id	sid	tid	token	lemma	pos
fsr-3680	1	1	pii	pii	PROPN
fsr-3680	1	2	:	:	PUNCT
fsr-3680	1	3	1057	1057	NUM
fsr-3680	1	4	-	-	PUNCT
fsr-3680	1	5	0810(91)90031	0810(91)90031	NUM
fsr-3680	1	6	-	-	PUNCT
fsr-3680	1	7	s	s	NOUN
fsr-3680	1	8	financial	financial	ADJ
fsr-3680	1	9	services	service	NOUN
fsr-3680	1	10	review	review	NOUN
fsr-3680	1	11	,	,	PUNCT
fsr-3680	1	12	l(2	l(2	PROPN
fsr-3680	1	13	):	):	PUNCT
fsr-3680	1	14	159	159	NUM
fsr-3680	1	15	-	-	SYM
fsr-3680	1	16	175	175	NUM
fsr-3680	1	17	copyright	copyright	NOUN
fsr-3680	1	18	0	0	NUM
fsr-3680	1	19	1991	1991	NUM
fsr-3680	1	20	by	by	ADP
fsr-3680	1	21	jai	jai	PROPN
fsr-3680	1	22	press	press	PROPN
fsr-3680	1	23	inc	inc	PROPN
fsr-3680	1	24	.	.	PROPN
fsr-3680	1	25	issn	issn	PROPN
fsr-3680	1	26	:	:	PUNCT
fsr-3680	1	27	1057	1057	NUM
fsr-3680	1	28	-	-	SYM
fsr-3680	1	29	0810	0810	NUM
fsr-3680	1	30	all	all	DET
fsr-3680	1	31	rights	right	NOUN
fsr-3680	1	32	of	of	ADP
fsr-3680	1	33	reproduction	reproduction	NOUN
fsr-3680	1	34	in	in	ADP
fsr-3680	1	35	any	any	DET
fsr-3680	1	36	form	form	NOUN
fsr-3680	1	37	reserved	reserve	VERB
fsr-3680	1	38	.	.	PUNCT
fsr-3680	2	1	i	i	PRON
fsr-3680	2	2	i	i	PRON
fsr-3680	2	3	international	international	ADJ
fsr-3680	2	4	diversification	diversification	NOUN
fsr-3680	2	5	for	for	ADP
fsr-3680	2	6	the	the	DET
fsr-3680	2	7	individual	individual	NOUN
fsr-3680	2	8	:	:	PUNCT
fsr-3680	2	9	a	a	DET
fsr-3680	2	10	review	review	NOUN
fsr-3680	2	11	jeff	jeff	PROPN
fsr-3680	2	12	madura	madura	PROPN
fsr-3680	2	13	thomas	thomas	PROPN
fsr-3680	2	14	j.	j.	PROPN
fsr-3680	2	15	o’brien	o’brien	PROPN
fsr-3680	2	16	thispaper	thispaper	NOUN
fsr-3680	2	17	reviews	review	NOUN
fsr-3680	2	18	aspects	aspect	VERB
fsr-3680	2	19	ofthe	ofthe	ADJ
fsr-3680	2	20	literature	literature	NOUN
fsr-3680	2	21	on	on	ADP
fsr-3680	2	22	international	international	ADJ
fsr-3680	2	23	investing	investing	NOUN
fsr-3680	2	24	that	that	PRON
fsr-3680	2	25	should	should	AUX
fsr-3680	2	26	be	be	AUX
fsr-3680	2	27	of	of	ADP
fsr-3680	2	28	interest	interest	NOUN
fsr-3680	2	29	to	to	ADP
fsr-3680	2	30	individual	individual	ADJ
fsr-3680	2	31	investors	investor	NOUN
fsr-3680	2	32	.	.	PUNCT
fsr-3680	3	1	three	three	NUM
fsr-3680	3	2	modern	modern	ADJ
fsr-3680	3	3	issues	issue	NOUN
fsr-3680	3	4	are	be	AUX
fsr-3680	3	5	covered	cover	VERB
fsr-3680	3	6	:	:	PUNCT
fsr-3680	3	7	(	(	PUNCT
fsr-3680	3	8	i	i	NOUN
fsr-3680	3	9	)	)	PUNCT
fsr-3680	3	10	the	the	DET
fsr-3680	3	11	bene$ts	bene$ts	PROPN
fsr-3680	3	12	of	of	ADP
fsr-3680	3	13	international	international	ADJ
fsr-3680	3	14	diversij	diversij	PROPN
fsr-3680	3	15	cation	cation	NOUN
fsr-3680	3	16	as	as	SCONJ
fsr-3680	3	17	the	the	DET
fsr-3680	3	18	global	global	ADJ
fsr-3680	3	19	markets	market	NOUN
fsr-3680	3	20	continue	continue	VERB
fsr-3680	3	21	to	to	PART
fsr-3680	3	22	integrate	integrate	VERB
fsr-3680	3	23	;	;	PUNCT
fsr-3680	3	24	(	(	PUNCT
fsr-3680	3	25	2	2	X
fsr-3680	3	26	)	)	PUNCT
fsr-3680	3	27	the	the	DET
fsr-3680	3	28	problem	problem	NOUN
fsr-3680	3	29	of	of	ADP
fsr-3680	3	30	currency	currency	NOUN
fsr-3680	3	31	exposure	exposure	NOUN
fsr-3680	3	32	;	;	PUNCT
fsr-3680	3	33	and	and	CCONJ
fsr-3680	3	34	(	(	PUNCT
fsr-3680	3	35	3	3	X
fsr-3680	3	36	)	)	PUNCT
fsr-3680	3	37	effective	effective	ADJ
fsr-3680	3	38	means	mean	NOUN
fsr-3680	3	39	of	of	ADP
fsr-3680	3	40	achieving	achieve	VERB
fsr-3680	3	41	international	international	ADJ
fsr-3680	3	42	diversijcation	diversijcation	NOUN
fsr-3680	3	43	.	.	PUNCT
fsr-3680	4	1	strategies	strategy	NOUN
fsr-3680	4	2	are	be	AUX
fsr-3680	4	3	discussed	discuss	VERB
fsr-3680	4	4	which	which	PRON
fsr-3680	4	5	enable	enable	VERB
fsr-3680	4	6	the	the	DET
fsr-3680	4	7	individual	individual	NOUN
fsr-3680	4	8	to	to	PART
fsr-3680	4	9	apply	apply	VERB
fsr-3680	4	10	suggestions	suggestion	NOUN
fsr-3680	4	11	from	from	ADP
fsr-3680	4	12	the	the	DET
fsr-3680	4	13	research	research	NOUN
fsr-3680	4	14	.	.	PUNCT
fsr-3680	5	1	by	by	ADP
fsr-3680	5	2	restricting	restrict	VERB
fsr-3680	5	3	the	the	DET
fsr-3680	5	4	scope	scope	NOUN
fsr-3680	5	5	of	of	ADP
fsr-3680	5	6	the	the	DET
fsr-3680	5	7	review	review	NOUN
fsr-3680	5	8	to	to	ADP
fsr-3680	5	9	issues	issue	NOUN
fsr-3680	5	10	of	of	ADP
fsr-3680	5	11	most	most	ADJ
fsr-3680	5	12	interest	interest	NOUN
fsr-3680	5	13	to	to	ADP
fsr-3680	5	14	the	the	DET
fsr-3680	5	15	individual	individual	NOUN
fsr-3680	5	16	,	,	PUNCT
fsr-3680	5	17	we	we	PRON
fsr-3680	5	18	do	do	AUX
fsr-3680	5	19	not	not	PART
fsr-3680	5	20	review	review	VERB
fsr-3680	5	21	research	research	NOUN
fsr-3680	5	22	on	on	ADP
fsr-3680	5	23	international	international	ADJ
fsr-3680	5	24	asset	asset	NOUN
fsr-3680	5	25	pricing	pricing	NOUN
fsr-3680	5	26	theory	theory	NOUN
fsr-3680	5	27	and	and	CCONJ
fsr-3680	5	28	international	international	ADJ
fsr-3680	5	29	market	market	NOUN
fsr-3680	5	30	eficiency	eficiency	NOUN
fsr-3680	5	31	and	and	CCONJ
fsr-3680	5	32	“	"	PUNCT
fsr-3680	5	33	anomalies	anomaly	NOUN
fsr-3680	5	34	.	.	PUNCT
fsr-3680	5	35	”	"	PUNCT
fsr-3680	6	1	individual	individual	ADJ
fsr-3680	6	2	investors	investor	NOUN
fsr-3680	6	3	have	have	AUX
fsr-3680	6	4	seen	see	VERB
fsr-3680	6	5	,	,	PUNCT
fsr-3680	6	6	and	and	CCONJ
fsr-3680	6	7	are	be	AUX
fsr-3680	6	8	continuing	continue	VERB
fsr-3680	6	9	to	to	PART
fsr-3680	6	10	see	see	VERB
fsr-3680	6	11	,	,	PUNCT
fsr-3680	6	12	significant	significant	ADJ
fsr-3680	6	13	growth	growth	NOUN
fsr-3680	6	14	in	in	ADP
fsr-3680	6	15	international	international	ADJ
fsr-3680	6	16	investment	investment	NOUN
fsr-3680	6	17	opportunities	opportunity	NOUN
fsr-3680	6	18	.	.	PUNCT
fsr-3680	7	1	the	the	DET
fsr-3680	7	2	globalization	globalization	NOUN
fsr-3680	7	3	of	of	ADP
fsr-3680	7	4	investment	investment	NOUN
fsr-3680	7	5	ownership	ownership	NOUN
fsr-3680	7	6	is	be	AUX
fsr-3680	7	7	part	part	NOUN
fsr-3680	7	8	of	of	ADP
fsr-3680	7	9	the	the	DET
fsr-3680	7	10	general	general	ADJ
fsr-3680	7	11	integration	integration	NOUN
fsr-3680	7	12	of	of	ADP
fsr-3680	7	13	the	the	DET
fsr-3680	7	14	world	world	NOUN
fsr-3680	7	15	’s	’s	PART
fsr-3680	7	16	financial	financial	ADJ
fsr-3680	7	17	markets	market	NOUN
fsr-3680	7	18	,	,	PUNCT
fsr-3680	7	19	made	make	VERB
fsr-3680	7	20	possible	possible	ADJ
fsr-3680	7	21	by	by	ADP
fsr-3680	7	22	technological	technological	ADJ
fsr-3680	7	23	advances	advance	NOUN
fsr-3680	7	24	and	and	CCONJ
fsr-3680	7	25	a	a	DET
fsr-3680	7	26	worldwide	worldwide	ADJ
fsr-3680	7	27	liberalization	liberalization	NOUN
fsr-3680	7	28	of	of	ADP
fsr-3680	7	29	regulations	regulation	NOUN
fsr-3680	7	30	regarding	regard	VERB
fsr-3680	7	31	foreign	foreign	ADJ
fsr-3680	7	32	ownership	ownership	NOUN
fsr-3680	7	33	.	.	PUNCT
fsr-3680	8	1	domestic	domestic	ADJ
fsr-3680	8	2	mutual	mutual	ADJ
fsr-3680	8	3	funds	fund	NOUN
fsr-3680	8	4	now	now	ADV
fsr-3680	8	5	offer	offer	VERB
fsr-3680	8	6	easy	easy	ADJ
fsr-3680	8	7	access	access	NOUN
fsr-3680	8	8	to	to	ADP
fsr-3680	8	9	individuals	individual	NOUN
fsr-3680	8	10	interested	interested	ADJ
fsr-3680	8	11	in	in	ADP
fsr-3680	8	12	international	international	ADJ
fsr-3680	8	13	funds	fund	NOUN
fsr-3680	8	14	,	,	PUNCT
fsr-3680	8	15	global	global	ADJ
fsr-3680	8	16	funds	fund	NOUN
fsr-3680	8	17	,	,	PUNCT
fsr-3680	8	18	and	and	CCONJ
fsr-3680	8	19	country	country	NOUN
fsr-3680	8	20	-	-	PUNCT
fsr-3680	8	21	specific	specific	ADJ
fsr-3680	8	22	funds	fund	NOUN
fsr-3680	8	23	.	.	PUNCT
fsr-3680	9	1	today	today	NOUN
fsr-3680	9	2	,	,	PUNCT
fsr-3680	9	3	the	the	DET
fsr-3680	9	4	existence	existence	NOUN
fsr-3680	9	5	of	of	ADP
fsr-3680	9	6	international	international	ADJ
fsr-3680	9	7	mutual	mutual	ADJ
fsr-3680	9	8	funds	fund	NOUN
fsr-3680	9	9	allows	allow	VERB
fsr-3680	9	10	individual	individual	ADJ
fsr-3680	9	11	investors	investor	NOUN
fsr-3680	9	12	to	to	PART
fsr-3680	9	13	purchase	purchase	VERB
fsr-3680	9	14	stocks	stock	NOUN
fsr-3680	9	15	in	in	ADP
fsr-3680	9	16	countries	country	NOUN
fsr-3680	9	17	such	such	ADJ
fsr-3680	9	18	as	as	ADP
fsr-3680	9	19	austria	austria	PROPN
fsr-3680	9	20	,	,	PUNCT
fsr-3680	9	21	indonesia	indonesia	PROPN
fsr-3680	9	22	,	,	PUNCT
fsr-3680	9	23	ireland	ireland	PROPN
fsr-3680	9	24	,	,	PUNCT
fsr-3680	9	25	korea	korea	PROPN
fsr-3680	9	26	,	,	PUNCT
fsr-3680	9	27	malaysia	malaysia	PROPN
fsr-3680	9	28	,	,	PUNCT
fsr-3680	9	29	mexico	mexico	PROPN
fsr-3680	9	30	,	,	PUNCT
fsr-3680	9	31	portugal	portugal	PROPN
fsr-3680	9	32	,	,	PUNCT
fsr-3680	9	33	singapore	singapore	PROPN
fsr-3680	9	34	,	,	PUNCT
fsr-3680	9	35	taiwan	taiwan	PROPN
fsr-3680	9	36	,	,	PUNCT
fsr-3680	9	37	thailand	thailand	PROPN
fsr-3680	9	38	,	,	PUNCT
fsr-3680	9	39	and	and	CCONJ
fsr-3680	9	40	turkey	turkey	PROPN
fsr-3680	9	41	.	.	PUNCT
fsr-3680	10	1	ilpotential	ilpotential	PROPN
fsr-3680	10	2	internationalinvestmentstrategies	internationalinvestmentstrategie	VERB
fsr-3680	10	3	the	the	DET
fsr-3680	10	4	expanded	expand	VERB
fsr-3680	10	5	opportunity	opportunity	NOUN
fsr-3680	10	6	set	set	VERB
fsr-3680	10	7	available	available	ADJ
fsr-3680	10	8	to	to	ADP
fsr-3680	10	9	investors	investor	NOUN
fsr-3680	10	10	allows	allow	VERB
fsr-3680	10	11	three	three	NUM
fsr-3680	10	12	distinct	distinct	ADJ
fsr-3680	10	13	types	type	NOUN
fsr-3680	10	14	of	of	ADP
fsr-3680	10	15	international	international	ADJ
fsr-3680	10	16	investment	investment	NOUN
fsr-3680	10	17	strategies	strategy	NOUN
fsr-3680	10	18	:	:	PUNCT
fsr-3680	10	19	jeff	jeff	PROPN
fsr-3680	10	20	madura	madura	PROPN
fsr-3680	10	21	l	l	PROPN
fsr-3680	10	22	sun	sun	PROPN
fsr-3680	10	23	bank	bank	PROPN
fsr-3680	10	24	professor	professor	NOUN
fsr-3680	10	25	of	of	ADP
fsr-3680	10	26	finance	finance	NOUN
fsr-3680	10	27	,	,	PUNCT
fsr-3680	10	28	finance	finance	NOUN
fsr-3680	10	29	and	and	CCONJ
fsr-3680	10	30	real	real	ADJ
fsr-3680	10	31	estate	estate	NOUN
fsr-3680	10	32	department	department	NOUN
fsr-3680	10	33	,	,	PUNCT
fsr-3680	10	34	college	college	NOUN
fsr-3680	10	35	of	of	ADP
fsr-3680	10	36	business	business	NOUN
fsr-3680	10	37	and	and	CCONJ
fsr-3680	10	38	public	public	ADJ
fsr-3680	10	39	administration	administration	NOUN
fsr-3680	10	40	,	,	PUNCT
fsr-3680	10	41	florida	florida	PROPN
fsr-3680	10	42	atlantic	atlantic	PROPN
fsr-3680	10	43	university	university	PROPN
fsr-3680	10	44	,	,	PUNCT
fsr-3680	10	45	po	po	PROPN
fsr-3680	10	46	.	.	PROPN
fsr-3680	10	47	box	box	PROPN
fsr-3680	10	48	3091	3091	NUM
fsr-3680	10	49	,	,	PUNCT
fsr-3680	10	50	boca	boca	PROPN
fsr-3680	10	51	raton	raton	PROPN
fsr-3680	10	52	,	,	PUNCT
fsr-3680	10	53	fl	fl	PROPN
fsr-3680	10	54	3343	3343	NUM
fsr-3680	10	55	i-099	i-099	X
fsr-3680	10	56	1	1	NUM
fsr-3680	10	57	.	.	PUNCT
fsr-3680	10	58	thomas	thomas	PROPN
fsr-3680	10	59	j.	j.	PROPN
fsr-3680	10	60	o’brien	o’brien	PROPN
fsr-3680	10	61	l	l	PROPN
fsr-3680	10	62	associate	associate	NOUN
fsr-3680	10	63	professor	professor	NOUN
fsr-3680	10	64	of	of	ADP
fsr-3680	10	65	finance	finance	NOUN
fsr-3680	10	66	,	,	PUNCT
fsr-3680	10	67	department	department	NOUN
fsr-3680	10	68	of	of	ADP
fsr-3680	10	69	finance	finance	NOUN
fsr-3680	10	70	,	,	PUNCT
fsr-3680	10	71	university	university	PROPN
fsr-3680	10	72	of	of	ADP
fsr-3680	10	73	connecticut	connecticut	PROPN
fsr-3680	10	74	,	,	PUNCT
fsr-3680	10	75	368	368	NUM
fsr-3680	10	76	fairfield	fairfield	PROPN
fsr-3680	10	77	rd	rd	PROPN
fsr-3680	10	78	.	.	PROPN
fsr-3680	10	79	,	,	PUNCT
fsr-3680	10	80	u-41	u-41	PROPN
fsr-3680	10	81	-	-	PUNCT
fsr-3680	10	82	f	f	PROPN
fsr-3680	10	83	,	,	PUNCT
fsr-3680	10	84	storrs	storrs	PROPN
fsr-3680	10	85	,	,	PUNCT
fsr-3680	10	86	ct	ct	PROPN
fsr-3680	10	87	06268	06268	NUM
fsr-3680	10	88	-	-	SYM
fsr-3680	10	89	2041	2041	NUM
fsr-3680	10	90	.	.	PUNCT
fsr-3680	11	1	160	160	NUM
fsr-3680	11	2	financial	financial	PROPN
fsr-3680	11	3	services	service	NOUN
fsr-3680	11	4	review	review	NOUN
fsr-3680	11	5	,	,	PUNCT
fsr-3680	11	6	l(2	l(2	PROPN
fsr-3680	11	7	)	)	PUNCT
fsr-3680	11	8	1991	1991	NUM
fsr-3680	11	9	1	1	NUM
fsr-3680	11	10	.	.	PUNCT
fsr-3680	11	11	active	active	ADJ
fsr-3680	11	12	strategies	strategy	NOUN
fsr-3680	11	13	the	the	DET
fsr-3680	11	14	first	first	ADJ
fsr-3680	11	15	is	be	AUX
fsr-3680	11	16	an	an	DET
fsr-3680	11	17	active	active	ADJ
fsr-3680	11	18	“	"	PUNCT
fsr-3680	11	19	abnormal	abnormal	ADJ
fsr-3680	11	20	returns	return	NOUN
fsr-3680	11	21	”	"	PUNCT
fsr-3680	11	22	strategy	strategy	NOUN
fsr-3680	11	23	involving	involve	VERB
fsr-3680	11	24	either	either	CCONJ
fsr-3680	11	25	specific	specific	ADJ
fsr-3680	11	26	security	security	NOUN
fsr-3680	11	27	selection	selection	NOUN
fsr-3680	11	28	,	,	PUNCT
fsr-3680	11	29	or	or	CCONJ
fsr-3680	11	30	tactical	tactical	ADJ
fsr-3680	11	31	asset	asset	NOUN
fsr-3680	11	32	allocation	allocation	NOUN
fsr-3680	11	33	between	between	ADP
fsr-3680	11	34	“	"	PUNCT
fsr-3680	11	35	index	index	NOUN
fsr-3680	11	36	”	"	PUNCT
fsr-3680	11	37	funds	fund	NOUN
fsr-3680	11	38	of	of	ADP
fsr-3680	11	39	various	various	ADJ
fsr-3680	11	40	countries	country	NOUN
fsr-3680	11	41	.	.	PUNCT
fsr-3680	12	1	the	the	DET
fsr-3680	12	2	analysis	analysis	NOUN
fsr-3680	12	3	behind	behind	ADP
fsr-3680	12	4	these	these	DET
fsr-3680	12	5	two	two	NUM
fsr-3680	12	6	strategies	strategy	NOUN
fsr-3680	12	7	differs	differ	NOUN
fsr-3680	12	8	,	,	PUNCT
fsr-3680	12	9	as	as	SCONJ
fsr-3680	12	10	the	the	DET
fsr-3680	12	11	tactical	tactical	ADJ
fsr-3680	12	12	asset	asset	NOUN
fsr-3680	12	13	allocation	allocation	NOUN
fsr-3680	12	14	strategy	strategy	NOUN
fsr-3680	12	15	involves	involve	VERB
fsr-3680	12	16	an	an	DET
fsr-3680	12	17	analysis	analysis	NOUN
fsr-3680	12	18	of	of	ADP
fsr-3680	12	19	countries	country	NOUN
fsr-3680	12	20	’	'	PUNCT
fsr-3680	12	21	economic	economic	ADJ
fsr-3680	12	22	resources	resource	NOUN
fsr-3680	12	23	and	and	CCONJ
fsr-3680	12	24	poli	poli	PROPN
fsr-3680	12	25	cies	cie	NOUN
fsr-3680	12	26	within	within	ADP
fsr-3680	12	27	the	the	DET
fsr-3680	12	28	global	global	ADJ
fsr-3680	12	29	economy	economy	NOUN
fsr-3680	12	30	,	,	PUNCT
fsr-3680	12	31	while	while	SCONJ
fsr-3680	12	32	security	security	NOUN
fsr-3680	12	33	selection	selection	NOUN
fsr-3680	12	34	requires	require	VERB
fsr-3680	12	35	,	,	PUNCT
fsr-3680	12	36	in	in	ADP
fsr-3680	12	37	addition	addition	NOUN
fsr-3680	12	38	,	,	PUNCT
fsr-3680	12	39	traditional	traditional	ADJ
fsr-3680	12	40	security	security	NOUN
fsr-3680	12	41	-	-	PUNCT
fsr-3680	12	42	specific	specific	ADJ
fsr-3680	12	43	analysis	analysis	NOUN
fsr-3680	12	44	.	.	PUNCT
fsr-3680	13	1	2	2	X
fsr-3680	13	2	.	.	X
fsr-3680	13	3	a	a	DET
fsr-3680	13	4	passive	passive	ADJ
fsr-3680	13	5	diversi$cation	diversi$cation	NOUN
fsr-3680	13	6	strategy	strategy	NOUN
fsr-3680	13	7	the	the	DET
fsr-3680	13	8	second	second	ADJ
fsr-3680	13	9	strategy	strategy	NOUN
fsr-3680	13	10	is	be	AUX
fsr-3680	13	11	international	international	ADJ
fsr-3680	13	12	diversification	diversification	NOUN
fsr-3680	13	13	,	,	PUNCT
fsr-3680	13	14	which	which	PRON
fsr-3680	13	15	is	be	AUX
fsr-3680	13	16	a	a	DET
fsr-3680	13	17	passive	passive	ADJ
fsr-3680	13	18	,	,	PUNCT
fsr-3680	13	19	strate	strate	VERB
fsr-3680	13	20	gic	gic	ADJ
fsr-3680	13	21	asset	asset	NOUN
fsr-3680	13	22	allocation	allocation	NOUN
fsr-3680	13	23	strategy	strategy	NOUN
fsr-3680	13	24	,	,	PUNCT
fsr-3680	13	25	where	where	SCONJ
fsr-3680	13	26	the	the	DET
fsr-3680	13	27	asset	asset	NOUN
fsr-3680	13	28	classes	class	NOUN
fsr-3680	13	29	are	be	AUX
fsr-3680	13	30	the	the	DET
fsr-3680	13	31	“	"	PUNCT
fsr-3680	13	32	index	index	NOUN
fsr-3680	13	33	”	"	PUNCT
fsr-3680	13	34	funds	fund	NOUN
fsr-3680	13	35	of	of	ADP
fsr-3680	13	36	various	various	ADJ
fsr-3680	13	37	countries	country	NOUN
fsr-3680	13	38	.	.	PUNCT
fsr-3680	14	1	the	the	DET
fsr-3680	14	2	markowitz	markowitz	PROPN
fsr-3680	14	3	efficient	efficient	ADJ
fsr-3680	14	4	frontier	frontier	NOUN
fsr-3680	14	5	analysis	analysis	NOUN
fsr-3680	14	6	,	,	PUNCT
fsr-3680	14	7	which	which	PRON
fsr-3680	14	8	identifies	identify	VERB
fsr-3680	14	9	optimal	optimal	ADJ
fsr-3680	14	10	port	port	NOUN
fsr-3680	14	11	folios	folio	NOUN
fsr-3680	14	12	considering	consider	VERB
fsr-3680	14	13	risk	risk	NOUN
fsr-3680	14	14	and	and	CCONJ
fsr-3680	14	15	return	return	NOUN
fsr-3680	14	16	,	,	PUNCT
fsr-3680	14	17	is	be	AUX
fsr-3680	14	18	particularly	particularly	ADV
fsr-3680	14	19	well	well	ADV
fsr-3680	14	20	-	-	PUNCT
fsr-3680	14	21	suited	suited	ADJ
fsr-3680	14	22	for	for	ADP
fsr-3680	14	23	determining	determine	VERB
fsr-3680	14	24	these	these	DET
fsr-3680	14	25	strategic	strategic	ADJ
fsr-3680	14	26	allocations	allocation	NOUN
fsr-3680	14	27	in	in	ADP
fsr-3680	14	28	the	the	DET
fsr-3680	14	29	global	global	ADJ
fsr-3680	14	30	context	context	NOUN
fsr-3680	14	31	.	.	PUNCT
fsr-3680	15	1	3	3	X
fsr-3680	15	2	.	.	X
fsr-3680	15	3	currency	currency	NOUN
fsr-3680	15	4	betting	bet	VERB
fsr-3680	15	5	the	the	DET
fsr-3680	15	6	third	third	ADJ
fsr-3680	15	7	strategy	strategy	NOUN
fsr-3680	15	8	is	be	AUX
fsr-3680	15	9	“	"	PUNCT
fsr-3680	15	10	currency	currency	NOUN
fsr-3680	15	11	betting	betting	NOUN
fsr-3680	15	12	.	.	PUNCT
fsr-3680	15	13	”	"	PUNCT
fsr-3680	16	1	exchange	exchange	NOUN
fsr-3680	16	2	rate	rate	NOUN
fsr-3680	16	3	changes	change	NOUN
fsr-3680	16	4	can	can	AUX
fsr-3680	16	5	add	add	VERB
fsr-3680	16	6	to	to	ADP
fsr-3680	16	7	or	or	CCONJ
fsr-3680	16	8	subtract	subtract	VERB
fsr-3680	16	9	from	from	ADP
fsr-3680	16	10	returns	return	NOUN
fsr-3680	16	11	on	on	ADP
fsr-3680	16	12	international	international	ADJ
fsr-3680	16	13	investments	investment	NOUN
fsr-3680	16	14	in	in	ADP
fsr-3680	16	15	their	their	PRON
fsr-3680	16	16	local	local	ADJ
fsr-3680	16	17	markets	market	NOUN
fsr-3680	16	18	.	.	PUNCT
fsr-3680	17	1	currency	currency	NOUN
fsr-3680	17	2	bets	bet	NOUN
fsr-3680	17	3	can	can	AUX
fsr-3680	17	4	be	be	AUX
fsr-3680	17	5	separated	separate	VERB
fsr-3680	17	6	,	,	PUNCT
fsr-3680	17	7	to	to	ADP
fsr-3680	17	8	some	some	DET
fsr-3680	17	9	extent	extent	NOUN
fsr-3680	17	10	,	,	PUNCT
fsr-3680	17	11	from	from	ADP
fsr-3680	17	12	investment	investment	NOUN
fsr-3680	17	13	strategies	strategy	NOUN
fsr-3680	17	14	by	by	ADP
fsr-3680	17	15	currency	currency	NOUN
fsr-3680	17	16	hedging	hedging	NOUN
fsr-3680	17	17	/	/	SYM
fsr-3680	17	18	borrowing	borrowing	NOUN
fsr-3680	17	19	strategies	strategy	NOUN
fsr-3680	17	20	,	,	PUNCT
fsr-3680	17	21	or	or	CCONJ
fsr-3680	17	22	made	make	VERB
fsr-3680	17	23	on	on	ADP
fsr-3680	17	24	their	their	PRON
fsr-3680	17	25	own	own	ADJ
fsr-3680	17	26	by	by	ADP
fsr-3680	17	27	simple	simple	ADJ
fsr-3680	17	28	bank	bank	NOUN
fsr-3680	17	29	deposits	deposit	NOUN
fsr-3680	17	30	denominated	denominate	VERB
fsr-3680	17	31	in	in	ADP
fsr-3680	17	32	the	the	DET
fsr-3680	17	33	currency	currency	NOUN
fsr-3680	17	34	desired	desire	VERB
fsr-3680	17	35	.	.	PUNCT
fsr-3680	18	1	this	this	DET
fsr-3680	18	2	paper	paper	NOUN
fsr-3680	18	3	reviews	review	VERB
fsr-3680	18	4	some	some	DET
fsr-3680	18	5	research	research	NOUN
fsr-3680	18	6	on	on	ADP
fsr-3680	18	7	international	international	ADJ
fsr-3680	18	8	diversification	diversification	NOUN
fsr-3680	18	9	.	.	PUNCT
fsr-3680	19	1	the	the	DET
fsr-3680	19	2	emphasis	emphasis	NOUN
fsr-3680	19	3	is	be	AUX
fsr-3680	19	4	placed	place	VERB
fsr-3680	19	5	on	on	ADP
fsr-3680	19	6	diversification	diversification	NOUN
fsr-3680	19	7	strategy	strategy	NOUN
fsr-3680	19	8	,	,	PUNCT
fsr-3680	19	9	since	since	SCONJ
fsr-3680	19	10	it	it	PRON
fsr-3680	19	11	is	be	AUX
fsr-3680	19	12	likely	likely	ADJ
fsr-3680	19	13	to	to	PART
fsr-3680	19	14	be	be	AUX
fsr-3680	19	15	the	the	DET
fsr-3680	19	16	most	most	ADV
fsr-3680	19	17	relevant	relevant	ADJ
fsr-3680	19	18	to	to	ADP
fsr-3680	19	19	individual	individual	ADJ
fsr-3680	19	20	investors	investor	NOUN
fsr-3680	19	21	.	.	PUNCT
fsr-3680	20	1	in	in	ADP
fsr-3680	20	2	addition	addition	NOUN
fsr-3680	20	3	,	,	PUNCT
fsr-3680	20	4	some	some	DET
fsr-3680	20	5	relevant	relevant	ADJ
fsr-3680	20	6	concepts	concept	NOUN
fsr-3680	20	7	in	in	ADP
fsr-3680	20	8	the	the	DET
fsr-3680	20	9	separa	separa	PROPN
fsr-3680	20	10	tion	tion	NOUN
fsr-3680	20	11	of	of	ADP
fsr-3680	20	12	currency	currency	NOUN
fsr-3680	20	13	betting	bet	VERB
fsr-3680	20	14	from	from	ADP
fsr-3680	20	15	internationally	internationally	ADV
fsr-3680	20	16	diversified	diversify	VERB
fsr-3680	20	17	investments	investment	NOUN
fsr-3680	20	18	are	be	AUX
fsr-3680	20	19	covered	cover	VERB
fsr-3680	20	20	.	.	PUNCT
fsr-3680	21	1	the	the	DET
fsr-3680	21	2	analyses	analysis	NOUN
fsr-3680	21	3	behind	behind	ADP
fsr-3680	21	4	active	active	ADJ
fsr-3680	21	5	security	security	NOUN
fsr-3680	21	6	selection	selection	NOUN
fsr-3680	21	7	and	and	CCONJ
fsr-3680	21	8	tactical	tactical	ADJ
fsr-3680	21	9	asset	asset	NOUN
fsr-3680	21	10	allocation	allocation	NOUN
fsr-3680	21	11	strategies	strategy	NOUN
fsr-3680	21	12	are	be	AUX
fsr-3680	21	13	not	not	PART
fsr-3680	21	14	covered	cover	VERB
fsr-3680	21	15	,	,	PUNCT
fsr-3680	21	16	under	under	ADP
fsr-3680	21	17	the	the	DET
fsr-3680	21	18	assumption	assumption	NOUN
fsr-3680	21	19	that	that	SCONJ
fsr-3680	21	20	such	such	ADJ
fsr-3680	21	21	strategies	strategy	NOUN
fsr-3680	21	22	are	be	AUX
fsr-3680	21	23	more	more	ADJ
fsr-3680	21	24	the	the	DET
fsr-3680	21	25	province	province	NOUN
fsr-3680	21	26	of	of	ADP
fsr-3680	21	27	professional	professional	ADJ
fsr-3680	21	28	managers	manager	NOUN
fsr-3680	21	29	,	,	PUNCT
fsr-3680	21	30	rather	rather	ADV
fsr-3680	21	31	than	than	ADP
fsr-3680	21	32	individuals	individual	NOUN
fsr-3680	21	33	.	.	PUNCT
fsr-3680	22	1	after	after	ADP
fsr-3680	22	2	the	the	DET
fsr-3680	22	3	review	review	NOUN
fsr-3680	22	4	of	of	ADP
fsr-3680	22	5	some	some	DET
fsr-3680	22	6	concepts	concept	NOUN
fsr-3680	22	7	and	and	CCONJ
fsr-3680	22	8	evidence	evidence	NOUN
fsr-3680	22	9	related	relate	VERB
fsr-3680	22	10	to	to	ADP
fsr-3680	22	11	international	international	ADJ
fsr-3680	22	12	diversification	diversification	NOUN
fsr-3680	22	13	and	and	CCONJ
fsr-3680	22	14	currency	currency	NOUN
fsr-3680	22	15	hedging	hedging	NOUN
fsr-3680	22	16	,	,	PUNCT
fsr-3680	22	17	attention	attention	NOUN
fsr-3680	22	18	will	will	AUX
fsr-3680	22	19	be	be	AUX
fsr-3680	22	20	paid	pay	VERB
fsr-3680	22	21	to	to	ADP
fsr-3680	22	22	methods	method	NOUN
fsr-3680	22	23	available	available	ADJ
fsr-3680	22	24	to	to	ADP
fsr-3680	22	25	individuals	individual	NOUN
fsr-3680	22	26	for	for	ADP
fsr-3680	22	27	making	make	VERB
fsr-3680	22	28	international	international	ADJ
fsr-3680	22	29	investments	investment	NOUN
fsr-3680	22	30	.	.	PUNCT
fsr-3680	23	1	iii	iii	X
fsr-3680	23	2	.	.	PUNCT
fsr-3680	23	3	internationaldiversification	internationaldiversification	PROPN
fsr-3680	23	4	a.	a.	PROPN
fsr-3680	23	5	basic	basic	ADJ
fsr-3680	23	6	idea	idea	NOUN
fsr-3680	23	7	of	of	ADP
fsr-3680	23	8	international	international	ADJ
fsr-3680	23	9	diversiycation	diversiycation	NOUN
fsr-3680	23	10	the	the	DET
fsr-3680	23	11	potential	potential	ADJ
fsr-3680	23	12	benefits	benefit	NOUN
fsr-3680	23	13	from	from	ADP
fsr-3680	23	14	international	international	ADJ
fsr-3680	23	15	diversification	diversification	NOUN
fsr-3680	23	16	were	be	AUX
fsr-3680	23	17	originally	originally	ADV
fsr-3680	23	18	demonstrated	demonstrate	VERB
fsr-3680	23	19	by	by	ADP
fsr-3680	23	20	grubel(l968	grubel(l968	PROPN
fsr-3680	23	21	)	)	PUNCT
fsr-3680	23	22	and	and	CCONJ
fsr-3680	23	23	levy	levy	NOUN
fsr-3680	23	24	and	and	CCONJ
fsr-3680	23	25	sarnat	sarnat	NOUN
fsr-3680	23	26	(	(	PUNCT
fsr-3680	23	27	1970	1970	NUM
fsr-3680	23	28	)	)	PUNCT
fsr-3680	23	29	.	.	PUNCT
fsr-3680	24	1	these	these	DET
fsr-3680	24	2	studies	study	NOUN
fsr-3680	24	3	showed	show	VERB
fsr-3680	24	4	that	that	SCONJ
fsr-3680	24	5	by	by	ADP
fsr-3680	24	6	diversifying	diversify	VERB
fsr-3680	24	7	across	across	ADP
fsr-3680	24	8	nations	nation	NOUN
fsr-3680	24	9	whose	whose	DET
fsr-3680	24	10	market	market	NOUN
fsr-3680	24	11	cycles	cycle	NOUN
fsr-3680	24	12	were	be	AUX
fsr-3680	24	13	not	not	PART
fsr-3680	24	14	perfectly	perfectly	ADV
fsr-3680	24	15	correl	correl	NOUN
fsr-3680	24	16	ated	ate	VERB
fsr-3680	24	17	,	,	PUNCT
fsr-3680	24	18	investors	investor	NOUN
fsr-3680	24	19	could	could	AUX
fsr-3680	24	20	lower	lower	VERB
fsr-3680	24	21	the	the	DET
fsr-3680	24	22	volatility	volatility	NOUN
fsr-3680	24	23	of	of	ADP
fsr-3680	24	24	portfolio	portfolio	NOUN
fsr-3680	24	25	returns	return	NOUN
fsr-3680	24	26	at	at	ADP
fsr-3680	24	27	any	any	DET
fsr-3680	24	28	level	level	NOUN
fsr-3680	24	29	of	of	ADP
fsr-3680	24	30	expected	expect	VERB
fsr-3680	24	31	return	return	NOUN
fsr-3680	24	32	.	.	PUNCT
fsr-3680	25	1	the	the	DET
fsr-3680	25	2	research	research	NOUN
fsr-3680	25	3	methodology	methodology	NOUN
fsr-3680	25	4	was	be	AUX
fsr-3680	25	5	to	to	PART
fsr-3680	25	6	derive	derive	VERB
fsr-3680	25	7	efficient	efficient	ADJ
fsr-3680	25	8	portfolios	portfolio	NOUN
fsr-3680	25	9	using	use	VERB
fsr-3680	25	10	historical	historical	ADJ
fsr-3680	25	11	international	international	ADJ
fsr-3680	25	12	zliversijication	zliversijication	NOUN
fsr-3680	25	13	for	for	ADP
fsr-3680	25	14	the	the	DET
fsr-3680	25	15	individual	individual	NOUN
fsr-3680	25	16	:	:	PUNCT
fsr-3680	25	17	a	a	DET
fsr-3680	25	18	review	review	NOUN
fsr-3680	25	19	161	161	NUM
fsr-3680	25	20	data	datum	NOUN
fsr-3680	25	21	on	on	ADP
fsr-3680	25	22	international	international	ADJ
fsr-3680	25	23	stock	stock	NOUN
fsr-3680	25	24	markets	market	NOUN
fsr-3680	25	25	.	.	PUNCT
fsr-3680	26	1	the	the	DET
fsr-3680	26	2	efficient	efficient	ADJ
fsr-3680	26	3	frontiers	frontier	NOUN
fsr-3680	26	4	were	be	AUX
fsr-3680	26	5	shown	show	VERB
fsr-3680	26	6	to	to	PART
fsr-3680	26	7	dominate	dominate	VERB
fsr-3680	26	8	those	those	PRON
fsr-3680	26	9	constructed	construct	VERB
fsr-3680	26	10	with	with	ADP
fsr-3680	26	11	domestic	domestic	ADJ
fsr-3680	26	12	securities	security	NOUN
fsr-3680	26	13	only	only	ADV
fsr-3680	26	14	.	.	PUNCT
fsr-3680	27	1	a	a	DET
fsr-3680	27	2	number	number	NOUN
fsr-3680	27	3	of	of	ADP
fsr-3680	27	4	studies	study	NOUN
fsr-3680	27	5	have	have	AUX
fsr-3680	27	6	followed	follow	VERB
fsr-3680	27	7	the	the	DET
fsr-3680	27	8	original	original	ADJ
fsr-3680	27	9	ones	one	NOUN
fsr-3680	27	10	over	over	ADP
fsr-3680	27	11	the	the	DET
fsr-3680	27	12	last	last	ADJ
fsr-3680	27	13	25	25	NUM
fsr-3680	27	14	years	year	NOUN
fsr-3680	27	15	or	or	CCONJ
fsr-3680	27	16	so	so	ADV
fsr-3680	27	17	.	.	PUNCT
fsr-3680	28	1	see	see	VERB
fsr-3680	28	2	,	,	PUNCT
fsr-3680	28	3	for	for	ADP
fsr-3680	28	4	example	example	NOUN
fsr-3680	28	5	solnik	solnik	X
fsr-3680	28	6	(	(	PUNCT
fsr-3680	28	7	1974	1974	NUM
fsr-3680	28	8	)	)	PUNCT
fsr-3680	28	9	,	,	PUNCT
fsr-3680	28	10	lessard	lessard	PROPN
fsr-3680	28	11	(	(	PUNCT
fsr-3680	28	12	1976	1976	NUM
fsr-3680	28	13	)	)	PUNCT
fsr-3680	28	14	,	,	PUNCT
fsr-3680	28	15	ibbotson	ibbotson	PROPN
fsr-3680	28	16	,	,	PUNCT
fsr-3680	28	17	cart-	cart-	X
fsr-3680	28	18	,	,	PUNCT
fsr-3680	28	19	and	and	CCONJ
fsr-3680	28	20	robertson	robertson	PROPN
fsr-3680	28	21	(	(	PUNCT
fsr-3680	28	22	1982	1982	NUM
fsr-3680	28	23	)	)	PUNCT
fsr-3680	28	24	,	,	PUNCT
fsr-3680	28	25	solnik	solnik	X
fsr-3680	28	26	and	and	CCONJ
fsr-3680	28	27	noetzlin	noetzlin	PROPN
fsr-3680	28	28	(	(	PUNCT
fsr-3680	28	29	1982	1982	NUM
fsr-3680	28	30	)	)	PUNCT
fsr-3680	28	31	,	,	PUNCT
fsr-3680	28	32	grauer	grauer	NOUN
fsr-3680	28	33	and	and	CCONJ
fsr-3680	28	34	hakansson	hakansson	PROPN
fsr-3680	28	35	(	(	PUNCT
fsr-3680	28	36	1987	1987	NUM
fsr-3680	28	37	)	)	PUNCT
fsr-3680	28	38	and	and	CCONJ
fsr-3680	28	39	others	other	NOUN
fsr-3680	28	40	mentioned	mention	VERB
fsr-3680	28	41	below	below	ADV
fsr-3680	28	42	.	.	PUNCT
fsr-3680	29	1	the	the	DET
fsr-3680	29	2	entire	entire	ADJ
fsr-3680	29	3	line	line	NOUN
fsr-3680	29	4	of	of	ADP
fsr-3680	29	5	research	research	NOUN
fsr-3680	29	6	has	have	AUX
fsr-3680	29	7	consistently	consistently	ADV
fsr-3680	29	8	continued	continue	VERB
fsr-3680	29	9	to	to	PART
fsr-3680	29	10	advocate	advocate	VERB
fsr-3680	29	11	that	that	SCONJ
fsr-3680	29	12	international	international	ADJ
fsr-3680	29	13	diversification	diversification	NOUN
fsr-3680	29	14	is	be	AUX
fsr-3680	29	15	valuable	valuable	ADJ
fsr-3680	29	16	.	.	PUNCT
fsr-3680	30	1	the	the	DET
fsr-3680	30	2	efficient	efficient	ADJ
fsr-3680	30	3	frontier	frontier	NOUN
fsr-3680	30	4	methodology	methodology	NOUN
fsr-3680	30	5	in	in	ADP
fsr-3680	30	6	the	the	DET
fsr-3680	30	7	early	early	ADJ
fsr-3680	30	8	international	international	ADJ
fsr-3680	30	9	diversification	diversification	NOUN
fsr-3680	30	10	research	research	NOUN
fsr-3680	30	11	employed	employ	VERB
fsr-3680	30	12	return	return	NOUN
fsr-3680	30	13	parameters	parameter	NOUN
fsr-3680	30	14	on	on	ADP
fsr-3680	30	15	a	a	DET
fsr-3680	30	16	home	home	NOUN
fsr-3680	30	17	-	-	PUNCT
fsr-3680	30	18	currency	currency	NOUN
fsr-3680	30	19	basis	basis	NOUN
fsr-3680	30	20	.	.	PUNCT
fsr-3680	31	1	that	that	PRON
fsr-3680	31	2	is	is	ADV
fsr-3680	31	3	,	,	PUNCT
fsr-3680	31	4	home	home	NOUN
fsr-3680	31	5	currency	currency	NOUN
fsr-3680	31	6	returns	return	NOUN
fsr-3680	31	7	included	include	VERB
fsr-3680	31	8	not	not	PART
fsr-3680	31	9	only	only	ADV
fsr-3680	31	10	the	the	DET
fsr-3680	31	11	performance	performance	NOUN
fsr-3680	31	12	of	of	ADP
fsr-3680	31	13	international	international	ADJ
fsr-3680	31	14	investments	investment	NOUN
fsr-3680	31	15	in	in	ADP
fsr-3680	31	16	their	their	PRON
fsr-3680	31	17	local	local	ADJ
fsr-3680	31	18	markets	market	NOUN
fsr-3680	31	19	,	,	PUNCT
fsr-3680	31	20	but	but	CCONJ
fsr-3680	31	21	also	also	ADV
fsr-3680	31	22	the	the	DET
fsr-3680	31	23	appreciation	appreciation	NOUN
fsr-3680	31	24	/	/	SYM
fsr-3680	31	25	depreciation	depreciation	NOUN
fsr-3680	31	26	of	of	ADP
fsr-3680	31	27	home	home	NOUN
fsr-3680	31	28	currency	currency	NOUN
fsr-3680	31	29	versus	versus	ADP
fsr-3680	31	30	foreign	foreign	ADJ
fsr-3680	31	31	currency	currency	NOUN
fsr-3680	31	32	.	.	PUNCT
fsr-3680	32	1	thus	thus	ADV
fsr-3680	32	2	while	while	SCONJ
fsr-3680	32	3	international	international	ADJ
fsr-3680	32	4	diversification	diversification	NOUN
fsr-3680	32	5	will	will	AUX
fsr-3680	32	6	appear	appear	VERB
fsr-3680	32	7	beneficial	beneficial	ADJ
fsr-3680	32	8	if	if	SCONJ
fsr-3680	32	9	local	local	ADJ
fsr-3680	32	10	market	market	NOUN
fsr-3680	32	11	returns	return	NOUN
fsr-3680	32	12	are	be	AUX
fsr-3680	32	13	high	high	ADJ
fsr-3680	32	14	and	and	CCONJ
fsr-3680	32	15	less	less	ADJ
fsr-3680	32	16	than	than	ADP
fsr-3680	32	17	perfectly	perfectly	ADV
fsr-3680	32	18	correlated	correlate	VERB
fsr-3680	32	19	with	with	ADP
fsr-3680	32	20	home	home	NOUN
fsr-3680	32	21	market	market	NOUN
fsr-3680	32	22	returns	return	NOUN
fsr-3680	32	23	,	,	PUNCT
fsr-3680	32	24	performance	performance	NOUN
fsr-3680	32	25	will	will	AUX
fsr-3680	32	26	also	also	ADV
fsr-3680	32	27	be	be	AUX
fsr-3680	32	28	enhanced	enhance	VERB
fsr-3680	32	29	if	if	SCONJ
fsr-3680	32	30	the	the	DET
fsr-3680	32	31	foreign	foreign	ADJ
fsr-3680	32	32	currencies	currency	NOUN
fsr-3680	32	33	appreciate	appreciate	VERB
fsr-3680	32	34	relative	relative	ADJ
fsr-3680	32	35	to	to	ADP
fsr-3680	32	36	the	the	DET
fsr-3680	32	37	home	home	NOUN
fsr-3680	32	38	currency	currency	NOUN
fsr-3680	32	39	,	,	PUNCT
fsr-3680	32	40	during	during	ADP
fsr-3680	32	41	the	the	DET
fsr-3680	32	42	data	datum	NOUN
fsr-3680	32	43	time	time	NOUN
fsr-3680	32	44	period	period	NOUN
fsr-3680	32	45	.	.	PUNCT
fsr-3680	33	1	let	let	VERB
fsr-3680	33	2	us	we	PRON
fsr-3680	33	3	use	use	VERB
fsr-3680	33	4	a	a	DET
fsr-3680	33	5	numerical	numerical	ADJ
fsr-3680	33	6	example	example	NOUN
fsr-3680	33	7	to	to	PART
fsr-3680	33	8	simplify	simplify	VERB
fsr-3680	33	9	the	the	DET
fsr-3680	33	10	exposition	exposition	NOUN
fsr-3680	33	11	and	and	CCONJ
fsr-3680	33	12	illustrate	illustrate	VERB
fsr-3680	33	13	major	major	ADJ
fsr-3680	33	14	points	point	NOUN
fsr-3680	33	15	.	.	PUNCT
fsr-3680	34	1	a	a	DET
fsr-3680	34	2	“	"	PUNCT
fsr-3680	34	3	two	two	NUM
fsr-3680	34	4	-	-	PUNCT
fsr-3680	34	5	country	country	NOUN
fsr-3680	34	6	”	"	PUNCT
fsr-3680	34	7	example	example	NOUN
fsr-3680	34	8	is	be	AUX
fsr-3680	34	9	employed	employ	VERB
fsr-3680	34	10	,	,	PUNCT
fsr-3680	34	11	even	even	ADV
fsr-3680	34	12	though	though	SCONJ
fsr-3680	34	13	actual	actual	ADJ
fsr-3680	34	14	applications	application	NOUN
fsr-3680	34	15	would	would	AUX
fsr-3680	34	16	include	include	VERB
fsr-3680	34	17	multiple	multiple	ADJ
fsr-3680	34	18	countries	country	NOUN
fsr-3680	34	19	.	.	PUNCT
fsr-3680	35	1	at	at	ADP
fsr-3680	35	2	first	first	ADV
fsr-3680	35	3	,	,	PUNCT
fsr-3680	35	4	the	the	DET
fsr-3680	35	5	numerical	numerical	ADJ
fsr-3680	35	6	example	example	NOUN
fsr-3680	35	7	reviews	review	VERB
fsr-3680	35	8	some	some	DET
fsr-3680	35	9	obvious	obvious	ADJ
fsr-3680	35	10	concepts	concept	NOUN
fsr-3680	35	11	of	of	ADP
fsr-3680	35	12	international	international	ADJ
fsr-3680	35	13	diversification	diversification	NOUN
fsr-3680	35	14	;	;	PUNCT
fsr-3680	35	15	later	later	ADV
fsr-3680	35	16	,	,	PUNCT
fsr-3680	35	17	the	the	DET
fsr-3680	35	18	example	example	NOUN
fsr-3680	35	19	will	will	AUX
fsr-3680	35	20	be	be	AUX
fsr-3680	35	21	extended	extend	VERB
fsr-3680	35	22	to	to	ADP
fsr-3680	35	23	less	less	ADJ
fsr-3680	35	24	-	-	PUNCT
fsr-3680	35	25	obvious	obvious	ADJ
fsr-3680	35	26	concepts	concept	NOUN
fsr-3680	35	27	.	.	PUNCT
fsr-3680	36	1	the	the	DET
fsr-3680	36	2	numerical	numerical	ADJ
fsr-3680	36	3	example	example	NOUN
fsr-3680	36	4	is	be	AUX
fsr-3680	36	5	for	for	ADP
fsr-3680	36	6	a	a	DET
fsr-3680	36	7	single	single	ADJ
fsr-3680	36	8	-	-	PUNCT
fsr-3680	36	9	period	period	NOUN
fsr-3680	36	10	investment	investment	NOUN
fsr-3680	36	11	horizon	horizon	NOUN
fsr-3680	36	12	.	.	PUNCT
fsr-3680	37	1	the	the	DET
fsr-3680	37	2	basic	basic	ADJ
fsr-3680	37	3	information	information	NOUN
fsr-3680	37	4	for	for	ADP
fsr-3680	37	5	the	the	DET
fsr-3680	37	6	example	example	NOUN
fsr-3680	37	7	is	be	AUX
fsr-3680	37	8	given	give	VERB
fsr-3680	37	9	in	in	ADP
fsr-3680	37	10	table	table	NOUN
fsr-3680	37	11	1	1	NUM
fsr-3680	37	12	.	.	PUNCT
fsr-3680	37	13	table	table	NOUN
fsr-3680	37	14	1	1	NUM
fsr-3680	37	15	shows	show	VERB
fsr-3680	37	16	that	that	SCONJ
fsr-3680	37	17	there	there	PRON
fsr-3680	37	18	are	be	VERB
fsr-3680	37	19	five	five	NUM
fsr-3680	37	20	(	(	PUNCT
fsr-3680	37	21	5	5	NUM
fsr-3680	37	22	)	)	PUNCT
fsr-3680	37	23	possible	possible	ADJ
fsr-3680	37	24	“	"	PUNCT
fsr-3680	37	25	states	state	NOUN
fsr-3680	37	26	of	of	ADP
fsr-3680	37	27	nature	nature	NOUN
fsr-3680	37	28	”	"	PUNCT
fsr-3680	37	29	for	for	ADP
fsr-3680	37	30	the	the	DET
fsr-3680	37	31	single	single	ADJ
fsr-3680	37	32	period	period	NOUN
fsr-3680	37	33	investment	investment	NOUN
fsr-3680	37	34	in	in	ADP
fsr-3680	37	35	a	a	DET
fsr-3680	37	36	domestic	domestic	ADJ
fsr-3680	37	37	(	(	PUNCT
fsr-3680	37	38	“	"	PUNCT
fsr-3680	37	39	united	united	PROPN
fsr-3680	37	40	states	states	PROPN
fsr-3680	37	41	”	"	PUNCT
fsr-3680	37	42	)	)	PUNCT
fsr-3680	37	43	stock	stock	NOUN
fsr-3680	37	44	index	index	NOUN
fsr-3680	37	45	(	(	PUNCT
fsr-3680	37	46	u	u	NOUN
fsr-3680	37	47	)	)	PUNCT
fsr-3680	37	48	,	,	PUNCT
fsr-3680	37	49	for	for	ADP
fsr-3680	37	50	the	the	DET
fsr-3680	37	51	invest	inv	ADJ
fsr-3680	37	52	ment	ment	NOUN
fsr-3680	37	53	in	in	ADP
fsr-3680	37	54	a	a	DET
fsr-3680	37	55	foreign	foreign	ADJ
fsr-3680	37	56	(	(	PUNCT
fsr-3680	37	57	“	"	PUNCT
fsr-3680	37	58	european	european	ADJ
fsr-3680	37	59	”	"	PUNCT
fsr-3680	37	60	)	)	PUNCT
fsr-3680	37	61	stock	stock	NOUN
fsr-3680	37	62	index	index	NOUN
fsr-3680	37	63	(	(	PUNCT
fsr-3680	37	64	e	e	NOUN
fsr-3680	37	65	)	)	PUNCT
fsr-3680	37	66	,	,	PUNCT
fsr-3680	37	67	and	and	CCONJ
fsr-3680	37	68	for	for	ADP
fsr-3680	37	69	the	the	DET
fsr-3680	37	70	exchange	exchange	NOUN
fsr-3680	37	71	rate	rate	NOUN
fsr-3680	37	72	expressed	express	VERB
fsr-3680	37	73	in	in	ADP
fsr-3680	37	74	terms	term	NOUN
fsr-3680	37	75	of	of	ADP
fsr-3680	37	76	domestic	domestic	ADJ
fsr-3680	37	77	currency	currency	NOUN
fsr-3680	37	78	per	per	ADP
fsr-3680	37	79	foreign	foreign	ADJ
fsr-3680	37	80	currency	currency	NOUN
fsr-3680	37	81	(	(	PUNCT
fsr-3680	37	82	$	$	SYM
fsr-3680	37	83	/ecu	/ecu	NUM
fsr-3680	37	84	)	)	PUNCT
fsr-3680	37	85	.	.	PUNCT
fsr-3680	38	1	the	the	DET
fsr-3680	38	2	$	$	SYM
fsr-3680	38	3	returns	return	NOUN
fsr-3680	38	4	on	on	ADP
fsr-3680	38	5	the	the	DET
fsr-3680	38	6	european	european	ADJ
fsr-3680	38	7	market	market	NOUN
fsr-3680	38	8	(	(	PUNCT
fsr-3680	38	9	$	$	SYM
fsr-3680	38	10	e	e	NOUN
fsr-3680	38	11	-	-	NOUN
fsr-3680	38	12	the	the	DET
fsr-3680	38	13	last	last	ADJ
fsr-3680	38	14	column	column	NOUN
fsr-3680	38	15	in	in	ADP
fsr-3680	38	16	table	table	NOUN
fsr-3680	38	17	1	1	NUM
fsr-3680	38	18	)	)	PUNCT
fsr-3680	38	19	are	be	AUX
fsr-3680	38	20	derived	derive	VERB
fsr-3680	38	21	from	from	ADP
fsr-3680	38	22	the	the	DET
fsr-3680	38	23	local	local	ADJ
fsr-3680	38	24	european	european	ADJ
fsr-3680	38	25	market	market	NOUN
fsr-3680	38	26	returns	return	NOUN
fsr-3680	38	27	(	(	PUNCT
fsr-3680	38	28	e	e	NOUN
fsr-3680	38	29	)	)	PUNCT
fsr-3680	38	30	and	and	CCONJ
fsr-3680	38	31	the	the	DET
fsr-3680	38	32	currency	currency	NOUN
fsr-3680	38	33	appreciation	appreciation	NOUN
fsr-3680	38	34	rates	rate	NOUN
fsr-3680	38	35	,	,	PUNCT
fsr-3680	38	36	via	via	ADP
fsr-3680	38	37	the	the	DET
fsr-3680	38	38	well	well	ADV
fsr-3680	38	39	-	-	PUNCT
fsr-3680	38	40	known	know	VERB
fsr-3680	38	41	equation	equation	NOUN
fsr-3680	38	42	(	(	PUNCT
fsr-3680	38	43	1	1	NUM
fsr-3680	38	44	):	):	PUNCT
fsr-3680	38	45	table	table	NOUN
fsr-3680	38	46	1	1	NUM
fsr-3680	38	47	.	.	PUNCT
fsr-3680	39	1	“	"	PUNCT
fsr-3680	39	2	state	state	NOUN
fsr-3680	39	3	”	"	PUNCT
fsr-3680	39	4	market	market	NOUN
fsr-3680	39	5	returns	return	NOUN
fsr-3680	39	6	in	in	ADP
fsr-3680	39	7	local	local	ADJ
fsr-3680	39	8	currency	currency	NOUN
fsr-3680	39	9	united	united	PROPN
fsr-3680	39	10	states	states	PROPN
fsr-3680	39	11	(	(	PUNCT
fsr-3680	39	12	u	u	NOUN
fsr-3680	39	13	)	)	PUNCT
fsr-3680	39	14	europe	europe	PROPN
fsr-3680	39	15	(	(	PUNCT
fsr-3680	39	16	e	e	NOUN
fsr-3680	39	17	)	)	PUNCT
fsr-3680	39	18	pet	pet	ADJ
fsr-3680	39	19	change	change	NOUN
fsr-3680	39	20	$	$	SYM
fsr-3680	39	21	/ecu	/ecu	NUM
fsr-3680	39	22	$	$	SYM
fsr-3680	39	23	returns	return	NOUN
fsr-3680	39	24	european	european	ADJ
fsr-3680	39	25	(	(	PUNCT
fsr-3680	39	26	$	$	SYM
fsr-3680	39	27	e	e	NOUN
fsr-3680	39	28	)	)	PUNCT
fsr-3680	39	29	1	1	NUM
fsr-3680	39	30	0.17	0.17	NUM
fsr-3680	39	31	0.15	0.15	NUM
fsr-3680	39	32	0.25	0.25	NUM
fsr-3680	39	33	0.4374	0.4374	NUM
fsr-3680	39	34	2	2	NUM
fsr-3680	39	35	0.12	0.12	NUM
fsr-3680	39	36	0.33	0.33	NUM
fsr-3680	39	37	0.25	0.25	NUM
fsr-3680	39	38	0.6625	0.6625	NUM
fsr-3680	39	39	3	3	NUM
fsr-3680	39	40	0.27	0.27	NUM
fsr-3680	39	41	0.09	0.09	NUM
fsr-3680	39	42	-0.2	-0.2	NOUN
fsr-3680	39	43	-0.128	-0.128	NOUN
fsr-3680	39	44	4	4	NUM
fsr-3680	39	45	0.07	0.07	NUM
fsr-3680	39	46	0.21	0.21	NUM
fsr-3680	39	47	0	0	NUM
fsr-3680	39	48	0.21	0.21	NUM
fsr-3680	39	49	5	5	NUM
fsr-3680	39	50	-0.03	-0.03	NUM
fsr-3680	39	51	-0.03	-0.03	NUM
fsr-3680	39	52	-0.2	-0.2	NOUN
fsr-3680	39	53	-0.224	-0.224	PUNCT
fsr-3680	39	54	mean	mean	NOUN
fsr-3680	39	55	0.12	0.12	NUM
fsr-3680	39	56	0.15	0.15	NUM
fsr-3680	39	57	0.02	0.02	NUM
fsr-3680	39	58	0.1916	0.1916	NUM
fsr-3680	39	59	std	std	NOUN
fsr-3680	39	60	0.1	0.1	NUM
fsr-3680	39	61	0.12	0.12	NUM
fsr-3680	39	62	0.2015	0.2015	NUM
fsr-3680	39	63	0.3339	0.3339	NUM
fsr-3680	39	64	162	162	NUM
fsr-3680	39	65	rd	rd	NOUN
fsr-3680	39	66	=	=	SYM
fsr-3680	39	67	(	(	PUNCT
fsr-3680	39	68	1	1	NUM
fsr-3680	39	69	+	+	NUM
fsr-3680	39	70	rl	rl	VERB
fsr-3680	39	71	)	)	PUNCT
fsr-3680	39	72	(	(	PUNCT
fsr-3680	39	73	1	1	NUM
fsr-3680	39	74	+	+	CCONJ
fsr-3680	39	75	e	e	NOUN
fsr-3680	39	76	)	)	PUNCT
fsr-3680	39	77	1	1	NUM
fsr-3680	39	78	financial	financial	ADJ
fsr-3680	39	79	services	service	NOUN
fsr-3680	39	80	review	review	NOUN
fsr-3680	39	81	,	,	PUNCT
fsr-3680	39	82	i(2	i(2	PROPN
fsr-3680	39	83	)	)	PUNCT
fsr-3680	39	84	1991	1991	NUM
fsr-3680	39	85	(	(	PUNCT
fsr-3680	39	86	1	1	NUM
fsr-3680	39	87	)	)	PUNCT
fsr-3680	39	88	where	where	SCONJ
fsr-3680	39	89	r	r	NOUN
fsr-3680	39	90	,	,	PUNCT
fsr-3680	39	91	=	=	PUNCT
fsr-3680	39	92	the	the	DET
fsr-3680	39	93	rate	rate	NOUN
fsr-3680	39	94	of	of	ADP
fsr-3680	39	95	return	return	NOUN
fsr-3680	39	96	in	in	ADP
fsr-3680	39	97	domestic	domestic	ADJ
fsr-3680	39	98	currency	currency	NOUN
fsr-3680	39	99	r	r	NOUN
fsr-3680	39	100	,	,	PUNCT
fsr-3680	39	101	=	=	PUNCT
fsr-3680	39	102	the	the	DET
fsr-3680	39	103	rate	rate	NOUN
fsr-3680	39	104	of	of	ADP
fsr-3680	39	105	return	return	NOUN
fsr-3680	39	106	of	of	ADP
fsr-3680	39	107	the	the	DET
fsr-3680	39	108	foreign	foreign	ADJ
fsr-3680	39	109	market	market	NOUN
fsr-3680	39	110	in	in	ADP
fsr-3680	39	111	local	local	ADJ
fsr-3680	39	112	foreign	foreign	ADJ
fsr-3680	39	113	currency	currency	NOUN
fsr-3680	39	114	e	e	NOUN
fsr-3680	39	115	=	=	NOUN
fsr-3680	39	116	the	the	DET
fsr-3680	39	117	appreciation	appreciation	NOUN
fsr-3680	39	118	rate	rate	NOUN
fsr-3680	39	119	of	of	ADP
fsr-3680	39	120	the	the	DET
fsr-3680	39	121	foreign	foreign	ADJ
fsr-3680	39	122	currency	currency	NOUN
fsr-3680	39	123	in	in	ADP
fsr-3680	39	124	terms	term	NOUN
fsr-3680	39	125	of	of	ADP
fsr-3680	39	126	its	its	PRON
fsr-3680	39	127	price	price	NOUN
fsr-3680	39	128	per	per	ADP
fsr-3680	39	129	domestic	domestic	ADJ
fsr-3680	39	130	currency	currency	NOUN
fsr-3680	39	131	from	from	ADP
fsr-3680	39	132	the	the	DET
fsr-3680	39	133	basic	basic	ADJ
fsr-3680	39	134	information	information	NOUN
fsr-3680	39	135	in	in	ADP
fsr-3680	39	136	table	table	NOUN
fsr-3680	39	137	1	1	NUM
fsr-3680	39	138	,	,	PUNCT
fsr-3680	39	139	it	it	PRON
fsr-3680	39	140	is	be	AUX
fsr-3680	39	141	possible	possible	ADJ
fsr-3680	39	142	to	to	PART
fsr-3680	39	143	compute	compute	VERB
fsr-3680	39	144	the	the	DET
fsr-3680	39	145	correlation	correlation	NOUN
fsr-3680	39	146	between	between	ADP
fsr-3680	39	147	the	the	DET
fsr-3680	39	148	u.s	u.s	PROPN
fsr-3680	39	149	.	.	PROPN
fsr-3680	39	150	market	market	NOUN
fsr-3680	39	151	and	and	CCONJ
fsr-3680	39	152	the	the	DET
fsr-3680	39	153	$	$	SYM
fsr-3680	39	154	returns	return	NOUN
fsr-3680	39	155	on	on	ADP
fsr-3680	39	156	the	the	DET
fsr-3680	39	157	european	european	ADJ
fsr-3680	39	158	market	market	NOUN
fsr-3680	39	159	for	for	ADP
fsr-3680	39	160	purposes	purpose	NOUN
fsr-3680	39	161	of	of	ADP
fsr-3680	39	162	finding	find	VERB
fsr-3680	39	163	optimal	optimal	ADJ
fsr-3680	39	164	portfolios	portfolio	NOUN
fsr-3680	39	165	.	.	PUNCT
fsr-3680	40	1	the	the	DET
fsr-3680	40	2	reader	reader	NOUN
fsr-3680	40	3	can	can	AUX
fsr-3680	40	4	easily	easily	ADV
fsr-3680	40	5	verify	verify	VERB
fsr-3680	40	6	that	that	SCONJ
fsr-3680	40	7	the	the	DET
fsr-3680	40	8	correlation	correlation	NOUN
fsr-3680	40	9	is	be	AUX
fsr-3680	40	10	.1544	.1544	PROPN
fsr-3680	40	11	.	.	PUNCT
fsr-3680	41	1	note	note	NOUN
fsr-3680	41	2	also	also	ADV
fsr-3680	41	3	that	that	SCONJ
fsr-3680	41	4	the	the	DET
fsr-3680	41	5	$	$	SYM
fsr-3680	41	6	/ecu	/ecu	PRON
fsr-3680	41	7	rate	rate	NOUN
fsr-3680	41	8	is	be	AUX
fsr-3680	41	9	also	also	ADV
fsr-3680	41	10	positively	positively	ADV
fsr-3680	41	11	correlated	correlate	VERB
fsr-3680	41	12	(	(	PUNCT
fsr-3680	41	13	.7692	.7692	PROPN
fsr-3680	41	14	)	)	PUNCT
fsr-3680	41	15	with	with	ADP
fsr-3680	41	16	the	the	DET
fsr-3680	41	17	local	local	ADJ
fsr-3680	41	18	currency	currency	NOUN
fsr-3680	41	19	return	return	NOUN
fsr-3680	41	20	in	in	ADP
fsr-3680	41	21	europe	europe	PROPN
fsr-3680	41	22	.	.	PUNCT
fsr-3680	42	1	this	this	PRON
fsr-3680	42	2	means	mean	VERB
fsr-3680	42	3	that	that	SCONJ
fsr-3680	42	4	,	,	PUNCT
fsr-3680	42	5	on	on	ADP
fsr-3680	42	6	average	average	ADJ
fsr-3680	42	7	,	,	PUNCT
fsr-3680	42	8	the	the	DET
fsr-3680	42	9	european	european	ADJ
fsr-3680	42	10	market	market	NOUN
fsr-3680	42	11	rises	rise	VERB
fsr-3680	42	12	as	as	SCONJ
fsr-3680	42	13	the	the	DET
fsr-3680	42	14	ecu	ecu	NOUN
fsr-3680	42	15	appreciates	appreciate	VERB
fsr-3680	42	16	relative	relative	ADJ
fsr-3680	42	17	to	to	ADP
fsr-3680	42	18	the	the	DET
fsr-3680	42	19	u.s	u.s	PROPN
fsr-3680	42	20	.	.	PROPN
fsr-3680	42	21	dollar	dollar	NOUN
fsr-3680	42	22	.	.	PUNCT
fsr-3680	43	1	one	one	NUM
fsr-3680	43	2	reason	reason	NOUN
fsr-3680	43	3	for	for	ADP
fsr-3680	43	4	performing	perform	VERB
fsr-3680	43	5	this	this	DET
fsr-3680	43	6	analysis	analysis	NOUN
fsr-3680	43	7	numerically	numerically	ADV
fsr-3680	43	8	,	,	PUNCT
fsr-3680	43	9	rather	rather	ADV
fsr-3680	43	10	than	than	ADP
fsr-3680	43	11	analytically	analytically	ADV
fsr-3680	43	12	,	,	PUNCT
fsr-3680	43	13	is	be	AUX
fsr-3680	43	14	that	that	SCONJ
fsr-3680	43	15	since	since	SCONJ
fsr-3680	43	16	the	the	DET
fsr-3680	43	17	analysis	analysis	NOUN
fsr-3680	43	18	requires	require	VERB
fsr-3680	43	19	the	the	DET
fsr-3680	43	20	multiplication	multiplication	NOUN
fsr-3680	43	21	of	of	ADP
fsr-3680	43	22	two	two	NUM
fsr-3680	43	23	random	random	ADJ
fsr-3680	43	24	variables	variable	NOUN
fsr-3680	43	25	,	,	PUNCT
fsr-3680	43	26	the	the	DET
fsr-3680	43	27	rate	rate	NOUN
fsr-3680	43	28	of	of	ADP
fsr-3680	43	29	return	return	NOUN
fsr-3680	43	30	of	of	ADP
fsr-3680	43	31	the	the	DET
fsr-3680	43	32	foreign	foreign	ADJ
fsr-3680	43	33	market	market	NOUN
fsr-3680	43	34	in	in	ADP
fsr-3680	43	35	local	local	ADJ
fsr-3680	43	36	currency	currency	NOUN
fsr-3680	43	37	and	and	CCONJ
fsr-3680	43	38	the	the	DET
fsr-3680	43	39	exchange	exchange	NOUN
fsr-3680	43	40	rate	rate	NOUN
fsr-3680	43	41	,	,	PUNCT
fsr-3680	43	42	finding	find	VERB
fsr-3680	43	43	correlations	correlation	NOUN
fsr-3680	43	44	between	between	ADP
fsr-3680	43	45	u	u	NOUN
fsr-3680	43	46	and	and	CCONJ
fsr-3680	43	47	$	$	SYM
fsr-3680	43	48	e	e	NOUN
fsr-3680	43	49	would	would	AUX
fsr-3680	43	50	be	be	AUX
fsr-3680	43	51	very	very	ADV
fsr-3680	43	52	complex	complex	ADJ
fsr-3680	43	53	if	if	SCONJ
fsr-3680	43	54	attempted	attempt	VERB
fsr-3680	43	55	analytically	analytically	ADV
fsr-3680	43	56	.	.	PUNCT
fsr-3680	44	1	the	the	DET
fsr-3680	44	2	efficient	efficient	ADJ
fsr-3680	44	3	frontier	frontier	NOUN
fsr-3680	44	4	for	for	ADP
fsr-3680	44	5	u	u	PROPN
fsr-3680	44	6	and	and	CCONJ
fsr-3680	44	7	$	$	SYM
fsr-3680	44	8	e	e	NOUN
fsr-3680	44	9	is	be	AUX
fsr-3680	44	10	shown	show	VERB
fsr-3680	44	11	in	in	ADP
fsr-3680	44	12	figure	figure	NOUN
fsr-3680	44	13	1	1	NUM
fsr-3680	44	14	as	as	ADP
fsr-3680	44	15	the	the	DET
fsr-3680	44	16	rightmost	rightmost	NOUN
fsr-3680	44	17	one	one	NUM
fsr-3680	44	18	;	;	PUNCT
fsr-3680	44	19	the	the	DET
fsr-3680	44	20	other	other	ADJ
fsr-3680	44	21	curves	curve	NOUN
fsr-3680	44	22	will	will	AUX
fsr-3680	44	23	be	be	AUX
fsr-3680	44	24	explained	explain	VERB
fsr-3680	44	25	shortly	shortly	ADV
fsr-3680	44	26	.	.	PUNCT
fsr-3680	45	1	clearly	clearly	ADV
fsr-3680	45	2	,	,	PUNCT
fsr-3680	45	3	international	international	ADJ
fsr-3680	45	4	diversification	diversification	NOUN
fsr-3680	45	5	has	have	AUX
fsr-3680	45	6	benefitted	benefit	VERB
fsr-3680	45	7	the	the	DET
fsr-3680	45	8	u.s	u.s	PROPN
fsr-3680	45	9	.	.	PROPN
fsr-3680	45	10	$	$	SYM
fsr-3680	45	11	-based	-based	ADJ
fsr-3680	45	12	investors	investor	NOUN
fsr-3680	45	13	,	,	PUNCT
fsr-3680	45	14	since	since	SCONJ
fsr-3680	45	15	the	the	DET
fsr-3680	45	16	purely	purely	ADV
fsr-3680	45	17	domestic	domestic	ADJ
fsr-3680	45	18	u.s	u.s	PROPN
fsr-3680	45	19	.	.	PROPN
fsr-3680	45	20	market	market	NOUN
fsr-3680	45	21	risk/	risk/	NUM
fsr-3680	45	22	return	return	NOUN
fsr-3680	45	23	(	(	PUNCT
fsr-3680	45	24	point	point	NOUN
fsr-3680	45	25	u	u	NOUN
fsr-3680	45	26	)	)	PUNCT
fsr-3680	45	27	plots	plot	NOUN
fsr-3680	45	28	below	below	ADP
fsr-3680	45	29	the	the	DET
fsr-3680	45	30	u	u	NOUN
fsr-3680	45	31	$	$	SYM
fsr-3680	45	32	e	e	NOUN
fsr-3680	45	33	efficient	efficient	ADJ
fsr-3680	45	34	frontier	frontier	NOUN
fsr-3680	45	35	in	in	ADP
fsr-3680	45	36	figure	figure	NOUN
fsr-3680	45	37	1	1	NUM
fsr-3680	45	38	.	.	PUNCT
fsr-3680	45	39	b.	b.	VERB
fsr-3680	46	1	additional	additional	ADJ
fsr-3680	46	2	findings	finding	NOUN
fsr-3680	46	3	in	in	ADP
fsr-3680	46	4	international	international	ADJ
fsr-3680	46	5	diversijkation	diversijkation	NOUN
fsr-3680	46	6	while	while	SCONJ
fsr-3680	46	7	the	the	DET
fsr-3680	46	8	analysis	analysis	NOUN
fsr-3680	46	9	above	above	ADV
fsr-3680	46	10	provides	provide	VERB
fsr-3680	46	11	the	the	DET
fsr-3680	46	12	general	general	ADJ
fsr-3680	46	13	idea	idea	NOUN
fsr-3680	46	14	behind	behind	ADP
fsr-3680	46	15	international	international	ADJ
fsr-3680	46	16	diver	diver	NOUN
fsr-3680	46	17	sification	sification	NOUN
fsr-3680	47	1	,	,	PUNCT
fsr-3680	47	2	the	the	DET
fsr-3680	47	3	literature	literature	NOUN
fsr-3680	47	4	has	have	AUX
fsr-3680	47	5	documented	document	VERB
fsr-3680	47	6	some	some	DET
fsr-3680	47	7	significant	significant	ADJ
fsr-3680	47	8	findings	finding	NOUN
fsr-3680	47	9	.	.	PUNCT
fsr-3680	48	1	some	some	PRON
fsr-3680	48	2	of	of	ADP
fsr-3680	48	3	these	these	PRON
fsr-3680	48	4	are	be	AUX
fsr-3680	48	5	reviewed	review	VERB
fsr-3680	48	6	below	below	ADV
fsr-3680	48	7	.	.	PUNCT
fsr-3680	49	1	(	(	PUNCT
fsr-3680	49	2	1	1	X
fsr-3680	49	3	)	)	PUNCT
fsr-3680	49	4	levy	levy	NOUN
fsr-3680	49	5	and	and	CCONJ
fsr-3680	49	6	sarnat	sarnat	NOUN
fsr-3680	49	7	(	(	PUNCT
fsr-3680	49	8	1974	1974	NUM
fsr-3680	49	9	)	)	PUNCT
fsr-3680	49	10	emphasized	emphasize	VERB
fsr-3680	49	11	how	how	SCONJ
fsr-3680	49	12	low	low	ADJ
fsr-3680	49	13	or	or	CCONJ
fsr-3680	49	14	negative	negative	ADJ
fsr-3680	49	15	correlations	correlation	NOUN
fsr-3680	49	16	between	between	ADP
fsr-3680	49	17	less	less	ADV
fsr-3680	49	18	developed	develop	VERB
fsr-3680	49	19	country	country	NOUN
fsr-3680	49	20	stock	stock	NOUN
fsr-3680	49	21	returns	return	NOUN
fsr-3680	49	22	would	would	AUX
fsr-3680	49	23	allow	allow	VERB
fsr-3680	49	24	for	for	ADP
fsr-3680	49	25	more	more	ADJ
fsr-3680	49	26	e(r	e(r	NOUN
fsr-3680	49	27	)	)	PUNCT
fsr-3680	49	28	.20	.20	NUM
fsr-3680	49	29	.lo	.lo	PUNCT
fsr-3680	49	30	.lo	.lo	PUNCT
fsr-3680	50	1	.20	.20	NUM
fsr-3680	50	2	r	r	NOUN
fsr-3680	50	3	figure	figure	NOUN
fsr-3680	50	4	1	1	NUM
fsr-3680	50	5	.	.	PUNCT
fsr-3680	50	6	international	international	ADJ
fsr-3680	50	7	diversification	diversification	NOUN
fsr-3680	50	8	for	for	ADP
fsr-3680	50	9	the	the	DET
fsr-3680	50	10	individual	individual	NOUN
fsr-3680	50	11	:	:	PUNCT
fsr-3680	50	12	a	a	DET
fsr-3680	50	13	review	review	NOUN
fsr-3680	50	14	163	163	NUM
fsr-3680	50	15	effective	effective	ADJ
fsr-3680	50	16	international	international	ADJ
fsr-3680	50	17	diversification	diversification	NOUN
fsr-3680	50	18	.	.	PUNCT
fsr-3680	51	1	returns	return	NOUN
fsr-3680	51	2	of	of	ADP
fsr-3680	51	3	less	less	ADV
fsr-3680	51	4	developed	develop	VERB
fsr-3680	51	5	coun	coun	NOUN
fsr-3680	51	6	tries	try	NOUN
fsr-3680	51	7	were	be	AUX
fsr-3680	51	8	commonly	commonly	ADV
fsr-3680	51	9	less	less	ADV
fsr-3680	51	10	correlated	correlate	VERB
fsr-3680	51	11	with	with	ADP
fsr-3680	51	12	other	other	ADJ
fsr-3680	51	13	market	market	NOUN
fsr-3680	51	14	returns	return	NOUN
fsr-3680	51	15	,	,	PUNCT
fsr-3680	51	16	and	and	CCONJ
fsr-3680	51	17	generally	generally	ADV
fsr-3680	51	18	assigned	assign	VERB
fsr-3680	51	19	more	more	ADJ
fsr-3680	51	20	weight	weight	NOUN
fsr-3680	51	21	in	in	ADP
fsr-3680	51	22	the	the	DET
fsr-3680	51	23	efficient	efficient	ADJ
fsr-3680	51	24	portfolios	portfolio	NOUN
fsr-3680	51	25	.	.	PUNCT
fsr-3680	52	1	the	the	DET
fsr-3680	52	2	correla	correla	PROPN
fsr-3680	52	3	tions	tion	NOUN
fsr-3680	52	4	of	of	ADP
fsr-3680	52	5	returns	return	NOUN
fsr-3680	52	6	among	among	ADP
fsr-3680	52	7	industrialized	industrialized	ADJ
fsr-3680	52	8	countries	country	NOUN
fsr-3680	52	9	were	be	AUX
fsr-3680	52	10	relatively	relatively	ADV
fsr-3680	52	11	higher	high	ADJ
fsr-3680	52	12	,	,	PUNCT
fsr-3680	52	13	so	so	SCONJ
fsr-3680	52	14	that	that	SCONJ
fsr-3680	52	15	diversification	diversification	NOUN
fsr-3680	52	16	among	among	ADP
fsr-3680	52	17	markets	market	NOUN
fsr-3680	52	18	offered	offer	VERB
fsr-3680	52	19	less	less	ADJ
fsr-3680	52	20	benefit	benefit	NOUN
fsr-3680	52	21	.	.	PUNCT
fsr-3680	53	1	errunza	errunza	ADJ
fsr-3680	53	2	(	(	PUNCT
fsr-3680	53	3	1977	1977	NUM
fsr-3680	53	4	)	)	PUNCT
fsr-3680	53	5	and	and	CCONJ
fsr-3680	53	6	others	other	NOUN
fsr-3680	53	7	provided	provide	VERB
fsr-3680	53	8	further	further	ADJ
fsr-3680	53	9	demonstration	demonstration	NOUN
fsr-3680	53	10	of	of	ADP
fsr-3680	53	11	the	the	DET
fsr-3680	53	12	potential	potential	ADJ
fsr-3680	53	13	benefits	benefit	NOUN
fsr-3680	53	14	of	of	ADP
fsr-3680	53	15	diversifying	diversify	VERB
fsr-3680	53	16	into	into	ADP
fsr-3680	53	17	less	less	ADJ
fsr-3680	53	18	developed	develop	VERB
fsr-3680	53	19	countries	country	NOUN
fsr-3680	53	20	.	.	PUNCT
fsr-3680	54	1	(	(	PUNCT
fsr-3680	54	2	2	2	X
fsr-3680	54	3	)	)	PUNCT
fsr-3680	54	4	grubel	grubel	NOUN
fsr-3680	54	5	and	and	CCONJ
fsr-3680	54	6	fadner	fadner	ADJ
fsr-3680	54	7	(	(	PUNCT
fsr-3680	54	8	197	197	NUM
fsr-3680	54	9	1	1	NUM
fsr-3680	54	10	)	)	PUNCT
fsr-3680	54	11	and	and	CCONJ
fsr-3680	54	12	others	other	NOUN
fsr-3680	54	13	showed	show	VERB
fsr-3680	54	14	that	that	SCONJ
fsr-3680	54	15	diversification	diversification	NOUN
fsr-3680	54	16	bene	bene	NOUN
fsr-3680	54	17	fits	fit	NOUN
fsr-3680	54	18	were	be	AUX
fsr-3680	54	19	achievable	achievable	ADJ
fsr-3680	54	20	for	for	ADP
fsr-3680	54	21	various	various	ADJ
fsr-3680	54	22	investment	investment	NOUN
fsr-3680	54	23	horizons	horizon	NOUN
fsr-3680	54	24	.	.	PUNCT
fsr-3680	55	1	(	(	PUNCT
fsr-3680	55	2	3	3	X
fsr-3680	55	3	)	)	PUNCT
fsr-3680	55	4	solnik	solnik	X
fsr-3680	55	5	(	(	PUNCT
fsr-3680	55	6	1974	1974	NUM
fsr-3680	55	7	)	)	PUNCT
fsr-3680	55	8	focused	focus	VERB
fsr-3680	55	9	on	on	ADP
fsr-3680	55	10	foreign	foreign	ADJ
fsr-3680	55	11	stocks	stock	NOUN
fsr-3680	55	12	rather	rather	ADV
fsr-3680	55	13	than	than	ADP
fsr-3680	55	14	on	on	ADP
fsr-3680	55	15	indices	index	NOUN
fsr-3680	55	16	to	to	PART
fsr-3680	55	17	substantiate	substantiate	VERB
fsr-3680	55	18	that	that	SCONJ
fsr-3680	55	19	a	a	DET
fsr-3680	55	20	larger	large	ADJ
fsr-3680	55	21	number	number	NOUN
fsr-3680	55	22	of	of	ADP
fsr-3680	55	23	international	international	ADJ
fsr-3680	55	24	stocks	stock	NOUN
fsr-3680	55	25	could	could	AUX
fsr-3680	55	26	reduce	reduce	VERB
fsr-3680	55	27	risk	risk	NOUN
fsr-3680	55	28	further	far	ADV
fsr-3680	55	29	.	.	PUNCT
fsr-3680	56	1	(	(	PUNCT
fsr-3680	56	2	4	4	X
fsr-3680	56	3	)	)	PUNCT
fsr-3680	56	4	biger	big	ADJ
fsr-3680	56	5	(	(	PUNCT
fsr-3680	56	6	1979	1979	NUM
fsr-3680	56	7	)	)	PUNCT
fsr-3680	56	8	,	,	PUNCT
fsr-3680	56	9	mcdonald	mcdonald	NOUN
fsr-3680	56	10	(	(	PUNCT
fsr-3680	56	11	1973	1973	NUM
fsr-3680	56	12	)	)	PUNCT
fsr-3680	56	13	,	,	PUNCT
fsr-3680	56	14	and	and	CCONJ
fsr-3680	56	15	others	other	NOUN
fsr-3680	56	16	showed	show	VERB
fsr-3680	56	17	how	how	SCONJ
fsr-3680	56	18	the	the	DET
fsr-3680	56	19	benefits	benefit	NOUN
fsr-3680	56	20	from	from	ADP
fsr-3680	56	21	international	international	ADJ
fsr-3680	56	22	diversification	diversification	NOUN
fsr-3680	56	23	varied	varied	ADJ
fsr-3680	56	24	with	with	ADP
fsr-3680	56	25	the	the	DET
fsr-3680	56	26	home	home	NOUN
fsr-3680	56	27	country	country	NOUN
fsr-3680	56	28	perspec	perspec	VERB
fsr-3680	56	29	tive	tive	PROPN
fsr-3680	56	30	,	,	PUNCT
fsr-3680	56	31	although	although	SCONJ
fsr-3680	56	32	some	some	DET
fsr-3680	56	33	benefits	benefit	NOUN
fsr-3680	56	34	were	be	AUX
fsr-3680	56	35	achievable	achievable	ADJ
fsr-3680	56	36	for	for	ADP
fsr-3680	56	37	all	all	DET
fsr-3680	56	38	perspectives	perspective	NOUN
fsr-3680	56	39	.	.	PUNCT
fsr-3680	57	1	the	the	DET
fsr-3680	57	2	degree	degree	NOUN
fsr-3680	57	3	of	of	ADP
fsr-3680	57	4	potential	potential	ADJ
fsr-3680	57	5	risk	risk	NOUN
fsr-3680	57	6	reduction	reduction	NOUN
fsr-3680	57	7	varied	varied	ADJ
fsr-3680	57	8	among	among	ADP
fsr-3680	57	9	perspectives	perspective	NOUN
fsr-3680	57	10	because	because	SCONJ
fsr-3680	57	11	exchange	exchange	NOUN
fsr-3680	57	12	rate	rate	NOUN
fsr-3680	57	13	effects	effect	NOUN
fsr-3680	57	14	cause	cause	VERB
fsr-3680	57	15	differences	difference	NOUN
fsr-3680	57	16	in	in	ADP
fsr-3680	57	17	the	the	DET
fsr-3680	57	18	co	co	NOUN
fsr-3680	57	19	-	-	NOUN
fsr-3680	57	20	movements	movement	NOUN
fsr-3680	57	21	of	of	ADP
fsr-3680	57	22	stock	stock	NOUN
fsr-3680	57	23	returns	return	NOUN
fsr-3680	57	24	among	among	ADP
fsr-3680	57	25	perspectives	perspective	NOUN
fsr-3680	57	26	.	.	PUNCT
fsr-3680	58	1	(	(	PUNCT
fsr-3680	58	2	5	5	X
fsr-3680	58	3	)	)	PUNCT
fsr-3680	58	4	while	while	SCONJ
fsr-3680	58	5	the	the	DET
fsr-3680	58	6	usual	usual	ADJ
fsr-3680	58	7	‘	'	PUNCT
fsr-3680	58	8	default	default	NOUN
fsr-3680	58	9	’	'	PUNCT
fsr-3680	58	10	framework	framework	NOUN
fsr-3680	58	11	for	for	ADP
fsr-3680	58	12	international	international	ADJ
fsr-3680	58	13	diversification	diversification	NOUN
fsr-3680	58	14	is	be	AUX
fsr-3680	58	15	that	that	SCONJ
fsr-3680	58	16	for	for	ADP
fsr-3680	58	17	equities	equity	NOUN
fsr-3680	58	18	,	,	PUNCT
fsr-3680	58	19	international	international	ADJ
fsr-3680	58	20	diversification	diversification	NOUN
fsr-3680	58	21	results	result	NOUN
fsr-3680	58	22	hold	hold	VERB
fsr-3680	58	23	up	up	ADP
fsr-3680	58	24	for	for	ADP
fsr-3680	58	25	bond	bond	NOUN
fsr-3680	58	26	portfolios	portfolio	NOUN
fsr-3680	58	27	.	.	PUNCT
fsr-3680	59	1	see	see	VERB
fsr-3680	59	2	cholerton	cholerton	PROPN
fsr-3680	59	3	,	,	PUNCT
fsr-3680	59	4	pieraerts	pieraert	NOUN
fsr-3680	59	5	,	,	PUNCT
fsr-3680	59	6	and	and	CCONJ
fsr-3680	59	7	solnik	solnik	X
fsr-3680	59	8	(	(	PUNCT
fsr-3680	59	9	1986	1986	NUM
fsr-3680	59	10	)	)	PUNCT
fsr-3680	59	11	.	.	PUNCT
fsr-3680	60	1	in	in	ADP
fsr-3680	60	2	addition	addition	NOUN
fsr-3680	60	3	,	,	PUNCT
fsr-3680	60	4	levy	levy	NOUN
fsr-3680	60	5	and	and	CCONJ
fsr-3680	60	6	lerman	lerman	NOUN
fsr-3680	60	7	(	(	PUNCT
fsr-3680	60	8	1988	1988	NUM
fsr-3680	60	9	)	)	PUNCT
fsr-3680	60	10	and	and	CCONJ
fsr-3680	60	11	jorion	jorion	NOUN
fsr-3680	60	12	(	(	PUNCT
fsr-3680	60	13	1989	1989	NUM
fsr-3680	60	14	)	)	PUNCT
fsr-3680	60	15	demonstrated	demonstrate	VERB
fsr-3680	60	16	the	the	DET
fsr-3680	60	17	benefits	benefit	NOUN
fsr-3680	60	18	of	of	ADP
fsr-3680	60	19	international	international	ADJ
fsr-3680	60	20	diversification	diversification	NOUN
fsr-3680	60	21	across	across	ADP
fsr-3680	60	22	stocks	stock	NOUN
fsr-3680	60	23	and	and	CCONJ
fsr-3680	60	24	bonds	bond	NOUN
fsr-3680	60	25	of	of	ADP
fsr-3680	60	26	various	various	ADJ
fsr-3680	60	27	coun	coun	NOUN
fsr-3680	60	28	tries	try	VERB
fsr-3680	60	29	,	,	PUNCT
fsr-3680	60	30	over	over	ADP
fsr-3680	60	31	the	the	DET
fsr-3680	60	32	time	time	NOUN
fsr-3680	60	33	period	period	NOUN
fsr-3680	60	34	they	they	PRON
fsr-3680	60	35	studied	study	VERB
fsr-3680	60	36	.	.	PUNCT
fsr-3680	61	1	(	(	PUNCT
fsr-3680	61	2	6	6	NUM
fsr-3680	61	3	)	)	PUNCT
fsr-3680	61	4	generally	generally	ADV
fsr-3680	61	5	,	,	PUNCT
fsr-3680	61	6	research	research	NOUN
fsr-3680	61	7	has	have	AUX
fsr-3680	61	8	shown	show	VERB
fsr-3680	61	9	that	that	SCONJ
fsr-3680	61	10	correlation	correlation	NOUN
fsr-3680	61	11	coefficients	coefficient	NOUN
fsr-3680	61	12	depend	depend	VERB
fsr-3680	61	13	upon	upon	SCONJ
fsr-3680	61	14	the	the	DET
fsr-3680	61	15	time	time	NOUN
fsr-3680	61	16	period	period	NOUN
fsr-3680	61	17	chosen	choose	VERB
fsr-3680	61	18	for	for	ADP
fsr-3680	61	19	historical	historical	ADJ
fsr-3680	61	20	analysis	analysis	NOUN
fsr-3680	61	21	.	.	PUNCT
fsr-3680	62	1	see	see	VERB
fsr-3680	62	2	,	,	PUNCT
fsr-3680	62	3	for	for	ADP
fsr-3680	62	4	example	example	NOUN
fsr-3680	62	5	shaked	shake	VERB
fsr-3680	62	6	(	(	PUNCT
fsr-3680	62	7	1985	1985	NUM
fsr-3680	62	8	)	)	PUNCT
fsr-3680	62	9	and	and	CCONJ
fsr-3680	62	10	jorion	jorion	NOUN
fsr-3680	62	11	(	(	PUNCT
fsr-3680	62	12	1985	1985	NUM
fsr-3680	62	13	)	)	PUNCT
fsr-3680	62	14	.	.	PUNCT
fsr-3680	63	1	shaked	shaked	PROPN
fsr-3680	63	2	’s	’s	PART
fsr-3680	63	3	study	study	NOUN
fsr-3680	63	4	found	find	VERB
fsr-3680	63	5	that	that	SCONJ
fsr-3680	63	6	correlations	correlation	NOUN
fsr-3680	63	7	among	among	ADP
fsr-3680	63	8	market	market	NOUN
fsr-3680	63	9	returns	return	NOUN
fsr-3680	63	10	are	be	AUX
fsr-3680	63	11	intertemporally	intertemporally	ADV
fsr-3680	63	12	unstable	unstable	ADJ
fsr-3680	63	13	over	over	ADP
fsr-3680	63	14	a	a	DET
fsr-3680	63	15	short	short	ADJ
fsr-3680	63	16	-	-	PUNCT
fsr-3680	63	17	term	term	NOUN
fsr-3680	63	18	invest	invest	NOUN
fsr-3680	63	19	ment	ment	PROPN
fsr-3680	63	20	horizon	horizon	PROPN
fsr-3680	63	21	.	.	PUNCT
fsr-3680	64	1	however	however	ADV
fsr-3680	64	2	,	,	PUNCT
fsr-3680	64	3	the	the	DET
fsr-3680	64	4	correlation	correlation	NOUN
fsr-3680	64	5	structure	structure	NOUN
fsr-3680	64	6	was	be	AUX
fsr-3680	64	7	more	more	ADV
fsr-3680	64	8	stable	stable	ADJ
fsr-3680	64	9	over	over	ADP
fsr-3680	64	10	longer	long	ADJ
fsr-3680	64	11	-	-	PUNCT
fsr-3680	64	12	term	term	NOUN
fsr-3680	64	13	investment	investment	NOUN
fsr-3680	64	14	horizons	horizon	NOUN
fsr-3680	64	15	.	.	PUNCT
fsr-3680	65	1	c.	c.	NOUN
fsr-3680	65	2	market	market	NOUN
fsr-3680	65	3	integration	integration	NOUN
fsr-3680	65	4	and	and	CCONJ
fsr-3680	65	5	international	international	ADJ
fsr-3680	65	6	diversification	diversification	NOUN
fsr-3680	65	7	one	one	NUM
fsr-3680	65	8	of	of	ADP
fsr-3680	65	9	the	the	DET
fsr-3680	65	10	most	most	ADV
fsr-3680	65	11	interesting	interesting	ADJ
fsr-3680	65	12	,	,	PUNCT
fsr-3680	65	13	and	and	CCONJ
fsr-3680	65	14	heavily	heavily	ADV
fsr-3680	65	15	researched	research	VERB
fsr-3680	65	16	,	,	PUNCT
fsr-3680	65	17	ideas	idea	NOUN
fsr-3680	65	18	is	be	AUX
fsr-3680	65	19	the	the	DET
fsr-3680	65	20	notion	notion	NOUN
fsr-3680	65	21	that	that	SCONJ
fsr-3680	65	22	correlation	correlation	NOUN
fsr-3680	65	23	coefficients	coefficient	NOUN
fsr-3680	65	24	between	between	ADP
fsr-3680	65	25	countries	country	NOUN
fsr-3680	65	26	’	'	PUNCT
fsr-3680	65	27	market	market	NOUN
fsr-3680	65	28	returns	return	NOUN
fsr-3680	65	29	are	be	AUX
fsr-3680	65	30	increasing	increase	VERB
fsr-3680	65	31	over	over	ADP
fsr-3680	65	32	time	time	NOUN
fsr-3680	65	33	,	,	PUNCT
fsr-3680	65	34	as	as	ADP
fsr-3680	65	35	a	a	DET
fsr-3680	65	36	result	result	NOUN
fsr-3680	65	37	of	of	ADP
fsr-3680	65	38	the	the	DET
fsr-3680	65	39	evolution	evolution	NOUN
fsr-3680	65	40	toward	toward	ADP
fsr-3680	65	41	integrated	integrate	VERB
fsr-3680	65	42	worldwide	worldwide	ADJ
fsr-3680	65	43	markets	market	NOUN
fsr-3680	65	44	.	.	PUNCT
fsr-3680	66	1	the	the	DET
fsr-3680	66	2	research	research	NOUN
fsr-3680	66	3	of	of	ADP
fsr-3680	66	4	bertoneche	bertoneche	NOUN
fsr-3680	66	5	(	(	PUNCT
fsr-3680	66	6	1979	1979	NUM
fsr-3680	66	7	)	)	PUNCT
fsr-3680	66	8	)	)	PUNCT
fsr-3680	66	9	finnerty	finnerty	NOUN
fsr-3680	66	10	and	and	CCONJ
fsr-3680	66	11	schneeweis	schneeweis	NOUN
fsr-3680	66	12	(	(	PUNCT
fsr-3680	66	13	1979	1979	NUM
fsr-3680	66	14	)	)	PUNCT
fsr-3680	66	15	)	)	PUNCT
fsr-3680	66	16	hilliard	hilliard	NOUN
fsr-3680	66	17	(	(	PUNCT
fsr-3680	66	18	1979	1979	NUM
fsr-3680	66	19	)	)	PUNCT
fsr-3680	66	20	,	,	PUNCT
fsr-3680	66	21	maldonado	maldonado	PROPN
fsr-3680	66	22	and	and	CCONJ
fsr-3680	66	23	saunders	saunder	NOUN
fsr-3680	66	24	(	(	PUNCT
fsr-3680	66	25	1981	1981	NUM
fsr-3680	66	26	)	)	PUNCT
fsr-3680	66	27	,	,	PUNCT
fsr-3680	66	28	shaked	shake	VERB
fsr-3680	66	29	(	(	PUNCT
fsr-3680	66	30	1985	1985	NUM
fsr-3680	66	31	)	)	PUNCT
fsr-3680	66	32	,	,	PUNCT
fsr-3680	66	33	and	and	CCONJ
fsr-3680	66	34	others	other	NOUN
fsr-3680	66	35	indicated	indicate	VERB
fsr-3680	66	36	that	that	SCONJ
fsr-3680	66	37	correlations	correlation	NOUN
fsr-3680	66	38	are	be	AUX
fsr-3680	66	39	generally	generally	ADV
fsr-3680	66	40	increasing	increase	VERB
fsr-3680	66	41	over	over	ADP
fsr-3680	66	42	time	time	NOUN
fsr-3680	66	43	.	.	PUNCT
fsr-3680	67	1	philippatos	philippato	NOUN
fsr-3680	67	2	,	,	PUNCT
fsr-3680	67	3	christofi	christofi	NOUN
fsr-3680	67	4	,	,	PUNCT
fsr-3680	67	5	and	and	CCONJ
fsr-3680	67	6	christofi	christofi	NOUN
fsr-3680	67	7	(	(	PUNCT
fsr-3680	67	8	1983	1983	NUM
fsr-3680	67	9	)	)	PUNCT
fsr-3680	67	10	and	and	CCONJ
fsr-3680	67	11	roll	roll	NOUN
fsr-3680	67	12	(	(	PUNCT
fsr-3680	67	13	1989	1989	NUM
fsr-3680	67	14	)	)	PUNCT
fsr-3680	67	15	have	have	AUX
fsr-3680	67	16	viewed	view	VERB
fsr-3680	67	17	world	world	NOUN
fsr-3680	67	18	markets	market	NOUN
fsr-3680	67	19	as	as	SCONJ
fsr-3680	67	20	markets	market	NOUN
fsr-3680	67	21	of	of	ADP
fsr-3680	67	22	single	single	ADJ
fsr-3680	67	23	countries	country	NOUN
fsr-3680	67	24	tied	tie	VERB
fsr-3680	67	25	together	together	ADV
fsr-3680	67	26	with	with	ADP
fsr-3680	67	27	a	a	DET
fsr-3680	67	28	single	single	ADJ
fsr-3680	67	29	common	common	ADJ
fsr-3680	67	30	“	"	PUNCT
fsr-3680	67	31	factor	factor	NOUN
fsr-3680	67	32	.	.	PUNCT
fsr-3680	67	33	”	"	PUNCT
fsr-3680	68	1	in	in	ADP
fsr-3680	68	2	particular	particular	ADJ
fsr-3680	68	3	,	,	PUNCT
fsr-3680	68	4	roll	roll	NOUN
fsr-3680	68	5	’s	’s	PART
fsr-3680	68	6	study	study	NOUN
fsr-3680	68	7	of	of	ADP
fsr-3680	68	8	the	the	DET
fsr-3680	68	9	crash	crash	NOUN
fsr-3680	68	10	of	of	ADP
fsr-3680	68	11	1987	1987	NUM
fsr-3680	68	12	demonstrated	demonstrate	VERB
fsr-3680	68	13	how	how	SCONJ
fsr-3680	68	14	all	all	PRON
fsr-3680	68	15	of	of	ADP
fsr-3680	68	16	the	the	DET
fsr-3680	68	17	world	world	NOUN
fsr-3680	68	18	’s	’s	PART
fsr-3680	68	19	stock	stock	NOUN
fsr-3680	68	20	markets	market	NOUN
fsr-3680	68	21	fell	fall	VERB
fsr-3680	68	22	significantly	significantly	ADV
fsr-3680	68	23	during	during	ADP
fsr-3680	68	24	the	the	DET
fsr-3680	68	25	crash	crash	NOUN
fsr-3680	68	26	period	period	NOUN
fsr-3680	68	27	.	.	PUNCT
fsr-3680	69	1	see	see	AUX
fsr-3680	69	2	also	also	ADV
fsr-3680	69	3	bennett	bennett	PROPN
fsr-3680	69	4	164	164	NUM
fsr-3680	69	5	financial	financial	PROPN
fsr-3680	69	6	services	service	NOUN
fsr-3680	69	7	review	review	NOUN
fsr-3680	69	8	,	,	PUNCT
fsr-3680	69	9	l(2	l(2	PROPN
fsr-3680	69	10	)	)	PUNCT
fsr-3680	69	11	1991	1991	NUM
fsr-3680	69	12	and	and	CCONJ
fsr-3680	69	13	kelleher	kelleher	PROPN
fsr-3680	69	14	(	(	PUNCT
fsr-3680	69	15	1988	1988	NUM
fsr-3680	69	16	)	)	PUNCT
fsr-3680	69	17	.	.	PUNCT
fsr-3680	70	1	madura	madura	NOUN
fsr-3680	70	2	and	and	CCONJ
fsr-3680	70	3	mcdaniel	mcdaniel	PROPN
fsr-3680	70	4	(	(	PUNCT
fsr-3680	70	5	1989	1989	NUM
fsr-3680	70	6	)	)	PUNCT
fsr-3680	70	7	found	find	VERB
fsr-3680	70	8	that	that	SCONJ
fsr-3680	70	9	correlations	correlation	NOUN
fsr-3680	70	10	after	after	ADP
fsr-3680	70	11	the	the	DET
fsr-3680	70	12	1987	1987	NUM
fsr-3680	70	13	crash	crash	NOUN
fsr-3680	70	14	were	be	AUX
fsr-3680	70	15	generally	generally	ADV
fsr-3680	70	16	even	even	ADV
fsr-3680	70	17	higher	high	ADJ
fsr-3680	70	18	than	than	ADP
fsr-3680	70	19	before	before	ADP
fsr-3680	70	20	the	the	DET
fsr-3680	70	21	crash	crash	NOUN
fsr-3680	70	22	.	.	PUNCT
fsr-3680	71	1	in	in	ADP
fsr-3680	71	2	related	related	ADJ
fsr-3680	71	3	research	research	NOUN
fsr-3680	71	4	in	in	ADP
fsr-3680	71	5	interest	interest	NOUN
fsr-3680	71	6	rates	rate	NOUN
fsr-3680	71	7	,	,	PUNCT
fsr-3680	71	8	kirchgassner	kirchgassner	NOUN
fsr-3680	71	9	and	and	CCONJ
fsr-3680	71	10	wolters	wolters	PROPN
fsr-3680	71	11	(	(	PUNCT
fsr-3680	71	12	1987	1987	NUM
fsr-3680	71	13	)	)	PUNCT
fsr-3680	71	14	analyzed	analyze	VERB
fsr-3680	71	15	the	the	DET
fsr-3680	71	16	relationship	relationship	NOUN
fsr-3680	71	17	among	among	ADP
fsr-3680	71	18	eurocurrency	eurocurrency	NOUN
fsr-3680	71	19	market	market	NOUN
fsr-3680	71	20	rates	rate	NOUN
fsr-3680	71	21	over	over	ADP
fsr-3680	71	22	the	the	DET
fsr-3680	71	23	19741984	19741984	NUM
fsr-3680	71	24	period	period	NOUN
fsr-3680	71	25	.	.	PUNCT
fsr-3680	72	1	they	they	PRON
fsr-3680	72	2	found	find	VERB
fsr-3680	72	3	that	that	SCONJ
fsr-3680	72	4	a	a	DET
fsr-3680	72	5	change	change	NOUN
fsr-3680	72	6	in	in	ADP
fsr-3680	72	7	the	the	DET
fsr-3680	72	8	eurodollar	eurodollar	PROPN
fsr-3680	72	9	rate	rate	NOUN
fsr-3680	72	10	is	be	AUX
fsr-3680	72	11	followed	follow	VERB
fsr-3680	72	12	somewhat	somewhat	ADV
fsr-3680	72	13	by	by	ADP
fsr-3680	72	14	a	a	DET
fsr-3680	72	15	similar	similar	ADJ
fsr-3680	72	16	change	change	NOUN
fsr-3680	72	17	in	in	ADP
fsr-3680	72	18	the	the	DET
fsr-3680	72	19	euro	euro	NOUN
fsr-3680	72	20	-	-	PUNCT
fsr-3680	72	21	deutschemark	deutschemark	PROPN
fsr-3680	72	22	and	and	CCONJ
fsr-3680	72	23	euro	euro	NOUN
fsr-3680	72	24	-	-	PUNCT
fsr-3680	72	25	swiss	swiss	ADJ
fsr-3680	72	26	franc	franc	NOUN
fsr-3680	72	27	rates	rate	NOUN
fsr-3680	72	28	.	.	PUNCT
fsr-3680	73	1	moreover	moreover	ADV
fsr-3680	73	2	,	,	PUNCT
fsr-3680	73	3	the	the	DET
fsr-3680	73	4	relationship	relationship	NOUN
fsr-3680	73	5	appears	appear	VERB
fsr-3680	73	6	to	to	PART
fsr-3680	73	7	be	be	AUX
fsr-3680	73	8	strengthening	strengthen	VERB
fsr-3680	73	9	over	over	ADP
fsr-3680	73	10	time	time	NOUN
fsr-3680	73	11	,	,	PUNCT
fsr-3680	73	12	presumably	presumably	ADV
fsr-3680	73	13	as	as	ADP
fsr-3680	73	14	a	a	DET
fsr-3680	73	15	result	result	NOUN
fsr-3680	73	16	of	of	ADP
fsr-3680	73	17	the	the	DET
fsr-3680	73	18	evolution	evolution	NOUN
fsr-3680	73	19	of	of	ADP
fsr-3680	73	20	global	global	ADJ
fsr-3680	73	21	debt	debt	NOUN
fsr-3680	73	22	market	market	NOUN
fsr-3680	73	23	linkages	linkage	NOUN
fsr-3680	73	24	.	.	PUNCT
fsr-3680	74	1	see	see	VERB
fsr-3680	74	2	also	also	ADV
fsr-3680	74	3	kool	kool	NOUN
fsr-3680	74	4	and	and	CCONJ
fsr-3680	74	5	tatum	tatum	PROPN
fsr-3680	74	6	(	(	PUNCT
fsr-3680	74	7	1988	1988	NUM
fsr-3680	74	8	)	)	PUNCT
fsr-3680	74	9	and	and	CCONJ
fsr-3680	74	10	glick	glick	PROPN
fsr-3680	74	11	(	(	PUNCT
fsr-3680	74	12	1990	1990	NUM
fsr-3680	74	13	)	)	PUNCT
fsr-3680	74	14	.	.	PUNCT
fsr-3680	75	1	thus	thus	ADV
fsr-3680	75	2	we	we	PRON
fsr-3680	75	3	have	have	VERB
fsr-3680	75	4	an	an	DET
fsr-3680	75	5	interesting	interesting	ADJ
fsr-3680	75	6	“	"	PUNCT
fsr-3680	75	7	catch-22	catch-22	ADJ
fsr-3680	75	8	”	"	PUNCT
fsr-3680	75	9	phenomenon	phenomenon	NOUN
fsr-3680	75	10	.	.	PUNCT
fsr-3680	76	1	as	as	SCONJ
fsr-3680	76	2	the	the	DET
fsr-3680	76	3	incentive	incentive	NOUN
fsr-3680	76	4	to	to	PART
fsr-3680	76	5	achieve	achieve	VERB
fsr-3680	76	6	international	international	ADJ
fsr-3680	76	7	diversification	diversification	NOUN
fsr-3680	76	8	leads	lead	VERB
fsr-3680	76	9	to	to	ADP
fsr-3680	76	10	market	market	NOUN
fsr-3680	76	11	globalization	globalization	NOUN
fsr-3680	76	12	,	,	PUNCT
fsr-3680	76	13	the	the	DET
fsr-3680	76	14	correlation	correlation	NOUN
fsr-3680	76	15	between	between	ADP
fsr-3680	76	16	various	various	ADJ
fsr-3680	76	17	countries	country	NOUN
fsr-3680	76	18	’	'	PUNCT
fsr-3680	76	19	equity	equity	NOUN
fsr-3680	76	20	and	and	CCONJ
fsr-3680	76	21	debt	debt	NOUN
fsr-3680	76	22	markets	market	NOUN
fsr-3680	76	23	appears	appear	VERB
fsr-3680	76	24	to	to	PART
fsr-3680	76	25	be	be	AUX
fsr-3680	76	26	increasing	increase	VERB
fsr-3680	76	27	,	,	PUNCT
fsr-3680	76	28	thus	thus	ADV
fsr-3680	76	29	reducing	reduce	VERB
fsr-3680	76	30	the	the	DET
fsr-3680	76	31	potential	potential	ADJ
fsr-3680	76	32	benefits	benefit	NOUN
fsr-3680	76	33	of	of	ADP
fsr-3680	76	34	international	international	ADJ
fsr-3680	76	35	diversification	diversification	NOUN
fsr-3680	76	36	.	.	PUNCT
fsr-3680	77	1	nevertheless	nevertheless	ADV
fsr-3680	77	2	,	,	PUNCT
fsr-3680	77	3	markets	market	NOUN
fsr-3680	77	4	may	may	AUX
fsr-3680	77	5	never	never	ADV
fsr-3680	77	6	be	be	AUX
fsr-3680	77	7	well	well	ADV
fsr-3680	77	8	-	-	PUNCT
fsr-3680	77	9	enough	enough	NOUN
fsr-3680	77	10	integrated	integrate	VERB
fsr-3680	77	11	,	,	PUNCT
fsr-3680	77	12	nor	nor	CCONJ
fsr-3680	77	13	countries	country	NOUN
fsr-3680	77	14	’	'	PUNCT
fsr-3680	77	15	economic	economic	ADJ
fsr-3680	77	16	policies	policy	NOUN
fsr-3680	77	17	well	well	ADV
fsr-3680	77	18	-	-	PUNCT
fsr-3680	77	19	enough	enough	NOUN
fsr-3680	77	20	coordinated	coordinate	VERB
fsr-3680	77	21	,	,	PUNCT
fsr-3680	77	22	to	to	PART
fsr-3680	77	23	eliminate	eliminate	VERB
fsr-3680	77	24	the	the	DET
fsr-3680	77	25	case	case	NOUN
fsr-3680	77	26	for	for	ADP
fsr-3680	77	27	international	international	ADJ
fsr-3680	77	28	diversification	diversification	NOUN
fsr-3680	77	29	.	.	PUNCT
fsr-3680	78	1	in	in	ADP
fsr-3680	78	2	addition	addition	NOUN
fsr-3680	78	3	to	to	ADP
fsr-3680	78	4	the	the	DET
fsr-3680	78	5	imperfect	imperfect	ADJ
fsr-3680	78	6	correlations	correlation	NOUN
fsr-3680	78	7	in	in	ADP
fsr-3680	78	8	debt	debt	NOUN
fsr-3680	78	9	markets	market	NOUN
fsr-3680	78	10	reported	report	VERB
fsr-3680	78	11	by	by	ADP
fsr-3680	78	12	kirchgassner	kirchgassner	NOUN
fsr-3680	78	13	and	and	CCONJ
fsr-3680	78	14	wolters	wolters	PROPN
fsr-3680	78	15	(	(	PUNCT
fsr-3680	78	16	1987	1987	NUM
fsr-3680	78	17	)	)	PUNCT
fsr-3680	78	18	,	,	PUNCT
fsr-3680	78	19	a	a	DET
fsr-3680	78	20	study	study	NOUN
fsr-3680	78	21	by	by	ADP
fsr-3680	78	22	cho	cho	PROPN
fsr-3680	78	23	,	,	PUNCT
fsr-3680	78	24	eun	eun	PROPN
fsr-3680	78	25	and	and	CCONJ
fsr-3680	78	26	senbet	senbet	PROPN
fsr-3680	78	27	(	(	PUNCT
fsr-3680	78	28	1986	1986	NUM
fsr-3680	78	29	)	)	PUNCT
fsr-3680	78	30	,	,	PUNCT
fsr-3680	78	31	also	also	ADV
fsr-3680	78	32	found	find	VERB
fsr-3680	78	33	that	that	SCONJ
fsr-3680	78	34	equity	equity	NOUN
fsr-3680	78	35	markets	market	NOUN
fsr-3680	78	36	were	be	AUX
fsr-3680	78	37	not	not	PART
fsr-3680	78	38	yet	yet	ADV
fsr-3680	78	39	well	well	ADV
fsr-3680	78	40	integrated	integrate	VERB
fsr-3680	78	41	despite	despite	SCONJ
fsr-3680	78	42	the	the	DET
fsr-3680	78	43	identification	identification	NOUN
fsr-3680	78	44	of	of	ADP
fsr-3680	78	45	some	some	DET
fsr-3680	78	46	common	common	ADJ
fsr-3680	78	47	world	world	NOUN
fsr-3680	78	48	factors	factor	NOUN
fsr-3680	78	49	.	.	PUNCT
fsr-3680	79	1	moreover	moreover	ADV
fsr-3680	79	2	,	,	PUNCT
fsr-3680	79	3	studies	study	NOUN
fsr-3680	79	4	by	by	ADP
fsr-3680	79	5	errunza	errunza	ADJ
fsr-3680	79	6	and	and	CCONJ
fsr-3680	79	7	losq	losq	NOUN
fsr-3680	79	8	(	(	PUNCT
fsr-3680	79	9	1985	1985	NUM
fsr-3680	79	10	)	)	PUNCT
fsr-3680	79	11	and	and	CCONJ
fsr-3680	79	12	jorion	jorion	NOUN
fsr-3680	79	13	and	and	CCONJ
fsr-3680	79	14	schwartz	schwartz	PROPN
fsr-3680	79	15	(	(	PUNCT
fsr-3680	79	16	1986	1986	NUM
fsr-3680	79	17	)	)	PUNCT
fsr-3680	79	18	confirm	confirm	VERB
fsr-3680	79	19	that	that	SCONJ
fsr-3680	79	20	some	some	DET
fsr-3680	79	21	degree	degree	NOUN
fsr-3680	79	22	of	of	ADP
fsr-3680	79	23	segmentation	segmentation	NOUN
fsr-3680	79	24	of	of	ADP
fsr-3680	79	25	the	the	DET
fsr-3680	79	26	markets	market	NOUN
fsr-3680	79	27	continues	continue	VERB
fsr-3680	79	28	to	to	PART
fsr-3680	79	29	be	be	AUX
fsr-3680	79	30	present	present	ADJ
fsr-3680	79	31	.	.	PUNCT
fsr-3680	80	1	thus	thus	ADV
fsr-3680	80	2	,	,	PUNCT
fsr-3680	80	3	as	as	SCONJ
fsr-3680	80	4	markets	market	NOUN
fsr-3680	80	5	tend	tend	VERB
fsr-3680	80	6	to	to	PART
fsr-3680	80	7	integrate	integrate	VERB
fsr-3680	80	8	,	,	PUNCT
fsr-3680	80	9	increases	increase	NOUN
fsr-3680	80	10	in	in	ADP
fsr-3680	80	11	correlation	correlation	NOUN
fsr-3680	80	12	coefficients	coefficient	NOUN
fsr-3680	80	13	lessen	lessen	VERB
fsr-3680	80	14	the	the	DET
fsr-3680	80	15	benefits	benefit	NOUN
fsr-3680	80	16	of	of	ADP
fsr-3680	80	17	international	international	ADJ
fsr-3680	80	18	diversification	diversification	NOUN
fsr-3680	80	19	;	;	PUNCT
fsr-3680	80	20	however	however	ADV
fsr-3680	80	21	,	,	PUNCT
fsr-3680	80	22	international	international	ADJ
fsr-3680	80	23	diversification	diversification	NOUN
fsr-3680	80	24	is	be	AUX
fsr-3680	80	25	still	still	ADV
fsr-3680	80	26	regarded	regard	VERB
fsr-3680	80	27	as	as	ADP
fsr-3680	80	28	a	a	DET
fsr-3680	80	29	viable	viable	ADJ
fsr-3680	80	30	strategy	strategy	NOUN
fsr-3680	80	31	,	,	PUNCT
fsr-3680	80	32	especially	especially	ADV
fsr-3680	80	33	as	as	SCONJ
fsr-3680	80	34	markets	market	NOUN
fsr-3680	80	35	behave	behave	VERB
fsr-3680	80	36	in	in	ADP
fsr-3680	80	37	a	a	DET
fsr-3680	80	38	volatile	volatile	ADJ
fsr-3680	80	39	fashion	fashion	NOUN
fsr-3680	80	40	.	.	PUNCT
fsr-3680	81	1	in	in	ADP
fsr-3680	81	2	light	light	NOUN
fsr-3680	81	3	of	of	ADP
fsr-3680	81	4	this	this	DET
fsr-3680	81	5	point	point	NOUN
fsr-3680	81	6	,	,	PUNCT
fsr-3680	81	7	the	the	DET
fsr-3680	81	8	study	study	NOUN
fsr-3680	81	9	by	by	ADP
fsr-3680	81	10	eun	eun	PROPN
fsr-3680	81	11	and	and	CCONJ
fsr-3680	81	12	resnick	resnick	PROPN
fsr-3680	81	13	(	(	PUNCT
fsr-3680	81	14	1984	1984	NUM
fsr-3680	81	15	)	)	PUNCT
fsr-3680	81	16	comparing	compare	VERB
fsr-3680	81	17	various	various	ADJ
fsr-3680	81	18	methods	method	NOUN
fsr-3680	81	19	of	of	ADP
fsr-3680	81	20	forecasting	forecasting	NOUN
fsr-3680	81	21	correlations	correlation	NOUN
fsr-3680	81	22	,	,	PUNCT
fsr-3680	81	23	is	be	AUX
fsr-3680	81	24	still	still	ADV
fsr-3680	81	25	quite	quite	ADV
fsr-3680	81	26	relevant	relevant	ADJ
fsr-3680	81	27	.	.	PUNCT
fsr-3680	82	1	once	once	SCONJ
fsr-3680	82	2	individuals	individual	NOUN
fsr-3680	82	3	have	have	AUX
fsr-3680	82	4	diversified	diversify	VERB
fsr-3680	82	5	internationally	internationally	ADV
fsr-3680	82	6	,	,	PUNCT
fsr-3680	82	7	it	it	PRON
fsr-3680	82	8	may	may	AUX
fsr-3680	82	9	be	be	AUX
fsr-3680	82	10	in	in	ADP
fsr-3680	82	11	their	their	PRON
fsr-3680	82	12	interest	interest	NOUN
fsr-3680	82	13	to	to	PART
fsr-3680	82	14	consider	consider	VERB
fsr-3680	82	15	hedging	hedge	VERB
fsr-3680	82	16	the	the	DET
fsr-3680	82	17	currency	currency	NOUN
fsr-3680	82	18	exposure	exposure	NOUN
fsr-3680	82	19	of	of	ADP
fsr-3680	82	20	their	their	PRON
fsr-3680	82	21	international	international	ADJ
fsr-3680	82	22	portfolios	portfolio	NOUN
fsr-3680	82	23	.	.	PUNCT
fsr-3680	83	1	iv	iv	X
fsr-3680	83	2	.	.	PUNCT
fsr-3680	83	3	hedgingcurrency	hedgingcurrency	NOUN
fsr-3680	83	4	bets	bet	NOUN
fsr-3680	83	5	as	as	SCONJ
fsr-3680	83	6	noted	note	VERB
fsr-3680	83	7	by	by	ADP
fsr-3680	83	8	eun	eun	PROPN
fsr-3680	83	9	and	and	CCONJ
fsr-3680	83	10	resnick	resnick	PROPN
fsr-3680	83	11	(	(	PUNCT
fsr-3680	83	12	1988	1988	NUM
fsr-3680	83	13	)	)	PUNCT
fsr-3680	83	14	,	,	PUNCT
fsr-3680	83	15	the	the	DET
fsr-3680	83	16	original	original	ADJ
fsr-3680	83	17	international	international	ADJ
fsr-3680	83	18	diversification	diversification	NOUN
fsr-3680	83	19	studies	study	NOUN
fsr-3680	83	20	used	use	VERB
fsr-3680	83	21	data	datum	NOUN
fsr-3680	83	22	from	from	ADP
fsr-3680	83	23	a	a	DET
fsr-3680	83	24	period	period	NOUN
fsr-3680	83	25	of	of	ADP
fsr-3680	83	26	fixed	fix	VERB
fsr-3680	83	27	or	or	CCONJ
fsr-3680	83	28	relatively	relatively	ADV
fsr-3680	83	29	stable	stable	ADJ
fsr-3680	83	30	exchange	exchange	NOUN
fsr-3680	83	31	rates	rate	NOUN
fsr-3680	83	32	.	.	PUNCT
fsr-3680	84	1	due	due	ADP
fsr-3680	84	2	to	to	ADP
fsr-3680	84	3	the	the	DET
fsr-3680	84	4	exchange	exchange	NOUN
fsr-3680	84	5	rate	rate	NOUN
fsr-3680	84	6	volatility	volatility	NOUN
fsr-3680	84	7	experienced	experience	VERB
fsr-3680	84	8	in	in	ADP
fsr-3680	84	9	the	the	DET
fsr-3680	84	10	1980s	1980	NOUN
fsr-3680	84	11	researchers	researcher	NOUN
fsr-3680	84	12	and	and	CCONJ
fsr-3680	84	13	practitioners	practitioner	NOUN
fsr-3680	84	14	have	have	AUX
fsr-3680	84	15	been	be	AUX
fsr-3680	84	16	to	to	PART
fsr-3680	84	17	adopt	adopt	VERB
fsr-3680	84	18	the	the	DET
fsr-3680	84	19	view	view	NOUN
fsr-3680	84	20	that	that	SCONJ
fsr-3680	84	21	,	,	PUNCT
fsr-3680	84	22	while	while	SCONJ
fsr-3680	84	23	international	international	ADJ
fsr-3680	84	24	diversification	diversification	NOUN
fsr-3680	84	25	is	be	AUX
fsr-3680	84	26	still	still	ADV
fsr-3680	84	27	a	a	DET
fsr-3680	84	28	viable	viable	ADJ
fsr-3680	84	29	strategy	strategy	NOUN
fsr-3680	84	30	relative	relative	ADJ
fsr-3680	84	31	to	to	ADP
fsr-3680	84	32	purely	purely	ADV
fsr-3680	84	33	domestic	domestic	ADJ
fsr-3680	84	34	investing	investing	NOUN
fsr-3680	84	35	,	,	PUNCT
fsr-3680	84	36	investors	investor	NOUN
fsr-3680	84	37	may	may	AUX
fsr-3680	84	38	be	be	AUX
fsr-3680	84	39	able	able	ADJ
fsr-3680	84	40	to	to	PART
fsr-3680	84	41	improve	improve	VERB
fsr-3680	84	42	on	on	ADP
fsr-3680	84	43	the	the	DET
fsr-3680	84	44	performance	performance	NOUN
fsr-3680	84	45	of	of	ADP
fsr-3680	84	46	internationally	internationally	ADV
fsr-3680	84	47	diversified	diversify	VERB
fsr-3680	84	48	portfolios	portfolio	NOUN
fsr-3680	84	49	by	by	ADP
fsr-3680	84	50	attempting	attempt	VERB
fsr-3680	84	51	to	to	PART
fsr-3680	84	52	eliminate	eliminate	VERB
fsr-3680	84	53	some	some	DET
fsr-3680	84	54	currency	currency	NOUN
fsr-3680	84	55	risk	risk	NOUN
fsr-3680	84	56	.	.	PUNCT
fsr-3680	85	1	currency	currency	NOUN
fsr-3680	85	2	exposure	exposure	NOUN
fsr-3680	85	3	adds	add	VERB
fsr-3680	85	4	volatility	volatility	NOUN
fsr-3680	85	5	to	to	ADP
fsr-3680	85	6	the	the	DET
fsr-3680	85	7	portfolio	portfolio	NOUN
fsr-3680	85	8	without	without	ADP
fsr-3680	85	9	offering	offer	VERB
fsr-3680	85	10	much	much	ADJ
fsr-3680	85	11	in	in	ADP
fsr-3680	85	12	the	the	DET
fsr-3680	85	13	way	way	NOUN
fsr-3680	85	14	of	of	ADP
fsr-3680	85	15	compensating	compensate	VERB
fsr-3680	85	16	expected	expect	VERB
fsr-3680	85	17	returns	return	NOUN
fsr-3680	85	18	.	.	PUNCT
fsr-3680	86	1	perold	perold	NOUN
fsr-3680	86	2	and	and	CCONJ
fsr-3680	86	3	schulman	schulman	NOUN
fsr-3680	86	4	(	(	PUNCT
fsr-3680	86	5	1989	1989	NUM
fsr-3680	86	6	)	)	PUNCT
fsr-3680	86	7	regard	regard	NOUN
fsr-3680	86	8	currency	currency	NOUN
fsr-3680	86	9	exposure	exposure	NOUN
fsr-3680	86	10	hedging	hedge	VERB
fsr-3680	86	11	to	to	PART
fsr-3680	86	12	be	be	AUX
fsr-3680	86	13	a	a	DET
fsr-3680	86	14	“	"	PUNCT
fsr-3680	86	15	free	free	ADJ
fsr-3680	86	16	lunch	lunch	NOUN
fsr-3680	86	17	,	,	PUNCT
fsr-3680	86	18	”	"	PUNCT
fsr-3680	86	19	in	in	ADP
fsr-3680	86	20	that	that	DET
fsr-3680	86	21	risk	risk	NOUN
fsr-3680	86	22	could	could	AUX
fsr-3680	86	23	be	be	AUX
fsr-3680	86	24	reduced	reduce	VERB
fsr-3680	86	25	,	,	PUNCT
fsr-3680	86	26	while	while	SCONJ
fsr-3680	86	27	expected	expect	VERB
fsr-3680	86	28	rates	rate	NOUN
fsr-3680	86	29	of	of	ADP
fsr-3680	86	30	return	return	NOUN
fsr-3680	86	31	are	be	AUX
fsr-3680	86	32	maintained	maintain	VERB
fsr-3680	86	33	.	.	PUNCT
fsr-3680	87	1	the	the	DET
fsr-3680	87	2	empirical	empirical	ADJ
fsr-3680	87	3	results	result	NOUN
fsr-3680	87	4	of	of	ADP
fsr-3680	87	5	currency	currency	NOUN
fsr-3680	87	6	hedging	hedging	NOUN
fsr-3680	87	7	in	in	ADP
fsr-3680	87	8	studies	study	NOUN
fsr-3680	87	9	such	such	ADJ
fsr-3680	87	10	as	as	ADP
fsr-3680	87	11	those	those	PRON
fsr-3680	87	12	by	by	ADP
fsr-3680	87	13	eun	eun	PROPN
fsr-3680	87	14	and	and	CCONJ
fsr-3680	87	15	resnick	resnick	PROPN
fsr-3680	87	16	(	(	PUNCT
fsr-3680	87	17	1988	1988	NUM
fsr-3680	87	18	)	)	PUNCT
fsr-3680	87	19	,	,	PUNCT
fsr-3680	87	20	thomas	thomas	PROPN
fsr-3680	87	21	(	(	PUNCT
fsr-3680	87	22	1988	1988	NUM
fsr-3680	87	23	)	)	PUNCT
fsr-3680	87	24	,	,	PUNCT
fsr-3680	87	25	and	and	CCONJ
fsr-3680	87	26	jorion	jorion	NOUN
fsr-3680	87	27	(	(	PUNCT
fsr-3680	87	28	1989	1989	NUM
fsr-3680	87	29	)	)	PUNCT
fsr-3680	87	30	lend	lend	VERB
fsr-3680	87	31	support	support	NOUN
fsr-3680	87	32	to	to	ADP
fsr-3680	87	33	the	the	DET
fsr-3680	87	34	idea	idea	NOUN
fsr-3680	87	35	of	of	ADP
fsr-3680	87	36	currency	currency	NOUN
fsr-3680	87	37	hedging	hedging	NOUN
fsr-3680	87	38	.	.	PUNCT
fsr-3680	88	1	international	international	ADJ
fsr-3680	88	2	diversification	diversification	NOUN
fsr-3680	88	3	for	for	ADP
fsr-3680	88	4	the	the	DET
fsr-3680	88	5	individual	individual	NOUN
fsr-3680	88	6	:	:	PUNCT
fsr-3680	88	7	a	a	DET
fsr-3680	88	8	review	review	NOUN
fsr-3680	88	9	165	165	NUM
fsr-3680	88	10	a.	a.	NOUN
fsr-3680	88	11	the	the	DET
fsr-3680	88	12	basic	basic	ADJ
fsr-3680	88	13	idea	idea	NOUN
fsr-3680	88	14	of	of	ADP
fsr-3680	88	15	portfolio	portfolio	NOUN
fsr-3680	88	16	currency	currency	NOUN
fsr-3680	88	17	hedging	hedge	VERB
fsr-3680	88	18	to	to	PART
fsr-3680	88	19	help	help	VERB
fsr-3680	88	20	see	see	VERB
fsr-3680	88	21	the	the	DET
fsr-3680	88	22	general	general	ADJ
fsr-3680	88	23	idea	idea	NOUN
fsr-3680	88	24	behind	behind	ADP
fsr-3680	88	25	currency	currency	NOUN
fsr-3680	88	26	hedging	hedging	NOUN
fsr-3680	88	27	,	,	PUNCT
fsr-3680	88	28	let	let	VERB
fsr-3680	88	29	us	we	PRON
fsr-3680	88	30	suppose	suppose	VERB
fsr-3680	88	31	that	that	SCONJ
fsr-3680	88	32	an	an	DET
fsr-3680	88	33	investor	investor	NOUN
fsr-3680	88	34	can	can	AUX
fsr-3680	88	35	sell	sell	VERB
fsr-3680	88	36	forward	forward	ADV
fsr-3680	88	37	the	the	DET
fsr-3680	88	38	end	end	NOUN
fsr-3680	88	39	-	-	PUNCT
fsr-3680	88	40	of	of	ADP
fsr-3680	88	41	-	-	PUNCT
fsr-3680	88	42	period	period	NOUN
fsr-3680	88	43	foreign	foreign	ADJ
fsr-3680	88	44	currency	currency	NOUN
fsr-3680	88	45	in	in	ADP
fsr-3680	88	46	his	his	PRON
fsr-3680	88	47	portfolio	portfolio	NOUN
fsr-3680	88	48	at	at	ADP
fsr-3680	88	49	the	the	DET
fsr-3680	88	50	forward	forward	ADJ
fsr-3680	88	51	rate	rate	NOUN
fsr-3680	88	52	.	.	PUNCT
fsr-3680	89	1	actually	actually	ADV
fsr-3680	89	2	,	,	PUNCT
fsr-3680	89	3	the	the	DET
fsr-3680	89	4	idea	idea	NOUN
fsr-3680	89	5	of	of	ADP
fsr-3680	89	6	direct	direct	ADJ
fsr-3680	89	7	forward	forward	ADJ
fsr-3680	89	8	contracting	contracting	NOUN
fsr-3680	89	9	might	might	AUX
fsr-3680	89	10	be	be	AUX
fsr-3680	89	11	unrealistic	unrealistic	ADJ
fsr-3680	89	12	for	for	ADP
fsr-3680	89	13	an	an	DET
fsr-3680	89	14	individual	individual	NOUN
fsr-3680	89	15	,	,	PUNCT
fsr-3680	89	16	since	since	SCONJ
fsr-3680	89	17	the	the	DET
fsr-3680	89	18	global	global	ADJ
fsr-3680	89	19	interbank	interbank	NOUN
fsr-3680	89	20	forward	forward	ADJ
fsr-3680	89	21	market	market	NOUN
fsr-3680	89	22	caters	cater	NOUN
fsr-3680	89	23	to	to	ADP
fsr-3680	89	24	corporate	corporate	ADJ
fsr-3680	89	25	treasur	treasur	NOUN
fsr-3680	89	26	ies	ie	NOUN
fsr-3680	89	27	and	and	CCONJ
fsr-3680	89	28	financial	financial	ADJ
fsr-3680	89	29	institutions	institution	NOUN
fsr-3680	89	30	.	.	PUNCT
fsr-3680	90	1	however	however	ADV
fsr-3680	90	2	,	,	PUNCT
fsr-3680	90	3	individuals	individual	NOUN
fsr-3680	90	4	can	can	AUX
fsr-3680	90	5	buy	buy	VERB
fsr-3680	90	6	forward	forward	ADV
fsr-3680	90	7	foreign	foreign	ADJ
fsr-3680	90	8	currency	currency	NOUN
fsr-3680	90	9	by	by	ADP
fsr-3680	90	10	a	a	DET
fsr-3680	90	11	simultaneous	simultaneous	ADJ
fsr-3680	90	12	spot	spot	NOUN
fsr-3680	90	13	exchange	exchange	NOUN
fsr-3680	90	14	and	and	CCONJ
fsr-3680	90	15	time	time	NOUN
fsr-3680	90	16	-	-	PUNCT
fsr-3680	90	17	deposit	deposit	NOUN
fsr-3680	90	18	.	.	PUNCT
fsr-3680	91	1	this	this	DET
fsr-3680	91	2	simple	simple	ADJ
fsr-3680	91	3	transaction	transaction	NOUN
fsr-3680	91	4	can	can	AUX
fsr-3680	91	5	be	be	AUX
fsr-3680	91	6	performed	perform	VERB
fsr-3680	91	7	easily	easily	ADV
fsr-3680	91	8	at	at	ADP
fsr-3680	91	9	citibank	citibank	PROPN
fsr-3680	91	10	,	,	PUNCT
fsr-3680	91	11	which	which	PRON
fsr-3680	91	12	has	have	AUX
fsr-3680	91	13	run	run	VERB
fsr-3680	91	14	whole	whole	ADJ
fsr-3680	91	15	-	-	PUNCT
fsr-3680	91	16	page	page	NOUN
fsr-3680	91	17	advertisements	advertisement	NOUN
fsr-3680	91	18	in	in	ADP
fsr-3680	91	19	the	the	DET
fsr-3680	91	20	new	new	PROPN
fsr-3680	91	21	york	york	PROPN
fsr-3680	91	22	times	times	PROPN
fsr-3680	91	23	for	for	ADP
fsr-3680	91	24	currency	currency	NOUN
fsr-3680	91	25	switching	switch	VERB
fsr-3680	91	26	accounts	account	NOUN
fsr-3680	91	27	.	.	PUNCT
fsr-3680	92	1	branches	branch	NOUN
fsr-3680	92	2	of	of	ADP
fsr-3680	92	3	a	a	DET
fsr-3680	92	4	bank	bank	NOUN
fsr-3680	92	5	whose	whose	DET
fsr-3680	92	6	home	home	NOUN
fsr-3680	92	7	country	country	NOUN
fsr-3680	92	8	issues	issue	VERB
fsr-3680	92	9	the	the	DET
fsr-3680	92	10	currency	currency	NOUN
fsr-3680	92	11	would	would	AUX
fsr-3680	92	12	also	also	ADV
fsr-3680	92	13	routinely	routinely	ADV
fsr-3680	92	14	perform	perform	VERB
fsr-3680	92	15	the	the	DET
fsr-3680	92	16	transaction	transaction	NOUN
fsr-3680	92	17	.	.	PUNCT
fsr-3680	93	1	to	to	PART
fsr-3680	93	2	sell	sell	VERB
fsr-3680	93	3	forward	forward	ADV
fsr-3680	93	4	would	would	AUX
fsr-3680	93	5	involve	involve	VERB
fsr-3680	93	6	a	a	DET
fsr-3680	93	7	reverse	reverse	ADJ
fsr-3680	93	8	transaction	transaction	NOUN
fsr-3680	93	9	of	of	ADP
fsr-3680	93	10	borrowing	borrow	VERB
fsr-3680	93	11	the	the	DET
fsr-3680	93	12	currency	currency	NOUN
fsr-3680	93	13	and	and	CCONJ
fsr-3680	93	14	spot	spot	NOUN
fsr-3680	93	15	exchanging	exchange	VERB
fsr-3680	93	16	it	it	PRON
fsr-3680	93	17	into	into	ADP
fsr-3680	93	18	the	the	DET
fsr-3680	93	19	domestic	domestic	ADJ
fsr-3680	93	20	currency	currency	NOUN
fsr-3680	93	21	.	.	PUNCT
fsr-3680	94	1	this	this	DET
fsr-3680	94	2	loan	loan	NOUN
fsr-3680	94	3	may	may	AUX
fsr-3680	94	4	not	not	PART
fsr-3680	94	5	be	be	AUX
fsr-3680	94	6	as	as	ADV
fsr-3680	94	7	easy	easy	ADJ
fsr-3680	94	8	as	as	ADP
fsr-3680	94	9	a	a	DET
fsr-3680	94	10	deposit	deposit	NOUN
fsr-3680	94	11	for	for	ADP
fsr-3680	94	12	an	an	DET
fsr-3680	94	13	individual	individual	NOUN
fsr-3680	94	14	,	,	PUNCT
fsr-3680	94	15	but	but	CCONJ
fsr-3680	94	16	should	should	AUX
fsr-3680	94	17	be	be	AUX
fsr-3680	94	18	available	available	ADJ
fsr-3680	94	19	as	as	ADP
fsr-3680	94	20	a	a	DET
fsr-3680	94	21	brokerage	brokerage	NOUN
fsr-3680	94	22	service	service	NOUN
fsr-3680	94	23	,	,	PUNCT
fsr-3680	94	24	as	as	ADV
fsr-3680	94	25	long	long	ADV
fsr-3680	94	26	as	as	SCONJ
fsr-3680	94	27	the	the	DET
fsr-3680	94	28	rest	rest	NOUN
fsr-3680	94	29	of	of	ADP
fsr-3680	94	30	one	one	NUM
fsr-3680	94	31	’s	’s	PART
fsr-3680	94	32	portfolio	portfolio	NOUN
fsr-3680	94	33	is	be	AUX
fsr-3680	94	34	on	on	ADP
fsr-3680	94	35	account	account	NOUN
fsr-3680	94	36	as	as	ADP
fsr-3680	94	37	collateral	collateral	NOUN
fsr-3680	94	38	.	.	PUNCT
fsr-3680	95	1	if	if	SCONJ
fsr-3680	95	2	such	such	DET
fsr-3680	95	3	an	an	DET
fsr-3680	95	4	arrangement	arrangement	NOUN
fsr-3680	95	5	is	be	AUX
fsr-3680	95	6	not	not	PART
fsr-3680	95	7	easily	easily	ADV
fsr-3680	95	8	performed	perform	VERB
fsr-3680	95	9	now	now	ADV
fsr-3680	95	10	,	,	PUNCT
fsr-3680	95	11	its	its	PRON
fsr-3680	95	12	simple	simple	ADJ
fsr-3680	95	13	concept	concept	NOUN
fsr-3680	95	14	and	and	CCONJ
fsr-3680	95	15	usefulness	usefulness	NOUN
fsr-3680	95	16	for	for	ADP
fsr-3680	95	17	internationally	internationally	ADV
fsr-3680	95	18	diversi	diversi	NOUN
fsr-3680	95	19	fied	fied	ADJ
fsr-3680	95	20	investors	investor	NOUN
fsr-3680	95	21	should	should	AUX
fsr-3680	95	22	bring	bring	VERB
fsr-3680	95	23	it	it	PRON
fsr-3680	95	24	about	about	ADP
fsr-3680	95	25	in	in	ADP
fsr-3680	95	26	the	the	DET
fsr-3680	95	27	near	near	ADJ
fsr-3680	95	28	future	future	NOUN
fsr-3680	95	29	.	.	PUNCT
fsr-3680	96	1	an	an	DET
fsr-3680	96	2	alternative	alternative	ADJ
fsr-3680	96	3	transaction	transaction	NOUN
fsr-3680	96	4	to	to	ADP
fsr-3680	96	5	a	a	DET
fsr-3680	96	6	forward	forward	ADJ
fsr-3680	96	7	contract	contract	NOUN
fsr-3680	96	8	is	be	AUX
fsr-3680	96	9	a	a	DET
fsr-3680	96	10	futures	future	NOUN
fsr-3680	96	11	contract	contract	NOUN
fsr-3680	96	12	,	,	PUNCT
fsr-3680	96	13	which	which	PRON
fsr-3680	96	14	is	be	AUX
fsr-3680	96	15	the	the	DET
fsr-3680	96	16	same	same	ADJ
fsr-3680	96	17	concept	concept	NOUN
fsr-3680	96	18	,	,	PUNCT
fsr-3680	96	19	but	but	CCONJ
fsr-3680	96	20	involves	involve	VERB
fsr-3680	96	21	some	some	DET
fsr-3680	96	22	margin	margin	NOUN
fsr-3680	96	23	and	and	CCONJ
fsr-3680	96	24	“	"	PUNCT
fsr-3680	96	25	marking	mark	VERB
fsr-3680	96	26	to	to	ADP
fsr-3680	96	27	the	the	DET
fsr-3680	96	28	market	market	NOUN
fsr-3680	96	29	.	.	PUNCT
fsr-3680	96	30	”	"	PUNCT
fsr-3680	97	1	the	the	DET
fsr-3680	97	2	international	international	ADJ
fsr-3680	97	3	monetary	monetary	ADJ
fsr-3680	97	4	market	market	NOUN
fsr-3680	97	5	(	(	PUNCT
fsr-3680	97	6	imm	imm	NOUN
fsr-3680	97	7	)	)	PUNCT
fsr-3680	97	8	of	of	ADP
fsr-3680	97	9	the	the	DET
fsr-3680	97	10	chicago	chicago	PROPN
fsr-3680	97	11	mercantile	mercantile	PROPN
fsr-3680	97	12	exchange	exchange	PROPN
fsr-3680	97	13	permits	permit	VERB
fsr-3680	97	14	individuals	individual	NOUN
fsr-3680	97	15	to	to	PART
fsr-3680	97	16	establish	establish	VERB
fsr-3680	97	17	futures	future	NOUN
fsr-3680	97	18	positions	position	NOUN
fsr-3680	97	19	in	in	ADP
fsr-3680	97	20	one	one	NUM
fsr-3680	97	21	of	of	ADP
fsr-3680	97	22	several	several	ADJ
fsr-3680	97	23	major	major	ADJ
fsr-3680	97	24	currencies	currency	NOUN
fsr-3680	97	25	.	.	PUNCT
fsr-3680	98	1	the	the	DET
fsr-3680	98	2	details	detail	NOUN
fsr-3680	98	3	of	of	ADP
fsr-3680	98	4	using	use	VERB
fsr-3680	98	5	futures	future	NOUN
fsr-3680	98	6	to	to	PART
fsr-3680	98	7	accomplish	accomplish	VERB
fsr-3680	98	8	forward	forward	ADP
fsr-3680	98	9	contracting	contracting	NOUN
fsr-3680	98	10	are	be	AUX
fsr-3680	98	11	not	not	PART
fsr-3680	98	12	within	within	ADP
fsr-3680	98	13	the	the	DET
fsr-3680	98	14	scope	scope	NOUN
fsr-3680	98	15	of	of	ADP
fsr-3680	98	16	this	this	DET
fsr-3680	98	17	paper	paper	NOUN
fsr-3680	98	18	:	:	PUNCT
fsr-3680	98	19	see	see	VERB
fsr-3680	98	20	smith	smith	PROPN
fsr-3680	98	21	,	,	PUNCT
fsr-3680	98	22	smithson	smithson	PROPN
fsr-3680	98	23	and	and	CCONJ
fsr-3680	98	24	wilford	wilford	PROPN
fsr-3680	98	25	(	(	PUNCT
fsr-3680	98	26	1990	1990	NUM
fsr-3680	98	27	)	)	PUNCT
fsr-3680	98	28	for	for	ADP
fsr-3680	98	29	an	an	DET
fsr-3680	98	30	introduction	introduction	NOUN
fsr-3680	98	31	to	to	ADP
fsr-3680	98	32	currency	currency	NOUN
fsr-3680	98	33	futures	future	NOUN
fsr-3680	98	34	.	.	PUNCT
fsr-3680	99	1	to	to	PART
fsr-3680	99	2	follow	follow	VERB
fsr-3680	99	3	the	the	DET
fsr-3680	99	4	hedging	hedging	NOUN
fsr-3680	99	5	ideas	idea	NOUN
fsr-3680	99	6	below	below	ADV
fsr-3680	99	7	,	,	PUNCT
fsr-3680	99	8	it	it	PRON
fsr-3680	99	9	will	will	AUX
fsr-3680	99	10	be	be	AUX
fsr-3680	99	11	sufficient	sufficient	ADJ
fsr-3680	99	12	to	to	PART
fsr-3680	99	13	simply	simply	ADV
fsr-3680	99	14	assume	assume	VERB
fsr-3680	99	15	that	that	SCONJ
fsr-3680	99	16	the	the	DET
fsr-3680	99	17	investor	investor	NOUN
fsr-3680	99	18	can	can	AUX
fsr-3680	99	19	either	either	CCONJ
fsr-3680	99	20	contract	contract	VERB
fsr-3680	99	21	forward	forward	ADV
fsr-3680	99	22	,	,	PUNCT
fsr-3680	99	23	or	or	CCONJ
fsr-3680	99	24	borrow	borrow	VERB
fsr-3680	99	25	/	/	SYM
fsr-3680	99	26	deposit	deposit	VERB
fsr-3680	99	27	the	the	DET
fsr-3680	99	28	currency	currency	NOUN
fsr-3680	99	29	,	,	PUNCT
fsr-3680	99	30	at	at	ADP
fsr-3680	99	31	the	the	DET
fsr-3680	99	32	“	"	PUNCT
fsr-3680	99	33	riskless	riskless	ADJ
fsr-3680	99	34	interest	interest	NOUN
fsr-3680	99	35	rate	rate	NOUN
fsr-3680	99	36	”	"	PUNCT
fsr-3680	99	37	of	of	ADP
fsr-3680	99	38	that	that	DET
fsr-3680	99	39	country	country	NOUN
fsr-3680	99	40	,	,	PUNCT
fsr-3680	99	41	as	as	ADP
fsr-3680	99	42	a	a	DET
fsr-3680	99	43	portfolio	portfolio	NOUN
fsr-3680	99	44	allocation	allocation	NOUN
fsr-3680	99	45	choice	choice	NOUN
fsr-3680	99	46	.	.	PUNCT
fsr-3680	100	1	b.	b.	VERB
fsr-3680	100	2	the	the	DET
fsr-3680	100	3	“	"	PUNCT
fsr-3680	100	4	per$ect	per$ect	ADJ
fsr-3680	100	5	hedging	hedging	NOUN
fsr-3680	100	6	”	"	PUNCT
fsr-3680	100	7	strategy	strategy	NOUN
fsr-3680	100	8	suppose	suppose	VERB
fsr-3680	100	9	the	the	DET
fsr-3680	100	10	investor	investor	NOUN
fsr-3680	100	11	can	can	AUX
fsr-3680	100	12	contract	contract	VERB
fsr-3680	100	13	to	to	PART
fsr-3680	100	14	sell	sell	VERB
fsr-3680	100	15	all	all	DET
fsr-3680	100	16	his	his	PRON
fsr-3680	100	17	end	end	NOUN
fsr-3680	100	18	-	-	PUNCT
fsr-3680	100	19	of	of	ADP
fsr-3680	100	20	-	-	PUNCT
fsr-3680	100	21	period	period	NOUN
fsr-3680	100	22	currency	currency	NOUN
fsr-3680	100	23	expo	expo	NOUN
fsr-3680	100	24	sure	sure	ADV
fsr-3680	100	25	forward	forward	ADV
fsr-3680	100	26	,	,	PUNCT
fsr-3680	100	27	by	by	ADP
fsr-3680	100	28	borrowing	borrow	VERB
fsr-3680	100	29	today	today	NOUN
fsr-3680	100	30	the	the	DET
fsr-3680	100	31	present	present	ADJ
fsr-3680	100	32	value	value	NOUN
fsr-3680	100	33	of	of	ADP
fsr-3680	100	34	that	that	DET
fsr-3680	100	35	exposure	exposure	NOUN
fsr-3680	100	36	.	.	PUNCT
fsr-3680	101	1	this	this	DET
fsr-3680	101	2	hedging	hedging	NOUN
fsr-3680	101	3	strategy	strategy	NOUN
fsr-3680	101	4	may	may	AUX
fsr-3680	101	5	not	not	PART
fsr-3680	101	6	be	be	AUX
fsr-3680	101	7	possible	possible	ADJ
fsr-3680	101	8	in	in	ADP
fsr-3680	101	9	reality	reality	NOUN
fsr-3680	101	10	,	,	PUNCT
fsr-3680	101	11	since	since	SCONJ
fsr-3680	101	12	the	the	DET
fsr-3680	101	13	investor	investor	NOUN
fsr-3680	101	14	does	do	AUX
fsr-3680	101	15	not	not	PART
fsr-3680	101	16	know	know	VERB
fsr-3680	101	17	how	how	SCONJ
fsr-3680	101	18	many	many	ADJ
fsr-3680	101	19	“	"	PUNCT
fsr-3680	101	20	ecus	ecus	NOUN
fsr-3680	101	21	”	"	PUNCT
fsr-3680	101	22	the	the	DET
fsr-3680	101	23	foreign	foreign	ADJ
fsr-3680	101	24	allocation	allocation	NOUN
fsr-3680	101	25	of	of	ADP
fsr-3680	101	26	his	his	PRON
fsr-3680	101	27	portfolio	portfolio	NOUN
fsr-3680	101	28	will	will	AUX
fsr-3680	101	29	be	be	AUX
fsr-3680	101	30	worth	worth	ADJ
fsr-3680	101	31	,	,	PUNCT
fsr-3680	101	32	since	since	SCONJ
fsr-3680	101	33	the	the	DET
fsr-3680	101	34	local	local	ADJ
fsr-3680	101	35	market	market	NOUN
fsr-3680	101	36	return	return	NOUN
fsr-3680	101	37	is	be	AUX
fsr-3680	101	38	a	a	DET
fsr-3680	101	39	random	random	ADJ
fsr-3680	101	40	variable	variable	NOUN
fsr-3680	101	41	.	.	PUNCT
fsr-3680	102	1	however	however	ADV
fsr-3680	102	2	,	,	PUNCT
fsr-3680	102	3	we	we	PRON
fsr-3680	102	4	will	will	AUX
fsr-3680	102	5	return	return	VERB
fsr-3680	102	6	to	to	ADP
fsr-3680	102	7	this	this	DET
fsr-3680	102	8	issue	issue	NOUN
fsr-3680	102	9	shortly	shortly	ADV
fsr-3680	102	10	.	.	PUNCT
fsr-3680	103	1	temporar	temporar	NOUN
fsr-3680	103	2	ily	ily	ADV
fsr-3680	103	3	,	,	PUNCT
fsr-3680	103	4	it	it	PRON
fsr-3680	103	5	will	will	AUX
fsr-3680	103	6	be	be	AUX
fsr-3680	103	7	instructive	instructive	ADJ
fsr-3680	103	8	to	to	PART
fsr-3680	103	9	establish	establish	VERB
fsr-3680	103	10	the	the	DET
fsr-3680	103	11	performance	performance	NOUN
fsr-3680	103	12	of	of	ADP
fsr-3680	103	13	this	this	DET
fsr-3680	103	14	strategy	strategy	NOUN
fsr-3680	103	15	of	of	ADP
fsr-3680	103	16	“	"	PUNCT
fsr-3680	103	17	perfect	perfect	ADJ
fsr-3680	103	18	hedging	hedging	NOUN
fsr-3680	103	19	,	,	PUNCT
fsr-3680	103	20	”	"	PUNCT
fsr-3680	103	21	under	under	ADP
fsr-3680	103	22	the	the	DET
fsr-3680	103	23	assumption	assumption	NOUN
fsr-3680	103	24	that	that	SCONJ
fsr-3680	103	25	it	it	PRON
fsr-3680	103	26	is	be	AUX
fsr-3680	103	27	possible	possible	ADJ
fsr-3680	103	28	to	to	PART
fsr-3680	103	29	do	do	VERB
fsr-3680	103	30	it	it	PRON
fsr-3680	103	31	.	.	PUNCT
fsr-3680	104	1	for	for	ADP
fsr-3680	104	2	simplicity	simplicity	NOUN
fsr-3680	104	3	,	,	PUNCT
fsr-3680	104	4	let	let	VERB
fsr-3680	104	5	us	we	PRON
fsr-3680	104	6	assume	assume	VERB
fsr-3680	104	7	that	that	SCONJ
fsr-3680	104	8	the	the	DET
fsr-3680	104	9	nominal	nominal	ADJ
fsr-3680	104	10	risk	risk	NOUN
fsr-3680	104	11	free	free	ADJ
fsr-3680	104	12	rate	rate	NOUN
fsr-3680	104	13	in	in	ADP
fsr-3680	104	14	europe	europe	PROPN
fsr-3680	104	15	is	be	AUX
fsr-3680	104	16	equal	equal	ADJ
fsr-3680	104	17	to	to	ADP
fsr-3680	104	18	the	the	DET
fsr-3680	104	19	one	one	NOUN
fsr-3680	104	20	in	in	ADP
fsr-3680	104	21	the	the	DET
fsr-3680	104	22	u.s	u.s	PROPN
fsr-3680	104	23	.	.	PROPN
fsr-3680	104	24	thus	thus	ADV
fsr-3680	104	25	the	the	DET
fsr-3680	104	26	forward	forward	ADJ
fsr-3680	104	27	exchange	exchange	NOUN
fsr-3680	104	28	rate	rate	NOUN
fsr-3680	104	29	can	can	AUX
fsr-3680	104	30	be	be	AUX
fsr-3680	104	31	assumed	assume	VERB
fsr-3680	104	32	to	to	PART
fsr-3680	104	33	be	be	AUX
fsr-3680	104	34	equal	equal	ADJ
fsr-3680	104	35	to	to	ADP
fsr-3680	104	36	the	the	DET
fsr-3680	104	37	current	current	ADJ
fsr-3680	104	38	spot	spot	NOUN
fsr-3680	104	39	rate	rate	NOUN
fsr-3680	104	40	.	.	PUNCT
fsr-3680	105	1	this	this	DET
fsr-3680	105	2	simplified	simplified	ADJ
fsr-3680	105	3	condition	condition	NOUN
fsr-3680	105	4	implies	imply	VERB
fsr-3680	105	5	that	that	SCONJ
fsr-3680	105	6	,	,	PUNCT
fsr-3680	105	7	if	if	SCONJ
fsr-3680	105	8	the	the	DET
fsr-3680	105	9	investor	investor	NOUN
fsr-3680	105	10	can	can	AUX
fsr-3680	105	11	“	"	PUNCT
fsr-3680	105	12	perfectly	perfectly	ADV
fsr-3680	105	13	hedge	hedge	VERB
fsr-3680	105	14	”	"	PUNCT
fsr-3680	105	15	by	by	ADP
fsr-3680	105	16	contracting	contract	VERB
fsr-3680	105	17	to	to	PART
fsr-3680	105	18	sell	sell	VERB
fsr-3680	105	19	all	all	PRON
fsr-3680	105	20	of	of	ADP
fsr-3680	105	21	the	the	DET
fsr-3680	105	22	end	end	NOUN
fsr-3680	105	23	-	-	PUNCT
fsr-3680	105	24	of	of	ADP
fsr-3680	105	25	-	-	PUNCT
fsr-3680	105	26	period	period	NOUN
fsr-3680	105	27	foreign	foreign	ADJ
fsr-3680	105	28	currency	currency	NOUN
fsr-3680	105	29	forward	forward	ADV
fsr-3680	105	30	,	,	PUNCT
fsr-3680	105	31	then	then	ADV
fsr-3680	105	32	the	the	DET
fsr-3680	105	33	returns	return	NOUN
fsr-3680	105	34	in	in	ADP
fsr-3680	105	35	dollars	dollar	NOUN
fsr-3680	105	36	are	be	AUX
fsr-3680	105	37	exactly	exactly	ADV
fsr-3680	105	38	the	the	DET
fsr-3680	105	39	same	same	ADJ
fsr-3680	105	40	as	as	ADP
fsr-3680	105	41	the	the	DET
fsr-3680	105	42	local	local	ADJ
fsr-3680	105	43	european	european	ADJ
fsr-3680	105	44	returns	return	NOUN
fsr-3680	105	45	(	(	PUNCT
fsr-3680	105	46	e	e	NOUN
fsr-3680	105	47	)	)	PUNCT
fsr-3680	105	48	.	.	PUNCT
fsr-3680	106	1	in	in	ADP
fsr-3680	106	2	addition	addition	NOUN
fsr-3680	106	3	to	to	ADP
fsr-3680	106	4	the	the	DET
fsr-3680	106	5	means	mean	NOUN
fsr-3680	106	6	and	and	CCONJ
fsr-3680	106	7	standard	standard	ADJ
fsr-3680	106	8	deviations	deviation	NOUN
fsr-3680	106	9	for	for	ADP
fsr-3680	106	10	u	u	NOUN
fsr-3680	106	11	and	and	CCONJ
fsr-3680	106	12	e	e	NOUN
fsr-3680	106	13	reported	report	VERB
fsr-3680	106	14	in	in	ADP
fsr-3680	106	15	166	166	NUM
fsr-3680	106	16	financial	financial	ADJ
fsr-3680	106	17	services	service	NOUN
fsr-3680	106	18	review	review	NOUN
fsr-3680	106	19	,	,	PUNCT
fsr-3680	106	20	l(2	l(2	PROPN
fsr-3680	106	21	)	)	PUNCT
fsr-3680	106	22	1991	1991	NUM
fsr-3680	106	23	table	table	NOUN
fsr-3680	106	24	1	1	NUM
fsr-3680	106	25	,	,	PUNCT
fsr-3680	106	26	the	the	DET
fsr-3680	106	27	efficient	efficient	ADJ
fsr-3680	106	28	frontier	frontier	NOUN
fsr-3680	106	29	analysis	analysis	NOUN
fsr-3680	106	30	needs	need	VERB
fsr-3680	106	31	the	the	DET
fsr-3680	106	32	correlation	correlation	NOUN
fsr-3680	106	33	between	between	ADP
fsr-3680	106	34	u	u	NOUN
fsr-3680	106	35	and	and	CCONJ
fsr-3680	106	36	e	e	NOUN
fsr-3680	106	37	,	,	PUNCT
fsr-3680	106	38	which	which	PRON
fsr-3680	106	39	the	the	DET
fsr-3680	106	40	reader	reader	NOUN
fsr-3680	106	41	can	can	AUX
fsr-3680	106	42	verify	verify	VERB
fsr-3680	106	43	is	be	AUX
fsr-3680	106	44	.25	.25	NUM
fsr-3680	106	45	.	.	PUNCT
fsr-3680	107	1	figure	figure	NOUN
fsr-3680	107	2	1	1	NUM
fsr-3680	107	3	shows	show	VERB
fsr-3680	107	4	that	that	SCONJ
fsr-3680	107	5	the	the	DET
fsr-3680	107	6	efficient	efficient	ADJ
fsr-3680	107	7	frontier	frontier	NOUN
fsr-3680	107	8	for	for	ADP
fsr-3680	107	9	the	the	DET
fsr-3680	107	10	perfectly	perfectly	ADV
fsr-3680	107	11	hedged	hedge	VERB
fsr-3680	107	12	(	(	PUNCT
fsr-3680	107	13	ph	ph	ADJ
fsr-3680	107	14	)	)	PUNCT
fsr-3680	107	15	strategy	strategy	NOUN
fsr-3680	107	16	lies	lie	VERB
fsr-3680	107	17	to	to	ADP
fsr-3680	107	18	the	the	DET
fsr-3680	107	19	left	left	NOUN
fsr-3680	107	20	of	of	ADP
fsr-3680	107	21	the	the	DET
fsr-3680	107	22	one	one	NOUN
fsr-3680	107	23	for	for	ADP
fsr-3680	107	24	the	the	DET
fsr-3680	107	25	unhedged	unhedged	ADJ
fsr-3680	107	26	strategy	strategy	NOUN
fsr-3680	107	27	.	.	PUNCT
fsr-3680	108	1	thus	thus	ADV
fsr-3680	108	2	even	even	ADV
fsr-3680	108	3	though	though	SCONJ
fsr-3680	108	4	unhedged	unhedged	ADJ
fsr-3680	108	5	international	international	ADJ
fsr-3680	108	6	diversification	diversification	NOUN
fsr-3680	108	7	is	be	AUX
fsr-3680	108	8	preferred	prefer	VERB
fsr-3680	108	9	to	to	ADP
fsr-3680	108	10	a	a	DET
fsr-3680	108	11	pure	pure	ADJ
fsr-3680	108	12	domestic	domestic	ADJ
fsr-3680	108	13	investment	investment	NOUN
fsr-3680	108	14	strategy	strategy	NOUN
fsr-3680	108	15	,	,	PUNCT
fsr-3680	108	16	the	the	DET
fsr-3680	108	17	hedged	hedge	VERB
fsr-3680	108	18	international	international	ADJ
fsr-3680	108	19	diversification	diversification	NOUN
fsr-3680	108	20	strategy	strategy	NOUN
fsr-3680	108	21	is	be	AUX
fsr-3680	108	22	better	well	ADJ
fsr-3680	108	23	than	than	ADP
fsr-3680	108	24	the	the	DET
fsr-3680	108	25	unhedged	unhedged	ADJ
fsr-3680	108	26	one	one	NUM
fsr-3680	108	27	.	.	PUNCT
fsr-3680	109	1	this	this	PRON
fsr-3680	109	2	is	be	AUX
fsr-3680	109	3	true	true	ADJ
fsr-3680	109	4	even	even	ADV
fsr-3680	109	5	though	though	SCONJ
fsr-3680	109	6	the	the	DET
fsr-3680	109	7	unhedged	unhedged	ADJ
fsr-3680	109	8	returns	return	NOUN
fsr-3680	109	9	are	be	AUX
fsr-3680	109	10	less	less	ADV
fsr-3680	109	11	correlated	correlate	VERB
fsr-3680	109	12	with	with	ADP
fsr-3680	109	13	domestic	domestic	ADJ
fsr-3680	109	14	market	market	NOUN
fsr-3680	109	15	returns	return	NOUN
fsr-3680	109	16	.	.	PUNCT
fsr-3680	110	1	(	(	PUNCT
fsr-3680	110	2	compare	compare	VERB
fsr-3680	110	3	the	the	DET
fsr-3680	110	4	correlation	correlation	NOUN
fsr-3680	110	5	coefficient	coefficient	NOUN
fsr-3680	110	6	of	of	ADP
fsr-3680	110	7	.	.	PROPN
fsr-3680	110	8	1544	1544	NUM
fsr-3680	110	9	for	for	ADP
fsr-3680	110	10	the	the	DET
fsr-3680	110	11	unhedged	unhedged	ADJ
fsr-3680	110	12	versus	versus	ADP
fsr-3680	110	13	.25	.25	NUM
fsr-3680	110	14	for	for	ADP
fsr-3680	110	15	the	the	DET
fsr-3680	110	16	hedged	hedge	VERB
fsr-3680	110	17	.	.	PUNCT
fsr-3680	110	18	)	)	PUNCT
fsr-3680	111	1	the	the	DET
fsr-3680	111	2	fact	fact	NOUN
fsr-3680	111	3	that	that	SCONJ
fsr-3680	111	4	the	the	DET
fsr-3680	111	5	perfectly	perfectly	ADV
fsr-3680	111	6	hedged	hedge	VERB
fsr-3680	111	7	strategy	strategy	NOUN
fsr-3680	111	8	reduces	reduce	VERB
fsr-3680	111	9	the	the	DET
fsr-3680	111	10	volatility	volatility	NOUN
fsr-3680	111	11	of	of	ADP
fsr-3680	111	12	the	the	DET
fsr-3680	111	13	foreign	foreign	ADJ
fsr-3680	111	14	investment	investment	NOUN
fsr-3680	111	15	is	be	AUX
fsr-3680	111	16	the	the	DET
fsr-3680	111	17	reason	reason	NOUN
fsr-3680	111	18	for	for	ADP
fsr-3680	111	19	the	the	DET
fsr-3680	111	20	gains	gain	NOUN
fsr-3680	111	21	in	in	ADP
fsr-3680	111	22	efficiency	efficiency	NOUN
fsr-3680	111	23	.	.	PUNCT
fsr-3680	112	1	it	it	PRON
fsr-3680	112	2	is	be	AUX
fsr-3680	112	3	worth	worth	ADJ
fsr-3680	112	4	noting	note	VERB
fsr-3680	112	5	that	that	SCONJ
fsr-3680	112	6	the	the	DET
fsr-3680	112	7	composition	composition	NOUN
fsr-3680	112	8	of	of	ADP
fsr-3680	112	9	efficient	efficient	ADJ
fsr-3680	112	10	portfolios	portfolio	NOUN
fsr-3680	112	11	is	be	AUX
fsr-3680	112	12	not	not	PART
fsr-3680	112	13	the	the	DET
fsr-3680	112	14	same	same	ADJ
fsr-3680	112	15	for	for	ADP
fsr-3680	112	16	the	the	DET
fsr-3680	112	17	unhedged	unhedged	ADJ
fsr-3680	112	18	and	and	CCONJ
fsr-3680	112	19	perfectly	perfectly	ADV
fsr-3680	112	20	hedged	hedge	VERB
fsr-3680	112	21	strategies	strategy	NOUN
fsr-3680	112	22	at	at	ADP
fsr-3680	112	23	various	various	ADJ
fsr-3680	112	24	risk	risk	NOUN
fsr-3680	112	25	levels	level	NOUN
fsr-3680	112	26	along	along	ADP
fsr-3680	112	27	the	the	DET
fsr-3680	112	28	fron	fron	ADJ
fsr-3680	112	29	tiers	tier	NOUN
fsr-3680	112	30	.	.	PUNCT
fsr-3680	113	1	thus	thus	ADV
fsr-3680	113	2	,	,	PUNCT
fsr-3680	113	3	it	it	PRON
fsr-3680	113	4	would	would	AUX
fsr-3680	113	5	not	not	PART
fsr-3680	113	6	be	be	AUX
fsr-3680	113	7	possible	possible	ADJ
fsr-3680	113	8	to	to	PART
fsr-3680	113	9	achieve	achieve	VERB
fsr-3680	113	10	optimal	optimal	ADJ
fsr-3680	113	11	results	result	NOUN
fsr-3680	113	12	by	by	ADP
fsr-3680	113	13	determining	determine	VERB
fsr-3680	113	14	an	an	DET
fsr-3680	113	15	“	"	PUNCT
fsr-3680	113	16	optimal	optimal	ADJ
fsr-3680	113	17	”	"	PUNCT
fsr-3680	113	18	portfolio	portfolio	NOUN
fsr-3680	113	19	of	of	ADP
fsr-3680	113	20	international	international	ADJ
fsr-3680	113	21	securities	security	NOUN
fsr-3680	113	22	using	use	VERB
fsr-3680	113	23	unhedged	unhedged	ADJ
fsr-3680	113	24	(	(	PUNCT
fsr-3680	113	25	$	$	SYM
fsr-3680	113	26	e	e	NOUN
fsr-3680	113	27	)	)	PUNCT
fsr-3680	113	28	return	return	NOUN
fsr-3680	113	29	data	datum	NOUN
fsr-3680	113	30	,	,	PUNCT
fsr-3680	113	31	and	and	CCONJ
fsr-3680	113	32	then	then	ADV
fsr-3680	113	33	to	to	PART
fsr-3680	113	34	hedge	hedge	VERB
fsr-3680	113	35	the	the	DET
fsr-3680	113	36	portfolio	portfolio	NOUN
fsr-3680	113	37	components	component	NOUN
fsr-3680	113	38	.	.	PUNCT
fsr-3680	114	1	instead	instead	ADV
fsr-3680	114	2	,	,	PUNCT
fsr-3680	114	3	one	one	PRON
fsr-3680	114	4	must	must	AUX
fsr-3680	114	5	use	use	VERB
fsr-3680	114	6	hedged	hedge	VERB
fsr-3680	114	7	-	-	PUNCT
fsr-3680	114	8	return	return	NOUN
fsr-3680	114	9	data	datum	NOUN
fsr-3680	114	10	(	(	PUNCT
fsr-3680	114	11	e	e	NOUN
fsr-3680	114	12	)	)	PUNCT
fsr-3680	114	13	to	to	PART
fsr-3680	114	14	find	find	VERB
fsr-3680	114	15	optimal	optimal	ADJ
fsr-3680	114	16	portfolios	portfolio	NOUN
fsr-3680	114	17	.	.	PUNCT
fsr-3680	115	1	c.	c.	NOUN
fsr-3680	115	2	the	the	DET
fsr-3680	115	3	“	"	PUNCT
fsr-3680	115	4	fully	fully	ADV
fsr-3680	115	5	hedged	hedge	VERB
fsr-3680	115	6	”	"	PUNCT
fsr-3680	115	7	strategy	strategy	NOUN
fsr-3680	115	8	as	as	SCONJ
fsr-3680	115	9	has	have	AUX
fsr-3680	115	10	already	already	ADV
fsr-3680	115	11	been	be	AUX
fsr-3680	115	12	noted	note	VERB
fsr-3680	115	13	,	,	PUNCT
fsr-3680	115	14	in	in	ADP
fsr-3680	115	15	reality	reality	NOUN
fsr-3680	115	16	,	,	PUNCT
fsr-3680	115	17	it	it	PRON
fsr-3680	115	18	may	may	AUX
fsr-3680	115	19	not	not	PART
fsr-3680	115	20	be	be	AUX
fsr-3680	115	21	possible	possible	ADJ
fsr-3680	115	22	to	to	PART
fsr-3680	115	23	hedge	hedge	VERB
fsr-3680	115	24	100	100	NUM
fsr-3680	115	25	%	%	NOUN
fsr-3680	115	26	of	of	ADP
fsr-3680	115	27	one	one	NUM
fsr-3680	115	28	’s	’s	PART
fsr-3680	115	29	local	local	ADJ
fsr-3680	115	30	currency	currency	NOUN
fsr-3680	115	31	security	security	NOUN
fsr-3680	115	32	returns	return	NOUN
fsr-3680	115	33	.	.	PUNCT
fsr-3680	116	1	certainly	certainly	ADV
fsr-3680	116	2	,	,	PUNCT
fsr-3680	116	3	one	one	PRON
fsr-3680	116	4	can	can	AUX
fsr-3680	116	5	not	not	PART
fsr-3680	116	6	do	do	VERB
fsr-3680	116	7	this	this	PRON
fsr-3680	116	8	with	with	ADP
fsr-3680	116	9	standard	standard	ADJ
fsr-3680	116	10	forward	forward	ADJ
fsr-3680	116	11	contracts	contract	NOUN
fsr-3680	116	12	,	,	PUNCT
fsr-3680	116	13	since	since	SCONJ
fsr-3680	116	14	one	one	PRON
fsr-3680	116	15	does	do	AUX
fsr-3680	116	16	not	not	PART
fsr-3680	116	17	know	know	VERB
fsr-3680	116	18	how	how	SCONJ
fsr-3680	116	19	much	much	ADJ
fsr-3680	116	20	currency	currency	NOUN
fsr-3680	116	21	the	the	DET
fsr-3680	116	22	foreign	foreign	ADJ
fsr-3680	116	23	compon	compon	ADP
fsr-3680	116	24	ent	ent	NOUN
fsr-3680	116	25	will	will	AUX
fsr-3680	116	26	represent	represent	VERB
fsr-3680	116	27	at	at	ADP
fsr-3680	116	28	the	the	DET
fsr-3680	116	29	end	end	NOUN
fsr-3680	116	30	-	-	PUNCT
fsr-3680	116	31	of	of	ADP
fsr-3680	116	32	-	-	PUNCT
fsr-3680	116	33	period	period	NOUN
fsr-3680	116	34	.	.	PUNCT
fsr-3680	117	1	the	the	DET
fsr-3680	117	2	only	only	ADJ
fsr-3680	117	3	way	way	NOUN
fsr-3680	117	4	would	would	AUX
fsr-3680	117	5	be	be	AUX
fsr-3680	117	6	for	for	SCONJ
fsr-3680	117	7	the	the	DET
fsr-3680	117	8	investor	investor	NOUN
fsr-3680	117	9	to	to	PART
fsr-3680	117	10	create	create	VERB
fsr-3680	117	11	a	a	DET
fsr-3680	117	12	forward	forward	ADJ
fsr-3680	117	13	contract	contract	NOUN
fsr-3680	117	14	that	that	PRON
fsr-3680	117	15	allows	allow	VERB
fsr-3680	117	16	him	he	PRON
fsr-3680	117	17	to	to	PART
fsr-3680	117	18	stipulate	stipulate	VERB
fsr-3680	117	19	the	the	DET
fsr-3680	117	20	contract	contract	NOUN
fsr-3680	117	21	size	size	NOUN
fsr-3680	117	22	at	at	ADP
fsr-3680	117	23	the	the	DET
fsr-3680	117	24	time	time	NOUN
fsr-3680	117	25	of	of	ADP
fsr-3680	117	26	settlement	settlement	NOUN
fsr-3680	117	27	.	.	PUNCT
fsr-3680	118	1	one	one	NUM
fsr-3680	118	2	feasible	feasible	ADJ
fsr-3680	118	3	alternative	alternative	ADJ
fsr-3680	118	4	strategy	strategy	NOUN
fsr-3680	118	5	is	be	AUX
fsr-3680	118	6	to	to	PART
fsr-3680	118	7	hedge	hedge	VERB
fsr-3680	118	8	100	100	NUM
fsr-3680	118	9	%	%	NOUN
fsr-3680	118	10	of	of	ADP
fsr-3680	118	11	the	the	DET
fsr-3680	118	12	expected	expect	VERB
fsr-3680	118	13	currency	currency	NOUN
fsr-3680	118	14	amount	amount	NOUN
fsr-3680	118	15	with	with	ADP
fsr-3680	118	16	standard	standard	ADJ
fsr-3680	118	17	forward	forward	ADJ
fsr-3680	118	18	contracting	contracting	NOUN
fsr-3680	118	19	.	.	PUNCT
fsr-3680	119	1	for	for	ADP
fsr-3680	119	2	example	example	NOUN
fsr-3680	119	3	,	,	PUNCT
fsr-3680	119	4	using	use	VERB
fsr-3680	119	5	the	the	DET
fsr-3680	119	6	numerical	numerical	ADJ
fsr-3680	119	7	returns	return	NOUN
fsr-3680	119	8	from	from	ADP
fsr-3680	119	9	table	table	NOUN
fsr-3680	119	10	1	1	NUM
fsr-3680	119	11	,	,	PUNCT
fsr-3680	119	12	if	if	SCONJ
fsr-3680	119	13	you	you	PRON
fsr-3680	119	14	sell	sell	VERB
fsr-3680	119	15	forward	forward	ADV
fsr-3680	119	16	your	your	PRON
fsr-3680	119	17	initial	initial	ADJ
fsr-3680	119	18	investment	investment	NOUN
fsr-3680	119	19	plus	plus	CCONJ
fsr-3680	119	20	the	the	DET
fsr-3680	119	21	expected	expect	VERB
fsr-3680	119	22	local	local	ADJ
fsr-3680	119	23	currency	currency	NOUN
fsr-3680	119	24	return	return	NOUN
fsr-3680	119	25	of	of	ADP
fsr-3680	119	26	15	15	NUM
fsr-3680	119	27	%	%	NOUN
fsr-3680	119	28	,	,	PUNCT
fsr-3680	119	29	then	then	ADV
fsr-3680	119	30	the	the	DET
fsr-3680	119	31	local	local	ADJ
fsr-3680	119	32	currency	currency	NOUN
fsr-3680	119	33	return	return	NOUN
fsr-3680	119	34	of	of	ADP
fsr-3680	119	35	33	33	NUM
fsr-3680	119	36	%	%	NOUN
fsr-3680	119	37	in	in	ADP
fsr-3680	119	38	state	state	NOUN
fsr-3680	119	39	2	2	NUM
fsr-3680	119	40	means	mean	VERB
fsr-3680	119	41	that	that	SCONJ
fsr-3680	119	42	on	on	ADP
fsr-3680	119	43	an	an	DET
fsr-3680	119	44	original	original	ADJ
fsr-3680	119	45	investment	investment	NOUN
fsr-3680	119	46	of	of	ADP
fsr-3680	119	47	100	100	NUM
fsr-3680	119	48	ecus	ecus	NOUN
fsr-3680	119	49	,	,	PUNCT
fsr-3680	119	50	115	115	NUM
fsr-3680	119	51	of	of	ADP
fsr-3680	119	52	end	end	NOUN
fsr-3680	119	53	-	-	PUNCT
fsr-3680	119	54	of	of	ADP
fsr-3680	119	55	-	-	PUNCT
fsr-3680	119	56	period	period	NOUN
fsr-3680	119	57	ecus	ecus	NOUN
fsr-3680	119	58	would	would	AUX
fsr-3680	119	59	be	be	AUX
fsr-3680	119	60	hedged	hedge	VERB
fsr-3680	119	61	into	into	ADP
fsr-3680	119	62	u.	u.	PROPN
fsr-3680	119	63	s.$	s.$	PROPN
fsr-3680	119	64	,	,	PUNCT
fsr-3680	119	65	but	but	CCONJ
fsr-3680	119	66	33	33	NUM
fsr-3680	119	67	15	15	NUM
fsr-3680	119	68	=	=	SYM
fsr-3680	119	69	18	18	NUM
fsr-3680	119	70	would	would	AUX
fsr-3680	119	71	be	be	AUX
fsr-3680	119	72	subject	subject	ADJ
fsr-3680	119	73	to	to	ADP
fsr-3680	119	74	currency	currency	NOUN
fsr-3680	119	75	exposure	exposure	NOUN
fsr-3680	119	76	.	.	PUNCT
fsr-3680	120	1	at	at	ADP
fsr-3680	120	2	the	the	DET
fsr-3680	120	3	exchange	exchange	NOUN
fsr-3680	120	4	rate	rate	NOUN
fsr-3680	120	5	change	change	NOUN
fsr-3680	120	6	of	of	ADP
fsr-3680	120	7	.25	.25	NUM
fsr-3680	120	8	for	for	ADP
fsr-3680	120	9	that	that	DET
fsr-3680	120	10	state	state	NOUN
fsr-3680	120	11	,	,	PUNCT
fsr-3680	120	12	the	the	DET
fsr-3680	120	13	overall	overall	ADJ
fsr-3680	120	14	dollar.return	dollar.return	NOUN
fsr-3680	120	15	is	be	AUX
fsr-3680	120	16	.375	.375	NUM
fsr-3680	120	17	.	.	PUNCT
fsr-3680	121	1	the	the	DET
fsr-3680	121	2	formula	formula	NOUN
fsr-3680	121	3	for	for	ADP
fsr-3680	121	4	the	the	DET
fsr-3680	121	5	rate	rate	NOUN
fsr-3680	121	6	of	of	ADP
fsr-3680	121	7	return	return	NOUN
fsr-3680	121	8	of	of	ADP
fsr-3680	121	9	the	the	DET
fsr-3680	121	10	“	"	PUNCT
fsr-3680	121	11	fully	fully	ADV
fsr-3680	121	12	hedged	hedge	VERB
fsr-3680	121	13	”	"	PUNCT
fsr-3680	121	14	strategy	strategy	NOUN
fsr-3680	121	15	is	be	AUX
fsr-3680	121	16	given	give	VERB
fsr-3680	121	17	in	in	ADP
fsr-3680	121	18	equation	equation	NOUN
fsr-3680	121	19	(	(	PUNCT
fsr-3680	121	20	2	2	NUM
fsr-3680	121	21	)	)	PUNCT
fsr-3680	121	22	below	below	ADV
fsr-3680	121	23	:	:	PUNCT
fsr-3680	121	24	rfll	rfll	NOUN
fsr-3680	121	25	=	=	SYM
fsr-3680	121	26	(	(	PUNCT
fsr-3680	121	27	1	1	NUM
fsr-3680	121	28	+	+	CCONJ
fsr-3680	121	29	w	w	PROPN
fsr-3680	121	30	-	-	PUNCT
fsr-3680	121	31	j	j	NOUN
fsr-3680	121	32	)	)	PUNCT
fsr-3680	121	33	(	(	PUNCT
fsr-3680	122	1	1	1	NUM
fsr-3680	122	2	+	+	CCONJ
fsr-3680	122	3	f	f	X
fsr-3680	122	4	>	>	X
fsr-3680	122	5	+	+	NUM
fsr-3680	122	6	pi	pi	PROPN
fsr-3680	122	7	w	w	PROPN
fsr-3680	122	8	-	-	PUNCT
fsr-3680	122	9	j	j	NOUN
fsr-3680	122	10	)	)	PUNCT
fsr-3680	122	11	(	(	PUNCT
fsr-3680	122	12	1	1	NUM
fsr-3680	122	13	+	+	CCONJ
fsr-3680	122	14	e	e	NOUN
fsr-3680	122	15	)	)	PUNCT
fsr-3680	122	16	1	1	NUM
fsr-3680	122	17	(	(	PUNCT
fsr-3680	122	18	2	2	NUM
fsr-3680	122	19	)	)	PUNCT
fsr-3680	122	20	where	where	SCONJ
fsr-3680	122	21	f	f	X
fsr-3680	122	22	=	=	PUNCT
fsr-3680	122	23	the	the	DET
fsr-3680	122	24	percentage	percentage	NOUN
fsr-3680	122	25	difference	difference	NOUN
fsr-3680	122	26	between	between	ADP
fsr-3680	122	27	the	the	DET
fsr-3680	122	28	forward	forward	ADJ
fsr-3680	122	29	exchange	exchange	NOUN
fsr-3680	122	30	rate	rate	NOUN
fsr-3680	122	31	and	and	CCONJ
fsr-3680	122	32	the	the	DET
fsr-3680	122	33	spot	spot	NOUN
fsr-3680	122	34	exchange	exchange	NOUN
fsr-3680	122	35	rate	rate	NOUN
fsr-3680	122	36	,	,	PUNCT
fsr-3680	122	37	where	where	SCONJ
fsr-3680	122	38	both	both	DET
fsr-3680	122	39	rates	rate	NOUN
fsr-3680	122	40	are	be	AUX
fsr-3680	122	41	expressed	express	VERB
fsr-3680	122	42	as	as	ADP
fsr-3680	122	43	domestic	domestic	ADJ
fsr-3680	122	44	currency	currency	NOUN
fsr-3680	122	45	per	per	ADP
fsr-3680	122	46	foreign	foreign	ADJ
fsr-3680	122	47	currency	currency	NOUN
fsr-3680	122	48	.	.	PUNCT
fsr-3680	123	1	in	in	ADP
fsr-3680	123	2	our	our	PRON
fsr-3680	123	3	example	example	NOUN
fsr-3680	123	4	,	,	PUNCT
fsr-3680	123	5	the	the	DET
fsr-3680	123	6	forward	forward	ADJ
fsr-3680	123	7	exchange	exchange	NOUN
fsr-3680	123	8	rate	rate	NOUN
fsr-3680	123	9	is	be	AUX
fsr-3680	123	10	assumed	assume	VERB
fsr-3680	123	11	to	to	PART
fsr-3680	123	12	be	be	AUX
fsr-3680	123	13	equal	equal	ADJ
fsr-3680	123	14	to	to	ADP
fsr-3680	123	15	the	the	DET
fsr-3680	123	16	spot	spot	NOUN
fsr-3680	123	17	exchange	exchange	NOUN
fsr-3680	123	18	rate	rate	NOUN
fsr-3680	123	19	,	,	PUNCT
fsr-3680	123	20	and	and	CCONJ
fsr-3680	123	21	the	the	DET
fsr-3680	123	22	$	$	SYM
fsr-3680	123	23	returns	return	NOUN
fsr-3680	123	24	for	for	ADP
fsr-3680	123	25	the	the	DET
fsr-3680	123	26	other	other	ADJ
fsr-3680	123	27	states	state	NOUN
fsr-3680	123	28	from	from	ADP
fsr-3680	123	29	the	the	DET
fsr-3680	123	30	“	"	PUNCT
fsr-3680	123	31	fully	fully	ADV
fsr-3680	123	32	hedged	hedge	VERB
fsr-3680	123	33	”	"	PUNCT
fsr-3680	123	34	(	(	PUNCT
fsr-3680	123	35	fh	fh	PROPN
fsr-3680	123	36	)	)	PUNCT
fsr-3680	123	37	zntemational	zntemational	ADJ
fsr-3680	123	38	diversification	diversification	NOUN
fsr-3680	123	39	for	for	ADP
fsr-3680	123	40	the	the	DET
fsr-3680	123	41	zndividual	zndividual	NUM
fsr-3680	123	42	:	:	PUNCT
fsr-3680	123	43	a	a	DET
fsr-3680	123	44	review	review	NOUN
fsr-3680	123	45	167	167	NUM
fsr-3680	123	46	strategy	strategy	NOUN
fsr-3680	123	47	are	be	AUX
fsr-3680	123	48	.15	.15	NUM
fsr-3680	123	49	for	for	ADP
fsr-3680	123	50	state	state	NOUN
fsr-3680	123	51	1	1	NUM
fsr-3680	123	52	,	,	PUNCT
fsr-3680	123	53	.	.	PUNCT
fsr-3680	124	1	102	102	NUM
fsr-3680	124	2	for	for	ADP
fsr-3680	124	3	state	state	NOUN
fsr-3680	124	4	3	3	NUM
fsr-3680	124	5	,	,	PUNCT
fsr-3680	124	6	.2	.2	NUM
fsr-3680	124	7	1	1	NUM
fsr-3680	124	8	for	for	ADP
fsr-3680	124	9	state	state	NOUN
fsr-3680	124	10	4	4	NUM
fsr-3680	124	11	,	,	PUNCT
fsr-3680	124	12	and	and	CCONJ
fsr-3680	124	13	.006	.006	NUM
fsr-3680	124	14	for	for	ADP
fsr-3680	124	15	state	state	NOUN
fsr-3680	124	16	5	5	NUM
fsr-3680	124	17	.	.	PUNCT
fsr-3680	125	1	the	the	DET
fsr-3680	125	2	mean	mean	ADJ
fsr-3680	125	3	return	return	NOUN
fsr-3680	125	4	for	for	ADP
fsr-3680	125	5	the	the	DET
fsr-3680	125	6	fh	fh	PROPN
fsr-3680	125	7	strategy	strategy	NOUN
fsr-3680	125	8	is	be	AUX
fsr-3680	125	9	.1686	.1686	NOUN
fsr-3680	125	10	,	,	PUNCT
fsr-3680	125	11	the	the	DET
fsr-3680	125	12	standard	standard	ADJ
fsr-3680	125	13	deviation	deviation	NOUN
fsr-3680	125	14	is	be	AUX
fsr-3680	125	15	.1229	.1229	NOUN
fsr-3680	125	16	,	,	PUNCT
fsr-3680	125	17	and	and	CCONJ
fsr-3680	125	18	the	the	DET
fsr-3680	125	19	correlation	correlation	NOUN
fsr-3680	125	20	with	with	ADP
fsr-3680	125	21	the	the	DET
fsr-3680	125	22	u.s	u.s	PROPN
fsr-3680	125	23	.	.	PROPN
fsr-3680	125	24	market	market	NOUN
fsr-3680	125	25	returns	return	NOUN
fsr-3680	125	26	is	be	AUX
fsr-3680	125	27	.1855	.1855	PRON
fsr-3680	125	28	.	.	PUNCT
fsr-3680	126	1	the	the	DET
fsr-3680	126	2	efficient	efficient	ADJ
fsr-3680	126	3	frontier	frontier	NOUN
fsr-3680	126	4	,	,	PUNCT
fsr-3680	126	5	considering	consider	VERB
fsr-3680	126	6	the	the	DET
fsr-3680	126	7	fh	fh	PROPN
fsr-3680	126	8	international	international	ADJ
fsr-3680	126	9	investment	investment	NOUN
fsr-3680	126	10	strategy	strategy	NOUN
fsr-3680	126	11	,	,	PUNCT
fsr-3680	126	12	is	be	AUX
fsr-3680	126	13	shown	show	VERB
fsr-3680	126	14	in	in	ADP
fsr-3680	126	15	figure	figure	NOUN
fsr-3680	126	16	1	1	NUM
fsr-3680	126	17	to	to	ADP
fsr-3680	126	18	the	the	DET
fsr-3680	126	19	left	left	NOUN
fsr-3680	126	20	of	of	ADP
fsr-3680	126	21	the	the	DET
fsr-3680	126	22	two	two	NUM
fsr-3680	126	23	frontiers	frontier	NOUN
fsr-3680	126	24	previously	previously	ADV
fsr-3680	126	25	considered	consider	VERB
fsr-3680	126	26	.	.	PUNCT
fsr-3680	127	1	note	note	VERB
fsr-3680	127	2	the	the	DET
fsr-3680	127	3	significant	significant	ADJ
fsr-3680	127	4	finding	finding	NOUN
fsr-3680	127	5	that	that	SCONJ
fsr-3680	127	6	the	the	DET
fsr-3680	127	7	fh	fh	PROPN
fsr-3680	127	8	strategy	strategy	NOUN
fsr-3680	127	9	of	of	ADP
fsr-3680	127	10	forward	forward	ADV
fsr-3680	127	11	hedging	hedge	VERB
fsr-3680	127	12	the	the	DET
fsr-3680	127	13	expected	expect	VERB
fsr-3680	127	14	currency	currency	NOUN
fsr-3680	127	15	value	value	NOUN
fsr-3680	127	16	of	of	ADP
fsr-3680	127	17	the	the	DET
fsr-3680	127	18	foreign	foreign	ADJ
fsr-3680	127	19	components	component	NOUN
fsr-3680	127	20	results	result	VERB
fsr-3680	127	21	in	in	ADP
fsr-3680	127	22	a	a	DET
fsr-3680	127	23	more	more	ADV
fsr-3680	127	24	efficient	efficient	ADJ
fsr-3680	127	25	set	set	NOUN
fsr-3680	127	26	than	than	ADP
fsr-3680	127	27	one	one	NUM
fsr-3680	127	28	where	where	SCONJ
fsr-3680	127	29	an	an	DET
fsr-3680	127	30	investor	investor	NOUN
fsr-3680	127	31	is	be	AUX
fsr-3680	127	32	assumed	assume	VERB
fsr-3680	127	33	to	to	PART
fsr-3680	127	34	be	be	AUX
fsr-3680	127	35	able	able	ADJ
fsr-3680	127	36	to	to	PART
fsr-3680	127	37	perfectly	perfectly	ADV
fsr-3680	127	38	hedge	hedge	VERB
fsr-3680	127	39	100	100	NUM
fsr-3680	127	40	%	%	NOUN
fsr-3680	127	41	of	of	ADP
fsr-3680	127	42	all	all	DET
fsr-3680	127	43	the	the	DET
fsr-3680	127	44	currency	currency	NOUN
fsr-3680	127	45	exposure	exposure	NOUN
fsr-3680	127	46	.	.	PUNCT
fsr-3680	128	1	d.	d.	PROPN
fsr-3680	128	2	optimal	optimal	ADJ
fsr-3680	128	3	currency	currency	NOUN
fsr-3680	128	4	hedging	hedge	VERB
fsr-3680	128	5	the	the	DET
fsr-3680	128	6	fact	fact	NOUN
fsr-3680	128	7	that	that	SCONJ
fsr-3680	128	8	the	the	DET
fsr-3680	128	9	less	less	ADV
fsr-3680	128	10	-	-	PUNCT
fsr-3680	128	11	then	then	ADV
fsr-3680	128	12	-	-	PUNCT
fsr-3680	128	13	perfect	perfect	ADJ
fsr-3680	128	14	fh	fh	PROPN
fsr-3680	128	15	hedging	hedging	NOUN
fsr-3680	128	16	strategy	strategy	NOUN
fsr-3680	128	17	actually	actually	ADV
fsr-3680	128	18	outperforms	outperform	VERB
fsr-3680	128	19	the	the	DET
fsr-3680	128	20	perfect	perfect	ADJ
fsr-3680	128	21	hedging	hedging	NOUN
fsr-3680	128	22	ph	ph	NOUN
fsr-3680	128	23	strategy	strategy	NOUN
fsr-3680	128	24	implies	imply	VERB
fsr-3680	128	25	that	that	SCONJ
fsr-3680	128	26	some	some	DET
fsr-3680	128	27	amount	amount	NOUN
fsr-3680	128	28	of	of	ADP
fsr-3680	128	29	currency	currency	NOUN
fsr-3680	128	30	exposure	exposure	NOUN
fsr-3680	128	31	may	may	AUX
fsr-3680	128	32	be	be	AUX
fsr-3680	128	33	beneficial	beneficial	ADJ
fsr-3680	128	34	and	and	CCONJ
fsr-3680	128	35	raises	raise	VERB
fsr-3680	128	36	an	an	DET
fsr-3680	128	37	important	important	ADJ
fsr-3680	128	38	issue	issue	NOUN
fsr-3680	128	39	:	:	PUNCT
fsr-3680	128	40	is	be	AUX
fsr-3680	128	41	there	there	PRON
fsr-3680	128	42	some	some	DET
fsr-3680	128	43	level	level	NOUN
fsr-3680	128	44	of	of	ADP
fsr-3680	128	45	currency	currency	NOUN
fsr-3680	128	46	hedging	hedging	NOUN
fsr-3680	128	47	that	that	PRON
fsr-3680	128	48	is	be	AUX
fsr-3680	128	49	optimal	optimal	ADJ
fsr-3680	128	50	and	and	CCONJ
fsr-3680	128	51	are	be	AUX
fsr-3680	128	52	there	there	PRON
fsr-3680	128	53	situations	situation	NOUN
fsr-3680	128	54	where	where	SCONJ
fsr-3680	128	55	it	it	PRON
fsr-3680	128	56	would	would	AUX
fsr-3680	128	57	not	not	PART
fsr-3680	128	58	be	be	AUX
fsr-3680	128	59	advisable	advisable	ADJ
fsr-3680	128	60	to	to	PART
fsr-3680	128	61	hedge	hedge	VERB
fsr-3680	128	62	currency	currency	NOUN
fsr-3680	128	63	risk	risk	NOUN
fsr-3680	128	64	?	?	PUNCT
fsr-3680	129	1	as	as	SCONJ
fsr-3680	129	2	eun	eun	PROPN
fsr-3680	129	3	and	and	CCONJ
fsr-3680	129	4	resnick	resnick	PROPN
fsr-3680	129	5	(	(	PUNCT
fsr-3680	129	6	1988	1988	NUM
fsr-3680	129	7	)	)	PUNCT
fsr-3680	129	8	point	point	VERB
fsr-3680	129	9	out	out	ADP
fsr-3680	129	10	,	,	PUNCT
fsr-3680	129	11	the	the	DET
fsr-3680	129	12	results	result	NOUN
fsr-3680	129	13	that	that	PRON
fsr-3680	129	14	show	show	AUX
fsr-3680	129	15	hedged	hedge	VERB
fsr-3680	129	16	portfolio	portfolio	NOUN
fsr-3680	129	17	results	result	NOUN
fsr-3680	129	18	to	to	PART
fsr-3680	129	19	be	be	AUX
fsr-3680	129	20	superior	superior	ADJ
fsr-3680	129	21	to	to	ADP
fsr-3680	129	22	unhedged	unhedged	ADJ
fsr-3680	129	23	results	result	NOUN
fsr-3680	129	24	are	be	AUX
fsr-3680	129	25	due	due	ADJ
fsr-3680	129	26	to	to	ADP
fsr-3680	129	27	the	the	DET
fsr-3680	129	28	positive	positive	ADJ
fsr-3680	129	29	correlation	correlation	NOUN
fsr-3680	129	30	between	between	ADP
fsr-3680	129	31	the	the	DET
fsr-3680	129	32	local	local	ADJ
fsr-3680	129	33	-	-	PUNCT
fsr-3680	129	34	currency	currency	NOUN
fsr-3680	129	35	returns	return	NOUN
fsr-3680	129	36	and	and	CCONJ
fsr-3680	129	37	the	the	DET
fsr-3680	129	38	value	value	NOUN
fsr-3680	129	39	of	of	ADP
fsr-3680	129	40	the	the	DET
fsr-3680	129	41	currency	currency	NOUN
fsr-3680	129	42	in	in	ADP
fsr-3680	129	43	dollar	dollar	NOUN
fsr-3680	129	44	terms	term	NOUN
fsr-3680	129	45	.	.	PUNCT
fsr-3680	130	1	if	if	SCONJ
fsr-3680	130	2	this	this	DET
fsr-3680	130	3	correlation	correlation	NOUN
fsr-3680	130	4	were	be	AUX
fsr-3680	130	5	not	not	PART
fsr-3680	130	6	positive	positive	ADJ
fsr-3680	130	7	,	,	PUNCT
fsr-3680	130	8	would	would	AUX
fsr-3680	130	9	the	the	DET
fsr-3680	130	10	perceived	perceive	VERB
fsr-3680	130	11	“	"	PUNCT
fsr-3680	130	12	free	free	ADJ
fsr-3680	130	13	lunch	lunch	NOUN
fsr-3680	130	14	”	"	PUNCT
fsr-3680	130	15	in	in	ADP
fsr-3680	130	16	currency	currency	NOUN
fsr-3680	130	17	hedging	hedging	NOUN
fsr-3680	130	18	still	still	ADV
fsr-3680	130	19	hold	hold	VERB
fsr-3680	130	20	up	up	ADP
fsr-3680	130	21	?	?	PUNCT
fsr-3680	131	1	(	(	PUNCT
fsr-3680	131	2	note	note	VERB
fsr-3680	131	3	also	also	ADV
fsr-3680	131	4	:	:	PUNCT
fsr-3680	131	5	if	if	SCONJ
fsr-3680	131	6	two	two	NUM
fsr-3680	131	7	stock	stock	NOUN
fsr-3680	131	8	markets	market	NOUN
fsr-3680	131	9	are	be	AUX
fsr-3680	131	10	highly	highly	ADV
fsr-3680	131	11	positively	positively	ADV
fsr-3680	131	12	correl	correl	NOUN
fsr-3680	131	13	ated	ate	VERB
fsr-3680	131	14	,	,	PUNCT
fsr-3680	131	15	it	it	PRON
fsr-3680	131	16	will	will	AUX
fsr-3680	131	17	not	not	PART
fsr-3680	131	18	be	be	AUX
fsr-3680	131	19	possible	possible	ADJ
fsr-3680	131	20	for	for	SCONJ
fsr-3680	131	21	the	the	DET
fsr-3680	131	22	exchange	exchange	NOUN
fsr-3680	131	23	rate	rate	NOUN
fsr-3680	131	24	to	to	PART
fsr-3680	131	25	be	be	AUX
fsr-3680	131	26	positively	positively	ADV
fsr-3680	131	27	correlated	correlate	VERB
fsr-3680	131	28	with	with	ADP
fsr-3680	131	29	both	both	PRON
fsr-3680	131	30	!	!	PUNCT
fsr-3680	131	31	)	)	PUNCT
fsr-3680	132	1	lee	lee	PROPN
fsr-3680	132	2	(	(	PUNCT
fsr-3680	132	3	1987	1987	NUM
fsr-3680	132	4	)	)	PUNCT
fsr-3680	132	5	has	have	AUX
fsr-3680	132	6	suggested	suggest	VERB
fsr-3680	132	7	a	a	DET
fsr-3680	132	8	very	very	ADV
fsr-3680	132	9	general	general	ADJ
fsr-3680	132	10	formulation	formulation	NOUN
fsr-3680	132	11	for	for	ADP
fsr-3680	132	12	the	the	DET
fsr-3680	132	13	international	international	ADJ
fsr-3680	132	14	portfolio	portfolio	NOUN
fsr-3680	132	15	construction	construction	NOUN
fsr-3680	132	16	problem	problem	NOUN
fsr-3680	132	17	that	that	PRON
fsr-3680	132	18	considers	consider	VERB
fsr-3680	132	19	separate	separate	ADJ
fsr-3680	132	20	components	component	NOUN
fsr-3680	132	21	for	for	ADP
fsr-3680	132	22	securities	security	NOUN
fsr-3680	132	23	and	and	CCONJ
fsr-3680	132	24	currencies	currency	NOUN
fsr-3680	132	25	.	.	PUNCT
fsr-3680	133	1	perhaps	perhaps	ADV
fsr-3680	133	2	the	the	DET
fsr-3680	133	3	best	good	ADJ
fsr-3680	133	4	way	way	NOUN
fsr-3680	133	5	to	to	PART
fsr-3680	133	6	see	see	VERB
fsr-3680	133	7	lee	lee	PROPN
fsr-3680	133	8	’s	’s	PART
fsr-3680	133	9	idea	idea	NOUN
fsr-3680	133	10	is	be	AUX
fsr-3680	133	11	to	to	PART
fsr-3680	133	12	regard	regard	VERB
fsr-3680	133	13	foreign	foreign	ADJ
fsr-3680	133	14	bills	bill	NOUN
fsr-3680	133	15	as	as	ADP
fsr-3680	133	16	a	a	DET
fsr-3680	133	17	potential	potential	ADJ
fsr-3680	133	18	component	component	NOUN
fsr-3680	133	19	of	of	ADP
fsr-3680	133	20	the	the	DET
fsr-3680	133	21	portfolio	portfolio	NOUN
fsr-3680	133	22	.	.	PUNCT
fsr-3680	134	1	for	for	ADP
fsr-3680	134	2	simplicity	simplicity	NOUN
fsr-3680	134	3	,	,	PUNCT
fsr-3680	134	4	let	let	VERB
fsr-3680	134	5	us	we	PRON
fsr-3680	134	6	consider	consider	VERB
fsr-3680	134	7	a	a	DET
fsr-3680	134	8	numerical	numerical	ADJ
fsr-3680	134	9	example	example	NOUN
fsr-3680	134	10	which	which	PRON
fsr-3680	134	11	further	far	ADV
fsr-3680	134	12	assumes	assume	VERB
fsr-3680	134	13	a	a	DET
fsr-3680	134	14	zero	zero	NUM
fsr-3680	134	15	risk	risk	NOUN
fsr-3680	134	16	free	free	ADJ
fsr-3680	134	17	interest	interest	NOUN
fsr-3680	134	18	rate	rate	NOUN
fsr-3680	134	19	in	in	ADP
fsr-3680	134	20	the	the	DET
fsr-3680	134	21	u.s	u.s	PROPN
fsr-3680	134	22	.	.	PROPN
fsr-3680	134	23	and	and	CCONJ
fsr-3680	134	24	europe	europe	PROPN
fsr-3680	134	25	.	.	PUNCT
fsr-3680	135	1	this	this	DET
fsr-3680	135	2	simplification	simplification	NOUN
fsr-3680	135	3	allows	allow	VERB
fsr-3680	135	4	the	the	DET
fsr-3680	135	5	$	$	SYM
fsr-3680	135	6	/ecu	/ecu	NOUN
fsr-3680	135	7	currency	currency	NOUN
fsr-3680	135	8	returns	return	NOUN
fsr-3680	135	9	to	to	PART
fsr-3680	135	10	be	be	AUX
fsr-3680	135	11	viewed	view	VERB
fsr-3680	135	12	as	as	ADP
fsr-3680	135	13	the	the	DET
fsr-3680	135	14	returns	return	NOUN
fsr-3680	135	15	from	from	ADP
fsr-3680	135	16	a	a	DET
fsr-3680	135	17	nominally	nominally	ADJ
fsr-3680	135	18	-	-	PUNCT
fsr-3680	135	19	riskless	riskless	NOUN
fsr-3680	135	20	investment	investment	NOUN
fsr-3680	135	21	in	in	ADP
fsr-3680	135	22	european	european	ADJ
fsr-3680	135	23	bills	bill	NOUN
fsr-3680	135	24	.	.	PUNCT
fsr-3680	136	1	a	a	DET
fsr-3680	136	2	negative	negative	ADJ
fsr-3680	136	3	weight	weight	NOUN
fsr-3680	136	4	on	on	ADP
fsr-3680	136	5	this	this	DET
fsr-3680	136	6	investment	investment	NOUN
fsr-3680	136	7	would	would	AUX
fsr-3680	136	8	mean	mean	VERB
fsr-3680	136	9	a	a	DET
fsr-3680	136	10	short	short	ADJ
fsr-3680	136	11	sale	sale	NOUN
fsr-3680	136	12	.	.	PUNCT
fsr-3680	137	1	we	we	PRON
fsr-3680	137	2	must	must	AUX
fsr-3680	137	3	compute	compute	VERB
fsr-3680	137	4	the	the	DET
fsr-3680	137	5	correlation	correlation	NOUN
fsr-3680	137	6	coefficient	coefficient	NOUN
fsr-3680	137	7	between	between	ADP
fsr-3680	137	8	the	the	DET
fsr-3680	137	9	$	$	SYM
fsr-3680	137	10	/ecu	/ecu	NUM
fsr-3680	137	11	and	and	CCONJ
fsr-3680	137	12	the	the	DET
fsr-3680	137	13	u.s	u.s	PROPN
fsr-3680	137	14	.	.	PROPN
fsr-3680	137	15	market	market	NOUN
fsr-3680	137	16	,	,	PUNCT
fsr-3680	137	17	which	which	PRON
fsr-3680	137	18	the	the	DET
fsr-3680	137	19	reader	reader	NOUN
fsr-3680	137	20	can	can	AUX
fsr-3680	137	21	verify	verify	VERB
fsr-3680	137	22	is	be	AUX
fsr-3680	137	23	.1241	.1241	PROPN
fsr-3680	137	24	,	,	PUNCT
fsr-3680	137	25	and	and	CCONJ
fsr-3680	137	26	the	the	DET
fsr-3680	137	27	correlation	correlation	NOUN
fsr-3680	137	28	coefficient	coefficient	NOUN
fsr-3680	137	29	between	between	ADP
fsr-3680	137	30	the	the	DET
fsr-3680	137	31	$	$	SYM
fsr-3680	137	32	/ecu	/ecu	NUM
fsr-3680	137	33	and	and	CCONJ
fsr-3680	137	34	the	the	DET
fsr-3680	137	35	unhedged	unhedged	ADJ
fsr-3680	137	36	u.s	u.s	PROPN
fsr-3680	137	37	.	.	PROPN
fsr-3680	137	38	returns	return	NOUN
fsr-3680	137	39	on	on	ADP
fsr-3680	137	40	the	the	DET
fsr-3680	137	41	european	european	ADJ
fsr-3680	137	42	market	market	NOUN
fsr-3680	137	43	(	(	PUNCT
fsr-3680	137	44	$	$	SYM
fsr-3680	137	45	e	e	NOUN
fsr-3680	137	46	)	)	PUNCT
fsr-3680	137	47	,	,	PUNCT
fsr-3680	137	48	which	which	PRON
fsr-3680	137	49	is	be	AUX
fsr-3680	137	50	.9698	.9698	PROPN
fsr-3680	137	51	.	.	PUNCT
fsr-3680	138	1	the	the	DET
fsr-3680	138	2	lefthandmost	lefthandmost	ADJ
fsr-3680	138	3	curve	curve	NOUN
fsr-3680	138	4	in	in	ADP
fsr-3680	138	5	figure	figure	NOUN
fsr-3680	138	6	1	1	NUM
fsr-3680	138	7	is	be	AUX
fsr-3680	138	8	labelled	label	VERB
fsr-3680	138	9	och	och	PROPN
fsr-3680	138	10	(	(	PUNCT
fsr-3680	138	11	for	for	ADP
fsr-3680	138	12	optimal	optimal	ADJ
fsr-3680	138	13	currency	currency	NOUN
fsr-3680	138	14	hedge	hedge	NOUN
fsr-3680	138	15	)	)	PUNCT
fsr-3680	138	16	and	and	CCONJ
fsr-3680	138	17	shows	show	VERB
fsr-3680	138	18	the	the	DET
fsr-3680	138	19	efficient	efficient	ADJ
fsr-3680	138	20	frontier	frontier	NOUN
fsr-3680	138	21	that	that	PRON
fsr-3680	138	22	is	be	AUX
fsr-3680	138	23	constructed	construct	VERB
fsr-3680	138	24	by	by	ADP
fsr-3680	138	25	allowing	allow	VERB
fsr-3680	138	26	the	the	DET
fsr-3680	138	27	investor	investor	NOUN
fsr-3680	138	28	to	to	PART
fsr-3680	138	29	invest	invest	VERB
fsr-3680	138	30	in	in	ADP
fsr-3680	138	31	european	european	ADJ
fsr-3680	138	32	stock	stock	NOUN
fsr-3680	138	33	and	and	CCONJ
fsr-3680	138	34	to	to	PART
fsr-3680	138	35	hold	hold	VERB
fsr-3680	138	36	a	a	DET
fsr-3680	138	37	position	position	NOUN
fsr-3680	138	38	in	in	ADP
fsr-3680	138	39	european	european	ADJ
fsr-3680	138	40	bills	bill	NOUN
fsr-3680	138	41	in	in	ADP
fsr-3680	138	42	order	order	NOUN
fsr-3680	138	43	to	to	PART
fsr-3680	138	44	construct	construct	VERB
fsr-3680	138	45	the	the	DET
fsr-3680	138	46	optimal	optimal	ADJ
fsr-3680	138	47	currency	currency	NOUN
fsr-3680	138	48	hedge	hedge	NOUN
fsr-3680	138	49	for	for	ADP
fsr-3680	138	50	various	various	ADJ
fsr-3680	138	51	levels	level	NOUN
fsr-3680	138	52	of	of	ADP
fsr-3680	138	53	return	return	NOUN
fsr-3680	138	54	and	and	CCONJ
fsr-3680	138	55	risk	risk	NOUN
fsr-3680	138	56	.	.	PUNCT
fsr-3680	139	1	it	it	PRON
fsr-3680	139	2	should	should	AUX
fsr-3680	139	3	be	be	AUX
fsr-3680	139	4	noted	note	VERB
fsr-3680	139	5	that	that	SCONJ
fsr-3680	139	6	the	the	DET
fsr-3680	139	7	optimal	optimal	ADJ
fsr-3680	139	8	currency	currency	NOUN
fsr-3680	139	9	hedge	hedge	NOUN
fsr-3680	139	10	is	be	AUX
fsr-3680	139	11	not	not	PART
fsr-3680	139	12	,	,	PUNCT
fsr-3680	139	13	in	in	ADP
fsr-3680	139	14	general	general	ADJ
fsr-3680	139	15	,	,	PUNCT
fsr-3680	139	16	equal	equal	ADJ
fsr-3680	139	17	to	to	ADP
fsr-3680	139	18	hedging	hedge	VERB
fsr-3680	139	19	the	the	DET
fsr-3680	139	20	initial	initial	ADJ
fsr-3680	139	21	investment	investment	NOUN
fsr-3680	139	22	plus	plus	CCONJ
fsr-3680	139	23	the	the	DET
fsr-3680	139	24	expected	expect	VERB
fsr-3680	139	25	rate	rate	NOUN
fsr-3680	139	26	of	of	ADP
fsr-3680	139	27	return	return	NOUN
fsr-3680	139	28	,	,	PUNCT
fsr-3680	139	29	and	and	CCONJ
fsr-3680	139	30	that	that	SCONJ
fsr-3680	139	31	the	the	DET
fsr-3680	139	32	optimal	optimal	ADJ
fsr-3680	139	33	currency	currency	NOUN
fsr-3680	139	34	hedge	hedge	NOUN
fsr-3680	139	35	depends	depend	VERB
fsr-3680	139	36	upon	upon	SCONJ
fsr-3680	139	37	the	the	DET
fsr-3680	139	38	risk	risk	NOUN
fsr-3680	139	39	level	level	NOUN
fsr-3680	139	40	chosen	choose	VERB
fsr-3680	139	41	and	and	CCONJ
fsr-3680	139	42	the	the	DET
fsr-3680	139	43	parameter	parameter	NOUN
fsr-3680	139	44	inputs	input	NOUN
fsr-3680	139	45	.	.	PUNCT
fsr-3680	140	1	in	in	ADP
fsr-3680	140	2	other	other	ADJ
fsr-3680	140	3	words	word	NOUN
fsr-3680	140	4	,	,	PUNCT
fsr-3680	140	5	at	at	ADP
fsr-3680	140	6	a	a	DET
fsr-3680	140	7	portfolio	portfolio	NOUN
fsr-3680	140	8	standard	standard	ADJ
fsr-3680	140	9	deviation	deviation	NOUN
fsr-3680	140	10	of	of	ADP
fsr-3680	140	11	.ll	.ll	PROPN
fsr-3680	140	12	,	,	PUNCT
fsr-3680	140	13	the	the	DET
fsr-3680	140	14	amount	amount	NOUN
fsr-3680	140	15	of	of	ADP
fsr-3680	140	16	ecus	ecus	NOUN
fsr-3680	140	17	the	the	DET
fsr-3680	140	18	investor	investor	NOUN
fsr-3680	140	19	should	should	AUX
fsr-3680	140	20	sell	sell	VERB
fsr-3680	140	21	forward	forward	ADV
fsr-3680	140	22	,	,	PUNCT
fsr-3680	140	23	as	as	ADP
fsr-3680	140	24	a	a	DET
fsr-3680	140	25	percent	percent	NOUN
fsr-3680	140	26	of	of	ADP
fsr-3680	140	27	investment	investment	NOUN
fsr-3680	140	28	into	into	ADP
fsr-3680	140	29	european	european	ADJ
fsr-3680	140	30	stocks	stock	NOUN
fsr-3680	140	31	,	,	PUNCT
fsr-3680	140	32	is	be	AUX
fsr-3680	140	33	168	168	NUM
fsr-3680	140	34	financialservicesrevlew,1(2	financialservicesrevlew,1(2	PROPN
fsr-3680	140	35	)	)	PUNCT
fsr-3680	140	36	1991	1991	NUM
fsr-3680	140	37	different	different	ADJ
fsr-3680	140	38	from	from	ADP
fsr-3680	140	39	the	the	DET
fsr-3680	140	40	hedge	hedge	NOUN
fsr-3680	140	41	proportion	proportion	NOUN
fsr-3680	140	42	at	at	ADP
fsr-3680	140	43	a	a	DET
fsr-3680	140	44	different	different	ADJ
fsr-3680	140	45	standard	standard	ADJ
fsr-3680	140	46	deviation	deviation	NOUN
fsr-3680	140	47	.	.	PUNCT
fsr-3680	141	1	depending	depend	VERB
fsr-3680	141	2	upon	upon	SCONJ
fsr-3680	141	3	the	the	DET
fsr-3680	141	4	parameters	parameter	NOUN
fsr-3680	141	5	and	and	CCONJ
fsr-3680	141	6	risk	risk	NOUN
fsr-3680	141	7	level	level	NOUN
fsr-3680	141	8	,	,	PUNCT
fsr-3680	141	9	it	it	PRON
fsr-3680	141	10	could	could	AUX
fsr-3680	141	11	be	be	AUX
fsr-3680	141	12	that	that	PRON
fsr-3680	141	13	buying	buy	VERB
fsr-3680	141	14	currency	currency	NOUN
fsr-3680	141	15	forward	forward	ADV
fsr-3680	141	16	(	(	PUNCT
fsr-3680	141	17	a	a	DET
fsr-3680	141	18	“	"	PUNCT
fsr-3680	141	19	texas	texas	PROPN
fsr-3680	141	20	hedge	hedge	NOUN
fsr-3680	141	21	”	"	PUNCT
fsr-3680	141	22	)	)	PUNCT
fsr-3680	141	23	might	might	AUX
fsr-3680	141	24	be	be	AUX
fsr-3680	141	25	optimal	optimal	ADJ
fsr-3680	141	26	.	.	PUNCT
fsr-3680	142	1	in	in	ADP
fsr-3680	142	2	applications	application	NOUN
fsr-3680	142	3	with	with	ADP
fsr-3680	142	4	more	more	ADJ
fsr-3680	142	5	markets	market	NOUN
fsr-3680	142	6	and	and	CCONJ
fsr-3680	142	7	curren	curren	NOUN
fsr-3680	142	8	cies	cie	NOUN
fsr-3680	142	9	,	,	PUNCT
fsr-3680	142	10	the	the	DET
fsr-3680	142	11	correlations	correlation	NOUN
fsr-3680	142	12	between	between	ADP
fsr-3680	142	13	currencies	currency	NOUN
fsr-3680	142	14	also	also	ADV
fsr-3680	142	15	affect	affect	VERB
fsr-3680	142	16	the	the	DET
fsr-3680	142	17	optimal	optimal	ADJ
fsr-3680	142	18	hedge	hedge	NOUN
fsr-3680	142	19	,	,	PUNCT
fsr-3680	142	20	an	an	DET
fsr-3680	142	21	effect	effect	NOUN
fsr-3680	142	22	that	that	PRON
fsr-3680	142	23	is	be	AUX
fsr-3680	142	24	known	know	VERB
fsr-3680	142	25	as	as	ADP
fsr-3680	142	26	“	"	PUNCT
fsr-3680	142	27	currency	currency	NOUN
fsr-3680	142	28	diversification	diversification	NOUN
fsr-3680	142	29	.	.	PUNCT
fsr-3680	142	30	”	"	PUNCT
fsr-3680	143	1	also	also	ADV
fsr-3680	143	2	see	see	VERB
fsr-3680	143	3	levy	levy	NOUN
fsr-3680	143	4	and	and	CCONJ
fsr-3680	143	5	sarnat	sarnat	NOUN
fsr-3680	143	6	(	(	PUNCT
fsr-3680	143	7	1978	1978	NUM
fsr-3680	143	8	)	)	PUNCT
fsr-3680	143	9	for	for	ADP
fsr-3680	143	10	further	further	ADJ
fsr-3680	143	11	discussion	discussion	NOUN
fsr-3680	143	12	.	.	PUNCT
fsr-3680	144	1	one	one	NUM
fsr-3680	144	2	of	of	ADP
fsr-3680	144	3	the	the	DET
fsr-3680	144	4	most	most	ADV
fsr-3680	144	5	provocative	provocative	ADJ
fsr-3680	144	6	propositions	proposition	NOUN
fsr-3680	144	7	in	in	ADP
fsr-3680	144	8	the	the	DET
fsr-3680	144	9	area	area	NOUN
fsr-3680	144	10	of	of	ADP
fsr-3680	144	11	international	international	ADJ
fsr-3680	144	12	portfolio	portfolio	NOUN
fsr-3680	144	13	currency	currency	NOUN
fsr-3680	144	14	hedging	hedging	NOUN
fsr-3680	144	15	is	be	AUX
fsr-3680	144	16	black	black	ADJ
fsr-3680	144	17	’s	’s	ADV
fsr-3680	144	18	(	(	PUNCT
fsr-3680	144	19	1989	1989	NUM
fsr-3680	144	20	)	)	PUNCT
fsr-3680	144	21	“	"	PUNCT
fsr-3680	144	22	universal	universal	ADJ
fsr-3680	144	23	hedging	hedging	NOUN
fsr-3680	144	24	”	"	PUNCT
fsr-3680	144	25	formula	formula	NOUN
fsr-3680	144	26	.	.	PUNCT
fsr-3680	145	1	black	black	ADJ
fsr-3680	145	2	has	have	AUX
fsr-3680	145	3	shown	show	VERB
fsr-3680	145	4	that	that	SCONJ
fsr-3680	145	5	within	within	ADP
fsr-3680	145	6	the	the	DET
fsr-3680	145	7	equilibrium	equilibrium	NOUN
fsr-3680	145	8	conditions	condition	NOUN
fsr-3680	145	9	of	of	ADP
fsr-3680	145	10	a	a	DET
fsr-3680	145	11	model	model	NOUN
fsr-3680	145	12	of	of	ADP
fsr-3680	145	13	international	international	ADJ
fsr-3680	145	14	portfolio	portfolio	NOUN
fsr-3680	145	15	investment	investment	NOUN
fsr-3680	145	16	with	with	ADP
fsr-3680	145	17	no	no	DET
fsr-3680	145	18	cross	cross	ADJ
fsr-3680	145	19	-	-	ADJ
fsr-3680	145	20	country	country	ADJ
fsr-3680	145	21	investment	investment	NOUN
fsr-3680	145	22	barriers	barrier	NOUN
fsr-3680	145	23	,	,	PUNCT
fsr-3680	145	24	the	the	DET
fsr-3680	145	25	optimal	optimal	ADJ
fsr-3680	145	26	currency	currency	NOUN
fsr-3680	145	27	hedge	hedge	NOUN
fsr-3680	145	28	for	for	ADP
fsr-3680	145	29	an	an	DET
fsr-3680	145	30	investor	investor	NOUN
fsr-3680	145	31	is	be	AUX
fsr-3680	145	32	neither	neither	CCONJ
fsr-3680	145	33	perfect	perfect	ADJ
fsr-3680	145	34	hedging	hedging	NOUN
fsr-3680	145	35	(	(	PUNCT
fsr-3680	145	36	even	even	ADV
fsr-3680	145	37	if	if	SCONJ
fsr-3680	145	38	it	it	PRON
fsr-3680	145	39	could	could	AUX
fsr-3680	145	40	be	be	AUX
fsr-3680	145	41	accomplished	accomplish	VERB
fsr-3680	145	42	)	)	PUNCT
fsr-3680	145	43	nor	nor	CCONJ
fsr-3680	145	44	fully	fully	ADV
fsr-3680	145	45	hedging	hedging	NOUN
fsr-3680	145	46	.	.	PUNCT
fsr-3680	146	1	instead	instead	ADV
fsr-3680	146	2	,	,	PUNCT
fsr-3680	146	3	in	in	ADP
fsr-3680	146	4	black	black	PROPN
fsr-3680	146	5	’s	’s	PART
fsr-3680	146	6	model	model	NOUN
fsr-3680	146	7	optimal	optimal	ADJ
fsr-3680	146	8	currency	currency	NOUN
fsr-3680	146	9	hedging	hedging	NOUN
fsr-3680	146	10	can	can	AUX
fsr-3680	146	11	be	be	AUX
fsr-3680	146	12	determined	determine	VERB
fsr-3680	146	13	by	by	ADP
fsr-3680	146	14	a	a	DET
fsr-3680	146	15	simple	simple	ADJ
fsr-3680	146	16	formula	formula	NOUN
fsr-3680	146	17	that	that	PRON
fsr-3680	146	18	depends	depend	VERB
fsr-3680	146	19	upon	upon	SCONJ
fsr-3680	146	20	(	(	PUNCT
fsr-3680	146	21	a	a	X
fsr-3680	146	22	)	)	PUNCT
fsr-3680	146	23	the	the	DET
fsr-3680	146	24	expected	expect	VERB
fsr-3680	146	25	return	return	NOUN
fsr-3680	146	26	on	on	ADP
fsr-3680	146	27	the	the	DET
fsr-3680	146	28	world	world	NOUN
fsr-3680	146	29	market	market	NOUN
fsr-3680	146	30	portfolio	portfolio	NOUN
fsr-3680	146	31	,	,	PUNCT
fsr-3680	146	32	(	(	PUNCT
fsr-3680	146	33	b	b	X
fsr-3680	146	34	)	)	PUNCT
fsr-3680	146	35	the	the	DET
fsr-3680	146	36	volatilities	volatility	NOUN
fsr-3680	146	37	of	of	ADP
fsr-3680	146	38	the	the	DET
fsr-3680	146	39	various	various	ADJ
fsr-3680	146	40	country	country	NOUN
fsr-3680	146	41	markets	market	NOUN
fsr-3680	146	42	,	,	PUNCT
fsr-3680	146	43	and	and	CCONJ
fsr-3680	146	44	(	(	PUNCT
fsr-3680	146	45	c	c	X
fsr-3680	146	46	)	)	PUNCT
fsr-3680	146	47	the	the	DET
fsr-3680	146	48	volatilities	volatility	NOUN
fsr-3680	146	49	of	of	ADP
fsr-3680	146	50	various	various	ADJ
fsr-3680	146	51	exchange	exchange	NOUN
fsr-3680	146	52	rates	rate	NOUN
fsr-3680	146	53	.	.	PUNCT
fsr-3680	147	1	the	the	DET
fsr-3680	147	2	hedge	hedge	NOUN
fsr-3680	147	3	proportion	proportion	NOUN
fsr-3680	147	4	is	be	AUX
fsr-3680	147	5	“	"	PUNCT
fsr-3680	147	6	universal	universal	ADJ
fsr-3680	147	7	,	,	PUNCT
fsr-3680	147	8	”	"	PUNCT
fsr-3680	147	9	in	in	SCONJ
fsr-3680	147	10	that	that	SCONJ
fsr-3680	147	11	it	it	PRON
fsr-3680	147	12	applies	apply	VERB
fsr-3680	147	13	to	to	ADP
fsr-3680	147	14	all	all	DET
fsr-3680	147	15	currencies	currency	NOUN
fsr-3680	147	16	,	,	PUNCT
fsr-3680	147	17	and	and	CCONJ
fsr-3680	147	18	to	to	ADP
fsr-3680	147	19	any	any	DET
fsr-3680	147	20	investor	investor	NOUN
fsr-3680	147	21	in	in	ADP
fsr-3680	147	22	any	any	DET
fsr-3680	147	23	country	country	NOUN
fsr-3680	147	24	.	.	PUNCT
fsr-3680	148	1	black	black	ADJ
fsr-3680	148	2	’s	’s	PART
fsr-3680	148	3	result	result	NOUN
fsr-3680	148	4	is	be	AUX
fsr-3680	148	5	exciting	exciting	ADJ
fsr-3680	148	6	in	in	ADP
fsr-3680	148	7	that	that	SCONJ
fsr-3680	148	8	it	it	PRON
fsr-3680	148	9	is	be	AUX
fsr-3680	148	10	a	a	DET
fsr-3680	148	11	simple	simple	ADJ
fsr-3680	148	12	formula	formula	NOUN
fsr-3680	148	13	that	that	SCONJ
fsr-3680	148	14	by	by	ADP
fsr-3680	148	15	-	-	PUNCT
fsr-3680	148	16	passes	pass	VERB
fsr-3680	148	17	the	the	DET
fsr-3680	148	18	need	need	NOUN
fsr-3680	148	19	for	for	ADP
fsr-3680	148	20	a	a	DET
fsr-3680	148	21	lee	lee	PROPN
fsr-3680	148	22	-	-	PUNCT
fsr-3680	148	23	type	type	NOUN
fsr-3680	148	24	efficiency	efficiency	NOUN
fsr-3680	148	25	analysis	analysis	NOUN
fsr-3680	148	26	,	,	PUNCT
fsr-3680	148	27	as	as	ADV
fsr-3680	148	28	long	long	ADV
fsr-3680	148	29	as	as	SCONJ
fsr-3680	148	30	one	one	NUM
fsr-3680	148	31	buys	buy	NOUN
fsr-3680	148	32	into	into	ADP
fsr-3680	148	33	black	black	PROPN
fsr-3680	148	34	’s	’s	PART
fsr-3680	148	35	assumptions	assumption	NOUN
fsr-3680	148	36	.	.	PUNCT
fsr-3680	149	1	once	once	ADV
fsr-3680	149	2	again	again	ADV
fsr-3680	149	3	,	,	PUNCT
fsr-3680	149	4	the	the	DET
fsr-3680	149	5	main	main	ADJ
fsr-3680	149	6	assumption	assumption	NOUN
fsr-3680	149	7	is	be	AUX
fsr-3680	149	8	equilibrium	equilibrium	NOUN
fsr-3680	149	9	portfolio	portfolio	NOUN
fsr-3680	149	10	holdings	holding	NOUN
fsr-3680	149	11	by	by	ADP
fsr-3680	149	12	all	all	DET
fsr-3680	149	13	investors	investor	NOUN
fsr-3680	149	14	in	in	ADP
fsr-3680	149	15	a	a	DET
fsr-3680	149	16	model	model	NOUN
fsr-3680	149	17	of	of	ADP
fsr-3680	149	18	international	international	ADJ
fsr-3680	149	19	investments	investment	NOUN
fsr-3680	149	20	with	with	ADP
fsr-3680	149	21	no	no	DET
fsr-3680	149	22	barriers	barrier	NOUN
fsr-3680	149	23	.	.	PUNCT
fsr-3680	150	1	of	of	ADP
fsr-3680	150	2	course	course	NOUN
fsr-3680	150	3	,	,	PUNCT
fsr-3680	150	4	the	the	DET
fsr-3680	150	5	black	black	ADJ
fsr-3680	150	6	result	result	NOUN
fsr-3680	150	7	is	be	AUX
fsr-3680	150	8	new	new	ADJ
fsr-3680	150	9	and	and	CCONJ
fsr-3680	150	10	controversial	controversial	ADJ
fsr-3680	150	11	.	.	PUNCT
fsr-3680	151	1	its	its	PRON
fsr-3680	151	2	implications	implication	NOUN
fsr-3680	151	3	will	will	AUX
fsr-3680	151	4	no	no	ADV
fsr-3680	151	5	doubt	doubt	ADV
fsr-3680	151	6	be	be	AUX
fsr-3680	151	7	debated	debate	VERB
fsr-3680	151	8	for	for	ADP
fsr-3680	151	9	years	year	NOUN
fsr-3680	151	10	to	to	PART
fsr-3680	151	11	come	come	VERB
fsr-3680	151	12	,	,	PUNCT
fsr-3680	151	13	as	as	SCONJ
fsr-3680	151	14	our	our	PRON
fsr-3680	151	15	understanding	understanding	NOUN
fsr-3680	151	16	of	of	ADP
fsr-3680	151	17	optimal	optimal	ADJ
fsr-3680	151	18	global	global	ADJ
fsr-3680	151	19	invest	inv	ADJ
fsr-3680	151	20	ment	ment	NOUN
fsr-3680	151	21	and	and	CCONJ
fsr-3680	151	22	currency	currency	NOUN
fsr-3680	151	23	hedging	hedging	NOUN
fsr-3680	151	24	evolves	evolve	NOUN
fsr-3680	151	25	.	.	PUNCT
fsr-3680	152	1	of	of	ADP
fsr-3680	152	2	course	course	NOUN
fsr-3680	152	3	,	,	PUNCT
fsr-3680	152	4	as	as	ADP
fsr-3680	152	5	black	black	ADJ
fsr-3680	152	6	acknowledges	acknowledge	NOUN
fsr-3680	152	7	,	,	PUNCT
fsr-3680	152	8	individuals	individual	NOUN
fsr-3680	152	9	who	who	PRON
fsr-3680	152	10	wish	wish	VERB
fsr-3680	152	11	to	to	PART
fsr-3680	152	12	make	make	VERB
fsr-3680	152	13	currency	currency	NOUN
fsr-3680	152	14	bets	bet	NOUN
fsr-3680	152	15	because	because	SCONJ
fsr-3680	152	16	they	they	PRON
fsr-3680	152	17	believe	believe	VERB
fsr-3680	152	18	they	they	PRON
fsr-3680	152	19	have	have	VERB
fsr-3680	152	20	information	information	NOUN
fsr-3680	152	21	that	that	SCONJ
fsr-3680	152	22	the	the	DET
fsr-3680	152	23	equilibrium	equilibrium	NOUN
fsr-3680	152	24	does	do	AUX
fsr-3680	152	25	not	not	PART
fsr-3680	152	26	have	have	AUX
fsr-3680	152	27	,	,	PUNCT
fsr-3680	152	28	will	will	AUX
fsr-3680	152	29	be	be	AUX
fsr-3680	152	30	motivated	motivate	VERB
fsr-3680	152	31	to	to	PART
fsr-3680	152	32	deviate	deviate	VERB
fsr-3680	152	33	from	from	ADP
fsr-3680	152	34	the	the	DET
fsr-3680	152	35	“	"	PUNCT
fsr-3680	152	36	universal	universal	ADJ
fsr-3680	152	37	hedg	hedg	NOUN
fsr-3680	152	38	ing	ing	ADJ
fsr-3680	152	39	”	"	PUNCT
fsr-3680	152	40	formula	formula	NOUN
fsr-3680	152	41	.	.	PUNCT
fsr-3680	153	1	indeed	indeed	ADV
fsr-3680	153	2	,	,	PUNCT
fsr-3680	153	3	individuals	individual	NOUN
fsr-3680	153	4	who	who	PRON
fsr-3680	153	5	believe	believe	VERB
fsr-3680	153	6	they	they	PRON
fsr-3680	153	7	can	can	AUX
fsr-3680	153	8	forecast	forecast	VERB
fsr-3680	153	9	exchange	exchange	NOUN
fsr-3680	153	10	rate	rate	NOUN
fsr-3680	153	11	movement	movement	NOUN
fsr-3680	153	12	better	well	ADJ
fsr-3680	153	13	than	than	ADP
fsr-3680	153	14	“	"	PUNCT
fsr-3680	153	15	the	the	DET
fsr-3680	153	16	market	market	NOUN
fsr-3680	153	17	,	,	PUNCT
fsr-3680	153	18	”	"	PUNCT
fsr-3680	153	19	are	be	AUX
fsr-3680	153	20	likely	likely	ADJ
fsr-3680	153	21	to	to	PART
fsr-3680	153	22	select	select	VERB
fsr-3680	153	23	option	option	NOUN
fsr-3680	153	24	strategies	strategy	NOUN
fsr-3680	153	25	as	as	ADP
fsr-3680	153	26	part	part	NOUN
fsr-3680	153	27	of	of	ADP
fsr-3680	153	28	optimal	optimal	ADJ
fsr-3680	153	29	portfolio	portfolio	NOUN
fsr-3680	153	30	allocations	allocation	NOUN
fsr-3680	153	31	.	.	PUNCT
fsr-3680	154	1	like	like	ADP
fsr-3680	154	2	futures	future	NOUN
fsr-3680	154	3	,	,	PUNCT
fsr-3680	154	4	exchange	exchange	NOUN
fsr-3680	154	5	-	-	PUNCT
fsr-3680	154	6	traded	trade	VERB
fsr-3680	154	7	options	option	NOUN
fsr-3680	154	8	on	on	ADP
fsr-3680	154	9	some	some	DET
fsr-3680	154	10	major	major	ADJ
fsr-3680	154	11	curren	curren	NOUN
fsr-3680	154	12	cies	cie	NOUN
fsr-3680	154	13	are	be	AUX
fsr-3680	154	14	available	available	ADJ
fsr-3680	154	15	to	to	ADP
fsr-3680	154	16	individuals	individual	NOUN
fsr-3680	154	17	.	.	PUNCT
fsr-3680	155	1	further	further	ADJ
fsr-3680	155	2	elaboration	elaboration	NOUN
fsr-3680	155	3	is	be	AUX
fsr-3680	155	4	beyond	beyond	ADP
fsr-3680	155	5	our	our	PRON
fsr-3680	155	6	scope	scope	NOUN
fsr-3680	155	7	here	here	ADV
fsr-3680	155	8	;	;	PUNCT
fsr-3680	155	9	the	the	DET
fsr-3680	155	10	interested	interested	ADJ
fsr-3680	155	11	reader	reader	NOUN
fsr-3680	155	12	can	can	AUX
fsr-3680	155	13	begin	begin	VERB
fsr-3680	155	14	the	the	DET
fsr-3680	155	15	study	study	NOUN
fsr-3680	155	16	of	of	ADP
fsr-3680	155	17	currency	currency	NOUN
fsr-3680	155	18	options	option	NOUN
fsr-3680	155	19	by	by	ADP
fsr-3680	155	20	referring	refer	VERB
fsr-3680	155	21	to	to	ADP
fsr-3680	155	22	smith	smith	PROPN
fsr-3680	155	23	,	,	PUNCT
fsr-3680	155	24	smithson	smithson	PROPN
fsr-3680	155	25	and	and	CCONJ
fsr-3680	155	26	wilford	wilford	PROPN
fsr-3680	155	27	(	(	PUNCT
fsr-3680	155	28	1990	1990	NUM
fsr-3680	155	29	)	)	PUNCT
fsr-3680	155	30	,	,	PUNCT
fsr-3680	155	31	and	and	CCONJ
fsr-3680	155	32	of	of	ADP
fsr-3680	155	33	options	option	NOUN
fsr-3680	155	34	in	in	ADP
fsr-3680	155	35	internationally	internationally	ADV
fsr-3680	155	36	diversified	diversify	VERB
fsr-3680	155	37	portfo	portfo	VERB
fsr-3680	155	38	lios	lio	NOUN
fsr-3680	155	39	by	by	ADP
fsr-3680	155	40	reading	read	VERB
fsr-3680	155	41	celebuski	celebuski	ADJ
fsr-3680	155	42	,	,	PUNCT
fsr-3680	155	43	hill	hill	NOUN
fsr-3680	155	44	,	,	PUNCT
fsr-3680	155	45	and	and	CCONJ
fsr-3680	155	46	kilgannon	kilgannon	X
fsr-3680	155	47	(	(	PUNCT
fsr-3680	155	48	1990	1990	NUM
fsr-3680	155	49	)	)	PUNCT
fsr-3680	155	50	.	.	PUNCT
fsr-3680	156	1	v.	v.	ADP
fsr-3680	156	2	meansforindividualstoachieveinternational	meansforindividualstoachieveinternational	ADJ
fsr-3680	156	3	diversification	diversification	NOUN
fsr-3680	156	4	technology	technology	NOUN
fsr-3680	156	5	is	be	AUX
fsr-3680	156	6	rapidly	rapidly	ADV
fsr-3680	156	7	making	make	VERB
fsr-3680	156	8	it	it	PRON
fsr-3680	156	9	possible	possible	ADJ
fsr-3680	156	10	for	for	SCONJ
fsr-3680	156	11	an	an	DET
fsr-3680	156	12	individual	individual	NOUN
fsr-3680	156	13	in	in	ADP
fsr-3680	156	14	one	one	NUM
fsr-3680	156	15	country	country	NOUN
fsr-3680	156	16	to	to	PART
fsr-3680	156	17	own	own	VERB
fsr-3680	156	18	specific	specific	ADJ
fsr-3680	156	19	foreign	foreign	ADJ
fsr-3680	156	20	securities	security	NOUN
fsr-3680	156	21	.	.	PUNCT
fsr-3680	157	1	for	for	ADP
fsr-3680	157	2	some	some	DET
fsr-3680	157	3	large	large	ADJ
fsr-3680	157	4	companies	company	NOUN
fsr-3680	157	5	,	,	PUNCT
fsr-3680	157	6	global	global	ADJ
fsr-3680	157	7	investment	investment	NOUN
fsr-3680	157	8	banking	banking	NOUN
fsr-3680	157	9	syndicates	syndicate	NOUN
fsr-3680	157	10	are	be	AUX
fsr-3680	157	11	helping	help	VERB
fsr-3680	157	12	the	the	DET
fsr-3680	157	13	direct	direct	ADJ
fsr-3680	157	14	issue	issue	NOUN
fsr-3680	157	15	of	of	ADP
fsr-3680	157	16	securities	security	NOUN
fsr-3680	157	17	in	in	ADP
fsr-3680	157	18	multiple	multiple	ADJ
fsr-3680	157	19	countries	country	NOUN
fsr-3680	157	20	,	,	PUNCT
fsr-3680	157	21	and	and	CCONJ
fsr-3680	157	22	in	in	ADP
fsr-3680	157	23	multiple	multiple	ADJ
fsr-3680	157	24	currencies	currency	NOUN
fsr-3680	157	25	.	.	PUNCT
fsr-3680	158	1	for	for	ADP
fsr-3680	158	2	smaller	small	ADJ
fsr-3680	158	3	companies	company	NOUN
fsr-3680	158	4	and	and	CCONJ
fsr-3680	158	5	secondary	secondary	ADJ
fsr-3680	158	6	market	market	NOUN
fsr-3680	158	7	activity	activity	NOUN
fsr-3680	158	8	,	,	PUNCT
fsr-3680	158	9	an	an	DET
fsr-3680	158	10	investor	investor	NOUN
fsr-3680	158	11	may	may	AUX
fsr-3680	158	12	already	already	ADV
fsr-3680	158	13	instruct	instruct	VERB
fsr-3680	158	14	his	his	PRON
fsr-3680	158	15	broker	broker	NOUN
fsr-3680	158	16	to	to	PART
fsr-3680	158	17	buy	buy	VERB
fsr-3680	158	18	a	a	DET
fsr-3680	158	19	specific	specific	ADJ
fsr-3680	158	20	security	security	NOUN
fsr-3680	158	21	in	in	ADP
fsr-3680	158	22	its	its	PRON
fsr-3680	158	23	home	home	NOUN
fsr-3680	158	24	foreign	foreign	ADJ
fsr-3680	158	25	market	market	NOUN
fsr-3680	158	26	.	.	PUNCT
fsr-3680	159	1	to	to	PART
fsr-3680	159	2	facilitate	facilitate	VERB
fsr-3680	159	3	this	this	DET
fsr-3680	159	4	process	process	NOUN
fsr-3680	159	5	,	,	PUNCT
fsr-3680	159	6	global	global	ADJ
fsr-3680	159	7	conventions	convention	NOUN
fsr-3680	159	8	for	for	ADP
fsr-3680	159	9	cross	cross	ADJ
fsr-3680	159	10	-	-	ADJ
fsr-3680	159	11	border	border	ADJ
fsr-3680	159	12	international	international	ADJ
fsr-3680	159	13	diversification	diversification	NOUN
fsr-3680	159	14	for	for	ADP
fsr-3680	159	15	the	the	DET
fsr-3680	159	16	individual	individual	NOUN
fsr-3680	159	17	:	:	PUNCT
fsr-3680	159	18	a	a	DET
fsr-3680	159	19	review	review	NOUN
fsr-3680	159	20	169	169	NUM
fsr-3680	159	21	clearance	clearance	NOUN
fsr-3680	159	22	of	of	ADP
fsr-3680	159	23	trades	trade	NOUN
fsr-3680	159	24	are	be	AUX
fsr-3680	159	25	becoming	become	VERB
fsr-3680	159	26	standardized	standardize	VERB
fsr-3680	159	27	,	,	PUNCT
fsr-3680	159	28	with	with	ADP
fsr-3680	159	29	much	much	ADJ
fsr-3680	159	30	progress	progress	NOUN
fsr-3680	159	31	made	make	VERB
fsr-3680	159	32	by	by	ADP
fsr-3680	159	33	the	the	DET
fsr-3680	159	34	g	g	PROPN
fsr-3680	159	35	30	30	NUM
fsr-3680	159	36	,	,	PUNCT
fsr-3680	159	37	the	the	DET
fsr-3680	159	38	international	international	ADJ
fsr-3680	159	39	private	private	ADJ
fsr-3680	159	40	-	-	PUNCT
fsr-3680	159	41	sector	sector	NOUN
fsr-3680	159	42	“	"	PUNCT
fsr-3680	159	43	group	group	NOUN
fsr-3680	159	44	of	of	ADP
fsr-3680	159	45	30	30	NUM
fsr-3680	159	46	”	"	PUNCT
fsr-3680	159	47	bankers	banker	NOUN
fsr-3680	159	48	,	,	PUNCT
fsr-3680	159	49	investors	investor	NOUN
fsr-3680	159	50	,	,	PUNCT
fsr-3680	159	51	regulators	regulator	NOUN
fsr-3680	159	52	and	and	CCONJ
fsr-3680	159	53	officials	official	NOUN
fsr-3680	159	54	concerned	concern	VERB
fsr-3680	159	55	with	with	ADP
fsr-3680	159	56	the	the	DET
fsr-3680	159	57	basic	basic	ADJ
fsr-3680	159	58	mechanisms	mechanism	NOUN
fsr-3680	159	59	underlying	underlie	VERB
fsr-3680	159	60	the	the	DET
fsr-3680	159	61	international	international	ADJ
fsr-3680	159	62	financial	financial	ADJ
fsr-3680	159	63	system	system	NOUN
fsr-3680	159	64	.	.	PUNCT
fsr-3680	160	1	for	for	ADP
fsr-3680	160	2	a	a	DET
fsr-3680	160	3	discussion	discussion	NOUN
fsr-3680	160	4	of	of	ADP
fsr-3680	160	5	the	the	DET
fsr-3680	160	6	globalization	globalization	NOUN
fsr-3680	160	7	of	of	ADP
fsr-3680	160	8	financial	financial	ADJ
fsr-3680	160	9	markets	market	NOUN
fsr-3680	160	10	,	,	PUNCT
fsr-3680	160	11	see	see	VERB
fsr-3680	160	12	pave1	pave1	VERB
fsr-3680	160	13	and	and	CCONJ
fsr-3680	160	14	mcelravey	mcelravey	NOUN
fsr-3680	160	15	(	(	PUNCT
fsr-3680	160	16	1990	1990	NUM
fsr-3680	160	17	)	)	PUNCT
fsr-3680	160	18	)	)	PUNCT
fsr-3680	160	19	and	and	CCONJ
fsr-3680	160	20	for	for	ADP
fsr-3680	160	21	an	an	DET
fsr-3680	160	22	overview	overview	NOUN
fsr-3680	160	23	of	of	ADP
fsr-3680	160	24	policies	policy	NOUN
fsr-3680	160	25	recommended	recommend	VERB
fsr-3680	160	26	by	by	ADP
fsr-3680	160	27	the	the	DET
fsr-3680	160	28	g-30	g-30	NOUN
fsr-3680	160	29	,	,	PUNCT
fsr-3680	160	30	see	see	VERB
fsr-3680	160	31	degennaro	degennaro	NOUN
fsr-3680	160	32	and	and	CCONJ
fsr-3680	160	33	pike	pike	NOUN
fsr-3680	160	34	(	(	PUNCT
fsr-3680	160	35	1990	1990	NUM
fsr-3680	160	36	)	)	PUNCT
fsr-3680	160	37	.	.	PUNCT
fsr-3680	161	1	however	however	ADV
fsr-3680	161	2	,	,	PUNCT
fsr-3680	161	3	at	at	ADP
fsr-3680	161	4	present	present	ADJ
fsr-3680	161	5	,	,	PUNCT
fsr-3680	161	6	the	the	DET
fsr-3680	161	7	most	most	ADV
fsr-3680	161	8	efficient	efficient	ADJ
fsr-3680	161	9	means	mean	NOUN
fsr-3680	161	10	for	for	SCONJ
fsr-3680	161	11	individuals	individual	NOUN
fsr-3680	161	12	to	to	PART
fsr-3680	161	13	achieve	achieve	VERB
fsr-3680	161	14	international	international	ADJ
fsr-3680	161	15	diversification	diversification	NOUN
fsr-3680	161	16	are	be	AUX
fsr-3680	161	17	american	american	ADJ
fsr-3680	161	18	depository	depository	NOUN
fsr-3680	161	19	receipts	receipt	NOUN
fsr-3680	161	20	(	(	PUNCT
fsr-3680	161	21	adrs	adr	NOUN
fsr-3680	161	22	)	)	PUNCT
fsr-3680	161	23	and	and	CCONJ
fsr-3680	161	24	inter	inter	PROPN
fsr-3680	161	25	national	national	ADJ
fsr-3680	161	26	mutual	mutual	ADJ
fsr-3680	161	27	funds	fund	NOUN
fsr-3680	161	28	.	.	PUNCT
fsr-3680	162	1	in	in	ADP
fsr-3680	162	2	addition	addition	NOUN
fsr-3680	162	3	to	to	ADP
fsr-3680	162	4	reviewing	review	VERB
fsr-3680	162	5	some	some	DET
fsr-3680	162	6	research	research	NOUN
fsr-3680	162	7	results	result	NOUN
fsr-3680	162	8	on	on	ADP
fsr-3680	162	9	these	these	DET
fsr-3680	162	10	two	two	NUM
fsr-3680	162	11	media	medium	NOUN
fsr-3680	162	12	,	,	PUNCT
fsr-3680	162	13	we	we	PRON
fsr-3680	162	14	also	also	ADV
fsr-3680	162	15	review	review	VERB
fsr-3680	162	16	some	some	DET
fsr-3680	162	17	research	research	NOUN
fsr-3680	162	18	that	that	PRON
fsr-3680	162	19	suggests	suggest	VERB
fsr-3680	162	20	that	that	SCONJ
fsr-3680	162	21	investment	investment	NOUN
fsr-3680	162	22	in	in	ADP
fsr-3680	162	23	the	the	DET
fsr-3680	162	24	stocks	stock	NOUN
fsr-3680	162	25	of	of	ADP
fsr-3680	162	26	multinational	multinational	ADJ
fsr-3680	162	27	companies	company	NOUN
fsr-3680	162	28	is	be	AUX
fsr-3680	162	29	not	not	PART
fsr-3680	162	30	an	an	DET
fsr-3680	162	31	effective	effective	ADJ
fsr-3680	162	32	means	mean	NOUN
fsr-3680	162	33	of	of	ADP
fsr-3680	162	34	achieving	achieve	VERB
fsr-3680	162	35	international	international	ADJ
fsr-3680	162	36	diversi	diversi	NOUN
fsr-3680	162	37	fication	fication	NOUN
fsr-3680	162	38	.	.	PUNCT
fsr-3680	163	1	a.	a.	PROPN
fsr-3680	163	2	american	american	PROPN
fsr-3680	163	3	depository	depository	PROPN
fsr-3680	163	4	receipts	receipt	NOUN
fsr-3680	163	5	american	american	ADJ
fsr-3680	163	6	depository	depository	NOUN
fsr-3680	163	7	receipts	receipt	NOUN
fsr-3680	163	8	(	(	PUNCT
fsr-3680	163	9	adrs	adr	NOUN
fsr-3680	163	10	)	)	PUNCT
fsr-3680	163	11	are	be	AUX
fsr-3680	163	12	certificates	certificate	NOUN
fsr-3680	163	13	representing	represent	VERB
fsr-3680	163	14	owner	owner	NOUN
fsr-3680	163	15	ship	ship	NOUN
fsr-3680	163	16	of	of	ADP
fsr-3680	163	17	foreign	foreign	ADJ
fsr-3680	163	18	stocks	stock	NOUN
fsr-3680	163	19	.	.	PUNCT
fsr-3680	164	1	an	an	DET
fsr-3680	164	2	adr	adr	PROPN
fsr-3680	164	3	typically	typically	ADV
fsr-3680	164	4	represents	represent	VERB
fsr-3680	164	5	1	1	NUM
fsr-3680	164	6	to	to	PART
fsr-3680	164	7	10	10	NUM
fsr-3680	164	8	shares	share	NOUN
fsr-3680	164	9	of	of	ADP
fsr-3680	164	10	the	the	DET
fsr-3680	164	11	underlying	underlie	VERB
fsr-3680	164	12	stock	stock	NOUN
fsr-3680	164	13	.	.	PUNCT
fsr-3680	165	1	some	some	DET
fsr-3680	165	2	adrs	adr	NOUN
fsr-3680	165	3	are	be	AUX
fsr-3680	165	4	traded	trade	VERB
fsr-3680	165	5	on	on	ADP
fsr-3680	165	6	exchanges	exchange	NOUN
fsr-3680	165	7	,	,	PUNCT
fsr-3680	165	8	while	while	SCONJ
fsr-3680	165	9	the	the	DET
fsr-3680	165	10	vast	vast	ADJ
fsr-3680	165	11	majority	majority	NOUN
fsr-3680	165	12	are	be	AUX
fsr-3680	165	13	traded	trade	VERB
fsr-3680	165	14	over	over	ADP
fsr-3680	165	15	the	the	DET
fsr-3680	165	16	-	-	PUNCT
fsr-3680	165	17	counter	counter	NOUN
fsr-3680	165	18	.	.	PUNCT
fsr-3680	166	1	dividends	dividend	NOUN
fsr-3680	166	2	on	on	ADP
fsr-3680	166	3	stocks	stock	NOUN
fsr-3680	166	4	represented	represent	VERB
fsr-3680	166	5	by	by	ADP
fsr-3680	166	6	adrs	adr	NOUN
fsr-3680	166	7	are	be	AUX
fsr-3680	166	8	received	receive	VERB
fsr-3680	166	9	by	by	ADP
fsr-3680	166	10	a	a	DET
fsr-3680	166	11	depository	depository	NOUN
fsr-3680	166	12	bank	bank	NOUN
fsr-3680	166	13	and	and	CCONJ
fsr-3680	166	14	are	be	AUX
fsr-3680	166	15	transferred	transfer	VERB
fsr-3680	166	16	to	to	ADP
fsr-3680	166	17	investors	investor	NOUN
fsr-3680	166	18	holding	hold	VERB
fsr-3680	166	19	adrs	adr	NOUN
fsr-3680	166	20	.	.	PUNCT
fsr-3680	167	1	banks	bank	NOUN
fsr-3680	167	2	charge	charge	VERB
fsr-3680	167	3	fees	fee	NOUN
fsr-3680	167	4	for	for	ADP
fsr-3680	167	5	transactions	transaction	NOUN
fsr-3680	167	6	involving	involve	VERB
fsr-3680	167	7	the	the	DET
fsr-3680	167	8	payment	payment	NOUN
fsr-3680	167	9	of	of	ADP
fsr-3680	167	10	dividends	dividend	NOUN
fsr-3680	167	11	or	or	CCONJ
fsr-3680	167	12	the	the	DET
fsr-3680	167	13	exchange	exchange	NOUN
fsr-3680	167	14	of	of	ADP
fsr-3680	167	15	adrs	adrs	PROPN
fsr-3680	167	16	for	for	ADP
fsr-3680	167	17	the	the	DET
fsr-3680	167	18	underlying	underlie	VERB
fsr-3680	167	19	shares	share	NOUN
fsr-3680	167	20	.	.	PUNCT
fsr-3680	168	1	some	some	PRON
fsr-3680	168	2	of	of	ADP
fsr-3680	168	3	the	the	DET
fsr-3680	168	4	well	well	ADV
fsr-3680	168	5	-	-	PUNCT
fsr-3680	168	6	known	know	VERB
fsr-3680	168	7	firms	firm	NOUN
fsr-3680	168	8	for	for	ADP
fsr-3680	168	9	which	which	PRON
fsr-3680	168	10	adrs	adr	NOUN
fsr-3680	168	11	are	be	AUX
fsr-3680	168	12	available	available	ADJ
fsr-3680	168	13	include	include	VERB
fsr-3680	168	14	porsche	porsche	PROPN
fsr-3680	168	15	(	(	PUNCT
fsr-3680	168	16	germany	germany	PROPN
fsr-3680	168	17	)	)	PUNCT
fsr-3680	168	18	,	,	PUNCT
fsr-3680	168	19	phillips	phillips	PROPN
fsr-3680	168	20	lamp	lamp	PROPN
fsr-3680	168	21	(	(	PUNCT
fsr-3680	168	22	netherlands	netherlands	PROPN
fsr-3680	168	23	)	)	PUNCT
fsr-3680	168	24	,	,	PUNCT
fsr-3680	168	25	hachette	hachette	PROPN
fsr-3680	168	26	(	(	PUNCT
fsr-3680	168	27	france	france	PROPN
fsr-3680	168	28	)	)	PUNCT
fsr-3680	168	29	,	,	PUNCT
fsr-3680	168	30	and	and	CCONJ
fsr-3680	168	31	jardine	jardine	PROPN
fsr-3680	168	32	mathe	mathe	PROPN
fsr-3680	168	33	son	son	PROPN
fsr-3680	168	34	(	(	PUNCT
fsr-3680	168	35	hong	hong	PROPN
fsr-3680	168	36	kong	kong	PROPN
fsr-3680	168	37	)	)	PUNCT
fsr-3680	168	38	.	.	PUNCT
fsr-3680	169	1	due	due	ADP
fsr-3680	169	2	to	to	ADP
fsr-3680	169	3	global	global	ADJ
fsr-3680	169	4	arbitrage	arbitrage	NOUN
fsr-3680	169	5	strategies	strategy	NOUN
fsr-3680	169	6	in	in	ADP
fsr-3680	169	7	stocks	stock	NOUN
fsr-3680	169	8	and	and	CCONJ
fsr-3680	169	9	currencies	currency	NOUN
fsr-3680	169	10	,	,	PUNCT
fsr-3680	169	11	the	the	DET
fsr-3680	169	12	price	price	NOUN
fsr-3680	169	13	of	of	ADP
fsr-3680	169	14	an	an	DET
fsr-3680	169	15	adr	adr	PROPN
fsr-3680	169	16	in	in	ADP
fsr-3680	169	17	dollars	dollar	NOUN
fsr-3680	169	18	will	will	AUX
fsr-3680	169	19	approximately	approximately	ADV
fsr-3680	169	20	reflect	reflect	VERB
fsr-3680	169	21	the	the	DET
fsr-3680	169	22	“	"	PUNCT
fsr-3680	169	23	unhedged	unhedged	ADJ
fsr-3680	169	24	”	"	PUNCT
fsr-3680	169	25	investment	investment	NOUN
fsr-3680	169	26	into	into	ADP
fsr-3680	169	27	the	the	DET
fsr-3680	169	28	stock	stock	NOUN
fsr-3680	169	29	in	in	ADP
fsr-3680	169	30	its	its	PRON
fsr-3680	169	31	own	own	ADJ
fsr-3680	169	32	local	local	ADJ
fsr-3680	169	33	currency	currency	NOUN
fsr-3680	169	34	.	.	PUNCT
fsr-3680	170	1	see	see	VERB
fsr-3680	170	2	rosenthal	rosenthal	NOUN
fsr-3680	170	3	(	(	PUNCT
fsr-3680	170	4	1983	1983	NUM
fsr-3680	170	5	)	)	PUNCT
fsr-3680	170	6	.	.	PUNCT
fsr-3680	171	1	companies	company	NOUN
fsr-3680	171	2	represented	represent	VERB
fsr-3680	171	3	by	by	ADP
fsr-3680	171	4	adrs	adr	NOUN
fsr-3680	171	5	are	be	AUX
fsr-3680	171	6	required	require	VERB
fsr-3680	171	7	by	by	ADP
fsr-3680	171	8	the	the	DET
fsr-3680	171	9	securities	securities	PROPN
fsr-3680	171	10	and	and	CCONJ
fsr-3680	171	11	exchange	exchange	PROPN
fsr-3680	171	12	commission	commission	PROPN
fsr-3680	171	13	(	(	PUNCT
fsr-3680	171	14	sec	sec	PROPN
fsr-3680	171	15	)	)	PUNCT
fsr-3680	171	16	to	to	PART
fsr-3680	171	17	file	file	VERB
fsr-3680	171	18	financial	financial	ADJ
fsr-3680	171	19	statements	statement	NOUN
fsr-3680	171	20	consistent	consistent	ADJ
fsr-3680	171	21	with	with	ADP
fsr-3680	171	22	the	the	DET
fsr-3680	171	23	generally	generally	ADV
fsr-3680	171	24	accepted	accept	VERB
fsr-3680	171	25	accounting	accounting	NOUN
fsr-3680	171	26	principles	principle	NOUN
fsr-3680	171	27	in	in	ADP
fsr-3680	171	28	the	the	DET
fsr-3680	171	29	u.s	u.s	PROPN
fsr-3680	171	30	.	.	PROPN
fsr-3680	171	31	therefore	therefore	ADV
fsr-3680	171	32	,	,	PUNCT
fsr-3680	171	33	the	the	DET
fsr-3680	171	34	financial	financial	ADJ
fsr-3680	171	35	information	information	NOUN
fsr-3680	171	36	on	on	ADP
fsr-3680	171	37	such	such	ADJ
fsr-3680	171	38	foreign	foreign	ADJ
fsr-3680	171	39	companies	company	NOUN
fsr-3680	171	40	is	be	AUX
fsr-3680	171	41	compatible	compatible	ADJ
fsr-3680	171	42	with	with	ADP
fsr-3680	171	43	information	information	NOUN
fsr-3680	171	44	on	on	ADP
fsr-3680	171	45	u.s	u.s	PROPN
fsr-3680	171	46	.	.	PROPN
fsr-3680	171	47	companies	company	NOUN
fsr-3680	171	48	.	.	PUNCT
fsr-3680	172	1	however	however	ADV
fsr-3680	172	2	,	,	PUNCT
fsr-3680	172	3	some	some	DET
fsr-3680	172	4	reporting	reporting	NOUN
fsr-3680	172	5	rules	rule	NOUN
fsr-3680	172	6	are	be	AUX
fsr-3680	172	7	looser	loose	ADJ
fsr-3680	172	8	for	for	ADP
fsr-3680	172	9	the	the	DET
fsr-3680	172	10	foreign	foreign	ADJ
fsr-3680	172	11	firms	firm	NOUN
fsr-3680	172	12	.	.	PUNCT
fsr-3680	173	1	for	for	ADP
fsr-3680	173	2	example	example	NOUN
fsr-3680	173	3	,	,	PUNCT
fsr-3680	173	4	foreign	foreign	ADJ
fsr-3680	173	5	firms	firm	NOUN
fsr-3680	173	6	only	only	ADV
fsr-3680	173	7	need	need	VERB
fsr-3680	173	8	to	to	PART
fsr-3680	173	9	provide	provide	VERB
fsr-3680	173	10	financial	financial	ADJ
fsr-3680	173	11	reports	report	NOUN
fsr-3680	173	12	to	to	ADP
fsr-3680	173	13	shareholders	shareholder	NOUN
fsr-3680	173	14	semi	semi	ADV
fsr-3680	173	15	-	-	ADV
fsr-3680	173	16	annually	annually	ADV
fsr-3680	173	17	and	and	CCONJ
fsr-3680	173	18	do	do	AUX
fsr-3680	173	19	not	not	PART
fsr-3680	173	20	have	have	VERB
fsr-3680	173	21	to	to	PART
fsr-3680	173	22	disclose	disclose	VERB
fsr-3680	173	23	salaries	salary	NOUN
fsr-3680	173	24	of	of	ADP
fsr-3680	173	25	top	top	ADJ
fsr-3680	173	26	management	management	NOUN
fsr-3680	173	27	.	.	PUNCT
fsr-3680	174	1	in	in	ADP
fsr-3680	174	2	addition	addition	NOUN
fsr-3680	174	3	,	,	PUNCT
fsr-3680	174	4	foreign	foreign	ADJ
fsr-3680	174	5	firms	firm	NOUN
fsr-3680	174	6	can	can	AUX
fsr-3680	174	7	issue	issue	VERB
fsr-3680	174	8	non	non	ADJ
fsr-3680	174	9	-	-	ADJ
fsr-3680	174	10	voting	voting	ADJ
fsr-3680	174	11	stock	stock	NOUN
fsr-3680	174	12	.	.	PUNCT
fsr-3680	175	1	officer	officer	NOUN
fsr-3680	175	2	and	and	CCONJ
fsr-3680	175	3	hoffmeister	hoffmeister	PROPN
fsr-3680	175	4	(	(	PUNCT
fsr-3680	175	5	1987	1987	NUM
fsr-3680	175	6	)	)	PUNCT
fsr-3680	175	7	found	find	VERB
fsr-3680	175	8	that	that	SCONJ
fsr-3680	175	9	adr	adr	PROPN
fsr-3680	175	10	returns	return	NOUN
fsr-3680	175	11	were	be	AUX
fsr-3680	175	12	more	more	ADV
fsr-3680	175	13	volatile	volatile	ADJ
fsr-3680	175	14	than	than	ADP
fsr-3680	175	15	u.s	u.s	PROPN
fsr-3680	175	16	.	.	PROPN
fsr-3680	175	17	stock	stock	NOUN
fsr-3680	175	18	returns	return	NOUN
fsr-3680	175	19	,	,	PUNCT
fsr-3680	175	20	no	no	ADV
fsr-3680	175	21	doubt	doubt	ADV
fsr-3680	175	22	due	due	ADP
fsr-3680	175	23	to	to	ADP
fsr-3680	175	24	the	the	DET
fsr-3680	175	25	added	add	VERB
fsr-3680	175	26	uncertainty	uncertainty	NOUN
fsr-3680	175	27	of	of	ADP
fsr-3680	175	28	exchange	exchange	NOUN
fsr-3680	175	29	rates	rate	NOUN
fsr-3680	175	30	implicit	implicit	ADJ
fsr-3680	175	31	in	in	ADP
fsr-3680	175	32	adr	adr	PROPN
fsr-3680	175	33	prices	price	NOUN
fsr-3680	175	34	,	,	PUNCT
fsr-3680	175	35	but	but	CCONJ
fsr-3680	175	36	combined	combined	ADJ
fsr-3680	175	37	portfolios	portfolio	NOUN
fsr-3680	175	38	of	of	ADP
fsr-3680	175	39	adrs	adrs	PROPN
fsr-3680	175	40	and	and	CCONJ
fsr-3680	175	41	u.s	u.s	PROPN
fsr-3680	175	42	.	.	PROPN
fsr-3680	175	43	stocks	stock	NOUN
fsr-3680	175	44	exhibited	exhibit	VERB
fsr-3680	175	45	significantly	significantly	ADV
fsr-3680	175	46	lower	low	ADJ
fsr-3680	175	47	variance	variance	NOUN
fsr-3680	175	48	than	than	ADP
fsr-3680	175	49	portfolios	portfolio	NOUN
fsr-3680	175	50	solely	solely	ADV
fsr-3680	175	51	composed	compose	VERB
fsr-3680	175	52	of	of	ADP
fsr-3680	175	53	u.s	u.s	PROPN
fsr-3680	175	54	.	.	PROPN
fsr-3680	175	55	stocks	stock	NOUN
fsr-3680	175	56	.	.	PUNCT
fsr-3680	176	1	these	these	DET
fsr-3680	176	2	results	result	NOUN
fsr-3680	176	3	are	be	AUX
fsr-3680	176	4	consistent	consistent	ADJ
fsr-3680	176	5	with	with	ADP
fsr-3680	176	6	those	those	PRON
fsr-3680	176	7	of	of	ADP
fsr-3680	176	8	international	international	ADJ
fsr-3680	176	9	diversification	diversification	NOUN
fsr-3680	176	10	studies	study	NOUN
fsr-3680	176	11	.	.	PUNCT
fsr-3680	177	1	thus	thus	ADV
fsr-3680	177	2	adrs	adr	NOUN
fsr-3680	177	3	could	could	AUX
fsr-3680	177	4	effectively	effectively	ADV
fsr-3680	177	5	enable	enable	VERB
fsr-3680	177	6	u.s	u.s	PROPN
fsr-3680	177	7	.	.	PROPN
fsr-3680	177	8	investors	investor	NOUN
fsr-3680	177	9	to	to	PART
fsr-3680	177	10	reduce	reduce	VERB
fsr-3680	177	11	risk	risk	NOUN
fsr-3680	177	12	.	.	PUNCT
fsr-3680	178	1	related	relate	VERB
fsr-3680	178	2	research	research	NOUN
fsr-3680	178	3	by	by	ADP
fsr-3680	178	4	tucker	tucker	PROPN
fsr-3680	178	5	(	(	PUNCT
fsr-3680	178	6	1987	1987	NUM
fsr-3680	178	7	)	)	PUNCT
fsr-3680	178	8	found	find	VERB
fsr-3680	178	9	that	that	SCONJ
fsr-3680	178	10	a	a	DET
fsr-3680	178	11	u.s	u.s	PROPN
fsr-3680	178	12	.	.	PROPN
fsr-3680	178	13	portfolio	portfolio	NOUN
fsr-3680	178	14	achieves	achieve	VERB
fsr-3680	178	15	marginal	marginal	ADJ
fsr-3680	178	16	diversification	diversification	NOUN
fsr-3680	178	17	benefits	benefit	NOUN
fsr-3680	178	18	from	from	ADP
fsr-3680	178	19	adding	add	VERB
fsr-3680	178	20	adrs	adr	NOUN
fsr-3680	178	21	similar	similar	ADJ
fsr-3680	178	22	to	to	ADP
fsr-3680	178	23	those	those	PRON
fsr-3680	178	24	from	from	ADP
fsr-3680	178	25	adding	add	VERB
fsr-3680	178	26	170	170	NUM
fsr-3680	178	27	financial	financial	ADJ
fsr-3680	178	28	services	service	NOUN
fsr-3680	178	29	review	review	NOUN
fsr-3680	178	30	,	,	PUNCT
fsr-3680	178	31	l(2	l(2	PROPN
fsr-3680	178	32	)	)	PUNCT
fsr-3680	178	33	1991	1991	NUM
fsr-3680	178	34	foreign	foreign	ADJ
fsr-3680	178	35	stocks	stock	NOUN
fsr-3680	178	36	.	.	PUNCT
fsr-3680	179	1	thus	thus	ADV
fsr-3680	179	2	,	,	PUNCT
fsr-3680	179	3	adrs	adrs	PROPN
fsr-3680	179	4	may	may	AUX
fsr-3680	179	5	be	be	AUX
fsr-3680	179	6	an	an	DET
fsr-3680	179	7	adequate	adequate	ADJ
fsr-3680	179	8	substitute	substitute	NOUN
fsr-3680	179	9	for	for	ADP
fsr-3680	179	10	direct	direct	ADJ
fsr-3680	179	11	investment	investment	NOUN
fsr-3680	179	12	in	in	ADP
fsr-3680	179	13	foreign	foreign	ADJ
fsr-3680	179	14	stocks	stock	NOUN
fsr-3680	179	15	.	.	PUNCT
fsr-3680	180	1	however	however	ADV
fsr-3680	180	2	,	,	PUNCT
fsr-3680	180	3	the	the	DET
fsr-3680	180	4	limited	limited	ADJ
fsr-3680	180	5	number	number	NOUN
fsr-3680	180	6	of	of	ADP
fsr-3680	180	7	adrs	adr	NOUN
fsr-3680	180	8	available	available	ADJ
fsr-3680	180	9	and	and	CCONJ
fsr-3680	180	10	the	the	DET
fsr-3680	180	11	costs	cost	NOUN
fsr-3680	180	12	of	of	ADP
fsr-3680	180	13	adr	adr	PROPN
fsr-3680	180	14	transactions	transaction	NOUN
fsr-3680	180	15	may	may	AUX
fsr-3680	180	16	encourage	encourage	VERB
fsr-3680	180	17	some	some	DET
fsr-3680	180	18	individual	individual	ADJ
fsr-3680	180	19	investors	investor	NOUN
fsr-3680	180	20	to	to	PART
fsr-3680	180	21	consider	consider	VERB
fsr-3680	180	22	alternative	alternative	ADJ
fsr-3680	180	23	means	mean	NOUN
fsr-3680	180	24	for	for	ADP
fsr-3680	180	25	international	international	ADJ
fsr-3680	180	26	diversification	diversification	NOUN
fsr-3680	180	27	.	.	PUNCT
fsr-3680	181	1	b.	b.	PROPN
fsr-3680	181	2	international	international	ADJ
fsr-3680	181	3	mutual	mutual	ADJ
fsr-3680	181	4	funds	fund	NOUN
fsr-3680	181	5	international	international	ADJ
fsr-3680	181	6	mutual	mutual	ADJ
fsr-3680	181	7	funds	fund	NOUN
fsr-3680	181	8	may	may	AUX
fsr-3680	181	9	be	be	AUX
fsr-3680	181	10	the	the	DET
fsr-3680	181	11	best	good	ADJ
fsr-3680	181	12	way	way	NOUN
fsr-3680	181	13	for	for	SCONJ
fsr-3680	181	14	the	the	DET
fsr-3680	181	15	individual	individual	NOUN
fsr-3680	181	16	to	to	PART
fsr-3680	181	17	diversify	diversify	VERB
fsr-3680	181	18	internationally	internationally	ADV
fsr-3680	181	19	.	.	PUNCT
fsr-3680	182	1	investors	investor	NOUN
fsr-3680	182	2	can	can	AUX
fsr-3680	182	3	purchase	purchase	VERB
fsr-3680	182	4	shares	share	NOUN
fsr-3680	182	5	of	of	ADP
fsr-3680	182	6	such	such	DET
fsr-3680	182	7	a	a	DET
fsr-3680	182	8	fund	fund	NOUN
fsr-3680	182	9	with	with	ADP
fsr-3680	182	10	a	a	DET
fsr-3680	182	11	small	small	ADJ
fsr-3680	182	12	minimum	minimum	ADJ
fsr-3680	182	13	investment	investment	NOUN
fsr-3680	182	14	,	,	PUNCT
fsr-3680	182	15	such	such	ADJ
fsr-3680	182	16	as	as	ADP
fsr-3680	182	17	$	$	SYM
fsr-3680	182	18	1,000	1,000	NUM
fsr-3680	182	19	.	.	PUNCT
fsr-3680	183	1	investment	investment	NOUN
fsr-3680	183	2	management	management	NOUN
fsr-3680	183	3	companies	company	NOUN
fsr-3680	183	4	often	often	ADV
fsr-3680	183	5	offer	offer	VERB
fsr-3680	183	6	a	a	DET
fsr-3680	183	7	selec	selec	NOUN
fsr-3680	183	8	tion	tion	NOUN
fsr-3680	183	9	of	of	ADP
fsr-3680	183	10	open	open	ADJ
fsr-3680	183	11	-	-	PUNCT
fsr-3680	183	12	end	end	NOUN
fsr-3680	183	13	international	international	ADJ
fsr-3680	183	14	mutual	mutual	ADJ
fsr-3680	183	15	funds	fund	NOUN
fsr-3680	183	16	.	.	PUNCT
fsr-3680	184	1	some	some	DET
fsr-3680	184	2	offer	offer	NOUN
fsr-3680	184	3	managed	manage	VERB
fsr-3680	184	4	portfolios	portfolio	NOUN
fsr-3680	184	5	,	,	PUNCT
fsr-3680	184	6	while	while	SCONJ
fsr-3680	184	7	others	other	NOUN
fsr-3680	184	8	are	be	AUX
fsr-3680	184	9	“	"	PUNCT
fsr-3680	184	10	index	index	NOUN
fsr-3680	184	11	”	"	PUNCT
fsr-3680	184	12	funds	fund	NOUN
fsr-3680	184	13	.	.	PUNCT
fsr-3680	185	1	some	some	PRON
fsr-3680	185	2	will	will	AUX
fsr-3680	185	3	offer	offer	VERB
fsr-3680	185	4	worldwide	worldwide	ADJ
fsr-3680	185	5	diversification	diversification	NOUN
fsr-3680	185	6	(	(	PUNCT
fsr-3680	185	7	with	with	ADP
fsr-3680	185	8	or	or	CCONJ
fsr-3680	185	9	without	without	ADP
fsr-3680	185	10	u.s	u.s	PROPN
fsr-3680	185	11	.	.	PROPN
fsr-3680	185	12	stocks	stock	NOUN
fsr-3680	185	13	)	)	PUNCT
fsr-3680	185	14	,	,	PUNCT
fsr-3680	185	15	while	while	SCONJ
fsr-3680	185	16	others	other	NOUN
fsr-3680	185	17	offer	offer	VERB
fsr-3680	185	18	regional	regional	ADJ
fsr-3680	185	19	or	or	CCONJ
fsr-3680	185	20	country	country	NOUN
fsr-3680	185	21	-	-	PUNCT
fsr-3680	185	22	specific	specific	ADJ
fsr-3680	185	23	investment	investment	NOUN
fsr-3680	185	24	.	.	PUNCT
fsr-3680	186	1	several	several	ADJ
fsr-3680	186	2	studies	study	NOUN
fsr-3680	186	3	have	have	AUX
fsr-3680	186	4	demonstrated	demonstrate	VERB
fsr-3680	186	5	that	that	SCONJ
fsr-3680	186	6	u.s	u.s	PROPN
fsr-3680	186	7	.	.	PROPN
fsr-3680	186	8	investment	investment	NOUN
fsr-3680	186	9	in	in	ADP
fsr-3680	186	10	a	a	DET
fsr-3680	186	11	foreign	foreign	ADJ
fsr-3680	186	12	stock	stock	NOUN
fsr-3680	186	13	portfolio	portfolio	NOUN
fsr-3680	186	14	representing	represent	VERB
fsr-3680	186	15	various	various	ADJ
fsr-3680	186	16	countries	country	NOUN
fsr-3680	186	17	exhibits	exhibit	VERB
fsr-3680	186	18	less	less	ADJ
fsr-3680	186	19	risk	risk	NOUN
fsr-3680	186	20	than	than	ADP
fsr-3680	186	21	u.s	u.s	PROPN
fsr-3680	186	22	.	.	PROPN
fsr-3680	186	23	investment	investment	NOUN
fsr-3680	186	24	in	in	ADP
fsr-3680	186	25	a	a	DET
fsr-3680	186	26	foreign	foreign	ADJ
fsr-3680	186	27	stock	stock	NOUN
fsr-3680	186	28	portfolio	portfolio	NOUN
fsr-3680	186	29	representing	represent	VERB
fsr-3680	186	30	a	a	DET
fsr-3680	186	31	single	single	ADJ
fsr-3680	186	32	country	country	NOUN
fsr-3680	186	33	.	.	PUNCT
fsr-3680	187	1	some	some	DET
fsr-3680	187	2	u.s	u.s	PROPN
fsr-3680	187	3	.	.	PROPN
fsr-3680	187	4	investors	investor	NOUN
fsr-3680	187	5	have	have	AUX
fsr-3680	187	6	taken	take	VERB
fsr-3680	187	7	this	this	PRON
fsr-3680	187	8	to	to	PART
fsr-3680	187	9	mean	mean	VERB
fsr-3680	187	10	that	that	SCONJ
fsr-3680	187	11	an	an	DET
fsr-3680	187	12	international	international	ADJ
fsr-3680	187	13	mutual	mutual	ADJ
fsr-3680	187	14	fund	fund	NOUN
fsr-3680	187	15	is	be	AUX
fsr-3680	187	16	less	less	ADV
fsr-3680	187	17	risky	risky	ADJ
fsr-3680	187	18	than	than	ADP
fsr-3680	187	19	a	a	DET
fsr-3680	187	20	domestic	domestic	ADJ
fsr-3680	187	21	mutual	mutual	ADJ
fsr-3680	187	22	fund	fund	NOUN
fsr-3680	187	23	.	.	PUNCT
fsr-3680	188	1	such	such	ADJ
fsr-3680	188	2	investors	investor	NOUN
fsr-3680	188	3	may	may	AUX
fsr-3680	188	4	be	be	AUX
fsr-3680	188	5	surprised	surprised	ADJ
fsr-3680	188	6	to	to	PART
fsr-3680	188	7	find	find	VERB
fsr-3680	188	8	that	that	SCONJ
fsr-3680	188	9	domestic	domestic	ADJ
fsr-3680	188	10	funds	fund	NOUN
fsr-3680	188	11	typically	typically	ADV
fsr-3680	188	12	exhibit	exhibit	VERB
fsr-3680	188	13	less	less	ADJ
fsr-3680	188	14	variance	variance	NOUN
fsr-3680	188	15	.	.	PUNCT
fsr-3680	189	1	foreign	foreign	ADJ
fsr-3680	189	2	stock	stock	NOUN
fsr-3680	189	3	holdings	holding	NOUN
fsr-3680	189	4	will	will	AUX
fsr-3680	189	5	normally	normally	ADV
fsr-3680	189	6	reduce	reduce	VERB
fsr-3680	189	7	a	a	DET
fsr-3680	189	8	u.s	u.s	PROPN
fsr-3680	189	9	.	.	PROPN
fsr-3680	189	10	investor	investor	NOUN
fsr-3680	189	11	’s	’s	PART
fsr-3680	189	12	risk	risk	NOUN
fsr-3680	189	13	only	only	ADV
fsr-3680	189	14	if	if	SCONJ
fsr-3680	189	15	the	the	DET
fsr-3680	189	16	investor	investor	NOUN
fsr-3680	189	17	continues	continue	VERB
fsr-3680	189	18	to	to	PART
fsr-3680	189	19	maintain	maintain	VERB
fsr-3680	189	20	some	some	DET
fsr-3680	189	21	u.s	u.s	PROPN
fsr-3680	189	22	.	.	PROPN
fsr-3680	189	23	stocks	stock	NOUN
fsr-3680	189	24	within	within	ADP
fsr-3680	189	25	the	the	DET
fsr-3680	189	26	portfolio	portfolio	NOUN
fsr-3680	189	27	.	.	PUNCT
fsr-3680	190	1	individual	individual	ADJ
fsr-3680	190	2	investors	investor	NOUN
fsr-3680	190	3	can	can	AUX
fsr-3680	190	4	more	more	ADV
fsr-3680	190	5	easily	easily	ADV
fsr-3680	190	6	make	make	VERB
fsr-3680	190	7	investments	investment	NOUN
fsr-3680	190	8	that	that	SCONJ
fsr-3680	190	9	“	"	PUNCT
fsr-3680	190	10	mirror	mirror	NOUN
fsr-3680	190	11	”	"	PUNCT
fsr-3680	190	12	the	the	DET
fsr-3680	190	13	market	market	NOUN
fsr-3680	190	14	of	of	ADP
fsr-3680	190	15	a	a	DET
fsr-3680	190	16	single	single	ADJ
fsr-3680	190	17	country	country	NOUN
fsr-3680	190	18	when	when	SCONJ
fsr-3680	190	19	they	they	PRON
fsr-3680	190	20	purchase	purchase	VERB
fsr-3680	190	21	international	international	ADJ
fsr-3680	190	22	mutual	mutual	ADJ
fsr-3680	190	23	funds	fund	NOUN
fsr-3680	190	24	.	.	PUNCT
fsr-3680	191	1	there	there	PRON
fsr-3680	191	2	are	be	VERB
fsr-3680	191	3	also	also	ADV
fsr-3680	191	4	numerous	numerous	ADJ
fsr-3680	191	5	funds	fund	NOUN
fsr-3680	191	6	invested	invest	VERB
fsr-3680	191	7	in	in	ADP
fsr-3680	191	8	a	a	DET
fsr-3680	191	9	single	single	ADJ
fsr-3680	191	10	country	country	NOUN
fsr-3680	191	11	and	and	CCONJ
fsr-3680	191	12	exchange	exchange	NOUN
fsr-3680	191	13	-	-	PUNCT
fsr-3680	191	14	traded	trade	VERB
fsr-3680	191	15	on	on	ADP
fsr-3680	191	16	a	a	DET
fsr-3680	191	17	closed	close	VERB
fsr-3680	191	18	-	-	PUNCT
fsr-3680	191	19	end	end	NOUN
fsr-3680	191	20	basis	basis	NOUN
fsr-3680	191	21	.	.	PUNCT
fsr-3680	192	1	by	by	ADP
fsr-3680	192	2	investing	invest	VERB
fsr-3680	192	3	in	in	ADP
fsr-3680	192	4	several	several	ADJ
fsr-3680	192	5	of	of	ADP
fsr-3680	192	6	these	these	DET
fsr-3680	192	7	single	single	ADJ
fsr-3680	192	8	-	-	PUNCT
fsr-3680	192	9	country	country	NOUN
fsr-3680	192	10	funds	fund	NOUN
fsr-3680	192	11	,	,	PUNCT
fsr-3680	192	12	individual	individual	ADJ
fsr-3680	192	13	investors	investor	NOUN
fsr-3680	192	14	can	can	AUX
fsr-3680	192	15	create	create	VERB
fsr-3680	192	16	a	a	DET
fsr-3680	192	17	well	well	ADV
fsr-3680	192	18	diversified	diversify	VERB
fsr-3680	192	19	portfolio	portfolio	NOUN
fsr-3680	192	20	,	,	PUNCT
fsr-3680	192	21	especially	especially	ADV
fsr-3680	192	22	of	of	ADP
fsr-3680	192	23	stocks	stock	NOUN
fsr-3680	192	24	of	of	ADP
fsr-3680	192	25	countries	country	NOUN
fsr-3680	192	26	whose	whose	DET
fsr-3680	192	27	markets	market	NOUN
fsr-3680	192	28	are	be	AUX
fsr-3680	192	29	less	less	ADV
fsr-3680	192	30	well	well	ADV
fsr-3680	192	31	-	-	PUNCT
fsr-3680	192	32	developed	develop	VERB
fsr-3680	192	33	.	.	PUNCT
fsr-3680	193	1	with	with	ADP
fsr-3680	193	2	as	as	ADV
fsr-3680	193	3	little	little	ADJ
fsr-3680	193	4	as	as	ADP
fsr-3680	193	5	$	$	SYM
fsr-3680	193	6	30,000	30,000	NUM
fsr-3680	193	7	and	and	CCONJ
fsr-3680	193	8	low	low	ADJ
fsr-3680	193	9	transac	transac	NOUN
fsr-3680	193	10	tions	tion	NOUN
fsr-3680	193	11	costs	cost	NOUN
fsr-3680	193	12	,	,	PUNCT
fsr-3680	193	13	they	they	PRON
fsr-3680	193	14	may	may	AUX
fsr-3680	193	15	be	be	AUX
fsr-3680	193	16	able	able	ADJ
fsr-3680	193	17	to	to	PART
fsr-3680	193	18	invest	invest	VERB
fsr-3680	193	19	in	in	ADP
fsr-3680	193	20	over	over	ADP
fsr-3680	193	21	one	one	NUM
fsr-3680	193	22	thousand	thousand	NUM
fsr-3680	193	23	stocks	stock	NOUN
fsr-3680	193	24	from	from	ADP
fsr-3680	193	25	more	more	ADJ
fsr-3680	193	26	than	than	ADP
fsr-3680	193	27	ten	ten	NUM
fsr-3680	193	28	foreign	foreign	ADJ
fsr-3680	193	29	countries	country	NOUN
fsr-3680	193	30	.	.	PUNCT
fsr-3680	194	1	essayyad	essayyad	NOUN
fsr-3680	194	2	and	and	CCONJ
fsr-3680	194	3	wu	wu	PROPN
fsr-3680	194	4	(	(	PUNCT
fsr-3680	194	5	1987	1987	NUM
fsr-3680	194	6	)	)	PUNCT
fsr-3680	194	7	assessed	assess	VERB
fsr-3680	194	8	the	the	DET
fsr-3680	194	9	diversification	diversification	NOUN
fsr-3680	194	10	attributes	attribute	NOUN
fsr-3680	194	11	of	of	ADP
fsr-3680	194	12	i8	i8	PROPN
fsr-3680	194	13	interna	interna	PROPN
fsr-3680	194	14	tional	tional	PROPN
fsr-3680	194	15	mutual	mutual	ADJ
fsr-3680	194	16	funds	fund	NOUN
fsr-3680	194	17	over	over	ADP
fsr-3680	194	18	the	the	DET
fsr-3680	194	19	1977	1977	NUM
fsr-3680	194	20	-	-	SYM
fsr-3680	194	21	1984	1984	NUM
fsr-3680	194	22	period	period	NOUN
fsr-3680	194	23	.	.	PUNCT
fsr-3680	195	1	fifteen	fifteen	NUM
fsr-3680	195	2	of	of	ADP
fsr-3680	195	3	the	the	DET
fsr-3680	195	4	funds	fund	NOUN
fsr-3680	195	5	exhibited	exhibit	VERB
fsr-3680	195	6	a	a	DET
fsr-3680	195	7	higher	high	ADJ
fsr-3680	195	8	mean	mean	NOUN
fsr-3680	195	9	return	return	NOUN
fsr-3680	195	10	than	than	ADP
fsr-3680	195	11	the	the	DET
fsr-3680	195	12	s&p	s&p	PROPN
fsr-3680	195	13	500	500	NUM
fsr-3680	195	14	index	index	NOUN
fsr-3680	195	15	.	.	PUNCT
fsr-3680	196	1	in	in	ADP
fsr-3680	196	2	addition	addition	NOUN
fsr-3680	196	3	,	,	PUNCT
fsr-3680	196	4	16	16	NUM
fsr-3680	196	5	of	of	ADP
fsr-3680	196	6	the	the	DET
fsr-3680	196	7	funds	fund	NOUN
fsr-3680	196	8	exhibited	exhibit	VERB
fsr-3680	196	9	a	a	DET
fsr-3680	196	10	lower	low	ADJ
fsr-3680	196	11	coefficient	coefficient	NOUN
fsr-3680	196	12	of	of	ADP
fsr-3680	196	13	variation	variation	NOUN
fsr-3680	196	14	than	than	ADP
fsr-3680	196	15	the	the	DET
fsr-3680	196	16	s&p	s&p	PROPN
fsr-3680	196	17	500	500	NUM
fsr-3680	196	18	index	index	NOUN
fsr-3680	196	19	.	.	PUNCT
fsr-3680	197	1	essayyed	essayye	VERB
fsr-3680	197	2	and	and	CCONJ
fsr-3680	197	3	wu	wu	PROPN
fsr-3680	197	4	also	also	ADV
fsr-3680	197	5	found	find	VERB
fsr-3680	197	6	that	that	SCONJ
fsr-3680	197	7	the	the	DET
fsr-3680	197	8	average	average	ADJ
fsr-3680	197	9	percentage	percentage	NOUN
fsr-3680	197	10	of	of	ADP
fsr-3680	197	11	variation	variation	NOUN
fsr-3680	197	12	in	in	ADP
fsr-3680	197	13	fund	fund	NOUN
fsr-3680	197	14	returns	return	NOUN
fsr-3680	197	15	explained	explain	VERB
fsr-3680	197	16	by	by	ADP
fsr-3680	197	17	s&p	s&p	PROPN
fsr-3680	197	18	500	500	NUM
fsr-3680	197	19	movements	movement	NOUN
fsr-3680	197	20	was	be	AUX
fsr-3680	197	21	only	only	ADV
fsr-3680	197	22	about	about	ADV
fsr-3680	197	23	24	24	NUM
fsr-3680	197	24	%	%	NOUN
fsr-3680	197	25	.	.	PUNCT
fsr-3680	198	1	in	in	ADP
fsr-3680	198	2	a	a	DET
fsr-3680	198	3	related	related	ADJ
fsr-3680	198	4	study	study	NOUN
fsr-3680	198	5	,	,	PUNCT
fsr-3680	198	6	rao	rao	NOUN
fsr-3680	198	7	and	and	CCONJ
fsr-3680	198	8	aggarwal	aggarwal	PROPN
fsr-3680	198	9	(	(	PUNCT
fsr-3680	198	10	1987	1987	NUM
fsr-3680	198	11	)	)	PUNCT
fsr-3680	198	12	examined	examine	VERB
fsr-3680	198	13	international	international	ADJ
fsr-3680	198	14	mutual	mutual	ADJ
fsr-3680	198	15	fund	fund	NOUN
fsr-3680	198	16	returns	return	NOUN
fsr-3680	198	17	’	'	PUNCT
fsr-3680	198	18	sensitivity	sensitivity	NOUN
fsr-3680	198	19	to	to	ADP
fsr-3680	198	20	the	the	DET
fsr-3680	198	21	s&p	s&p	PROPN
fsr-3680	198	22	500	500	NUM
fsr-3680	198	23	index	index	NOUN
fsr-3680	198	24	.	.	PUNCT
fsr-3680	199	1	they	they	PRON
fsr-3680	199	2	found	find	VERB
fsr-3680	199	3	that	that	SCONJ
fsr-3680	199	4	the	the	DET
fsr-3680	199	5	funds	fund	NOUN
fsr-3680	199	6	’	'	PUNCT
fsr-3680	199	7	estimated	estimate	VERB
fsr-3680	199	8	betas	beta	NOUN
fsr-3680	199	9	were	be	AUX
fsr-3680	199	10	less	less	ADJ
fsr-3680	199	11	than	than	ADP
fsr-3680	199	12	1	1	NUM
fsr-3680	199	13	.oo	.oo	PUNCT
fsr-3680	199	14	and	and	CCONJ
fsr-3680	199	15	that	that	SCONJ
fsr-3680	199	16	on	on	ADP
fsr-3680	199	17	average	average	ADJ
fsr-3680	199	18	only	only	ADV
fsr-3680	199	19	30	30	NUM
fsr-3680	199	20	%	%	NOUN
fsr-3680	199	21	of	of	ADP
fsr-3680	199	22	the	the	DET
fsr-3680	199	23	variation	variation	NOUN
fsr-3680	199	24	in	in	ADP
fsr-3680	199	25	each	each	DET
fsr-3680	199	26	fund	fund	NOUN
fsr-3680	199	27	’s	’s	PART
fsr-3680	199	28	returns	return	NOUN
fsr-3680	199	29	could	could	AUX
fsr-3680	199	30	be	be	AUX
fsr-3680	199	31	explained	explain	VERB
fsr-3680	199	32	by	by	ADP
fsr-3680	199	33	market	market	NOUN
fsr-3680	199	34	movements	movement	NOUN
fsr-3680	199	35	.	.	PUNCT
fsr-3680	200	1	this	this	PRON
fsr-3680	200	2	is	be	AUX
fsr-3680	200	3	significantly	significantly	ADV
fsr-3680	200	4	below	below	ADP
fsr-3680	200	5	the	the	DET
fsr-3680	200	6	average	average	ADJ
fsr-3680	200	7	explained	explain	VERB
fsr-3680	200	8	variation	variation	NOUN
fsr-3680	200	9	for	for	ADP
fsr-3680	200	10	domestic	domestic	ADJ
fsr-3680	200	11	mutual	mutual	ADJ
fsr-3680	200	12	funds	fund	NOUN
fsr-3680	200	13	with	with	ADP
fsr-3680	200	14	similar	similar	ADJ
fsr-3680	200	15	regression	regression	NOUN
fsr-3680	200	16	applications	application	NOUN
fsr-3680	200	17	.	.	PUNCT
fsr-3680	201	1	thus	thus	ADV
fsr-3680	201	2	,	,	PUNCT
fsr-3680	201	3	since	since	SCONJ
fsr-3680	201	4	the	the	DET
fsr-3680	201	5	international	international	ADJ
fsr-3680	201	6	mutual	mutual	ADJ
fsr-3680	201	7	fund	fund	NOUN
fsr-3680	201	8	returns	return	NOUN
fsr-3680	201	9	were	be	AUX
fsr-3680	201	10	not	not	PART
fsr-3680	201	11	driven	drive	VERB
fsr-3680	201	12	by	by	ADP
fsr-3680	201	13	the	the	DET
fsr-3680	201	14	u.s	u.s	PROPN
fsr-3680	201	15	.	.	PROPN
fsr-3680	201	16	market	market	NOUN
fsr-3680	201	17	,	,	PUNCT
fsr-3680	201	18	such	such	ADJ
fsr-3680	201	19	funds	fund	NOUN
fsr-3680	201	20	appear	appear	VERB
fsr-3680	201	21	to	to	PART
fsr-3680	201	22	be	be	AUX
fsr-3680	201	23	viable	viable	ADJ
fsr-3680	201	24	means	mean	NOUN
fsr-3680	201	25	of	of	ADP
fsr-3680	201	26	achieving	achieve	VERB
fsr-3680	201	27	international	international	ADJ
fsr-3680	201	28	diversification	diversification	NOUN
fsr-3680	201	29	.	.	PUNCT
fsr-3680	202	1	a	a	DET
fsr-3680	202	2	recent	recent	ADJ
fsr-3680	202	3	study	study	NOUN
fsr-3680	202	4	by	by	ADP
fsr-3680	202	5	essayad	essayad	NOUN
fsr-3680	202	6	,	,	PUNCT
fsr-3680	202	7	madura	madura	NOUN
fsr-3680	202	8	,	,	PUNCT
fsr-3680	202	9	and	and	CCONJ
fsr-3680	202	10	marx	marx	PROPN
fsr-3680	202	11	(	(	PUNCT
fsr-3680	202	12	199	199	NUM
fsr-3680	202	13	1	1	NUM
fsr-3680	202	14	)	)	PUNCT
fsr-3680	202	15	assessed	assess	VERB
fsr-3680	202	16	the	the	DET
fsr-3680	202	17	diversifica	diversifica	NOUN
fsr-3680	202	18	znternational	znternational	ADJ
fsr-3680	202	19	diversification	diversification	NOUN
fsr-3680	202	20	for	for	ADP
fsr-3680	202	21	the	the	DET
fsr-3680	202	22	individual	individual	NOUN
fsr-3680	202	23	:	:	PUNCT
fsr-3680	202	24	a	a	DET
fsr-3680	202	25	review	review	NOUN
fsr-3680	202	26	171	171	NUM
fsr-3680	202	27	tion	tion	NOUN
fsr-3680	202	28	potential	potential	NOUN
fsr-3680	202	29	across	across	ADP
fsr-3680	202	30	international	international	ADJ
fsr-3680	202	31	mutual	mutual	ADJ
fsr-3680	202	32	funds	fund	NOUN
fsr-3680	202	33	.	.	PUNCT
fsr-3680	203	1	since	since	SCONJ
fsr-3680	203	2	many	many	ADJ
fsr-3680	203	3	of	of	ADP
fsr-3680	203	4	the	the	DET
fsr-3680	203	5	funds	fund	NOUN
fsr-3680	203	6	are	be	AUX
fsr-3680	203	7	concentrated	concentrate	VERB
fsr-3680	203	8	in	in	ADP
fsr-3680	203	9	a	a	DET
fsr-3680	203	10	particular	particular	ADJ
fsr-3680	203	11	region	region	NOUN
fsr-3680	203	12	,	,	PUNCT
fsr-3680	203	13	they	they	PRON
fsr-3680	203	14	do	do	AUX
fsr-3680	203	15	not	not	PART
fsr-3680	203	16	reflect	reflect	VERB
fsr-3680	203	17	fully	fully	ADV
fsr-3680	203	18	diversified	diversify	VERB
fsr-3680	203	19	portfolios	portfolio	NOUN
fsr-3680	203	20	across	across	ADP
fsr-3680	203	21	the	the	DET
fsr-3680	203	22	world	world	NOUN
fsr-3680	203	23	.	.	PUNCT
fsr-3680	204	1	thus	thus	ADV
fsr-3680	204	2	,	,	PUNCT
fsr-3680	204	3	there	there	PRON
fsr-3680	204	4	may	may	AUX
fsr-3680	204	5	be	be	AUX
fsr-3680	204	6	some	some	DET
fsr-3680	204	7	additional	additional	ADJ
fsr-3680	204	8	benefits	benefit	NOUN
fsr-3680	204	9	to	to	PART
fsr-3680	204	10	be	be	AUX
fsr-3680	204	11	gained	gain	VERB
fsr-3680	204	12	by	by	ADP
fsr-3680	204	13	investing	invest	VERB
fsr-3680	204	14	in	in	ADP
fsr-3680	204	15	a	a	DET
fsr-3680	204	16	portfolio	portfolio	NOUN
fsr-3680	204	17	of	of	ADP
fsr-3680	204	18	international	international	ADJ
fsr-3680	204	19	funds	fund	NOUN
fsr-3680	204	20	.	.	PUNCT
fsr-3680	205	1	the	the	DET
fsr-3680	205	2	researchers	researcher	NOUN
fsr-3680	205	3	found	find	VERB
fsr-3680	205	4	that	that	SCONJ
fsr-3680	205	5	on	on	ADP
fsr-3680	205	6	average	average	ADJ
fsr-3680	205	7	a	a	DET
fsr-3680	205	8	portfolio	portfolio	NOUN
fsr-3680	205	9	of	of	ADP
fsr-3680	205	10	two	two	NUM
fsr-3680	205	11	funds	fund	NOUN
fsr-3680	205	12	contains	contain	VERB
fsr-3680	205	13	34	34	NUM
fsr-3680	205	14	%	%	NOUN
fsr-3680	205	15	less	less	ADJ
fsr-3680	205	16	risk	risk	NOUN
fsr-3680	205	17	than	than	ADP
fsr-3680	205	18	a	a	DET
fsr-3680	205	19	single	single	ADJ
fsr-3680	205	20	international	international	ADJ
fsr-3680	205	21	fund	fund	NOUN
fsr-3680	205	22	.	.	PUNCT
fsr-3680	206	1	they	they	PRON
fsr-3680	206	2	also	also	ADV
fsr-3680	206	3	found	find	VERB
fsr-3680	206	4	additional	additional	ADJ
fsr-3680	206	5	risk	risk	NOUN
fsr-3680	206	6	reduction	reduction	NOUN
fsr-3680	206	7	as	as	SCONJ
fsr-3680	206	8	more	more	ADJ
fsr-3680	206	9	funds	fund	NOUN
fsr-3680	206	10	were	be	AUX
fsr-3680	206	11	added	add	VERB
fsr-3680	206	12	to	to	ADP
fsr-3680	206	13	the	the	DET
fsr-3680	206	14	portfolio	portfolio	NOUN
fsr-3680	206	15	.	.	PUNCT
fsr-3680	207	1	a	a	DET
fsr-3680	207	2	portfolio	portfolio	NOUN
fsr-3680	207	3	of	of	ADP
fsr-3680	207	4	eight	eight	NUM
fsr-3680	207	5	funds	fund	NOUN
fsr-3680	207	6	contained	contain	VERB
fsr-3680	207	7	59	59	NUM
fsr-3680	207	8	%	%	NOUN
fsr-3680	207	9	less	less	ADJ
fsr-3680	207	10	risk	risk	NOUN
fsr-3680	207	11	than	than	ADP
fsr-3680	207	12	a	a	DET
fsr-3680	207	13	single	single	ADJ
fsr-3680	207	14	international	international	ADJ
fsr-3680	207	15	fund	fund	NOUN
fsr-3680	207	16	,	,	PUNCT
fsr-3680	207	17	on	on	ADP
fsr-3680	207	18	average	average	ADJ
fsr-3680	207	19	.	.	PUNCT
fsr-3680	208	1	after	after	ADP
fsr-3680	208	2	that	that	DET
fsr-3680	208	3	point	point	NOUN
fsr-3680	208	4	,	,	PUNCT
fsr-3680	208	5	adding	add	VERB
fsr-3680	208	6	more	more	ADJ
fsr-3680	208	7	funds	fund	NOUN
fsr-3680	208	8	to	to	ADP
fsr-3680	208	9	the	the	DET
fsr-3680	208	10	portfolio	portfolio	NOUN
fsr-3680	208	11	had	have	VERB
fsr-3680	208	12	a	a	DET
fsr-3680	208	13	negligible	negligible	ADJ
fsr-3680	208	14	effect	effect	NOUN
fsr-3680	208	15	.	.	PUNCT
fsr-3680	209	1	thus	thus	ADV
fsr-3680	209	2	it	it	PRON
fsr-3680	209	3	appears	appear	VERB
fsr-3680	209	4	that	that	SCONJ
fsr-3680	209	5	on	on	ADP
fsr-3680	209	6	average	average	ADJ
fsr-3680	209	7	about	about	ADV
fsr-3680	209	8	eight	eight	NUM
fsr-3680	209	9	international	international	ADJ
fsr-3680	209	10	funds	fund	NOUN
fsr-3680	209	11	are	be	AUX
fsr-3680	209	12	needed	need	VERB
fsr-3680	209	13	to	to	PART
fsr-3680	209	14	achieve	achieve	VERB
fsr-3680	209	15	complete	complete	ADJ
fsr-3680	209	16	global	global	ADJ
fsr-3680	209	17	diversification	diversification	NOUN
fsr-3680	209	18	.	.	PUNCT
fsr-3680	210	1	the	the	DET
fsr-3680	210	2	precise	precise	ADJ
fsr-3680	210	3	number	number	NOUN
fsr-3680	210	4	will	will	AUX
fsr-3680	210	5	vary	vary	VERB
fsr-3680	210	6	with	with	ADP
fsr-3680	210	7	the	the	DET
fsr-3680	210	8	type	type	NOUN
fsr-3680	210	9	of	of	ADP
fsr-3680	210	10	funds	fund	NOUN
fsr-3680	210	11	considered	consider	VERB
fsr-3680	210	12	.	.	PUNCT
fsr-3680	211	1	if	if	SCONJ
fsr-3680	211	2	funds	fund	NOUN
fsr-3680	211	3	focusing	focus	VERB
fsr-3680	211	4	on	on	ADP
fsr-3680	211	5	a	a	DET
fsr-3680	211	6	single	single	ADJ
fsr-3680	211	7	country	country	NOUN
fsr-3680	211	8	are	be	AUX
fsr-3680	211	9	used	use	VERB
fsr-3680	211	10	,	,	PUNCT
fsr-3680	211	11	more	more	ADJ
fsr-3680	211	12	funds	fund	NOUN
fsr-3680	211	13	would	would	AUX
fsr-3680	211	14	no	no	ADV
fsr-3680	211	15	doubt	doubt	ADV
fsr-3680	211	16	be	be	AUX
fsr-3680	211	17	necessary	necessary	ADJ
fsr-3680	211	18	to	to	PART
fsr-3680	211	19	achieve	achieve	VERB
fsr-3680	211	20	complete	complete	ADJ
fsr-3680	211	21	global	global	ADJ
fsr-3680	211	22	diversification	diversification	NOUN
fsr-3680	211	23	.	.	PUNCT
fsr-3680	212	1	cumby	cumby	PROPN
fsr-3680	212	2	and	and	CCONJ
fsr-3680	212	3	glen	glen	PROPN
fsr-3680	212	4	(	(	PUNCT
fsr-3680	212	5	1990	1990	NUM
fsr-3680	212	6	)	)	PUNCT
fsr-3680	212	7	found	find	VERB
fsr-3680	212	8	that	that	SCONJ
fsr-3680	212	9	over	over	ADP
fsr-3680	212	10	the	the	DET
fsr-3680	212	11	19821988	19821988	NUM
fsr-3680	212	12	period	period	NOUN
fsr-3680	212	13	,	,	PUNCT
fsr-3680	212	14	international	international	ADJ
fsr-3680	212	15	mutual	mutual	ADJ
fsr-3680	212	16	funds	fund	NOUN
fsr-3680	212	17	did	do	AUX
fsr-3680	212	18	not	not	PART
fsr-3680	212	19	provide	provide	VERB
fsr-3680	212	20	superior	superior	ADJ
fsr-3680	212	21	performance	performance	NOUN
fsr-3680	212	22	relative	relative	ADJ
fsr-3680	212	23	to	to	ADP
fsr-3680	212	24	a	a	DET
fsr-3680	212	25	broad	broad	ADJ
fsr-3680	212	26	international	international	ADJ
fsr-3680	212	27	index	index	NOUN
fsr-3680	212	28	.	.	PUNCT
fsr-3680	213	1	however	however	ADV
fsr-3680	213	2	,	,	PUNCT
fsr-3680	213	3	individual	individual	ADJ
fsr-3680	213	4	investors	investor	NOUN
fsr-3680	213	5	may	may	AUX
fsr-3680	213	6	still	still	ADV
fsr-3680	213	7	prefer	prefer	VERB
fsr-3680	213	8	international	international	ADJ
fsr-3680	213	9	funds	fund	NOUN
fsr-3680	213	10	as	as	ADP
fsr-3680	213	11	the	the	DET
fsr-3680	213	12	most	most	ADV
fsr-3680	213	13	efficient	efficient	ADJ
fsr-3680	213	14	means	mean	NOUN
fsr-3680	213	15	of	of	ADP
fsr-3680	213	16	investing	invest	VERB
fsr-3680	213	17	globally	globally	ADV
fsr-3680	213	18	.	.	PUNCT
fsr-3680	214	1	c.	c.	NOUN
fsr-3680	214	2	investment	investment	PROPN
fsr-3680	214	3	in	in	ADP
fsr-3680	214	4	multinational	multinational	ADJ
fsr-3680	214	5	corporations	corporation	NOUN
fsr-3680	214	6	a	a	DET
fsr-3680	214	7	multinational	multinational	ADJ
fsr-3680	214	8	corporation	corporation	NOUN
fsr-3680	214	9	(	(	PUNCT
fsr-3680	214	10	mnc	mnc	PROPN
fsr-3680	214	11	)	)	PUNCT
fsr-3680	214	12	operates	operate	VERB
fsr-3680	214	13	in	in	ADP
fsr-3680	214	14	more	more	ADJ
fsr-3680	214	15	than	than	ADP
fsr-3680	214	16	one	one	NUM
fsr-3680	214	17	country	country	NOUN
fsr-3680	214	18	and	and	CCONJ
fsr-3680	214	19	can	can	AUX
fsr-3680	214	20	be	be	AUX
fsr-3680	214	21	thought	think	VERB
fsr-3680	214	22	of	of	ADP
fsr-3680	214	23	as	as	ADP
fsr-3680	214	24	a	a	DET
fsr-3680	214	25	portfolio	portfolio	NOUN
fsr-3680	214	26	of	of	ADP
fsr-3680	214	27	numerous	numerous	ADJ
fsr-3680	214	28	smaller	small	ADJ
fsr-3680	214	29	firms	firm	NOUN
fsr-3680	214	30	(	(	PUNCT
fsr-3680	214	31	subsidiaries	subsidiary	NOUN
fsr-3680	214	32	)	)	PUNCT
fsr-3680	214	33	spread	spread	VERB
fsr-3680	214	34	around	around	ADP
fsr-3680	214	35	the	the	DET
fsr-3680	214	36	world	world	NOUN
fsr-3680	214	37	.	.	PUNCT
fsr-3680	215	1	mncs	mncs	PROPN
fsr-3680	215	2	should	should	AUX
fsr-3680	215	3	be	be	AUX
fsr-3680	215	4	somewhat	somewhat	ADV
fsr-3680	215	5	insulated	insulate	VERB
fsr-3680	215	6	from	from	ADP
fsr-3680	215	7	their	their	PRON
fsr-3680	215	8	respective	respective	ADJ
fsr-3680	215	9	home	home	NOUN
fsr-3680	215	10	markets	market	NOUN
fsr-3680	215	11	,	,	PUNCT
fsr-3680	215	12	because	because	SCONJ
fsr-3680	215	13	a	a	DET
fsr-3680	215	14	substantial	substantial	ADJ
fsr-3680	215	15	portion	portion	NOUN
fsr-3680	215	16	of	of	ADP
fsr-3680	215	17	their	their	PRON
fsr-3680	215	18	operations	operation	NOUN
fsr-3680	215	19	are	be	AUX
fsr-3680	215	20	in	in	ADP
fsr-3680	215	21	other	other	ADJ
fsr-3680	215	22	countries	country	NOUN
fsr-3680	215	23	.	.	PUNCT
fsr-3680	216	1	while	while	SCONJ
fsr-3680	216	2	the	the	DET
fsr-3680	216	3	stock	stock	NOUN
fsr-3680	216	4	of	of	ADP
fsr-3680	216	5	a	a	DET
fsr-3680	216	6	u.s	u.s	PROPN
fsr-3680	216	7	.	.	PROPN
fsr-3680	216	8	-based	-based	PROPN
fsr-3680	216	9	mnc	mnc	PROPN
fsr-3680	216	10	is	be	AUX
fsr-3680	216	11	not	not	PART
fsr-3680	216	12	“	"	PUNCT
fsr-3680	216	13	international	international	ADJ
fsr-3680	216	14	,	,	PUNCT
fsr-3680	216	15	”	"	PUNCT
fsr-3680	216	16	it	it	PRON
fsr-3680	216	17	could	could	AUX
fsr-3680	216	18	possibly	possibly	ADV
fsr-3680	216	19	serve	serve	VERB
fsr-3680	216	20	as	as	ADP
fsr-3680	216	21	an	an	DET
fsr-3680	216	22	adequate	adequate	ADJ
fsr-3680	216	23	substitute	substitute	NOUN
fsr-3680	216	24	for	for	ADP
fsr-3680	216	25	an	an	DET
fsr-3680	216	26	international	international	ADJ
fsr-3680	216	27	stock	stock	NOUN
fsr-3680	216	28	portfolio	portfolio	NOUN
fsr-3680	216	29	.	.	PUNCT
fsr-3680	217	1	because	because	SCONJ
fsr-3680	217	2	they	they	PRON
fsr-3680	217	3	are	be	AUX
fsr-3680	217	4	easy	easy	ADJ
fsr-3680	217	5	for	for	SCONJ
fsr-3680	217	6	the	the	DET
fsr-3680	217	7	individual	individual	NOUN
fsr-3680	217	8	to	to	PART
fsr-3680	217	9	invest	invest	VERB
fsr-3680	217	10	in	in	ADP
fsr-3680	217	11	,	,	PUNCT
fsr-3680	217	12	mncs	mncs	PROPN
fsr-3680	217	13	may	may	AUX
fsr-3680	217	14	appear	appear	VERB
fsr-3680	217	15	to	to	PART
fsr-3680	217	16	be	be	AUX
fsr-3680	217	17	an	an	DET
fsr-3680	217	18	appealing	appealing	ADJ
fsr-3680	217	19	means	mean	NOUN
fsr-3680	217	20	of	of	ADP
fsr-3680	217	21	diversifying	diversify	VERB
fsr-3680	217	22	internationally	internationally	ADV
fsr-3680	217	23	.	.	PUNCT
fsr-3680	218	1	jacquillat	jacquillat	PROPN
fsr-3680	218	2	and	and	CCONJ
fsr-3680	218	3	solnik	solnik	X
fsr-3680	218	4	(	(	PUNCT
fsr-3680	218	5	1978	1978	NUM
fsr-3680	218	6	)	)	PUNCT
fsr-3680	218	7	tested	test	VERB
fsr-3680	218	8	whether	whether	SCONJ
fsr-3680	218	9	mnc	mnc	PROPN
fsr-3680	218	10	stocks	stock	NOUN
fsr-3680	218	11	are	be	AUX
fsr-3680	218	12	reasonable	reasonable	ADJ
fsr-3680	218	13	substitutes	substitute	NOUN
fsr-3680	218	14	for	for	ADP
fsr-3680	218	15	foreign	foreign	ADJ
fsr-3680	218	16	stocks	stock	NOUN
fsr-3680	218	17	.	.	PUNCT
fsr-3680	219	1	if	if	SCONJ
fsr-3680	219	2	mnc	mnc	PROPN
fsr-3680	219	3	stocks	stock	NOUN
fsr-3680	219	4	behave	behave	VERB
fsr-3680	219	5	like	like	ADP
fsr-3680	219	6	an	an	DET
fsr-3680	219	7	international	international	ADJ
fsr-3680	219	8	portfolio	portfolio	NOUN
fsr-3680	219	9	,	,	PUNCT
fsr-3680	219	10	then	then	ADV
fsr-3680	219	11	they	they	PRON
fsr-3680	219	12	should	should	AUX
fsr-3680	219	13	be	be	AUX
fsr-3680	219	14	sensitive	sensitive	ADJ
fsr-3680	219	15	to	to	ADP
fsr-3680	219	16	the	the	DET
fsr-3680	219	17	stock	stock	NOUN
fsr-3680	219	18	markets	market	NOUN
fsr-3680	219	19	of	of	ADP
fsr-3680	219	20	the	the	DET
fsr-3680	219	21	various	various	ADJ
fsr-3680	219	22	countries	country	NOUN
fsr-3680	219	23	in	in	ADP
fsr-3680	219	24	which	which	PRON
fsr-3680	219	25	they	they	PRON
fsr-3680	219	26	operate	operate	VERB
fsr-3680	219	27	.	.	PUNCT
fsr-3680	220	1	jacquillat	jacquillat	PROPN
fsr-3680	220	2	and	and	CCONJ
fsr-3680	220	3	solnik	solnik	PROPN
fsr-3680	220	4	applied	apply	VERB
fsr-3680	220	5	a	a	DET
fsr-3680	220	6	multiple	multiple	ADJ
fsr-3680	220	7	regression	regression	NOUN
fsr-3680	220	8	model	model	NOUN
fsr-3680	220	9	to	to	ADP
fsr-3680	220	10	1966	1966	NUM
fsr-3680	220	11	1974	1974	NUM
fsr-3680	220	12	returns	return	NOUN
fsr-3680	220	13	to	to	PART
fsr-3680	220	14	assess	assess	VERB
fsr-3680	220	15	the	the	DET
fsr-3680	220	16	sensitivity	sensitivity	NOUN
fsr-3680	220	17	of	of	ADP
fsr-3680	220	18	mnc	mnc	PROPN
fsr-3680	220	19	returns	return	NOUN
fsr-3680	220	20	to	to	ADP
fsr-3680	220	21	various	various	ADJ
fsr-3680	220	22	stock	stock	NOUN
fsr-3680	220	23	markets	market	NOUN
fsr-3680	220	24	.	.	PUNCT
fsr-3680	221	1	they	they	PRON
fsr-3680	221	2	used	use	VERB
fsr-3680	221	3	portfolio	portfolio	NOUN
fsr-3680	221	4	returns	return	NOUN
fsr-3680	221	5	of	of	ADP
fsr-3680	221	6	mncs	mncs	PROPN
fsr-3680	221	7	from	from	ADP
fsr-3680	221	8	the	the	DET
fsr-3680	221	9	u.s	u.s	PROPN
fsr-3680	221	10	.	.	PROPN
fsr-3680	221	11	as	as	ADP
fsr-3680	221	12	the	the	DET
fsr-3680	221	13	dependent	dependent	ADJ
fsr-3680	221	14	variable	variable	NOUN
fsr-3680	221	15	,	,	PUNCT
fsr-3680	221	16	and	and	CCONJ
fsr-3680	221	17	returns	return	NOUN
fsr-3680	221	18	of	of	ADP
fsr-3680	221	19	each	each	DET
fsr-3680	221	20	national	national	ADJ
fsr-3680	221	21	market	market	NOUN
fsr-3680	221	22	as	as	ADP
fsr-3680	221	23	their	their	PRON
fsr-3680	221	24	independent	independent	ADJ
fsr-3680	221	25	variables	variable	NOUN
fsr-3680	221	26	;	;	PUNCT
fsr-3680	221	27	the	the	DET
fsr-3680	221	28	regression	regression	NOUN
fsr-3680	221	29	coefficients	coefficient	NOUN
fsr-3680	221	30	represent	represent	VERB
fsr-3680	221	31	the	the	DET
fsr-3680	221	32	sensitivity	sensitivity	NOUN
fsr-3680	221	33	of	of	ADP
fsr-3680	221	34	mnc	mnc	PROPN
fsr-3680	221	35	returns	return	NOUN
fsr-3680	221	36	to	to	ADP
fsr-3680	221	37	each	each	DET
fsr-3680	221	38	national	national	ADJ
fsr-3680	221	39	stock	stock	NOUN
fsr-3680	221	40	market	market	NOUN
fsr-3680	221	41	.	.	PUNCT
fsr-3680	222	1	based	base	VERB
fsr-3680	222	2	on	on	ADP
fsr-3680	222	3	this	this	DET
fsr-3680	222	4	analysis	analysis	NOUN
fsr-3680	222	5	,	,	PUNCT
fsr-3680	222	6	jacquillat	jacquillat	PROPN
fsr-3680	222	7	and	and	CCONJ
fsr-3680	222	8	solnik	solnik	PROPN
fsr-3680	222	9	found	find	VERB
fsr-3680	222	10	that	that	SCONJ
fsr-3680	222	11	mncs	mncs	PROPN
fsr-3680	222	12	based	base	VERB
fsr-3680	222	13	in	in	ADP
fsr-3680	222	14	the	the	DET
fsr-3680	222	15	u.s	u.s	PROPN
fsr-3680	222	16	.	.	PROPN
fsr-3680	222	17	were	be	AUX
fsr-3680	222	18	typically	typically	ADV
fsr-3680	222	19	affected	affect	VERB
fsr-3680	222	20	only	only	ADV
fsr-3680	222	21	by	by	ADP
fsr-3680	222	22	the	the	DET
fsr-3680	222	23	u.s	u.s	PROPN
fsr-3680	222	24	.	.	PROPN
fsr-3680	222	25	stock	stock	NOUN
fsr-3680	222	26	market	market	NOUN
fsr-3680	222	27	and	and	CCONJ
fsr-3680	222	28	not	not	PART
fsr-3680	222	29	by	by	ADP
fsr-3680	222	30	other	other	ADJ
fsr-3680	222	31	stock	stock	NOUN
fsr-3680	222	32	market	market	NOUN
fsr-3680	222	33	movements	movement	NOUN
fsr-3680	222	34	.	.	PUNCT
fsr-3680	223	1	they	they	PRON
fsr-3680	223	2	replicated	replicate	VERB
fsr-3680	223	3	the	the	DET
fsr-3680	223	4	analysis	analysis	NOUN
fsr-3680	223	5	for	for	ADP
fsr-3680	223	6	mncs	mncs	PROPN
fsr-3680	223	7	based	base	VERB
fsr-3680	223	8	in	in	ADP
fsr-3680	223	9	other	other	ADJ
fsr-3680	223	10	countries	country	NOUN
fsr-3680	223	11	and	and	CCONJ
fsr-3680	223	12	typically	typically	ADV
fsr-3680	223	13	found	find	VERB
fsr-3680	223	14	similar	similar	ADJ
fsr-3680	223	15	results	result	NOUN
fsr-3680	223	16	.	.	PUNCT
fsr-3680	224	1	that	that	PRON
fsr-3680	224	2	is	is	ADV
fsr-3680	224	3	,	,	PUNCT
fsr-3680	224	4	an	an	DET
fsr-3680	224	5	mnc	mnc	PROPN
fsr-3680	224	6	portfolio	portfolio	NOUN
fsr-3680	224	7	’s	’s	PART
fsr-3680	224	8	returns	return	NOUN
fsr-3680	224	9	are	be	AUX
fsr-3680	224	10	only	only	ADV
fsr-3680	224	11	sensitive	sensitive	ADJ
fsr-3680	224	12	to	to	ADP
fsr-3680	224	13	its	its	PRON
fsr-3680	224	14	respective	respective	ADJ
fsr-3680	224	15	local	local	ADJ
fsr-3680	224	16	domestic	domestic	ADJ
fsr-3680	224	17	stock	stock	NOUN
fsr-3680	224	18	market	market	NOUN
fsr-3680	224	19	.	.	PUNCT
fsr-3680	225	1	this	this	DET
fsr-3680	225	2	finding	finding	NOUN
fsr-3680	225	3	implies	imply	VERB
fsr-3680	225	4	that	that	SCONJ
fsr-3680	225	5	mncs	mncs	PROPN
fsr-3680	225	6	behave	behave	VERB
fsr-3680	225	7	like	like	ADP
fsr-3680	225	8	local	local	ADJ
fsr-3680	225	9	domestic	domestic	ADJ
fsr-3680	225	10	stocks	stock	NOUN
fsr-3680	225	11	and	and	CCONJ
fsr-3680	225	12	are	be	AUX
fsr-3680	225	13	not	not	PART
fsr-3680	225	14	good	good	ADJ
fsr-3680	225	15	substitutes	substitute	NOUN
fsr-3680	225	16	for	for	ADP
fsr-3680	225	17	foreign	foreign	ADJ
fsr-3680	225	18	stocks	stock	NOUN
fsr-3680	225	19	.	.	PUNCT
fsr-3680	226	1	jacquillat	jacquillat	PROPN
fsr-3680	226	2	and	and	CCONJ
fsr-3680	226	3	solnik	solnik	PROPN
fsr-3680	226	4	also	also	ADV
fsr-3680	226	5	ran	run	VERB
fsr-3680	226	6	a	a	DET
fsr-3680	226	7	complementary	complementary	ADJ
fsr-3680	226	8	test	test	NOUN
fsr-3680	226	9	,	,	PUNCT
fsr-3680	226	10	in	in	ADP
fsr-3680	226	11	which	which	PRON
fsr-3680	226	12	a	a	DET
fsr-3680	226	13	simple	simple	ADJ
fsr-3680	226	14	regres	regre	NOUN
fsr-3680	226	15	172	172	NUM
fsr-3680	226	16	financial	financial	PROPN
fsr-3680	226	17	services	service	NOUN
fsr-3680	226	18	review	review	NOUN
fsr-3680	226	19	,	,	PUNCT
fsr-3680	226	20	l(2	l(2	PROPN
fsr-3680	226	21	)	)	PUNCT
fsr-3680	226	22	1991	1991	NUM
fsr-3680	226	23	sion	sion	NOUN
fsr-3680	226	24	model	model	NOUN
fsr-3680	226	25	was	be	AUX
fsr-3680	226	26	applied	apply	VERB
fsr-3680	226	27	to	to	ADP
fsr-3680	226	28	each	each	DET
fsr-3680	226	29	mnc	mnc	PROPN
fsr-3680	226	30	portfolio	portfolio	NOUN
fsr-3680	226	31	using	use	VERB
fsr-3680	226	32	the	the	DET
fsr-3680	226	33	local	local	ADJ
fsr-3680	226	34	stock	stock	NOUN
fsr-3680	226	35	market	market	NOUN
fsr-3680	226	36	returns	return	NOUN
fsr-3680	226	37	as	as	ADP
fsr-3680	226	38	the	the	DET
fsr-3680	226	39	independent	independent	ADJ
fsr-3680	226	40	variable	variable	NOUN
fsr-3680	226	41	,	,	PUNCT
fsr-3680	226	42	and	and	CCONJ
fsr-3680	226	43	the	the	DET
fsr-3680	226	44	explanatory	explanatory	ADJ
fsr-3680	226	45	power	power	NOUN
fsr-3680	226	46	of	of	ADP
fsr-3680	226	47	this	this	DET
fsr-3680	226	48	model	model	NOUN
fsr-3680	226	49	was	be	AUX
fsr-3680	226	50	compared	compare	VERB
fsr-3680	226	51	to	to	ADP
fsr-3680	226	52	that	that	PRON
fsr-3680	226	53	of	of	ADP
fsr-3680	226	54	the	the	DET
fsr-3680	226	55	multiple	multiple	ADJ
fsr-3680	226	56	regression	regression	NOUN
fsr-3680	226	57	model	model	NOUN
fsr-3680	226	58	.	.	PUNCT
fsr-3680	227	1	the	the	DET
fsr-3680	227	2	multiple	multiple	ADJ
fsr-3680	227	3	regression	regression	NOUN
fsr-3680	227	4	model	model	NOUN
fsr-3680	227	5	exhibited	exhibit	VERB
fsr-3680	227	6	very	very	ADV
fsr-3680	227	7	little	little	ADJ
fsr-3680	227	8	additional	additional	ADJ
fsr-3680	227	9	explanatory	explanatory	ADJ
fsr-3680	227	10	power	power	NOUN
fsr-3680	227	11	(	(	PUNCT
fsr-3680	227	12	based	base	VERB
fsr-3680	227	13	on	on	ADP
fsr-3680	227	14	a	a	DET
fsr-3680	227	15	comparison	comparison	NOUN
fsr-3680	227	16	of	of	ADP
fsr-3680	227	17	the	the	DET
fsr-3680	227	18	adjusted	adjust	VERB
fsr-3680	227	19	coefficients	coefficient	NOUN
fsr-3680	227	20	of	of	ADP
fsr-3680	227	21	determination	determination	NOUN
fsr-3680	227	22	.	.	PUNCT
fsr-3680	227	23	)	)	PUNCT
fsr-3680	228	1	this	this	DET
fsr-3680	228	2	finding	finding	NOUN
fsr-3680	228	3	reinforces	reinforce	VERB
fsr-3680	228	4	the	the	DET
fsr-3680	228	5	conclusion	conclusion	NOUN
fsr-3680	228	6	that	that	SCONJ
fsr-3680	228	7	investing	invest	VERB
fsr-3680	228	8	in	in	ADP
fsr-3680	228	9	a	a	DET
fsr-3680	228	10	portfolio	portfolio	NOUN
fsr-3680	228	11	of	of	ADP
fsr-3680	228	12	mncs	mncs	PROPN
fsr-3680	228	13	does	do	AUX
fsr-3680	228	14	not	not	PART
fsr-3680	228	15	sufficiently	sufficiently	ADV
fsr-3680	228	16	achieve	achieve	VERB
fsr-3680	228	17	international	international	ADJ
fsr-3680	228	18	diversification	diversification	NOUN
fsr-3680	228	19	.	.	PUNCT
fsr-3680	229	1	madura	madura	NOUN
fsr-3680	229	2	(	(	PUNCT
fsr-3680	229	3	199	199	NUM
fsr-3680	229	4	1	1	NUM
fsr-3680	229	5	)	)	PUNCT
fsr-3680	229	6	replicated	replicate	VERB
fsr-3680	229	7	the	the	DET
fsr-3680	229	8	study	study	NOUN
fsr-3680	229	9	by	by	ADP
fsr-3680	229	10	jacquillat	jacquillat	PROPN
fsr-3680	229	11	and	and	CCONJ
fsr-3680	229	12	solnik	solnik	X
fsr-3680	229	13	with	with	ADP
fsr-3680	229	14	data	datum	NOUN
fsr-3680	229	15	from	from	ADP
fsr-3680	229	16	the	the	DET
fsr-3680	229	17	1974	1974	NUM
fsr-3680	229	18	-	-	SYM
fsr-3680	229	19	1987	1987	NUM
fsr-3680	229	20	period	period	NOUN
fsr-3680	229	21	.	.	PUNCT
fsr-3680	230	1	to	to	ADP
fsr-3680	230	2	the	the	DET
fsr-3680	230	3	extent	extent	NOUN
fsr-3680	230	4	that	that	PRON
fsr-3680	230	5	mncs	mncs	PROPN
fsr-3680	230	6	became	become	VERB
fsr-3680	230	7	more	more	ADV
fsr-3680	230	8	global	global	ADJ
fsr-3680	230	9	in	in	ADP
fsr-3680	230	10	scope	scope	NOUN
fsr-3680	230	11	since	since	SCONJ
fsr-3680	230	12	the	the	DET
fsr-3680	230	13	1966	1966	NUM
fsr-3680	230	14	-	-	SYM
fsr-3680	230	15	1974	1974	NUM
fsr-3680	230	16	time	time	NOUN
fsr-3680	230	17	period	period	NOUN
fsr-3680	230	18	of	of	ADP
fsr-3680	230	19	the	the	DET
fsr-3680	230	20	jacquillat	jacquillat	NOUN
fsr-3680	230	21	and	and	CCONJ
fsr-3680	230	22	solnik	solnik	PROPN
fsr-3680	230	23	study	study	PROPN
fsr-3680	230	24	,	,	PUNCT
fsr-3680	230	25	mncs	mncs	PROPN
fsr-3680	230	26	might	might	AUX
fsr-3680	230	27	better	well	ADV
fsr-3680	230	28	have	have	AUX
fsr-3680	230	29	served	serve	VERB
fsr-3680	230	30	as	as	ADP
fsr-3680	230	31	viable	viable	ADJ
fsr-3680	230	32	substitutes	substitute	NOUN
fsr-3680	230	33	for	for	ADP
fsr-3680	230	34	foreign	foreign	ADJ
fsr-3680	230	35	firms	firm	NOUN
fsr-3680	230	36	in	in	ADP
fsr-3680	230	37	the	the	DET
fsr-3680	230	38	more	more	ADV
fsr-3680	230	39	recent	recent	ADJ
fsr-3680	230	40	period	period	NOUN
fsr-3680	230	41	.	.	PUNCT
fsr-3680	231	1	madura	madura	NOUN
fsr-3680	231	2	found	find	VERB
fsr-3680	231	3	that	that	SCONJ
fsr-3680	231	4	even	even	ADV
fsr-3680	231	5	in	in	ADP
fsr-3680	231	6	this	this	DET
fsr-3680	231	7	more	more	ADV
fsr-3680	231	8	recent	recent	ADJ
fsr-3680	231	9	period	period	NOUN
fsr-3680	231	10	,	,	PUNCT
fsr-3680	231	11	mnc	mnc	PROPN
fsr-3680	231	12	stock	stock	NOUN
fsr-3680	231	13	returns	return	NOUN
fsr-3680	231	14	are	be	AUX
fsr-3680	231	15	sensitive	sensitive	ADJ
fsr-3680	231	16	only	only	ADV
fsr-3680	231	17	to	to	ADP
fsr-3680	231	18	the	the	DET
fsr-3680	231	19	local	local	ADJ
fsr-3680	231	20	stock	stock	NOUN
fsr-3680	231	21	market	market	NOUN
fsr-3680	231	22	returns	return	NOUN
fsr-3680	231	23	and	and	CCONJ
fsr-3680	231	24	not	not	PART
fsr-3680	231	25	to	to	ADP
fsr-3680	231	26	the	the	DET
fsr-3680	231	27	movements	movement	NOUN
fsr-3680	231	28	of	of	ADP
fsr-3680	231	29	any	any	DET
fsr-3680	231	30	other	other	ADJ
fsr-3680	231	31	markets	market	NOUN
fsr-3680	231	32	.	.	PUNCT
fsr-3680	232	1	thus	thus	ADV
fsr-3680	232	2	mncs	mncs	PROPN
fsr-3680	232	3	continue	continue	VERB
fsr-3680	232	4	to	to	PART
fsr-3680	232	5	be	be	AUX
fsr-3680	232	6	poor	poor	ADJ
fsr-3680	232	7	substitutes	substitute	NOUN
fsr-3680	232	8	for	for	ADP
fsr-3680	232	9	foreign	foreign	ADJ
fsr-3680	232	10	stocks	stock	NOUN
fsr-3680	232	11	,	,	PUNCT
fsr-3680	232	12	even	even	ADV
fsr-3680	232	13	as	as	SCONJ
fsr-3680	232	14	the	the	DET
fsr-3680	232	15	mncs	mncs	PROPN
fsr-3680	232	16	evolve	evolve	VERB
fsr-3680	232	17	into	into	ADP
fsr-3680	232	18	the	the	DET
fsr-3680	232	19	global	global	ADJ
fsr-3680	232	20	,	,	PUNCT
fsr-3680	232	21	“	"	PUNCT
fsr-3680	232	22	stateless	stateless	NOUN
fsr-3680	232	23	”	"	PUNCT
fsr-3680	232	24	corporations	corporation	NOUN
fsr-3680	232	25	.	.	PUNCT
fsr-3680	233	1	some	some	DET
fsr-3680	233	2	studies	study	NOUN
fsr-3680	233	3	have	have	AUX
fsr-3680	233	4	assessed	assess	VERB
fsr-3680	233	5	the	the	DET
fsr-3680	233	6	performance	performance	NOUN
fsr-3680	233	7	of	of	ADP
fsr-3680	233	8	mncs	mncs	PROPN
fsr-3680	233	9	by	by	ADP
fsr-3680	233	10	comparing	compare	VERB
fsr-3680	233	11	them	they	PRON
fsr-3680	233	12	to	to	ADP
fsr-3680	233	13	purely	purely	ADV
fsr-3680	233	14	domestic	domestic	ADJ
fsr-3680	233	15	corporations	corporation	NOUN
fsr-3680	233	16	(	(	PUNCT
fsr-3680	233	17	dcs	dcs	PROPN
fsr-3680	233	18	)	)	PUNCT
fsr-3680	233	19	.	.	PUNCT
fsr-3680	234	1	brewer	brewer	NOUN
fsr-3680	234	2	(	(	PUNCT
fsr-3680	234	3	1982	1982	NUM
fsr-3680	234	4	)	)	PUNCT
fsr-3680	234	5	compared	compare	VERB
fsr-3680	234	6	both	both	CCONJ
fsr-3680	234	7	risk	risk	NOUN
fsr-3680	234	8	and	and	CCONJ
fsr-3680	234	9	return	return	VERB
fsr-3680	234	10	aspects	aspect	NOUN
fsr-3680	234	11	of	of	ADP
fsr-3680	234	12	mnc	mnc	PROPN
fsr-3680	234	13	and	and	CCONJ
fsr-3680	234	14	dc	dc	PROPN
fsr-3680	234	15	stocks	stock	NOUN
fsr-3680	234	16	by	by	ADP
fsr-3680	234	17	deriving	derive	VERB
fsr-3680	234	18	separate	separate	ADJ
fsr-3680	234	19	security	security	NOUN
fsr-3680	234	20	market	market	NOUN
fsr-3680	234	21	lines	line	NOUN
fsr-3680	234	22	.	.	PUNCT
fsr-3680	235	1	he	he	PRON
fsr-3680	235	2	found	find	VERB
fsr-3680	235	3	no	no	DET
fsr-3680	235	4	statistically	statistically	ADV
fsr-3680	235	5	significant	significant	ADJ
fsr-3680	235	6	difference	difference	NOUN
fsr-3680	235	7	between	between	ADP
fsr-3680	235	8	the	the	DET
fsr-3680	235	9	two	two	NUM
fsr-3680	235	10	security	security	NOUN
fsr-3680	235	11	market	market	NOUN
fsr-3680	235	12	lines	line	NOUN
fsr-3680	235	13	,	,	PUNCT
fsr-3680	235	14	and	and	CCONJ
fsr-3680	235	15	therefore	therefore	ADV
fsr-3680	235	16	concluded	conclude	VERB
fsr-3680	235	17	that	that	SCONJ
fsr-3680	235	18	mncs	mncs	PROPN
fsr-3680	235	19	do	do	AUX
fsr-3680	235	20	not	not	PART
fsr-3680	235	21	offer	offer	VERB
fsr-3680	235	22	any	any	DET
fsr-3680	235	23	advantage	advantage	NOUN
fsr-3680	235	24	over	over	ADP
fsr-3680	235	25	dcs	dcs	PROPN
fsr-3680	235	26	.	.	PROPN
fsr-3680	235	27	michel	michel	PROPN
fsr-3680	235	28	and	and	CCONJ
fsr-3680	235	29	shaked	shaked	PROPN
fsr-3680	235	30	(	(	PUNCT
fsr-3680	235	31	1986	1986	NUM
fsr-3680	235	32	)	)	PUNCT
fsr-3680	235	33	used	use	VERB
fsr-3680	235	34	the	the	DET
fsr-3680	235	35	sharpe	sharpe	PROPN
fsr-3680	235	36	and	and	CCONJ
fsr-3680	235	37	treynor	treynor	NOUN
fsr-3680	235	38	indices	index	NOUN
fsr-3680	235	39	to	to	PART
fsr-3680	235	40	compare	compare	VERB
fsr-3680	235	41	the	the	DET
fsr-3680	235	42	measures	measure	NOUN
fsr-3680	235	43	of	of	ADP
fsr-3680	235	44	return	return	NOUN
fsr-3680	235	45	and	and	CCONJ
fsr-3680	235	46	risk	risk	NOUN
fsr-3680	235	47	for	for	ADP
fsr-3680	235	48	dcs	dcs	PROPN
fsr-3680	235	49	and	and	CCONJ
fsr-3680	235	50	mncs	mncs	PROPN
fsr-3680	235	51	.	.	PUNCT
fsr-3680	236	1	both	both	DET
fsr-3680	236	2	indices	index	NOUN
fsr-3680	236	3	were	be	AUX
fsr-3680	236	4	higher	high	ADJ
fsr-3680	236	5	for	for	ADP
fsr-3680	236	6	dcs	dcs	PROPN
fsr-3680	236	7	than	than	ADP
fsr-3680	236	8	for	for	ADP
fsr-3680	236	9	mncs	mncs	PROPN
fsr-3680	236	10	.	.	PUNCT
fsr-3680	237	1	senchak	senchak	NOUN
fsr-3680	237	2	and	and	CCONJ
fsr-3680	237	3	beedles	beedle	NOUN
fsr-3680	237	4	(	(	PUNCT
fsr-3680	237	5	1980	1980	NUM
fsr-3680	237	6	)	)	PUNCT
fsr-3680	237	7	compared	compare	VERB
fsr-3680	237	8	risk	risk	NOUN
fsr-3680	237	9	reduction	reduction	NOUN
fsr-3680	237	10	capabilities	capability	NOUN
fsr-3680	237	11	between	between	ADP
fsr-3680	237	12	portfolios	portfolio	NOUN
fsr-3680	237	13	of	of	ADP
fsr-3680	237	14	mnc	mnc	PROPN
fsr-3680	237	15	stocks	stock	NOUN
fsr-3680	237	16	and	and	CCONJ
fsr-3680	237	17	portfolios	portfolio	NOUN
fsr-3680	237	18	of	of	ADP
fsr-3680	237	19	dc	dc	PROPN
fsr-3680	237	20	stocks	stock	NOUN
fsr-3680	237	21	.	.	PUNCT
fsr-3680	238	1	they	they	PRON
fsr-3680	238	2	also	also	ADV
fsr-3680	238	3	measured	measure	VERB
fsr-3680	238	4	the	the	DET
fsr-3680	238	5	degree	degree	NOUN
fsr-3680	238	6	of	of	ADP
fsr-3680	238	7	risk	risk	NOUN
fsr-3680	238	8	reduction	reduction	NOUN
fsr-3680	238	9	resulting	result	VERB
fsr-3680	238	10	from	from	ADP
fsr-3680	238	11	an	an	DET
fsr-3680	238	12	increased	increase	VERB
fsr-3680	238	13	number	number	NOUN
fsr-3680	238	14	of	of	ADP
fsr-3680	238	15	stocks	stock	NOUN
fsr-3680	238	16	for	for	ADP
fsr-3680	238	17	both	both	DET
fsr-3680	238	18	types	type	NOUN
fsr-3680	238	19	of	of	ADP
fsr-3680	238	20	portfolios	portfolio	NOUN
fsr-3680	238	21	.	.	PUNCT
fsr-3680	239	1	they	they	PRON
fsr-3680	239	2	found	find	VERB
fsr-3680	239	3	that	that	SCONJ
fsr-3680	239	4	the	the	DET
fsr-3680	239	5	degree	degree	NOUN
fsr-3680	239	6	of	of	ADP
fsr-3680	239	7	risk	risk	NOUN
fsr-3680	239	8	reduction	reduction	NOUN
fsr-3680	239	9	in	in	ADP
fsr-3680	239	10	portfolios	portfolio	NOUN
fsr-3680	239	11	of	of	ADP
fsr-3680	239	12	dcs	dcs	PROPN
fsr-3680	239	13	exceeded	exceed	VERB
fsr-3680	239	14	that	that	PRON
fsr-3680	239	15	exhibited	exhibit	VERB
fsr-3680	239	16	by	by	ADP
fsr-3680	239	17	portfolios	portfolio	NOUN
fsr-3680	239	18	of	of	ADP
fsr-3680	239	19	mncs	mncs	PROPN
fsr-3680	239	20	.	.	PUNCT
fsr-3680	240	1	defusco	defusco	PROPN
fsr-3680	240	2	,	,	PUNCT
fsr-3680	240	3	philippatos	philippato	NOUN
fsr-3680	240	4	,	,	PUNCT
fsr-3680	240	5	and	and	CCONJ
fsr-3680	240	6	choi	choi	NOUN
fsr-3680	240	7	(	(	PUNCT
fsr-3680	240	8	1990	1990	NUM
fsr-3680	240	9	)	)	PUNCT
fsr-3680	240	10	applied	apply	VERB
fsr-3680	240	11	factor	factor	NOUN
fsr-3680	240	12	analysis	analysis	NOUN
fsr-3680	240	13	to	to	PART
fsr-3680	240	14	analyze	analyze	VERB
fsr-3680	240	15	the	the	DET
fsr-3680	240	16	factor	factor	NOUN
fsr-3680	240	17	structures	structure	NOUN
fsr-3680	240	18	between	between	ADP
fsr-3680	240	19	mncs	mncs	PROPN
fsr-3680	240	20	and	and	CCONJ
fsr-3680	240	21	dcs	dcs	PROPN
fsr-3680	240	22	,	,	PUNCT
fsr-3680	240	23	and	and	CCONJ
fsr-3680	240	24	found	find	VERB
fsr-3680	240	25	no	no	DET
fsr-3680	240	26	significant	significant	ADJ
fsr-3680	240	27	factor	factor	NOUN
fsr-3680	240	28	structure	structure	NOUN
fsr-3680	240	29	differences	difference	NOUN
fsr-3680	240	30	between	between	ADP
fsr-3680	240	31	the	the	DET
fsr-3680	240	32	two	two	NUM
fsr-3680	240	33	types	type	NOUN
fsr-3680	240	34	of	of	ADP
fsr-3680	240	35	firms	firm	NOUN
fsr-3680	240	36	.	.	PUNCT
fsr-3680	241	1	these	these	DET
fsr-3680	241	2	results	result	NOUN
fsr-3680	241	3	offer	offer	VERB
fsr-3680	241	4	further	further	ADJ
fsr-3680	241	5	evidence	evidence	NOUN
fsr-3680	241	6	that	that	SCONJ
fsr-3680	241	7	mnc	mnc	PROPN
fsr-3680	241	8	share	share	NOUN
fsr-3680	241	9	prices	price	NOUN
fsr-3680	241	10	are	be	AUX
fsr-3680	241	11	driven	drive	VERB
fsr-3680	241	12	by	by	ADP
fsr-3680	241	13	the	the	DET
fsr-3680	241	14	same	same	ADJ
fsr-3680	241	15	process	process	NOUN
fsr-3680	241	16	as	as	ADP
fsr-3680	241	17	dcs	dcs	PROPN
fsr-3680	241	18	.	.	PROPN
fsr-3680	241	19	overall	overall	PROPN
fsr-3680	241	20	,	,	PUNCT
fsr-3680	241	21	the	the	DET
fsr-3680	241	22	research	research	NOUN
fsr-3680	241	23	suggests	suggest	VERB
fsr-3680	241	24	that	that	SCONJ
fsr-3680	241	25	mncs	mncs	PROPN
fsr-3680	241	26	are	be	AUX
fsr-3680	241	27	not	not	PART
fsr-3680	241	28	a	a	DET
fsr-3680	241	29	sufficient	sufficient	ADJ
fsr-3680	241	30	means	mean	NOUN
fsr-3680	241	31	for	for	ADP
fsr-3680	241	32	effective	effective	ADJ
fsr-3680	241	33	international	international	ADJ
fsr-3680	241	34	diversification	diversification	NOUN
fsr-3680	241	35	.	.	PUNCT
fsr-3680	242	1	vi	vi	X
fsr-3680	242	2	.	.	PROPN
fsr-3680	242	3	conclusion	conclusion	NOUN
fsr-3680	242	4	this	this	DET
fsr-3680	242	5	paper	paper	NOUN
fsr-3680	242	6	has	have	AUX
fsr-3680	242	7	reviewed	review	VERB
fsr-3680	242	8	some	some	DET
fsr-3680	242	9	aspects	aspect	NOUN
fsr-3680	242	10	of	of	ADP
fsr-3680	242	11	the	the	DET
fsr-3680	242	12	literature	literature	NOUN
fsr-3680	242	13	on	on	ADP
fsr-3680	242	14	international	international	ADJ
fsr-3680	242	15	invest	invest	VERB
fsr-3680	242	16	ing	ing	ADJ
fsr-3680	242	17	that	that	PRON
fsr-3680	242	18	should	should	AUX
fsr-3680	242	19	be	be	AUX
fsr-3680	242	20	of	of	ADP
fsr-3680	242	21	interest	interest	NOUN
fsr-3680	242	22	to	to	ADP
fsr-3680	242	23	individual	individual	ADJ
fsr-3680	242	24	investors	investor	NOUN
fsr-3680	242	25	.	.	PUNCT
fsr-3680	243	1	the	the	DET
fsr-3680	243	2	main	main	ADJ
fsr-3680	243	3	focus	focus	NOUN
fsr-3680	243	4	has	have	AUX
fsr-3680	243	5	been	be	AUX
fsr-3680	243	6	on	on	ADP
fsr-3680	243	7	the	the	DET
fsr-3680	243	8	international	international	ADJ
fsr-3680	243	9	diversification	diversification	NOUN
fsr-3680	243	10	strategy	strategy	NOUN
fsr-3680	243	11	.	.	PUNCT
fsr-3680	244	1	three	three	NUM
fsr-3680	244	2	modern	modern	ADJ
fsr-3680	244	3	issues	issue	NOUN
fsr-3680	244	4	were	be	AUX
fsr-3680	244	5	covered	cover	VERB
fsr-3680	244	6	:	:	PUNCT
fsr-3680	244	7	(	(	PUNCT
fsr-3680	244	8	1	1	X
fsr-3680	244	9	)	)	PUNCT
fsr-3680	244	10	the	the	DET
fsr-3680	244	11	benefits	benefit	NOUN
fsr-3680	244	12	of	of	ADP
fsr-3680	244	13	international	international	ADJ
fsr-3680	244	14	diversification	diversification	NOUN
fsr-3680	244	15	as	as	SCONJ
fsr-3680	244	16	the	the	DET
fsr-3680	244	17	global	global	ADJ
fsr-3680	244	18	markets	market	NOUN
fsr-3680	244	19	continue	continue	VERB
fsr-3680	244	20	to	to	PART
fsr-3680	244	21	integrate	integrate	VERB
fsr-3680	244	22	;	;	PUNCT
fsr-3680	244	23	(	(	PUNCT
fsr-3680	244	24	2	2	X
fsr-3680	244	25	)	)	PUNCT
fsr-3680	244	26	the	the	DET
fsr-3680	244	27	problem	problem	NOUN
fsr-3680	244	28	of	of	ADP
fsr-3680	244	29	currency	currency	NOUN
fsr-3680	244	30	exposure	exposure	NOUN
fsr-3680	244	31	;	;	PUNCT
fsr-3680	244	32	and	and	CCONJ
fsr-3680	244	33	(	(	PUNCT
fsr-3680	244	34	3	3	X
fsr-3680	244	35	)	)	PUNCT
fsr-3680	244	36	effective	effective	ADJ
fsr-3680	244	37	means	mean	NOUN
fsr-3680	244	38	of	of	ADP
fsr-3680	244	39	achieving	achieve	VERB
fsr-3680	244	40	interna	interna	PROPN
fsr-3680	244	41	tional	tional	ADJ
fsr-3680	244	42	diversification	diversification	NOUN
fsr-3680	244	43	.	.	PUNCT
fsr-3680	245	1	by	by	ADP
fsr-3680	245	2	restricting	restrict	VERB
fsr-3680	245	3	the	the	DET
fsr-3680	245	4	scope	scope	NOUN
fsr-3680	245	5	of	of	ADP
fsr-3680	245	6	the	the	DET
fsr-3680	245	7	review	review	NOUN
fsr-3680	245	8	to	to	ADP
fsr-3680	245	9	issues	issue	NOUN
fsr-3680	245	10	of	of	ADP
fsr-3680	245	11	most	most	ADJ
fsr-3680	245	12	interest	interest	NOUN
fsr-3680	245	13	to	to	ADP
fsr-3680	245	14	the	the	DET
fsr-3680	245	15	individual	individual	NOUN
fsr-3680	245	16	,	,	PUNCT
fsr-3680	245	17	we	we	PRON
fsr-3680	245	18	do	do	AUX
fsr-3680	245	19	not	not	PART
fsr-3680	245	20	review	review	VERB
fsr-3680	245	21	interesting	interesting	ADJ
fsr-3680	245	22	,	,	PUNCT
fsr-3680	245	23	but	but	CCONJ
fsr-3680	245	24	more	more	ADV
fsr-3680	245	25	general	general	ADJ
fsr-3680	245	26	research	research	NOUN
fsr-3680	245	27	on	on	ADP
fsr-3680	245	28	international	international	ADJ
fsr-3680	245	29	diversification	diversification	NOUN
fsr-3680	245	30	for	for	ADP
fsr-3680	245	31	the	the	DET
fsr-3680	245	32	individual	individual	NOUN
fsr-3680	245	33	:	:	PUNCT
fsr-3680	245	34	a	a	DET
fsr-3680	245	35	review	review	NOUN
fsr-3680	245	36	173	173	NUM
fsr-3680	245	37	international	international	ADJ
fsr-3680	245	38	asset	asset	NOUN
fsr-3680	245	39	pricing	pricing	NOUN
fsr-3680	245	40	theory	theory	NOUN
fsr-3680	245	41	and	and	CCONJ
fsr-3680	245	42	international	international	ADJ
fsr-3680	245	43	market	market	NOUN
fsr-3680	245	44	efficiency	efficiency	NOUN
fsr-3680	245	45	and	and	CCONJ
fsr-3680	245	46	“	"	PUNCT
fsr-3680	245	47	anoma	anoma	PROPN
fsr-3680	245	48	lies	lie	NOUN
fsr-3680	245	49	.	.	PUNCT
fsr-3680	245	50	”	"	PUNCT
fsr-3680	246	1	as	as	ADP
fsr-3680	246	2	a	a	DET
fsr-3680	246	3	result	result	NOUN
fsr-3680	246	4	of	of	ADP
fsr-3680	246	5	the	the	DET
fsr-3680	246	6	research	research	NOUN
fsr-3680	246	7	,	,	PUNCT
fsr-3680	246	8	one	one	PRON
fsr-3680	246	9	can	can	AUX
fsr-3680	246	10	conclude	conclude	VERB
fsr-3680	246	11	that	that	SCONJ
fsr-3680	246	12	individual	individual	ADJ
fsr-3680	246	13	investors	investor	NOUN
fsr-3680	246	14	can	can	AUX
fsr-3680	246	15	(	(	PUNCT
fsr-3680	246	16	1	1	X
fsr-3680	246	17	)	)	PUNCT
fsr-3680	246	18	benefit	benefit	NOUN
fsr-3680	246	19	from	from	ADP
fsr-3680	246	20	international	international	ADJ
fsr-3680	246	21	diversification	diversification	NOUN
fsr-3680	246	22	,	,	PUNCT
fsr-3680	246	23	in	in	ADP
fsr-3680	246	24	effect	effect	NOUN
fsr-3680	246	25	increasing	increase	VERB
fsr-3680	246	26	the	the	DET
fsr-3680	246	27	effi	effi	PROPN
fsr-3680	246	28	ciency	ciency	NOUN
fsr-3680	246	29	of	of	ADP
fsr-3680	246	30	their	their	PRON
fsr-3680	246	31	portfolios	portfolio	NOUN
fsr-3680	246	32	,	,	PUNCT
fsr-3680	246	33	but	but	CCONJ
fsr-3680	246	34	as	as	SCONJ
fsr-3680	246	35	over	over	ADP
fsr-3680	246	36	time	time	NOUN
fsr-3680	246	37	the	the	DET
fsr-3680	246	38	world	world	NOUN
fsr-3680	246	39	market	market	NOUN
fsr-3680	246	40	continues	continue	VERB
fsr-3680	246	41	to	to	PART
fsr-3680	246	42	integrate	integrate	VERB
fsr-3680	246	43	,	,	PUNCT
fsr-3680	246	44	the	the	DET
fsr-3680	246	45	benefits	benefit	NOUN
fsr-3680	246	46	may	may	AUX
fsr-3680	246	47	decline	decline	VERB
fsr-3680	246	48	,	,	PUNCT
fsr-3680	246	49	(	(	PUNCT
fsr-3680	246	50	2	2	X
fsr-3680	246	51	)	)	PUNCT
fsr-3680	246	52	reduce	reduce	VERB
fsr-3680	246	53	their	their	PRON
fsr-3680	246	54	currency	currency	NOUN
fsr-3680	246	55	exposure	exposure	NOUN
fsr-3680	246	56	and	and	CCONJ
fsr-3680	246	57	improve	improve	VERB
fsr-3680	246	58	on	on	ADP
fsr-3680	246	59	the	the	DET
fsr-3680	246	60	performance	performance	NOUN
fsr-3680	246	61	of	of	ADP
fsr-3680	246	62	an	an	DET
fsr-3680	246	63	internationally	internationally	ADV
fsr-3680	246	64	diversified	diversify	VERB
fsr-3680	246	65	portfolio	portfolio	NOUN
fsr-3680	246	66	by	by	ADP
fsr-3680	246	67	employing	employ	VERB
fsr-3680	246	68	various	various	ADJ
fsr-3680	246	69	hedging	hedging	ADJ
fsr-3680	246	70	strat	strat	NOUN
fsr-3680	246	71	egies	egie	NOUN
fsr-3680	246	72	,	,	PUNCT
fsr-3680	246	73	and	and	CCONJ
fsr-3680	246	74	(	(	PUNCT
fsr-3680	246	75	3	3	X
fsr-3680	246	76	)	)	PUNCT
fsr-3680	246	77	achieve	achieve	VERB
fsr-3680	246	78	international	international	ADJ
fsr-3680	246	79	diversification	diversification	NOUN
fsr-3680	246	80	by	by	ADP
fsr-3680	246	81	purchasing	purchase	VERB
fsr-3680	246	82	adrs	adr	NOUN
fsr-3680	246	83	and	and	CCONJ
fsr-3680	246	84	interna	interna	PROPN
fsr-3680	246	85	tional	tional	ADJ
fsr-3680	246	86	mutual	mutual	ADJ
fsr-3680	246	87	funds	fund	NOUN
fsr-3680	246	88	,	,	PUNCT
fsr-3680	246	89	and	and	CCONJ
fsr-3680	246	90	not	not	PART
fsr-3680	246	91	so	so	ADV
fsr-3680	246	92	much	much	ADV
fsr-3680	246	93	by	by	ADP
fsr-3680	246	94	investing	invest	VERB
fsr-3680	246	95	in	in	ADP
fsr-3680	246	96	mncs	mncs	PROPN
fsr-3680	246	97	.	.	PUNCT
fsr-3680	247	1	references	reference	NOUN
fsr-3680	247	2	bennett	bennett	PROPN
fsr-3680	247	3	,	,	PUNCT
fsr-3680	247	4	paul	paul	PROPN
fsr-3680	247	5	,	,	PUNCT
fsr-3680	247	6	and	and	CCONJ
fsr-3680	247	7	jeanette	jeanette	PROPN
fsr-3680	247	8	kelleher	kelleher	PROPN
fsr-3680	247	9	.	.	PUNCT
fsr-3680	248	1	1988	1988	NUM
fsr-3680	248	2	.	.	PUNCT
fsr-3680	249	1	“	"	PUNCT
fsr-3680	249	2	the	the	DET
fsr-3680	249	3	international	international	ADJ
fsr-3680	249	4	transmission	transmission	NOUN
fsr-3680	249	5	of	of	ADP
fsr-3680	249	6	stock	stock	NOUN
fsr-3680	249	7	price	price	NOUN
fsr-3680	249	8	disruption	disruption	NOUN
fsr-3680	249	9	in	in	ADP
fsr-3680	249	10	october	october	PROPN
fsr-3680	249	11	1987	1987	NUM
fsr-3680	249	12	,	,	PUNCT
fsr-3680	249	13	”	"	PUNCT
fsr-3680	249	14	frbny	frbny	VERB
fsr-3680	249	15	quarrerly	quarrerly	ADV
fsr-3680	249	16	review	review	NOUN
fsr-3680	249	17	,	,	PUNCT
fsr-3680	249	18	summer	summer	NOUN
fsr-3680	249	19	:	:	PUNCT
fsr-3680	249	20	17	17	NUM
fsr-3680	249	21	-	-	SYM
fsr-3680	249	22	33	33	NUM
fsr-3680	249	23	.	.	PUNCT
fsr-3680	250	1	bertoneche	bertoneche	PROPN
fsr-3680	250	2	,	,	PUNCT
fsr-3680	250	3	marc	marc	PROPN
fsr-3680	250	4	l.	l.	PROPN
fsr-3680	250	5	1979	1979	NUM
fsr-3680	250	6	.	.	PUNCT
fsr-3680	251	1	“	"	PUNCT
fsr-3680	251	2	an	an	DET
fsr-3680	251	3	empirical	empirical	ADJ
fsr-3680	251	4	analysis	analysis	NOUN
fsr-3680	251	5	of	of	ADP
fsr-3680	251	6	the	the	DET
fsr-3680	251	7	interrelationship	interrelationship	NOUN
fsr-3680	251	8	among	among	ADP
fsr-3680	251	9	equity	equity	NOUN
fsr-3680	251	10	markets	market	NOUN
fsr-3680	251	11	under	under	ADP
fsr-3680	251	12	changing	change	VERB
fsr-3680	251	13	exchange	exchange	NOUN
fsr-3680	251	14	rate	rate	NOUN
fsr-3680	251	15	systems	system	NOUN
fsr-3680	251	16	,	,	PUNCT
fsr-3680	251	17	”	"	PUNCT
fsr-3680	251	18	journal	journal	NOUN
fsr-3680	251	19	of	of	ADP
fsr-3680	251	20	banking	banking	NOUN
fsr-3680	251	21	and	and	CCONJ
fsr-3680	251	22	finance	finance	NOUN
fsr-3680	251	23	,	,	PUNCT
fsr-3680	251	24	december	december	PROPN
fsr-3680	251	25	:	:	PUNCT
fsr-3680	251	26	397	397	NUM
fsr-3680	251	27	405	405	NUM
fsr-3680	251	28	.	.	PUNCT
fsr-3680	252	1	biger	big	ADJ
fsr-3680	252	2	,	,	PUNCT
fsr-3680	252	3	nahum	nahum	PROPN
fsr-3680	252	4	.	.	PUNCT
fsr-3680	253	1	1979	1979	NUM
fsr-3680	253	2	.	.	PUNCT
fsr-3680	254	1	“	"	PUNCT
fsr-3680	254	2	exchange	exchange	VERB
fsr-3680	254	3	risk	risk	NOUN
fsr-3680	254	4	implications	implication	NOUN
fsr-3680	254	5	of	of	ADP
fsr-3680	254	6	international	international	ADJ
fsr-3680	254	7	portfolio	portfolio	NOUN
fsr-3680	254	8	diversification	diversification	NOUN
fsr-3680	254	9	,	,	PUNCT
fsr-3680	254	10	”	"	PUNCT
fsr-3680	254	11	journal	journal	NOUN
fsr-3680	254	12	of	of	ADP
fsr-3680	254	13	international	international	ADJ
fsr-3680	254	14	business	business	NOUN
fsr-3680	254	15	studies	study	NOUN
fsr-3680	254	16	,	,	PUNCT
fsr-3680	254	17	fall	fall	VERB
fsr-3680	254	18	:	:	PUNCT
fsr-3680	254	19	64	64	NUM
fsr-3680	254	20	-	-	SYM
fsr-3680	254	21	74	74	NUM
fsr-3680	254	22	.	.	PUNCT
fsr-3680	255	1	black	black	ADJ
fsr-3680	255	2	,	,	PUNCT
fsr-3680	255	3	fischer	fischer	PROPN
fsr-3680	255	4	.	.	PUNCT
fsr-3680	256	1	1989	1989	NUM
fsr-3680	256	2	.	.	PUNCT
fsr-3680	257	1	“	"	PUNCT
fsr-3680	257	2	universal	universal	ADJ
fsr-3680	257	3	hedging	hedging	NOUN
fsr-3680	257	4	:	:	PUNCT
fsr-3680	257	5	optimizing	optimize	VERB
fsr-3680	257	6	currency	currency	NOUN
fsr-3680	257	7	risk	risk	NOUN
fsr-3680	257	8	and	and	CCONJ
fsr-3680	257	9	reward	reward	VERB
fsr-3680	257	10	in	in	ADP
fsr-3680	257	11	international	international	ADJ
fsr-3680	257	12	equity	equity	NOUN
fsr-3680	257	13	portfolios	portfolio	NOUN
fsr-3680	257	14	,	,	PUNCT
fsr-3680	257	15	”	"	PUNCT
fsr-3680	257	16	financial	financial	ADJ
fsr-3680	257	17	analysts	analyst	NOUN
fsr-3680	257	18	journal	journal	PROPN
fsr-3680	257	19	,	,	PUNCT
fsr-3680	257	20	july	july	PROPN
fsr-3680	257	21	/	/	SYM
fsr-3680	257	22	august	august	PROPN
fsr-3680	257	23	:	:	PUNCT
fsr-3680	257	24	16	16	NUM
fsr-3680	257	25	-	-	SYM
fsr-3680	257	26	22	22	NUM
fsr-3680	257	27	.	.	PUNCT
fsr-3680	258	1	brewer	brewer	PROPN
fsr-3680	258	2	,	,	PUNCT
fsr-3680	258	3	j.l	j.l	PROPN
fsr-3680	258	4	.	.	PROPN
fsr-3680	258	5	1982	1982	NUM
fsr-3680	258	6	.	.	PUNCT
fsr-3680	259	1	“	"	PUNCT
fsr-3680	259	2	investor	investor	NOUN
fsr-3680	259	3	benefits	benefit	NOUN
fsr-3680	259	4	from	from	ADP
fsr-3680	259	5	corporate	corporate	ADJ
fsr-3680	259	6	international	international	ADJ
fsr-3680	259	7	diversification	diversification	NOUN
fsr-3680	259	8	,	,	PUNCT
fsr-3680	259	9	”	"	PUNCT
fsr-3680	259	10	journal	journal	NOUN
fsr-3680	259	11	of	of	ADP
fsr-3680	259	12	financial	financial	ADJ
fsr-3680	259	13	and	and	CCONJ
fsr-3680	259	14	quantitative	quantitative	ADJ
fsr-3680	259	15	analysis	analysis	NOUN
fsr-3680	259	16	,	,	PUNCT
fsr-3680	259	17	march	march	PROPN
fsr-3680	259	18	:	:	PUNCT
fsr-3680	259	19	113	113	NUM
fsr-3680	259	20	-	-	SYM
fsr-3680	259	21	125	125	NUM
fsr-3680	259	22	.	.	PUNCT
fsr-3680	260	1	celebuski	celebuski	PROPN
fsr-3680	260	2	,	,	PUNCT
fsr-3680	260	3	matthew	matthew	PROPN
fsr-3680	260	4	j.	j.	PROPN
fsr-3680	260	5	,	,	PUNCT
fsr-3680	260	6	joanne	joanne	PROPN
fsr-3680	260	7	m.	m.	PROPN
fsr-3680	260	8	hill	hill	PROPN
fsr-3680	260	9	,	,	PUNCT
fsr-3680	260	10	and	and	CCONJ
fsr-3680	260	11	john	john	PROPN
fsr-3680	260	12	j.	j.	PROPN
fsr-3680	260	13	kilgannon	kilgannon	PROPN
fsr-3680	260	14	.	.	PROPN
fsr-3680	260	15	1990	1990	NUM
fsr-3680	260	16	.	.	PUNCT
fsr-3680	261	1	“	"	PUNCT
fsr-3680	261	2	managing	manage	VERB
fsr-3680	261	3	currency	currency	NOUN
fsr-3680	261	4	exposures	exposure	NOUN
fsr-3680	261	5	in	in	ADP
fsr-3680	261	6	international	international	ADJ
fsr-3680	261	7	portfolios	portfolio	NOUN
fsr-3680	261	8	,	,	PUNCT
fsr-3680	261	9	”	"	PUNCT
fsr-3680	261	10	financial	financial	ADJ
fsr-3680	261	11	analysts	analyst	NOUN
fsr-3680	261	12	journal	journal	NOUN
fsr-3680	261	13	,	,	PUNCT
fsr-3680	261	14	january	january	PROPN
fsr-3680	261	15	/	/	SYM
fsr-3680	261	16	february	february	PROPN
fsr-3680	261	17	:	:	PUNCT
fsr-3680	261	18	16	16	NUM
fsr-3680	261	19	-	-	SYM
fsr-3680	261	20	23	23	NUM
fsr-3680	261	21	.	.	PUNCT
fsr-3680	262	1	cholerton	cholerton	PROPN
fsr-3680	262	2	,	,	PUNCT
fsr-3680	262	3	kenneth	kenneth	PROPN
fsr-3680	262	4	,	,	PUNCT
fsr-3680	262	5	pierre	pierre	PROPN
fsr-3680	262	6	pieraerts	pieraert	NOUN
fsr-3680	262	7	,	,	PUNCT
fsr-3680	262	8	and	and	CCONJ
fsr-3680	262	9	bruno	bruno	PROPN
fsr-3680	262	10	solnik	solnik	PROPN
fsr-3680	262	11	.	.	PUNCT
fsr-3680	262	12	1986	1986	NUM
fsr-3680	262	13	.	.	PUNCT
fsr-3680	263	1	“	"	PUNCT
fsr-3680	263	2	why	why	SCONJ
fsr-3680	263	3	invest	invest	VERB
fsr-3680	263	4	in	in	ADP
fsr-3680	263	5	foreign	foreign	ADJ
fsr-3680	263	6	currency	currency	NOUN
fsr-3680	263	7	bonds	bond	NOUN
fsr-3680	263	8	?	?	PUNCT
fsr-3680	263	9	”	"	PUNCT
fsr-3680	263	10	journal	journal	NOUN
fsr-3680	263	11	of	of	ADP
fsr-3680	263	12	portfolio	portfolio	NOUN
fsr-3680	263	13	management	management	NOUN
fsr-3680	263	14	,	,	PUNCT
fsr-3680	263	15	summer	summer	NOUN
fsr-3680	263	16	:	:	PUNCT
fsr-3680	263	17	pp	pp	X
fsr-3680	263	18	.	.	PUNCT
fsr-3680	264	1	4	4	NUM
fsr-3680	264	2	-	-	SYM
fsr-3680	264	3	8	8	NUM
fsr-3680	264	4	.	.	PUNCT
fsr-3680	264	5	cumby	cumby	PROPN
fsr-3680	264	6	,	,	PUNCT
fsr-3680	264	7	robert	robert	PROPN
fsr-3680	264	8	e.	e.	PROPN
fsr-3680	264	9	,	,	PUNCT
fsr-3680	264	10	and	and	CCONJ
fsr-3680	264	11	jack	jack	PROPN
fsr-3680	264	12	d.	d.	PROPN
fsr-3680	264	13	glen	glen	PROPN
fsr-3680	264	14	.	.	PUNCT
fsr-3680	265	1	1990	1990	NUM
fsr-3680	265	2	.	.	PUNCT
fsr-3680	266	1	“	"	PUNCT
fsr-3680	266	2	evaluating	evaluate	VERB
fsr-3680	266	3	the	the	DET
fsr-3680	266	4	performance	performance	NOUN
fsr-3680	266	5	of	of	ADP
fsr-3680	266	6	international	international	ADJ
fsr-3680	266	7	mutual	mutual	ADJ
fsr-3680	266	8	funds	fund	NOUN
fsr-3680	266	9	,	,	PUNCT
fsr-3680	266	10	”	"	PUNCT
fsr-3680	266	11	journal	journal	NOUN
fsr-3680	266	12	of	of	ADP
fsr-3680	266	13	finance	finance	NOUN
fsr-3680	266	14	,	,	PUNCT
fsr-3680	266	15	june	june	PROPN
fsr-3680	266	16	:	:	PUNCT
fsr-3680	266	17	497	497	NUM
fsr-3680	266	18	-	-	SYM
fsr-3680	266	19	521	521	NUM
fsr-3680	266	20	.	.	PUNCT
fsr-3680	266	21	defusco	defusco	PROPN
fsr-3680	266	22	,	,	PUNCT
fsr-3680	266	23	richard	richard	PROPN
fsr-3680	266	24	,	,	PUNCT
fsr-3680	266	25	george	george	PROPN
fsr-3680	266	26	c.	c.	PROPN
fsr-3680	266	27	philippatos	philippatos	PROPN
fsr-3680	266	28	,	,	PUNCT
fsr-3680	266	29	and	and	CCONJ
fsr-3680	266	30	dosoung	dosoung	VERB
fsr-3680	266	31	choi	choi	NOUN
fsr-3680	266	32	.	.	PUNCT
fsr-3680	267	1	1990	1990	NUM
fsr-3680	267	2	.	.	PUNCT
fsr-3680	268	1	“	"	PUNCT
fsr-3680	268	2	differences	difference	NOUN
fsr-3680	268	3	in	in	ADP
fsr-3680	268	4	factor	factor	NOUN
fsr-3680	268	5	structures	structure	NOUN
fsr-3680	268	6	between	between	ADP
fsr-3680	268	7	u.s	u.s	PROPN
fsr-3680	268	8	.	.	PROPN
fsr-3680	268	9	multinational	multinational	ADJ
fsr-3680	268	10	and	and	CCONJ
fsr-3680	268	11	domestic	domestic	ADJ
fsr-3680	268	12	corporations	corporation	NOUN
fsr-3680	268	13	:	:	PUNCT
fsr-3680	268	14	evidence	evidence	NOUN
fsr-3680	268	15	from	from	ADP
fsr-3680	268	16	bilinear	bilinear	ADJ
fsr-3680	268	17	paradigm	paradigm	NOUN
fsr-3680	268	18	tests	test	NOUN
fsr-3680	268	19	,	,	PUNCT
fsr-3680	268	20	”	"	PUNCT
fsr-3680	268	21	financial	financial	ADJ
fsr-3680	268	22	review	review	NOUN
fsr-3680	268	23	,	,	PUNCT
fsr-3680	268	24	august	august	PROPN
fsr-3680	268	25	:	:	PUNCT
fsr-3680	268	26	395404	395404	NUM
fsr-3680	268	27	.	.	PUNCT
fsr-3680	269	1	degennaro	degennaro	NOUN
fsr-3680	269	2	,	,	PUNCT
fsr-3680	269	3	ramon	ramon	NOUN
fsr-3680	269	4	p.	p.	NOUN
fsr-3680	269	5	,	,	PUNCT
fsr-3680	269	6	and	and	CCONJ
fsr-3680	269	7	christopher	christopher	PROPN
fsr-3680	269	8	j.	j.	PROPN
fsr-3680	269	9	pike	pike	PROPN
fsr-3680	269	10	.	.	PUNCT
fsr-3680	270	1	1990	1990	NUM
fsr-3680	270	2	.	.	PUNCT
fsr-3680	271	1	“	"	PUNCT
fsr-3680	271	2	standardizing	standardize	VERB
fsr-3680	271	3	the	the	DET
fsr-3680	271	4	world	world	NOUN
fsr-3680	271	5	securities	security	NOUN
fsr-3680	271	6	clearance	clearance	NOUN
fsr-3680	271	7	systems	system	NOUN
fsr-3680	271	8	,	,	PUNCT
fsr-3680	271	9	”	"	PUNCT
fsr-3680	271	10	federal	federal	PROPN
fsr-3680	271	11	reserve	reserve	PROPN
fsr-3680	271	12	bank	bank	PROPN
fsr-3680	271	13	of	of	ADP
fsr-3680	271	14	cleveland	cleveland	PROPN
fsr-3680	271	15	,	,	PUNCT
fsr-3680	271	16	economic	economic	ADJ
fsr-3680	271	17	commentary	commentary	NOUN
fsr-3680	271	18	,	,	PUNCT
fsr-3680	271	19	april	april	PROPN
fsr-3680	271	20	:	:	PUNCT
fsr-3680	271	21	l-4	l-4	PROPN
fsr-3680	271	22	.	.	PUNCT
fsr-3680	272	1	errunza	errunza	ADJ
fsr-3680	272	2	,	,	PUNCT
fsr-3680	272	3	vihang	vihang	PROPN
fsr-3680	272	4	r.	r.	PROPN
fsr-3680	272	5	1977	1977	NUM
fsr-3680	272	6	.	.	PUNCT
fsr-3680	273	1	“	"	PUNCT
fsr-3680	273	2	gains	gain	NOUN
fsr-3680	273	3	from	from	ADP
fsr-3680	273	4	portfolio	portfolio	NOUN
fsr-3680	273	5	diversification	diversification	NOUN
fsr-3680	273	6	into	into	ADP
fsr-3680	273	7	less	less	ADJ
fsr-3680	273	8	developed	develop	VERB
fsr-3680	273	9	countries	country	NOUN
fsr-3680	273	10	securities	security	NOUN
fsr-3680	273	11	,	,	PUNCT
fsr-3680	273	12	”	"	PUNCT
fsr-3680	273	13	journal	journal	NOUN
fsr-3680	273	14	of	of	ADP
fsr-3680	273	15	international	international	ADJ
fsr-3680	273	16	business	business	NOUN
fsr-3680	273	17	studies	study	NOUN
fsr-3680	273	18	,	,	PUNCT
fsr-3680	273	19	fall	fall	NOUN
fsr-3680	273	20	/	/	SYM
fsr-3680	273	21	winter	winter	NOUN
fsr-3680	273	22	:	:	PUNCT
fsr-3680	273	23	83	83	NUM
fsr-3680	273	24	-	-	SYM
fsr-3680	273	25	99	99	NUM
fsr-3680	273	26	.	.	PUNCT
fsr-3680	274	1	errunza	errunza	ADJ
fsr-3680	274	2	,	,	PUNCT
fsr-3680	274	3	vihang	vihang	NOUN
fsr-3680	274	4	,	,	PUNCT
fsr-3680	274	5	and	and	CCONJ
fsr-3680	274	6	etienne	etienne	PROPN
fsr-3680	274	7	losq	losq	PROPN
fsr-3680	274	8	.	.	PUNCT
fsr-3680	274	9	1985	1985	NUM
fsr-3680	274	10	.	.	PUNCT
fsr-3680	275	1	“	"	PUNCT
fsr-3680	275	2	international	international	ADJ
fsr-3680	275	3	asset	asset	NOUN
fsr-3680	275	4	pricing	pricing	NOUN
fsr-3680	275	5	under	under	ADP
fsr-3680	275	6	mild	mild	ADJ
fsr-3680	275	7	segmentation	segmentation	NOUN
fsr-3680	275	8	:	:	PUNCT
fsr-3680	275	9	theory	theory	NOUN
fsr-3680	275	10	and	and	CCONJ
fsr-3680	275	11	test	test	NOUN
fsr-3680	275	12	,	,	PUNCT
fsr-3680	275	13	”	"	PUNCT
fsr-3680	275	14	journal	journal	NOUN
fsr-3680	275	15	of	of	ADP
fsr-3680	275	16	finance	finance	NOUN
fsr-3680	275	17	,	,	PUNCT
fsr-3680	275	18	march	march	PROPN
fsr-3680	275	19	:	:	PUNCT
fsr-3680	275	20	105	105	NUM
fsr-3680	275	21	-	-	SYM
fsr-3680	275	22	124	124	NUM
fsr-3680	275	23	.	.	PUNCT
fsr-3680	276	1	essayyad	essayyad	PROPN
fsr-3680	276	2	,	,	PUNCT
fsr-3680	276	3	musa	musa	PROPN
fsr-3680	276	4	,	,	PUNCT
fsr-3680	276	5	jeff	jeff	PROPN
fsr-3680	276	6	madura	madura	PROPN
fsr-3680	276	7	,	,	PUNCT
fsr-3680	276	8	and	and	CCONJ
fsr-3680	276	9	donald	donald	PROPN
fsr-3680	276	10	m.	m.	PROPN
fsr-3680	276	11	marx	marx	PROPN
fsr-3680	276	12	.	.	PROPN
fsr-3680	276	13	1991	1991	NUM
fsr-3680	276	14	.	.	PUNCT
fsr-3680	277	1	“	"	PUNCT
fsr-3680	277	2	diversifying	diversify	VERB
fsr-3680	277	3	among	among	ADP
fsr-3680	277	4	international	international	ADJ
fsr-3680	277	5	mutual	mutual	ADJ
fsr-3680	277	6	funds	fund	NOUN
fsr-3680	277	7	:	:	PUNCT
fsr-3680	277	8	how	how	SCONJ
fsr-3680	277	9	many	many	ADJ
fsr-3680	277	10	are	be	AUX
fsr-3680	277	11	enough	enough	ADJ
fsr-3680	277	12	?	?	PUNCT
fsr-3680	277	13	”	"	PUNCT
fsr-3680	277	14	unpublished	unpublished	ADJ
fsr-3680	277	15	paper	paper	NOUN
fsr-3680	277	16	.	.	PUNCT
fsr-3680	278	1	essayyad	essayyad	NOUN
fsr-3680	278	2	,	,	PUNCT
fsr-3680	278	3	musa	musa	NOUN
fsr-3680	278	4	,	,	PUNCT
fsr-3680	278	5	and	and	CCONJ
fsr-3680	278	6	h.k	h.k	PROPN
fsr-3680	278	7	.	.	PROPN
fsr-3680	278	8	wu	wu	PROPN
fsr-3680	278	9	.	.	PUNCT
fsr-3680	278	10	1988	1988	NUM
fsr-3680	278	11	.	.	PUNCT
fsr-3680	279	1	“	"	PUNCT
fsr-3680	279	2	the	the	DET
fsr-3680	279	3	performance	performance	NOUN
fsr-3680	279	4	of	of	ADP
fsr-3680	279	5	u.s	u.s	PROPN
fsr-3680	279	6	.	.	PROPN
fsr-3680	279	7	international	international	ADJ
fsr-3680	279	8	mutual	mutual	ADJ
fsr-3680	279	9	funds	fund	NOUN
fsr-3680	279	10	,	,	PUNCT
fsr-3680	279	11	”	"	PUNCT
fsr-3680	279	12	quarterly	quarterly	ADJ
fsr-3680	279	13	journal	journal	NOUN
fsr-3680	279	14	of	of	ADP
fsr-3680	279	15	business	business	NOUN
fsr-3680	279	16	and	and	CCONJ
fsr-3680	279	17	economics	economic	NOUN
fsr-3680	279	18	,	,	PUNCT
fsr-3680	279	19	autumn	autumn	NOUN
fsr-3680	279	20	:	:	PUNCT
fsr-3680	279	21	32	32	NUM
fsr-3680	279	22	-	-	SYM
fsr-3680	279	23	46	46	NUM
fsr-3680	279	24	.	.	PUNCT
fsr-3680	280	1	eun	eun	PROPN
fsr-3680	280	2	,	,	PUNCT
fsr-3680	280	3	cheol	cheol	NOUN
fsr-3680	280	4	s.	s.	PROPN
fsr-3680	280	5	,	,	PUNCT
fsr-3680	280	6	and	and	CCONJ
fsr-3680	280	7	bruce	bruce	PROPN
fsr-3680	280	8	g.	g.	PROPN
fsr-3680	280	9	resnick	resnick	PROPN
fsr-3680	280	10	.	.	PUNCT
fsr-3680	280	11	1984	1984	NUM
fsr-3680	280	12	.	.	PUNCT
fsr-3680	281	1	“	"	PUNCT
fsr-3680	281	2	estimating	estimate	VERB
fsr-3680	281	3	the	the	DET
fsr-3680	281	4	correlation	correlation	NOUN
fsr-3680	281	5	structure	structure	NOUN
fsr-3680	281	6	of	of	ADP
fsr-3680	281	7	international	international	ADJ
fsr-3680	281	8	share	share	NOUN
fsr-3680	281	9	prices	price	NOUN
fsr-3680	281	10	,	,	PUNCT
fsr-3680	281	11	”	"	PUNCT
fsr-3680	281	12	journal	journal	NOUN
fsr-3680	281	13	of	of	ADP
fsr-3680	281	14	finance	finance	NOUN
fsr-3680	281	15	,	,	PUNCT
fsr-3680	281	16	december	december	PROPN
fsr-3680	281	17	:	:	PUNCT
fsr-3680	281	18	131	131	NUM
fsr-3680	281	19	i-1324	i-1324	PROPN
fsr-3680	281	20	.	.	PUNCT
fsr-3680	282	1	174	174	NUM
fsr-3680	282	2	financial	financial	ADJ
fsr-3680	282	3	services	service	NOUN
fsr-3680	282	4	review	review	NOUN
fsr-3680	282	5	,	,	PUNCT
fsr-3680	282	6	l(2	l(2	PROPN
fsr-3680	282	7	)	)	PUNCT
fsr-3680	282	8	1991	1991	NUM
fsr-3680	282	9	eun	eun	PROPN
fsr-3680	282	10	,	,	PUNCT
fsr-3680	282	11	cheol	cheol	NOUN
fsr-3680	282	12	,	,	PUNCT
fsr-3680	282	13	and	and	CCONJ
fsr-3680	282	14	bruce	bruce	PROPN
fsr-3680	282	15	resnick	resnick	PROPN
fsr-3680	282	16	.	.	PUNCT
fsr-3680	282	17	1988	1988	NUM
fsr-3680	282	18	.	.	PUNCT
fsr-3680	283	1	“	"	PUNCT
fsr-3680	283	2	exchange	exchange	NOUN
fsr-3680	283	3	rate	rate	NOUN
fsr-3680	283	4	uncertainty	uncertainty	NOUN
fsr-3680	283	5	,	,	PUNCT
fsr-3680	283	6	forward	forward	ADJ
fsr-3680	283	7	contracts	contract	NOUN
fsr-3680	283	8	,	,	PUNCT
fsr-3680	283	9	and	and	CCONJ
fsr-3680	283	10	international	international	ADJ
fsr-3680	283	11	portfolio	portfolio	NOUN
fsr-3680	283	12	selection	selection	NOUN
fsr-3680	283	13	,	,	PUNCT
fsr-3680	283	14	”	"	PUNCT
fsr-3680	283	15	journal	journal	NOUN
fsr-3680	283	16	of	of	ADP
fsr-3680	283	17	finance	finance	NOUN
fsr-3680	283	18	,	,	PUNCT
fsr-3680	283	19	march	march	PROPN
fsr-3680	283	20	:	:	PUNCT
fsr-3680	283	21	197	197	NUM
fsr-3680	283	22	-	-	SYM
fsr-3680	283	23	215	215	NUM
fsr-3680	283	24	.	.	PUNCT
fsr-3680	284	1	finnerty	finnerty	PROPN
fsr-3680	284	2	,	,	PUNCT
fsr-3680	284	3	joseph	joseph	PROPN
fsr-3680	284	4	e.	e.	PROPN
fsr-3680	284	5	,	,	PUNCT
fsr-3680	284	6	and	and	CCONJ
fsr-3680	284	7	thomas	thomas	PROPN
fsr-3680	284	8	schneeweis	schneeweis	PROPN
fsr-3680	284	9	.	.	PUNCT
fsr-3680	285	1	1979	1979	NUM
fsr-3680	285	2	.	.	PUNCT
fsr-3680	286	1	“	"	PUNCT
fsr-3680	286	2	the	the	DET
fsr-3680	286	3	comovement	comovement	NOUN
fsr-3680	286	4	of	of	ADP
fsr-3680	286	5	international	international	ADJ
fsr-3680	286	6	asset	asset	NOUN
fsr-3680	286	7	returns	return	NOUN
fsr-3680	286	8	,	,	PUNCT
fsr-3680	286	9	”	"	PUNCT
fsr-3680	286	10	journal	journal	NOUN
fsr-3680	286	11	of	of	ADP
fsr-3680	286	12	international	international	ADJ
fsr-3680	286	13	business	business	NOUN
fsr-3680	286	14	studies	study	NOUN
fsr-3680	286	15	,	,	PUNCT
fsr-3680	286	16	winter	winter	NOUN
fsr-3680	286	17	:	:	PUNCT
fsr-3680	286	18	66	66	NUM
fsr-3680	286	19	-	-	SYM
fsr-3680	286	20	78	78	NUM
fsr-3680	286	21	.	.	PUNCT
fsr-3680	287	1	click	click	VERB
fsr-3680	287	2	,	,	PUNCT
fsr-3680	287	3	reuven	reuven	VERB
fsr-3680	287	4	.	.	PUNCT
fsr-3680	288	1	1990	1990	NUM
fsr-3680	288	2	.	.	PUNCT
fsr-3680	289	1	“	"	PUNCT
fsr-3680	289	2	global	global	ADJ
fsr-3680	289	3	interest	interest	NOUN
fsr-3680	289	4	rate	rate	NOUN
fsr-3680	289	5	linkages	linkage	NOUN
fsr-3680	289	6	,	,	PUNCT
fsr-3680	289	7	”	"	PUNCT
fsr-3680	289	8	federal	federal	PROPN
fsr-3680	289	9	reserve	reserve	PROPN
fsr-3680	289	10	bank	bank	PROPN
fsr-3680	289	11	of	of	ADP
fsr-3680	289	12	san	san	PROPN
fsr-3680	289	13	francisco	francisco	PROPN
fsr-3680	289	14	,	,	PUNCT
fsr-3680	289	15	weekly	weekly	ADJ
fsr-3680	289	16	letter	letter	NOUN
fsr-3680	289	17	,	,	PUNCT
fsr-3680	289	18	may	may	AUX
fsr-3680	289	19	25	25	NUM
fsr-3680	289	20	:	:	PUNCT
fsr-3680	289	21	l-3	l-3	PROPN
fsr-3680	289	22	.	.	PUNCT
fsr-3680	290	1	grauer	grauer	PROPN
fsr-3680	290	2	,	,	PUNCT
fsr-3680	290	3	robert	robert	PROPN
fsr-3680	290	4	r.	r.	PROPN
fsr-3680	290	5	,	,	PUNCT
fsr-3680	290	6	and	and	CCONJ
fsr-3680	290	7	nils	nils	PROPN
fsr-3680	290	8	h.	h.	PROPN
fsr-3680	290	9	hakansson	hakansson	PROPN
fsr-3680	290	10	.	.	PUNCT
fsr-3680	290	11	1987	1987	NUM
fsr-3680	290	12	.	.	PUNCT
fsr-3680	291	1	“	"	PUNCT
fsr-3680	291	2	gains	gain	NOUN
fsr-3680	291	3	from	from	ADP
fsr-3680	291	4	international	international	ADJ
fsr-3680	291	5	diversification	diversification	NOUN
fsr-3680	291	6	:	:	PUNCT
fsr-3680	291	7	1968	1968	NUM
fsr-3680	291	8	85	85	NUM
fsr-3680	291	9	returns	return	NOUN
fsr-3680	291	10	on	on	ADP
fsr-3680	291	11	portfolios	portfolio	NOUN
fsr-3680	291	12	of	of	ADP
fsr-3680	291	13	stocks	stock	NOUN
fsr-3680	291	14	and	and	CCONJ
fsr-3680	291	15	bonds	bond	NOUN
fsr-3680	291	16	,	,	PUNCT
fsr-3680	291	17	”	"	PUNCT
fsr-3680	291	18	journal	journal	NOUN
fsr-3680	291	19	of	of	ADP
fsr-3680	291	20	finance	finance	NOUN
fsr-3680	291	21	,	,	PUNCT
fsr-3680	291	22	july	july	PROPN
fsr-3680	291	23	:	:	PUNCT
fsr-3680	291	24	72	72	NUM
fsr-3680	291	25	l-74	l-74	NOUN
fsr-3680	291	26	1	1	NUM
fsr-3680	291	27	.	.	PUNCT
fsr-3680	292	1	grubel	grubel	NOUN
fsr-3680	292	2	,	,	PUNCT
fsr-3680	292	3	herbert	herbert	PROPN
fsr-3680	292	4	g.	g.	PROPN
fsr-3680	292	5	1968	1968	NUM
fsr-3680	292	6	.	.	PUNCT
fsr-3680	293	1	“	"	PUNCT
fsr-3680	293	2	internationally	internationally	ADV
fsr-3680	293	3	diversified	diversify	VERB
fsr-3680	293	4	portfolios	portfolio	NOUN
fsr-3680	293	5	:	:	PUNCT
fsr-3680	293	6	welfare	welfare	NOUN
fsr-3680	293	7	gains	gain	NOUN
fsr-3680	293	8	and	and	CCONJ
fsr-3680	293	9	capital	capital	NOUN
fsr-3680	293	10	flows	flow	NOUN
fsr-3680	293	11	,	,	PUNCT
fsr-3680	293	12	”	"	PUNCT
fsr-3680	293	13	american	american	PROPN
fsr-3680	293	14	economic	economic	PROPN
fsr-3680	293	15	review	review	PROPN
fsr-3680	293	16	,	,	PUNCT
fsr-3680	293	17	december	december	PROPN
fsr-3680	293	18	:	:	PUNCT
fsr-3680	293	19	1299	1299	NUM
fsr-3680	293	20	-	-	SYM
fsr-3680	293	21	1314	1314	NUM
fsr-3680	293	22	.	.	PUNCT
fsr-3680	294	1	grubel	grubel	NOUN
fsr-3680	294	2	,	,	PUNCT
fsr-3680	294	3	herbert	herbert	PROPN
fsr-3680	294	4	g.	g.	PROPN
fsr-3680	294	5	,	,	PUNCT
fsr-3680	294	6	and	and	CCONJ
fsr-3680	294	7	kenneth	kenneth	PROPN
fsr-3680	294	8	fadner	fadner	PROPN
fsr-3680	294	9	.	.	PUNCT
fsr-3680	295	1	1971	1971	NUM
fsr-3680	295	2	.	.	PUNCT
fsr-3680	296	1	“	"	PUNCT
fsr-3680	296	2	the	the	DET
fsr-3680	296	3	interdependence	interdependence	NOUN
fsr-3680	296	4	of	of	ADP
fsr-3680	296	5	international	international	ADJ
fsr-3680	296	6	equity	equity	NOUN
fsr-3680	296	7	markets	market	NOUN
fsr-3680	296	8	,	,	PUNCT
fsr-3680	296	9	”	"	PUNCT
fsr-3680	296	10	journal	journal	NOUN
fsr-3680	296	11	of	of	ADP
fsr-3680	296	12	finance	finance	NOUN
fsr-3680	296	13	,	,	PUNCT
fsr-3680	296	14	march	march	PROPN
fsr-3680	296	15	:	:	PUNCT
fsr-3680	296	16	89	89	NUM
fsr-3680	296	17	-	-	SYM
fsr-3680	296	18	94	94	NUM
fsr-3680	296	19	.	.	PUNCT
fsr-3680	297	1	hilliard	hilliard	NOUN
fsr-3680	297	2	,	,	PUNCT
fsr-3680	297	3	jimmy	jimmy	PROPN
fsr-3680	297	4	e.	e.	PROPN
fsr-3680	297	5	1979	1979	NUM
fsr-3680	297	6	.	.	PUNCT
fsr-3680	298	1	“	"	PUNCT
fsr-3680	298	2	the	the	DET
fsr-3680	298	3	relationship	relationship	NOUN
fsr-3680	298	4	between	between	ADP
fsr-3680	298	5	equity	equity	NOUN
fsr-3680	298	6	indices	index	NOUN
fsr-3680	298	7	on	on	ADP
fsr-3680	298	8	world	world	NOUN
fsr-3680	298	9	exchanges	exchange	NOUN
fsr-3680	298	10	,	,	PUNCT
fsr-3680	298	11	”	"	PUNCT
fsr-3680	298	12	journal	journal	NOUN
fsr-3680	298	13	offinance	offinance	NOUN
fsr-3680	298	14	,	,	PUNCT
fsr-3680	298	15	march	march	PROPN
fsr-3680	298	16	:	:	PUNCT
fsr-3680	298	17	103	103	NUM
fsr-3680	298	18	-	-	SYM
fsr-3680	298	19	l	l	NOUN
fsr-3680	298	20	14	14	NUM
fsr-3680	298	21	.	.	PUNCT
fsr-3680	299	1	ibbotson	ibbotson	PROPN
fsr-3680	299	2	,	,	PUNCT
fsr-3680	299	3	roger	roger	PROPN
fsr-3680	299	4	g.	g.	PROPN
fsr-3680	299	5	,	,	PUNCT
fsr-3680	299	6	richard	richard	PROPN
fsr-3680	299	7	c.	c.	PROPN
fsr-3680	299	8	carr	carr	PROPN
fsr-3680	299	9	,	,	PUNCT
fsr-3680	299	10	and	and	CCONJ
fsr-3680	299	11	anthony	anthony	PROPN
fsr-3680	299	12	w.	w.	PROPN
fsr-3680	299	13	robertson	robertson	PROPN
fsr-3680	299	14	.	.	PROPN
fsr-3680	299	15	1982	1982	NUM
fsr-3680	299	16	.	.	PUNCT
fsr-3680	300	1	“	"	PUNCT
fsr-3680	300	2	international	international	ADJ
fsr-3680	300	3	equity	equity	NOUN
fsr-3680	300	4	and	and	CCONJ
fsr-3680	300	5	bond	bond	NOUN
fsr-3680	300	6	returns	return	NOUN
fsr-3680	300	7	,	,	PUNCT
fsr-3680	300	8	”	"	PUNCT
fsr-3680	300	9	financial	financial	ADJ
fsr-3680	300	10	analysts	analyst	NOUN
fsr-3680	300	11	journal	journal	PROPN
fsr-3680	300	12	,	,	PUNCT
fsr-3680	300	13	july	july	PROPN
fsr-3680	300	14	/	/	SYM
fsr-3680	300	15	august	august	PROPN
fsr-3680	300	16	:	:	PUNCT
fsr-3680	300	17	61	61	NUM
fsr-3680	300	18	-	-	SYM
fsr-3680	300	19	83	83	NUM
fsr-3680	300	20	.	.	PUNCT
fsr-3680	301	1	jacquillat	jacquillat	PROPN
fsr-3680	301	2	,	,	PUNCT
fsr-3680	301	3	bertrand	bertrand	PROPN
fsr-3680	301	4	,	,	PUNCT
fsr-3680	301	5	and	and	CCONJ
fsr-3680	301	6	bruno	bruno	PROPN
fsr-3680	301	7	solnik	solnik	PROPN
fsr-3680	301	8	.	.	PROPN
fsr-3680	302	1	1978	1978	NUM
fsr-3680	302	2	.	.	PUNCT
fsr-3680	303	1	“	"	PUNCT
fsr-3680	303	2	multinationals	multinational	NOUN
fsr-3680	303	3	are	be	AUX
fsr-3680	303	4	poor	poor	ADJ
fsr-3680	303	5	tools	tool	NOUN
fsr-3680	303	6	for	for	ADP
fsr-3680	303	7	diversification	diversification	NOUN
fsr-3680	303	8	,	,	PUNCT
fsr-3680	303	9	”	"	PUNCT
fsr-3680	303	10	journal	journal	NOUN
fsr-3680	303	11	of	of	ADP
fsr-3680	303	12	portfolio	portfolio	NOUN
fsr-3680	303	13	management	management	NOUN
fsr-3680	303	14	,	,	PUNCT
fsr-3680	303	15	winter	winter	NOUN
fsr-3680	303	16	:	:	PUNCT
fsr-3680	303	17	8	8	NUM
fsr-3680	303	18	-	-	SYM
fsr-3680	303	19	12	12	NUM
fsr-3680	303	20	.	.	PUNCT
fsr-3680	304	1	jorion	jorion	NOUN
fsr-3680	304	2	,	,	PUNCT
fsr-3680	304	3	phillippe	phillippe	PROPN
fsr-3680	304	4	.	.	PUNCT
fsr-3680	304	5	1989	1989	NUM
fsr-3680	304	6	.	.	PUNCT
fsr-3680	305	1	“	"	PUNCT
fsr-3680	305	2	asset	asset	NOUN
fsr-3680	305	3	allocation	allocation	NOUN
fsr-3680	305	4	with	with	ADP
fsr-3680	305	5	hedged	hedge	VERB
fsr-3680	305	6	and	and	CCONJ
fsr-3680	305	7	unhedged	unhedged	ADJ
fsr-3680	305	8	foreign	foreign	ADJ
fsr-3680	305	9	stocks	stock	NOUN
fsr-3680	305	10	and	and	CCONJ
fsr-3680	305	11	bonds	bond	NOUN
fsr-3680	305	12	,	,	PUNCT
fsr-3680	305	13	”	"	PUNCT
fsr-3680	305	14	journal	journal	NOUN
fsr-3680	305	15	of	of	ADP
fsr-3680	305	16	portfolio	portfolio	NOUN
fsr-3680	305	17	management	management	NOUN
fsr-3680	305	18	,	,	PUNCT
fsr-3680	305	19	summer	summer	NOUN
fsr-3680	305	20	:	:	PUNCT
fsr-3680	305	21	49	49	NUM
fsr-3680	305	22	-	-	SYM
fsr-3680	305	23	54	54	NUM
fsr-3680	305	24	.	.	PUNCT
fsr-3680	306	1	jorion	jorion	NOUN
fsr-3680	306	2	,	,	PUNCT
fsr-3680	306	3	phillippe	phillippe	PROPN
fsr-3680	306	4	.	.	PUNCT
fsr-3680	306	5	1985	1985	NUM
fsr-3680	306	6	.	.	PUNCT
fsr-3680	307	1	“	"	PUNCT
fsr-3680	307	2	international	international	ADJ
fsr-3680	307	3	portfolio	portfolio	NOUN
fsr-3680	307	4	diversification	diversification	NOUN
fsr-3680	307	5	with	with	ADP
fsr-3680	307	6	estimation	estimation	NOUN
fsr-3680	307	7	risk	risk	NOUN
fsr-3680	307	8	,	,	PUNCT
fsr-3680	307	9	”	"	PUNCT
fsr-3680	307	10	journal	journal	NOUN
fsr-3680	307	11	of	of	ADP
fsr-3680	307	12	business	business	NOUN
fsr-3680	307	13	,	,	PUNCT
fsr-3680	307	14	july	july	PROPN
fsr-3680	307	15	:	:	PUNCT
fsr-3680	307	16	259	259	NUM
fsr-3680	307	17	-	-	SYM
fsr-3680	307	18	278	278	NUM
fsr-3680	307	19	.	.	PUNCT
fsr-3680	308	1	jorion	jorion	NOUN
fsr-3680	308	2	,	,	PUNCT
fsr-3680	308	3	phillippe	phillippe	PROPN
fsr-3680	308	4	,	,	PUNCT
fsr-3680	308	5	and	and	CCONJ
fsr-3680	308	6	edward0	edward0	NOUN
fsr-3680	308	7	schwartz	schwartz	PROPN
fsr-3680	308	8	.	.	PUNCT
fsr-3680	309	1	1986	1986	NUM
fsr-3680	309	2	.	.	PUNCT
fsr-3680	310	1	“	"	PUNCT
fsr-3680	310	2	integration	integration	NOUN
fsr-3680	310	3	vs.	vs.	ADP
fsr-3680	310	4	segmentation	segmentation	NOUN
fsr-3680	310	5	in	in	ADP
fsr-3680	310	6	the	the	DET
fsr-3680	310	7	canadian	canadian	ADJ
fsr-3680	310	8	stock	stock	NOUN
fsr-3680	310	9	market	market	NOUN
fsr-3680	310	10	,	,	PUNCT
fsr-3680	310	11	”	"	PUNCT
fsr-3680	310	12	journal	journal	NOUN
fsr-3680	310	13	of	of	ADP
fsr-3680	310	14	finance	finance	NOUN
fsr-3680	310	15	,	,	PUNCT
fsr-3680	310	16	july	july	PROPN
fsr-3680	310	17	:	:	PUNCT
fsr-3680	310	18	602	602	NUM
fsr-3680	310	19	-	-	SYM
fsr-3680	310	20	616	616	NUM
fsr-3680	310	21	.	.	PUNCT
fsr-3680	311	1	kirchgassner	kirchgassner	NOUN
fsr-3680	311	2	,	,	PUNCT
fsr-3680	311	3	gebhard	gebhard	NOUN
fsr-3680	311	4	,	,	PUNCT
fsr-3680	311	5	and	and	CCONJ
fsr-3680	311	6	jurgen	jurgen	PROPN
fsr-3680	311	7	wolters	wolters	PROPN
fsr-3680	311	8	.	.	PUNCT
fsr-3680	311	9	1987	1987	NUM
fsr-3680	311	10	.	.	PUNCT
fsr-3680	312	1	“	"	PUNCT
fsr-3680	312	2	u.s.-european	u.s.-european	ADJ
fsr-3680	312	3	interest	interest	NOUN
fsr-3680	312	4	rate	rate	NOUN
fsr-3680	312	5	linkage	linkage	NOUN
fsr-3680	312	6	:	:	PUNCT
fsr-3680	312	7	a	a	DET
fsr-3680	312	8	time	time	NOUN
fsr-3680	312	9	series	series	NOUN
fsr-3680	312	10	analysis	analysis	NOUN
fsr-3680	312	11	for	for	ADP
fsr-3680	312	12	west	west	PROPN
fsr-3680	312	13	germany	germany	PROPN
fsr-3680	312	14	,	,	PUNCT
fsr-3680	312	15	switzerland	switzerland	PROPN
fsr-3680	312	16	,	,	PUNCT
fsr-3680	312	17	and	and	CCONJ
fsr-3680	312	18	the	the	DET
fsr-3680	312	19	united	united	PROPN
fsr-3680	312	20	states	states	PROPN
fsr-3680	312	21	,	,	PUNCT
fsr-3680	312	22	”	"	PUNCT
fsr-3680	312	23	review	review	NOUN
fsr-3680	312	24	of	of	ADP
fsr-3680	312	25	economics	economic	NOUN
fsr-3680	312	26	and	and	CCONJ
fsr-3680	312	27	statistics	statistic	NOUN
fsr-3680	312	28	,	,	PUNCT
fsr-3680	312	29	november	november	PROPN
fsr-3680	312	30	:	:	PUNCT
fsr-3680	312	31	675	675	NUM
fsr-3680	312	32	-	-	SYM
fsr-3680	312	33	684	684	NUM
fsr-3680	312	34	.	.	PUNCT
fsr-3680	313	1	kool	kool	NOUN
fsr-3680	313	2	,	,	PUNCT
fsr-3680	313	3	clemens	clemens	PROPN
fsr-3680	313	4	,	,	PUNCT
fsr-3680	313	5	j.m	j.m	PROPN
fsr-3680	313	6	.	.	PROPN
fsr-3680	313	7	and	and	CCONJ
fsr-3680	313	8	john	john	PROPN
fsr-3680	313	9	a.	a.	PROPN
fsr-3680	313	10	tatom	tatom	PROPN
fsr-3680	313	11	.	.	PUNCT
fsr-3680	313	12	1988	1988	NUM
fsr-3680	313	13	.	.	PUNCT
fsr-3680	314	1	“	"	PUNCT
fsr-3680	314	2	international	international	ADJ
fsr-3680	314	3	linkages	linkage	NOUN
fsr-3680	314	4	in	in	ADP
fsr-3680	314	5	the	the	DET
fsr-3680	314	6	term	term	NOUN
fsr-3680	314	7	structure	structure	NOUN
fsr-3680	314	8	of	of	ADP
fsr-3680	314	9	interest	interest	NOUN
fsr-3680	314	10	rates	rate	NOUN
fsr-3680	314	11	,	,	PUNCT
fsr-3680	314	12	”	"	PUNCT
fsr-3680	314	13	federal	federal	PROPN
fsr-3680	314	14	reserve	reserve	PROPN
fsr-3680	314	15	bank	bank	PROPN
fsr-3680	314	16	of	of	ADP
fsr-3680	314	17	st	st	PROPN
fsr-3680	314	18	.	.	PROPN
fsr-3680	314	19	louis	louis	PROPN
fsr-3680	314	20	,	,	PUNCT
fsr-3680	314	21	review	review	NOUN
fsr-3680	314	22	,	,	PUNCT
fsr-3680	314	23	july	july	PROPN
fsr-3680	314	24	/	/	SYM
fsr-3680	314	25	august	august	PROPN
fsr-3680	314	26	:	:	PUNCT
fsr-3680	314	27	30	30	NUM
fsr-3680	314	28	-	-	SYM
fsr-3680	314	29	43	43	NUM
fsr-3680	314	30	.	.	PUNCT
fsr-3680	315	1	lee	lee	PROPN
fsr-3680	315	2	,	,	PUNCT
fsr-3680	315	3	adrian	adrian	PROPN
fsr-3680	315	4	.	.	PROPN
fsr-3680	315	5	1987	1987	NUM
fsr-3680	315	6	.	.	PUNCT
fsr-3680	316	1	“	"	PUNCT
fsr-3680	316	2	international	international	ADJ
fsr-3680	316	3	asset	asset	NOUN
fsr-3680	316	4	and	and	CCONJ
fsr-3680	316	5	currency	currency	NOUN
fsr-3680	316	6	allocation	allocation	NOUN
fsr-3680	316	7	,	,	PUNCT
fsr-3680	316	8	”	"	PUNCT
fsr-3680	316	9	journal	journal	NOUN
fsr-3680	316	10	of	of	ADP
fsr-3680	316	11	portfolio	portfolio	NOUN
fsr-3680	316	12	management	management	NOUN
fsr-3680	316	13	,	,	PUNCT
fsr-3680	316	14	fall	fall	NOUN
fsr-3680	316	15	:	:	PUNCT
fsr-3680	316	16	68	68	NUM
fsr-3680	316	17	-	-	SYM
fsr-3680	316	18	73	73	NUM
fsr-3680	316	19	.	.	PUNCT
fsr-3680	317	1	lessard	lessard	PROPN
fsr-3680	317	2	,	,	PUNCT
fsr-3680	317	3	donald	donald	PROPN
fsr-3680	317	4	r.	r.	PROPN
fsr-3680	317	5	1976	1976	NUM
fsr-3680	317	6	.	.	PUNCT
fsr-3680	318	1	“	"	PUNCT
fsr-3680	318	2	international	international	ADJ
fsr-3680	318	3	diversification	diversification	NOUN
fsr-3680	318	4	,	,	PUNCT
fsr-3680	318	5	”	"	PUNCT
fsr-3680	318	6	financial	financial	ADJ
fsr-3680	318	7	analysts	analyst	NOUN
fsr-3680	318	8	journal	journal	NOUN
fsr-3680	318	9	,	,	PUNCT
fsr-3680	318	10	january/	january/	NUM
fsr-3680	318	11	february	february	NOUN
fsr-3680	318	12	:	:	PUNCT
fsr-3680	318	13	32	32	NUM
fsr-3680	318	14	-	-	SYM
fsr-3680	318	15	38	38	NUM
fsr-3680	318	16	.	.	PUNCT
fsr-3680	319	1	levy	levy	NOUN
fsr-3680	319	2	,	,	PUNCT
fsr-3680	319	3	haim	haim	NOUN
fsr-3680	319	4	,	,	PUNCT
fsr-3680	319	5	and	and	CCONJ
fsr-3680	319	6	zvi	zvi	PROPN
fsr-3680	319	7	lerman	lerman	PROPN
fsr-3680	319	8	.	.	PUNCT
fsr-3680	320	1	1988	1988	NUM
fsr-3680	320	2	.	.	PUNCT
fsr-3680	321	1	“	"	PUNCT
fsr-3680	321	2	the	the	DET
fsr-3680	321	3	benefits	benefit	NOUN
fsr-3680	321	4	of	of	ADP
fsr-3680	321	5	international	international	ADJ
fsr-3680	321	6	diversification	diversification	NOUN
fsr-3680	321	7	in	in	ADP
fsr-3680	321	8	bonds	bond	NOUN
fsr-3680	321	9	,	,	PUNCT
fsr-3680	321	10	”	"	PUNCT
fsr-3680	321	11	financial	financial	ADJ
fsr-3680	321	12	analysts	analyst	NOUN
fsr-3680	321	13	journal	journal	NOUN
fsr-3680	321	14	,	,	PUNCT
fsr-3680	321	15	september	september	PROPN
fsr-3680	321	16	/	/	SYM
fsr-3680	321	17	october	october	PROPN
fsr-3680	321	18	:	:	PUNCT
fsr-3680	321	19	56	56	NUM
fsr-3680	321	20	-	-	SYM
fsr-3680	321	21	64	64	NUM
fsr-3680	321	22	.	.	PUNCT
fsr-3680	322	1	levy	levy	NOUN
fsr-3680	322	2	,	,	PUNCT
fsr-3680	322	3	haim	haim	NOUN
fsr-3680	322	4	,	,	PUNCT
fsr-3680	322	5	and	and	CCONJ
fsr-3680	322	6	marshall	marshall	PROPN
fsr-3680	322	7	sarnat	sarnat	PROPN
fsr-3680	322	8	.	.	PUNCT
fsr-3680	323	1	1978	1978	NUM
fsr-3680	323	2	.	.	PUNCT
fsr-3680	324	1	“	"	PUNCT
fsr-3680	324	2	exchange	exchange	NOUN
fsr-3680	324	3	rate	rate	NOUN
fsr-3680	324	4	risk	risk	NOUN
fsr-3680	324	5	and	and	CCONJ
fsr-3680	324	6	the	the	DET
fsr-3680	324	7	optimal	optimal	ADJ
fsr-3680	324	8	diversification	diversification	NOUN
fsr-3680	324	9	of	of	ADP
fsr-3680	324	10	foreign	foreign	ADJ
fsr-3680	324	11	currency	currency	NOUN
fsr-3680	324	12	holdings	holding	NOUN
fsr-3680	324	13	,	,	PUNCT
fsr-3680	324	14	”	"	PUNCT
fsr-3680	324	15	journal	journal	NOUN
fsr-3680	324	16	of	of	ADP
fsr-3680	324	17	money	money	NOUN
fsr-3680	324	18	,	,	PUNCT
fsr-3680	324	19	credit	credit	NOUN
fsr-3680	324	20	,	,	PUNCT
fsr-3680	324	21	and	and	CCONJ
fsr-3680	324	22	banking	banking	NOUN
fsr-3680	324	23	,	,	PUNCT
fsr-3680	324	24	november	november	PROPN
fsr-3680	324	25	:	:	PUNCT
fsr-3680	324	26	453	453	NUM
fsr-3680	324	27	-	-	SYM
fsr-3680	324	28	463	463	NUM
fsr-3680	324	29	.	.	PUNCT
fsr-3680	325	1	levy	levy	NOUN
fsr-3680	325	2	,	,	PUNCT
fsr-3680	325	3	haim	haim	NOUN
fsr-3680	325	4	,	,	PUNCT
fsr-3680	325	5	and	and	CCONJ
fsr-3680	325	6	marshall	marshall	PROPN
fsr-3680	325	7	sarnat	sarnat	PROPN
fsr-3680	325	8	.	.	PUNCT
fsr-3680	326	1	1970	1970	NUM
fsr-3680	326	2	.	.	PUNCT
fsr-3680	327	1	“	"	PUNCT
fsr-3680	327	2	international	international	ADJ
fsr-3680	327	3	diversification	diversification	NOUN
fsr-3680	327	4	of	of	ADP
fsr-3680	327	5	investment	investment	NOUN
fsr-3680	327	6	portfolios	portfolio	NOUN
fsr-3680	327	7	,	,	PUNCT
fsr-3680	327	8	”	"	PUNCT
fsr-3680	327	9	american	american	PROPN
fsr-3680	327	10	economic	economic	PROPN
fsr-3680	327	11	review	review	PROPN
fsr-3680	327	12	,	,	PUNCT
fsr-3680	327	13	september	september	PROPN
fsr-3680	327	14	:	:	PUNCT
fsr-3680	327	15	668	668	NUM
fsr-3680	327	16	-	-	SYM
fsr-3680	327	17	675	675	NUM
fsr-3680	327	18	.	.	PUNCT
fsr-3680	328	1	madura	madura	NOUN
fsr-3680	328	2	,	,	PUNCT
fsr-3680	328	3	jeff	jeff	PROPN
fsr-3680	328	4	.	.	PROPN
fsr-3680	328	5	1991	1991	NUM
fsr-3680	328	6	.	.	PUNCT
fsr-3680	329	1	“	"	PUNCT
fsr-3680	329	2	influence	influence	NOUN
fsr-3680	329	3	of	of	ADP
fsr-3680	329	4	foreign	foreign	ADJ
fsr-3680	329	5	markets	market	NOUN
fsr-3680	329	6	on	on	ADP
fsr-3680	329	7	multinational	multinational	ADJ
fsr-3680	329	8	stocks	stock	NOUN
fsr-3680	329	9	;	;	PUNCT
fsr-3680	329	10	implications	implication	NOUN
fsr-3680	329	11	for	for	ADP
fsr-3680	329	12	investors	investor	NOUN
fsr-3680	329	13	,	,	PUNCT
fsr-3680	329	14	”	"	PUNCT
fsr-3680	329	15	review	review	NOUN
fsr-3680	329	16	of	of	ADP
fsr-3680	329	17	international	international	ADJ
fsr-3680	329	18	business	business	NOUN
fsr-3680	329	19	and	and	CCONJ
fsr-3680	329	20	economics	economic	NOUN
fsr-3680	329	21	,	,	PUNCT
fsr-3680	329	22	forthcoming	forthcoming	ADJ
fsr-3680	329	23	.	.	PUNCT
fsr-3680	330	1	madura	madura	NOUN
fsr-3680	330	2	,	,	PUNCT
fsr-3680	330	3	jeff	jeff	PROPN
fsr-3680	330	4	,	,	PUNCT
fsr-3680	330	5	and	and	CCONJ
fsr-3680	330	6	william	william	PROPN
fsr-3680	330	7	r.	r.	PROPN
fsr-3680	330	8	mcdaniel	mcdaniel	PROPN
fsr-3680	330	9	.	.	PROPN
fsr-3680	330	10	1989	1989	NUM
fsr-3680	330	11	.	.	PUNCT
fsr-3680	331	1	“	"	PUNCT
fsr-3680	331	2	impact	impact	NOUN
fsr-3680	331	3	of	of	ADP
fsr-3680	331	4	the	the	DET
fsr-3680	331	5	1987	1987	NUM
fsr-3680	331	6	crash	crash	NOUN
fsr-3680	331	7	on	on	ADP
fsr-3680	331	8	gains	gain	NOUN
fsr-3680	331	9	from	from	ADP
fsr-3680	331	10	international	international	ADJ
fsr-3680	331	11	diversification	diversification	NOUN
fsr-3680	331	12	,	,	PUNCT
fsr-3680	331	13	”	"	PUNCT
fsr-3680	331	14	journal	journal	NOUN
fsr-3680	331	15	of	of	ADP
fsr-3680	331	16	international	international	ADJ
fsr-3680	331	17	finance	finance	NOUN
fsr-3680	331	18	,	,	PUNCT
fsr-3680	331	19	fall	fall	VERB
fsr-3680	331	20	:	:	PUNCT
fsr-3680	331	21	23	23	NUM
fsr-3680	331	22	-	-	SYM
fsr-3680	331	23	35	35	NUM
fsr-3680	331	24	.	.	PUNCT
fsr-3680	332	1	maldonado	maldonado	PROPN
fsr-3680	332	2	,	,	PUNCT
fsr-3680	332	3	rita	rita	PROPN
fsr-3680	332	4	,	,	PUNCT
fsr-3680	332	5	and	and	CCONJ
fsr-3680	332	6	anthony	anthony	PROPN
fsr-3680	332	7	saunders	saunder	NOUN
fsr-3680	332	8	.	.	PUNCT
fsr-3680	333	1	1981	1981	NUM
fsr-3680	333	2	.	.	PUNCT
fsr-3680	334	1	“	"	PUNCT
fsr-3680	334	2	international	international	ADJ
fsr-3680	334	3	portfolio	portfolio	NOUN
fsr-3680	334	4	diversification	diversification	NOUN
fsr-3680	334	5	and	and	CCONJ
fsr-3680	334	6	the	the	DET
fsr-3680	334	7	inter	inter	ADJ
fsr-3680	334	8	-	-	ADJ
fsr-3680	334	9	temporal	temporal	ADJ
fsr-3680	334	10	stability	stability	NOUN
fsr-3680	334	11	of	of	ADP
fsr-3680	334	12	international	international	ADJ
fsr-3680	334	13	stock	stock	NOUN
fsr-3680	334	14	market	market	NOUN
fsr-3680	334	15	relationships	relationship	NOUN
fsr-3680	334	16	,	,	PUNCT
fsr-3680	334	17	1957	1957	NUM
fsr-3680	334	18	-	-	SYM
fsr-3680	334	19	78	78	NUM
fsr-3680	334	20	,	,	PUNCT
fsr-3680	334	21	”	"	PUNCT
fsr-3680	334	22	financial	financial	ADJ
fsr-3680	334	23	management	management	NOUN
fsr-3680	334	24	,	,	PUNCT
fsr-3680	334	25	autumn	autumn	NOUN
fsr-3680	334	26	:	:	PUNCT
fsr-3680	334	27	54	54	NUM
fsr-3680	334	28	-	-	SYM
fsr-3680	334	29	63	63	NUM
fsr-3680	334	30	.	.	PUNCT
fsr-3680	335	1	mcdonald	mcdonald	PROPN
fsr-3680	335	2	,	,	PUNCT
fsr-3680	335	3	john	john	PROPN
fsr-3680	335	4	g.	g.	PROPN
fsr-3680	335	5	1973	1973	NUM
fsr-3680	335	6	.	.	PUNCT
fsr-3680	336	1	“	"	PUNCT
fsr-3680	336	2	french	french	ADJ
fsr-3680	336	3	mutual	mutual	ADJ
fsr-3680	336	4	fund	fund	NOUN
fsr-3680	336	5	performance	performance	NOUN
fsr-3680	336	6	:	:	PUNCT
fsr-3680	336	7	evaluation	evaluation	NOUN
fsr-3680	336	8	of	of	ADP
fsr-3680	336	9	internationally	internationally	ADV
fsr-3680	336	10	diversified	diversify	VERB
fsr-3680	336	11	portfolios	portfolio	NOUN
fsr-3680	336	12	,	,	PUNCT
fsr-3680	336	13	”	"	PUNCT
fsr-3680	336	14	journal	journal	NOUN
fsr-3680	336	15	of	of	ADP
fsr-3680	336	16	finance	finance	NOUN
fsr-3680	336	17	,	,	PUNCT
fsr-3680	336	18	december	december	PROPN
fsr-3680	336	19	:	:	PUNCT
fsr-3680	336	20	1161	1161	NUM
fsr-3680	336	21	-	-	SYM
fsr-3680	336	22	l	l	NOUN
fsr-3680	336	23	180	180	NUM
fsr-3680	336	24	.	.	PUNCT
fsr-3680	337	1	michel	michel	PROPN
fsr-3680	337	2	,	,	PUNCT
fsr-3680	337	3	allen	allen	PROPN
fsr-3680	337	4	,	,	PUNCT
fsr-3680	337	5	and	and	CCONJ
fsr-3680	337	6	israel	israel	PROPN
fsr-3680	337	7	shaked	shake	VERB
fsr-3680	337	8	.	.	PUNCT
fsr-3680	338	1	1986	1986	NUM
fsr-3680	338	2	.	.	PUNCT
fsr-3680	339	1	“	"	PUNCT
fsr-3680	339	2	multinational	multinational	ADJ
fsr-3680	339	3	corporations	corporation	NOUN
fsr-3680	339	4	vs.	vs.	ADP
fsr-3680	339	5	domestic	domestic	ADJ
fsr-3680	339	6	corporations	corporation	NOUN
fsr-3680	339	7	:	:	PUNCT
fsr-3680	339	8	financial	financial	ADJ
fsr-3680	339	9	performance	performance	NOUN
fsr-3680	339	10	and	and	CCONJ
fsr-3680	339	11	characteristics	characteristic	NOUN
fsr-3680	339	12	,	,	PUNCT
fsr-3680	339	13	”	"	PUNCT
fsr-3680	339	14	journal	journal	NOUN
fsr-3680	339	15	of	of	ADP
fsr-3680	339	16	international	international	ADJ
fsr-3680	339	17	business	business	NOUN
fsr-3680	339	18	studies	study	NOUN
fsr-3680	339	19	,	,	PUNCT
fsr-3680	339	20	fall	fall	VERB
fsr-3680	339	21	:	:	PUNCT
fsr-3680	339	22	89	89	NUM
fsr-3680	339	23	-	-	SYM
fsr-3680	339	24	100	100	NUM
fsr-3680	339	25	.	.	PUNCT
fsr-3680	340	1	international	international	ADJ
fsr-3680	340	2	diversification	diversification	NOUN
fsr-3680	340	3	for	for	ADP
fsr-3680	340	4	the	the	DET
fsr-3680	340	5	individual	individual	NOUN
fsr-3680	340	6	:	:	PUNCT
fsr-3680	340	7	a	a	DET
fsr-3680	340	8	review	review	NOUN
fsr-3680	340	9	175	175	NUM
fsr-3680	340	10	officer	officer	NOUN
fsr-3680	340	11	,	,	PUNCT
fsr-3680	340	12	dennis	dennis	PROPN
fsr-3680	340	13	t.	t.	PROPN
fsr-3680	340	14	,	,	PUNCT
fsr-3680	340	15	and	and	CCONJ
fsr-3680	340	16	j.	j.	PROPN
fsr-3680	340	17	ronald	ronald	PROPN
fsr-3680	340	18	hoffmeister	hoffmeister	PROPN
fsr-3680	340	19	.	.	PUNCT
fsr-3680	340	20	1987	1987	NUM
fsr-3680	340	21	.	.	PUNCT
fsr-3680	341	1	“	"	PUNCT
fsr-3680	341	2	adrs	adr	NOUN
fsr-3680	341	3	:	:	PUNCT
fsr-3680	341	4	a	a	DET
fsr-3680	341	5	substitute	substitute	NOUN
fsr-3680	341	6	for	for	ADP
fsr-3680	341	7	the	the	DET
fsr-3680	341	8	real	real	ADJ
fsr-3680	341	9	thing	thing	NOUN
fsr-3680	341	10	?	?	PUNCT
fsr-3680	341	11	”	"	PUNCT
fsr-3680	341	12	journal	journal	NOUN
fsr-3680	341	13	of	of	ADP
fsr-3680	341	14	portfolio	portfolio	NOUN
fsr-3680	341	15	management	management	NOUN
fsr-3680	341	16	,	,	PUNCT
fsr-3680	341	17	winter	winter	NOUN
fsr-3680	341	18	:	:	PUNCT
fsr-3680	341	19	61	61	NUM
fsr-3680	341	20	-	-	SYM
fsr-3680	341	21	65	65	NUM
fsr-3680	341	22	.	.	PUNCT
fsr-3680	342	1	pavel	pavel	PROPN
fsr-3680	342	2	,	,	PUNCT
fsr-3680	342	3	christine	christine	PROPN
fsr-3680	342	4	,	,	PUNCT
fsr-3680	342	5	and	and	CCONJ
fsr-3680	342	6	john	john	PROPN
fsr-3680	342	7	n.	n.	PROPN
fsr-3680	342	8	mcelravey	mcelravey	PROPN
fsr-3680	342	9	.	.	PUNCT
fsr-3680	342	10	1990	1990	NUM
fsr-3680	342	11	.	.	PUNCT
fsr-3680	343	1	“	"	PUNCT
fsr-3680	343	2	globalization	globalization	NOUN
fsr-3680	343	3	in	in	ADP
fsr-3680	343	4	the	the	DET
fsr-3680	343	5	financial	financial	ADJ
fsr-3680	343	6	services	service	NOUN
fsr-3680	343	7	industry	industry	NOUN
fsr-3680	343	8	,	,	PUNCT
fsr-3680	343	9	”	"	PUNCT
fsr-3680	343	10	federal	federal	PROPN
fsr-3680	343	11	reserve	reserve	PROPN
fsr-3680	343	12	bank	bank	PROPN
fsr-3680	343	13	of	of	ADP
fsr-3680	343	14	chicago	chicago	PROPN
fsr-3680	343	15	,	,	PUNCT
fsr-3680	343	16	economic	economic	ADJ
fsr-3680	343	17	perspectives	perspective	NOUN
fsr-3680	343	18	,	,	PUNCT
fsr-3680	343	19	may	may	AUX
fsr-3680	343	20	/	/	SYM
fsr-3680	343	21	june	june	PROPN
fsr-3680	343	22	:	:	PUNCT
fsr-3680	343	23	3	3	NUM
fsr-3680	343	24	-	-	SYM
fsr-3680	343	25	18	18	NUM
fsr-3680	343	26	.	.	PUNCT
fsr-3680	344	1	perold	perold	PROPN
fsr-3680	344	2	,	,	PUNCT
fsr-3680	344	3	andre	andre	PROPN
fsr-3680	344	4	f.	f.	PROPN
fsr-3680	344	5	,	,	PUNCT
fsr-3680	344	6	and	and	CCONJ
fsr-3680	344	7	evan	evan	PROPN
fsr-3680	344	8	c.	c.	PROPN
fsr-3680	344	9	schulman	schulman	PROPN
fsr-3680	344	10	.	.	PUNCT
fsr-3680	345	1	1988	1988	NUM
fsr-3680	345	2	.	.	PUNCT
fsr-3680	346	1	“	"	PUNCT
fsr-3680	346	2	the	the	DET
fsr-3680	346	3	free	free	ADJ
fsr-3680	346	4	lunch	lunch	NOUN
fsr-3680	346	5	in	in	ADP
fsr-3680	346	6	currency	currency	NOUN
fsr-3680	346	7	hedging	hedging	NOUN
fsr-3680	346	8	:	:	PUNCT
fsr-3680	346	9	implications	implication	NOUN
fsr-3680	346	10	for	for	ADP
fsr-3680	346	11	investment	investment	NOUN
fsr-3680	346	12	policy	policy	NOUN
fsr-3680	346	13	and	and	CCONJ
fsr-3680	346	14	performance	performance	NOUN
fsr-3680	346	15	standards	standard	NOUN
fsr-3680	346	16	,	,	PUNCT
fsr-3680	346	17	”	"	PUNCT
fsr-3680	346	18	financial	financial	ADJ
fsr-3680	346	19	analysts	analyst	NOUN
fsr-3680	346	20	journal	journal	NOUN
fsr-3680	346	21	,	,	PUNCT
fsr-3680	346	22	may	may	AUX
fsr-3680	346	23	/	/	SYM
fsr-3680	346	24	june	june	PROPN
fsr-3680	346	25	:	:	PUNCT
fsr-3680	346	26	45	45	NUM
fsr-3680	346	27	50	50	NUM
fsr-3680	346	28	.	.	PUNCT
fsr-3680	347	1	philippatos	philippato	NOUN
fsr-3680	347	2	,	,	PUNCT
fsr-3680	347	3	g.c	g.c	PROPN
fsr-3680	347	4	.	.	PROPN
fsr-3680	347	5	,	,	PUNCT
fsr-3680	347	6	a.	a.	PROPN
fsr-3680	347	7	christofi	christofi	PROPN
fsr-3680	347	8	,	,	PUNCT
fsr-3680	347	9	and	and	CCONJ
fsr-3680	347	10	p.	p.	PROPN
fsr-3680	347	11	christofi	christofi	NOUN
fsr-3680	347	12	.	.	PUNCT
fsr-3680	348	1	1983	1983	NUM
fsr-3680	348	2	.	.	PUNCT
fsr-3680	349	1	“	"	PUNCT
fsr-3680	349	2	the	the	DET
fsr-3680	349	3	inter	inter	ADJ
fsr-3680	349	4	-	-	ADJ
fsr-3680	349	5	temporal	temporal	ADJ
fsr-3680	349	6	stability	stability	NOUN
fsr-3680	349	7	of	of	ADP
fsr-3680	349	8	international	international	ADJ
fsr-3680	349	9	stock	stock	NOUN
fsr-3680	349	10	market	market	NOUN
fsr-3680	349	11	relationships	relationship	NOUN
fsr-3680	349	12	:	:	PUNCT
fsr-3680	349	13	another	another	DET
fsr-3680	349	14	view	view	NOUN
fsr-3680	349	15	,	,	PUNCT
fsr-3680	349	16	”	"	PUNCT
fsr-3680	349	17	financial	financial	ADJ
fsr-3680	349	18	management	management	NOUN
fsr-3680	349	19	,	,	PUNCT
fsr-3680	349	20	winter	winter	NOUN
fsr-3680	349	21	:	:	PUNCT
fsr-3680	349	22	63	63	NUM
fsr-3680	349	23	-	-	SYM
fsr-3680	349	24	69	69	NUM
fsr-3680	349	25	.	.	PUNCT
fsr-3680	350	1	rao	rao	PROPN
fsr-3680	350	2	,	,	PUNCT
fsr-3680	350	3	ramesh	ramesh	PROPN
fsr-3680	350	4	p	p	X
fsr-3680	350	5	,	,	PUNCT
fsr-3680	350	6	and	and	CCONJ
fsr-3680	350	7	raj	raj	PROPN
fsr-3680	350	8	aggarwal	aggarwal	PROPN
fsr-3680	350	9	.	.	PUNCT
fsr-3680	351	1	1987	1987	NUM
fsr-3680	351	2	.	.	PUNCT
fsr-3680	352	1	“	"	PUNCT
fsr-3680	352	2	performance	performance	NOUN
fsr-3680	352	3	of	of	ADP
fsr-3680	352	4	u.s	u.s	PROPN
fsr-3680	352	5	.	.	PROPN
fsr-3680	352	6	based	base	VERB
fsr-3680	352	7	international	international	ADJ
fsr-3680	352	8	mutual	mutual	ADJ
fsr-3680	352	9	funds	fund	NOUN
fsr-3680	352	10	,	,	PUNCT
fsr-3680	352	11	”	"	PUNCT
fsr-3680	352	12	akron	akron	NOUN
fsr-3680	352	13	business	business	NOUN
fsr-3680	352	14	and	and	CCONJ
fsr-3680	352	15	economic	economic	ADJ
fsr-3680	352	16	review	review	NOUN
fsr-3680	352	17	,	,	PUNCT
fsr-3680	352	18	winter	winter	NOUN
fsr-3680	352	19	:	:	PUNCT
fsr-3680	352	20	98	98	NUM
fsr-3680	352	21	-	-	SYM
fsr-3680	352	22	106	106	NUM
fsr-3680	352	23	.	.	PUNCT
fsr-3680	353	1	roll	roll	NOUN
fsr-3680	353	2	,	,	PUNCT
fsr-3680	353	3	richard	richard	PROPN
fsr-3680	353	4	.	.	PUNCT
fsr-3680	353	5	1988	1988	NUM
fsr-3680	353	6	.	.	PUNCT
fsr-3680	354	1	“	"	PUNCT
fsr-3680	354	2	the	the	DET
fsr-3680	354	3	international	international	ADJ
fsr-3680	354	4	crash	crash	NOUN
fsr-3680	354	5	of	of	ADP
fsr-3680	354	6	october	october	PROPN
fsr-3680	354	7	1987	1987	NUM
fsr-3680	354	8	,	,	PUNCT
fsr-3680	354	9	”	"	PUNCT
fsr-3680	354	10	financial	financial	ADJ
fsr-3680	354	11	analysts	analyst	NOUN
fsr-3680	354	12	journal	journal	PROPN
fsr-3680	354	13	,	,	PUNCT
fsr-3680	354	14	october	october	PROPN
fsr-3680	354	15	:	:	PUNCT
fsr-3680	354	16	19	19	NUM
fsr-3680	354	17	-	-	SYM
fsr-3680	354	18	35	35	NUM
fsr-3680	354	19	.	.	PUNCT
fsr-3680	355	1	rosenthal	rosenthal	PROPN
fsr-3680	355	2	,	,	PUNCT
fsr-3680	355	3	leonard	leonard	PROPN
fsr-3680	355	4	.	.	PUNCT
fsr-3680	355	5	1983	1983	NUM
fsr-3680	355	6	.	.	PUNCT
fsr-3680	356	1	“	"	PUNCT
fsr-3680	356	2	an	an	DET
fsr-3680	356	3	empirical	empirical	ADJ
fsr-3680	356	4	test	test	NOUN
fsr-3680	356	5	of	of	ADP
fsr-3680	356	6	the	the	DET
fsr-3680	356	7	efficiency	efficiency	NOUN
fsr-3680	356	8	of	of	ADP
fsr-3680	356	9	the	the	DET
fsr-3680	356	10	adr	adr	PROPN
fsr-3680	356	11	market	market	NOUN
fsr-3680	356	12	,	,	PUNCT
fsr-3680	356	13	”	"	PUNCT
fsr-3680	356	14	journal	journal	NOUN
fsr-3680	356	15	of	of	ADP
fsr-3680	356	16	banking	banking	NOUN
fsr-3680	356	17	and	and	CCONJ
fsr-3680	356	18	finance	finance	NOUN
fsr-3680	356	19	,	,	PUNCT
fsr-3680	356	20	pp	pp	ADV
fsr-3680	356	21	.	.	PUNCT
fsr-3680	357	1	17	17	NUM
fsr-3680	357	2	-	-	SYM
fsr-3680	357	3	29	29	NUM
fsr-3680	357	4	.	.	PUNCT
fsr-3680	358	1	senchak	senchak	NOUN
fsr-3680	358	2	,	,	PUNCT
fsr-3680	358	3	andrew	andrew	PROPN
fsr-3680	358	4	j.	j.	PROPN
fsr-3680	358	5	,	,	PUNCT
fsr-3680	358	6	jr	jr	PROPN
fsr-3680	358	7	.	.	PROPN
fsr-3680	358	8	,	,	PUNCT
fsr-3680	358	9	and	and	CCONJ
fsr-3680	358	10	w.l	w.l	PROPN
fsr-3680	358	11	.	.	PROPN
fsr-3680	358	12	beedles	beedle	NOUN
fsr-3680	358	13	.	.	PUNCT
fsr-3680	359	1	1980	1980	NUM
fsr-3680	359	2	.	.	PUNCT
fsr-3680	360	1	“	"	PUNCT
fsr-3680	360	2	is	be	AUX
fsr-3680	360	3	indirect	indirect	ADJ
fsr-3680	360	4	international	international	ADJ
fsr-3680	360	5	diversification	diversification	NOUN
fsr-3680	360	6	desirable	desirable	ADJ
fsr-3680	360	7	?	?	PUNCT
fsr-3680	360	8	”	"	PUNCT
fsr-3680	360	9	journal	journal	NOUN
fsr-3680	360	10	of	of	ADP
fsr-3680	360	11	portfolio	portfolio	NOUN
fsr-3680	360	12	management	management	NOUN
fsr-3680	360	13	,	,	PUNCT
fsr-3680	360	14	winter	winter	NOUN
fsr-3680	360	15	:	:	PUNCT
fsr-3680	360	16	49	49	NUM
fsr-3680	360	17	-	-	SYM
fsr-3680	360	18	57	57	NUM
fsr-3680	360	19	.	.	PUNCT
fsr-3680	361	1	shaked	shake	VERB
fsr-3680	361	2	,	,	PUNCT
fsr-3680	361	3	israel	israel	PROPN
fsr-3680	361	4	.	.	PUNCT
fsr-3680	362	1	1985	1985	NUM
fsr-3680	362	2	.	.	PUNCT
fsr-3680	363	1	“	"	PUNCT
fsr-3680	363	2	international	international	ADJ
fsr-3680	363	3	equity	equity	NOUN
fsr-3680	363	4	markets	market	NOUN
fsr-3680	363	5	and	and	CCONJ
fsr-3680	363	6	the	the	DET
fsr-3680	363	7	investment	investment	NOUN
fsr-3680	363	8	horizon	horizon	NOUN
fsr-3680	363	9	,	,	PUNCT
fsr-3680	363	10	”	"	PUNCT
fsr-3680	363	11	journal	journal	NOUN
fsr-3680	363	12	of	of	ADP
fsr-3680	363	13	portfolio	portfolio	NOUN
fsr-3680	363	14	management	management	NOUN
fsr-3680	363	15	,	,	PUNCT
fsr-3680	363	16	winter	winter	NOUN
fsr-3680	363	17	:	:	PUNCT
fsr-3680	363	18	80	80	NUM
fsr-3680	363	19	-	-	SYM
fsr-3680	363	20	84	84	NUM
fsr-3680	363	21	.	.	PUNCT
fsr-3680	364	1	smith	smith	PROPN
fsr-3680	364	2	,	,	PUNCT
fsr-3680	364	3	clifford	clifford	PROPN
fsr-3680	364	4	w	w	PROPN
fsr-3680	364	5	,	,	PUNCT
fsr-3680	364	6	jr	jr	PROPN
fsr-3680	364	7	.	.	PROPN
fsr-3680	364	8	,	,	PUNCT
fsr-3680	364	9	charles	charles	PROPN
fsr-3680	364	10	w.	w.	PROPN
fsr-3680	364	11	smithson	smithson	PROPN
fsr-3680	364	12	,	,	PUNCT
fsr-3680	364	13	and	and	CCONJ
fsr-3680	364	14	d.	d.	PROPN
fsr-3680	364	15	sykes	sykes	PROPN
fsr-3680	364	16	wilford	wilford	PROPN
fsr-3680	364	17	.	.	PUNCT
fsr-3680	365	1	1990	1990	NUM
fsr-3680	365	2	.	.	PUNCT
fsr-3680	366	1	managing	manage	VERB
fsr-3680	366	2	financial	financial	ADJ
fsr-3680	366	3	risk	risk	NOUN
fsr-3680	366	4	.	.	PUNCT
fsr-3680	367	1	new	new	PROPN
fsr-3680	367	2	york	york	PROPN
fsr-3680	367	3	:	:	PUNCT
fsr-3680	367	4	harper	harper	NOUN
fsr-3680	367	5	and	and	CCONJ
fsr-3680	367	6	row	row	NOUN
fsr-3680	367	7	.	.	PUNCT
fsr-3680	368	1	solnik	solnik	PROPN
fsr-3680	368	2	,	,	PUNCT
fsr-3680	368	3	bruno	bruno	PROPN
fsr-3680	368	4	.	.	PROPN
fsr-3680	368	5	1974	1974	NUM
fsr-3680	368	6	.	.	PUNCT
fsr-3680	369	1	“	"	PUNCT
fsr-3680	369	2	why	why	SCONJ
fsr-3680	369	3	not	not	PART
fsr-3680	369	4	diversify	diversify	VERB
fsr-3680	369	5	internationally	internationally	ADV
fsr-3680	369	6	?	?	PUNCT
fsr-3680	369	7	”	"	PUNCT
fsr-3680	369	8	financial	financial	ADJ
fsr-3680	369	9	analysts	analyst	NOUN
fsr-3680	369	10	journal	journal	NOUN
fsr-3680	369	11	,	,	PUNCT
fsr-3680	369	12	july/	july/	NUM
fsr-3680	369	13	august	august	NOUN
fsr-3680	369	14	:	:	PUNCT
fsr-3680	369	15	48	48	NUM
fsr-3680	369	16	-	-	SYM
fsr-3680	369	17	54	54	NUM
fsr-3680	369	18	.	.	PUNCT
fsr-3680	370	1	solnik	solnik	PROPN
fsr-3680	370	2	,	,	PUNCT
fsr-3680	370	3	bruno	bruno	PROPN
fsr-3680	370	4	,	,	PUNCT
fsr-3680	370	5	and	and	CCONJ
fsr-3680	370	6	bernard	bernard	PROPN
fsr-3680	370	7	noetzlin	noetzlin	PROPN
fsr-3680	370	8	.	.	PUNCT
fsr-3680	370	9	1982	1982	NUM
fsr-3680	370	10	.	.	PUNCT
fsr-3680	371	1	“	"	PUNCT
fsr-3680	371	2	optimal	optimal	ADJ
fsr-3680	371	3	international	international	ADJ
fsr-3680	371	4	asset	asset	NOUN
fsr-3680	371	5	location	location	NOUN
fsr-3680	371	6	,	,	PUNCT
fsr-3680	371	7	”	"	PUNCT
fsr-3680	371	8	journal	journal	NOUN
fsr-3680	371	9	of	of	ADP
fsr-3680	371	10	portfolio	portfolio	NOUN
fsr-3680	371	11	management	management	NOUN
fsr-3680	371	12	,	,	PUNCT
fsr-3680	371	13	fall	fall	VERB
fsr-3680	371	14	:	:	PUNCT
fsr-3680	371	15	1	1	NUM
fsr-3680	371	16	l-2	l-2	PROPN
fsr-3680	371	17	1	1	NUM
fsr-3680	371	18	.	.	PUNCT
fsr-3680	372	1	thomas	thomas	PROPN
fsr-3680	372	2	,	,	PUNCT
fsr-3680	372	3	lee	lee	PROPN
fsr-3680	372	4	r.	r.	PROPN
fsr-3680	372	5	,	,	PUNCT
fsr-3680	372	6	iii	iii	PROPN
fsr-3680	372	7	.	.	NOUN
fsr-3680	372	8	1988	1988	NUM
fsr-3680	372	9	.	.	PUNCT
fsr-3680	373	1	‘	'	PUNCT
fsr-3680	373	2	currency	currency	NOUN
fsr-3680	373	3	risks	risk	NOUN
fsr-3680	373	4	in	in	ADP
fsr-3680	373	5	international	international	ADJ
fsr-3680	373	6	equity	equity	NOUN
fsr-3680	373	7	portfolios	portfolio	NOUN
fsr-3680	373	8	,	,	PUNCT
fsr-3680	373	9	”	"	PUNCT
fsr-3680	373	10	financial	financial	ADJ
fsr-3680	373	11	analysts	analyst	NOUN
fsr-3680	373	12	journal	journal	NOUN
fsr-3680	373	13	,	,	PUNCT
fsr-3680	373	14	march	march	PROPN
fsr-3680	373	15	/	/	SYM
fsr-3680	373	16	april	april	PROPN
fsr-3680	373	17	:	:	PUNCT
fsr-3680	373	18	68	68	NUM
fsr-3680	373	19	-	-	SYM
fsr-3680	373	20	70	70	NUM
fsr-3680	373	21	.	.	PUNCT
fsr-3680	374	1	tucker	tucker	PROPN
fsr-3680	374	2	,	,	PUNCT
fsr-3680	374	3	alan	alan	PROPN
fsr-3680	374	4	l.	l.	PROPN
fsr-3680	374	5	1987	1987	NUM
fsr-3680	374	6	.	.	PUNCT
fsr-3680	375	1	“	"	PUNCT
fsr-3680	375	2	international	international	ADJ
fsr-3680	375	3	investing	investing	NOUN
fsr-3680	375	4	:	:	PUNCT
fsr-3680	375	5	are	be	AUX
fsr-3680	375	6	adrs	adrs	X
fsr-3680	375	7	an	an	DET
fsr-3680	375	8	alternative	alternative	NOUN
fsr-3680	375	9	?	?	PUNCT
fsr-3680	375	10	”	"	PUNCT
fsr-3680	375	11	aaii	aaii	NOUN
fsr-3680	375	12	journal	journal	NOUN
fsr-3680	375	13	,	,	PUNCT
fsr-3680	375	14	november	november	PROPN
fsr-3680	375	15	:	:	PUNCT
fsr-3680	375	16	10	10	NUM
fsr-3680	375	17	-	-	SYM
fsr-3680	375	18	12	12	NUM
fsr-3680	375	19	.	.	PUNCT