percent	percent	NOUN
fsr-3383	203	33	expense	expense	NOUN
fsr-3383	203	34	ratio	ratio	NOUN
fsr-3383	203	35	during	during	ADP
fsr-3383	203	36	the	the	DET
fsr-3383	203	37	14	14	NUM
fsr-3383	203	38	-	-	PUNCT
fsr-3383	203	39	year	year	NOUN
fsr-3383	203	40	period	period	NOUN
fsr-3383	203	41	,	,	PUNCT
fsr-3383	203	42	whereas	whereas	SCONJ
fsr-3383	203	43	the	the	DET
fsr-3383	203	44	annual	annual	ADJ
fsr-3383	203	45	statistics	statistic	NOUN
fsr-3383	203	46	for	for	ADP
fsr-3383	203	47	value	value	NOUN
fsr-3383	203	48	funds	fund	NOUN
fsr-3383	203	49	are	be	AUX
fsr-3383	203	50	7.37	7.37	NUM
fsr-3383	203	51	percent	percent	NOUN
fsr-3383	203	52	return	return	NOUN
fsr-3383	203	53	,	,	PUNCT
fsr-3383	203	54	63	63	NUM
fsr-3383	203	55	percent	percent	NOUN
fsr-3383	203	56	turnover	turnover	NOUN
fsr-3383	203	57	,	,	PUNCT
fsr-3383	203	58	91	91	NUM
fsr-3383	203	59	holdings	holding	NOUN
fsr-3383	203	60	,	,	PUNCT
fsr-3383	203	61	and	and	CCONJ
fsr-3383	203	62	$	$	SYM
fsr-3383	203	63	680	680	NUM
fsr-3383	203	64	million	million	NUM
fsr-3383	203	65	in	in	ADP
fsr-3383	203	66	assets	asset	NOUN
fsr-3383	203	67	per	per	ADP
fsr-3383	203	68	fund	fund	NOUN
fsr-3383	203	69	and	and	CCONJ
fsr-3383	203	70	charge	charge	VERB
fsr-3383	203	71	an	an	DET
fsr-3383	203	72	expense	expense	NOUN
fsr-3383	203	73	ratio	ratio	NOUN
fsr-3383	203	74	of	of	ADP
fsr-3383	203	75	1.11	1.11	NUM
fsr-3383	203	76	percent	percent	NOUN
fsr-3383	203	77	over	over	ADP
fsr-3383	203	78	the	the	DET
fsr-3383	203	79	same	same	ADJ
fsr-3383	203	80	period	period	NOUN
fsr-3383	203	81	.	.	PUNCT
fsr-3383	204	1	these	these	DET
fsr-3383	204	2	statistics	statistic	NOUN
fsr-3383	204	3	offer	offer	VERB
fsr-3383	204	4	good	good	ADJ
fsr-3383	204	5	insight	insight	NOUN
fsr-3383	204	6	into	into	ADP
fsr-3383	204	7	each	each	DET
fsr-3383	204	8	category	category	NOUN
fsr-3383	204	9	.	.	PUNCT
fsr-3383	205	1	growth	growth	NOUN
fsr-3383	205	2	funds	fund	NOUN
fsr-3383	205	3	manage	manage	VERB
fsr-3383	205	4	higher	high	ADJ
fsr-3383	205	5	dollar	dollar	NOUN
fsr-3383	205	6	amount	amount	NOUN
fsr-3383	205	7	in	in	ADP
fsr-3383	205	8	assets	asset	NOUN
fsr-3383	205	9	and	and	CCONJ
fsr-3383	205	10	lowest	low	ADJ
fsr-3383	205	11	return	return	NOUN
fsr-3383	205	12	,	,	PUNCT
fsr-3383	205	13	whereas	whereas	SCONJ
fsr-3383	205	14	value	value	NOUN
fsr-3383	205	15	funds	fund	NOUN
fsr-3383	205	16	manage	manage	VERB
fsr-3383	205	17	lower	low	ADJ
fsr-3383	205	18	amount	amount	NOUN
fsr-3383	205	19	with	with	ADP
fsr-3383	205	20	highest	high	ADJ
fsr-3383	205	21	return	return	NOUN
fsr-3383	205	22	.	.	PUNCT
fsr-3383	206	1	also	also	ADV
fsr-3383	206	2	,	,	PUNCT
fsr-3383	206	3	the	the	DET
fsr-3383	206	4	value	value	NOUN
fsr-3383	206	5	category	category	NOUN
fsr-3383	206	6	charge	charge	VERB
fsr-3383	206	7	lowest	low	ADJ
fsr-3383	206	8	expenses	expense	NOUN
fsr-3383	206	9	and	and	CCONJ
fsr-3383	206	10	the	the	DET
fsr-3383	206	11	growth	growth	NOUN
fsr-3383	206	12	charge	charge	VERB
fsr-3383	206	13	the	the	DET
fsr-3383	206	14	highest	high	ADJ
fsr-3383	206	15	.	.	PUNCT
fsr-3383	207	1	these	these	DET
fsr-3383	207	2	descriptive	descriptive	ADJ
fsr-3383	207	3	statistics	statistic	NOUN
fsr-3383	207	4	show	show	VERB
fsr-3383	207	5	sharp	sharp	ADJ
fsr-3383	207	6	differences	difference	NOUN
fsr-3383	207	7	among	among	ADP
fsr-3383	207	8	all	all	DET
fsr-3383	207	9	these	these	DET
fsr-3383	207	10	different	different	ADJ
fsr-3383	207	11	categories	category	NOUN
fsr-3383	207	12	and	and	CCONJ
fsr-3383	207	13	support	support	VERB
fsr-3383	207	14	the	the	DET
fsr-3383	207	15	idea	idea	NOUN
fsr-3383	207	16	of	of	ADP
fsr-3383	207	17	this	this	DET
fsr-3383	207	18	study	study	NOUN
fsr-3383	207	19	to	to	PART
fsr-3383	207	20	evaluate	evaluate	VERB
fsr-3383	207	21	all	all	PRON
fsr-3383	207	22	of	of	ADP
fsr-3383	207	23	these	these	DET
fsr-3383	207	24	categories	category	NOUN
fsr-3383	207	25	as	as	ADP
fsr-3383	207	26	one	one	NUM
fsr-3383	207	27	group	group	NOUN
fsr-3383	207	28	and	and	CCONJ
fsr-3383	207	29	also	also	ADV
fsr-3383	207	30	separately	separately	ADV
fsr-3383	207	31	.	.	PUNCT
fsr-3383	208	1	table	table	NOUN
fsr-3383	208	2	1	1	NUM
fsr-3383	208	3	panel	panel	NOUN
fsr-3383	208	4	c	c	PROPN
fsr-3383	208	5	shows	show	VERB
fsr-3383	208	6	a	a	DET
fsr-3383	208	7	few	few	ADJ
fsr-3383	208	8	key	key	ADJ
fsr-3383	208	9	statistics	statistic	NOUN
fsr-3383	208	10	of	of	ADP
fsr-3383	208	11	the	the	DET
fsr-3383	208	12	market	market	NOUN
fsr-3383	208	13	and	and	CCONJ
fsr-3383	208	14	market	market	NOUN
fsr-3383	208	15	related	relate	VERB
fsr-3383	208	16	portfolios	portfolio	NOUN
fsr-3383	208	17	.	.	PUNCT
fsr-3383	209	1	the	the	DET
fsr-3383	209	2	average	average	ADJ
fsr-3383	209	3	return	return	NOUN
fsr-3383	209	4	of	of	ADP
fsr-3383	209	5	market	market	NOUN
fsr-3383	209	6	portfolio	portfolio	NOUN
fsr-3383	209	7	(	(	PUNCT
fsr-3383	209	8	the	the	DET
fsr-3383	209	9	crsp	crsp	PROPN
fsr-3383	209	10	value	value	NOUN
fsr-3383	209	11	weighted	weight	VERB
fsr-3383	209	12	index	index	NOUN
fsr-3383	209	13	)	)	PUNCT
fsr-3383	209	14	is	be	AUX
fsr-3383	209	15	0.45	0.45	NUM
fsr-3383	209	16	percent	percent	NOUN
fsr-3383	209	17	per	per	ADP
fsr-3383	209	18	month	month	NOUN
fsr-3383	209	19	(	(	PUNCT
fsr-3383	209	20	5.40	5.40	NUM
fsr-3383	209	21	percent	percent	NOUN
fsr-3383	209	22	annual	annual	ADJ
fsr-3383	209	23	equivalent	equivalent	NOUN
fsr-3383	209	24	)	)	PUNCT
fsr-3383	209	25	whereas	whereas	SCONJ
fsr-3383	209	26	the	the	DET
fsr-3383	209	27	average	average	ADJ
fsr-3383	209	28	annual	annual	ADJ
fsr-3383	209	29	return	return	NOUN
fsr-3383	209	30	on	on	ADP
fsr-3383	209	31	the	the	DET
fsr-3383	209	32	u.s	u.s	PROPN
fsr-3383	209	33	1	1	NUM
fsr-3383	209	34	-	-	PUNCT
fsr-3383	209	35	month	month	NOUN
fsr-3383	209	36	t	t	PROPN
fsr-3383	209	37	-	-	PUNCT
fsr-3383	209	38	bills	bill	NOUN
fsr-3383	209	39	rate	rate	NOUN
fsr-3383	209	40	is	be	AUX
fsr-3383	209	41	1.92	1.92	NUM
fsr-3383	209	42	percent	percent	NOUN
fsr-3383	209	43	.	.	PUNCT
fsr-3383	210	1	proxy	proxy	ADJ
fsr-3383	210	2	portfolios	portfolio	NOUN
fsr-3383	210	3	returns	return	VERB
fsr-3383	210	4	that	that	PRON
fsr-3383	210	5	mimic	mimic	ADJ
fsr-3383	210	6	risk	risk	NOUN
fsr-3383	210	7	premium	premium	NOUN
fsr-3383	210	8	generated	generate	VERB
fsr-3383	210	9	from	from	ADP
fsr-3383	210	10	small	small	ADJ
fsr-3383	210	11	stocks	stock	NOUN
fsr-3383	210	12	,	,	PUNCT
fsr-3383	210	13	value	value	NOUN
fsr-3383	210	14	stocks	stock	NOUN
fsr-3383	210	15	,	,	PUNCT
fsr-3383	210	16	and	and	CCONJ
fsr-3383	210	17	momentum	momentum	NOUN
fsr-3383	210	18	are	be	AUX
fsr-3383	210	19	5.04	5.04	NUM
fsr-3383	210	20	percent	percent	NOUN
fsr-3383	210	21	,	,	PUNCT
fsr-3383	210	22	6.12	6.12	NUM
fsr-3383	210	23	percent	percent	NOUN
fsr-3383	210	24	,	,	PUNCT
fsr-3383	210	25	and	and	CCONJ
fsr-3383	210	26	2.16	2.16	NUM
fsr-3383	210	27	percent	percent	NOUN
fsr-3383	210	28	,	,	PUNCT
fsr-3383	210	29	respectively	respectively	ADV
fsr-3383	210	30	.	.	PUNCT
fsr-3383	211	1	returns	return	NOUN
fsr-3383	211	2	on	on	ADP
fsr-3383	211	3	the	the	DET
fsr-3383	211	4	crsp	crsp	PROPN
fsr-3383	211	5	value	value	NOUN
fsr-3383	211	6	weighted	weight	VERB
fsr-3383	211	7	index	index	NOUN
fsr-3383	211	8	,	,	PUNCT
fsr-3383	211	9	the	the	DET
fsr-3383	211	10	one	one	NUM
fsr-3383	211	11	month	month	NOUN
fsr-3383	211	12	u.s	u.s	PROPN
fsr-3383	211	13	.	.	PROPN
fsr-3383	211	14	treasury	treasury	PROPN
fsr-3383	211	15	bills	bill	NOUN
fsr-3383	211	16	,	,	PUNCT
fsr-3383	211	17	and	and	CCONJ
fsr-3383	211	18	market	market	NOUN
fsr-3383	211	19	mimicking	mimic	VERB
fsr-3383	211	20	portfolios	portfolio	NOUN
fsr-3383	211	21	smb	smb	NOUN
fsr-3383	211	22	,	,	PUNCT
fsr-3383	211	23	hml	hml	PROPN
fsr-3383	211	24	,	,	PUNCT
fsr-3383	211	25	and	and	CCONJ
fsr-3383	211	26	mom	mom	NOUN
fsr-3383	211	27	are	be	AUX
fsr-3383	211	28	taken	take	VERB
fsr-3383	211	29	from	from	ADP
fsr-3383	211	30	kenneth	kenneth	PROPN
fsr-3383	211	31	french	french	PROPN
fsr-3383	211	32	’s	’s	PART
fsr-3383	211	33	website	website	NOUN
fsr-3383	211	34	.	.	PUNCT
fsr-3383	212	1	the	the	DET
fsr-3383	212	2	highest	high	ADJ
fsr-3383	212	3	monthly	monthly	ADJ
fsr-3383	212	4	market	market	NOUN
fsr-3383	212	5	return	return	NOUN
fsr-3383	212	6	is	be	AUX
fsr-3383	212	7	2.57	2.57	NUM
fsr-3383	212	8	percent	percent	NOUN
fsr-3383	212	9	observed	observe	VERB
fsr-3383	212	10	in	in	ADP
fsr-3383	212	11	year	year	NOUN
fsr-3383	212	12	-	-	PUNCT
fsr-3383	212	13	end	end	NOUN
fsr-3383	212	14	2013	2013	NUM
fsr-3383	212	15	.	.	PUNCT
fsr-3383	213	1	the	the	DET
fsr-3383	213	2	lowest	low	ADJ
fsr-3383	213	3	of	of	ADP
fsr-3383	213	4	�	�	NOUN
fsr-3383	213	5	3.56	3.56	NUM
fsr-3383	213	6	percent	percent	NOUN
fsr-3383	213	7	is	be	AUX
fsr-3383	213	8	seen	see	VERB
fsr-3383	213	9	in	in	ADP
fsr-3383	213	10	the	the	DET
fsr-3383	213	11	2008	2008	NUM
fsr-3383	213	12	.	.	PUNCT
fsr-3383	214	1	interestingly	interestingly	ADV
fsr-3383	214	2	,	,	PUNCT
fsr-3383	214	3	during	during	ADP
fsr-3383	214	4	2008	2008	NUM
fsr-3383	214	5	,	,	PUNCT
fsr-3383	214	6	risk	risk	NOUN
fsr-3383	214	7	premium	premium	NOUN
fsr-3383	214	8	generated	generate	VERB
fsr-3383	214	9	by	by	ADP
fsr-3383	214	10	small	small	ADJ
fsr-3383	214	11	and	and	CCONJ
fsr-3383	214	12	value	value	NOUN
fsr-3383	214	13	stocks	stock	NOUN
fsr-3383	214	14	are	be	AUX
fsr-3383	214	15	positive	positive	ADJ
fsr-3383	214	16	and	and	CCONJ
fsr-3383	214	17	so	so	ADV
fsr-3383	214	18	is	be	AUX
fsr-3383	214	19	the	the	DET
fsr-3383	214	20	risk	risk	NOUN
fsr-3383	214	21	premium	premium	NOUN
fsr-3383	214	22	generated	generate	VERB
fsr-3383	214	23	by	by	ADP
fsr-3383	214	24	the	the	DET
fsr-3383	214	25	momentum	momentum	NOUN
fsr-3383	214	26	effect	effect	NOUN
fsr-3383	214	27	.	.	PUNCT
fsr-3383	215	1	a	a	DET
fsr-3383	215	2	simple	simple	ADJ
fsr-3383	215	3	comparison	comparison	NOUN
fsr-3383	215	4	of	of	ADP
fsr-3383	215	5	returns	return	NOUN
fsr-3383	215	6	between	between	ADP
fsr-3383	215	7	sample	sample	NOUN
fsr-3383	215	8	funds	fund	NOUN
fsr-3383	215	9	and	and	CCONJ
fsr-3383	215	10	the	the	DET
fsr-3383	215	11	market	market	NOUN
fsr-3383	215	12	index	index	NOUN
fsr-3383	215	13	shows	show	VERB
fsr-3383	215	14	that	that	SCONJ
fsr-3383	215	15	in	in	ADP
fsr-3383	215	16	2013	2013	NUM
fsr-3383	215	17	,	,	PUNCT
fsr-3383	215	18	sample	sample	NOUN
fsr-3383	215	19	funds	fund	NOUN
fsr-3383	215	20	generate	generate	VERB
fsr-3383	215	21	2.45	2.45	NUM
fsr-3383	215	22	percent	percent	NOUN
fsr-3383	215	23	return	return	NOUN
fsr-3383	215	24	and	and	CCONJ
fsr-3383	215	25	�	�	NOUN
fsr-3383	215	26	3.68	3.68	NUM
fsr-3383	215	27	percent	percent	NOUN
fsr-3383	215	28	in	in	ADP
fsr-3383	215	29	2008	2008	NUM
fsr-3383	215	30	.	.	PUNCT
fsr-3383	216	1	this	this	DET
fsr-3383	216	2	comparative	comparative	ADJ
fsr-3383	216	3	analysis	analysis	NOUN
fsr-3383	216	4	clearly	clearly	ADV
fsr-3383	216	5	shows	show	VERB
fsr-3383	216	6	a	a	DET
fsr-3383	216	7	direct	direct	ADJ
fsr-3383	216	8	relationship	relationship	NOUN
fsr-3383	216	9	between	between	ADP
fsr-3383	216	10	sample	sample	NOUN
fsr-3383	216	11	funds	fund	NOUN
fsr-3383	216	12	and	and	CCONJ
fsr-3383	216	13	the	the	DET
fsr-3383	216	14	market	market	NOUN
fsr-3383	216	15	.	.	PUNCT
fsr-3383	217	1	4	4	X
fsr-3383	217	2	.	.	X
fsr-3383	217	3	methodology	methodology	NOUN
fsr-3383	217	4	the	the	DET
fsr-3383	217	5	sharpe	sharpe	PROPN
fsr-3383	217	6	(	(	PUNCT
fsr-3383	217	7	1964	1964	NUM
fsr-3383	217	8	)	)	PUNCT
fsr-3383	217	9	–	–	PUNCT
fsr-3383	217	10	lintner	lintner	NOUN
fsr-3383	217	11	(	(	PUNCT
fsr-3383	217	12	1965	1965	NUM
fsr-3383	217	13	)	)	PUNCT
fsr-3383	217	14	capital	capital	NOUN
fsr-3383	217	15	asset	asset	NOUN
fsr-3383	217	16	pricing	pricing	NOUN
fsr-3383	217	17	model	model	NOUN
fsr-3383	217	18	(	(	PUNCT
fsr-3383	217	19	capm	capm	PROPN
fsr-3383	217	20	)	)	PUNCT
fsr-3383	217	21	is	be	AUX
fsr-3383	217	22	the	the	DET
fsr-3383	217	23	primary	primary	ADJ
fsr-3383	217	24	and	and	CCONJ
fsr-3383	217	25	most	most	ADV
fsr-3383	217	26	often	often	ADV
fsr-3383	217	27	used	use	VERB
fsr-3383	217	28	tool	tool	NOUN
fsr-3383	217	29	to	to	PART
fsr-3383	217	30	price	price	NOUN
fsr-3383	217	31	assets	asset	NOUN
fsr-3383	217	32	.	.	PUNCT
fsr-3383	218	1	the	the	DET
fsr-3383	218	2	capm	capm	PROPN
fsr-3383	218	3	states	state	VERB
fsr-3383	218	4	that	that	SCONJ
fsr-3383	218	5	in	in	ADP
fsr-3383	218	6	equilibrium	equilibrium	NOUN
fsr-3383	218	7	,	,	PUNCT
fsr-3383	218	8	expected	expect	VERB
fsr-3383	218	9	returns	return	NOUN
fsr-3383	218	10	are	be	AUX
fsr-3383	218	11	linearly	linearly	ADV
fsr-3383	218	12	related	relate	VERB
fsr-3383	218	13	to	to	ADP
fsr-3383	218	14	their	their	PRON
fsr-3383	218	15	level	level	NOUN
fsr-3383	218	16	of	of	ADP
fsr-3383	218	17	risk	risk	NOUN
fsr-3383	218	18	,	,	PUNCT
fsr-3383	218	19	more	more	ADV
fsr-3383	218	20	specifically	specifically	ADV
fsr-3383	218	21	,	,	PUNCT
fsr-3383	218	22	their	their	PRON
fsr-3383	218	23	beta	beta	NOUN
fsr-3383	218	24	or	or	CCONJ
fsr-3383	218	25	systematic	systematic	ADJ
fsr-3383	218	26	106	106	NUM
fsr-3383	218	27	a.	a.	NOUN
fsr-3383	218	28	kaushik	kaushik	PROPN
fsr-3383	218	29	,	,	PUNCT
fsr-3383	218	30	r.	r.	PROPN
fsr-3383	218	31	boisvert	boisvert	PROPN
fsr-3383	218	32	/	/	SYM
fsr-3383	218	33	financial	financial	ADJ
fsr-3383	218	34	services	service	NOUN
fsr-3383	218	35	review	review	VERB
fsr-3383	218	36	27	27	NUM
fsr-3383	218	37	(	(	PUNCT
fsr-3383	218	38	2018	2018	NUM
fsr-3383	218	39	)	)	PUNCT
fsr-3383	218	40	99	99	NUM
fsr-3383	218	41	-	-	SYM
fsr-3383	218	42	113	113	NUM
fsr-3383	218	43	risk	risk	NOUN
fsr-3383	218	44	.	.	PUNCT
fsr-3383	219	1	many	many	ADJ
fsr-3383	219	2	tests	test	NOUN
fsr-3383	219	3	and	and	CCONJ
fsr-3383	219	4	models	model	NOUN
fsr-3383	219	5	have	have	AUX
fsr-3383	219	6	been	be	AUX
fsr-3383	219	7	developed	develop	VERB
fsr-3383	219	8	over	over	ADP
fsr-3383	219	9	the	the	DET
fsr-3383	219	10	years	year	NOUN
fsr-3383	219	11	to	to	PART
fsr-3383	219	12	measure	measure	VERB
fsr-3383	219	13	performance	performance	NOUN
fsr-3383	219	14	of	of	ADP
fsr-3383	219	15	the	the	DET
fsr-3383	219	16	mutual	mutual	ADJ
fsr-3383	219	17	funds	fund	NOUN
fsr-3383	219	18	’	'	PUNCT
fsr-3383	219	19	managers	manager	NOUN
fsr-3383	219	20	.	.	PUNCT
fsr-3383	220	1	jensen	jensen	PROPN
fsr-3383	220	2	’s	’s	PART
fsr-3383	220	3	(	(	PUNCT
fsr-3383	220	4	1968	1968	NUM
fsr-3383	220	5	)	)	PUNCT
fsr-3383	220	6	alpha	alpha	NOUN
fsr-3383	220	7	is	be	AUX
fsr-3383	220	8	perhaps	perhaps	ADV
fsr-3383	220	9	the	the	DET
fsr-3383	220	10	best	well	ADV
fsr-3383	220	11	known	know	VERB
fsr-3383	220	12	primary	primary	ADJ
fsr-3383	220	13	model	model	NOUN
fsr-3383	220	14	.	.	PUNCT
fsr-3383	221	1	rit	rit	PROPN
fsr-3383	221	2	�	�	PROPN
fsr-3383	221	3	rft	rft	PROPN
fsr-3383	221	4	�	�	PROPN
fsr-3383	221	5	�	�	PROPN
fsr-3383	221	6	i	i	PROPN
fsr-3383	221	7	�	�	PROPN
fsr-3383	221	8	�	�	PROPN
fsr-3383	221	9	i	i	PRON
fsr-3383	221	10	*	*	PUNCT
fsr-3383	221	11	rmrft	rmrft	NOUN
fsr-3383	221	12	(	(	PUNCT
fsr-3383	221	13	1	1	NUM
fsr-3383	221	14	)	)	PUNCT
fsr-3383	221	15	where	where	SCONJ
fsr-3383	221	16	:	:	PUNCT
fsr-3383	221	17	rit	rit	PROPN
fsr-3383	221	18	�	�	PROPN
fsr-3383	221	19	rft	rft	PROPN
fsr-3383	221	20	is	be	AUX
fsr-3383	221	21	the	the	DET
fsr-3383	221	22	excess	excess	ADJ
fsr-3383	221	23	return	return	NOUN
fsr-3383	221	24	on	on	ADP
fsr-3383	221	25	fund	fund	NOUN
fsr-3383	221	26	i	i	PRON
fsr-3383	221	27	over	over	ADP
fsr-3383	221	28	the	the	DET
fsr-3383	221	29	1	1	NUM
fsr-3383	221	30	-	-	PUNCT
fsr-3383	221	31	month	month	NOUN
fsr-3383	221	32	t	t	PROPN
fsr-3383	221	33	-	-	PUNCT
fsr-3383	221	34	bill	bill	NOUN
fsr-3383	221	35	rate	rate	NOUN
fsr-3383	221	36	,	,	PUNCT
fsr-3383	221	37	�	�	PROPN
fsr-3383	221	38	i	i	PRON
fsr-3383	221	39	is	be	AUX
fsr-3383	221	40	the	the	DET
fsr-3383	221	41	measure	measure	NOUN
fsr-3383	221	42	of	of	ADP
fsr-3383	221	43	the	the	DET
fsr-3383	221	44	portfolio	portfolio	NOUN
fsr-3383	221	45	’s	’s	PART
fsr-3383	221	46	performance	performance	NOUN
fsr-3383	221	47	(	(	PUNCT
fsr-3383	221	48	jensen	jensen	PROPN
fsr-3383	221	49	’s	’s	PART
fsr-3383	221	50	alpha	alpha	NOUN
fsr-3383	221	51	)	)	PUNCT
fsr-3383	221	52	,	,	PUNCT
fsr-3383	221	53	rmrft	rmrft	NOUN
fsr-3383	221	54	�	�	NOUN
fsr-3383	221	55	rmt	rmt	NOUN
fsr-3383	221	56	�	�	PROPN
fsr-3383	221	57	rft	rft	PROPN
fsr-3383	221	58	is	be	AUX
fsr-3383	221	59	the	the	DET
fsr-3383	221	60	excess	excess	ADJ
fsr-3383	221	61	return	return	NOUN
fsr-3383	221	62	on	on	ADP
fsr-3383	221	63	the	the	DET
fsr-3383	221	64	market	market	NOUN
fsr-3383	221	65	,	,	PUNCT
fsr-3383	221	66	and	and	CCONJ
fsr-3383	221	67	�	�	PROPN
fsr-3383	221	68	i	i	PRON
fsr-3383	221	69	�	�	PROPN
fsr-3383	221	70	is	be	AUX
fsr-3383	221	71	the	the	DET
fsr-3383	221	72	unconditional	unconditional	ADJ
fsr-3383	221	73	measure	measure	NOUN
fsr-3383	221	74	of	of	ADP
fsr-3383	221	75	risk	risk	NOUN
fsr-3383	221	76	.	.	PUNCT
fsr-3383	222	1	we	we	PRON
fsr-3383	222	2	use	use	VERB
fsr-3383	222	3	monthly	monthly	ADJ
fsr-3383	222	4	observations	observation	NOUN
fsr-3383	222	5	over	over	ADP
fsr-3383	222	6	the	the	DET
fsr-3383	222	7	period	period	NOUN
fsr-3383	222	8	january	january	PROPN
fsr-3383	222	9	2000	2000	NUM
fsr-3383	222	10	to	to	ADP
fsr-3383	222	11	december	december	PROPN
fsr-3383	222	12	2013	2013	NUM
fsr-3383	222	13	.	.	PUNCT
fsr-3383	223	1	it	it	PRON
fsr-3383	223	2	is	be	AUX
fsr-3383	223	3	argued	argue	VERB
fsr-3383	223	4	that	that	SCONJ
fsr-3383	223	5	the	the	DET
fsr-3383	223	6	market	market	NOUN
fsr-3383	223	7	model	model	NOUN
fsr-3383	223	8	alone	alone	ADV
fsr-3383	223	9	does	do	AUX
fsr-3383	223	10	not	not	PART
fsr-3383	223	11	reflect	reflect	VERB
fsr-3383	223	12	true	true	ADJ
fsr-3383	223	13	risk	risk	NOUN
fsr-3383	223	14	inherent	inherent	ADJ
fsr-3383	223	15	in	in	ADP
fsr-3383	223	16	the	the	DET
fsr-3383	223	17	funds	fund	NOUN
fsr-3383	223	18	’	'	PUNCT
fsr-3383	223	19	performance	performance	NOUN
fsr-3383	223	20	and	and	CCONJ
fsr-3383	223	21	therefore	therefore	ADV
fsr-3383	223	22	,	,	PUNCT
fsr-3383	223	23	in	in	ADP
fsr-3383	223	24	order	order	NOUN
fsr-3383	223	25	to	to	PART
fsr-3383	223	26	control	control	VERB
fsr-3383	223	27	the	the	DET
fsr-3383	223	28	funds	fund	NOUN
fsr-3383	223	29	’	'	PUNCT
fsr-3383	223	30	selectivity	selectivity	NOUN
fsr-3383	223	31	performance	performance	NOUN
fsr-3383	223	32	for	for	ADP
fsr-3383	223	33	investment	investment	NOUN
fsr-3383	223	34	style	style	NOUN
fsr-3383	223	35	,	,	PUNCT
fsr-3383	223	36	we	we	PRON
fsr-3383	223	37	also	also	ADV
fsr-3383	223	38	use	use	VERB
fsr-3383	223	39	the	the	DET
fsr-3383	223	40	four	four	NUM
fsr-3383	223	41	-	-	PUNCT
fsr-3383	223	42	factor	factor	NOUN
fsr-3383	223	43	model	model	NOUN
fsr-3383	223	44	of	of	ADP
fsr-3383	223	45	carhart	carhart	NOUN
fsr-3383	223	46	(	(	PUNCT
fsr-3383	223	47	1997	1997	NUM
fsr-3383	223	48	)	)	PUNCT
fsr-3383	223	49	,	,	PUNCT
fsr-3383	223	50	which	which	PRON
fsr-3383	223	51	adjusts	adjust	VERB
fsr-3383	223	52	fund	fund	NOUN
fsr-3383	223	53	excess	excess	ADJ
fsr-3383	223	54	return	return	NOUN
fsr-3383	223	55	for	for	ADP
fsr-3383	223	56	the	the	DET
fsr-3383	223	57	fama	fama	NOUN
fsr-3383	223	58	-	-	PUNCT
fsr-3383	223	59	french	french	NOUN
fsr-3383	223	60	(	(	PUNCT
fsr-3383	223	61	ff	ff	NOUN
fsr-3383	223	62	)	)	PUNCT
fsr-3383	223	63	factors	factor	NOUN
fsr-3383	223	64	smb	smb	PROPN
fsr-3383	223	65	,	,	PUNCT
fsr-3383	223	66	hml	hml	PROPN
fsr-3383	223	67	,	,	PUNCT
fsr-3383	223	68	and	and	CCONJ
fsr-3383	223	69	carhart	carhart	NOUN
fsr-3383	223	70	’s	’s	PART
fsr-3383	223	71	momentum	momentum	NOUN
fsr-3383	223	72	in	in	ADP
fsr-3383	223	73	addition	addition	NOUN
fsr-3383	223	74	to	to	ADP
fsr-3383	223	75	difference	difference	NOUN
fsr-3383	223	76	in	in	ADP
fsr-3383	223	77	returns	return	NOUN
fsr-3383	223	78	between	between	ADP
fsr-3383	223	79	small	small	ADJ
fsr-3383	223	80	and	and	CCONJ
fsr-3383	223	81	large	large	ADJ
fsr-3383	223	82	capitalization	capitalization	NOUN
fsr-3383	223	83	stocks	stock	NOUN
fsr-3383	223	84	and	and	CCONJ
fsr-3383	223	85	the	the	DET
fsr-3383	223	86	difference	difference	NOUN
fsr-3383	223	87	in	in	ADP
fsr-3383	223	88	returns	return	NOUN
fsr-3383	223	89	between	between	ADP
fsr-3383	223	90	high	high	ADJ
fsr-3383	223	91	and	and	CCONJ
fsr-3383	223	92	low	low	ADJ
fsr-3383	223	93	book	book	NOUN
fsr-3383	223	94	-	-	PUNCT
fsr-3383	223	95	to	to	ADP
fsr-3383	223	96	-	-	PUNCT
fsr-3383	223	97	market	market	NOUN
fsr-3383	223	98	stocks	stock	NOUN
fsr-3383	223	99	.	.	PUNCT
fsr-3383	224	1	rit	rit	PROPN
fsr-3383	224	2	�	�	PROPN
fsr-3383	224	3	rft	rft	PROPN
fsr-3383	224	4	�	�	PROPN
fsr-3383	224	5	�	�	PROPN
fsr-3383	224	6	i	i	PROPN
fsr-3383	224	7	�	�	PROPN
fsr-3383	224	8	�	�	PROPN
fsr-3383	224	9	1i	1i	NOUN
fsr-3383	224	10	*	*	PUNCT
fsr-3383	224	11	rmrft	rmrft	PROPN
fsr-3383	224	12	�	�	PROPN
fsr-3383	224	13	�	�	PROPN
fsr-3383	224	14	2i	2i	NOUN
fsr-3383	224	15	*	*	PUNCT
fsr-3383	224	16	smbt	smbt	NOUN
fsr-3383	224	17	�	�	PROPN
fsr-3383	224	18	�	�	PROPN
fsr-3383	224	19	3i	3i	NOUN
fsr-3383	224	20	*	*	PUNCT
fsr-3383	224	21	hmlt	hmlt	PROPN
fsr-3383	224	22	�	�	PROPN
fsr-3383	224	23	�	�	PROPN
fsr-3383	224	24	4i	4i	PROPN
fsr-3383	224	25	*	*	PUNCT
fsr-3383	224	26	momt	momt	PROPN
fsr-3383	224	27	�	�	PROPN
fsr-3383	224	28	�	�	PROPN
fsr-3383	224	29	i	i	PROPN
fsr-3383	224	30	,	,	PUNCT
fsr-3383	224	31	t	t	PROPN
fsr-3383	224	32	(	(	PUNCT
fsr-3383	224	33	2	2	NUM
fsr-3383	224	34	)	)	PUNCT
fsr-3383	224	35	where	where	SCONJ
fsr-3383	224	36	:	:	PUNCT
fsr-3383	224	37	rmrft	rmrft	NOUN
fsr-3383	224	38	is	be	AUX
fsr-3383	224	39	the	the	DET
fsr-3383	224	40	excess	excess	ADJ
fsr-3383	224	41	monthly	monthly	ADJ
fsr-3383	224	42	return	return	NOUN
fsr-3383	224	43	(	(	PUNCT
fsr-3383	224	44	market	market	NOUN
fsr-3383	224	45	return	return	NOUN
fsr-3383	224	46	net	net	NOUN
fsr-3383	224	47	of	of	ADP
fsr-3383	224	48	monthly	monthly	ADJ
fsr-3383	224	49	t	t	PROPN
fsr-3383	224	50	-	-	PUNCT
fsr-3383	224	51	bill	bill	NOUN
fsr-3383	224	52	return	return	NOUN
fsr-3383	224	53	)	)	PUNCT
fsr-3383	224	54	on	on	ADP
fsr-3383	224	55	the	the	DET
fsr-3383	224	56	crsp	crsp	PROPN
fsr-3383	224	57	value	value	NOUN
fsr-3383	224	58	weighted	weight	VERB
fsr-3383	224	59	index	index	NOUN
fsr-3383	224	60	,	,	PUNCT
fsr-3383	224	61	smbt	smbt	NOUN
fsr-3383	224	62	is	be	AUX
fsr-3383	224	63	the	the	DET
fsr-3383	224	64	difference	difference	NOUN
fsr-3383	224	65	in	in	ADP
fsr-3383	224	66	returns	return	NOUN
fsr-3383	224	67	between	between	ADP
fsr-3383	224	68	small	small	ADJ
fsr-3383	224	69	and	and	CCONJ
fsr-3383	224	70	large	large	ADJ
fsr-3383	224	71	capitalization	capitalization	NOUN
fsr-3383	224	72	stocks	stock	NOUN
fsr-3383	224	73	and	and	CCONJ
fsr-3383	224	74	hmlt	hmlt	PROPN
fsr-3383	224	75	is	be	AUX
fsr-3383	224	76	the	the	DET
fsr-3383	224	77	difference	difference	NOUN
fsr-3383	224	78	in	in	ADP
fsr-3383	224	79	returns	return	NOUN
fsr-3383	224	80	between	between	ADP
fsr-3383	224	81	high	high	ADJ
fsr-3383	224	82	and	and	CCONJ
fsr-3383	224	83	low	low	ADJ
fsr-3383	224	84	book	book	NOUN
fsr-3383	224	85	-	-	PUNCT
fsr-3383	224	86	to	to	ADP
fsr-3383	224	87	-	-	PUNCT
fsr-3383	224	88	market	market	NOUN
fsr-3383	224	89	stocks	stock	NOUN
fsr-3383	224	90	.	.	PUNCT
fsr-3383	225	1	momt	momt	NOUN
fsr-3383	225	2	is	be	AUX
fsr-3383	225	3	the	the	DET
fsr-3383	225	4	difference	difference	NOUN
fsr-3383	225	5	in	in	ADP
fsr-3383	225	6	returns	return	NOUN
fsr-3383	225	7	between	between	ADP
fsr-3383	225	8	stocks	stock	NOUN
fsr-3383	225	9	with	with	ADP
fsr-3383	225	10	high	high	ADJ
fsr-3383	225	11	and	and	CCONJ
fsr-3383	225	12	low	low	ADJ
fsr-3383	225	13	past	past	ADJ
fsr-3383	225	14	returns	return	NOUN
fsr-3383	225	15	.	.	PUNCT
fsr-3383	226	1	monthly	monthly	ADJ
fsr-3383	226	2	smbt	smbt	NOUN
fsr-3383	226	3	,	,	PUNCT
fsr-3383	226	4	hmlt	hmlt	NOUN
fsr-3383	226	5	,	,	PUNCT
fsr-3383	226	6	and	and	CCONJ
fsr-3383	226	7	momt	momt	ADJ
fsr-3383	226	8	factors	factor	NOUN
fsr-3383	226	9	are	be	AUX
fsr-3383	226	10	taken	take	VERB
fsr-3383	226	11	from	from	ADP
fsr-3383	226	12	the	the	DET
fsr-3383	226	13	kenneth	kenneth	PROPN
fsr-3383	226	14	french	french	PROPN
fsr-3383	226	15	web	web	NOUN
fsr-3383	226	16	site	site	NOUN
fsr-3383	226	17	.	.	PUNCT
fsr-3383	227	1	a	a	DET
fsr-3383	227	2	positive	positive	ADJ
fsr-3383	227	3	alpha	alpha	NOUN
fsr-3383	227	4	in	in	ADP
fsr-3383	227	5	equation	equation	NOUN
fsr-3383	227	6	(	(	PUNCT
fsr-3383	227	7	2	2	X
fsr-3383	227	8	)	)	PUNCT
fsr-3383	227	9	shows	show	VERB
fsr-3383	227	10	the	the	DET
fsr-3383	227	11	positive	positive	ADJ
fsr-3383	227	12	stock	stock	NOUN
fsr-3383	227	13	picking	picking	NOUN
fsr-3383	227	14	abilities	ability	NOUN
fsr-3383	227	15	or	or	CCONJ
fsr-3383	227	16	selectivity	selectivity	NOUN
fsr-3383	227	17	of	of	ADP
fsr-3383	227	18	the	the	DET
fsr-3383	227	19	fund	fund	NOUN
fsr-3383	227	20	managers	manager	NOUN
fsr-3383	227	21	,	,	PUNCT
fsr-3383	227	22	whereas	whereas	SCONJ
fsr-3383	227	23	a	a	DET
fsr-3383	227	24	negative	negative	ADJ
fsr-3383	227	25	alpha	alpha	NOUN
fsr-3383	227	26	corresponds	correspond	VERB
fsr-3383	227	27	to	to	ADP
fsr-3383	227	28	negative	negative	ADJ
fsr-3383	227	29	selectivity	selectivity	NOUN
fsr-3383	227	30	of	of	ADP
fsr-3383	227	31	fund	fund	NOUN
fsr-3383	227	32	managers	manager	NOUN
fsr-3383	227	33	.	.	PUNCT
fsr-3383	228	1	a	a	DET
fsr-3383	228	2	zero	zero	NUM
fsr-3383	228	3	alpha	alpha	NOUN
fsr-3383	228	4	means	mean	VERB
fsr-3383	228	5	that	that	SCONJ
fsr-3383	228	6	fund	fund	NOUN
fsr-3383	228	7	managers	manager	NOUN
fsr-3383	228	8	have	have	VERB
fsr-3383	228	9	no	no	DET
fsr-3383	228	10	selectivity	selectivity	NOUN
fsr-3383	228	11	ability	ability	NOUN
fsr-3383	228	12	and	and	CCONJ
fsr-3383	228	13	they	they	PRON
fsr-3383	228	14	are	be	AUX
fsr-3383	228	15	not	not	PART
fsr-3383	228	16	able	able	ADJ
fsr-3383	228	17	to	to	PART
fsr-3383	228	18	either	either	CCONJ
fsr-3383	228	19	underperform	underperform	VERB
fsr-3383	228	20	or	or	CCONJ
fsr-3383	228	21	overperform	overperform	VERB
fsr-3383	228	22	the	the	DET
fsr-3383	228	23	comparative	comparative	ADJ
fsr-3383	228	24	benchmark	benchmark	NOUN
fsr-3383	228	25	.	.	PUNCT
fsr-3383	229	1	since	since	SCONJ
fsr-3383	229	2	funds	fund	NOUN
fsr-3383	229	3	may	may	AUX
fsr-3383	229	4	differ	differ	VERB
fsr-3383	229	5	from	from	ADP
fsr-3383	229	6	each	each	DET
fsr-3383	229	7	other	other	ADJ
fsr-3383	229	8	,	,	PUNCT
fsr-3383	229	9	first	first	ADV
fsr-3383	229	10	we	we	PRON
fsr-3383	229	11	estimate	estimate	VERB
fsr-3383	229	12	alpha	alpha	NOUN
fsr-3383	229	13	for	for	ADP
fsr-3383	229	14	each	each	DET
fsr-3383	229	15	fund	fund	NOUN
fsr-3383	229	16	separately	separately	ADV
fsr-3383	229	17	using	use	VERB
fsr-3383	229	18	equation	equation	NOUN
fsr-3383	229	19	(	(	PUNCT
fsr-3383	229	20	2	2	NUM
fsr-3383	229	21	)	)	PUNCT
fsr-3383	229	22	and	and	CCONJ
fsr-3383	229	23	then	then	ADV
fsr-3383	229	24	estimate	estimate	VERB
fsr-3383	229	25	asset	asset	NOUN
fsr-3383	229	26	-	-	PUNCT
fsr-3383	229	27	weighted	weight	VERB
fsr-3383	229	28	average	average	ADJ
fsr-3383	229	29	alpha	alpha	NOUN
fsr-3383	229	30	of	of	ADP
fsr-3383	229	31	the	the	DET
fsr-3383	229	32	entire	entire	ADJ
fsr-3383	229	33	portfolio	portfolio	NOUN
fsr-3383	229	34	.	.	PUNCT
fsr-3383	230	1	further	far	ADV
fsr-3383	230	2	,	,	PUNCT
fsr-3383	230	3	we	we	PRON
fsr-3383	230	4	use	use	VERB
fsr-3383	230	5	newy	newy	NOUN
fsr-3383	230	6	-	-	PUNCT
fsr-3383	230	7	west	west	PROPN
fsr-3383	230	8	regression	regression	NOUN
fsr-3383	230	9	methodology	methodology	NOUN
fsr-3383	230	10	to	to	PART
fsr-3383	230	11	control	control	VERB
fsr-3383	230	12	for	for	ADP
fsr-3383	230	13	any	any	DET
fsr-3383	230	14	heteroscedasticity	heteroscedasticity	NOUN
fsr-3383	230	15	and	and	CCONJ
fsr-3383	230	16	auto	auto	NOUN
fsr-3383	230	17	-	-	PUNCT
fsr-3383	230	18	correlation	correlation	NOUN
fsr-3383	230	19	in	in	ADP
fsr-3383	230	20	error	error	NOUN
fsr-3383	230	21	terms	term	NOUN
fsr-3383	230	22	.	.	PUNCT
fsr-3383	231	1	we	we	PRON
fsr-3383	231	2	estimate	estimate	VERB
fsr-3383	231	3	alphas	alpha	NOUN
fsr-3383	231	4	overall	overall	ADV
fsr-3383	231	5	and	and	CCONJ
fsr-3383	231	6	separately	separately	ADV
fsr-3383	231	7	across	across	ADP
fsr-3383	231	8	each	each	DET
fsr-3383	231	9	large	large	ADJ
fsr-3383	231	10	cap	cap	NOUN
fsr-3383	231	11	category	category	NOUN
fsr-3383	231	12	.	.	PUNCT
fsr-3383	232	1	4.2	4.2	NUM
fsr-3383	232	2	.	.	X
fsr-3383	232	3	abnormal	abnormal	ADJ
fsr-3383	232	4	performance	performance	NOUN
fsr-3383	232	5	based	base	VERB
fsr-3383	232	6	on	on	ADP
fsr-3383	232	7	expense	expense	NOUN
fsr-3383	232	8	ratio	ratio	NOUN
fsr-3383	232	9	the	the	DET
fsr-3383	232	10	main	main	ADJ
fsr-3383	232	11	objective	objective	NOUN
fsr-3383	232	12	of	of	ADP
fsr-3383	232	13	this	this	DET
fsr-3383	232	14	study	study	NOUN
fsr-3383	232	15	is	be	AUX
fsr-3383	232	16	to	to	PART
fsr-3383	232	17	evaluate	evaluate	VERB
fsr-3383	232	18	abnormal	abnormal	ADJ
fsr-3383	232	19	performance	performance	NOUN
fsr-3383	232	20	conditioned	condition	VERB
fsr-3383	232	21	on	on	ADP
fsr-3383	232	22	expenses	expense	NOUN
fsr-3383	232	23	;	;	PUNCT
fsr-3383	232	24	therefore	therefore	ADV
fsr-3383	232	25	,	,	PUNCT
fsr-3383	232	26	we	we	PRON
fsr-3383	232	27	use	use	VERB
fsr-3383	232	28	portfolio	portfolio	NOUN
fsr-3383	232	29	approach	approach	NOUN
fsr-3383	232	30	to	to	PART
fsr-3383	232	31	estimate	estimate	VERB
fsr-3383	232	32	expense	expense	NOUN
fsr-3383	232	33	ratio	ratio	NOUN
fsr-3383	232	34	conditioned	condition	VERB
fsr-3383	232	35	alpha	alpha	NOUN
fsr-3383	232	36	.	.	PUNCT
fsr-3383	233	1	107a	107a	NOUN
fsr-3383	233	2	.	.	PUNCT
fsr-3383	234	1	kaushik	kaushik	PROPN
fsr-3383	234	2	,	,	PUNCT
fsr-3383	234	3	r.	r.	PROPN
fsr-3383	234	4	boisvert	boisvert	PROPN
fsr-3383	234	5	/	/	SYM
fsr-3383	234	6	financial	financial	ADJ
fsr-3383	234	7	services	service	NOUN
fsr-3383	234	8	review	review	VERB
fsr-3383	234	9	27	27	NUM
fsr-3383	234	10	(	(	PUNCT
fsr-3383	234	11	2018	2018	NUM
fsr-3383	234	12	)	)	PUNCT
fsr-3383	234	13	99	99	NUM
fsr-3383	234	14	-	-	SYM
fsr-3383	234	15	113	113	NUM
fsr-3383	234	16	we	we	PRON
fsr-3383	234	17	form	form	VERB
fsr-3383	234	18	quintiles	quintile	NOUN
fsr-3383	234	19	each	each	DET
fsr-3383	234	20	year	year	NOUN
fsr-3383	234	21	based	base	VERB
fsr-3383	234	22	on	on	ADP
fsr-3383	234	23	the	the	DET
fsr-3383	234	24	expense	expense	NOUN
fsr-3383	234	25	ratio	ratio	NOUN
fsr-3383	234	26	in	in	ADP
fsr-3383	234	27	the	the	DET
fsr-3383	234	28	previous	previous	ADJ
fsr-3383	234	29	year	year	NOUN
fsr-3383	234	30	.	.	PUNCT
fsr-3383	235	1	in	in	ADP
fsr-3383	235	2	other	other	ADJ
fsr-3383	235	3	words	word	NOUN
fsr-3383	235	4	,	,	PUNCT
fsr-3383	235	5	we	we	PRON
fsr-3383	235	6	rank	rank	VERB
fsr-3383	235	7	funds	fund	NOUN
fsr-3383	235	8	based	base	VERB
fsr-3383	235	9	on	on	ADP
fsr-3383	235	10	expense	expense	NOUN
fsr-3383	235	11	ratio1	ratio1	NOUN
fsr-3383	235	12	;	;	PUNCT
fsr-3383	235	13	for	for	ADP
fsr-3383	235	14	example	example	NOUN
fsr-3383	235	15	,	,	PUNCT
fsr-3383	235	16	year	year	NOUN
fsr-3383	235	17	2000	2000	NUM
fsr-3383	235	18	is	be	AUX
fsr-3383	235	19	the	the	DET
fsr-3383	235	20	first	first	ADJ
fsr-3383	235	21	formation	formation	NOUN
fsr-3383	235	22	year	year	NOUN
fsr-3383	235	23	.	.	PUNCT
fsr-3383	236	1	at	at	ADP
fsr-3383	236	2	year	year	NOUN
fsr-3383	236	3	-	-	PUNCT
fsr-3383	236	4	end	end	NOUN
fsr-3383	236	5	2000	2000	NUM
fsr-3383	236	6	,	,	PUNCT
fsr-3383	236	7	we	we	PRON
fsr-3383	236	8	sort	sort	VERB
fsr-3383	236	9	funds	fund	NOUN
fsr-3383	236	10	based	base	VERB
fsr-3383	236	11	on	on	ADP
fsr-3383	236	12	expense	expense	NOUN
fsr-3383	236	13	ratios	ratio	NOUN
fsr-3383	236	14	and	and	CCONJ
fsr-3383	236	15	form	form	NOUN
fsr-3383	236	16	quintiles	quintile	NOUN
fsr-3383	236	17	.	.	PUNCT
fsr-3383	237	1	q1	q1	PROPN
fsr-3383	237	2	portfolio	portfolio	NOUN
fsr-3383	237	3	consists	consist	VERB
fsr-3383	237	4	of	of	ADP
fsr-3383	237	5	funds	fund	NOUN
fsr-3383	237	6	that	that	PRON
fsr-3383	237	7	belong	belong	VERB
fsr-3383	237	8	to	to	ADP
fsr-3383	237	9	the	the	DET
fsr-3383	237	10	lowest	low	ADJ
fsr-3383	237	11	25	25	NUM
fsr-3383	237	12	percent	percent	NOUN
fsr-3383	237	13	of	of	ADP
fsr-3383	237	14	funds	fund	NOUN
fsr-3383	237	15	based	base	VERB
fsr-3383	237	16	on	on	ADP
fsr-3383	237	17	expense	expense	NOUN
fsr-3383	237	18	ratio	ratio	NOUN
fsr-3383	237	19	whereas	whereas	SCONJ
fsr-3383	237	20	q5	q5	PROPN
fsr-3383	237	21	contains	contain	VERB
fsr-3383	237	22	funds	fund	NOUN
fsr-3383	237	23	with	with	ADP
fsr-3383	237	24	highest	high	ADJ
fsr-3383	237	25	expense	expense	NOUN
fsr-3383	237	26	ratio	ratio	NOUN
fsr-3383	237	27	.	.	PUNCT
fsr-3383	238	1	since	since	SCONJ
fsr-3383	238	2	expense	expense	NOUN
fsr-3383	238	3	ratio	ratio	NOUN
fsr-3383	238	4	may	may	AUX
fsr-3383	238	5	change	change	VERB
fsr-3383	238	6	overtime	overtime	NOUN
fsr-3383	238	7	,	,	PUNCT
fsr-3383	238	8	we	we	PRON
fsr-3383	238	9	follow	follow	VERB
fsr-3383	238	10	dynamic	dynamic	ADJ
fsr-3383	238	11	strategy	strategy	NOUN
fsr-3383	238	12	and	and	CCONJ
fsr-3383	238	13	repeat	repeat	VERB
fsr-3383	238	14	the	the	DET
fsr-3383	238	15	step	step	NOUN
fsr-3383	238	16	at	at	ADP
fsr-3383	238	17	the	the	DET
fsr-3383	238	18	end	end	NOUN
fsr-3383	238	19	of	of	ADP
fsr-3383	238	20	each	each	DET
fsr-3383	238	21	year	year	NOUN
fsr-3383	238	22	.	.	PUNCT
fsr-3383	239	1	doing	do	VERB
fsr-3383	239	2	so	so	ADV
fsr-3383	239	3	gives	give	VERB
fsr-3383	239	4	us	we	PRON
fsr-3383	239	5	a	a	DET
fsr-3383	239	6	time	time	NOUN
fsr-3383	239	7	series	series	NOUN
fsr-3383	239	8	of	of	ADP
fsr-3383	239	9	funds	fund	NOUN
fsr-3383	239	10	based	base	VERB
fsr-3383	239	11	on	on	ADP
fsr-3383	239	12	their	their	PRON
fsr-3383	239	13	expense	expense	NOUN
fsr-3383	239	14	ratios	ratio	NOUN
fsr-3383	239	15	.	.	PUNCT
fsr-3383	240	1	we	we	PRON
fsr-3383	240	2	estimate	estimate	VERB
fsr-3383	240	3	alpha	alpha	NOUN
fsr-3383	240	4	of	of	ADP
fsr-3383	240	5	q1	q1	PROPN
fsr-3383	240	6	and	and	CCONJ
fsr-3383	240	7	q5	q5	PROPN
fsr-3383	240	8	using	use	VERB
fsr-3383	240	9	four	four	NUM
fsr-3383	240	10	-	-	PUNCT
fsr-3383	240	11	factor	factor	NOUN
fsr-3383	240	12	carhart	carhart	NOUN
fsr-3383	240	13	model	model	NOUN
fsr-3383	240	14	(	(	PUNCT
fsr-3383	240	15	equation	equation	NOUN
fsr-3383	240	16	2	2	NUM
fsr-3383	240	17	)	)	PUNCT
fsr-3383	240	18	mentioned	mention	VERB
fsr-3383	240	19	above	above	ADV
fsr-3383	240	20	.	.	PUNCT
fsr-3383	241	1	the	the	DET
fsr-3383	241	2	main	main	ADJ
fsr-3383	241	3	idea	idea	NOUN
fsr-3383	241	4	is	be	AUX
fsr-3383	241	5	to	to	PART
fsr-3383	241	6	estimate	estimate	VERB
fsr-3383	241	7	different	different	ADJ
fsr-3383	241	8	alphas	alpha	NOUN
fsr-3383	241	9	for	for	ADP
fsr-3383	241	10	funds	fund	NOUN
fsr-3383	241	11	with	with	ADP
fsr-3383	241	12	the	the	DET
fsr-3383	241	13	highest	high	ADJ
fsr-3383	241	14	and	and	CCONJ
fsr-3383	241	15	lowest	low	ADJ
fsr-3383	241	16	expense	expense	NOUN
fsr-3383	241	17	ratios	ratio	NOUN
fsr-3383	241	18	.	.	PUNCT
fsr-3383	242	1	in	in	ADP
fsr-3383	242	2	order	order	NOUN
fsr-3383	242	3	to	to	PART
fsr-3383	242	4	have	have	AUX
fsr-3383	242	5	an	an	DET
fsr-3383	242	6	even	even	ADV
fsr-3383	242	7	better	well	ADJ
fsr-3383	242	8	understating	understating	NOUN
fsr-3383	242	9	of	of	ADP
fsr-3383	242	10	those	those	DET
fsr-3383	242	11	alphas	alpha	NOUN
fsr-3383	242	12	,	,	PUNCT
fsr-3383	242	13	we	we	PRON
fsr-3383	242	14	also	also	ADV
fsr-3383	242	15	estimate	estimate	VERB
fsr-3383	242	16	statistically	statistically	ADV
fsr-3383	242	17	the	the	DET
fsr-3383	242	18	difference	difference	NOUN
fsr-3383	242	19	between	between	ADP
fsr-3383	242	20	those	those	DET
fsr-3383	242	21	extreme	extreme	ADJ
fsr-3383	242	22	alphas.2	alphas.2	PROPN
fsr-3383	242	23	finally	finally	ADV
fsr-3383	242	24	,	,	PUNCT
fsr-3383	242	25	to	to	PART
fsr-3383	242	26	get	get	VERB
fsr-3383	242	27	an	an	DET
fsr-3383	242	28	even	even	ADV
fsr-3383	242	29	clearer	clear	ADJ
fsr-3383	242	30	understanding	understanding	NOUN
fsr-3383	242	31	of	of	ADP
fsr-3383	242	32	large	large	ADJ
fsr-3383	242	33	cap	cap	NOUN
fsr-3383	242	34	funds	fund	NOUN
fsr-3383	242	35	and	and	CCONJ
fsr-3383	242	36	expenses	expense	NOUN
fsr-3383	242	37	charged	charge	VERB
fsr-3383	242	38	,	,	PUNCT
fsr-3383	242	39	we	we	PRON
fsr-3383	242	40	re	re	VERB
fsr-3383	242	41	-	-	ADJ
fsr-3383	242	42	estimate	estimate	ADJ
fsr-3383	242	43	expense	expense	NOUN
fsr-3383	242	44	ratio	ratio	NOUN
fsr-3383	242	45	conditioned	condition	VERB
fsr-3383	242	46	alphas	alpha	NOUN
fsr-3383	242	47	for	for	ADP
fsr-3383	242	48	value	value	NOUN
fsr-3383	242	49	,	,	PUNCT
fsr-3383	242	50	growth	growth	NOUN
fsr-3383	242	51	,	,	PUNCT
fsr-3383	242	52	and	and	CCONJ
fsr-3383	242	53	blend	blend	NOUN
fsr-3383	242	54	categories	category	NOUN
fsr-3383	242	55	separately	separately	ADV
fsr-3383	242	56	.	.	PUNCT
fsr-3383	243	1	5	5	X
fsr-3383	243	2	.	.	X
fsr-3383	243	3	results	result	NOUN
fsr-3383	243	4	results	result	NOUN
fsr-3383	243	5	are	be	AUX
fsr-3383	243	6	reported	report	VERB
fsr-3383	243	7	in	in	ADP
fsr-3383	243	8	tables	table	NOUN
fsr-3383	243	9	2	2	NUM
fsr-3383	243	10	,	,	PUNCT
fsr-3383	243	11	3	3	NUM
fsr-3383	243	12	,	,	PUNCT
fsr-3383	243	13	and	and	CCONJ
fsr-3383	243	14	4	4	NUM
fsr-3383	243	15	.	.	X
fsr-3383	243	16	interesting	interesting	ADJ
fsr-3383	243	17	results	result	NOUN
fsr-3383	243	18	are	be	AUX
fsr-3383	243	19	obtained	obtain	VERB
fsr-3383	243	20	when	when	SCONJ
fsr-3383	243	21	we	we	PRON
fsr-3383	243	22	run	run	VERB
fsr-3383	243	23	the	the	DET
fsr-3383	243	24	four	four	NUM
fsr-3383	243	25	-	-	PUNCT
fsr-3383	243	26	factor	factor	NOUN
fsr-3383	243	27	model	model	NOUN
fsr-3383	243	28	across	across	ADP
fsr-3383	243	29	all	all	DET
fsr-3383	243	30	431	431	NUM
fsr-3383	243	31	large	large	ADJ
fsr-3383	243	32	cap	cap	NOUN
fsr-3383	243	33	funds	fund	NOUN
fsr-3383	243	34	.	.	PUNCT
fsr-3383	244	1	funds	fund	NOUN
fsr-3383	244	2	in	in	ADP
fsr-3383	244	3	our	our	PRON
fsr-3383	244	4	sample	sample	NOUN
fsr-3383	244	5	differ	differ	VERB
fsr-3383	244	6	in	in	ADP
fsr-3383	244	7	terms	term	NOUN
fsr-3383	244	8	of	of	ADP
fsr-3383	244	9	assets	asset	NOUN
fsr-3383	244	10	under	under	ADP
fsr-3383	244	11	management	management	NOUN
fsr-3383	244	12	;	;	PUNCT
fsr-3383	244	13	therefore	therefore	ADV
fsr-3383	244	14	,	,	PUNCT
fsr-3383	244	15	we	we	PRON
fsr-3383	244	16	estimate	estimate	VERB
fsr-3383	244	17	asset	asset	NOUN
fsr-3383	244	18	-	-	PUNCT
fsr-3383	244	19	weighted	weight	VERB
fsr-3383	244	20	alpha	alpha	NOUN
fsr-3383	244	21	for	for	ADP
fsr-3383	244	22	each	each	DET
fsr-3383	244	23	fund	fund	NOUN
fsr-3383	244	24	.	.	PUNCT
fsr-3383	245	1	out	out	ADP
fsr-3383	245	2	of	of	ADP
fsr-3383	245	3	431	431	NUM
fsr-3383	245	4	funds	fund	NOUN
fsr-3383	245	5	,	,	PUNCT
fsr-3383	245	6	244	244	NUM
fsr-3383	245	7	funds	fund	NOUN
fsr-3383	245	8	exhibit	exhibit	VERB
fsr-3383	245	9	negative	negative	ADJ
fsr-3383	245	10	abnormal	abnormal	ADJ
fsr-3383	245	11	performance	performance	NOUN
fsr-3383	245	12	,	,	PUNCT
fsr-3383	245	13	whereas	whereas	SCONJ
fsr-3383	245	14	187	187	NUM
fsr-3383	245	15	funds	fund	NOUN
fsr-3383	245	16	have	have	VERB
fsr-3383	245	17	positive	positive	ADJ
fsr-3383	245	18	alpha	alpha	NOUN
fsr-3383	245	19	estimates	estimate	NOUN
fsr-3383	245	20	.	.	PUNCT
fsr-3383	246	1	out	out	ADP
fsr-3383	246	2	of	of	ADP
fsr-3383	246	3	these	these	DET
fsr-3383	246	4	funds	fund	NOUN
fsr-3383	246	5	,	,	PUNCT
fsr-3383	246	6	71	71	NUM
fsr-3383	246	7	funds	fund	NOUN
fsr-3383	246	8	(	(	PUNCT
fsr-3383	246	9	16.47	16.47	NUM
fsr-3383	246	10	percent	percent	NOUN
fsr-3383	246	11	of	of	ADP
fsr-3383	246	12	sample	sample	NOUN
fsr-3383	246	13	funds	fund	NOUN
fsr-3383	246	14	)	)	PUNCT
fsr-3383	246	15	have	have	VERB
fsr-3383	246	16	alphas	alpha	NOUN
fsr-3383	246	17	that	that	PRON
fsr-3383	246	18	are	be	AUX
fsr-3383	246	19	statistically	statistically	ADV
fsr-3383	246	20	significant	significant	ADJ
fsr-3383	246	21	.	.	PUNCT
fsr-3383	247	1	out	out	ADP
fsr-3383	247	2	of	of	ADP
fsr-3383	247	3	71	71	NUM
fsr-3383	247	4	statistically	statistically	ADV
fsr-3383	247	5	significant	significant	ADJ
fsr-3383	247	6	funds	fund	NOUN
fsr-3383	247	7	,	,	PUNCT
fsr-3383	247	8	19	19	NUM
fsr-3383	247	9	funds	fund	NOUN
fsr-3383	247	10	generate	generate	VERB
fsr-3383	247	11	positive	positive	ADJ
fsr-3383	247	12	abnormal	abnormal	ADJ
fsr-3383	247	13	performance	performance	NOUN
fsr-3383	247	14	and	and	CCONJ
fsr-3383	247	15	52	52	NUM
fsr-3383	247	16	funds	fund	NOUN
fsr-3383	247	17	(	(	PUNCT
fsr-3383	247	18	73	73	NUM
fsr-3383	247	19	percent	percent	NOUN
fsr-3383	247	20	)	)	PUNCT
fsr-3383	247	21	are	be	AUX
fsr-3383	247	22	poorly	poorly	ADV
fsr-3383	247	23	performing	perform	VERB
fsr-3383	247	24	funds	fund	NOUN
fsr-3383	247	25	.	.	PUNCT
fsr-3383	248	1	we	we	PRON
fsr-3383	248	2	run	run	VERB
fsr-3383	248	3	the	the	DET
fsr-3383	248	4	same	same	ADJ
fsr-3383	248	5	model	model	NOUN
fsr-3383	248	6	across	across	ADP
fsr-3383	248	7	each	each	DET
fsr-3383	248	8	individual	individual	ADJ
fsr-3383	248	9	category	category	NOUN
fsr-3383	248	10	.	.	PUNCT
fsr-3383	249	1	table	table	NOUN
fsr-3383	249	2	2	2	NUM
fsr-3383	249	3	reports	report	VERB
fsr-3383	249	4	these	these	DET
fsr-3383	249	5	statistics	statistic	NOUN
fsr-3383	249	6	overall	overall	ADJ
fsr-3383	249	7	and	and	CCONJ
fsr-3383	249	8	across	across	ADP
fsr-3383	249	9	individual	individual	ADJ
fsr-3383	249	10	categories	category	NOUN
fsr-3383	249	11	.	.	PUNCT
fsr-3383	250	1	maximum	maximum	ADJ
fsr-3383	250	2	number	number	NOUN
fsr-3383	250	3	of	of	ADP
fsr-3383	250	4	funds	fund	NOUN
fsr-3383	250	5	,	,	PUNCT
fsr-3383	250	6	179	179	NUM
fsr-3383	250	7	,	,	PUNCT
fsr-3383	250	8	is	be	AUX
fsr-3383	250	9	available	available	ADJ
fsr-3383	250	10	in	in	ADP
fsr-3383	250	11	growth	growth	NOUN
fsr-3383	250	12	category	category	NOUN
fsr-3383	250	13	;	;	PUNCT
fsr-3383	250	14	13	13	NUM
fsr-3383	250	15	percent	percent	NOUN
fsr-3383	250	16	of	of	ADP
fsr-3383	250	17	funds	fund	NOUN
fsr-3383	250	18	(	(	PUNCT
fsr-3383	250	19	17	17	NUM
fsr-3383	250	20	funds	fund	NOUN
fsr-3383	250	21	)	)	PUNCT
fsr-3383	250	22	show	show	VERB
fsr-3383	250	23	significant	significant	ADJ
fsr-3383	250	24	alphas	alpha	NOUN
fsr-3383	250	25	.	.	PUNCT
fsr-3383	251	1	out	out	ADP
fsr-3383	251	2	of	of	ADP
fsr-3383	251	3	17	17	NUM
fsr-3383	251	4	funds	fund	NOUN
fsr-3383	251	5	,	,	PUNCT
fsr-3383	251	6	10	10	NUM
fsr-3383	251	7	funds	fund	NOUN
fsr-3383	251	8	outperform	outperform	ADJ
fsr-3383	251	9	,	,	PUNCT
fsr-3383	251	10	and	and	CCONJ
fsr-3383	251	11	7	7	NUM
fsr-3383	251	12	funds	fund	NOUN
fsr-3383	251	13	underperform	underperform	VERB
fsr-3383	251	14	the	the	DET
fsr-3383	251	15	passive	passive	ADJ
fsr-3383	251	16	index	index	NOUN
fsr-3383	251	17	statistically	statistically	ADV
fsr-3383	251	18	.	.	PUNCT
fsr-3383	252	1	these	these	DET
fsr-3383	252	2	numbers	number	NOUN
fsr-3383	252	3	vary	vary	VERB
fsr-3383	252	4	across	across	ADP
fsr-3383	252	5	categories	category	NOUN
fsr-3383	252	6	.	.	PUNCT
fsr-3383	253	1	in	in	ADP
fsr-3383	253	2	the	the	DET
fsr-3383	253	3	large	large	ADJ
fsr-3383	253	4	cap	cap	NOUN
fsr-3383	253	5	growth	growth	NOUN
fsr-3383	253	6	category	category	NOUN
fsr-3383	253	7	,	,	PUNCT
fsr-3383	253	8	23	23	NUM
fsr-3383	253	9	out	out	ADP
fsr-3383	253	10	of	of	ADP
fsr-3383	253	11	179	179	NUM
fsr-3383	253	12	funds	fund	NOUN
fsr-3383	253	13	exhibit	exhibit	VERB
fsr-3383	253	14	statistically	statistically	ADV
fsr-3383	253	15	significant	significant	ADJ
fsr-3383	253	16	alphas	alpha	NOUN
fsr-3383	253	17	whereas	whereas	SCONJ
fsr-3383	253	18	a	a	DET
fsr-3383	253	19	majority	majority	NOUN
fsr-3383	253	20	,	,	PUNCT
fsr-3383	253	21	156	156	NUM
fsr-3383	253	22	funds	fund	NOUN
fsr-3383	253	23	,	,	PUNCT
fsr-3383	253	24	fail	fail	VERB
fsr-3383	253	25	to	to	PART
fsr-3383	253	26	earn	earn	VERB
fsr-3383	253	27	alpha	alpha	NOUN
fsr-3383	253	28	statistically	statistically	ADV
fsr-3383	253	29	different	different	ADJ
fsr-3383	253	30	from	from	ADP
fsr-3383	253	31	table	table	NOUN
fsr-3383	253	32	2	2	NUM
fsr-3383	253	33	alphas	alpha	NOUN
fsr-3383	253	34	overall	overall	ADJ
fsr-3383	253	35	and	and	CCONJ
fsr-3383	253	36	across	across	ADP
fsr-3383	253	37	categories	category	NOUN
fsr-3383	253	38	the	the	DET
fsr-3383	253	39	following	follow	VERB
fsr-3383	253	40	table	table	NOUN
fsr-3383	253	41	shows	show	VERB
fsr-3383	253	42	number	number	NOUN
fsr-3383	253	43	of	of	ADP
fsr-3383	253	44	funds	fund	NOUN
fsr-3383	253	45	that	that	PRON
fsr-3383	253	46	participated	participate	VERB
fsr-3383	253	47	in	in	ADP
fsr-3383	253	48	the	the	DET
fsr-3383	253	49	four	four	NUM
fsr-3383	253	50	-	-	PUNCT
fsr-3383	253	51	factor	factor	NOUN
fsr-3383	253	52	model	model	NOUN
fsr-3383	253	53	and	and	CCONJ
fsr-3383	253	54	the	the	DET
fsr-3383	253	55	number	number	NOUN
fsr-3383	253	56	of	of	ADP
fsr-3383	253	57	funds	fund	NOUN
fsr-3383	253	58	that	that	PRON
fsr-3383	253	59	exhibited	exhibit	VERB
fsr-3383	253	60	positive	positive	ADJ
fsr-3383	253	61	,	,	PUNCT
fsr-3383	253	62	negative	negative	ADJ
fsr-3383	253	63	,	,	PUNCT
fsr-3383	253	64	significant	significant	ADJ
fsr-3383	253	65	,	,	PUNCT
fsr-3383	253	66	and	and	CCONJ
fsr-3383	253	67	insignificant	insignificant	ADJ
fsr-3383	253	68	alphas	alpha	NOUN
fsr-3383	253	69	.	.	PUNCT
fsr-3383	254	1	overall	overall	ADJ
fsr-3383	254	2	value	value	NOUN
fsr-3383	254	3	growth	growth	NOUN
fsr-3383	254	4	blend	blend	NOUN
fsr-3383	254	5	n	n	ADV
fsr-3383	254	6	431	431	NUM
fsr-3383	254	7	134	134	NUM
fsr-3383	254	8	179	179	NUM
fsr-3383	254	9	118	118	NUM
fsr-3383	254	10	positive	positive	ADJ
fsr-3383	254	11	187	187	NUM
fsr-3383	254	12	75	75	NUM
fsr-3383	254	13	67	67	NUM
fsr-3383	254	14	45	45	NUM
fsr-3383	254	15	negative	negative	ADJ
fsr-3383	254	16	244	244	NUM
fsr-3383	254	17	59	59	NUM
fsr-3383	254	18	112	112	NUM
fsr-3383	254	19	73	73	NUM
fsr-3383	254	20	significant	significant	ADJ
fsr-3383	254	21	71	71	NUM
fsr-3383	254	22	17	17	NUM
fsr-3383	254	23	23	23	NUM
fsr-3383	254	24	24	24	NUM
fsr-3383	254	25	insignificant	insignificant	ADJ
fsr-3383	254	26	360	360	NUM
fsr-3383	254	27	117	117	NUM
fsr-3383	254	28	156	156	NUM
fsr-3383	254	29	94	94	NUM
fsr-3383	254	30	positive	positive	ADJ
fsr-3383	254	31	and	and	CCONJ
fsr-3383	254	32	significant	significant	ADJ
fsr-3383	254	33	19	19	NUM
fsr-3383	254	34	10	10	NUM
fsr-3383	254	35	3	3	NUM
fsr-3383	254	36	6	6	NUM
fsr-3383	254	37	negative	negative	ADJ
fsr-3383	254	38	and	and	CCONJ
fsr-3383	254	39	significant	significant	ADJ
fsr-3383	254	40	52	52	NUM
fsr-3383	254	41	7	7	NUM
fsr-3383	254	42	20	20	NUM
fsr-3383	254	43	18	18	NUM
fsr-3383	254	44	significant	significant	ADJ
fsr-3383	254	45	@	@	ADP
fsr-3383	254	46	1	1	NUM
fsr-3383	254	47	%	%	NOUN
fsr-3383	254	48	15	15	NUM
fsr-3383	254	49	1	1	NUM
fsr-3383	254	50	3	3	NUM
fsr-3383	254	51	7	7	NUM
fsr-3383	254	52	significant	significant	ADJ
fsr-3383	254	53	@	@	ADP
fsr-3383	254	54	5	5	NUM
fsr-3383	254	55	%	%	NOUN
fsr-3383	254	56	25	25	NUM
fsr-3383	254	57	10	10	NUM
fsr-3383	254	58	7	7	NUM
fsr-3383	254	59	10	10	NUM
fsr-3383	254	60	significant	significant	ADJ
fsr-3383	254	61	@	@	ADP
fsr-3383	254	62	10	10	NUM
fsr-3383	254	63	%	%	NOUN
fsr-3383	254	64	31	31	NUM
fsr-3383	254	65	6	6	NUM
fsr-3383	254	66	13	13	NUM
fsr-3383	254	67	7	7	NUM
fsr-3383	254	68	108	108	NUM
fsr-3383	254	69	a.	a.	NOUN
fsr-3383	254	70	kaushik	kaushik	PROPN
fsr-3383	254	71	,	,	PUNCT
fsr-3383	254	72	r.	r.	PROPN
fsr-3383	254	73	boisvert	boisvert	PROPN
fsr-3383	254	74	/	/	SYM
fsr-3383	254	75	financial	financial	ADJ
fsr-3383	254	76	services	service	NOUN
fsr-3383	254	77	review	review	VERB
fsr-3383	254	78	27	27	NUM
fsr-3383	254	79	(	(	PUNCT
fsr-3383	254	80	2018	2018	NUM
fsr-3383	254	81	)	)	PUNCT
fsr-3383	254	82	99	99	NUM
fsr-3383	254	83	-	-	SYM
fsr-3383	254	84	113	113	NUM
fsr-3383	254	85	zero	zero	NUM
fsr-3383	254	86	.	.	PUNCT
fsr-3383	255	1	three	three	NUM
fsr-3383	255	2	funds	fund	NOUN
fsr-3383	255	3	outperform	outperform	VERB
fsr-3383	255	4	whereas	whereas	SCONJ
fsr-3383	255	5	20	20	NUM
fsr-3383	255	6	funds	fund	NOUN
fsr-3383	255	7	show	show	VERB
fsr-3383	255	8	negative	negative	ADJ
fsr-3383	255	9	performance	performance	NOUN
fsr-3383	255	10	.	.	PUNCT
fsr-3383	256	1	in	in	ADP
fsr-3383	256	2	the	the	DET
fsr-3383	256	3	large	large	ADJ
fsr-3383	256	4	cap	cap	NOUN
fsr-3383	256	5	blend	blend	NOUN
fsr-3383	256	6	category	category	NOUN
fsr-3383	256	7	,	,	PUNCT
fsr-3383	256	8	all	all	DET
fsr-3383	256	9	together	together	ADV
fsr-3383	256	10	118	118	NUM
fsr-3383	256	11	funds	fund	NOUN
fsr-3383	256	12	participated	participate	VERB
fsr-3383	256	13	in	in	ADP
fsr-3383	256	14	regressions	regression	NOUN
fsr-3383	256	15	and	and	CCONJ
fsr-3383	256	16	only	only	ADV
fsr-3383	256	17	6	6	NUM
fsr-3383	256	18	outperform	outperform	VERB
fsr-3383	256	19	the	the	DET
fsr-3383	256	20	market	market	NOUN
fsr-3383	256	21	whereas	whereas	SCONJ
fsr-3383	256	22	18	18	NUM
fsr-3383	256	23	underperform	underperform	NOUN
fsr-3383	256	24	against	against	ADP
fsr-3383	256	25	the	the	DET
fsr-3383	256	26	passive	passive	ADJ
fsr-3383	256	27	index	index	NOUN
fsr-3383	256	28	.	.	PUNCT
fsr-3383	257	1	next	next	ADV
fsr-3383	257	2	,	,	PUNCT
fsr-3383	257	3	we	we	PRON
fsr-3383	257	4	estimate	estimate	VERB
fsr-3383	257	5	the	the	DET
fsr-3383	257	6	average	average	ADJ
fsr-3383	257	7	alpha	alpha	NOUN
fsr-3383	257	8	and	and	CCONJ
fsr-3383	257	9	beta	beta	ADJ
fsr-3383	257	10	coefficients	coefficient	NOUN
fsr-3383	257	11	for	for	ADP
fsr-3383	257	12	the	the	DET
fsr-3383	257	13	four	four	NUM
fsr-3383	257	14	-	-	PUNCT
fsr-3383	257	15	factor	factor	NOUN
fsr-3383	257	16	model	model	NOUN
fsr-3383	257	17	.	.	PUNCT
fsr-3383	258	1	on	on	ADP
fsr-3383	258	2	average	average	ADJ
fsr-3383	258	3	,	,	PUNCT
fsr-3383	258	4	large	large	ADJ
fsr-3383	258	5	cap	cap	NOUN
fsr-3383	258	6	funds	fund	NOUN
fsr-3383	258	7	generate	generate	VERB
fsr-3383	258	8	�	�	PROPN
fsr-3383	258	9	0.007	0.007	NUM
fsr-3383	258	10	percent	percent	NOUN
fsr-3383	258	11	alpha	alpha	NOUN
fsr-3383	258	12	per	per	ADP
fsr-3383	258	13	month	month	NOUN
fsr-3383	258	14	(	(	PUNCT
fsr-3383	258	15	�	�	NOUN
fsr-3383	258	16	0.084	0.084	NUM
fsr-3383	258	17	percent	percent	NOUN
fsr-3383	258	18	annually	annually	ADV
fsr-3383	258	19	)	)	PUNCT
fsr-3383	258	20	,	,	PUNCT
fsr-3383	258	21	however	however	ADV
fsr-3383	258	22	,	,	PUNCT
fsr-3383	258	23	the	the	DET
fsr-3383	258	24	alpha	alpha	ADJ
fsr-3383	258	25	coefficient	coefficient	NOUN
fsr-3383	258	26	is	be	AUX
fsr-3383	258	27	statistically	statistically	ADV
fsr-3383	258	28	insignificant	insignificant	ADJ
fsr-3383	258	29	.	.	PUNCT
fsr-3383	259	1	regression	regression	NOUN
fsr-3383	259	2	analysis	analysis	NOUN
fsr-3383	259	3	shows	show	VERB
fsr-3383	259	4	positive	positive	ADJ
fsr-3383	259	5	and	and	CCONJ
fsr-3383	259	6	significant	significant	ADJ
fsr-3383	259	7	association	association	NOUN
fsr-3383	259	8	between	between	ADP
fsr-3383	259	9	the	the	DET
fsr-3383	259	10	excess	excess	ADJ
fsr-3383	259	11	market	market	NOUN
fsr-3383	259	12	returns	return	NOUN
fsr-3383	259	13	and	and	CCONJ
fsr-3383	259	14	sample	sample	NOUN
fsr-3383	259	15	funds	fund	NOUN
fsr-3383	259	16	’	'	PUNCT
fsr-3383	259	17	returns	return	NOUN
fsr-3383	259	18	.	.	PUNCT
fsr-3383	260	1	looking	look	VERB
fsr-3383	260	2	at	at	ADP
fsr-3383	260	3	the	the	DET
fsr-3383	260	4	premium	premium	NOUN
fsr-3383	260	5	attached	attach	VERB
fsr-3383	260	6	to	to	ADP
fsr-3383	260	7	various	various	ADJ
fsr-3383	260	8	groups	group	NOUN
fsr-3383	260	9	,	,	PUNCT
fsr-3383	260	10	the	the	DET
fsr-3383	260	11	sample	sample	NOUN
fsr-3383	260	12	funds	fund	NOUN
fsr-3383	260	13	’	'	PUNCT
fsr-3383	260	14	returns	return	NOUN
fsr-3383	260	15	are	be	AUX
fsr-3383	260	16	negatively	negatively	ADV
fsr-3383	260	17	related	relate	VERB
fsr-3383	260	18	to	to	ADP
fsr-3383	260	19	small	small	ADJ
fsr-3383	260	20	stocks	stock	NOUN
fsr-3383	260	21	and	and	CCONJ
fsr-3383	260	22	positively	positively	ADV
fsr-3383	260	23	related	relate	VERB
fsr-3383	260	24	to	to	ADP
fsr-3383	260	25	excess	excess	ADJ
fsr-3383	260	26	market	market	NOUN
fsr-3383	260	27	returns	return	NOUN
fsr-3383	260	28	,	,	PUNCT
fsr-3383	260	29	value	value	NOUN
fsr-3383	260	30	stocks	stock	NOUN
fsr-3383	260	31	,	,	PUNCT
fsr-3383	260	32	and	and	CCONJ
fsr-3383	260	33	momentum	momentum	NOUN
fsr-3383	260	34	effects	effect	NOUN
fsr-3383	260	35	.	.	PUNCT
fsr-3383	261	1	all	all	DET
fsr-3383	261	2	these	these	DET
fsr-3383	261	3	coefficients	coefficient	NOUN
fsr-3383	261	4	are	be	AUX
fsr-3383	261	5	statistically	statistically	ADV
fsr-3383	261	6	significant	significant	ADJ
fsr-3383	261	7	.	.	PUNCT
fsr-3383	262	1	we	we	PRON
fsr-3383	262	2	are	be	AUX
fsr-3383	262	3	not	not	PART
fsr-3383	262	4	surprised	surprise	VERB
fsr-3383	262	5	by	by	ADP
fsr-3383	262	6	these	these	DET
fsr-3383	262	7	results	result	NOUN
fsr-3383	262	8	because	because	SCONJ
fsr-3383	262	9	our	our	PRON
fsr-3383	262	10	sample	sample	NOUN
fsr-3383	262	11	funds	fund	NOUN
fsr-3383	262	12	are	be	AUX
fsr-3383	262	13	large	large	ADJ
fsr-3383	262	14	cap	cap	NOUN
fsr-3383	262	15	stocks	stock	NOUN
fsr-3383	262	16	so	so	SCONJ
fsr-3383	262	17	their	their	PRON
fsr-3383	262	18	inverse	inverse	NOUN
fsr-3383	262	19	relationship	relationship	NOUN
fsr-3383	262	20	to	to	ADP
fsr-3383	262	21	the	the	DET
fsr-3383	262	22	premium	premium	NOUN
fsr-3383	262	23	attached	attach	VERB
fsr-3383	262	24	to	to	ADP
fsr-3383	262	25	small	small	ADJ
fsr-3383	262	26	stocks	stock	NOUN
fsr-3383	262	27	is	be	AUX
fsr-3383	262	28	quite	quite	ADV
fsr-3383	262	29	obvious	obvious	ADJ
fsr-3383	262	30	and	and	CCONJ
fsr-3383	262	31	the	the	DET
fsr-3383	262	32	positive	positive	ADJ
fsr-3383	262	33	relationship	relationship	NOUN
fsr-3383	262	34	to	to	ADP
fsr-3383	262	35	market	market	NOUN
fsr-3383	262	36	and	and	CCONJ
fsr-3383	262	37	value	value	NOUN
fsr-3383	262	38	stocks	stock	NOUN
fsr-3383	262	39	is	be	AUX
fsr-3383	262	40	also	also	ADV
fsr-3383	262	41	very	very	ADV
fsr-3383	262	42	apparent	apparent	ADJ
fsr-3383	262	43	.	.	PUNCT
fsr-3383	263	1	we	we	PRON
fsr-3383	263	2	run	run	VERB
fsr-3383	263	3	the	the	DET
fsr-3383	263	4	same	same	ADJ
fsr-3383	263	5	regressions	regression	NOUN
fsr-3383	263	6	for	for	ADP
fsr-3383	263	7	individual	individual	ADJ
fsr-3383	263	8	categories	category	NOUN
fsr-3383	263	9	.	.	PUNCT
fsr-3383	264	1	startling	startling	ADJ
fsr-3383	264	2	differences	difference	NOUN
fsr-3383	264	3	are	be	AUX
fsr-3383	264	4	observed	observe	VERB
fsr-3383	264	5	when	when	SCONJ
fsr-3383	264	6	we	we	PRON
fsr-3383	264	7	run	run	VERB
fsr-3383	264	8	the	the	DET
fsr-3383	264	9	same	same	ADJ
fsr-3383	264	10	regressions	regression	NOUN
fsr-3383	264	11	across	across	ADP
fsr-3383	264	12	individual	individual	ADJ
fsr-3383	264	13	categories	category	NOUN
fsr-3383	264	14	.	.	PUNCT
fsr-3383	265	1	alpha	alpha	NOUN
fsr-3383	265	2	of	of	ADP
fsr-3383	265	3	large	large	ADJ
fsr-3383	265	4	cap	cap	NOUN
fsr-3383	265	5	value	value	NOUN
fsr-3383	265	6	funds	fund	NOUN
fsr-3383	265	7	is	be	AUX
fsr-3383	265	8	positive	positive	ADJ
fsr-3383	265	9	(	(	PUNCT
fsr-3383	265	10	0.0503	0.0503	NUM
fsr-3383	265	11	percent	percent	NOUN
fsr-3383	265	12	per	per	ADP
fsr-3383	265	13	month	month	NOUN
fsr-3383	265	14	or	or	CCONJ
fsr-3383	265	15	0.603	0.603	NUM
fsr-3383	265	16	percent	percent	NOUN
fsr-3383	265	17	annually	annually	ADV
fsr-3383	265	18	)	)	PUNCT
fsr-3383	265	19	and	and	CCONJ
fsr-3383	265	20	it	it	PRON
fsr-3383	265	21	is	be	AUX
fsr-3383	265	22	statistically	statistically	ADV
fsr-3383	265	23	significant	significant	ADJ
fsr-3383	265	24	.	.	PUNCT
fsr-3383	266	1	sample	sample	NOUN
fsr-3383	266	2	funds	fund	NOUN
fsr-3383	266	3	’	'	PUNCT
fsr-3383	266	4	returns	return	NOUN
fsr-3383	266	5	are	be	AUX
fsr-3383	266	6	positively	positively	ADV
fsr-3383	266	7	and	and	CCONJ
fsr-3383	266	8	statistically	statistically	ADV
fsr-3383	266	9	significant	significant	ADJ
fsr-3383	266	10	related	relate	VERB
fsr-3383	266	11	to	to	ADP
fsr-3383	266	12	market	market	NOUN
fsr-3383	266	13	returns	return	NOUN
fsr-3383	266	14	and	and	CCONJ
fsr-3383	266	15	value	value	NOUN
fsr-3383	266	16	stocks	stock	NOUN
fsr-3383	266	17	and	and	CCONJ
fsr-3383	266	18	negatively	negatively	ADV
fsr-3383	266	19	(	(	PUNCT
fsr-3383	266	20	and	and	CCONJ
fsr-3383	266	21	statistically	statistically	ADV
fsr-3383	266	22	significant	significant	ADJ
fsr-3383	266	23	)	)	PUNCT
fsr-3383	266	24	related	relate	VERB
fsr-3383	266	25	to	to	ADP
fsr-3383	266	26	small	small	ADJ
fsr-3383	266	27	stocks	stock	NOUN
fsr-3383	266	28	premium	premium	NOUN
fsr-3383	266	29	and	and	CCONJ
fsr-3383	266	30	momentum	momentum	NOUN
fsr-3383	266	31	effects	effect	NOUN
fsr-3383	266	32	.	.	PUNCT
fsr-3383	267	1	these	these	DET
fsr-3383	267	2	results	result	NOUN
fsr-3383	267	3	are	be	AUX
fsr-3383	267	4	also	also	ADV
fsr-3383	267	5	very	very	ADV
fsr-3383	267	6	obvious	obvious	ADJ
fsr-3383	267	7	given	give	VERB
fsr-3383	267	8	that	that	SCONJ
fsr-3383	267	9	we	we	PRON
fsr-3383	267	10	are	be	AUX
fsr-3383	267	11	analyzing	analyze	VERB
fsr-3383	267	12	large	large	ADJ
fsr-3383	267	13	cap	cap	NOUN
fsr-3383	267	14	value	value	NOUN
fsr-3383	267	15	stocks	stock	NOUN
fsr-3383	267	16	.	.	PUNCT
fsr-3383	268	1	the	the	DET
fsr-3383	268	2	coefficients	coefficient	NOUN
fsr-3383	268	3	of	of	ADP
fsr-3383	268	4	rmrf	rmrf	NOUN
fsr-3383	268	5	and	and	CCONJ
fsr-3383	268	6	hml	hml	PROPN
fsr-3383	268	7	are	be	AUX
fsr-3383	268	8	not	not	PART
fsr-3383	268	9	really	really	ADV
fsr-3383	268	10	surprising	surprising	ADJ
fsr-3383	268	11	because	because	SCONJ
fsr-3383	268	12	existing	exist	VERB
fsr-3383	268	13	literature	literature	NOUN
fsr-3383	268	14	also	also	ADV
fsr-3383	268	15	suggests	suggest	VERB
fsr-3383	268	16	a	a	DET
fsr-3383	268	17	positive	positive	ADJ
fsr-3383	268	18	and	and	CCONJ
fsr-3383	268	19	significant	significant	ADJ
fsr-3383	268	20	association	association	NOUN
fsr-3383	268	21	between	between	ADP
fsr-3383	268	22	funds	fund	NOUN
fsr-3383	268	23	and	and	CCONJ
fsr-3383	268	24	market	market	NOUN
fsr-3383	268	25	returns	return	NOUN
fsr-3383	268	26	and	and	CCONJ
fsr-3383	268	27	since	since	SCONJ
fsr-3383	268	28	we	we	PRON
fsr-3383	268	29	are	be	AUX
fsr-3383	268	30	analyzing	analyze	VERB
fsr-3383	268	31	the	the	DET
fsr-3383	268	32	value	value	NOUN
fsr-3383	268	33	funds	fund	NOUN
fsr-3383	268	34	;	;	PUNCT
fsr-3383	268	35	therefore	therefore	ADV
fsr-3383	268	36	,	,	PUNCT
fsr-3383	268	37	it	it	PRON
fsr-3383	268	38	is	be	AUX
fsr-3383	268	39	obvious	obvious	ADJ
fsr-3383	268	40	to	to	PART
fsr-3383	268	41	have	have	VERB
fsr-3383	268	42	a	a	DET
fsr-3383	268	43	positive	positive	ADJ
fsr-3383	268	44	relationship	relationship	NOUN
fsr-3383	268	45	between	between	ADP
fsr-3383	268	46	value	value	NOUN
fsr-3383	268	47	premium	premium	NOUN
fsr-3383	268	48	and	and	CCONJ
fsr-3383	268	49	returns	return	NOUN
fsr-3383	268	50	.	.	PUNCT
fsr-3383	269	1	in	in	ADP
fsr-3383	269	2	the	the	DET
fsr-3383	269	3	growth	growth	NOUN
fsr-3383	269	4	category	category	NOUN
fsr-3383	269	5	,	,	PUNCT
fsr-3383	269	6	alpha	alpha	NOUN
fsr-3383	269	7	estimate	estimate	NOUN
fsr-3383	269	8	is	be	AUX
fsr-3383	269	9	negative	negative	ADJ
fsr-3383	269	10	.	.	PUNCT
fsr-3383	270	1	rmrf	rmrf	NOUN
fsr-3383	270	2	and	and	CCONJ
fsr-3383	270	3	mom	mom	NOUN
fsr-3383	270	4	effects	effect	NOUN
fsr-3383	270	5	are	be	AUX
fsr-3383	270	6	positively	positively	ADV
fsr-3383	270	7	related	relate	VERB
fsr-3383	270	8	to	to	ADP
fsr-3383	270	9	funds	fund	NOUN
fsr-3383	270	10	’	'	PUNCT
fsr-3383	270	11	returns	return	NOUN
fsr-3383	270	12	and	and	CCONJ
fsr-3383	270	13	hml	hml	PROPN
fsr-3383	270	14	coefficient	coefficient	NOUN
fsr-3383	270	15	is	be	AUX
fsr-3383	270	16	negatively	negatively	ADV
fsr-3383	270	17	attached	attach	VERB
fsr-3383	270	18	to	to	ADP
fsr-3383	270	19	funds	fund	NOUN
fsr-3383	270	20	’	'	PUNCT
fsr-3383	270	21	returns	return	NOUN
fsr-3383	270	22	.	.	PUNCT
fsr-3383	271	1	a	a	DET
fsr-3383	271	2	negative	negative	ADJ
fsr-3383	271	3	relationship	relationship	NOUN
fsr-3383	271	4	between	between	ADP
fsr-3383	271	5	value	value	NOUN
fsr-3383	271	6	premium	premium	NOUN
fsr-3383	271	7	and	and	CCONJ
fsr-3383	271	8	growth	growth	NOUN
fsr-3383	271	9	stocks	stock	NOUN
fsr-3383	271	10	is	be	AUX
fsr-3383	271	11	quite	quite	ADV
fsr-3383	271	12	expected	expect	VERB
fsr-3383	271	13	.	.	PUNCT
fsr-3383	272	1	table	table	NOUN
fsr-3383	272	2	3	3	NUM
fsr-3383	272	3	panel	panel	NOUN
fsr-3383	272	4	d	d	PROPN
fsr-3383	272	5	reports	report	VERB
fsr-3383	272	6	the	the	DET
fsr-3383	272	7	same	same	ADJ
fsr-3383	272	8	statistics	statistic	NOUN
fsr-3383	272	9	for	for	ADP
fsr-3383	272	10	large	large	ADJ
fsr-3383	272	11	cap	cap	NOUN
fsr-3383	272	12	blend	blend	NOUN
fsr-3383	272	13	funds	fund	NOUN
fsr-3383	272	14	.	.	PUNCT
fsr-3383	273	1	the	the	DET
fsr-3383	273	2	alpha	alpha	ADJ
fsr-3383	273	3	estimate	estimate	NOUN
fsr-3383	273	4	is	be	AUX
fsr-3383	273	5	insignificant	insignificant	ADJ
fsr-3383	273	6	whereas	whereas	SCONJ
fsr-3383	273	7	rmrf	rmrf	NOUN
fsr-3383	273	8	,	,	PUNCT
fsr-3383	273	9	smb	smb	PROPN
fsr-3383	273	10	,	,	PUNCT
fsr-3383	273	11	hml	hml	PROPN
fsr-3383	273	12	,	,	PUNCT
fsr-3383	273	13	and	and	CCONJ
fsr-3383	273	14	mom	mom	NOUN
fsr-3383	273	15	parameter	parameter	NOUN
fsr-3383	273	16	estimates	estimate	NOUN
fsr-3383	273	17	are	be	AUX
fsr-3383	273	18	statistically	statistically	ADV
fsr-3383	273	19	highly	highly	ADV
fsr-3383	273	20	significant	significant	ADJ
fsr-3383	273	21	.	.	PUNCT
fsr-3383	274	1	results	result	NOUN
fsr-3383	274	2	are	be	AUX
fsr-3383	274	3	reported	report	VERB
fsr-3383	274	4	in	in	ADP
fsr-3383	274	5	table	table	NOUN
fsr-3383	274	6	3	3	NUM
fsr-3383	274	7	panel	panel	NOUN
fsr-3383	274	8	a	a	PRON
fsr-3383	274	9	to	to	ADP
fsr-3383	274	10	d.	d.	PROPN
fsr-3383	274	11	finally	finally	ADV
fsr-3383	274	12	,	,	PUNCT
fsr-3383	274	13	we	we	PRON
fsr-3383	274	14	estimate	estimate	VERB
fsr-3383	274	15	the	the	DET
fsr-3383	274	16	performance	performance	NOUN
fsr-3383	274	17	of	of	ADP
fsr-3383	274	18	funds	fund	NOUN
fsr-3383	274	19	based	base	VERB
fsr-3383	274	20	on	on	ADP
fsr-3383	274	21	the	the	DET
fsr-3383	274	22	expense	expense	NOUN
fsr-3383	274	23	ratios	ratio	NOUN
fsr-3383	274	24	they	they	PRON
fsr-3383	274	25	charge	charge	VERB
fsr-3383	274	26	their	their	PRON
fsr-3383	274	27	customers	customer	NOUN
fsr-3383	274	28	.	.	PUNCT
fsr-3383	275	1	we	we	PRON
fsr-3383	275	2	use	use	VERB
fsr-3383	275	3	ranked	rank	VERB
fsr-3383	275	4	portfolio	portfolio	NOUN
fsr-3383	275	5	approach	approach	NOUN
fsr-3383	275	6	to	to	PART
fsr-3383	275	7	estimate	estimate	VERB
fsr-3383	275	8	the	the	DET
fsr-3383	275	9	performance	performance	NOUN
fsr-3383	275	10	conditioned	condition	VERB
fsr-3383	275	11	on	on	ADP
fsr-3383	275	12	expenses	expense	NOUN
fsr-3383	275	13	.	.	PUNCT
fsr-3383	276	1	at	at	ADP
fsr-3383	276	2	the	the	DET
fsr-3383	276	3	beginning	beginning	NOUN
fsr-3383	276	4	of	of	ADP
fsr-3383	276	5	each	each	DET
fsr-3383	276	6	year	year	NOUN
fsr-3383	276	7	,	,	PUNCT
fsr-3383	276	8	we	we	PRON
fsr-3383	276	9	rank	rank	VERB
fsr-3383	276	10	the	the	DET
fsr-3383	276	11	entire	entire	ADJ
fsr-3383	276	12	portfolio	portfolio	NOUN
fsr-3383	276	13	based	base	VERB
fsr-3383	276	14	on	on	ADP
fsr-3383	276	15	the	the	DET
fsr-3383	276	16	annual	annual	ADJ
fsr-3383	276	17	expense	expense	NOUN
fsr-3383	276	18	ratio	ratio	NOUN
fsr-3383	276	19	and	and	CCONJ
fsr-3383	276	20	construct	construct	VERB
fsr-3383	276	21	quintiles	quintile	NOUN
fsr-3383	276	22	.	.	PUNCT
fsr-3383	277	1	the	the	DET
fsr-3383	277	2	sorting	sorting	NOUN
fsr-3383	277	3	is	be	AUX
fsr-3383	277	4	done	do	VERB
fsr-3383	277	5	based	base	VERB
fsr-3383	277	6	on	on	ADP
fsr-3383	277	7	prospectus	prospectus	NOUN
fsr-3383	277	8	based	base	VERB
fsr-3383	277	9	expense	expense	NOUN
fsr-3383	277	10	ratio	ratio	NOUN
fsr-3383	277	11	.	.	PUNCT
fsr-3383	278	1	q1	q1	PROPN
fsr-3383	278	2	is	be	AUX
fsr-3383	278	3	the	the	DET
fsr-3383	278	4	quintile	quintile	NOUN
fsr-3383	278	5	(	(	PUNCT
fsr-3383	278	6	group	group	NOUN
fsr-3383	278	7	of	of	ADP
fsr-3383	278	8	funds	fund	NOUN
fsr-3383	278	9	)	)	PUNCT
fsr-3383	278	10	that	that	PRON
fsr-3383	278	11	charges	charge	VERB
fsr-3383	278	12	the	the	DET
fsr-3383	278	13	lowest	low	ADJ
fsr-3383	278	14	expense	expense	NOUN
fsr-3383	278	15	ratio	ratio	NOUN
fsr-3383	278	16	and	and	CCONJ
fsr-3383	278	17	q5	q5	PROPN
fsr-3383	278	18	is	be	AUX
fsr-3383	278	19	the	the	DET
fsr-3383	278	20	group	group	NOUN
fsr-3383	278	21	of	of	ADP
fsr-3383	278	22	funds	fund	NOUN
fsr-3383	278	23	that	that	PRON
fsr-3383	278	24	charges	charge	VERB
fsr-3383	278	25	the	the	DET
fsr-3383	278	26	highest	high	ADJ
fsr-3383	278	27	expenses	expense	NOUN
fsr-3383	278	28	.	.	PUNCT
fsr-3383	279	1	since	since	SCONJ
fsr-3383	279	2	funds	fund	NOUN
fsr-3383	279	3	’	'	PUNCT
fsr-3383	279	4	expense	expense	NOUN
fsr-3383	279	5	ratio	ratio	NOUN
fsr-3383	279	6	may	may	AUX
fsr-3383	279	7	change	change	VERB
fsr-3383	279	8	over	over	ADP
fsr-3383	279	9	time	time	NOUN
fsr-3383	279	10	,	,	PUNCT
fsr-3383	279	11	we	we	PRON
fsr-3383	279	12	use	use	VERB
fsr-3383	279	13	dynamic	dynamic	ADJ
fsr-3383	279	14	rebalancing	rebalancing	NOUN
fsr-3383	279	15	as	as	SCONJ
fsr-3383	279	16	opposed	oppose	VERB
fsr-3383	279	17	to	to	ADP
fsr-3383	279	18	static	static	ADJ
fsr-3383	279	19	approach	approach	NOUN
fsr-3383	279	20	and	and	CCONJ
fsr-3383	279	21	repeat	repeat	VERB
fsr-3383	279	22	the	the	DET
fsr-3383	279	23	same	same	ADJ
fsr-3383	279	24	step	step	NOUN
fsr-3383	279	25	at	at	ADP
fsr-3383	279	26	the	the	DET
fsr-3383	279	27	beginning	beginning	NOUN
fsr-3383	279	28	of	of	ADP
fsr-3383	279	29	each	each	DET
fsr-3383	279	30	year	year	NOUN
fsr-3383	279	31	.	.	PUNCT
fsr-3383	280	1	year	year	NOUN
fsr-3383	280	2	-	-	PUNCT
fsr-3383	280	3	end	end	NOUN
fsr-3383	280	4	2000	2000	NUM
fsr-3383	280	5	is	be	AUX
fsr-3383	280	6	our	our	PRON
fsr-3383	280	7	first	first	ADJ
fsr-3383	280	8	formation	formation	NOUN
fsr-3383	280	9	period	period	NOUN
fsr-3383	280	10	whereas	whereas	SCONJ
fsr-3383	280	11	year	year	NOUN
fsr-3383	280	12	-	-	PUNCT
fsr-3383	280	13	end	end	NOUN
fsr-3383	280	14	2012	2012	NUM
fsr-3383	280	15	is	be	AUX
fsr-3383	280	16	the	the	DET
fsr-3383	280	17	last	last	ADJ
fsr-3383	280	18	formation	formation	NOUN
fsr-3383	280	19	period	period	NOUN
fsr-3383	280	20	.	.	PUNCT
fsr-3383	281	1	results	result	NOUN
fsr-3383	281	2	are	be	AUX
fsr-3383	281	3	tabulated	tabulate	VERB
fsr-3383	281	4	in	in	ADP
fsr-3383	281	5	table	table	NOUN
fsr-3383	281	6	4	4	NUM
fsr-3383	281	7	.	.	PUNCT
fsr-3383	282	1	findings	finding	NOUN
fsr-3383	282	2	show	show	VERB
fsr-3383	282	3	a	a	DET
fsr-3383	282	4	good	good	ADJ
fsr-3383	282	5	difference	difference	NOUN
fsr-3383	282	6	between	between	ADP
fsr-3383	282	7	the	the	DET
fsr-3383	282	8	extreme	extreme	ADJ
fsr-3383	282	9	portfolios	portfolio	NOUN
fsr-3383	282	10	.	.	PUNCT
fsr-3383	283	1	on	on	ADP
fsr-3383	283	2	average	average	ADJ
fsr-3383	283	3	,	,	PUNCT
fsr-3383	283	4	funds	fund	NOUN
fsr-3383	283	5	that	that	PRON
fsr-3383	283	6	charge	charge	VERB
fsr-3383	283	7	lower	low	ADJ
fsr-3383	283	8	expenses	expense	NOUN
fsr-3383	283	9	deliver	deliver	VERB
fsr-3383	283	10	higher	high	ADJ
fsr-3383	283	11	alphas	alpha	NOUN
fsr-3383	283	12	overall	overall	ADV
fsr-3383	283	13	and	and	CCONJ
fsr-3383	283	14	across	across	ADP
fsr-3383	283	15	individual	individual	ADJ
fsr-3383	283	16	categories	category	NOUN
fsr-3383	283	17	except	except	SCONJ
fsr-3383	283	18	value	value	NOUN
fsr-3383	283	19	category	category	NOUN
fsr-3383	283	20	.	.	PUNCT
fsr-3383	284	1	however	however	ADV
fsr-3383	284	2	,	,	PUNCT
fsr-3383	284	3	results	result	NOUN
fsr-3383	284	4	also	also	ADV
fsr-3383	284	5	show	show	VERB
fsr-3383	284	6	that	that	SCONJ
fsr-3383	284	7	,	,	PUNCT
fsr-3383	284	8	on	on	ADP
fsr-3383	284	9	average	average	ADJ
fsr-3383	284	10	,	,	PUNCT
fsr-3383	284	11	funds	fund	NOUN
fsr-3383	284	12	in	in	ADP
fsr-3383	284	13	these	these	DET
fsr-3383	284	14	two	two	NUM
fsr-3383	284	15	extreme	extreme	ADJ
fsr-3383	284	16	groups	group	NOUN
fsr-3383	284	17	underperform	underperform	ADJ
fsr-3383	284	18	against	against	ADP
fsr-3383	284	19	the	the	DET
fsr-3383	284	20	passive	passive	ADJ
fsr-3383	284	21	index	index	NOUN
fsr-3383	284	22	.	.	PUNCT
fsr-3383	285	1	another	another	DET
fsr-3383	285	2	interesting	interesting	ADJ
fsr-3383	285	3	observation	observation	NOUN
fsr-3383	285	4	is	be	AUX
fsr-3383	285	5	the	the	DET
fsr-3383	285	6	difference	difference	NOUN
fsr-3383	285	7	in	in	ADP
fsr-3383	285	8	alphas	alpha	NOUN
fsr-3383	285	9	between	between	ADP
fsr-3383	285	10	two	two	NUM
fsr-3383	285	11	extreme	extreme	ADJ
fsr-3383	285	12	groups	group	NOUN
fsr-3383	285	13	.	.	PUNCT
fsr-3383	286	1	results	result	NOUN
fsr-3383	286	2	are	be	AUX
fsr-3383	286	3	interesting	interesting	ADJ
fsr-3383	286	4	because	because	SCONJ
fsr-3383	286	5	they	they	PRON
fsr-3383	286	6	seem	seem	VERB
fsr-3383	286	7	to	to	PART
fsr-3383	286	8	suggest	suggest	VERB
fsr-3383	286	9	that	that	SCONJ
fsr-3383	286	10	the	the	DET
fsr-3383	286	11	difference	difference	NOUN
fsr-3383	286	12	in	in	ADP
fsr-3383	286	13	alpha	alpha	NOUN
fsr-3383	286	14	is	be	AUX
fsr-3383	286	15	not	not	PART
fsr-3383	286	16	just	just	ADV
fsr-3383	286	17	because	because	SCONJ
fsr-3383	286	18	of	of	ADP
fsr-3383	286	19	expenses	expense	NOUN
fsr-3383	286	20	.	.	PUNCT
fsr-3383	287	1	for	for	ADP
fsr-3383	287	2	example	example	NOUN
fsr-3383	287	3	,	,	PUNCT
fsr-3383	287	4	the	the	DET
fsr-3383	287	5	average	average	ADJ
fsr-3383	287	6	monthly	monthly	ADJ
fsr-3383	287	7	109a	109a	NUM
fsr-3383	287	8	.	.	PUNCT
fsr-3383	288	1	kaushik	kaushik	PROPN
fsr-3383	288	2	,	,	PUNCT
fsr-3383	288	3	r.	r.	PROPN
fsr-3383	288	4	boisvert	boisvert	PROPN
fsr-3383	288	5	/	/	SYM
fsr-3383	288	6	financial	financial	ADJ
fsr-3383	288	7	services	service	NOUN
fsr-3383	288	8	review	review	VERB
fsr-3383	288	9	27	27	NUM
fsr-3383	288	10	(	(	PUNCT
fsr-3383	288	11	2018	2018	NUM
fsr-3383	288	12	)	)	PUNCT
fsr-3383	288	13	99	99	NUM
fsr-3383	288	14	-	-	SYM
fsr-3383	288	15	113	113	NUM
fsr-3383	288	16	alpha	alpha	NOUN
fsr-3383	288	17	difference	difference	NOUN
fsr-3383	288	18	between	between	ADP
fsr-3383	288	19	funds	fund	NOUN
fsr-3383	288	20	that	that	PRON
fsr-3383	288	21	charge	charge	VERB
fsr-3383	288	22	higher	high	ADJ
fsr-3383	288	23	expenses	expense	NOUN
fsr-3383	288	24	and	and	CCONJ
fsr-3383	288	25	lower	low	ADJ
fsr-3383	288	26	expenses	expense	NOUN
fsr-3383	288	27	is	be	AUX
fsr-3383	288	28	�	�	PROPN
fsr-3383	288	29	0.067	0.067	NUM
fsr-3383	288	30	percent	percent	NOUN
fsr-3383	288	31	(	(	PUNCT
fsr-3383	288	32	�	�	NOUN
fsr-3383	288	33	0.804	0.804	NUM
fsr-3383	288	34	percent	percent	NOUN
fsr-3383	288	35	annually	annually	ADV
fsr-3383	288	36	)	)	PUNCT
fsr-3383	288	37	statistically	statistically	ADV
fsr-3383	288	38	significant	significant	ADJ
fsr-3383	288	39	,	,	PUNCT
fsr-3383	288	40	whereas	whereas	SCONJ
fsr-3383	288	41	the	the	DET
fsr-3383	288	42	average	average	ADJ
fsr-3383	288	43	annual	annual	ADJ
fsr-3383	288	44	difference	difference	NOUN
fsr-3383	288	45	in	in	ADP
fsr-3383	288	46	their	their	PRON
fsr-3383	288	47	expense	expense	NOUN
fsr-3383	288	48	ratio	ratio	NOUN
fsr-3383	288	49	is	be	AUX
fsr-3383	288	50	just	just	ADV
fsr-3383	288	51	30	30	NUM
fsr-3383	288	52	basis	basis	NOUN
fsr-3383	288	53	points	point	NOUN
fsr-3383	288	54	.	.	PUNCT
fsr-3383	289	1	in	in	ADP
fsr-3383	289	2	other	other	ADJ
fsr-3383	289	3	words	word	NOUN
fsr-3383	289	4	,	,	PUNCT
fsr-3383	289	5	the	the	DET
fsr-3383	289	6	majority	majority	NOUN
fsr-3383	289	7	of	of	ADP
fsr-3383	289	8	the	the	DET
fsr-3383	289	9	difference	difference	NOUN
fsr-3383	289	10	(	(	PUNCT
fsr-3383	289	11	50	50	NUM
fsr-3383	289	12	basis	basis	NOUN
fsr-3383	289	13	points	point	NOUN
fsr-3383	289	14	difference	difference	NOUN
fsr-3383	289	15	)	)	PUNCT
fsr-3383	289	16	is	be	AUX
fsr-3383	289	17	coming	come	VERB
fsr-3383	289	18	from	from	ADP
fsr-3383	289	19	factors	factor	NOUN
fsr-3383	289	20	other	other	ADJ
fsr-3383	289	21	than	than	ADP
fsr-3383	289	22	expense	expense	NOUN
fsr-3383	289	23	ratio	ratio	NOUN
fsr-3383	289	24	.	.	PUNCT
fsr-3383	290	1	results	result	NOUN
fsr-3383	290	2	further	far	ADV
fsr-3383	290	3	strengthen	strengthen	VERB
fsr-3383	290	4	the	the	DET
fsr-3383	290	5	notion	notion	NOUN
fsr-3383	290	6	that	that	SCONJ
fsr-3383	290	7	many	many	ADJ
fsr-3383	290	8	times	time	NOUN
fsr-3383	290	9	performance	performance	NOUN
fsr-3383	290	10	deteriorates	deteriorate	VERB
fsr-3383	290	11	not	not	PART
fsr-3383	290	12	because	because	SCONJ
fsr-3383	290	13	of	of	ADP
fsr-3383	290	14	expenses	expense	NOUN
fsr-3383	290	15	charged	charge	VERB
fsr-3383	290	16	by	by	ADP
fsr-3383	290	17	funds	fund	NOUN
fsr-3383	290	18	,	,	PUNCT
fsr-3383	290	19	but	but	CCONJ
fsr-3383	290	20	by	by	ADP
fsr-3383	290	21	over	over	ADP
fsr-3383	290	22	-	-	PUNCT
fsr-3383	290	23	diversification	diversification	NOUN
fsr-3383	290	24	or	or	CCONJ
fsr-3383	290	25	managers	manager	NOUN
fsr-3383	290	26	’	'	PUNCT
fsr-3383	290	27	behavior	behavior	NOUN
fsr-3383	290	28	of	of	ADP
fsr-3383	290	29	taking	take	VERB
fsr-3383	290	30	more	more	ADJ
fsr-3383	290	31	risk	risk	NOUN
fsr-3383	290	32	in	in	ADP
fsr-3383	290	33	anticipation	anticipation	NOUN
fsr-3383	290	34	of	of	ADP
fsr-3383	290	35	better	well	ADJ
fsr-3383	290	36	alpha	alpha	NOUN
fsr-3383	290	37	.	.	PUNCT
fsr-3383	291	1	6	6	NUM
fsr-3383	291	2	.	.	X
fsr-3383	291	3	conclusion	conclusion	NOUN
fsr-3383	291	4	mutual	mutual	ADJ
fsr-3383	291	5	funds	fund	NOUN
fsr-3383	291	6	are	be	AUX
fsr-3383	291	7	supposed	suppose	VERB
fsr-3383	291	8	to	to	PART
fsr-3383	291	9	offer	offer	VERB
fsr-3383	291	10	low	low	ADJ
fsr-3383	291	11	-	-	PUNCT
fsr-3383	291	12	cost	cost	NOUN
fsr-3383	291	13	diversification	diversification	NOUN
fsr-3383	291	14	and	and	CCONJ
fsr-3383	291	15	consistent	consistent	ADJ
fsr-3383	291	16	returns	return	NOUN
fsr-3383	291	17	to	to	ADP
fsr-3383	291	18	retail	retail	ADJ
fsr-3383	291	19	investors	investor	NOUN
fsr-3383	291	20	and	and	CCONJ
fsr-3383	291	21	it	it	PRON
fsr-3383	291	22	is	be	AUX
fsr-3383	291	23	perhaps	perhaps	ADV
fsr-3383	291	24	one	one	NUM
fsr-3383	291	25	of	of	ADP
fsr-3383	291	26	the	the	DET
fsr-3383	291	27	main	main	ADJ
fsr-3383	291	28	reasons	reason	NOUN
fsr-3383	291	29	of	of	ADP
fsr-3383	291	30	steep	steep	ADJ
fsr-3383	291	31	growth	growth	NOUN
fsr-3383	291	32	of	of	ADP
fsr-3383	291	33	mutual	mutual	ADJ
fsr-3383	291	34	funds	fund	NOUN
fsr-3383	291	35	year	year	NOUN
fsr-3383	291	36	by	by	ADP
fsr-3383	291	37	year	year	NOUN
fsr-3383	291	38	for	for	ADP
fsr-3383	291	39	the	the	DET
fsr-3383	291	40	past	past	ADJ
fsr-3383	291	41	several	several	ADJ
fsr-3383	291	42	decades	decade	NOUN
fsr-3383	291	43	.	.	PUNCT
fsr-3383	292	1	the	the	DET
fsr-3383	292	2	question	question	NOUN
fsr-3383	292	3	of	of	ADP
fsr-3383	292	4	expenses	expense	NOUN
fsr-3383	292	5	and	and	CCONJ
fsr-3383	292	6	alphas	alpha	NOUN
fsr-3383	292	7	has	have	AUX
fsr-3383	292	8	taken	take	VERB
fsr-3383	292	9	center	center	ADJ
fsr-3383	292	10	stage	stage	NOUN
fsr-3383	292	11	in	in	ADP
fsr-3383	292	12	academic	academic	ADJ
fsr-3383	292	13	and	and	CCONJ
fsr-3383	292	14	practitioner	practitioner	NOUN
fsr-3383	292	15	research	research	NOUN
fsr-3383	292	16	.	.	PUNCT
fsr-3383	293	1	one	one	NUM
fsr-3383	293	2	of	of	ADP
fsr-3383	293	3	the	the	DET
fsr-3383	293	4	main	main	ADJ
fsr-3383	293	5	questions	question	NOUN
fsr-3383	293	6	investors	investor	NOUN
fsr-3383	293	7	want	want	VERB
fsr-3383	293	8	to	to	PART
fsr-3383	293	9	know	know	VERB
fsr-3383	293	10	is	be	AUX
fsr-3383	293	11	table	table	NOUN
fsr-3383	293	12	3	3	NUM
fsr-3383	293	13	panel	panel	NOUN
fsr-3383	293	14	a	a	DET
fsr-3383	293	15	:	:	PUNCT
fsr-3383	293	16	abnormal	abnormal	ADJ
fsr-3383	293	17	performance	performance	NOUN
fsr-3383	293	18	of	of	ADP
fsr-3383	293	19	funds	fund	NOUN
fsr-3383	293	20	the	the	DET
fsr-3383	293	21	following	follow	VERB
fsr-3383	293	22	table	table	NOUN
fsr-3383	293	23	shows	show	VERB
fsr-3383	293	24	the	the	DET
fsr-3383	293	25	abnormal	abnormal	ADJ
fsr-3383	293	26	performance	performance	NOUN
fsr-3383	293	27	of	of	ADP
fsr-3383	293	28	the	the	DET
fsr-3383	293	29	sample	sample	NOUN
fsr-3383	293	30	funds	fund	NOUN
fsr-3383	293	31	over	over	ADP
fsr-3383	293	32	the	the	DET
fsr-3383	293	33	period	period	NOUN
fsr-3383	293	34	1/2000	1/2000	NUM
fsr-3383	293	35	to	to	ADP
fsr-3383	293	36	12/2013	12/2013	NUM
fsr-3383	293	37	.	.	PUNCT
fsr-3383	294	1	the	the	DET
fsr-3383	294	2	abnormal	abnormal	ADJ
fsr-3383	294	3	performance	performance	NOUN
fsr-3383	294	4	(	(	PUNCT
fsr-3383	294	5	�	�	NOUN
fsr-3383	294	6	)	)	PUNCT
fsr-3383	294	7	is	be	AUX
fsr-3383	294	8	based	base	VERB
fsr-3383	294	9	on	on	ADP
fsr-3383	294	10	the	the	DET
fsr-3383	294	11	four	four	NUM
fsr-3383	294	12	-	-	PUNCT
fsr-3383	294	13	factor	factor	NOUN
fsr-3383	294	14	model	model	NOUN
fsr-3383	294	15	.	.	PUNCT
fsr-3383	295	1	rit	rit	PROPN
fsr-3383	295	2	is	be	AUX
fsr-3383	295	3	the	the	DET
fsr-3383	295	4	excess	excess	ADJ
fsr-3383	295	5	monthly	monthly	ADJ
fsr-3383	295	6	return	return	NOUN
fsr-3383	295	7	of	of	ADP
fsr-3383	295	8	fund	fund	NOUN
fsr-3383	295	9	i	i	PRON
fsr-3383	295	10	over	over	ADP
fsr-3383	295	11	one	one	NUM
fsr-3383	295	12	month	month	NOUN
fsr-3383	295	13	u.s	u.s	PROPN
fsr-3383	295	14	.	.	PROPN
fsr-3383	295	15	t	t	PROPN
fsr-3383	295	16	-	-	PUNCT
fsr-3383	295	17	bill	bill	NOUN
fsr-3383	295	18	return	return	NOUN
fsr-3383	295	19	.	.	PUNCT
fsr-3383	296	1	rmrf	rmrf	NOUN
fsr-3383	296	2	is	be	AUX
fsr-3383	296	3	the	the	DET
fsr-3383	296	4	excess	excess	ADJ
fsr-3383	296	5	monthly	monthly	ADJ
fsr-3383	296	6	return	return	NOUN
fsr-3383	296	7	of	of	ADP
fsr-3383	296	8	the	the	DET
fsr-3383	296	9	crsp	crsp	PROPN
fsr-3383	296	10	value	value	NOUN
fsr-3383	296	11	weighted	weight	VERB
fsr-3383	296	12	index	index	NOUN
fsr-3383	296	13	over	over	ADP
fsr-3383	296	14	the	the	DET
fsr-3383	296	15	one	one	NUM
fsr-3383	296	16	month	month	NOUN
fsr-3383	296	17	u.s	u.s	PROPN
fsr-3383	296	18	.	.	PROPN
fsr-3383	296	19	t	t	PROPN
fsr-3383	296	20	-	-	PUNCT
fsr-3383	296	21	bill	bill	NOUN
fsr-3383	296	22	return	return	NOUN
fsr-3383	296	23	.	.	PUNCT
fsr-3383	297	1	smb	smb	PROPN
fsr-3383	297	2	,	,	PUNCT
fsr-3383	297	3	hml	hml	PROPN
fsr-3383	297	4	,	,	PUNCT
fsr-3383	297	5	and	and	CCONJ
fsr-3383	297	6	mom	mom	NOUN
fsr-3383	297	7	are	be	AUX
fsr-3383	297	8	monthly	monthly	ADJ
fsr-3383	297	9	returns	return	NOUN
fsr-3383	297	10	of	of	ADP
fsr-3383	297	11	size	size	NOUN
fsr-3383	297	12	(	(	PUNCT
fsr-3383	297	13	the	the	DET
fsr-3383	297	14	difference	difference	NOUN
fsr-3383	297	15	in	in	ADP
fsr-3383	297	16	returns	return	NOUN
fsr-3383	297	17	between	between	ADP
fsr-3383	297	18	small	small	ADJ
fsr-3383	297	19	and	and	CCONJ
fsr-3383	297	20	large	large	ADJ
fsr-3383	297	21	cap	cap	NOUN
fsr-3383	297	22	stocks	stock	NOUN
fsr-3383	297	23	)	)	PUNCT
fsr-3383	297	24	,	,	PUNCT
fsr-3383	297	25	book	book	NOUN
fsr-3383	297	26	to	to	ADP
fsr-3383	297	27	market	market	NOUN
fsr-3383	297	28	(	(	PUNCT
fsr-3383	297	29	the	the	DET
fsr-3383	297	30	difference	difference	NOUN
fsr-3383	297	31	in	in	ADP
fsr-3383	297	32	returns	return	NOUN
fsr-3383	297	33	between	between	ADP
fsr-3383	297	34	high	high	ADJ
fsr-3383	297	35	and	and	CCONJ
fsr-3383	297	36	low	low	ADJ
fsr-3383	297	37	book	book	NOUN
fsr-3383	297	38	-	-	PUNCT
fsr-3383	297	39	to	to	ADP
fsr-3383	297	40	-	-	PUNCT
fsr-3383	297	41	market	market	NOUN
fsr-3383	297	42	stocks	stock	NOUN
fsr-3383	297	43	)	)	PUNCT
fsr-3383	297	44	,	,	PUNCT
fsr-3383	297	45	and	and	CCONJ
fsr-3383	297	46	momentum	momentum	NOUN
fsr-3383	297	47	(	(	PUNCT
fsr-3383	297	48	the	the	DET
fsr-3383	297	49	difference	difference	NOUN
fsr-3383	297	50	in	in	ADP
fsr-3383	297	51	returns	return	NOUN
fsr-3383	297	52	between	between	ADP
fsr-3383	297	53	stocks	stock	NOUN
fsr-3383	297	54	with	with	ADP
fsr-3383	297	55	high	high	ADJ
fsr-3383	297	56	and	and	CCONJ
fsr-3383	297	57	low	low	ADJ
fsr-3383	297	58	past	past	ADJ
fsr-3383	297	59	returns	return	NOUN
fsr-3383	297	60	)	)	PUNCT
fsr-3383	297	61	portfolios	portfolio	NOUN
fsr-3383	297	62	,	,	PUNCT
fsr-3383	297	63	respectively	respectively	ADV
fsr-3383	297	64	.	.	PUNCT
fsr-3383	298	1	the	the	DET
fsr-3383	298	2	dependent	dependent	ADJ
fsr-3383	298	3	variable	variable	NOUN
fsr-3383	298	4	is	be	AUX
fsr-3383	298	5	the	the	DET
fsr-3383	298	6	individual	individual	ADJ
fsr-3383	298	7	fund	fund	PROPN
fsr-3383	298	8	’s	’s	PART
fsr-3383	298	9	monthly	monthly	ADJ
fsr-3383	298	10	excess	excess	ADJ
fsr-3383	298	11	return	return	NOUN
fsr-3383	298	12	over	over	ADP
fsr-3383	298	13	the	the	DET
fsr-3383	298	14	corresponding	correspond	VERB
fsr-3383	298	15	one	one	NUM
fsr-3383	298	16	month	month	NOUN
fsr-3383	298	17	t	t	PROPN
fsr-3383	298	18	-	-	PUNCT
fsr-3383	298	19	bill	bill	NOUN
fsr-3383	298	20	rate	rate	NOUN
fsr-3383	298	21	.	.	PUNCT
fsr-3383	299	1	alpha	alpha	NOUN
fsr-3383	299	2	is	be	AUX
fsr-3383	299	3	expressed	express	VERB
fsr-3383	299	4	in	in	ADP
fsr-3383	299	5	percentage	percentage	NOUN
fsr-3383	299	6	per	per	ADP
fsr-3383	299	7	month	month	NOUN
fsr-3383	299	8	.	.	PUNCT
fsr-3383	300	1	regression	regression	NOUN
fsr-3383	300	2	estimates	estimate	NOUN
fsr-3383	300	3	are	be	AUX
fsr-3383	300	4	based	base	VERB
fsr-3383	300	5	on	on	ADP
fsr-3383	300	6	newey	newey	PROPN
fsr-3383	300	7	-	-	PUNCT
fsr-3383	300	8	west	west	PROPN
fsr-3383	300	9	adjusted	adjust	VERB
fsr-3383	300	10	standard	standard	ADJ
fsr-3383	300	11	errors	error	NOUN
fsr-3383	300	12	.	.	PUNCT
fsr-3383	301	1	n	n	PRON
fsr-3383	301	2	is	be	AUX
fsr-3383	301	3	the	the	DET
fsr-3383	301	4	number	number	NOUN
fsr-3383	301	5	of	of	ADP
fsr-3383	301	6	fund	fund	NOUN
fsr-3383	301	7	month	month	NOUN
fsr-3383	301	8	observations	observation	NOUN
fsr-3383	301	9	.	.	PUNCT
fsr-3383	302	1	model	model	NOUN
fsr-3383	302	2	:	:	PUNCT
fsr-3383	302	3	rit	rit	PROPN
fsr-3383	302	4	�	�	PROPN
fsr-3383	302	5	rft	rft	PROPN
fsr-3383	302	6	�	�	PROPN
fsr-3383	302	7	�	�	PROPN
fsr-3383	302	8	i	i	PROPN
fsr-3383	302	9	�	�	PROPN
fsr-3383	302	10	�	�	PROPN
fsr-3383	302	11	1i	1i	NOUN
fsr-3383	302	12	*	*	PUNCT
fsr-3383	302	13	rmrft	rmrft	PROPN
fsr-3383	302	14	�	�	PROPN
fsr-3383	302	15	�	�	PROPN
fsr-3383	302	16	2i	2i	NUM
fsr-3383	302	17	*	*	NOUN
fsr-3383	302	18	smbt	smbt	PROPN
fsr-3383	302	19	�	�	PROPN
fsr-3383	302	20	�	�	PROPN
fsr-3383	302	21	3i	3i	NOUN
fsr-3383	302	22	*	*	PUNCT
fsr-3383	302	23	hmlt	hmlt	PROPN
fsr-3383	302	24	�	�	PROPN
fsr-3383	302	25	�	�	PROPN
fsr-3383	302	26	4i	4i	PROPN
fsr-3383	302	27	*	*	PUNCT
fsr-3383	302	28	momt	momt	PROPN
fsr-3383	302	29	�	�	PROPN
fsr-3383	302	30	�	�	PROPN
fsr-3383	302	31	i	i	PROPN
fsr-3383	302	32	,	,	PUNCT
fsr-3383	302	33	t	t	PROPN
fsr-3383	302	34	variable	variable	ADJ
fsr-3383	302	35	name	name	NOUN
fsr-3383	302	36	mean	mean	VERB
fsr-3383	302	37	standard	standard	ADJ
fsr-3383	302	38	error	error	NOUN
fsr-3383	302	39	t	t	NOUN
fsr-3383	302	40	-	-	PUNCT
fsr-3383	302	41	value	value	NOUN
fsr-3383	302	42	p	p	NOUN
fsr-3383	302	43	-	-	PUNCT
fsr-3383	302	44	value	value	NOUN
fsr-3383	302	45	alpha	alpha	NOUN
fsr-3383	302	46	�	�	PROPN
fsr-3383	302	47	.007	.007	NUM
fsr-3383	302	48	0.000082	0.000082	NUM
fsr-3383	302	49	�	�	NOUN
fsr-3383	302	50	0.89	0.89	NUM
fsr-3383	302	51	0.3732	0.3732	NUM
fsr-3383	302	52	rmrf	rmrf	NOUN
fsr-3383	302	53	0.983155	0.983155	NUM
fsr-3383	302	54	*	*	PUNCT
fsr-3383	302	55	*	*	PUNCT
fsr-3383	302	56	*	*	PUNCT
fsr-3383	302	57	0.00319	0.00319	NUM
fsr-3383	302	58	308	308	NUM
fsr-3383	302	59	0.0000	0.0000	NUM
fsr-3383	302	60	smb	smb	NOUN
fsr-3383	302	61	�	�	PROPN
fsr-3383	302	62	0.04745	0.04745	NUM
fsr-3383	302	63	*	*	PUNCT
fsr-3383	302	64	*	*	PUNCT
fsr-3383	302	65	*	*	X
fsr-3383	302	66	0.00775	0.00775	NUM
fsr-3383	302	67	�	�	PROPN
fsr-3383	302	68	6.12	6.12	NUM
fsr-3383	302	69	0.0000	0.0000	NUM
fsr-3383	302	70	hml	hml	PROPN
fsr-3383	303	1	0.011741	0.011741	PROPN
fsr-3383	303	2	*	*	PUNCT
fsr-3383	303	3	0.00667	0.00667	NUM
fsr-3383	303	4	1.76	1.76	NUM
fsr-3383	303	5	0.0782	0.0782	NUM
fsr-3383	303	6	mom	mom	NOUN
fsr-3383	303	7	0.014201	0.014201	NUM
fsr-3383	303	8	*	*	PUNCT
fsr-3383	303	9	*	*	PUNCT
fsr-3383	303	10	*	*	PUNCT
fsr-3383	303	11	0.00311	0.00311	NUM
fsr-3383	303	12	4.57	4.57	NUM
fsr-3383	303	13	0.0000	0.0000	NUM
fsr-3383	303	14	n	n	CCONJ
fsr-3383	303	15	62,497	62,497	NUM
fsr-3383	303	16	*	*	PUNCT
fsr-3383	303	17	*	*	PUNCT
fsr-3383	303	18	*	*	PUNCT
fsr-3383	303	19	,	,	PUNCT
fsr-3383	303	20	*	*	PUNCT
fsr-3383	303	21	*	*	PUNCT
fsr-3383	303	22	,	,	PUNCT
fsr-3383	303	23	and	and	CCONJ
fsr-3383	303	24	*	*	PUNCT
fsr-3383	303	25	show	show	VERB
fsr-3383	303	26	the	the	DET
fsr-3383	303	27	significance	significance	NOUN
fsr-3383	303	28	at	at	ADP
fsr-3383	303	29	1	1	NUM
fsr-3383	303	30	%	%	NOUN
fsr-3383	303	31	,	,	PUNCT
fsr-3383	303	32	5	5	NUM
fsr-3383	303	33	%	%	NOUN
fsr-3383	303	34	,	,	PUNCT
fsr-3383	303	35	and	and	CCONJ
fsr-3383	303	36	10	10	NUM
fsr-3383	303	37	%	%	NOUN
fsr-3383	303	38	level	level	NOUN
fsr-3383	303	39	,	,	PUNCT
fsr-3383	303	40	respectively	respectively	ADV
fsr-3383	303	41	.	.	PUNCT
fsr-3383	303	42	table	table	NOUN
fsr-3383	303	43	3	3	NUM
fsr-3383	303	44	panel	panel	NOUN
fsr-3383	303	45	b	b	NOUN
fsr-3383	303	46	:	:	PUNCT
fsr-3383	303	47	abnormal	abnormal	ADJ
fsr-3383	303	48	performance	performance	NOUN
fsr-3383	303	49	of	of	ADP
fsr-3383	303	50	value	value	NOUN
fsr-3383	303	51	funds	fund	NOUN
fsr-3383	303	52	variable	variable	ADJ
fsr-3383	303	53	name	name	NOUN
fsr-3383	303	54	mean	mean	VERB
fsr-3383	303	55	standard	standard	ADJ
fsr-3383	303	56	error	error	NOUN
fsr-3383	303	57	t	t	NOUN
fsr-3383	303	58	-	-	PUNCT
fsr-3383	303	59	value	value	NOUN
fsr-3383	303	60	p	p	NOUN
fsr-3383	303	61	-	-	PUNCT
fsr-3383	303	62	value	value	NOUN
fsr-3383	303	63	alpha	alpha	NOUN
fsr-3383	303	64	0.0503	0.0503	NUM
fsr-3383	303	65	*	*	PUNCT
fsr-3383	303	66	*	*	PUNCT
fsr-3383	303	67	*	*	PUNCT
fsr-3383	304	1	0.000147	0.000147	NUM
fsr-3383	304	2	3.41	3.41	NUM
fsr-3383	304	3	0.0006	0.0006	NUM
fsr-3383	304	4	rmrf	rmrf	NOUN
fsr-3383	304	5	0.919338	0.919338	NUM
fsr-3383	304	6	*	*	PUNCT
fsr-3383	304	7	*	*	PUNCT
fsr-3383	304	8	*	*	PUNCT
fsr-3383	304	9	0.00526	0.00526	NUM
fsr-3383	304	10	174.69	174.69	NUM
fsr-3383	304	11	0.000	0.000	NUM
fsr-3383	304	12	smb	smb	PROPN
fsr-3383	304	13	�	�	PROPN
fsr-3383	304	14	0.13051	0.13051	NUM
fsr-3383	304	15	*	*	PUNCT
fsr-3383	304	16	*	*	PUNCT
fsr-3383	304	17	*	*	X
fsr-3383	304	18	0.00889	0.00889	NUM
fsr-3383	304	19	�	�	PROPN
fsr-3383	304	20	14.68	14.68	NUM
fsr-3383	304	21	0.0000	0.0000	NUM
fsr-3383	304	22	hml	hml	PROPN
fsr-3383	304	23	0.285684	0.285684	NUM
fsr-3383	304	24	*	*	PUNCT
fsr-3383	304	25	*	*	PUNCT
fsr-3383	304	26	*	*	PUNCT
fsr-3383	305	1	0.00995	0.00995	NUM
fsr-3383	305	2	28.71	28.71	NUM
fsr-3383	305	3	0.0000	0.0000	NUM
fsr-3383	305	4	mom	mom	NOUN
fsr-3383	305	5	�	�	PROPN
fsr-3383	305	6	0.01315	0.01315	PROPN
fsr-3383	305	7	*	*	PUNCT
fsr-3383	305	8	*	*	X
fsr-3383	305	9	0.0053	0.0053	NUM
fsr-3383	305	10	�	�	PROPN
fsr-3383	305	11	2.48	2.48	NUM
fsr-3383	305	12	0.0131	0.0131	NUM
fsr-3383	305	13	n	n	PRON
fsr-3383	305	14	15,465	15,465	NUM
fsr-3383	305	15	*	*	PUNCT
fsr-3383	305	16	*	*	PUNCT
fsr-3383	305	17	*	*	PUNCT
fsr-3383	305	18	,	,	PUNCT
fsr-3383	305	19	*	*	PUNCT
fsr-3383	305	20	*	*	PUNCT
fsr-3383	305	21	,	,	PUNCT
fsr-3383	305	22	and	and	CCONJ
fsr-3383	305	23	*	*	AUX
fsr-3383	305	24	show	show	VERB
fsr-3383	305	25	the	the	DET
fsr-3383	305	26	significance	significance	NOUN
fsr-3383	305	27	at	at	ADP
fsr-3383	305	28	1	1	NUM
fsr-3383	305	29	%	%	NOUN
fsr-3383	305	30	,	,	PUNCT
fsr-3383	305	31	5	5	NUM
fsr-3383	305	32	%	%	NOUN
fsr-3383	305	33	,	,	PUNCT
fsr-3383	305	34	and	and	CCONJ
fsr-3383	305	35	10	10	NUM
fsr-3383	305	36	%	%	NOUN
fsr-3383	305	37	level	level	NOUN
fsr-3383	305	38	,	,	PUNCT
fsr-3383	305	39	respectively	respectively	ADV
fsr-3383	305	40	.	.	PUNCT
fsr-3383	306	1	110	110	NUM
fsr-3383	306	2	a.	a.	NOUN
fsr-3383	306	3	kaushik	kaushik	PROPN
fsr-3383	306	4	,	,	PUNCT
fsr-3383	306	5	r.	r.	PROPN
fsr-3383	306	6	boisvert	boisvert	PROPN
fsr-3383	306	7	/	/	SYM
fsr-3383	306	8	financial	financial	ADJ
fsr-3383	306	9	services	service	NOUN
fsr-3383	306	10	review	review	VERB
fsr-3383	306	11	27	27	NUM
fsr-3383	306	12	(	(	PUNCT
fsr-3383	306	13	2018	2018	NUM
fsr-3383	306	14	)	)	PUNCT
fsr-3383	306	15	99	99	NUM
fsr-3383	306	16	-	-	SYM
fsr-3383	306	17	113	113	NUM
fsr-3383	306	18	whether	whether	SCONJ
fsr-3383	306	19	expenses	expense	NOUN
fsr-3383	306	20	charged	charge	VERB
fsr-3383	306	21	by	by	ADP
fsr-3383	306	22	these	these	DET
fsr-3383	306	23	funds	fund	NOUN
fsr-3383	306	24	are	be	AUX
fsr-3383	306	25	justified	justify	VERB
fsr-3383	306	26	by	by	ADP
fsr-3383	306	27	their	their	PRON
fsr-3383	306	28	performance	performance	NOUN
fsr-3383	306	29	.	.	PUNCT
fsr-3383	307	1	while	while	SCONJ
fsr-3383	307	2	there	there	PRON
fsr-3383	307	3	is	be	VERB
fsr-3383	307	4	overwhelming	overwhelming	ADJ
fsr-3383	307	5	support	support	NOUN
fsr-3383	307	6	in	in	ADP
fsr-3383	307	7	the	the	DET
fsr-3383	307	8	existing	exist	VERB
fsr-3383	307	9	literature	literature	NOUN
fsr-3383	307	10	that	that	PRON
fsr-3383	307	11	actively	actively	ADV
fsr-3383	307	12	managed	manage	VERB
fsr-3383	307	13	funds	fund	NOUN
fsr-3383	307	14	underperform	underperform	VERB
fsr-3383	307	15	passive	passive	ADJ
fsr-3383	307	16	indices	index	NOUN
fsr-3383	307	17	and	and	CCONJ
fsr-3383	307	18	the	the	DET
fsr-3383	307	19	underperformance	underperformance	NOUN
fsr-3383	307	20	is	be	AUX
fsr-3383	307	21	more	more	ADV
fsr-3383	307	22	visible	visible	ADJ
fsr-3383	307	23	after	after	ADP
fsr-3383	307	24	incorporating	incorporate	VERB
fsr-3383	307	25	expenses	expense	NOUN
fsr-3383	307	26	,	,	PUNCT
fsr-3383	307	27	still	still	ADV
fsr-3383	307	28	,	,	PUNCT
fsr-3383	307	29	there	there	PRON
fsr-3383	307	30	are	be	VERB
fsr-3383	307	31	studies	study	NOUN
fsr-3383	307	32	that	that	PRON
fsr-3383	307	33	documented	document	VERB
fsr-3383	307	34	positivity	positivity	NOUN
fsr-3383	307	35	of	of	ADP
fsr-3383	307	36	expenses	expense	NOUN
fsr-3383	307	37	.	.	PUNCT
fsr-3383	308	1	their	their	PRON
fsr-3383	308	2	arguments	argument	NOUN
fsr-3383	308	3	include	include	VERB
fsr-3383	308	4	from	from	ADP
fsr-3383	308	5	dissuading	dissuade	VERB
fsr-3383	308	6	short	short	ADJ
fsr-3383	308	7	-	-	PUNCT
fsr-3383	308	8	term	term	NOUN
fsr-3383	308	9	investors	investor	NOUN
fsr-3383	308	10	to	to	ADP
fsr-3383	308	11	using	use	VERB
fsr-3383	308	12	extra	extra	ADJ
fsr-3383	308	13	cash	cash	NOUN
fsr-3383	308	14	for	for	ADP
fsr-3383	308	15	better	well	ADJ
fsr-3383	308	16	research	research	NOUN
fsr-3383	308	17	to	to	ADP
fsr-3383	308	18	attracting	attract	VERB
fsr-3383	308	19	and	and	CCONJ
fsr-3383	308	20	retaining	retain	VERB
fsr-3383	308	21	quality	quality	NOUN
fsr-3383	308	22	portfolio	portfolio	NOUN
fsr-3383	308	23	managers	manager	NOUN
fsr-3383	308	24	.	.	PUNCT
fsr-3383	309	1	equity	equity	NOUN
fsr-3383	309	2	markets	market	NOUN
fsr-3383	309	3	have	have	AUX
fsr-3383	309	4	seen	see	VERB
fsr-3383	309	5	a	a	DET
fsr-3383	309	6	roller	roller	NOUN
fsr-3383	309	7	coaster	coaster	NOUN
fsr-3383	309	8	ride	ride	NOUN
fsr-3383	309	9	since	since	SCONJ
fsr-3383	309	10	the	the	DET
fsr-3383	309	11	beginning	beginning	NOUN
fsr-3383	309	12	of	of	ADP
fsr-3383	309	13	2000	2000	NUM
fsr-3383	309	14	and	and	CCONJ
fsr-3383	309	15	the	the	DET
fsr-3383	309	16	global	global	ADJ
fsr-3383	309	17	markets	market	NOUN
fsr-3383	309	18	have	have	AUX
fsr-3383	309	19	tested	test	VERB
fsr-3383	309	20	a	a	DET
fsr-3383	309	21	tumultuous	tumultuous	ADJ
fsr-3383	309	22	time	time	NOUN
fsr-3383	309	23	-	-	PUNCT
fsr-3383	309	24	period	period	NOUN
fsr-3383	309	25	in	in	ADP
fsr-3383	309	26	the	the	DET
fsr-3383	309	27	past	past	ADJ
fsr-3383	309	28	decade	decade	NOUN
fsr-3383	309	29	.	.	PUNCT
fsr-3383	310	1	based	base	VERB
fsr-3383	310	2	on	on	ADP
fsr-3383	310	3	all	all	PRON
fsr-3383	310	4	of	of	ADP
fsr-3383	310	5	these	these	DET
fsr-3383	310	6	circumstances	circumstance	NOUN
fsr-3383	310	7	,	,	PUNCT
fsr-3383	310	8	we	we	PRON
fsr-3383	310	9	realize	realize	VERB
fsr-3383	310	10	that	that	SCONJ
fsr-3383	310	11	a	a	DET
fsr-3383	310	12	thorough	thorough	ADJ
fsr-3383	310	13	analysis	analysis	NOUN
fsr-3383	310	14	of	of	ADP
fsr-3383	310	15	expensebased	expensebase	VERB
fsr-3383	310	16	performance	performance	NOUN
fsr-3383	310	17	is	be	AUX
fsr-3383	310	18	warranted	warrant	VERB
fsr-3383	310	19	.	.	PUNCT
fsr-3383	311	1	we	we	PRON
fsr-3383	311	2	use	use	VERB
fsr-3383	311	3	only	only	ADV
fsr-3383	311	4	large	large	ADJ
fsr-3383	311	5	cap	cap	NOUN
fsr-3383	311	6	funds	fund	NOUN
fsr-3383	311	7	in	in	ADP
fsr-3383	311	8	our	our	PRON
fsr-3383	311	9	research	research	NOUN
fsr-3383	311	10	because	because	SCONJ
fsr-3383	311	11	they	they	PRON
fsr-3383	311	12	tend	tend	VERB
fsr-3383	311	13	to	to	PART
fsr-3383	311	14	be	be	AUX
fsr-3383	311	15	more	more	ADV
fsr-3383	311	16	stable	stable	ADJ
fsr-3383	311	17	and	and	CCONJ
fsr-3383	311	18	are	be	AUX
fsr-3383	311	19	supposed	suppose	VERB
fsr-3383	311	20	to	to	PART
fsr-3383	311	21	withstand	withstand	VERB
fsr-3383	311	22	the	the	DET
fsr-3383	311	23	market	market	NOUN
fsr-3383	311	24	volatility	volatility	NOUN
fsr-3383	311	25	.	.	PUNCT
fsr-3383	312	1	in	in	ADP
fsr-3383	312	2	this	this	DET
fsr-3383	312	3	study	study	NOUN
fsr-3383	312	4	,	,	PUNCT
fsr-3383	312	5	we	we	PRON
fsr-3383	312	6	analyze	analyze	VERB
fsr-3383	312	7	large	large	ADJ
fsr-3383	312	8	cap	cap	NOUN
fsr-3383	312	9	funds	fund	NOUN
fsr-3383	312	10	from	from	ADP
fsr-3383	312	11	january	january	PROPN
fsr-3383	312	12	2000	2000	NUM
fsr-3383	312	13	–	–	PUNCT
fsr-3383	312	14	december	december	PROPN
fsr-3383	312	15	2013	2013	NUM
fsr-3383	312	16	.	.	PUNCT
fsr-3383	313	1	we	we	PRON
fsr-3383	313	2	analyze	analyze	VERB
fsr-3383	313	3	large	large	ADJ
fsr-3383	313	4	cap	cap	NOUN
fsr-3383	313	5	funds	fund	NOUN
fsr-3383	313	6	as	as	ADP
fsr-3383	313	7	one	one	NUM
fsr-3383	313	8	group	group	NOUN
fsr-3383	313	9	and	and	CCONJ
fsr-3383	313	10	reexamine	reexamine	VERB
fsr-3383	313	11	the	the	DET
fsr-3383	313	12	performance	performance	NOUN
fsr-3383	313	13	across	across	ADP
fsr-3383	313	14	individual	individual	ADJ
fsr-3383	313	15	categories	category	NOUN
fsr-3383	313	16	,	,	PUNCT
fsr-3383	313	17	namely	namely	ADV
fsr-3383	313	18	:	:	PUNCT
fsr-3383	313	19	value	value	NOUN
fsr-3383	313	20	,	,	PUNCT
fsr-3383	313	21	growth	growth	NOUN
fsr-3383	313	22	,	,	PUNCT
fsr-3383	313	23	and	and	CCONJ
fsr-3383	313	24	blend	blend	NOUN
fsr-3383	313	25	categories	category	NOUN
fsr-3383	313	26	.	.	PUNCT
fsr-3383	314	1	we	we	PRON
fsr-3383	314	2	document	document	VERB
fsr-3383	314	3	that	that	SCONJ
fsr-3383	314	4	not	not	PART
fsr-3383	314	5	all	all	DET
fsr-3383	314	6	types	type	NOUN
fsr-3383	314	7	of	of	ADP
fsr-3383	314	8	large	large	ADJ
fsr-3383	314	9	cap	cap	NOUN
fsr-3383	314	10	funds	fund	NOUN
fsr-3383	314	11	underperform	underperform	NOUN
fsr-3383	314	12	against	against	ADP
fsr-3383	314	13	the	the	DET
fsr-3383	314	14	passive	passive	ADJ
fsr-3383	314	15	index	index	NOUN
fsr-3383	314	16	.	.	PUNCT
fsr-3383	315	1	our	our	PRON
fsr-3383	315	2	results	result	NOUN
fsr-3383	315	3	indicate	indicate	VERB
fsr-3383	315	4	superior	superior	ADJ
fsr-3383	315	5	performance	performance	NOUN
fsr-3383	315	6	by	by	ADP
fsr-3383	315	7	value	value	NOUN
fsr-3383	315	8	funds	fund	NOUN
fsr-3383	315	9	.	.	PUNCT
fsr-3383	316	1	in	in	ADP
fsr-3383	316	2	our	our	PRON
fsr-3383	316	3	study	study	NOUN
fsr-3383	316	4	,	,	PUNCT
fsr-3383	316	5	they	they	PRON
fsr-3383	316	6	earn	earn	VERB
fsr-3383	316	7	on	on	ADP
fsr-3383	316	8	average	average	ADJ
fsr-3383	316	9	,	,	PUNCT
fsr-3383	316	10	600	600	NUM
fsr-3383	316	11	basis	basis	NOUN
fsr-3383	316	12	points	point	NOUN
fsr-3383	316	13	alpha	alpha	ADV
fsr-3383	316	14	over	over	ADP
fsr-3383	316	15	the	the	DET
fsr-3383	316	16	14	14	NUM
fsr-3383	316	17	-	-	PUNCT
fsr-3383	316	18	year	year	NOUN
fsr-3383	316	19	period	period	NOUN
fsr-3383	316	20	whereas	whereas	SCONJ
fsr-3383	316	21	,	,	PUNCT
fsr-3383	316	22	on	on	ADP
fsr-3383	316	23	average	average	ADJ
fsr-3383	316	24	,	,	PUNCT
fsr-3383	316	25	large	large	ADJ
fsr-3383	316	26	cap	cap	NOUN
fsr-3383	316	27	growth	growth	NOUN
fsr-3383	316	28	funds	fund	NOUN
fsr-3383	316	29	underperform	underperform	NOUN
fsr-3383	316	30	by	by	ADP
fsr-3383	316	31	nearly	nearly	ADV
fsr-3383	316	32	240	240	NUM
fsr-3383	316	33	basis	basis	NOUN
fsr-3383	316	34	points	point	NOUN
fsr-3383	316	35	during	during	ADP
fsr-3383	316	36	the	the	DET
fsr-3383	316	37	same	same	ADJ
fsr-3383	316	38	period	period	NOUN
fsr-3383	316	39	.	.	PUNCT
fsr-3383	317	1	we	we	PRON
fsr-3383	317	2	divide	divide	VERB
fsr-3383	317	3	the	the	DET
fsr-3383	317	4	entire	entire	ADJ
fsr-3383	317	5	portfolio	portfolio	NOUN
fsr-3383	317	6	into	into	ADP
fsr-3383	317	7	quintiles	quintile	NOUN
fsr-3383	317	8	based	base	VERB
fsr-3383	317	9	on	on	ADP
fsr-3383	317	10	the	the	DET
fsr-3383	317	11	expense	expense	NOUN
fsr-3383	317	12	ratio	ratio	NOUN
fsr-3383	317	13	they	they	PRON
fsr-3383	317	14	charge	charge	VERB
fsr-3383	317	15	from	from	ADP
fsr-3383	317	16	investors	investor	NOUN
fsr-3383	317	17	and	and	CCONJ
fsr-3383	317	18	our	our	PRON
fsr-3383	317	19	results	result	NOUN
fsr-3383	317	20	show	show	VERB
fsr-3383	317	21	amazing	amazing	ADJ
fsr-3383	317	22	differences	difference	NOUN
fsr-3383	317	23	in	in	ADP
fsr-3383	317	24	their	their	PRON
fsr-3383	317	25	performance	performance	NOUN
fsr-3383	317	26	across	across	ADP
fsr-3383	317	27	those	those	DET
fsr-3383	317	28	divisions	division	NOUN
fsr-3383	317	29	.	.	PUNCT
fsr-3383	318	1	generally	generally	ADV
fsr-3383	318	2	,	,	PUNCT
fsr-3383	318	3	expenses	expense	NOUN
fsr-3383	318	4	are	be	AUX
fsr-3383	318	5	blamed	blame	VERB
fsr-3383	318	6	for	for	ADP
fsr-3383	318	7	lower	low	ADJ
fsr-3383	318	8	net	net	ADJ
fsr-3383	318	9	returns	return	NOUN
fsr-3383	318	10	to	to	ADP
fsr-3383	318	11	investors	investor	NOUN
fsr-3383	318	12	,	,	PUNCT
fsr-3383	318	13	but	but	CCONJ
fsr-3383	318	14	our	our	PRON
fsr-3383	318	15	results	result	NOUN
fsr-3383	318	16	suggest	suggest	VERB
fsr-3383	318	17	that	that	SCONJ
fsr-3383	318	18	expenses	expense	NOUN
fsr-3383	318	19	are	be	AUX
fsr-3383	318	20	not	not	PART
fsr-3383	318	21	the	the	DET
fsr-3383	318	22	only	only	ADJ
fsr-3383	318	23	reasons	reason	NOUN
fsr-3383	318	24	behind	behind	ADP
fsr-3383	318	25	the	the	DET
fsr-3383	318	26	underperformance	underperformance	NOUN
fsr-3383	318	27	of	of	ADP
fsr-3383	318	28	funds	fund	NOUN
fsr-3383	318	29	.	.	PUNCT
fsr-3383	319	1	expense	expense	NOUN
fsr-3383	319	2	ratio	ratio	NOUN
fsr-3383	319	3	does	do	AUX
fsr-3383	319	4	decrease	decrease	VERB
fsr-3383	319	5	the	the	DET
fsr-3383	319	6	net	net	ADJ
fsr-3383	319	7	alpha	alpha	NOUN
fsr-3383	319	8	earned	earn	VERB
fsr-3383	319	9	by	by	ADP
fsr-3383	319	10	a	a	DET
fsr-3383	319	11	fund	fund	NOUN
fsr-3383	319	12	’s	’s	PART
fsr-3383	319	13	investor	investor	NOUN
fsr-3383	319	14	,	,	PUNCT
fsr-3383	319	15	however	however	ADV
fsr-3383	319	16	,	,	PUNCT
fsr-3383	319	17	a	a	DET
fsr-3383	319	18	lot	lot	NOUN
fsr-3383	319	19	of	of	ADP
fsr-3383	319	20	other	other	ADJ
fsr-3383	319	21	fund	fund	NOUN
fsr-3383	319	22	-	-	PUNCT
fsr-3383	319	23	specific	specific	ADJ
fsr-3383	319	24	factors	factor	NOUN
fsr-3383	319	25	contribute	contribute	VERB
fsr-3383	319	26	to	to	ADP
fsr-3383	319	27	the	the	DET
fsr-3383	319	28	majority	majority	NOUN
fsr-3383	319	29	of	of	ADP
fsr-3383	319	30	negative	negative	ADJ
fsr-3383	319	31	alpha	alpha	NOUN
fsr-3383	319	32	.	.	PUNCT
fsr-3383	320	1	table	table	NOUN
fsr-3383	320	2	3	3	NUM
fsr-3383	320	3	panel	panel	NOUN
fsr-3383	320	4	c	c	NOUN
fsr-3383	320	5	:	:	PUNCT
fsr-3383	320	6	abnormal	abnormal	ADJ
fsr-3383	320	7	performance	performance	NOUN
fsr-3383	320	8	of	of	ADP
fsr-3383	320	9	growth	growth	NOUN
fsr-3383	320	10	funds	fund	NOUN
fsr-3383	320	11	variable	variable	ADJ
fsr-3383	320	12	name	name	NOUN
fsr-3383	320	13	mean	mean	VERB
fsr-3383	320	14	standard	standard	ADJ
fsr-3383	320	15	error	error	NOUN
fsr-3383	320	16	t	t	NOUN
fsr-3383	320	17	-	-	PUNCT
fsr-3383	320	18	value	value	NOUN
fsr-3383	320	19	p	p	NOUN
fsr-3383	320	20	-	-	PUNCT
fsr-3383	320	21	value	value	NOUN
fsr-3383	320	22	alpha	alpha	NOUN
fsr-3383	320	23	�	�	PROPN
fsr-3383	320	24	0.024	0.024	NUM
fsr-3383	320	25	*	*	NUM
fsr-3383	320	26	0.000129	0.000129	NUM
fsr-3383	320	27	�	�	NOUN
fsr-3383	320	28	1.84	1.84	NUM
fsr-3383	320	29	0.0661	0.0661	NUM
fsr-3383	320	30	rmrf	rmrf	NOUN
fsr-3383	320	31	1.029688	1.029688	NUM
fsr-3383	320	32	*	*	PUNCT
fsr-3383	320	33	*	*	PUNCT
fsr-3383	320	34	*	*	X
fsr-3383	320	35	0.00495	0.00495	NUM
fsr-3383	320	36	208.07	208.07	NUM
fsr-3383	320	37	0.000	0.000	NUM
fsr-3383	320	38	smb	smb	NOUN
fsr-3383	320	39	0.003744	0.003744	NUM
fsr-3383	320	40	0.0131	0.0131	NUM
fsr-3383	320	41	0.29	0.29	NUM
fsr-3383	320	42	0.7755	0.7755	NUM
fsr-3383	320	43	hml	hml	PROPN
fsr-3383	320	44	�	�	PROPN
fsr-3383	320	45	0.16509	0.16509	NUM
fsr-3383	320	46	*	*	NOUN
fsr-3383	320	47	*	*	PUNCT
fsr-3383	320	48	*	*	PROPN
fsr-3383	320	49	0.01	0.01	NUM
fsr-3383	320	50	�	�	PROPN
fsr-3383	320	51	16.44	16.44	NUM
fsr-3383	320	52	0.000	0.000	NUM
fsr-3383	320	53	mom	mom	NOUN
fsr-3383	320	54	0.024633	0.024633	NUM
fsr-3383	320	55	*	*	PUNCT
fsr-3383	320	56	*	*	PUNCT
fsr-3383	320	57	*	*	PUNCT
fsr-3383	320	58	0.00485	0.00485	NUM
fsr-3383	320	59	5.08	5.08	NUM
fsr-3383	320	60	0.000	0.000	NUM
fsr-3383	320	61	n	n	DET
fsr-3383	320	62	24,678	24,678	NUM
fsr-3383	320	63	*	*	PUNCT
fsr-3383	320	64	*	*	PUNCT
fsr-3383	320	65	*	*	PUNCT
fsr-3383	320	66	,	,	PUNCT
fsr-3383	320	67	*	*	PUNCT
fsr-3383	320	68	*	*	PUNCT
fsr-3383	320	69	,	,	PUNCT
fsr-3383	320	70	and	and	CCONJ
fsr-3383	320	71	*	*	AUX
fsr-3383	320	72	show	show	VERB
fsr-3383	320	73	the	the	DET
fsr-3383	320	74	significance	significance	NOUN
fsr-3383	320	75	at	at	ADP
fsr-3383	320	76	1	1	NUM
fsr-3383	320	77	%	%	NOUN
fsr-3383	320	78	,	,	PUNCT
fsr-3383	320	79	5	5	NUM
fsr-3383	320	80	%	%	NOUN
fsr-3383	320	81	,	,	PUNCT
fsr-3383	320	82	and	and	CCONJ
fsr-3383	320	83	10	10	NUM
fsr-3383	320	84	%	%	NOUN
fsr-3383	320	85	level	level	NOUN
fsr-3383	320	86	,	,	PUNCT
fsr-3383	320	87	respectively	respectively	ADV
fsr-3383	320	88	.	.	PUNCT
fsr-3383	321	1	table	table	NOUN
fsr-3383	321	2	3	3	NUM
fsr-3383	321	3	panel	panel	NOUN
fsr-3383	321	4	d	d	NOUN
fsr-3383	321	5	:	:	PUNCT
fsr-3383	321	6	abnormal	abnormal	ADJ
fsr-3383	321	7	performance	performance	NOUN
fsr-3383	321	8	of	of	ADP
fsr-3383	321	9	blend	blend	NOUN
fsr-3383	321	10	funds	fund	NOUN
fsr-3383	321	11	variable	variable	ADJ
fsr-3383	321	12	name	name	NOUN
fsr-3383	321	13	mean	mean	VERB
fsr-3383	321	14	standard	standard	ADJ
fsr-3383	321	15	error	error	NOUN
fsr-3383	321	16	t	t	NOUN
fsr-3383	321	17	-	-	PUNCT
fsr-3383	321	18	value	value	NOUN
fsr-3383	321	19	p	p	NOUN
fsr-3383	321	20	-	-	PUNCT
fsr-3383	321	21	value	value	NOUN
fsr-3383	321	22	alpha	alpha	NOUN
fsr-3383	321	23	�	�	PROPN
fsr-3383	321	24	0.018	0.018	NUM
fsr-3383	321	25	0.000127	0.000127	NUM
fsr-3383	321	26	�	�	NOUN
fsr-3383	321	27	1.44	1.44	NUM
fsr-3383	321	28	0.1486	0.1486	NUM
fsr-3383	321	29	rmrf	rmrf	NOUN
fsr-3383	321	30	0.953652	0.953652	NUM
fsr-3383	321	31	*	*	PUNCT
fsr-3383	321	32	*	*	PUNCT
fsr-3383	321	33	*	*	PUNCT
fsr-3383	321	34	0.00469	0.00469	NUM
fsr-3383	321	35	203.21	203.21	NUM
fsr-3383	321	36	0.0000	0.0000	NUM
fsr-3383	321	37	smb	smb	NOUN
fsr-3383	321	38	�	�	NOUN
fsr-3383	321	39	0.09858	0.09858	PRON
fsr-3383	321	40	*	*	PUNCT
fsr-3383	321	41	*	*	PUNCT
fsr-3383	321	42	*	*	X
fsr-3383	321	43	0.00832	0.00832	NUM
fsr-3383	321	44	�	�	PROPN
fsr-3383	321	45	11.84	11.84	NUM
fsr-3383	321	46	0.0000	0.0000	NUM
fsr-3383	321	47	hml	hml	NOUN
fsr-3383	321	48	0.082804	0.082804	PUNCT
fsr-3383	321	49	*	*	PUNCT
fsr-3383	321	50	*	*	PUNCT
fsr-3383	321	51	*	*	PUNCT
fsr-3383	321	52	0.00856	0.00856	NUM
fsr-3383	321	53	9.67	9.67	NUM
fsr-3383	321	54	0.0000	0.0000	NUM
fsr-3383	321	55	mom	mom	NOUN
fsr-3383	321	56	0.012906	0.012906	NUM
fsr-3383	321	57	*	*	PUNCT
fsr-3383	321	58	*	*	PUNCT
fsr-3383	321	59	*	*	PUNCT
fsr-3383	322	1	0.0044	0.0044	NUM
fsr-3383	322	2	2.94	2.94	NUM
fsr-3383	322	3	0.0033	0.0033	NUM
fsr-3383	322	4	n	n	PRON
fsr-3383	322	5	14,463	14,463	NUM
fsr-3383	322	6	*	*	PUNCT
fsr-3383	322	7	*	*	PUNCT
fsr-3383	322	8	*	*	PUNCT
fsr-3383	322	9	,	,	PUNCT
fsr-3383	322	10	*	*	PUNCT
fsr-3383	322	11	*	*	PUNCT
fsr-3383	322	12	,	,	PUNCT
fsr-3383	322	13	and	and	CCONJ
fsr-3383	322	14	*	*	AUX
fsr-3383	322	15	show	show	VERB
fsr-3383	322	16	the	the	DET
fsr-3383	322	17	significance	significance	NOUN
fsr-3383	322	18	at	at	ADP
fsr-3383	322	19	1	1	NUM
fsr-3383	322	20	%	%	NOUN
fsr-3383	322	21	,	,	PUNCT
fsr-3383	322	22	5	5	NUM
fsr-3383	322	23	%	%	NOUN
fsr-3383	322	24	,	,	PUNCT
fsr-3383	322	25	and	and	CCONJ
fsr-3383	322	26	10	10	NUM
fsr-3383	322	27	%	%	NOUN
fsr-3383	322	28	level	level	NOUN
fsr-3383	322	29	,	,	PUNCT
fsr-3383	322	30	respectively	respectively	ADV
fsr-3383	322	31	.	.	PUNCT
fsr-3383	323	1	111a	111a	PROPN
fsr-3383	323	2	.	.	PUNCT
fsr-3383	324	1	kaushik	kaushik	PROPN
fsr-3383	324	2	,	,	PUNCT
fsr-3383	324	3	r.	r.	PROPN
fsr-3383	324	4	boisvert	boisvert	PROPN
fsr-3383	324	5	/	/	SYM
fsr-3383	324	6	financial	financial	ADJ
fsr-3383	324	7	services	service	NOUN
fsr-3383	324	8	review	review	VERB
fsr-3383	324	9	27	27	NUM
fsr-3383	324	10	(	(	PUNCT
fsr-3383	324	11	2018	2018	NUM
fsr-3383	324	12	)	)	PUNCT
fsr-3383	324	13	99	99	NUM
fsr-3383	324	14	-	-	SYM
fsr-3383	324	15	113	113	NUM
fsr-3383	324	16	notes	note	NOUN
fsr-3383	324	17	1	1	NUM
fsr-3383	324	18	we	we	PRON
fsr-3383	324	19	use	use	VERB
fsr-3383	324	20	raw	raw	ADJ
fsr-3383	324	21	expense	expense	NOUN
fsr-3383	324	22	ratio	ratio	NOUN
fsr-3383	324	23	of	of	ADP
fsr-3383	324	24	each	each	DET
fsr-3383	324	25	fund	fund	NOUN
fsr-3383	324	26	in	in	ADP
fsr-3383	324	27	the	the	DET
fsr-3383	324	28	sorting	sort	VERB
fsr-3383	324	29	process	process	NOUN
fsr-3383	324	30	.	.	PUNCT
fsr-3383	325	1	2	2	NUM
fsr-3383	325	2	we	we	PRON
fsr-3383	325	3	estimate	estimate	VERB
fsr-3383	325	4	the	the	DET
fsr-3383	325	5	difference	difference	NOUN
fsr-3383	325	6	in	in	ADP
fsr-3383	325	7	returns	return	NOUN
fsr-3383	325	8	of	of	ADP
fsr-3383	325	9	the	the	DET
fsr-3383	325	10	two	two	NUM
fsr-3383	325	11	series	series	NOUN
fsr-3383	325	12	and	and	CCONJ
fsr-3383	325	13	use	use	VERB
fsr-3383	325	14	it	it	PRON
fsr-3383	325	15	as	as	ADP
fsr-3383	325	16	the	the	DET
fsr-3383	325	17	dependent	dependent	ADJ
fsr-3383	325	18	variable	variable	NOUN
fsr-3383	325	19	to	to	PART
fsr-3383	325	20	run	run	VERB
fsr-3383	325	21	the	the	DET
fsr-3383	325	22	four	four	NUM
fsr-3383	325	23	-	-	PUNCT
fsr-3383	325	24	factor	factor	NOUN
fsr-3383	325	25	regression	regression	NOUN
fsr-3383	325	26	.	.	PUNCT
fsr-3383	326	1	references	reference	NOUN
fsr-3383	326	2	barber	barber	PROPN
fsr-3383	326	3	,	,	PUNCT
fsr-3383	326	4	b.	b.	PROPN
fsr-3383	326	5	,	,	PUNCT
fsr-3383	326	6	odean	odean	ADJ
fsr-3383	326	7	,	,	PUNCT
fsr-3383	326	8	t.	t.	PROPN
fsr-3383	326	9	,	,	PUNCT
fsr-3383	326	10	&	&	CCONJ
fsr-3383	326	11	zheng	zheng	PROPN
fsr-3383	326	12	,	,	PUNCT
fsr-3383	326	13	l.	l.	PROPN
fsr-3383	326	14	(	(	PUNCT
fsr-3383	326	15	2005	2005	NUM
fsr-3383	326	16	)	)	PUNCT
fsr-3383	326	17	.	.	PUNCT
fsr-3383	327	1	out	out	ADP
fsr-3383	327	2	of	of	ADP
fsr-3383	327	3	sight	sight	NOUN
fsr-3383	327	4	,	,	PUNCT
fsr-3383	327	5	out	out	ADP
fsr-3383	327	6	of	of	ADP
fsr-3383	327	7	mind	mind	NOUN
fsr-3383	327	8	:	:	PUNCT
fsr-3383	327	9	the	the	DET
fsr-3383	327	10	effects	effect	NOUN
fsr-3383	327	11	of	of	ADP
fsr-3383	327	12	expenses	expense	NOUN
fsr-3383	327	13	on	on	ADP
fsr-3383	327	14	mutual	mutual	ADJ
fsr-3383	327	15	fund	fund	NOUN
fsr-3383	327	16	flows	flow	NOUN
fsr-3383	327	17	.	.	PUNCT
fsr-3383	328	1	journal	journal	NOUN
fsr-3383	328	2	of	of	ADP
fsr-3383	328	3	business	business	NOUN
fsr-3383	328	4	,	,	PUNCT
fsr-3383	328	5	78	78	NUM
fsr-3383	328	6	,	,	PUNCT
fsr-3383	328	7	2095–2119	2095–2119	NUM
fsr-3383	328	8	.	.	PUNCT
fsr-3383	329	1	bogle	bogle	PROPN
fsr-3383	329	2	,	,	PUNCT
fsr-3383	329	3	j.	j.	PROPN
fsr-3383	329	4	(	(	PUNCT
fsr-3383	329	5	1998	1998	NUM
fsr-3383	329	6	)	)	PUNCT
fsr-3383	329	7	.	.	PUNCT
fsr-3383	330	1	the	the	DET
fsr-3383	330	2	implications	implication	NOUN
fsr-3383	330	3	of	of	ADP
fsr-3383	330	4	style	style	NOUN
fsr-3383	330	5	analysis	analysis	NOUN
fsr-3383	330	6	for	for	ADP
fsr-3383	330	7	mutual	mutual	ADJ
fsr-3383	330	8	fund	fund	NOUN
fsr-3383	330	9	performance	performance	NOUN
fsr-3383	330	10	evaluation	evaluation	NOUN
fsr-3383	330	11	.	.	PUNCT
fsr-3383	331	1	the	the	DET
fsr-3383	331	2	journal	journal	PROPN
fsr-3383	331	3	of	of	ADP
fsr-3383	331	4	portfolio	portfolio	NOUN
fsr-3383	331	5	management	management	NOUN
fsr-3383	331	6	,	,	PUNCT
fsr-3383	331	7	24	24	NUM
fsr-3383	331	8	,	,	PUNCT
fsr-3383	331	9	34–42	34–42	NUM
fsr-3383	331	10	.	.	PUNCT
fsr-3383	332	1	bollen	bollen	PROPN
fsr-3383	332	2	,	,	PUNCT
fsr-3383	332	3	n.	n.	PROPN
fsr-3383	332	4	,	,	PUNCT
fsr-3383	332	5	&	&	CCONJ
fsr-3383	332	6	busse	busse	PROPN
fsr-3383	332	7	,	,	PUNCT
fsr-3383	332	8	j.	j.	PROPN
fsr-3383	332	9	(	(	PUNCT
fsr-3383	332	10	2006	2006	NUM
fsr-3383	332	11	)	)	PUNCT
fsr-3383	332	12	.	.	PUNCT
fsr-3383	333	1	tick	tick	NOUN
fsr-3383	333	2	size	size	NOUN
fsr-3383	333	3	and	and	CCONJ
fsr-3383	333	4	institutional	institutional	ADJ
fsr-3383	333	5	trading	trading	NOUN
fsr-3383	333	6	costs	cost	NOUN
fsr-3383	333	7	:	:	PUNCT
fsr-3383	333	8	evidence	evidence	NOUN
fsr-3383	333	9	from	from	ADP
fsr-3383	333	10	mutual	mutual	ADJ
fsr-3383	333	11	funds	fund	NOUN
fsr-3383	333	12	.	.	PUNCT
fsr-3383	334	1	journal	journal	NOUN
fsr-3383	334	2	of	of	ADP
fsr-3383	334	3	financial	financial	ADJ
fsr-3383	334	4	and	and	CCONJ
fsr-3383	334	5	quantitative	quantitative	ADJ
fsr-3383	334	6	analysis	analysis	NOUN
fsr-3383	334	7	,	,	PUNCT
fsr-3383	334	8	41	41	NUM
fsr-3383	334	9	,	,	PUNCT
fsr-3383	334	10	915–937	915–937	NUM
fsr-3383	334	11	.	.	PUNCT
fsr-3383	335	1	carhart	carhart	NOUN
fsr-3383	335	2	,	,	PUNCT
fsr-3383	335	3	m.	m.	NOUN
fsr-3383	335	4	(	(	PUNCT
fsr-3383	335	5	1997	1997	NUM
fsr-3383	335	6	)	)	PUNCT
fsr-3383	335	7	.	.	PUNCT
fsr-3383	336	1	on	on	ADP
fsr-3383	336	2	persistence	persistence	NOUN
fsr-3383	336	3	in	in	ADP
fsr-3383	336	4	mutual	mutual	ADJ
fsr-3383	336	5	fund	fund	NOUN
fsr-3383	336	6	performance	performance	NOUN
fsr-3383	336	7	.	.	PUNCT
fsr-3383	337	1	journal	journal	PROPN
fsr-3383	337	2	of	of	ADP
fsr-3383	337	3	finance	finance	NOUN
fsr-3383	337	4	,	,	PUNCT
fsr-3383	337	5	52	52	NUM
fsr-3383	337	6	,	,	PUNCT
fsr-3383	337	7	57–82	57–82	NUM
fsr-3383	337	8	.	.	PUNCT
fsr-3383	338	1	chalmers	chalmers	PROPN
fsr-3383	338	2	,	,	PUNCT
fsr-3383	338	3	j.	j.	PROPN
fsr-3383	338	4	,	,	PUNCT
fsr-3383	338	5	edelen	edelen	PROPN
fsr-3383	338	6	,	,	PUNCT
fsr-3383	338	7	j.	j.	PROPN
fsr-3383	338	8	,	,	PUNCT
fsr-3383	338	9	&	&	CCONJ
fsr-3383	338	10	kadlec	kadlec	PROPN
fsr-3383	338	11	,	,	PUNCT
fsr-3383	338	12	g.	g.	PROPN
fsr-3383	338	13	(	(	PUNCT
fsr-3383	338	14	1999	1999	NUM
fsr-3383	338	15	)	)	PUNCT
fsr-3383	338	16	.	.	PUNCT
fsr-3383	339	1	mutual	mutual	ADJ
fsr-3383	339	2	fund	fund	NOUN
fsr-3383	339	3	returns	return	NOUN
fsr-3383	339	4	and	and	CCONJ
fsr-3383	339	5	trading	trading	NOUN
fsr-3383	339	6	costs	cost	NOUN
fsr-3383	339	7	:	:	PUNCT
fsr-3383	339	8	evidence	evidence	NOUN
fsr-3383	339	9	on	on	ADP
fsr-3383	339	10	the	the	DET
fsr-3383	339	11	value	value	NOUN
fsr-3383	339	12	of	of	ADP
fsr-3383	339	13	active	active	ADJ
fsr-3383	339	14	fund	fund	NOUN
fsr-3383	339	15	management	management	NOUN
fsr-3383	339	16	.	.	PUNCT
fsr-3383	340	1	working	work	VERB
fsr-3383	340	2	paper	paper	NOUN
fsr-3383	340	3	.	.	PUNCT
fsr-3383	341	1	chalmers	chalmers	PROPN
fsr-3383	341	2	,	,	PUNCT
fsr-3383	341	3	j.	j.	PROPN
fsr-3383	341	4	,	,	PUNCT
fsr-3383	341	5	edelen	edelen	PROPN
fsr-3383	341	6	,	,	PUNCT
fsr-3383	341	7	j.	j.	PROPN
fsr-3383	341	8	,	,	PUNCT
fsr-3383	341	9	&	&	CCONJ
fsr-3383	341	10	kadlec	kadlec	PROPN
fsr-3383	341	11	,	,	PUNCT
fsr-3383	341	12	g.	g.	PROPN
fsr-3383	341	13	(	(	PUNCT
fsr-3383	341	14	2000	2000	NUM
fsr-3383	341	15	)	)	PUNCT
fsr-3383	341	16	.	.	PUNCT
fsr-3383	342	1	an	an	DET
fsr-3383	342	2	analysis	analysis	NOUN
fsr-3383	342	3	of	of	ADP
fsr-3383	342	4	mutual	mutual	ADJ
fsr-3383	342	5	fund	fund	NOUN
fsr-3383	342	6	trading	trading	NOUN
fsr-3383	342	7	costs	cost	NOUN
fsr-3383	342	8	.	.	PUNCT
fsr-3383	343	1	working	work	VERB
fsr-3383	343	2	paper	paper	NOUN
fsr-3383	343	3	.	.	PUNCT
fsr-3383	344	1	chordia	chordia	NOUN
fsr-3383	344	2	,	,	PUNCT
fsr-3383	344	3	t.	t.	PROPN
fsr-3383	344	4	(	(	PUNCT
fsr-3383	344	5	1996	1996	NUM
fsr-3383	344	6	)	)	PUNCT
fsr-3383	344	7	.	.	PUNCT
fsr-3383	345	1	the	the	DET
fsr-3383	345	2	structure	structure	NOUN
fsr-3383	345	3	of	of	ADP
fsr-3383	345	4	mutual	mutual	ADJ
fsr-3383	345	5	fund	fund	NOUN
fsr-3383	345	6	charges	charge	NOUN
fsr-3383	345	7	.	.	PUNCT
fsr-3383	346	1	journal	journal	NOUN
fsr-3383	346	2	of	of	ADP
fsr-3383	346	3	financial	financial	ADJ
fsr-3383	346	4	economics	economic	NOUN
fsr-3383	346	5	,	,	PUNCT
fsr-3383	346	6	41	41	NUM
fsr-3383	346	7	,	,	PUNCT
fsr-3383	346	8	3–39	3–39	PROPN
fsr-3383	346	9	.	.	PUNCT
fsr-3383	347	1	ciccotello	ciccotello	PROPN
fsr-3383	347	2	,	,	PUNCT
fsr-3383	347	3	c.	c.	PROPN
fsr-3383	347	4	,	,	PUNCT
fsr-3383	347	5	&	&	CCONJ
fsr-3383	347	6	grant	grant	PROPN
fsr-3383	347	7	,	,	PUNCT
fsr-3383	347	8	c.	c.	PROPN
fsr-3383	347	9	(	(	PUNCT
fsr-3383	347	10	1996	1996	NUM
fsr-3383	347	11	)	)	PUNCT
fsr-3383	347	12	.	.	PUNCT
fsr-3383	348	1	equity	equity	NOUN
fsr-3383	348	2	fund	fund	NOUN
fsr-3383	348	3	size	size	NOUN
fsr-3383	348	4	and	and	CCONJ
fsr-3383	348	5	growth	growth	NOUN
fsr-3383	348	6	:	:	PUNCT
fsr-3383	348	7	implications	implication	NOUN
fsr-3383	348	8	for	for	ADP
fsr-3383	348	9	performance	performance	NOUN
fsr-3383	348	10	and	and	CCONJ
fsr-3383	348	11	selection	selection	NOUN
fsr-3383	348	12	.	.	PUNCT
fsr-3383	349	1	financial	financial	ADJ
fsr-3383	349	2	services	service	NOUN
fsr-3383	349	3	review	review	PROPN
fsr-3383	349	4	,	,	PUNCT
fsr-3383	349	5	5	5	NUM
fsr-3383	349	6	,	,	PUNCT
fsr-3383	349	7	1–12	1–12	NOUN
fsr-3383	349	8	.	.	PUNCT
fsr-3383	350	1	detzel	detzel	PROPN
fsr-3383	350	2	,	,	PUNCT
fsr-3383	350	3	l.	l.	PROPN
fsr-3383	350	4	,	,	PUNCT
fsr-3383	350	5	&	&	CCONJ
fsr-3383	350	6	weigand	weigand	PROPN
fsr-3383	350	7	,	,	PUNCT
fsr-3383	350	8	r.	r.	PROPN
fsr-3383	350	9	(	(	PUNCT
fsr-3383	350	10	1998	1998	NUM
fsr-3383	350	11	)	)	PUNCT
fsr-3383	350	12	.	.	PUNCT
fsr-3383	351	1	explaining	explain	VERB
fsr-3383	351	2	persistence	persistence	NOUN
fsr-3383	351	3	in	in	ADP
fsr-3383	351	4	mutual	mutual	ADJ
fsr-3383	351	5	fund	fund	NOUN
fsr-3383	351	6	performance	performance	NOUN
fsr-3383	351	7	.	.	PUNCT
fsr-3383	352	1	financial	financial	ADJ
fsr-3383	352	2	services	service	NOUN
fsr-3383	352	3	review	review	PROPN
fsr-3383	352	4	,	,	PUNCT
fsr-3383	352	5	7	7	NUM
fsr-3383	352	6	,	,	PUNCT
fsr-3383	352	7	45–55	45–55	NUM
fsr-3383	352	8	.	.	PUNCT
fsr-3383	353	1	droms	drom	NOUN
fsr-3383	353	2	,	,	PUNCT
fsr-3383	353	3	w.	w.	PROPN
fsr-3383	353	4	,	,	PUNCT
fsr-3383	353	5	&	&	CCONJ
fsr-3383	353	6	walker	walker	PROPN
fsr-3383	353	7	,	,	PUNCT
fsr-3383	353	8	d.	d.	PROPN
fsr-3383	353	9	(	(	PUNCT
fsr-3383	353	10	1995	1995	NUM
fsr-3383	353	11	)	)	PUNCT
fsr-3383	353	12	.	.	PUNCT
fsr-3383	354	1	determinants	determinant	NOUN
fsr-3383	354	2	of	of	ADP
fsr-3383	354	3	variation	variation	NOUN
fsr-3383	354	4	in	in	ADP
fsr-3383	354	5	mutual	mutual	ADJ
fsr-3383	354	6	fund	fund	NOUN
fsr-3383	354	7	returns	return	NOUN
fsr-3383	354	8	.	.	PUNCT
fsr-3383	355	1	applied	apply	VERB
fsr-3383	355	2	financial	financial	ADJ
fsr-3383	355	3	economics	economic	NOUN
fsr-3383	355	4	,	,	PUNCT
fsr-3383	355	5	5	5	NUM
fsr-3383	355	6	,	,	PUNCT
fsr-3383	355	7	383–389	383–389	NUM
fsr-3383	355	8	.	.	PUNCT
fsr-3383	356	1	edelen	edelen	PROPN
fsr-3383	356	2	,	,	PUNCT
fsr-3383	356	3	r.	r.	PROPN
fsr-3383	356	4	,	,	PUNCT
fsr-3383	356	5	evans	evans	PROPN
fsr-3383	356	6	,	,	PUNCT
fsr-3383	356	7	r.	r.	PROPN
fsr-3383	356	8	,	,	PUNCT
fsr-3383	356	9	&	&	CCONJ
fsr-3383	356	10	kadlec	kadlec	PROPN
fsr-3383	356	11	,	,	PUNCT
fsr-3383	356	12	g.	g.	PROPN
fsr-3383	356	13	(	(	PUNCT
fsr-3383	356	14	2013	2013	NUM
fsr-3383	356	15	)	)	PUNCT
fsr-3383	356	16	.	.	PUNCT
fsr-3383	357	1	shedding	shed	VERB
fsr-3383	357	2	light	light	NOUN
fsr-3383	357	3	on	on	ADP
fsr-3383	357	4	“	"	PUNCT
fsr-3383	357	5	invisible	invisible	ADJ
fsr-3383	357	6	”	"	PUNCT
fsr-3383	357	7	costs	cost	NOUN
fsr-3383	357	8	:	:	PUNCT
fsr-3383	357	9	trading	trading	NOUN
fsr-3383	357	10	costs	cost	NOUN
fsr-3383	357	11	and	and	CCONJ
fsr-3383	357	12	mutual	mutual	ADJ
fsr-3383	357	13	fund	fund	NOUN
fsr-3383	357	14	performance	performance	NOUN
fsr-3383	357	15	.	.	PUNCT
fsr-3383	358	1	financial	financial	ADJ
fsr-3383	358	2	analysts	analyst	NOUN
fsr-3383	358	3	journal	journal	NOUN
fsr-3383	358	4	,	,	PUNCT
fsr-3383	358	5	69	69	NUM
fsr-3383	358	6	,	,	PUNCT
fsr-3383	358	7	33–44	33–44	NUM
fsr-3383	358	8	.	.	PUNCT
fsr-3383	359	1	fama	fama	PROPN
fsr-3383	359	2	,	,	PUNCT
fsr-3383	359	3	e.	e.	PROPN
fsr-3383	359	4	,	,	PUNCT
fsr-3383	359	5	&	&	CCONJ
fsr-3383	359	6	french	french	PROPN
fsr-3383	359	7	,	,	PUNCT
fsr-3383	359	8	k.	k.	PROPN
fsr-3383	359	9	(	(	PUNCT
fsr-3383	359	10	1993	1993	NUM
fsr-3383	359	11	)	)	PUNCT
fsr-3383	359	12	.	.	PUNCT
fsr-3383	360	1	common	common	ADJ
fsr-3383	360	2	risk	risk	NOUN
fsr-3383	360	3	factors	factor	NOUN
fsr-3383	360	4	in	in	ADP
fsr-3383	360	5	the	the	DET
fsr-3383	360	6	return	return	NOUN
fsr-3383	360	7	on	on	ADP
fsr-3383	360	8	bonds	bond	NOUN
fsr-3383	360	9	and	and	CCONJ
fsr-3383	360	10	stocks	stock	NOUN
fsr-3383	360	11	.	.	PUNCT
fsr-3383	361	1	journal	journal	NOUN
fsr-3383	361	2	of	of	ADP
fsr-3383	361	3	financial	financial	ADJ
fsr-3383	361	4	economics	economic	NOUN
fsr-3383	361	5	,	,	PUNCT
fsr-3383	361	6	33	33	NUM
fsr-3383	361	7	,	,	PUNCT
fsr-3383	361	8	3–53	3–53	NOUN
fsr-3383	361	9	.	.	PUNCT
fsr-3383	361	10	table	table	NOUN
fsr-3383	361	11	4	4	NUM
fsr-3383	361	12	performance	performance	NOUN
fsr-3383	361	13	of	of	ADP
fsr-3383	361	14	funds	fund	NOUN
fsr-3383	361	15	based	base	VERB
fsr-3383	361	16	on	on	ADP
fsr-3383	361	17	expense	expense	NOUN
fsr-3383	361	18	based	base	VERB
fsr-3383	361	19	quintiles	quintile	NOUN
fsr-3383	361	20	the	the	DET
fsr-3383	361	21	table	table	NOUN
fsr-3383	361	22	reports	report	VERB
fsr-3383	361	23	the	the	DET
fsr-3383	361	24	fund	fund	NOUN
fsr-3383	361	25	’s	’s	PART
fsr-3383	361	26	abnormal	abnormal	ADJ
fsr-3383	361	27	performance	performance	NOUN
fsr-3383	361	28	conditioned	condition	VERB
fsr-3383	361	29	on	on	ADP
fsr-3383	361	30	expense	expense	NOUN
fsr-3383	361	31	ratio	ratio	NOUN
fsr-3383	361	32	over	over	ADP
fsr-3383	361	33	the	the	DET
fsr-3383	361	34	period	period	NOUN
fsr-3383	361	35	01/2000	01/2000	NUM
fsr-3383	361	36	to	to	ADP
fsr-3383	361	37	12/2013	12/2013	NUM
fsr-3383	361	38	with	with	ADP
fsr-3383	361	39	year	year	NOUN
fsr-3383	361	40	-	-	PUNCT
fsr-3383	361	41	end	end	NOUN
fsr-3383	361	42	2000	2000	NUM
fsr-3383	361	43	as	as	ADP
fsr-3383	361	44	the	the	DET
fsr-3383	361	45	first	first	ADJ
fsr-3383	361	46	formation	formation	NOUN
fsr-3383	361	47	period	period	NOUN
fsr-3383	361	48	.	.	PUNCT
fsr-3383	362	1	quintiles	quintile	NOUN
fsr-3383	362	2	are	be	AUX
fsr-3383	362	3	formed	form	VERB
fsr-3383	362	4	at	at	ADP
fsr-3383	362	5	the	the	DET
fsr-3383	362	6	beginning	beginning	NOUN
fsr-3383	362	7	of	of	ADP
fsr-3383	362	8	each	each	DET
fsr-3383	362	9	year	year	NOUN
fsr-3383	362	10	based	base	VERB
fsr-3383	362	11	on	on	ADP
fsr-3383	362	12	previous	previous	ADJ
fsr-3383	362	13	year	year	NOUN
fsr-3383	362	14	’s	’s	PART
fsr-3383	362	15	annual	annual	ADJ
fsr-3383	362	16	expense	expense	NOUN
fsr-3383	362	17	ratio	ratio	NOUN
fsr-3383	362	18	.	.	PUNCT
fsr-3383	363	1	quintile	quintile	NOUN
fsr-3383	363	2	5	5	NUM
fsr-3383	363	3	consists	consist	NOUN
fsr-3383	363	4	of	of	ADP
fsr-3383	363	5	funds	fund	NOUN
fsr-3383	363	6	that	that	PRON
fsr-3383	363	7	belong	belong	VERB
fsr-3383	363	8	to	to	ADP
fsr-3383	363	9	top	top	ADJ
fsr-3383	363	10	20	20	NUM
fsr-3383	363	11	%	%	NOUN
fsr-3383	363	12	expense	expense	NOUN
fsr-3383	363	13	ratio	ratio	NOUN
fsr-3383	363	14	level	level	NOUN
fsr-3383	363	15	in	in	ADP
fsr-3383	363	16	the	the	DET
fsr-3383	363	17	formation	formation	NOUN
fsr-3383	363	18	year	year	NOUN
fsr-3383	363	19	and	and	CCONJ
fsr-3383	363	20	quintile	quintile	NOUN
fsr-3383	363	21	1	1	NUM
fsr-3383	363	22	consists	consist	NOUN
fsr-3383	363	23	of	of	ADP
fsr-3383	363	24	funds	fund	NOUN
fsr-3383	363	25	that	that	PRON
fsr-3383	363	26	are	be	AUX
fsr-3383	363	27	at	at	ADP
fsr-3383	363	28	the	the	DET
fsr-3383	363	29	bottom	bottom	NOUN
fsr-3383	363	30	of	of	ADP
fsr-3383	363	31	the	the	DET
fsr-3383	363	32	20	20	NUM
fsr-3383	363	33	%	%	NOUN
fsr-3383	363	34	of	of	ADP
fsr-3383	363	35	the	the	DET
fsr-3383	363	36	group	group	NOUN
fsr-3383	363	37	based	base	VERB
fsr-3383	363	38	on	on	ADP
fsr-3383	363	39	annual	annual	ADJ
fsr-3383	363	40	expense	expense	NOUN
fsr-3383	363	41	ratio	ratio	NOUN
fsr-3383	363	42	in	in	ADP
fsr-3383	363	43	the	the	DET
fsr-3383	363	44	formation	formation	NOUN
fsr-3383	363	45	year	year	NOUN
fsr-3383	363	46	.	.	PUNCT
fsr-3383	364	1	alpha	alpha	NOUN
fsr-3383	364	2	is	be	AUX
fsr-3383	364	3	the	the	DET
fsr-3383	364	4	average	average	ADJ
fsr-3383	364	5	alpha	alpha	NOUN
fsr-3383	364	6	(	(	PUNCT
fsr-3383	364	7	in	in	ADP
fsr-3383	364	8	percentage	percentage	NOUN
fsr-3383	364	9	per	per	ADP
fsr-3383	364	10	month	month	NOUN
fsr-3383	364	11	)	)	PUNCT
fsr-3383	364	12	of	of	ADP
fsr-3383	364	13	each	each	DET
fsr-3383	364	14	series	series	NOUN
fsr-3383	364	15	.	.	PUNCT
fsr-3383	365	1	regression	regression	NOUN
fsr-3383	365	2	estimates	estimate	NOUN
fsr-3383	365	3	are	be	AUX
fsr-3383	365	4	based	base	VERB
fsr-3383	365	5	on	on	ADP
fsr-3383	365	6	newey	newey	PROPN
fsr-3383	365	7	-	-	PUNCT
fsr-3383	365	8	west	west	PROPN
fsr-3383	365	9	adjusted	adjust	VERB
fsr-3383	365	10	standard	standard	ADJ
fsr-3383	365	11	errors	error	NOUN
fsr-3383	365	12	.	.	PUNCT
fsr-3383	366	1	rmrf	rmrf	NOUN
fsr-3383	366	2	is	be	AUX
fsr-3383	366	3	the	the	DET
fsr-3383	366	4	excess	excess	ADJ
fsr-3383	366	5	monthly	monthly	ADJ
fsr-3383	366	6	return	return	NOUN
fsr-3383	366	7	of	of	ADP
fsr-3383	366	8	the	the	DET
fsr-3383	366	9	crsp	crsp	PROPN
fsr-3383	366	10	value	value	NOUN
fsr-3383	366	11	weighted	weight	VERB
fsr-3383	366	12	index	index	NOUN
fsr-3383	366	13	over	over	ADP
fsr-3383	366	14	the	the	DET
fsr-3383	366	15	corresponding	correspond	VERB
fsr-3383	366	16	one	one	NUM
fsr-3383	366	17	month	month	NOUN
fsr-3383	366	18	risk	risk	NOUN
fsr-3383	366	19	free	free	ADJ
fsr-3383	366	20	(	(	PUNCT
fsr-3383	366	21	t	t	NOUN
fsr-3383	366	22	-	-	PUNCT
fsr-3383	366	23	bill	bill	NOUN
fsr-3383	366	24	rate	rate	NOUN
fsr-3383	366	25	)	)	PUNCT
fsr-3383	366	26	.	.	PUNCT
fsr-3383	367	1	the	the	DET
fsr-3383	367	2	table	table	NOUN
fsr-3383	367	3	provides	provide	VERB
fsr-3383	367	4	the	the	DET
fsr-3383	367	5	mean	mean	ADJ
fsr-3383	367	6	alphas	alpha	NOUN
fsr-3383	367	7	for	for	ADP
fsr-3383	367	8	the	the	DET
fsr-3383	367	9	quintiles	quintile	NOUN
fsr-3383	367	10	and	and	CCONJ
fsr-3383	367	11	the	the	DET
fsr-3383	367	12	difference	difference	NOUN
fsr-3383	367	13	in	in	ADP
fsr-3383	367	14	the	the	DET
fsr-3383	367	15	mean	mean	ADJ
fsr-3383	367	16	alpha	alpha	NOUN
fsr-3383	367	17	in	in	ADP
fsr-3383	367	18	percentage	percentage	NOUN
fsr-3383	367	19	per	per	ADP
fsr-3383	367	20	month	month	NOUN
fsr-3383	367	21	between	between	ADP
fsr-3383	367	22	the	the	DET
fsr-3383	367	23	extreme	extreme	ADJ
fsr-3383	367	24	portfolios	portfolio	NOUN
fsr-3383	367	25	q1	q1	PROPN
fsr-3383	367	26	and	and	CCONJ
fsr-3383	367	27	q5	q5	PROPN
fsr-3383	367	28	.	.	PROPN
fsr-3383	367	29	model	model	PROPN
fsr-3383	367	30	:	:	PUNCT
fsr-3383	367	31	rit	rit	PROPN
fsr-3383	367	32	�	�	PROPN
fsr-3383	367	33	rft	rft	PROPN
fsr-3383	367	34	�	�	PROPN
fsr-3383	367	35	�	�	PROPN
fsr-3383	367	36	i	i	PROPN
fsr-3383	367	37	�	�	PROPN
fsr-3383	367	38	�	�	PROPN
fsr-3383	367	39	1i	1i	NOUN
fsr-3383	367	40	*	*	PUNCT
fsr-3383	367	41	rmrft	rmrft	PROPN
fsr-3383	367	42	�	�	PROPN
fsr-3383	367	43	�	�	PROPN
fsr-3383	367	44	2i	2i	NOUN
fsr-3383	367	45	*	*	PUNCT
fsr-3383	367	46	smbt	smbt	NOUN
fsr-3383	367	47	�	�	PROPN
fsr-3383	367	48	�	�	PROPN
fsr-3383	367	49	3i	3i	NOUN
fsr-3383	367	50	*	*	PUNCT
fsr-3383	367	51	hmlt	hmlt	PROPN
fsr-3383	367	52	�	�	PROPN
fsr-3383	367	53	�	�	PROPN
fsr-3383	367	54	4i	4i	PROPN
fsr-3383	367	55	*	*	PUNCT
fsr-3383	367	56	momt	momt	PROPN
fsr-3383	367	57	�	�	PROPN
fsr-3383	367	58	�	�	PROPN
fsr-3383	367	59	i	i	PROPN
fsr-3383	367	60	,	,	PUNCT
fsr-3383	367	61	t	t	PROPN
fsr-3383	367	62	quintile	quintile	NOUN
fsr-3383	367	63	1	1	NUM
fsr-3383	367	64	quintile	quintile	NOUN
fsr-3383	367	65	5	5	NUM
fsr-3383	367	66	quintile	quintile	NOUN
fsr-3383	367	67	1	1	NUM
fsr-3383	367	68	to	to	PART
fsr-3383	367	69	quintile	quintile	VERB
fsr-3383	367	70	5	5	NUM
fsr-3383	367	71	overall	overall	ADJ
fsr-3383	367	72	�	�	PROPN
fsr-3383	367	73	0.036	0.036	NUM
fsr-3383	367	74	*	*	PUNCT
fsr-3383	367	75	*	*	PROPN
fsr-3383	367	76	�	�	PROPN
fsr-3383	367	77	0.087	0.087	NUM
fsr-3383	367	78	*	*	NOUN
fsr-3383	367	79	*	*	PUNCT
fsr-3383	367	80	*	*	PUNCT
fsr-3383	367	81	0.051	0.051	NUM
fsr-3383	367	82	value	value	NOUN
fsr-3383	367	83	�	�	PROPN
fsr-3383	367	84	0.049	0.049	NUM
fsr-3383	367	85	*	*	PUNCT
fsr-3383	367	86	�	�	PROPN
fsr-3383	367	87	0.020	0.020	NUM
fsr-3383	367	88	�	�	PROPN
fsr-3383	367	89	0.029	0.029	NUM
fsr-3383	367	90	growth	growth	PROPN
fsr-3383	367	91	�	�	PROPN
fsr-3383	367	92	0.056	0.056	NUM
fsr-3383	367	93	*	*	NOUN
fsr-3383	367	94	*	*	PROPN
fsr-3383	367	95	�	�	PROPN
fsr-3383	367	96	0.123	0.123	NUM
fsr-3383	367	97	*	*	PUNCT
fsr-3383	367	98	*	*	PUNCT
fsr-3383	367	99	*	*	PROPN
fsr-3383	367	100	0.067	0.067	NUM
fsr-3383	367	101	blend	blend	NOUN
fsr-3383	367	102	�	�	PROPN
fsr-3383	367	103	0.035	0.035	NUM
fsr-3383	367	104	*	*	PUNCT
fsr-3383	367	105	�	�	PROPN
fsr-3383	367	106	0.074	0.074	NUM
fsr-3383	367	107	*	*	NOUN
fsr-3383	367	108	*	*	X
fsr-3383	367	109	0.039	0.039	NUM
fsr-3383	367	110	*	*	PUNCT
fsr-3383	367	111	*	*	PUNCT
fsr-3383	367	112	*	*	PUNCT
fsr-3383	367	113	,	,	PUNCT
fsr-3383	367	114	*	*	PUNCT
fsr-3383	367	115	*	*	PUNCT
fsr-3383	367	116	,	,	PUNCT
fsr-3383	367	117	and	and	CCONJ
fsr-3383	367	118	*	*	AUX
fsr-3383	367	119	show	show	VERB
fsr-3383	367	120	the	the	DET
fsr-3383	367	121	significance	significance	NOUN
fsr-3383	367	122	at	at	ADP
fsr-3383	367	123	1	1	NUM
fsr-3383	367	124	%	%	NOUN
fsr-3383	367	125	,	,	PUNCT
fsr-3383	367	126	5	5	NUM
fsr-3383	367	127	%	%	NOUN
fsr-3383	367	128	,	,	PUNCT
fsr-3383	367	129	and	and	CCONJ
fsr-3383	367	130	10	10	NUM
fsr-3383	367	131	%	%	NOUN
fsr-3383	367	132	level	level	NOUN
fsr-3383	367	133	,	,	PUNCT
fsr-3383	367	134	respectively	respectively	ADV
fsr-3383	367	135	.	.	PUNCT
fsr-3383	368	1	112	112	NUM
fsr-3383	368	2	a.	a.	NOUN
fsr-3383	368	3	kaushik	kaushik	PROPN
fsr-3383	368	4	,	,	PUNCT
fsr-3383	368	5	r.	r.	PROPN
fsr-3383	368	6	boisvert	boisvert	PROPN
fsr-3383	368	7	/	/	SYM
fsr-3383	368	8	financial	financial	ADJ
fsr-3383	368	9	services	service	NOUN
fsr-3383	368	10	review	review	VERB
fsr-3383	368	11	27	27	NUM
fsr-3383	368	12	(	(	PUNCT
fsr-3383	368	13	2018	2018	NUM
fsr-3383	368	14	)	)	PUNCT
fsr-3383	368	15	99	99	NUM
fsr-3383	368	16	-	-	SYM
fsr-3383	368	17	113	113	NUM
fsr-3383	368	18	golec	golec	NOUN
fsr-3383	368	19	,	,	PUNCT
fsr-3383	368	20	j.	j.	PROPN
fsr-3383	368	21	(	(	PUNCT
fsr-3383	368	22	1996	1996	NUM
fsr-3383	368	23	)	)	PUNCT
fsr-3383	368	24	.	.	PUNCT
fsr-3383	369	1	the	the	DET
fsr-3383	369	2	effects	effect	NOUN
fsr-3383	369	3	of	of	ADP
fsr-3383	369	4	mutual	mutual	ADJ
fsr-3383	369	5	fund	fund	NOUN
fsr-3383	369	6	managers	manager	NOUN
fsr-3383	369	7	’	’	PART
fsr-3383	369	8	characteristics	characteristic	NOUN
fsr-3383	369	9	on	on	ADP
fsr-3383	369	10	their	their	PRON
fsr-3383	369	11	portfolio	portfolio	NOUN
fsr-3383	369	12	performance	performance	NOUN
fsr-3383	369	13	,	,	PUNCT
fsr-3383	369	14	risk	risk	NOUN
fsr-3383	369	15	,	,	PUNCT
fsr-3383	369	16	and	and	CCONJ
fsr-3383	369	17	fees	fee	NOUN
fsr-3383	369	18	.	.	PUNCT
fsr-3383	370	1	financial	financial	ADJ
fsr-3383	370	2	services	service	NOUN
fsr-3383	370	3	review	review	PROPN
fsr-3383	370	4	,	,	PUNCT
fsr-3383	370	5	5	5	NUM
fsr-3383	370	6	,	,	PUNCT
fsr-3383	370	7	133–148	133–148	NUM
fsr-3383	370	8	.	.	PUNCT
fsr-3383	371	1	grinblatt	grinblatt	PROPN
fsr-3383	371	2	,	,	PUNCT
fsr-3383	371	3	m.	m.	NOUN
fsr-3383	371	4	,	,	PUNCT
fsr-3383	371	5	&	&	CCONJ
fsr-3383	371	6	titman	titman	PROPN
fsr-3383	371	7	,	,	PUNCT
fsr-3383	371	8	s.	s.	PROPN
fsr-3383	371	9	(	(	PUNCT
fsr-3383	371	10	1989	1989	NUM
fsr-3383	371	11	)	)	PUNCT
fsr-3383	371	12	.	.	PUNCT
fsr-3383	372	1	mutual	mutual	ADJ
fsr-3383	372	2	fund	fund	NOUN
fsr-3383	372	3	performance	performance	NOUN
fsr-3383	372	4	:	:	PUNCT
fsr-3383	372	5	an	an	DET
fsr-3383	372	6	analysis	analysis	NOUN
fsr-3383	372	7	of	of	ADP
fsr-3383	372	8	quarterly	quarterly	ADJ
fsr-3383	372	9	portfolio	portfolio	NOUN
fsr-3383	372	10	holdings	holding	NOUN
fsr-3383	372	11	.	.	PUNCT
fsr-3383	373	1	journal	journal	PROPN
fsr-3383	373	2	of	of	ADP
fsr-3383	373	3	business	business	NOUN
fsr-3383	373	4	,	,	PUNCT
fsr-3383	373	5	62	62	NUM
fsr-3383	373	6	,	,	PUNCT
fsr-3383	373	7	393–416	393–416	NUM
fsr-3383	373	8	.	.	PUNCT
fsr-3383	374	1	grinblatt	grinblatt	PROPN
fsr-3383	374	2	,	,	PUNCT
fsr-3383	374	3	m.	m.	NOUN
fsr-3383	374	4	,	,	PUNCT
fsr-3383	374	5	&	&	CCONJ
fsr-3383	374	6	titman	titman	PROPN
fsr-3383	374	7	,	,	PUNCT
fsr-3383	374	8	s.	s.	PROPN
fsr-3383	374	9	(	(	PUNCT
fsr-3383	374	10	1993	1993	NUM
fsr-3383	374	11	)	)	PUNCT
fsr-3383	374	12	.	.	PUNCT
fsr-3383	375	1	performance	performance	NOUN
fsr-3383	375	2	measurement	measurement	NOUN
fsr-3383	375	3	without	without	ADP
fsr-3383	375	4	benchmarks	benchmark	NOUN
fsr-3383	375	5	:	:	PUNCT
fsr-3383	375	6	an	an	DET
fsr-3383	375	7	examination	examination	NOUN
fsr-3383	375	8	of	of	ADP
fsr-3383	375	9	mutual	mutual	ADJ
fsr-3383	375	10	fund	fund	NOUN
fsr-3383	375	11	returns	return	NOUN
fsr-3383	375	12	.	.	PUNCT
fsr-3383	376	1	journal	journal	NOUN
fsr-3383	376	2	of	of	ADP
fsr-3383	376	3	business	business	NOUN
fsr-3383	376	4	,	,	PUNCT
fsr-3383	376	5	66	66	NUM
fsr-3383	376	6	,	,	PUNCT
fsr-3383	376	7	47–68	47–68	NUM
fsr-3383	376	8	.	.	PUNCT
fsr-3383	377	1	grinblatt	grinblatt	PROPN
fsr-3383	377	2	,	,	PUNCT
fsr-3383	377	3	m.	m.	NOUN
fsr-3383	377	4	,	,	PUNCT
fsr-3383	377	5	&	&	CCONJ
fsr-3383	377	6	titman	titman	PROPN
fsr-3383	377	7	,	,	PUNCT
fsr-3383	377	8	s.	s.	PROPN
fsr-3383	377	9	(	(	PUNCT
fsr-3383	377	10	1994	1994	NUM
fsr-3383	377	11	)	)	PUNCT
fsr-3383	377	12	.	.	PUNCT
fsr-3383	378	1	a	a	DET
fsr-3383	378	2	study	study	NOUN
fsr-3383	378	3	of	of	ADP
fsr-3383	378	4	monthly	monthly	ADJ
fsr-3383	378	5	mutual	mutual	ADJ
fsr-3383	378	6	fund	fund	NOUN
fsr-3383	378	7	returns	return	NOUN
fsr-3383	378	8	and	and	CCONJ
fsr-3383	378	9	performance	performance	NOUN
fsr-3383	378	10	evaluation	evaluation	NOUN
fsr-3383	378	11	techniques	technique	NOUN
fsr-3383	378	12	.	.	PUNCT
fsr-3383	379	1	journal	journal	NOUN
fsr-3383	379	2	of	of	ADP
fsr-3383	379	3	financial	financial	ADJ
fsr-3383	379	4	and	and	CCONJ
fsr-3383	379	5	quantitative	quantitative	ADJ
fsr-3383	379	6	analysis	analysis	NOUN
fsr-3383	379	7	,	,	PUNCT
fsr-3383	379	8	29	29	NUM
fsr-3383	379	9	,	,	PUNCT
fsr-3383	379	10	419–444	419–444	NUM
fsr-3383	379	11	.	.	PUNCT
fsr-3383	379	12	grossman	grossman	PROPN
fsr-3383	379	13	,	,	PUNCT
fsr-3383	379	14	s.	s.	PROPN
fsr-3383	379	15	,	,	PUNCT
fsr-3383	379	16	&	&	CCONJ
fsr-3383	379	17	stiglitz	stiglitz	PROPN
fsr-3383	379	18	,	,	PUNCT
fsr-3383	379	19	j.	j.	PROPN
fsr-3383	379	20	(	(	PUNCT
fsr-3383	379	21	1980	1980	NUM
fsr-3383	379	22	)	)	PUNCT
fsr-3383	379	23	.	.	PUNCT
fsr-3383	380	1	on	on	ADP
fsr-3383	380	2	the	the	DET
fsr-3383	380	3	impossibility	impossibility	NOUN
fsr-3383	380	4	of	of	ADP
fsr-3383	380	5	informationally	informationally	ADV
fsr-3383	380	6	efficient	efficient	ADJ
fsr-3383	380	7	markets	market	NOUN
fsr-3383	380	8	.	.	PUNCT
fsr-3383	381	1	american	american	PROPN
fsr-3383	381	2	economic	economic	PROPN
fsr-3383	381	3	review	review	PROPN
fsr-3383	381	4	,	,	PUNCT
fsr-3383	381	5	70	70	NUM
fsr-3383	381	6	,	,	PUNCT
fsr-3383	381	7	393–408	393–408	NUM
fsr-3383	381	8	.	.	PUNCT
fsr-3383	382	1	gruber	gruber	PROPN
fsr-3383	382	2	,	,	PUNCT
fsr-3383	382	3	m.	m.	NOUN
fsr-3383	382	4	(	(	PUNCT
fsr-3383	382	5	1996	1996	NUM
fsr-3383	382	6	)	)	PUNCT
fsr-3383	382	7	.	.	PUNCT
fsr-3383	383	1	another	another	DET
fsr-3383	383	2	puzzle	puzzle	NOUN
fsr-3383	383	3	:	:	PUNCT
fsr-3383	383	4	the	the	DET
fsr-3383	383	5	growth	growth	NOUN
fsr-3383	383	6	in	in	ADP
fsr-3383	383	7	actively	actively	ADV
fsr-3383	383	8	managed	manage	VERB
fsr-3383	383	9	mutual	mutual	ADJ
fsr-3383	383	10	funds	fund	NOUN
fsr-3383	383	11	.	.	PUNCT
fsr-3383	384	1	journal	journal	PROPN
fsr-3383	384	2	of	of	ADP
fsr-3383	384	3	finance	finance	NOUN
fsr-3383	384	4	,	,	PUNCT
fsr-3383	384	5	51	51	NUM
fsr-3383	384	6	,	,	PUNCT
fsr-3383	384	7	783–810	783–810	PROPN
fsr-3383	384	8	.	.	PUNCT
fsr-3383	385	1	hooks	hook	NOUN
fsr-3383	385	2	,	,	PUNCT
fsr-3383	385	3	j.	j.	PROPN
fsr-3383	385	4	(	(	PUNCT
fsr-3383	385	5	1996	1996	NUM
fsr-3383	385	6	)	)	PUNCT
fsr-3383	385	7	.	.	PUNCT
fsr-3383	386	1	the	the	DET
fsr-3383	386	2	effect	effect	NOUN
fsr-3383	386	3	of	of	ADP
fsr-3383	386	4	loads	load	NOUN
fsr-3383	386	5	and	and	CCONJ
fsr-3383	386	6	expenses	expense	NOUN
fsr-3383	386	7	on	on	ADP
fsr-3383	386	8	open	open	ADJ
fsr-3383	386	9	-	-	PUNCT
fsr-3383	386	10	end	end	NOUN
fsr-3383	386	11	mutual	mutual	ADJ
fsr-3383	386	12	fund	fund	NOUN
fsr-3383	386	13	returns	return	NOUN
fsr-3383	386	14	.	.	PUNCT
fsr-3383	387	1	journal	journal	NOUN
fsr-3383	387	2	of	of	ADP
fsr-3383	387	3	business	business	NOUN
fsr-3383	387	4	research	research	NOUN
fsr-3383	387	5	,	,	PUNCT
fsr-3383	387	6	36	36	NUM
fsr-3383	387	7	,	,	PUNCT
fsr-3383	387	8	199–202	199–202	NUM
fsr-3383	387	9	.	.	PUNCT
fsr-3383	388	1	investment	investment	NOUN
fsr-3383	388	2	company	company	PROPN
fsr-3383	388	3	institute	institute	NOUN
fsr-3383	388	4	.	.	PUNCT
fsr-3383	389	1	(	(	PUNCT
fsr-3383	389	2	available	available	ADJ
fsr-3383	389	3	at	at	ADP
fsr-3383	389	4	https://www.ici.org	https://www.ici.org	PROPN
fsr-3383	389	5	)	)	PUNCT
fsr-3383	389	6	.	.	PUNCT
fsr-3383	390	1	ippolito	ippolito	PROPN
fsr-3383	390	2	,	,	PUNCT
fsr-3383	390	3	r.	r.	PROPN
fsr-3383	390	4	(	(	PUNCT
fsr-3383	390	5	1989	1989	NUM
fsr-3383	390	6	)	)	PUNCT
fsr-3383	390	7	.	.	PUNCT
fsr-3383	391	1	efficiency	efficiency	NOUN
fsr-3383	391	2	with	with	ADP
fsr-3383	391	3	costly	costly	ADJ
fsr-3383	391	4	information	information	NOUN
fsr-3383	391	5	:	:	PUNCT
fsr-3383	391	6	a	a	DET
fsr-3383	391	7	study	study	NOUN
fsr-3383	391	8	of	of	ADP
fsr-3383	391	9	mutual	mutual	ADJ
fsr-3383	391	10	fund	fund	NOUN
fsr-3383	391	11	performance	performance	NOUN
fsr-3383	391	12	,	,	PUNCT
fsr-3383	391	13	1965–1984	1965–1984	NUM
fsr-3383	391	14	.	.	PUNCT
fsr-3383	392	1	the	the	DET
fsr-3383	392	2	quarterly	quarterly	ADJ
fsr-3383	392	3	journal	journal	NOUN
fsr-3383	392	4	of	of	ADP
fsr-3383	392	5	economics	economic	NOUN
fsr-3383	392	6	,	,	PUNCT
fsr-3383	392	7	104	104	NUM
fsr-3383	392	8	,	,	PUNCT
fsr-3383	392	9	1–23	1–23	PROPN
fsr-3383	392	10	.	.	PUNCT
fsr-3383	393	1	jensen	jensen	PROPN
fsr-3383	393	2	,	,	PUNCT
fsr-3383	393	3	m.	m.	NOUN
fsr-3383	393	4	(	(	PUNCT
fsr-3383	393	5	1968	1968	NUM
fsr-3383	393	6	)	)	PUNCT
fsr-3383	393	7	.	.	PUNCT
fsr-3383	394	1	the	the	DET
fsr-3383	394	2	performance	performance	NOUN
fsr-3383	394	3	of	of	ADP
fsr-3383	394	4	mutual	mutual	ADJ
fsr-3383	394	5	funds	fund	NOUN
fsr-3383	394	6	in	in	ADP
fsr-3383	394	7	the	the	DET
fsr-3383	394	8	period	period	NOUN
fsr-3383	394	9	1945–1964	1945–1964	NUM
fsr-3383	394	10	.	.	PUNCT
fsr-3383	394	11	journal	journal	PROPN
fsr-3383	394	12	of	of	ADP
fsr-3383	394	13	finance	finance	NOUN
fsr-3383	394	14	,	,	PUNCT
fsr-3383	394	15	23	23	NUM
fsr-3383	394	16	,	,	PUNCT
fsr-3383	394	17	389–416	389–416	NUM
fsr-3383	394	18	.	.	PUNCT
fsr-3383	395	1	lin	lin	PROPN
fsr-3383	395	2	,	,	PUNCT
fsr-3383	395	3	c.	c.	PROPN
fsr-3383	395	4	(	(	PUNCT
fsr-3383	395	5	2014	2014	NUM
fsr-3383	395	6	)	)	PUNCT
fsr-3383	395	7	.	.	PUNCT
fsr-3383	396	1	does	do	VERB
fsr-3383	396	2	active	active	ADJ
fsr-3383	396	3	management	management	NOUN
fsr-3383	396	4	work	work	NOUN
fsr-3383	396	5	?	?	PUNCT
fsr-3383	397	1	evidence	evidence	NOUN
fsr-3383	397	2	from	from	ADP
fsr-3383	397	3	equity	equity	NOUN
fsr-3383	397	4	sector	sector	NOUN
fsr-3383	397	5	funds	fund	NOUN
fsr-3383	397	6	.	.	PUNCT
fsr-3383	398	1	financial	financial	ADJ
fsr-3383	398	2	services	service	NOUN
fsr-3383	398	3	review	review	PROPN
fsr-3383	398	4	,	,	PUNCT
fsr-3383	398	5	23	23	NUM
fsr-3383	398	6	,	,	PUNCT
fsr-3383	398	7	249–271	249–271	NUM
fsr-3383	398	8	.	.	PUNCT
fsr-3383	399	1	lintner	lintner	PROPN
fsr-3383	399	2	,	,	PUNCT
fsr-3383	399	3	j.	j.	PROPN
fsr-3383	399	4	(	(	PUNCT
fsr-3383	399	5	1965	1965	NUM
fsr-3383	399	6	)	)	PUNCT
fsr-3383	399	7	.	.	PUNCT
fsr-3383	400	1	the	the	DET
fsr-3383	400	2	valuation	valuation	NOUN
fsr-3383	400	3	of	of	ADP
fsr-3383	400	4	risk	risk	NOUN
fsr-3383	400	5	assets	asset	NOUN
fsr-3383	400	6	and	and	CCONJ
fsr-3383	400	7	the	the	DET
fsr-3383	400	8	selection	selection	NOUN
fsr-3383	400	9	of	of	ADP
fsr-3383	400	10	risky	risky	ADJ
fsr-3383	400	11	investments	investment	NOUN
fsr-3383	400	12	in	in	ADP
fsr-3383	400	13	stock	stock	NOUN
fsr-3383	400	14	portfolios	portfolio	NOUN
fsr-3383	400	15	and	and	CCONJ
fsr-3383	400	16	capital	capital	NOUN
fsr-3383	400	17	budgets	budget	NOUN
fsr-3383	400	18	.	.	PUNCT
fsr-3383	401	1	the	the	DET
fsr-3383	401	2	review	review	NOUN
fsr-3383	401	3	of	of	ADP
fsr-3383	401	4	economics	economic	NOUN
fsr-3383	401	5	and	and	CCONJ
fsr-3383	401	6	statistic	statistic	NOUN
fsr-3383	401	7	,	,	PUNCT
fsr-3383	401	8	47	47	NUM
fsr-3383	401	9	,	,	PUNCT
fsr-3383	401	10	13–37	13–37	NUM
fsr-3383	401	11	.	.	PUNCT
fsr-3383	402	1	malkiel	malkiel	PROPN
fsr-3383	402	2	,	,	PUNCT
fsr-3383	402	3	b.	b.	PROPN
fsr-3383	402	4	(	(	PUNCT
fsr-3383	402	5	1995	1995	NUM
fsr-3383	402	6	)	)	PUNCT
fsr-3383	402	7	.	.	PUNCT
fsr-3383	403	1	returns	return	NOUN
fsr-3383	403	2	from	from	ADP
fsr-3383	403	3	investing	invest	VERB
fsr-3383	403	4	in	in	ADP
fsr-3383	403	5	equity	equity	NOUN
fsr-3383	403	6	mutual	mutual	ADJ
fsr-3383	403	7	funds	fund	NOUN
fsr-3383	403	8	1971	1971	NUM
fsr-3383	403	9	to	to	ADP
fsr-3383	403	10	1991	1991	NUM
fsr-3383	403	11	.	.	PUNCT
fsr-3383	404	1	journal	journal	NOUN
fsr-3383	404	2	of	of	ADP
fsr-3383	404	3	finance	finance	NOUN
fsr-3383	404	4	,	,	PUNCT
fsr-3383	404	5	50	50	NUM
fsr-3383	404	6	,	,	PUNCT
fsr-3383	404	7	549–72	549–72	NUM
fsr-3383	404	8	.	.	PUNCT
fsr-3383	405	1	nanda	nanda	PROPN
fsr-3383	405	2	,	,	PUNCT
fsr-3383	405	3	v.	v.	PROPN
fsr-3383	405	4	,	,	PUNCT
fsr-3383	405	5	narayanan	narayanan	PROPN
fsr-3383	405	6	,	,	PUNCT
fsr-3383	405	7	m.	m.	NOUN
fsr-3383	405	8	,	,	PUNCT
fsr-3383	405	9	&	&	CCONJ
fsr-3383	405	10	warther	warther	PROPN
fsr-3383	405	11	,	,	PUNCT
fsr-3383	405	12	v.	v.	PROPN
fsr-3383	405	13	(	(	PUNCT
fsr-3383	405	14	2000	2000	NUM
fsr-3383	405	15	)	)	PUNCT
fsr-3383	405	16	.	.	PUNCT
fsr-3383	406	1	liquidity	liquidity	NOUN
fsr-3383	406	2	,	,	PUNCT
fsr-3383	406	3	investment	investment	NOUN
fsr-3383	406	4	ability	ability	NOUN
fsr-3383	406	5	,	,	PUNCT
fsr-3383	406	6	and	and	CCONJ
fsr-3383	406	7	mutual	mutual	ADJ
fsr-3383	406	8	fund	fund	NOUN
fsr-3383	406	9	structure	structure	NOUN
fsr-3383	406	10	.	.	PUNCT
fsr-3383	407	1	journal	journal	NOUN
fsr-3383	407	2	of	of	ADP
fsr-3383	407	3	financial	financial	ADJ
fsr-3383	407	4	economics	economic	NOUN
fsr-3383	407	5	,	,	PUNCT
fsr-3383	407	6	57	57	NUM
fsr-3383	407	7	,	,	PUNCT
fsr-3383	407	8	417–443	417–443	NUM
fsr-3383	407	9	.	.	PUNCT
fsr-3383	408	1	nanigian	nanigian	PROPN
fsr-3383	408	2	,	,	PUNCT
fsr-3383	408	3	d.	d.	PROPN
fsr-3383	408	4	(	(	PUNCT
fsr-3383	408	5	2012	2012	NUM
fsr-3383	408	6	)	)	PUNCT
fsr-3383	408	7	.	.	PUNCT
fsr-3383	409	1	why	why	SCONJ
fsr-3383	409	2	do	do	AUX
fsr-3383	409	3	mutual	mutual	ADJ
fsr-3383	409	4	fund	fund	NOUN
fsr-3383	409	5	expenses	expense	NOUN
fsr-3383	409	6	matter	matter	NOUN
fsr-3383	409	7	?	?	PUNCT
fsr-3383	410	1	financial	financial	ADJ
fsr-3383	410	2	services	service	NOUN
fsr-3383	410	3	review	review	PROPN
fsr-3383	410	4	,	,	PUNCT
fsr-3383	410	5	21	21	NUM
fsr-3383	410	6	,	,	PUNCT
fsr-3383	410	7	239–257	239–257	NUM
fsr-3383	410	8	.	.	PUNCT
fsr-3383	411	1	sharpe	sharpe	PROPN
fsr-3383	411	2	,	,	PUNCT
fsr-3383	411	3	w.	w.	PROPN
fsr-3383	411	4	(	(	PUNCT
fsr-3383	411	5	1964	1964	NUM
fsr-3383	411	6	)	)	PUNCT
fsr-3383	411	7	.	.	PUNCT
fsr-3383	412	1	capital	capital	NOUN
fsr-3383	412	2	asset	asset	NOUN
fsr-3383	412	3	prices	price	NOUN
fsr-3383	412	4	:	:	PUNCT
fsr-3383	412	5	a	a	DET
fsr-3383	412	6	theory	theory	NOUN
fsr-3383	412	7	of	of	ADP
fsr-3383	412	8	market	market	NOUN
fsr-3383	412	9	equilibrium	equilibrium	NOUN
fsr-3383	412	10	under	under	ADP
fsr-3383	412	11	conditions	condition	NOUN
fsr-3383	412	12	of	of	ADP
fsr-3383	412	13	risk	risk	NOUN
fsr-3383	412	14	.	.	PUNCT
fsr-3383	413	1	journal	journal	NOUN
fsr-3383	413	2	of	of	ADP
fsr-3383	413	3	finance	finance	NOUN
fsr-3383	413	4	,	,	PUNCT
fsr-3383	413	5	19	19	NUM
fsr-3383	413	6	,	,	PUNCT
fsr-3383	413	7	425–442	425–442	NUM
fsr-3383	413	8	.	.	PUNCT
fsr-3383	414	1	sirri	sirri	PROPN
fsr-3383	414	2	,	,	PUNCT
fsr-3383	414	3	e.	e.	PROPN
fsr-3383	414	4	,	,	PUNCT
fsr-3383	414	5	&	&	CCONJ
fsr-3383	414	6	tufano	tufano	ADJ
fsr-3383	414	7	,	,	PUNCT
fsr-3383	414	8	p.	p.	NOUN
fsr-3383	414	9	(	(	PUNCT
fsr-3383	414	10	1998	1998	NUM
fsr-3383	414	11	)	)	PUNCT
fsr-3383	414	12	.	.	PUNCT
fsr-3383	415	1	costly	costly	ADJ
fsr-3383	415	2	search	search	NOUN
fsr-3383	415	3	and	and	CCONJ
fsr-3383	415	4	mutual	mutual	ADJ
fsr-3383	415	5	fund	fund	NOUN
fsr-3383	415	6	flows	flow	NOUN
fsr-3383	415	7	.	.	PUNCT
fsr-3383	416	1	journal	journal	PROPN
fsr-3383	416	2	of	of	ADP
fsr-3383	416	3	finance	finance	NOUN
fsr-3383	416	4	,	,	PUNCT
fsr-3383	416	5	53	53	NUM
fsr-3383	416	6	,	,	PUNCT
fsr-3383	416	7	1589–1622	1589–1622	NUM
fsr-3383	416	8	.	.	PUNCT
fsr-3383	417	1	tufano	tufano	ADJ
fsr-3383	417	2	,	,	PUNCT
fsr-3383	417	3	p.	p.	NOUN
fsr-3383	417	4	,	,	PUNCT
fsr-3383	417	5	&	&	CCONJ
fsr-3383	417	6	sevick	sevick	PROPN
fsr-3383	417	7	,	,	PUNCT
fsr-3383	417	8	m.	m.	NOUN
fsr-3383	417	9	(	(	PUNCT
fsr-3383	417	10	1997	1997	NUM
fsr-3383	417	11	)	)	PUNCT
fsr-3383	417	12	.	.	PUNCT
fsr-3383	418	1	board	board	NOUN
fsr-3383	418	2	structure	structure	NOUN
fsr-3383	418	3	and	and	CCONJ
fsr-3383	418	4	fee	fee	NOUN
fsr-3383	418	5	-	-	PUNCT
fsr-3383	418	6	setting	setting	NOUN
fsr-3383	418	7	in	in	ADP
fsr-3383	418	8	the	the	DET
fsr-3383	418	9	mutual	mutual	ADJ
fsr-3383	418	10	fund	fund	NOUN
fsr-3383	418	11	industry	industry	NOUN
fsr-3383	418	12	.	.	PUNCT
fsr-3383	419	1	journal	journal	PROPN
fsr-3383	419	2	of	of	ADP
fsr-3383	419	3	financial	financial	ADJ
fsr-3383	419	4	economics	economic	NOUN
fsr-3383	419	5	,	,	PUNCT
fsr-3383	419	6	46	46	NUM
fsr-3383	419	7	,	,	PUNCT
fsr-3383	419	8	321–355	321–355	NUM
fsr-3383	419	9	.	.	PUNCT
fsr-3383	420	1	wermers	wermer	NOUN
fsr-3383	420	2	,	,	PUNCT
fsr-3383	420	3	r.	r.	PROPN
fsr-3383	420	4	(	(	PUNCT
fsr-3383	420	5	2000	2000	NUM
fsr-3383	420	6	)	)	PUNCT
fsr-3383	420	7	.	.	PUNCT
fsr-3383	421	1	mutual	mutual	ADJ
fsr-3383	421	2	fund	fund	NOUN
fsr-3383	421	3	performance	performance	NOUN
fsr-3383	421	4	:	:	PUNCT
fsr-3383	421	5	an	an	DET
fsr-3383	421	6	empirical	empirical	ADJ
fsr-3383	421	7	decomposition	decomposition	NOUN
fsr-3383	421	8	into	into	ADP
fsr-3383	421	9	stock	stock	NOUN
fsr-3383	421	10	-	-	PUNCT
fsr-3383	421	11	picking	pick	VERB
fsr-3383	421	12	talent	talent	NOUN
fsr-3383	421	13	,	,	PUNCT
fsr-3383	421	14	style	style	NOUN
fsr-3383	421	15	,	,	PUNCT
fsr-3383	421	16	transactions	transaction	NOUN
fsr-3383	421	17	costs	cost	NOUN
fsr-3383	421	18	,	,	PUNCT
fsr-3383	421	19	and	and	CCONJ
fsr-3383	421	20	expenses	expense	NOUN
fsr-3383	421	21	.	.	PUNCT
fsr-3383	422	1	journal	journal	PROPN
fsr-3383	422	2	of	of	ADP
fsr-3383	422	3	finance	finance	NOUN
fsr-3383	422	4	,	,	PUNCT
fsr-3383	422	5	55	55	NUM
fsr-3383	422	6	,	,	PUNCT
fsr-3383	422	7	1655–1695	1655–1695	NUM
fsr-3383	422	8	.	.	PUNCT
fsr-3383	422	9	113a	113a	NUM
fsr-3383	422	10	.	.	PUNCT
fsr-3383	423	1	kaushik	kaushik	PROPN
fsr-3383	423	2	,	,	PUNCT
fsr-3383	423	3	r.	r.	PROPN
fsr-3383	423	4	boisvert	boisvert	PROPN
fsr-3383	423	5	/	/	SYM
fsr-3383	423	6	financial	financial	ADJ
fsr-3383	423	7	services	service	NOUN
fsr-3383	423	8	review	review	VERB
fsr-3383	423	9	27	27	NUM
fsr-3383	423	10	(	(	PUNCT
fsr-3383	423	11	2018	2018	NUM
fsr-3383	423	12	)	)	PUNCT
fsr-3383	423	13	99	99	NUM
fsr-3383	423	14	-	-	SYM
fsr-3383	423	15	113	113	NUM