id	sid	tid	token	lemma	pos
fsr-3443	1	1	using	use	VERB
fsr-3443	1	2	investor	investor	NOUN
fsr-3443	1	3	utility	utility	NOUN
fsr-3443	1	4	to	to	PART
fsr-3443	1	5	determine	determine	VERB
fsr-3443	1	6	portfolio	portfolio	NOUN
fsr-3443	1	7	choice	choice	NOUN
fsr-3443	1	8	with	with	ADP
fsr-3443	1	9	reits	reits	PROPN
fsr-3443	1	10	wei	wei	PROPN
fsr-3443	1	11	fenga	fenga	PROPN
fsr-3443	1	12	,	,	PUNCT
fsr-3443	1	13	*	*	PROPN
fsr-3443	1	14	,	,	PUNCT
fsr-3443	1	15	travis	travis	PROPN
fsr-3443	1	16	l.	l.	PROPN
fsr-3443	1	17	jonesb	jonesb	PROPN
fsr-3443	1	18	,	,	PUNCT
fsr-3443	1	19	*	*	PROPN
fsr-3443	1	20	,	,	PUNCT
fsr-3443	1	21	marcus	marcus	PROPN
fsr-3443	1	22	t.	t.	PROPN
fsr-3443	1	23	allenc	allenc	PROPN
fsr-3443	1	24	acollege	acollege	PROPN
fsr-3443	1	25	of	of	ADP
fsr-3443	1	26	business	business	NOUN
fsr-3443	1	27	and	and	CCONJ
fsr-3443	1	28	management	management	NOUN
fsr-3443	1	29	,	,	PUNCT
fsr-3443	1	30	lynn	lynn	PROPN
fsr-3443	1	31	university	university	PROPN
fsr-3443	1	32	,	,	PUNCT
fsr-3443	1	33	3601	3601	NUM
fsr-3443	1	34	n.	n.	PROPN
fsr-3443	1	35	military	military	ADJ
fsr-3443	1	36	trail	trail	NOUN
fsr-3443	1	37	,	,	PUNCT
fsr-3443	1	38	boca	boca	PROPN
fsr-3443	1	39	raton	raton	PROPN
fsr-3443	1	40	,	,	PUNCT
fsr-3443	1	41	fl	fl	PROPN
fsr-3443	1	42	33431	33431	NUM
fsr-3443	1	43	-	-	SYM
fsr-3443	1	44	5507	5507	NUM
fsr-3443	1	45	blutgert	blutgert	NOUN
fsr-3443	1	46	college	college	NOUN
fsr-3443	1	47	of	of	ADP
fsr-3443	1	48	business	business	NOUN
fsr-3443	1	49	,	,	PUNCT
fsr-3443	1	50	florida	florida	PROPN
fsr-3443	1	51	gulf	gulf	PROPN
fsr-3443	1	52	coast	coast	PROPN
fsr-3443	1	53	university	university	PROPN
fsr-3443	1	54	,	,	PUNCT
fsr-3443	1	55	10501	10501	NUM
fsr-3443	1	56	fgcu	fgcu	NOUN
fsr-3443	1	57	blvd	blvd	PROPN
fsr-3443	1	58	.	.	PUNCT
fsr-3443	2	1	south	south	PROPN
fsr-3443	2	2	,	,	PUNCT
fsr-3443	2	3	fort	fort	NOUN
fsr-3443	2	4	myers	myers	PROPN
fsr-3443	2	5	,	,	PUNCT
fsr-3443	2	6	fl	fl	PROPN
fsr-3443	2	7	33965	33965	NUM
fsr-3443	2	8	-	-	SYM
fsr-3443	2	9	6565	6565	NUM
fsr-3443	2	10	clutgert	clutgert	PROPN
fsr-3443	2	11	college	college	NOUN
fsr-3443	2	12	of	of	ADP
fsr-3443	2	13	business	business	NOUN
fsr-3443	2	14	,	,	PUNCT
fsr-3443	2	15	florida	florida	PROPN
fsr-3443	2	16	gulf	gulf	PROPN
fsr-3443	2	17	coast	coast	PROPN
fsr-3443	2	18	university	university	PROPN
fsr-3443	2	19	,	,	PUNCT
fsr-3443	2	20	10501	10501	NUM
fsr-3443	2	21	fgcu	fgcu	NOUN
fsr-3443	2	22	blvd	blvd	PROPN
fsr-3443	2	23	.	.	PUNCT
fsr-3443	3	1	south	south	PROPN
fsr-3443	3	2	,	,	PUNCT
fsr-3443	3	3	fort	fort	NOUN
fsr-3443	3	4	myers	myers	PROPN
fsr-3443	3	5	,	,	PUNCT
fsr-3443	3	6	fl	fl	PROPN
fsr-3443	3	7	33965	33965	NUM
fsr-3443	3	8	-	-	SYM
fsr-3443	3	9	6565	6565	NUM
fsr-3443	3	10	abstract	abstract	NOUN
fsr-3443	3	11	this	this	DET
fsr-3443	3	12	article	article	NOUN
fsr-3443	3	13	examines	examine	VERB
fsr-3443	3	14	the	the	DET
fsr-3443	3	15	decision	decision	NOUN
fsr-3443	3	16	of	of	ADP
fsr-3443	3	17	individual	individual	ADJ
fsr-3443	3	18	investors	investor	NOUN
fsr-3443	3	19	to	to	PART
fsr-3443	3	20	allocate	allocate	VERB
fsr-3443	3	21	a	a	DET
fsr-3443	3	22	portion	portion	NOUN
fsr-3443	3	23	of	of	ADP
fsr-3443	3	24	their	their	PRON
fsr-3443	3	25	existing	exist	VERB
fsr-3443	3	26	investment	investment	NOUN
fsr-3443	3	27	portfolios	portfolio	NOUN
fsr-3443	3	28	to	to	ADP
fsr-3443	3	29	reits	reit	NOUN
fsr-3443	3	30	.	.	PUNCT
fsr-3443	4	1	it	it	PRON
fsr-3443	4	2	first	first	ADV
fsr-3443	4	3	derives	derive	VERB
fsr-3443	4	4	the	the	DET
fsr-3443	4	5	risk	risk	NOUN
fsr-3443	4	6	preferences	preference	NOUN
fsr-3443	4	7	of	of	ADP
fsr-3443	4	8	investors	investor	NOUN
fsr-3443	4	9	represented	represent	VERB
fsr-3443	4	10	by	by	ADP
fsr-3443	4	11	their	their	PRON
fsr-3443	4	12	benchmark	benchmark	ADJ
fsr-3443	4	13	portfolios	portfolio	NOUN
fsr-3443	4	14	of	of	ADP
fsr-3443	4	15	stocks	stock	NOUN
fsr-3443	4	16	and	and	CCONJ
fsr-3443	4	17	bonds	bond	NOUN
fsr-3443	4	18	.	.	PUNCT
fsr-3443	5	1	such	such	ADJ
fsr-3443	5	2	risk	risk	NOUN
fsr-3443	5	3	preferences	preference	NOUN
fsr-3443	5	4	are	be	AUX
fsr-3443	5	5	then	then	ADV
fsr-3443	5	6	used	use	VERB
fsr-3443	5	7	for	for	ADP
fsr-3443	5	8	portfolio	portfolio	NOUN
fsr-3443	5	9	decisions	decision	NOUN
fsr-3443	5	10	regarding	regard	VERB
fsr-3443	5	11	reits	reit	NOUN
fsr-3443	5	12	.	.	PUNCT
fsr-3443	6	1	the	the	DET
fsr-3443	6	2	analysis	analysis	NOUN
fsr-3443	6	3	shows	show	VERB
fsr-3443	6	4	that	that	SCONJ
fsr-3443	6	5	investors	investor	NOUN
fsr-3443	6	6	with	with	ADP
fsr-3443	6	7	lower	low	ADJ
fsr-3443	6	8	risk	risk	NOUN
fsr-3443	6	9	aversion	aversion	NOUN
fsr-3443	6	10	tend	tend	VERB
fsr-3443	6	11	to	to	PART
fsr-3443	6	12	have	have	VERB
fsr-3443	6	13	a	a	DET
fsr-3443	6	14	more	more	ADV
fsr-3443	6	15	substantial	substantial	ADJ
fsr-3443	6	16	stock	stock	NOUN
fsr-3443	6	17	component	component	NOUN
fsr-3443	6	18	in	in	ADP
fsr-3443	6	19	their	their	PRON
fsr-3443	6	20	benchmark	benchmark	NOUN
fsr-3443	6	21	portfolio	portfolio	NOUN
fsr-3443	6	22	and	and	CCONJ
fsr-3443	6	23	will	will	AUX
fsr-3443	6	24	obtain	obtain	VERB
fsr-3443	6	25	higher	high	ADJ
fsr-3443	6	26	risk	risk	NOUN
fsr-3443	6	27	-	-	PUNCT
fsr-3443	6	28	return	return	NOUN
fsr-3443	6	29	benefits	benefit	NOUN
fsr-3443	6	30	from	from	ADP
fsr-3443	6	31	adding	add	VERB
fsr-3443	6	32	reits	reit	NOUN
fsr-3443	6	33	.	.	PUNCT
fsr-3443	7	1	in	in	ADP
fsr-3443	7	2	addition	addition	NOUN
fsr-3443	7	3	to	to	ADP
fsr-3443	7	4	the	the	DET
fsr-3443	7	5	theoretical	theoretical	ADJ
fsr-3443	7	6	analysis	analysis	NOUN
fsr-3443	7	7	,	,	PUNCT
fsr-3443	7	8	the	the	DET
fsr-3443	7	9	article	article	NOUN
fsr-3443	7	10	provides	provide	VERB
fsr-3443	7	11	a	a	DET
fsr-3443	7	12	practical	practical	ADJ
fsr-3443	7	13	solution	solution	NOUN
fsr-3443	7	14	to	to	PART
fsr-3443	7	15	evaluate	evaluate	VERB
fsr-3443	7	16	the	the	DET
fsr-3443	7	17	benefit	benefit	NOUN
fsr-3443	7	18	of	of	ADP
fsr-3443	7	19	investing	invest	VERB
fsr-3443	7	20	in	in	ADP
fsr-3443	7	21	reits	reit	NOUN
fsr-3443	7	22	.	.	PUNCT
fsr-3443	8	1	©	©	PROPN
fsr-3443	8	2	2021	2021	NUM
fsr-3443	8	3	academy	academy	NOUN
fsr-3443	8	4	of	of	ADP
fsr-3443	8	5	financial	financial	ADJ
fsr-3443	8	6	services	service	NOUN
fsr-3443	8	7	.	.	PUNCT
fsr-3443	9	1	all	all	DET
fsr-3443	9	2	rights	right	NOUN
fsr-3443	9	3	reserved	reserve	VERB
fsr-3443	9	4	.	.	PUNCT
fsr-3443	10	1	jel	jel	PROPN
fsr-3443	10	2	classification	classification	NOUN
fsr-3443	10	3	:	:	PUNCT
fsr-3443	10	4	g11	g11	PROPN
fsr-3443	10	5	keywords	keyword	NOUN
fsr-3443	10	6	:	:	PUNCT
fsr-3443	10	7	reits	reit	NOUN
fsr-3443	10	8	;	;	PUNCT
fsr-3443	10	9	target	target	NOUN
fsr-3443	10	10	fund	fund	NOUN
fsr-3443	10	11	;	;	PUNCT
fsr-3443	10	12	efficient	efficient	ADJ
fsr-3443	10	13	frontier	frontier	NOUN
fsr-3443	10	14	;	;	PUNCT
fsr-3443	10	15	portfolio	portfolio	NOUN
fsr-3443	10	16	1	1	NUM
fsr-3443	10	17	.	.	PUNCT
fsr-3443	10	18	introduction	introduction	NOUN
fsr-3443	10	19	reits	reit	NOUN
fsr-3443	10	20	(	(	PUNCT
fsr-3443	10	21	i.e.	i.e.	X
fsr-3443	10	22	,	,	PUNCT
fsr-3443	10	23	equity	equity	NOUN
fsr-3443	10	24	reits	reit	NOUN
fsr-3443	10	25	)	)	PUNCT
fsr-3443	10	26	offer	offer	VERB
fsr-3443	10	27	individual	individual	ADJ
fsr-3443	10	28	investors	investor	NOUN
fsr-3443	10	29	the	the	DET
fsr-3443	10	30	ease	ease	NOUN
fsr-3443	10	31	of	of	ADP
fsr-3443	10	32	investing	invest	VERB
fsr-3443	10	33	in	in	ADP
fsr-3443	10	34	real	real	ADJ
fsr-3443	10	35	estate	estate	NOUN
fsr-3443	10	36	using	use	VERB
fsr-3443	10	37	publicly	publicly	ADV
fsr-3443	10	38	traded	trade	VERB
fsr-3443	10	39	shares	share	NOUN
fsr-3443	10	40	.	.	PUNCT
fsr-3443	11	1	historically	historically	ADV
fsr-3443	11	2	,	,	PUNCT
fsr-3443	11	3	reits	reit	NOUN
fsr-3443	11	4	have	have	AUX
fsr-3443	11	5	provided	provide	VERB
fsr-3443	11	6	investors	investor	NOUN
fsr-3443	11	7	dividend	dividend	NOUN
fsr-3443	11	8	-	-	PUNCT
fsr-3443	11	9	based	base	VERB
fsr-3443	11	10	income	income	NOUN
fsr-3443	11	11	,	,	PUNCT
fsr-3443	11	12	competitive	competitive	ADJ
fsr-3443	11	13	market	market	NOUN
fsr-3443	11	14	performance	performance	NOUN
fsr-3443	11	15	,	,	PUNCT
fsr-3443	11	16	transparency	transparency	NOUN
fsr-3443	11	17	,	,	PUNCT
fsr-3443	11	18	liquidity	liquidity	NOUN
fsr-3443	11	19	,	,	PUNCT
fsr-3443	11	20	inflation	inflation	NOUN
fsr-3443	11	21	protection	protection	NOUN
fsr-3443	11	22	,	,	PUNCT
fsr-3443	11	23	and	and	CCONJ
fsr-3443	11	24	portfolio	portfolio	NOUN
fsr-3443	11	25	diversification	diversification	NOUN
fsr-3443	11	26	.	.	PUNCT
fsr-3443	12	1	they	they	PRON
fsr-3443	12	2	have	have	AUX
fsr-3443	12	3	been	be	AUX
fsr-3443	12	4	advertised	advertise	VERB
fsr-3443	12	5	as	as	ADP
fsr-3443	12	6	a	a	DET
fsr-3443	12	7	potential	potential	ADJ
fsr-3443	12	8	candidate	candidate	NOUN
fsr-3443	12	9	for	for	ADP
fsr-3443	12	10	investment	investment	NOUN
fsr-3443	12	11	*	*	PUNCT
fsr-3443	12	12	corresponding	correspond	VERB
fsr-3443	12	13	author	author	NOUN
fsr-3443	12	14	.	.	PUNCT
fsr-3443	13	1	tel	tel	PROPN
fsr-3443	13	2	.	.	PUNCT
fsr-3443	13	3	:	:	PUNCT
fsr-3443	14	1	+1	+1	PROPN
fsr-3443	14	2	-	-	PUNCT
fsr-3443	14	3	239	239	NUM
fsr-3443	14	4	-	-	PUNCT
fsr-3443	14	5	590	590	NUM
fsr-3443	14	6	-	-	PUNCT
fsr-3443	14	7	7167	7167	NUM
fsr-3443	14	8	.	.	PUNCT
fsr-3443	15	1	e	e	X
fsr-3443	15	2	-	-	NOUN
fsr-3443	15	3	mail	mail	NOUN
fsr-3443	15	4	address	address	NOUN
fsr-3443	15	5	:	:	PUNCT
fsr-3443	15	6	tljones@fgcu.edu	tljones@fgcu.edu	PROPN
fsr-3443	15	7	(	(	PUNCT
fsr-3443	15	8	t.	t.	PROPN
fsr-3443	15	9	l.	l.	PROPN
fsr-3443	15	10	jones	jones	PROPN
fsr-3443	15	11	)	)	PUNCT
fsr-3443	15	12	1057	1057	NUM
fsr-3443	15	13	-	-	SYM
fsr-3443	15	14	0810/21/$	0810/21/$	NUM
fsr-3443	15	15	–	–	PUNCT
fsr-3443	15	16	see	see	VERB
fsr-3443	15	17	front	front	ADJ
fsr-3443	15	18	matter	matter	NOUN
fsr-3443	15	19	©	©	PROPN
fsr-3443	15	20	2021	2021	NUM
fsr-3443	15	21	academy	academy	NOUN
fsr-3443	15	22	of	of	ADP
fsr-3443	15	23	financial	financial	ADJ
fsr-3443	15	24	services	service	NOUN
fsr-3443	15	25	.	.	PUNCT
fsr-3443	16	1	all	all	DET
fsr-3443	16	2	rights	right	NOUN
fsr-3443	16	3	reserved	reserve	VERB
fsr-3443	16	4	.	.	PUNCT
fsr-3443	17	1	financial	financial	ADJ
fsr-3443	17	2	services	service	NOUN
fsr-3443	17	3	review	review	VERB
fsr-3443	17	4	29	29	NUM
fsr-3443	17	5	(	(	PUNCT
fsr-3443	17	6	2021	2021	NUM
fsr-3443	17	7	)	)	PUNCT
fsr-3443	17	8	55–66	55–66	NUM
fsr-3443	17	9	or	or	CCONJ
fsr-3443	17	10	portfolio	portfolio	NOUN
fsr-3443	17	11	construction	construction	NOUN
fsr-3443	17	12	that	that	PRON
fsr-3443	17	13	is	be	AUX
fsr-3443	17	14	less	less	ADV
fsr-3443	17	15	correlated	correlate	VERB
fsr-3443	17	16	with	with	ADP
fsr-3443	17	17	stocks	stock	NOUN
fsr-3443	17	18	and	and	CCONJ
fsr-3443	17	19	bonds	bond	NOUN
fsr-3443	17	20	than	than	ADP
fsr-3443	17	21	other	other	ADJ
fsr-3443	17	22	asset	asset	NOUN
fsr-3443	17	23	classes	class	NOUN
fsr-3443	17	24	(	(	PUNCT
fsr-3443	17	25	see	see	VERB
fsr-3443	17	26	glascock	glascock	INTJ
fsr-3443	17	27	et	et	PROPN
fsr-3443	17	28	al	al	PROPN
fsr-3443	17	29	.	.	PROPN
fsr-3443	17	30	,	,	PUNCT
fsr-3443	17	31	2000	2000	NUM
fsr-3443	17	32	)	)	PUNCT
fsr-3443	17	33	for	for	ADP
fsr-3443	17	34	further	further	ADJ
fsr-3443	17	35	discussion	discussion	NOUN
fsr-3443	17	36	of	of	ADP
fsr-3443	17	37	reits	reit	NOUN
fsr-3443	17	38	’	'	PUNCT
fsr-3443	17	39	correlation	correlation	NOUN
fsr-3443	17	40	with	with	ADP
fsr-3443	17	41	stocks	stock	NOUN
fsr-3443	17	42	and	and	CCONJ
fsr-3443	17	43	bonds	bond	NOUN
fsr-3443	17	44	.	.	PUNCT
fsr-3443	17	45	)	)	PUNCT
fsr-3443	17	46	.	.	PUNCT
fsr-3443	18	1	many	many	ADJ
fsr-3443	18	2	studies	study	NOUN
fsr-3443	18	3	explore	explore	VERB
fsr-3443	18	4	the	the	DET
fsr-3443	18	5	benefits	benefit	NOUN
fsr-3443	18	6	of	of	ADP
fsr-3443	18	7	including	include	VERB
fsr-3443	18	8	reits	reit	NOUN
fsr-3443	18	9	in	in	ADP
fsr-3443	18	10	investment	investment	NOUN
fsr-3443	18	11	portfolios	portfolio	NOUN
fsr-3443	18	12	,	,	PUNCT
fsr-3443	18	13	such	such	ADJ
fsr-3443	18	14	as	as	ADP
fsr-3443	18	15	anderson	anderson	PROPN
fsr-3443	18	16	and	and	CCONJ
fsr-3443	18	17	springer	springer	NOUN
fsr-3443	18	18	(	(	PUNCT
fsr-3443	18	19	2003	2003	NUM
fsr-3443	18	20	)	)	PUNCT
fsr-3443	18	21	,	,	PUNCT
fsr-3443	18	22	chen	chen	PROPN
fsr-3443	18	23	et	et	PROPN
fsr-3443	18	24	al	al	PROPN
fsr-3443	18	25	.	.	PROPN
fsr-3443	19	1	(	(	PUNCT
fsr-3443	19	2	2005	2005	NUM
fsr-3443	19	3	)	)	PUNCT
fsr-3443	19	4	,	,	PUNCT
fsr-3443	19	5	and	and	CCONJ
fsr-3443	19	6	hudson	hudson	PROPN
fsr-3443	19	7	-	-	PUNCT
fsr-3443	19	8	wilson	wilson	PROPN
fsr-3443	19	9	et	et	PROPN
fsr-3443	19	10	al	al	PROPN
fsr-3443	19	11	.	.	PROPN
fsr-3443	20	1	(	(	PUNCT
fsr-3443	20	2	2005	2005	NUM
fsr-3443	20	3	)	)	PUNCT
fsr-3443	20	4	.	.	PUNCT
fsr-3443	21	1	it	it	PRON
fsr-3443	21	2	is	be	AUX
fsr-3443	21	3	necessary	necessary	ADJ
fsr-3443	21	4	to	to	PART
fsr-3443	21	5	note	note	VERB
fsr-3443	21	6	that	that	SCONJ
fsr-3443	21	7	reits	reit	NOUN
fsr-3443	21	8	are	be	AUX
fsr-3443	21	9	generally	generally	ADV
fsr-3443	21	10	treated	treat	VERB
fsr-3443	21	11	as	as	ADP
fsr-3443	21	12	an	an	DET
fsr-3443	21	13	alternative	alternative	ADJ
fsr-3443	21	14	asset	asset	NOUN
fsr-3443	21	15	by	by	ADP
fsr-3443	21	16	many	many	ADJ
fsr-3443	21	17	individual	individual	ADJ
fsr-3443	21	18	investors	investor	NOUN
fsr-3443	21	19	who	who	PRON
fsr-3443	21	20	hold	hold	VERB
fsr-3443	21	21	the	the	DET
fsr-3443	21	22	majority	majority	NOUN
fsr-3443	21	23	of	of	ADP
fsr-3443	21	24	their	their	PRON
fsr-3443	21	25	investments	investment	NOUN
fsr-3443	21	26	in	in	ADP
fsr-3443	21	27	traditional	traditional	ADJ
fsr-3443	21	28	assets	asset	NOUN
fsr-3443	21	29	like	like	ADP
fsr-3443	21	30	stocks	stock	NOUN
fsr-3443	21	31	and	and	CCONJ
fsr-3443	21	32	bonds	bond	NOUN
fsr-3443	21	33	.	.	PUNCT
fsr-3443	22	1	to	to	PART
fsr-3443	22	2	study	study	VERB
fsr-3443	22	3	the	the	DET
fsr-3443	22	4	benefits	benefit	NOUN
fsr-3443	22	5	of	of	ADP
fsr-3443	22	6	alternative	alternative	ADJ
fsr-3443	22	7	or	or	CCONJ
fsr-3443	22	8	less	less	ADV
fsr-3443	22	9	traditional	traditional	ADJ
fsr-3443	22	10	assets	asset	NOUN
fsr-3443	22	11	like	like	ADP
fsr-3443	22	12	reits	reit	NOUN
fsr-3443	22	13	,	,	PUNCT
fsr-3443	22	14	we	we	PRON
fsr-3443	22	15	need	need	VERB
fsr-3443	22	16	to	to	PART
fsr-3443	22	17	examine	examine	VERB
fsr-3443	22	18	the	the	DET
fsr-3443	22	19	investor	investor	NOUN
fsr-3443	22	20	’s	’s	PART
fsr-3443	22	21	existing	exist	VERB
fsr-3443	22	22	holdings	holding	NOUN
fsr-3443	22	23	and	and	CCONJ
fsr-3443	22	24	risk	risk	NOUN
fsr-3443	22	25	preferences	preference	NOUN
fsr-3443	22	26	.	.	PUNCT
fsr-3443	23	1	besides	besides	SCONJ
fsr-3443	23	2	,	,	PUNCT
fsr-3443	23	3	the	the	DET
fsr-3443	23	4	existing	exist	VERB
fsr-3443	23	5	studies	study	NOUN
fsr-3443	23	6	that	that	PRON
fsr-3443	23	7	examine	examine	VERB
fsr-3443	23	8	the	the	DET
fsr-3443	23	9	inclusion	inclusion	NOUN
fsr-3443	23	10	of	of	ADP
fsr-3443	23	11	reits	reit	NOUN
fsr-3443	23	12	in	in	ADP
fsr-3443	23	13	investment	investment	NOUN
fsr-3443	23	14	portfolios	portfolio	NOUN
fsr-3443	23	15	use	use	VERB
fsr-3443	23	16	mean	mean	ADJ
fsr-3443	23	17	-	-	PUNCT
fsr-3443	23	18	variance	variance	NOUN
fsr-3443	23	19	analysis	analysis	NOUN
fsr-3443	23	20	but	but	CCONJ
fsr-3443	23	21	ignore	ignore	VERB
fsr-3443	23	22	the	the	DET
fsr-3443	23	23	fact	fact	NOUN
fsr-3443	23	24	that	that	SCONJ
fsr-3443	23	25	that	that	SCONJ
fsr-3443	23	26	investors	investor	NOUN
fsr-3443	23	27	tend	tend	VERB
fsr-3443	23	28	to	to	PART
fsr-3443	23	29	make	make	VERB
fsr-3443	23	30	different	different	ADJ
fsr-3443	23	31	choices	choice	NOUN
fsr-3443	23	32	due	due	ADP
fsr-3443	23	33	to	to	ADP
fsr-3443	23	34	their	their	PRON
fsr-3443	23	35	diverse	diverse	ADJ
fsr-3443	23	36	risk	risk	NOUN
fsr-3443	23	37	preferences	preference	NOUN
fsr-3443	23	38	.	.	PUNCT
fsr-3443	24	1	it	it	PRON
fsr-3443	24	2	is	be	AUX
fsr-3443	24	3	essential	essential	ADJ
fsr-3443	24	4	to	to	PART
fsr-3443	24	5	study	study	VERB
fsr-3443	24	6	the	the	DET
fsr-3443	24	7	role	role	NOUN
fsr-3443	24	8	of	of	ADP
fsr-3443	24	9	risk	risk	NOUN
fsr-3443	24	10	preference	preference	NOUN
fsr-3443	24	11	when	when	SCONJ
fsr-3443	24	12	determining	determine	VERB
fsr-3443	24	13	the	the	DET
fsr-3443	24	14	appropriate	appropriate	ADJ
fsr-3443	24	15	asset	asset	NOUN
fsr-3443	24	16	allocation	allocation	NOUN
fsr-3443	24	17	to	to	ADP
fsr-3443	24	18	reits	reit	NOUN
fsr-3443	24	19	.	.	PUNCT
fsr-3443	25	1	this	this	DET
fsr-3443	25	2	study	study	NOUN
fsr-3443	25	3	explores	explore	VERB
fsr-3443	25	4	the	the	DET
fsr-3443	25	5	portfolio	portfolio	NOUN
fsr-3443	25	6	implications	implication	NOUN
fsr-3443	25	7	of	of	ADP
fsr-3443	25	8	risk	risk	NOUN
fsr-3443	25	9	preference	preference	NOUN
fsr-3443	25	10	.	.	PUNCT
fsr-3443	26	1	it	it	PRON
fsr-3443	26	2	starts	start	VERB
fsr-3443	26	3	by	by	ADP
fsr-3443	26	4	examining	examine	VERB
fsr-3443	26	5	investors	investor	NOUN
fsr-3443	26	6	represented	represent	VERB
fsr-3443	26	7	by	by	ADP
fsr-3443	26	8	their	their	PRON
fsr-3443	26	9	investment	investment	NOUN
fsr-3443	26	10	in	in	ADP
fsr-3443	26	11	stocks	stock	NOUN
fsr-3443	26	12	and	and	CCONJ
fsr-3443	26	13	bonds	bond	NOUN
fsr-3443	26	14	.	.	PUNCT
fsr-3443	27	1	their	their	PRON
fsr-3443	27	2	existing	exist	VERB
fsr-3443	27	3	allocations	allocation	NOUN
fsr-3443	27	4	serve	serve	VERB
fsr-3443	27	5	as	as	SCONJ
fsr-3443	27	6	the	the	DET
fsr-3443	27	7	benchmark	benchmark	NOUN
fsr-3443	27	8	portfolio	portfolio	NOUN
fsr-3443	27	9	to	to	PART
fsr-3443	27	10	evaluate	evaluate	VERB
fsr-3443	27	11	the	the	DET
fsr-3443	27	12	benefit	benefit	NOUN
fsr-3443	27	13	obtained	obtain	VERB
fsr-3443	27	14	from	from	ADP
fsr-3443	27	15	including	include	VERB
fsr-3443	27	16	reits	reit	NOUN
fsr-3443	27	17	.	.	PUNCT
fsr-3443	28	1	we	we	PRON
fsr-3443	28	2	derive	derive	VERB
fsr-3443	28	3	the	the	DET
fsr-3443	28	4	investor	investor	NOUN
fsr-3443	28	5	’s	’s	PART
fsr-3443	28	6	risk	risk	NOUN
fsr-3443	28	7	preference	preference	NOUN
fsr-3443	28	8	from	from	ADP
fsr-3443	28	9	his	his	PRON
fsr-3443	28	10	existing	exist	VERB
fsr-3443	28	11	holdings	holding	NOUN
fsr-3443	28	12	.	.	PUNCT
fsr-3443	29	1	we	we	PRON
fsr-3443	29	2	further	far	ADV
fsr-3443	29	3	use	use	VERB
fsr-3443	29	4	such	such	DET
fsr-3443	29	5	a	a	DET
fsr-3443	29	6	riskpreference	riskpreference	NOUN
fsr-3443	29	7	to	to	PART
fsr-3443	29	8	construct	construct	VERB
fsr-3443	29	9	a	a	DET
fsr-3443	29	10	new	new	ADJ
fsr-3443	29	11	portfolio	portfolio	NOUN
fsr-3443	29	12	by	by	ADP
fsr-3443	29	13	adding	add	VERB
fsr-3443	29	14	reits	reit	NOUN
fsr-3443	29	15	.	.	PUNCT
fsr-3443	30	1	we	we	PRON
fsr-3443	30	2	compare	compare	VERB
fsr-3443	30	3	this	this	DET
fsr-3443	30	4	new	new	ADJ
fsr-3443	30	5	portfolio	portfolio	NOUN
fsr-3443	30	6	with	with	ADP
fsr-3443	30	7	the	the	DET
fsr-3443	30	8	original	original	ADJ
fsr-3443	30	9	benchmark	benchmark	NOUN
fsr-3443	30	10	to	to	PART
fsr-3443	30	11	gauge	gauge	VERB
fsr-3443	30	12	the	the	DET
fsr-3443	30	13	benefit	benefit	NOUN
fsr-3443	30	14	of	of	ADP
fsr-3443	30	15	reits	reit	NOUN
fsr-3443	30	16	.	.	PUNCT
fsr-3443	31	1	this	this	DET
fsr-3443	31	2	approach	approach	NOUN
fsr-3443	31	3	incorporates	incorporate	VERB
fsr-3443	31	4	the	the	DET
fsr-3443	31	5	role	role	NOUN
fsr-3443	31	6	of	of	ADP
fsr-3443	31	7	risk	risk	NOUN
fsr-3443	31	8	preference	preference	NOUN
fsr-3443	31	9	in	in	ADP
fsr-3443	31	10	portfolio	portfolio	NOUN
fsr-3443	31	11	management	management	NOUN
fsr-3443	31	12	.	.	PUNCT
fsr-3443	32	1	the	the	DET
fsr-3443	32	2	results	result	NOUN
fsr-3443	32	3	suggest	suggest	VERB
fsr-3443	32	4	that	that	SCONJ
fsr-3443	32	5	investors	investor	NOUN
fsr-3443	32	6	with	with	ADP
fsr-3443	32	7	lower	low	ADJ
fsr-3443	32	8	risk	risk	NOUN
fsr-3443	32	9	aversion	aversion	NOUN
fsr-3443	32	10	achieve	achieve	VERB
fsr-3443	32	11	more	more	ADJ
fsr-3443	32	12	benefit	benefit	NOUN
fsr-3443	32	13	from	from	ADP
fsr-3443	32	14	investing	invest	VERB
fsr-3443	32	15	in	in	ADP
fsr-3443	32	16	reits	reit	NOUN
fsr-3443	32	17	.	.	PUNCT
fsr-3443	33	1	this	this	DET
fsr-3443	33	2	approach	approach	NOUN
fsr-3443	33	3	illustrates	illustrate	VERB
fsr-3443	33	4	the	the	DET
fsr-3443	33	5	role	role	NOUN
fsr-3443	33	6	of	of	ADP
fsr-3443	33	7	risk	risk	NOUN
fsr-3443	33	8	preference	preference	NOUN
fsr-3443	33	9	in	in	ADP
fsr-3443	33	10	portfolio	portfolio	NOUN
fsr-3443	33	11	decisions	decision	NOUN
fsr-3443	33	12	and	and	CCONJ
fsr-3443	33	13	provides	provide	VERB
fsr-3443	33	14	an	an	DET
fsr-3443	33	15	explanation	explanation	NOUN
fsr-3443	33	16	of	of	ADP
fsr-3443	33	17	the	the	DET
fsr-3443	33	18	gap	gap	NOUN
fsr-3443	33	19	between	between	ADP
fsr-3443	33	20	the	the	DET
fsr-3443	33	21	theoretical	theoretical	ADJ
fsr-3443	33	22	mean	mean	ADJ
fsr-3443	33	23	-	-	PUNCT
fsr-3443	33	24	variance	variance	NOUN
fsr-3443	33	25	framework	framework	NOUN
fsr-3443	33	26	and	and	CCONJ
fsr-3443	33	27	diverse	diverse	ADJ
fsr-3443	33	28	portfolio	portfolio	NOUN
fsr-3443	33	29	choices	choice	NOUN
fsr-3443	33	30	in	in	ADP
fsr-3443	33	31	practice	practice	NOUN
fsr-3443	33	32	.	.	PUNCT
fsr-3443	34	1	the	the	DET
fsr-3443	34	2	article	article	NOUN
fsr-3443	34	3	is	be	AUX
fsr-3443	34	4	organized	organize	VERB
fsr-3443	34	5	as	as	SCONJ
fsr-3443	34	6	follows	follow	VERB
fsr-3443	34	7	.	.	PUNCT
fsr-3443	35	1	first	first	ADV
fsr-3443	35	2	,	,	PUNCT
fsr-3443	35	3	it	it	PRON
fsr-3443	35	4	reviews	review	VERB
fsr-3443	35	5	the	the	DET
fsr-3443	35	6	related	related	ADJ
fsr-3443	35	7	studies	study	NOUN
fsr-3443	35	8	on	on	ADP
fsr-3443	35	9	reits	reit	NOUN
fsr-3443	35	10	and	and	CCONJ
fsr-3443	35	11	portfolio	portfolio	NOUN
fsr-3443	35	12	choice	choice	NOUN
fsr-3443	35	13	.	.	PUNCT
fsr-3443	36	1	it	it	PRON
fsr-3443	36	2	then	then	ADV
fsr-3443	36	3	introduces	introduce	VERB
fsr-3443	36	4	the	the	DET
fsr-3443	36	5	methodology	methodology	NOUN
fsr-3443	36	6	to	to	PART
fsr-3443	36	7	derive	derive	VERB
fsr-3443	36	8	the	the	DET
fsr-3443	36	9	investor	investor	NOUN
fsr-3443	36	10	risk	risk	NOUN
fsr-3443	36	11	preference	preference	NOUN
fsr-3443	36	12	from	from	ADP
fsr-3443	36	13	a	a	DET
fsr-3443	36	14	benchmark	benchmark	NOUN
fsr-3443	36	15	portfolio	portfolio	NOUN
fsr-3443	36	16	allocation	allocation	NOUN
fsr-3443	36	17	.	.	PUNCT
fsr-3443	37	1	the	the	DET
fsr-3443	37	2	analysis	analysis	NOUN
fsr-3443	37	3	then	then	ADV
fsr-3443	37	4	applies	apply	VERB
fsr-3443	37	5	the	the	DET
fsr-3443	37	6	risk	risk	NOUN
fsr-3443	37	7	preference	preference	NOUN
fsr-3443	37	8	to	to	ADP
fsr-3443	37	9	portfolio	portfolio	NOUN
fsr-3443	37	10	construction	construction	NOUN
fsr-3443	37	11	and	and	CCONJ
fsr-3443	37	12	explains	explain	VERB
fsr-3443	37	13	the	the	DET
fsr-3443	37	14	additional	additional	ADJ
fsr-3443	37	15	benefit	benefit	NOUN
fsr-3443	37	16	from	from	ADP
fsr-3443	37	17	the	the	DET
fsr-3443	37	18	addition	addition	NOUN
fsr-3443	37	19	of	of	ADP
fsr-3443	37	20	reits	reit	NOUN
fsr-3443	37	21	.	.	PUNCT
fsr-3443	38	1	the	the	DET
fsr-3443	38	2	empirical	empirical	ADJ
fsr-3443	38	3	discussion	discussion	NOUN
fsr-3443	38	4	follows	follow	VERB
fsr-3443	38	5	the	the	DET
fsr-3443	38	6	methodology	methodology	NOUN
fsr-3443	38	7	.	.	PUNCT
fsr-3443	39	1	the	the	DET
fsr-3443	39	2	final	final	ADJ
fsr-3443	39	3	section	section	NOUN
fsr-3443	39	4	concludes	conclude	VERB
fsr-3443	39	5	.	.	PUNCT
fsr-3443	40	1	2	2	X
fsr-3443	40	2	.	.	NUM
fsr-3443	40	3	related	relate	VERB
fsr-3443	40	4	studies	study	NOUN
fsr-3443	40	5	2.1	2.1	NUM
fsr-3443	40	6	.	.	PUNCT
fsr-3443	40	7	reits	reit	NOUN
fsr-3443	40	8	as	as	ADP
fsr-3443	40	9	an	an	DET
fsr-3443	40	10	alternative	alternative	ADJ
fsr-3443	40	11	investment	investment	NOUN
fsr-3443	40	12	class	class	NOUN
fsr-3443	40	13	in	in	ADP
fsr-3443	40	14	this	this	DET
fsr-3443	40	15	study	study	NOUN
fsr-3443	40	16	,	,	PUNCT
fsr-3443	40	17	a	a	DET
fsr-3443	40	18	“	"	PUNCT
fsr-3443	40	19	reit	reit	NOUN
fsr-3443	40	20	”	"	PUNCT
fsr-3443	40	21	is	be	AUX
fsr-3443	40	22	defined	define	VERB
fsr-3443	40	23	as	as	ADP
fsr-3443	40	24	an	an	DET
fsr-3443	40	25	equity	equity	NOUN
fsr-3443	40	26	reit	reit	NOUN
fsr-3443	40	27	.	.	PUNCT
fsr-3443	41	1	the	the	DET
fsr-3443	41	2	data	datum	NOUN
fsr-3443	41	3	used	use	VERB
fsr-3443	41	4	in	in	ADP
fsr-3443	41	5	the	the	DET
fsr-3443	41	6	analysis	analysis	NOUN
fsr-3443	41	7	does	do	AUX
fsr-3443	41	8	not	not	PART
fsr-3443	41	9	include	include	VERB
fsr-3443	41	10	mortgage	mortgage	NOUN
fsr-3443	41	11	reits	reit	NOUN
fsr-3443	41	12	or	or	CCONJ
fsr-3443	41	13	companies	company	NOUN
fsr-3443	41	14	whose	whose	DET
fsr-3443	41	15	primary	primary	ADJ
fsr-3443	41	16	business	business	NOUN
fsr-3443	41	17	is	be	AUX
fsr-3443	41	18	related	relate	VERB
fsr-3443	41	19	to	to	ADP
fsr-3443	41	20	financing	finance	VERB
fsr-3443	41	21	real	real	ADJ
fsr-3443	41	22	estate	estate	NOUN
fsr-3443	41	23	.	.	PUNCT
fsr-3443	42	1	equity	equity	NOUN
fsr-3443	42	2	reits	reit	NOUN
fsr-3443	42	3	operate	operate	VERB
fsr-3443	42	4	along	along	ADP
fsr-3443	42	5	with	with	ADP
fsr-3443	42	6	a	a	DET
fsr-3443	42	7	straightforward	straightforward	ADJ
fsr-3443	42	8	business	business	NOUN
fsr-3443	42	9	model	model	NOUN
fsr-3443	42	10	.	.	PUNCT
fsr-3443	43	1	this	this	DET
fsr-3443	43	2	type	type	NOUN
fsr-3443	43	3	of	of	ADP
fsr-3443	43	4	company	company	NOUN
fsr-3443	43	5	generates	generate	VERB
fsr-3443	43	6	income	income	NOUN
fsr-3443	43	7	by	by	ADP
fsr-3443	43	8	leasing	lease	VERB
fsr-3443	43	9	space	space	NOUN
fsr-3443	43	10	and	and	CCONJ
fsr-3443	43	11	collecting	collect	VERB
fsr-3443	43	12	rent	rent	NOUN
fsr-3443	43	13	on	on	ADP
fsr-3443	43	14	its	its	PRON
fsr-3443	43	15	real	real	ADJ
fsr-3443	43	16	estate	estate	NOUN
fsr-3443	43	17	and	and	CCONJ
fsr-3443	43	18	from	from	ADP
fsr-3443	43	19	gains	gain	NOUN
fsr-3443	43	20	from	from	ADP
fsr-3443	43	21	the	the	DET
fsr-3443	43	22	sale	sale	NOUN
fsr-3443	43	23	of	of	ADP
fsr-3443	43	24	its	its	PRON
fsr-3443	43	25	real	real	ADJ
fsr-3443	43	26	estate	estate	NOUN
fsr-3443	43	27	.	.	PUNCT
fsr-3443	44	1	income	income	NOUN
fsr-3443	44	2	is	be	AUX
fsr-3443	44	3	then	then	ADV
fsr-3443	44	4	paid	pay	VERB
fsr-3443	44	5	out	out	ADP
fsr-3443	44	6	to	to	ADP
fsr-3443	44	7	shareholders	shareholder	NOUN
fsr-3443	44	8	in	in	ADP
fsr-3443	44	9	the	the	DET
fsr-3443	44	10	form	form	NOUN
fsr-3443	44	11	of	of	ADP
fsr-3443	44	12	dividends	dividend	NOUN
fsr-3443	44	13	.	.	PUNCT
fsr-3443	45	1	when	when	SCONJ
fsr-3443	45	2	reporting	report	VERB
fsr-3443	45	3	financial	financial	ADJ
fsr-3443	45	4	results	result	NOUN
fsr-3443	45	5	,	,	PUNCT
fsr-3443	45	6	reits	reit	NOUN
fsr-3443	45	7	,	,	PUNCT
fsr-3443	45	8	like	like	ADP
fsr-3443	45	9	other	other	ADJ
fsr-3443	45	10	public	public	ADJ
fsr-3443	45	11	companies	company	NOUN
fsr-3443	45	12	,	,	PUNCT
fsr-3443	45	13	must	must	AUX
fsr-3443	45	14	report	report	VERB
fsr-3443	45	15	earnings	earning	NOUN
fsr-3443	45	16	per	per	ADP
fsr-3443	45	17	share	share	NOUN
fsr-3443	45	18	based	base	VERB
fsr-3443	45	19	on	on	ADP
fsr-3443	45	20	net	net	ADJ
fsr-3443	45	21	income	income	NOUN
fsr-3443	45	22	as	as	SCONJ
fsr-3443	45	23	defined	define	VERB
fsr-3443	45	24	by	by	ADP
fsr-3443	45	25	generally	generally	ADV
fsr-3443	45	26	accepted	accept	VERB
fsr-3443	45	27	accounting	accounting	NOUN
fsr-3443	45	28	principles	principle	NOUN
fsr-3443	45	29	.	.	PUNCT
fsr-3443	46	1	reits	reit	NOUN
fsr-3443	46	2	are	be	AUX
fsr-3443	46	3	required	require	VERB
fsr-3443	46	4	to	to	PART
fsr-3443	46	5	distribute	distribute	VERB
fsr-3443	46	6	at	at	ADV
fsr-3443	46	7	least	least	ADV
fsr-3443	46	8	90	90	NUM
fsr-3443	46	9	%	%	NOUN
fsr-3443	46	10	of	of	ADP
fsr-3443	46	11	their	their	PRON
fsr-3443	46	12	taxable	taxable	ADJ
fsr-3443	46	13	income	income	NOUN
fsr-3443	46	14	to	to	ADP
fsr-3443	46	15	shareholders	shareholder	NOUN
fsr-3443	46	16	annually	annually	ADV
fsr-3443	46	17	in	in	ADP
fsr-3443	46	18	the	the	DET
fsr-3443	46	19	form	form	NOUN
fsr-3443	46	20	of	of	ADP
fsr-3443	46	21	dividends	dividend	NOUN
fsr-3443	46	22	to	to	PART
fsr-3443	46	23	avoid	avoid	VERB
fsr-3443	46	24	taxation	taxation	NOUN
fsr-3443	46	25	at	at	ADP
fsr-3443	46	26	the	the	DET
fsr-3443	46	27	firm	firm	ADJ
fsr-3443	46	28	level	level	NOUN
fsr-3443	46	29	.	.	PUNCT
fsr-3443	47	1	significantly	significantly	ADV
fsr-3443	47	2	higher	higher	ADV
fsr-3443	47	3	,	,	PUNCT
fsr-3443	47	4	on	on	ADP
fsr-3443	47	5	average	average	ADJ
fsr-3443	47	6	,	,	PUNCT
fsr-3443	47	7	than	than	ADP
fsr-3443	47	8	other	other	ADJ
fsr-3443	47	9	equities	equity	NOUN
fsr-3443	47	10	,	,	PUNCT
fsr-3443	47	11	the	the	DET
fsr-3443	47	12	industry	industry	NOUN
fsr-3443	47	13	’s	’s	PART
fsr-3443	47	14	dividend	dividend	NOUN
fsr-3443	47	15	yields	yield	NOUN
fsr-3443	47	16	have	have	AUX
fsr-3443	47	17	historically	historically	ADV
fsr-3443	47	18	produced	produce	VERB
fsr-3443	47	19	a	a	DET
fsr-3443	47	20	56	56	NUM
fsr-3443	47	21	w.	w.	PROPN
fsr-3443	47	22	feng	feng	PROPN
fsr-3443	47	23	et	et	PROPN
fsr-3443	47	24	al	al	PROPN
fsr-3443	47	25	.	.	PUNCT
fsr-3443	47	26	/	/	SYM
fsr-3443	47	27	financial	financial	ADJ
fsr-3443	47	28	services	service	NOUN
fsr-3443	47	29	review	review	VERB
fsr-3443	47	30	29	29	NUM
fsr-3443	47	31	(	(	PUNCT
fsr-3443	47	32	2021	2021	NUM
fsr-3443	47	33	)	)	PUNCT
fsr-3443	47	34	55–66	55–66	NUM
fsr-3443	47	35	steady	steady	ADJ
fsr-3443	47	36	stream	stream	NOUN
fsr-3443	47	37	of	of	ADP
fsr-3443	47	38	income	income	NOUN
fsr-3443	47	39	through	through	ADP
fsr-3443	47	40	a	a	DET
fsr-3443	47	41	variety	variety	NOUN
fsr-3443	47	42	of	of	ADP
fsr-3443	47	43	market	market	NOUN
fsr-3443	47	44	conditions	condition	NOUN
fsr-3443	47	45	.	.	PUNCT
fsr-3443	48	1	reits	reit	NOUN
fsr-3443	48	2	over	over	ADP
fsr-3443	48	3	time	time	NOUN
fsr-3443	48	4	have	have	AUX
fsr-3443	48	5	demonstrated	demonstrate	VERB
fsr-3443	48	6	a	a	DET
fsr-3443	48	7	historical	historical	ADJ
fsr-3443	48	8	track	track	NOUN
fsr-3443	48	9	record	record	NOUN
fsr-3443	48	10	of	of	ADP
fsr-3443	48	11	providing	provide	VERB
fsr-3443	48	12	a	a	DET
fsr-3443	48	13	high	high	ADJ
fsr-3443	48	14	level	level	NOUN
fsr-3443	48	15	of	of	ADP
fsr-3443	48	16	current	current	ADJ
fsr-3443	48	17	income	income	NOUN
fsr-3443	48	18	combined	combine	VERB
fsr-3443	48	19	with	with	ADP
fsr-3443	48	20	long	long	ADJ
fsr-3443	48	21	-	-	PUNCT
fsr-3443	48	22	term	term	NOUN
fsr-3443	48	23	share	share	NOUN
fsr-3443	48	24	price	price	NOUN
fsr-3443	48	25	appreciation	appreciation	NOUN
fsr-3443	48	26	,	,	PUNCT
fsr-3443	48	27	inflation	inflation	NOUN
fsr-3443	48	28	protection	protection	NOUN
fsr-3443	48	29	,	,	PUNCT
fsr-3443	48	30	and	and	CCONJ
fsr-3443	48	31	prudent	prudent	ADJ
fsr-3443	48	32	diversification	diversification	NOUN
fsr-3443	48	33	for	for	ADP
fsr-3443	48	34	investors	investor	NOUN
fsr-3443	48	35	across	across	ADP
fsr-3443	48	36	the	the	DET
fsr-3443	48	37	age	age	NOUN
fsr-3443	48	38	and	and	CCONJ
fsr-3443	48	39	investment	investment	NOUN
fsr-3443	48	40	style	style	NOUN
fsr-3443	48	41	spectrums	spectrum	NOUN
fsr-3443	48	42	.	.	PUNCT
fsr-3443	49	1	they	they	PRON
fsr-3443	49	2	have	have	AUX
fsr-3443	49	3	been	be	AUX
fsr-3443	49	4	noted	note	VERB
fsr-3443	49	5	as	as	ADP
fsr-3443	49	6	a	a	DET
fsr-3443	49	7	useful	useful	ADJ
fsr-3443	49	8	diversifier	diversifier	NOUN
fsr-3443	49	9	for	for	ADP
fsr-3443	49	10	portfolio	portfolio	NOUN
fsr-3443	49	11	construction	construction	NOUN
fsr-3443	49	12	(	(	PUNCT
fsr-3443	49	13	e.g.	e.g.	ADV
fsr-3443	49	14	,	,	PUNCT
fsr-3443	49	15	hudson	hudson	PROPN
fsr-3443	49	16	-	-	PUNCT
fsr-3443	49	17	wilson	wilson	PROPN
fsr-3443	49	18	et	et	PROPN
fsr-3443	49	19	al	al	PROPN
fsr-3443	49	20	.	.	PROPN
fsr-3443	49	21	,	,	PUNCT
fsr-3443	49	22	2003	2003	NUM
fsr-3443	49	23	and	and	CCONJ
fsr-3443	49	24	chen	chen	PROPN
fsr-3443	49	25	et	et	PROPN
fsr-3443	49	26	al	al	PROPN
fsr-3443	49	27	.	.	PROPN
fsr-3443	49	28	,	,	PUNCT
fsr-3443	49	29	2005	2005	NUM
fsr-3443	49	30	)	)	PUNCT
fsr-3443	49	31	.	.	PUNCT
fsr-3443	50	1	2.2	2.2	NUM
fsr-3443	50	2	.	.	PUNCT
fsr-3443	50	3	strategies	strategy	NOUN
fsr-3443	50	4	to	to	PART
fsr-3443	50	5	invest	invest	VERB
fsr-3443	50	6	in	in	ADP
fsr-3443	50	7	reits	reit	NOUN
fsr-3443	50	8	many	many	ADJ
fsr-3443	50	9	studies	study	NOUN
fsr-3443	50	10	address	address	VERB
fsr-3443	50	11	the	the	DET
fsr-3443	50	12	benefit	benefit	NOUN
fsr-3443	50	13	of	of	ADP
fsr-3443	50	14	including	include	VERB
fsr-3443	50	15	reits	reit	NOUN
fsr-3443	50	16	in	in	ADP
fsr-3443	50	17	a	a	DET
fsr-3443	50	18	stock	stock	NOUN
fsr-3443	50	19	and	and	CCONJ
fsr-3443	50	20	bond	bond	NOUN
fsr-3443	50	21	portfolio	portfolio	NOUN
fsr-3443	50	22	.	.	PUNCT
fsr-3443	51	1	for	for	ADP
fsr-3443	51	2	example	example	NOUN
fsr-3443	51	3	,	,	PUNCT
fsr-3443	51	4	barone	barone	PROPN
fsr-3443	51	5	(	(	PUNCT
fsr-3443	51	6	2016	2016	NUM
fsr-3443	51	7	)	)	PUNCT
fsr-3443	51	8	shows	show	VERB
fsr-3443	51	9	how	how	SCONJ
fsr-3443	51	10	the	the	DET
fsr-3443	51	11	inclusion	inclusion	NOUN
fsr-3443	51	12	of	of	ADP
fsr-3443	51	13	reits	reit	NOUN
fsr-3443	51	14	would	would	AUX
fsr-3443	51	15	improve	improve	VERB
fsr-3443	51	16	portfolio	portfolio	NOUN
fsr-3443	51	17	performance	performance	NOUN
fsr-3443	51	18	when	when	SCONJ
fsr-3443	51	19	targeting	target	VERB
fsr-3443	51	20	minimal	minimal	ADJ
fsr-3443	51	21	portfolio	portfolio	NOUN
fsr-3443	51	22	variance	variance	NOUN
fsr-3443	51	23	or	or	CCONJ
fsr-3443	51	24	maximum	maximum	ADJ
fsr-3443	51	25	sharpe	sharpe	NOUN
fsr-3443	51	26	-	-	PUNCT
fsr-3443	51	27	ratio	ratio	NOUN
fsr-3443	51	28	.	.	PUNCT
fsr-3443	52	1	such	such	ADJ
fsr-3443	52	2	approaches	approach	NOUN
fsr-3443	52	3	,	,	PUNCT
fsr-3443	52	4	though	though	SCONJ
fsr-3443	52	5	often	often	ADV
fsr-3443	52	6	theoretically	theoretically	ADV
fsr-3443	52	7	utilized	utilize	VERB
fsr-3443	52	8	,	,	PUNCT
fsr-3443	52	9	can	can	AUX
fsr-3443	52	10	not	not	PART
fsr-3443	52	11	explain	explain	VERB
fsr-3443	52	12	the	the	DET
fsr-3443	52	13	diverse	diverse	ADJ
fsr-3443	52	14	portfolio	portfolio	NOUN
fsr-3443	52	15	choices	choice	NOUN
fsr-3443	52	16	in	in	ADP
fsr-3443	52	17	practice	practice	NOUN
fsr-3443	52	18	.	.	PUNCT
fsr-3443	53	1	the	the	DET
fsr-3443	53	2	portfolio	portfolio	NOUN
fsr-3443	53	3	diversity	diversity	NOUN
fsr-3443	53	4	stems	stem	VERB
fsr-3443	53	5	from	from	ADP
fsr-3443	53	6	the	the	DET
fsr-3443	53	7	varying	vary	VERB
fsr-3443	53	8	risk	risk	NOUN
fsr-3443	53	9	preference	preference	NOUN
fsr-3443	53	10	among	among	ADP
fsr-3443	53	11	investors	investor	NOUN
fsr-3443	53	12	.	.	PUNCT
fsr-3443	54	1	studies	study	NOUN
fsr-3443	54	2	such	such	ADJ
fsr-3443	54	3	as	as	ADP
fsr-3443	54	4	waggle	waggle	NOUN
fsr-3443	54	5	and	and	CCONJ
fsr-3443	54	6	agrrawal	agrrawal	NOUN
fsr-3443	54	7	(	(	PUNCT
fsr-3443	54	8	2006	2006	NUM
fsr-3443	54	9	)	)	PUNCT
fsr-3443	54	10	,	,	PUNCT
fsr-3443	54	11	waggle	waggle	NOUN
fsr-3443	54	12	and	and	CCONJ
fsr-3443	54	13	moon	moon	NOUN
fsr-3443	54	14	(	(	PUNCT
fsr-3443	54	15	2006	2006	NUM
fsr-3443	54	16	)	)	PUNCT
fsr-3443	54	17	,	,	PUNCT
fsr-3443	54	18	and	and	CCONJ
fsr-3443	54	19	bhuyan	bhuyan	VERB
fsr-3443	54	20	et	et	PROPN
fsr-3443	54	21	al	al	PROPN
fsr-3443	54	22	.	.	PROPN
fsr-3443	55	1	(	(	PUNCT
fsr-3443	55	2	2014	2014	NUM
fsr-3443	55	3	)	)	PUNCT
fsr-3443	55	4	introduce	introduce	VERB
fsr-3443	55	5	risk	risk	NOUN
fsr-3443	55	6	preferences	preference	NOUN
fsr-3443	55	7	in	in	ADP
fsr-3443	55	8	the	the	DET
fsr-3443	55	9	decision	decision	NOUN
fsr-3443	55	10	process	process	NOUN
fsr-3443	55	11	.	.	PUNCT
fsr-3443	56	1	they	they	PRON
fsr-3443	56	2	assume	assume	VERB
fsr-3443	56	3	the	the	DET
fsr-3443	56	4	utility	utility	NOUN
fsr-3443	56	5	function	function	NOUN
fsr-3443	56	6	u	u	NOUN
fsr-3443	56	7	¼	¼	NOUN
fsr-3443	56	8	m	m	PROPN
fsr-3443	56	9	–	–	PUNCT
fsr-3443	56	10	0.5us2	0.5us2	NOUN
fsr-3443	56	11	,	,	PUNCT
fsr-3443	56	12	where	where	SCONJ
fsr-3443	56	13	m	m	PROPN
fsr-3443	56	14	is	be	AUX
fsr-3443	56	15	the	the	DET
fsr-3443	56	16	portfolio	portfolio	NOUN
fsr-3443	56	17	return	return	NOUN
fsr-3443	56	18	,	,	PUNCT
fsr-3443	56	19	s	s	VERB
fsr-3443	56	20	is	be	AUX
fsr-3443	56	21	the	the	DET
fsr-3443	56	22	portfolio	portfolio	NOUN
fsr-3443	56	23	return	return	VERB
fsr-3443	56	24	standard	standard	ADJ
fsr-3443	56	25	deviation	deviation	NOUN
fsr-3443	56	26	,	,	PUNCT
fsr-3443	56	27	and	and	CCONJ
fsr-3443	56	28	u	u	NOUN
fsr-3443	56	29	is	be	AUX
fsr-3443	56	30	the	the	DET
fsr-3443	56	31	risk	risk	NOUN
fsr-3443	56	32	preference	preference	NOUN
fsr-3443	56	33	.	.	PUNCT
fsr-3443	57	1	using	use	VERB
fsr-3443	57	2	unconstrained	unconstrained	ADJ
fsr-3443	57	3	optimization	optimization	NOUN
fsr-3443	57	4	,	,	PUNCT
fsr-3443	57	5	they	they	PRON
fsr-3443	57	6	examine	examine	VERB
fsr-3443	57	7	the	the	DET
fsr-3443	57	8	benefit	benefit	NOUN
fsr-3443	57	9	of	of	ADP
fsr-3443	57	10	including	include	VERB
fsr-3443	57	11	reits	reit	NOUN
fsr-3443	57	12	in	in	ADP
fsr-3443	57	13	stock	stock	NOUN
fsr-3443	57	14	and	and	CCONJ
fsr-3443	57	15	bond	bond	NOUN
fsr-3443	57	16	portfolios	portfolio	NOUN
fsr-3443	57	17	for	for	ADP
fsr-3443	57	18	investors	investor	NOUN
fsr-3443	57	19	with	with	ADP
fsr-3443	57	20	a	a	DET
fsr-3443	57	21	risk	risk	NOUN
fsr-3443	57	22	preference	preference	NOUN
fsr-3443	57	23	(	(	PUNCT
fsr-3443	57	24	u	u	NOUN
fsr-3443	57	25	)	)	PUNCT
fsr-3443	57	26	varying	vary	VERB
fsr-3443	57	27	from	from	ADP
fsr-3443	57	28	1	1	NUM
fsr-3443	57	29	to	to	PART
fsr-3443	57	30	10	10	NUM
fsr-3443	57	31	.	.	PUNCT
fsr-3443	58	1	however	however	ADV
fsr-3443	58	2	,	,	PUNCT
fsr-3443	58	3	these	these	DET
fsr-3443	58	4	authors	author	NOUN
fsr-3443	58	5	’	’	PART
fsr-3443	58	6	choice	choice	NOUN
fsr-3443	58	7	of	of	ADP
fsr-3443	58	8	risk	risk	NOUN
fsr-3443	58	9	preference	preference	NOUN
fsr-3443	58	10	(	(	PUNCT
fsr-3443	58	11	u	u	NOUN
fsr-3443	58	12	)	)	PUNCT
fsr-3443	58	13	is	be	AUX
fsr-3443	58	14	random	random	ADJ
fsr-3443	58	15	,	,	PUNCT
fsr-3443	58	16	and	and	CCONJ
fsr-3443	58	17	their	their	PRON
fsr-3443	58	18	portfolio	portfolio	NOUN
fsr-3443	58	19	choice	choice	NOUN
fsr-3443	58	20	does	do	AUX
fsr-3443	58	21	not	not	PART
fsr-3443	58	22	present	present	VERB
fsr-3443	58	23	an	an	DET
fsr-3443	58	24	implementable	implementable	ADJ
fsr-3443	58	25	solution	solution	NOUN
fsr-3443	58	26	to	to	ADP
fsr-3443	58	27	individual	individual	ADJ
fsr-3443	58	28	investors	investor	NOUN
fsr-3443	58	29	.	.	PUNCT
fsr-3443	59	1	instead	instead	ADV
fsr-3443	59	2	of	of	ADP
fsr-3443	59	3	randomly	randomly	ADV
fsr-3443	59	4	assuming	assume	VERB
fsr-3443	59	5	risk	risk	NOUN
fsr-3443	59	6	preference	preference	NOUN
fsr-3443	59	7	,	,	PUNCT
fsr-3443	59	8	this	this	DET
fsr-3443	59	9	current	current	ADJ
fsr-3443	59	10	article	article	NOUN
fsr-3443	59	11	derives	derive	VERB
fsr-3443	59	12	the	the	DET
fsr-3443	59	13	risk	risk	NOUN
fsr-3443	59	14	preference	preference	NOUN
fsr-3443	59	15	of	of	ADP
fsr-3443	59	16	the	the	DET
fsr-3443	59	17	investor	investor	NOUN
fsr-3443	59	18	from	from	ADP
fsr-3443	59	19	commonly	commonly	ADV
fsr-3443	59	20	used	use	VERB
fsr-3443	59	21	benchmark	benchmark	NOUN
fsr-3443	59	22	portfolios	portfolio	NOUN
fsr-3443	59	23	and	and	CCONJ
fsr-3443	59	24	applies	apply	VERB
fsr-3443	59	25	such	such	DET
fsr-3443	59	26	a	a	DET
fsr-3443	59	27	risk	risk	NOUN
fsr-3443	59	28	preference	preference	NOUN
fsr-3443	59	29	to	to	PART
fsr-3443	59	30	include	include	VERB
fsr-3443	59	31	reits	reit	NOUN
fsr-3443	59	32	.	.	PUNCT
fsr-3443	60	1	this	this	DET
fsr-3443	60	2	study	study	NOUN
fsr-3443	60	3	emphasizes	emphasize	VERB
fsr-3443	60	4	that	that	SCONJ
fsr-3443	60	5	the	the	DET
fsr-3443	60	6	benefit	benefit	NOUN
fsr-3443	60	7	of	of	ADP
fsr-3443	60	8	investing	invest	VERB
fsr-3443	60	9	in	in	ADP
fsr-3443	60	10	reits	reit	NOUN
fsr-3443	60	11	is	be	AUX
fsr-3443	60	12	contingent	contingent	ADJ
fsr-3443	60	13	upon	upon	SCONJ
fsr-3443	60	14	the	the	DET
fsr-3443	60	15	allocation	allocation	NOUN
fsr-3443	60	16	of	of	ADP
fsr-3443	60	17	stocks	stock	NOUN
fsr-3443	60	18	or	or	CCONJ
fsr-3443	60	19	bonds	bond	NOUN
fsr-3443	60	20	that	that	PRON
fsr-3443	60	21	the	the	DET
fsr-3443	60	22	investor	investor	NOUN
fsr-3443	60	23	gives	give	VERB
fsr-3443	60	24	up	up	ADP
fsr-3443	60	25	for	for	ADP
fsr-3443	60	26	reits	reit	NOUN
fsr-3443	60	27	.	.	PUNCT
fsr-3443	61	1	due	due	ADP
fsr-3443	61	2	to	to	ADP
fsr-3443	61	3	the	the	DET
fsr-3443	61	4	historically	historically	ADV
fsr-3443	61	5	low	low	ADJ
fsr-3443	61	6	correlation	correlation	NOUN
fsr-3443	61	7	between	between	ADP
fsr-3443	61	8	stocks	stock	NOUN
fsr-3443	61	9	and	and	CCONJ
fsr-3443	61	10	bonds	bond	NOUN
fsr-3443	61	11	,	,	PUNCT
fsr-3443	61	12	portfolios	portfolio	NOUN
fsr-3443	61	13	can	can	AUX
fsr-3443	61	14	generally	generally	ADV
fsr-3443	61	15	be	be	AUX
fsr-3443	61	16	constructed	construct	VERB
fsr-3443	61	17	with	with	ADP
fsr-3443	61	18	these	these	DET
fsr-3443	61	19	two	two	NUM
fsr-3443	61	20	asset	asset	NOUN
fsr-3443	61	21	classes	class	NOUN
fsr-3443	61	22	to	to	PART
fsr-3443	61	23	achieve	achieve	VERB
fsr-3443	61	24	better	well	ADJ
fsr-3443	61	25	diversification	diversification	NOUN
fsr-3443	61	26	and	and	CCONJ
fsr-3443	61	27	improved	improved	ADJ
fsr-3443	61	28	risk	risk	NOUN
fsr-3443	61	29	-	-	PUNCT
fsr-3443	61	30	adjusted	adjust	VERB
fsr-3443	61	31	performance	performance	NOUN
fsr-3443	61	32	than	than	SCONJ
fsr-3443	61	33	is	be	AUX
fsr-3443	61	34	available	available	ADJ
fsr-3443	61	35	when	when	SCONJ
fsr-3443	61	36	using	use	VERB
fsr-3443	61	37	only	only	ADV
fsr-3443	61	38	one	one	NUM
fsr-3443	61	39	of	of	ADP
fsr-3443	61	40	these	these	DET
fsr-3443	61	41	asset	asset	NOUN
fsr-3443	61	42	classes	class	NOUN
fsr-3443	61	43	.	.	PUNCT
fsr-3443	62	1	the	the	DET
fsr-3443	62	2	stock	stock	NOUN
fsr-3443	62	3	-	-	PUNCT
fsr-3443	62	4	bond	bond	NOUN
fsr-3443	62	5	combination	combination	NOUN
fsr-3443	62	6	has	have	AUX
fsr-3443	62	7	been	be	AUX
fsr-3443	62	8	a	a	DET
fsr-3443	62	9	significant	significant	ADJ
fsr-3443	62	10	theme	theme	NOUN
fsr-3443	62	11	in	in	ADP
fsr-3443	62	12	investment	investment	NOUN
fsr-3443	62	13	practice	practice	NOUN
fsr-3443	62	14	.	.	PUNCT
fsr-3443	63	1	for	for	ADP
fsr-3443	63	2	example	example	NOUN
fsr-3443	63	3	,	,	PUNCT
fsr-3443	63	4	target	target	NOUN
fsr-3443	63	5	-	-	PUNCT
fsr-3443	63	6	date	date	NOUN
fsr-3443	63	7	retirement	retirement	NOUN
fsr-3443	63	8	funds	fund	NOUN
fsr-3443	63	9	(	(	PUNCT
fsr-3443	63	10	also	also	ADV
fsr-3443	63	11	known	know	VERB
fsr-3443	63	12	as	as	ADP
fsr-3443	63	13	lifecycle	lifecycle	NOUN
fsr-3443	63	14	funds	fund	NOUN
fsr-3443	63	15	,	,	PUNCT
fsr-3443	63	16	see	see	VERB
fsr-3443	63	17	tiaa	tiaa	NOUN
fsr-3443	63	18	(	(	PUNCT
fsr-3443	63	19	2019	2019	NUM
fsr-3443	63	20	)	)	PUNCT
fsr-3443	63	21	and	and	CCONJ
fsr-3443	63	22	vanguard	vanguard	NOUN
fsr-3443	63	23	(	(	PUNCT
fsr-3443	63	24	2019	2019	NUM
fsr-3443	63	25	)	)	PUNCT
fsr-3443	63	26	are	be	AUX
fsr-3443	63	27	a	a	DET
fsr-3443	63	28	popular	popular	ADJ
fsr-3443	63	29	form	form	NOUN
fsr-3443	63	30	of	of	ADP
fsr-3443	63	31	mutual	mutual	ADJ
fsr-3443	63	32	fund	fund	NOUN
fsr-3443	63	33	that	that	PRON
fsr-3443	63	34	invests	invest	VERB
fsr-3443	63	35	in	in	ADP
fsr-3443	63	36	a	a	DET
fsr-3443	63	37	combination	combination	NOUN
fsr-3443	63	38	of	of	ADP
fsr-3443	63	39	stocks	stock	NOUN
fsr-3443	63	40	and	and	CCONJ
fsr-3443	63	41	bonds	bond	NOUN
fsr-3443	63	42	.	.	PUNCT
fsr-3443	64	1	the	the	DET
fsr-3443	64	2	target	target	NOUN
fsr-3443	64	3	fund	fund	NOUN
fsr-3443	64	4	gradually	gradually	ADV
fsr-3443	64	5	shifts	shift	VERB
fsr-3443	64	6	its	its	PRON
fsr-3443	64	7	asset	asset	NOUN
fsr-3443	64	8	allocation	allocation	NOUN
fsr-3443	64	9	from	from	ADP
fsr-3443	64	10	stocks	stock	NOUN
fsr-3443	64	11	to	to	ADP
fsr-3443	64	12	bonds	bond	NOUN
fsr-3443	64	13	as	as	ADP
fsr-3443	64	14	the	the	DET
fsr-3443	64	15	target	target	NOUN
fsr-3443	64	16	date	date	NOUN
fsr-3443	64	17	approaches	approach	NOUN
fsr-3443	64	18	,	,	PUNCT
fsr-3443	64	19	and	and	CCONJ
fsr-3443	64	20	beyond	beyond	ADP
fsr-3443	64	21	.	.	PUNCT
fsr-3443	65	1	for	for	ADP
fsr-3443	65	2	instance	instance	NOUN
fsr-3443	65	3	,	,	PUNCT
fsr-3443	65	4	a	a	DET
fsr-3443	65	5	target	target	NOUN
fsr-3443	65	6	-	-	PUNCT
fsr-3443	65	7	date	date	NOUN
fsr-3443	65	8	fund	fund	NOUN
fsr-3443	65	9	intended	intend	VERB
fsr-3443	65	10	for	for	ADP
fsr-3443	65	11	people	people	NOUN
fsr-3443	65	12	retiring	retire	VERB
fsr-3443	65	13	in	in	ADP
fsr-3443	65	14	30	30	NUM
fsr-3443	65	15	years	year	NOUN
fsr-3443	65	16	might	might	AUX
fsr-3443	65	17	have	have	VERB
fsr-3443	65	18	90	90	NUM
fsr-3443	65	19	%	%	NOUN
fsr-3443	65	20	of	of	ADP
fsr-3443	65	21	its	its	PRON
fsr-3443	65	22	assets	asset	NOUN
fsr-3443	65	23	in	in	ADP
fsr-3443	65	24	stocks	stock	NOUN
fsr-3443	65	25	and	and	CCONJ
fsr-3443	65	26	10	10	NUM
fsr-3443	65	27	%	%	NOUN
fsr-3443	65	28	in	in	ADP
fsr-3443	65	29	bonds	bond	NOUN
fsr-3443	65	30	,	,	PUNCT
fsr-3443	65	31	while	while	SCONJ
fsr-3443	65	32	a	a	DET
fsr-3443	65	33	fund	fund	NOUN
fsr-3443	65	34	intended	intend	VERB
fsr-3443	65	35	for	for	ADP
fsr-3443	65	36	5	5	NUM
fsr-3443	65	37	-	-	PUNCT
fsr-3443	65	38	year	year	NOUN
fsr-3443	65	39	retirees	retiree	NOUN
fsr-3443	65	40	may	may	AUX
fsr-3443	65	41	have	have	VERB
fsr-3443	65	42	a	a	DET
fsr-3443	65	43	50	50	NUM
fsr-3443	65	44	-	-	SYM
fsr-3443	65	45	50	50	NUM
fsr-3443	65	46	mix	mix	NOUN
fsr-3443	65	47	.	.	PUNCT
fsr-3443	66	1	while	while	SCONJ
fsr-3443	66	2	the	the	DET
fsr-3443	66	3	exact	exact	ADJ
fsr-3443	66	4	asset	asset	NOUN
fsr-3443	66	5	mix	mix	NOUN
fsr-3443	66	6	depends	depend	VERB
fsr-3443	66	7	on	on	ADP
fsr-3443	66	8	the	the	DET
fsr-3443	66	9	design	design	NOUN
fsr-3443	66	10	from	from	ADP
fsr-3443	66	11	a	a	DET
fsr-3443	66	12	particular	particular	ADJ
fsr-3443	66	13	fund	fund	NOUN
fsr-3443	66	14	company	company	NOUN
fsr-3443	66	15	,	,	PUNCT
fsr-3443	66	16	the	the	DET
fsr-3443	66	17	underlying	underlie	VERB
fsr-3443	66	18	rationale	rationale	NOUN
fsr-3443	66	19	for	for	ADP
fsr-3443	66	20	the	the	DET
fsr-3443	66	21	target	target	NOUN
fsr-3443	66	22	fund	fund	NOUN
fsr-3443	66	23	is	be	AUX
fsr-3443	66	24	that	that	SCONJ
fsr-3443	66	25	as	as	SCONJ
fsr-3443	66	26	people	people	NOUN
fsr-3443	66	27	get	get	VERB
fsr-3443	66	28	older	old	ADJ
fsr-3443	66	29	,	,	PUNCT
fsr-3443	66	30	they	they	PRON
fsr-3443	66	31	tend	tend	VERB
fsr-3443	66	32	to	to	PART
fsr-3443	66	33	be	be	AUX
fsr-3443	66	34	more	more	ADJ
fsr-3443	66	35	risk	risk	NOUN
fsr-3443	66	36	-	-	PUNCT
fsr-3443	66	37	averse	averse	ADJ
fsr-3443	66	38	,	,	PUNCT
fsr-3443	66	39	which	which	PRON
fsr-3443	66	40	leads	lead	VERB
fsr-3443	66	41	to	to	ADP
fsr-3443	66	42	more	more	ADV
fsr-3443	66	43	conservative	conservative	ADJ
fsr-3443	66	44	portfolio	portfolio	NOUN
fsr-3443	66	45	choices	choice	NOUN
fsr-3443	66	46	(	(	PUNCT
fsr-3443	66	47	singh	singh	NOUN
fsr-3443	66	48	,	,	PUNCT
fsr-3443	66	49	2016	2016	NUM
fsr-3443	66	50	;	;	PUNCT
fsr-3443	66	51	spitzer	spitzer	PROPN
fsr-3443	66	52	&	&	CCONJ
fsr-3443	66	53	singh	singh	PROPN
fsr-3443	66	54	,	,	PUNCT
fsr-3443	66	55	2008	2008	NUM
fsr-3443	66	56	)	)	PUNCT
fsr-3443	66	57	.	.	PUNCT
fsr-3443	67	1	the	the	DET
fsr-3443	67	2	practice	practice	NOUN
fsr-3443	67	3	of	of	ADP
fsr-3443	67	4	target	target	NOUN
fsr-3443	67	5	-	-	PUNCT
fsr-3443	67	6	date	date	NOUN
fsr-3443	67	7	funds	fund	NOUN
fsr-3443	67	8	suggests	suggest	VERB
fsr-3443	67	9	that	that	SCONJ
fsr-3443	67	10	investors	investor	NOUN
fsr-3443	67	11	choose	choose	VERB
fsr-3443	67	12	different	different	ADJ
fsr-3443	67	13	stock	stock	NOUN
fsr-3443	67	14	-	-	PUNCT
fsr-3443	67	15	bond	bond	NOUN
fsr-3443	67	16	allocations	allocation	NOUN
fsr-3443	67	17	suitable	suitable	ADJ
fsr-3443	67	18	to	to	ADP
fsr-3443	67	19	their	their	PRON
fsr-3443	67	20	risk	risk	NOUN
fsr-3443	67	21	preferences	preference	NOUN
fsr-3443	67	22	.	.	PUNCT
fsr-3443	68	1	this	this	DET
fsr-3443	68	2	study	study	NOUN
fsr-3443	68	3	originates	originate	VERB
fsr-3443	68	4	from	from	ADP
fsr-3443	68	5	the	the	DET
fsr-3443	68	6	above	above	ADJ
fsr-3443	68	7	observation	observation	NOUN
fsr-3443	68	8	of	of	ADP
fsr-3443	68	9	target	target	NOUN
fsr-3443	68	10	-	-	PUNCT
fsr-3443	68	11	date	date	NOUN
fsr-3443	68	12	funds	fund	NOUN
fsr-3443	68	13	.	.	PUNCT
fsr-3443	69	1	it	it	PRON
fsr-3443	69	2	examines	examine	VERB
fsr-3443	69	3	how	how	SCONJ
fsr-3443	69	4	investors	investor	NOUN
fsr-3443	69	5	,	,	PUNCT
fsr-3443	69	6	varying	vary	VERB
fsr-3443	69	7	in	in	ADP
fsr-3443	69	8	risk	risk	NOUN
fsr-3443	69	9	preference	preference	NOUN
fsr-3443	69	10	as	as	SCONJ
fsr-3443	69	11	reflected	reflect	VERB
fsr-3443	69	12	in	in	ADP
fsr-3443	69	13	their	their	PRON
fsr-3443	69	14	choices	choice	NOUN
fsr-3443	69	15	in	in	ADP
fsr-3443	69	16	stock	stock	NOUN
fsr-3443	69	17	and	and	CCONJ
fsr-3443	69	18	bond	bond	NOUN
fsr-3443	69	19	allocation	allocation	NOUN
fsr-3443	69	20	,	,	PUNCT
fsr-3443	69	21	would	would	AUX
fsr-3443	69	22	invest	invest	VERB
fsr-3443	69	23	in	in	ADP
fsr-3443	69	24	reits	reit	NOUN
fsr-3443	69	25	.	.	PUNCT
fsr-3443	70	1	we	we	PRON
fsr-3443	70	2	assume	assume	VERB
fsr-3443	70	3	investors	investor	NOUN
fsr-3443	70	4	initially	initially	ADV
fsr-3443	70	5	are	be	AUX
fsr-3443	70	6	fully	fully	ADV
fsr-3443	70	7	invested	invest	VERB
fsr-3443	70	8	in	in	ADP
fsr-3443	70	9	a	a	DET
fsr-3443	70	10	stock	stock	NOUN
fsr-3443	70	11	and	and	CCONJ
fsr-3443	70	12	bond	bond	NOUN
fsr-3443	70	13	portfolio	portfolio	NOUN
fsr-3443	70	14	and	and	CCONJ
fsr-3443	70	15	are	be	AUX
fsr-3443	70	16	considering	consider	VERB
fsr-3443	70	17	adding	add	VERB
fsr-3443	70	18	reits	reit	NOUN
fsr-3443	70	19	.	.	PUNCT
fsr-3443	71	1	we	we	PRON
fsr-3443	71	2	derive	derive	VERB
fsr-3443	71	3	a	a	DET
fsr-3443	71	4	risk	risk	NOUN
fsr-3443	71	5	preference	preference	NOUN
fsr-3443	71	6	based	base	VERB
fsr-3443	71	7	on	on	ADP
fsr-3443	71	8	the	the	DET
fsr-3443	71	9	w.	w.	PROPN
fsr-3443	71	10	feng	feng	PROPN
fsr-3443	71	11	et	et	PROPN
fsr-3443	71	12	al	al	PROPN
fsr-3443	71	13	.	.	PUNCT
fsr-3443	71	14	/	/	SYM
fsr-3443	71	15	financial	financial	ADJ
fsr-3443	71	16	services	service	NOUN
fsr-3443	71	17	review	review	VERB
fsr-3443	71	18	29	29	NUM
fsr-3443	71	19	(	(	PUNCT
fsr-3443	71	20	2021	2021	NUM
fsr-3443	71	21	)	)	PUNCT
fsr-3443	71	22	55–66	55–66	NUM
fsr-3443	71	23	57	57	NUM
fsr-3443	71	24	investor	investor	NOUN
fsr-3443	71	25	’s	’s	PART
fsr-3443	71	26	existing	exist	VERB
fsr-3443	71	27	(	(	PUNCT
fsr-3443	71	28	or	or	CCONJ
fsr-3443	71	29	benchmark	benchmark	NOUN
fsr-3443	71	30	)	)	PUNCT
fsr-3443	71	31	stock	stock	NOUN
fsr-3443	71	32	-	-	PUNCT
fsr-3443	71	33	bond	bond	NOUN
fsr-3443	71	34	allocation	allocation	NOUN
fsr-3443	71	35	and	and	CCONJ
fsr-3443	71	36	apply	apply	VERB
fsr-3443	71	37	this	this	DET
fsr-3443	71	38	risk	risk	NOUN
fsr-3443	71	39	preference	preference	NOUN
fsr-3443	71	40	to	to	PART
fsr-3443	71	41	construct	construct	VERB
fsr-3443	71	42	portfolio	portfolio	NOUN
fsr-3443	71	43	construction	construction	NOUN
fsr-3443	71	44	among	among	ADP
fsr-3443	71	45	stocks	stock	NOUN
fsr-3443	71	46	,	,	PUNCT
fsr-3443	71	47	bonds	bond	NOUN
fsr-3443	71	48	,	,	PUNCT
fsr-3443	71	49	and	and	CCONJ
fsr-3443	71	50	reits	reit	NOUN
fsr-3443	71	51	.	.	PUNCT
fsr-3443	72	1	the	the	DET
fsr-3443	72	2	study	study	NOUN
fsr-3443	72	3	shows	show	VERB
fsr-3443	72	4	the	the	DET
fsr-3443	72	5	varying	vary	VERB
fsr-3443	72	6	benefit	benefit	NOUN
fsr-3443	72	7	among	among	ADP
fsr-3443	72	8	investors	investor	NOUN
fsr-3443	72	9	with	with	ADP
fsr-3443	72	10	diverse	diverse	ADJ
fsr-3443	72	11	risk	risk	NOUN
fsr-3443	72	12	preferences	preference	NOUN
fsr-3443	72	13	.	.	PUNCT
fsr-3443	73	1	being	be	AUX
fsr-3443	73	2	advertised	advertise	VERB
fsr-3443	73	3	as	as	ADP
fsr-3443	73	4	a	a	DET
fsr-3443	73	5	safe	safe	ADJ
fsr-3443	73	6	alternative	alternative	ADJ
fsr-3443	73	7	asset	asset	NOUN
fsr-3443	73	8	,	,	PUNCT
fsr-3443	73	9	reits	reit	NOUN
fsr-3443	73	10	bring	bring	VERB
fsr-3443	73	11	more	more	ADJ
fsr-3443	73	12	benefits	benefit	NOUN
fsr-3443	73	13	to	to	ADP
fsr-3443	73	14	investors	investor	NOUN
fsr-3443	73	15	with	with	ADP
fsr-3443	73	16	lower	low	ADJ
fsr-3443	73	17	risk	risk	NOUN
fsr-3443	73	18	aversion	aversion	NOUN
fsr-3443	73	19	than	than	ADP
fsr-3443	73	20	those	those	PRON
fsr-3443	73	21	with	with	ADP
fsr-3443	73	22	higher	high	ADJ
fsr-3443	73	23	risk	risk	NOUN
fsr-3443	73	24	aversion	aversion	NOUN
fsr-3443	73	25	.	.	PUNCT
fsr-3443	74	1	3	3	X
fsr-3443	74	2	.	.	X
fsr-3443	74	3	data	datum	NOUN
fsr-3443	74	4	and	and	CCONJ
fsr-3443	74	5	analysis	analysis	NOUN
fsr-3443	74	6	the	the	DET
fsr-3443	74	7	analysis	analysis	NOUN
fsr-3443	74	8	uses	use	VERB
fsr-3443	74	9	the	the	DET
fsr-3443	74	10	monthly	monthly	ADJ
fsr-3443	74	11	return	return	NOUN
fsr-3443	74	12	history	history	NOUN
fsr-3443	74	13	from	from	ADP
fsr-3443	74	14	february	february	PROPN
fsr-3443	74	15	1990	1990	NUM
fsr-3443	74	16	to	to	ADP
fsr-3443	74	17	october	october	PROPN
fsr-3443	74	18	2018	2018	NUM
fsr-3443	74	19	of	of	ADP
fsr-3443	74	20	the	the	DET
fsr-3443	74	21	s&p	s&p	PROPN
fsr-3443	74	22	500	500	NUM
fsr-3443	74	23	total	total	NOUN
fsr-3443	74	24	return	return	NOUN
fsr-3443	74	25	index	index	NOUN
fsr-3443	74	26	,	,	PUNCT
fsr-3443	74	27	the	the	DET
fsr-3443	74	28	barclays	barclay	NOUN
fsr-3443	74	29	long	long	ADJ
fsr-3443	74	30	-	-	PUNCT
fsr-3443	74	31	term	term	NOUN
fsr-3443	74	32	government	government	NOUN
fsr-3443	74	33	bond	bond	NOUN
fsr-3443	74	34	index	index	NOUN
fsr-3443	74	35	(	(	PUNCT
fsr-3443	74	36	lgbi	lgbi	PROPN
fsr-3443	74	37	)	)	PUNCT
fsr-3443	74	38	,	,	PUNCT
fsr-3443	74	39	and	and	CCONJ
fsr-3443	74	40	the	the	DET
fsr-3443	74	41	dow	dow	PROPN
fsr-3443	74	42	jones	jones	PROPN
fsr-3443	74	43	u.s	u.s	PROPN
fsr-3443	74	44	.	.	PROPN
fsr-3443	74	45	select	select	PROPN
fsr-3443	74	46	reit	reit	PROPN
fsr-3443	74	47	index	index	NOUN
fsr-3443	74	48	as	as	ADP
fsr-3443	74	49	proxies	proxy	NOUN
fsr-3443	74	50	for	for	ADP
fsr-3443	74	51	an	an	DET
fsr-3443	74	52	investment	investment	NOUN
fsr-3443	74	53	of	of	ADP
fsr-3443	74	54	stock	stock	NOUN
fsr-3443	74	55	,	,	PUNCT
fsr-3443	74	56	bond	bond	NOUN
fsr-3443	74	57	,	,	PUNCT
fsr-3443	74	58	and	and	CCONJ
fsr-3443	74	59	equity	equity	NOUN
fsr-3443	74	60	reits	reit	NOUN
fsr-3443	74	61	,	,	PUNCT
fsr-3443	74	62	respectively	respectively	ADV
fsr-3443	74	63	.	.	PUNCT
fsr-3443	75	1	it	it	PRON
fsr-3443	75	2	is	be	AUX
fsr-3443	75	3	worth	worth	ADJ
fsr-3443	75	4	noting	note	VERB
fsr-3443	75	5	that	that	SCONJ
fsr-3443	75	6	the	the	DET
fsr-3443	75	7	s&p	s&p	PROPN
fsr-3443	75	8	500	500	NUM
fsr-3443	75	9	includes	include	VERB
fsr-3443	75	10	31	31	NUM
fsr-3443	75	11	reits	reit	NOUN
fsr-3443	75	12	in	in	ADP
fsr-3443	75	13	that	that	SCONJ
fsr-3443	75	14	index.1	index.1	PRON
fsr-3443	75	15	thus	thus	ADV
fsr-3443	75	16	,	,	PUNCT
fsr-3443	75	17	in	in	ADP
fsr-3443	75	18	the	the	DET
fsr-3443	75	19	analysis	analysis	NOUN
fsr-3443	75	20	of	of	ADP
fsr-3443	75	21	this	this	DET
fsr-3443	75	22	article	article	NOUN
fsr-3443	75	23	,	,	PUNCT
fsr-3443	75	24	there	there	PRON
fsr-3443	75	25	is	be	VERB
fsr-3443	75	26	“	"	PUNCT
fsr-3443	75	27	double	double	ADJ
fsr-3443	75	28	dipping	dipping	NOUN
fsr-3443	75	29	”	"	PUNCT
fsr-3443	75	30	(	(	PUNCT
fsr-3443	75	31	i.e.	i.e.	X
fsr-3443	75	32	,	,	PUNCT
fsr-3443	75	33	an	an	DET
fsr-3443	75	34	investment	investment	NOUN
fsr-3443	75	35	in	in	ADP
fsr-3443	75	36	the	the	DET
fsr-3443	75	37	same	same	ADJ
fsr-3443	75	38	company	company	NOUN
fsr-3443	75	39	twice	twice	ADV
fsr-3443	75	40	)	)	PUNCT
fsr-3443	75	41	in	in	ADP
fsr-3443	75	42	some	some	DET
fsr-3443	75	43	reits	reit	NOUN
fsr-3443	75	44	that	that	PRON
fsr-3443	75	45	are	be	AUX
fsr-3443	75	46	included	include	VERB
fsr-3443	75	47	in	in	ADP
fsr-3443	75	48	both	both	CCONJ
fsr-3443	75	49	the	the	DET
fsr-3443	75	50	s&p	s&p	PROPN
fsr-3443	75	51	500	500	NUM
fsr-3443	75	52	and	and	CCONJ
fsr-3443	75	53	the	the	DET
fsr-3443	75	54	dow	dow	PROPN
fsr-3443	75	55	jones	jones	PROPN
fsr-3443	75	56	u.s	u.s	PROPN
fsr-3443	75	57	.	.	PROPN
fsr-3443	75	58	select	select	PROPN
fsr-3443	75	59	reit	reit	PROPN
fsr-3443	75	60	index	index	NOUN
fsr-3443	75	61	.	.	PUNCT
fsr-3443	76	1	this	this	DET
fsr-3443	76	2	fact	fact	NOUN
fsr-3443	76	3	has	have	AUX
fsr-3443	76	4	been	be	AUX
fsr-3443	76	5	considered	consider	VERB
fsr-3443	76	6	by	by	ADP
fsr-3443	76	7	the	the	DET
fsr-3443	76	8	authors	author	NOUN
fsr-3443	76	9	and	and	CCONJ
fsr-3443	76	10	is	be	AUX
fsr-3443	76	11	a	a	DET
fsr-3443	76	12	real	real	ADJ
fsr-3443	76	13	-	-	PUNCT
fsr-3443	76	14	world	world	NOUN
fsr-3443	76	15	detail	detail	NOUN
fsr-3443	76	16	faced	face	VERB
fsr-3443	76	17	by	by	ADP
fsr-3443	76	18	individual	individual	ADJ
fsr-3443	76	19	investors	investor	NOUN
fsr-3443	76	20	.	.	PUNCT
fsr-3443	77	1	an	an	DET
fsr-3443	77	2	investor	investor	NOUN
fsr-3443	77	3	that	that	PRON
fsr-3443	77	4	desires	desire	NOUN
fsr-3443	77	5	to	to	PART
fsr-3443	77	6	allocate	allocate	VERB
fsr-3443	77	7	a	a	DET
fsr-3443	77	8	portion	portion	NOUN
fsr-3443	77	9	of	of	ADP
fsr-3443	77	10	his	his	PRON
fsr-3443	77	11	portfolio	portfolio	NOUN
fsr-3443	77	12	to	to	ADP
fsr-3443	77	13	reits	reit	NOUN
fsr-3443	77	14	will	will	AUX
fsr-3443	77	15	not	not	PART
fsr-3443	77	16	likely	likely	ADV
fsr-3443	77	17	short	short	ADJ
fsr-3443	77	18	(	(	PUNCT
fsr-3443	77	19	or	or	CCONJ
fsr-3443	77	20	otherwise	otherwise	ADV
fsr-3443	77	21	reduce	reduce	VERB
fsr-3443	77	22	exposure	exposure	NOUN
fsr-3443	77	23	to	to	ADP
fsr-3443	77	24	)	)	PUNCT
fsr-3443	77	25	reits	reit	NOUN
fsr-3443	77	26	in	in	ADP
fsr-3443	77	27	the	the	DET
fsr-3443	77	28	s&p	s&p	PROPN
fsr-3443	77	29	500	500	NUM
fsr-3443	77	30	before	before	ADP
fsr-3443	77	31	adding	add	VERB
fsr-3443	77	32	a	a	DET
fsr-3443	77	33	reit	reit	NOUN
fsr-3443	77	34	exposure	exposure	NOUN
fsr-3443	77	35	.	.	PUNCT
fsr-3443	78	1	we	we	PRON
fsr-3443	78	2	treat	treat	VERB
fsr-3443	78	3	an	an	DET
fsr-3443	78	4	allocation	allocation	NOUN
fsr-3443	78	5	in	in	ADP
fsr-3443	78	6	the	the	DET
fsr-3443	78	7	s&p	s&p	PROPN
fsr-3443	78	8	500	500	NUM
fsr-3443	78	9	as	as	ADP
fsr-3443	78	10	an	an	DET
fsr-3443	78	11	investment	investment	NOUN
fsr-3443	78	12	to	to	ADP
fsr-3443	78	13	“	"	PUNCT
fsr-3443	78	14	stocks	stock	NOUN
fsr-3443	78	15	,	,	PUNCT
fsr-3443	78	16	”	"	PUNCT
fsr-3443	78	17	and	and	CCONJ
fsr-3443	78	18	an	an	DET
fsr-3443	78	19	allocation	allocation	NOUN
fsr-3443	78	20	in	in	ADP
fsr-3443	78	21	the	the	DET
fsr-3443	78	22	reit	reit	PROPN
fsr-3443	78	23	index	index	NOUN
fsr-3443	78	24	as	as	ADP
fsr-3443	78	25	an	an	DET
fsr-3443	78	26	investment	investment	NOUN
fsr-3443	78	27	to	to	ADP
fsr-3443	78	28	reits	reit	NOUN
fsr-3443	78	29	.	.	PUNCT
fsr-3443	79	1	we	we	PRON
fsr-3443	79	2	feel	feel	VERB
fsr-3443	79	3	that	that	SCONJ
fsr-3443	79	4	this	this	DET
fsr-3443	79	5	approach	approach	NOUN
fsr-3443	79	6	is	be	AUX
fsr-3443	79	7	consistent	consistent	ADJ
fsr-3443	79	8	with	with	ADP
fsr-3443	79	9	what	what	PRON
fsr-3443	79	10	an	an	DET
fsr-3443	79	11	individual	individual	ADJ
fsr-3443	79	12	investor	investor	NOUN
fsr-3443	79	13	will	will	AUX
fsr-3443	79	14	likely	likely	ADV
fsr-3443	79	15	do	do	AUX
fsr-3443	79	16	in	in	ADP
fsr-3443	79	17	practice	practice	NOUN
fsr-3443	79	18	and	and	CCONJ
fsr-3443	79	19	mimics	mimic	VERB
fsr-3443	79	20	what	what	PRON
fsr-3443	79	21	might	might	AUX
fsr-3443	79	22	happen	happen	VERB
fsr-3443	79	23	when	when	SCONJ
fsr-3443	79	24	an	an	DET
fsr-3443	79	25	investor	investor	NOUN
fsr-3443	79	26	faces	face	VERB
fsr-3443	79	27	a	a	DET
fsr-3443	79	28	choice	choice	NOUN
fsr-3443	79	29	of	of	ADP
fsr-3443	79	30	mutual	mutual	ADJ
fsr-3443	79	31	funds	fund	NOUN
fsr-3443	79	32	,	,	PUNCT
fsr-3443	79	33	etfs	etfs	NOUN
fsr-3443	79	34	,	,	PUNCT
fsr-3443	79	35	or	or	CCONJ
fsr-3443	79	36	similar	similar	ADJ
fsr-3443	79	37	diversified	diversified	ADJ
fsr-3443	79	38	portfolios	portfolio	NOUN
fsr-3443	79	39	in	in	ADP
fsr-3443	79	40	which	which	PRON
fsr-3443	79	41	to	to	PART
fsr-3443	79	42	invest	invest	VERB
fsr-3443	79	43	.	.	PUNCT
fsr-3443	80	1	we	we	PRON
fsr-3443	80	2	use	use	VERB
fsr-3443	80	3	the	the	DET
fsr-3443	80	4	barclays	barclay	NOUN
fsr-3443	80	5	long	long	ADJ
fsr-3443	80	6	-	-	PUNCT
fsr-3443	80	7	term	term	NOUN
fsr-3443	80	8	government	government	NOUN
fsr-3443	80	9	bond	bond	NOUN
fsr-3443	80	10	index	index	NOUN
fsr-3443	80	11	as	as	ADP
fsr-3443	80	12	a	a	DET
fsr-3443	80	13	proxy	proxy	NOUN
fsr-3443	80	14	for	for	ADP
fsr-3443	80	15	the	the	DET
fsr-3443	80	16	bond	bond	NOUN
fsr-3443	80	17	component	component	NOUN
fsr-3443	80	18	in	in	ADP
fsr-3443	80	19	the	the	DET
fsr-3443	80	20	target	target	NOUN
fsr-3443	80	21	-	-	PUNCT
fsr-3443	80	22	date	date	NOUN
fsr-3443	80	23	fund	fund	NOUN
fsr-3443	80	24	.	.	PUNCT
fsr-3443	81	1	this	this	DET
fsr-3443	81	2	index	index	NOUN
fsr-3443	81	3	has	have	AUX
fsr-3443	81	4	been	be	AUX
fsr-3443	81	5	widely	widely	ADV
fsr-3443	81	6	adopted	adopt	VERB
fsr-3443	81	7	as	as	ADP
fsr-3443	81	8	a	a	DET
fsr-3443	81	9	benchmark	benchmark	NOUN
fsr-3443	81	10	for	for	ADP
fsr-3443	81	11	returns	return	NOUN
fsr-3443	81	12	from	from	ADP
fsr-3443	81	13	u.s	u.s	PROPN
fsr-3443	81	14	.	.	PROPN
fsr-3443	81	15	treasuries	treasury	NOUN
fsr-3443	81	16	.	.	PUNCT
fsr-3443	82	1	it	it	PRON
fsr-3443	82	2	represents	represent	VERB
fsr-3443	82	3	the	the	DET
fsr-3443	82	4	complementary	complementary	ADJ
fsr-3443	82	5	investment	investment	NOUN
fsr-3443	82	6	to	to	ADP
fsr-3443	82	7	the	the	DET
fsr-3443	82	8	equity	equity	NOUN
fsr-3443	82	9	market	market	NOUN
fsr-3443	82	10	.	.	PUNCT
fsr-3443	83	1	besides	besides	SCONJ
fsr-3443	83	2	the	the	DET
fsr-3443	83	3	u.s	u.s	PROPN
fsr-3443	83	4	.	.	PROPN
fsr-3443	83	5	treasuries	treasury	NOUN
fsr-3443	83	6	,	,	PUNCT
fsr-3443	83	7	target	target	NOUN
fsr-3443	83	8	-	-	PUNCT
fsr-3443	83	9	date	date	NOUN
fsr-3443	83	10	funds	fund	NOUN
fsr-3443	83	11	also	also	ADV
fsr-3443	83	12	include	include	VERB
fsr-3443	83	13	the	the	DET
fsr-3443	83	14	investment	investment	NOUN
fsr-3443	83	15	-	-	PUNCT
fsr-3443	83	16	grade	grade	NOUN
fsr-3443	83	17	fund	fund	NOUN
fsr-3443	83	18	and	and	CCONJ
fsr-3443	83	19	can	can	AUX
fsr-3443	83	20	allocate	allocate	VERB
fsr-3443	83	21	a	a	DET
fsr-3443	83	22	small	small	ADJ
fsr-3443	83	23	percentage	percentage	NOUN
fsr-3443	83	24	in	in	ADP
fsr-3443	83	25	high	high	ADJ
fsr-3443	83	26	yield	yield	NOUN
fsr-3443	83	27	corporate	corporate	ADJ
fsr-3443	83	28	bond	bond	NOUN
fsr-3443	83	29	funds	fund	NOUN
fsr-3443	83	30	.	.	PUNCT
fsr-3443	84	1	those	those	DET
fsr-3443	84	2	corporate	corporate	ADJ
fsr-3443	84	3	bonds	bond	NOUN
fsr-3443	84	4	feature	feature	VERB
fsr-3443	84	5	a	a	DET
fsr-3443	84	6	risk	risk	NOUN
fsr-3443	84	7	-	-	PUNCT
fsr-3443	84	8	return	return	NOUN
fsr-3443	84	9	profile	profile	NOUN
fsr-3443	84	10	that	that	SCONJ
fsr-3443	84	11	positions	position	NOUN
fsr-3443	84	12	between	between	ADP
fsr-3443	84	13	equity	equity	NOUN
fsr-3443	84	14	and	and	CCONJ
fsr-3443	84	15	treasury	treasury	PROPN
fsr-3443	84	16	bonds	bond	NOUN
fsr-3443	84	17	.	.	PUNCT
fsr-3443	85	1	for	for	ADP
fsr-3443	85	2	the	the	DET
fsr-3443	85	3	convenience	convenience	NOUN
fsr-3443	85	4	of	of	ADP
fsr-3443	85	5	discussion	discussion	NOUN
fsr-3443	85	6	,	,	PUNCT
fsr-3443	85	7	we	we	PRON
fsr-3443	85	8	only	only	ADV
fsr-3443	85	9	use	use	VERB
fsr-3443	85	10	the	the	DET
fsr-3443	85	11	u.s	u.s	PROPN
fsr-3443	85	12	.	.	PROPN
fsr-3443	85	13	treasuries	treasury	NOUN
fsr-3443	85	14	to	to	PART
fsr-3443	85	15	represent	represent	VERB
fsr-3443	85	16	the	the	DET
fsr-3443	85	17	bond	bond	NOUN
fsr-3443	85	18	component	component	NOUN
fsr-3443	85	19	.	.	PUNCT
fsr-3443	86	1	however	however	ADV
fsr-3443	86	2	,	,	PUNCT
fsr-3443	86	3	the	the	DET
fsr-3443	86	4	major	major	ADJ
fsr-3443	86	5	conclusions	conclusion	NOUN
fsr-3443	86	6	and	and	CCONJ
fsr-3443	86	7	methodology	methodology	NOUN
fsr-3443	86	8	also	also	ADV
fsr-3443	86	9	apply	apply	VERB
fsr-3443	86	10	to	to	ADP
fsr-3443	86	11	situations	situation	NOUN
fsr-3443	86	12	with	with	ADP
fsr-3443	86	13	additional	additional	ADJ
fsr-3443	86	14	assets	asset	NOUN
fsr-3443	86	15	or	or	CCONJ
fsr-3443	86	16	asset	asset	NOUN
fsr-3443	86	17	classes	class	NOUN
fsr-3443	86	18	.	.	PUNCT
fsr-3443	87	1	as	as	SCONJ
fsr-3443	87	2	noted	note	VERB
fsr-3443	87	3	above	above	ADV
fsr-3443	87	4	,	,	PUNCT
fsr-3443	87	5	the	the	DET
fsr-3443	87	6	analysis	analysis	NOUN
fsr-3443	87	7	focuses	focus	VERB
fsr-3443	87	8	on	on	ADP
fsr-3443	87	9	the	the	DET
fsr-3443	87	10	equity	equity	NOUN
fsr-3443	87	11	reits	reit	NOUN
fsr-3443	87	12	,	,	PUNCT
fsr-3443	87	13	because	because	SCONJ
fsr-3443	87	14	mortgage	mortgage	NOUN
fsr-3443	87	15	reits	reit	NOUN
fsr-3443	87	16	represent	represent	VERB
fsr-3443	87	17	an	an	DET
fsr-3443	87	18	investment	investment	NOUN
fsr-3443	87	19	in	in	ADP
fsr-3443	87	20	real	real	ADJ
fsr-3443	87	21	-	-	PUNCT
fsr-3443	87	22	estate	estate	NOUN
fsr-3443	87	23	-	-	PUNCT
fsr-3443	87	24	backed	back	VERB
fsr-3443	87	25	debt	debt	NOUN
fsr-3443	87	26	and	and	CCONJ
fsr-3443	87	27	not	not	PART
fsr-3443	87	28	the	the	DET
fsr-3443	87	29	actual	actual	ADJ
fsr-3443	87	30	real	real	ADJ
fsr-3443	87	31	estate	estate	NOUN
fsr-3443	87	32	.	.	PUNCT
fsr-3443	88	1	the	the	DET
fsr-3443	88	2	dow	dow	PROPN
fsr-3443	88	3	jones	jones	PROPN
fsr-3443	88	4	u.s	u.s	PROPN
fsr-3443	88	5	.	.	PROPN
fsr-3443	88	6	select	select	PROPN
fsr-3443	88	7	reit	reit	PROPN
fsr-3443	88	8	index	index	NOUN
fsr-3443	88	9	comprises	comprise	VERB
fsr-3443	88	10	publicly	publicly	ADV
fsr-3443	88	11	traded	trade	VERB
fsr-3443	88	12	equity	equity	NOUN
fsr-3443	88	13	reits	reit	NOUN
fsr-3443	88	14	such	such	ADJ
fsr-3443	88	15	as	as	ADP
fsr-3443	88	16	owners	owner	NOUN
fsr-3443	88	17	and/or	and/or	CCONJ
fsr-3443	88	18	operators	operator	NOUN
fsr-3443	88	19	of	of	ADP
fsr-3443	88	20	commercial	commercial	ADJ
fsr-3443	88	21	and/or	and/or	CCONJ
fsr-3443	88	22	residential	residential	ADJ
fsr-3443	88	23	real	real	ADJ
fsr-3443	88	24	estate	estate	NOUN
fsr-3443	88	25	.	.	PUNCT
fsr-3443	89	1	business	business	NOUN
fsr-3443	89	2	excluded	exclude	VERB
fsr-3443	89	3	from	from	ADP
fsr-3443	89	4	this	this	DET
fsr-3443	89	5	index	index	NOUN
fsr-3443	89	6	includes	include	VERB
fsr-3443	89	7	specialty	specialty	NOUN
fsr-3443	89	8	reits	reit	NOUN
fsr-3443	89	9	,	,	PUNCT
fsr-3443	89	10	hybrid	hybrid	ADJ
fsr-3443	89	11	reits	reit	NOUN
fsr-3443	89	12	,	,	PUNCT
fsr-3443	89	13	mortgage	mortgage	NOUN
fsr-3443	89	14	reits	reit	NOUN
fsr-3443	89	15	,	,	PUNCT
fsr-3443	89	16	home	home	NOUN
fsr-3443	89	17	builders	builder	NOUN
fsr-3443	89	18	,	,	PUNCT
fsr-3443	89	19	and	and	CCONJ
fsr-3443	89	20	companies	company	NOUN
fsr-3443	89	21	whose	whose	DET
fsr-3443	89	22	primary	primary	ADJ
fsr-3443	89	23	business	business	NOUN
fsr-3443	89	24	is	be	AUX
fsr-3443	89	25	related	relate	VERB
fsr-3443	89	26	to	to	ADP
fsr-3443	89	27	financing	finance	VERB
fsr-3443	89	28	real	real	ADJ
fsr-3443	89	29	estate	estate	NOUN
fsr-3443	89	30	.	.	PUNCT
fsr-3443	90	1	all	all	DET
fsr-3443	90	2	these	these	DET
fsr-3443	90	3	indices	index	NOUN
fsr-3443	90	4	have	have	AUX
fsr-3443	90	5	actively	actively	ADV
fsr-3443	90	6	been	be	AUX
fsr-3443	90	7	tracked	track	VERB
fsr-3443	90	8	with	with	ADP
fsr-3443	90	9	multiple	multiple	ADJ
fsr-3443	90	10	index	index	NOUN
fsr-3443	90	11	etfs	etfs	NOUN
fsr-3443	90	12	,	,	PUNCT
fsr-3443	90	13	which	which	PRON
fsr-3443	90	14	provide	provide	VERB
fsr-3443	90	15	a	a	DET
fsr-3443	90	16	convenient	convenient	ADJ
fsr-3443	90	17	and	and	CCONJ
fsr-3443	90	18	cost	cost	NOUN
fsr-3443	90	19	-	-	PUNCT
fsr-3443	90	20	effective	effective	ADJ
fsr-3443	90	21	approach	approach	NOUN
fsr-3443	90	22	to	to	PART
fsr-3443	90	23	invest	invest	VERB
fsr-3443	90	24	in	in	ADP
fsr-3443	90	25	a	a	DET
fsr-3443	90	26	diversified	diversified	ADJ
fsr-3443	90	27	manner	manner	NOUN
fsr-3443	90	28	.	.	PUNCT
fsr-3443	91	1	because	because	SCONJ
fsr-3443	91	2	this	this	DET
fsr-3443	91	3	article	article	NOUN
fsr-3443	91	4	examines	examine	VERB
fsr-3443	91	5	long	long	ADJ
fsr-3443	91	6	-	-	PUNCT
fsr-3443	91	7	term	term	NOUN
fsr-3443	91	8	asset	asset	NOUN
fsr-3443	91	9	allocation	allocation	NOUN
fsr-3443	91	10	,	,	PUNCT
fsr-3443	91	11	transaction	transaction	NOUN
fsr-3443	91	12	cost	cost	NOUN
fsr-3443	91	13	incurred	incur	VERB
fsr-3443	91	14	to	to	PART
fsr-3443	91	15	reallocate	reallocate	VERB
fsr-3443	91	16	a	a	DET
fsr-3443	91	17	portfolio	portfolio	NOUN
fsr-3443	91	18	(	(	PUNCT
fsr-3443	91	19	while	while	SCONJ
fsr-3443	91	20	potentially	potentially	ADV
fsr-3443	91	21	important	important	ADJ
fsr-3443	91	22	in	in	ADP
fsr-3443	91	23	trading	trading	NOUN
fsr-3443	91	24	)	)	PUNCT
fsr-3443	91	25	is	be	AUX
fsr-3443	91	26	a	a	DET
fsr-3443	91	27	relatively	relatively	ADV
fsr-3443	91	28	minor	minor	ADJ
fsr-3443	91	29	issue	issue	NOUN
fsr-3443	91	30	.	.	PUNCT
fsr-3443	92	1	this	this	DET
fsr-3443	92	2	treatment	treatment	NOUN
fsr-3443	92	3	is	be	AUX
fsr-3443	92	4	more	more	ADV
fsr-3443	92	5	justified	justified	ADJ
fsr-3443	92	6	recently	recently	ADV
fsr-3443	92	7	because	because	SCONJ
fsr-3443	92	8	many	many	ADJ
fsr-3443	92	9	of	of	ADP
fsr-3443	92	10	the	the	DET
fsr-3443	92	11	major	major	ADJ
fsr-3443	92	12	brokerages	brokerage	NOUN
fsr-3443	92	13	have	have	AUX
fsr-3443	92	14	moved	move	VERB
fsr-3443	92	15	to	to	ADP
fsr-3443	92	16	$	$	SYM
fsr-3443	92	17	0	0	NUM
fsr-3443	92	18	costs	cost	NOUN
fsr-3443	92	19	per	per	ADP
fsr-3443	92	20	trade	trade	NOUN
fsr-3443	92	21	,	,	PUNCT
fsr-3443	92	22	and	and	CCONJ
fsr-3443	92	23	58	58	NUM
fsr-3443	92	24	w.	w.	PROPN
fsr-3443	92	25	feng	feng	PROPN
fsr-3443	92	26	et	et	PROPN
fsr-3443	92	27	al	al	PROPN
fsr-3443	92	28	.	.	PUNCT
fsr-3443	92	29	/	/	SYM
fsr-3443	92	30	financial	financial	ADJ
fsr-3443	92	31	services	service	NOUN
fsr-3443	92	32	review	review	VERB
fsr-3443	92	33	29	29	NUM
fsr-3443	92	34	(	(	PUNCT
fsr-3443	92	35	2021	2021	NUM
fsr-3443	92	36	)	)	PUNCT
fsr-3443	92	37	55–66	55–66	NUM
fsr-3443	92	38	individual	individual	ADJ
fsr-3443	92	39	investors	investor	NOUN
fsr-3443	92	40	,	,	PUNCT
fsr-3443	92	41	especially	especially	ADV
fsr-3443	92	42	,	,	PUNCT
fsr-3443	92	43	can	can	AUX
fsr-3443	92	44	reallocate	reallocate	VERB
fsr-3443	92	45	many	many	ADJ
fsr-3443	92	46	stocks	stock	NOUN
fsr-3443	92	47	,	,	PUNCT
fsr-3443	92	48	etfs	etfs	PROPN
fsr-3443	92	49	,	,	PUNCT
fsr-3443	92	50	reits	reit	NOUN
fsr-3443	92	51	,	,	PUNCT
fsr-3443	92	52	and	and	CCONJ
fsr-3443	92	53	other	other	ADJ
fsr-3443	92	54	funds	fund	NOUN
fsr-3443	92	55	for	for	ADP
fsr-3443	92	56	$	$	SYM
fsr-3443	92	57	0	0	NUM
fsr-3443	92	58	commission	commission	NOUN
fsr-3443	92	59	.	.	PUNCT
fsr-3443	93	1	fig	fig	NOUN
fsr-3443	93	2	.	.	PUNCT
fsr-3443	94	1	1	1	NUM
fsr-3443	94	2	illustrates	illustrate	VERB
fsr-3443	94	3	the	the	DET
fsr-3443	94	4	history	history	NOUN
fsr-3443	94	5	of	of	ADP
fsr-3443	94	6	the	the	DET
fsr-3443	94	7	stock	stock	NOUN
fsr-3443	94	8	,	,	PUNCT
fsr-3443	94	9	bond	bond	NOUN
fsr-3443	94	10	,	,	PUNCT
fsr-3443	94	11	and	and	CCONJ
fsr-3443	94	12	reit	reit	NOUN
fsr-3443	94	13	indices	index	NOUN
fsr-3443	94	14	.	.	PUNCT
fsr-3443	95	1	table	table	NOUN
fsr-3443	95	2	1	1	NUM
fsr-3443	95	3	includes	include	VERB
fsr-3443	95	4	the	the	DET
fsr-3443	95	5	statistical	statistical	ADJ
fsr-3443	95	6	details	detail	NOUN
fsr-3443	95	7	over	over	ADP
fsr-3443	95	8	the	the	DET
fsr-3443	95	9	return	return	NOUN
fsr-3443	95	10	history	history	NOUN
fsr-3443	95	11	for	for	ADP
fsr-3443	95	12	those	those	DET
fsr-3443	95	13	proxy	proxy	ADJ
fsr-3443	95	14	indices	index	NOUN
fsr-3443	95	15	.	.	PUNCT
fsr-3443	96	1	the	the	DET
fsr-3443	96	2	descriptive	descriptive	ADJ
fsr-3443	96	3	return	return	NOUN
fsr-3443	96	4	statistics	statistic	NOUN
fsr-3443	96	5	and	and	CCONJ
fsr-3443	96	6	correlation	correlation	NOUN
fsr-3443	96	7	tables	table	NOUN
fsr-3443	96	8	show	show	VERB
fsr-3443	96	9	that	that	SCONJ
fsr-3443	96	10	stocks	stock	NOUN
fsr-3443	96	11	and	and	CCONJ
fsr-3443	96	12	bonds	bond	NOUN
fsr-3443	96	13	tend	tend	VERB
fsr-3443	96	14	to	to	PART
fsr-3443	96	15	have	have	VERB
fsr-3443	96	16	a	a	DET
fsr-3443	96	17	low	low	ADJ
fsr-3443	96	18	correlation	correlation	NOUN
fsr-3443	96	19	with	with	ADP
fsr-3443	96	20	each	each	DET
fsr-3443	96	21	other	other	ADJ
fsr-3443	96	22	,	,	PUNCT
fsr-3443	96	23	which	which	PRON
fsr-3443	96	24	provides	provide	VERB
fsr-3443	96	25	a	a	DET
fsr-3443	96	26	convenient	convenient	ADJ
fsr-3443	96	27	approach	approach	NOUN
fsr-3443	96	28	for	for	ADP
fsr-3443	96	29	portfolio	portfolio	NOUN
fsr-3443	96	30	construction	construction	NOUN
fsr-3443	96	31	.	.	PUNCT
fsr-3443	97	1	we	we	PRON
fsr-3443	97	2	use	use	VERB
fsr-3443	97	3	a	a	DET
fsr-3443	97	4	stock	stock	NOUN
fsr-3443	97	5	and	and	CCONJ
fsr-3443	97	6	bond	bond	NOUN
fsr-3443	97	7	mix	mix	NOUN
fsr-3443	97	8	along	along	ADP
fsr-3443	97	9	the	the	DET
fsr-3443	97	10	efficient	efficient	ADJ
fsr-3443	97	11	frontier	frontier	NOUN
fsr-3443	97	12	to	to	PART
fsr-3443	97	13	represent	represent	VERB
fsr-3443	97	14	the	the	DET
fsr-3443	97	15	investor	investor	NOUN
fsr-3443	97	16	’	'	PUNCT
fsr-3443	97	17	existing	exist	VERB
fsr-3443	97	18	or	or	CCONJ
fsr-3443	97	19	benchmark	benchmark	NOUN
fsr-3443	97	20	portfolios	portfolio	NOUN
fsr-3443	97	21	.	.	PUNCT
fsr-3443	98	1	investors	investor	NOUN
fsr-3443	98	2	,	,	PUNCT
fsr-3443	98	3	especially	especially	ADV
fsr-3443	98	4	individuals	individual	NOUN
fsr-3443	98	5	,	,	PUNCT
fsr-3443	98	6	generally	generally	ADV
fsr-3443	98	7	allocate	allocate	VERB
fsr-3443	98	8	the	the	DET
fsr-3443	98	9	majority	majority	NOUN
fsr-3443	98	10	of	of	ADP
fsr-3443	98	11	their	their	PRON
fsr-3443	98	12	investable	investable	ADJ
fsr-3443	98	13	assets	asset	NOUN
fsr-3443	98	14	between	between	ADP
fsr-3443	98	15	stocks	stock	NOUN
fsr-3443	98	16	and	and	CCONJ
fsr-3443	98	17	bonds	bond	NOUN
fsr-3443	98	18	.	.	PUNCT
fsr-3443	99	1	even	even	ADV
fsr-3443	99	2	if	if	SCONJ
fsr-3443	99	3	an	an	DET
fsr-3443	99	4	investor	investor	NOUN
fsr-3443	99	5	does	do	AUX
fsr-3443	99	6	not	not	PART
fsr-3443	99	7	invest	invest	VERB
fsr-3443	99	8	directly	directly	ADV
fsr-3443	99	9	in	in	ADP
fsr-3443	99	10	the	the	DET
fsr-3443	99	11	indexes	index	NOUN
fsr-3443	99	12	used	use	VERB
fsr-3443	99	13	in	in	ADP
fsr-3443	99	14	the	the	DET
fsr-3443	99	15	analysis	analysis	NOUN
fsr-3443	99	16	,	,	PUNCT
fsr-3443	99	17	the	the	DET
fsr-3443	99	18	results	result	NOUN
fsr-3443	99	19	can	can	AUX
fsr-3443	99	20	still	still	ADV
fsr-3443	99	21	be	be	AUX
fsr-3443	99	22	applied	apply	VERB
fsr-3443	99	23	to	to	ADP
fsr-3443	99	24	a	a	DET
fsr-3443	99	25	diversified	diversified	ADJ
fsr-3443	99	26	portfolio	portfolio	NOUN
fsr-3443	99	27	of	of	ADP
fsr-3443	99	28	stocks	stock	NOUN
fsr-3443	99	29	and	and	CCONJ
fsr-3443	99	30	bonds	bond	NOUN
fsr-3443	99	31	.	.	PUNCT
fsr-3443	100	1	from	from	ADP
fsr-3443	100	2	the	the	DET
fsr-3443	100	3	benchmark	benchmark	NOUN
fsr-3443	100	4	portfolios	portfolio	NOUN
fsr-3443	100	5	,	,	PUNCT
fsr-3443	100	6	we	we	PRON
fsr-3443	100	7	introduce	introduce	VERB
fsr-3443	100	8	a	a	DET
fsr-3443	100	9	utility	utility	NOUN
fsr-3443	100	10	function	function	NOUN
fsr-3443	100	11	and	and	CCONJ
fsr-3443	100	12	derive	derive	VERB
fsr-3443	100	13	the	the	DET
fsr-3443	100	14	investor	investor	NOUN
fsr-3443	100	15	’s	’s	PART
fsr-3443	100	16	risk	risk	NOUN
fsr-3443	100	17	preference	preference	NOUN
fsr-3443	100	18	.	.	PUNCT
fsr-3443	101	1	such	such	DET
fsr-3443	101	2	a	a	DET
fsr-3443	101	3	risk	risk	NOUN
fsr-3443	101	4	preference	preference	NOUN
fsr-3443	101	5	is	be	AUX
fsr-3443	101	6	applied	apply	VERB
fsr-3443	101	7	to	to	PART
fsr-3443	101	8	construct	construct	VERB
fsr-3443	101	9	a	a	DET
fsr-3443	101	10	new	new	ADJ
fsr-3443	101	11	portfolio	portfolio	NOUN
fsr-3443	101	12	with	with	ADP
fsr-3443	101	13	an	an	DET
fsr-3443	101	14	allocation	allocation	NOUN
fsr-3443	101	15	to	to	ADP
fsr-3443	101	16	stocks	stock	NOUN
fsr-3443	101	17	,	,	PUNCT
fsr-3443	101	18	bonds	bond	NOUN
fsr-3443	101	19	,	,	PUNCT
fsr-3443	101	20	and	and	CCONJ
fsr-3443	101	21	reits	reit	NOUN
fsr-3443	101	22	.	.	PUNCT
fsr-3443	102	1	the	the	DET
fsr-3443	102	2	benefit	benefit	NOUN
fsr-3443	102	3	from	from	ADP
fsr-3443	102	4	including	include	VERB
fsr-3443	102	5	reits	reit	NOUN
fsr-3443	102	6	is	be	AUX
fsr-3443	102	7	evaluated	evaluate	VERB
fsr-3443	102	8	by	by	ADP
fsr-3443	102	9	comparing	compare	VERB
fsr-3443	102	10	the	the	DET
fsr-3443	102	11	original	original	ADJ
fsr-3443	102	12	benchmark	benchmark	NOUN
fsr-3443	102	13	portfolio	portfolio	NOUN
fsr-3443	102	14	and	and	CCONJ
fsr-3443	102	15	the	the	DET
fsr-3443	102	16	new	new	ADJ
fsr-3443	102	17	portfolio	portfolio	NOUN
fsr-3443	102	18	.	.	PUNCT
fsr-3443	103	1	3.1	3.1	NUM
fsr-3443	103	2	.	.	PUNCT
fsr-3443	104	1	investor	investor	NOUN
fsr-3443	104	2	’s	’s	PART
fsr-3443	104	3	risk	risk	NOUN
fsr-3443	104	4	preference	preference	NOUN
fsr-3443	104	5	to	to	PART
fsr-3443	104	6	explain	explain	VERB
fsr-3443	104	7	the	the	DET
fsr-3443	104	8	role	role	NOUN
fsr-3443	104	9	of	of	ADP
fsr-3443	104	10	risk	risk	NOUN
fsr-3443	104	11	preference	preference	NOUN
fsr-3443	104	12	over	over	ADP
fsr-3443	104	13	the	the	DET
fsr-3443	104	14	portfolio	portfolio	NOUN
fsr-3443	104	15	choice	choice	NOUN
fsr-3443	104	16	,	,	PUNCT
fsr-3443	104	17	we	we	PRON
fsr-3443	104	18	model	model	VERB
fsr-3443	104	19	an	an	DET
fsr-3443	104	20	investor	investor	NOUN
fsr-3443	104	21	’s	’s	PART
fsr-3443	104	22	utility	utility	NOUN
fsr-3443	104	23	function	function	NOUN
fsr-3443	104	24	as	as	ADP
fsr-3443	104	25	:	:	PUNCT
fsr-3443	104	26	u	u	NOUN
fsr-3443	104	27	¼	¼	NOUN
fsr-3443	104	28	m	m	PROPN
fsr-3443	104	29	�	�	NOUN
fsr-3443	104	30	:	:	PUNCT
fsr-3443	104	31	05us	05us	NOUN
fsr-3443	104	32	2	2	NUM
fsr-3443	104	33	(	(	PUNCT
fsr-3443	104	34	1	1	NUM
fsr-3443	104	35	)	)	PUNCT
fsr-3443	104	36	where	where	SCONJ
fsr-3443	104	37	m	m	NOUN
fsr-3443	104	38	is	be	AUX
fsr-3443	104	39	the	the	DET
fsr-3443	104	40	average	average	ADJ
fsr-3443	104	41	portfolio	portfolio	NOUN
fsr-3443	104	42	return	return	NOUN
fsr-3443	104	43	,	,	PUNCT
fsr-3443	104	44	and	and	CCONJ
fsr-3443	104	45	s	s	VERB
fsr-3443	104	46	is	be	AUX
fsr-3443	104	47	the	the	DET
fsr-3443	104	48	standard	standard	ADJ
fsr-3443	104	49	deviation	deviation	NOUN
fsr-3443	104	50	of	of	ADP
fsr-3443	104	51	portfolio	portfolio	NOUN
fsr-3443	104	52	returns	return	NOUN
fsr-3443	104	53	.	.	PUNCT
fsr-3443	105	1	fig	fig	NOUN
fsr-3443	105	2	.	.	PUNCT
fsr-3443	106	1	1	1	X
fsr-3443	106	2	.	.	X
fsr-3443	106	3	return	return	VERB
fsr-3443	106	4	histories	history	NOUN
fsr-3443	106	5	from	from	ADP
fsr-3443	106	6	stock	stock	NOUN
fsr-3443	106	7	,	,	PUNCT
fsr-3443	106	8	bond	bond	NOUN
fsr-3443	106	9	,	,	PUNCT
fsr-3443	106	10	and	and	CCONJ
fsr-3443	106	11	reit	reit	NOUN
fsr-3443	106	12	indices	index	NOUN
fsr-3443	106	13	.	.	PUNCT
fsr-3443	107	1	w.	w.	PROPN
fsr-3443	107	2	feng	feng	PROPN
fsr-3443	107	3	et	et	PROPN
fsr-3443	107	4	al	al	PROPN
fsr-3443	107	5	.	.	PUNCT
fsr-3443	107	6	/	/	SYM
fsr-3443	107	7	financial	financial	ADJ
fsr-3443	107	8	services	service	NOUN
fsr-3443	107	9	review	review	VERB
fsr-3443	107	10	29	29	NUM
fsr-3443	107	11	(	(	PUNCT
fsr-3443	107	12	2021	2021	NUM
fsr-3443	107	13	)	)	PUNCT
fsr-3443	107	14	55–66	55–66	NUM
fsr-3443	107	15	59	59	NUM
fsr-3443	108	1	the	the	DET
fsr-3443	108	2	utility	utility	NOUN
fsr-3443	108	3	function	function	NOUN
fsr-3443	108	4	in	in	ADP
fsr-3443	108	5	equation	equation	NOUN
fsr-3443	108	6	(	(	PUNCT
fsr-3443	108	7	1	1	X
fsr-3443	108	8	)	)	PUNCT
fsr-3443	108	9	illustrates	illustrate	VERB
fsr-3443	108	10	the	the	DET
fsr-3443	108	11	risk	risk	NOUN
fsr-3443	108	12	-	-	PUNCT
fsr-3443	108	13	return	return	NOUN
fsr-3443	108	14	tradeoff	tradeoff	NOUN
fsr-3443	108	15	in	in	ADP
fsr-3443	108	16	a	a	DET
fsr-3443	108	17	straightforward	straightforward	ADJ
fsr-3443	108	18	manner	manner	NOUN
fsr-3443	108	19	.	.	PUNCT
fsr-3443	109	1	other	other	ADJ
fsr-3443	109	2	utility	utility	NOUN
fsr-3443	109	3	functions	function	NOUN
fsr-3443	109	4	give	give	VERB
fsr-3443	109	5	similar	similar	ADJ
fsr-3443	109	6	results	result	NOUN
fsr-3443	109	7	.	.	PUNCT
fsr-3443	110	1	on	on	ADP
fsr-3443	110	2	an	an	DET
fsr-3443	110	3	iso	iso	NOUN
fsr-3443	110	4	-	-	PUNCT
fsr-3443	110	5	utility	utility	NOUN
fsr-3443	110	6	curve	curve	NOUN
fsr-3443	110	7	,	,	PUNCT
fsr-3443	110	8	the	the	DET
fsr-3443	110	9	risk	risk	NOUN
fsr-3443	110	10	-	-	PUNCT
fsr-3443	110	11	return	return	NOUN
fsr-3443	110	12	tradeoff	tradeoff	NOUN
fsr-3443	110	13	follows	follow	VERB
fsr-3443	110	14	:	:	PUNCT
fsr-3443	110	15	ru	ru	NOUN
fsr-3443	110	16	¼	¼	NOUN
fsr-3443	110	17	dm	dm	NOUN
fsr-3443	110	18	=	=	NOUN
fsr-3443	110	19	ds	ds	ADJ
fsr-3443	110	20	¼	¼	NOUN
fsr-3443	110	21	u	u	NOUN
fsr-3443	110	22	s	s	X
fsr-3443	110	23	(	(	PUNCT
fsr-3443	110	24	2	2	NUM
fsr-3443	110	25	)	)	PUNCT
fsr-3443	110	26	the	the	DET
fsr-3443	110	27	coefficient	coefficient	NOUN
fsr-3443	110	28	,	,	PUNCT
fsr-3443	110	29	u	u	NOUN
fsr-3443	110	30	,	,	PUNCT
fsr-3443	110	31	is	be	AUX
fsr-3443	110	32	a	a	DET
fsr-3443	110	33	measure	measure	NOUN
fsr-3443	110	34	of	of	ADP
fsr-3443	110	35	risk	risk	NOUN
fsr-3443	110	36	aversion	aversion	NOUN
fsr-3443	110	37	.	.	PUNCT
fsr-3443	111	1	higher	high	ADJ
fsr-3443	111	2	u	u	NOUN
fsr-3443	111	3	suggests	suggest	VERB
fsr-3443	111	4	higher	high	ADJ
fsr-3443	111	5	risk	risk	NOUN
fsr-3443	111	6	aversion	aversion	NOUN
fsr-3443	111	7	.	.	PUNCT
fsr-3443	112	1	the	the	DET
fsr-3443	112	2	risk	risk	NOUN
fsr-3443	112	3	-	-	PUNCT
fsr-3443	112	4	return	return	NOUN
fsr-3443	112	5	tradeoff	tradeoff	NOUN
fsr-3443	112	6	along	along	ADP
fsr-3443	112	7	the	the	DET
fsr-3443	112	8	utility	utility	NOUN
fsr-3443	112	9	curve	curve	NOUN
fsr-3443	112	10	,	,	PUNCT
fsr-3443	112	11	ru	ru	PROPN
fsr-3443	112	12	=	=	SYM
fsr-3443	112	13	u	u	PROPN
fsr-3443	112	14	s	s	PART
fsr-3443	112	15	,	,	PUNCT
fsr-3443	112	16	increases	increase	VERB
fsr-3443	112	17	with	with	ADP
fsr-3443	112	18	higher	high	ADJ
fsr-3443	112	19	s	s	NOUN
fsr-3443	112	20	.	.	PUNCT
fsr-3443	113	1	the	the	DET
fsr-3443	113	2	utility	utility	NOUN
fsr-3443	113	3	function	function	NOUN
fsr-3443	113	4	in	in	ADP
fsr-3443	113	5	equation	equation	NOUN
fsr-3443	113	6	(	(	PUNCT
fsr-3443	113	7	1	1	X
fsr-3443	113	8	)	)	PUNCT
fsr-3443	113	9	would	would	AUX
fsr-3443	113	10	be	be	AUX
fsr-3443	113	11	latent	latent	NOUN
fsr-3443	113	12	for	for	ADP
fsr-3443	113	13	investors	investor	NOUN
fsr-3443	113	14	.	.	PUNCT
fsr-3443	114	1	however	however	ADV
fsr-3443	114	2	,	,	PUNCT
fsr-3443	114	3	the	the	DET
fsr-3443	114	4	portfolio	portfolio	NOUN
fsr-3443	114	5	choices	choice	NOUN
fsr-3443	114	6	would	would	AUX
fsr-3443	114	7	ultimately	ultimately	ADV
fsr-3443	114	8	be	be	AUX
fsr-3443	114	9	dictated	dictate	VERB
fsr-3443	114	10	by	by	ADP
fsr-3443	114	11	the	the	DET
fsr-3443	114	12	investors	investor	NOUN
fsr-3443	114	13	’	'	PUNCT
fsr-3443	114	14	inherent	inherent	ADJ
fsr-3443	114	15	risk	risk	NOUN
fsr-3443	114	16	-	-	PUNCT
fsr-3443	114	17	preferences	preference	NOUN
fsr-3443	114	18	.	.	PUNCT
fsr-3443	115	1	we	we	PRON
fsr-3443	115	2	assume	assume	VERB
fsr-3443	115	3	that	that	SCONJ
fsr-3443	115	4	the	the	DET
fsr-3443	115	5	investors	investor	NOUN
fsr-3443	115	6	’	’	PART
fsr-3443	115	7	comfortable	comfortable	ADJ
fsr-3443	115	8	allocation	allocation	NOUN
fsr-3443	115	9	reflects	reflect	VERB
fsr-3443	115	10	his	his	PRON
fsr-3443	115	11	best	good	ADJ
fsr-3443	115	12	choice	choice	NOUN
fsr-3443	115	13	between	between	ADP
fsr-3443	115	14	stocks	stock	NOUN
fsr-3443	115	15	and	and	CCONJ
fsr-3443	115	16	bonds	bond	NOUN
fsr-3443	115	17	and	and	CCONJ
fsr-3443	115	18	achieves	achieve	VERB
fsr-3443	115	19	maximum	maximum	ADJ
fsr-3443	115	20	utility	utility	NOUN
fsr-3443	115	21	.	.	PUNCT
fsr-3443	116	1	then	then	ADV
fsr-3443	116	2	,	,	PUNCT
fsr-3443	116	3	we	we	PRON
fsr-3443	116	4	can	can	AUX
fsr-3443	116	5	take	take	VERB
fsr-3443	116	6	the	the	DET
fsr-3443	116	7	existing	exist	VERB
fsr-3443	116	8	portfolio	portfolio	NOUN
fsr-3443	116	9	as	as	ADP
fsr-3443	116	10	a	a	DET
fsr-3443	116	11	benchmark	benchmark	NOUN
fsr-3443	116	12	and	and	CCONJ
fsr-3443	116	13	calibrate	calibrate	VERB
fsr-3443	116	14	the	the	DET
fsr-3443	116	15	risk	risk	NOUN
fsr-3443	116	16	preference	preference	NOUN
fsr-3443	116	17	of	of	ADP
fsr-3443	116	18	the	the	DET
fsr-3443	116	19	investor	investor	NOUN
fsr-3443	116	20	.	.	PUNCT
fsr-3443	117	1	3.2	3.2	NUM
fsr-3443	117	2	.	.	PUNCT
fsr-3443	118	1	current	current	ADJ
fsr-3443	118	2	benchmark	benchmark	NOUN
fsr-3443	118	3	portfolio	portfolio	NOUN
fsr-3443	118	4	fig	fig	NOUN
fsr-3443	118	5	.	.	PUNCT
fsr-3443	119	1	2	2	NUM
fsr-3443	119	2	shows	show	VERB
fsr-3443	119	3	the	the	DET
fsr-3443	119	4	efficient	efficient	ADJ
fsr-3443	119	5	frontier	frontier	NOUN
fsr-3443	119	6	from	from	ADP
fsr-3443	119	7	stock	stock	NOUN
fsr-3443	119	8	and	and	CCONJ
fsr-3443	119	9	bond	bond	NOUN
fsr-3443	119	10	allocations	allocation	NOUN
fsr-3443	119	11	.	.	PUNCT
fsr-3443	120	1	given	give	VERB
fsr-3443	120	2	a	a	DET
fsr-3443	120	3	benchmark	benchmark	NOUN
fsr-3443	120	4	portfolio	portfolio	NOUN
fsr-3443	120	5	with	with	ADP
fsr-3443	120	6	a	a	DET
fsr-3443	120	7	profile	profile	NOUN
fsr-3443	120	8	of	of	ADP
fsr-3443	120	9	(	(	PUNCT
fsr-3443	120	10	m	m	NOUN
fsr-3443	120	11	*	*	NOUN
fsr-3443	120	12	,	,	PUNCT
fsr-3443	120	13	s	s	X
fsr-3443	120	14	*	*	NOUN
fsr-3443	120	15	;	;	PUNCT
fsr-3443	120	16	e.g.	e.g.	ADV
fsr-3443	120	17	,	,	PUNCT
fsr-3443	120	18	the	the	DET
fsr-3443	120	19	80/20	80/20	NUM
fsr-3443	120	20	stock	stock	NOUN
fsr-3443	120	21	-	-	PUNCT
fsr-3443	120	22	bond	bond	NOUN
fsr-3443	120	23	mix	mix	NOUN
fsr-3443	120	24	)	)	PUNCT
fsr-3443	120	25	on	on	ADP
fsr-3443	120	26	the	the	DET
fsr-3443	120	27	efficient	efficient	ADJ
fsr-3443	120	28	frontier	frontier	NOUN
fsr-3443	120	29	,	,	PUNCT
fsr-3443	120	30	we	we	PRON
fsr-3443	120	31	can	can	AUX
fsr-3443	120	32	show	show	VERB
fsr-3443	120	33	that	that	SCONJ
fsr-3443	120	34	the	the	DET
fsr-3443	120	35	investor	investor	NOUN
fsr-3443	120	36	achieves	achieve	VERB
fsr-3443	120	37	maximum	maximum	ADJ
fsr-3443	120	38	utility	utility	NOUN
fsr-3443	120	39	when	when	SCONJ
fsr-3443	120	40	the	the	DET
fsr-3443	120	41	iso	iso	NOUN
fsr-3443	120	42	-	-	PUNCT
fsr-3443	120	43	utility	utility	NOUN
fsr-3443	120	44	curve	curve	NOUN
fsr-3443	120	45	is	be	AUX
fsr-3443	120	46	a	a	DET
fsr-3443	120	47	tangent	tangent	NOUN
fsr-3443	120	48	to	to	ADP
fsr-3443	120	49	the	the	DET
fsr-3443	120	50	efficient	efficient	ADJ
fsr-3443	120	51	frontier	frontier	NOUN
fsr-3443	120	52	at	at	ADP
fsr-3443	120	53	point	point	NOUN
fsr-3443	120	54	(	(	PUNCT
fsr-3443	120	55	m	m	NOUN
fsr-3443	120	56	*	*	PUNCT
fsr-3443	120	57	,	,	PUNCT
fsr-3443	120	58	s	s	NOUN
fsr-3443	120	59	*	*	NOUN
fsr-3443	120	60	)	)	PUNCT
fsr-3443	120	61	.	.	PUNCT
fsr-3443	121	1	this	this	DET
fsr-3443	121	2	condition	condition	NOUN
fsr-3443	121	3	requires	require	VERB
fsr-3443	121	4	the	the	DET
fsr-3443	121	5	risk	risk	NOUN
fsr-3443	121	6	-	-	PUNCT
fsr-3443	121	7	return	return	NOUN
fsr-3443	121	8	tradeoff	tradeoff	NOUN
fsr-3443	121	9	along	along	ADP
fsr-3443	121	10	the	the	DET
fsr-3443	121	11	efficient	efficient	ADJ
fsr-3443	121	12	frontier	frontier	NOUN
fsr-3443	121	13	,	,	PUNCT
fsr-3443	121	14	denoted	denote	VERB
fsr-3443	121	15	as	as	ADP
fsr-3443	121	16	rf(m	rf(m	NOUN
fsr-3443	121	17	*	*	PROPN
fsr-3443	121	18	,	,	PUNCT
fsr-3443	121	19	s	s	PROPN
fsr-3443	121	20	*	*	NOUN
fsr-3443	121	21	)	)	PUNCT
fsr-3443	121	22	,	,	PUNCT
fsr-3443	121	23	equal	equal	ADJ
fsr-3443	121	24	to	to	ADP
fsr-3443	121	25	tradeoff	tradeoff	NOUN
fsr-3443	121	26	along	along	ADP
fsr-3443	121	27	the	the	DET
fsr-3443	121	28	iso	iso	NOUN
fsr-3443	121	29	-	-	PUNCT
fsr-3443	121	30	utility	utility	NOUN
fsr-3443	121	31	curve	curve	NOUN
fsr-3443	121	32	,	,	PUNCT
fsr-3443	121	33	or	or	CCONJ
fsr-3443	121	34	ru	ru	PROPN
fsr-3443	121	35	=	=	PUNCT
fsr-3443	121	36	dm	dm	PROPN
fsr-3443	121	37	/	/	SYM
fsr-3443	121	38	ds	ds	NOUN
fsr-3443	121	39	.	.	PUNCT
fsr-3443	122	1	rfðm	rfðm	NOUN
fsr-3443	122	2	�	�	PROPN
fsr-3443	122	3	,	,	PUNCT
fsr-3443	122	4	s	s	PROPN
fsr-3443	122	5	�	�	PROPN
fsr-3443	122	6	þ=	þ=	VERB
fsr-3443	122	7	ruðm	ruðm	NOUN
fsr-3443	122	8	�	�	PROPN
fsr-3443	122	9	,	,	PUNCT
fsr-3443	122	10	s	s	PROPN
fsr-3443	122	11	�	�	PROPN
fsr-3443	122	12	þ=	þ=	ADJ
fsr-3443	122	13	u	u	PROPN
fsr-3443	122	14	�	�	PROPN
fsr-3443	122	15	s	s	PART
fsr-3443	122	16	�	�	PROPN
fsr-3443	122	17	(	(	PUNCT
fsr-3443	122	18	3	3	NUM
fsr-3443	122	19	)	)	PUNCT
fsr-3443	122	20	table	table	NOUN
fsr-3443	122	21	1	1	NUM
fsr-3443	122	22	statistics	statistic	NOUN
fsr-3443	122	23	from	from	ADP
fsr-3443	122	24	history	history	NOUN
fsr-3443	122	25	returns	return	NOUN
fsr-3443	122	26	(	(	PUNCT
fsr-3443	122	27	feb	feb	PROPN
fsr-3443	122	28	.	.	PROPN
fsr-3443	122	29	1990	1990	NUM
fsr-3443	122	30	through	through	ADP
fsr-3443	122	31	oct	oct	PROPN
fsr-3443	122	32	.	.	PROPN
fsr-3443	122	33	2018	2018	NUM
fsr-3443	122	34	)	)	PUNCT
fsr-3443	122	35	panel	panel	NOUN
fsr-3443	122	36	a	a	DET
fsr-3443	122	37	return	return	NOUN
fsr-3443	122	38	statistics	statistic	NOUN
fsr-3443	122	39	asset	asset	NOUN
fsr-3443	122	40	stock	stock	NOUN
fsr-3443	122	41	bond	bond	NOUN
fsr-3443	122	42	reit	reit	PROPN
fsr-3443	122	43	monthly	monthly	ADJ
fsr-3443	122	44	average	average	ADJ
fsr-3443	122	45	0.87	0.87	NUM
fsr-3443	122	46	%	%	NOUN
fsr-3443	122	47	0.64	0.64	NUM
fsr-3443	122	48	%	%	NOUN
fsr-3443	122	49	0.99	0.99	NUM
fsr-3443	122	50	%	%	NOUN
fsr-3443	122	51	monthly	monthly	ADJ
fsr-3443	122	52	standard	standard	NOUN
fsr-3443	122	53	4.07	4.07	NUM
fsr-3443	122	54	%	%	NOUN
fsr-3443	122	55	2.80	2.80	NUM
fsr-3443	122	56	%	%	NOUN
fsr-3443	122	57	5.30	5.30	NUM
fsr-3443	122	58	%	%	NOUN
fsr-3443	122	59	skewness	skewness	NOUN
fsr-3443	122	60	�	�	PROPN
fsr-3443	122	61	0.61	0.61	NUM
fsr-3443	122	62	0.14	0.14	NUM
fsr-3443	122	63	�	�	NOUN
fsr-3443	122	64	0.69	0.69	NUM
fsr-3443	122	65	kurtosis	kurtosis	NOUN
fsr-3443	122	66	1.35	1.35	NUM
fsr-3443	122	67	1.54	1.54	NUM
fsr-3443	122	68	8.23	8.23	NUM
fsr-3443	122	69	max	max	PROPN
fsr-3443	122	70	drawdown	drawdown	PROPN
fsr-3443	122	71	�	�	PROPN
fsr-3443	122	72	0.51	0.51	NUM
fsr-3443	122	73	�	�	PROPN
fsr-3443	122	74	0.16	0.16	NUM
fsr-3443	122	75	�	�	NOUN
fsr-3443	122	76	0.68	0.68	NUM
fsr-3443	122	77	annual	annual	ADJ
fsr-3443	122	78	average	average	NOUN
fsr-3443	122	79	10.50	10.50	NUM
fsr-3443	122	80	%	%	NOUN
fsr-3443	122	81	7.64	7.64	NUM
fsr-3443	122	82	%	%	NOUN
fsr-3443	122	83	11.94	11.94	NUM
fsr-3443	122	84	%	%	NOUN
fsr-3443	122	85	annual	annual	ADJ
fsr-3443	122	86	standard	standard	NOUN
fsr-3443	122	87	14.11	14.11	NUM
fsr-3443	122	88	%	%	NOUN
fsr-3443	122	89	9.70	9.70	NUM
fsr-3443	122	90	%	%	NOUN
fsr-3443	122	91	18.36	18.36	NUM
fsr-3443	122	92	%	%	NOUN
fsr-3443	122	93	panel	panel	NOUN
fsr-3443	122	94	b	b	PROPN
fsr-3443	122	95	correlation	correlation	NOUN
fsr-3443	122	96	stock	stock	NOUN
fsr-3443	122	97	bond	bond	NOUN
fsr-3443	122	98	reit	reit	PROPN
fsr-3443	122	99	stock	stock	PROPN
fsr-3443	122	100	1.00	1.00	NUM
fsr-3443	122	101	�	�	NOUN
fsr-3443	122	102	0.11	0.11	NUM
fsr-3443	122	103	0.55	0.55	NUM
fsr-3443	122	104	bond	bond	NOUN
fsr-3443	122	105	�	�	NOUN
fsr-3443	122	106	0.11	0.11	NUM
fsr-3443	122	107	1.00	1.00	NUM
fsr-3443	122	108	0.05	0.05	NUM
fsr-3443	122	109	reit	reit	NOUN
fsr-3443	122	110	0.55	0.55	NUM
fsr-3443	122	111	0.05	0.05	NUM
fsr-3443	122	112	1.00	1.00	NUM
fsr-3443	122	113	note	note	NOUN
fsr-3443	122	114	:	:	PUNCT
fsr-3443	122	115	table	table	NOUN
fsr-3443	122	116	1	1	NUM
fsr-3443	122	117	reports	report	VERB
fsr-3443	122	118	the	the	DET
fsr-3443	122	119	return	return	NOUN
fsr-3443	122	120	statistics	statistic	NOUN
fsr-3443	122	121	for	for	ADP
fsr-3443	122	122	stock	stock	NOUN
fsr-3443	122	123	,	,	PUNCT
fsr-3443	122	124	bond	bond	NOUN
fsr-3443	122	125	,	,	PUNCT
fsr-3443	122	126	and	and	CCONJ
fsr-3443	122	127	reit	reit	NOUN
fsr-3443	122	128	indices	index	NOUN
fsr-3443	122	129	.	.	PUNCT
fsr-3443	123	1	panel	panel	NOUN
fsr-3443	123	2	a	a	PRON
fsr-3443	123	3	provides	provide	VERB
fsr-3443	123	4	the	the	DET
fsr-3443	123	5	monthly	monthly	ADJ
fsr-3443	123	6	return	return	NOUN
fsr-3443	123	7	average	average	ADJ
fsr-3443	123	8	,	,	PUNCT
fsr-3443	123	9	standard	standard	ADJ
fsr-3443	123	10	deviations	deviation	NOUN
fsr-3443	123	11	,	,	PUNCT
fsr-3443	123	12	skewness	skewness	NOUN
fsr-3443	123	13	,	,	PUNCT
fsr-3443	123	14	kurtosis	kurtosis	NOUN
fsr-3443	123	15	,	,	PUNCT
fsr-3443	123	16	and	and	CCONJ
fsr-3443	123	17	maximum	maximum	ADJ
fsr-3443	123	18	drawdowns	drawdown	NOUN
fsr-3443	123	19	.	.	PUNCT
fsr-3443	124	1	annualized	annualize	VERB
fsr-3443	124	2	return	return	NOUN
fsr-3443	124	3	and	and	CCONJ
fsr-3443	124	4	standard	standard	ADJ
fsr-3443	124	5	deviations	deviation	NOUN
fsr-3443	124	6	are	be	AUX
fsr-3443	124	7	also	also	ADV
fsr-3443	124	8	included	include	VERB
fsr-3443	124	9	.	.	PUNCT
fsr-3443	125	1	panel	panel	NOUN
fsr-3443	125	2	b	b	PROPN
fsr-3443	125	3	shows	show	VERB
fsr-3443	125	4	the	the	DET
fsr-3443	125	5	correlation	correlation	NOUN
fsr-3443	125	6	between	between	ADP
fsr-3443	125	7	the	the	DET
fsr-3443	125	8	monthly	monthly	ADJ
fsr-3443	125	9	returns	return	NOUN
fsr-3443	125	10	.	.	PUNCT
fsr-3443	126	1	60	60	NUM
fsr-3443	126	2	w.	w.	PROPN
fsr-3443	126	3	feng	feng	PROPN
fsr-3443	126	4	et	et	PROPN
fsr-3443	126	5	al	al	PROPN
fsr-3443	126	6	.	.	PUNCT
fsr-3443	126	7	/	/	SYM
fsr-3443	126	8	financial	financial	ADJ
fsr-3443	126	9	services	service	NOUN
fsr-3443	126	10	review	review	VERB
fsr-3443	126	11	29	29	NUM
fsr-3443	126	12	(	(	PUNCT
fsr-3443	126	13	2021	2021	NUM
fsr-3443	126	14	)	)	PUNCT
fsr-3443	126	15	55–66	55–66	NUM
fsr-3443	126	16	therefore	therefore	ADV
fsr-3443	126	17	,	,	PUNCT
fsr-3443	126	18	we	we	PRON
fsr-3443	126	19	can	can	AUX
fsr-3443	126	20	empirically	empirically	ADV
fsr-3443	126	21	estimate	estimate	VERB
fsr-3443	126	22	the	the	DET
fsr-3443	126	23	risk	risk	NOUN
fsr-3443	126	24	preference	preference	NOUN
fsr-3443	126	25	as	as	SCONJ
fsr-3443	126	26	:	:	PUNCT
fsr-3443	126	27	u	u	NOUN
fsr-3443	126	28	�	�	PROPN
fsr-3443	126	29	=	=	PUNCT
fsr-3443	126	30	rfðm	rfðm	NOUN
fsr-3443	126	31	�	�	PROPN
fsr-3443	126	32	,s	,s	PUNCT
fsr-3443	126	33	�	�	PROPN
fsr-3443	126	34	þ	þ	NOUN
fsr-3443	126	35	=	=	PROPN
fsr-3443	126	36	s	s	PART
fsr-3443	126	37	�	�	PROPN
fsr-3443	126	38	(	(	PUNCT
fsr-3443	126	39	4	4	NUM
fsr-3443	126	40	)	)	PUNCT
fsr-3443	126	41	using	use	VERB
fsr-3443	126	42	the	the	DET
fsr-3443	126	43	same	same	ADJ
fsr-3443	126	44	reason	reason	NOUN
fsr-3443	126	45	,	,	PUNCT
fsr-3443	126	46	we	we	PRON
fsr-3443	126	47	then	then	ADV
fsr-3443	126	48	apply	apply	VERB
fsr-3443	126	49	the	the	DET
fsr-3443	126	50	derived	derive	VERB
fsr-3443	126	51	preference	preference	NOUN
fsr-3443	126	52	(	(	PUNCT
fsr-3443	126	53	u	u	NOUN
fsr-3443	126	54	*	*	PUNCT
fsr-3443	126	55	)	)	PUNCT
fsr-3443	126	56	to	to	PART
fsr-3443	126	57	construct	construct	VERB
fsr-3443	126	58	a	a	DET
fsr-3443	126	59	portfolio	portfolio	NOUN
fsr-3443	126	60	among	among	ADP
fsr-3443	126	61	stocks	stock	NOUN
fsr-3443	126	62	,	,	PUNCT
fsr-3443	126	63	bonds	bond	NOUN
fsr-3443	126	64	,	,	PUNCT
fsr-3443	126	65	and	and	CCONJ
fsr-3443	126	66	reits	reit	NOUN
fsr-3443	126	67	.	.	PUNCT
fsr-3443	127	1	3.3	3.3	NUM
fsr-3443	127	2	.	.	PUNCT
fsr-3443	128	1	portfolio	portfolio	NOUN
fsr-3443	128	2	with	with	ADP
fsr-3443	128	3	reits	reit	NOUN
fsr-3443	128	4	an	an	DET
fsr-3443	128	5	individual	individual	ADJ
fsr-3443	128	6	investor	investor	NOUN
fsr-3443	128	7	will	will	AUX
fsr-3443	128	8	not	not	PART
fsr-3443	128	9	(	(	PUNCT
fsr-3443	128	10	or	or	CCONJ
fsr-3443	128	11	should	should	AUX
fsr-3443	128	12	not	not	PART
fsr-3443	128	13	,	,	PUNCT
fsr-3443	128	14	for	for	ADP
fsr-3443	128	15	diversification	diversification	NOUN
fsr-3443	128	16	reasons	reason	NOUN
fsr-3443	128	17	)	)	PUNCT
fsr-3443	128	18	exchange	exchange	VERB
fsr-3443	128	19	all	all	DET
fsr-3443	128	20	his	his	PRON
fsr-3443	128	21	existing	exist	VERB
fsr-3443	128	22	stock	stock	NOUN
fsr-3443	128	23	or	or	CCONJ
fsr-3443	128	24	bond	bond	NOUN
fsr-3443	128	25	allocation	allocation	NOUN
fsr-3443	128	26	into	into	ADP
fsr-3443	128	27	reits	reit	NOUN
fsr-3443	128	28	.	.	PUNCT
fsr-3443	129	1	it	it	PRON
fsr-3443	129	2	is	be	AUX
fsr-3443	129	3	more	more	ADV
fsr-3443	129	4	realistic	realistic	ADJ
fsr-3443	129	5	to	to	PART
fsr-3443	129	6	assume	assume	VERB
fsr-3443	129	7	that	that	SCONJ
fsr-3443	129	8	he	he	PRON
fsr-3443	129	9	will	will	AUX
fsr-3443	129	10	only	only	ADV
fsr-3443	129	11	allocate	allocate	VERB
fsr-3443	129	12	a	a	DET
fsr-3443	129	13	portion	portion	NOUN
fsr-3443	129	14	of	of	ADP
fsr-3443	129	15	assets	asset	NOUN
fsr-3443	129	16	into	into	ADP
fsr-3443	129	17	reits	reit	NOUN
fsr-3443	129	18	.	.	PUNCT
fsr-3443	130	1	mean	mean	ADJ
fsr-3443	130	2	-	-	PUNCT
fsr-3443	130	3	variance	variance	NOUN
fsr-3443	130	4	optimizations	optimization	NOUN
fsr-3443	130	5	using	use	VERB
fsr-3443	130	6	expected	expect	VERB
fsr-3443	130	7	returns	return	NOUN
fsr-3443	130	8	on	on	ADP
fsr-3443	130	9	reits	reit	NOUN
fsr-3443	130	10	and	and	CCONJ
fsr-3443	130	11	other	other	ADJ
fsr-3443	130	12	assets	asset	NOUN
fsr-3443	130	13	during	during	ADP
fsr-3443	130	14	the	the	DET
fsr-3443	130	15	1980s	1980	NOUN
fsr-3443	130	16	indicate	indicate	VERB
fsr-3443	130	17	allocations	allocation	NOUN
fsr-3443	130	18	to	to	ADP
fsr-3443	130	19	real	real	ADJ
fsr-3443	130	20	estate	estate	NOUN
fsr-3443	130	21	of	of	ADP
fsr-3443	130	22	10	10	NUM
fsr-3443	130	23	%	%	NOUN
fsr-3443	130	24	to	to	PART
fsr-3443	130	25	15	15	NUM
fsr-3443	130	26	%	%	NOUN
fsr-3443	130	27	(	(	PUNCT
fsr-3443	130	28	ennis	ennis	PROPN
fsr-3443	130	29	&	&	CCONJ
fsr-3443	130	30	burik	burik	PROPN
fsr-3443	130	31	,	,	PUNCT
fsr-3443	130	32	1991	1991	NUM
fsr-3443	130	33	)	)	PUNCT
fsr-3443	130	34	.	.	PUNCT
fsr-3443	131	1	giliberto	giliberto	NOUN
fsr-3443	131	2	(	(	PUNCT
fsr-3443	131	3	1993	1993	NUM
fsr-3443	131	4	)	)	PUNCT
fsr-3443	131	5	,	,	PUNCT
fsr-3443	131	6	using	use	VERB
fsr-3443	131	7	a	a	DET
fsr-3443	131	8	hedged	hedge	VERB
fsr-3443	131	9	reit	reit	NOUN
fsr-3443	131	10	index	index	NOUN
fsr-3443	131	11	,	,	PUNCT
fsr-3443	131	12	finds	find	VERB
fsr-3443	131	13	an	an	DET
fsr-3443	131	14	optimal	optimal	ADJ
fsr-3443	131	15	allocation	allocation	NOUN
fsr-3443	131	16	to	to	ADP
fsr-3443	131	17	real	real	ADJ
fsr-3443	131	18	estate	estate	NOUN
fsr-3443	131	19	of	of	ADP
fsr-3443	131	20	19	19	NUM
fsr-3443	131	21	%	%	NOUN
fsr-3443	131	22	.	.	PUNCT
fsr-3443	132	1	therefore	therefore	ADV
fsr-3443	132	2	,	,	PUNCT
fsr-3443	132	3	we	we	PRON
fsr-3443	132	4	impose	impose	VERB
fsr-3443	132	5	a	a	DET
fsr-3443	132	6	20	20	NUM
fsr-3443	132	7	%	%	NOUN
fsr-3443	132	8	cap	cap	NOUN
fsr-3443	132	9	on	on	ADP
fsr-3443	132	10	the	the	DET
fsr-3443	132	11	allocation	allocation	NOUN
fsr-3443	132	12	to	to	ADP
fsr-3443	132	13	reits	reit	NOUN
fsr-3443	132	14	and	and	CCONJ
fsr-3443	132	15	explore	explore	VERB
fsr-3443	132	16	the	the	DET
fsr-3443	132	17	efficient	efficient	ADJ
fsr-3443	132	18	frontier	frontier	NOUN
fsr-3443	132	19	from	from	ADP
fsr-3443	132	20	the	the	DET
fsr-3443	132	21	combination	combination	NOUN
fsr-3443	132	22	among	among	ADP
fsr-3443	132	23	stocks	stock	NOUN
fsr-3443	132	24	,	,	PUNCT
fsr-3443	132	25	bonds	bond	NOUN
fsr-3443	132	26	,	,	PUNCT
fsr-3443	132	27	and	and	CCONJ
fsr-3443	132	28	reits	reit	NOUN
fsr-3443	132	29	.	.	PUNCT
fsr-3443	133	1	in	in	ADP
fsr-3443	133	2	fig	fig	NOUN
fsr-3443	133	3	.	.	PUNCT
fsr-3443	134	1	3	3	NUM
fsr-3443	134	2	,	,	PUNCT
fsr-3443	134	3	we	we	PRON
fsr-3443	134	4	derive	derive	VERB
fsr-3443	134	5	the	the	DET
fsr-3443	134	6	risk	risk	NOUN
fsr-3443	134	7	preference	preference	NOUN
fsr-3443	134	8	u	u	NOUN
fsr-3443	134	9	*	*	PROPN
fsr-3443	134	10	from	from	ADP
fsr-3443	134	11	the	the	DET
fsr-3443	134	12	original	original	ADJ
fsr-3443	134	13	benchmark	benchmark	NOUN
fsr-3443	134	14	portfolio	portfolio	NOUN
fsr-3443	134	15	and	and	CCONJ
fsr-3443	134	16	illustrate	illustrate	VERB
fsr-3443	134	17	the	the	DET
fsr-3443	134	18	new	new	ADJ
fsr-3443	134	19	efficient	efficient	ADJ
fsr-3443	134	20	frontier	frontier	NOUN
fsr-3443	134	21	formed	form	VERB
fsr-3443	134	22	from	from	ADP
fsr-3443	134	23	the	the	DET
fsr-3443	134	24	addition	addition	NOUN
fsr-3443	134	25	of	of	ADP
fsr-3443	134	26	reits	reit	NOUN
fsr-3443	134	27	.	.	PUNCT
fsr-3443	135	1	the	the	DET
fsr-3443	135	2	benefit	benefit	NOUN
fsr-3443	135	3	from	from	ADP
fsr-3443	135	4	the	the	DET
fsr-3443	135	5	inclusion	inclusion	NOUN
fsr-3443	135	6	of	of	ADP
fsr-3443	135	7	reits	reit	NOUN
fsr-3443	135	8	is	be	AUX
fsr-3443	135	9	evaluated	evaluate	VERB
fsr-3443	135	10	as	as	ADP
fsr-3443	135	11	the	the	DET
fsr-3443	135	12	change	change	NOUN
fsr-3443	135	13	in	in	ADP
fsr-3443	135	14	the	the	DET
fsr-3443	135	15	utility	utility	NOUN
fsr-3443	135	16	from	from	ADP
fsr-3443	135	17	the	the	DET
fsr-3443	135	18	benchmark	benchmark	NOUN
fsr-3443	135	19	to	to	ADP
fsr-3443	135	20	the	the	DET
fsr-3443	135	21	new	new	ADJ
fsr-3443	135	22	portfolio	portfolio	NOUN
fsr-3443	135	23	.	.	PUNCT
fsr-3443	136	1	du	du	PROPN
fsr-3443	137	1	=	=	NOUN
fsr-3443	137	2	uðmn	uðmn	ADJ
fsr-3443	137	3	,	,	PUNCT
fsr-3443	137	4	snþ	snþ	PROPN
fsr-3443	137	5	�	�	PROPN
fsr-3443	137	6	uðm	uðm	PROPN
fsr-3443	137	7	�	�	PROPN
fsr-3443	137	8	,s	,s	PUNCT
fsr-3443	137	9	�	�	PROPN
fsr-3443	137	10	þ	þ	PROPN
fsr-3443	137	11	(	(	PUNCT
fsr-3443	137	12	5	5	NUM
fsr-3443	137	13	)	)	PUNCT
fsr-3443	137	14	note	note	NOUN
fsr-3443	137	15	that	that	SCONJ
fsr-3443	137	16	the	the	DET
fsr-3443	137	17	risk	risk	NOUN
fsr-3443	137	18	parameter	parameter	NOUN
fsr-3443	137	19	u	u	NOUN
fsr-3443	138	1	=	=	PROPN
fsr-3443	138	2	u	u	X
fsr-3443	138	3	*	*	PUNCT
fsr-3443	138	4	in	in	ADP
fsr-3443	138	5	the	the	DET
fsr-3443	138	6	utility	utility	NOUN
fsr-3443	138	7	function	function	NOUN
fsr-3443	138	8	is	be	AUX
fsr-3443	138	9	estimated	estimate	VERB
fsr-3443	138	10	using	use	VERB
fsr-3443	138	11	equation	equation	NOUN
fsr-3443	138	12	(	(	PUNCT
fsr-3443	138	13	4	4	NUM
fsr-3443	138	14	)	)	PUNCT
fsr-3443	138	15	above	above	ADV
fsr-3443	138	16	.	.	PUNCT
fsr-3443	139	1	fig	fig	NOUN
fsr-3443	139	2	.	.	PUNCT
fsr-3443	140	1	2	2	X
fsr-3443	140	2	.	.	X
fsr-3443	140	3	the	the	DET
fsr-3443	140	4	efficient	efficient	ADJ
fsr-3443	140	5	frontier	frontier	NOUN
fsr-3443	140	6	between	between	ADP
fsr-3443	140	7	stock	stock	NOUN
fsr-3443	140	8	(	(	PUNCT
fsr-3443	140	9	s	s	NOUN
fsr-3443	140	10	)	)	PUNCT
fsr-3443	140	11	and	and	CCONJ
fsr-3443	140	12	bond	bond	NOUN
fsr-3443	140	13	(	(	PUNCT
fsr-3443	140	14	b	b	NOUN
fsr-3443	140	15	)	)	PUNCT
fsr-3443	140	16	.	.	PUNCT
fsr-3443	141	1	w.	w.	PROPN
fsr-3443	141	2	feng	feng	PROPN
fsr-3443	141	3	et	et	PROPN
fsr-3443	141	4	al	al	PROPN
fsr-3443	141	5	.	.	PUNCT
fsr-3443	141	6	/	/	SYM
fsr-3443	141	7	financial	financial	ADJ
fsr-3443	141	8	services	service	NOUN
fsr-3443	141	9	review	review	VERB
fsr-3443	141	10	29	29	NUM
fsr-3443	141	11	(	(	PUNCT
fsr-3443	141	12	2021	2021	NUM
fsr-3443	141	13	)	)	PUNCT
fsr-3443	141	14	55–66	55–66	NUM
fsr-3443	141	15	61	61	NUM
fsr-3443	141	16	3.4	3.4	NUM
fsr-3443	141	17	.	.	PUNCT
fsr-3443	141	18	including	include	VERB
fsr-3443	141	19	reits	reit	NOUN
fsr-3443	141	20	over	over	ADP
fsr-3443	141	21	different	different	ADJ
fsr-3443	141	22	benchmark	benchmark	NOUN
fsr-3443	141	23	portfolios	portfolio	NOUN
fsr-3443	141	24	we	we	PRON
fsr-3443	141	25	further	far	ADV
fsr-3443	141	26	extend	extend	VERB
fsr-3443	141	27	the	the	DET
fsr-3443	141	28	analysis	analysis	NOUN
fsr-3443	141	29	to	to	ADP
fsr-3443	141	30	allocations	allocation	NOUN
fsr-3443	141	31	along	along	ADP
fsr-3443	141	32	the	the	DET
fsr-3443	141	33	stock	stock	NOUN
fsr-3443	141	34	-	-	PUNCT
fsr-3443	141	35	bond	bond	NOUN
fsr-3443	141	36	efficient	efficient	ADJ
fsr-3443	141	37	frontier	frontier	NOUN
fsr-3443	141	38	.	.	PUNCT
fsr-3443	142	1	for	for	ADP
fsr-3443	142	2	each	each	DET
fsr-3443	142	3	benchmark	benchmark	NOUN
fsr-3443	142	4	portfolio	portfolio	NOUN
fsr-3443	142	5	,	,	PUNCT
fsr-3443	142	6	we	we	PRON
fsr-3443	142	7	derive	derive	VERB
fsr-3443	142	8	the	the	DET
fsr-3443	142	9	risk	risk	NOUN
fsr-3443	142	10	preference	preference	NOUN
fsr-3443	142	11	(	(	PUNCT
fsr-3443	142	12	u	u	NOUN
fsr-3443	142	13	*	*	NOUN
fsr-3443	142	14	)	)	PUNCT
fsr-3443	142	15	.	.	PUNCT
fsr-3443	143	1	the	the	DET
fsr-3443	143	2	new	new	ADJ
fsr-3443	143	3	portfolio	portfolio	NOUN
fsr-3443	143	4	is	be	AUX
fsr-3443	143	5	constructed	construct	VERB
fsr-3443	143	6	by	by	ADP
fsr-3443	143	7	adding	add	VERB
fsr-3443	143	8	reits	reit	NOUN
fsr-3443	143	9	and	and	CCONJ
fsr-3443	143	10	maximizing	maximize	VERB
fsr-3443	143	11	the	the	DET
fsr-3443	143	12	utility	utility	NOUN
fsr-3443	143	13	of	of	ADP
fsr-3443	143	14	the	the	DET
fsr-3443	143	15	investor	investor	NOUN
fsr-3443	143	16	with	with	ADP
fsr-3443	143	17	preference	preference	NOUN
fsr-3443	143	18	u	u	PROPN
fsr-3443	143	19	*	*	PROPN
fsr-3443	143	20	.	.	PUNCT
fsr-3443	143	21	fig	fig	NOUN
fsr-3443	143	22	.	.	PUNCT
fsr-3443	144	1	4	4	NUM
fsr-3443	144	2	illustrates	illustrate	VERB
fsr-3443	144	3	both	both	PRON
fsr-3443	144	4	the	the	DET
fsr-3443	144	5	old	old	ADJ
fsr-3443	144	6	benchmark	benchmark	NOUN
fsr-3443	144	7	allocations	allocation	NOUN
fsr-3443	144	8	and	and	CCONJ
fsr-3443	144	9	new	new	ADJ
fsr-3443	144	10	portfolios	portfolio	NOUN
fsr-3443	144	11	along	along	ADP
fsr-3443	144	12	the	the	DET
fsr-3443	144	13	fig	fig	NOUN
fsr-3443	144	14	.	.	PUNCT
fsr-3443	145	1	3	3	X
fsr-3443	145	2	.	.	X
fsr-3443	145	3	portfolio	portfolio	NOUN
fsr-3443	145	4	choice	choice	NOUN
fsr-3443	145	5	over	over	ADP
fsr-3443	145	6	efficient	efficient	ADJ
fsr-3443	145	7	frontiers	frontier	NOUN
fsr-3443	145	8	.	.	PUNCT
fsr-3443	146	1	fig	fig	NOUN
fsr-3443	146	2	.	.	PUNCT
fsr-3443	147	1	4	4	X
fsr-3443	147	2	.	.	X
fsr-3443	147	3	including	include	VERB
fsr-3443	147	4	reits	reit	NOUN
fsr-3443	147	5	over	over	ADP
fsr-3443	147	6	benchmark	benchmark	NOUN
fsr-3443	147	7	portfolios	portfolio	NOUN
fsr-3443	147	8	(	(	PUNCT
fsr-3443	147	9	reits	reit	NOUN
fsr-3443	147	10	capped	cap	VERB
fsr-3443	147	11	at	at	ADP
fsr-3443	147	12	20	20	NUM
fsr-3443	147	13	%	%	NOUN
fsr-3443	147	14	)	)	PUNCT
fsr-3443	147	15	.	.	PUNCT
fsr-3443	148	1	62	62	NUM
fsr-3443	148	2	w.	w.	PROPN
fsr-3443	148	3	feng	feng	PROPN
fsr-3443	148	4	et	et	PROPN
fsr-3443	148	5	al	al	PROPN
fsr-3443	148	6	.	.	PUNCT
fsr-3443	148	7	/	/	SYM
fsr-3443	148	8	financial	financial	ADJ
fsr-3443	148	9	services	service	NOUN
fsr-3443	148	10	review	review	VERB
fsr-3443	148	11	29	29	NUM
fsr-3443	148	12	(	(	PUNCT
fsr-3443	148	13	2021	2021	NUM
fsr-3443	148	14	)	)	PUNCT
fsr-3443	148	15	55–66	55–66	NUM
fsr-3443	148	16	efficient	efficient	ADJ
fsr-3443	148	17	frontier	frontier	NOUN
fsr-3443	148	18	curves	curve	NOUN
fsr-3443	148	19	.	.	PUNCT
fsr-3443	149	1	because	because	SCONJ
fsr-3443	149	2	we	we	PRON
fsr-3443	149	3	incorporate	incorporate	VERB
fsr-3443	149	4	the	the	DET
fsr-3443	149	5	risk	risk	NOUN
fsr-3443	149	6	preference	preference	NOUN
fsr-3443	149	7	in	in	ADP
fsr-3443	149	8	portfolio	portfolio	NOUN
fsr-3443	149	9	decision	decision	NOUN
fsr-3443	149	10	,	,	PUNCT
fsr-3443	149	11	the	the	DET
fsr-3443	149	12	diversity	diversity	NOUN
fsr-3443	149	13	in	in	ADP
fsr-3443	149	14	portfolio	portfolio	NOUN
fsr-3443	149	15	choices	choice	NOUN
fsr-3443	149	16	is	be	AUX
fsr-3443	149	17	vastly	vastly	ADV
fsr-3443	149	18	different	different	ADJ
fsr-3443	149	19	from	from	ADP
fsr-3443	149	20	the	the	DET
fsr-3443	149	21	result	result	NOUN
fsr-3443	149	22	constructed	construct	VERB
fsr-3443	149	23	using	use	VERB
fsr-3443	149	24	variance	variance	NOUN
fsr-3443	149	25	-	-	PUNCT
fsr-3443	149	26	minimization	minimization	NOUN
fsr-3443	149	27	and	and	CCONJ
fsr-3443	149	28	sharpe	sharpe	PROPN
fsr-3443	149	29	ratio	ratio	PROPN
fsr-3443	149	30	maximization	maximization	PROPN
fsr-3443	149	31	.	.	PUNCT
fsr-3443	150	1	the	the	DET
fsr-3443	150	2	change	change	NOUN
fsr-3443	150	3	in	in	ADP
fsr-3443	150	4	risk	risk	NOUN
fsr-3443	150	5	-	-	PUNCT
fsr-3443	150	6	return	return	NOUN
fsr-3443	150	7	profiles	profile	NOUN
fsr-3443	150	8	and	and	CCONJ
fsr-3443	150	9	utility	utility	NOUN
fsr-3443	150	10	reflects	reflect	VERB
fsr-3443	150	11	the	the	DET
fsr-3443	150	12	varying	vary	VERB
fsr-3443	150	13	benefits	benefit	NOUN
fsr-3443	150	14	of	of	ADP
fsr-3443	150	15	reits	reit	NOUN
fsr-3443	150	16	over	over	ADP
fsr-3443	150	17	respective	respective	ADJ
fsr-3443	150	18	benchmark	benchmark	NOUN
fsr-3443	150	19	portfolios	portfolio	NOUN
fsr-3443	150	20	.	.	PUNCT
fsr-3443	151	1	fig	fig	NOUN
fsr-3443	151	2	.	.	PUNCT
fsr-3443	152	1	5	5	NUM
fsr-3443	152	2	plots	plot	VERB
fsr-3443	152	3	the	the	DET
fsr-3443	152	4	utility	utility	NOUN
fsr-3443	152	5	improvement	improvement	NOUN
fsr-3443	152	6	over	over	ADP
fsr-3443	152	7	different	different	ADJ
fsr-3443	152	8	benchmark	benchmark	NOUN
fsr-3443	152	9	allocations	allocation	NOUN
fsr-3443	152	10	and	and	CCONJ
fsr-3443	152	11	the	the	DET
fsr-3443	152	12	associated	associated	ADJ
fsr-3443	152	13	risk	risk	NOUN
fsr-3443	152	14	preferences	preference	NOUN
fsr-3443	152	15	(	(	PUNCT
fsr-3443	152	16	u	u	NOUN
fsr-3443	152	17	)	)	PUNCT
fsr-3443	152	18	.	.	PUNCT
fsr-3443	153	1	panel	panel	NOUN
fsr-3443	153	2	a	a	DET
fsr-3443	153	3	shows	show	VERB
fsr-3443	153	4	a	a	DET
fsr-3443	153	5	positive	positive	ADJ
fsr-3443	153	6	relationship	relationship	NOUN
fsr-3443	153	7	between	between	ADP
fsr-3443	153	8	the	the	DET
fsr-3443	153	9	weight	weight	NOUN
fsr-3443	153	10	allocated	allocate	VERB
fsr-3443	153	11	to	to	ADP
fsr-3443	153	12	stocks	stock	NOUN
fsr-3443	153	13	of	of	ADP
fsr-3443	153	14	the	the	DET
fsr-3443	153	15	benchmark	benchmark	NOUN
fsr-3443	153	16	and	and	CCONJ
fsr-3443	153	17	improvement	improvement	NOUN
fsr-3443	153	18	in	in	ADP
fsr-3443	153	19	the	the	DET
fsr-3443	153	20	utility	utility	NOUN
fsr-3443	153	21	.	.	PUNCT
fsr-3443	154	1	this	this	DET
fsr-3443	154	2	result	result	NOUN
fsr-3443	154	3	suggests	suggest	VERB
fsr-3443	154	4	that	that	SCONJ
fsr-3443	154	5	investors	investor	NOUN
fsr-3443	154	6	with	with	ADP
fsr-3443	154	7	lower	low	ADJ
fsr-3443	154	8	risk	risk	NOUN
fsr-3443	154	9	aversion	aversion	NOUN
fsr-3443	154	10	(	(	PUNCT
fsr-3443	154	11	higher	high	ADJ
fsr-3443	154	12	benchmark	benchmark	NOUN
fsr-3443	154	13	allocation	allocation	NOUN
fsr-3443	154	14	in	in	ADP
fsr-3443	154	15	stocks	stock	NOUN
fsr-3443	154	16	or	or	CCONJ
fsr-3443	154	17	lower	low	ADJ
fsr-3443	154	18	u	u	NOUN
fsr-3443	154	19	)	)	PUNCT
fsr-3443	154	20	will	will	AUX
fsr-3443	154	21	achieve	achieve	VERB
fsr-3443	154	22	more	more	ADJ
fsr-3443	154	23	benefit	benefit	NOUN
fsr-3443	154	24	from	from	ADP
fsr-3443	154	25	the	the	DET
fsr-3443	154	26	inclusion	inclusion	NOUN
fsr-3443	154	27	of	of	ADP
fsr-3443	154	28	reits	reit	NOUN
fsr-3443	154	29	.	.	PUNCT
fsr-3443	155	1	panel	panel	PROPN
fsr-3443	155	2	b	b	PROPN
fsr-3443	155	3	shows	show	VERB
fsr-3443	155	4	the	the	DET
fsr-3443	155	5	allocation	allocation	NOUN
fsr-3443	155	6	among	among	ADP
fsr-3443	155	7	stocks	stock	NOUN
fsr-3443	155	8	,	,	PUNCT
fsr-3443	155	9	bonds	bond	NOUN
fsr-3443	155	10	,	,	PUNCT
fsr-3443	155	11	and	and	CCONJ
fsr-3443	155	12	reits	reit	NOUN
fsr-3443	155	13	in	in	ADP
fsr-3443	155	14	the	the	DET
fsr-3443	155	15	newly	newly	ADV
fsr-3443	155	16	formed	form	VERB
fsr-3443	155	17	portfolio	portfolio	NOUN
fsr-3443	155	18	.	.	PUNCT
fsr-3443	156	1	for	for	ADP
fsr-3443	156	2	the	the	DET
fsr-3443	156	3	extreme	extreme	ADJ
fsr-3443	156	4	case	case	NOUN
fsr-3443	156	5	of	of	ADP
fsr-3443	156	6	investors	investor	NOUN
fsr-3443	156	7	with	with	ADP
fsr-3443	156	8	35	35	NUM
fsr-3443	156	9	%	%	NOUN
fsr-3443	156	10	benchmark	benchmark	NOUN
fsr-3443	156	11	stock	stock	NOUN
fsr-3443	156	12	weight	weight	NOUN
fsr-3443	156	13	,	,	PUNCT
fsr-3443	156	14	the	the	DET
fsr-3443	156	15	new	new	ADJ
fsr-3443	156	16	portfolio	portfolio	NOUN
fsr-3443	156	17	has	have	VERB
fsr-3443	156	18	a	a	DET
fsr-3443	156	19	tiny	tiny	ADJ
fsr-3443	156	20	(	(	PUNCT
fsr-3443	156	21	less	less	ADJ
fsr-3443	156	22	than	than	ADP
fsr-3443	156	23	5	5	NUM
fsr-3443	156	24	%	%	NOUN
fsr-3443	156	25	)	)	PUNCT
fsr-3443	156	26	fig	fig	NOUN
fsr-3443	156	27	.	.	PUNCT
fsr-3443	157	1	5	5	X
fsr-3443	157	2	.	.	X
fsr-3443	157	3	utility	utility	NOUN
fsr-3443	157	4	improvement	improvement	NOUN
fsr-3443	157	5	for	for	ADP
fsr-3443	157	6	different	different	ADJ
fsr-3443	157	7	risk	risk	NOUN
fsr-3443	157	8	preferences	preference	NOUN
fsr-3443	157	9	(	(	PUNCT
fsr-3443	157	10	reits	reit	NOUN
fsr-3443	157	11	capped	cap	VERB
fsr-3443	157	12	at	at	ADP
fsr-3443	157	13	20	20	NUM
fsr-3443	157	14	%	%	NOUN
fsr-3443	157	15	)	)	PUNCT
fsr-3443	157	16	.	.	PUNCT
fsr-3443	158	1	w.	w.	PROPN
fsr-3443	158	2	feng	feng	PROPN
fsr-3443	158	3	et	et	PROPN
fsr-3443	158	4	al	al	PROPN
fsr-3443	158	5	.	.	PUNCT
fsr-3443	158	6	/	/	SYM
fsr-3443	158	7	financial	financial	ADJ
fsr-3443	158	8	services	service	NOUN
fsr-3443	158	9	review	review	VERB
fsr-3443	158	10	29	29	NUM
fsr-3443	158	11	(	(	PUNCT
fsr-3443	158	12	2021	2021	NUM
fsr-3443	158	13	)	)	PUNCT
fsr-3443	158	14	55–66	55–66	NUM
fsr-3443	158	15	63	63	NUM
fsr-3443	158	16	allocation	allocation	NOUN
fsr-3443	158	17	to	to	ADP
fsr-3443	158	18	reits	reit	NOUN
fsr-3443	158	19	.	.	PUNCT
fsr-3443	159	1	on	on	ADP
fsr-3443	159	2	the	the	DET
fsr-3443	159	3	contrary	contrary	NOUN
fsr-3443	159	4	,	,	PUNCT
fsr-3443	159	5	the	the	DET
fsr-3443	159	6	cases	case	NOUN
fsr-3443	159	7	with	with	ADP
fsr-3443	159	8	over	over	ADP
fsr-3443	159	9	55	55	NUM
fsr-3443	159	10	%	%	NOUN
fsr-3443	159	11	benchmark	benchmark	NOUN
fsr-3443	159	12	stock	stock	NOUN
fsr-3443	159	13	weight	weight	NOUN
fsr-3443	159	14	reach	reach	VERB
fsr-3443	159	15	the	the	DET
fsr-3443	159	16	maximum	maximum	ADJ
fsr-3443	159	17	cap	cap	NOUN
fsr-3443	159	18	(	(	PUNCT
fsr-3443	159	19	20	20	NUM
fsr-3443	159	20	%	%	NOUN
fsr-3443	159	21	)	)	PUNCT
fsr-3443	159	22	for	for	ADP
fsr-3443	159	23	reits	reit	NOUN
fsr-3443	159	24	.	.	PUNCT
fsr-3443	160	1	thus	thus	ADV
fsr-3443	160	2	,	,	PUNCT
fsr-3443	160	3	for	for	ADP
fsr-3443	160	4	any	any	DET
fsr-3443	160	5	initial	initial	ADJ
fsr-3443	160	6	stock	stock	NOUN
fsr-3443	160	7	allocation	allocation	NOUN
fsr-3443	160	8	of	of	ADP
fsr-3443	160	9	55	55	NUM
fsr-3443	160	10	%	%	NOUN
fsr-3443	160	11	or	or	CCONJ
fsr-3443	160	12	higher	high	ADJ
fsr-3443	160	13	,	,	PUNCT
fsr-3443	160	14	a	a	DET
fsr-3443	160	15	reit	reit	NOUN
fsr-3443	160	16	allocation	allocation	NOUN
fsr-3443	160	17	of	of	ADP
fsr-3443	160	18	20	20	NUM
fsr-3443	160	19	%	%	NOUN
fsr-3443	160	20	is	be	AUX
fsr-3443	160	21	beneficial	beneficial	ADJ
fsr-3443	160	22	.	.	PUNCT
fsr-3443	161	1	for	for	ADP
fsr-3443	161	2	any	any	DET
fsr-3443	161	3	initial	initial	ADJ
fsr-3443	161	4	stock	stock	NOUN
fsr-3443	161	5	allocation	allocation	NOUN
fsr-3443	161	6	of	of	ADP
fsr-3443	161	7	40	40	NUM
fsr-3443	161	8	%	%	NOUN
fsr-3443	161	9	to	to	ADP
fsr-3443	161	10	50	50	NUM
fsr-3443	161	11	%	%	NOUN
fsr-3443	161	12	,	,	PUNCT
fsr-3443	161	13	a	a	DET
fsr-3443	161	14	reit	reit	NOUN
fsr-3443	161	15	allocation	allocation	NOUN
fsr-3443	161	16	of	of	ADP
fsr-3443	161	17	between	between	ADP
fsr-3443	161	18	15	15	NUM
fsr-3443	161	19	%	%	NOUN
fsr-3443	161	20	to	to	PART
fsr-3443	161	21	20	20	NUM
fsr-3443	161	22	%	%	NOUN
fsr-3443	161	23	is	be	AUX
fsr-3443	161	24	helpful	helpful	ADJ
fsr-3443	161	25	.	.	PUNCT
fsr-3443	162	1	table	table	NOUN
fsr-3443	162	2	2	2	NUM
fsr-3443	162	3	shows	show	VERB
fsr-3443	162	4	the	the	DET
fsr-3443	162	5	portfolio	portfolio	NOUN
fsr-3443	162	6	statistics	statistic	NOUN
fsr-3443	162	7	from	from	ADP
fsr-3443	162	8	adding	add	VERB
fsr-3443	162	9	reits	reit	NOUN
fsr-3443	162	10	to	to	ADP
fsr-3443	162	11	a	a	DET
fsr-3443	162	12	spectrum	spectrum	NOUN
fsr-3443	162	13	of	of	ADP
fsr-3443	162	14	benchmark	benchmark	NOUN
fsr-3443	162	15	portfolios	portfolio	NOUN
fsr-3443	162	16	.	.	PUNCT
fsr-3443	163	1	the	the	DET
fsr-3443	163	2	results	result	NOUN
fsr-3443	163	3	suggest	suggest	VERB
fsr-3443	163	4	that	that	SCONJ
fsr-3443	163	5	while	while	SCONJ
fsr-3443	163	6	allocating	allocate	VERB
fsr-3443	163	7	to	to	ADP
fsr-3443	163	8	reits	reit	NOUN
fsr-3443	163	9	,	,	PUNCT
fsr-3443	163	10	in	in	ADP
fsr-3443	163	11	general	general	ADJ
fsr-3443	163	12	,	,	PUNCT
fsr-3443	163	13	improves	improve	VERB
fsr-3443	163	14	the	the	DET
fsr-3443	163	15	riskreturn	riskreturn	NOUN
fsr-3443	163	16	profile	profile	NOUN
fsr-3443	163	17	over	over	ADP
fsr-3443	163	18	traditional	traditional	ADJ
fsr-3443	163	19	assets	asset	NOUN
fsr-3443	163	20	,	,	PUNCT
fsr-3443	163	21	investors	investor	NOUN
fsr-3443	163	22	with	with	ADP
fsr-3443	163	23	lower	low	ADJ
fsr-3443	163	24	risk	risk	NOUN
fsr-3443	163	25	aversion	aversion	NOUN
fsr-3443	163	26	tend	tend	VERB
fsr-3443	163	27	to	to	PART
fsr-3443	163	28	achieve	achieve	VERB
fsr-3443	163	29	more	more	ADJ
fsr-3443	163	30	benefit	benefit	NOUN
fsr-3443	163	31	.	.	PUNCT
fsr-3443	164	1	table	table	NOUN
fsr-3443	164	2	2	2	NUM
fsr-3443	164	3	also	also	ADV
fsr-3443	164	4	provides	provide	VERB
fsr-3443	164	5	a	a	DET
fsr-3443	164	6	guideline	guideline	NOUN
fsr-3443	164	7	for	for	ADP
fsr-3443	164	8	the	the	DET
fsr-3443	164	9	inclusion	inclusion	NOUN
fsr-3443	164	10	of	of	ADP
fsr-3443	164	11	reits	reit	NOUN
fsr-3443	164	12	.	.	PUNCT
fsr-3443	165	1	an	an	DET
fsr-3443	165	2	investor	investor	NOUN
fsr-3443	165	3	can	can	AUX
fsr-3443	165	4	look	look	VERB
fsr-3443	165	5	directly	directly	ADV
fsr-3443	165	6	at	at	ADP
fsr-3443	165	7	table	table	NOUN
fsr-3443	165	8	2	2	NUM
fsr-3443	165	9	,	,	PUNCT
fsr-3443	165	10	find	find	VERB
fsr-3443	165	11	the	the	DET
fsr-3443	165	12	row	row	NOUN
fsr-3443	165	13	with	with	ADP
fsr-3443	165	14	his	his	PRON
fsr-3443	165	15	current	current	ADJ
fsr-3443	165	16	allocation	allocation	NOUN
fsr-3443	165	17	between	between	ADP
fsr-3443	165	18	stock	stock	NOUN
fsr-3443	165	19	and	and	CCONJ
fsr-3443	165	20	bonds	bond	NOUN
fsr-3443	165	21	,	,	PUNCT
fsr-3443	165	22	and	and	CCONJ
fsr-3443	165	23	then	then	ADV
fsr-3443	165	24	read	read	VERB
fsr-3443	165	25	that	that	DET
fsr-3443	165	26	row	row	NOUN
fsr-3443	165	27	to	to	ADP
fsr-3443	165	28	the	the	DET
fsr-3443	165	29	new	new	ADJ
fsr-3443	165	30	weights	weight	NOUN
fsr-3443	165	31	with	with	ADP
fsr-3443	165	32	stocks	stock	NOUN
fsr-3443	165	33	,	,	PUNCT
fsr-3443	165	34	bonds	bond	NOUN
fsr-3443	165	35	,	,	PUNCT
fsr-3443	165	36	and	and	CCONJ
fsr-3443	165	37	reits	reit	NOUN
fsr-3443	165	38	.	.	PUNCT
fsr-3443	166	1	for	for	ADP
fsr-3443	166	2	example	example	NOUN
fsr-3443	166	3	,	,	PUNCT
fsr-3443	166	4	if	if	SCONJ
fsr-3443	166	5	the	the	DET
fsr-3443	166	6	benchmark	benchmark	NOUN
fsr-3443	166	7	portfolio	portfolio	NOUN
fsr-3443	166	8	is	be	AUX
fsr-3443	166	9	a	a	DET
fsr-3443	166	10	60/40	60/40	NUM
fsr-3443	166	11	stock	stock	NOUN
fsr-3443	166	12	-	-	PUNCT
fsr-3443	166	13	bond	bond	NOUN
fsr-3443	166	14	split	split	NOUN
fsr-3443	166	15	,	,	PUNCT
fsr-3443	166	16	the	the	DET
fsr-3443	166	17	investor	investor	NOUN
fsr-3443	166	18	would	would	AUX
fsr-3443	166	19	look	look	VERB
fsr-3443	166	20	to	to	ADP
fsr-3443	166	21	the	the	DET
fsr-3443	166	22	60	60	NUM
fsr-3443	166	23	%	%	NOUN
fsr-3443	166	24	stock	stock	NOUN
fsr-3443	166	25	row	row	NOUN
fsr-3443	166	26	,	,	PUNCT
fsr-3443	166	27	look	look	VERB
fsr-3443	166	28	right	right	ADJ
fsr-3443	166	29	and	and	CCONJ
fsr-3443	166	30	see	see	VERB
fsr-3443	166	31	an	an	DET
fsr-3443	166	32	appropriate	appropriate	ADJ
fsr-3443	166	33	new	new	ADJ
fsr-3443	166	34	allocation	allocation	NOUN
fsr-3443	166	35	given	give	VERB
fsr-3443	166	36	this	this	DET
fsr-3443	166	37	initial	initial	ADJ
fsr-3443	166	38	allocation	allocation	NOUN
fsr-3443	166	39	would	would	AUX
fsr-3443	166	40	be	be	AUX
fsr-3443	166	41	about	about	ADV
fsr-3443	166	42	45	45	NUM
fsr-3443	166	43	%	%	NOUN
fsr-3443	166	44	stocks	stock	NOUN
fsr-3443	166	45	,	,	PUNCT
fsr-3443	166	46	35	35	NUM
fsr-3443	166	47	%	%	NOUN
fsr-3443	166	48	bonds	bond	NOUN
fsr-3443	166	49	,	,	PUNCT
fsr-3443	166	50	and	and	CCONJ
fsr-3443	166	51	20	20	NUM
fsr-3443	166	52	%	%	NOUN
fsr-3443	166	53	reits	reit	NOUN
fsr-3443	166	54	.	.	PUNCT
fsr-3443	167	1	the	the	DET
fsr-3443	167	2	benefit	benefit	NOUN
fsr-3443	167	3	of	of	ADP
fsr-3443	167	4	adding	add	VERB
fsr-3443	167	5	reits	reit	NOUN
fsr-3443	167	6	to	to	ADP
fsr-3443	167	7	a	a	DET
fsr-3443	167	8	portfolio	portfolio	NOUN
fsr-3443	167	9	is	be	AUX
fsr-3443	167	10	inversely	inversely	ADV
fsr-3443	167	11	related	relate	VERB
fsr-3443	167	12	to	to	ADP
fsr-3443	167	13	investor	investor	NOUN
fsr-3443	167	14	risk	risk	NOUN
fsr-3443	167	15	aversion	aversion	NOUN
fsr-3443	167	16	.	.	PUNCT
fsr-3443	168	1	while	while	SCONJ
fsr-3443	168	2	the	the	DET
fsr-3443	168	3	reits	reit	NOUN
fsr-3443	168	4	have	have	AUX
fsr-3443	168	5	been	be	AUX
fsr-3443	168	6	noted	note	VERB
fsr-3443	168	7	as	as	ADP
fsr-3443	168	8	a	a	DET
fsr-3443	168	9	safe	safe	ADJ
fsr-3443	168	10	alternative	alternative	ADJ
fsr-3443	168	11	asset	asset	NOUN
fsr-3443	168	12	,	,	PUNCT
fsr-3443	168	13	highly	highly	ADV
fsr-3443	168	14	risk	risk	NOUN
fsr-3443	168	15	-	-	PUNCT
fsr-3443	168	16	averse	averse	ADJ
fsr-3443	168	17	investors	investor	NOUN
fsr-3443	168	18	(	(	PUNCT
fsr-3443	168	19	higher	high	ADJ
fsr-3443	168	20	u	u	NOUN
fsr-3443	168	21	or	or	CCONJ
fsr-3443	168	22	lower	low	ADJ
fsr-3443	168	23	benchmark	benchmark	NOUN
fsr-3443	168	24	allocation	allocation	NOUN
fsr-3443	168	25	in	in	ADP
fsr-3443	168	26	stocks	stock	NOUN
fsr-3443	168	27	)	)	PUNCT
fsr-3443	168	28	with	with	ADP
fsr-3443	168	29	less	less	ADJ
fsr-3443	168	30	than	than	ADP
fsr-3443	168	31	40	40	NUM
fsr-3443	168	32	%	%	NOUN
fsr-3443	168	33	in	in	ADP
fsr-3443	168	34	benchmark	benchmark	ADJ
fsr-3443	168	35	stock	stock	NOUN
fsr-3443	168	36	allocation	allocation	NOUN
fsr-3443	168	37	can	can	AUX
fsr-3443	168	38	only	only	ADV
fsr-3443	168	39	get	get	VERB
fsr-3443	168	40	minimum	minimum	ADJ
fsr-3443	168	41	benefit	benefit	NOUN
fsr-3443	168	42	from	from	ADP
fsr-3443	168	43	including	include	VERB
fsr-3443	168	44	reits	reit	NOUN
fsr-3443	168	45	.	.	PUNCT
fsr-3443	169	1	meanwhile	meanwhile	ADV
fsr-3443	169	2	,	,	PUNCT
fsr-3443	169	3	less	less	ADJ
fsr-3443	169	4	risk	risk	NOUN
fsr-3443	169	5	-	-	PUNCT
fsr-3443	169	6	averse	averse	ADJ
fsr-3443	169	7	investors	investor	NOUN
fsr-3443	169	8	will	will	AUX
fsr-3443	169	9	receive	receive	VERB
fsr-3443	169	10	more	more	ADV
fsr-3443	169	11	significant	significant	ADJ
fsr-3443	169	12	benefits	benefit	NOUN
fsr-3443	169	13	from	from	ADP
fsr-3443	169	14	adding	add	VERB
fsr-3443	169	15	reits	reit	NOUN
fsr-3443	169	16	.	.	PUNCT
fsr-3443	170	1	an	an	DET
fsr-3443	170	2	investor	investor	NOUN
fsr-3443	170	3	with	with	ADP
fsr-3443	170	4	an	an	DET
fsr-3443	170	5	initial	initial	ADJ
fsr-3443	170	6	stock	stock	NOUN
fsr-3443	170	7	allocation	allocation	NOUN
fsr-3443	170	8	of	of	ADP
fsr-3443	170	9	55	55	NUM
fsr-3443	170	10	%	%	NOUN
fsr-3443	170	11	or	or	CCONJ
fsr-3443	170	12	more	more	ADJ
fsr-3443	170	13	will	will	AUX
fsr-3443	170	14	experience	experience	VERB
fsr-3443	170	15	an	an	DET
fsr-3443	170	16	increase	increase	NOUN
fsr-3443	170	17	in	in	ADP
fsr-3443	170	18	utility	utility	NOUN
fsr-3443	170	19	with	with	ADP
fsr-3443	170	20	the	the	DET
fsr-3443	170	21	reits	reits	NOUN
fsr-3443	170	22	allocation	allocation	NOUN
fsr-3443	170	23	quickly	quickly	ADV
fsr-3443	170	24	reaching	reach	VERB
fsr-3443	170	25	the	the	DET
fsr-3443	170	26	cap	cap	NOUN
fsr-3443	170	27	allocation	allocation	NOUN
fsr-3443	170	28	of	of	ADP
fsr-3443	170	29	20	20	NUM
fsr-3443	170	30	%	%	NOUN
fsr-3443	170	31	.	.	PUNCT
fsr-3443	171	1	with	with	ADP
fsr-3443	171	2	95	95	NUM
fsr-3443	171	3	%	%	NOUN
fsr-3443	171	4	or	or	CCONJ
fsr-3443	171	5	more	more	ADJ
fsr-3443	171	6	benchmark	benchmark	ADJ
fsr-3443	171	7	allocation	allocation	NOUN
fsr-3443	171	8	to	to	ADP
fsr-3443	171	9	stocks	stock	NOUN
fsr-3443	171	10	(	(	PUNCT
fsr-3443	171	11	i.e.	i.e.	X
fsr-3443	171	12	,	,	PUNCT
fsr-3443	171	13	the	the	DET
fsr-3443	171	14	least	least	ADJ
fsr-3443	171	15	risk	risk	NOUN
fsr-3443	171	16	-	-	PUNCT
fsr-3443	171	17	averse	averse	ADJ
fsr-3443	171	18	investors	investor	NOUN
fsr-3443	171	19	)	)	PUNCT
fsr-3443	171	20	,	,	PUNCT
fsr-3443	171	21	the	the	DET
fsr-3443	171	22	new	new	ADJ
fsr-3443	171	23	portfolio	portfolio	NOUN
fsr-3443	171	24	weights	weight	NOUN
fsr-3443	171	25	include	include	VERB
fsr-3443	171	26	a	a	DET
fsr-3443	171	27	20	20	NUM
fsr-3443	171	28	%	%	NOUN
fsr-3443	171	29	allocation	allocation	NOUN
fsr-3443	171	30	to	to	ADP
fsr-3443	171	31	reits	reit	NOUN
fsr-3443	171	32	with	with	ADP
fsr-3443	171	33	no	no	DET
fsr-3443	171	34	bonds	bond	NOUN
fsr-3443	171	35	allocation	allocation	NOUN
fsr-3443	171	36	.	.	PUNCT
fsr-3443	172	1	also	also	ADV
fsr-3443	172	2	,	,	PUNCT
fsr-3443	172	3	all	all	DET
fsr-3443	172	4	benchmark	benchmark	ADJ
fsr-3443	172	5	stock	stock	NOUN
fsr-3443	172	6	allocations	allocation	NOUN
fsr-3443	172	7	between	between	ADP
fsr-3443	172	8	55	55	NUM
fsr-3443	172	9	%	%	NOUN
fsr-3443	172	10	and	and	CCONJ
fsr-3443	172	11	90	90	NUM
fsr-3443	172	12	%	%	NOUN
fsr-3443	172	13	result	result	NOUN
fsr-3443	172	14	in	in	ADP
fsr-3443	172	15	a	a	DET
fsr-3443	172	16	new	new	ADJ
fsr-3443	172	17	allocation	allocation	NOUN
fsr-3443	172	18	of	of	ADP
fsr-3443	172	19	20	20	NUM
fsr-3443	172	20	%	%	NOUN
fsr-3443	172	21	in	in	ADP
fsr-3443	172	22	reits	reit	NOUN
fsr-3443	172	23	with	with	ADP
fsr-3443	172	24	a	a	DET
fsr-3443	172	25	reduction	reduction	NOUN
fsr-3443	172	26	in	in	ADP
fsr-3443	172	27	benchmark	benchmark	ADJ
fsr-3443	172	28	stock	stock	NOUN
fsr-3443	172	29	allocation	allocation	NOUN
fsr-3443	172	30	of	of	ADP
fsr-3443	172	31	about	about	ADV
fsr-3443	172	32	15	15	NUM
fsr-3443	172	33	%	%	NOUN
fsr-3443	172	34	and	and	CCONJ
fsr-3443	172	35	a	a	DET
fsr-3443	172	36	decrease	decrease	NOUN
fsr-3443	172	37	in	in	ADP
fsr-3443	172	38	the	the	DET
fsr-3443	172	39	bond	bond	NOUN
fsr-3443	172	40	allocation	allocation	NOUN
fsr-3443	172	41	of	of	ADP
fsr-3443	172	42	about	about	ADV
fsr-3443	172	43	5	5	NUM
fsr-3443	172	44	%	%	NOUN
fsr-3443	172	45	.	.	PUNCT
fsr-3443	173	1	any	any	DET
fsr-3443	173	2	benchmark	benchmark	ADJ
fsr-3443	173	3	stock	stock	NOUN
fsr-3443	173	4	allocation	allocation	NOUN
fsr-3443	173	5	below	below	ADP
fsr-3443	173	6	55	55	NUM
fsr-3443	173	7	%	%	NOUN
fsr-3443	173	8	leads	lead	VERB
fsr-3443	173	9	to	to	ADP
fsr-3443	173	10	a	a	DET
fsr-3443	173	11	new	new	ADJ
fsr-3443	173	12	portfolio	portfolio	NOUN
fsr-3443	173	13	weight	weight	NOUN
fsr-3443	173	14	in	in	ADP
fsr-3443	173	15	reits	reit	NOUN
fsr-3443	173	16	of	of	ADP
fsr-3443	173	17	less	less	ADJ
fsr-3443	173	18	than	than	ADP
fsr-3443	173	19	the	the	DET
fsr-3443	173	20	cap	cap	NOUN
fsr-3443	173	21	of	of	ADP
fsr-3443	173	22	20	20	NUM
fsr-3443	173	23	%	%	NOUN
fsr-3443	173	24	and	and	CCONJ
fsr-3443	173	25	varying	vary	VERB
fsr-3443	173	26	decreases	decrease	NOUN
fsr-3443	173	27	in	in	ADP
fsr-3443	173	28	stock	stock	NOUN
fsr-3443	173	29	and	and	CCONJ
fsr-3443	173	30	bond	bond	NOUN
fsr-3443	173	31	allocations	allocation	NOUN
fsr-3443	173	32	.	.	PUNCT
fsr-3443	174	1	we	we	PRON
fsr-3443	174	2	also	also	ADV
fsr-3443	174	3	extend	extend	VERB
fsr-3443	174	4	the	the	DET
fsr-3443	174	5	analysis	analysis	NOUN
fsr-3443	174	6	by	by	ADP
fsr-3443	174	7	raising	raise	VERB
fsr-3443	174	8	the	the	DET
fsr-3443	174	9	maximum	maximum	ADJ
fsr-3443	174	10	reits	reits	NOUN
fsr-3443	174	11	allocation	allocation	NOUN
fsr-3443	174	12	from	from	ADP
fsr-3443	174	13	20	20	NUM
fsr-3443	174	14	%	%	NOUN
fsr-3443	174	15	to	to	PART
fsr-3443	174	16	50	50	NUM
fsr-3443	174	17	%	%	NOUN
fsr-3443	174	18	and	and	CCONJ
fsr-3443	174	19	80	80	NUM
fsr-3443	174	20	%	%	NOUN
fsr-3443	174	21	.	.	PUNCT
fsr-3443	175	1	these	these	DET
fsr-3443	175	2	tests	test	NOUN
fsr-3443	175	3	generate	generate	VERB
fsr-3443	175	4	similar	similar	ADJ
fsr-3443	175	5	conclusions	conclusion	NOUN
fsr-3443	175	6	.	.	PUNCT
fsr-3443	176	1	4	4	X
fsr-3443	176	2	.	.	X
fsr-3443	176	3	conclusion	conclusion	NOUN
fsr-3443	176	4	this	this	DET
fsr-3443	176	5	study	study	NOUN
fsr-3443	176	6	examines	examine	VERB
fsr-3443	176	7	how	how	SCONJ
fsr-3443	176	8	reits	reit	NOUN
fsr-3443	176	9	could	could	AUX
fsr-3443	176	10	benefit	benefit	VERB
fsr-3443	176	11	a	a	DET
fsr-3443	176	12	traditional	traditional	ADJ
fsr-3443	176	13	investment	investment	NOUN
fsr-3443	176	14	approach	approach	NOUN
fsr-3443	176	15	that	that	PRON
fsr-3443	176	16	relies	rely	VERB
fsr-3443	176	17	on	on	ADP
fsr-3443	176	18	allocation	allocation	NOUN
fsr-3443	176	19	between	between	ADP
fsr-3443	176	20	stocks	stock	NOUN
fsr-3443	176	21	and	and	CCONJ
fsr-3443	176	22	bonds	bond	NOUN
fsr-3443	176	23	.	.	PUNCT
fsr-3443	177	1	we	we	PRON
fsr-3443	177	2	derive	derive	VERB
fsr-3443	177	3	the	the	DET
fsr-3443	177	4	investors	investor	NOUN
fsr-3443	177	5	’	’	PART
fsr-3443	177	6	risk	risk	NOUN
fsr-3443	177	7	preferences	preference	NOUN
fsr-3443	177	8	from	from	ADP
fsr-3443	177	9	their	their	PRON
fsr-3443	177	10	existing	exist	VERB
fsr-3443	177	11	allocations	allocation	NOUN
fsr-3443	177	12	between	between	ADP
fsr-3443	177	13	stocks	stock	NOUN
fsr-3443	177	14	and	and	CCONJ
fsr-3443	177	15	bonds	bond	NOUN
fsr-3443	177	16	.	.	PUNCT
fsr-3443	178	1	the	the	DET
fsr-3443	178	2	risk	risk	NOUN
fsr-3443	178	3	preferences	preference	NOUN
fsr-3443	178	4	are	be	AUX
fsr-3443	178	5	used	use	VERB
fsr-3443	178	6	in	in	ADP
fsr-3443	178	7	the	the	DET
fsr-3443	178	8	portfolio	portfolio	NOUN
fsr-3443	178	9	choice	choice	NOUN
fsr-3443	178	10	of	of	ADP
fsr-3443	178	11	adding	add	VERB
fsr-3443	178	12	reits	reit	NOUN
fsr-3443	178	13	.	.	PUNCT
fsr-3443	179	1	we	we	PRON
fsr-3443	179	2	compare	compare	VERB
fsr-3443	179	3	the	the	DET
fsr-3443	179	4	original	original	ADJ
fsr-3443	179	5	portfolio	portfolio	NOUN
fsr-3443	179	6	with	with	ADP
fsr-3443	179	7	the	the	DET
fsr-3443	179	8	new	new	ADJ
fsr-3443	179	9	one	one	NOUN
fsr-3443	179	10	to	to	PART
fsr-3443	179	11	evaluate	evaluate	VERB
fsr-3443	179	12	the	the	DET
fsr-3443	179	13	benefit	benefit	NOUN
fsr-3443	179	14	of	of	ADP
fsr-3443	179	15	reits	reit	NOUN
fsr-3443	179	16	across	across	ADP
fsr-3443	179	17	investors	investor	NOUN
fsr-3443	179	18	with	with	ADP
fsr-3443	179	19	varying	vary	VERB
fsr-3443	179	20	risk	risk	NOUN
fsr-3443	179	21	preferences	preference	NOUN
fsr-3443	179	22	.	.	PUNCT
fsr-3443	180	1	the	the	DET
fsr-3443	180	2	results	result	NOUN
fsr-3443	180	3	show	show	VERB
fsr-3443	180	4	that	that	SCONJ
fsr-3443	180	5	investors	investor	NOUN
fsr-3443	180	6	with	with	ADP
fsr-3443	180	7	lower	low	ADJ
fsr-3443	180	8	risk	risk	NOUN
fsr-3443	180	9	aversion	aversion	NOUN
fsr-3443	180	10	obtain	obtain	VERB
fsr-3443	180	11	more	more	ADJ
fsr-3443	180	12	benefit	benefit	NOUN
fsr-3443	180	13	from	from	ADP
fsr-3443	180	14	the	the	DET
fsr-3443	180	15	inclusion	inclusion	NOUN
fsr-3443	180	16	of	of	ADP
fsr-3443	180	17	reit	reit	PROPN
fsr-3443	180	18	into	into	ADP
fsr-3443	180	19	their	their	PRON
fsr-3443	180	20	traditional	traditional	ADJ
fsr-3443	180	21	portfolio	portfolio	NOUN
fsr-3443	180	22	of	of	ADP
fsr-3443	180	23	stocks	stock	NOUN
fsr-3443	180	24	and	and	CCONJ
fsr-3443	180	25	bonds	bond	NOUN
fsr-3443	180	26	.	.	PUNCT
fsr-3443	181	1	this	this	DET
fsr-3443	181	2	study	study	NOUN
fsr-3443	181	3	highlights	highlight	VERB
fsr-3443	181	4	the	the	DET
fsr-3443	181	5	role	role	NOUN
fsr-3443	181	6	of	of	ADP
fsr-3443	181	7	risk	risk	NOUN
fsr-3443	181	8	preference	preference	NOUN
fsr-3443	181	9	in	in	ADP
fsr-3443	181	10	portfolio	portfolio	NOUN
fsr-3443	181	11	construction	construction	NOUN
fsr-3443	181	12	and	and	CCONJ
fsr-3443	181	13	provides	provide	VERB
fsr-3443	181	14	an	an	DET
fsr-3443	181	15	intuitive	intuitive	ADJ
fsr-3443	181	16	and	and	CCONJ
fsr-3443	181	17	practical	practical	ADJ
fsr-3443	181	18	approach	approach	NOUN
fsr-3443	181	19	to	to	PART
fsr-3443	181	20	evaluate	evaluate	VERB
fsr-3443	181	21	the	the	DET
fsr-3443	181	22	value	value	NOUN
fsr-3443	181	23	of	of	ADP
fsr-3443	181	24	other	other	ADJ
fsr-3443	181	25	alternative	alternative	ADJ
fsr-3443	181	26	assets	asset	NOUN
fsr-3443	181	27	.	.	PUNCT
fsr-3443	182	1	64	64	NUM
fsr-3443	182	2	w.	w.	PROPN
fsr-3443	182	3	feng	feng	PROPN
fsr-3443	182	4	et	et	PROPN
fsr-3443	182	5	al	al	PROPN
fsr-3443	182	6	.	.	PUNCT
fsr-3443	182	7	/	/	SYM
fsr-3443	182	8	financial	financial	ADJ
fsr-3443	182	9	services	service	NOUN
fsr-3443	182	10	review	review	VERB
fsr-3443	182	11	29	29	NUM
fsr-3443	182	12	(	(	PUNCT
fsr-3443	182	13	2021	2021	NUM
fsr-3443	182	14	)	)	PUNCT
fsr-3443	182	15	55–66	55–66	NUM
fsr-3443	182	16	t	t	NOUN
fsr-3443	182	17	ab	ab	PROPN
fsr-3443	182	18	le	le	PROPN
fsr-3443	182	19	2	2	NUM
fsr-3443	182	20	p	p	NOUN
fsr-3443	183	1	o	o	X
fsr-3443	184	1	rt	rt	INTJ
fsr-3443	185	1	fo	fo	INTJ
fsr-3443	185	2	li	li	PROPN
fsr-3443	185	3	o	o	PROPN
fsr-3443	185	4	st	st	PROPN
fsr-3443	185	5	at	at	ADP
fsr-3443	185	6	is	be	AUX
fsr-3443	185	7	ti	ti	X
fsr-3443	185	8	cs	cs	ADJ
fsr-3443	185	9	fr	fr	INTJ
fsr-3443	185	10	o	o	X
fsr-3443	185	11	m	m	VERB
fsr-3443	185	12	in	in	ADP
fsr-3443	185	13	cl	cl	NOUN
fsr-3443	185	14	u	u	NOUN
fsr-3443	186	1	d	d	NOUN
fsr-3443	186	2	in	in	ADP
fsr-3443	186	3	g	g	NOUN
fsr-3443	186	4	r	r	NOUN
fsr-3443	186	5	e	e	NOUN
fsr-3443	186	6	it	it	PRON
fsr-3443	186	7	s	s	VERB
fsr-3443	186	8	(	(	PUNCT
fsr-3443	186	9	c	c	NOUN
fsr-3443	186	10	ap	ap	PROPN
fsr-3443	186	11	p	p	PROPN
fsr-3443	186	12	ed	ed	NOUN
fsr-3443	186	13	at	at	ADP
fsr-3443	186	14	2	2	NUM
fsr-3443	186	15	0	0	NUM
fsr-3443	186	16	%	%	NOUN
fsr-3443	186	17	)	)	PUNCT
fsr-3443	186	18	b	b	PROPN
fsr-3443	186	19	en	en	ADP
fsr-3443	186	20	ch	ch	PROPN
fsr-3443	186	21	m	m	PROPN
fsr-3443	186	22	ar	ar	PROPN
fsr-3443	187	1	k	k	PROPN
fsr-3443	187	2	p	p	X
fsr-3443	188	1	o	o	X
fsr-3443	188	2	rt	rt	INTJ
fsr-3443	188	3	fo	fo	INTJ
fsr-3443	188	4	li	li	PROPN
fsr-3443	188	5	o	o	PROPN
fsr-3443	189	1	n	n	CCONJ
fsr-3443	190	1	ew	ew	INTJ
fsr-3443	190	2	p	p	X
fsr-3443	190	3	o	o	X
fsr-3443	190	4	rt	rt	INTJ
fsr-3443	190	5	fo	fo	INTJ
fsr-3443	190	6	li	li	PROPN
fsr-3443	191	1	o	o	NOUN
fsr-3443	191	2	r	r	NOUN
fsr-3443	191	3	is	be	AUX
fsr-3443	191	4	k	k	PROPN
fsr-3443	191	5	p	p	PROPN
fsr-3443	191	6	ar	ar	PROPN
fsr-3443	191	7	am	be	AUX
fsr-3443	191	8	et	et	NOUN
fsr-3443	191	9	er	er	INTJ
fsr-3443	191	10	n	n	CCONJ
fsr-3443	192	1	ew	ew	INTJ
fsr-3443	192	2	p	p	X
fsr-3443	192	3	o	o	X
fsr-3443	192	4	rt	rt	INTJ
fsr-3443	192	5	fo	fo	INTJ
fsr-3443	192	6	li	li	PROPN
fsr-3443	193	1	o	o	X
fsr-3443	193	2	w	w	PROPN
fsr-3443	193	3	ei	ei	X
fsr-3443	193	4	g	g	PROPN
fsr-3443	193	5	h	h	PROPN
fsr-3443	193	6	t	t	PROPN
fsr-3443	193	7	b	b	PROPN
fsr-3443	193	8	en	en	PROPN
fsr-3443	193	9	ch	ch	PROPN
fsr-3443	193	10	m	m	PROPN
fsr-3443	193	11	ar	ar	PROPN
fsr-3443	193	12	k	k	PROPN
fsr-3443	193	13	u	u	PROPN
fsr-3443	193	14	ti	ti	X
fsr-3443	193	15	li	li	PROPN
fsr-3443	193	16	ty	ty	INTJ
fsr-3443	193	17	n	n	PROPN
fsr-3443	193	18	ew	ew	INTJ
fsr-3443	193	19	u	u	NOUN
fsr-3443	193	20	ti	ti	X
fsr-3443	193	21	li	li	NOUN
fsr-3443	193	22	ty	ty	INTJ
fsr-3443	193	23	c	c	PROPN
fsr-3443	193	24	h	h	NOUN
fsr-3443	193	25	an	an	DET
fsr-3443	193	26	g	g	NOUN
fsr-3443	193	27	e	e	NOUN
fsr-3443	193	28	in	in	ADP
fsr-3443	193	29	u	u	NOUN
fsr-3443	193	30	ti	ti	NOUN
fsr-3443	193	31	li	li	NOUN
fsr-3443	193	32	ty	ty	INTJ
fsr-3443	193	33	w	w	PROPN
fsr-3443	193	34	g	g	PROPN
fsr-3443	193	35	t.	t.	PROPN
fsr-3443	193	36	st	st	PROPN
fsr-3443	194	1	o	o	INTJ
fsr-3443	194	2	ck	ck	INTJ
fsr-3443	194	3	av	av	PROPN
fsr-3443	194	4	g	g	PROPN
fsr-3443	194	5	1	1	NUM
fsr-3443	194	6	st	st	PROPN
fsr-3443	194	7	d	d	PROPN
fsr-3443	194	8	1	1	NUM
fsr-3443	194	9	av	av	PROPN
fsr-3443	194	10	g	g	PROPN
fsr-3443	194	11	2	2	NUM
fsr-3443	194	12	st	st	PROPN
fsr-3443	194	13	d	d	PROPN
fsr-3443	194	14	2	2	NUM
fsr-3443	194	15	th	th	NUM
fsr-3443	194	16	et	et	NOUN
fsr-3443	194	17	a	a	DET
fsr-3443	194	18	s	s	NOUN
fsr-3443	194	19	to	to	ADP
fsr-3443	194	20	ck	ck	PROPN
fsr-3443	195	1	b	b	PROPN
fsr-3443	195	2	o	o	X
fsr-3443	196	1	n	n	NOUN
fsr-3443	196	2	d	d	NOUN
fsr-3443	196	3	r	r	NOUN
fsr-3443	197	1	e	e	X
fsr-3443	197	2	it	it	PRON
fsr-3443	197	3	tu	tu	PROPN
fsr-3443	197	4	1	1	NUM
fsr-3443	197	5	tu	tu	PROPN
fsr-3443	197	6	2	2	NUM
fsr-3443	197	7	tu	tu	X
fsr-3443	197	8	.c	.c	PROPN
fsr-3443	198	1	h	h	NOUN
fsr-3443	199	1	g	g	NOUN
fsr-3443	199	2	3	3	NUM
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fsr-3443	229	20	3	3	NUM
fsr-3443	229	21	9	9	NUM
fsr-3443	229	22	3	3	NUM
fsr-3443	229	23	9	9	NUM
fsr-3443	229	24	1	1	NUM
fsr-3443	229	25	.3	.3	NUM
fsr-3443	229	26	4	4	NUM
fsr-3443	229	27	3	3	NUM
fsr-3443	229	28	8	8	NUM
fsr-3443	229	29	0	0	NUM
fsr-3443	229	30	0	0	NUM
fsr-3443	229	31	.8	.8	NUM
fsr-3443	229	32	0	0	NUM
fsr-3443	229	33	0	0	NUM
fsr-3443	229	34	0	0	NUM
fsr-3443	229	35	0	0	NUM
fsr-3443	229	36	0	0	NUM
fsr-3443	230	1	.0	.0	NUM
fsr-3443	230	2	0	0	NUM
fsr-3443	230	3	0	0	NUM
fsr-3443	230	4	0	0	NUM
fsr-3443	230	5	0	0	NUM
fsr-3443	230	6	0	0	NUM
fsr-3443	231	1	.2	.2	NUM
fsr-3443	231	2	0	0	NUM
fsr-3443	231	3	0	0	NUM
fsr-3443	231	4	0	0	NUM
fsr-3443	231	5	0	0	NUM
fsr-3443	231	6	0	0	NUM
fsr-3443	231	7	.0	.0	NUM
fsr-3443	231	8	0	0	NUM
fsr-3443	231	9	7	7	NUM
fsr-3443	231	10	6	6	NUM
fsr-3443	231	11	3	3	NUM
fsr-3443	231	12	0	0	NUM
fsr-3443	231	13	.0	.0	NUM
fsr-3443	231	14	0	0	NUM
fsr-3443	231	15	7	7	NUM
fsr-3443	231	16	9	9	NUM
fsr-3443	231	17	5	5	NUM
fsr-3443	231	18	0	0	NUM
fsr-3443	231	19	.0	.0	NUM
fsr-3443	231	20	0	0	NUM
fsr-3443	231	21	0	0	NUM
fsr-3443	231	22	3	3	NUM
fsr-3443	231	23	1	1	NUM
fsr-3443	231	24	n	n	NUM
fsr-3443	231	25	o	o	NOUN
fsr-3443	231	26	te	te	X
fsr-3443	231	27	:	:	PUNCT
fsr-3443	231	28	in	in	ADP
fsr-3443	231	29	t	t	PROPN
fsr-3443	231	30	ab	ab	PROPN
fsr-3443	231	31	le	le	X
fsr-3443	231	32	2	2	NUM
fsr-3443	231	33	,	,	PUNCT
fsr-3443	231	34	th	th	X
fsr-3443	231	35	e	e	X
fsr-3443	231	36	b	b	PROPN
fsr-3443	231	37	en	en	PROPN
fsr-3443	231	38	ch	ch	PROPN
fsr-3443	231	39	m	m	PROPN
fsr-3443	231	40	ar	ar	PROPN
fsr-3443	232	1	k	k	PROPN
fsr-3443	232	2	p	p	X
fsr-3443	233	1	o	o	X
fsr-3443	233	2	rt	rt	INTJ
fsr-3443	233	3	fo	fo	INTJ
fsr-3443	233	4	li	li	PROPN
fsr-3443	234	1	o	o	PROPN
fsr-3443	234	2	s	s	PROPN
fsr-3443	234	3	ar	ar	PROPN
fsr-3443	234	4	e	e	PROPN
fsr-3443	234	5	co	co	PROPN
fsr-3443	234	6	n	n	PROPN
fsr-3443	234	7	st	st	PROPN
fsr-3443	234	8	ru	ru	PROPN
fsr-3443	234	9	ct	ct	PROPN
fsr-3443	234	10	ed	ed	PROPN
fsr-3443	234	11	b	b	PROPN
fsr-3443	234	12	et	et	PROPN
fsr-3443	234	13	w	w	PROPN
fsr-3443	234	14	ee	ee	PROPN
fsr-3443	234	15	n	n	PROPN
fsr-3443	234	16	st	st	PROPN
fsr-3443	235	1	o	o	X
fsr-3443	235	2	ck	ck	INTJ
fsr-3443	235	3	an	an	DET
fsr-3443	235	4	d	d	X
fsr-3443	235	5	b	b	PROPN
fsr-3443	235	6	o	o	X
fsr-3443	235	7	n	n	ADP
fsr-3443	235	8	d	d	NOUN
fsr-3443	235	9	at	at	ADP
fsr-3443	235	10	d	d	PROPN
fsr-3443	235	11	es	es	ADP
fsr-3443	235	12	ig	ig	PROPN
fsr-3443	235	13	n	n	PROPN
fsr-3443	235	14	at	at	ADP
fsr-3443	235	15	ed	ed	PROPN
fsr-3443	235	16	w	w	PROPN
fsr-3443	235	17	ei	ei	PROPN
fsr-3443	235	18	g	g	PROPN
fsr-3443	235	19	h	h	PROPN
fsr-3443	235	20	t.	t.	PROPN
fsr-3443	235	21	t	t	PROPN
fsr-3443	235	22	h	h	NOUN
fsr-3443	235	23	e	e	X
fsr-3443	235	24	ri	ri	NOUN
fsr-3443	235	25	sk	sk	PROPN
fsr-3443	235	26	p	p	PROPN
fsr-3443	235	27	re	re	X
fsr-3443	235	28	fe	fe	X
fsr-3443	235	29	re	re	X
fsr-3443	235	30	n	n	X
fsr-3443	235	31	ce	ce	PROPN
fsr-3443	235	32	s	s	PART
fsr-3443	235	33	o	o	X
fsr-3443	235	34	f	f	X
fsr-3443	235	35	th	th	X
fsr-3443	235	36	e	e	NOUN
fsr-3443	235	37	in	in	ADP
fsr-3443	235	38	v	v	NUM
fsr-3443	235	39	es	es	ADP
fsr-3443	235	40	to	to	ADP
fsr-3443	235	41	rs	rs	PROPN
fsr-3443	235	42	ar	ar	PROPN
fsr-3443	235	43	e	e	PROPN
fsr-3443	235	44	re	re	ADP
fsr-3443	235	45	fl	fl	PROPN
fsr-3443	235	46	ec	ec	PROPN
fsr-3443	235	47	te	te	PROPN
fsr-3443	235	48	d	d	PROPN
fsr-3443	235	49	b	b	X
fsr-3443	235	50	y	y	X
fsr-3443	235	51	th	th	X
fsr-3443	235	52	ei	ei	NOUN
fsr-3443	235	53	r	r	NOUN
fsr-3443	235	54	ch	ch	NOUN
fsr-3443	235	55	o	o	X
fsr-3443	235	56	ic	ic	X
fsr-3443	235	57	e	e	X
fsr-3443	235	58	o	o	NOUN
fsr-3443	235	59	f	f	PROPN
fsr-3443	235	60	b	b	PROPN
fsr-3443	235	61	en	en	PROPN
fsr-3443	235	62	ch	ch	PROPN
fsr-3443	235	63	m	m	PROPN
fsr-3443	235	64	ar	ar	PROPN
fsr-3443	236	1	k	k	PROPN
fsr-3443	236	2	p	p	X
fsr-3443	237	1	o	o	X
fsr-3443	237	2	rt	rt	INTJ
fsr-3443	237	3	fo	fo	INTJ
fsr-3443	237	4	li	li	PROPN
fsr-3443	238	1	o	o	PROPN
fsr-3443	238	2	s	s	X
fsr-3443	238	3	u	u	NOUN
fsr-3443	238	4	si	si	X
fsr-3443	238	5	n	n	ADV
fsr-3443	238	6	g	g	NOUN
fsr-3443	238	7	th	th	X
fsr-3443	238	8	e	e	X
fsr-3443	238	9	u	u	X
fsr-3443	238	10	ti	ti	PROPN
fsr-3443	238	11	li	li	PROPN
fsr-3443	238	12	ty	ty	PROPN
fsr-3443	238	13	fu	fu	PROPN
fsr-3443	238	14	n	n	CCONJ
fsr-3443	238	15	ct	ct	PROPN
fsr-3443	238	16	io	io	PROPN
fsr-3443	238	17	n	n	PROPN
fsr-3443	238	18	u	u	NOUN
fsr-3443	238	19	=	=	PROPN
fsr-3443	238	20	m	m	PROPN
fsr-3443	238	21	–	–	PUNCT
fsr-3443	238	22	0	0	NUM
fsr-3443	238	23	.5	.5	NUM
fsr-3443	238	24	u	u	NOUN
fsr-3443	238	25	s	s	PART
fsr-3443	238	26	2	2	NUM
fsr-3443	238	27	.	.	PUNCT
fsr-3443	239	1	t	t	NOUN
fsr-3443	239	2	h	h	NOUN
fsr-3443	239	3	e	e	X
fsr-3443	239	4	ri	ri	PROPN
fsr-3443	239	5	sk	sk	PROPN
fsr-3443	239	6	p	p	PROPN
fsr-3443	239	7	ar	ar	PROPN
fsr-3443	239	8	am	be	AUX
fsr-3443	239	9	et	et	NOUN
fsr-3443	239	10	er	er	INTJ
fsr-3443	239	11	(	(	PUNCT
fsr-3443	239	12	u	u	NOUN
fsr-3443	239	13	)	)	PUNCT
fsr-3443	240	1	d	d	NOUN
fsr-3443	240	2	er	er	INTJ
fsr-3443	240	3	iv	iv	NUM
fsr-3443	240	4	ed	ed	NOUN
fsr-3443	241	1	fr	fr	INTJ
fsr-3443	241	2	o	o	INTJ
fsr-3443	241	3	m	m	VERB
fsr-3443	241	4	th	th	X
fsr-3443	241	5	e	e	X
fsr-3443	241	6	b	b	PROPN
fsr-3443	241	7	en	en	PROPN
fsr-3443	241	8	ch	ch	PROPN
fsr-3443	241	9	m	m	PROPN
fsr-3443	241	10	ar	ar	PROPN
fsr-3443	242	1	k	k	PROPN
fsr-3443	242	2	p	p	X
fsr-3443	243	1	o	o	X
fsr-3443	243	2	rt	rt	INTJ
fsr-3443	243	3	fo	fo	INTJ
fsr-3443	243	4	li	li	PROPN
fsr-3443	244	1	o	o	X
fsr-3443	244	2	s	s	X
fsr-3443	244	3	is	be	AUX
fsr-3443	244	4	ex	ex	ADJ
fsr-3443	244	5	te	te	ADP
fsr-3443	244	6	n	n	PROPN
fsr-3443	244	7	d	d	PROPN
fsr-3443	244	8	ed	ed	NOUN
fsr-3443	244	9	to	to	ADP
fsr-3443	244	10	th	th	X
fsr-3443	244	11	e	e	X
fsr-3443	244	12	co	co	X
fsr-3443	244	13	n	n	PROPN
fsr-3443	244	14	st	st	PROPN
fsr-3443	244	15	ru	ru	PROPN
fsr-3443	244	16	ct	ct	PROPN
fsr-3443	244	17	io	io	PROPN
fsr-3443	244	18	n	n	PROPN
fsr-3443	244	19	o	o	X
fsr-3443	244	20	f	f	NOUN
fsr-3443	245	1	n	n	INTJ
fsr-3443	246	1	ew	ew	INTJ
fsr-3443	246	2	p	p	X
fsr-3443	246	3	o	o	X
fsr-3443	246	4	rt	rt	INTJ
fsr-3443	246	5	fo	fo	INTJ
fsr-3443	246	6	li	li	PROPN
fsr-3443	246	7	o	o	PROPN
fsr-3443	246	8	co	co	X
fsr-3443	246	9	n	n	PROPN
fsr-3443	246	10	st	st	PROPN
fsr-3443	246	11	ru	ru	PROPN
fsr-3443	246	12	ct	ct	PROPN
fsr-3443	246	13	ed	ed	PROPN
fsr-3443	247	1	w	w	ADP
fsr-3443	247	2	it	it	PRON
fsr-3443	248	1	h	h	NOUN
fsr-3443	248	2	st	st	PROPN
fsr-3443	249	1	o	o	INTJ
fsr-3443	249	2	ck	ck	INTJ
fsr-3443	249	3	,	,	PUNCT
fsr-3443	249	4	b	b	NOUN
fsr-3443	249	5	o	o	X
fsr-3443	249	6	n	n	PROPN
fsr-3443	249	7	d	d	NOUN
fsr-3443	249	8	,	,	PUNCT
fsr-3443	249	9	an	an	DET
fsr-3443	249	10	d	d	NOUN
fsr-3443	249	11	r	r	NOUN
fsr-3443	249	12	e	e	NOUN
fsr-3443	249	13	it	it	PRON
fsr-3443	249	14	s.	s.	PROPN
fsr-3443	249	15	t	t	PROPN
fsr-3443	250	1	h	h	NOUN
fsr-3443	250	2	e	e	X
fsr-3443	250	3	u	u	NOUN
fsr-3443	250	4	ti	ti	X
fsr-3443	250	5	li	li	X
fsr-3443	250	6	ti	ti	NOUN
fsr-3443	250	7	es	es	NOUN
fsr-3443	250	8	fo	fo	ADP
fsr-3443	250	9	r	r	PROPN
fsr-3443	250	10	b	b	PROPN
fsr-3443	250	11	o	o	X
fsr-3443	250	12	th	th	X
fsr-3443	250	13	th	th	X
fsr-3443	250	14	e	e	X
fsr-3443	250	15	ex	ex	X
fsr-3443	250	16	is	be	AUX
fsr-3443	250	17	ti	ti	X
fsr-3443	250	18	n	n	CCONJ
fsr-3443	250	19	g	g	PROPN
fsr-3443	250	20	b	b	PROPN
fsr-3443	250	21	en	en	PROPN
fsr-3443	250	22	ch	ch	PROPN
fsr-3443	250	23	m	m	PROPN
fsr-3443	250	24	ar	ar	PROPN
fsr-3443	250	25	k	k	PROPN
fsr-3443	251	1	an	an	PROPN
fsr-3443	251	2	d	d	NOUN
fsr-3443	251	3	n	n	NOUN
fsr-3443	251	4	ew	ew	NOUN
fsr-3443	251	5	p	p	X
fsr-3443	251	6	o	o	X
fsr-3443	251	7	rt	rt	INTJ
fsr-3443	251	8	fo	fo	INTJ
fsr-3443	251	9	li	li	PROPN
fsr-3443	252	1	o	o	PROPN
fsr-3443	252	2	s	s	PROPN
fsr-3443	252	3	ar	ar	PROPN
fsr-3443	252	4	e	e	PROPN
fsr-3443	252	5	ca	can	AUX
fsr-3443	252	6	lc	lc	VERB
fsr-3443	252	7	u	u	PROPN
fsr-3443	252	8	la	la	X
fsr-3443	252	9	te	te	PROPN
fsr-3443	252	10	d	d	X
fsr-3443	252	11	fo	fo	INTJ
fsr-3443	252	12	r	r	NOUN
fsr-3443	252	13	co	co	NOUN
fsr-3443	252	14	m	m	PROPN
fsr-3443	252	15	p	p	PROPN
fsr-3443	252	16	ar	ar	PROPN
fsr-3443	252	17	is	be	AUX
fsr-3443	252	18	o	o	NOUN
fsr-3443	252	19	n	n	NOUN
fsr-3443	252	20	.	.	PUNCT
fsr-3443	253	1	w.	w.	PROPN
fsr-3443	253	2	feng	feng	PROPN
fsr-3443	253	3	et	et	PROPN
fsr-3443	253	4	al	al	PROPN
fsr-3443	253	5	.	.	PUNCT
fsr-3443	253	6	/	/	SYM
fsr-3443	253	7	financial	financial	ADJ
fsr-3443	253	8	services	service	NOUN
fsr-3443	253	9	review	review	VERB
fsr-3443	253	10	29	29	NUM
fsr-3443	253	11	(	(	PUNCT
fsr-3443	253	12	2021	2021	NUM
fsr-3443	253	13	)	)	PUNCT
fsr-3443	253	14	55–66	55–66	NUM
fsr-3443	253	15	65	65	NUM
fsr-3443	253	16	note	note	NOUN
fsr-3443	253	17	1	1	NUM
fsr-3443	253	18	the	the	DET
fsr-3443	253	19	s&p	s&p	PROPN
fsr-3443	253	20	500	500	NUM
fsr-3443	253	21	included	include	VERB
fsr-3443	253	22	31	31	NUM
fsr-3443	253	23	reits	reit	NOUN
fsr-3443	253	24	as	as	ADP
fsr-3443	253	25	of	of	ADP
fsr-3443	253	26	february	february	PROPN
fsr-3443	253	27	2020	2020	NUM
fsr-3443	253	28	.	.	PUNCT
fsr-3443	254	1	see	see	VERB
fsr-3443	254	2	https://www.reit.com/	https://www.reit.com/	PROPN
fsr-3443	254	3	data	data	NOUN
fsr-3443	254	4	-	-	PUNCT
fsr-3443	254	5	research	research	NOUN
fsr-3443	254	6	/	/	SYM
fsr-3443	254	7	reit	reit	NOUN
fsr-3443	254	8	-	-	PUNCT
fsr-3443	254	9	indexes	index	NOUN
fsr-3443	254	10	/	/	SYM
fsr-3443	254	11	reits	reit	NOUN
fsr-3443	254	12	-	-	PUNCT
fsr-3443	254	13	sp	sp	NOUN
fsr-3443	254	14	-	-	PUNCT
fsr-3443	254	15	indexes	index	NOUN
fsr-3443	254	16	for	for	ADP
fsr-3443	254	17	more	more	ADJ
fsr-3443	254	18	information	information	NOUN
fsr-3443	254	19	.	.	PUNCT
fsr-3443	255	1	references	reference	NOUN
fsr-3443	255	2	anderson	anderson	PROPN
fsr-3443	255	3	,	,	PUNCT
fsr-3443	255	4	r.	r.	PROPN
fsr-3443	255	5	,	,	PUNCT
fsr-3443	255	6	&	&	CCONJ
fsr-3443	255	7	springer	springer	NOUN
fsr-3443	255	8	,	,	PUNCT
fsr-3443	255	9	t.	t.	PROPN
fsr-3443	255	10	(	(	PUNCT
fsr-3443	255	11	2003	2003	NUM
fsr-3443	255	12	)	)	PUNCT
fsr-3443	255	13	.	.	PUNCT
fsr-3443	256	1	reit	reit	PROPN
fsr-3443	256	2	selection	selection	NOUN
fsr-3443	256	3	and	and	CCONJ
fsr-3443	256	4	portfolio	portfolio	NOUN
fsr-3443	256	5	construction	construction	NOUN
fsr-3443	256	6	:	:	PUNCT
fsr-3443	256	7	using	use	VERB
fsr-3443	256	8	operating	operating	NOUN
fsr-3443	256	9	efficiency	efficiency	NOUN
fsr-3443	256	10	as	as	ADP
fsr-3443	256	11	an	an	DET
fsr-3443	256	12	indicator	indicator	NOUN
fsr-3443	256	13	of	of	ADP
fsr-3443	256	14	performance	performance	NOUN
fsr-3443	256	15	.	.	PUNCT
fsr-3443	257	1	journal	journal	NOUN
fsr-3443	257	2	of	of	ADP
fsr-3443	257	3	real	real	ADJ
fsr-3443	257	4	estate	estate	NOUN
fsr-3443	257	5	portfolio	portfolio	NOUN
fsr-3443	257	6	management	management	NOUN
fsr-3443	257	7	,	,	PUNCT
fsr-3443	257	8	9	9	NUM
fsr-3443	257	9	,	,	PUNCT
fsr-3443	257	10	17	17	NUM
fsr-3443	257	11	-	-	SYM
fsr-3443	257	12	28	28	NUM
fsr-3443	257	13	.	.	PUNCT
fsr-3443	258	1	bhuyan	bhuyan	PROPN
fsr-3443	258	2	,	,	PUNCT
fsr-3443	258	3	r.	r.	PROPN
fsr-3443	258	4	,	,	PUNCT
fsr-3443	258	5	kuhle	kuhle	PROPN
fsr-3443	258	6	,	,	PUNCT
fsr-3443	258	7	j.	j.	PROPN
fsr-3443	258	8	,	,	PUNCT
fsr-3443	258	9	ikromov	ikromov	PROPN
fsr-3443	258	10	,	,	PUNCT
fsr-3443	258	11	n.	n.	NOUN
fsr-3443	258	12	,	,	PUNCT
fsr-3443	258	13	&	&	CCONJ
fsr-3443	258	14	chiemeke	chiemeke	ADJ
fsr-3443	258	15	,	,	PUNCT
fsr-3443	258	16	c.	c.	PROPN
fsr-3443	258	17	(	(	PUNCT
fsr-3443	258	18	2014	2014	NUM
fsr-3443	258	19	)	)	PUNCT
fsr-3443	258	20	.	.	PUNCT
fsr-3443	259	1	optimal	optimal	ADJ
fsr-3443	259	2	portfolio	portfolio	NOUN
fsr-3443	259	3	allocation	allocation	NOUN
fsr-3443	259	4	among	among	ADP
fsr-3443	259	5	reits	reit	NOUN
fsr-3443	259	6	,	,	PUNCT
fsr-3443	259	7	stocks	stock	NOUN
fsr-3443	259	8	,	,	PUNCT
fsr-3443	259	9	and	and	CCONJ
fsr-3443	259	10	long	long	ADJ
fsr-3443	259	11	-	-	PUNCT
fsr-3443	259	12	term	term	NOUN
fsr-3443	259	13	bonds	bond	NOUN
fsr-3443	259	14	:	:	PUNCT
fsr-3443	259	15	an	an	DET
fsr-3443	259	16	empirical	empirical	ADJ
fsr-3443	259	17	analysis	analysis	NOUN
fsr-3443	259	18	of	of	ADP
fsr-3443	259	19	us	we	PRON
fsr-3443	259	20	financial	financial	ADJ
fsr-3443	259	21	markets	market	NOUN
fsr-3443	259	22	.	.	PUNCT
fsr-3443	260	1	journal	journal	PROPN
fsr-3443	260	2	of	of	ADP
fsr-3443	260	3	mathematical	mathematical	ADJ
fsr-3443	260	4	finance	finance	NOUN
fsr-3443	260	5	,	,	PUNCT
fsr-3443	260	6	4	4	NUM
fsr-3443	260	7	,	,	PUNCT
fsr-3443	260	8	104	104	NUM
fsr-3443	260	9	-	-	SYM
fsr-3443	260	10	112	112	NUM
fsr-3443	260	11	.	.	PUNCT
fsr-3443	261	1	chen	chen	PROPN
fsr-3443	261	2	,	,	PUNCT
fsr-3443	261	3	h.-c	h.-c	PROPN
fsr-3443	261	4	.	.	PUNCT
fsr-3443	261	5	,	,	PUNCT
fsr-3443	261	6	ho	ho	PROPN
fsr-3443	261	7	,	,	PUNCT
fsr-3443	261	8	k.-y	k.-y	NOUN
fsr-3443	261	9	.	.	PUNCT
fsr-3443	261	10	,	,	PUNCT
fsr-3443	261	11	lu	lu	PROPN
fsr-3443	261	12	,	,	PUNCT
fsr-3443	261	13	c.	c.	PROPN
fsr-3443	261	14	,	,	PUNCT
fsr-3443	261	15	&	&	CCONJ
fsr-3443	261	16	wu	wu	PROPN
fsr-3443	261	17	,	,	PUNCT
fsr-3443	261	18	c.-h	c.-h	PROPN
fsr-3443	261	19	.	.	PUNCT
fsr-3443	262	1	(	(	PUNCT
fsr-3443	262	2	2005	2005	NUM
fsr-3443	262	3	)	)	PUNCT
fsr-3443	262	4	.	.	PUNCT
fsr-3443	263	1	real	real	ADJ
fsr-3443	263	2	estate	estate	NOUN
fsr-3443	263	3	investment	investment	NOUN
fsr-3443	263	4	trusts	trust	NOUN
fsr-3443	263	5	.	.	PUNCT
fsr-3443	264	1	the	the	DET
fsr-3443	264	2	journal	journal	PROPN
fsr-3443	264	3	of	of	ADP
fsr-3443	264	4	portfolio	portfolio	NOUN
fsr-3443	264	5	management	management	NOUN
fsr-3443	264	6	,	,	PUNCT
fsr-3443	264	7	31	31	NUM
fsr-3443	264	8	,	,	PUNCT
fsr-3443	264	9	46	46	NUM
fsr-3443	264	10	-	-	SYM
fsr-3443	264	11	54	54	NUM
fsr-3443	264	12	.	.	PUNCT
fsr-3443	265	1	ennis	ennis	PROPN
fsr-3443	265	2	,	,	PUNCT
fsr-3443	265	3	r.	r.	PROPN
fsr-3443	265	4	m.	m.	PROPN
fsr-3443	265	5	,	,	PUNCT
fsr-3443	265	6	&	&	CCONJ
fsr-3443	265	7	burik	burik	PROPN
fsr-3443	265	8	,	,	PUNCT
fsr-3443	265	9	p.	p.	NOUN
fsr-3443	265	10	(	(	PUNCT
fsr-3443	265	11	1991	1991	NUM
fsr-3443	265	12	)	)	PUNCT
fsr-3443	265	13	.	.	PUNCT
fsr-3443	266	1	pension	pension	NOUN
fsr-3443	266	2	fund	fund	NOUN
fsr-3443	266	3	real	real	ADJ
fsr-3443	266	4	estate	estate	NOUN
fsr-3443	266	5	investment	investment	NOUN
fsr-3443	266	6	under	under	ADP
fsr-3443	266	7	a	a	DET
fsr-3443	266	8	simple	simple	ADJ
fsr-3443	266	9	equilibrium	equilibrium	NOUN
fsr-3443	266	10	pricing	pricing	NOUN
fsr-3443	266	11	model	model	NOUN
fsr-3443	266	12	.	.	PUNCT
fsr-3443	267	1	financial	financial	ADJ
fsr-3443	267	2	analysts	analyst	NOUN
fsr-3443	267	3	journal	journal	NOUN
fsr-3443	267	4	,	,	PUNCT
fsr-3443	267	5	47	47	NUM
fsr-3443	267	6	,	,	PUNCT
fsr-3443	267	7	20	20	NUM
fsr-3443	267	8	-	-	SYM
fsr-3443	267	9	30	30	NUM
fsr-3443	267	10	.	.	PUNCT
fsr-3443	268	1	giliberto	giliberto	NOUN
fsr-3443	268	2	,	,	PUNCT
fsr-3443	268	3	s.	s.	PROPN
fsr-3443	268	4	m.	m.	PROPN
fsr-3443	268	5	(	(	PUNCT
fsr-3443	268	6	1993	1993	NUM
fsr-3443	268	7	)	)	PUNCT
fsr-3443	268	8	.	.	PUNCT
fsr-3443	269	1	measuring	measure	VERB
fsr-3443	269	2	real	real	ADJ
fsr-3443	269	3	estate	estate	NOUN
fsr-3443	269	4	returns	return	NOUN
fsr-3443	269	5	:	:	PUNCT
fsr-3443	269	6	the	the	DET
fsr-3443	269	7	hedged	hedge	VERB
fsr-3443	269	8	reit	reit	PROPN
fsr-3443	269	9	index	index	NOUN
fsr-3443	269	10	.	.	PUNCT
fsr-3443	270	1	the	the	DET
fsr-3443	270	2	journal	journal	PROPN
fsr-3443	270	3	of	of	ADP
fsr-3443	270	4	portfolio	portfolio	NOUN
fsr-3443	270	5	management	management	NOUN
fsr-3443	270	6	,	,	PUNCT
fsr-3443	270	7	19	19	NUM
fsr-3443	270	8	,	,	PUNCT
fsr-3443	270	9	94	94	NUM
fsr-3443	270	10	-	-	SYM
fsr-3443	270	11	99	99	NUM
fsr-3443	270	12	.	.	PUNCT
fsr-3443	271	1	glascock	glascock	PROPN
fsr-3443	271	2	,	,	PUNCT
fsr-3443	271	3	j.	j.	PROPN
fsr-3443	271	4	l.	l.	PROPN
fsr-3443	271	5	,	,	PUNCT
fsr-3443	271	6	lu	lu	PROPN
fsr-3443	271	7	,	,	PUNCT
fsr-3443	271	8	c.	c.	PROPN
fsr-3443	271	9	,	,	PUNCT
fsr-3443	271	10	&	&	CCONJ
fsr-3443	271	11	so	so	ADV
fsr-3443	271	12	,	,	PUNCT
fsr-3443	271	13	r.	r.	PROPN
fsr-3443	271	14	w.	w.	PROPN
fsr-3443	271	15	(	(	PUNCT
fsr-3443	271	16	2000	2000	NUM
fsr-3443	271	17	)	)	PUNCT
fsr-3443	271	18	.	.	PUNCT
fsr-3443	272	1	further	further	ADJ
fsr-3443	272	2	evidence	evidence	NOUN
fsr-3443	272	3	on	on	ADP
fsr-3443	272	4	the	the	DET
fsr-3443	272	5	integration	integration	NOUN
fsr-3443	272	6	of	of	ADP
fsr-3443	272	7	reit	reit	PROPN
fsr-3443	272	8	,	,	PUNCT
fsr-3443	272	9	bond	bond	NOUN
fsr-3443	272	10	,	,	PUNCT
fsr-3443	272	11	and	and	CCONJ
fsr-3443	272	12	stock	stock	NOUN
fsr-3443	272	13	returns	return	NOUN
fsr-3443	272	14	.	.	PUNCT
fsr-3443	273	1	journal	journal	NOUN
fsr-3443	273	2	of	of	ADP
fsr-3443	273	3	real	real	ADJ
fsr-3443	273	4	estate	estate	NOUN
fsr-3443	273	5	finance	finance	NOUN
fsr-3443	273	6	and	and	CCONJ
fsr-3443	273	7	economics	economic	NOUN
fsr-3443	273	8	,	,	PUNCT
fsr-3443	273	9	20	20	NUM
fsr-3443	273	10	,	,	PUNCT
fsr-3443	273	11	177	177	NUM
fsr-3443	273	12	-	-	SYM
fsr-3443	273	13	194	194	NUM
fsr-3443	273	14	.	.	PUNCT
fsr-3443	274	1	hudson	hudson	PROPN
fsr-3443	274	2	-	-	PUNCT
fsr-3443	274	3	wilson	wilson	PROPN
fsr-3443	274	4	,	,	PUNCT
fsr-3443	274	5	s.	s.	PROPN
fsr-3443	274	6	,	,	PUNCT
fsr-3443	274	7	gordon	gordon	PROPN
fsr-3443	274	8	,	,	PUNCT
fsr-3443	274	9	j.	j.	PROPN
fsr-3443	274	10	n.	n.	PROPN
fsr-3443	274	11	,	,	PUNCT
fsr-3443	274	12	fabozzi	fabozzi	PROPN
fsr-3443	274	13	,	,	PUNCT
fsr-3443	274	14	f.	f.	PROPN
fsr-3443	274	15	j.	j.	PROPN
fsr-3443	274	16	,	,	PUNCT
fsr-3443	274	17	anson	anson	PROPN
fsr-3443	274	18	,	,	PUNCT
fsr-3443	274	19	m.	m.	NOUN
fsr-3443	274	20	j.	j.	PROPN
fsr-3443	274	21	p.	p.	PROPN
fsr-3443	274	22	,	,	PUNCT
fsr-3443	274	23	&	&	CCONJ
fsr-3443	274	24	giliberto	giliberto	PROPN
fsr-3443	274	25	,	,	PUNCT
fsr-3443	274	26	s.	s.	PROPN
fsr-3443	274	27	(	(	PUNCT
fsr-3443	274	28	2005	2005	NUM
fsr-3443	274	29	)	)	PUNCT
fsr-3443	274	30	.	.	PUNCT
fsr-3443	275	1	why	why	SCONJ
fsr-3443	275	2	real	real	ADJ
fsr-3443	275	3	estate	estate	NOUN
fsr-3443	275	4	?	?	PUNCT
fsr-3443	276	1	the	the	DET
fsr-3443	276	2	journal	journal	PROPN
fsr-3443	276	3	of	of	ADP
fsr-3443	276	4	portfolio	portfolio	NOUN
fsr-3443	276	5	management	management	NOUN
fsr-3443	276	6	,	,	PUNCT
fsr-3443	276	7	31	31	NUM
fsr-3443	276	8	,	,	PUNCT
fsr-3443	276	9	12	12	NUM
fsr-3443	276	10	-	-	SYM
fsr-3443	276	11	21	21	NUM
fsr-3443	276	12	.	.	PUNCT
fsr-3443	277	1	singh	singh	PROPN
fsr-3443	277	2	,	,	PUNCT
fsr-3443	277	3	s.	s.	PROPN
fsr-3443	277	4	(	(	PUNCT
fsr-3443	277	5	2016	2016	NUM
fsr-3443	277	6	)	)	PUNCT
fsr-3443	277	7	.	.	PUNCT
fsr-3443	278	1	the	the	DET
fsr-3443	278	2	evidence	evidence	NOUN
fsr-3443	278	3	on	on	ADP
fsr-3443	278	4	target	target	NOUN
fsr-3443	278	5	-	-	PUNCT
fsr-3443	278	6	date	date	NOUN
fsr-3443	278	7	mutual	mutual	ADJ
fsr-3443	278	8	funds	fund	NOUN
fsr-3443	278	9	.	.	PUNCT
fsr-3443	279	1	financial	financial	ADJ
fsr-3443	279	2	services	service	NOUN
fsr-3443	279	3	review	review	PROPN
fsr-3443	279	4	,	,	PUNCT
fsr-3443	279	5	25	25	NUM
fsr-3443	279	6	,	,	PUNCT
fsr-3443	279	7	235	235	NUM
fsr-3443	279	8	-	-	SYM
fsr-3443	279	9	262	262	NUM
fsr-3443	279	10	.	.	PUNCT
fsr-3443	280	1	spitzer	spitzer	PROPN
fsr-3443	280	2	,	,	PUNCT
fsr-3443	280	3	j.	j.	PROPN
fsr-3443	280	4	j.	j.	PROPN
fsr-3443	280	5	,	,	PUNCT
fsr-3443	280	6	&	&	CCONJ
fsr-3443	280	7	singh	singh	PROPN
fsr-3443	280	8	,	,	PUNCT
fsr-3443	280	9	s.	s.	PROPN
fsr-3443	280	10	(	(	PUNCT
fsr-3443	280	11	2008	2008	NUM
fsr-3443	280	12	)	)	PUNCT
fsr-3443	280	13	.	.	PUNCT
fsr-3443	281	1	shortfall	shortfall	NOUN
fsr-3443	281	2	risk	risk	NOUN
fsr-3443	281	3	of	of	ADP
fsr-3443	281	4	target	target	NOUN
fsr-3443	281	5	-	-	PUNCT
fsr-3443	281	6	date	date	NOUN
fsr-3443	281	7	funds	fund	NOUN
fsr-3443	281	8	during	during	ADP
fsr-3443	281	9	retirement	retirement	NOUN
fsr-3443	281	10	.	.	PUNCT
fsr-3443	282	1	financial	financial	ADJ
fsr-3443	282	2	services	services	PROPN
fsr-3443	282	3	review	review	PROPN
fsr-3443	282	4	,	,	PUNCT
fsr-3443	282	5	17	17	NUM
fsr-3443	282	6	,	,	PUNCT
fsr-3443	282	7	143	143	NUM
fsr-3443	282	8	-	-	SYM
fsr-3443	282	9	153	153	NUM
fsr-3443	282	10	.	.	PUNCT
fsr-3443	283	1	tiaa	tiaa	NOUN
fsr-3443	283	2	.	.	PUNCT
fsr-3443	284	1	(	(	PUNCT
fsr-3443	284	2	2019	2019	NUM
fsr-3443	284	3	)	)	PUNCT
fsr-3443	284	4	.	.	PUNCT
fsr-3443	285	1	a	a	DET
fsr-3443	285	2	lifecycle	lifecycle	NOUN
fsr-3443	285	3	fund	fund	NOUN
fsr-3443	285	4	can	can	AUX
fsr-3443	285	5	help	help	VERB
fsr-3443	285	6	simplify	simplify	VERB
fsr-3443	285	7	your	your	PRON
fsr-3443	285	8	retirement	retirement	NOUN
fsr-3443	285	9	investing	investing	NOUN
fsr-3443	285	10	.	.	PUNCT
fsr-3443	286	1	available	available	ADJ
fsr-3443	286	2	from	from	ADP
fsr-3443	286	3	https://www.tiaa	https://www.tiaa	PROPN
fsr-3443	286	4	.	.	PUNCT
fsr-3443	287	1	org	org	ADJ
fsr-3443	287	2	/	/	SYM
fsr-3443	287	3	public	public	ADJ
fsr-3443	287	4	/	/	SYM
fsr-3443	287	5	offer	offer	NOUN
fsr-3443	287	6	/	/	SYM
fsr-3443	287	7	insights	insight	NOUN
fsr-3443	287	8	/	/	SYM
fsr-3443	287	9	investing-101	investing-101	NOUN
fsr-3443	287	10	/	/	SYM
fsr-3443	287	11	lifecycle	lifecycle	NOUN
fsr-3443	287	12	-	-	PUNCT
fsr-3443	287	13	funds	fund	NOUN
fsr-3443	287	14	-	-	PUNCT
fsr-3443	287	15	simplify	simplify	NOUN
fsr-3443	287	16	-	-	PUNCT
fsr-3443	287	17	retirement	retirement	NOUN
fsr-3443	287	18	-	-	PUNCT
fsr-3443	287	19	investing	invest	VERB
fsr-3443	287	20	vanguard	vanguard	NOUN
fsr-3443	287	21	.	.	PUNCT
fsr-3443	288	1	(	(	PUNCT
fsr-3443	288	2	2019	2019	NUM
fsr-3443	288	3	)	)	PUNCT
fsr-3443	288	4	.	.	PUNCT
fsr-3443	289	1	vanguard	vanguard	PROPN
fsr-3443	289	2	target	target	PROPN
fsr-3443	289	3	retirement	retirement	NOUN
fsr-3443	289	4	funds	fund	NOUN
fsr-3443	289	5	.	.	PUNCT
fsr-3443	290	1	available	available	ADJ
fsr-3443	290	2	from	from	ADP
fsr-3443	290	3	https://investor.vanguard.com/mutualfunds/target-retirement/#/	https://investor.vanguard.com/mutualfunds/target-retirement/#/	PROPN
fsr-3443	290	4	waggle	waggle	NOUN
fsr-3443	290	5	,	,	PUNCT
fsr-3443	290	6	d.	d.	PROPN
fsr-3443	290	7	,	,	PUNCT
fsr-3443	290	8	&	&	CCONJ
fsr-3443	290	9	moon	moon	PROPN
fsr-3443	290	10	,	,	PUNCT
fsr-3443	290	11	g.	g.	PROPN
fsr-3443	290	12	(	(	PUNCT
fsr-3443	290	13	2006	2006	NUM
fsr-3443	290	14	)	)	PUNCT
fsr-3443	290	15	.	.	PUNCT
fsr-3443	291	1	mean	mean	ADJ
fsr-3443	291	2	-	-	PUNCT
fsr-3443	291	3	variance	variance	NOUN
fsr-3443	291	4	analysis	analysis	NOUN
fsr-3443	291	5	with	with	ADP
fsr-3443	291	6	reits	reit	NOUN
fsr-3443	291	7	in	in	ADP
fsr-3443	291	8	mixed	mixed	ADJ
fsr-3443	291	9	asset	asset	NOUN
fsr-3443	291	10	portfolios	portfolio	NOUN
fsr-3443	291	11	–	–	PUNCT
fsr-3443	291	12	the	the	DET
fsr-3443	291	13	return	return	NOUN
fsr-3443	291	14	interval	interval	NOUN
fsr-3443	291	15	and	and	CCONJ
fsr-3443	291	16	the	the	DET
fsr-3443	291	17	time	time	NOUN
fsr-3443	291	18	period	period	NOUN
fsr-3443	291	19	used	use	VERB
fsr-3443	291	20	for	for	ADP
fsr-3443	291	21	the	the	DET
fsr-3443	291	22	estimation	estimation	NOUN
fsr-3443	291	23	of	of	ADP
fsr-3443	291	24	inputs.managerial	inputs.managerial	PROPN
fsr-3443	291	25	finance	finance	NOUN
fsr-3443	291	26	,	,	PUNCT
fsr-3443	291	27	32	32	NUM
fsr-3443	291	28	,	,	PUNCT
fsr-3443	291	29	955	955	NUM
fsr-3443	291	30	-	-	SYM
fsr-3443	291	31	968	968	NUM
fsr-3443	291	32	.	.	PUNCT
fsr-3443	292	1	waggle	waggle	NOUN
fsr-3443	292	2	,	,	PUNCT
fsr-3443	292	3	d.	d.	PROPN
fsr-3443	292	4	,	,	PUNCT
fsr-3443	292	5	&	&	CCONJ
fsr-3443	292	6	agrrawal	agrrawal	NOUN
fsr-3443	292	7	,	,	PUNCT
fsr-3443	292	8	p.	p.	NOUN
fsr-3443	292	9	(	(	PUNCT
fsr-3443	292	10	2006	2006	NUM
fsr-3443	292	11	)	)	PUNCT
fsr-3443	292	12	.	.	PUNCT
fsr-3443	293	1	the	the	DET
fsr-3443	293	2	stock	stock	NOUN
fsr-3443	293	3	-	-	PUNCT
fsr-3443	293	4	reit	reit	NOUN
fsr-3443	293	5	relationship	relationship	NOUN
fsr-3443	293	6	and	and	CCONJ
fsr-3443	293	7	optimal	optimal	ADJ
fsr-3443	293	8	asset	asset	NOUN
fsr-3443	293	9	allocations	allocation	NOUN
fsr-3443	293	10	.	.	PUNCT
fsr-3443	294	1	journal	journal	NOUN
fsr-3443	294	2	of	of	ADP
fsr-3443	294	3	real	real	ADJ
fsr-3443	294	4	estate	estate	NOUN
fsr-3443	294	5	portfolio	portfolio	NOUN
fsr-3443	294	6	management	management	NOUN
fsr-3443	294	7	,	,	PUNCT
fsr-3443	294	8	12	12	NUM
fsr-3443	294	9	,	,	PUNCT
fsr-3443	294	10	209	209	NUM
fsr-3443	294	11	-	-	SYM
fsr-3443	294	12	221	221	NUM
fsr-3443	294	13	.	.	PUNCT
fsr-3443	295	1	66	66	NUM
fsr-3443	295	2	w.	w.	PROPN
fsr-3443	295	3	feng	feng	PROPN
fsr-3443	295	4	et	et	PROPN
fsr-3443	295	5	al	al	PROPN
fsr-3443	295	6	.	.	PUNCT
fsr-3443	295	7	/	/	SYM
fsr-3443	295	8	financial	financial	ADJ
fsr-3443	295	9	services	service	NOUN
fsr-3443	295	10	review	review	VERB
fsr-3443	295	11	29	29	NUM
fsr-3443	295	12	(	(	PUNCT
fsr-3443	295	13	2021	2021	NUM
fsr-3443	295	14	)	)	PUNCT
fsr-3443	295	15	55–66	55–66	NUM