id	sid	tid	token	lemma	pos
fsr-3704	1	1	pii	pii	PROPN
fsr-3704	1	2	:	:	PUNCT
fsr-3704	1	3	1057	1057	NUM
fsr-3704	1	4	-	-	SYM
fsr-3704	1	5	0810(92)90013	0810(92)90013	NUM
fsr-3704	1	6	-	-	PUNCT
fsr-3704	1	7	3	3	NUM
fsr-3704	1	8	financial	financial	ADJ
fsr-3704	1	9	services	service	NOUN
fsr-3704	1	10	review	review	NOUN
fsr-3704	1	11	.	.	PUNCT
fsr-3704	2	1	2(l	2(l	NUM
fsr-3704	2	2	):	):	PUNCT
fsr-3704	2	3	21	21	NUM
fsr-3704	2	4	-	-	SYM
fsr-3704	2	5	39	39	NUM
fsr-3704	2	6	copyright	copyright	NOUN
fsr-3704	2	7	g	g	PROPN
fsr-3704	2	8	,	,	PUNCT
fsr-3704	2	9	1993	1993	NUM
fsr-3704	2	10	by	by	ADP
fsr-3704	2	11	jai	jai	PROPN
fsr-3704	2	12	press	press	PROPN
fsr-3704	2	13	inc	inc	PROPN
fsr-3704	2	14	.	.	PROPN
fsr-3704	2	15	issn	issn	PROPN
fsr-3704	2	16	:	:	PUNCT
fsr-3704	2	17	1057	1057	NUM
fsr-3704	2	18	-	-	SYM
fsr-3704	2	19	0810	0810	NUM
fsr-3704	2	20	all	all	DET
fsr-3704	2	21	rights	right	NOUN
fsr-3704	2	22	of	of	ADP
fsr-3704	2	23	reproduction	reproduction	NOUN
fsr-3704	2	24	in	in	ADP
fsr-3704	2	25	any	any	DET
fsr-3704	2	26	form	form	NOUN
fsr-3704	2	27	reserved	reserve	VERB
fsr-3704	2	28	.	.	PUNCT
fsr-3704	3	1	i	i	PRON
fsr-3704	3	2	active	active	ADJ
fsr-3704	3	3	timing	timing	NOUN
fsr-3704	3	4	decisions	decision	NOUN
fsr-3704	3	5	of	of	ADP
fsr-3704	3	6	equity	equity	NOUN
fsr-3704	3	7	mutual	mutual	ADJ
fsr-3704	3	8	funds	fund	NOUN
fsr-3704	3	9	robert	robert	PROPN
fsr-3704	3	10	radcliffe	radcliffe	PROPN
fsr-3704	3	11	robert	robert	PROPN
fsr-3704	3	12	brooks	brooks	PROPN
fsr-3704	3	13	haim	haim	PROPN
fsr-3704	3	14	levy	levy	NOUN
fsr-3704	3	15	in	in	ADP
fsr-3704	3	16	this	this	DET
fsr-3704	3	17	paper	paper	NOUN
fsr-3704	3	18	we	we	PRON
fsr-3704	3	19	examine	examine	VERB
fsr-3704	3	20	an	an	DET
fsr-3704	3	21	aspect	aspect	NOUN
fsr-3704	3	22	ofprofessional	ofprofessional	ADJ
fsr-3704	3	23	investment	investment	NOUN
fsr-3704	3	24	management	management	NOUN
fsr-3704	3	25	which	which	PRON
fsr-3704	3	26	has	have	AUX
fsr-3704	3	27	not	not	PART
fsr-3704	3	28	been	be	AUX
fsr-3704	3	29	adequately	adequately	ADV
fsr-3704	3	30	documented	document	VERB
fsr-3704	3	31	and	and	CCONJ
fsr-3704	3	32	studied	study	VERB
fsr-3704	3	33	;	;	PUNCT
fsr-3704	3	34	the	the	DET
fsr-3704	3	35	extent	extent	NOUN
fsr-3704	3	36	to	to	PART
fsr-3704	3	37	which	which	PRON
fsr-3704	3	38	equity	equity	NOUN
fsr-3704	3	39	mutualfund	mutualfund	NOUN
fsr-3704	3	40	managers	manager	NOUN
fsr-3704	3	41	actively	actively	ADV
fsr-3704	3	42	adjust	adjust	VERB
fsr-3704	3	43	their	their	PRON
fsr-3704	3	44	portfolio	portfolio	NOUN
fsr-3704	3	45	’s	’s	PART
fsr-3704	3	46	equity	equity	NOUN
fsr-3704	3	47	risk	risk	NOUN
fsr-3704	3	48	evosure	evosure	NOUN
fsr-3704	3	49	over	over	ADP
fsr-3704	3	50	time	time	NOUN
fsr-3704	3	51	.	.	PUNCT
fsr-3704	4	1	estimates	estimate	NOUN
fsr-3704	4	2	of	of	ADP
fsr-3704	4	3	a	a	DET
fsr-3704	4	4	portfolio	portfolio	NOUN
fsr-3704	4	5	’s	’s	PART
fsr-3704	4	6	quarter	quarter	NOUN
fsr-3704	4	7	-	-	PUNCT
fsr-3704	4	8	end	end	NOUN
fsr-3704	4	9	beta	beta	NOUN
fsr-3704	4	10	are	be	AUX
fsr-3704	4	11	developed	develop	VERB
fsr-3704	4	12	using	use	VERB
fsr-3704	4	13	the	the	DET
fsr-3704	4	14	actual	actual	ADJ
fsr-3704	4	15	stock	stock	NOUN
fsr-3704	4	16	ho~~gs	ho~~gs	VERB
fsr-3704	4	17	oft~~~ol~	oft~~~ol~	PROPN
fsr-3704	4	18	at	at	ADP
fsr-3704	4	19	the	the	DET
fsr-3704	4	20	quarter	quarter	NOUN
fsr-3704	4	21	-	-	PUNCT
fsr-3704	4	22	end	end	NOUN
fsr-3704	4	23	.	.	PUNCT
fsr-3704	5	1	changes	change	NOUN
fsr-3704	5	2	in	in	ADP
fsr-3704	5	3	these	these	DET
fsr-3704	5	4	beta	beta	ADJ
fsr-3704	5	5	estimates	estimate	NOUN
fsr-3704	5	6	fivm	fivm	VERB
fsr-3704	5	7	one	one	NUM
fsr-3704	5	8	quarter	quarter	NOUN
fsr-3704	5	9	to	to	ADP
fsr-3704	5	10	the	the	DET
fsr-3704	5	11	next	next	ADJ
fsr-3704	5	12	are	be	AUX
fsr-3704	5	13	shown	show	VERB
fsr-3704	5	14	to	to	PART
fsr-3704	5	15	arise	arise	VERB
fsr-3704	5	16	frtm	frtm	NOUN
fsr-3704	5	17	both	both	CCONJ
fsr-3704	5	18	passive	passive	ADJ
fsr-3704	5	19	and	and	CCONJ
fsr-3704	5	20	active	active	ADJ
fsr-3704	5	21	asset	asset	NOUN
fsr-3704	5	22	allocation	allocation	NOUN
fsr-3704	5	23	.	.	PUNCT
fsr-3704	6	1	we	we	PRON
fsr-3704	6	2	find	find	VERB
fsr-3704	6	3	that	that	SCONJ
fsr-3704	6	4	active	active	ADJ
fsr-3704	6	5	risk	risk	NOUN
fsr-3704	6	6	adjust	adjust	VERB
fsr-3704	6	7	~	~	SYM
fsr-3704	6	8	nt	not	PART
fsr-3704	6	9	domi~~s	domi~~	NOUN
fsr-3704	6	10	~	~	X
fsr-3704	6	11	ssive	ssive	ADJ
fsr-3704	6	12	rebalancing	rebalancing	NOUN
fsr-3704	6	13	and	and	CCONJ
fsr-3704	6	14	that	that	SCONJ
fsr-3704	6	15	equity	equity	NOUN
fsr-3704	6	16	risk	risk	NOUN
fsr-3704	6	17	exposunz	exposunz	NOUN
fsr-3704	6	18	is	be	AUX
fsr-3704	6	19	quite	quite	ADV
fsr-3704	6	20	variable	variable	ADJ
fsr-3704	6	21	over	over	ADP
fsr-3704	6	22	time	time	NOUN
fsr-3704	6	23	.	.	PUNCT
fsr-3704	7	1	thus	thus	ADV
fsr-3704	7	2	,	,	PUNCT
fsr-3704	7	3	individual	individual	ADJ
fsr-3704	7	4	investors	investor	NOUN
fsr-3704	7	5	who	who	PRON
fsr-3704	7	6	estimate	estimate	VERB
fsr-3704	7	7	the	the	DET
fsr-3704	7	8	equity	equity	NOUN
fsr-3704	7	9	risk	risk	NOUN
fsr-3704	7	10	inherent	inherent	ADJ
fsr-3704	7	11	in	in	ADP
fsr-3704	7	12	a	a	DET
fsr-3704	7	13	portfolio	portfolio	NOUN
fsr-3704	7	14	bused	bus	VERB
fsr-3704	7	15	on	on	ADP
fsr-3704	7	16	a	a	DET
fsr-3704	7	17	single	single	ADJ
fsr-3704	7	18	time	time	NOUN
fsr-3704	7	19	series	series	PROPN
fsr-3704	7	20	return	return	VERB
fsr-3704	7	21	beta	beta	NOUN
fsr-3704	7	22	might	might	AUX
fsr-3704	7	23	seriously	seriously	ADV
fsr-3704	7	24	misestimate	misestimate	VERB
fsr-3704	7	25	the	the	DET
fsr-3704	7	26	portfolio	portfolio	NOUN
fsr-3704	7	27	’s	’s	PART
fsr-3704	7	28	current	current	ADJ
fsr-3704	7	29	equity	equity	NOUN
fsr-3704	7	30	risk	risk	NOUN
fsr-3704	7	31	.	.	PUNCT
fsr-3704	8	1	we	we	PRON
fsr-3704	8	2	also	also	ADV
fsr-3704	8	3	test	test	VERB
fsr-3704	8	4	whether	whether	SCONJ
fsr-3704	8	5	active	active	ADJ
fsr-3704	8	6	risk	risk	NOUN
fsr-3704	8	7	management	management	NOUN
fsr-3704	8	8	is	be	AUX
fsr-3704	8	9	better	well	ADV
fsr-3704	8	10	characterized	characterize	VERB
fsr-3704	8	11	lis	lis	PROPN
fsr-3704	8	12	anticipatory	anticipatory	ADJ
fsr-3704	8	13	offuture	offuture	NOUN
fsr-3704	8	14	market	market	NOUN
fsr-3704	8	15	events	event	NOUN
fsr-3704	8	16	or	or	CCONJ
fsr-3704	8	17	reactive	reactive	ADJ
fsr-3704	8	18	to	to	ADP
fsr-3704	8	19	past	past	ADJ
fsr-3704	8	20	market	market	NOUN
fsr-3704	8	21	events	event	NOUN
fsr-3704	8	22	.	.	PUNCT
fsr-3704	9	1	i.	i.	NOUN
fsr-3704	9	2	i	i	PRON
fsr-3704	9	3	~	~	PUNCT
fsr-3704	9	4	ro~~~on	ro~~~on	NOUN
fsr-3704	9	5	active	active	ADJ
fsr-3704	9	6	investment	investment	NOUN
fsr-3704	9	7	managers	manager	NOUN
fsr-3704	9	8	attempt	attempt	VERB
fsr-3704	9	9	to	to	PART
fsr-3704	9	10	provide	provide	VERB
fsr-3704	9	11	excess	excess	ADJ
fsr-3704	9	12	risk	risk	NOUN
fsr-3704	9	13	adjusted	adjust	VERB
fsr-3704	9	14	returns	return	NOUN
fsr-3704	9	15	by	by	ADP
fsr-3704	9	16	a	a	DET
fsr-3704	9	17	combination	combination	NOUN
fsr-3704	9	18	of	of	ADP
fsr-3704	9	19	judicious	judicious	ADJ
fsr-3704	9	20	security	security	NOUN
fsr-3704	9	21	selection	selection	NOUN
fsr-3704	9	22	and	and	CCONJ
fsr-3704	9	23	asset	asset	NOUN
fsr-3704	9	24	class	class	NOUN
fsr-3704	9	25	timing	timing	NOUN
fsr-3704	9	26	.	.	PUNCT
fsr-3704	10	1	this	this	DET
fsr-3704	10	2	paper	paper	NOUN
fsr-3704	10	3	deals	deal	NOUN
fsr-3704	10	4	with	with	ADP
fsr-3704	10	5	the	the	DET
fsr-3704	10	6	extent	extent	NOUN
fsr-3704	10	7	to	to	PART
fsr-3704	10	8	which	which	PRON
fsr-3704	10	9	equity	equity	NOUN
fsr-3704	10	10	mutual	mutual	ADJ
fsr-3704	10	11	fund	fund	NOUN
fsr-3704	10	12	managers	manager	NOUN
fsr-3704	10	13	engage	engage	VERB
fsr-3704	10	14	in	in	ADP
fsr-3704	10	15	active	active	ADJ
fsr-3704	10	16	timing	timing	NOUN
fsr-3704	10	17	of	of	ADP
fsr-3704	10	18	their	their	PRON
fsr-3704	10	19	portfolio	portfolio	NOUN
fsr-3704	10	20	’s	’s	PART
fsr-3704	10	21	equity	equity	NOUN
fsr-3704	10	22	risk	risk	NOUN
fsr-3704	10	23	exposure	exposure	NOUN
fsr-3704	10	24	.	.	PUNCT
fsr-3704	11	1	what	what	PRON
fsr-3704	11	2	sets	set	VERB
fsr-3704	11	3	the	the	DET
fsr-3704	11	4	study	study	NOUN
fsr-3704	11	5	apart	apart	ADV
fsr-3704	11	6	from	from	ADP
fsr-3704	11	7	previous	previous	ADJ
fsr-3704	11	8	studies	study	NOUN
fsr-3704	11	9	of	of	ADP
fsr-3704	11	10	investment	investment	NOUN
fsr-3704	11	11	managers	manager	NOUN
fsr-3704	11	12	is	be	AUX
fsr-3704	11	13	that	that	SCONJ
fsr-3704	11	14	we	we	PRON
fsr-3704	11	15	are	be	AUX
fsr-3704	11	16	able	able	ADJ
fsr-3704	11	17	to	to	PART
fsr-3704	11	18	accurately	accurately	ADV
fsr-3704	11	19	measure	measure	VERB
fsr-3704	11	20	a	a	DET
fsr-3704	11	21	portfolio	portfolio	NOUN
fsr-3704	11	22	’s	’s	PART
fsr-3704	11	23	equity	equity	NOUN
fsr-3704	11	24	risk	risk	NOUN
fsr-3704	11	25	exposure	exposure	NOUN
fsr-3704	11	26	at	at	ADP
fsr-3704	11	27	a	a	DET
fsr-3704	11	28	given	give	VERB
fsr-3704	11	29	point	point	NOUN
fsr-3704	11	30	in	in	ADP
fsr-3704	11	31	time	time	NOUN
fsr-3704	11	32	by	by	ADP
fsr-3704	11	33	observing	observe	VERB
fsr-3704	11	34	the	the	DET
fsr-3704	11	35	security	security	NOUN
fsr-3704	11	36	holdings	holding	NOUN
fsr-3704	11	37	of	of	ADP
fsr-3704	11	38	the	the	DET
fsr-3704	11	39	portfotio	portfotio	NOUN
fsr-3704	11	40	at	at	ADP
fsr-3704	11	41	that	that	DET
fsr-3704	11	42	time	time	NOUN
fsr-3704	11	43	.	.	PUNCT
fsr-3704	12	1	using	use	VERB
fsr-3704	12	2	security	security	NOUN
fsr-3704	12	3	holdings	holding	NOUN
fsr-3704	12	4	,	,	PUNCT
fsr-3704	12	5	we	we	PRON
fsr-3704	12	6	calculate	calculate	VERB
fsr-3704	12	7	cross	cross	ADJ
fsr-3704	12	8	-	-	ADJ
fsr-3704	12	9	sectional	sectional	ADJ
fsr-3704	12	10	portfolio	portfolio	NOUN
fsr-3704	12	11	betas	beta	NOUN
fsr-3704	12	12	at	at	ADP
fsr-3704	12	13	each	each	DET
fsr-3704	12	14	quarter	quarter	NOUN
fsr-3704	12	15	-	-	PUNCT
fsr-3704	12	16	end	end	NOUN
fsr-3704	12	17	during	during	ADP
fsr-3704	12	18	our	our	PRON
fsr-3704	12	19	sample	sample	NOUN
fsr-3704	12	20	period	period	NOUN
fsr-3704	12	21	.	.	PUNCT
fsr-3704	13	1	previous	previous	ADJ
fsr-3704	13	2	studies	study	NOUN
fsr-3704	13	3	have	have	AUX
fsr-3704	13	4	not	not	PART
fsr-3704	13	5	used	use	VERB
fsr-3704	13	6	quarter	quarter	NOUN
fsr-3704	13	7	-	-	PUNCT
fsr-3704	13	8	end	end	NOUN
fsr-3704	13	9	security	security	NOUN
fsr-3704	13	10	holdings	holding	NOUN
fsr-3704	13	11	but	but	CCONJ
fsr-3704	13	12	,	,	PUNCT
fsr-3704	13	13	instead	instead	ADV
fsr-3704	13	14	,	,	PUNCT
fsr-3704	13	15	have	have	AUX
fsr-3704	13	16	used	use	VERB
fsr-3704	13	17	the	the	DET
fsr-3704	13	18	time	time	NOUN
fsr-3704	13	19	series	series	NOUN
fsr-3704	13	20	of	of	ADP
fsr-3704	13	21	portfolio	portfolio	NOUN
fsr-3704	13	22	returns	return	NOUN
fsr-3704	13	23	during	during	ADP
fsr-3704	13	24	the	the	DET
fsr-3704	13	25	period	period	NOUN
fsr-3704	13	26	studied	study	VERB
fsr-3704	13	27	to	to	ADP
fsr-3704	13	28	robert	robert	PROPN
fsr-3704	13	29	radcliffe	radcliffe	PROPN
fsr-3704	13	30	l	l	PROPN
fsr-3704	13	31	department	department	PROPN
fsr-3704	13	32	of	of	ADP
fsr-3704	13	33	finance	finance	NOUN
fsr-3704	13	34	,	,	PUNCT
fsr-3704	13	35	university	university	PROPN
fsr-3704	13	36	of	of	ADP
fsr-3704	13	37	florida	florida	PROPN
fsr-3704	13	38	,	,	PUNCT
fsr-3704	13	39	gainesville	gainesville	PROPN
fsr-3704	13	40	,	,	PUNCT
fsr-3704	13	41	fl	fl	PROPN
fsr-3704	13	42	32611	32611	NUM
fsr-3704	13	43	-	-	SYM
fsr-3704	13	44	2017	2017	NUM
fsr-3704	13	45	.	.	PUNCT
fsr-3704	14	1	robert	robert	PROPN
fsr-3704	14	2	brooks	brooks	PROPN
fsr-3704	14	3	l	l	PROPN
fsr-3704	14	4	department	department	PROPN
fsr-3704	14	5	of	of	ADP
fsr-3704	14	6	economics	economic	NOUN
fsr-3704	14	7	,	,	PUNCT
fsr-3704	14	8	university	university	NOUN
fsr-3704	14	9	of	of	ADP
fsr-3704	14	10	alabama	alabama	PROPN
fsr-3704	14	11	,	,	PUNCT
fsr-3704	14	12	tuscaloosa	tuscaloosa	PROPN
fsr-3704	14	13	,	,	PUNCT
fsr-3704	14	14	al	al	PROPN
fsr-3704	14	15	35487	35487	NUM
fsr-3704	14	16	-	-	SYM
fsr-3704	14	17	0224	0224	NUM
fsr-3704	14	18	.	.	PUNCT
fsr-3704	15	1	hah	hah	INTJ
fsr-3704	15	2	levy	levy	PROPN
fsr-3704	15	3	l	l	PROPN
fsr-3704	15	4	department	department	PROPN
fsr-3704	15	5	of	of	ADP
fsr-3704	15	6	finance	finance	NOUN
fsr-3704	15	7	,	,	PUNCT
fsr-3704	15	8	university	university	PROPN
fsr-3704	15	9	of	of	ADP
fsr-3704	15	10	florida	florida	PROPN
fsr-3704	15	11	,	,	PUNCT
fsr-3704	15	12	gainesville	gainesville	PROPN
fsr-3704	15	13	.	.	PUNCT
fsr-3704	16	1	22	22	NUM
fsr-3704	16	2	financial	financial	ADJ
fsr-3704	16	3	seirvices	seirvice	NOUN
fsr-3704	16	4	review	review	VERB
fsr-3704	16	5	,	,	PUNCT
fsr-3704	16	6	2(l	2(l	NUM
fsr-3704	16	7	)	)	PUNCT
fsr-3704	16	8	199m993	199m993	NUM
fsr-3704	16	9	estimate	estimate	VERB
fsr-3704	16	10	the	the	DET
fsr-3704	16	11	portfolio	portfolio	NOUN
fsr-3704	16	12	’s	’s	PART
fsr-3704	16	13	equity	equity	NOUN
fsr-3704	16	14	risk	risk	NOUN
fsr-3704	16	15	exposure	exposure	NOUN
fsr-3704	16	16	.	.	PUNCT
fsr-3704	17	1	although	although	SCONJ
fsr-3704	17	2	most	most	ADJ
fsr-3704	17	3	prior	prior	ADJ
fsr-3704	17	4	studies	study	NOUN
fsr-3704	17	5	estimate	estimate	VERB
fsr-3704	17	6	a	a	DET
fsr-3704	17	7	single	single	ADJ
fsr-3704	17	8	beta	beta	NOUN
fsr-3704	17	9	for	for	ADP
fsr-3704	17	10	a	a	DET
fsr-3704	17	11	portfolio	portfolio	NOUN
fsr-3704	17	12	,	,	PUNCT
fsr-3704	17	13	a	a	DET
fsr-3704	17	14	few	few	ADJ
fsr-3704	17	15	researchers	researcher	NOUN
fsr-3704	17	16	have	have	AUX
fsr-3704	17	17	examined	examine	VERB
fsr-3704	17	18	whether	whether	SCONJ
fsr-3704	17	19	portfolio	portfolio	NOUN
fsr-3704	17	20	betas	beta	NOUN
fsr-3704	17	21	appear	appear	VERB
fsr-3704	17	22	to	to	PART
fsr-3704	17	23	change	change	VERB
fsr-3704	17	24	over	over	ADP
fsr-3704	17	25	time	time	NOUN
fsr-3704	17	26	.	.	PUNCT
fsr-3704	18	1	but	but	CCONJ
fsr-3704	18	2	because	because	SCONJ
fsr-3704	18	3	their	their	PRON
fsr-3704	18	4	tests	test	NOUN
fsr-3704	18	5	were	be	AUX
fsr-3704	18	6	based	base	VERB
fsr-3704	18	7	solely	solely	ADV
fsr-3704	18	8	on	on	ADP
fsr-3704	18	9	a	a	DET
fsr-3704	18	10	portfolio	portfolio	NOUN
fsr-3704	18	11	’s	’s	PART
fsr-3704	18	12	time	time	NOUN
fsr-3704	18	13	series	series	PROPN
fsr-3704	18	14	returns	return	NOUN
fsr-3704	18	15	,	,	PUNCT
fsr-3704	18	16	they	they	PRON
fsr-3704	18	17	were	be	AUX
fsr-3704	18	18	unable	unable	ADJ
fsr-3704	18	19	to	to	PART
fsr-3704	18	20	clearly	clearly	ADV
fsr-3704	18	21	document	document	VERB
fsr-3704	18	22	the	the	DET
fsr-3704	18	23	intertemporal	intertemporal	ADJ
fsr-3704	18	24	variabil	variabil	ADJ
fsr-3704	18	25	ity	ity	PROPN
fsr-3704	18	26	in	in	ADP
fsr-3704	18	27	equity	equity	NOUN
fsr-3704	18	28	risk	risk	NOUN
fsr-3704	18	29	exposure	exposure	NOUN
fsr-3704	18	30	within	within	ADP
fsr-3704	18	31	a	a	DET
fsr-3704	18	32	given	give	VERB
fsr-3704	18	33	portfolio	portfolio	NOUN
fsr-3704	18	34	.	.	PUNCT
fsr-3704	19	1	this	this	PRON
fsr-3704	19	2	is	be	AUX
fsr-3704	19	3	the	the	DET
fsr-3704	19	4	first	first	ADJ
fsr-3704	19	5	study	study	NOUN
fsr-3704	19	6	to	to	PART
fsr-3704	19	7	empirically	empirically	ADV
fsr-3704	19	8	document	document	VERB
fsr-3704	19	9	the	the	DET
fsr-3704	19	10	extent	extent	NOUN
fsr-3704	19	11	to	to	PART
fsr-3704	19	12	which	which	PRON
fsr-3704	19	13	active	active	ADJ
fsr-3704	19	14	asset	asset	NOUN
fsr-3704	19	15	allocation	allocation	NOUN
fsr-3704	19	16	is	be	AUX
fsr-3704	19	17	used	use	VERB
fsr-3704	19	18	by	by	ADP
fsr-3704	19	19	profes	profes	PROPN
fsr-3704	19	20	sional	sional	ADJ
fsr-3704	19	21	equity	equity	NOUN
fsr-3704	19	22	managers	manager	NOUN
fsr-3704	19	23	.	.	PUNCT
fsr-3704	19	24	’	'	PUNCT
fsr-3704	20	1	the	the	DET
fsr-3704	20	2	basic	basic	ADJ
fsr-3704	20	3	data	datum	NOUN
fsr-3704	20	4	used	use	VERB
fsr-3704	20	5	in	in	ADP
fsr-3704	20	6	this	this	DET
fsr-3704	20	7	study	study	NOUN
fsr-3704	20	8	consist	consist	NOUN
fsr-3704	20	9	of	of	ADP
fsr-3704	20	10	cross	cross	ADJ
fsr-3704	20	11	-	-	ADJ
fsr-3704	20	12	sectional	sectional	ADJ
fsr-3704	20	13	betas	beta	NOUN
fsr-3704	20	14	on	on	ADP
fsr-3704	20	15	94	94	NUM
fsr-3704	20	16	equity	equity	NOUN
fsr-3704	20	17	mutual	mutual	ADJ
fsr-3704	20	18	funds	fund	NOUN
fsr-3704	20	19	for	for	ADP
fsr-3704	20	20	each	each	DET
fsr-3704	20	21	quarter	quarter	NOUN
fsr-3704	20	22	-	-	PUNCT
fsr-3704	20	23	end	end	NOUN
fsr-3704	20	24	during	during	ADP
fsr-3704	20	25	the	the	DET
fsr-3704	20	26	period	period	NOUN
fsr-3704	20	27	march	march	NOUN
fsr-3704	20	28	,	,	PUNCT
fsr-3704	20	29	1977	1977	NUM
fsr-3704	20	30	through	through	ADP
fsr-3704	20	31	december	december	PROPN
fsr-3704	20	32	1988	1988	NUM
fsr-3704	20	33	.	.	PUNCT
fsr-3704	21	1	our	our	PRON
fsr-3704	21	2	measure	measure	NOUN
fsr-3704	21	3	of	of	ADP
fsr-3704	21	4	active	active	ADJ
fsr-3704	21	5	asset	asset	NOUN
fsr-3704	21	6	allocation	allocation	NOUN
fsr-3704	21	7	during	during	ADP
fsr-3704	21	8	a	a	DET
fsr-3704	21	9	given	give	VERB
fsr-3704	21	10	quarter	quarter	NOUN
fsr-3704	21	11	is	be	AUX
fsr-3704	21	12	equal	equal	ADJ
fsr-3704	21	13	to	to	ADP
fsr-3704	21	14	the	the	DET
fsr-3704	21	15	difference	difference	NOUN
fsr-3704	21	16	between	between	ADP
fsr-3704	21	17	the	the	DET
fsr-3704	21	18	actual	actual	ADJ
fsr-3704	21	19	quarter	quarter	NOUN
fsr-3704	21	20	-	-	PUNCT
fsr-3704	21	21	end	end	NOUN
fsr-3704	21	22	beta	beta	NOUN
fsr-3704	21	23	of	of	ADP
fsr-3704	21	24	a	a	DET
fsr-3704	21	25	fund	fund	NOUN
fsr-3704	21	26	and	and	CCONJ
fsr-3704	21	27	the	the	DET
fsr-3704	21	28	expected	expect	VERB
fsr-3704	21	29	quarter	quarter	NOUN
fsr-3704	21	30	end	end	VERB
fsr-3704	21	31	beta	beta	ADV
fsr-3704	21	32	if	if	SCONJ
fsr-3704	21	33	the	the	DET
fsr-3704	21	34	manager	manager	NOUN
fsr-3704	21	35	had	have	AUX
fsr-3704	21	36	not	not	PART
fsr-3704	21	37	engaged	engage	VERB
fsr-3704	21	38	in	in	ADP
fsr-3704	21	39	active	active	ADJ
fsr-3704	21	40	asset	asset	NOUN
fsr-3704	21	41	allocation	allocation	NOUN
fsr-3704	21	42	.	.	PUNCT
fsr-3704	22	1	our	our	PRON
fsr-3704	22	2	principle	principle	ADJ
fsr-3704	22	3	conclusion	conclusion	NOUN
fsr-3704	22	4	is	be	AUX
fsr-3704	22	5	that	that	SCONJ
fsr-3704	22	6	most	most	ADJ
fsr-3704	22	7	mutual	mutual	ADJ
fsr-3704	22	8	fund	fund	NOUN
fsr-3704	22	9	managers	manager	NOUN
fsr-3704	22	10	do	do	AUX
fsr-3704	22	11	not	not	PART
fsr-3704	22	12	maintain	maintain	VERB
fsr-3704	22	13	a	a	DET
fsr-3704	22	14	static	static	ADJ
fsr-3704	22	15	level	level	NOUN
fsr-3704	22	16	of	of	ADP
fsr-3704	22	17	equity	equity	NOUN
fsr-3704	22	18	risk	risk	NOUN
fsr-3704	22	19	exposure	exposure	NOUN
fsr-3704	22	20	in	in	ADP
fsr-3704	22	21	their	their	PRON
fsr-3704	22	22	portfolios	portfolio	NOUN
fsr-3704	22	23	.	.	PUNCT
fsr-3704	23	1	instead	instead	ADV
fsr-3704	23	2	,	,	PUNCT
fsr-3704	23	3	they	they	PRON
fsr-3704	23	4	engage	engage	VERB
fsr-3704	23	5	in	in	ADP
fsr-3704	23	6	active	active	ADJ
fsr-3704	23	7	market	market	NOUN
fsr-3704	23	8	timing	timing	NOUN
fsr-3704	23	9	activities	activity	NOUN
fsr-3704	23	10	by	by	ADP
fsr-3704	23	11	adjusting	adjust	VERB
fsr-3704	23	12	both	both	CCONJ
fsr-3704	23	13	the	the	DET
fsr-3704	23	14	percentage	percentage	NOUN
fsr-3704	23	15	of	of	ADP
fsr-3704	23	16	the	the	DET
fsr-3704	23	17	fund	fund	NOUN
fsr-3704	23	18	invested	invest	VERB
fsr-3704	23	19	in	in	ADP
fsr-3704	23	20	equities	equity	NOUN
fsr-3704	23	21	and	and	CCONJ
fsr-3704	23	22	the	the	DET
fsr-3704	23	23	average	average	ADJ
fsr-3704	23	24	beta	beta	NOUN
fsr-3704	23	25	of	of	ADP
fsr-3704	23	26	any	any	DET
fsr-3704	23	27	equities	equity	NOUN
fsr-3704	23	28	helde2	helde2	NOUN
fsr-3704	23	29	this	this	PRON
fsr-3704	23	30	means	mean	VERB
fsr-3704	23	31	that	that	SCONJ
fsr-3704	23	32	single	single	ADJ
fsr-3704	23	33	estimates	estimate	NOUN
fsr-3704	23	34	of	of	ADP
fsr-3704	23	35	a	a	DET
fsr-3704	23	36	fund	fund	NOUN
fsr-3704	23	37	’s	’s	PART
fsr-3704	23	38	beta	beta	NOUN
fsr-3704	23	39	which	which	PRON
fsr-3704	23	40	are	be	AUX
fsr-3704	23	41	based	base	VERB
fsr-3704	23	42	on	on	ADP
fsr-3704	23	43	a	a	DET
fsr-3704	23	44	time	time	NOUN
fsr-3704	23	45	series	series	NOUN
fsr-3704	23	46	of	of	ADP
fsr-3704	23	47	past	past	PROPN
fsr-3704	23	48	fund	fund	NOUN
fsr-3704	23	49	returns	return	NOUN
fsr-3704	23	50	are	be	AUX
fsr-3704	23	51	poor	poor	ADJ
fsr-3704	23	52	estimates	estimate	NOUN
fsr-3704	23	53	of	of	ADP
fsr-3704	23	54	current	current	ADJ
fsr-3704	23	55	equity	equity	NOUN
fsr-3704	23	56	risk	risk	NOUN
fsr-3704	23	57	exposure	exposure	NOUN
fsr-3704	23	58	and	and	CCONJ
fsr-3704	23	59	provide	provide	VERB
fsr-3704	23	60	no	no	DET
fsr-3704	23	61	information	information	NOUN
fsr-3704	23	62	about	about	ADP
fsr-3704	23	63	past	past	ADJ
fsr-3704	23	64	timing	timing	NOUN
fsr-3704	23	65	activities	activity	NOUN
fsr-3704	23	66	of	of	ADP
fsr-3704	23	67	the	the	DET
fsr-3704	23	68	portfolio	portfolio	NOUN
fsr-3704	23	69	manager	manager	NOUN
fsr-3704	23	70	.	.	PUNCT
fsr-3704	24	1	this	this	DET
fsr-3704	24	2	finding	finding	NOUN
fsr-3704	24	3	has	have	VERB
fsr-3704	24	4	important	important	ADJ
fsr-3704	24	5	implications	implication	NOUN
fsr-3704	24	6	for	for	ADP
fsr-3704	24	7	individual	individual	ADJ
fsr-3704	24	8	investors	investor	NOUN
fsr-3704	24	9	.	.	PUNCT
fsr-3704	25	1	single	single	ADJ
fsr-3704	25	2	time	time	NOUN
fsr-3704	25	3	series	series	PROPN
fsr-3704	25	4	regression	regression	NOUN
fsr-3704	25	5	betas	beta	NOUN
fsr-3704	25	6	(	(	PUNCT
fsr-3704	25	7	which	which	PRON
fsr-3704	25	8	are	be	AUX
fsr-3704	25	9	commonly	commonly	ADV
fsr-3704	25	10	provided	provide	VERB
fsr-3704	25	11	in	in	ADP
fsr-3704	25	12	public	public	ADJ
fsr-3704	25	13	sources	source	NOUN
fsr-3704	25	14	of	of	ADP
fsr-3704	25	15	infor	infor	PROPN
fsr-3704	25	16	mation	mation	PROPN
fsr-3704	25	17	about	about	ADP
fsr-3704	25	18	mutual	mutual	ADJ
fsr-3704	25	19	funds	fund	NOUN
fsr-3704	25	20	}	}	PUNCT
fsr-3704	25	21	provide	provide	VERB
fsr-3704	25	22	no	no	DET
fsr-3704	25	23	information	information	NOUN
fsr-3704	25	24	about	about	ADP
fsr-3704	25	25	the	the	DET
fsr-3704	25	26	timing	timing	NOUN
fsr-3704	25	27	activities	activity	NOUN
fsr-3704	25	28	of	of	ADP
fsr-3704	25	29	a	a	DET
fsr-3704	25	30	portfolio	portfolio	NOUN
fsr-3704	25	31	manager	manager	NOUN
fsr-3704	25	32	and	and	CCONJ
fsr-3704	25	33	can	can	AUX
fsr-3704	25	34	seriously	seriously	ADV
fsr-3704	25	35	misrepresent	misrepresent	VERB
fsr-3704	25	36	the	the	DET
fsr-3704	25	37	current	current	ADJ
fsr-3704	25	38	equity	equity	NOUN
fsr-3704	25	39	risk	risk	NOUN
fsr-3704	25	40	exposure	exposure	NOUN
fsr-3704	25	41	of	of	ADP
fsr-3704	25	42	a	a	DET
fsr-3704	25	43	portfolio	portfolio	NOUN
fsr-3704	25	44	.	.	PUNCT
fsr-3704	26	1	when	when	SCONJ
fsr-3704	26	2	selecting	select	VERB
fsr-3704	26	3	one	one	NUM
fsr-3704	26	4	or	or	CCONJ
fsr-3704	26	5	more	more	ADJ
fsr-3704	26	6	managers	manager	NOUN
fsr-3704	26	7	,	,	PUNCT
fsr-3704	26	8	the	the	DET
fsr-3704	26	9	investor	investor	NOUN
fsr-3704	26	10	should	should	AUX
fsr-3704	26	11	have	have	VERB
fsr-3704	26	12	a	a	DET
fsr-3704	26	13	good	good	ADJ
fsr-3704	26	14	understanding	understanding	NOUN
fsr-3704	26	15	of	of	ADP
fsr-3704	26	16	how	how	SCONJ
fsr-3704	26	17	actively	actively	ADV
fsr-3704	26	18	the	the	DET
fsr-3704	26	19	manager	manager	NOUN
fsr-3704	26	20	adjusts	adjust	VERB
fsr-3704	26	21	portfolio	portfolio	NOUN
fsr-3704	26	22	risk	risk	NOUN
fsr-3704	26	23	exposure	exposure	NOUN
fsr-3704	26	24	.	.	PUNCT
fsr-3704	27	1	unfortunately	unfortunately	ADV
fsr-3704	27	2	,	,	PUNCT
fsr-3704	27	3	such	such	ADJ
fsr-3704	27	4	information	information	NOUN
fsr-3704	27	5	is	be	AUX
fsr-3704	27	6	not	not	PART
fsr-3704	27	7	publicly	publicly	ADV
fsr-3704	27	8	available	available	ADJ
fsr-3704	27	9	at	at	ADP
fsr-3704	27	10	present.3	present.3	PROPN
fsr-3704	27	11	we	we	PRON
fsr-3704	27	12	also	also	ADV
fsr-3704	27	13	examine	examine	VERB
fsr-3704	27	14	whether	whether	SCONJ
fsr-3704	27	15	active	active	ADJ
fsr-3704	27	16	equity	equity	NOUN
fsr-3704	27	17	risk	risk	NOUN
fsr-3704	27	18	management	management	NOUN
fsr-3704	27	19	is	be	AUX
fsr-3704	27	20	better	well	ADJ
fsr-3704	27	21	charac	charac	NOUN
fsr-3704	27	22	terized	terize	VERB
fsr-3704	27	23	as	as	ADP
fsr-3704	27	24	reactive	reactive	ADJ
fsr-3704	27	25	or	or	CCONJ
fsr-3704	27	26	anticipatory	anticipatory	ADJ
fsr-3704	27	27	.	.	PUNCT
fsr-3704	28	1	reactive	reactive	ADJ
fsr-3704	28	2	decisions	decision	NOUN
fsr-3704	28	3	are	be	AUX
fsr-3704	28	4	defined	define	VERB
fsr-3704	28	5	as	as	ADP
fsr-3704	28	6	those	those	PRON
fsr-3704	28	7	which	which	PRON
fsr-3704	28	8	can	can	AUX
fsr-3704	28	9	be	be	AUX
fsr-3704	28	10	traced	trace	VERB
fsr-3704	28	11	to	to	ADP
fsr-3704	28	12	past	past	ADJ
fsr-3704	28	13	aggregate	aggregate	ADJ
fsr-3704	28	14	market	market	NOUN
fsr-3704	28	15	returns	return	NOUN
fsr-3704	28	16	or	or	CCONJ
fsr-3704	28	17	past	past	ADJ
fsr-3704	28	18	portfolio	portfolio	NOUN
fsr-3704	28	19	returns	return	NOUN
fsr-3704	28	20	.	.	PUNCT
fsr-3704	29	1	anticipator	anticipator	NOUN
fsr-3704	29	2	decisions	decision	NOUN
fsr-3704	29	3	are	be	AUX
fsr-3704	29	4	defined	define	VERB
fsr-3704	29	5	as	as	ADP
fsr-3704	29	6	those	those	PRON
fsr-3704	29	7	which	which	PRON
fsr-3704	29	8	are	be	AUX
fsr-3704	29	9	unrelated	unrelated	ADJ
fsr-3704	29	10	to	to	ADP
fsr-3704	29	11	past	past	ADJ
fsr-3704	29	12	market	market	NOUN
fsr-3704	29	13	or	or	CCONJ
fsr-3704	29	14	portfolio	portfolio	NOUN
fsr-3704	29	15	returns	return	NOUN
fsr-3704	29	16	.	.	PUNCT
fsr-3704	30	1	the	the	DET
fsr-3704	30	2	results	result	NOUN
fsr-3704	30	3	suggest	suggest	VERB
fsr-3704	30	4	that	that	SCONJ
fsr-3704	30	5	most	most	ADV
fsr-3704	30	6	active	active	ADJ
fsr-3704	30	7	asset	asset	NOUN
fsr-3704	30	8	allocation	allocation	NOUN
fsr-3704	30	9	decisions	decision	NOUN
fsr-3704	30	10	are	be	AUX
fsr-3704	30	11	better	well	ADV
fsr-3704	30	12	characterized	characterize	VERB
fsr-3704	30	13	as	as	ADP
fsr-3704	30	14	anticipatory	anticipatory	ADJ
fsr-3704	30	15	in	in	ADP
fsr-3704	30	16	nature	nature	NOUN
fsr-3704	30	17	.	.	PUNCT
fsr-3704	31	1	there	there	PRON
fsr-3704	31	2	is	be	VERB
fsr-3704	31	3	,	,	PUNCT
fsr-3704	31	4	however	however	ADV
fsr-3704	31	5	,	,	PUNCT
fsr-3704	31	6	some	some	DET
fsr-3704	31	7	weak	weak	ADJ
fsr-3704	31	8	evidence	evidence	NOUN
fsr-3704	31	9	of	of	ADP
fsr-3704	31	10	reactive	reactive	ADJ
fsr-3704	31	11	decisions	decision	NOUN
fsr-3704	31	12	in	in	ADP
fsr-3704	31	13	that	that	DET
fsr-3704	31	14	active	active	ADJ
fsr-3704	31	15	changes	change	NOUN
fsr-3704	31	16	in	in	ADP
fsr-3704	31	17	equity	equity	NOUN
fsr-3704	31	18	positions	position	NOUN
fsr-3704	31	19	are	be	AUX
fsr-3704	31	20	statistically	statistically	ADV
fsr-3704	31	21	related	relate	VERB
fsr-3704	31	22	to	to	ADP
fsr-3704	31	23	current	current	ADJ
fsr-3704	31	24	and	and	CCONJ
fsr-3704	31	25	past	past	ADP
fsr-3704	31	26	aggregate	aggregate	ADJ
fsr-3704	31	27	stock	stock	NOUN
fsr-3704	31	28	returns	return	NOUN
fsr-3704	31	29	.	.	PUNCT
fsr-3704	32	1	in	in	ADP
fsr-3704	32	2	addition	addition	NOUN
fsr-3704	32	3	,	,	PUNCT
fsr-3704	32	4	we	we	PRON
fsr-3704	32	5	find	find	VERB
fsr-3704	32	6	evidence	evidence	NOUN
fsr-3704	32	7	suggesting	suggest	VERB
fsr-3704	32	8	that	that	DET
fsr-3704	32	9	manager	manager	NOUN
fsr-3704	32	10	’s	’s	PART
fsr-3704	32	11	whose	whose	DET
fsr-3704	32	12	year	year	NOUN
fsr-3704	32	13	-	-	PUNCT
fsr-3704	32	14	to	to	ADP
fsr-3704	32	15	-	-	PUNCT
fsr-3704	32	16	date	date	NOUN
fsr-3704	32	17	returns	return	NOUN
fsr-3704	32	18	have	have	AUX
fsr-3704	32	19	been	be	AUX
fsr-3704	32	20	poor	poor	ADJ
fsr-3704	32	21	relative	relative	ADJ
fsr-3704	32	22	to	to	ADP
fsr-3704	32	23	the	the	DET
fsr-3704	32	24	s&p500	s&p500	NOUN
fsr-3704	32	25	at	at	ADP
fsr-3704	32	26	a	a	DET
fsr-3704	32	27	september	september	PROPN
fsr-3704	32	28	quarter	quarter	NOUN
fsr-3704	32	29	-	-	PUNCT
fsr-3704	32	30	end	end	NOUN
fsr-3704	32	31	tend	tend	VERB
fsr-3704	32	32	to	to	PART
fsr-3704	32	33	incur	incur	VERB
fsr-3704	32	34	increased	increase	VERB
fsr-3704	32	35	equity	equity	NOUN
fsr-3704	32	36	risk	risk	NOUN
fsr-3704	32	37	during	during	ADP
fsr-3704	32	38	the	the	DET
fsr-3704	32	39	fourth	fourth	ADJ
fsr-3704	32	40	quarter	quarter	NOUN
fsr-3704	32	41	of	of	ADP
fsr-3704	32	42	the	the	DET
fsr-3704	32	43	year	year	NOUN
fsr-3704	32	44	.	.	PUNCT
fsr-3704	33	1	the	the	DET
fsr-3704	33	2	implication	implication	NOUN
fsr-3704	33	3	of	of	ADP
fsr-3704	33	4	this	this	DET
fsr-3704	33	5	finding	finding	NOUN
fsr-3704	33	6	for	for	ADP
fsr-3704	33	7	individual	individual	ADJ
fsr-3704	33	8	investors	investor	NOUN
fsr-3704	33	9	is	be	AUX
fsr-3704	33	10	obvious	obvious	ADJ
fsr-3704	33	11	.	.	PUNCT
fsr-3704	34	1	if	if	SCONJ
fsr-3704	34	2	an	an	DET
fsr-3704	34	3	equity	equity	NOUN
fsr-3704	34	4	mutual	mutual	ADJ
fsr-3704	34	5	fund	fund	NOUN
fsr-3704	34	6	whose	whose	DET
fsr-3704	34	7	year	year	NOUN
fsr-3704	34	8	-	-	PUNCT
fsr-3704	34	9	to	to	ADP
fsr-3704	34	10	-	-	PUNCT
fsr-3704	34	11	date	date	NOUN
fsr-3704	34	12	return	return	NOUN
fsr-3704	34	13	in	in	ADP
fsr-3704	34	14	september	september	PROPN
fsr-3704	34	15	is	be	AUX
fsr-3704	34	16	poor	poor	ADJ
fsr-3704	34	17	relative	relative	ADJ
fsr-3704	34	18	to	to	ADP
fsr-3704	34	19	the	the	DET
fsr-3704	34	20	s&p500	s&p500	NOUN
fsr-3704	34	21	,	,	PUNCT
fsr-3704	34	22	the	the	DET
fsr-3704	34	23	investor	investor	NOUN
fsr-3704	34	24	should	should	AUX
fsr-3704	34	25	obtain	obtain	VERB
fsr-3704	34	26	current	current	ADJ
fsr-3704	34	27	information	information	NOUN
fsr-3704	34	28	about	about	ADP
fsr-3704	34	29	the	the	DET
fsr-3704	34	30	portfolio	portfolio	NOUN
fsr-3704	34	31	’s	’s	PART
fsr-3704	34	32	equity	equity	NOUN
fsr-3704	34	33	risk	risk	NOUN
fsr-3704	34	34	exposure	exposure	NOUN
fsr-3704	34	35	to	to	PART
fsr-3704	34	36	be	be	AUX
fsr-3704	34	37	sure	sure	ADJ
fsr-3704	34	38	that	that	SCONJ
fsr-3704	34	39	it	it	PRON
fsr-3704	34	40	does	do	AUX
fsr-3704	34	41	not	not	PART
fsr-3704	34	42	exceed	exceed	VERB
fsr-3704	34	43	the	the	DET
fsr-3704	34	44	investor	investor	NOUN
fsr-3704	34	45	’s	’s	PART
fsr-3704	34	46	tolerance	tolerance	NOUN
fsr-3704	34	47	for	for	ADP
fsr-3704	34	48	risk	risk	NOUN
fsr-3704	34	49	.	.	PUNCT
fsr-3704	35	1	active	active	ADJ
fsr-3704	35	2	timing	timing	NOUN
fsr-3704	35	3	decisions	decision	NOUN
fsr-3704	35	4	of	of	ADP
fsr-3704	35	5	equily	equily	ADV
fsr-3704	35	6	mutual	mutual	ADJ
fsr-3704	35	7	funds	fund	NOUN
fsr-3704	35	8	23	23	NUM
fsr-3704	35	9	ilactive	ilactive	ADJ
fsr-3704	35	10	asset	asset	NOUN
fsr-3704	35	11	allocation	allocation	NOUN
fsr-3704	35	12	active	active	ADJ
fsr-3704	35	13	investment	investment	NOUN
fsr-3704	35	14	managers	manager	NOUN
fsr-3704	35	15	make	make	VERB
fsr-3704	35	16	two	two	NUM
fsr-3704	35	17	types	type	NOUN
fsr-3704	35	18	of	of	ADP
fsr-3704	35	19	decisions	decision	NOUN
fsr-3704	35	20	in	in	ADP
fsr-3704	35	21	their	their	PRON
fsr-3704	35	22	attempt	attempt	NOUN
fsr-3704	35	23	to	to	PART
fsr-3704	35	24	achieve	achieve	VERB
fsr-3704	35	25	portfolio	portfolio	NOUN
fsr-3704	35	26	returns	return	NOUN
fsr-3704	35	27	in	in	ADP
fsr-3704	35	28	excess	excess	NOUN
fsr-3704	35	29	of	of	ADP
fsr-3704	35	30	a	a	DET
fsr-3704	35	31	passively	passively	ADV
fsr-3704	35	32	managed	manage	VERB
fsr-3704	35	33	portfolio	portfolio	NOUN
fsr-3704	35	34	with	with	ADP
fsr-3704	35	35	similar	similar	ADJ
fsr-3704	35	36	iisk	iisk	NOUN
fsr-3704	35	37	:	:	PUNCT
fsr-3704	35	38	1	1	X
fsr-3704	35	39	.	.	X
fsr-3704	35	40	decisions	decision	NOUN
fsr-3704	35	41	to	to	PART
fsr-3704	35	42	maintain	maintain	VERB
fsr-3704	35	43	or	or	CCONJ
fsr-3704	35	44	change	change	VERB
fsr-3704	35	45	the	the	DET
fsr-3704	35	46	portfolio	portfolio	NOUN
fsr-3704	35	47	’s	’s	PART
fsr-3704	35	48	percentage	percentage	NOUN
fsr-3704	35	49	investment	investment	NOUN
fsr-3704	35	50	in	in	ADP
fsr-3704	35	51	various	various	ADJ
fsr-3704	35	52	asset	asset	NOUN
fsr-3704	35	53	classes	class	NOUN
fsr-3704	35	54	,	,	PUNCT
fsr-3704	35	55	and	and	CCONJ
fsr-3704	35	56	2	2	NUM
fsr-3704	35	57	.	.	X
fsr-3704	36	1	within	within	ADP
fsr-3704	36	2	each	each	DET
fsr-3704	36	3	asset	asset	NOUN
fsr-3704	36	4	class	class	NOUN
fsr-3704	36	5	,	,	PUNCT
fsr-3704	36	6	decisions	decision	NOUN
fsr-3704	36	7	about	about	ADP
fsr-3704	36	8	the	the	DET
fsr-3704	36	9	weights	weight	NOUN
fsr-3704	36	10	of	of	ADP
fsr-3704	36	11	individual	individual	ADJ
fsr-3704	36	12	securities	security	NOUN
fsr-3704	36	13	.	.	PUNCT
fsr-3704	37	1	the	the	DET
fsr-3704	37	2	first	first	ADJ
fsr-3704	37	3	decision	decision	NOUN
fsr-3704	37	4	has	have	AUX
fsr-3704	37	5	historically	historically	ADV
fsr-3704	37	6	been	be	AUX
fsr-3704	37	7	referred	refer	VERB
fsr-3704	37	8	to	to	ADP
fsr-3704	37	9	as	as	ADP
fsr-3704	37	10	a	a	DET
fsr-3704	37	11	timing	timing	NOUN
fsr-3704	37	12	decision	decision	NOUN
fsr-3704	37	13	.	.	PUNCT
fsr-3704	38	1	more	more	ADV
fsr-3704	38	2	recently	recently	ADV
fsr-3704	38	3	,	,	PUNCT
fsr-3704	38	4	it	it	PRON
fsr-3704	38	5	has	have	AUX
fsr-3704	38	6	come	come	VERB
fsr-3704	38	7	to	to	PART
fsr-3704	38	8	be	be	AUX
fsr-3704	38	9	known	know	VERB
fsr-3704	38	10	as	as	ADP
fsr-3704	38	11	tactical	tactical	ADJ
fsr-3704	38	12	asset	asset	NOUN
fsr-3704	38	13	allocation	allocation	NOUN
fsr-3704	38	14	.	.	PUNCT
fsr-3704	39	1	the	the	DET
fsr-3704	39	2	second	second	ADJ
fsr-3704	39	3	is	be	AUX
fsr-3704	39	4	known	know	VERB
fsr-3704	39	5	as	as	ADP
fsr-3704	39	6	the	the	DET
fsr-3704	39	7	security	security	NOUN
fsr-3704	39	8	selection	selection	NOUN
fsr-3704	39	9	decision	decision	NOUN
fsr-3704	39	10	.	.	PUNCT
fsr-3704	40	1	if	if	SCONJ
fsr-3704	40	2	security	security	NOUN
fsr-3704	40	3	markets	market	NOUN
fsr-3704	40	4	are	be	AUX
fsr-3704	40	5	informationally	informationally	ADV
fsr-3704	40	6	efficient	efficient	ADJ
fsr-3704	40	7	,	,	PUNCT
fsr-3704	40	8	active	active	ADJ
fsr-3704	40	9	managers	manager	NOUN
fsr-3704	40	10	will	will	AUX
fsr-3704	40	11	not	not	PART
fsr-3704	40	12	be	be	AUX
fsr-3704	40	13	able	able	ADJ
fsr-3704	40	14	to	to	PART
fsr-3704	40	15	win	win	VERB
fsr-3704	40	16	from	from	ADP
fsr-3704	40	17	either	either	DET
fsr-3704	40	18	decision	decision	NOUN
fsr-3704	40	19	.	.	PUNCT
fsr-3704	41	1	in	in	ADP
fsr-3704	41	2	fact	fact	NOUN
fsr-3704	41	3	,	,	PUNCT
fsr-3704	41	4	they	they	PRON
fsr-3704	41	5	would	would	AUX
fsr-3704	41	6	loose	loose	VERB
fsr-3704	41	7	due	due	ADP
fsr-3704	41	8	to	to	ADP
fsr-3704	41	9	transaction	transaction	NOUN
fsr-3704	41	10	costs	cost	NOUN
fsr-3704	41	11	.	.	PUNCT
fsr-3704	42	1	yet	yet	CCONJ
fsr-3704	42	2	it	it	PRON
fsr-3704	42	3	is	be	AUX
fsr-3704	42	4	clear	clear	ADJ
fsr-3704	42	5	that	that	SCONJ
fsr-3704	42	6	active	active	ADJ
fsr-3704	42	7	managers	manager	NOUN
fsr-3704	42	8	do	do	AUX
fsr-3704	42	9	not	not	PART
fsr-3704	42	10	believe	believe	VERB
fsr-3704	42	11	that	that	SCONJ
fsr-3704	42	12	security	security	NOUN
fsr-3704	42	13	markets	market	NOUN
fsr-3704	42	14	are	be	AUX
fsr-3704	42	15	informationally	informationally	ADV
fsr-3704	42	16	efficient	efficient	ADJ
fsr-3704	42	17	and	and	CCONJ
fsr-3704	42	18	that	that	SCONJ
fsr-3704	42	19	they	they	PRON
fsr-3704	42	20	attempt	attempt	VERB
fsr-3704	42	21	to	to	PART
fsr-3704	42	22	provide	provide	VERB
fsr-3704	42	23	excess	excess	ADJ
fsr-3704	42	24	returns	return	NOUN
fsr-3704	42	25	by	by	ADP
fsr-3704	42	26	engaging	engage	VERB
fsr-3704	42	27	in	in	ADP
fsr-3704	42	28	both	both	PRON
fsr-3704	42	29	timing	timing	NOUN
fsr-3704	42	30	and	and	CCONJ
fsr-3704	42	31	selection	selection	NOUN
fsr-3704	42	32	activities	activity	NOUN
fsr-3704	42	33	.	.	PUNCT
fsr-3704	43	1	the	the	DET
fsr-3704	43	2	extent	extent	NOUN
fsr-3704	43	3	to	to	PART
fsr-3704	43	4	which	which	PRON
fsr-3704	43	5	managers	manager	NOUN
fsr-3704	43	6	employ	employ	VERB
fsr-3704	43	7	timing	timing	NOUN
fsr-3704	43	8	and	and	CCONJ
fsr-3704	43	9	security	security	NOUN
fsr-3704	43	10	selection	selection	NOUN
fsr-3704	43	11	decisions	decision	NOUN
fsr-3704	43	12	has	have	AUX
fsr-3704	43	13	never	never	ADV
fsr-3704	43	14	been	be	AUX
fsr-3704	43	15	clearly	clearly	ADV
fsr-3704	43	16	documented	document	VERB
fsr-3704	43	17	.	.	PUNCT
fsr-3704	44	1	some	some	DET
fsr-3704	44	2	managers	manager	NOUN
fsr-3704	44	3	state	state	NOUN
fsr-3704	44	4	that	that	SCONJ
fsr-3704	44	5	they	they	PRON
fsr-3704	44	6	make	make	VERB
fsr-3704	44	7	extensive	extensive	ADJ
fsr-3704	44	8	use	use	NOUN
fsr-3704	44	9	of	of	ADP
fsr-3704	44	10	timing	timing	NOUN
fsr-3704	44	11	in	in	ADP
fsr-3704	44	12	their	their	PRON
fsr-3704	44	13	portfolio	portfolio	NOUN
fsr-3704	44	14	management	management	NOUN
fsr-3704	44	15	whereas	whereas	SCONJ
fsr-3704	44	16	others	other	NOUN
fsr-3704	44	17	shun	shun	VERB
fsr-3704	44	18	the	the	DET
fsr-3704	44	19	value	value	NOUN
fsr-3704	44	20	of	of	ADP
fsr-3704	44	21	timing	timing	NOUN
fsr-3704	44	22	and	and	CCONJ
fsr-3704	44	23	concentrate	concentrate	VERB
fsr-3704	44	24	almost	almost	ADV
fsr-3704	44	25	exclusively	exclusively	ADV
fsr-3704	44	26	on	on	ADP
fsr-3704	44	27	security	security	NOUN
fsr-3704	44	28	selection	selection	NOUN
fsr-3704	44	29	decisions	decision	NOUN
fsr-3704	44	30	.	.	PUNCT
fsr-3704	45	1	later	later	ADV
fsr-3704	45	2	in	in	ADP
fsr-3704	45	3	the	the	DET
fsr-3704	45	4	paper	paper	NOUN
fsr-3704	45	5	,	,	PUNCT
fsr-3704	45	6	we	we	PRON
fsr-3704	45	7	present	present	VERB
fsr-3704	45	8	statistics	statistic	NOUN
fsr-3704	45	9	on	on	ADP
fsr-3704	45	10	the	the	DET
fsr-3704	45	11	extent	extent	NOUN
fsr-3704	45	12	to	to	PART
fsr-3704	45	13	which	which	PRON
fsr-3704	45	14	active	active	ADJ
fsr-3704	45	15	timing	timing	NOUN
fsr-3704	45	16	is	be	AUX
fsr-3704	45	17	used	use	VERB
fsr-3704	45	18	.	.	PUNCT
fsr-3704	46	1	knowledge	knowledge	NOUN
fsr-3704	46	2	of	of	ADP
fsr-3704	46	3	a	a	DET
fsr-3704	46	4	portfolio	portfolio	NOUN
fsr-3704	46	5	’s	’s	PART
fsr-3704	46	6	current	current	ADJ
fsr-3704	46	7	equity	equity	NOUN
fsr-3704	46	8	riskexposure	riskexposure	PROPN
fsr-3704	46	9	is	be	AUX
fsr-3704	46	10	important	important	ADJ
fsr-3704	46	11	for	for	ADP
fsr-3704	46	12	at	at	ADV
fsr-3704	46	13	least	least	ADV
fsr-3704	46	14	two	two	NUM
fsr-3704	46	15	reasons	reason	NOUN
fsr-3704	46	16	.	.	PUNCT
fsr-3704	47	1	first	first	ADV
fsr-3704	47	2	it	it	PRON
fsr-3704	47	3	provides	provide	VERB
fsr-3704	47	4	important	important	ADJ
fsr-3704	47	5	information	information	NOUN
fsr-3704	47	6	to	to	ADP
fsr-3704	47	7	individuals	individual	NOUN
fsr-3704	47	8	who	who	PRON
fsr-3704	47	9	are	be	AUX
fsr-3704	47	10	invested	invest	VERB
fsr-3704	47	11	in	in	ADP
fsr-3704	47	12	the	the	DET
fsr-3704	47	13	portfolio	portfolio	NOUN
fsr-3704	47	14	or	or	CCONJ
fsr-3704	47	15	are	be	AUX
fsr-3704	47	16	considering	consider	VERB
fsr-3704	47	17	an	an	DET
fsr-3704	47	18	investment	investment	NOUN
fsr-3704	47	19	in	in	ADP
fsr-3704	47	20	it	it	PRON
fsr-3704	47	21	.	.	PUNCT
fsr-3704	48	1	second	second	ADV
fsr-3704	48	2	,	,	PUNCT
fsr-3704	48	3	it	it	PRON
fsr-3704	48	4	is	be	AUX
fsr-3704	48	5	potentially	potentially	ADV
fsr-3704	48	6	important	important	ADJ
fsr-3704	48	7	when	when	SCONJ
fsr-3704	48	8	one	one	NUM
fsr-3704	48	9	attempts	attempt	VERB
fsr-3704	48	10	to	to	PART
fsr-3704	48	11	evaluate	evaluate	VERB
fsr-3704	48	12	the	the	DET
fsr-3704	48	13	historical	historical	ADJ
fsr-3704	48	14	return	return	NOUN
fsr-3704	48	15	performance	performance	NOUN
fsr-3704	48	16	of	of	ADP
fsr-3704	48	17	the	the	DET
fsr-3704	48	18	portfolio	portfolio	NOUN
fsr-3704	48	19	.	.	PUNCT
fsr-3704	49	1	investment	investment	NOUN
fsr-3704	49	2	scholars	scholar	NOUN
fsr-3704	49	3	have	have	AUX
fsr-3704	49	4	focused	focus	VERB
fsr-3704	49	5	mainly	mainly	ADV
fsr-3704	49	6	on	on	ADP
fsr-3704	49	7	the	the	DET
fsr-3704	49	8	second	second	ADJ
fsr-3704	49	9	issue	issue	NOUN
fsr-3704	49	10	.	.	PUNCT
fsr-3704	50	1	jensen	jensen	PROPN
fsr-3704	50	2	(	(	PUNCT
fsr-3704	50	3	1972	1972	NUM
fsr-3704	50	4	)	)	PUNCT
fsr-3704	50	5	was	be	AUX
fsr-3704	50	6	the	the	DET
fsr-3704	50	7	first	first	ADJ
fsr-3704	50	8	to	to	PART
fsr-3704	50	9	note	note	VERB
fsr-3704	50	10	errors	error	NOUN
fsr-3704	50	11	which	which	PRON
fsr-3704	50	12	can	can	AUX
fsr-3704	50	13	arise	arise	VERB
fsr-3704	50	14	in	in	ADP
fsr-3704	50	15	performance	performance	NOUN
fsr-3704	50	16	studies	study	NOUN
fsr-3704	50	17	which	which	PRON
fsr-3704	50	18	rely	rely	VERB
fsr-3704	50	19	on	on	ADP
fsr-3704	50	20	a	a	DET
fsr-3704	50	21	sirgle	sirgle	NOUN
fsr-3704	50	22	time	time	NOUN
fsr-3704	50	23	series	series	PROPN
fsr-3704	50	24	return	return	VERB
fsr-3704	50	25	beta	beta	NOUN
fsr-3704	50	26	.	.	PUNCT
fsr-3704	51	1	he	he	PRON
fsr-3704	51	2	showed	show	VERB
fsr-3704	51	3	analytically	analytically	ADV
fsr-3704	51	4	that	that	SCONJ
fsr-3704	51	5	single	single	ADJ
fsr-3704	51	6	time	time	NOUN
fsr-3704	51	7	series	series	PROPN
fsr-3704	51	8	betas	beta	NOUN
fsr-3704	51	9	can	can	AUX
fsr-3704	51	10	overstate	overstate	VERB
fsr-3704	51	11	the	the	DET
fsr-3704	51	12	average	average	ADJ
fsr-3704	51	13	equity	equity	NOUN
fsr-3704	51	14	risk	risk	NOUN
fsr-3704	51	15	exposure	exposure	NOUN
fsr-3704	51	16	of	of	ADP
fsr-3704	51	17	a	a	DET
fsr-3704	51	18	portfolio	portfolio	NOUN
fsr-3704	51	19	and	and	CCONJ
fsr-3704	51	20	understate	understate	VERB
fsr-3704	51	21	the	the	DET
fsr-3704	51	22	portfolio	portfolio	NOUN
fsr-3704	51	23	’s	’s	PART
fsr-3704	51	24	alpha	alpha	NOUN
fsr-3704	51	25	(	(	PUNCT
fsr-3704	51	26	constant	constant	ADJ
fsr-3704	51	27	risk	risk	NOUN
fsr-3704	51	28	adjusted	adjust	VERB
fsr-3704	51	29	return	return	NOUN
fsr-3704	51	30	)	)	PUNCT
fsr-3704	51	31	when	when	SCONJ
fsr-3704	51	32	managers	manager	NOUN
fsr-3704	51	33	are	be	AUX
fsr-3704	51	34	successful	successful	ADJ
fsr-3704	51	35	in	in	ADP
fsr-3704	51	36	their	their	PRON
fsr-3704	51	37	timing	timing	NOUN
fsr-3704	51	38	abilities	ability	NOUN
fsr-3704	51	39	.	.	PUNCT
fsr-3704	52	1	since	since	SCONJ
fsr-3704	52	2	jensen	jensen	PROPN
fsr-3704	52	3	’s	’s	PART
fsr-3704	52	4	observation	observation	NOUN
fsr-3704	52	5	,	,	PUNCT
fsr-3704	52	6	many	many	ADJ
fsr-3704	52	7	researchers	researcher	NOUN
fsr-3704	52	8	have	have	AUX
fsr-3704	52	9	attempted	attempt	VERB
fsr-3704	52	10	to	to	PART
fsr-3704	52	11	measure	measure	VERB
fsr-3704	52	12	the	the	DET
fsr-3704	52	13	extent	extent	NOUN
fsr-3704	52	14	and	and	CCONJ
fsr-3704	52	15	success	success	NOUN
fsr-3704	52	16	of	of	ADP
fsr-3704	52	17	manager	manager	NOUN
fsr-3704	52	18	timing	timing	NOUN
fsr-3704	52	19	abilities	ability	NOUN
fsr-3704	52	20	.	.	PUNCT
fsr-3704	53	1	for	for	ADP
fsr-3704	53	2	example	example	NOUN
fsr-3704	53	3	,	,	PUNCT
fsr-3704	53	4	kon	kon	PROPN
fsr-3704	53	5	and	and	CCONJ
fsr-3704	53	6	chen	chen	PROPN
fsr-3704	53	7	(	(	PUNCT
fsr-3704	53	8	1978	1978	NUM
fsr-3704	53	9	)	)	PUNCT
fsr-3704	53	10	applied	apply	VERB
fsr-3704	53	11	a	a	DET
fsr-3704	53	12	switching	switch	VERB
fsr-3704	53	13	regression	regression	NOUN
fsr-3704	53	14	model	model	NOUN
fsr-3704	53	15	to	to	ADP
fsr-3704	53	16	the	the	DET
fsr-3704	53	17	time	time	NOUN
fsr-3704	53	18	series	series	PROPN
fsr-3704	53	19	returns	return	NOUN
fsr-3704	53	20	of	of	ADP
fsr-3704	53	21	49	49	NUM
fsr-3704	53	22	mutual	mutual	ADJ
fsr-3704	53	23	funds	fund	NOUN
fsr-3704	53	24	and	and	CCONJ
fsr-3704	53	25	found	find	VERB
fsr-3704	53	26	that	that	SCONJ
fsr-3704	53	27	at	at	ADV
fsr-3704	53	28	least	least	ADV
fsr-3704	53	29	two	two	NUM
fsr-3704	53	30	different	different	ADJ
fsr-3704	53	31	“	"	PUNCT
fsr-3704	53	32	beta	beta	ADJ
fsr-3704	53	33	regimes	regime	NOUN
fsr-3704	53	34	”	"	PUNCT
fsr-3704	53	35	were	be	AUX
fsr-3704	53	36	statistically	statistically	ADV
fsr-3704	53	37	present	present	ADJ
fsr-3704	53	38	for	for	ADP
fsr-3704	53	39	most	most	ADJ
fsr-3704	53	40	funds	fund	NOUN
fsr-3704	53	41	in	in	ADP
fsr-3704	53	42	their	their	PRON
fsr-3704	53	43	sample	sample	NOUN
fsr-3704	53	44	.	.	PUNCT
fsr-3704	54	1	they	they	PRON
fsr-3704	54	2	concluded	conclude	VERB
fsr-3704	54	3	that	that	SCONJ
fsr-3704	54	4	their	their	PRON
fsr-3704	54	5	“	"	PUNCT
fsr-3704	54	6	evidence	evidence	NOUN
fsr-3704	54	7	should	should	AUX
fsr-3704	54	8	be	be	AUX
fsr-3704	54	9	regarded	regard	VERB
fsr-3704	54	10	as	as	ADP
fsr-3704	54	11	a	a	DET
fsr-3704	54	12	severe	severe	ADJ
fsr-3704	54	13	violation	violation	NOUN
fsr-3704	54	14	of	of	ADP
fsr-3704	54	15	model	model	NOUN
fsr-3704	54	16	specification	specification	NOUN
fsr-3704	54	17	for	for	ADP
fsr-3704	54	18	those	those	DET
fsr-3704	54	19	studies	study	NOUN
fsr-3704	54	20	that	that	PRON
fsr-3704	54	21	employ	employ	VERB
fsr-3704	54	22	o.l.s	o.l.s	ADJ
fsr-3704	54	23	.	.	PUNCT
fsr-3704	54	24	to	to	PART
fsr-3704	54	25	estimate	estimate	VERB
fsr-3704	54	26	mutual	mutual	ADJ
fsr-3704	54	27	fund	fund	NOUN
fsr-3704	54	28	performance	performance	NOUN
fsr-3704	54	29	.	.	PUNCT
fsr-3704	55	1	“4	“4	PROPN
fsr-3704	55	2	other	other	ADJ
fsr-3704	55	3	studies	study	NOUN
fsr-3704	55	4	of	of	ADP
fsr-3704	55	5	mutual	mutual	ADJ
fsr-3704	55	6	fund	fund	NOUN
fsr-3704	55	7	timing	timing	NOUN
fsr-3704	55	8	also	also	ADV
fsr-3704	55	9	suggest	suggest	VERB
fsr-3704	55	10	that	that	SCONJ
fsr-3704	55	11	mutual	mutual	ADJ
fsr-3704	55	12	fund	fund	NOUN
fsr-3704	55	13	managers	manager	NOUN
fsr-3704	55	14	do	do	AUX
fsr-3704	55	15	not	not	PART
fsr-3704	55	16	maintain	maintain	VERB
fsr-3704	55	17	constant	constant	ADJ
fsr-3704	55	18	equity	equity	NOUN
fsr-3704	55	19	risk	risk	NOUN
fsr-3704	55	20	exposure	exposure	NOUN
fsr-3704	55	21	over	over	ADP
fsr-3704	55	22	time	time	NOUN
fsr-3704	55	23	.	.	PUNCT
fsr-3704	56	1	see	see	VERB
fsr-3704	56	2	for	for	ADP
fsr-3704	56	3	example	example	NOUN
fsr-3704	56	4	,	,	PUNCT
fsr-3704	56	5	bauer	bauer	PROPN
fsr-3704	56	6	,	,	PUNCT
fsr-3704	56	7	hays	hays	PROPN
fsr-3704	56	8	and	and	CCONJ
fsr-3704	56	9	upton	upton	PROPN
fsr-3704	56	10	(	(	PUNCT
fsr-3704	56	11	1987	1987	NUM
fsr-3704	56	12	)	)	PUNCT
fsr-3704	56	13	,	,	PUNCT
fsr-3704	56	14	chang	chang	PROPN
fsr-3704	56	15	and	and	CCONJ
fsr-3704	56	16	lewellan	lewellan	PROPN
fsr-3704	56	17	(	(	PUNCT
fsr-3704	56	18	1984	1984	NUM
fsr-3704	56	19	)	)	PUNCT
fsr-3704	56	20	.	.	PUNCT
fsr-3704	57	1	fabozzi	fabozzi	PROPN
fsr-3704	57	2	and	and	CCONJ
fsr-3704	57	3	francis	francis	PROPN
fsr-3704	57	4	(	(	PUNCT
fsr-3704	57	5	1979	1979	NUM
fsr-3704	57	6	)	)	PUNCT
fsr-3704	57	7	.	.	PUNCT
fsr-3704	58	1	henriksson	henriksson	PROPN
fsr-3704	58	2	(	(	PUNCT
fsr-3704	58	3	1984	1984	NUM
fsr-3704	58	4	)	)	PUNCT
fsr-3704	58	5	.	.	PUNCT
fsr-3704	59	1	jagannathan	jagannathan	PROPN
fsr-3704	59	2	and	and	CCONJ
fsr-3704	59	3	korajczyk	korajczyk	PROPN
fsr-3704	59	4	(	(	PUNCT
fsr-3704	59	5	1986	1986	NUM
fsr-3704	59	6	)	)	PUNCT
fsr-3704	59	7	,	,	PUNCT
fsr-3704	59	8	kon	kon	PROPN
fsr-3704	59	9	(	(	PUNCT
fsr-3704	59	10	1983	1983	NUM
fsr-3704	59	11	)	)	PUNCT
fsr-3704	59	12	,	,	PUNCT
fsr-3704	59	13	kon	kon	PROPN
fsr-3704	59	14	and	and	CCONJ
fsr-3704	59	15	chen	chen	PROPN
fsr-3704	59	16	(	(	PUNCT
fsr-3704	59	17	1979	1979	NUM
fsr-3704	59	18	)	)	PUNCT
fsr-3704	59	19	and	and	CCONJ
fsr-3704	59	20	lee	lee	PROPN
fsr-3704	59	21	and	and	CCONJ
fsr-3704	59	22	rahman	rahman	PROPN
fsr-3704	59	23	(	(	PUNCT
fsr-3704	59	24	1990	1990	NUM
fsr-3704	59	25	)	)	PUNCT
fsr-3704	59	26	.	.	PUNCT
fsr-3704	60	1	however	however	ADV
fsr-3704	60	2	,	,	PUNCT
fsr-3704	60	3	none	none	NOUN
fsr-3704	60	4	of	of	ADP
fsr-3704	60	5	these	these	DET
fsr-3704	60	6	studies	study	NOUN
fsr-3704	60	7	were	be	AUX
fsr-3704	60	8	able	able	ADJ
fsr-3704	60	9	to	to	PART
fsr-3704	60	10	calculate	calculate	VERB
fsr-3704	60	11	a	a	DET
fsr-3704	60	12	portfolio	portfolio	NOUN
fsr-3704	60	13	’s	’s	PART
fsr-3704	60	14	24	24	NUM
fsr-3704	60	15	financial	financial	ADJ
fsr-3704	60	16	services	service	NOUN
fsr-3704	60	17	review	review	NOUN
fsr-3704	60	18	,	,	PUNCT
fsr-3704	60	19	2(l	2(l	NUM
fsr-3704	60	20	)	)	PUNCT
fsr-3704	60	21	1992/1993	1992/1993	NUM
fsr-3704	60	22	beta	beta	NOUN
fsr-3704	60	23	at	at	ADP
fsr-3704	60	24	a	a	DET
fsr-3704	60	25	given	give	VERB
fsr-3704	60	26	point	point	NOUN
fsr-3704	60	27	in	in	ADP
fsr-3704	60	28	time	time	NOUN
fsr-3704	60	29	since	since	SCONJ
fsr-3704	60	30	they	they	PRON
fsr-3704	60	31	relied	rely	VERB
fsr-3704	60	32	solely	solely	ADV
fsr-3704	60	33	on	on	ADP
fsr-3704	60	34	the	the	DET
fsr-3704	60	35	portfolio	portfolio	NOUN
fsr-3704	60	36	’s	’s	PART
fsr-3704	60	37	time	time	NOUN
fsr-3704	60	38	series	series	PROPN
fsr-3704	60	39	returns	return	NOUN
fsr-3704	60	40	.	.	PUNCT
fsr-3704	61	1	al	al	PROPN
fsr-3704	61	2	~	~	PROPN
fsr-3704	61	3	ough	ough	NOUN
fsr-3704	61	4	an	an	DET
fsr-3704	61	5	investment	investment	NOUN
fsr-3704	61	6	manager	manager	NOUN
fsr-3704	61	7	could	could	AUX
fsr-3704	61	8	concep~~ly	concep~~ly	AUX
fsr-3704	61	9	time	time	VERB
fsr-3704	61	10	across	across	ADP
fsr-3704	61	11	a	a	DET
fsr-3704	61	12	large	large	ADJ
fsr-3704	61	13	variety	variety	NOUN
fsr-3704	61	14	of	of	ADP
fsr-3704	61	15	asset	asset	NOUN
fsr-3704	61	16	classes	class	NOUN
fsr-3704	61	17	,	,	PUNCT
fsr-3704	61	18	in	in	ADP
fsr-3704	61	19	practice	practice	NOUN
fsr-3704	61	20	they	they	PRON
fsr-3704	61	21	tend	tend	VERB
fsr-3704	61	22	to	to	PART
fsr-3704	61	23	specialize	specialize	VERB
fsr-3704	61	24	in	in	ADP
fsr-3704	61	25	only	only	ADV
fsr-3704	61	26	two	two	NUM
fsr-3704	61	27	asset	asset	NOUN
fsr-3704	61	28	classes	class	NOUN
fsr-3704	61	29	;	;	PUNCT
fsr-3704	61	30	typically	typically	ADV
fsr-3704	61	31	maintaining	maintain	VERB
fsr-3704	61	32	positions	position	NOUN
fsr-3704	61	33	in	in	ADP
fsr-3704	61	34	money	money	NOUN
fsr-3704	61	35	market	market	NOUN
fsr-3704	61	36	securities	security	NOUN
fsr-3704	61	37	and	and	CCONJ
fsr-3704	61	38	only	only	ADV
fsr-3704	61	39	one	one	NUM
fsr-3704	61	40	of	of	ADP
fsr-3704	61	41	a	a	DET
fsr-3704	61	42	variety	variety	NOUN
fsr-3704	61	43	of	of	ADP
fsr-3704	61	44	other	other	ADJ
fsr-3704	61	45	asset	asset	NOUN
fsr-3704	61	46	classes	class	NOUN
fsr-3704	61	47	.	.	PUNCT
fsr-3704	62	1	we	we	PRON
fsr-3704	62	2	have	have	AUX
fsr-3704	62	3	chosen	choose	VERB
fsr-3704	62	4	a	a	DET
fsr-3704	62	5	sample	sample	NOUN
fsr-3704	62	6	of	of	ADP
fsr-3704	62	7	mutual	mutual	ADJ
fsr-3704	62	8	funds	fund	NOUN
fsr-3704	62	9	which	which	PRON
fsr-3704	62	10	invest	invest	VERB
fsr-3704	62	11	almost	almost	ADV
fsr-3704	62	12	exclusively	exclusively	ADV
fsr-3704	62	13	in	in	ADP
fsr-3704	62	14	money	money	NOUN
fsr-3704	62	15	market	market	NOUN
fsr-3704	62	16	securities	security	NOUN
fsr-3704	62	17	and	and	CCONJ
fsr-3704	62	18	us	we	PRON
fsr-3704	62	19	.	.	PUNCT
fsr-3704	63	1	equities	equity	NOUN
fsr-3704	63	2	.	.	PUNCT
fsr-3704	63	3	’	'	PUNCT
fsr-3704	64	1	a.	a.	NOUN
fsr-3704	64	2	measuremnt	measuremnt	NOUN
fsr-3704	64	3	of	of	ADP
fsr-3704	64	4	equity	equity	NOUN
fsr-3704	64	5	risk	risk	NOUN
fsr-3704	64	6	exposure	exposure	NOUN
fsr-3704	64	7	at	at	ADP
fsr-3704	64	8	quarter	quarter	NOUN
fsr-3704	64	9	1	1	NUM
fsr-3704	64	10	the	the	DET
fsr-3704	64	11	equity	equity	NOUN
fsr-3704	64	12	risk	risk	NOUN
fsr-3704	64	13	exposure	exposure	NOUN
fsr-3704	64	14	of	of	ADP
fsr-3704	64	15	a	a	DET
fsr-3704	64	16	portfolio	portfolio	NOUN
fsr-3704	64	17	can	can	AUX
fsr-3704	64	18	be	be	AUX
fsr-3704	64	19	measured	measure	VERB
fsr-3704	64	20	in	in	ADP
fsr-3704	64	21	two	two	NUM
fsr-3704	64	22	different	different	ADJ
fsr-3704	64	23	ways	way	NOUN
fsr-3704	64	24	.	.	PUNCT
fsr-3704	65	1	the	the	DET
fsr-3704	65	2	approach	approach	NOUN
fsr-3704	65	3	which	which	PRON
fsr-3704	65	4	has	have	AUX
fsr-3704	65	5	been	be	AUX
fsr-3704	65	6	employed	employ	VERB
fsr-3704	65	7	in	in	ADP
fsr-3704	65	8	most	most	ADJ
fsr-3704	65	9	prior	prior	ADJ
fsr-3704	65	10	studies	study	NOUN
fsr-3704	65	11	of	of	ADP
fsr-3704	65	12	equity	equity	NOUN
fsr-3704	65	13	managers	manager	NOUN
fsr-3704	65	14	calculates	calculate	VERB
fsr-3704	65	15	a	a	DET
fsr-3704	65	16	single	single	ADJ
fsr-3704	65	17	estimate	estimate	NOUN
fsr-3704	65	18	of	of	ADP
fsr-3704	65	19	a	a	DET
fsr-3704	65	20	portfolio	portfolio	NOUN
fsr-3704	65	21	’s	’s	PART
fsr-3704	65	22	equity	equity	NOUN
fsr-3704	65	23	risk	risk	NOUN
fsr-3704	65	24	exposure	exposure	NOUN
fsr-3704	65	25	by	by	ADP
fsr-3704	65	26	regressing	regress	VERB
fsr-3704	65	27	the	the	DET
fsr-3704	65	28	time	time	NOUN
fsr-3704	65	29	series	series	NOUN
fsr-3704	65	30	of	of	ADP
fsr-3704	65	31	portfolio	portfolio	NOUN
fsr-3704	65	32	returns	return	NOUN
fsr-3704	65	33	on	on	ADP
fsr-3704	65	34	a	a	DET
fsr-3704	65	35	proxy	proxy	NOUN
fsr-3704	65	36	for	for	ADP
fsr-3704	65	37	aggregate	aggregate	ADJ
fsr-3704	65	38	equity	equity	NOUN
fsr-3704	65	39	market	market	NOUN
fsr-3704	65	40	returns	return	NOUN
fsr-3704	65	41	.	.	PUNCT
fsr-3704	66	1	the	the	DET
fsr-3704	66	2	advantage	advantage	NOUN
fsr-3704	66	3	of	of	ADP
fsr-3704	66	4	this	this	DET
fsr-3704	66	5	approach	approach	NOUN
fsr-3704	66	6	is	be	AUX
fsr-3704	66	7	its	its	PRON
fsr-3704	66	8	ease	ease	NOUN
fsr-3704	66	9	.	.	PUNCT
fsr-3704	67	1	historical	historical	ADJ
fsr-3704	67	2	fund	fund	NOUN
fsr-3704	67	3	returns	return	NOUN
fsr-3704	67	4	are	be	AUX
fsr-3704	67	5	available	available	ADJ
fsr-3704	67	6	at	at	ADP
fsr-3704	67	7	low	low	ADJ
fsr-3704	67	8	cost	cost	NOUN
fsr-3704	67	9	from	from	ADP
fsr-3704	67	10	a	a	DET
fsr-3704	67	11	variety	variety	NOUN
fsr-3704	67	12	of	of	ADP
fsr-3704	67	13	sources	source	NOUN
fsr-3704	67	14	.	.	PUNCT
fsr-3704	68	1	the	the	DET
fsr-3704	68	2	disadvantage	disadvantage	NOUN
fsr-3704	68	3	of	of	ADP
fsr-3704	68	4	the	the	DET
fsr-3704	68	5	approach	approach	NOUN
fsr-3704	68	6	is	be	AUX
fsr-3704	68	7	that	that	SCONJ
fsr-3704	68	8	it	it	PRON
fsr-3704	68	9	provides	provide	VERB
fsr-3704	68	10	only	only	ADV
fsr-3704	68	11	a	a	DET
fsr-3704	68	12	single	single	ADJ
fsr-3704	68	13	estimate	estimate	NOUN
fsr-3704	68	14	of	of	ADP
fsr-3704	68	15	a	a	DET
fsr-3704	68	16	portfolio	portfolio	NOUN
fsr-3704	68	17	’s	’s	PART
fsr-3704	68	18	equity	equity	NOUN
fsr-3704	68	19	risk	risk	NOUN
fsr-3704	68	20	exposure	exposure	NOUN
fsr-3704	68	21	over	over	ADP
fsr-3704	68	22	a	a	DET
fsr-3704	68	23	time	time	NOUN
fsr-3704	68	24	period	period	NOUN
fsr-3704	68	25	during	during	ADP
fsr-3704	68	26	which	which	PRON
fsr-3704	68	27	equity	equity	NOUN
fsr-3704	68	28	risk	risk	NOUN
fsr-3704	68	29	might	might	AUX
fsr-3704	68	30	have	have	AUX
fsr-3704	68	31	been	be	AUX
fsr-3704	68	32	const	const	PUNCT
fsr-3704	68	33	~	~	X
fsr-3704	68	34	tly	tly	ADV
fsr-3704	68	35	changing	change	VERB
fsr-3704	68	36	.	.	PUNCT
fsr-3704	69	1	the	the	DET
fsr-3704	69	2	approach	approach	NOUN
fsr-3704	69	3	used	use	VERB
fsr-3704	69	4	in	in	ADP
fsr-3704	69	5	this	this	DET
fsr-3704	69	6	study	study	NOUN
fsr-3704	69	7	calculates	calculate	VERB
fsr-3704	69	8	a	a	DET
fsr-3704	69	9	portfolio	portfolio	NOUN
fsr-3704	69	10	’s	’s	PART
fsr-3704	69	11	equity	equity	NOUN
fsr-3704	69	12	exposure	exposure	NOUN
fsr-3704	69	13	at	at	ADP
fsr-3704	69	14	each	each	DET
fsr-3704	69	15	quarter	quarter	NOUN
fsr-3704	69	16	-	-	PUNCT
fsr-3704	69	17	end	end	NOUN
fsr-3704	69	18	based	base	VERB
fsr-3704	69	19	on	on	ADP
fsr-3704	69	20	the	the	DET
fsr-3704	69	21	security	security	NOUN
fsr-3704	69	22	holdings	holding	NOUN
fsr-3704	69	23	within	within	ADP
fsr-3704	69	24	the	the	DET
fsr-3704	69	25	portfolio	portfolio	NOUN
fsr-3704	69	26	at	at	ADP
fsr-3704	69	27	that	that	DET
fsr-3704	69	28	quarter	quarter	NOUN
fsr-3704	69	29	-	-	PUNCT
fsr-3704	69	30	end	end	NOUN
fsr-3704	69	31	.	.	PUNCT
fsr-3704	70	1	a	a	DET
fsr-3704	70	2	market	market	NOUN
fsr-3704	70	3	model	model	NOUN
fsr-3704	70	4	beta	beta	NOUN
fsr-3704	70	5	is	be	AUX
fsr-3704	70	6	first	first	ADV
fsr-3704	70	7	calculated	calculate	VERB
fsr-3704	70	8	for	for	ADP
fsr-3704	70	9	each	each	DET
fsr-3704	70	10	security	security	NOUN
fsr-3704	70	11	held	hold	VERB
fsr-3704	70	12	and	and	CCONJ
fsr-3704	70	13	then	then	ADV
fsr-3704	70	14	weighted	weight	VERB
fsr-3704	70	15	by	by	ADP
fsr-3704	70	16	the	the	DET
fsr-3704	70	17	percentage	percentage	NOUN
fsr-3704	70	18	of	of	ADP
fsr-3704	70	19	the	the	DET
fsr-3704	70	20	portfolio	portfolio	NOUN
fsr-3704	70	21	’s	’s	PART
fsr-3704	70	22	total	total	ADJ
fsr-3704	70	23	market	market	NOUN
fsr-3704	70	24	value	value	NOUN
fsr-3704	70	25	which	which	PRON
fsr-3704	70	26	the	the	DET
fsr-3704	70	27	security	security	NOUN
fsr-3704	70	28	represents	represent	VERB
fsr-3704	70	29	.	.	PUNCT
fsr-3704	71	1	defining	define	VERB
fsr-3704	71	2	bt	bt	NOUN
fsr-3704	71	3	as	as	ADP
fsr-3704	71	4	the	the	DET
fsr-3704	71	5	beta	beta	NOUN
fsr-3704	71	6	(	(	PUNCT
fsr-3704	71	7	or	or	CCONJ
fsr-3704	71	8	effective	effective	ADJ
fsr-3704	71	9	equity	equity	NOUN
fsr-3704	71	10	position	position	NOUN
fsr-3704	71	11	)	)	PUNCT
fsr-3704	71	12	of	of	ADP
fsr-3704	71	13	a	a	DET
fsr-3704	71	14	portfolio	portfolio	NOUN
fsr-3704	71	15	at	at	ADP
fsr-3704	71	16	the	the	DET
fsr-3704	71	17	end	end	NOUN
fsr-3704	71	18	of	of	ADP
fsr-3704	71	19	quarter	quarter	NOUN
fsr-3704	71	20	t	t	PROPN
fsr-3704	71	21	,	,	PUNCT
fsr-3704	71	22	then	then	ADV
fsr-3704	71	23	:	:	PUNCT
fsr-3704	71	24	where	where	SCONJ
fsr-3704	71	25	:	:	PUNCT
fsr-3704	71	26	nt	not	PART
fsr-3704	71	27	=	=	SYM
fsr-3704	71	28	number	number	NOUN
fsr-3704	71	29	of	of	ADP
fsr-3704	71	30	securities	security	NOUN
fsr-3704	71	31	held	hold	VERB
fsr-3704	71	32	at	at	ADP
fsr-3704	71	33	the	the	DET
fsr-3704	71	34	end	end	NOUN
fsr-3704	71	35	of	of	ADP
fsr-3704	71	36	quarter	quarter	NOUN
fsr-3704	71	37	t	t	PROPN
fsr-3704	71	38	,	,	PUNCT
fsr-3704	71	39	bit	bit	NOUN
fsr-3704	71	40	=	=	SYM
fsr-3704	71	41	beta	beta	NOUN
fsr-3704	71	42	of	of	ADP
fsr-3704	71	43	security	security	NOUN
fsr-3704	71	44	i	i	PRON
fsr-3704	71	45	at	at	ADP
fsr-3704	71	46	the	the	DET
fsr-3704	71	47	end	end	NOUN
fsr-3704	71	48	of	of	ADP
fsr-3704	71	49	quarter	quarter	NOUN
fsr-3704	71	50	t	t	PROPN
fsr-3704	71	51	,	,	PUNCT
fsr-3704	71	52	nit	nit	NOUN
fsr-3704	71	53	=	=	NOUN
fsr-3704	71	54	number	number	NOUN
fsr-3704	71	55	of	of	ADP
fsr-3704	71	56	shares	share	NOUN
fsr-3704	71	57	of	of	ADP
fsr-3704	71	58	i	i	PRON
fsr-3704	71	59	held	hold	VERB
fsr-3704	71	60	at	at	ADP
fsr-3704	71	61	end	end	NOUN
fsr-3704	71	62	of	of	ADP
fsr-3704	71	63	quarter	quarter	NOUN
fsr-3704	71	64	t	t	NOUN
fsr-3704	71	65	,	,	PUNCT
fsr-3704	71	66	pit	pit	NOUN
fsr-3704	71	67	=	=	NOUN
fsr-3704	71	68	price	price	NOUN
fsr-3704	71	69	per	per	ADP
fsr-3704	71	70	share	share	NOUN
fsr-3704	71	71	of	of	ADP
fsr-3704	71	72	i	i	PRON
fsr-3704	71	73	at	at	ADP
fsr-3704	71	74	end	end	NOUN
fsr-3704	71	75	of	of	ADP
fsr-3704	71	76	quarter	quarter	NOUN
fsr-3704	71	77	t	t	PROPN
fsr-3704	71	78	,	,	PUNCT
fsr-3704	71	79	and	and	CCONJ
fsr-3704	71	80	tmv	tmv	ADJ
fsr-3704	71	81	,	,	PUNCT
fsr-3704	71	82	=	=	SYM
fsr-3704	71	83	total	total	ADJ
fsr-3704	71	84	market	market	NOUN
fsr-3704	71	85	value	value	NOUN
fsr-3704	71	86	of	of	ADP
fsr-3704	71	87	the	the	DET
fsr-3704	71	88	portfolio	portfolio	NOUN
fsr-3704	71	89	at	at	ADP
fsr-3704	71	90	end	end	NOUN
fsr-3704	71	91	of	of	ADP
fsr-3704	71	92	quarter	quarter	NOUN
fsr-3704	71	93	t.	t.	NOUN
fsr-3704	71	94	to	to	PART
fsr-3704	71	95	illustrate	illustrate	VERB
fsr-3704	71	96	how	how	SCONJ
fsr-3704	71	97	the	the	DET
fsr-3704	71	98	single	single	ADJ
fsr-3704	71	99	time	time	NOUN
fsr-3704	71	100	series	series	PROPN
fsr-3704	71	101	beta	beta	NOUN
fsr-3704	71	102	can	can	AUX
fsr-3704	71	103	differ	differ	VERB
fsr-3704	71	104	from	from	ADP
fsr-3704	71	105	the	the	DET
fsr-3704	71	106	sequence	sequence	NOUN
fsr-3704	71	107	of	of	ADP
fsr-3704	71	108	actual	actual	ADJ
fsr-3704	71	109	quarter	quarter	NOUN
fsr-3704	71	110	-	-	PUNCT
fsr-3704	71	111	end	end	NOUN
fsr-3704	71	112	fund	fund	NOUN
fsr-3704	71	113	betas	beta	NOUN
fsr-3704	71	114	,	,	PUNCT
fsr-3704	71	115	consider	consider	VERB
fsr-3704	71	116	figure	figure	NOUN
fsr-3704	71	117	1	1	NUM
fsr-3704	71	118	.	.	PUNCT
fsr-3704	72	1	the	the	DET
fsr-3704	72	2	hormonal	hormonal	ADJ
fsr-3704	72	3	line	line	NOUN
fsr-3704	72	4	shows	show	VERB
fsr-3704	72	5	the	the	DET
fsr-3704	72	6	single	single	ADJ
fsr-3704	72	7	beta	beta	NOUN
fsr-3704	72	8	estimate	estimate	NOUN
fsr-3704	72	9	for	for	ADP
fsr-3704	72	10	american	american	PROPN
fsr-3704	72	11	mutual	mutual	ADJ
fsr-3704	72	12	fund	fund	NOUN
fsr-3704	72	13	(	(	PUNCT
fsr-3704	72	14	amf	amf	PROPN
fsr-3704	72	15	)	)	PUNCT
fsr-3704	72	16	based	base	VERB
fsr-3704	72	17	on	on	ADP
fsr-3704	72	18	quarterly	quarterly	ADJ
fsr-3704	72	19	amf	amf	PROPN
fsr-3704	72	20	returns	return	NOUN
fsr-3704	72	21	from	from	ADP
fsr-3704	72	22	march	march	PROPN
fsr-3704	72	23	,	,	PUNCT
fsr-3704	72	24	1977	1977	NUM
fsr-3704	72	25	through	through	ADP
fsr-3704	72	26	december	december	PROPN
fsr-3704	72	27	,	,	PUNCT
fsr-3704	72	28	1988	1988	NUM
fsr-3704	72	29	.	.	PUNCT
fsr-3704	73	1	the	the	DET
fsr-3704	73	2	solid	solid	ADJ
fsr-3704	73	3	line	line	NOUN
fsr-3704	73	4	which	which	PRON
fsr-3704	73	5	varies	vary	VERB
fsr-3704	73	6	over	over	ADP
fsr-3704	73	7	time	time	NOUN
fsr-3704	73	8	shows	show	VERB
fsr-3704	73	9	the	the	DET
fsr-3704	73	10	actual	actual	ADJ
fsr-3704	73	11	quarter	quarter	NOUN
fsr-3704	73	12	-	-	PUNCT
fsr-3704	73	13	end	end	NOUN
fsr-3704	73	14	betas	beta	NOUN
fsr-3704	73	15	of	of	ADP
fsr-3704	73	16	amf	amf	PROPN
fsr-3704	73	17	using	use	VERB
fsr-3704	73	18	equation	equation	NOUN
fsr-3704	73	19	(	(	PUNCT
fsr-3704	73	20	1	1	NUM
fsr-3704	73	21	)	)	PUNCT
fsr-3704	73	22	and	and	CCONJ
fsr-3704	73	23	the	the	DET
fsr-3704	73	24	security	security	NOUN
fsr-3704	73	25	holdings	holding	NOUN
fsr-3704	73	26	of	of	ADP
fsr-3704	73	27	amf	amf	PROPN
fsr-3704	73	28	at	at	ADP
fsr-3704	73	29	each	each	DET
fsr-3704	73	30	quarter	quarter	NOUN
fsr-3704	73	31	-	-	PUNCT
fsr-3704	73	32	end	end	NOUN
fsr-3704	73	33	.	.	PUNCT
fsr-3704	74	1	although	although	SCONJ
fsr-3704	74	2	the	the	DET
fsr-3704	74	3	single	single	ADJ
fsr-3704	74	4	time	time	NOUN
fsr-3704	74	5	series	series	PROPN
fsr-3704	74	6	beta	beta	NOUN
fsr-3704	74	7	(	(	PUNCT
fsr-3704	74	8	equal	equal	ADJ
fsr-3704	74	9	to	to	ADP
fsr-3704	74	10	0.70	0.70	NUM
fsr-3704	74	11	)	)	PUNCT
fsr-3704	74	12	was	be	AUX
fsr-3704	74	13	close	close	ADJ
fsr-3704	74	14	to	to	ADP
fsr-3704	74	15	the	the	DET
fsr-3704	74	16	average	average	NOUN
fsr-3704	74	17	of	of	ADP
fsr-3704	74	18	the	the	DET
fsr-3704	74	19	cross	cross	ADJ
fsr-3704	74	20	-	-	ADJ
fsr-3704	74	21	sectional	sectional	ADJ
fsr-3704	74	22	portfolio	portfolio	NOUN
fsr-3704	74	23	betas	beta	NOUN
fsr-3704	74	24	(	(	PUNCT
fsr-3704	74	25	equal	equal	ADJ
fsr-3704	74	26	to	to	ADP
fsr-3704	74	27	0.7	0.7	NUM
fsr-3704	74	28	l	l	NOUN
fsr-3704	74	29	)	)	PUNCT
fsr-3704	74	30	,	,	PUNCT
fsr-3704	74	31	active	active	ADJ
fsr-3704	74	32	timing	timing	NOUN
fsr-3704	74	33	decisions	decision	NOUN
fsr-3704	74	34	of	of	ADP
fsr-3704	74	35	z?quity	z?quity	PROPN
fsr-3704	74	36	mutuaz	mutuaz	NOUN
fsr-3704	74	37	fun	fun	PROPN
fsr-3704	74	38	&	&	CCONJ
fsr-3704	74	39	25	25	NUM
fsr-3704	74	40	”	"	PUNCT
fsr-3704	74	41	i	i	PRON
fsr-3704	74	42	/iigeq	/iigeq	VERB
fsr-3704	75	1	i	i	ADV
fsr-3704	75	2	0.55	0.55	NUM
fsr-3704	75	3	0.6	0.6	NUM
fsr-3704	76	1	i	i	PRON
fsr-3704	76	2	v	v	VERB
fsr-3704	76	3	0.5	0.5	NUM
fsr-3704	76	4	'	'	NUM
fsr-3704	76	5	(	(	PUNCT
fsr-3704	76	6	a,,,,,,,,,,,,,,l	a,,,,,,,,,,,,,,l	ADJ
fsr-3704	76	7	,	,	PUNCT
fsr-3704	76	8	a,~	a,~	NOUN
fsr-3704	76	9	,	,	PUNCT
fsr-3704	76	10	,	,	PUNCT
fsr-3704	76	11	,	,	PUNCT
fsr-3704	76	12	,	,	PUNCT
fsr-3704	76	13	,	,	PUNCT
fsr-3704	76	14	,	,	PUNCT
fsr-3704	76	15	,	,	PUNCT
fsr-3704	76	16	1	1	NUM
fsr-3704	76	17	,	,	PUNCT
fsr-3704	76	18	,	,	PUNCT
fsr-3704	76	19	i	i	PRON
fsr-3704	76	20	-,,,,,,,,,,,,,,,i	-,,,,,,,,,,,,,,,i	PROPN
fsr-3704	76	21	n12	n12	PROPN
fsr-3704	76	22	7512	7512	NUM
fsr-3704	76	23	7812	7812	NUM
fsr-3704	76	24	5012	5012	NUM
fsr-3704	76	25	5112	5112	NUM
fsr-3704	76	26	ml212	ml212	ADP
fsr-3704	76	27	8312	8312	NUM
fsr-3704	76	28	5412	5412	NUM
fsr-3704	76	29	5512	5512	NUM
fsr-3704	76	30	ml2	ml2	PROPN
fsr-3704	76	31	8712	8712	NUM
fsr-3704	76	32	82.12	82.12	NUM
fsr-3704	76	33	quarter	quarter	NOUN
fsr-3704	76	34	end	end	NOUN
fsr-3704	76	35	figure	figure	NOUN
fsr-3704	76	36	1	1	NUM
fsr-3704	76	37	.	.	PUNCT
fsr-3704	77	1	beta	beta	ADJ
fsr-3704	77	2	estimates	estimate	NOUN
fsr-3704	77	3	for	for	ADP
fsr-3704	77	4	american	american	PROPN
fsr-3704	77	5	mutual	mutual	ADJ
fsr-3704	77	6	fund	fund	NOUN
fsr-3704	77	7	.	.	PUNCT
fsr-3704	78	1	considerable	considerable	ADJ
fsr-3704	78	2	variability	variability	NOUN
fsr-3704	78	3	existed	exist	VERB
fsr-3704	78	4	over	over	ADP
fsr-3704	78	5	time	time	NOUN
fsr-3704	78	6	in	in	ADP
fsr-3704	78	7	the	the	DET
fsr-3704	78	8	fund	fund	NOUN
fsr-3704	78	9	’s	’s	PART
fsr-3704	78	10	actual	actual	ADJ
fsr-3704	78	11	equity	equity	NOUN
fsr-3704	78	12	risk	risk	NOUN
fsr-3704	78	13	exposure	exposure	NOUN
fsr-3704	78	14	.	.	PUNCT
fsr-3704	79	1	cross	cross	ADJ
fsr-3704	79	2	-	-	ADJ
fsr-3704	79	3	sectional	sectional	ADJ
fsr-3704	79	4	betas	beta	NOUN
fsr-3704	79	5	ranged	range	VERB
fsr-3704	79	6	from	from	ADP
fsr-3704	79	7	a	a	DET
fsr-3704	79	8	high	high	NOUN
fsr-3704	79	9	of	of	ADP
fsr-3704	79	10	0.99	0.99	NUM
fsr-3704	79	11	in	in	ADP
fsr-3704	79	12	march	march	PROPN
fsr-3704	79	13	,	,	PUNCT
fsr-3704	79	14	1980	1980	NUM
fsr-3704	79	15	to	to	ADP
fsr-3704	79	16	a	a	DET
fsr-3704	79	17	low	low	NOUN
fsr-3704	79	18	of	of	ADP
fsr-3704	79	19	0.5	0.5	NUM
fsr-3704	79	20	1	1	NUM
fsr-3704	79	21	in	in	ADP
fsr-3704	79	22	march	march	PROPN
fsr-3704	79	23	,	,	PUNCT
fsr-3704	79	24	1987	1987	NUM
fsr-3704	79	25	.	.	PUNCT
fsr-3704	80	1	in	in	ADP
fsr-3704	80	2	short	short	ADJ
fsr-3704	80	3	,	,	PUNCT
fsr-3704	80	4	although	although	SCONJ
fsr-3704	80	5	betas	beta	NOUN
fsr-3704	80	6	which	which	PRON
fsr-3704	80	7	are	be	AUX
fsr-3704	80	8	based	base	VERB
fsr-3704	80	9	on	on	ADP
fsr-3704	80	10	a	a	DET
fsr-3704	80	11	fund	fund	NOUN
fsr-3704	80	12	’s	’s	PART
fsr-3704	80	13	historical	historical	ADJ
fsr-3704	80	14	returns	return	NOUN
fsr-3704	80	15	during	during	ADP
fsr-3704	80	16	a	a	DET
fsr-3704	80	17	given	give	VERB
fsr-3704	80	18	period	period	NOUN
fsr-3704	80	19	of	of	ADP
fsr-3704	80	20	time	time	NOUN
fsr-3704	80	21	might	might	AUX
fsr-3704	80	22	be	be	AUX
fsr-3704	80	23	a	a	DET
fsr-3704	80	24	reasonable	reasonable	ADJ
fsr-3704	80	25	estimate	estimate	NOUN
fsr-3704	80	26	of	of	ADP
fsr-3704	80	27	the	the	DET
fsr-3704	80	28	average	average	ADJ
fsr-3704	80	29	equity	equity	NOUN
fsr-3704	80	30	risk	risk	NOUN
fsr-3704	80	31	exposure	exposure	NOUN
fsr-3704	80	32	of	of	ADP
fsr-3704	80	33	the	the	DET
fsr-3704	80	34	fund	fund	NOUN
fsr-3704	80	35	during	during	ADP
fsr-3704	80	36	that	that	DET
fsr-3704	80	37	time	time	NOUN
fsr-3704	80	38	period	period	NOUN
fsr-3704	80	39	,	,	PUNCT
fsr-3704	80	40	they	they	PRON
fsr-3704	80	41	can	can	AUX
fsr-3704	80	42	be	be	AUX
fsr-3704	80	43	poor	poor	ADJ
fsr-3704	80	44	indicators	indicator	NOUN
fsr-3704	80	45	of	of	ADP
fsr-3704	80	46	equity	equity	NOUN
fsr-3704	80	47	risk	risk	NOUN
fsr-3704	80	48	at	at	ADP
fsr-3704	80	49	given	give	VERB
fsr-3704	80	50	dates	date	NOUN
fsr-3704	80	51	within	within	ADP
fsr-3704	80	52	the	the	DET
fsr-3704	80	53	interval	interval	NOUN
fsr-3704	80	54	.	.	PUNCT
fsr-3704	81	1	b.	b.	PROPN
fsr-3704	81	2	measurement	measurement	NOUN
fsr-3704	81	3	of	of	ADP
fsr-3704	81	4	active	active	ADJ
fsr-3704	81	5	asset	asset	NOUN
fsr-3704	81	6	allocation	allocation	NOUN
fsr-3704	81	7	in	in	ADP
fsr-3704	81	8	quarter	quarter	NOUN
fsr-3704	81	9	t	t	NOUN
fsr-3704	81	10	the	the	DET
fsr-3704	81	11	major	major	ADJ
fsr-3704	81	12	variable	variable	NOUN
fsr-3704	81	13	of	of	ADP
fsr-3704	81	14	interest	interest	NOUN
fsr-3704	81	15	in	in	ADP
fsr-3704	81	16	this	this	DET
fsr-3704	81	17	study	study	NOUN
fsr-3704	81	18	is	be	AUX
fsr-3704	81	19	a	a	DET
fsr-3704	81	20	fund	fund	NOUN
fsr-3704	81	21	manager	manager	NOUN
fsr-3704	81	22	’s	’s	PART
fsr-3704	81	23	active	active	ADJ
fsr-3704	81	24	asset	asset	NOUN
fsr-3704	81	25	allocation	allocation	NOUN
fsr-3704	81	26	decision	decision	NOUN
fsr-3704	81	27	during	during	ADP
fsr-3704	81	28	quarter	quarter	NOUN
fsr-3704	81	29	t	t	PROPN
fsr-3704	81	30	,	,	PUNCT
fsr-3704	81	31	aaa	aaa	NOUN
fsr-3704	81	32	,	,	PUNCT
fsr-3704	81	33	.	.	PUNCT
fsr-3704	82	1	this	this	DET
fsr-3704	82	2	variable	variable	NOUN
fsr-3704	82	3	is	be	AUX
fsr-3704	82	4	calculated	calculate	VERB
fsr-3704	82	5	by	by	ADP
fsr-3704	82	6	subtracting	subtract	VERB
fsr-3704	82	7	a	a	DET
fsr-3704	82	8	fund	fund	NOUN
fsr-3704	82	9	’s	’s	PART
fsr-3704	82	10	expected	expect	VERB
fsr-3704	82	11	equity	equity	NOUN
fsr-3704	82	12	allocation	allocation	NOUN
fsr-3704	82	13	at	at	ADP
fsr-3704	82	14	the	the	DET
fsr-3704	82	15	end	end	NOUN
fsr-3704	82	16	of	of	ADP
fsr-3704	82	17	quarter	quarter	NOUN
fsr-3704	82	18	t	t	NOUN
fsr-3704	82	19	if	if	SCONJ
fsr-3704	82	20	no	no	DET
fsr-3704	82	21	active	active	ADJ
fsr-3704	82	22	asset	asset	NOUN
fsr-3704	82	23	allocation	allocation	NOUN
fsr-3704	82	24	decisions	decision	NOUN
fsr-3704	82	25	had	have	AUX
fsr-3704	82	26	been	be	AUX
fsr-3704	82	27	made	make	VERB
fsr-3704	82	28	during	during	ADP
fsr-3704	82	29	the	the	DET
fsr-3704	82	30	quarter	quarter	NOUN
fsr-3704	82	31	,	,	PUNCT
fsr-3704	82	32	e(bj	e(bj	NOUN
fsr-3704	82	33	,	,	PUNCT
fsr-3704	82	34	from	from	ADP
fsr-3704	82	35	the	the	DET
fsr-3704	82	36	actual	actual	ADJ
fsr-3704	82	37	equity	equity	NOUN
fsr-3704	82	38	allocation	allocation	NOUN
fsr-3704	82	39	at	at	ADP
fsr-3704	82	40	the	the	DET
fsr-3704	82	41	end	end	NOUN
fsr-3704	82	42	of	of	ADP
fsr-3704	82	43	the	the	DET
fsr-3704	82	44	quarter	quarter	NOUN
fsr-3704	82	45	,	,	PUNCT
fsr-3704	82	46	b	b	NOUN
fsr-3704	82	47	,	,	PUNCT
fsr-3704	82	48	.	.	PUNCT
fsr-3704	83	1	aaa	aaa	NOUN
fsr-3704	83	2	,	,	PUNCT
fsr-3704	83	3	=	=	SYM
fsr-3704	83	4	b1	b1	NOUN
fsr-3704	83	5	e(b	e(b	PROPN
fsr-3704	83	6	,	,	PUNCT
fsr-3704	83	7	)	)	PUNCT
fsr-3704	83	8	(	(	PUNCT
fsr-3704	83	9	2	2	X
fsr-3704	83	10	)	)	PUNCT
fsr-3704	83	11	in	in	ADP
fsr-3704	83	12	this	this	DET
fsr-3704	83	13	section	section	NOUN
fsr-3704	83	14	we	we	PRON
fsr-3704	83	15	discuss	discuss	VERB
fsr-3704	83	16	how	how	SCONJ
fsr-3704	83	17	the	the	DET
fsr-3704	83	18	expected	expect	VERB
fsr-3704	83	19	equity	equity	NOUN
fsr-3704	83	20	allocation	allocation	NOUN
fsr-3704	83	21	is	be	AUX
fsr-3704	83	22	calculated	calculate	VERB
fsr-3704	83	23	.	.	PUNCT
fsr-3704	84	1	given	give	VERB
fsr-3704	84	2	a	a	DET
fsr-3704	84	3	fund	fund	NOUN
fsr-3704	84	4	’s	’s	PART
fsr-3704	84	5	equity	equity	NOUN
fsr-3704	84	6	allocation	allocation	NOUN
fsr-3704	84	7	at	at	ADP
fsr-3704	84	8	the	the	DET
fsr-3704	84	9	start	start	NOUN
fsr-3704	84	10	of	of	ADP
fsr-3704	84	11	a	a	DET
fsr-3704	84	12	quarter	quarter	NOUN
fsr-3704	84	13	,	,	PUNCT
fsr-3704	84	14	an	an	DET
fsr-3704	84	15	estimate	estimate	NOUN
fsr-3704	84	16	of	of	ADP
fsr-3704	84	17	expected	expect	VERB
fsr-3704	84	18	fund	fund	NOUN
fsr-3704	84	19	returns	return	NOUN
fsr-3704	84	20	during	during	ADP
fsr-3704	84	21	the	the	DET
fsr-3704	84	22	quarter	quarter	NOUN
fsr-3704	84	23	can	can	AUX
fsr-3704	84	24	be	be	AUX
fsr-3704	84	25	calculated	calculate	VERB
fsr-3704	84	26	.	.	PUNCT
fsr-3704	85	1	assuming	assume	VERB
fsr-3704	85	2	that	that	SCONJ
fsr-3704	85	3	there	there	PRON
fsr-3704	85	4	are	be	VERB
fsr-3704	85	5	no	no	DET
fsr-3704	85	6	consistent	consistent	ADJ
fsr-3704	85	7	excess	excess	ADJ
fsr-3704	85	8	returns	return	NOUN
fsr-3704	85	9	from	from	ADP
fsr-3704	85	10	security	security	NOUN
fsr-3704	85	11	selection	selection	NOUN
fsr-3704	85	12	decisions	decision	NOUN
fsr-3704	85	13	during	during	ADP
fsr-3704	85	14	quarter	quarter	NOUN
fsr-3704	85	15	t	t	NOUN
fsr-3704	85	16	and	and	CCONJ
fsr-3704	85	17	that	that	SCONJ
fsr-3704	85	18	26	26	NUM
fsr-3704	85	19	financial	financial	ADJ
fsr-3704	85	20	services	service	NOUN
fsr-3704	85	21	review	review	NOUN
fsr-3704	85	22	,	,	PUNCT
fsr-3704	85	23	2(l	2(l	NUM
fsr-3704	85	24	)	)	PUNCT
fsr-3704	85	25	1992m!j3	1992m!j3	NUM
fsr-3704	85	26	all	all	DET
fsr-3704	85	27	non	non	ADJ
fsr-3704	85	28	-	-	ADJ
fsr-3704	85	29	equity	equity	ADJ
fsr-3704	85	30	securities	security	NOUN
fsr-3704	85	31	are	be	AUX
fsr-3704	85	32	treasury	treasury	NOUN
fsr-3704	85	33	bills	bill	NOUN
fsr-3704	85	34	,	,	PUNCT
fsr-3704	85	35	then	then	ADV
fsr-3704	85	36	the	the	DET
fsr-3704	85	37	return	return	NOUN
fsr-3704	85	38	expected	expect	VERB
fsr-3704	85	39	during	during	ADP
fsr-3704	85	40	quarter	quarter	NOUN
fsr-3704	85	41	t	t	PROPN
fsr-3704	85	42	would	would	AUX
fsr-3704	85	43	be	be	AUX
fsr-3704	85	44	?	?	PUNCT
fsr-3704	86	1	e(r	e(r	NOUN
fsr-3704	86	2	,	,	PUNCT
fsr-3704	86	3	)	)	PUNCT
fsr-3704	87	1	=	=	PROPN
fsr-3704	87	2	&	&	CCONJ
fsr-3704	87	3	.,rmt	.,rmt	NOUN
fsr-3704	88	1	+	+	CCONJ
fsr-3704	88	2	(	(	PUNCT
fsr-3704	88	3	1	1	NUM
fsr-3704	88	4	bdrt	bdrt	NOUN
fsr-3704	88	5	,	,	PUNCT
fsr-3704	88	6	where	where	SCONJ
fsr-3704	88	7	r&f	r&f	PROPN
fsr-3704	88	8	refers	refer	VERB
fsr-3704	88	9	to	to	ADP
fsr-3704	88	10	the	the	DET
fsr-3704	88	11	return	return	NOUN
fsr-3704	88	12	on	on	ADP
fsr-3704	88	13	a	a	DET
fsr-3704	88	14	reasonable	reasonable	ADJ
fsr-3704	88	15	proxy	proxy	NOUN
fsr-3704	88	16	for	for	ADP
fsr-3704	88	17	aggregate	aggregate	ADJ
fsr-3704	88	18	equities	equity	NOUN
fsr-3704	88	19	and	and	CCONJ
fsr-3704	88	20	rt	rt	PROPN
fsr-3704	88	21	is	be	AUX
fsr-3704	88	22	the	the	DET
fsr-3704	88	23	return	return	NOUN
fsr-3704	88	24	on	on	ADP
fsr-3704	88	25	treasury	treasury	NOUN
fsr-3704	88	26	bills	bill	NOUN
fsr-3704	88	27	.	.	PUNCT
fsr-3704	89	1	if	if	SCONJ
fsr-3704	89	2	the	the	DET
fsr-3704	89	3	manager	manager	NOUN
fsr-3704	89	4	does	do	AUX
fsr-3704	89	5	not	not	PART
fsr-3704	89	6	make	make	VERB
fsr-3704	89	7	any	any	DET
fsr-3704	89	8	active	active	ADJ
fsr-3704	89	9	asset	asset	NOUN
fsr-3704	89	10	reallocations	reallocation	NOUN
fsr-3704	89	11	during	during	ADP
fsr-3704	89	12	quarter	quarter	NOUN
fsr-3704	89	13	t	t	PROPN
fsr-3704	89	14	,	,	PUNCT
fsr-3704	89	15	the	the	DET
fsr-3704	89	16	expected	expect	VERB
fsr-3704	89	17	end	end	NOUN
fsr-3704	89	18	of	of	ADP
fsr-3704	89	19	quarter	quarter	NOUN
fsr-3704	89	20	portfolio	portfolio	NOUN
fsr-3704	89	21	beta	beta	NOUN
fsr-3704	89	22	would	would	AUX
fsr-3704	89	23	be	be	AUX
fsr-3704	89	24	:	:	PUNCT
fsr-3704	89	25	jw	jw	PROPN
fsr-3704	89	26	,	,	PUNCT
fsr-3704	89	27	)	)	PUNCT
fsr-3704	90	1	=	=	PUNCT
fsr-3704	90	2	&	&	CCONJ
fsr-3704	90	3	-,i0	-,i0	PROPN
fsr-3704	90	4	+	+	CCONJ
fsr-3704	90	5	rm	rm	PROPN
fsr-3704	90	6	,	,	PUNCT
fsr-3704	90	7	)	)	PUNCT
fsr-3704	90	8	i(1	i(1	PROPN
fsr-3704	90	9	+	+	NUM
fsr-3704	90	10	jwc))i	jwc))i	NOUN
fsr-3704	90	11	(	(	PUNCT
fsr-3704	90	12	4	4	NUM
fsr-3704	90	13	)	)	PUNCT
fsr-3704	90	14	and	and	CCONJ
fsr-3704	90	15	the	the	DET
fsr-3704	90	16	passive	passive	ADJ
fsr-3704	90	17	asset	asset	NOUN
fsr-3704	90	18	allocation	allocation	NOUN
fsr-3704	90	19	during	during	ADP
fsr-3704	90	20	quarter	quarter	NOUN
fsr-3704	90	21	t	t	PROPN
fsr-3704	90	22	,	,	PUNCT
fsr-3704	90	23	paa	paa	VERB
fsr-3704	90	24	,	,	PUNCT
fsr-3704	90	25	,	,	PUNCT
fsr-3704	90	26	would	would	AUX
fsr-3704	90	27	be	be	AUX
fsr-3704	90	28	:	:	PUNCT
fsr-3704	90	29	paa	paa	VERB
fsr-3704	90	30	,	,	PUNCT
fsr-3704	90	31	=	=	SYM
fsr-3704	90	32	zz(b	zz(b	NOUN
fsr-3704	90	33	,	,	PUNCT
fsr-3704	90	34	)	)	PUNCT
fsr-3704	90	35	b	b	NOUN
fsr-3704	90	36	,	,	PUNCT
fsr-3704	90	37	,	,	PUNCT
fsr-3704	90	38	(	(	PUNCT
fsr-3704	90	39	5	5	X
fsr-3704	90	40	)	)	PUNCT
fsr-3704	90	41	for	for	ADP
fsr-3704	90	42	example	example	NOUN
fsr-3704	90	43	,	,	PUNCT
fsr-3704	90	44	assume	assume	VERB
fsr-3704	90	45	that	that	SCONJ
fsr-3704	90	46	the	the	DET
fsr-3704	90	47	portfolio	portfolio	NOUN
fsr-3704	90	48	beta	beta	NOUN
fsr-3704	90	49	at	at	ADP
fsr-3704	90	50	the	the	DET
fsr-3704	90	51	start	start	NOUN
fsr-3704	90	52	of	of	ADP
fsr-3704	90	53	a	a	DET
fsr-3704	90	54	quarter	quarter	NOUN
fsr-3704	90	55	is	be	AUX
fsr-3704	90	56	0.56	0.56	NUM
fsr-3704	90	57	and	and	CCONJ
fsr-3704	90	58	that	that	SCONJ
fsr-3704	90	59	during	during	ADP
fsr-3704	90	60	the	the	DET
fsr-3704	90	61	quarter	quarter	NOUN
fsr-3704	90	62	rm	rm	NOUN
fsr-3704	90	63	is	be	AUX
fsr-3704	90	64	equal	equal	ADJ
fsr-3704	90	65	to	to	ADP
fsr-3704	90	66	10	10	NUM
fsr-3704	90	67	percent	percent	NOUN
fsr-3704	90	68	and	and	CCONJ
fsr-3704	90	69	rt	rt	PROPN
fsr-3704	90	70	is	be	AUX
fsr-3704	90	71	2	2	NUM
fsr-3704	90	72	percent	percent	NOUN
fsr-3704	90	73	.	.	PUNCT
fsr-3704	91	1	then	then	ADV
fsr-3704	91	2	the	the	DET
fsr-3704	91	3	expected	expected	ADJ
fsr-3704	91	4	portfolio	portfolio	NOUN
fsr-3704	91	5	return	return	VERB
fsr-3704	91	6	for	for	ADP
fsr-3704	91	7	the	the	DET
fsr-3704	91	8	quarter	quarter	NOUN
fsr-3704	91	9	would	would	AUX
fsr-3704	91	10	be	be	AUX
fsr-3704	91	11	6.48	6.48	NUM
fsr-3704	91	12	percent	percent	NOUN
fsr-3704	91	13	and	and	CCONJ
fsr-3704	91	14	the	the	DET
fsr-3704	91	15	expected	expect	VERB
fsr-3704	91	16	equity	equity	NOUN
fsr-3704	91	17	risk	risk	NOUN
fsr-3704	91	18	exposure	exposure	NOUN
fsr-3704	91	19	,	,	PUNCT
fsr-3704	91	20	e(b	e(b	PROPN
fsr-3704	91	21	,	,	PUNCT
fsr-3704	91	22	)	)	PUNCT
fsr-3704	91	23	,	,	PUNCT
fsr-3704	91	24	would	would	AUX
fsr-3704	91	25	be	be	AUX
fsr-3704	91	26	0.5785	0.5785	NUM
fsr-3704	91	27	.	.	PUNCT
fsr-3704	92	1	thus	thus	ADV
fsr-3704	92	2	,	,	PUNCT
fsr-3704	92	3	the	the	DET
fsr-3704	92	4	passive	passive	ADJ
fsr-3704	92	5	asset	asset	NOUN
fsr-3704	92	6	allocation	allocation	NOUN
fsr-3704	92	7	decision	decision	NOUN
fsr-3704	92	8	would	would	AUX
fsr-3704	92	9	be	be	AUX
fsr-3704	92	10	equal	equal	ADJ
fsr-3704	92	11	to	to	ADP
fsr-3704	92	12	+0.0185	+0.0185	NOUN
fsr-3704	92	13	.	.	PUNCT
fsr-3704	93	1	even	even	ADV
fsr-3704	93	2	though	though	SCONJ
fsr-3704	93	3	the	the	DET
fsr-3704	93	4	manager	manager	NOUN
fsr-3704	93	5	might	might	AUX
fsr-3704	93	6	not	not	PART
fsr-3704	93	7	actively	actively	ADV
fsr-3704	93	8	change	change	VERB
fsr-3704	93	9	the	the	DET
fsr-3704	93	10	portfolio	portfolio	NOUN
fsr-3704	93	11	’s	’s	PART
fsr-3704	93	12	equity	equity	NOUN
fsr-3704	93	13	risk	risk	NOUN
fsr-3704	93	14	exposure	exposure	NOUN
fsr-3704	93	15	,	,	PUNCT
fsr-3704	93	16	the	the	DET
fsr-3704	93	17	portfolio	portfolio	NOUN
fsr-3704	93	18	beta	beta	NOUN
fsr-3704	93	19	will	will	AUX
fsr-3704	93	20	change	change	VERB
fsr-3704	93	21	passively	passively	ADV
fsr-3704	93	22	due	due	ADJ
fsr-3704	93	23	to	to	ADP
fsr-3704	93	24	relative	relative	ADJ
fsr-3704	93	25	returns	return	NOUN
fsr-3704	93	26	on	on	ADP
fsr-3704	93	27	equities	equity	NOUN
fsr-3704	93	28	versus	versus	ADP
fsr-3704	93	29	treasury	treasury	PROPN
fsr-3704	93	30	bills	bill	NOUN
fsr-3704	93	31	.	.	PUNCT
fsr-3704	94	1	we	we	PRON
fsr-3704	94	2	measure	measure	VERB
fsr-3704	94	3	the	the	DET
fsr-3704	94	4	degree	degree	NOUN
fsr-3704	94	5	of	of	ADP
fsr-3704	94	6	active	active	ADJ
fsr-3704	94	7	asset	asset	NOUN
fsr-3704	94	8	allocation	allocation	NOUN
fsr-3704	94	9	,	,	PUNCT
fsr-3704	94	10	aa	aa	NOUN
fsr-3704	94	11	&	&	CCONJ
fsr-3704	94	12	by	by	ADP
fsr-3704	94	13	subtracting	subtract	VERB
fsr-3704	94	14	the	the	DET
fsr-3704	94	15	expected	expect	VERB
fsr-3704	94	16	portfolio	portfolio	NOUN
fsr-3704	94	17	beta	beta	NOUN
fsr-3704	94	18	,	,	PUNCT
fsr-3704	94	19	e(b	e(b	ADJ
fsr-3704	94	20	,	,	PUNCT
fsr-3704	94	21	)	)	PUNCT
fsr-3704	94	22	,	,	PUNCT
fsr-3704	94	23	from	from	ADP
fsr-3704	94	24	the	the	DET
fsr-3704	94	25	actual	actual	ADJ
fsr-3704	94	26	quarter	quarter	NOUN
fsr-3704	94	27	-	-	PUNCT
fsr-3704	94	28	end	end	NOUN
fsr-3704	94	29	beta	beta	NOUN
fsr-3704	94	30	,	,	PUNCT
fsr-3704	94	31	bp	bp	PROPN
fsr-3704	94	32	aaa	aaa	NOUN
fsr-3704	94	33	,	,	PUNCT
fsr-3704	94	34	=	=	PROPN
fsr-3704	94	35	&	&	CCONJ
fsr-3704	94	36	j	j	PROPN
fsr-3704	94	37	?	?	PROPN
fsr-3704	94	38	(	(	PUNCT
fsr-3704	94	39	&	&	CCONJ
fsr-3704	94	40	)	)	PUNCT
fsr-3704	94	41	(	(	PUNCT
fsr-3704	94	42	6	6	X
fsr-3704	94	43	)	)	PUNCT
fsr-3704	94	44	an	an	DET
fsr-3704	94	45	active	active	ADJ
fsr-3704	94	46	asset	asset	NOUN
fsr-3704	94	47	allocation	allocation	NOUN
fsr-3704	94	48	decision	decision	NOUN
fsr-3704	94	49	is	be	AUX
fsr-3704	94	50	made	make	VERB
fsr-3704	94	51	by	by	ADP
fsr-3704	94	52	a	a	DET
fsr-3704	94	53	manager	manager	NOUN
fsr-3704	94	54	based	base	VERB
fsr-3704	94	55	on	on	ADP
fsr-3704	94	56	informa	informa	ADJ
fsr-3704	94	57	tion	tion	NOUN
fsr-3704	94	58	known	know	VERB
fsr-3704	94	59	to	to	ADP
fsr-3704	94	60	the	the	DET
fsr-3704	94	61	manager	manager	NOUN
fsr-3704	94	62	at	at	ADP
fsr-3704	94	63	time	time	NOUN
fsr-3704	94	64	t.	t.	PROPN
fsr-3704	94	65	we	we	PRON
fsr-3704	94	66	classify	classify	VERB
fsr-3704	94	67	such	such	ADJ
fsr-3704	94	68	information	information	NOUN
fsr-3704	94	69	into	into	ADP
fsr-3704	94	70	two	two	NUM
fsr-3704	94	71	general	general	ADJ
fsr-3704	94	72	categories	category	NOUN
fsr-3704	94	73	:	:	PUNCT
fsr-3704	94	74	(	(	PUNCT
fsr-3704	94	75	1	1	X
fsr-3704	94	76	)	)	PUNCT
fsr-3704	94	77	info	info	NOUN
fsr-3704	94	78	~	~	SYM
fsr-3704	94	79	ation	ation	NOUN
fsr-3704	94	80	which	which	PRON
fsr-3704	94	81	is	be	AUX
fsr-3704	94	82	observable	observable	ADJ
fsr-3704	94	83	in	in	ADP
fsr-3704	94	84	past	past	ADJ
fsr-3704	94	85	stock	stock	NOUN
fsr-3704	94	86	market	market	NOUN
fsr-3704	94	87	and	and	CCONJ
fsr-3704	94	88	meager	meager	ADJ
fsr-3704	94	89	returns	return	NOUN
fsr-3704	94	90	and	and	CCONJ
fsr-3704	94	91	(	(	PUNCT
fsr-3704	94	92	2	2	X
fsr-3704	94	93	)	)	PUNCT
fsr-3704	94	94	information	information	NOUN
fsr-3704	94	95	which	which	PRON
fsr-3704	94	96	is	be	AUX
fsr-3704	94	97	not	not	PART
fsr-3704	94	98	related	relate	VERB
fsr-3704	94	99	to	to	ADP
fsr-3704	94	100	past	past	ADJ
fsr-3704	94	101	returns	return	NOUN
fsr-3704	94	102	.	.	PUNCT
fsr-3704	95	1	if	if	SCONJ
fsr-3704	95	2	active	active	ADJ
fsr-3704	95	3	asset	asset	NOUN
fsr-3704	95	4	allocation	allocation	NOUN
fsr-3704	95	5	decisions	decision	NOUN
fsr-3704	95	6	are	be	AUX
fsr-3704	95	7	related	relate	VERB
fsr-3704	95	8	to	to	ADP
fsr-3704	95	9	past	past	ADJ
fsr-3704	95	10	market	market	NOUN
fsr-3704	95	11	or	or	CCONJ
fsr-3704	95	12	manager	manager	NOUN
fsr-3704	95	13	returns	return	NOUN
fsr-3704	95	14	,	,	PUNCT
fsr-3704	95	15	we	we	PRON
fsr-3704	95	16	say	say	VERB
fsr-3704	95	17	that	that	SCONJ
fsr-3704	95	18	the	the	DET
fsr-3704	95	19	timing	timing	NOUN
fsr-3704	95	20	decision	decision	NOUN
fsr-3704	95	21	is	be	AUX
fsr-3704	95	22	reactive	reactive	ADJ
fsr-3704	95	23	.	.	PUNCT
fsr-3704	96	1	if	if	SCONJ
fsr-3704	96	2	the	the	DET
fsr-3704	96	3	decision	decision	NOUN
fsr-3704	96	4	can	can	AUX
fsr-3704	96	5	not	not	PART
fsr-3704	96	6	be	be	AUX
fsr-3704	96	7	traced	trace	VERB
fsr-3704	96	8	to	to	ADP
fsr-3704	96	9	past	past	ADJ
fsr-3704	96	10	returns	return	NOUN
fsr-3704	96	11	,	,	PUNCT
fsr-3704	96	12	we	we	PRON
fsr-3704	96	13	say	say	VERB
fsr-3704	96	14	that	that	SCONJ
fsr-3704	96	15	the	the	DET
fsr-3704	96	16	decision	decision	NOUN
fsr-3704	96	17	is	be	AUX
fsr-3704	96	18	anticipatory	anticipatory	ADJ
fsr-3704	96	19	.	.	PUNCT
fsr-3704	97	1	given	give	VERB
fsr-3704	97	2	these	these	DET
fsr-3704	97	3	definitions	definition	NOUN
fsr-3704	97	4	,	,	PUNCT
fsr-3704	97	5	anticipatory	anticipatory	ADJ
fsr-3704	97	6	decisions	decision	NOUN
fsr-3704	97	7	can	can	AUX
fsr-3704	97	8	be	be	AUX
fsr-3704	97	9	based	base	VERB
fsr-3704	97	10	on	on	ADP
fsr-3704	97	11	observation	observation	NOUN
fsr-3704	97	12	of	of	ADP
fsr-3704	97	13	events	event	NOUN
fsr-3704	97	14	which	which	PRON
fsr-3704	97	15	occur	occur	VERB
fsr-3704	97	16	in	in	ADP
fsr-3704	97	17	both	both	CCONJ
fsr-3704	97	18	current	current	ADJ
fsr-3704	97	19	and	and	CCONJ
fsr-3704	97	20	past	past	ADJ
fsr-3704	97	21	quarters	quarter	NOUN
fsr-3704	97	22	.	.	PUNCT
fsr-3704	98	1	but	but	CCONJ
fsr-3704	98	2	as	as	ADV
fsr-3704	98	3	long	long	ADV
fsr-3704	98	4	as	as	ADP
fsr-3704	98	5	such	such	ADJ
fsr-3704	98	6	info	info	NOUN
fsr-3704	98	7	~	~	SYM
fsr-3704	98	8	ation	ation	NOUN
fsr-3704	98	9	is	be	AUX
fsr-3704	98	10	not	not	PART
fsr-3704	98	11	related	relate	VERB
fsr-3704	98	12	to	to	ADP
fsr-3704	98	13	historical	historical	ADJ
fsr-3704	98	14	rates	rate	NOUN
fsr-3704	98	15	of	of	ADP
fsr-3704	98	16	return	return	NOUN
fsr-3704	98	17	of	of	ADP
fsr-3704	98	18	either	either	CCONJ
fsr-3704	98	19	the	the	DET
fsr-3704	98	20	manager	manager	NOUN
fsr-3704	98	21	or	or	CCONJ
fsr-3704	98	22	the	the	DET
fsr-3704	98	23	aggregate	aggregate	ADJ
fsr-3704	98	24	stock	stock	NOUN
fsr-3704	98	25	market	market	NOUN
fsr-3704	98	26	,	,	PUNCT
fsr-3704	98	27	then	then	ADV
fsr-3704	98	28	we	we	PRON
fsr-3704	98	29	classify	classify	VERB
fsr-3704	98	30	the	the	DET
fsr-3704	98	31	decision	decision	NOUN
fsr-3704	98	32	as	as	ADP
fsr-3704	98	33	anticipa	anticipa	ADJ
fsr-3704	98	34	tory	tory	NOUN
fsr-3704	98	35	?	?	PUNCT
fsr-3704	99	1	past	past	ADJ
fsr-3704	99	2	manager	manager	NOUN
fsr-3704	99	3	and	and	CCONJ
fsr-3704	99	4	equity	equity	NOUN
fsr-3704	99	5	market	market	NOUN
fsr-3704	99	6	returns	return	NOUN
fsr-3704	99	7	which	which	PRON
fsr-3704	99	8	are	be	AUX
fsr-3704	99	9	used	use	VERB
fsr-3704	99	10	in	in	ADP
fsr-3704	99	11	the	the	DET
fsr-3704	99	12	study	study	NOUN
fsr-3704	99	13	include	include	VERB
fsr-3704	99	14	:	:	PUNCT
fsr-3704	99	15	’	'	PUNCT
fsr-3704	99	16	active	active	ADJ
fsr-3704	99	17	timing	timing	NOUN
fsr-3704	99	18	decisions	decision	NOUN
fsr-3704	99	19	of	of	ADP
fsr-3704	99	20	equity	equity	NOUN
fsr-3704	99	21	mutual	mutual	ADJ
fsr-3704	99	22	funds	fund	NOUN
fsr-3704	99	23	27	27	NUM
fsr-3704	99	24	spr	spr	NOUN
fsr-3704	99	25	=	=	NOUN
fsr-3704	99	26	return	return	NOUN
fsr-3704	99	27	on	on	ADP
fsr-3704	99	28	the	the	DET
fsr-3704	99	29	s&p500	s&p500	NOUN
fsr-3704	99	30	index	index	NOUN
fsr-3704	99	31	during	during	ADP
fsr-3704	99	32	quarter	quarter	NOUN
fsr-3704	99	33	t	t	PROPN
fsr-3704	99	34	,	,	PUNCT
fsr-3704	99	35	f	f	X
fsr-3704	99	36	,	,	PUNCT
fsr-3704	99	37	=	=	SYM
fsr-3704	99	38	return	return	NOUN
fsr-3704	99	39	on	on	ADP
fsr-3704	99	40	the	the	DET
fsr-3704	99	41	fund	fund	NOUN
fsr-3704	99	42	during	during	ADP
fsr-3704	99	43	quarter	quarter	NOUN
fsr-3704	99	44	t	t	PROPN
fsr-3704	99	45	,	,	PUNCT
fsr-3704	99	46	xf	xf	PROPN
fsr-3704	99	47	,	,	PUNCT
fsr-3704	99	48	=	=	PUNCT
fsr-3704	99	49	excess	excess	ADJ
fsr-3704	99	50	return	return	NOUN
fsr-3704	99	51	on	on	ADP
fsr-3704	99	52	the	the	DET
fsr-3704	99	53	fund	fund	NOUN
fsr-3704	99	54	in	in	ADP
fsr-3704	99	55	quarter	quarter	NOUN
fsr-3704	99	56	t	t	PROPN
fsr-3704	99	57	,	,	PUNCT
fsr-3704	99	58	=	=	SYM
fsr-3704	99	59	ftsp	ftsp	NOUN
fsr-3704	99	60	,	,	PUNCT
fsr-3704	99	61	,	,	PUNCT
fsr-3704	99	62	csp&k	csp&k	NOUN
fsr-3704	99	63	=	=	PUNCT
fsr-3704	99	64	cumulative	cumulative	ADJ
fsr-3704	99	65	return	return	NOUN
fsr-3704	99	66	on	on	ADP
fsr-3704	99	67	the	the	DET
fsr-3704	99	68	s&p500	s&p500	NOUN
fsr-3704	99	69	from	from	ADP
fsr-3704	99	70	k	k	PROPN
fsr-3704	99	71	quarters	quarter	NOUN
fsr-3704	99	72	back	back	ADV
fsr-3704	99	73	through	through	ADP
fsr-3704	99	74	the	the	DET
fsr-3704	99	75	end	end	NOUN
fsr-3704	99	76	of	of	ADP
fsr-3704	99	77	quarter	quarter	NOUN
fsr-3704	99	78	t	t	PROPN
fsr-3704	99	79	,	,	PUNCT
fsr-3704	99	80	=	=	PUNCT
fsr-3704	99	81	(	(	PUNCT
fsr-3704	99	82	1	1	NUM
fsr-3704	99	83	+	+	NUM
fsr-3704	99	84	sp&(l	sp&(l	NOUN
fsr-3704	99	85	+	+	X
fsr-3704	99	86	spr_k+	spr_k+	NOUN
fsr-3704	99	87	,	,	PUNCT
fsr-3704	99	88	)	)	PUNCT
fsr-3704	99	89	’	'	PUNCT
fsr-3704	100	1	(	(	PUNCT
fsr-3704	100	2	1	1	NUM
fsr-3704	100	3	+	+	CCONJ
fsr-3704	100	4	sp	sp	NOUN
fsr-3704	100	5	,	,	PUNCT
fsr-3704	100	6	)	)	PUNCT
fsr-3704	100	7	,	,	PUNCT
fsr-3704	100	8	and	and	CCONJ
fsr-3704	100	9	cxf,_k	cxf,_k	NOUN
fsr-3704	100	10	=	=	VERB
fsr-3704	100	11	cumulative	cumulative	ADJ
fsr-3704	100	12	excess	excess	ADJ
fsr-3704	100	13	returns	return	NOUN
fsr-3704	100	14	on	on	ADP
fsr-3704	100	15	fund	fund	NOUN
fsr-3704	100	16	from	from	ADP
fsr-3704	100	17	k	k	PROPN
fsr-3704	100	18	quarters	quarter	NOUN
fsr-3704	100	19	back	back	ADV
fsr-3704	100	20	through	through	ADP
fsr-3704	100	21	the	the	DET
fsr-3704	100	22	end	end	NOUN
fsr-3704	100	23	of	of	ADP
fsr-3704	100	24	quarter	quarter	NOUN
fsr-3704	100	25	t	t	NOUN
fsr-3704	100	26	=	=	PUNCT
fsr-3704	100	27	(	(	PUNCT
fsr-3704	100	28	1	1	NUM
fsr-3704	100	29	+	+	NOUN
fsr-3704	100	30	xf&(l	xf&(l	NOUN
fsr-3704	101	1	+	+	NOUN
fsr-3704	101	2	xf,_k+i)**.(l	xf,_k+i)**.(l	PROPN
fsr-3704	101	3	+	+	NOUN
fsr-3704	101	4	xfj	xfj	NOUN
fsr-3704	101	5	.	.	PUNCT
fsr-3704	102	1	these	these	DET
fsr-3704	102	2	five	five	NUM
fsr-3704	102	3	variables	variable	NOUN
fsr-3704	102	4	are	be	AUX
fsr-3704	102	5	used	use	VERB
fsr-3704	102	6	to	to	PART
fsr-3704	102	7	examine	examine	VERB
fsr-3704	102	8	whether	whether	SCONJ
fsr-3704	102	9	active	active	ADJ
fsr-3704	102	10	asset	asset	NOUN
fsr-3704	102	11	allocations	allocation	NOUN
fsr-3704	102	12	are	be	AUX
fsr-3704	102	13	related	relate	VERB
fsr-3704	102	14	to	to	ADP
fsr-3704	102	15	either	either	ADV
fsr-3704	102	16	:	:	PUNCT
fsr-3704	102	17	(	(	PUNCT
fsr-3704	102	18	1	1	X
fsr-3704	102	19	)	)	PUNCT
fsr-3704	102	20	past	past	ADP
fsr-3704	102	21	aggregate	aggregate	ADJ
fsr-3704	102	22	stock	stock	NOUN
fsr-3704	102	23	market	market	NOUN
fsr-3704	102	24	returns	return	NOUN
fsr-3704	102	25	or	or	CCONJ
fsr-3704	102	26	(	(	PUNCT
fsr-3704	102	27	2	2	NUM
fsr-3704	102	28	)	)	PUNCT
fsr-3704	102	29	to	to	PART
fsr-3704	102	30	past	past	VERB
fsr-3704	102	31	excess	excess	ADJ
fsr-3704	102	32	manager	manager	NOUN
fsr-3704	102	33	returns	return	NOUN
fsr-3704	102	34	.	.	PUNCT
fsr-3704	103	1	consider	consider	VERB
fsr-3704	103	2	first	first	ADV
fsr-3704	103	3	the	the	DET
fsr-3704	103	4	case	case	NOUN
fsr-3704	103	5	of	of	ADP
fsr-3704	103	6	aggregate	aggregate	ADJ
fsr-3704	103	7	stock	stock	NOUN
fsr-3704	103	8	market	market	NOUN
fsr-3704	103	9	returns	return	NOUN
fsr-3704	103	10	.	.	PUNCT
fsr-3704	104	1	reactive	reactive	ADJ
fsr-3704	104	2	decisions	decision	NOUN
fsr-3704	104	3	based	base	VERB
fsr-3704	104	4	on	on	ADP
fsr-3704	104	5	past	past	ADJ
fsr-3704	104	6	aggregate	aggregate	ADJ
fsr-3704	104	7	stock	stock	NOUN
fsr-3704	104	8	returns	return	NOUN
fsr-3704	104	9	could	could	AUX
fsr-3704	104	10	arise	arise	VERB
fsr-3704	104	11	from	from	ADP
fsr-3704	104	12	a	a	DET
fsr-3704	104	13	variety	variety	NOUN
fsr-3704	104	14	of	of	ADP
fsr-3704	104	15	possible	possible	ADJ
fsr-3704	104	16	motives	motive	NOUN
fsr-3704	104	17	.	.	PUNCT
fsr-3704	105	1	for	for	ADP
fsr-3704	105	2	example	example	NOUN
fsr-3704	105	3	,	,	PUNCT
fsr-3704	105	4	the	the	DET
fsr-3704	105	5	manager	manager	NOUN
fsr-3704	105	6	might	might	AUX
fsr-3704	105	7	have	have	VERB
fsr-3704	105	8	a	a	DET
fsr-3704	105	9	long	long	ADV
fsr-3704	105	10	-	-	PUNCT
fsr-3704	105	11	run	run	NOUN
fsr-3704	105	12	portfolio	portfolio	NOUN
fsr-3704	105	13	beta	beta	NOUN
fsr-3704	105	14	target	target	NOUN
fsr-3704	105	15	and	and	CCONJ
fsr-3704	105	16	desire	desire	NOUN
fsr-3704	105	17	to	to	PART
fsr-3704	105	18	rebalance	rebalance	VERB
fsr-3704	105	19	any	any	DET
fsr-3704	105	20	passive	passive	ADJ
fsr-3704	105	21	changes	change	NOUN
fsr-3704	105	22	in	in	ADP
fsr-3704	105	23	the	the	DET
fsr-3704	105	24	portfolio	portfolio	NOUN
fsr-3704	105	25	’s	’s	PART
fsr-3704	105	26	equity	equity	NOUN
fsr-3704	105	27	risk	risk	NOUN
fsr-3704	105	28	exposure	exposure	NOUN
fsr-3704	105	29	towards	towards	ADP
fsr-3704	105	30	this	this	DET
fsr-3704	105	31	target	target	NOUN
fsr-3704	105	32	.	.	PUNCT
fsr-3704	106	1	if	if	SCONJ
fsr-3704	106	2	this	this	PRON
fsr-3704	106	3	is	be	AUX
fsr-3704	106	4	true	true	ADJ
fsr-3704	106	5	we	we	PRON
fsr-3704	106	6	would	would	AUX
fsr-3704	106	7	expect	expect	VERB
fsr-3704	106	8	to	to	PART
fsr-3704	106	9	find	find	VERB
fsr-3704	106	10	a	a	DET
fsr-3704	106	11	negative	negative	ADJ
fsr-3704	106	12	relationship	relationship	NOUN
fsr-3704	106	13	between	between	ADP
fsr-3704	106	14	paa	paa	NOUN
fsr-3704	106	15	and	and	CCONJ
fsr-3704	106	16	aaa	aaa	NOUN
fsr-3704	106	17	.	.	PUNCT
fsr-3704	107	1	in	in	ADP
fsr-3704	107	2	quarters	quarter	NOUN
fsr-3704	107	3	in	in	ADP
fsr-3704	107	4	which	which	PRON
fsr-3704	107	5	common	common	ADJ
fsr-3704	107	6	stock	stock	NOUN
fsr-3704	107	7	returns	return	NOUN
fsr-3704	107	8	are	be	AUX
fsr-3704	107	9	large	large	ADJ
fsr-3704	107	10	,	,	PUNCT
fsr-3704	107	11	the	the	DET
fsr-3704	107	12	value	value	NOUN
fsr-3704	107	13	of	of	ADP
fsr-3704	107	14	paa	paa	NOUN
fsr-3704	107	15	would	would	AUX
fsr-3704	107	16	be	be	AUX
fsr-3704	107	17	large	large	ADJ
fsr-3704	107	18	and	and	CCONJ
fsr-3704	107	19	positive	positive	ADJ
fsr-3704	107	20	.	.	PUNCT
fsr-3704	108	1	if	if	SCONJ
fsr-3704	108	2	the	the	DET
fsr-3704	108	3	manager	manager	NOUN
fsr-3704	108	4	rebalances	rebalance	VERB
fsr-3704	108	5	the	the	DET
fsr-3704	108	6	equity	equity	NOUN
fsr-3704	108	7	risk	risk	NOUN
fsr-3704	108	8	exposure	exposure	NOUN
fsr-3704	108	9	towards	towards	ADP
fsr-3704	108	10	a	a	DET
fsr-3704	108	11	long	long	ADV
fsr-3704	108	12	-	-	PUNCT
fsr-3704	108	13	run	run	NOUN
fsr-3704	108	14	target	target	NOUN
fsr-3704	108	15	,	,	PUNCT
fsr-3704	108	16	aaa	aaa	NOUN
fsr-3704	108	17	would	would	AUX
fsr-3704	108	18	be	be	AUX
fsr-3704	108	19	negative	negative	ADJ
fsr-3704	108	20	in	in	ADP
fsr-3704	108	21	such	such	ADJ
fsr-3704	108	22	aquarter	aquarter	ADJ
fsr-3704	108	23	.	.	PUNCT
fsr-3704	109	1	another	another	DET
fsr-3704	109	2	motive	motive	NOUN
fsr-3704	109	3	is	be	AUX
fsr-3704	109	4	often	often	ADV
fsr-3704	109	5	referred	refer	VERB
fsr-3704	109	6	to	to	ADP
fsr-3704	109	7	as	as	ADP
fsr-3704	109	8	trend	trend	NOUN
fsr-3704	109	9	following	follow	VERB
fsr-3704	109	10	.	.	PUNCT
fsr-3704	110	1	if	if	SCONJ
fsr-3704	110	2	aaa	aaa	NOUN
fsr-3704	110	3	is	be	AUX
fsr-3704	110	4	positively	positively	ADV
fsr-3704	110	5	related	relate	VERB
fsr-3704	110	6	to	to	ADP
fsr-3704	110	7	returns	return	NOUN
fsr-3704	110	8	on	on	ADP
fsr-3704	110	9	the	the	DET
fsr-3704	110	10	s&p500	s&p500	NOUN
fsr-3704	110	11	in	in	ADP
fsr-3704	110	12	the	the	DET
fsr-3704	110	13	current	current	ADJ
fsr-3704	110	14	or	or	CCONJ
fsr-3704	110	15	previous	previous	ADJ
fsr-3704	110	16	quarters	quarter	NOUN
fsr-3704	110	17	,	,	PUNCT
fsr-3704	110	18	it	it	PRON
fsr-3704	110	19	is	be	AUX
fsr-3704	110	20	likely	likely	ADJ
fsr-3704	110	21	that	that	SCONJ
fsr-3704	110	22	the	the	DET
fsr-3704	110	23	manager	manager	NOUN
fsr-3704	110	24	believes	believe	VERB
fsr-3704	110	25	that	that	SCONJ
fsr-3704	110	26	current	current	ADJ
fsr-3704	110	27	and	and	CCONJ
fsr-3704	110	28	past	past	ADJ
fsr-3704	110	29	market	market	NOUN
fsr-3704	110	30	returns	return	NOUN
fsr-3704	110	31	can	can	AUX
fsr-3704	110	32	be	be	AUX
fsr-3704	110	33	extrapolated	extrapolate	VERB
fsr-3704	110	34	to	to	ADP
fsr-3704	110	35	future	future	ADJ
fsr-3704	110	36	quarters	quarter	NOUN
fsr-3704	110	37	.	.	PUNCT
fsr-3704	111	1	an	an	DET
fsr-3704	111	2	alternative	alternative	NOUN
fsr-3704	111	3	to	to	ADP
fsr-3704	111	4	trend	trend	NOUN
fsr-3704	111	5	following	follow	VERB
fsr-3704	111	6	is	be	AUX
fsr-3704	111	7	referred	refer	VERB
fsr-3704	111	8	to	to	ADP
fsr-3704	111	9	as	as	ADP
fsr-3704	111	10	a	a	DET
fsr-3704	111	11	contrarian	contrarian	ADJ
fsr-3704	111	12	strategy	strategy	NOUN
fsr-3704	111	13	.	.	PUNCT
fsr-3704	112	1	in	in	ADP
fsr-3704	112	2	this	this	DET
fsr-3704	112	3	case	case	NOUN
fsr-3704	112	4	the	the	DET
fsr-3704	112	5	manager	manager	NOUN
fsr-3704	112	6	actively	actively	ADV
fsr-3704	112	7	adjusts	adjust	VERB
fsr-3704	112	8	the	the	DET
fsr-3704	112	9	equity	equity	NOUN
fsr-3704	112	10	risk	risk	NOUN
fsr-3704	112	11	exposure	exposure	NOUN
fsr-3704	112	12	in	in	ADP
fsr-3704	112	13	a	a	DET
fsr-3704	112	14	direction	direction	NOUN
fsr-3704	112	15	opposite	opposite	ADJ
fsr-3704	112	16	to	to	AUX
fsr-3704	112	17	current	current	ADJ
fsr-3704	112	18	and	and	CCONJ
fsr-3704	112	19	past	past	ADJ
fsr-3704	112	20	market	market	NOUN
fsr-3704	112	21	returns	return	NOUN
fsr-3704	112	22	.	.	PUNCT
fsr-3704	113	1	if	if	SCONJ
fsr-3704	113	2	a	a	DET
fsr-3704	113	3	contrarian	contrarian	ADJ
fsr-3704	113	4	strategy	strategy	NOUN
fsr-3704	113	5	is	be	AUX
fsr-3704	113	6	used	use	VERB
fsr-3704	113	7	,	,	PUNCT
fsr-3704	113	8	aaa	aaa	NOUN
fsr-3704	113	9	should	should	AUX
fsr-3704	113	10	be	be	AUX
fsr-3704	113	11	negatively	negatively	ADV
fsr-3704	113	12	related	relate	VERB
fsr-3704	113	13	to	to	ADP
fsr-3704	113	14	current	current	ADJ
fsr-3704	113	15	and	and	CCONJ
fsr-3704	113	16	past	past	ADJ
fsr-3704	113	17	s&p500	s&p500	NOUN
fsr-3704	113	18	returns	return	NOUN
fsr-3704	113	19	.	.	PUNCT
fsr-3704	114	1	reactive	reactive	ADJ
fsr-3704	114	2	asset	asset	NOUN
fsr-3704	114	3	allocation	allocation	NOUN
fsr-3704	114	4	decisions	decision	NOUN
fsr-3704	114	5	could	could	AUX
fsr-3704	114	6	also	also	ADV
fsr-3704	114	7	arise	arise	VERB
fsr-3704	114	8	if	if	SCONJ
fsr-3704	114	9	manager	manager	NOUN
fsr-3704	114	10	returns	return	NOUN
fsr-3704	114	11	have	have	AUX
fsr-3704	114	12	been	be	AUX
fsr-3704	114	13	substantially	substantially	ADV
fsr-3704	114	14	different	different	ADJ
fsr-3704	114	15	from	from	ADP
fsr-3704	114	16	returns	return	NOUN
fsr-3704	114	17	on	on	ADP
fsr-3704	114	18	the	the	DET
fsr-3704	114	19	aggregate	aggregate	ADJ
fsr-3704	114	20	stock	stock	NOUN
fsr-3704	114	21	market	market	NOUN
fsr-3704	114	22	.	.	PUNCT
fsr-3704	115	1	managers	manager	NOUN
fsr-3704	115	2	having	have	VERB
fsr-3704	115	3	high	high	ADJ
fsr-3704	115	4	relative	relative	ADJ
fsr-3704	115	5	returns	return	NOUN
fsr-3704	115	6	might	might	AUX
fsr-3704	115	7	choose	choose	VERB
fsr-3704	115	8	to	to	PART
fsr-3704	115	9	reduce	reduce	VERB
fsr-3704	115	10	their	their	PRON
fsr-3704	115	11	equity	equity	NOUN
fsr-3704	115	12	exposure	exposure	NOUN
fsr-3704	115	13	since	since	SCONJ
fsr-3704	115	14	they	they	PRON
fsr-3704	115	15	have	have	AUX
fsr-3704	115	16	already	already	ADV
fsr-3704	115	17	“	"	PUNCT
fsr-3704	115	18	beat	beat	VERB
fsr-3704	115	19	the	the	DET
fsr-3704	115	20	market	market	NOUN
fsr-3704	115	21	”	"	PUNCT
fsr-3704	115	22	in	in	ADP
fsr-3704	115	23	the	the	DET
fsr-3704	115	24	eyes	eye	NOUN
fsr-3704	115	25	of	of	ADP
fsr-3704	115	26	the	the	DET
fsr-3704	115	27	mutual	mutual	ADJ
fsr-3704	115	28	fund	fund	NOUN
fsr-3704	115	29	owners	owner	NOUN
fsr-3704	115	30	.	.	PUNCT
fsr-3704	116	1	similarly	similarly	ADV
fsr-3704	116	2	,	,	PUNCT
fsr-3704	116	3	managers	manager	NOUN
fsr-3704	116	4	with	with	ADP
fsr-3704	116	5	low	low	ADJ
fsr-3704	116	6	relative	relative	ADJ
fsr-3704	116	7	returns	return	NOUN
fsr-3704	116	8	might	might	AUX
fsr-3704	116	9	increase	increase	VERB
fsr-3704	116	10	their	their	PRON
fsr-3704	116	11	equity	equity	NOUN
fsr-3704	116	12	exposure	exposure	NOUN
fsr-3704	116	13	in	in	ADP
fsr-3704	116	14	the	the	DET
fsr-3704	116	15	hopes	hope	NOUN
fsr-3704	116	16	of	of	ADP
fsr-3704	116	17	offsetting	offset	VERB
fsr-3704	116	18	past	past	ADJ
fsr-3704	116	19	relative	relative	ADJ
fsr-3704	116	20	returns	return	NOUN
fsr-3704	116	21	.	.	PUNCT
fsr-3704	116	22	’	'	PUNCT
fsr-3704	117	1	we	we	PRON
fsr-3704	117	2	label	label	VERB
fsr-3704	117	3	one	one	NUM
fsr-3704	117	4	variant	variant	NOUN
fsr-3704	117	5	of	of	ADP
fsr-3704	117	6	such	such	ADJ
fsr-3704	117	7	reactive	reactive	ADJ
fsr-3704	117	8	allocations	allocation	NOUN
fsr-3704	117	9	the	the	DET
fsr-3704	117	10	september	september	PROPN
fsr-3704	117	11	hypothesis	hypothesis	NOUN
fsr-3704	117	12	.	.	PUNCT
fsr-3704	118	1	there	there	PRON
fsr-3704	118	2	are	be	VERB
fsr-3704	118	3	two	two	NUM
fsr-3704	118	4	aspects	aspect	NOUN
fsr-3704	118	5	to	to	ADP
fsr-3704	118	6	this	this	DET
fsr-3704	118	7	hypothesis	hypothesis	NOUN
fsr-3704	118	8	.	.	PUNCT
fsr-3704	119	1	first	first	ADV
fsr-3704	119	2	,	,	PUNCT
fsr-3704	119	3	managers	manager	NOUN
fsr-3704	119	4	are	be	AUX
fsr-3704	119	5	hypothesized	hypothesize	VERB
fsr-3704	119	6	to	to	PART
fsr-3704	119	7	be	be	AUX
fsr-3704	119	8	mom	mom	NOUN
fsr-3704	119	9	concerned	concerned	ADJ
fsr-3704	119	10	about	about	ADP
fsr-3704	119	11	their	their	PRON
fsr-3704	119	12	calendar	calendar	NOUN
fsr-3704	119	13	year	year	NOUN
fsr-3704	119	14	returns	return	NOUN
fsr-3704	119	15	than	than	ADP
fsr-3704	119	16	any	any	DET
fsr-3704	119	17	other	other	ADJ
fsr-3704	119	18	yearly	yearly	ADJ
fsr-3704	119	19	return	return	NOUN
fsr-3704	119	20	(	(	PUNCT
fsr-3704	119	21	say	say	INTJ
fsr-3704	119	22	,	,	PUNCT
fsr-3704	119	23	for	for	ADP
fsr-3704	119	24	example	example	NOUN
fsr-3704	119	25	the	the	DET
fsr-3704	119	26	yearly	yearly	ADJ
fsr-3704	119	27	return	return	NOUN
fsr-3704	119	28	ending	end	VERB
fsr-3704	119	29	in	in	ADP
fsr-3704	119	30	june	june	PROPN
fsr-3704	119	31	)	)	PUNCT
fsr-3704	119	32	.	.	PUNCT
fsr-3704	120	1	the	the	DET
fsr-3704	120	2	manager	manager	NOUN
fsr-3704	120	3	is	be	AUX
fsr-3704	120	4	said	say	VERB
fsr-3704	120	5	to	to	PART
fsr-3704	120	6	believe	believe	VERB
fsr-3704	120	7	that	that	SCONJ
fsr-3704	120	8	investors	investor	NOUN
fsr-3704	120	9	judge	judge	VERB
fsr-3704	120	10	the	the	DET
fsr-3704	120	11	manager	manager	NOUN
fsr-3704	120	12	’s	’s	PART
fsr-3704	120	13	performance	performance	NOUN
fsr-3704	120	14	based	base	VERB
fsr-3704	120	15	primarily	primarily	ADV
fsr-3704	120	16	on	on	ADP
fsr-3704	120	17	yearly	yearly	ADJ
fsr-3704	120	18	returns	return	NOUN
fsr-3704	120	19	calculated	calculate	VERB
fsr-3704	120	20	as	as	ADP
fsr-3704	120	21	of	of	ADP
fsr-3704	120	22	the	the	DET
fsr-3704	120	23	december	december	PROPN
fsr-3704	120	24	quarter	quarter	NOUN
fsr-3704	120	25	-	-	PUNCT
fsr-3704	120	26	end	end	NOUN
fsr-3704	120	27	of	of	ADP
fsr-3704	120	28	each	each	DET
fsr-3704	120	29	year	year	NOUN
fsr-3704	120	30	.	.	PUNCT
fsr-3704	121	1	second	second	ADJ
fsr-3704	121	2	,	,	PUNCT
fsr-3704	121	3	prior	prior	ADV
fsr-3704	121	4	to	to	ADP
fsr-3704	121	5	the	the	DET
fsr-3704	121	6	last	last	ADJ
fsr-3704	121	7	quarter	quarter	NOUN
fsr-3704	121	8	of	of	ADP
fsr-3704	121	9	the	the	DET
fsr-3704	121	10	year	year	NOUN
fsr-3704	121	11	,	,	PUNCT
fsr-3704	121	12	managers	manager	NOUN
fsr-3704	121	13	who	who	PRON
fsr-3704	121	14	have	have	AUX
fsr-3704	121	15	done	do	VERB
fsr-3704	121	16	poorly	poorly	ADV
fsr-3704	121	17	relative	relative	ADJ
fsr-3704	121	18	to	to	ADP
fsr-3704	121	19	an	an	DET
fsr-3704	121	20	equity	equity	NOUN
fsr-3704	121	21	market	market	NOUN
fsr-3704	121	22	index	index	NOUN
fsr-3704	121	23	such	such	ADJ
fsr-3704	121	24	as	as	ADP
fsr-3704	121	25	the	the	DET
fsr-3704	121	26	s&p500	s&p500	NOUN
fsr-3704	121	27	are	be	AUX
fsr-3704	121	28	hypothesized	hypothesize	VERB
fsr-3704	121	29	to	to	PART
fsr-3704	121	30	have	have	VERB
fsr-3704	121	31	little	little	ADJ
fsr-3704	121	32	to	to	PART
fsr-3704	121	33	loose	loose	ADJ
fsr-3704	121	34	if	if	SCONJ
fsr-3704	121	35	they	they	PRON
fsr-3704	121	36	take	take	VERB
fsr-3704	121	37	on	on	ADP
fsr-3704	121	38	28	28	NUM
fsr-3704	121	39	financialslervicesreview,2(1	financialslervicesreview,2(1	NOUN
fsr-3704	121	40	)	)	PUNCT
fsr-3704	121	41	mjm993	mjm993	PROPN
fsr-3704	121	42	extra	extra	ADJ
fsr-3704	121	43	equity	equity	NOUN
fsr-3704	121	44	risk	risk	NOUN
fsr-3704	121	45	but	but	CCONJ
fsr-3704	121	46	a	a	DET
fsr-3704	121	47	lot	lot	NOUN
fsr-3704	121	48	to	to	PART
fsr-3704	121	49	gain	gain	VERB
fsr-3704	121	50	.	.	PUNCT
fsr-3704	122	1	if	if	SCONJ
fsr-3704	122	2	managers	manager	NOUN
fsr-3704	122	3	increase	increase	VERB
fsr-3704	122	4	equity	equity	NOUN
fsr-3704	122	5	risk	risk	NOUN
fsr-3704	122	6	exposure	exposure	NOUN
fsr-3704	122	7	and	and	CCONJ
fsr-3704	122	8	the	the	DET
fsr-3704	122	9	equity	equity	NOUN
fsr-3704	122	10	market	market	NOUN
fsr-3704	122	11	declines	decline	VERB
fsr-3704	122	12	,	,	PUNCT
fsr-3704	122	13	they	they	PRON
fsr-3704	122	14	are	be	AUX
fsr-3704	122	15	not	not	PART
fsr-3704	122	16	harmed	harm	VERB
fsr-3704	122	17	since	since	SCONJ
fsr-3704	122	18	they	they	PRON
fsr-3704	122	19	have	have	AUX
fsr-3704	122	20	already	already	ADV
fsr-3704	122	21	been	be	AUX
fsr-3704	122	22	labeled	label	VERB
fsr-3704	122	23	as	as	ADP
fsr-3704	122	24	“	"	PUNCT
fsr-3704	122	25	losers	loser	NOUN
fsr-3704	122	26	”	"	PUNCT
fsr-3704	122	27	for	for	ADP
fsr-3704	122	28	the	the	DET
fsr-3704	122	29	year	year	NOUN
fsr-3704	122	30	-	-	PUNCT
fsr-3704	122	31	to	to	ADP
fsr-3704	122	32	-	-	PUNCT
fsr-3704	122	33	date	date	NOUN
fsr-3704	122	34	.	.	PUNCT
fsr-3704	123	1	but	but	CCONJ
fsr-3704	123	2	if	if	SCONJ
fsr-3704	123	3	the	the	DET
fsr-3704	123	4	equity	equity	NOUN
fsr-3704	123	5	market	market	NOUN
fsr-3704	123	6	rises	rise	NOUN
fsr-3704	123	7	,	,	PUNCT
fsr-3704	123	8	they	they	PRON
fsr-3704	123	9	have	have	VERB
fsr-3704	123	10	a	a	DET
fsr-3704	123	11	greater	great	ADJ
fsr-3704	123	12	chance	chance	NOUN
fsr-3704	123	13	of	of	ADP
fsr-3704	123	14	offsetting	offset	VERB
fsr-3704	123	15	previous	previous	ADJ
fsr-3704	123	16	poor	poor	ADJ
fsr-3704	123	17	relative	relative	ADJ
fsr-3704	123	18	returns	return	NOUN
fsr-3704	123	19	.	.	PUNCT
fsr-3704	124	1	if	if	SCONJ
fsr-3704	124	2	this	this	DET
fsr-3704	124	3	hypothesis	hypothesis	NOUN
fsr-3704	124	4	is	be	AUX
fsr-3704	124	5	true	true	ADJ
fsr-3704	124	6	,	,	PUNCT
fsr-3704	124	7	we	we	PRON
fsr-3704	124	8	should	should	AUX
fsr-3704	124	9	find	find	VERB
fsr-3704	124	10	that	that	SCONJ
fsr-3704	124	11	past	past	ADJ
fsr-3704	124	12	relative	relative	ADJ
fsr-3704	124	13	returns	return	NOUN
fsr-3704	124	14	are	be	AUX
fsr-3704	124	15	important	important	ADJ
fsr-3704	124	16	determinants	determinant	NOUN
fsr-3704	124	17	of	of	ADP
fsr-3704	124	18	aaa	aaa	NOUN
fsr-3704	124	19	mainly	mainly	ADV
fsr-3704	124	20	for	for	ADP
fsr-3704	124	21	managers	manager	NOUN
fsr-3704	124	22	with	with	ADP
fsr-3704	124	23	poor	poor	ADJ
fsr-3704	124	24	relative	relative	ADJ
fsr-3704	124	25	performance	performance	NOUN
fsr-3704	124	26	and	and	CCONJ
fsr-3704	124	27	that	that	SCONJ
fsr-3704	124	28	the	the	DET
fsr-3704	124	29	relationship	relationship	NOUN
fsr-3704	124	30	becomes	become	VERB
fsr-3704	124	31	stronger	strong	ADJ
fsr-3704	124	32	for	for	ADP
fsr-3704	124	33	each	each	DET
fsr-3704	124	34	successive	successive	ADJ
fsr-3704	124	35	quarter	quarter	NOUN
fsr-3704	124	36	within	within	ADP
fsr-3704	124	37	a	a	DET
fsr-3704	124	38	year	year	NOUN
fsr-3704	124	39	.	.	PUNCT
fsr-3704	125	1	during	during	ADP
fsr-3704	125	2	any	any	DET
fsr-3704	125	3	year	year	NOUN
fsr-3704	125	4	,	,	PUNCT
fsr-3704	125	5	the	the	DET
fsr-3704	125	6	strongest	strong	ADJ
fsr-3704	125	7	relationship	relationship	NOUN
fsr-3704	125	8	between	between	ADP
fsr-3704	125	9	past	past	ADJ
fsr-3704	125	10	relative	relative	ADJ
fsr-3704	125	11	returns	return	NOUN
fsr-3704	125	12	and	and	CCONJ
fsr-3704	125	13	the	the	DET
fsr-3704	125	14	current	current	ADJ
fsr-3704	125	15	quarter	quarter	NOUN
fsr-3704	125	16	’s	’s	PART
fsr-3704	125	17	aaa	aaa	NOUN
fsr-3704	125	18	should	should	AUX
fsr-3704	125	19	occur	occur	VERB
fsr-3704	125	20	among	among	ADP
fsr-3704	125	21	managers	manager	NOUN
fsr-3704	125	22	with	with	ADP
fsr-3704	125	23	the	the	DET
fsr-3704	125	24	poorest	poor	ADJ
fsr-3704	125	25	relative	relative	ADJ
fsr-3704	125	26	performance	performance	NOUN
fsr-3704	125	27	and	and	CCONJ
fsr-3704	125	28	should	should	AUX
fsr-3704	125	29	occur	occur	VERB
fsr-3704	125	30	at	at	ADP
fsr-3704	125	31	the	the	DET
fsr-3704	125	32	end	end	NOUN
fsr-3704	125	33	of	of	ADP
fsr-3704	125	34	september	september	PROPN
fsr-3704	125	35	.	.	PUNCT
fsr-3704	126	1	the	the	DET
fsr-3704	126	2	notion	notion	NOUN
fsr-3704	126	3	that	that	SCONJ
fsr-3704	126	4	active	active	ADJ
fsr-3704	126	5	investment	investment	NOUN
fsr-3704	126	6	managers	manager	NOUN
fsr-3704	126	7	with	with	ADP
fsr-3704	126	8	poor	poor	ADJ
fsr-3704	126	9	historical	historical	ADJ
fsr-3704	126	10	returns	return	NOUN
fsr-3704	126	11	have	have	AUX
fsr-3704	126	12	nothing	nothing	PRON
fsr-3704	126	13	to	to	PART
fsr-3704	126	14	lose	lose	VERB
fsr-3704	126	15	from	from	ADP
fsr-3704	126	16	increasing	increase	VERB
fsr-3704	126	17	equity	equity	NOUN
fsr-3704	126	18	risk	risk	NOUN
fsr-3704	126	19	exposure	exposure	NOUN
fsr-3704	126	20	but	but	CCONJ
fsr-3704	126	21	,	,	PUNCT
fsr-3704	126	22	instead	instead	ADV
fsr-3704	126	23	,	,	PUNCT
fsr-3704	126	24	can	can	AUX
fsr-3704	126	25	only	only	ADV
fsr-3704	126	26	gain	gain	VERB
fsr-3704	126	27	has	have	AUX
fsr-3704	126	28	been	be	AUX
fsr-3704	126	29	discussed	discuss	VERB
fsr-3704	126	30	in	in	ADP
fsr-3704	126	31	the	the	DET
fsr-3704	126	32	theoretical	theoretical	ADJ
fsr-3704	126	33	literature	literature	NOUN
fsr-3704	126	34	.	.	PUNCT
fsr-3704	127	1	for	for	ADP
fsr-3704	127	2	example	example	NOUN
fsr-3704	127	3	,	,	PUNCT
fsr-3704	127	4	see	see	VERB
fsr-3704	127	5	grinblatt	grinblatt	NOUN
fsr-3704	127	6	and	and	CCONJ
fsr-3704	127	7	titman	titman	NOUN
fsr-3704	127	8	(	(	PUNCT
fsr-3704	127	9	1988	1988	NUM
fsr-3704	127	10	)	)	PUNCT
fsr-3704	127	11	.	.	PUNCT
fsr-3704	128	1	this	this	PRON
fsr-3704	128	2	is	be	AUX
fsr-3704	128	3	the	the	DET
fsr-3704	128	4	first	first	ADJ
fsr-3704	128	5	paper	paper	NOUN
fsr-3704	128	6	to	to	PART
fsr-3704	128	7	empirically	empirically	ADV
fsr-3704	128	8	test	test	VERB
fsr-3704	128	9	the	the	DET
fsr-3704	128	10	hypothesis	hypothesis	NOUN
fsr-3704	128	11	.	.	PUNCT
fsr-3704	129	1	if	if	SCONJ
fsr-3704	129	2	aaa	aaa	NOUN
fsr-3704	129	3	’s	’s	PART
fsr-3704	129	4	are	be	AUX
fsr-3704	129	5	not	not	PART
fsr-3704	129	6	related	relate	VERB
fsr-3704	129	7	to	to	ADP
fsr-3704	129	8	past	past	ADJ
fsr-3704	129	9	s&p500	s&p500	NOUN
fsr-3704	129	10	or	or	CCONJ
fsr-3704	129	11	manager	manager	NOUN
fsr-3704	129	12	returns	return	NOUN
fsr-3704	129	13	,	,	PUNCT
fsr-3704	129	14	we	we	PRON
fsr-3704	129	15	categorize	categorize	VERB
fsr-3704	129	16	the	the	DET
fsr-3704	129	17	active	active	ADJ
fsr-3704	129	18	asset	asset	NOUN
fsr-3704	129	19	allocation	allocation	NOUN
fsr-3704	129	20	decision	decision	NOUN
fsr-3704	129	21	as	as	ADP
fsr-3704	129	22	anticipatory	anticipatory	ADJ
fsr-3704	129	23	.	.	PUNCT
fsr-3704	130	1	an	an	DET
fsr-3704	130	2	examination	examination	NOUN
fsr-3704	130	3	of	of	ADP
fsr-3704	130	4	the	the	DET
fsr-3704	130	5	variables	variable	NOUN
fsr-3704	130	6	which	which	PRON
fsr-3704	130	7	managers	manager	NOUN
fsr-3704	130	8	might	might	AUX
fsr-3704	130	9	consider	consider	VERB
fsr-3704	130	10	in	in	ADP
fsr-3704	130	11	such	such	ADJ
fsr-3704	130	12	anticipator	anticipator	NOUN
fsr-3704	130	13	decisions	decision	NOUN
fsr-3704	130	14	is	be	AUX
fsr-3704	130	15	beyond	beyond	ADP
fsr-3704	130	16	the	the	DET
fsr-3704	130	17	scope	scope	NOUN
fsr-3704	130	18	of	of	ADP
fsr-3704	130	19	this	this	DET
fsr-3704	130	20	study	study	NOUN
fsr-3704	130	21	.	.	PUNCT
fsr-3704	131	1	we	we	PRON
fsr-3704	131	2	concentrate	concentrate	VERB
fsr-3704	131	3	solely	solely	ADV
fsr-3704	131	4	on	on	ADP
fsr-3704	131	5	the	the	DET
fsr-3704	131	6	extend	extend	NOUN
fsr-3704	131	7	to	to	PART
fsr-3704	131	8	which	which	PRON
fsr-3704	131	9	active	active	ADJ
fsr-3704	131	10	asset	asset	NOUN
fsr-3704	131	11	allocations	allocation	NOUN
fsr-3704	131	12	can	can	AUX
fsr-3704	131	13	be	be	AUX
fsr-3704	131	14	described	describe	VERB
fsr-3704	131	15	as	as	ADP
fsr-3704	131	16	reactive	reactive	ADJ
fsr-3704	131	17	or	or	CCONJ
fsr-3704	131	18	anticipatory	anticipatory	ADJ
fsr-3704	131	19	.	.	PUNCT
fsr-3704	132	1	d.	d.	PROPN
fsr-3704	132	2	prior	prior	ADV
fsr-3704	132	3	research	research	VERB
fsr-3704	132	4	the	the	DET
fsr-3704	132	5	finance	finance	NOUN
fsr-3704	132	6	literature	literature	NOUN
fsr-3704	132	7	which	which	PRON
fsr-3704	132	8	examines	examine	VERB
fsr-3704	132	9	timing	timing	NOUN
fsr-3704	132	10	decisions	decision	NOUN
fsr-3704	132	11	of	of	ADP
fsr-3704	132	12	fund	fund	NOUN
fsr-3704	132	13	managers	manager	NOUN
fsr-3704	132	14	is	be	AUX
fsr-3704	132	15	extensive	extensive	ADJ
fsr-3704	132	16	.	.	PUNCT
fsr-3704	133	1	many	many	ADJ
fsr-3704	133	2	of	of	ADP
fsr-3704	133	3	these	these	DET
fsr-3704	133	4	studies	study	NOUN
fsr-3704	133	5	were	be	AUX
fsr-3704	133	6	noted	note	VERB
fsr-3704	133	7	above	above	ADV
fsr-3704	133	8	.	.	PUNCT
fsr-3704	134	1	however	however	ADV
fsr-3704	134	2	all	all	PRON
fsr-3704	134	3	of	of	ADP
fsr-3704	134	4	this	this	DET
fsr-3704	134	5	literature	literature	NOUN
fsr-3704	134	6	examines	examine	VERB
fsr-3704	134	7	whether	whether	SCONJ
fsr-3704	134	8	fund	fund	NOUN
fsr-3704	134	9	timing	timing	NOUN
fsr-3704	134	10	decisions	decision	NOUN
fsr-3704	134	11	are	be	AUX
fsr-3704	134	12	successful	successful	ADJ
fsr-3704	134	13	;	;	PUNCT
fsr-3704	134	14	an	an	DET
fsr-3704	134	15	issue	issue	NOUN
fsr-3704	134	16	which	which	PRON
fsr-3704	134	17	is	be	AUX
fsr-3704	134	18	quite	quite	ADV
fsr-3704	134	19	different	different	ADJ
fsr-3704	134	20	from	from	ADP
fsr-3704	134	21	the	the	DET
fsr-3704	134	22	subject	subject	NOUN
fsr-3704	134	23	of	of	ADP
fsr-3704	134	24	this	this	DET
fsr-3704	134	25	paper	paper	NOUN
fsr-3704	134	26	.	.	PUNCT
fsr-3704	135	1	in	in	ADP
fsr-3704	135	2	this	this	DET
fsr-3704	135	3	paper	paper	NOUN
fsr-3704	135	4	we	we	PRON
fsr-3704	135	5	do	do	AUX
fsr-3704	135	6	not	not	PART
fsr-3704	135	7	ask	ask	VERB
fsr-3704	135	8	whether	whether	SCONJ
fsr-3704	135	9	fund	fund	NOUN
fsr-3704	135	10	managers	manager	NOUN
fsr-3704	135	11	are	be	AUX
fsr-3704	135	12	able	able	ADJ
fsr-3704	135	13	to	to	PART
fsr-3704	135	14	earn	earn	VERB
fsr-3704	135	15	abnormal	abnormal	ADJ
fsr-3704	135	16	returns	return	NOUN
fsr-3704	135	17	due	due	ADP
fsr-3704	135	18	to	to	ADP
fsr-3704	135	19	their	their	PRON
fsr-3704	135	20	active	active	ADJ
fsr-3704	135	21	asset	asset	NOUN
fsr-3704	135	22	allocation	allocation	NOUN
fsr-3704	135	23	decisions	decision	NOUN
fsr-3704	135	24	but	but	CCONJ
fsr-3704	135	25	,	,	PUNCT
fsr-3704	135	26	instead	instead	ADV
fsr-3704	135	27	,	,	PUNCT
fsr-3704	135	28	examine	examine	VERB
fsr-3704	135	29	the	the	DET
fsr-3704	135	30	extent	extent	NOUN
fsr-3704	135	31	to	to	PART
fsr-3704	135	32	which	which	PRON
fsr-3704	135	33	active	active	ADJ
fsr-3704	135	34	asset	asset	NOUN
fsr-3704	135	35	allocation	allocation	NOUN
fsr-3704	135	36	is	be	AUX
fsr-3704	135	37	used	use	VERB
fsr-3704	135	38	and	and	CCONJ
fsr-3704	135	39	whether	whether	SCONJ
fsr-3704	135	40	such	such	ADJ
fsr-3704	135	41	decisions	decision	NOUN
fsr-3704	135	42	are	be	AUX
fsr-3704	135	43	best	well	ADV
fsr-3704	135	44	characterized	characterize	VERB
fsr-3704	135	45	as	as	ADP
fsr-3704	135	46	reactive	reactive	ADJ
fsr-3704	135	47	or	or	CCONJ
fsr-3704	135	48	anticipatory	anticipatory	ADJ
fsr-3704	135	49	.	.	PUNCT
fsr-3704	135	50	a.	a.	NOUN
fsr-3704	135	51	sample	sample	PROPN
fsr-3704	135	52	description	description	NOUN
fsr-3704	135	53	the	the	DET
fsr-3704	135	54	sample	sample	NOUN
fsr-3704	135	55	was	be	AUX
fsr-3704	135	56	restricted	restrict	VERB
fsr-3704	135	57	to	to	ADP
fsr-3704	135	58	equity	equity	NOUN
fsr-3704	135	59	mutual	mutual	ADJ
fsr-3704	135	60	funds	fund	NOUN
fsr-3704	135	61	for	for	ADP
fsr-3704	135	62	which	which	PRON
fsr-3704	135	63	quarter	quarter	NOUN
fsr-3704	135	64	-	-	PUNCT
fsr-3704	135	65	end	end	NOUN
fsr-3704	135	66	security	security	NOUN
fsr-3704	135	67	holdings	holding	NOUN
fsr-3704	135	68	were	be	AUX
fsr-3704	135	69	available	available	ADJ
fsr-3704	135	70	from	from	ADP
fsr-3704	135	71	march	march	PROPN
fsr-3704	135	72	3	3	NUM
fsr-3704	135	73	1,1977	1,1977	NOUN
fsr-3704	135	74	through	through	ADP
fsr-3704	135	75	december	december	PROPN
fsr-3704	135	76	3	3	NUM
fsr-3704	135	77	1,1988	1,1988	NUM
fsr-3704	135	78	and	and	CCONJ
fsr-3704	135	79	which	which	PRON
fsr-3704	135	80	invested	invest	VERB
fsr-3704	135	81	predominantly	predominantly	ADV
fsr-3704	135	82	in	in	ADP
fsr-3704	135	83	u.s	u.s	PROPN
fsr-3704	135	84	.	.	PROPN
fsr-3704	135	85	money	money	NOUN
fsr-3704	135	86	market	market	NOUN
fsr-3704	135	87	securities	security	NOUN
fsr-3704	135	88	and	and	CCONJ
fsr-3704	135	89	u.s	u.s	PROPN
fsr-3704	135	90	.	.	PROPN
fsr-3704	135	91	equities	equity	NOUN
fsr-3704	135	92	.	.	PUNCT
fsr-3704	136	1	this	this	PRON
fsr-3704	136	2	resulted	result	VERB
fsr-3704	136	3	in	in	ADP
fsr-3704	136	4	94	94	NUM
fsr-3704	136	5	funds	fund	NOUN
fsr-3704	136	6	with	with	ADP
fsr-3704	136	7	48	48	NUM
fsr-3704	136	8	quarterly	quarterly	ADJ
fsr-3704	136	9	ob	ob	ADP
fsr-3704	136	10	~	~	NOUN
fsr-3704	136	11	rvations	rvation	NOUN
fsr-3704	136	12	each	each	PRON
fsr-3704	136	13	.	.	PUNCT
fsr-3704	137	1	quarterly	quarterly	ADJ
fsr-3704	137	2	fund	fund	NOUN
fsr-3704	137	3	returns	return	NOUN
fsr-3704	137	4	were	be	AUX
fsr-3704	137	5	obtained	obtain	VERB
fsr-3704	137	6	from	from	ADP
fsr-3704	137	7	cda	cda	PROPN
fsr-3704	137	8	investment	investment	NOUN
fsr-3704	137	9	technologies	technologies	PROPN
fsr-3704	137	10	,	,	PUNCT
fsr-3704	137	11	inc	inc	PROPN
fsr-3704	137	12	..	..	PROPN
fsr-3704	137	13	quarterly	quarterly	ADJ
fsr-3704	137	14	portfolio	portfolio	NOUN
fsr-3704	137	15	betas	beta	NOUN
fsr-3704	137	16	of	of	ADP
fsr-3704	137	17	equation	equation	NOUN
fsr-3704	137	18	(	(	PUNCT
fsr-3704	137	19	1	1	X
fsr-3704	137	20	)	)	PUNCT
fsr-3704	137	21	were	be	AUX
fsr-3704	137	22	calculated	calculate	VERB
fsr-3704	137	23	using	use	VERB
fsr-3704	137	24	cda	cda	PROPN
fsr-3704	137	25	spectrum	spectrum	NOUN
fsr-3704	137	26	tapes	tape	NOUN
fsr-3704	137	27	and	and	CCONJ
fsr-3704	137	28	the	the	DET
fsr-3704	137	29	crsp	crsp	ADJ
fsr-3704	137	30	daily	daily	ADJ
fsr-3704	137	31	returns	return	VERB
fsr-3704	137	32	tapes	tape	NOUN
fsr-3704	137	33	.	.	PUNCT
fsr-3704	138	1	for	for	ADP
fsr-3704	138	2	each	each	DET
fsr-3704	138	3	quarter	quarter	NOUN
fsr-3704	138	4	-	-	PUNCT
fsr-3704	138	5	end	end	NOUN
fsr-3704	138	6	,	,	PUNCT
fsr-3704	138	7	the	the	DET
fsr-3704	138	8	spectrum	spectrum	NOUN
fsr-3704	138	9	tape	tape	NOUN
fsr-3704	138	10	provides	provide	VERB
fsr-3704	138	11	a	a	DET
fsr-3704	138	12	listing	listing	NOUN
fsr-3704	138	13	of	of	ADP
fsr-3704	138	14	all	all	DET
fsr-3704	138	15	stocks	stock	NOUN
fsr-3704	138	16	held	hold	VERB
fsr-3704	138	17	by	by	ADP
fsr-3704	138	18	each	each	DET
fsr-3704	138	19	mutual	mutual	ADJ
fsr-3704	138	20	fund	fund	NOUN
fsr-3704	138	21	as	as	ADV
fsr-3704	138	22	well	well	ADV
fsr-3704	138	23	as	as	ADP
fsr-3704	138	24	the	the	DET
fsr-3704	138	25	number	number	NOUN
fsr-3704	138	26	of	of	ADP
fsr-3704	138	27	shares	share	NOUN
fsr-3704	138	28	held	hold	VERB
fsr-3704	138	29	.	.	PUNCT
fsr-3704	139	1	quarterly	quarterly	ADJ
fsr-3704	139	2	mutual	mutual	ADJ
fsr-3704	139	3	fund	fund	NOUN
fsr-3704	139	4	betas	beta	NOUN
fsr-3704	139	5	were	be	AUX
fsr-3704	139	6	based	base	VERB
fsr-3704	139	7	on	on	ADP
fsr-3704	139	8	the	the	DET
fsr-3704	139	9	betas	beta	NOUN
fsr-3704	139	10	of	of	ADP
fsr-3704	139	11	stocks	stock	NOUN
fsr-3704	139	12	held	hold	VERB
fsr-3704	139	13	by	by	ADP
fsr-3704	139	14	active	active	ADJ
fsr-3704	139	15	timing	timing	NOUN
fsr-3704	139	16	decisions	decision	NOUN
fsr-3704	139	17	of	of	ADP
fsr-3704	139	18	equity	equity	NOUN
fsr-3704	139	19	mutual	mutual	ADJ
fsr-3704	139	20	funds	fund	NOUN
fsr-3704	139	21	29	29	NUM
fsr-3704	139	22	quarter	quarter	NOUN
fsr-3704	139	23	figure	figure	NOUN
fsr-3704	139	24	2	2	NUM
fsr-3704	139	25	.	.	PUNCT
fsr-3704	139	26	average	average	ADJ
fsr-3704	139	27	fund	fund	NOUN
fsr-3704	139	28	beta	beta	NOUN
fsr-3704	139	29	by	by	ADP
fsr-3704	139	30	quarter	quarter	NOUN
fsr-3704	139	31	.	.	PUNCT
fsr-3704	140	1	the	the	DET
fsr-3704	140	2	fund	fund	NOUN
fsr-3704	140	3	.	.	PUNCT
fsr-3704	141	1	crsp	crsp	PROPN
fsr-3704	141	2	tapes	tape	NOUN
fsr-3704	141	3	were	be	AUX
fsr-3704	141	4	used	use	VERB
fsr-3704	141	5	to	to	PART
fsr-3704	141	6	estimate	estimate	VERB
fsr-3704	141	7	the	the	DET
fsr-3704	141	8	beta	beta	NOUN
fsr-3704	141	9	on	on	ADP
fsr-3704	141	10	all	all	DET
fsr-3704	141	11	stocks	stock	NOUN
fsr-3704	141	12	which	which	PRON
fsr-3704	141	13	had	have	VERB
fsr-3704	141	14	at	at	ADV
fsr-3704	141	15	least	least	ADV
fsr-3704	141	16	30	30	NUM
fsr-3704	141	17	monthly	monthly	ADJ
fsr-3704	141	18	returns	return	NOUN
fsr-3704	141	19	during	during	ADP
fsr-3704	141	20	the	the	DET
fsr-3704	141	21	60	60	NUM
fsr-3704	141	22	months	month	NOUN
fsr-3704	141	23	prior	prior	ADV
fsr-3704	141	24	to	to	ADP
fsr-3704	141	25	a	a	DET
fsr-3704	141	26	given	give	VERB
fsr-3704	141	27	quarter.io	quarter.io	PROPN
fsr-3704	141	28	stock	stock	NOUN
fsr-3704	141	29	betas	beta	NOUN
fsr-3704	141	30	were	be	AUX
fsr-3704	141	31	estimated	estimate	VERB
fsr-3704	141	32	for	for	ADP
fsr-3704	141	33	each	each	DET
fsr-3704	141	34	quarter	quarter	NOUN
fsr-3704	141	35	starting	start	VERB
fsr-3704	141	36	with	with	ADP
fsr-3704	141	37	march	march	PROPN
fsr-3704	141	38	31,1977	31,1977	NUM
fsr-3704	141	39	and	and	CCONJ
fsr-3704	141	40	ending	end	VERB
fsr-3704	141	41	on	on	ADP
fsr-3704	141	42	december	december	PROPN
fsr-3704	141	43	31,1987	31,1987	NUM
fsr-3704	141	44	.	.	PUNCT
fsr-3704	142	1	standard	standard	ADJ
fsr-3704	142	2	market	market	NOUN
fsr-3704	142	3	model	model	NOUN
fsr-3704	142	4	regressions	regression	NOUN
fsr-3704	142	5	were	be	AUX
fsr-3704	142	6	performed	perform	VERB
fsr-3704	142	7	using	use	VERB
fsr-3704	142	8	monthly	monthly	ADJ
fsr-3704	142	9	stock	stock	NOUN
fsr-3704	142	10	returns	return	NOUN
fsr-3704	142	11	in	in	ADP
fsr-3704	142	12	excess	excess	NOUN
fsr-3704	142	13	of	of	ADP
fsr-3704	142	14	90	90	NUM
fsr-3704	142	15	-	-	PUNCT
fsr-3704	142	16	day	day	NOUN
fsr-3704	142	17	treasury	treasury	NOUN
fsr-3704	142	18	bills	bill	NOUN
fsr-3704	142	19	.	.	PUNCT
fsr-3704	143	1	the	the	DET
fsr-3704	143	2	s&p500	s&p500	NOUN
fsr-3704	143	3	was	be	AUX
fsr-3704	143	4	used	use	VERB
fsr-3704	143	5	as	as	ADP
fsr-3704	143	6	the	the	DET
fsr-3704	143	7	market	market	NOUN
fsr-3704	143	8	portfolio	portfolio	NOUN
fsr-3704	143	9	proxy	proxy	NOUN
fsr-3704	143	10	.	.	PUNCT
fsr-3704	144	1	the	the	DET
fsr-3704	144	2	average	average	ADJ
fsr-3704	144	3	beta	beta	NOUN
fsr-3704	144	4	of	of	ADP
fsr-3704	144	5	the	the	DET
fsr-3704	144	6	94	94	NUM
fsr-3704	144	7	mutual	mutual	ADJ
fsr-3704	144	8	funds	fund	NOUN
fsr-3704	144	9	is	be	AUX
fsr-3704	144	10	shown	show	VERB
fsr-3704	144	11	in	in	ADP
fsr-3704	144	12	figure	figure	NOUN
fsr-3704	144	13	2	2	NUM
fsr-3704	144	14	for	for	ADP
fsr-3704	144	15	each	each	DET
fsr-3704	144	16	quarter	quarter	NOUN
fsr-3704	144	17	-	-	PUNCT
fsr-3704	144	18	end	end	NOUN
fsr-3704	144	19	in	in	ADP
fsr-3704	144	20	our	our	PRON
fsr-3704	144	21	sample	sample	NOUN
fsr-3704	144	22	period	period	NOUN
fsr-3704	144	23	.	.	PUNCT
fsr-3704	145	1	during	during	ADP
fsr-3704	145	2	the	the	DET
fsr-3704	145	3	late	late	ADJ
fsr-3704	145	4	1970	1970	NUM
fsr-3704	145	5	’s	’s	NOUN
fsr-3704	145	6	,	,	PUNCT
fsr-3704	145	7	the	the	DET
fsr-3704	145	8	equity	equity	NOUN
fsr-3704	145	9	risk	risk	NOUN
fsr-3704	145	10	exposure	exposure	NOUN
fsr-3704	145	11	of	of	ADP
fsr-3704	145	12	the	the	DET
fsr-3704	145	13	average	average	ADJ
fsr-3704	145	14	fund	fund	NOUN
fsr-3704	145	15	was	be	AUX
fsr-3704	145	16	about	about	ADV
fsr-3704	145	17	1	1	NUM
fsr-3704	145	18	.o	.o	NOUN
fsr-3704	145	19	.	.	PUNCT
fsr-3704	146	1	however	however	ADV
fsr-3704	146	2	,	,	PUNCT
fsr-3704	146	3	during	during	ADP
fsr-3704	146	4	the	the	DET
fsr-3704	146	5	early	early	ADJ
fsr-3704	146	6	1980	1980	NUM
fsr-3704	146	7	’s	’s	NOUN
fsr-3704	146	8	.	.	PUNCT
fsr-3704	147	1	average	average	ADJ
fsr-3704	147	2	fund	fund	NOUN
fsr-3704	147	3	betas	beta	NOUN
fsr-3704	147	4	declined	decline	VERB
fsr-3704	147	5	to	to	ADP
fsr-3704	147	6	about	about	ADV
fsr-3704	147	7	0.85	0.85	NUM
fsr-3704	147	8	and	and	CCONJ
fsr-3704	147	9	(	(	PUNCT
fsr-3704	147	10	with	with	ADP
fsr-3704	147	11	some	some	DET
fsr-3704	147	12	variability	variability	NOUN
fsr-3704	147	13	)	)	PUNCT
fsr-3704	147	14	remained	remain	VERB
fsr-3704	147	15	below	below	ADP
fsr-3704	147	16	1	1	NUM
fsr-3704	147	17	.o	.o	NOUN
fsr-3704	147	18	through	through	ADP
fsr-3704	147	19	1988	1988	NUM
fsr-3704	147	20	.	.	PUNCT
fsr-3704	148	1	b.	b.	VERB
fsr-3704	148	2	the	the	DET
fsr-3704	148	3	extent	extent	NOUN
fsr-3704	148	4	of	of	ADP
fsr-3704	148	5	active	active	ADJ
fsr-3704	148	6	asset	asset	NOUN
fsr-3704	148	7	allocation	allocation	NOUN
fsr-3704	148	8	to	to	PART
fsr-3704	148	9	evaluate	evaluate	VERB
fsr-3704	148	10	the	the	DET
fsr-3704	148	11	extent	extent	NOUN
fsr-3704	148	12	to	to	PART
fsr-3704	148	13	which	which	PRON
fsr-3704	148	14	managers	manager	NOUN
fsr-3704	148	15	employ	employ	VERB
fsr-3704	148	16	active	active	ADJ
fsr-3704	148	17	asset	asset	NOUN
fsr-3704	148	18	allocation	allocation	NOUN
fsr-3704	148	19	in	in	ADP
fsr-3704	148	20	portfolio	portfolio	NOUN
fsr-3704	148	21	management	management	NOUN
fsr-3704	148	22	,	,	PUNCT
fsr-3704	148	23	we	we	PRON
fsr-3704	148	24	first	first	ADV
fsr-3704	148	25	examine	examine	VERB
fsr-3704	148	26	data	datum	NOUN
fsr-3704	148	27	for	for	ADP
fsr-3704	148	28	each	each	DET
fsr-3704	148	29	quarter	quarter	NOUN
fsr-3704	148	30	across	across	ADP
fsr-3704	148	31	all	all	DET
fsr-3704	148	32	managers	manager	NOUN
fsr-3704	148	33	and	and	CCONJ
fsr-3704	148	34	then	then	ADV
fsr-3704	148	35	examine	examine	VERB
fsr-3704	148	36	data	datum	NOUN
fsr-3704	148	37	for	for	ADP
fsr-3704	148	38	each	each	DET
fsr-3704	148	39	manager	manager	NOUN
fsr-3704	148	40	across	across	ADP
fsr-3704	148	41	all	all	DET
fsr-3704	148	42	quarters	quarter	NOUN
fsr-3704	148	43	.	.	PUNCT
fsr-3704	149	1	consider	consider	VERB
fsr-3704	149	2	the	the	DET
fsr-3704	149	3	two	two	NUM
fsr-3704	149	4	panels	panel	NOUN
fsr-3704	149	5	of	of	ADP
fsr-3704	149	6	figure	figure	NOUN
fsr-3704	149	7	3	3	NUM
fsr-3704	149	8	.	.	PUNCT
fsr-3704	150	1	in	in	ADP
fsr-3704	150	2	panel	panel	NOUN
fsr-3704	150	3	a	a	PRON
fsr-3704	150	4	,	,	PUNCT
fsr-3704	150	5	average	average	ADJ
fsr-3704	150	6	active	active	ADJ
fsr-3704	150	7	asset	asset	NOUN
fsr-3704	150	8	allocation	allocation	NOUN
fsr-3704	150	9	(	(	PUNCT
fsr-3704	150	10	aaa	aaa	NOUN
fsr-3704	150	11	)	)	PUNCT
fsr-3704	150	12	is	be	AUX
fsr-3704	150	13	shown	show	VERB
fsr-3704	150	14	for	for	ADP
fsr-3704	150	15	each	each	DET
fsr-3704	150	16	quarter	quarter	NOUN
fsr-3704	150	17	in	in	ADP
fsr-3704	150	18	the	the	DET
fsr-3704	150	19	sample	sample	NOUN
fsr-3704	150	20	.	.	PUNCT
fsr-3704	151	1	in	in	ADP
fsr-3704	151	2	panel	panel	NOUN
fsr-3704	151	3	b	b	PROPN
fsr-3704	151	4	,	,	PUNCT
fsr-3704	151	5	the	the	DET
fsr-3704	151	6	average	average	ADJ
fsr-3704	151	7	passive	passive	ADJ
fsr-3704	151	8	asset	asset	NOUN
fsr-3704	151	9	allocation	allocation	NOUN
fsr-3704	151	10	(	(	PUNCT
fsr-3704	151	11	paa	paa	PROPN
fsr-3704	151	12	)	)	PUNCT
fsr-3704	151	13	is	be	AUX
fsr-3704	151	14	shown	show	VERB
fsr-3704	151	15	.	.	PUNCT
fsr-3704	152	1	i1	i1	PROPN
fsr-3704	152	2	vertical	vertical	PROPN
fsr-3704	152	3	scales	scale	NOUN
fsr-3704	152	4	of	of	ADP
fsr-3704	152	5	both	both	DET
fsr-3704	152	6	panels	panel	NOUN
fsr-3704	152	7	are	be	AUX
fsr-3704	152	8	30	30	NUM
fsr-3704	152	9	panel	panel	NOUN
fsr-3704	152	10	a.	a.	NOUN
fsr-3704	152	11	financial	financial	PROPN
fsr-3704	152	12	services	services	PROPN
fsr-3704	152	13	review	review	PROPN
fsr-3704	152	14	,	,	PUNCT
fsr-3704	152	15	2(l	2(l	NUM
fsr-3704	152	16	)	)	PUNCT
fsr-3704	152	17	19!wl!w3	19!wl!w3	NUM
fsr-3704	152	18	-0.08	-0.08	NUM
fsr-3704	152	19	-0.1	-0.1	NOUN
fsr-3704	152	20	111111111,,1,,,1,,,,11,,,,,,,,,,,,,,~~,,,1	111111111,,1,,,1,,,,11,,,,,,,,,,,,,,~~,,,1	NUM
fsr-3704	152	21	,	,	PUNCT
fsr-3704	152	22	,	,	PUNCT
fsr-3704	152	23	,	,	PUNCT
fsr-3704	152	24	7712	7712	NUM
fsr-3704	152	25	7612	7612	NUM
fsr-3704	152	26	7912	7912	NUM
fsr-3704	152	27	8012	8012	NUM
fsr-3704	152	28	6112	6112	NUM
fsr-3704	152	29	8212	8212	NUM
fsr-3704	152	30	8312	8312	NUM
fsr-3704	152	31	6412	6412	NUM
fsr-3704	152	32	8612	8612	NUM
fsr-3704	152	33	8612	8612	NUM
fsr-3704	152	34	8712	8712	NUM
fsr-3704	152	35	quarter	quarter	NOUN
fsr-3704	152	36	panel	panel	NOUN
fsr-3704	152	37	b.	b.	PROPN
fsr-3704	152	38	quarter	quarter	PROPN
fsr-3704	152	39	figure	figure	NOUN
fsr-3704	152	40	3	3	NUM
fsr-3704	152	41	.	.	PUNCT
fsr-3704	152	42	panel	panel	NOUN
fsr-3704	152	43	a	a	DET
fsr-3704	152	44	:	:	PUNCT
fsr-3704	152	45	average	average	ADJ
fsr-3704	152	46	active	active	ADJ
fsr-3704	152	47	asset	asset	NOUN
fsr-3704	152	48	allocation	allocation	NOUN
fsr-3704	152	49	.	.	PUNCT
fsr-3704	153	1	panel	panel	NOUN
fsr-3704	153	2	b	b	X
fsr-3704	153	3	:	:	PUNCT
fsr-3704	153	4	average	average	ADJ
fsr-3704	153	5	passive	passive	ADJ
fsr-3704	153	6	asset	asset	NOUN
fsr-3704	153	7	allocation	allocation	NOUN
fsr-3704	153	8	.	.	PUNCT
fsr-3704	154	1	active	active	ADJ
fsr-3704	154	2	timing	timing	NOUN
fsr-3704	154	3	decisions	decision	NOUN
fsr-3704	154	4	of	of	ADP
fsr-3704	154	5	equity	equity	NOUN
fsr-3704	154	6	muhd	muhd	PROPN
fsr-3704	154	7	funds	fund	VERB
fsr-3704	154	8	31	31	NUM
fsr-3704	154	9	identical	identical	ADJ
fsr-3704	154	10	.	.	PUNCT
fsr-3704	155	1	the	the	DET
fsr-3704	155	2	average	average	ADJ
fsr-3704	155	3	aaa	aaa	NOUN
fsr-3704	155	4	was	be	AUX
fsr-3704	155	5	negative	negative	ADJ
fsr-3704	155	6	in	in	ADP
fsr-3704	155	7	twenty	twenty	NUM
fsr-3704	155	8	-	-	PUNCT
fsr-3704	155	9	six	six	NUM
fsr-3704	155	10	quarters	quarter	NOUN
fsr-3704	155	11	versus	versus	ADP
fsr-3704	155	12	nineteen	nineteen	NUM
fsr-3704	155	13	positive	positive	ADJ
fsr-3704	155	14	quarters	quarter	NOUN
fsr-3704	155	15	.	.	PUNCT
fsr-3704	156	1	average	average	ADJ
fsr-3704	156	2	quarterly	quarterly	ADJ
fsr-3704	156	3	aaa	aaa	NOUN
fsr-3704	156	4	values	value	NOUN
fsr-3704	156	5	ranged	range	VERB
fsr-3704	156	6	from	from	ADP
fsr-3704	156	7	+0.09	+0.09	NUM
fsr-3704	156	8	to	to	PART
fsr-3704	156	9	-0.089	-0.089	VERB
fsr-3704	156	10	.	.	PUNCT
fsr-3704	157	1	recall	recall	VERB
fsr-3704	157	2	that	that	SCONJ
fsr-3704	157	3	an	an	DET
fsr-3704	157	4	aaa	aaa	NOUN
fsr-3704	157	5	value	value	NOUN
fsr-3704	157	6	of	of	ADP
fsr-3704	157	7	+0.09	+0.09	NUM
fsr-3704	157	8	means	mean	VERB
fsr-3704	157	9	that	that	SCONJ
fsr-3704	157	10	the	the	DET
fsr-3704	157	11	equity	equity	NOUN
fsr-3704	157	12	risk	risk	NOUN
fsr-3704	157	13	exposure	exposure	NOUN
fsr-3704	157	14	(	(	PUNCT
fsr-3704	157	15	fund	fund	NOUN
fsr-3704	157	16	beta	beta	NOUN
fsr-3704	157	17	)	)	PUNCT
fsr-3704	157	18	was	be	AUX
fsr-3704	157	19	actively	actively	ADV
fsr-3704	157	20	increased	increase	VERB
fsr-3704	157	21	by	by	ADP
fsr-3704	157	22	0.09	0.09	NUM
fsr-3704	157	23	.	.	PUNCT
fsr-3704	158	1	during	during	ADP
fsr-3704	158	2	the	the	DET
fsr-3704	158	3	quarter	quarter	NOUN
fsr-3704	158	4	in	in	ADP
fsr-3704	158	5	which	which	PRON
fsr-3704	158	6	black	black	ADJ
fsr-3704	158	7	monday	monday	PROPN
fsr-3704	158	8	occurred	occur	VERB
fsr-3704	158	9	,	,	PUNCT
fsr-3704	158	10	aaa	aaa	NOUN
fsr-3704	158	11	was	be	AUX
fsr-3704	158	12	not	not	PART
fsr-3704	158	13	unusually	unusually	ADV
fsr-3704	158	14	different	different	ADJ
fsr-3704	158	15	from	from	ADP
fsr-3704	158	16	other	other	ADJ
fsr-3704	158	17	quarters	quarter	NOUN
fsr-3704	158	18	.	.	PUNCT
fsr-3704	159	1	as	as	SCONJ
fsr-3704	159	2	would	would	AUX
fsr-3704	159	3	be	be	AUX
fsr-3704	159	4	expected	expect	VERB
fsr-3704	159	5	,	,	PUNCT
fsr-3704	159	6	the	the	DET
fsr-3704	159	7	black	black	ADJ
fsr-3704	159	8	monday	monday	PROPN
fsr-3704	159	9	quarter	quarter	NOUN
fsr-3704	159	10	displays	display	VERB
fsr-3704	159	11	the	the	DET
fsr-3704	159	12	largest	large	ADJ
fsr-3704	159	13	negative	negative	ADJ
fsr-3704	159	14	passive	passive	ADJ
fsr-3704	159	15	asset	asset	NOUN
fsr-3704	159	16	allocation	allocation	NOUN
fsr-3704	159	17	.	.	PUNCT
fsr-3704	160	1	however	however	ADV
fsr-3704	160	2	,	,	PUNCT
fsr-3704	160	3	the	the	DET
fsr-3704	160	4	important	important	ADJ
fsr-3704	160	5	point	point	NOUN
fsr-3704	160	6	communicated	communicate	VERB
fsr-3704	160	7	by	by	ADP
fsr-3704	160	8	the	the	DET
fsr-3704	160	9	panels	panel	NOUN
fsr-3704	160	10	in	in	ADP
fsr-3704	160	11	figure	figure	NOUN
fsr-3704	160	12	3	3	NUM
fsr-3704	160	13	is	be	AUX
fsr-3704	160	14	that	that	SCONJ
fsr-3704	160	15	active	active	ADJ
fsr-3704	160	16	asset	asset	NOUN
fsr-3704	160	17	allocation	allocation	NOUN
fsr-3704	160	18	by	by	ADP
fsr-3704	160	19	mutual	mutual	ADJ
fsr-3704	160	20	fund	fund	NOUN
fsr-3704	160	21	managers	manager	NOUN
fsr-3704	160	22	clearly	clearly	ADV
fsr-3704	160	23	dominates	dominate	VERB
fsr-3704	160	24	passive	passive	ADJ
fsr-3704	160	25	asset	asset	NOUN
fsr-3704	160	26	allo	allo	NOUN
fsr-3704	160	27	cation	cation	NOUN
fsr-3704	160	28	.	.	PUNCT
fsr-3704	161	1	managers	manager	NOUN
fsr-3704	161	2	do	do	AUX
fsr-3704	161	3	engage	engage	VERB
fsr-3704	161	4	in	in	ADP
fsr-3704	161	5	active	active	ADJ
fsr-3704	161	6	asset	asset	NOUN
fsr-3704	161	7	allocation	allocation	NOUN
fsr-3704	161	8	.	.	PUNCT
fsr-3704	162	1	the	the	DET
fsr-3704	162	2	degree	degree	NOUN
fsr-3704	162	3	to	to	PART
fsr-3704	162	4	which	which	PRON
fsr-3704	162	5	managers	manager	NOUN
fsr-3704	162	6	engage	engage	VERB
fsr-3704	162	7	in	in	ADP
fsr-3704	162	8	active	active	ADJ
fsr-3704	162	9	asset	asset	NOUN
fsr-3704	162	10	allocation	allocation	NOUN
fsr-3704	162	11	is	be	AUX
fsr-3704	162	12	even	even	ADV
fsr-3704	162	13	better	well	ADV
fsr-3704	162	14	seen	see	VERB
fsr-3704	162	15	in	in	ADP
fsr-3704	162	16	the	the	DET
fsr-3704	162	17	data	datum	NOUN
fsr-3704	162	18	displayed	display	VERB
fsr-3704	162	19	in	in	ADP
fsr-3704	162	20	table	table	NOUN
fsr-3704	162	21	1	1	NUM
fsr-3704	162	22	.	.	PUNCT
fsr-3704	163	1	for	for	ADP
fsr-3704	163	2	example	example	NOUN
fsr-3704	163	3	,	,	PUNCT
fsr-3704	163	4	during	during	ADP
fsr-3704	163	5	the	the	DET
fsr-3704	163	6	quarter	quarter	NOUN
fsr-3704	163	7	ended	end	VERB
fsr-3704	163	8	june	june	PROPN
fsr-3704	163	9	30	30	NUM
fsr-3704	163	10	,	,	PUNCT
fsr-3704	163	11	1977	1977	NUM
fsr-3704	163	12	,	,	PUNCT
fsr-3704	163	13	the	the	DET
fsr-3704	163	14	average	average	ADJ
fsr-3704	163	15	aaa	aaa	NOUN
fsr-3704	163	16	was	be	AUX
fsr-3704	163	17	+0.09	+0.09	PROPN
fsr-3704	163	18	.	.	PUNCT
fsr-3704	164	1	but	but	CCONJ
fsr-3704	164	2	the	the	DET
fsr-3704	164	3	standard	standard	ADJ
fsr-3704	164	4	deviation	deviation	NOUN
fsr-3704	164	5	of	of	ADP
fsr-3704	164	6	aaa	aaa	NOUN
fsr-3704	164	7	across	across	ADP
fsr-3704	164	8	all	all	DET
fsr-3704	164	9	managers	manager	NOUN
fsr-3704	164	10	was	be	AUX
fsr-3704	164	11	0.115	0.115	NUM
fsr-3704	164	12	.	.	PUNCT
fsr-3704	165	1	the	the	DET
fsr-3704	165	2	largest	large	ADJ
fsr-3704	165	3	active	active	ADJ
fsr-3704	165	4	decrease	decrease	NOUN
fsr-3704	165	5	in	in	ADP
fsr-3704	165	6	a	a	DET
fsr-3704	165	7	fund	fund	NOUN
fsr-3704	165	8	’s	’s	PART
fsr-3704	165	9	beta	beta	NOUN
fsr-3704	165	10	during	during	ADP
fsr-3704	165	11	this	this	DET
fsr-3704	165	12	quarter	quarter	NOUN
fsr-3704	165	13	was	be	AUX
fsr-3704	165	14	a	a	DET
fsr-3704	165	15	negative	negative	ADJ
fsr-3704	165	16	0.118	0.118	NUM
fsr-3704	165	17	and	and	CCONJ
fsr-3704	165	18	the	the	DET
fsr-3704	165	19	largest	large	ADJ
fsr-3704	165	20	increase	increase	NOUN
fsr-3704	165	21	was	be	AUX
fsr-3704	165	22	+0.683	+0.683	ADJ
fsr-3704	165	23	.	.	PUNCT
fsr-3704	166	1	the	the	DET
fsr-3704	166	2	data	datum	NOUN
fsr-3704	166	3	in	in	ADP
fsr-3704	166	4	this	this	DET
fsr-3704	166	5	table	table	NOUN
fsr-3704	166	6	show	show	VERB
fsr-3704	166	7	clearly	clearly	ADV
fsr-3704	166	8	that	that	SCONJ
fsr-3704	166	9	active	active	ADJ
fsr-3704	166	10	asset	asset	NOUN
fsr-3704	166	11	allocations	allocation	NOUN
fsr-3704	166	12	within	within	ADP
fsr-3704	166	13	a	a	DET
fsr-3704	166	14	single	single	ADJ
fsr-3704	166	15	quarter	quarter	NOUN
fsr-3704	166	16	can	can	AUX
fsr-3704	166	17	be	be	AUX
fsr-3704	166	18	sizeable	sizeable	ADJ
fsr-3704	166	19	.	.	PUNCT
fsr-3704	167	1	information	information	NOUN
fsr-3704	167	2	about	about	ADP
fsr-3704	167	3	each	each	DET
fsr-3704	167	4	manager	manager	NOUN
fsr-3704	167	5	over	over	ADP
fsr-3704	167	6	time	time	NOUN
fsr-3704	167	7	is	be	AUX
fsr-3704	167	8	shown	show	VERB
fsr-3704	167	9	in	in	ADP
fsr-3704	167	10	table	table	NOUN
fsr-3704	167	11	2	2	NUM
fsr-3704	167	12	.	.	PUNCT
fsr-3704	168	1	for	for	ADP
fsr-3704	168	2	each	each	DET
fsr-3704	168	3	manager	manager	NOUN
fsr-3704	168	4	,	,	PUNCT
fsr-3704	168	5	the	the	DET
fsr-3704	168	6	average	average	ADJ
fsr-3704	168	7	and	and	CCONJ
fsr-3704	168	8	standard	standard	ADJ
fsr-3704	168	9	deviation	deviation	NOUN
fsr-3704	168	10	of	of	ADP
fsr-3704	168	11	their	their	PRON
fsr-3704	168	12	quarterly	quarterly	ADJ
fsr-3704	168	13	aaa	aaa	NOUN
fsr-3704	168	14	variable	variable	NOUN
fsr-3704	168	15	is	be	AUX
fsr-3704	168	16	shown	show	VERB
fsr-3704	168	17	.	.	PUNCT
fsr-3704	169	1	for	for	ADP
fsr-3704	169	2	presentation	presentation	NOUN
fsr-3704	169	3	purposes	purpose	NOUN
fsr-3704	169	4	,	,	PUNCT
fsr-3704	169	5	the	the	DET
fsr-3704	169	6	data	datum	NOUN
fsr-3704	169	7	are	be	AUX
fsr-3704	169	8	sorted	sort	VERB
fsr-3704	169	9	by	by	ADP
fsr-3704	169	10	standard	standard	ADJ
fsr-3704	169	11	deviations	deviation	NOUN
fsr-3704	169	12	of	of	ADP
fsr-3704	169	13	aaa.12	aaa.12	NOUN
fsr-3704	169	14	standard	standard	ADJ
fsr-3704	169	15	deviations	deviation	NOUN
fsr-3704	169	16	range	range	VERB
fsr-3704	169	17	from	from	ADP
fsr-3704	169	18	0.361	0.361	NUM
fsr-3704	169	19	to	to	ADP
fsr-3704	169	20	0.039	0.039	NUM
fsr-3704	169	21	.	.	PUNCT
fsr-3704	170	1	for	for	ADP
fsr-3704	170	2	comparison	comparison	NOUN
fsr-3704	170	3	with	with	ADP
fsr-3704	170	4	figure	figure	NOUN
fsr-3704	170	5	1	1	NUM
fsr-3704	170	6	,	,	PUNCT
fsr-3704	170	7	amf	amf	PROPN
fsr-3704	170	8	is	be	AUX
fsr-3704	170	9	fund	fund	NOUN
fsr-3704	170	10	number	number	NOUN
fsr-3704	170	11	3	3	NUM
fsr-3704	170	12	with	with	ADP
fsr-3704	170	13	an	an	DET
fsr-3704	170	14	average	average	ADJ
fsr-3704	170	15	aaa	aaa	NOUN
fsr-3704	170	16	of	of	ADP
fsr-3704	170	17	-0.0042	-0.0042	NOUN
fsr-3704	170	18	and	and	CCONJ
fsr-3704	170	19	a	a	DET
fsr-3704	170	20	standard	standard	ADJ
fsr-3704	170	21	deviation	deviation	NOUN
fsr-3704	170	22	of	of	ADP
fsr-3704	170	23	0.0595	0.0595	NUM
fsr-3704	170	24	.	.	PUNCT
fsr-3704	171	1	two	two	NUM
fsr-3704	171	2	conclusions	conclusion	NOUN
fsr-3704	171	3	are	be	AUX
fsr-3704	171	4	evident	evident	ADJ
fsr-3704	171	5	from	from	ADP
fsr-3704	171	6	this	this	DET
fsr-3704	171	7	data	datum	NOUN
fsr-3704	171	8	.	.	PUNCT
fsr-3704	172	1	first	first	ADV
fsr-3704	172	2	,	,	PUNCT
fsr-3704	172	3	the	the	DET
fsr-3704	172	4	extent	extent	NOUN
fsr-3704	172	5	to	to	PART
fsr-3704	172	6	which	which	PRON
fsr-3704	172	7	managers	manager	NOUN
fsr-3704	172	8	engage	engage	VERB
fsr-3704	172	9	in	in	ADP
fsr-3704	172	10	active	active	ADJ
fsr-3704	172	11	management	management	NOUN
fsr-3704	172	12	of	of	ADP
fsr-3704	172	13	portfolio	portfolio	NOUN
fsr-3704	172	14	risk	risk	NOUN
fsr-3704	172	15	exposure	exposure	NOUN
fsr-3704	172	16	varies	vary	VERB
fsr-3704	172	17	.	.	PUNCT
fsr-3704	173	1	second	second	ADJ
fsr-3704	173	2	,	,	PUNCT
fsr-3704	173	3	for	for	ADP
fsr-3704	173	4	the	the	DET
fsr-3704	173	5	typical	typical	ADJ
fsr-3704	173	6	manager	manager	NOUN
fsr-3704	173	7	,	,	PUNCT
fsr-3704	173	8	portfolio	portfolio	NOUN
fsr-3704	173	9	risk	risk	NOUN
fsr-3704	173	10	exposure	exposure	NOUN
fsr-3704	173	11	is	be	AUX
fsr-3704	173	12	actively	actively	ADV
fsr-3704	173	13	managed	manage	VERB
fsr-3704	173	14	and	and	CCONJ
fsr-3704	173	15	can	can	AUX
fsr-3704	173	16	change	change	VERB
fsr-3704	173	17	substantially	substantially	ADV
fsr-3704	173	18	over	over	ADP
fsr-3704	173	19	the	the	DET
fsr-3704	173	20	course	course	NOUN
fsr-3704	173	21	of	of	ADP
fsr-3704	173	22	only	only	ADV
fsr-3704	173	23	three	three	NUM
fsr-3704	173	24	months	month	NOUN
fsr-3704	173	25	.	.	PUNCT
fsr-3704	174	1	although	although	SCONJ
fsr-3704	174	2	not	not	PART
fsr-3704	174	3	shown	show	VERB
fsr-3704	174	4	here	here	ADV
fsr-3704	174	5	,	,	PUNCT
fsr-3704	174	6	most	most	ADJ
fsr-3704	174	7	of	of	ADP
fsr-3704	174	8	the	the	DET
fsr-3704	174	9	changes	change	NOUN
fsr-3704	174	10	in	in	ADP
fsr-3704	174	11	portfolio	portfolio	NOUN
fsr-3704	174	12	betas	beta	NOUN
fsr-3704	174	13	are	be	AUX
fsr-3704	174	14	due	due	ADJ
fsr-3704	174	15	to	to	ADP
fsr-3704	174	16	changes	change	NOUN
fsr-3704	174	17	in	in	ADP
fsr-3704	174	18	a	a	DET
fsr-3704	174	19	portfolio	portfolio	NOUN
fsr-3704	174	20	’s	’s	PART
fsr-3704	174	21	stock	stock	NOUN
fsr-3704	174	22	to	to	ADP
fsr-3704	174	23	total	total	ADJ
fsr-3704	174	24	assets	asset	NOUN
fsr-3704	174	25	ratio	ratio	NOUN
fsr-3704	174	26	.	.	PUNCT
fsr-3704	175	1	the	the	DET
fsr-3704	175	2	beta	beta	NOUN
fsr-3704	175	3	of	of	ADP
fsr-3704	175	4	equity	equity	NOUN
fsr-3704	175	5	securities	security	NOUN
fsr-3704	175	6	held	hold	VERB
fsr-3704	175	7	is	be	AUX
fsr-3704	175	8	much	much	ADV
fsr-3704	175	9	less	less	ADV
fsr-3704	175	10	variable	variable	ADJ
fsr-3704	175	11	;	;	PUNCT
fsr-3704	175	12	managers	manager	NOUN
fsr-3704	175	13	seemed	seem	VERB
fsr-3704	175	14	to	to	PART
fsr-3704	175	15	maintain	maintain	VERB
fsr-3704	175	16	fairly	fairly	ADV
fsr-3704	175	17	constant	constant	ADJ
fsr-3704	175	18	equity	equity	NOUN
fsr-3704	175	19	portfolio	portfolio	NOUN
fsr-3704	175	20	betas	beta	NOUN
fsr-3704	175	21	and	and	CCONJ
fsr-3704	175	22	altered	alter	VERB
fsr-3704	175	23	portfolio	portfolio	NOUN
fsr-3704	175	24	equity	equity	NOUN
fsr-3704	175	25	risk	risk	NOUN
fsr-3704	175	26	by	by	ADP
fsr-3704	175	27	increasing	increase	VERB
fsr-3704	175	28	or	or	CCONJ
fsr-3704	175	29	decreasing	decrease	VERB
fsr-3704	175	30	the	the	DET
fsr-3704	175	31	percentage	percentage	NOUN
fsr-3704	175	32	of	of	ADP
fsr-3704	175	33	assets	asset	NOUN
fsr-3704	175	34	held	hold	VERB
fsr-3704	175	35	in	in	ADP
fsr-3704	175	36	equities	equity	NOUN
fsr-3704	175	37	.	.	PUNCT
fsr-3704	176	1	we	we	PRON
fsr-3704	176	2	fiid	fiid	VERB
fsr-3704	176	3	this	this	PRON
fsr-3704	176	4	comforting	comfort	VERB
fsr-3704	176	5	for	for	ADP
fsr-3704	176	6	two	two	NUM
fsr-3704	176	7	reasons	reason	NOUN
fsr-3704	176	8	.	.	PUNCT
fsr-3704	177	1	first	first	ADV
fsr-3704	177	2	,	,	PUNCT
fsr-3704	177	3	although	although	SCONJ
fsr-3704	177	4	we	we	PRON
fsr-3704	177	5	might	might	AUX
fsr-3704	177	6	estimate	estimate	VERB
fsr-3704	177	7	stock	stock	NOUN
fsr-3704	177	8	betas	beta	NOUN
fsr-3704	177	9	with	with	ADP
fsr-3704	177	10	an	an	DET
fsr-3704	177	11	error	error	NOUN
fsr-3704	177	12	since	since	SCONJ
fsr-3704	177	13	they	they	PRON
fsr-3704	177	14	are	be	AUX
fsr-3704	177	15	based	base	VERB
fsr-3704	177	16	on	on	ADP
fsr-3704	177	17	prior	prior	ADJ
fsr-3704	177	18	5	5	NUM
fsr-3704	177	19	-	-	PUNCT
fsr-3704	177	20	year	year	NOUN
fsr-3704	177	21	returns	return	NOUN
fsr-3704	177	22	,	,	PUNCT
fsr-3704	177	23	there	there	PRON
fsr-3704	177	24	is	be	VERB
fsr-3704	177	25	virtually	virtually	ADV
fsr-3704	177	26	no	no	DET
fsr-3704	177	27	error	error	NOUN
fsr-3704	177	28	in	in	ADP
fsr-3704	177	29	measuring	measure	VERB
fsr-3704	177	30	the	the	DET
fsr-3704	177	31	stock	stock	NOUN
fsr-3704	177	32	to	to	ADP
fsr-3704	177	33	asset	asset	NOUN
fsr-3704	177	34	ratio	ratio	NOUN
fsr-3704	177	35	.	.	PUNCT
fsr-3704	178	1	second	second	ADJ
fsr-3704	178	2	,	,	PUNCT
fsr-3704	178	3	although	although	SCONJ
fsr-3704	178	4	equity	equity	NOUN
fsr-3704	178	5	betas	beta	NOUN
fsr-3704	178	6	might	might	AUX
fsr-3704	178	7	change	change	VERB
fsr-3704	178	8	by	by	ADP
fsr-3704	178	9	pure	pure	ADJ
fsr-3704	178	10	chance	chance	NOUN
fsr-3704	178	11	as	as	SCONJ
fsr-3704	178	12	a	a	DET
fsr-3704	178	13	manager	manager	NOUN
fsr-3704	178	14	engages	engage	VERB
fsr-3704	178	15	in	in	ADP
fsr-3704	178	16	stock	stock	NOUN
fsr-3704	178	17	selection	selection	NOUN
fsr-3704	178	18	activities	activity	NOUN
fsr-3704	178	19	,	,	PUNCT
fsr-3704	178	20	changes	change	NOUN
fsr-3704	178	21	in	in	ADP
fsr-3704	178	22	stock	stock	NOUN
fsr-3704	178	23	to	to	ADP
fsr-3704	178	24	asset	asset	NOUN
fsr-3704	178	25	ratios	ratio	NOUN
fsr-3704	178	26	are	be	AUX
fsr-3704	178	27	closely	closely	ADV
fsr-3704	178	28	monitored	monitor	VERB
fsr-3704	178	29	by	by	ADP
fsr-3704	178	30	managers	manager	NOUN
fsr-3704	178	31	and	and	CCONJ
fsr-3704	178	32	made	make	VERB
fsr-3704	178	33	largely	largely	ADV
fsr-3704	178	34	for	for	ADP
fsr-3704	178	35	the	the	DET
fsr-3704	178	36	purpose	purpose	NOUN
fsr-3704	178	37	of	of	ADP
fsr-3704	178	38	market	market	NOUN
fsr-3704	178	39	timing.t3	timing.t3	PROPN
fsr-3704	178	40	c.	c.	NOUN
fsr-3704	178	41	determinants	determinant	NOUN
fsr-3704	178	42	of	of	ADP
fsr-3704	178	43	active	active	ADJ
fsr-3704	178	44	asset	asset	NOUN
fsr-3704	178	45	allocation	allocation	NOUN
fsr-3704	178	46	decisions	decision	NOUN
fsr-3704	178	47	five	five	NUM
fsr-3704	178	48	regression	regression	NOUN
fsr-3704	178	49	models	model	NOUN
fsr-3704	178	50	are	be	AUX
fsr-3704	178	51	shown	show	VERB
fsr-3704	178	52	in	in	ADP
fsr-3704	178	53	table	table	NOUN
fsr-3704	178	54	3	3	NUM
fsr-3704	178	55	which	which	PRON
fsr-3704	178	56	use	use	VERB
fsr-3704	178	57	a	a	DET
fsr-3704	178	58	standardized	standardized	ADJ
fsr-3704	178	59	measure	measure	NOUN
fsr-3704	178	60	of	of	ADP
fsr-3704	178	61	active	active	ADJ
fsr-3704	178	62	asset	asset	NOUN
fsr-3704	178	63	allocation	allocation	NOUN
fsr-3704	178	64	as	as	ADP
fsr-3704	178	65	the	the	DET
fsr-3704	178	66	dependent	dependent	ADJ
fsr-3704	178	67	variable	variable	NOUN
fsr-3704	178	68	.	.	PUNCT
fsr-3704	179	1	all	all	DET
fsr-3704	179	2	observations	observation	NOUN
fsr-3704	179	3	were	be	AUX
fsr-3704	179	4	pooled	pool	VERB
fsr-3704	179	5	.	.	PUNCT
fsr-3704	180	1	thus	thus	ADV
fsr-3704	180	2	,	,	PUNCT
fsr-3704	180	3	it	it	PRON
fsr-3704	180	4	is	be	AUX
fsr-3704	180	5	possible	possible	ADJ
fsr-3704	180	6	that	that	SCONJ
fsr-3704	180	7	strategies	strategy	NOUN
fsr-3704	180	8	used	use	VERB
fsr-3704	180	9	by	by	ADP
fsr-3704	180	10	certain	certain	ADJ
fsr-3704	180	11	managers	manager	NOUN
fsr-3704	180	12	might	might	AUX
fsr-3704	180	13	offset	offset	VERB
fsr-3704	180	14	opposite	opposite	ADJ
fsr-3704	180	15	strategies	strategy	NOUN
fsr-3704	180	16	used	use	VERB
fsr-3704	180	17	by	by	ADP
fsr-3704	180	18	others	other	NOUN
fsr-3704	180	19	.	.	PUNCT
fsr-3704	181	1	our	our	PRON
fsr-3704	181	2	results	result	NOUN
fsr-3704	181	3	apply	apply	VERB
fsr-3704	181	4	to	to	ADP
fsr-3704	181	5	the	the	DET
fsr-3704	181	6	group	group	NOUN
fsr-3704	181	7	as	as	ADP
fsr-3704	181	8	a	a	DET
fsr-3704	181	9	whole	whole	NOUN
fsr-3704	181	10	.	.	PUNCT
fsr-3704	182	1	earlier	early	ADV
fsr-3704	182	2	we	we	PRON
fsr-3704	182	3	defined	define	VERB
fsr-3704	182	4	aaa	aaa	NOUN
fsr-3704	182	5	as	as	ADP
fsr-3704	182	6	the	the	DET
fsr-3704	182	7	difference	difference	NOUN
fsr-3704	182	8	at	at	ADP
fsr-3704	182	9	the	the	DET
fsr-3704	182	10	end	end	NOUN
fsr-3704	182	11	of	of	ADP
fsr-3704	182	12	a	a	DET
fsr-3704	182	13	quarter	quarter	NOUN
fsr-3704	182	14	between	between	ADP
fsr-3704	182	15	the	the	DET
fsr-3704	182	16	actual	actual	ADJ
fsr-3704	182	17	portfolio	portfolio	NOUN
fsr-3704	182	18	beta	beta	NOUN
fsr-3704	182	19	of	of	ADP
fsr-3704	182	20	a	a	DET
fsr-3704	182	21	manager	manager	NOUN
fsr-3704	182	22	and	and	CCONJ
fsr-3704	182	23	the	the	DET
fsr-3704	182	24	expected	expect	VERB
fsr-3704	182	25	beta	beta	NOUN
fsr-3704	182	26	if	if	SCONJ
fsr-3704	182	27	no	no	DET
fsr-3704	182	28	active	active	ADJ
fsr-3704	182	29	allocation	allocation	NOUN
fsr-3704	182	30	had	have	AUX
fsr-3704	182	31	occurred	occur	VERB
fsr-3704	182	32	.	.	PUNCT
fsr-3704	183	1	because	because	SCONJ
fsr-3704	183	2	managers	manager	NOUN
fsr-3704	183	3	engage	engage	VERB
fsr-3704	183	4	in	in	ADP
fsr-3704	183	5	varying	vary	VERB
fsr-3704	183	6	degrees	degree	NOUN
fsr-3704	183	7	of	of	ADP
fsr-3704	183	8	active	active	ADJ
fsr-3704	183	9	asset	asset	NOUN
fsr-3704	183	10	allocation	allocation	NOUN
fsr-3704	183	11	,	,	PUNCT
fsr-3704	183	12	we	we	PRON
fsr-3704	183	13	standardized	standardize	VERB
fsr-3704	183	14	each	each	DET
fsr-3704	183	15	32	32	NUM
fsr-3704	183	16	financial	financial	ADJ
fsr-3704	183	17	services	service	NOUN
fsr-3704	183	18	review	review	NOUN
fsr-3704	183	19	,	,	PUNCT
fsr-3704	183	20	2(l	2(l	NUM
fsr-3704	183	21	)	)	PUNCT
fsr-3704	183	22	19!ml993	19!ml993	NUM
fsr-3704	183	23	table	table	NOUN
fsr-3704	183	24	1	1	NUM
fsr-3704	183	25	active	active	ADJ
fsr-3704	183	26	asset	asset	NOUN
fsr-3704	183	27	allocation	allocation	NOUN
fsr-3704	183	28	by	by	ADP
fsr-3704	183	29	quarter	quarter	NOUN
fsr-3704	183	30	quarter	quarter	NOUN
fsr-3704	183	31	average	average	ADJ
fsr-3704	183	32	standard	standard	ADJ
fsr-3704	183	33	deviation	deviation	NOUN
fsr-3704	183	34	minimum	minimum	NOUN
fsr-3704	183	35	maximum	maximum	NOUN
fsr-3704	183	36	7706	7706	NUM
fsr-3704	183	37	7709	7709	NUM
fsr-3704	183	38	:	:	PUNCT
fsr-3704	183	39	+	+	PROPN
fsr-3704	183	40	ez	ez	PROPN
fsr-3704	183	41	7712	7712	NUM
fsr-3704	183	42	0:003	0:003	ADJ
fsr-3704	183	43	7803	7803	NUM
fsr-3704	183	44	-0.007	-0.007	SYM
fsr-3704	183	45	7806	7806	NUM
fsr-3704	183	46	0.029	0.029	NUM
fsr-3704	183	47	7809	7809	NUM
fsr-3704	183	48	0.020	0.020	NUM
fsr-3704	183	49	7812	7812	NUM
fsr-3704	183	50	-0.059	-0.059	PUNCT
fsr-3704	183	51	7903	7903	NUM
fsr-3704	183	52	0.013	0.013	NUM
fsr-3704	183	53	;	;	PUNCT
fsr-3704	183	54	z	z	PROPN
fsr-3704	183	55	-0.009	-0.009	PUNCT
fsr-3704	183	56	0.014	0.014	NUM
fsr-3704	183	57	7912	7912	NUM
fsr-3704	183	58	0.058	0.058	NUM
fsr-3704	183	59	8003	8003	NUM
fsr-3704	184	1	-0.028	-0.028	PUNCT
fsr-3704	184	2	%	%	INTJ
fsr-3704	184	3	z	z	NOUN
fsr-3704	184	4	-0.015	-0.015	NUM
fsr-3704	184	5	0.031	0.031	NUM
fsr-3704	184	6	8012	8012	NUM
fsr-3704	184	7	-0.016	-0.016	PUNCT
fsr-3704	184	8	8103	8103	NUM
fsr-3704	184	9	0.003	0.003	NUM
fsr-3704	184	10	8106	8106	NUM
fsr-3704	184	11	-0.039	-0.039	NOUN
fsr-3704	184	12	8109	8109	NUM
fsr-3704	184	13	-0.061	-0.061	SYM
fsr-3704	184	14	8112	8112	NUM
fsr-3704	184	15	-0.007	-0.007	PROPN
fsr-3704	184	16	8203	8203	NUM
fsr-3704	184	17	-0.089	-0.089	X
fsr-3704	184	18	8206	8206	NUM
fsr-3704	184	19	-0.007	-0.007	NOUN
fsr-3704	184	20	8209	8209	NUM
fsr-3704	184	21	0.045	0.045	NUM
fsr-3704	184	22	8212	8212	NUM
fsr-3704	184	23	8303	8303	NUM
fsr-3704	184	24	:	:	PUNCT
fsr-3704	184	25	iz	iz	INTJ
fsr-3704	184	26	8306	8306	NUM
fsr-3704	184	27	0:015	0:015	NUM
fsr-3704	184	28	8309	8309	NUM
fsr-3704	184	29	8312	8312	NUM
fsr-3704	185	1	z	z	NOUN
fsr-3704	185	2	:	:	PUNCT
fsr-3704	185	3	e	e	NOUN
fsr-3704	185	4	8403	8403	NUM
fsr-3704	185	5	a.025	a.025	VERB
fsr-3704	185	6	8406	8406	NUM
fsr-3704	185	7	-0.012	-0.012	NUM
fsr-3704	185	8	8409	8409	NUM
fsr-3704	185	9	0.041	0.041	NUM
fsr-3704	185	10	8412	8412	NUM
fsr-3704	185	11	-0.030	-0.030	SYM
fsr-3704	185	12	8503	8503	NUM
fsr-3704	185	13	-0.042	-0.042	SYM
fsr-3704	185	14	8506	8506	NUM
fsr-3704	185	15	-0.007	-0.007	NOUN
fsr-3704	185	16	8509	8509	NUM
fsr-3704	185	17	-0.020	-0.020	X
fsr-3704	185	18	8512	8512	NUM
fsr-3704	185	19	0.047	0.047	NUM
fsr-3704	185	20	8603	8603	NUM
fsr-3704	185	21	0.029	0.029	NUM
fsr-3704	185	22	8606	8606	NUM
fsr-3704	185	23	-0.022	-0.022	PROPN
fsr-3704	185	24	8609	8609	NUM
fsr-3704	185	25	-0.053	-0.053	NUM
fsr-3704	185	26	8612	8612	NUM
fsr-3704	185	27	0.026	0.026	NUM
fsr-3704	185	28	8703	8703	NUM
fsr-3704	185	29	0.026	0.026	NUM
fsr-3704	185	30	8706	8706	NUM
fsr-3704	185	31	8709	8709	NUM
fsr-3704	185	32	ee	ee	PROPN
fsr-3704	185	33	8712	8712	NUM
fsr-3704	185	34	-0:032	-0:032	NUM
fsr-3704	185	35	8803	8803	NUM
fsr-3704	185	36	0.014	0.014	NUM
fsr-3704	185	37	8806	8806	NUM
fsr-3704	185	38	0.002	0.002	NUM
fsr-3704	185	39	8809	8809	NUM
fsr-3704	185	40	-0.057	-0.057	NOUN
fsr-3704	185	41	0.087	0.087	NUM
fsr-3704	185	42	-0.373	-0.373	PUNCT
fsr-3704	185	43	0.205	0.205	NUM
fsr-3704	185	44	0.115	0.115	NUM
fsr-3704	185	45	0.102	0.102	NUM
fsr-3704	185	46	0.091	0.091	NUM
fsr-3704	185	47	0.126	0.126	NUM
fsr-3704	185	48	0.172	0.172	NUM
fsr-3704	185	49	0.147	0.147	NUM
fsr-3704	185	50	0.124	0.124	NUM
fsr-3704	185	51	0.083	0.083	NUM
fsr-3704	185	52	0.097	0.097	NUM
fsr-3704	185	53	0.074	0.074	NUM
fsr-3704	185	54	0.127	0.127	NUM
fsr-3704	185	55	0.115	0.115	NUM
fsr-3704	185	56	0.121	0.121	NUM
fsr-3704	185	57	0.112	0.112	NUM
fsr-3704	185	58	0.142	0.142	NUM
fsr-3704	185	59	0.117	0.117	NUM
fsr-3704	185	60	0.109	0.109	NUM
fsr-3704	185	61	0.123	0.123	NUM
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fsr-3704	191	9	dividing	divide	VERB
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fsr-3704	191	18	in	in	ADP
fsr-3704	191	19	a	a	DET
fsr-3704	191	20	given	give	VERB
fsr-3704	191	21	quarter	quarter	NOUN
fsr-3704	191	22	by	by	ADP
fsr-3704	191	23	the	the	DET
fsr-3704	191	24	standard	standard	ADJ
fsr-3704	191	25	deviation	deviation	NOUN
fsr-3704	191	26	of	of	ADP
fsr-3704	191	27	the	the	DET
fsr-3704	191	28	given	give	VERB
fsr-3704	191	29	manager	manager	NOUN
fsr-3704	191	30	’s	’s	PART
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fsr-3704	191	50	during	during	ADP
fsr-3704	191	51	the	the	DET
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fsr-3704	191	58	.	.	PUNCT
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fsr-3704	192	2	independent	independent	ADJ
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fsr-3704	192	15	2	2	NUM
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fsr-3704	196	58	43	43	NUM
fsr-3704	196	59	67	67	NUM
fsr-3704	196	60	3	3	NUM
fsr-3704	196	61	;	;	PUNCT
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fsr-3704	196	65	3	3	NUM
fsr-3704	196	66	16	16	NUM
fsr-3704	196	67	32	32	NUM
fsr-3704	196	68	65	65	NUM
fsr-3704	196	69	70	70	NUM
fsr-3704	196	70	82	82	NUM
fsr-3704	196	71	33	33	NUM
fsr-3704	196	72	85	85	NUM
fsr-3704	196	73	17	17	NUM
fsr-3704	196	74	25	25	NUM
fsr-3704	196	75	0.0003	0.0003	NUM
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fsr-3704	196	77	-0.0099	-0.0099	NOUN
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fsr-3704	196	79	0.0005	0.0005	NUM
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fsr-3704	196	81	-0.0024	-0.0024	NOUN
fsr-3704	197	1	0.0961	0.0961	NUM
fsr-3704	197	2	0.0002	0.0002	NUM
fsr-3704	197	3	0.0961	0.0961	NUM
fsr-3704	197	4	-0.0074	-0.0074	NOUN
fsr-3704	197	5	0.0948	0.0948	NUM
fsr-3704	197	6	-0.0074	-0.0074	NOUN
fsr-3704	197	7	0.0947	0.0947	NUM
fsr-3704	197	8	-0.0122	-0.0122	X
fsr-3704	197	9	0.0944	0.0944	NUM
fsr-3704	197	10	-0.0073	-0.0073	NOUN
fsr-3704	197	11	0.0932	0.0932	NUM
fsr-3704	197	12	-0.oa22	-0.oa22	NUM
fsr-3704	197	13	0.0932	0.0932	NUM
fsr-3704	197	14	-0.0031	-0.0031	NOUN
fsr-3704	197	15	0.0915	0.0915	NUM
fsr-3704	197	16	-0.0096	-0.0096	NOUN
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fsr-3704	197	18	-0.0056	-0.0056	NOUN
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fsr-3704	197	20	-0.0171	-0.0171	NOUN
fsr-3704	197	21	0.0893	0.0893	NUM
fsr-3704	197	22	-0.0117	-0.0117	VERB
fsr-3704	197	23	0.0879	0.0879	NUM
fsr-3704	197	24	-0.0077	-0.0077	PUNCT
fsr-3704	198	1	0.0871	0.0871	NUM
fsr-3704	198	2	-0.0104	-0.0104	NOUN
fsr-3704	198	3	0.0862	0.0862	NUM
fsr-3704	198	4	-0.0059	-0.0059	NOUN
fsr-3704	198	5	0.0854	0.0854	NUM
fsr-3704	198	6	-0.0034	-0.0034	NOUN
fsr-3704	198	7	0.0804	0.0804	NUM
fsr-3704	198	8	-0.0059	-0.0059	NOUN
fsr-3704	198	9	0.0792	0.0792	NUM
fsr-3704	198	10	-0.0065	-0.0065	NOUN
fsr-3704	198	11	0.0782	0.0782	NUM
fsr-3704	198	12	-0.0100	-0.0100	NOUN
fsr-3704	198	13	0.0779	0.0779	NUM
fsr-3704	198	14	-0.0012	-0.0012	NOUN
fsr-3704	198	15	0.0768	0.0768	NUM
fsr-3704	198	16	-0.0009	-0.0009	PROPN
fsr-3704	198	17	0.0743	0.0743	NUM
fsr-3704	198	18	-0.0050	-0.0050	NOUN
fsr-3704	198	19	0.0735	0.0735	NUM
fsr-3704	198	20	-0.0045	-0.0045	NOUN
fsr-3704	198	21	0.0734	0.0734	NUM
fsr-3704	198	22	-0.0151	-0.0151	NOUN
fsr-3704	198	23	0.0733	0.0733	NUM
fsr-3704	198	24	-0.0037	-0.0037	NOUN
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fsr-3704	198	26	-0.0123	-0.0123	NOUN
fsr-3704	198	27	0.0705	0.0705	NUM
fsr-3704	198	28	-0.0065	-0.0065	NOUN
fsr-3704	198	29	0.0702	0.0702	NUM
fsr-3704	198	30	-0.0095	-0.0095	NOUN
fsr-3704	198	31	0.0678	0.0678	NUM
fsr-3704	198	32	-0.0023	-0.0023	NOUN
fsr-3704	198	33	0.0669	0.0669	NUM
fsr-3704	198	34	-0.0061	-0.0061	NOUN
fsr-3704	198	35	0.0654	0.0654	NUM
fsr-3704	198	36	-0.0043	-0.0043	ADJ
fsr-3704	198	37	0.0653	0.0653	NUM
fsr-3704	198	38	-0.0007	-0.0007	NOUN
fsr-3704	198	39	0.0646	0.0646	NUM
fsr-3704	198	40	-0.0048	-0.0048	NOUN
fsr-3704	198	41	0.0645	0.0645	NUM
fsr-3704	198	42	-0.0077	-0.0077	PUNCT
fsr-3704	199	1	0.0632	0.0632	NUM
fsr-3704	199	2	-0.0042	-0.0042	NOUN
fsr-3704	199	3	0.0595	0.0595	NUM
fsr-3704	199	4	-0.0035	-0.0035	VERB
fsr-3704	199	5	0.0566	0.0566	NUM
fsr-3704	199	6	-0.0031	-0.0031	NOUN
fsr-3704	199	7	0.0532	0.0532	NUM
fsr-3704	199	8	-0.0070	-0.0070	X
fsr-3704	199	9	0.0506	0.0506	NUM
fsr-3704	199	10	-0.0053	-0.0053	VERB
fsr-3704	200	1	0.0481	0.0481	NUM
fsr-3704	200	2	-0.0066	-0.0066	NOUN
fsr-3704	200	3	0.0456	0.0456	NUM
fsr-3704	200	4	-0.0045	-0.0045	NOUN
fsr-3704	200	5	0.0428	0.0428	NUM
fsr-3704	200	6	-0.0055	-0.0055	NOUN
fsr-3704	200	7	0.0400	0.0400	NUM
fsr-3704	200	8	-0.0058	-0.0058	NOUN
fsr-3704	200	9	0.0393	0.0393	PROPN
fsr-3704	200	10	-0.0038	-0.0038	NOUN
fsr-3704	201	1	0.0391	0.0391	NUM
fsr-3704	201	2	34	34	NUM
fsr-3704	201	3	financial	financial	ADJ
fsr-3704	201	4	services	service	NOUN
fsr-3704	201	5	review	review	NOUN
fsr-3704	201	6	,	,	PUNCT
fsr-3704	201	7	2(l	2(l	NUM
fsr-3704	201	8	)	)	PUNCT
fsr-3704	201	9	19!w1993	19!w1993	NUM
fsr-3704	201	10	table	table	NOUN
fsr-3704	201	11	3	3	NUM
fsr-3704	201	12	active	active	ADJ
fsr-3704	201	13	asset	asset	NOUN
fsr-3704	201	14	allocation	allocation	NOUN
fsr-3704	201	15	regressions	regression	NOUN
fsr-3704	201	16	standard&ed	standard&ed	PROPN
fsr-3704	201	17	aaa	aaa	NOUN
fsr-3704	201	18	as	as	ADP
fsr-3704	201	19	dependent	dependent	ADJ
fsr-3704	201	20	variable	variable	ADJ
fsr-3704	201	21	m&f	m&f	NOUN
fsr-3704	201	22	f	f	NOUN
fsr-3704	201	23	2	2	NUM
fsr-3704	201	24	3	3	NUM
fsr-3704	201	25	4	4	NUM
fsr-3704	201	26	5	5	NUM
fsr-3704	201	27	intercept	intercept	NOUN
fsr-3704	201	28	term	term	NOUN
fsr-3704	201	29	2.34	2.34	NUM
fsr-3704	201	30	-1.89	-1.89	NUM
fsr-3704	201	31	-0.07	-0.07	NOUN
fsr-3704	201	32	-0.89	-0.89	NUM
fsr-3704	201	33	-0.28	-0.28	NOUN
fsr-3704	201	34	(	(	PUNCT
fsr-3704	201	35	-11.65	-11.65	NOUN
fsr-3704	201	36	)	)	PUNCT
fsr-3704	201	37	(	(	PUNCT
fsr-3704	201	38	-6.88	-6.88	NUM
fsr-3704	201	39	)	)	PUNCT
fsr-3704	201	40	(	(	PUNCT
fsr-3704	201	41	-0.31	-0.31	X
fsr-3704	201	42	)	)	PUNCT
fsr-3704	201	43	(	(	PUNCT
fsr-3704	201	44	-3.55	-3.55	NOUN
fsr-3704	201	45	)	)	PUNCT
fsr-3704	201	46	(	(	PUNCT
fsr-3704	201	47	-1.03	-1.03	X
fsr-3704	201	48	)	)	PUNCT
fsr-3704	201	49	-4.08	-4.08	NUM
fsr-3704	201	50	4.16	4.16	NUM
fsr-3704	201	51	-3.79	-3.79	NUM
fsr-3704	201	52	-3.31	-3.31	NOUN
fsr-3704	201	53	-3.46	-3.46	NUM
fsr-3704	201	54	(	(	PUNCT
fsr-3704	201	55	-4.99	-4.99	NUM
fsr-3704	201	56	)	)	PUNCT
fsr-3704	201	57	(	(	PUNCT
fsr-3704	201	58	-5.08	-5.08	NOUN
fsr-3704	201	59	)	)	PUNCT
fsr-3704	201	60	(	(	PUNCT
fsr-3704	201	61	-4.66	-4.66	X
fsr-3704	201	62	)	)	PUNCT
fsr-3704	201	63	(	(	PUNCT
fsr-3704	201	64	-4.08	-4.08	NUM
fsr-3704	201	65	)	)	PUNCT
fsr-3704	201	66	(	(	PUNCT
fsr-3704	201	67	-4.28	-4.28	NOUN
fsr-3704	201	68	)	)	PUNCT
fsr-3704	201	69	2.21	2.21	NUM
fsr-3704	201	70	2.23	2.23	NUM
fsr-3704	201	71	pa-4	pa-4	NOUN
fsr-3704	201	72	spt	spt	PROPN
fsr-3704	201	73	xr	xr	PROPN
fsr-3704	201	74	;	;	PUNCT
fsr-3704	201	75	,	,	PUNCT
fsr-3704	201	76	m-1	m-1	PROPN
fsr-3704	201	77	xfr-1	xfr-1	PUNCT
fsr-3704	201	78	csp,_l	csp,_l	PROPN
fsr-3704	201	79	se-2	se-2	PUNCT
fsr-3704	201	80	cxf-1	cxf-1	NUM
fsr-3704	201	81	xft-2	xft-2	NUM
fsr-3704	201	82	cm-2	cm-2	NOUN
fsr-3704	201	83	sp&3	sp&3	CCONJ
fsr-3704	201	84	cxf;_2	cxf;_2	PROPN
fsr-3704	201	85	csp,3	csp,3	NOUN
fsr-3704	201	86	spt-4	spt-4	PUNCT
fsr-3704	201	87	cxft_3	cxft_3	PROPN
fsr-3704	201	88	x6	x6	PROPN
fsr-3704	201	89	-	-	PUNCT
fsr-3704	201	90	4	4	NUM
fsr-3704	201	91	r	r	NOUN
fsr-3704	201	92	-	-	PUNCT
fsr-3704	201	93	square	square	ADJ
fsr-3704	201	94	(	(	PUNCT
fsr-3704	201	95	11.39	11.39	NUM
fsr-3704	201	96	)	)	PUNCT
fsr-3704	201	97	(	(	PUNCT
fsr-3704	201	98	11.51	11.51	NUM
fsr-3704	201	99	)	)	PUNCT
fsr-3704	201	100	1.59	1.59	NUM
fsr-3704	201	101	1.66	1.66	NUM
fsr-3704	201	102	(	(	PUNCT
fsr-3704	201	103	4.94	4.94	NUM
fsr-3704	201	104	)	)	PUNCT
fsr-3704	201	105	(	(	PUNCT
fsr-3704	201	106	5.12	5.12	NUM
fsr-3704	201	107	)	)	PUNCT
fsr-3704	201	108	-0.46	-0.46	NOUN
fsr-3704	201	109	(	(	PUNCT
fsr-3704	201	110	-2.37	-2.37	NUM
fsr-3704	201	111	)	)	PUNCT
fsr-3704	201	112	-0.62	-0.62	NUM
fsr-3704	201	113	(	(	PUNCT
fsr-3704	201	114	-1.95	-1.95	NOUN
fsr-3704	201	115	)	)	PUNCT
fsr-3704	201	116	0.81	0.81	NUM
fsr-3704	201	117	(	(	PUNCT
fsr-3704	201	118	6.48	6.48	NUM
fsr-3704	201	119	)	)	PUNCT
fsr-3704	201	120	-0.83	-0.83	PROPN
fsr-3704	201	121	(	(	PUNCT
fsr-3704	201	122	-4.29	-4.29	NOUN
fsr-3704	201	123	)	)	PUNCT
fsr-3704	201	124	0.5	0.5	NUM
fsr-3704	201	125	1	1	NUM
fsr-3704	201	126	(	(	PUNCT
fsr-3704	201	127	2.49	2.49	NUM
fsr-3704	201	128	)	)	PUNCT
fsr-3704	201	129	-0.42	-0.42	NOUN
fsr-3704	201	130	(	(	PUNCT
fsr-3704	201	131	-1.32	-1.32	NUM
fsr-3704	201	132	)	)	PUNCT
fsr-3704	201	133	0.31	0.31	NUM
fsr-3704	201	134	(	(	PUNCT
fsr-3704	201	135	2.98	2.98	NUM
fsr-3704	201	136	)	)	PUNCT
fsr-3704	201	137	0.47	0.47	NUM
fsr-3704	201	138	(	(	PUNCT
fsr-3704	201	139	2.37	2.37	NUM
fsr-3704	201	140	)	)	PUNCT
fsr-3704	201	141	0.29	0.29	NUM
fsr-3704	201	142	(	(	PUNCT
fsr-3704	201	143	1.90	1.90	NUM
fsr-3704	201	144	)	)	PUNCT
fsr-3704	201	145	0.31	0.31	NUM
fsr-3704	201	146	(	(	PUNCT
fsr-3704	201	147	3.33	3.33	NUM
fsr-3704	201	148	)	)	PUNCT
fsr-3704	201	149	-0.14	-0.14	NOUN
fsr-3704	201	150	(	(	PUNCT
fsr-3704	201	151	-0.63	-0.63	NOUN
fsr-3704	201	152	)	)	PUNCT
fsr-3704	201	153	0.15	0.15	NUM
fsr-3704	201	154	(	(	PUNCT
fsr-3704	201	155	1.22	1.22	NUM
fsr-3704	201	156	)	)	PUNCT
fsr-3704	201	157	-0.28	-0.28	NOUN
fsr-3704	201	158	(	(	PUNCT
fsr-3704	201	159	-0.87	-0.87	NUM
fsr-3704	201	160	)	)	PUNCT
fsr-3704	201	161	3.77	3.77	NUM
fsr-3704	201	162	%	%	NOUN
fsr-3704	201	163	3.91	3.91	NUM
fsr-3704	201	164	%	%	NOUN
fsr-3704	201	165	1.92	1.92	NUM
fsr-3704	201	166	%	%	NOUN
fsr-3704	201	167	0.78	0.78	NUM
fsr-3704	201	168	%	%	NOUN
fsr-3704	201	169	0.69	0.69	NUM
fsr-3704	201	170	%	%	NOUN
fsr-3704	201	171	nom	nom	NOUN
fsr-3704	201	172	:	:	PUNCT
fsr-3704	201	173	t	t	PROPN
fsr-3704	201	174	-	-	PUNCT
fsr-3704	201	175	statistics	statistic	NOUN
fsr-3704	201	176	are	be	AUX
fsr-3704	201	177	shown	show	VERB
fsr-3704	201	178	in	in	ADP
fsr-3704	201	179	parentheses	parenthesis	NOUN
fsr-3704	201	180	.	.	PUNCT
fsr-3704	202	1	significant	significant	ADJ
fsr-3704	202	2	.	.	PUNCT
fsr-3704	203	1	the	the	DET
fsr-3704	203	2	intercept	intercept	NOUN
fsr-3704	203	3	terms	term	NOUN
fsr-3704	203	4	were	be	AUX
fsr-3704	203	5	negative	negative	ADJ
fsr-3704	203	6	;	;	PUNCT
fsr-3704	203	7	consistent	consistent	ADJ
fsr-3704	203	8	with	with	ADP
fsr-3704	203	9	figure	figure	NOUN
fsr-3704	203	10	2	2	NUM
fsr-3704	203	11	which	which	PRON
fsr-3704	203	12	shows	show	VERB
fsr-3704	203	13	a	a	DET
fsr-3704	203	14	long	long	ADJ
fsr-3704	203	15	-	-	PUNCT
fsr-3704	203	16	term	term	NOUN
fsr-3704	203	17	decline	decline	NOUN
fsr-3704	203	18	in	in	ADP
fsr-3704	203	19	the	the	DET
fsr-3704	203	20	beta	beta	NOUN
fsr-3704	203	21	of	of	ADP
fsr-3704	203	22	the	the	DET
fsr-3704	203	23	average	average	ADJ
fsr-3704	203	24	manager	manager	NOUN
fsr-3704	203	25	.	.	PUNCT
fsr-3704	204	1	the	the	DET
fsr-3704	204	2	passive	passive	ADJ
fsr-3704	204	3	change	change	NOUN
fsr-3704	204	4	in	in	ADP
fsr-3704	204	5	equity	equity	NOUN
fsr-3704	204	6	allocation	allocation	NOUN
fsr-3704	204	7	which	which	PRON
fsr-3704	204	8	would	would	AUX
fsr-3704	204	9	result	result	VERB
fsr-3704	204	10	from	from	ADP
fsr-3704	204	11	relative	relative	ADJ
fsr-3704	204	12	returns	return	NOUN
fsr-3704	204	13	on	on	ADP
fsr-3704	204	14	stocks	stock	NOUN
fsr-3704	204	15	and	and	CCONJ
fsr-3704	204	16	t	t	NOUN
fsr-3704	204	17	-	-	PUNCT
fsr-3704	204	18	bills	bill	NOUN
fsr-3704	204	19	(	(	PUNCT
fsr-3704	204	20	paa	paa	PROPN
fsr-3704	204	21	)	)	PUNCT
fsr-3704	204	22	is	be	AUX
fsr-3704	204	23	negatively	negatively	ADV
fsr-3704	204	24	related	relate	VERB
fsr-3704	204	25	to	to	ADP
fsr-3704	204	26	active	active	ADJ
fsr-3704	204	27	equity	equity	NOUN
fsr-3704	204	28	asset	asset	NOUN
fsr-3704	204	29	allocation	allocation	NOUN
fsr-3704	204	30	decisions	decision	NOUN
fsr-3704	204	31	.	.	PUNCT
fsr-3704	205	1	in	in	ADP
fsr-3704	205	2	fact	fact	NOUN
fsr-3704	205	3	,	,	PUNCT
fsr-3704	205	4	this	this	PRON
fsr-3704	205	5	is	be	AUX
fsr-3704	205	6	true	true	ADJ
fsr-3704	205	7	for	for	ADP
fsr-3704	205	8	each	each	PRON
fsr-3704	205	9	of	of	ADP
fsr-3704	205	10	the	the	DET
fsr-3704	205	11	models	model	NOUN
fsr-3704	205	12	shown	show	VERB
fsr-3704	205	13	in	in	ADP
fsr-3704	205	14	table	table	NOUN
fsr-3704	205	15	3	3	NUM
fsr-3704	205	16	as	as	ADV
fsr-3704	205	17	well	well	ADV
fsr-3704	205	18	as	as	ADP
fsr-3704	205	19	for	for	ADP
fsr-3704	205	20	all	all	DET
fsr-3704	205	21	other	other	ADJ
fsr-3704	205	22	models	model	NOUN
fsr-3704	205	23	which	which	PRON
fsr-3704	205	24	we	we	PRON
fsr-3704	205	25	examined	examine	VERB
fsr-3704	205	26	in	in	ADP
fsr-3704	205	27	the	the	DET
fsr-3704	205	28	study	study	NOUN
fsr-3704	205	29	.	.	PUNCT
fsr-3704	206	1	this	this	DET
fsr-3704	206	2	negative	negative	ADJ
fsr-3704	206	3	relationship	relationship	NOUN
fsr-3704	206	4	is	be	AUX
fsr-3704	206	5	consistent	consistent	ADJ
fsr-3704	206	6	with	with	ADP
fsr-3704	206	7	managers	manager	NOUN
fsr-3704	206	8	following	follow	VERB
fsr-3704	206	9	an	an	DET
fsr-3704	206	10	active	active	ADJ
fsr-3704	206	11	rebalancing	rebalancing	NOUN
fsr-3704	206	12	strategy	strategy	NOUN
fsr-3704	206	13	a	a	DET
fsr-3704	206	14	rebalancing	rebalancing	NOUN
fsr-3704	206	15	to	to	ADP
fsr-3704	206	16	a	a	DET
fsr-3704	206	17	desired	desire	VERB
fsr-3704	206	18	target	target	NOUN
fsr-3704	206	19	equity	equity	NOUN
fsr-3704	206	20	active	active	ADJ
fsr-3704	206	21	timing	timing	NOUN
fsr-3704	206	22	decisions	decision	NOUN
fsr-3704	206	23	of	of	ADP
fsr-3704	206	24	equity	equity	NOUN
fsr-3704	206	25	iuutud	iuutud	NOUN
fsr-3704	206	26	funds	fund	NOUN
fsr-3704	206	27	35	35	NUM
fsr-3704	206	28	allocation	allocation	NOUN
fsr-3704	206	29	.	.	PUNCT
fsr-3704	207	1	quarters	quarter	NOUN
fsr-3704	207	2	in	in	ADP
fsr-3704	207	3	which	which	PRON
fsr-3704	207	4	passive	passive	ADJ
fsr-3704	207	5	equity	equity	NOUN
fsr-3704	207	6	allocation	allocation	NOUN
fsr-3704	207	7	increases	increase	NOUN
fsr-3704	207	8	(	(	PUNCT
fsr-3704	207	9	decreases	decrease	NOUN
fsr-3704	207	10	)	)	PUNCT
fsr-3704	207	11	,	,	PUNCT
fsr-3704	207	12	due	due	ADP
fsr-3704	207	13	to	to	ADP
fsr-3704	207	14	relative	relative	ADJ
fsr-3704	207	15	stock	stock	NOUN
fsr-3704	207	16	and	and	CCONJ
fsr-3704	207	17	treasury	treasury	PROPN
fsr-3704	207	18	bill	bill	NOUN
fsr-3704	207	19	returns	return	NOUN
fsr-3704	207	20	,	,	PUNCT
fsr-3704	207	21	result	result	VERB
fsr-3704	207	22	in	in	ADP
fsr-3704	207	23	active	active	ADJ
fsr-3704	207	24	decreases	decrease	NOUN
fsr-3704	207	25	(	(	PUNCT
fsr-3704	207	26	increases	increase	NOUN
fsr-3704	207	27	)	)	PUNCT
fsr-3704	207	28	in	in	ADP
fsr-3704	207	29	equity	equity	NOUN
fsr-3704	207	30	allocations	allocation	NOUN
fsr-3704	207	31	by	by	ADP
fsr-3704	207	32	the	the	DET
fsr-3704	207	33	managers	manager	NOUN
fsr-3704	207	34	.	.	PUNCT
fsr-3704	208	1	model	model	NOUN
fsr-3704	208	2	1	1	NUM
fsr-3704	208	3	also	also	ADV
fsr-3704	208	4	suggests	suggest	VERB
fsr-3704	208	5	that	that	SCONJ
fsr-3704	208	6	,	,	PUNCT
fsr-3704	208	7	for	for	ADP
fsr-3704	208	8	the	the	DET
fsr-3704	208	9	average	average	ADJ
fsr-3704	208	10	fund	fund	NOUN
fsr-3704	208	11	,	,	PUNCT
fsr-3704	208	12	aaa	aaa	NOUN
fsr-3704	208	13	is	be	AUX
fsr-3704	208	14	positively	positively	ADV
fsr-3704	208	15	related	relate	VERB
fsr-3704	208	16	to	to	ADP
fsr-3704	208	17	returns	return	NOUN
fsr-3704	208	18	on	on	ADP
fsr-3704	208	19	the	the	DET
fsr-3704	208	20	s&p500	s&p500	NOUN
fsr-3704	208	21	as	as	ADV
fsr-3704	208	22	well	well	ADV
fsr-3704	208	23	as	as	ADP
fsr-3704	208	24	excess	excess	ADJ
fsr-3704	208	25	fund	fund	NOUN
fsr-3704	208	26	returns	return	NOUN
fsr-3704	208	27	during	during	ADP
fsr-3704	208	28	the	the	DET
fsr-3704	208	29	contemporaneous	contemporaneous	ADJ
fsr-3704	208	30	quarter	quarter	NOUN
fsr-3704	208	31	.	.	PUNCT
fsr-3704	209	1	the	the	DET
fsr-3704	209	2	positive	positive	ADJ
fsr-3704	209	3	sign	sign	NOUN
fsr-3704	209	4	on	on	ADP
fsr-3704	209	5	sp	sp	NOUN
fsr-3704	209	6	,	,	PUNCT
fsr-3704	209	7	could	could	AUX
fsr-3704	209	8	reflect	reflect	VERB
fsr-3704	209	9	an	an	DET
fsr-3704	209	10	opinion	opinion	NOUN
fsr-3704	209	11	by	by	ADP
fsr-3704	209	12	managers	manager	NOUN
fsr-3704	209	13	that	that	SCONJ
fsr-3704	209	14	recent	recent	ADJ
fsr-3704	209	15	market	market	NOUN
fsr-3704	209	16	trends	trend	NOUN
fsr-3704	209	17	will	will	AUX
fsr-3704	209	18	persist	persist	VERB
fsr-3704	209	19	.	.	PUNCT
fsr-3704	210	1	the	the	DET
fsr-3704	210	2	positive	positive	ADJ
fsr-3704	210	3	relationship	relationship	NOUN
fsr-3704	210	4	between	between	ADP
fsr-3704	210	5	excess	excess	ADJ
fsr-3704	210	6	returns	return	NOUN
fsr-3704	210	7	on	on	ADP
fsr-3704	210	8	the	the	DET
fsr-3704	210	9	manager	manager	NOUN
fsr-3704	210	10	’s	’s	PART
fsr-3704	210	11	portfolio	portfolio	NOUN
fsr-3704	210	12	and	and	CCONJ
fsr-3704	210	13	aaa	aaa	NOUN
fsr-3704	210	14	suggests	suggest	VERB
fsr-3704	210	15	that	that	SCONJ
fsr-3704	210	16	,	,	PUNCT
fsr-3704	210	17	across	across	ADP
fsr-3704	210	18	the	the	DET
fsr-3704	210	19	full	full	ADJ
fsr-3704	210	20	sample	sample	NOUN
fsr-3704	210	21	,	,	PUNCT
fsr-3704	210	22	managers	manager	NOUN
fsr-3704	210	23	with	with	ADP
fsr-3704	210	24	current	current	ADJ
fsr-3704	210	25	quarterly	quarterly	ADJ
fsr-3704	210	26	returns	return	NOUN
fsr-3704	210	27	in	in	ADP
fsr-3704	210	28	excess	excess	NOUN
fsr-3704	210	29	of	of	ADP
fsr-3704	210	30	the	the	DET
fsr-3704	210	31	s&p500	s&p500	NOUN
fsr-3704	210	32	tend	tend	VERB
fsr-3704	210	33	to	to	PART
fsr-3704	210	34	increase	increase	VERB
fsr-3704	210	35	their	their	PRON
fsr-3704	210	36	commitment	commitment	NOUN
fsr-3704	210	37	to	to	ADP
fsr-3704	210	38	equities	equity	NOUN
fsr-3704	210	39	.	.	PUNCT
fsr-3704	211	1	similarly	similarly	ADV
fsr-3704	211	2	,	,	PUNCT
fsr-3704	211	3	managers	manager	NOUN
fsr-3704	211	4	with	with	ADP
fsr-3704	211	5	current	current	ADJ
fsr-3704	211	6	quarterly	quarterly	ADJ
fsr-3704	211	7	returns	return	NOUN
fsr-3704	211	8	less	less	ADJ
fsr-3704	211	9	than	than	SCONJ
fsr-3704	211	10	the	the	DET
fsr-3704	211	11	s&p500	s&p500	NOUN
fsr-3704	211	12	tend	tend	VERB
fsr-3704	211	13	to	to	PART
fsr-3704	211	14	actively	actively	ADV
fsr-3704	211	15	reduce	reduce	VERB
fsr-3704	211	16	their	their	PRON
fsr-3704	211	17	equity	equity	NOUN
fsr-3704	211	18	positions	position	NOUN
fsr-3704	211	19	.	.	PUNCT
fsr-3704	212	1	but	but	CCONJ
fsr-3704	212	2	even	even	ADV
fsr-3704	212	3	though	though	SCONJ
fsr-3704	212	4	each	each	PRON
fsr-3704	212	5	of	of	ADP
fsr-3704	212	6	the	the	DET
fsr-3704	212	7	variables	variable	NOUN
fsr-3704	212	8	in	in	ADP
fsr-3704	212	9	model	model	NOUN
fsr-3704	212	10	1	1	NUM
fsr-3704	212	11	are	be	AUX
fsr-3704	212	12	statistically	statistically	ADV
fsr-3704	212	13	significant	significant	ADJ
fsr-3704	212	14	,	,	PUNCT
fsr-3704	212	15	the	the	DET
fsr-3704	212	16	explanatory	explanatory	ADJ
fsr-3704	212	17	power	power	NOUN
fsr-3704	212	18	of	of	ADP
fsr-3704	212	19	the	the	DET
fsr-3704	212	20	model	model	NOUN
fsr-3704	212	21	is	be	AUX
fsr-3704	212	22	low	low	ADJ
fsr-3704	212	23	having	have	VERB
fsr-3704	212	24	an	an	DET
fsr-3704	212	25	r	r	NOUN
fsr-3704	212	26	-	-	PUNCT
fsr-3704	212	27	square	square	NOUN
fsr-3704	212	28	of	of	ADP
fsr-3704	212	29	3.77	3.77	NUM
fsr-3704	212	30	percent	percent	NOUN
fsr-3704	212	31	.	.	PUNCT
fsr-3704	213	1	this	this	PRON
fsr-3704	213	2	suggests	suggest	VERB
fsr-3704	213	3	that	that	SCONJ
fsr-3704	213	4	anticipatory	anticipatory	ADJ
fsr-3704	213	5	decisions	decision	NOUN
fsr-3704	213	6	are	be	AUX
fsr-3704	213	7	much	much	ADV
fsr-3704	213	8	more	more	ADV
fsr-3704	213	9	important	important	ADJ
fsr-3704	213	10	to	to	ADP
fsr-3704	213	11	active	active	ADJ
fsr-3704	213	12	asset	asset	NOUN
fsr-3704	213	13	allocation	allocation	NOUN
fsr-3704	213	14	than	than	ADP
fsr-3704	213	15	reactive	reactive	ADJ
fsr-3704	213	16	decisions	decision	NOUN
fsr-3704	213	17	.	.	PUNCT
fsr-3704	214	1	in	in	ADP
fsr-3704	214	2	model	model	NOUN
fsr-3704	214	3	2	2	NUM
fsr-3704	214	4	,	,	PUNCT
fsr-3704	214	5	returns	return	NOUN
fsr-3704	214	6	from	from	ADP
fsr-3704	214	7	the	the	DET
fsr-3704	214	8	previous	previous	ADJ
fsr-3704	214	9	quarter	quarter	NOUN
fsr-3704	214	10	are	be	AUX
fsr-3704	214	11	included	include	VERB
fsr-3704	214	12	in	in	ADP
fsr-3704	214	13	the	the	DET
fsr-3704	214	14	regression	regression	NOUN
fsr-3704	214	15	.	.	PUNCT
fsr-3704	215	1	the	the	DET
fsr-3704	215	2	return	return	NOUN
fsr-3704	215	3	on	on	ADP
fsr-3704	215	4	the	the	DET
fsr-3704	215	5	s&p500	s&p500	NOUN
fsr-3704	215	6	in	in	ADP
fsr-3704	215	7	quarter	quarter	NOUN
fsr-3704	215	8	t	t	NOUN
fsr-3704	215	9	1	1	NUM
fsr-3704	215	10	is	be	AUX
fsr-3704	215	11	negatively	negatively	ADV
fsr-3704	215	12	related	relate	VERB
fsr-3704	215	13	to	to	ADP
fsr-3704	215	14	active	active	ADJ
fsr-3704	215	15	changes	change	NOUN
fsr-3704	215	16	in	in	ADP
fsr-3704	215	17	equity	equity	NOUN
fsr-3704	215	18	in	in	ADP
fsr-3704	215	19	quarter	quarter	NOUN
fsr-3704	215	20	t.	t.	NOUN
fsr-3704	215	21	similarly	similarly	ADV
fsr-3704	215	22	,	,	PUNCT
fsr-3704	215	23	excess	excess	ADJ
fsr-3704	215	24	returns	return	NOUN
fsr-3704	215	25	of	of	ADP
fsr-3704	215	26	the	the	DET
fsr-3704	215	27	manager	manager	NOUN
fsr-3704	215	28	in	in	ADP
fsr-3704	215	29	quarter	quarter	NOUN
fsr-3704	215	30	t	t	PROPN
fsr-3704	215	31	1	1	NUM
fsr-3704	215	32	are	be	AUX
fsr-3704	215	33	also	also	ADV
fsr-3704	215	34	negatively	negatively	ADV
fsr-3704	215	35	related	relate	VERB
fsr-3704	215	36	to	to	ADP
fsr-3704	215	37	active	active	ADJ
fsr-3704	215	38	equity	equity	NOUN
fsr-3704	215	39	changes	change	NOUN
fsr-3704	215	40	in	in	ADP
fsr-3704	215	41	quarter	quarter	NOUN
fsr-3704	215	42	t.	t.	NOUN
fsr-3704	215	43	this	this	DET
fsr-3704	215	44	negative	negative	ADJ
fsr-3704	215	45	relationship	relationship	NOUN
fsr-3704	215	46	contrasts	contrast	VERB
fsr-3704	215	47	with	with	ADP
fsr-3704	215	48	the	the	DET
fsr-3704	215	49	positive	positive	ADJ
fsr-3704	215	50	relationship	relationship	NOUN
fsr-3704	215	51	in	in	ADP
fsr-3704	215	52	the	the	DET
fsr-3704	215	53	contemporaneous	contemporaneous	ADJ
fsr-3704	215	54	quarter	quarter	NOUN
fsr-3704	215	55	.	.	PUNCT
fsr-3704	216	1	the	the	DET
fsr-3704	216	2	best	good	ADJ
fsr-3704	216	3	explanation	explanation	NOUN
fsr-3704	216	4	we	we	PRON
fsr-3704	216	5	can	can	AUX
fsr-3704	216	6	offer	offer	VERB
fsr-3704	216	7	is	be	AUX
fsr-3704	216	8	that	that	SCONJ
fsr-3704	216	9	asset	asset	NOUN
fsr-3704	216	10	rebalancing	rebalancing	NOUN
fsr-3704	216	11	is	be	AUX
fsr-3704	216	12	conducted	conduct	VERB
fsr-3704	216	13	over	over	ADP
fsr-3704	216	14	more	more	ADJ
fsr-3704	216	15	than	than	ADP
fsr-3704	216	16	one	one	NUM
fsr-3704	216	17	quarter	quarter	NOUN
fsr-3704	216	18	.	.	PUNCT
fsr-3704	217	1	for	for	ADP
fsr-3704	217	2	example	example	NOUN
fsr-3704	217	3	,	,	PUNCT
fsr-3704	217	4	if	if	SCONJ
fsr-3704	217	5	returns	return	NOUN
fsr-3704	217	6	on	on	ADP
fsr-3704	217	7	the	the	DET
fsr-3704	217	8	s&p500	s&p500	NOUN
fsr-3704	217	9	or	or	CCONJ
fsr-3704	217	10	excess	excess	ADJ
fsr-3704	217	11	manager	manager	NOUN
fsr-3704	217	12	returns	return	NOUN
fsr-3704	217	13	are	be	AUX
fsr-3704	217	14	large	large	ADJ
fsr-3704	217	15	,	,	PUNCT
fsr-3704	217	16	the	the	DET
fsr-3704	217	17	equity	equity	NOUN
fsr-3704	217	18	commitment	commitment	NOUN
fsr-3704	217	19	is	be	AUX
fsr-3704	217	20	reduced	reduce	VERB
fsr-3704	217	21	during	during	ADP
fsr-3704	217	22	the	the	DET
fsr-3704	217	23	subsequent	subsequent	ADJ
fsr-3704	217	24	quarter	quarter	NOUN
fsr-3704	217	25	.	.	PUNCT
fsr-3704	218	1	in	in	ADP
fsr-3704	218	2	models	model	NOUN
fsr-3704	218	3	3	3	NUM
fsr-3704	218	4	-	-	SYM
fsr-3704	218	5	5	5	NUM
fsr-3704	218	6	,	,	PUNCT
fsr-3704	218	7	the	the	DET
fsr-3704	218	8	affects	affect	NOUN
fsr-3704	218	9	of	of	ADP
fsr-3704	218	10	quarterly	quarterly	ADJ
fsr-3704	218	11	returns	return	NOUN
fsr-3704	218	12	lagged	lag	VERB
fsr-3704	218	13	2	2	NUM
fsr-3704	218	14	through	through	SCONJ
fsr-3704	218	15	4	4	NUM
fsr-3704	218	16	quarters	quarter	NOUN
fsr-3704	218	17	are	be	AUX
fsr-3704	218	18	examined	examine	VERB
fsr-3704	218	19	.	.	PUNCT
fsr-3704	219	1	in	in	ADP
fsr-3704	219	2	none	none	NOUN
fsr-3704	219	3	of	of	ADP
fsr-3704	219	4	the	the	DET
fsr-3704	219	5	cases	case	NOUN
fsr-3704	219	6	are	be	AUX
fsr-3704	219	7	quarterly	quarterly	ADJ
fsr-3704	219	8	excess	excess	ADJ
fsr-3704	219	9	manager	manager	NOUN
fsr-3704	219	10	returns	return	VERB
fsr-3704	219	11	significant	significant	ADJ
fsr-3704	219	12	.	.	PUNCT
fsr-3704	220	1	however	however	ADV
fsr-3704	220	2	,	,	PUNCT
fsr-3704	220	3	lagged	lag	VERB
fsr-3704	220	4	s&p500	s&p500	NOUN
fsr-3704	220	5	returns	return	NOUN
fsr-3704	220	6	for	for	ADP
fsr-3704	220	7	two	two	NUM
fsr-3704	220	8	and	and	CCONJ
fsr-3704	220	9	three	three	NUM
fsr-3704	220	10	quarters	quarter	NOUN
fsr-3704	220	11	are	be	AUX
fsr-3704	220	12	significant	significant	ADJ
fsr-3704	220	13	.	.	PUNCT
fsr-3704	221	1	the	the	DET
fsr-3704	221	2	negative	negative	ADJ
fsr-3704	221	3	sign	sign	NOUN
fsr-3704	221	4	on	on	ADP
fsr-3704	221	5	the	the	DET
fsr-3704	221	6	two	two	NUM
fsr-3704	221	7	quarter	quarter	NOUN
fsr-3704	221	8	lag	lag	NOUN
fsr-3704	221	9	is	be	AUX
fsr-3704	221	10	similar	similar	ADJ
fsr-3704	221	11	to	to	ADP
fsr-3704	221	12	the	the	DET
fsr-3704	221	13	one	one	NUM
fsr-3704	221	14	quarter	quarter	NOUN
fsr-3704	221	15	lag	lag	NOUN
fsr-3704	221	16	.	.	PUNCT
fsr-3704	222	1	we	we	PRON
fsr-3704	222	2	have	have	VERB
fsr-3704	222	3	no	no	DET
fsr-3704	222	4	explanation	explanation	NOUN
fsr-3704	222	5	for	for	ADP
fsr-3704	222	6	the	the	DET
fsr-3704	222	7	positive	positive	ADJ
fsr-3704	222	8	sign	sign	NOUN
fsr-3704	222	9	on	on	ADP
fsr-3704	222	10	the	the	DET
fsr-3704	222	11	three	three	NUM
fsr-3704	222	12	quarter	quarter	NOUN
fsr-3704	222	13	lag	lag	NOUN
fsr-3704	222	14	.	.	PUNCT
fsr-3704	223	1	d.	d.	PROPN
fsr-3704	223	2	the	the	DET
fsr-3704	223	3	september	september	PROPN
fsr-3704	223	4	hypothesis	hypothesis	NOUN
fsr-3704	223	5	to	to	PART
fsr-3704	223	6	test	test	VERB
fsr-3704	223	7	the	the	DET
fsr-3704	223	8	september	september	PROPN
fsr-3704	223	9	hypothesis	hypothesis	NOUN
fsr-3704	223	10	,	,	PUNCT
fsr-3704	223	11	the	the	DET
fsr-3704	223	12	sample	sample	NOUN
fsr-3704	223	13	was	be	AUX
fsr-3704	223	14	first	first	ADV
fsr-3704	223	15	split	split	VERB
fsr-3704	223	16	into	into	ADP
fsr-3704	223	17	four	four	NUM
fsr-3704	223	18	groups	group	NOUN
fsr-3704	223	19	;	;	PUNCT
fsr-3704	223	20	one	one	NUM
fsr-3704	223	21	for	for	ADP
fsr-3704	223	22	each	each	DET
fsr-3704	223	23	quarter	quarter	NOUN
fsr-3704	223	24	-	-	PUNCT
fsr-3704	223	25	end	end	NOUN
fsr-3704	223	26	in	in	ADP
fsr-3704	223	27	a	a	DET
fsr-3704	223	28	year	year	NOUN
fsr-3704	223	29	,	,	PUNCT
fsr-3704	223	30	march	march	PROPN
fsr-3704	223	31	,	,	PUNCT
fsr-3704	223	32	june	june	PROPN
fsr-3704	223	33	,	,	PUNCT
fsr-3704	223	34	september	september	PROPN
fsr-3704	223	35	and	and	CCONJ
fsr-3704	223	36	december	december	PROPN
fsr-3704	223	37	.	.	PUNCT
fsr-3704	224	1	next	next	ADV
fsr-3704	224	2	,	,	PUNCT
fsr-3704	224	3	the	the	DET
fsr-3704	224	4	excess	excess	ADJ
fsr-3704	224	5	return	return	NOUN
fsr-3704	224	6	of	of	ADP
fsr-3704	224	7	each	each	DET
fsr-3704	224	8	manager	manager	NOUN
fsr-3704	224	9	was	be	AUX
fsr-3704	224	10	calculated	calculate	VERB
fsr-3704	224	11	from	from	ADP
fsr-3704	224	12	the	the	DET
fsr-3704	224	13	start	start	NOUN
fsr-3704	224	14	of	of	ADP
fsr-3704	224	15	the	the	DET
fsr-3704	224	16	calendar	calendar	NOUN
fsr-3704	224	17	year	year	NOUN
fsr-3704	224	18	through	through	ADP
fsr-3704	224	19	the	the	DET
fsr-3704	224	20	end	end	NOUN
fsr-3704	224	21	of	of	ADP
fsr-3704	224	22	the	the	DET
fsr-3704	224	23	given	give	VERB
fsr-3704	224	24	quarter	quarter	NOUN
fsr-3704	224	25	.	.	PUNCT
fsr-3704	225	1	we	we	PRON
fsr-3704	225	2	refer	refer	VERB
fsr-3704	225	3	to	to	ADP
fsr-3704	225	4	this	this	DET
fsr-3704	225	5	year	year	NOUN
fsr-3704	225	6	-	-	PUNCT
fsr-3704	225	7	to	to	ADP
fsr-3704	225	8	-	-	PUNCT
fsr-3704	225	9	date	date	NOUN
fsr-3704	225	10	cumulative	cumulative	ADJ
fsr-3704	225	11	excess	excess	ADJ
fsr-3704	225	12	fund	fund	NOUN
fsr-3704	225	13	return	return	NOUN
fsr-3704	225	14	as	as	ADP
fsr-3704	225	15	ycxf	ycxf	NOUN
fsr-3704	225	16	.	.	PUNCT
fsr-3704	226	1	finally	finally	ADV
fsr-3704	226	2	,	,	PUNCT
fsr-3704	226	3	each	each	PRON
fsr-3704	226	4	of	of	ADP
fsr-3704	226	5	the	the	DET
fsr-3704	226	6	four	four	NUM
fsr-3704	226	7	quarterly	quarterly	ADJ
fsr-3704	226	8	groups	group	NOUN
fsr-3704	226	9	were	be	AUX
fsr-3704	226	10	sorted	sort	VERB
fsr-3704	226	11	into	into	ADP
fsr-3704	226	12	quintiles	quintile	NOUN
fsr-3704	226	13	based	base	VERB
fsr-3704	226	14	on	on	ADP
fsr-3704	226	15	the	the	DET
fsr-3704	226	16	levels	level	NOUN
fsr-3704	226	17	of	of	ADP
fsr-3704	226	18	ycxf	ycxf	NOUN
fsr-3704	226	19	.	.	PUNCT
fsr-3704	227	1	funds	fund	NOUN
fsr-3704	227	2	in	in	ADP
fsr-3704	227	3	rank	rank	NOUN
fsr-3704	227	4	1	1	NUM
fsr-3704	227	5	had	have	VERB
fsr-3704	227	6	the	the	DET
fsr-3704	227	7	lowest	low	ADJ
fsr-3704	227	8	ycxf	ycxf	NOUN
fsr-3704	227	9	and	and	CCONJ
fsr-3704	227	10	funds	fund	NOUN
fsr-3704	227	11	in	in	ADP
fsr-3704	227	12	rank	rank	NOUN
fsr-3704	227	13	5	5	NUM
fsr-3704	227	14	had	have	VERB
fsr-3704	227	15	the	the	DET
fsr-3704	227	16	highest	high	ADJ
fsr-3704	227	17	ycxf	ycxf	NOUN
fsr-3704	227	18	.	.	PUNCT
fsr-3704	228	1	illustrative	illustrative	ADJ
fsr-3704	228	2	regressions	regression	NOUN
fsr-3704	228	3	results	result	NOUN
fsr-3704	228	4	are	be	AUX
fsr-3704	228	5	shown	show	VERB
fsr-3704	228	6	in	in	ADP
fsr-3704	228	7	table	table	NOUN
fsr-3704	228	8	4	4	NUM
fsr-3704	228	9	using	use	VERB
fsr-3704	228	10	paa	paa	NOUN
fsr-3704	228	11	and	and	CCONJ
fsr-3704	228	12	ycxf	ycxf	NOUN
fsr-3704	228	13	as	as	ADP
fsr-3704	228	14	independent	independent	ADJ
fsr-3704	228	15	variables	variable	NOUN
fsr-3704	228	16	and	and	CCONJ
fsr-3704	228	17	aaa	aaa	VERB
fsr-3704	228	18	as	as	ADP
fsr-3704	228	19	the	the	DET
fsr-3704	228	20	dependent	dependent	ADJ
fsr-3704	228	21	variable	variable	NOUN
fsr-3704	228	22	.	.	PUNCT
fsr-3704	229	1	when	when	SCONJ
fsr-3704	229	2	regressions	regression	NOUN
fsr-3704	229	3	are	be	AUX
fsr-3704	229	4	run	run	VERB
fsr-3704	229	5	on	on	ADP
fsr-3704	229	6	the	the	DET
fsr-3704	229	7	unranked	unranke	VERB
fsr-3704	229	8	groups	group	NOUN
fsr-3704	229	9	,	,	PUNCT
fsr-3704	229	10	only	only	ADV
fsr-3704	229	11	paa	paa	NOUN
fsr-3704	229	12	is	be	AUX
fsr-3704	229	13	significant	significant	ADJ
fsr-3704	229	14	,	,	PUNCT
fsr-3704	229	15	the	the	DET
fsr-3704	229	16	year	year	NOUN
fsr-3704	229	17	-	-	PUNCT
fsr-3704	229	18	to	to	ADP
fsr-3704	229	19	-	-	PUNCT
fsr-3704	229	20	date	date	NOUN
fsr-3704	229	21	cumulative	cumulative	ADJ
fsr-3704	229	22	excess	excess	ADJ
fsr-3704	229	23	fund	fund	NOUN
fsr-3704	229	24	return	return	NOUN
fsr-3704	229	25	is	be	AUX
fsr-3704	229	26	not	not	PART
fsr-3704	229	27	significant	significant	ADJ
fsr-3704	229	28	.	.	PUNCT
fsr-3704	230	1	and	and	CCONJ
fsr-3704	230	2	when	when	SCONJ
fsr-3704	230	3	regressions	regression	NOUN
fsr-3704	230	4	are	be	AUX
fsr-3704	230	5	run	run	VERB
fsr-3704	230	6	on	on	ADP
fsr-3704	230	7	each	each	PRON
fsr-3704	230	8	of	of	ADP
fsr-3704	230	9	the	the	DET
fsr-3704	230	10	ycxfquintile	ycxfquintile	ADJ
fsr-3704	230	11	rankings	ranking	NOUN
fsr-3704	230	12	,	,	PUNCT
fsr-3704	230	13	ycxf	ycxf	PROPN
fsr-3704	230	14	is	be	AUX
fsr-3704	230	15	again	again	ADV
fsr-3704	230	16	usually	usually	ADV
fsr-3704	230	17	insignificant	insignificant	ADJ
fsr-3704	230	18	.	.	PUNCT
fsr-3704	231	1	however	however	ADV
fsr-3704	231	2	,	,	PUNCT
fsr-3704	231	3	there	there	PRON
fsr-3704	231	4	is	be	VERB
fsr-3704	231	5	one	one	NUM
fsr-3704	231	6	major	major	ADJ
fsr-3704	231	7	exception	exception	NOUN
fsr-3704	231	8	.	.	PUNCT
fsr-3704	232	1	in	in	ADP
fsr-3704	232	2	september	september	PROPN
fsr-3704	232	3	,	,	PUNCT
fsr-3704	232	4	the	the	DET
fsr-3704	232	5	funds	fund	NOUN
fsr-3704	232	6	in	in	ADP
fsr-3704	232	7	rank	rank	NOUN
fsr-3704	232	8	1	1	NUM
fsr-3704	232	9	have	have	VERB
fsr-3704	232	10	a	a	DET
fsr-3704	232	11	statistically	statistically	ADV
fsr-3704	232	12	significant	significant	ADJ
fsr-3704	232	13	36	36	NUM
fsr-3704	232	14	financial	financial	ADJ
fsr-3704	232	15	services	service	NOUN
fsr-3704	232	16	review	review	NOUN
fsr-3704	232	17	,	,	PUNCT
fsr-3704	232	18	21	21	NUM
fsr-3704	232	19	)	)	PUNCT
fsr-3704	232	20	1992/19!23	1992/19!23	NUM
fsr-3704	232	21	table	table	NOUN
fsr-3704	232	22	4	4	NUM
fsr-3704	232	23	tests	test	NOUN
fsr-3704	232	24	of	of	ADP
fsr-3704	232	25	the	the	DET
fsr-3704	232	26	september	september	PROPN
fsr-3704	232	27	hypothesk	hypothesk	NOUN
fsr-3704	232	28	dependent	dependent	ADJ
fsr-3704	232	29	variable	variable	NOUN
fsr-3704	232	30	=	=	NOUN
fsr-3704	232	31	aaa	aaa	NOUN
fsr-3704	232	32	march	march	NOUN
fsr-3704	232	33	paa	paa	VERB
fsr-3704	232	34	ycxf	ycxf	PROPN
fsr-3704	232	35	paa	paa	VERB
fsr-3704	232	36	ycxf	ycxf	PROPN
fsr-3704	232	37	ai1	ai1	PROPN
fsr-3704	232	38	-4.57	-4.57	PROPN
fsr-3704	232	39	0.53	0.53	NUM
fsr-3704	232	40	-1.14	-1.14	PRON
fsr-3704	232	41	-1.33	-1.33	NUM
fsr-3704	232	42	rank1	rank1	PROPN
fsr-3704	232	43	3.19	3.19	NUM
fsr-3704	232	44	0.57	0.57	NUM
fsr-3704	232	45	-1.39	-1.39	NUM
fsr-3704	232	46	1.08	1.08	NUM
fsr-3704	232	47	rank2	rank2	NOUN
fsr-3704	232	48	1.77	1.77	NUM
fsr-3704	232	49	-0.43	-0.43	NUM
fsr-3704	232	50	-2.70	-2.70	PRON
fsr-3704	232	51	-2.30	-2.30	PROPN
fsr-3704	232	52	rank3	rank3	PROPN
fsr-3704	232	53	-0.35	-0.35	NUM
fsr-3704	232	54	-1.93	-1.93	PROPN
fsr-3704	232	55	-1.40	-1.40	NUM
fsr-3704	232	56	2.20	2.20	NUM
fsr-3704	232	57	rank4	rank4	X
fsr-3704	232	58	-7.20	-7.20	PUNCT
fsr-3704	232	59	-0.94	-0.94	VERB
fsr-3704	232	60	0.49	0.49	NUM
fsr-3704	232	61	0.27	0.27	NUM
fsr-3704	233	1	rank5	rank5	NOUN
fsr-3704	233	2	-4.68	-4.68	NUM
fsr-3704	233	3	1.67	1.67	NUM
fsr-3704	233	4	0.57	0.57	NUM
fsr-3704	233	5	-0.77	-0.77	NUM
fsr-3704	233	6	~ep	~ep	PROPN
fsr-3704	233	7	~	~	SYM
fsr-3704	233	8	mber	mber	PROPN
fsr-3704	233	9	december	december	PROPN
fsr-3704	233	10	pm	pm	NOUN
fsr-3704	233	11	ycxf	ycxf	PROPN
fsr-3704	233	12	paa	paa	VERB
fsr-3704	233	13	ycxf	ycxf	PROPN
fsr-3704	233	14	-2.40	-2.40	PROPN
fsr-3704	233	15	0.40	0.40	NUM
fsr-3704	233	16	-4.47	-4.47	NUM
fsr-3704	233	17	0.56	0.56	NUM
fsr-3704	233	18	-4.29	-4.29	NUM
fsr-3704	233	19	-3.54	-3.54	NUM
fsr-3704	233	20	-4.42	-4.42	NUM
fsr-3704	233	21	0.94	0.94	NUM
fsr-3704	233	22	3.65	3.65	NUM
fsr-3704	233	23	0.37	0.37	NUM
fsr-3704	233	24	-4.26	-4.26	NUM
fsr-3704	233	25	-2.40	-2.40	NUM
fsr-3704	233	26	0.75	0.75	NUM
fsr-3704	233	27	0.81	0.81	NUM
fsr-3704	233	28	-1.80	-1.80	ADP
fsr-3704	233	29	-1.57	-1.57	NUM
fsr-3704	233	30	1.40	1.40	NUM
fsr-3704	233	31	0.97	0.97	NUM
fsr-3704	233	32	-2.75	-2.75	NUM
fsr-3704	233	33	1.01	1.01	NUM
fsr-3704	233	34	-6.50	-6.50	NUM
fsr-3704	233	35	-1.12	-1.12	NUM
fsr-3704	233	36	0.22	0.22	NUM
fsr-3704	233	37	1.17	1.17	NUM
fsr-3704	233	38	note	note	NOUN
fsr-3704	233	39	:	:	PUNCT
fsr-3704	233	40	entries	entry	NOUN
fsr-3704	233	41	in	in	ADP
fsr-3704	233	42	table	table	NOUN
fsr-3704	233	43	are	be	AUX
fsr-3704	233	44	t	t	NOUN
fsr-3704	233	45	-	-	PUNCT
fsr-3704	233	46	statistics	statistic	NOUN
fsr-3704	233	47	.	.	PUNCT
fsr-3704	234	1	negative	negative	ADJ
fsr-3704	234	2	sign	sign	NOUN
fsr-3704	234	3	on	on	ADP
fsr-3704	234	4	ycxf	ycxf	NOUN
fsr-3704	234	5	.	.	PUNCT
fsr-3704	235	1	this	this	PRON
fsr-3704	235	2	is	be	AUX
fsr-3704	235	3	consistent	consistent	ADJ
fsr-3704	235	4	with	with	ADP
fsr-3704	235	5	the	the	DET
fsr-3704	235	6	hypothesis	hypothesis	NOUN
fsr-3704	235	7	that	that	PRON
fsr-3704	235	8	,	,	PUNCT
fsr-3704	235	9	late	late	ADV
fsr-3704	235	10	in	in	ADP
fsr-3704	235	11	the	the	DET
fsr-3704	235	12	year	year	NOUN
fsr-3704	235	13	,	,	PUNCT
fsr-3704	235	14	managers	manager	NOUN
fsr-3704	235	15	with	with	ADP
fsr-3704	235	16	low	low	ADJ
fsr-3704	235	17	returns	return	NOUN
fsr-3704	235	18	relative	relative	ADJ
fsr-3704	235	19	to	to	ADP
fsr-3704	235	20	the	the	DET
fsr-3704	235	21	s&p500	s&p500	NOUN
fsr-3704	235	22	take	take	VERB
fsr-3704	235	23	on	on	ADP
fsr-3704	235	24	greater	great	ADJ
fsr-3704	235	25	amounts	amount	NOUN
fsr-3704	235	26	of	of	ADP
fsr-3704	235	27	equity	equity	NOUN
fsr-3704	235	28	risk	risk	NOUN
fsr-3704	235	29	exposure	exposure	NOUN
fsr-3704	235	30	.	.	PUNCT
fsr-3704	236	1	although	although	SCONJ
fsr-3704	236	2	this	this	PRON
fsr-3704	236	3	can	can	AUX
fsr-3704	236	4	also	also	ADV
fsr-3704	236	5	be	be	AUX
fsr-3704	236	6	seen	see	VERB
fsr-3704	236	7	in	in	ADP
fsr-3704	236	8	june	june	PROPN
fsr-3704	236	9	and	and	CCONJ
fsr-3704	236	10	december	december	PROPN
fsr-3704	236	11	for	for	ADP
fsr-3704	236	12	other	other	ADJ
fsr-3704	236	13	low	low	ADJ
fsr-3704	236	14	ranked	rank	VERB
fsr-3704	236	15	ycxf	ycxf	NOUN
fsr-3704	236	16	groups	group	NOUN
fsr-3704	236	17	,	,	PUNCT
fsr-3704	236	18	the	the	DET
fsr-3704	236	19	significance	significance	NOUN
fsr-3704	236	20	level	level	NOUN
fsr-3704	236	21	is	be	AUX
fsr-3704	236	22	smaller	small	ADJ
fsr-3704	236	23	.	.	PUNCT
fsr-3704	237	1	iv	iv	X
fsr-3704	237	2	.	.	PUNCT
fsr-3704	238	1	conclusions	conclusion	NOUN
fsr-3704	238	2	previous	previous	ADJ
fsr-3704	238	3	studies	study	NOUN
fsr-3704	238	4	have	have	AUX
fsr-3704	238	5	found	find	VERB
fsr-3704	238	6	evidence	evidence	NOUN
fsr-3704	238	7	that	that	SCONJ
fsr-3704	238	8	portfolio	portfolio	NOUN
fsr-3704	238	9	managers	manager	NOUN
fsr-3704	238	10	attempt	attempt	VERB
fsr-3704	238	11	to	to	PART
fsr-3704	238	12	anticipate	anticipate	VERB
fsr-3704	238	13	future	future	ADJ
fsr-3704	238	14	relative	relative	ADJ
fsr-3704	238	15	returns	return	NOUN
fsr-3704	238	16	on	on	ADP
fsr-3704	238	17	aggregate	aggregate	ADJ
fsr-3704	238	18	equities	equity	NOUN
fsr-3704	238	19	versus	versus	ADP
fsr-3704	238	20	risk	risk	NOUN
fsr-3704	238	21	-	-	PUNCT
fsr-3704	238	22	free	free	ADJ
fsr-3704	238	23	securities	security	NOUN
fsr-3704	238	24	and	and	CCONJ
fsr-3704	238	25	alter	alter	VERB
fsr-3704	238	26	the	the	DET
fsr-3704	238	27	portfolio	portfolio	NOUN
fsr-3704	238	28	’s	’s	PART
fsr-3704	238	29	equity	equity	NOUN
fsr-3704	238	30	risk	risk	NOUN
fsr-3704	238	31	exposure	exposure	NOUN
fsr-3704	238	32	to	to	PART
fsr-3704	238	33	profit	profit	VERB
fsr-3704	238	34	from	from	ADP
fsr-3704	238	35	the	the	DET
fsr-3704	238	36	manager	manager	NOUN
fsr-3704	238	37	’s	’s	PART
fsr-3704	238	38	predictions	prediction	NOUN
fsr-3704	238	39	.	.	PUNCT
fsr-3704	239	1	these	these	DET
fsr-3704	239	2	studies	study	NOUN
fsr-3704	239	3	were	be	AUX
fsr-3704	239	4	unable	unable	ADJ
fsr-3704	239	5	,	,	PUNCT
fsr-3704	239	6	however	however	ADV
fsr-3704	239	7	,	,	PUNCT
fsr-3704	239	8	to	to	PART
fsr-3704	239	9	accurately	accurately	ADV
fsr-3704	239	10	measure	measure	VERB
fsr-3704	239	11	portfolio	portfolio	NOUN
fsr-3704	239	12	risk	risk	NOUN
fsr-3704	239	13	at	at	ADP
fsr-3704	239	14	specific	specific	ADJ
fsr-3704	239	15	points	point	NOUN
fsr-3704	239	16	in	in	ADP
fsr-3704	239	17	time	time	NOUN
fsr-3704	239	18	since	since	SCONJ
fsr-3704	239	19	they	they	PRON
fsr-3704	239	20	relied	rely	VERB
fsr-3704	239	21	solely	solely	ADV
fsr-3704	239	22	on	on	ADP
fsr-3704	239	23	the	the	DET
fsr-3704	239	24	time	time	NOUN
fsr-3704	239	25	series	series	PROPN
fsr-3704	239	26	returns	return	NOUN
fsr-3704	239	27	of	of	ADP
fsr-3704	239	28	a	a	DET
fsr-3704	239	29	portfolio	portfolio	NOUN
fsr-3704	239	30	.	.	PUNCT
fsr-3704	240	1	in	in	ADP
fsr-3704	240	2	this	this	DET
fsr-3704	240	3	study	study	NOUN
fsr-3704	240	4	we	we	PRON
fsr-3704	240	5	calculate	calculate	VERB
fsr-3704	240	6	cross	cross	ADJ
fsr-3704	240	7	-	-	ADJ
fsr-3704	240	8	sectional	sectional	ADJ
fsr-3704	240	9	portfolio	portfolio	NOUN
fsr-3704	240	10	betas	beta	NOUN
fsr-3704	240	11	using	use	VERB
fsr-3704	240	12	the	the	DET
fsr-3704	240	13	security	security	NOUN
fsr-3704	240	14	holdings	holding	NOUN
fsr-3704	240	15	of	of	ADP
fsr-3704	240	16	a	a	DET
fsr-3704	240	17	portfolio	portfolio	NOUN
fsr-3704	240	18	at	at	ADP
fsr-3704	240	19	a	a	DET
fsr-3704	240	20	given	give	VERB
fsr-3704	240	21	quarter	quarter	NOUN
fsr-3704	240	22	-	-	PUNCT
fsr-3704	240	23	end	end	NOUN
fsr-3704	240	24	.	.	PUNCT
fsr-3704	241	1	as	as	ADP
fsr-3704	241	2	such	such	ADJ
fsr-3704	241	3	we	we	PRON
fsr-3704	241	4	are	be	AUX
fsr-3704	241	5	able	able	ADJ
fsr-3704	241	6	to	to	PART
fsr-3704	241	7	accurately	accurately	ADV
fsr-3704	241	8	measure	measure	VERB
fsr-3704	241	9	changes	change	NOUN
fsr-3704	241	10	in	in	ADP
fsr-3704	241	11	equity	equity	NOUN
fsr-3704	241	12	risk	risk	NOUN
fsr-3704	241	13	exposure	exposure	NOUN
fsr-3704	241	14	.	.	PUNCT
fsr-3704	242	1	using	use	VERB
fsr-3704	242	2	a	a	DET
fsr-3704	242	3	sample	sample	NOUN
fsr-3704	242	4	of	of	ADP
fsr-3704	242	5	94	94	NUM
fsr-3704	242	6	u.s	u.s	PROPN
fsr-3704	242	7	.	.	PROPN
fsr-3704	242	8	equity	equity	NOUN
fsr-3704	242	9	mutual	mutual	ADJ
fsr-3704	242	10	funds	fund	NOUN
fsr-3704	242	11	over	over	ADP
fsr-3704	242	12	the	the	DET
fsr-3704	242	13	period	period	NOUN
fsr-3704	242	14	march	march	PROPN
fsr-3704	242	15	3	3	NUM
fsr-3704	242	16	1,1977	1,1977	NOUN
fsr-3704	242	17	through	through	ADP
fsr-3704	242	18	december	december	PROPN
fsr-3704	242	19	31	31	NUM
fsr-3704	242	20	,	,	PUNCT
fsr-3704	242	21	1988	1988	NUM
fsr-3704	242	22	,	,	PUNCT
fsr-3704	242	23	we	we	PRON
fsr-3704	242	24	examine	examine	VERB
fsr-3704	242	25	the	the	DET
fsr-3704	242	26	extent	extent	NOUN
fsr-3704	242	27	to	to	PART
fsr-3704	242	28	which	which	PRON
fsr-3704	242	29	portfolio	portfolio	NOUN
fsr-3704	242	30	managers	manager	NOUN
fsr-3704	242	31	engage	engage	VERB
fsr-3704	242	32	in	in	ADP
fsr-3704	242	33	active	active	ADJ
fsr-3704	242	34	management	management	NOUN
fsr-3704	242	35	of	of	ADP
fsr-3704	242	36	their	their	PRON
fsr-3704	242	37	portfolios	portfolio	NOUN
fsr-3704	242	38	’	'	PUNCT
fsr-3704	242	39	equity	equity	NOUN
fsr-3704	242	40	risk	risk	NOUN
fsr-3704	242	41	exposure	exposure	NOUN
fsr-3704	242	42	.	.	PUNCT
fsr-3704	243	1	active	active	ADJ
fsr-3704	243	2	management	management	NOUN
fsr-3704	243	3	is	be	AUX
fsr-3704	243	4	measured	measure	VERB
fsr-3704	243	5	as	as	ADP
fsr-3704	243	6	the	the	DET
fsr-3704	243	7	difference	difference	NOUN
fsr-3704	243	8	between	between	ADP
fsr-3704	243	9	a	a	DET
fsr-3704	243	10	portfolio	portfolio	NOUN
fsr-3704	243	11	’s	’s	PART
fsr-3704	243	12	cross	cross	ADJ
fsr-3704	243	13	-	-	ADJ
fsr-3704	243	14	sectional	sectional	ADJ
fsr-3704	243	15	beta	beta	NOUN
fsr-3704	243	16	at	at	ADP
fsr-3704	243	17	the	the	DET
fsr-3704	243	18	end	end	NOUN
fsr-3704	243	19	of	of	ADP
fsr-3704	243	20	a	a	DET
fsr-3704	243	21	quarter	quarter	NOUN
fsr-3704	243	22	and	and	CCONJ
fsr-3704	243	23	the	the	DET
fsr-3704	243	24	beta	beta	NOUN
fsr-3704	243	25	which	which	PRON
fsr-3704	243	26	would	would	AUX
fsr-3704	243	27	have	have	AUX
fsr-3704	243	28	been	be	AUX
fsr-3704	243	29	expected	expect	VERB
fsr-3704	243	30	if	if	SCONJ
fsr-3704	243	31	no	no	DET
fsr-3704	243	32	active	active	ADJ
fsr-3704	243	33	asset	asset	NOUN
fsr-3704	243	34	allocation	allocation	NOUN
fsr-3704	243	35	had	have	AUX
fsr-3704	243	36	been	be	AUX
fsr-3704	243	37	used	use	VERB
fsr-3704	243	38	.	.	PUNCT
fsr-3704	244	1	observation	observation	NOUN
fsr-3704	244	2	shows	show	VERB
fsr-3704	244	3	that	that	SCONJ
fsr-3704	244	4	cross	cross	ADJ
fsr-3704	244	5	-	-	ADJ
fsr-3704	244	6	sectional	sectional	ADJ
fsr-3704	244	7	portfolio	portfolio	NOUN
fsr-3704	244	8	betas	beta	NOUN
fsr-3704	244	9	can	can	AUX
fsr-3704	244	10	differ	differ	VERB
fsr-3704	244	11	significantly	significantly	ADV
fsr-3704	244	12	from	from	ADP
fsr-3704	244	13	single	single	ADJ
fsr-3704	244	14	time	time	NOUN
fsr-3704	244	15	series	series	PROPN
fsr-3704	244	16	beta	beta	NOUN
fsr-3704	244	17	estimates	estimate	NOUN
fsr-3704	244	18	.	.	PUNCT
fsr-3704	245	1	the	the	DET
fsr-3704	245	2	time	time	NOUN
fsr-3704	245	3	series	series	PROPN
fsr-3704	245	4	beta	beta	NOUN
fsr-3704	245	5	is	be	AUX
fsr-3704	245	6	a	a	DET
fsr-3704	245	7	poor	poor	ADJ
fsr-3704	245	8	predictor	predictor	NOUN
fsr-3704	245	9	of	of	ADP
fsr-3704	245	10	a	a	DET
fsr-3704	245	11	portfolio	portfolio	NOUN
fsr-3704	245	12	’s	’s	PART
fsr-3704	245	13	current	current	ADJ
fsr-3704	245	14	equity	equity	NOUN
fsr-3704	245	15	risk	risk	NOUN
fsr-3704	245	16	exposure	exposure	NOUN
fsr-3704	245	17	and	and	CCONJ
fsr-3704	245	18	provides	provide	VERB
fsr-3704	245	19	no	no	DET
fsr-3704	245	20	information	information	NOUN
fsr-3704	245	21	about	about	ADP
fsr-3704	245	22	the	the	DET
fsr-3704	245	23	extent	extent	NOUN
fsr-3704	245	24	to	to	PART
fsr-3704	245	25	which	which	PRON
fsr-3704	245	26	the	the	DET
fsr-3704	245	27	manager	manager	NOUN
fsr-3704	245	28	engages	engage	VERB
fsr-3704	245	29	in	in	ADP
fsr-3704	245	30	active	active	ADJ
fsr-3704	245	31	asset	asset	NOUN
fsr-3704	245	32	allocation	allocation	NOUN
fsr-3704	245	33	.	.	PUNCT
fsr-3704	246	1	the	the	DET
fsr-3704	246	2	change	change	NOUN
fsr-3704	246	3	in	in	ADP
fsr-3704	246	4	a	a	DET
fsr-3704	246	5	manager	manager	NOUN
fsr-3704	246	6	’s	’s	PART
fsr-3704	246	7	beta	beta	NOUN
fsr-3704	246	8	from	from	ADP
fsr-3704	246	9	one	one	NUM
fsr-3704	246	10	quarter	quarter	NOUN
fsr-3704	246	11	to	to	ADP
fsr-3704	246	12	the	the	DET
fsr-3704	246	13	next	next	ADJ
fsr-3704	246	14	arises	arise	NOUN
fsr-3704	246	15	from	from	ADP
fsr-3704	246	16	both	both	CCONJ
fsr-3704	246	17	an	an	DET
fsr-3704	246	18	active	active	ADJ
fsr-3704	246	19	and	and	CCONJ
fsr-3704	246	20	a	a	DET
fsr-3704	246	21	passive	passive	ADJ
fsr-3704	246	22	asset	asset	NOUN
fsr-3704	246	23	allocation	allocation	NOUN
fsr-3704	246	24	.	.	PUNCT
fsr-3704	247	1	active	active	ADJ
fsr-3704	247	2	asset	asset	NOUN
fsr-3704	247	3	allocation	allocation	NOUN
fsr-3704	247	4	is	be	AUX
fsr-3704	247	5	defined	define	VERB
fsr-3704	247	6	as	as	ADP
fsr-3704	247	7	the	the	DET
fsr-3704	247	8	actual	actual	ADJ
fsr-3704	247	9	beta	beta	NOUN
fsr-3704	247	10	of	of	ADP
fsr-3704	247	11	a	a	DET
fsr-3704	247	12	portfolio	portfolio	NOUN
fsr-3704	247	13	at	at	ADP
fsr-3704	247	14	a	a	DET
fsr-3704	247	15	given	give	VERB
fsr-3704	247	16	quarter	quarter	NOUN
fsr-3704	247	17	end	end	NOUN
fsr-3704	247	18	minus	minus	ADP
fsr-3704	247	19	the	the	DET
fsr-3704	247	20	expected	expect	VERB
fsr-3704	247	21	beta	beta	NOUN
fsr-3704	247	22	(	(	PUNCT
fsr-3704	247	23	given	give	VERB
fsr-3704	247	24	the	the	DET
fsr-3704	247	25	prior	prior	ADJ
fsr-3704	247	26	quarter	quarter	NOUN
fsr-3704	247	27	beta	beta	NOUN
fsr-3704	247	28	and	and	CCONJ
fsr-3704	247	29	relative	relative	ADJ
fsr-3704	247	30	returns	return	NOUN
fsr-3704	247	31	on	on	ADP
fsr-3704	247	32	equities	equity	NOUN
fsr-3704	247	33	and	and	CCONJ
fsr-3704	247	34	risk	risk	NOUN
fsr-3704	247	35	free	free	ADJ
fsr-3704	247	36	securities	security	NOUN
fsr-3704	247	37	during	during	ADP
fsr-3704	247	38	the	the	DET
fsr-3704	247	39	quarter	quarter	NOUN
fsr-3704	247	40	)	)	PUNCT
fsr-3704	247	41	.	.	PUNCT
fsr-3704	248	1	passive	passive	ADJ
fsr-3704	248	2	asset	asset	NOUN
fsr-3704	248	3	allocation	allocation	NOUN
fsr-3704	248	4	is	be	AUX
fsr-3704	248	5	defined	define	VERB
fsr-3704	248	6	as	as	ADP
fsr-3704	248	7	the	the	DET
fsr-3704	248	8	expected	expected	ADJ
fsr-3704	248	9	beta	beta	NOUN
fsr-3704	248	10	minus	minus	ADP
fsr-3704	248	11	the	the	DET
fsr-3704	248	12	prior	prior	ADJ
fsr-3704	248	13	active	active	ADJ
fsr-3704	248	14	timing	timing	NOUN
fsr-3704	248	15	decisions	decision	NOUN
fsr-3704	248	16	of	of	ADP
fsr-3704	248	17	equity	equity	NOUN
fsr-3704	248	18	mutual	mutual	ADJ
fsr-3704	248	19	funds	fund	NOUN
fsr-3704	248	20	37	37	NUM
fsr-3704	248	21	quarter	quarter	NOUN
fsr-3704	248	22	’s	’s	PART
fsr-3704	248	23	beta	beta	NOUN
fsr-3704	248	24	.	.	PUNCT
fsr-3704	249	1	the	the	DET
fsr-3704	249	2	dominant	dominant	ADJ
fsr-3704	249	3	cause	cause	NOUN
fsr-3704	249	4	for	for	ADP
fsr-3704	249	5	changes	change	NOUN
fsr-3704	249	6	in	in	ADP
fsr-3704	249	7	portfolio	portfolio	NOUN
fsr-3704	249	8	betas	beta	NOUN
fsr-3704	249	9	is	be	AUX
fsr-3704	249	10	active	active	ADJ
fsr-3704	249	11	allocation	allocation	NOUN
fsr-3704	249	12	.	.	PUNCT
fsr-3704	250	1	for	for	ADP
fsr-3704	250	2	example	example	NOUN
fsr-3704	250	3	,	,	PUNCT
fsr-3704	250	4	it	it	PRON
fsr-3704	250	5	is	be	AUX
fsr-3704	250	6	not	not	PART
fsr-3704	250	7	unusual	unusual	ADJ
fsr-3704	250	8	to	to	PART
fsr-3704	250	9	find	find	VERB
fsr-3704	250	10	managers	manager	NOUN
fsr-3704	250	11	who	who	PRON
fsr-3704	250	12	actively	actively	ADV
fsr-3704	250	13	increase	increase	VERB
fsr-3704	250	14	or	or	CCONJ
fsr-3704	250	15	decrease	decrease	VERB
fsr-3704	250	16	their	their	PRON
fsr-3704	250	17	portfolio	portfolio	NOUN
fsr-3704	250	18	beta	beta	NOUN
fsr-3704	250	19	by	by	ADP
fsr-3704	250	20	0.5	0.5	NUM
fsr-3704	250	21	between	between	ADP
fsr-3704	250	22	two	two	NUM
fsr-3704	250	23	quarters	quarter	NOUN
fsr-3704	250	24	.	.	PUNCT
fsr-3704	251	1	and	and	CCONJ
fsr-3704	251	2	the	the	DET
fsr-3704	251	3	median	median	ADJ
fsr-3704	251	4	standard	standard	ADJ
fsr-3704	251	5	deviation	deviation	NOUN
fsr-3704	251	6	of	of	ADP
fsr-3704	251	7	quarterly	quarterly	ADJ
fsr-3704	251	8	active	active	ADJ
fsr-3704	251	9	changes	change	NOUN
fsr-3704	251	10	in	in	ADP
fsr-3704	251	11	beta	beta	NOUN
fsr-3704	251	12	was	be	AUX
fsr-3704	251	13	0.098	0.098	NUM
fsr-3704	251	14	.	.	PUNCT
fsr-3704	252	1	we	we	PRON
fsr-3704	252	2	also	also	ADV
fsr-3704	252	3	examine	examine	VERB
fsr-3704	252	4	whether	whether	SCONJ
fsr-3704	252	5	active	active	ADJ
fsr-3704	252	6	asset	asset	NOUN
fsr-3704	252	7	allocation	allocation	NOUN
fsr-3704	252	8	decisions	decision	NOUN
fsr-3704	252	9	are	be	AUX
fsr-3704	252	10	better	well	ADJ
fsr-3704	252	11	charac	charac	NOUN
fsr-3704	252	12	terized	terize	VERB
fsr-3704	252	13	as	as	ADP
fsr-3704	252	14	reactive	reactive	ADJ
fsr-3704	252	15	or	or	CCONJ
fsr-3704	252	16	anticipatory	anticipatory	ADJ
fsr-3704	252	17	.	.	PUNCT
fsr-3704	253	1	reactive	reactive	ADJ
fsr-3704	253	2	decisions	decision	NOUN
fsr-3704	253	3	are	be	AUX
fsr-3704	253	4	said	say	VERB
fsr-3704	253	5	to	to	PART
fsr-3704	253	6	be	be	AUX
fsr-3704	253	7	traceable	traceable	ADJ
fsr-3704	253	8	to	to	ADP
fsr-3704	253	9	current	current	ADJ
fsr-3704	253	10	and	and	CCONJ
fsr-3704	253	11	past	past	ADJ
fsr-3704	253	12	equity	equity	NOUN
fsr-3704	253	13	returns	return	NOUN
fsr-3704	253	14	of	of	ADP
fsr-3704	253	15	either	either	CCONJ
fsr-3704	253	16	the	the	DET
fsr-3704	253	17	aggregate	aggregate	ADJ
fsr-3704	253	18	stock	stock	NOUN
fsr-3704	253	19	market	market	NOUN
fsr-3704	253	20	or	or	CCONJ
fsr-3704	253	21	the	the	DET
fsr-3704	253	22	individual	individual	ADJ
fsr-3704	253	23	manager	manager	NOUN
fsr-3704	253	24	.	.	PUNCT
fsr-3704	254	1	although	although	SCONJ
fsr-3704	254	2	most	most	ADJ
fsr-3704	254	3	decisions	decision	NOUN
fsr-3704	254	4	appear	appear	VERB
fsr-3704	254	5	to	to	PART
fsr-3704	254	6	be	be	AUX
fsr-3704	254	7	best	well	ADV
fsr-3704	254	8	classified	classify	VERB
fsr-3704	254	9	as	as	ADP
fsr-3704	254	10	anticipatory	anticipatory	ADJ
fsr-3704	254	11	,	,	PUNCT
fsr-3704	254	12	there	there	PRON
fsr-3704	254	13	is	be	VERB
fsr-3704	254	14	some	some	DET
fsr-3704	254	15	weak	weak	ADJ
fsr-3704	254	16	evidence	evidence	NOUN
fsr-3704	254	17	of	of	ADP
fsr-3704	254	18	reactive	reactive	ADJ
fsr-3704	254	19	decisions	decision	NOUN
fsr-3704	254	20	.	.	PUNCT
fsr-3704	255	1	finally	finally	ADV
fsr-3704	255	2	,	,	PUNCT
fsr-3704	255	3	we	we	PRON
fsr-3704	255	4	find	find	VERB
fsr-3704	255	5	evidence	evidence	NOUN
fsr-3704	255	6	that	that	SCONJ
fsr-3704	255	7	managers	manager	NOUN
fsr-3704	255	8	who	who	PRON
fsr-3704	255	9	experience	experience	VERB
fsr-3704	255	10	poor	poor	ADJ
fsr-3704	255	11	year	year	NOUN
fsr-3704	255	12	-	-	PUNCT
fsr-3704	255	13	to	to	ADP
fsr-3704	255	14	-	-	PUNCT
fsr-3704	255	15	date	date	NOUN
fsr-3704	255	16	returns	return	NOUN
fsr-3704	255	17	relative	relative	ADJ
fsr-3704	255	18	to	to	ADP
fsr-3704	255	19	the	the	DET
fsr-3704	255	20	s&psoo	s&psoo	VERB
fsr-3704	255	21	,	,	PUNCT
fsr-3704	255	22	increase	increase	VERB
fsr-3704	255	23	their	their	PRON
fsr-3704	255	24	equity	equity	NOUN
fsr-3704	255	25	risk	risk	NOUN
fsr-3704	255	26	exposure	exposure	NOUN
fsr-3704	255	27	in	in	ADP
fsr-3704	255	28	the	the	DET
fsr-3704	255	29	last	last	ADJ
fsr-3704	255	30	quarter	quarter	NOUN
fsr-3704	255	31	of	of	ADP
fsr-3704	255	32	the	the	DET
fsr-3704	255	33	calendar	calendar	NOUN
fsr-3704	255	34	year	year	NOUN
fsr-3704	255	35	.	.	PUNCT
fsr-3704	256	1	what	what	PRON
fsr-3704	256	2	do	do	AUX
fsr-3704	256	3	these	these	DET
fsr-3704	256	4	results	result	NOUN
fsr-3704	256	5	mean	mean	VERB
fsr-3704	256	6	to	to	ADP
fsr-3704	256	7	the	the	DET
fsr-3704	256	8	individual	individual	ADJ
fsr-3704	256	9	investor	investor	NOUN
fsr-3704	256	10	?	?	PUNCT
fsr-3704	257	1	first	first	ADV
fsr-3704	257	2	,	,	PUNCT
fsr-3704	257	3	given	give	VERB
fsr-3704	257	4	the	the	DET
fsr-3704	257	5	large	large	ADJ
fsr-3704	257	6	variability	variability	NOUN
fsr-3704	257	7	in	in	ADP
fsr-3704	257	8	a	a	DET
fsr-3704	257	9	portfolio	portfolio	NOUN
fsr-3704	257	10	’s	’s	PART
fsr-3704	257	11	beta	beta	NOUN
fsr-3704	257	12	which	which	PRON
fsr-3704	257	13	is	be	AUX
fsr-3704	257	14	possible	possible	ADJ
fsr-3704	257	15	over	over	ADP
fsr-3704	257	16	time	time	NOUN
fsr-3704	257	17	,	,	PUNCT
fsr-3704	257	18	it	it	PRON
fsr-3704	257	19	is	be	AUX
fsr-3704	257	20	unfortunate	unfortunate	ADJ
fsr-3704	257	21	that	that	SCONJ
fsr-3704	257	22	individual	individual	ADJ
fsr-3704	257	23	investors	investor	NOUN
fsr-3704	257	24	are	be	AUX
fsr-3704	257	25	not	not	PART
fsr-3704	257	26	provided	provide	VERB
fsr-3704	257	27	with	with	ADP
fsr-3704	257	28	information	information	NOUN
fsr-3704	257	29	about	about	ADP
fsr-3704	257	30	a	a	DET
fsr-3704	257	31	mutual	mutual	ADJ
fsr-3704	257	32	fund	fund	NOUN
fsr-3704	257	33	’s	’s	PART
fsr-3704	257	34	current	current	ADJ
fsr-3704	257	35	and	and	CCONJ
fsr-3704	257	36	past	past	ADJ
fsr-3704	257	37	cross	cross	ADJ
fsr-3704	257	38	-	-	ADJ
fsr-3704	257	39	sectional	sectional	ADJ
fsr-3704	257	40	betas	beta	NOUN
fsr-3704	257	41	.	.	PUNCT
fsr-3704	258	1	without	without	ADP
fsr-3704	258	2	this	this	DET
fsr-3704	258	3	information	information	NOUN
fsr-3704	258	4	,	,	PUNCT
fsr-3704	258	5	it	it	PRON
fsr-3704	258	6	is	be	AUX
fsr-3704	258	7	very	very	ADV
fsr-3704	258	8	difficult	difficult	ADJ
fsr-3704	258	9	to	to	PART
fsr-3704	258	10	judge	judge	VERB
fsr-3704	258	11	the	the	DET
fsr-3704	258	12	extent	extent	NOUN
fsr-3704	258	13	to	to	PART
fsr-3704	258	14	which	which	PRON
fsr-3704	258	15	a	a	DET
fsr-3704	258	16	manager	manager	NOUN
fsr-3704	258	17	engages	engage	VERB
fsr-3704	258	18	in	in	ADP
fsr-3704	258	19	timing	timing	NOUN
fsr-3704	258	20	activities	activity	NOUN
fsr-3704	258	21	and	and	CCONJ
fsr-3704	258	22	the	the	DET
fsr-3704	258	23	portfolio	portfolio	NOUN
fsr-3704	258	24	’s	’s	PART
fsr-3704	258	25	current	current	ADJ
fsr-3704	258	26	equity	equity	NOUN
fsr-3704	258	27	risk	risk	NOUN
fsr-3704	258	28	exposure	exposure	NOUN
fsr-3704	258	29	.	.	PUNCT
fsr-3704	259	1	although	although	SCONJ
fsr-3704	259	2	this	this	DET
fsr-3704	259	3	data	data	NOUN
fsr-3704	259	4	is	be	AUX
fsr-3704	259	5	provided	provide	VERB
fsr-3704	259	6	by	by	ADP
fsr-3704	259	7	consultants	consultant	NOUN
fsr-3704	259	8	to	to	ADP
fsr-3704	259	9	large	large	ADJ
fsr-3704	259	10	investors	investor	NOUN
fsr-3704	259	11	such	such	ADJ
fsr-3704	259	12	as	as	ADP
fsr-3704	259	13	pension	pension	NOUN
fsr-3704	259	14	funds	fund	NOUN
fsr-3704	259	15	and	and	CCONJ
fsr-3704	259	16	endowment	endowment	NOUN
fsr-3704	259	17	funds	fund	NOUN
fsr-3704	259	18	,	,	PUNCT
fsr-3704	259	19	it	it	PRON
fsr-3704	259	20	is	be	AUX
fsr-3704	259	21	not	not	PART
fsr-3704	259	22	available	available	ADJ
fsr-3704	259	23	to	to	ADP
fsr-3704	259	24	individual	individual	ADJ
fsr-3704	259	25	investors	investor	NOUN
fsr-3704	259	26	.	.	PUNCT
fsr-3704	260	1	second	second	ADJ
fsr-3704	260	2	,	,	PUNCT
fsr-3704	260	3	if	if	SCONJ
fsr-3704	260	4	a	a	DET
fsr-3704	260	5	fund	fund	NOUN
fsr-3704	260	6	which	which	PRON
fsr-3704	260	7	has	have	VERB
fsr-3704	260	8	poor	poor	ADJ
fsr-3704	260	9	yearly	yearly	ADJ
fsr-3704	260	10	returns	return	NOUN
fsr-3704	260	11	as	as	ADP
fsr-3704	260	12	of	of	ADP
fsr-3704	260	13	september	september	PROPN
fsr-3704	260	14	is	be	AUX
fsr-3704	260	15	being	be	AUX
fsr-3704	260	16	considered	consider	VERB
fsr-3704	260	17	for	for	ADP
fsr-3704	260	18	purchase	purchase	NOUN
fsr-3704	260	19	,	,	PUNCT
fsr-3704	260	20	the	the	DET
fsr-3704	260	21	investor	investor	NOUN
fsr-3704	260	22	should	should	AUX
fsr-3704	260	23	check	check	VERB
fsr-3704	260	24	to	to	PART
fsr-3704	260	25	see	see	VERB
fsr-3704	260	26	that	that	SCONJ
fsr-3704	260	27	the	the	DET
fsr-3704	260	28	manager	manager	NOUN
fsr-3704	260	29	has	have	AUX
fsr-3704	260	30	not	not	PART
fsr-3704	260	31	recently	recently	ADV
fsr-3704	260	32	increased	increase	VERB
fsr-3704	260	33	equity	equity	NOUN
fsr-3704	260	34	risk	risk	NOUN
fsr-3704	260	35	beyond	beyond	ADP
fsr-3704	260	36	the	the	DET
fsr-3704	260	37	investor	investor	NOUN
fsr-3704	260	38	’	'	PUNCT
fsr-3704	260	39	risk	risk	NOUN
fsr-3704	260	40	tolerance	tolerance	NOUN
fsr-3704	260	41	.	.	PUNCT
fsr-3704	261	1	notes	note	NOUN
fsr-3704	261	2	1	1	NUM
fsr-3704	261	3	.	.	PUNCT
fsr-3704	262	1	the	the	DET
fsr-3704	262	2	most	most	ADV
fsr-3704	262	3	recent	recent	ADJ
fsr-3704	262	4	study	study	NOUN
fsr-3704	262	5	discussing	discuss	VERB
fsr-3704	262	6	problems	problem	NOUN
fsr-3704	262	7	inherent	inherent	ADJ
fsr-3704	262	8	in	in	ADP
fsr-3704	262	9	measuring	measure	VERB
fsr-3704	262	10	the	the	DET
fsr-3704	262	11	performance	performance	NOUN
fsr-3704	262	12	of	of	ADP
fsr-3704	262	13	ptofes	ptofes	NOUN
fsr-3704	262	14	sional	sional	ADJ
fsr-3704	262	15	managers	manager	NOUN
fsr-3704	262	16	when	when	SCONJ
fsr-3704	262	17	they	they	PRON
fsr-3704	262	18	engage	engage	VERB
fsr-3704	262	19	in	in	ADP
fsr-3704	262	20	active	active	ADJ
fsr-3704	262	21	management	management	NOUN
fsr-3704	262	22	of	of	ADP
fsr-3704	262	23	equity	equity	NOUN
fsr-3704	262	24	risk	risk	NOUN
fsr-3704	262	25	can	can	AUX
fsr-3704	262	26	be	be	AUX
fsr-3704	262	27	found	find	VERB
fsr-3704	262	28	in	in	ADP
fsr-3704	262	29	grinblatt	grinblatt	NOUN
fsr-3704	262	30	and	and	CCONJ
fsr-3704	262	31	titman	titman	NOUN
fsr-3704	262	32	(	(	PUNCT
fsr-3704	262	33	1989	1989	NUM
fsr-3704	262	34	)	)	PUNCT
fsr-3704	262	35	.	.	PUNCT
fsr-3704	263	1	they	they	PRON
fsr-3704	263	2	demonstrate	demonstrate	VERB
fsr-3704	263	3	that	that	SCONJ
fsr-3704	263	4	informed	inform	VERB
fsr-3704	263	5	managers	manager	NOUN
fsr-3704	263	6	who	who	PRON
fsr-3704	263	7	have	have	VERB
fsr-3704	263	8	positive	positive	ADJ
fsr-3704	263	9	timing	timing	NOUN
fsr-3704	263	10	abilities	ability	NOUN
fsr-3704	263	11	can	can	AUX
fsr-3704	263	12	appear	appear	VERB
fsr-3704	263	13	to	to	ADP
fsr-3704	263	14	uninformed	uninformed	ADJ
fsr-3704	263	15	investors	investor	NOUN
fsr-3704	263	16	as	as	ADP
fsr-3704	263	17	having	have	VERB
fsr-3704	263	18	negative	negative	ADJ
fsr-3704	263	19	timing	timing	NOUN
fsr-3704	263	20	ability	ability	NOUN
fsr-3704	263	21	and	and	CCONJ
fsr-3704	263	22	larger	large	ADJ
fsr-3704	263	23	calculated	calculated	ADJ
fsr-3704	263	24	betas	beta	NOUN
fsr-3704	263	25	than	than	ADP
fsr-3704	263	26	actually	actually	ADV
fsr-3704	263	27	present	present	ADJ
fsr-3704	263	28	in	in	ADP
fsr-3704	263	29	the	the	DET
fsr-3704	263	30	portfolio	portfolio	NOUN
fsr-3704	263	31	.	.	PUNCT
fsr-3704	264	1	this	this	PRON
fsr-3704	264	2	can	can	AUX
fsr-3704	264	3	happen	happen	VERB
fsr-3704	264	4	if	if	SCONJ
fsr-3704	264	5	performance	performance	NOUN
fsr-3704	264	6	measures	measure	NOUN
fsr-3704	264	7	are	be	AUX
fsr-3704	264	8	calculated	calculate	VERB
fsr-3704	264	9	using	use	VERB
fsr-3704	264	10	the	the	DET
fsr-3704	264	11	time	time	NOUN
fsr-3704	264	12	series	series	NOUN
fsr-3704	264	13	of	of	ADP
fsr-3704	264	14	the	the	DET
fsr-3704	264	15	portfolio	portfolio	NOUN
fsr-3704	264	16	’s	’s	PART
fsr-3704	264	17	returns	return	NOUN
fsr-3704	264	18	instead	instead	ADV
fsr-3704	264	19	of	of	ADP
fsr-3704	264	20	examining	examine	VERB
fsr-3704	264	21	changes	change	NOUN
fsr-3704	264	22	over	over	ADP
fsr-3704	264	23	time	time	NOUN
fsr-3704	264	24	in	in	ADP
fsr-3704	264	25	a	a	DET
fsr-3704	264	26	portfolio	portfolio	NOUN
fsr-3704	264	27	’s	’s	PART
fsr-3704	264	28	cross	cross	ADJ
fsr-3704	264	29	-	-	ADJ
fsr-3704	264	30	sectional	sectional	ADJ
fsr-3704	264	31	beta	beta	NOUN
fsr-3704	264	32	.	.	PUNCT
fsr-3704	265	1	2	2	X
fsr-3704	265	2	.	.	X
fsr-3704	265	3	we	we	PRON
fsr-3704	265	4	do	do	AUX
fsr-3704	265	5	not	not	PART
fsr-3704	265	6	examine	examine	VERB
fsr-3704	265	7	whether	whether	SCONJ
fsr-3704	265	8	market	market	NOUN
fsr-3704	265	9	timing	timing	NOUN
fsr-3704	265	10	activities	activity	NOUN
fsr-3704	265	11	of	of	ADP
fsr-3704	265	12	fund	fund	NOUN
fsr-3704	265	13	managers	manager	NOUN
fsr-3704	265	14	are	be	AUX
fsr-3704	265	15	successful	successful	ADJ
fsr-3704	265	16	.	.	PUNCT
fsr-3704	266	1	instead	instead	ADV
fsr-3704	266	2	,	,	PUNCT
fsr-3704	266	3	we	we	PRON
fsr-3704	266	4	focus	focus	VERB
fsr-3704	266	5	on	on	ADP
fsr-3704	266	6	the	the	DET
fsr-3704	266	7	extent	extent	NOUN
fsr-3704	266	8	to	to	PART
fsr-3704	266	9	which	which	PRON
fsr-3704	266	10	timing	timing	NOUN
fsr-3704	266	11	decisions	decision	NOUN
fsr-3704	266	12	cause	cause	VERB
fsr-3704	266	13	changes	change	NOUN
fsr-3704	266	14	in	in	ADP
fsr-3704	266	15	a	a	DET
fsr-3704	266	16	portfolio	portfolio	NOUN
fsr-3704	266	17	’s	’s	PART
fsr-3704	266	18	equity	equity	NOUN
fsr-3704	266	19	risk	risk	NOUN
fsr-3704	266	20	exposure	exposure	NOUN
fsr-3704	266	21	over	over	ADP
fsr-3704	266	22	time	time	NOUN
fsr-3704	266	23	and	and	CCONJ
fsr-3704	266	24	the	the	DET
fsr-3704	266	25	determinants	determinant	NOUN
fsr-3704	266	26	of	of	ADP
fsr-3704	266	27	such	such	ADJ
fsr-3704	266	28	decisions	decision	NOUN
fsr-3704	266	29	.	.	PUNCT
fsr-3704	267	1	3	3	X
fsr-3704	267	2	.	.	X
fsr-3704	267	3	consultants	consultant	NOUN
fsr-3704	267	4	to	to	ADP
fsr-3704	267	5	large	large	ADJ
fsr-3704	267	6	portfolio	portfolio	NOUN
fsr-3704	267	7	owners	owner	NOUN
fsr-3704	267	8	such	such	ADJ
fsr-3704	267	9	as	as	ADP
fsr-3704	267	10	pensions	pension	NOUN
fsr-3704	267	11	and	and	CCONJ
fsr-3704	267	12	endowment	endowment	NOUN
fsr-3704	267	13	funds	fund	NOUN
fsr-3704	267	14	regularly	regularly	ADV
fsr-3704	267	15	track	track	VERB
fsr-3704	267	16	and	and	CCONJ
fsr-3704	267	17	report	report	VERB
fsr-3704	267	18	on	on	ADP
fsr-3704	267	19	the	the	DET
fsr-3704	267	20	level	level	NOUN
fsr-3704	267	21	of	of	ADP
fsr-3704	267	22	equity	equity	NOUN
fsr-3704	267	23	risk	risk	NOUN
fsr-3704	267	24	exposure	exposure	NOUN
fsr-3704	267	25	of	of	ADP
fsr-3704	267	26	portfolio	portfolio	NOUN
fsr-3704	267	27	managers	manager	NOUN
fsr-3704	267	28	employed	employ	VERB
fsr-3704	267	29	by	by	ADP
fsr-3704	267	30	their	their	PRON
fsr-3704	267	31	clients	client	NOUN
fsr-3704	267	32	.	.	PUNCT
fsr-3704	268	1	unfortunately	unfortunately	ADV
fsr-3704	268	2	,	,	PUNCT
fsr-3704	268	3	similar	similar	ADJ
fsr-3704	268	4	information	information	NOUN
fsr-3704	268	5	is	be	AUX
fsr-3704	268	6	not	not	PART
fsr-3704	268	7	currently	currently	ADV
fsr-3704	268	8	provided	provide	VERB
fsr-3704	268	9	topubiic	topubiic	ADP
fsr-3704	268	10	investors	investor	NOUN
fsr-3704	268	11	in	in	ADP
fsr-3704	268	12	mutual	mutual	ADJ
fsr-3704	268	13	funds	fund	NOUN
fsr-3704	268	14	.	.	PUNCT
fsr-3704	269	1	4	4	X
fsr-3704	269	2	.	.	X
fsr-3704	269	3	kon	kon	PROPN
fsr-3704	269	4	and	and	CCONJ
fsr-3704	269	5	chen	chen	PROPN
fsr-3704	269	6	(	(	PUNCT
fsr-3704	269	7	1978	1978	NUM
fsr-3704	269	8	)	)	PUNCT
fsr-3704	269	9	p.	p.	NOUN
fsr-3704	269	10	471	471	NUM
fsr-3704	269	11	.	.	PUNCT
fsr-3704	270	1	5	5	X
fsr-3704	270	2	.	.	X
fsr-3704	270	3	occasionally	occasionally	ADV
fsr-3704	270	4	the	the	DET
fsr-3704	270	5	funds	fund	NOUN
fsr-3704	270	6	in	in	ADP
fsr-3704	270	7	our	our	PRON
fsr-3704	270	8	sample	sample	NOUN
fsr-3704	270	9	did	do	AUX
fsr-3704	270	10	have	have	VERB
fsr-3704	270	11	small	small	ADJ
fsr-3704	270	12	positions	position	NOUN
fsr-3704	270	13	(	(	PUNCT
fsr-3704	270	14	5	5	NUM
fsr-3704	270	15	percent	percent	NOUN
fsr-3704	270	16	or	or	CCONJ
fsr-3704	270	17	less	less	ADJ
fsr-3704	270	18	)	)	PUNCT
fsr-3704	270	19	in	in	ADP
fsr-3704	270	20	fixed	fix	VERB
fsr-3704	270	21	income	income	NOUN
fsr-3704	270	22	securities	security	NOUN
fsr-3704	270	23	.	.	PUNCT
fsr-3704	271	1	we	we	PRON
fsr-3704	271	2	do	do	AUX
fsr-3704	271	3	not	not	PART
fsr-3704	271	4	believe	believe	VERB
fsr-3704	271	5	that	that	SCONJ
fsr-3704	271	6	such	such	ADJ
fsr-3704	271	7	small	small	ADJ
fsr-3704	271	8	positions	position	NOUN
fsr-3704	271	9	seriously	seriously	ADV
fsr-3704	271	10	damage	damage	VERB
fsr-3704	271	11	any	any	DET
fsr-3704	271	12	results	result	NOUN
fsr-3704	271	13	of	of	ADP
fsr-3704	271	14	the	the	DET
fsr-3704	271	15	study	study	NOUN
fsr-3704	271	16	.	.	PUNCT
fsr-3704	272	1	6	6	X
fsr-3704	272	2	.	.	X
fsr-3704	272	3	this	this	DET
fsr-3704	272	4	calculation	calculation	NOUN
fsr-3704	272	5	,	,	PUNCT
fsr-3704	272	6	of	of	ADP
fsr-3704	272	7	course	course	NOUN
fsr-3704	272	8	,	,	PUNCT
fsr-3704	272	9	assumes	assume	VERB
fsr-3704	272	10	that	that	SCONJ
fsr-3704	272	11	no	no	DET
fsr-3704	272	12	active	active	ADJ
fsr-3704	272	13	asset	asset	NOUN
fsr-3704	272	14	reallocations	reallocation	NOUN
fsr-3704	272	15	ate	ate	AUX
fsr-3704	272	16	made	make	VERB
fsr-3704	272	17	during	during	ADP
fsr-3704	272	18	quarter	quarter	NOUN
fsr-3704	272	19	t.	t.	NOUN
fsr-3704	272	20	7	7	NUM
fsr-3704	272	21	.	.	PUNCT
fsr-3704	273	1	we	we	PRON
fsr-3704	273	2	admit	admit	VERB
fsr-3704	273	3	that	that	SCONJ
fsr-3704	273	4	this	this	DET
fsr-3704	273	5	classification	classification	NOUN
fsr-3704	273	6	scheme	scheme	NOUN
fsr-3704	273	7	is	be	AUX
fsr-3704	273	8	quite	quite	ADV
fsr-3704	273	9	broad	broad	ADJ
fsr-3704	273	10	and	and	CCONJ
fsr-3704	273	11	that	that	SCONJ
fsr-3704	273	12	more	more	ADV
fsr-3704	273	13	precise	precise	ADJ
fsr-3704	273	14	knowledge	knowledge	NOUN
fsr-3704	273	15	of	of	ADP
fsr-3704	273	16	the	the	DET
fsr-3704	273	17	factors	factor	NOUN
fsr-3704	273	18	which	which	PRON
fsr-3704	273	19	should	should	AUX
fsr-3704	273	20	cause	cause	VERB
fsr-3704	273	21	specific	specific	ADJ
fsr-3704	273	22	managers	manager	NOUN
fsr-3704	273	23	to	to	PART
fsr-3704	273	24	alter	alter	VERB
fsr-3704	273	25	their	their	PRON
fsr-3704	273	26	equity	equity	NOUN
fsr-3704	273	27	risk	risk	NOUN
fsr-3704	273	28	exposure	exposure	NOUN
fsr-3704	273	29	should	should	AUX
fsr-3704	273	30	be	be	AUX
fsr-3704	273	31	researched	research	VERB
fsr-3704	273	32	.	.	PUNCT
fsr-3704	274	1	however	however	ADV
fsr-3704	274	2	,	,	PUNCT
fsr-3704	274	3	this	this	PRON
fsr-3704	274	4	is	be	AUX
fsr-3704	274	5	the	the	DET
fsr-3704	274	6	fist	fist	ADJ
fsr-3704	274	7	study	study	NOUN
fsr-3704	274	8	to	to	PART
fsr-3704	274	9	examine	examine	VERB
fsr-3704	274	10	identifiable	identifiable	ADJ
fsr-3704	274	11	changes	change	NOUN
fsr-3704	274	12	in	in	ADP
fsr-3704	274	13	equity	equity	NOUN
fsr-3704	274	14	risk	risk	NOUN
fsr-3704	274	15	exposure	exposure	NOUN
fsr-3704	274	16	.	.	PUNCT
fsr-3704	275	1	as	as	ADP
fsr-3704	275	2	such	such	ADJ
fsr-3704	275	3	,	,	PUNCT
fsr-3704	275	4	we	we	PRON
fsr-3704	275	5	believed	believe	VERB
fsr-3704	275	6	that	that	SCONJ
fsr-3704	275	7	it	it	PRON
fsr-3704	275	8	was	be	AUX
fsr-3704	275	9	important	important	ADJ
fsr-3704	275	10	to	to	PART
fsr-3704	275	11	frame	frame	VERB
fsr-3704	275	12	the	the	DET
fsr-3704	275	13	issue	issue	NOUN
fsr-3704	275	14	in	in	ADP
fsr-3704	275	15	as	as	ADV
fsr-3704	275	16	fundamental	fundamental	ADJ
fsr-3704	275	17	a	a	DET
fsr-3704	275	18	manner	manner	NOUN
fsr-3704	275	19	as	as	ADP
fsr-3704	275	20	possible	possible	ADJ
fsr-3704	275	21	.	.	PUNCT
fsr-3704	276	1	38	38	NUM
fsr-3704	276	2	financial	financial	ADJ
fsr-3704	276	3	services	service	NOUN
fsr-3704	276	4	review	review	NOUN
fsr-3704	276	5	,	,	PUNCT
fsr-3704	276	6	2(l	2(l	NUM
fsr-3704	276	7	)	)	PUNCT
fsr-3704	276	8	199w1993	199w1993	NUM
fsr-3704	276	9	8	8	NUM
fsr-3704	276	10	.	.	NOUN
fsr-3704	276	11	9	9	NUM
fsr-3704	276	12	.	.	NOUN
fsr-3704	276	13	10	10	NUM
fsr-3704	276	14	.	.	X
fsr-3704	276	15	11	11	NUM
fsr-3704	276	16	.	.	X
fsr-3704	276	17	12	12	NUM
fsr-3704	276	18	.	.	X
fsr-3704	276	19	13	13	NUM
fsr-3704	276	20	.	.	X
fsr-3704	276	21	14	14	NUM
fsr-3704	276	22	.	.	PUNCT
fsr-3704	277	1	we	we	PRON
fsr-3704	277	2	choose	choose	VERB
fsr-3704	277	3	the	the	DET
fsr-3704	277	4	s&p500	s&p500	NOUN
fsr-3704	277	5	index	index	NOUN
fsr-3704	277	6	for	for	ADP
fsr-3704	277	7	two	two	NUM
fsr-3704	277	8	reasons	reason	NOUN
fsr-3704	277	9	.	.	PUNCT
fsr-3704	278	1	fit	fit	ADJ
fsr-3704	278	2	,	,	PUNCT
fsr-3704	278	3	it	it	PRON
fsr-3704	278	4	is	be	AUX
fsr-3704	278	5	the	the	DET
fsr-3704	278	6	most	most	ADV
fsr-3704	278	7	easily	easily	ADV
fsr-3704	278	8	accessed	access	VERB
fsr-3704	278	9	in&x	in&x	PROPN
fsr-3704	278	10	to	to	ADP
fsr-3704	278	11	the	the	DET
fsr-3704	278	12	general	general	ADJ
fsr-3704	278	13	public	public	NOUN
fsr-3704	278	14	and	and	CCONJ
fsr-3704	278	15	is	be	AUX
fsr-3704	278	16	,	,	PUNCT
fsr-3704	278	17	thus	thus	ADV
fsr-3704	278	18	,	,	PUNCT
fsr-3704	278	19	the	the	DET
fsr-3704	278	20	most	most	ADV
fsr-3704	278	21	widely	widely	ADV
fsr-3704	278	22	used	use	VERB
fsr-3704	278	23	index	index	NOUN
fsr-3704	278	24	to	to	PART
fsr-3704	278	25	compare	compare	VERB
fsr-3704	278	26	equity	equity	NOUN
fsr-3704	278	27	mutual	mutual	ADJ
fsr-3704	278	28	fund	fund	NOUN
fsr-3704	278	29	returns	return	NOUN
fsr-3704	278	30	against	against	ADP
fsr-3704	278	31	.	.	PUNCT
fsr-3704	279	1	second	second	ADV
fsr-3704	279	2	,	,	PUNCT
fsr-3704	279	3	we	we	PRON
fsr-3704	279	4	wanted	want	VERB
fsr-3704	279	5	to	to	PART
fsr-3704	279	6	include	include	VERB
fsr-3704	279	7	data	datum	NOUN
fsr-3704	279	8	extending	extend	VERB
fsr-3704	279	9	through	through	ADP
fsr-3704	279	10	the	the	DET
fsr-3704	279	11	end	end	NOUN
fsr-3704	279	12	of	of	ADP
fsr-3704	279	13	1988	1988	NUM
fsr-3704	279	14	and	and	CCONJ
fsr-3704	279	15	the	the	DET
fsr-3704	279	16	crsp	crsp	NOUN
fsr-3704	279	17	indexes	index	NOUN
fsr-3704	279	18	were	be	AUX
fsr-3704	279	19	not	not	PART
fsr-3704	279	20	available	available	ADJ
fsr-3704	279	21	for	for	ADP
fsr-3704	279	22	1988	1988	NUM
fsr-3704	279	23	.	.	PUNCT
fsr-3704	280	1	a	a	DET
fsr-3704	280	2	regression	regression	NOUN
fsr-3704	280	3	of	of	ADP
fsr-3704	280	4	s&p500	s&p500	NOUN
fsr-3704	280	5	returns	return	NOUN
fsr-3704	280	6	against	against	ADP
fsr-3704	280	7	crsp	crsp	ADJ
fsr-3704	280	8	returns	return	NOUN
fsr-3704	280	9	for	for	ADP
fsr-3704	280	10	the	the	DET
fsr-3704	280	11	period	period	NOUN
fsr-3704	280	12	in	in	ADP
fsr-3704	280	13	our	our	PRON
fsr-3704	280	14	sample	sample	NOUN
fsr-3704	280	15	for	for	ADP
fsr-3704	280	16	which	which	PRON
fsr-3704	280	17	both	both	DET
fsr-3704	280	18	series	serie	NOUN
fsr-3704	280	19	were	be	AUX
fsr-3704	280	20	available	available	ADJ
fsr-3704	280	21	resulted	result	VERB
fsr-3704	280	22	in	in	ADP
fsr-3704	280	23	an	an	DET
fsr-3704	280	24	s&p500	s&p500	NOUN
fsr-3704	280	25	beta	beta	NOUN
fsr-3704	280	26	of	of	ADP
fsr-3704	280	27	1	1	NUM
fsr-3704	280	28	.o	.o	NOUN
fsr-3704	280	29	1	1	NUM
fsr-3704	280	30	and	and	CCONJ
fsr-3704	280	31	an	an	DET
fsr-3704	280	32	r	r	NOUN
fsr-3704	280	33	-	-	PUNCT
fsr-3704	280	34	square	square	NOUN
fsr-3704	280	35	of	of	ADP
fsr-3704	280	36	99.4	99.4	NUM
fsr-3704	280	37	percent	percent	NOUN
fsr-3704	280	38	.	.	PUNCT
fsr-3704	281	1	relative	relative	ADJ
fsr-3704	281	2	returns	return	NOUN
fsr-3704	281	3	am	be	AUX
fsr-3704	281	4	calculated	calculate	VERB
fsr-3704	281	5	by	by	ADP
fsr-3704	281	6	substracting	substracte	VERB
fsr-3704	281	7	returns	return	NOUN
fsr-3704	281	8	on	on	ADP
fsr-3704	281	9	the	the	DET
fsr-3704	281	10	s&p500	s&p500	NOUN
fsr-3704	281	11	from	from	ADP
fsr-3704	281	12	returns	return	NOUN
fsr-3704	281	13	on	on	ADP
fsr-3704	281	14	the	the	DET
fsr-3704	281	15	fund	fund	NOUN
fsr-3704	281	16	.	.	PUNCT
fsr-3704	282	1	this	this	PRON
fsr-3704	282	2	implicitly	implicitly	ADV
fsr-3704	282	3	assumes	assume	VERB
fsr-3704	282	4	that	that	SCONJ
fsr-3704	282	5	mutual	mutual	ADJ
fsr-3704	282	6	fund	fund	NOUN
fsr-3704	282	7	owners	owner	NOUN
fsr-3704	282	8	believe	believe	VERB
fsr-3704	282	9	the	the	DET
fsr-3704	282	10	beta	beta	NOUN
fsr-3704	282	11	of	of	ADP
fsr-3704	282	12	the	the	DET
fsr-3704	282	13	fund	fund	NOUN
fsr-3704	282	14	to	to	PART
fsr-3704	282	15	be	be	AUX
fsr-3704	282	16	1	1	NUM
fsr-3704	282	17	.o	.o	NOUN
fsr-3704	282	18	.	.	PUNCT
fsr-3704	283	1	although	although	SCONJ
fsr-3704	283	2	not	not	PART
fsr-3704	283	3	reported	report	VERB
fsr-3704	283	4	here	here	ADV
fsr-3704	283	5	,	,	PUNCT
fsr-3704	283	6	we	we	PRON
fsr-3704	283	7	also	also	ADV
fsr-3704	283	8	tested	test	VERB
fsr-3704	283	9	excess	excess	ADJ
fsr-3704	283	10	fund	fund	NOUN
fsr-3704	283	11	returns	return	NOUN
fsr-3704	283	12	based	base	VERB
fsr-3704	283	13	on	on	ADP
fsr-3704	283	14	each	each	DET
fsr-3704	283	15	fund	fund	NOUN
fsr-3704	283	16	’s	’s	PART
fsr-3704	283	17	actual	actual	ADJ
fsr-3704	283	18	beta	beta	NOUN
fsr-3704	283	19	,	,	PUNCT
fsr-3704	283	20	results	result	NOUN
fsr-3704	283	21	were	be	AUX
fsr-3704	283	22	no	no	ADV
fsr-3704	283	23	different	different	ADJ
fsr-3704	283	24	from	from	ADP
fsr-3704	283	25	those	those	PRON
fsr-3704	283	26	reported	report	VERB
fsr-3704	283	27	here	here	ADV
fsr-3704	283	28	.	.	PUNCT
fsr-3704	284	1	this	this	PRON
fsr-3704	284	2	could	could	AUX
fsr-3704	284	3	be	be	AUX
fsr-3704	284	4	due	due	ADJ
fsr-3704	284	5	to	to	ADP
fsr-3704	284	6	a	a	DET
fsr-3704	284	7	number	number	NOUN
fsr-3704	284	8	of	of	ADP
fsr-3704	284	9	reasons	reason	NOUN
fsr-3704	284	10	:	:	PUNCT
fsr-3704	284	11	(	(	PUNCT
fsr-3704	284	12	1	1	X
fsr-3704	284	13	)	)	PUNCT
fsr-3704	284	14	mutual	mutual	ADJ
fsr-3704	284	15	fund	fund	NOUN
fsr-3704	284	16	investors	investor	NOUN
fsr-3704	284	17	were	be	AUX
fsr-3704	284	18	unable	unable	ADJ
fsr-3704	284	19	to	to	PART
fsr-3704	284	20	differentiate	differentiate	VERB
fsr-3704	284	21	between	between	ADP
fsr-3704	284	22	fund	fund	NOUN
fsr-3704	284	23	beta	beta	NOUN
fsr-3704	284	24	levels	level	NOUN
fsr-3704	284	25	,	,	PUNCT
fsr-3704	284	26	(	(	PUNCT
fsr-3704	284	27	2	2	X
fsr-3704	284	28	)	)	PUNCT
fsr-3704	284	29	they	they	PRON
fsr-3704	284	30	were	be	AUX
fsr-3704	284	31	unconcerned	unconcerned	ADJ
fsr-3704	284	32	about	about	ADP
fsr-3704	284	33	beta	beta	NOUN
fsr-3704	284	34	levels	level	NOUN
fsr-3704	284	35	and	and	CCONJ
fsr-3704	284	36	made	make	VERB
fsr-3704	284	37	relative	relative	ADJ
fsr-3704	284	38	fund	fund	NOUN
fsr-3704	284	39	comparisons	comparison	NOUN
fsr-3704	284	40	solely	solely	ADV
fsr-3704	284	41	against	against	ADP
fsr-3704	284	42	the	the	DET
fsr-3704	284	43	s&p500	s&p500	NOUN
fsr-3704	284	44	or	or	CCONJ
fsr-3704	284	45	(	(	PUNCT
fsr-3704	284	46	3	3	X
fsr-3704	284	47	)	)	PUNCT
fsr-3704	284	48	sample	sample	NOUN
fsr-3704	284	49	error	error	NOUN
fsr-3704	284	50	.	.	PUNCT
fsr-3704	285	1	crsp	crsp	PROPN
fsr-3704	285	2	data	datum	NOUN
fsr-3704	285	3	for	for	ADP
fsr-3704	285	4	1988	1988	NUM
fsr-3704	285	5	was	be	AUX
fsr-3704	285	6	not	not	PART
fsr-3704	285	7	available	available	ADJ
fsr-3704	285	8	.	.	PUNCT
fsr-3704	286	1	stock	stock	NOUN
fsr-3704	286	2	betas	beta	NOUN
fsr-3704	286	3	calculated	calculate	VERB
fsr-3704	286	4	for	for	ADP
fsr-3704	286	5	december	december	PROPN
fsr-3704	286	6	,	,	PUNCT
fsr-3704	286	7	1987	1987	NUM
fsr-3704	286	8	were	be	AUX
fsr-3704	286	9	used	use	VERB
fsr-3704	286	10	for	for	ADP
fsr-3704	286	11	all	all	DET
fsr-3704	286	12	quarters	quarter	NOUN
fsr-3704	286	13	in	in	ADP
fsr-3704	286	14	1988	1988	NUM
fsr-3704	286	15	.	.	PUNCT
fsr-3704	287	1	the	the	DET
fsr-3704	287	2	beta	beta	NOUN
fsr-3704	287	3	for	for	ADP
fsr-3704	287	4	asset	asset	NOUN
fsr-3704	287	5	holdings	holding	NOUN
fsr-3704	287	6	in	in	ADP
fsr-3704	287	7	excess	excess	NOUN
fsr-3704	287	8	of	of	ADP
fsr-3704	287	9	the	the	DET
fsr-3704	287	10	cumulative	cumulative	ADJ
fsr-3704	287	11	value	value	NOUN
fsr-3704	287	12	of	of	ADP
fsr-3704	287	13	stock	stock	NOUN
fsr-3704	287	14	holdings	holding	NOUN
fsr-3704	287	15	were	be	AUX
fsr-3704	287	16	assigned	assign	VERB
fsr-3704	287	17	a	a	DET
fsr-3704	287	18	beta	beta	NOUN
fsr-3704	287	19	of	of	ADP
fsr-3704	287	20	0.00	0.00	NUM
fsr-3704	287	21	.	.	PUNCT
fsr-3704	288	1	in	in	ADP
fsr-3704	288	2	virtually	virtually	ADV
fsr-3704	288	3	all	all	DET
fsr-3704	288	4	cases	case	NOUN
fsr-3704	288	5	,	,	PUNCT
fsr-3704	288	6	non	non	ADJ
fsr-3704	288	7	-	-	ADJ
fsr-3704	288	8	stock	stock	ADJ
fsr-3704	288	9	holdings	holding	NOUN
fsr-3704	288	10	were	be	AUX
fsr-3704	288	11	money	money	NOUN
fsr-3704	288	12	market	market	NOUN
fsr-3704	288	13	securities	security	NOUN
fsr-3704	288	14	.	.	PUNCT
fsr-3704	289	1	the	the	DET
fsr-3704	289	2	accuracy	accuracy	NOUN
fsr-3704	289	3	of	of	ADP
fsr-3704	289	4	both	both	DET
fsr-3704	289	5	aaa	aaa	NOUN
fsr-3704	289	6	and	and	CCONJ
fsr-3704	289	7	paa	paa	VERB
fsr-3704	289	8	depend	depend	VERB
fsr-3704	289	9	on	on	ADP
fsr-3704	289	10	the	the	DET
fsr-3704	289	11	accuracy	accuracy	NOUN
fsr-3704	289	12	of	of	ADP
fsr-3704	289	13	expected	expect	VERB
fsr-3704	289	14	portfolio	portfolio	NOUN
fsr-3704	289	15	returns	return	NOUN
fsr-3704	289	16	as	as	SCONJ
fsr-3704	289	17	calculated	calculate	VERB
fsr-3704	289	18	in	in	ADP
fsr-3704	289	19	equation	equation	NOUN
fsr-3704	289	20	(	(	PUNCT
fsr-3704	289	21	5	5	NUM
fsr-3704	289	22	)	)	PUNCT
fsr-3704	289	23	.	.	PUNCT
fsr-3704	290	1	we	we	PRON
fsr-3704	290	2	conducted	conduct	VERB
fsr-3704	290	3	a	a	DET
fsr-3704	290	4	variety	variety	NOUN
fsr-3704	290	5	of	of	ADP
fsr-3704	290	6	tests	test	NOUN
fsr-3704	290	7	comparing	compare	VERB
fsr-3704	290	8	the	the	DET
fsr-3704	290	9	sequence	sequence	NOUN
fsr-3704	290	10	of	of	ADP
fsr-3704	290	11	expected	expect	VERB
fsr-3704	290	12	returns	return	NOUN
fsr-3704	290	13	generated	generate	VERB
fsr-3704	290	14	by	by	ADP
fsr-3704	290	15	equation	equation	NOUN
fsr-3704	290	16	(	(	PUNCT
fsr-3704	290	17	5	5	NUM
fsr-3704	290	18	)	)	PUNCT
fsr-3704	290	19	and	and	CCONJ
fsr-3704	290	20	actual	actual	ADJ
fsr-3704	290	21	fund	fund	NOUN
fsr-3704	290	22	returns	return	NOUN
fsr-3704	290	23	.	.	PUNCT
fsr-3704	291	1	detailed	detailed	ADJ
fsr-3704	291	2	results	result	NOUN
fsr-3704	291	3	am	be	AUX
fsr-3704	291	4	available	available	ADJ
fsr-3704	291	5	from	from	ADP
fsr-3704	291	6	the	the	DET
fsr-3704	291	7	authors	author	NOUN
fsr-3704	291	8	.	.	PUNCT
fsr-3704	292	1	it	it	PRON
fsr-3704	292	2	is	be	AUX
fsr-3704	292	3	our	our	PRON
fsr-3704	292	4	opinion	opinion	NOUN
fsr-3704	292	5	that	that	SCONJ
fsr-3704	292	6	equation	equation	NOUN
fsr-3704	292	7	(	(	PUNCT
fsr-3704	292	8	5	5	X
fsr-3704	292	9	)	)	PUNCT
fsr-3704	292	10	does	do	AUX
fsr-3704	292	11	not	not	PART
fsr-3704	292	12	impart	impart	VERB
fsr-3704	292	13	a	a	DET
fsr-3704	292	14	significant	significant	ADJ
fsr-3704	292	15	bias	bias	NOUN
fsr-3704	292	16	to	to	ADP
fsr-3704	292	17	the	the	DET
fsr-3704	292	18	calculation	calculation	NOUN
fsr-3704	292	19	of	of	ADP
fsr-3704	292	20	either	either	CCONJ
fsr-3704	292	21	paa	paa	NOUN
fsr-3704	292	22	or	or	CCONJ
fsr-3704	292	23	aaa	aaa	NOUN
fsr-3704	292	24	.	.	PUNCT
fsr-3704	293	1	a	a	DET
fsr-3704	293	2	list	list	NOUN
fsr-3704	293	3	of	of	ADP
fsr-3704	293	4	funds	fund	NOUN
fsr-3704	293	5	used	use	VERB
fsr-3704	293	6	in	in	ADP
fsr-3704	293	7	this	this	DET
fsr-3704	293	8	study	study	NOUN
fsr-3704	293	9	is	be	AUX
fsr-3704	293	10	available	available	ADJ
fsr-3704	293	11	from	from	ADP
fsr-3704	293	12	the	the	DET
fsr-3704	293	13	authors	author	NOUN
fsr-3704	293	14	.	.	PUNCT
fsr-3704	294	1	our	our	PRON
fsr-3704	294	2	analysis	analysis	NOUN
fsr-3704	294	3	does	do	AUX
fsr-3704	294	4	not	not	PART
fsr-3704	294	5	consider	consider	VERB
fsr-3704	294	6	the	the	DET
fsr-3704	294	7	extent	extent	NOUN
fsr-3704	294	8	to	to	PART
fsr-3704	294	9	which	which	PRON
fsr-3704	294	10	cash	cash	NOUN
fsr-3704	294	11	inflows	inflow	NOUN
fsr-3704	294	12	or	or	CCONJ
fsr-3704	294	13	outflows	outflow	NOUN
fsr-3704	294	14	to	to	ADP
fsr-3704	294	15	the	the	DET
fsr-3704	294	16	portfolio	portfolio	NOUN
fsr-3704	294	17	might	might	AUX
fsr-3704	294	18	be	be	AUX
fsr-3704	294	19	the	the	DET
fsr-3704	294	20	cause	cause	NOUN
fsr-3704	294	21	for	for	ADP
fsr-3704	294	22	changes	change	NOUN
fsr-3704	294	23	in	in	ADP
fsr-3704	294	24	a	a	DET
fsr-3704	294	25	portfolio	portfolio	NOUN
fsr-3704	294	26	’s	’s	PART
fsr-3704	294	27	stock	stock	NOUN
fsr-3704	294	28	to	to	ADP
fsr-3704	294	29	asset	asset	NOUN
fsr-3704	294	30	ratio	ratio	NOUN
fsr-3704	294	31	.	.	PUNCT
fsr-3704	295	1	this	this	PRON
fsr-3704	295	2	is	be	AUX
fsr-3704	295	3	an	an	DET
fsr-3704	295	4	interesting	interesting	ADJ
fsr-3704	295	5	issue	issue	NOUN
fsr-3704	295	6	and	and	CCONJ
fsr-3704	295	7	deserves	deserve	VERB
fsr-3704	295	8	study	study	VERB
fsr-3704	295	9	.	.	PUNCT
fsr-3704	296	1	however	however	ADV
fsr-3704	296	2	,	,	PUNCT
fsr-3704	296	3	in	in	ADP
fsr-3704	296	4	conversations	conversation	NOUN
fsr-3704	296	5	with	with	ADP
fsr-3704	296	6	a	a	DET
fsr-3704	296	7	number	number	NOUN
fsr-3704	296	8	of	of	ADP
fsr-3704	296	9	the	the	DET
fsr-3704	296	10	mutual	mutual	ADJ
fsr-3704	296	11	fund	fund	NOUN
fsr-3704	296	12	managers	manager	NOUN
fsr-3704	296	13	covered	cover	VERB
fsr-3704	296	14	in	in	ADP
fsr-3704	296	15	our	our	PRON
fsr-3704	296	16	sample	sample	NOUN
fsr-3704	296	17	,	,	PUNCT
fsr-3704	296	18	they	they	PRON
fsr-3704	296	19	stated	state	VERB
fsr-3704	296	20	that	that	SCONJ
fsr-3704	296	21	only	only	ADV
fsr-3704	296	22	about	about	ADV
fsr-3704	296	23	two	two	NUM
fsr-3704	296	24	percent	percent	NOUN
fsr-3704	296	25	of	of	ADP
fsr-3704	296	26	assets	asset	NOUN
fsr-3704	296	27	am	be	AUX
fsr-3704	296	28	necessary	necessary	ADJ
fsr-3704	296	29	to	to	PART
fsr-3704	296	30	maintain	maintain	VERB
fsr-3704	296	31	liquidity	liquidity	NOUN
fsr-3704	296	32	for	for	ADP
fsr-3704	296	33	net	net	ADJ
fsr-3704	296	34	redemptions	redemption	NOUN
fsr-3704	296	35	and	and	CCONJ
fsr-3704	296	36	that	that	SCONJ
fsr-3704	296	37	cash	cash	NOUN
fsr-3704	296	38	from	from	ADP
fsr-3704	296	39	net	net	ADJ
fsr-3704	296	40	new	new	ADJ
fsr-3704	296	41	sales	sale	NOUN
fsr-3704	296	42	is	be	AUX
fsr-3704	296	43	invested	invest	VERB
fsr-3704	296	44	within	within	ADP
fsr-3704	296	45	a	a	DET
fsr-3704	296	46	day	day	NOUN
fsr-3704	296	47	.	.	PUNCT
fsr-3704	297	1	results	result	NOUN
fsr-3704	297	2	were	be	AUX
fsr-3704	297	3	very	very	ADV
fsr-3704	297	4	similar	similar	ADJ
fsr-3704	297	5	when	when	SCONJ
fsr-3704	297	6	the	the	DET
fsr-3704	297	7	raw	raw	ADJ
fsr-3704	297	8	aaa	aaa	NOUN
fsr-3704	297	9	variables	variable	NOUN
fsr-3704	297	10	were	be	AUX
fsr-3704	297	11	used	use	VERB
fsr-3704	297	12	.	.	PUNCT
fsr-3704	298	1	references	reference	NOUN
fsr-3704	298	2	amott	amott	VERB
fsr-3704	298	3	,	,	PUNCT
fsr-3704	298	4	robert	robert	PROPN
fsr-3704	298	5	d.	d.	PROPN
fsr-3704	298	6	and	and	CCONJ
fsr-3704	298	7	roy	roy	PROPN
fsr-3704	298	8	d.	d.	PROPN
fsr-3704	298	9	henriksson	henriksson	PROPN
fsr-3704	298	10	.	.	PROPN
fsr-3704	298	11	1989	1989	NUM
fsr-3704	298	12	.	.	PUNCT
fsr-3704	299	1	“	"	PUNCT
fsr-3704	299	2	a	a	DET
fsr-3704	299	3	disciplined	disciplined	ADJ
fsr-3704	299	4	approach	approach	NOUN
fsr-3704	299	5	to	to	ADP
fsr-3704	299	6	global	global	ADJ
fsr-3704	299	7	asset	asset	NOUN
fsr-3704	299	8	allocation	allocation	NOUN
fsr-3704	299	9	,	,	PUNCT
fsr-3704	299	10	”	"	PUNCT
fsr-3704	299	11	financial	financial	ADJ
fsr-3704	299	12	analysts	analyst	NOUN
fsr-3704	299	13	journal	journal	NOUN
fsr-3704	299	14	,	,	PUNCT
fsr-3704	299	15	45	45	NUM
fsr-3704	299	16	:	:	SYM
fsr-3704	299	17	17	17	NUM
fsr-3704	299	18	-	-	SYM
fsr-3704	299	19	28	28	NUM
fsr-3704	299	20	.	.	PUNCT
fsr-3704	300	1	bauer	bauer	PROPN
fsr-3704	300	2	,	,	PUNCT
fsr-3704	300	3	richard	richard	PROPN
fsr-3704	300	4	j.	j.	PROPN
fsr-3704	300	5	,	,	PUNCT
fsr-3704	300	6	patrick	patrick	PROPN
fsr-3704	300	7	a.	a.	PROPN
fsr-3704	300	8	hays	hays	PROPN
fsr-3704	300	9	and	and	CCONJ
fsr-3704	300	10	david	david	PROPN
fsr-3704	300	11	e.	e.	PROPN
fsr-3704	300	12	upton	upton	PROPN
fsr-3704	300	13	.	.	PUNCT
fsr-3704	300	14	1987	1987	NUM
fsr-3704	300	15	.	.	PUNCT
fsr-3704	301	1	“	"	PUNCT
fsr-3704	301	2	parameter	parameter	NOUN
fsr-3704	301	3	instability	instability	NOUN
fsr-3704	301	4	in	in	ADP
fsr-3704	301	5	mutual	mutual	ADJ
fsr-3704	301	6	fund	fund	NOUN
fsr-3704	301	7	portfolios	portfolio	NOUN
fsr-3704	301	8	:	:	PUNCT
fsr-3704	301	9	a	a	DET
fsr-3704	301	10	shifting	shift	VERB
fsr-3704	301	11	regimestest,“quurterly	regimestest,“quurterly	ADJ
fsr-3704	301	12	journalofbusinessandeconomics	journalofbusinessandeconomic	NOUN
fsr-3704	301	13	,	,	PUNCT
fsr-3704	301	14	pp.5(m2	pp.5(m2	PROPN
fsr-3704	301	15	.	.	PROPN
fsr-3704	301	16	breen	breen	PROPN
fsr-3704	301	17	,	,	PUNCT
fsr-3704	301	18	william	william	PROPN
fsr-3704	301	19	,	,	PUNCT
fsr-3704	301	20	ravi	ravi	NOUN
fsr-3704	301	21	jagannathan	jagannathan	ADV
fsr-3704	301	22	and	and	CCONJ
fsr-3704	301	23	ahamn	ahamn	PROPN
fsr-3704	301	24	r.	r.	PROPN
fsr-3704	301	25	ofer	ofer	PROPN
fsr-3704	301	26	.	.	PUNCT
fsr-3704	302	1	1986	1986	NUM
fsr-3704	302	2	.	.	PUNCT
fsr-3704	303	1	“	"	PUNCT
fsr-3704	303	2	correcting	correct	VERB
fsr-3704	303	3	for	for	ADP
fsr-3704	303	4	heterocedasticity	heterocedasticity	NOUN
fsr-3704	303	5	in	in	ADP
fsr-3704	303	6	tests	test	NOUN
fsr-3704	303	7	of	of	ADP
fsr-3704	303	8	market	market	NOUN
fsr-3704	303	9	timing	timing	NOUN
fsr-3704	303	10	ability	ability	NOUN
fsr-3704	303	11	,	,	PUNCT
fsr-3704	303	12	”	"	PUNCT
fsr-3704	303	13	journal	journal	NOUN
fsr-3704	303	14	of	of	ADP
fsr-3704	303	15	business	business	NOUN
fsr-3704	303	16	,	,	PUNCT
fsr-3704	303	17	59	59	NUM
fsr-3704	303	18	:	:	PUNCT
fsr-3704	303	19	585	585	NUM
fsr-3704	303	20	-	-	SYM
fsr-3704	303	21	598	598	NUM
fsr-3704	303	22	.	.	PUNCT
fsr-3704	304	1	chang	chang	PROPN
fsr-3704	304	2	,	,	PUNCT
fsr-3704	304	3	eric	eric	PROPN
fsr-3704	304	4	c.	c.	PROPN
fsr-3704	304	5	and	and	CCONJ
fsr-3704	304	6	wilbur	wilbur	PROPN
fsr-3704	304	7	g.	g.	PROPN
fsr-3704	304	8	lewellen	lewellen	PROPN
fsr-3704	304	9	.	.	PUNCT
fsr-3704	304	10	1984	1984	NUM
fsr-3704	304	11	.	.	PUNCT
fsr-3704	305	1	“	"	PUNCT
fsr-3704	305	2	market	market	NOUN
fsr-3704	305	3	timing	timing	NOUN
fsr-3704	305	4	and	and	CCONJ
fsr-3704	305	5	mutual	mutual	ADJ
fsr-3704	305	6	fund	fund	NOUN
fsr-3704	305	7	performance	performance	NOUN
fsr-3704	305	8	,	,	PUNCT
fsr-3704	305	9	”	"	PUNCT
fsr-3704	305	10	journal	journal	NOUN
fsr-3704	305	11	of	of	ADP
fsr-3704	305	12	business	business	NOUN
fsr-3704	305	13	,	,	PUNCT
fsr-3704	305	14	57	57	NUM
fsr-3704	305	15	:	:	SYM
fsr-3704	305	16	57	57	NUM
fsr-3704	305	17	-	-	SYM
fsr-3704	305	18	72	72	NUM
fsr-3704	305	19	.	.	PUNCT
fsr-3704	306	1	fabozzi	fabozzi	PROPN
fsr-3704	306	2	,	,	PUNCT
fsr-3704	306	3	frank	frank	PROPN
fsr-3704	306	4	j.	j.	PROPN
fsr-3704	306	5	and	and	CCONJ
fsr-3704	306	6	jack	jack	PROPN
fsr-3704	306	7	c.	c.	PROPN
fsr-3704	306	8	francis	francis	PROPN
fsr-3704	306	9	.	.	PROPN
fsr-3704	306	10	1979	1979	NUM
fsr-3704	306	11	.	.	PUNCT
fsr-3704	307	1	“	"	PUNCT
fsr-3704	307	2	mutual	mutual	ADJ
fsr-3704	307	3	fund	fund	NOUN
fsr-3704	307	4	systematic	systematic	ADJ
fsr-3704	307	5	risk	risk	NOUN
fsr-3704	307	6	for	for	ADP
fsr-3704	307	7	bull	bull	NOUN
fsr-3704	307	8	and	and	CCONJ
fsr-3704	307	9	bear	bear	NOUN
fsr-3704	307	10	markets	market	NOUN
fsr-3704	307	11	:	:	PUNCT
fsr-3704	307	12	an	an	DET
fsr-3704	307	13	empirical	empirical	ADJ
fsr-3704	307	14	examination	examination	NOUN
fsr-3704	307	15	,	,	PUNCT
fsr-3704	307	16	”	"	PUNCT
fsr-3704	307	17	the	the	DET
fsr-3704	307	18	journal	journal	NOUN
fsr-3704	307	19	of	of	ADP
fsr-3704	307	20	finance	finance	NOUN
fsr-3704	307	21	,	,	PUNCT
fsr-3704	307	22	34	34	NUM
fsr-3704	307	23	:	:	SYM
fsr-3704	307	24	1243	1243	NUM
fsr-3704	307	25	-	-	SYM
fsr-3704	307	26	1250	1250	NUM
fsr-3704	307	27	.	.	PUNCT
fsr-3704	308	1	grinblatt	grinblatt	PROPN
fsr-3704	308	2	,	,	PUNCT
fsr-3704	308	3	mark	mark	PROPN
fsr-3704	308	4	and	and	CCONJ
fsr-3704	308	5	sheridan	sheridan	PROPN
fsr-3704	308	6	t&man	t&man	PROPN
fsr-3704	308	7	.	.	PROPN
fsr-3704	308	8	1989	1989	NUM
fsr-3704	308	9	.	.	PUNCT
fsr-3704	309	1	“	"	PUNCT
fsr-3704	309	2	portfolio	portfolio	NOUN
fsr-3704	309	3	performance	performance	NOUN
fsr-3704	309	4	evaluation	evaluation	NOUN
fsr-3704	309	5	:	:	PUNCT
fsr-3704	309	6	old	old	ADJ
fsr-3704	309	7	issues	issue	NOUN
fsr-3704	309	8	and	and	CCONJ
fsr-3704	309	9	new	new	ADJ
fsr-3704	309	10	insights	insight	NOUN
fsr-3704	309	11	,	,	PUNCT
fsr-3704	309	12	”	"	PUNCT
fsr-3704	309	13	review	review	NOUN
fsr-3704	309	14	of	of	ADP
fsr-3704	309	15	financial	financial	ADJ
fsr-3704	309	16	studies	study	NOUN
fsr-3704	309	17	,	,	PUNCT
fsr-3704	309	18	2	2	NUM
fsr-3704	309	19	:	:	SYM
fsr-3704	309	20	393421	393421	NUM
fsr-3704	309	21	.	.	PUNCT
fsr-3704	310	1	grinblatt	grinblatt	PROPN
fsr-3704	310	2	,	,	PUNCT
fsr-3704	310	3	mark	mark	PROPN
fsr-3704	310	4	and	and	CCONJ
fsr-3704	310	5	sheridan	sheridan	PROPN
fsr-3704	310	6	titman	titman	PROPN
fsr-3704	310	7	.	.	PUNCT
fsr-3704	311	1	1988	1988	NUM
fsr-3704	311	2	.	.	PUNCT
fsr-3704	312	1	“	"	PUNCT
fsr-3704	312	2	adverse	adverse	ADJ
fsr-3704	312	3	risk	risk	NOUN
fsr-3704	312	4	incentives	incentive	NOUN
fsr-3704	312	5	and	and	CCONJ
fsr-3704	312	6	the	the	DET
fsr-3704	312	7	design	design	NOUN
fsr-3704	312	8	of	of	ADP
fsr-3704	312	9	performance	performance	NOUN
fsr-3704	312	10	based	base	VERB
fsr-3704	312	11	contracts	contract	NOUN
fsr-3704	312	12	.	.	PUNCT
fsr-3704	312	13	”	"	PUNCT
fsr-3704	313	1	working	work	VERB
fsr-3704	313	2	paper	paper	NOUN
fsr-3704	313	3	,	,	PUNCT
fsr-3704	313	4	rodney	rodney	PROPN
fsr-3704	313	5	l.	l.	PROPN
fsr-3704	313	6	white	white	PROPN
fsr-3704	313	7	center	center	PROPN
fsr-3704	313	8	for	for	ADP
fsr-3704	313	9	financial	financial	ADJ
fsr-3704	313	10	research	research	NOUN
fsr-3704	313	11	.	.	PUNCT
fsr-3704	314	1	henriksson	henriksson	PROPN
fsr-3704	314	2	,	,	PUNCT
fsr-3704	314	3	roy	roy	PROPN
fsr-3704	314	4	d.	d.	PROPN
fsr-3704	314	5	and	and	CCONJ
fsr-3704	314	6	robert	robert	PROPN
fsr-3704	314	7	c.	c.	PROPN
fsr-3704	314	8	merton	merton	PROPN
fsr-3704	314	9	.	.	PUNCT
fsr-3704	314	10	1981	1981	NUM
fsr-3704	314	11	.	.	PUNCT
fsr-3704	315	1	“	"	PUNCT
fsr-3704	315	2	gn	gn	PROPN
fsr-3704	315	3	market	market	NOUN
fsr-3704	315	4	timing	timing	NOUN
fsr-3704	315	5	and	and	CCONJ
fsr-3704	315	6	investment	investment	NOUN
fsr-3704	315	7	performance	performance	NOUN
fsr-3704	315	8	.	.	PUNCT
fsr-3704	316	1	ii	ii	X
fsr-3704	316	2	.	.	PUNCT
fsr-3704	317	1	statistical	statistical	ADJ
fsr-3704	317	2	procedures	procedure	NOUN
fsr-3704	317	3	for	for	ADP
fsr-3704	317	4	evaluating	evaluate	VERB
fsr-3704	317	5	forecasting	forecasting	NOUN
fsr-3704	317	6	skills	skill	NOUN
fsr-3704	317	7	,	,	PUNCT
fsr-3704	317	8	”	"	PUNCT
fsr-3704	317	9	journal	journal	NOUN
fsr-3704	317	10	of	of	ADP
fsr-3704	317	11	business	business	NOUN
fsr-3704	317	12	,	,	PUNCT
fsr-3704	317	13	54	54	NUM
fsr-3704	317	14	:	:	SYM
fsr-3704	317	15	5	5	NUM
fsr-3704	317	16	13	13	NUM
fsr-3704	317	17	-	-	SYM
fsr-3704	317	18	534	534	NUM
fsr-3704	317	19	henriksson	henriksson	NOUN
fsr-3704	317	20	,	,	PUNCT
fsr-3704	317	21	roy	roy	PROPN
fsr-3704	317	22	d.	d.	PROPN
fsr-3704	317	23	1984	1984	NUM
fsr-3704	317	24	.	.	PUNCT
fsr-3704	318	1	“	"	PUNCT
fsr-3704	318	2	market	market	NOUN
fsr-3704	318	3	timing	timing	NOUN
fsr-3704	318	4	and	and	CCONJ
fsr-3704	318	5	mutual	mutual	ADJ
fsr-3704	318	6	fund	fund	NOUN
fsr-3704	318	7	performance	performance	NOUN
fsr-3704	318	8	:	:	PUNCT
fsr-3704	318	9	an	an	DET
fsr-3704	318	10	empirical	empirical	ADJ
fsr-3704	318	11	investiga	investiga	ADJ
fsr-3704	318	12	tion	tion	NOUN
fsr-3704	318	13	,	,	PUNCT
fsr-3704	318	14	”	"	PUNCT
fsr-3704	318	15	journal	journal	NOUN
fsr-3704	318	16	of	of	ADP
fsr-3704	318	17	business	business	NOUN
fsr-3704	318	18	,	,	PUNCT
fsr-3704	318	19	57	57	NUM
fsr-3704	318	20	:	:	SYM
fsr-3704	318	21	73	73	NUM
fsr-3704	318	22	-	-	SYM
fsr-3704	318	23	96	96	NUM
fsr-3704	318	24	.	.	PUNCT
fsr-3704	319	1	active	active	ADJ
fsr-3704	319	2	timing	timing	NOUN
fsr-3704	319	3	de&ions	de&ion	NOUN
fsr-3704	319	4	of	of	ADP
fsr-3704	319	5	equity	equity	NOUN
fsr-3704	319	6	mutual	mutual	ADJ
fsr-3704	319	7	fun	fun	NOUN
fsr-3704	319	8	&	&	CCONJ
fsr-3704	319	9	39	39	NUM
fsr-3704	319	10	ippolito	ippolito	PROPN
fsr-3704	319	11	,	,	PUNCT
fsr-3704	319	12	richard	richard	PROPN
fsr-3704	319	13	a.	a.	PROPN
fsr-3704	319	14	1989	1989	NUM
fsr-3704	319	15	.	.	PUNCT
fsr-3704	320	1	“	"	PUNCT
fsr-3704	320	2	efftciency	efftciency	NOUN
fsr-3704	320	3	with	with	ADP
fsr-3704	320	4	costly	costly	ADJ
fsr-3704	320	5	information	information	NOUN
fsr-3704	320	6	:	:	PUNCT
fsr-3704	320	7	a	a	DET
fsr-3704	320	8	study	study	NOUN
fsr-3704	320	9	ofmutual	ofmutual	ADJ
fsr-3704	320	10	fund	fund	NOUN
fsr-3704	320	11	performance	performance	NOUN
fsr-3704	320	12	.	.	PUNCT
fsr-3704	321	1	1965	1965	NUM
fsr-3704	321	2	-	-	SYM
fsr-3704	321	3	1984	1984	NUM
fsr-3704	321	4	,	,	PUNCT
fsr-3704	321	5	”	"	PUNCT
fsr-3704	321	6	the	the	DET
fsr-3704	321	7	quarterly	quarterly	ADJ
fsr-3704	321	8	journal	journal	NOUN
fsr-3704	321	9	of	of	ADP
fsr-3704	321	10	economics	economic	NOUN
fsr-3704	321	11	,	,	PUNCT
fsr-3704	321	12	104	104	NUM
fsr-3704	321	13	:	:	PUNCT
fsr-3704	321	14	i-23	i-23	NOUN
fsr-3704	321	15	.	.	PUNCT
fsr-3704	322	1	jagannathan	jagannathan	PROPN
fsr-3704	322	2	,	,	PUNCT
fsr-3704	322	3	ravi	ravi	NOUN
fsr-3704	322	4	and	and	CCONJ
fsr-3704	322	5	robert	robert	PROPN
fsr-3704	322	6	a.	a.	PROPN
fsr-3704	322	7	korajczyk	korajczyk	PROPN
fsr-3704	322	8	.	.	PUNCT
fsr-3704	323	1	1986	1986	NUM
fsr-3704	323	2	.	.	PUNCT
fsr-3704	324	1	“	"	PUNCT
fsr-3704	324	2	assessing	assess	VERB
fsr-3704	324	3	the	the	DET
fsr-3704	324	4	market	market	NOUN
fsr-3704	324	5	timing	timing	NOUN
fsr-3704	324	6	performance	performance	NOUN
fsr-3704	324	7	of	of	ADP
fsr-3704	324	8	managed	manage	VERB
fsr-3704	324	9	portfolios	portfolio	NOUN
fsr-3704	324	10	,	,	PUNCT
fsr-3704	324	11	”	"	PUNCT
fsr-3704	324	12	jou	jou	VERB
fsr-3704	324	13	~	~	X
fsr-3704	324	14	l	l	NOUN
fsr-3704	324	15	of	of	ADP
fsr-3704	324	16	iciness	iciness	NOUN
fsr-3704	324	17	,	,	PUNCT
fsr-3704	324	18	59	59	NUM
fsr-3704	324	19	:	:	PUNCT
fsr-3704	324	20	217	217	NUM
fsr-3704	324	21	-	-	SYM
fsr-3704	324	22	236	236	NUM
fsr-3704	324	23	.	.	PUNCT
fsr-3704	325	1	jensen	jensen	PROPN
fsr-3704	325	2	,	,	PUNCT
fsr-3704	325	3	michael	michael	PROPN
fsr-3704	325	4	c.	c.	PROPN
fsr-3704	325	5	1972	1972	NUM
fsr-3704	325	6	.	.	PUNCT
fsr-3704	326	1	“	"	PUNCT
fsr-3704	326	2	optimal	optimal	ADJ
fsr-3704	326	3	util	util	NOUN
fsr-3704	326	4	~	~	SYM
fsr-3704	326	5	adon	adon	PROPN
fsr-3704	326	6	of	of	ADP
fsr-3704	326	7	market	market	NOUN
fsr-3704	326	8	forecasts	forecast	NOUN
fsr-3704	326	9	and	and	CCONJ
fsr-3704	326	10	the	the	DET
fsr-3704	326	11	evaluation	evaluation	NOUN
fsr-3704	326	12	of	of	ADP
fsr-3704	326	13	investment	investment	NOUN
fsr-3704	326	14	performance	performance	NOUN
fsr-3704	326	15	,	,	PUNCT
fsr-3704	326	16	”	"	PUNCT
fsr-3704	326	17	mathematical	mathematical	ADJ
fsr-3704	326	18	methods	method	NOUN
fsr-3704	326	19	in	in	ADP
fsr-3704	326	20	irtvestment	irtvestment	NOUN
fsr-3704	326	21	and	and	CCONJ
fsr-3704	326	22	finance	finance	NOUN
fsr-3704	326	23	edited	edit	VERB
fsr-3704	326	24	by	by	ADP
fsr-3704	326	25	szego	szego	NOUN
fsr-3704	326	26	and	and	CCONJ
fsr-3704	326	27	shell	shell	NOUN
fsr-3704	326	28	.	.	PUNCT
fsr-3704	327	1	north	north	NOUN
fsr-3704	327	2	holland	holland	PROPN
fsr-3704	327	3	press	press	PROPN
fsr-3704	327	4	.	.	PUNCT
fsr-3704	328	1	joehnk	joehnk	PROPN
fsr-3704	328	2	,	,	PUNCT
fsr-3704	328	3	michael	michael	PROPN
fsr-3704	328	4	d.	d.	PROPN
fsr-3704	328	5	1987	1987	NUM
fsr-3704	328	6	.	.	PUNCT
fsr-3704	329	1	asset	asset	NOUN
fsr-3704	329	2	allocation	allocation	NOUN
fsr-3704	329	3	for	for	ADP
fsr-3704	329	4	instihrtionai	instihrtionai	ADJ
fsr-3704	329	5	portfolios	portfolio	NOUN
fsr-3704	329	6	.	.	PUNCT
fsr-3704	330	1	the	the	DET
fsr-3704	330	2	institute	institute	PROPN
fsr-3704	330	3	of	of	ADP
fsr-3704	330	4	chartered	chartered	ADJ
fsr-3704	330	5	financial	financial	ADJ
fsr-3704	330	6	analysts	analyst	NOUN
fsr-3704	330	7	.	.	PUNCT
fsr-3704	331	1	kon	kon	PROPN
fsr-3704	331	2	,	,	PUNCT
fsr-3704	331	3	stanley	stanley	PROPN
fsr-3704	331	4	j.	j.	PROPN
fsr-3704	331	5	and	and	CCONJ
fsr-3704	331	6	frank	frank	PROPN
fsr-3704	331	7	c.	c.	PROPN
fsr-3704	331	8	jen	jen	PROPN
fsr-3704	331	9	.	.	PUNCT
fsr-3704	331	10	1978	1978	NUM
fsr-3704	331	11	.	.	PUNCT
fsr-3704	332	1	“	"	PUNCT
fsr-3704	332	2	estimation	estimation	NOUN
fsr-3704	332	3	of	of	ADP
fsr-3704	332	4	time	time	NOUN
fsr-3704	332	5	-	-	PUNCT
fsr-3704	332	6	varying	vary	VERB
fsr-3704	332	7	systematic	systematic	ADJ
fsr-3704	332	8	risk	risk	NOUN
fsr-3704	332	9	and	and	CCONJ
fsr-3704	332	10	perform	perform	VERB
fsr-3704	332	11	ance	ance	NOUN
fsr-3704	332	12	for	for	ADP
fsr-3704	332	13	mutual	mutual	ADJ
fsr-3704	332	14	fund	fund	NOUN
fsr-3704	332	15	portfolios	portfolio	NOUN
fsr-3704	332	16	:	:	PUNCT
fsr-3704	332	17	an	an	DET
fsr-3704	332	18	application	application	NOUN
fsr-3704	332	19	of	of	ADP
fsr-3704	332	20	switching	switch	VERB
fsr-3704	332	21	regression	regression	NOUN
fsr-3704	332	22	,	,	PUNCT
fsr-3704	332	23	”	"	PUNCT
fsr-3704	332	24	the	the	DET
fsr-3704	332	25	journal	journal	NOUN
fsr-3704	332	26	of	of	ADP
fsr-3704	332	27	finance	finance	NOUN
fsr-3704	332	28	,	,	PUNCT
fsr-3704	332	29	33	33	NUM
fsr-3704	332	30	:	:	SYM
fsr-3704	332	31	457	457	NUM
fsr-3704	332	32	-	-	SYM
fsr-3704	332	33	475	475	NUM
fsr-3704	332	34	.	.	PUNCT
fsr-3704	333	1	kon	kon	PROPN
fsr-3704	333	2	,	,	PUNCT
fsr-3704	333	3	stanley	stanley	PROPN
fsr-3704	333	4	j.	j.	PROPN
fsr-3704	333	5	and	and	CCONJ
fsr-3704	333	6	frank	frank	PROPN
fsr-3704	333	7	c.	c.	PROPN
fsr-3704	333	8	jen	jen	PROPN
fsr-3704	333	9	.	.	PUNCT
fsr-3704	333	10	1979	1979	NUM
fsr-3704	333	11	.	.	PUNCT
fsr-3704	334	1	‘	'	PUNCT
fsr-3704	334	2	the	the	DET
fsr-3704	334	3	investment	investment	NOUN
fsr-3704	334	4	performance	performance	NOUN
fsr-3704	334	5	of	of	ADP
fsr-3704	334	6	mutual	mutual	ADJ
fsr-3704	334	7	funds	fund	NOUN
fsr-3704	334	8	:	:	PUNCT
fsr-3704	334	9	an	an	DET
fsr-3704	334	10	empirical	empirical	ADJ
fsr-3704	334	11	investi	investi	NOUN
fsr-3704	334	12	~	~	SYM
fsr-3704	334	13	tion	tion	NOUN
fsr-3704	334	14	of	of	ADP
fsr-3704	334	15	timing	timing	NOUN
fsr-3704	334	16	,	,	PUNCT
fsr-3704	334	17	selectivity	selectivity	NOUN
fsr-3704	334	18	,	,	PUNCT
fsr-3704	334	19	and	and	CCONJ
fsr-3704	334	20	market	market	NOUN
fsr-3704	334	21	efficiency	efficiency	NOUN
fsr-3704	334	22	:	:	PUNCT
fsr-3704	334	23	journal	journal	NOUN
fsr-3704	334	24	of	of	ADP
fsr-3704	334	25	business	business	NOUN
fsr-3704	334	26	,	,	PUNCT
fsr-3704	334	27	52	52	NUM
fsr-3704	334	28	:	:	SYM
fsr-3704	334	29	263	263	NUM
fsr-3704	334	30	-	-	SYM
fsr-3704	334	31	289	289	NUM
fsr-3704	334	32	.	.	PUNCT
fsr-3704	335	1	kon	kon	PROPN
fsr-3704	335	2	,	,	PUNCT
fsr-3704	335	3	stanley	stanley	PROPN
fsr-3704	335	4	j.	j.	PROPN
fsr-3704	335	5	1983	1983	NUM
fsr-3704	335	6	.	.	PUNCT
fsr-3704	336	1	‘	'	PUNCT
fsr-3704	336	2	the	the	DET
fsr-3704	336	3	meet	meet	ADJ
fsr-3704	336	4	-	-	PUNCT
fsr-3704	336	5	timing	timing	NOUN
fsr-3704	336	6	performance	performance	NOUN
fsr-3704	336	7	of	of	ADP
fsr-3704	336	8	mutual	mutual	ADJ
fsr-3704	336	9	fund	fund	NOUN
fsr-3704	336	10	managers	manager	NOUN
fsr-3704	336	11	,	,	PUNCT
fsr-3704	336	12	”	"	PUNCT
fsr-3704	336	13	journal	journal	NOUN
fsr-3704	336	14	of	of	ADP
fsr-3704	336	15	business	business	NOUN
fsr-3704	336	16	,	,	PUNCT
fsr-3704	336	17	56	56	NUM
fsr-3704	336	18	:	:	SYM
fsr-3704	336	19	323	323	NUM
fsr-3704	336	20	-	-	SYM
fsr-3704	336	21	348	348	NUM
fsr-3704	336	22	.	.	PUNCT
fsr-3704	337	1	lee	lee	PROPN
fsr-3704	337	2	,	,	PUNCT
fsr-3704	337	3	cheng	cheng	PROPN
fsr-3704	337	4	-	-	PUNCT
fsr-3704	337	5	few	few	ADJ
fsr-3704	337	6	and	and	CCONJ
fsr-3704	337	7	shafiqur	shafiqur	VERB
fsr-3704	337	8	rahman	rahman	PROPN
fsr-3704	337	9	.	.	PUNCT
fsr-3704	337	10	1990	1990	NUM
fsr-3704	337	11	.	.	PUNCT
fsr-3704	338	1	“	"	PUNCT
fsr-3704	338	2	market	market	NOUN
fsr-3704	338	3	timing	timing	NOUN
fsr-3704	338	4	,	,	PUNCT
fsr-3704	338	5	selectivity	selectivity	NOUN
fsr-3704	338	6	,	,	PUNCT
fsr-3704	338	7	and	and	CCONJ
fsr-3704	338	8	mutual	mutual	ADJ
fsr-3704	338	9	fund	fund	NOUN
fsr-3704	338	10	perform	perform	VERB
fsr-3704	338	11	ance	ance	NOUN
fsr-3704	338	12	:	:	PUNCT
fsr-3704	338	13	an	an	DET
fsr-3704	338	14	empirical	empirical	ADJ
fsr-3704	338	15	investigation	investigation	NOUN
fsr-3704	338	16	,	,	PUNCT
fsr-3704	338	17	”	"	PUNCT
fsr-3704	338	18	journal	journal	NOUN
fsr-3704	338	19	of	of	ADP
fsr-3704	338	20	business	business	NOUN
fsr-3704	338	21	,	,	PUNCT
fsr-3704	338	22	63	63	NUM
fsr-3704	338	23	:	:	SYM
fsr-3704	338	24	261	261	NUM
fsr-3704	338	25	-	-	SYM
fsr-3704	338	26	278	278	NUM
fsr-3704	338	27	.	.	PUNCT
fsr-3704	339	1	metton	metton	NOUN
fsr-3704	339	2	,	,	PUNCT
fsr-3704	339	3	robert	robert	PROPN
fsr-3704	339	4	c.	c.	PROPN
fsr-3704	339	5	1981	1981	NUM
fsr-3704	339	6	.	.	PUNCT
fsr-3704	340	1	“	"	PUNCT
fsr-3704	340	2	on	on	ADP
fsr-3704	340	3	market	market	NOUN
fsr-3704	340	4	timing	timing	NOUN
fsr-3704	340	5	and	and	CCONJ
fsr-3704	340	6	investment	investment	NOUN
fsr-3704	340	7	performance	performance	NOUN
fsr-3704	340	8	.	.	PUNCT
fsr-3704	341	1	i.	i.	PROPN
fsr-3704	341	2	an	an	DET
fsr-3704	341	3	equilibrium	equilibrium	NOUN
fsr-3704	341	4	theory	theory	NOUN
fsr-3704	341	5	of	of	ADP
fsr-3704	341	6	value	value	NOUN
fsr-3704	341	7	for	for	ADP
fsr-3704	341	8	market	market	NOUN
fsr-3704	341	9	forecasts	forecast	NOUN
fsr-3704	341	10	,	,	PUNCT
fsr-3704	341	11	”	"	PUNCT
fsr-3704	341	12	journal	journal	NOUN
fsr-3704	341	13	of	of	ADP
fsr-3704	341	14	business	business	NOUN
fsr-3704	341	15	,	,	PUNCT
fsr-3704	341	16	54	54	NUM
fsr-3704	341	17	:	:	PUNCT
fsr-3704	341	18	363	363	NUM
fsr-3704	341	19	-	-	SYM
fsr-3704	341	20	406	406	NUM
fsr-3704	341	21	.	.	PUNCT