id	sid	tid	token	lemma	pos
fsr-3653	1	1	pii	pii	PROPN
fsr-3653	1	2	:	:	PUNCT
fsr-3653	1	3	1057	1057	NUM
fsr-3653	1	4	-	-	SYM
fsr-3653	1	5	0810(91)90005	0810(91)90005	NUM
fsr-3653	1	6	-	-	PUNCT
fsr-3653	1	7	j	j	NOUN
fsr-3653	1	8	financial	financial	PROPN
fsr-3653	1	9	services	services	PROPN
fsr-3653	1	10	review	review	PROPN
fsr-3653	1	11	,	,	PUNCT
fsr-3653	1	12	1(1):23	1(1):23	NUM
fsr-3653	1	13	-	-	SYM
fsr-3653	1	14	34	34	NUM
fsr-3653	1	15	copyright	copyright	NOUN
fsr-3653	1	16	0	0	NUM
fsr-3653	1	17	1991	1991	NUM
fsr-3653	1	18	by	by	ADP
fsr-3653	1	19	jai	jai	PROPN
fsr-3653	1	20	press	press	PROPN
fsr-3653	1	21	inc	inc	PROPN
fsr-3653	1	22	.	.	PROPN
fsr-3653	1	23	issn	issn	PROPN
fsr-3653	1	24	:	:	PUNCT
fsr-3653	1	25	1057	1057	NUM
fsr-3653	1	26	-	-	SYM
fsr-3653	1	27	0810	0810	NUM
fsr-3653	1	28	all	all	DET
fsr-3653	1	29	rights	right	NOUN
fsr-3653	1	30	of	of	ADP
fsr-3653	1	31	reproduction	reproduction	NOUN
fsr-3653	1	32	in	in	ADP
fsr-3653	1	33	any	any	DET
fsr-3653	1	34	form	form	NOUN
fsr-3653	1	35	reserved	reserve	VERB
fsr-3653	1	36	.	.	PUNCT
fsr-3653	2	1	life	life	NOUN
fsr-3653	2	2	insurance	insurance	NOUN
fsr-3653	2	3	companies	company	NOUN
fsr-3653	2	4	as	as	ADP
fsr-3653	2	5	investment	investment	NOUN
fsr-3653	2	6	managers	manager	NOUN
fsr-3653	2	7	:	:	PUNCT
fsr-3653	2	8	new	new	ADJ
fsr-3653	2	9	implications	implication	NOUN
fsr-3653	2	10	for	for	ADP
fsr-3653	2	11	consumers	consumer	NOUN
fsr-3653	2	12	robert	robert	PROPN
fsr-3653	2	13	t.	t.	PROPN
fsr-3653	2	14	kleiman	kleiman	PROPN
fsr-3653	2	15	anandi	anandi	PROPN
fsr-3653	2	16	p.	p.	PROPN
fsr-3653	2	17	sahu	sahu	PROPN
fsr-3653	3	1	this	this	DET
fsr-3653	3	2	paper	paper	NOUN
fsr-3653	3	3	examines	examine	VERB
fsr-3653	3	4	the	the	DET
fsr-3653	3	5	attractiveness	attractiveness	NOUN
fsr-3653	3	6	of	of	ADP
fsr-3653	3	7	the	the	DET
fsr-3653	3	8	equity	equity	NOUN
fsr-3653	3	9	portfolios	portfolio	NOUN
fsr-3653	3	10	of	of	ADP
fsr-3653	3	11	life	life	NOUN
fsr-3653	3	12	insurance	insurance	NOUN
fsr-3653	3	13	companies	company	NOUN
fsr-3653	3	14	as	as	ADP
fsr-3653	3	15	an	an	DET
fsr-3653	3	16	alternative	alternative	ADJ
fsr-3653	3	17	investment	investment	NOUN
fsr-3653	3	18	to	to	ADP
fsr-3653	3	19	mutual	mutual	ADJ
fsr-3653	3	20	funds	fund	NOUN
fsr-3653	3	21	.	.	PUNCT
fsr-3653	4	1	in	in	ADP
fsr-3653	4	2	particular	particular	ADJ
fsr-3653	4	3	,	,	PUNCT
fsr-3653	4	4	this	this	DET
fsr-3653	4	5	study	study	NOUN
fsr-3653	4	6	analyzes	analyze	VERB
fsr-3653	4	7	the	the	DET
fsr-3653	4	8	risk	risk	NOUN
fsr-3653	4	9	adjusted	adjust	VERB
fsr-3653	4	10	investment	investment	NOUN
fsr-3653	4	11	performance	performance	NOUN
fsr-3653	4	12	of	of	ADP
fsr-3653	4	13	the	the	DET
fsr-3653	4	14	stock	stock	NOUN
fsr-3653	4	15	portfolios	portfolio	NOUN
fsr-3653	4	16	of	of	ADP
fsr-3653	4	17	ltfe	ltfe	NOUN
fsr-3653	4	18	insurance	insurance	NOUN
fsr-3653	4	19	companies	company	NOUN
fsr-3653	4	20	,	,	PUNCT
fsr-3653	4	21	attributable	attributable	ADJ
fsr-3653	4	22	to	to	ADP
fsr-3653	4	23	their	their	PRON
fsr-3653	4	24	stock	stock	NOUN
fsr-3653	4	25	selection	selection	NOUN
fsr-3653	4	26	and	and	CCONJ
fsr-3653	4	27	market	market	NOUN
fsr-3653	4	28	timing	timing	NOUN
fsr-3653	4	29	abilities	ability	NOUN
fsr-3653	4	30	.	.	PUNCT
fsr-3653	5	1	using	use	VERB
fsr-3653	5	2	conventional	conventional	ADJ
fsr-3653	5	3	measures	measure	NOUN
fsr-3653	5	4	of	of	ADP
fsr-3653	5	5	risk	risk	NOUN
fsr-3653	5	6	-	-	PUNCT
fsr-3653	5	7	adjusted	adjust	VERB
fsr-3653	5	8	portfolio	portfolio	NOUN
fsr-3653	5	9	performance	performance	NOUN
fsr-3653	5	10	,	,	PUNCT
fsr-3653	5	11	we	we	PRON
fsr-3653	5	12	find	find	VERB
fsr-3653	5	13	that	that	SCONJ
fsr-3653	5	14	ltfe	ltfe	NOUN
fsr-3653	5	15	insurance	insurance	NOUN
fsr-3653	5	16	companies	company	NOUN
fsr-3653	5	17	exhibit	exhibit	VERB
fsr-3653	5	18	performance	performance	NOUN
fsr-3653	5	19	similar	similar	ADJ
fsr-3653	5	20	to	to	ADP
fsr-3653	5	21	mutualfunds	mutualfund	NOUN
fsr-3653	5	22	.	.	PUNCT
fsr-3653	6	1	the	the	DET
fsr-3653	6	2	evidence	evidence	NOUN
fsr-3653	6	3	suggests	suggest	VERB
fsr-3653	6	4	that	that	SCONJ
fsr-3653	6	5	the	the	DET
fsr-3653	6	6	ltfe	ltfe	NOUN
fsr-3653	6	7	insurance	insurance	NOUN
fsr-3653	6	8	companies	company	NOUN
fsr-3653	6	9	,	,	PUNCT
fsr-3653	6	10	like	like	ADP
fsr-3653	6	11	their	their	PRON
fsr-3653	6	12	mutual	mutual	ADJ
fsr-3653	6	13	fund	fund	NOUN
fsr-3653	6	14	counterparts	counterpart	NOUN
fsr-3653	6	15	,	,	PUNCT
fsr-3653	6	16	fail	fail	VERB
fsr-3653	6	17	to	to	PART
fsr-3653	6	18	exhibit	exhibit	VERB
fsr-3653	6	19	differential	differential	ADJ
fsr-3653	6	20	stock	stock	NOUN
fsr-3653	6	21	selection	selection	NOUN
fsr-3653	6	22	or	or	CCONJ
fsr-3653	6	23	market	market	NOUN
fsr-3653	6	24	timing	timing	NOUN
fsr-3653	6	25	abilities	ability	NOUN
fsr-3653	6	26	that	that	PRON
fsr-3653	6	27	are	be	AUX
fsr-3653	6	28	statistically	statistically	ADV
fsr-3653	6	29	significant	significant	ADJ
fsr-3653	6	30	.	.	PUNCT
fsr-3653	7	1	while	while	SCONJ
fsr-3653	7	2	the	the	DET
fsr-3653	7	3	risk	risk	NOUN
fsr-3653	7	4	-	-	PUNCT
fsr-3653	7	5	adjusted	adjust	VERB
fsr-3653	7	6	investment	investment	NOUN
fsr-3653	7	7	performance	performance	NOUN
fsr-3653	7	8	of	of	ADP
fsr-3653	7	9	the	the	DET
fsr-3653	7	10	two	two	NUM
fsr-3653	7	11	investment	investment	NOUN
fsr-3653	7	12	vehicles	vehicle	NOUN
fsr-3653	7	13	is	be	AUX
fsr-3653	7	14	similar	similar	ADJ
fsr-3653	7	15	,	,	PUNCT
fsr-3653	7	16	the	the	DET
fsr-3653	7	17	variable	variable	ADJ
fsr-3653	7	18	annuity	annuity	NOUN
fsr-3653	7	19	contracts	contract	NOUN
fsr-3653	7	20	of	of	ADP
fsr-3653	7	21	life	life	NOUN
fsr-3653	7	22	insurance	insurance	NOUN
fsr-3653	7	23	companies	company	NOUN
fsr-3653	7	24	may	may	AUX
fsr-3653	7	25	offer	offer	VERB
fsr-3653	7	26	an	an	DET
fsr-3653	7	27	edge	edge	NOUN
fsr-3653	7	28	over	over	ADP
fsr-3653	7	29	mutualfunds	mutualfund	NOUN
fsr-3653	7	30	due	due	ADP
fsr-3653	7	31	to	to	ADP
fsr-3653	7	32	their	their	PRON
fsr-3653	7	33	ability	ability	NOUN
fsr-3653	7	34	to	to	PART
fsr-3653	7	35	defer	defer	VERB
fsr-3653	7	36	taxes	taxis	NOUN
fsr-3653	7	37	.	.	PUNCT
fsr-3653	8	1	i.	i.	PROPN
fsr-3653	8	2	introduction	introduction	NOUN
fsr-3653	8	3	the	the	DET
fsr-3653	8	4	investment	investment	NOUN
fsr-3653	8	5	performance	performance	NOUN
fsr-3653	8	6	of	of	ADP
fsr-3653	8	7	mutual	mutual	ADJ
fsr-3653	8	8	fund	fund	NOUN
fsr-3653	8	9	portfolios	portfolio	NOUN
fsr-3653	8	10	has	have	AUX
fsr-3653	8	11	been	be	AUX
fsr-3653	8	12	the	the	DET
fsr-3653	8	13	subject	subject	NOUN
fsr-3653	8	14	of	of	ADP
fsr-3653	8	15	extensive	extensive	ADJ
fsr-3653	8	16	empirical	empirical	ADJ
fsr-3653	8	17	investigation	investigation	NOUN
fsr-3653	8	18	in	in	ADP
fsr-3653	8	19	the	the	DET
fsr-3653	8	20	finance	finance	NOUN
fsr-3653	8	21	literature	literature	NOUN
fsr-3653	8	22	.	.	PUNCT
fsr-3653	9	1	according	accord	VERB
fsr-3653	9	2	to	to	ADP
fsr-3653	9	3	several	several	ADJ
fsr-3653	9	4	different	different	ADJ
fsr-3653	9	5	studies	study	NOUN
fsr-3653	9	6	,	,	PUNCT
fsr-3653	9	7	the	the	DET
fsr-3653	9	8	average	average	ADJ
fsr-3653	9	9	risk	risk	NOUN
fsr-3653	9	10	-	-	PUNCT
fsr-3653	9	11	adjusted	adjust	VERB
fsr-3653	9	12	performance	performance	NOUN
fsr-3653	9	13	of	of	ADP
fsr-3653	9	14	mutual	mutual	ADJ
fsr-3653	9	15	funds	fund	NOUN
fsr-3653	9	16	rarely	rarely	ADV
fsr-3653	9	17	outperforms	outperform	VERB
fsr-3653	9	18	the	the	DET
fsr-3653	9	19	market	market	NOUN
fsr-3653	9	20	[	[	AUX
fsr-3653	9	21	see	see	VERB
fsr-3653	9	22	,	,	PUNCT
fsr-3653	9	23	for	for	ADP
fsr-3653	9	24	example	example	NOUN
fsr-3653	9	25	,	,	PUNCT
fsr-3653	9	26	sharpe	sharpe	PROPN
fsr-3653	9	27	(	(	PUNCT
fsr-3653	9	28	1966	1966	NUM
fsr-3653	9	29	)	)	PUNCT
fsr-3653	9	30	,	,	PUNCT
fsr-3653	9	31	jensen	jensen	PROPN
fsr-3653	9	32	(	(	PUNCT
fsr-3653	9	33	1968	1968	NUM
fsr-3653	9	34	)	)	PUNCT
fsr-3653	9	35	,	,	PUNCT
fsr-3653	9	36	carlson	carlson	PROPN
fsr-3653	9	37	(	(	PUNCT
fsr-3653	9	38	1970	1970	NUM
fsr-3653	9	39	)	)	PUNCT
fsr-3653	9	40	,	,	PUNCT
fsr-3653	9	41	and	and	CCONJ
fsr-3653	9	42	shawky	shawky	X
fsr-3653	9	43	(	(	PUNCT
fsr-3653	9	44	1982)l	1982)l	X
fsr-3653	9	45	.	.	PUNCT
fsr-3653	10	1	in	in	ADP
fsr-3653	10	2	addition	addition	NOUN
fsr-3653	10	3	to	to	ADP
fsr-3653	10	4	the	the	DET
fsr-3653	10	5	analysis	analysis	NOUN
fsr-3653	10	6	of	of	ADP
fsr-3653	10	7	the	the	DET
fsr-3653	10	8	risk	risk	NOUN
fsr-3653	10	9	adjusted	adjust	VERB
fsr-3653	10	10	performance	performance	NOUN
fsr-3653	10	11	,	,	PUNCT
fsr-3653	10	12	a	a	DET
fsr-3653	10	13	number	number	NOUN
fsr-3653	10	14	of	of	ADP
fsr-3653	10	15	studies	study	NOUN
fsr-3653	10	16	have	have	AUX
fsr-3653	10	17	examined	examine	VERB
fsr-3653	10	18	the	the	DET
fsr-3653	10	19	ability	ability	NOUN
fsr-3653	10	20	of	of	ADP
fsr-3653	10	21	mutual	mutual	ADJ
fsr-3653	10	22	fund	fund	NOUN
fsr-3653	10	23	managers	manager	NOUN
fsr-3653	10	24	to	to	ADP
fsr-3653	10	25	time	time	NOUN
fsr-3653	10	26	bull	bull	NOUN
fsr-3653	10	27	and	and	CCONJ
fsr-3653	10	28	bear	bear	VERB
fsr-3653	10	29	market	market	NOUN
fsr-3653	10	30	cycles	cycle	NOUN
fsr-3653	10	31	and	and	CCONJ
fsr-3653	10	32	react	react	VERB
fsr-3653	10	33	accordingly	accordingly	ADV
fsr-3653	10	34	.	.	PUNCT
fsr-3653	11	1	ideally	ideally	ADV
fsr-3653	11	2	,	,	PUNCT
fsr-3653	11	3	a	a	DET
fsr-3653	11	4	portfolio	portfolio	NOUN
fsr-3653	11	5	manager	manager	NOUN
fsr-3653	11	6	should	should	AUX
fsr-3653	11	7	increase	increase	VERB
fsr-3653	11	8	the	the	DET
fsr-3653	11	9	systematic	systematic	ADJ
fsr-3653	11	10	risk	risk	NOUN
fsr-3653	11	11	of	of	ADP
fsr-3653	11	12	the	the	DET
fsr-3653	11	13	portfolio	portfolio	NOUN
fsr-3653	11	14	in	in	ADP
fsr-3653	11	15	anticipation	anticipation	NOUN
fsr-3653	11	16	of	of	ADP
fsr-3653	11	17	a	a	DET
fsr-3653	11	18	market	market	NOUN
fsr-3653	11	19	upturn	upturn	NOUN
fsr-3653	11	20	and	and	CCONJ
fsr-3653	11	21	decrease	decrease	VERB
fsr-3653	11	22	the	the	DET
fsr-3653	11	23	beta	beta	NOUN
fsr-3653	11	24	prior	prior	ADV
fsr-3653	11	25	to	to	ADP
fsr-3653	11	26	a	a	DET
fsr-3653	11	27	market	market	NOUN
fsr-3653	11	28	downturn	downturn	NOUN
fsr-3653	11	29	.	.	PUNCT
fsr-3653	12	1	however	however	ADV
fsr-3653	12	2	,	,	PUNCT
fsr-3653	12	3	the	the	DET
fsr-3653	12	4	results	result	NOUN
fsr-3653	12	5	of	of	ADP
fsr-3653	12	6	studies	study	NOUN
fsr-3653	12	7	undertaken	undertake	VERB
fsr-3653	12	8	by	by	ADP
fsr-3653	12	9	treynor	treynor	NOUN
fsr-3653	12	10	and	and	CCONJ
fsr-3653	12	11	mazuy	mazuy	PROPN
fsr-3653	12	12	(	(	PUNCT
fsr-3653	12	13	1966	1966	NUM
fsr-3653	12	14	)	)	PUNCT
fsr-3653	12	15	,	,	PUNCT
fsr-3653	12	16	fabozzi	fabozzi	NOUN
fsr-3653	12	17	and	and	CCONJ
fsr-3653	12	18	francis	francis	PROPN
fsr-3653	12	19	(	(	PUNCT
fsr-3653	12	20	1979	1979	NUM
fsr-3653	12	21	)	)	PUNCT
fsr-3653	12	22	,	,	PUNCT
fsr-3653	12	23	veit	veit	PROPN
fsr-3653	12	24	and	and	CCONJ
fsr-3653	12	25	cheney	cheney	PROPN
fsr-3653	12	26	(	(	PUNCT
fsr-3653	12	27	1982	1982	NUM
fsr-3653	12	28	)	)	PUNCT
fsr-3653	12	29	,	,	PUNCT
fsr-3653	12	30	chang	chang	PROPN
fsr-3653	12	31	and	and	CCONJ
fsr-3653	12	32	lewellen	lewellen	PROPN
fsr-3653	12	33	(	(	PUNCT
fsr-3653	12	34	1984	1984	NUM
fsr-3653	12	35	)	)	PUNCT
fsr-3653	12	36	,	,	PUNCT
fsr-3653	12	37	henriksson	henriksson	NOUN
fsr-3653	12	38	(	(	PUNCT
fsr-3653	12	39	1984	1984	NUM
fsr-3653	12	40	)	)	PUNCT
fsr-3653	12	41	and	and	CCONJ
fsr-3653	12	42	feri	feri	PROPN
fsr-3653	12	43	,	,	PUNCT
fsr-3653	12	44	oberlhelman	oberlhelman	ADV
fsr-3653	12	45	,	,	PUNCT
fsr-3653	12	46	and	and	CCONJ
fsr-3653	12	47	roenfeldt	roenfeldt	NOUN
fsr-3653	12	48	(	(	PUNCT
fsr-3653	12	49	1984	1984	NUM
fsr-3653	12	50	)	)	PUNCT
fsr-3653	12	51	find	find	VERB
fsr-3653	12	52	no	no	DET
fsr-3653	12	53	evidence	evidence	NOUN
fsr-3653	12	54	that	that	SCONJ
fsr-3653	12	55	mutual	mutual	ADJ
fsr-3653	12	56	fund	fund	NOUN
fsr-3653	12	57	managers	manager	NOUN
fsr-3653	12	58	are	be	AUX
fsr-3653	12	59	able	able	ADJ
fsr-3653	12	60	to	to	PART
fsr-3653	12	61	successfully	successfully	ADV
fsr-3653	12	62	time	time	VERB
fsr-3653	12	63	robert	robert	PROPN
fsr-3653	12	64	t.	t.	PROPN
fsr-3653	12	65	kleiman	kleiman	PROPN
fsr-3653	12	66	l	l	PROPN
fsr-3653	12	67	assistant	assistant	NOUN
fsr-3653	12	68	professor	professor	NOUN
fsr-3653	12	69	of	of	ADP
fsr-3653	12	70	finance	finance	PROPN
fsr-3653	12	71	,	,	PUNCT
fsr-3653	12	72	oakland	oakland	PROPN
fsr-3653	12	73	university	university	PROPN
fsr-3653	12	74	,	,	PUNCT
fsr-3653	12	75	rochester	rochester	PROPN
fsr-3653	12	76	,	,	PUNCT
fsr-3653	12	77	mi	mi	PROPN
fsr-3653	12	78	48309	48309	NUM
fsr-3653	12	79	.	.	PUNCT
fsr-3653	13	1	anandi	anandi	PROPN
fsr-3653	13	2	p.	p.	PROPN
fsr-3653	13	3	sabu	sabu	PROPN
fsr-3653	13	4	l	l	PROPN
fsr-3653	13	5	assistant	assistant	PROPN
fsr-3653	13	6	professor	professor	NOUN
fsr-3653	13	7	of	of	ADP
fsr-3653	13	8	economics	economics	PROPN
fsr-3653	13	9	,	,	PUNCT
fsr-3653	13	10	oakland	oakland	PROPN
fsr-3653	13	11	university	university	PROPN
fsr-3653	13	12	,	,	PUNCT
fsr-3653	13	13	rochester	rochester	PROPN
fsr-3653	13	14	,	,	PUNCT
fsr-3653	13	15	mi	mi	PROPN
fsr-3653	13	16	48309	48309	NUM
fsr-3653	13	17	.	.	PUNCT
fsr-3653	14	1	24	24	NUM
fsr-3653	14	2	financial	financial	ADJ
fsr-3653	14	3	services	service	NOUN
fsr-3653	14	4	review	review	NOUN
fsr-3653	14	5	,	,	PUNCT
fsr-3653	14	6	l(1	l(1	PROPN
fsr-3653	14	7	)	)	PUNCT
fsr-3653	14	8	1991	1991	NUM
fsr-3653	14	9	market	market	NOUN
fsr-3653	14	10	changes	change	NOUN
fsr-3653	14	11	and	and	CCONJ
fsr-3653	14	12	to	to	PART
fsr-3653	14	13	alter	alter	VERB
fsr-3653	14	14	their	their	PRON
fsr-3653	14	15	betas	beta	NOUN
fsr-3653	14	16	in	in	ADP
fsr-3653	14	17	anticipation	anticipation	NOUN
fsr-3653	14	18	of	of	ADP
fsr-3653	14	19	differential	differential	ADJ
fsr-3653	14	20	market	market	NOUN
fsr-3653	14	21	conditions	condition	NOUN
fsr-3653	14	22	.	.	PUNCT
fsr-3653	15	1	consequently	consequently	ADV
fsr-3653	15	2	,	,	PUNCT
fsr-3653	15	3	the	the	DET
fsr-3653	15	4	results	result	NOUN
fsr-3653	15	5	of	of	ADP
fsr-3653	15	6	these	these	DET
fsr-3653	15	7	studies	study	NOUN
fsr-3653	15	8	indicate	indicate	VERB
fsr-3653	15	9	that	that	SCONJ
fsr-3653	15	10	collectively	collectively	ADV
fsr-3653	15	11	mutual	mutual	ADJ
fsr-3653	15	12	fund	fund	NOUN
fsr-3653	15	13	managers	manager	NOUN
fsr-3653	15	14	are	be	AUX
fsr-3653	15	15	unable	unable	ADJ
fsr-3653	15	16	to	to	PART
fsr-3653	15	17	outperform	outperform	VERB
fsr-3653	15	18	a	a	DET
fsr-3653	15	19	passive	passive	ADJ
fsr-3653	15	20	‘	'	PUNCT
fsr-3653	15	21	buy	buy	VERB
fsr-3653	15	22	and	and	CCONJ
fsr-3653	15	23	hold	hold	VERB
fsr-3653	15	24	’	'	PUNCT
fsr-3653	15	25	investment	investment	NOUN
fsr-3653	15	26	strategy	strategy	NOUN
fsr-3653	15	27	.	.	PUNCT
fsr-3653	16	1	studies	study	NOUN
fsr-3653	16	2	which	which	PRON
fsr-3653	16	3	evaluate	evaluate	VERB
fsr-3653	16	4	the	the	DET
fsr-3653	16	5	investment	investment	NOUN
fsr-3653	16	6	performance	performance	NOUN
fsr-3653	16	7	of	of	ADP
fsr-3653	16	8	institutional	institutional	ADJ
fsr-3653	16	9	investors	investor	NOUN
fsr-3653	16	10	other	other	ADJ
fsr-3653	16	11	than	than	ADP
fsr-3653	16	12	mutual	mutual	ADJ
fsr-3653	16	13	funds	fund	NOUN
fsr-3653	16	14	are	be	AUX
fsr-3653	16	15	more	more	ADV
fsr-3653	16	16	limited	limited	ADJ
fsr-3653	16	17	in	in	ADP
fsr-3653	16	18	number	number	NOUN
fsr-3653	16	19	.	.	PUNCT
fsr-3653	17	1	the	the	DET
fsr-3653	17	2	available	available	ADJ
fsr-3653	17	3	evidence	evidence	NOUN
fsr-3653	17	4	from	from	ADP
fsr-3653	17	5	these	these	DET
fsr-3653	17	6	studies	study	NOUN
fsr-3653	17	7	suggests	suggest	VERB
fsr-3653	17	8	that	that	SCONJ
fsr-3653	17	9	the	the	DET
fsr-3653	17	10	performance	performance	NOUN
fsr-3653	17	11	of	of	ADP
fsr-3653	17	12	non	non	ADJ
fsr-3653	17	13	-	-	ADJ
fsr-3653	17	14	mutual	mutual	ADJ
fsr-3653	17	15	fund	fund	NOUN
fsr-3653	17	16	institutional	institutional	ADJ
fsr-3653	17	17	investors	investor	NOUN
fsr-3653	17	18	is	be	AUX
fsr-3653	17	19	no	no	ADV
fsr-3653	17	20	better	well	ADJ
fsr-3653	17	21	than	than	ADP
fsr-3653	17	22	that	that	PRON
fsr-3653	17	23	of	of	ADP
fsr-3653	17	24	mutual	mutual	ADJ
fsr-3653	17	25	funds	fund	NOUN
fsr-3653	17	26	.	.	PUNCT
fsr-3653	18	1	for	for	ADP
fsr-3653	18	2	example	example	NOUN
fsr-3653	18	3	,	,	PUNCT
fsr-3653	18	4	schlarbaum	schlarbaum	NOUN
fsr-3653	18	5	(	(	PUNCT
fsr-3653	18	6	1974	1974	NUM
fsr-3653	18	7	)	)	PUNCT
fsr-3653	18	8	found	find	VERB
fsr-3653	18	9	that	that	SCONJ
fsr-3653	18	10	the	the	DET
fsr-3653	18	11	risk	risk	NOUN
fsr-3653	18	12	-	-	PUNCT
fsr-3653	18	13	adjusted	adjust	VERB
fsr-3653	18	14	performance	performance	NOUN
fsr-3653	18	15	of	of	ADP
fsr-3653	18	16	20	20	NUM
fsr-3653	18	17	property	property	NOUN
fsr-3653	18	18	casualty	casualty	NOUN
fsr-3653	18	19	insurance	insurance	NOUN
fsr-3653	18	20	companies	company	NOUN
fsr-3653	18	21	was	be	AUX
fsr-3653	18	22	significantly	significantly	ADV
fsr-3653	18	23	below	below	ADP
fsr-3653	18	24	the	the	DET
fsr-3653	18	25	market	market	NOUN
fsr-3653	18	26	averages	average	NOUN
fsr-3653	18	27	for	for	ADP
fsr-3653	18	28	the	the	DET
fsr-3653	18	29	1958	1958	NUM
fsr-3653	18	30	-	-	SYM
fsr-3653	18	31	1967	1967	NUM
fsr-3653	18	32	time	time	NOUN
fsr-3653	18	33	period	period	NOUN
fsr-3653	18	34	.	.	PUNCT
fsr-3653	19	1	in	in	ADP
fsr-3653	19	2	another	another	DET
fsr-3653	19	3	study	study	NOUN
fsr-3653	19	4	,	,	PUNCT
fsr-3653	19	5	bogle	bogle	PROPN
fsr-3653	19	6	and	and	CCONJ
fsr-3653	19	7	twardowski	twardowski	PROPN
fsr-3653	19	8	(	(	PUNCT
fsr-3653	19	9	1980	1980	NUM
fsr-3653	19	10	)	)	PUNCT
fsr-3653	19	11	compared	compare	VERB
fsr-3653	19	12	the	the	DET
fsr-3653	19	13	investment	investment	NOUN
fsr-3653	19	14	performance	performance	NOUN
fsr-3653	19	15	of	of	ADP
fsr-3653	19	16	four	four	NUM
fsr-3653	19	17	categories	category	NOUN
fsr-3653	19	18	of	of	ADP
fsr-3653	19	19	institutional	institutional	ADJ
fsr-3653	19	20	investors	investor	NOUN
fsr-3653	19	21	-	-	PUNCT
fsr-3653	19	22	banks	bank	NOUN
fsr-3653	19	23	,	,	PUNCT
fsr-3653	19	24	investment	investment	NOUN
fsr-3653	19	25	advisors	advisor	NOUN
fsr-3653	19	26	,	,	PUNCT
fsr-3653	19	27	insurance	insurance	NOUN
fsr-3653	19	28	companies	company	NOUN
fsr-3653	19	29	,	,	PUNCT
fsr-3653	19	30	and	and	CCONJ
fsr-3653	19	31	mutual	mutual	ADJ
fsr-3653	19	32	funds	fund	NOUN
fsr-3653	19	33	for	for	ADP
fsr-3653	19	34	a	a	DET
fsr-3653	19	35	variety	variety	NOUN
fsr-3653	19	36	of	of	ADP
fsr-3653	19	37	time	time	NOUN
fsr-3653	19	38	periods	period	NOUN
fsr-3653	19	39	ending	end	VERB
fsr-3653	19	40	in	in	ADP
fsr-3653	19	41	1977	1977	NUM
fsr-3653	19	42	.	.	PUNCT
fsr-3653	20	1	their	their	PRON
fsr-3653	20	2	results	result	NOUN
fsr-3653	20	3	indicated	indicate	VERB
fsr-3653	20	4	that	that	SCONJ
fsr-3653	20	5	the	the	DET
fsr-3653	20	6	mutual	mutual	ADJ
fsr-3653	20	7	funds	fund	NOUN
fsr-3653	20	8	achieved	achieve	VERB
fsr-3653	20	9	the	the	DET
fsr-3653	20	10	best	good	ADJ
fsr-3653	20	11	performance	performance	NOUN
fsr-3653	20	12	,	,	PUNCT
fsr-3653	20	13	followed	follow	VERB
fsr-3653	20	14	by	by	ADP
fsr-3653	20	15	investment	investment	NOUN
fsr-3653	20	16	advisors	advisor	NOUN
fsr-3653	20	17	,	,	PUNCT
fsr-3653	20	18	and	and	CCONJ
fsr-3653	20	19	then	then	ADV
fsr-3653	20	20	insurance	insurance	NOUN
fsr-3653	20	21	companies	company	NOUN
fsr-3653	20	22	,	,	PUNCT
fsr-3653	20	23	with	with	ADP
fsr-3653	20	24	banks	bank	NOUN
fsr-3653	20	25	achieving	achieve	VERB
fsr-3653	20	26	the	the	DET
fsr-3653	20	27	poorest	poor	ADJ
fsr-3653	20	28	relative	relative	ADJ
fsr-3653	20	29	results	result	NOUN
fsr-3653	20	30	.	.	PUNCT
fsr-3653	21	1	however	however	ADV
fsr-3653	21	2	,	,	PUNCT
fsr-3653	21	3	in	in	ADP
fsr-3653	21	4	their	their	PRON
fsr-3653	21	5	study	study	NOUN
fsr-3653	21	6	,	,	PUNCT
fsr-3653	21	7	bogle	bogle	PROPN
fsr-3653	21	8	and	and	CCONJ
fsr-3653	21	9	twardowski	twardowski	VERB
fsr-3653	21	10	only	only	ADV
fsr-3653	21	11	compared	compare	VERB
fsr-3653	21	12	the	the	DET
fsr-3653	21	13	frequency	frequency	NOUN
fsr-3653	21	14	distributions	distribution	NOUN
fsr-3653	21	15	of	of	ADP
fsr-3653	21	16	returns	return	NOUN
fsr-3653	21	17	for	for	ADP
fsr-3653	21	18	each	each	DET
fsr-3653	21	19	category	category	NOUN
fsr-3653	21	20	of	of	ADP
fsr-3653	21	21	institutional	institutional	ADJ
fsr-3653	21	22	investors	investor	NOUN
fsr-3653	21	23	and	and	CCONJ
fsr-3653	21	24	did	do	AUX
fsr-3653	21	25	not	not	PART
fsr-3653	21	26	adjust	adjust	VERB
fsr-3653	21	27	for	for	ADP
fsr-3653	21	28	the	the	DET
fsr-3653	21	29	level	level	NOUN
fsr-3653	21	30	of	of	ADP
fsr-3653	21	31	systematic	systematic	ADJ
fsr-3653	21	32	risk	risk	NOUN
fsr-3653	21	33	.	.	PUNCT
fsr-3653	22	1	their	their	PRON
fsr-3653	22	2	conclusion	conclusion	NOUN
fsr-3653	22	3	is	be	AUX
fsr-3653	22	4	thus	thus	ADV
fsr-3653	22	5	flawed	flawed	ADJ
fsr-3653	22	6	since	since	SCONJ
fsr-3653	22	7	financial	financial	ADJ
fsr-3653	22	8	theory	theory	NOUN
fsr-3653	22	9	suggests	suggest	VERB
fsr-3653	22	10	that	that	SCONJ
fsr-3653	22	11	the	the	DET
fsr-3653	22	12	evaluation	evaluation	NOUN
fsr-3653	22	13	of	of	ADP
fsr-3653	22	14	investment	investment	NOUN
fsr-3653	22	15	managers	manager	NOUN
fsr-3653	22	16	should	should	AUX
fsr-3653	22	17	encompass	encompass	VERB
fsr-3653	22	18	measures	measure	NOUN
fsr-3653	22	19	of	of	ADP
fsr-3653	22	20	both	both	DET
fsr-3653	22	21	risk	risk	NOUN
fsr-3653	22	22	and	and	CCONJ
fsr-3653	22	23	return	return	VERB
fsr-3653	22	24	.	.	PUNCT
fsr-3653	23	1	the	the	DET
fsr-3653	23	2	purpose	purpose	NOUN
fsr-3653	23	3	of	of	ADP
fsr-3653	23	4	this	this	DET
fsr-3653	23	5	paper	paper	NOUN
fsr-3653	23	6	is	be	AUX
fsr-3653	23	7	to	to	PART
fsr-3653	23	8	provide	provide	VERB
fsr-3653	23	9	evidence	evidence	NOUN
fsr-3653	23	10	regarding	regard	VERB
fsr-3653	23	11	the	the	DET
fsr-3653	23	12	risk	risk	NOUN
fsr-3653	23	13	-	-	PUNCT
fsr-3653	23	14	adjusted	adjust	VERB
fsr-3653	23	15	investment	investment	NOUN
fsr-3653	23	16	performance	performance	NOUN
fsr-3653	23	17	of	of	ADP
fsr-3653	23	18	life	life	NOUN
fsr-3653	23	19	insurance	insurance	NOUN
fsr-3653	23	20	companies	company	NOUN
fsr-3653	23	21	and	and	CCONJ
fsr-3653	23	22	to	to	PART
fsr-3653	23	23	examine	examine	VERB
fsr-3653	23	24	whether	whether	SCONJ
fsr-3653	23	25	their	their	PRON
fsr-3653	23	26	investment	investment	NOUN
fsr-3653	23	27	performance	performance	NOUN
fsr-3653	23	28	is	be	AUX
fsr-3653	23	29	materially	materially	ADV
fsr-3653	23	30	different	different	ADJ
fsr-3653	23	31	from	from	ADP
fsr-3653	23	32	that	that	PRON
fsr-3653	23	33	of	of	ADP
fsr-3653	23	34	mutual	mutual	ADJ
fsr-3653	23	35	funds	fund	NOUN
fsr-3653	23	36	.	.	PUNCT
fsr-3653	24	1	historically	historically	ADV
fsr-3653	24	2	,	,	PUNCT
fsr-3653	24	3	common	common	ADJ
fsr-3653	24	4	stocks	stock	NOUN
fsr-3653	24	5	have	have	AUX
fsr-3653	24	6	been	be	AUX
fsr-3653	24	7	a	a	DET
fsr-3653	24	8	small	small	ADJ
fsr-3653	24	9	percentage	percentage	NOUN
fsr-3653	24	10	of	of	ADP
fsr-3653	24	11	the	the	DET
fsr-3653	24	12	total	total	ADJ
fsr-3653	24	13	assets	asset	NOUN
fsr-3653	24	14	held	hold	VERB
fsr-3653	24	15	by	by	ADP
fsr-3653	24	16	this	this	DET
fsr-3653	24	17	group	group	NOUN
fsr-3653	24	18	of	of	ADP
fsr-3653	24	19	investors	investor	NOUN
fsr-3653	24	20	.	.	PUNCT
fsr-3653	25	1	because	because	SCONJ
fsr-3653	25	2	life	life	NOUN
fsr-3653	25	3	insurance	insurance	NOUN
fsr-3653	25	4	policies	policy	NOUN
fsr-3653	25	5	contain	contain	VERB
fsr-3653	25	6	contractual	contractual	ADJ
fsr-3653	25	7	guarantees	guarantee	NOUN
fsr-3653	25	8	for	for	ADP
fsr-3653	25	9	specified	specify	VERB
fsr-3653	25	10	dollar	dollar	NOUN
fsr-3653	25	11	amounts	amount	NOUN
fsr-3653	25	12	,	,	PUNCT
fsr-3653	25	13	bonds	bond	NOUN
fsr-3653	25	14	,	,	PUNCT
fsr-3653	25	15	rather	rather	ADV
fsr-3653	25	16	than	than	ADP
fsr-3653	25	17	stocks	stock	NOUN
fsr-3653	25	18	,	,	PUNCT
fsr-3653	25	19	have	have	AUX
fsr-3653	25	20	been	be	AUX
fsr-3653	25	21	a	a	DET
fsr-3653	25	22	major	major	ADJ
fsr-3653	25	23	investment	investment	NOUN
fsr-3653	25	24	medium	medium	NOUN
fsr-3653	25	25	for	for	ADP
fsr-3653	25	26	these	these	DET
fsr-3653	25	27	firms	firm	NOUN
fsr-3653	25	28	.	.	PUNCT
fsr-3653	26	1	moreover	moreover	ADV
fsr-3653	26	2	,	,	PUNCT
fsr-3653	26	3	in	in	ADP
fsr-3653	26	4	the	the	DET
fsr-3653	26	5	past	past	NOUN
fsr-3653	26	6	,	,	PUNCT
fsr-3653	26	7	there	there	PRON
fsr-3653	26	8	existed	exist	VERB
fsr-3653	26	9	legal	legal	ADJ
fsr-3653	26	10	provisions	provision	NOUN
fsr-3653	26	11	which	which	PRON
fsr-3653	26	12	limited	limit	VERB
fsr-3653	26	13	investments	investment	NOUN
fsr-3653	26	14	in	in	ADP
fsr-3653	26	15	common	common	ADJ
fsr-3653	26	16	stock	stock	NOUN
fsr-3653	26	17	on	on	ADP
fsr-3653	26	18	the	the	DET
fsr-3653	26	19	part	part	NOUN
fsr-3653	26	20	of	of	ADP
fsr-3653	26	21	life	life	NOUN
fsr-3653	26	22	insurance	insurance	NOUN
fsr-3653	26	23	companies	company	NOUN
fsr-3653	26	24	.	.	PUNCT
fsr-3653	27	1	however	however	ADV
fsr-3653	27	2	,	,	PUNCT
fsr-3653	27	3	legislation	legislation	NOUN
fsr-3653	27	4	in	in	ADP
fsr-3653	27	5	most	most	ADJ
fsr-3653	27	6	states	state	NOUN
fsr-3653	27	7	now	now	ADV
fsr-3653	27	8	permits	permit	VERB
fsr-3653	27	9	life	life	NOUN
fsr-3653	27	10	insurance	insurance	NOUN
fsr-3653	27	11	companies	company	NOUN
fsr-3653	27	12	to	to	PART
fsr-3653	27	13	maintain	maintain	VERB
fsr-3653	27	14	separate	separate	ADJ
fsr-3653	27	15	investment	investment	NOUN
fsr-3653	27	16	accounts	account	NOUN
fsr-3653	27	17	for	for	ADP
fsr-3653	27	18	a	a	DET
fsr-3653	27	19	given	give	VERB
fsr-3653	27	20	pension	pension	NOUN
fsr-3653	27	21	plan	plan	NOUN
fsr-3653	27	22	or	or	CCONJ
fsr-3653	27	23	group	group	NOUN
fsr-3653	27	24	of	of	ADP
fsr-3653	27	25	plans	plan	NOUN
fsr-3653	27	26	.	.	PUNCT
fsr-3653	28	1	these	these	DET
fsr-3653	28	2	plans	plan	NOUN
fsr-3653	28	3	maintain	maintain	VERB
fsr-3653	28	4	their	their	PRON
fsr-3653	28	5	assets	asset	NOUN
fsr-3653	28	6	in	in	ADP
fsr-3653	28	7	an	an	DET
fsr-3653	28	8	account	account	NOUN
fsr-3653	28	9	separate	separate	ADJ
fsr-3653	28	10	from	from	ADP
fsr-3653	28	11	the	the	DET
fsr-3653	28	12	company	company	NOUN
fsr-3653	28	13	’s	’s	PART
fsr-3653	28	14	other	other	ADJ
fsr-3653	28	15	assets	asset	NOUN
fsr-3653	28	16	.	.	PUNCT
fsr-3653	29	1	separate	separate	ADJ
fsr-3653	29	2	accounts	account	NOUN
fsr-3653	29	3	are	be	AUX
fsr-3653	29	4	allowed	allow	VERB
fsr-3653	29	5	a	a	DET
fsr-3653	29	6	greater	great	ADJ
fsr-3653	29	7	latitude	latitude	NOUN
fsr-3653	29	8	in	in	ADP
fsr-3653	29	9	making	make	VERB
fsr-3653	29	10	equity	equity	NOUN
fsr-3653	29	11	investments	investment	NOUN
fsr-3653	29	12	than	than	ADP
fsr-3653	29	13	insurance	insurance	NOUN
fsr-3653	29	14	company	company	NOUN
fsr-3653	29	15	investments	investment	NOUN
fsr-3653	29	16	in	in	ADP
fsr-3653	29	17	general	general	ADJ
fsr-3653	29	18	.	.	PUNCT
fsr-3653	30	1	in	in	ADP
fsr-3653	30	2	addition	addition	NOUN
fsr-3653	30	3	to	to	ADP
fsr-3653	30	4	examining	examine	VERB
fsr-3653	30	5	the	the	DET
fsr-3653	30	6	risk	risk	NOUN
fsr-3653	30	7	-	-	PUNCT
fsr-3653	30	8	adjusted	adjust	VERB
fsr-3653	30	9	performance	performance	NOUN
fsr-3653	30	10	of	of	ADP
fsr-3653	30	11	this	this	DET
fsr-3653	30	12	category	category	NOUN
fsr-3653	30	13	of	of	ADP
fsr-3653	30	14	institutional	institutional	ADJ
fsr-3653	30	15	investor	investor	NOUN
fsr-3653	30	16	in	in	ADP
fsr-3653	30	17	the	the	DET
fsr-3653	30	18	context	context	NOUN
fsr-3653	30	19	of	of	ADP
fsr-3653	30	20	jensen	jensen	PROPN
fsr-3653	30	21	’s	’s	PART
fsr-3653	30	22	abnormal	abnormal	ADJ
fsr-3653	30	23	performance	performance	NOUN
fsr-3653	30	24	index	index	NOUN
fsr-3653	30	25	,	,	PUNCT
fsr-3653	30	26	this	this	DET
fsr-3653	30	27	study	study	NOUN
fsr-3653	30	28	will	will	AUX
fsr-3653	30	29	also	also	ADV
fsr-3653	30	30	consider	consider	VERB
fsr-3653	30	31	whether	whether	SCONJ
fsr-3653	30	32	life	life	NOUN
fsr-3653	30	33	insurance	insurance	NOUN
fsr-3653	30	34	companies	company	NOUN
fsr-3653	30	35	exhibit	exhibit	VERB
fsr-3653	30	36	differential	differential	ADJ
fsr-3653	30	37	stock	stock	NOUN
fsr-3653	30	38	selection	selection	NOUN
fsr-3653	30	39	or	or	CCONJ
fsr-3653	30	40	market	market	NOUN
fsr-3653	30	41	timing	timing	NOUN
fsr-3653	30	42	abilities	ability	NOUN
fsr-3653	30	43	in	in	ADP
fsr-3653	30	44	bull	bull	NOUN
fsr-3653	30	45	and	and	CCONJ
fsr-3653	30	46	bear	bear	NOUN
fsr-3653	30	47	markets	market	NOUN
fsr-3653	30	48	.	.	PUNCT
fsr-3653	31	1	accordingly	accordingly	ADV
fsr-3653	31	2	,	,	PUNCT
fsr-3653	31	3	this	this	DET
fsr-3653	31	4	study	study	NOUN
fsr-3653	31	5	will	will	AUX
fsr-3653	31	6	make	make	VERB
fsr-3653	31	7	a	a	DET
fsr-3653	31	8	contribution	contribution	NOUN
fsr-3653	31	9	to	to	ADP
fsr-3653	31	10	the	the	DET
fsr-3653	31	11	finance	finance	NOUN
fsr-3653	31	12	literature	literature	NOUN
fsr-3653	31	13	in	in	ADP
fsr-3653	31	14	two	two	NUM
fsr-3653	31	15	primary	primary	ADJ
fsr-3653	31	16	ways	way	NOUN
fsr-3653	31	17	.	.	PUNCT
fsr-3653	32	1	first	first	ADV
fsr-3653	32	2	,	,	PUNCT
fsr-3653	32	3	in	in	ADP
fsr-3653	32	4	contrast	contrast	NOUN
fsr-3653	32	5	to	to	ADP
fsr-3653	32	6	schlarbaum	schlarbaum	PROPN
fsr-3653	32	7	’s	’s	PART
fsr-3653	32	8	study	study	NOUN
fsr-3653	32	9	which	which	PRON
fsr-3653	32	10	analyzed	analyze	VERB
fsr-3653	32	11	property	property	NOUN
fsr-3653	32	12	casualty	casualty	NOUN
fsr-3653	32	13	insurance	insurance	NOUN
fsr-3653	32	14	companies	company	NOUN
fsr-3653	32	15	,	,	PUNCT
fsr-3653	32	16	this	this	DET
fsr-3653	32	17	analysis	analysis	NOUN
fsr-3653	32	18	will	will	AUX
fsr-3653	32	19	examine	examine	VERB
fsr-3653	32	20	the	the	DET
fsr-3653	32	21	investment	investment	NOUN
fsr-3653	32	22	performance	performance	NOUN
fsr-3653	32	23	of	of	ADP
fsr-3653	32	24	life	life	NOUN
fsr-3653	32	25	insurance	insurance	NOUN
fsr-3653	32	26	companies	company	NOUN
fsr-3653	32	27	.	.	PUNCT
fsr-3653	32	28	’	'	PUNCT
fsr-3653	33	1	second	second	ADV
fsr-3653	33	2	,	,	PUNCT
fsr-3653	33	3	this	this	PRON
fsr-3653	33	4	will	will	AUX
fsr-3653	33	5	be	be	AUX
fsr-3653	33	6	the	the	DET
fsr-3653	33	7	first	first	ADJ
fsr-3653	33	8	study	study	NOUN
fsr-3653	33	9	life	life	NOUN
fsr-3653	33	10	irwurance	irwurance	NOUN
fsr-3653	33	11	compmies	compmie	NOUN
fsr-3653	33	12	as	as	ADP
fsr-3653	33	13	investment	investment	NOUN
fsr-3653	33	14	managers	manager	NOUN
fsr-3653	33	15	25	25	NUM
fsr-3653	33	16	to	to	PART
fsr-3653	33	17	provide	provide	VERB
fsr-3653	33	18	evidence	evidence	NOUN
fsr-3653	33	19	regarding	regard	VERB
fsr-3653	33	20	the	the	DET
fsr-3653	33	21	macro	macro	ADJ
fsr-3653	33	22	-	-	NOUN
fsr-3653	33	23	market	market	ADJ
fsr-3653	33	24	timing	timing	NOUN
fsr-3653	33	25	abilities	ability	NOUN
fsr-3653	33	26	of	of	ADP
fsr-3653	33	27	a	a	DET
fsr-3653	33	28	category	category	NOUN
fsr-3653	33	29	of	of	ADP
fsr-3653	33	30	institutional	institutional	ADJ
fsr-3653	33	31	investors	investor	NOUN
fsr-3653	33	32	other	other	ADJ
fsr-3653	33	33	than	than	ADP
fsr-3653	33	34	mutual	mutual	ADJ
fsr-3653	33	35	funds	fund	NOUN
fsr-3653	33	36	by	by	ADP
fsr-3653	33	37	comparing	compare	VERB
fsr-3653	33	38	the	the	DET
fsr-3653	33	39	systematic	systematic	ADJ
fsr-3653	33	40	risk	risk	NOUN
fsr-3653	33	41	coefficient	coefficient	NOUN
fsr-3653	33	42	in	in	ADP
fsr-3653	33	43	bull	bull	NOUN
fsr-3653	33	44	and	and	CCONJ
fsr-3653	33	45	bear	bear	NOUN
fsr-3653	33	46	markets	market	NOUN
fsr-3653	33	47	.	.	PUNCT
fsr-3653	34	1	these	these	DET
fsr-3653	34	2	results	result	NOUN
fsr-3653	34	3	,	,	PUNCT
fsr-3653	34	4	considered	consider	VERB
fsr-3653	34	5	in	in	ADP
fsr-3653	34	6	conjunction	conjunction	NOUN
fsr-3653	34	7	with	with	ADP
fsr-3653	34	8	the	the	DET
fsr-3653	34	9	tax	tax	NOUN
fsr-3653	34	10	deferral	deferral	ADJ
fsr-3653	34	11	aspects	aspect	NOUN
fsr-3653	34	12	of	of	ADP
fsr-3653	34	13	the	the	DET
fsr-3653	34	14	life	life	NOUN
fsr-3653	34	15	insurance	insurance	NOUN
fsr-3653	34	16	company	company	NOUN
fsr-3653	34	17	investments	investment	NOUN
fsr-3653	34	18	,	,	PUNCT
fsr-3653	34	19	will	will	AUX
fsr-3653	34	20	determine	determine	VERB
fsr-3653	34	21	the	the	DET
fsr-3653	34	22	competitiveness	competitiveness	NOUN
fsr-3653	34	23	of	of	ADP
fsr-3653	34	24	these	these	DET
fsr-3653	34	25	investment	investment	NOUN
fsr-3653	34	26	vehicles	vehicle	NOUN
fsr-3653	34	27	vis	vis	X
fsr-3653	34	28	a	a	X
fsr-3653	34	29	-	-	PUNCT
fsr-3653	34	30	vis	vis	X
fsr-3653	34	31	mutual	mutual	ADJ
fsr-3653	34	32	funds	fund	NOUN
fsr-3653	34	33	.	.	PUNCT
fsr-3653	35	1	the	the	DET
fsr-3653	35	2	results	result	NOUN
fsr-3653	35	3	of	of	ADP
fsr-3653	35	4	this	this	DET
fsr-3653	35	5	study	study	NOUN
fsr-3653	35	6	suggest	suggest	VERB
fsr-3653	35	7	that	that	SCONJ
fsr-3653	35	8	the	the	DET
fsr-3653	35	9	investment	investment	NOUN
fsr-3653	35	10	performance	performance	NOUN
fsr-3653	35	11	of	of	ADP
fsr-3653	35	12	life	life	NOUN
fsr-3653	35	13	insurance	insurance	NOUN
fsr-3653	35	14	companies	company	NOUN
fsr-3653	35	15	is	be	AUX
fsr-3653	35	16	similar	similar	ADJ
fsr-3653	35	17	to	to	ADP
fsr-3653	35	18	mutual	mutual	ADJ
fsr-3653	35	19	funds	fund	NOUN
fsr-3653	35	20	on	on	ADP
fsr-3653	35	21	a	a	DET
fsr-3653	35	22	risk	risk	NOUN
fsr-3653	35	23	-	-	PUNCT
fsr-3653	35	24	adjusted	adjust	VERB
fsr-3653	35	25	basis	basis	NOUN
fsr-3653	35	26	,	,	PUNCT
fsr-3653	35	27	assuming	assume	VERB
fsr-3653	35	28	comparable	comparable	ADJ
fsr-3653	35	29	tax	tax	NOUN
fsr-3653	35	30	treatment	treatment	NOUN
fsr-3653	35	31	.	.	PUNCT
fsr-3653	36	1	on	on	ADP
fsr-3653	36	2	average	average	ADJ
fsr-3653	36	3	,	,	PUNCT
fsr-3653	36	4	the	the	DET
fsr-3653	36	5	equity	equity	NOUN
fsr-3653	36	6	funds	fund	NOUN
fsr-3653	36	7	of	of	ADP
fsr-3653	36	8	life	life	NOUN
fsr-3653	36	9	insurance	insurance	NOUN
fsr-3653	36	10	companies	company	NOUN
fsr-3653	36	11	do	do	AUX
fsr-3653	36	12	not	not	PART
fsr-3653	36	13	appear	appear	VERB
fsr-3653	36	14	to	to	PART
fsr-3653	36	15	display	display	VERB
fsr-3653	36	16	significantly	significantly	ADV
fsr-3653	36	17	positive	positive	ADJ
fsr-3653	36	18	stock	stock	NOUN
fsr-3653	36	19	selection	selection	NOUN
fsr-3653	36	20	abilities	ability	NOUN
fsr-3653	36	21	.	.	PUNCT
fsr-3653	37	1	moreover	moreover	ADV
fsr-3653	37	2	,	,	PUNCT
fsr-3653	37	3	we	we	PRON
fsr-3653	37	4	do	do	AUX
fsr-3653	37	5	not	not	PART
fsr-3653	37	6	find	find	VERB
fsr-3653	37	7	statistically	statistically	ADV
fsr-3653	37	8	significant	significant	ADJ
fsr-3653	37	9	differentials	differential	NOUN
fsr-3653	37	10	in	in	ADP
fsr-3653	37	11	market	market	NOUN
fsr-3653	37	12	timing	timing	NOUN
fsr-3653	37	13	abilities	ability	NOUN
fsr-3653	37	14	in	in	ADP
fsr-3653	37	15	bull	bull	NOUN
fsr-3653	37	16	and	and	CCONJ
fsr-3653	37	17	bear	bear	NOUN
fsr-3653	37	18	markets	market	NOUN
fsr-3653	37	19	.	.	PUNCT
fsr-3653	38	1	however	however	ADV
fsr-3653	38	2	,	,	PUNCT
fsr-3653	38	3	the	the	DET
fsr-3653	38	4	evidence	evidence	NOUN
fsr-3653	38	5	also	also	ADV
fsr-3653	38	6	suggests	suggest	VERB
fsr-3653	38	7	that	that	SCONJ
fsr-3653	38	8	the	the	DET
fsr-3653	38	9	life	life	NOUN
fsr-3653	38	10	insurance	insurance	NOUN
fsr-3653	38	11	companies	company	NOUN
fsr-3653	38	12	do	do	AUX
fsr-3653	38	13	not	not	PART
fsr-3653	38	14	significantly	significantly	ADV
fsr-3653	38	15	underperform	underperform	VERB
fsr-3653	38	16	the	the	DET
fsr-3653	38	17	market	market	NOUN
fsr-3653	38	18	averages	average	NOUN
fsr-3653	38	19	either	either	ADV
fsr-3653	38	20	,	,	PUNCT
fsr-3653	38	21	which	which	PRON
fsr-3653	38	22	is	be	AUX
fsr-3653	38	23	in	in	ADP
fsr-3653	38	24	contrast	contrast	NOUN
fsr-3653	38	25	to	to	ADP
fsr-3653	38	26	previous	previous	ADJ
fsr-3653	38	27	findings	finding	NOUN
fsr-3653	38	28	for	for	ADP
fsr-3653	38	29	property	property	NOUN
fsr-3653	38	30	casualty	casualty	NOUN
fsr-3653	38	31	companies	company	NOUN
fsr-3653	38	32	.	.	PUNCT
fsr-3653	39	1	thus	thus	ADV
fsr-3653	39	2	,	,	PUNCT
fsr-3653	39	3	the	the	DET
fsr-3653	39	4	findings	finding	NOUN
fsr-3653	39	5	in	in	ADP
fsr-3653	39	6	this	this	DET
fsr-3653	39	7	paper	paper	NOUN
fsr-3653	39	8	suggest	suggest	VERB
fsr-3653	39	9	that	that	SCONJ
fsr-3653	39	10	life	life	NOUN
fsr-3653	39	11	insurance	insurance	NOUN
fsr-3653	39	12	company	company	NOUN
fsr-3653	39	13	products	product	NOUN
fsr-3653	39	14	should	should	AUX
fsr-3653	39	15	become	become	VERB
fsr-3653	39	16	more	more	ADV
fsr-3653	39	17	competitive	competitive	ADJ
fsr-3653	39	18	with	with	ADP
fsr-3653	39	19	mutual	mutual	ADJ
fsr-3653	39	20	funds	fund	NOUN
fsr-3653	39	21	in	in	ADP
fsr-3653	39	22	the	the	DET
fsr-3653	39	23	future	future	NOUN
fsr-3653	39	24	given	give	VERB
fsr-3653	39	25	the	the	DET
fsr-3653	39	26	superiority	superiority	NOUN
fsr-3653	39	27	of	of	ADP
fsr-3653	39	28	separate	separate	ADJ
fsr-3653	39	29	accounts	account	NOUN
fsr-3653	39	30	from	from	ADP
fsr-3653	39	31	a	a	DET
fsr-3653	39	32	tax	tax	NOUN
fsr-3653	39	33	perspective	perspective	NOUN
fsr-3653	39	34	.	.	PUNCT
fsr-3653	40	1	the	the	DET
fsr-3653	40	2	remainder	remainder	NOUN
fsr-3653	40	3	of	of	ADP
fsr-3653	40	4	this	this	DET
fsr-3653	40	5	paper	paper	NOUN
fsr-3653	40	6	is	be	AUX
fsr-3653	40	7	organized	organize	VERB
fsr-3653	40	8	as	as	SCONJ
fsr-3653	40	9	follows	follow	VERB
fsr-3653	40	10	.	.	PUNCT
fsr-3653	41	1	section	section	PROPN
fsr-3653	41	2	ii	ii	PROPN
fsr-3653	41	3	provides	provide	VERB
fsr-3653	41	4	a	a	DET
fsr-3653	41	5	discussion	discussion	NOUN
fsr-3653	41	6	of	of	ADP
fsr-3653	41	7	tax	tax	NOUN
fsr-3653	41	8	advantages	advantage	NOUN
fsr-3653	41	9	and	and	CCONJ
fsr-3653	41	10	institutional	institutional	ADJ
fsr-3653	41	11	characteristics	characteristic	NOUN
fsr-3653	41	12	of	of	ADP
fsr-3653	41	13	life	life	NOUN
fsr-3653	41	14	insurance	insurance	NOUN
fsr-3653	41	15	companies	company	NOUN
fsr-3653	41	16	’	’	PART
fsr-3653	41	17	variable	variable	ADJ
fsr-3653	41	18	annuity	annuity	NOUN
fsr-3653	41	19	contracts	contract	NOUN
fsr-3653	41	20	.	.	PUNCT
fsr-3653	42	1	section	section	NOUN
fsr-3653	42	2	iii	iii	PROPN
fsr-3653	42	3	discusses	discuss	VERB
fsr-3653	42	4	the	the	DET
fsr-3653	42	5	statistical	statistical	ADJ
fsr-3653	42	6	techniques	technique	NOUN
fsr-3653	42	7	and	and	CCONJ
fsr-3653	42	8	empirical	empirical	ADJ
fsr-3653	42	9	models	model	NOUN
fsr-3653	42	10	used	use	VERB
fsr-3653	42	11	to	to	PART
fsr-3653	42	12	test	test	VERB
fsr-3653	42	13	for	for	ADP
fsr-3653	42	14	stock	stock	NOUN
fsr-3653	42	15	selection	selection	NOUN
fsr-3653	42	16	and	and	CCONJ
fsr-3653	42	17	market	market	NOUN
fsr-3653	42	18	timing	timing	NOUN
fsr-3653	42	19	abilities	ability	NOUN
fsr-3653	42	20	,	,	PUNCT
fsr-3653	42	21	and	and	CCONJ
fsr-3653	42	22	describes	describe	VERB
fsr-3653	42	23	the	the	DET
fsr-3653	42	24	data	datum	NOUN
fsr-3653	42	25	used	use	VERB
fsr-3653	42	26	in	in	ADP
fsr-3653	42	27	this	this	DET
fsr-3653	42	28	study	study	NOUN
fsr-3653	42	29	.	.	PUNCT
fsr-3653	43	1	section	section	NOUN
fsr-3653	43	2	iv	iv	NUM
fsr-3653	43	3	presents	present	VERB
fsr-3653	43	4	the	the	DET
fsr-3653	43	5	empirical	empirical	ADJ
fsr-3653	43	6	results	result	NOUN
fsr-3653	43	7	of	of	ADP
fsr-3653	43	8	these	these	DET
fsr-3653	43	9	models	model	NOUN
fsr-3653	43	10	.	.	PUNCT
fsr-3653	44	1	finally	finally	ADV
fsr-3653	44	2	,	,	PUNCT
fsr-3653	44	3	section	section	NOUN
fsr-3653	44	4	v	v	NOUN
fsr-3653	44	5	provides	provide	VERB
fsr-3653	44	6	a	a	DET
fsr-3653	44	7	summary	summary	NOUN
fsr-3653	44	8	and	and	CCONJ
fsr-3653	44	9	major	major	ADJ
fsr-3653	44	10	conclusions	conclusion	NOUN
fsr-3653	44	11	.	.	PUNCT
fsr-3653	45	1	ii	ii	PROPN
fsr-3653	45	2	.	.	PUNCT
fsr-3653	45	3	tax	tax	NOUN
fsr-3653	45	4	advantagesand	advantagesand	PROPN
fsr-3653	45	5	institutional	institutional	ADJ
fsr-3653	45	6	characteristicsof	characteristicsof	NOUN
fsr-3653	45	7	lifeinsurancecompanyfunds	lifeinsurancecompanyfund	NOUN
fsr-3653	45	8	as	as	SCONJ
fsr-3653	45	9	noted	note	VERB
fsr-3653	45	10	above	above	ADV
fsr-3653	45	11	,	,	PUNCT
fsr-3653	45	12	separate	separate	ADJ
fsr-3653	45	13	accounts	account	NOUN
fsr-3653	45	14	are	be	AUX
fsr-3653	45	15	the	the	DET
fsr-3653	45	16	funding	funding	NOUN
fsr-3653	45	17	vehicles	vehicle	NOUN
fsr-3653	45	18	for	for	ADP
fsr-3653	45	19	life	life	NOUN
fsr-3653	45	20	insurance	insurance	NOUN
fsr-3653	45	21	companies	company	NOUN
fsr-3653	45	22	’	’	PART
fsr-3653	45	23	equity	equity	NOUN
fsr-3653	45	24	oriented	orient	VERB
fsr-3653	45	25	variable	variable	ADJ
fsr-3653	45	26	annuity	annuity	NOUN
fsr-3653	45	27	contracts	contract	NOUN
fsr-3653	45	28	.	.	PUNCT
fsr-3653	46	1	the	the	DET
fsr-3653	46	2	separate	separate	ADJ
fsr-3653	46	3	account	account	NOUN
fsr-3653	46	4	for	for	ADP
fsr-3653	46	5	a	a	DET
fsr-3653	46	6	variable	variable	ADJ
fsr-3653	46	7	annuity	annuity	NOUN
fsr-3653	46	8	is	be	AUX
fsr-3653	46	9	a	a	DET
fsr-3653	46	10	unit	unit	NOUN
fsr-3653	46	11	investment	investment	NOUN
fsr-3653	46	12	trust	trust	NOUN
fsr-3653	46	13	that	that	SCONJ
fsr-3653	46	14	invests	invest	NOUN
fsr-3653	46	15	at	at	ADP
fsr-3653	46	16	asset	asset	NOUN
fsr-3653	46	17	values	value	NOUN
fsr-3653	46	18	in	in	ADP
fsr-3653	46	19	the	the	DET
fsr-3653	46	20	shares	share	NOUN
fsr-3653	46	21	of	of	ADP
fsr-3653	46	22	a	a	DET
fsr-3653	46	23	particular	particular	ADJ
fsr-3653	46	24	equity	equity	NOUN
fsr-3653	46	25	portfolio	portfolio	NOUN
fsr-3653	46	26	.	.	PUNCT
fsr-3653	47	1	both	both	PRON
fsr-3653	47	2	mutual	mutual	ADJ
fsr-3653	47	3	funds	fund	NOUN
fsr-3653	47	4	and	and	CCONJ
fsr-3653	47	5	variable	variable	ADJ
fsr-3653	47	6	annuities	annuity	NOUN
fsr-3653	47	7	provide	provide	VERB
fsr-3653	47	8	professional	professional	ADJ
fsr-3653	47	9	management	management	NOUN
fsr-3653	47	10	of	of	ADP
fsr-3653	47	11	a	a	DET
fsr-3653	47	12	securities	security	NOUN
fsr-3653	47	13	portfolio	portfolio	NOUN
fsr-3653	47	14	.	.	PUNCT
fsr-3653	48	1	both	both	PRON
fsr-3653	48	2	charge	charge	VERB
fsr-3653	48	3	the	the	DET
fsr-3653	48	4	investor	investor	NOUN
fsr-3653	48	5	for	for	ADP
fsr-3653	48	6	the	the	DET
fsr-3653	48	7	costs	cost	NOUN
fsr-3653	48	8	of	of	ADP
fsr-3653	48	9	investment	investment	NOUN
fsr-3653	48	10	management	management	NOUN
fsr-3653	48	11	and	and	CCONJ
fsr-3653	48	12	administration	administration	NOUN
fsr-3653	48	13	.	.	PUNCT
fsr-3653	49	1	like	like	ADP
fsr-3653	49	2	the	the	DET
fsr-3653	49	3	majority	majority	NOUN
fsr-3653	49	4	of	of	ADP
fsr-3653	49	5	mutual	mutual	ADJ
fsr-3653	49	6	funds	fund	NOUN
fsr-3653	49	7	,	,	PUNCT
fsr-3653	49	8	most	most	ADJ
fsr-3653	49	9	variable	variable	ADJ
fsr-3653	49	10	annuities	annuity	NOUN
fsr-3653	49	11	also	also	ADV
fsr-3653	49	12	levy	levy	VERB
fsr-3653	49	13	a	a	DET
fsr-3653	49	14	sales	sale	NOUN
fsr-3653	49	15	charge	charge	NOUN
fsr-3653	49	16	.	.	PUNCT
fsr-3653	50	1	the	the	DET
fsr-3653	50	2	tax	tax	NOUN
fsr-3653	50	3	consequences	consequence	NOUN
fsr-3653	50	4	of	of	ADP
fsr-3653	50	5	the	the	DET
fsr-3653	50	6	two	two	NUM
fsr-3653	50	7	investment	investment	NOUN
fsr-3653	50	8	vehicles	vehicle	NOUN
fsr-3653	50	9	are	be	AUX
fsr-3653	50	10	quite	quite	ADV
fsr-3653	50	11	different	different	ADJ
fsr-3653	50	12	,	,	PUNCT
fsr-3653	50	13	however	however	ADV
fsr-3653	50	14	.	.	PUNCT
fsr-3653	51	1	unlike	unlike	ADP
fsr-3653	51	2	mutual	mutual	ADJ
fsr-3653	51	3	funds	fund	NOUN
fsr-3653	51	4	,	,	PUNCT
fsr-3653	51	5	variable	variable	ADJ
fsr-3653	51	6	annuities	annuity	NOUN
fsr-3653	51	7	do	do	AUX
fsr-3653	51	8	not	not	PART
fsr-3653	51	9	act	act	VERB
fsr-3653	51	10	as	as	ADP
fsr-3653	51	11	conduits	conduit	NOUN
fsr-3653	51	12	.	.	PUNCT
fsr-3653	52	1	congress	congress	PROPN
fsr-3653	52	2	enables	enable	VERB
fsr-3653	52	3	investors	investor	NOUN
fsr-3653	52	4	to	to	PART
fsr-3653	52	5	invest	invest	VERB
fsr-3653	52	6	in	in	ADP
fsr-3653	52	7	the	the	DET
fsr-3653	52	8	annuity	annuity	NOUN
fsr-3653	52	9	contracts	contract	NOUN
fsr-3653	52	10	of	of	ADP
fsr-3653	52	11	life	life	NOUN
fsr-3653	52	12	insurance	insurance	NOUN
fsr-3653	52	13	companies	company	NOUN
fsr-3653	52	14	without	without	ADP
fsr-3653	52	15	having	have	VERB
fsr-3653	52	16	to	to	PART
fsr-3653	52	17	pay	pay	VERB
fsr-3653	52	18	taxes	taxis	NOUN
fsr-3653	52	19	on	on	ADP
fsr-3653	52	20	the	the	DET
fsr-3653	52	21	dividends	dividend	NOUN
fsr-3653	52	22	and	and	CCONJ
fsr-3653	52	23	capital	capital	NOUN
fsr-3653	52	24	gains	gain	NOUN
fsr-3653	52	25	until	until	SCONJ
fsr-3653	52	26	the	the	DET
fsr-3653	52	27	money	money	NOUN
fsr-3653	52	28	is	be	AUX
fsr-3653	52	29	withdrawn	withdraw	VERB
fsr-3653	52	30	.	.	PUNCT
fsr-3653	53	1	earnings	earning	NOUN
fsr-3653	53	2	thus	thus	ADV
fsr-3653	53	3	accumulate	accumulate	VERB
fsr-3653	53	4	during	during	ADP
fsr-3653	53	5	the	the	DET
fsr-3653	53	6	life	life	NOUN
fsr-3653	53	7	of	of	ADP
fsr-3653	53	8	the	the	DET
fsr-3653	53	9	annuity	annuity	NOUN
fsr-3653	53	10	on	on	ADP
fsr-3653	53	11	a	a	DET
fsr-3653	53	12	taxed	tax	VERB
fsr-3653	53	13	deferred	deferred	ADJ
fsr-3653	53	14	basis	basis	NOUN
fsr-3653	53	15	.	.	PUNCT
fsr-3653	54	1	this	this	DET
fsr-3653	54	2	arrangement	arrangement	NOUN
fsr-3653	54	3	differs	differ	VERB
fsr-3653	54	4	from	from	ADP
fsr-3653	54	5	investment	investment	NOUN
fsr-3653	54	6	in	in	ADP
fsr-3653	54	7	non	non	ADJ
fsr-3653	54	8	26	26	NUM
fsr-3653	54	9	financial	financial	ADJ
fsr-3653	54	10	services	service	NOUN
fsr-3653	54	11	review	review	NOUN
fsr-3653	54	12	,	,	PUNCT
fsr-3653	54	13	l(1	l(1	PROPN
fsr-3653	54	14	)	)	PUNCT
fsr-3653	54	15	1991	1991	NUM
fsr-3653	54	16	tax	tax	NOUN
fsr-3653	54	17	qualified	qualified	ADJ
fsr-3653	54	18	mutual	mutual	ADJ
fsr-3653	54	19	funds	fund	NOUN
fsr-3653	54	20	,	,	PUNCT
fsr-3653	54	21	where	where	SCONJ
fsr-3653	54	22	any	any	DET
fsr-3653	54	23	gain	gain	NOUN
fsr-3653	54	24	is	be	AUX
fsr-3653	54	25	taxed	tax	VERB
fsr-3653	54	26	in	in	ADP
fsr-3653	54	27	the	the	DET
fsr-3653	54	28	year	year	NOUN
fsr-3653	54	29	it	it	PRON
fsr-3653	54	30	is	be	AUX
fsr-3653	54	31	earned	earn	VERB
fsr-3653	54	32	,	,	PUNCT
fsr-3653	54	33	even	even	ADV
fsr-3653	54	34	if	if	SCONJ
fsr-3653	54	35	the	the	DET
fsr-3653	54	36	gain	gain	NOUN
fsr-3653	54	37	is	be	AUX
fsr-3653	54	38	reinvested	reinveste	VERB
fsr-3653	54	39	.	.	PUNCT
fsr-3653	54	40	’	'	PUNCT
fsr-3653	55	1	on	on	ADP
fsr-3653	55	2	the	the	DET
fsr-3653	55	3	other	other	ADJ
fsr-3653	55	4	hand	hand	NOUN
fsr-3653	55	5	,	,	PUNCT
fsr-3653	55	6	the	the	DET
fsr-3653	55	7	gain	gain	NOUN
fsr-3653	55	8	in	in	ADP
fsr-3653	55	9	the	the	DET
fsr-3653	55	10	value	value	NOUN
fsr-3653	55	11	of	of	ADP
fsr-3653	55	12	the	the	DET
fsr-3653	55	13	annuitant	annuitant	NOUN
fsr-3653	55	14	’s	’s	PART
fsr-3653	55	15	account	account	NOUN
fsr-3653	55	16	is	be	AUX
fsr-3653	55	17	not	not	PART
fsr-3653	55	18	taxed	tax	VERB
fsr-3653	55	19	as	as	ADP
fsr-3653	55	20	ordinary	ordinary	ADJ
fsr-3653	55	21	income	income	NOUN
fsr-3653	55	22	until	until	ADP
fsr-3653	55	23	the	the	DET
fsr-3653	55	24	payout	payout	ADJ
fsr-3653	55	25	period	period	NOUN
fsr-3653	55	26	.	.	PUNCT
fsr-3653	56	1	other	other	ADJ
fsr-3653	56	2	characteristics	characteristic	NOUN
fsr-3653	56	3	of	of	ADP
fsr-3653	56	4	the	the	DET
fsr-3653	56	5	variable	variable	ADJ
fsr-3653	56	6	annuity	annuity	NOUN
fsr-3653	56	7	contracts	contract	NOUN
fsr-3653	56	8	may	may	AUX
fsr-3653	56	9	,	,	PUNCT
fsr-3653	56	10	however	however	ADV
fsr-3653	56	11	,	,	PUNCT
fsr-3653	56	12	partially	partially	ADV
fsr-3653	56	13	offset	offset	VERB
fsr-3653	56	14	the	the	DET
fsr-3653	56	15	tax	tax	NOUN
fsr-3653	56	16	advantages	advantage	NOUN
fsr-3653	56	17	.	.	PUNCT
fsr-3653	57	1	the	the	DET
fsr-3653	57	2	liquidity	liquidity	NOUN
fsr-3653	57	3	of	of	ADP
fsr-3653	57	4	the	the	DET
fsr-3653	57	5	contracts	contract	NOUN
fsr-3653	57	6	is	be	AUX
fsr-3653	57	7	poor	poor	ADJ
fsr-3653	57	8	since	since	SCONJ
fsr-3653	57	9	irs	irs	PROPN
fsr-3653	57	10	penalties	penalty	NOUN
fsr-3653	57	11	and	and	CCONJ
fsr-3653	57	12	insurance	insurance	NOUN
fsr-3653	57	13	company	company	NOUN
fsr-3653	57	14	surrender	surrender	NOUN
fsr-3653	57	15	charges	charge	NOUN
fsr-3653	57	16	are	be	AUX
fsr-3653	57	17	imposed	impose	VERB
fsr-3653	57	18	for	for	ADP
fsr-3653	57	19	early	early	ADJ
fsr-3653	57	20	withdrawals	withdrawal	NOUN
fsr-3653	57	21	.	.	PUNCT
fsr-3653	58	1	the	the	DET
fsr-3653	58	2	irs	irs	PROPN
fsr-3653	58	3	imposes	impose	VERB
fsr-3653	58	4	a	a	DET
fsr-3653	58	5	10	10	NUM
fsr-3653	58	6	%	%	NOUN
fsr-3653	58	7	penalty	penalty	NOUN
fsr-3653	58	8	charge	charge	NOUN
fsr-3653	58	9	on	on	ADP
fsr-3653	58	10	any	any	DET
fsr-3653	58	11	withdrawals	withdrawal	NOUN
fsr-3653	58	12	prior	prior	ADV
fsr-3653	58	13	to	to	ADP
fsr-3653	58	14	age	age	NOUN
fsr-3653	58	15	59	59	NUM
fsr-3653	58	16	%	%	NOUN
fsr-3653	58	17	.	.	PUNCT
fsr-3653	59	1	in	in	ADP
fsr-3653	59	2	addition	addition	NOUN
fsr-3653	59	3	,	,	PUNCT
fsr-3653	59	4	surrender	surrender	NOUN
fsr-3653	59	5	charges	charge	NOUN
fsr-3653	59	6	initially	initially	ADV
fsr-3653	59	7	can	can	AUX
fsr-3653	59	8	total	total	VERB
fsr-3653	59	9	as	as	ADV
fsr-3653	59	10	much	much	ADJ
fsr-3653	59	11	as	as	ADP
fsr-3653	59	12	10	10	NUM
fsr-3653	59	13	%	%	NOUN
fsr-3653	59	14	of	of	ADP
fsr-3653	59	15	the	the	DET
fsr-3653	59	16	investment	investment	NOUN
fsr-3653	59	17	,	,	PUNCT
fsr-3653	59	18	declining	decline	VERB
fsr-3653	59	19	to	to	ADP
fsr-3653	59	20	zero	zero	NUM
fsr-3653	59	21	usually	usually	ADV
fsr-3653	59	22	through	through	ADP
fsr-3653	59	23	the	the	DET
fsr-3653	59	24	fifth	fifth	ADJ
fsr-3653	59	25	or	or	CCONJ
fsr-3653	59	26	sixth	sixth	ADJ
fsr-3653	59	27	year	year	NOUN
fsr-3653	59	28	of	of	ADP
fsr-3653	59	29	the	the	DET
fsr-3653	59	30	contract	contract	NOUN
fsr-3653	59	31	.	.	PUNCT
fsr-3653	60	1	while	while	SCONJ
fsr-3653	60	2	variable	variable	ADJ
fsr-3653	60	3	annuities	annuity	NOUN
fsr-3653	60	4	have	have	VERB
fsr-3653	60	5	high	high	ADJ
fsr-3653	60	6	expenses	expense	NOUN
fsr-3653	60	7	-	-	PUNCT
fsr-3653	60	8	typically	typically	ADV
fsr-3653	60	9	2	2	NUM
fsr-3653	60	10	%	%	NOUN
fsr-3653	60	11	of	of	ADP
fsr-3653	60	12	assets	asset	NOUN
fsr-3653	60	13	versus	versus	ADP
fsr-3653	60	14	1	1	NUM
fsr-3653	60	15	%	%	NOUN
fsr-3653	60	16	for	for	ADP
fsr-3653	60	17	mutual	mutual	ADJ
fsr-3653	60	18	funds	fund	NOUN
fsr-3653	60	19	-	-	PUNCT
fsr-3653	60	20	the	the	DET
fsr-3653	60	21	difference	difference	NOUN
fsr-3653	60	22	in	in	ADP
fsr-3653	60	23	expenses	expense	NOUN
fsr-3653	60	24	relates	relate	VERB
fsr-3653	60	25	to	to	ADP
fsr-3653	60	26	“	"	PUNCT
fsr-3653	60	27	mortality	mortality	NOUN
fsr-3653	60	28	risk	risk	NOUN
fsr-3653	60	29	,	,	PUNCT
fsr-3653	60	30	”	"	PUNCT
fsr-3653	60	31	the	the	DET
fsr-3653	60	32	possibility	possibility	NOUN
fsr-3653	60	33	that	that	SCONJ
fsr-3653	60	34	the	the	DET
fsr-3653	60	35	annuitant	annuitant	NOUN
fsr-3653	60	36	lives	live	VERB
fsr-3653	60	37	beyond	beyond	ADP
fsr-3653	60	38	what	what	PRON
fsr-3653	60	39	the	the	DET
fsr-3653	60	40	actuarial	actuarial	ADJ
fsr-3653	60	41	charts	chart	NOUN
fsr-3653	60	42	anticipated	anticipate	VERB
fsr-3653	60	43	.	.	PUNCT
fsr-3653	61	1	overall	overall	ADV
fsr-3653	61	2	,	,	PUNCT
fsr-3653	61	3	the	the	DET
fsr-3653	61	4	aforementioned	aforementioned	ADJ
fsr-3653	61	5	tax	tax	NOUN
fsr-3653	61	6	and	and	CCONJ
fsr-3653	61	7	institutional	institutional	ADJ
fsr-3653	61	8	characteristics	characteristic	NOUN
fsr-3653	61	9	appear	appear	VERB
fsr-3653	61	10	to	to	PART
fsr-3653	61	11	favor	favor	VERB
fsr-3653	61	12	life	life	NOUN
fsr-3653	61	13	insurance	insurance	NOUN
fsr-3653	61	14	annuity	annuity	NOUN
fsr-3653	61	15	contracts	contract	NOUN
fsr-3653	61	16	vis	vis	X
fsr-3653	61	17	--	--	PUNCT
fsr-3653	61	18	vis	vis	X
fsr-3653	61	19	mutual	mutual	ADJ
fsr-3653	61	20	funds	fund	NOUN
fsr-3653	61	21	.	.	PUNCT
fsr-3653	62	1	as	as	ADP
fsr-3653	62	2	a	a	DET
fsr-3653	62	3	result	result	NOUN
fsr-3653	62	4	,	,	PUNCT
fsr-3653	62	5	the	the	DET
fsr-3653	62	6	growth	growth	NOUN
fsr-3653	62	7	in	in	ADP
fsr-3653	62	8	variable	variable	ADJ
fsr-3653	62	9	annuity	annuity	NOUN
fsr-3653	62	10	contracts	contract	NOUN
fsr-3653	62	11	offered	offer	VERB
fsr-3653	62	12	by	by	ADP
fsr-3653	62	13	life	life	NOUN
fsr-3653	62	14	insurance	insurance	NOUN
fsr-3653	62	15	companies	company	NOUN
fsr-3653	62	16	has	have	AUX
fsr-3653	62	17	been	be	AUX
fsr-3653	62	18	substantial	substantial	ADJ
fsr-3653	62	19	.	.	PUNCT
fsr-3653	63	1	at	at	ADP
fsr-3653	63	2	year	year	NOUN
fsr-3653	63	3	end	end	NOUN
fsr-3653	63	4	1988	1988	NUM
fsr-3653	63	5	,	,	PUNCT
fsr-3653	63	6	71	71	NUM
fsr-3653	63	7	insurance	insurance	NOUN
fsr-3653	63	8	companies	company	NOUN
fsr-3653	63	9	were	be	AUX
fsr-3653	63	10	offering	offer	VERB
fsr-3653	63	11	391	391	NUM
fsr-3653	63	12	different	different	ADJ
fsr-3653	63	13	investment	investment	NOUN
fsr-3653	63	14	portfolios	portfolio	NOUN
fsr-3653	63	15	.	.	PUNCT
fsr-3653	64	1	the	the	DET
fsr-3653	64	2	assets	asset	NOUN
fsr-3653	64	3	invested	invest	VERB
fsr-3653	64	4	in	in	ADP
fsr-3653	64	5	variable	variable	ADJ
fsr-3653	64	6	annuity	annuity	NOUN
fsr-3653	64	7	separate	separate	ADJ
fsr-3653	64	8	accounts	account	NOUN
fsr-3653	64	9	totaled	total	VERB
fsr-3653	64	10	nearly	nearly	ADV
fsr-3653	64	11	$	$	SYM
fsr-3653	64	12	26	26	NUM
fsr-3653	64	13	billion	billion	NUM
fsr-3653	64	14	at	at	ADP
fsr-3653	64	15	year	year	NOUN
fsr-3653	64	16	end	end	NOUN
fsr-3653	64	17	1988	1988	NUM
fsr-3653	64	18	.	.	PUNCT
fsr-3653	65	1	this	this	PRON
fsr-3653	65	2	compares	compare	VERB
fsr-3653	65	3	with	with	ADP
fsr-3653	65	4	38	38	NUM
fsr-3653	65	5	insurance	insurance	NOUN
fsr-3653	65	6	companies	company	NOUN
fsr-3653	65	7	offering	offer	VERB
fsr-3653	65	8	66	66	NUM
fsr-3653	65	9	different	different	ADJ
fsr-3653	65	10	investment	investment	NOUN
fsr-3653	65	11	accounts	account	NOUN
fsr-3653	65	12	having	have	VERB
fsr-3653	65	13	total	total	ADJ
fsr-3653	65	14	assets	asset	NOUN
fsr-3653	65	15	of	of	ADP
fsr-3653	65	16	$	$	SYM
fsr-3653	65	17	2.4	2.4	NUM
fsr-3653	65	18	billion	billion	NUM
fsr-3653	65	19	at	at	ADP
fsr-3653	65	20	year	year	NOUN
fsr-3653	65	21	end	end	NOUN
fsr-3653	65	22	1978	1978	NUM
fsr-3653	65	23	.	.	PUNCT
fsr-3653	66	1	iii	iii	X
fsr-3653	66	2	.	.	PUNCT
fsr-3653	66	3	marketperformance	marketperformance	NOUN
fsr-3653	66	4	:	:	PUNCT
fsr-3653	66	5	methodologyanddata	methodologyanddata	NOUN
fsr-3653	66	6	in	in	ADP
fsr-3653	66	7	a	a	DET
fsr-3653	66	8	seminal	seminal	ADJ
fsr-3653	66	9	paper	paper	NOUN
fsr-3653	66	10	,	,	PUNCT
fsr-3653	66	11	jensen	jensen	PROPN
fsr-3653	66	12	(	(	PUNCT
fsr-3653	66	13	1968	1968	NUM
fsr-3653	66	14	)	)	PUNCT
fsr-3653	66	15	used	use	VERB
fsr-3653	66	16	the	the	DET
fsr-3653	66	17	framework	framework	NOUN
fsr-3653	66	18	of	of	ADP
fsr-3653	66	19	the	the	DET
fsr-3653	66	20	capital	capital	NOUN
fsr-3653	66	21	asset	asset	NOUN
fsr-3653	66	22	pricing	pricing	NOUN
fsr-3653	66	23	model	model	NOUN
fsr-3653	66	24	to	to	PART
fsr-3653	66	25	investigate	investigate	VERB
fsr-3653	66	26	the	the	DET
fsr-3653	66	27	investment	investment	NOUN
fsr-3653	66	28	performance	performance	NOUN
fsr-3653	66	29	of	of	ADP
fsr-3653	66	30	mutual	mutual	ADJ
fsr-3653	66	31	funds	fund	NOUN
fsr-3653	66	32	over	over	ADP
fsr-3653	66	33	the	the	DET
fsr-3653	66	34	1945	1945	NUM
fsr-3653	66	35	-	-	SYM
fsr-3653	66	36	1964	1964	NUM
fsr-3653	66	37	period	period	NOUN
fsr-3653	66	38	.	.	PUNCT
fsr-3653	67	1	in	in	ADP
fsr-3653	67	2	this	this	DET
fsr-3653	67	3	work	work	NOUN
fsr-3653	67	4	,	,	PUNCT
fsr-3653	67	5	jensen	jensen	PROPN
fsr-3653	67	6	developed	develop	VERB
fsr-3653	67	7	the	the	DET
fsr-3653	67	8	abnormal	abnormal	ADJ
fsr-3653	67	9	performance	performance	NOUN
fsr-3653	67	10	index	index	NOUN
fsr-3653	67	11	(	(	PUNCT
fsr-3653	67	12	a	a	PROPN
fsr-3653	67	13	!	!	PUNCT
fsr-3653	67	14	)	)	PUNCT
fsr-3653	67	15	,	,	PUNCT
fsr-3653	67	16	which	which	PRON
fsr-3653	67	17	represents	represent	VERB
fsr-3653	67	18	the	the	DET
fsr-3653	67	19	additional	additional	ADJ
fsr-3653	67	20	return	return	NOUN
fsr-3653	67	21	earned	earn	VERB
fsr-3653	67	22	on	on	ADP
fsr-3653	67	23	a	a	DET
fsr-3653	67	24	portfolio	portfolio	NOUN
fsr-3653	67	25	after	after	ADP
fsr-3653	67	26	adjusting	adjust	VERB
fsr-3653	67	27	for	for	ADP
fsr-3653	67	28	systematic	systematic	ADJ
fsr-3653	67	29	risk	risk	NOUN
fsr-3653	67	30	.	.	PUNCT
fsr-3653	68	1	the	the	DET
fsr-3653	68	2	abnormal	abnormal	ADJ
fsr-3653	68	3	performance	performance	NOUN
fsr-3653	68	4	index	index	NOUN
fsr-3653	68	5	is	be	AUX
fsr-3653	68	6	estimated	estimate	VERB
fsr-3653	68	7	by	by	ADP
fsr-3653	68	8	regressing	regress	VERB
fsr-3653	68	9	the	the	DET
fsr-3653	68	10	excess	excess	ADJ
fsr-3653	68	11	returns	return	NOUN
fsr-3653	68	12	of	of	ADP
fsr-3653	68	13	the	the	DET
fsr-3653	68	14	portfolio	portfolio	NOUN
fsr-3653	68	15	on	on	ADP
fsr-3653	68	16	the	the	DET
fsr-3653	68	17	excess	excess	ADJ
fsr-3653	68	18	returns	return	NOUN
fsr-3653	68	19	of	of	ADP
fsr-3653	68	20	the	the	DET
fsr-3653	68	21	market3	market3	NOUN
fsr-3653	68	22	:	:	PUNCT
fsr-3653	68	23	where	where	SCONJ
fsr-3653	68	24	&	&	CCONJ
fsr-3653	68	25	,	,	PUNCT
fsr-3653	68	26	,	,	PUNCT
fsr-3653	68	27	t	t	PROPN
fsr-3653	68	28	the	the	DET
fsr-3653	68	29	return	return	NOUN
fsr-3653	68	30	on	on	ADP
fsr-3653	68	31	a	a	DET
fsr-3653	68	32	given	give	VERB
fsr-3653	68	33	portfolio	portfolio	NOUN
fsr-3653	68	34	at	at	ADP
fsr-3653	68	35	time	time	NOUN
fsr-3653	68	36	t	t	PROPN
fsr-3653	68	37	;	;	PUNCT
fsr-3653	68	38	&	&	CCONJ
fsr-3653	68	39	is	be	AUX
fsr-3653	68	40	the	the	DET
fsr-3653	68	41	risk	risk	NOUN
fsr-3653	68	42	free	free	ADJ
fsr-3653	68	43	rate	rate	NOUN
fsr-3653	68	44	of	of	ADP
fsr-3653	68	45	return	return	NOUN
fsr-3653	68	46	at	at	ADP
fsr-3653	68	47	time	time	NOUN
fsr-3653	68	48	t	t	PROPN
fsr-3653	68	49	;	;	PUNCT
fsr-3653	68	50	&	&	CCONJ
fsr-3653	68	51	,	,	PUNCT
fsr-3653	68	52	t	t	PROPN
fsr-3653	68	53	is	be	AUX
fsr-3653	68	54	the	the	DET
fsr-3653	68	55	average	average	ADJ
fsr-3653	68	56	return	return	NOUN
fsr-3653	68	57	on	on	ADP
fsr-3653	68	58	the	the	DET
fsr-3653	68	59	market	market	NOUN
fsr-3653	68	60	portfolio	portfolio	NOUN
fsr-3653	68	61	at	at	ADP
fsr-3653	68	62	time	time	NOUN
fsr-3653	68	63	t	t	PROPN
fsr-3653	68	64	;	;	PUNCT
fsr-3653	68	65	&	&	CCONJ
fsr-3653	68	66	,	,	PUNCT
fsr-3653	68	67	is	be	AUX
fsr-3653	68	68	the	the	DET
fsr-3653	68	69	beta	beta	ADJ
fsr-3653	68	70	coefficient	coefficient	NOUN
fsr-3653	68	71	measuring	measure	VERB
fsr-3653	68	72	the	the	DET
fsr-3653	68	73	covariance	covariance	NOUN
fsr-3653	68	74	of	of	ADP
fsr-3653	68	75	portfolio	portfolio	NOUN
fsr-3653	68	76	returns	return	NOUN
fsr-3653	68	77	with	with	ADP
fsr-3653	68	78	market	market	NOUN
fsr-3653	68	79	returns	return	NOUN
fsr-3653	68	80	;	;	PUNCT
fsr-3653	68	81	and	and	CCONJ
fsr-3653	68	82	et	et	NOUN
fsr-3653	68	83	is	be	AUX
fsr-3653	68	84	the	the	DET
fsr-3653	68	85	random	random	ADJ
fsr-3653	68	86	error	error	NOUN
fsr-3653	68	87	term	term	NOUN
fsr-3653	68	88	(	(	PUNCT
fsr-3653	68	89	with	with	ADP
fsr-3653	68	90	usual	usual	ADJ
fsr-3653	68	91	properties	property	NOUN
fsr-3653	68	92	)	)	PUNCT
fsr-3653	68	93	.	.	PUNCT
fsr-3653	69	1	a	a	DET
fsr-3653	69	2	statistically	statistically	ADV
fsr-3653	69	3	significant	significant	ADJ
fsr-3653	69	4	positive	positive	ADJ
fsr-3653	69	5	value	value	NOUN
fsr-3653	69	6	for	for	ADP
fsr-3653	69	7	ap	ap	PROPN
fsr-3653	69	8	can	can	AUX
fsr-3653	69	9	be	be	AUX
fsr-3653	69	10	viewed	view	VERB
fsr-3653	69	11	as	as	ADP
fsr-3653	69	12	evidence	evidence	NOUN
fsr-3653	69	13	of	of	ADP
fsr-3653	69	14	a	a	DET
fsr-3653	69	15	superior	superior	ADJ
fsr-3653	69	16	risk	risk	NOUN
fsr-3653	69	17	-	-	PUNCT
fsr-3653	69	18	adjusted	adjust	VERB
fsr-3653	69	19	performance	performance	NOUN
fsr-3653	69	20	,	,	PUNCT
fsr-3653	69	21	whereas	whereas	SCONJ
fsr-3653	69	22	a	a	DET
fsr-3653	69	23	significant	significant	ADJ
fsr-3653	69	24	negative	negative	ADJ
fsr-3653	69	25	value	value	NOUN
fsr-3653	69	26	is	be	AUX
fsr-3653	69	27	indicative	indicative	ADJ
fsr-3653	69	28	of	of	ADP
fsr-3653	69	29	inferior	inferior	ADJ
fsr-3653	69	30	risk	risk	NOUN
fsr-3653	69	31	-	-	PUNCT
fsr-3653	69	32	adjusted	adjust	VERB
fsr-3653	69	33	performance	performance	NOUN
fsr-3653	69	34	.	.	PUNCT
fsr-3653	70	1	furthermore	furthermore	ADV
fsr-3653	70	2	,	,	PUNCT
fsr-3653	70	3	the	the	DET
fsr-3653	70	4	coefficient	coefficient	NOUN
fsr-3653	70	5	of	of	ADP
fsr-3653	70	6	determination	determination	NOUN
fsr-3653	70	7	(	(	PUNCT
fsr-3653	70	8	r	r	NOUN
fsr-3653	70	9	’	'	PUNCT
fsr-3653	70	10	)	)	PUNCT
fsr-3653	70	11	from	from	ADP
fsr-3653	70	12	the	the	DET
fsr-3653	70	13	regression	regression	NOUN
fsr-3653	70	14	equation	equation	NOUN
fsr-3653	70	15	provides	provide	VERB
fsr-3653	70	16	a	a	DET
fsr-3653	70	17	measure	measure	NOUN
fsr-3653	70	18	of	of	ADP
fsr-3653	70	19	the	the	DET
fsr-3653	70	20	diversification	diversification	NOUN
fsr-3653	70	21	of	of	ADP
fsr-3653	70	22	the	the	DET
fsr-3653	70	23	portfolio	portfolio	NOUN
fsr-3653	70	24	.	.	PUNCT
fsr-3653	71	1	life	life	NOUN
fsr-3653	71	2	insurance	insurance	NOUN
fsr-3653	71	3	companies	company	NOUN
fsr-3653	71	4	as	as	ADP
fsr-3653	71	5	investment	investment	NOUN
fsr-3653	71	6	managers	manager	NOUN
fsr-3653	71	7	21	21	NUM
fsr-3653	71	8	fama	fama	NOUN
fsr-3653	71	9	(	(	PUNCT
fsr-3653	71	10	1972	1972	NUM
fsr-3653	71	11	)	)	PUNCT
fsr-3653	71	12	has	have	AUX
fsr-3653	71	13	noted	note	VERB
fsr-3653	71	14	that	that	SCONJ
fsr-3653	71	15	the	the	DET
fsr-3653	71	16	performance	performance	NOUN
fsr-3653	71	17	of	of	ADP
fsr-3653	71	18	mutual	mutual	ADJ
fsr-3653	71	19	funds	fund	NOUN
fsr-3653	71	20	depends	depend	VERB
fsr-3653	71	21	upon	upon	SCONJ
fsr-3653	71	22	the	the	DET
fsr-3653	71	23	ability	ability	NOUN
fsr-3653	71	24	of	of	ADP
fsr-3653	71	25	fund	fund	NOUN
fsr-3653	71	26	managers	manager	NOUN
fsr-3653	71	27	in	in	ADP
fsr-3653	71	28	two	two	NUM
fsr-3653	71	29	areas	area	NOUN
fsr-3653	71	30	:	:	PUNCT
fsr-3653	71	31	(	(	PUNCT
fsr-3653	71	32	1	1	X
fsr-3653	71	33	)	)	PUNCT
fsr-3653	71	34	selectivity	selectivity	NOUN
fsr-3653	71	35	,	,	PUNCT
fsr-3653	71	36	i.e.	i.e.	X
fsr-3653	71	37	,	,	PUNCT
fsr-3653	71	38	selecting	select	VERB
fsr-3653	71	39	individual	individual	ADJ
fsr-3653	71	40	securities	security	NOUN
fsr-3653	71	41	and	and	CCONJ
fsr-3653	71	42	(	(	PUNCT
fsr-3653	71	43	2	2	X
fsr-3653	71	44	)	)	PUNCT
fsr-3653	71	45	market	market	NOUN
fsr-3653	71	46	timing	timing	NOUN
fsr-3653	71	47	.	.	PUNCT
fsr-3653	72	1	jensen	jensen	PROPN
fsr-3653	72	2	’s	’s	PART
fsr-3653	72	3	measure	measure	NOUN
fsr-3653	72	4	as	as	SCONJ
fsr-3653	72	5	outlined	outline	VERB
fsr-3653	72	6	in	in	ADP
fsr-3653	72	7	equation	equation	NOUN
fsr-3653	72	8	1	1	NUM
fsr-3653	72	9	,	,	PUNCT
fsr-3653	72	10	however	however	ADV
fsr-3653	72	11	,	,	PUNCT
fsr-3653	72	12	ignores	ignore	VERB
fsr-3653	72	13	the	the	DET
fsr-3653	72	14	possibility	possibility	NOUN
fsr-3653	72	15	of	of	ADP
fsr-3653	72	16	market	market	NOUN
fsr-3653	72	17	timing	timing	NOUN
fsr-3653	72	18	activity	activity	NOUN
fsr-3653	72	19	since	since	SCONJ
fsr-3653	72	20	&	&	CCONJ
fsr-3653	72	21	,	,	PUNCT
fsr-3653	72	22	is	be	AUX
fsr-3653	72	23	assumed	assume	VERB
fsr-3653	72	24	to	to	PART
fsr-3653	72	25	be	be	AUX
fsr-3653	72	26	stable	stable	ADJ
fsr-3653	72	27	over	over	ADP
fsr-3653	72	28	time.4	time.4	PRON
fsr-3653	72	29	therefore	therefore	ADV
fsr-3653	72	30	,	,	PUNCT
fsr-3653	72	31	this	this	DET
fsr-3653	72	32	study	study	NOUN
fsr-3653	72	33	also	also	ADV
fsr-3653	72	34	employs	employ	VERB
fsr-3653	72	35	a	a	DET
fsr-3653	72	36	model	model	NOUN
fsr-3653	72	37	developed	develop	VERB
fsr-3653	72	38	by	by	ADP
fsr-3653	72	39	fabozzi	fabozzi	NOUN
fsr-3653	72	40	and	and	CCONJ
fsr-3653	72	41	francis	francis	PROPN
fsr-3653	72	42	(	(	PUNCT
fsr-3653	72	43	1979	1979	NUM
fsr-3653	72	44	)	)	PUNCT
fsr-3653	72	45	which	which	PRON
fsr-3653	72	46	incorporates	incorporate	VERB
fsr-3653	72	47	both	both	DET
fsr-3653	72	48	micro	micro	ADJ
fsr-3653	72	49	forecasting	forecasting	NOUN
fsr-3653	72	50	(	(	PUNCT
fsr-3653	72	51	i.e.	i.e.	X
fsr-3653	72	52	,	,	PUNCT
fsr-3653	72	53	selectivity	selectivity	NOUN
fsr-3653	72	54	)	)	PUNCT
fsr-3653	72	55	and	and	CCONJ
fsr-3653	72	56	macro	macro	ADJ
fsr-3653	72	57	-	-	NOUN
fsr-3653	72	58	market	market	ADJ
fsr-3653	72	59	timing	timing	NOUN
fsr-3653	72	60	abilities	ability	NOUN
fsr-3653	72	61	.	.	PUNCT
fsr-3653	73	1	to	to	PART
fsr-3653	73	2	test	test	VERB
fsr-3653	73	3	whether	whether	SCONJ
fsr-3653	73	4	an	an	DET
fsr-3653	73	5	insurance	insurance	NOUN
fsr-3653	73	6	company	company	NOUN
fsr-3653	73	7	portfolio	portfolio	NOUN
fsr-3653	73	8	’s	’s	PART
fsr-3653	73	9	alpha	alpha	NOUN
fsr-3653	73	10	intercept	intercept	NOUN
fsr-3653	73	11	and/	and/	PROPN
fsr-3653	73	12	or	or	CCONJ
fsr-3653	73	13	beta	beta	ADJ
fsr-3653	73	14	terms	term	NOUN
fsr-3653	73	15	differ	differ	VERB
fsr-3653	73	16	significantly	significantly	ADV
fsr-3653	73	17	during	during	ADP
fsr-3653	73	18	bull	bull	NOUN
fsr-3653	73	19	and	and	CCONJ
fsr-3653	73	20	bear	bear	VERB
fsr-3653	73	21	market	market	NOUN
fsr-3653	73	22	periods	period	NOUN
fsr-3653	73	23	,	,	PUNCT
fsr-3653	73	24	we	we	PRON
fsr-3653	73	25	employ	employ	VERB
fsr-3653	73	26	the	the	DET
fsr-3653	73	27	following	follow	VERB
fsr-3653	73	28	regression	regression	NOUN
fsr-3653	73	29	equation5	equation5	PROPN
fsr-3653	73	30	:	:	PUNCT
fsr-3653	73	31	where	where	SCONJ
fsr-3653	73	32	dt	dt	PROPN
fsr-3653	73	33	is	be	AUX
fsr-3653	73	34	a	a	DET
fsr-3653	73	35	dummy	dummy	ADJ
fsr-3653	73	36	variable	variable	NOUN
fsr-3653	73	37	which	which	PRON
fsr-3653	73	38	is	be	AUX
fsr-3653	73	39	unity	unity	NOUN
fsr-3653	73	40	if	if	SCONJ
fsr-3653	73	41	the	the	DET
fsr-3653	73	42	period	period	NOUN
fsr-3653	73	43	t	t	PROPN
fsr-3653	73	44	is	be	AUX
fsr-3653	73	45	a	a	DET
fsr-3653	73	46	bull	bull	NOUN
fsr-3653	73	47	market	market	NOUN
fsr-3653	73	48	and	and	CCONJ
fsr-3653	73	49	zero	zero	NUM
fsr-3653	73	50	otherwise	otherwise	ADV
fsr-3653	73	51	.	.	PUNCT
fsr-3653	74	1	the	the	DET
fsr-3653	74	2	coefficient	coefficient	PROPN
fsr-3653	74	3	cu	cu	PROPN
fsr-3653	74	4	,	,	PUNCT
fsr-3653	74	5	’	'	PUNCT
fsr-3653	74	6	is	be	AUX
fsr-3653	74	7	a	a	DET
fsr-3653	74	8	measure	measure	NOUN
fsr-3653	74	9	of	of	ADP
fsr-3653	74	10	the	the	DET
fsr-3653	74	11	differential	differential	ADJ
fsr-3653	74	12	abnormal	abnormal	ADJ
fsr-3653	74	13	return	return	NOUN
fsr-3653	74	14	on	on	ADP
fsr-3653	74	15	the	the	DET
fsr-3653	74	16	portfolio	portfolio	NOUN
fsr-3653	74	17	due	due	ADP
fsr-3653	74	18	to	to	ADP
fsr-3653	74	19	the	the	DET
fsr-3653	74	20	manager	manager	NOUN
fsr-3653	74	21	’s	’s	PART
fsr-3653	74	22	security	security	NOUN
fsr-3653	74	23	selection	selection	NOUN
fsr-3653	74	24	ability	ability	NOUN
fsr-3653	74	25	,	,	PUNCT
fsr-3653	74	26	whereas	whereas	SCONJ
fsr-3653	74	27	flp	flp	PROPN
fsr-3653	74	28	’	'	PUNCT
fsr-3653	74	29	provides	provide	VERB
fsr-3653	74	30	a	a	DET
fsr-3653	74	31	measure	measure	NOUN
fsr-3653	74	32	of	of	ADP
fsr-3653	74	33	the	the	DET
fsr-3653	74	34	differential	differential	ADJ
fsr-3653	74	35	level	level	NOUN
fsr-3653	74	36	of	of	ADP
fsr-3653	74	37	systematic	systematic	ADJ
fsr-3653	74	38	risk	risk	NOUN
fsr-3653	74	39	in	in	ADP
fsr-3653	74	40	bull	bull	NOUN
fsr-3653	74	41	versus	versus	ADP
fsr-3653	74	42	bear	bear	VERB
fsr-3653	74	43	markets.6	markets.6	PROPN
fsr-3653	74	44	to	to	PART
fsr-3653	74	45	determine	determine	VERB
fsr-3653	74	46	if	if	SCONJ
fsr-3653	74	47	the	the	DET
fsr-3653	74	48	alpha	alpha	NOUN
fsr-3653	74	49	and	and	CCONJ
fsr-3653	74	50	beta	beta	NOUN
fsr-3653	74	51	parameters	parameter	NOUN
fsr-3653	74	52	are	be	AUX
fsr-3653	74	53	equal	equal	ADJ
fsr-3653	74	54	in	in	ADP
fsr-3653	74	55	bull	bull	NOUN
fsr-3653	74	56	and	and	CCONJ
fsr-3653	74	57	bear	bear	NOUN
fsr-3653	74	58	markets	market	NOUN
fsr-3653	74	59	,	,	PUNCT
fsr-3653	74	60	we	we	PRON
fsr-3653	74	61	examine	examine	VERB
fsr-3653	74	62	whether	whether	SCONJ
fsr-3653	74	63	the	the	DET
fsr-3653	74	64	corresponding	corresponding	ADJ
fsr-3653	74	65	differential	differential	ADJ
fsr-3653	74	66	coefficients	coefficient	NOUN
fsr-3653	74	67	(	(	PUNCT
fsr-3653	74	68	op	op	NOUN
fsr-3653	74	69	’	'	PUNCT
fsr-3653	74	70	and	and	CCONJ
fsr-3653	74	71	pp	pp	PROPN
fsr-3653	74	72	’	'	PUNCT
fsr-3653	74	73	)	)	PUNCT
fsr-3653	74	74	are	be	AUX
fsr-3653	74	75	significantly	significantly	ADV
fsr-3653	74	76	different	different	ADJ
fsr-3653	74	77	from	from	ADP
fsr-3653	74	78	zero	zero	NUM
fsr-3653	74	79	.	.	PUNCT
fsr-3653	75	1	although	although	SCONJ
fsr-3653	75	2	the	the	DET
fsr-3653	75	3	coefficients	coefficient	NOUN
fsr-3653	75	4	from	from	ADP
fsr-3653	75	5	the	the	DET
fsr-3653	75	6	least	least	ADJ
fsr-3653	75	7	squares	square	NOUN
fsr-3653	75	8	(	(	PUNCT
fsr-3653	75	9	ols	ol	NOUN
fsr-3653	75	10	)	)	PUNCT
fsr-3653	75	11	estimation	estimation	NOUN
fsr-3653	75	12	of	of	ADP
fsr-3653	75	13	equation	equation	NOUN
fsr-3653	75	14	2	2	NUM
fsr-3653	75	15	provide	provide	VERB
fsr-3653	75	16	consistent	consistent	ADJ
fsr-3653	75	17	parameter	parameter	NOUN
fsr-3653	75	18	estimates	estimate	NOUN
fsr-3653	75	19	,	,	PUNCT
fsr-3653	75	20	there	there	PRON
fsr-3653	75	21	may	may	AUX
fsr-3653	75	22	be	be	AUX
fsr-3653	75	23	a	a	DET
fsr-3653	75	24	problem	problem	NOUN
fsr-3653	75	25	with	with	ADP
fsr-3653	75	26	heteroscedasticity	heteroscedasticity	NOUN
fsr-3653	75	27	in	in	ADP
fsr-3653	75	28	the	the	DET
fsr-3653	75	29	error	error	NOUN
fsr-3653	75	30	term	term	NOUN
fsr-3653	75	31	(	(	PUNCT
fsr-3653	75	32	et	et	NOUN
fsr-3653	75	33	)	)	PUNCT
fsr-3653	75	34	which	which	PRON
fsr-3653	75	35	causes	cause	VERB
fsr-3653	75	36	the	the	DET
fsr-3653	75	37	parameter	parameter	NOUN
fsr-3653	75	38	estimates	estimate	VERB
fsr-3653	75	39	to	to	PART
fsr-3653	75	40	be	be	AUX
fsr-3653	75	41	inefficient	inefficient	ADJ
fsr-3653	75	42	.	.	PUNCT
fsr-3653	76	1	therefore	therefore	ADV
fsr-3653	76	2	,	,	PUNCT
fsr-3653	76	3	we	we	PRON
fsr-3653	76	4	use	use	VERB
fsr-3653	76	5	the	the	DET
fsr-3653	76	6	weighted	weight	VERB
fsr-3653	76	7	least	least	ADJ
fsr-3653	76	8	squares	square	NOUN
fsr-3653	76	9	(	(	PUNCT
fsr-3653	76	10	wls	wl	NOUN
fsr-3653	76	11	)	)	PUNCT
fsr-3653	76	12	regression	regression	NOUN
fsr-3653	76	13	analysis	analysis	NOUN
fsr-3653	76	14	,	,	PUNCT
fsr-3653	76	15	as	as	SCONJ
fsr-3653	76	16	suggested	suggest	VERB
fsr-3653	76	17	by	by	ADP
fsr-3653	76	18	henriksson	henriksson	NOUN
fsr-3653	76	19	(	(	PUNCT
fsr-3653	76	20	1984	1984	NUM
fsr-3653	76	21	)	)	PUNCT
fsr-3653	76	22	,	,	PUNCT
fsr-3653	76	23	to	to	PART
fsr-3653	76	24	correct	correct	VERB
fsr-3653	76	25	for	for	ADP
fsr-3653	76	26	heteroscedasticity.7	heteroscedasticity.7	NOUN
fsr-3653	76	27	since	since	SCONJ
fsr-3653	76	28	the	the	DET
fsr-3653	76	29	40	40	NUM
fsr-3653	76	30	insurance	insurance	NOUN
fsr-3653	76	31	company	company	NOUN
fsr-3653	76	32	funds	fund	NOUN
fsr-3653	76	33	used	use	VERB
fsr-3653	76	34	in	in	ADP
fsr-3653	76	35	this	this	DET
fsr-3653	76	36	study	study	NOUN
fsr-3653	76	37	are	be	AUX
fsr-3653	76	38	certainly	certainly	ADV
fsr-3653	76	39	not	not	PART
fsr-3653	76	40	independent	independent	ADJ
fsr-3653	76	41	of	of	ADP
fsr-3653	76	42	one	one	NUM
fsr-3653	76	43	another	another	DET
fsr-3653	76	44	,	,	PUNCT
fsr-3653	76	45	we	we	PRON
fsr-3653	76	46	also	also	ADV
fsr-3653	76	47	employ	employ	VERB
fsr-3653	76	48	a	a	DET
fsr-3653	76	49	seemingly	seemingly	ADV
fsr-3653	76	50	unrelated	unrelated	ADJ
fsr-3653	76	51	regression	regression	NOUN
fsr-3653	76	52	(	(	PUNCT
fsr-3653	76	53	sur	sur	PROPN
fsr-3653	76	54	)	)	PUNCT
fsr-3653	76	55	model	model	NOUN
fsr-3653	76	56	to	to	PART
fsr-3653	76	57	test	test	VERB
fsr-3653	76	58	the	the	DET
fsr-3653	76	59	market	market	NOUN
fsr-3653	76	60	timing	timing	NOUN
fsr-3653	76	61	and	and	CCONJ
fsr-3653	76	62	stock	stock	NOUN
fsr-3653	76	63	selection	selection	NOUN
fsr-3653	76	64	ability	ability	NOUN
fsr-3653	76	65	for	for	ADP
fsr-3653	76	66	the	the	DET
fsr-3653	76	67	sample	sample	NOUN
fsr-3653	76	68	as	as	ADP
fsr-3653	76	69	a	a	DET
fsr-3653	76	70	whole	whole	NOUN
fsr-3653	76	71	.	.	PUNCT
fsr-3653	77	1	however	however	ADV
fsr-3653	77	2	,	,	PUNCT
fsr-3653	77	3	since	since	SCONJ
fsr-3653	77	4	the	the	DET
fsr-3653	77	5	explanatory	explanatory	ADJ
fsr-3653	77	6	variables	variable	NOUN
fsr-3653	77	7	in	in	ADP
fsr-3653	77	8	all	all	DET
fsr-3653	77	9	the	the	DET
fsr-3653	77	10	40regressions	40regression	NOUN
fsr-3653	77	11	,	,	PUNCT
fsr-3653	77	12	under	under	ADP
fsr-3653	77	13	any	any	DET
fsr-3653	77	14	one	one	NUM
fsr-3653	77	15	specification	specification	NOUN
fsr-3653	77	16	,	,	PUNCT
fsr-3653	77	17	are	be	AUX
fsr-3653	77	18	the	the	DET
fsr-3653	77	19	same	same	ADJ
fsr-3653	77	20	,	,	PUNCT
fsr-3653	77	21	the	the	DET
fsr-3653	77	22	wls	wls	NOUN
fsr-3653	77	23	results	result	NOUN
fsr-3653	77	24	are	be	AUX
fsr-3653	77	25	identical	identical	ADJ
fsr-3653	77	26	with	with	ADP
fsr-3653	77	27	sur	sur	PROPN
fsr-3653	77	28	estimates	estimate	NOUN
fsr-3653	77	29	.	.	PUNCT
fsr-3653	77	30	’	'	PUNCT
fsr-3653	78	1	thus	thus	ADV
fsr-3653	78	2	,	,	PUNCT
fsr-3653	78	3	we	we	PRON
fsr-3653	78	4	refer	refer	VERB
fsr-3653	78	5	only	only	ADV
fsr-3653	78	6	to	to	ADP
fsr-3653	78	7	wls	wl	NOUN
fsr-3653	78	8	when	when	SCONJ
fsr-3653	78	9	reporting	report	VERB
fsr-3653	78	10	our	our	PRON
fsr-3653	78	11	results	result	NOUN
fsr-3653	78	12	.	.	PUNCT
fsr-3653	79	1	two	two	NUM
fsr-3653	79	2	different	different	ADJ
fsr-3653	79	3	measures	measure	NOUN
fsr-3653	79	4	of	of	ADP
fsr-3653	79	5	bull	bull	NOUN
fsr-3653	79	6	and	and	CCONJ
fsr-3653	79	7	bear	bear	NOUN
fsr-3653	79	8	markets	market	NOUN
fsr-3653	79	9	are	be	AUX
fsr-3653	79	10	employed	employ	VERB
fsr-3653	79	11	in	in	ADP
fsr-3653	79	12	the	the	DET
fsr-3653	79	13	empirical	empirical	ADJ
fsr-3653	79	14	tests	test	NOUN
fsr-3653	79	15	.	.	PUNCT
fsr-3653	80	1	the	the	DET
fsr-3653	80	2	first	first	ADJ
fsr-3653	80	3	is	be	AUX
fsr-3653	80	4	forbes	forbes	PROPN
fsr-3653	80	5	magazine	magazine	NOUN
fsr-3653	80	6	’s	’s	PART
fsr-3653	80	7	definition	definition	NOUN
fsr-3653	80	8	of	of	ADP
fsr-3653	80	9	bull	bull	NOUN
fsr-3653	80	10	and	and	CCONJ
fsr-3653	80	11	bear	bear	NOUN
fsr-3653	80	12	markets	market	NOUN
fsr-3653	80	13	which	which	PRON
fsr-3653	80	14	is	be	AUX
fsr-3653	80	15	based	base	VERB
fsr-3653	80	16	on	on	ADP
fsr-3653	80	17	general	general	ADJ
fsr-3653	80	18	market	market	NOUN
fsr-3653	80	19	trends	trend	NOUN
fsr-3653	80	20	.	.	PUNCT
fsr-3653	81	1	the	the	DET
fsr-3653	81	2	second	second	ADJ
fsr-3653	81	3	measure	measure	NOUN
fsr-3653	81	4	simply	simply	ADV
fsr-3653	81	5	categorizes	categorize	VERB
fsr-3653	81	6	any	any	DET
fsr-3653	81	7	month	month	NOUN
fsr-3653	81	8	in	in	ADP
fsr-3653	81	9	which	which	PRON
fsr-3653	81	10	the	the	DET
fsr-3653	81	11	market	market	NOUN
fsr-3653	81	12	return	return	NOUN
fsr-3653	81	13	is	be	AUX
fsr-3653	81	14	positive	positive	ADJ
fsr-3653	81	15	as	as	ADP
fsr-3653	81	16	a	a	DET
fsr-3653	81	17	bull	bull	NOUN
fsr-3653	81	18	market	market	NOUN
fsr-3653	81	19	and	and	CCONJ
fsr-3653	81	20	any	any	DET
fsr-3653	81	21	month	month	NOUN
fsr-3653	81	22	in	in	ADP
fsr-3653	81	23	which	which	PRON
fsr-3653	81	24	the	the	DET
fsr-3653	81	25	market	market	NOUN
fsr-3653	81	26	return	return	NOUN
fsr-3653	81	27	is	be	AUX
fsr-3653	81	28	less	less	ADJ
fsr-3653	81	29	than	than	ADP
fsr-3653	81	30	or	or	CCONJ
fsr-3653	81	31	equal	equal	ADJ
fsr-3653	81	32	to	to	ADP
fsr-3653	81	33	zero	zero	NUM
fsr-3653	81	34	as	as	ADP
fsr-3653	81	35	a	a	DET
fsr-3653	81	36	bear	bear	NOUN
fsr-3653	81	37	market	market	NOUN
fsr-3653	81	38	.	.	PUNCT
fsr-3653	82	1	the	the	DET
fsr-3653	82	2	sample	sample	NOUN
fsr-3653	82	3	used	use	VERB
fsr-3653	82	4	in	in	ADP
fsr-3653	82	5	this	this	DET
fsr-3653	82	6	study	study	NOUN
fsr-3653	82	7	consists	consist	VERB
fsr-3653	82	8	of	of	ADP
fsr-3653	82	9	40	40	NUM
fsr-3653	82	10	equity	equity	NOUN
fsr-3653	82	11	-	-	PUNCT
fsr-3653	82	12	oriented	orient	VERB
fsr-3653	82	13	investment	investment	NOUN
fsr-3653	82	14	funds	fund	NOUN
fsr-3653	82	15	managed	manage	VERB
fsr-3653	82	16	by	by	ADP
fsr-3653	82	17	life	life	NOUN
fsr-3653	82	18	insurance	insurance	NOUN
fsr-3653	82	19	companies	company	NOUN
fsr-3653	82	20	with	with	ADP
fsr-3653	82	21	complete	complete	ADJ
fsr-3653	82	22	monthly	monthly	ADJ
fsr-3653	82	23	return	return	NOUN
fsr-3653	82	24	data	datum	NOUN
fsr-3653	82	25	for	for	ADP
fsr-3653	82	26	the	the	DET
fsr-3653	82	27	1	1	NUM
fsr-3653	82	28	l	l	NOUN
fsr-3653	82	29	-	-	PUNCT
fsr-3653	82	30	year	year	NOUN
fsr-3653	82	31	period	period	NOUN
fsr-3653	82	32	from	from	ADP
fsr-3653	82	33	october	october	PROPN
fsr-3653	82	34	1974	1974	NUM
fsr-3653	82	35	through	through	ADP
fsr-3653	82	36	september	september	PROPN
fsr-3653	82	37	1984	1984	NUM
fsr-3653	82	38	.	.	PUNCT
fsr-3653	83	1	the	the	DET
fsr-3653	83	2	specific	specific	ADJ
fsr-3653	83	3	funds	fund	NOUN
fsr-3653	83	4	included	include	VERB
fsr-3653	83	5	in	in	ADP
fsr-3653	83	6	the	the	DET
fsr-3653	83	7	sample	sample	NOUN
fsr-3653	83	8	are	be	AUX
fsr-3653	83	9	displayed	display	VERB
fsr-3653	83	10	in	in	ADP
fsr-3653	83	11	appendix	appendix	ADJ
fsr-3653	83	12	a.	a.	NOUN
fsr-3653	83	13	the	the	DET
fsr-3653	83	14	returns	return	NOUN
fsr-3653	83	15	for	for	ADP
fsr-3653	83	16	each	each	DET
fsr-3653	83	17	28	28	NUM
fsr-3653	83	18	financial	financial	ADJ
fsr-3653	83	19	services	service	NOUN
fsr-3653	83	20	review	review	NOUN
fsr-3653	83	21	,	,	PUNCT
fsr-3653	83	22	l(1	l(1	PROPN
fsr-3653	83	23	)	)	PUNCT
fsr-3653	83	24	1991	1991	NUM
fsr-3653	83	25	insurance	insurance	NOUN
fsr-3653	83	26	company	company	NOUN
fsr-3653	83	27	portfolio	portfolio	NOUN
fsr-3653	83	28	are	be	AUX
fsr-3653	83	29	obtained	obtain	VERB
fsr-3653	83	30	from	from	ADP
fsr-3653	83	31	computer	computer	NOUN
fsr-3653	83	32	directions	direction	NOUN
fsr-3653	83	33	advisors	advisor	NOUN
fsr-3653	83	34	(	(	PUNCT
fsr-3653	83	35	cda	cda	PROPN
fsr-3653	83	36	)	)	PUNCT
fsr-3653	83	37	,	,	PUNCT
fsr-3653	83	38	and	and	CCONJ
fsr-3653	83	39	include	include	VERB
fsr-3653	83	40	both	both	DET
fsr-3653	83	41	dividend	dividend	NOUN
fsr-3653	83	42	income	income	NOUN
fsr-3653	83	43	and	and	CCONJ
fsr-3653	83	44	capital	capital	NOUN
fsr-3653	83	45	appreciation	appreciation	NOUN
fsr-3653	83	46	.	.	PUNCT
fsr-3653	84	1	we	we	PRON
fsr-3653	84	2	confine	confine	VERB
fsr-3653	84	3	ourselves	ourselves	PRON
fsr-3653	84	4	to	to	ADP
fsr-3653	84	5	the	the	DET
fsr-3653	84	6	1974	1974	NUM
fsr-3653	84	7	-	-	SYM
fsr-3653	84	8	1984	1984	NUM
fsr-3653	84	9	period	period	NOUN
fsr-3653	84	10	as	as	SCONJ
fsr-3653	84	11	the	the	DET
fsr-3653	84	12	data	datum	NOUN
fsr-3653	84	13	for	for	ADP
fsr-3653	84	14	the	the	DET
fsr-3653	84	15	more	more	ADV
fsr-3653	84	16	recent	recent	ADJ
fsr-3653	84	17	period	period	NOUN
fsr-3653	84	18	are	be	AUX
fsr-3653	84	19	not	not	PART
fsr-3653	84	20	readily	readily	ADV
fsr-3653	84	21	available	available	ADJ
fsr-3653	84	22	from	from	ADP
fsr-3653	84	23	cda	cda	PROPN
fsr-3653	84	24	for	for	ADP
fsr-3653	84	25	research	research	NOUN
fsr-3653	84	26	purposes	purpose	NOUN
fsr-3653	84	27	.	.	PUNCT
fsr-3653	85	1	the	the	DET
fsr-3653	85	2	value	value	NOUN
fsr-3653	85	3	-	-	PUNCT
fsr-3653	85	4	weighted	weight	VERB
fsr-3653	85	5	standard	standard	PROPN
fsr-3653	85	6	jz	jz	PROPN
fsr-3653	85	7	poor	poor	PROPN
fsr-3653	85	8	’s	’s	PART
fsr-3653	85	9	500	500	NUM
fsr-3653	85	10	stock	stock	NOUN
fsr-3653	85	11	index	index	NOUN
fsr-3653	85	12	is	be	AUX
fsr-3653	85	13	employed	employ	VERB
fsr-3653	85	14	as	as	ADP
fsr-3653	85	15	the	the	DET
fsr-3653	85	16	proxy	proxy	NOUN
fsr-3653	85	17	for	for	ADP
fsr-3653	85	18	the	the	DET
fsr-3653	85	19	market	market	NOUN
fsr-3653	85	20	portfolio	portfolio	NOUN
fsr-3653	85	21	.	.	PUNCT
fsr-3653	86	1	the	the	DET
fsr-3653	86	2	yields	yield	NOUN
fsr-3653	86	3	on	on	ADP
fsr-3653	86	4	treasury	treasury	PROPN
fsr-3653	86	5	bills	bill	NOUN
fsr-3653	86	6	having	have	VERB
fsr-3653	86	7	approximately	approximately	ADV
fsr-3653	86	8	one	one	NUM
fsr-3653	86	9	month	month	NOUN
fsr-3653	86	10	to	to	ADP
fsr-3653	86	11	maturity	maturity	NOUN
fsr-3653	86	12	are	be	AUX
fsr-3653	86	13	obtained	obtain	VERB
fsr-3653	86	14	from	from	ADP
fsr-3653	86	15	ibbotson	ibbotson	PROPN
fsr-3653	86	16	associates	associates	PROPN
fsr-3653	86	17	(	(	PUNCT
fsr-3653	86	18	1986	1986	NUM
fsr-3653	86	19	)	)	PUNCT
fsr-3653	86	20	and	and	CCONJ
fsr-3653	86	21	these	these	PRON
fsr-3653	86	22	serve	serve	VERB
fsr-3653	86	23	as	as	ADP
fsr-3653	86	24	the	the	DET
fsr-3653	86	25	measure	measure	NOUN
fsr-3653	86	26	of	of	ADP
fsr-3653	86	27	the	the	DET
fsr-3653	86	28	risk	risk	NOUN
fsr-3653	86	29	-	-	PUNCT
fsr-3653	86	30	free	free	ADJ
fsr-3653	86	31	rate	rate	NOUN
fsr-3653	86	32	of	of	ADP
fsr-3653	86	33	return	return	NOUN
fsr-3653	86	34	.	.	PUNCT
fsr-3653	87	1	iv	iv	X
fsr-3653	87	2	.	.	PUNCT
fsr-3653	87	3	ma	ma	PROPN
fsr-3653	88	1	~	~	PROPN
fsr-3653	88	2	rketperformancezempiricalresults	rketperformancezempiricalresult	NOUN
fsr-3653	88	3	initially	initially	ADV
fsr-3653	88	4	,	,	PUNCT
fsr-3653	88	5	we	we	PRON
fsr-3653	88	6	estimate	estimate	VERB
fsr-3653	88	7	the	the	DET
fsr-3653	88	8	regression	regression	NOUN
fsr-3653	88	9	specification	specification	NOUN
fsr-3653	88	10	used	use	VERB
fsr-3653	88	11	by	by	ADP
fsr-3653	88	12	jensen	jensen	PROPN
fsr-3653	88	13	(	(	PUNCT
fsr-3653	88	14	1968	1968	NUM
fsr-3653	88	15	):	):	PUNCT
fsr-3653	88	16	which	which	PRON
fsr-3653	88	17	ignores	ignore	VERB
fsr-3653	88	18	the	the	DET
fsr-3653	88	19	possibility	possibility	NOUN
fsr-3653	88	20	of	of	ADP
fsr-3653	88	21	market	market	NOUN
fsr-3653	88	22	timing	timing	NOUN
fsr-3653	88	23	activity	activity	NOUN
fsr-3653	88	24	and	and	CCONJ
fsr-3653	88	25	does	do	AUX
fsr-3653	88	26	not	not	PART
fsr-3653	88	27	distinguish	distinguish	VERB
fsr-3653	88	28	between	between	ADP
fsr-3653	88	29	bull	bull	NOUN
fsr-3653	88	30	and	and	CCONJ
fsr-3653	88	31	bear	bear	NOUN
fsr-3653	88	32	markets	market	NOUN
fsr-3653	88	33	.	.	PUNCT
fsr-3653	89	1	the	the	DET
fsr-3653	89	2	results	result	NOUN
fsr-3653	89	3	using	use	VERB
fsr-3653	89	4	equation	equation	NOUN
fsr-3653	89	5	1	1	NUM
fsr-3653	89	6	are	be	AUX
fsr-3653	89	7	summarized	summarize	VERB
fsr-3653	89	8	in	in	ADP
fsr-3653	89	9	table	table	NOUN
fsr-3653	89	10	1	1	NUM
fsr-3653	89	11	.	.	PUNCT
fsr-3653	90	1	although	although	SCONJ
fsr-3653	90	2	cr	cr	PROPN
fsr-3653	90	3	,	,	PUNCT
fsr-3653	90	4	is	be	AUX
fsr-3653	90	5	,	,	PUNCT
fsr-3653	90	6	on	on	ADP
fsr-3653	90	7	average	average	ADJ
fsr-3653	90	8	,	,	PUNCT
fsr-3653	90	9	positive	positive	ADJ
fsr-3653	90	10	,	,	PUNCT
fsr-3653	90	11	it	it	PRON
fsr-3653	90	12	is	be	AUX
fsr-3653	90	13	statistically	statistically	ADV
fsr-3653	90	14	insignificant	insignificant	ADJ
fsr-3653	90	15	for	for	ADP
fsr-3653	90	16	30	30	NUM
fsr-3653	90	17	out	out	ADP
fsr-3653	90	18	of	of	ADP
fsr-3653	90	19	the	the	DET
fsr-3653	90	20	40	40	NUM
fsr-3653	90	21	insurance	insurance	NOUN
fsr-3653	90	22	company	company	NOUN
fsr-3653	90	23	funds	fund	NOUN
fsr-3653	90	24	at	at	ADP
fsr-3653	90	25	the	the	DET
fsr-3653	90	26	5	5	NUM
fsr-3653	90	27	%	%	NOUN
fsr-3653	90	28	level	level	NOUN
fsr-3653	90	29	of	of	ADP
fsr-3653	90	30	significance	significance	NOUN
fsr-3653	90	31	.	.	PUNCT
fsr-3653	91	1	moreover	moreover	ADV
fsr-3653	91	2	,	,	PUNCT
fsr-3653	91	3	only	only	ADV
fsr-3653	91	4	six	six	NUM
fsr-3653	91	5	of	of	ADP
fsr-3653	91	6	the	the	DET
fsr-3653	91	7	portfolios	portfolio	NOUN
fsr-3653	91	8	have	have	VERB
fsr-3653	91	9	a	a	DET
fsr-3653	91	10	statistically	statistically	ADV
fsr-3653	91	11	significant	significant	ADJ
fsr-3653	91	12	positive	positive	ADJ
fsr-3653	91	13	cu	cu	PROPN
fsr-3653	91	14	,	,	PUNCT
fsr-3653	91	15	at	at	ADP
fsr-3653	91	16	the	the	DET
fsr-3653	91	17	95	95	NUM
fsr-3653	91	18	%	%	NOUN
fsr-3653	91	19	level	level	NOUN
fsr-3653	91	20	of	of	ADP
fsr-3653	91	21	confidence	confidence	NOUN
fsr-3653	91	22	-	-	PUNCT
fsr-3653	91	23	four	four	NUM
fsr-3653	91	24	funds	fund	NOUN
fsr-3653	91	25	are	be	AUX
fsr-3653	91	26	significantly	significantly	ADV
fsr-3653	91	27	negative	negative	ADJ
fsr-3653	91	28	at	at	ADP
fsr-3653	91	29	this	this	DET
fsr-3653	91	30	level	level	NOUN
fsr-3653	91	31	of	of	ADP
fsr-3653	91	32	confidence	confidence	NOUN
fsr-3653	91	33	.	.	PUNCT
fsr-3653	92	1	at	at	ADP
fsr-3653	92	2	the	the	DET
fsr-3653	92	3	99	99	NUM
fsr-3653	92	4	%	%	NOUN
fsr-3653	92	5	level	level	NOUN
fsr-3653	92	6	of	of	ADP
fsr-3653	92	7	confidence	confidence	NOUN
fsr-3653	92	8	,	,	PUNCT
fsr-3653	92	9	the	the	DET
fsr-3653	92	10	number	number	NOUN
fsr-3653	92	11	of	of	ADP
fsr-3653	92	12	funds	fund	NOUN
fsr-3653	92	13	with	with	ADP
fsr-3653	92	14	a	a	DET
fsr-3653	92	15	statistically	statistically	ADV
fsr-3653	92	16	significant	significant	ADJ
fsr-3653	92	17	positive	positive	ADJ
fsr-3653	92	18	i+	i+	NOUN
fsr-3653	92	19	drops	drop	NOUN
fsr-3653	92	20	to	to	ADP
fsr-3653	92	21	three	three	NUM
fsr-3653	92	22	,	,	PUNCT
fsr-3653	92	23	and	and	CCONJ
fsr-3653	92	24	one	one	NUM
fsr-3653	92	25	fund	fund	NOUN
fsr-3653	92	26	remains	remain	VERB
fsr-3653	92	27	significantly	significantly	ADV
fsr-3653	92	28	negative	negative	ADJ
fsr-3653	92	29	.	.	PUNCT
fsr-3653	93	1	therefore	therefore	ADV
fsr-3653	93	2	,	,	PUNCT
fsr-3653	93	3	the	the	DET
fsr-3653	93	4	results	result	NOUN
fsr-3653	93	5	provide	provide	VERB
fsr-3653	93	6	little	little	ADJ
fsr-3653	93	7	evidence	evidence	NOUN
fsr-3653	93	8	of	of	ADP
fsr-3653	93	9	a	a	DET
fsr-3653	93	10	superior	superior	ADJ
fsr-3653	93	11	risk	risk	NOUN
fsr-3653	93	12	-	-	PUNCT
fsr-3653	93	13	adjusted	adjust	VERB
fsr-3653	93	14	performance	performance	NOUN
fsr-3653	93	15	by	by	ADP
fsr-3653	93	16	the	the	DET
fsr-3653	93	17	insurance	insurance	NOUN
fsr-3653	93	18	companies	company	NOUN
fsr-3653	93	19	’	’	PART
fsr-3653	93	20	portfolio	portfolio	NOUN
fsr-3653	93	21	managers	manager	NOUN
fsr-3653	93	22	when	when	SCONJ
fsr-3653	93	23	market	market	NOUN
fsr-3653	93	24	timing	timing	NOUN
fsr-3653	93	25	is	be	AUX
fsr-3653	93	26	ignored	ignore	VERB
fsr-3653	93	27	.	.	PUNCT
fsr-3653	94	1	however	however	ADV
fsr-3653	94	2	,	,	PUNCT
fsr-3653	94	3	the	the	DET
fsr-3653	94	4	results	result	NOUN
fsr-3653	94	5	suggest	suggest	VERB
fsr-3653	94	6	that	that	SCONJ
fsr-3653	94	7	life	life	NOUN
fsr-3653	94	8	insurance	insurance	NOUN
fsr-3653	94	9	companies	company	NOUN
fsr-3653	94	10	offer	offer	VERB
fsr-3653	94	11	superior	superior	ADJ
fsr-3653	94	12	investment	investment	NOUN
fsr-3653	94	13	performance	performance	NOUN
fsr-3653	94	14	as	as	ADP
fsr-3653	94	15	compared	compare	VERB
fsr-3653	94	16	to	to	ADP
fsr-3653	94	17	property	property	NOUN
fsr-3653	94	18	casualty	casualty	NOUN
fsr-3653	94	19	insurance	insurance	NOUN
fsr-3653	94	20	companies	company	NOUN
fsr-3653	94	21	since	since	SCONJ
fsr-3653	94	22	schlarbaum	schlarbaum	PROPN
fsr-3653	94	23	(	(	PUNCT
fsr-3653	94	24	1974	1974	NUM
fsr-3653	94	25	)	)	PUNCT
fsr-3653	94	26	found	find	VERB
fsr-3653	94	27	that	that	SCONJ
fsr-3653	94	28	the	the	DET
fsr-3653	94	29	latter	latter	ADJ
fsr-3653	94	30	group	group	NOUN
fsr-3653	94	31	significantly	significantly	ADV
fsr-3653	94	32	underperformed	underperform	VERB
fsr-3653	94	33	the	the	DET
fsr-3653	94	34	market	market	NOUN
fsr-3653	94	35	averages	average	NOUN
fsr-3653	94	36	over	over	ADP
fsr-3653	94	37	the	the	DET
fsr-3653	94	38	1958	1958	NUM
fsr-3653	94	39	-	-	SYM
fsr-3653	94	40	1967	1967	NUM
fsr-3653	94	41	period	period	NOUN
fsr-3653	94	42	.	.	PUNCT
fsr-3653	95	1	the	the	DET
fsr-3653	95	2	average	average	NOUN
fsr-3653	95	3	&	&	CCONJ
fsr-3653	95	4	,	,	PUNCT
fsr-3653	95	5	for	for	ADP
fsr-3653	95	6	the	the	DET
fsr-3653	95	7	life	life	NOUN
fsr-3653	95	8	insurance	insurance	NOUN
fsr-3653	95	9	companies	company	NOUN
fsr-3653	95	10	’	’	PART
fsr-3653	95	11	portfolios	portfolio	NOUN
fsr-3653	95	12	is	be	AUX
fsr-3653	95	13	.9138	.9138	PROPN
fsr-3653	95	14	,	,	PUNCT
fsr-3653	95	15	which	which	PRON
fsr-3653	95	16	indicates	indicate	VERB
fsr-3653	95	17	that	that	SCONJ
fsr-3653	95	18	the	the	DET
fsr-3653	95	19	insurance	insurance	NOUN
fsr-3653	95	20	companies	company	NOUN
fsr-3653	95	21	undertake	undertake	VERB
fsr-3653	95	22	less	less	ADV
fsr-3653	95	23	systematic	systematic	ADJ
fsr-3653	95	24	risk	risk	NOUN
fsr-3653	95	25	than	than	ADP
fsr-3653	95	26	the	the	DET
fsr-3653	95	27	market	market	NOUN
fsr-3653	95	28	as	as	ADP
fsr-3653	95	29	a	a	DET
fsr-3653	95	30	whole	whole	NOUN
fsr-3653	95	31	.	.	PUNCT
fsr-3653	96	1	however	however	ADV
fsr-3653	96	2	,	,	PUNCT
fsr-3653	96	3	this	this	DET
fsr-3653	96	4	figure	figure	NOUN
fsr-3653	96	5	is	be	AUX
fsr-3653	96	6	higher	high	ADJ
fsr-3653	96	7	than	than	ADP
fsr-3653	96	8	the	the	DET
fsr-3653	96	9	beta	beta	ADJ
fsr-3653	96	10	coefficient	coefficient	NOUN
fsr-3653	96	11	of	of	ADP
fsr-3653	96	12	.8013	.8013	NOUN
fsr-3653	96	13	found	find	VERB
fsr-3653	96	14	by	by	ADP
fsr-3653	96	15	schlarbaum	schlarbaum	NOUN
fsr-3653	96	16	for	for	ADP
fsr-3653	96	17	property	property	NOUN
fsr-3653	96	18	-	-	PUNCT
fsr-3653	96	19	casualty	casualty	NOUN
fsr-3653	96	20	companies	company	NOUN
fsr-3653	96	21	over	over	ADP
fsr-3653	96	22	the	the	DET
fsr-3653	96	23	1958	1958	NUM
fsr-3653	96	24	-	-	SYM
fsr-3653	96	25	1967	1967	NUM
fsr-3653	96	26	time	time	NOUN
fsr-3653	96	27	period	period	NOUN
fsr-3653	96	28	.	.	PUNCT
fsr-3653	97	1	this	this	PRON
fsr-3653	97	2	suggests	suggest	VERB
fsr-3653	97	3	that	that	SCONJ
fsr-3653	97	4	life	life	NOUN
fsr-3653	97	5	insurance	insurance	NOUN
fsr-3653	97	6	companies	company	NOUN
fsr-3653	97	7	are	be	AUX
fsr-3653	97	8	less	less	ADJ
fsr-3653	97	9	risk	risk	NOUN
fsr-3653	97	10	-	-	PUNCT
fsr-3653	97	11	averse	averse	ADJ
fsr-3653	97	12	than	than	ADP
fsr-3653	97	13	property	property	NOUN
fsr-3653	97	14	-	-	PUNCT
fsr-3653	97	15	casualty	casualty	NOUN
fsr-3653	97	16	companies	company	NOUN
fsr-3653	97	17	.	.	PUNCT
fsr-3653	98	1	the	the	DET
fsr-3653	98	2	r	r	NOUN
fsr-3653	98	3	’	'	PUNCT
fsr-3653	98	4	of	of	ADP
fsr-3653	98	5	.7735	.7735	PROPN
fsr-3653	98	6	suggests	suggest	VERB
fsr-3653	98	7	that	that	SCONJ
fsr-3653	98	8	the	the	DET
fsr-3653	98	9	life	life	NOUN
fsr-3653	98	10	insurance	insurance	NOUN
fsr-3653	98	11	companies	company	NOUN
fsr-3653	98	12	’	’	PART
fsr-3653	98	13	portfolios	portfolio	NOUN
fsr-3653	98	14	are	be	AUX
fsr-3653	98	15	well	well	ADV
fsr-3653	98	16	diversified	diversified	ADJ
fsr-3653	98	17	.	.	PUNCT
fsr-3653	99	1	as	as	SCONJ
fsr-3653	99	2	indicated	indicate	VERB
fsr-3653	99	3	earlier	early	ADV
fsr-3653	99	4	,	,	PUNCT
fsr-3653	99	5	the	the	DET
fsr-3653	99	6	above	above	ADJ
fsr-3653	99	7	analysis	analysis	NOUN
fsr-3653	99	8	ignores	ignore	VERB
fsr-3653	99	9	the	the	DET
fsr-3653	99	10	market	market	NOUN
fsr-3653	99	11	timing	timing	NOUN
fsr-3653	99	12	activity	activity	NOUN
fsr-3653	99	13	undertaken	undertake	VERB
fsr-3653	99	14	by	by	ADP
fsr-3653	99	15	investment	investment	NOUN
fsr-3653	99	16	managers	manager	NOUN
fsr-3653	99	17	and	and	CCONJ
fsr-3653	99	18	fails	fail	VERB
fsr-3653	99	19	to	to	PART
fsr-3653	99	20	distinguish	distinguish	VERB
fsr-3653	99	21	between	between	ADP
fsr-3653	99	22	bull	bull	NOUN
fsr-3653	99	23	and	and	CCONJ
fsr-3653	99	24	bear	bear	NOUN
fsr-3653	99	25	markets	market	NOUN
fsr-3653	99	26	.	.	PUNCT
fsr-3653	100	1	to	to	PART
fsr-3653	100	2	examine	examine	VERB
fsr-3653	100	3	the	the	DET
fsr-3653	100	4	separate	separate	ADJ
fsr-3653	100	5	contributions	contribution	NOUN
fsr-3653	100	6	from	from	ADP
fsr-3653	100	7	micro	micro	ADJ
fsr-3653	100	8	stock	stock	NOUN
fsr-3653	100	9	selection	selection	NOUN
fsr-3653	100	10	and	and	CCONJ
fsr-3653	100	11	macro	macro	ADJ
fsr-3653	100	12	market	market	NOUN
fsr-3653	100	13	timing	timing	NOUN
fsr-3653	100	14	,	,	PUNCT
fsr-3653	100	15	the	the	DET
fsr-3653	100	16	regression	regression	NOUN
fsr-3653	100	17	equation	equation	NOUN
fsr-3653	100	18	specified	specify	VERB
fsr-3653	100	19	in	in	ADP
fsr-3653	100	20	equation	equation	NOUN
fsr-3653	100	21	2	2	NUM
fsr-3653	100	22	is	be	AUX
fsr-3653	100	23	estimated	estimate	VERB
fsr-3653	100	24	.	.	PUNCT
fsr-3653	101	1	lije	lije	PROPN
fsr-3653	101	2	insurance	insurance	PROPN
fsr-3653	101	3	comjmnies	comjmnie	NOUN
fsr-3653	101	4	as	as	ADP
fsr-3653	101	5	investment	investment	NOUN
fsr-3653	101	6	managers	manager	NOUN
fsr-3653	101	7	29	29	NUM
fsr-3653	101	8	table	table	NOUN
fsr-3653	101	9	1	1	NUM
fsr-3653	101	10	.	.	PUNCT
fsr-3653	102	1	regression	regression	NOUN
fsr-3653	102	2	results	result	NOUN
fsr-3653	102	3	without	without	ADP
fsr-3653	102	4	using	use	VERB
fsr-3653	102	5	bull	bull	NOUN
fsr-3653	102	6	-	-	PUNCT
fsr-3653	102	7	bear	bear	NOUN
fsr-3653	102	8	dummies	dummy	NOUN
fsr-3653	102	9	(	(	PUNCT
fsr-3653	102	10	1974:10	1974:10	NOUN
fsr-3653	102	11	-	-	PUNCT
fsr-3653	102	12	1984:9	1984:9	NUM
fsr-3653	102	13	)	)	PUNCT
fsr-3653	102	14	&	&	CCONJ
fsr-3653	102	15	v	v	NOUN
fsr-3653	102	16	rr.r	rr.r	NOUN
fsr-3653	102	17	=	=	SYM
fsr-3653	102	18	crp	crp	PROPN
fsr-3653	102	19	+	+	CCONJ
fsr-3653	102	20	pp(i?w	pp(i?w	PROPN
fsr-3653	102	21	rr	rr	PROPN
fsr-3653	102	22	,	,	PUNCT
fsr-3653	102	23	r	r	NOUN
fsr-3653	102	24	)	)	PUNCT
fsr-3653	102	25	+	+	CCONJ
fsr-3653	102	26	et	et	NOUN
fsr-3653	102	27	parameter	parameter	NOUN
fsr-3653	102	28	estimates	estimate	NOUN
fsr-3653	102	29	with	with	ADP
fsr-3653	102	30	heteroscedasticity	heteroscedasticity	NOUN
fsr-3653	102	31	correction	correction	NOUN
fsr-3653	102	32	(	(	PUNCT
fsr-3653	102	33	wls	wls	PROPN
fsr-3653	102	34	)	)	PUNCT
fsr-3653	102	35	mean	mean	NOUN
fsr-3653	102	36	(	(	PUNCT
fsr-3653	102	37	sdd	sdd	NOUN
fsr-3653	102	38	)	)	PUNCT
fsr-3653	102	39	range	range	NOUN
fsr-3653	102	40	(	(	PUNCT
fsr-3653	102	41	min	min	NOUN
fsr-3653	102	42	,	,	PUNCT
fsr-3653	102	43	max	max	PROPN
fsr-3653	102	44	)	)	PUNCT
fsr-3653	102	45	up	up	ADP
fsr-3653	102	46	.0381	.0381	PROPN
fsr-3653	103	1	(	(	PUNCT
fsr-3653	103	2	.1478	.1478	PROPN
fsr-3653	103	3	)	)	PUNCT
fsr-3653	103	4	(	(	PUNCT
fsr-3653	103	5	-.4960	-.4960	X
fsr-3653	103	6	,	,	PUNCT
fsr-3653	103	7	.4196	.4196	NUM
fsr-3653	103	8	)	)	PUNCT
fsr-3653	104	1	bp	bp	PROPN
fsr-3653	104	2	.9138	.9138	PROPN
fsr-3653	105	1	(	(	PUNCT
fsr-3653	105	2	.0448	.0448	X
fsr-3653	105	3	)	)	PUNCT
fsr-3653	105	4	(	(	PUNCT
fsr-3653	105	5	.6225	.6225	NOUN
fsr-3653	105	6	,	,	PUNCT
fsr-3653	105	7	1.242	1.242	NUM
fsr-3653	105	8	)	)	PUNCT
fsr-3653	105	9	adj	adj	ADP
fsr-3653	105	10	r	r	NOUN
fsr-3653	105	11	’	'	PUNCT
fsr-3653	105	12	.7735	.7735	NOUN
fsr-3653	105	13	(	(	PUNCT
fsr-3653	105	14	s135	s135	PROPN
fsr-3653	105	15	,	,	PUNCT
fsr-3653	105	16	.9179	.9179	PROPN
fsr-3653	105	17	)	)	PUNCT
fsr-3653	105	18	test	test	NOUN
fsr-3653	105	19	criterion	criterion	NOUN
fsr-3653	105	20	reject	reject	VERB
fsr-3653	105	21	ap	ap	PROPN
fsr-3653	106	1	=	=	NOUN
fsr-3653	106	2	0	0	PROPN
fsr-3653	107	1	at	at	ADP
fsr-3653	107	2	5	5	NUM
fsr-3653	107	3	%	%	NOUN
fsr-3653	107	4	reject	reject	NOUN
fsr-3653	107	5	ap	ap	PROPN
fsr-3653	107	6	=	=	NOUN
fsr-3653	107	7	0	0	PROPN
fsr-3653	107	8	at	at	ADP
fsr-3653	107	9	1	1	NUM
fsr-3653	107	10	%	%	NOUN
fsr-3653	107	11	a	a	NOUN
fsr-3653	107	12	,	,	PUNCT
fsr-3653	107	13	>	>	SYM
fsr-3653	107	14	0	0	NUM
fsr-3653	107	15	bp	bp	PROPN
fsr-3653	107	16	>	>	X
fsr-3653	107	17	1	1	NUM
fsr-3653	107	18	number	number	NOUN
fsr-3653	107	19	of	of	ADP
fsr-3653	107	20	finds	find	VERB
fsr-3653	107	21	:	:	PUNCT
fsr-3653	107	22	6(ap	6(ap	NUM
fsr-3653	107	23	>	>	SYM
fsr-3653	107	24	0	0	NUM
fsr-3653	107	25	)	)	PUNCT
fsr-3653	107	26	4(ap	4(ap	NOUN
fsr-3653	107	27	<	<	X
fsr-3653	107	28	0	0	NUM
fsr-3653	107	29	)	)	PUNCT
fsr-3653	107	30	3cffp	3cffp	NUM
fsr-3653	107	31	>	>	X
fsr-3653	107	32	0	0	NUM
fsr-3653	107	33	)	)	PUNCT
fsr-3653	107	34	l(ap	l(ap	X
fsr-3653	107	35	<	<	X
fsr-3653	107	36	o	o	NOUN
fsr-3653	107	37	)	)	PUNCT
fsr-3653	107	38	23	23	NUM
fsr-3653	107	39	11	11	NUM
fsr-3653	107	40	using	use	VERB
fsr-3653	107	41	forbes	forbes	NOUN
fsr-3653	107	42	’	'	PUNCT
fsr-3653	107	43	definition	definition	NOUN
fsr-3653	107	44	of	of	ADP
fsr-3653	107	45	bull	bull	NOUN
fsr-3653	107	46	and	and	CCONJ
fsr-3653	107	47	bear	bear	NOUN
fsr-3653	107	48	markets	market	NOUN
fsr-3653	107	49	,	,	PUNCT
fsr-3653	107	50	the	the	DET
fsr-3653	107	51	results	result	NOUN
fsr-3653	107	52	for	for	ADP
fsr-3653	107	53	equation	equation	NOUN
fsr-3653	107	54	2	2	NUM
fsr-3653	107	55	based	base	VERB
fsr-3653	107	56	on	on	ADP
fsr-3653	107	57	wls	wl	NOUN
fsr-3653	107	58	are	be	AUX
fsr-3653	107	59	displayed	display	VERB
fsr-3653	107	60	in	in	ADP
fsr-3653	107	61	table	table	NOUN
fsr-3653	107	62	2	2	NUM
fsr-3653	107	63	.	.	X
fsr-3653	107	64	twenty	twenty	NUM
fsr-3653	107	65	-	-	PUNCT
fsr-3653	107	66	six	six	NUM
fsr-3653	107	67	of	of	ADP
fsr-3653	107	68	the	the	DET
fsr-3653	107	69	insurance	insurance	NOUN
fsr-3653	107	70	companies	company	NOUN
fsr-3653	107	71	had	have	VERB
fsr-3653	107	72	a	a	DET
fsr-3653	107	73	positive	positive	ADJ
fsr-3653	107	74	alpha	alpha	NOUN
fsr-3653	107	75	differential	differential	NOUN
fsr-3653	107	76	.	.	PUNCT
fsr-3653	108	1	however	however	ADV
fsr-3653	108	2	,	,	PUNCT
fsr-3653	108	3	the	the	DET
fsr-3653	108	4	alpha	alpha	NOUN
fsr-3653	108	5	differential	differential	NOUN
fsr-3653	108	6	was	be	AUX
fsr-3653	108	7	significantly	significantly	ADV
fsr-3653	108	8	positive	positive	ADJ
fsr-3653	108	9	for	for	ADP
fsr-3653	108	10	only	only	ADV
fsr-3653	108	11	four	four	NUM
fsr-3653	108	12	of	of	ADP
fsr-3653	108	13	the	the	DET
fsr-3653	108	14	insurance	insurance	NOUN
fsr-3653	108	15	companies	company	NOUN
fsr-3653	108	16	at	at	ADP
fsr-3653	108	17	the	the	DET
fsr-3653	108	18	95	95	NUM
fsr-3653	108	19	%	%	NOUN
fsr-3653	108	20	level	level	NOUN
fsr-3653	108	21	of	of	ADP
fsr-3653	108	22	confidence	confidence	NOUN
fsr-3653	108	23	.	.	PUNCT
fsr-3653	109	1	moreover	moreover	ADV
fsr-3653	109	2	,	,	PUNCT
fsr-3653	109	3	none	none	NOUN
fsr-3653	109	4	of	of	ADP
fsr-3653	109	5	the	the	DET
fsr-3653	109	6	insurance	insurance	NOUN
fsr-3653	109	7	company	company	NOUN
fsr-3653	109	8	portfolios	portfolio	NOUN
fsr-3653	109	9	exhibited	exhibit	VERB
fsr-3653	109	10	a	a	DET
fsr-3653	109	11	statistically	statistically	ADV
fsr-3653	109	12	significant	significant	ADJ
fsr-3653	109	13	alpha	alpha	NOUN
fsr-3653	109	14	differential	differential	NOUN
fsr-3653	109	15	at	at	ADP
fsr-3653	109	16	the	the	DET
fsr-3653	109	17	99	99	NUM
fsr-3653	109	18	%	%	NOUN
fsr-3653	109	19	confidence	confidence	NOUN
fsr-3653	109	20	level	level	NOUN
fsr-3653	109	21	.	.	PUNCT
fsr-3653	110	1	thus	thus	ADV
fsr-3653	110	2	,	,	PUNCT
fsr-3653	110	3	the	the	DET
fsr-3653	110	4	stock	stock	NOUN
fsr-3653	110	5	selection	selection	NOUN
fsr-3653	110	6	abilities	ability	NOUN
fsr-3653	110	7	of	of	ADP
fsr-3653	110	8	the	the	DET
fsr-3653	110	9	portfolio	portfolio	NOUN
fsr-3653	110	10	managers	manager	NOUN
fsr-3653	110	11	do	do	AUX
fsr-3653	110	12	not	not	PART
fsr-3653	110	13	appear	appear	VERB
fsr-3653	110	14	to	to	PART
fsr-3653	110	15	have	have	AUX
fsr-3653	110	16	been	be	AUX
fsr-3653	110	17	materially	materially	ADV
fsr-3653	110	18	different	different	ADJ
fsr-3653	110	19	in	in	ADP
fsr-3653	110	20	bull	bull	NOUN
fsr-3653	110	21	versus	versus	ADP
fsr-3653	110	22	bear	bear	NOUN
fsr-3653	110	23	markets	market	NOUN
fsr-3653	110	24	.	.	PUNCT
fsr-3653	111	1	using	use	VERB
fsr-3653	111	2	forbes	forbes	PROPN
fsr-3653	111	3	’	'	PUNCT
fsr-3653	111	4	definition	definition	NOUN
fsr-3653	111	5	,	,	PUNCT
fsr-3653	111	6	twenty	twenty	NUM
fsr-3653	111	7	of	of	ADP
fsr-3653	111	8	the	the	DET
fsr-3653	111	9	portfolios	portfolio	NOUN
fsr-3653	111	10	had	have	VERB
fsr-3653	111	11	a	a	DET
fsr-3653	111	12	positive	positive	ADJ
fsr-3653	111	13	beta	beta	NOUN
fsr-3653	111	14	differential	differential	NOUN
fsr-3653	111	15	.	.	PUNCT
fsr-3653	112	1	only	only	ADV
fsr-3653	112	2	one	one	NUM
fsr-3653	112	3	insurance	insurance	NOUN
fsr-3653	112	4	company	company	NOUN
fsr-3653	112	5	had	have	VERB
fsr-3653	112	6	a	a	DET
fsr-3653	112	7	statistically	statistically	ADV
fsr-3653	112	8	significant	significant	ADJ
fsr-3653	112	9	increase	increase	NOUN
fsr-3653	112	10	and	and	CCONJ
fsr-3653	112	11	one	one	NUM
fsr-3653	112	12	had	have	VERB
fsr-3653	112	13	statistically	statistically	ADV
fsr-3653	112	14	significant	significant	ADJ
fsr-3653	112	15	decrease	decrease	NOUN
fsr-3653	112	16	in	in	ADP
fsr-3653	112	17	beta	beta	NOUN
fsr-3653	112	18	at	at	ADP
fsr-3653	112	19	the	the	DET
fsr-3653	112	20	95	95	NUM
fsr-3653	112	21	%	%	NOUN
fsr-3653	112	22	confidence	confidence	NOUN
fsr-3653	112	23	level	level	NOUN
fsr-3653	112	24	.	.	PUNCT
fsr-3653	113	1	thus	thus	ADV
fsr-3653	113	2	,	,	PUNCT
fsr-3653	113	3	the	the	DET
fsr-3653	113	4	results	result	NOUN
fsr-3653	113	5	based	base	VERB
fsr-3653	113	6	on	on	ADP
fsr-3653	113	7	forbes	forbes	PROPN
fsr-3653	113	8	’	'	PUNCT
fsr-3653	113	9	definition	definition	NOUN
fsr-3653	113	10	do	do	AUX
fsr-3653	113	11	not	not	PART
fsr-3653	113	12	provide	provide	VERB
fsr-3653	113	13	evidence	evidence	NOUN
fsr-3653	113	14	for	for	ADP
fsr-3653	113	15	the	the	DET
fsr-3653	113	16	hypothesis	hypothesis	NOUN
fsr-3653	113	17	that	that	PRON
fsr-3653	113	18	insurance	insurance	NOUN
fsr-3653	113	19	company	company	NOUN
fsr-3653	113	20	portfolio	portfolio	NOUN
fsr-3653	113	21	managers	manager	NOUN
fsr-3653	113	22	are	be	AUX
fsr-3653	113	23	able	able	ADJ
fsr-3653	113	24	to	to	PART
fsr-3653	113	25	successfully	successfully	ADV
fsr-3653	113	26	alter	alter	VERB
fsr-3653	113	27	their	their	PRON
fsr-3653	113	28	levels	level	NOUN
fsr-3653	113	29	of	of	ADP
fsr-3653	113	30	systematic	systematic	ADJ
fsr-3653	113	31	risk	risk	NOUN
fsr-3653	113	32	in	in	ADP
fsr-3653	113	33	anticipation	anticipation	NOUN
fsr-3653	113	34	of	of	ADP
fsr-3653	113	35	differential	differential	ADJ
fsr-3653	113	36	market	market	NOUN
fsr-3653	113	37	conditions	condition	NOUN
fsr-3653	113	38	.	.	PUNCT
fsr-3653	114	1	the	the	DET
fsr-3653	114	2	results	result	NOUN
fsr-3653	114	3	using	use	VERB
fsr-3653	114	4	the	the	DET
fsr-3653	114	5	second	second	ADJ
fsr-3653	114	6	definition	definition	NOUN
fsr-3653	114	7	,	,	PUNCT
fsr-3653	114	8	in	in	ADP
fsr-3653	114	9	which	which	PRON
fsr-3653	114	10	a	a	DET
fsr-3653	114	11	positive	positive	ADJ
fsr-3653	114	12	return	return	NOUN
fsr-3653	114	13	on	on	ADP
fsr-3653	114	14	the	the	DET
fsr-3653	114	15	market	market	NOUN
fsr-3653	114	16	is	be	AUX
fsr-3653	114	17	classified	classify	VERB
fsr-3653	114	18	as	as	ADP
fsr-3653	114	19	a	a	DET
fsr-3653	114	20	bull	bull	NOUN
fsr-3653	114	21	market	market	NOUN
fsr-3653	114	22	and	and	CCONJ
fsr-3653	114	23	a	a	DET
fsr-3653	114	24	negative	negative	ADJ
fsr-3653	114	25	return	return	NOUN
fsr-3653	114	26	a	a	DET
fsr-3653	114	27	bear	bear	NOUN
fsr-3653	114	28	market	market	NOUN
fsr-3653	114	29	,	,	PUNCT
fsr-3653	114	30	are	be	AUX
fsr-3653	114	31	displayed	display	VERB
fsr-3653	114	32	in	in	ADP
fsr-3653	114	33	table	table	NOUN
fsr-3653	114	34	3	3	NUM
fsr-3653	114	35	.	.	PUNCT
fsr-3653	115	1	the	the	DET
fsr-3653	115	2	alpha	alpha	PROPN
fsr-3653	115	3	differential	differential	NOUN
fsr-3653	115	4	is	be	AUX
fsr-3653	115	5	significantly	significantly	ADV
fsr-3653	115	6	positive	positive	ADJ
fsr-3653	115	7	for	for	ADP
fsr-3653	115	8	nine	nine	NUM
fsr-3653	115	9	portfolios	portfolio	NOUN
fsr-3653	115	10	at	at	ADP
fsr-3653	115	11	the	the	DET
fsr-3653	115	12	95	95	NUM
fsr-3653	115	13	%	%	NOUN
fsr-3653	115	14	level	level	NOUN
fsr-3653	115	15	of	of	ADP
fsr-3653	115	16	confidence	confidence	NOUN
fsr-3653	115	17	.	.	PUNCT
fsr-3653	116	1	however	however	ADV
fsr-3653	116	2	,	,	PUNCT
fsr-3653	116	3	only	only	ADV
fsr-3653	116	4	three	three	NUM
fsr-3653	116	5	of	of	ADP
fsr-3653	116	6	the	the	DET
fsr-3653	116	7	portfolios	portfolio	NOUN
fsr-3653	116	8	display	display	VERB
fsr-3653	116	9	a	a	DET
fsr-3653	116	10	statistically	statistically	ADV
fsr-3653	116	11	significant	significant	ADJ
fsr-3653	116	12	alpha	alpha	NOUN
fsr-3653	116	13	differential	differential	NOUN
fsr-3653	116	14	at	at	ADP
fsr-3653	116	15	the	the	DET
fsr-3653	116	16	99	99	NUM
fsr-3653	116	17	%	%	NOUN
fsr-3653	116	18	confidence	confidence	NOUN
fsr-3653	116	19	level	level	NOUN
fsr-3653	116	20	.	.	PUNCT
fsr-3653	117	1	thus	thus	ADV
fsr-3653	117	2	,	,	PUNCT
fsr-3653	117	3	the	the	DET
fsr-3653	117	4	results	result	NOUN
fsr-3653	117	5	provide	provide	VERB
fsr-3653	117	6	only	only	ADV
fsr-3653	117	7	a	a	DET
fsr-3653	117	8	weak	weak	ADJ
fsr-3653	117	9	support	support	NOUN
fsr-3653	117	10	for	for	ADP
fsr-3653	117	11	differential	differential	ADJ
fsr-3653	117	12	stock	stock	NOUN
fsr-3653	117	13	selection	selection	NOUN
fsr-3653	117	14	abilities	ability	NOUN
fsr-3653	117	15	in	in	ADP
fsr-3653	117	16	bull	bull	NOUN
fsr-3653	117	17	versus	versus	ADP
fsr-3653	117	18	bear	bear	NOUN
fsr-3653	117	19	markets	market	NOUN
fsr-3653	117	20	based	base	VERB
fsr-3653	117	21	upon	upon	SCONJ
fsr-3653	117	22	the	the	DET
fsr-3653	117	23	above	above	ADJ
fsr-3653	117	24	definition	definition	NOUN
fsr-3653	117	25	of	of	ADP
fsr-3653	117	26	market	market	NOUN
fsr-3653	117	27	conditions	condition	NOUN
fsr-3653	117	28	.	.	PUNCT
fsr-3653	118	1	using	use	VERB
fsr-3653	118	2	the	the	DET
fsr-3653	118	3	second	second	ADJ
fsr-3653	118	4	definition	definition	NOUN
fsr-3653	118	5	,	,	PUNCT
fsr-3653	118	6	a	a	DET
fsr-3653	118	7	positive	positive	ADJ
fsr-3653	118	8	beta	beta	NOUN
fsr-3653	118	9	differential	differential	NOUN
fsr-3653	118	10	was	be	AUX
fsr-3653	118	11	found	find	VERB
fsr-3653	118	12	for	for	ADP
fsr-3653	118	13	twenty	twenty	NUM
fsr-3653	118	14	-	-	PUNCT
fsr-3653	118	15	eight	eight	NUM
fsr-3653	118	16	of	of	ADP
fsr-3653	118	17	the	the	DET
fsr-3653	118	18	portfolios	portfolio	NOUN
fsr-3653	118	19	.	.	PUNCT
fsr-3653	119	1	however	however	ADV
fsr-3653	119	2	,	,	PUNCT
fsr-3653	119	3	only	only	ADV
fsr-3653	119	4	one	one	NUM
fsr-3653	119	5	of	of	ADP
fsr-3653	119	6	the	the	DET
fsr-3653	119	7	insurance	insurance	NOUN
fsr-3653	119	8	companies	company	NOUN
fsr-3653	119	9	30	30	NUM
fsr-3653	119	10	financial	financial	ADJ
fsr-3653	119	11	services	service	NOUN
fsr-3653	119	12	review	review	NOUN
fsr-3653	119	13	,	,	PUNCT
fsr-3653	119	14	l(1	l(1	PROPN
fsr-3653	119	15	)	)	PUNCT
fsr-3653	119	16	1991	1991	NUM
fsr-3653	119	17	table	table	NOUN
fsr-3653	119	18	2	2	NUM
fsr-3653	119	19	.	.	PUNCT
fsr-3653	119	20	regression	regression	NOUN
fsr-3653	119	21	results	result	NOUN
fsr-3653	119	22	using	use	VERB
fsr-3653	119	23	bull	bull	NOUN
fsr-3653	119	24	-	-	PUNCT
fsr-3653	119	25	bear	bear	NOUN
fsr-3653	119	26	dummies	dummy	NOUN
fsr-3653	119	27	based	base	VERB
fsr-3653	119	28	on	on	ADP
fsr-3653	119	29	forbes	forbes	PROPN
fsr-3653	119	30	’	'	PUNCT
fsr-3653	119	31	definition	definition	NOUN
fsr-3653	119	32	of	of	ADP
fsr-3653	119	33	bull	bull	NOUN
fsr-3653	119	34	market	market	NOUN
fsr-3653	119	35	(	(	PUNCT
fsr-3653	119	36	general	general	ADJ
fsr-3653	119	37	market	market	NOUN
fsr-3653	119	38	trends	trend	NOUN
fsr-3653	119	39	determining	determine	VERB
fsr-3653	119	40	bull	bull	NOUN
fsr-3653	119	41	/	/	SYM
fsr-3653	119	42	bear	bear	NOUN
fsr-3653	119	43	market	market	NOUN
fsr-3653	119	44	)	)	PUNCT
fsr-3653	119	45	(	(	PUNCT
fsr-3653	119	46	1974:10	1974:10	NUM
fsr-3653	119	47	-	-	PUNCT
fsr-3653	119	48	1984:9	1984:9	NUM
fsr-3653	119	49	)	)	PUNCT
fsr-3653	119	50	&	&	CCONJ
fsr-3653	119	51	,	,	PUNCT
fsr-3653	119	52	i	i	PROPN
fsr-3653	119	53	rj	rj	PROPN
fsr-3653	119	54	,	,	PUNCT
fsr-3653	119	55	=	=	SYM
fsr-3653	119	56	cu	cu	PROPN
fsr-3653	119	57	,	,	PUNCT
fsr-3653	119	58	+	+	CCONJ
fsr-3653	119	59	ap’dt	ap’dt	PROPN
fsr-3653	119	60	+	+	CCONJ
fsr-3653	119	61	j?p(rm	j?p(rm	NOUN
fsr-3653	119	62	,	,	PUNCT
fsr-3653	119	63	r	r	NOUN
fsr-3653	119	64	&	&	CCONJ
fsr-3653	119	65	r	r	NOUN
fsr-3653	119	66	)	)	PUNCT
fsr-3653	119	67	+	+	NOUN
fsr-3653	119	68	&	&	CCONJ
fsr-3653	119	69	‘	'	PUNCT
fsr-3653	119	70	[	[	X
fsr-3653	119	71	di	di	X
fsr-3653	119	72	*	*	X
fsr-3653	119	73	(	(	PUNCT
fsr-3653	119	74	rm	rm	NOUN
fsr-3653	119	75	,	,	PUNCT
fsr-3653	119	76	r	r	PROPN
fsr-3653	119	77	&	&	CCONJ
fsr-3653	119	78	)	)	PUNCT
fsr-3653	119	79	i	i	PRON
fsr-3653	119	80	estimates	estimate	VERB
fsr-3653	119	81	with	with	ADP
fsr-3653	119	82	heteroscedasticity	heteroscedasticity	NOUN
fsr-3653	119	83	correction	correction	NOUN
fsr-3653	119	84	(	(	PUNCT
fsr-3653	119	85	wls	wls	PROPN
fsr-3653	119	86	)	)	PUNCT
fsr-3653	119	87	test	test	NOUN
fsr-3653	119	88	characteristics	characteristic	NOUN
fsr-3653	119	89	mean	mean	VERB
fsr-3653	119	90	(	(	PUNCT
fsr-3653	119	91	sd	sd	NOUN
fsr-3653	119	92	)	)	PUNCT
fsr-3653	119	93	range	range	NOUN
fsr-3653	119	94	(	(	PUNCT
fsr-3653	119	95	&	&	CCONJ
fsr-3653	119	96	fin	fin	PROPN
fsr-3653	119	97	,	,	PUNCT
fsr-3653	119	98	max	max	PROPN
fsr-3653	119	99	)	)	PUNCT
fsr-3653	119	100	-.0423	-.0423	PUNCT
fsr-3653	119	101	(	(	PUNCT
fsr-3653	119	102	.2465	.2465	NOUN
fsr-3653	119	103	)	)	PUNCT
fsr-3653	119	104	(	(	PUNCT
fsr-3653	119	105	-.7677	-.7677	PROPN
fsr-3653	119	106	,	,	PUNCT
fsr-3653	119	107	.3954	.3954	PROPN
fsr-3653	119	108	)	)	PUNCT
fsr-3653	119	109	.i421	.i421	PROPN
fsr-3653	120	1	(	(	PUNCT
fsr-3653	120	2	.3212	.3212	PROPN
fsr-3653	120	3	)	)	PUNCT
fsr-3653	120	4	(	(	PUNCT
fsr-3653	120	5	-.3992	-.3992	PROPN
fsr-3653	120	6	,	,	PUNCT
fsr-3653	120	7	x836	x836	NUM
fsr-3653	120	8	)	)	PUNCT
fsr-3653	120	9	9024	9024	NUM
fsr-3653	120	10	(	(	PUNCT
fsr-3653	120	11	.osss	.osss	NOUN
fsr-3653	120	12	)	)	PUNCT
fsr-3653	120	13	f.6179	f.6179	NOUN
fsr-3653	120	14	,	,	PUNCT
fsr-3653	120	15	1.353	1.353	NUM
fsr-3653	120	16	)	)	PUNCT
fsr-3653	121	1	.0070	.0070	PROPN
fsr-3653	121	2	(	(	PUNCT
fsr-3653	121	3	.1025	.1025	PROPN
fsr-3653	121	4	)	)	PUNCT
fsr-3653	121	5	(	(	PUNCT
fsr-3653	121	6	-.2343	-.2343	INTJ
fsr-3653	121	7	,	,	PUNCT
fsr-3653	121	8	.2x01	.2x01	PUNCT
fsr-3653	121	9	)	)	PUNCT
fsr-3653	121	10	.7757	.7757	NOUN
fsr-3653	121	11	(	(	PUNCT
fsr-3653	121	12	so99	so99	PROPN
fsr-3653	121	13	,	,	PUNCT
fsr-3653	121	14	.9208	.9208	PROPN
fsr-3653	121	15	)	)	PUNCT
fsr-3653	121	16	reject	reject	VERB
fsr-3653	121	17	a	a	PRON
fsr-3653	121	18	,	,	PUNCT
fsr-3653	121	19	’	'	PUNCT
fsr-3653	121	20	=	=	SYM
fsr-3653	121	21	0	0	NUM
fsr-3653	121	22	at	at	ADP
fsr-3653	121	23	10	10	NUM
fsr-3653	121	24	%	%	NOUN
fsr-3653	121	25	reject	reject	VERB
fsr-3653	121	26	a	a	PRON
fsr-3653	121	27	,	,	PUNCT
fsr-3653	121	28	’	'	PUNCT
fsr-3653	121	29	=	=	NOUN
fsr-3653	121	30	at	at	ADP
fsr-3653	121	31	5	5	NUM
fsr-3653	121	32	%	%	NOUN
fsr-3653	121	33	reject	reject	VERB
fsr-3653	121	34	a	a	PRON
fsr-3653	121	35	,	,	PUNCT
fsr-3653	121	36	,	,	PUNCT
fsr-3653	121	37	’	'	PUNCT
fsr-3653	121	38	=	=	PUNCT
fsr-3653	121	39	at	at	ADP
fsr-3653	121	40	1	1	NUM
fsr-3653	121	41	%	%	NOUN
fsr-3653	121	42	reject	reject	VERB
fsr-3653	121	43	&	&	CCONJ
fsr-3653	121	44	’	'	PUNCT
fsr-3653	121	45	=	=	PUNCT
fsr-3653	121	46	at	at	ADP
fsr-3653	121	47	10	10	NUM
fsr-3653	121	48	%	%	NOUN
fsr-3653	121	49	reject	reject	NOUN
fsr-3653	121	50	&	&	CCONJ
fsr-3653	121	51	’	'	PUNCT
fsr-3653	121	52	=	=	PUNCT
fsr-3653	121	53	at	at	ADP
fsr-3653	121	54	5	5	NUM
fsr-3653	121	55	%	%	NOUN
fsr-3653	121	56	reject	reject	NOUN
fsr-3653	121	57	&	&	CCONJ
fsr-3653	121	58	,	,	PUNCT
fsr-3653	121	59	’	'	PUNCT
fsr-3653	121	60	=	=	PUNCT
fsr-3653	121	61	at	at	ADP
fsr-3653	121	62	1	1	NUM
fsr-3653	121	63	%	%	NOUN
fsr-3653	121	64	ap	ap	NOUN
fsr-3653	121	65	’	'	PUNCT
fsr-3653	121	66	>	>	X
fsr-3653	121	67	0	0	PUNCT
fsr-3653	122	1	pi>0	pi>0	ADJ
fsr-3653	122	2	number	number	NOUN
fsr-3653	122	3	of	of	ADP
fsr-3653	122	4	funds	fund	NOUN
fsr-3653	122	5	:	:	PUNCT
fsr-3653	122	6	7(a/	7(a/	NUM
fsr-3653	122	7	>	>	X
fsr-3653	122	8	0	0	NUM
fsr-3653	122	9	)	)	PUNCT
fsr-3653	122	10	o((ypl	o((ypl	NUM
fsr-3653	122	11	<	<	X
fsr-3653	122	12	o	o	NOUN
fsr-3653	122	13	)	)	PUNCT
fsr-3653	122	14	4(ap	4(ap	NOUN
fsr-3653	122	15	’	'	PUNCT
fsr-3653	122	16	>	>	X
fsr-3653	122	17	0	0	NUM
fsr-3653	122	18	)	)	PUNCT
fsr-3653	122	19	o(a/	o(a/	ADP
fsr-3653	122	20	<	<	X
fsr-3653	122	21	0	0	NUM
fsr-3653	122	22	)	)	PUNCT
fsr-3653	122	23	o(a/	o(a/	ADP
fsr-3653	122	24	>	>	X
fsr-3653	122	25	0	0	NUM
fsr-3653	122	26	)	)	PUNCT
fsr-3653	122	27	o(cyi	o(cyi	ADP
fsr-3653	122	28	<	<	X
fsr-3653	122	29	0	0	NUM
fsr-3653	122	30	)	)	PUNCT
fsr-3653	122	31	3@	3@	NOUN
fsr-3653	122	32	,	,	PUNCT
fsr-3653	122	33	’	'	PUNCT
fsr-3653	122	34	>	>	X
fsr-3653	122	35	0	0	X
fsr-3653	122	36	)	)	PUNCT
fsr-3653	122	37	403	403	NUM
fsr-3653	122	38	;	;	PUNCT
fsr-3653	122	39	<	<	X
fsr-3653	122	40	0	0	X
fsr-3653	122	41	)	)	PUNCT
fsr-3653	122	42	upp	upp	NOUN
fsr-3653	122	43	’	'	PUNCT
fsr-3653	122	44	>	>	X
fsr-3653	122	45	0	0	NUM
fsr-3653	122	46	)	)	PUNCT
fsr-3653	122	47	10	10	NUM
fsr-3653	122	48	%	%	NOUN
fsr-3653	122	49	<	<	X
fsr-3653	122	50	0	0	NUM
fsr-3653	122	51	)	)	PUNCT
fsr-3653	122	52	0	0	NUM
fsr-3653	122	53	%	%	NOUN
fsr-3653	122	54	’	'	PUNCT
fsr-3653	122	55	>	>	X
fsr-3653	122	56	0	0	X
fsr-3653	122	57	)	)	PUNCT
fsr-3653	122	58	o(p/	o(p/	NOUN
fsr-3653	122	59	<	<	X
fsr-3653	122	60	0	0	NUM
fsr-3653	122	61	)	)	PUNCT
fsr-3653	122	62	26	26	NUM
fsr-3653	122	63	20	20	NUM
fsr-3653	122	64	exhibited	exhibit	VERB
fsr-3653	122	65	a	a	DET
fsr-3653	122	66	significantly	significantly	ADV
fsr-3653	122	67	positive	positive	ADJ
fsr-3653	122	68	increase	increase	NOUN
fsr-3653	122	69	in	in	ADP
fsr-3653	122	70	beta	beta	NOUN
fsr-3653	122	71	during	during	ADP
fsr-3653	122	72	bull	bull	NOUN
fsr-3653	122	73	market	market	NOUN
fsr-3653	122	74	periods	period	NOUN
fsr-3653	122	75	at	at	ADP
fsr-3653	122	76	both	both	CCONJ
fsr-3653	122	77	the	the	DET
fsr-3653	122	78	95	95	NUM
fsr-3653	122	79	%	%	NOUN
fsr-3653	122	80	and	and	CCONJ
fsr-3653	122	81	99	99	NUM
fsr-3653	122	82	%	%	NOUN
fsr-3653	122	83	confidence	confidence	NOUN
fsr-3653	122	84	levels	level	NOUN
fsr-3653	122	85	.	.	PUNCT
fsr-3653	123	1	therefore	therefore	ADV
fsr-3653	123	2	,	,	PUNCT
fsr-3653	123	3	the	the	DET
fsr-3653	123	4	results	result	NOUN
fsr-3653	123	5	do	do	AUX
fsr-3653	123	6	not	not	PART
fsr-3653	123	7	suggest	suggest	VERB
fsr-3653	123	8	that	that	SCONJ
fsr-3653	123	9	insurance	insurance	NOUN
fsr-3653	123	10	company	company	NOUN
fsr-3653	123	11	managers	manager	NOUN
fsr-3653	123	12	are	be	AUX
fsr-3653	123	13	able	able	ADJ
fsr-3653	123	14	to	to	PART
fsr-3653	123	15	successfully	successfully	ADV
fsr-3653	123	16	time	time	VERB
fsr-3653	123	17	the	the	DET
fsr-3653	123	18	market	market	NOUN
fsr-3653	123	19	.	.	PUNCT
fsr-3653	124	1	while	while	SCONJ
fsr-3653	124	2	the	the	DET
fsr-3653	124	3	results	result	NOUN
fsr-3653	124	4	are	be	AUX
fsr-3653	124	5	sensitive	sensitive	ADJ
fsr-3653	124	6	to	to	ADP
fsr-3653	124	7	the	the	DET
fsr-3653	124	8	definition	definition	NOUN
fsr-3653	124	9	of	of	ADP
fsr-3653	124	10	bull	bull	NOUN
fsr-3653	124	11	and	and	CCONJ
fsr-3653	124	12	bear	bear	VERB
fsr-3653	124	13	market	market	NOUN
fsr-3653	124	14	conditions	condition	NOUN
fsr-3653	124	15	,	,	PUNCT
fsr-3653	124	16	we	we	PRON
fsr-3653	124	17	find	find	VERB
fsr-3653	124	18	some	some	DET
fsr-3653	124	19	support	support	NOUN
fsr-3653	124	20	for	for	ADP
fsr-3653	124	21	the	the	DET
fsr-3653	124	22	hypothesis	hypothesis	NOUN
fsr-3653	124	23	that	that	PRON
fsr-3653	124	24	life	life	NOUN
fsr-3653	124	25	insurance	insurance	NOUN
fsr-3653	124	26	companies	company	NOUN
fsr-3653	124	27	exhibit	exhibit	VERB
fsr-3653	124	28	differential	differential	ADJ
fsr-3653	124	29	stock	stock	NOUN
fsr-3653	124	30	selection	selection	NOUN
fsr-3653	124	31	abilities	ability	NOUN
fsr-3653	124	32	,	,	PUNCT
fsr-3653	124	33	but	but	CCONJ
fsr-3653	124	34	not	not	PART
fsr-3653	124	35	market	market	NOUN
fsr-3653	124	36	timing	timing	NOUN
fsr-3653	124	37	abilities	ability	NOUN
fsr-3653	124	38	in	in	ADP
fsr-3653	124	39	bull	bull	NOUN
fsr-3653	124	40	versus	versus	ADP
fsr-3653	124	41	bear	bear	NOUN
fsr-3653	124	42	markets	market	NOUN
fsr-3653	124	43	.	.	PUNCT
fsr-3653	124	44	’	'	PUNCT
fsr-3653	125	1	thus	thus	ADV
fsr-3653	125	2	,	,	PUNCT
fsr-3653	125	3	the	the	DET
fsr-3653	125	4	results	result	NOUN
fsr-3653	125	5	reported	report	VERB
fsr-3653	125	6	in	in	ADP
fsr-3653	125	7	this	this	DET
fsr-3653	125	8	paper	paper	NOUN
fsr-3653	125	9	provide	provide	VERB
fsr-3653	125	10	further	further	ADJ
fsr-3653	125	11	support	support	NOUN
fsr-3653	125	12	for	for	ADP
fsr-3653	125	13	the	the	DET
fsr-3653	125	14	efficient	efficient	ADJ
fsr-3653	125	15	market	market	NOUN
fsr-3653	125	16	hypothesis	hypothesis	NOUN
fsr-3653	125	17	and	and	CCONJ
fsr-3653	125	18	confirm	confirm	VERB
fsr-3653	125	19	the	the	DET
fsr-3653	125	20	efficacy	efficacy	NOUN
fsr-3653	125	21	of	of	ADP
fsr-3653	125	22	a	a	DET
fsr-3653	125	23	passive	passive	ADJ
fsr-3653	125	24	‘	'	PUNCT
fsr-3653	125	25	buy	buy	VERB
fsr-3653	125	26	and	and	CCONJ
fsr-3653	125	27	hold	hold	VERB
fsr-3653	125	28	’	'	PUNCT
fsr-3653	125	29	investment	investment	NOUN
fsr-3653	125	30	strategy	strategy	NOUN
fsr-3653	125	31	for	for	ADP
fsr-3653	125	32	another	another	DET
fsr-3653	125	33	category	category	NOUN
fsr-3653	125	34	of	of	ADP
fsr-3653	125	35	institutional	institutional	ADJ
fsr-3653	125	36	investors	investor	NOUN
fsr-3653	125	37	.	.	PUNCT
fsr-3653	126	1	taken	take	VERB
fsr-3653	126	2	as	as	ADP
fsr-3653	126	3	a	a	DET
fsr-3653	126	4	whole	whole	NOUN
fsr-3653	126	5	,	,	PUNCT
fsr-3653	126	6	the	the	DET
fsr-3653	126	7	evidence	evidence	NOUN
fsr-3653	126	8	presented	present	VERB
fsr-3653	126	9	in	in	ADP
fsr-3653	126	10	this	this	DET
fsr-3653	126	11	paper	paper	NOUN
fsr-3653	126	12	is	be	AUX
fsr-3653	126	13	consistent	consistent	ADJ
fsr-3653	126	14	with	with	ADP
fsr-3653	126	15	the	the	DET
fsr-3653	126	16	findings	finding	NOUN
fsr-3653	126	17	of	of	ADP
fsr-3653	126	18	fabozzi	fabozzi	NOUN
fsr-3653	126	19	and	and	CCONJ
fsr-3653	126	20	francis	francis	PROPN
fsr-3653	126	21	(	(	PUNCT
fsr-3653	126	22	1979	1979	NUM
fsr-3653	126	23	)	)	PUNCT
fsr-3653	126	24	for	for	ADP
fsr-3653	126	25	mutual	mutual	ADJ
fsr-3653	126	26	fund	fund	NOUN
fsr-3653	126	27	portfolios	portfolio	NOUN
fsr-3653	126	28	.	.	PUNCT
fsr-3653	127	1	this	this	PRON
fsr-3653	127	2	suggests	suggest	VERB
fsr-3653	127	3	that	that	SCONJ
fsr-3653	127	4	life	life	NOUN
fsr-3653	127	5	insurance	insurance	NOUN
fsr-3653	127	6	company	company	NOUN
fsr-3653	127	7	portfolios	portfolio	NOUN
fsr-3653	127	8	are	be	AUX
fsr-3653	127	9	competitive	competitive	ADJ
fsr-3653	127	10	with	with	ADP
fsr-3653	127	11	mutual	mutual	ADJ
fsr-3653	127	12	funds	fund	NOUN
fsr-3653	127	13	on	on	ADP
fsr-3653	127	14	the	the	DET
fsr-3653	127	15	basis	basis	NOUN
fsr-3653	127	16	of	of	ADP
fsr-3653	127	17	risk	risk	NOUN
fsr-3653	127	18	-	-	PUNCT
fsr-3653	127	19	adjusted	adjust	VERB
fsr-3653	127	20	measures	measure	NOUN
fsr-3653	127	21	of	of	ADP
fsr-3653	127	22	portfolio	portfolio	NOUN
fsr-3653	127	23	performance	performance	NOUN
fsr-3653	127	24	,	,	PUNCT
fsr-3653	127	25	assuming	assume	VERB
fsr-3653	127	26	comparable	comparable	ADJ
fsr-3653	127	27	tax	tax	NOUN
fsr-3653	127	28	treatment	treatment	NOUN
fsr-3653	127	29	for	for	ADP
fsr-3653	127	30	the	the	DET
fsr-3653	127	31	two	two	NUM
fsr-3653	127	32	investment	investment	NOUN
fsr-3653	127	33	vehicles	vehicle	NOUN
fsr-3653	127	34	.	.	PUNCT
fsr-3653	128	1	however	however	ADV
fsr-3653	128	2	,	,	PUNCT
fsr-3653	128	3	as	as	SCONJ
fsr-3653	128	4	noted	note	VERB
fsr-3653	128	5	in	in	ADP
fsr-3653	128	6	section	section	PROPN
fsr-3653	128	7	ii	ii	PROPN
fsr-3653	128	8	,	,	PUNCT
fsr-3653	128	9	the	the	DET
fsr-3653	128	10	variable	variable	ADJ
fsr-3653	128	11	annuity	annuity	NOUN
fsr-3653	128	12	contracts	contract	NOUN
fsr-3653	128	13	of	of	ADP
fsr-3653	128	14	life	life	NOUN
fsr-3653	128	15	insurance	insurance	NOUN
fsr-3653	128	16	companies	company	NOUN
fsr-3653	128	17	permit	permit	VERB
fsr-3653	128	18	individual	individual	ADJ
fsr-3653	128	19	investors	investor	NOUN
fsr-3653	128	20	to	to	PART
fsr-3653	128	21	defer	defer	VERB
fsr-3653	128	22	the	the	DET
fsr-3653	128	23	taxation	taxation	NOUN
fsr-3653	128	24	of	of	ADP
fsr-3653	128	25	dividends	dividend	NOUN
fsr-3653	128	26	and	and	CCONJ
fsr-3653	128	27	capital	capital	NOUN
fsr-3653	128	28	gains	gain	NOUN
fsr-3653	128	29	until	until	ADP
fsr-3653	128	30	the	the	DET
fsr-3653	128	31	payout	payout	ADJ
fsr-3653	128	32	period	period	NOUN
fsr-3653	128	33	.	.	PUNCT
fsr-3653	129	1	therefore	therefore	ADV
fsr-3653	129	2	,	,	PUNCT
fsr-3653	129	3	on	on	ADP
fsr-3653	129	4	an	an	DET
fsr-3653	129	5	after	after	ADP
fsr-3653	129	6	-	-	PUNCT
fsr-3653	129	7	tax	tax	NOUN
fsr-3653	129	8	basis	basis	NOUN
fsr-3653	129	9	,	,	PUNCT
fsr-3653	129	10	the	the	DET
fsr-3653	129	11	returns	return	NOUN
fsr-3653	129	12	on	on	ADP
fsr-3653	129	13	the	the	DET
fsr-3653	129	14	lie	lie	NOUN
fsr-3653	129	15	table	table	NOUN
fsr-3653	129	16	3	3	NUM
fsr-3653	129	17	.	.	PUNCT
fsr-3653	130	1	regression	regression	NOUN
fsr-3653	130	2	results	result	NOUN
fsr-3653	130	3	using	use	VERB
fsr-3653	130	4	bull	bull	NOUN
fsr-3653	130	5	-	-	PUNCT
fsr-3653	130	6	bear	bear	NOUN
fsr-3653	130	7	dummies	dummy	NOUN
fsr-3653	130	8	based	base	VERB
fsr-3653	130	9	on	on	ADP
fsr-3653	130	10	market	market	NOUN
fsr-3653	130	11	movements	movement	NOUN
fsr-3653	130	12	(	(	PUNCT
fsr-3653	130	13	bull	bull	NOUN
fsr-3653	130	14	:	:	PUNCT
fsr-3653	130	15	il	il	PROPN
fsr-3653	130	16	,	,	PUNCT
fsr-3653	130	17	*	*	PUNCT
fsr-3653	130	18	>	>	X
fsr-3653	130	19	0	0	NUM
fsr-3653	130	20	,	,	PUNCT
fsr-3653	130	21	bear	bear	NOUN
fsr-3653	130	22	:	:	PUNCT
fsr-3653	130	23	rm,$	rm,$	NOUN
fsr-3653	130	24	2	2	NUM
fsr-3653	130	25	0	0	NUM
fsr-3653	130	26	)	)	PUNCT
fsr-3653	130	27	(	(	PUNCT
fsr-3653	130	28	1974:10	1974:10	NUM
fsr-3653	130	29	-	-	PUNCT
fsr-3653	130	30	1984:9	1984:9	NUM
fsr-3653	130	31	)	)	PUNCT
fsr-3653	130	32	&	&	CCONJ
fsr-3653	130	33	j	j	PROPN
fsr-3653	130	34	rf	rf	PROPN
fsr-3653	130	35	,	,	PUNCT
fsr-3653	130	36	l	l	NOUN
fsr-3653	130	37	=	=	SYM
fsr-3653	130	38	cw	cw	NOUN
fsr-3653	130	39	,	,	PUNCT
fsr-3653	130	40	+	+	CCONJ
fsr-3653	130	41	c+	c+	VERB
fsr-3653	130	42	dt	dt	X
fsr-3653	130	43	+	+	CCONJ
fsr-3653	130	44	&	&	CCONJ
fsr-3653	130	45	(	(	PUNCT
fsr-3653	130	46	rm	rm	PROPN
fsr-3653	130	47	,	,	PUNCT
fsr-3653	130	48	r	r	NOUN
fsr-3653	130	49	rf	rf	PROPN
fsr-3653	130	50	,	,	PUNCT
fsr-3653	130	51	t	t	PROPN
fsr-3653	130	52	)	)	PUNCT
fsr-3653	131	1	+	+	CCONJ
fsr-3653	131	2	ep'[dt	ep'[dt	X
fsr-3653	131	3	*	*	PUNCT
fsr-3653	131	4	(	(	PUNCT
fsr-3653	131	5	rnt	rnt	PROPN
fsr-3653	131	6	,	,	PUNCT
fsr-3653	131	7	,	,	PUNCT
fsr-3653	131	8	rdl	rdl	NOUN
fsr-3653	131	9	+	+	CCONJ
fsr-3653	131	10	et	et	NOUN
fsr-3653	131	11	estimates	estimate	NOUN
fsr-3653	131	12	with	with	ADP
fsr-3653	131	13	heteroscedasticity	heteroscedasticity	NOUN
fsr-3653	131	14	correction	correction	NOUN
fsr-3653	131	15	(	(	PUNCT
fsr-3653	131	16	wls	wls	PROPN
fsr-3653	131	17	)	)	PUNCT
fsr-3653	131	18	test	test	NOUN
fsr-3653	131	19	churucteristics	churucteristic	NOUN
fsr-3653	131	20	mearz	mearz	INTJ
fsr-3653	131	21	(	(	PUNCT
fsr-3653	131	22	sd	sd	NOUN
fsr-3653	131	23	)	)	PUNCT
fsr-3653	131	24	range	range	NOUN
fsr-3653	131	25	(	(	PUNCT
fsr-3653	131	26	min	min	PROPN
fsr-3653	131	27	,	,	PUNCT
fsr-3653	131	28	max	max	PROPN
fsr-3653	131	29	)	)	PUNCT
fsr-3653	131	30	ffp	ffp	PROPN
fsr-3653	131	31	-	-	PUNCT
fsr-3653	131	32	.	.	PROPN
fsr-3653	131	33	1925	1925	NUM
fsr-3653	131	34	(	(	PUNCT
fsr-3653	131	35	.3550	.3550	PROPN
fsr-3653	131	36	)	)	PUNCT
fsr-3653	131	37	(	(	PUNCT
fsr-3653	131	38	-1.986	-1.986	PROPN
fsr-3653	131	39	,	,	PUNCT
fsr-3653	131	40	.8853	.8853	NUM
fsr-3653	131	41	)	)	PUNCT
fsr-3653	131	42	ct	ct	PROPN
fsr-3653	131	43	,	,	PUNCT
fsr-3653	131	44	’	'	PUNCT
fsr-3653	131	45	.2770	.2770	PROPN
fsr-3653	131	46	(	(	PUNCT
fsr-3653	131	47	.4358	.4358	PROPN
fsr-3653	131	48	)	)	PUNCT
fsr-3653	131	49	(	(	PUNCT
fsr-3653	131	50	-.7960,2.399	-.7960,2.399	X
fsr-3653	131	51	)	)	PUNCT
fsr-3653	131	52	fb	fb	NOUN
fsr-3653	131	53	.8511	.8511	PROPN
fsr-3653	131	54	(	(	PUNCT
fsr-3653	131	55	.0995	.0995	PROPN
fsr-3653	131	56	)	)	PUNCT
fsr-3653	131	57	(	(	PUNCT
fsr-3653	131	58	.2709	.2709	NOUN
fsr-3653	131	59	,	,	PUNCT
fsr-3653	131	60	1.271	1.271	NUM
fsr-3653	131	61	)	)	PUNCT
fsr-3653	131	62	so654	so654	NOUN
fsr-3653	131	63	(	(	PUNCT
fsr-3653	131	64	.1312	.1312	NOUN
fsr-3653	131	65	)	)	PUNCT
fsr-3653	131	66	c-.3785	c-.3785	PROPN
fsr-3653	131	67	,	,	PUNCT
fsr-3653	131	68	.2882	.2882	PROPN
fsr-3653	131	69	)	)	PUNCT
fsr-3653	132	1	adj	adj	PROPN
fsr-3653	132	2	i	i	PROPN
fsr-3653	132	3	?	?	PUNCT
fsr-3653	132	4	”	"	PUNCT
fsr-3653	132	5	.7722	.7722	NOUN
fsr-3653	132	6	(	(	PUNCT
fsr-3653	132	7	s372	s372	PROPN
fsr-3653	132	8	,	,	PUNCT
fsr-3653	132	9	.9180	.9180	PRON
fsr-3653	132	10	)	)	PUNCT
fsr-3653	132	11	reject	reject	VERB
fsr-3653	132	12	cy	cy	PROPN
fsr-3653	132	13	,	,	PUNCT
fsr-3653	132	14	’	'	PUNCT
fsr-3653	132	15	=	=	SYM
fsr-3653	133	1	0	0	NUM
fsr-3653	134	1	at	at	ADP
fsr-3653	134	2	10	10	NUM
fsr-3653	134	3	%	%	NOUN
fsr-3653	134	4	reject	reject	PROPN
fsr-3653	134	5	cl	cl	NOUN
fsr-3653	134	6	,	,	PUNCT
fsr-3653	134	7	’	'	PUNCT
fsr-3653	134	8	=	=	PUNCT
fsr-3653	134	9	at	at	ADP
fsr-3653	134	10	5	5	NUM
fsr-3653	134	11	%	%	NOUN
fsr-3653	134	12	reject	reject	NOUN
fsr-3653	134	13	cup	cup	NOUN
fsr-3653	134	14	’	'	PUNCT
fsr-3653	134	15	=	=	NOUN
fsr-3653	134	16	at	at	ADP
fsr-3653	134	17	1	1	NUM
fsr-3653	134	18	%	%	NOUN
fsr-3653	134	19	reject	reject	VERB
fsr-3653	134	20	&	&	CCONJ
fsr-3653	134	21	’	'	PUNCT
fsr-3653	134	22	=	=	PUNCT
fsr-3653	134	23	at	at	ADP
fsr-3653	134	24	10	10	NUM
fsr-3653	134	25	%	%	NOUN
fsr-3653	134	26	reject	reject	NOUN
fsr-3653	134	27	&	&	CCONJ
fsr-3653	134	28	’	'	PUNCT
fsr-3653	134	29	=	=	PUNCT
fsr-3653	134	30	at	at	ADP
fsr-3653	134	31	5	5	NUM
fsr-3653	134	32	%	%	NOUN
fsr-3653	134	33	reject	reject	VERB
fsr-3653	134	34	&	&	CCONJ
fsr-3653	134	35	’	'	PUNCT
fsr-3653	134	36	=	=	PUNCT
fsr-3653	134	37	at	at	ADP
fsr-3653	134	38	1	1	NUM
fsr-3653	134	39	%	%	NOUN
fsr-3653	134	40	ckipu	ckipu	NOUN
fsr-3653	134	41	,	,	PUNCT
fsr-3653	134	42	’	'	PUNCT
fsr-3653	134	43	>	>	X
fsr-3653	134	44	0	0	NUM
fsr-3653	134	45	fli,‘>o	fli,‘>o	NOUN
fsr-3653	134	46	number	number	NOUN
fsr-3653	134	47	of	of	ADP
fsr-3653	134	48	funds	fund	NOUN
fsr-3653	134	49	:	:	PUNCT
fsr-3653	134	50	lo((w	lo((w	NOUN
fsr-3653	134	51	,	,	PUNCT
fsr-3653	134	52	‘	'	PUNCT
fsr-3653	134	53	>	>	X
fsr-3653	134	54	0	0	NUM
fsr-3653	134	55	)	)	PUNCT
fsr-3653	134	56	o	o	NOUN
fsr-3653	134	57	(	(	PUNCT
fsr-3653	134	58	ff	ff	NOUN
fsr-3653	134	59	,	,	PUNCT
fsr-3653	134	60	’	'	PUNCT
fsr-3653	134	61	<	<	X
fsr-3653	134	62	o	o	X
fsr-3653	134	63	)	)	PUNCT
fsr-3653	134	64	9(ffpl	9(ffpl	NOUN
fsr-3653	134	65	>	>	NOUN
fsr-3653	134	66	0	0	NUM
fsr-3653	134	67	)	)	PUNCT
fsr-3653	134	68	o(cx/	o(cx/	NOUN
fsr-3653	134	69	<	<	X
fsr-3653	134	70	0	0	NUM
fsr-3653	134	71	)	)	PUNCT
fsr-3653	134	72	3(01pl	3(01pl	PROPN
fsr-3653	134	73	>	>	SYM
fsr-3653	134	74	0	0	NUM
fsr-3653	134	75	)	)	PUNCT
fsr-3653	134	76	o(cu	o(cu	NOUN
fsr-3653	134	77	,	,	PUNCT
fsr-3653	134	78	’	'	PUNCT
fsr-3653	134	79	<	<	X
fsr-3653	134	80	0	0	X
fsr-3653	134	81	)	)	PUNCT
fsr-3653	134	82	3@pr	3@pr	NOUN
fsr-3653	134	83	>	>	X
fsr-3653	134	84	0	0	NUM
fsr-3653	134	85	)	)	PUNCT
fsr-3653	134	86	i@	i@	PROPN
fsr-3653	134	87	,	,	PUNCT
fsr-3653	134	88	‘	'	PUNCT
fsr-3653	134	89	,	,	PUNCT
fsr-3653	134	90	<	<	X
fsr-3653	134	91	0	0	NUM
fsr-3653	134	92	)	)	PUNCT
fsr-3653	134	93	wpt	wpt	PROPN
fsr-3653	134	94	>	>	PROPN
fsr-3653	134	95	o	o	PROPN
fsr-3653	134	96	)	)	PUNCT
fsr-3653	134	97	wp	wp	PROPN
fsr-3653	134	98	’	'	PUNCT
fsr-3653	134	99	<	<	X
fsr-3653	134	100	0	0	NUM
fsr-3653	134	101	)	)	PUNCT
fsr-3653	134	102	w$	w$	ADP
fsr-3653	134	103	>	>	X
fsr-3653	134	104	0	0	NUM
fsr-3653	134	105	)	)	PUNCT
fsr-3653	134	106	25	25	NUM
fsr-3653	134	107	o(pp	o(pp	NOUN
fsr-3653	134	108	’	'	PUNCT
fsr-3653	134	109	<	<	X
fsr-3653	134	110	o	o	NOUN
fsr-3653	134	111	)	)	PUNCT
fsr-3653	134	112	28	28	NUM
fsr-3653	134	113	insurance	insurance	NOUN
fsr-3653	134	114	companies	company	NOUN
fsr-3653	134	115	’	'	PUNCT
fsr-3653	134	116	equity	equity	NOUN
fsr-3653	134	117	portfolios	portfolio	NOUN
fsr-3653	134	118	appear	appear	VERB
fsr-3653	134	119	to	to	PART
fsr-3653	134	120	be	be	AUX
fsr-3653	134	121	favorable	favorable	ADJ
fsr-3653	134	122	in	in	ADP
fsr-3653	134	123	comparison	comparison	NOUN
fsr-3653	134	124	to	to	ADP
fsr-3653	134	125	those	those	PRON
fsr-3653	134	126	achieved	achieve	VERB
fsr-3653	134	127	on	on	ADP
fsr-3653	134	128	mutual	mutual	ADJ
fsr-3653	134	129	funds	fund	NOUN
fsr-3653	134	130	if	if	SCONJ
fsr-3653	134	131	the	the	DET
fsr-3653	134	132	contract	contract	NOUN
fsr-3653	134	133	holders	holder	NOUN
fsr-3653	134	134	do	do	AUX
fsr-3653	134	135	not	not	PART
fsr-3653	134	136	withdraw	withdraw	VERB
fsr-3653	134	137	funds	fund	NOUN
fsr-3653	134	138	prior	prior	ADV
fsr-3653	134	139	to	to	ADP
fsr-3653	134	140	age	age	NOUN
fsr-3653	134	141	59	59	NUM
fsr-3653	134	142	%	%	NOUN
fsr-3653	134	143	.	.	PUNCT
fsr-3653	135	1	iv	iv	X
fsr-3653	135	2	.	.	PUNCT
fsr-3653	135	3	summaryandconclusions	summaryandconclusion	NOUN
fsr-3653	135	4	this	this	DET
fsr-3653	135	5	paper	paper	NOUN
fsr-3653	135	6	provides	provide	VERB
fsr-3653	135	7	evidence	evidence	NOUN
fsr-3653	135	8	regarding	regard	VERB
fsr-3653	135	9	the	the	DET
fsr-3653	135	10	risk	risk	NOUN
fsr-3653	135	11	-	-	PUNCT
fsr-3653	135	12	adjusted	adjust	VERB
fsr-3653	135	13	investment	investment	NOUN
fsr-3653	135	14	performance	performance	NOUN
fsr-3653	135	15	of	of	ADP
fsr-3653	135	16	a	a	DET
fsr-3653	135	17	previously	previously	ADV
fsr-3653	135	18	unexamined	unexamined	ADJ
fsr-3653	135	19	category	category	NOUN
fsr-3653	135	20	of	of	ADP
fsr-3653	135	21	institutional	institutional	ADJ
fsr-3653	135	22	investors	investor	NOUN
fsr-3653	135	23	life	life	NOUN
fsr-3653	135	24	insurance	insurance	NOUN
fsr-3653	135	25	companies	company	NOUN
fsr-3653	135	26	.	.	PUNCT
fsr-3653	136	1	using	use	VERB
fsr-3653	136	2	jensen	jensen	PROPN
fsr-3653	136	3	’s	’s	PART
fsr-3653	136	4	measure	measure	NOUN
fsr-3653	136	5	,	,	PUNCT
fsr-3653	136	6	the	the	DET
fsr-3653	136	7	results	result	NOUN
fsr-3653	136	8	provide	provide	VERB
fsr-3653	136	9	little	little	ADJ
fsr-3653	136	10	evidence	evidence	NOUN
fsr-3653	136	11	of	of	ADP
fsr-3653	136	12	superior	superior	ADJ
fsr-3653	136	13	risk	risk	NOUN
fsr-3653	136	14	-	-	PUNCT
fsr-3653	136	15	adjusted	adjust	VERB
fsr-3653	136	16	performance	performance	NOUN
fsr-3653	136	17	by	by	ADP
fsr-3653	136	18	the	the	DET
fsr-3653	136	19	life	life	NOUN
fsr-3653	136	20	insurance	insurance	NOUN
fsr-3653	136	21	companies	company	NOUN
fsr-3653	136	22	over	over	ADP
fsr-3653	136	23	the	the	DET
fsr-3653	136	24	1974	1974	NUM
fsr-3653	136	25	-	-	SYM
fsr-3653	136	26	1984	1984	NUM
fsr-3653	136	27	period	period	NOUN
fsr-3653	136	28	.	.	PUNCT
fsr-3653	137	1	however	however	ADV
fsr-3653	137	2	,	,	PUNCT
fsr-3653	137	3	in	in	ADP
fsr-3653	137	4	contrast	contrast	NOUN
fsr-3653	137	5	to	to	ADP
fsr-3653	137	6	property	property	NOUN
fsr-3653	137	7	-	-	PUNCT
fsr-3653	137	8	casualty	casualty	NOUN
fsr-3653	137	9	companies	company	NOUN
fsr-3653	137	10	,	,	PUNCT
fsr-3653	137	11	life	life	NOUN
fsr-3653	137	12	insurance	insurance	NOUN
fsr-3653	137	13	companies	company	NOUN
fsr-3653	137	14	do	do	AUX
fsr-3653	137	15	not	not	PART
fsr-3653	137	16	significantly	significantly	ADV
fsr-3653	137	17	underperform	underperform	VERB
fsr-3653	137	18	the	the	DET
fsr-3653	137	19	market	market	NOUN
fsr-3653	137	20	averages	average	NOUN
fsr-3653	137	21	either	either	ADV
fsr-3653	137	22	.	.	PUNCT
fsr-3653	138	1	using	use	VERB
fsr-3653	138	2	a	a	DET
fsr-3653	138	3	dummy	dummy	ADJ
fsr-3653	138	4	variable	variable	ADJ
fsr-3653	138	5	regression	regression	NOUN
fsr-3653	138	6	model	model	NOUN
fsr-3653	138	7	developed	develop	VERB
fsr-3653	138	8	by	by	ADP
fsr-3653	138	9	fabozzi	fabozzi	NOUN
fsr-3653	138	10	and	and	CCONJ
fsr-3653	138	11	francis	francis	PROPN
fsr-3653	138	12	,	,	PUNCT
fsr-3653	138	13	this	this	DET
fsr-3653	138	14	paper	paper	NOUN
fsr-3653	138	15	also	also	ADV
fsr-3653	138	16	conducts	conduct	VERB
fsr-3653	138	17	a	a	DET
fsr-3653	138	18	joint	joint	ADJ
fsr-3653	138	19	test	test	NOUN
fsr-3653	138	20	for	for	ADP
fsr-3653	138	21	the	the	DET
fsr-3653	138	22	presence	presence	NOUN
fsr-3653	138	23	of	of	ADP
fsr-3653	138	24	differential	differential	ADJ
fsr-3653	138	25	stock	stock	NOUN
fsr-3653	138	26	selection	selection	NOUN
fsr-3653	138	27	and	and	CCONJ
fsr-3653	138	28	market	market	NOUN
fsr-3653	138	29	timing	timing	NOUN
fsr-3653	138	30	abilities	ability	NOUN
fsr-3653	138	31	on	on	ADP
fsr-3653	138	32	the	the	DET
fsr-3653	138	33	part	part	NOUN
fsr-3653	138	34	of	of	ADP
fsr-3653	138	35	the	the	DET
fsr-3653	138	36	life	life	NOUN
fsr-3653	138	37	insurance	insurance	NOUN
fsr-3653	138	38	funds	fund	NOUN
fsr-3653	138	39	during	during	ADP
fsr-3653	138	40	bull	bull	NOUN
fsr-3653	138	41	and	and	CCONJ
fsr-3653	138	42	bear	bear	VERB
fsr-3653	138	43	market	market	NOUN
fsr-3653	138	44	periods	period	NOUN
fsr-3653	138	45	.	.	PUNCT
fsr-3653	139	1	in	in	ADP
fsr-3653	139	2	general	general	ADJ
fsr-3653	139	3	,	,	PUNCT
fsr-3653	139	4	the	the	DET
fsr-3653	139	5	findings	finding	NOUN
fsr-3653	139	6	indicate	indicate	VERB
fsr-3653	139	7	that	that	SCONJ
fsr-3653	139	8	the	the	DET
fsr-3653	139	9	stock	stock	NOUN
fsr-3653	139	10	selection	selection	NOUN
fsr-3653	139	11	and	and	CCONJ
fsr-3653	139	12	market	market	NOUN
fsr-3653	139	13	timing	timing	NOUN
fsr-3653	139	14	abilities	ability	NOUN
fsr-3653	139	15	of	of	ADP
fsr-3653	139	16	life	life	NOUN
fsr-3653	139	17	insurance	insurance	NOUN
fsr-3653	139	18	companies	company	NOUN
fsr-3653	139	19	do	do	AUX
fsr-3653	139	20	not	not	PART
fsr-3653	139	21	differ	differ	VERB
fsr-3653	139	22	during	during	ADP
fsr-3653	139	23	bull	bull	NOUN
fsr-3653	139	24	and	and	CCONJ
fsr-3653	139	25	bear	bear	NOUN
fsr-3653	139	26	markets	market	NOUN
fsr-3653	139	27	.	.	PUNCT
fsr-3653	140	1	thus	thus	ADV
fsr-3653	140	2	,	,	PUNCT
fsr-3653	140	3	the	the	DET
fsr-3653	140	4	findings	finding	NOUN
fsr-3653	140	5	indicate	indicate	VERB
fsr-3653	140	6	that	that	SCONJ
fsr-3653	140	7	life	life	NOUN
fsr-3653	140	8	32	32	NUM
fsr-3653	140	9	insurance	insurance	NOUN
fsr-3653	140	10	companies	company	NOUN
fsr-3653	140	11	investment	investment	NOUN
fsr-3653	140	12	strategy	strategy	NOUN
fsr-3653	140	13	.	.	PUNCT
fsr-3653	141	1	these	these	DET
fsr-3653	141	2	results	result	NOUN
fsr-3653	141	3	are	be	AUX
fsr-3653	141	4	financial	financial	ADJ
fsr-3653	141	5	services	service	NOUN
fsr-3653	141	6	review	review	NOUN
fsr-3653	141	7	,	,	PUNCT
fsr-3653	141	8	l(1	l(1	PROPN
fsr-3653	141	9	)	)	PUNCT
fsr-3653	141	10	1991	1991	NUM
fsr-3653	141	11	are	be	AUX
fsr-3653	141	12	unable	unable	ADJ
fsr-3653	141	13	to	to	PART
fsr-3653	141	14	outperform	outperform	VERB
fsr-3653	141	15	a	a	DET
fsr-3653	141	16	passive	passive	ADJ
fsr-3653	141	17	‘	'	PUNCT
fsr-3653	141	18	buy	buy	VERB
fsr-3653	141	19	and	and	CCONJ
fsr-3653	141	20	hold	hold	VERB
fsr-3653	141	21	’	'	PUNCT
fsr-3653	141	22	similar	similar	ADJ
fsr-3653	141	23	to	to	ADP
fsr-3653	141	24	those	those	PRON
fsr-3653	141	25	obtained	obtain	VERB
fsr-3653	141	26	in	in	ADP
fsr-3653	141	27	previous	previous	ADJ
fsr-3653	141	28	studies	study	NOUN
fsr-3653	141	29	of	of	ADP
fsr-3653	141	30	mutual	mutual	ADJ
fsr-3653	141	31	fund	fund	NOUN
fsr-3653	141	32	portfolios	portfolio	NOUN
fsr-3653	141	33	.	.	PUNCT
fsr-3653	142	1	thus	thus	ADV
fsr-3653	142	2	,	,	PUNCT
fsr-3653	142	3	on	on	ADP
fsr-3653	142	4	the	the	DET
fsr-3653	142	5	basis	basis	NOUN
fsr-3653	142	6	of	of	ADP
fsr-3653	142	7	risk	risk	NOUN
fsr-3653	142	8	-	-	PUNCT
fsr-3653	142	9	adjusted	adjust	VERB
fsr-3653	142	10	investment	investment	NOUN
fsr-3653	142	11	performance	performance	NOUN
fsr-3653	142	12	alone	alone	ADV
fsr-3653	142	13	,	,	PUNCT
fsr-3653	142	14	both	both	PRON
fsr-3653	142	15	life	life	NOUN
fsr-3653	142	16	insurance	insurance	NOUN
fsr-3653	142	17	and	and	CCONJ
fsr-3653	142	18	mutual	mutual	ADJ
fsr-3653	142	19	fund	fund	NOUN
fsr-3653	142	20	portfolios	portfolio	NOUN
fsr-3653	142	21	yield	yield	VERB
fsr-3653	142	22	similar	similar	ADJ
fsr-3653	142	23	returns	return	NOUN
fsr-3653	142	24	.	.	PUNCT
fsr-3653	143	1	however	however	ADV
fsr-3653	143	2	,	,	PUNCT
fsr-3653	143	3	as	as	SCONJ
fsr-3653	143	4	life	life	NOUN
fsr-3653	143	5	insurance	insurance	NOUN
fsr-3653	143	6	contracts	contract	NOUN
fsr-3653	143	7	offer	offer	VERB
fsr-3653	143	8	the	the	DET
fsr-3653	143	9	opportunity	opportunity	NOUN
fsr-3653	143	10	for	for	SCONJ
fsr-3653	143	11	individual	individual	ADJ
fsr-3653	143	12	investors	investor	NOUN
fsr-3653	143	13	to	to	PART
fsr-3653	143	14	defer	defer	VERB
fsr-3653	143	15	taxes	taxis	NOUN
fsr-3653	143	16	,	,	PUNCT
fsr-3653	143	17	these	these	DET
fsr-3653	143	18	investment	investment	NOUN
fsr-3653	143	19	vehicles	vehicle	NOUN
fsr-3653	143	20	may	may	AUX
fsr-3653	143	21	offer	offer	VERB
fsr-3653	143	22	an	an	DET
fsr-3653	143	23	edge	edge	NOUN
fsr-3653	143	24	over	over	ADP
fsr-3653	143	25	mutual	mutual	ADJ
fsr-3653	143	26	funds	fund	NOUN
fsr-3653	143	27	when	when	SCONJ
fsr-3653	143	28	performance	performance	NOUN
fsr-3653	143	29	is	be	AUX
fsr-3653	143	30	considered	consider	VERB
fsr-3653	143	31	on	on	ADP
fsr-3653	143	32	an	an	DET
fsr-3653	143	33	after	after	ADP
fsr-3653	143	34	-	-	PUNCT
fsr-3653	143	35	tax	tax	NOUN
fsr-3653	143	36	basis	basis	NOUN
fsr-3653	143	37	.	.	PUNCT
fsr-3653	144	1	appendix	appendix	VERB
fsr-3653	144	2	a	a	DET
fsr-3653	144	3	sample	sample	NOUN
fsr-3653	144	4	of	of	ADP
fsr-3653	144	5	life	life	NOUN
fsr-3653	144	6	insurance	insurance	NOUN
fsr-3653	144	7	company	company	NOUN
fsr-3653	144	8	investment	investment	NOUN
fsr-3653	144	9	funds	fund	NOUN
fsr-3653	144	10	company	company	NOUN
fsr-3653	144	11	name	name	NOUN
fsr-3653	144	12	description	description	NOUN
fsr-3653	144	13	aetna	aetna	PROPN
fsr-3653	144	14	life	life	PROPN
fsr-3653	144	15	insurance	insurance	PROPN
fsr-3653	144	16	separate	separate	ADJ
fsr-3653	144	17	act	act	NOUN
fsr-3653	144	18	.	.	PUNCT
fsr-3653	145	1	1	1	NUM
fsr-3653	145	2	aetna	aetna	PROPN
fsr-3653	145	3	life	life	NOUN
fsr-3653	145	4	insurance	insurance	PROPN
fsr-3653	145	5	separate	separate	ADJ
fsr-3653	145	6	act	act	NOUN
fsr-3653	145	7	.	.	PUNCT
fsr-3653	146	1	2	2	NUM
fsr-3653	146	2	bankers	bankers	PROPN
fsr-3653	146	3	life	life	PROPN
fsr-3653	146	4	co.	co.	PROPN
fsr-3653	146	5	separate	separate	ADJ
fsr-3653	146	6	act	act	PROPN
fsr-3653	146	7	.	.	PUNCT
fsr-3653	147	1	a	a	DET
fsr-3653	147	2	fund	fund	NOUN
fsr-3653	147	3	confederation	confederation	NOUN
fsr-3653	147	4	life	life	NOUN
fsr-3653	147	5	american	american	PROPN
fsr-3653	147	6	common	common	ADJ
fsr-3653	147	7	stock	stock	PROPN
fsr-3653	147	8	connecticut	connecticut	PROPN
fsr-3653	147	9	general	general	ADJ
fsr-3653	147	10	life	life	PROPN
fsr-3653	147	11	separate	separate	ADJ
fsr-3653	147	12	act	act	NOUN
fsr-3653	147	13	.	.	PUNCT
fsr-3653	148	1	3	3	NUM
fsr-3653	148	2	connecticut	connecticut	PROPN
fsr-3653	148	3	general	general	ADJ
fsr-3653	148	4	life	life	PROPN
fsr-3653	148	5	separate	separate	ADJ
fsr-3653	148	6	act	act	PROPN
fsr-3653	148	7	.	.	PUNCT
fsr-3653	149	1	a	a	DET
fsr-3653	149	2	connecticut	connecticut	PROPN
fsr-3653	149	3	mutual	mutual	ADJ
fsr-3653	149	4	life	life	NOUN
fsr-3653	149	5	cm	cm	PROPN
fsr-3653	149	6	equity	equity	NOUN
fsr-3653	149	7	(	(	PUNCT
fsr-3653	149	8	sa	sa	NOUN
fsr-3653	149	9	-	-	PUNCT
fsr-3653	149	10	c	c	NOUN
fsr-3653	149	11	)	)	PUNCT
fsr-3653	149	12	first	first	ADJ
fsr-3653	149	13	variable	variable	ADJ
fsr-3653	149	14	life	life	NOUN
fsr-3653	149	15	fund	fund	NOUN
fsr-3653	149	16	a	a	DET
fsr-3653	149	17	first	first	ADJ
fsr-3653	149	18	variable	variable	ADJ
fsr-3653	149	19	life	life	NOUN
fsr-3653	149	20	fund	fund	PROPN
fsr-3653	149	21	b	b	PROPN
fsr-3653	149	22	general	general	ADJ
fsr-3653	149	23	american	american	ADJ
fsr-3653	149	24	life	life	PROPN
fsr-3653	149	25	verco	verco	PROPN
fsr-3653	149	26	fund	fund	PROPN
fsr-3653	149	27	guardian	guardian	PROPN
fsr-3653	149	28	insur	insur	PROPN
fsr-3653	149	29	.	.	PUNCT
fsr-3653	150	1	&	&	CCONJ
fsr-3653	150	2	annuity	annuity	PROPN
fsr-3653	150	3	variable	variable	PROPN
fsr-3653	150	4	act	act	PROPN
fsr-3653	150	5	.	.	PUNCT
fsr-3653	151	1	1	1	NUM
fsr-3653	151	2	home	home	NOUN
fsr-3653	151	3	life	life	NOUN
fsr-3653	151	4	equity	equity	PROPN
fsr-3653	151	5	fund	fund	PROPN
fsr-3653	151	6	jefferson	jefferson	PROPN
fsr-3653	151	7	std	std	PROPN
fsr-3653	151	8	.	.	PUNCT
fsr-3653	151	9	life	life	PROPN
fsr-3653	151	10	sep	sep	PROPN
fsr-3653	151	11	.	.	PUNCT
fsr-3653	152	1	act	act	PROPN
fsr-3653	152	2	.	.	PUNCT
fsr-3653	153	1	a	a	DET
fsr-3653	153	2	-	-	PUNCT
fsr-3653	153	3	growth	growth	NOUN
fsr-3653	153	4	div	div	PROPN
fsr-3653	153	5	.	.	PUNCT
fsr-3653	153	6	life	life	PROPN
fsr-3653	153	7	insur	insur	PROPN
fsr-3653	153	8	.	.	PUNCT
fsr-3653	154	1	co.	co.	PROPN
fsr-3653	154	2	virginia	virginia	PROPN
fsr-3653	154	3	separate	separate	ADJ
fsr-3653	154	4	act	act	PROPN
fsr-3653	154	5	.	.	PUNCT
fsr-3653	155	1	a	a	DET
fsr-3653	155	2	maccabees	maccabees	PROPN
fsr-3653	155	3	mutual	mutual	ADJ
fsr-3653	155	4	life	life	NOUN
fsr-3653	155	5	separate	separate	VERB
fsr-3653	155	6	a	a	DET
fsr-3653	155	7	fund	fund	NOUN
fsr-3653	155	8	massachusetts	massachusetts	PROPN
fsr-3653	155	9	mutual	mutual	ADJ
fsr-3653	155	10	separate	separate	ADJ
fsr-3653	155	11	inv	inv	NOUN
fsr-3653	155	12	.	.	PUNCT
fsr-3653	155	13	act	act	PROPN
fsr-3653	155	14	.	.	PUNCT
fsr-3653	156	1	a	a	DET
fsr-3653	156	2	metropolitan	metropolitan	ADJ
fsr-3653	156	3	life	life	NOUN
fsr-3653	156	4	separate	separate	ADJ
fsr-3653	156	5	act	act	NOUN
fsr-3653	156	6	.	.	PUNCT
fsr-3653	157	1	1	1	NUM
fsr-3653	157	2	metropolitan	metropolitan	ADJ
fsr-3653	157	3	life	life	NOUN
fsr-3653	157	4	separate	separate	ADJ
fsr-3653	157	5	act	act	NOUN
fsr-3653	157	6	.	.	PUNCT
fsr-3653	158	1	5	5	NUM
fsr-3653	158	2	minnesota	minnesota	PROPN
fsr-3653	158	3	mutual	mutual	ADJ
fsr-3653	158	4	life	life	NOUN
fsr-3653	158	5	separate	separate	ADJ
fsr-3653	158	6	act	act	PROPN
fsr-3653	158	7	.	.	PUNCT
fsr-3653	159	1	a	a	DET
fsr-3653	159	2	minnesota	minnesota	PROPN
fsr-3653	159	3	mutual	mutual	ADJ
fsr-3653	159	4	life	life	NOUN
fsr-3653	159	5	separate	separate	ADJ
fsr-3653	159	6	act	act	NOUN
fsr-3653	159	7	.	.	PUNCT
fsr-3653	160	1	b	b	PROPN
fsr-3653	160	2	minnesota	minnesota	PROPN
fsr-3653	160	3	mutual	mutual	ADJ
fsr-3653	160	4	life	life	NOUN
fsr-3653	160	5	separate	separate	ADJ
fsr-3653	160	6	act	act	NOUN
fsr-3653	160	7	.	.	PUNCT
fsr-3653	161	1	c	c	PROPN
fsr-3653	161	2	mutual	mutual	ADJ
fsr-3653	161	3	benefit	benefit	NOUN
fsr-3653	161	4	life	life	NOUN
fsr-3653	161	5	variable	variable	ADJ
fsr-3653	161	6	act	act	NOUN
fsr-3653	161	7	.	.	PUNCT
fsr-3653	162	1	1	1	NUM
fsr-3653	162	2	mutual	mutual	NOUN
fsr-3653	162	3	of	of	ADP
fsr-3653	162	4	new	new	PROPN
fsr-3653	162	5	york	york	PROPN
fsr-3653	162	6	pooled	pool	VERB
fsr-3653	162	7	act	act	PROPN
fsr-3653	162	8	.	.	PUNCT
fsr-3653	163	1	2	2	NUM
fsr-3653	163	2	fund	fund	NOUN
fsr-3653	163	3	new	new	PROPN
fsr-3653	163	4	england	england	PROPN
fsr-3653	163	5	mutual	mutual	ADJ
fsr-3653	163	6	life	life	NOUN
fsr-3653	163	7	sep	sep	PROPN
fsr-3653	163	8	.	.	PUNCT
fsr-3653	164	1	equity	equity	NOUN
fsr-3653	164	2	securities	securities	PROPN
fsr-3653	164	3	new	new	PROPN
fsr-3653	164	4	england	england	PROPN
fsr-3653	164	5	mutual	mutual	ADJ
fsr-3653	164	6	life	life	NOUN
fsr-3653	164	7	sep	sep	PROPN
fsr-3653	164	8	.	.	PUNCT
fsr-3653	165	1	capital	capital	NOUN
fsr-3653	165	2	growth	growth	PROPN
fsr-3653	165	3	north	north	PROPN
fsr-3653	165	4	american	american	PROPN
fsr-3653	165	5	life	life	PROPN
fsr-3653	165	6	nalco	nalco	PROPN
fsr-3653	165	7	inv	inv	VERB
fsr-3653	165	8	.	.	PUNCT
fsr-3653	166	1	funds	fund	NOUN
fsr-3653	166	2	u.s	u.s	PROPN
fsr-3653	166	3	.	.	PROPN
fsr-3653	166	4	pacific	pacific	PROPN
fsr-3653	166	5	mutual	mutual	ADJ
fsr-3653	166	6	life	life	NOUN
fsr-3653	166	7	equity	equity	PROPN
fsr-3653	166	8	sep	sep	PROPN
fsr-3653	166	9	.	.	PUNCT
fsr-3653	167	1	act	act	PROPN
fsr-3653	167	2	.	.	PUNCT
fsr-3653	168	1	1	1	NUM
fsr-3653	168	2	phoenix	phoenix	PROPN
fsr-3653	168	3	mutual	mutual	ADJ
fsr-3653	168	4	life	life	NOUN
fsr-3653	168	5	comb	comb	NOUN
fsr-3653	168	6	.	.	PUNCT
fsr-3653	169	1	sep	sep	PROPN
fsr-3653	169	2	.	.	PUNCT
fsr-3653	170	1	act	act	PROPN
fsr-3653	170	2	.	.	PUNCT
fsr-3653	171	1	a	a	DET
fsr-3653	171	2	pilot	pilot	NOUN
fsr-3653	171	3	life	life	NOUN
fsr-3653	171	4	sep	sep	PROPN
fsr-3653	171	5	.	.	PUNCT
fsr-3653	171	6	act	act	PROPN
fsr-3653	171	7	.	.	PUNCT
fsr-3653	172	1	a	a	DET
fsr-3653	172	2	-	-	PUNCT
fsr-3653	172	3	growth	growth	NOUN
fsr-3653	172	4	div	div	PROPN
fsr-3653	172	5	.	.	PUNCT
fsr-3653	172	6	life	life	NOUN
fsr-3653	172	7	insurance	insurance	NOUN
fsr-3653	172	8	companies	company	NOUN
fsr-3653	172	9	as	as	SCONJ
fsr-3653	172	10	investment	investment	NOUN
fsr-3653	172	11	managers	manager	NOUN
fsr-3653	172	12	company	company	NOUN
fsr-3653	172	13	name	name	NOUN
fsr-3653	172	14	description	description	NOUN
fsr-3653	172	15	33	33	NUM
fsr-3653	172	16	provident	provident	ADJ
fsr-3653	172	17	mutual	mutual	ADJ
fsr-3653	172	18	life	life	NOUN
fsr-3653	172	19	separate	separate	ADJ
fsr-3653	172	20	act	act	NOUN
fsr-3653	172	21	.	.	PUNCT
fsr-3653	173	1	1	1	NUM
fsr-3653	173	2	fund	fund	NOUN
fsr-3653	173	3	prudential	prudential	PROPN
fsr-3653	173	4	insur	insur	PROPN
fsr-3653	173	5	.	.	PUNCT
fsr-3653	173	6	vca-5	vca-5	PROPN
fsr-3653	173	7	prudential	prudential	PROPN
fsr-3653	173	8	insur	insur	PROPN
fsr-3653	173	9	.	.	PUNCT
fsr-3653	174	1	vca-9	vca-9	ADJ
fsr-3653	174	2	security	security	NOUN
fsr-3653	174	3	benefit	benefit	NOUN
fsr-3653	174	4	life	life	NOUN
fsr-3653	174	5	series	series	NOUN
fsr-3653	174	6	e	e	PROPN
fsr-3653	174	7	-	-	NOUN
fsr-3653	174	8	l	l	ADJ
fsr-3653	174	9	security	security	NOUN
fsr-3653	174	10	benefit	benefit	NOUN
fsr-3653	174	11	life	life	NOUN
fsr-3653	174	12	series	series	NOUN
fsr-3653	174	13	i	i	PROPN
fsr-3653	174	14	-	-	PUNCT
fsr-3653	174	15	l	l	NOUN
fsr-3653	174	16	state	state	NOUN
fsr-3653	174	17	mutual	mutual	ADJ
fsr-3653	174	18	amer	amer	PROPN
fsr-3653	174	19	.	.	PUNCT
fsr-3653	175	1	sep	sep	PROPN
fsr-3653	175	2	.	.	PUNCT
fsr-3653	176	1	inv	inv	PROPN
fsr-3653	176	2	.	.	PROPN
fsr-3653	176	3	act	act	PROPN
fsr-3653	176	4	.	.	PUNCT
fsr-3653	177	1	a	a	DET
fsr-3653	177	2	travelers	traveler	NOUN
fsr-3653	177	3	insur	insur	PROPN
fsr-3653	177	4	.	.	PUNCT
fsr-3653	178	1	sep	sep	PROPN
fsr-3653	178	2	.	.	PUNCT
fsr-3653	179	1	act	act	PROPN
fsr-3653	179	2	.	.	PUNCT
fsr-3653	180	1	a	a	DET
fsr-3653	180	2	travelers	traveler	NOUN
fsr-3653	180	3	insur	insur	PROPN
fsr-3653	180	4	.	.	PUNCT
fsr-3653	181	1	sep	sep	PROPN
fsr-3653	181	2	.	.	PUNCT
fsr-3653	181	3	act	act	PROPN
fsr-3653	181	4	.	.	PUNCT
fsr-3653	182	1	b	b	X
fsr-3653	183	1	travelers	traveler	NOUN
fsr-3653	183	2	insur	insur	VERB
fsr-3653	183	3	.	.	PUNCT
fsr-3653	184	1	sep	sep	PROPN
fsr-3653	184	2	.	.	PUNCT
fsr-3653	184	3	act	act	PROPN
fsr-3653	184	4	.	.	PUNCT
fsr-3653	185	1	c	c	PROPN
fsr-3653	185	2	union	union	PROPN
fsr-3653	185	3	central	central	ADJ
fsr-3653	185	4	life	life	NOUN
fsr-3653	185	5	pooled	pool	VERB
fsr-3653	185	6	equity	equity	PROPN
fsr-3653	185	7	sep	sep	PROPN
fsr-3653	185	8	.	.	PUNCT
fsr-3653	186	1	act	act	PROPN
fsr-3653	186	2	.	.	PUNCT
fsr-3653	187	1	united	united	PROPN
fsr-3653	187	2	of	of	ADP
fsr-3653	187	3	omaha	omaha	PROPN
fsr-3653	187	4	var	var	PROPN
fsr-3653	187	5	.	.	PUNCT
fsr-3653	188	1	fund	fund	NOUN
fsr-3653	188	2	-	-	PUNCT
fsr-3653	188	3	a	a	DET
fsr-3653	188	4	acknowledgments	acknowledgment	NOUN
fsr-3653	188	5	:	:	PUNCT
fsr-3653	188	6	we	we	PRON
fsr-3653	188	7	wish	wish	VERB
fsr-3653	188	8	to	to	PART
fsr-3653	188	9	thank	thank	VERB
fsr-3653	188	10	an	an	DET
fsr-3653	188	11	anonymous	anonymous	ADJ
fsr-3653	188	12	referee	referee	NOUN
fsr-3653	188	13	and	and	CCONJ
fsr-3653	188	14	the	the	DET
fsr-3653	188	15	editor	editor	NOUN
fsr-3653	188	16	(	(	PUNCT
fsr-3653	188	17	lewis	lewis	PROPN
fsr-3653	188	18	mandell	mandell	PROPN
fsr-3653	188	19	)	)	PUNCT
fsr-3653	188	20	for	for	ADP
fsr-3653	188	21	helpful	helpful	ADJ
fsr-3653	188	22	comments	comment	NOUN
fsr-3653	188	23	an	an	DET
fsr-3653	188	24	earlier	early	ADJ
fsr-3653	188	25	draft	draft	NOUN
fsr-3653	188	26	of	of	ADP
fsr-3653	188	27	this	this	DET
fsr-3653	188	28	paper	paper	NOUN
fsr-3653	188	29	.	.	PUNCT
fsr-3653	189	1	1	1	NUM
fsr-3653	189	2	.	.	X
fsr-3653	189	3	2	2	NUM
fsr-3653	189	4	.	.	NOUN
fsr-3653	189	5	3	3	NUM
fsr-3653	189	6	.	.	NOUN
fsr-3653	189	7	4	4	NUM
fsr-3653	189	8	.	.	NOUN
fsr-3653	189	9	5	5	NUM
fsr-3653	189	10	.	.	NOUN
fsr-3653	189	11	6	6	NUM
fsr-3653	189	12	.	.	NOUN
fsr-3653	189	13	7	7	NUM
fsr-3653	189	14	.	.	NOUN
fsr-3653	189	15	8	8	NUM
fsr-3653	189	16	.	.	PUNCT
fsr-3653	189	17	notes	note	NOUN
fsr-3653	189	18	note	note	VERB
fsr-3653	189	19	that	that	SCONJ
fsr-3653	189	20	because	because	SCONJ
fsr-3653	189	21	the	the	DET
fsr-3653	189	22	risks	risk	NOUN
fsr-3653	189	23	insured	insure	VERB
fsr-3653	189	24	by	by	ADP
fsr-3653	189	25	life	life	NOUN
fsr-3653	189	26	insurance	insurance	NOUN
fsr-3653	189	27	companies	company	NOUN
fsr-3653	189	28	are	be	AUX
fsr-3653	189	29	more	more	ADV
fsr-3653	189	30	predictable	predictable	ADJ
fsr-3653	189	31	than	than	ADP
fsr-3653	189	32	those	those	PRON
fsr-3653	189	33	insured	insure	VERB
fsr-3653	189	34	by	by	ADP
fsr-3653	189	35	property	property	NOUN
fsr-3653	189	36	and	and	CCONJ
fsr-3653	189	37	casualty	casualty	NOUN
fsr-3653	189	38	insurance	insurance	NOUN
fsr-3653	189	39	companies	company	NOUN
fsr-3653	189	40	,	,	PUNCT
fsr-3653	189	41	the	the	DET
fsr-3653	189	42	investment	investment	NOUN
fsr-3653	189	43	strategies	strategy	NOUN
fsr-3653	189	44	undertaken	undertake	VERB
fsr-3653	189	45	by	by	ADP
fsr-3653	189	46	the	the	DET
fsr-3653	189	47	two	two	NUM
fsr-3653	189	48	groups	group	NOUN
fsr-3653	189	49	of	of	ADP
fsr-3653	189	50	insurance	insurance	NOUN
fsr-3653	189	51	companies	company	NOUN
fsr-3653	189	52	may	may	AUX
fsr-3653	189	53	differ	differ	VERB
fsr-3653	189	54	.	.	PUNCT
fsr-3653	190	1	in	in	ADP
fsr-3653	190	2	particular	particular	ADJ
fsr-3653	190	3	,	,	PUNCT
fsr-3653	190	4	life	life	NOUN
fsr-3653	190	5	insurance	insurance	NOUN
fsr-3653	190	6	companies	company	NOUN
fsr-3653	190	7	have	have	VERB
fsr-3653	190	8	lower	low	ADJ
fsr-3653	190	9	liquidity	liquidity	NOUN
fsr-3653	190	10	requirements	requirement	NOUN
fsr-3653	190	11	and	and	CCONJ
fsr-3653	190	12	a	a	DET
fsr-3653	190	13	greater	great	ADJ
fsr-3653	190	14	tolerance	tolerance	NOUN
fsr-3653	190	15	for	for	ADP
fsr-3653	190	16	loss	loss	NOUN
fsr-3653	190	17	of	of	ADP
fsr-3653	190	18	principal	principal	NOUN
fsr-3653	190	19	than	than	ADP
fsr-3653	190	20	property	property	NOUN
fsr-3653	190	21	-	-	PUNCT
fsr-3653	190	22	casualty	casualty	NOUN
fsr-3653	190	23	companies	company	NOUN
fsr-3653	190	24	.	.	PUNCT
fsr-3653	191	1	this	this	PRON
fsr-3653	191	2	is	be	AUX
fsr-3653	191	3	true	true	ADJ
fsr-3653	191	4	for	for	ADP
fsr-3653	191	5	individual	individual	ADJ
fsr-3653	191	6	investors	investor	NOUN
fsr-3653	191	7	.	.	PUNCT
fsr-3653	192	1	however	however	ADV
fsr-3653	192	2	,	,	PUNCT
fsr-3653	192	3	institutional	institutional	ADJ
fsr-3653	192	4	investors	investor	NOUN
fsr-3653	192	5	,	,	PUNCT
fsr-3653	192	6	such	such	ADJ
fsr-3653	192	7	as	as	ADP
fsr-3653	192	8	pension	pension	NOUN
fsr-3653	192	9	plans	plan	NOUN
fsr-3653	192	10	,	,	PUNCT
fsr-3653	192	11	are	be	AUX
fsr-3653	192	12	not	not	PART
fsr-3653	192	13	subject	subject	ADJ
fsr-3653	192	14	to	to	ADP
fsr-3653	192	15	taxation	taxation	NOUN
fsr-3653	192	16	on	on	ADP
fsr-3653	192	17	the	the	DET
fsr-3653	192	18	returns	return	NOUN
fsr-3653	192	19	on	on	ADP
fsr-3653	192	20	their	their	PRON
fsr-3653	192	21	invested	invest	VERB
fsr-3653	192	22	assets	asset	NOUN
fsr-3653	192	23	.	.	PUNCT
fsr-3653	193	1	it	it	PRON
fsr-3653	193	2	may	may	AUX
fsr-3653	193	3	be	be	AUX
fsr-3653	193	4	noted	note	VERB
fsr-3653	193	5	that	that	SCONJ
fsr-3653	193	6	composite	composite	ADJ
fsr-3653	193	7	measures	measure	NOUN
fsr-3653	193	8	of	of	ADP
fsr-3653	193	9	portfolio	portfolio	NOUN
fsr-3653	193	10	performance	performance	NOUN
fsr-3653	193	11	based	base	VERB
fsr-3653	193	12	on	on	ADP
fsr-3653	193	13	the	the	DET
fsr-3653	193	14	capital	capital	NOUN
fsr-3653	193	15	asset	asset	NOUN
fsr-3653	193	16	pricing	pricing	NOUN
fsr-3653	193	17	model	model	NOUN
fsr-3653	193	18	are	be	AUX
fsr-3653	193	19	not	not	PART
fsr-3653	193	20	without	without	ADP
fsr-3653	193	21	problems	problem	NOUN
fsr-3653	193	22	.	.	PUNCT
fsr-3653	194	1	roll	roll	NOUN
fsr-3653	194	2	(	(	PUNCT
fsr-3653	194	3	1978	1978	NUM
fsr-3653	194	4	)	)	PUNCT
fsr-3653	194	5	has	have	AUX
fsr-3653	194	6	argued	argue	VERB
fsr-3653	194	7	that	that	SCONJ
fsr-3653	194	8	the	the	DET
fsr-3653	194	9	theoretical	theoretical	ADJ
fsr-3653	194	10	market	market	NOUN
fsr-3653	194	11	portfolio	portfolio	NOUN
fsr-3653	194	12	should	should	AUX
fsr-3653	194	13	include	include	VERB
fsr-3653	194	14	other	other	ADJ
fsr-3653	194	15	risky	risky	ADJ
fsr-3653	194	16	assets	asset	NOUN
fsr-3653	194	17	in	in	ADP
fsr-3653	194	18	addition	addition	NOUN
fsr-3653	194	19	to	to	ADP
fsr-3653	194	20	common	common	ADJ
fsr-3653	194	21	stocks	stock	NOUN
fsr-3653	194	22	.	.	PUNCT
fsr-3653	195	1	thus	thus	ADV
fsr-3653	195	2	,	,	PUNCT
fsr-3653	195	3	the	the	DET
fsr-3653	195	4	choice	choice	NOUN
fsr-3653	195	5	of	of	ADP
fsr-3653	195	6	benchmark	benchmark	NOUN
fsr-3653	195	7	indices	index	NOUN
fsr-3653	195	8	,	,	PUNCT
fsr-3653	195	9	such	such	ADJ
fsr-3653	195	10	as	as	ADP
fsr-3653	195	11	the	the	DET
fsr-3653	195	12	s&p	s&p	PROPN
fsr-3653	195	13	500	500	NUM
fsr-3653	195	14	,	,	PUNCT
fsr-3653	195	15	may	may	AUX
fsr-3653	195	16	lead	lead	VERB
fsr-3653	195	17	to	to	ADP
fsr-3653	195	18	ambiguous	ambiguous	ADJ
fsr-3653	195	19	results	result	NOUN
fsr-3653	195	20	regarding	regard	VERB
fsr-3653	195	21	performance	performance	NOUN
fsr-3653	195	22	measurement	measurement	NOUN
fsr-3653	195	23	.	.	PUNCT
fsr-3653	196	1	stambaugh	stambaugh	PROPN
fsr-3653	196	2	(	(	PUNCT
fsr-3653	196	3	1982	1982	NUM
fsr-3653	196	4	)	)	PUNCT
fsr-3653	196	5	,	,	PUNCT
fsr-3653	196	6	however	however	ADV
fsr-3653	196	7	,	,	PUNCT
fsr-3653	196	8	has	have	AUX
fsr-3653	196	9	indicated	indicate	VERB
fsr-3653	196	10	that	that	SCONJ
fsr-3653	196	11	the	the	DET
fsr-3653	196	12	empirical	empirical	ADJ
fsr-3653	196	13	findings	finding	NOUN
fsr-3653	196	14	of	of	ADP
fsr-3653	196	15	tests	test	NOUN
fsr-3653	196	16	of	of	ADP
fsr-3653	196	17	the	the	DET
fsr-3653	196	18	capm	capm	PROPN
fsr-3653	196	19	do	do	AUX
fsr-3653	196	20	not	not	PART
fsr-3653	196	21	appear	appear	VERB
fsr-3653	196	22	to	to	PART
fsr-3653	196	23	be	be	AUX
fsr-3653	196	24	very	very	ADV
fsr-3653	196	25	sensitive	sensitive	ADJ
fsr-3653	196	26	to	to	ADP
fsr-3653	196	27	the	the	DET
fsr-3653	196	28	composition	composition	NOUN
fsr-3653	196	29	of	of	ADP
fsr-3653	196	30	the	the	DET
fsr-3653	196	31	market	market	NOUN
fsr-3653	196	32	portfolio	portfolio	NOUN
fsr-3653	196	33	.	.	PUNCT
fsr-3653	197	1	the	the	DET
fsr-3653	197	2	portfolio	portfolio	NOUN
fsr-3653	197	3	beta	beta	NOUN
fsr-3653	197	4	may	may	AUX
fsr-3653	197	5	change	change	VERB
fsr-3653	197	6	even	even	ADV
fsr-3653	197	7	if	if	SCONJ
fsr-3653	197	8	the	the	DET
fsr-3653	197	9	manager	manager	NOUN
fsr-3653	197	10	does	do	AUX
fsr-3653	197	11	not	not	PART
fsr-3653	197	12	change	change	VERB
fsr-3653	197	13	the	the	DET
fsr-3653	197	14	risk	risk	NOUN
fsr-3653	197	15	of	of	ADP
fsr-3653	197	16	the	the	DET
fsr-3653	197	17	portfolio	portfolio	NOUN
fsr-3653	197	18	.	.	PUNCT
fsr-3653	198	1	first	first	ADV
fsr-3653	198	2	,	,	PUNCT
fsr-3653	198	3	the	the	DET
fsr-3653	198	4	betas	beta	NOUN
fsr-3653	198	5	of	of	ADP
fsr-3653	198	6	individual	individual	ADJ
fsr-3653	198	7	securities	security	NOUN
fsr-3653	198	8	may	may	AUX
fsr-3653	198	9	themselves	themselves	PRON
fsr-3653	198	10	not	not	PART
fsr-3653	198	11	be	be	AUX
fsr-3653	198	12	intertemporally	intertemporally	ADV
fsr-3653	198	13	stable	stable	ADJ
fsr-3653	198	14	.	.	PUNCT
fsr-3653	199	1	second	second	ADJ
fsr-3653	199	2	,	,	PUNCT
fsr-3653	199	3	changes	change	NOUN
fsr-3653	199	4	in	in	ADP
fsr-3653	199	5	the	the	DET
fsr-3653	199	6	relative	relative	ADJ
fsr-3653	199	7	market	market	NOUN
fsr-3653	199	8	value	value	NOUN
fsr-3653	199	9	weights	weight	NOUN
fsr-3653	199	10	of	of	ADP
fsr-3653	199	11	the	the	DET
fsr-3653	199	12	individual	individual	ADJ
fsr-3653	199	13	securities	security	NOUN
fsr-3653	199	14	will	will	AUX
fsr-3653	199	15	in	in	ADP
fsr-3653	199	16	turn	turn	NOUN
fsr-3653	199	17	lead	lead	VERB
fsr-3653	199	18	to	to	ADP
fsr-3653	199	19	a	a	DET
fsr-3653	199	20	change	change	NOUN
fsr-3653	199	21	in	in	ADP
fsr-3653	199	22	the	the	DET
fsr-3653	199	23	portfolio	portfolio	NOUN
fsr-3653	199	24	beta	beta	NOUN
fsr-3653	199	25	.	.	PUNCT
fsr-3653	200	1	we	we	PRON
fsr-3653	200	2	use	use	VERB
fsr-3653	200	3	evidence	evidence	NOUN
fsr-3653	200	4	from	from	ADP
fsr-3653	200	5	bull	bull	NOUN
fsr-3653	200	6	and	and	CCONJ
fsr-3653	200	7	bear	bear	NOUN
fsr-3653	200	8	markets	market	NOUN
fsr-3653	200	9	to	to	PART
fsr-3653	200	10	assess	assess	VERB
fsr-3653	200	11	market	market	NOUN
fsr-3653	200	12	timing	timing	NOUN
fsr-3653	200	13	abilities	ability	NOUN
fsr-3653	200	14	on	on	ADP
fsr-3653	200	15	the	the	DET
fsr-3653	200	16	part	part	NOUN
fsr-3653	200	17	of	of	ADP
fsr-3653	200	18	investment	investment	NOUN
fsr-3653	200	19	managers	manager	NOUN
fsr-3653	200	20	.	.	PUNCT
fsr-3653	201	1	an	an	DET
fsr-3653	201	2	alternative	alternative	ADJ
fsr-3653	201	3	approach	approach	NOUN
fsr-3653	201	4	to	to	ADP
fsr-3653	201	5	examining	examine	VERB
fsr-3653	201	6	market	market	NOUN
fsr-3653	201	7	timing	timing	NOUN
fsr-3653	201	8	abilities	ability	NOUN
fsr-3653	201	9	is	be	AUX
fsr-3653	201	10	discussed	discuss	VERB
fsr-3653	201	11	in	in	ADP
fsr-3653	201	12	henriksson	henriksson	NOUN
fsr-3653	201	13	(	(	PUNCT
fsr-3653	201	14	1984	1984	NUM
fsr-3653	201	15	)	)	PUNCT
fsr-3653	201	16	.	.	PUNCT
fsr-3653	202	1	in	in	ADP
fsr-3653	202	2	contrast	contrast	NOUN
fsr-3653	202	3	to	to	ADP
fsr-3653	202	4	fabozzi	fabozzi	NOUN
fsr-3653	202	5	and	and	CCONJ
fsr-3653	202	6	francis	francis	PROPN
fsr-3653	202	7	(	(	PUNCT
fsr-3653	202	8	1979	1979	NUM
fsr-3653	202	9	)	)	PUNCT
fsr-3653	202	10	,	,	PUNCT
fsr-3653	202	11	we	we	PRON
fsr-3653	202	12	estimate	estimate	VERB
fsr-3653	202	13	equation	equation	NOUN
fsr-3653	202	14	2	2	NUM
fsr-3653	202	15	in	in	ADP
fsr-3653	202	16	risk	risk	NOUN
fsr-3653	202	17	-	-	PUNCT
fsr-3653	202	18	premium	premium	NOUN
fsr-3653	202	19	form	form	NOUN
fsr-3653	202	20	.	.	PUNCT
fsr-3653	203	1	the	the	DET
fsr-3653	203	2	results	result	NOUN
fsr-3653	203	3	are	be	AUX
fsr-3653	203	4	,	,	PUNCT
fsr-3653	203	5	however	however	ADV
fsr-3653	203	6	,	,	PUNCT
fsr-3653	203	7	unlikely	unlikely	ADJ
fsr-3653	203	8	to	to	PART
fsr-3653	203	9	be	be	AUX
fsr-3653	203	10	materially	materially	ADV
fsr-3653	203	11	different	different	ADJ
fsr-3653	203	12	from	from	ADP
fsr-3653	203	13	those	those	PRON
fsr-3653	203	14	based	base	VERB
fsr-3653	203	15	on	on	ADP
fsr-3653	203	16	the	the	DET
fsr-3653	203	17	specification	specification	NOUN
fsr-3653	203	18	employed	employ	VERB
fsr-3653	203	19	by	by	ADP
fsr-3653	203	20	fabozzi	fabozzi	NOUN
fsr-3653	203	21	and	and	CCONJ
fsr-3653	203	22	francis	francis	PROPN
fsr-3653	203	23	.	.	PROPN
fsr-3653	204	1	see	see	VERB
fsr-3653	204	2	henriksson	henriksson	PROPN
fsr-3653	204	3	(	(	PUNCT
fsr-3653	204	4	1984	1984	NUM
fsr-3653	204	5	)	)	PUNCT
fsr-3653	204	6	for	for	ADP
fsr-3653	204	7	details	detail	NOUN
fsr-3653	204	8	of	of	ADP
fsr-3653	204	9	the	the	DET
fsr-3653	204	10	methodology	methodology	NOUN
fsr-3653	204	11	.	.	PUNCT
fsr-3653	205	1	see	see	VERB
fsr-3653	205	2	johnston	johnston	PROPN
fsr-3653	205	3	’s	’s	PART
fsr-3653	205	4	econometrics	econometrics	NOUN
fsr-3653	205	5	methods	method	NOUN
fsr-3653	205	6	for	for	ADP
fsr-3653	205	7	a	a	DET
fsr-3653	205	8	discussion	discussion	NOUN
fsr-3653	205	9	of	of	ADP
fsr-3653	205	10	conditions	condition	NOUN
fsr-3653	205	11	under	under	ADP
fsr-3653	205	12	which	which	PRON
fsr-3653	205	13	wls	wl	NOUN
fsr-3653	205	14	and	and	CCONJ
fsr-3653	205	15	sur	sur	PROPN
fsr-3653	205	16	results	result	NOUN
fsr-3653	205	17	become	become	VERB
fsr-3653	205	18	identical	identical	ADJ
fsr-3653	205	19	.	.	PUNCT
fsr-3653	206	1	34	34	NUM
fsr-3653	206	2	financial	financial	PROPN
fsr-3653	206	3	services	service	NOUN
fsr-3653	206	4	review	review	NOUN
fsr-3653	206	5	,	,	PUNCT
fsr-3653	206	6	l(l	l(l	PROPN
fsr-3653	206	7	)	)	PUNCT
fsr-3653	206	8	1991	1991	NUM
fsr-3653	206	9	9	9	NUM
fsr-3653	206	10	.	.	PUNCT
fsr-3653	207	1	both	both	DET
fsr-3653	207	2	kon	kon	PROPN
fsr-3653	207	3	(	(	PUNCT
fsr-3653	207	4	1983	1983	NUM
fsr-3653	207	5	)	)	PUNCT
fsr-3653	207	6	and	and	CCONJ
fsr-3653	207	7	henriksson	henriksson	NOUN
fsr-3653	207	8	(	(	PUNCT
fsr-3653	207	9	1984	1984	NUM
fsr-3653	207	10	)	)	PUNCT
fsr-3653	207	11	find	find	VERB
fsr-3653	207	12	that	that	SCONJ
fsr-3653	207	13	there	there	PRON
fsr-3653	207	14	is	be	VERB
fsr-3653	207	15	negative	negative	ADJ
fsr-3653	207	16	correlation	correlation	NOUN
fsr-3653	207	17	between	between	ADP
fsr-3653	207	18	measures	measure	NOUN
fsr-3653	207	19	of	of	ADP
fsr-3653	207	20	security	security	NOUN
fsr-3653	207	21	selection	selection	NOUN
fsr-3653	207	22	and	and	CCONJ
fsr-3653	207	23	market	market	NOUN
fsr-3653	207	24	timing	timing	NOUN
fsr-3653	207	25	(	(	PUNCT
fsr-3653	207	26	of	of	ADP
fsr-3653	207	27	mutual	mutual	ADJ
fsr-3653	207	28	funds	fund	NOUN
fsr-3653	207	29	)	)	PUNCT
fsr-3653	207	30	.	.	PUNCT
fsr-3653	208	1	jagannathan	jagannathan	PROPN
fsr-3653	208	2	and	and	CCONJ
fsr-3653	208	3	korjaczyk	korjaczyk	PROPN
fsr-3653	208	4	(	(	PUNCT
fsr-3653	208	5	1986	1986	NUM
fsr-3653	208	6	)	)	PUNCT
fsr-3653	208	7	proposed	propose	VERB
fsr-3653	208	8	that	that	SCONJ
fsr-3653	208	9	such	such	DET
fsr-3653	208	10	a	a	DET
fsr-3653	208	11	negative	negative	ADJ
fsr-3653	208	12	correlation	correlation	NOUN
fsr-3653	208	13	could	could	AUX
fsr-3653	208	14	spuriously	spuriously	ADV
fsr-3653	208	15	arise	arise	VERB
fsr-3653	208	16	as	as	ADP
fsr-3653	208	17	a	a	DET
fsr-3653	208	18	result	result	NOUN
fsr-3653	208	19	of	of	ADP
fsr-3653	208	20	investing	invest	VERB
fsr-3653	208	21	in	in	ADP
fsr-3653	208	22	options	option	NOUN
fsr-3653	208	23	or	or	CCONJ
fsr-3653	208	24	levered	lever	VERB
fsr-3653	208	25	securities	security	NOUN
fsr-3653	208	26	.	.	PUNCT
fsr-3653	209	1	however	however	ADV
fsr-3653	209	2	,	,	PUNCT
fsr-3653	209	3	our	our	PRON
fsr-3653	209	4	sample	sample	NOUN
fsr-3653	209	5	of	of	ADP
fsr-3653	209	6	life	life	NOUN
fsr-3653	209	7	insurance	insurance	NOUN
fsr-3653	209	8	companies	company	NOUN
fsr-3653	209	9	did	do	AUX
fsr-3653	209	10	not	not	PART
fsr-3653	209	11	exhibit	exhibit	VERB
fsr-3653	209	12	this	this	DET
fsr-3653	209	13	negative	negative	ADJ
fsr-3653	209	14	correlation	correlation	NOUN
fsr-3653	209	15	.	.	PUNCT
fsr-3653	210	1	references	reference	NOUN
fsr-3653	210	2	bogle	bogle	PROPN
fsr-3653	210	3	,	,	PUNCT
fsr-3653	210	4	j.	j.	PROPN
fsr-3653	210	5	,	,	PUNCT
fsr-3653	210	6	and	and	CCONJ
fsr-3653	210	7	j.	j.	PROPN
fsr-3653	210	8	twardowski	twardowski	PROPN
fsr-3653	210	9	.	.	PUNCT
fsr-3653	211	1	1980	1980	NUM
fsr-3653	211	2	.	.	PUNCT
fsr-3653	212	1	“	"	PUNCT
fsr-3653	212	2	institutional	institutional	ADJ
fsr-3653	212	3	investment	investment	NOUN
fsr-3653	212	4	performance	performance	NOUN
fsr-3653	212	5	compared	compare	VERB
fsr-3653	212	6	,	,	PUNCT
fsr-3653	212	7	”	"	PUNCT
fsr-3653	212	8	financial	financial	ADJ
fsr-3653	212	9	analysts	analyst	NOUN
fsr-3653	212	10	journal	journal	NOUN
fsr-3653	212	11	,	,	PUNCT
fsr-3653	212	12	36	36	NUM
fsr-3653	212	13	(	(	PUNCT
fsr-3653	212	14	1	1	NUM
fsr-3653	212	15	):	):	PUNCT
fsr-3653	212	16	33	33	NUM
fsr-3653	212	17	-	-	SYM
fsr-3653	212	18	41	41	NUM
fsr-3653	212	19	.	.	PUNCT
fsr-3653	213	1	carlson	carlson	PROPN
fsr-3653	213	2	,	,	PUNCT
fsr-3653	213	3	r.	r.	PROPN
fsr-3653	213	4	1977	1977	NUM
fsr-3653	213	5	.	.	PUNCT
fsr-3653	214	1	“	"	PUNCT
fsr-3653	214	2	aggregate	aggregate	ADJ
fsr-3653	214	3	performance	performance	NOUN
fsr-3653	214	4	of	of	ADP
fsr-3653	214	5	mutual	mutual	ADJ
fsr-3653	214	6	funds	fund	NOUN
fsr-3653	214	7	1948	1948	NUM
fsr-3653	214	8	-	-	SYM
fsr-3653	214	9	1967	1967	NUM
fsr-3653	214	10	,	,	PUNCT
fsr-3653	214	11	”	"	PUNCT
fsr-3653	214	12	journnl	journnl	NOUN
fsr-3653	214	13	of	of	ADP
fsr-3653	214	14	financial	financial	ADJ
fsr-3653	214	15	and	and	CCONJ
fsr-3653	214	16	quantitative	quantitative	ADJ
fsr-3653	214	17	analysis	analysis	NOUN
fsr-3653	214	18	,	,	PUNCT
fsr-3653	214	19	5	5	NUM
fsr-3653	214	20	(	(	PUNCT
fsr-3653	214	21	1	1	NUM
fsr-3653	214	22	):	):	PUNCT
fsr-3653	214	23	l-32	l-32	PROPN
fsr-3653	214	24	.	.	PUNCT
fsr-3653	215	1	chang	chang	PROPN
fsr-3653	215	2	,	,	PUNCT
fsr-3653	215	3	e.	e.	PROPN
fsr-3653	215	4	,	,	PUNCT
fsr-3653	215	5	and	and	CCONJ
fsr-3653	215	6	w.	w.	PROPN
fsr-3653	215	7	lewellen	lewellen	PROPN
fsr-3653	215	8	.	.	PUNCT
fsr-3653	215	9	1984	1984	NUM
fsr-3653	215	10	.	.	PUNCT
fsr-3653	216	1	“	"	PUNCT
fsr-3653	216	2	market	market	NOUN
fsr-3653	216	3	timing	timing	NOUN
fsr-3653	216	4	and	and	CCONJ
fsr-3653	216	5	mutual	mutual	ADJ
fsr-3653	216	6	fund	fund	NOUN
fsr-3653	216	7	performance	performance	NOUN
fsr-3653	216	8	,	,	PUNCT
fsr-3653	216	9	journal	journal	NOUN
fsr-3653	216	10	of	of	ADP
fsr-3653	216	11	business	business	NOUN
fsr-3653	216	12	,	,	PUNCT
fsr-3653	216	13	57	57	NUM
fsr-3653	216	14	(	(	PUNCT
fsr-3653	216	15	1	1	NUM
fsr-3653	216	16	):	):	PUNCT
fsr-3653	216	17	57	57	NUM
fsr-3653	216	18	-	-	SYM
fsr-3653	216	19	72	72	NUM
fsr-3653	216	20	.	.	PUNCT
fsr-3653	217	1	fabozzi	fabozzi	PROPN
fsr-3653	217	2	,	,	PUNCT
fsr-3653	217	3	f.	f.	PROPN
fsr-3653	217	4	,	,	PUNCT
fsr-3653	217	5	and	and	CCONJ
fsr-3653	217	6	j.c	j.c	PROPN
fsr-3653	217	7	.	.	PROPN
fsr-3653	217	8	francis	francis	PROPN
fsr-3653	217	9	.	.	PROPN
fsr-3653	217	10	1979	1979	NUM
fsr-3653	217	11	.	.	PUNCT
fsr-3653	218	1	“	"	PUNCT
fsr-3653	218	2	mutual	mutual	ADJ
fsr-3653	218	3	fund	fund	NOUN
fsr-3653	218	4	systematic	systematic	ADJ
fsr-3653	218	5	risk	risk	NOUN
fsr-3653	218	6	for	for	ADP
fsr-3653	218	7	bull	bull	NOUN
fsr-3653	218	8	and	and	CCONJ
fsr-3653	218	9	bear	bear	NOUN
fsr-3653	218	10	markets	market	NOUN
fsr-3653	218	11	:	:	PUNCT
fsr-3653	218	12	an	an	DET
fsr-3653	218	13	empirical	empirical	ADJ
fsr-3653	218	14	investigation	investigation	NOUN
fsr-3653	218	15	,	,	PUNCT
fsr-3653	218	16	journal	journal	NOUN
fsr-3653	218	17	of	of	ADP
fsr-3653	218	18	finance	finance	NOUN
fsr-3653	218	19	,	,	PUNCT
fsr-3653	218	20	34(5	34(5	NUM
fsr-3653	218	21	):	):	PUNCT
fsr-3653	218	22	1243	1243	NUM
fsr-3653	218	23	-	-	SYM
fsr-3653	218	24	1250	1250	NUM
fsr-3653	218	25	.	.	PUNCT
fsr-3653	219	1	fama	fama	PROPN
fsr-3653	219	2	,	,	PUNCT
fsr-3653	219	3	e.	e.	PROPN
fsr-3653	219	4	1972	1972	NUM
fsr-3653	219	5	.	.	PUNCT
fsr-3653	220	1	“	"	PUNCT
fsr-3653	220	2	components	component	NOUN
fsr-3653	220	3	of	of	ADP
fsr-3653	220	4	investment	investment	NOUN
fsr-3653	220	5	performance	performance	NOUN
fsr-3653	220	6	,	,	PUNCT
fsr-3653	220	7	”	"	PUNCT
fsr-3653	220	8	journal	journal	NOUN
fsr-3653	220	9	of	of	ADP
fsr-3653	220	10	finance	finance	NOUN
fsr-3653	220	11	,	,	PUNCT
fsr-3653	220	12	27(3	27(3	NUM
fsr-3653	220	13	):	):	PUNCT
fsr-3653	220	14	551	551	NUM
fsr-3653	220	15	-	-	SYM
fsr-3653	220	16	567	567	NUM
fsr-3653	220	17	.	.	PUNCT
fsr-3653	221	1	ferri	ferri	PROPN
fsr-3653	221	2	,	,	PUNCT
fsr-3653	221	3	m.	m.	NOUN
fsr-3653	221	4	,	,	PUNCT
fsr-3653	221	5	h.d	h.d	PROPN
fsr-3653	221	6	.	.	PROPN
fsr-3653	221	7	oberhelman	oberhelman	PROPN
fsr-3653	221	8	,	,	PUNCT
fsr-3653	221	9	and	and	CCONJ
fsr-3653	221	10	r.	r.	PROPN
fsr-3653	221	11	roenfeldt	roenfeldt	PROPN
fsr-3653	221	12	.	.	PUNCT
fsr-3653	221	13	1984	1984	NUM
fsr-3653	221	14	.	.	PUNCT
fsr-3653	222	1	“	"	PUNCT
fsr-3653	222	2	market	market	NOUN
fsr-3653	222	3	timing	timing	NOUN
fsr-3653	222	4	and	and	CCONJ
fsr-3653	222	5	mutual	mutual	ADJ
fsr-3653	222	6	fund	fund	NOUN
fsr-3653	222	7	portfolio	portfolio	NOUN
fsr-3653	222	8	composition	composition	NOUN
fsr-3653	222	9	,	,	PUNCT
fsr-3653	222	10	”	"	PUNCT
fsr-3653	222	11	journal	journal	NOUN
fsr-3653	222	12	of	of	ADP
fsr-3653	222	13	financial	financial	ADJ
fsr-3653	222	14	research	research	NOUN
fsr-3653	222	15	,	,	PUNCT
fsr-3653	222	16	7(2	7(2	NUM
fsr-3653	222	17	):	):	PUNCT
fsr-3653	222	18	143	143	NUM
fsr-3653	222	19	-	-	SYM
fsr-3653	222	20	150	150	NUM
fsr-3653	222	21	.	.	PUNCT
fsr-3653	223	1	francis	francis	PROPN
fsr-3653	223	2	,	,	PUNCT
fsr-3653	223	3	j.c	j.c	PROPN
fsr-3653	223	4	.	.	PROPN
fsr-3653	223	5	1988	1988	NUM
fsr-3653	223	6	.	.	PUNCT
fsr-3653	224	1	management	management	NOUN
fsr-3653	224	2	of	of	ADP
fsr-3653	224	3	investments	investment	NOUN
fsr-3653	224	4	,	,	PUNCT
fsr-3653	224	5	2nd	2nd	PROPN
fsr-3653	224	6	edition	edition	NOUN
fsr-3653	224	7	.	.	PUNCT
fsr-3653	225	1	new	new	PROPN
fsr-3653	225	2	york	york	PROPN
fsr-3653	225	3	:	:	PUNCT
fsr-3653	226	1	mcgraw	mcgraw	PROPN
fsr-3653	226	2	hill	hill	PROPN
fsr-3653	226	3	.	.	PUNCT
fsr-3653	227	1	henriksson	henriksson	PROPN
fsr-3653	227	2	,	,	PUNCT
fsr-3653	227	3	r.	r.	PROPN
fsr-3653	227	4	1984	1984	NUM
fsr-3653	227	5	“	"	PUNCT
fsr-3653	227	6	market	market	NOUN
fsr-3653	227	7	timing	timing	NOUN
fsr-3653	227	8	and	and	CCONJ
fsr-3653	227	9	mutual	mutual	ADJ
fsr-3653	227	10	fund	fund	NOUN
fsr-3653	227	11	performance	performance	NOUN
fsr-3653	227	12	:	:	PUNCT
fsr-3653	227	13	an	an	DET
fsr-3653	227	14	empirical	empirical	ADJ
fsr-3653	227	15	investigation	investigation	NOUN
fsr-3653	227	16	,	,	PUNCT
fsr-3653	227	17	”	"	PUNCT
fsr-3653	227	18	journal	journal	NOUN
fsr-3653	227	19	of	of	ADP
fsr-3653	227	20	business	business	NOUN
fsr-3653	227	21	,	,	PUNCT
fsr-3653	227	22	57(l	57(l	NUM
fsr-3653	227	23	)	)	PUNCT
fsr-3653	227	24	part	part	NOUN
fsr-3653	227	25	1	1	NUM
fsr-3653	227	26	:	:	PUNCT
fsr-3653	227	27	73	73	NUM
fsr-3653	227	28	-	-	SYM
fsr-3653	227	29	96	96	NUM
fsr-3653	227	30	.	.	PUNCT
fsr-3653	228	1	ibbotson	ibbotson	PROPN
fsr-3653	228	2	associates	associates	PROPN
fsr-3653	228	3	.	.	PUNCT
fsr-3653	229	1	1986	1986	NUM
fsr-3653	229	2	.	.	PUNCT
fsr-3653	230	1	stocks	stock	NOUN
fsr-3653	230	2	,	,	PUNCT
fsr-3653	230	3	notes	note	NOUN
fsr-3653	230	4	,	,	PUNCT
fsr-3653	230	5	bonds	bond	NOUN
fsr-3653	230	6	and	and	CCONJ
fsr-3653	230	7	bills	bill	NOUN
fsr-3653	230	8	.	.	PUNCT
fsr-3653	231	1	chicago	chicago	PROPN
fsr-3653	231	2	.	.	PUNCT
fsr-3653	232	1	jagannathan	jagannathan	PROPN
fsr-3653	232	2	,	,	PUNCT
fsr-3653	232	3	r.	r.	PROPN
fsr-3653	232	4	,	,	PUNCT
fsr-3653	232	5	and	and	CCONJ
fsr-3653	232	6	r.a	r.a	PROPN
fsr-3653	232	7	.	.	PROPN
fsr-3653	232	8	korajczyk	korajczyk	PROPN
fsr-3653	232	9	.	.	PUNCT
fsr-3653	233	1	1986	1986	NUM
fsr-3653	233	2	.	.	PUNCT
fsr-3653	234	1	“	"	PUNCT
fsr-3653	234	2	assessing	assess	VERB
fsr-3653	234	3	the	the	DET
fsr-3653	234	4	market	market	NOUN
fsr-3653	234	5	timing	timing	NOUN
fsr-3653	234	6	performance	performance	NOUN
fsr-3653	234	7	of	of	ADP
fsr-3653	234	8	managed	manage	VERB
fsr-3653	234	9	portfolios	portfolio	NOUN
fsr-3653	234	10	,	,	PUNCT
fsr-3653	234	11	”	"	PUNCT
fsr-3653	234	12	journal	journal	NOUN
fsr-3653	234	13	of	of	ADP
fsr-3653	234	14	business	business	NOUN
fsr-3653	234	15	,	,	PUNCT
fsr-3653	234	16	59(2	59(2	NUM
fsr-3653	234	17	)	)	PUNCT
fsr-3653	234	18	part	part	NOUN
fsr-3653	235	1	i	i	NOUN
fsr-3653	235	2	:	:	PUNCT
fsr-3653	235	3	217	217	NUM
fsr-3653	235	4	-	-	SYM
fsr-3653	235	5	235	235	NUM
fsr-3653	235	6	.	.	PUNCT
fsr-3653	236	1	jensen	jensen	PROPN
fsr-3653	236	2	,	,	PUNCT
fsr-3653	236	3	m.	m.	NOUN
fsr-3653	236	4	1968	1968	NUM
fsr-3653	236	5	.	.	PUNCT
fsr-3653	237	1	“	"	PUNCT
fsr-3653	237	2	the	the	DET
fsr-3653	237	3	performance	performance	NOUN
fsr-3653	237	4	of	of	ADP
fsr-3653	237	5	mutual	mutual	ADJ
fsr-3653	237	6	funds	fund	NOUN
fsr-3653	237	7	in	in	ADP
fsr-3653	237	8	the	the	DET
fsr-3653	237	9	period	period	NOUN
fsr-3653	237	10	1945	1945	NUM
fsr-3653	237	11	-	-	SYM
fsr-3653	237	12	1964	1964	NUM
fsr-3653	237	13	,	,	PUNCT
fsr-3653	237	14	”	"	PUNCT
fsr-3653	237	15	journal	journal	NOUN
fsr-3653	237	16	of	of	ADP
fsr-3653	237	17	finance	finance	NOUN
fsr-3653	237	18	,	,	PUNCT
fsr-3653	237	19	23(2	23(2	NUM
fsr-3653	237	20	):	):	PUNCT
fsr-3653	237	21	389	389	NUM
fsr-3653	237	22	-	-	SYM
fsr-3653	237	23	416	416	NUM
fsr-3653	237	24	.	.	PUNCT
fsr-3653	238	1	johnston	johnston	PROPN
fsr-3653	238	2	,	,	PUNCT
fsr-3653	238	3	j.	j.	PROPN
fsr-3653	238	4	econometrics	econometrics	PROPN
fsr-3653	238	5	methods	method	NOUN
fsr-3653	238	6	.	.	PUNCT
fsr-3653	239	1	new	new	PROPN
fsr-3653	239	2	york	york	PROPN
fsr-3653	239	3	:	:	PUNCT
fsr-3653	239	4	mcgraw	mcgraw	PROPN
fsr-3653	239	5	-	-	PUNCT
fsr-3653	239	6	hill	hill	NOUN
fsr-3653	239	7	.	.	PUNCT
fsr-3653	240	1	kon	kon	PROPN
fsr-3653	240	2	,	,	PUNCT
fsr-3653	240	3	s.j	s.j	PROPN
fsr-3653	240	4	.	.	PROPN
fsr-3653	240	5	1983	1983	NUM
fsr-3653	240	6	.	.	PUNCT
fsr-3653	241	1	“	"	PUNCT
fsr-3653	241	2	the	the	DET
fsr-3653	241	3	market	market	NOUN
fsr-3653	241	4	-	-	PUNCT
fsr-3653	241	5	timing	timing	NOUN
fsr-3653	241	6	performance	performance	NOUN
fsr-3653	241	7	of	of	ADP
fsr-3653	241	8	mutual	mutual	ADJ
fsr-3653	241	9	fund	fund	NOUN
fsr-3653	241	10	managers	manager	NOUN
fsr-3653	241	11	,	,	PUNCT
fsr-3653	241	12	”	"	PUNCT
fsr-3653	241	13	journal	journal	NOUN
fsr-3653	241	14	of	of	ADP
fsr-3653	241	15	business	business	NOUN
fsr-3653	241	16	,	,	PUNCT
fsr-3653	241	17	56(3	56(3	NUM
fsr-3653	241	18	):	):	PUNCT
fsr-3653	241	19	323	323	NUM
fsr-3653	241	20	-	-	SYM
fsr-3653	241	21	347	347	NUM
fsr-3653	241	22	.	.	PUNCT
fsr-3653	242	1	life	life	NOUN
fsr-3653	242	2	insurance	insurance	NOUN
fsr-3653	242	3	fact	fact	NOUN
fsr-3653	242	4	book	book	NOUN
fsr-3653	242	5	.	.	PUNCT
fsr-3653	242	6	1984	1984	NUM
fsr-3653	242	7	.	.	PUNCT
fsr-3653	243	1	washington	washington	PROPN
fsr-3653	243	2	,	,	PUNCT
fsr-3653	243	3	dc	dc	PROPN
fsr-3653	243	4	:	:	PUNCT
fsr-3653	243	5	american	american	PROPN
fsr-3653	243	6	council	council	PROPN
fsr-3653	243	7	of	of	ADP
fsr-3653	243	8	life	life	NOUN
fsr-3653	243	9	insurance	insurance	NOUN
fsr-3653	243	10	.	.	PUNCT
fsr-3653	244	1	roll	roll	NOUN
fsr-3653	244	2	,	,	PUNCT
fsr-3653	244	3	r.	r.	PROPN
fsr-3653	244	4	1978	1978	NUM
fsr-3653	244	5	.	.	PUNCT
fsr-3653	245	1	“	"	PUNCT
fsr-3653	245	2	ambiguity	ambiguity	NOUN
fsr-3653	245	3	when	when	SCONJ
fsr-3653	245	4	performance	performance	NOUN
fsr-3653	245	5	is	be	AUX
fsr-3653	245	6	measured	measure	VERB
fsr-3653	245	7	by	by	ADP
fsr-3653	245	8	the	the	DET
fsr-3653	245	9	securities	security	NOUN
fsr-3653	245	10	market	market	NOUN
fsr-3653	245	11	line	line	NOUN
fsr-3653	245	12	,	,	PUNCT
fsr-3653	245	13	”	"	PUNCT
fsr-3653	245	14	journal	journal	NOUN
fsr-3653	245	15	of	of	ADP
fsr-3653	245	16	finance	finance	NOUN
fsr-3653	245	17	,	,	PUNCT
fsr-3653	245	18	33(4	33(4	NUM
fsr-3653	245	19	):	):	PUNCT
fsr-3653	245	20	1051	1051	NUM
fsr-3653	245	21	-	-	SYM
fsr-3653	245	22	1069	1069	NUM
fsr-3653	245	23	.	.	PUNCT
fsr-3653	246	1	schlarbaum	schlarbaum	PROPN
fsr-3653	246	2	,	,	PUNCT
fsr-3653	246	3	g.	g.	PROPN
fsr-3653	246	4	1974	1974	NUM
fsr-3653	246	5	.	.	PUNCT
fsr-3653	247	1	“	"	PUNCT
fsr-3653	247	2	the	the	DET
fsr-3653	247	3	investment	investment	NOUN
fsr-3653	247	4	performance	performance	NOUN
fsr-3653	247	5	of	of	ADP
fsr-3653	247	6	the	the	DET
fsr-3653	247	7	common	common	ADJ
fsr-3653	247	8	stock	stock	NOUN
fsr-3653	247	9	portfolios	portfolio	NOUN
fsr-3653	247	10	of	of	ADP
fsr-3653	247	11	property	property	NOUN
fsr-3653	247	12	-	-	PUNCT
fsr-3653	247	13	liability	liability	NOUN
fsr-3653	247	14	insurance	insurance	NOUN
fsr-3653	247	15	companies	company	NOUN
fsr-3653	247	16	,	,	PUNCT
fsr-3653	247	17	”	"	PUNCT
fsr-3653	247	18	journal	journal	NOUN
fsr-3653	247	19	of	of	ADP
fsr-3653	247	20	financial	financial	ADJ
fsr-3653	247	21	and	and	CCONJ
fsr-3653	247	22	quantitative	quantitative	ADJ
fsr-3653	247	23	analysis	analysis	NOUN
fsr-3653	247	24	,	,	PUNCT
fsr-3653	247	25	9	9	NUM
fsr-3653	247	26	(	(	PUNCT
fsr-3653	247	27	1	1	NUM
fsr-3653	247	28	):	):	PUNCT
fsr-3653	247	29	89	89	NUM
fsr-3653	247	30	-	-	SYM
fsr-3653	247	31	106	106	NUM
fsr-3653	247	32	.	.	PUNCT
fsr-3653	248	1	sharpe	sharpe	PROPN
fsr-3653	248	2	,	,	PUNCT
fsr-3653	248	3	w.	w.	PROPN
fsr-3653	248	4	1966	1966	NUM
fsr-3653	248	5	.	.	PUNCT
fsr-3653	249	1	“	"	PUNCT
fsr-3653	249	2	mutual	mutual	ADJ
fsr-3653	249	3	fund	fund	NOUN
fsr-3653	249	4	performance	performance	NOUN
fsr-3653	249	5	,	,	PUNCT
fsr-3653	249	6	”	"	PUNCT
fsr-3653	249	7	journal	journal	NOUN
fsr-3653	249	8	of	of	ADP
fsr-3653	249	9	business	business	NOUN
fsr-3653	249	10	,	,	PUNCT
fsr-3653	249	11	39(l	39(l	NUM
fsr-3653	249	12	)	)	PUNCT
fsr-3653	249	13	part	part	NOUN
fsr-3653	249	14	2	2	NUM
fsr-3653	249	15	:	:	PUNCT
fsr-3653	249	16	119	119	NUM
fsr-3653	249	17	-	-	SYM
fsr-3653	249	18	138	138	NUM
fsr-3653	249	19	.	.	PUNCT
fsr-3653	250	1	shawky	shawky	PROPN
fsr-3653	250	2	,	,	PUNCT
fsr-3653	250	3	h.	h.	PROPN
fsr-3653	250	4	1982	1982	NUM
fsr-3653	250	5	.	.	PUNCT
fsr-3653	251	1	“	"	PUNCT
fsr-3653	251	2	an	an	DET
fsr-3653	251	3	update	update	NOUN
fsr-3653	251	4	on	on	ADP
fsr-3653	251	5	mutual	mutual	ADJ
fsr-3653	251	6	funds	fund	NOUN
fsr-3653	251	7	:	:	PUNCT
fsr-3653	251	8	better	well	ADJ
fsr-3653	251	9	grades	grade	NOUN
fsr-3653	251	10	,	,	PUNCT
fsr-3653	251	11	”	"	PUNCT
fsr-3653	251	12	journal	journal	NOUN
fsr-3653	251	13	of	of	ADP
fsr-3653	251	14	portfolio	portfolio	NOUN
fsr-3653	251	15	management	management	NOUN
fsr-3653	251	16	,	,	PUNCT
fsr-3653	251	17	8(2	8(2	NUM
fsr-3653	251	18	):	):	PUNCT
fsr-3653	251	19	29	29	NUM
fsr-3653	251	20	-	-	SYM
fsr-3653	251	21	34	34	NUM
fsr-3653	251	22	.	.	PUNCT
fsr-3653	252	1	stambaugh	stambaugh	PROPN
fsr-3653	252	2	,	,	PUNCT
fsr-3653	252	3	r.	r.	PROPN
fsr-3653	252	4	1982	1982	NUM
fsr-3653	252	5	.	.	PUNCT
fsr-3653	253	1	“	"	PUNCT
fsr-3653	253	2	on	on	ADP
fsr-3653	253	3	the	the	DET
fsr-3653	253	4	exclusion	exclusion	NOUN
fsr-3653	253	5	of	of	ADP
fsr-3653	253	6	assets	asset	NOUN
fsr-3653	253	7	from	from	ADP
fsr-3653	253	8	tests	test	NOUN
fsr-3653	253	9	of	of	ADP
fsr-3653	253	10	the	the	DET
fsr-3653	253	11	two	two	NUM
fsr-3653	253	12	parameter	parameter	NOUN
fsr-3653	253	13	model	model	NOUN
fsr-3653	253	14	:	:	PUNCT
fsr-3653	253	15	a	a	DET
fsr-3653	253	16	sensitivity	sensitivity	NOUN
fsr-3653	253	17	analysis	analysis	NOUN
fsr-3653	253	18	,	,	PUNCT
fsr-3653	253	19	”	"	PUNCT
fsr-3653	253	20	journal	journal	NOUN
fsr-3653	253	21	of	of	ADP
fsr-3653	253	22	finunciuz	finunciuz	NOUN
fsr-3653	253	23	economics	economic	NOUN
fsr-3653	253	24	,	,	PUNCT
fsr-3653	253	25	lo(3	lo(3	NOUN
fsr-3653	253	26	):	):	PUNCT
fsr-3653	253	27	237	237	NUM
fsr-3653	253	28	-	-	SYM
fsr-3653	253	29	268	268	NUM
fsr-3653	253	30	.	.	PUNCT
fsr-3653	253	31	treynor	treynor	PROPN
fsr-3653	253	32	,	,	PUNCT
fsr-3653	253	33	j.	j.	PROPN
fsr-3653	253	34	,	,	PUNCT
fsr-3653	253	35	and	and	CCONJ
fsr-3653	253	36	k.	k.	PROPN
fsr-3653	253	37	mazuy	mazuy	PROPN
fsr-3653	253	38	.	.	PUNCT
fsr-3653	253	39	1966	1966	NUM
fsr-3653	253	40	.	.	PUNCT
fsr-3653	254	1	“	"	PUNCT
fsr-3653	254	2	can	can	AUX
fsr-3653	254	3	mutual	mutual	ADJ
fsr-3653	254	4	funds	fund	NOUN
fsr-3653	254	5	outguess	outguess	VERB
fsr-3653	254	6	the	the	DET
fsr-3653	254	7	market	market	NOUN
fsr-3653	254	8	?	?	PUNCT
fsr-3653	254	9	”	"	PUNCT
fsr-3653	254	10	harvard	harvard	PROPN
fsr-3653	254	11	business	business	PROPN
fsr-3653	254	12	review,“43(1	review,“43(1	PROPN
fsr-3653	254	13	):	):	PUNCT
fsr-3653	254	14	131	131	NUM
fsr-3653	254	15	-	-	SYM
fsr-3653	254	16	136	136	NUM
fsr-3653	254	17	.	.	PUNCT
fsr-3653	255	1	veit	veit	PROPN
fsr-3653	255	2	,	,	PUNCT
fsr-3653	255	3	e.t	e.t	PROPN
fsr-3653	255	4	.	.	PROPN
fsr-3653	255	5	,	,	PUNCT
fsr-3653	255	6	and	and	CCONJ
fsr-3653	255	7	j.	j.	PROPN
fsr-3653	255	8	cheney	cheney	PROPN
fsr-3653	255	9	.	.	PUNCT
fsr-3653	255	10	1982	1982	NUM
fsr-3653	255	11	.	.	PUNCT
fsr-3653	256	1	“	"	PUNCT
fsr-3653	256	2	are	be	AUX
fsr-3653	256	3	mutual	mutual	ADJ
fsr-3653	256	4	funds	fund	NOUN
fsr-3653	256	5	market	market	NOUN
fsr-3653	256	6	timers	timer	NOUN
fsr-3653	256	7	?	?	PUNCT
fsr-3653	256	8	”	"	PUNCT
fsr-3653	256	9	journal	journal	NOUN
fsr-3653	256	10	of	of	ADP
fsr-3653	256	11	portfolio	portfolio	NOUN
fsr-3653	256	12	management	management	NOUN
fsr-3653	256	13	,	,	PUNCT
fsr-3653	256	14	8(2	8(2	NUM
fsr-3653	256	15	):	):	PUNCT
fsr-3653	256	16	35	35	NUM
fsr-3653	256	17	-	-	SYM
fsr-3653	256	18	42	42	NUM
fsr-3653	256	19	.	.	PUNCT