id	sid	tid	token	lemma	pos
fsr-3676	1	1	pii	pii	PROPN
fsr-3676	1	2	:	:	PUNCT
fsr-3676	1	3	1057	1057	NUM
fsr-3676	1	4	-	-	PUNCT
fsr-3676	1	5	0810(91)90027	0810(91)90027	NUM
fsr-3676	1	6	-	-	PUNCT
fsr-3676	1	7	v	v	NOUN
fsr-3676	1	8	financial	financial	ADJ
fsr-3676	1	9	services	service	NOUN
fsr-3676	1	10	review	review	NOUN
fsr-3676	1	11	,	,	PUNCT
fsr-3676	1	12	l(2	l(2	PROPN
fsr-3676	1	13	):	):	PUNCT
fsr-3676	1	14	101	101	NUM
fsr-3676	1	15	-	-	SYM
fsr-3676	1	16	108	108	NUM
fsr-3676	1	17	copyright	copyright	NOUN
fsr-3676	1	18	0	0	NUM
fsr-3676	1	19	1991	1991	NUM
fsr-3676	1	20	by	by	ADP
fsr-3676	1	21	jai	jai	PROPN
fsr-3676	1	22	press	press	PROPN
fsr-3676	1	23	inc	inc	PROPN
fsr-3676	1	24	.	.	PROPN
fsr-3676	1	25	issn	issn	PROPN
fsr-3676	1	26	:	:	PUNCT
fsr-3676	1	27	1057	1057	NUM
fsr-3676	1	28	-	-	SYM
fsr-3676	1	29	0810	0810	NUM
fsr-3676	1	30	all	all	DET
fsr-3676	1	31	rights	right	NOUN
fsr-3676	1	32	of	of	ADP
fsr-3676	1	33	reproduction	reproduction	NOUN
fsr-3676	1	34	in	in	ADP
fsr-3676	1	35	any	any	DET
fsr-3676	1	36	form	form	NOUN
fsr-3676	1	37	reserved	reserve	VERB
fsr-3676	1	38	.	.	PUNCT
fsr-3676	2	1	should	should	AUX
fsr-3676	2	2	individual	individual	ADJ
fsr-3676	2	3	investors	investor	NOUN
fsr-3676	2	4	avoid	avoid	VERB
fsr-3676	2	5	the	the	DET
fsr-3676	2	6	stock	stock	NOUN
fsr-3676	2	7	market	market	NOUN
fsr-3676	2	8	outside	outside	ADP
fsr-3676	2	9	of	of	ADP
fsr-3676	2	10	january	january	PROPN
fsr-3676	2	11	?	?	PUNCT
fsr-3676	3	1	steven	steven	PROPN
fsr-3676	4	1	v.	v.	PROPN
fsr-3676	4	2	mann	mann	PROPN
fsr-3676	4	3	donald	donald	PROPN
fsr-3676	5	1	p.	p.	PROPN
fsr-3676	5	2	solberg	solberg	PROPN
fsr-3676	6	1	recent	recent	ADJ
fsr-3676	6	2	studies	study	NOUN
fsr-3676	6	3	suggest	suggest	VERB
fsr-3676	6	4	that	that	SCONJ
fsr-3676	6	5	there	there	PRON
fsr-3676	6	6	is	be	VERB
fsr-3676	6	7	no	no	DET
fsr-3676	6	8	rewardfor	rewardfor	NOUN
fsr-3676	6	9	bearing	bear	VERB
fsr-3676	6	10	risk	risk	NOUN
fsr-3676	6	11	outside	outside	ADP
fsr-3676	6	12	of	of	ADP
fsr-3676	6	13	january	january	PROPN
fsr-3676	6	14	,	,	PUNCT
fsr-3676	6	15	implying	imply	VERB
fsr-3676	6	16	that	that	SCONJ
fsr-3676	6	17	individuals	individual	NOUN
fsr-3676	6	18	should	should	AUX
fsr-3676	6	19	invest	invest	VERB
fsr-3676	6	20	in	in	ADP
fsr-3676	6	21	common	common	ADJ
fsr-3676	6	22	stocks	stock	NOUN
fsr-3676	6	23	only	only	ADV
fsr-3676	6	24	in	in	ADP
fsr-3676	6	25	january	january	PROPN
fsr-3676	6	26	.	.	PUNCT
fsr-3676	7	1	the	the	DET
fsr-3676	7	2	purpose	purpose	NOUN
fsr-3676	7	3	of	of	ADP
fsr-3676	7	4	this	this	DET
fsr-3676	7	5	study	study	NOUN
fsr-3676	7	6	is	be	AUX
fsr-3676	7	7	to	to	PART
fsr-3676	7	8	demonstrate	demonstrate	VERB
fsr-3676	7	9	that	that	SCONJ
fsr-3676	7	10	this	this	DET
fsr-3676	7	11	conclusion	conclusion	NOUN
fsr-3676	7	12	is	be	AUX
fsr-3676	7	13	far	far	ADV
fsr-3676	7	14	too	too	ADV
fsr-3676	7	15	strong	strong	ADJ
fsr-3676	7	16	given	give	VERB
fsr-3676	7	17	existing	exist	VERB
fsr-3676	7	18	empirical	empirical	ADJ
fsr-3676	7	19	evidence	evidence	NOUN
fsr-3676	7	20	.	.	PUNCT
fsr-3676	8	1	our	our	PRON
fsr-3676	8	2	results	result	NOUN
fsr-3676	8	3	suggest	suggest	VERB
fsr-3676	8	4	that	that	SCONJ
fsr-3676	8	5	inferences	inference	NOUN
fsr-3676	8	6	drawnffom	drawnffom	VERB
fsr-3676	8	7	the	the	DET
fsr-3676	8	8	evidence	evidence	NOUN
fsr-3676	8	9	can	can	AUX
fsr-3676	8	10	be	be	AUX
fsr-3676	8	11	altered	alter	VERB
fsr-3676	8	12	greatly	greatly	ADV
fsr-3676	8	13	through	through	ADP
fsr-3676	8	14	small	small	ADJ
fsr-3676	8	15	changes	change	NOUN
fsr-3676	8	16	in	in	ADP
fsr-3676	8	17	the	the	DET
fsr-3676	8	18	way	way	NOUN
fsr-3676	8	19	the	the	DET
fsr-3676	8	20	empirical	empirical	ADJ
fsr-3676	8	21	question	question	NOUN
fsr-3676	8	22	is	be	AUX
fsr-3676	8	23	addressed	address	VERB
fsr-3676	8	24	.	.	PUNCT
fsr-3676	9	1	there	there	PRON
fsr-3676	9	2	is	be	VERB
fsr-3676	9	3	suficient	suficient	ADJ
fsr-3676	9	4	evidence	evidence	NOUN
fsr-3676	9	5	to	to	PART
fsr-3676	9	6	doubt	doubt	VERB
fsr-3676	9	7	the	the	DET
fsr-3676	9	8	conclusion	conclusion	NOUN
fsr-3676	9	9	that	that	SCONJ
fsr-3676	9	10	individuals	individual	NOUN
fsr-3676	9	11	are	be	AUX
fsr-3676	9	12	not	not	PART
fsr-3676	9	13	compensatedfor	compensatedfor	ADP
fsr-3676	9	14	the	the	DET
fsr-3676	9	15	risk	risk	NOUN
fsr-3676	9	16	ofparticipating	ofparticipate	VERB
fsr-3676	9	17	in	in	ADP
fsr-3676	9	18	the	the	DET
fsr-3676	9	19	stock	stock	NOUN
fsr-3676	9	20	market	market	NOUN
fsr-3676	9	21	outside	outside	ADP
fsr-3676	9	22	of	of	ADP
fsr-3676	9	23	january	january	PROPN
fsr-3676	9	24	.	.	PUNCT
fsr-3676	10	1	recent	recent	ADJ
fsr-3676	10	2	studies	study	NOUN
fsr-3676	10	3	present	present	VERB
fsr-3676	10	4	a	a	DET
fsr-3676	10	5	disturbing	disturbing	ADJ
fsr-3676	10	6	picture	picture	NOUN
fsr-3676	10	7	of	of	ADP
fsr-3676	10	8	the	the	DET
fsr-3676	10	9	relationship	relationship	NOUN
fsr-3676	10	10	between	between	ADP
fsr-3676	10	11	risk	risk	NOUN
fsr-3676	10	12	and	and	CCONJ
fsr-3676	10	13	return	return	NOUN
fsr-3676	10	14	.	.	PUNCT
fsr-3676	11	1	i	i	PRON
fsr-3676	11	2	simply	simply	ADV
fsr-3676	11	3	put	put	VERB
fsr-3676	11	4	,	,	PUNCT
fsr-3676	11	5	researchers	researcher	NOUN
fsr-3676	11	6	suggest	suggest	VERB
fsr-3676	11	7	that	that	SCONJ
fsr-3676	11	8	there	there	PRON
fsr-3676	11	9	is	be	VERB
fsr-3676	11	10	no	no	DET
fsr-3676	11	11	reward	reward	NOUN
fsr-3676	11	12	for	for	ADP
fsr-3676	11	13	bearing	bear	VERB
fsr-3676	11	14	risk	risk	NOUN
fsr-3676	11	15	outside	outside	ADP
fsr-3676	11	16	of	of	ADP
fsr-3676	11	17	january	january	PROPN
fsr-3676	11	18	.	.	PUNCT
fsr-3676	12	1	the	the	DET
fsr-3676	12	2	return	return	NOUN
fsr-3676	12	3	foregone	foregone	NOUN
fsr-3676	12	4	by	by	ADP
fsr-3676	12	5	holding	hold	VERB
fsr-3676	12	6	treasury	treasury	NOUN
fsr-3676	12	7	bills	bill	NOUN
fsr-3676	12	8	rather	rather	ADV
fsr-3676	12	9	than	than	ADP
fsr-3676	12	10	risky	risky	ADJ
fsr-3676	12	11	stocks	stock	NOUN
fsr-3676	12	12	in	in	ADP
fsr-3676	12	13	months	month	NOUN
fsr-3676	12	14	other	other	ADJ
fsr-3676	12	15	than	than	ADP
fsr-3676	12	16	january	january	PROPN
fsr-3676	12	17	is	be	AUX
fsr-3676	12	18	virtually	virtually	ADV
fsr-3676	12	19	zero	zero	NUM
fsr-3676	12	20	.	.	PUNCT
fsr-3676	13	1	if	if	SCONJ
fsr-3676	13	2	true	true	ADJ
fsr-3676	13	3	,	,	PUNCT
fsr-3676	13	4	the	the	DET
fsr-3676	13	5	message	message	NOUN
fsr-3676	13	6	to	to	ADP
fsr-3676	13	7	individual	individual	ADJ
fsr-3676	13	8	investors	investor	NOUN
fsr-3676	13	9	is	be	AUX
fsr-3676	13	10	clear	clear	ADJ
fsr-3676	13	11	,	,	PUNCT
fsr-3676	13	12	albeit	albeit	SCONJ
fsr-3676	13	13	surprising	surprising	ADJ
fsr-3676	13	14	.	.	PUNCT
fsr-3676	14	1	based	base	VERB
fsr-3676	14	2	on	on	ADP
fsr-3676	14	3	these	these	DET
fsr-3676	14	4	studies	study	NOUN
fsr-3676	14	5	,	,	PUNCT
fsr-3676	14	6	the	the	DET
fsr-3676	14	7	rational	rational	ADJ
fsr-3676	14	8	investor	investor	NOUN
fsr-3676	14	9	would	would	AUX
fsr-3676	14	10	invest	invest	VERB
fsr-3676	14	11	in	in	ADP
fsr-3676	14	12	common	common	ADJ
fsr-3676	14	13	stocks	stock	NOUN
fsr-3676	14	14	during	during	ADP
fsr-3676	14	15	the	the	DET
fsr-3676	14	16	month	month	NOUN
fsr-3676	14	17	of	of	ADP
fsr-3676	14	18	january	january	PROPN
fsr-3676	14	19	,	,	PUNCT
fsr-3676	14	20	then	then	ADV
fsr-3676	14	21	shift	shift	VERB
fsr-3676	14	22	funds	fund	NOUN
fsr-3676	14	23	into	into	ADP
fsr-3676	14	24	riskless	riskless	NOUN
fsr-3676	14	25	assets	asset	NOUN
fsr-3676	14	26	for	for	ADP
fsr-3676	14	27	the	the	DET
fsr-3676	14	28	remainder	remainder	NOUN
fsr-3676	14	29	of	of	ADP
fsr-3676	14	30	the	the	DET
fsr-3676	14	31	year	year	NOUN
fsr-3676	14	32	.	.	PUNCT
fsr-3676	15	1	the	the	DET
fsr-3676	15	2	validity	validity	NOUN
fsr-3676	15	3	of	of	ADP
fsr-3676	15	4	this	this	DET
fsr-3676	15	5	strategy	strategy	NOUN
fsr-3676	15	6	is	be	AUX
fsr-3676	15	7	especially	especially	ADV
fsr-3676	15	8	important	important	ADJ
fsr-3676	15	9	to	to	ADP
fsr-3676	15	10	the	the	DET
fsr-3676	15	11	individual	individual	NOUN
fsr-3676	15	12	due	due	ADP
fsr-3676	15	13	to	to	ADP
fsr-3676	15	14	transaction	transaction	NOUN
fsr-3676	15	15	costs	cost	NOUN
fsr-3676	15	16	incurred	incur	VERB
fsr-3676	15	17	during	during	ADP
fsr-3676	15	18	portfolio	portfolio	NOUN
fsr-3676	15	19	rebalancing	rebalancing	NOUN
fsr-3676	15	20	.	.	PUNCT
fsr-3676	16	1	clearly	clearly	ADV
fsr-3676	16	2	,	,	PUNCT
fsr-3676	16	3	if	if	SCONJ
fsr-3676	16	4	there	there	PRON
fsr-3676	16	5	is	be	VERB
fsr-3676	16	6	no	no	DET
fsr-3676	16	7	reward	reward	NOUN
fsr-3676	16	8	to	to	PART
fsr-3676	16	9	risk	risk	VERB
fsr-3676	16	10	outside	outside	ADP
fsr-3676	16	11	of	of	ADP
fsr-3676	16	12	january	january	PROPN
fsr-3676	16	13	,	,	PUNCT
fsr-3676	16	14	it	it	PRON
fsr-3676	16	15	is	be	AUX
fsr-3676	16	16	puzzling	puzzle	VERB
fsr-3676	16	17	that	that	SCONJ
fsr-3676	16	18	rational	rational	ADJ
fsr-3676	16	19	investors	investor	NOUN
fsr-3676	16	20	would	would	AUX
fsr-3676	16	21	choose	choose	VERB
fsr-3676	16	22	to	to	PART
fsr-3676	16	23	hold	hold	VERB
fsr-3676	16	24	stocks	stock	NOUN
fsr-3676	16	25	in	in	ADP
fsr-3676	16	26	the	the	DET
fsr-3676	16	27	remaining	remain	VERB
fsr-3676	16	28	eleven	eleven	NUM
fsr-3676	16	29	months	month	NOUN
fsr-3676	16	30	of	of	ADP
fsr-3676	16	31	the	the	DET
fsr-3676	16	32	year	year	NOUN
fsr-3676	16	33	.	.	PUNCT
fsr-3676	17	1	in	in	ADP
fsr-3676	17	2	this	this	DET
fsr-3676	17	3	paper	paper	NOUN
fsr-3676	17	4	,	,	PUNCT
fsr-3676	17	5	we	we	PRON
fsr-3676	17	6	demonstrate	demonstrate	VERB
fsr-3676	17	7	that	that	SCONJ
fsr-3676	17	8	this	this	DET
fsr-3676	17	9	conclusion	conclusion	NOUN
fsr-3676	17	10	is	be	AUX
fsr-3676	17	11	far	far	ADV
fsr-3676	17	12	too	too	ADV
fsr-3676	17	13	strong	strong	ADJ
fsr-3676	17	14	given	give	VERB
fsr-3676	17	15	existing	exist	VERB
fsr-3676	17	16	empirical	empirical	ADJ
fsr-3676	17	17	evidence	evidence	NOUN
fsr-3676	17	18	.	.	PUNCT
fsr-3676	18	1	the	the	DET
fsr-3676	18	2	most	most	ADV
fsr-3676	18	3	troubling	troubling	ADJ
fsr-3676	18	4	studies	study	NOUN
fsr-3676	18	5	are	be	AUX
fsr-3676	18	6	by	by	ADP
fsr-3676	18	7	chang	chang	PROPN
fsr-3676	18	8	and	and	CCONJ
fsr-3676	18	9	pinegar	pinegar	PROPN
fsr-3676	18	10	(	(	PUNCT
fsr-3676	18	11	1988a	1988a	NOUN
fsr-3676	18	12	and	and	CCONJ
fsr-3676	18	13	1988b	1988b	NUM
fsr-3676	18	14	)	)	PUNCT
fsr-3676	18	15	,	,	PUNCT
fsr-3676	18	16	which	which	PRON
fsr-3676	18	17	examine	examine	VERB
fsr-3676	18	18	excess	excess	ADJ
fsr-3676	18	19	monthly	monthly	ADJ
fsr-3676	18	20	returns	return	NOUN
fsr-3676	18	21	of	of	ADP
fsr-3676	18	22	long	long	ADJ
fsr-3676	18	23	-	-	PUNCT
fsr-3676	18	24	term	term	NOUN
fsr-3676	18	25	corporate	corporate	ADJ
fsr-3676	18	26	over	over	ADP
fsr-3676	18	27	government	government	NOUN
fsr-3676	18	28	bonds	bond	NOUN
fsr-3676	18	29	,	,	PUNCT
fsr-3676	18	30	stocks	stock	NOUN
fsr-3676	18	31	over	over	ADP
fsr-3676	18	32	government	government	NOUN
fsr-3676	18	33	bonds	bond	NOUN
fsr-3676	18	34	,	,	PUNCT
fsr-3676	18	35	and	and	CCONJ
fsr-3676	18	36	individual	individual	ADJ
fsr-3676	18	37	stocks	stock	NOUN
fsr-3676	18	38	over	over	ADP
fsr-3676	18	39	bonds	bond	NOUN
fsr-3676	18	40	of	of	ADP
fsr-3676	18	41	the	the	DET
fsr-3676	18	42	same	same	ADJ
fsr-3676	18	43	firm	firm	NOUN
fsr-3676	18	44	.	.	PUNCT
fsr-3676	19	1	they	they	PRON
fsr-3676	19	2	conclude	conclude	VERB
fsr-3676	19	3	that	that	SCONJ
fsr-3676	19	4	investors	investor	NOUN
fsr-3676	19	5	receive	receive	VERB
fsr-3676	19	6	no	no	DET
fsr-3676	19	7	risk	risk	NOUN
fsr-3676	19	8	premia	premia	PROPN
fsr-3676	19	9	february	february	PROPN
fsr-3676	19	10	through	through	ADP
fsr-3676	19	11	decem	decem	PROPN
fsr-3676	19	12	ber	ber	PROPN
fsr-3676	19	13	.	.	PUNCT
fsr-3676	20	1	chang	chang	PROPN
fsr-3676	20	2	and	and	CCONJ
fsr-3676	20	3	pinegar	pinegar	PROPN
fsr-3676	20	4	’s	’s	PART
fsr-3676	20	5	results	result	NOUN
fsr-3676	20	6	appear	appear	VERB
fsr-3676	20	7	especially	especially	ADV
fsr-3676	20	8	powerful	powerful	ADJ
fsr-3676	20	9	because	because	SCONJ
fsr-3676	20	10	their	their	PRON
fsr-3676	20	11	tests	test	NOUN
fsr-3676	20	12	rely	rely	VERB
fsr-3676	20	13	steven	steven	PROPN
fsr-3676	20	14	v.	v.	ADP
fsr-3676	20	15	mann	mann	PROPN
fsr-3676	20	16	l	l	PROPN
fsr-3676	20	17	college	college	PROPN
fsr-3676	20	18	of	of	ADP
fsr-3676	20	19	business	business	PROPN
fsr-3676	20	20	administration	administration	PROPN
fsr-3676	20	21	,	,	PUNCT
fsr-3676	20	22	university	university	PROPN
fsr-3676	20	23	of	of	ADP
fsr-3676	20	24	south	south	PROPN
fsr-3676	20	25	carolina	carolina	PROPN
fsr-3676	20	26	,	,	PUNCT
fsr-3676	20	27	columbia	columbia	PROPN
fsr-3676	20	28	,	,	PUNCT
fsr-3676	20	29	sc	sc	PROPN
fsr-3676	20	30	29208	29208	NUM
fsr-3676	20	31	.	.	PUNCT
fsr-3676	21	1	donald	donald	PROPN
fsr-3676	21	2	f	f	X
fsr-3676	21	3	’	'	PUNCT
fsr-3676	21	4	.	.	PUNCT
fsr-3676	22	1	solberg	solberg	PROPN
fsr-3676	22	2	l	l	PROPN
fsr-3676	22	3	federal	federal	PROPN
fsr-3676	22	4	home	home	PROPN
fsr-3676	22	5	loan	loan	NOUN
fsr-3676	22	6	mortgage	mortgage	NOUN
fsr-3676	22	7	corporation	corporation	NOUN
fsr-3676	22	8	,	,	PUNCT
fsr-3676	22	9	mclean	mclean	PROPN
fsr-3676	22	10	,	,	PUNCT
fsr-3676	22	11	va	va	PROPN
fsr-3676	22	12	22102	22102	NUM
fsr-3676	22	13	.	.	PUNCT
fsr-3676	23	1	102	102	NUM
fsr-3676	23	2	financialservicesreview,1(2	financialservicesreview,1(2	NOUN
fsr-3676	23	3	)	)	PUNCT
fsr-3676	23	4	1991	1991	NUM
fsr-3676	23	5	on	on	ADP
fsr-3676	23	6	the	the	DET
fsr-3676	23	7	least	least	ADV
fsr-3676	23	8	restrictive	restrictive	ADJ
fsr-3676	23	9	model	model	NOUN
fsr-3676	23	10	imaginable	imaginable	ADJ
fsr-3676	23	11	-	-	PUNCT
fsr-3676	23	12	that	that	SCONJ
fsr-3676	23	13	investors	investor	NOUN
fsr-3676	23	14	demand	demand	VERB
fsr-3676	23	15	incremental	incremental	ADJ
fsr-3676	23	16	returns	return	NOUN
fsr-3676	23	17	for	for	ADP
fsr-3676	23	18	taking	take	VERB
fsr-3676	23	19	greater	great	ADJ
fsr-3676	23	20	risk	risk	NOUN
fsr-3676	23	21	.	.	PUNCT
fsr-3676	24	1	our	our	PRON
fsr-3676	24	2	analysis	analysis	NOUN
fsr-3676	24	3	suggests	suggest	VERB
fsr-3676	24	4	that	that	SCONJ
fsr-3676	24	5	this	this	DET
fsr-3676	24	6	approach	approach	NOUN
fsr-3676	24	7	is	be	AUX
fsr-3676	24	8	deceptively	deceptively	ADV
fsr-3676	24	9	simple	simple	ADJ
fsr-3676	24	10	.	.	PUNCT
fsr-3676	25	1	the	the	DET
fsr-3676	25	2	test	test	NOUN
fsr-3676	25	3	of	of	ADP
fsr-3676	25	4	whether	whether	SCONJ
fsr-3676	25	5	a	a	DET
fsr-3676	25	6	risk	risk	NOUN
fsr-3676	25	7	premium	premium	NOUN
fsr-3676	25	8	differs	differ	VERB
fsr-3676	25	9	significantly	significantly	ADV
fsr-3676	25	10	from	from	ADP
fsr-3676	25	11	zero	zero	NUM
fsr-3676	25	12	is	be	AUX
fsr-3676	25	13	really	really	ADV
fsr-3676	25	14	a	a	DET
fsr-3676	25	15	test	test	NOUN
fsr-3676	25	16	of	of	ADP
fsr-3676	25	17	whether	whether	SCONJ
fsr-3676	25	18	the	the	DET
fsr-3676	25	19	average	average	ADJ
fsr-3676	25	20	risk	risk	NOUN
fsr-3676	25	21	premium	premium	NOUN
fsr-3676	25	22	is	be	AUX
fsr-3676	25	23	“	"	PUNCT
fsr-3676	25	24	large	large	ADJ
fsr-3676	25	25	”	"	PUNCT
fsr-3676	25	26	relative	relative	NOUN
fsr-3676	25	27	to	to	ADP
fsr-3676	25	28	its	its	PRON
fsr-3676	25	29	standard	standard	ADJ
fsr-3676	25	30	error	error	NOUN
fsr-3676	25	31	.	.	PUNCT
fsr-3676	26	1	this	this	DET
fsr-3676	26	2	test	test	NOUN
fsr-3676	26	3	is	be	AUX
fsr-3676	26	4	sensitive	sensitive	ADJ
fsr-3676	26	5	to	to	ADP
fsr-3676	26	6	both	both	DET
fsr-3676	26	7	the	the	DET
fsr-3676	26	8	market	market	NOUN
fsr-3676	26	9	price	price	NOUN
fsr-3676	26	10	of	of	ADP
fsr-3676	26	11	risk	risk	NOUN
fsr-3676	26	12	(	(	PUNCT
fsr-3676	26	13	which	which	PRON
fsr-3676	26	14	varies	vary	VERB
fsr-3676	26	15	over	over	ADP
fsr-3676	26	16	time	time	NOUN
fsr-3676	26	17	)	)	PUNCT
fsr-3676	26	18	and	and	CCONJ
fsr-3676	26	19	the	the	DET
fsr-3676	26	20	size	size	NOUN
fsr-3676	26	21	of	of	ADP
fsr-3676	26	22	the	the	DET
fsr-3676	26	23	return	return	NOUN
fsr-3676	26	24	sample	sample	NOUN
fsr-3676	26	25	.	.	PUNCT
fsr-3676	27	1	furthermore	furthermore	ADV
fsr-3676	27	2	,	,	PUNCT
fsr-3676	27	3	relatively	relatively	ADV
fsr-3676	27	4	minor	minor	ADJ
fsr-3676	27	5	changes	change	NOUN
fsr-3676	27	6	in	in	ADP
fsr-3676	27	7	the	the	DET
fsr-3676	27	8	research	research	NOUN
fsr-3676	27	9	question	question	NOUN
fsr-3676	27	10	can	can	AUX
fsr-3676	27	11	produce	produce	VERB
fsr-3676	27	12	the	the	DET
fsr-3676	27	13	opposite	opposite	ADJ
fsr-3676	27	14	conclusion	conclusion	NOUN
fsr-3676	27	15	.	.	PUNCT
fsr-3676	28	1	given	give	VERB
fsr-3676	28	2	these	these	DET
fsr-3676	28	3	conflicting	conflicting	ADJ
fsr-3676	28	4	results	result	NOUN
fsr-3676	28	5	,	,	PUNCT
fsr-3676	28	6	one	one	PRON
fsr-3676	28	7	must	must	AUX
fsr-3676	28	8	attempt	attempt	VERB
fsr-3676	28	9	to	to	PART
fsr-3676	28	10	make	make	VERB
fsr-3676	28	11	a	a	DET
fsr-3676	28	12	sensible	sensible	ADJ
fsr-3676	28	13	interpre	interpre	NOUN
fsr-3676	28	14	tation	tation	NOUN
fsr-3676	28	15	of	of	ADP
fsr-3676	28	16	the	the	DET
fsr-3676	28	17	available	available	ADJ
fsr-3676	28	18	evidence	evidence	NOUN
fsr-3676	28	19	.	.	PUNCT
fsr-3676	29	1	one	one	PRON
fsr-3676	29	2	could	could	AUX
fsr-3676	29	3	conclude	conclude	VERB
fsr-3676	29	4	that	that	SCONJ
fsr-3676	29	5	investors	investor	NOUN
fsr-3676	29	6	are	be	AUX
fsr-3676	29	7	irrational	irrational	ADJ
fsr-3676	29	8	and	and	CCONJ
fsr-3676	29	9	require	require	VERB
fsr-3676	29	10	compensation	compensation	NOUN
fsr-3676	29	11	for	for	ADP
fsr-3676	29	12	risk	risk	NOUN
fsr-3676	29	13	bearing	bear	VERB
fsr-3676	29	14	only	only	ADV
fsr-3676	29	15	in	in	ADP
fsr-3676	29	16	january	january	PROPN
fsr-3676	29	17	,	,	PUNCT
fsr-3676	29	18	even	even	ADV
fsr-3676	29	19	if	if	SCONJ
fsr-3676	29	20	it	it	PRON
fsr-3676	29	21	runs	run	VERB
fsr-3676	29	22	counter	counter	ADV
fsr-3676	29	23	to	to	ADP
fsr-3676	29	24	our	our	PRON
fsr-3676	29	25	intuition	intuition	NOUN
fsr-3676	29	26	.	.	PUNCT
fsr-3676	30	1	alternatively	alternatively	ADV
fsr-3676	30	2	,	,	PUNCT
fsr-3676	30	3	the	the	DET
fsr-3676	30	4	empirical	empirical	ADJ
fsr-3676	30	5	tests	test	NOUN
fsr-3676	30	6	and	and	CCONJ
fsr-3676	30	7	interpretation	interpretation	NOUN
fsr-3676	30	8	of	of	ADP
fsr-3676	30	9	these	these	DET
fsr-3676	30	10	tests	test	NOUN
fsr-3676	30	11	may	may	AUX
fsr-3676	30	12	be	be	AUX
fsr-3676	30	13	at	at	ADP
fsr-3676	30	14	fault	fault	NOUN
fsr-3676	30	15	.	.	PUNCT
fsr-3676	31	1	our	our	PRON
fsr-3676	31	2	own	own	ADJ
fsr-3676	31	3	results	result	NOUN
fsr-3676	31	4	place	place	VERB
fsr-3676	31	5	in	in	ADP
fsr-3676	31	6	doubt	doubt	NOUN
fsr-3676	31	7	the	the	DET
fsr-3676	31	8	conclusion	conclusion	NOUN
fsr-3676	31	9	that	that	SCONJ
fsr-3676	31	10	equity	equity	NOUN
fsr-3676	31	11	risk	risk	NOUN
fsr-3676	31	12	premia	premia	PROPN
fsr-3676	31	13	are	be	AUX
fsr-3676	31	14	zero	zero	NUM
fsr-3676	31	15	in	in	ADP
fsr-3676	31	16	february	february	PROPN
fsr-3676	31	17	through	through	ADP
fsr-3676	31	18	december	december	PROPN
fsr-3676	31	19	.	.	PUNCT
fsr-3676	32	1	we	we	PRON
fsr-3676	32	2	leave	leave	VERB
fsr-3676	32	3	it	it	PRON
fsr-3676	32	4	to	to	ADP
fsr-3676	32	5	the	the	DET
fsr-3676	32	6	reader	reader	NOUN
fsr-3676	32	7	to	to	PART
fsr-3676	32	8	decide	decide	VERB
fsr-3676	32	9	if	if	SCONJ
fsr-3676	32	10	investors	investor	NOUN
fsr-3676	32	11	are	be	AUX
fsr-3676	32	12	irrational	irrational	ADJ
fsr-3676	32	13	for	for	ADP
fsr-3676	32	14	holding	hold	VERB
fsr-3676	32	15	equity	equity	NOUN
fsr-3676	32	16	in	in	ADP
fsr-3676	32	17	non	non	ADJ
fsr-3676	32	18	-	-	ADJ
fsr-3676	32	19	january	january	ADJ
fsr-3676	32	20	months	month	NOUN
fsr-3676	32	21	.	.	PUNCT
fsr-3676	33	1	data	datum	NOUN
fsr-3676	33	2	we	we	PRON
fsr-3676	33	3	examine	examine	VERB
fsr-3676	33	4	excess	excess	ADJ
fsr-3676	33	5	returns	return	NOUN
fsr-3676	33	6	for	for	ADP
fsr-3676	33	7	bearing	bear	VERB
fsr-3676	33	8	risk	risk	NOUN
fsr-3676	33	9	with	with	ADP
fsr-3676	33	10	two	two	NUM
fsr-3676	33	11	equity	equity	NOUN
fsr-3676	33	12	portfolios	portfolio	NOUN
fsr-3676	33	13	.	.	PUNCT
fsr-3676	34	1	the	the	DET
fsr-3676	34	2	first	first	ADJ
fsr-3676	34	3	,	,	PUNCT
fsr-3676	34	4	common	common	ADJ
fsr-3676	34	5	,	,	PUNCT
fsr-3676	34	6	is	be	AUX
fsr-3676	34	7	the	the	DET
fsr-3676	34	8	standard	standard	ADJ
fsr-3676	34	9	and	and	CCONJ
fsr-3676	34	10	poor	poor	ADJ
fsr-3676	34	11	’s	’s	PART
fsr-3676	34	12	composite	composite	ADJ
fsr-3676	34	13	index	index	NOUN
fsr-3676	34	14	.	.	PUNCT
fsr-3676	35	1	the	the	DET
fsr-3676	35	2	risk	risk	NOUN
fsr-3676	35	3	premium	premium	NOUN
fsr-3676	35	4	is	be	AUX
fsr-3676	35	5	the	the	DET
fsr-3676	35	6	difference	difference	NOUN
fsr-3676	35	7	between	between	ADP
fsr-3676	35	8	monthly	monthly	ADJ
fsr-3676	35	9	returns	return	NOUN
fsr-3676	35	10	on	on	ADP
fsr-3676	35	11	this	this	DET
fsr-3676	35	12	index	index	NOUN
fsr-3676	35	13	and	and	CCONJ
fsr-3676	35	14	returns	return	NOUN
fsr-3676	35	15	on	on	ADP
fsr-3676	35	16	one	one	NUM
fsr-3676	35	17	-	-	PUNCT
fsr-3676	35	18	month	month	NOUN
fsr-3676	35	19	treasury	treasury	NOUN
fsr-3676	35	20	bills	bill	NOUN
fsr-3676	35	21	.	.	PUNCT
fsr-3676	36	1	the	the	DET
fsr-3676	36	2	second	second	ADJ
fsr-3676	36	3	portfolio	portfolio	NOUN
fsr-3676	36	4	,	,	PUNCT
fsr-3676	36	5	small	small	ADJ
fsr-3676	36	6	,	,	PUNCT
fsr-3676	36	7	is	be	AUX
fsr-3676	36	8	a	a	DET
fsr-3676	36	9	value	value	NOUN
fsr-3676	36	10	-	-	PUNCT
fsr-3676	36	11	weighted	weight	VERB
fsr-3676	36	12	portfolio	portfolio	NOUN
fsr-3676	36	13	of	of	ADP
fsr-3676	36	14	the	the	DET
fsr-3676	36	15	smallest	small	ADJ
fsr-3676	36	16	quintile	quintile	NOUN
fsr-3676	36	17	stocks	stock	NOUN
fsr-3676	36	18	in	in	ADP
fsr-3676	36	19	terms	term	NOUN
fsr-3676	36	20	of	of	ADP
fsr-3676	36	21	market	market	NOUN
fsr-3676	36	22	value	value	NOUN
fsr-3676	36	23	on	on	ADP
fsr-3676	36	24	the	the	DET
fsr-3676	36	25	new	new	PROPN
fsr-3676	36	26	york	york	PROPN
fsr-3676	36	27	stock	stock	PROPN
fsr-3676	36	28	exchange	exchange	PROPN
fsr-3676	36	29	.	.	PUNCT
fsr-3676	37	1	*	*	PUNCT
fsr-3676	37	2	similarly	similarly	ADV
fsr-3676	37	3	,	,	PUNCT
fsr-3676	37	4	the	the	DET
fsr-3676	37	5	risk	risk	NOUN
fsr-3676	37	6	premium	premium	NOUN
fsr-3676	37	7	is	be	AUX
fsr-3676	37	8	monthly	monthly	ADJ
fsr-3676	37	9	returns	return	NOUN
fsr-3676	37	10	on	on	ADP
fsr-3676	37	11	this	this	DET
fsr-3676	37	12	portfolio	portfolio	NOUN
fsr-3676	37	13	less	less	ADJ
fsr-3676	37	14	returns	return	NOUN
fsr-3676	37	15	on	on	ADP
fsr-3676	37	16	one	one	NUM
fsr-3676	37	17	month	month	NOUN
fsr-3676	37	18	treasury	treasury	NOUN
fsr-3676	37	19	bills	bill	NOUN
fsr-3676	37	20	.	.	PUNCT
fsr-3676	38	1	return	return	NOUN
fsr-3676	38	2	series	series	NOUN
fsr-3676	38	3	for	for	ADP
fsr-3676	38	4	these	these	DET
fsr-3676	38	5	portfolios	portfolio	NOUN
fsr-3676	38	6	are	be	AUX
fsr-3676	38	7	taken	take	VERB
fsr-3676	38	8	from	from	ADP
fsr-3676	38	9	the	the	DET
fsr-3676	38	10	stocks	stock	NOUN
fsr-3676	38	11	,	,	PUNCT
fsr-3676	38	12	bonds	bond	NOUN
fsr-3676	38	13	,	,	PUNCT
fsr-3676	38	14	bills	bill	NOUN
fsr-3676	38	15	and	and	CCONJ
fsr-3676	38	16	inflation	inflation	NOUN
fsr-3676	38	17	1989	1989	NUM
fsr-3676	38	18	yearbook.3	yearbook.3	PROPN
fsr-3676	38	19	empiricalresults	empiricalresult	NOUN
fsr-3676	38	20	table	table	VERB
fsr-3676	38	21	1	1	NUM
fsr-3676	38	22	presents	present	NOUN
fsr-3676	38	23	average	average	ADJ
fsr-3676	38	24	risk	risk	NOUN
fsr-3676	38	25	premia	premia	NOUN
fsr-3676	38	26	and	and	CCONJ
fsr-3676	38	27	their	their	PRON
fsr-3676	38	28	standard	standard	ADJ
fsr-3676	38	29	deviations	deviation	NOUN
fsr-3676	38	30	for	for	ADP
fsr-3676	38	31	each	each	DET
fsr-3676	38	32	month	month	NOUN
fsr-3676	38	33	over	over	ADP
fsr-3676	38	34	the	the	DET
fsr-3676	38	35	period	period	NOUN
fsr-3676	38	36	1926	1926	NUM
fsr-3676	38	37	-	-	SYM
fsr-3676	38	38	1988	1988	NUM
fsr-3676	38	39	.	.	PUNCT
fsr-3676	39	1	table	table	NOUN
fsr-3676	39	2	1	1	NUM
fsr-3676	39	3	also	also	ADV
fsr-3676	39	4	presents	present	VERB
fsr-3676	39	5	t	t	PROPN
fsr-3676	39	6	-	-	PUNCT
fsr-3676	39	7	statistics	statistic	NOUN
fsr-3676	39	8	for	for	ADP
fsr-3676	39	9	the	the	DET
fsr-3676	39	10	null	null	ADJ
fsr-3676	39	11	hypothesis	hypothesis	NOUN
fsr-3676	39	12	that	that	PRON
fsr-3676	39	13	mean	mean	VERB
fsr-3676	39	14	monthly	monthly	ADJ
fsr-3676	39	15	risk	risk	NOUN
fsr-3676	39	16	premia	premia	NOUN
fsr-3676	39	17	are	be	AUX
fsr-3676	39	18	zero	zero	NUM
fsr-3676	39	19	using	use	VERB
fsr-3676	39	20	a	a	DET
fsr-3676	39	21	one	one	NUM
fsr-3676	39	22	-	-	PUNCT
fsr-3676	39	23	tail	tail	NOUN
fsr-3676	39	24	test	test	NOUN
fsr-3676	39	25	.	.	PUNCT
fsr-3676	40	1	statistical	statistical	ADJ
fsr-3676	40	2	significance	significance	NOUN
fsr-3676	40	3	at	at	ADP
fsr-3676	40	4	the	the	DET
fsr-3676	40	5	five	five	NUM
fsr-3676	40	6	percent	percent	NOUN
fsr-3676	40	7	level	level	NOUN
fsr-3676	40	8	requires	require	VERB
fsr-3676	40	9	t	t	PROPN
fsr-3676	40	10	-	-	PUNCT
fsr-3676	40	11	statistics	statistic	NOUN
fsr-3676	40	12	of	of	ADP
fsr-3676	40	13	at	at	ADV
fsr-3676	40	14	least	least	ADV
fsr-3676	40	15	1.645	1.645	NUM
fsr-3676	40	16	.	.	PUNCT
fsr-3676	41	1	while	while	SCONJ
fsr-3676	41	2	january	january	PROPN
fsr-3676	41	3	returns	return	NOUN
fsr-3676	41	4	safely	safely	ADV
fsr-3676	41	5	meet	meet	VERB
fsr-3676	41	6	this	this	DET
fsr-3676	41	7	benchmark	benchmark	NOUN
fsr-3676	41	8	,	,	PUNCT
fsr-3676	41	9	the	the	DET
fsr-3676	41	10	other	other	ADJ
fsr-3676	41	11	months	month	NOUN
fsr-3676	41	12	meet	meet	VERB
fsr-3676	41	13	the	the	DET
fsr-3676	41	14	standard	standard	NOUN
fsr-3676	41	15	infrequently	infrequently	ADV
fsr-3676	41	16	.	.	PUNCT
fsr-3676	42	1	generally	generally	ADV
fsr-3676	42	2	,	,	PUNCT
fsr-3676	42	3	the	the	DET
fsr-3676	42	4	results	result	NOUN
fsr-3676	42	5	of	of	ADP
fsr-3676	42	6	table	table	NOUN
fsr-3676	42	7	1	1	NUM
fsr-3676	42	8	are	be	AUX
fsr-3676	42	9	similar	similar	ADJ
fsr-3676	42	10	to	to	ADP
fsr-3676	42	11	those	those	PRON
fsr-3676	42	12	reported	report	VERB
fsr-3676	42	13	in	in	ADP
fsr-3676	42	14	other	other	ADJ
fsr-3676	42	15	studies	study	NOUN
fsr-3676	42	16	.	.	PUNCT
fsr-3676	43	1	although	although	SCONJ
fsr-3676	43	2	the	the	DET
fsr-3676	43	3	methodology	methodology	NOUN
fsr-3676	43	4	in	in	ADP
fsr-3676	43	5	these	these	DET
fsr-3676	43	6	tests	test	NOUN
fsr-3676	43	7	appears	appear	VERB
fsr-3676	43	8	straightforward	straightforward	ADJ
fsr-3676	43	9	,	,	PUNCT
fsr-3676	43	10	similar	similar	ADJ
fsr-3676	43	11	statistical	statistical	ADJ
fsr-3676	43	12	tests	test	NOUN
fsr-3676	43	13	can	can	AUX
fsr-3676	43	14	produce	produce	VERB
fsr-3676	43	15	widely	widely	ADV
fsr-3676	43	16	differing	differing	ADJ
fsr-3676	43	17	conclusions	conclusion	NOUN
fsr-3676	43	18	.	.	PUNCT
fsr-3676	44	1	we	we	PRON
fsr-3676	44	2	use	use	VERB
fsr-3676	44	3	two	two	NUM
fsr-3676	44	4	different	different	ADJ
fsr-3676	44	5	approaches	approach	NOUN
fsr-3676	44	6	.	.	PUNCT
fsr-3676	45	1	the	the	DET
fsr-3676	45	2	first	first	ADJ
fsr-3676	45	3	examines	examine	VERB
fsr-3676	45	4	the	the	DET
fsr-3676	45	5	question	question	NOUN
fsr-3676	45	6	:	:	PUNCT
fsr-3676	45	7	are	be	AUX
fsr-3676	45	8	monthly	monthly	ADJ
fsr-3676	45	9	risk	risk	NOUN
fsr-3676	45	10	premia	premia	NOUN
fsr-3676	45	11	positive	positive	ADJ
fsr-3676	45	12	if	if	SCONJ
fsr-3676	45	13	we	we	PRON
fsr-3676	45	14	pool	pool	VERB
fsr-3676	45	15	the	the	DET
fsr-3676	45	16	eleven	eleven	NUM
fsr-3676	45	17	monthly	monthly	ADJ
fsr-3676	45	18	risk	risk	NOUN
fsr-3676	45	19	premia	premia	NOUN
fsr-3676	45	20	for	for	ADP
fsr-3676	45	21	all	all	DET
fsr-3676	45	22	non	non	ADJ
fsr-3676	45	23	-	-	ADJ
fsr-3676	45	24	january	january	ADJ
fsr-3676	45	25	months	month	NOUN
fsr-3676	45	26	into	into	ADP
fsr-3676	45	27	a	a	DET
fsr-3676	45	28	single	single	ADJ
fsr-3676	45	29	sample	sample	NOUN
fsr-3676	45	30	?	?	PUNCT
fsr-3676	46	1	this	this	DET
fsr-3676	46	2	method	method	NOUN
fsr-3676	46	3	increases	increase	VERB
fsr-3676	46	4	the	the	DET
fsr-3676	46	5	number	number	NOUN
fsr-3676	46	6	of	of	ADP
fsr-3676	46	7	observations	observation	NOUN
fsr-3676	46	8	in	in	ADP
fsr-3676	46	9	the	the	DET
fsr-3676	46	10	test	test	NOUN
fsr-3676	46	11	and	and	CCONJ
fsr-3676	46	12	increases	increase	VERB
fsr-3676	46	13	the	the	DET
fsr-3676	46	14	precision	precision	NOUN
fsr-3676	46	15	of	of	ADP
fsr-3676	46	16	the	the	DET
fsr-3676	46	17	sample	sample	NOUN
fsr-3676	46	18	estimates	estimate	VERB
fsr-3676	46	19	accordingly	accordingly	ADV
fsr-3676	46	20	.	.	PUNCT
fsr-3676	47	1	furthermore	furthermore	ADV
fsr-3676	47	2	,	,	PUNCT
fsr-3676	47	3	this	this	DET
fsr-3676	47	4	test	test	NOUN
fsr-3676	47	5	answers	answer	NOUN
fsr-3676	47	6	should	should	AUX
fsr-3676	47	7	individual	individual	ADJ
fsr-3676	47	8	investors	investor	NOUN
fsr-3676	47	9	avoid	avoid	VERB
fsr-3676	47	10	the	the	DET
fsr-3676	47	11	stock	stock	NOUN
fsr-3676	47	12	market	market	NOUN
fsr-3676	47	13	outside	outside	ADP
fsr-3676	47	14	of	of	ADP
fsr-3676	47	15	january	january	PROPN
fsr-3676	47	16	?	?	PUNCT
fsr-3676	48	1	103	103	NUM
fsr-3676	48	2	table	table	NOUN
fsr-3676	48	3	1	1	NUM
fsr-3676	48	4	.	.	PUNCT
fsr-3676	48	5	summary	summary	NOUN
fsr-3676	48	6	measures	measure	NOUN
fsr-3676	48	7	for	for	ADP
fsr-3676	48	8	the	the	DET
fsr-3676	48	9	individual	individual	ADJ
fsr-3676	48	10	monthly	monthly	ADJ
fsr-3676	48	11	risk	risk	NOUN
fsr-3676	48	12	premia	premia	NOUN
fsr-3676	48	13	(	(	PUNCT
fsr-3676	48	14	sample	sample	NOUN
fsr-3676	48	15	period	period	NOUN
fsr-3676	48	16	:	:	PUNCT
fsr-3676	48	17	1926	1926	NUM
fsr-3676	48	18	-	-	SYM
fsr-3676	48	19	1988	1988	NUM
fsr-3676	48	20	)	)	PUNCT
fsr-3676	48	21	jan	jan	PROPN
fsr-3676	48	22	feb	feb	PROPN
fsr-3676	48	23	mar	mar	PROPN
fsr-3676	48	24	apr	apr	PROPN
fsr-3676	49	1	may	may	PROPN
fsr-3676	49	2	jun	jun	PROPN
fsr-3676	49	3	jul	jul	PROPN
fsr-3676	50	1	aw	aw	INTJ
fsr-3676	50	2	scp	scp	PROPN
fsr-3676	50	3	ott	ott	PROPN
fsr-3676	50	4	nov	nov	PROPN
fsr-3676	50	5	dee	dee	PROPN
fsr-3676	50	6	arithmetic	arithmetic	PROPN
fsr-3676	50	7	mean	mean	PROPN
fsr-3676	50	8	0.014	0.014	NUM
fsr-3676	50	9	0.002	0.002	NUM
fsr-3676	50	10	0.001	0.001	NUM
fsr-3676	50	11	0.011	0.011	NUM
fsr-3676	50	12	-0.00	-0.00	NUM
fsr-3676	50	13	1	1	NUM
fsr-3676	50	14	0.012	0.012	NUM
fsr-3676	50	15	0.011	0.011	NUM
fsr-3676	50	16	0.018	0.018	NUM
fsr-3676	50	17	-0.012	-0.012	NUM
fsr-3676	50	18	-0.002	-0.002	PUNCT
fsr-3676	50	19	0.010	0.010	NUM
fsr-3676	50	20	0.013	0.013	NUM
fsr-3676	50	21	cowllllotl	cowllllotl	NOUN
fsr-3676	50	22	standard	standard	PROPN
fsr-3676	50	23	deviution	deviution	NOUN
fsr-3676	50	24	0.049	0.049	NUM
fsr-3676	50	25	0.043	0.043	NUM
fsr-3676	50	26	0.054	0.054	NUM
fsr-3676	50	27	0.015	0.015	NUM
fsr-3676	50	28	0.062	0.062	NUM
fsr-3676	50	29	0.059	0.059	NUM
fsr-3676	50	30	0.068	0.068	NUM
fsr-3676	50	31	0.066	0.066	NUM
fsr-3676	50	32	0.063	0.063	NUM
fsr-3676	50	33	0.065	0.065	NUM
fsr-3676	50	34	0.054	0.054	NUM
fsr-3676	50	35	0.038	0.038	NUM
fsr-3676	50	36	tarithmetic	tarithmetic	ADJ
fsr-3676	50	37	statistic	statistic	NOUN
fsr-3676	50	38	mean	mean	NOUN
fsr-3676	50	39	2.19	2.19	NUM
fsr-3676	50	40	0.068	0.068	NUM
fsr-3676	50	41	0.43	0.43	NUM
fsr-3676	50	42	0.014	0.014	NUM
fsr-3676	50	43	0.09	0.09	NUM
fsr-3676	50	44	-0.001	-0.001	NUM
fsr-3676	50	45	1.12	1.12	NUM
fsr-3676	50	46	0.010	0.010	NUM
fsr-3676	50	47	-0.14	-0.14	PRON
fsr-3676	50	48	-0.001	-0.001	PUNCT
fsr-3676	50	49	1.68	1.68	NUM
fsr-3676	50	50	0.009	0.009	NUM
fsr-3676	50	51	2.00	2.00	NUM
fsr-3676	50	52	0.022	0.022	NUM
fsr-3676	50	53	2.15	2.15	NUM
fsr-3676	50	54	0.011	0.011	NUM
fsr-3676	50	55	-1.55	-1.55	NOUN
fsr-3676	50	56	-0.010	-0.010	PUNCT
fsr-3676	50	57	-0.23	-0.23	X
fsr-3676	50	58	-0.013	-0.013	PUNCT
fsr-3676	50	59	1.47	1.47	NUM
fsr-3676	50	60	0.009	0.009	NUM
fsr-3676	50	61	2.64	2.64	NUM
fsr-3676	50	62	0.006	0.006	NUM
fsr-3676	50	63	small	small	ADJ
fsr-3676	50	64	standard	standard	ADJ
fsr-3676	50	65	deviation	deviation	NOUN
fsr-3676	50	66	0.091	0.091	NUM
fsr-3676	50	67	0.064	0.064	NUM
fsr-3676	50	68	0.083	0.083	NUM
fsr-3676	50	69	0.103	0.103	NUM
fsr-3676	50	70	0.112	0.112	NUM
fsr-3676	50	71	0.085	0.085	NUM
fsr-3676	50	72	0.086	0.086	NUM
fsr-3676	50	73	0.108	0.108	NUM
fsr-3676	50	74	0.102	0.102	NUM
fsr-3676	50	75	0.088	0.088	NUM
fsr-3676	50	76	0.014	0.014	NUM
fsr-3676	50	77	0.064	0.064	NUM
fsr-3676	50	78	t	t	PROPN
fsr-3676	50	79	statistic	statistic	NOUN
fsr-3676	50	80	5.93	5.93	NUM
fsr-3676	50	81	1.14	1.14	NUM
fsr-3676	50	82	-0.14	-0.14	NUM
fsr-3676	50	83	0.11	0.11	NUM
fsr-3676	50	84	-0.04	-0.04	NUM
fsr-3676	50	85	0.82	0.82	NUM
fsr-3676	50	86	2.01	2.01	NUM
fsr-3676	50	87	1.28	1.28	NUM
fsr-3676	50	88	-0.80	-0.80	NOUN
fsr-3676	50	89	-1.11	-1.11	PROPN
fsr-3676	50	90	0.95	0.95	NUM
fsr-3676	50	91	0.11	0.11	NUM
fsr-3676	50	92	table	table	NOUN
fsr-3676	50	93	2	2	NUM
fsr-3676	50	94	.	.	PUNCT
fsr-3676	50	95	summary	summary	NOUN
fsr-3676	50	96	measures	measure	NOUN
fsr-3676	50	97	for	for	ADP
fsr-3676	50	98	the	the	DET
fsr-3676	50	99	monthly	monthly	ADJ
fsr-3676	50	100	non	non	ADJ
fsr-3676	50	101	-	-	ADJ
fsr-3676	50	102	january	january	ADJ
fsr-3676	50	103	risk	risk	NOUN
fsr-3676	50	104	premia	premia	PROPN
fsr-3676	50	105	(	(	PUNCT
fsr-3676	50	106	sample	sample	NOUN
fsr-3676	50	107	period	period	NOUN
fsr-3676	50	108	:	:	PUNCT
fsr-3676	50	109	1926	1926	NUM
fsr-3676	50	110	-	-	SYM
fsr-3676	50	111	1988	1988	NUM
fsr-3676	50	112	)	)	PUNCT
fsr-3676	50	113	portfolio	portfolio	NOUN
fsr-3676	50	114	arithmetic	arithmetic	ADJ
fsr-3676	50	115	standard	standard	PROPN
fsr-3676	51	1	mean	mean	VERB
fsr-3676	51	2	deviation	deviation	NOUN
fsr-3676	51	3	t	t	NOUN
fsr-3676	51	4	-	-	PUNCT
fsr-3676	51	5	statistic	statistic	ADJ
fsr-3676	51	6	common	common	ADJ
fsr-3676	51	7	-	-	PUNCT
fsr-3676	51	8	bills	bill	NOUN
fsr-3676	51	9	0.0062	0.0062	NUM
fsr-3676	51	10	0.0599	0.0599	NUM
fsr-3676	51	11	2.72	2.72	NUM
fsr-3676	51	12	small	small	ADJ
fsr-3676	51	13	-	-	PUNCT
fsr-3676	51	14	bills	bill	NOUN
fsr-3676	51	15	0.0056	0.0056	NUM
fsr-3676	51	16	0.0895	0.0895	NUM
fsr-3676	51	17	1.64	1.64	NUM
fsr-3676	51	18	table	table	NOUN
fsr-3676	51	19	3	3	NUM
fsr-3676	51	20	.	.	PUNCT
fsr-3676	52	1	summary	summary	NOUN
fsr-3676	52	2	measures	measure	NOUN
fsr-3676	52	3	for	for	ADP
fsr-3676	52	4	the	the	DET
fsr-3676	52	5	eleven	eleven	NUM
fsr-3676	52	6	month	month	NOUN
fsr-3676	52	7	february	february	PROPN
fsr-3676	52	8	-	-	PUNCT
fsr-3676	52	9	december	december	PROPN
fsr-3676	52	10	risk	risk	NOUN
fsr-3676	52	11	premia	premia	NOUN
fsr-3676	52	12	(	(	PUNCT
fsr-3676	52	13	sample	sample	NOUN
fsr-3676	52	14	period	period	NOUN
fsr-3676	52	15	:	:	PUNCT
fsr-3676	52	16	1926	1926	NUM
fsr-3676	52	17	-	-	SYM
fsr-3676	52	18	1988	1988	NUM
fsr-3676	52	19	)	)	PUNCT
fsr-3676	52	20	portfolio	portfolio	NOUN
fsr-3676	52	21	arithmetic	arithmetic	ADJ
fsr-3676	52	22	standard	standard	PROPN
fsr-3676	52	23	mean	mean	VERB
fsr-3676	52	24	deviation	deviation	NOUN
fsr-3676	52	25	t	t	NOUN
fsr-3676	52	26	-	-	PUNCT
fsr-3676	52	27	statistic	statistic	ADJ
fsr-3676	52	28	common	common	ADJ
fsr-3676	52	29	-	-	PUNCT
fsr-3676	52	30	bills	bill	NOUN
fsr-3676	52	31	0.070	0.070	NUM
fsr-3676	52	32	0.203	0.203	NUM
fsr-3676	52	33	2.14	2.14	NUM
fsr-3676	52	34	small	small	ADJ
fsr-3676	52	35	-	-	PUNCT
fsr-3676	52	36	bills	bill	NOUN
fsr-3676	52	37	0.068	0.068	NUM
fsr-3676	52	38	0.327	0.327	NUM
fsr-3676	52	39	1.66	1.66	NUM
fsr-3676	52	40	104	104	NUM
fsr-3676	52	41	financial	financial	ADJ
fsr-3676	52	42	services	service	NOUN
fsr-3676	52	43	review	review	NOUN
fsr-3676	52	44	,	,	PUNCT
fsr-3676	52	45	l(2	l(2	PROPN
fsr-3676	52	46	)	)	PUNCT
fsr-3676	52	47	1991	1991	NUM
fsr-3676	52	48	more	more	ADV
fsr-3676	52	49	directly	directly	ADV
fsr-3676	52	50	the	the	DET
fsr-3676	52	51	question	question	NOUN
fsr-3676	52	52	of	of	ADP
fsr-3676	52	53	whether	whether	SCONJ
fsr-3676	52	54	risk	risk	NOUN
fsr-3676	52	55	premia	premia	NOUN
fsr-3676	52	56	are	be	AUX
fsr-3676	52	57	positive	positive	ADJ
fsr-3676	52	58	on	on	ADP
fsr-3676	52	59	average	average	ADJ
fsr-3676	52	60	over	over	ADP
fsr-3676	52	61	all	all	DET
fsr-3676	52	62	non	non	ADJ
fsr-3676	52	63	-	-	ADJ
fsr-3676	52	64	january	january	ADJ
fsr-3676	52	65	months	month	NOUN
fsr-3676	52	66	.	.	PUNCT
fsr-3676	53	1	table	table	NOUN
fsr-3676	53	2	2	2	NUM
fsr-3676	53	3	presents	present	NOUN
fsr-3676	53	4	means	mean	NOUN
fsr-3676	53	5	and	and	CCONJ
fsr-3676	53	6	standard	standard	ADJ
fsr-3676	53	7	deviations	deviation	NOUN
fsr-3676	53	8	for	for	ADP
fsr-3676	53	9	monthly	monthly	ADJ
fsr-3676	53	10	non	non	ADJ
fsr-3676	53	11	-	-	ADJ
fsr-3676	53	12	january	january	ADJ
fsr-3676	53	13	risk	risk	NOUN
fsr-3676	53	14	premia	premia	NOUN
fsr-3676	53	15	of	of	ADP
fsr-3676	53	16	our	our	PRON
fsr-3676	53	17	two	two	NUM
fsr-3676	53	18	equity	equity	NOUN
fsr-3676	53	19	portfolios	portfolio	NOUN
fsr-3676	53	20	.	.	PUNCT
fsr-3676	54	1	utilizing	utilize	VERB
fsr-3676	54	2	a	a	DET
fsr-3676	54	3	one	one	NUM
fsr-3676	54	4	-	-	PUNCT
fsr-3676	54	5	tail	tail	NOUN
fsr-3676	54	6	test	test	NOUN
fsr-3676	54	7	,	,	PUNCT
fsr-3676	54	8	table	table	NOUN
fsr-3676	54	9	2	2	NUM
fsr-3676	54	10	also	also	ADV
fsr-3676	54	11	presents	present	VERB
fsr-3676	54	12	t	t	NOUN
fsr-3676	54	13	statistics	statistic	NOUN
fsr-3676	54	14	for	for	ADP
fsr-3676	54	15	the	the	DET
fsr-3676	54	16	null	null	ADJ
fsr-3676	54	17	hypothesis	hypothesis	NOUN
fsr-3676	54	18	that	that	PRON
fsr-3676	54	19	mean	mean	VERB
fsr-3676	54	20	risk	risk	NOUN
fsr-3676	54	21	premia	premia	PROPN
fsr-3676	54	22	are	be	AUX
fsr-3676	54	23	zero	zero	NUM
fsr-3676	54	24	.	.	PUNCT
fsr-3676	55	1	the	the	DET
fsr-3676	55	2	mean	mean	ADJ
fsr-3676	55	3	risk	risk	NOUN
fsr-3676	55	4	premia	premia	NOUN
fsr-3676	55	5	for	for	ADP
fsr-3676	55	6	the	the	DET
fsr-3676	55	7	common	common	ADJ
fsr-3676	55	8	and	and	CCONJ
fsr-3676	55	9	small	small	ADJ
fsr-3676	55	10	equity	equity	NOUN
fsr-3676	55	11	portfolios	portfolio	NOUN
fsr-3676	55	12	are	be	AUX
fsr-3676	55	13	.62	.62	NUM
fsr-3676	55	14	%	%	NOUN
fsr-3676	55	15	and	and	CCONJ
fsr-3676	55	16	.56	.56	NUM
fsr-3676	55	17	%	%	NOUN
fsr-3676	55	18	,	,	PUNCT
fsr-3676	55	19	respec	respec	VERB
fsr-3676	55	20	tively	tively	ADV
fsr-3676	55	21	;	;	PUNCT
fsr-3676	55	22	they	they	PRON
fsr-3676	55	23	are	be	AUX
fsr-3676	55	24	positive	positive	ADJ
fsr-3676	55	25	and	and	CCONJ
fsr-3676	55	26	statistically	statistically	ADV
fsr-3676	55	27	significant	significant	ADJ
fsr-3676	55	28	at	at	ADP
fsr-3676	55	29	conventional	conventional	ADJ
fsr-3676	55	30	levels	level	NOUN
fsr-3676	55	31	.	.	PUNCT
fsr-3676	56	1	contrary	contrary	ADJ
fsr-3676	56	2	to	to	ADP
fsr-3676	56	3	the	the	DET
fsr-3676	56	4	findings	finding	NOUN
fsr-3676	56	5	of	of	ADP
fsr-3676	56	6	chang	chang	PROPN
fsr-3676	56	7	and	and	CCONJ
fsr-3676	56	8	pinegar	pinegar	PROPN
fsr-3676	56	9	and	and	CCONJ
fsr-3676	56	10	others	other	NOUN
fsr-3676	56	11	,	,	PUNCT
fsr-3676	56	12	these	these	DET
fsr-3676	56	13	results	result	NOUN
fsr-3676	56	14	suggest	suggest	VERB
fsr-3676	56	15	that	that	SCONJ
fsr-3676	56	16	equity	equity	NOUN
fsr-3676	56	17	investors	investor	NOUN
fsr-3676	56	18	are	be	AUX
fsr-3676	56	19	rewarded	reward	VERB
fsr-3676	56	20	on	on	ADP
fsr-3676	56	21	average	average	ADJ
fsr-3676	56	22	for	for	ADP
fsr-3676	56	23	bearing	bear	VERB
fsr-3676	56	24	risk	risk	NOUN
fsr-3676	56	25	in	in	ADP
fsr-3676	56	26	non	non	ADJ
fsr-3676	56	27	-	-	ADJ
fsr-3676	56	28	january	january	ADJ
fsr-3676	56	29	months	month	NOUN
fsr-3676	56	30	.	.	PUNCT
fsr-3676	57	1	a	a	DET
fsr-3676	57	2	second	second	ADJ
fsr-3676	57	3	set	set	NOUN
fsr-3676	57	4	of	of	ADP
fsr-3676	57	5	tests	test	NOUN
fsr-3676	57	6	asks	ask	VERB
fsr-3676	57	7	if	if	SCONJ
fsr-3676	57	8	investors	investor	NOUN
fsr-3676	57	9	are	be	AUX
fsr-3676	57	10	rewarded	reward	VERB
fsr-3676	57	11	for	for	ADP
fsr-3676	57	12	risk	risk	NOUN
fsr-3676	57	13	bearing	bear	VERB
fsr-3676	57	14	over	over	ADP
fsr-3676	57	15	eleven	eleven	NUM
fsr-3676	57	16	month	month	NOUN
fsr-3676	57	17	holding	hold	VERB
fsr-3676	57	18	periods	period	NOUN
fsr-3676	57	19	,	,	PUNCT
fsr-3676	57	20	february	february	PROPN
fsr-3676	57	21	through	through	ADP
fsr-3676	57	22	december	december	PROPN
fsr-3676	57	23	.	.	PUNCT
fsr-3676	58	1	a	a	DET
fsr-3676	58	2	series	series	NOUN
fsr-3676	58	3	of	of	ADP
fsr-3676	58	4	eleven	eleven	NUM
fsr-3676	58	5	-	-	PUNCT
fsr-3676	58	6	month	month	NOUN
fsr-3676	58	7	returns	return	NOUN
fsr-3676	58	8	are	be	AUX
fsr-3676	58	9	computed	compute	VERB
fsr-3676	58	10	for	for	ADP
fsr-3676	58	11	the	the	DET
fsr-3676	58	12	equity	equity	NOUN
fsr-3676	58	13	portfolios	portfolio	NOUN
fsr-3676	58	14	for	for	ADP
fsr-3676	58	15	each	each	DET
fsr-3676	58	16	year	year	NOUN
fsr-3676	58	17	1926	1926	NUM
fsr-3676	58	18	-	-	SYM
fsr-3676	58	19	1988.4	1988.4	NUM
fsr-3676	58	20	returns	return	NOUN
fsr-3676	58	21	for	for	ADP
fsr-3676	58	22	investing	invest	VERB
fsr-3676	58	23	in	in	ADP
fsr-3676	58	24	the	the	DET
fsr-3676	58	25	corresponding	corresponding	ADJ
fsr-3676	58	26	series	series	NOUN
fsr-3676	58	27	of	of	ADP
fsr-3676	58	28	eleven	eleven	NUM
fsr-3676	58	29	one	one	NUM
fsr-3676	58	30	-	-	PUNCT
fsr-3676	58	31	month	month	NOUN
fsr-3676	58	32	treasury	treasury	NOUN
fsr-3676	58	33	bills	bill	NOUN
fsr-3676	58	34	are	be	AUX
fsr-3676	58	35	also	also	ADV
fsr-3676	58	36	computed	compute	VERB
fsr-3676	58	37	.	.	PUNCT
fsr-3676	59	1	finally	finally	ADV
fsr-3676	59	2	,	,	PUNCT
fsr-3676	59	3	we	we	PRON
fsr-3676	59	4	compute	compute	VERB
fsr-3676	59	5	mean	mean	VERB
fsr-3676	59	6	differences	difference	NOUN
fsr-3676	59	7	between	between	ADP
fsr-3676	59	8	equity	equity	NOUN
fsr-3676	59	9	returns	return	NOUN
fsr-3676	59	10	and	and	CCONJ
fsr-3676	59	11	trea	trea	PROPN
fsr-3676	59	12	sury	sury	NOUN
fsr-3676	59	13	bill	bill	NOUN
fsr-3676	59	14	returns	return	VERB
fsr-3676	59	15	over	over	ADP
fsr-3676	59	16	these	these	DET
fsr-3676	59	17	eleven	eleven	NUM
fsr-3676	59	18	-	-	PUNCT
fsr-3676	59	19	month	month	NOUN
fsr-3676	59	20	periods	period	NOUN
fsr-3676	59	21	.	.	PUNCT
fsr-3676	60	1	table	table	NOUN
fsr-3676	60	2	3	3	NUM
fsr-3676	60	3	presents	present	NOUN
fsr-3676	60	4	means	mean	NOUN
fsr-3676	60	5	and	and	CCONJ
fsr-3676	60	6	standard	standard	ADJ
fsr-3676	60	7	deviations	deviation	NOUN
fsr-3676	60	8	for	for	ADP
fsr-3676	60	9	the	the	DET
fsr-3676	60	10	eleven	eleven	NUM
fsr-3676	60	11	-	-	PUNCT
fsr-3676	60	12	month	month	NOUN
fsr-3676	60	13	return	return	NOUN
fsr-3676	60	14	spreads	spread	NOUN
fsr-3676	60	15	for	for	ADP
fsr-3676	60	16	the	the	DET
fsr-3676	60	17	two	two	NUM
fsr-3676	60	18	equity	equity	NOUN
fsr-3676	60	19	portfolios	portfolio	NOUN
fsr-3676	60	20	.	.	PUNCT
fsr-3676	61	1	the	the	DET
fsr-3676	61	2	t	t	PROPN
fsr-3676	61	3	-	-	PUNCT
fsr-3676	61	4	statistics	statistic	NOUN
fsr-3676	61	5	,	,	PUNCT
fsr-3676	61	6	under	under	ADP
fsr-3676	61	7	the	the	DET
fsr-3676	61	8	null	null	ADJ
fsr-3676	61	9	hypothesis	hypothesis	NOUN
fsr-3676	61	10	that	that	PRON
fsr-3676	61	11	the	the	DET
fsr-3676	61	12	mean	mean	ADJ
fsr-3676	61	13	differences	difference	NOUN
fsr-3676	61	14	are	be	AUX
fsr-3676	61	15	zero	zero	NUM
fsr-3676	61	16	using	use	VERB
fsr-3676	61	17	a	a	DET
fsr-3676	61	18	one	one	NUM
fsr-3676	61	19	-	-	PUNCT
fsr-3676	61	20	tail	tail	NOUN
fsr-3676	61	21	test	test	NOUN
fsr-3676	61	22	,	,	PUNCT
fsr-3676	61	23	indicate	indicate	VERB
fsr-3676	61	24	that	that	SCONJ
fsr-3676	61	25	mean	mean	ADJ
fsr-3676	61	26	differences	difference	NOUN
fsr-3676	61	27	are	be	AUX
fsr-3676	61	28	positive	positive	ADJ
fsr-3676	61	29	and	and	CCONJ
fsr-3676	61	30	statistically	statistically	ADV
fsr-3676	61	31	significant	significant	ADJ
fsr-3676	61	32	.	.	PUNCT
fsr-3676	62	1	on	on	ADP
fsr-3676	62	2	average	average	ADJ
fsr-3676	62	3	,	,	PUNCT
fsr-3676	62	4	equity	equity	NOUN
fsr-3676	62	5	investors	investor	NOUN
fsr-3676	62	6	earn	earn	VERB
fsr-3676	62	7	an	an	DET
fsr-3676	62	8	excess	excess	ADJ
fsr-3676	62	9	return	return	NOUN
fsr-3676	62	10	over	over	ADP
fsr-3676	62	11	treasury	treasury	NOUN
fsr-3676	62	12	bills	bill	NOUN
fsr-3676	62	13	of	of	ADP
fsr-3676	62	14	approximately	approximately	ADV
fsr-3676	62	15	seven	seven	NUM
fsr-3676	62	16	percent.5	percent.5	PROPN
fsr-3676	62	17	like	like	ADP
fsr-3676	62	18	the	the	DET
fsr-3676	62	19	pooled	pool	VERB
fsr-3676	62	20	one	one	NUM
fsr-3676	62	21	month	month	NOUN
fsr-3676	62	22	returns	return	NOUN
fsr-3676	62	23	,	,	PUNCT
fsr-3676	62	24	these	these	DET
fsr-3676	62	25	eleven	eleven	NUM
fsr-3676	62	26	-	-	PUNCT
fsr-3676	62	27	month	month	NOUN
fsr-3676	62	28	returns	return	NOUN
fsr-3676	62	29	also	also	ADV
fsr-3676	62	30	suggest	suggest	VERB
fsr-3676	62	31	that	that	SCONJ
fsr-3676	62	32	equity	equity	NOUN
fsr-3676	62	33	investors	investor	NOUN
fsr-3676	62	34	are	be	AUX
fsr-3676	62	35	compensated	compensate	VERB
fsr-3676	62	36	for	for	ADP
fsr-3676	62	37	bearing	bear	VERB
fsr-3676	62	38	risk	risk	NOUN
fsr-3676	62	39	outside	outside	ADP
fsr-3676	62	40	the	the	DET
fsr-3676	62	41	month	month	NOUN
fsr-3676	62	42	of	of	ADP
fsr-3676	62	43	january	january	PROPN
fsr-3676	62	44	.	.	PUNCT
fsr-3676	63	1	previous	previous	ADJ
fsr-3676	63	2	researchers	researcher	NOUN
fsr-3676	63	3	’	'	PUNCT
fsr-3676	63	4	conclusions	conclusion	NOUN
fsr-3676	63	5	that	that	SCONJ
fsr-3676	63	6	there	there	PRON
fsr-3676	63	7	is	be	VERB
fsr-3676	63	8	no	no	DET
fsr-3676	63	9	reward	reward	NOUN
fsr-3676	63	10	to	to	ADP
fsr-3676	63	11	bearing	bear	VERB
fsr-3676	63	12	risk	risk	NOUN
fsr-3676	63	13	in	in	ADP
fsr-3676	63	14	non	non	ADJ
fsr-3676	63	15	-	-	ADJ
fsr-3676	63	16	january	january	ADJ
fsr-3676	63	17	months	month	NOUN
fsr-3676	63	18	are	be	AUX
fsr-3676	63	19	sensitive	sensitive	ADJ
fsr-3676	63	20	to	to	ADP
fsr-3676	63	21	the	the	DET
fsr-3676	63	22	specific	specific	ADJ
fsr-3676	63	23	hypothesis	hypothesis	NOUN
fsr-3676	63	24	being	be	AUX
fsr-3676	63	25	tested	test	VERB
fsr-3676	63	26	.	.	PUNCT
fsr-3676	64	1	however	however	ADV
fsr-3676	64	2	,	,	PUNCT
fsr-3676	64	3	our	our	PRON
fsr-3676	64	4	results	result	NOUN
fsr-3676	64	5	do	do	AUX
fsr-3676	64	6	not	not	PART
fsr-3676	64	7	settle	settle	VERB
fsr-3676	64	8	the	the	DET
fsr-3676	64	9	issue	issue	NOUN
fsr-3676	64	10	about	about	ADP
fsr-3676	64	11	whether	whether	SCONJ
fsr-3676	64	12	investors	investor	NOUN
fsr-3676	64	13	earn	earn	VERB
fsr-3676	64	14	returns	return	NOUN
fsr-3676	64	15	appropriate	appropriate	ADJ
fsr-3676	64	16	for	for	ADP
fsr-3676	64	17	the	the	DET
fsr-3676	64	18	level	level	NOUN
fsr-3676	64	19	of	of	ADP
fsr-3676	64	20	risk	risk	NOUN
fsr-3676	64	21	they	they	PRON
fsr-3676	64	22	bear	bear	VERB
fsr-3676	64	23	,	,	PUNCT
fsr-3676	64	24	period	period	NOUN
fsr-3676	64	25	.	.	PUNCT
fsr-3676	65	1	in	in	ADP
fsr-3676	65	2	the	the	DET
fsr-3676	65	3	next	next	ADJ
fsr-3676	65	4	section	section	NOUN
fsr-3676	65	5	,	,	PUNCT
fsr-3676	65	6	we	we	PRON
fsr-3676	65	7	argue	argue	VERB
fsr-3676	65	8	that	that	SCONJ
fsr-3676	65	9	researchers	researcher	NOUN
fsr-3676	65	10	are	be	AUX
fsr-3676	65	11	asking	ask	VERB
fsr-3676	65	12	for	for	ADP
fsr-3676	65	13	more	more	ADJ
fsr-3676	65	14	than	than	ADP
fsr-3676	65	15	empirical	empirical	ADJ
fsr-3676	65	16	tests	test	NOUN
fsr-3676	65	17	(	(	PUNCT
fsr-3676	65	18	such	such	ADJ
fsr-3676	65	19	as	as	ADP
fsr-3676	65	20	those	those	PRON
fsr-3676	65	21	used	use	VERB
fsr-3676	65	22	here	here	ADV
fsr-3676	65	23	and	and	CCONJ
fsr-3676	65	24	in	in	ADP
fsr-3676	65	25	previous	previous	ADJ
fsr-3676	65	26	studies	study	NOUN
fsr-3676	65	27	)	)	PUNCT
fsr-3676	65	28	can	can	AUX
fsr-3676	65	29	deliver	deliver	VERB
fsr-3676	65	30	.	.	PROPN
fsr-3676	65	31	insearchof	insearchof	PROPN
fsr-3676	65	32	therisk	therisk	NOUN
fsr-3676	65	33	-	-	PUNCT
fsr-3676	65	34	returnrelationship	returnrelationship	NOUN
fsr-3676	65	35	results	result	NOUN
fsr-3676	65	36	in	in	ADP
fsr-3676	65	37	table	table	NOUN
fsr-3676	65	38	1	1	NUM
fsr-3676	65	39	lead	lead	NOUN
fsr-3676	65	40	to	to	ADP
fsr-3676	65	41	opposite	opposite	ADJ
fsr-3676	65	42	conclusions	conclusion	NOUN
fsr-3676	65	43	from	from	ADP
fsr-3676	65	44	results	result	NOUN
fsr-3676	65	45	in	in	ADP
fsr-3676	65	46	tables	table	NOUN
fsr-3676	65	47	2	2	NUM
fsr-3676	65	48	and	and	CCONJ
fsr-3676	65	49	3	3	NUM
fsr-3676	65	50	for	for	ADP
fsr-3676	65	51	equity	equity	NOUN
fsr-3676	65	52	risk	risk	NOUN
fsr-3676	65	53	premia	premia	NOUN
fsr-3676	65	54	,	,	PUNCT
fsr-3676	65	55	even	even	ADV
fsr-3676	65	56	though	though	SCONJ
fsr-3676	65	57	the	the	DET
fsr-3676	65	58	samples	sample	NOUN
fsr-3676	65	59	are	be	AUX
fsr-3676	65	60	drawn	draw	VERB
fsr-3676	65	61	from	from	ADP
fsr-3676	65	62	the	the	DET
fsr-3676	65	63	same	same	ADJ
fsr-3676	65	64	raw	raw	ADJ
fsr-3676	65	65	return	return	NOUN
fsr-3676	65	66	series	series	NOUN
fsr-3676	65	67	.	.	PUNCT
fsr-3676	66	1	surely	surely	ADV
fsr-3676	66	2	,	,	PUNCT
fsr-3676	66	3	the	the	DET
fsr-3676	66	4	tests	test	NOUN
fsr-3676	66	5	used	use	VERB
fsr-3676	66	6	to	to	PART
fsr-3676	66	7	detect	detect	VERB
fsr-3676	66	8	whether	whether	SCONJ
fsr-3676	66	9	investors	investor	NOUN
fsr-3676	66	10	are	be	AUX
fsr-3676	66	11	compensated	compensate	VERB
fsr-3676	66	12	for	for	ADP
fsr-3676	66	13	bearing	bear	VERB
fsr-3676	66	14	risk	risk	NOUN
fsr-3676	66	15	deserve	deserve	VERB
fsr-3676	66	16	more	more	ADV
fsr-3676	66	17	careful	careful	ADJ
fsr-3676	66	18	scrutiny	scrutiny	NOUN
fsr-3676	66	19	.	.	PUNCT
fsr-3676	67	1	the	the	DET
fsr-3676	67	2	question	question	NOUN
fsr-3676	67	3	motivating	motivate	VERB
fsr-3676	67	4	these	these	DET
fsr-3676	67	5	tests	test	NOUN
fsr-3676	67	6	is	be	AUX
fsr-3676	67	7	simple	simple	ADJ
fsr-3676	67	8	enough	enough	ADV
fsr-3676	67	9	.	.	PUNCT
fsr-3676	68	1	is	be	AUX
fsr-3676	68	2	the	the	DET
fsr-3676	68	3	difference	difference	NOUN
fsr-3676	68	4	between	between	ADP
fsr-3676	68	5	the	the	DET
fsr-3676	68	6	return	return	NOUN
fsr-3676	68	7	on	on	ADP
fsr-3676	68	8	risky	risky	ADJ
fsr-3676	68	9	assets	asset	NOUN
fsr-3676	68	10	and	and	CCONJ
fsr-3676	68	11	the	the	DET
fsr-3676	68	12	return	return	NOUN
fsr-3676	68	13	on	on	ADP
fsr-3676	68	14	a	a	DET
fsr-3676	68	15	“	"	PUNCT
fsr-3676	68	16	riskless	riskless	NOUN
fsr-3676	68	17	”	"	PUNCT
fsr-3676	68	18	asset	asset	NOUN
fsr-3676	68	19	positive	positive	ADJ
fsr-3676	68	20	on	on	ADP
fsr-3676	68	21	average	average	ADJ
fsr-3676	68	22	in	in	ADP
fsr-3676	68	23	each	each	DET
fsr-3676	68	24	calendar	calendar	NOUN
fsr-3676	68	25	month	month	NOUN
fsr-3676	68	26	of	of	ADP
fsr-3676	68	27	the	the	DET
fsr-3676	68	28	year	year	NOUN
fsr-3676	68	29	?	?	PUNCT
fsr-3676	69	1	unfortunately	unfortunately	ADV
fsr-3676	69	2	,	,	PUNCT
fsr-3676	69	3	there	there	PRON
fsr-3676	69	4	are	be	VERB
fsr-3676	69	5	some	some	DET
fsr-3676	69	6	pitfalls	pitfall	NOUN
fsr-3676	69	7	in	in	ADP
fsr-3676	69	8	this	this	DET
fsr-3676	69	9	seemingly	seemingly	ADV
fsr-3676	69	10	direct	direct	ADJ
fsr-3676	69	11	test	test	NOUN
fsr-3676	69	12	.	.	PUNCT
fsr-3676	70	1	the	the	DET
fsr-3676	70	2	t	t	NOUN
fsr-3676	70	3	-	-	PUNCT
fsr-3676	70	4	statistic	statistic	NOUN
fsr-3676	70	5	in	in	ADP
fsr-3676	70	6	our	our	PRON
fsr-3676	70	7	hypothesis	hypothesis	NOUN
fsr-3676	70	8	tests	test	NOUN
fsr-3676	70	9	is	be	AUX
fsr-3676	70	10	given	give	VERB
fsr-3676	70	11	by	by	ADP
fsr-3676	70	12	where	where	SCONJ
fsr-3676	70	13	e(z?p	e(z?p	NOUN
fsr-3676	70	14	)	)	PUNCT
fsr-3676	70	15	is	be	AUX
fsr-3676	71	1	the	the	DET
fsr-3676	71	2	sample	sample	NOUN
fsr-3676	71	3	mean	mean	VERB
fsr-3676	71	4	excess	excess	ADJ
fsr-3676	71	5	return	return	NOUN
fsr-3676	71	6	or	or	CCONJ
fsr-3676	71	7	risk	risk	NOUN
fsr-3676	71	8	premium	premium	NOUN
fsr-3676	71	9	of	of	ADP
fsr-3676	71	10	a	a	DET
fsr-3676	71	11	particular	particular	ADJ
fsr-3676	71	12	should	should	AUX
fsr-3676	71	13	individual	individual	ADJ
fsr-3676	71	14	investors	investor	NOUN
fsr-3676	71	15	avoid	avoid	VERB
fsr-3676	71	16	the	the	DET
fsr-3676	71	17	stock	stock	NOUN
fsr-3676	71	18	market	market	NOUN
fsr-3676	71	19	outside	outside	ADP
fsr-3676	71	20	of	of	ADP
fsr-3676	71	21	january	january	PROPN
fsr-3676	71	22	?	?	PUNCT
fsr-3676	72	1	105	105	NUM
fsr-3676	72	2	portfolio	portfolio	NOUN
fsr-3676	72	3	,	,	PUNCT
fsr-3676	72	4	a(rp	a(rp	PROPN
fsr-3676	72	5	)	)	PUNCT
fsr-3676	72	6	is	be	AUX
fsr-3676	72	7	the	the	DET
fsr-3676	72	8	estimated	estimate	VERB
fsr-3676	72	9	standard	standard	ADJ
fsr-3676	72	10	deviation	deviation	NOUN
fsr-3676	72	11	of	of	ADP
fsr-3676	72	12	the	the	DET
fsr-3676	72	13	risk	risk	NOUN
fsr-3676	72	14	premium	premium	NOUN
fsr-3676	72	15	,	,	PUNCT
fsr-3676	72	16	and	and	CCONJ
fsr-3676	72	17	n	n	PRON
fsr-3676	72	18	is	be	AUX
fsr-3676	72	19	the	the	DET
fsr-3676	72	20	number	number	NOUN
fsr-3676	72	21	of	of	ADP
fsr-3676	72	22	sample	sample	NOUN
fsr-3676	72	23	observations	observation	NOUN
fsr-3676	72	24	.	.	PUNCT
fsr-3676	73	1	the	the	DET
fsr-3676	73	2	denominator	denominator	NOUN
fsr-3676	73	3	in	in	ADP
fsr-3676	73	4	this	this	DET
fsr-3676	73	5	expression	expression	NOUN
fsr-3676	73	6	is	be	AUX
fsr-3676	73	7	the	the	DET
fsr-3676	73	8	standard	standard	ADJ
fsr-3676	73	9	error	error	NOUN
fsr-3676	73	10	,	,	PUNCT
fsr-3676	73	11	which	which	PRON
fsr-3676	73	12	is	be	AUX
fsr-3676	73	13	simply	simply	ADV
fsr-3676	73	14	the	the	DET
fsr-3676	73	15	standard	standard	ADJ
fsr-3676	73	16	deviation	deviation	NOUN
fsr-3676	73	17	divided	divide	VERB
fsr-3676	73	18	by	by	ADP
fsr-3676	73	19	&	&	CCONJ
fsr-3676	73	20	.	.	PUNCT
fsr-3676	74	1	rewrite	rewrite	VERB
fsr-3676	74	2	the	the	DET
fsr-3676	74	3	expression	expression	NOUN
fsr-3676	74	4	above	above	ADV
fsr-3676	74	5	as	as	ADP
fsr-3676	74	6	(	(	PUNCT
fsr-3676	74	7	2	2	X
fsr-3676	74	8	)	)	PUNCT
fsr-3676	74	9	the	the	DET
fsr-3676	74	10	ratio	ratio	NOUN
fsr-3676	74	11	e(rp)/a(rp	e(rp)/a(rp	NOUN
fsr-3676	74	12	)	)	PUNCT
fsr-3676	74	13	can	can	AUX
fsr-3676	74	14	be	be	AUX
fsr-3676	74	15	viewed	view	VERB
fsr-3676	74	16	as	as	ADP
fsr-3676	74	17	the	the	DET
fsr-3676	74	18	reward	reward	NOUN
fsr-3676	74	19	to	to	PART
fsr-3676	74	20	risk	risk	NOUN
fsr-3676	74	21	demanded	demand	VERB
fsr-3676	74	22	by	by	ADP
fsr-3676	74	23	investors	investor	NOUN
fsr-3676	74	24	.	.	PUNCT
fsr-3676	75	1	the	the	DET
fsr-3676	75	2	other	other	ADJ
fsr-3676	75	3	component	component	NOUN
fsr-3676	75	4	of	of	ADP
fsr-3676	75	5	the	the	DET
fsr-3676	75	6	t	t	PROPN
fsr-3676	75	7	-	-	PUNCT
fsr-3676	75	8	statistic	statistic	NOUN
fsr-3676	75	9	,	,	PUNCT
fsr-3676	75	10	4	4	NUM
fsr-3676	75	11	,	,	PUNCT
fsr-3676	75	12	is	be	AUX
fsr-3676	75	13	important	important	ADJ
fsr-3676	75	14	from	from	ADP
fsr-3676	75	15	a	a	DET
fsr-3676	75	16	purely	purely	ADV
fsr-3676	75	17	statistical	statistical	ADJ
fsr-3676	75	18	perspective	perspective	NOUN
fsr-3676	75	19	.	.	PUNCT
fsr-3676	76	1	as	as	ADP
fsr-3676	76	2	sample	sample	NOUN
fsr-3676	76	3	size	size	NOUN
fsr-3676	76	4	increases	increase	NOUN
fsr-3676	76	5	,	,	PUNCT
fsr-3676	76	6	one	one	PRON
fsr-3676	76	7	can	can	AUX
fsr-3676	76	8	obtain	obtain	VERB
fsr-3676	76	9	more	more	ADV
fsr-3676	76	10	precise	precise	ADJ
fsr-3676	76	11	estimates	estimate	NOUN
fsr-3676	76	12	of	of	ADP
fsr-3676	76	13	the	the	DET
fsr-3676	76	14	sample	sample	NOUN
fsr-3676	76	15	mean	mean	VERB
fsr-3676	76	16	risk	risk	NOUN
fsr-3676	76	17	premium	premium	NOUN
fsr-3676	76	18	.	.	PUNCT
fsr-3676	77	1	therefore	therefore	ADV
fsr-3676	77	2	,	,	PUNCT
fsr-3676	77	3	any	any	DET
fsr-3676	77	4	ratio	ratio	NOUN
fsr-3676	77	5	of	of	ADP
fsr-3676	77	6	e(w	e(w	PROPN
fsr-3676	77	7	)	)	PUNCT
fsr-3676	77	8	to	to	ADP
fsr-3676	77	9	a(w	a(w	NOUN
fsr-3676	77	10	)	)	PUNCT
fsr-3676	77	11	is	be	AUX
fsr-3676	77	12	more	more	ADV
fsr-3676	77	13	likely	likely	ADJ
fsr-3676	77	14	to	to	PART
fsr-3676	77	15	be	be	AUX
fsr-3676	77	16	statistically	statistically	ADV
fsr-3676	77	17	different	different	ADJ
fsr-3676	77	18	from	from	ADP
fsr-3676	77	19	zero	zero	NUM
fsr-3676	77	20	if	if	SCONJ
fsr-3676	77	21	the	the	DET
fsr-3676	77	22	two	two	NUM
fsr-3676	77	23	parameters	parameter	NOUN
fsr-3676	77	24	are	be	AUX
fsr-3676	77	25	estimated	estimate	VERB
fsr-3676	77	26	with	with	ADP
fsr-3676	77	27	a	a	DET
fsr-3676	77	28	large	large	ADJ
fsr-3676	77	29	number	number	NOUN
fsr-3676	77	30	of	of	ADP
fsr-3676	77	31	observations	observation	NOUN
fsr-3676	77	32	.	.	PUNCT
fsr-3676	78	1	in	in	ADP
fsr-3676	78	2	principle	principle	NOUN
fsr-3676	78	3	,	,	PUNCT
fsr-3676	78	4	even	even	ADV
fsr-3676	78	5	a	a	DET
fsr-3676	78	6	relatively	relatively	ADV
fsr-3676	78	7	small	small	ADJ
fsr-3676	78	8	reward	reward	NOUN
fsr-3676	78	9	to	to	ADP
fsr-3676	78	10	risk	risk	NOUN
fsr-3676	78	11	would	would	AUX
fsr-3676	78	12	be	be	AUX
fsr-3676	78	13	judged	judge	VERB
fsr-3676	78	14	significant	significant	ADJ
fsr-3676	78	15	if	if	SCONJ
fsr-3676	78	16	it	it	PRON
fsr-3676	78	17	persisted	persist	VERB
fsr-3676	78	18	over	over	ADP
fsr-3676	78	19	a	a	DET
fsr-3676	78	20	long	long	ADJ
fsr-3676	78	21	period	period	NOUN
fsr-3676	78	22	of	of	ADP
fsr-3676	78	23	time	time	NOUN
fsr-3676	78	24	.	.	PUNCT
fsr-3676	79	1	in	in	ADP
fsr-3676	79	2	contrast	contrast	NOUN
fsr-3676	79	3	,	,	PUNCT
fsr-3676	79	4	even	even	ADV
fsr-3676	79	5	a	a	DET
fsr-3676	79	6	“	"	PUNCT
fsr-3676	79	7	substantial	substantial	ADJ
fsr-3676	79	8	”	"	PUNCT
fsr-3676	79	9	reward	reward	NOUN
fsr-3676	79	10	to	to	PART
fsr-3676	79	11	risk	risk	NOUN
fsr-3676	79	12	might	might	AUX
fsr-3676	79	13	not	not	PART
fsr-3676	79	14	be	be	AUX
fsr-3676	79	15	significantly	significantly	ADV
fsr-3676	79	16	different	different	ADJ
fsr-3676	79	17	from	from	ADP
fsr-3676	79	18	zero	zero	NUM
fsr-3676	79	19	if	if	SCONJ
fsr-3676	79	20	there	there	PRON
fsr-3676	79	21	were	be	VERB
fsr-3676	79	22	very	very	ADV
fsr-3676	79	23	few	few	ADJ
fsr-3676	79	24	observations	observation	NOUN
fsr-3676	79	25	.	.	PUNCT
fsr-3676	80	1	the	the	DET
fsr-3676	80	2	influence	influence	NOUN
fsr-3676	80	3	of	of	ADP
fsr-3676	80	4	sample	sample	NOUN
fsr-3676	80	5	size	size	NOUN
fsr-3676	80	6	explains	explain	VERB
fsr-3676	80	7	why	why	SCONJ
fsr-3676	80	8	the	the	DET
fsr-3676	80	9	inferences	inference	NOUN
fsr-3676	80	10	drawn	draw	VERB
fsr-3676	80	11	from	from	ADP
fsr-3676	80	12	examin	examin	NOUN
fsr-3676	80	13	ing	e	VERB
fsr-3676	80	14	the	the	DET
fsr-3676	80	15	pooled	pooled	ADJ
fsr-3676	80	16	set	set	NOUN
fsr-3676	80	17	of	of	ADP
fsr-3676	80	18	february	february	PROPN
fsr-3676	80	19	through	through	ADP
fsr-3676	80	20	december	december	PROPN
fsr-3676	80	21	risk	risk	NOUN
fsr-3676	80	22	premia	premia	NOUN
fsr-3676	80	23	in	in	ADP
fsr-3676	80	24	table	table	NOUN
fsr-3676	80	25	2	2	NUM
fsr-3676	80	26	would	would	AUX
fsr-3676	80	27	differ	differ	VERB
fsr-3676	80	28	from	from	ADP
fsr-3676	80	29	examining	examine	VERB
fsr-3676	80	30	each	each	PRON
fsr-3676	80	31	of	of	ADP
fsr-3676	80	32	the	the	DET
fsr-3676	80	33	eleven	eleven	NUM
fsr-3676	80	34	calendar	calendar	NOUN
fsr-3676	80	35	months	month	NOUN
fsr-3676	80	36	individually	individually	ADV
fsr-3676	80	37	,	,	PUNCT
fsr-3676	80	38	as	as	ADP
fsr-3676	80	39	in	in	ADP
fsr-3676	80	40	table	table	NOUN
fsr-3676	80	41	1	1	NUM
fsr-3676	80	42	.	.	PUNCT
fsr-3676	81	1	there	there	PRON
fsr-3676	81	2	are	be	VERB
fsr-3676	81	3	only	only	ADV
fsr-3676	81	4	sixty	sixty	NUM
fsr-3676	81	5	-	-	PUNCT
fsr-3676	81	6	three	three	NUM
fsr-3676	81	7	observations	observation	NOUN
fsr-3676	81	8	for	for	ADP
fsr-3676	81	9	each	each	DET
fsr-3676	81	10	calendar	calendar	NOUN
fsr-3676	81	11	month	month	NOUN
fsr-3676	81	12	reported	report	VERB
fsr-3676	81	13	in	in	ADP
fsr-3676	81	14	table	table	NOUN
fsr-3676	81	15	1	1	NUM
fsr-3676	81	16	,	,	PUNCT
fsr-3676	81	17	but	but	CCONJ
fsr-3676	81	18	693	693	NUM
fsr-3676	81	19	observations	observation	NOUN
fsr-3676	81	20	for	for	ADP
fsr-3676	81	21	each	each	DET
fsr-3676	81	22	risk	risk	NOUN
fsr-3676	81	23	premium	premium	NOUN
fsr-3676	81	24	series	series	NOUN
fsr-3676	81	25	reported	report	VERB
fsr-3676	81	26	in	in	ADP
fsr-3676	81	27	table	table	NOUN
fsr-3676	81	28	2	2	NUM
fsr-3676	81	29	.	.	PUNCT
fsr-3676	82	1	in	in	ADP
fsr-3676	82	2	contrast	contrast	NOUN
fsr-3676	82	3	,	,	PUNCT
fsr-3676	82	4	chang	chang	PROPN
fsr-3676	82	5	and	and	CCONJ
fsr-3676	82	6	pinegar	pinegar	PROPN
fsr-3676	82	7	’s	’s	PART
fsr-3676	82	8	(	(	PUNCT
fsr-3676	82	9	1988b	1988b	NUM
fsr-3676	82	10	)	)	PUNCT
fsr-3676	82	11	sample	sample	NOUN
fsr-3676	82	12	has	have	VERB
fsr-3676	82	13	twenty	twenty	NUM
fsr-3676	82	14	observations	observation	NOUN
fsr-3676	82	15	per	per	ADP
fsr-3676	82	16	return	return	NOUN
fsr-3676	82	17	series	series	NOUN
fsr-3676	82	18	;	;	PUNCT
fsr-3676	82	19	their	their	PRON
fsr-3676	82	20	study	study	NOUN
fsr-3676	82	21	would	would	AUX
fsr-3676	82	22	require	require	VERB
fsr-3676	82	23	a	a	DET
fsr-3676	82	24	very	very	ADV
fsr-3676	82	25	high	high	ADJ
fsr-3676	82	26	risk	risk	NOUN
fsr-3676	82	27	premium	premium	NOUN
fsr-3676	82	28	to	to	ADP
fsr-3676	82	29	standard	standard	ADJ
fsr-3676	82	30	deviation	deviation	NOUN
fsr-3676	82	31	ratio	ratio	NOUN
fsr-3676	82	32	to	to	PART
fsr-3676	82	33	produce	produce	VERB
fsr-3676	82	34	statistical	statistical	ADJ
fsr-3676	82	35	significance	significance	NOUN
fsr-3676	82	36	.	.	PUNCT
fsr-3676	83	1	sample	sample	NOUN
fsr-3676	83	2	size	size	NOUN
fsr-3676	83	3	,	,	PUNCT
fsr-3676	83	4	however	however	ADV
fsr-3676	83	5	,	,	PUNCT
fsr-3676	83	6	does	do	AUX
fsr-3676	83	7	not	not	PART
fsr-3676	83	8	explain	explain	VERB
fsr-3676	83	9	the	the	DET
fsr-3676	83	10	contradictory	contradictory	ADJ
fsr-3676	83	11	results	result	NOUN
fsr-3676	83	12	in	in	ADP
fsr-3676	83	13	tables	table	NOUN
fsr-3676	83	14	1	1	NUM
fsr-3676	83	15	and	and	CCONJ
fsr-3676	83	16	3	3	NUM
fsr-3676	83	17	.	.	PUNCT
fsr-3676	84	1	the	the	DET
fsr-3676	84	2	return	return	NOUN
fsr-3676	84	3	series	series	NOUN
fsr-3676	84	4	in	in	ADP
fsr-3676	84	5	table	table	NOUN
fsr-3676	84	6	1	1	NUM
fsr-3676	84	7	represent	represent	VERB
fsr-3676	84	8	eleven	eleven	NUM
fsr-3676	84	9	series	series	NOUN
fsr-3676	84	10	of	of	ADP
fsr-3676	84	11	sixty	sixty	NUM
fsr-3676	84	12	-	-	PUNCT
fsr-3676	84	13	three	three	NUM
fsr-3676	84	14	one	one	NUM
fsr-3676	84	15	-	-	PUNCT
fsr-3676	84	16	month	month	NOUN
fsr-3676	84	17	risk	risk	NOUN
fsr-3676	84	18	premia	premia	NOUN
fsr-3676	84	19	while	while	SCONJ
fsr-3676	84	20	the	the	DET
fsr-3676	84	21	return	return	NOUN
fsr-3676	84	22	series	series	NOUN
fsr-3676	84	23	in	in	ADP
fsr-3676	84	24	table	table	NOUN
fsr-3676	84	25	3	3	NUM
fsr-3676	84	26	represents	represent	VERB
fsr-3676	84	27	sixty	sixty	NUM
fsr-3676	84	28	-	-	PUNCT
fsr-3676	84	29	three	three	NUM
fsr-3676	84	30	eleven	eleven	NUM
fsr-3676	84	31	-	-	PUNCT
fsr-3676	84	32	month	month	NOUN
fsr-3676	84	33	risk	risk	NOUN
fsr-3676	84	34	premia	premia	NOUN
fsr-3676	84	35	.	.	PUNCT
fsr-3676	85	1	this	this	DET
fsr-3676	85	2	apparent	apparent	ADJ
fsr-3676	85	3	contradiction	contradiction	NOUN
fsr-3676	85	4	is	be	AUX
fsr-3676	85	5	resolved	resolve	VERB
fsr-3676	85	6	if	if	SCONJ
fsr-3676	85	7	we	we	PRON
fsr-3676	85	8	consider	consider	VERB
fsr-3676	85	9	the	the	DET
fsr-3676	85	10	relationship	relationship	NOUN
fsr-3676	85	11	between	between	ADP
fsr-3676	85	12	return	return	NOUN
fsr-3676	85	13	interval	interval	NOUN
fsr-3676	85	14	and	and	CCONJ
fsr-3676	85	15	the	the	DET
fsr-3676	85	16	standard	standard	ADJ
fsr-3676	85	17	deviation	deviation	NOUN
fsr-3676	85	18	of	of	ADP
fsr-3676	85	19	returns	return	NOUN
fsr-3676	85	20	.	.	PUNCT
fsr-3676	86	1	for	for	ADP
fsr-3676	86	2	return	return	NOUN
fsr-3676	86	3	series	series	NOUN
fsr-3676	86	4	that	that	PRON
fsr-3676	86	5	are	be	AUX
fsr-3676	86	6	well	well	ADV
fsr-3676	86	7	-	-	PUNCT
fsr-3676	86	8	behaved	behave	VERB
fsr-3676	86	9	statistically	statistically	ADV
fsr-3676	86	10	(	(	PUNCT
fsr-3676	86	11	zero	zero	NUM
fsr-3676	86	12	serial	serial	ADJ
fsr-3676	86	13	correlation	correlation	NOUN
fsr-3676	86	14	and	and	CCONJ
fsr-3676	86	15	constant	constant	ADJ
fsr-3676	86	16	variance	variance	NOUN
fsr-3676	86	17	)	)	PUNCT
fsr-3676	86	18	,	,	PUNCT
fsr-3676	86	19	the	the	DET
fsr-3676	86	20	standard	standard	ADJ
fsr-3676	86	21	deviation	deviation	NOUN
fsr-3676	86	22	of	of	ADP
fsr-3676	86	23	the	the	DET
fsr-3676	86	24	eleven	eleven	NUM
fsr-3676	86	25	-	-	PUNCT
fsr-3676	86	26	month	month	NOUN
fsr-3676	86	27	returns	return	NOUN
fsr-3676	86	28	will	will	AUX
fsr-3676	86	29	be	be	AUX
fsr-3676	86	30	approximately	approximately	ADV
fsr-3676	86	31	m	m	ADJ
fsr-3676	86	32	or	or	CCONJ
fsr-3676	86	33	3.16	3.16	NUM
fsr-3676	86	34	times	time	NOUN
fsr-3676	86	35	as	as	ADV
fsr-3676	86	36	large	large	ADJ
fsr-3676	86	37	as	as	ADP
fsr-3676	86	38	the	the	DET
fsr-3676	86	39	standard	standard	ADJ
fsr-3676	86	40	deviation	deviation	NOUN
fsr-3676	86	41	of	of	ADP
fsr-3676	86	42	monthly	monthly	ADJ
fsr-3676	86	43	returns.6	returns.6	PROPN
fsr-3676	86	44	the	the	DET
fsr-3676	86	45	standard	standard	ADJ
fsr-3676	86	46	deviations	deviation	NOUN
fsr-3676	86	47	increase	increase	VERB
fsr-3676	86	48	at	at	ADP
fsr-3676	86	49	the	the	DET
fsr-3676	86	50	rate	rate	NOUN
fsr-3676	86	51	of	of	ADP
fsr-3676	86	52	&	&	CCONJ
fsr-3676	86	53	as	as	ADP
fsr-3676	86	54	the	the	DET
fsr-3676	86	55	interval	interval	NOUN
fsr-3676	86	56	over	over	ADP
fsr-3676	86	57	which	which	PRON
fsr-3676	86	58	returns	return	NOUN
fsr-3676	86	59	are	be	AUX
fsr-3676	86	60	computed	compute	VERB
fsr-3676	86	61	increases	increase	NOUN
fsr-3676	86	62	,	,	PUNCT
fsr-3676	86	63	while	while	SCONJ
fsr-3676	86	64	returns	return	NOUN
fsr-3676	86	65	increase	increase	VERB
fsr-3676	86	66	at	at	ADP
fsr-3676	86	67	the	the	DET
fsr-3676	86	68	rate	rate	NOUN
fsr-3676	86	69	oft	oft	ADV
fsr-3676	86	70	.	.	PUNCT
fsr-3676	87	1	as	as	ADP
fsr-3676	87	2	a	a	DET
fsr-3676	87	3	result	result	NOUN
fsr-3676	87	4	,	,	PUNCT
fsr-3676	87	5	average	average	ADJ
fsr-3676	87	6	eleven	eleven	NUM
fsr-3676	87	7	-	-	PUNCT
fsr-3676	87	8	month	month	NOUN
fsr-3676	87	9	returns	return	NOUN
fsr-3676	87	10	will	will	AUX
fsr-3676	87	11	be	be	AUX
fsr-3676	87	12	approximately	approximately	ADV
fsr-3676	87	13	eleven	eleven	NUM
fsr-3676	87	14	times	time	NOUN
fsr-3676	87	15	as	as	ADV
fsr-3676	87	16	large	large	ADJ
fsr-3676	87	17	as	as	ADP
fsr-3676	87	18	average	average	ADJ
fsr-3676	87	19	one	one	NUM
fsr-3676	87	20	-	-	PUNCT
fsr-3676	87	21	month	month	NOUN
fsr-3676	87	22	returns	return	NOUN
fsr-3676	87	23	.	.	PUNCT
fsr-3676	88	1	since	since	SCONJ
fsr-3676	88	2	the	the	DET
fsr-3676	88	3	numerator	numerator	NOUN
fsr-3676	88	4	grows	grow	VERB
fsr-3676	88	5	at	at	ADP
fsr-3676	88	6	a	a	DET
fsr-3676	88	7	rate	rate	NOUN
fsr-3676	88	8	oft	oft	ADV
fsr-3676	88	9	,	,	PUNCT
fsr-3676	88	10	while	while	SCONJ
fsr-3676	88	11	the	the	DET
fsr-3676	88	12	denominator	denominator	NOUN
fsr-3676	88	13	grows	grow	VERB
fsr-3676	88	14	at	at	ADP
fsr-3676	88	15	ji	ji	PROPN
fsr-3676	88	16	,	,	PUNCT
fsr-3676	88	17	the	the	DET
fsr-3676	88	18	ratio	ratio	NOUN
fsr-3676	88	19	e(z?p)/a(z?p	e(z?p)/a(z?p	VERB
fsr-3676	88	20	)	)	PUNCT
fsr-3676	88	21	should	should	AUX
fsr-3676	88	22	increase	increase	VERB
fsr-3676	88	23	at	at	ADP
fsr-3676	88	24	the	the	DET
fsr-3676	88	25	rate	rate	NOUN
fsr-3676	88	26	of	of	ADP
fsr-3676	88	27	aas	aas	NOUN
fsr-3676	88	28	the	the	DET
fsr-3676	88	29	return	return	NOUN
fsr-3676	88	30	interval	interval	NOUN
fsr-3676	88	31	increases	increase	NOUN
fsr-3676	88	32	and	and	CCONJ
fsr-3676	88	33	t	t	PROPN
fsr-3676	88	34	-	-	PUNCT
fsr-3676	88	35	statistics	statistic	NOUN
fsr-3676	88	36	should	should	AUX
fsr-3676	88	37	reflect	reflect	VERB
fsr-3676	88	38	this	this	DET
fsr-3676	88	39	behavior	behavior	NOUN
fsr-3676	88	40	.	.	PUNCT
fsr-3676	89	1	for	for	ADP
fsr-3676	89	2	example	example	NOUN
fsr-3676	89	3	,	,	PUNCT
fsr-3676	89	4	the	the	DET
fsr-3676	89	5	t	t	NOUN
fsr-3676	89	6	statistic	statistic	NOUN
fsr-3676	89	7	for	for	ADP
fsr-3676	89	8	eleven	eleven	NUM
fsr-3676	89	9	-	-	PUNCT
fsr-3676	89	10	month	month	NOUN
fsr-3676	89	11	returns	return	NOUN
fsr-3676	89	12	would	would	AUX
fsr-3676	89	13	be	be	AUX
fsr-3676	89	14	fi	fi	NOUN
fsr-3676	89	15	times	time	NOUN
fsr-3676	89	16	the	the	DET
fsr-3676	89	17	t	t	NOUN
fsr-3676	89	18	-	-	PUNCT
fsr-3676	89	19	statistic	statistic	NOUN
fsr-3676	89	20	for	for	ADP
fsr-3676	89	21	one	one	NUM
fsr-3676	89	22	-	-	PUNCT
fsr-3676	89	23	month	month	NOUN
fsr-3676	89	24	returns	return	NOUN
fsr-3676	89	25	if	if	SCONJ
fsr-3676	89	26	the	the	DET
fsr-3676	89	27	number	number	NOUN
fsr-3676	89	28	of	of	ADP
fsr-3676	89	29	observations	observation	NOUN
fsr-3676	89	30	is	be	AUX
fsr-3676	89	31	held	hold	VERB
fsr-3676	89	32	constant	constant	ADJ
fsr-3676	89	33	.	.	PUNCT
fsr-3676	90	1	this	this	PRON
fsr-3676	90	2	is	be	AUX
fsr-3676	90	3	precisely	precisely	ADV
fsr-3676	90	4	what	what	PRON
fsr-3676	90	5	we	we	PRON
fsr-3676	90	6	see	see	VERB
fsr-3676	90	7	in	in	ADP
fsr-3676	90	8	table	table	NOUN
fsr-3676	90	9	3	3	NUM
fsr-3676	90	10	.	.	PUNCT
fsr-3676	91	1	both	both	CCONJ
fsr-3676	91	2	the	the	DET
fsr-3676	91	3	one	one	NUM
fsr-3676	91	4	-	-	PUNCT
fsr-3676	91	5	month	month	NOUN
fsr-3676	91	6	average	average	ADJ
fsr-3676	91	7	risk	risk	NOUN
fsr-3676	91	8	premia	premia	NOUN
fsr-3676	91	9	in	in	ADP
fsr-3676	91	10	table	table	NOUN
fsr-3676	91	11	1	1	NUM
fsr-3676	91	12	and	and	CCONJ
fsr-3676	91	13	the	the	DET
fsr-3676	91	14	eleven	eleven	NUM
fsr-3676	91	15	-	-	PUNCT
fsr-3676	91	16	month	month	NOUN
fsr-3676	91	17	average	average	ADJ
fsr-3676	91	18	risk	risk	NOUN
fsr-3676	91	19	premia	premia	NOUN
fsr-3676	91	20	in	in	ADP
fsr-3676	91	21	table	table	NOUN
fsr-3676	91	22	3	3	NUM
fsr-3676	91	23	have	have	VERB
fsr-3676	91	24	sixty	sixty	NUM
fsr-3676	91	25	-	-	PUNCT
fsr-3676	91	26	three	three	NUM
fsr-3676	91	27	observations	observation	NOUN
fsr-3676	91	28	.	.	PUNCT
fsr-3676	92	1	however	however	ADV
fsr-3676	92	2	,	,	PUNCT
fsr-3676	92	3	the	the	DET
fsr-3676	92	4	eleven	eleven	NUM
fsr-3676	92	5	month	month	NOUN
fsr-3676	92	6	average	average	ADJ
fsr-3676	92	7	risk	risk	NOUN
fsr-3676	92	8	premia	premia	NOUN
fsr-3676	92	9	in	in	ADP
fsr-3676	92	10	table	table	NOUN
fsr-3676	92	11	3	3	NUM
fsr-3676	92	12	are	be	AUX
fsr-3676	92	13	positive	positive	ADJ
fsr-3676	92	14	and	and	CCONJ
fsr-3676	92	15	statistically	statistically	ADV
fsr-3676	92	16	significant	significant	ADJ
fsr-3676	92	17	while	while	SCONJ
fsr-3676	92	18	most	most	ADJ
fsr-3676	92	19	of	of	ADP
fsr-3676	92	20	the	the	DET
fsr-3676	92	21	one	one	NUM
fsr-3676	92	22	-	-	PUNCT
fsr-3676	92	23	month	month	NOUN
fsr-3676	92	24	average	average	ADJ
fsr-3676	92	25	risk	risk	NOUN
fsr-3676	92	26	premia	premia	NOUN
fsr-3676	92	27	are	be	AUX
fsr-3676	92	28	not	not	PART
fsr-3676	92	29	.	.	PUNCT
fsr-3676	93	1	106	106	NUM
fsr-3676	93	2	financial	financial	ADJ
fsr-3676	93	3	services	service	NOUN
fsr-3676	93	4	review	review	NOUN
fsr-3676	93	5	,	,	PUNCT
fsr-3676	93	6	l(2	l(2	PROPN
fsr-3676	93	7	)	)	PUNCT
fsr-3676	93	8	1991	1991	NUM
fsr-3676	93	9	standard	standard	ADJ
fsr-3676	93	10	deviation	deviation	NOUN
fsr-3676	93	11	has	have	VERB
fsr-3676	93	12	a	a	DET
fsr-3676	93	13	dual	dual	ADJ
fsr-3676	93	14	role	role	NOUN
fsr-3676	93	15	in	in	ADP
fsr-3676	93	16	these	these	DET
fsr-3676	93	17	tests	test	NOUN
fsr-3676	93	18	.	.	PUNCT
fsr-3676	94	1	first	first	ADV
fsr-3676	94	2	,	,	PUNCT
fsr-3676	94	3	standard	standard	ADJ
fsr-3676	94	4	deviation	deviation	NOUN
fsr-3676	94	5	is	be	AUX
fsr-3676	94	6	simply	simply	ADV
fsr-3676	94	7	a	a	DET
fsr-3676	94	8	measure	measure	NOUN
fsr-3676	94	9	of	of	ADP
fsr-3676	94	10	dispersion	dispersion	NOUN
fsr-3676	94	11	.	.	PUNCT
fsr-3676	95	1	obviously	obviously	ADV
fsr-3676	95	2	,	,	PUNCT
fsr-3676	95	3	the	the	PRON
fsr-3676	95	4	lower	low	ADJ
fsr-3676	95	5	the	the	DET
fsr-3676	95	6	standard	standard	ADJ
fsr-3676	95	7	deviation	deviation	NOUN
fsr-3676	95	8	,	,	PUNCT
fsr-3676	95	9	the	the	PRON
fsr-3676	95	10	more	more	ADV
fsr-3676	95	11	likely	likely	ADJ
fsr-3676	95	12	a	a	DET
fsr-3676	95	13	researcher	researcher	NOUN
fsr-3676	95	14	will	will	AUX
fsr-3676	95	15	reject	reject	VERB
fsr-3676	95	16	the	the	DET
fsr-3676	95	17	hypothesis	hypothesis	NOUN
fsr-3676	95	18	that	that	PRON
fsr-3676	95	19	a	a	DET
fsr-3676	95	20	given	give	VERB
fsr-3676	95	21	average	average	ADJ
fsr-3676	95	22	risk	risk	NOUN
fsr-3676	95	23	premium	premium	NOUN
fsr-3676	95	24	is	be	AUX
fsr-3676	95	25	zero	zero	NUM
fsr-3676	95	26	.	.	PUNCT
fsr-3676	96	1	this	this	PRON
fsr-3676	96	2	raises	raise	VERB
fsr-3676	96	3	the	the	DET
fsr-3676	96	4	question	question	NOUN
fsr-3676	96	5	,	,	PUNCT
fsr-3676	96	6	“	"	PUNCT
fsr-3676	96	7	how	how	SCONJ
fsr-3676	96	8	high	high	ADJ
fsr-3676	96	9	should	should	AUX
fsr-3676	96	10	we	we	PRON
fsr-3676	96	11	expect	expect	VERB
fsr-3676	96	12	the	the	DET
fsr-3676	96	13	average	average	ADJ
fsr-3676	96	14	risk	risk	NOUN
fsr-3676	96	15	premium	premium	NOUN
fsr-3676	96	16	to	to	PART
fsr-3676	96	17	be	be	AUX
fsr-3676	96	18	relative	relative	ADJ
fsr-3676	96	19	to	to	ADP
fsr-3676	96	20	its	its	PRON
fsr-3676	96	21	standard	standard	ADJ
fsr-3676	96	22	deviation	deviation	NOUN
fsr-3676	96	23	?	?	PUNCT
fsr-3676	96	24	”	"	PUNCT
fsr-3676	97	1	there	there	PRON
fsr-3676	97	2	is	be	VERB
fsr-3676	97	3	no	no	DET
fsr-3676	97	4	simple	simple	ADJ
fsr-3676	97	5	answer	answer	NOUN
fsr-3676	97	6	.	.	PUNCT
fsr-3676	98	1	the	the	DET
fsr-3676	98	2	ratio	ratio	NOUN
fsr-3676	98	3	[	[	X
fsr-3676	98	4	e(rp	e(rp	NOUN
fsr-3676	98	5	)	)	PUNCT
fsr-3676	98	6	/	/	SYM
fsr-3676	98	7	a(w	a(w	PROPN
fsr-3676	98	8	)	)	PUNCT
fsr-3676	98	9	]	]	PUNCT
fsr-3676	98	10	measures	measure	VERB
fsr-3676	98	11	the	the	DET
fsr-3676	98	12	excess	excess	ADJ
fsr-3676	98	13	return	return	NOUN
fsr-3676	98	14	per	per	ADP
fsr-3676	98	15	unit	unit	NOUN
fsr-3676	98	16	of	of	ADP
fsr-3676	98	17	standard	standard	ADJ
fsr-3676	98	18	deviation	deviation	NOUN
fsr-3676	98	19	.	.	PUNCT
fsr-3676	99	1	from	from	ADP
fsr-3676	99	2	portfolio	portfolio	NOUN
fsr-3676	99	3	theory	theory	NOUN
fsr-3676	99	4	,	,	PUNCT
fsr-3676	99	5	we	we	PRON
fsr-3676	99	6	know	know	VERB
fsr-3676	99	7	that	that	SCONJ
fsr-3676	99	8	efficient	efficient	ADJ
fsr-3676	99	9	portfolios	portfolio	NOUN
fsr-3676	99	10	would	would	AUX
fsr-3676	99	11	maximize	maximize	VERB
fsr-3676	99	12	this	this	DET
fsr-3676	99	13	ratio	ratio	NOUN
fsr-3676	99	14	for	for	ADP
fsr-3676	99	15	each	each	DET
fsr-3676	99	16	standard	standard	ADJ
fsr-3676	99	17	deviation	deviation	NOUN
fsr-3676	99	18	.	.	PUNCT
fsr-3676	100	1	for	for	ADP
fsr-3676	100	2	an	an	DET
fsr-3676	100	3	efficient	efficient	ADJ
fsr-3676	100	4	portfolio	portfolio	NOUN
fsr-3676	100	5	,	,	PUNCT
fsr-3676	100	6	this	this	DET
fsr-3676	100	7	reward	reward	NOUN
fsr-3676	100	8	to	to	PART
fsr-3676	100	9	total	total	ADJ
fsr-3676	100	10	risk	risk	NOUN
fsr-3676	100	11	measure	measure	NOUN
fsr-3676	100	12	is	be	AUX
fsr-3676	100	13	the	the	DET
fsr-3676	100	14	slope	slope	NOUN
fsr-3676	100	15	of	of	ADP
fsr-3676	100	16	the	the	DET
fsr-3676	100	17	capital	capital	NOUN
fsr-3676	100	18	market	market	NOUN
fsr-3676	100	19	line	line	NOUN
fsr-3676	100	20	.	.	PUNCT
fsr-3676	100	21	’	'	PUNCT
fsr-3676	101	1	the	the	DET
fsr-3676	101	2	slope	slope	NOUN
fsr-3676	101	3	of	of	ADP
fsr-3676	101	4	the	the	DET
fsr-3676	101	5	capital	capital	NOUN
fsr-3676	101	6	market	market	NOUN
fsr-3676	101	7	line	line	NOUN
fsr-3676	101	8	depends	depend	VERB
fsr-3676	101	9	on	on	ADP
fsr-3676	101	10	investors	investor	NOUN
fsr-3676	101	11	’	'	PUNCT
fsr-3676	101	12	aggregate	aggregate	ADJ
fsr-3676	101	13	risk	risk	NOUN
fsr-3676	101	14	aversion	aversion	NOUN
fsr-3676	101	15	,	,	PUNCT
fsr-3676	101	16	the	the	DET
fsr-3676	101	17	reward	reward	NOUN
fsr-3676	101	18	demanded	demand	VERB
fsr-3676	101	19	per	per	ADP
fsr-3676	101	20	unit	unit	NOUN
fsr-3676	101	21	of	of	ADP
fsr-3676	101	22	risk	risk	NOUN
fsr-3676	101	23	.	.	PUNCT
fsr-3676	102	1	theory	theory	NOUN
fsr-3676	102	2	provides	provide	VERB
fsr-3676	102	3	no	no	DET
fsr-3676	102	4	direct	direct	ADJ
fsr-3676	102	5	guidance	guidance	NOUN
fsr-3676	102	6	on	on	ADP
fsr-3676	102	7	the	the	DET
fsr-3676	102	8	size	size	NOUN
fsr-3676	102	9	of	of	ADP
fsr-3676	102	10	this	this	DET
fsr-3676	102	11	slope	slope	NOUN
fsr-3676	102	12	-	-	PUNCT
fsr-3676	102	13	only	only	ADV
fsr-3676	102	14	that	that	SCONJ
fsr-3676	102	15	investors	investor	NOUN
fsr-3676	102	16	demand	demand	VERB
fsr-3676	102	17	a	a	DET
fsr-3676	102	18	positive	positive	ADJ
fsr-3676	102	19	risk	risk	NOUN
fsr-3676	102	20	premium	premium	NOUN
fsr-3676	102	21	.	.	PUNCT
fsr-3676	103	1	let	let	VERB
fsr-3676	103	2	us	we	PRON
fsr-3676	103	3	suppose	suppose	VERB
fsr-3676	103	4	we	we	PRON
fsr-3676	103	5	have	have	AUX
fsr-3676	103	6	identified	identify	VERB
fsr-3676	103	7	a	a	DET
fsr-3676	103	8	mean	mean	ADJ
fsr-3676	103	9	-	-	PUNCT
fsr-3676	103	10	variance	variance	NOUN
fsr-3676	103	11	efficient	efficient	ADJ
fsr-3676	103	12	portfolio	portfolio	NOUN
fsr-3676	103	13	and	and	CCONJ
fsr-3676	103	14	wish	wish	VERB
fsr-3676	103	15	to	to	PART
fsr-3676	103	16	test	test	VERB
fsr-3676	103	17	whether	whether	SCONJ
fsr-3676	103	18	the	the	DET
fsr-3676	103	19	average	average	ADJ
fsr-3676	103	20	risk	risk	NOUN
fsr-3676	103	21	premium	premium	NOUN
fsr-3676	103	22	is	be	AUX
fsr-3676	103	23	positive	positive	ADJ
fsr-3676	103	24	in	in	ADP
fsr-3676	103	25	a	a	DET
fsr-3676	103	26	particular	particular	ADJ
fsr-3676	103	27	month	month	NOUN
fsr-3676	103	28	,	,	PUNCT
fsr-3676	103	29	say	say	VERB
fsr-3676	103	30	august	august	PROPN
fsr-3676	103	31	.	.	PUNCT
fsr-3676	104	1	in	in	ADP
fsr-3676	104	2	this	this	DET
fsr-3676	104	3	context	context	NOUN
fsr-3676	104	4	,	,	PUNCT
fsr-3676	104	5	we	we	PRON
fsr-3676	104	6	can	can	AUX
fsr-3676	104	7	state	state	VERB
fsr-3676	104	8	a	a	DET
fsr-3676	104	9	corollary	corollary	ADJ
fsr-3676	104	10	research	research	NOUN
fsr-3676	104	11	question	question	NOUN
fsr-3676	104	12	,	,	PUNCT
fsr-3676	104	13	“	"	PUNCT
fsr-3676	104	14	is	be	AUX
fsr-3676	104	15	the	the	DET
fsr-3676	104	16	slope	slope	NOUN
fsr-3676	104	17	of	of	ADP
fsr-3676	104	18	the	the	DET
fsr-3676	104	19	capital	capital	NOUN
fsr-3676	104	20	market	market	NOUN
fsr-3676	104	21	line	line	NOUN
fsr-3676	104	22	(	(	PUNCT
fsr-3676	104	23	the	the	DET
fsr-3676	104	24	market	market	NOUN
fsr-3676	104	25	price	price	NOUN
fsr-3676	104	26	of	of	ADP
fsr-3676	104	27	risk	risk	NOUN
fsr-3676	104	28	)	)	PUNCT
fsr-3676	104	29	sufficient	sufficient	ADJ
fsr-3676	104	30	to	to	PART
fsr-3676	104	31	yield	yield	VERB
fsr-3676	104	32	a	a	DET
fsr-3676	104	33	f	f	NOUN
fsr-3676	104	34	-	-	PUNCT
fsr-3676	104	35	statistic	statistic	NOUN
fsr-3676	104	36	of	of	ADP
fsr-3676	104	37	1.645	1.645	NUM
fsr-3676	104	38	in	in	ADP
fsr-3676	104	39	each	each	DET
fsr-3676	104	40	calendar	calendar	NOUN
fsr-3676	104	41	month?“8	month?“8	VERB
fsr-3676	104	42	the	the	DET
fsr-3676	104	43	expectation	expectation	NOUN
fsr-3676	104	44	that	that	SCONJ
fsr-3676	104	45	the	the	DET
fsr-3676	104	46	slope	slope	NOUN
fsr-3676	104	47	will	will	AUX
fsr-3676	104	48	be	be	AUX
fsr-3676	104	49	sufficient	sufficient	ADJ
fsr-3676	104	50	to	to	PART
fsr-3676	104	51	yield	yield	VERB
fsr-3676	104	52	a	a	DET
fsr-3676	104	53	t	t	NOUN
fsr-3676	104	54	-	-	PUNCT
fsr-3676	104	55	statistic	statistic	NOUN
fsr-3676	104	56	of	of	ADP
fsr-3676	104	57	1.645	1.645	NUM
fsr-3676	104	58	over	over	ADP
fsr-3676	104	59	all	all	DET
fsr-3676	104	60	arbitrary	arbitrary	ADJ
fsr-3676	104	61	calendar	calendar	NOUN
fsr-3676	104	62	months	month	NOUN
fsr-3676	104	63	and	and	CCONJ
fsr-3676	104	64	all	all	DET
fsr-3676	104	65	arbitrary	arbitrary	ADJ
fsr-3676	104	66	time	time	NOUN
fsr-3676	104	67	periods	period	NOUN
fsr-3676	104	68	seems	seem	VERB
fsr-3676	104	69	to	to	PART
fsr-3676	104	70	be	be	AUX
fsr-3676	104	71	an	an	DET
fsr-3676	104	72	unreasonable	unreasonable	ADJ
fsr-3676	104	73	restriction	restriction	NOUN
fsr-3676	104	74	on	on	ADP
fsr-3676	104	75	the	the	DET
fsr-3676	104	76	data	datum	NOUN
fsr-3676	104	77	.	.	PUNCT
fsr-3676	105	1	moreover	moreover	ADV
fsr-3676	105	2	,	,	PUNCT
fsr-3676	105	3	since	since	SCONJ
fsr-3676	105	4	the	the	DET
fsr-3676	105	5	portfolios	portfolio	NOUN
fsr-3676	105	6	in	in	ADP
fsr-3676	105	7	our	our	PRON
fsr-3676	105	8	study	study	NOUN
fsr-3676	105	9	and	and	CCONJ
fsr-3676	105	10	others	other	NOUN
fsr-3676	105	11	are	be	AUX
fsr-3676	105	12	not	not	PART
fsr-3676	105	13	necessarily	necessarily	ADV
fsr-3676	105	14	efficient	efficient	ADJ
fsr-3676	105	15	,	,	PUNCT
fsr-3676	105	16	the	the	DET
fsr-3676	105	17	risk	risk	NOUN
fsr-3676	105	18	premium	premium	NOUN
fsr-3676	105	19	to	to	ADP
fsr-3676	105	20	standard	standard	ADJ
fsr-3676	105	21	deviation	deviation	NOUN
fsr-3676	105	22	ratios	ratio	NOUN
fsr-3676	105	23	will	will	AUX
fsr-3676	105	24	almost	almost	ADV
fsr-3676	105	25	certainly	certainly	ADV
fsr-3676	105	26	be	be	AUX
fsr-3676	105	27	smaller	small	ADJ
fsr-3676	105	28	than	than	ADP
fsr-3676	105	29	those	those	PRON
fsr-3676	105	30	of	of	ADP
fsr-3676	105	31	efficient	efficient	ADJ
fsr-3676	105	32	portfolios	portfolio	NOUN
fsr-3676	105	33	.	.	PUNCT
fsr-3676	106	1	in	in	ADP
fsr-3676	106	2	well	well	ADV
fsr-3676	106	3	functioning	function	VERB
fsr-3676	106	4	capital	capital	NOUN
fsr-3676	106	5	markets	market	NOUN
fsr-3676	106	6	,	,	PUNCT
fsr-3676	106	7	investors	investor	NOUN
fsr-3676	106	8	will	will	AUX
fsr-3676	106	9	price	price	VERB
fsr-3676	106	10	such	such	ADJ
fsr-3676	106	11	portfolios	portfolio	NOUN
fsr-3676	106	12	to	to	PART
fsr-3676	106	13	yield	yield	VERB
fsr-3676	106	14	a	a	DET
fsr-3676	106	15	risk	risk	NOUN
fsr-3676	106	16	premium	premium	NOUN
fsr-3676	106	17	sufficient	sufficient	ADJ
fsr-3676	106	18	to	to	PART
fsr-3676	106	19	compensate	compensate	VERB
fsr-3676	106	20	for	for	ADP
fsr-3676	106	21	risk	risk	NOUN
fsr-3676	106	22	.	.	PUNCT
fsr-3676	107	1	the	the	DET
fsr-3676	107	2	failure	failure	NOUN
fsr-3676	107	3	to	to	PART
fsr-3676	107	4	reject	reject	VERB
fsr-3676	107	5	the	the	DET
fsr-3676	107	6	hypothesis	hypothesis	NOUN
fsr-3676	107	7	that	that	PRON
fsr-3676	107	8	average	average	ADJ
fsr-3676	107	9	risk	risk	NOUN
fsr-3676	107	10	premia	premia	NOUN
fsr-3676	107	11	equal	equal	ADJ
fsr-3676	107	12	zero	zero	NUM
fsr-3676	107	13	says	say	VERB
fsr-3676	107	14	more	more	ADJ
fsr-3676	107	15	about	about	ADP
fsr-3676	107	16	the	the	DET
fsr-3676	107	17	power	power	NOUN
fsr-3676	107	18	of	of	ADP
fsr-3676	107	19	the	the	DET
fsr-3676	107	20	statistical	statistical	ADJ
fsr-3676	107	21	tests	test	NOUN
fsr-3676	107	22	to	to	PART
fsr-3676	107	23	distinguish	distinguish	VERB
fsr-3676	107	24	between	between	ADP
fsr-3676	107	25	zero	zero	NUM
fsr-3676	107	26	and	and	CCONJ
fsr-3676	107	27	some	some	DET
fsr-3676	107	28	positive	positive	ADJ
fsr-3676	107	29	number	number	NOUN
fsr-3676	107	30	in	in	ADP
fsr-3676	107	31	small	small	ADJ
fsr-3676	107	32	samples	sample	NOUN
fsr-3676	107	33	than	than	SCONJ
fsr-3676	107	34	it	it	PRON
fsr-3676	107	35	does	do	AUX
fsr-3676	107	36	about	about	ADP
fsr-3676	107	37	the	the	DET
fsr-3676	107	38	true	true	ADJ
fsr-3676	107	39	risk	risk	NOUN
fsr-3676	107	40	premium	premium	NOUN
fsr-3676	107	41	.	.	PUNCT
fsr-3676	108	1	another	another	DET
fsr-3676	108	2	important	important	ADJ
fsr-3676	108	3	component	component	NOUN
fsr-3676	108	4	of	of	ADP
fsr-3676	108	5	empirical	empirical	ADJ
fsr-3676	108	6	tests	test	NOUN
fsr-3676	108	7	is	be	AUX
fsr-3676	108	8	the	the	DET
fsr-3676	108	9	level	level	NOUN
fsr-3676	108	10	of	of	ADP
fsr-3676	108	11	statistical	statistical	ADJ
fsr-3676	108	12	significance	significance	NOUN
fsr-3676	108	13	demanded	demand	VERB
fsr-3676	108	14	by	by	ADP
fsr-3676	108	15	researchers	researcher	NOUN
fsr-3676	108	16	.	.	PUNCT
fsr-3676	109	1	a	a	DET
fsr-3676	109	2	five	five	NUM
fsr-3676	109	3	or	or	CCONJ
fsr-3676	109	4	ten	ten	NUM
fsr-3676	109	5	percent	percent	NOUN
fsr-3676	109	6	level	level	NOUN
fsr-3676	109	7	of	of	ADP
fsr-3676	109	8	significance	significance	NOUN
fsr-3676	109	9	represents	represent	VERB
fsr-3676	109	10	an	an	DET
fsr-3676	109	11	aversion	aversion	NOUN
fsr-3676	109	12	on	on	ADP
fsr-3676	109	13	the	the	DET
fsr-3676	109	14	part	part	NOUN
fsr-3676	109	15	of	of	ADP
fsr-3676	109	16	researchers	researcher	NOUN
fsr-3676	109	17	to	to	ADP
fsr-3676	109	18	making	make	VERB
fsr-3676	109	19	type	type	NOUN
fsr-3676	109	20	i	i	PRON
fsr-3676	109	21	errors	error	VERB
fsr-3676	109	22	(	(	PUNCT
fsr-3676	109	23	rejecting	reject	VERB
fsr-3676	109	24	the	the	DET
fsr-3676	109	25	null	null	ADJ
fsr-3676	109	26	hypothesis	hypothesis	NOUN
fsr-3676	109	27	when	when	SCONJ
fsr-3676	109	28	it	it	PRON
fsr-3676	109	29	is	be	AUX
fsr-3676	109	30	true	true	ADJ
fsr-3676	109	31	)	)	PUNCT
fsr-3676	109	32	.	.	PUNCT
fsr-3676	110	1	apparently	apparently	ADV
fsr-3676	110	2	,	,	PUNCT
fsr-3676	110	3	researchers	researcher	NOUN
fsr-3676	110	4	would	would	AUX
fsr-3676	110	5	prefer	prefer	VERB
fsr-3676	110	6	to	to	PART
fsr-3676	110	7	avoid	avoid	VERB
fsr-3676	110	8	inferring	infer	VERB
fsr-3676	110	9	that	that	SCONJ
fsr-3676	110	10	there	there	PRON
fsr-3676	110	11	is	be	VERB
fsr-3676	110	12	a	a	DET
fsr-3676	110	13	positive	positive	ADJ
fsr-3676	110	14	risk	risk	NOUN
fsr-3676	110	15	premium	premium	NOUN
fsr-3676	110	16	when	when	SCONJ
fsr-3676	110	17	,	,	PUNCT
fsr-3676	110	18	in	in	ADP
fsr-3676	110	19	fact	fact	NOUN
fsr-3676	110	20	,	,	PUNCT
fsr-3676	110	21	there	there	PRON
fsr-3676	110	22	is	be	VERB
fsr-3676	110	23	none	none	NOUN
fsr-3676	110	24	.	.	PUNCT
fsr-3676	111	1	however	however	ADV
fsr-3676	111	2	,	,	PUNCT
fsr-3676	111	3	investors	investor	NOUN
fsr-3676	111	4	may	may	AUX
fsr-3676	111	5	be	be	AUX
fsr-3676	111	6	more	more	ADV
fsr-3676	111	7	concerned	concerned	ADJ
fsr-3676	111	8	about	about	ADP
fsr-3676	111	9	making	make	VERB
fsr-3676	111	10	type	type	NOUN
fsr-3676	111	11	ii	ii	NOUN
fsr-3676	111	12	errors	error	NOUN
fsr-3676	111	13	(	(	PUNCT
fsr-3676	111	14	accepting	accept	VERB
fsr-3676	111	15	the	the	DET
fsr-3676	111	16	null	null	ADJ
fsr-3676	111	17	hypothesis	hypothesis	NOUN
fsr-3676	111	18	of	of	ADP
fsr-3676	111	19	a	a	DET
fsr-3676	111	20	zero	zero	NUM
fsr-3676	111	21	average	average	ADJ
fsr-3676	111	22	risk	risk	NOUN
fsr-3676	111	23	premia	premia	NOUN
fsr-3676	111	24	when	when	SCONJ
fsr-3676	111	25	,	,	PUNCT
fsr-3676	111	26	in	in	ADP
fsr-3676	111	27	fact	fact	NOUN
fsr-3676	111	28	,	,	PUNCT
fsr-3676	111	29	there	there	PRON
fsr-3676	111	30	is	be	VERB
fsr-3676	111	31	a	a	DET
fsr-3676	111	32	positive	positive	ADJ
fsr-3676	111	33	average	average	ADJ
fsr-3676	111	34	risk	risk	NOUN
fsr-3676	111	35	premium	premium	NOUN
fsr-3676	111	36	)	)	PUNCT
fsr-3676	111	37	.	.	PUNCT
fsr-3676	112	1	one	one	PRON
fsr-3676	112	2	could	could	AUX
fsr-3676	112	3	plausibly	plausibly	ADV
fsr-3676	112	4	conclude	conclude	VERB
fsr-3676	112	5	that	that	SCONJ
fsr-3676	112	6	investors	investor	NOUN
fsr-3676	112	7	might	might	AUX
fsr-3676	112	8	take	take	VERB
fsr-3676	112	9	a	a	DET
fsr-3676	112	10	chance	chance	NOUN
fsr-3676	112	11	of	of	ADP
fsr-3676	112	12	falsely	falsely	ADV
fsr-3676	112	13	believing	believe	VERB
fsr-3676	112	14	there	there	PRON
fsr-3676	112	15	is	be	VERB
fsr-3676	112	16	a	a	DET
fsr-3676	112	17	common	common	ADJ
fsr-3676	112	18	stock	stock	NOUN
fsr-3676	112	19	risk	risk	NOUN
fsr-3676	112	20	premium	premium	NOUN
fsr-3676	112	21	if	if	SCONJ
fsr-3676	112	22	they	they	PRON
fsr-3676	112	23	can	can	AUX
fsr-3676	112	24	expect	expect	VERB
fsr-3676	112	25	to	to	PART
fsr-3676	112	26	earn	earn	VERB
fsr-3676	112	27	an	an	DET
fsr-3676	112	28	additional	additional	ADJ
fsr-3676	112	29	return	return	NOUN
fsr-3676	112	30	of	of	ADP
fsr-3676	112	31	seven	seven	NUM
fsr-3676	112	32	percent	percent	NOUN
fsr-3676	112	33	in	in	ADP
fsr-3676	112	34	the	the	DET
fsr-3676	112	35	february	february	NOUN
fsr-3676	112	36	through	through	ADP
fsr-3676	112	37	december	december	PROPN
fsr-3676	112	38	period	period	NOUN
fsr-3676	112	39	.	.	PUNCT
fsr-3676	113	1	this	this	PRON
fsr-3676	113	2	is	be	AUX
fsr-3676	113	3	certainly	certainly	ADV
fsr-3676	113	4	more	more	ADV
fsr-3676	113	5	plausible	plausible	ADJ
fsr-3676	113	6	than	than	ADP
fsr-3676	113	7	investors	investor	NOUN
fsr-3676	113	8	choosing	choose	VERB
fsr-3676	113	9	to	to	PART
fsr-3676	113	10	forego	forego	VERB
fsr-3676	113	11	additional	additional	ADJ
fsr-3676	113	12	return	return	NOUN
fsr-3676	113	13	because	because	SCONJ
fsr-3676	113	14	it	it	PRON
fsr-3676	113	15	is	be	AUX
fsr-3676	113	16	not	not	PART
fsr-3676	113	17	statistically	statistically	ADV
fsr-3676	113	18	different	different	ADJ
fsr-3676	113	19	from	from	ADP
fsr-3676	113	20	zero	zero	NUM
fsr-3676	113	21	at	at	ADP
fsr-3676	113	22	the	the	DET
fsr-3676	113	23	five	five	NUM
fsr-3676	113	24	percent	percent	NOUN
fsr-3676	113	25	level	level	NOUN
fsr-3676	113	26	.	.	PUNCT
fsr-3676	113	27	”	"	PUNCT
fsr-3676	114	1	conclusion	conclusion	NOUN
fsr-3676	114	2	our	our	PRON
fsr-3676	114	3	research	research	NOUN
fsr-3676	114	4	indicates	indicate	VERB
fsr-3676	114	5	that	that	SCONJ
fsr-3676	114	6	reports	report	NOUN
fsr-3676	114	7	of	of	ADP
fsr-3676	114	8	the	the	DET
fsr-3676	114	9	death	death	NOUN
fsr-3676	114	10	of	of	ADP
fsr-3676	114	11	the	the	DET
fsr-3676	114	12	risk	risk	NOUN
fsr-3676	114	13	/	/	SYM
fsr-3676	114	14	return	return	NOUN
fsr-3676	114	15	relationship	relationship	NOUN
fsr-3676	114	16	are	be	AUX
fsr-3676	114	17	premature	premature	ADJ
fsr-3676	114	18	.	.	PUNCT
fsr-3676	115	1	inferences	inference	NOUN
fsr-3676	115	2	drawn	draw	VERB
fsr-3676	115	3	from	from	ADP
fsr-3676	115	4	the	the	DET
fsr-3676	115	5	evidence	evidence	NOUN
fsr-3676	115	6	can	can	AUX
fsr-3676	115	7	be	be	AUX
fsr-3676	115	8	altered	alter	VERB
fsr-3676	115	9	greatly	greatly	ADV
fsr-3676	115	10	through	through	ADP
fsr-3676	115	11	should	should	AUX
fsr-3676	115	12	individual	individual	ADJ
fsr-3676	115	13	investors	investor	NOUN
fsr-3676	115	14	avoid	avoid	VERB
fsr-3676	115	15	the	the	DET
fsr-3676	115	16	stock	stock	NOUN
fsr-3676	115	17	market	market	NOUN
fsr-3676	115	18	outside	outside	ADP
fsr-3676	115	19	of	of	ADP
fsr-3676	115	20	january	january	PROPN
fsr-3676	115	21	?	?	PUNCT
fsr-3676	116	1	107	107	NUM
fsr-3676	116	2	small	small	ADJ
fsr-3676	116	3	changes	change	NOUN
fsr-3676	116	4	in	in	ADP
fsr-3676	116	5	the	the	DET
fsr-3676	116	6	way	way	NOUN
fsr-3676	116	7	the	the	DET
fsr-3676	116	8	empirical	empirical	ADJ
fsr-3676	116	9	question	question	NOUN
fsr-3676	116	10	is	be	AUX
fsr-3676	116	11	addressed	address	VERB
fsr-3676	116	12	.	.	PUNCT
fsr-3676	117	1	the	the	DET
fsr-3676	117	2	precision	precision	NOUN
fsr-3676	117	3	of	of	ADP
fsr-3676	117	4	the	the	DET
fsr-3676	117	5	mean	mean	ADJ
fsr-3676	117	6	risk	risk	NOUN
fsr-3676	117	7	premia	premia	NOUN
fsr-3676	117	8	can	can	AUX
fsr-3676	117	9	be	be	AUX
fsr-3676	117	10	increased	increase	VERB
fsr-3676	117	11	by	by	ADP
fsr-3676	117	12	expanding	expand	VERB
fsr-3676	117	13	the	the	DET
fsr-3676	117	14	number	number	NOUN
fsr-3676	117	15	of	of	ADP
fsr-3676	117	16	observations	observation	NOUN
fsr-3676	117	17	.	.	PUNCT
fsr-3676	118	1	since	since	SCONJ
fsr-3676	118	2	the	the	DET
fsr-3676	118	3	test	test	NOUN
fsr-3676	118	4	statistic	statistic	NOUN
fsr-3676	118	5	is	be	AUX
fsr-3676	118	6	sensitive	sensitive	ADJ
fsr-3676	118	7	to	to	ADP
fsr-3676	118	8	the	the	DET
fsr-3676	118	9	number	number	NOUN
fsr-3676	118	10	of	of	ADP
fsr-3676	118	11	observations	observation	NOUN
fsr-3676	118	12	,	,	PUNCT
fsr-3676	118	13	a	a	DET
fsr-3676	118	14	high	high	ADJ
fsr-3676	118	15	excess	excess	ADJ
fsr-3676	118	16	return	return	NOUN
fsr-3676	118	17	to	to	PART
fsr-3676	118	18	risk	risk	NOUN
fsr-3676	118	19	ratio	ratio	NOUN
fsr-3676	118	20	is	be	AUX
fsr-3676	118	21	required	require	VERB
fsr-3676	118	22	to	to	PART
fsr-3676	118	23	find	find	VERB
fsr-3676	118	24	statistical	statistical	ADJ
fsr-3676	118	25	significance	significance	NOUN
fsr-3676	118	26	when	when	SCONJ
fsr-3676	118	27	there	there	PRON
fsr-3676	118	28	are	be	VERB
fsr-3676	118	29	few	few	ADJ
fsr-3676	118	30	observations	observation	NOUN
fsr-3676	118	31	.	.	PUNCT
fsr-3676	119	1	portfolio	portfolio	NOUN
fsr-3676	119	2	theory	theory	NOUN
fsr-3676	119	3	places	place	VERB
fsr-3676	119	4	no	no	DET
fsr-3676	119	5	constraints	constraint	NOUN
fsr-3676	119	6	on	on	ADP
fsr-3676	119	7	the	the	DET
fsr-3676	119	8	size	size	NOUN
fsr-3676	119	9	of	of	ADP
fsr-3676	119	10	the	the	DET
fsr-3676	119	11	risk	risk	NOUN
fsr-3676	119	12	premium	premium	NOUN
fsr-3676	119	13	to	to	ADP
fsr-3676	119	14	standard	standard	ADJ
fsr-3676	119	15	deviation	deviation	NOUN
fsr-3676	119	16	measure	measure	NOUN
fsr-3676	119	17	.	.	PUNCT
fsr-3676	120	1	one	one	NUM
fsr-3676	120	2	reasonable	reasonable	ADJ
fsr-3676	120	3	constraint	constraint	NOUN
fsr-3676	120	4	is	be	AUX
fsr-3676	120	5	that	that	SCONJ
fsr-3676	120	6	it	it	PRON
fsr-3676	120	7	is	be	AUX
fsr-3676	120	8	positive	positive	ADJ
fsr-3676	120	9	,	,	PUNCT
fsr-3676	120	10	which	which	PRON
fsr-3676	120	11	is	be	AUX
fsr-3676	120	12	true	true	ADJ
fsr-3676	120	13	even	even	ADV
fsr-3676	120	14	outside	outside	ADP
fsr-3676	120	15	of	of	ADP
fsr-3676	120	16	january	january	PROPN
fsr-3676	120	17	for	for	ADP
fsr-3676	120	18	the	the	DET
fsr-3676	120	19	two	two	NUM
fsr-3676	120	20	equity	equity	NOUN
fsr-3676	120	21	portfolios	portfolio	NOUN
fsr-3676	120	22	examined	examine	VERB
fsr-3676	120	23	in	in	ADP
fsr-3676	120	24	this	this	DET
fsr-3676	120	25	study	study	NOUN
fsr-3676	120	26	.	.	PUNCT
fsr-3676	121	1	investors	investor	NOUN
fsr-3676	121	2	should	should	AUX
fsr-3676	121	3	also	also	ADV
fsr-3676	121	4	note	note	VERB
fsr-3676	121	5	that	that	SCONJ
fsr-3676	121	6	the	the	DET
fsr-3676	121	7	evidence	evidence	NOUN
fsr-3676	121	8	suggests	suggest	VERB
fsr-3676	121	9	that	that	SCONJ
fsr-3676	121	10	the	the	DET
fsr-3676	121	11	reward	reward	NOUN
fsr-3676	121	12	for	for	ADP
fsr-3676	121	13	bearing	bear	VERB
fsr-3676	121	14	risk	risk	NOUN
fsr-3676	121	15	does	do	AUX
fsr-3676	121	16	vary	vary	VERB
fsr-3676	121	17	over	over	ADP
fsr-3676	121	18	the	the	DET
fsr-3676	121	19	calendar	calendar	NOUN
fsr-3676	121	20	year	year	NOUN
fsr-3676	121	21	.	.	PUNCT
fsr-3676	122	1	however	however	ADV
fsr-3676	122	2	,	,	PUNCT
fsr-3676	122	3	for	for	ADP
fsr-3676	122	4	equity	equity	NOUN
fsr-3676	122	5	investors	investor	NOUN
fsr-3676	122	6	that	that	PRON
fsr-3676	122	7	have	have	AUX
fsr-3676	122	8	longer	long	ADV
fsr-3676	122	9	holding	hold	VERB
fsr-3676	122	10	periods	period	NOUN
fsr-3676	122	11	,	,	PUNCT
fsr-3676	122	12	this	this	DET
fsr-3676	122	13	variability	variability	NOUN
fsr-3676	122	14	in	in	ADP
fsr-3676	122	15	risk	risk	NOUN
fsr-3676	122	16	premia	premia	NOUN
fsr-3676	122	17	is	be	AUX
fsr-3676	122	18	of	of	ADP
fsr-3676	122	19	little	little	ADJ
fsr-3676	122	20	importance	importance	NOUN
fsr-3676	122	21	and	and	CCONJ
fsr-3676	122	22	a	a	DET
fsr-3676	122	23	rational	rational	ADJ
fsr-3676	122	24	investor	investor	NOUN
fsr-3676	122	25	would	would	AUX
fsr-3676	122	26	participate	participate	VERB
fsr-3676	122	27	in	in	ADP
fsr-3676	122	28	the	the	DET
fsr-3676	122	29	market	market	NOUN
fsr-3676	122	30	throughout	throughout	ADP
fsr-3676	122	31	the	the	DET
fsr-3676	122	32	year	year	NOUN
fsr-3676	122	33	,	,	PUNCT
fsr-3676	122	34	not	not	PART
fsr-3676	122	35	only	only	ADV
fsr-3676	122	36	during	during	ADP
fsr-3676	122	37	the	the	DET
fsr-3676	122	38	month	month	NOUN
fsr-3676	122	39	of	of	ADP
fsr-3676	122	40	january	january	PROPN
fsr-3676	122	41	.	.	PUNCT
fsr-3676	123	1	in	in	ADP
fsr-3676	123	2	summary	summary	NOUN
fsr-3676	123	3	,	,	PUNCT
fsr-3676	123	4	we	we	PRON
fsr-3676	123	5	believe	believe	VERB
fsr-3676	123	6	there	there	PRON
fsr-3676	123	7	is	be	VERB
fsr-3676	123	8	sufficient	sufficient	ADJ
fsr-3676	123	9	evidence	evidence	NOUN
fsr-3676	123	10	to	to	PART
fsr-3676	123	11	be	be	AUX
fsr-3676	123	12	skeptical	skeptical	ADJ
fsr-3676	123	13	about	about	ADP
fsr-3676	123	14	the	the	DET
fsr-3676	123	15	conclusion	conclusion	NOUN
fsr-3676	123	16	that	that	SCONJ
fsr-3676	123	17	the	the	DET
fsr-3676	123	18	risk	risk	NOUN
fsr-3676	123	19	/	/	SYM
fsr-3676	123	20	return	return	NOUN
fsr-3676	123	21	relationship	relationship	NOUN
fsr-3676	123	22	is	be	AUX
fsr-3676	123	23	severed	sever	VERB
fsr-3676	123	24	outside	outside	ADP
fsr-3676	123	25	of	of	ADP
fsr-3676	123	26	january	january	PROPN
fsr-3676	123	27	.	.	PUNCT
fsr-3676	124	1	acknowledgments	acknowledgment	NOUN
fsr-3676	124	2	:	:	PUNCT
fsr-3676	124	3	the	the	DET
fsr-3676	124	4	helpful	helpful	ADJ
fsr-3676	124	5	comments	comment	NOUN
fsr-3676	124	6	of	of	ADP
fsr-3676	124	7	robin	robin	PROPN
fsr-3676	124	8	grieves	grieve	VERB
fsr-3676	124	9	,	,	PUNCT
fsr-3676	124	10	scott	scott	PROPN
fsr-3676	124	11	harrington	harrington	PROPN
fsr-3676	124	12	and	and	CCONJ
fsr-3676	124	13	ted	te	VERB
fsr-3676	124	14	moore	moore	PROPN
fsr-3676	124	15	are	be	AUX
fsr-3676	124	16	gratefully	gratefully	ADV
fsr-3676	124	17	acknowledged	acknowledge	VERB
fsr-3676	124	18	.	.	PUNCT
fsr-3676	125	1	the	the	DET
fsr-3676	125	2	usual	usual	ADJ
fsr-3676	125	3	disclaimer	disclaimer	NOUN
fsr-3676	125	4	applies	apply	VERB
fsr-3676	125	5	.	.	PUNCT
fsr-3676	126	1	1	1	NUM
fsr-3676	126	2	.	.	X
fsr-3676	126	3	2	2	NUM
fsr-3676	126	4	.	.	NOUN
fsr-3676	126	5	3	3	NUM
fsr-3676	126	6	.	.	NOUN
fsr-3676	126	7	4	4	NUM
fsr-3676	126	8	.	.	NOUN
fsr-3676	126	9	5	5	NUM
fsr-3676	126	10	.	.	NOUN
fsr-3676	126	11	6	6	NUM
fsr-3676	126	12	.	.	NOUN
fsr-3676	126	13	7	7	X
fsr-3676	126	14	.	.	X
fsr-3676	126	15	notes	note	NOUN
fsr-3676	126	16	see	see	VERB
fsr-3676	126	17	,	,	PUNCT
fsr-3676	126	18	for	for	ADP
fsr-3676	126	19	example	example	NOUN
fsr-3676	126	20	,	,	PUNCT
fsr-3676	126	21	tinic	tinic	ADJ
fsr-3676	126	22	and	and	CCONJ
fsr-3676	126	23	west	west	NOUN
fsr-3676	126	24	(	(	PUNCT
fsr-3676	126	25	1984	1984	NUM
fsr-3676	126	26	)	)	PUNCT
fsr-3676	126	27	,	,	PUNCT
fsr-3676	126	28	gultekin	gultekin	NOUN
fsr-3676	126	29	and	and	CCONJ
fsr-3676	126	30	gultekin	gultekin	PROPN
fsr-3676	126	31	(	(	PUNCT
fsr-3676	126	32	1987	1987	NUM
fsr-3676	126	33	)	)	PUNCT
fsr-3676	126	34	,	,	PUNCT
fsr-3676	126	35	and	and	CCONJ
fsr-3676	126	36	chang	chang	PROPN
fsr-3676	126	37	and	and	CCONJ
fsr-3676	126	38	pinegar	pinegar	PROPN
fsr-3676	126	39	(	(	PUNCT
fsr-3676	126	40	1988a	1988a	NUM
fsr-3676	126	41	,	,	PUNCT
fsr-3676	126	42	1988b	1988b	NUM
fsr-3676	126	43	)	)	PUNCT
fsr-3676	126	44	.	.	PUNCT
fsr-3676	127	1	tinic	tinic	PROPN
fsr-3676	127	2	and	and	CCONJ
fsr-3676	127	3	west	west	NOUN
fsr-3676	127	4	find	find	VERB
fsr-3676	127	5	that	that	SCONJ
fsr-3676	127	6	january	january	PROPN
fsr-3676	127	7	is	be	AUX
fsr-3676	127	8	the	the	DET
fsr-3676	127	9	only	only	ADJ
fsr-3676	127	10	month	month	NOUN
fsr-3676	127	11	in	in	ADP
fsr-3676	127	12	which	which	PRON
fsr-3676	127	13	there	there	PRON
fsr-3676	127	14	is	be	VERB
fsr-3676	127	15	a	a	DET
fsr-3676	127	16	reliable	reliable	ADJ
fsr-3676	127	17	relationship	relationship	NOUN
fsr-3676	127	18	between	between	ADP
fsr-3676	127	19	beta	beta	NOUN
fsr-3676	127	20	and	and	CCONJ
fsr-3676	127	21	expected	expect	VERB
fsr-3676	127	22	returns	return	NOUN
fsr-3676	127	23	in	in	ADP
fsr-3676	127	24	the	the	DET
fsr-3676	127	25	context	context	NOUN
fsr-3676	127	26	of	of	ADP
fsr-3676	127	27	the	the	DET
fsr-3676	127	28	capital	capital	NOUN
fsr-3676	127	29	asset	asset	NOUN
fsr-3676	127	30	pricing	pricing	NOUN
fsr-3676	127	31	model	model	NOUN
fsr-3676	127	32	.	.	PUNCT
fsr-3676	128	1	gultekin	gultekin	PROPN
fsr-3676	128	2	and	and	CCONJ
fsr-3676	128	3	gultekin	gultekin	PROPN
fsr-3676	128	4	find	find	VERB
fsr-3676	128	5	an	an	DET
fsr-3676	128	6	analogous	analogous	ADJ
fsr-3676	128	7	result	result	NOUN
fsr-3676	128	8	for	for	ADP
fsr-3676	128	9	risk	risk	NOUN
fsr-3676	128	10	measures	measure	NOUN
fsr-3676	128	11	associated	associate	VERB
fsr-3676	128	12	with	with	ADP
fsr-3676	128	13	the	the	DET
fsr-3676	128	14	arbitrage	arbitrage	NOUN
fsr-3676	128	15	pricing	pricing	NOUN
fsr-3676	128	16	theory	theory	NOUN
fsr-3676	128	17	.	.	PUNCT
fsr-3676	129	1	of	of	ADP
fsr-3676	129	2	course	course	NOUN
fsr-3676	129	3	,	,	PUNCT
fsr-3676	129	4	the	the	DET
fsr-3676	129	5	empirical	empirical	ADJ
fsr-3676	129	6	difficulties	difficulty	NOUN
fsr-3676	129	7	associated	associate	VERB
fsr-3676	129	8	with	with	ADP
fsr-3676	129	9	testing	test	VERB
fsr-3676	129	10	these	these	DET
fsr-3676	129	11	models	model	NOUN
fsr-3676	129	12	makes	make	VERB
fsr-3676	129	13	these	these	DET
fsr-3676	129	14	conclusions	conclusion	NOUN
fsr-3676	129	15	more	more	ADV
fsr-3676	129	16	tenuous	tenuous	ADJ
fsr-3676	129	17	.	.	PUNCT
fsr-3676	130	1	see	see	VERB
fsr-3676	130	2	roll	roll	NOUN
fsr-3676	130	3	(	(	PUNCT
fsr-3676	130	4	1977	1977	NUM
fsr-3676	130	5	)	)	PUNCT
fsr-3676	130	6	and	and	CCONJ
fsr-3676	130	7	shanken	shanken	VERB
fsr-3676	130	8	(	(	PUNCT
fsr-3676	130	9	1982	1982	NUM
fsr-3676	130	10	)	)	PUNCT
fsr-3676	130	11	for	for	ADP
fsr-3676	130	12	discussions	discussion	NOUN
fsr-3676	130	13	of	of	ADP
fsr-3676	130	14	these	these	DET
fsr-3676	130	15	empirical	empirical	ADJ
fsr-3676	130	16	difficulties	difficulty	NOUN
fsr-3676	130	17	.	.	PUNCT
fsr-3676	131	1	starting	start	VERB
fsr-3676	131	2	in	in	ADP
fsr-3676	131	3	1982	1982	NUM
fsr-3676	131	4	,	,	PUNCT
fsr-3676	131	5	this	this	DET
fsr-3676	131	6	portfolio	portfolio	NOUN
fsr-3676	131	7	of	of	ADP
fsr-3676	131	8	small	small	ADJ
fsr-3676	131	9	capitalization	capitalization	NOUN
fsr-3676	131	10	stocks	stock	NOUN
fsr-3676	131	11	contains	contain	VERB
fsr-3676	131	12	some	some	DET
fsr-3676	131	13	stocks	stock	NOUN
fsr-3676	131	14	that	that	PRON
fsr-3676	131	15	are	be	AUX
fsr-3676	131	16	listed	list	VERB
fsr-3676	131	17	on	on	ADP
fsr-3676	131	18	the	the	DET
fsr-3676	131	19	american	american	ADJ
fsr-3676	131	20	stock	stock	PROPN
fsr-3676	131	21	exchange	exchange	PROPN
fsr-3676	131	22	and	and	CCONJ
fsr-3676	131	23	on	on	ADP
fsr-3676	131	24	nasdaq	nasdaq	PROPN
fsr-3676	131	25	.	.	PUNCT
fsr-3676	132	1	stocks	stock	NOUN
fsr-3676	132	2	,	,	PUNCT
fsr-3676	132	3	bonds	bond	NOUN
fsr-3676	132	4	,	,	PUNCT
fsr-3676	132	5	bills	bill	NOUN
fsr-3676	132	6	and	and	CCONJ
fsr-3676	132	7	injlation	injlation	NOUN
fsr-3676	132	8	is	be	AUX
fsr-3676	132	9	published	publish	VERB
fsr-3676	132	10	annually	annually	ADV
fsr-3676	132	11	by	by	ADP
fsr-3676	132	12	ibbotson	ibbotson	PROPN
fsr-3676	132	13	and	and	CCONJ
fsr-3676	132	14	associates	associate	NOUN
fsr-3676	132	15	.	.	PUNCT
fsr-3676	133	1	for	for	ADP
fsr-3676	133	2	further	further	ADJ
fsr-3676	133	3	details	detail	NOUN
fsr-3676	133	4	on	on	ADP
fsr-3676	133	5	the	the	DET
fsr-3676	133	6	construction	construction	NOUN
fsr-3676	133	7	of	of	ADP
fsr-3676	133	8	these	these	DET
fsr-3676	133	9	portfolios	portfolio	NOUN
fsr-3676	133	10	,	,	PUNCT
fsr-3676	133	11	the	the	DET
fsr-3676	133	12	interested	interested	ADJ
fsr-3676	133	13	reader	reader	NOUN
fsr-3676	133	14	is	be	AUX
fsr-3676	133	15	directed	direct	VERB
fsr-3676	133	16	to	to	ADP
fsr-3676	133	17	the	the	DET
fsr-3676	133	18	1989	1989	NUM
fsr-3676	133	19	yearbook	yearbook	NOUN
fsr-3676	133	20	.	.	PUNCT
fsr-3676	134	1	each	each	DET
fsr-3676	134	2	monthly	monthly	ADJ
fsr-3676	134	3	return	return	NOUN
fsr-3676	134	4	(	(	PUNCT
fsr-3676	134	5	in	in	ADP
fsr-3676	134	6	decimal	decimal	ADJ
fsr-3676	134	7	form	form	NOUN
fsr-3676	134	8	)	)	PUNCT
fsr-3676	134	9	is	be	AUX
fsr-3676	134	10	augmented	augment	VERB
fsr-3676	134	11	by	by	ADP
fsr-3676	134	12	one	one	NUM
fsr-3676	134	13	.	.	PUNCT
fsr-3676	135	1	the	the	DET
fsr-3676	135	2	eleven	eleven	NUM
fsr-3676	135	3	-	-	PUNCT
fsr-3676	135	4	month	month	NOUN
fsr-3676	135	5	return	return	NOUN
fsr-3676	135	6	is	be	AUX
fsr-3676	135	7	then	then	ADV
fsr-3676	135	8	simply	simply	ADV
fsr-3676	135	9	the	the	DET
fsr-3676	135	10	product	product	NOUN
fsr-3676	135	11	of	of	ADP
fsr-3676	135	12	these	these	DET
fsr-3676	135	13	eleven	eleven	NUM
fsr-3676	135	14	individual	individual	ADJ
fsr-3676	135	15	monthly	monthly	ADJ
fsr-3676	135	16	returns	return	NOUN
fsr-3676	135	17	.	.	PUNCT
fsr-3676	136	1	since	since	SCONJ
fsr-3676	136	2	the	the	DET
fsr-3676	136	3	term	term	NOUN
fsr-3676	136	4	structure	structure	NOUN
fsr-3676	136	5	of	of	ADP
fsr-3676	136	6	interest	interest	NOUN
fsr-3676	136	7	rates	rate	NOUN
fsr-3676	136	8	is	be	AUX
fsr-3676	136	9	generally	generally	ADV
fsr-3676	136	10	upward	upward	ADV
fsr-3676	136	11	sloping	slope	VERB
fsr-3676	136	12	,	,	PUNCT
fsr-3676	136	13	the	the	DET
fsr-3676	136	14	choice	choice	NOUN
fsr-3676	136	15	of	of	ADP
fsr-3676	136	16	one	one	NUM
fsr-3676	136	17	-	-	PUNCT
fsr-3676	136	18	month	month	NOUN
fsr-3676	136	19	bills	bill	NOUN
fsr-3676	136	20	may	may	AUX
fsr-3676	136	21	bias	bias	VERB
fsr-3676	136	22	our	our	PRON
fsr-3676	136	23	results	result	NOUN
fsr-3676	136	24	in	in	ADP
fsr-3676	136	25	favor	favor	NOUN
fsr-3676	136	26	of	of	ADP
fsr-3676	136	27	finding	find	VERB
fsr-3676	136	28	a	a	DET
fsr-3676	136	29	positive	positive	ADJ
fsr-3676	136	30	and	and	CCONJ
fsr-3676	136	31	statistically	statistically	ADV
fsr-3676	136	32	significant	significant	ADJ
fsr-3676	136	33	equity	equity	NOUN
fsr-3676	136	34	risk	risk	NOUN
fsr-3676	136	35	premium	premium	NOUN
fsr-3676	136	36	.	.	PUNCT
fsr-3676	137	1	an	an	DET
fsr-3676	137	2	investor	investor	NOUN
fsr-3676	137	3	would	would	AUX
fsr-3676	137	4	be	be	AUX
fsr-3676	137	5	able	able	ADJ
fsr-3676	137	6	to	to	PART
fsr-3676	137	7	capture	capture	VERB
fsr-3676	137	8	an	an	DET
fsr-3676	137	9	additional	additional	ADJ
fsr-3676	137	10	term	term	NOUN
fsr-3676	137	11	premium	premium	NOUN
fsr-3676	137	12	in	in	ADP
fsr-3676	137	13	a	a	DET
fsr-3676	137	14	typical	typical	ADJ
fsr-3676	137	15	year	year	NOUN
fsr-3676	137	16	by	by	ADP
fsr-3676	137	17	investing	invest	VERB
fsr-3676	137	18	in	in	ADP
fsr-3676	137	19	longer	long	ADJ
fsr-3676	137	20	term	term	NOUN
fsr-3676	137	21	government	government	NOUN
fsr-3676	137	22	securities	security	NOUN
fsr-3676	137	23	.	.	PUNCT
fsr-3676	138	1	the	the	DET
fsr-3676	138	2	choice	choice	NOUN
fsr-3676	138	3	of	of	ADP
fsr-3676	138	4	one	one	NUM
fsr-3676	138	5	-	-	PUNCT
fsr-3676	138	6	month	month	NOUN
fsr-3676	138	7	bills	bill	NOUN
fsr-3676	138	8	is	be	AUX
fsr-3676	138	9	made	make	VERB
fsr-3676	138	10	purely	purely	ADV
fsr-3676	138	11	as	as	ADP
fsr-3676	138	12	a	a	DET
fsr-3676	138	13	matter	matter	NOUN
fsr-3676	138	14	of	of	ADP
fsr-3676	138	15	convenience	convenience	NOUN
fsr-3676	138	16	due	due	ADP
fsr-3676	138	17	to	to	ADP
fsr-3676	138	18	data	datum	NOUN
fsr-3676	138	19	availability	availability	NOUN
fsr-3676	138	20	.	.	PUNCT
fsr-3676	139	1	the	the	DET
fsr-3676	139	2	properties	property	NOUN
fsr-3676	139	3	of	of	ADP
fsr-3676	139	4	the	the	DET
fsr-3676	139	5	relationship	relationship	NOUN
fsr-3676	139	6	between	between	ADP
fsr-3676	139	7	standard	standard	ADJ
fsr-3676	139	8	deviation	deviation	NOUN
fsr-3676	139	9	of	of	ADP
fsr-3676	139	10	returns	return	NOUN
fsr-3676	139	11	and	and	CCONJ
fsr-3676	139	12	time	time	NOUN
fsr-3676	139	13	are	be	AUX
fsr-3676	139	14	discussed	discuss	VERB
fsr-3676	139	15	by	by	ADP
fsr-3676	139	16	young	young	ADJ
fsr-3676	139	17	(	(	PUNCT
fsr-3676	139	18	1971	1971	NUM
fsr-3676	139	19	)	)	PUNCT
fsr-3676	139	20	and	and	CCONJ
fsr-3676	139	21	mcenally	mcenally	ADV
fsr-3676	139	22	(	(	PUNCT
fsr-3676	139	23	1985	1985	NUM
fsr-3676	139	24	)	)	PUNCT
fsr-3676	139	25	.	.	PUNCT
fsr-3676	140	1	first	first	ADJ
fsr-3676	140	2	order	order	VERB
fsr-3676	140	3	serial	serial	ADJ
fsr-3676	140	4	correlations	correlation	NOUN
fsr-3676	140	5	for	for	ADP
fsr-3676	140	6	the	the	DET
fsr-3676	140	7	common	common	ADJ
fsr-3676	140	8	and	and	CCONJ
fsr-3676	140	9	small	small	ADJ
fsr-3676	140	10	equity	equity	NOUN
fsr-3676	140	11	portfolios	portfolio	NOUN
fsr-3676	140	12	are	be	AUX
fsr-3676	140	13	.i0	.i0	ADJ
fsr-3676	140	14	and	and	CCONJ
fsr-3676	140	15	.16	.16	NUM
fsr-3676	140	16	,	,	PUNCT
fsr-3676	140	17	respectively	respectively	ADV
fsr-3676	140	18	.	.	PUNCT
fsr-3676	141	1	positive	positive	ADJ
fsr-3676	141	2	serial	serial	ADJ
fsr-3676	141	3	correlation	correlation	NOUN
fsr-3676	141	4	in	in	ADP
fsr-3676	141	5	returns	return	NOUN
fsr-3676	141	6	will	will	AUX
fsr-3676	141	7	lead	lead	VERB
fsr-3676	141	8	r	r	NOUN
fsr-3676	141	9	-	-	PUNCT
fsr-3676	141	10	period	period	NOUN
fsr-3676	141	11	standard	standard	ADJ
fsr-3676	141	12	deviations	deviation	NOUN
fsr-3676	141	13	to	to	PART
fsr-3676	141	14	be	be	AUX
fsr-3676	141	15	slightly	slightly	ADV
fsr-3676	141	16	more	more	ADJ
fsr-3676	141	17	than	than	ADP
fsr-3676	141	18	jt	jt	PROPN
fsr-3676	141	19	times	times	PROPN
fsr-3676	141	20	as	as	ADV
fsr-3676	141	21	large	large	ADJ
fsr-3676	141	22	as	as	ADP
fsr-3676	141	23	single	single	ADJ
fsr-3676	141	24	period	period	NOUN
fsr-3676	141	25	standard	standard	ADJ
fsr-3676	141	26	deviations	deviation	NOUN
fsr-3676	141	27	.	.	PUNCT
fsr-3676	142	1	of	of	ADP
fsr-3676	142	2	course	course	ADV
fsr-3676	142	3	,	,	PUNCT
fsr-3676	142	4	this	this	PRON
fsr-3676	142	5	is	be	AUX
fsr-3676	142	6	not	not	PART
fsr-3676	142	7	literally	literally	ADV
fsr-3676	142	8	true	true	ADJ
fsr-3676	142	9	since	since	SCONJ
fsr-3676	142	10	the	the	DET
fsr-3676	142	11	capital	capital	NOUN
fsr-3676	142	12	market	market	NOUN
fsr-3676	142	13	line	line	NOUN
fsr-3676	142	14	is	be	AUX
fsr-3676	142	15	developed	develop	VERB
fsr-3676	142	16	in	in	ADP
fsr-3676	142	17	the	the	DET
fsr-3676	142	18	context	context	NOUN
fsr-3676	142	19	of	of	ADP
fsr-3676	142	20	a	a	DET
fsr-3676	142	21	single	single	ADJ
fsr-3676	142	22	period	period	NOUN
fsr-3676	142	23	model	model	NOUN
fsr-3676	142	24	.	.	PUNCT
fsr-3676	143	1	the	the	DET
fsr-3676	143	2	slope	slope	NOUN
fsr-3676	143	3	of	of	ADP
fsr-3676	143	4	the	the	DET
fsr-3676	143	5	theoretical	theoretical	ADJ
fsr-3676	143	6	capital	capital	NOUN
fsr-3676	143	7	market	market	NOUN
fsr-3676	143	8	line	line	NOUN
fsr-3676	143	9	is	be	AUX
fsr-3676	143	10	given	give	VERB
fsr-3676	143	11	by	by	ADP
fsr-3676	143	12	(	(	PUNCT
fsr-3676	143	13	e(r	e(r	NUM
fsr-3676	143	14	,	,	PUNCT
fsr-3676	143	15	)	)	PUNCT
fsr-3676	143	16	rf	rf	NOUN
fsr-3676	143	17	)	)	PUNCT
fsr-3676	143	18	/	/	SYM
fsr-3676	143	19	urm	urm	X
fsr-3676	143	20	.	.	PUNCT
fsr-3676	144	1	it	it	PRON
fsr-3676	144	2	measures	measure	VERB
fsr-3676	144	3	the	the	DET
fsr-3676	144	4	ex	ex	PROPN
fsr-3676	144	5	ante	ante	NOUN
fsr-3676	144	6	reward	reward	NOUN
fsr-3676	144	7	to	to	ADP
fsr-3676	144	8	risk	risk	NOUN
fsr-3676	144	9	of	of	ADP
fsr-3676	144	10	the	the	DET
fsr-3676	144	11	market	market	NOUN
fsr-3676	144	12	portfolio	portfolio	NOUN
fsr-3676	144	13	.	.	PUNCT
fsr-3676	145	1	our	our	PRON
fsr-3676	145	2	measure	measure	NOUN
fsr-3676	145	3	is	be	AUX
fsr-3676	145	4	an	an	DET
fsr-3676	145	5	ex	ex	ADJ
fsr-3676	145	6	108	108	NUM
fsr-3676	145	7	financial	financial	ADJ
fsr-3676	145	8	services	service	NOUN
fsr-3676	145	9	review	review	NOUN
fsr-3676	145	10	,	,	PUNCT
fsr-3676	145	11	l(2	l(2	PROPN
fsr-3676	145	12	)	)	PUNCT
fsr-3676	145	13	1991	1991	NUM
fsr-3676	145	14	8	8	NUM
fsr-3676	145	15	.	.	X
fsr-3676	146	1	9	9	NUM
fsr-3676	146	2	.	.	X
fsr-3676	146	3	post	post	NOUN
fsr-3676	146	4	measurement	measurement	NOUN
fsr-3676	146	5	approximating	approximate	VERB
fsr-3676	146	6	this	this	DET
fsr-3676	146	7	slope	slope	NOUN
fsr-3676	146	8	.	.	PUNCT
fsr-3676	147	1	if	if	SCONJ
fsr-3676	147	2	the	the	DET
fsr-3676	147	3	risk	risk	NOUN
fsr-3676	147	4	-	-	PUNCT
fsr-3676	147	5	free	free	ADJ
fsr-3676	147	6	rate	rate	NOUN
fsr-3676	147	7	were	be	AUX
fsr-3676	147	8	non	non	ADJ
fsr-3676	147	9	-	-	ADJ
fsr-3676	147	10	stochastic	stochastic	ADJ
fsr-3676	147	11	over	over	ADP
fsr-3676	147	12	all	all	DET
fsr-3676	147	13	return	return	NOUN
fsr-3676	147	14	intervals	interval	NOUN
fsr-3676	147	15	and	and	CCONJ
fsr-3676	147	16	r	r	NOUN
fsr-3676	147	17	,	,	PUNCT
fsr-3676	147	18	represented	represent	VERB
fsr-3676	147	19	the	the	DET
fsr-3676	147	20	true	true	ADJ
fsr-3676	147	21	market	market	NOUN
fsr-3676	147	22	portfolio	portfolio	NOUN
fsr-3676	147	23	,	,	PUNCT
fsr-3676	147	24	our	our	PRON
fsr-3676	147	25	measure	measure	NOUN
fsr-3676	147	26	would	would	AUX
fsr-3676	147	27	provide	provide	VERB
fsr-3676	147	28	a	a	DET
fsr-3676	147	29	sample	sample	NOUN
fsr-3676	147	30	estimate	estimate	NOUN
fsr-3676	147	31	ofthe	ofthe	NOUN
fsr-3676	147	32	slope	slope	NOUN
fsr-3676	147	33	of	of	ADP
fsr-3676	147	34	the	the	DET
fsr-3676	147	35	capital	capital	NOUN
fsr-3676	147	36	market	market	NOUN
fsr-3676	147	37	line	line	NOUN
fsr-3676	147	38	.	.	PUNCT
fsr-3676	148	1	for	for	ADP
fsr-3676	148	2	our	our	PRON
fsr-3676	148	3	purposes	purpose	NOUN
fsr-3676	148	4	,	,	PUNCT
fsr-3676	148	5	these	these	DET
fsr-3676	148	6	differences	difference	NOUN
fsr-3676	148	7	are	be	AUX
fsr-3676	148	8	relatively	relatively	ADV
fsr-3676	148	9	minor	minor	ADJ
fsr-3676	148	10	.	.	PUNCT
fsr-3676	149	1	recall	recall	VERB
fsr-3676	149	2	that	that	SCONJ
fsr-3676	149	3	1.645	1.645	NUM
fsr-3676	149	4	is	be	AUX
fsr-3676	149	5	the	the	DET
fsr-3676	149	6	critical	critical	ADJ
fsr-3676	149	7	value	value	NOUN
fsr-3676	149	8	for	for	ADP
fsr-3676	149	9	a	a	DET
fsr-3676	149	10	one	one	NUM
fsr-3676	149	11	-	-	PUNCT
fsr-3676	149	12	tail	tail	NOUN
fsr-3676	149	13	test	test	NOUN
fsr-3676	149	14	at	at	ADP
fsr-3676	149	15	the	the	DET
fsr-3676	149	16	five	five	NUM
fsr-3676	149	17	percent	percent	NOUN
fsr-3676	149	18	level	level	NOUN
fsr-3676	149	19	of	of	ADP
fsr-3676	149	20	significance	significance	NOUN
fsr-3676	149	21	.	.	PUNCT
fsr-3676	150	1	thus	thus	ADV
fsr-3676	150	2	,	,	PUNCT
fsr-3676	150	3	the	the	DET
fsr-3676	150	4	r	r	NOUN
fsr-3676	150	5	-	-	PUNCT
fsr-3676	150	6	statistic	statistic	NOUN
fsr-3676	150	7	must	must	AUX
fsr-3676	150	8	be	be	AUX
fsr-3676	150	9	at	at	ADP
fsr-3676	150	10	least	least	ADV
fsr-3676	150	11	1.645	1.645	NUM
fsr-3676	150	12	or	or	CCONJ
fsr-3676	150	13	we	we	PRON
fsr-3676	150	14	would	would	AUX
fsr-3676	150	15	fail	fail	VERB
fsr-3676	150	16	to	to	PART
fsr-3676	150	17	reject	reject	VERB
fsr-3676	150	18	the	the	DET
fsr-3676	150	19	null	null	ADJ
fsr-3676	150	20	hypothesis	hypothesis	NOUN
fsr-3676	150	21	that	that	SCONJ
fsr-3676	150	22	the	the	DET
fsr-3676	150	23	risk	risk	NOUN
fsr-3676	150	24	premium	premium	NOUN
fsr-3676	150	25	is	be	AUX
fsr-3676	150	26	zero	zero	NUM
fsr-3676	150	27	.	.	PUNCT
fsr-3676	151	1	for	for	ADP
fsr-3676	151	2	a	a	DET
fsr-3676	151	3	general	general	ADJ
fsr-3676	151	4	discussion	discussion	NOUN
fsr-3676	151	5	of	of	ADP
fsr-3676	151	6	how	how	SCONJ
fsr-3676	151	7	researchers	researcher	NOUN
fsr-3676	151	8	misuse	misuse	VERB
fsr-3676	151	9	tests	test	NOUN
fsr-3676	151	10	of	of	ADP
fsr-3676	151	11	significance	significance	NOUN
fsr-3676	151	12	,	,	PUNCT
fsr-3676	151	13	see	see	VERB
fsr-3676	151	14	mccloskey	mccloskey	PROPN
fsr-3676	151	15	(	(	PUNCT
fsr-3676	151	16	1985	1985	NUM
fsr-3676	151	17	)	)	PUNCT
fsr-3676	151	18	.	.	PUNCT
fsr-3676	152	1	references	reference	NOUN
fsr-3676	152	2	chang	chang	PROPN
fsr-3676	152	3	,	,	PUNCT
fsr-3676	152	4	eric	eric	PROPN
fsr-3676	152	5	,	,	PUNCT
fsr-3676	152	6	and	and	CCONJ
fsr-3676	152	7	j.	j.	PROPN
fsr-3676	152	8	michael	michael	PROPN
fsr-3676	152	9	pinegar	pinegar	PROPN
fsr-3676	152	10	.	.	PUNCT
fsr-3676	152	11	1988	1988	NUM
fsr-3676	152	12	.	.	PUNCT
fsr-3676	153	1	“	"	PUNCT
fsr-3676	153	2	a	a	DET
fsr-3676	153	3	fundamental	fundamental	ADJ
fsr-3676	153	4	study	study	NOUN
fsr-3676	153	5	of	of	ADP
fsr-3676	153	6	the	the	DET
fsr-3676	153	7	seasonal	seasonal	ADJ
fsr-3676	153	8	risk	risk	NOUN
fsr-3676	153	9	-	-	PUNCT
fsr-3676	153	10	return	return	NOUN
fsr-3676	153	11	relationship	relationship	NOUN
fsr-3676	153	12	:	:	PUNCT
fsr-3676	153	13	a	a	DET
fsr-3676	153	14	note	note	NOUN
fsr-3676	153	15	,	,	PUNCT
fsr-3676	153	16	”	"	PUNCT
fsr-3676	153	17	journal	journal	NOUN
fsr-3676	153	18	offinance	offinance	NOUN
fsr-3676	153	19	,	,	PUNCT
fsr-3676	153	20	43	43	NUM
fsr-3676	153	21	:	:	SYM
fsr-3676	153	22	1035	1035	NUM
fsr-3676	153	23	-	-	SYM
fsr-3676	153	24	1039	1039	NUM
fsr-3676	153	25	.	.	PUNCT
fsr-3676	154	1	chang	chang	PROPN
fsr-3676	154	2	,	,	PUNCT
fsr-3676	154	3	eric	eric	PROPN
fsr-3676	154	4	,	,	PUNCT
fsr-3676	154	5	and	and	CCONJ
fsr-3676	154	6	j.	j.	PROPN
fsr-3676	154	7	michael	michael	PROPN
fsr-3676	154	8	pinegar	pinegar	PROPN
fsr-3676	154	9	.	.	PUNCT
fsr-3676	154	10	1988	1988	NUM
fsr-3676	154	11	.	.	PUNCT
fsr-3676	155	1	“	"	PUNCT
fsr-3676	155	2	does	do	VERB
fsr-3676	155	3	the	the	DET
fsr-3676	155	4	market	market	NOUN
fsr-3676	155	5	reward	reward	NOUN
fsr-3676	155	6	risk	risk	NOUN
fsr-3676	155	7	in	in	ADP
fsr-3676	155	8	non	non	ADJ
fsr-3676	155	9	-	-	ADJ
fsr-3676	155	10	january	january	ADJ
fsr-3676	155	11	months	month	NOUN
fsr-3676	155	12	?	?	PUNCT
fsr-3676	155	13	”	"	PUNCT
fsr-3676	155	14	journal	journal	NOUN
fsr-3676	155	15	of	of	ADP
fsr-3676	155	16	portfolio	portfolio	NOUN
fsr-3676	155	17	management	management	NOUN
fsr-3676	155	18	,	,	PUNCT
fsr-3676	155	19	15	15	NUM
fsr-3676	155	20	:	:	SYM
fsr-3676	155	21	55	55	NUM
fsr-3676	155	22	-	-	SYM
fsr-3676	155	23	57	57	NUM
fsr-3676	155	24	.	.	PUNCT
fsr-3676	156	1	gultekin	gultekin	PROPN
fsr-3676	156	2	,	,	PUNCT
fsr-3676	156	3	bulent	bulent	NOUN
fsr-3676	156	4	,	,	PUNCT
fsr-3676	156	5	and	and	CCONJ
fsr-3676	156	6	mustafa	mustafa	PROPN
fsr-3676	156	7	n.	n.	PROPN
fsr-3676	156	8	gultekin	gultekin	PROPN
fsr-3676	156	9	.	.	PUNCT
fsr-3676	156	10	1987	1987	NUM
fsr-3676	156	11	.	.	PUNCT
fsr-3676	157	1	“	"	PUNCT
fsr-3676	157	2	stock	stock	NOUN
fsr-3676	157	3	return	return	NOUN
fsr-3676	157	4	anomalies	anomaly	NOUN
fsr-3676	157	5	and	and	CCONJ
fsr-3676	157	6	tests	test	NOUN
fsr-3676	157	7	of	of	ADP
fsr-3676	157	8	the	the	DET
fsr-3676	157	9	apt	apt	ADJ
fsr-3676	157	10	,	,	PUNCT
fsr-3676	157	11	”	"	PUNCT
fsr-3676	157	12	journal	journal	NOUN
fsr-3676	157	13	offinance	offinance	NOUN
fsr-3676	157	14	,	,	PUNCT
fsr-3676	157	15	42	42	NUM
fsr-3676	157	16	:	:	SYM
fsr-3676	157	17	1213	1213	NUM
fsr-3676	157	18	-	-	SYM
fsr-3676	157	19	1224	1224	NUM
fsr-3676	157	20	.	.	PUNCT
fsr-3676	158	1	mccloskey	mccloskey	PROPN
fsr-3676	158	2	,	,	PUNCT
fsr-3676	158	3	donald	donald	PROPN
fsr-3676	158	4	.	.	PROPN
fsr-3676	158	5	1985	1985	NUM
fsr-3676	158	6	.	.	PUNCT
fsr-3676	159	1	“	"	PUNCT
fsr-3676	159	2	the	the	DET
fsr-3676	159	3	loss	loss	NOUN
fsr-3676	159	4	function	function	NOUN
fsr-3676	159	5	has	have	AUX
fsr-3676	159	6	been	be	AUX
fsr-3676	159	7	mislaid	mislay	VERB
fsr-3676	159	8	:	:	PUNCT
fsr-3676	159	9	the	the	DET
fsr-3676	159	10	rhetoric	rhetoric	NOUN
fsr-3676	159	11	of	of	ADP
fsr-3676	159	12	significance	significance	NOUN
fsr-3676	159	13	tests	test	NOUN
fsr-3676	159	14	,	,	PUNCT
fsr-3676	159	15	”	"	PUNCT
fsr-3676	159	16	american	american	PROPN
fsr-3676	159	17	economic	economic	PROPN
fsr-3676	159	18	review	review	PROPN
fsr-3676	159	19	,	,	PUNCT
fsr-3676	159	20	75	75	NUM
fsr-3676	159	21	:	:	PUNCT
fsr-3676	159	22	201	201	NUM
fsr-3676	159	23	-	-	SYM
fsr-3676	159	24	205	205	NUM
fsr-3676	159	25	.	.	PUNCT
fsr-3676	160	1	mcenally	mcenally	ADV
fsr-3676	160	2	,	,	PUNCT
fsr-3676	160	3	richard	richard	PROPN
fsr-3676	160	4	w.	w.	PROPN
fsr-3676	160	5	1985	1985	NUM
fsr-3676	160	6	.	.	PUNCT
fsr-3676	161	1	“	"	PUNCT
fsr-3676	161	2	time	time	NOUN
fsr-3676	161	3	diversification	diversification	NOUN
fsr-3676	161	4	:	:	PUNCT
fsr-3676	161	5	the	the	DET
fsr-3676	161	6	surest	sure	ADJ
fsr-3676	161	7	route	route	NOUN
fsr-3676	161	8	to	to	ADP
fsr-3676	161	9	lower	low	ADJ
fsr-3676	161	10	risk	risk	NOUN
fsr-3676	161	11	?	?	PUNCT
fsr-3676	161	12	”	"	PUNCT
fsr-3676	161	13	journal	journal	NOUN
fsr-3676	161	14	of	of	ADP
fsr-3676	161	15	portfolio	portfolio	NOUN
fsr-3676	161	16	management	management	NOUN
fsr-3676	161	17	,	,	PUNCT
fsr-3676	161	18	11	11	NUM
fsr-3676	161	19	:	:	SYM
fsr-3676	161	20	24	24	NUM
fsr-3676	161	21	-	-	SYM
fsr-3676	161	22	26	26	NUM
fsr-3676	161	23	.	.	PUNCT
fsr-3676	162	1	roll	roll	NOUN
fsr-3676	162	2	,	,	PUNCT
fsr-3676	162	3	richard	richard	PROPN
fsr-3676	162	4	w.	w.	PROPN
fsr-3676	162	5	1977	1977	NUM
fsr-3676	162	6	.	.	PUNCT
fsr-3676	163	1	“	"	PUNCT
fsr-3676	163	2	a	a	DET
fsr-3676	163	3	critique	critique	NOUN
fsr-3676	163	4	of	of	ADP
fsr-3676	163	5	the	the	DET
fsr-3676	163	6	asset	asset	NOUN
fsr-3676	163	7	pricing	pricing	NOUN
fsr-3676	163	8	theory	theory	NOUN
fsr-3676	163	9	’s	’s	PART
fsr-3676	163	10	tests	test	NOUN
fsr-3676	163	11	:	:	PUNCT
fsr-3676	163	12	part	part	NOUN
fsr-3676	163	13	i	i	X
fsr-3676	163	14	:	:	PUNCT
fsr-3676	163	15	on	on	ADP
fsr-3676	163	16	the	the	DET
fsr-3676	163	17	past	past	ADJ
fsr-3676	163	18	and	and	CCONJ
fsr-3676	163	19	potential	potential	ADJ
fsr-3676	163	20	testability	testability	NOUN
fsr-3676	163	21	of	of	ADP
fsr-3676	163	22	the	the	DET
fsr-3676	163	23	theory	theory	NOUN
fsr-3676	163	24	,	,	PUNCT
fsr-3676	163	25	”	"	PUNCT
fsr-3676	163	26	journal	journal	NOUN
fsr-3676	163	27	of	of	ADP
fsr-3676	163	28	financial	financial	ADJ
fsr-3676	163	29	economics	economic	NOUN
fsr-3676	163	30	,	,	PUNCT
fsr-3676	163	31	4	4	NUM
fsr-3676	163	32	:	:	SYM
fsr-3676	163	33	129	129	NUM
fsr-3676	163	34	-	-	SYM
fsr-3676	163	35	176	176	NUM
fsr-3676	163	36	.	.	PUNCT
fsr-3676	164	1	shanken	shanken	VERB
fsr-3676	164	2	,	,	PUNCT
fsr-3676	164	3	jay	jay	PROPN
fsr-3676	164	4	.	.	PROPN
fsr-3676	164	5	1982	1982	NUM
fsr-3676	164	6	.	.	PUNCT
fsr-3676	165	1	“	"	PUNCT
fsr-3676	165	2	the	the	DET
fsr-3676	165	3	arbitrage	arbitrage	NOUN
fsr-3676	165	4	pricing	pricing	NOUN
fsr-3676	165	5	theory	theory	NOUN
fsr-3676	165	6	:	:	PUNCT
fsr-3676	165	7	is	be	AUX
fsr-3676	165	8	it	it	PRON
fsr-3676	165	9	testable	testable	ADJ
fsr-3676	165	10	?	?	PUNCT
fsr-3676	165	11	”	"	PUNCT
fsr-3676	165	12	journal	journal	PROPN
fsr-3676	165	13	offinance	offinance	NOUN
fsr-3676	165	14	,	,	PUNCT
fsr-3676	165	15	37	37	NUM
fsr-3676	165	16	:	:	PUNCT
fsr-3676	165	17	i129	i129	PROPN
fsr-3676	165	18	1140	1140	NUM
fsr-3676	165	19	.	.	PUNCT
fsr-3676	166	1	tinic	tinic	NOUN
fsr-3676	166	2	,	,	PUNCT
fsr-3676	166	3	seha	seha	NOUN
fsr-3676	166	4	m.	m.	NOUN
fsr-3676	166	5	,	,	PUNCT
fsr-3676	166	6	and	and	CCONJ
fsr-3676	166	7	richard	richard	PROPN
fsr-3676	166	8	west	west	PROPN
fsr-3676	166	9	.	.	PUNCT
fsr-3676	167	1	1984	1984	NUM
fsr-3676	167	2	.	.	PUNCT
fsr-3676	168	1	“	"	PUNCT
fsr-3676	168	2	risk	risk	NOUN
fsr-3676	168	3	and	and	CCONJ
fsr-3676	168	4	return	return	NOUN
fsr-3676	168	5	:	:	PUNCT
fsr-3676	168	6	january	january	NOUN
fsr-3676	168	7	vs.	vs.	ADP
fsr-3676	168	8	the	the	DET
fsr-3676	168	9	rest	rest	NOUN
fsr-3676	168	10	ofthe	ofthe	NOUN
fsr-3676	168	11	year	year	NOUN
fsr-3676	168	12	,	,	PUNCT
fsr-3676	168	13	”	"	PUNCT
fsr-3676	168	14	journal	journal	NOUN
fsr-3676	168	15	of	of	ADP
fsr-3676	168	16	financial	financial	ADJ
fsr-3676	168	17	economics	economic	NOUN
fsr-3676	168	18	,	,	PUNCT
fsr-3676	168	19	13	13	NUM
fsr-3676	168	20	:	:	SYM
fsr-3676	168	21	561	561	NUM
fsr-3676	168	22	-	-	SYM
fsr-3676	168	23	574	574	NUM
fsr-3676	168	24	.	.	PUNCT
fsr-3676	169	1	young	young	ADJ
fsr-3676	169	2	,	,	PUNCT
fsr-3676	169	3	william	william	PROPN
fsr-3676	169	4	.	.	PROPN
fsr-3676	169	5	1971	1971	NUM
fsr-3676	169	6	.	.	PUNCT
fsr-3676	170	1	“	"	PUNCT
fsr-3676	170	2	random	random	ADJ
fsr-3676	170	3	walk	walk	NOUN
fsr-3676	170	4	of	of	ADP
fsr-3676	170	5	stock	stock	NOUN
fsr-3676	170	6	prices	price	NOUN
fsr-3676	170	7	:	:	PUNCT
fsr-3676	170	8	a	a	DET
fsr-3676	170	9	test	test	NOUN
fsr-3676	170	10	of	of	ADP
fsr-3676	170	11	the	the	DET
fsr-3676	170	12	variance	variance	NOUN
fsr-3676	170	13	-	-	PUNCT
fsr-3676	170	14	time	time	NOUN
fsr-3676	170	15	function	function	NOUN
fsr-3676	170	16	,	,	PUNCT
fsr-3676	170	17	”	"	PUNCT
fsr-3676	170	18	econometrica	econometrica	PROPN
fsr-3676	170	19	,	,	PUNCT
fsr-3676	170	20	39	39	NUM
fsr-3676	170	21	:	:	PUNCT
fsr-3676	170	22	797	797	NUM
fsr-3676	170	23	-	-	SYM
fsr-3676	170	24	812	812	NUM
fsr-3676	170	25	.	.	PUNCT