id	sid	tid	token	lemma	pos
fsr-3706	1	1	pii	pii	PROPN
fsr-3706	1	2	:	:	PUNCT
fsr-3706	1	3	1057	1057	NUM
fsr-3706	1	4	-	-	SYM
fsr-3706	1	5	0810(92)90015	0810(92)90015	NUM
fsr-3706	1	6	-	-	PUNCT
fsr-3706	1	7	5	5	NUM
fsr-3706	1	8	financial	financial	ADJ
fsr-3706	1	9	,	,	PUNCT
fsr-3706	1	10	services	service	NOUN
fsr-3706	1	11	review	review	NOUN
fsr-3706	1	12	,	,	PUNCT
fsr-3706	1	13	2	2	NUM
fsr-3706	1	14	(	(	PUNCT
fsr-3706	1	15	1	1	NUM
fsr-3706	1	16	):	):	SYM
fsr-3706	1	17	5	5	NUM
fsr-3706	1	18	1	1	NUM
fsr-3706	1	19	-	-	SYM
fsr-3706	1	20	61	61	NUM
fsr-3706	1	21	copyright	copyright	NOUN
fsr-3706	1	22	0	0	NUM
fsr-3706	1	23	1993	1993	NUM
fsr-3706	1	24	by	by	ADP
fsr-3706	1	25	jai	jai	PROPN
fsr-3706	1	26	press	press	PROPN
fsr-3706	1	27	inc	inc	PROPN
fsr-3706	1	28	.	.	PROPN
fsr-3706	1	29	issn	issn	PROPN
fsr-3706	1	30	:	:	PUNCT
fsr-3706	1	31	1057	1057	NUM
fsr-3706	1	32	-	-	SYM
fsr-3706	1	33	0810	0810	NUM
fsr-3706	1	34	all	all	DET
fsr-3706	1	35	rights	right	NOUN
fsr-3706	1	36	of	of	ADP
fsr-3706	1	37	reprodudion	reprodudion	NOUN
fsr-3706	1	38	in	in	ADP
fsr-3706	1	39	any	any	DET
fsr-3706	1	40	form	form	NOUN
fsr-3706	1	41	reserved	reserve	VERB
fsr-3706	1	42	.	.	PUNCT
fsr-3706	2	1	nobody	nobody	PRON
fsr-3706	2	2	gains	gain	VERB
fsr-3706	2	3	from	from	ADP
fsr-3706	2	4	dollar	dollar	NOUN
fsr-3706	2	5	cost	cost	NOUN
fsr-3706	2	6	averaging	average	VERB
fsr-3706	2	7	analytical	analytical	ADJ
fsr-3706	2	8	,	,	PUNCT
fsr-3706	2	9	numerical	numerical	ADJ
fsr-3706	2	10	and	and	CCONJ
fsr-3706	2	11	empirical	empirical	ADJ
fsr-3706	2	12	results	result	NOUN
fsr-3706	2	13	john	john	PROPN
fsr-3706	2	14	r.	r.	PROPN
fsr-3706	2	15	knight	knight	PROPN
fsr-3706	2	16	lewis	lewis	PROPN
fsr-3706	2	17	mandell	mandell	PROPN
fsr-3706	2	18	dollar	dollar	PROPN
fsr-3706	2	19	cost	cost	NOUN
fsr-3706	2	20	avemging	avemge	VERB
fsr-3706	2	21	is	be	AUX
fsr-3706	2	22	an	an	DET
fsr-3706	2	23	investment	investment	NOUN
fsr-3706	2	24	system	system	NOUN
fsr-3706	2	25	that	that	PRON
fsr-3706	2	26	is	be	AUX
fsr-3706	2	27	widely	widely	ADV
fsr-3706	2	28	advocated	advocate	VERB
fsr-3706	2	29	by	by	ADP
fsr-3706	2	30	brokerage	brokerage	NOUN
fsr-3706	2	31	firms	firm	NOUN
fsr-3706	2	32	and	and	CCONJ
fsr-3706	2	33	mutual	mutual	ADJ
fsr-3706	2	34	funds	fund	NOUN
fsr-3706	2	35	.	.	PUNCT
fsr-3706	3	1	in	in	ADP
fsr-3706	3	2	its	its	PRON
fsr-3706	3	3	best	well	ADV
fsr-3706	3	4	known	know	VERB
fsr-3706	3	5	form	form	NOUN
fsr-3706	3	6	,	,	PUNCT
fsr-3706	3	7	an	an	DET
fsr-3706	3	8	investor	investor	NOUN
fsr-3706	3	9	seeking	seek	VERB
fsr-3706	3	10	to	to	PART
fsr-3706	3	11	put	put	VERB
fsr-3706	3	12	a	a	DET
fsr-3706	3	13	lump	lump	NOUN
fsr-3706	3	14	sum	sum	NOUN
fsr-3706	3	15	into	into	ADP
fsr-3706	3	16	risky	risky	ADJ
fsr-3706	3	17	assets	asset	NOUN
fsr-3706	3	18	is	be	AUX
fsr-3706	3	19	counseled	counsel	VERB
fsr-3706	3	20	to	to	PART
fsr-3706	3	21	invest	invest	VERB
fsr-3706	3	22	the	the	DET
fsr-3706	3	23	money	money	NOUN
fsr-3706	3	24	over	over	ADP
fsr-3706	3	25	a	a	DET
fsr-3706	3	26	period	period	NOUN
fsr-3706	3	27	of	of	ADP
fsr-3706	3	28	time	time	NOUN
fsr-3706	3	29	in	in	ADP
fsr-3706	3	30	equal	equal	ADJ
fsr-3706	3	31	installments	installment	NOUN
fsr-3706	3	32	in	in	ADP
fsr-3706	3	33	or&r	or&r	PROPN
fsr-3706	3	34	to	to	PART
fsr-3706	3	35	avoid	avoid	VERB
fsr-3706	3	36	the	the	DET
fsr-3706	3	37	devastating	devastating	ADJ
fsr-3706	3	38	effect	effect	NOUN
fsr-3706	3	39	of	of	ADP
fsr-3706	3	40	a	a	DET
fsr-3706	3	41	marketfall	marketfall	NOUN
fsr-3706	3	42	immediately	immediately	ADV
fsr-3706	3	43	afkr	afkr	VERB
fsr-3706	3	44	a	a	DET
fsr-3706	3	45	single	single	ADJ
fsr-3706	3	46	,	,	PUNCT
fsr-3706	3	47	lump	lump	NOUN
fsr-3706	3	48	-	-	PUNCT
fsr-3706	3	49	sum	sum	NOUN
fsr-3706	3	50	investment	investment	NOUN
fsr-3706	3	51	.	.	PUNCT
fsr-3706	4	1	using	use	VERB
fsr-3706	4	2	graphical	graphical	ADJ
fsr-3706	4	3	analysis	analysis	NOUN
fsr-3706	4	4	,	,	PUNCT
fsr-3706	4	5	historical	historical	ADJ
fsr-3706	4	6	stock	stock	NOUN
fsr-3706	4	7	market	market	NOUN
fsr-3706	4	8	returns	return	NOUN
fsr-3706	4	9	,	,	PUNCT
fsr-3706	4	10	and	and	CCONJ
fsr-3706	4	11	monte	monte	PROPN
fsr-3706	4	12	carlo	carlo	PROPN
fsr-3706	4	13	simulations	simulation	NOUN
fsr-3706	4	14	,	,	PUNCT
fsr-3706	4	15	this	this	DET
fsr-3706	4	16	article	article	NOUN
fsr-3706	4	17	demonstmtes	demonstmte	VERB
fsr-3706	4	18	that	that	SCONJ
fsr-3706	4	19	no	no	DET
fsr-3706	4	20	such	such	ADJ
fsr-3706	4	21	benefit	benefit	NOUN
fsr-3706	4	22	accrues	accrue	VERB
fsr-3706	4	23	to	to	ADP
fsr-3706	4	24	a	a	DET
fsr-3706	4	25	dollar	dollar	NOUN
fsr-3706	4	26	cost	cost	NOUN
fsr-3706	4	27	averaging	averaging	NOUN
fsr-3706	4	28	stmtegy	stmtegy	NOUN
fsr-3706	4	29	.	.	PUNCT
fsr-3706	5	1	two	two	NUM
fsr-3706	5	2	alternative	alternative	ADJ
fsr-3706	5	3	strategies	strategy	NOUN
fsr-3706	5	4	,	,	PUNCT
fsr-3706	5	5	optimal	optimal	ADJ
fsr-3706	5	6	rebalancing	rebalancing	NOUN
fsr-3706	5	7	and	and	CCONJ
fsr-3706	5	8	buy	buy	VERB
fsr-3706	5	9	and	and	CCONJ
fsr-3706	5	10	hold	hold	VERB
fsr-3706	5	11	achieve	achieve	VERB
fsr-3706	5	12	better	well	ADJ
fsr-3706	5	13	performance	performance	NOUN
fsr-3706	5	14	in	in	ADP
fsr-3706	5	15	all	all	DET
fsr-3706	5	16	three	three	NUM
fsr-3706	5	17	analyses	analysis	NOUN
fsr-3706	5	18	.	.	PUNCT
fsr-3706	6	1	introduction	introduction	NOUN
fsr-3706	6	2	“	"	PUNCT
fsr-3706	6	3	dollar	dollar	NOUN
fsr-3706	6	4	cost	cost	NOUN
fsr-3706	6	5	averaging	averaging	NOUN
fsr-3706	6	6	”	"	PUNCT
fsr-3706	6	7	refers	refer	VERB
fsr-3706	6	8	to	to	ADP
fsr-3706	6	9	an	an	DET
fsr-3706	6	10	investment	investment	NOUN
fsr-3706	6	11	methodology	methodology	NOUN
fsr-3706	6	12	in	in	ADP
fsr-3706	6	13	which	which	PRON
fsr-3706	6	14	a	a	DET
fsr-3706	6	15	set	set	VERB
fsr-3706	6	16	dollar	dollar	NOUN
fsr-3706	6	17	amount	amount	NOUN
fsr-3706	6	18	is	be	AUX
fsr-3706	6	19	placed	place	VERB
fsr-3706	6	20	in	in	ADP
fsr-3706	6	21	risky	risky	ADJ
fsr-3706	6	22	assets	asset	NOUN
fsr-3706	6	23	at	at	ADP
fsr-3706	6	24	equal	equal	ADJ
fsr-3706	6	25	intervals	interval	NOUN
fsr-3706	6	26	over	over	ADP
fsr-3706	6	27	a	a	DET
fsr-3706	6	28	holding	hold	VERB
fsr-3706	6	29	period	period	NOUN
fsr-3706	6	30	.	.	PUNCT
fsr-3706	7	1	a	a	DET
fsr-3706	7	2	number	number	NOUN
fsr-3706	7	3	of	of	ADP
fsr-3706	7	4	rationales	rationale	NOUN
fsr-3706	7	5	have	have	AUX
fsr-3706	7	6	been	be	AUX
fsr-3706	7	7	offered	offer	VERB
fsr-3706	7	8	for	for	ADP
fsr-3706	7	9	this	this	DET
fsr-3706	7	10	system	system	NOUN
fsr-3706	7	11	in	in	ADP
fsr-3706	7	12	the	the	DET
fsr-3706	7	13	investment	investment	NOUN
fsr-3706	7	14	literature	literature	NOUN
fsr-3706	7	15	(	(	PUNCT
fsr-3706	7	16	e.g.	e.g.	ADV
fsr-3706	7	17	dodson	dodson	PROPN
fsr-3706	7	18	[	[	PUNCT
fsr-3706	7	19	1989	1989	NUM
fsr-3706	7	20	]	]	PUNCT
fsr-3706	7	21	)	)	PUNCT
fsr-3706	7	22	,	,	PUNCT
fsr-3706	7	23	centering	center	VERB
fsr-3706	7	24	largely	largely	ADV
fsr-3706	7	25	around	around	ADP
fsr-3706	7	26	the	the	DET
fsr-3706	7	27	advantages	advantage	NOUN
fsr-3706	7	28	of	of	ADP
fsr-3706	7	29	avoiding	avoid	VERB
fsr-3706	7	30	a	a	DET
fsr-3706	7	31	poten	poten	ADV
fsr-3706	7	32	tially	tially	ADV
fsr-3706	7	33	unfortunate	unfortunate	ADJ
fsr-3706	7	34	timing	timing	NOUN
fsr-3706	7	35	of	of	ADP
fsr-3706	7	36	a	a	DET
fsr-3706	7	37	lump	lump	NOUN
fsr-3706	7	38	sum	sum	NOUN
fsr-3706	7	39	investment	investment	NOUN
fsr-3706	7	40	and	and	CCONJ
fsr-3706	7	41	the	the	DET
fsr-3706	7	42	purported	purport	VERB
fsr-3706	7	43	benefits	benefit	NOUN
fsr-3706	7	44	of	of	ADP
fsr-3706	7	45	buying	buy	VERB
fsr-3706	7	46	more	more	ADJ
fsr-3706	7	47	shares	share	NOUN
fsr-3706	7	48	at	at	ADP
fsr-3706	7	49	low	low	ADJ
fsr-3706	7	50	prices	price	NOUN
fsr-3706	7	51	and	and	CCONJ
fsr-3706	7	52	fewer	few	ADJ
fsr-3706	7	53	shares	share	NOUN
fsr-3706	7	54	at	at	ADP
fsr-3706	7	55	high	high	ADJ
fsr-3706	7	56	prices	price	NOUN
fsr-3706	7	57	.	.	PUNCT
fsr-3706	8	1	constantinides	constantinide	VERB
fsr-3706	9	1	[	[	X
fsr-3706	9	2	1979	1979	NUM
fsr-3706	9	3	]	]	PUNCT
fsr-3706	9	4	has	have	AUX
fsr-3706	9	5	shown	show	VERB
fsr-3706	9	6	that	that	SCONJ
fsr-3706	9	7	the	the	DET
fsr-3706	9	8	inherent	inherent	ADJ
fsr-3706	9	9	rigidity	rigidity	NOUN
fsr-3706	9	10	of	of	ADP
fsr-3706	9	11	dollar	dollar	NOUN
fsr-3706	9	12	cost	cost	NOUN
fsr-3706	9	13	averaging	averaging	NOUN
fsr-3706	9	14	makes	make	VERB
fsr-3706	9	15	it	it	PRON
fsr-3706	9	16	inferior	inferior	ADJ
fsr-3706	9	17	to	to	ADP
fsr-3706	9	18	a	a	DET
fsr-3706	9	19	constantly	constantly	ADV
fsr-3706	9	20	rebalanced	rebalance	VERB
fsr-3706	9	21	portfolio	portfolio	NOUN
fsr-3706	9	22	on	on	ADP
fsr-3706	9	23	an	an	DET
fsr-3706	9	24	a	a	DET
fsr-3706	9	25	priori	priori	ADJ
fsr-3706	9	26	basis	basis	NOUN
fsr-3706	9	27	.	.	PUNCT
fsr-3706	10	1	offsetting	offset	VERB
fsr-3706	10	2	this	this	PRON
fsr-3706	10	3	,	,	PUNCT
fsr-3706	10	4	however	however	ADV
fsr-3706	10	5	,	,	PUNCT
fsr-3706	10	6	may	may	AUX
fsr-3706	10	7	be	be	AUX
fsr-3706	10	8	some	some	PRON
fsr-3706	10	9	of	of	ADP
fsr-3706	10	10	the	the	DET
fsr-3706	10	11	other	other	ADJ
fsr-3706	10	12	presumed	presume	VERB
fsr-3706	10	13	advantages	advantage	NOUN
fsr-3706	10	14	of	of	ADP
fsr-3706	10	15	dollar	dollar	NOUN
fsr-3706	10	16	cost	cost	NOUN
fsr-3706	10	17	averaging	averaging	NOUN
fsr-3706	10	18	including	include	VERB
fsr-3706	10	19	its	its	PRON
fsr-3706	10	20	simplicity	simplicity	NOUN
fsr-3706	10	21	,	,	PUNCT
fsr-3706	10	22	its	its	PRON
fsr-3706	10	23	forced	force	VERB
fsr-3706	10	24	savings	saving	NOUN
fsr-3706	10	25	implications	implication	NOUN
fsr-3706	10	26	,	,	PUNCT
fsr-3706	10	27	and	and	CCONJ
fsr-3706	10	28	its	its	PRON
fsr-3706	10	29	possible	possible	ADJ
fsr-3706	10	30	reduction	reduction	NOUN
fsr-3706	10	31	in	in	ADP
fsr-3706	10	32	transactions	transaction	NOUN
fsr-3706	10	33	costs	cost	NOUN
fsr-3706	10	34	from	from	ADP
fsr-3706	10	35	not	not	PART
fsr-3706	10	36	having	have	VERB
fsr-3706	10	37	to	to	PART
fsr-3706	10	38	rebalance	rebalance	VERB
fsr-3706	10	39	in	in	ADP
fsr-3706	10	40	each	each	DET
fsr-3706	10	41	period	period	NOUN
fsr-3706	10	42	.	.	PUNCT
fsr-3706	11	1	piros	piro	NOUN
fsr-3706	11	2	[	[	PUNCT
fsr-3706	11	3	19861	19861	NUM
fsr-3706	11	4	has	have	AUX
fsr-3706	11	5	quantified	quantify	VERB
fsr-3706	11	6	some	some	PRON
fsr-3706	11	7	of	of	ADP
fsr-3706	11	8	the	the	DET
fsr-3706	11	9	differences	difference	NOUN
fsr-3706	11	10	in	in	ADP
fsr-3706	11	11	transactions	transaction	NOUN
fsr-3706	11	12	costs	cost	NOUN
fsr-3706	11	13	.	.	PUNCT
fsr-3706	12	1	john	john	PROPN
fsr-3706	12	2	r.	r.	PROPN
fsr-3706	12	3	knight	knight	PROPN
fsr-3706	12	4	l	l	PROPN
fsr-3706	12	5	department	department	PROPN
fsr-3706	12	6	of	of	ADP
fsr-3706	12	7	finance	finance	NOUN
fsr-3706	12	8	,	,	PUNCT
fsr-3706	12	9	university	university	PROPN
fsr-3706	12	10	of	of	ADP
fsr-3706	12	11	connecticut	connecticut	PROPN
fsr-3706	12	12	,	,	PUNCT
fsr-3706	12	13	ct	ct	NUM
fsr-3706	12	14	06268	06268	NUM
fsr-3706	12	15	-	-	SYM
fsr-3706	12	16	2041	2041	NUM
fsr-3706	12	17	.	.	PUNCT
fsr-3706	13	1	lewis	lewis	PROPN
fsr-3706	13	2	mandeu	mandeu	PROPN
fsr-3706	13	3	l	l	PROPN
fsr-3706	13	4	department	department	PROPN
fsr-3706	13	5	of	of	ADP
fsr-3706	13	6	finance	finance	NOUN
fsr-3706	13	7	,	,	PUNCT
fsr-3706	13	8	university	university	NOUN
fsr-3706	13	9	of	of	ADP
fsr-3706	13	10	connecticut	connecticut	PROPN
fsr-3706	13	11	.	.	PUNCT
fsr-3706	14	1	52	52	NUM
fsr-3706	14	2	financialservicesreview,2(1	financialservicesreview,2(1	NOUN
fsr-3706	14	3	)	)	PUNCT
fsr-3706	14	4	199m993	199m993	NOUN
fsr-3706	14	5	the	the	DET
fsr-3706	14	6	purpose	purpose	NOUN
fsr-3706	14	7	of	of	ADP
fsr-3706	14	8	this	this	DET
fsr-3706	14	9	paper	paper	NOUN
fsr-3706	14	10	is	be	AUX
fsr-3706	14	11	to	to	PART
fsr-3706	14	12	demonstrate	demonstrate	VERB
fsr-3706	14	13	analytically	analytically	ADV
fsr-3706	14	14	,	,	PUNCT
fsr-3706	14	15	numerically	numerically	ADV
fsr-3706	14	16	and	and	CCONJ
fsr-3706	14	17	empirically	empirically	ADV
fsr-3706	14	18	the	the	DET
fsr-3706	14	19	lack	lack	NOUN
fsr-3706	14	20	of	of	ADP
fsr-3706	14	21	any	any	DET
fsr-3706	14	22	advantage	advantage	NOUN
fsr-3706	14	23	accruing	accrue	VERB
fsr-3706	14	24	to	to	ADP
fsr-3706	14	25	dollar	dollar	NOUN
fsr-3706	14	26	cost	cost	NOUN
fsr-3706	14	27	averaging	averaging	NOUN
fsr-3706	14	28	relative	relative	ADJ
fsr-3706	14	29	to	to	ADP
fsr-3706	14	30	two	two	NUM
fsr-3706	14	31	other	other	ADJ
fsr-3706	14	32	types	type	NOUN
fsr-3706	14	33	of	of	ADP
fsr-3706	14	34	systematic	systematic	ADJ
fsr-3706	14	35	investment	investment	NOUN
fsr-3706	14	36	strategies	strategy	NOUN
fsr-3706	14	37	,	,	PUNCT
fsr-3706	14	38	rebalancing	rebalancing	NOUN
fsr-3706	14	39	and	and	CCONJ
fsr-3706	14	40	buy	buy	VERB
fsr-3706	14	41	and	and	CCONJ
fsr-3706	14	42	hold	hold	VERB
fsr-3706	14	43	.	.	PUNCT
fsr-3706	15	1	the	the	DET
fsr-3706	15	2	paper	paper	NOUN
fsr-3706	15	3	is	be	AUX
fsr-3706	15	4	organized	organize	VERB
fsr-3706	15	5	as	as	SCONJ
fsr-3706	15	6	follows	follow	VERB
fsr-3706	15	7	.	.	PUNCT
fsr-3706	16	1	first	first	ADV
fsr-3706	16	2	,	,	PUNCT
fsr-3706	16	3	we	we	PRON
fsr-3706	16	4	provide	provide	VERB
fsr-3706	16	5	a	a	DET
fsr-3706	16	6	graphical	graphical	ADJ
fsr-3706	16	7	representation	representation	NOUN
fsr-3706	16	8	of	of	ADP
fsr-3706	16	9	the	the	DET
fsr-3706	16	10	effect	effect	NOUN
fsr-3706	16	11	on	on	ADP
fsr-3706	16	12	investor	investor	NOUN
fsr-3706	16	13	utility	utility	NOUN
fsr-3706	16	14	of	of	ADP
fsr-3706	16	15	following	follow	VERB
fsr-3706	16	16	each	each	PRON
fsr-3706	16	17	of	of	ADP
fsr-3706	16	18	the	the	DET
fsr-3706	16	19	investment	investment	NOUN
fsr-3706	16	20	policies	policy	NOUN
fsr-3706	16	21	.	.	PUNCT
fsr-3706	17	1	next	next	ADV
fsr-3706	17	2	,	,	PUNCT
fsr-3706	17	3	we	we	PRON
fsr-3706	17	4	compare	compare	VERB
fsr-3706	17	5	certainty	certainty	NOUN
fsr-3706	17	6	-	-	PUNCT
fsr-3706	17	7	equivalent	equivalent	ADJ
fsr-3706	17	8	returns	return	NOUN
fsr-3706	17	9	generated	generate	VERB
fsr-3706	17	10	by	by	ADP
fsr-3706	17	11	the	the	DET
fsr-3706	17	12	three	three	NUM
fsr-3706	17	13	systematic	systematic	ADJ
fsr-3706	17	14	investment	investment	NOUN
fsr-3706	17	15	strategies	strategy	NOUN
fsr-3706	17	16	in	in	ADP
fsr-3706	17	17	a	a	DET
fsr-3706	17	18	series	series	NOUN
fsr-3706	17	19	of	of	ADP
fsr-3706	17	20	numerical	numerical	ADJ
fsr-3706	17	21	simulations	simulation	NOUN
fsr-3706	17	22	.	.	PUNCT
fsr-3706	18	1	then	then	ADV
fsr-3706	18	2	,	,	PUNCT
fsr-3706	18	3	using	use	VERB
fsr-3706	18	4	historical	historical	ADJ
fsr-3706	18	5	stock	stock	NOUN
fsr-3706	18	6	market	market	NOUN
fsr-3706	18	7	returns	return	NOUN
fsr-3706	18	8	,	,	PUNCT
fsr-3706	18	9	we	we	PRON
fsr-3706	18	10	show	show	VERB
fsr-3706	18	11	the	the	DET
fsr-3706	18	12	lower	low	ADJ
fsr-3706	18	13	level	level	NOUN
fsr-3706	18	14	of	of	ADP
fsr-3706	18	15	utility	utility	NOUN
fsr-3706	18	16	derived	derive	VERB
fsr-3706	18	17	from	from	ADP
fsr-3706	18	18	dollar	dollar	NOUN
fsr-3706	18	19	cost	cost	NOUN
fsr-3706	18	20	averaging	averaging	NOUN
fsr-3706	18	21	as	as	SCONJ
fsr-3706	18	22	compared	compare	VERB
fsr-3706	18	23	with	with	ADP
fsr-3706	18	24	alternative	alternative	ADJ
fsr-3706	18	25	strategies	strategy	NOUN
fsr-3706	18	26	.	.	PUNCT
fsr-3706	19	1	in	in	ADP
fsr-3706	19	2	all	all	DET
fsr-3706	19	3	three	three	NUM
fsr-3706	19	4	instances	instance	NOUN
fsr-3706	19	5	,	,	PUNCT
fsr-3706	19	6	dollar	dollar	NOUN
fsr-3706	19	7	cost	cost	NOUN
fsr-3706	19	8	averaging	averaging	NOUN
fsr-3706	19	9	provides	provide	VERB
fsr-3706	19	10	the	the	DET
fsr-3706	19	11	least	least	ADJ
fsr-3706	19	12	desirable	desirable	ADJ
fsr-3706	19	13	performance	performance	NOUN
fsr-3706	19	14	.	.	PUNCT
fsr-3706	20	1	dollarcost	dollarcost	NOUN
fsr-3706	20	2	averaging	average	VERB
fsr-3706	20	3	in	in	ADP
fsr-3706	20	4	evaluating	evaluate	VERB
fsr-3706	20	5	the	the	DET
fsr-3706	20	6	three	three	NUM
fsr-3706	20	7	types	type	NOUN
fsr-3706	20	8	of	of	ADP
fsr-3706	20	9	systematic	systematic	ADJ
fsr-3706	20	10	investing	investing	NOUN
fsr-3706	20	11	,	,	PUNCT
fsr-3706	20	12	we	we	PRON
fsr-3706	20	13	assume	assume	VERB
fsr-3706	20	14	that	that	SCONJ
fsr-3706	20	15	investors	investor	NOUN
fsr-3706	20	16	have	have	VERB
fsr-3706	20	17	an	an	DET
fsr-3706	20	18	initial	initial	ADJ
fsr-3706	20	19	stock	stock	NOUN
fsr-3706	20	20	of	of	ADP
fsr-3706	20	21	wealth	wealth	NOUN
fsr-3706	20	22	invested	invest	VERB
fsr-3706	20	23	in	in	ADP
fsr-3706	20	24	the	the	DET
fsr-3706	20	25	riskless	riskless	NOUN
fsr-3706	20	26	asset	asset	NOUN
fsr-3706	20	27	.	.	PUNCT
fsr-3706	20	28	’	'	PUNCT
fsr-3706	21	1	we	we	PRON
fsr-3706	21	2	assume	assume	VERB
fsr-3706	21	3	that	that	SCONJ
fsr-3706	21	4	they	they	PRON
fsr-3706	21	5	know	know	VERB
fsr-3706	21	6	the	the	DET
fsr-3706	21	7	balance	balance	NOUN
fsr-3706	21	8	between	between	ADP
fsr-3706	21	9	risky	risky	ADJ
fsr-3706	21	10	(	(	PUNCT
fsr-3706	21	11	call	call	VERB
fsr-3706	21	12	it	it	PRON
fsr-3706	21	13	,	,	PUNCT
fsr-3706	21	14	for	for	ADP
fsr-3706	21	15	simplicity	simplicity	NOUN
fsr-3706	21	16	a	a	DET
fsr-3706	21	17	diversified	diversified	ADJ
fsr-3706	21	18	portfolio	portfolio	NOUN
fsr-3706	21	19	approximating	approximate	VERB
fsr-3706	21	20	the	the	DET
fsr-3706	21	21	s&p	s&p	PROPN
fsr-3706	21	22	500	500	NUM
fsr-3706	21	23	)	)	PUNCT
fsr-3706	21	24	and	and	CCONJ
fsr-3706	21	25	riskless	riskless	NOUN
fsr-3706	21	26	(	(	PUNCT
fsr-3706	21	27	short	short	ADJ
fsr-3706	21	28	t	t	PROPN
fsr-3706	21	29	-	-	PUNCT
fsr-3706	21	30	bill	bill	NOUN
fsr-3706	21	31	)	)	PUNCT
fsr-3706	21	32	assets	asset	NOUN
fsr-3706	21	33	that	that	PRON
fsr-3706	21	34	will	will	AUX
fsr-3706	21	35	optimize	optimize	VERB
fsr-3706	21	36	their	their	PRON
fsr-3706	21	37	utility	utility	NOUN
fsr-3706	21	38	given	give	VERB
fsr-3706	21	39	expected	expect	VERB
fsr-3706	21	40	returns	return	NOUN
fsr-3706	21	41	on	on	ADP
fsr-3706	21	42	both	both	DET
fsr-3706	21	43	assets	asset	NOUN
fsr-3706	21	44	,	,	PUNCT
fsr-3706	21	45	the	the	DET
fsr-3706	21	46	volatility	volatility	NOUN
fsr-3706	21	47	of	of	ADP
fsr-3706	21	48	the	the	DET
fsr-3706	21	49	risky	risky	ADJ
fsr-3706	21	50	asset	asset	NOUN
fsr-3706	21	51	,	,	PUNCT
fsr-3706	21	52	and	and	CCONJ
fsr-3706	21	53	the	the	DET
fsr-3706	21	54	investor	investor	NOUN
fsr-3706	21	55	’s	’s	PART
fsr-3706	21	56	degree	degree	NOUN
fsr-3706	21	57	of	of	ADP
fsr-3706	21	58	risk	risk	NOUN
fsr-3706	21	59	aversion	aversion	NOUN
fsr-3706	21	60	.	.	PUNCT
fsr-3706	22	1	to	to	PART
fsr-3706	22	2	illustrate	illustrate	VERB
fsr-3706	22	3	the	the	DET
fsr-3706	22	4	three	three	NUM
fsr-3706	22	5	types	type	NOUN
fsr-3706	22	6	of	of	ADP
fsr-3706	22	7	systematic	systematic	ADJ
fsr-3706	22	8	investment	investment	NOUN
fsr-3706	22	9	,	,	PUNCT
fsr-3706	22	10	let	let	VERB
fsr-3706	22	11	us	we	PRON
fsr-3706	22	12	assume	assume	VERB
fsr-3706	22	13	that	that	SCONJ
fsr-3706	22	14	an	an	DET
fsr-3706	22	15	investor	investor	NOUN
fsr-3706	22	16	’s	’s	PART
fsr-3706	22	17	optimal	optimal	ADJ
fsr-3706	22	18	balance	balance	NOUN
fsr-3706	22	19	is	be	AUX
fsr-3706	22	20	50	50	NUM
fsr-3706	22	21	-	-	SYM
fsr-3706	22	22	50	50	NUM
fsr-3706	22	23	.	.	PUNCT
fsr-3706	23	1	the	the	DET
fsr-3706	23	2	investor	investor	NOUN
fsr-3706	23	3	who	who	PRON
fsr-3706	23	4	practices	practice	VERB
fsr-3706	23	5	optimal	optimal	ADJ
fsr-3706	23	6	rebalanc	rebalanc	NOUN
fsr-3706	23	7	ing	ing	NOUN
fsr-3706	23	8	would	would	AUX
fsr-3706	23	9	invest	invest	VERB
fsr-3706	23	10	$	$	SYM
fsr-3706	23	11	50	50	NUM
fsr-3706	23	12	thousand	thousand	NUM
fsr-3706	23	13	in	in	ADP
fsr-3706	23	14	risky	risky	ADJ
fsr-3706	23	15	assets	asset	NOUN
fsr-3706	23	16	immediately	immediately	ADV
fsr-3706	23	17	and	and	CCONJ
fsr-3706	23	18	would	would	AUX
fsr-3706	23	19	rebalance	rebalance	VERB
fsr-3706	23	20	the	the	DET
fsr-3706	23	21	portfolio	portfolio	NOUN
fsr-3706	23	22	at	at	ADP
fsr-3706	23	23	the	the	DET
fsr-3706	23	24	end	end	NOUN
fsr-3706	23	25	of	of	ADP
fsr-3706	23	26	each	each	DET
fsr-3706	23	27	period	period	NOUN
fsr-3706	23	28	to	to	PART
fsr-3706	23	29	maintain	maintain	VERB
fsr-3706	23	30	exactly	exactly	ADV
fsr-3706	23	31	half	half	NOUN
fsr-3706	23	32	of	of	ADP
fsr-3706	23	33	the	the	DET
fsr-3706	23	34	portfolio	portfolio	NOUN
fsr-3706	23	35	in	in	ADP
fsr-3706	23	36	risky	risky	ADJ
fsr-3706	23	37	assets	asset	NOUN
fsr-3706	23	38	.	.	PUNCT
fsr-3706	24	1	the	the	DET
fsr-3706	24	2	investor	investor	NOUN
fsr-3706	24	3	who	who	PRON
fsr-3706	24	4	practices	practice	VERB
fsr-3706	24	5	the	the	DET
fsr-3706	24	6	buy	buy	NOUN
fsr-3706	24	7	and	and	CCONJ
fsr-3706	24	8	hold	hold	VERB
fsr-3706	24	9	strategy	strategy	NOUN
fsr-3706	24	10	would	would	AUX
fsr-3706	24	11	put	put	VERB
fsr-3706	24	12	$	$	SYM
fsr-3706	24	13	50	50	NUM
fsr-3706	24	14	thousand	thousand	NUM
fsr-3706	24	15	into	into	ADP
fsr-3706	24	16	risky	risky	ADJ
fsr-3706	24	17	assets	asset	NOUN
fsr-3706	24	18	immediately	immediately	ADV
fsr-3706	24	19	but	but	CCONJ
fsr-3706	24	20	would	would	AUX
fsr-3706	24	21	never	never	ADV
fsr-3706	24	22	rebalance	rebalance	VERB
fsr-3706	24	23	in	in	ADP
fsr-3706	24	24	subsequent	subsequent	ADJ
fsr-3706	24	25	periods	period	NOUN
fsr-3706	24	26	.	.	PUNCT
fsr-3706	25	1	in	in	ADP
fsr-3706	25	2	contrast	contrast	NOUN
fsr-3706	25	3	,	,	PUNCT
fsr-3706	25	4	the	the	DET
fsr-3706	25	5	investor	investor	NOUN
fsr-3706	25	6	who	who	PRON
fsr-3706	25	7	practices	practice	VERB
fsr-3706	25	8	dollar	dollar	NOUN
fsr-3706	25	9	cost	cost	NOUN
fsr-3706	25	10	averaging	averaging	NOUN
fsr-3706	25	11	would	would	AUX
fsr-3706	25	12	take	take	VERB
fsr-3706	25	13	the	the	DET
fsr-3706	25	14	initial	initial	ADJ
fsr-3706	25	15	wealth	wealth	NOUN
fsr-3706	25	16	endowment	endowment	NOUN
fsr-3706	25	17	and	and	CCONJ
fsr-3706	25	18	move	move	VERB
fsr-3706	25	19	it	it	PRON
fsr-3706	25	20	into	into	ADP
fsr-3706	25	21	the	the	DET
fsr-3706	25	22	risky	risky	ADJ
fsr-3706	25	23	asset	asset	NOUN
fsr-3706	25	24	in	in	ADP
fsr-3706	25	25	equal	equal	ADJ
fsr-3706	25	26	increments	increment	NOUN
fsr-3706	25	27	over	over	ADP
fsr-3706	25	28	the	the	DET
fsr-3706	25	29	holding	hold	VERB
fsr-3706	25	30	period	period	NOUN
fsr-3706	25	31	.	.	PUNCT
fsr-3706	26	1	using	use	VERB
fsr-3706	26	2	our	our	PRON
fsr-3706	26	3	example	example	NOUN
fsr-3706	26	4	,	,	PUNCT
fsr-3706	26	5	the	the	DET
fsr-3706	26	6	investor	investor	NOUN
fsr-3706	26	7	would	would	AUX
fsr-3706	26	8	put	put	VERB
fsr-3706	26	9	$	$	SYM
fsr-3706	26	10	5	5	NUM
fsr-3706	26	11	thousand	thousand	NUM
fsr-3706	26	12	per	per	ADP
fsr-3706	26	13	year	year	NOUN
fsr-3706	26	14	into	into	ADP
fsr-3706	26	15	the	the	DET
fsr-3706	26	16	risky	risky	ADJ
fsr-3706	26	17	asset	asset	NOUN
fsr-3706	26	18	in	in	ADP
fsr-3706	26	19	each	each	PRON
fsr-3706	26	20	of	of	ADP
fsr-3706	26	21	the	the	DET
fsr-3706	26	22	ten	ten	NUM
fsr-3706	26	23	years	year	NOUN
fsr-3706	26	24	.	.	PUNCT
fsr-3706	27	1	graphical	graphical	ADJ
fsr-3706	27	2	analyses	analysis	NOUN
fsr-3706	27	3	relative	relative	ADJ
fsr-3706	27	4	to	to	ADP
fsr-3706	27	5	the	the	DET
fsr-3706	27	6	investor	investor	NOUN
fsr-3706	27	7	who	who	PRON
fsr-3706	27	8	uses	use	VERB
fsr-3706	27	9	optimal	optimal	ADJ
fsr-3706	27	10	rebalancing	rebalancing	NOUN
fsr-3706	27	11	both	both	CCONJ
fsr-3706	27	12	the	the	DET
fsr-3706	27	13	investor	investor	NOUN
fsr-3706	27	14	using	use	VERB
fsr-3706	27	15	dollar	dollar	NOUN
fsr-3706	27	16	cost	cost	NOUN
fsr-3706	27	17	averaging	averaging	NOUN
fsr-3706	27	18	and	and	CCONJ
fsr-3706	27	19	the	the	DET
fsr-3706	27	20	investor	investor	NOUN
fsr-3706	27	21	who	who	PRON
fsr-3706	27	22	buys	buy	VERB
fsr-3706	27	23	and	and	CCONJ
fsr-3706	27	24	holds	hold	VERB
fsr-3706	27	25	may	may	AUX
fsr-3706	27	26	be	be	AUX
fsr-3706	27	27	seen	see	VERB
fsr-3706	27	28	to	to	PART
fsr-3706	27	29	experience	experience	VERB
fsr-3706	27	30	utility	utility	NOUN
fsr-3706	27	31	loss	loss	NOUN
fsr-3706	27	32	,	,	PUNCT
fsr-3706	27	33	regardless	regardless	ADV
fsr-3706	27	34	of	of	ADP
fsr-3706	27	35	the	the	DET
fsr-3706	27	36	degree	degree	NOUN
fsr-3706	27	37	of	of	ADP
fsr-3706	27	38	risk	risk	NOUN
fsr-3706	27	39	aversion	aversion	NOUN
fsr-3706	27	40	.	.	PUNCT
fsr-3706	28	1	figure	figure	NOUN
fsr-3706	28	2	1	1	NUM
fsr-3706	28	3	illustrates	illustrate	VERB
fsr-3706	28	4	the	the	DET
fsr-3706	28	5	loss	loss	NOUN
fsr-3706	28	6	of	of	ADP
fsr-3706	28	7	the	the	DET
fsr-3706	28	8	dollar	dollar	NOUN
fsr-3706	28	9	cost	cost	NOUN
fsr-3706	28	10	average	average	ADJ
fsr-3706	28	11	user	user	NOUN
fsr-3706	28	12	.	.	PUNCT
fsr-3706	29	1	utility	utility	NOUN
fsr-3706	29	2	curve	curve	NOUN
fsr-3706	29	3	ubd	ubd	PROPN
fsr-3706	29	4	represents	represent	VERB
fsr-3706	29	5	the	the	DET
fsr-3706	29	6	optimally	optimally	ADV
fsr-3706	29	7	balanced	balance	VERB
fsr-3706	29	8	investor	investor	NOUN
fsr-3706	29	9	whose	whose	DET
fsr-3706	29	10	balance	balance	NOUN
fsr-3706	29	11	is	be	AUX
fsr-3706	29	12	at	at	ADP
fsr-3706	29	13	point	point	NOUN
fsr-3706	29	14	j	j	PROPN
fsr-3706	29	15	on	on	ADP
fsr-3706	29	16	the	the	DET
fsr-3706	29	17	capital	capital	NOUN
fsr-3706	29	18	market	market	NOUN
fsr-3706	29	19	line	line	NOUN
fsr-3706	29	20	.	.	PUNCT
fsr-3706	30	1	an	an	DET
fsr-3706	30	2	investor	investor	NOUN
fsr-3706	30	3	who	who	PRON
fsr-3706	30	4	is	be	AUX
fsr-3706	30	5	dollar	dollar	NOUN
fsr-3706	30	6	cost	cost	NOUN
fsr-3706	30	7	averaging	averaging	NOUN
fsr-3706	30	8	to	to	PART
fsr-3706	30	9	reach	reach	VERB
fsr-3706	30	10	an	an	DET
fsr-3706	30	11	optimal	optimal	ADJ
fsr-3706	30	12	balance	balance	NOUN
fsr-3706	30	13	of	of	ADP
fsr-3706	30	14	j	j	PROPN
fsr-3706	30	15	over	over	ADP
fsr-3706	30	16	the	the	DET
fsr-3706	30	17	holding	hold	VERB
fsr-3706	30	18	period	period	NOUN
fsr-3706	30	19	,	,	PUNCT
fsr-3706	30	20	currently	currently	ADV
fsr-3706	30	21	has	have	VERB
fsr-3706	30	22	a	a	DET
fsr-3706	30	23	balance	balance	NOUN
fsr-3706	30	24	of	of	ADP
fsr-3706	30	25	k.	k.	PROPN
fsr-3706	30	26	this	this	DET
fsr-3706	30	27	investor	investor	NOUN
fsr-3706	30	28	’s	’s	PART
fsr-3706	30	29	utility	utility	NOUN
fsr-3706	30	30	curve	curve	NOUN
fsr-3706	30	31	is	be	AUX
fsr-3706	30	32	represented	represent	VERB
fsr-3706	30	33	by	by	ADP
fsr-3706	30	34	u	u	PROPN
fsr-3706	30	35	dca	dca	PROPN
fsr-3706	30	36	which	which	PRON
fsr-3706	30	37	,	,	PUNCT
fsr-3706	30	38	since	since	SCONJ
fsr-3706	30	39	it	it	PRON
fsr-3706	30	40	must	must	AUX
fsr-3706	30	41	pass	pass	VERB
fsr-3706	30	42	through	through	ADP
fsr-3706	30	43	point	point	NOUN
fsr-3706	30	44	k	k	PROPN
fsr-3706	30	45	on	on	ADP
fsr-3706	30	46	the	the	DET
fsr-3706	30	47	capital	capital	NOUN
fsr-3706	30	48	market	market	NOUN
fsr-3706	30	49	line	line	NOUN
fsr-3706	30	50	,	,	PUNCT
fsr-3706	30	51	is	be	AUX
fsr-3706	30	52	lower	low	ADJ
fsr-3706	30	53	than	than	ADP
fsr-3706	30	54	utility	utility	NOUN
fsr-3706	30	55	curve	curve	NOUN
fsr-3706	30	56	u	u	NOUN
fsr-3706	30	57	,	,	PUNCT
fsr-3706	30	58	,	,	PUNCT
fsr-3706	30	59	.	.	PUNCT
fsr-3706	31	1	if	if	SCONJ
fsr-3706	31	2	we	we	PRON
fsr-3706	31	3	hold	hold	VERB
fsr-3706	31	4	variance	variance	NOUN
fsr-3706	31	5	constant	constant	ADJ
fsr-3706	31	6	at	at	ADP
fsr-3706	31	7	axa	axa	NOUN
fsr-3706	31	8	the	the	DET
fsr-3706	31	9	loss	loss	NOUN
fsr-3706	31	10	in	in	ADP
fsr-3706	31	11	return	return	NOUN
fsr-3706	31	12	can	can	AUX
fsr-3706	31	13	be	be	AUX
fsr-3706	31	14	measured	measure	VERB
fsr-3706	31	15	as	as	ADP
fsr-3706	31	16	ae(r	ae(r	NOUN
fsr-3706	31	17	)	)	PUNCT
fsr-3706	31	18	.	.	PUNCT
fsr-3706	32	1	the	the	DET
fsr-3706	32	2	dollar	dollar	NOUN
fsr-3706	32	3	cost	cost	NOUN
fsr-3706	32	4	averager	averager	NOUN
fsr-3706	32	5	suffers	suffer	VERB
fsr-3706	32	6	lost	lose	VERB
fsr-3706	32	7	utility	utility	NOUN
fsr-3706	32	8	in	in	ADP
fsr-3706	32	9	two	two	NUM
fsr-3706	32	10	ways	way	NOUN
fsr-3706	32	11	.	.	PUNCT
fsr-3706	33	1	first	first	ADV
fsr-3706	33	2	,	,	PUNCT
fsr-3706	33	3	nobody	nobody	PRON
fsr-3706	33	4	gains	gain	VERB
fsr-3706	33	5	j+om	j+om	NOUN
fsr-3706	34	1	do&r	do&r	NOUN
fsr-3706	34	2	cost	cost	AUX
fsr-3706	34	3	averaging	average	VERB
fsr-3706	34	4	figure	figure	NOUN
fsr-3706	34	5	i.	i.	NOUN
fsr-3706	34	6	the	the	DET
fsr-3706	34	7	optimally	optimally	ADV
fsr-3706	34	8	balanced	balanced	ADJ
fsr-3706	34	9	(	(	PUNCT
fsr-3706	34	10	bal	bal	ADJ
fsr-3706	34	11	)	)	PUNCT
fsr-3706	34	12	investor	investor	NOUN
fsr-3706	34	13	compared	compare	VERB
fsr-3706	34	14	with	with	ADP
fsr-3706	34	15	the	the	DET
fsr-3706	34	16	dollar	dollar	NOUN
fsr-3706	34	17	cost	cost	NOUN
fsr-3706	34	18	averaging	averaging	NOUN
fsr-3706	34	19	(	(	PUNCT
fsr-3706	34	20	dca	dca	PROPN
fsr-3706	34	21	)	)	PUNCT
fsr-3706	34	22	investor	investor	NOUN
fsr-3706	34	23	.	.	PUNCT
fsr-3706	35	1	e(t	e(t	NOUN
fsr-3706	35	2	)	)	PUNCT
fsr-3706	35	3	t	t	PROPN
fsr-3706	35	4	-	-	PUNCT
fsr-3706	35	5	r	r	NOUN
fsr-3706	35	6	b&h	b&h	NOUN
fsr-3706	35	7	cl=	cl=	NOUN
fsr-3706	35	8	figrue2	figrue2	PROPN
fsr-3706	35	9	.	.	PUNCT
fsr-3706	36	1	the	the	DET
fsr-3706	36	2	opti	opti	PROPN
fsr-3706	36	3	~	~	SYM
fsr-3706	36	4	ly	ly	X
fsr-3706	36	5	balanced	balanced	ADJ
fsr-3706	36	6	(	(	PUNCT
fsr-3706	36	7	sal	sal	NOUN
fsr-3706	36	8	)	)	PUNCT
fsr-3706	36	9	investor	investor	NOUN
fsr-3706	36	10	compared	compare	VERB
fsr-3706	36	11	with	with	ADP
fsr-3706	36	12	the	the	DET
fsr-3706	36	13	buy	buy	NOUN
fsr-3706	36	14	and	and	CCONJ
fsr-3706	36	15	hold	hold	VERB
fsr-3706	36	16	(	(	PUNCT
fsr-3706	36	17	b&h	b&h	NOUN
fsr-3706	36	18	)	)	PUNCT
fsr-3706	36	19	investor	investor	NOUN
fsr-3706	36	20	.	.	PUNCT
fsr-3706	37	1	54	54	NUM
fsr-3706	37	2	financial	financial	ADJ
fsr-3706	37	3	services	service	NOUN
fsr-3706	37	4	review	review	NOUN
fsr-3706	37	5	,	,	PUNCT
fsr-3706	37	6	2(l	2(l	NUM
fsr-3706	37	7	)	)	PUNCT
fsr-3706	37	8	19!32/1993	19!32/1993	NUM
fsr-3706	37	9	he	he	PRON
fsr-3706	37	10	sacrifices	sacrifice	VERB
fsr-3706	37	11	the	the	DET
fsr-3706	37	12	higher	high	ADJ
fsr-3706	37	13	return	return	NOUN
fsr-3706	37	14	he	he	PRON
fsr-3706	37	15	could	could	AUX
fsr-3706	37	16	have	have	AUX
fsr-3706	37	17	achieved	achieve	VERB
fsr-3706	37	18	on	on	ADP
fsr-3706	37	19	average	average	ADJ
fsr-3706	37	20	with	with	ADP
fsr-3706	37	21	a	a	DET
fsr-3706	37	22	larger	large	ADJ
fsr-3706	37	23	proportion	proportion	NOUN
fsr-3706	37	24	invested	invest	VERB
fsr-3706	37	25	in	in	ADP
fsr-3706	37	26	the	the	DET
fsr-3706	37	27	risky	risky	ADJ
fsr-3706	37	28	asset	asset	NOUN
fsr-3706	37	29	.	.	PUNCT
fsr-3706	38	1	second	second	ADJ
fsr-3706	38	2	,	,	PUNCT
fsr-3706	38	3	he	he	PRON
fsr-3706	38	4	suffers	suffer	VERB
fsr-3706	38	5	a	a	DET
fsr-3706	38	6	utility	utility	NOUN
fsr-3706	38	7	loss	loss	NOUN
fsr-3706	38	8	from	from	ADP
fsr-3706	38	9	being	be	AUX
fsr-3706	38	10	“	"	PUNCT
fsr-3706	38	11	non	non	ADJ
fsr-3706	38	12	-	-	ADJ
fsr-3706	38	13	optimal	optimal	ADJ
fsr-3706	38	14	”	"	PUNCT
fsr-3706	38	15	in	in	ADP
fsr-3706	38	16	terms	term	NOUN
fsr-3706	38	17	of	of	ADP
fsr-3706	38	18	his	his	PRON
fsr-3706	38	19	investment	investment	NOUN
fsr-3706	38	20	balance	balance	NOUN
fsr-3706	38	21	over	over	ADP
fsr-3706	38	22	the	the	DET
fsr-3706	38	23	entire	entire	ADJ
fsr-3706	38	24	investment	investment	NOUN
fsr-3706	38	25	horizon	horizon	NOUN
fsr-3706	38	26	.	.	PUNCT
fsr-3706	39	1	in	in	ADP
fsr-3706	39	2	figure	figure	NOUN
fsr-3706	39	3	2	2	NUM
fsr-3706	39	4	,	,	PUNCT
fsr-3706	39	5	the	the	DET
fsr-3706	39	6	buy	buy	NOUN
fsr-3706	39	7	and	and	CCONJ
fsr-3706	39	8	hold	hold	VERB
fsr-3706	39	9	investor	investor	NOUN
fsr-3706	39	10	u	u	NOUN
fsr-3706	39	11	,	,	PUNCT
fsr-3706	39	12	,	,	PUNCT
fsr-3706	39	13	,	,	PUNCT
fsr-3706	39	14	may	may	AUX
fsr-3706	39	15	also	also	ADV
fsr-3706	39	16	be	be	AUX
fsr-3706	39	17	seen	see	VERB
fsr-3706	39	18	to	to	PART
fsr-3706	39	19	be	be	AUX
fsr-3706	39	20	out	out	ADP
fsr-3706	39	21	of	of	ADP
fsr-3706	39	22	balance	balance	NOUN
fsr-3706	39	23	,	,	PUNCT
fsr-3706	39	24	but	but	CCONJ
fsr-3706	39	25	for	for	ADP
fsr-3706	39	26	a	a	DET
fsr-3706	39	27	very	very	ADV
fsr-3706	39	28	different	different	ADJ
fsr-3706	39	29	reason	reason	NOUN
fsr-3706	39	30	.	.	PUNCT
fsr-3706	40	1	the	the	DET
fsr-3706	40	2	risk	risk	NOUN
fsr-3706	40	3	premium	premium	NOUN
fsr-3706	40	4	on	on	ADP
fsr-3706	40	5	the	the	DET
fsr-3706	40	6	risky	risky	ADJ
fsr-3706	40	7	asset	asset	NOUN
fsr-3706	40	8	will	will	AUX
fsr-3706	40	9	cause	cause	VERB
fsr-3706	40	10	the	the	DET
fsr-3706	40	11	expected	expect	VERB
fsr-3706	40	12	value	value	NOUN
fsr-3706	40	13	of	of	ADP
fsr-3706	40	14	the	the	DET
fsr-3706	40	15	risky	risky	ADJ
fsr-3706	40	16	asset	asset	NOUN
fsr-3706	40	17	to	to	PART
fsr-3706	40	18	grow	grow	VERB
fsr-3706	40	19	more	more	ADV
fsr-3706	40	20	rapidly	rapidly	ADV
fsr-3706	40	21	than	than	ADP
fsr-3706	40	22	the	the	DET
fsr-3706	40	23	riskless	riskless	NOUN
fsr-3706	40	24	asset	asset	NOUN
fsr-3706	40	25	,	,	PUNCT
fsr-3706	40	26	leaving	leave	VERB
fsr-3706	40	27	the	the	DET
fsr-3706	40	28	initially	initially	ADV
fsr-3706	40	29	balanced	balance	VERB
fsr-3706	40	30	buy	buy	NOUN
fsr-3706	40	31	and	and	CCONJ
fsr-3706	40	32	hold	hold	VERB
fsr-3706	40	33	investor	investor	NOUN
fsr-3706	40	34	with	with	ADP
fsr-3706	40	35	a	a	DET
fsr-3706	40	36	continually	continually	ADV
fsr-3706	40	37	growing	grow	VERB
fsr-3706	40	38	proportion	proportion	NOUN
fsr-3706	40	39	of	of	ADP
fsr-3706	40	40	the	the	DET
fsr-3706	40	41	risky	risky	ADJ
fsr-3706	40	42	asset	asset	NOUN
fsr-3706	40	43	.	.	PUNCT
fsr-3706	41	1	the	the	DET
fsr-3706	41	2	added	add	VERB
fsr-3706	41	3	return	return	NOUN
fsr-3706	41	4	moves	move	VERB
fsr-3706	41	5	the	the	DET
fsr-3706	41	6	balance	balance	NOUN
fsr-3706	41	7	above	above	ADP
fsr-3706	41	8	j	j	PROPN
fsr-3706	41	9	to	to	ADP
fsr-3706	41	10	l	l	PROPN
fsr-3706	41	11	and	and	CCONJ
fsr-3706	41	12	the	the	DET
fsr-3706	41	13	utility	utility	NOUN
fsr-3706	41	14	curve	curve	NOUN
fsr-3706	41	15	that	that	PRON
fsr-3706	41	16	intersects	intersect	VERB
fsr-3706	41	17	the	the	DET
fsr-3706	41	18	capital	capital	NOUN
fsr-3706	41	19	market	market	NOUN
fsr-3706	41	20	line	line	NOUN
fsr-3706	41	21	at	at	ADP
fsr-3706	41	22	l	l	NOUN
fsr-3706	41	23	is	be	AUX
fsr-3706	41	24	ubah	ubah	NOUN
fsr-3706	41	25	which	which	PRON
fsr-3706	41	26	is	be	AUX
fsr-3706	41	27	below	below	ADP
fsr-3706	41	28	u	u	NOUN
fsr-3706	41	29	,	,	PUNCT
fsr-3706	41	30	,	,	PUNCT
fsr-3706	41	31	the	the	DET
fsr-3706	41	32	buy	buy	NOUN
fsr-3706	41	33	and	and	CCONJ
fsr-3706	41	34	hold	hold	VERB
fsr-3706	41	35	investor	investor	NOUN
fsr-3706	41	36	starts	start	VERB
fsr-3706	41	37	with	with	ADP
fsr-3706	41	38	a	a	DET
fsr-3706	41	39	utility	utility	NOUN
fsr-3706	41	40	curve	curve	NOUN
fsr-3706	41	41	coincident	coincident	NOUN
fsr-3706	41	42	with	with	ADP
fsr-3706	41	43	that	that	PRON
fsr-3706	41	44	of	of	ADP
fsr-3706	41	45	the	the	DET
fsr-3706	41	46	optimally	optimally	ADV
fsr-3706	41	47	balanced	balance	VERB
fsr-3706	41	48	investor	investor	NOUN
fsr-3706	41	49	,	,	PUNCT
fsr-3706	41	50	but	but	CCONJ
fsr-3706	41	51	over	over	ADP
fsr-3706	41	52	time	time	NOUN
fsr-3706	41	53	moves	move	NOUN
fsr-3706	41	54	to	to	PART
fsr-3706	41	55	lower	lower	VERB
fsr-3706	41	56	curves	curve	NOUN
fsr-3706	41	57	reflecting	reflect	VERB
fsr-3706	41	58	the	the	DET
fsr-3706	41	59	lost	lost	ADJ
fsr-3706	41	60	utility	utility	NOUN
fsr-3706	41	61	from	from	ADP
fsr-3706	41	62	bearing	bear	VERB
fsr-3706	41	63	more	more	ADJ
fsr-3706	41	64	than	than	ADP
fsr-3706	41	65	his	his	PRON
fsr-3706	41	66	optimal	optimal	ADJ
fsr-3706	41	67	level	level	NOUN
fsr-3706	41	68	of	of	ADP
fsr-3706	41	69	risk	risk	NOUN
fsr-3706	41	70	.	.	PUNCT
fsr-3706	42	1	numerical	numerical	ADJ
fsr-3706	42	2	and	and	CCONJ
fsr-3706	42	3	empirical	empirical	ADJ
fsr-3706	42	4	comparisons	comparison	NOUN
fsr-3706	42	5	we	we	PRON
fsr-3706	42	6	approach	approach	VERB
fsr-3706	42	7	the	the	DET
fsr-3706	42	8	problem	problem	NOUN
fsr-3706	42	9	of	of	ADP
fsr-3706	42	10	comparing	compare	VERB
fsr-3706	42	11	the	the	DET
fsr-3706	42	12	three	three	NUM
fsr-3706	42	13	investment	investment	NOUN
fsr-3706	42	14	strategies	strategy	NOUN
fsr-3706	42	15	de	de	ADP
fsr-3706	42	16	scribed	scribe	VERB
fsr-3706	42	17	above	above	ADV
fsr-3706	42	18	with	with	ADP
fsr-3706	42	19	numerical	numerical	ADJ
fsr-3706	42	20	simulations	simulation	NOUN
fsr-3706	42	21	.	.	PUNCT
fsr-3706	43	1	within	within	ADP
fsr-3706	43	2	the	the	DET
fsr-3706	43	3	simulation	simulation	NOUN
fsr-3706	43	4	framework	framework	NOUN
fsr-3706	43	5	,	,	PUNCT
fsr-3706	43	6	we	we	PRON
fsr-3706	43	7	examine	examine	VERB
fsr-3706	43	8	a	a	DET
fsr-3706	43	9	wide	wide	ADJ
fsr-3706	43	10	range	range	NOUN
fsr-3706	43	11	of	of	ADP
fsr-3706	43	12	attitudes	attitude	NOUN
fsr-3706	43	13	toward	toward	ADP
fsr-3706	43	14	risk	risk	NOUN
fsr-3706	43	15	by	by	ADP
fsr-3706	43	16	varying	vary	VERB
fsr-3706	43	17	the	the	DET
fsr-3706	43	18	risk	risk	NOUN
fsr-3706	43	19	aversion	aversion	NOUN
fsr-3706	43	20	parameter	parameter	NOUN
fsr-3706	43	21	y	y	PROPN
fsr-3706	43	22	in	in	ADP
fsr-3706	43	23	the	the	DET
fsr-3706	43	24	direct	direct	ADJ
fsr-3706	43	25	utility	utility	NOUN
fsr-3706	43	26	function	function	NOUN
fsr-3706	43	27	wu	wu	PROPN
fsr-3706	43	28	/	/	SYM
fsr-3706	43	29	y.	y.	PROPN
fsr-3706	43	30	in	in	ADP
fsr-3706	43	31	our	our	PRON
fsr-3706	43	32	model	model	NOUN
fsr-3706	43	33	,	,	PUNCT
fsr-3706	43	34	following	follow	VERB
fsr-3706	43	35	that	that	PRON
fsr-3706	43	36	of	of	ADP
fsr-3706	43	37	merton	merton	NOUN
fsr-3706	43	38	[	[	PUNCT
fsr-3706	43	39	19691	19691	NUM
fsr-3706	43	40	,	,	PUNCT
fsr-3706	43	41	wealth	wealth	NOUN
fsr-3706	43	42	grows	grow	VERB
fsr-3706	43	43	over	over	ADP
fsr-3706	43	44	the	the	DET
fsr-3706	43	45	invest	inv	ADJ
fsr-3706	43	46	ment	ment	ADJ
fsr-3706	43	47	horizon	horizon	NOUN
fsr-3706	43	48	with	with	ADP
fsr-3706	43	49	the	the	DET
fsr-3706	43	50	following	follow	VERB
fsr-3706	43	51	price	price	NOUN
fsr-3706	43	52	dynamics	dynamic	NOUN
fsr-3706	43	53	:	:	PUNCT
fsr-3706	43	54	for	for	ADP
fsr-3706	43	55	the	the	DET
fsr-3706	43	56	riskless	riskless	NOUN
fsr-3706	43	57	asset	asset	NOUN
fsr-3706	43	58	,	,	PUNCT
fsr-3706	43	59	x	x	X
fsr-3706	43	60	:	:	PUNCT
fsr-3706	43	61	where	where	SCONJ
fsr-3706	43	62	r	r	NOUN
fsr-3706	43	63	is	be	AUX
fsr-3706	43	64	the	the	DET
fsr-3706	43	65	riskfree	riskfree	NOUN
fsr-3706	43	66	rate	rate	NOUN
fsr-3706	43	67	of	of	ADP
fsr-3706	43	68	return	return	NOUN
fsr-3706	43	69	.	.	PUNCT
fsr-3706	44	1	for	for	ADP
fsr-3706	44	2	the	the	DET
fsr-3706	44	3	risky	risky	ADJ
fsr-3706	44	4	asset	asset	NOUN
fsr-3706	44	5	,	,	PUNCT
fsr-3706	44	6	y	y	PROPN
fsr-3706	44	7	:	:	PUNCT
fsr-3706	44	8	where	where	SCONJ
fsr-3706	44	9	p	p	NOUN
fsr-3706	44	10	>	>	X
fsr-3706	44	11	r	r	NOUN
fsr-3706	44	12	is	be	AUX
fsr-3706	44	13	the	the	DET
fsr-3706	44	14	mean	mean	ADJ
fsr-3706	44	15	rate	rate	NOUN
fsr-3706	44	16	of	of	ADP
fsr-3706	44	17	return	return	NOUN
fsr-3706	44	18	on	on	ADP
fsr-3706	44	19	the	the	DET
fsr-3706	44	20	risky	risky	ADJ
fsr-3706	44	21	asset	asset	NOUN
fsr-3706	44	22	,	,	PUNCT
fsr-3706	44	23	u	u	NOUN
fsr-3706	44	24	the	the	DET
fsr-3706	44	25	standard	standard	ADJ
fsr-3706	44	26	deviation	deviation	NOUN
fsr-3706	44	27	of	of	ADP
fsr-3706	44	28	that	that	DET
fsr-3706	44	29	return	return	NOUN
fsr-3706	44	30	,	,	PUNCT
fsr-3706	44	31	and	and	CCONJ
fsr-3706	44	32	&	&	CCONJ
fsr-3706	44	33	v(l	v(l	PROPN
fsr-3706	44	34	)	)	PUNCT
fsr-3706	44	35	the	the	DET
fsr-3706	44	36	increment	increment	NOUN
fsr-3706	44	37	of	of	ADP
fsr-3706	44	38	a	a	DET
fsr-3706	44	39	wiener	wiener	NOUN
fsr-3706	44	40	process	process	NOUN
fsr-3706	44	41	.	.	PUNCT
fsr-3706	45	1	wealth	wealth	NOUN
fsr-3706	45	2	dynamics	dynamic	NOUN
fsr-3706	45	3	then	then	ADV
fsr-3706	45	4	are	be	AUX
fsr-3706	45	5	a	a	DET
fsr-3706	45	6	function	function	NOUN
fsr-3706	45	7	of	of	ADP
fsr-3706	45	8	1	1	NUM
fsr-3706	45	9	)	)	PUNCT
fsr-3706	45	10	the	the	DET
fsr-3706	45	11	stochastic	stochastic	ADJ
fsr-3706	45	12	evolution	evolution	NOUN
fsr-3706	45	13	of	of	ADP
fsr-3706	45	14	stock	stock	NOUN
fsr-3706	45	15	prices	price	NOUN
fsr-3706	45	16	and	and	CCONJ
fsr-3706	45	17	2	2	NUM
fsr-3706	45	18	)	)	PUNCT
fsr-3706	45	19	the	the	DET
fsr-3706	45	20	proportion	proportion	NOUN
fsr-3706	45	21	invested	invest	VERB
fsr-3706	45	22	in	in	ADP
fsr-3706	45	23	risky	risky	ADJ
fsr-3706	45	24	assets	asset	NOUN
fsr-3706	45	25	.	.	PUNCT
fsr-3706	46	1	and	and	CCONJ
fsr-3706	46	2	dw(t	dw(t	PUNCT
fsr-3706	46	3	)	)	PUNCT
fsr-3706	47	1	=	=	SYM
fsr-3706	47	2	w(f)[(p	w(f)[(p	NOUN
fsr-3706	47	3	r)a	r)a	VERB
fsr-3706	47	4	+	+	CCONJ
fsr-3706	47	5	r]dt	r]dt	PRON
fsr-3706	47	6	+	+	CCONJ
fsr-3706	47	7	w(f)[aadw(t	w(f)[aadw(t	PROPN
fsr-3706	47	8	)	)	PUNCT
fsr-3706	47	9	]	]	PUNCT
fsr-3706	47	10	where	where	SCONJ
fsr-3706	47	11	a	a	PRON
fsr-3706	47	12	is	be	AUX
fsr-3706	47	13	the	the	DET
fsr-3706	47	14	proportion	proportion	NOUN
fsr-3706	47	15	of	of	ADP
fsr-3706	47	16	total	total	ADJ
fsr-3706	47	17	wealth	wealth	NOUN
fsr-3706	47	18	invested	invest	VERB
fsr-3706	47	19	in	in	ADP
fsr-3706	47	20	the	the	DET
fsr-3706	47	21	risky	risky	ADJ
fsr-3706	47	22	asset	asset	NOUN
fsr-3706	47	23	.	.	PUNCT
fsr-3706	48	1	*	*	PUNCT
fsr-3706	48	2	our	our	PRON
fsr-3706	48	3	investor	investor	NOUN
fsr-3706	48	4	begins	begin	VERB
fsr-3706	48	5	with	with	ADP
fsr-3706	48	6	an	an	DET
fsr-3706	48	7	initial	initial	ADJ
fsr-3706	48	8	wealth	wealth	NOUN
fsr-3706	48	9	w	w	NOUN
fsr-3706	48	10	,	,	PUNCT
fsr-3706	48	11	,	,	PUNCT
fsr-3706	48	12	.	.	PUNCT
fsr-3706	49	1	with	with	ADP
fsr-3706	49	2	that	that	DET
fsr-3706	49	3	initial	initial	ADJ
fsr-3706	49	4	wealth	wealth	NOUN
fsr-3706	49	5	,	,	PUNCT
fsr-3706	49	6	the	the	DET
fsr-3706	49	7	investor	investor	NOUN
fsr-3706	49	8	can	can	AUX
fsr-3706	49	9	employ	employ	VERB
fsr-3706	49	10	three	three	NUM
fsr-3706	49	11	strategies	strategy	NOUN
fsr-3706	49	12	.	.	PUNCT
fsr-3706	50	1	nobody	nobody	PRON
fsr-3706	50	2	gains	gain	VERB
fsr-3706	50	3	jhm	jhm	PROPN
fsr-3706	50	4	lb&r	lb&r	PROPN
fsr-3706	50	5	cost	cost	NOUN
fsr-3706	50	6	averaging	average	VERB
fsr-3706	50	7	55	55	NUM
fsr-3706	50	8	1	1	NUM
fsr-3706	50	9	.	.	PUNCT
fsr-3706	51	1	strategy	strategy	NOUN
fsr-3706	51	2	1	1	NUM
fsr-3706	51	3	optimally	optimally	ADV
fsr-3706	51	4	balanced	balanced	ADJ
fsr-3706	51	5	(	(	PUNCT
fsr-3706	51	6	bal	bal	ADJ
fsr-3706	51	7	)	)	PUNCT
fsr-3706	51	8	.	.	PUNCT
fsr-3706	52	1	the	the	DET
fsr-3706	52	2	investor	investor	NOUN
fsr-3706	52	3	selects	select	VERB
fsr-3706	52	4	the	the	DET
fsr-3706	52	5	optimal	optimal	ADJ
fsr-3706	52	6	balance	balance	NOUN
fsr-3706	52	7	determined	determine	VERB
fsr-3706	52	8	by	by	ADP
fsr-3706	52	9	his	his	PRON
fsr-3706	52	10	or	or	CCONJ
fsr-3706	52	11	her	her	PRON
fsr-3706	52	12	degree	degree	NOUN
fsr-3706	52	13	of	of	ADP
fsr-3706	52	14	risk	risk	NOUN
fsr-3706	52	15	aversion	aversion	NOUN
fsr-3706	52	16	.	.	PUNCT
fsr-3706	53	1	in	in	ADP
fsr-3706	53	2	each	each	DET
fsr-3706	53	3	subsequent	subsequent	ADJ
fsr-3706	53	4	period	period	NOUN
fsr-3706	53	5	,	,	PUNCT
fsr-3706	53	6	the	the	DET
fsr-3706	53	7	resulting	result	VERB
fsr-3706	53	8	amount	amount	NOUN
fsr-3706	53	9	is	be	AUX
fsr-3706	53	10	rebalanced	rebalance	VERB
fsr-3706	53	11	to	to	PART
fsr-3706	53	12	correspond	correspond	VERB
fsr-3706	53	13	to	to	ADP
fsr-3706	53	14	the	the	DET
fsr-3706	53	15	initial	initial	ADJ
fsr-3706	53	16	optimal	optimal	ADJ
fsr-3706	53	17	balance	balance	NOUN
fsr-3706	53	18	.	.	PUNCT
fsr-3706	54	1	by	by	ADP
fsr-3706	54	2	rebalancing	rebalance	VERB
fsr-3706	54	3	his	his	PRON
fsr-3706	54	4	optimal	optimal	ADJ
fsr-3706	54	5	proportion	proportion	NOUN
fsr-3706	54	6	each	each	DET
fsr-3706	54	7	period	period	NOUN
fsr-3706	54	8	,	,	PUNCT
fsr-3706	54	9	this	this	DET
fsr-3706	54	10	investor	investor	NOUN
fsr-3706	54	11	effectively	effectively	ADV
fsr-3706	54	12	buys	buy	VERB
fsr-3706	54	13	more	more	ADJ
fsr-3706	54	14	of	of	ADP
fsr-3706	54	15	the	the	DET
fsr-3706	54	16	risky	risky	ADJ
fsr-3706	54	17	asset	asset	NOUN
fsr-3706	54	18	when	when	SCONJ
fsr-3706	54	19	prices	price	NOUN
fsr-3706	54	20	have	have	AUX
fsr-3706	54	21	fallen	fall	VERB
fsr-3706	54	22	and	and	CCONJ
fsr-3706	54	23	less	less	ADJ
fsr-3706	54	24	when	when	SCONJ
fsr-3706	54	25	prices	price	NOUN
fsr-3706	54	26	have	have	AUX
fsr-3706	54	27	risen	rise	VERB
fsr-3706	54	28	.	.	PUNCT
fsr-3706	55	1	here	here	ADV
fsr-3706	55	2	,	,	PUNCT
fsr-3706	55	3	his	his	PRON
fsr-3706	55	4	rationale	rationale	NOUN
fsr-3706	55	5	is	be	AUX
fsr-3706	55	6	not	not	PART
fsr-3706	55	7	one	one	NUM
fsr-3706	55	8	of	of	ADP
fsr-3706	55	9	market	market	NOUN
fsr-3706	55	10	timing	timing	NOUN
fsr-3706	55	11	,	,	PUNCT
fsr-3706	55	12	but	but	CCONJ
fsr-3706	55	13	rather	rather	ADV
fsr-3706	55	14	one	one	NUM
fsr-3706	55	15	of	of	ADP
fsr-3706	55	16	maintaining	maintain	VERB
fsr-3706	55	17	a	a	DET
fsr-3706	55	18	utility	utility	NOUN
fsr-3706	55	19	maximizing	maximize	VERB
fsr-3706	55	20	propor	propor	ADJ
fsr-3706	55	21	tion	tion	NOUN
fsr-3706	55	22	of	of	ADP
fsr-3706	55	23	his	his	PRON
fsr-3706	55	24	total	total	ADJ
fsr-3706	55	25	wealth	wealth	NOUN
fsr-3706	55	26	in	in	ADP
fsr-3706	55	27	the	the	DET
fsr-3706	55	28	risky	risky	ADJ
fsr-3706	55	29	asset	asset	NOUN
fsr-3706	55	30	.	.	PUNCT
fsr-3706	56	1	2	2	X
fsr-3706	56	2	.	.	X
fsr-3706	56	3	strategy	strategy	NOUN
fsr-3706	56	4	2	2	NUM
fsr-3706	56	5	buy	buy	VERB
fsr-3706	56	6	and	and	CCONJ
fsr-3706	56	7	hold	hold	VERB
fsr-3706	56	8	(	(	PUNCT
fsr-3706	56	9	b&h	b&h	NOUN
fsr-3706	56	10	)	)	PUNCT
fsr-3706	56	11	.	.	PUNCT
fsr-3706	57	1	the	the	DET
fsr-3706	57	2	investor	investor	NOUN
fsr-3706	57	3	selects	select	VERB
fsr-3706	57	4	the	the	DET
fsr-3706	57	5	optimal	optimal	ADJ
fsr-3706	57	6	balance	balance	NOUN
fsr-3706	57	7	as	as	ADP
fsr-3706	57	8	in	in	ADP
fsr-3706	57	9	strategy	strategy	NOUN
fsr-3706	57	10	1	1	NUM
fsr-3706	57	11	but	but	CCONJ
fsr-3706	57	12	does	do	AUX
fsr-3706	57	13	not	not	PART
fsr-3706	57	14	subsequently	subsequently	ADV
fsr-3706	57	15	rebalance	rebalance	VERB
fsr-3706	57	16	,	,	PUNCT
fsr-3706	57	17	which	which	PRON
fsr-3706	57	18	means	mean	VERB
fsr-3706	57	19	that	that	SCONJ
fsr-3706	57	20	he	he	PRON
fsr-3706	57	21	or	or	CCONJ
fsr-3706	57	22	she	she	PRON
fsr-3706	57	23	will	will	AUX
fsr-3706	57	24	go	go	VERB
fsr-3706	57	25	further	far	ADV
fsr-3706	57	26	and	and	CCONJ
fsr-3706	57	27	further	far	ADV
fsr-3706	57	28	out	out	ADP
fsr-3706	57	29	of	of	ADP
fsr-3706	57	30	balance	balance	NOUN
fsr-3706	57	31	as	as	SCONJ
fsr-3706	57	32	the	the	DET
fsr-3706	57	33	risky	risky	ADJ
fsr-3706	57	34	assets	asset	NOUN
fsr-3706	57	35	grow	grow	VERB
fsr-3706	57	36	more	more	ADV
fsr-3706	57	37	rapidly	rapidly	ADV
fsr-3706	57	38	than	than	ADP
fsr-3706	57	39	the	the	DET
fsr-3706	57	40	riskless	riskless	NOUN
fsr-3706	57	41	asset	asset	NOUN
fsr-3706	57	42	due	due	ADP
fsr-3706	57	43	to	to	ADP
fsr-3706	57	44	the	the	DET
fsr-3706	57	45	higher	high	ADJ
fsr-3706	57	46	returns	return	NOUN
fsr-3706	57	47	on	on	ADP
fsr-3706	57	48	the	the	DET
fsr-3706	57	49	former	former	NOUN
fsr-3706	57	50	.	.	PUNCT
fsr-3706	58	1	this	this	DET
fsr-3706	58	2	strategy	strategy	NOUN
fsr-3706	58	3	creates	create	VERB
fsr-3706	58	4	lost	lose	VERB
fsr-3706	58	5	utility	utility	NOUN
fsr-3706	58	6	in	in	ADP
fsr-3706	58	7	the	the	DET
fsr-3706	58	8	gradual	gradual	ADJ
fsr-3706	58	9	departure	departure	NOUN
fsr-3706	58	10	from	from	ADP
fsr-3706	58	11	the	the	DET
fsr-3706	58	12	optimal	optimal	ADJ
fsr-3706	58	13	investment	investment	NOUN
fsr-3706	58	14	proportions	proportion	NOUN
fsr-3706	58	15	.	.	PUNCT
fsr-3706	59	1	as	as	ADP
fsr-3706	59	2	such	such	ADJ
fsr-3706	59	3	,	,	PUNCT
fsr-3706	59	4	investors	investor	NOUN
fsr-3706	59	5	at	at	ADP
fsr-3706	59	6	the	the	DET
fsr-3706	59	7	two	two	NUM
fsr-3706	59	8	ends	end	NOUN
fsr-3706	59	9	of	of	ADP
fsr-3706	59	10	the	the	DET
fsr-3706	59	11	risk	risk	NOUN
fsr-3706	59	12	aversion	aversion	NOUN
fsr-3706	59	13	continuum	continuum	ADJ
fsr-3706	59	14	would	would	AUX
fsr-3706	59	15	experience	experience	VERB
fsr-3706	59	16	the	the	DET
fsr-3706	59	17	smallest	small	ADJ
fsr-3706	59	18	costs	cost	NOUN
fsr-3706	59	19	from	from	ADP
fsr-3706	59	20	this	this	DET
fsr-3706	59	21	departure	departure	NOUN
fsr-3706	59	22	.	.	PUNCT
fsr-3706	60	1	extremely	extremely	ADV
fsr-3706	60	2	risk	risk	VERB
fsr-3706	60	3	averse	averse	ADJ
fsr-3706	60	4	investors	investor	NOUN
fsr-3706	60	5	optimally	optimally	ADV
fsr-3706	60	6	hold	hold	VERB
fsr-3706	60	7	a	a	DET
fsr-3706	60	8	very	very	ADV
fsr-3706	60	9	low	low	ADJ
fsr-3706	60	10	proportion	proportion	NOUN
fsr-3706	60	11	of	of	ADP
fsr-3706	60	12	their	their	PRON
fsr-3706	60	13	total	total	ADJ
fsr-3706	60	14	wealth	wealth	NOUN
fsr-3706	60	15	in	in	ADP
fsr-3706	60	16	risky	risky	ADJ
fsr-3706	60	17	assets	asset	NOUN
fsr-3706	60	18	,	,	PUNCT
fsr-3706	60	19	and	and	CCONJ
fsr-3706	60	20	this	this	DET
fsr-3706	60	21	small	small	ADJ
fsr-3706	60	22	percent	percent	NOUN
fsr-3706	60	23	age	age	NOUN
fsr-3706	60	24	results	result	VERB
fsr-3706	60	25	in	in	ADP
fsr-3706	60	26	a	a	DET
fsr-3706	60	27	very	very	ADV
fsr-3706	60	28	slow	slow	ADJ
fsr-3706	60	29	rate	rate	NOUN
fsr-3706	60	30	of	of	ADP
fsr-3706	60	31	departure	departure	NOUN
fsr-3706	60	32	from	from	ADP
fsr-3706	60	33	the	the	DET
fsr-3706	60	34	“	"	PUNCT
fsr-3706	60	35	optimum	optimum	NOUN
fsr-3706	60	36	.	.	PUNCT
fsr-3706	60	37	”	"	PUNCT
fsr-3706	61	1	at	at	ADP
fsr-3706	61	2	the	the	DET
fsr-3706	61	3	other	other	ADJ
fsr-3706	61	4	extreme	extreme	NOUN
fsr-3706	61	5	,	,	PUNCT
fsr-3706	61	6	while	while	SCONJ
fsr-3706	61	7	departure	departure	NOUN
fsr-3706	61	8	from	from	ADP
fsr-3706	61	9	the	the	DET
fsr-3706	61	10	“	"	PUNCT
fsr-3706	61	11	optimum	optimum	NOUN
fsr-3706	61	12	”	"	PUNCT
fsr-3706	61	13	is	be	AUX
fsr-3706	61	14	at	at	ADP
fsr-3706	61	15	a	a	DET
fsr-3706	61	16	fast	fast	ADJ
fsr-3706	61	17	rate	rate	NOUN
fsr-3706	61	18	,	,	PUNCT
fsr-3706	61	19	the	the	DET
fsr-3706	61	20	limit	limit	NOUN
fsr-3706	61	21	,	,	PUNCT
fsr-3706	61	22	100	100	NUM
fsr-3706	61	23	percent	percent	NOUN
fsr-3706	61	24	in	in	ADP
fsr-3706	61	25	the	the	DET
fsr-3706	61	26	risky	risky	ADJ
fsr-3706	61	27	asset	asset	NOUN
fsr-3706	61	28	,	,	PUNCT
fsr-3706	61	29	is	be	AUX
fsr-3706	61	30	not	not	PART
fsr-3706	61	31	far	far	ADV
fsr-3706	61	32	from	from	ADP
fsr-3706	61	33	“	"	PUNCT
fsr-3706	61	34	optimal	optimal	ADJ
fsr-3706	61	35	”	"	PUNCT
fsr-3706	61	36	so	so	SCONJ
fsr-3706	61	37	them	they	PRON
fsr-3706	61	38	is	be	AUX
fsr-3706	61	39	little	little	ADJ
fsr-3706	61	40	potential	potential	NOUN
fsr-3706	61	41	for	for	ADP
fsr-3706	61	42	loss	loss	NOUN
fsr-3706	61	43	in	in	ADP
fsr-3706	61	44	utility	utility	NOUN
fsr-3706	61	45	even	even	ADV
fsr-3706	61	46	when	when	SCONJ
fsr-3706	61	47	the	the	DET
fsr-3706	61	48	limit	limit	NOUN
fsr-3706	61	49	is	be	AUX
fsr-3706	61	50	reached	reach	VERB
fsr-3706	61	51	.	.	PUNCT
fsr-3706	62	1	3	3	X
fsr-3706	62	2	.	.	X
fsr-3706	62	3	strategy	strategy	NOUN
fsr-3706	62	4	3	3	NUM
fsr-3706	62	5	dollar	dollar	NOUN
fsr-3706	62	6	cost	cost	NOUN
fsr-3706	62	7	averaging	averaging	NOUN
fsr-3706	62	8	(	(	PUNCT
fsr-3706	62	9	dca	dca	PROPN
fsr-3706	62	10	)	)	PUNCT
fsr-3706	62	11	.	.	PUNCT
fsr-3706	63	1	the	the	DET
fsr-3706	63	2	investor	investor	NOUN
fsr-3706	63	3	puts	put	VERB
fsr-3706	63	4	a	a	DET
fsr-3706	63	5	proportion	proportion	NOUN
fsr-3706	63	6	of	of	ADP
fsr-3706	63	7	the	the	DET
fsr-3706	63	8	initial	initial	ADJ
fsr-3706	63	9	wealth	wealth	NOUN
fsr-3706	63	10	into	into	ADP
fsr-3706	63	11	risky	risky	ADJ
fsr-3706	63	12	assets	asset	NOUN
fsr-3706	63	13	each	each	DET
fsr-3706	63	14	period	period	NOUN
fsr-3706	63	15	so	so	SCONJ
fsr-3706	63	16	that	that	SCONJ
fsr-3706	63	17	the	the	DET
fsr-3706	63	18	optimal	optimal	ADJ
fsr-3706	63	19	balance	balance	NOUN
fsr-3706	63	20	is	be	AUX
fsr-3706	63	21	achieved	achieve	VERB
fsr-3706	63	22	at	at	ADP
fsr-3706	63	23	the	the	DET
fsr-3706	63	24	end	end	NOUN
fsr-3706	63	25	of	of	ADP
fsr-3706	63	26	the	the	DET
fsr-3706	63	27	time	time	NOUN
fsr-3706	63	28	horizon	horizon	NOUN
fsr-3706	63	29	.	.	PUNCT
fsr-3706	64	1	this	this	DET
fsr-3706	64	2	investor	investor	NOUN
fsr-3706	64	3	is	be	AUX
fsr-3706	64	4	under	under	ADV
fsr-3706	64	5	-	-	PUNCT
fsr-3706	64	6	invested	invest	VERB
fsr-3706	64	7	in	in	ADP
fsr-3706	64	8	risky	risky	ADJ
fsr-3706	64	9	assets	asset	NOUN
fsr-3706	64	10	over	over	ADP
fsr-3706	64	11	the	the	DET
fsr-3706	64	12	entire	entire	ADJ
fsr-3706	64	13	horizon	horizon	NOUN
fsr-3706	64	14	and	and	CCONJ
fsr-3706	64	15	therefore	therefore	ADV
fsr-3706	64	16	loses	lose	VERB
fsr-3706	64	17	utility	utility	NOUN
fsr-3706	64	18	from	from	ADP
fsr-3706	64	19	the	the	DET
fsr-3706	64	20	“	"	PUNCT
fsr-3706	64	21	non	non	ADJ
fsr-3706	64	22	-	-	ADJ
fsr-3706	64	23	optimal	optimal	ADJ
fsr-3706	64	24	”	"	PUNCT
fsr-3706	64	25	allocation	allocation	NOUN
fsr-3706	64	26	of	of	ADP
fsr-3706	64	27	his	his	PRON
fsr-3706	64	28	wealth	wealth	NOUN
fsr-3706	64	29	.	.	PUNCT
fsr-3706	65	1	worse	bad	ADJ
fsr-3706	65	2	still	still	ADV
fsr-3706	65	3	,	,	PUNCT
fsr-3706	65	4	he	he	PRON
fsr-3706	65	5	forgoes	forgo	VERB
fsr-3706	65	6	the	the	DET
fsr-3706	65	7	excess	excess	ADJ
fsr-3706	65	8	returns	return	NOUN
fsr-3706	65	9	on	on	ADP
fsr-3706	65	10	the	the	DET
fsr-3706	65	11	percentage	percentage	NOUN
fsr-3706	65	12	of	of	ADP
fsr-3706	65	13	the	the	DET
fsr-3706	65	14	risky	risky	ADJ
fsr-3706	65	15	asset	asset	NOUN
fsr-3706	65	16	that	that	PRON
fsr-3706	65	17	should	should	AUX
fsr-3706	65	18	be	be	AUX
fsr-3706	65	19	,	,	PUNCT
fsr-3706	65	20	but	but	CCONJ
fsr-3706	65	21	is	be	AUX
fsr-3706	65	22	not	not	PART
fsr-3706	65	23	,	,	PUNCT
fsr-3706	65	24	in	in	ADP
fsr-3706	65	25	his	his	PRON
fsr-3706	65	26	investment	investment	NOUN
fsr-3706	65	27	portfolio	portfolio	NOUN
fsr-3706	65	28	,	,	PUNCT
fsr-3706	65	29	and	and	CCONJ
fsr-3706	65	30	he	he	PRON
fsr-3706	65	31	forgoes	forgo	VERB
fsr-3706	65	32	the	the	DET
fsr-3706	65	33	utility	utility	NOUN
fsr-3706	65	34	that	that	PRON
fsr-3706	65	35	would	would	AUX
fsr-3706	65	36	be	be	AUX
fsr-3706	65	37	derived	derive	VERB
fsr-3706	65	38	from	from	ADP
fsr-3706	65	39	the	the	DET
fsr-3706	65	40	additional	additional	ADJ
fsr-3706	65	41	wealth	wealth	NOUN
fsr-3706	65	42	.	.	PUNCT
fsr-3706	65	43	’	'	PUNCT
fsr-3706	66	1	for	for	ADP
fsr-3706	66	2	our	our	PRON
fsr-3706	66	3	monte	monte	PROPN
fsr-3706	66	4	carlo	carlo	PROPN
fsr-3706	66	5	simulation	simulation	PROPN
fsr-3706	66	6	,	,	PUNCT
fsr-3706	66	7	we	we	PRON
fsr-3706	66	8	use	use	VERB
fsr-3706	66	9	familiar	familiar	ADJ
fsr-3706	66	10	parameters	parameter	NOUN
fsr-3706	66	11	extracted	extract	VERB
fsr-3706	66	12	from	from	ADP
fsr-3706	66	13	historical	historical	ADJ
fsr-3706	66	14	new	new	PROPN
fsr-3706	66	15	york	york	PROPN
fsr-3706	66	16	stock	stock	PROPN
fsr-3706	66	17	exchange	exchange	PROPN
fsr-3706	66	18	data	datum	NOUN
fsr-3706	66	19	.	.	PUNCT
fsr-3706	67	1	these	these	DET
fsr-3706	67	2	data	datum	NOUN
fsr-3706	67	3	indicate	indicate	VERB
fsr-3706	67	4	an	an	DET
fsr-3706	67	5	average	average	ADJ
fsr-3706	67	6	return	return	NOUN
fsr-3706	67	7	on	on	ADP
fsr-3706	67	8	stocks	stock	NOUN
fsr-3706	67	9	five	five	NUM
fsr-3706	67	10	percent	percent	NOUN
fsr-3706	67	11	greater	great	ADJ
fsr-3706	67	12	than	than	ADP
fsr-3706	67	13	the	the	DET
fsr-3706	67	14	risk	risk	NOUN
fsr-3706	67	15	free	free	ADJ
fsr-3706	67	16	rate	rate	NOUN
fsr-3706	67	17	,	,	PUNCT
fsr-3706	67	18	and	and	CCONJ
fsr-3706	67	19	a	a	DET
fsr-3706	67	20	standard	standard	ADJ
fsr-3706	67	21	deviation	deviation	NOUN
fsr-3706	67	22	(	(	PUNCT
fsr-3706	67	23	our	our	PRON
fsr-3706	67	24	proxy	proxy	NOUN
fsr-3706	67	25	for	for	ADP
fsr-3706	67	26	riskiness	riskiness	NOUN
fsr-3706	67	27	)	)	PUNCT
fsr-3706	67	28	of	of	ADP
fsr-3706	67	29	approximately	approximately	ADV
fsr-3706	67	30	20	20	NUM
fsr-3706	67	31	percent	percent	NOUN
fsr-3706	67	32	.	.	PUNCT
fsr-3706	68	1	the	the	DET
fsr-3706	68	2	investor	investor	NOUN
fsr-3706	68	3	may	may	AUX
fsr-3706	68	4	choose	choose	VERB
fsr-3706	68	5	any	any	DET
fsr-3706	68	6	balance	balance	NOUN
fsr-3706	68	7	of	of	ADP
fsr-3706	68	8	risky	risky	ADJ
fsr-3706	68	9	to	to	PART
fsr-3706	68	10	total	total	VERB
fsr-3706	68	11	assets	asset	NOUN
fsr-3706	68	12	from	from	ADP
fsr-3706	68	13	10	10	NUM
fsr-3706	68	14	to	to	PART
fsr-3706	68	15	90	90	NUM
fsr-3706	68	16	percent	percent	NOUN
fsr-3706	68	17	that	that	PRON
fsr-3706	68	18	conforms	conform	VERB
fsr-3706	68	19	to	to	ADP
fsr-3706	68	20	his	his	PRON
fsr-3706	68	21	coefficient	coefficient	NOUN
fsr-3706	68	22	of	of	ADP
fsr-3706	68	23	relative	relative	ADJ
fsr-3706	68	24	risk	risk	NOUN
fsr-3706	68	25	aversion	aversion	NOUN
fsr-3706	68	26	(	(	PUNCT
fsr-3706	68	27	crra	crra	NOUN
fsr-3706	68	28	)	)	PUNCT
fsr-3706	68	29	,	,	PUNCT
fsr-3706	68	30	(	(	PUNCT
fsr-3706	68	31	1	1	NUM
fsr-3706	68	32	y	y	NOUN
fsr-3706	68	33	)	)	PUNCT
fsr-3706	68	34	.	.	PUNCT
fsr-3706	69	1	for	for	ADP
fsr-3706	69	2	example	example	NOUN
fsr-3706	69	3	,	,	PUNCT
fsr-3706	69	4	investors	investor	NOUN
fsr-3706	69	5	with	with	ADP
fsr-3706	69	6	10	10	NUM
fsr-3706	69	7	percent	percent	NOUN
fsr-3706	69	8	in	in	ADP
fsr-3706	69	9	risky	risky	ADJ
fsr-3706	69	10	assets	asset	NOUN
fsr-3706	69	11	have	have	VERB
fsr-3706	69	12	a	a	DET
fsr-3706	69	13	crra	crra	NOUN
fsr-3706	69	14	of	of	ADP
fsr-3706	69	15	12.5	12.5	NUM
fsr-3706	69	16	while	while	SCONJ
fsr-3706	69	17	those	those	PRON
fsr-3706	69	18	with	with	ADP
fsr-3706	69	19	90	90	NUM
fsr-3706	69	20	percent	percent	NOUN
fsr-3706	69	21	in	in	ADP
fsr-3706	69	22	risky	risky	ADJ
fsr-3706	69	23	assets	asset	NOUN
fsr-3706	69	24	have	have	VERB
fsr-3706	69	25	a	a	DET
fsr-3706	69	26	crra	crra	NOUN
fsr-3706	69	27	of	of	ADP
fsr-3706	69	28	1.3889	1.3889	NUM
fsr-3706	69	29	.	.	PUNCT
fsr-3706	70	1	these	these	DET
fsr-3706	70	2	coefficients	coefficient	NOUN
fsr-3706	70	3	are	be	AUX
fsr-3706	70	4	implied	imply	VERB
fsr-3706	70	5	by	by	ADP
fsr-3706	70	6	the	the	DET
fsr-3706	70	7	proportion	proportion	NOUN
fsr-3706	70	8	of	of	ADP
fsr-3706	70	9	total	total	ADJ
fsr-3706	70	10	wealth	wealth	NOUN
fsr-3706	70	11	held	hold	VERB
fsr-3706	70	12	in	in	ADP
fsr-3706	70	13	the	the	DET
fsr-3706	70	14	risky	risky	ADJ
fsr-3706	70	15	asset	asset	NOUN
fsr-3706	70	16	and	and	CCONJ
fsr-3706	70	17	are	be	AUX
fsr-3706	70	18	shown	show	VERB
fsr-3706	70	19	at	at	ADP
fsr-3706	70	20	the	the	DET
fsr-3706	70	21	bottom	bottom	NOUN
fsr-3706	70	22	of	of	ADP
fsr-3706	70	23	the	the	DET
fsr-3706	70	24	accompanying	accompanying	ADJ
fsr-3706	70	25	tables	table	NOUN
fsr-3706	70	26	.	.	PUNCT
fsr-3706	71	1	for	for	ADP
fsr-3706	71	2	each	each	DET
fsr-3706	71	3	time	time	NOUN
fsr-3706	71	4	horizon	horizon	NOUN
fsr-3706	71	5	,	,	PUNCT
fsr-3706	71	6	we	we	PRON
fsr-3706	71	7	measure	measure	VERB
fsr-3706	71	8	the	the	DET
fsr-3706	71	9	investor	investor	NOUN
fsr-3706	71	10	’s	’s	PART
fsr-3706	71	11	expected	expect	VERB
fsr-3706	71	12	utility	utility	NOUN
fsr-3706	71	13	of	of	ADP
fsr-3706	71	14	wealth	wealth	NOUN
fsr-3706	71	15	as	as	SCONJ
fsr-3706	71	16	the	the	DET
fsr-3706	71	17	average	average	NOUN
fsr-3706	71	18	of	of	ADP
fsr-3706	71	19	the	the	DET
fsr-3706	71	20	utility	utility	NOUN
fsr-3706	71	21	from	from	ADP
fsr-3706	71	22	the	the	DET
fsr-3706	71	23	wealth	wealth	NOUN
fsr-3706	71	24	provided	provide	VERB
fsr-3706	71	25	by	by	ADP
fsr-3706	71	26	each	each	PRON
fsr-3706	71	27	of	of	ADP
fsr-3706	71	28	500	500	NUM
fsr-3706	71	29	draws	draw	NOUN
fsr-3706	71	30	from	from	ADP
fsr-3706	71	31	our	our	PRON
fsr-3706	71	32	simulated	simulate	VERB
fsr-3706	71	33	stock	stock	NOUN
fsr-3706	71	34	market	market	NOUN
fsr-3706	71	35	.	.	PUNCT
fsr-3706	72	1	having	having	AUX
fsr-3706	72	2	calculated	calculate	VERB
fsr-3706	72	3	the	the	DET
fsr-3706	72	4	expected	expect	VERB
fsr-3706	72	5	utility	utility	NOUN
fsr-3706	72	6	from	from	ADP
fsr-3706	72	7	following	follow	VERB
fsr-3706	72	8	each	each	DET
fsr-3706	72	9	56	56	NUM
fsr-3706	72	10	financial	financial	ADJ
fsr-3706	72	11	services	service	NOUN
fsr-3706	72	12	review	review	NOUN
fsr-3706	72	13	,	,	PUNCT
fsr-3706	72	14	2(l	2(l	NUM
fsr-3706	72	15	)	)	PUNCT
fsr-3706	72	16	1992/1993	1992/1993	NUM
fsr-3706	72	17	table	table	NOUN
fsr-3706	72	18	1	1	NUM
fsr-3706	72	19	certainty	certainty	NOUN
fsr-3706	72	20	equivalent	equivalent	ADJ
fsr-3706	72	21	wealth	wealth	NOUN
fsr-3706	72	22	for	for	ADP
fsr-3706	72	23	the	the	DET
fsr-3706	72	24	three	three	NUM
fsr-3706	72	25	strategies	strategy	NOUN
fsr-3706	72	26	investment	investment	NOUN
fsr-3706	72	27	proportion	proportion	NOUN
fsr-3706	72	28	in	in	ADP
fsr-3706	72	29	risky	risky	ADJ
fsr-3706	72	30	asset	asset	NOUN
fsr-3706	72	31	by	by	ADP
fsr-3706	72	32	percentage	percentage	NOUN
fsr-3706	72	33	horizon	horizon	NOUN
fsr-3706	72	34	10	10	NUM
fsr-3706	72	35	20	20	NUM
fsr-3706	72	36	30	30	NUM
fsr-3706	72	37	40	40	NUM
fsr-3706	72	38	50	50	NUM
fsr-3706	72	39	60	60	NUM
fsr-3706	72	40	70	70	NUM
fsr-3706	72	41	80	80	NUM
fsr-3706	72	42	90	90	NUM
fsr-3706	72	43	a.	a.	NOUN
fsr-3706	72	44	certainty	certainty	NOUN
fsr-3706	72	45	equivalent	equivalent	ADJ
fsr-3706	72	46	wealth	wealth	NOUN
fsr-3706	72	47	for	for	ADP
fsr-3706	72	48	strategy	strategy	NOUN
fsr-3706	72	49	1	1	NUM
fsr-3706	72	50	(	(	PUNCT
fsr-3706	72	51	optimal	optimal	ADJ
fsr-3706	72	52	balancing	balancing	NOUN
fsr-3706	72	53	)	)	PUNCT
fsr-3706	72	54	2	2	NUM
fsr-3706	72	55	1.0061	1.0061	NUM
fsr-3706	72	56	1.0087	1.0087	NUM
fsr-3706	72	57	1.0160	1.0160	NUM
fsr-3706	72	58	1.0242	1.0242	NUM
fsr-3706	72	59	1.0235	1.0235	NUM
fsr-3706	72	60	1.0347	1.0347	NUM
fsr-3706	72	61	3	3	NUM
fsr-3706	72	62	1.0086	1.0086	NUM
fsr-3706	72	63	1.0143	1.0143	NUM
fsr-3706	72	64	1.0229	1.0229	NUM
fsr-3706	72	65	1.0264	1.0264	NUM
fsr-3706	72	66	1.0314	1.0314	NUM
fsr-3706	72	67	1.0452	1.0452	NUM
fsr-3706	72	68	4	4	NUM
fsr-3706	72	69	1.0089	1.0089	NUM
fsr-3706	72	70	1.0150	1.0150	NUM
fsr-3706	72	71	1.0364	1.0364	NUM
fsr-3706	72	72	1.0416	1.0416	NUM
fsr-3706	72	73	1.0427	1.0427	NUM
fsr-3706	72	74	1.0622	1.0622	NUM
fsr-3706	72	75	5	5	NUM
fsr-3706	72	76	1.0141	1.0141	NUM
fsr-3706	72	77	1.0209	1.0209	NUM
fsr-3706	72	78	1.0321	1.0321	NUM
fsr-3706	72	79	1.0528	1.0528	NUM
fsr-3706	72	80	1.0825	1.0825	NUM
fsr-3706	72	81	1.0724	1.0724	NUM
fsr-3706	72	82	6	6	NUM
fsr-3706	72	83	1.0141	1.0141	NUM
fsr-3706	72	84	1.0444	1.0444	NUM
fsr-3706	72	85	1.0334	1.0334	NUM
fsr-3706	72	86	1.0639	1.0639	NUM
fsr-3706	72	87	1.0504	1.0504	NUM
fsr-3706	72	88	1.1022	1.1022	NUM
fsr-3706	72	89	7	7	NUM
fsr-3706	72	90	1.0155	1.0155	NUM
fsr-3706	72	91	1.0345	1.0345	NUM
fsr-3706	72	92	1.0548	1.0548	NUM
fsr-3706	72	93	1.0831	1.0831	NUM
fsr-3706	72	94	1.0598	1.0598	NUM
fsr-3706	72	95	1.1220	1.1220	NUM
fsr-3706	72	96	8	8	NUM
fsr-3706	72	97	1.0180	1.0180	NUM
fsr-3706	72	98	1.0440	1.0440	NUM
fsr-3706	72	99	1.0614	1.0614	NUM
fsr-3706	72	100	1.0704	1.0704	NUM
fsr-3706	72	101	1.1054	1.1054	NUM
fsr-3706	72	102	1.0935	1.0935	NUM
fsr-3706	72	103	9	9	NUM
fsr-3706	72	104	1.0221	1.0221	NUM
fsr-3706	72	105	1.0551	1.0551	NUM
fsr-3706	72	106	1.0722	1.0722	NUM
fsr-3706	72	107	1.0821	1.0821	NUM
fsr-3706	72	108	1.1019	1.1019	NUM
fsr-3706	72	109	1.1375	1.1375	NUM
fsr-3706	72	110	10	10	NUM
fsr-3706	72	111	1.0278	1.0278	NUM
fsr-3706	72	112	1.0525	1.0525	NUM
fsr-3706	72	113	1.0785	1.0785	NUM
fsr-3706	72	114	1.1142	1.1142	NUM
fsr-3706	72	115	1.1191	1.1191	NUM
fsr-3706	72	116	1.1907	1.1907	NUM
fsr-3706	72	117	b	b	PROPN
fsr-3706	72	118	cer	cer	PROPN
fsr-3706	72	119	,	,	PUNCT
fsr-3706	72	120	tainty	tainty	PROPN
fsr-3706	72	121	equivalent	equivalent	ADJ
fsr-3706	72	122	wc	wc	PROPN
fsr-3706	72	123	:	:	PUNCT
fsr-3706	72	124	alth	alth	VERB
fsr-3706	72	125	for	for	ADP
fsr-3706	72	126	str	str	NOUN
fsr-3706	72	127	ategy	ategy	PROPN
fsr-3706	72	128	2	2	NUM
fsr-3706	72	129	(	(	PUNCT
fsr-3706	72	130	buy	buy	VERB
fsr-3706	72	131	&	&	CCONJ
fsr-3706	72	132	hold	hold	VERB
fsr-3706	72	133	)	)	PUNCT
fsr-3706	72	134	2	2	NUM
fsr-3706	72	135	1.0060	1.0060	NUM
fsr-3706	72	136	1.0086	1.0086	NUM
fsr-3706	72	137	1.0165	1.0165	NUM
fsr-3706	72	138	1.0239	1.0239	NUM
fsr-3706	72	139	1.0242	1.0242	NUM
fsr-3706	72	140	1.0340	1.0340	NUM
fsr-3706	72	141	3	3	NUM
fsr-3706	72	142	1.0085	1.0085	NUM
fsr-3706	72	143	1.0138	1.0138	NUM
fsr-3706	72	144	1.0223	1.0223	NUM
fsr-3706	72	145	1.0269	1.0269	NUM
fsr-3706	72	146	1.0316	1.0316	NUM
fsr-3706	72	147	1.0436	1.0436	NUM
fsr-3706	72	148	4	4	NUM
fsr-3706	72	149	1.0083	1.0083	NUM
fsr-3706	72	150	1.0161	1.0161	NUM
fsr-3706	72	151	1.0368	1.0368	NUM
fsr-3706	72	152	1.0403	1.0403	NUM
fsr-3706	72	153	1.0434	1.0434	NUM
fsr-3706	72	154	1.0617	1.0617	NUM
fsr-3706	72	155	5	5	NUM
fsr-3706	72	156	1.0134	1.0134	NUM
fsr-3706	72	157	1.0200	1.0200	NUM
fsr-3706	72	158	1.0311	1.0311	NUM
fsr-3706	72	159	1.0526	1.0526	NUM
fsr-3706	72	160	1.0820	1.0820	NUM
fsr-3706	72	161	1.0703	1.0703	NUM
fsr-3706	72	162	6	6	NUM
fsr-3706	72	163	1.0140	1.0140	NUM
fsr-3706	72	164	1.0428	1.0428	NUM
fsr-3706	72	165	1.0320	1.0320	NUM
fsr-3706	72	166	1.0613	1.0613	NUM
fsr-3706	72	167	1.0480	1.0480	NUM
fsr-3706	72	168	1.0997	1.0997	NUM
fsr-3706	72	169	7	7	NUM
fsr-3706	72	170	1.0152	1.0152	NUM
fsr-3706	72	171	1.0305	1.0305	NUM
fsr-3706	72	172	1.0495	1.0495	NUM
fsr-3706	72	173	1.0824	1.0824	NUM
fsr-3706	72	174	1.0588	1.0588	NUM
fsr-3706	72	175	1.1191	1.1191	NUM
fsr-3706	72	176	8	8	NUM
fsr-3706	72	177	1.0177	1.0177	NUM
fsr-3706	72	178	1.0397	1.0397	NUM
fsr-3706	72	179	1.0568	1.0568	NUM
fsr-3706	72	180	1.0671	1.0671	NUM
fsr-3706	72	181	1.1036	1.1036	NUM
fsr-3706	72	182	1.0923	1.0923	NUM
fsr-3706	72	183	9	9	NUM
fsr-3706	72	184	1.0192	1.0192	NUM
fsr-3706	72	185	1.0531	1.0531	NUM
fsr-3706	72	186	1.067s	1.067s	NUM
fsr-3706	72	187	1.0809	1.0809	NUM
fsr-3706	72	188	1.0943	1.0943	NUM
fsr-3706	72	189	1.1330	1.1330	NUM
fsr-3706	72	190	10	10	NUM
fsr-3706	72	191	1.0254	1.0254	NUM
fsr-3706	72	192	1.0489	1.0489	NUM
fsr-3706	72	193	1.0739	1.0739	NUM
fsr-3706	72	194	1.1116	1.1116	NUM
fsr-3706	72	195	1.1168	1.1168	NUM
fsr-3706	72	196	1.1832	1.1832	NUM
fsr-3706	72	197	1.0350	1.0350	NUM
fsr-3706	72	198	i.0405	i.0405	NOUN
fsr-3706	72	199	1.0431	1.0431	NUM
fsr-3706	72	200	1.0629	1.0629	NUM
fsr-3706	72	201	1.0768	1.0768	NUM
fsr-3706	72	202	1.0793	1.0793	NUM
fsr-3706	72	203	1.0912	1.0912	NUM
fsr-3706	72	204	1.0765	1.0765	NUM
fsr-3706	72	205	1	1	NUM
fsr-3706	72	206	s978	s978	PROPN
fsr-3706	72	207	1.1018	1.1018	NUM
fsr-3706	72	208	1.0819	1.0819	NUM
fsr-3706	72	209	1.1273	1.1273	NUM
fsr-3706	72	210	1.1129	1.1129	NUM
fsr-3706	72	211	1.0991	1.0991	NUM
fsr-3706	72	212	1.1252	1.1252	NUM
fsr-3706	72	213	1.1234	1.1234	NUM
fsr-3706	72	214	1.1629	1.1629	NUM
fsr-3706	72	215	1.1409	1.1409	NUM
fsr-3706	72	216	1.1531	1.1531	NUM
fsr-3706	72	217	1.1469	1.1469	NUM
fsr-3706	72	218	1.1544	1.1544	NUM
fsr-3706	72	219	1.1696	1.1696	NUM
fsr-3706	72	220	1.2426	1.2426	NUM
fsr-3706	72	221	1.2417	1.2417	NUM
fsr-3706	72	222	1.2132	1.2132	NUM
fsr-3706	73	1	1.2455	1.2455	NUM
fsr-3706	73	2	1.1881	1.1881	NUM
fsr-3706	73	3	1.0353	1.0353	NUM
fsr-3706	73	4	1.0403	1.0403	NUM
fsr-3706	73	5	1.0433	1.0433	NUM
fsr-3706	73	6	1.0613	1.0613	NUM
fsr-3706	73	7	1.0769	1.0769	NUM
fsr-3706	73	8	1.0789	1.0789	NUM
fsr-3706	73	9	1	1	NUM
fsr-3706	73	10	ky24	ky24	PROPN
fsr-3706	73	11	1.0776	1.0776	NUM
fsr-3706	73	12	1	1	NUM
fsr-3706	73	13	.o!j75	.o!j75	X
fsr-3706	73	14	1.1029	1.1029	NUM
fsr-3706	73	15	1.0818	1.0818	NUM
fsr-3706	73	16	1.1266	1.1266	NUM
fsr-3706	73	17	1.1094	1.1094	NUM
fsr-3706	73	18	1.0983	1.0983	NUM
fsr-3706	73	19	1.1245	1.1245	NUM
fsr-3706	73	20	1.1220	1.1220	NUM
fsr-3706	73	21	1.1623	1.1623	NUM
fsr-3706	73	22	i.1409	i.1409	ADP
fsr-3706	73	23	1.1530	1.1530	NUM
fsr-3706	73	24	1.1416	1.1416	NUM
fsr-3706	73	25	1.1539	1.1539	NUM
fsr-3706	73	26	1.1680	1.1680	NUM
fsr-3706	73	27	1.2390	1.2390	NUM
fsr-3706	73	28	1.2411	1.2411	NUM
fsr-3706	73	29	1.2056	1.2056	NUM
fsr-3706	73	30	1.2436	1.2436	NUM
fsr-3706	73	31	1.1864	1.1864	NUM
fsr-3706	73	32	c.	c.	NOUN
fsr-3706	73	33	certainty	certainty	NOUN
fsr-3706	73	34	equivalent	equivalent	ADJ
fsr-3706	73	35	wealth	wealth	NOUN
fsr-3706	73	36	for	for	ADP
fsr-3706	73	37	strategy	strategy	NOUN
fsr-3706	73	38	3	3	NUM
fsr-3706	73	39	(	(	PUNCT
fsr-3706	73	40	dollar	dollar	NOUN
fsr-3706	73	41	cost	cost	NOUN
fsr-3706	73	42	averaging	averaging	NOUN
fsr-3706	73	43	)	)	PUNCT
fsr-3706	73	44	2	2	NUM
fsr-3706	73	45	1.0049	1.0049	NUM
fsr-3706	73	46	1.0073	1.0073	NUM
fsr-3706	73	47	1.0129	1.0129	NUM
fsr-3706	73	48	1.0198	1.0198	NUM
fsr-3706	73	49	1.0200	1.0200	NUM
fsr-3706	73	50	1.0268	1.0268	NUM
fsr-3706	73	51	1.0287	1.0287	NUM
fsr-3706	73	52	3	3	NUM
fsr-3706	73	53	1.0061	1.0061	NUM
fsr-3706	73	54	1.0098	1.0098	NUM
fsr-3706	73	55	1.0169	1.0169	NUM
fsr-3706	73	56	1.0200	1.0200	NUM
fsr-3706	73	57	1.0255	1.0255	NUM
fsr-3706	73	58	1.0316	1.0316	NUM
fsr-3706	73	59	1.0476	1.0476	NUM
fsr-3706	73	60	4	4	NUM
fsr-3706	73	61	1.0060	1.0060	NUM
fsr-3706	73	62	1.0120	1.0120	NUM
fsr-3706	73	63	1.0264	1.0264	NUM
fsr-3706	73	64	1.0274	1.0274	NUM
fsr-3706	73	65	1.0335	1.0335	NUM
fsr-3706	73	66	1.0479	1.0479	NUM
fsr-3706	73	67	1.0624	1.0624	NUM
fsr-3706	73	68	5	5	NUM
fsr-3706	73	69	l.oo!z	l.oo!z	NOUN
fsr-3706	73	70	1.0174	1.0174	NUM
fsr-3706	73	71	1.0226	1.0226	NUM
fsr-3706	73	72	1.0380	1.0380	NUM
fsr-3706	73	73	1.0540	1.0540	NUM
fsr-3706	73	74	1.0461	1.0461	NUM
fsr-3706	73	75	1.0758	1.0758	NUM
fsr-3706	73	76	6	6	NUM
fsr-3706	73	77	l.oo!x	l.oo!x	NOUN
fsr-3706	73	78	1.0271	1.0271	NUM
fsr-3706	73	79	1.0242	1.0242	NUM
fsr-3706	73	80	1.0406	1.0406	NUM
fsr-3706	73	81	1.0356	1.0356	NUM
fsr-3706	73	82	1.0641	1.0641	NUM
fsr-3706	73	83	1.0708	1.0708	NUM
fsr-3706	73	84	7	7	NUM
fsr-3706	73	85	1.0106	1.0106	NUM
fsr-3706	73	86	1.0234	1.0234	NUM
fsr-3706	73	87	1.0322	1.0322	NUM
fsr-3706	73	88	1.0506	1.0506	NUM
fsr-3706	73	89	1.0465	1.0465	NUM
fsr-3706	73	90	1.0737	1.0737	NUM
fsr-3706	73	91	1.0818	1.0818	NUM
fsr-3706	73	92	8	8	NUM
fsr-3706	73	93	1.0125	1.0125	NUM
fsr-3706	73	94	1.0269	1.0269	NUM
fsr-3706	73	95	1.0397	1.0397	NUM
fsr-3706	73	96	1.0475	1.0475	NUM
fsr-3706	73	97	1.0676	1.0676	NUM
fsr-3706	73	98	1.0658	1.0658	NUM
fsr-3706	73	99	1.0957	1.0957	NUM
fsr-3706	73	100	9	9	NUM
fsr-3706	73	101	1.0133	1.0133	NUM
fsr-3706	73	102	1.0329	1.0329	NUM
fsr-3706	73	103	1.0455	1.0455	NUM
fsr-3706	73	104	1.0551	1.0551	NUM
fsr-3706	73	105	1.0611	1.0611	NUM
fsr-3706	73	106	1.0829	1.0829	NUM
fsr-3706	73	107	1.0987	1.0987	NUM
fsr-3706	73	108	10	10	NUM
fsr-3706	73	109	1.0151	1.0151	NUM
fsr-3706	73	110	1.0316	1.0316	NUM
fsr-3706	73	111	1.0471	1.0471	NUM
fsr-3706	73	112	1.0706	1.0706	NUM
fsr-3706	73	113	1.0725	1.0725	NUM
fsr-3706	73	114	1.1056	1.1056	NUM
fsr-3706	73	115	1.1261	1.1261	NUM
fsr-3706	73	116	note	note	NOUN
fsr-3706	73	117	:	:	PUNCT
fsr-3706	73	118	implied	imply	VERB
fsr-3706	73	119	coefficient	coefficient	NOUN
fsr-3706	73	120	of	of	ADP
fsr-3706	73	121	relative	relative	ADJ
fsr-3706	73	122	risk	risk	NOUN
fsr-3706	73	123	aversion	aversion	NOUN
fsr-3706	73	124	12.5000	12.5000	NUM
fsr-3706	73	125	6.2500	6.2500	NUM
fsr-3706	73	126	4.1667	4.1667	NUM
fsr-3706	73	127	3.1250	3.1250	NUM
fsr-3706	73	128	2.5000	2.5000	NUM
fsr-3706	73	129	2.0833	2.0833	NUM
fsr-3706	73	130	1.7857	1.7857	NUM
fsr-3706	73	131	1.0332	1.0332	NUM
fsr-3706	73	132	1.0561	1.0561	NUM
fsr-3706	73	133	1.0514	1.0514	NUM
fsr-3706	73	134	1.0600	1.0600	NUM
fsr-3706	73	135	1.0692	1.0692	NUM
fsr-3706	73	136	1.0986	1.0986	NUM
fsr-3706	73	137	1.0979	1.0979	NUM
fsr-3706	73	138	1.1385	1.1385	NUM
fsr-3706	73	139	1.1452	1.1452	NUM
fsr-3706	73	140	1.0386	1.0386	NUM
fsr-3706	73	141	1.0606	1.0606	NUM
fsr-3706	73	142	1.074s	1.074s	NUM
fsr-3706	73	143	1.0954	1.0954	NUM
fsr-3706	73	144	1.0872	1.0872	NUM
fsr-3706	73	145	1.0994	1.0994	NUM
fsr-3706	73	146	1.0976	1.0976	NUM
fsr-3706	73	147	1.1391	1.1391	NUM
fsr-3706	73	148	1.1257	1.1257	NUM
fsr-3706	73	149	1.5625	1.5625	NUM
fsr-3706	73	150	1.3889	1.3889	NUM
fsr-3706	73	151	of	of	ADP
fsr-3706	73	152	the	the	DET
fsr-3706	73	153	three	three	NUM
fsr-3706	73	154	compared	compare	VERB
fsr-3706	73	155	strategies	strategy	NOUN
fsr-3706	73	156	,	,	PUNCT
fsr-3706	73	157	we	we	PRON
fsr-3706	73	158	can	can	AUX
fsr-3706	73	159	solve	solve	VERB
fsr-3706	73	160	for	for	ADP
fsr-3706	73	161	the	the	DET
fsr-3706	73	162	certainty	certainty	ADJ
fsr-3706	73	163	equivalent	equivalent	ADJ
fsr-3706	73	164	wealth	wealth	NOUN
fsr-3706	73	165	implied	imply	VERB
fsr-3706	73	166	by	by	ADP
fsr-3706	73	167	the	the	DET
fsr-3706	73	168	level	level	NOUN
fsr-3706	73	169	of	of	ADP
fsr-3706	73	170	utility	utility	NOUN
fsr-3706	73	171	.	.	PUNCT
fsr-3706	74	1	u(w	u(w	ADJ
fsr-3706	74	2	)	)	PUNCT
fsr-3706	74	3	=	=	SYM
fsr-3706	74	4	w	w	PROPN
fsr-3706	74	5	/	/	SYM
fsr-3706	74	6	y	y	PROPN
fsr-3706	74	7	*	*	PUNCT
fsr-3706	74	8	w	w	PROPN
fsr-3706	74	9	=	=	PUNCT
fsr-3706	74	10	(	(	PUNCT
fsr-3706	74	11	yu(w))"l	yu(w))"l	NOUN
fsr-3706	74	12	this	this	DET
fsr-3706	74	13	analysis	analysis	NOUN
fsr-3706	74	14	permits	permit	VERB
fsr-3706	74	15	the	the	DET
fsr-3706	74	16	direct	direct	ADJ
fsr-3706	74	17	comparison	comparison	NOUN
fsr-3706	74	18	of	of	ADP
fsr-3706	74	19	wealth	wealth	NOUN
fsr-3706	74	20	differences	difference	NOUN
fsr-3706	74	21	among	among	ADP
fsr-3706	74	22	strategies	strategy	NOUN
fsr-3706	74	23	as	as	SCONJ
fsr-3706	74	24	shown	show	VERB
fsr-3706	74	25	in	in	ADP
fsr-3706	74	26	table	table	NOUN
fsr-3706	74	27	1	1	NUM
fsr-3706	74	28	.	.	PUNCT
fsr-3706	75	1	as	as	SCONJ
fsr-3706	75	2	anticipated	anticipate	VERB
fsr-3706	75	3	,	,	PUNCT
fsr-3706	75	4	little	little	ADJ
fsr-3706	75	5	difference	difference	NOUN
fsr-3706	75	6	can	can	AUX
fsr-3706	75	7	be	be	AUX
fsr-3706	75	8	seen	see	VERB
fsr-3706	75	9	between	between	ADP
fsr-3706	75	10	strategies	strategy	NOUN
fsr-3706	75	11	1	1	NUM
fsr-3706	75	12	and	and	CCONJ
fsr-3706	75	13	2	2	NUM
fsr-3706	75	14	,	,	PUNCT
fsr-3706	75	15	indicating	indicate	VERB
fsr-3706	75	16	that	that	SCONJ
fsr-3706	75	17	the	the	DET
fsr-3706	75	18	gains	gain	NOUN
fsr-3706	75	19	to	to	AUX
fsr-3706	75	20	rebalancing	rebalancing	NOUN
fsr-3706	75	21	each	each	DET
fsr-3706	75	22	period	period	NOUN
fsr-3706	75	23	are	be	AUX
fsr-3706	75	24	small	small	ADJ
fsr-3706	75	25	if	if	SCONJ
fsr-3706	75	26	the	the	DET
fsr-3706	75	27	investor	investor	NOUN
fsr-3706	75	28	nobody	nobody	PRON
fsr-3706	75	29	gainsjiom	gainsjiom	ADJ
fsr-3706	75	30	dollnr	dollnr	VERB
fsr-3706	75	31	cost	cost	NOUN
fsr-3706	75	32	averaging	average	VERB
fsr-3706	75	33	57	57	NUM
fsr-3706	75	34	table	table	NOUN
fsr-3706	75	35	2	2	NUM
fsr-3706	75	36	investment	investment	NOUN
fsr-3706	75	37	proportion	proportion	NOUN
fsr-3706	75	38	in	in	ADP
fsr-3706	75	39	risky	risky	ADJ
fsr-3706	75	40	asset	asset	NOUN
fsr-3706	75	41	by	by	ADP
fsr-3706	75	42	percentage	percentage	NOUN
fsr-3706	75	43	horizon	horizon	NOUN
fsr-3706	75	44	10	10	NUM
fsr-3706	75	45	20	20	NUM
fsr-3706	75	46	30	30	NUM
fsr-3706	75	47	40	40	NUM
fsr-3706	75	48	50	50	NUM
fsr-3706	75	49	60	60	NUM
fsr-3706	75	50	70	70	NUM
fsr-3706	75	51	80	80	NUM
fsr-3706	75	52	90	90	NUM
fsr-3706	75	53	a.	a.	NOUN
fsr-3706	75	54	certainty	certainty	NOUN
fsr-3706	75	55	equivalent	equivalent	ADJ
fsr-3706	75	56	wealth	wealth	NOUN
fsr-3706	75	57	difference	difference	NOUN
fsr-3706	75	58	:	:	PUNCT
fsr-3706	75	59	strategy	strategy	NOUN
fsr-3706	75	60	1	1	NUM
fsr-3706	75	61	(	(	PUNCT
fsr-3706	75	62	optimal	optimal	ADJ
fsr-3706	75	63	balancing	balancing	NOUN
fsr-3706	75	64	)	)	PUNCT
fsr-3706	75	65	strategy	strategy	NOUN
fsr-3706	75	66	2	2	NUM
fsr-3706	75	67	(	(	PUNCT
fsr-3706	75	68	buy	buy	VERB
fsr-3706	75	69	&	&	CCONJ
fsr-3706	75	70	hold	hold	VERB
fsr-3706	75	71	)	)	PUNCT
fsr-3706	75	72	2	2	NUM
fsr-3706	75	73	.oool	.oool	NOUN
fsr-3706	75	74	.oool	.oool	NUM
fsr-3706	75	75	-.ooos	-.ooos	PUNCT
fsr-3706	75	76	.0002	.0002	PROPN
fsr-3706	75	77	-.ooos	-.ooos	NUM
fsr-3706	75	78	.ooo7	.ooo7	PROPN
fsr-3706	75	79	-0003	-0003	PROPN
fsr-3706	76	1	.0003	.0003	NUM
fsr-3706	76	2	-0002	-0002	PROPN
fsr-3706	76	3	3	3	NUM
fsr-3706	76	4	.oool	.oool	NUM
fsr-3706	76	5	.0005	.0005	NOUN
fsr-3706	76	6	.ooo6	.ooo6	PUNCT
fsr-3706	76	7	-.0005	-.0005	PUNCT
fsr-3706	77	1	-.oool	-.oool	VERB
fsr-3706	77	2	.0016	.0016	PROPN
fsr-3706	77	3	.0016	.0016	PROPN
fsr-3706	78	1	-.oool	-.oool	PUNCT
fsr-3706	79	1	.0004	.0004	PROPN
fsr-3706	79	2	4	4	NUM
fsr-3706	79	3	.0005	.0005	NUM
fsr-3706	79	4	-.ooll	-.ooll	PUNCT
fsr-3706	79	5	-.0004	-.0004	PUNCT
fsr-3706	79	6	.0013	.0013	PROPN
fsr-3706	79	7	-.0007	-.0007	PUNCT
fsr-3706	79	8	.ooos	.ooos	NUM
fsr-3706	79	9	-.ooll	-.ooll	NOUN
fsr-3706	80	1	-.ooll	-.ooll	NOUN
fsr-3706	80	2	mm2	mm2	NOUN
fsr-3706	80	3	:	:	PUNCT
fsr-3706	81	1	.0007	.0007	PROPN
fsr-3706	81	2	.oool	.oool	PROPN
fsr-3706	81	3	.0009	.0009	PROPN
fsr-3706	81	4	.0016	.0016	PROPN
fsr-3706	81	5	.oolo	.oolo	PUNCT
fsr-3706	82	1	.0014	.0014	PROPN
fsr-3706	82	2	.0002	.0002	PROPN
fsr-3706	82	3	.0027	.0027	PROPN
fsr-3706	83	1	.0005	.0005	PROPN
fsr-3706	83	2	0024	0024	NUM
fsr-3706	83	3	.0021	.0021	NOUN
fsr-3706	84	1	jo25	jo25	PROPN
fsr-3706	84	2	-.ooll	-.ooll	PUNCT
fsr-3706	84	3	.0034	.0034	NOUN
fsr-3706	84	4	.oool	.oool	PUNCT
fsr-3706	85	1	.0008	.0008	PROPN
fsr-3706	85	2	.0007	.0007	PROPN
fsr-3706	85	3	.0007	.0007	PROPN
fsr-3706	85	4	7	7	NUM
fsr-3706	85	5	.0002	.0002	PROPN
fsr-3706	85	6	.0041	.0041	PROPN
fsr-3706	85	7	.0052	.0052	PROPN
fsr-3706	85	8	0007	0007	NUM
fsr-3706	85	9	.oolo	.oolo	PUNCT
fsr-3706	86	1	.@i28	.@i28	PUNCT
fsr-3706	87	1	.0014	.0014	PROPN
fsr-3706	87	2	.0006	.0006	PROPN
fsr-3706	87	3	0001	0001	NUM
fsr-3706	87	4	8	8	NUM
fsr-3706	87	5	.0004	.0004	PROPN
fsr-3706	87	6	.0043	.0043	PROPN
fsr-3706	88	1	.0046	.0046	PROPN
fsr-3706	88	2	.0033	.0033	PROPN
fsr-3706	88	3	.oql8	.oql8	PUNCT
fsr-3706	89	1	.0012	.0012	PROPN
fsr-3706	89	2	.oool	.oool	NUM
fsr-3706	90	1	0053	0053	NUM
fsr-3706	90	2	.0005	.0005	NOUN
fsr-3706	90	3	9	9	NUM
fsr-3706	90	4	.0029	.0029	NOUN
fsr-3706	90	5	.0020	.0020	PROPN
fsr-3706	90	6	.0047	.0047	PROPN
fsr-3706	91	1	.0012	.0012	PROPN
fsr-3706	91	2	.0076	.0076	PROPN
fsr-3706	91	3	.0045	.0045	NOUN
fsr-3706	91	4	0016	0016	NUM
fsr-3706	92	1	.0036	.0036	NOUN
fsr-3706	92	2	0006	0006	NUM
fsr-3706	92	3	10	10	NUM
fsr-3706	92	4	0024	0024	NUM
fsr-3706	92	5	.0035	.0035	PROPN
fsr-3706	92	6	.0046	.0046	PROPN
fsr-3706	93	1	ii027	ii027	PROPN
fsr-3706	93	2	0023	0023	NUM
fsr-3706	93	3	.0075	.0075	PROPN
fsr-3706	94	1	.0077	.0077	PROPN
fsr-3706	94	2	.0020	.0020	PROPN
fsr-3706	94	3	.0017	.0017	PROPN
fsr-3706	94	4	note	note	NOUN
fsr-3706	94	5	:	:	PUNCT
fsr-3706	94	6	implied	imply	VERB
fsr-3706	94	7	coefficient	coefficient	NOUN
fsr-3706	94	8	of	of	ADP
fsr-3706	94	9	relative	relative	ADJ
fsr-3706	94	10	risk	risk	NOUN
fsr-3706	94	11	aversion	aversion	NOUN
fsr-3706	94	12	12.50	12.50	NUM
fsr-3706	94	13	6.25	6.25	NUM
fsr-3706	94	14	4.17	4.17	NUM
fsr-3706	94	15	3.13	3.13	NUM
fsr-3706	94	16	2.50	2.50	NUM
fsr-3706	94	17	2.08	2.08	NUM
fsr-3706	94	18	1.79	1.79	NUM
fsr-3706	94	19	1.56	1.56	NUM
fsr-3706	94	20	1.39	1.39	NUM
fsr-3706	94	21	b.	b.	PROPN
fsr-3706	94	22	certainty	certainty	PROPN
fsr-3706	94	23	equivalent	equivalent	ADJ
fsr-3706	94	24	return	return	NOUN
fsr-3706	94	25	from	from	ADP
fsr-3706	94	26	following	follow	VERB
fsr-3706	94	27	strategy	strategy	NOUN
fsr-3706	94	28	1	1	NUM
fsr-3706	94	29	(	(	PUNCT
fsr-3706	94	30	optimal	optimal	ADJ
fsr-3706	94	31	balancing	balancing	NOUN
fsr-3706	94	32	)	)	PUNCT
fsr-3706	94	33	vice	vice	NOUN
fsr-3706	94	34	strategy	strategy	NOUN
fsr-3706	94	35	2	2	NUM
fsr-3706	94	36	(	(	PUNCT
fsr-3706	94	37	buy	buy	VERB
fsr-3706	94	38	&	&	CCONJ
fsr-3706	94	39	hold	hold	VERB
fsr-3706	94	40	)	)	PUNCT
fsr-3706	94	41	2	2	NUM
fsr-3706	94	42	.00004	.00004	NOUN
fsr-3706	94	43	00005	00005	NUM
fsr-3706	94	44	-.00023	-.00023	PUNCT
fsr-3706	95	1	.00012	.00012	PROPN
fsr-3706	95	2	-00038	-00038	PROPN
fsr-3706	95	3	.00033	.00033	PUNCT
fsr-3706	96	1	-.oool7	-.oool7	X
fsr-3706	96	2	.00013	.00013	NOUN
fsr-3706	96	3	-.ooolo	-.ooolo	PROPN
fsr-3706	96	4	3	3	NUM
fsr-3706	96	5	.00002	.00002	PROPN
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fsr-3706	96	8	-.00016	-.00016	PUNCT
fsr-3706	96	9	-.00004	-.00004	PUNCT
fsr-3706	96	10	.00052	.00052	PUNCT
fsr-3706	96	11	.00052	.00052	NUM
fsr-3706	97	1	-.00003	-.00003	PUNCT
fsr-3706	98	1	.00014	.00014	PROPN
fsr-3706	98	2	4	4	NUM
fsr-3706	98	3	.00013	.00013	NOUN
fsr-3706	98	4	-.00027	-.00027	PUNCT
fsr-3706	98	5	-.ocolo	-.ocolo	PUNCT
fsr-3706	98	6	.00033	.00033	PROPN
fsr-3706	98	7	-.00017	-.00017	PUNCT
fsr-3706	98	8	.00013	.00013	NOUN
fsr-3706	99	1	-00028	-00028	PROPN
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fsr-3706	100	1	.00005	.00005	PROPN
fsr-3706	100	2	5	5	NUM
fsr-3706	100	3	.oool3	.oool3	PUNCT
fsr-3706	100	4	.00018	.00018	PROPN
fsr-3706	101	1	.00019	.00019	PROPN
fsr-3706	102	1	.00004	.00004	PROPN
fsr-3706	102	2	.ooolo	.ooolo	PUNCT
fsr-3706	103	1	.00043	.00043	PROPN
fsr-3706	103	2	-00022	-00022	PROPN
fsr-3706	104	1	.00002	.00002	PROPN
fsr-3706	104	2	.00015	.00015	PROPN
fsr-3706	104	3	6	6	NUM
fsr-3706	104	4	.ooool	.ooool	NOUN
fsr-3706	104	5	.00027	.00027	PROPN
fsr-3706	104	6	.oco23	.oco23	PROPN
fsr-3706	104	7	.00045	.00045	PROPN
fsr-3706	104	8	.00039	.00039	PROPN
fsr-3706	104	9	.ckuml	.ckuml	ADP
fsr-3706	104	10	.ooo57	.ooo57	PROPN
fsr-3706	104	11	.00013	.00013	PROPN
fsr-3706	104	12	.oooll	.oooll	NOUN
fsr-3706	104	13	7	7	NUM
fsr-3706	104	14	mi003	mi003	NOUN
fsr-3706	104	15	.00058	.00058	NOUN
fsr-3706	104	16	.00075	.00075	SYM
fsr-3706	104	17	00009	00009	NUM
fsr-3706	104	18	ii0014	ii0014	PROPN
fsr-3706	104	19	.00040	.00040	PROPN
fsr-3706	104	20	.00020	.00020	PROPN
fsr-3706	105	1	.00008	.00008	PROPN
fsr-3706	105	2	.ooool	.ooool	PROPN
fsr-3706	105	3	8	8	NUM
fsr-3706	105	4	.00004	.00004	PROPN
fsr-3706	105	5	00054	00054	NUM
fsr-3706	105	6	.00058	.00058	PROPN
fsr-3706	106	1	.00041	.00041	PROPN
fsr-3706	106	2	.00022	.00022	PROPN
fsr-3706	106	3	.oool5	.oool5	PROPN
fsr-3706	106	4	.ooool	.ooool	NUM
fsr-3706	106	5	00067	00067	NUM
fsr-3706	106	6	.00006	.00006	NOUN
fsr-3706	106	7	9	9	NUM
fsr-3706	106	8	.ooo32	.ooo32	NUM
fsr-3706	106	9	00023	00023	NUM
fsr-3706	107	1	ii0052	ii0052	PROPN
fsr-3706	108	1	.00014	.00014	PROPN
fsr-3706	108	2	.00085	.00085	INTJ
fsr-3706	109	1	.00050	.00050	PROPN
fsr-3706	109	2	.00018	.00018	PROPN
fsr-3706	110	1	.00040	.00040	PROPN
fsr-3706	110	2	.00007	.00007	PROPN
fsr-3706	111	1	10	10	NUM
fsr-3706	111	2	.00024	.00024	PROPN
fsr-3706	111	3	.00035	.00035	PROPN
fsr-3706	112	1	.00046	.00046	PUNCT
fsr-3706	113	1	.00027	.00027	PROPN
fsr-3706	113	2	.00023	.00023	PROPN
fsr-3706	113	3	.ooo75	.ooo75	PROPN
fsr-3706	113	4	.oco76	.oco76	PUNCT
fsr-3706	114	1	.00020	.00020	PROPN
fsr-3706	114	2	.00017	.00017	PROPN
fsr-3706	114	3	note	note	NOUN
fsr-3706	114	4	:	:	PUNCT
fsr-3706	114	5	implied	imply	VERB
fsr-3706	114	6	coefficient	coefficient	NOUN
fsr-3706	114	7	of	of	ADP
fsr-3706	114	8	relative	relative	ADJ
fsr-3706	114	9	risk	risk	NOUN
fsr-3706	114	10	aversion	aversion	NOUN
fsr-3706	114	11	12.50	12.50	NUM
fsr-3706	114	12	6.25	6.25	NUM
fsr-3706	114	13	4.17	4.17	NUM
fsr-3706	114	14	3.13	3.13	NUM
fsr-3706	114	15	2.50	2.50	NUM
fsr-3706	114	16	2.08	2.08	NUM
fsr-3706	114	17	1.79	1.79	NUM
fsr-3706	114	18	1.56	1.56	NUM
fsr-3706	114	19	1.39	1.39	NUM
fsr-3706	114	20	is	be	AUX
fsr-3706	114	21	initially	initially	ADV
fsr-3706	114	22	in	in	ADP
fsr-3706	114	23	balance	balance	NOUN
fsr-3706	114	24	.	.	PUNCT
fsr-3706	115	1	this	this	PRON
fsr-3706	115	2	means	mean	VERB
fsr-3706	115	3	that	that	SCONJ
fsr-3706	115	4	continual	continual	ADJ
fsr-3706	115	5	rebalancing	rebalancing	NOUN
fsr-3706	115	6	yields	yield	NOUN
fsr-3706	115	7	little	little	ADJ
fsr-3706	115	8	gain	gain	NOUN
fsr-3706	115	9	over	over	ADP
fsr-3706	115	10	the	the	DET
fsr-3706	115	11	buy	buy	NOUN
fsr-3706	115	12	and	and	CCONJ
fsr-3706	115	13	hold	hold	VERB
fsr-3706	115	14	strategy	strategy	NOUN
fsr-3706	115	15	.	.	PUNCT
fsr-3706	116	1	however	however	ADV
fsr-3706	116	2	,	,	PUNCT
fsr-3706	116	3	the	the	DET
fsr-3706	116	4	certainty	certainty	ADJ
fsr-3706	116	5	equivalent	equivalent	ADJ
fsr-3706	116	6	wealth	wealth	NOUN
fsr-3706	116	7	of	of	ADP
fsr-3706	116	8	the	the	DET
fsr-3706	116	9	dollar	dollar	NOUN
fsr-3706	116	10	cost	cost	NOUN
fsr-3706	116	11	averager	averager	NOUN
fsr-3706	116	12	in	in	ADP
fsr-3706	116	13	strategy	strategy	NOUN
fsr-3706	116	14	three	three	NUM
fsr-3706	116	15	is	be	AUX
fsr-3706	116	16	consistently	consistently	ADV
fsr-3706	116	17	and	and	CCONJ
fsr-3706	116	18	substantially	substantially	ADV
fsr-3706	116	19	below	below	ADP
fsr-3706	116	20	that	that	PRON
fsr-3706	116	21	of	of	ADP
fsr-3706	116	22	the	the	DET
fsr-3706	116	23	investors	investor	NOUN
fsr-3706	116	24	using	use	VERB
fsr-3706	116	25	the	the	DET
fsr-3706	116	26	other	other	ADJ
fsr-3706	116	27	two	two	NUM
fsr-3706	116	28	strategies	strategy	NOUN
fsr-3706	116	29	.	.	PUNCT
fsr-3706	117	1	table	table	NOUN
fsr-3706	117	2	2a	2a	PROPN
fsr-3706	117	3	shows	show	VERB
fsr-3706	117	4	the	the	DET
fsr-3706	117	5	certainty	certainty	NOUN
fsr-3706	117	6	equivalent	equivalent	ADJ
fsr-3706	117	7	wealth	wealth	NOUN
fsr-3706	117	8	difference	difference	NOUN
fsr-3706	117	9	between	between	ADP
fsr-3706	117	10	strategies	strategy	NOUN
fsr-3706	117	11	one	one	NUM
fsr-3706	117	12	and	and	CCONJ
fsr-3706	117	13	two	two	NUM
fsr-3706	117	14	and	and	CCONJ
fsr-3706	117	15	table	table	NOUN
fsr-3706	117	16	2b	2b	NOUN
fsr-3706	117	17	shows	show	VERB
fsr-3706	117	18	the	the	DET
fsr-3706	117	19	difference	difference	NOUN
fsr-3706	117	20	in	in	ADP
fsr-3706	117	21	annualized	annualize	VERB
fsr-3706	117	22	(	(	PUNCT
fsr-3706	117	23	geometric	geometric	ADJ
fsr-3706	117	24	mean	mean	NOUN
fsr-3706	117	25	)	)	PUNCT
fsr-3706	117	26	return	return	NOUN
fsr-3706	117	27	over	over	ADP
fsr-3706	117	28	all	all	DET
fsr-3706	117	29	holding	hold	VERB
fsr-3706	117	30	periods	period	NOUN
fsr-3706	117	31	.	.	PUNCT
fsr-3706	118	1	the	the	DET
fsr-3706	118	2	difference	difference	NOUN
fsr-3706	118	3	is	be	AUX
fsr-3706	118	4	tiny	tiny	ADJ
fsr-3706	118	5	in	in	ADP
fsr-3706	118	6	all	all	DET
fsr-3706	118	7	cases	case	NOUN
fsr-3706	118	8	and	and	CCONJ
fsr-3706	118	9	,	,	PUNCT
fsr-3706	118	10	in	in	ADP
fsr-3706	118	11	the	the	DET
fsr-3706	118	12	short	short	ADJ
fsr-3706	118	13	run	run	NOUN
fsr-3706	118	14	,	,	PUNCT
fsr-3706	118	15	will	will	AUX
fsr-3706	118	16	occasionally	occasionally	ADV
fsr-3706	118	17	even	even	ADV
fsr-3706	118	18	go	go	VERB
fsr-3706	118	19	negative	negative	ADJ
fsr-3706	118	20	as	as	ADP
fsr-3706	118	21	a	a	DET
fsr-3706	118	22	result	result	NOUN
fsr-3706	118	23	of	of	ADP
fsr-3706	118	24	monte	monte	PROPN
fsr-3706	118	25	carlo	carlo	PROPN
fsr-3706	118	26	variation	variation	NOUN
fsr-3706	118	27	acting	act	VERB
fsr-3706	118	28	upon	upon	SCONJ
fsr-3706	118	29	small	small	ADJ
fsr-3706	118	30	differences	difference	NOUN
fsr-3706	118	31	.	.	PUNCT
fsr-3706	119	1	with	with	ADP
fsr-3706	119	2	short	short	ADJ
fsr-3706	119	3	time	time	NOUN
fsr-3706	119	4	horizons	horizon	NOUN
fsr-3706	119	5	,	,	PUNCT
fsr-3706	119	6	the	the	DET
fsr-3706	119	7	investor	investor	NOUN
fsr-3706	119	8	does	do	AUX
fsr-3706	119	9	not	not	PART
fsr-3706	119	10	venture	venture	VERB
fsr-3706	119	11	too	too	ADV
fsr-3706	119	12	far	far	ADV
fsr-3706	119	13	from	from	ADP
fsr-3706	119	14	his	his	PRON
fsr-3706	119	15	“	"	PUNCT
fsr-3706	119	16	optimal	optimal	ADJ
fsr-3706	119	17	”	"	PUNCT
fsr-3706	119	18	allocation	allocation	NOUN
fsr-3706	119	19	of	of	ADP
fsr-3706	119	20	wealth	wealth	NOUN
fsr-3706	119	21	.	.	PUNCT
fsr-3706	120	1	table	table	NOUN
fsr-3706	120	2	3a	3a	PROPN
fsr-3706	120	3	shows	show	VERB
fsr-3706	120	4	the	the	DET
fsr-3706	120	5	certainty	certainty	NOUN
fsr-3706	120	6	equivalent	equivalent	ADJ
fsr-3706	120	7	wealth	wealth	NOUN
fsr-3706	120	8	difference	difference	NOUN
fsr-3706	120	9	between	between	ADP
fsr-3706	120	10	strategies	strategy	NOUN
fsr-3706	120	11	one	one	NUM
fsr-3706	120	12	and	and	CCONJ
fsr-3706	120	13	three	three	NUM
fsr-3706	120	14	and	and	CCONJ
fsr-3706	120	15	points	point	VERB
fsr-3706	120	16	up	up	ADP
fsr-3706	120	17	a	a	DET
fsr-3706	120	18	considerable	considerable	ADJ
fsr-3706	120	19	loss	loss	NOUN
fsr-3706	120	20	associated	associate	VERB
fsr-3706	120	21	with	with	ADP
fsr-3706	120	22	dollar	dollar	NOUN
fsr-3706	120	23	cost	cost	NOUN
fsr-3706	120	24	averaging	averaging	NOUN
fsr-3706	120	25	.	.	PUNCT
fsr-3706	121	1	while	while	SCONJ
fsr-3706	121	2	the	the	DET
fsr-3706	121	3	cost	cost	NOUN
fsr-3706	121	4	of	of	ADP
fsr-3706	121	5	dollar	dollar	NOUN
fsr-3706	121	6	cost	cost	NOUN
fsr-3706	121	7	averaging	averaging	NOUN
fsr-3706	121	8	varies	vary	VERB
fsr-3706	121	9	with	with	ADP
fsr-3706	121	10	the	the	DET
fsr-3706	121	11	proportion	proportion	NOUN
fsr-3706	121	12	invested	invest	VERB
fsr-3706	121	13	in	in	ADP
fsr-3706	121	14	risky	risky	ADJ
fsr-3706	121	15	assets	asset	NOUN
fsr-3706	121	16	and	and	CCONJ
fsr-3706	121	17	the	the	DET
fsr-3706	121	18	number	number	NOUN
fsr-3706	121	19	of	of	ADP
fsr-3706	121	20	holding	hold	VERB
fsr-3706	121	21	periods	period	NOUN
fsr-3706	121	22	,	,	PUNCT
fsr-3706	121	23	with	with	ADP
fsr-3706	121	24	90	90	NUM
fsr-3706	121	25	%	%	NOUN
fsr-3706	121	26	invested	invest	VERB
fsr-3706	121	27	in	in	ADP
fsr-3706	121	28	risky	risky	ADJ
fsr-3706	121	29	assets	asset	NOUN
fsr-3706	121	30	the	the	DET
fsr-3706	121	31	optimally	optimally	ADV
fsr-3706	121	32	balanced	balance	VERB
fsr-3706	121	33	investor	investor	NOUN
fsr-3706	121	34	has	have	VERB
fsr-3706	121	35	half	half	ADV
fsr-3706	121	36	again	again	ADV
fsr-3706	121	37	the	the	DET
fsr-3706	121	38	certainty	certainty	NOUN
fsr-3706	121	39	equivalent	equivalent	ADJ
fsr-3706	121	40	58	58	NUM
fsr-3706	121	41	financial	financial	ADJ
fsr-3706	121	42	services	service	NOUN
fsr-3706	121	43	review	review	NOUN
fsr-3706	121	44	,	,	PUNCT
fsr-3706	121	45	2(l	2(l	NUM
fsr-3706	121	46	)	)	PUNCT
fsr-3706	121	47	1!491/1993	1!491/1993	NUM
fsr-3706	121	48	table	table	NOUN
fsr-3706	121	49	3	3	NUM
fsr-3706	121	50	investment	investment	NOUN
fsr-3706	121	51	horizon	horizon	NOUN
fsr-3706	121	52	10	10	NUM
fsr-3706	121	53	20	20	NUM
fsr-3706	121	54	proportion	proportion	NOUN
fsr-3706	121	55	in	in	ADP
fsr-3706	121	56	risky	risky	ADJ
fsr-3706	121	57	asset	asset	NOUN
fsr-3706	121	58	by	by	ADP
fsr-3706	121	59	percentage	percentage	NOUN
fsr-3706	121	60	30	30	NUM
fsr-3706	121	61	40	40	NUM
fsr-3706	121	62	50	50	NUM
fsr-3706	121	63	60	60	NUM
fsr-3706	121	64	70	70	NUM
fsr-3706	121	65	80	80	NUM
fsr-3706	121	66	!	!	PUNCT
fsr-3706	121	67	?	?	PUNCT
fsr-3706	122	1	o	o	X
fsr-3706	122	2	a.	a.	NOUN
fsr-3706	122	3	certainty	certainty	PROPN
fsr-3706	122	4	4uiv~~t	4uiv~~t	PROPN
fsr-3706	122	5	wealth	wealth	NOUN
fsr-3706	122	6	diffeuxce	diffeuxce	VERB
fsr-3706	122	7	:	:	PUNCT
fsr-3706	122	8	strategy	strategy	NOUN
fsr-3706	122	9	1	1	NUM
fsr-3706	122	10	(	(	PUNCT
fsr-3706	122	11	~~mal	~~mal	NUM
fsr-3706	122	12	balancing	balancing	NOUN
fsr-3706	122	13	)	)	PUNCT
fsr-3706	122	14	s&ategy	s&ategy	NOUN
fsr-3706	122	15	3	3	NUM
fsr-3706	122	16	(	(	PUNCT
fsr-3706	122	17	doilar	doilar	ADJ
fsr-3706	122	18	cost	cost	NOUN
fsr-3706	122	19	averaging	averaging	NOUN
fsr-3706	122	20	)	)	PUNCT
fsr-3706	122	21	2	2	NUM
fsr-3706	122	22	.ooll	.ooll	NOUN
fsr-3706	123	1	.0014	.0014	PROPN
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fsr-3706	123	3	.0044	.0044	PROPN
fsr-3706	123	4	.0035	.0035	PROPN
fsr-3706	124	1	.0079	.0079	PROPN
fsr-3706	125	1	.0063	.0063	NOUN
fsr-3706	126	1	.0073	.0073	ADV
fsr-3706	127	1	3	3	NUM
fsr-3706	127	2	.oa24	.oa24	SYM
fsr-3706	127	3	.0044	.0044	PROPN
fsr-3706	127	4	.0060	.0060	PROPN
fsr-3706	128	1	.0064	.0064	PROPN
fsr-3706	129	1	.0059	.0059	PROPN
fsr-3706	129	2	.0136	.0136	PROPN
fsr-3706	130	1	.0153	.0153	PROPN
fsr-3706	131	1	_	_	PUNCT
fsr-3706	131	2	.0207	.0207	PROPN
fsr-3706	131	3	4	4	NUM
fsr-3706	131	4	.oo29	.oo29	NUM
fsr-3706	131	5	.0030	.0030	PROPN
fsr-3706	131	6	.0101	.0101	PROPN
fsr-3706	131	7	.0142	.0142	PROPN
fsr-3706	132	1	.0092	.0092	PROPN
fsr-3706	132	2	.0142	.0142	PROPN
fsr-3706	132	3	.o288	.o288	PUNCT
fsr-3706	133	1	.0251	.0251	NUM
fsr-3706	133	2	:	:	PUNCT
fsr-3706	134	1	.0049	.0049	PROPN
fsr-3706	134	2	.0044	.0044	PROPN
fsr-3706	134	3	.0173	.0173	PROPN
fsr-3706	134	4	0035	0035	NUM
fsr-3706	134	5	.0095	.0095	PROPN
fsr-3706	134	6	.0092	.0092	PROPN
fsr-3706	134	7	.0147	.0147	PROPN
fsr-3706	134	8	.0233	.0233	PROPN
fsr-3706	134	9	.0285	.0285	PUNCT
fsr-3706	135	1	.0148	.0148	PROPN
fsr-3706	135	2	.0381	.0381	INTJ
fsr-3706	136	1	.0263	.0263	PROPN
fsr-3706	136	2	.0420	.0420	NOUN
fsr-3706	136	3	.o260	.o260	PUNCT
fsr-3706	137	1	so219	so219	ADJ
fsr-3706	137	2	.0298	.0298	PROPN
fsr-3706	137	3	7	7	NUM
fsr-3706	138	1	.0048	.0048	PROPN
fsr-3706	138	2	.0111	.0111	PROPN
fsr-3706	138	3	.0226	.0226	PROPN
fsr-3706	139	1	so325	so325	PROPN
fsr-3706	139	2	.0134	.0134	PROPN
fsr-3706	140	1	.0483	.0483	PROPN
fsr-3706	141	1	.0416	.0416	PROPN
fsr-3706	141	2	.0642	.0642	PROPN
fsr-3706	141	3	8	8	NUM
fsr-3706	141	4	.0055	.0055	NOUN
fsr-3706	142	1	.0171	.0171	PROPN
fsr-3706	142	2	.0217	.0217	PROPN
fsr-3706	143	1	.0228	.0228	PROPN
fsr-3706	143	2	.0378	.0378	PROPN
fsr-3706	143	3	.0278	.0278	PUNCT
fsr-3706	144	1	*	*	PUNCT
fsr-3706	145	1	os73	os73	PROPN
fsr-3706	145	2	.0490	.0490	PROPN
fsr-3706	145	3	9	9	NUM
fsr-3706	145	4	.0088	.0088	NUM
fsr-3706	145	5	.0223	.0223	PROPN
fsr-3706	145	6	.0267	.0267	PROPN
fsr-3706	145	7	.027	.027	NUM
fsr-3706	145	8	1	1	NUM
fsr-3706	145	9	0409	0409	NUM
fsr-3706	145	10	.0546	.0546	VERB
fsr-3706	145	11	.0710	.0710	ADJ
fsr-3706	145	12	.1041	.1041	PROPN
fsr-3706	146	1	10	10	NUM
fsr-3706	146	2	.0127	.0127	NOUN
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fsr-3706	147	1	.0314	.0314	PROPN
fsr-3706	147	2	.0437	.0437	PROPN
fsr-3706	147	3	.0466	.0466	PROPN
fsr-3706	148	1	.0851	.0851	PROPN
fsr-3706	148	2	.087	.087	NUM
fsr-3706	148	3	1	1	NUM
fsr-3706	148	4	.1003	.1003	NOUN
fsr-3706	148	5	note	note	NOUN
fsr-3706	148	6	:	:	PUNCT
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fsr-3706	148	9	of	of	ADP
fsr-3706	148	10	relative	relative	ADJ
fsr-3706	148	11	risk	risk	NOUN
fsr-3706	148	12	aversion	aversion	NOUN
fsr-3706	148	13	12.50	12.50	NUM
fsr-3706	148	14	6.25	6.25	NUM
fsr-3706	148	15	4.17	4.17	NUM
fsr-3706	148	16	3.13	3.13	NUM
fsr-3706	148	17	2.50	2.50	NUM
fsr-3706	148	18	2.08	2.08	NUM
fsr-3706	148	19	1.79	1.79	NUM
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fsr-3706	148	21	b.	b.	PROPN
fsr-3706	148	22	certainty	certainty	PROPN
fsr-3706	148	23	equivalent	equivalent	ADJ
fsr-3706	148	24	return	return	NOUN
fsr-3706	148	25	from	from	ADP
fsr-3706	148	26	following	follow	VERB
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fsr-3706	148	28	1	1	NUM
fsr-3706	148	29	(	(	PUNCT
fsr-3706	148	30	optimal	optimal	ADJ
fsr-3706	148	31	balancing	balancing	NOUN
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fsr-3706	148	33	vice	vice	NOUN
fsr-3706	148	34	strategy	strategy	NOUN
fsr-3706	148	35	3	3	NUM
fsr-3706	148	36	(	(	PUNCT
fsr-3706	148	37	dollar	dollar	NOUN
fsr-3706	148	38	cost	cost	NOUN
fsr-3706	148	39	averaging	averaging	NOUN
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fsr-3706	148	41	9	9	NUM
fsr-3706	148	42	.00081	.00081	NUM
fsr-3706	149	1	.00056	.00056	PROPN
fsr-3706	149	2	.00072	.00072	NOUN
fsr-3706	149	3	.00147	.00147	NOUN
fsr-3706	149	4	.00201	.00201	PUNCT
fsr-3706	150	1	.00156	.00156	PROPN
fsr-3706	150	2	.00215	.00215	PROPN
fsr-3706	151	1	.00219	.00219	PROPN
fsr-3706	151	2	.00175	.00175	PROPN
fsr-3706	151	3	jo196	jo196	PROPN
fsr-3706	151	4	.00394	.00394	PUNCT
fsr-3706	152	1	.00450	.00450	INTJ
fsr-3706	152	2	.00506	.00506	NUM
fsr-3706	153	1	.00315	.00315	NOUN
fsr-3706	153	2	4	4	NUM
fsr-3706	153	3	.00073	.00073	NOUN
fsr-3706	154	1	.00075	.00075	NOUN
fsr-3706	154	2	00250	00250	NUM
fsr-3706	155	1	ii0354	ii0354	INTJ
fsr-3706	156	1	.00230	.00230	X
fsr-3706	156	2	.00354	.00354	PROPN
fsr-3706	156	3	.00713	.00713	NOUN
fsr-3706	156	4	5	5	NUM
fsr-3706	156	5	.00098	.00098	NOUN
fsr-3706	156	6	.00069	.00069	PUNCT
fsr-3706	157	1	.00189	.00189	PROPN
fsr-3706	157	2	.00293	.00293	PROPN
fsr-3706	158	1	so0564	so0564	PROPN
fsr-3706	158	2	.00521	.00521	PUNCT
fsr-3706	159	1	.00515	.00515	PROPN
fsr-3706	159	2	6	6	NUM
fsr-3706	159	3	.00074	.00074	PROPN
fsr-3706	159	4	~30286	~30286	NUM
fsr-3706	159	5	.@i152	.@i152	NOUN
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fsr-3706	160	1	.00245	.00245	PROPN
fsr-3706	160	2	.00625	.00625	PUNCT
fsr-3706	160	3	xi0689	xi0689	PROPN
fsr-3706	160	4	7	7	NUM
fsr-3706	161	1	.00069	.00069	X
fsr-3706	161	2	.00158	.00158	PROPN
fsr-3706	161	3	.00319	.00319	PROPN
fsr-3706	162	1	.0@+58	.0@+58	PROPN
fsr-3706	163	1	.00190	.00190	PROPN
fsr-3706	164	1	.00676	.00676	PROPN
fsr-3706	164	2	.@i584	.@i584	PROPN
fsr-3706	164	3	8	8	NUM
fsr-3706	164	4	.00069	.00069	PROPN
fsr-3706	164	5	.00212	.00212	PROPN
fsr-3706	164	6	00268	00268	NUM
fsr-3706	165	1	xxi283	xxi283	PROPN
fsr-3706	165	2	.00465	.00465	PUNCT
fsr-3706	166	1	.00343	.00343	INTJ
fsr-3706	167	1	.00699	.00699	NOUN
fsr-3706	167	2	9	9	NUM
fsr-3706	168	1	mo98	mo98	PROPN
fsr-3706	168	2	.00245	.00245	PROPN
fsr-3706	168	3	.00293	.00293	PROPN
fsr-3706	168	4	.00297	.00297	PUNCT
fsr-3706	169	1	mm46	mm46	PROPN
fsr-3706	169	2	xl0592	xl0592	PROPN
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fsr-3706	170	1	10	10	NUM
fsr-3706	170	2	xxi127	xxi127	PROPN
fsr-3706	170	3	.00206	.00206	PROPN
fsr-3706	170	4	.00309	.00309	PROPN
fsr-3706	171	1	.00428	.00428	INTJ
fsr-3706	171	2	.00457	.00457	PROPN
fsr-3706	171	3	ii0820	ii0820	PROPN
fsr-3706	171	4	.@i839	.@i839	PROPN
fsr-3706	172	1	note	note	NOUN
fsr-3706	172	2	:	:	PUNCT
fsr-3706	172	3	implied	imply	VERB
fsr-3706	172	4	coefticient	coefticient	NOUN
fsr-3706	172	5	of	of	ADP
fsr-3706	172	6	relative	relative	ADJ
fsr-3706	172	7	risk	risk	NOUN
fsr-3706	172	8	aversion	aversion	NOUN
fsr-3706	172	9	12.50	12.50	NUM
fsr-3706	172	10	6.25	6.25	NUM
fsr-3706	172	11	4.17	4.17	NUM
fsr-3706	172	12	3.13	3.13	NUM
fsr-3706	172	13	2.50	2.50	NUM
fsr-3706	172	14	2.08	2.08	NUM
fsr-3706	172	15	1.79	1.79	NUM
fsr-3706	172	16	.00685	.00685	NUM
fsr-3706	172	17	.00622	.00622	PUNCT
fsr-3706	173	1	.00435	.00435	PROPN
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fsr-3706	173	3	00491	00491	NUM
fsr-3706	173	4	.00893	.00893	NOUN
fsr-3706	173	5	.oo600	.oo600	PUNCT
fsr-3706	174	1	.01106	.01106	PROPN
fsr-3706	174	2	.00961	.00961	PROPN
fsr-3706	175	1	1.56	1.56	NUM
fsr-3706	175	2	1.39	1.39	NUM
fsr-3706	175	3	a046	a046	PROPN
fsr-3706	175	4	.0187	.0187	PROPN
fsr-3706	176	1	.0232	.0232	PROPN
fsr-3706	177	1	.0319	.0319	PROPN
fsr-3706	178	1	.0380	.0380	PUNCT
fsr-3706	179	1	.0415	.0415	NOUN
fsr-3706	180	1	.0568	.0568	INTJ
fsr-3706	180	2	.1026	.1026	PROPN
fsr-3706	180	3	.0624	.0624	PUNCT
fsr-3706	181	1	1.39	1.39	NUM
fsr-3706	181	2	.00229	.00229	PUNCT
fsr-3706	182	1	.00620	.00620	INTJ
fsr-3706	183	1	do576	do576	INTJ
fsr-3706	183	2	.00630	.00630	INTJ
fsr-3706	184	1	.00623	.00623	INTJ
fsr-3706	184	2	.00583	.00583	PUNCT
fsr-3706	185	1	do693	do693	PROPN
fsr-3706	185	2	.01092	.01092	PUNCT
fsr-3706	186	1	.00608	.00608	PROPN
fsr-3706	186	2	return	return	NOUN
fsr-3706	186	3	of	of	ADP
fsr-3706	186	4	the	the	DET
fsr-3706	186	5	dollar	dollar	NOUN
fsr-3706	186	6	cost	cost	NOUN
fsr-3706	186	7	averager	averager	ADV
fsr-3706	186	8	.	.	PUNCT
fsr-3706	187	1	and	and	CCONJ
fsr-3706	187	2	since	since	SCONJ
fsr-3706	187	3	the	the	DET
fsr-3706	187	4	buy	buy	NOUN
fsr-3706	187	5	and	and	CCONJ
fsr-3706	187	6	hold	hold	VERB
fsr-3706	187	7	investor	investor	NOUN
fsr-3706	187	8	does	do	VERB
fsr-3706	187	9	nearly	nearly	ADV
fsr-3706	187	10	as	as	ADV
fsr-3706	187	11	well	well	ADV
fsr-3706	187	12	as	as	ADP
fsr-3706	187	13	the	the	DET
fsr-3706	187	14	optimal	optimal	ADJ
fsr-3706	187	15	balancer	balancer	NOUN
fsr-3706	187	16	,	,	PUNCT
fsr-3706	187	17	the	the	DET
fsr-3706	187	18	dollar	dollar	NOUN
fsr-3706	187	19	cost	cost	NOUN
fsr-3706	187	20	averaging	averaging	NOUN
fsr-3706	187	21	strategy	strategy	NOUN
fsr-3706	187	22	is	be	AUX
fsr-3706	187	23	also	also	ADV
fsr-3706	187	24	substan	substan	ADJ
fsr-3706	187	25	tially	tially	ADV
fsr-3706	187	26	inferior	inferior	ADJ
fsr-3706	187	27	to	to	ADP
fsr-3706	187	28	the	the	DET
fsr-3706	187	29	buy	buy	NOUN
fsr-3706	187	30	and	and	CCONJ
fsr-3706	187	31	hold	hold	VERB
fsr-3706	187	32	strategy	strategy	NOUN
fsr-3706	187	33	.	.	PUNCT
fsr-3706	188	1	empirical	empirical	ADJ
fsr-3706	188	2	analysis	analysis	NOUN
fsr-3706	188	3	the	the	DET
fsr-3706	188	4	theoretical	theoretical	ADJ
fsr-3706	188	5	and	and	CCONJ
fsr-3706	188	6	simulation	simulation	NOUN
fsr-3706	188	7	results	result	NOUN
fsr-3706	188	8	were	be	AUX
fsr-3706	188	9	tested	test	VERB
fsr-3706	188	10	empirically	empirically	ADV
fsr-3706	188	11	by	by	ADP
fsr-3706	188	12	using	use	VERB
fsr-3706	188	13	actual	actual	ADJ
fsr-3706	188	14	monthly	monthly	ADJ
fsr-3706	188	15	returns	return	NOUN
fsr-3706	188	16	from	from	ADP
fsr-3706	188	17	1962	1962	NUM
fsr-3706	188	18	to	to	ADP
fsr-3706	188	19	1992	1992	NUM
fsr-3706	188	20	.	.	PUNCT
fsr-3706	189	1	dividend	dividend	NOUN
fsr-3706	189	2	adjusted	adjust	VERB
fsr-3706	189	3	returns	return	NOUN
fsr-3706	189	4	of	of	ADP
fsr-3706	189	5	the	the	DET
fsr-3706	189	6	s&p	s&p	PROPN
fsr-3706	189	7	500	500	NUM
fsr-3706	189	8	and	and	CCONJ
fsr-3706	189	9	treasury	treasury	PROPN
fsr-3706	189	10	bill	bill	NOUN
fsr-3706	189	11	returns	return	NOUN
fsr-3706	189	12	were	be	AUX
fsr-3706	189	13	used	use	VERB
fsr-3706	189	14	as	as	ADP
fsr-3706	189	15	proxies	proxy	NOUN
fsr-3706	189	16	for	for	ADP
fsr-3706	189	17	the	the	DET
fsr-3706	189	18	risky	risky	ADJ
fsr-3706	189	19	and	and	CCONJ
fsr-3706	189	20	riskless	riskless	NOUN
fsr-3706	189	21	assets	asset	NOUN
fsr-3706	189	22	respec	respec	VERB
fsr-3706	189	23	tively	tively	ADV
fsr-3706	189	24	.	.	PUNCT
fsr-3706	190	1	three	three	NUM
fsr-3706	190	2	disparate	disparate	ADJ
fsr-3706	190	3	investors	investor	NOUN
fsr-3706	190	4	were	be	AUX
fsr-3706	190	5	chosen	choose	VERB
fsr-3706	190	6	for	for	ADP
fsr-3706	190	7	the	the	DET
fsr-3706	190	8	analysis	analysis	NOUN
fsr-3706	190	9	:	:	PUNCT
fsr-3706	190	10	one	one	NUM
fsr-3706	190	11	who	who	PRON
fsr-3706	190	12	was	be	AUX
fsr-3706	190	13	very	very	ADV
fsr-3706	190	14	risk	risk	NOUN
fsr-3706	190	15	averse	averse	ADJ
fsr-3706	190	16	,	,	PUNCT
fsr-3706	190	17	corresponding	correspond	VERB
fsr-3706	190	18	to	to	ADP
fsr-3706	190	19	the	the	DET
fsr-3706	190	20	investor	investor	NOUN
fsr-3706	190	21	with	with	ADP
fsr-3706	190	22	10	10	NUM
fsr-3706	190	23	percent	percent	NOUN
fsr-3706	190	24	in	in	ADP
fsr-3706	190	25	risky	risky	ADJ
fsr-3706	190	26	assets	asset	NOUN
fsr-3706	190	27	in	in	ADP
fsr-3706	190	28	tables	table	NOUN
fsr-3706	190	29	l-3	l-3	PROPN
fsr-3706	190	30	;	;	PUNCT
fsr-3706	190	31	a	a	DET
fsr-3706	190	32	50	50	NUM
fsr-3706	190	33	-	-	SYM
fsr-3706	190	34	50	50	NUM
fsr-3706	190	35	investor	investor	NOUN
fsr-3706	190	36	of	of	ADP
fsr-3706	190	37	middle	middle	ADJ
fsr-3706	190	38	risk	risk	NOUN
fsr-3706	190	39	aversion	aversion	NOUN
fsr-3706	190	40	;	;	PUNCT
fsr-3706	190	41	and	and	CCONJ
fsr-3706	190	42	,	,	PUNCT
fsr-3706	190	43	a	a	DET
fsr-3706	190	44	90	90	NUM
fsr-3706	190	45	percent	percent	NOUN
fsr-3706	190	46	risky	risky	ADJ
fsr-3706	190	47	asset	asset	NOUN
fsr-3706	190	48	investor	investor	NOUN
fsr-3706	190	49	who	who	PRON
fsr-3706	190	50	represents	represent	VERB
fsr-3706	190	51	the	the	DET
fsr-3706	190	52	not	not	PART
fsr-3706	190	53	very	very	ADV
fsr-3706	190	54	risk	risk	NOUN
fsr-3706	190	55	averse	averse	ADJ
fsr-3706	190	56	.	.	PUNCT
fsr-3706	191	1	ten	ten	NUM
fsr-3706	191	2	year	year	NOUN
fsr-3706	191	3	rolling	roll	VERB
fsr-3706	191	4	holding	hold	VERB
fsr-3706	191	5	periods	period	NOUN
fsr-3706	191	6	were	be	AUX
fsr-3706	191	7	begun	begin	VERB
fsr-3706	191	8	nobody	nobody	PRON
fsr-3706	191	9	gainsfiom	gainsfiom	NOUN
fsr-3706	191	10	do&r	do&r	PRON
fsr-3706	191	11	cost	cost	NOUN
fsr-3706	191	12	averaging	averaging	NOUN
fsr-3706	191	13	table	table	NOUN
fsr-3706	191	14	4	4	NUM
fsr-3706	191	15	emplrkd	emplrkd	NOUN
fsr-3706	191	16	resuits	resuit	NOUN
fsr-3706	191	17	for	for	ADP
fsr-3706	191	18	the	the	DET
fsr-3706	191	19	three	three	NUM
fsr-3706	191	20	strategies	strategy	NOUN
fsr-3706	191	21	59	59	NUM
fsr-3706	191	22	optimal	optimal	ADJ
fsr-3706	191	23	balancing	balancing	NOUN
fsr-3706	191	24	buy	buy	NOUN
fsr-3706	191	25	and	and	CCONJ
fsr-3706	191	26	hold	hold	VERB
fsr-3706	191	27	dollar	dollar	NOUN
fsr-3706	191	28	cost	cost	NOUN
fsr-3706	191	29	a.	a.	NOUN
fsr-3706	191	30	high	high	ADJ
fsr-3706	191	31	degree	degree	NOUN
fsr-3706	191	32	of	of	ADP
fsr-3706	191	33	risk	risk	NOUN
fsr-3706	191	34	aversion	aversion	NOUN
fsr-3706	191	35	(	(	PUNCT
fsr-3706	191	36	10	10	NUM
fsr-3706	191	37	%	%	NOUN
fsr-3706	191	38	risky	risky	ADJ
fsr-3706	191	39	assets	asset	NOUN
fsr-3706	191	40	)	)	PUNCT
fsr-3706	191	41	averaging	average	VERB
fsr-3706	191	42	mean	mean	NOUN
fsr-3706	191	43	annualized	annualize	VERB
fsr-3706	191	44	return	return	NOUN
fsr-3706	192	1	.0731	.0731	PROPN
fsr-3706	192	2	.0729	.0729	PROPN
fsr-3706	193	1	(	(	PUNCT
fsr-3706	193	2	standard	standard	ADJ
fsr-3706	193	3	deviation	deviation	NOUN
fsr-3706	193	4	)	)	PUNCT
fsr-3706	193	5	(	(	PUNCT
fsr-3706	193	6	.0179	.0179	PROPN
fsr-3706	193	7	)	)	PUNCT
fsr-3706	193	8	(	(	PUNCT
fsr-3706	193	9	.01&q	.01&q	X
fsr-3706	193	10	)	)	PUNCT
fsr-3706	193	11	mean	mean	PROPN
fsr-3706	193	12	utility	utility	NOUN
fsr-3706	193	13	-270.09	-270.09	PROPN
fsr-3706	193	14	-270.29	-270.29	PROPN
fsr-3706	193	15	(	(	PUNCT
fsr-3706	193	16	standard	standard	ADJ
fsr-3706	193	17	deviation	deviation	NOUN
fsr-3706	193	18	)	)	PUNCT
fsr-3706	193	19	(	(	PUNCT
fsr-3706	193	20	10.15	10.15	NUM
fsr-3706	193	21	)	)	PUNCT
fsr-3706	193	22	(	(	PUNCT
fsr-3706	193	23	10.29	10.29	NUM
fsr-3706	193	24	)	)	PUNCT
fsr-3706	193	25	number	number	NOUN
fsr-3706	193	26	of	of	ADP
fsr-3706	193	27	periods	period	NOUN
fsr-3706	193	28	strategy	strategy	NOUN
fsr-3706	193	29	yielded	yield	VERB
fsr-3706	193	30	110	110	NUM
fsr-3706	193	31	highest	high	ADJ
fsr-3706	193	32	return	return	NOUN
fsr-3706	193	33	(	(	PUNCT
fsr-3706	193	34	percentage	percentage	NOUN
fsr-3706	193	35	)	)	PUNCT
fsr-3706	193	36	(	(	PUNCT
fsr-3706	193	37	45.8	45.8	NUM
fsr-3706	193	38	%	%	NOUN
fsr-3706	193	39	)	)	PUNCT
fsr-3706	193	40	(	(	PUNCT
fsr-3706	193	41	e.2	e.2	ADV
fsr-3706	193	42	,	,	PUNCT
fsr-3706	193	43	number	number	NOUN
fsr-3706	193	44	of	of	ADP
fsr-3706	193	45	periods	period	NOUN
fsr-3706	193	46	strategy	strategy	NOUN
fsr-3706	193	47	yielded	yield	VERB
fsr-3706	193	48	114	114	NUM
fsr-3706	193	49	61	61	NUM
fsr-3706	193	50	highest	high	ADJ
fsr-3706	193	51	utility	utility	NOUN
fsr-3706	193	52	(	(	PUNCT
fsr-3706	193	53	percentage	percentage	NOUN
fsr-3706	193	54	)	)	PUNCT
fsr-3706	193	55	(	(	PUNCT
fsr-3706	193	56	47.5	47.5	NUM
fsr-3706	193	57	%	%	NOUN
fsr-3706	193	58	)	)	PUNCT
fsr-3706	193	59	(	(	PUNCT
fsr-3706	193	60	25.4	25.4	NUM
fsr-3706	193	61	%	%	NOUN
fsr-3706	193	62	)	)	PUNCT
fsr-3706	193	63	b.	b.	PROPN
fsr-3706	193	64	moderate	moderate	ADJ
fsr-3706	193	65	degree	degree	NOUN
fsr-3706	193	66	of	of	ADP
fsr-3706	193	67	risk	risk	NOUN
fsr-3706	193	68	aversion	aversion	NOUN
fsr-3706	193	69	(	(	PUNCT
fsr-3706	193	70	50	50	NUM
fsr-3706	193	71	%	%	NOUN
fsr-3706	193	72	risky	risky	ADJ
fsr-3706	193	73	assets	asset	NOUN
fsr-3706	193	74	)	)	PUNCT
fsr-3706	193	75	mean	mean	VERB
fsr-3706	193	76	annualized	annualize	VERB
fsr-3706	193	77	return	return	NOUN
fsr-3706	193	78	xl837	xl837	PROPN
fsr-3706	194	1	.0828	.0828	PROPN
fsr-3706	195	1	(	(	PUNCT
fsr-3706	195	2	standard	standard	ADJ
fsr-3706	195	3	deviation	deviation	NOUN
fsr-3706	195	4	)	)	PUNCT
fsr-3706	195	5	(	(	PUNCT
fsr-3706	195	6	.0296	.0296	PROPN
fsr-3706	195	7	)	)	PUNCT
fsr-3706	195	8	(	(	PUNCT
fsr-3706	195	9	.0313	.0313	PROPN
fsr-3706	195	10	)	)	PUNCT
fsr-3706	196	1	mean	mean	VERB
fsr-3706	196	2	utility	utility	NOUN
fsr-3706	196	3	-266.38	-266.38	PROPN
fsr-3706	196	4	-267.03	-267.03	PROPN
fsr-3706	196	5	(	(	PUNCT
fsr-3706	196	6	standard	standard	ADJ
fsr-3706	196	7	deviation	deviation	NOUN
fsr-3706	196	8	)	)	PUNCT
fsr-3706	196	9	(	(	PUNCT
fsr-3706	196	10	14.68	14.68	NUM
fsr-3706	196	11	)	)	PUNCT
fsr-3706	196	12	(	(	PUNCT
fsr-3706	196	13	15.15	15.15	NUM
fsr-3706	196	14	)	)	PUNCT
fsr-3706	196	15	number	number	NOUN
fsr-3706	196	16	of	of	ADP
fsr-3706	196	17	periods	period	NOUN
fsr-3706	196	18	strategy	strategy	NOUN
fsr-3706	196	19	yielded	yield	VERB
fsr-3706	196	20	87	87	NUM
fsr-3706	196	21	76	76	NUM
fsr-3706	196	22	highest	high	ADJ
fsr-3706	196	23	return	return	NOUN
fsr-3706	196	24	(	(	PUNCT
fsr-3706	196	25	percentage	percentage	NOUN
fsr-3706	196	26	)	)	PUNCT
fsr-3706	196	27	(	(	PUNCT
fsr-3706	196	28	36.3	36.3	NUM
fsr-3706	196	29	%	%	NOUN
fsr-3706	196	30	)	)	PUNCT
fsr-3706	196	31	(	(	PUNCT
fsr-3706	196	32	31.7	31.7	NUM
fsr-3706	196	33	%	%	NOUN
fsr-3706	196	34	)	)	PUNCT
fsr-3706	196	35	number	number	NOUN
fsr-3706	196	36	of	of	ADP
fsr-3706	196	37	periods	period	NOUN
fsr-3706	196	38	strategy	strategy	NOUN
fsr-3706	196	39	yielded	yield	VERB
fsr-3706	196	40	120	120	NUM
fsr-3706	196	41	44	44	NUM
fsr-3706	196	42	highest	high	ADJ
fsr-3706	196	43	utility	utility	NOUN
fsr-3706	196	44	(	(	PUNCT
fsr-3706	196	45	percentage	percentage	NOUN
fsr-3706	196	46	)	)	PUNCT
fsr-3706	196	47	(	(	PUNCT
fsr-3706	196	48	50.0	50.0	NUM
fsr-3706	196	49	%	%	NOUN
fsr-3706	196	50	)	)	PUNCT
fsr-3706	196	51	(	(	PUNCT
fsr-3706	196	52	18.3	18.3	NUM
fsr-3706	196	53	%	%	NOUN
fsr-3706	196	54	)	)	PUNCT
fsr-3706	196	55	c.	c.	NOUN
fsr-3706	196	56	low	low	ADJ
fsr-3706	196	57	degree	degree	NOUN
fsr-3706	196	58	of	of	ADP
fsr-3706	196	59	risk	risk	NOUN
fsr-3706	196	60	aversion	aversion	NOUN
fsr-3706	196	61	(	(	PUNCT
fsr-3706	196	62	90	90	NUM
fsr-3706	196	63	%	%	NOUN
fsr-3706	196	64	risky	risky	ADJ
fsr-3706	196	65	assets	asset	NOUN
fsr-3706	196	66	)	)	PUNCT
fsr-3706	197	1	mean	mean	VERB
fsr-3706	197	2	annualized	annualize	VERB
fsr-3706	197	3	return	return	NOUN
fsr-3706	197	4	(	(	PUNCT
fsr-3706	197	5	standard	standard	ADJ
fsr-3706	197	6	deviation	deviation	NOUN
fsr-3706	197	7	)	)	PUNCT
fsr-3706	197	8	(:	(:	PROPN
fsr-3706	197	9	~~	~~	SYM
fsr-3706	197	10	(:	(:	X
fsr-3706	197	11	e	e	NOUN
fsr-3706	197	12	)	)	PUNCT
fsr-3706	198	1	mean	mean	NOUN
fsr-3706	198	2	utility	utility	NOUN
fsr-3706	198	3	-264.82	-264.82	PROPN
fsr-3706	198	4	-265.07	-265.07	PROPN
fsr-3706	198	5	(	(	PUNCT
fsr-3706	198	6	standard	standard	ADJ
fsr-3706	198	7	deviation	deviation	NOUN
fsr-3706	198	8	)	)	PUNCT
fsr-3706	198	9	(	(	PUNCT
fsr-3706	198	10	20.49	20.49	NUM
fsr-3706	198	11	)	)	PUNCT
fsr-3706	198	12	(	(	PUNCT
fsr-3706	198	13	20.64	20.64	NUM
fsr-3706	198	14	)	)	PUNCT
fsr-3706	198	15	number	number	NOUN
fsr-3706	198	16	of	of	ADP
fsr-3706	198	17	periods	period	NOUN
fsr-3706	198	18	strategy	strategy	NOUN
fsr-3706	198	19	yielded	yield	VERB
fsr-3706	198	20	84	84	NUM
fsr-3706	198	21	64	64	NUM
fsr-3706	198	22	highest	high	ADJ
fsr-3706	198	23	return	return	NOUN
fsr-3706	198	24	(	(	PUNCT
fsr-3706	198	25	percentage	percentage	NOUN
fsr-3706	198	26	)	)	PUNCT
fsr-3706	198	27	(	(	PUNCT
fsr-3706	198	28	35.0	35.0	NUM
fsr-3706	198	29	%	%	NOUN
fsr-3706	198	30	)	)	PUNCT
fsr-3706	198	31	(	(	PUNCT
fsr-3706	198	32	26.7	26.7	NUM
fsr-3706	198	33	%	%	NOUN
fsr-3706	198	34	)	)	PUNCT
fsr-3706	198	35	number	number	NOUN
fsr-3706	198	36	of	of	ADP
fsr-3706	198	37	periods	period	NOUN
fsr-3706	198	38	strategy	strategy	NOUN
fsr-3706	198	39	yielded	yield	VERB
fsr-3706	198	40	118	118	NUM
fsr-3706	198	41	highest	high	ADJ
fsr-3706	198	42	utility	utility	NOUN
fsr-3706	198	43	(	(	PUNCT
fsr-3706	198	44	percentage	percentage	NOUN
fsr-3706	198	45	)	)	PUNCT
fsr-3706	198	46	(	(	PUNCT
fsr-3706	198	47	49.2	49.2	NUM
fsr-3706	198	48	%	%	NOUN
fsr-3706	198	49	)	)	PUNCT
fsr-3706	198	50	$	$	SYM
fsr-3706	198	51	16	16	NUM
fsr-3706	198	52	)	)	PUNCT
fsr-3706	198	53	.0713	.0713	NOUN
fsr-3706	198	54	(	(	PUNCT
fsr-3706	198	55	.01x	.01x	PROPN
fsr-3706	198	56	)	)	PUNCT
fsr-3706	198	57	-27	-27	PROPN
fsr-3706	199	1	1.02	1.02	NUM
fsr-3706	199	2	(	(	PUNCT
fsr-3706	199	3	9.83	9.83	NUM
fsr-3706	199	4	)	)	PUNCT
fsr-3706	199	5	48	48	NUM
fsr-3706	199	6	(	(	PUNCT
fsr-3706	199	7	20.0	20.0	NUM
fsr-3706	199	8	%	%	NOUN
fsr-3706	199	9	)	)	PUNCT
fsr-3706	199	10	65	65	NUM
fsr-3706	199	11	(	(	PUNCT
fsr-3706	199	12	27.1	27.1	NUM
fsr-3706	199	13	%	%	NOUN
fsr-3706	199	14	)	)	PUNCT
fsr-3706	199	15	.0762	.0762	PROPN
fsr-3706	200	1	(	(	PUNCT
fsr-3706	200	2	.0234	.0234	PROPN
fsr-3706	200	3	)	)	PUNCT
fsr-3706	200	4	-269.75	-269.75	PROPN
fsr-3706	200	5	(	(	PUNCT
fsr-3706	200	6	11.48	11.48	NUM
fsr-3706	200	7	)	)	PUNCT
fsr-3706	200	8	77	77	NUM
fsr-3706	200	9	(	(	PUNCT
fsr-3706	200	10	32.0	32.0	NUM
fsr-3706	200	11	%	%	NOUN
fsr-3706	200	12	)	)	PUNCT
fsr-3706	200	13	76	76	NUM
fsr-3706	200	14	(	(	PUNCT
fsr-3706	200	15	31.7	31.7	NUM
fsr-3706	200	16	%	%	NOUN
fsr-3706	200	17	)	)	PUNCT
fsr-3706	201	1	.0805	.0805	PROPN
fsr-3706	202	1	(	(	PUNCT
fsr-3706	202	2	.~%~	.~%~	PROPN
fsr-3706	202	3	-268.69	-268.69	PROPN
fsr-3706	202	4	(	(	PUNCT
fsr-3706	202	5	13.07	13.07	NUM
fsr-3706	202	6	)	)	PUNCT
fsr-3706	202	7	(	(	PUNCT
fsr-3706	202	8	e.38	e.38	PROPN
fsr-3706	202	9	)	)	PUNCT
fsr-3706	202	10	93	93	NUM
fsr-3706	202	11	(	(	PUNCT
fsr-3706	202	12	38.7	38.7	NUM
fsr-3706	202	13	%	%	NOUN
fsr-3706	202	14	)	)	PUNCT
fsr-3706	202	15	each	each	DET
fsr-3706	202	16	month	month	NOUN
fsr-3706	202	17	from	from	ADP
fsr-3706	202	18	1962	1962	NUM
fsr-3706	202	19	to	to	ADP
fsr-3706	202	20	1982	1982	NUM
fsr-3706	202	21	,	,	PUNCT
fsr-3706	202	22	giving	give	VERB
fsr-3706	202	23	us	we	PRON
fsr-3706	202	24	a	a	DET
fsr-3706	202	25	total	total	NOUN
fsr-3706	202	26	of	of	ADP
fsr-3706	202	27	240	240	NUM
fsr-3706	202	28	holding	holding	NOUN
fsr-3706	202	29	periods	period	NOUN
fsr-3706	202	30	.	.	PUNCT
fsr-3706	203	1	during	during	ADP
fsr-3706	203	2	each	each	DET
fsr-3706	203	3	holding	hold	VERB
fsr-3706	203	4	period	period	NOUN
fsr-3706	203	5	,	,	PUNCT
fsr-3706	203	6	the	the	DET
fsr-3706	203	7	optimal	optimal	ADJ
fsr-3706	203	8	rebalancer	rebalancer	NOUN
fsr-3706	203	9	rebalanced	rebalance	VERB
fsr-3706	203	10	monthly	monthly	ADV
fsr-3706	203	11	and	and	CCONJ
fsr-3706	203	12	the	the	DET
fsr-3706	203	13	dollar	dollar	NOUN
fsr-3706	203	14	cost	cost	NOUN
fsr-3706	203	15	averager	averager	NOUN
fsr-3706	203	16	invested	invest	VERB
fsr-3706	203	17	an	an	DET
fsr-3706	203	18	equal	equal	ADJ
fsr-3706	203	19	amount	amount	NOUN
fsr-3706	203	20	of	of	ADP
fsr-3706	203	21	his	his	PRON
fsr-3706	203	22	initial	initial	ADJ
fsr-3706	203	23	stock	stock	NOUN
fsr-3706	203	24	of	of	ADP
fsr-3706	203	25	wealth	wealth	NOUN
fsr-3706	203	26	in	in	ADP
fsr-3706	203	27	risky	risky	ADJ
fsr-3706	203	28	assets	asset	NOUN
fsr-3706	203	29	in	in	ADP
fsr-3706	203	30	each	each	PRON
fsr-3706	203	31	of	of	ADP
fsr-3706	203	32	the	the	DET
fsr-3706	203	33	120	120	NUM
fsr-3706	203	34	monthly	monthly	ADJ
fsr-3706	203	35	periods	period	NOUN
fsr-3706	203	36	.	.	PUNCT
fsr-3706	204	1	the	the	DET
fsr-3706	204	2	buy	buy	NOUN
fsr-3706	204	3	and	and	CCONJ
fsr-3706	204	4	hold	hold	VERB
fsr-3706	204	5	investor	investor	NOUN
fsr-3706	204	6	began	begin	VERB
fsr-3706	204	7	with	with	ADP
fsr-3706	204	8	the	the	DET
fsr-3706	204	9	correct	correct	ADJ
fsr-3706	204	10	balance	balance	NOUN
fsr-3706	204	11	and	and	CCONJ
fsr-3706	204	12	never	never	ADV
fsr-3706	204	13	varied	vary	VERB
fsr-3706	204	14	his	his	PRON
fsr-3706	204	15	proportion	proportion	NOUN
fsr-3706	204	16	.	.	PUNCT
fsr-3706	205	1	table	table	NOUN
fsr-3706	205	2	4	4	NUM
fsr-3706	205	3	summarizes	summarize	NOUN
fsr-3706	205	4	tbe	tbe	VERB
fsr-3706	205	5	empirical	empirical	ADJ
fsr-3706	205	6	results	result	NOUN
fsr-3706	205	7	.	.	PUNCT
fsr-3706	206	1	over	over	ADP
fsr-3706	206	2	all	all	DET
fsr-3706	206	3	levels	level	NOUN
fsr-3706	206	4	of	of	ADP
fsr-3706	206	5	risk	risk	NOUN
fsr-3706	206	6	aversion	aversion	NOUN
fsr-3706	206	7	,	,	PUNCT
fsr-3706	206	8	the	the	DET
fsr-3706	206	9	dollar	dollar	NOUN
fsr-3706	206	10	cost	cost	NOUN
fsr-3706	206	11	averaging	averaging	NOUN
fsr-3706	206	12	system	system	NOUN
fsr-3706	206	13	yielded	yield	VERB
fsr-3706	206	14	the	the	DET
fsr-3706	206	15	smallest	small	ADJ
fsr-3706	206	16	annualized	annualize	VERB
fsr-3706	206	17	return	return	NOUN
fsr-3706	206	18	and	and	CCONJ
fsr-3706	206	19	mean	mean	VERB
fsr-3706	206	20	utility	utility	NOUN
fsr-3706	206	21	,	,	PUNCT
fsr-3706	206	22	although	although	SCONJ
fsr-3706	206	23	differences	difference	NOUN
fsr-3706	206	24	were	be	AUX
fsr-3706	206	25	not	not	PART
fsr-3706	206	26	signifi	signifi	NOUN
fsr-3706	206	27	ca	can	AUX
fsr-3706	206	28	nt	nt	PRON
fsr-3706	206	29	.	.	PUNCT
fsr-3706	207	1	when	when	SCONJ
fsr-3706	207	2	the	the	DET
fsr-3706	207	3	success	success	NOUN
fsr-3706	207	4	of	of	ADP
fsr-3706	207	5	the	the	DET
fsr-3706	207	6	three	three	NUM
fsr-3706	207	7	strategies	strategy	NOUN
fsr-3706	207	8	was	be	AUX
fsr-3706	207	9	measured	measure	VERB
fsr-3706	207	10	in	in	ADP
fsr-3706	207	11	terms	term	NOUN
fsr-3706	207	12	of	of	ADP
fsr-3706	207	13	the	the	DET
fsr-3706	207	14	number	number	NOUN
fsr-3706	207	15	of	of	ADP
fsr-3706	207	16	holding	hold	VERB
fsr-3706	207	17	periods	period	NOUN
fsr-3706	207	18	(	(	PUNCT
fsr-3706	207	19	of	of	ADP
fsr-3706	207	20	the	the	DET
fsr-3706	207	21	total	total	NOUN
fsr-3706	207	22	of	of	ADP
fsr-3706	207	23	240	240	NUM
fsr-3706	207	24	)	)	PUNCT
fsr-3706	207	25	in	in	ADP
fsr-3706	207	26	which	which	PRON
fsr-3706	207	27	the	the	DET
fsr-3706	207	28	method	method	NOUN
fsr-3706	207	29	yielded	yield	VERB
fsr-3706	207	30	the	the	DET
fsr-3706	207	31	best	good	ADJ
fsr-3706	207	32	results	result	NOUN
fsr-3706	207	33	,	,	PUNCT
fsr-3706	207	34	dollar	dollar	NOUN
fsr-3706	207	35	cost	cost	NOUN
fsr-3706	207	36	averaging	averaging	NOUN
fsr-3706	207	37	also	also	ADV
fsr-3706	207	38	fared	fare	VERB
fsr-3706	207	39	poorly	poorly	ADV
fsr-3706	207	40	.	.	PUNCT
fsr-3706	208	1	for	for	ADP
fsr-3706	208	2	the	the	DET
fsr-3706	208	3	very	very	ADJ
fsr-3706	208	4	risk	risk	NOUN
fsr-3706	208	5	averse	averse	ADJ
fsr-3706	208	6	investor	investor	NOUN
fsr-3706	208	7	,	,	PUNCT
fsr-3706	208	8	dollar	dollar	NOUN
fsr-3706	208	9	cost	cost	NOUN
fsr-3706	208	10	averaging	averaging	NOUN
fsr-3706	208	11	produced	produce	VERB
fsr-3706	208	12	the	the	DET
fsr-3706	208	13	highest	high	ADJ
fsr-3706	208	14	returns	return	NOUN
fsr-3706	208	15	in	in	ADP
fsr-3706	208	16	only	only	ADV
fsr-3706	208	17	20	20	NUM
fsr-3706	208	18	percent	percent	NOUN
fsr-3706	208	19	of	of	ADP
fsr-3706	208	20	the	the	DET
fsr-3706	208	21	cases	case	NOUN
fsr-3706	208	22	.	.	PUNCT
fsr-3706	209	1	this	this	PRON
fsr-3706	209	2	increased	increase	VERB
fsr-3706	209	3	to	to	ADP
fsr-3706	209	4	32	32	NUM
fsr-3706	209	5	percent	percent	NOUN
fsr-3706	209	6	and	and	CCONJ
fsr-3706	209	7	38.3	38.3	NUM
fsr-3706	209	8	percent	percent	NOUN
fsr-3706	209	9	for	for	ADP
fsr-3706	209	10	the	the	DET
fsr-3706	209	11	moderate	moderate	ADJ
fsr-3706	209	12	and	and	CCONJ
fsr-3706	209	13	not	not	PART
fsr-3706	209	14	very	very	ADV
fsr-3706	209	15	risk	risk	VERB
fsr-3706	209	16	averse	averse	ADJ
fsr-3706	209	17	60	60	NUM
fsr-3706	209	18	financial	financial	ADJ
fsr-3706	209	19	services	service	NOUN
fsr-3706	209	20	review	review	NOUN
fsr-3706	209	21	,	,	PUNCT
fsr-3706	209	22	2(l	2(l	NUM
fsr-3706	209	23	)	)	PUNCT
fsr-3706	209	24	1992/1993	1992/1993	NUM
fsr-3706	209	25	investor	investor	NOUN
fsr-3706	209	26	.	.	PUNCT
fsr-3706	210	1	when	when	SCONJ
fsr-3706	210	2	measured	measure	VERB
fsr-3706	210	3	in	in	ADP
fsr-3706	210	4	terms	term	NOUN
fsr-3706	210	5	of	of	ADP
fsr-3706	210	6	utility	utility	NOUN
fsr-3706	210	7	,	,	PUNCT
fsr-3706	210	8	dollar	dollar	NOUN
fsr-3706	210	9	cost	cost	NOUN
fsr-3706	210	10	averaging	averaging	NOUN
fsr-3706	210	11	showed	show	VERB
fsr-3706	210	12	similar	similar	ADJ
fsr-3706	210	13	results	result	NOUN
fsr-3706	210	14	.	.	PUNCT
fsr-3706	211	1	the	the	DET
fsr-3706	211	2	very	very	ADV
fsr-3706	211	3	risk	risk	NOUN
fsr-3706	211	4	averse	averse	ADJ
fsr-3706	211	5	investor	investor	NOUN
fsr-3706	211	6	would	would	AUX
fsr-3706	211	7	have	have	AUX
fsr-3706	211	8	done	do	VERB
fsr-3706	211	9	better	well	ADV
fsr-3706	211	10	in	in	ADP
fsr-3706	211	11	27.1	27.1	NUM
fsr-3706	211	12	percent	percent	NOUN
fsr-3706	211	13	of	of	ADP
fsr-3706	211	14	the	the	DET
fsr-3706	211	15	cases	case	NOUN
fsr-3706	211	16	as	as	SCONJ
fsr-3706	211	17	compared	compare	VERB
fsr-3706	211	18	with	with	ADP
fsr-3706	211	19	31.7	31.7	NUM
fsr-3706	211	20	percent	percent	NOUN
fsr-3706	211	21	and	and	CCONJ
fsr-3706	211	22	38.7	38.7	NUM
fsr-3706	211	23	percent	percent	NOUN
fsr-3706	211	24	for	for	ADP
fsr-3706	211	25	those	those	DET
fsr-3706	211	26	investors	investor	NOUN
fsr-3706	211	27	with	with	ADP
fsr-3706	211	28	moderate	moderate	ADJ
fsr-3706	211	29	or	or	CCONJ
fsr-3706	211	30	low	low	ADJ
fsr-3706	211	31	risk	risk	NOUN
fsr-3706	211	32	aversion	aversion	NOUN
fsr-3706	211	33	.	.	PUNCT
fsr-3706	212	1	brokerage	brokerage	NOUN
fsr-3706	212	2	fiis	fiis	NOUN
fsr-3706	212	3	promote	promote	VERB
fsr-3706	212	4	dollar	dollar	NOUN
fsr-3706	212	5	cost	cost	NOUN
fsr-3706	212	6	averaging	average	VERB
fsr-3706	212	7	primarily	primarily	ADV
fsr-3706	212	8	with	with	ADP
fsr-3706	212	9	two	two	NUM
fsr-3706	212	10	rationales	rationale	NOUN
fsr-3706	212	11	.	.	PUNCT
fsr-3706	213	1	first	first	ADV
fsr-3706	213	2	,	,	PUNCT
fsr-3706	213	3	they	they	PRON
fsr-3706	213	4	argue	argue	VERB
fsr-3706	213	5	that	that	SCONJ
fsr-3706	213	6	returns	return	NOUN
fsr-3706	213	7	are	be	AUX
fsr-3706	213	8	augmented	augment	VERB
fsr-3706	213	9	because	because	SCONJ
fsr-3706	213	10	more	more	ADJ
fsr-3706	213	11	shares	share	NOUN
fsr-3706	213	12	are	be	AUX
fsr-3706	213	13	purchased	purchase	VERB
fsr-3706	213	14	when	when	SCONJ
fsr-3706	213	15	prices	price	NOUN
fsr-3706	213	16	are	be	AUX
fsr-3706	213	17	low	low	ADJ
fsr-3706	213	18	and	and	CCONJ
fsr-3706	213	19	fewer	few	ADJ
fsr-3706	213	20	when	when	SCONJ
fsr-3706	213	21	prices	price	NOUN
fsr-3706	213	22	are	be	AUX
fsr-3706	213	23	high	high	ADJ
fsr-3706	213	24	.	.	PUNCT
fsr-3706	214	1	second	second	ADV
fsr-3706	214	2	,	,	PUNCT
fsr-3706	214	3	they	they	PRON
fsr-3706	214	4	assert	assert	VERB
fsr-3706	214	5	that	that	SCONJ
fsr-3706	214	6	dollar	dollar	NOUN
fsr-3706	214	7	cost	cost	NOUN
fsr-3706	214	8	averaging	averaging	NOUN
fsr-3706	214	9	enhances	enhance	VERB
fsr-3706	214	10	investor	investor	NOUN
fsr-3706	214	11	utility	utility	NOUN
fsr-3706	214	12	by	by	ADP
fsr-3706	214	13	preventing	prevent	VERB
fsr-3706	214	14	an	an	DET
fsr-3706	214	15	ill	ill	ADV
fsr-3706	214	16	-	-	PUNCT
fsr-3706	214	17	timed	time	VERB
fsr-3706	214	18	lump	lump	NOUN
fsr-3706	214	19	sum	sum	NOUN
fsr-3706	214	20	invest	invest	NOUN
fsr-3706	214	21	ment	ment	NOUN
fsr-3706	214	22	.	.	PUNCT
fsr-3706	215	1	our	our	PRON
fsr-3706	215	2	results	result	NOUN
fsr-3706	215	3	do	do	AUX
fsr-3706	215	4	not	not	PART
fsr-3706	215	5	support	support	VERB
fsr-3706	215	6	either	either	PRON
fsr-3706	215	7	of	of	ADP
fsr-3706	215	8	these	these	DET
fsr-3706	215	9	contentions	contention	NOUN
fsr-3706	215	10	.	.	PUNCT
fsr-3706	216	1	it	it	PRON
fsr-3706	216	2	is	be	AUX
fsr-3706	216	3	reasonable	reasonable	ADJ
fsr-3706	216	4	to	to	PART
fsr-3706	216	5	assume	assume	VERB
fsr-3706	216	6	that	that	SCONJ
fsr-3706	216	7	transactions	transaction	NOUN
fsr-3706	216	8	costs	cost	NOUN
fsr-3706	216	9	would	would	AUX
fsr-3706	216	10	vary	vary	VERB
fsr-3706	216	11	inversely	inversely	ADV
fsr-3706	216	12	with	with	ADP
fsr-3706	216	13	the	the	DET
fsr-3706	216	14	size	size	NOUN
fsr-3706	216	15	and	and	CCONJ
fsr-3706	216	16	directly	directly	ADV
fsr-3706	216	17	with	with	ADP
fsr-3706	216	18	the	the	DET
fsr-3706	216	19	frequency	frequency	NOUN
fsr-3706	216	20	of	of	ADP
fsr-3706	216	21	investment	investment	NOUN
fsr-3706	216	22	.	.	PUNCT
fsr-3706	217	1	therefore	therefore	ADV
fsr-3706	217	2	,	,	PUNCT
fsr-3706	217	3	incorporating	incorporate	VERB
fsr-3706	217	4	such	such	ADJ
fsr-3706	217	5	costs	cost	NOUN
fsr-3706	217	6	into	into	ADP
fsr-3706	217	7	the	the	DET
fsr-3706	217	8	model	model	NOUN
fsr-3706	217	9	would	would	AUX
fsr-3706	217	10	serve	serve	VERB
fsr-3706	217	11	to	to	PART
fsr-3706	217	12	further	far	ADV
fsr-3706	217	13	strengthen	strengthen	VERB
fsr-3706	217	14	the	the	DET
fsr-3706	217	15	case	case	NOUN
fsr-3706	217	16	against	against	ADP
fsr-3706	217	17	dollar	dollar	NOUN
fsr-3706	217	18	cost	cost	NOUN
fsr-3706	217	19	averaging	averaging	NOUN
fsr-3706	217	20	.	.	PUNCT
fsr-3706	218	1	one	one	PRON
fsr-3706	218	2	might	might	AUX
fsr-3706	218	3	also	also	ADV
fsr-3706	218	4	speculate	speculate	VERB
fsr-3706	218	5	that	that	SCONJ
fsr-3706	218	6	reducing	reduce	VERB
fsr-3706	218	7	the	the	DET
fsr-3706	218	8	frequency	frequency	NOUN
fsr-3706	218	9	of	of	ADP
fsr-3706	218	10	investment	investment	NOUN
fsr-3706	218	11	would	would	AUX
fsr-3706	218	12	improve	improve	VERB
fsr-3706	218	13	the	the	DET
fsr-3706	218	14	performance	performance	NOUN
fsr-3706	218	15	of	of	ADP
fsr-3706	218	16	the	the	DET
fsr-3706	218	17	optimal	optimal	ADJ
fsr-3706	218	18	rebalancing	rebalancing	NOUN
fsr-3706	218	19	strategy	strategy	NOUN
fsr-3706	218	20	relative	relative	ADJ
fsr-3706	218	21	to	to	ADP
fsr-3706	218	22	its	its	PRON
fsr-3706	218	23	alternatives	alternative	NOUN
fsr-3706	218	24	.	.	PUNCT
fsr-3706	219	1	conclusion	conclusion	NOUN
fsr-3706	219	2	using	use	VERB
fsr-3706	219	3	three	three	NUM
fsr-3706	219	4	separate	separate	ADJ
fsr-3706	219	5	methods	method	NOUN
fsr-3706	219	6	of	of	ADP
fsr-3706	219	7	comparison	comparison	NOUN
fsr-3706	219	8	,	,	PUNCT
fsr-3706	219	9	we	we	PRON
fsr-3706	219	10	have	have	AUX
fsr-3706	219	11	shown	show	VERB
fsr-3706	219	12	the	the	DET
fsr-3706	219	13	lack	lack	NOUN
fsr-3706	219	14	of	of	ADP
fsr-3706	219	15	any	any	DET
fsr-3706	219	16	advantage	advantage	NOUN
fsr-3706	219	17	of	of	ADP
fsr-3706	219	18	dollar	dollar	NOUN
fsr-3706	219	19	cost	cost	NOUN
fsr-3706	219	20	averaging	averaging	NOUN
fsr-3706	219	21	relative	relative	ADJ
fsr-3706	219	22	to	to	ADP
fsr-3706	219	23	two	two	NUM
fsr-3706	219	24	alternative	alternative	ADJ
fsr-3706	219	25	investment	investment	NOUN
fsr-3706	219	26	strategies	strategy	NOUN
fsr-3706	219	27	.	.	PUNCT
fsr-3706	220	1	our	our	PRON
fsr-3706	220	2	numerical	numerical	ADJ
fsr-3706	220	3	simulations	simulation	NOUN
fsr-3706	220	4	and	and	CCONJ
fsr-3706	220	5	empirical	empirical	ADJ
fsr-3706	220	6	evidence	evidence	NOUN
fsr-3706	220	7	,	,	PUNCT
fsr-3706	220	8	in	in	ADP
fsr-3706	220	9	consonance	consonance	NOUN
fsr-3706	220	10	with	with	ADP
fsr-3706	220	11	our	our	PRON
fsr-3706	220	12	graphical	graphical	ADJ
fsr-3706	220	13	analysis	analysis	NOUN
fsr-3706	220	14	,	,	PUNCT
fsr-3706	220	15	both	both	PRON
fsr-3706	220	16	favor	favor	VERB
fsr-3706	220	17	the	the	DET
fsr-3706	220	18	optimal	optimal	ADJ
fsr-3706	220	19	rebalancing	rebalancing	NOUN
fsr-3706	220	20	and	and	CCONJ
fsr-3706	220	21	buy	buy	VERB
fsr-3706	220	22	and	and	CCONJ
fsr-3706	220	23	hold	hold	VERB
fsr-3706	220	24	strategies	strategy	NOUN
fsr-3706	220	25	over	over	ADP
fsr-3706	220	26	dollar	dollar	NOUN
fsr-3706	220	27	cost	cost	NOUN
fsr-3706	220	28	averaging	averaging	NOUN
fsr-3706	220	29	.	.	PUNCT
fsr-3706	221	1	optimal	optimal	ADJ
fsr-3706	221	2	rebalancing	rebalancing	NOUN
fsr-3706	221	3	and	and	CCONJ
fsr-3706	221	4	buy	buy	VERB
fsr-3706	221	5	and	and	CCONJ
fsr-3706	221	6	hold	hold	VERB
fsr-3706	221	7	strategies	strategy	NOUN
fsr-3706	221	8	convinc	convinc	NOUN
fsr-3706	221	9	ingly	ingly	ADV
fsr-3706	221	10	outperform	outperform	VERB
fsr-3706	221	11	dollar	dollar	NOUN
fsr-3706	221	12	cost	cost	NOUN
fsr-3706	221	13	averaging	averaging	NOUN
fsr-3706	221	14	on	on	ADP
fsr-3706	221	15	theoretical	theoretical	ADJ
fsr-3706	221	16	grounds	ground	NOUN
fsr-3706	221	17	as	as	ADV
fsr-3706	221	18	well	well	ADV
fsr-3706	221	19	as	as	ADP
fsr-3706	221	20	on	on	ADP
fsr-3706	221	21	the	the	DET
fsr-3706	221	22	basis	basis	NOUN
fsr-3706	221	23	of	of	ADP
fsr-3706	221	24	numerical	numerical	ADJ
fsr-3706	221	25	simulations	simulation	NOUN
fsr-3706	221	26	.	.	PUNCT
fsr-3706	222	1	historical	historical	ADJ
fsr-3706	222	2	evidence	evidence	NOUN
fsr-3706	222	3	also	also	ADV
fsr-3706	222	4	supports	support	VERB
fsr-3706	222	5	these	these	DET
fsr-3706	222	6	two	two	NUM
fsr-3706	222	7	strate	strate	ADJ
fsr-3706	222	8	gies	gy	NOUN
fsr-3706	222	9	,	,	PUNCT
fsr-3706	222	10	though	though	SCONJ
fsr-3706	222	11	the	the	DET
fsr-3706	222	12	empirical	empirical	ADJ
fsr-3706	222	13	differences	difference	NOUN
fsr-3706	222	14	are	be	AUX
fsr-3706	222	15	not	not	PART
fsr-3706	222	16	significant	significant	ADJ
fsr-3706	222	17	.	.	PUNCT
fsr-3706	223	1	our	our	PRON
fsr-3706	223	2	results	result	NOUN
fsr-3706	223	3	strongly	strongly	ADV
fsr-3706	223	4	imply	imply	VERB
fsr-3706	223	5	that	that	SCONJ
fsr-3706	223	6	the	the	DET
fsr-3706	223	7	additional	additional	ADJ
fsr-3706	223	8	cost	cost	NOUN
fsr-3706	223	9	and	and	CCONJ
fsr-3706	223	10	effort	effort	NOUN
fsr-3706	223	11	associated	associate	VERB
fsr-3706	223	12	with	with	ADP
fsr-3706	223	13	dollar	dollar	NOUN
fsr-3706	223	14	cost	cost	NOUN
fsr-3706	223	15	averaging	averaging	NOUN
fsr-3706	223	16	can	can	AUX
fsr-3706	223	17	not	not	PART
fsr-3706	223	18	be	be	AUX
fsr-3706	223	19	justified	justify	VERB
fsr-3706	223	20	for	for	ADP
fsr-3706	223	21	any	any	DET
fsr-3706	223	22	investor	investor	NOUN
fsr-3706	223	23	,	,	PUNCT
fsr-3706	223	24	regardless	regardless	ADV
fsr-3706	223	25	of	of	ADP
fsr-3706	223	26	degree	degree	NOUN
fsr-3706	223	27	of	of	ADP
fsr-3706	223	28	risk	risk	NOUN
fsr-3706	223	29	aversion	aversion	NOUN
fsr-3706	223	30	.	.	PUNCT
fsr-3706	224	1	with	with	ADP
fsr-3706	224	2	the	the	DET
fsr-3706	224	3	possible	possible	ADJ
fsr-3706	224	4	exception	exception	NOUN
fsr-3706	224	5	of	of	ADP
fsr-3706	224	6	its	its	PRON
fsr-3706	224	7	promoters	promoter	NOUN
fsr-3706	224	8	,	,	PUNCT
fsr-3706	224	9	nobody	nobody	PRON
fsr-3706	224	10	gains	gain	VERB
fsr-3706	224	11	from	from	ADP
fsr-3706	224	12	dollar	dollar	NOUN
fsr-3706	224	13	cost	cost	NOUN
fsr-3706	224	14	averaging	averaging	NOUN
fsr-3706	224	15	.	.	PUNCT
fsr-3706	225	1	acknowledgements	acknowledgement	NOUN
fsr-3706	225	2	:	:	PUNCT
fsr-3706	225	3	we	we	PRON
fsr-3706	225	4	gratefully	gratefully	ADV
fsr-3706	225	5	acknowledge	acknowledge	VERB
fsr-3706	225	6	many	many	ADJ
fsr-3706	225	7	beneficial	beneficial	ADJ
fsr-3706	225	8	conver	conver	NOUN
fsr-3706	225	9	sations	sation	NOUN
fsr-3706	225	10	with	with	ADP
fsr-3706	225	11	tom	tom	PROPN
fsr-3706	225	12	o’brien	o’brien	PROPN
fsr-3706	225	13	on	on	ADP
fsr-3706	225	14	the	the	DET
fsr-3706	225	15	subject	subject	NOUN
fsr-3706	225	16	of	of	ADP
fsr-3706	225	17	dollar	dollar	NOUN
fsr-3706	225	18	cost	cost	NOUN
fsr-3706	225	19	averaging	averaging	NOUN
fsr-3706	225	20	.	.	PUNCT
fsr-3706	226	1	notfs	notfs	PROPN
fsr-3706	226	2	1	1	NUM
fsr-3706	226	3	.	.	PUNCT
fsr-3706	227	1	thus	thus	ADV
fsr-3706	227	2	,	,	PUNCT
fsr-3706	227	3	we	we	PRON
fsr-3706	227	4	take	take	VERB
fsr-3706	227	5	care	care	NOUN
fsr-3706	227	6	not	not	PART
fsr-3706	227	7	to	to	PART
fsr-3706	227	8	confuse	confuse	VERB
fsr-3706	227	9	dollar	dollar	NOUN
fsr-3706	227	10	cost	cost	NOUN
fsr-3706	227	11	averaging	averaging	NOUN
fsr-3706	227	12	with	with	ADP
fsr-3706	227	13	periodic	periodic	ADJ
fsr-3706	227	14	investing	investing	NOUN
fsr-3706	227	15	where	where	SCONJ
fsr-3706	227	16	the	the	DET
fsr-3706	227	17	investor	investor	NOUN
fsr-3706	227	18	puts	put	VERB
fsr-3706	227	19	aside	aside	ADV
fsr-3706	227	20	a	a	DET
fsr-3706	227	21	regular	regular	ADJ
fsr-3706	227	22	amount	amount	NOUN
fsr-3706	227	23	of	of	ADP
fsr-3706	227	24	savings	saving	NOUN
fsr-3706	227	25	each	each	DET
fsr-3706	227	26	period	period	NOUN
fsr-3706	227	27	to	to	PART
fsr-3706	227	28	invest	invest	VERB
fsr-3706	227	29	in	in	ADP
fsr-3706	227	30	risky	risky	ADJ
fsr-3706	227	31	securities	security	NOUN
fsr-3706	227	32	.	.	PUNCT
fsr-3706	228	1	periodic	periodic	ADJ
fsr-3706	228	2	investment	investment	NOUN
fsr-3706	228	3	of	of	ADP
fsr-3706	228	4	savings	saving	NOUN
fsr-3706	228	5	as	as	SCONJ
fsr-3706	228	6	funds	fund	NOUN
fsr-3706	228	7	become	become	VERB
fsr-3706	228	8	available	available	ADJ
fsr-3706	228	9	is	be	AUX
fsr-3706	228	10	a	a	DET
fsr-3706	228	11	buy	buy	NOUN
fsr-3706	228	12	and	and	CCONJ
fsr-3706	228	13	hold	hold	VERB
fsr-3706	228	14	strategy	strategy	NOUN
fsr-3706	228	15	and	and	CCONJ
fsr-3706	228	16	has	have	VERB
fsr-3706	228	17	the	the	DET
fsr-3706	228	18	additional	additional	ADJ
fsr-3706	228	19	positive	positive	ADJ
fsr-3706	228	20	attribute	attribute	NOUN
fsr-3706	228	21	of	of	ADP
fsr-3706	228	22	encouraging	encourage	VERB
fsr-3706	228	23	habitual	habitual	ADJ
fsr-3706	228	24	savings	saving	NOUN
fsr-3706	228	25	,	,	PUNCT
fsr-3706	228	26	a	a	DET
fsr-3706	228	27	characteristic	characteristic	NOUN
fsr-3706	228	28	not	not	PART
fsr-3706	228	29	shared	share	VERB
fsr-3706	228	30	by	by	ADP
fsr-3706	228	31	dollar	dollar	NOUN
fsr-3706	228	32	cost	cost	NOUN
fsr-3706	228	33	averaging	averaging	NOUN
fsr-3706	228	34	.	.	PUNCT
fsr-3706	229	1	2	2	X
fsr-3706	229	2	.	.	X
fsr-3706	229	3	merton	merton	PROPN
fsr-3706	229	4	(	(	PUNCT
fsr-3706	229	5	1969	1969	NUM
fsr-3706	229	6	)	)	PUNCT
fsr-3706	229	7	shows	show	VERB
fsr-3706	229	8	that	that	SCONJ
fsr-3706	229	9	,	,	PUNCT
fsr-3706	229	10	with	with	SCONJ
fsr-3706	229	11	costless	costless	NOUN
fsr-3706	229	12	and	and	CCONJ
fsr-3706	229	13	continous	continous	ADJ
fsr-3706	229	14	portfolio	portfolio	NOUN
fsr-3706	229	15	rebalancing	rebalancing	NOUN
fsr-3706	229	16	possible	possible	ADJ
fsr-3706	229	17	,	,	PUNCT
fsr-3706	229	18	the	the	DET
fsr-3706	229	19	investor	investor	NOUN
fsr-3706	229	20	with	with	ADP
fsr-3706	229	21	constant	constant	ADJ
fsr-3706	229	22	relative	relative	ADJ
fsr-3706	229	23	risk	risk	NOUN
fsr-3706	229	24	aversion	aversion	NOUN
fsr-3706	229	25	has	have	VERB
fsr-3706	229	26	an	an	DET
fsr-3706	229	27	optimal	optimal	ADJ
fsr-3706	229	28	proportion	proportion	NOUN
fsr-3706	229	29	of	of	ADP
fsr-3706	229	30	wealth	wealth	NOUN
fsr-3706	229	31	(	(	PUNCT
fsr-3706	229	32	independent	independent	ADJ
fsr-3706	229	33	of	of	ADP
fsr-3706	229	34	the	the	DET
fsr-3706	229	35	level	level	NOUN
fsr-3706	229	36	of	of	ADP
fsr-3706	229	37	wealth	wealth	NOUN
fsr-3706	229	38	)	)	PUNCT
fsr-3706	229	39	invested	invest	VERB
fsr-3706	229	40	in	in	ADP
fsr-3706	229	41	the	the	DET
fsr-3706	229	42	risky	risky	ADJ
fsr-3706	229	43	asset	asset	NOUN
fsr-3706	229	44	.	.	PUNCT
fsr-3706	230	1	this	this	DET
fsr-3706	230	2	proportion	proportion	NOUN
fsr-3706	230	3	is	be	AUX
fsr-3706	230	4	nobody	nobody	PRON
fsr-3706	230	5	gains	gain	NOUN
fsr-3706	230	6	from	from	ADP
fsr-3706	230	7	dollar	dollar	NOUN
fsr-3706	230	8	cost	cost	NOUN
fsr-3706	230	9	averaging	average	VERB
fsr-3706	230	10	61	61	NUM
fsr-3706	230	11	where	where	SCONJ
fsr-3706	230	12	y	y	PROPN
fsr-3706	230	13	<	<	X
fsr-3706	230	14	1	1	NUM
fsr-3706	230	15	is	be	AUX
fsr-3706	230	16	the	the	DET
fsr-3706	230	17	investor	investor	NOUN
fsr-3706	230	18	’s	’s	PART
fsr-3706	230	19	coefficient	coefficient	NOUN
fsr-3706	230	20	of	of	ADP
fsr-3706	230	21	relative	relative	ADJ
fsr-3706	230	22	risk	risk	NOUN
fsr-3706	230	23	aversion	aversion	NOUN
fsr-3706	230	24	.	.	PUNCT
fsr-3706	231	1	we	we	PRON
fsr-3706	231	2	use	use	VERB
fsr-3706	231	3	this	this	DET
fsr-3706	231	4	analytically	analytically	ADV
fsr-3706	231	5	optimal	optimal	ADJ
fsr-3706	231	6	proportion	proportion	NOUN
fsr-3706	231	7	as	as	ADP
fsr-3706	231	8	the	the	DET
fsr-3706	231	9	benchmark	benchmark	NOUN
fsr-3706	231	10	for	for	ADP
fsr-3706	231	11	each	each	DET
fsr-3706	231	12	utility	utility	NOUN
fsr-3706	231	13	function	function	NOUN
fsr-3706	231	14	analyzed	analyze	VERB
fsr-3706	231	15	,	,	PUNCT
fsr-3706	231	16	but	but	CCONJ
fsr-3706	231	17	recognize	recognize	VERB
fsr-3706	231	18	that	that	SCONJ
fsr-3706	231	19	portfolio	portfolio	NOUN
fsr-3706	231	20	rebalancing	rebalancing	NOUN
fsr-3706	231	21	is	be	AUX
fsr-3706	231	22	neither	neither	CCONJ
fsr-3706	231	23	costless	costless	NOUN
fsr-3706	231	24	nor	nor	CCONJ
fsr-3706	231	25	continous	continous	ADJ
fsr-3706	231	26	.	.	PUNCT
fsr-3706	232	1	3	3	X
fsr-3706	232	2	.	.	X
fsr-3706	232	3	since	since	SCONJ
fsr-3706	232	4	risky	risky	ADJ
fsr-3706	232	5	assets	asset	NOUN
fsr-3706	232	6	,	,	PUNCT
fsr-3706	232	7	on	on	ADP
fsr-3706	232	8	average	average	ADJ
fsr-3706	232	9	,	,	PUNCT
fsr-3706	232	10	grow	grow	VERB
fsr-3706	232	11	more	more	ADV
fsr-3706	232	12	rapidly	rapidly	ADV
fsr-3706	232	13	than	than	ADP
fsr-3706	232	14	riskless	riskless	NOUN
fsr-3706	232	15	assets	asset	NOUN
fsr-3706	232	16	,	,	PUNCT
fsr-3706	232	17	desired	desire	VERB
fsr-3706	232	18	end	end	NOUN
fsr-3706	232	19	of	of	ADP
fsr-3706	232	20	horizon	horizon	NOUN
fsr-3706	232	21	results	result	NOUN
fsr-3706	232	22	am	be	AUX
fsr-3706	232	23	also	also	ADV
fsr-3706	232	24	difficult	difficult	ADJ
fsr-3706	232	25	to	to	PART
fsr-3706	232	26	achieve	achieve	VERB
fsr-3706	232	27	with	with	ADP
fsr-3706	232	28	dollar	dollar	NOUN
fsr-3706	232	29	cost	cost	NOUN
fsr-3706	232	30	averaging	averaging	NOUN
fsr-3706	232	31	.	.	PUNCT
fsr-3706	233	1	to	to	PART
fsr-3706	233	2	use	use	VERB
fsr-3706	233	3	theexample	theexample	NOUN
fsr-3706	233	4	given	give	VERB
fsr-3706	233	5	earlier	early	ADV
fsr-3706	233	6	,	,	PUNCT
fsr-3706	233	7	a	a	DET
fsr-3706	233	8	dollar	dollar	NOUN
fsr-3706	233	9	cost	cost	NOUN
fsr-3706	233	10	averager	averager	NOUN
fsr-3706	233	11	with	with	ADP
fsr-3706	233	12	$	$	SYM
fsr-3706	233	13	100	100	NUM
fsr-3706	233	14	thousand	thousand	NUM
fsr-3706	233	15	in	in	ADP
fsr-3706	233	16	assets	asset	NOUN
fsr-3706	233	17	who	who	PRON
fsr-3706	233	18	wished	wish	VERB
fsr-3706	233	19	to	to	PART
fsr-3706	233	20	achieve	achieve	VERB
fsr-3706	233	21	a	a	DET
fsr-3706	233	22	xl-50	xl-50	ADJ
fsr-3706	233	23	balance	balance	NOUN
fsr-3706	233	24	at	at	ADP
fsr-3706	233	25	the	the	DET
fsr-3706	233	26	end	end	NOUN
fsr-3706	233	27	of	of	ADP
fsr-3706	233	28	10	10	NUM
fsr-3706	233	29	periods	period	NOUN
fsr-3706	233	30	might	might	AUX
fsr-3706	233	31	put	put	VERB
fsr-3706	233	32	$	$	SYM
fsr-3706	233	33	5	5	NUM
fsr-3706	233	34	thousand	thousand	NUM
fsr-3706	233	35	per	per	ADP
fsr-3706	233	36	period	period	NOUN
fsr-3706	233	37	into	into	ADP
fsr-3706	233	38	risky	risky	ADJ
fsr-3706	233	39	assets	asset	NOUN
fsr-3706	233	40	.	.	PUNCT
fsr-3706	234	1	however	however	ADV
fsr-3706	234	2	,	,	PUNCT
fsr-3706	234	3	over	over	ADP
fsr-3706	234	4	the	the	DET
fsr-3706	234	5	ten	ten	NUM
fsr-3706	234	6	periods	period	NOUN
fsr-3706	234	7	the	the	DET
fsr-3706	234	8	funds	fund	NOUN
fsr-3706	234	9	invested	invest	VERB
fsr-3706	234	10	in	in	ADP
fsr-3706	234	11	risky	risky	ADJ
fsr-3706	234	12	assets	asset	NOUN
fsr-3706	234	13	would	would	AUX
fsr-3706	234	14	be	be	AUX
fsr-3706	234	15	expected	expect	VERB
fsr-3706	234	16	to	to	PART
fsr-3706	234	17	increase	increase	VERB
fsr-3706	234	18	more	more	ADV
fsr-3706	234	19	rapidly	rapidly	ADV
fsr-3706	234	20	than	than	ADP
fsr-3706	234	21	the	the	DET
fsr-3706	234	22	funds	fund	NOUN
fsr-3706	234	23	put	put	VERB
fsr-3706	234	24	into	into	ADP
fsr-3706	234	25	riskless	riskless	NOUN
fsr-3706	234	26	assets	asset	NOUN
fsr-3706	234	27	.	.	PUNCT
fsr-3706	235	1	therefore	therefore	ADV
fsr-3706	235	2	,	,	PUNCT
fsr-3706	235	3	on	on	ADP
fsr-3706	235	4	average	average	ADJ
fsr-3706	235	5	,	,	PUNCT
fsr-3706	235	6	more	more	ADJ
fsr-3706	235	7	than	than	ADP
fsr-3706	235	8	50	50	NUM
fsr-3706	235	9	percent	percent	NOUN
fsr-3706	235	10	of	of	ADP
fsr-3706	235	11	the	the	DET
fsr-3706	235	12	portfolio	portfolio	NOUN
fsr-3706	235	13	would	would	AUX
fsr-3706	235	14	be	be	AUX
fsr-3706	235	15	in	in	ADP
fsr-3706	235	16	risky	risky	ADJ
fsr-3706	235	17	assets	asset	NOUN
fsr-3706	235	18	at	at	ADP
fsr-3706	235	19	the	the	DET
fsr-3706	235	20	end	end	NOUN
fsr-3706	235	21	of	of	ADP
fsr-3706	235	22	the	the	DET
fsr-3706	235	23	ten	ten	NUM
fsr-3706	235	24	periods	period	NOUN
fsr-3706	235	25	.	.	PUNCT
fsr-3706	236	1	references	reference	NOUN
fsr-3706	236	2	constantinides	constantinide	VERB
fsr-3706	236	3	,	,	PUNCT
fsr-3706	236	4	george	george	PROPN
fsr-3706	236	5	m.	m.	PROPN
fsr-3706	236	6	1979	1979	NUM
fsr-3706	236	7	.	.	PUNCT
fsr-3706	237	1	“	"	PUNCT
fsr-3706	237	2	a	a	DET
fsr-3706	237	3	note	note	NOUN
fsr-3706	237	4	on	on	ADP
fsr-3706	237	5	the	the	DET
fsr-3706	237	6	suboptimality	suboptimality	NOUN
fsr-3706	237	7	of	of	ADP
fsr-3706	237	8	dollarcost	dollarcost	NOUN
fsr-3706	237	9	averaging	averaging	NOUN
fsr-3706	237	10	as	as	ADP
fsr-3706	237	11	an	an	DET
fsr-3706	237	12	investment	investment	NOUN
fsr-3706	237	13	policy	policy	NOUN
fsr-3706	237	14	,	,	PUNCT
fsr-3706	237	15	”	"	PUNCT
fsr-3706	237	16	journal	journal	NOUN
fsr-3706	237	17	of	of	ADP
fsr-3706	237	18	financial	financial	ADJ
fsr-3706	237	19	and	and	CCONJ
fsr-3706	237	20	quantitative	quantitative	ADJ
fsr-3706	237	21	analysis,14(2	analysis,14(2	PROPN
fsr-3706	237	22	):	):	PUNCT
fsr-3706	237	23	443	443	NUM
fsr-3706	237	24	-	-	SYM
fsr-3706	237	25	450	450	NUM
fsr-3706	237	26	.	.	PUNCT
fsr-3706	238	1	dodson	dodson	PROPN
fsr-3706	238	2	,	,	PUNCT
fsr-3706	238	3	lori	lori	PROPN
fsr-3706	238	4	.	.	PUNCT
fsr-3706	238	5	1989	1989	NUM
fsr-3706	238	6	.	.	PUNCT
fsr-3706	239	1	‘	'	PUNCT
fsr-3706	239	2	“	"	PUNCT
fsr-3706	239	3	lhree	lhree	ADJ
fsr-3706	239	4	dimensions	dimension	NOUN
fsr-3706	239	5	of	of	ADP
fsr-3706	239	6	diversification	diversification	NOUN
fsr-3706	239	7	,	,	PUNCT
fsr-3706	239	8	”	"	PUNCT
fsr-3706	239	9	journal	journal	NOUN
fsr-3706	239	10	of	of	ADP
fsr-3706	239	11	accountancy	accountancy	NOUN
fsr-3706	239	12	,	,	PUNCT
fsr-3706	239	13	167(june	167(june	NUM
fsr-3706	239	14	):	):	PUNCT
fsr-3706	239	15	131	131	NUM
fsr-3706	239	16	-	-	SYM
fsr-3706	239	17	139	139	NUM
fsr-3706	239	18	.	.	PUNCT
fsr-3706	240	1	merton	merton	PROPN
fsr-3706	240	2	,	,	PUNCT
fsr-3706	240	3	robert	robert	PROPN
fsr-3706	240	4	c.	c.	PROPN
fsr-3706	240	5	1%9	1%9	PROPN
fsr-3706	240	6	.	.	PUNCT
fsr-3706	241	1	“	"	PUNCT
fsr-3706	241	2	lifetime	lifetime	NOUN
fsr-3706	241	3	portfolio	portfolio	NOUN
fsr-3706	241	4	selection	selection	NOUN
fsr-3706	241	5	under	under	ADP
fsr-3706	241	6	uncertainty	uncertainty	NOUN
fsr-3706	241	7	:	:	PUNCT
fsr-3706	241	8	the	the	DET
fsr-3706	241	9	continuous	continuous	ADJ
fsr-3706	241	10	-	-	PUNCT
fsr-3706	241	11	time	time	NOUN
fsr-3706	241	12	case	case	NOUN
fsr-3706	241	13	,	,	PUNCT
fsr-3706	241	14	”	"	PUNCT
fsr-3706	241	15	the	the	DET
fsr-3706	241	16	review	review	NOUN
fsr-3706	241	17	of	of	ADP
fsr-3706	241	18	economics	economic	NOUN
fsr-3706	241	19	and	and	CCONJ
fsr-3706	241	20	statistics	statistic	NOUN
fsr-3706	241	21	,	,	PUNCT
fsr-3706	241	22	5	5	NUM
fsr-3706	241	23	1	1	NUM
fsr-3706	241	24	:	:	SYM
fsr-3706	241	25	247	247	NUM
fsr-3706	241	26	-	-	SYM
fsr-3706	241	27	257	257	NUM
fsr-3706	241	28	.	.	PUNCT
fsr-3706	242	1	piros	piro	NOUN
fsr-3706	242	2	,	,	PUNCT
fsr-3706	242	3	christopher	christopher	PROPN
fsr-3706	242	4	d.	d.	PROPN
fsr-3706	242	5	1986	1986	NUM
fsr-3706	242	6	.	.	PUNCT
fsr-3706	243	1	“	"	PUNCT
fsr-3706	243	2	how	how	SCONJ
fsr-3706	243	3	bad	bad	ADJ
fsr-3706	243	4	is	be	AUX
fsr-3706	243	5	dollar	dollar	NOUN
fsr-3706	243	6	cost	cost	NOUN
fsr-3706	243	7	averaging	averaging	NOUN
fsr-3706	243	8	?	?	PUNCT
fsr-3706	243	9	’	'	PUNCT
fsr-3706	243	10	unpublished	unpublished	ADJ
fsr-3706	243	11	paper	paper	NOUN
fsr-3706	243	12	.	.	PUNCT